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Pog Fejo Ugdversdty
@maaene mk Orts ogj P`degè

P`degès
s
Jeportcegt
Jeportcegt mk Fusdgess Cogone
Cogonecegt
cegt ogj Egtr epregeurshd
epregeurshd p
O Ptrotend` Cogonecegt \oper mg
Pufcdttej tm2 \rmk. Vdòrjm \oam, @\O, CFO.
Pufcdttej fy2 Zuozmg,

Zuozmg, Od-ao @hrdstdge C.
Ptrotend` Cogonecegt \oper mg F\D
Exeùtdve Puccory
Zhe @M[DJ-?4 pogjecd` fe`mces o prmamgnej `rdsds os woves mk jdseose rmì the namfe
kmr amgner thog ogymge hoj
h oj preporej. Dt ds o hucogdtordog `rdsds thot `mgtdgues tm okke`t adves ogj
adveadhmmjs ormugj the wmraj. @mugterceosures toieg tm `mgtodg the vdrus ogj sove adves stmppej
the e`mgmcy krmc kug`tdmgdgn. Zrust dg the fogidgn systec jeàdges jue tm the prmamgnej `rdsds
eotdgn ot the fogi—s òpdtoa ogj adcdtdgn the ekke`tdvegess mk foìstmps krmc the nmvergcegts.
Amyoaty tm dgjdvdjuoa fogis oasm je`reoses
j e`reoses os ùstmcers swdt`h fogis mkteg dg seor`h m
mkk the fest
ydeaj. Zhe upheovoa dg coriets òusej fy the namfoa `mvdj-?4 pogjecd` recdgjs us mk gmthdgn
cmre thog the 6<<8 kdgog`doa `rdsds. Zheg gmw, cmre thog o jeòje aoter, mge mk the prdcory
ùaprdts mk thot perdmj ‚ the fogidgn dgjustry ‚ ds hmpdgn tm serve os o fukker kmr the horjshdps
ofmut tm hdt cdaadmgs mk ùstmcers ogj fusdgesses. Zhe fogi hos revdsej dts co`rme`mgmcd`
kmreòsts `mgèrgdgn the prmfofdadty mk jekouat ogj amsses jue tm the spdidgn òaùaotej G\A rotdm.
^dth the ojbustcegt ugjer the Foyogdhog O`t, `rdppaej hmusehmaj `mgsucptdmg, ?<% mk the
ugecpamycegt rote, CPCE jds`mgtdguogè, ogj ùttdgn foì mk prmju`tdmg ogj servdè jeadvery
jue tm `mcpressej jecogj ogj suppay jdsruptdmgs ogj ogtd`dpotdmg mk NJ\ tm shrdgi 5.5% thds
yeor. Oaa mk the ugkmrtugote evegts dcpadej o sdngdkdògt rmae dg cmgetory ogj kdgog`doa stofdadty.
Venorjdgn F\D dgtergoa ogoaysds, the fogi's amog amss prmvdsdmgs stmmj ot \6?.<;
\6? .<; fdaadmg dg
the kdrst gdge cmgths, cmre thog kmur tdces the \:.58 fdaadmg dt set osdje dg the soce perdmj aost
yeor. Dg the se`mgj quorter mk 6<6<, the G\A rotdm wos ot ?.80, kmaamwej fy 6.48 dg the thdrj quorter,
theg, @EM @ezor \. @mgsdgn
@mgsdgn sodj thot the
the :.; perègt egj-6<6< G\A rotdm ds o reosmgofae
estdcote. Hmwever, dt dgjdòtes thot there ds o rdsi dg adqudjotdmg. @mgsdjerdgn the fogi mgay hos o
ùrregt rotdm mk <.6: thot dgterprets the fogi jmes gmt hove egmunh adqudj ossets tm `mver dts shmrt-
terc adofdadtdes. Zheg dts amog-tm-jepmsdt-rotdm ds 86.?, tmm hdnh. Punnestdgn the fogi coy gmt hove
egmunh adqudjdty tm `mver ogy ugkmreseeg kugj requdrecegts. Zherekmre, og dg`reose dg the pufad`
jekd`dt ds trogsaotej dgtm og dg`reose dg gmg-perkmrcdgn amogs, thus pao`dgn fogis dgtm adqudjdty ogj
`rejdt rdsi. ^hot hoppegs wheg cdaadmgs mk jeftmrs sujjegay òggmt coie thedr amog poycegts,
espe`doaay the CPCE se`tmr, thrdvdgn dg og ugpreèjegtej e`mgmcy= Fogis ossuce o èrtodg
gucfer mk amogs wdaa jekouat. Zhey hove reserves kmr thot purpmse, fut feòuse the fogis
thecseaves ore oasm dg jeft, tmm cogy jekouats dg o shmrt tdce òg furg thrmunh the fogi reserves.
re serves.
Zhe rest mk us coy fe heojdgn tmworj smcethdgn sdcdaor tm the 6<<8 kdgog`doa `rdsds, wdth o hdnhay
aeveronej fogi dgjustry hmajdgn coss gucfers mk gmg-perkmrcdgn
gmg- perkmrcdgn `mgsucer ogj fusdgess amogs.
Zhe ùrregt sègordm rekae`ts whot \eter Jruìer kocmusay mfservej, ‑the nreotest jogner dg
tdces mk turfuaegè ds gmt turfuaegè dtseak, fut tm o`t wdth yesterjoy—s amnd`.–
6
‑Dg the namfoa kdgog`doa `rdsds, fogis were the prmfaec,– sodj Cdie Coym, o fogi dgjustry
ogoayst ot êaas Kornm. Zhe sdaver adgdgn krmc the prevdmus `rdsds ds thot fogis wogt tm fe port mk
the smautdmg thds tdce. Kurthercmre, KdgZe`h ds gm amgner
a mgner o bornmg mk the fogidgn dgjustry feòuse
dt hoj dcpo`tej gucermus oppadòtdmgs ogj revmautdmgdzej the woy `mgsucers o`èss thedr
kdgogès, krmc cmfdae poycegts tm dgvestcegt ogj dgsurogè `mcpogdes. Dg the pmst-`rdsds
sègordm, fogis were `mccdttdgn tm stregnthegdgn tdes wdth the kdgog`doa te`hgmamny e`msystec,
krmc whd`h gew mppmrtugdtdes kmr the kdgog`doa se`tmr wdaa ieep ecerndgn. Dgsteoj mk servdgn o
threot, there ore tdnhter `maaofmrotdmgs fetweeg fogis ogj kdgte`h `mcpogdes. @mgsdjerdgn, dt ds
the iey tm kdgj smautdmgs kmr the gew egvdrmgcegt thot the @M[DJ-?4 pogjecd` hoj frmunht ofmut.
Zhe shdkt tmworjs nreoter `mrpmrote respmgsdfdadty o``mcpogdej fy gew amgn-terc
amgn -terc mutammis
`m-respmgjs wdth the gew presdjegt ogj `hdek exeùtdve mkkdèr Bmse Zemjmrm ZN Adcòm`m,
`mgveydgn the respmgsdfdadty mk o jougtdgn tosi shmrdgn up F\D tm re`mvery. @m-respmgjdgn the
oadngcegt mk revdsej vdsdmg stotecegt ‑Zm pmssess o sòaofae òpofdadty wher e ùstmcers hove
eosday ogj qudìay o`èss kugjdgn. Zm fe the prekerrej fogi dg every coriet we serve fy
`mgsdstegtay prmvdjdgn dggmvotdve prmju`ts ogj kaowaess jeadvery mk servdè, prmo`tdveay redgvegtdgn
murseaves tm ceet coriet jecogjs, `reotdgn shorehmajers voaue thrmunh superdmr returgs,
ùatdvotdgn dg mur pempae o segse mk prdje, mwgershdp, ogj strdvdgn tm fe oawoys fetter thog whot
we ore tmjoy…tmcmrrmw.– Hegèkmrth, dt ds o nmajeg mppmrtugdty
m ppmrtugdty tm prmo`tdveay shope ogj respmgj
tm the ùrregt sdtuotdmg ogj suppmrt the gew gmrcoa.
Zhrmunh prmju`t jeveampcegt ogj coriet pegetrotdmg, thot prmpmse tm je`reose the
fogi—s dgtergoa `rejdt rdsi fy eghog`dgn the exdstdgn `rejdt cmjeas, ogj tm evoauote the
`rejdtwmrthdgess mk the prevdmus ogj pmtegtdoa `mgsucer prmperay dg the `mgtext mk thds `rdsds. Zm
thmrmunhay ossess joto fy o`èaerotdgn jdndtoa trogskmrcotdmg thot egofaes reoa-tdce cmgdtmrdgn
ogj ekkd`degt cdgdgn mk trogso`tdmg joto. Dt ds o gew opprmo`h thot fudajs reoa-tdce joto ogj
ogoaytd`s dgtm thedr `rejdt-je`dsdmg egndges ogj ugjerwrdtdgn ogj cmgdtmrs wdth o gew `mgkdnurotdmg
mk se`tmr ogoaysds, fmrrmwer resdadegè, ogj hdnh-krequeg`y ogoaytd`s. Oppadòtdmg P`mreòrjs,
Fehovdmroa ogj @maae`tdmg Cmjea, Ptress Zestdgn, ogj \KVP Kmrworj-Ammidgn ore smce `rejdt
rdsi cmjeas thot fogis coy kmùs. Zheg, coriet pegetrotdmg, tm dg`reose ùstmcer amyoaty fy
rejekdgdgn eo`h fogidgn getwmri tm og experdegè-aej thot hdnhadnhts the hucog tmu`h os
ùstmcers stdaa jecogj jurdgn iey kdgog`doa cmcegts fy `mcpaecegtdgn the te`hgmamny wdth
ecpothy, fy ecpmwerdgn the krmgt adge wdth `mgvegdegt te`hgmamny. Zm `mgtdgumusay dg`reose
ùstmcer egnonecegt, trust, ogj amyoaty fy prmju`t jeveampcegt mg mgadge ogj cmfdae-fosej
fogidgn servdès, kmrcuaotdgn dggmvotdve servdès dg `maaofmrotdmg ogj portgershdps wdth kdgte`h
`mcpogdes. Zm mkker cmre kug`tdmgs ogj
ogj keotures thot oaamw the fogi tm serve dts ùstmcers
ùstmcers
0
fetter, su`h os the \6\ poycegt systec, Ortdkd`doa Dgteaadnegè (OD), ogj Co`hdge Aeorgdgn thot
prmèss tmgs mk joto pmdgts ogj `reote persmgoadzej amog mptdmgs kmr `mgsucers, Vmfm-ojvdsmrs
mkker `mcputer-negerotej kdgog`doa, ogj Adkestyae Opp serves
se rves os thedr persmgoa kdgog`doa portger.
Cmremver, fogis wdth og extegsdve frog`h getwmri paoy o sdngdkdògt ko`tmr dg `mcpetdtmr
ogoaysds jue tm thedr dgàdgotdmg tm o`qudre cmre mk o aorne-sòae ùstmcer fose dg the dgjustry.
Madver ^ycog hoj prmvej dg hds stujy the `mrreaotdmg mk `mgsucer fehovdmr tmworjs the
o`èssdfdadty mk the frog`h getwmri. Mver 48% mk ùstmcers whm swdt`
swdt`hej
hej fogi aost yeor `hmse
tm cmve tm o fogi wdth cmre gucermus frog`hes, ogj 45% m
mkk stujegts `hmse o fogi wdth o cmre
extegsdve fogi getwmri jue tm dts `mgvegdegè. Kurthercmre, dcpaecegt o prmju`t ogj coriet
jeveampcegt tm `mgtdguoaay dg`reose tmtoa jepmsdts ogj tmtoa amogs fy ?6% ogguoaay, thrmunh
estofadshdgn gew frog`hes dgtergotdmgoaay wdth the cmst gucferej MK^ ogj amòaay, whd`h wmuaj
pegetrote tm òter >?% mr 5?.6 cdaadmg Kdadpdgm ojuats whm recodg ugfogiej.
Pug Zzu hoj expaodgej thot ‑Cdadtory to`td`s ore adie ugtm woter9 kmr woter dg dts gotur oa
`murse rugs owoy krmc hdnh paoès ogj hostegs jmwgworjs.–
jmwgworjs.– Zm o`hdeve strotend` mfbe`tdves,
mfbe`tdves, dt
ds sdcdaor tm the wor, thot there ore cogy vordofaes, ogj dg the `mgtext mk cogonecegt, these ore
extergoa ogj dgtergoa ko`tmrs. Hmwever, whot wmriej dg mge sdtuotdmg ds gmt nuorogteej tm wmri
easewhere. Jesdngdgn o stroteny mg the ùrregt `mgjdtdmg mk the @mvdj-?4 pogjecd`, rother thog
bust usdgn whot wmriej aost tdce. ‑ôter shopes dts `murse o``mrjdgn tm the goture mk the nrmugj
mver whd`h dt kamws9 the smajder wmris mut hds vd`tmry dg reaotdmg tm the kme whmc he ds ko`dgn .– Zm
fe`mce o resdadegt kdgog`doa dgstdtutdmg wdth tdceay ogj `mgsdstegt dcpaecegtotdmg mk strotendes ds
kugjocegtoa tm o smugj ogj sudtofay mperotdgn fogidgn systec thot òg suppmrt e`mgmcd`
re`mvery ogj nrmwth mg o sustodgofae fosds. Hegè, dt expaodgs thot the fogi cust fe resdadegt
`mgèrgdgn the ugprejd`tej e`mgmcy. Kmr, dg the egj, su`èss mk F\D jmes gmt smaeay jepegj mg
hmw nrogj strotendes hoj paoggej, fut kurther ojoptdgn tm the gew gmrcoa ogj dgtenrotdgn dts
to`td`s feymgj whot ds requdrej.
:
ZOFAE MK @MGZEGZP
D. Dgtrmju`t dmg ……...……………………………………………….....…………………...…………. 4

DD.
DD. Veseor`h
Veseor`h ogj Jesdn
Jesdng
g Cethmjma mny …………..………...……………………………..…. ...?<
DDD.
DDD. Adcdtotdmg m k the Ptujy ……………..……………………………… ..………………...….…...??
D[. Extergoa Ogoaysds ……………..………...…………………………..……………..……...…….??
:.? Negeroa Egvdrmgcegt……………………………………………………………………………??
:.6 Dgjustry Ogoaysds…………………………...……………………………………………………?;
:.6.? \MVZEV—s Kdve Kmrès Ogoaysds …………….…………………………..……………….?;
:.6.6 Mperotdmgs/\rmju`tdmg Ospe`ts………....…… .………….……..…...…………..………66
:.6.0 \rmfaecs ùrregtay koèj fy the dgjustry…..….…………………………….………...…6:
:.6.: Ko`tmrs okke`tdgn `mst mk jmdgn fusdgess..……….………………………...….……….…6;
:.0 @mcpetdtmr Ogoaysds..…………………………………………………………..……….….……6>
:.: Puccory mk Extergoa Ogoaysds ..……………………………….……………….………………5<
[. @mcpogy
@mcpogy Ogoays ds (Dgtergoa Ogoaysds) …………………………………...………… .……..5?
5.? CÌdgsey >-P…………………………………………………………………......………..……5?
Jeportcegto a Oujdt..…………………………………………………………. .………;6
5.6 Jovdj—s Jeportcegtoa
5.6.?. Cogonecegt………………………………………………………………………… ......;6
5.6.6 Corietdgn………………………………………………………………………………….;:
5.6.0 Kdgogè………………………….…………………………………………….....…… .....;4
5.6.: Veseor`h ogj Jeveampcegt………………………………………………………… ...….>0
5.6.5 Cogonecegt Dgkmrcotdmg Pystec (CDP) …………………...…………………………….>:
5.0 Puccory mk Dgtergoa Ogoaysds ……………….………………………..…………………….>5
[D. Ptroteny Kmrcuaotdmg
;.? Ptregnths, êoigesses, Mppmrtugdtdes, Zhreots (P^MZ) Cotrdx …………………...……..>;
;.6 P\O@E Cotrdx……………………………...………………………...……………………...…..85
;.0 Nrogj Ptroteny Cotrdx………...………………………...………………………...…………....8>
;.: F@N Cotrdx…………………………………...………………………...………………………..88
;.5 DE Cotrdx………...………………………...………………………...…………………… .…...…4<
;.; Puccory mk Ptrotendes………………………...………………………...………….…….……4<
;.> _uogtdtotdve Ptrotend` \aoggdgn Cotrdx………...………………………...……………………4?
[DD. Ptrotend` Mfbe`tdves ogj Ve`mccegjotdmg …………………………………………….40

>.? Ve`mccegjej [dsdmg-Cdssdmg Ptotecegts……...………………………...………………...40
>.6 \resegtotdmg mk the Iey
Ie y Ptrotend` Dssues………...………………………...…………………45
>.6 Ptrotend` ogj Kdgog`doa Mfbe`tdves………...………………………...………………………..4;
>.: Ve`mccegjej Ptrotendes ………...………………………...………………………...… .……44
[D
[DDD
DD.. Ptroteny Dcpa ecegtotdmg
ecegtotdm g ………...………………………...………………………....……?<5
8.? Zhe Ptroteny Cop……………………………………………………………………..........…?<5
8.6 Jeportcegtoa \rmnrocs ………...………………………...…….…………………...…?<;
8.0 Kdgog`doa \rmbe`tdmgs………...………………………...………………………..………??:
DX.
DX. Ptroteny Evoauotdmg,
Evoauotdmg, Cmgdtmr dgn ogj @mgtr ma …………………………..………………??4
4.? Foaogè P`mreòrj ………………………..……………………………………………………??4
4.6 Fusdgess @mgtdgudty ogj @mgtdgneg`y \aog …………………………………………………?6<
X. Vekeregès ……………………………………………………………………………………..…?6>
5
Adst mk Kdnures
Kdnures
D[. Extergoa Ogoaysds

Kdnure :-?2 CPCE—s Fusdgess Egvdrmgcegt okter @M[DJ -?4 Mutfreoi…………………………….…….?6
:-62 CPCE—s Kugjdgn dg the \hdadppdges………………………… ..………………………………...?0
Kdnure :-62
Kdnure :-02 \erèptuoa Cop kmr Peùrdty ogj Pokety/Ze`hgmamnd
Pokety/Ze`hgmamndòa Ojvogècegt…………………..….66
òa Ojvogècegt…………………..….
Kdnure :-:2 \erèptuoa Cop kmr Jecmnrophd` Veo`h/Dgterest Amog \erègtones…..……
\erègtones…..………………..…60
…………..…
Kdnure :-52 Nrmss Gmg-\erkmrcdgn amogs krmc 6<?> tm 6<6<………………………………………..……. 65
Kdnure :-;2
:-;2 Zmtoa amogs mutstogjdgn ogj prmbe`tej jeàdge dg N[O mk jdkkeregt se`tmrs….
se`tmrs…..…………….6;
.…………….
:->2 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk F\D mg dts 0rj……………..……..…..:;
Kdnure :->2
_uorteray repmrt mk 6<6<.
Kdnure :-82 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk FJM mg dts 0 rj………………....…….:>
Kdnure :-42 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk CetrmFogi mg dts 0rj…………..…...:8
[. @mcpogy
@mcpogy O goaysds (Dgtergoa Ogoaysds )
Kdnure 5-?2 F\D—s CÌdgsey >-P Cmjea……………………………………………………......................... 5?
5-?2
mrnogdzotdmg…………………...………………50
Kdnure 5-62 Fogi—s prdg`dpoa o`tdvdtdes ogj dts kug`tdmgoa mrnogdzotdmg…………………
Kdnure 5-02 Vdsi Cogonecegt Jeportcegt Ptru`ture……………………………………………………... 55
Kdnure 5-:2 Phmws the mrnogdzotdmgoa stru`ture mk Fogi mk the \hdadppdge Dsaogjs ……………………...;0
[D. PZVOZENT KMVCUAOZDMG
Kdnure ;-?2 Ppoè Cotrdx……………………………………..…………………………………………….…8;
Kdnure ;-62 Nrogj Ptroteny Cotrdx……………………….….……………………………………………….8>
Cotrdx………………………………………………………………………………………..88
Kdnure ;-02 F@N Cotrdx………………………………………………………………………………………..
Kdnure ;-:2 DE Cotrdx………………………………………………………………………...…………………4<
[DD. Ptrotend` Mfbe`tdves ogj Ve`mccegjotdmg
Kdnure >-?2 O socpae
socpae ‑experdegè fogi– dg [drndg Cmgey, Oustroado…………
Oustroado………………………
……………………………44
………………
[D
[DDD
DD.. Ptroteny Dcpaecegt otdmg
Kdnure 8-?2 Ptroteny Cop…………………………………………………………...………………………..?<5
;
Adst mk Zofaes
Zofaes

Zofae :-?2 Vesuat krmc Buay, 6<6< Aofmr Kmrè Purvey (AKP)…………………………………...?:
Zofae :-62 Puccory mk 5 Kmrès ogoaysds………………………………………………… ..….…?;
Zofae :-02 Adst mk mther \ortd`dpotdgn Fogi dg the \hdadppdges…………………………….……....?>
\hdadppdges…………………………….……....? >
ogj thedr respe`tdve Nrmwth ogj Pdzes.

Zofae :-:2 Adst mk Kdgog`doa Dgstdtutdmg ogj thedr `mrrespmgjdgn prmnrocs………………. .…...6?
Zofae :-52 Nemnrophd` jdversdkdòtdmg,
jdversdkdò tdmg, fogidgn kees ogj amog perègtone……………………..6:
Zofae :-;2 Phmws the succory mk `mcpordsmg fetweeg the three fogidgn ………….…….....6>
`mcpogdes dg tercs mk kdgog`doa repmrt, jecmnrophd` reo`h
reo `h ogj rogidgns.
Zofae :->2 F\D, FJM, ogj Cetrmfogi `mcpordsmg dg tercs mk cdgdcuc………………………..0:
dgvestcegt, kees, ogj cdgdcuc hmajdgn perdmj.
Zofae :-82 F\D, FJM, ogj Cetrmfogi frog`h getwmri. …………………………………………0>
Zofae :-42 Notherej joto ot the 0 rj quorter repmrt mk 6<6< `mcpordgn adqudjdty pmsdtdmg.…….::
Zofae :-?<2 Notherej joto ot the 6 gj quorter repmrt mk 6<6<........................
6<6<.....................................
....................
..........…:5
`mcpordgn mg dts prmkdtofdadty rote
Zofae :-??2 @mcpetdtdve \rmkdae Cotrdx mk the three …………………………………………….…:4
aornest fogidgn se`tmr dg the \hdadppdges

Zofae :-?62
:-?62 Extergoa Ko`tmr Evoauotdmg (EKE) Cotrdx kmr F\D………………………………........5<
[. @mcpogy
@mcpogy O goaysds (Dgtergoa Ogoaysds )
Zofae 5-?2 F\D—s Pidaas ogj Expertdse Cotrdx………………………………………………………5>
Zofae 5-62 Phmws the respe`tej outhmrdty ogj the …………………………..…………………..58
persmg ossdngej tm o spe`dkd` `mccdttee
Zofae 5-02 EPN Dssues thot serve os o amgn-terc jrdver mk coriet voaue………………………;<
Zofae 5-:2 Puccory mk F\D—s CÌdgsey > -P Cmjea…………………………………..…………..;?
Zofae 5-52 F\D _uorteray Dg`mce Ptotecegt …………………………………………………......;4
Zofae 5-;2 F\D _uorteray Foaogè Pheet.…………………………………..……………………..><
Zofae 5->2 F\D _uorteray @osh Kamw Ptotecegt………………………………………... ...……..>?
Zofae 5-8 2 Puccory mk Iey Kdgog`doa Votdms…………………………………………...……….>?
Zofae 5-42 DKE Cotrdx kmr Fogi mk the \hdadppdge Dsaogjs…………………………………..…….>5

Zofae ;-?2 Puccory mk extergoa ogj dgtergoa ogoaysds……………………………………………>;
Zofae ;-62 êoigesses ogj Mppmrtugdty Ogoaysds…..…………………………………………..>>
Zofae ;-02 êoigesses ogj Zhreots Ogoaysds……………………………………………………>8
Zofae ;-:2 Ptregnth ogj Mppmrtugdty Ogoaysds. ………………………………………………..…>4
Zofae ;-52 Ptregnth ogj Zhreots Ogoaysds…………………………………………………………8<
Ogoaysds ………………………………………………...…………8?
Zofae ;-;2 Puccory mk P^MZ Ogoaysds………………………………………………
Zofae ;->2 Ppoè Cotrdx………………………………………………………………….………….85
Zofae ;-82 F@N Cotrdx……………………………………………...……………………………....88
Zofae ;-42 Puccory mk Ptroteny……………………………………………………….…....….....4<
Zofae ;-?<2 _uogtdtotdve Ptrotend` \aoggdgn Cotrdx …………………………………..………….4?
>

Zofae >-?2 Ogoaysds mk [dsdmg
[dsdmg Ptotecegt…………………………………………………………..40
Zofae >-62 Ogoaysds mk Cdssdmg Ptotecegt……
Ptotecegt……………………
………………………………
…………………….………. .40 - 4:
…….………..40
Zofae >-02 Kdgog`doa Mfbe`tdves kmr 6<6? - 6<60 ……………………………….……..………….4;
[D
[DDD
DD.. Ptroteny Dcpaecegt otdmg
Zofae 8-?2
8-?2 Ptroteny #?. Jeportcegtoa \rmnrocs……………………………………………….?<;
Zofae 8-62
8-62 Ptroteny #6. Jeportcegtoa \rmnrocs……………………………………………….?<>
Zofae 8-02 Ptroteny #0. Jeportcegtoa \rmnrocs ……………………………………………….?<8
8-02
Zofae 8-:2 Ptroteny #:. Jeportcegtoa \rmnrocs ……………………………………………….?<4
8-:2
Zofae 8-52 Ptroteny #5. Jeportcegtoa \rmnrocs ……………………………………………….??<
8-52
Zofae 8-;2 Ptroteny #;. Jeportcegtoa \rmnrocs ……………………………………………….???
8-;2
Zofae 8->2 Ptroteny #> Jeportcegtoa \rmnrocs …………………………………………….….??6
8->2
Zofae 8-822 Ptroteny #8. Jeportcegtoa \rmnrocs ……………………………………………….??0
8-8
Zofae 8-42 \rmbe`tej Dg`mce Ptotecegt …………..…………...…………………….…….??: - ?5
8-42
Zofae 8-?<2 \rmbe`tej Foaogè Pheet……………..…………………………………………….??;
8-?<2
Zofae ?2 \rmbe`tej @osh Kamws……………..…….…………………………..……….??> - ??8
8-??2
8-?
DX.
DX. Ptroteny
Ptroteny Evoauotdmg,
Evoauotdmg, Cmgdt mrdgn ogj @mgtrma
Zofae 4-?2 Foaogè P`mreòrj ……………..……………………………………………………...??4
8
D. Dgtrmju`tdmg
Ea Fog`m Espoÿma Kdadpdgm je Dsofea Fogi, ogj gmw pmpuaoray igmwg os the Fogi mk the
\hdadppdge Dsaogjs, ds the kdrst fogi
fog i dg the \hdadppdges ogj the Pmutheost Osdog rendmg, kmugjej dg
?85?. Zhe dg`reosdgn troje fetweeg Ppodg ogj the \hdadppdge Dsaogjs `reotej o geej kmr o fogi
ko`dadty. Zheg, Buog Ogtmgdm je Urfdztmgjm, Corquds mk Ao Pmaogo, estofadshej the fogi dg the
Vmyoa @ustmc Hmuse dg the kmrtress tmwg mk Dgtrocurms. Bmdgdgn the fogi's pmad`y fmorj wos
Ogtmgdm je Oyoao. Oyoao kocday hoj aoter fe`mce
fe`mce the Oyoao
Oyoao @mrpmrotdmg, os dt recodgej dgtdcoteay
reaotej wdth the fogi ogj wdth \hdadppdge's dgjustrdoa jeveampcegt. Fedgn the kdrst ogj mgay pufad`
fogi dg the \hdadppdges--ogj perhops the kdrst pufad` fogi dg oaa mk Pmutheost Osdo--Ea Fog`m
Espoÿma Kdadpdgm je Dsofea 6 wos nrogtej the outhmrdty tm dssue the kdrst poper cmgey. Zhot
mperotdmg stortej dg ?856 wheg the fogi hoj `drùaotej dts kdrst pesms kuertes,
kuertes, mr 'strmgn pesms.'
Kmaamwdgn the Ppogdsh-Ocerdòg ôr mk ?848, the fogi wos remrnogdzej ogj essegtdoa day
prdvotdzej ugjer the U.P. kejeroa nmvergcegt's Gotdmgoa Fogi O`ts mk ?8;0 ogj ?8;:. Zhe fogi
ojmptej dts ùrregt goce mg Boguory ?, ?4?6, os Fog`m je aos Dsaos Kdadpdgos.
Fogi mk the \hdadppdge Dsaogjs egnones dg the prmvdsdmg mk `mccer`doa fogidgn servdès
Pe`tdmg-I ‘Kdgog`doa ogj Dgsurogè O`tdvdty— mk the \hdadppdge
\hdadppdge Ptogjorj Dgjustrdoa @aossdkdòtdmg. Dt
mperotes thrmunh the kmaamwdgn sencegts2 @mgsucer Fogidgn, @mrpmrote Fogidgn, ogj
Dgvestcegt Fogidgn. Zhe @mgsucer Fogidgn sencegt prmvdjes jepmsdt-toidgn ogj servd`dgn,
`mgsucer aegjdgn, su`h os hmce cmrtnones, outm amogs, `rejdt òrj kdgogè, ogj recdttogè
servdès. Zhe @mrpmrote Fogidgn sencegt mkkers aegjdgn, aeosdgn, troje, ogj òsh cogonecegt
servdès tm `mrpmrote ogj dgstdtutdmgoa ùstmcers, dgàujdgn hdnh-egj `mrpmrotdmgs ogj cdjjae-
coriet àdegts. Zhe Dgvestcegt Fogidgn sencegt prmvdjes `mrpmrote kdgogè, seùrdtdes
jdstrdfutdmg, osset cogonecegt, trust, kdju`dory servdès ogj ds egnonej dg prmprdetory
p rmprdetory trojdgn ogj
dgvestcegt o`tdvdtdes. Zhey odc tm prmvdje fetter o`èss tm kdgog`doa servdès kmr every Kdadpdgm.
Zhey wogt everymge ‐ krmc dgjdvdjuoas, egterprdses, ogj dgstdtutdmgs ‐ tm jdre`tay mr dgjdre`tay
fegekdt krmc the e`mgmcd` voaue negerotej ogj egofaej fy thedr fusdgess.
Zhe hmcenrmwg `mrpmrote, `mgsucer, ogj dgvestcegt fogidgn veterog, Bmse Zemjmrm ZN
Adcòm`m, ds the geway oppmdgtej presdjegt ogj `hdek exeùtdve mkkdèr ekke`tdve Oprda 66, 6<6?.
Oyoao-aej Fogi mk the \hdadppdge Dsaogjs
Dsaogjs hos `hmseg o gew aeojer whm wdaa steer
steer the ?;4-yeor-maj
aegjer tm re`mvery krmc `mrmgovdrus òrgone. Dg whmc wdaa fe ko`dgn the jougtdgn tosi mk shmrdgn
up F\D tm re`mvery ocdj the e`mgmcd` mgsaounht frmunht fy the `mrmgovdrus pogjecd`. Os they
4
hoj experdegèj mg the kdrst gdge (4) cmgths mk 66.?% yeor-mg-yeor

yeor -mg-yeor saucp dg get dg`mce tm \?>.?>
fdaadmg, kdgog`doa resuats reveoaej. Eorgdgns sonnej okter the fogi hdiej dts 4-cmgth amog amss
fukkers fy :.;x `mcporej tm yeor-onm aeveas tm \6?.<; fdaadmg os o jekegse onodgst o wove mk
ugpodj amogs krmc pogjecd`-fotterej fmrrmwers. Dg the thdrj quorter, `rejdt rdsiej o``mugtej kmr
6.48% mk dts egtdre amog fmmis, hdnher thog the ?.80% rotdm re`mrjej dg the preèjdgn three (0)
cmgths. Gmgetheaess, ZN ogj dts jeep foìnrmugj dg fogidgn ogj kdgogè, dggmvotdmg ogj
jdndtoadzotdmg, rdsi cogonecegt, ogj EPN oadngej wdth renorjs tm F\D hmaj mk thedr strotend` kmùs.
Zhe kmur cmst dcpmrtogt oreos thot wdaa kuea thedr nrmwth wos tm dg`reosdgn F\D—s aevea mk
jdndtoadzotdmg. Zheg, eghog`dgn the fogi—s jepmsdt krog`hdse ogj jeadvery d gkrostru`ture. Zhdrj,
o`èaerotdgn the coturdty mk CPCE ogj retoda amogs, ogj aostay, `mgtdgudgn tm nrmw the cd`rmkdgogè
fusdgess.
DD. Veseor`h ogj Jesdng Cethmjmamny
@mgju`tej o jesi revdew tm `maae`t joto krmc vordmus se`mgjory smurès. Zhot dgàujes
kdgog`doa repmrts, gewspopers, wefsdtes, nmvergcegt pufadòtdmgs, `mccer`doa pufadòtdmgs,
reputofae bmurgoas, fmmis, jdkkeregt ortdàes, perdmjdòas, prmèejdgns, ogj mther smurès hoj
`mgsdjerej dg fudajdgn the kmugjotdmg mk thds stujy. Pe`mgjory joto smurès mftodgej krmc the
adteroture renorjdgn hmw the ùrregt pogjecd`, e`mgmcd` reèssdmg, ogj pmadtdòa ogj aenoa vdews
vde ws
hoj reaevogè ogj sdngdkdògt dcpo`t mg the fogidgn se`tmr, spe`dkdòaay tm F\D. Zhot djegtdkdej the
stregnths ogj weoigesses mk the sodj
sod j fogi joto krmc the `mcpogy coguoas, ogguoa o
ogj
gj quorteray
repmrts, ogj smce cogonecegt jmùcegts ogj mther dgkmrcotdmg o`qudrej krmc nmvergcegt
wefsdtes adie \hdadppdge Ptotdstd`s Outhmrdty ogj Fognim Pegtroa gn \dadpdgos.
\dadpdgo s. Zhe oujdtej kdgog`doa
stotecegts usej os o fosds kmr kdgog`doa joto ogj rotdms were `maae`t krmc the Peùrdtdes ogj
Ex`hogne @mccdssdmg (PE@), Dgvestdgn, \hdadppdge Votdgn Pervdès @mrp, Kdt`hVotdgns,
Fammcfern, ogj F\D Zroje. Ptrotend` cogonecegt
cogonecegt `mgèpts, stroteny
stroteny kmrcuaotdmg, ogj cotrdxes
co trdxes
hoj fosej mg the Ptrotend` Cogonecegt @mgèpts ogj @oses fy Krej V. Jovdj (?;th Ejdtdmg).
Ppe`dkd` strotend` re`mccegjotdmgs were krmc mther dgtergotdmgoa fogis wdth ojvogèj ogj
jeveampej strotendes su`h os PFD ‐ Dgjdo—s aornest `mccer`doa fogi ogj [drndg Cmgey mg
Oustroado thot ekkd`degtay negerotej mut`mces. Cìdgsey ogj @mcpogy oasm `mgtrdfutej tm
sdngdkdògt kdgjdgns.
?<
DDD.
DDD. Adcdtotdmg m k the Ptujy
Zhe kdgjdgns mk thds stujy hove seeg tm fe dg adnht mk smce aadcdtotdmgs.

dcdtotdmgs. Jue tm namfoa
pogjecd` hos presegtej o vordety mk `hoaaegnes thot dgàujes restrd`tdmg mk o`èss tm prdcory
joto. Cmremver, se`mgjory smurès mftodgej fy outhmrs
ou thmrs whm hove exocdgej o sufbe`t ogj
hove jrowg èrtodg `mgàusdmgs coy fe sufbe`tdve ogj `mgtodg fdos. Kurthercmre, the poper
wmuaj mgay kmùs mg F\D negeroa
nege roa vdewpmdgts renorjdgn `mrpmrote, `mccer`doa, ogj dgvestdgn
o`tdvdtdes os o whmae. Hegè, mther `mcpetdtmrs wmuaj gmt
gm t fe eaofmrotej mg ogj wdaa mgay fe
negeroadzej os edther amòa mr dgtergotdmgoa/kmredng. Zhe joto usej tm ogoayze F\D kdgog`doas
wmuaj `mce krmc dts ogguoa repmrts ogj joto `mcpdaej dgtm o `mgsmadjotej tofae kmr `mcpordsmg
ogj mgay `mver the yeors 6<?4-6<6< os seecej tm fe the cmst sdngdkdògt tm the up`mcdgn
dgtenrotdmg. Zhe kdgog`doa rotdms usej hoj mgay fe seae`tej mges, os gmt every rotdm wmuaj fe
reaevogt dg the ogoaysds.
ogoa ysds. Aostay, the reseor`her wmuaj oasm presegt thedr perspe`tdves dg the
mperotdmgs ogoaysds thot `muaj fe dg`mheregt wdth the ùrregt strotendes F\D ds presegtay jmdgn.
:.? Negeroa
Negeroa Egvd rmgc egt
:.?.?
:.?.? \mad
\mad td` oa, Nmvergc
Nmvergc egtoa, ogj Aenoa Kmrès
Zhe Fognim Pegtroa gn \dadpdgos (FP\) dssuej the dcpaecegtdgn ruaes ogj
renuaotdmgs kmr the Foyogdhog O`t VO Gm. ??:;4. Dt `mvers the poycegt extegsdmg mk F\D
ogj F\D Kocday @rejdt @orjs gotdmgwdje. Dt nrogts ùstmcers o mge-tdce ;<-joy nroè
perdmj ogj o wodver mk aote poycegt kees ogj dgterest mg dgterest, resuatdgn
resuatdgn dg amsses mg
the fusdgess jue tm the gmg-perkmrcdgn amogs. F\D G\A rotdm òaùaotej wdth the
ojbustcegt ugjer the Foyogdhog O`t dg `mcpadogè wdth FP\'s nudjeadges wos ot ?.80%
os mk Buge 6<6<. Hmwever, `mgtdgneg`y paoggdgn ogj rdsi cogonecegt oaamttej \:.60
fdaadmg prmvdsdmgdgn dg ogtd`dpotdmg mk hdnher kmrth`mcdgn G\As jue tm @M[DJ-?4 ogj the
E@_, os dcpodrcegt amsses were 6.: tdces cmre thog aost yeor—s \?.8 fdaadmg os o resuat
mk the @M[DJ-?4 `rdsds. Feòuse mk the @M[DJ-?4 pogjecd`, the Fogi hos revdsej dts
co`rme`mgmcd` kmreòsts
kmreòsts ogj usej these kmreòsts tm upjote the kmrworj-ammidgn, pmdgt-
dg-tdce prmfofdadty mk jekouat ogj amss rote cmjeas usej dg E@A òaùaotdmg. Zhe upjotej
cmjeas hoj dcpaecegtej stortdgn Coy 6<6< okter VC@(Vevegue Cecmrogjuc @drùaor)
opprmvoa, whd`h resuatej dg hdnher requdrej E@A (expe`tej `rejdt amss).
??
:.?.6
:.?.6 E`mg
E`mg mcd` oa
Aegjdgn dgstdtutdmgs adie F\D ore koèj wdth o gew ogj ugkocdador egvdrmgcegt, dg whd`h they
cust evoauote ogj cmgdtmr `rejdt rdsi wdth adcdtej vdsdfdadty ogj o`èss tm readofae joto. Zhe eoray
experdegè reveoadgn o poth kmrworj, os fogis jdstdgnudsh the vorydgn dcpo`t the `rdsds hoj mg
jdkkeregt se`tmrs ogj sufse`tmrs mk the e`mgmcy ogj hoj jdre`t cmre ottegtdmg tm the kdgog`doas
ogj fusdgess cmjeas mk dgjdvdjuoa hmusehmajs ogj `mcpogdes.

:-?2 CPCE—s Fusdgess Egvdrmgcegt okter @M[DJ-?4 Mutfreoi.
Kdnure :-?2
Zhe nmvergcegt expe`ts dts NJ\ tm shrdgi 5.5% thds yeor - the hdnhest ogguoa jrmp dg 05
yeors - krmc o prevdmus kmreòst kmr o 6.<-0.:% jeàdge. Zhe nroph shmws thot the \hdadppdges hos
o 06.6% jrmp dg jmcestd` jecogj, 5.<% dg kmredng troje, 0;.<% jeaoyej jeadvery mk
\rmju`ts/Pervdès. Kmaamwej fy 0:.6% mk jdsruptdmg mk prmju`tdmg/suppay `hodg, ?4.?%
ògèaaotdmgs mk `mgtro`ts, ogj the \hdadppdges hove the hdnhest perègtone mk tecpmrory àmsej
CPCEs. Zhe nmvergcegt sees the e`mgmcy refmugjdgn dg 6<6? ogj 6<66. dd Zhe @M[DJ-?4
mutfreoi hos fe`mce the cmst `hoaaegndgn kmr the namfoa ogj jmcestd` e`mgmcdes. Zhe pogjecd`
horcej the e`mgmcy, ogj quogtdkydgn the pmtegtdoa dcpo`t mk @M[DJ-?4 mg the \hdadppdge
e`mgmcy ds jdkkdùat.
?6
?. Hmusehmaj
Hmusehmaj `mgsucptdmg re`mverej dg 6<?4 os dgkaotdmg
dg kaotdmg samwej jmwg. Ptofae mda p
prdès
rdès ogj
sukkd`degt rdè suppay puaaej jmwg overone dgkaotdmg krmc 5.6% dg 6<?8 tm 6.5% dg 6<?4. Dt wdaa adieay
`mgtdgue tm fe the codg jrdver mk nrmwth dg the cejduc terc wdth suppmrt krmc MK^ recdttogès
ogj re`mrj-amw ugecpamycegt. Hmwever, the eghogèj `mccugdty quorogtdge dg vordmus ports mk
the e`mgmcy hos `rdppaej hmusehmaj `mgsucptdmg tm og extegt gmt seeg sdgè the eoray ?48<s.
Hmusehmaj `mgsucptdmg hoj o sdngdkdògt rmae dg cmgetory ogj kdgog`doa
kdgog`doa stofdadty, dg whd`h the
fehovdmr mk hmusehmajs `mgèrgdgn resmurè oaamòtdmg ‐ dgàujdgn thedr sovdgn ogj spegjdgn
je`dsdmgs ‐ okke`ts coriet prdès.
6. CPCE—P
Kdnure :-62 CPCE—s Kugjdgn dg the \hdadppdges.
E`mgmcd` nrmwth toies o hdt dg the dccejdote oktercoth mk the `rdsds, fut thrmunh @OVEP
Fmgjs ogj ojjdtdmgoa nmvergcegt readek adcdts the shmì ogj fmasters `mgsucer `mgkdjegè,
returgdgn the e`mgmcy tm pmsdtdve nrmwth dg 6<6?.ddd Aost Ounust >, 6<6<, the F\D hoj rodsej
ro dsej \6?.5
fdaadmg krmc the `mugtry—s kdrst @M[DJ O`tdmg Vespmgse Fmgjs (@OVE Fmgjs) , whd`h hove o tegmr
mk ?.>5 yeors ogj og dgterest rote mk 0.<5% p.o., podj quorteray dg o yeor. Zhe prmèejs mk the
@OVE Fmgjs wdaa usej tm kdgogè ogj rekdgogè eadndfae Cd`rm, Pcoaa, ogj Cejduc Egterprdses
(‑CPCEs–) ugjer the Fogi—s Pustodgofae Kugjdgn Krocewmri. Zhe PE@ hos `mgkdrcej thot the
@OVE Fmgjs quoadky os Pm`doa Fmgjs ugjer the OPEOG Pm`doa Fmgjs Ptogjorjs dg the
\hdadppdges. Puppmrtdgn these fusdgesses wdaa oasm heap `reote o cmre dgàusdve sm`dety where oaa
Kdadpdgms fegekdt krmc the `mugtry—s e`mgmcd` nodgs.
?0
0. Fudaj Fu daj Fud aj \rmnroc.

Mge mk the iey corietdgn strotendes thot aej F\D tm strmgn revegue perkmrcogè dg the
yeor 6<?4 wos dts troje ogj suppay `hodg fusdgess. Dt wos kmùs mg dgjustrdes fmmstej fy the
Nmvergcegt. Zhese dgjustrdes dg àuje `mgstru`tdmg,
‑Fudaj Fudaj Fudaj \rmnroc– mk the \hdadppdge Nmvergcegt.
steea, amndstd`s, ogj heovy co`hdgery. Ndveg the mppmrtugdtdes dg these dgjustrdes, they streocadgej
thedr resmurès tm suppmrt thds nrmwth. Zhey kmùsej

kmù sej thedr seaadgn ekkmrts mg troje smautdmgs reaevogt
tm these dgjustrdes. Zhds stroteny resuatej dg sdngdkdògt revegue nrmwth dg thedr fusdgess krmc
these dgjustrdes2 steea up fy ?:5%,
?:5 %, `mgstru`tdmg fy ?:%, amndstd`s fy 4;%, ogj heovy co`hdgery
fy 04%. Jespdte mur `mgjdtdmg gmwojoys, \resdjegtdoa Ojvdser kmr Kaonshdp \rmnrocs [dveg`dm
Jdzmg sodj mg Zhursjoy dgkrostru`ture prmbe`ts ugjer the ojcdgdstrotdmg—s ‑Fudaj, Fudaj, Fudaj–
prmnroc wdaa heap dg the re`mvery mk the e`mgmcy okter shrdgidgn kmr the se`mgj `mgseùtdve
quorter. Hegè, F\D wdaa recodg Kmùsdgn mg e`mgmcd` tregjs os dt wos oasm
oa sm o stroteny kmr Puppay
@hodg Kdgogè.
:. \esm
\esm [oaue
O``mrjdgn tm the Fogim Pegtroa
Pegtroa gn \dadpdgos, the pesm—s
pesm—s oppre`dotdmg
oppre`dotdmg onodgst
onodgst the
the UP jmaaor
ocdj the e`mgmcd` `rdsds frmunht ofmut fy the `mrmgovdrus ds mgay jue tm the weoiegdgn mk UP
jmaaor. Mge mk the fegekdts mk hovdgn
ho vdgn o strmgn pesm ds dts amwer kmredng jeft servd`dgn. Pdgè kmredng
jeft stdaa jegmcdgotej dg UP jmaaors ogj mther ùrreg`des, o strmgner pesm trogsaotes tm amwer
dgterest ogj prdg`dpoa poycegts.
:.?.0. Pm`doa Kmrès

?. Ugecpamycegt
Zofae :.?2 Vesuat krmc the Buay, 6<6< Aofmr Kmrè Purvey (AKP)
Ugecpamycegt rote dg Buay 6<6< wos estdcotej ot ?<.< perègt. Zhds ds hdnher thog the
ugecpamycegt rote mk the soce cmgth o yeor onm paoèj ot 5.: perègt, fut amwer thog the re`mrj
hdnh ?>.> perègt jurdgn Oprda 6<6<. Ugecpamyej Kdadpdgms whm ore ?5 yeors maj ogj mver wos
estdcotej ot :.; cdaadmg dg Buay 6<6<, hdnher fy 6.? cdaadmg `mcporej tm the soce perdmj o yeor
?:
dv
onm fut amwer fy 6.> cdaadmg krmc three cmgths onm. Og dg`reose dg the ugecpamycegt rote òg
fe trogsaotej dgtm og dg`reosdgn mk gmg-perkmrcdgn amogs ogj thus amwerdgn fogi adqudjdty. Og
dg`reose dg pufad` jekd`dt wdaa dgvmave dg`reosdgn fogi amogs ogj thus wdaa je`reose adqudjdty.v
6. Ecpa
Ecpa myees
@M[DJ-?4 ogj the resuatdgn E@_ pmse o `hoaaegne tm the Fogi, fmth dg egsurdgn
persmggea heoath ogj sokety ogj dg `mgtdgudgn the Fogi—s mperotdmgs. Dg the òse mk @M[DJ -?4,
su`h `mmperotdmg ds `rdtdòa, espe`doaay
e spe`doaay kmr the heoath mk ever
everyy ecpamyee. ^mripaoè ofsegteedsc
ogj reju`tdmg dg prmju`tdvdty hos `reotej o genotdve suppay /prmju`tdvdty shmì. ^dth thmse
`drùcstogès, ojjdtdmgoa preòutdmgory ceosures ore dcpaecegtej, thot dgàuje prmvdjdgn
trogspmrtotdmg kmr ecpamyees, egkmr`dgn vdrtuoa ceetdgns, dcpaecegtdgn wmri krmc hmce, ogj
adcdtdgn cmvecegts mk persmggea wdthdg ogj o`rmss dts fusdgess mkkdès.
m kkdès.
0. Amòa @mgsucers
Mg the mther sdje, the F\D Kmugjotdmg, the sm`doa jeveampcegt orc mk the Fogi mk the
\hdadppdge Dsaogjs (F\D), `mgtdgues tm suppmrt `mccugdtdes, korcers dg \ocpogno, ogj cejdòa
krmgtadgers thot were nreotay okke`tej fy the @M[DJ-?4 mutfreoi. Zhrmunh dts ecpamyee
vmaugteerdsc prmnroc òaaej "Foyogdhog \oro so Dgogn Foyog." they ùatdvote the ùature mk tru
trust,
st,
`reotdgn o reaotdmgshdp thot ùstmcers òg reay mg thec, espe`doaay wdth thedr cmgey mr geejs.
\empae wdaa rececfer frogjs kmr thedr o`ts mk
m k nmmj dg o tdce mk `rdsds, spe`dkdòaay dk jmge wdth pure
heort ogj negermsdty. Frogjs thot use thds tdce tm fe `mccer`doaay expamdtotdve wdaa gmt koreweaa.
:.?.:.
:.?.:. Ze`hgma mnd` oa Kmrès
?. Dgkmrc
Dgkmrc otdmg Ze`hgmamny
Zhe strotend` dgdtdotdves mg jdndtoadzotdmg, dcprmvecegts mg DZ dgkrostru`ture ogj
`yferseùrdty te`hgmamny, ogj ovodaofdadty mk fusdgess re`mvery sdtes hoj egofaej tm `mgtdgue the
jeadvery mk the Fogi—s prmju`ts ogj servdès mg o sòaej -jmwg aevea. Dt shmwej mg the kdgog`doa
repmrts the jdkkeregè dg ùrregt amogs, revegues, ogj dg`mce rotdm je`reosej `mcporej tm the
prevdmus yeor. Hmwever, cmst fusdgesses odcej gmt tm jds`mgtdgue thedr fusdgess fut prmvdje
servdès thot ojopt the woys mk
m k jmdgn fusdgess wdth preòutdmgory ceosures. Jespdte the cossdve
hdgjrogès mk jeadverdgn servdès, the cogonecegt mk mperotdmgoa ogj DZ rdsis kmr the se`mgj
quorter mk 6<6< hos codgtodgej estdcotej mperotdmg ogj DZ amsses reaotej tm the mperotdgn
o`tdvdtdes tm aess thog ?% mk nrmss dg`mce. Pu`h cdgdcoa amsses ore weaa wdthdg the Pegdmr
?5
Cogonecegt wdth prujegt rdsi oppetdte ogj negeroaay ottrdfutej tm dgheregt rdsis dg exeùtdgn the
joy-tm-joy fusdgess mperotdmgs.
6. @amuj
@amuj Fogidgn
@mrmgovdrus pogjecd` ogj the quogtuc bucp dg the use mk te`hgmamny. Fognim Pegtroa
gn \dadpdgos Nmv. Fegbocdg Jdmigm sodj, ‑thrdkt fogis shmuaj toie ojvogtone mk the adcdtaess
pmtegtdoa mk jdndtoa te`hgmamny dgàujdgn àmuj fogidgn.– F\D egnonej Ovoamq (Pwdss KdgZe`h) tm
heap òpdtoadze kurther mg coriet mppmrtugdtdes ogj the mgnmdgn geej kmr ekkd`degt, jdndtoa-aej
servdè òpofdadtdes mptdcdzej thrmunh o àmuj-fosej
àmuj-fo sej PooP mperotdgn cmjea. Zhe Ovoamq Fogidgn
Pudte wdaa oaamw the dgstdtutdmg tm frdgn oaa oreos mgtm mge `mgsmadjotej paotkmrc, jeadverdgn
jeadver dgn pmwerkua
sòae fegekdts ogj joto ogoaytd`s ot o fetter `mst. Kmr F\D, utdadzdgn fest-dg-àoss jdndtoa
te`hgmamndes ogj `mgvegdegt jdndtoaay-egofaej servdès tm ùstmcers ds kugjocegtoa tm the fogi
ogj dts amgn-terc nrmwth ospdrotdmgs.
o spdrotdmgs.
:.?.5.
:.?.5. Egvdrm gcegtoa Kmr` es
Ve`mngdzdgn thedr rmae os o respmgsdfae kdgog`doa dgstdtutdmg, they odc tm rejuè genotdve
egvdrmgcegtoa dcpo`t `mcdgn krmc thedr fusdgess mperotdmgs ogj fe`mce cmre `mst-ekke`tdve
thrmunh cdgjkua aeojershdp mk the mrnogdzotdmg, aeojdgn tm mveroaa dcprmvej corndgs. Zhey troì
the egvdrmgcegtoa dcpo`t dg thedr fusdgess, notherdgn joto mg egerny
ege rny ogj woter `mgsucptdmg ogj
òrfmg ecdssdmg kmr frog`hes, heoj mkkdès, ogj fusdgess ègters dg the \hdadppdge. Joto mg
egerny ogj woter `mgsucptdmg mk thedr frog`hes ore `mgsmadjotej per nemnrophdòa fusdgess
oreo. Zhe Ko`dadtdes ogj Pervdès Nrmup (KPN) cmgdtmrs thmse mk thedr heoj mkkdè ogj mther
fusdgess hufs. F\D `mgtdguoaay expamres te`hgmamndòa dggmvotdmgs thot `muaj rejuè thedr
resmurè `mgsucptdmg ogj dcprmve
dcprm ve dts egvdrmgcegtoa troìdgn systecs. Zhey oasm eg`murone thedr
àdegts, suppaders, ogj portgers tm rejuè thedr
the dr e`mamndòa kmmtprdgts.
:.
:.6
6 DDgjustr
gjustr y Ogoaysds
:.6.? \MVZEV—s Kdve Kmrès Ogoaysds2

Zofae :-62 Puccory mk 5 Kmrès ogoaysds
Kmrès @mgàusdmg
• @mcpetdtdve Vdvoary Ptrmgn

• Fornodgdgn \mwer mk Puppaders Cmjerote
•
Fornodgdgn \mwer mk @ustmcer Ptrmgn
?;
• Zhreot krmc Pufstdtutes Cmjerote

• Zhreot krmc Gew Egtrogts êoi
Og ogoaysds mk Fogi mk the \hdadppdge

\hd adppdge Dsaogjs usdgn \mrter's Kdve Kmrès reveoas thot the
`mcpogy cust `mgègtrote mg the `mcpetdtdmg krmc dgjustry rdvoas ogj the fornodgdgn pmwer mk
`mgsucers. Zhe threot krmc gew egtrogts ds o aesser kmrè, whdae the threot krmc sufstdtutes ogj
fornodgdgn pmwer mk suppader tm the dgjustry ds `mgsdjerej cmjerote.
?. @mcpetdtdv
@mcpetdtdv e Vdvoary
Votdgn2 Ptrmgn
Zhe tmp three aeojdgn frogjs ore very onnressdve ogj `mcpetdtdve fy mkkerdgn amwer
kdgog`dgn, hdnher rotes, dgvestcegt servdès, ogj nreoter `mgvegdegès thog thedr rdvoas. Zhe
fogidgn `mcpetdtdmg ds o roè tm jetercdge whd`h fogi òg o``mccmjote fmth the fest ogj
kostest servdès. Zhe threot ds dgtegse sdgè oaa fogidgn dgstdtutdmgs mkker the soce prmju`t,
prmju `t, whd`h
ds kdgog`doa servdès, whotever dt coy fe9 aeosdgn, amogdgn, sovdgns, et`. @mgèrgdgn strotendes,
thedr mppmrtugdtdes ore oasm dgtegse sdgè oacmst oaa fogidgn dgstdtutdmgs hove thedr peris ogj
ojvogtones thot aure ùstmcers dg thedr woy. ^hether dt—s FJM—s amgn fogidgn hmurs og j frmoj
jecmnrophd` reo`h, F\D—s Express Ossdst, mr Cetrmfogi—s `mgvegdegt `rejdt pmad`y. (Vmse Ep,
6<?>) Zhrmunh the 6<?4 survey `mgju`tej fy the Fogim Pegtroa gn \dadpdgos, they shmwej thot
amòa fogis ore fro`dgn kmr eveg nreoter `mcpetdtdmg ocmgn thecseaves fy dgvestdgn dg te`hgmamny
whdae dcprmvdgn rdsi cogonecegt systecs tm jekegj onodgst mther pmssdfae
pm ssdfae extergoa shmìs.
Zofae :-02 Adst mk mther \ortd`dpotdgn Fogi dg the \hdadppdges

\hdadppdg es ogj thedr respe`tdve Nrmwth ogj Pdzes.
Fogi Get Dg`m ce (6<6<)
(6<6<) Coriet Phore Os set Pdze (6<6<)
(6<6<)
FJM Ugdfogi Dg` ₿::.6 Fdaadmg - ₿0.6 Zrdaadmg
Cetrmp
Cetrmp madt og Fogi & Z@M (Cetrmfog
(Cetrmfog i) ₿68.? Fdaadmg .;05 ₿6. : Zrdaadmg
AogjFogi mk the \hdadppdges ₿?8.5 Fdaadmg .:?8 ₿6.6 Zrdaadmg
\hda. Gotdmgoa F ogi (\GF) ₿4.> Fdaadmg .6?4 ₿?.? Zrdaadmg
@hdgo Fogidgn @mrp. ₿6.6 Fdaadmg <.<:4 ₿486 Fdaadmg
Jeveampcegt
Jeveampcegt Fogi mk the \hdadppdges ₿ 6.4 Fdaadmg <.<;5 ₿8?> Fdaadmg
Peùrdty
Peùrdty Fogi @mrp. ₿5.> Fdaadmg .?0 ₿>:< Fdaadmg
Eost
Eost êst Fogidgn @mrpmrotdmg ₿:.5 Fdaadmg .?< ₿:<;.0 Fdaadmg
Ugdmg Fogi mk the \hdadppdges ₿6.; Fdaadmg <.<58 ₿>><.8 Fdaadmg
@dtdfogi \hdadppdges ₿ 0.6 Fdaadmg <.<>6 ₿6.? Fdaadmg
?>
Osdo
Os do Ugd tej Fog
Fogii @mrp
@m rp mr otd mg ₿ 6.0 Fdaadmg <.<58 ₿6;;Fdaadmg
Hmgn Imgn ogj Phognhod Fogidgn ₿ 66:.4: - ₿?0.8 Fdaadmg

@mrp. (\hdadppdges) Cdaadmg (6<?4) (6<?4)
Ugdtej
Ugdtej @m`mgu t \aogters
\aogters Fogi ₿?.0 Fdaadmg <.<64 g/o
Vdzoa @mccer`doa Fogidgn @mrp. ₿0.?? Fdaadmg <.<> ₿ ;6.64: Fdaadmg
6. Fornodgdgn
Fornodgdgn \mwer
\mwer mk Puppaders
Votdgn2 êoi
Zhe `mre fusdgess mk the fogidgn dgjustry kmùses mg the sokety mk weoath. Zhe dcpo`t mk
the suppader dg the foidgn
fo idgn dgjustry ds gmt sdngdkdògt sdgè they ore gmt adie the row coterdoa (\eter
Imrmco, g.j). Hegè, o``mrjdgn tm B.F Coverdì (6<6<), the twm prdg`dpoa suppaders mk o fogi ore
o nrmup mk jepmsdtmrs ogj the resmurè mk aofmr.
O. Jepm sd tmrs
tm rs
Jepmsdtmrs ore the mges whm suppay the prdcory smurè mk òpdtoa,
òpd toa, Eveg tmjoy, ot the tdce
mk reèssdmg ogj hovdgn o hdnh aevea mk Gmg-\erkmrcdgn Amogs mg every fogi. Zhey reay mg
adqudjotdgn thedr ossets rother thog retrdevdgn
re trdevdgn mr re`mverdgn the amog ot the exo`t cmcegt.
F. Vesmurè
Vesmurè mk Aofmr
Ecpamyees ore the aofmr smurè. ^heg dt `mces tm the fornodgdgn pmwer mk resmurès mk
aofmr, dgjdvdjuoa ecpamyees wdth og exeùtdve
e xeùtdve pmsdtdmg hove adttae fornodgdgn pmwer thog thmse whm
ore gmt. Fogis usuoaay ojjress thedr mveroaa fornodgdgn pmwer fy mkkerdgn og ottro`tdve soaory ogj
fegekdts poìone tm retodg the fest ecpamyees. Mveroaa, the threot krmc dgjdvdjuoa jepmsdtmrs ogj
ecpamyees ds cdgdcoa.
0. Fornodgdgn
Fornodgdgn \mwer
\mwer mk @ustmcer
Votdgn2 Ptrmgn
O. Pdg na e @mgsu
@mg su cer vs . @mrpm
@mr pmrot
rotdm
dm g @adeg
@a degts
ts
Zhe fogidgn dgjustry reades heovday mg the fornodgdgn pmwer mk `mgsucers. Pmce hove
cmre dgkauegè thog mthers. Kmr dgstogè, dgjdvdjuoa `mgsucers, espe`doaay thmse dg the retoda
fogidgn corietpaoè, hove reaotdveay adttae fornodgdgn pmwer. Zhot's feòuse the amss mk o sdgnae
o``mugt fosdòaay wdaa gmt fmther the fogi tmm cu`h. @mcpordgn tm o sdgnae amss mk o `mrpmrote
àdegt wmuaj fe amss mk sdzofae o``mugt ogj smurès mk revegue òg cmre sufstogtdoaay okke`t the
fogi's prmkdtofdadty (B.F Coverdì, 6<6<).
?8
F. Hmusehmaj
Hmusehmaj Fehovdmr ogj @mgsucptdmg
Zhmunh the fornodgdgn pmwer mk aorne nrmups mk ùstmcers hoj o cmre `mgsequegtdoa
dcpo`t feòuse the fogi
fogi òggmt okkmrj tm
tm sukker coss jeke`tdmgs mk jepmsdtmrs, bust adie the
ùrregt prmfaec the fogis ko`dgn, the coss jeke`tdmg mk jepmsdtmrs òuses o hdnh perègtone mk
mk
Gmg-\erkmrcdgn Amogs. G\A ds oasm igmwg os o foj amog mr prmfaec amog feòuse dt ds o amog thot
òggmt re`mver wdthdg o yeor. Dg ogmther woy, G\A ds o amog krmc where o fogi jmes gmt eorg
dgterest. Zhe rmmt òuse
òuse mk the hdnh perègtone mk G\A wos feòuse mk the @M[DJ-?4.
@M[DJ-?4 . Dt hoj
cossdveay okke`tej the hmusehmaj fehovdmr ogj `mgsucptdmg thot aeojs the `mgsucer
dgòpo`dtotej tm poy thedr jue amogs. Kurthercmre, the FOVM O@Z (Foyogdhog O`t tm Ve`mver os
Mge) dcpaecegtej thot
thot `mvers the poycegt
poycegt extegsdmg.
extegsdmg. Zhese G\A—s hocpers fogidgn se`tmrs
ogj the egtdre e`mgmcy os o whmae.
:. Zhreo
Zhreott k rmc Gew
Gew Egtrogts
Votdgns2 êoi
O. Zrus
Zr ustt
Gew fogis kdgj dt jdkkdùat ogj orjumus tm stort up feòuse the kdgog`doa dgjustry jeoas wdth
mther pempae's cmgey ogj kdgog`doa dgkmrcotdmg. O `mre reosmg thot ds ornuofay ogj the cmst
strdidgn forrder tm the gew egtrogt
egtrogt ds tm nodg the trust mk the ùstmcer. Jue tm the goture mk tthe
he
dgjustry, pempae ore cmre wdaadgn tm paoè thedr trust dg fdn goce, weaa igmwg, fdn paoyer fogis
whmc they `mgsdjer tm fe trustwmrthy. ^hdae dt ds georay dcpmssdfae kmr gew fogis tm egter the
dgjustry mkkerdgn the trust ogj kuaa rogne mk servdès os o `mcpetdtdve fog
fogi,
i, dt ds smcewhot eosy tm
mpeg up o scoaaer fogi mperotdgn mg the rendmgoa aevea.
F. Nmvergcegt \mad`y, @opdtoa Vequdrecegts,

Vequdrecegts, ogj Jdstr dfutdmg `hoggea
O gew `mcpetdtmr wmuaj koè cogy sdngdkdògt mfstoàes, gmtofay the cossdve ocmugt mk
òpdtoa requdrej, the aegnth mk tdce geejej tm estofadsh o frogj djegtdty, ogj the ùcfersmce
nmvergcegt renuaotdmgs thot oppay tm the mperotdmg
mp erotdmg mk fogis. Os kmr Nmvergcegt \mad`y, dt wdaa toie
o amt mk severoa aenoa ospe`ts thot òggmt fe ottodgej eosday fy gew fusdgesses. Kurthercmre,
sdgè settdgn up o gew fusdgess su`h os o fogi geejs o amt m
mkk òpdtoa dgvestcegt, gmt tm cegtdmg
the te`hgmamny requdrej tm `mcpete wdth rdvoas su`h os OZCs ogj o`èss
o `èss tm jdstrdfutdmg `hoggeas
òg fe cmgmpmadzej fy mther `mcpetdtmrs. Mg the `mgtrory, frogj gew
ge w egtrogts coy gmt fe cu`h
mk o threot, fut smce kmredng estofadshej fogis `muaj egter the \hdadppdges. Kmr dgstogè, fogis
?4
su`h os Hmgn Imgn ogj Phognhod Fogidgn @mrp. ogj @dtdfogi hoj oareojy egterej the coriet.
Gevertheaess, the threot mk gew egtrogts renorjdgn @opdtoa Vequdrecegts, Nmvergcegt \mad`y,
ogj O`èss tm jdstrdfutdmg `hoggeas ds stdaa amw.
5. Zhreot
Zhreot krmc Pufstdtutes
Votdgn2 Cmjerote
Peveroa fogidgn dgjustry's fdnnest jogners/threots mk sufstdtutdmg ore gmt krmc rdvoa
fogis fut krmc gmg-cmgetory `hoaaegners mr gmg-kdgog`doa `mcpetdtmrs .
O. Kdgo
Kdgog`doa
g`doa Ze`hgmamn y
O``mrjdgn tm o repmrt tdtaej ‑Fogidgn ds `hogndgn
`hogndgn … wdth mr wdthmut the fogis,– sdgè the
yeor 6<?5. Dt hos stotej thot retoda fogis were dg`reosdgnay koaadgn fehdgj fy te`h-sovvy
`mcpetdtmrs ‐ su`h os Nòsh ogj \oycoyo thot were the KdgZe`h oatergotdves egterdgn the
coriet. ê hove mfservej thot jurdgn amìej jmwg the pressdgn threots mk kdgte`h mg the kuture
mk trojdtdmgoa fogis. Osdje krmc og
o g eosy trogso`tdmg, there ore uprdsdgn KdgZe`h aegjers thot oasm
mkker `mgvegdegè ogj koster prmèssdgn thrmunh fetter te`hgmamny (Fu`hoi et oa. (6<?8) ogj
Kuster, \amsser, P`hgofa, ogj [dìery 6<?4). Zherekmre, they `mgàuje thot KdgZe`h hos
sdngdkdògtay dcprmvej `mgsucers—
`mgsucers— weaafedgn whdae pmsdgn o sdngdkdògt threot tm fogidgn se`tmrs dk
they wmuaj gmt `mpe-up wdth the `hoaaegndgn te`hgmamny ojvogècegt.
F. @mmperotdve
Aegjdgn nrmups ogj `rejdt `mmperotdves hove the pmtegtdoa tm prmvdje okkmrjofae `rejdt tm
scoaa-sòae korcers mr cd`rm-egtrepregeurs feòuse they òg rejuè
r ejuè trogso`tdmg `msts ogj amwer
the rdsi mk jekouat. Evdjegè oasm sunnests thot oatergotdve fogis ore aess rdsiy. Oatergotdve fogi
prmkdts tegj tm fe cu`h cmre stofae thog prdvote `mccer`doa ogj dgvestcegt fogis. Ecpdrdòa
stujdes kdgj thot `mmperotdve fogis ogj sovdgns fogis ?) prmjuè cmre stofae eorgdgns mver tdce
6) ore aess adieay tm jekouat ogj 0) hove kewer gmg-perkmrcdgn amogs (Oyojd et oa., 6<?<)
@. Nmvergcegt
Nmvergcegt ogj Gmg-Nmve
Gmg-Nmvergcegt
rgcegt Kdgog`doa Dgstd tutdmgs
Dg negeroa, nmvergcegt amogs usuoaay hove
h ove amwer dgterest rotes, ogj they coy hove mther
peris su`h os gm `rejdt hdstmry `heìs, jekerrej poycegt mptdmgs, kaexdfae dg`mce-fosej
repoycegt paogs, gm-prepoycegt pegoatdes, ogj portdoa amog kmrndvegess dk the fmrrmwer `hmmses
pufad` servdè (Phmfhdt Peth, 6<6<). Kurthercmre, dgjdvdjuoas ogj scoaa fusdgesses wdth adttae mr
gm seej òpdtoa mr `maaoteroa coy kdgj the tercs kmr o prdvote

prd vote amog ugokkmrjofae. Zheg mther kugjdgn
smurès adie these prmvdje kugjdgn kmr thmse
thm se whm coy gmt quoadky kmr o amog krmc o prdvote aegjer.
6<
Here ore smce Kugjdgn Pmurè (Kdgog`doa ogj Aegjdgn Dgstdtutdmgs) dg the \hdadppdges, thot eveg
fekmre the pogjecd`, oareojy hove prmnrocs thot prmcmte dgàusdve nrmwth.
Zofae :-:2 Adst mk Kdgog`doa Dgstdtutdmg ogj thedr `mrrespmgjdgn prmnrocs.

Kdgog`doa Dgstdtutdmg \rmnrocs
Gotdmgoa Adveadhmmj Jeveampcegt @mrpmrotdmg (GAJ@) Adveadhmmj Jeveampcegt \rmnroc kmr Mverseos
Kdadpdgm ^mriers (AJ\M)
Cd`rmkdgogè ? (CK?) \rmnroc/ Mppmrtugdty Io-\ortger Jdre`t Aegjdgn kmr dgjdvdjuoa fmrrmwer.
\empae—s @rejdt ogj Kdgogè @mrpmrotdmg Vetoda Aegjdgn thot ds thrmunh portger
cd`rmkdgogè dgstdtutdmgs.
\hdadppdge Cd`rmegterprdse Jeveampcegt Kmugjotdmg Foadiotog Po Iougaorog / _uegjog`mr \rmnroc
(\CJK) kmr Cd`rm Egterprdses (_\-CE). Jdre`t Aegjdgn kmr
nrmup fmrrmwer
PCE-Kdgog`dgn Kmr Veèdvofaes mk Puppaders— Jdre`t aegjdgn kmr dgjdvdjuoa fmrrmwer wdth og
Zrogso`tdmgs (PCE-KDVPZ) Pcoaa Fusdgess @mrpmrotdmg osset sdze mk \5<<,<<<-?C.
Pm`doa Peùrdty Pystec (PPP) PPP
PPP PPpe`doa
pe`doa Kdgog`dgn \rm nroc kmr CPCE—s,
dgjdvdjuoa ecpamyees ogj mthers.
Pcoaa & Cejduc Egterprdse @rejdt Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
\hda. Fusdgess kmr Pm`doa \rmnress
\empae—s @rejdt Kdgogè @mrpmrotdmg Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
Gotdmgoa Adveadhmmj Puppmrt Kugj (GAPK) Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
Pcoaa Fusdgess (PF) @mrp. Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
\hdadppdge Expmrt-Dcpmrt @rejdt Oneg`y (\hdaEXDC) Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
_uejog ogj Vuroa @rejdt Nuorogtee @mrpmrotdmg Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.
(_UEJOG@MV)
J. Ugjernrmugj
Ugjernrmugj Fogidgn
Dt ds `mccmg kmr Kdadpdgms, espe`doaay wdth cd`rm-egterprdses, tm ndve ègtroa ottegtdmg tm
Dgjdog kdgog`ders, the ‘Fmcfoy 5-;— whot they òaaej dt. Hmwever, the Aegjdgn @mcpogy
Venuaotdmg O`t mk 6<<> (Vepufad`
(Vepufad` O`t 4:>:) ogj the
the Zruth dg Aegjdgn O`t (VO 0>;5) were fmth
te`hgdòaay vdmaotej fy every dgkmrcoa aegjer thot uses ‘Fmcfoy 5 -;—. Cmst dgkmrcoa
dgkmrcoa fmrrmwers ore
gmt ieeg tm stogj mg thedr aenoa rdnhts feòuse thot wmuaj shut thec mut mk the mge ovodaofae
recejy they hove kmr coidgn up kdgog`doa jekd`dts. Zhrmunh the heap mk the Jeportcegt mk Zroje
ogj Zmurdsc, they ojvmòte \6\ (\eer-tm- \eer) Aegjdgn rother theg the trojdtdmgoa ‘Fmcfoy 5 -;—,
thot wmuaj heap thec dg thedr respe`tdve kdgog`doa prmfaecs, ogj dt oasm eadcdgotes the geej kmr
fogis ogj mther trojdtdmgoa kdgog`doa dgtercejdotdmg.
Zherekmre, @mmperotdve, Nmvergcegt ogj Gmg-Nmvergcegt Kdgog`doa Dgstdtutdmgs, ogj
Ugjernrmugj Fogidgn ore sufstdtutes thot ore ugkovmrofae tm the Fogidgn Pe`tmr dcpmsej os o
threot kmr the Fogi mk the \hdadppdge Dsaogjs os weaa
weaa tm the mther fogis dg tercs mk dgstoaacegt
stroteny, kaexdfdadty, o`èssdfdadty, ogj speej mk the trogso`tdmg. Mg the mther hogj, there ore stdaa
paegty mk servdès thot the sufstdtutes òggmt mkker. Pu`h os mgadge -fogidgn, zerm-dgterest kmr `rejdt
6?
òrjs, OZCs, ogj mthers. Hegè, they jm gmt egjure o negudge jogner, whd`h `mgàujes thec
wdth o rotdgn mk o ‘cmjerote threot.—
:.6.6. Mperotdmgs/\rmju`tdmg Ospe`ts

Kdnure :-02 \erèptuoa Cop kmr Peùrdty ogj Pokety/Ze`hgmamndòa Ojvogècegt
Zhe coriet pmsdtdmgdgn vordofaes oppadòfae tm the fogidgn se`tmr ugjer mur ùrregt
sdtuotdmg, where everymge reades heovday mg mgadge fogidgn, ore Ze`hgmamndòa Ojvogècegt ogj
Pokety ogj Peùrdty. Fosej mg the kdnure ofmve, the X-oxds rekers tm mgadge fogidgn sokety ogj
seùrdty. Dt ds sdngdkdògt feòuse the `mgkdjegtdoadty ogj seùrdty mk every trogso`tdmg ds the prdcory
`mgèrg mk the dgterget-fosej dgjustrdes. Zhe aoì
ao ì mk seùrdty coy resuat dg severe jocones su`h
os ogy poycegt krouj thot aeojs tm o genotdve fogidgn dcone. ^hdae the T-oxds rekers tm the
ojvogècegt mk te`hgmamny, dt ds fe`mcdgn àeor thot the pogjecd` ds `mgtrdfutdgn tm the
o`èaerotej jepamycegt mk the Kmurth Dgjustrdoa Vevmautdmg (:DV) outmcotdmg te`hgmamndes. Zhds
o`èaerotdmg `muaj prmèej ugevegay o`rmss se`tmrs ogj cogdkest dg ugexpe`tej woys, dcpo`tdgn
the `mgsucer's fehovdmr tmworjs fogidgn.
Zm prmvdje ùstmcers wdth o soke, `mgsdstegt, ogj rmfust mgadge egvdrmgcegt tm jm mgadge
fogidgn. Zhe fogis shmuaj dcpaecegt 'fest mk freej' te`hgmamndes tm outhegtdòte ùstmcer's
66
djegtdtdes wheg they amn-dg, tm nuorogtee thot thedr joto ds trogscdttej seùreay ogj `mgsdstegtay.
Hegè, dgterget fogidgn strotendes shmuaj eghogè ùstmcers' mgadge experdegès thot okke`t trust
ogj seùrdty dssues.
Kdnure :-:2 \erèptuoa Cop kmr Jecmnrophd` Veo`h/Dgterest Amog \erègtones.
Zhe X-oxds rekers tm the jecmnrophd` reo`h mr gucfers mk frog`hes oaa ormugj the
\hdadppdges. @ustmcers `heì the o`èssdfdadty mk fogis fekmre egrmaadgn dg og o``mugt. Dg ojjdtdmg
tm thot, nemnrophd` jdversdkdòtdmg fegekdts ossm`dotej wdth gew dgvestcegt mppmrtugdtdes dg
amòtdmgs wdth jdkkeregt e`mgmcd` egvdrmgcegts ogj gmg-syg`hrmgdzej kau`tuotdmgs dg e`mgmcd`
o`tdvdty. Zhus, dt ofmut spreojdgn oaamòtdmg mk resmurès mver amòtdmgs wdth jdkkeregt pottergs mk
returgs. (Cesadero, Cmrnog, Pocmayi, ogj Zorozdo, 6<6<).
6<6<) . Zhe T-oxds `mrrespmgjs tm the dgterest
mk amogs ogj fogidgn kees. ^heredg, dg the mgnmdgn `mvdj `rdsds, `mgsucers were ammidgn kmr the
amwest pmssdfae dgterest amogs thot dt seecs adie fogis hove feeg ieeg 'aegjdgn' o heapdgn hogj.
60
Zofae :-52 Nemnrophd` jdversdkdòtdmg, fogidgn kees ogj amog perègtone.
Fogis Zm
Zmtoa
toa gu
gucf
cfer
er mk Fro
Frog`
g`he
hess Ot
Otc
c Kee
Keess \e
\ers
rsmg
mgoa
oa Am
Amog
og \e
\er`
règ
egton
tone
e Cm
Cmgt
gtha
hay
y
F\D 8<< ?.5< - 5< ?.6<%
FJM Ugdfogi Dg` ?:<< 6.< - 5< ?.65 % - ?.0<%
Cetrmpmadtog Fogi & Z@M (Cetrmfogi) 44< 6.< - 65 <.:4%
AogjFogi mk the \hdadppdges :?< ?.< - 65 <.;;%
\hda. Gotdmgoa Fogi (\GF) >?5 6.5< - ?5 .>5 % - .48%
@hdgo Fogidgn @mrp. ;6? ?.< - 65 <.:5%
Jeveampcegt Fogi mk the \hdadppdges ?0> ?.< - 5< ?.65%
Peùrdty Fogi @mrp. 0<4 ?.< - 8< ?.04% - ?.84
Eost êst Fogidgn @mrpmrotdmg 04? ?.< - :5 ?.84%
Ugdmg Fogi mk the \hdadppdges 6<< 6.< - ?< <.46%
@dtdfogi \hdadppdges 0 G/ o ?.6;
Osdo Ugdtej Fogi @mrpmrotdmg 60< ?.< -?<< .>5% - .80%
HPF@ 8 G/ o ?.6?
Ugdtej @m`mgut \aogters Fogi ?88 6.< -?<< ?.5<%
Vdzoa @mccer`doa Fogidgn @mrp. :8< 6.< -?5< ?.0<%
:.
:.6.
6.0.
0. \rmfaecs
\rmfaecs ùrregtay koèj fy the dg justr y
O. Nrm ss gmg-p
gm g-perk
erk mr cd gn am ogs (G\A) mk
m k fogi
f ogis
s dg`
d g` reosej fy oac ms t 6<%
Zhe fogi hos o `rdtdòa rmae tm paoy dg egsurdgn thot the e

e`mgmcy
`mgmcy hos egmunh adqudjdty thot
dt geejs tm survdve the e`mgmcd` jmwgturg ogj tm ko`dadtote o sustodgej re`mvery okterworj.
Hmwever, ossessdgn the ùrregt sdtuotdmg, the òsh kamw mk fogidgn se`tmrs ogj `mgsucers hos
okke`tej fy je`reosej `mgsucer jecogjs jue tm `mccugdty quorogtdges, ecpamyee aoymkks, ogj
jdsruptej fusdgess mperotdmgs. ^dthmut ekkd`degt ogj ekke`tdve o`tdmg fy the renuaotmrs ogj the
fogis, the gmg-perkmrcdgn amogs hove ropdjay rdseg os fmrrmwers strunnae tm poy thedr prdg`dpoa
ogj dgterests, ogj thds ds ùrregtay hoppdgn gmw. O``mrjdgn tm the FP\, the nrmss gmg-perkmrcdgn
gmg-per kmrcdgn
amogs (G\A) mk fogis dg`reosej fy oacmst 6<% tm \H\6:;.<fg ot egj-Cor`h krmc \H\6<5.4
Fdaadmg o yeor onm. Zhe G\A rotdm àdcfej tm 6.6?%, whd`h ds the hdnhest re`mrjej rotdm kmr the
`mcporofae cmgth dg the post three yeors.
6:
Kdnure :-52 Nrmss Gmg-\erkmrcdgn

Gmg-\erkmrcdgn amogs krmc 6<?> tm 6<6<
Pmurè2 Fogim Pegtroa gn \dadpdgos
F. ^mrsegdgn @rejdt
@rejdt pms dtdmg.
^hdae the nmvergcegt dgtegjs tm ossdst severeay
severe ay okke`tej dgjustrdes su`h o
oss coguko`turdgn
ogj retoda dgjustrdes, fogis wmuaj geej tm dccejdoteay sòae thedr mperotdmgs tm cogone
wmrsegdgn `rejdt pmsdtdmgs mk exdstdgn
e xdstdgn fmrrmwers ogj o``mccmjote the pmssdfae dg`reose dg gew
`rejdt jue tm amwerej dgterest rotes. ‑\rmvdsdmgs mg `rejdt amsses kmr amogs ogj kdgog`doa ossets
sdngdkdògtay dg`reosej, wednhdgn heovday mg fogi prmkdtofdadty. Mther dg`mce smurès ore expe`tej
e xpe`tej
tm samw jmwg jue tm amwer vmauce mk trogso`tdmgs, wodver mk dgter-frog`h ogj dgterfogi kees os
weaa os the tecpmrory nroè perdmj cmrotmrduc mg the dcpmsdtdmg mk fogi kees, pegoatdes ogj
`hornes ugjer the Foyogdhog O`t,– sodj the FP\. Fogis hove hoj tm ojbust
o jbust mperotdmgs ogj jeoa
wdth the samwjmwg dg e`mgmcd` o`tdvdtdes thot okke`tej thedr fmrrm wers— òpo`dty tm poy .
Kdnure : shmws thot fogis hove sdngdkdògt amogs mutstogjdgn tm retoda & whmaesoae
(\H\?.0 trdaadmg mr ?5% mk tmtoa mutstogjdgn amogs) ogj coguko`turdgn (\H\?.< trdaadmg mr ?6% mk
tmtoa mutstogjdgn amogs) se`tmrs os mk Jeècfer 6<?4. Zhese se`tmrs ore oasm the mges thot ore
hdnhay okke`tej fy the pogjecd`. Zhe \hdadppdge Dgstdtute kmr Jeveampcegt Ptujdes (\DJP)
prmbe`tej thot dg the cmjerote-òse sègordm, the se`tmroa Nrmss [oaue Ojjej (N[O) mk retoda &
whmaesoae ogj coguko`turdgn se`tmrs wmuaj jeàdge fy \H\:4>.>fg mr ?5%
?5 % ogj \H\:6?.8fg mr
?6%, respe`tdveay.
65
Kdnure :-;2 Zmtoa amogs mutstogjdgn ogj prmbe`tej jeàdge dg N[O mk jdkkeregt se`tmrs.
Pmurè2 Fogim Pegtroa gn \dadpdgos
:.
:.6.
6.:
: Ko`tmrs
Ko`tmrs okke`tdgn ` mst mk jmdgn fusdgess
O. Ecp am ycegt
yc egt -rea otej ` mst.
ms t.
@M[DJ-?4 ds o`èaerotdgn fogis— `mst trogskmrcotdmg prmnrocs thot ojopt tm `hognes
`mvdj-?4 hoj frmunht. Fogis dg the coriets ormugj the wmraj ore mperotdgn wdth o jdstrdfutej
wmrikmrè, wdth stokk wmridgn krmc thedr advdgn rmmcs, fosecegts, ogj fejrmmcs.
fejrmm cs. @KMs ore poydgn
portdùaor ottegtdmg tm ecpamycegt-reaotej `msts jurdgn thds perdmj. Zhey igmw they coy geej tm
eghogè weaagess, cegtoa heoath, ogj aeorgdgn ogj jeveampcegt fujnets. Gevertheaess, wdth
nmvergcegt restrd`tdmgs fendggdgn tm eose o`rmss the wmrst-okke`tej `mugtrdes, fogidgn aeojers
ore `mgsdjerdgn the shope mk thedr
thedr wmrikmrè dg o @M[DJ-?4 wmraj. Pokety ceosures, dgàujdgn
koè cosis, tecperoture `heìs, mge-woy `mrrdjmrs, ogj jesdngotej jesis, ore smce mk hmw
fogis expe`tej tm egsure ecpamyee ogj ùstmcer heoath ogj weaa-fedgn.
F. Ze`hgmam
Ze`hgmam ny jeveampcegts
@M[DJ-?4 hos kmrèkuaay o`èaerotej the use mk jdndtoa fogidgn
fog idgn servdès. Dt ds vdtoa tm cot`h
the ùstmcer—s jdndtoa geejs ogj expe`totdmgs. ^hd`h coies every fogi dcpades sufstogtdoa
dcprmvecegts tm thedr user experdegè (UX) jesdng tm mkker o cmre seocaess ogj dgtudtdve
ùstmcer experdegè. Zheg the fogi jdndtoa prmju`t jdstrdfutdmg strotendes ore krmgt mk cdgj kmr
6;
fogidgn aeojers whm oìgmwaejne thot tm sustodg ùrregt jdndtoa ojmptdmg rotes, they cust dcprmve
the oppeoa ogj eose mk fogidgn mgadge.
:.
:.0
0 @mcpetdtmr O goaysds
Zhe three codg `mcpetdtmrs mk Fogi mk the \hdadppdge Dsaogjs dg the \hdadppdge Fogidgn
Dgjustry ore Fog`m je Mrm ogj Cetrmpmadtog Fogi. Zhey were `hmseg fosej mg thedr sdcdaor
prmju`t ogj servdès, coriet pmsdtdmg ogj thedr rogidgn thot were the àmsest `mcpordgn tm mther
fogis thot coidgn thec reaevogt kmr feg`hcoridgn.
f eg`hcoridgn.
:.
:.0.
0.?
? Iey @mcpetdtmrs mk Fogi mk th e \hdadppdge Dsaogjs
O. Fog`
F og` m je Mrm
Mr m
FJM ds the aeojdgn fogi ocmgn the \hdadppdges— Fogidgn Dgjustry. Os mk 0?
Cor`h 6<6<, FJM ds the `mugtry's aornest fogi dg tercs mk `mgsmadjotej resmurès, ùstmcer
amogs, jepmsdts, ossets ugjer cogonecegt ogj òpdtoa. O cecfer mk the PC Nrmup ogj hos the
aornest jdstrdfutdmg getwmri wdth mver ?,:<< mperotdgn frog`hes ogj mkkdès ogj cmre thog :,:<<
OZCs gotdmgwdje.
F. CetrmFogi
Zhe Cetrmpmadtog Fogi ogj Zrust @mcpogy, `mccmgay igmwg os Cetrmfogi, ds the
se`mgj aornest fogi dg the \hdadppdges. Dt mkkers vordmus kdgog`doa servdès, krmc renuaor fogidgn tm
dgsurogè. Dt ds the `mccer`doa ogj retoda fogidgn orc mk NZ @opdtoa Hmajdgns @mrpmrotdmg. Os mk
Jeècfer 6<?4, dt hos cmre thog 45< frog`hes, 6,0<< OZCs, ogj cmr
cmre
e thog 0< kmredng frog`hes
ogj mkkdès.
Zofae :-;2 Phmws the succory mk `mcpordsmg fetweeg the three fogidgn `mcpogdes dg tercs mk kdgog`doa
repmrt, jecmnrophd` reo`h ogj rogidgns.
F\D FJM CEZVM-

CEZVM-FOGI
FOGI
Get Dg`mce \ 5.5 Fdaadmg \H\ \?6.0 Fdaadmg \H\ ?.46 Fdaadmg
(_0 6<6<) (00.>% ) (0.?% ) \H\(>>.;% )
VE[EGUE 4:.00 Fdaadmg \H\ ?8<.5? Fdaadmg \H\ ?<;.46 Fdaadmg \H\
(_0 6<6<)
OPPEZ PDRE 6.6<5 Zrdaadmg \H\ 0.6 Zrdaadmg \H\ 6.5 Zrdaadmg \H\
(_0 6<6<) (6?.0% ) (?6% ) (8.<?% )
G\A Votdm
Votdm 6.48% ?.4>% ?.5;%
(_0 6<6<)
6>
Nemnrophd` 8<< frog`hes & ?,:<< frog`hes & 44< frog`hes &
Jdstrdfutdmg 0,<<< OZCs :,:<< OZCs 6,0<< OZCs
(6<?4)
Vogidg
Vo gidg ns dg \h. Zmp0 Zmp ? Zmp 6
Fogidgn
Fo gidgn Dgjustry Fest kmr Povdgns Fest kmr MK^—s Cmst ojvogèj
(6<?4) Fest kmr Ptujegt trojdgn paotkmrc
:.0.6 @rdtdòa Pu`èss Ko`tmrs

O``mrjdgn tm the Dgtergotdmgoa Cmgetory Kugj (DCK), pressure mg the fogidgn systec ds
nrmwdgn wdth hdnher jekouats mg jeft ore dccdgegt os they expe`t o shmì tm the kdgog`doa se`tmr
sdcdaoray dg the congdtuje mk the 6<<8 `rdsds. Hegè, dg tercs mk ‘su`èss— gmwojoys, fogis hove
o pdvmtoa rmae tm paoy tm ieep the e`mgmcy fumyogt jurdgn the ùrregt reèssdmg whdae odcdgn tm
fe the tmp aeojdgn fogi.
O. @PK #?2 \rmju`t ogj servdès
@PK Zype2 Kdgog`doa, Mperotdmgoa & Ptrotend` Kmùs

êdnht2 >%
fog idgn, `mcpogdes kdgj woys tm
Dg hdnhay soturotej ogj `mcpetdtdve coriets, su`h os fogidgn,
jdkkeregtdote thecseaves feymgj bust the prdè ogj ovmdj o roè tm the fmttmc. Zhey dgvest amts mk
tdce ogj cmgey jesdngdgn whot they thdgi ds o ugdque djegtdty. Cmremver, dg the stujy mk Idreru
et oa. (6<6<), he `mgàujej thot quoadty servdè ds o sdngdkdògt eaecegt mk o su`èsskua fusdgess
ogj thot fusdgesses strunnae tm dcprmve servdè ogj retodg thedr ùstmcers. Kurthercmre,
kdgog`doa dgstdtutdmgs ojmpt prmju`t jdkkeregtdotdmg strotendes tm jeadver
jea dver the fest jepmsdts poì ot
the fest prdès. Dt hoj fetter
fe tter pmsdtdmgej tm use prd`dgn os o `mcpetdtdve
`m cpetdtdve ojvogtone o`rmss coriet
ogj ùstmcer sencegts ogj the egtdre
eg tdre pmrtkmadm mk jepmsdt, aegjdgn, ogj trogso`tdmg prmju`ts
ogj servdès. Dcprmvecegt dg prd`dgn wdaa hove og
o g dcpo`t mg `mst dcprmvecegt. \rmju`t `mst
jdkkeregtdotdmg prdès kmr fogi prmju`ts paoy o ègtroa rmae dg the `mgsdjerotdmg tm swdt`h fogis.
Zhe stujy `mgàujej thot o amw-`mst
am w-`mst mr `mst aeojershdp stroteny hoj ekke`tdveay
e kke`tdveay dcpaecegtej
wheg the fusdgess jesdngs, prmjuès ogj coriets
corie ts o `mcporofae prmju`t cmre ekkd`degtay thog
dts `mcpetdtmrs.vd
F. @PK #62 @ustmcer Pervdè

Pervdè
êdnht 2?:%
@PK Zype2 Mperotdmgoa & Ptrotend` Kmùs
Km ùs
68
Zhe dg-frog`h experdegè cotters fy fogidgn dgjustry feòuse dt ds o `mccmjdtdzej

spoè. ^dth everymge mkkerdgn georay the soce prmju`ts ogj servdès wdthmut cu`h rmmc tm
`mcpete mg prdè, the experdegè ùstmcers hove wdth thedr fogis ds whot ndves mge fogi o
`mcpetdtdve ojvogtone mver ogmther. Hucog resmurès dgkauegè the jeadvery mk fogi prmju`ts tm
the coriet tm o very nreot extegt.
@. @PK #02 Frog`h getwmri

êdnht 2?5%
@PK Zype2 Kdgog`doa, Mperotdmgoa & Ptrotend` Kmùs
@ustmcer dgtero`tdmgs dg frog`hes ore koaadgn dg oacmst oaa jeveampej coriets. Jespdte
thds, ùstmcers `mgtdgue tm voaue the exdstegè mk fogi frog`hes. Zhere ds o stujy fy Madver
^ycog mg hmw the fehovdmr mk `mgsucers `mrreaotes tmworj the o`èssdfdadty mk frog`h getwmri
ormugj thec. Mver 48% mk ùstmcers whm swdt`hej
swdt`hej fogi aost yeor `hmse tm cmve tm o fogi wdt
wdth
h
cmre gucermus frog`hes. Dt ds gmt bust og majer `mgsucer, fut they hove kmugj thot mver 45% mk
stujegts `hmse o fogi wdth o cmre

cm re extegsdve fogi getwmri. Hegè, og extegsdve frog`h getwmri
ge twmri
hmajs os o `mcpetdtdve ojvogtone ogj hos thus resuatej dg the fogi o`qudrdgn o cmre aorne-sòae
ùstmcer fose dg the dgjustry.
J. @PK#:2 Dgtergotdmgoa Vecdttogè

@PK Zype2 Corietdgn, Mperotdmg & Ptrotend` Kmùs
êdnht2 4%
FJM ds presegt ot ?5 dgtergotdmgoa `dtdes, Cetrm
Cetrm fogi exdst ot ?6 frog`hes ogj F\D mgay hove
5. Vecdttogè ds o vdtoa smurè mk dg`mce kmr the fogis ogj the whmae jeveampdgn `mugtry adie
murs. O``mrjdgn tm ^mraj Fogi Nrmup \resdjegt Jovdj Co

Coaposs,
aposs, the mgnmdgn e`mgmcd` reèssdmg
òusej fy @M[DJ-?4 ogj the strmgn pesm ds toidgn o severe tmaa mg the ofdadty tm segj cmgey
hmce ogj coies dt oaa the cmre vdtoa. Hegè, dt òusej rdkae ekke`ts kmr the recdttogès ofrmoj tm
heap Kdadpdgm kocdades okkmrj kmmj, heoathòre, ogj fosd` geej. Dg sdcpae tercs,
te rcs, dt okke`ts hmusehmaj
`mgsucptdmg, whd`h aeojs tm the stofdadty mk the fogidgn se`tmrs, su`h os the dg`reose mk gmg-
perkmrcdgn amogs. Zherekmre the ogoaysds `mvers thmrmunh ossesscegts mg the fogi's fusdgess
getwmri/fose `mgèrgdgn nemnrophdòa/amòtdmg spreoj, fusdgess adges, prmju`ts, revegues
stru`tures, ùstmcers fose mk kugjdgn ogj aegjdgn, `rejdt rdsi (frmieg jmwg fy e`mgmcd` se`tmr,
sdze, ogj ùstmcer fose), os weaa os e`mgmcd` jdversdty mk the fogi's coriet.
64
E. @PK #52 DZ @opofdadty

@PK Zype2 Mperotdmg ogj Ptrotend` Kmùs
Km ùs
êdnht2 ??%
@M[DJ-?4 hos rojdòaay `hognej `mgsucer fehovdmr ‐ kmr fmth retoda ogj `mrpmrote fogidgn
àdegts ‐ ogj hos o`tej os o òtoayst tm dg`reose the use mk jdndtoa fogidgn. Zhe fogi's
fog i's quoadty mk
servdè ds o sdngdkdògt ko`tmr kmr o retoda fogi tm ottro`t ùstmcers ogj suppmrt the fogi's
sustodgofae nrmwth, portdùaoray dg dgtegse fusdgess `mcpetdtdmg. Dg the `mgtext mk @M[DJ-?4,
fogis fetter serve dts ùstmcers dg jdstress fy eghog`dgn suppmrt use mk jdndtoa tmmas ogj gew
prmju`ts ogj servdès dg the òre mk dts joday fogidgn mperotdmg. @urregtay, ùstmcers nm thrmunh
o aeorgdgn ùrve os they ojmpt jdndtoa tmmas, ogj cmst fogis ugjer-suppmrt thedr ùstmcers dg the
ojmptdmg bmurgey dg the ùrregt egvdrmgcegt. Fogis were mfadnej tm rejmufae thedr ekkmrts tm
scmmtheg the trogsdtdmg fetweeg `mgsucer's trojdtdmgoa hofdts tm jdndtoa. Hegè, mur amòa fogis
`mgtrdfute tm dcprmvdgn experdegè ogj ekkd`deg`y ot the soce tdce. Cmst mk the fogis, dk gmt oaa,
wdaa hove tm reset thedr ùstmcer-experdegè prdmrdtdes dg negeroa ogj thedr opprmo`h tm ùstmcer-
experdegè ceosurecegt dg portdùaor. Zhe kdgog`doa dgjustry

dg justry fe`mces cmre ogj cmre readogt mg
the `mgvegdegè mk cmfdae fogidgn
fog idgn ogj the ojvogècegt mk te`hgmamny.
K. @PK #;2 Pokety ogj Peùrdty

@PK Zype2 Corietdgn, Mperotdmg ogj Ptrotend` Kmùs
êdnht2 4%
^hdae gotdmgs ormugj the wmraj ore jmdgn oaa thot they òg tm aesseg the dcpo`t mk the
`mrmgovdrus pogjecd`, kroujsters ‐ true tm kmrc ‐ hos djegtdkdej dt os og mppmrtugdty tm coie
cmgey ogj ore o`tdveay usdgn
u sdgn @M[DJ-?4 os o woy tm òsh (Bo
(Bo`mfd,
`mfd, 6<6<). Mgadge krouj perèdves
fedgn o freo`h dg the seùrdty mk persmgoa ogj kdgog`doa dgkmrcotdmg, whd`h òuses o amss mk àdegts
whm ore ammidgn kmr dgstdtutdmgs thot òg mkker thec cmre nuorogtees. Krmc the ùstmcer's pmdgt
mk vdew, o seùrdty dssue dgàujes outhmrdzotdmg, outhegtdòtdmg, dgtenrdty, `mgkdjegtdoadty, ogj oasm
the seùrdty mk the trogso`tdmg. Zhe `mccugdòtdmg fetweeg o cmfdae jevdè ogj o fogi systec
cust fe readofae ogj shmuaj gmt
gm t koda jurdgn ogy trogso`tdmg9 readofdadty ds og dgtenroa ko`tmr dg cmfdae
fogidgn.
N. @PK #>2 @ustmcer Amyoaty

@PK Zype2 \ersmggea, Kdgog`doa, Corietdgn & Ptrotend` Kmùs
êdnht2 4%
0<
@mgsucer's amyoaty ogj trust jeveamp thrmunh o seùre

se ùre trogso`tdmg fetweeg the fogi ogj
thedr cmfdae phmge. Zrust jeveamps ocmgn the ùstmcers wheg aess te`hgmamndòa kodaure ogj dk
there ds o readofae kmrc mk sm`doa dgtero`tdmg m`ùrs. Dg the woie mk @M[DJ-?4, fdnner, sovvder
fogis ore oareojy shdktdgn thedr prmnrocs
p rmnrocs tm oppeoa tm ùstmcers ko`dgn thds 'gew gmrcoa' mkkerdgn
reworjs dg the kmrc mk
m k nrmèrdes, kmmj jeadvery servdè, mr òshfoì dgsteoj mk
m k kadnhts, hmtea rmmcs,
mr kog`y restourogt mptdmgs. \erhops gmw cmre thog ever, os fogis koè stdkk `mcpetdtdmg,
e`mgmcd` reèssdmg, ogj ùstmcers whm cdnht mtherwdse gmt hesdtote tm seei mut fetter jeoas.
Kurthercmre, cogy ecerndgn Kdgte`h pmsdtdmgs thecseaves os cmre o`èssdfae oatergotdves tm
aeno`y dgstdtutdmgs. Zherekmre, amyoaty ds the Hmay Nroda dg retoda fogidgn
fog idgn sdgè hovdgn dt ceogs thot
o kdgog`doa dgstdtutdmg poys mkk wdth hdnher
h dnher revegues, o amwer `mst tm serve, ogj hoppder ecpamyees.
Dt jmes gm amgner hos tm `mcpete fosej mg corndg-reju`dgn `mccmjdty prd`dgn mr poy the prdè
kmr `mgstogt `hurg.
H. @PK #82 Vese

Veseor`h
or`h ogj Jeveampcegt
@PK Zype2 Ptrotend` Kmùs

êdnht2 ?<%
Every fogi ds `mcpetdgn tm fe mg tmp ogj thus coxdcdze the shore mk
m k woaaet dg the dgjustry.
Fedgn prmo`tdve dg every je`dsdmg dgkmrcotdmg ds the iey tm fe mg tmp tm kmreòst kuture fusdgess
`mgjdtdmgs. Veseor`h ogj Jeveampcegt nother dgkmrcotdmg tm presegt o vdew mk prmspe`ts ogj
rdsis thot paoy o sdngdkdògt rmae dg the mrnogdzotdmg. V&J jdvdsdmg prmvdjes the fest pmssdfae
`mcfdgotdmg mk `mcpetdtdve ceosures, `mgtdgudgn prmnress, ogj expogsdmg mk og egterprdse.
\rmper presegtotdmg ogj expamdtotdmg mk dgkmrcotdmg
dg kmrcotdmg ds the iey ogj the fosds kmr prmvdjdgn vo
voauofae
auofae
je`dsdmg thot uatdcoteay jetercdges whether the fogi wdaa `mgtdgue tm ojj mr amse voaue.
D. @PK# 42 Os sets
set s ogj
og j Adqudjdty
@PK Zype2 Kdgog`doa & Ptrotend` Kmùs
êdnht2 4%
Fogis were ùrregtay experdeg`dgn o nrmwdgn tegsdmg
teg sdmg fetweeg kdgog`dgn the hmusehmaj
ogj espe`doaay the CPCE's fusdgess. @mgùrregtay ottegjdgn the dg`reosej `mgèrgs ofmut
ofmu t the
rdse dg gmg-perkmrcdgn amogs (G\A) ogj `rejdt rdsi, ogj oasm ofdjdgn vordmus dssuogès mg `rejdt-
reaotej cotters krmc nmvergcegt oneg`des. @mgs`dmusay ko`dgn e`mgmcd` reèssdmg aeojs tm o
hdnh prmfofdadty thot dt coy ermje the fogi's adqudjdty ogj òpdtoa jepaetdmg. O``mrjdgn tm Bmoqudc
Aevy, the ùrregt hdnh aeveas mk G\As `reote o genotdve co`rm-kdgog`doa keejfoì ammp, os jeft
mverhogn dt jepresses ùstmcer's dgvestcegt ogj `mgsucptdmg je`dsdmgs thot we òg mfserve
mf serve
0?
tmjoy. Hegè thrmunh the ossesscegts mk the `rejdt rotdgn oneg`y renorjdgn the ùrregt coriet
`mgjdtdmg mk the fogis. Zhey exocdge the fogi's adqudjdty cogonecegt (dg tercs mk pmad`y
pmad`y ogj
stroteny) ogj the ofdadty tm eorg dccejdote òsh kamw (dgtergoaay mr extergoaay). ^hd`h dgàujes
òrekua ossesscegts mk the fogi's ofdadty tm o`èss
o `èss vordmus kugjdgn coriets ogj rodse òpdtoa
krmc pufad` mr prdvote smurès, os weaa os the adieadhmmj mk suppmrts krmc the nmvergcegt,
portdùaoray ugjer jdstress `mgjdtdmgs. Zm sustodg the fogi's stofdadty, dt geejs tm adqudjote dts
ossets. Kmr thec tm `mgtdgue dts mperotdmg, ogj gmt tm òuse o jeàdge m
mkk dgvestmrs, o reju`tdmg dg
get dgterest dg`mce ogj ojjdtdmgoa cogonecegt tdce, ogj kurther servd`dgn `msts tm resmave the
prmfaec.
B. @PK #?<2 \rmkdtofdadty

êdnht2 >%
@PK Zype2 Kdgog`doa
Hdnh G\A—s aeveas oasm rejuè fogi prmkdtofdadty ogj threoteg fusdgess cmjeas. Pm the
dcpmrtogè mk ogoayzdgn prmkdtofdadty dgàujes thmrmunh ossesscegts mg the fogi's get dgterest
dg`mce ogj corndg (tregjs, ofdadty tm nrmw, os weaa os sustodgofdadty), gmg-dgterest dg`mce (sdze,
jdversdty, os weaa os nrmwth pmtegtdoa), quoadty mk eorgdgns, ofdadty tm prdè rdsis dgtm vordmus
prmju`ts, mperotdgn prmkdts, ogj get dg`mce (tregj, sustodgofdadty, ogj pmtegtdoa nrmwth). Zhe
fogi's `mst stru`ture (tregjs, ofdadty tm rodse `heoper kugjdgn, stofdadty, ogj et`), `mst tm dg`mce
rotdm (tm ceosure ekkd`deg`y), ogj cogonecegt stroteny tm `mgtrma mperotdmgoa expegses ogj
dcprmve kee fosej dg`mce ore oasm jdadnegtay ossessej.
@PK #?2 \rmju`t ogj Pervdè

Votdgns2 F\D2 0 FJM2 : Cetrmfogi2
Cetrmfogi 2 6
F\D
• Cmre thog 8<< frog`hes dg the \hdadppdges, Hmgn Imgn ogj Eurmpe, ogj àmse tm 0,<<<
OZCs ogj @osh Jepmsdt co`hdges
co`hdges os mk 6<?>.
• Zhe kdrst \hdadppdge fogi tm dgstoaa @osh Jepmsdt co`hdges where mge òg jepmsdt pesm
fdaas wdthmut usdgn og egveampe
eg veampe ogj wdth the OZC jepmsdt dg
dgstogtay
stogtay `rejdtej. Cogy mk thedr
jepmsdt co`hdges òg fe o`èssej ogy tdce mk the joy mr gdnht. Gmw FJM og ogjj Cetrmfogi
hove thedr mwg jepmsdt co`hdges, fut they're usuoaay dgstoaaej dgsdje frog`hes ogj gmt
ovodaofae okter fogidgn hmurs.
• Dts sufsdjdory F\D Kocday Fogi mkkers o amw-dgterest Costeròrj F\D Kocday @rejdt @orj.
Cmgthay kdgogè `horne ds 6%, `mcputej krmc pmstdgn jote. Ogguoa kee ds ?,<<< pesms,
kree kmr the kdrst yeor.
06
• Zhe F\D @aossd` @orj, whd`h mkkerej o amwer cmgthay dgterest rote ogj amwer-`mst
dgstoaacegt ogj amog keotures, hos feeg jds`mgtdguej fy F\D. F\D mkkerej mther types mk
`rejdt òrjs tm @aossd` òrjhmajers tm whd`h exdstdgn F\D trogskerrej @ao
@aossd`
ssd` poyofaes ogj
retodgej whotever rotes were ndveg jurdgn @aossd` trogso`tdmgs ugtda su`h trogso`tdmgs
were kuaay podj.
F\D Kmugjotdmg
•
rugs2trodgdgns dg portgershdp wdth Otegem je Cogdao Ugdversdty dg cobmr `dtdes
Cd`rmkdgogè
• Phmw Ce, Zeo`h Ce, PCE Ecpmwerdgn Egtrepregeurs
• F\D-JMPZ P`degè Oworjs
• F\D @maaene P`hmaorshdp prmnroc
• @adcote @hogne \rmbe`t
FJM
• Amgner fogidgn hmurs
• Mpeg mg Poturjoys, Pugjoys ogj cmst hmadjoys (kmr frog`hes amòtej dg PC coaas).
Peveroa frog`hes gmt dgsdje PC coaas ore oasm mpeg mg Poturjoys.
• Amts mk frog`hes ogj OZCs -- Hos cmre thog ?,0<< frog`hes dg the \hdadppdges, cmre
thog :,<<< OZCs, georay :<< dg-frog`h @osh O`èpt co`hdges ogj 6< recdttogè ogj
•
represegtotdve mkkdès
Hos 6 kuaa-servdè wmrajwdje
frog`hes os mk
ofrmoj2 Jeècfer
Hmgn 6<?4.
Imgn ogj Pdgnopmre
• Zhe kdrst \hdadppdge fogi tm mkker mgadge cmgey trogsker krmc o FJM o``mugt
o``mug t kmr @osh
\dìup ot pmpuaor powgshmps (@efuogo Ahudaader, CAhudaader, \oaowog \owgshmp,
[daaordò \owgshmp ogj VJ \owgshmp), portger ruroa fogis ogj PC Fusdgess @egters.
• Mge mk the kew \hdadppdge fogis thot portger wdth namfoa cmgey trogsker `mcpogdes adie
Xmmc ogj Cmgeynroc ogj UP fogi êaas Kornm*. Kmr Xmmc trogskers, ymu òg net ymur
recdttogè dg UP jmaaors os amgn os ymu hove o FJM o``mugt ogj ymur cmgey wos segt
dg UP jmaaors.
Zhe FJM Kmugjotdmg rugs2

• O portgershdp wdth Nowoj Ioadgno
• Og PCE egtrepregeurshdp prmnroc
Cetrmfogi
• Mge mk mgay 6 \hdadppdge fogis thot hove o frog`h dg Gew Tmri @dty ogj the UP ogj thot
hove frog`hes dg cogy `mugtrdes.
`mug trdes. Zhe mther ds \GF.
• Mkkers o Rerm-Kee `rejdt òrj ‚Dts C Kree Costeròrj ds "Kmrever Kree" mk ogguoa kee.
kee .
Zhds ds sdngdkdògt os cmst `rejdt òrjs typdòaay `horne ?,:<< pesms mr cmre kmr ogguoa
cecfershdp.
• Hos cmre thog 45< jmcestd` frog`hes, cmre thog 6,0<< OZCs, cmre thog ?>< @osh-
O`èpt co`hdges ogj cmre thog 0< 0< kmredng frog`hes ogj mkkdès os mk Jeècfer 6<?4.
• Mge mk mgay 0 fogis thot reaeoses Xmmc UP-jmaaor recdttogès dg UP jmaaors tm
re`dpdegts.
Hmw Cetrmfogi ndves foì tm the `mccugdty

• Peor`h kmr Mutstogjdgn Zeo`hers
•
Cetrmfogi P`hmaorshdp \rmnroc
• Mutstogjdgn \madècegt dg Pervdè
00
• Mutstogjdgn \hdadppdges Pmajders
Fogis perkmrc the servdè mk sokeieepdgn, cogondgn, ogj foaog`dgn mur kugjs kmr o kee,
mr severoa kees2 the trust mr cogonecegt kee, ùstmjdog kee, oujdt kee, ogj eoray rejecptdmg kee,
tm goce o kew. Kmr o ‑prdè -`mgs`dmus– fuyer mk ogythdgn, ugdt dgvestcegt tru st kugjs mr UDZK kees
cotter sdngdkdògtay. Zhe ogguoa cogonecegt kee ogj the eoray rejecptdmg kee ore the twm
sdngdkdògt kees tm fe `mgsdjerej. Feamw ore the Fog`m je Mrm (FJM), Fogi mk the \hdadppdge
Dsaogjs (F\D), ogj Cetrmfogi—s `mcpordsmg dg tercs mk cdgdcuc dgvestcegt, kees, ogj cdgdcuc
hmajdgn perdmj.
Zofae :->2 F\D, FJM, ogj Cetrmfogi `mcpordsmg dg tercs mk Cmgey Coriet Kugj, Foaogè Kugj ogj Equdty
Kugj.
Cmgey Coriet Kugj FJM F\D Cetrmfogi
Cdgdcuc Dgvestcegt ?<<,<<< pesms 5<,<<< pesms 5<,<<< pesms
Cdgdcuc Ojjdtdmgoa ?<<,<<< pesms ?<,<<< pesms 65,<<< pesms
Cogonecegt/Zrust Kee
Eoray Vejecptdmg Kee <.5<% per yeor
Gmge <.>5%mkper
<.65% yeor
mrdndgoa ?.<<%
5<% mkper yeor
dg`mce
dgvestcegt
Cdgdcuc Hmajdgn \erdmj Gmge > joys > joys
Foaogèj Kugj FJM F\D Cetrmfogi
Cdgdcuc Dgvestcegt ?<,<<< pesms 5<,<<< pesms 65,<<< pesms
Cdgdcuc Ojjdtdmgoa ?<,<<< pesms ?<,<<< pesms 65,<<< pesms
Cogonecegt/Zrust Kee ?.<<% per yeor ?.5<% per yeor 6.<<% per yeor
Eoray Vejecptdmg Kee <.5<% mk mrdndgoa <.5<% mk mrdndgoa 5<% mk dg`mce
dgvestcegt dgvestcegt
Cdgdcuc Hmajdgn \erdmj 0< joys 4< joys 4< joys
Equdty Kugj FJM F\D Cetrmfogi
Cdgdcuc Dgvestcegt ?<,<<< pesms 5<,<<< pesms 65,<<< pesms
Cdgdcuc OjjdtdmgoaKee
Cogonecegt/Zrust ?<,<<<per
?.<<% pesms
yeor ?<,<<<per
?.5<% pesms
yeor 65,<<< per
6.<<% pesms
yeor
Eoray Vejecptdmg Kee ?.<<% mk mrdndgoa <.5<% mk mrdndgoa 5<% mk dg`mce
dgvestcegt dgvestcegt
Cdgdcuc Hmajdgn \erdmj 0< joys 4< joys 4< joys
@PK #62 @ustmcer s ervdè

Dg renorjs tm ùstmcer
ù stmcer servdè, the fosds mk rotdgns ds thrmunh the `mgju`tej dgtervdew wdth
rogjmc pempae. Zhey hoj smaeay expaodgej thedr persmgoa experdegès, ogj dt hoppegej thrmunh
the rogjmc socpadgn te`hgdque tm ovmdj ogy kmrc mk fdos. Gmte. Every ecoda were ugejdtej.
0:
F\D
Votdgns2
Votdgns2 0
• Vmjy Veveaer
Veveaer - Zhe amgn
amgn `mvdj quorogtdge hove feeg stresskua, fut jespdte
jespdte the amgn perdmj
we `mgtdgue.tm settae mur jue foaogès PD\. Fut dts cmre stresskuaa tm see okter ? TEOV
the `mcpaodgej jdspute/ daaenoa trogso`tdmgs ds stdaa UGVEPMA[EJ. Ogj they hove the
cogger tm eveg `mgtdguoaay shmw dt tm us mg thedr reègt PMO wdth AOZE @HOVNEP, os dk
we hove aopses=== Zhe aow mg Kodr Fdaadgn O`t os per F.P.\. thds shmuaj hove feeg
resmavej dg ;<joys ogj gm adofdadty mg sodj daaenoa trogso`tdmg. Eveg cy wdke,s F\D Ocmre
shores the soce prmfaec, nettdgn cmgthay `hornes krmc GEZKADX!!! Zhedr seùrdty
ceosures ore useaess!! . Zhds ds very dgkurdotdgn ogj cmre stresskua feòuse they ore gmt
oaaevdotdgn mur `mgèrg. Hegè we ore `mcpea tm ògèa mur o``mugt sm we òg hove o
peoè mk cdgj , wmrrydgn pmtegtdoa jdsputes onodg.
• Cordo Eaego Ogjred [daaocor - Zhds

Zhds hos feeg cy fogi kmr 5 yeors oareojy ogj D hove tm
ojcdt thot D hove thds amve-hote reaotdmgshdp wdth thec mver the yeors. Pm kor, cy mgay
`mgèrg ds ugoggmugèj codgtegogè s`hejuaes fut D hove tm `mccegj thot they hove
feeg jmdgn o nreot bmf kmr ce mver the yeors. Os o kreeaogèr, D jepegj mg cy F\D fogi
o``mugt kmr cy soaory espe`doaay wdth àdegts kmr cy recmte wmri ogj oa
oaaa cy poycegts nm
strodnht tm cy F\D o``mugt. D hoveg't hoj ogy prmfaecs wdth thec ever sdgè (ugaess the
OZC ds mkkadge ama)
FJM
Votdgns2
Votdgns2 6
•
@OGJEAOVDO, _UERMG -- Gmt sotdskdej sotdskdej wdth

wdth ymur servdè, we jm ugjerstogj ymur
ymur fogi
pmad`des fut o adttae `mgsdjerotdmg ogj nmmj ùstmcer servdè wdaa paeosej ymur àdegt ogj
ymur kuture àdegt. ("ê kdgj woys" ds gmt true.) Coyfe kdgjdgn woys tm coie ymur joy
wostej. Amgn queue ogj very samw servdè.
• Ead- Zhedr upkrmgt servdè
servdè ds samw ot ogy frog`h. Zhedr mptdmgs ore terrdfae ogj ds gmthdgn
`mcporej tm F\D. Zhedr cmttm ds gmt
gm t true, dt sodj2 "ê kdgj woys ". D wmua
wmuajj fe hmgest, thedr
woys ore oawoys terrdfae woy/s thot ore gmt reojday ovodaofae
o vodaofae tm ùstmcer `mgvegdegè ogj
seùrdty. Os og mverseos àdegt, D wos trydgn tm upjote cy phmge gucfer ogj sm os weaa
trydgn tm amn dg mver the wef o`èss kmr persmgoa fogidgn amn dg ogj dt aets ymu jeaete ymur
egtdre o``mugt ogj reset dt. Zerrdfae mptdmg thot the ùstmcer servdè nove ot the frog`h
mkkdè ogj mver the phmge. D oasm òaaej ùstmcer servdè ogj the tmaa-kree gucfer ?8<<-
05
8-;0?8<<< ds o nhmst, gmthdgn fut nreetej wdth outmcotej ojvertdsdgn survey questdmgs.
Zhds gucfer shmuaj fe toieg mut krmc ymur wefsdte dg www.fjm.`mc.ph!!!!!
Zhey wdaa òaa 5 fusdgess fogidgn joys upmg wef o`èss mgadge egrmacegt ogj they wdaa
gmt aeove o cessone tm ymur vmdè codafmx gucfer dg òse ymu ore ot wmri mr gmt ovodaofae
tm ogswer thedr dg`mcdgn òaa feòuse
f eòuse thedr djegtdty wdaa gmt oppeor mg ym
ymur
ur phmge os FJM!
Zhds ds o terrdfae fogi. Zhedr cmttm shmuaj hove feeg "ê kdgj ZEVVDFAE woys." Jm gmt
fogi wdth thec. Zhey ore the hdnhest rd`hest fogi dg \hdadppdges
\hdadpp dges dg tercs mk ossets (trdaadmgs
mk pesms os mk 6<?8 ) fut very pmmr dg ùstmcer sotdsko`tdmg.
CetrmFogi
Votdgn2 ?
• Nerayv @oÿo Nmgzoaes

Nmgzoaes krmc
krmc Zonudn- D've feeg kmaamwdgn up renorjdgn cy jefdtej ocmugt
usdgn thedr otc co`hdge ot vdsto coaa Zonudn. Cy fogi hos feeg kammjdgn thedr ecoda
renorjdgn cy `mgèrg. Fut thedr fogi stdaa hosg't respmgjej yet.
• Gdg`h Jee-@ee - Cetrmfogi jmg't hove og mptdmg tm toai tm o @ustmcer Pervdè

represegtotdve dg thedr codg hmtadge, sm D resmrtej tm òaadgn the `rejdt òrj hmtadge tm kdgj
mge. Zhogikuaay D oc oasm o Cetrmfogi @@ hmajer, whd`h D usej tm net dg. D toaiej tm o rep
soydgn thot cy `mgèrg ds hogjaej fy ogmther jeportcegt, sm she trogskerrej cy òaa tm
ogmther rep. Ugjerstogjofae. Fut tm trogsker cy òaa tm 6 mther reps whm òg't jm ogythdgn
ogj theg net trogskerrej tm net og outmcotej respmgse thot ds gmt heapkua ot oaa ds
ugo`èptofae.
•
Coamu @ojoymgo-Nmgzoaes krmc Cordidgo @dty ‐ [ery jdsoppmdgtej wdth CEZVMFOGI
HMCE AMOG & D nuess wdaa gever re`mccegj. Kmr cmre thog mge yeor, D oc trydgn tm
reo`h hmce amog jeportcegt
jepor tcegt tm `heì mur hmce amog o``mugt bust tm nuorgotee thot
o``mugt ds upjotej, fut D @MUAJ GMZ VEO@H ZHEC. Oppadej kmr OJO, ogj ocmugt
jeju`tej ZP JC DAP (poydgn cmgthay
cm gthay ocmrtdzotdmg cmgthay mver the `mugter eveg
fadgjej wdth exo`t ocmugt) òggmt eveg fe
f e expaodgej fy cy frog`h mk o``mugt
o ``mugt where
hmce amog hos feeg prmèssej. D hove feeg osidgn respmgse krmc the frog`h persmggea
fut thedr respmgse wos the heoj mkkdè hoveg't respmgjej tm thec yet.
ye t. [EVT \MMV
PEV[D@E. Veoaay [EVT [EVT JDPO\\MDGZEJ.. òg they bust ndve ce o gucfer whm D
òg òaa, whm òg o`èss re`mrj dg thedr `mcputer mk cy hmce amog jetodas. D bust toaiej
w/ Ptokk mk ejso show, he tmaj ce yesterjoy thot he wdaa segj ce the cmgthay ossm`dotdmg
0;
jues FUZ JDJ GMZ VE@ED[E... Bust toaiej wdth hdc onodg & jeju`tdmg coje thrmunh
OJO "CDNHZ FE DGPUVOG@E".. sm gmt sure & he wdaa ecoda ce jetodas, PZDAA GM
ECODA VE@ED[EJ... D VEOAAT HOZE thedr [EVT \MMV PEV[D@E
@PK #02 Frog`h Getwmr

Getwmr i
Votdgns2 F\D2 6 FJM2 : Cetrmfogi2
Cetrmfogi 2 0
Zofae :-82 F\D, FJM, ogj Cetrmfogi frog`h getwmri.

F\D FJM CetrmFogi
Am` oa Fr og`hes >4: ?,085
?,085 4?8
Dgtergotdm goa Frog`hes ; ?5 06
Zmtoa Fr
Frog`hes
og`hes 8<< ?,:<
?,:<<
< 45<
OZC—s 0,<<< :,:<< 6,0<<
Zhe tofae shmws thot FJM hos the hdnhest gucfer mk tmtoa frog`hes, kmaamwej fy Cetrm
fogi, ogj F\D hovdgn the amwest. Iozucdge Imgjm expaodgej hmw jmes frog`h getwmri sdze
dgkauegè pmsdtdveay the cogonecegt perkmrcogè mk fogis. He dgvestdnotej the
the ekke`ts mk
frog`hes dg tercs mk prmvdjdgn kdgog`doa servdès ogj kmugj thot rendmgoa fogis wdth cmre
frog`hes hove dg`reosej thedr ocmugts mk amogs ogj fdaas jds`mugtej os weaa os mk CPCE amogs
ogj fdaas jds`mugtej. Zherekmre, estofadshdgn gucermus frog`hes mver `mcpetdtmrs servej tm
dg`reose fogi's tmtoa mk amogs ogj fdaas jds`mugtej. Hegè dg`reose dg coriet shore feòuse
rendmgoa fogis wdth cogy frog`hes òg `mce dgtm `mgto`t wdth cmre ùstmcers.
@PK #:2 Dgtergotdmgoa Vecdtt ogès
F\D
Votdgn2
Votdgn2 6
Kmr the cmgth mk Ounust mgay, fogi-`hoggeaej recdttogès dgtergotdmgoaay were jmwg fy
:.? perègt tm $6.:80 fdaadmg krmc $6.584 fdaadmg soce tdce dg 6<?4, ogj oasm kmr the soce cmgth
oamge, persmgoa recdttogès wegt jmwg fy :.6 perègt tm $6.>5; krmc $6.8>5 fdaadmg. \ersmgoa
recdttogès, prevdmusay rekerrej tm os recdttogès thrmunh the ‑pojoao– systec, ocmugtej tm
$6?.:?: fdaadmg, oasm 6.; perègt amwer krmc soce perdmj aost yeor mk $6?.445 fdaadmg. Zhe FP\
ottrdfutej the amwer recdttogès krmc the jeàdge dg fmth aogj-fosej
aogj -fosej ogj seo-fosej wmriers— kugj
trogskers. Aogj-fosej recdttogès keaa fy ?.4 perègt tm $?5.?80 fdaadmg egj -Ounust krmc $?5.:>;
0>
fdaadmg. Vecdttogès segt hmce fy seo-fosej wmriers je`reosej fy 5.0 perègt tm $:.?<? fdaadmg
krmc $:.006 fdaadmg.
FJM
Votdgns2
Votdgns2 0
FJM ds wdjeay renorjej os the ugjdsputej dgjustry aeojer wdthdg the \hdadppdges. Ogj wdth
?> dgtergotdmgoa mkkdès dgàujdgn recdttogè
recd ttogè mkkdès dg Eurmpe ogj Gmrth Ocerdò, o rrepresegtotdve
epresegtotdve
mkkdè dg the Cdjjae Eost ogj ?? mkkdès dg Osdo dg ojjdtdmg tm the rmunhay ?,:5< mkkdès wdthdg the
Pmutheost Osdog or`hdpeaonm gotdmg, FJM hos estofadshej dtseak os o regmwgej goce mg the
dgtergotdmgoa stone mk namfoa fogidgn. Jurdgn pogjecd` dts stroteny ds thrmunh frogjdgn
fr ogjdgn whd`h FJM
Vecdt, the recdttogè servdè frogj mk FJM Ugdfogi Dg`., dg `mmrjdgotdmg wdth nmvergcegt
oneg`des, froves the pogjecd` tm heap jdstrdfute heoath idts tm mverseos Kdadpdgms ocdj the
`mgtdgudgn @M[DJ-?4 sòre.
CetrmFogi
Votdgns2
Votdgns2 :
CetrmFogi wos hodaej os the ‑Vecdttogè \rmju`t mk the Teor– fy Zhe Osdog Fogier
\hdadppdge Oworjs 6<?4, CetrmVecdt mkkers o wdje orroy mk recdttogè prmju`ts ogj servdès
thrmunh o aorne getwmri mk cmre thog ??,<<< recdttogè ègters, portgers, ogj tde-ups
tde -ups gotdmgwdje.
Ojjdgn \EVO
\EVO HUF dg thds
thds pmma mk òsh pdì-up portgers rocps up CetrmVecdt—s extegsdve getwmri
ogj oaamws ùstmcers cmre o`èss tm dts servdès gotdmgwdje. ‑Dg thds tdce mk geej, we wogt tm
prmvdje mur iofofoyogs eosy o`èss tm horj-eorgej recdttogès krmc thedr amvej mges whm ore
edther wmridgn ofrmoj mr wmridgn kor owoy krmc hmce. Zhds portgershdp wdth \EVO HUF oaamws
us tm kurther extegj mur getwmri sm mur ùstmcers òg hove o`èss tm ceogdgnkua servdès thot
wdaa heap thec cogone thedr kdgo g`doa geejs,– sodj Cetrmfogi Exeùtdve [dè \resdjegt ogj Vetoda
Fogidgn Pe`tmr Heoj Vd`horj Pm.
@PK #52 DZ @opofdadty
F\D
Votdgn2
Votdgn2 0
\resdjegt mk F\D sodj jurdgn the mgadge `mgkeregè they hoj mg the pufad`, jdndtoadzotdmg
kmr F\D ds o `mgtdgudgn prmèss. ‑ê ceosure prmnress fy the reju`tdmg dg mur `mst -tm-dg`mce
rotdm, oaa mther thdgns fedgn equoa. Frmojay, nettdgn krmc F\D Jdndtoa ?.< tm F\D Jdndtoa 6.< shmuaj
08
rejuè mur `mst-tm-dg`mce rotdm fy, soy, 0 tm 5 perègtone pmdgts, oaa mther thdgns fedgn equoa,–
he expaodgej. Ogj egsure thot there wdaa fe o Jdndtoadzotdmg 0.< okter
okter thot. He oasm ojjej thot
jdndtoadzotdmg ojjresses kdve tm sdx mk the ednht cobmrs `hoaaegnes thot fogis ore ùrregtay ko`dgn.
Zhese `hoaaegnes ore kdgte`h,
kdg te`h, `yferseùrdty, amog amsses, renuaotdmg, wmri orrognecegts,
o rrognecegts, dgterest
rote aeveas, the rmae mk frog`hes, ogj kdgog`doa dgàusdmg. Ogj, wdth the pogjecd`, smce mk these
dssues hove o jdkkeregt aevea mk `mcpadòtdmg. Os mk gmw, evdjegèj shmwg fy the shorp dg`reose
dg `reose
dg the usone mk \EPMGet ogj \oyF\D vdo FdzAdgi, F\D—s òsh cogonecegt paotkmrc. Ugdque
o`tdve users dg`reosej fy ?:; perègt krmc Kefruory tm Ounust 6<6<. Zhe mgadge poycegt
po ycegt systec
ds fe`mcdgn cmre mk o geèssdty dg fusdgess mperotdmgs these joys tm eghogè òsh
cogonecegt, dcprmve ùstmcer-ègtrd` kug`tdmgoadtdes, ogj rekdge the opp ogj wefsdte-dgtenrotej
poycegt systecs.
FJM
Votdgn2
Votdgn2 ?
Aost Peptecfer 0<, 6<6< Fog`m je Mrm ojvdsej dts àdegts tm vdsdt dts frog`hes ogj use
the outmcotej co`hdges ocdj the pogjecd` okter thedr jdndtoa systec feòce dgo`èssdfae jurdgn
poyjoy. FJM expaodgej thot the sujjeg systec errmr wos òusej fy o hdnher vmauce mk users
thog dts gmrcoa peoi aevea. Pmce Kdadpdgm users tmmi tm Zwdtter tm `mcpaodg ofmut thds
dg`mgvegdegè ugjer the hoshton #fjmmgadgefogidgn ogj coidgn the fogi kdrc tregj mg the
cd`rm-famnndgn paotkmrc. Zhese segtdcegts were oasm e`hmej mg Zwdtter os Kdadpdgms je`rdej
FJM—s perèdvej pmmr mgadge servdès.
ser vdès. ‑FJM shmuaj dgvest cmre dg thedr jdndtoa egndgeerdgn
egndgeer dgn teoc,–
mge user sodj. ‑Zhe ugegjdgn dssues wdth the opp. Zhe kees. Zhe servdè. ^MVPZ ever,–
ogmther wrmte. Zhe sdtuotdmg dgjdòtes o aoì mk te`hgmamndòa ojvogècegt wdthdg the systec mk
the sodj fogi ogj oasm egmrcmus wove mk genotdve pufad`dty tmworjs FJM.
CetrmFogi
Votdgn2
Votdgn2 :
Os Cetr mfogi portgers
portge rs wdth CPCE—s,
CPCE— s, they feadeve
feade ve thot wdth ‑Nmmj tm igmw!–
igmw! – jdndtoa
jdnd toa
òcpodng ogj mgadge smautdmgs òg prmvdje kdgog`doa ejuòtdmg, reaevogt dgkmrcotdmg, ogj
heapkua tdps mg hmw tm cogone, coxdcdze, ogj prmte`t horj-eorgej sovdgns ogj dgvestcegts.
Dg ojjdtdmg tm thot, they prmvdje eosy-tm-govdnote servdès tm ecpmwer egtrepregeurs thot
they coy ojopt ogj dcprmve thedr prmèsses kmr the gew gmrcoa, sm they òg kmùs cmre mg
nrmwdgn the fusdgess wdthmut `mcprmcdsdgn thedr sokety. Og exocpae mk thds paotkmrc, ds og
mgadge poyrmaa servdè. Og egtrepregeur `muaj prmèss ecpamyees— soaordes wdth eose,
04
seùrdty, ogj kaexdfdadty. Dg bust o kew tops, ecpamyee poyrmaa òg fe `rejdtej mg tdce, 6:/>,
ogj eveg dg the sokety mk mge—s hmce. Joto cogonecegt òg jm hossae-kree, tmm, os users
òg qudìay prmèss essegtdoa ecpamyee re`mrjs, poyrmaa sadps, ogj nmvergcegt `mgtrdfutdmgs
usdgn the servdè. Zhe fogi—s respmgsdve jdndtoa stroteny egvdsdmgej os strmgnay suppmrtdve
mk the fogi—s `mcpetdtdve pmsdtdmg.
@PK #;2 POKEZT OGJ PE@UVDZT
F\D
Votdgn2
Votdgn2 0
Fogi mk the \hdadppdges Dsaogjs (F\D) repmrtej they were toidgn jmwg ot aeost teg (?<)
phdshdgn sdtes joday sdgè the `mrmgovdrus jdseose 6<?4 (@mvdj-?4) pogjecd` stortej. Dg o
stotecegt pufadshej aost M`tmfer ?0, 6<6<, the Oyoao-aej aegjer repmrtej thot severoa phdshdgn
ottoìs were repeotejay aoug`hej tm trdì dts àdegts dgtm ndvdgn thedr persmgoa dgkmrcotdmg jurdgn
the quorogtdge perdmj dg the `mugtry, whd`h stortej dg Cor`h thds yeor. Zm jote, F\D sodj dt hos
oareojy jete`tej ogj toieg jmwg o tmtoa mk oacmst 6,<<< phdshdgn sdtes jurdgn the amìjmwg krmc
Cor`h tm Ounust thds yeor. F\D hos toieg o te`hgdòa preòutdmgory ceosure fy
f y egofadgn seùrdty
mperotdmgs ègters tm wmri ormugj the àmì tm jete`t pmtegtdoa threots. ^dth o gmte fy @MM
Vocmg Bm`smg, ‑Os we cmve dgtm o jdndtoa wmraj, aet us rececfer thot jdndtoa ceogs presegè -
aess. ê jmg—t geej tm fe there tm `mcpaete
`mcpae te the trogso`tdmg. Os we jm thd
thds,
s, rececfer thot seùrdty
storts ogj egjs wdth us. Dt—s ofmut nuorjdgn mur `rejegtdoas.–
FJM
Votdgn2
Votdgn2 6
FJM àdegts were tornetej wdth phdshdgn ottecpts where the sòccers segt ecodas wdth
coad`dmus adgis pmdgtdgn tm koie FJM mgadge fogidgn pmrtoa. FJM worgej the pufad` aost Oprda <8,
6<6< onodgst og e-coda
e -coda sòc thot prmcpts àdegts tm "verdky" thedr o``mugts, os cdaadmgs recodgej
amìej jmwg dg thedr hmces. Zhe fogi oasm ojvdses àdegts ogj the negeroa pufad` tm dngmre
suspd`dmus òaas, ecodas, prdvote cessones ogj wefsdte adgis mkkerdgn eosy òsh vdo the use mk
thedr mwg fogi o``mugt. Dg ojjdtdmg tm thot, they rodse the oworegess onodgst cmgey cuae o gew
cmjus mperogjd mk mkkerdgn o hune ocmugt mk cmgey tm pempae whm wdaa aegj thedr fogi o``mugts.
Ogmther ds the PDC swop sòcs where sòccers ore jdsnudsej os teae`mccugdòtdmgs onegts
o negts
mkkerdgn upnrojej getwmri `mgge`tdmg
`mgge`tdmg dg ex`hogne kmr PDC òrjs. Gmw, they sodj, they
they were
:<
"o`tdveay troìdgn" ogj toidgn jmwg koie ecodas ogj ossurej the pufad` thot ecoda ojjresses
ojj resses were
gmt toieg krmc dts joto fose, whd`h expaodgs why eveg gmg-fogi o``mugt
o ``mugt hmajers reèdve phdshdgn
ecodas.
CEZVM FOGI
Votdgn2
Votdgn2 :
‑Os we `mgtdgumusay koè the dcpadòtdmgs mk the pogjecd`, eosy, `mgvegdegt, ogj soke
o`èss tm fogidgn servdès
servdè s hos fe`mce o geèssdty kmr Kdadpdgms,– soys
so ys Gmea Zuozmg, \PFogi
P[\ ogj Corietdgn Heoj. Zhrmunh dts ‑Nmmj tm Igmw!– òcpodng, \PFogi recdgjs
ùstmcers mk cmfdae fogidgn opp fegekdts thot they òg reay mg jurdgn
j urdgn the quorogtdge . Og oaa-
ormugj opp mkkers o sudte mk seùrdty keotures thot coies ùstmcers keea soke wheg o`èssdgn
thedr o``mugts. Zhey coy amn dg usdgn thedr kdgnerprdgt mr koè DJ (thot ds ugdque dg every persmg),
mr egter the opp usdgn the Pove Usergoce keoture. Dk thedr òrj ds amst mr stmaeg, they òg eosday
amì dt usdgn the opp tm prevegt daaenoa o`èss ogj kugjs wdthjrowoa. Mg the `mgtrory, Cetrm Fogi
pmstej o worgdgn renorjdgn rej kaons mk scdshdgn (phdshdgn vdo og PCP) thrmunh thedr sm`doa
wefsdte. Kmr mgay ?6 hmurs, they oareojy reèdve oacmst ?<< `mccegts ofmut thedr `mgjdtdmgej
fedgn o vd`tdc mk the sodj kroujster.
@PK #>2 @ustmcer Amy oaty

Os feeg
f eeg cegtdmgej ofmve, amyoaty ds the Hmay Nroda dg retoda fogidgn. Peùrdty prmfaecs
jdre`tay okke`t the `mcpogy—s reputotdmg, ogj thds ko`tmr ds espe`doaay `rdtdòa kmr the amss mk
su`èejdgn ogj pmtegtdoa àdegts whm ore ammidgn kmr dgstdtutdmgs thot òg mkker thec cmre
nuorogtees.
F\D
Votdgn2
Votdgn2 6
Gurturdgn o amyoa ùstmcer fose ogj ieepdgn àdegts weaa-dgkmrcej ogj reossurej hove
heapej Oyoao-aej Fogi mk the \hdadppdge Dsaogjs net thrmunh ddts
ts rmunh pot`h krmc 6<?> ugtda tmjoy.
‑Mgè we were dg re`mvery cmje, we were cmre persmgoa
pe rsmgoa wdth mur reaotdmgshd
reaotdmgshdpp tm mur ùstmcers,
segjdgn thec aetters ogj `mgto`tdgn thec mge fy mge,– F\D exeùtdve vdè presdjegt ogj `hdek
kdgog`doa mkkdèr Bmseph Nmtuo`m. Zhds stotecegt shmws fedgn dg tmu`h wdth thedr ùstmcers ogj
aettdgn thec igmw hmw cu`h they oppre`dote thec ogj òre ofmut thec. Fesdjes, wmridgn eveg
:?
cmre àmseay wdth thedr ùstmcers jurdgn jdkkdùat tdces, su`h os thds, wdaa hove the ojjej ekke`t mk
heapdgn tm kmrne eveg strmgner reaotdmgshdps ogj kmrc fmgjs thot ore adieay tm egjure kmr yeors.
FJM
Votdgn2 :
Jespdte the hmrrmr mk the ùstmcer experdegè jurdgn amìej jmwg ogj cuatdpae systec
kodaures aost Peptecfer 0<, 6<6<. FJM coies sure tm coie dt up wdth dts voauej amyoa ùstmcer
thrmunh o reworj systec. ^dth òr ndveowoys, supercoriet `rejdt pmdgts (PC Ojvogtone, Ndkt
owoy eN@, et`.), ogj mther eye-paeosdgn fegekdts thot coie the ùstmcer recodg amyoa. Os o
resuat, os amgn os ùstmcers òg eorg pmdgts mr stors kmr coidgn o trogso`tdmg wdthdg o cmgth mr
yeor, they ore cmtdvotej tm ieep nmdgn.
CetrmFogi2
Votdgn2
Votdgn2 0
Eosy oppadòtdmg mk servdès, kdgnerprdgt-seùrej mgadge fogidgn, ogj àeog re`mrj mk
systec errmr `mcporej tm dts `mcpetdtmrs hoj coje og ejne kmr
kmr thec. Dggmvotdmg hoj heapej
ieep thedr ùstmcer's o``mugts soke ogj heoathy jurdgn thds epdjecd`. Zhrmunh gew ogj dcprmvej
fdmcetrd` seùrdty ogj dggmvotdve mkkerdgns they aoug`h dg the coriet gmw, dt wdaa ndve thec
cmcegtuc os they `mce mut mk @M[DJ-?4. O``mrjdgn tm [dave [ege, @EM ogj `m-kmugjer mk
Cmjuaorfogi, thedr aotest survey mg `mgsucer ottdtujes tmworjs te`hgmamny dg kdgogè ogj
poycegts hdnhadnhts thot there ds, dg ko`t, o reoa segse mk amyoaty. Kmr ùstmcers, thedr trustej
kdgog`doa dgstdtutdmg geejs tm mkker the te`hgmamndòa òpofdadty
òpof dadty thot `hoaaegners mkteg exèa ot.
@PK #82 Coriet Veseor`h
F\D
Votdgn2
Votdgn2 6
F\D ds jrdveg fy voaues thot eveg succej up dg dts tonadge, Veojy tmjoy. Veojy tmcmrrmw.
F\D ds o fogi thot wdaa fe reojy tm heap ogj reojy tm kdgj o smautdmg kmr dts àdegts. F\D reseor`h
ogj jeveampcegt were cu`h kmùsej mg thedr F\D Kmugjotdmg egvdrmgcegtoa sustodgofdadty pdaaor-
adie Korc tm Zofae prmnroc ogj mther Egerny-reaotej prmnrocs. Hmwever, mg og mperotdmgoa
fosds, dt wos cegtdmg jurdgn the F\D `mgkeregè òaa thot feeg shorej wdth the pufad` aost M`tmfer
60, 6<6<. @ezor \eroato @mgsdgn ogswers the questdmg ofmut thedr paog kmr the yeors tm `mce. ‑D
:6
oaaujej tm dt o adttae fdt eorader tm og eorader questdmg.

que stdmg. O amt jepegjs mg where we see -- hmw we see
thds e`mgmcd` epdsmje poggdgn mut, rdnht= Dk dt ammis adie the e`mgmcd` jmwgturg wdaa extegj, theg
we wdaa `mgtdgue tm jm whot we hove jmge thds yeor, whd`h ds we ore trydgn tm net oheoj mk dt. Dk we
see thot thds e`mgmcd` jmwgturg ds `mcdgn tm og egj, ogj we ofae tm see reoa nrmwth ogj amog
jecogj `mcdgn foì. Zheg we wdaa `mgsdjer `mcdgn foì ot the rote whd`h we prmvdje jepegjs
mg where we see thds nmdgn…– he ogswerej. Hegè, hds stotecegt shmwej thot thedr kmùs reades
mg the e`mgmcd` mut`mce. @mgsdjerdgn the pmst-pogjecd` e`mgmcd` egvdrmgcegt recodgs
ugexpamrej terrodg. Dt ds og mppmrtugdty
mp pmrtugdty mg hmw they `muaj fe the jrdver mg the pmst-pogjecd` ogj
egofae oatergotdve wmridgn cmjeas tm serve
ser ve ùstmcers dg gew woys.
FJM
Votdgn2
Votdgn2 0
Dg og dgtervdew mk \resdjegt ogj @EM Cr. Gestmr
Gestmr [. Zog, he expaodgej thot jue tm the
ropdj evmautdmg mk the dgjustry wdth renorjs tm te`hgmamny ogj `hogndgn ùstmcer prekeregès. Dg
hds perspe`tdve, the `hoaaegne wos hmw tm stoy gdcfae ogj kaexdfae tm `mpe wdth these te`hgmamndòa
`hognes. Zhot ds why we `mgtdgue tm dgvest dg te`hgmamny ogj ogoaytd`s tm coie us cmre ondae,
scorter dg ugjerstogjdgn mur àdegts, ogj cmre respmgsdve tm coriet `hognes, he ojjej. Aost
6<?4, they ore hoakwoy thrmunh thedr GextNeg DZ prmbe`t, whd`h dgvmaves the jepamycegt mk
cmjerg or`hdte`ture paotkmrcs. Zhe expe`tej fegekdts krmc thds prmbe`t wdaa `mce dg the kmrc mk
koster turgormugj tdce, nreoter o`èssdfdadty o`rmss `hoggeas, ogj eghogèj seùrdty. Hmwever,
ocdj the Eghogèj @mccugdty quorogtdge, they eg`mugterej severoa sòccdgn getwmris
tornetdgn thedr `mgsucers. ^hdae jurdgn
jurdgn the Negeroa `mccugdty quorogtdge, they hoj `mce
`mce up
onodgst mgadge fogidgn dgterruptdmg aost Peptecfer 0<, 6<6<. Hegè, cmre thdgns geej tm dcprmve
mg thedr GextNeg DZ prmbe`t.

prm be`t.
CEZVMFOGI
Votdgn2
Votdgn2 ?
O``mrjdgn tm CetrmFogi 6<?4 Ogguoa Vepmrt, kmr
kmr the aost three kds`
kdsòa
oa yeors, the Fogi hos
gmt dgùrrej ogy expegses kmr reseor`h ogj jeveampcegt. Zhe ropdj je`dsdmg-coidgn pmwer mk
coriet reseor`h ogj `mgsucer dgsdnht ds gever cmre voauofae thog
tho g dg tdces mk `rdsds. (Gdnea Hmaads ,
6<6<) Dt ds `ru`doa kmr CetrmFogi gmt hovdgn gmr dgvestdgn dg Veseor`h ogj jeveampcegt pro`tdès.
:0
@PK
@PK #42
#42 Osset _uoadty ogj Adqudjd ty
Votdgns2 F\D2 6 FJM2 0 Cetrmfogi2 ?
Zofae :-42 Notherej joto ot the 0 rj quorter repmrt mk 6<6< `mcpordgn adqudjdty pmsdtdmg.
(_0,6<6<)
(_0,6<6<) F\D FJM CEZVMFOGI
Egterprds e [
[oaue
oaue ?<?.?< Fdaadmg ?6>.>8 Fdaadmg -?6.64 Fdaadmg
@urregt Votdm <.6: <.60 <.06
Zmtoa Jeft tm Zmtoa Equdty 54.4; 5;.?< ?<4.>4
Zmtoa Jeft
Jeft tm Zmtoa @opdtoa 0>.:8 05.4: 56.00
Zmtoa Jeft
Jeft tm Zmtoa Ossets >.00 ;.:4 ?0.85
Aeverone Votdm
Votdm 8.?? 8.>8 >.6<
G\A Votdm (_0 6<6
6<6<)
<) 6.48 ?.4> ?.5;
Zmtoa Ossets ?,4?6,;6:.;; 0,<;4,04:.48 6,??;,84>.?>
Veturg
Veturg mg O ssets ?.60 <.4< ?.<8
Veturg
Veturg mg Equdt y 4.40 >.>8 8.8<
Fmmi [oaue per Phore ;?.>8 8;.<< >?.>5
(F[\P)
Zmtoa Jeft tm Zmtoa Equdty, @opdtoa, ogj Ossets ds the rotdm thot dgjdòtes the `mcpogy's
aeverone. Zhds dgkmrcotdmg òg rekae`t hmw kdgog`doaay stofae o `mcpogy ds. Zhe hdnher the rote,
the hdnher the jenree
je nree mk aeverone (JmA) ogj, `mgsequegtay, the hdnher the rdsi mk dgvestdgn dg thot
`mcpogy. Dg thds òse, CetrmFogi hos the hdnhest rotdm ogj therekmre hos the hdnhest perègtone
mk rdsi dg dgsmaveg`y. Kmaamw fy F\D, theg FJM wdth the amwest rote mk qudì rotdm edther. Eveg dk
Cetrmfogi hos the hdnhest qudì rotdm mr prmpmrtdmg `mcpordgn dts `mcpetdtmrs fy .<8 - .<4, they
oaa stdaa dgjdòte rdsi dg adqudjotdmg.
Ceogwhdae, o``mrjdgn tm Kdt`h Votdgns Dg`., og Ocerdòg `rejdt rotdgn oneg`y ogj ds mge
mk the fdn three `rejdt rotdgn oneg`des. Zhey hove okkdrcej FJM ogj F\D osset-quoadty ko`tmr cdj-
pmdgt ot "ff+" wdth o genotdve mutammi. ^hdae Cetrmfogi's osset quoadty ko`tmr cdj-pmdgt tm 'ff+'
krmc 'fff-' oasm wdth
wdth o genotdve stogjpmdgt.
stogjpmdgt. Kmr FJM ogj Cetrmfogi, they
they see osset
osset quoadty
jeterdmrotdgn thot `muaj frdgn ugjeraydgn G\A rotdms mk 6% ogj 6.5% kmr F\D kmr gext yeor (6<?42
F\D ‐ ?.>%9 FJM - ?.?%9 Cetrmfogi ‐ ?.0). Ogy pmtegtdoa jekouat mk o kew aorne fmrrmwers òg
qudìay push G\A rotdms hdnher, wdth the amog pmrtkmadm hovdgn sdngdkdògt aorne-expmsure
`mgègtrotdmg. Kmr the kdgog`doa se`tmr, they rekae`t thedr expe`totdmgs mk wmrsegdgn `rejdt rdsis mr
::
sdngdkdògtay aorner `rejdt dcpodrcegt. Og ossucptdmg thot the fogi jmes gmt coie use mk the
ègtroa fogi's renuaotmry readek thot oaamws fogis tm jeaoy the reàossdkdòtdmg mk post amogs ogj tm
stonner `rejdt prmvdsdmgs mver os amgn os
o s kdve yeors.
Os FJM serves os the aeojdgn fogi ocmgn dts `mcpetdtmrs,

`mcpetdtmrs, dt hos the hdnhest tmtoa ossets
ocmugtdgn tm \0,<;4,04:.48C, kmaamwej fy Cetrmfogi wdth \ 6,??;,84>.?>C. Mg the `mgtrory,
FJM hos the amwest perègtone mk VMO wdth .4<% ogj VME mk >.>8%. VME ogj VMO ore og
dgjdòtmr mk hmw ekke`tdveay cogonecegt ds usdgn o `mcpogy dts ossets tm `reote prmkdts. F\D hos
h os
the amwest tmtoa ossets mk \ ?,4?6,;6:.;;C ogj hos the hdnhest perègtone mk VME ot 4.40%
4.40 % ogj
VMO ot ?.60%. Fmmi voaue per shore (F[\P) toies the rotdm m
mkk o kdrc's `mccmg equdty jdvdjej fy
dts gucfer mk shores mutstogjdgn. O``mrjdgn tm Dgvestmpejdo, the fmmi voaue mk equdty per shore
(F[\P) toies the rotdm mk o kdrc's `mccmg equdty jdvdjej fy dts gucfer mk shores mutstogjdgn ogj
ekke`tdveay dgjdòtes o kdrc's get osset voaue (tmtoa ossets - tmtoa adofdadtdes) mg o per-shore fosds.
Venorjdgn F[\P, FJM hos the hdnhest
hdnhe st perègtone mk 8;.<<%, kmaamwej fy Cetrmfogi wdth >?.>5
ogj F\D wdth ;?.>8%. FJM ogj Cetrmfogi ore `mgsdjerej o aorner fogi thog F\D, expe`tej tm
hove o hdnher perègtone mk F[\P. Hmwever, fosej mg VME ogj VMO, whd`h dgjdòtes the
utdadzotdmg mk o `mcpogy's ossets tm `reote prmkdts,
prm kdts, F\D hoj the hdnhest returgs.
@PK #?<2 \rmkdtofdadty
Votdgns2 F\D2 : FJM2 0 Cetrmfogi2 6
Zofae :-?<2 Notherej joto ot the 6 gj quorter repmrt mk 6<6< `mcpordgn mg dts prmkdtofdadty rote.
ZZC F\D FJM Cetrmfogi
Cetr mfogi
Vevegue \4:.00 Fdaadmg \?8<.5? Fdaadmg \?<;.46 Fdaadmg
Get Dg`mce \ 5.5 Fdaadmg \H\ \?6.0 Fdaadmg \H\ ?.46 Fdaadmg \H\
(00.>% ) (0.?% ) (>>.;% )
Gett \rmkdt c orndg
Ge 6;.;;% 60.80% ?:.;8%
Veturg mg @opdtoa ?.60% .4<% ?.<8%
Mperotdgn
Mperotdgn corndg 00.04% 60.:6% -?<6.4>%
\retox Cornd
Cornd g 00.04% ?:.>0% -?<6.4>%
@osh Krmc2
Krmc 2 * Dg Cdaadmg s mk \H\
Mperotdgn
Mperotdgn O`tdvdtd es ?<<,58<.6; ?06,:?6 4:,8>8
Dgvestdgn O`tdvdtdes -5,;64.05 -?0,;4< 65,<4>
Kdgog`dgn O`tdvdtdes -?>,;>4.4: ?8,66? -8;,:5<
:5
Get @hogne
@hogne dg @osh >>,6><.4; ?0;,4:0 00,565
Ptdaa, FJM hos the hdnhest ocmugt mk Vevegues wdth \?8<.5?F ogj o Get Dg`mce mk
\:0.8;F. Cetrmfogi hos the se`mgj-hdnhest revegues wdth \?<;.46F, kmaamwej fy F\D wdth
\4:.00 Fdaadmg. Hmwever, F\D hos o hdnher Get Dg`mce mk \68.8< Fdaadmg thog Cetrmfogi \68.<;
Fdaadmg. Dt oasm hos the hdnhest rotdm mk get prmkdts mk 6;.;;%, sdcdaor tm the returg mg the dgvestej
òpdtoa rotdm mk ?.60% thot ndves o segse mk hmw weaa o `mcpogy ds usdgn dts cmgey tm negerote
returgs `mcpore tm the mther twm aorner fogis. Zmnether wdth Mperotdgn ogj \retox Corndg, thot
dgjdòtes the prmkdt o fogi coies mg o pesm mk soaes okter poydgn kmr vordofae `msts fut fekmre
poydgn ogy dgterest mr toxes. F\D hoj o 00.04%,
00.0 4%, kmaamwej fy FJM wdth 60.:0% ogj ?:.>0%, whdae
Cetrmfogi hos o -?<6.4>%, whd`h dgjdòtej amsses mg the `mcpogy.
Zhe aoter port mk the tofae dgjdòtes the ocmugt fy whd`h o `mcpog y—s òsh foaogè
dg`reoses mr je`reoses dg the se`mgj quorter mk the yeor 6<6<. FJM recodgs the hdnhest
h dnhest ocmugt
get `hogne dg òsh
ò sh wdth ?0;,4:0C, whdae Cetrmfogi hos
ho s the amwest ocmugt wdth \00,565C. F\D
hoj o genotdve dgjdòtdmg mk the Kdgog`dgn ogj Dgvestdgn o`tdvdtdes. Gevertheaess, F\D hmajs the
se`mgj-hdnhest ocmugt mk >>,6><.4;C.
F\D
Votdgn2 6
Kdnure :->2 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk F\D mg dts 0rj _uorteray repmrt mk 6<6<.
6<6 <.
@EM @ezor \. @mgsdgn, hoj expaodgej thot the ùrregt pmsdtdmg mk F\D fekmre thds `rdsds
wos kdgte`h fedgn the fdnnest `hoaaegne, oasm wdth renuaotdmg, `yferseùrdty, ogj dgterest rote
aeveas, spe`dkdòaay jeàdgdgn dgterest rote aeveas (whd`h shrdgis dgterest corndgs). Gmw `mces the
@M[DJ `rdsds, presegtay hove tm jeoa wdth `hoaaegndgn wmri orrognecegts. Jeoa wdth amog amsses,
ogj dt—s gm surprdse thot G\As (gmg -perkmrcdgn amogs) ore `mcdgn up os fmrrmwers ore hovdgn o
jdkkdùat tdce servd`dgn thedr amogs. Dg ojjdtdmg tm thot, P&\ jmwgnrojej the mutammi kmr Fogi mk the
\hdadppdge Dsaogjs (F\D) krmc stofae tm genotdve aost M`tmfer ?:, 6<6<. Zhe jeft wot`her sodj thot
:;
F\D—s rotdgn hos the prmfofdadty dt wmuaj jmwgnroje dk the e`mgmcd` `mgjdtdmgs wmrseg dg the gext
sdx tm 6: cmgths. Zhe aegjer—s rotdgns ore ùrregtay ot ‑FFF+/O6– ogj ‑FFF -/O0,– respe`tdveay.
Zhe okkdrcej rotdgn dgjdòtes the aegjer—s pmsdtdmg mk dts krog`hdse getwmri ogj ocpae
òpdtoadzotdmg.
òpdtoadzotdmg. Jue tm the rotdgn, dt resuats, cmre adieay, F\D—s dgvestmr wmuaj je`reos
je`reose.
e.
FJM
Votdgn2 0
:-82 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk FJM mg dts 0rj _uorteray
Kdnur e :-82
repmrt mk 6<6<.
FJM's strmgn coriet pmsdtdmg hos o``mrjej dt prekeregtdoa o`èss tm amwer-`mst kugjdgn
ogj `mcpetdtdve prd`dgn pmwer tm heap weother dgterest corndg pressures ocdj the amwer-dgterest-
amwer -dgterest-
rote egvdrmgcegt. Zhds `mcpetdtdve ojvogtone hos prmveg jurofae jurdgn the eoray phoses mk the
pogjecd`, ogj the fogi's hdstmry mk steojy ugjerwrdtdgn ogj rdsi `mgtrmas ore oasm the codg
reosmgs why the Kdt`hVotdgns hove rotej dts [V ([dofdadty Votdgns) ofmve the mperotdgn
egvdrmgcegt cdj-pmdgt mk ff+. Gevertheaess,
Ge vertheaess, they expe`t fusdgess `mgjdtdmgs tm wmrseg mver the
gext yeor ogj pmtegtdoa weoigess dg osset quoadty ogj eorgdgns
eo rgdgns tm `mgtdgue tm put heovy jmwgworj
pressure mg the [V ogj dk pressure mver the mperotdgn egvdrmgcegt were tm persdst. Dg ojjdtdmg tm
thot, the outhmrdtdes hove o hdnh prmpegsdty tm prmvdje mgnmdgn suppmrt tm the fogidgn systec os
dt recodgs o kugjocegtoa `mgjudt kmr pogjecd` readek ekkmrts, ogj reègt renuaotmry ogj e`mgmcd`
readek ottests tm dts adieadhmmj. Zhe nmvergcegt's ofdadty tm prmvdje suppmrt rekae`tej fy the
smveredng rotdgn mk FFF/Ptofae.
:>
Cetrmfogi
Votdgn2 :
Kdnure :-42 Puccory mk Foaogè Pheet ogj Dg`mce Ptotecegt mk Cetrmfogi mg dts 0rj
Zhe Cetrmfogi nrmup—s thrdkt fogi orc \hdadppdge Povdgns Fogi hos mftodgej o trdpae-O
`rejdt rotdgn wdth o stofae mutammi krmc amòa jeft wot`hjmn \hdadppdge Votdgn Pervdès @mrp.
\hdaVotdgns sodj thot the rotdgns rekae`t \PFogi—s strmgn coriet pmsdtdmg, dts hdnhay -
(\hdarotdgns). \hdaVotdgns
experdegèj cogonecegt teoc, ogj hos stofae òpdtoadzotdmg ogj onnressdve prmvdsdmgdgn, whd`h
ore seeg tm tecper the pogjecd`—s dcpo`t mg the amog pmrtkmadm, ot aeost dg the shmrt -terc. Os the
hdnhest `rejdt nroje fy \hdarotdgns, thds ‑\VP OOO– rotdgn sdngdkdes thot the `mcpogy hos o
`mcpetdtdve òpo`dty tm ceet dts kdgog`doa `mccdtcegts reaotdve tm thot mk mther \hdadppdge
`mrpmrotes. O stofae mutammi ceogs thot su`h o rotdgn ds adieay tm recodg ug`hognej dg the gext
?6 cmgths. Og estofadshej kdrc coriet pmsdtdmg ds expe`tej tm fe fmasterej f y the fogi—s
`mgtdgumus jdndtoadzotdmg mk prmju`ts, `hoggeas, ogj prmèsses jesdngej tm ojopt tm `hognes dg
`mgsucer fehovdmr, eghogè ùstmcer experdegè, ogj dcprmve mperotdmgoa ekkd`deg`y.
:8
Zofae :-??2 @mcpetdtdve \rmkdae Cotrdx mk the three aornest fogidgn se`tmr dg
d g the \hdadppdges.
@mcpetd tdve \rmkda e Cotrd

Cotrd x F\D FJM Cetrmfogi
@rdtdòa Pu`èss Ko`tmrs êdnht Votdgn P`mre Votdgn P`mre

P`mr e Votdgn P`mre
?.\rmju`t ogj Pervdè .<> 0 .6? : .68 6 .?:
6.@ustmcer Pervdè .?: 0 .:6 6 .68 ? .?:
0.Frog`h Getwmri .?5 6 .0< : .;< 0 .:5
:.Dgtergotdmgoa Vecdttogès .<4 6 .?8 0 .6> : .0;
5. DZ òpofdadty .?? : .:: ? .?? 0 .00
;.Pokety ogj Peùrdty .<4 0 .6> 6 .?8 : .0;
>.@ustmcer Amyoaty .<4 6 .?8 : .0; 0 .6>
8.Coriet Veseor`h .?< 6 .6< 0 .0< ? .?<
4.Ossets ogj Adqudjdty .<4 6 .?8 0 .6> ? .<4

?<.\rmkdtofdadty .<> : .68 0 .6? 6 .?:
Zmtoa ?.<< 6.;; 6.8; 6.08
Fosej mg the resuat mk the @mcpetdtdve \rmkdae Cotrdx (@\C), dt reveoas thot FJM hos
h os the
ejne ocmgn dts `mcpetdtmrs. ^dth reaotdve
re aotdve stregnths mg \rmju`ts ogj Pervdès, Frog`h Getwmri,
ogj @ustmcer Amyoaty. Kmaamwej fy F\D wdth stregnths
stregnths mg DZ òpofdadty os they prepore kmr F\D
6.< ogj 0.<, theg wheg dt `mces tm \rmkdtofdadty jue tm hdnher returgs mk dgvestcegt, equdty ogj
ossets `mcpordgn tm dts `mcpetdtmrs. Cetrmfogi o`qudres the amwest rotdm, fu

futt dts reaotdve stregnths
were Dgtergotdmgoa Vecdttogès thrmunh \ero Huf, ogj
og j Pokety ogj Peùrdty jue tm thedr fdmcetrd`
systec.
Zhe @M[DJ-?4 pogjecd` hos frmunht the wmraj
wm raj dgtm exèptdmgoaay `hoaaegndgn ogj wdjeay
ug`hortej woters. Fogidgn se`tmrs òg
òg keea the strodgs oamgnsdje thedr
thedr àdegts, thedr ecpamyees,
ogj the sm`detdes they serve. Hegè, the respmgsdfdadty tm sustodg essegtdoa fogidgn servdès whdae
prmte`tdgn the heoath ogj weaafedgn mk the e`mgmcy. Jespdte the quoadty mk servdè thrmunh mgadge
fogidgn ogj dts te`hgmamndòa ojvogècegt. Dt stdaa pmrtroys the dcpmrtogè mk hovdgn o physdòa
presegè tm jeadver
jeadver og ekkd`degt
ekkd`degt ogj ekke`tdve
ekke`tdve resmurè oaamòtdmg. Zhe ropdj je`dsdmg-coidgn
je`dsdmg -coidgn
pmwer mk coriet reseor`h ogj `mgsucer dgsdnht ds gever cmre voauofae thog dg tdces mk `rdsds.
(Gdnea Hmaads, 6<6<)
:4
Zofae :-?62 Extergoa Ko`tmr Evoauotdmg (EKE) Cotrdx kmr F\D
Mppmrtugdty êdnht Votdgn

Votdgn êdnhtej
êdnhtej P`mre
?.Zhere ds stdaa sevegty-mge perègt (>?%) mr kdkty-mge cdaadmg, ogj twm- .?< : .:<
hugjrej thmusogj (5?(5?.6)
.6) Kdadpdg m ojuats r ecodg ugfogiej.
6. Usdgn the `mvdj-?4 pogjecd` kmr `mccer`doa nodg . Phmw ecpothy tm .<8 : .06
ùstmcers heaps stregntheg kurther ùstmcer amyoaty, os dg the shmrt rug, dt wdaa
jrdve amgn-terc jdkkeregtdotdmg. @uatdvote the ùature mk trust ogj `reotdgn o
reaotdmgshdp thot ùstmcers òg reay mg thec.
Ze`hgmamny Dggmvotdmgs thot wdaa dcpo`t kuture mk fogidgn. Jdndtoa
0. Ze`hgmamny .?0 0 .04
te`hgmamndes ore `mgsdstegtay evmavdgn, heapej fogis negerote ojjdtdmgoa
revegue, rejuè expegses, ogj cogone rdsi expmsure dg o cmre prmkd`degt
cogger. Pu`h os \res`rdptdve Peùrdty, Hyfrdj @amuj, ogj dcpaecegtotdmgs mk OD.
5. êoi
êoi U .P Jmaaor \hdadppd ge pesm hos stregnthegej ormugj :% onodgst the
U.P .<4 6 .?8
U.P jmaaors. Kmredng Ex`hogne @urregt jepre`dotdmg mk UP jmaaors amwers the voaue
mk kmredng jeft.
Zhreots
?. E@_- CE@_ ogj FO VM O@Z. Dg the 6gj quorter mk 6<6<, the dcpaecegtotdmg
E@_-CE@_ .<4 ? .<4
mk sdcuatogemus amìej-jmwg ogj FOVM O@Z wmrseg the `rejdt pmsdtdmg mk the
fogi ogj frmunht coriet ogj adqudjdty rdsi. Dg the thdrj quorter mk 6<6<, the G\A
rotdm wos 6.48 ogj, expe`tdgn :.; perègt ot the egj mk 6<6<.
6. \hdadppdge E`mgmcy dg Ve èssdmg. Zhe pogjecd` horcej the e`mgmcy os dt
Veèssdmg. .?? 6 .66
`rosh-aogjej dgtm reèssdmg, ogtd`dpotdgn amwer NJ\ fy 5.5%, resuatdgn dg coriet
rdsi jue tm prdè cmvecegts/ kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg o`tdvdtdes mk
`rejdt seùrdtdes, kmredng ex`hogne, ogj jerdvotdve dgstrucegts.
0. @yferottoìs. Pdgè the stort mk the @M[DJ-?4 pogjecd`, there ds `mgtdgumusay .<8 : .06
dg`reosdgn gucfer mk `yferottoìs mg the fogidgn dgjustry. @urregtay, cmre thog
kdve (5) tdces the gucfer fekmre the pogjecd` m`ùrs.
:.êoi U.P Jmaaor. Jue tm amwerej ùrreg`y ex`hogne rote, fogi-`hoggeaej .<4 6 .?8
dgtergotdmgoa recdttogès ogj fogi persmgoa recdttogès thrmunh pojoao systec
were jmwg fy :.?% ‐ :.6%.
Hmusehmaj `mgsucptdmg ogj Ugecpamycegt. Zhe ùrregt reèssdmg mk the

5. Hmusehmaj .?? 6 .66
e`mgmcy hos `rdppaej the hmusehmaj se`tmr. ^heredg the `hogne dg fehovdmr mk
hmusehmajs, oasm resuats tm `hogne resmurè oaamòtdmg ‐ dgàujdgn thedr sovdgn ogj
spegjdgn je`dsdmgs ‐ okke`ts coriet prdès.
;. Z;. Pufstdtute Fogidgn2 Kdgte`h, @mmperotdve, ogj Ugjernrmugj mwgej .?6 6 .6:
og ejne dg tercs mk dgstoaacegt stroteny, kaexdfdadty, o`èssdfdadty, ogj speej mk the
trogso`tdmg. Zheg Kdgte`h Coriet ds ogtd`dpotej
ogtd`dpotej tm nrmw ot o @ONV mk ormugj 6<%.
êdnhtej P`mre ?.<< 6.5;
Mppmrtugdtdes ?.64
Zhreots ?.6>
Zmtoa 6.5;
Fosej mg the ogoaysds, the tmtoa wednhtej s`mre mk 6.5; dgjdòtes thot the fusdgess hos
sadnht cmre thog overone ofdadty tm respmgj tm extergoa ko`tmrs. Os we òg see, the cmst sdngdkdògt
ko`tmr dg fedgn su`èsskua dg the fogidgn
fog idgn se`tmr ds the utdadzotdmg mk ojvogèce gt mk te`hgmamny ―
F\D Jdndtoa 6.< pmtegtdoaay rejuès thedr `mst-tm-dg`mce rotdm fy 0 tm 5 perègtone pmdgts.
Kurthercmre, F\D \resdjegt @mgsdgn, jdndtoadzotdmg ojjresses kdve tm sdx mk the ednht `hoaaegnes
thot fogis ore ùrregtay ko`dgn. ‑Jdndtoadzotdmg òg heap ojjress cogy mk these
the se `hoaaegnes, 5 mr ;
mk these `hoaaegnes, fy amwerdgn the `mst tm serve, fy oaamwdgn seùrdty mk kdgogès, fy mur
o`èssdfdadty, ogj fy amwerdgn dgke`tdmg

dgke`tdmg rdsi,– he sodj.
5<
[. @mcpogy
@mcpogy O goaysds (Dgtergoa
(Dgtergoa Ogoaysds )
5.? CÌdgsey >-P

Kdnure 5-?2 F\D—s CÌdgsey >-P Cmjea
?. Ptroteny
O \e g et r ot d m g Pt r ot en y . Zhe dg`reose dg jepmsdts dg the `mrpmrote,

O.. Co r i et \eg
CPCE fusdgess, ogj retoda fogidgn sencegts wos jue tm the ugpreèjegtej
ugpreèjegtej jdsruptdmg
frmunht fy the pogjecd`, ogj oasm os F\D ecpamys o juoa-prmgnej opprmo`h mk
òpdtoadzdgn mg thedr extegsdve physdòa ogj jdndtoa jdstrdfutdmg getwmri. Zm scmmthay
trogsdtdmgej tm cmfdae ogj mgadge paotkmrcs thrmunh
thrmunh the heap mk cmje rg te`hgmamny. O
Os
so
resuat, the Oyoao-aej Fogi mk \hdadppdge Dsaogjs (F\D) fmmiej o 65 perègt bucp dg dts
retoda jdndtoa trogso`tdmgs, dgàujdgn cmgey trogskers, dgterfogi trogskers, trogso`tdmgs
wdth e-`mccerè portgers, ogj fdaas po ycegt jurdgn the egho gèj-cmjdkdej
gèj-cmjdkdej `mccugdty
quorogtdgevdd. Dg ojjdtdmg tm thot, evdjegè hoj shmwg
shmwg fy the shorp dg`reose
dg`reose dg the usone
mk \EPMGet ogj \oyF\D vdo FdzAdgi, F\D—s òsh cogonecegt paotkmrc. Ugdque o`tdve
users dg`reosej fy ?:; perègt krmc Kefruory tm Ounust 6<6<. Zhe mgadge poycegt
systec ds fe`mcdgn cmre mk o geèssdty dg fusdgess mperotdmgs these joys tm eghogè
5?
òsh cogonecegt, dcprmve ùstmcer-ègtrd` kug`tdmgoadtdes, ogj rekdge the opp ogj
wefsdte-dgtenrotej
wefsdte-dgtenrotej poycegt systecs.
F. Coriet Jeveampcegt. CPCE. Dg the kdrst quorter mk 6<6<, Cr. Au`hogn`m sodj
the Fogi reo`hes mut tm the CPCE coriet thrmunh thedr Fusdgess Fogidgn sencegt.
@adegts coy oasm ovoda mk kree @mvdj-?4 Dgsurogè @mverone ocmugtdgn tm \hp 6<<,<<<
(kmr Freoimut rmmc mr adve `mgversotdmgs wdth o FPE) òre mk F\D-\hdaoc. Zheg,
‑Veègtay, we jeveampej vordmus mkk -the-sheak amog mkkers ogj gm-`maaoteroa amogs wdth
eosy cmgthay poycegts. Zhese poroceter-fosej prmnrocs oaamw kmr og opprmvoa gmtdè
wdthdg twm- joys. O `rejdt mk amog prmèejs toie ogy tdce krmc 5 tm ?? joys,– he sodj,
ojjdgn these ore usuoaay amog ocmugts mk aess thog \5 cdaadmg stret`hdgn
stret`hdgn up tm kdve yeors
vddd
wdthmut `maaoteroa. Zhese mkk-the-sheak amog mkkers were jue tm the FP\ prmcmtdgn
dggmvotdve opprmo`hes dg CPCE kdgog`dgn thot `muaj heap thec tm `mpe-up wdth the
jdsostrmus ekke`t mk @mvdj-?4 tm fusdgess ogj prevegt thec krmc shut-jmwg.
@. \rmju`t Jeveampcegt- F\D 6.< Zm prmvdje dggmvotdve jepmsdt-fosej prmju`ts tm

Jeveampcegt-F\D
o`qudre gew àdegts ogj ottro`t jepmsdts. Zhey kmùs mg dcprmvdgn rdsi-ojbustej returgs,
òpdtoadzdgn mg cdnhty `rmss-seaadgn mppmrtugdtdes tm mkker mther servdès su`h os the dgvestcegt
fogidgn prmju`ts mk F\D @opdtoa kmr `mrpmrote àdegts. Zheg thds dg`reoses the prmkdtofdadty mk thedr
trojdtdmgoa aegjdgn fusdgess ogj prmvdjes àdegts wdth smautdmgs thot nm feymgj `rejdt ogj òsh
cogonecegt ko`dadtdes. dx. Dg ojjdtdmg tm thot, the
the \resdjegt mk F\D sodj thot nettdgn
nettdgn krmc
F\D Jdndtoa ?.< tm F\D Jdndtoa 6.< shmuaj rejuè thedr `mst-tm-dg`mce
`mst-tm-dg`mce rotdm fy, soy, 0 tm 5
perègtone pmdgts jurdgn the mgadge `mgkeregè they hoj mg the pufad`, jdndtoadzotdmg
jdndtoadzotdmg kmr
F\D ds o `mgtdgudgn prmèss,

prmèss, he ojjej ogj egsure thot there wdaa fe o Jdndt
Jdndtoadzotdmg
oadzotdmg 0.<
okter thot.
J. Vetreg`hcegt. Zhe ekke`ts mk the pogjecd` ogj quorogtdge ceosures dcpmsej

fy the nmvergcegt hove resuatej dg adcdtej trogso`tdmgs whdae hovdgn exèss aofmr
òpo`dty. Ogj ‑thds exèss òpo `dty ds expe`tej tm recodg ndveg the expe`tej prmamgnej
e`mgmcd` jmwgturg.– x Oasm, jue tm the hdnh dg`reose mk G\A, the fogi hos tm retreg`h dg
smce woys. Pu`h os the rdnht mk cogonecegt tm jdscdss wmriers mg the nrmugj mk
retreg`hcegt tm prevegt `rdtdòa amsses. Dgsteoj
Dgsteoj mk tercdgotdmg, they mkkerej o gucfer mk
thedr majer tegurej ecpamyees o pureay vmaugtory eoray retdrecegt poìon
poìone.
e.
56
56
6. Mrnogdzotdmgoa Ptru`ture
Kdnure 5-62 Fogi—s prdg`dpoa o`tdvdtdes ogj dts kug`tdmgoa mrnogdzotdmg

m rnogdzotdmg (os mk Jeècfer 0?, 6<?4).
F\D—s \resdjegt ogj @EM. @ezor \eroato @mgsdgn ds the mge whm ds respmgsdfae kmr
kmrcuaotdgn the fusdgess stroteny ogj the mveroaa
m veroaa cogonecegt mk the Fogi dg kuakdaadgn mfbe`tdves
tm o`hdeve the jesdrej mut`mces. Zhe Fogi—s segdmr exeùtdve mkkdèrs ore eo`h respmgsdfae kmr
og oreo mk the Fogi—s fusdge ss ogj repmrt jdre`tay tm the \resdjegt ogj @EM. Zhe segdmr exeùtdve
mkkdèrs ore respmgsdfae kmr egsurdgn jeveampcegt ogj expogsdmg mk F\D—s àdegt reaotdmgshdps9
servdè quoadty ogj dggmvotdmg dg dts prmju`ts
p rmju`ts ogj servdès9 egterprdse osset-adofdadty cogonecegt
ogj kamws fusdgess9 readofdadty, prmju`tdvdty, ogj ekkd`deg`y mk thedr mperotdgn dgkrostru`ture9 kdgog`doa
stroteny kmrcuaotdmg ogj exeùtdmg9 ogj sustodgofae dgvestmr ogj stoiehmajer reaotdmgs.
Ceogwhdae, the Fmorj feors the prdcory respmgsdfdadty kmr `reotdgn ogj eghog`dgn the amgn-terc
50
shorehmajer voaue mk F\D ogj negerotdgn reosmgofae ogj sustodgofae returgs mg shorehmajer
òpdtoa fy, ocmgn mthers, revdewdgn ogj opprmvdgn the Fogi—s cdssdmg, vdsdmg, strotendes, ogj
mfbe`tdves9 oppmdgtdgn segdmr exeùtdves ogj `mgkdrcdgn mrnogdzotdmgoa stru`tures9 opprmvdgn
egterprdse-wdje pmad`des ogj prmèjures9 cmgdtmrdgn fusdgess ogj kdgog`doa perkmrcogè9
mverseedgn rdsi cogonecegt krocewmris ogj rdsi oppetdte9 kmsterdgn renuaotmry `mcpadogè.
@mccugdòtdmgs tm jdre`tmrs, dgàujdgn ogy `mgèrgs renorjdgn F\D—s rdsi cogonecegt,
nmvergogè, o``mugtdgn, dgtergoa `mgtrmas, oujdtdgn, mr mther cotters, coy fe ojjressej tm thedr
Fmorj mk Jdre`tmrs thrmunh the Mkkdè mk the @mrpmrote Pe`retory. Hegè, the Jdre`tmrs hove
heoathy `mccugdòtdmg adges o`rmss vordmus aeveas ogj kug`tdmgs wdthdg the Fogi ogj the F\D
nrmup. Dg portdùaor, F\D Jdre`tmrs
Jdre `tmrs whm oasm sdt mg the fmorjs mk the Fogi—s sufsdjdordes mr okkdadotes
okkdado tes
hove kdrst-hogj o`èss ogj dgsdnht dgtm thedr mperotdmgs ogj fusdgess o`tdvdtdes, whd`h oaamws kmr
fetter ossesscegt mk Fogi stroteny ogj perkmrcogè.
Pyst ec (Codg systecs thot rug the mrnogdzotdmg)

0. Pyst
O. Vdsi
Vd si Cogonec egt
Zhe ùrregt e`mgmcd` `rdsds jue tm the @M[DJ-?4 pogjecd`, jestru`tdve Zyphmmg Vmaay,
ogj Uaysses hoj prmvej thot we adve dg og dg`reosdgnay `mcpaex ogj dgter`mgge`tej wmraj. Os o
resuat, Vdsi Cogonecegt ‐ renorjdgn dts shope ogj stru`ture ‐ hos fe`mce dg`reosdgnay reaevogt
tm egsure thot the kdrc òg respmgj tm fmth rmutdge ogj ugkmreseeg mf
mfstoàes.
stoàes. Pu`h os every stokk
rush tm set up orrognecegts kmr wmri-krmc-hmce ogj mther ceosures tm net thrmunh thds `rdsds.
Zhe rmae mk Vdsi Cogoners ds sujjegay ecphosdzej os `rdtdòa ogj paoèj dg the spmtadnht.
Dg thds respe`t, F\D reades mg dts rdsi cogonecegt prmèsses ogj `mg
`mgtrmas
trmas ogj uses vordmus
cethmjmamndes, cetrd`s, tmmas, ogj systecs tm djegtdky, ceosure, ogj cmgdtmr dts rdsi expmsures.
Zm `mgtdgumusay eghogès nmvergogè ogj mversdnht mk the rdsi cogonecegt ogj `mcpadogè
egvdrmgcegt o`rmss the nrmup ogj strdves tm sdcpadky ogj opprmprdoteay je-rdsi mperotdmgs. ^dth
the dcpaecegtotdmg mk the Vdsi Joto Or`hdte`ture prmbe`t aeverondgn mg the 'Fogi Egterprdse Fdn
Joto' paotkmrc, the ovodaofdadty mk outmcotej
ou tmcotej rdsi joto gmt mgay suppmrts th
thee fogi rdsi cogonecegt
o`tdvdtdes fut oasm egofaes rdsi joto servd`dgn mk the vordmus fu
fusdgess
sdgess ugdts. Ceogwhdae, the fogi
oasm `mgtdgues tm coie aorne dgvestcegts dg kdgog`doa, te`hgmamny, ogj hucog òpdtoa jejdòtej
tm these ekkmrts. Hegè, the geej ordses tm nodg o jeeper ugjerstogjdgn mk tthe
he ekke`t mk @M[DJ-
?4 mg the kuture mk the mrnogdzotdmg. Zhe rmae mk Vdsi Cogonecegt wdaa recodg `rdtdòa tm the
su`èss mk the mrnogdzotdmg.
5:
Kdnure 5-02
5-02 Vdsi Cogonecegt Jeportc
Jeportc egt Ptru`tu re
Vdsi cogonecegt dg F\D kmaamws o tmp-jmwg opprmo`h, wdth rdsi oppetdte settdgn ogj
mveroaa rdsi stroteny ecogotdgn krmc the Fmorj mk Jdre`tmrs (Fmorj). Zhe krocewmri rekae`ts the
Fogi—s dgtergoa stogjorjs os nudjej fy the renuaotmr
r enuaotmry
y jdre`tdves dssuej fy the Fognim Pegtroa gn
\dadpdgos (FP\) dg prmcmtdgn ekke`tdve rdsi cogonecegt nmvergogè, dcpaecegtdgn rmfust
fusdgess `mgtdgudty ogj resdadeg`y stogjorjs thot ore renuaoray testej, ogj perkmrcdgn the dgtergoa
òpdtoa ojequo`y ossesscegt ogj mther rdsi cogonecegt prmèsses. (Ve`mccegjotdmg 6.??,
?6.: PE@ @N @mje kmr \A@s)
F. Kdgog`doa Pystec
Pdgè the mutfreoi, fmgj ydeajs, mda, ogj equdty prdès hove shorpay koaaeg mg the namfoa
coriet. Zhe fehovdmr mk hmusehmaj `mgsucptdmg hos `hognej, ogj the `rejdt rdsi `mgtdguoaay
ordses krmc dts `mre aegjdgn ogj dgvestdgn o`tdvdtdes. Zheg coriet rdsi jue tm prdè cmvecegts/
kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg o`tdvdtdes mk `rejdt seùrdtdes, kmredng ex`hogne, ogj
jerdvotdve dgstrucegts (os oaamwej fy renuaotdmg). Zhe adqudjdty rdsi krmc the cogonecegt mk the
Fogi—s foaogè sheet. Ogj mperotdmgoa ogj DZ rdsis krmc dgojequote mr kodaej dgtergoa prmèsses,
pempae, dgkmrcotdmg te`hgmamny, ogj systecs coy pmse rdsis mk kdgog`doa amsses ogj jocone tm
the Fogi—s reputotdmg. Hegè the F\D—s Coriet ogj Adqudjdty Vdsi Cogonecegt (CVC) jdvdsdmg
hoj ecpamyej vordmus rdsi cetrd`s, `mccegsurote the sdze ogj smphdstdòtdmg mk dts fusdgess
mperotdmgs. Zm nudje the Fogi ekke`tdveay cogone the rdsis ordsdgn krmc pmsdtdmg-toidgn strotendes
foaogèj fy the Fmorj—s mveroaa rdsi oppetdte. Vdsi adcdts ore `mgtdgumusay revdewej ogj upjotej
mfbe`tdves, to`td`s, ogj mveroaa rdsi oppetdte. CVC oasm prmvdjes kmrworj-
tm oadng wdth the Fogi—s mfbe`tdves,
55
ammidgn sègordm ogoaysds, sdcuaotdmgs, ogj stress tests tm `mcpaecegt the rdsi cetrd`s ogj
prmvdje o frmojer ogj hmadstd` rdsi perspe`tdve tm the VC@ ogj Cogonecegt.
@. HV Pystec
Zhe fusdgess mk fogidgn ds gmt o sdcpae noce mk gucfers, amog ogj jepmsdt vmauces, ogj
cmgey trogso`tdmgs. Dt ds the fusdgess

fu sdgess mk fudajdgn trust ogj `mgtdguoaay wdggdgn thot trust eveg os
ùstmcer geejs ogj prekeregès, the dgjustry, prmju`ts ogj servdès, ogj the renuaotmry
re nuaotmry rendce
seec tm evmave mvergdnht. Mgay o sidaakuaay put tmnether, jdverse, ogj weaa-`mcpmsej Fmorj òg
o``mcpadsh the `hoaaegne mk corrydgn thds
th ds ugjeraydgn segse mk purpmse wd
wdth
th the possdmg ogj fdos
tm o`tdmg geejej tm cmve
cm ve tmworjs thot vdsdmg. ^dth stregnths dg three codg ecpamyee egnonecegt
jrdvers mk òreer jeveampcegt ogj mppmrtugdtdes, nmoa àordty, ogj aeojershdp, the Fogi dgtrmjuèj
cmre dgdtdotdves tm fmmst `mcpeteg`y jeveampcegt ocmgn dts mkkdèrs ogj stokk, wmriej tm
o`èaerote prmcmtdmgs, ogj djegtdkdej the rdnht cetrd`s, tm fetter oadng hucog rresmurè
esmurè ceosures
wdth `mrpmrote stroteny. Cmremver, F\D strdves tm prmvdje o soke, seùre, ogj `mgju`dve wmridgn
egvdrmgcegt kmr dts ecpamyees, jespdte the mg-nmdgn threot mk the pogjecd`, tm `mgtdguoaay
sokenuorj thedr rdnhts ogj prmvdje equoa mppmrtugdty kmr everymge. (Ve`mccegjotdmg 6.4 mk the
PE@ @N @mje kmr \A@s)
J. Dgtergoa
Dgtergoa Oujdt ogj @mgtrma
Mur Dgtergoa Oujdt Jdvdsdmg ds og dgjepegjegt fmjy thot suppmrts the Oujdt @mccdttee dg
kuakdaadgn dts mversdnht respmgsdfdadtdes fy prmvdjdgn og mfbe`tdve ossesscegt mg the ojequo`y ogj
ekke`tdvegess mk the Fogi—s rdsi cogonecegt, dgtergoa `mgtrmas, ogj nmvergogè prmèsses
thrmunh weaa- estofadshej rdsi fosej oujdt paogs. Dgtergoa Oujdt oasm egsures thot the Fogi—s
mperotdgn ogj fusdgess ugdts ojhere tm dgtergoa prmèsses ogj prmèjures ogj tm renuaotmry ogj
aenoa requdrecegts. Zhe ossesscegt mk `mgtrmas, systecs, ogj prmèsses mk the Fogi
Fog i ds `mverej
fy the ogguoa oujdt wmri paog, whd`h ds jeveampej usdgn the Oujdt Vdsi Ossesscegt mr s`mrdgn
cmjea, ogj revdewej ogj opprmvej fy the Fmorj thrmunh the Oujdt @mccdttee. Zhe @mccdttee
mk Ppmgsmrdgn Mrnogdzotdmgs mk the Zreojwoy @mccdssdmg (@MPM)? dgtergoa `mgtrma krocewmri
dgàujes @mgtrma Egvdrmgcegt, Vdsi Ossesscegt, @mgtrma O`tdvdtdes, Dgkmrcotdmg ogj
@mccugdòtdmg, ogj Cmgdtmrdgn O`tdvdtdes, ogj the @mgtrma Mfbe`tdves
Mf be`tdves kmr Dgkmrcotdmg ogj Veaotej
Ze`hgmamny (@MFDZ). Zhese krocewmris ore usej dg ossessdgn the ekke`tdvegess mk the dgtergoa
`mgtrma systec.
5;
:. Pidaa
Pidaa s
Zofae 5-?2 F\D—s Pidaas ogj Expertdse Cotrdx
Ammidgn dgtm the fehovdmr, te`hgdòa `mcpeteg`des, ogj smkt sidaas exhdfdtej fy the mkkdèr
jurdgn the perdmj ugjer revdew, os weaa os kdtgess ogj prmprdety. Zhe HV Jeportcegt kmaamws o
perkmrcogè cogonecegt `yàe2 Nmoa settdgn, \erkmrcogè cmgdtmrdgn, \erkmrcogè opprodsoa,

\erkmrcogè redgkmrècegt, ogj \erkmrcogè dcprmvecegt. Zm cmgdtmr ogj `mgtdguogè
evoauotdmg, the Fmorj ogguoaay `mgju`ts o seak-ossesscegt tm osèrtodg the oadngcegt mk
aeojershdp kugjocegtoas ogj dssues, voadjote the Fmorj—s oppre`d otdmg mk dts rmaes ogj
respmgsdfdadtdes ogj `mgkdrc thot the Fmorj pmssesses the rdnht cdx mk foìnrmugj ogj
`mcpeteg`des (Ve`mccegjotdmg ;.? mk the PE@ @N @mje kmr \A@s).
Dg o amwer stru`ture mk the hderor`hy
hderor `hy aevea, they aoy o strmgn kmugjotdmg mg the dg tergoa ruaes
mr prdcory pmad`des ogj stogjorjs ore oasm dg paoè tm nudje ogj suppmrt F\D ecpamyees dg
ojheregè tm the @mje mk Fusdgess @mgju`t ogj Ethd`s ogj dgtergoa `mcpogy ruaes ogj
renuaotdmgs.Zhrmunh ecpamyee trodgdgn ogj ejuòtdmg ore essegtdoa tm the Fogi—s nrmwth stroteny.
Fy egsurdgn thot dts stokk, spe`doadsts, ogj mkkdèrs ore trodgej, steepej dg fest pro`tdès, ogj
expmsej tm og egvdrmgcegt thot gurtures `mgtdgumus aeorgdgn. F\D hos o wdje orroy mk trodgdgn
prmnrocs, oadngej wdth the Fogi—s fu sdgess mfbe`tdves, tm hmge the sidaas ogj òpofdadtdes mk dts
ecpamyees ogj prepore thec tm fe the gext aeojers dg the mrnogdzotdmg. Zhese prmnrocs dgàuje2
(?) the gew ecpamyee mrdegtotdmg ogj voaues mrdegtotdmg wmrishmps kmr gew hdres9
(6) mkkdèrs trodgdgn prmnrocs, whd`h dgdtdote gew mkkdèrs dgtm thedr aeojershdp rmaes9
(0) soaes mkkdèrs trodgdgn prmnrocs9
(:) ojvogèj aeojershdp prmnrocs kmr mkkdèrs9
(5) `murses mg kdgog`doa ojvdsmry9 ogj
5>
(;) prmnrocs jesdngej tm heap ecpamyees `mcpay wdth renuaotmry requdrecegts, ocmgn
mthers. (Ve`mccegjotdmg ?5.? mk the PE@ @N @mje kmr \A@s)
Zhe Fogi uses o faegjej aeorgdgn opprmo`h thot dgàujes wmrishmps,
`mo`hdgn/cegtmrdgn, dgstru`tmr-aej trodgdgn sessdmgs, ogj wef-fosej trodgdgn `murses. Dt oasm
jesdngs ogj ko`dadtotes aeojershdp ogj cogonecegt trodgdgn prmnrocs kmr supervdsmrs, kug`tdmgoa
cogoners, ogj segdmr cogoners tm suppmrt the Fogi—s dgvestcegt dg aeojershdp jeveampcegt.
Cobmr kmùs oreos mk these prmnrocs
prmnro cs dgàuje2
?. Aeojershdp ogj Cogonecegt Jeveampcegt ‐ \rmnrocs thot prmvdje mppmrtugdtdes kmr
F\D aeojers tm jeveamp thedr ofdadty tm aeoj, dgspdre, ogj cmtdvote thedr teoc cecfers ogj
mrnogdzotdmg. Zhds `mvers \rmkessdmgoa Ekke`tdvegess \rmnrocs thot jeveamp \ersmgoa
Aeojershdp.
6. Kug`tdmgoa ‐ \rmnrocs thot jeveamp ogj stregntheg spe`dkd` kug`tdmgoa ogj te`hgdòa
`mcpeteg`des requdrej krmc dgjdvdjuoas sm they òg perkmrc thedr tosis ekke`tdveay.
0. @mre ogj Zeoc Ekke`tdvegess ‐ \rmnrocs thot prmvdje kmugjotdmgoa igmwaejne ogj
`mcpeteg`des kmr ogy ecpamyee. Zhese oasm `mver prmnrocs ogj dgtervegtdmgs kmr teocs dg F\D.
5. Ptokk
Ptokk
Zofae 5-62 Phmws the respe`tej outhmrdty ogj the persmg ossdngej tm o spe`dkd` `mccdttee.
58
Zhe Fmorj hos estofadshej @mccdttees tm hednhteg the ekkd`deg`y

e kkd`deg`y mk Fmorj mperotdmgs ogj
ossdst dg exer`dsdgn dts outhmrdty kmr mversdnht mk dgtergoa `mgtrma, rdsi cogonecegt, ogj
perkmrcogè cmgdtmrdgn mk the Fogi. Mg the mther sdje, there ds o 6?,:64-strmgn ecpamyee
wmrikmrè (;>% wmceg, 00% ceg) servdgn ofmut 8.> cdaadmg àdegts whdae hovdgn 88?,66; tmtoa
trodgdgn hmurs prmvdjej tm ecpamyees. Mk the tmtoa heoj`mugt, ?,68; ecpamyees were onej 5<
ogj majer. Hmwever, jue tm @M[DJ- ?4 presegtdgn heoath rdsis ogj o`èaerotdgn fusdgess
trogskmrcotdmg, they mkkerej o gucfer mk thedr cmre experdegèj tegurej ecpamyees o pureay
vmaugtory eoray retdrecegt.
;. Ptya
Ptya es
Zhe aeojershdp ogj steworjshdp mk the Fmorj mk Jdre`tmrs ore smce mk the cmst dcpmrtogt
ko`tmrs o``mugtdgn kmr F\D—s amgn -terc nrmwth ogj su`èss. Os kdgog`doa servdès, tmjoy koè cogy
co gy
trogskmrcotdve ko`tmrs‚ pogjecd` (the gew gmrcoa), nmvergcegt renuaotdmg
renuaotd mg (FOVM O@Z), coriet
jdsruptdmg, gew te`hgmamndes ogj fusdgess cmjeas, `mcpetdtdmg ‚thot okke`t the fusdgess
sdngdkdògtay ogj dg amgn-terc woys. F\D—s Fmorj ugjerstogjs thot the Fogi cust `mgtdguoaay
evmave, ojopt, ogj eveg restru`ture the kdrc tm recodg oheoj mk strotend`, coriet, te`hgmamny, ogj
renuaotmry shdkts. Dg the soce woy, the Fmorj ogj segdmr cogonecegt aeojershdp o
oasm
asm respmgj tm
ogj ogtd`dpote kuture `hognes.
F\D—s rdsi ùature recodgs og`hmrej mg dts vdsdmg mk trogsporeg`y ogj dgtenrdty dg th e
wmripaoè, the `reotdmg mk sustodgofae voaue, ogj the jeadvery mk coxdcuc returgs tm
stoiehmajers. Zm o`hdeve dts respmgsdfdadtdes
r espmgsdfdadtdes tm àdegts, ecpamyees, stoiehmajers, renuaotmrs, ogj
the `mugtry, dt exer`dses prmo`tdve ogj prujegt rdsi cogonecegt. Aeojershdp `hognes mperote os
o port mk o `mcprehegsdve rdsi cogonecegt stroteny thot ds nudjej fy àeor ogj trogsporegt
nmvergogè pmad`des, prmèsses, ogj aows.
>. Phorej [oaues

[maotdadty dg the namfoa fusdgess egvdrmgcegt jue tm EPN shmìs - kdgog`doa rdsis, renuaotmry
ugèrtodgty, extrece weother, fusdgess dgterruptdmg `msts, ogj sm`doa cejdo, ocmgn mthers -
jecogj thot `mcpogdes fudaj gew òpofdadtdes su`h os preporejgess kmr the ugigmwg, ogj the
ofdadty tm exeùte o fusdgess stroteny wdthmut dgùrrdgn tmm cu`h rdsi. @mgsequegtay, o aekt
ugcogonej, su`h EPN shmìs òg resuat dg `rdtdòa horc tm ogy `mcpogy—s cogonecegt, ùature,
ogj kdgog`doa weaa-fedgn. Hegè, `hognes dg ùstmcer geejs ogj dg the corietpaoè oasm òaa kmr
the Fogi—s ojbustcegt tm the `hogne

`ho gne dg `mgsucer ogj `mccer`doa expe`totdmgs. Dg thds respe`t, the
54
Fogi toies su`h mppmrtugdtdes tm hdnhadnht dts dgvestcegt dg mr aegjdgn tm fmrrmwers whm òg coie
pmsdtdve dcpo`t tm the egvdrmgcegt, os weaa os the sm`doa fegekdts mk thedr prmju`ts ogj servdès.
Zofae 5-02 EPN Dssues thot serve os o amgn-terc

amgn -terc jrdver mk coriet voaue.
F\D feadeves thot the prmper cogonecegt mk these iey EPN dssues ds o vdtoa `mcpmgegt mk
the stroteny, essegtdoa tm the exeùtdmg mk dts `mre fusdgess prmèsses ogj tm fe ofae tm jeadver
returgs wdth nreoter èrtodgty. Fy djegtdkydgn ogj ossessdgn these iey EPN
EP N dssues dg tercs mk thedr
coterdoadty tm dts fusdgess ogj respmgjdgn o``mrjdgnay (d.e., strotend` rethdgidgn, gew prmju`t
dggmvotdmg, fusdgess cmjea `hognes), F\D òg ofae tm fudaj o fetter, cmre resdadegt, ogj cmre
voauofae fogi. Fy ojoptdgn tm `hognes dg the fusdgess egvdrmgcegt, ogj gmt cereay tm mperotdmgoa
mr kdgog`doa rdsis, the Fogi jecmgstrotes re`mngdtdmg ogj cogonecegt mk the iey EPN dssues os o
amgn-terc jrdver mk coriet voaue. Os og exocpae, F\D hos o wdje orroy mk trodgdgn prmnrocs kmr
dts ecpamyee retegtdmg ogj jeveampcegt os o port mk dts Hucog @opdtoa.

Cmremver, Fogi—s Fmorj Jdversdty \mad`y, ojmptej dg 6<?5, ugjers`mres jdversdty ot the
Fmorj aevea os og essegtdoa eaecegt mk smugj `mrpmrote nmvergogè, rdsi cogonecegt,
sustodgofae ogj foaogèj jeveampcegt,
j eveampcegt, ogj ekke`tdve fusdgess stroteny. Zhedr aeojershdp cmjea
egsures og opprmprdote foaogè mk pmwer, o``mugtofdadty, ogj dgjepegjegè dg je`dsdmg coidgn.
Fogi mk the \hdadppdge Dsaogjs ossures tm prmvdje thedr ecpamyees wdth o wmripaoè thot kmsters
aeorgdgn ogj jeveampcegt, òreer ojvogècegt, ogj sustodgofae egnonecegt. Egucerote feamw
the `mre voaues thot they wogt tm dgstdaa dg every ecpamyee.xd
@ustmcer Pervdè - Estofadsh krdegjay reaotdmgshdps wdth àdegts, puttdgn thec kdrst dg thedr adst
ad st mk
prdmrdtdes, tm jeadnht thec wdth thedr servdès, ogj oawoys try tm ogtd`dpote thedr every geej.
;<
Exèaaegè - Ecpamyees, whotever thedr kug`tdmgs ore, shmuaj oawoys ndve thedr fest ogj
`mgtdgumusay upnroje thedr igmwaejne, sidaas, hofdts, ogj ottdtujes tm ceet eo`h `hoaaegne wdth
jetercdgotdmg ogj jrdve, mpegdgn thecseaves tm ugadcdtej pmssdfdadtdes.
Amyoaty - Zm fe prmuj mk F\D, tm fe true tm dts djeoas ogj vdsdmg, ogj tm o`tdveay prmcmte ogj
jekegj whot F\D stogjs kmr.
Zeocwmri - Fudaj jeep ogj aostdgn reaotdmgshdps kmugjej mg trust ogj respe`t, tm fe tmtoaay
`mccdttej tm the o`hdevecegt mk the mfbe`tdves mk thedr respe`tdve teoc ogj F\D, tm o`tdveay
portd`dpote os mge dg ogy ugjertoidgn, tm `mgtrdfute thedr igmwaejne ogj toaegts
toaeg ts kmr the fegekdt mk
oaa.
Dgtenrdty - Os fogiers,
fogiers, they
they shmuaj
shmuaj fe wmrthy mk the
the `mgkdjegè
`mgkdjegè put dg thec
thec fy F\D ogj the
the sm`dety
sm`dety
dt stogjs kmr, eorg the trust mk thmse they ceet ogj dgtero`t wdth, ogj oawoys jm whot ds cmroaay
ogj sm`doaay `mrre`t, `mgtrdfutdgn dg thedr scoaa woy dg shopdgn the kuture.
@mgèrg kmr pempae - Ecpamyees shmuaj fe negudgeay dgterestej dg pempae, tm heap mthers dg
every woy pmssdfae, tm `mgtrdfute tm o smugj egvdrmgcegt, tm fe kodr, suppmrtdve, krdegjay, òrdgn,
ogj sdgère dg thedr reaotdmgs wdth the pempae they ceet.
Zofae 5-:2 Puccory mk F\D—s CÌdgsey >-P Cmjea Oa dn gej=

gej =
Ptroteny Coriet pegetrotdmg, coriet jeveampcegt, prmju`t jeveampcegt, ogj Tes
retreg`hcegt thot kmùses mg the ugpreèjegtej jdsruptdmg frmunht frmu nht fy the
@M[DJ-?4.
Ptru`ture Kug`tdmgoa Mrnogdzotdmg Ptru`ture, aej fy the F\D—s \resdjegt, Pegdmr Tes
Exeùtdve Mkkdèrs, ogj the Fmorj. Zrogsaotes tm heoathy `mccugdòtdmgs
ogj hovdgn kdrst-hogj o`èss ogj dgsdnht dgtm thedr mperotdmgs ogj fusdgess
o`tdvdtdes oaamws thec o fetter ossesscegt mk Fogi stroteny ogj
perkmrcogè.
Pystecs Vdsi-Cogonecegt, Kdgog`doa, HV, ogj Dgtergoa Oujdt jeportcegts hove Tes
fe`mce dg`reosdgnay reaevogt tm the dssue mk heoath, e`mgmcd`, ogj
egvdrmgcegtoa jdsoster tm egsure thot the kdrc respmgjs tm fmth rmutdge ogj
ugkmreseeg mfstoàes.
Pidaas Ko`dadtote aeojershdp ogj rdsi cogonecegt jeveampcegt thrmunh o faegjej Tes
aeorgdgn prmèjure thot stregnthegs spe`dkd` kug`tdmgoa ogj te`hgdòa
`mcpeteg`des ogj teoc ekke`tdvegess.
e kke`tdvegess.
Ptokk O `mccdttee thot mversdnht the dgtergoa `mgtrma, rdsi cogonecegt, ogj Tes
perkmrcogè cmgdtmrdgn wdth o 6?,:64-strmgn ecpamyee
e cpamyee wmrikmrè.
Ptyae Aeojershdp ogj o `mcprehegsdve rdsi cogonecegt
cogo necegt opprmo`h thot wdaa Tes
respmgj tm ogtd`dpote kuture `hognes.
Phorej [oaues F\D kmsters aeojershdp, sustodgofae egnonecegt, amyoaty, teocwmri, Tes
exèaaegè, resdadegè, dgtenrdty, ogj o heort kmr Kdadpdgm `dtdzegs.
;?
5.6 Jovdj—s Jeportcegtoa Oujdt
5.6.?.
5.6.?. Cogonecegt
?. \aoggdgn
\aoggdgn
O. Pus tod gofa e Jeveamp
Jevea mpceg
cegtt Kd gog` e (PJK) prmnr
pr mnr oc ‐ @mvdj ?4
Zhe Fogi mk the \hdadppdge Dsaogjs (F\D) dcpades tm dcprmve thedr sustodgofdadty rdsi
`mgs`dmusgess tm `mce up wdth fetter fusdgess `mgtdgudty paogs os gew rdsis, su`h os the
`mrmgovdrus jdseose 6<?4 (@M[DJ-?4) pogjecd` ogj mther ugexpe`tej evegts cmre adieay
pmssdfdadtdes thot
thot coy m`ùr dg the kuture.
kuture. Bm-Ogg Eoao, Heoj mk F\D Pustodgofae
Pustodgofae
Jeveampcegt Kdgogè (PJK), sodj @M[DJ-?4, o rore
ro re fut hdnh-dcpo`t evegt, hos mpegej the
eyes mk cogy, fut there ore exdstdgn, mkt-dngmrej egvdrmgcegtoa, sm`doa, ogj nmvergogè
(EPN) rdsis whd`h oasm requdre urnegt ottegtdmg. ‑Fusdgess
‑Fusdgesses
es cust ogtd`dpote, prepore, ogj
qudìay ojopt tm the evmavdgn namfoa aogjsòpe. Pustodgofae ogj rdsi-`mgs`dmus fusdgesses
ore thmse thot wdaa survdve jurdgn trydgn tdces. Vdsi `mgs`dmusgess, rdsi preporejgess, ogj
rdsi cdtdnotdmg ore iey tm sustodgofdadty,– she sodj. Cs. Eoao expaodgej thot F\D—s prmnrocs
hoj prmcmtej the dgàusdmg mk sustodgofdadty os port mk àdegts— fusdgess cmjeas, horgessdgn
the Fogi—s experdegè os the sustodgofdadty pdmg eer ogj aeojer dg the \hdadppdges sdgè 6<<8.
Fut os the wmraj hdt wdth o pogjecd`
pogj ecd` mk thds sòae. @mcpogdes cust gmw aeorg hmw tm coie
use mk rdsi-cdtdnotdgn tmmas su`h os thmse usej fy F\D PJK tm ojopt, cdtdnote, ogj re`mver
ocdjst the gew gmrcoa. ‑ê ore govdnotdgn ug`horterej woters os o resuat mk thds namfoa
pogjecd` whd`h gm mge preporej kmr dt. ê geej tm ojmpt o gew cdgjset thot wdaa `hogne
the woy we jm fusdgess,– she ojjej. xdd
F. Pustodgofae Jeveampcegt Kdgogè (PJK)

(PJK) prmnroc ‐ Goturoa @oaocdtdes
‑Vececfer thot egvdrmgcegtoa ogj àdcote rdsi hozorjs adie eorthquoies, typhmmgs,
typhmmgs,
kammjdgn, ogj jrmunht wdaa gmt stmp feòuse there ds o pogjecd` mutfreoi. Goturoa òaocdtdes
wdaa gmt ndve hucogs o freoi, bust feòuse we ore oareojy sukkerdgn, bust hmw the typhmmg
Vmaay ogj Uaysses hoj òusej jocones reègtay. Dt tmmi @M[DJ-?4 ogj reègt
reè gt dg`djegts kmr
us tm reoadze thot r dsi cogonecegt ds o geèssory `mcpmgegt mk fusdgess stroten
strotendes,–
des,– she
sodj. F\D ds mkkerdgn the PJK prmnroc os o rdsi cogonecegt tmma kmr dts àdegts ogj mther
stoiehmajers, os they heap thedr àdegts o`hdeve àdcote resdadegè ogj preporejgess,
p reporejgess, gmtdgn
thot cmst dgjustrdes ore okke`tej fy the e`mgmcd`
e`mgm cd` jmwgturg òusej fy the jdsostrmus ekke`t
mk the prevdmus typhmmg ogj mg the wdje -spreoj amìjmwgs o`rmss the `mugtry ogj the wmraj.
Zhe PJK prmnroc oaamws àdegts tm fegekdt krmc experts dg egerny ekkd`deg`y, regewofae
;6
egerny, ogj àdcote resdadegè thrmunh kree te`hgdòa ogj kdgog`doa ojvdè kmr fmth aorne
`mrpmrotes ogj PCEs. xddd
6. Mrnogdzotdmg
Mrnogdzotdmg
Kdnure 5-:2 Phmws the mrnogdzotdmgoa stru`ture mk Fogi mk the \hdadppdge Dsaogjs
Zhe whmae mrnogdzotdmg mperotes thrmunh the kmaamwdgn sencegts2 @mgsucer Fogidgn,
@mrpmrote Fogidgn, ogj Dgvestcegt Fogidgn. Zhe @mgsucer Fogidgn sencegt prmvdjes jepmsdt-
;0
toidgn ogj servd`dgn, `mgsucer aegjdgn, su`h os hmce cmrtnones, outm amogs, ogj `rejdt òrj
kdgogè, ogj recdttogè servdès. Zhe @mrpmrote
@mrpm rote Fogidgn sencegt mkkers aegjdgn, aeo
aeosdgn,
sdgn, troje,
ogj òsh cogonecegt servdès tm `mrpmrote ogj dgstdtutdmgoa ùstmcers, dgàujdgn hdnh-egj
`mrpmrotdmgs ogj cdjjae-coriet àdegts. Zhe Dgvestcegt Fogidgn sencegt prmvdjes `mrpmrote
kdgogè, seùrdtdes jdstrdfutdmg, osset cogonecegt, trust, kdju`dory servdès ogj ds egnonej dg
prmprdetory trojdgn
trojdgn ogj dgvestcegt
dgvestcegt o`tdvdtdes. Dg spe`dkd`, the `mcpogy —s mther prdg`dpoa
sufsdjdordes ore F\D Kocday Povdgns Fogi, Dg`.9 F\D @opdtoa @mrp.9 F\D Jdre`t FogIm, Dg`.9 F\D
Dgtergotdmgoa Kdgogè Adcdtej9 F\D Vecdttogè @egtre Hmgn Imgn Atj.9 F\D (Eurmpe) \a`.9 F\D
@egtury Zmiym Aeose & Kdgogè @mrp.9 F\D/CP Dgsurogè @mrp.9 F\D/CP Dgsurogè @mrp.9 ogj
F\D Dgvestcegt Cogonecegt Dg`. Zhey wogt everymge ‐ krmc dgjdvdjuoas, egterprdses, ogj
dgstdtutdmgs ‐ tm jdre`tay mr dgjdre`tay fegekdt krmc the e`mgmcd` voaue negerotej ogj egofaej fy
thedr fusdgess.
5.6.6
5.6.6 Corietdgn
?. @ustmcer ogoaysds
O. Cd`r
Cd `r m, Pcoa a ogj Cejduc
Cejd uc Egt erp rd ses .
Igmwdgn PCEs ore the foìfmge mk the \hdadppdge e`mgmcy, ecpamydgn ;5% mk the
gotdmgoa wmrikmrè ogj o``mugtdgn kmr 05% mk the Nrmss Jmcestd` \rmju`t (NJ\). Zhey ore
`mngdzogt mk the ko`t thot they koè gucermus nrmwth `hoaaegnes, dgàujdgn te`hgdòa òpo`dty,
jdkkdùaty dg o`èssdgn mutaogj coriets, ogj cmst gmtofay, adcdtej o`èss tm kdgog`doa suppmrt.
Zhey respmgjej tm thds mppmrtugdty fy `reotdgn o jejdòtej teoc tm kmùs mg the geejs mk
CPCEs. Zhe Fogi reègtay `mcpaetej the mkkerdgn kmr the F\D @M[DJ O`tdmg Vespmgse Fmgjs
(@OVE), wdth o tegmr mk ?.>5 yeors ogj o `mupmg rote mk 0.<5% p.o. podj quorteray. Zhe F\D @OVE
Fmgjs ore saotej kmr dssuogè ogj adstdgn mg the \hdadppdge Jeoadgn & Ex`hogne @mrp. (‑\JEx–)
mg Ounust >, 6<6<. Zhe prmèejs mk the @OVE Fmgjs wdaa fe usej tm kdgogè ogj rekdgogè
eadndfae Cd`rm, Pcoaa ogj Cejduc Egterprdses (‑CPCEs–) ugjer the Fogi—s Pustodgofae
Pustodgofae Kugjdgn
Krocewmri. CPCEs hove feeg sdngdkdògtay okke`tej fy the namfoa pogjecd` ogj F\D
re`mngdzes thot these egterprdses, whd`h o``mugt kmr o sdngdkdògt perègtone mk the `mugtry—s
ecpamycegt, ore `rdtdòa tm the
the nrmwth
nrmwth ogj re`mvery mk mur e`mgmcy.
F. Cdjjae-àoss
Cdjjae-àoss Kdadp dgms- @mgsucer Aegjdgn.
Os mk Jeècfer 0?, 6<?4,

6<?4, mgay 66;,><6 mr 6.8% mk thedr retoda jepmsdtmrs hove ovodaej mk
thedr amog prmju`ts. F\D odcs tm stregntheg the nrmwth dg dts `mgsucer aegjdgn coriet fy
;:
presegtdgn thec wdth o vost mppmrtugdty. Zm kurther jeepeg thedr àdegt reaotdmgshdps, espe`doaay
mg the ùrregt kdgog`doa cess frmunht
frmu nht fy the pogjecd`. Zhey feadeve they `mu
`muaj
aj heap the Kdadpdgm
hmusehmaj ogj mther cdjjae-àoss Kdadpdgms ofrmoj.
@. Ugjerfogiej oreos mk Cd`rmkdgogè .

Zm serve the ugjerservej ogj ugfogiej Kdadpdgms o`rmss the gotdmg. Dg o stotecegt,
@mgsdgn sodj thot ‑jdndtoadzotd
‑jd ndtoadzotdmg
mg wdaa coie kdgog`doa dgàusdmg truay sustodgofae,– oaamwdgn the fogi
tm ‑serve o cu`h nreoter prmpmrtdmg mk the pmpuaotdmg.–xdv Ve`mngdzdgn the geej kmr the ugfogiej
coriet tm hove o`èss tm `rejdt ko`dadtdes, they `mgtdgue tm coie sdngdkdògt strdjes dg
cd`rmkdgog`dgn. \rdcorday dt ds estofadshej tm serve Kdadpdgms mk èrtodg (segdmr) one ogj Peak-
Ecpamyej Cd`rm-Egtrepregeurs (PECEs). Zhedr sufsdjdory, F\D Jdre`t FogIm, Dg`. (FogIm), hos
expogjej tm 0<< frog`hes dg 0 yeors, dg`reosdgn the PECEs— o`èssdfdadty tm okkmrjofae ogj
opprmprdote kdgog`doa prmju`ts ogj servdès whdae oasm ecpmwerdgn thec wdth kdgog`doa ojvdè
oj vdè ogj
smautdmgs thot prmcmte the nrmwth ogj
o gj expogsdmg mk thedr egterprdses.
6. \rmju`t ogj Pervdès

JE\MPDZP Expmrt Ojvogè Amogs Expmrt Kuaa Pervdè Mperotdgn Aeose
Fdaas \ur`hose FM@ @ustmcs Zerc Amog
\esm Jutdes Veèdvofaes Kdgog`dgn
@heìdgn Povdgns Zdce Puppay PCOAA CEJDUC

EGZEV\VDPEP
Kmredng
Kmredng @urreg`y Puppader Kdgogè Veèdvofae
Kdgogè Ptru`turej Kdgo
Kdgogè
gè Rerm @maaoteroa kmr Jepmsdtmrs
Pcoaa Fusdgess @rejdt
Povdgns Fusdgess Krog`hdse
\rmbe`t Kdgogè
@rmss Fmrjer Kdgog`dgn (FKK) @mccer`doa
Zdce Mther Ptru`turej @rejdts Osset \ur`hose
\ur`hose (@O\) Amogs
Puppader @dràe
Jepmsdt
Jepmsdt Pufstdtutes Pustodgofae Jeveampcegt
Kdgogè Jeoaer @dràe Zofae mk
@mgtegts CD@VMKDGOG@E
AMOGP @MCCEV@DOA
Pustodgofae Egerny
Kdgogè FogIm GenmsymIm Amog
Onrd
On rd fu
fusd
sd ges
gesss Cd`rmjepmsdts
Zrd`yàe Kdgog`dgn \rmnroc
Onrdùaturoa \rmju`tdmg
\rmju`tdmg Vegewofae Egerny Egerny
Ekkd`deg`y @adcote Vesdadegè
@MGPUCEV
\mst-Horvest Ko`dadtdes
Pustodgofae
Pustodgofae Onrd` uature
Outm Amogs (FKPF)
(FKPF) Hmusdgn
Zroje ogj Puppay @hodg Amogs (FKPF)
Kdgogè Ppe`doadzej Aegjdgn
KDGOG@DOA PEV[D@EP
Zroje Nuorogtee Ko`dadtdes Kugjdgn
Ko`dadtdes Aeosdgn
(HMGN IMGN)
Gmg-Aetter
@rejdt mk @rejdt
Ptogjfy AetterAetter
mk mk Kdgogè Aeose
Mperotdgn Aeose Namfoa Peùrdtdes Kmredng
@rejdt Zrust Veèdpt Amogs Kdxej Dg`mce Fmgjs/@rejdts
;5
@maae`tdve Dgvestcegt O?50 F\D Dgtenrotej Vepmrt Kugj F\D \EVO @mrpmrote
P`heces/Kugjs Equdtdes 6<?4 Dg`mce Kugj
Dgvestcegt Cogonecegt @maae`tdmgs DG[EPZCEGZ KUGJP

O``mugt Cuatd-@urreg`y
Cuatd-@urreg`y Zdce
Jepmsdts Phmrt Zerc Amogs Fdaas @maae`tdmg F\D Dgvestcegt Kugj s
Kmredng Ex`hogne Ppmt @osh ogj @heì \dì-Up
Cmtmrdzej @heì @maae`tdmg \esm
\OTCEGZP OGJ @mrpmrote @osh Jepmsdt
PEZZAECEGZP Co`hdge (@@JC)
Outmcotd` Jefdt
Jefdt Orrognecegt F\D Dgvest Phmrt Zerc Kugj
(OJO) F\D Dgvest Cmgey Coriet
Eae`trmgd`
Eae`trmgd` @hogge
@hoggeas
as Kugj F\D Dgvest \recduc
Eae`trmgd` Dgvmdè
\resegtcegt ogj \oycegt Fmgj Kugj F\D Dgvest
F\D Mgadge Fogidgn (ED\\) Foaogèj Kugj
F\D Cmfdae Fogidgn OFK \hdadppdges Fmgj Dgjex
F\D \hmge Fogidgn Kugj F\D Dgvest \hdadppdge
F\D Outmcotej Zeaaer \oycegts Hdnh Jdvdjegj
Co`hdge (OZC) F\D @osh
O`èpt Co`hdge (@OC)
(@OC) \oyrmaa Equdty Kugj
Mutsmurèj @heì F\D Dgvest Equdty [oaue Kugj
Ugseùrej
Ugseùrej Aegjdgn ogj Jdsfursecegts Peak-Perve F\D Dgvest \hdadppdge Equdty
@orjs @heì Jdsfursecegts \oy Dgjex
F\D
\oy Gmg F\D
@rejdt @orjs Jefdt @orjs Mutworj Vecdttogè Kugj
\repodj @orjs \ersmgoa Nmvergcegt \oycegts F\D Dgvest \hdadppdge
Amogs Dgkrostru`ture
KD Jepmsdtmry Pervdès
Vecdttogè Equdty Dgjex Kugj
F\D Dgvest \hdadppdge
OPPEZ COGONECEGZ & @mgsucer
Kugjs Zrogsker ZVUPZ DGPZDZUZDMGOA
DGPZDZUZDMGOA
KUGJ COGONECEGZ Kugj
Dgworj Vecdttogè Cogonecegt Pmautdmgs O?5:
@rejdt tm O``mugt @mrpmrote ogj Dgstdtutdmgoa O reaotdmgshdp thot gurtures

gurtures
@osh \dì-Up Mutworj Kugjs \egsdmg ogj \rmvdjegt ymur kuture
Vecdttogè Kugjs Mther Kdju`dory
Pmautdmgs Equdty Dgjex Kugj
Fmgj Zrusteeshdp F\D Kdxej Dg`mce \mrtkmadm
Jmcestd` Vecdttogè
Kugjs Zrogsker tm mther Amog Oneg`y

Es`rmw Oneg`y Kugj-mk-Kugjs
F\D Dgvest @othmad` [oaues
fogis (Dgsto\oy, \EPMGet) Cmrtnone Zrust Dgjegture Namfoa
@osh Cogonecegt êo
êoath
ath Cogone
Cogonecegt
cegt Equdty Keejer Kugj
F\D Dgvest Foyogdhog
O` `mug
O``m ug t og
ogjjA
Adq
dq udjd
ud jd ty Foaogèj Kugj
Venuaor Pufs`rdptdmg \aog
Cogonecegt \ersmgoa Cogonecegt Zrust
Dgvestcegt Cogonecegt Kmredng
Kmredng @urreg`y
O``mugt Dgqudry ogj O``mugt Peùrdtdes
Peùrdtdes @ustmjy
Zrogso`tdmg Hdstmry Ppe`doa O``mugt
Fogi Ptotecegts (CZ4:< \H F\D Dgvest UP Jmaaor Phmrt
Ptogjorj, Zerc Kugj
\ersmgoa Equdty &
Vetdrecegt O`` mugt (\E
(\EVO)
VO)
Cuatdòsh, FOD) F\D Dgvest Namfoa Fmgj Kugj-
Amog Dgqudry mk- Kugjs
F\D \EVO Cmgey Coriet
Zroje Dgqudry
Dgtro-`mcpogy Kugjs Kugj F\D \EVO
F\D \EVO Equdty Kugj
Nmvergcegt Fmgj F\D Dgvest \hdadppdge Jmaaor
Zrogskers O``mugt Pweepdgn Fmgj Dgjex Kugj
;;
F\D Dgvest Namfoa Equdty Teor Dgjex Fogi Dssues

Kugj-mk- Kugjs F\D \hdadppdge Nmvergcegt @mccer`doa \oper
Fmgj ?-5 @mrpmrote \rmcdssmry Gmtes
F\D Dgvest UP Equdty Dgjex ogj Fmgjs Equdtdes
Keejer Kugj Teor Dgjex @mgstdtuegts
Peùrdtdes
Peùrdtdes Jdstrdfutdm g ogj
F\D Dgvest Eurmpeog Equdty Zofae mk @mgtegts Zrojdgn
Keejer Kugj
F\D \hdadppdge Nmvergcegt \hdadppdge Pmveredng Jeft
F\D Dgvest UP Jmaaor Dg`mce Fmgj 5+ Teor Dgjex
Keejer Kugj Zreosury Fdaas ogj Gmtes
F\D \hdadppdge Nmvergcegt
Mjyssey Kugjs Adqudj Fmgj Dgjex Vetoda Zreosury Fmgjs
@mgstdtuegts
\esm @mrpmrote Fmgjs
F\D \hdadppdge Nmvergcegt
Mjyssey \esm Cejduc Zerc Cmgey Coriet Dgjex \rmprdeto
\rmprdetory
ry Dgvestce
Dgvestcegts
gts
Fmgj Kugj @mgstdtuegts
Cer`hogt Fogidgn
Mjyssey \esm Fmgj Kugj F\D \hdadppdge @mrpmrote
Mjyssey Jdversdkdej @opdtoa Fmgj Dgjex @mgstdtuegts
Frmi er/Je
er/Jeoaer
oaer mk th e
Kugj Mjyssey Jdversdkdej \hdadppdge Equdtdes
Foaogèj Kugj Mjyssey F\D \hdadppdge Equdty Zmtoa
\hdadppdge\hdadppdge
Mjyssey Equdty Kugj
Hdnh Veturg Dgjex F\D
Dgkrostru`ture \hdadppdge
Equdty Mgadge Zrojdgn Frmier-
@mgvd`tdmg Ossdstej Ojvdsmry Pettaecegt
ogj @ustmjy Coriet ogj
Dgjex @mgstdtuegts Equdty Veseor`h @mrpmrote
Equdty Kugj F\D \hdadppdge Hdnh Jdvdjegj O`tdmgs
Kdgog`doa Ejuòtdmg ogj
Kmredng
Kmredng @urreg`y Equdty Zmtoa Veturg Dgjex @adegt Puppmrt
@mgstdtuegts F\D \hdadppdge
Mjyssey \hdadppdge Jmaaor @mgsucer Equdty Dgjex Zofae mk @mgtegts
Fmgj Kugj
@mgstdtuegts Zreosury
Zreosury Pmautdmgs
Mjyssey Osdo \o`dkd` Hdnh
Jdvdjegj Equdty Kugj DG[EPZCEGZ FOGIDGN Kmredng Ex`hogne
Kmredng
Kdxej Dg`mce Peùrdtdes
F\D DG[EPZCE
DG[EPZCEGZ
GZ @opdtoa Vodsdgn Jerdvotdves & Hejndgn
COGONECEGZ DG@. Pmautdmgs
Jeft Ugjerwrdtdgn Equdty
Cutuoa Kugjs Ugjerwrdtdgn \rdvote Kmrworj @mgtro`ts
\aoècegts Amog Pygjdòtdmg (Jeadverofae Kmrworjs ogj
OAKC \esm Fmgj
Fmgj Kugj \rmbe`t Kdgogè O`qudsdtdmg Gmg-Jeadverofae
OAKC Jmaaor Fmgj
Fmgj Kugj Kdgog`dgn Peùrdtdzotdmg
\hdadppdge Ptmì Dgjex Kugj Ptru`turej Jeft Kmrworjs)
OAKC Eurm Fmgj Kugj Pwop @mgtro`ts (Kmredng
OAKC Nrmwth
Nrmwth Kugj Kdgo
Kdgog`doa
g`doa Ojvdsmry Ex`hogne Pwops, Dgterest
OAKC Cmgey Coriet
Coriet Kugj Vote Pwops, @rmss @urreg`y
OAKC Namfoa Cutad-Osset
Cutad-Osset Cerners ogj O`qudsdtdmgs Pwops, Gmg-Jeadverofae
Dg`mce Kugj Eiiaesdo Cutuoa @mrpmrote Vestru`turdgn Pwops)
Kugj Pmadjordtos Kugj Osset ogj Adofdadty
Cogonecegt Fusdgess DGPUVOG@E
Dgjdès
F\D Dgjdès Jdvestcegt
Ptrotend` Ojvdsmry Dgjdvdjuoa O``mugt / Dg-
F\D \hdadppdge Nmvergcegt Frog`h
Fmgj Dgjex F\D \hdadppdge \rdvote Peùrdtdes
Nmvergcegt Fmgj ?-0
;>
Kocday @ore \aus F\D-

F\D-\hdaoc
\hdaoc Jdre`t [maugtory Pmautdmgs (Nrmup
Fudaj Estote \aus Zerc Adke, Nrmup O``djegt,
Adke Veojy \aus Pcort Phdeaj Nrmup @rejdt Adke, Nrmup
Adke \rmte`t Adke \rmte`t Heoath Jdre`t @rdtdòa Daagess)
O``djegt Nuorj 6:/>
6:/> Adke Pcort Heoath Phdeaj Perdes
Extrece \rmte`t @rdtdòa @ore Gmg-Adke
Cox @rdtdòa @ore \aus
Pmautdmgs
@mrpmrote Pmautdmgs
Kdre
Fudaj
DgvestAdke
\esm\aus
Cox(?<-poy)
Dgvest Jmaaor @mrpmrote Essegtdoas Cmtmr
Heoath Essegtdoas \ersmgoa O``djegt @osuoaty
Cox \rekerrej Adke \aus Cordge ogj Ovdotdmg
Jmaaor \rmte`t \aus @rdtdòa @mrpmrote \ersmgoa O``djegt
@rejdt Adke Egndgeerdgn Purety Fmgj
@ore ?<< Cd`rmdgsurogè
0. Jdstrdfut dmg
Os mk tmjoy, thedr getwmri fmosts mk ?,?;> F\D, F\D Kocday Povdgns ogj F\D Jdre`t FogIm
frog`hes ogj frog`h-adte ugdts (FAUs) gotdmgwdje. F\D heojquorters ds gmw amòtej dg Oyoao Gmrth
Ex`hogne Zmwer ?, Oyoao Ovegue `mrger Poaèjm Ptreet, Coiotd @dty os they ore ùrregtay
rejeveampdgn thedr mrdndgoa heojquorters ot the `mrgers mk Oyoao Ovegue ogj \osem je Vmxos.
Mverseos, they mkker jdverse voaue-ojjej servdès thrmunh twm fogidgn sufsdjdordes2 F\D Dgtergotdmgoa
Kdgogè Adcdtej dg Hmgn Imgn, ogj Fogi mk the \hdadppdge Dsaogjs (Eurmpe) \a`, whd`h hos o heoj
mkkdè ogj o frog`h dg Amgjmg. Zhds namfoa presegè ds kurther stregnthegej thrmunh ?08 dgtergotdmgoa
tde-ups, recdttogè ègters, ogj represegtotdve mkkdès dg Hmgn Imgn,
Img n, Zmiym, ogj Jufod, whd`h hove
feeg estofadshej tm ceet the kdgog`doa servdès geejs mk mverseos Kdadpdgms.
;8
5.6.0.
5.6.0. Kdgog` e
Zofae 5-52 F\D _uorteray Dg`mce Ptotecegt.
Gmte. Joto kmr F\D Dg`mce Ptotecegt wos krmc F\D _uorteray Vepmrt ogj mther smurès.
Pu`h os ^PB Coriet ogj Dgvestdgn.`mc (retrdevej krmc https2//ph.dgvestdgn.`mc/equdtdes/fi-
mk-phd-dsao-dg`mce-stotecegt)
;4
Zofae 5-;2 F\D _uorteray Foaogè Pheet.
Gmte.
os ^PB Joto kmr F\D
Coriet ogjFoaogè Pheet wos
Dgvestdgn.`mc krmc F\D
(retrdevej _uorteray
k rmc9
krmc9 Vepmrt ogj mther/equdtdes/fi-mk-p
https2//ph.dgvestdgn.`mc smurès.
s murès. Pu`h
https2//ph.dgvestdgn.`mc/equdtdes/fi-mk-p
hd-dsao-foaogè-sheet)
><
Zofae 5->2 F\D _uorteray @osh Kamw Ptotecegt.
Gmte. Joto kmr F\D @osh Kamw wos krmc F\D _uorteray Vepmrt ogj mther smurès. Pu`h os ^PB Coriet ogj
Dgvestdgn.`mc (retrdevej krmc9 https2//ph.dgvestdgn.`mc/equdtdes/fi-
https2//ph.dgvestdgn.`mc/equdtdes/fi-mk-phd-dsao-òsh-kamw)
mk-phd-dsao-òsh-kamw)
Zofae 5-8 2 Puccory mk Iey Kdgog`doa Votdms (Pep 0<, 6<6<)

D. Aevero
everone
ne rotdms D[
D[.. \rmkdtofdadty rotdms
Zmtoa Jeft-tm-Zmtoa-Ossets Votdm >.00 Get \rmkdt Corndg 66.0;
Zmtoa Jeft-tm-Zmtoa Equdty Votdm 54.4; Mperotdgn Corndg 64.0>
Zmtoa Jeft-tm-Zmtoa @opdtoa Votdm 0>.:8 \retox Corndg 64.8:
Amgn-Zerc Jeft-tm-Ossets Votdm <.<5 Veturg mg Zmtoa Ossets (VMO) ?.<5
Amgn-Zerc Jeft-tm-Equdty Votdm :?.5< Veturg mg Equdty (VME) 8.06
Amgn-Zerc Jeft-tm-@opdtoa Votdm 65.4: Veturg mg Zmtoa @opdtoa ?.60
DD.
DD. Adqudjd ty Votdms \rdè-Eorgdgns Votdm ?;.58
@urregt Votdm <.6: [. Nrmwt h Votdms
Amog tm Jepmsdt
Jepmsdt Votdm
Votdm 86.? Zmtoa Vevegues 0?<?<.8; C
>?
G\A Votdm 6.48 Get Dg`mce 5:45.<8 C

DD.
DD. O`tdv dtdes Get Dgterest Dg`mce ?>44:.44 C
Get Amogs ?.:?Z Get \rmkdt ?>.?>F
Zmtoa Jepmsdts ?.;8Z Eorgdgns \er Phore ;.04
Dgvestcegts ::5.::F
@OPO rotdm >;.6
Amog tm jepmsdt rotdm 86.?
Zmtoa Ossets Zurgmver <.<;
@mst-tm-Dg`mce Votdm :;.8
Am ogs . Fogi mk the \hdadppdge Dsaogjs fmmiej \?5.<? fdaadmg dg

O. Gmg -\erk mr cd gn Amogs
prmvdsdmgs kmr amog amsses dg the kdrst secester mk 6<6< os the @M[DJ-?4 pogjecd` ushers dg o
jdkkdùat perdmj kmr `mgsucers ogj fusdgesses thot `muaj aeoj tm pmtegtdoaay hdnher G\As. Hmwever,
the fogi—s amog amss prmvdsdmgs stmmj ot \6?.<; fdaa dmg dg the kdrst gdge cmgths, cmre thog kmur tdces
the \:.58 fdaadmg dt set osdje dg the soce perdmj aost yeor. Mg the se`mgj quorter mk 6<6<, the G\A
rotdm wos ot ?.80, wdth og G\A `mverone rotdm ot ?:<.> krmc the 4>.5 re`mrjej o yeor onm. Zheg dg
the thdrj quorter mk 6<6<, Fogi—s G\A rotdm stmmj ot 6.48, wdth og G\A `mverone rotdm mk ?<<.:. F\D
reosmgej os dt rocpej up dts prmvdsdmgdgn ‑dg ogtd`dpotdmg mk og dg`reose dg G\A (gmg -perkmrcdgn
amog) aeveas dg adnht mk the `mgtdguej weoigess dg the e`mgmcd` ao gjsòpe.– O``mrjdgn tm the Fogi
mk the \hdadppdge Dsaogjs (F\D) presdjegt ogj @EM, ogj oasm the presdjegt mk the Fogiers
Ossm`dotdmg mk the \hdadppdges, @ezor \. @mgsdgn, the :.; perègt egj-6<6<
egj -6<6< G\A rotdm ds o
reosmgofae estdcote.xv
F. Adqudjdty Votdm . @mgèrgdgn the 6.48 G\A rotdm, dt dgjdòtes thot there ds o rdsi dg
adqudjotdmg. @mgsdjerdgn the fogi mgay hos o ùrregt rotdm mk <.6: thot dgterprets the fogi jmes gmt
hove egmunh adqudj ossets tm `mver dts shmrt-terc adofdadtdes. Ceogwhdae, dts amog-tm-jepmsdt-rotdm ds
86.?, tmm hdnh. Punnestdgn the fogi coy gmt hove egmunh adqudjdty tm `mver ogy ugkmreseeg kugj
requdrecegts.
@. Mperotdgn Expegses . Zhe fogi—s mperotdgn expegses dg the 6gj quorter wos jdppej
<.0% tm \6:.?4 fdaadmg jue tm amwer kees. Hegè, dts `mst-tm-dg`mce rotdm stmmj ot :5.4%, jmwg
krmc the 56.4% seeg o yeor onm. Zheg ot the egj mk Peptecfer, dts mperotdgn expegses were
jrmppej hdnher fy ?.;% tm \0;.:8 fdaadmg jue tm amwer precdses, te`hgmamny, ogj vordmus
jds`retdmgory `msts su`h os corietdgn, ojvertdsdgn, ogj cogonecegt ogj prmkessdmgoa kees. Zhe
`mst-tm-dg`mce rotdm ds :;.8%, amwer thog the 56.6% re`mrjej dg the prdmr yeor.
>6
J. \rmkdtofdadty . F\D—s revegues dg the post gdge -cmgth perdmj rmse 4.>% yeor-mg-yeor tm
\>>.88 fdaadmg. Hmwever, dts get prmkdt kmr the soce perdmj ds \?>.?> fdaadmg, jmwg 66.?% krmc the
\66.<0 fdaadmg fmmiej dg the `mcporofae yeor-onm dg the soce perdmj. Zheg, thds trogsaotej tm o
returg mg equdty mk 8.06, whdae dts returg mg ossets wos ot ?.<5. Zhe aegjer—s ossets tmtoaej \6.6
trdaadmg dg egj-Peptecfer, nrmwdgn 0.;% krmc the prevdmus yeor, whdae equdty stmmj ot \680.::
fdaadmg. Dg ojjdtdmg tm thot, t he aegjer—s get dgterest dg`mce nrew fy ??.8% tm \5:.: fdaadmg ot egj-
Peptecfer, whd`h dt sodj wos jrdveg fy the 5.>% expogsdmg dg dts overone osset fose suppmrtej
fy og ?8-fosds-pmdgt wdjegdgn dg dts get dgterest corndg tm 0.5?%. Ceogwhdae, t he fogi—s @OPO
rotdm stmmj ot >;.6.
Amog \mrtkm adm . F\D—s amog pmrtkmadm

E. Amog pmrtkma dm stmmj ot \?.08 trdaadmg os mk Peptecfer, up <.4% krmc
the prevdmus yeor. Zhe fogi sodj thds dg`reose wos mg the foì mk o 8.>% nrmwth dg cmrtnone amogs
ogj o 6.;% rdse dg `mrpmrote aegjdgn. Ceogwhdae, jepmsdts wdth the fogi dg`reosej kmur perègt
yeor-mg-yeor tm \?.;8 trdaadmg mg the foì mk o ?:.>% nrmwth dg ùrregt o``mugt, sovdgns o``mugt mr
@OPO jepmsdts.
5.6.:
5.6.: Veseor`h
Veseor`h ogj Jeveampc
Jeveampc egt
Jdndtoa fogi hos o ropdjay `hogndgn fusdgess egvdrmgcegt, whd`h F\D resuatej dts geej tm
o`èaerote dts poè mk dggmvotdmg, kuture-prmmk dts te`hgmamny, trogskmrc jdndtoaay, ogj fe preporej kmr
the ever-`hogndgn coriet jygocd`s. Zm prmnress dgtm the :th Dgjustrdoa Vevmautdmg ero mk
trogskmrcotdmg fy jeadverdgn ogj mptdcdzdgn gew jdndtoa fogidgn smautdmgs ogj experdegès kmr dts
ùstmcers. Zhey stortej thedr jdndtoa bmurgey dg 6<?;, ogj the kmùs hos feeg mg trogskmrcdgn àdegt
bmurgeys o`rmss thedr àdegt k o`dgn paotkmrcs. Zhey re`mngdzej eoray mg thot ‑ondae ot sòae– wos iey
tm jdndtoa trogskmrcotdmg. \hose Mge kmùsej mg estofadshdgn o te`hgmamny kmugjotdmg kmr thedr jdndtoa
ospdrotdmgs, prdcorday dcprmvdgn thedr jdndtoa paotkmrcs kmr mgadge ogj cmfdae fogidgn. Zhedr kmùs gmw
\hose 6 mr F\D Jdndtoa Fogidgn 6.< ds tm coie jdndtoa kdgog`doa trogso`tdmgs krd`tdmgaess kmr àdegts
thrmunh the kdve (5) pdaaors mk thedr jdndtoa bmurgey.
• Mcgd-`hoggea experdegè. Zhds ds ofmut horcmgdzdgn thedr frog`h mperotdmgs wdth thedr jdndtoa
servdès, ndvdgn thedr àdegts the `hmdè mk where tm stort mut o bmurgey mr trogso`tdmg ogj where tm
`mcpaete dt. Cmre ogj cmre mk thedr prmèsses wdaa faegj o`rmss `hoggeas os they cmve kmrworj dg
thedr jdndtoadzotdmg bmurgey.
• @ustmcer experdegè. Zhds ds ofmut ‑reshopdgn mur tmmas os mur tmmas shope us.– Zhedr tmmas, kmr
exocpae, ore cmfdae opp ogj wefsdte, shope the fehovdmr
feh ovdmr mk thedr àdegts. Ot the soce tdce, hmw thedr
àdegts fehove usdgn these tmmas `mcpea thec tm rekdge
rek dge thec kurther ogj dggmvote. Zhds
Zh ds wdaa trogsaote
dgtm ever- evmavdgn set mk tmmas ogj servdès kmr thedr paotkmrcs.
>0
• Hdnh te`h, hdnh tmu`h. ^dth cmre tmmas ndveg kmr seak-servdè wdth hdnh te`h, they geej tm
egsure thot the kew tdces thedr àdegts step dgtm thedr frog`hes wdaa fe mk nmmj quoadty. ^dth kaonshdp
frog`hes, they hove jesdng
j esdng eaecegts thot eg`murone hdnh-voaue `mgversotdmgs
`mgv ersotdmgs mr dgtero`tdmgs kmr
the cmre `mcpaex kdgog`doa geejs mk àdegts.
•
Zhe Fogi mk every joy. Zhrmunh mpeg fogidgn servdès, àdegts òg trogso`t wdth
KdgZe`hs su`h os N@osh ogj \oyCoyo,
\ oyCoyo, ogj òsh dg wdth mgadge cer`hogts su`h os Aozojo. Zhds
wdaa oaamw thec tm nm jdndtoa kmr nmdgn ofmut cogy mk thedr joy-tm-joy trogso`tdmgs su`h os
reamojdgn thedr èaaphmges, poydgn utdadty ogj `rejdt òrj fdaas, coidgn mgadge pur`hoses, et`.
Zhds dgdtdotdve oasm oaamws thec tm expogj thedr reo`h hmrdzmgtoaay fy toppdgn the coriets mk
thedr mpeg fogidgn portgers.
@yferseùrdty ogj prdvo`y. Oaa thedr jdndtoa dgdtdotdves wdaa fe kutdae dk thedr àdegts òggmt trogso`t
seùreay mr dk joto prdvo`y ds ugjercdgej. Zhey hove
hov e dgvestej dg o ùttdgn-ejne
ùttdgn- ejne `yferseùrdty
`yferseùrdty ègter.
5.6.5
5.6.5 Cogonece
Cogonecegt
gt Dgkmr cotdmg Pystec (CDP)
(CDP)
Gmwojoys, dg o cuatd-àmuj wmraj, cogondgn àmuj-fosej servdès o`rmss cuatdpae prmvdjers
dg respmgse tm o ropdjay `hogndgn fusdgess egvdrmgcegt ds qudìay fe`mcdgn the gew gmrcoa. F\D hos
sdngej o $6;<C, cuatd-yeor servdès onreecegt wdth DFC thot prmvdjes DZ dgkrostru`ture servdès tm
suppmrt og ondae DZ, og hyfrdj àmuj, ogj jdndtoa jeveampcegt òpofdadtdes tm o`èaerote F\D jdndtoa
trogskmrcotdmg.xvd F\D ds aeverondgn DFC—s àmuj òpofdadtdes tm cmjergdze dts `mre DZ dgkrostru`ture.
Zhe gew DZ dgkrostru`ture wdaa heap F\D o`hdeve dts jdndtoa trogskmrcotdmg nmoas, whd`h dgàuje the
`mgtdguoa upnrojes kmr fogi frog`hes wdth gew te`hgmamny, prmvdje ojequote dgkmrcotdmg mg the
`mcpmsdtdmg mk the `rejdt pmrtkmadm, dgàujdgn djegtdkdòtdmg mk ogy `mgègtrotdmgs mk rdsi, ogj os weaa o
oss
mther kdgog`doa servdès oppadòtdmgs kmr ùstmcers.

F\D hos toppej DFC tm o`èaerote
o `èaerote the dcpaecegtotdmg mk dts jdndtoa fo
fogidgn
gidgn purpmses wdth o seùre,
mpeg, ogj sòaofae hyfrdj cuatd-àmuj paotkmrc. Zhey wmri tmnether tm cmjergdze the `mre DZ
dgkrostru`ture ogj fudaj og mpeg ogj dgtenrotej O\D e`mgmcy, suppmrtej fy fmth DFC ogj thdrj-porty
pufad` ogj prdvote àmuj prmvdjers. Zhe gew DZ egvdrmgcegt
eg vdrmgcegt wdaa jrdve òpo`dty cogonecegt ogj ropdj
O\D jeveampcegt, eghogè oppadòtdmg cmgdtmrdgn, dcprmve server utdadzotdmg mptdcdzotdmg, ogj
cogone jdsoster re`mvery outmcotdmg. Ugjerpdggdgn the paotkmrc ds DFC Peùrdty servdès tm suppmrt
o seùrdty pmsture. Fy dgkusdgn gew òpofdadtdes, su`h os mr`hestrotdmg ogj outmcotdmg cogonecegt,
DFC ds heapdgn F\D ojvogè dts jdndtoa fogidgn onegjo, whd`h ore2
•
Puppmrtdgn jdndtoa prmbe`ts ogj dgdtdotdve
servdè– paotkmrc. dgdtdotdvess fy usdgn o sdcpadkdej ogj outmcotej ‑os o
>:
• Egsurdgn pmad`y `mcpadogè o`rmss oaa egvdrmgcegts fy og Hyfrdj àmuj

mr`hestrotdmg ogj cogonecegt vdo o ‑sdgnae poge mk naoss–.
• Jeadverdgn jdndtoa dggmvotdmg tm ùstmcers thrmunh `mcpeaadgn oppadòtdmgs ogj
servdès thrmunh ‑Fmrg-dg-the-àmuj experdegès–
5.
5.0
0 Puccory mk Dgtergoa Ogoaysds
Zofae 5-42 DKE Cotrdx kmr Fogi mk the \hdadppdge Dsaogjs
Ptregnths êdnh
êdnh t Votdgn
Votdgn êdnht
êdnht ej P`mre
@OVE Fmgjs . Mg Ounust >, 6<6<, the Fogi exèejej dts dgdtdoa tornets mk \6?.5 .<4 : .0;
fdaadmg krmc the `mugtry—s kdrst @M[DJ O`tdmg Vespmgse Fmgjs.
@ustmcer Pervdè @mcp aodgt Je`reose fy 04% 04%.. Ptregntheg heoathy .<8 : .06
`mccugdòtdmg adge o`rmss vordmus aeveas ogj kug`tdmgs whdae ko`dadtotdgn aeojershdp
ogj rdsi cogonecegt jeveampcegt thot stregnthegs spe`dkd` kug`tdmgoa ogj te`hgdòa
`mcpeteg`des ogj teoc ekke`tdvegess
ekke`tdvegess..
DZ. F\D hos toppej DFC tm o`èaerote the dcpaecegtotdmg mk dts jdndtoa fogidgn onegjo .?: 0 .:6
wdth o seùre, mpeg ogj sòaofae hyfrdj cuatdàmuj paotkmrc. Dt egsures pmad`y
`mcpadogè o`rmss oaa egvdrmgcegts ogj 65% rdse dg dts retoda jdndtoa tr ogso `tdmgs ,
ogso`tdmgs
dgàujdgn cmgey trogskers, dgterfogi trogskers, trogso`tdmgs wdth e-`mccerè portgers,
ogj fdaas poycegt.
Amwer Mperotdgn expegses were jrmppej hdnher fy ?.;% tm \0;.:8 fdaadmg, jue tm .?6 0 .0;
amwer precdses, te`hgmamny, ogj vordmus jds`retdmgory `msts su`h os corietdgn,
ojvertdsdgn, ogj cogonecegt ogj prmkessdmgoa kees.
Coxdcdzdgn ossets. Kmùs mg dcprmvdgn rdsi-ojbustej returgs, òpdtoadzdgn mg cdnhty
.?0 : .56
`rmss-seaadgn mppmrtugdtdes tm mkker mther servdès dg the coriet. F\D hos the hdnhest
returg mk utdadzdgn the `mcpogy's ossets mk ?.60 tm `reote prmkdts `mcpordgn tm dts
`mcpetdtmrs.
Adcòm`m os gew presdjegt, @EM. O shdkt tmworjs nreoter `mrpmrote respmgsdfdadty ds
.<8 : .06
seeg wdth gew amgn-terc mutammis.
êoigesses
Adcdtej amòa ogj dgtergotdmgoa presegè resuats dg jecmnrophd` ogj nemnrophd` .?0 ? .?0
adcdtotdmgs. Aons fehdgj FJM fy ;<< amòa frog`hes, ?< Dgtergotdmgoa frog`hes, ogj ;<<
OZC—s.
Adqudjdty Vdsi. Zhe fogi mgay hos o ùrregt rotdm mk <.6: fut o amog-tm-jepmsdt-rotdm mk .?? 6 .66
86.?, whd`h expaodgs thot the fogi jmesg't hove egmunh adqudj ossets tm `mver dts shmrt-
terc adofdadtdes.
Zhe `rejdt rdsi `mgtdguoaay ordses krmc dts `mre aegjdgn ogj dgvestdgn o`tdvdtdes.
Zhe fogi—s amog amss prmvdsdmgs stmmj ot \6?.<; fdaadmg, exèejej dts expe`tej .?6 ? .?6
amog amss prmvdsdmg mk ?5.<? fdaadmg.
Zmtoa ?.<< 6.>>
Zhe tmtoa wednhtej s`mre mk 6.>> dgjdòtes thot the fogi hos og overone ofdadty tm respmgj
tm dts dgtergoa `mgjdtdmgs. Zhe ko`tmr wdth the hdnhest wednht
wed nht ds the use mk Dgkmrcotdmg Ze`hgmamny.
Zhe fogi spe`dkdòaay kmùsej mg ojvog`dgn dts te`hgmamny, su`h os the dcpaecegtotdmg mk the
Vdsi Joto Or`hdte`ture prmbe`t tm use os aeverone mg the 'Fogi Egterprdse Fdn Joto' paotkmrc. Dt ds
essegtdoa tm hove o`èss tm, ogj the dgàusdmg mk trogso`tdmg joto fy the `mugterporty ds vdtoa,
espe`doaay dg se`tmrs ogj suf-se`tmrs hdnhay jdsruptej fy the `rdsds. Kmaamwej fy the coxdcotdmg
mk ossets ogj expogjdgn dts jecmnrophd` ogj nemnrophd` adcdtotdmgs kmr the `mgtdgumus dg`reose
dg coriet shore ogj nrmwth mk the kdrc.
>5

;.? Ptregnt
Ptregnt hs, êoigesses,
êoigesses, Mppmr tugd tdes, Zhreots (P^MZ)
(P^MZ) Cotrd
Cotrd x
Zofae ;-?2 Puccory mk extergoa ogj dgtergoa ogoaysds
Ptregnths êoigess
P?. @OVE
tornets Fmgjs.
kmr the MgFmgjs
@OVE Ounustmk>,\6?.5
6<6<,fdaadmg
the Fogi
krmcexèejej dts dgdtdoa
the `mugtry—s ^?. Adcdtejogj
kdrst jecmnrophd` amòa ogj dgtergotdmgoa
nemnrophd` presegè
adcdtotdmgs. Aons resuats
fehdgj FJM dg
fy ;<<
@M[DJ O`tdmg Vespmgse Fmgjs. amòa frog`hes, ?< Dgtergotdmgoa frog`hes, ogj ;<< OZC—s.
P6. @ustmcer Pervdè @mcpaodgt Je`reose fy 04%. Ptregntheg ^6. Adqudjdty Vdsi. Zhe fogi mgay hos o ùrregt rotdm mk <.6: whd`h
heoathy `mccugdòtdmg adge o`rmss vordmus aeveas ogj kug`tdmgs whdae expaodg thot the fogi jmesg't hove egmunh adqudj ossets tm `mver dts
ko`dadtotdgn aeojershdp ogj rdsi cogonecegt jeveampcegt thot shmrt-terc adofdadtdes.
stregnthegs spe`dkd` kug`tdmgoa ogj te`hgdòa `mcpeteg`des ogj teoc
ekke`tdvegess.
P0. DZ. F\D hos toppej DFC tm o`èaerote the dcpaecegtotdmg mk dts jdndtoa ^0. Zhe `rejdt rdsi `mgtdguoaay ordses krmc dts `mre aegjdgn ogj
fogidgn onegjo wdth o seùre, mpeg ogj sòaofae hyfrdj cuatd-àmuj dgvestdgn o`tdvdtdes.
o`tdvdtdes. Zhe fogi—s amog amss prmvdsdmgs stmmj ot \6?.<;
paotkmrc. Dt egsures pmad`y `mcpad ogè o `rmss oaa egvdrmgcegts ogj fdaadmg, exèejej dts expe`tej amog amss prmvdsdmg mk ?5.<? fdaadmg.
o`rmss
65% rdse dg dts retoda jdndtoa trogso`tdmgs .
P:. Amwer Mperotdgn expegses were jrmppej hdnher fy ?.;% tm Zhreots

\0;.:8 fdaadmg, jue tm amwer precdses, te`hgmamny, ogj vordmus
jds`retdmgory `msts su`h os corietdgn, ojvertdsdgn, ogj cogonecegt
ogj prmkessdmgoa kees.
P5. Coxdcdzdgn ossets. Kmùs mg dcprmvdgn rdsi-ojbustej returgs, Z?. E@_-CE@_ ogj FOVM O@Z . Dg the 6gj quorter mk 6<6<, the
òpdtoadzdgn mg cdnhty `rmss-seaadgn mppmrtugdtdes tm mkker mther servdès dcpaecegtotdmg mk sdcuatogemus amìej-jmwg ogj FOVM O@Z
dg the coriet. F\D hos the hdnhest returg mk utdadzdgn the `mcpogy's wmrseg the `rejdt pmsdtdmg mk the fogi ogj frmunht coriet ogj
ossets tm `reote prmkdts `mcpordgn tm dts `mcpetdtmrs. adqudjdty rdsi. Dg the thdrj quorter mk 6<6<, the G\A rotdm wos 6.48 ogj,
expe`tdgn :.; perègt ot the egj mk 6<6<.
P;. Adcòm`m os gew presdjegt, @EM. O shdkt tmworjs nreoter Z6. \hdadppdge E`mgmcy dg Veèssdmg. Zhe pogjecd` horcej the
`mrpmrote respmgsdfdadty ds seeg wdth gew amgn-terc mutammis. e`mgmcy os dt `rosh-aogjej dgtm reèssdmg, ogtd`dpotdgn amwer NJ\
fy 5.5%, resuatdgn dg coriet rdsi jue tm prdè cmvecegts/
kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg o`tdvdtdes mk `rejdt seùrdtdes,
kmredng ex`hogne, ogj jerdvotdve dgstrucegts.
Mppmrtugdtdes Z0. @yferottoìs . Pdgè the stort mk the @M[DJ-?4 pogjecd`, there
ds `mgtdgumusay dg`reosdgn gucfer mk `yferottoìs mg the fogidgn
dgjustry. @urregtay, cmre thog kdve tdces the gucfer fekmre the
pogjecd` m`ùrs.
M?. Zhere ds stdaa sevegty-mg e perègt (>?%) mr kd kty-mge cda admg, ogj Z:. êoi U.P Jmaa or. Jue tm amwerej ùrreg`y ex`hogne rote, fogi-
(>?%)
twm-hugjrej thmusogj (5?.6) Kdadpdgm ojuats recodg ugfogiej. `hoggeaej dgtergotdmgoa recdttogès ogj fogi persmgoa recdttogès
thrmunh pojoao systec were jmwg fy :.?% ‐ :.6%.
M6. Use the `mvdj-?4 pogjecd` kmr `mccer`d oa nodg. Phmw ecpothy Z5. Hmusehmaj `mgsucptdmg ogj Ugecpamycegt . Zhe ùrregt
tm ùstmcers heaps stregntheg kurther ùstmcer amyoaty, os dg the shmrt reèssdmg mk the e`mgmcy hos `rdppaej the hmusehmaj se`tmr. ?<%
rug, dt wdaa jrdve amgn-terc jdkkeregtdotdmg. @uatdvote the ùature mk trust ogj ugecpamycegt rote ogj the `hogne dg fehovdmr mk hmusehmajs, oasm
`reotdgn o reaotdmgshdp thot ùstmcers òg reay mg thec. resuats tm `hogne resmurè oaamòtdmg ‐ dgàujdgn thedr sovdgn ogj
spegjdgn je`dsdmgs ‐ okke`ts coriet prdès.
M0. Ze`hgmamny Dggmvotdmgs Zhot ^daa Dcpo`t Kuture mk Z;. Kdgte`h os Pufstdtute Fogi2 Kdgte`h Coriet ds ogtd`dpotej
Fogidgn. Jdndtoa te`hgmamndes ore `mgsdstegtay evmavdgn, heapej fogis tm nrmw ot o @ONV mk ormugj 6<%.
negerote ojjdtdmgoa revegue, rejuè expegses, ogj cogone rdsi
expmsure dg o cmre prmkd`degt cogger.
M:. êoi U.P Jmaaor. \hdadppdge pesm hos stregnthegej ormugj :%
onodgstamwers
jmaaors the U.Pthe
jmaaors. (Kmredng
voaue mk kmredngEx`hogne
jeft.) @urregt jepre`dotdmg mk UP
>;
O. êoigess
êoi gess es-Mppm
es-Mp pmrt
rt ugdt
ug dt des (^M) Ptroten
Ptr otendes
des
Zofae ;-62 êoigesses ogj Mppmrtugdty Ogoaysds.
êoigess Mppmrtugdtdes
^?. Adcdtej amòa ogj dgtergotdmgoa presegè resuats dg M?. Zhere ds stdaa sevegty-mge perègt (>?%) mr kdkty-mge
jecmnrophd` ogj nemnrophd` adcdtotdmgs. Aons fehdgj FJM fy cdaadmg, ogj tw m-hugjrej thmus ogj (5?
(5?.6)
.6) Kdadpdgm ojuats
;<< amòa frog`hes, ?< Dgtergotdmgoa frog`hes, ogj ;<< OZC—s. recodg ugfogiej.
^6.. Adqudjdty Vdsi. Zhe fogi mgay hos o ùrregt rotdm mk <.6:
^6 M6. Use the `mvdj-?4 pogjecd` kmr `mccer`doa
fut o amog-tm-jepmsdt-rotdm mk 86.?, whd`h expaodgs thot the fogi nodg. Phmw ecpothy tm ùstmcers heaps stregntheg kurther
jmesg't hove egmunh adqudj ossets tm `mver dts shmrt-terc ùstmcer amyoaty, os dg the shmrt rug, dt wdaa jrdve amgn-terc
adofdadtdes. jdkkeregtdotdmg. @uatdvote the ùature mk trust ogj `reotdgn o
^0. Zhe `rejdt rdsi `mgtdguoaay ordses krmc dts `mre aegjdgn reaotdmgshdp thot ùstmcers òg reay mg thec.
ogj dgvestdgn o`tdvdtdes. Zhe fogi—s amog amss prmvdsdmgs stmmj M0. Ze`hgmamny Dggmvotdmgs Zhot ^daa Dcpo`t Kuture mk
ot \6?.<; fdaadmg, exèejej dts expe`tej amog amss prmvdsdmg mk Fogidgn. Jdndtoa te`hgmamndes ore `mgsdstegtay evmavdgn,
?5.<? fdaadmg. heapej fogis negerote ojjdtdmgoa revegue, rejuè
expegses, ogj cogone rdsi expmsure dg o cmre prmkd`degt
cogger.
M:. êoi U.P Jmaaor. \hdadppdge pesm hos stregnthegej
ormugj :% onodgst the U.P jmaaors. (Kmredng Ex`hogne
@urregt jepre`dotdmg mk UP jmaaors amwers the voaue mk kmredng
jeft.
^M?. Coriet Jeveampcegt. Zm `reote og extegsdve getwmri thrmunh portgershdps wdth recdttogè
ègters ogj tde-ups gotdmgwdje tm nrmw dts jecmnrophdòa reo`h. (Ex. Cetrmfogi Ptroteny wdth
\EVO HUF) (^?,M?,M0)
^M6. Aeverone the pogjecd` kmr `mccer`doa nodg thrmunh pogjecd`-todamrej corietdgn
òcpodngs. Zhe respmgse tm @M[DJ-?4 ds o`èaerotdgn tregjs dg corietdgn ormugj jdndtdzotdmg,
adve-streocdgn, e-`mccerè, ogj the dg`reosdgn ovodaofdadty mk prmju`ts vdo gew mgadge paotkmrcs.
(^?,M6)
^M0. Adqudjote dts ossets tm o`qudre te`hgmamndòa ojvogècegt. (^6,M0)
( ^6,M0)
^M:. Adqudjote mr jdversdky mther ossets tm toie ojvogtone mk amwer U.P jmaaor voaue mver dts `mre
aegjdgn ogj dgvestdgn o`tdvdtdes thot wdaa oasm cdtdnote the fogi's `rejdt rdsi. (^6,M0,M:)
^M5. Fogis geej tm reset thedr voaue kmùs ogj jdndtdze thedr `rejdt rrdsi
dsi prmèsses. (^0,M0)
>>
F. êoigesses-Zhreots (^Z) Ptrotendes

Zofae ;-02 êoigesses ogj Zhreots Ogoaysds.
êoigesses Zhreots
^?.Adcdtej amòa ogj dgtergotdmgoa presegè resuats dg Z?. E@_-
E@_-CE@_ ogj FOVM O @Z. Dg the 6gj quorter mk 6<6<,
CE@_ ogj
the dcpaecegtotdmg mk sdcuatogemus amìej-jmwg ogj FOVM
jecmnrophd` ogj nemnrophd` adcdtotdmgs. Aons fehdgj FJM
O@Z wmrseg the `rejdt
`rejdt pmsdtdmg mk the fogi ogj frmunht coriet
fy ;<< amòa frog`hes, ?< Dgtergotdmgoa frog`hes, ogj ;<< ogj adqudjdty rdsi. Dg the thdrj quorter
q uorter mk 6<6<, the G\A rotdm wos
6.48 ogj, expe`tdgn :.; perègt ot the egj mk 6<6<.
OZC—s.
Z6. \hdadppdge E`mgmcy dg Veèssdmg. Zhe pogjecd`
^6.. Adqudjdty Vdsi. Zhe fogi mgay hos o ùrregt rotdm mk <.6:
^6 horcej the e`mgmcy os dt `rosh-aogjej dgtm reèssdmg,
ogtd`dpotdgn amwer NJ\ fy 5.5%, resuatdgn dg coriet rdsi jue
fut o amog-tm-jepmsdt-rotdm mk 86.?, whd`h expaodgs thot the
tm prdè cmvecegts/ kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg
fogi jmesg't hove egmunh adqudj ossets tm `mver dts shmrt- o`tdvdtdes mk `rejdt seùrdtdes, kmredng ex`hogne, ogj jerdvotdve
dgstrucegts.
terc adofdadtdes.
Z0. @yferottoìs . Pdgè the stort mk the @M[DJ-?4 pogjecd`,
^0. Zhe `rejdt rdsi `mgtdguoaay ordses krmc dts `mre aegjdgn there ds `mgtdgumusay dg`reosdgn gucfer mk `yferottoìs mg m g the
fogidgn dgjustry. @urregtay, cmre thog kdve tdces the gucfer
ogj dgvestdgn o`tdvdtdes. Zhe fogi—s amog amss prmvdsdmgs
fekmre the pogjecd` m`ùrs.
stmmj ot \6?.<; fdaadmg, exèejej dts expe`tej amog amss Z:. êoi U.P Jmaa or. Jue tm amwerej ùrreg`y ex`hogne rote,
fogi-`hoggeaej dgtergotdmgoa recdttogès ogj fogi persmgoa
prmvdsdmg mk ?5.<? fdaadmg.
recdttogès thrmunh pojoao systec were jmwg fy :.?% ‐
:.6%.
Z5. Z5 . Hmusehmaj `mgsucptdmg ogj Ugecpamycegt . Zhe
ùrregt reèssdmg mk the e`mgmcy hos `rdppaej the hmusehmaj
se`tmr. ?<% ugecpamycegt rote ogj the `hogne dg fehovdmr mk
hmusehmajs, oasm resuats tm `hogne resmurè oaamòtdmg ‐
dgàujdgn thedr sovdgn ogj spegjdgn je`dsdmgs ‐ okke`ts coriet
prdès.
Z;. Kdgte`h os Pufstdtute Fogi2 Kdgte`h Coriet ds
^Z?. Frmojegej `mgsucer fose2 O fogi ogj
o gj kdgte`h portgershdp òg top dgtm the exdstdgn
`mgsucer fose mk the mther, oaamwdgn thec tm frmojeg thedr coriet shore ogj reo`h prevdmusay
ug`mgto`tej ùstmcers. (^?, Z;)
^Z6. Jeveamp o stogjorj prmèss kmr hogjadgn
hogj adgn mverjue o``mugts. (^0, Z?)
^Z0. Zm evoauote `rejdtwmrthdgess prmperay dg the `mgtext mk thds `rdsds, fogis cust nm feymgj
ogoayses mk se`tmrs mr sufse`tmrs ogj ossess dgjdvdjuoa fmrrmwers. (^0, Z?)
^Z:. @rejdt rdsi cmjeas geej tm dg`mrpmrote gew pogjecd`-reaotej joto pmdgts tm egsure thedr
mutput recodgs voadj ogj rmfust.
rmfu st. (^0,Z6)
^Z5. Nm jeeper dgtm fmrrmwer kdgog`doas ogj fusdgess cmjea tm estdcotes resdadegè tm @M[DJ-
?4-`rdsds ekke`ts.
^Z;. Dcpaecegtdgn Zrogso`tdmg Joto. O`èss tm ogj
o gj the dgàusdmg mk trogso`tdmg joto fy
`mugterporty ds dcpmrtogt, espe`doaay dg se`tmrs hdnhay jdsruptej fy the `rdsds. Cmvecegts dg the
ùrregt-o``mugt foaogè ore oasm dcpmrtogt. (^0, Z6)
^Z>. Cdtdnote mg ieepdgn reserves wdth FP\ tm dg`reoses the perègtones mk reserves,
r eserves, ogj òuse
the pmwer mk the `mccer`doa fogis tm `reote `rejdt ds rejuèj dg the soce prmpmrtdmg. (^0, Z:)
>8
^Z8. Kdgog`doa dgstdtutdmgs ore fendggdgn tm opprmo`h ugjerwrdtdgn ogj cmgdtmrdgn wdth o gew
`mgkdnurotdmg mk se`tmr ogoaysds, fmrrmwer resdadegè,
resdadeg è, ogj hdnh-krequeg`y ogoaytd`s. (^0,Z5)
@. Ptregnth-Mppmrtugdtdes (PM) Ptrotendes

Zofae ;-:2 Ptregnth ogj Mppmrtugdty Ogoaysds.
Ptregnths Mppmrtugdtdes
P?. @OVE Fmgj s. Mg Ounust >, 6<6<, the Fogi exèejej dts dgdtdoa M?. Zhere
M?. Zhere ds stda a sevegty-mg e perègt (>?%
(>?%)) mr kdkty -
tornets mk \6?.5 fdaadmg krmc the `mugtry—s kdrst @M[DJ O`tdmg mge cdaadmg, ogj twm-hugjrej thmusogj (5?.6)
Vespmgse Fmgjs. Kdadpdgm ojuats recodg ugfogiej.
04%.. Ptregntheg
P6. @ustmc er Pervdè @mcpaodgt Je`reose fy 04% M6. Use the `mvdj-?4 pogjecd` kmr `mccer`doa
heoathy `mccugdòtdmg adge o`rmss vordmus aeveas ogj kug`tdmgs nodg. Phmw ecpothy tm ùstmcers heaps stregntheg
whdae ko`dadtotdgn aeojershdp ogj rdsi cogonecegt jeveampcegt thot kurther ùstmcer amyoaty, os dg the shmrt rug, dt wdaa jrdve
stregnthegs spe`dkd` kug`tdmgoa ogj te`hgdòa `mcpeteg`des ogj amgn-terc jdkkeregtdotdmg. @uatdvote the ùature mk trust
teoc ekke`tdvegess. ogj `reotdgn o reaotdmgshdp thot ùstmcers òg reay mg
P0. DZ. F\D hos toppej DFC tm o`èaerote the dcpaecegtotdmg mk dts thec.
jdndtoa fogidgn onegjo wdth o seùre, mpeg ogj sòaofae hyfrdj M0.. Ze`hgmamny Dgg mvotdmgs Zho
M0 Zhott ^daa Dcpo`t Kuture
cuatdàmuj paotkmrc. Dt egsures pmad`y `mcpadogè o`rmss oaa mk Fogidgn. Jdndtoa te`hgmamndes ore `mgsdstegtay
egvdrmgcegts ogj 65% rdse dg dts retoda jdndtoa trogso`tdmgs, dgàujdgn evmavdgn, heapej fogis negerote ojjdtdmgoa revegue,
cmgey trogskers, dgterfogi trogskers, trogso`tdmgs wdth e- rejuè expegses, ogj cogone rdsi expmsure dg o cmre
`mccerè
P:. Amwer portgers, ogj
Mperotdgn fdaas poycegt.
expegses were jrmppej hdnher fy ?.;% tm prmkd`degt
M:. êoi cogger.
U.P Jmaaor. \hdadppdge pesm hos
\0;.:8 fdaadmg, jue tm amwer precdses, te`hgmamny, ogj vordmus stregnthegej ormugj :% onodgst the U.P jmaaors.
jds`retdmgory `msts su`h os corietdgn, ojvertdsdgn, ogj (Kmredng Ex`hogne @urregt jepre`dotdmg mk UP jmaaors
cogonecegt ogj prmkessdmgoa kees. amwers the voaue mk kmredng jeft.
P5. Co xdcd zdgn ossets . Kmùs mg dcprmvdgn rdsi-ojbustej returgs,
Coxdcd
òpdtoadzdgn mg cdnhty `rmss-seaadgn mppmrtugdtdes tm mkker mther
servdès dg the coriet. F\D hos the hdnhest returg mk utdadzdgn the
`mcpogy's ossets tm `reote prmkdts `mcpordgn tm dts `mcpetdtmrs.
P;. Adcòm`m os gew presdjegt, @EM. O shdkt tmworjs nreoter
`mrpmrote respmgsdfdadty ds seeg wdth gew amgn-terc mutammis.
PM?. Aeverone the pogjecd` kmr `mccer`doa nodg thrmunh pogjecd`-todamrej corietdgn
òcpodngs shordgn F\D shorej voaues ogj jdspaoy `mgèrg kmr every Kdadpdgm tm nodg trust ogj
ecmtdmgoa oppeoa. (P6, M6)
PM?. Jdndtdze `mccer`doa fogidgn mkkerdgns ogj outmcote prmèsses. Estofadsh o te`hgmamny
steerdgn teoc tm toie te`hgmamny-egofadgn o`tdmgs ogj dgtenrote wdth frmojer DZ. xvdd (P0,M0)
PM:. Dccejdote dcpaecegtotdmg mk F\D 6.< tm `mgtdguoaay aesseg mperotdmg expegses. (P:, P5,
M0)
PM5. ^mridgn wdth FP\ tm mptdcdze reserve ogj prmvdsdmgdgn aeveas, ogj `mgtrdfutdgn tm the
kmrcoadzotdmg mk gew reserve stogjorjs. (P5,M:)
>4
J. Ptregnth -Zhreots
-Zhreots (PZ)
(PZ) Ptrotendes
Zofae ;-52 Ptregnth ogj Zhreots Ogoaysds.
Ptregnth Zhreots
P?. @OVE Fmgjs. Mg Ounust >, 6<6<, the Fogi exèejej dts Z?. E@_-CE@_ ogj F OVM O@Z . Dg the 6gj quorter mk 6<6<,
dgdtdoa tornets mk \6?.5 fdaadmg krmc the `mugtry—s kdrst @M[DJ O`tdmg the dcpaecegtotdmg mk sdcuatogemus amìej-jmwg ogj FOVM
Vespmgse Fmgjs. O@Z wmrseg the `rejdt pmsdtdmg mk the fogi ogj frmunht
P6. @ustmcer Pervdè @mcpaodgt Je`reose fy 04%. coriet ogj adqudjdty rdsi. Dg the:.;
thdrj quorter
Ptregntheg heoathy `mccugdòtdmg adge o`rmss vordmus aeveas ogj rotdm wos 6.48 ogj, expe`tdgn perègt otmk
the6<6<,
egj the G\A
mk 6<6<.
kug`tdmgs whdae ko`dadtotdgn aeojershdp ogj rdsi cogonecegt Z6. \hdadppdge E`mgmcy dg Veèssdmg. Zhe pogjecd`
jeveampcegt thot stregnthegs spe`dkd` kug`tdmgoa ogj te`hgdòa horcej the e`mgmcy os dt `rosh-aogjej dgtm reèssdmg,
`mcpeteg`des ogj teoc ekke`tdvegess. ogtd`dpotdgn amwer NJ\ fy 5.5%, resuatdgn dg coriet rdsi jue
P0. DZ. F\D hos toppej DFC tm o`èaerote the dcpaecegtotdmg mk tm prdè cmvecegts/ kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg
dts jdndtoa fogidgn onegjo wdth o seùre, mpeg ogj sòaofae hyfrdj o`tdvdtdes mk `rejdt seùrdtdes, kmredng ex`hogne, ogj
cuatdàmuj paotkmrc. Dt egsures pmad`y `mcpadogè o`rmss oaa jerdvotdve dgstrucegts.
egvdrmgcegts ogj 65% rdse dg dts retoda jdndtoa trogso`tdmgs, Z0. @yferottoìs . Pdgè the stort mk the @M[DJ-?4
dgàujdgn cmgey trogskers, dgterfogi trogskers, trogso`tdmgs wdth pogjecd`, there ds `mgtdgumusay dg`reosdgn gucfer mk
e-`mccerè portgers, ogj fdaas poycegt. `yferottoìs mg the fogidgn dgjustry. @urregtay, cmre thog
P:. Amwer Mperotdgn expegses were jrmppej hdnher fy ?.;% tm kdve tdces the gucfer fekmre the pogjecd` m`ùrs.
\0;.:8 fdaadmg, jue tm amwer precdses, te`hgmamny, ogj vordmus Z:. êoi U.P Jmaaor. Jue tm amwerej ùrreg`y ex`hogne
jds`retdmgory `msts su`h os corietdgn, ojvertdsdgn, ogj rote, fogi-`hoggeaej dgtergotdmgoa recdttogès ogj fogi
cogonecegt ogj prmkessdmgoa kees. persmgoa recdttogès thrmunh pojoao systec were jmwg fy
P5. Coxdcdzdgn
returgs, òpdtoadzdgnossets. Kmùs
mg cdnhty mg dcprmvdgn
`rmss-seaadgn rdsi-ojbustej
mppmrtugdtdes tm mkker :.?% ‐ :.6%.
Z5. Hmusehmaj `mgsucptdm g ogj Uge cpamycegt . Zhe
Ugecpamycegt
mther servdès dg the coriet. F\D hos the hdnhest returg mk utdadzdgn ùrregt reèssdmg mk the e`mgmcy hos `rdppaej the
the `mcpogy's ossets tm `reote prmkdts `mcpordgn tm dts hmusehmaj se`tmr. ?<% ugecpamycegt rote ogj the `hogne
`mcpetdtmrs. dg fehovdmr mk hmusehmajs, oasm resuats tm `hogne resmurè
@EM. O shdkt tmworjs nreoter
P;. Adc` om`m os gew pr esdjegt, @EM. oaamòtdmg ‐ dgàujdgn thedr sovdgn ogj spegjdgn je`dsdmgs ‐
`mrpmrote respmgsdfdadty ds seeg wdth gew amgn-terc
amgn -terc mutammis. okke`ts coriet prdès.
Z;. Kdgte`h os Pufstdtute Fogi2 Kdgte`h Coriet ds
PZ?. Amw-@mst Kmùsej \rmju`t kmr CPCE—s `mgsucers dg respe `t tm thedr `mgjdtdmg frmunht fy
fy
the @mvj-?4 `rdsds. (P?,Z6)
PZ6. Kosteg ogj toie jmufae ekkmrts tm dcpaecegt F\D 6.<. Utdadze dts prmkdt ogj dgvest dg mther
o`tdvdtdes, su`h os the o`qudsdtdmg mk ossets ogj extegjej

e xtegjej jecmnrophd` reo`h. (P0, ^?,^6,^0)
PZ0. Jeveamp readofae ogj krequegtay mftodgej joto tm `reote eoray worgdgn sdngoas, dsmaotdgn true
ugjeraydgn rdsi. Kmr exocpae, rdsi teocs òg dg`mrpmrote @mvdj-?4
@mvdj -?4 spe`dkd` I\Ds ogj cetrd`s kmr
tdceay upjotes kmr segsdtdve sencegts. Jmdgn sm wdaa egofae rdsi aeojers tm reòadfrote ogj
rejeveamp rotdgn cmjeas ogj pre-jeadgqueg`y ogoaysds tm rekae`t the pogjecd` egvdrmgcegt.
(P6,Z6)
PZ:. @reote ogj o`èss tm reoa-tdce, OD-jrdveg repmrts ogj oaerts kmr dccejdote vdsdfdadty. Fy
aeverondgn joto, ojvogèj ogoaytd`s ogj te`hgmamndes su`h os OD ogj co`hdge aeorgdgn, @VMs
òg cmre ropdjay jeveamp the òpofdadtdes geejej tm ojjress gmt mgay the ùrregt heojwdgjs fut
tm djegtdky ogj respmgj tm the `rdses yet tm `mce. (P0,Z6)
8<
PZ5. @reote F\D paotkmrc os o mge-stmp shmp mgadge paotkmrc. Zm kmùs mg frdgndgn os cogy thdrj
portdes os pmssdfae ogj dgvest dg o prmèss tm s`reeg ogj `mcpore thdrj-porty mkkerdgns dg mrjer
tm `reote o mge-stmp shmp. (P0,Z;)
PZ;. Vejuèj `msts2 Dt òg mkteg fe cu`h aess expegsdve kmr o fogi tm wmri wdth o kdgte`h mg
dcprmvdgn the jdndtoa servdès dt mkkers ùstmcers thog kmr dt tm try tm kdgj woys tm dcprmve thmse
servdès mg dts mwg. (P: Z;)
PZ>. Estofadshdgn o `rmss kug`tdmgoa ‑wor rmmc– wdth kug`tdmgs adie stroteny ogj dgvestmr reaotdmgs,
testdgn kmr stress dg o vordety mk sègordms, whdae suppmrtdgn
suppm rtdgn the kdgogè kug`tdmg wdth ogoaytd`s tm
redgkmrè the foaogè sheet ogj coxdcdze returgs thrmunh the `yàe. (P5, Z?, Z6)
E. Puccory m k P^MZ
P^MZ Ogoays ds.
Zofae ;-;2 Puccory mk P^MZ Ogoaysds
PZVEGNZHP ÊOIGEPPEP
P?. @OVE Fmgjs. Mg Ounust >, 6<6<, ^?. Frog`h Getwmri Adcdtej amòa ogj
the fogi exèejej dts dgdtdoa tornets mk dgtergotdmgoa presegè.
\6?.5 fdaadmg. ^6. Adqudjdty Vdsi. Zhe fogi mgay hos o
P6. @ustmcer Pervdè @mcp aodgt Je`reose ùrregt rotdm mk <.6:.
fy 04%
04%.. ^0. @rejdt rds i .Fogi—s amog amss prmvdsdmgs
P0. DZ. Dt egsures pmad`y `mcpadogè o`rmss oaa stmmj ot \6?.<; fdaadmg, exèejej dts
egvdrmgcegts ogj 65% rdse dg dts retoda jdndtoa expe`tej amog amss prmvdsdmg mk ?5.<? fdaadmg.
trogso`tdmgs.
P:. Amwer Mperotdgn expegses were
jrmppej hdnher fy ?.;% tm \0;.:8 fdaadmg.
Coxdcdzdgn ossets. F\D hos the hdnhest
P5. Coxdcdzdgn
returg mk utdadzdgn the `mcpogy's ossets tm
`reote prmkdts `mcpordgn tm dts `mcpetdtmrs.
P;. @ustmcer Pervdè. @mcpaodgt Je`reose
fy 04%.
Mppmrtugdty PM?. Aeverone the pogjecd` kmr ^M?. Coriet Jeveampcegt. Zm `reote og
M?. Zhere
Zhere ds stdaa sevegty-mge perègt (>?
(>?%)
%) `mccer`doa nodg thrmunh pogjecd`-todamrej extegsdve getwmri thrmunh portgershdps
mr kdkty-mge cdaadmg, ogj twm-hugjrej corietdgn òcpodngs. (P6, M6) wdth recdttogè ègters ogj tde-ups
thmusogj (5?.6) Kdadpdgm ojuats recodg PM?. Jdndtdze `mccer`doa fogidgn mkkerdgns gotdmgwdje. (^?,M?, M0)
ugfogiej. ogj outmcote prmèsses. Estofadsh o ^M6. Zhe respmgse tm @M[DJ-?4 ds
M6. Use the `mvdj-?4 pogjecd` kmr te`hgmamny steerdgn teoc tm toie te`hgmamny- o`èaerotdgn tregjs dg corietdgn ormugj
`mccer`doa nodg. Phmw ecpothy tm egofadgn o`tdmgs ogj dgtenrote wdth frmojer jdndtdzotdmg, adve-streocdgn, e-`mccerè,
ùstmcers heaps stregntheg kurther ùstmcer DZ. (P0,M0) ogj the dg`reosdgn ovodaofdadty mk prmju`ts
amyoaty, os dg the shmrt rug, dt wdaa jrdve amgn- PM:. Dccejdote dcpaecegtotdmg mk F\D 6.< tm vdo gew mgadge paotkmrcs. (^?,M6)
terc jdkkeregtdotdmg. @uatdvote the ùature mk `mgtdguoaay aesseg mperotdmg expegses. (P:, ^M0. Adqudjote dts ossets tm o`qudre
trust ogj `reotdgn o reaotdmgshdp thot P5, M0) te`hgmamndòa ojvogècegt. (^6,M0)
ùstmcers òg reay mg thec. PM5. ^mridgn wdth FP\ tm mptdcdze reserve ^M:. Adqudjote mr jdversdky mther ossets tm
M0. Ze`hgmamny Dggmvotdmgs Zhot ^daa ogj prmvdsdmgdgn aeveas, ogj `mgtrdfutdgn tm toie ojvogtone mk amwer U.P jmaaor voaue
Dcpo`t Kuture mk Fogidgn. Jdndtoa the kmrcoadzotdmg mk gew reserve stogjorjs. mver dts `mre aegjdgn ogj dgvestdgn o`tdvdtdes
o`tdvdtdes
te`hgmamndes ore `mgsdstegtay evmavdgn, heapej (P5,M:) thot wdaa oasm cdtdnote the fogi's `rejdt rdsi.
fogis negerote ojjdtdmgoa revegue, rejuè (^6,M0,M:)
expegses, ogj cogone rdsi expmsure dg o ^M5.. \rmju`t jeveampcegt. Fogis geej
^M5
cmre prmkd`degt cogger. tm reset thedr voaue kmùs ogj jdndtdze thedr
M:. êoi U.P Jmaaor. \hdadppdge pesm hos `rejdt rdsi prmèsses. (^0,M0)
stregnthegej ormugj :% onodgst the U.P
jmaaors. (Kmredng
jepre`dotdmg Ex`hogne
mk UP jmaaors @urregt
amwers the voaue mk
kmredng jeft.
8?
Zhreots PZ?. Amw-@mst Kmùsej \rmju`t kmr CPCE—s ^Z?. Frmojegej `mgsucer fose2 O fogi
Z?. E@_-CE@_ ogj FOVM O@Z . Zhe G\A `mgsucers dg respe`t tm thedr `mgjdtdmg ogj kdgte`h portgershdp òg frmojeg thedr
rotdm wos 6.48 ogj, expe`tdgn :.; perègt ot frmunht fy the @mvj-?4 `rdsds. (P?,Z6) coriet shore ogj reo`h prevdmusay
the egj mk 6<6<. PZ6. Kosteg ogj toie jmufae ekkmrts tm ug`mgto`tej ùstmcersxvddd. (^?, Z;)
Z6. \hdadppdge E`mgmcy dg Veèssdmg . Zhe dcpaecegt F\D 6.<. Utdadze dts prmkdt ogj dgvest ^Z6. Jeveamp o stogjorj prmèss kmr
pogjecd` horcej the e`mgmcy os dt `rosh- dg mther o`tdvdtdes, su`h os the o`qudsdtdmg mk hogjadgn mverjue o``mugts. (^0, Z?)
aogjej dgtm reèssdmg, ogtd`dpotdgn amwer NJ\ ossets ogj extegjej jecmnrophd` reo`h. (P0 ^Z0. Zm evoauote `rejdtwmrthdgess prmperay
fy 5.5%. ^?,^6,^0) dg the `mgtext mk thds `rdsds, fogis cust nm
Z0. @yferottoìs . Cmre thog kdve tdces the PZ0. Jeveamp readofae ogj krequegtay feymgj ogoayses mk se`tmrs mr sufse`tmrs
gucfer fekmre the pogjecd` m`ùrs. mftodgej joto tm `reote eoray worgdgn ogj ossess dgjdvdjuoa fmrrmwers. (^0, Z?)
Z:. êoi U.P Jmaaor. Dgtergotdmgoa sdngoas, dsmaotdgn true ugjeraydgn rdsi. (P6,Z6) ^Z:. @rejdt rdsi cmjeas geej tm
recdttogès, pojoao systec were jmwg fy PZ:. @reote ogj o`èss tm reoa-tdce, OD- dg`mrpmrote gew pogjecd`-reaotej joto
:.?% ‐ :.6%. jrdveg repmrts ogj oaerts kmr dccejdote pmdgts tm egsure thedr mutput recodgs voadj
Z5. Hmusehmaj `mgsucptdmg ogj vdsdfdadty. Fy aeverondgn joto, ojvogèj ogj rmfust. (^0,Z6)
Ugecpamycegt . Zhe ùrregt reèssdmg mk the ogoaytd`s ogj te`hgmamndes su`h os OD ogj ^Z5. Nm jeeper dgtm fmrrmwer kdgog`doas
e`mgmcy hos resuatej tm ?<% ugecpamycegt co`hdge aeorgdgn. (P0,Z6) ogj fusdgess cmjea tm estdcotes resdadegè
rote ogj hoj `rdppaej the hmusehmaj se`tmr. PZ5. Veaotej jdversdkdòtdmg. @reote F\D tm @M[DJ-?4-`rds
@M[DJ-?4-`rdsdsds ekke`ts.
Z;. Kdgte`h os Pufstdtut e Fogi2 paotkmrc os o mge-stmp shmp mgadge paotkmrc ^Z;. Dcpaecegtdgn Zrogso`tdmg
Kdgte`h Coriet ds ogtd`dpotej tm nrmw ot o dg reaotdgn tm kdgte`h. (P0,Z;) Joto. O`èss tm ogj the dgàusdmg mk
@ONV mk ormugj 6<%. PZ;. Vejuèj `msts2 Dt òg mkteg fe cu`h trogso`tdmg joto fy `mugterporty espe`doaay
aess expegsdve kmr o fogi tm wmri wdth o dg se`tmrs hdnhay jdsruptej fy the `rdsds.
kdgte`h mg dcprmvdgn the jdndtoa servdès. (^0, Z6)
(P:,Z;) ^Z>. Cdtdnote mg ieepdgn reserves wdth
PZ>. Estofadshdgn o `rmss kug`tdmgoa ‑wor
PZ>. FP\. (^0, Z:)
rmmc– whdae suppmrtdgn the kdgogè kug`tdmg ^Z8. Kdgog`doa dgstdtutdmgs ore fendggdgn tm
wdth ogoaytd`s tm
ogj coxdcdze redgkmrè
returgs the foaogè
thrmunh sheet
the `yàe. (P5, opprmo`h ugjerwrdtdgn mk
o gew `mgkdnurotdmg ogjse`tmr
cmgdtmrdgn wdth
ogoaysds,
Z?, Z6) fmrrmwer resdadegè, ogj hdnh-krequeg`y
ogoaytd`s. (^0,Z5)
K. Nrmup
Nrmup dgn mk P^MZ Ptrotend
Ptrotend es
O. Coriet
Cor iet Jeveamp
Jevea mpceg
ceg t
^M?. Coriet Jeveampcegt.
Jeveampcegt. @reote dgtergotdmgoa
dgtergotdmgoa frog`h ot, Poujd
Poujd Orofdo, _otor ogj Iuwodt tm
`reote og extegsdve getwmri thrmunh portgershdps wdth recdttogè ègters ogj tde-ups
tde -ups gotdmgwdje
tm nrmw the coriet wdth the cmst gucferej MK^. (Ex. Cetrmfogi Ptroteny wdth \EVO HUF)
(^?,M?,M0)
^M6. Aeverone the pogjecd` kmr `mccer`doa nodg thrmunh pogjecd`-todamrej corietdgn
òcpodngs. Zhe respmgse tm @M[DJ-?4 ds o`èaerotdgn tregjs dg corietdgn ormugj jdndtdzotdmg,
adve-streocdgn, e-`mccerè, ogj the dg`reosdgn ovodaofdadty mk prmju`ts vdo gew mgadge paotkmrcs.
(^?,M6)
^Z?. Frmojegej `mgsucer fose2 O fogi ogj
ug`mgto`tej ùstmcers. (^?, Z;)
PM?. Aeverone the pogjecd` kmr `mccer`doa nodg thrmunh pogjecd`-todamrej corietdgn
òcpodngs shordgn F\D shorej voaues ogj jdspaoy `mgèrg kmr every Kdadpdgm tm nodg trust ogj
ecmtdmgoa oppeoa. (P6, M6)
86
F. Coriet \egetrotdmg
\egetrotdmg
^M5. Fogis geej tm reset thedr voaue kmùs ogj jdndtdze thedr `rejdt rdsi prmèsses. (^0,M0)
^Z6. Jeveamp o stogjorj prmèss kmr hogjadgn mverjue o``mugts.
o ``mugts. (^0, Z?)
^Z0. Zm evoauote `rejdtwmrthdgess prmperay dg the `mgtext mk thds `rdsds, fogis cust nm feymgj
ogoayses mk se`tmrs mr sufse`tmrs ogj ossess dgjdvdjuoa fmrrmwers. (^0, Z?)
^Z:. @rejdt rdsi cmjeas geej tm dg`mrpmrote gew pogjecd`-reaotej joto pmdgts tm egsure thedr
mutput recodgs voadj ogj rmfust.
rmfu st. (^0,Z6)
^Z5. Nm jeeper dgtm fmrrmwer kdgog`doas ogj fusdgess cmjea tm estdcotes resdadegè tm @M[DJ-
?4-`rdsds ekke`ts.
^Z;. Dcpaecegtdgn Zrogso`tdmg
Zrog so`tdmg Joto. O`èss tm ogj
o gj the dgàusdmg mk
m k trogso`tdmg joto fy
`mugterporty ds dcpmrtogt, espe`doaay dg se`tmrs hdnhay jdsruptej fy the `rdsds. Cmvecegts dg the
ùrregt-o``mugt foaogè ore oasm dcpmrtogt. (^0,
( ^0, Z6)
^Z>. Cdtdnote mg ieepdgn reserves wdth FP\ tm dg`reoses the perègtones mk reserves,
r eserves, ogj òuse
the pmwer mk the `mccer`doa fogis tm `reote `rejdt ds rejuèj dg the soce prmpmrtdmg. (^0, Z:)
^Z8. Kdgog`doa dgstdtutdmgs ore fendggdgn tm opprmo`h ugjerwrdtdgn ogj cmgdtmrdgn wdth o gew
`mgkdnurotdmg mk se`tmr ogoaysds, fmrrmwer resdadegè, ogj hdnh-krequeg`y
hdnh -krequeg`y ogoaytd`s. (^0,Z5)
PM5. ^mridgn wdth FP\ tm mptdcdze reserve ogj prmvdsdmgdgn aeveas, ogj `mgtrdfutdgn tm the
kmrcoadzotdmg mk gew reserve stogjorjs. (P5,M:)
PZ6. Jeveamp readofae ogj krequegtay mftodgej joto tm `reote eoray worgdgn sdngoas, dsmaotdgn true
ugjeraydgn rdsi. Kmr exocpae, rdsi teocs òg dg`mrpmrote @mvdj-?4 spe`dkd` I\Ds ogj cetrd`s kmr
tdceay upjotes kmr segsdtdve sencegts. Jmdgn sm wdaa egofae rdsi aeojers tm reòadfrote ogj
rejeveamp rotdgn cmjeas ogj pre-jeadgqueg`y ogoaysds tm rekae`t the pogjecd` egvdrmgcegt.
(P6,Z6)
PZ0. @reote ogj o`èss tm reoa-tdce, OD-jrdveg repmrts ogj oaerts kmr dccejdote vdsdfdadty. Fy
aeverondgn joto, ojvogèj ogoaytd`s ogj te`hgmamndes su`h os OD ogj co`hdge aeorgdgn, @VMs
òg cmre ropdjay jeveamp the òpofdadtdes geejej tm ojjress gmt mgay the ùrregt heojwdgjs fut
tm djegtdky ogj respmgj tm the `rdses yet tm `mce. (P0,Z6)
PZ>. Estofadshdgn o `rmss kug`tdmgoa ‑wor rmmc– wdth kug`tdmgs adie stroteny ogj dgvestmr reaotdmgs,
testdgn kmr stress dg o vordety mk sègordms, whdae suppmrtdgn the kdgogè kug`tdmg wdth ogoaytd`s tm
redgkmrè the foaogè sheet ogj coxdcdze returgs thrmunh the `yàe. (P5, Z?, Z6)
80
@. \rmju`t Jeveampcegt
PM:. Dccejdote dcpaecegtotdmg mk F\D 6.< tm `mgtdguoaay aesseg mperotdmg expegses. (P:, P5,
M0)
PZ?. Amw-@mst Kmùsej \rmju`t kmr CPCE—s `mgsucers dg respe`t tm thedr `mgjdtdmg frmunht fy
the @mvj-?4 `rdsds. (P?,Z6)
PZ6. Kosteg ogj toie jmufae ekkmrts tm dcpaecegt F\D 6.<. Utdadze dts prmkdt ogj dgvest dg mther
o`tdvdtdes, su`h os the o`qudsdtdmg mk ossets ogj extegjej
e xtegjej jecmnrophd` reo`h. (P0, ^?,^6,^0)
PZ5. @reote F\D paotkmrc os o mge-stmp shmp mgadge paotkmrc. Zm kmùs mg frdgndgn os cogy thdrj
PZ5. Vejuèj `msts2 Dt òg mkteg fe cu`h aess expegsdve kmr o fogi tm wmri wdth o kdgte`h mg
servdès mg dts mwg. (P:,Z;)
( P:,Z;)
J. Adqudjotdmg
^M0. Adqudjote dts ossets tm o`qudre te`hgmamndòa ojvogècegt. (^6,M0)
( ^6,M0)
^M:. Adqudjote mr jdversdky mther ossets tm toie ojvogtone mk amwer U.P jmaaor voaue mver dts `mre
aegjdgn ogj dgvestdgn o`tdvdtdes thot wdaa oasm cdtdnote the fogi's `rejdt rdsi. (^6,M0,M:)
E. Bmdgt [egture
^M?. Coriet Jeveampcegt, tm `reote og extegsdve getwmri thrmunh
thrmu nh portgershdps wdth recdttogè
ègters ogj tde-ups gotdmgwdje tm nrmw dts jecmnrophdòa reo`h. (Ex. Cetrmfogi Ptroteny wdth
\EVO HUF) (^?,M0)
^Z?. Frmojegej `mgsucer fose2
f ose2 O fogi ogj
ug`mgto`tej ùstmcersxdx. (^?, Z;)
PZ:. @reote F\D paotkmrc os o mge-stmp shmp mgadge paotkmrc. Zm kmùs mg frdgndgn os cogy thdrj
PZ5. Vejuèj `msts2 Dt òg mkteg fe cu`h aess expegsdve kmr o fogi tm wmri wdth o kdgte`h mg
servdès mg dts mwg. (P: Z;)
8:
;.6 P\O@E Cotrdx

Zofae ;->2 Ppoè Cotrdx
DGZEVGOA PZVOZEND@ \MPDZDMG EXZEVGOA PZVOZEND@ \MPDZDMG
@mcpetdtdve (@O) Dgjustry (DP)
X-OXDP (-> wmrst, -? fest) (+> wmrst, +? fest)
Coriet Phore -0 Forrder tm egtry +?
@ustmcer Pervdè -6 Nrmwth \mtegtdoa +0
\rmju`t _uoadty -? \rmkdt \mtegtdoa +0
@ustmcer Amyoaty -6 Kdgog`doa Ptofdadty +:
Frogj ogj Dcone/`mcp -? @mcpaexdty mk egterdgn +?
the coriet
Overone2 -?.8 Overone2 6.:
Zmtoa X -Oxds s `mre2 <.;
Kdgog`doa (KP) Egvdrmgcegtoa (EP)
T-OXDP (+> wmrst, +? fest) (-> wmrst, -? fest)
E\P 6 \rdè mk @mcpetdgn \rmju`ts -6
Aeverone : Dgkaotdmg Votes -:
Adqudjdty 5 Ze`hgmamny @hognes -;
Vevegue Dg`reose 6 @mcpetdtdve \ressure -:
VME ? Jecogj [ordofdadty -:
Ekkd`deg`y Votdm ? Forrders egtry dgtm Coriet -?
@osh kamws 6 \rdè Eaostd`dty mk Jecogj -:
\rdè Eorgdgns Votdm 6 (reo`tdmg mk `mgsucer)
Overone2 6.0>5 Overone2 -0.5>
Zmtoa T-Oxds s`mr e2 ?.?45
?.?45
85
Kdnure ;-?2 Ppoè Cotrdx
Fosej mg the P\O@E Cotrdx, the resuat hoj pmsdtdmgej F\D mg the kmurth quojrogt dg fetweeg
mk Dgjustry \msdtdmg ogj Ptofdadty pmsdtdmg thot dgjdòtes `mcpetdtdvegess. Ppe`dkdòaay, dt expaodgs
the mrnogdzotdmg ds `mcpetdgn reosmgofay weaa dg og ugstofae dgjustry. Zherekmre, ugjer thds
prmkdae, dt wdaa oasm fe djeoa
dj eoa kmr the `mcpogy tm oppay
op pay foìworj, kmrworj, ogj hmrdzmgtoa dgtenrotdmg,
coriet pegetrotdmg, coriet jeveampcegt, ogj prmju`t jeveampcegt.
8;
;.0 Nrogj
Nrogj Ptr oteny Cotrdx
Kdnure ;-62 Nrogj Ptroteny Cotrdx
O. Coriet
Cor iet Nrmwt
Nrm wt h Vote2
Vot e2 Vopd j
O` `m rj dg n tm Cr. Fegbocdg E Jdmigm, Nmvergmr mk Fognim
Fognim Pegtroa gn \dadpdgos, the
\hdadppdge fogidgn systec egterej the `rdsds wdth smugj kugjocegtoas ogj strmgn rdsi
nmvergogè. Zhds ds evdjegèj fy the sustodgej nrmwth dg ossets, amogs, jepmsdts, òpdtoa ogj
prmkdt o`rmss fogidgn nrmups. Dg ko`t, the fogidgn systec nrew oamgnsdje mur expogjdgn
e xpogjdgn e`mgmcy
wdth fogi ossets tm NJ\
NJ\ rotdm mk ?<?.0 perègt os mk egj-Buge 6<6<, he sodj. Zhe sustodgej
dg`reose dg fogi ossets wos mg the foì mk the ?<.5 perègt nrmwth dg jepmsdts os mk egj-Buay
6<6<.
F. @mcpetdtdve \msdtdmg2 êoi
êoi
FJM serves os the aeojdgn ogj aornest fogi ocmgn dts `mcpetdtmrs, Oathmunh, ogmther
`mcpetdtmr adie Cetrmfogi hos the ojvogtone mk the utdadzotdmg mk te`hgmamny thrmunh the
fdmcetrd`s seùrdty mg mgadge fogidgn oasm hos the hdnhest nemnrophd` reo`h dgtergotdmgoaay
thrmunh \EVOHUF. Zheg FJM oasm hos the hdnhest gucfer mk the amòa frog`h getwmri.
Gmgetheaess, fosej mg thedr prevdmus kdgog`doa perkmrcogès. F\D hos the amwest tmtoa ossets
ocmgn Cetrmfogi ogj FJM, wdth the ocmugt
o cmugt mk \ ?,4?6,;6:.;;C fut hos the h
hdnhest
dnhest perègtone
8>
prmkdtofdadty dg tercs mk utdadzotdmg mk ossets ogj equdtdes.

equdtdes. VME ot 4.40%
4.40 % ogj VMO ot ?.60%
`mcporej tm dts `mcpetdtmrs.
`mcpetdtmrs. Zhus, the `mcpogy ds stdaa dg o readofae pmsdtdmg tm nrmw kurther
feòuse mk o reaotdveay
reao tdveay pmsdtdve DKE ogj EKE s`mre mk 6
6.50
.50 ogj 6.;4, respe`tdveay. Zhe `mcpogy
òg codgtodg ogj kurther dg`reose dts coriet shore thrmunh vordmus onnressdve strotendes,
dgàujdgn coriet pegetrotdmg, coriet jeveampcegt, prmju`t jeveampcegt, ogj portgershdp
thrmunh jdversdkdòtdmg wdth Kdgog`doa Ze`hgmamny. F\D hos tm toie ojvogtone mk coxdcdzdgn
nrmwdgn jdndtoa te`hgmamny tm dcprmve thedr prmèsses ogj coriet o`èssdfdadty. Zhey oasm hove
the mppmrtugdty tm expogj thedr reo`h nemnrophdòaay, `mgsdjerdgn dg o survey `mgju`tej dg the
\hdadppdges, mgay ofmut o quorter mk Kdadpdgms hmaj og o``mugt dg o fogidgn mr kdgog`doa dgstdtutdmg.
;.: F@N Cotrdx

Kdnure ;-02 F@N Cotrdx
Zofae ;-82 F@N Cotrdx

(Dg Cdaadm gs mk \esms) Zmtoa Get Get FJM \erègt VCP DNV (%)
dg`mce dgterest dgterest \rmkdts
dg`mce dg`mce revegues X-oxds T-oxds
(6<?4) (6<?4) (6<?8)
@mgsucer fogidgn 56,0?8 :?,:4: 00,4>0 ?;?,;68 0? .060; +66
88
@mrpmrote fogidgn ?8,8;< ?>,?;8 ??,<?4 6<,8<: 6> <.4<;5 +5;
Dgvestcegt fogidgn 6<,?8: ??,8;< ?;,?:8 ?,>>? :6 ;.;4 -6>

Zmtoa per cogonecegt 4?,0;6 ><,566 ;?,?:< ?8:,6<0 ?<<% - -
repmrtdgn
Gmte2 ê `maae`tej the joto krmc the 6<?8-6<?4 repmrt jue tm the ugpufadshej repmrt mk 6<6<.
_uestdmg
@mgsucer fogidgn pamttej dg the Jdvdsdmgs dg _uojrogt D aofeaej os _ue stdmg coris. Dt hos
o amw reaotdve coriet shore pmsdtdmg, yet they `mcpete dg o hdnh-nrmwth dgjustry os seeg og
dg`reose mk get dgterest dg`mce `mcporej dg dts 6<?8 repmrt. Dg thds stotus, dt mgay negerotes 0?%
mg the mveroaa cogonecegt ogj tm prmnress dts prmju`tdmg. Zhe mrnogdzotdmg cust je`dje whether
tm stregntheg thec fy pursudgn og dgtegsdve stroteny thrmunh coriet pegetrotdmg, coriet
jeveampcegt, mr prmju`t jeveampcegt.
Zheg, @mrpmrote fogidgn aofeaej os Ptors‚Jdvdsdmgs dg _uojrogt DD (upper aekt) represegts
r epresegts
the mrnogdzotdmgs— fest amgn -rug mppmrtugdtdes kmr nrmwth ogj prmkdtofdadty. Ofmut o hdnh reaotdve
coriet shore ogj o hdnh dgjustry nrmwth rote thot shmuaj reèdve sufstogtdoa dgvestcegt tm
codgtodg mr stregntheg thedr jmcdgogt pmsdtdmgs. Kmrworj, foìworj, ogj hmrdzmgtoa dgtenrotdmg9
coriet pegetrotdmg9 coriet jeveampcegt9 ogj prmju`t jeveampcegt ore
o re opprmprdote strotendes kmr
these jdvdsdmgs tm `mgsdjer.
Zheg kurthercmre, Dgvestcegt fogidgn ds dg @osh @mws dg Jdvdsdmgs _uojrogt DDD (amwer
aekt) hove o hdnh reaotdve coriet shore pmsdtdmg fut `mcpete dg o amw-nrmwth dgjustry. ê òg
mfserve the jeàdge mk get dgterest dg`mce krmc the 6<?8 tm 6<?4 kdgog`doa stotecegt.
Gevertheaess, F\D dgjdòtes òsh `mws feòuse they negerote òsh ofmve thedr geejs, sm dt
jegmtes nettdgn cdaiej. @osh `mw jdvdsdmgs hove tm cogone tm codgtodg thedr strmgn pmsdtdmg kmr
os amgn os pmssdfae.
pm ssdfae. \rmju`t jeveampcegt mr jdversdkdòtdmg coy fe ottro`tdve strotendes kmr strmgn
òsh `mws. Hmwever, os o òsh `mw jdvdsdmg, dt hos the prmfofdadty tm fe`mce weoi, theg
retreg`hcegt mr jdvestdture òg fe`mce o cmre opprmprdote o`tdmg dk thot hoppegs.
Mveroaa, ds pamttej dg _uojrogt D aofeaaej os _uestdmg coris wdth ogj X-oxds mk .:6;5. kmr hovdgn
4:.0 Fdaadmg mk revegues mver FJM 66?.? Fdaadmg. Zheg o nrmwth
nrmwth rote mk ?<.8%. Hegè, F\D cust je`dje
?<.8%.
whether tm stregntheg the `mgsucer fogidgn fy pursudgn og dgtegsdve stroteny thrmunh
jdvestdture, coriet pegetrotdmg, coriet jeveampcegt, mr prmju`t jeveampcegt.
jeveampceg t.
84
;.5 DE Cotrdx
Kdnure ;-:2 DE Cotrdx
Cotrdx
Zhe DKE tmtoa wednhtej s`mre mk 6.>> represegts og overone dgtergoa pmsdtdmg. Pdcdaoray, mg
the y-oxds, og EKE tmtoa wednhtej s`mre mk 6.5; ds oas
oasm
m cejduc. Hegè, the \amttej Vendmg 6‚
Zhe pres`rdptdmg kmr jdvdsdmgs thot koaa dgtm èaas [ òg fe jes`rdfej os hmaj ogj codgtodg strotendes9
coriet pegetrotdmg ogj prmju`t jeveampcegt ore twm `mccmgay ecpamyej strotendes kmr these
types mk jdvdsdmgs. Pm kor, we òg
òg mfserve the `mgsdsteg`y
`mgsdsteg`y mk resuats
resuats rekae`tdgn the coriet
pegetrotdmg ogj prmju`t jeveampcegt.
;.; Puccory mk Ptrotendes

Zofae ;-42 Puccory mk Ptroteny
PZVOZENT M\ZDMGP
Kmrworj Dgtenrotdmg P^MZ P\O@E DE NVOGJ F@N ZMZOA
6
Foìworj Dgtenrotdmg 6
Hmrdzmgtoa Dgtenrotdmg 0
Coriet \egetrotdmg :
Coriet Jeveampcegt 5
\rmju`t Jeveampcegt 5
@mgègtrd` Jdversdkdòtdmg 6
@mgnamcerote Jdversdkdòtdmg ?
Hmrdzmgtoa Dgtenrotdmg
Bmdgt [egture/\ortger
[egture/\ortgerdgn
dgn ?
Vetreg`hcegt / @mst Dcprmvecegt ?
Jdvestdture 6
Adqudjotdmg 6
4<
;.> _uogtdtotdve Ptrotend` \aoggdgn Cotrdx

Zofae ;-?<2 _uogtdtotdve Ptrotend` \aoggdgn Cotrdx
Coriet Coriet \rmju`t Bmdgt [egture w/

IET KO@ZMVP \egetrotdmg Jeveampcegt Jeveampcegt Kdgte`h
ÊDNHZ
ÊDNHZ OP ZO P OP ZOP OP ZOP OP ZOP
Mppmrtugdtdes
M?.Zhere ds stdaa sevegty-mge perègt (>?%)
mr kdkty-mge cdaadmg, ogj twm-hugjrej
thmusogj (5?.6) Kdadpdgm ojuats recodg
ugfogiej. .?< ? .?< : .:< 0 .0< 6 .6<
M6.Usdgn the `mvdj-?4 pogjecd` kmr
`mccer`doa nodg . Phmw ecpothy tm
ùstmcers heaps stregntheg kurther ùstmcer
amyoaty. .<8 : .06 0 .6: ? .<8 6 .?;
M0. Ze`hgmamny Dggmvotdmgs thot wdaa
dcpo`t kuture mk fogidgn. Jdndtoa te`hgmamndes
ore `mgsdstegtay evmavdgn, heapej fogis
negerote ojjdtdmgoa revegue, rejuè
expegses, ogj cogone rdsi expmsure dg o
cmre prmkd`degt cogger. .?0 ? .?0 6 .6; 0 .04 : .56
M:. êoi U.P Jmaaor. \hdadppdge pesm hos
stregnthegej ormugj :% onodgst the U.P
jmaaors. Kmredng Ex`hogne @urregt
jepre`dotdmg mk UP jmaaors amwers the voaue mk
kmredng jeft. .<4 < < < <
Zhreots
Z?. E@_-C E@_ ogj F OVM O@Z hoj
E@_-CE@_
onnrovotej G\A rotdm ot 6.48 ogj, expe`tdgn
:.; perègt ot the egj mk 6<6<. .<4 0 .6> ? .<4 6 .?8 : .0;
Z6. \hdadppdge E`mgmcy dg Veèssdmg.
nmvergcegt expe`ts dts NJ\ tm shrdgi 5.5%
thds yeor jue tm prdè cmvecegts/ kau`tuotdmgs
kau`tuotdmgs
dg trojdgn ogj jdstrdfutdmg o`tdvdtdes mk `rejdt
seùrdtdes, kmredng ex`hogne, ogj jerdvotdve
dgstrucegts. .?? 6 .66 ? .?? : .:: 0 .00
Z0. @yferottoìs . Cmre thog 5 tdces the
gucfer fekmre the pogjecd` m`ùrs. .<8 6 .?; ? .<8 0 .6: : .06
Z:. êoi U.P Jmaaor. Dgtergotdmgoa
recdttogès ogj pojoao systec were jmwg fy
:.?% ‐ :.6%. .<4 < < < <
Z5. Hmusehmaj `mgsucptdmg ogj
Ugecpamycegt.
the e`mgmcy hos Zhe ùrregt
o jeàdge mk reèssdmg
?<% mk
ugecpamycegt rote ogj hoj `rdppaej the
hmusehmaj se`tmr. .?? 0 .00 ? .?? : .:: 6 .66
Z;. Pufstdtute Fogidgn 2 Kdgte`h,
@mmperotdve, ogj Ugjernrmugj mwgej og
ejne dg tercs mk dgstoaacegt stroteny,
kaexdfdadty, o`èssdfdadty,
o`èssdfdadty, ogj speej mk the
trogso`tdmg. Zheg Kdgte`h Coriet ds
ogtd`dpotej tm nrmw ot o @ONV mk ormugj
6<%. .?6 ? .?6 6 .6: 0 .0; : .:8
Zmtoa êdnht ?.<< ?.;5 ?.50 6.:0 6.54
Ptregnths
P?. Zhe Fogi exèejej dts dgdtdoa tornets kmr
the @OVE Fmgjs mk \6?.
\6?.5
5 fdaad mg . .<4 6 .?8 0 .6> : .0; ? .<4
P6. @ustmcer Pervdè @mcpa odgt Je`reose
fy
adge04%. Ptregntheg
o`rmss heoathy
vordmus aeveas ogj `mccugdòtdmg
kug`tdmgs whdae .<8 : .06 0 .6: 6 .?; ? .<8
4?
ko`dadtotdgn aeojershdp ogj rdsi cogonecegt

jeveampcegt.
P0. F\D hos toppej DFC tm o`èaerote the
dcpaecegtotdmg mk dts jdndtoa fogidgn. Dt
egsures pmad`y `mcpadogè o`rmss oaa
egvdrmgcegts ogj 65% rdse dg dts retoda jdndtoa ?
trogso`tdmgs. .?: 0 .:6 6 .68 .?: : .5;
P:.Amwer Mperotdgn expegses were
jrmppej fy ?.;% tm \0;.:8 fdaadmg. .?6 < < < <
Coxdcdzdgn ossets. F\D hos the hdnhest
P5. Coxdcdzdgn
returg mk utdadzdgn the `mcpogy's ossets mk
?.60 rotdm tm `reote prmkdts `mcpordgn tm dts
`mcpetdtmrs. .?0 6 .6; : .56 0 .04 ? .?0
P;. Adcòm`m os gew presdjegt, @EM. O
shdkt tmworjs nreoter `mrpmrote respmgsdfdadty
ds seeg wdth gew amgn-terc mutammis .<8 : .06 ? .<8 0 .6> 6 .?;
êoigesses
^?. Adcdtej amòa ogj dgtergotdmgoa presegè
resuats dg jecmnrophd` ogj nemnrophd`
adcdtotdmgs. Aons fehdgj FJM fy ;<< amòa
frog`hes, ?< Dgtergotdmgoa frog`hes, ogj ;<<
OZC—s. .?0 0 .04 : .56 ? .?0 6 .6;
^6. Adqudjdty Vdsi. Zhe fogi mgay hos o
ùrregt rotdm mk <.6:. .?? < < < <
^0. @rejdt rdsi . Fogi—s amog amss prmvdsdmgs
stmmj ot \6?.<; fdaadmg, exèejej dts expe`tej
amog amss prmvdsdmg mk ?5.<? fdaadmg. .?6 0 .0; ? .?6 6 .6: : .:8
Zmtoa êdnht ?<< 6.65 6.<0 ?.;4 ?.>;
Puc Zmtoa Ottro`tdvegess P`mre 0.4 0.5; :.?6 :.05
Coriet \rmju`t Bmdgt [egtur e /

Coriet \egetrotdmg Jeveampcegt Jeveampcegt \ortgerdgn
Zmtoa2 0.4 0.5; :.?6 :.05
Fosej mg the _P\C cotrdx, the tmp strotendes re`mccegjej kmr F\D were Bmdgt [egture
(:.05), kmaamwej fy \rmju`t Jeveampcegt (:.?6), theg Coriet \egetrotdmg (0.4), ogj Coriet
Jeveampcegt (:.?6).
46
>.? Ve`mccegjej [dsdmg -Cdssdm g Ptotecegts

Ptotecegts
?. [dsdmg
[dsdmg Ptotece
Ptotecegt
gt Ogoaysds Cotrdx
Cotrdx
O. Fogi mk the \hdadppdge Dsaogjs [dsdmg
[dsdmg Ptotecegt2 ‑Fudajd gn o Fetter
Fetter \hdadppdges –
Zofae >-?2 Ogoaysds mk [dsdmg Ptotecegt
Ptotecegt
Jmes the [dsdmg
Ptotecegt
\oroceter Evoauotdmg
Ogswerej the
the
_uestdmgs
?. Jmes dt àeoray ogswer the Dt ds og e`mgmcd` ocfdtdmg, fut os o `mcpogy, dt kodaej tm mutadges
questdmg2 ‑^hot jm we wogt tm Gm whot og mrnogdzotdmg wmuaj uatdcoteay adie tm o`hdeve mr tm fe`mce
fe`mce=– dg the kuture.
Dt ds `mg`dse fut tmm vonue ogj pretegtdmus, everymge wogts o
6. Ds dt `mg`dse egmunh yet fetter \hdadppdges, fut dt jmes gmt expaodg hmw mr dg whot woy,
Gm
dgspdrotdmgoa= jegmtdgn puzzaes. Dt geejs àordty ogj tm kmùs mg mge prdcory nmoa,
adie tm fe`mce o aeojdgn kdgog`doa servdè.
Dt hos tm fe o su``dg`t stotecegt ofmut whot mur mrnogdzotdmg ds
0. Ds dt ospdrotdmgoa= Gm trydgn tm o`hdeve. Zm jes`rdfe o ugdque mut`mce thot mgay ymu òg
prmvdje.
O vdsdmg stotecegt cust hove o tdce hmrdzmg, o kdxej pmdgt dg the
:. Jmes dt ndve àeor dgjdòtdmg os tm
Gm kuture. Dt coy fe kmr teg (?<) yeors mr aoter, okter the re`mvery krmc
wheg dt shmuaj fe ottodgej=
the @mvdj-?4 \ogjecd` mr ogy spe`dkdej cmcegt.
F. Fogi mk the \hdadppdge Dsaogjs Dcprmvej [dsdmg Ptotecegt 2 ‑Zm pmssess o sòaofae
sòao fae òpofdadty
where ùstmcers hove eosday
eosday ogj qudìay o`èss
o`èss kugj dgn. Zm fe the prekerrej
prekerrej fogi dg every
coriet we serve fy `mgsdstegtay prmvdjdgn dggmvotdve prmju`ts ogj kaowaess jeadvery mk
servdè, prmo`tdveay redgvegtdgn murseaves tm c eet
eet coriet jecogjs, `reo
`reotdgn
tdgn shorehmajers
voaue thrmunh superdmr returgs, ùatd votdgn dg mur pempae o segse mk prdje, mwgershdp,
mwgershdp, ogj
strdvdgn tm fe oawoys fetter thog whot we ore tmjoy…tmcmrrmw.–
6. Cdssd
Cdssd mg Ptotecegt
Ptotecegt Ogoaysds Cotrdx
Cotrdx
O. Fogi mk the \hdadppdge Dsaogjs Cdssdmg
Cdssdmg Ptotecegt2 ‑ê gurture every Kdadpdgm—s kuture wdth o
trustej opprmo`h tm cogondgn cmgey ogj dggmvotdmg thot coies adke eosder every joy.–
Zofae >-62 Ogoaysds mk Cdssdmg Ptotecegt
Ptotecegt
Jmes
Jme s t he Cdssdmg
Ptotecegt ` mgtodgs
Ptotecegt
@mcpmgegts Evoauotdmg
the djegtdkdej
`mcpmgegts (Tes/Gm)
Zhe stotecegt ds `mg`dse thot the servdè mkkerej ds kmr
?. @ustmcers Tes every Kdadpdgm, fut dt òg fe cmre persuosdve fy dgjdòtdgn
the se`tmrs thot every fogi kmùses mg, su`h os the CPCE.
O cdssdmg stotecegt shmuaj gmt fe sm gorrmw os tm restrd`t
6. \rmju`ts mr servdès Tes the mrnogdzotdmg—s o`tdvdtdes. Fogis òg fe cmre thog bust
cogondgn cmgey.
cmgey. @ustmcers òg perèdve thec os
40
kdgog`doa suppmrt, ojvdser, ogj portgers thot dgtenrote the

reaotdmgshdp fetweeg the ùstmcer ogj the kdrc.
Fogi hos o getwmri
getwmri mk mver the \hdadppdges, Hmgn
Hmgn Imgn,
0. Coriets (Nemnrophdòaay, where jmes the
Gm ogj Eurmpe. Dt wmuaj fe cmre oppeoadgn tm dgjdòte the
kdrc `mcpete=)
dgtergotdmgoa nemnrophd` reo`h.
‑Dggmvotdmg coies adke eosder every joy.– Dggmvotdmg ds
oawoys fedgn `m-reaotej wdth te`hgmamny. O cdssdmg
:. Ze`hgmamny Tes
stotecegt
dggmvotdmg shmuaj prmvdje o nadcpse mk og djeo mk hmw thot
fe utdadzej.
Zhe stotecegt hoj mgay cegtdmgej nrmwthnr mwth dg the
e`mgmcd` ospe`t, fut gmt spe`dkdòaay dg the
5. @mgèrg kmr survdvoa, nrmwth ogj kdrc. ‘Dgtenrotes steojy nrmwth, `mgsdstegt eorgdgns, ogj
Gm
prmkdtofdadty kdrc `mgtrma mk rdsi ko`tmrs— d s o socpae jes`rdptdmg mk hmw
òg dgjdòte the resuat kmr survdvoa, nrmwth, ogj
prmkdtofdadty.
Zhe stotecegt wos negeroadzej dg su`h o woy thot ogy
mther fogi mr `mcpogy voaues tm gurture every Kdadpdgm—s
;. \hdamsmphy (feadeks, voaues, ospdrotdmgs, kuture. Dg the cdssdmg stotecegt, mppmrtugdtdes coy seec
Gm
ogj ethdòa prdmrdtdes) egjaess, fut dt cust prmvdje àordty ogj kmùs. Negerote
the dcpressdmg thot kdrc ds su`èsskua, hos jdre`tdmg, ogj ds
wmrthy mk tdce, suppmrt, ogj dgvestcegt.
O cdssdmg stotecegt shmuaj hove o kmùs mg whot dt ds
>. Peak-`mgèpt (jdstdg`tdve `mcpetegè mr
Gm thot coies thec strdve tm jm jdkkeregtay. Dt jegmtes oareojy
cobmr `mcpetdtdve ojvogtone) the `mcpetdtdve ojvogtone mk the kdrc mver the mthers.
O cdssdmg stotecegt cust ormuse pmsdtdve keeadgns ogj
ecmtdmgs mk ùstmcers, whd`h they wdaa igmw whot tm
8. @mgèrg kmr pufad` dcone
wmrthwhdae,
expe`t. Zhot they shmuaj keea every tmu`hpmdgt wmrthwhdae,
(respmgsdvegess tm sm`doa, `mccugdty, ogj Gm
thot there ds o segse mk readofdadty, ossurogè, ogj
egvdrmgcegtoa `mgèrgs)
ecpothy. Ogj dt wdaa fest fe perkmrcej fy mur kdrst-adge
wmriers.
O cdssdmg stotecegt shmuaj fe cmtdvotdgn kmr cecfers mk
4. @mgèrg kmr ecpamyees (ecpamyees
Gm the mrnogdzotdmg ogj they shmuaj keea dt wmrthwhdae wmridgn
`mgsdjerej os voauofae ossets mk the kdrc)
kmr su`h og mrnogdzotdmg.
Zm gurture every Kdadpdgms kuture, `reotej o amgn-terc
pd`ture fy usdgn the wmrj 'gurture,' whd`h dgjdòtes cmre mk
o adkeamgn prmèss sustodgdgn the Kdadpdgm's adke. _udte
?<. Gotdmg-fudajdgn Tes
djeoadstd` fut pmssdfae dg o twm-woy reaotdmg. Hmwever, kmr
the gotdmg-fudajdgn port mk the stotecegt, dts ko`tmrs cust
strodnht-kmrworj dcpo`t e`mgmcdòaay.
F. Fogi mk the \hdadppdge Dsaogjs Dcprmvej Cdssdmg Ptotecegt2 ‑Zm prmvdje ùstmcers wdth
exèaaegt kdgog`doa servdè ogj ojvdè dg the cmst ondae woy, tm fe`mce the `mccugdty
fogi mk `hmdè kmr cd`rm, scoaa ogj cejduc-sdzej fusdgesses, prmkessdmgoas, ogj
dgjdv djuoas d g the \hdadppdg es. ê ospdre tm fe og ugequdvmòa aeojer thot dgtenrotes
dgtenrotes s teo
teojy
jy
nrmwth, `mgsdstegt eorgdgns, ogj kdrc `mgtrma mk rdsi ko`tmrs. Zm prmvdje sokety kmr mur
jepmsdtmrs thrmunh te`hgmamny-egofadgn o`tdmgs thot `reote dggmvotdve servdès. Mur
pempae wdaa fe the jdkkeregè dg estofadshdgn `mgsdsteg`y dg eorgdgns, eghogèj
shorehmajer voaue, ogj jeadnht the ùstmcer wd th every dg tero`tdmg.–
4:
>.6 \resegtotdmg mk the Iey P

Ptrotend`
trotend` Dssues
?.Iey Ptrotend`
Ptrotend` @hoaaegne
Zhe upheovoa dg coriets òusej fy the namfoa `mvdj-?4 pogjecd` hoj òusej og dg
dg`reose
`reose
dg the pufad` jekd`dt thot trogsaotej dgtm og dg`reose dg gmg-perkmrcdgn amogs, `mgsequegtay pao`dgn
fogis dgtm adqudjdty ogj `rejdt rdsi. Zhus, the geej tm o`qudre cmre mk o aorne-sòae ùstmcer fose
dg the dgjustry thrmunh
thrmunh coriet jeveampcegt jdspaoyej jdkkdùatdes
jdkkdùatdes tm mftodg. Hmwever,
stregnthegdgn tdes wdth the kdgog`doa te`hgmamny e`m-systec ds the iey tm kdgj smautdmgs kmr the gew
egvdrmgcegt. Hegè, the gew presdjegt ogj `hdek exeùtdve mkkdèr ‘ZN— Adcòm`m hos the nmajeg
mppmrtugdty tm prmo`tdveay shope ogj respmgj tm the ùrregt sdtuotdmg ogj suppmrt the
the gew gmrcoa.
Fosej mg the dgtergoa ogj extergoa ogoaysds `mgju`tej ofmut the kdrc ogj dts egvdrmgcegt,
the iey strotend` dssues thot the kdrc ds ùrregtay ko`dgn ds jue tm2
O. \hd ad pp
ppdg
dg e E`mgm
E`m gmcy
cy dg Veès sd mg
mg..
• Coriet rdsi jue tm prdè cmvecegts/
cmvecegts/ kau`tuotdmgs
kau`tuotdmgs dg trojdgn ogj jdstrdfutdmg o`tdvdtdes mk
`rejdt seùrdtdes, kmredng ex`hogne, ogj jerdvotdve dgstrucegts.
• Hdnher ugecpamycegt rote
• Phdkt mk `mgsucer fehovdmr tmworjs thedr thedr `mgsucptdmg
`mgsucptdmg ogj dgàujdgn thedr sovdgn ogj
spegjdgn je`dsdmgs.
• Namfoa recdttogès
recdttogès hoj jeàdgej fy :%, ogj recdttogès
recdttogès tm amw ogj cdjjae-dg`mce
`mugtrdes adie the \hdadppdges hoj prmbe`tej tm koaa fy ?4.> perègt tm $::5 fdaadmg.
• Vepresegts o amss mk o `ru`doa kdgog`dgn adkeadge kmr cogy vuagerofae hmusehmajs, whd`h whd`h
paoèj the fogis dg adqudjdty ogj `rejdt rdsis tm `mgtdguoaay
`mg tdguoaay ordses krmc dts `mre aegjdgn ogj
dgvestdgn o`tdvdtdes.
• Zhe fogi—s amog amss prmvdsdmgs stmmj ot \6?.<; fdaadmg, exèejej dts expe`tej amog amss
prmvdsdmg mk ?5.<? fdaadmg.
F. Adcdtej am` oa ogj dgtergotdmgoa frog`h getwmri.
• Aons fehdgj FJM fy ;<< amòa frog`hes, 4 Dgtergotdmgoa frog`hes, ogj ;<< OZCs theg,
fy Cetrmfogi wdth ??8 amòa getwmris ogj 6; kmredng getwmris.
• Zhe amòtdmg mk the servdè ko`dadtdes
ko`dadtdes wos kurther adcdtej,
adcdtej, espe`doaay dg coaas. ^heredg dt
requdres `mgvegdegè kmr ùstmcers whm cust trovea tm thot servdè.
• Cmre thog 5? cdaadmg Kdadpdgm ojuats recodgej ugfogiej.xx
@. Kdgog`doa Ze`hgma
Ze`hgma mny
• F\D hos toppej DFC tm o`èaerote the jdndtoa fogidgn prmnroc wdth o seùre, mpeg, ogj
sòaofae hyfrdj cuatd-àmuj paotkmrc. Zhey wmri tmnether tm cmjergdze the `mre DZ
dgkrostru`ture ogj fudaj og mpeg ogj dgtenrotej
d gtenrotej O\D e`mgmcy, suppmrtej fy fmth DFC ogj
thdrj-porty pufad` ogj prdvote àmuj prmvdjers.
• F\D geejs tm o`èaerote dts poè mk dggmvotdmg, kuture-prmmk dts te`hgmamny, trogskmrc
jdndtoaay, ogj tm prepore kmr the ever-`hogndgn coriet jygocd`s mk the pmst-pogjecd`.
45
>.0 Ptrotend` ogj Kdgog`doa Mfbe`tdves
?. Kdgog`doa Mfbe`tdves
Zofae >-02 Kdgog`doa Mfbe`tdves kmr 6<6? - 6<60
6<6< (fosej yeor) 6<6? 6<66 6<60

Zm dg`reose tmtoa ossets fy ?6% 6.6<5 trdaadmg \H\ 6.:>< trdaadmg \H\ 6.>;; trdaadmg \H\ 0.<4> trdaadmg \H\
Zm dg`reose tmtoa amogs fy ?6% ?.08 trdaadmg \H\ ?.5:; trdaadmg \H\ ?.>0? trdaadmg \H\ 6.<>> trdaadmg \H\
Zm dg`reose tmtoa jepmsdts fy ?.>; trdaadmg \H\ ?.4>? trdaadmg \H\ 6.6<> trdaadmg \H\ 6.:>6 \H\
?6%
• Zm dg`reose tmtoa ossets thrmunh osset o`qudsdtdmg stroteny.

• Zm dg`reose tmtoa amogs thrmunh prmju`t jeveampcegt, expogjdgn `mccer`doa amog
mkkerdgns, ogj `mgsdjer mther gew servdès thot wmuaj `mcpaecegt thec. Ogmther ds
coriet pegetrotdmg utdadzdgn te`hgmamny mr outmcotdmg tm re-egndgeer ogj streocadge the
fogi—s prmèsses ds the iey tm fudajdgn o `mccer`doa
`m ccer`doa amog pmrtkmadm.
• Zm dg`reose
dg`reose tmtoa
tmtoa jepmsdts thrmunh prmju`t ogj coriet
coriet jeveampcegt thot wmuaj pegetrote
tm òter >?% mr 5?.6 cdaadmg Kdadpdgm ojuats whm recodg ugfogiej.
Fosds
• [dsdmg22 Zm pmssess o sòaofae òpofdadty where ùstmcers hove eosday ogj qudìay o`èss
[dsdmg
kugjdgn. Zm fe the prekerrej fogi dg every coriet, `mgsdstegtay prmvdjdgn dggmvotdve
prmju`ts ogj kaowaess
kaowaess jeadvery mk servdè. \rmo`tdveay redgvegtdgn
redgvegtdgn murseaves tm
tm ceet
coriet jecogjs, `reotdgn shorehmajers

shorehmajers v oaue thrmunh s uperdmr returgs , ùatdvotdgn dg
mur pempae o segse mk prdje, mwgershdp, ogj strdvdgn tm fe o
oawoys
awoys fetter thog whot we ore
tmjoy…tmcmrrmw.–
• Zhe vdsdmg
vdsdmg toais mk `reotdgn
`reotdgn shorehmajers voaue thrmunh
thrmunh superdmr returgs ogj mge woy tm
o`hdeve thds ds fy dg`reosdgn the `mcpogy—s mveroaa prmkdtofdadty. Ogj dt ds oasm oadngej tm
`mre voaues mk wmridgn wdth the rdnht ottdtuje ogj exèaaegt exeùtdmg, dg whd`h fmth ko`tmrs
`mgtrdfute tm reju`dgn uggeèssory `msts.
4;
6. Ptrotend` Mfbe`tdves
6<6?
• Zm dg`reose coriet shore fy ;% estofadshdgn og dgtergotdmgoa frog`h getwmri dg Vdyojh,
Poujd Orofdo stortdgn wdth mge codg mkkdè ogj mther (twm) suf-mkkdè dg jdkkeregt `dtdes.
Zhrmunh o`qudsdtdmgs mk jepmsdts, krmc the ogguoa `hurg dg jepmsdts wdthdg the fogi, ogj
krmc dts mveroaa nrmwth.
• Zm dg`reose coriet shore fy ;% thrmunh coriet jeveampcegt. Fy estofadshdgn twm (6)
‘experdegè fogi— dg Cetrm Cogdao ogj @efu @dty. Okter sdx (;) cmgths, estofadsh ogmther
‘experdegè fogi— ot Jovom @dty.
• Zm dg`reose ùstmcer amyoaty thrmunh coriet pegetrotdmg, rejekdge eo`h fogidgn getwmri
tm og experdegè-aej thot hdnhadnhts the hucog tmu`h os ùstmcers stdaa jecogj jurdgn
iey kdgog`doa cmcegts fy `mcpaecegtdgn the te`hgmamny wdth ecpothy.
ec pothy.
• Zm `mgtdgumusay dg`reose ùstmcer egnonecegt, trust, ogj amyoaty fy prmju`t
jeveampcegt mg mgadge ogj cmfdae-fosej fogidgn servdès, kmrcuaotdgn dggmvotdve
servdès dg `maaofmrotdmg ogj portgershdps wdth kdgte`h `mcpogdes.
• Zm je`reose the fogis— dgtergoa `rejdt rdsi thrmunh coriet pegetrotdmg fy eghog`dgn the
exdstdgn `rejdt cmjeas, ogj tm evoauote the `rejdtwmrthdgess mk the prevdmus ogj pmtegtdoa
`mgsucer prmperay dg the `mgtext mk thds `rdsds.
6<66
• Zm dg`reose coriet shore 8% fy estofadshdgn og dgtergotdmgoa frog`h getwmri dg Jmho,
_otor stortdgn wdth mge codg mkkdè ogj mther 6 (twm) suf-mkkdè dg jdkkeregt `dtdes. Zhrmunh
o`qudsdtdmgs mk jepmsdts, krmc the ogguoa `hurg dg jepmsdts wdthdg the fogi, ogj krmc dts
mveroaa nrmwth.
• Zm dg`reose coriet shore fy >% thrmunh coriet jeveampcegt. Fy estofadshdgn twm (6)
‘experdegè fogi— dg \ocpogno ogj Fonudm. Okter gdge (4) cmgths estofadsh ogmther
‘experdegè fogi— ot Negeroa Pogtms @dty.
• rd si thrmu nh coriet pegetrotdmg fy eghog`dgn the
Zm je`reose the fogis— dgtergoa `rejdt rdsi
`mgsucer prmperay dg the `mgtext mk the pmst-`mvdj.
p mst-`mvdj.
• Zm `mgtdgumusay dg`reose ùstmcer egnonecegt, trust, ogj amyoaty fy prmju`t
jeveampcegt mg mgadge ogj cmfdae-fosej fogidgn servdès, kmrcuaotdgn dggmvotdve
servdès dg `maaofmrotdmg ogj portgershdps wdth kdgte`h `mcpogdes.

`mcpogdes .
4>
6<60
• Zm dg`reose the coriet shore mk ?<% fy estofadshdgn og dgtergotdmgoa frog`h getwmri dg
@ogferro, Oustroado, ogj Amgjmg, Ugdtej Idgnjmc. Zheg stortdgn wdth mge ègtroa mkkdè dg
eo`h sodj `mugtry ogj theg the mther three tm kmur (0 - :) suf-mkkdè dg jdkkeregt `dtdes.
Zhrmunh o`qudsdtdmgs mk jepmsdts, krmc the ogguoa `hurg dg jepmsdts wdthdg the fogi, ogj
krmc dts mveroaa nrmwth.
• Zm dg`reose coriet shore fy ?<% thrmunh coriet jeveampcegt. Fy estofadshdgn kdve tm
seveg (5 - >) ‘experdegè fogi— thrmunhmut Auzmg, [dsoyos, ogj Cdgjogom.
• Zm je`reose the fogis— dgtergoa `rejdt rdsi thrmunh coriet pegetrotdmg fy eghog`dgn the
`mgsucer prmperay dg the `mgtext mk Namfoa Fogidgn Ve`mvery thot wdaa stret`h tm 6<60 ogj
feymgj.
• Zm dg`reose ùstmcer amyoaty thrmunh coriet pegetrotdmg ogj `mgtdgumus dgtenrotdgn eo`h
fogidgn getwmri tm og experdegè-aej thot hdnhadnhts the hucog tmu`h os ùstmcers stdaa
jecogj, whdae ojoptdgn the ùrregt `mgjdtdmgs.
Fosds
• [dsdmg22 ‑Zm pmssess o sòaofae òpofdadt

[dsdmg òpofdadt y where ùstmc ers hove eosday
eosday ogj qud ìay
o`èss kugjdgn. Zm fe the prekerrej fogi dg every coriet, `mgsdstegtay prmvdjdgn
dggmvotdve prmju`ts ogj
ogj kaowaess
kaowaess jeadvery
jeadvery mk servdè. \rmo`tdveay
\rmo`tdveay redgvegtdgn
murseaves tm ceet
ceet coriet jecogjs, `reotdgn
`reotdgn s horehmajers
horehmajers voaue thrm unh superdmr
returgs, ùatdvotdgn dg mur pempae o segse mk prdje, mwgershdp, ogj strdvdgn tm fe
oawoys fetter thog whot we ore tmjoy…tmcmrrmw.–

• Zhe vdsdmg jdsùsses the Fogi—s odc tm `mgsdstegtay prmvdje dggmvotdve prmju`ts ogj
servdès, fe o`èssdfae tm `mgsucers, ogj ceetdgn coriet jecogjs. Dt oasm oadngej tm
`mre voaues mk wmridgn wdth the rdnht ottdtuje ogj exèaaegt exeùtdmg, dg whd`h fmth ko`tmrs
`mgtrdfute tm reju`dgn uggeèssory `msts.
`m sts.
48
>.:.. Ve`mccegjej Ptrotendes

>.:
Ptroteny #?. (\rmju`t/Pervdè Jeveampcegt)2 Jeadverdgn o kuaa frog`h experdegè ogj

dcprmv e ùstmcer egnonecegt
egnonecegt fy turg dgn the trojdtdmg oa fogi dgtm og experde
experdegè
gè fogi.
Zurgdgn trojdtdmgoa fogis tm experdegè fogis ds o cmjea fy O`ègture, rejekdgdgn eo`h

fogidgn getwmri tm og experdegè-aej, ogj ecpmwer the krmgt adge wdth `mgvegdegt te`hgmamny.
@mcpeaadgn fogis dgexmrofay tmworjs o gew cmjea kmr the physdòa frog`h. Mge thot ds aej gmt fy
fy
the geej tm hmuse trogso`tdmgoa o`tdvdtdes dg o portdùaor amòtdmg, fut fy the vdtoa dcpmrtogè mk
ceetdgn ùstmcers `hogndgn expe`totdmgs ogj prmvdjdgn thec wdth og experdegè ogj coidgn
every cmcegt dg thot amugne os wmrthwhdae. @ustmcers amve jdndtoa ogj `mgvegdegt kmr rmutdge
trogso`tdmgs, fut they wogt hucog `mgto`t wheg they geej dt ‐ ogj the ko`t dt ds ovodaofae dg
physdòa frog`hes tm reossures thec ofmut the fogi's frogj xxd. Hegè, they ecphosdze the
hucog tmu`h thot ùstmcers stdaa jecogj ot iey kdgog`doa cmcegts fy `mcpaecegtdgn the
te`hgmamny wdth ecpothy. Fesdjes, the re`mgstru`tdmg mk eo`h frog`h oasm `mgèrgs the 'gew
gmrcoa' renuaotdmgs.
Dg jeadverdgn o kuaa frog`h experdegè thot egnones, retodgs, ogj wdgs ùstmcers exerts og
extegjej hoam ekke`t thot suppmrts the o`qudsdtdmg mk fmth jdndtoa ogj physdòa ùstmcers. Zm mkker
the kuaa rogne mk prmju`ts ogj servdès, dgàujdgn precduc servdès adie `mcpaex ojvdè ogj
fogòssurogè, mkkerdgn physdòa òsh servdès, espe`doaay kmr CPCEs ùstmcers. Zhrmunh
dcpaecegtdgn aeojdgn-ejne jdndtoa jevdès thot they jepamyej ot the frog`hes dgàujej dgtero`tdve
dg tero`tdve
woaa ogj tofae jdspaoys, tofaets, cuatd-kug`tdmg idmsis, ogj scort OZCs. Zhese te`hgmamndes hoj
egofaej gew servdè mkkerdgns, dgàujdgn dgstogt o``mugt mpegdgn ogj o`èss tm recmte kdgog`doa
ojvdsmrs vdo vdjem-`mgkereg`dgn. Kurthercmre, fogidgn ùstmcers òg dccejdoteay toie the
speej ogj `mgvegdegè mk jdndtoa servdès. Zherekmre, dt revdtoadzes nrmwth ogj ecpamys dt os o
`mcpetdtdve ojvogtone thrmunh
thrmunh dcprmvej ùstmcer egnonecegt, trust, ogj amyoaty. Dt odcs tm
dgtero`t wdth ùstmcers thot faegj the fest mk the jdndtoa ogj physdòa experdegè.xxdd
Kdnure >-?
>-?22 O socpae ‑experdegè
‑experdegè fogi– dg [drndg
[drndg Cmgey, Oustroado.
44
Ptroteny #6. (Co

(Coriet
riet Jeveamp
Jeveamp cegt)2 Zm òter kdgog`doa servdès kmr the ugfogiej
Kdadpdgms fy turgd gn trojdtd mgoa frog`hes dgtm og experdegè
experdegè fogi.
fogi.
Zhere ds evdjegè mg thds gew cmjea fy O`ègture Vedcondgdgn the Fogi Frog`h
Getwmri thot wos oareojy dg use fy PFD ‐ Dgjdo's aornest `mccer`doa fogi ogj [drndg Cmgey mg
Oustroado. ^dthdg the ?:-weei tdceadge, PFD feòce the kdrst fogi dg Dgjdo tm jeveamp ogj jeadver
o suf-frogj tornetdgn the `mugtry ymugn, jdndtoaay
jdndtoaa y prmkd`degt pmpuaotdmg ‐ whm dccejdoteay stortej
tm vdsdt the gew servdè frog`hes dg phegmcegoaay hdnh gucfers. Dg ojjdtdmg
ojjd tdmg tm thot, [drndg Cmgey
hos oasm seeg soaes dg`reose fy
f y 6<<%, vdsdtmr gucfers dg`reose wdth ;8,<<< dgjdvdjuoas o cmgth,
ogj o get prmcmter s`mre mk 85%. Hegè, `mgsdjerdgn thot there ore stdaa >?% mr 5?.6 cdaadmg
Kdadpdgm ojuats whm recodg ugfogiej. Zhot ds hmw egmrcmusay wdje the pmtegtdoa coriet ds.
Fesdjes, UGK\O \hdadppdges repmrtej thot we hove the aornest negerotdmg mk ymugn pempae, whd`h
oasm hove the cmst kovmrofae opprmo`h tm te`hgmamny. Dt ds o nmmj dgjdòtmr mk the oadngcegt mk
ùstmcer stogj renorjdgn te`hgmamny ogj the geej kmr the jecogj thot geejs tm fe sotdskdej.
Zhot resuats dg o hdnher quogtdty mk tmtoa jepmsdts, pmssdfae hdnher tmtoa amogs, cmre revegues, ogj
hdnher prmkdt.
Ptroteny #0. (Coriet Jeveampcegt)2 Zm expogj amòa ogj dgtergotdmgoa frog`h

getwmri.
Dt hoj jdsùssej mg extergoa ogoaysds ofmut the kdgjdgns mk 48% mk
m k ùstmcers whm swdt`hej
fogi aost yeor jue tm fogi wdth cmre gucermus frog`hes. Dt ds gmt bust majer pempae, fut they
kmugj thot mver 45% mk stujegts oasm `hmse o fogi getwmri .xxddd Fogis
f ogi wdth o cmre extegsdve fogi getwmri.
thot coxdcdze the tmtoa aevea mk jepmsdts hove tm coxdcdze the gucfer mk ùstmcers kmr whmc dts
getwmri ds `mgvegdegt. Zhe prmxdcdty mk mge frog`h tm ogmther negerotes o getwmri ekke`t, ogj dt
òg expogj the gucfer mk ùstmcers whm wdaa jepmsdt thedr cmgey dg eo`h frog`h.
• Estofadshdgn og dgtergotdmgoa
dgtergotdmgoa frog`h dg `mugtrdes wdth the cmst
cmst gucferej MK^
MK^ adie
adie
Poujd Orofdo, _otor, ogj Iuwodt
Iu wodt òg o`qudrdgn the cmst gucferej ùstmcer fose dg the
dgjustry.
• Coie portgershdps wdth recdttogè ègters ogj tde-ups gotdmgwdje ogj dgtergotdmgoa.
• Estofadsh mver 0<-5< kdrst ‘experdegèj fogi— dg Cogdao, \ocpogno, Fonudm, Zonoytoy,
@efu, Jovom, ogj Damdam.
• Estofadsh mver 5< fogi frog`hes
frog`hes os dt odcs
odcs tm
tm dg`reose
dg`reose dts presegè dg Cdgjogom.
?<<
Ptroteny #:. (Co

( Coriet
riet \egetrotdmg)2
\egetrotdmg)2 O`èaerotdgn the jdndtoa trogskmrcotdmg tm egofae reoa-
reoa-
tdce cmgdt mrdgn ogj cdgd gn ekke`tdveay mk trogso`tdmg joto whdae ou
outmcotdgn
tmcotdgn the kee
keejdgn
jdgn
mk resuats dgt m je`dsdmg coidgn.
Zhe `mgvegtdmgoa smurès mk joto typdòaay usej dg `rejdt-rdsi ossesscegts feòce
mfsmaete mvergdnht. Zherekmre, tm evoauote `rejdtwmrthdgess prmperay dg the `mgtext mk thds `rdsds,
fogis cust nm feymgj ogoayses mk se`tmrs mr sufse`tmrs ogj ossess dgjdvdjuoa fmrrmwers.
Fusdgess cmjeas òg fe wdjeay jdkkeregt krmc mge `mcpogy tm ogmther wdthdg the soce sufse`tmr
ogj fe edther cmre mr aess sudtej tm survdvoa ogj o koster re`mvery dg the ùrregt egvdrmgcegt.
Pmce fusdgesses hove og dgkauegtdoa mgadge presegè, ogj mthers jm gmt. Fogis òggmt thegè
`mgàuje, krmc o sufse`tmr ogoaysds oamge, dk dt ds mr gmt o spe`dkd` fmrrmwer ds dg trmufae. Hegè,
the kmaamwdgn ore pmtegtdoa gew opprmo`hes tm fudaj reoa-tdce joto ogj ogoaytd`s dgtm thedr `rejdt-
je`dsdmg egndges ogj ugjerwrdtdgn ogj cmgdtmrdgn wdth o gew `mgkdnurotdmg mk se`tmr ogoaysds,
fmrrmwer resdadegè, ogj hdnh-krequeg`y
hd nh-krequeg`y ogoaytd`s.
• Ogoayze jecogj shmìs

shmìs ogj re`mvery
re`mvery trobe`tmrdes ogj trogsaote tm prmfofdadty-mk-jekouat
prmfofdadty-m k-jekouat
cuatdpaders.
• Nm jeeper dgtm fmrrmwer kdgog`doas ogj fusdgess cmjea tm estdcote resdadegè tm @M[DJ-
?4-`rdsds ekke`ts.
• Cdge trogso`tdmg jote tm jrdve òshkamw, okkmrjofdadty9
okkmrjofdadty9 cdge oatergotdve hdnh-krequeg`y joto
tm jerdve revegue tregjs9 outm kej resuats dgtm je`dsdmg egndge.
• Phdkt tm o ùstmcer-ossdstogè
ùstmcer-ossdstogè dgtero`tdmg cmjea ogj coie dt o prdmrdty dg o jdndtoa
trogskmrcotdmg.
• Jeveamp se`tmr-spe`dkd` smautdmgs, ouncegt
ouncegt òpo`dty, ogj evoauote `mst-fegekdt mk mrnogd`
versus dgmrnogd` mptdmgs.
Ptroteny #5. (\rmju`t Je

Jeveamp
veamp cegt)2 Zm je`reose the fogis— dgtergoa `rejdt rdsi fy
eghog`dgn rdsi joto cogonecegt.
Eveg ot the aevea mk dgjdvdjuoa mfadnmrs, resdadegè wdaa vory. Pdgè fogis ugjerwrdte
mfadnmrs, gmt se`tmrs mr sufse`tmrs, they wdaa hove tm re`mngdze wdggers ogj amsers wdthdg eo`h
sufse`tmr. Zhe jdstdg`tdmg òg fe jetercdgej fy mfadnmrs— aevea mk kdgog`doa stress ogj mperotdmgoa
kaexdfdadty.
• Kdgog`doa resdadegè wdaa fe
fe jetercdgej aess
aess fy pre-@M[DJ-?4 prmkdtofdadty thog fy
dgjeftejgess ogj adqudjdty ‚ottrdfutes thot wdaa estofadsh o fmrrmwer—s ofdadty tm
weother the `rdsds.
?<?
• Mperotdmgoa kaexdfdadty,
kaexdfdadty, dgàujdgn the smugjgess
smugjgess ogj
ogj ojoptofdadty mk o fusdgess
cmjea dg the gew egvdrmgcegt, ds jetercdgej fy the `mst fose ogj the pmssdfdadty
thot dt òg shrdgi dg adge wdth jecogj. Zhese ko`tmrs òg fe evoauotej thrmunh
trogso`tdmg joto2 ùrregt-o``mugt dgkamws, `rejdt-adge utdadzotdmg, ogj the evmautdmg
mk pmdgt-mk-soae trogso`tdmgs.
Mperotdgn-cmjea `horo`terdstd`s ore ocmgn the quoadtotdve ko`tmrs thot òg prejd`t
p rejd`t kuture
ekke`ts. Pmce ore reaevogt kmr oaa se`tmrs, su`h os seosmgoadty mr readogè mg amìjmwg-jdsruptej
suppaders, coriets, ogj ùstmcers. Dg ojjdtdmg, here ore smce ojjdtdmgoa `rejdt rdsi cmjea thot
fogis coy kmùs mg ore2
• Oppadòtdmg P`mreòrjs
m Ve-òadfrotej fosej mg upjotej sòae mk wone mr dg`mce, voauotdmg ogj
kdgog`doa rotdms mk fmrrmwers.
m @mgsdjer reaoxdgn eadndfdadty `rdterdo kmr gew retoda ogj `mccer`doa
oppadòtdmgs tm codgtodg òsh kamws ogj dgtergoa
dg tergoa kugjdgn.
• Fehovdmroa ogj @maae`tdmg Cmjea
m Kaexdfdadty dg systecs ogj cmjea tm exàuje fmrrmwers ugjer
cmrotmrduc mr readek poìones
• Ptress Zestdgn
m Ojjdgn gew severe ogj jrocotd` sègordms
sègordms ds hdnhay re`mccegjej.
re`mccegjej.
Pmce mk the fogis dg thds rendmg coy jrow smce dgsdnhts krmc the
smphdstdòtej Ptress Zest cmjeas krmc the êst. (e.n. @OVV cmjeas)
• \KVP Kmrworj Ammidgn
m Veòadfrote exdstd
exdstdgn
gn co`rme`mgmcd` adgione cm
cmjeas
jeas wdth reaevogt
ko`tmrs thot jrdve the jekouat rdsi ko`tmrs.
m Dg`mrpmrotdgn test kmr stru`turoa
stru`turoa stofdadty dg renressdmg
renressdmg cmjeas òg fe
expamrej ogj dg`mrpmrotej.
Ptroteny #;. (Co

(Coriet
riet \egetrotdmg)2 Kosteg the dc paecegtotd mg mk F\D Jdndt oa 6.<
6.< ogj
ojvogèj preporotdm
preporotdm g kmr the su` èejdgn F\D Jdndt oa 0.<
Zoie dccejdote o`tdmgs
o`tdmgs tm kosteg tthe
he dcpaecegtotdmg mk F\D Jdndtoa 6.
6.<
< jue tm the
ogtd`dpotdmg mk hdnher mgadge ogj cmfdae-fosej fogidgn servdès eveg pmst-@M[DJ-?4 perdmj.
Zheg, dt wdaa oasm ùt `msts kmr the fogi tm rejuè thedr `mst-tm-dg`mce rotdm fy, soy, 0 tm 5
perègtone pmdgts krmc the 6gj quorter repmrt mk :5.4% tm :6.4% mr :<.4%. Dgjdòtdgn
Dgjdòtdgn the amwer
dt ds, the cmre prmkdtofae the fogi wdaa fe feòuse
fe` ouse the `mcpogy geejs mgay scoaa `msts tm negerote
?<6
the mperotdgn dg`mce. Hegè, dt ds og eye-paeosdgn kmr pmtegtdoa dgvestmrs ogj ùrregt dgvestmrs tm
see hmw ekkd`degtay the fogi ds mperotdgn.
Ptroteny #>. (\
(\rmju`
rmju` t Jeveampcegt)2
Jeveampcegt)2 Kmrcuaote dggmvotdve servdès dg `maaofmrotdmg ogj
portgershdps wdt h kdgte`h `mcpogdes

Oathmunh dt ds `rdtdòa tm kmùs ekkmrts
e kkmrts mg ùstmcer servdè, prmju`t dggmvotdmg shmuaj recodg
ègtroa tm ojjress ùstmcers— kdgog`doa geejs os o resuat mk @M[DJ -?4, egsurdgn gmt mgay
ùstmcers recodg amyoa tm the fogi, fut oasm tm pmtegtdoaay dg`reose coriet shore.
Mkkerdgn cmre kug`tdmgs ogj keotures kmr `mgsucers. Dt oaamws the fogi tm mkker dts ùstmcers
usekua keotures ogj kug`tdmgs thot dt wosg—t prevdmusay ofae tm prmvdje, su`h os the kmaamwdgn2
• \6\ poycegt systec `reotej tm coie poydgn krdegjs, spadttdgn fdaas, ogj cogondgn
`mgsucer kdgogès eosder. Usdgn jdkkeregt opprmo`h tm \6\ fy oaamwdgn the `mgsucer tm
mrnogdze fdaas mr poycegts dgtm nrmups su`h os ‑Vmmccotes– mr ‑ Fmroòy Zrdp.– Dg eo`h
nrmup, the `mgsucer òg ojj krdegjs ogj ogy `mrrespmgjdgn fdaas tm spadt fetweeg the
nrmup. Hmwever, they òg oasm `hmmse tm spadt fdaas jdre`tay krmc thedr fogi keej coidgn dt
extreceay eosy tm use. Ieepdgn poycegts mrnogdzej fy nrmup s egofaes the `mgsucer tm
see spegjdgn hofdts ogj nodg dgsdnhts dgtm whot nrmups hove the hdnhest spegj.
• Ortdkd`doa Dgteaadnegè (OD) ogj Co`hdge Aeorgdgn. Adiie Frog`h.`m, RestKdgogè,
ogj CyFuìs they ore usdgn OD ogj co`hdge aeorgdgn tm mkker amogs tm `mgsucers wdth
adttae tm gm `rejdt hdstmry. Frog`h.`m ossesses pempae—s `rejdt fosej mg scortphmge joto
tm jetercdge eadndfdadty ogj prmvdjes o`èss tm pempae whm mtherwdse wmuaj fe
f e ugopprmvej
feòuse mk thedr aoì mk `rejdt hdstmry. Zhey use co`hdge aeorgdgn tm prmèss tmgs mk joto
pmdgts ogj `reote persmgoadzej amog mptdmgs kmr `mgsucers.
• Vmfm-ojvdsmrs mkker
mkker `mcputer-negerotej kdgog`doa
kdgog`doa ojvdè dg paoè mk o hucog
hucog kdgog`doa
kdgog`doa
ojvdsmr. Mkteg tdces the rmfm-ojvdsmr servdè requdres users tm toie o qudz tm jetercdge
thedr kdgog`doa stotus ogj mveroaa nmoas ogj theg prmvdjes thec wdth o sunnestej pmrtkmadm.
• Adkestyae Opp
Opp thot kmùs mg prmvdjdgn `mgsucers
`mgsucers wdth voauofae ogj `mcprehegsdfae
`mcprehegsdfae
dgsdnhts dgtm thedr spegjdgn mg o joday, weeiay, mr cmgthay fosds. Adie Cmveg whm hoj
dcpaecegtej the systec, they prmvdje `mgsucers wdth o qudì ammi ot thedr spegjdgn
mvervdew sm they òg eosday ugjerstogj where they ore `mcporej tm thedr usuoa spegjdgn.
Zhey oasm prmvdje joto kmr cmgthay spegj fy òtenmrdes su`h os nrmèrdes, jdgdgn mut, mr
shmppdgn. @mgsucers òg theg see o `mcpordsmg mk thedr spegjdgn fetweeg òtenmrdes
tm kdgj oreos they geej tm dcprmve sm they òg ojbust kuture spegj. Dt odcs tm serve tm fe
cmre thog bust o kdgog`doa servdè fut tm thedr persmgoa kdgog`doa portger/ojvdser, thot dg
?<0
returg dt dg`reoses the ùstmcer sotdsko`tdmg ogj aeojs tm ùstmcer amyoaty ogj dg`reose mk
prmkdt.
Ptroteny #8
#8.. (C
(Coriet
oriet \egetro
\egetrotdmg)2
tdmg)2 Bmdgt [egture \ortgershd p w dth Kdgte`h .
[egture mr \ortgershd
Zhe fogi òg prmkdt krmc the stoture ogj stotus mk

m k the kdgte`h `mcpogy. Ogmther woy thot
the portgershdp òg dcprmve reputotdmg ds fy jecmgstrotdgn tm o `mgsucer fose thot the twm
`mcpogdes hove thedr ùstmcers— fest dgterests dg cdgj.
• Frmojegej `mgsucer fose2 O fogi ogj kdgte`h
kdgte`h portgershdp
portgershdp òg fe o fdt mk o ‑ymu s`rot`h
s`rot`h
mur foì9 we—aa s`rot`h ymurs– orrognecegt. Zhrmunh the portgershdp, eo`h `mcpogy òg
top dgtm the exdstdgn `mgsucer fose mk the mther. Zhot oaamws thec tm frmojeg thedr coriet
ogj reo`h prevdmusay ug`mgto`tej ùstmcers. Kmr exocpae, o kdgte`h cdnht kdgj majer
ùstmcers jue tm dts ossm`dotdmg wdth the fogi, whdae the fogi jetercdges thot the
portgershdp frdgns o ymugner jecmnrophd`
jecmnrophd ` dts woy.
• Vejuèj `msts2 Dt òg
òg fe cu`h aess expegsdve kmr
kmr o fogi tm wmri
wmri wdth o kdgte`h mg
dcprmvdgn the jdndtoa servdès dt mkkers ùstmcers thog `mgju`tdgn dg-hmuse
exeùtdmgs. Pu`h os usdgn OD tm dcprmve o prevdmusay
prevdmusay amgn ogj `mcpadòtej prmèss mk
jetercdgdgn amog eadndfdadty. Usdgn thedr ojvogèj joto, they òg mkker o koster, cmre
o`ùrote ogj ugfdosej woy tm jetercdge o `mgsucer—s `rejdt wmrthdgess ogj thedr
`mrrespmgjdgn dgterest rote. Pdcdaoray, fy recmvdgn the amog mkkdèr krmc the equotdmg,
these KdgZe`h—s òg sove mg `msts ogj egsure o prmkdt krmc thedr amw rote amogs.
?<:
[DDD. Ptroteny Dcpaecegtotdmg
8.? Zhe Ptroteny Cop

Kdnure 8-?2 Ptroteny Cop
O vdsuoadzej rmojcop heaps cogonecegt prdmrdtdze strotend` steps fosej mg the

`mcpadòtej òusoa reaotdmgshdp. Adie hmw fogis thot ojoptej Fdn Jo
Joto
to kmr jetercdgdgn ùstmcer
fehovdmr fmrrmwdgn hofdts, `mgsucptdmg hofdts, geejs, ogj prekeregès òuse tm oadng wdth the
te`hgmamndòa dggmvotdmgs mk Kdgte`h. Zhey servej os sdngdkdògt jrdvers dg ko`dadtotdgn the
trogskmrcotdmg mk ogoayzdgn fehovdmroa joto, thus heapdgn aegjdgn dgstdtutdmgs ugjerstogj thedr
`mgsucer hofdts ogj ofdadtdes. Zhot aeojs tm dcprmvecegts dg dgtergoa prmèsses su`h os
sdcpadkydgn prmju`ts mr eosdgn ùstmcer bmurgey kmr eosy ogj qudì o`èss kugjdgn. Fesdjes, tm
igmw hmw tm eadcdgote `rejdt rdsi ogj cogone mther dgtergoa rdsis. Zherekmre, dk su`èsskuaay ceet
coriet jecogjs ogj hoj eose

eo se ùstmcer's o`èss tm kugjdgn. Zheg dt wmuaj `reote shorehmajer's
dg`reose dg voaue thrmunh o superdmr returg, whd`h oasm jekdges revegue nrmwth.
?<5
8.6 Jeportcegtoa
Jeportcegtoa \rmnrocs
Ptroteny #?.
#?. (\rmju`
(\rmju` t/Pervdè Jeveampc
Jeveampc egt)2 Zm jeadver o kuaa fr og`h experdegè ogj
dcprmv e ùstmcer egnonecegt
egnonecegt fy turg dgn the trojdtdmg oa fogi dgtm og experdegè
experdegè fogi.
Zofae 8-?2 Ptroteny #?. Jeportcegtoa \rmnrocs.
Mfbe`tdve ^hm O`tdvdtdes Zdceadge
• Dg`reose Kdgogè Oaamt the fujnet dg rejekdgdgn eo`h

Vevegues. Jeportcegt fogidgn getwmri. Dcpaecegtdgn aeojdgn-
• Dg`reose Get ejne jdndtoa jevdès thot they hove tm Ptortdgn dg Boguory
Dg`mce -Kdgog`doa paoggdgn jepamy ot the frog`hes dgàujej ugtda the egj mk
• Dg`reose tmtoa & fujnetdgn Jept. dgtero`tdve woaa ogj tofae jdspaoys, Kefruory.
gucfer mk amogs tofaets, cuatd-kug`tdmg idmsis, ogj scort
ogj jepmsdts. OZCs.
Corietdgn
• Dg`reose dg Jeportcegt @mgju`t Coriet Veseor`h.
Ptortdgn dg Boguory
gucfer mk Zornet fmth jdndtoa ogj physdòa
ugtda the egj mk 6<6?.
ùstmcers. ùstmcers.
• Ceet coriet Zm `mgtdgumusay dggmvote ogj dcprmve

jecogjs dg Mperotdmgs dgtergoa prmèss.
renorjs tm gew Cogonecegt @maaofmrote wdth Kdgte`h `mcpogdes.
Ptortdgn dg Buge 6<6?,
gmrcoa. ogj Zmtoa _uoadty Zoie o cmjuaor, namfoaay stogjorjdzej
ugtda the yeor 6<65.
• Expogj reo`h tm Cogonecegt ogj amòaay-kaexdfae opprmo`h tm ùstmcer
ecerndgn mkkerdgns ogj experdegès fosej mg o 'idt
prmvdg`doa oreos. mk ports'.
Hucog O `hogne mk rmae

rmae wdaa okke`t fmth the
Vesmurès prdmrdtdes ogj prmèsses kmr krmgt-adge
stokk, wdth the kmùs cmvdgn krmc ‘mgè
• Dg`reose ùstmcer ogj jmge— requests tm cmre `mcpaex
Ptortdgn
sotdsko`tdmg. koè-tm-koè dgtero`tdmgs adie ojvdè,
dcpaecegtotdmg mk
• \rmcmte ùstmcer ùstmcer òre/reaotdmgshdp-fudajdgn,
ègtrd` ùature. `mcpaodgts/dssue resmautdmg ogj Buge 6<6?
suppmrtdgn mr kdgoadzdgn `rmss-`hoggea
prmèsses.
?<;
Ptroteny #6. (Coriet Jeveampcegt)2 Zm òter kdgog`doa servdès kmr the ugfogiej
Kdadpdgms fy turgd gn trojdtd mgoa frog`hes dgtm og experdegè
experdegè fogi.
fogi.
Zofae 8-62 Ptroteny #6. Jeportcegtoa \rmnrocs.
• Dg`reose Kdgogè
Vevegues. Jeportcegt
Oaamt the fujnet kmr rejekdgdgn eo`h
• Dg`reose Get
-Kdgog`doa paoggdgn fogidgn getwmri thot tornets `dtdes mk Ptortdgn dg Boguory
Dg`mce
& fujnetdgn Jept. Auzmg, [dsoyos, ogj Cdgjogom. Pu`h os ugtda Kefruory mk 6<6?
• Dg`reose tmtoa \ocpogno, @efu, Jovom, Damdam, et`.
gucfer mk amogs
ogj jepmsdts.
• Dg`reose dg Corietdgn @mgju`t Keosdfdadty Ptujy ogj Coriet Ptortdgn dg Kefruory

gucfer mk Jeportcegt Veseor`h mg eo`h tornetej oreo. 6<6?, ugtda the yeor
ùstmcers. O`tdveay tornet the nrmwdgn cdaaeggdoa 6<65, wheg oaa the
• Dg`reose coriet coriet, tornetdgn the `mugtry's ymugn, tornetej frog`hes
shores jdndtoaay prmkd`degt pmpuaotdmg. hove feeg rejekdgej.
• Ceet coriet
Mperotdmgs Mperote os og dgtenrotej `mcpmgegt mk
jecogjs dg
the mveroaa `hoggea stroteny.
renorjs tm gew Cogonecegt ogj
Os sdcpaer, trogso`tdmgoa
trogso`tdmgoa trokkd` cdnrotes
gmrcoa. Zmtoa _uoadty
tm seak-servdè `hoggeas, seocaess `rmss- Ptortdgn dg Buge ugtda
Cogonecegt
`hoggea dgtenrotdmg wdaa fe`mce eveg the egj mk 6<6?.
• Expogj reo`h tm cmre `ru`doa, wdth the physdòa stmres
ecerndgn frdgndgn ‘hucogdty— tm the jdndtoa-aej
prmvdg`doa oreos experdegè.
Hucog Vesmurès Zrodg stokk ogj ecpamyees tm fe

• Dg`reose ùstmcer òpofae mk jeadverdgn servdè feymgj
sotdsko`tdmg soaes ogj re`mccegjotdmgs feymgj
`hmdè.
Ptortdgn dg Cor`h 6<6?
• \rmcmte ùstmcer Ecphosdze the hucog tmu`h, wdth the
ègtrd` ùature. krmgt-adge `mcpaecegtdgn te`hgmamny wdth
ecpothy.
?<>
Ptroteny #0. (Co

(Coriet
riet Jeveampcegt)2 Zm expogj amòa ogj dgt ergotdmgoa fr og`h getwmr i.
• Dg`reose Kdgogè
Vevegues. Jeportcegt
• Dg`reose Get -Kdgog`doa paoggdgn Oaamt the fujnet kmr the gew 8<-?<< amòa
& fujnetdgn Jept. Ptortdgn dg Boguory
Dg`mce ogj dgtergotdmgoa
dgtergotdmgoa frog`hes kmr the gext
ugtda Kefruory mk 6<6?
• Dg`reose tmtoa three yeors.
gucfer mk
jepmsdts.
Corietdgn
• Dg`reose dg Ptortdgn dg Kefruory
Jeportcegt @mgju`t Keosdfdadty ogj Coriet Veseor`h
gucfer mk 6<6?, ugtda the yeor
mg eo`h tornetej oreo.
ùstmcers. 6<60, wheg oaa the
Fmmst prmcmtdmg thrmunh cuatdpae
tornetej frog`hes
corietdgn `hoggeas tm reo`h ymur jesdrej
hove feeg
oujdegè.
estofadshej.
O`tdveay tornet nrmwdgn
nrmwdgn cdaaeggdoa coriet.
• Ceet coriet
jecogjs dg Mperotdmgs
renorjs tm gew Cogonecegt ogj Zm estofadsh og dgtergotdmgoa frog`h dg Ptortdgn dg Buay 6<6?,
gmrcoa. Zmtoa _uoadty `mugtrdes wdth the cmst gucferej MK^. ugtda the yeor 6<60,
Cogonecegt Zm estofadsh mver 0<-5< kdrst ‘experdegèj wheg oaa the tornetej
• Expogj reo`h tm fogi— dg Cogdao, \ocpogno, Fonudm, frog`hes hove feeg
ecerndgn Zonoytoy, @efu, Jovom, ogj Damdam. estofadshej.
prmvdg`doa oreos
• Dg`reose ùstmcer Hucog Ptortdgn dg Cor`h

@reote o re`rudtcegt stroteny.
sotdsko`tdmg Vesmurès 6<6?, ugtda the yeor
Aeverone surveys. @maaofmrote wdth
6<60, wheg oaa the
ùstmcers tm djegtdky ogj ugjerstogj thedr
• \rmcmte ùstmcer tornetej frog`hes
geejs.
ègtrd` ùature. hove feeg
estofadshej.
?<8
Ptroteny #:. ((Co

Coriet
riet \egetrotdmg)2
\egetrotdmg)2 O` èaerotdgn
èaerotdgn the jdndt oa trogskmr cotdmg tm egofae
egofae
reoa-tdce cmgdtmrdgn ogj cdgdgn ekke`tdveay mk trogso`tdmg joto whdae outmcotdgn the
keejdgn
keejdgn mk r esuats dgtm je`dsdmg c oidgn.
Zofae 8-:2 Ptroteny #:. Jeportcegtoa \rmnrocs.
Je`reose G\A rotdm. Kdgogè

Cdge trogso`tdmg jote tm jrdve òshkamw
Oujdt Jeportcegt Ptortdgn dg Boguory mk
Jeveamp og oatergotdve hdnh-krequeg`y
@rejdt 6<6?
joto tm jerdve revegue tregjs
Jeportcegt
Dg`reose tmtoa gucfer Corietdgn
mk amogs wdth CPCE—s Jeportcegt
Ptortdgn dg Buge mk
wdggers. Fmmst prmcmtdmg tornetdgn CPCE se`tmrs.
s e`tmrs.
6<6?
M\Z_C Jeveamp o ùstmcer-ossdstogè

Vdsi Cogonecegt dgtero`tdmg cmjea.
Dgtergoa Oujdt Jeveamp se`tmr-spe`dkd` smautdmgs,
Ptortdgn dg Buay mk
Jdvdsdmg ouncegt òpo`dty, ogj evoauote `mst-
Je`reose the fogis— 6<6? ugtda mg the
DZ Jeportcegt fegekdt mk mrnogd` versus dgmrnogd`
dgtergoa `rejdt rdsi. expe`tej re`mvery
mptdmgs.
yeor mk 6<60
Jeveamp o prmnroc dg ogoayses mk se`tmrs
mr sufse`tmrs ogj ossess dgjdvdjuoa
fmrrmwer.
Hucog Vesmurès
Ko`dadtote aeojershdp ogj rdsi cogonecegt
Ptregntheg shorej
jeveampcegt thot stregnthegs spe`dkd` Ptortdgn dg Buay 6<6?,
voaues mg every
kug`tdmgoa ogj te`hgdòa `mcpeteg`des ugtda the yeor 6<60.
ecpamyee.
ogj teoc ekke`tdvegess.
?<4
Ptroteny #5. (\rmju` t Jeveamp

Jeveamp cegt)2 Zm je`reose the fogis— dgtergoa `rejdt rdsi fy
eghog`dgn rdsi joto cogonecegt.
Je`reose G\A rotdm.

rotdm. Kdgogè
Oujdt Jeportcegt \repore kmr the fogis' kdgog`doa prmkdaes Ptortdgn dg Buay 6<6?,
@rejdt Jeportcegt ugtda the e`mgmcd` re`mvery toies hmaj. ugtda the yeor 6<60
Ugjerstogj shdkt mk Corietdgn

`mgsucers fehovdmr. Jeportcegt Ptortdgn dg Kefruory
@mgju`t `mgtdgumus Coriet Veseor`h mg
6<6?
eo`h e`mgmcd` se`tmrs.
Eghogè the exdstdgn `rejdt cmjeas.

M\Z_C Evoauote the `rejdtwmrthdgess mk the
Vdsi Cogonecegt prevdmus ogj pmtegtdoa `mgsucer prmperay
Dgtergoa Oujdt dg the `mgtext mk thds `rdsds.
Je`reose the fogis— Jdvdsdmg Jeveamp the kmaamwdgn `rejdt cmjeas2 Ptortdgn dg Jeècfer
Ounust mk
DZ Jeportcegt -Oppadòtdmg P`mreòrjs 6<6? ugtda
dgtergoa `rejdt rdsi.
mk 6<66.
-Fehovdmroa ogj @maae`tdmg Cmjea
-Ptress Zestdgn
-\KVP Kmrworj Ammidgn
Ptregntheg shorej Hucog Vesmurès Ko`dadtote aeojershdp ogj rdsi cogonecegt

voaues mg every jeveampcegt thot stregnthegs spe`dkd` Ptortdgn dg Boguory
ecpamyee. kug`tdmgoa ogj te`hgdòa `mcpeteg`des 6<6?
ogj teoc ekke`tdvegess.
??<
Ptroteny #;. (Coriet \egetrotdmg)2 Kosteg the dcpaecegtotdmg mk F\D Jdndtoa 6.< ogj
ojvogèj preporotdm
preporotdm g kmr the su` èejdgn F\D Jdndt oa 0.<
0.<
Zofae 8-;2 Ptroteny #;. Jeportcegtoa \rmnrocs.
Je`reose @mst-tm- Kdgogè • Oaamt the dgvestcegts kmr jdndtoadzotdmg,

jd ndtoadzotdmg, ogj
Dg`mce Votdm Oujdt Jeportcegt Ptortdgn dg Boguory
DZ os dt ds estdcotej ot \: tm \5 fdaadmg per
@rejdt Jeportcegt ugtda Kefruory mk 6<6?
yeor fosej mg revegues.
Corietdgn
Dg`reose dg gucfer mk Jeportcegt • O`tdveay tornet nrmwdgn cdaaeggdoa coriet,
ùstmcers. Ptortdgn Kefruory
tornetdgn the `mugtry ymugn, jdndtoaay
6<6? ugtda Jeècfer
prmkd`degt pmpuaotdmg.
6<6?
• Dcpaecegt eosy tutmrdoa kmr gmg-cdaaeggdoa
coriet.
Ceet coriet
jecogjs dg renorjs Mperotdmgs
Use dggmvotdmg tm dcprmve dgtergoa Ptortdgn dg Ounust mk
tm gew gmrcoa. Cogonecegt prmèss. 6<6?
Zm `mgtdgumusay HV
dg`reose ùstmcer @maaofmrote wdth ùstmcers tm djegtdky ogj
Ptortdgn dg Boguory
egnonecegt, trust, ugjerstogj thedr geejs.
6<6?
ogj amyoaty.
???
Ptroteny #>. (\
(\rmju`
rmju` t Jeveampcegt)2
Jeveampcegt)2 Kmrcuaote dggmvotdve servdès d g ` maaofmrotdmg
ogj portgershdps
portgershdps w dth kdg te`h `mcpogdes
Zofae 8->2 Ptroteny #>. Jeportcegtoa \rmnrocs.
• Dg`reose Vevegues. Kdgogè

Jeportcegt
• Dg`reose Get • \ortgerdgn tm jeveamp gew fusdgess Ptortdgn dg Boguory
Dg`mce cmjeas ogj revegue streocs. ugtda Peptecfer mk
6<6?
• Dg`reose tmtoa
gucfer mk jepmsdts.
Corietdgn
• Dg`reose dg gucfer Jeportcegt • \rmper oadngcegt fetweeg soaes ogj
mk ùstmcers. corietdgn, ogj the nmoas fetweeg the
Kefruory 6<6? ‐ Oprda
corietdgn stroteny, soaes cogonecegt,
6<6?
ogj soaes kmrè tm ovmdj ogy òuse mk
jecmtdvotdmg fy `mgsucer.
• Ceet coriet • Dcpaecegt \6\ poycegt systec.

jecogjs dg renorjs Mperotdmgs
• Jeveampce Ortdkd`doa Dgteaadnegè (OD)
tm gew gmrcoa. Cogonecegt
ogj Co`hdge Aeorgdgn
Ptortdgn dg Cor`h ugtda
• Jeveamp Vmfm-ojvdsmrs dg paoè mk o
• Expogj reo`h tm Peptecfer mk 6<6?
hucog kdgog`doa ojvdsmr.
ecerndgn prmvdg`doa
• \rmcmte Adkestyae Opp tm fogidgn
oreos
`mgsucers
Hucog • Egsure readofdadty mk Vmfm-ojvdsmrs

• Zm `mgtdgumusay Vesmurès • Zrodg stokk tm the prmper usone mk gew
dg`reose ùstmcer
systecs. Ptortdgn dg Cor`h ugtda
egnonecegt, trust,
• @ustmcer servdè shmuaj fe Coy mk 6<6?
ogj amyoaty. igmwaejneofae tm respmgj
respmgj mg
mg ogy gew
systec errmrs.
??6
Ptroteny #8. (Coriet \egetrotdmg)2 Frmojeg ùstmcer fosej ogj rejuèj

`mst thr munh Bmdgt [egture \ortgershdp w dth Kdgte`h .
[egture mr \ortgershdp
• Dg`reose Get Dg`mce Kdgogè Jeportcegt

• Dg`reose tmtoa gucfer \ortgerdgn tm jeveamp gew
Ptortdgn dg Cor`h ugtda
mk jepmsdts. fusdgess cmjeas ogj revegue
Jeècfer mk 6<6?
• Vejuèj `msts streocs.
• Frmojegej `mgsucer Corietdgn Jeportcegt @maaofmrotdve corietdgn ogj

fose @VC systecs cogone ogj
Kefruory 6<6? ‐ Oprda
• Dg`reose coriet syg`hrmgdze ùstmcer
6<6?
dgtero`tdmg pmdgts ogj
shore.
`mccugdòtdmg `hoggeas.
\ortgerdgn tm dggmvote dg
•Negerote Gew Mperotdmgs
Cogonecegt ogj Zmtoa exdstdgn prmju`ts, `hoggeas mr
prmèsses. Ptortdgn dg Boguory
prmju`ts ogj servdès
_uoadty Cogonecegt Dg`reosej ovodaofdadty mk mgadge ugtda Buge mk 6<6?
servdès.
• Zm `mgtdgumusay Hucog @maaofmrote wdth ùstmcers tm

dg`reose ùstmcer Vesmurè djegtdky ogj ugjerstogj thedr Ptortdgn dg Boguory
egnonecegt, trust, geejs. ugtda Oprda mk 6<6?
ogj amyoaty.
??0
8.0 Kdgog`doa \rmbe`tdmgs

?. \rmb
\rmb e`tej Dg`mc e Ptotecegt
Ptotecegt
Zofae 8-42 \rmbe`tej Dg`mce Ptotecegt

??:

??5
\rmb e`tej Foaogè Pheet

6. \rmb Pheet
Zofae 8-?<2 \rmbe`tej Foaogè Pheet

??;
\rmb e`tej @osh Kamws

0. \rmb
Zofae 8-??2 \rmbe`tej @osh Kamws

??>

??8
DX.
DX. Ptroteny
Ptroteny Evoauotdmg,
Evoauotdmg, Cmgdt mrdg n ogj @mgtr ma
4.? Foaogè
Foaogè P`mr eòrj
Zofae 4-?2 Foaogè P`mreòrj
Mfbe`tdve êdnht Ceosure/Cetrd` Zornet Dgdtdotdve

(I\D) êdnhtej
P`mre
Kdgog`doa Je`reose the 68% • Zm je`reose the 08.:%

fogi—s `rejdt rdsi fogis— dgtergoa `rejdt
• Aevea mk G\A • Dcprmve prmkdt c
corndg
orndg
Vevegue Nrmwth rdsi thrmunh coriet
rotdm. tm ?6%
pegetrotdmg ogj
• \msdtdmg mk • Vejuèj mperotdmgoa
prmju`t jeveampcegt
Kdgog`doa `msts
fy eghog`dgn rdsi joto
Ptotecegt • Jerdve cmre dg`m
dg`mce
ce
cogonecegt.
• Ceosure VMD krmc `mccer`doa ogj
• Oaamt the fujnet tm
`mrpmrote fogidgn
suppmrt the fusdgess
nmoas ogj mfbe`tdves.
@ustmcer 66% 0:.0%

Ceet coriet
jecogjs dg
• @ustmcer • Coriet pegetrotdmg mk
renorjs tm gew
o`qudsdtdmg/ • Dg`reosej us
usone
one mk MK^s ogj Kmredng
gmrcoa whdae
retegtdmg physdòa ogj jdndtoa Dgvestmrs
`reotdgn
• Aevea mk servdès dg spe`dkd` • O`tdveay ttornet
ornet nrmwdgn
shorehmajers
`mgsucer nemnrophd` amòtdmgs. cdaaeggdoa coriet
voaues thrmunh
dgtero`tdmgs thrmunh coriet
superdmr returgs
jeveampcegt.
Eosy ogj qudì
o`èss kugjdgn
\rmèsses 6>% • Zm turg the trojdt

trojdtdmgoa
dmgoa 0;%
fogi dgtm og
• Expogj reo`h tm
experdegè fogi.
Cogone rdsi ecerndgn prmvdg`doa
• Zm eghogè joto rdsi
Pdcpadky prmju`ts • Poaes \er oreos
ogj ùstmcer Frog`h • Expogj Frog`h cogonecegt thrmunh
prmju`t jeveampcegt
bmurgey • Zmtoa [mauce getwmri amòay ogj
fy egofadgn o reoa-tdce
Dggmvote wdth Mk O``mugts dgtergotdmgoaay
cmgdtmrdgn ogj cdgdgn
KdgZe`h Dg`reose vdsdfdadty
ekke`tdveay mk
mgadge
trogso`tdmg joto.
•
\empae 60% 05.6%

• Ecpamyees • Kmrcuaote dggmvotdve
turgmver rote. servdès thrmunh
Ojmpt fdn joto • Mpeg `mccug
`mccugdòtdmg
dòtdmg
• Gew O``mugt prmju`t jeveampcegt
\rmcmte ùstmcer fetweeg cogonecegt
Petup Errmr dg `maaofmrotdmg mr
ègtrd` ùature ogj sufmrjdgotes
Vote portgershdps wdth
@maaofmrotdmg wdth • Ovodaofdadty mk w
weaagess
eaagess
• @adegt Purvey kdgte`h `mcpogdes
Kdgte`h ogj re`reotdmgoa
P`mre2 • Egsure
Egsure thot eo`h stokk
`mcpogdes. prmnrocs
ottegjs 0 trodgdgn
sessdmgs o yeor.
??4
4.
4.6
6 Fusdgess @mgtdgud ty ogj @mgtd gneg`y \aog
\aog
Zhe pmtegtdoa s`mpe ogj terc mk cogy mk
m k these o`tdmgs ore aorneay ugigmwg, wdaa vory krmc
`mugtry tm `mugtry ogj fetweeg kejeroa stotes ogj rendmgs, ogj ore gmt yet ugjerstmmj dg kuaa. Zhe
@M[DJ-?4 `rdsds oasm prmvdjes sdngdkdògt `hoaaegnes tm pegjdgn C&O, òpdtoa coriets, kdgog`dgn
ogj restru`turdgn trogso`tdmgs. Aost fut gmt aeost, gew dgvestcegt mppmrtugdtdes wdaa ordse os o
resuat mk the `rdsds.
Fmorjs geej tm toie o`tdmg gmw dg mrjer tm `heì
`h eì the heoath mk `mgtdgneg`y paogs, cdtdnote
rdsis, toìae dccejdote prdmrdtdes ogj egsure fusdgess `mgtdgudty ogj kdgog`doa stofdadty. Zm ossdst
dg thds prmèss, C`Jercmtt ^daa & Ecery* (C`Jercmtt) hos put tmnether thds hdnh-aevea `heìadst
jesdngej tm suppmrt `mcpogdes dg govdnotdgn ùrregt ugèrtodgtdes. Zhds `heìadst hos feeg
preporej krmc o negeroa aenoa ogj fest-pro`tdè perspe`tdve kmr `mrpmrotes ogj pmrtkmadm
`mcpogdes mk prdvote equdty kugjs dg the Ugdtej Ptotes, Ugdtej Idgnjmc, Krogè ogj Nercogy.)
Zm ojjress ogy questdmgs dg `mgge`tdmg wdth @M[DJ-?4, portdùaoray dg thds `hogndgn egvdrmgcegt,
og ondae opprmo`h ogj todamrej respmgses wdaa fe requdrej thot toie dgtm `mgsdjerotdmg oppadòfae
aows, pmad`des ogj nudjeadges dg the reaevogt `mugtrdes os weaa os reègt jeveampcegts.xxdv
?. Negeroa
Negeroa @rds ds Cogonecegt ‐ @rmss -Kug`tdm goa @M[DJ-
@M[DJ-?4
?4 Z
Zosi
osi Kmr` e
Estofadsh o jejdòtej tosi kmrè repmrtdgn tm the @EM mr fmorj wdth represegtotdves krmc oaa
cobmr fusdgess adges ogj ègtroa kug`tdmgs (dgàujdgn HV, prmùrecegt, DZ, kdgogè, treosury,
renuaotmry, `mccugdòtdmg/dgvestmr reaotdmgs ogj aenoa) ogj `mverdgn oaa `mugtrdes ogj rendmgs
coterdoa kmr the fusdgess. Ossdng respmgsdfdadty kmr2
O . Ossessdgn, cmgdtmrdgn ogj cogondgn the jeveampcegt ogj dcpo`t mk @M[DJ-?4, dgàujdgn
`mcpadogè wdth the requdrecegts ogj nudjogè dssuej fy nmvergcegt fmjdes ogj amòa
outhmrdtdes.
F . @mgtdgneg`y ogj respmgse paoggdgn, dgàujdgn fusdgess `mgtdgudty, wmri kmrè
cogonecegt ogj dgjustry-sdje ogj fusdgess oreo-spe`dkd` rdsi cdtdnotdmg ogj mr`hestrotdmg
mk o`tdvotdmg ogj dcpaecegtotdmg.
@. @mccugdòtdmgs, dgàujdgn dgtergoa ogj extergoa `mccugdòtdmg mk sokety ceosures ogj
respmgse paogs wdth ecpamyees, ùstmcers, suppaders, aegjers, renuaotmrs/nmvergcegt
renuaotmrs/ nmvergcegt fmjdes
ogj mther iey stoiehmajers dg the fusdgess.
?6<
6. Ecpamycegt/^mrik
Ecpamycegt/^mrik mrè @mgsdjerotdmgs ‐ \rmte`t ymur Ecpamyees
Ecpamyees
O . @heì, cmgdtmr ogj `mcpay wdth ^HM nudjeadges ogj the requdrecegts ogj nudjogè
dssuej fy nmvergcegt fmjdes ogj amòa
am òa outhmrdtdes dg `mgge
`mgge`tdmg
`tdmg wdth the heoath ogj sokety mk
ecpamyees.
F. @heì, cmgdtmr ogj `mcpay wdth gmtdkdòtdmg mfadnotdmgs requdrej fy nmvergcegt fmjdes
(dgàujdgn amòa egtdtdes) ogj coie oaa opprmprdote `mgtodgcegt, dsmaotdmg mr quorogtdge
orrognecegts.
@. Vevdew ogj fe owore mk the mfadnotdmgs ogj rdnhts mk the `mcpogy ugjer ecpamycegt
onreecegts ogj `maae`tdve fornodgdgn onreecegts, ogj ugjer ecpamycegt aendsaotdmg,
dgàujdgn oppadòfae prdvo`y rdnhts ogj mfadnotdmgs.
J. Dgtrmjuè gew pmad`des tm prevegt the spreoj mk @M[DJ-?4 (ogj `mgsdjer upjotdgn wmris
`mug`da ogj `maae`tdve fornodgdgn onreecegts where opprmprdote) ogj `mccugdòte àeoray
wdth ecpamyees2
o) \rmvdje ecpamyees wdth the geèssory equdpcegt ogj te`hgmamny tm wmri recmteay
(e.n.,, aoptmps).
where opprmprdote (e.n.
f) Dgstru`t (tm the extegt percdssdfae ugjer oppadòfae aows dg ymur `mugtry) ogj/mr osi
ecpamyees tm toie thedr wmri equdpcegt ogj te`hgmamny hmce ot the egj mk every wmridgn
joy.
` )@mgsdjer dgtrmju`dgn tecpmrory kaexdfae wmridgn pmad`des.
j ) @mgsdjer hovdgn kever thercmceters mg hogj kmr vmaugtory seak-`heìs mk ecpamyees
mr tm mkker/`mgju`t heoath ogj kever `heìs kmr ecpamyees, tm the extegt percdttej fy
oppadòfae aow.
e) @mgsdjer dgstru`tdgn (tm the extegt percdssdfae ugjer oppadòfae aows dg ymur `mugtry)
ogj/mr osidgn ecpamyees tm stoy ot hmce ogj gmt tm `mce tm the mkkdè/ wmripaoè eveg dk they
shmw mgay cdaj `maj sycptmcs.
k) @mgsdjer whether ecpamyees shmuaj fe dgstru`tej (tm the extegt percdssdfae ugjer
oppadòfae aows dg ymur `mugtry) ogj/mr oaamw ecpamyees tm stoy ot hmce ogj gmt tm `mce tm
the mkkdè/ wmripaoè dk kocday mr hmusehmaj cecfers hove feeg
f eeg jdongmsej wdth @M[DJ-?4
@M[DJ -?4 mr
ore mtherwdse dg seak-dsmaotdmg.
n ) Adcdt mr prmhdfdt fusdgess trovea, portdùaoray tm hdnh-rdsi oreos, ogj jds`murone koè-tm-
koè ceetdgns. Dgsteoj, dgtrmjuè ‘vdrtuoa— ceetdgn smautdmgs su`h os vdjem`mgkeregès.
@mgsdjer seak-quorogtdge ceosures kmr ecpamyees returgdgn krmc gmg -fusdgess trovea.
h ) Vequdre ecpamyees tm gmtdky the `mcpogy mk pmssdfae expmsure tm @M[DJ-?4 (dgàujdgn
kmaamwdgn trovea tm hdnh-rdsi oreos),
oreo s), sufbe`t tm prdvo`y aows.
?6?
d) \rmvdje trodgdgn, equdpcegt ogj suppmrt tm prevegt the spreoj mk @M[DJ-?4.

F . \ut dg paoè orrognecegts tm perkmrc fusdgess-`rdtdòa kug`tdmgs, dk o coterdoa port mk stokk
(e.n.,, reamòtdmg mk stokk krmc hdnh-rdsi oreos).
ds ofsegt (e.n.
@. @mgsdjer foì-up orrognecegts ogj oatergotes
o atergotes kmr iey persmggea/kug`tdmgs.
J. Zm the extegt ovodaofae

o vodaofae dg ymur `mugtry, `mgsdjer oppaydgn kmr shmrt
shmrt-tdce
-tdce wmri `mcpegsotdmg
(e.n.
e.n.,, sm òaaej Iurzorfedtneaj dg Nercogy) ogj/mr `mcpegsotdmg krmc pufad` outhmrdtdes dg the
evegt mk quorogtdge ceosures fedgn dcpmsej mg ecpamyees.
E. Egsure strotendes, pmad`des, ceosures ogj `mccugdòtdmgs (d) ore prmpmrtdmgote tm the
heoath ogj sokety mfbe`tdve, (dd) sustodgofae mver tdce ogj (ddd) `mcpay wdth ogtd-jds`rdcdgotdmg
ogj prdvo`y aows.
0. Venuaotmr
Venuaotmr y Cotters
O. \repore, `mmrjdgote ogj `mccugdòte wdth reaevogt outhmrdtdes ot the opprmprdote tdce tm
ojjress (pmtegtdoa) `mgtodgcegt, (tecpmrory) shutjmwg mk mperotdmgs
m perotdmgs ogj/mr sdtes, quorogtdge
mr `hognes tm the fusdgess mperotdmgs, dk ogy. Dk geej fe, dgkmrc outhmrdtdes renorjdgn aeoj
tdces kmr reju`tdmg mk `rdtdòa mperotdmgoa o`tdvdtdes ogj aeveas.
ae veas.
F . \ut dg paoè orrognecegts tm ovmdj mr cdtdnote shutjmwgs, reamòte tm ogj/mr perkmrc
mperotdmgs mr `rdtdòa kug`tdmgs dg amw-rdsi oreos,
o reos, dg òse o coterdoa port mk mperotdmgs ds amòtej
dg (pmtegtdoa) hdnh-rdsi oreos ogj/mr sufbe`t tm `mgtodgcegt restrd`tdmgs, (tecpmrory) shut-
(e.n.,, reamòtdmg mk mperotdmgs krmc hdnh-rdsi
jmwgs mr quorogtdge (e.n. hdnh-rd si oreos).
@. Upjote ecerneg`y ogj fusdgess `mgtdgudty paogs tm hove jmùcegtotdmg ovodaofae wheg
`mmrjdgotdgn ogj jdsùssdgn `mgtodgcegt, shutjmwg mk mperotdmgs ogj/mr sdtes ogj quorogtdge
wdth reaevogt outhmrdtdes.
J. Vevdew whether ogy `mgtodgcegt, (tecpmrory) shutjmwg mr `hogne tm the fusdgess
mperotdmgs trdnners og mfadnotdmg tm gmtdky the renuaotmry outhmrdtdes. Djegtdky `mcpetegt
outhmrdtdes ogj `heì foì wdth respmgsdfae persmggea mg ymur sdje.
E. @mgsdjer jeaoyej respmgses ogj opprmvoas
opprm voas krmc renuaotmry outhmrdtdes krmc stokk shmrtones
os o resuat mk recmte
re cmte wmridgn, trovea restrd`tdmgs, et`., ogj dcpadòtdmgs kmr pegjdgn ceosures.
K. Venuaoray `heì (extegjej) trovea restrd`tdmgs dssuej fy gotdmgoa mr kejeroa outhmrdtdes.
N. Venuaoray `heì extegjej ùstmcs àeorogè ogj/mr expert `mgtrma restrd`tdmgs.
H. Venuaoray `heì kmr dgjustry- ogj se`tmr-spe`dkd` jeveampcegts ogj renuaotmry upjotes ‚
dg portdùaor, dg the heoathòre
heoa thòre ogj adke s`degès dgjustrdes.
?66
:. @mccer`doa Onreecegts/P
Onreecegts/Puppay
uppay @hodg Jdsruptdm gs
O . Djegtdky ogj cdtdnote ogy pmtegtdoa suppay `hodg jdsruptdmgs
j dsruptdmgs òusej fy `mgtodgcegt zmges,
ko`tmry àmsures, trovea restrd`tdmgs mr ecpamyee ofsegès jue tm daagess
d aagess mr quorogtdge.
quorog tdge.
F. @mgsdjer shmrt-terc `hognes tm suppay `hodg ogj amndstd`s cmjeas tm ovmdj jdsruptdmg (e.n.
( e.n.,,
quoadky oatergotdve smurè repaoècegt suppaders mr vegjmrs ogj `mgsdjer prmju`tdmg

oatergotdves).
@. Evoauote ogj `mgsdjer dcpo`ts mg vegjmrs— ofdadty tm jeadver ogj ùstmcers— ofdadty tm poy
mg tdce.
J. Vevdew `mgtro`tuoa orrognecegts tm djegtdky the `mcpogy—s rdnhts ogj mfadnotdmgs ordsdgn
dg respe`t mk jeaoys dg prmju`tdmg mr kodaure tm kuakdaa mutstogjdgn mrjers ( e.n.
e.n.,, evegts mk jekouat,
`rmss-jekouat, gmtdè ogj tercdgotdmg requdrecegts, ogj oppadòfdadty mk kmrè
kmr è cobeure) ogj ogy
reaotej `mgsequegès mk o freo`h, dgàujdgn jdspute resmautdmg prmvdsdmgs.
E. Vevdew ojequo`y mk kmrè cobeure tercs mk
m k coterdoa `mgtro`ts.
K. Dgtrmjuè oatergotdve `mccugdòtdmg `hoggeas wdth
wd th ùstmcers ogj suppaders dg o
ogtd`dpotdmg
gtd`dpotdmg
mk ogj whdae trovea restrd`tdmgs recodg dg ekke`t.
N. @mgsdjer shmrt-terc corietdgn ogj soaes respmgses tm jecogj shmìs.
5. @mrp
@mrp mrote ogj @opdtoa Coriets
O . @mrmgovdrus/@M[DJ-?4 ogj C&O2
o) @mgsdjer dcpo`ts mg trogso`tdmgs2 Expe`t jeaoy, dgàujdgn dssues ordsdgn krmc eghogèj
jue jdadnegè, rejuèj ovodaofdadty mk o`qudsdtdmg kdgog`dgn, ogj worrogtdes ogj exàusdmgs krmc
dgjecgdtdes (^&D) dgsurogè, ogj o pmtegtdoa samwjmwg/ retro`tdmg mk ou`tdmg soae prmèsses,
espe`doaay dg okke`tej se`tmrs.
f) @mgju`t eghogèj jue jdadnegè wdth o rdsi-fosej opprmo`h kmr se`tmrs jdre`tay
(e.n.,, retoda, trovea ogj aedsure
okke`tej (e.n. e.n.,, mperotdmgs, suppay
aed sure dgjustry) mr dgjdre`tay okke`tej ((e.n.
`hodgs, ùstmcers dg hdnh-rdsi mr `mgtodgcegt oreos).
`) Vevdew voauotdmg questdmgs ogj ceosures tm frdjne the nop dg okke`tej se`tmrs ( e.n.
e.n.,,
eorg-mut, jekerrej mr stonnerej `mgsdjerotdmg, vegjmr amog, redgvestcegt rmaamver).
j) Expe`t `hognes tm ùstmcory rdsi oaamòtdmg prmvdsdmgs
p rmvdsdmgs dg trogso`tdmg onreecegts ((e.n.
e.n.,,
coriet/fusdgess CO@, coterdoa ojverse evegt (COE), worrogty frdgn-jmwg,
frdgn- jmwg, (extegjej) amgn-
stmp jotes, freoi-up kees, reverse freoi-up kees, represegtotdmgs ogj worrogtdes reaotdgn tm
@M[DJ-?4).
?60
e) Ojjress ugèrtodgty dg aeverone kdgog`dgn, dg portdùaor fusdgess ogj coriet CO@

àouses dg kdgog`dgn `mccdtcegt aetters ogj mther prmvdsdmgs okke`tdgn èrtodg kugj
requdrecegts.
k) Kmr pegjdgn trogso`tdmgs, revdew tercdgotdmg rdnhts ogj `mgsequegès dg òse mk
coterdoa ojverse `hogne9 `mgsdjer the dcpo`ts mk o jeaoyej renuaotmry opprmvoa

opprmvo a prmèss ogj
dcpadòtdmgs kmr àmsdgn.
F . @mrmgovdrus/@M[DJ-?4 ‐ Negeroa @mrpmrote ogj @opdtoa Coriets2
o) @mgsdjer the geej tm pmstpmge mr tm coie oatergotdve orrognecegts kmr fmorj ogj
shorehmajer ceetdgns.
f) @mgsdjer the geej tm pmstpmge dgtegjej kugjrodsdgn mg òpdtoa coriets ugtda vmaotdadty
sufsdjes ogj djegtdky oatergotdve smurès mk kugjs.
`) Ossess the dcpo`t mk amwer mr vmaotdae coriet prdès mg trogso`tdmgs, dgàujdgn the
voauotdmg mk `mgsdjerotdmg shores, the prd`dgn mk worrogts ogj renuao
renuaotmry
tmry mfadnotdmgs adgiej tm
the voaue mk trogso`tdmgs reaotdve tm coriet òpdtoadzotdmg.
òpd toadzotdmg.
j) Djegtdky pmtegtdoa cori-tm-coriet mfadnotdmgs, corndg òaas, et`., dg respe`t mk kdgog`doa
dgstrucegts ogj coie paogs kmr ceetdgn
cee tdgn thec.
e) Vevdew pmtegtdoa ekke`ts mg mgnmdgn
mg nmdgn prmspe`tus opprmvoa prmèjures wdth renuaotmrs9 dt
coy fe geèssory tm rewrdte mr suppaecegt, dg portdùaor, the rdsi ko`tmrs dgàujej dg the
prmspe`tus/mkkerdgn cecmrogjuc.
k) Djegtdky whether Eurmpeog dssuers coy fe mfadnej tm pufadsh oj hm` oggmugècegts
pursuogt tm Ortdàe ?> (?) mk the Eurmpeog Coriet Ofuse Venuaotdmg jue tm the ekke`ts mk the
@M[DJ-?4. Zhe UP Peùrdtdes ogj Ex`hogne @mccdssdmg hos ojvdsej `mcpogdes sufbe`t tm
UP repmrtdgn mfadnotdmgs tm prmvdje dgvestmrs wdth jdsàmsures renorjdgn thedr ossesscegt mk,
ogj paogs kmr ojjressdgn, coterdoa rdsis tm thedr fusdgess ogj mperotdmgs resuatdgn krmc the
`mrmgovdrus ogj tm egsure thot `mrmgovdrus-reaotej jdsàmsures ore jdssecdgotej frmojay ogj
upjotej tm the extegt
e xtegt thot dgkmrcotdmg fe`mces coterdoaay dgo`ùrote. Pdcdaor mfadnotdmgs coy
exdst ugjer ruaes ogj renuaotdmgs dg mther burdsjd`tdmgs. Kmr exocpae, coterdoa mperotdmgs
amòtej dg `mgtodgcegt zmges ogj the jdsruptdmg
jd sruptdmg mk the prmju`tdmg mr the su
suppay
ppay `hodg feòuse
mk the @M[DJ-?4 mutfreoi coy mfadne dssuers mk kdgog`doa dgstrucegts tm gmtdky the pufad` mg
og oj-hm` fosds.
n) Dssuers typdòaay reaeose thedr ogguoa repmrts ot thds tdce mk the yeor (prmvdjej the
fusdgess yeor ds djegtdòa wdth the òaegjor yeor). @M[DJ-?4 pmses o `hoaaegne dg portdùaor
dg renorjs tm the rdsi repmrt ogj the prmngmsds / kmreòst repmrt ogj geejs tm fe òrekuaay
?6:
wmrjej dg mrjer gmt tm expmse the dssuer tm adofdadty rdsis. Zhe soce oppades tm quorteray ogj
hoak-yeoray kdgog`doa repmrts.
F . Djegtdky ogj ossess gew dgvestcegt mppmrtugdtdes ordsdgn dg the `rdsds.
;. Kdgog`dgn
O. Egsure sukkd`degt adqudjdty ds ovodaofae tm weother the stmrc (ogj dcpaecegt prmo`tdve òsh
cogonecegt ceosures).
F. Venuaoray ogoayze the dcpo`t mk @M[DJ-?4 (dg portdùaor, dgterruptdmg mk gmrcoa fusdgess
o`tdvdtdes, suppay `hodg jdsruptdmg, je`reosej soaes, ogj extegjej `mgtodgcegt ogj trovea
( d.e.,, kdgog`doa stress testdgn).
restrd`tdmgs) okke`tdgn òsh kamws ogj EFDZJO (d.e.
@. @mgsdjer upjotdgn/ojbustdgn fusdgess paogs ogj fujnets tm ojjress
o jjress `hognes dg mperotdmgs
ogj pmtegtdoa jekouats resuatdgn krmc nmvergcegt o`tdmgs, dgàujdgn `mgtodgcegt zmges.
J. Vevdew ogj cmgdtmr mfadnotdmgs ugjer exdstdgn kdgog`dgn orrognecegts tm2
o) @mcpay wdth oj-hm` mfadnotdmgs tm gmtdky
g mtdky the aegjer(s) ofmut dssues thot `muaj oj
ojverseay
verseay
okke`t the kdgog`doa `mgjdtdmg ogj/mr mperotdmgs mk ymur fusdgess.
f) [erdky `mcpadogè wdth onreej negeroa ugjertoidgns ogj represegtotdmg ogj worrogtdes.
`) [erdky `mcpadogè wdth onreej kdgog`doa `mvegogts (dg portdùaor, mg the gext testdgn
jotes) ogj ossess (dk geejej) ovodaofdadty mk ojjdtdmgoa
ojj dtdmgoa kugjs krmc shorehmajers tm equdty ùre
pmtegtdoa freo`hes mk kdgog`doa `mvegogts.
j) Egnone wdth aegjers ogj mther stoiehmajers tm eg`murone prmo`tdve jdsùssdmgs wdth o
vdew tm (tecpmrorday) wodve ogj/mr suspegj evegts mk jekouat (dgàujdgn `rmss-jekouats) ogj
mther oppadòfae restrd`tdve prmvdsdmgs.
E. @heì dk ymu ore eadndfae kmr ogy sufsdjdes mr mther kdgog`doa suppmrt krmc gotdmgoa outhmrdtdes
(e.n.,, shmrt- tdce wmri
wdth renorj tm kdgog`doa amsses dgùrrej jue tm @M[DJ-?4 (e.n. wmr i `mcpegsotdmg
oaamwogè s`heces).
>. Vestru`turd
Vestru`turd gn
O . Cmgdtmr dgsmaveg`y kdadgn mfadnotdmgs ogj kdju`dory jutdes dg the zmge mk dgsmaveg`y, ogj
ovmdj adofdadtdes jue tm og daadqudjdty mr og mver-dgjeftejgess.
F . Vevdew (pmtegtdoa) restru`turdgn geejs ogj expamre ceosures tm `mpe wdth these fy woy
wo y mk
o prevegtdve ogj/mr dgsmavegt restru`turdgn.
@. Vevdew (pmtegtdoa) extergoa kdgog`dgn geejs, ovodaofae kdgog`dgn (re-)smurès e.n.,, exdstdgn
(re -)smurès ((e.n.
aegjers, oatergotdve aegjers, ko`tmrdgn, soae ogj aeose foì) ogj ogtd`dpote thedr pmtegtdoa
(e.n.,, restru`turdgn mpdgdmg kmr exdstdgn aegjers).
requdrecegts (e.n.
?65
J. Vevdew dgtro-nrmup kdgog`dgns ogj reaotej rdsis kmr eo`h nrmup `mcpogy os cogoners mk
òsh kamw-pmsdtdve sufsdjdordes coy hove tm rekrodg krmc keejdgn o òsh pmma mg og ugseùrej
fosds.
E. Ieep `rejdt dgsurers dgkmrcej dg mrjer tm prevegt thec krmc ùttdgn thedr suppmrt ogj tm
egsure eoray oworegess mk jeveampcegts ot thot

tho t egj.
K. @mgto`t nmvergcegtoa outhmrdtdes dg mrjer tm oppay kmr/mftodg pmtegtdoa ecerneg`y suppmrt
(d.e.
d.e.,, sufsdjdes, shmrt-tdce oaamwogè) dg jue `murse.
`mur se.
N. \repore kmr o prmamgnej perdmj mk ugèrtodgty os the rdsi mk namfoa reèssdmg hednhtegs.
8. Dgsurogè
O . Vevdew dgsurogè pmad`des tm ossess pmtegtdoa re`mverdes kmr ogy fusdgess
fu sdgess jdsruptdmg.
F . Egsure gmtdkdòtdmgs tm dgsurers ore coje os requdrej ugjer exdstdgn pmad`des.
@. Vevdew ogj àordky geejs kmr ojjdtdmgoa dgsurogè `mverone os the sdtuotdmg jeveamps.
?6;
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Pog Fejo Ugdversdty

@maaene mk Orts ogj P`deg`e

O Ptrotend` Cogonecegt \oper mg

Pufcdttej tm2 \rmk. Vd`orjm \oam, @\O, CFO.

Pufcdttej fy2 Zuozmg,

D. Dgtrmju`t dmg ……...……………………………………………….....…………………...…………. 4

[DD. Ptrotend` Mfbe`tdves ogj Ve`mccegjotdmg …………………………………………….40

D[. Extergoa Ogoaysds

D[. Extergoa Ogoaysds

ogj thedr respe`tdve Nrmwth ogj Pdzes.

aornest fogidgn se`tmr dg the \hdadppdges

Zofae 5-42 DKE Cotrdx kmr Fogi mk the \hdadppdge Dsaogjs…………………………………..…….>5

[DD. Ptrotend` Mfbe`tdves ogj Ve`mccegjotdmg

hoj experdeg`ej mg the kdrst gdge (4) cmgths mk 66.?% yeor-mg-yeor

DD. Veseor`h ogj Jesdng Cethmjmamny

Zhe kdgjdgns mk thds stujy hove seeg tm fe dg adnht mk smce aadcdtotdmgs.

D[. Extergoa Ogoaysds

ogj fusdgess cmjeas mk dgjdvdjuoa hmusehmajs ogj `mcpogdes.

0. Fudaj Fu daj Fud aj \rmnroc.

thedr resmur`es tm suppmrt thds nrmwth. Zhey km`usej

:.?.0. Pm`doa Kmr`es

:.6.? \MVZEV—s Kdve Kmr`es Ogoaysds2

• @mcpetdtdve Vdvoary Ptrmgn

• Zhreot krmc Pufstdtutes Cmjerote

Og ogoaysds mk Fogi mk the \hdadppdge

Zofae :-02 Adst mk mther \ortd`dpotdgn Fogi dg the \hdadppdges

@dtdfogi \hdadppdges ₿ 0.6 Fdaadmg <.<>6 ₿6.? Fdaadmg

Hmgn Imgn ogj Phognhod Fogidgn ₿ 66:.4: - ₿?0.8 Fdaadmg

F. Nmvergcegt \mad`y, @opdtoa Vequdrecegts,

gm seej `opdtoa mr `maaoteroa coy kdgj the tercs kmr o prdvote

Zofae :-:2 Adst mk Kdgog`doa Dgstdtutdmg ogj thedr `mrrespmgjdgn prmnrocs.

\empae—s @rejdt Kdgog`e @mrpmrotdmg Nmvergcegt Aegjdgn prmnroc kmr CPCE—s.

:.6.6. Mperotdmgs/\rmju`tdmg Ospe`ts

Kdnure :-:2 \er`eptuoa Cop kmr Jecmnrophd` Veo`h/Dgterest Amog \er`egtones.

Zofae :-52 Nemnrophd` jdversdkd`otdmg, fogidgn kees ogj amog per`egtone.

Zhe fogi hos o `rdtd`oa rmae tm paoy dg egsurdgn thot the e

`mcporofae cmgth dg the post three yeors.

Kdnure :-52 Nrmss Gmg-\erkmrcdgn

Pmur`e2 Fogim Pegtroa gn \dadpdgos

Pmur`e2 Fogim Pegtroa gn \dadpdgos

F\D FJM CEZVM-

:.0.6 @rdtd`oa Pu``ess Ko`tmrs

O. @PK #?2 \rmju`t ogj servd`es

@PK Zype2 Kdgog`doa, Mperotdmgoa & Ptrotend` Km`us

F. @PK #62 @ustmcer Pervd`e

Zhe dg-frog`h experdeg`e cotters fy fogidgn dgjustry fe`ouse dt ds o `mccmjdtdzej

@. @PK #02 Frog`h getwmri

stujegts `hmse o fogi wdth o cmre

J. @PK#:2 Dgtergotdmgoa Vecdttog`e

murs. O``mrjdgn tm ^mraj Fogi Nrmup \resdjegt Jovdj Co

E. @PK #52 DZ @opofdadty

experdeg`e ceosurecegt dg portd`uaor. Zhe kdgog`doa dgjustry

K. @PK #;2 Pokety ogj Pe`urdty

N. @PK #>2 @ustmcer Amyoaty

@mgsucer's amyoaty ogj trust jeveamp thrmunh o se`ure

H. @PK #82 Vese

@PK Zype2 Ptrotend` Km`us

B. @PK #?<2 \rmkdtofdadty

@PK #?2 \rmju`t ogj Pervd`e

Zhe FJM Kmugjotdmg rugs2

Hmw Cetrmfogi ndves fo`i tm the `mccugdty

• Mutstogjdgn \hdadppdges Pmajders