asic senate submission update 3

8/12/2019 ASIC Senate Submission Update 3

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IQP Z_IJMBH MQQ[KQ OLCH

KNIML6 isx.trijmbh.mssuksDhniml.acn

XKO IJJ_KQQ6 www.sarmoj.acn/isxStrijmbhSmssuks/acllkatmcbs

QKBIZK KBY[M_] Q[ONMQQMCBQ(Catcokr ?491 Fibuiry ?49:)

_k6 Mbvkstmhitmcb mbtc t`k Tkrgcrnibak cg t`k Iustrilmib Qkaurmtmksibj Mbvkstnkbts Acnnmssmcb (IQMA)

Qkbitk Quonmssmcb [pjitk 1 Gcrwirjkj Fib 94, ?49: (kbalcskj)

Qkbitk Quonmssmcb Mbtrcjuatmcb


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CWK_WMKX

(Grmjiy, Fibuiry 94, ?49:)

_kskira` mbtc lcbh-tkrn knpmrmail trijmbh jiti ìs s`cwb pkrsmstkbt ibcnilcus jiti trkbjs mb stcaes rmh`t

iarcss t`k IQP tìt aibbct ok ijkquitkly kxplimbkj mb tkrns cg i gimr nirekt. I gimr nirekt ms cbk tìtkbiolks hkbumbk ouykrs ibj hkbumbk skllkrs tc tribsiat mbjkpkbjkbtly sc tìt prmak jmsacvkry okacnks ibkqumtiolk nita`mbh up cg t`k bituril gcraks cg supply ibj jknibj.

Ibcnilcus jiti trkbjs aib cbly ok kxplimbkj mb tkrns cg sìrk prmak nibmpulitmcb tìt ms ia`mkvkj t`rcuh`t`k usk cg @GZ ilhcrmt`ns giamlmtitmbh ilncst tctil acbtrcl cvkr prmaks. Trmak acbtrcl ms ia`mkvkj t`rcuh`trijks oiae ibj gcrt` oktwkkb acllujmbh mbtkrksts w`krk tribsiatmcbs gcr t`k nimb pirt irk acbgmbkjoktwkkb jksmhbitkj skllkrs ibj prkgkrrkj ouykrs. Mt nkibs tìt irtmgmamil prmambh ms i acbstibt gkiturk cgtrijmbh ibj tìt prmak jmsacvkry ms ncrk ibj ncrk i rkglkatmcb cg t`k trijmbh ihkbjis cg pcwkrgul kbtmtmks,

rit`kr tìb i rkglkatmcb cg gubjinkbtil viluk cr t`k prcspkats cg acnpibmks. Mt nkibs tìt t`k sìrknirekt ms orcekb ibj bct iolk tc pkrgcrn t`k rclks trijmtmcbilly kxpkatkj cg mt w`ma` ìvk okkb tcprcvmjk i gimr nkjmun cg kxaìbhk, i scurak cg aipmtil tc prcnctk prcjuatmvk kbtkrprmsk ibj i vk`malk gcrmbvkstnkbt hrcwt` tìt ubjkrpmbs t`k Iustrilmib kacbcny.

I aruamil cutacnk cg rkskira` ìs okkb tc mjkbtmgy pirtmaulir ibcnilcus trijmbh trkbjs tìt jcvktimlskinlkssly wmt` t`k scrt cg trijmbh rkqumrkj gcr s`crt skllmbh tc ok iolk tc ok mnplknkbtkj wmt` `mh` lkvklscg akrtimbty. Z`k akrtimbty ms prcvmjkj oy ib kxtrknkly rkgmbkj systkn cg trijmbh tìt mbvclvks @GZilhcrmt`ns ibj rkqumrks `mh` lkvkls cg acllusmcb oktwkkb austcjmibs ibj gubj nibihkrs.

Trmaks aib ok tiekb mb iby jmrkatmcb tìt ms jkknkj bkakssiry, out usmbh i fujhnkbt mssukj oy skvkb fujhkscg t`k @mh` Acurt cg Iustrilmi iocut wìt acbstmtutks hkbumbk ouymbh ibj skllmbh, mt wculj ippkir tìtilhcrmt`nma trijmbh it mts vkry acrk ms nibmpulitmvk. Niby cg t`k tribsiatmcbs tìt tiek pliak cvkr ibj cvkrirk t`k kxiat cppcsmtk tc t`k @mh` Acurt ijvmak, wmt` skllkrs jklmokritkly skllmbh tc rkakmvk lkss ibj ouykrswmllmbhly piymbh ncrk tc puraìsk snill pirakls cg sìrks. Z`k trijks irk alkirly jksmhbkj tc mnpiat prmaksrit`kr tìb tc hkbumbkly jmspcsk cr iaqumrk sìrks.

I smtuitmcb w`krk mt ms lkhil tc ocrrcw sìrks ibj skll t`kn mbtc t`k nirekt wmt` i vmkw cg ouymbh t`kn oiaeit ib cppcrtubk tmnk ms cbk t`mbh, out t`kb tc iatmvkly nibihk t`k nirekt tc kbsurk t`k suaakss cg s`crt

sclj pcsmtmcbs ms ib kbtmrkly jmggkrkbt nittkr. Mt ilsc nkibs tìt mg t`k ibcnilcus jiti trkbjs mjkbtmgmkj oyrkskira` is okmbh oct` systknma ibj i gkiturk cg jimly trijmbh wkrk prcpkrly issksskj oy rkhulitcrs, t`krk msi vkry hccj aìbak tìt t`k iatmvmtmks rkspcbsmolk gcr iokrribt jiti trkbjs wculj ok jkknkj mllkhil. Bc sua`mb-jkpt` isskssnkbt ippkirs tc ìvk okkb nijk tc jitk. Akrtimbly t`k Acrpcritmcbs Iat rkhirjs iatmvmtmksmbvclvmbh bcb-hkbumbk ouymbh ibj skllmbh ibj t`k lirhk-sailk skttmbh ibj nimbtkbibak cg irtmgmamil prmambhlkvkls is mllkhil, ibj ykt tìt ms kxiatly wìt ms ia`mkvkj t`rcuh` ilhcrmt`nma trijmbh.

Mg pkraìbak ilhcrmt`ns irk scnk`cw iolk tc ivcmj okmbh rkhirjkj is mllkhil igtkr prcpkr Juk Jmlmhkbak,t`kb mb t`k mbtkrksts cg okttkr mbgcrnkj mbvkstcrs t`krk s`culj ok ib ijnmssmcb tìt t`k `mh`ly juomcus

priatmaks isscamitkj wmt` ilhcrmt`ns ìvk lkj tc systknma prcolkns ibj rksult mb trijmbh cb t`k IQP okmbhkxtkbsmvkly acnprcnmskj. Z`k prcnctmcb oy t`k IQP ibj IQMA cg gimr ibj tribspirkbt nirekts s`culj okrkpliakj wmt` tkrns tìt ncrk iaauritkly rkglkat `cw trijmbh tieks pliak. Z`k rkilmty ms tìt t`k nirektcpkritks ubgimrly ibj cpiqukly is jkncbstritkj oy i lirhk vclunk cg rkskira` oiskj cb trijmbh jiti ibj


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sìrk rkhmstry jiti. Z`k IQP, ibj gcr tìt nittkr IQMA, aibbct ok ìbjkj t`k luxury cg ìvmbh mt oct` wiys,is tìt ìs t`k rksult cg lurmbh mbvkstcrs mbtc t`k sìrk nirekt cbly tc ok alkibkj up oy t`k juomcus trijmbhcg prkjitcry scp`mstmaitkj mbtkrksts.

Z`k sìrk nirekt is mt aurrkbtly cpkritks ms akrtimbly bc pliak gcr t`k acnpulscry supkribbuitmcbacbtrmoutmcbs cg Iustrilmib wcrekrs, cr gcr rktiml mbvkstnkbts cr t`k mbvkstnkbts cg sklg-gubjkj rktmrkks.

Acnombkj, t`ksk hrcups rkprkskbt cvkr i trmllmcb jcllirs cg ìrj-kirbkj sivmbhs w`ma` wculj iatuilly oknua` `mh`kr mg t`k stcae nirekt wkrk iolk tc gubatmcb wmt` mbtkhrmty.

Z`krk ms bc qukstmcb tìt t`k sìrk nirekt ìs okacnk i rmhhkj Aismbc w`krk okts irk pliakj cb prmambhlkvkls ibj t`kb prmaks irk ijfustkj tc hkbkritk wmbbmbh trijks. Z`k prcakss ms ubjkrpmbbkj oy t`k systkncg s`crt skllmbh acuplkj wmt` skaurmtmks lkbjmbh, ibj i nmbjskt oy pcwkrgul kbtmtmks tc jrmvk prmaks is lcw ispcssmolk sc tìt t`k wkilt` cg ct`krs aib ok strmppkj grcn t`k nirekt. Mt ms ilsc ubjkrpmbbkj oy i lixrkhulitcry systkn tìt jcks lmttlk tc kbsurk gimr nirekts cr tc ijjrkss systknma mssuks tìt t`rkitkb t`kguturk vmiomlmty cg t`k nirekt mtsklg.

Z`k mnpiat cb acnpibmks ìs okkb a`rcbma ubjkrviluitmcb, niembh t`k rimsmbh cg aipmtil t`rcuh`sìrk`cljkrs ibj t`rcuh` Iustrilmib gmbibamil mbstmtutmcbs prcolknitmail mb t`k kxtrknk. Mt nkibs tìtaipmtil rkqumrknkbts irk scuh`t cggs`crk lkijmbh tc stmglkj hrcwt`, lcssks mb sìrk`cljkr wkilt`, ibj lcsscg cwbkrs`mp tc gcrkmhb mbtkrksts. Z`k lcss cg cwbkrs`mp caaurs t`rcuh` kxakssmvk jmlutmcb, cr mb nibyaisks, t`rcuh` cppcrtubmstma tiekcvkr okaiusk cg skvkrkly ubjkrvilukj isskts. Mt ilsc nkibs Iustrilmibscvkrkmhb isskts okacnk acbtrcllkj oy nultm-bitmcbil mbtkrksts ibj t`k wkilt` hkbkritkj grcn t`kn (m.k.,jmvmjkbjs) irk rkpitrmitkj cvkrskis. Mt lkijs tc i rkjuakj tix tiek gcr t`k Hcvkrbnkbt is nultmbitmcbilshkbkrilly piy lkss tix t`rcuh` cgg-skttmbh prcvmsmcbs kta., ibj sìrk`cljkr prcgmts irk bct rk-ayalkj oiaet`rcuh` t`k Iustrilmib kacbcny.

Z`k nirekt ìs ksskbtmilly okacnk i nkaìbmsn gcr pcwkrgul mbtkrksts tc strmp wkilt` grcn t`k `cljmbhs cgvulbkriolk mbvkstcrs ibj grcn supkribbuitmcb acbtrmoutmcbs is supkr ais` pcurs mbtc t`k nirekt.Wulbkriolk mbvkstcrs mbalujk t`csk wmt` gubjs ubjkr nibihknkbt (k.h., supkr gubjs, pcclkj gubjs, nutuilgubjs kta.) w`csk sìrks irk lkbt cut tc giamlmtitk nibmpulitmvk s`crt skllmbh priatmaks, is wkll is snill rktimlmbvkstcrs, sklg-gubjkj rktmrkks ibj prmvitk mbvkstcrs. Ilsc, t`k snillkr pliykrs irk ubiolk tc acnpktk wmt`@GZ ilhcrmt`ns ibj ìvk okacnk rksmhbkj tc piymbh ncrk ibj rkakmvmbh lkss gcr t`kmr trijks. Z`kmbvkstnkbts rkprkskbtkj oy t`ksk hrcups irk pliakj mb hrkit fkcpirjy okaiusk cg t`k rklkbtlkssnibmpulitmvk s`crt skllmbh tiembh pliak. Z`k qukstmcbiolk usk cg ct`kr pkcplks isskts ( m.k., gubjs ubjkr

nibihknkbt) tc hkbkritk prcgmts gcr scp`mstmaitkj mbvkstcrs, bkakssirmly mbvclvks t`k jkstruatmcb cg wkiltòklcbhmbh tc ct`kr pkcplk , is t`k prcakss ms i zkrc sun hink m.k., t`k prcgmts ìvk tc acnk it scnkcbkklsks kxpkbsk.

Aruamilly, t`k aurrkbt systkn cg s`crt skllmbh ms iatmbh is ib kxakkjmbhly jkstruatmvk mbglukbak cb t`kIustrilmib sìrk nirekt ibj acbtrmoutks bct`mbh tc t`k bitmcbil kacbcny. Mt jktriats grcn hrcwt` ibjnkrkly rk-jmstrmoutks wkilt` grcn t`k niby tc t`k prmvmlkhkj gkw rkprkskbtkj oy `kjhk gubjs, t`kmbvkstnkbt oibes cb t`kmr cwb iaacubt tchkt`kr wmt` t`kmr almkbts ibj cgg-s`crk acnpibmks iatmbh t`rcuh`virmcus bcnmbkk iaacubts. Z`ksk kbtmtmks irk gcausskj cb plubjkrmbh wkilt` rit`kr tìb hkbkritmbh mt

t`rcuh` suppcrtmbh prcjuatmvk kbtkrprmsk. Is mt stibjs, smtuitmcb t`k pcmbts tc i suostibtmilly acnprcnmskjsìrk nirekt tìt ms okmbh illcwkj tc cpkritk mb i nibbkr tìt ms acnplktkly ubsustimbiolk, kspkamilly isrktmrknkbt bkst khhs ibj t`k supkribbuitmcb pccl krcjk gurt`kr, ibj Iustrilmib acnpibmks irkacbtmbucusly gcrakj tc t`k will.


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Z`k aurrkbt systkn wmll rkqumrk i jristma cvkrìul it scnk pcmbt mb t`k guturk ibj bcw ms is hccj i tmnk isiby tc niek i stirt. Z`k bkkj gcr i Qkbitk Kbqumry ms mb mtsklg ib ijnmssmcb tìt t`k systkn ìs gimlkj oijly,wmt` t`k aurrkbt rkhulitcry systkn ubiolk tc ijkquitkly prctkat t`k gmbibamil mbtkrksts cg Iustrilmibamtmzkbs grcn ubsarupulcus ibj griujulkbt iatmvmty. Z`k aurrkbt rkhmnk ibj t`k aurrkbt struaturks mb pliakìvk alkirly okkb ubiolk cr ubwmllmbh tc kbsurk tìt t`k gmbibamil systkn cpkritks mb i wiy tìt jklmvkrs i`kilt`y, vmoribt ibj kbtkrprmsmbh kacbcny w`krk t`k mbtkhrmty cg t`k oibembh systkn ibj t`k sìrk nirekt

irk okycbj qukstmcb. Trcpkrly-gubatmcbmbh ibj wkll-rkhulitkj gmbibamil nirekts s`culj rksult mb okbkgmtsglcwmbh t`rcuh` tc t`k kacbcny ibj grcn t`krk tc t`k wkllokmbh cg Iustrilmib amtmzkbs.

I _cyil Acnnmssmcb mbtc t`k Iustrilmib Gmbibamil Qystkn ms pcssmoly t`k okst wiy tc prcakkj, ibj wmt`cutmt Iustril mi wmll bct ok iolk tc ncvk gcrwirj tc ijjrkss Zrkisurkr Fck @caekys skvkrk oujhktiry acbakrbsiby tmnk sccb. Z`k rkiscb ms tìt t`k nirekt systkn is mt aurrkbtly kxmsts ms illcwkj tc cpkritk mb i wiytìt jkstrcys wkilt` ibj a`ceks cgg kbtkrprmsk.


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ACBZKBZQ

9. QKAZMCB 9 Oiaehrcubj Th. 7

?. QKAZMCB ? Lmbes tc Tuolms`kj _kskira` cb IQP Zrijmbh Mssuks Th. 9;

1. QKAZMCB 1 Gmbjmbhs cg Litkst _kskira` mbtc Jcwbtmae ibj [ptmae Zrkbjs Th. 98

:. QKAZMCB : Ibcnilcus Zrijmbh Zrkbjs ibj Q`crt Qkllmbh Mssuks Th. 10

;. ITTKBJMAKQ Th. ::

Ippkbjmx 9 - Orcekr Ouymbh ibj Qkllmbh Zrkbjs Isscamitkj wmt` Jcwbtmae Zrijks Th. :;

Ippkbjmx ? - Orcekr Ouymbh ibj Qkllmbh Zrkbjs Isscamitkj wmt` [ptmae Zrijks Th. :8


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Qkatmcb 9

OIAEH_C[BJ MBGC_NIZMCB


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MBZ_CJ[AZMCB

I gmbil Qkbitk Kbqumry [pjitk ms prcnptkj oy t`k rksults cg gurt`kr kxtkbsmvk rkskira` mbtc i bunokr cgIQP Acnpibmks tìt acbgmrns tìt t`krk irk iautk systknma mssuks isscamitkj wmt` @mh` Grkqukbay Zrijmbh(@GZ) ilhcrmt`ns. Z`k litkst rkskira` mbalujks trijmbh mb rklitmcb tc O@T Omllmtcb (niembh 11 acnpibmks mbill tìt ìvk okkb mbvkstmhitkj mb trijmbh t`rcuh`cut Catcokr ?491).

Z`k rkskira` ìs prcvmjkj gurt`kr mbsmh`ts mbtc juomcus orcekr trijmbh prcgmlks ibj acbgmrns tìtilhcrmt`ns irk rkspcbsmolk gcr skttmbh irtmgmamil prmambh lkvkls ibj `klpmbh tc kbsurk t`k suaakss cg s`crtskllmbh stritkhmks.

Z`k bkw rkskira` mbvclvks ibilysms cg trijmbh mb 91 ijjmtmcbil acnpibmks t`rcuh`cut ill trijmbh jiys mbCatcokr mb nua` t`k sink wiy Okia` Kbkrhy trijmbh wis rkvmkwkj. Z`k trkbjs kvmjkbt incbhst t`k 91ijjmtmcbil acnpibmks irk mjkbtmail tc t`csk jkncbstritkj gcr Okia` Kbkrhy.

Is stitkj mb i prkvmcus suonmssmcb, w`mlk s`crt skllmbh ms lkhil, nua` cg t`k trijmbh tìt iaacnpibmks s`crt

skllmbh ms lmekly tc ok rulkj mllkhil, mg prcpkrly ibilyskj ibj mbvkstmhitkj.Z`k aurrkbt systkn ijvibtihks scp`mstmaitkj mbvkstcrs it t`k kxpkbsk cg ill ct`kr pirtmampibts ibj mt ms ibmbtclkriolk smtuitmcb, kspkamilly is i skvkrkly acnprcnmskj sìrk nirekt rkprkskbts i smhbmgmaibtmnpkjmnkbt tc i `kilt`y ibj rcoust bitmcbil kacbcny.

Z`k oule cg t`k rkskira` wis gcrwirjkj tc IQMA is IQP Zrijmbh Acnplimbts fust prmcr tc Pnis ?491, wmt`gurt`kr rkskira` nkbtmcbkj mb t`ms Qkbitk [pjitk (m.k., Bc.1) aurrkbtly okmbh gmbilmzkj.

Lmbes tc t`k ijjmtmcbil IQMA acnplimbts acbakrbmbh systknma IQP trijmbh mssuks irk ivimliolk it6

www.sarmoj.acn/isxStrijmbhSmssuks/acllkatmcbs

Z`k virmcus IQMA Acnplimbts ìvk ilsc okkb mtknmzkj mb Qkatmcb ? cg t`k Qkbitk [pjitk.

Z`k ijjmtmcbil rkskira` mbalujks kxtkbsmvk ibilysms cg oct` [ptmae jiti ibj Jcwbtmae jiti mb rklitmcb tc 9:acnpibmks t`rcuh`cut ill cg Catcokr ?491 trijmbh. Z`k rksults alkirly jkgmbk t`k kxtkbt cg systknma mssuksrksultmbh grcn t`k wmjksprkij usk cg trijmbh ilhcrmt`ns. Z`k rkskira` strcbhly suppcrts stitknkbts putgcrwirj mb Qkbitk [pjitk ? w`ma` irk kvkb ncrk pkrtmbkbt hmvkb t`k kxtkbt cg trijmbh mssuks ubacvkrkj tcjitk.

Z`k Qkbitk Kbqumry ms pliakj mb i strcbh pcsmtmcb mb tìt mt aib coskrvk gcr mtsklg `cw kggkatmvk t`k rkhulitcr msmb jkilmbh wmt` t`k aurrkbt systknma mssuks acbakrbmbh ill sìrk nirekt mbvkstcrs.

Z`k ilhcrmt`nma trijmbh mssuks mjkbtmgmkj ippkir tc ok mbtmnitkly isscamitkj wmt` s`crt skllmbh, ibj suhhksttìt t`k sìrk nirekt rkqumrks it lkist is nua` ittkbtmcb oy t`k Qkbitk Kbqumry is tìt cg t`k oibembhmbjustry wmt` ib knpìsms cb kbsurmbh tìt IQMA jcks t`k fco kbtrustkj tc mt. Z`k prcolkns mjkbtmgmkj ìvkkbcrncus mnplmaitmcbs gcr t`k mbtkhrmty cg Iustrilmib gmbibamil nirekts. Z`ky tribslitk tc omllmcbs cg jcllirsubgimrly rkncvkj grcn t`k nirekt aipmtilmzitmcbs cg tirhktkj acnpibmks, ibj pccr rkturbs gcr nibihkj

gubjs is sìrks irk lkbt cut tc kbsurk s`crt skllmbh prcgmts gcr `kjhk gubjs ibj scp`mstmaitkj trijkrs. Z`k

kxtkbt cg trijmbh mssuks ibj t`k vulbkriomlmty cg supkribbuitmcb mbvkstnkbts ibj pkrscbil sivmbhsacnnmttkj tc t`k sìrk nirekt suhhksts tìt mg t`k Qkbitk Kbqumry ms ubiolk tc kggkatmvkly ijjrkss t`k

prcolkns, t`kb pkrìps i _cyil Acnnmssmcb ms rkqumrkj tc put t`k gmbibamil nirekts oiae cb i gimr,sustimbiolk gcctmbh.


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Z`k gcllcwmbh pcmbts acvkr mssuks orcuh`t tc t`k ittkbtmcb cg t`k Qkbitk Acnnmttkk igtkr okmbh orcuh`t tct`k ittkbtmcb cg t`k rkhulitcr. Z`ky prcvmjk acbtkxt tc mnpcrtibt bkw gmbjmbhs iocut lmekly griujulkbtiatmvmty mb t`k wiy ousmbkss ms acbjuatkj cb t`k IQP w`ma` irk prkskbtkj mb Qkatmcb 1.

Z`k pcmbts irk lmstkj mb bc pirtmaulir crjkr ibj mbalujk6

Nissmvk lkvkls cg acrruptmcb, w`mtk acllir griuj, acllusmcb ibj gmbibamil mnprcprmkty mb hlcoil gmbibamilnirekts irk bcw wmjkly iaebcwlkjhkj ibj okmbh ijnmttkj tc wmt` t`k iaakptibak cg nultm-omllmcb

jcllir gmbks oy lkijmbh mbvkstnkbt oibes. Z`krk ms iosclutkly bc rkiscb tc suhhkst tìt t`k acrruptmcb ibj hrcss gmbibamil mnprcprmkty ijnmttkj

tc mb wcrlj nirekts jcksbt kxtkbj tc t`k IQP .

Z`k mllkhil iatmvmty kbhihkj mb oy twc IQP Jmrkatcrs kggkatmvkly nkibs tìt t`k IQP Ocirj ms pctkbtmillyacnprcnmskj ibj ms skvkrkly liaembh mb mbtkhrmty. Hmvkb t`k ijvibtihkj pcsmtmcbs IQP Jmrkatcrs irkpliakj mb, t`k iatmvmty cg ill IQP Ocirj nknokrs, oct` prkskbt ibj pist rkqumrks i t`crcuh` rkvmkw.Tirtmaulirly smbak sklg-hcvkrbibak jmjbt wcre ibj t`k IQP ivk okkb cb t`k rkakmvmbh kbj cg rkvkbuksisscamitkj wmt` juomcus s`crt skllmbh iatmvmtmks gcr i vkry lcbh tmnk.

IQMA ìs okkb bctmgmkj cg ibcnilcus trijmbh mssuks smbak Jkaknokr ?494 ibj ìs stitkj cb skvkrilcaaismcbs tìt t`ky skk bc kvmjkbak tìt wirribts gurt`kr mbvkstmhitmcb.

IQMA skks bc prcolkns wmt` s`crt skllmbh mrrkspkatmvk cg `cw olitibtly mt ìs okkb uskj tc skt irtmgmamilprmaks. (_kgkr Acnplimbt Iuhust ??, ?491 - LMBE ).

IQMA prcnctks mts crhibmzitmcb is kbsurmbh gimr ibj tribspirkbt nirekts ibj kbsurmbh tìt mbvkstcrsirk acbgmjkbt ibj wkll mbgcrnkj ykt mt rkgusks tc jmvulhk w`y ippirkbtly iokrribt trijmbh okìvmcursnkkt wmt` rkhulitcry ipprcvil. Mt nkibs tìt mbvkstcrs aibbct ok acbgmjkbt cg i gimr nirekt, ibj t`kliae cg tribspirkbay iocut mnpcrtibt nittkrs lkijs tc i liae cg acbgmjkbak mb t`k systkn mb hkbkril.

IQMA jcks bct gcllcw t`rcuh` wmt` mts aìrtkr pirtmaulirly rkhirjmbh t`k prcakssmbh cg acnplimbts. Gcrkxinplk66

c acnplimbibts irk trkitkj wmt` jmsjimb t`rcuh` okmbh mhbcrkj ibj/cr t`rcuh` t`k usk cg lcbhsmlkbaks/tirjy rkspcbsks5

c t`krk ippkirs tc ok i rkluatibak tc ijjrkss acbakrbs5c t`krk ippkirs tc ok i rkluatibak tc iaebcwlkjhk t`k rkakmpt cg acnplimbts5c t`krk ms i tkbjkbay tc usk mnpkrscbil stibjirj lkttkrs w`kb rkspcbjmbh tc mssuks5c stigg irk mbalmbkj tc rkgusk tc prcvmjk alirmgmaitmcbs iocut jkamsmcbs ìbjkj jcwb5c t`krk ippkirs tc ok ib mbiomlmty tc rkspcbj mb i tmnkly nibbkr tc nittkrs prkskbtkj cr tc

prcvmjk gkkjoiae iocut prchrkss, mg iby. Jkspmtk prctkstitmcbs tc t`k acbtriry oy IQMA, t`k grustritmcbs acbtimbkj mb niby cg t`k :44 plus

Qkbitk Quonmssmcbs jkncbstritk tìt t`krk irk skvkrk prcolkns wmt` t`k wiy mt ìs pkrgcrnkj mtsrkhulitcry rclk. Z`k giat tìt t`krk ms i Qkbitk Kbqumry mbtc mts cpkritmcbs nkibs tìt mt ìs gimlkj tcrkhulitk t`k Iustrilmib gmbibamil nirekts kggkatmvkly.

IQMA alimns mt ms ubjkr-gubjkj ibj ubjkr-rkscurakj ykt ms iolk tc gmbj tmnk tc put kxtkbsmvksuonmssmcbs mbtc t`k Qkbitk kbqumry plkijmbh mts aisk, ibj tc acbjuat survkys tc try ibj fustmgy mtspcsmtmcb. Gurt`krncrk, mt amtks i liae cg kvmjkbak mb okmbh iolk tc pursuk irkis cg nirekt nibmpulitmcbw`mlk gimlmbh tc acbjuat prcpkr Juk Jmlmhkbak ibj tc gully usk t`k pcwkrs vkstkj mbtc t`k ihkbay oy t`kIustrilmib Hcvkrbnkbt. Mt alimns tìt mt liaes rkscuraks tc jc t`k t`crcuh` mbvkstmhitmcbs wmt` i stitkjrkspcbsk cg ycu hkt wìt ycu piy gcr w`kb jkgkbjmbh armtmamsn iocut mts rkacrj. IQMA ms t`k cbly ocjy

tìt ìs t`k pcwkr tc mbtkrrchitk pirtmks tc hkt tc t`k scurak cg trijmbh mssuks. Is ib ismjk, t`k survkygcrwirjkj oy IQMA tc ncbmtcr sìrk nirekt acnplimbts wis rkstrmatmvk ibj jmstmbatly liaembh mb okmbhiolk tc aipturk ill nittkrs bkkjmbh tc ok acnnubmaitkj oiae tc IQMA. X`kb acllitkj iarcss illacnplimbibt s, t`k mbtkrprktkj rksults grcn survkys cg tìt typk aculj ok qumtk nmslkijmbh ibj s`culjbtok iaakptkj wmt`cut qukstmcb.
http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8http://www.scribd.com/doc/176501405/CuDeco-Trading-Complaint-Re-Short-Selling-on-Aug-21-2013?secret_password=l0tludwjgc8nbbc63a8


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IQMA ms bct iaacubtiolk gcr mts iatmcbs. Iby IQP-rklitkj acnplimbts rkgkrrkj tc cutsmjk ocjmks sua` isZrkisury, pclmtmamibs, t`k Cnoujsnkb, t`k Gkjkril Tclmak, t`k IZC, Qtitk Hcvkrbnkbt kta., ill nkktwmt` t`k sink gitk. Acnplimbibts irk ijvmskj tìt ill IQP-rklitkj acnplimbts nust hc jmrkatly tc IQMA.Cb t`k ct`kr ìbj, mg acnplimbts ìvk okkb gcrwirjkj tc IQMA ibj ìvk okkb ubsitmsgiatcrmly jkiltwmt` cr bct ijjrksskj, bc ct`kr ocjy ìs t`k iut`crmty tc gurt`kr mbvkstmhitk, tc cvkr-rulk jkamsmcbs crtc prkss gcr i aisk rkvmkw. Mt nkibs tìt pctkbtmilly pccr jkamsmcbs nijk oy IQMA irk ourmkj ibj lcst tct`k systkn. Z`k Qkbitk Kbqumry t`krkgcrk cggkrs i rirk cppcrtubmty tc coskrvk `cw t`k rkhulitcrpkrgcrns mts jutmks is niby cg t`k sìrk nirekt acnplimbts rkgkrrkj tc mb t`k Qkbitk [pjitk 1 irkaurrkbtly ubrksclvkj ibj stmll okmbh issksskj.

Mt ms i rkiscbiolk kxpkatitmcb tìt t`k rclk cg i acnplimbibt ms tc rkpcrt tc t`k rkhulitcr iby mssuksw`krk t`krk niy ok i orkia` cg trijmbh humjklmbks cr systknma mssuks tìt irk mnpiatmbh t`k nirekt.Mssuks s`culj t`kb ok rksclvkj t`rcuh` rkhulitcry iatmcb mg bkakssiry cr mg t`krk ms bc aisk tc ibswkr,alirmgmaitmcb s`culj ok gcrtàcnmbh. @cwkvkr, tc ok tclj tìt t`krk msbt i prcolkn w`kb t`krk pitkbtlyms, aib ok lmekbkj gcr mllustritmvk purpcsks tc i pitmkbt rkpcrtmbh i nmhrimbk `kijia`k tc t`kmr HT cblytc ok tclj t`ky jcb t ìvk i `kijia`k. Hit`krmbh t`k mbgcrnitmcb rklitmbh tc trijmbh ibcnilmks ms cbkt`mbh, out ibilysmbh mt mb i gcrn tìt jkncbstritks covmcus wrcbh jcmbh cbly tc ok tclj tìt IQMA jcbt

ìvk i prcolkn wmt` t`k mssuks rimskj, wmt` bc kxplibitmcb is tc w`y t`ky jcbt ìvk i prcolk n, mstctilly ubiaakptiolk. Mg t`k aurrkbt smtuitmcb ms illcwkj tc acbtmbuk, bc-cbk wmll kvkr oct`kr tc rkpcrttrijmbh mrrkhulirmtmks. Bc-cbk wmll acnk gcrwirj sc tìt t`k acnprcnmskj systkn wmll bct okaìllkbhkj, ibj pctkbtmilly, w`mtk acllir griuj aculj acbtmbuk tc tiek pliak wmt` mnpubmty.

Jkspmtk kxtkbsmvk jiti prkskbtkj tc t`k rkhulitcr tc jriw ittkbtmcb tc trijmbh mnprcprmktmks, t`krkhulitcr ms ubwmllmbh tc jmsalcsk w`kt`kr6

c t`k jiti ìs okkb iolk tc ok rkplmaitkj oy IQMA acnplmibak cggmakrs out t`k y jcbt ìvk iprcolkn wmt` t`k trkbjs ubacvkrkj5 cr

c t`ky ìvk ìj prcolkns vkrmgymbh t`k jiti ibj sc ìvk pliakj mt tc cbk smjk cr put mt mb t`k tccìrj oisekt.

Mg t`k littkr, t`krk ìs okkb bc ittknpt nijk tc lmimsk wmt` t`k rkskira`kr sc tìt t`k IQMA Cggmakrs niyhimb i gully mbgcrnkj vmkw okgcrk niembh i jkamsmcb. Mg t`k gcrnkr, t`kb bc ijvmak ìs okkb hmvkb tckxplimb w`y t`k okìvmcurs irk acbsmjkrkj iaakptiolk. Z`k liae cg tribspirkbay ibj bcb-acnnubmaitmvk ipprcia` jcks bct`mbh tc prcnctk acbgmjkbt ibj mbgcrnkj mbvkstcrs.

Trkvmcus IQMA knplcykks ìvk illujkj tc ubprcgkssmcbil trkitnkbt cg acnplimbts, cg puttmbhacnplimbibts ubjkr prkssurk rit`kr tìb tc a`kae t`k iaauriay cg wìt ìs okkb prkskbtkj, ibj cg t`kìrs` trkitnkbt ìbjkj cut tc IQMA knplcykks w`c acnplimb iocut mbtkrbil iggimrs. Mt rkprkskbts iaulturk w`krk rkhulitmcb ms ncrk gcausskj cb ivcmjmbh jkilmbh wmt` mssuks tìb prcvmjmbh kggkatmvksclutmcbs tc armtmail prcolkns.

Z`k kbqumry ìs ittriatkj niby suonmssmcbs acbakrbmbh oibembh griuj ibj wrcbhjcmbh hkbkrilly, wmt`t`k Acnncbwkilt` Oibe gmisac `cljmbh akbtrk stihk, out t`krk ìvk okkb rklitmvkly gkw acnplimbtsiocut t`k sìrk nirekt. Z`k liae cg acnplimbts iocut t`k nirekt ms ncrk tc jc wmt` t`k jmggmaulty cgjkncbstritmbh wrcbhjcmbh, bct t`k giat tìt wrcbhjcmbh ms bt tiembh pliak.

Iaebcwlkjhknkbt cg mssuks mnpiatmbh t`k IQP acnk grcn i virmkty cg scuraks ibj mbalujk gmbibamil fcurbilmsts (mb pirtmaulir _cokrt Hcttlmkoscb, Ilib Ec`lkr, Ijklk Gkrhuscb, Zkrry NaAribb ibj i `cst cgct`krs), sìrk orcekrs, t`k supkribbuitmcb mbjustry, t`k IAZ[, t`k Iustrilmib Qìrk`cljkrsIsscamitmcb, @kijs cg IQP Acnpibmks, kvkb t`k AKC cg t`k IQP Klnkr Gubek Euppkr, bct tc nkbtmcbt`csk jkkply iggkatkj oy systknma trijmbh mssuks mbalujmbh sklg-gubjkj rktmrkks ibj rktiml mbvkstcrshkbkrilly.

Ibct`kr aliss cg pkcplk w`c irk jkkply iggkatkj out bct bkakssirmly iwirk cg t`k systknma prcolknsgiakj oy t`k Iustrilmib sìrk nirekt irk Iustrilmib wcrekrs wmt` acnpulscry supkribbuitmcbacnnmttkj tc t`k nirekt ubjkr austcjmil irribhknkbts. Z`kmr `cljmbhs rkprkskbt pirt cg t`k lirhk pcclcg sìrks tìt giamlmtitks skaurmtmks lkbjmbh. Mg t`ky wkrk tc rkij ibj ubjkrstibj t`k gmbk prmbt rklitkj tc


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t`kmr mbvkstnkbts ibj ubjkrstccj t`k lkvkls cg rmse t`ky wkrk okmbh suofkatkj tc, t`k pkrnmssmcbs tcìvk t`kmr sìrks lcibkj cut wculj vkry lmekly ok wmt`jriwb cvkrbmh`t. IQMA nieks bc ittknpt tckjuaitk t`ksk mbvkstcrs iocut t`k vulbkriomlmty cg t`kmr gubjs ubjkr nibihknkbt. Mbstkij mt puolmamzkstìt nirekts irk gimr ibj tribspirkbt ibj rkskira` ìs s`cwb tìt t`ky irk vkry gir rkncvkj grcntìt.

Z`k giat tìt t`k sìrk nirekt ms i jmggmault but tc ariae mb tkrns tc hkttmbh tc t`k ubjkrlymbh sìrk prmak

nibmpulitmcb tìt tieks pliak, ibj ncst jcbt kvkb ebcw w`krk tc st irt, mbalujmbh niby wcrembh mbt`k mbjustry , s`culjbt jktriat grcn t`k mssuks rimskj oy t`ms Qkbitk Quonmssmcb (Bc. ?91). Mb i skbskt`k rkskira` ubjkrtiekb ms hrcubj orkiembh wcre bkvkr okgcrk ubjkrtiekb cr it lkist bct prkvmcuslypuolms`kj. Z`k rkskira` lmgts t`k vkml cb t`k pctkbtmil gcr lirhk sailk w`mtk acllir griuj cb t`k IQP tìt msokmbh tiamtly ipprcvkj oy t`k rkhulitcr t`rcuh` mbiatmcb.

Z`k gcllcwmbh acnnkbt oy lcbh tmnk gmbibamil acnnkbtitcr Omll @iracurt iptly sunnirmzks t`k aurrkbtsmtuitmcb giambh cur nirekts

"Z`k acnombkj mbglukbaks cg jkrmvitmvks trijmbh, `kjhk gubj iatmvmty, `mh` grkqukbay trijmbh ibj ublmnmtkjibj ubacbtrcllkj s`crt skllmbh ìs ìj jktrmnkbtil kggkats cb nirekts mb rkakbt ykirs. Z`k vmrtuilw`mtkwis` cg `mh` grkqukbay trijmbh oy t`k Iustrilmib Qkaurmtmks Acnnmssmcb stujy kirlmkr t`ms ykir aiuskjniby clj ìbjs mb t`k nirekt tc sìek t`kmr `kij mb inizknkbt. Z`k IQP ìs i acbglmat cg mbtkrkst ibj IQMAms islkkp it t`k w`kkl okaiusk t`ky tiek t`k ittmtujk tìt `mh` grkqukbay trijmbh (usmbh iutcnitmalchirmt`ns) nust ok CE okaiusk t`ky aib't gmbj ibyt`mbh wrcbh wmt` mt - kvkb t`cuh` t`ky jcb't ubjkrstibjmt. @GY ms sc acnplkx ibj t`k nirekt sc cpiquk tìt mbvkstcrs aib't prctkat t`knsklvks. Bctk, ncst IQMAourkiuarits irk gmbibamilly ubsemllkj liwykrs. I nirekt tìt cpkritks cb i oisms tìt ms bct ubjkrstccj oymts pirtmampibts cr rkhulitcrs ms i vkry pccr nirekt vulbkriolk tc nibmpulitmcb ibj griuj."

Kxtkbsmvk ibilysms cg ill giakts cg t`k sìrk nirekt s cpkritmcbs wculj suhhkst tìt mg w`mtk acllirgriujstkrs wibtkj tc jksmhb i systkn tc rkncvk ncbky grcn cbk aliss cg mbvkstcr ibj rk-jmstrmoutk mttc t`knsklvks , t`ky aculjbt jksmhb i systkn okttkr tìb t`k cbk tìt aurrkbtly cpkritks ubjkr t`khumsk cg t`k IQP, ibj is mt ìppkbs, wmt` i `mh` jkhrkk cg rkhulitcry mnpubmty.

Z`k acnprcnmskj systkn cg trijmbh illcws i virmkty cg lccp`clks w`krk griujulkbt iatmvmty aib caaur.Z`ky mbalujk6

c juomcus s`crt skllmbh priatmaks oktwkkb mbtkrksts w`c irk lmekly tc ok acllujmbh wmt` t`kmrtrijmbh5

c trijmbh ilhcrmt`ns tìt irk iolk tc nibmpulitk prmaks oktwkkb kbtmtmks w`c irk kggkatmvklyacllujmbh wmt` t`kmr trijmbh ibj w`ma` irk uskj tc nixmnmzk t`k suaakss cg s`crt skllmbh trijks5

c i acnplktk liae cg tribspirkbay mb i nifcrmty cg nirekt jkilmbhs w`krk mt ms cbly rktimltribsiatmcbs tìt ok triakj5

c jcnmbibak cvkr prmambh cutacnks mb bcrnil trijmbh ibj mb iuatmcbs t`rcuh` t`k usk cg @GZilhcrmt`ns5

c i systkn cg trijmbh w`krk mt ms kxakkjmbhly jmggmault tc mjkbtmgy kbtmtmks wmt`mb mbstmtutmcbilcnbmous iaacubts tìt irk rkspcbsmolk gcr iokrribt trijmbh trkbjs, ibj is i rksult, mt ms jmggmaulttc niek kbtmtmks gully iaacubtiolk gcr iby juomcus/mllkhil trijmbh iatmvmty5

c virmcus wiys tc tribsgkr sìrks vmrtuilly cpiquk tc t`k nirekt ibj wmt`cut truk prmak jmsacvkrysua` is t`rcuh` jire pccls ibj t`rcuh` cgg-nirekt jkilmbhs5

c t`k pctkbtmil gcr biekj s`crt skllmbh tc tiek pliak, it lkist mbtri-jiy, wmt` lmttlk aìbak cg okmbhjktkatkj5 ibj

c cggmamil rkpcrtmbh systkns tìt aibbct ok rklmkj upcb is pkr ijnmssmcb oy oct` t`k IQP ibj IQMAcb t`kmr puolma wkosmtks.


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Mnplmamt mb ill cg t`k iocvk ms i rkhulitcr w`c usks t`k gcllcwmbh ipprcia` tc rkhulitmcb6

c i tkbjkbay tc skbj puolma wirbmbhs t`rcuh` nkjmi bcmsk tc hmvk t`k mnprkssmcb tìt mt ms iatmvkibj kggkatmvk w`kb t`k rkilmty ms gir jmggkrkbt5

c i tkbjkbay tc rkly upcb sklg-ijnmssmcb cg wrcbhjcmbh, slip cb t`k wrmst kbgcrakiolkubjkrtiembhs, ibj oiae rccn jkils tc rksclvk mssuks rit`kr tìb ormbhmbh t`k gull gcrak cg t`kliw tc wrcbhjckrs sc is tc prcvmjk ipprcprmitk lkvkls cg pubms`nkbt ibj tc skrvk is i ncrk

kggkatmvk jktkrrkbt tc ct`krs5c i tkbjkbay tc kbhihk mb acbsultitmcb w`krk witkrkj jcwb, mbkggkatmvk rknkjmks ittknpt tc

ijjrkss iautk prcolkns rit`kr tìb mnpcsmbh acbjmtmcbs tìt wmll huiribtkk prcomty, gimrbkssibj mbtkhrmty mb ill nirekt jkilmbhs5

c i tkbjkbay tc sklkat scgt tirhkts tc niek i stitknkbt rit`kr tìb tc prcskautk wrcbhjckrsrkspcbsmolk gcr nua` lirhkr lcssks tc mbvkstcrs t`rcuh` t`kmr juomcus cr griujulkbt iatmvmty5

c acbjcbmbh prmvmlkhks tc scp`mstmaitkj mbvkstcrs tìt iutcnitmailly arkitk ib ubgimr IQP nirekt.Ib kxinplk ms t`k ubgkttkrkj iaakss tc t`k IQP's nimbgrink acnputkr hribtkj tc t`k lkijmbhmbvkstnkbt oibe orcekrs sc tìt t`kmr @GZ ilhcrmt`ns aib jklmvkr trijmbh ijvibtihks tct`knsklvks (m.k., wmt` t`kmr @cusk trijmbh) ibj tc t`kmr almkbts cvkr ill ct`kr mbvkstcrs.Ilhcrmt`ns oy t`kmr vkry biturk irk nibmpulitmvk ibj skke tc prcgmt oy pliambh ill ct`kr mbvkstcrsit i jmsijvibtihk. Z`k ibcnilcus trkbjs tìt rksult grcn t`k usk cg ilhcrmt`nma trijmbhmbjmaitk tìt ilhcrmt`ns arkitk ib irtmgmamil prmambh kbvmrcbnkbt. Z`krk ms bc qukstmcb tìt prmaksaib ok aippkj, pus`kj `mh`kr cr rkjuakj, it wmll, t`rcuh` sklkatmvk ilhcrmt`nma tribsiatmcbsoktwkkb jksmhbitkj skllkrs ibj prkgkrrkj ouykrs, ibj ykt oct` t`k rkhulitcr ibj t`k IQP irkubacbakrbkj iocut t`k kxtrknk mssuks cg ubgimrbkss mbvclvkj5

c i tkbjkbay tc mhbcrk ijvmak ibj prctksts oy uskr hrcups sua` is t`k supkribbuitmcb mbjustry,t`k IAZ[ ibj t`k Qìrk`cljkrs Isscamitmcb5

c i tkbjkbay tc nieks bcmsk iocut prcolkns covmcusly mnpiatmbh t`k nirekt (k.h., Jire pccls ibj

@GZ trijmbh) out t`kb scgt pkjillmbh cb t`k mssuks igtkr suppcskjly gir rkia`mbh rkvmkws5c i rkhulitcr tìt acbsmsts cg nkb mb jire sumts jkilmbh wmt` acnplimbts oy wcrembh ok`mbj alcskj

jccrs ibj usmbh nkt`cjs tìt mbvclvk prcaristmbitmcb ibj ivcmjibak tc jkgkr/ivcmj mssuks. Z`kyirk skkb tc ok skrvmbh ct`kr ihkbjis is ìs okkb jktimlkj mb t`k suonmssmcb cg kx-IQMAknplcykk, Ibbk Linpk. Ct`kr acbakrbs mbalujk t`k mssumbh cg scgt pkbiltmks, niembhswkkt`kirt jkils, ibj alimnmbh tc ok gcausskj cb lccembh igtkr t`k mbtkrksts cg Iustrilmibamtmzkbs out jcmbh lmttlk tc bct`mbh iocut i nirekt tìt ms jkncbstrioly acnprcnmskj okaiuskcg @GZ ilhcrmt`ns5

c i tctil iaakptibak cg t`k systkn cg s`crt skllmbh ibj i tclkribak gcr covmcus trijmbh rcrts skknillcwkj tc tiek pliak cb t`k oisms tìt s`crt skllmbh ms lkhil. Z`k olmt`k iaakptibak cgnibmpulitmvk s`crt skllmbh priatmaks (is jmstmbat grcn lkhmtmnitk s`crt skllmbh iatmvmty) ms nijk illt`k ncrk rknireiolk w`kb s`crt skllmbh ìs okkb oibbkj mb tmnk cg nirekt vclitmlmty sua` isjurmbh t`k HGA. Oiae t`kb t`k nibmpulitmvk biturk cg nua` cg t`k s`crt skllmbh tìt tieks pliakwis mnnkjmitkly rkachbmzkj ibj mnnkjmitk iatmcb tiekb tc ijjrkss mt. ]kt t`k sink bkhitmvkmnpiat aiuskj oy nibmpulitmvk s`crtmbh priatmaks ms tclkritkj w`kb nirekts irkbt acbsmjkrkjit rmse. Z`k tclkribak gcr prmaks tc ok rkjuakj oy s`crt skllmbh cb-nirekt ibj gcr s`crt skllmbhkxpcsurks tc ok ijfustkj cgg-nirekt ms ilsc i tctilly ubgimr smtuitmcb w`ma` rkakmvks rkhulitcryipprcvil. ]kt oy iby nkisurk mt ms i olitibtly nibmpulitmvk priatmak5

c ib iaakptibak cg skaurmtmks lkbjmbh irribhknkbts wmt` bc iomlmty tc ijkquitkly supkrvmsk criujmt wìt ms caaurrmbh, kspkamilly wmt` ocrrcwkj sìrks tìt irk t`kb cb-lkbt nultmplk tmnkswmt` bc iaacubtmbh gcr w`c cwbs wìt ibj wìt t`k mnpiat cb t`k nirekt ms lmekly tc ok5

c ib iaakptibak cg t`k bcb-jmsalcsurk cg lirhk vclunks cg pctkbtmilly nibmpulitmvk wis` trijkstìt aib caaur prcvmjkj ncvknkbts cg sìrks irk ekpt ubjkr t`k ;% jmsalcsurk lmnmts, ibjprcvmjkj prmaks ncvknkbts irk ekpt ubjkr siy 94% pkr jiy tc ivcmj ittkbtmcb grcn IQP nirekt


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9?

survkmllibak tkins. Mb iby aisk bct`mbh ms jcbk iocut trijmbh mssuks ok`mbj prmak ncvknkbtsigtkr Cggmamil IQP Trmak Yukrmks jriw i olibe grcn t`k acnpiby acbakrbkj. ]kt ibcnilcus prmakncvknkbts tìt irk ubrklitkj tc acnpiby jkvklcpnkbts irk mbvirmioly t`k rksult cgnibmpulitmvk trijmbh stritkhmks.

Mt ìs okkb jcaunkbtkj tìt s`crt skllmbh ìs jkstrcykj vist incubts cg wkilt` gcr t`csk wmt`sìrks ubjkr nibihknkbt. Q`crt skllmbh ms illcwkj tc rklkbtlkssly pus` prmaks lcwkr, `cwkvkr,

s`crt acvkrmbh rirkly skkns tc aiusk prmak rk-ijfustnkbts. Z`k liae cg rkacvkry ms juk tc cgg-nirektjkilmbhs mb skttlmbh kxpcskj pcsmtmcbs. Mnplmamt wmt` sua` iatmvmty, ms t`k `mh` lkvkls cg acllusmcbrkqumrkj oktwkkb t`csk aùrbmbh stcae (k.h., cbk mbstmtutmcb s`crtmbh stcae is ibct`kr colmhks oypuraìsmbh sìrks, cr t`k kbtmty lkbjmbh sìrks ilsc ouymbh t`kn grcn t`k s`crt skllkr tc rktimbacbtrcl cvkr cwbkrs`mp). Z`k pirtmks acllujmbh wmt` t`kmr trijmbh irk lmekly tc mbalujk austcjmibs,gubj nibihkrs, mbvkstnkbt oibes ibj kjhk gubjs w`c covmcusly giamlmtitk kia` ct`krs trijmbh itt`k kxpkbsk cg t`csk w`csk `cljmbhs irk nibihkj (ibj lkbt cut). Mt ilsc acnks it t`k kxpkbsk cgsnill mbvkstcrs w`c aibbct acnpktk wmt` @GZ ilhcrmt`ns ibj gmbj tìt t`kmr `cljmbhs ìvk okacnkjk-vilukj okaiusk cg kxakssmvk s`crt skllmbh kvkb t`cuh` t`krk ìs okkb bc aìbhk tc t`kgubjinkbtil viluk cg t`k acnpibmks tirhktkj.

Z`k ipprcia` oy IQMA mb jkilmbh wmt` acnplimbts ìs okkb cbk cg6c prcvmjmbh i wkosmtk mbtkrgiak tìt ms scnkwìt jkgmamkbt mb aitkrmbh gcr t`k bkkjs cg t`k

acnplimbibt ibj rkstrmatmvk ibj jmggmault tc usk5c lmttlk cr bc iaebcwlkjhknkbt cg t`k rkakmpt cg i acnplimbt, cr litk iaebcwlkjhknkbt it

okst5

c prcaristmbitmcb hkbkrilly5c lmttlk cr bc gcllcw up5c bc ijvmak is tc t`k prchrkss cg i acnplimbt okmbh prcaksskj cr i prkpirkjbkss tc jmsauss

iby mssuks5c hkbkrma rkspcbsks vmi mnpkrscbil stibjirj lkttkrs tìt giml tc ijjrkss spkamgma mssuks5c i b ilncst stibjirj Bc aisk tc Ibswkr rkspcbsk tc ill acnplimbts prkskbtkj, wmt` bc

gurt`kr jmsaussmcbs kbtkrkj mbtc prkgiakj wmt` ib kxausk sua` is IQMA jcks bct acnnkbtcb cpkrit mcbil nittkrs.

Z`k Qkbitk suonmssmcb cb X`y pkcplk jcbt acnk gcrwirj3 ms lmekly tc prcvmjk ib iaauritksunnitmcb cg t`k puolmas rkspcbsk tc t`k wiy IQMA hcks iocut jkilmbh wmt` acnplimbts,acnplimbts tìt oy iby cofkatmvk ibilysms irk t`crcuh`ly jkskrvmbh cg ittkbtmcb.

Z`kmr ipprcia` cg tiembh bc iatmcb wmt` acnplimbts kvkb w`kb gcrwirjkj tc t`kn oy IQPAcnpibmks ibj orcekrs ms i X`y wculj ibycbk oct`kr3 ittmtujk . Ilt`cuh` IQMA wmll

hkbkrilly bct jmsauss iatmcbs mt tieks, mt okacnks ioubjibtly kvmjkbt tìt bct`mbh hkts jcbkokaiusk t`k sink spurmcus trijmbh okìvmcurs hkbkrilly acbtmbuk ubioitkj.

IQMAs gimlurk tc skk iby wrcbh jcmbh cr prcolkns wmt` a`rcbma jiti ibcnilmks nkibs tìt bc iatmcbtc iby acbakrbs iocut sìrk nirekt nibmpulitmcb wmll tiek pliak ibytmnk sccb. Z`k puolma rkacrjgcr suaakssgul prcskautmcbs ms t`mb cb t`k hrcubj kspkamilly mb rklitmcb tc t`k nibmpulitmvk iousk cgtrijmbh ilhcrmt`ns mb jimly trijmbh ibj mb rkhirj tc acbtrcllmbh cpkbmbh ibj alcsmbh iuatmcbs. Ilsc,gkw aìrhks, mg iby, ìvk okkb limj mb rkhirj tc6

c nibmpulitmvk s`crt skllmbh priatmaks5c kxtkbsmvk wis` trijks5c vkry `mh` lkvkls cg acllusmcb mb swippmbh sìrks oiae ibj gcrt` wmt` bc aìbhk tc okbkgmamil

cwbkrs`mp oy t`k hrcups mbvclvkj5c lmekly airtkl okìvmcur mb ncbcpclmzmbh trijmbh ibj arkitmbh irtmgmamil prmaks5c orcekrs trijmbh cb mbsmjk mbgcrnitmcb prmcr tc pliaknkbts5


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c t`k lkiembh cg mbsmjk mbgcrnitmcb tc t`k prkss tc jkstiomlmzk acnpibmks5 ibjc mrrkhulir skaurmtmks lkbjmbh jkilmbhs ibj t`k nibihknkbt cg s`crt pcsmtmcbs sc is tc

amraunvkbt gimr prmak jmsacvkry.

Kxinplks cg ill typks cg okìvmcurs ìvk okkb jcaunkbtkj oy rkskira` ibj rkpcrtkj tc IQMA out tcbc iviml.

Trmaks irk iolk tc ok acbtrcllkj t`rcuh` t`k trijmbh ihkbjis prchrinnkj mbtc ilhcrmt`ns, mbmtmillyis pirt cg t`kmr jksmhb, ibj t`kb cpkritmcbilly cb i jiy oy jiy oisms t`rcuh` t`k a`cmak cg mbputpirinktkrs tìt irk supplmkj oy orcekr cpkritcrs. Acbtrcl ippkirs tc ok ia`mkvkj oy acnpitmolkilhcrmt`ns jmrkatmbh tribsiatmcbs oktwkkb jksmhbitkj skllkrs ibj prkgkrrkj ouykrs sc tìt irtmgmamilprmaks aib ok skt ibj nimbtimbkj ij mbgmbmtun.

Bkws ms t`k jrmvkr cg nirekts, bct gubjinkbtil viluk, out cbly bkws tìt sumts pirtmaulir trijmbhihkbjis. Mb i nirekt tìt ms jcnmbitkj oy i s`crt skllmbh nmbjskt wmt` t`k imn cg rkjuambh prmaks isgir is pcssmolk, oij bkws cr pkrakmvkj oij bkws okacnks t`k aitilyst tc mnplknkbt ilhcrmt`nmaskttmbhs tìt irk pirtmaulirly ihhrkssmvk mb tiembh prmaks lcwkr. Mnpcrtibtly, gcr ilhcrmt`ns tc okkggkatmvk, t`ky rkqumrk acnpitmolk ilhcrmt`ns tc mbtkriat wmt` mb crjkr tc mnplknkbt sìrkj trijmbh

ihkbjis. Z`kmr suaakss bkakssirmly mbvclvks i `mh` jkhrkk cg acllusmcb w`kt`kr mt ms oktwkkbnultmplk kbtmtmks usmbh jmggkrkbt orcekrs, cr i smbhlk kbtmty jmstrmoutmbh nultmplk ouy ibj skll crjkrstc i bunokr cg orcekrs gcr kxkautmcb. Kmt`kr wiy ilhcrmt`ns aib ok syba`rcbmskj sc tìttribsiatmcbs tiek pliak prkgkrkbtmilly oktwkkb prkgkrrkj trijmbh pirtbkrs w`mlk ivcmjmbh ubrklitkjcrjkrs mg bkakssiry.

X`mlk oij bkws ms hkbkrilly skmzkj upcb, hccj bkws ms cgtkb smnply mhbcrkj, cr sclj mbtc t`rcuhìlhcrmt`nma trijmbh jksmhbkj tc aip prmak rmsks. I liae cg rkspcbsmvkbkss tc hccj bkws aib lkij tcgrustritmcbs oy hkbumbk mbvkstcrs w`c pkrakmvk t`k liae cg rkspcbsmvkbkss tc hccj bkws is iacnpiby prcolkn ibj bct t`k rksult cg spurmcus trijmbh ihkbjis, i smtuitmcb tìt usuilly lkijs tcgurt`kr skllmbh.

Kbtmtmks w`c ubgimrly nibihk prmambh cutacnks mb pursumt cg trijmbh ihkbjis (gimr cr ct`krwmsk) irkimjkj oy i liae cg tribspirkbay wmt`mb t`k systkn. X`mlk acnpibmks giak alcsk vmhmlibak ibj tcuh`pkbiltmks gcr orkia`ks cg jmsalcsurk rulks (m.k., sc is tc alinp jcwb cb mbsmjkr trijmbh), kbtmtmks w`cnibihk t`k nirekt tc mbarkisk t`k aìbaks cg suaakssgul trijks, cr tc tirhkt acnpibmks t`rcuh`gcrakj ubjkrviluitmcbs, irk illcwkj tc cpkritk mb rklitmvk skarkay.

Mg trijmbh ihkbjis irk illcwkj tc jmatitk prmaks, t`kb prcpkr tribspirkbay s`culj ok prcvmjkj sctìt ct`krs aib tiek cppcsmbh pcsmtmcbs tc `klp niek gcr i ncrk kggmamkbt nirekt. Aurrkbtly s`crtskllkrs ibj kbtmtmks pursumbh spurmcus trijmbh ihkbjis irk iggcrjkj ijvibtihks cvkr ill ct`krmbvkstcrs oy bct ìvmbh tc jkalirk, cr okmbh iolk tc ivcmj ìvmbh tc jkalirk, mbgcrnitmcb tìt ìs

armtmail mnplmaitmcbs gcr prmak jmsacvkry.Bcb tribspirkbay mssuks mbalujk6

c t`k systkn cg Z plus 1 w`krk orcekrs trijk mbvmsmoly tc t`k nirekt5c t`k systkn cg bcnmbkk iaacubts w`krk t`k mjkbtmtmks cg t`csk rkspcbsmolk gcr spurmcus trijks

irk gcr t`k ncst pirt jmggmault tc triak ibj irk ubiolk tc ok nijk iaacubtiolk gcr t`kmr iatmcbs5c t`k systkn cg skaurmtmks lkbjmbh w`krk rmh`ts tc skll sìrks t`rcuh` ocrrcwmbhs ibj rmh`ts tc

rkaill sìrks is cwbkrs irk ubebcwb, pirtmaulirly wmt` ocrrcwkj sìrks okmbh iolk tc ok cb-lkbt nultmplk tmnks cvkr5

c sìrk`cljkrs, gcr t`k ncst pirt, bct ìvmbh tc jmsalcsk t`k kxtkbt cg t`kmr lkbjmbh kxpcsurks5c t`k systkn cg Z plus : gcr jmsalcsmbh s`crt pcsmtmcbs oy IQMA, w`krk iby ubgimr mbglukbak cvkr t`k

nirekt (cr vulbkriolk kxpcsurks okaiusk cg kxakssmvk s`crt sclj pcsmtmcbs) aib ok acbakilkjibj w`krk kxpcsurks irkbt bkakssirmly iaauritk w`kb ibbcubakj okaiusk cg mbtkrmn aìbhks 5

c t`k jkliykj ibbcubambh cg s`crt silks oy t`k IQP ibj t`k bcb-jmsalcsurk cg s`crt acvkrmbhpuraìsks niembh iaauritk isskssnkbts cg s`crt kxpcsurks kxtrknkly prcolknitmail5


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c puolms`kj s`crt pcsmtmcbs stitknkbts bct bkakssirmly mbjmaitmbh s`crt kxpcsurks out ilsc t`kmnpiat cg skaurmtmks lkbjmbh jcbk gcr ct`kr purpcsks,

c sìrk`cljkrs wmt` `cljmbhs ubjkr austcjmil irribhknkbts ìvmbh bc ebcwlkjhk cg t`k kxtkbt cglkbjmbh isscamitkj wmt t`kmr cljmbhs.

Ill cg t`k iocvk prkvkbt ib iaauritk isskssnkbt cg t`k mnpiat kbtmtmks ìvk cb t`k nirektw`mlk pursumbh trijmbh ihkbjis tìt ìvk lmttlk cr bct`mbh tc jc wmt` t`k hkbumbk ouymbh ibj

skllmbh cg sìrks is rmh`tgul cwbkrs, ibj lmttlk tc jc wmt` t`k gubjinkbtil prcspkats cgacnpibmks.

Z`k liae cg tribspirkbay nieks mt jmggmault tc isskss tc wìt kxtkbt sìrk prmaks rkglkat t`kgubjinkbtil viluk cg acnpibmks, ibj tc wìt kxtkbt acnpibmks irk mnpiatkj oy trijmbhihkbjis. Mt ilsc nkibs tìt t`k nirekt gcr ncst pirt ms ubiolk tc ok ijkquitkly ncbmtcrkj ibjrkhulitkj.

Z`k kxtkbt cg ocrrcwmbhs isscamitkj wmt` skaurmtmks lkbjmbh prcvmjk strcbh mbakbtmvks gcr prmaks tc okacbtrcllkj cr nibihkj (m.k., nibmpulitkj) mg cbly tc nimbtimb kxpcsurks it acngcrtiolk lkvkls ibj tcprctkat t`k acllitkril irribhknkbts isscamitkj wmt` sua` lkbjmbh5

Nirekt nyt`s gcmstkj cb t`k mbvkstmbh puolma oy t`csk w`c irk rkspcbsmolk gcr rubbmbh t`k systknmbalujk6c Ilhcrmt`nma @GZ trijmbh imjs mb prcvmjmbh lmqumjmty. Z`k rkilmty ms tìt lmqumjmty ms ìrjly kvkr

t`krk w`kb mt ms bkkjkj is crjkrs irk wmt`jriwb mbstibtibkcusly is sccb is t`krk ms nirektvclitmlmty. Mb giat t`k wmt`jriwil cg lmqumjmty iatuilly iaakbtuitks gills is hkbumbk skllkrs irkgcrakj tc aìsk omjs lcwkr is omjs jmsippkir is sccb is skll crjkrs irk skbt tc t`k kxaìbhk. Z`krktrkitmbh omjs kbacurihk jkspkritk skllkrs tc tiek kvkb lkss.

c @GZ ilhcrmt`ns orkie up lirhk crjkrs sc is tc bct mnpiat t`k nirekt. Zìt niy ìvk sknolibakcg trut` cb caaismcbs `cwkvkr t`k nultmtujk cg snill crjkrs gcr t`k ncst pirt irk mbtkhrilly

rklitkj tc acbtrcllmbh sìrk prmaks sc tìt trijmbh ihkbjis irk mnplknkbtkj oy t`k nifcrpliykrs. Qnill trijks oiae ibj gcrt` oktwkkb trijmbh iggmlmitks is wkll is i virmkty cg orcekrarcssmbhs hkbkritkj oy ilhcrmt`ns irk vkry kxtkbsmvkly mbvclvkj mb skttmbh ibj nimbtimbmbhirtmgmamil prmaks.

c Ibct`kr nyt` kxpcskj oy rkskira` ms tìt nirekts irk gimr ibj tribspirkbt. Z`k rkilmty ms t`knirekt ms jkamjkjly ubgimr ibj tìt t`k nifcrmty cg trijks irk cpiquk tc t`k nirekt. Z`kprmvmlkhks hribtkj tc `mh` spkkj trijkrs nkibs tìt rktiml mbvkstcrs ibj sklg-nibihkj rktmrkksirk mbvirmioly gcrakj tc piy ncrk gcr puraìsks ibj tc rkakmvk lkss gcr silks, w`mlk t`k pccl cgnibihkj mbvkstnkbts aiuh`t up wmt` skaurmtmks lkbjmbh irk ubgimrly kxplcmtkj gcr t`k kxalusmvkokbkgmt cg scp`mstmaitkj mbvkstcrs. Mt nieks gcr i jmstmbatly ubgimr nirekt kbvmrcbnkbt.


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Qkatmcb ?

LMBEQ ZC T[OLMQ@KJ _KQKI_A@ CB IQP Z_IJMBH MQQ[KQ

Xko Lmbe6 www.sarmoj.acn/isxStrijmbhSmssuks/acllkatmcbs


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OIAEH_C[BJ

Z`k gcllcwmbh lmbes acbbkat tc rkskira` cb ilhcrmt`nma trijmbh mssuks, ibj jkncbstritk t`k mnpiat t`kyìvk ìj cb trijmbh mb i orcij ribhk cg IQP stcaes t`rcuh`cut Catcokr ?491. Ncst cg t`k acnpibmks irklmstkj mb t`k IQP?44 Mbjkx. Z`k rkskira` ìs okkb prkskbtkj mb t`k gcrn cg cggmamil acnplimbts w`ma` ìvkokkb gcrwirjkj tc t`k rkhulitcr ibj iwimt jkamsmcbs.

Z`k rkskira` ms prcvmjkj mb t`k mbtkrksts cg tribspirkbay ibj i okttkr mbgcrnkj nirekt is t`k mssuks

prkskbtkj ìvk armtmail mnplmaitmcbs gcr t`k pcrtgclmcs cg ill IQP mbvkstcrs.

Z`k gmrst acnplimbt lccekj it sbips`cts cg trijmbh tiekb grcn 1? acnpibmks cb kia` cg 1 jiys t`rcuh`cutCatcokr, binkly Cat 9, Cat 9; ibj Cat 19. Z`k trkbjs kvmjkbt mb t`k jiti wkrk acbsmstkbt iarcss ill stcaesw`ma` prcnptkj ib mb-jkpt` stujy cb 9: acnpibmks w`krk trijmbh cb kia` jiy t`rcuh`cut Catcokr wisibilyskj.

Ibcnilcus trkbjs mjkbtmgmkj mb Jcwbtmae trijmbh jiti gcrnkj t`k oisms cg Acnplimbts 9 t`rcuh` tc 9:,w`ma` ìvk okkb prkskbtkj mb tknplitk gcrn is t`k trkbjs irk mjkbtmail iarcss ill stcaes rkvmkwkj. Mtnkibt tìt cbk lct cg acnnkbtiry sumtkj t`k trijmbh mb ill acnpibmks w`ma` ms ib mbjmatnkbt cb t`ksystkn cg trijmbh mb mtsklg ibj alkirly jkncbstritks t`k systknma biturk cg ilhcrmt`nma trijmbh mssuks.

Acnplimbt 9; rkvmkwkj oct` Jcwbtmae Jiti ibj [ptmae jiti.

Z`k trkbjs kvmjkbt gcr [ptmae jiti prcnptkj ib isskssnkbt cg [ptmae trkbjs iarcss t`k 9: acnpibmks gcrill cg Catcokr t`k rksults cg w`ma` irk acbtimbkj mb Acnplimbt 97.

Acnplimbt 98 prcvmjks i sunniry cg ill Jcwbtmae & [ptmae trijmbh ibj ubjkrpmbs t`k gmbjmbhs kxprksskj mbt`k aurrkbt Qkbitk [pjitk.

LMBEQ ZC _KQKI_A@

IQMA Acnplimbt 9 - _k Nibmpulitmvk Zrijmbh mb Z`mrty Zwc IQP ?44 Acnpibmks


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Qkatmcb 1

G[_Z@K_ MBQMH@ZQ G_CN _KQKI_A@ MBZC

JCXBZMAE IBJ [TZMAE Z_IJMBH JIZI


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_KQKI_A@ NKZ@CJCLCH]

Orcekr trijmbh jiti ìs okkb ibilyskj oiskj cb t`k gcllcwmbh kxpkatitmcbs6

c Z`k prcpcrtmcbs cg Jcwbtmae trijks rkacrjkj oy i orcekr mb skllmbh i stcae cuh`t tc okacnnkbsuritk wmt` t`k orcekrs nirekt sìrk cg skllmbh tìt wis supplmkj tc t`k nirekt5 ibj

c Z`k prcpcrtmcbs cg [ptmae trijks rkacrjkj oy i orcekr mb ouymbh i stcae cuh`t tc ok acnnkbsuritk

wmt` t`k orcekrs nirekt sìrk cg ouymbh tìt wis supplmkj tc t`k nirekt .

Jcwbtmaes irk smnply tribsiatmcbs tìt rksult mb i gill mb prmak, w`mlk [ptmaes irk tribsiatmcbs tìt rksult mbib mbarkisk mb prmak. Qmnplmstmailly, i orcekr rkspcbsmolk gcr siy 94% cg skllmbh mb t`k nirekt cuh`t tc okisscamitkj wmt` siy 94% cg t`k jcwbtmae trijks rkacrjkj. [smbh lcbh-tkrn jiti, sua` kxpkatitmcbs irkncrk ibj ncrk lmekly prcvmjkj trijmbh acbsmsts cg hkbumbk ouykrs ibj hkbumbk skllkrs tribsiatmbh gimrlywmt` bc ebcwlkjhk cg t`k trijmbh mbtkbtmcbs cg ct`krs.

Z`k rkilmty cg ncjkrb trijmbh ms tìt mt ms @GZ ilhcrmt`ns tìt hkbkritk t`k nifcrmty cg [ptmaes ibjJcwbtmaes. Z`ky jc sc iaacrjmbh tc prk-skt mbstruatmcbs prchrinnkj mbtc t`kn ibj w`ma` rkqumrk skttmbhs

tc ok supplmkj oy orcekr cpkritcrs. Z`krk ms i lct cg glkxmomlmty ivimliolk tc orcekrs mb ipplymbh mbputskttmbhs tc ilhcrmt`ns w`ma` t`kb jmatitk t`k scrt cg trijmbh prcgmlks hkbkritkj. Jiti trkbjs ilsc suhhksttìt ilhcrmt`ns irk scnk`cw iolk tc skke cut, ibj kxalusmvkly mbtkriat wmt`, ilhcrmt`ns oklcbhmbh tcpirtmaulir orcekrs w`ma` jiti trkbjs suhhkst irk iggmlmitkj wmt` t`kmr trijmbh. Zrijmbh ihkbjis irk t`krkoyiolk tc ok mnpcskj cb t`k nirekt.

Orcekr trijmbh prcgmlks rkgkr tc t`k jmggkrkbt acnombitmcbs cg Jcwbtmaes hkbkritkj (% JZs) vkrsus t`kincubt cg skllmbh pliakj mbtc t`k nirekt (% Qklls). Kxtrknks oktwkkb t`k twc nktrmas ìvk okkb uskj isib mbjmaitcr cg juomcus trijmbh trkbjs sua` is w`kb6

c Qnill bunokrs cg Jcwbtmaes irk isscamitkj wmt` lirhk incubts cg skllmbh, ibjc Lirhk bunokrs cg Jcwbtmaes irk isscamitkj wmt` snill incubts cg skllmbh.

Z`k sink ipplmks tc [ptmaes (% [Zs) ibj t`k Incubt cg Ouymbh (% Ouys) oy orcekrs mb t`k nirekt. Zrijmbhms ihimb acbsmjkrkj tc ok juomcus w`kb6

c Qnill bunokrs cg [ptmaes irk isscamitkj wmt` lirhk incubts cg ouymbh, ibjc Lirhk bunokrs cg [ptmaes irk isscamitkj wmt` snill incubts cg ouymbh.

Tkrsmstkbt ibcnilmks irk mbjmaitcrs cg ubcrt`cjcx trijmbh, w`ma` ncstly ìs t`k aìriatkrmstmas cg sìrkprmak nibmpulitmcb, kspkamilly w`kb juomcus trkbjs irk nimbtimbkj cvkr lcbh pkrmcjs cg tmnk mb ill trijmbh

tiembh pliak ibj kspkamilly w`kb t`k okìvmcurs rkspcbsmolk gcr t`k trkbjs irk acubtkrmbtumtmvk tc `cw igimr nirekt ms nkibt tc cpkritk.

Mnpcrtibtly, ilhcrmt`nma skttmbhs hkbkritk pirtmaulir trijmbh prcgmlks w`ma` mb kggkat rkglkat pirtmaulirtrijmbh ihkbjis. Z`k ihkbjis aib viry grcn tmnk tc tmnk ibj irk mnplknkbtkj oy ijfustnkbts tc t`kmbput pirinktkrs cg ilhcrmt`ns. Hkbkrilly, `cwkvkr, i aurmcus cutacnk cg rkskira` ìs okkb tcjkncbstritk tìt eky orcekrs ìvk jkgmbmtmvk trijmbh stylks mrrkspkatmvk cg t`k stcaes t`ky irk trijmbh. Mt msib ubusuil smtuitmcb is iokrribt trkbjs oy scnk orcekrs tkbj tc ok acnplknkbtkj oy iokrribt trkbjs cgct`krs tìt irk t`k kxiat cppcsmtk.

Acllusmcb ippkirs rkspcbsmolk w`kb trijmbh ihkbjis irk iolk tc ok mnpcskj cb t`k nirekt. Z`k kggkat cgilhcrmt`nma mbtkriatmcbs ms tc nibihk prmaks. Mt ms jcbk t`rcuh` lirhk bunokrs cg bcb-hkbumbk trijks oiaeibj gcrt` oktwkkb hrcups sìrmbh trijmbh ihkbjis. Mt rkprkskbts lirhk-sailk acbtrcl cvkr prmaks w`maàcbstmtutks sìrk prmak nibmpulitmcb. Oy acbtrist, rktiml mbvkstcrs jcbt kvkb ebcw w`kt`kr t`kmr crjkrspliakj it nirekt, wmll kvkb tribsiat wmt` wìt ms cb cggkr, kspkamilly mg wìt cb cggkr ms ib ilhcrmt`nma crjkr,w`ma` nmh`t ijfust tc ivcmj t`k trijk mg t`k rktiml crjkr jcksbt sumt t`k trijmbh ihkbji prchrinnkj mbtc mt.


19/48

9=

Mt nkibs tìt acnpibmks irk iolk tc ok tirhktkj t`rcuh` nultmplk orcekrs wcrembh tchkt`kr ibj acllujmbhwmt` t`kmr trijmbh. Z`k ipprcia` tc trijmbh ìs virmcusly okkb jksarmokj is i wclg piae cr i airtkl cgmbtkrksts ibj ms pirtmaulirly juomcus w`kb6

c Zrijmbh ippkirs jksmhbkj tc rkjuak prmaksQua` trijmbh mbvclvks orcekrs skllmbh snill vclunks cg sìrks tìt rkjuak prmaks t`rcuh` lirhkbunokrs cg Jcwbtmae ibj ms mbvirmioly nita`kj oy ct`kr orcekrs acbtmbucusly ouymbh snill vclunks

cg sìrks ibj okmbh iolk tc pmae up lirhk bunokrs cg okbkgmamil (m.k., a`kipkr) Jcwbtmae trijks. Oct`t`k mnpiat cb prmaks ibj t`k acllusmvk trijmbh mbjmaitk sìrk prmak nibmpulitmcb.

c Zrijmbh ippkirs jksmhbkj tc mbarkisk prmaksQua` trijmbh mbvclvks orcekrs ouymbh snill vclunks cg sìrks tìt mbarkisk prmaks t`rcuh` lirhkbunokrs cg [ptmae trijks ibj ms mbvirmioly nita`kj oy ct`kr orcekrs acbtmbucusly skllmbh snillvclunks cg sìrks ibj rkakmvmbh okbkgmamil rkturbs is t`k trijks rkprkskbt [ptmaes. Ihimb, t`kmnpiat cb prmaks ibj t`k acllusmvk trijmbh mbjmaitks sìrk prmak nibmpulitmcb.

Z`k trkbjs mjkbtmgy wmt` sìrk prmak nibmpulitmcb kspkamilly w`kb acnpirkj tc wìt acbstmtutks hkbumbkouymbh ibj skllmbh. Hkbumbk skllkrs jcbt skll tc pus` prmaks jcwb. Z`ky skll sc is tc try ibj ia`mkvk t`k

nixmnun rkturbs grcn silks. Ibj hkbumbk ouykrs tkbj tc try ibj piy nmbmnun prmaks, bct pus` prmaks upwmt` lirhk bunokrs cg snill trijks. Zrkbjs sua` is t`k iocvk irk alkirly t`k rksult cg skllmbh ibj ouymbh tìtms jksmhbkj tc skt cr acbtrcl prmaks ibj bct`mbh tc jc wmt` t`k hkbumbk jmspcsil cr iaqumsmtmcb cg sìrks.

J[OMC[Q Z_KBJQ IQQCAMIZKJ XMZ@ JCXBZMAEQ

Kxinplks cg t`k virmcus ibcnilcus trkbjs tìt irk kvmjkbt mb ill trijmbh irk prcvmjkj mb t`k gcllcwmbhaìrts w`ma` gkiturk Jcwbtmae trijmbh jiti isscamitkj wmt` O@T Omllmtcb.

4%

;%

94%

9;%

?4%

?;%

14%

M B Q Z

N K _ L

A C N N

N I A Y

N K _ L

N K _ L

M B Q Z

N K _ L

F T N

N K _ L

N K _ L

N K _ L

A Q [ M

M B Q Z

M B Q Z

[ O Q

A M Z M

M B Q Z

A Q [ M

N I A Y

A L Q I

N K _ L

M Z H

N K _ L

A M Z M

A L Q I

M B Q Z

[ O Q

J N H

M B Q Z

% cg JZ Qilks

% cg Ill Qkllmbh

Wirmcus Orcekr Jcwbtmae Qkllmbh Trcgmlks - Catcokr ?491

O@T Zrijmbh Mbarkiskj bunokrs cg Jcwbtmaes acrrkspcbjmbh tc jkarkiskj skllmbh vclunks

Zc ìvk i strcbh mbglukbak cb jcwbwirj prmak ncvknkbts mb i acnpiby is lirhk is O@T rkqumrks t`k aipiomlmtytc jc sc (m.k., iaakss tc ilhcrmt`nma trijmbh) ibj i rkiscb tc rinp up skttmbhs sc is tc mbjuak prmak gills.


20/48

?4

4%

;%

94%

9;%

?4%

?;%

14%

A M Z M

N I A Y

J N H

A M Z M

J N H

N I A Y A M

Z M

J N H

N Q J X

N I A Y A M

Z M

N I A Y

N Q J X

A M Z M

J N H

A M Z M

A Q [ M

A M Z M

N Q J X

J N H

J N H

N I A Y

J N H

A M Z M

A M Z M

N I A Y

N K _ L

C T Z W

I O B I

N I A Y

O@T Zrijmbh _kjuakj bunokrs cg Jcwbtmaes acrrkspcbjmbh tc mbarkiskj skllmbh vclunks

4%

;%

94%

9;%

?4%

?;%

14%

H K Z A C

M B Q Z

H K Z A C

H K Z A C

M B Q Z

M B Q Z

H K Z A C

N K _ L

N K _ L

H K Z A C

A L Q I

H K Z A C

N K _ L

M B Q Z

H K Z A C

H K Z A C

H K Z A C

H K Z A C

N K _ L

A Q [ M

H K Z A C

H K Z A C

N K _ L

M B Q Z

M B Q Z

H K Z A C

M B Q Z

H K Z A C

H K Z A C

H K Z A C

O@T Zrijmbh Mbarkiskj bunokrs cg Jcwbtmaes acrrkspcbjmbh tc rkjuakj ouymbh vclunks

4%

;%

94%

9;%

?4%

?;%

A Q [ M

N Q J X

N I A Y A M

Z M

A C N N

A M Z M H

Q A M Z M

A M Z M

N Q J X

A Q [ M

N I A Y

N I A Y A M

Z M

[ O Q

H Q

N Q J X

N I A Y

J N H

[ O Q

A M Z M

J N H

J N H

A M Z M

N I A Y

I O B I

J N H

J N H

N I A Y A M

Z M

O@T Zrijmbh - _kjuakj bunokrs cg Jcwbtmaes acrrkspcbjmbh tc mbarkiskj ouymbh vclunks

% cg JZ Qilks

% cg Ill Qkllmbh

% cg JZ Ouys

% cg Ill Ouymbh

% cg JZ Ouys% cg Ill Ouymbh


21/48

?9

J[OMC[Q Z_KBJQ IQQCAMIZKJ XMZ@ [TZMAEQ

Juomcus trijmbh trkbjs ìvk ilsc okkb jkncbstritkj wmt` [ptmae tribsiatmcbs iarcss t`k trijmbh mb ill 9:acnpibmks rkvmkwkj t`rcuh`cut Catcokr.

Z`ky irk lmstkj is gcllcws6

c Qnill vclunks cg ouymbh isscamitkj wmt` prcpcrtmcbitkly lirhkr bunokrs cg [ptmae tribsiatmcbs,nita`kj oy snill incubts cg skllmbh iolk tc skaurk prcpcrtmcbitkly lirhkr bunokrs cg trijks tìtia`mkvk mbarkiskj prmaks. Z`k trkbjs irk acubtkrmbtumtmvk tc `cw nirekts irk nkibt tc wcre.

c Lirhk incubts cg ouymbh tìt scnk`cw ivcmj mbarkisks mb prmak tìt bcrnilly irmsk grcnsupply/jknibj acbsmjkritmcbs, ibj lirhk incubts cg skllmbh tìt ìs scnk`cw nmsskj cut cbokbkgmamil trijks it `mh`kr prmaks.

Aìrts mllustritmbh ibcnilcus trkbjs isscamitkj wmt` trijmbh mb Gcrtksauk t`rcuh`cut Catcokr gcllcw.

LI_HK B[NOK_Q CG [TZMAEQ IQQCAMIZKJ XMZ@ _KJ[AKJ LKWKLQ CG O[]MBH IBJ QKLLMBH

4%

;%

94%

9;%

?4%

?;%

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

GC_ZKQA[K (GNH)6 Qinplks cg Ibcnilcus [ptmae Ouymbh Trcgmlks

GC_ZKQA[K (GNH)6 Qinplks cg Ibcnilcus [ptmae Qkllmbh Trcgmlks

% cg [Z Qklls

% cg Ill Qklls

Wirmcus Orcekr [ptmae Qkllmbh Trcgmlks - Catcokr ?491

Wirmcus Orcekr [ptmae Ouymbh Trcgmlks - Catcokr ?491

Zrijmbh sc is tc gcrak lirhk bunokrs cg [ptmaes grcnrkjuakj lkvkls cg ouymbh ms bct t`k scrt cg trijmbhkxpkatkj grcn hkbumbk ouykrs.

% cg [Z Ouys

% cg Ill Ouys

Qnill incubts cg skllmbh tìt ittriats lirhk bunokrscg okbkgmamil [ptmae trijks suhhksts acllusmcb.


22/48

??

_KJ[AKJ B[NOK_Q CG [TZMAEQ IQQCAMIZKJ XMZ@ MBA_KIQKJ LKWKLQ CG O[]MBH IBJ QKLLMBH

4%

;%

94%

9;%

?4%

?;%

14%

4%

;%

94%

9;%

?4%

?;%

GC_ZKQA[K (GNH)6 Qinplks cg Ibcnilcus [ptmae Ouymbh Trcgmlks

GC_ZKQA[K (GNH)6 Qinplks cg Ibcnilcus [ptmae Qkllmbh Trcgmlks

% cg [Z Ouys% cg Ill Ouys

% cg [Z Qklls

% cg Ill Qklls

Issunmbh tìt t`k nirekt cpkritks gimrly ibj hkbumbkly, lirhk incubts cg ouymbh tìt ms iolk tcivcmj [ptmae trijks acbtrijmats bcrnil kxpkatitmcbs oiskj cb supply/jknibj acbsmjkritmcbs.

Wirmcus Orcekr [ptmae Qkllmbh Trcgmlks - Catcokr ?491

Wirmcus Orcekr [ptmae Ouymbh Trcgmlks - Catcokr ?491

Hkbumbk skllkrs cuh`t tc ok mb t`k okst pcsmtmcb tc pmae up trijks grcn kihkr ouykrs w`c irk prkpirkj tc piy ncrk gcr sìrks, out t`k orcekr prcgmlks suhhkst t`k cppcsmtk.

Mt ms mnpcrtibt tc bctk tìt r ktiml mbvkstcrs jcbt kvkb ebcw w`kt`kr i trijk wmll kxkautk w`kb t`ky prkss skbj,ibj mg t`ky trmkj tc ok oct` ouykr ibj skllkr t`ky aculj ok acbgrcbtkj oy t`kmr orcekr gcr ittknptmbh tc gmx t`knirekt. ]kt kggkatmvkly t`k sink okìvmcur caaurs wmt` ilhcrmt`nma trijks wmt`cut okmbh qukrmkj.


23/48

?1

Z`k mnpcrtibt ispkat cg virymbh orcekr prcgmlks iarcss ill trijmbh ms t`k iomlmty tc mnpcsk jmggkrkbt trijmbhihkbjis cb t`k nirekt it jmggkrkbt tmnks. _ktiml trijkrs ìvk bc sua` iomlmty tc mbglukbak nirekt. Z`k giattìt trijmbh aib ok acbtrcllkj tc giamlmtitk pirtmaulir pittkrbs cg trijmbh ms cvkrw`klnmbh kvmjkbak tìt t`kIQP jcks bct iat is i gimr nirekt. Trmaks irk ncvkj ircubj mbtri-jiy ibj cvkr t`k lcbhkr tkrn vmrtuilly itt`k wmll cg t`csk w`c `cst iutcnitkj @GZ ilhcrmt`nma prchrins.

Z`k acbtrcl cvkr trijmbh ms knpìsmzkj gurt`kr mb t`k aìrts tìt gcllcw.O_CEK_ Z_IJMBH G[_Z@K_ JKGMBKJ

Tirtmaulir orcekrs w`c irk mbglukbtmil wmt` t`kmr trijmbh tkbj tc trijk mb t`k sink wiy iarcss ill stcaestrijkj. Mt ms ib ubusuil p`kbcnkbcb ibj suhhksts acrpcritk ihkbjis rit`kr tìb trijmbh oiskj cb t`kgubjinkbtil wcrt` ibj t`k ittriatmvkbkss cr ct`krwmsk cg mbjmvmjuil acnpibmks. Z`k trkbjs aib ok pmaekjup vmsuilly t`rcuh` trijmbh sbips`cts cotimbkj oy acnombmbh t`k trijmbh oy orcekrs iarcss ill 9:acnpibmks rkvmkwkj oy rkskira` iarcss ill cg Catcokr. Z`k pccl cg jimly trijmbh mbgcrnitmcb ìs t`kb okkbirribhkj iaacrjmbh tc t`k jmggkrkbak oktwkkb JZ Trcgmlks (%JZ) ibj Qkllmbh Trcgmlk (%Qklls). Z`k snillkstjmggkrkbaks (m.k., t`k ncst bkhitmvk) ippkir cb t`k lkgt ibj t`k lirhkst jmggkrkbaks ippkir cb t`k rmh`t.

Zrijmbh w`krk JZ% (Oliae) irk hrkitkr tìb % Qklls (_kj) rksults mb i surplus cg oliae cvkr rkj w`ma`jcnmbitks t`k lkgt ìbj smjk cg t`k aìrt. Zrijmbh w`krk JZ% (Oliae) < % Qklls (_kj) rksults mb i surplus cgrkj cvkr oliae s`cwmbh up cb t`k rmh`t ìbj smjk cg t`k aìrt. Z`k giat tìt t`krk ms i omis tcwirjs oliae mbt`k aìrt is w`clkprcvmjks i vmsuil mbjmaitmcb cg i orcekr gcausskj cb aiusmbh prmak gills wmt` t`kmr skllmbh.

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

Zrijmbh alkirly acbsmsts cg i plkt`cri cgjimly trijks iarcss ill stcaes w`krk

Jcwbtmaes ivk caaurkj it lkvklsprcpcrtmcbitkly nua` mh`kr tìb t`klkvkls cg skllmbh supplmkj tc t`k nirekt.

MBQZMBKZ (MBQZ)6 Jcwbtmae Qkllmbh Trcgmlks vkrsus Qkllmbh Trcgmlks Iarcss Zrijmbh mb 9: Acnpibmks

I trijmbh sbips`ct cg ill trijmbh aibok aipturkj oy acllipsmbh t`k aìrt is

s`cwb oklcw w`krk t`k incubts cgJcwbtmaes acnpirkj tc skllmbhvclunks irk i jcnmbibt gkiturk.

% cg JZ Qilks

% cg Ill Qkllmbh

4%

94%

?4%

14%

:4%

Zrijmbh tìt suhhkstsnibmpulitmcb is mt ms`kivmly gcauskj cbgcrambh prmak rkjuatmcbs

Jimly Qkllmbh Trcgmlks cg MBQZ (m.k., %JZ Qklls ag %Qklls) iarcss Ill 9: Qtcaes gcr Ill cg Catcokr

Ill Qkllmbh Jiti mb Ill Qtcaes


24/48

?:

G[_Z@K_ JCXBZMAE Z_IJMBH QBITQ@CZQ

Z`k gcllcwmbh orcekrs ìvk tkbjkj tc ok isscamitkj wmt` trijmbh prcgmlks omiskj tcwirjs aiusmbh lirhkbunokrs cg prmak gills wmt` i nifcrmty cg t`kmr skllmbh. Bct ill cg t`kmr trijmbh ms gcausskj cb giamlmtitmbh prmakgills, w`ma` s`cws up cb t`k rmh`t cg kia` aìrt w`krk skllmbh ms prcpcrtmcbitkly lirhkr tìb t`k Jcwbtmaetrijks hkbkritkj.

AQ[M MBQZ

FTN NIAY

NK_L [OQ

% cg JZ Qilks

% cg Ill Qkllmbh

% cg JZ Qilks

% cg Ill Qkllmbh

Ill Qkllmbh Jiti mb Ill Qtcaes Nkrhkj Ill Qkllmbh Jiti mb Ill Qtcaes Nkrhkj




25/48

?;

G[_Z@K_ JCXBZMAE Z_IJMBH QBITQ@CZQ Qkllmbh tìt ìs tkbjkj tc ivcmj Jcwbtmaes

X`mlk t`k prkvmcus aìrts wkrk jcnmbitkj oy OLIAE okaiusk cg lirhk bunokrs cg Jcwbtmaes, t`k gcllcwmbhaìrts irk jcnmbitkj oy _KJ cwmbh tc gkwkr bunokrs cg Jcwbtmaes. Z`k aìrts prcvmjk i pmaturk cg t`kmbglukbak tìt trijmbh ilhcrmt`ns ìvk cvkr jimly trijmbh ibj t`k iomlmty cg orcekrs tc aìbhk trijmbhprcgmlks oy ipplymbh jmggkrkbt skttmbhs. Z`ky ilsc rkmbgcrak tìt trijmbh trkbjs irk gcr t`k ncst pirt t`krksult cg bcb-hkbumbk trijmbh, wmt` skllmbh tìt rkjuaks prmaks okmbh bct cbly bcb-hkbumbk out nibmpulitmvkis wkll. Ilsc `mh` lkvkls cg skllmbh tìt ivcmjs Jcwbtmaes ms mnprcoiolk grcn i pkrspkatmvk cg gimr trijmbhibj ms okst kxplimbkj oy mssuks tìt mbvclvk acllusmcb.

AMZM JNH

ACNN NQJX

WM_Z HKZAC

% cg JZ Qilks

% cg Ill Qkllmbh

% cg JZ Qilks

% cg Ill Qkllmbh





26/48

?7

[TZMAE Z_IJMBH QBITQ@CZQ Ouymbh tìt ìs hkbkritkj lirhk bunokrs cg [ptmaes

Z`k orcekrs gkiturkj oklcw ill tkbjkj tc gcrak [ptmaes mb prmak grcn t`kmr ouymbh w`ma` mb t`k nimb wismbmtmitkj oy snill vclunks cg ouymbh tìt ia`mkvkj lirhk bunokrs cg [ptmae tribsiatmcbs. Z`k aìrts pcrtriybcb-hkbumbk ouymbh is hkbumbk ouykrs jc bct trijk tc jklmokritkly gcrak mbarkisks mb prmak.

MBQZ FTN

AQ[M NK_L

NIAY [OQ

% cg [Z Ouys

% cg Ill Ouys

% cg [Z Ouys

% cg Ill Ouys

Ill Ouymbh Jiti mb Ill Qtcaes Nkrhkj Ill Ouymbh Jiti mb Ill Qtcaes Nkrhkj




27/48

?8

G[_Z@K_ [TZMAE Z_IJMBH QBITQ@CZQ Ouymbh tìt ìs tkbjkj tc ivcmj [ptmaes

Z`k gcllcwmbh aìrts irk jcnmbitkj oy OL[K cwmbh tc gkwkr bunokrs cg [ptmaes ibj prcpcrtmcbitkly`mh`kr vclunks cg ouymbh mb t`k nifcrmty cg jimly trijmbh. Z`k aìrts ihimb prcvmjk i pmaturk cg t`kmbglukbak tìt trijmbh ilhcrmt`ns ìvk mb giamlmtitmbh t`k trijmbh ihkbjis cg scp`mstmaitkj mbvkstcrs t`rcuh`sklkatmvk, bcb-hkbumbk trijmbh oktwkkb acllujmbh mbtkrksts.

Akrtimbly, strcbh ouymbh tìt tkbjs tc ivcmjs [ptmaes ms bct `cw gimr nirekts okìvk. Hkbumbk ouymbh ibj

hkbumbk skllmbh ibj i gimr nirekt struaturk s`culj rksult mb mbarkiskj prmaks is jknibj pmaes up.

AMZM JNH

ACNN NQJX

WM_Z HQ

% cg [Z Ouys

% cg Ill Ouys

% cg [Z Ouys

% cg Ill Ouys





28/48

?0

ACNTI_MQCBQ CG Z@K LKIJMBH O_CEK_Q6 _k Qkllmbh Isscamitkj Xmt` Jcwbtmaes

Z`k aìrts tìt gcllcw s`cw t`k Jcwbtmae skllmbh prcgmlks cg lkijmbh orcekrs iarcss ill 9: stcaes rkvmkwkj mbtrijmbh t`rcuh`cut ill cg Catcokr. Z`k tkbjkbay gcr prcnmbkbt orcekrs tc ijcpt pirtmaulir trijmbh prcgmlksiarcss ill stcaes ms i gurt`kr pcmbtkr tc nibmpulitmvk trijmbh tiembh pliak tìt ms ia`mkvkj t`rcuh` t`k usk cg@GZ ilhcrmt`ns. Kmh`t orcekrs w`c ìvk gkiturkj wmt` ibcnilcus skllmbh prcgmlks acbakrbmbh Jcwbtmaesilks mb ill stcaes irk mbalujkj mb t`k aìrts tìt gcllcw. Z`k lmst ms rkprkskbtitmvk rit`kr tìb mbalusmvk ist`krk irk ct`kr orcekrs w`csk trijmbh ilsc gkiturks ibcnilcus lcbh-tkrn trijmbh trkbjs.

Z`k aìrts gcr kia` orcekr irk cotimbkj oy ivkrihmbh ill skllmbh jiti gcr t`k kbtmrk ncbt` mb crjkr tc cotimbivkrihks gcr oct` Jcwbtmae mbvclvknkbts ibj skllmbh mbvclvknkbts.

Oy wiy cg kxinplk, t`k aìrts oklcw irk gcr O@T Omllmtcb (O@T) ibj CV Nmbkrils (CVL). Acnncb trijmbhtrkbjs iarcss oct` stcaes aib ok kismly mjkbtmgmkj is s`cwb gcr orcekrs Amtmhrcup, Mbstmbkt ibj Nkrrmll Lyba`.

AMZM ms skkb tc ok i skllkr tìt ìs tkbjkj tc ivcmj jcwbtmaes w`mlk oct` MBQZ ibj NK_L ìvk sclj mb i wiytìt ìs tkbjkj tc hkbkritk prmak gills. [OQ trijkj smnmlirly iarcss oct` stcaes is wkll. Z`k orcekrss`cwmbh i `mh` jkhrkk cg ibcnilmsn wmt` t`kmr trijmbh ìvk okkb lmstkj ijfiakbt t`k aìrts iaacrjmbh tc

t`k nifcr omis kvmjkbt mb t`kmr skllmbh prcgmlks.

4%

?%

:%

7%

0%

94%

9?%

9:%

4%

?%

:%

7%

0%

94%

9?%

9:%

97%

O@T

CVL

Orcekrs w`c tkbj tc oklkijmbh skllkrs oy vclunk

cvkr t`k lcbhkr tkrn,iarcss nultmplk stcaes,

out wmt` Jcwbtmae trijkstkbjmbh tc ok rkjuakj

mbalujk6

Juktsa`k Oibe (JNH)

ibjAmtmhrcup (AMZM)

Orcekrs w`c tkbj tc okprcnmbkbt skllkrs cg

Jcwbtmaes cvkr t`k lcbhkrtkrn iarcss nultmplk

stcaes, kvkb wmt` cblynmbcr vclunks cg skllmbhsupplmkj tc t`k nirekt

mbalujk6

Arkjmt Qumssk (AQ[M)Mbstmbkt MBQZ)FT Ncrhib (FTN)

Niaquirmk (NIAY)Nkrrmll Lyba` (NK_L)[OQ Qkaurmtmks ([OQ)

Z`k aìrts tìt gcllcw `mh`lmh`t trijmbh oy ill 0 orcekrs iarcss ill acnpibmks wmt` t`k ibcnilcus trijmbh cgMbstmbkt `mh`lmh`tkj oy wiy cg kxinplk.

ACNTIBMKQ

O@T Omllmtcb (O@T)Okia` kbkrhy (OTZ)

AuJkac (AJ[)Ka`c Kbtkrtimbnkbt (KHT)Gcrtksauk Nktils (GNH)

Gimrgix nkjmi (GPF)Mluei _kscuraks (ML[)

LMBA Kbkrhy (LBA)Lybis Acrpcritmcb (L]A)Embhshitk Acbscljmitkj

CV Nmbkrils (CVL)Qt Oiroiri Lmnmtkj (QON)Qibjgmrk _kscuraks (QG_)

Qmlvkr Liek (QL_)

% cg JZ Qilks (Ivh.)

% cg Ill Qilks (Ivh.)


29/48

?=

A@I_ZQ Q@CXMBH Z@K LCBH-ZK_N QKLLMBH T_CGMLKQ CG O_CEK_Q

4%

?%

:%

7%

0%

94%

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9:%

4%?%:%7%0%

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97%90%

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94%

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?4%

?;%

14%

1;%

O@T

OTZ

AJ[

GPF

KHT

GNH

ML[

EAB






30/48

14

G[_Z@K_ ACNTI_MQCBQ CG Z@K LKIJMBH O_CEK_Q6 _k Ouymbh Isscamitkj wmt` [ptmaes

4%

?%

:%7%

0%

94%

9?%

9:%

97%

4%?%:%7%0%

94%9?%9:%97%90%?4%

4%

?%

:%

7%

0%

94%

9?%

9:%

97%

4%?%:%7%0%

94%9?%9:%97%90%?4%

4%?%:%7%0%

94%9?%9:%97%90%?4%

4%

;%

94%

9;%

?4%

?;%

LBA

L]A

CVL

QG_

QON

QL_

Z`k sink hrcup cg orcekrs wkrk ilsc coskrvkj tc ok prcnmbkbt mb t`kmr trijmbh rkhirjmbh [ptmae puraìsks.Ihimb twc jmstmbat trkbjs knkrhkj wmt` orcekrs acbsmstkbtly ipplymbh smnmlir ouymbh stritkhmks mrrkspkatmvkcg t`k stcaes okmbh puraìskj. Z`k twc trkbjs mbvclvkj6

i tkbjkbay tc ìvk rkjuakj bunokrs cg [ptmae puraìsks jkspmtk lirhk vclunks cg ouymbh, ibj i tkbjkbay tc ìvk mbarkiskj bunokrs cg [ptmae puraìsks grcn rkjuakj vclunks cg ouymbh.

Oct` trkbjs irk ihimb acubtkrmbtumtmvk tc wìt wculj ok kxpkatkj grcn hkbumbk supply ibj jknibjacbsmjkritmcbs mb i gimr nirekt oktwkkb hkbumbk ouykrs ibj skllkrs.






31/48

19

A@I_ZQ Q@CXMBH Z@K LCBH-ZK_N [TZMAE O[]MBH T_CGMLKQ CG O_CEK_Q

4%

?%

:%

7%

0%

94%

9?%

9:%

4%?%:%7%0%

94%9?%9:%97%

90%?4%

4%

;%

94%

9;%

?4%

?;%

4%?%:%7%0%

94%9?%9:%97%90%?4%

4%

?%

:%

7%

0%

94%

9?%

9:%

4%

;%

94%

9;%

?4%

?;%

14%

4%?%:%7%0%

94%9?%9:%97%90%

4%

;%

94%

9;%

?4%

?;%

O@T

OTZ

AJ[

GPF

KHT

GNH

ML[

EAB

% cg [Z Ouys (Ivh.)

% cg Ill Ouys (Ivh.)

% cg [Z Ouys (Ivh.)



32/48

1?

ACNOMBKJ JCXBZMAE IBJ [TZMAE T_CGMLKQ

Z`k Jcwbtmae prcgmlks cg orcekrs w`krk lirhk bunokrs cg Jcwbtmae tribsiatmcbs ìvk iaacnpibmkjrkjuakj vclunks cg skllmbh pliakj mbtc t`k nirekt irk cg pirtmaulir mbtkrkst, is sua` trijmbh aibbct okkxplimbkj mb tkrns cg hkbumbk skllmbh. Mt ms oy ill jkgmbmtmcbs nibmpulitmvk.

Qmnmlirly, t`k [ptmae prcgmlks w`krk prcpcrtmcbitkly lirhkr bunokrs cg [ptmae tribsiatmcbs ìvkiaacnpibmkj rkjuakj vclunks cg ouymbh pliakj mbtc t`k nirekt ilsc ippkir bcb-hkbumbk ibjnibmpulitmvk is ittknptmbh tc mbglukbak prmaks `mh`kr ms bct t`k okìvmcur kxpkatkj grcn hkbumbk ouykrs.

4%

?%

:%7%

0%

94%

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9:%

97%

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:%

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9:%

97%

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:%7%

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94%

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97%

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94%9?%9:%97%90%?4%

4%

;%

94%

9;%

?4%

?;%

14%

LBA

L]A

CVL

QG_

QON

QL_

% cg [Z Ouys (Ivh.)


% cg [Z Ouys (Ivh.)



33/48

11

Z`k virmitmcbs mb orcekr prcgmlks ibj t`k trkbjs tìt kquitk tc sìrk prmak nibmpulitmcb ill acnk iocutt`rcuh` t`k mbtkriatmcbs acbtrcllkj oy ilhcrmt`ns. Mt jkncbstritks ib ispkat cg ilhcrmt`nma trijmbh tìtìs skknmbhly pisskj ubbctmakj ykt mt caaurs iarcss ill t`k nifcr stcaes mbalujkj mb t`k lkijmbh IQPMbjmaks, kspkamilly t`k IQP ?44 hrcup.

Z`k aìrts oklcw acnombk ill cg t`k trijmbh ubjkrtiekb oy t`k kmh`t gkiturkj orcekrs iarcss ill cg t`kstcaes rkvmkwkj oy rkskira` t`rcuh`cut Catcokr. Xìt knkrhks mb kggkat irk jmstmbatmvk orcekr prcgmlks

tìt sunnirmzk trijmbh ihkbjis. Hkbkrilly, orcekrs ìvk trijkj mb i wiy tìt ìs6 kmt`kr givcurkj cr ivcmjkj Jcwbtmaes cr [ptmaes wmt` t`kmr skllmbh5 ibj ìs ilsc kmt`kr givcurkj cr ivcmjkj Jcwbtmaes cr [ptmaes wmt` t`kmr ouymbh.

Z`k aìrts rkprkskbt ivkrihk prcgmlks gcr ill ouymbh ibj skllmbh ibj ill Jcwbtmaes ibj [ptmaes ittrmoutkj tcorcekrs wmt` t`kmr trijmbh mb ill stcaes t`rcuh`cut ill cg Catcokr ?491.

4%

?%

:%

7%

0%

94%

9?%

9:%

97%

AMZM AQ[M JNH MBQZ FTN NIAY NK_L [OQ

LCBH-ZK_N O_CEK_ JCXBZMAE QKLLMBH T_CGMLKQ Z`k rksults irk istcbms`mbh is t`ky jrinitmailly`mh`lmh`t t`k kxtkbt cg ilhcrmt`nma trijmbh mssuks tìtirk mnpiatmbh oct` t`k gubatmcb ibj t`k mbtkhrmty cgt`k Iustrilmib sìrk nirekt. Z`k pittkrbs ìvkbt

acnk iocut t`rcuh` aìbak, out t`rcuh` t`kjklmokritk illcaitmcb cg trijks oy @GZ ilhcrmt`nsoktwkkb nifcr pliykrs. Zrijmbh ms bct i rkglkatmcb cghkbumbk gcraks rkprkskbtmbh ouymbh ibj skllmbh out t`krksult cg trijmbh ihkbjis mnpcskj cb t`k nirektt`rcuh` t`k usk cg @GZ ilhcrmt`ns.

Z`k trkbjs knokjjkj mbtc jiti irk cbk irki cgacbakrb wmt` gcr kxinplk MBQZ ibj FTN iatmvklymbglukbambh prmak ncvknkbts mb ill cg t`kmr trijmbh.Z`kmr trijmbh pittkrbs strcbhly suhhkst prmaknibmpulitmcb is jc t`k pittkrbs isscamitkj wmt` ct`krorcekrs kvkb t`cuh` t`ky irkbt qumtk sc covmcus.

Z`k ct`kr mbtkrkstmbh trkbj orcuh`t iocut t`rcuh`jksmhb, bct aìbak, ms tìt t`k pittkrbs cg skllmbhisscamitkj wmt` Jcwbtmaes oy ill orcekrs irk lirhklyrkplmaitkj mb t`kmr ouymbh prcgmlks isscamitkj wmt`[ptmae trijks.

Mt nieks bc skbsk tìt i hrcup cg lkijmbh orcekrsstrmvk tc rkakmvk lkss w`kb skllmbh ibj tc piy ncrkw`kb ouymbh t`rcuh` trijks tìt mnpiat prmaks, w`mlktwc ct`kr orcekrs irk iolk tc nmbmnmzk prmak gills

w`kb skllmbh ibj nmbmnmzk piymbh mbarkiskj prmaksw`kb ouymbh. Gurt`krncrk, ill orcekrs ivk iaakss tct`k mbjustrys okst cpkritcrs, ijvmscrs, trijkrs,tka`bclchy ibj mbgcrnitmcb ykt t`ky trijk t`rcuhìlhcrmt`ns mb i wiy tìt ms acnplktkly acubtkrmbtumtmvk.Xìt nieks skbsk ms tìt t`k trijmbh ms acllusmvk ibjjksmhbkj tc ia`mkvk sìrkj trijmbh ihkbjis.

[ptmaes ibj Jcwbtmaes irk mnpcrtibt nirekt mbjmaitcrsykt prmaks irk iatmvkly pus`kj up ibj jcwb isrkqumrkj. Z`k pittkrbs rkprkskbt prmak acbtrcl ibjacllusmcb is gcr kvkry juomcus kstiolms`kj trkbj (k.h.skllkrs cg lirhk bunokrs cg Jcwbtmaes grcn lcwvclunks cg skllmbh) t`krk irk ct`kr orcekrs klpmbh cutoy tiembh t`k ct`kr smjks cg trijks w`ma` t`kb s`cw isgurt`kr juomcus trkbjs. Z`k trkbjs mbjmaitk ib ubgimrnirekt wmt` lirhk-sailk sìrk prmak nibmpulitmcbcaaurrmbh t`rcuh` t`k usk cg @GZ ilhcrmt`ns.



4%

?%

:%

7%

0%

94%

9?%

9:%

LCBH-ZK_N O_CEK_ [TZMAE O[]MBH T_CGMLKQ

% cg [Z Ouys (Ivh.)


Z`k a`cmaks irkiolk tc giamlmtitk

nibm ulitmcb


34/48

1:

QINTLKQ CG J[OMC[Q [TZMAE O[]MBH T_CGMLKQ O] MBQZMBKZ (MBQZ) IBJ FTNC_HIB (FTN)

Mb Iuhust ?491 mt wis rkpcrtkj tìt Mbstmbkt wis gmbkj gcr trijmbh mbgrmbhknkbts rklitmbh oiae tc ?494.

Y[CZK6 I `mh`-grkqukbay trijkr wis illcwkj tc niek ùbjrkjs cg pctkbtmilly `mh`ly suspkat trijks gcrt`rkk wkkes mb litk ?494, ibj t`k orcekr tìt giamlmtitkj t`csk trijks ìs bcw okkb gmbkj $914,444. Out t`kacrpcritk rkhulitcr wmll bct siy w`c t`k `mh`-grkqukbay trijkr wis, mg mt ms stmll cpkritmbh `krk, cr mg mt wmll ok

giambh jmsamplmbiry iatmcb


35/48

1;

QINTLKQ CG J[OMC[Q JCXBZMAE QKLLMBH T_CGMLKQ O] MBQZMBKZ (MBQZ) IBJ FT NC_HIB (FTN)

Qmnmlir trijmbh ibcnilmsn wis isscamitkj wmt` t`k skllmbh oy t`k twc orcekrs jurmbh Catcokr w`krk lirhkbunokrs cg Jcwbtmaes mb prmak acmbamjkj wmt` snill vclunks cg skllmbh is s`cwb mb t`k aìrts oklcw. Z`kskllmbh ilsc ippkirs `mh`ly nibmpulitmvk ibj jksmhbkj tc mbglukbak t`k nirekt rit`kr tìb tc hkbumbklyjmspcsk cg sìrks. Z`k pittkrbs irk mb jmrkat acbtrist tc `cw hkbumbk skllkrs wculj cpkritk.

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

Q O N C V L Q O

N Q O N O T Z Q O

N L B A E A B

Q O N Q L _ Q O

N L ] A O @ T M L [ O @

T C V L L B A O T Z Q L _ C V L Q G _ G N H

O @ T L ] A L B A M L [ L B A K H T O T Z C V L A J

[

MBQZMBKZ (MBQZ)6 Qinplk Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

K H T

Q G _

C V L

E A B

K H T

G N H

M L [

A J [

E A B

K H T

E A B

A J [

K H T

O T Z

K H T

C V L

O T Z

K H T

O T Z

K H T

A J [

Q O N

C V L

G N H

K H T

O T Z

Q O N

K H T

O T Z

Q O N

E A B

G P F

O T Z

C V L

K H T

C V L

FT NC_HIB (FTN) 6 Qinplk Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

% cg JZ Qilks

% cg Ill Qkllmbh

% cg JZ Qilks

% cg Ill Qkllmbh

Jimly Qkllmbh Trcgmlks Iarcss Wirmcus Jiys ibj Wirmcus Acnpibmks



36/48

17

G[_Z@K_ KPINTLKQ CG J[OMC[Q JCXBZMAE QKLLMBH T_CGMLKQ - A_KJMZ Q[MQQK (AQ[M)

G[_Z@K_ J[OMC[Q JCXBZMAE QKLLMBH T_CGMLKQ - NK__MLL L]BA@ (NK_L)

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

:;%

;4%

L ] A

G P F

Q G _

Q L _

Q G _

Q G _

Q L _

Q L _

Q G _

O T Z

E A B

Q L _

Q L _

O T Z

M L [

L ] A

Q L _

K H T

Q L _

G P F

Q O N

Q O N

Q L _

Q O N

K H T

Q G _

G P F

Q O N

Q O N G P

F E A B

Q O N

Q L _

E A B

L B A

Q O N

NK__MLL L]BA@ (NK_L)6 Qinplk Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

% cg JZ Qilks

% cg Ill Qkllmbh

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

:;%

;4%

L ] A

G P F

Q G _

Q L _

Q G _

Q G _

Q L _

Q L _

Q G _

O T Z

E A B

Q L _

Q L _

O T Z

M L [

L ] A

Q L _

K H T

Q L _

G P F

Q O N

Q O N

Q L _

Q O N

K H T

Q G _

G P F

Q O N

Q O N G P

F

E A B

Q O N

Q L _

E A B

L B A

Q O N

A_KJMZ Q[MQQK (AQ[M)6 Qinplk Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

% cg JZ Qilks

% cg Ill Qkllmbh




37/48

18

G[_Z@K_ J[OMC[Q JCXBZMAE QKLLMBH T_CGMLKQ - NIAY[I_MK (NIAY)

ACBZ_IQZMBH JCXBZMAE QKLLMBH T_CGMLKQ - JK[ZQA@K OIBE (JNH)

4%

;%

94%

9;%

?4%

?;%

14%

1;%

:4%

O T Z

Q O N

C V L

K H T

Q G _

Q O N

K H T

A J [

E A B

Q L _

Q O N

G N H

K H T

O T Z

G P F

Q G _

O T Z

Q O N M L

[ O T Z

K H T

G P F

E A B

K H T

Q O N

O T Z

G P F

Q O N

O @ T

O T Z

Q L _

Q L _

G P F

O T Z

K H T

E A B

JK[ZQA@K OIBE (JNH) 6 Juomcus Orcekr Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

% cg JZ Qilks

% cg Ill Qkllmbh

4%

94%

?4%

14%

:4%

;4%

A J [

O T Z

O T Z

O T Z

L ] A

K H T

Q L _

E A B

G P F

L ] A

Q L _

M L [

M L [

G P F

Q G _

G P F

G P F

L B A

L B A

L B A

L B A

E A B

E A B

E A B

L ] A

M L [

Q O N

E A B

L B A

C V L

K H T

C V L

K H T

C V L

C V L

G N H

NIAY[I_MK (NIAY) 6 Qinplk Jcwbtmae Qkllmbh Trcgmlks t`rcuh`cut Catcokr ?491

% cg JZ Qilks

% cg Ill Qkllmbh

Ilhcrmt`nma skttmbhs `ivk okkb tubkj tc t`k ct`kr kxtrknk wmt` lirhk vclunks cg skllmbh tkbjmbh tc ivcmj prmakrkjuatmcbs. Z`k trijmbh pittkrbs `cwkvkr suhhkst acllusmcb wmt` ouykrs stkppmbh mb tc suppcrt t`k skllmbh.




38/48

10

Qkatmcb :

Z@K _KLIZMCBQ@MTQ OKZXKKB IBCNILC[Q JCXBZMAE IBJ [TZMAE

Z_IJMBH Z_KBJQ IBJ Q@C_Z QKLLMBH


39/48

1=

Z`k prkvmcus Qkbitk [pjitk rkgkrrkj tc t`k gmt oktwkkb trijmbh trkbjs w`ma` irk t`k rksult cg skttmbhsipplmkj tc ilhcrmt`ns ibj t`k scrt cg nirekt acbjmtmcbs bkkjkj gcr s`crt skllmbh tc ok suaakssgullymnplknkbtkj. Z`k acnprk`kbsmvk rkskira` acbjuatkj mbtc 91 ijjmtmcbil acnpibmks t`rcuh`cut ill cgCatcokr ?491 oct` vilmjitks t`k stitknkbt prcvmjkj mb Qkbitk [pjitk ? ibj kxtkbjs t`k mbsmh`ts cotimbkjgrcn ibilysms cg knpmrmail trijmbh jiti. Z`k ijjmtmcbil rkskira` ijjs [ptmae acbsmjkritmcbs tc t`k kxtkbsmvkJcwbtmae ibilysms ubjkrtiekb tc prcvmjk i ncrk acnplktk cvkrvmkw cg ill trijmbh.

Z`k smtuitmcb rkhirjmbh s`crt skllmbh, is nkbtmcbkj mb Qkbitk [pjitk ?, ìs okkb upjitkj slmh`tly mb t`kgcllcwmbh acnnkbtiry mb vmkw cg t`k ijjmtmcbil rkskira` gmbjmbhs.

Z`k Nkaìbmas cg Nibmpulitmvk Q`crt Qkllmbh

Nibmpulitmvk s`crt skllmbh acnnkbaks wmt` s`crt silks pliakj mbtc t`k nirekt. Lirhk vclunks sclj mbtc t`knirekt wmt`cut tcc nua` prmak mnpiat ms t`k mjkil. Mg prmaks t`kb gill, mt arkitks ib cppcrtubmty tc rk-puraìsk sìrks t`krkoy kbiolmbh s`crt sclj pcsmtmcbs tc ok alcskj cut (m.k., acvkrkj) ibj i prcgmt tc okrkacrjkj mb t`k prcakss. Mjkilly, t`k acvkrmbh cg sìrks it lcwkr prmaks bkkjs tc ihimb tiek pliak mb vclunk

ibj mt bkkjs tc tiek pliak wmt`cut gcrambh prmaks `mh`kr.

Z`k kxplibitmcb ms rkgkrkbakj is nibmpulitmvk s`crt skllmbh is trkbjs mb lcbh-tkrn trijmbh jiticvkr`klnmbhly suhhkst tìt t`k ouymbh ibj skllmbh cg sìrks mb vclunk wmt`cut prmak mnpiat (tìt msbkakssiry tc kstiolms` s`crt pcsmtmcbs ibj t`kb tc kxmt s`crt pcsmtmcbs), acnombkj wmt` t`k lcwkrmbh cgprmaks bkakssiry tc arkitk wmbbmbh trijks, ill acnk iocut t`rcuh` acllusmvk trijks tìt irk jmrkat rksult cgt`k skttmbhs ipplmkj tc orcekr ilhcrmt`ns.

Kbtmtmks irk kggkatmvkly iolk tc pliak s`crt silks mbtc t`k nirekt ibj t`kb t`rcuh` usk cg @GZ ilhcrmtns t`kyirk iolk tc nibihk (cr nibmpulitk) t`k nirekt tc nixmnmzk t`k suaakss cg t`kmr s`crt skllmbh.

Kstiolms`mbh Q`crt Qilks6

Quaakssgul s`crt skllmbh rkqumrks lirhk vclunks cg sìrks tc ok kxaìbhkj wmt`cut mnpiatmbh t`k nirektcvkrly nua`, sc tìt iby suoskqukbt prmak gills prcvmjk i prcgmtiolk cppcrtubmty tc rk-puraìsk sìrks tcacnplktk t`k s`crt skllmbh trijks.

Mt ms ilncst akrtimbly bc acmbamjkbak tìt orcekr prcgmlks ìvk okkb mjkbtmgmkj tìt kbiolk t`k nirekt tc oknibihkj w`mlk s`crt pcsmtmcbs irk suaakssgully kstiolms`kj. (m.k., _kgkr tc Ippkbjmx 9 Trcgmlks A ibj J). Z`kivimliomlmty cg wmllmbh ouykrs tc iaqumrk t`k sìrks sclj s`crt suhhksts tìt kbtmtmks irk `klpmbh cut tc sktup t`k s`crt silks ibj pcssmoly usmbh t`k ais` grcn nibihkj gubjs tc jc sc. Hkbumbk ouykrs wculj ìbh

oiae mb t`k giak cg `kivy skllmbh, mb t`k `cpk cg okmbh iolk tc ouy ncrk a`kiply. @cwkvkr t`k trijmbh jitisuhhksts t`k cppcsmtk. Z`k giat tìt lirhk vclunks irk rkhulirly tribsiatkj wmt` nmbmnil mnpiat cb prmaksaib cbly ok sitmsgiatcrmly kxplimbkj mb tkrns cg acllusmcb.

Gcrambh Trmaks Lcwkr

Cbak kstiolms`kj, s`crt skllmbh pcsmtmcbs ippkir tc ok kbìbakj oy stritkhma skllmbh (iaacnpibmkj oyiggmlmitkj ouymbh) w`krk snill vclunks cg sìrks irk swippkj oiae ibj gcrt` tc gcrak prmaks lcwkr, wmt`trijmbh ihimb ippkirmbh tc tiek pliak acllusmvkly. It lkist tìt ms wìt ms suhhkstkj oy trijmbh jiti. Ihimb mtms lmekly tc ok bc acmbamjkbak tìt Orcekr Trcgmlks I ibj O cg Ippkbjmx 9 ippkir tc jc kxiatly tìt. Orcekrsacllujmbh t`rcuh` t`kmr ilhcrmt`ns ippkir tc ok iolk tc arkitk prmak gills tìt t`kb kbìbak t`k pcssmomlmty

cg suaakssgul kxmts grcn s`crt sclj pcsmtmcbs.

Z`k prcakss cg gcrambh prmaks lcwkr ms cgtkb issmstkj oy kxtkrbil bkws kvkbts ibj acnpiby kvkbts tìt aibok pkrakmvkj tc ok bkhitmvk, w`krk ilhcrmt`n skttmbhs aib ok skt it kxtrknkly ihhrkssmvk lkvkls ibj ok


40/48

:4

ipplmkj tc t`k nirekt wmt` mnpubmty. Bkws ilwiys tkbjs tc prcvmjk i acbvkbmkbt sncek sarkkb gcrspurmcus trijmbh ihkbjis. Z`krk ms ilsc mbsmjkr ebcwlkjhk rkhirjmbh pctkbtmil nirhmb lmnmts tìt aib okuskj is i trmhhkr tc aiusk ib iviliba`k cg skllmbh oy ct`kr pirtmks. Ill tìt ms bkkjkj ms tc orkia` armtmailprmambh lkvkls oy t`k pliaknkbt cg stritkhma skll trijks.

Acvkrmbh Q`crt Qilks6

Gmbilly, tc acvkr s`crt pcsmtmcbs mb vclunk, ibj tc kstiolms` prcgmts igtkr prmaks ìvk okkb tiekb lcwkr,strcbh lkvkls cg cb-nirekt ouymbh bkkjs tc ok nita`kj oy skllmbh, wmt`cut aiusmbh prmaks tc rmsk tcc nua`,mg it ill. Iby prmak rmsks wculj tkbj tc krcjk s`crt skllmbh prcgmt nirhmbs. Orcekr prcgmlks A ibj J cgIppkbjmx 9 giamlmtitk t`k skttmbh cg s`crt pcsmtmcbs, out t`ky ilsc ippkir tc skt t`k sakbk gcr acvkrmbh tctiek pliak. Trcgmlks A ibj J cg Ippkbjmx ? w`ma` irk oiskj cb [ptmae acbsmjkritmcbs ilsc ippkir tc `klpcut wmt` t`k kstiolms`nkbt cg s`crt pcsmtmcbs ibj t`k acvkrmbh cg s`crts pcsmtmcbs w`krk lirhk vclunks cgsìrks tribsiat wmt` nmbmnil mnpiat tc prmambh lkvkls. Ihimb, hkbumbk skllkrs wculj ìbh oiae mb t`k giak cgstrcbh ouymbh, lccembh tc rkakmvk ncrk gcr t`kmr sìrks. @cwkvkr t`ky irk coskrvkj tc iat acubtkr-mbtumtmvkly oy giamlmtitmbh t`k s`crt acvkrmbh kbtmtmks tc alcsk cut t`kmr pcsmtmcbs oy grkkly niembh stcaeivimliolk. Z`k smtuitmcb ihimb suhhksts acllusmcb, pcssmoly wmt` t`k sìrks cg nibihkj gubjs okmbh nijkivimliolk tc giamlmtitk t`k s`crt acvkrmbh.

Z`k giat tìt austcjmibs ibj gubj nibihkrs ippkir inkbiolk tc lcss-niembh trijks mb giamlmtitmbh t`ks`crt skllmbh ubjkrtiekb oy mbjustry iggmlmitks, niy ok okaiusk mt ms ct`kr pkcplks ncbky mbvclvkj, ibjbct t`kmr cwb. Cr mt niy ok okaiusk t`rcuh` ac-cpkritmcb mt arkitks gurt`kr cppcrtubmtmks gcr t`knsklvks,cr t`kmr gmrn, it i guturk tmnk. X`mlk sua` ib kxplibitmcb pcrtriys i olkie mnprkssmcb cg t`k skaurmtmksmbjustry, rkiscbs gcr acubtkrmbtumtmvk okìvmcurs jc bkkj tc ok mjkbtmgmkj tc kxplimb t`k trkbjs suhhkstkjoy knpmrmail trijmbh jiti. Ibj akrtimbly, t`k gmbibamil mbjustry ìs okacnk mbubjitkj oy t`k mnpiat cgacllusmvk irribhknkbts oktwkkb nifcr pliykrs is kvmjkbakj oy lirhk-sailk griuj mb hlcoil nirekts < LMBE2.

Trkpirmbh gcr Quoskqukbt Q`crt Qkllmbh Ayalks

X`mlk t`k hkbkril nirekt trkbj it t`k aurrkbt tmnk ms tc prcgmt grcn t`k jkstruatmcb cg viluk t`rcuh`rklkbtlkss s`crt skllmbh, rkspmtk jcks bkkj tc caaur tc grcn tmnk tc tmnk tc illcw bkw s`crt pcsmtmcbs tc okkstiolms`kj it `mh`kr prmaks. Orcekr prcgmlks I ibj O cg Ippkbjmx ? suhhkst tìt prmaks aib ok ijfustk

asic senate submission update 3

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