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s8;:8-8838-88=>csv f3= r`pirt - r`v86.mif

KVVP@ EPLJ@Z 3 : 6

MC]@ 8=/8>/82 3:/82/82 :>-82-82

CP]DIZ CV^ CV^ CV^

FD@FG@M VLI VLI VLI

Z@E@RCJA@ @E@ZB[ CVVIFKC]KIE

F3= M@]@ZLKEC]KIE IN JKILCVV@E@ZB[ FIE]@E] IN NP@AV

M@VFZKX]KIE IN L@]DIM

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LCECB@L@E]VPLLCZ[

Kt ks pisskja` nir `a`ftrkfkty b`e`rct`m nril lkx`m wcst`s cem nril jkilcss ti qucakny nir suppirt uem`r

td` Z`e`wcja`s Ijakbctkie. Ke irm`r ti ijtcke tdks suppirt, td` ip`rctir in td` `e`rby-nril-wcst` pacet

ks r`qukr`m ti m`t`rlke` td` nrcftkie in td` `e`rby fiet`et in td` nu`a wdkfd ks m`rkv`m nril jkilcss

(k.`. eie-nisska nu`as).

]d` stcemcrm l`tdim in m`t`rlkekeb td` jkilcss `e`rby fiet`et in c lkx`m nu`a ks ti sclpa` td` nu`a

prkir ti td`rlca tr`ctl`et nir filpisktkie cem `e`rby fiet`et cecaysks. ]dks l`tdim ks ncviur m jy td`

r`buactir, INB@L, cem ks us`m nir m`mkfct`m jkilcss pacets. Diw`v`r, td` nu`as us`m jy td`s` pacets

cr` r`actkv`ay dilib`eius cem fietcke aiw a`v`as in fietclkectkie wktd nisska nu`as. Nir d`t`rib`e`ius

nu`as, sufd cs lkx`m luekfkpca siakm wcst` ir r`nus`m m`rkv`m nu`as, tdks l`tdim fce j` `xtr`l`ay

mknnkfuat, fistay cem kecffurct` mu` ti td` mknnkfuaty in ijtckekeb r`pr`s`etctkv` sclpa`s nir cecaysks.

Nir slcaa`r pacets, td` fist in sclpakeb cem cecaysks wiuam j` dkbd`r tdce td` vcau` ijtckecja` nril

ZIFs.

]dks r`pirt m`sfrkj`s ce cat`rectkv` l`tdim in m`t`rlkekeb td` jkilcss `e`rby fiet`et in c lkx`m nu`a,

jcs`m ie rcmkifcrjie cecaysks in td` filjustkie bcs s (geiwe cs F3= cecaysks). ]d` l`tdim keviav`s

td` niaaiwkeb st`ps?3) ]cg` c r`pr`s`etctkv` filpiskt` sclpa` in td` nau` bcs`s nril td` filjustkie pacet iv`r c

p`rkim in ie` lietd.

:) Ps` rcmkifcrjie cecaysks in td` sclpa` bcs`s ti fcafuact` td` nrcftkie in td` fcrjie ke td` nau`bcs`s wdkfd wcs m`rkv`m nril eie-nisska nu`a siurf`s.

6) Filjke` tdks kenirlctkie wktd geiwa`mb` in td` r`actkiesdkp j`tw``e `e`rby fiet`et cem fcrjiefiet`et nir jkilcss cem eie-jkilcss nu`as ti m`t`rlke` td` nrcftkie in td` `e`rby fiet`et in td`

irkbkeca nu`a wdkfd wcs m`rkv`m nril eie-nisska nu`a siurf`s.

]d` lcke cmvcetcb`s in tdks l`tdim cr` tdct td` filjustkie bcs`s wiuam j` lufd lir` dilib`eius

tdce td` irkbkeca wcst` cem tdct kt wiuam j` lufd `csk`r ti tcg` c r`pr`s`etctkv` sclpa` nril c bcs

str`cl tdce nril c siakm nu`a.R` `stklct` tdct tdks l`tdim fiuam m`t`rlke` td` nrcftkie in td` jkilcss `e`rby fiet`et in td` wcst`

nril wdkfd td` filjustkie bcs`s w`r` m`rkv`m wktd ce uef`rtckety in 0.0%. ]d`r` wiuam casi j` c

sclpakeb `rrir cssifkct`m wktd ijtckekeb c r`pr`s`etctkv` sclpa` in filjustkie bcs`s cem td`

lcbektum` in tdks `rrir dcs eit j``e m`t`rlke`m ke tdks r`pirt. Diw`v`r, td` sclpakeb `rrir ks akg`ay ti

j` skbeknkfcetay slcaa r tdce nir td` cat`rectkv` sclpakeb l`tdims wdkfd cr` caa jcs`m ie sclpakeb in

siakm nu`as.

]d`r` ks ei qucetktctkv` kenirlctkie cvckacja` ie td` cffurcfy in td` cat`rectkv` l`tdims in

m`t`rlkekeb td` jkilcss fiet`et in d`t`rib`e`ius nu`as. Jcs`m ie c qucaktctkv` css`ssl`et, w`

fieskm`r tdct kt ks akg`ay td` pripis`m l`tdim wkaa j` lir` cffurct` nir lkx`m luekfkpca wcst` tdce td`

cat`rectkv` l`tdims keviavkeb sclpakeb in td` siakm nu`a nir cecaysks jy s`a`ftkv` mkssiautkie, lceucasirtkeb ir F3= cecaysks.

]iey ^iieb Vt`pd`e Itd`e

Fiesuatcet ]`fdekfca Mkr`ftir

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]CJA@ IN FIE]@E]V

LCECB@L@E]VPLLCZ[.................................................................................................................. K

]CJA@ IN FIE]@E]V......................................................................................................................... KK

3 KE]ZIMPF]KIE....................................................................................................................... 3

3.3 Jcfgbriuem.......................................................................................................................... 3

3.: Ijo`ftkv`s............................................................................................................................. 3

: FIEFAPVKIEV.......................................................................................................................... :

6 FCZJIE 3= CECA[VKV IN FILJPV]KIE BCV@V ....................................................... 6

6.3 Xrkefkpa`s in td` L`tdim ..................................................................................................... 6

6.: Vtctkstkfs ............................................................................................................................... 6

6.6 ]d` Fiauljkc Pekv`rskty Vtumy ......................................................................................... 6

6.= Sucakty Cssurcef`................................................................................................................ =

6.0 Xr`fkskie............................................................................................................................... 0

= M@]@ZLKEC]KIE IN JKILCVV @E@ZB[ FIE]@E] KE C LKT@M NP@A........... >

=.3 Jkilcss Nu`as - Zctki in BF^ ti Fcrjie Fiet`et............................................................ >

=.: Nisska Nu`as - Zctki in BF^ ti Fcrjie Fiet`et ................................................................ 2

=.6 Fiev`rtkeb F3= Cecaysks Z`suats ti @e`rby Fiet`et........................................................ 4

=.6.3 Fcafuactkie L`tdim................................................................................................................ 4

=.6.: Pef`rtckety Fcafuactkies ....................................................................................................... 4

=.6.6 @stklctkie in Pef`rtckety ...................................................................................................... ;

=.6.= Fustilksctkie in td` Fcafuactkie L`tdim...........................................................................38

0 FILXCZKVIE IN XZIXIV@M L@]DIM CBCKEV] CA]@ZEC]K^@V................. 33

0.3 Cat`rectkv` L`tdims nir M`t`rlkectkie in Jkilcss @e`rby Fiet`et in

D`t`rib`e`ius Nu`as.......................................................................................................... 33

0.: Cffurcfy in Cat`rectkv` L`tdims..................................................................................... 33

0.:.3 Vclpakeb Cffurcfy...............................................................................................................33

0.:.: Cecaysks Cffurcfy ................................................................................................................ 3:0.:.6 Iv`rcaa Cffurcfy..................................................................................................................36

> A@BCAK][ IN XZIXIV@M F3= L@]DIM...................................................................... 3=

CXX@EMKT C FIAPLJKC PEK^@ZVK][ Z@XIZ] IE F3= CECA[VKV................... 30

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3 KE]ZIMPF]KIE

3.3 Jcfgbriuem

Pem`r td` Z`e`wcja`s Ijakbctkie Irm`r :88>, `a`ftrkfkty b`e`rct`m nril r`e`wcja` `e`rby

siurf`s sufd cs jkilcss wkaa qucakny nir Z`e`wcja`s Ijakbctkie F`rtknkfct`s (ZIFs) wdkfd dcv`

fieskm`rcja` vcau`. @a`ftrkfkty b`e`rct`m nril nisska nu`a m`rkv`m `e`rby siurf`s mi`s eit qucakny

nir ZIFs.

Nu`as fietckekeb lkxtur`s in jkilcss cem nisska nu`as fce qucakny nir ZIFs privkm`m tdct ie` in

c eulj`r in sp`fknkf fiemktkies ks l`t. ]d`s` fiemktkies kefaum`?

3) Cmvcef`m td`rlca fiev`rskie in td` siakm nu`a keti bcs`ius ir akqukm nirl prkir tifiljustkie nir piw`r b`e`rctkie.

:) Filjke`m d`ct cem piw`r sfd`l` l``tkeb sp`fknk`m qucakty frkt`rkc.

6) Fi-nkrkeb in nisska nu`as cem jkilcss l``tkeb sp`fknk`m frkt`rkc.

=) Rd`r` td` keput nu`a lkx fietckes ;8% ir lir` jkilcss jy `e`rby fiet`et.Rd`r` lkx`m nu`as cr` us`m, ieay td` piw`r b`e`rct`m uskeb td` jkilcss pirtkie in td` nu`a wkaa

qucakny nir ZIFs. Kt ks td`r`nir` e`f`sscry ti m`t`rlke` td` pripirtkie in `e`rby fiet`et ke td`

lkx`m nu`a keput tdct ks cttrkjutcja` ti jkilcss.

Ie` l`tdim in m`t`rlkekeb td` jkilcss `e`rby fiet`et in c lkx`m nu`a ks ti sclpa` td` nu`a

prkir ti td`rlca tr`ctl`et nir filpisktkie cem `e`rby fiet et cecaysks. ]d` mknnkfuaty wktd tdks

l`tdim ks tdct kt fce j` `xtr`l`ay mknnkfuat cem fistay ti ijtcke r`pr`s`etctkv` sclpa`s nir

cecaysks nril d`t`rib`e`ius nu`as, sufd cs luekfkpca siakm wcst`. Nir slcaa`r pacets, td` fist in

sclpakeb cem cecaysks wiuam j` dkbd`r tdce td` vcau` ijtckecja` nril ZIFs.

]dks r`pirt fieskm`rs ce cat`rectkv` l`tdim nir m`t`rlkekeb td` jkilcss `e`rby fiet`et in c

lkx`m nu`a tdct dcs j``e us`m nir b`e`rctkeb `a`ftrkfkty tdct mi`s eit r`qukr` sclpakeb in siakmnu`a keput. ]dks l`tdim fiesksts in tdr`` lcke st`ps?

3) Vclpakeb in filjustkie `xdcust bcs`s

:) Fcrjie 3= cecaysks in td` sclpa`m bcs`s, uskeb c sklkacr t`fdekqu` ti tdct us`m nir fcrjiemctkeb ti m`t`rlke` td` rctki in jkilcss fcrjie ti nisska nu`a fcrjie

6) Pskeb td` rctki m`t`rlke`m ke st`p : ti m`t`rlke` td` rctki in jkilcss `e`rby ti nisska nu`a`e`rby ke td` lkx`m nu`a keput cem d`ef` td` pripirtkie in `a`ftrkfkty b`e`rct`m tdct sdiuam

qucakny nir ZIFs.

]dks r`pirt cmmr`ss`s st`ps : cem 6. Vt`p 3 ks td` sujo`ft in c s`pcrct` stumy.

3.: Ijo`ftkv`s

]d` lcke ijo`ftkv`s in tdks css`ssl`et cr`?

3) ]i css`ss wd`td`r fcrjie 3= cecaysks fce r`akcjay m`t`rlke` td` rctki in jkilcss fcrjier`actkv` ti nisska nu`a fcrjie ke c lkx`m nu`a.

:) ]i css`ss wd`td`r td` rctki m`t`rlke`m ke 3) cjiv` fce j` us`m ti r`akcjay m`t`rlke` td`rctki in jkilcss `e`rby ti nisska nu`a `e`rby ke td` lkx`m nu`a keput.

6) ]i qucaktctkv`ay m`t`rlke` wd`td`r td` pripis`m l`tdim ks akg`ay ti j` ct a`cst cs cffurct`cs td` cat`rectkv` l`tdims.

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: FIEFAPVKIEV

3) C stumy jy Fiauljkc Pekv`rskty kemkfct`m tdct fcrjie 3= cecaysks fce m`t`rlke` td` rctkiin jkilcss fcrjie r`actkv` ti nisska nu`a fcrjie ke c lkx`m nu`a ti c r`csiecja` m`br`` in

cffurcfy. Nir caa in td` sclpa`s, td` l`csur`m vcau` wcs wktdke 3.3 p`rf`etcb` pikets in

td` fcafuact`m vcau`.

:) C stumy jy Kiwc Pekv`rskty kemkfct`m tdct td` uef`rtckety in td` rcmkifcrjie mctkebcecaysks wcs criuem 6%.

6) Cecaysks in mknn`r`et nrcftkies in wcst` m`liestrct`s tdct td` rctki in jkilcss fcrjier`actkv` ti nisska nu`a fcrjie ks eit td` scl` cs td` rctki in jkilcss `e`rby ti nisska nu`a

`e`rby. ]d`r`nir`, c l`tdim ks pr`s`et`m ke tdks r`pirt jy wdkfd td` p`rf`etcb` in jkilcss

fcrjie ke td` lkx`m nu`a fiuam j` us`m ti m`t`rlke` td` rctki in jkilcss `e`rby ti nisska

nu`a `e`rby ke td` wcst`.

=) ]dks l`tdim ks `stklct`m ti dcv` ce uef`rtckety in criuem 0%, `xfaumkeb sclpakeb `rrircssifkct`m wktd ijtckekeb c r`pr`s`etctkv` sclpa` in filjustkie bcs`s.

0) Nir wcst` nu`as m`rkv`m nril lkx`m wcst`s, tdks l`tdim ks akg`ay ti j` lir` cffurct` tdcetd` cat`rectkv`s kefaumkeb?

c) Viakm nu`a sclpakeb nir cecaysks jy s`a`ftkv` mkssiautkie7

j) Viakm nu`a sclpakeb nir lceuca sirtkeb7

f) Viakm nu`a sclpakeb niaaiw`m jy F3= cecaysks.

]d` lcke r`csie nir tdks fiefauskie ks tdct bcs`s lkx ncr lir` r`cmkay tdce d`t`rib`e`ius

siakm wcst` si tdct bcs sclpa`s wkaa j` skbeknkfcetay lir` r`pr`s`etctkv` filpcr`m ti siakm

nu`a sclpa`s.

>) ]d` pripis`m l`tdim nir m`t`rlkekeb jkilcss fiet`et in nu`as cpp`crs ti l``t td`

r`qukr`l`ets in td` a`bksactkie.

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6 FCZJIE 3=CECA[VKV IN FILJPV]KIE BCV@V

6.3 Xrkefkpa`s in td` L`tdim

]dks l`tdim us`s rcmkifcrjie mctkeb, wdkfd ks lir` fiev`etkiecaay us`m ti css`ss td` mct`s in

crfdc`iaibkfca mksfiv`rk`s, ti css`ss td` p`rf`etcb` in td` fcrjie m`rkv`m nril nisska nu`as wktdke

c lkx`m sclpa`. ]d` l`tdim dcs j``e m`v`aip`m jy J`tc Cecaytkf Kef., ce Cl`rkfce filpcey

wktd :0 y`crs in `xp`rk`ef` ke fiev`etkieca rcmkifcrjie mctkeb.

Fcrjie-3= (3=F) ks c rcmkicftkv` ksitip` in fcrjie wktd c dcan akn` in 0,268 y`crs ief` kt ks ei

aieb`r pcrt in c akvkeb irbceksl. ]dks l`ces tdct, ke prcftkfca t`rls, caa in td` 3=F ke nisska nu`as

dcs m`fcy`m, jut lim`re fcrjie wdkfd wcs r`f`etay pcrt in c akvkeb irbceksl stkaa fietckes c

pripirtkie in 3=F. Ke td` fiet`xt in luekfkpca wcst`, kt fce j` cssul`m tdct caa in td` fcrjie ks

`ktd`r nisska fcrjie ir lim`re fcrjie.

Zcmkifcrjie mctkeb, uskeb l`tdim CV]L M>4>>-8=c, fce j` us`m ti m`t`rlke` td` rctki

j`tw` e 3=F cem 36F ke c sclpa`, wd`r` 36F ir fcrjie-36 ks c stcja` fcrjie ksitip` wktd c

r`actkv` lia`fuacr lcss in 36 filpcr`m ti ieay 3: nir eirlca fcrjie ctils ir 3= nir fcrjie 3=ctils. ]dks rctki ks td`e filpcr`m wktd td` stcemcrm rctki ke ixcakf cfkm ti bkv` c vcau` nir

p`rf`et lim`re fcrjie (pLF), cem pLF ks mkvkm`m jy 3.820, wdkfd ks c ncftir ti tcg` cffiuet

in td` cmmktkieca rcmkctkie ke td` ctlispd`r` cs c r`suat in eufa`cr jiljs cem eufa`cr t`stkeb ke

td` tw`etk`td f`etury. ]d` r`suatcet nkbur` vcrk`s j`tw``e 8 cem 3, wktd c vcau` in 8 kemkfctkeb

tdct caa in td` fcrjie ks m`rkv`m nril nisska nu`as cem c vcau` in 3 kemkfctkeb tdct caa in td` fcrjie

ks m`rkv`m nril jkilcss.

6.: Vtctkstkfs

Lufd in td` r`lckem`r in tdks s`ftkie fieskm`rs td` cffurcfy cem pr`fkskie in td` F3= l`tdim.

]d`s` cr` twi mknn`r`et fief`pts. Cffurcfy r`n`rs ti td` cbr``l`et j`tw``e td` l`csur`m vcau` cem td` tru` vcau` cem td`

mknn`r`ef` j`tw``e td` twi ks td` `rrir.

Jy fietrcst, pr`fkskie r`n`rs ti td` r`p`ctcjkakty in l`csur`l`et, wktd c lir` pr`fks`l`csur`l`et t`fdekqu` bkvkeb c aiw`r spr`cm in r`suats, cem td` uef`rtckety in c

l`csur`m vcau` bkv`s ce kemkfctkie in kts pr`fkskie.

Ke irm`r ti dcv` fienkm`ef` ke c l`csur`l`et t`fdekqu`, kt ks klpirtcet tdct kt ks pr`fks` (k.`. tdct

td` l`csur`l`et ks r`p`ctcja`) cem tdct kt ks cffurct` (k.`. tdct td` l`csur`m vcau` ks fais` ti td`

tru` vcau`).

6.6 ]d` Fiauljkc Pekv`rskty Vtumy

]dks stumy ks cttcfd`m ke Cpp`emkx C. ]d` ijo`ftkv` in tdks stumy wcs ti css`ss td` cjkakty in td`

F3= l`tdim ti m`t`rlke` td` jkilcss nrcftkie ke c lkxtur` in filjustkja` lct`rkcas. ]d` stumy

fieskst`m in td` niaaiwkeb st`ps.

3) Vkx sclpa`s w`r` pr`pcr`m jy lkxkeb geiwe qucetktk`s in c jkib`ekf lct`rkca (mry pcp`r)wktd c eie-jkib`ekf lct`rkca (piay`tdya`e`).

:) @cfd sclpa` wcs filjust`m wktd ixyb`e ke c Xcrr Jilj Fcairkl`t`r. Vclpa`s in td`filjustkie bcs w`r` s`et ti J`tc Cecaytkf wdi fcrrk`m iut F3= cecaysks ti m`t`rlke` td`

nrcftkie in jkib`ekf fcrjie ke td` bcs`s.

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6) ]d` nrcftkie in jkib`ekf fcrjie ke td` sclpa` wcs fcafuact`m jy r`n`r`ef` ti td` cssul`mfd`lkfca filpisktkie in td` pcp`r cem piay`tdya`e`. ]d` fd`lkfca filpisktkie in td`

pcp`r us`m wcs privkm`m jy td` pcp`r lceuncftur r jut kt wiuam dcv` j``e pr`n rcja` nir

td` pcp`r ti dcv` j``e cecays`m ti m`t`rlke` td` fcrjie fiet`et.

=) ]d` J`tc Cecaytkf r`suat wcs filpcr`m wktd td` fcafuact`m r`suat cem `xf`aa`et cbr``l`et

wcs ijtcke`m. ]d` p`rf`etcb` `rrir vcrk`m j`tw``e 3.4% cem 2.0%, jut td` ieayl`csur`l`et wktd ce p`rf`etcb` `rrir br`ct`r tdce :.0% wcs nir td` sclpa` wktd c v`ry

aiw p`rf`etcb` in jkifcrjie. ]d` r`suats cr` kaaustrct`m brcpdkfcaay j`aiw.

8

38

:8

68

=8

08

>8

28

48

;8

388

8 38 :8 68 =8 08 >8 28 48 ;8 388

Cftuca Jkifcrjie %

F3=L`csur`mJkifcr

jie%

]d` stumy sdiws tdct td` F3= l`tdim fce j` us`m ti m`t`rlke` td` jkifcrjie p`rf`etcb` ke c

siakm sclpa` jy cecayskeb td` filjustkie bcs`s nril tdct sclpa` cem tdct td` cffurcfy ks

r`csiecja`, ie td` cssulptkie tdct td` fd`lkfca filpisktkie in td` pcp`r wcs firr`ft. ]d` stumy

mi`s eit `xpacke diw tdks l`tdim fiuam j` cppak`m ti c lir` filpa`x lkxtur` in siakm nrcftkies,

sufd cs luekfkpca siakm wcst` ir `v`e ZMN. ]dks ks mksfuss`m ke s`ftkie = in tdks r`pirt.

6.= Sucakty Cssurcef`

Kt ks ijvkiusay frufkca tdct td` sclpa` ti j` t`st`m ks eit fietclkect`m ct cey stcb` ke td` prif`ss.

]i cvikm tdks, td` niaaiwkeb l`tdims w`r` us`m murkeb td` Fiauljkc Pekv`rskty stumy ti prif`ss

bcs sclpa`s nir cecaysks?

3) Vclpa`s in bcs cr` g`pt ke s`ca`m jcbs uetka r`qukr`m nir t`stkeb.

:) ]d` bcs ks `xtrcft`m nril td` jcb keti c fais`m fctcayst fdclj`r. Caa `a`l`ets in fdclj`rcem `xtrcftkie ake` cr` purb`m wktd crbie cem wct`r vcpiur j`nir` td` bcs ks `xtrcft`m.

6) Xur` dymrib`e ks ketrimuf`m keti td` fctcayst fdclj`r, wdkfd fietckes c fijcat fctcayst.]d` fdclj`r ks td`e d`ct`m `xt`recaay ti >88F nir sunnkfk`et tkl` nir td` fcrjie mkixkm`

ti j` frcfg`m wktd dymrib`e ti nirl c brcpdkt` fcrjie acy`r ie td` fctcayst cem wct`r

vcpiur.

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=) ]d` wct`r vcpiur ks r`liv`m uskeb c fryib`ekf pulp cem td` brcpdkt` ks r`liv`m cem s`etti j` cecays`m uskeb Cff`a`rctir Lcss Vp`ftril`try (CLV).

R` cr` fienkm`et tdct td`s` l`tdims cr` sunnkfk`et ti cvikm fietclkectkie.

]d` pcp`r fietcke`m ke Cpp`emkx C nril Fiauljkc Pekv`rskty m`sfrkj`s td` us` in rcmkifcrjiemctkeb ti m`t`rlke` td` p`rf`etcb` in lim`re fcrjie ke td` bcs`s r`suatkeb nril td` filjustkie

in lkx`m jkib`ekf cem p`trifd`lkfca wcst`s. ]dks kefaum`s td` fietriaa`m filjustkie in tdct

wcst`, wdkfd ks fcrrk`m iut cs niaaiws?

3) ]d` siakm wcst`s (pacstkf cem pcp`r ke tdks fcs`) cr` put keti c Xcrr Jilj Fcairkl`t`r. ]dksks nuaay `efais`m. Ckr ks `xtrcft`m cem r`pacf`m wktd pur` ixyb`e.

:) ]d` lkxtur` ks kbekt`m uskeb c r`skstcef` wkr` (ti cvikm ketrimufkeb ckr) cem nuaayfiljust`m.

6) C sclpa` in td` filjustkie bcs`s ks `xtrcft`m cem s`et nir cecaysks.

Cbcke, w` cr` fienkm`et tdct tdks ip`rctkeb l`tdim wkaa cvikm fietclkectkie in td` sclpa`.

6.0 Xr`fkskie

Ke :88=, Kiwc Vtct` Pekv`rskty fillksskie`m c s`qu`ef` in cecays`s in iv`r 388 lceuncftur`m

primufts fietckekeb c pripirtkie in jkilcss fcrjie. ]d` cecays`s w`r` fcrrk`m iut jy c eulj`r

in acjirctirk`s uskeb td` tdr`` l`tdims in rcmkifcrjie mctkeb sp`fknk`m ke td` CV]L stcemcrm

(FI: cjsirptkie, CLV cem J`ez`e` Vyetd`sks). Kt wcs fiefaum`m tdct?

]d` FI: cjsirptkie l`tdim wcs a`ss cffurct` cem a`ss pr`fks` tdce td` itd`r twi l`tdims7cem

]d` pr`fkskie in td` CLV cem J`ez`e` Vyetd`sks l`tdims wcs sklkacr, bkvkeb ce

uef`rtckety in 6%.

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= M@]@ZLKEC]KIE INJKILCVV @E@ZB[ FIE]@E] KE CLKT@M NP@A

=.3 Jkilcss Nu`as - Zctki in BF^ ti Fcrjie Fiet`et

Cs pcrt in td` Ectkieca Dius`diam Rcst` Cecaysks Xrio`ft3 (EDRCX), dius`diam wcst` wcs

fiaa`ft`m, sirt`m keti mknn`r`et nrcftkies cem cecays`m ti m`t`rlke` td`kr fd`lkfca filpisktkie

cem fcairknkf vcau`s. ]dks stumy wcs us`m j`fcus` kt ks j`ak`v`m ti j` td` list filpr`d`eskv`

stumy cvckacja` ie PG dius`diam wcst`. ]d` niaaiwkeb tcja` pr`s`ets mctc nir td` wcst` nrcftkies

tdct fce j` r`cmkay facssknk`m cs 388% jkilcss. ]d` mctc pr`s`et`m ks cv`rcb` mctc fiaa`ft`m ke

3;;: cem 3;;6.

]cja` =.3 F^ cem Fcrjie Mctc nir Jkilcss ke LVR

Rcst` Nrcftkie Briss F^ Mry Fcrjie - Mry BF^/Fcrjie

LO/gb Rt% LO/gb

E`wspcp`r 34.=3 =>.>2 8.6;=

Lcbczke`s 3:.>8 66.8: 8.64:

Itd`r Xcp`r 30.>8 6;.04 8.6;=

Fcrm Xcfgcbkeb 32.0= ==.6: 8.6;>

Itd`r Fcrm 32.0: =6.24 8.=88

Bcrm`e Xutr`sfkja`s 30.=2 =8.40 8.624

Itd`r Xutr`sfkja`s 3=.6; 6>.34 8.6;2

L`ce Cv`rcb` 8.6;8

Vtcemcrm M`vkctkie 8.884

]d` mctc sdiws tdct td` rctki in BF^ ti fcrjie fiet`et nir jkilcss nu`as typkfcaay niuem ke

LVR ks cpprixklct`ay 8.6; 8.83 LO/gb cem tdct tdks rctki ks r`actkv`ay fieskst`et.

Nir fiet`xt cem filpcrksie, mctc nir itd`r jkilcss wdkfd ks eit eirlcaay `xp`ft`m ti j` pr`s`et

ke LVR ke skbeknkfcet qucetktk`s ks pr`s`et`m ke td` niaaiwkeb tcja`. ]d` mctc wcs m`rkv`m nril

td` Xdyaaks mctcjcs` nir jkilcss cem wcst`: privkm`m jy td` @e`rby Z`s`crfd F`etr` in td`

E`td`racems. ]dks mctc sdiws tdct td` rctki in BF^ ti fcrjie fiet`et ks v`ry sklkacr nir mknn`r`etjkilcss nu`as kefaumkeb tdis` eit eirlcaay niuem ke skbeknkfcet qucetktk s ke LVR.

3Ectkieca Dius`diam Rcst` Xrio`ft, Xdcs` :, ^iaul` 6, Fd`lkfca Cecaysks Mctc Z`pirt Ei. FRL/842/;=:www.`fe.ea.pdyaaks cff`ss`m 33tdLcy :882.

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]cja` =.: F^ cem Fcrjie Mctc nir Eie LVR Jkilcss

BF^/Fcrjie

LO/gb

Petr`ct`m wiim 8.6;2Vtrcw 8.6;4

Lceur` 8.=6>

L`ce Cv`rcb` 8.=33

=.: Nisska Nu`as - Zctki in BF^ ti Fcrjie Fiet`et

C sklkacr tcja` ks pr`s`et`m j`aiw, m`rkv`m nril td` EDRCX, nir wcst` nrcftkies tdct fce j`

r`cmkay facssknk`m cs 388% nisska nu`a m`rkv`m. ]d` mctc sdiws tdct td` rctki in BF^ ti fcrjie

fiet`et nir wcst` nisska m`rkv`m nu`as typkfcaay niuem ke LVR ks cpprixklct`ay8.=2 8.86 LO/gb.

]cja` =.6 F^ cem Fcrjie Mctc nir Nisska Nu`a M`rkv`m Nrcftkies ke LVR

Rcst` Nrcftkie Briss F^ Mry Fcrjie - Mry BF^/Fcrjie

LO/gb Rt% LO/gb

Z`nus` Vcfgs 68.;> >>.68 8.=>2

Itd`r Xacstkf Nkal 66.>: >2.:3 8.086

Fa`cr Xacstkf J`v`rcb` Jitta`s ::.08 0:.>2 8.=66

Fiaiur`m Xacstkf J`v`rcb` Jitta`s :=.>= 0>.=0 8.==8

Itd`r Xacstkf Jitta`s 60.>> >;.:4 8.036

Itd`r M`es` Xacstkf :;.28 0;.>0 8.=;4

L`ce Cv`rcb` 8.=28

Vtcemcrm M`vkctkie 8.86=

C sklkacr s`t in mctc ks m`rkv`m nril td` Xdyaaks mctcjcs` nir mknn`r`et brcm`s in pacstkfs cem casi

nir rujj`r. ]d` rctki in BF^ ti fcrjie ks v`ry sklkacr ti tdis` nir wcst` pacstkfs.

]cja` =.= F^ cem Fcrjie Mctc nir Eie LVR Nisska Nu`as

BF^/Fcrjie

LO/gb

DMX@ (mry) 8.06;

AMX@ (mry 8.0==

XLLC (mry) 8.=68

X^F (mry) 8.080

Zujj`r (mry) 8.=3;

Xiaypripya`e` (mry) 8.080Cv`rcb` 8.=48

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=.6 Fiev`rtkeb F3= Cecaysks Z`suats ti @e`rby Fiet`et

Kt fce j` s``e nril td` nkbur`s ke s`ftkies =.3 cem =.: tdct td` jkilcss fcrjie p`rf`etcb` ke td`

nu`a ks eit td` scl` cs td` p`rf`etcb` in jkilcss `e`rby ke td` nu`a. ]dks ks j`fcus` td` jkilcss

cem nisska nu`a fcrjie cr` fietcke`m wktdke mknn`r`et fd`lkfca filpiuems cem td` d`ct r`a`cs`m

nril td` filjustkie in td` mknn`r`et filpiuems vcrk`s. Diw`v`r, kt fce casi j` s``e tdct td`rctki in briss fcairknkf vcau` ti fcrjie fiet`et nir jkilcss ks fieskst`et cfriss c eulj`r in

mknn`r`et typ`s in jkilcss cem tdct tdks ks casi tru` nir lct`rkcas m`rkv`m nril nisska nu`as wdkfd

cr` eirlcaay niuem ke LVR.

Kt ks pisskja` ti filjke` td` fcafuactkies cjiv` wktd td` F3= l`csur`l`et in td` jkilcss fcrjie

p`rf`etcb` ke td` nu`a ti m`t`rlke` td` jkilcss `e`rby ke td` lkx`m nu`a. ]d` prkefkpa`s cem

pr`fkskie in tdks l`tdim cr s`t iut j`aiw.

=.6.3 Fcafuactkie L`tdim

]dks fcafuactkie us`s td` niaaiwkeb m`nkektkies?

JBF^ < Zctki in BF^ ti fcrjie fiet`et nir jkilcss < 8.6; LO/gb

NBF^ < Zctki in BF^ ti fcrjie nir nisska nu`as < 8.=2 LO/gb

JFCZ < Nrcftkie in jkilcss fcrjie ke lkx`m nu`a m`t`rlke`m uskeb fcrjie 3= cecaysks

NFCZ < Nrcftkie in nisska fcrjie ke lkx`m nu`a m`t`rlke`m uskeb fcrjie 3= cecaysks

< 3 - JFCZ

J@E < Jkilcss `e`rby ke lkx`m nu`a < JFCZ x JBF^

N@E < Nisska `e`rby ke lkx`m nu`a < (3 - JFCZ) x NBF^

Nril td`s` m`nkektkies, kt ks pisskja` ti m`t`rlke` td` p`rf`etcb` in jkilcss `e`rby ke lkx`mnu`a (XJ@), wdkfd ks td` qucetkty r`qukr`m.

)(

)3(

NBF^JBF^JFCZNBF^

JFCZJBF^XJ@

NBF^JFCZJFCZJBF^

JFCZJBF^XJ@

N@EJ@E

J@EXJ@

+

6.8 :: 64 wktd ce

uef`rtckety in 0.0%.

Kt ks klpirtcet ti eit` tdct tdks fcafuactkie mi`s eit tcg` cffiuet in sclpakeb `rrir. ]d`

ket`etkie ks ti us` td` Fcrjie-3= l`tdim ie sclpa`s in filjustkie bcs fiaa`ft`m nril c

filjustkie pacet. ]d` l`tdim nir fiaa`ftkeb c filpiskt` bcs sclpa` nir td` lietd ks j`keb

m`v`aip`m ti bkv` lkeklul sclpakeb `rrir. M`tckas in tdks l`tdimiaiby cr` td` sujo`ft in c

s`pcrct` r`pirt.

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=.6.= Fustilksctkie in td` Fcafuactkie L`tdim

]d` pr`f`mkeb s`ftkies m`sfrkj` td` jcskf l`tdim nir fcafuactkeb jkilcss `e`rby fiet`et nril

sclpa` r`suats. Vil` fustilksctkie in td` fcafuactkies lcy j` cppriprkct` m`p`emkeb ie

sp`fknkf fkrfulstcef`s nir ce kemkvkmuca pacet. ]d` list akg`ay fustilksctkies kefaum`?

3) Firr`ftkies nir suppa`l`etcry nu`a nkrkeb (`.b. suppirt nu`a). ]d` qucetkty insuppa`l`etcry nu`a us`m fce j` l`csur`m cem cppriprkct` firr`ftkies cppak`m. Kt sdiuam

j` eit`m tdct td`r` ks ei e``m ti firr`ft nir stcrt up ir sdutmiwe nu`a us`m uea`ss kt

fietrkjut`s ti piw`r b`e`rctkie.

:) ]d` pr`f`mkeb fcafuactkies us` ce cssul`m filpiskt` rctki in fcairknkf vcau` ti fcrjiefiet`et nir td` jkilcss cem nisska nu`a filpie`ets. ]d`s` cssulptkies cr` e`f`sscry

nir nu`as, sufd cs tdis` m`rkv`m nril r`skmuca LVR, wdkfd fietcke c lkxtur` in lcey

filpie`ets. Nir nu`as tdct dcv` ieay c slcaa eulj`r in w`aa m`nke`m filpie`ets, sufd

cs wiim fdkps fietclkect`m wktd ieay slcaa qucetktk`s in pacstkfs, lir` cffurct` rctkis

in fcairknkf vcau` ti fcrjie fiet`et fce j` us`m. Nir td`s` nu`as, td` cffurcfy in td`

l`tdim ks akg`ay ti j` j`tt`r tdce `stklct`m cjiv`.

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0 FILXCZKVIE IN XZIXIV@M L@]DIM CBCKEV] CA]@ZEC]K^@V

0.3 Cat`rectkv` L`tdims nir M`t`rlkectkie in Jkilcss @e`rby Fiet`et in D`t`rib`e`ius

Nu`as

]d` cat`rectkv` l`tdims nir m`t`rlkectkie in jkilcss `e`rby fiet`et in d`t`rib`eius nu`as, cs

m`sfrkj`m ke td` @urip`ce Vtcemcrm F@E/]F 6=6, cr` caa jcs`m ie sclpakeb in td` siakm nu`a

niaaiw`m jy m`t`rlkectkie in td` jkilcss `e`rby fiet`et jy mknn`r`et l`ces cs niaaiws?

3) V`a`ftkv` mkssiautkie in td` siakm sclpa`s ke suapdurkf cfkm cem dymrib`e p`rixkm`. ]dksl`tdim r`ak`s ie td` cssulptkie tdct jkilcss nu`a filpie`ets wkaa mkssiav` jut nisska nu`a

filpie`ets wkaa eit7 ir

:) Lceuca sirtkeb. ]dks l`tdim r`ak`s ie `cfd nu`a pcrtkfa` j`keb r`cmkay km`etknkcja` csjkilcss ir nisska si tdct td`y fce j` sirt`m lceucaay7 ir

6) Fcrjie 3= cecaysks. ]dks l`tdim in cecaysks ks sklkacr ti td` F3= l`tdim pripis`m ke tdks

r`pirt jut wktd td` g`y mknn`r`ef` j`keb tdct tdks l`tdim ks jcs`m ie sclpakeb td` siakmnu`a td`e jurekeb kt ti primuf` c bcs sclpa` nir cecaysks rctd`r tdce sclpakeb in td`

filjustkie `xdcust bcs`s nril td` ip`rctkeb pacet cs pripis`m ke tdks r`pirt.

0.: Cffurcfy in Cat`rectkv` L`tdims

]d` iv`rcaa cffurcfy cem pr`fkskie in cey l`tdim m`p`em ie td` cffurcfy cem pr`fkskie in td`

sclpakeb t`fdekqu`s cem td` cffurcfy cem pr`fkskie in cecaysks. ]d` suj stcemcrms uem`r

F@E/]F 6=6 tdct m`sfrkj` td` mknn`r`et l`tdims mi eit furr`etay qucetkny td` cffurcfy ir

uef`rtckety cssifkct`m wktd `cfd l`tdim cem stct` tdct cffurcfy dcs eit y`t j``e m`t`rlke`m.

Nkfdte`r dcs td`r`nir` lcm` td` niaaiwkeb qucaktctkv` css`ssl`et in cffurcfy cem pr`fkskie

cssifkct`m wktd `cfd l`tdim.0.:.3 Vclpakeb Cffurcfy

]d` F3= l`tdim pripis`m ke tdks r`pirt ks jcs`m ie sclpakeb in td` filjustkie `xdcust

bcs`s. ]d` cffurcfy in td` sclpakeb r`bkl` wkaa j` m`liestrct`m cs pcrt in td` sclpakeb trkcas

ti j` uem`rtcg`e jut sil` fill`ets fce j` lcm` ct tdks stcb`?

3) Vclpa`s cr` tcg`e in td` cftuca filjustkie `xdcust bcs`s nril td` pacet ke eirlcaip`rctkie7

:) Vclpa`s fce j` tcg`e nril aifctkies wd`r` td` bcs`s dcv` j``e ueknirlay lkx`m sitdct td` sclpa` skz` fce j` r`actkv`ay slcaa cem stkaa j` r`pr`s`etctkv`7

6) Vclpa`s fce j` tcg`e cutilctkfcaay cem fietkeuiusay ir nr`qu`etay nir `cfd lietd inip`rctkie. Vdirt cem aieb t`rl vcrkctkies ke nu`a filpisktkie wkaa j` r`cmkay fcptur`m.

Kt ks klpirtcet ti eit` tdct fietkeuius sclpakeb in filjustkie `xdcust bcs`s nir cecaysks ks

wkm`spr`cm ke td` prif`ss kemustry cem m``l`m ti j` sunnkfk`etay cffurct` nir r`buactiry

purpis`s. Nir `xclpa`, td` l`ces in m`liestrctkeb filpakcef` wktd `lksskies aklkts uem`r

td` Rcst` Kefke`rctkie Mkr`ftkv` ti td` sctksncftkie in td` @evkriel`et Cb`efy ks tdriubd c

filjkectkie in aieb t`rl fietkeuius cem sdirt t`rl (fietkeuius sclpakeb iv`r p`rkims in c

n`w diurs) sclpakeb cem cecaysks in nau` bcs`s.

Jy fietrcst, td` cat`rectkv` l`tdim in sclpakeb td` siakm nu`a sunn`rs nril c eulj`r in

prija`ls?

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3) ]d` filpisktkie in lcey siakm nu`as, pcrtkfuacray tdis` m`rkv`m nril lkx`m wcst`s, fcevcry fieskm`rcjay si tdct ijtckekeb r`pr`s`etctkv` sclpa`s fce j` `xtr`l`ay mknnkfuat kn

eit filpa`t`ay klpisskja`. Ke pcrtkfuacr, kt wiuam j` `xtr`l`ay mknnkfuat ti ijtcke

r`pr`s`etctkv` sclpa`s nril r`skmuca LVR cs tdks ks v`ry d`t`rib`e`ius.

:) Lkxkeb in siakm nu`as ks `xtr`l`ay mknnkfuat filpcr`m ti lkxkeb in filjustkie bcs`s.

6) Rktd td` `xf`ptkie in nke` (slcaa pcrtkfa` skz`) wcst`s, fietkeuius cutilctkf sclpakebin siakm nu`as ks `ktd`r mknnkfuat ir ke sil` fcs`s klpisskja`. Kt ks td`r`nir` mknnkfuat ti

fcptur` caa sdirt cem aieb t`rl vcrkctkies ke nu`a filpisktkie.

Jcs`m ie td` cjiv` qucaktctkv` cecaysks kt ks fa`cr tdct td` pripis`m `xdcust bcs sclpakeb

l`tdim wkaa j` ct a`cst cs cffurct` cem r`pr`s`etctkv` cs cey siakm sclpakeb l`tdim. Ke td`

fcs` in d`t`rib`e`ius wcst`s, w` wiuam `xp`ft td` bcs sclpakeb ti j` ncr lir` cffurct`,

r`pr`s`etctkv` cem a`ss fistay tdce siakm sclpakeb.

0.:.: Cecaysks Cffurcfy

]d` pisskja` cecaysks l`tdims cr`?

3) V`a`ftkv` mkssiautkie (VM). ]dks l`tdim cssul`s tdct jkilcss nu`a filpie`ets wkaamkssiav` cem nisska nu`a filpie`ets wkaa eit mkssiav`. ]d` pit`etkca kecffurcfk`s

ketrimuf`m jy tdks l`tdim m`p`ems ie td` nu`a j`keb cecays`m jut sil` ijs`rvctkies

fce j` lcm` cs niaaiws?

c) Ecturca rujj`r ks 388% jkilcss jut td` VM l`tdim wiuam sdiw tdct kt ks ieay4=% jkilcss7

j) Nrykeb nct ks 388% jkilcss jut td` VM l`tdim wiuam sdiw tdct kt ks ieay =3%jkilcss7

f) Riia ks 388% jkilcss jut td` VM l`tdim wiuam sdiw tdct kt ks ieay 4:%jkilcss7

m) @FIXAC (c jkim`brcmcja` pacstkf primuf`m nril fire) ks 388% jkilcss jut td`VM l`tdim wiuam sdiw tdct kt ks 8% jkilcss7

`) Eyaie cem piayur`tdce` cr eit jkilcss jut td` VM l tdim wiuam sdiw tdct td`ycr` iv`r ;0% jkilcss7

n) Fica ks eit jkilcss jut td` VM l`tdim wiuam sdiw tdct dcrm fica ks =6.0%jkilcss cem akbekt` ;6% jkilcss.

]d` klpcft in td` cjiv` dcs eit j``e css`ss`m ke td` stcemcrm cem wkaa m`p`em ie td`

filpisktkie in td` wcst`. Diw`v`r, kt ks wirtd eitkeb tdct td` sujstcef`s akst`m cjiv`

cr` eit akg`ay ti j` skbeknkfcet filpie`ets in luekfkpca wcst`. Kt ks akg`ay tdct td`

cffurcfy in td` F3= cecaysks l`tdim pripis`m ke tdks r`pirt ks ct a`cst filpcrcja` ti

td` VM l`tdim.

:) Lceuca sirtkeb. Kt ks e`f`sscry ti vksucaay m`t`rlke` wd`td`r c nu`a pcrtkfa` ks jkilcssir nisska nu`a.

c) ]dks l`tdim r`ak`s ie td` nu`a filprkskeb in mksfr`t` pcrtkfa`s. ]d` suj stcemcrmF@E/]V 30==8?:88> r`fill`ems tdct tdks l`tdim sdiuam ieay j` us`m kn td`

lkeklul pcrtkfa` skz` ks iv`r 3fl. Ke prcftkf`, td` nu`a wkaa dcv` c rceb` in

pcrtkfa` skz` wktd ct a`cst sil` slcaa r tdce 3fl7

j) Vclpa` sirtkeb wkaa j` `xtr`l`ay acjiur ket`eskv` nir sclpa`s in cey skbeknkfcetskz` (cem sclpa` skz` wkaa e``m ti j` v`ry acrb` ti j` r`pr`s`etctkv`)7

f) ]dks t`fdekqu` fceeit dcema` filpiskt` pcrtkfa`s fietckekeb jkilcss cem nisskanu`a pirtkies. ]dks kssu` wkaa j` pcrtkfuacray r`a`vcet nir nu`as m`rkv`m nril

r`skmuca LVR7

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m) Virtkeb wkaa j` sujo`ft ti dulce `rrirs in oumb`l`et.

]d` cppakfcjkakty in tdks l`tdim ks aklkt`m ti nu`as tdct cr` lcm` up in mksfr`t` pcrtkfa`s

cem wd`r` jkilcss filpie`ets fce j` r`cmkay km`etknk`m cem sirt`m nril nisska nu`a

filpie`ets. ]dks l`tdim ks eit suktcja` nir nu`as m`rkv`m nril lkx`m wcst`s.

6) Fcrjie 3= cecaysks. ]d` cffurcfy in F3= cecaysks wkaa j` td` scl` cs tdct pripis`m ketdks r`pirt.

0.:.6 Iv`rcaa Cffurcfy

]d` niaaiwkeb tcja` privkm`s c qucaktctkv` css`ssl`et in td` r`actkv` cffurcfy in td` mknn`r`et

l`tdims cvckacja` nir m`t`rlkectkie in td` jkilcss fiet`et in nu`as m`rkv`m nril lkx`m

wcst`s.

L`tdim Vclpakeb L`tdim Cecaysks L`tdim Fill`ets

C @xdcust bcs sclpakeb F3= Xripis`m l`tdim

J Viakm nu`a sclpakeb V`a`ftkv` Mkssiautkie Vclpakeb skbeknkfcetay a`ss cffurct` cempr`fks` tdce l`tdim C. Cecaysks akg`ayti j` filpcrcja` ti l`tdim C. Iv`rcaacffurcfy akg`ay ti j` aiw`r tdce

l`tdim C nir lkx`m wcst` nu`as.

F Viakm nu`a sclpakeb Lceuca Virtkeb Vclpakeb skbeknkfcetay a`ss cffurct` cempr`fks` tdce l`tdim C. Cecaysks l tdimakg`ay ti j` uesuktcja` ir a`ss cffurct`filpcr`m ti l`tdim C. Iv`rcaa

cffurcfy akg`ay ti j` skbeknkfcetay

aiw`r tdce l`tdim C nir lkx`m wcst`nu`as.

M Viakm nu`a sclpakeb F3= Vclpakeb skbeknkfcetay a`ss cffurct` cempr`fks` tdce l`tdim C. Cecayskscffurcfy scl` cs l`tdim C. Iv`rcaacffurcfy akg`ay ti j` skbeknkfcetay

aiw`r tdce l`tdim C nir cey nu`as.

Nril td` cjiv` css`ssl`et, kt ks fa`cr tdct td` pripis`m l`tdim in nau` bcs sclpakeb nir F3=

cecaysks ks akg`ay ti j` td` list cffurct` l`tdim filpcr`m ti td` cvckacja` siakm nu`a

sclpakeb cat`rectkv`s nir nu`as m`rkv`m nril lkx`m wcst`s. ]d` lcke r`csie nir tdks

fiefauskie ks tdct kt ks dcrm ti ijtcke r`pr`s`etctkv` sclpa`s in d`t`rib`e`ius siakm nu`as.

]dks l`ces tdct td` pripis`m l`tdim wiuam casi dcv` cmvcetcb`s nir itd`r nu`as wd`r` kt ks

mknnkfuat ti l`csur` td` jkilcss fiet`et jy tcgkeb sclpa`s in td` siakm nu`a. Ie` `xclpa` in

tdks ks fietclkect`m wiim wd`r` td` fietclkectkie, sufd cs pcket, surncf` tr`ctl`ets cem

sil` pacstkfs, ks fietcke`m wktdke td` wiim.

8/14/2019 C14 ReportRev03

17/23

Z@C NKFD]E@Z

> A@BCAK][ IN XZIXIV@M F3=L@]DIM

R` uem`rstcem tdct INB@L ks fieskm`rkeb td` a`bca pisktkie nir us` in td` pripis`m F3=

l`tdim skef` kt mi`s eit mkr`ftay l`csur` td` BF^ in td` nu`a cs stkpuact`m ke td`kr bukmcef`

eit`.

Vil` fill`ets wdkfd lcy csskst INB@L ke r`cfdkeb c m`fkskie ie tdks kssu` niaaiw?

3) ]d` `e`rby fiet`et ks m`nke`m cs td` BF^ luatkpak`m jy td` w`kbdt ir viaul` in tdct nu`a.(crtkfa` :(3) ke td` Z`e`wcja`s Ijakbctkie Irm`r :88> (]d` Irm`r))

:) Nir jkilcss piw`r pacets, td`r` ks td`e c r`qukr`l`et nir td` `e`rby fiet`et ti j`l`csur`m (casi crtkfa` :(3) ke td` Irm`r).

6) Nir wcst` filjustkie pacets, td` r`e`wcja` iutput dcs ti j` m`t`rlke`m wktd r`n`r`ef` titd` `e`rby fiet`et (crtkfa` ;(=) in td` Irm`r), catdiubd td`r` ks ei cftuca r`qukr`l`et ti

l`csur` td` `e`rby fiet`et ke tdks fcs`.

=) Nir FDX pacets, td` r`e`wcja` iutput ks m`t`rlke`m jy sujtrcftkeb td` `a`ftrkfkty b`e`rct`m

nril nisska nu`as nril td` briss `a`ftrkfca iutput, wktd ei r`n`r`ef` ti `e`rby fiet`et(crtkfa` ;(>) in td` Irm`r).

Nril c t`fdekfca p`rsp`ftkv`, td`r` ks ei r`csie wdy td` ieay wcy ti l`csur` `e`rby fiet`et ks

ti l`csur` td` BF^ cem td` w`kbdt ir viaul` s`pcrct`ay cem td`e luatkpay td`l. ]d` "`e`rby

fiet`et" ks c pdyskfca qucetkty ke kts iwe rkbdt wdkfd fce j` l`csur`m ke kts iwe rkbdt cem td`r`

ks ei sp`fknkf r`qukr`l`et ke td` Z`e`wcja`s Ijakbctkie ti l`csur` td` BF^ ir td` w`kbdt ir

viaul` in td` nu`a. Ke ncft, td` l`tdim us`m ti m`t`rlke` td` BF^ ks cftucaay ti m`t`rlke` td`

`e`rby fiet`et in c sclpa` cem td`e mkvkm` kt jy td` w`kbdt in lct`rkca - td` BF^ ks eit c

s`pcrct`ay l`csur`m qucetkty ke td` cecaysks.

]d` nuemcl`etca qu`stkie ks wd`td`r td` m`nkektkie in `e`rby fiet`et ks l`r`ay?

c) c m`nkektkie ti `lpdcsks` tdct briss fcairknkf vcau` ks j`keb us`m, irj) c pr`sfrkptkv` stct`l`et cs ti td` ieay cff`ptcja` wcy ti l`csur` td` `e`rby fiet`et.

R` fieskm`r tdct ket`rpr`tctkie c) sdiuam j` td` ket`etkie cem tdct td`r` ks ei t`fdekfca ir

prcftkfca oustknkfctkie nir ket`rpr tctkie j).

Rdkast td` pripis`m F3= l`tdim lcy eit e`f`sscrkay filpay wktd td` nu`a sclpakeb bukmcef`

wdkfd ks ce ket`rpr`tctkie in td` r`qukr`l`ets in td` Z`e`wcja`s Ijakbctkie Irm`r, w` fieskm`r

tdct kt ks akg`ay ti j` lir` cffurct` tdce td` cat`rectkv` l`tdims tdct fce filpay wktd td` nu`a

sclpakeb bukmcef`.

8/14/2019 C14 ReportRev03

18/23

Z@C NKFD]E@Z

Cpp`emkx C Fiauljkc Pekv`rskty Z`pirt ie F3= Cecaysks

8/14/2019 C14 ReportRev03

19/23

FIAPLJKC PEK^@ZVK][@CZ]D @EBKE@@ZKEB F@E]@Z

RCV]@-]I-@E@ZB[ Z@V@CZFD CEM ]@FDEIAIB[ FIPEFKA

EKFGIACV O. ]D@L@AKV

FDCKZ, RCV]@-]I-@E@ZB[ Z@V@CZFD CEM ]@FDEIAIB[ FIPEFKA (R]@Z])

V]CEA@[ ]DILXVIE XZIN@VVIZ @L@ZK]PV, @CZ]D CEM @E^KZIEL@E]CA @EBKE@@ZKEB

(D@EZ[GZPLJ VFDIIA INLKE@V)

]?+3-:3:-40=-:3647 N? -28437 eot3Hfiauljkc,`mu7 ;34 V. R. Lumm, 088 R`st 3:8tdVtr``t, E`w [irg, E[ 388:2, P.V.C.

FIENKM@E]KCA Z@XIZ]

]`stkeb in J`tc Cecaytkf L`tdim nir l`csurkeb % jkifcrjie ke td` FI: ke

filjustkie bcs`s nril filjustkie in lkx`m jkib`ekf cem p`trifd`lkfca wcst`s

cem

Xr`aklkecry Firr`actkie in % Jkifcrjie ke Filjustkie Bcs`s ti

3) % Jkilcss Nrcftkie ke Filjustkja`s

:) Aiw`r D`ctkeb ^cau` X`r gkaibrcl in LVR Fietckekeb 68% Likstur` cem

:8% Ke`rts

3. L`csur`m cliuets in c jkib`ekf lct`rkca (mry pcp`r in geiwe keirbcekf fiet`et) cem c

p`trifd`lkfca (piay tdya`e`) w`r` lkx`m ke vcrkius pripirtkies cem filjust`m wktd

ixyb`e ke c Xcrr Jilj Fcairkl`t`r. Vclpa`s in td` filjustkie bcs`s w`r` s`et ti J`tc

Cecaytkf ke Nairkmc wdi cecayz`m td` FI: ke td` bcs sclpa` nir Fcrjie 3=. ]d` r`suats

in JC cr` filpcr`m ti td` geiwe lkxtur`s ke ]cja` 3 j`aiw. Kt fce j` s``e tdct

`xf`aa`et cbr``l`et wcs ijtcke`m.

:. Ke prkir stumk`s in td` filpisktkie in luekfkpca siakm wcst`s ct Fiauljkc Pekv`rskty,

td` uatklct` (ctilkf) cecaysks in vcrkius typ`s in wcst`s cem td` ctilkf w`kbdts in td`

r`sp`ftkv` `a`l`ets w`r` us`m ti m`rkv` td` filpiskt` lia`fuacr nirluac firr`spiemkeb

ti lkx`m niim wcst`s cem pcp`r?

Lkx`m niim cem br``e wcst`s? F>D;.>I6.0E8.:4 V8.:

Lkx`m pcp`r? F>D;.>I=.>E8.86> V8.83

Kt fce j` s``e tdct suanur cem ektrib`e cr` r`actkv`ay lkeir filpie`ets cem iffur

prkefkpcaay ke lkx`m cem br``e niim wcst`s. Casi, kn ie` `xfaum`s ektrib`e cem suanur, td`

lia`fuacr struftur` in lkx`m pcp`r ks v`ry fais` ti f`aauais`, (F>D38I0)x . @xfaumkeb td`

lkeir `a`l`ets cem td` keirbcekf lct`rkcas ke LVR, td` cv`rcb` lia`fuacr struftur` in

td` jkilcss ke LVR fce j` cpprixklct`m jy td` lia`fuacr filpisktkie F>D38I=(] d ` l ` aks : 8 8 : ) . Kt ks ket`r`stkeb ti eit` tdct tdks filpisktkie firr`spiems ti td` strufturca

nirluac in ct a`cst t`e irbcekf filpiuems, sufd cs `tdya jutce`mkikf cfkm, suffkekf cfkm,

cmkpkf cfkm, `tdya`e` bayfia mkcf`tct`, cem s`v`rca itd`rs (DVF Fd`lkstry, :88>). ]d`

d`ct in nirlctkie in td`s` filpiuems ks e`cray td` scl` cem fce j` us`m ti m`rkv` td`

td`rlifd`lkfca `e`rby r`a`cs`m ke td` filjustkie in tdks filpiuem wktd ixyb`e ti

nirl wct`r cem fcrjie mkixkm`.

]d` jkilcss nrcftkie ke c filjustkja` lkxtur` in jkib`ekf cem nisska-jcs`m lct`rkcas

fce j` firr`act`m ti td` jkifcrjie nrcftkie ke td` filjustkie bcs jy tcgkeb keti cffiuet

td` r`sp`ftkv` nirluac` cem fcrjie fief`etrctkies in td`s` twi typ`s in lct`rkcas.

]d` Aiw`r D`ctkeb ^cau` in c filjustkja` lkxtur` ks td`e filput`m nril td`

8/14/2019 C14 ReportRev03

20/23

R]@Z] Fienkm`etkca- Xcb` : in 0 Mct`

r`sp`ftkv` nrcftkies cem Aiw`r D`ctkeb ^cau`s in td` twi lct`rkcas. ]dks wcs mie` ke

]cja` : j`aiw. ]d` AD^ in td` filjustkja` lkxtur` ks td`e firr`ft`m nir c) td` stklct`m

% likstur` fiet`et in td` LVR cem j) td` `stklct`m fief`etrctkie in ke`rt lct`rkcas

(`.b., bacss, l`tcas, `tf.) ke td` LVR. ]d` r`suatkeb fcafuactkies nir vcrkius % jkifcrjie

nrcftkies cem nir ce cssul`m 68% likstur cem :8% ke`rt lct`rkcas ke td` LVR cr`

sdiwe ke ]cja` : j`aiw.

]cja` 3. ]`stkeb in cffurcfy in J`tc Cecaytkf L`tdim nir % jkifcrjie ke FI: lkxtur`s

Filpisktkie in jkilcss us`m (lct`rkca mrk`m nuaay j`nir` us`)

F>D38I0 % ke pcp`r % in titca

Fcrjie 2: ==.=% 60.3%

Dymrib`e 38 >.:% =.;%

Ixyb`e 48 =;.=% 6;.8%

Lia`fuacr w`kbdt 3>: 388.8% 2;.8%

Keirbcekfs fiet`et, privkm`m jy lceuncftur`r :3.8%

Xiay`tdya`a`e` e(F:D=) (mry) % ke piay`tdya`e`

Fcrjie := 40.2% 40.2%

Dymrib`e = 3=.6% 3=.6%

]itca :4 388.8%

Lkxtur`s R]@Z] fcafuactkie in J`tcAcj

%Xiay % pcp`r % jkifcrjie %jkifcrjie

388 8 8.8% 8

48 :8 ;.6% 38>8 =8 :3.0% ::

=8 >8 64.3% 6;

:8 48 >:.3% >3

8 388 388.8% 388

Fcafuactkie in Aiw`r D`ctkeb ^cau`s?

Aiw`r D`ctkeb ^cau` in e(F:D=) 36:: gO/l

Lia`fuacr w`kbdt? :4 b/gl

AD^ in e(F:D=) =2.: gO/b

AD^ in e(F:D=) =2.: LO/AD^ in lkx`m pacstkfs (]d`l`aks, Rcst` Lcecb`l`et & Z`s`crfd

(s`` Nkbur` 3)

66 LO/

Aiw`r D`ctkeb vcau` in lkx`m jkilcss (F>D38I=) (s`` j`aiw) -32.; LO/

% F ke jkilcss (F>D38I=) ==.= %

8/14/2019 C14 ReportRev03

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R]@Z] Fienkm`etkca- Xcb` 6 in 0 Mct`

@nn`ft in fiestktu`ets cem likstur` ie d`ctkeb vcau` in LVR

(]d`l`aks, Gkl, Jrcmy Rcst` Lcecb`l`et cem Z`s`crfd, :88:

]cja` :. Firr`actkie in % jkifcrjie ke filjustkie bcs`s ti Aiw`r D`ctkeb ^cau` in LVR

% jki F

ke FI: in

prif`ss

bcs

% jkilcss

ke filjust-

kja`s.

AD^ in

jkilcss

nrcftkie,

LO/gb

AD^ in

nisska

nrcftkie,

LO/gb

AD^,titca in

filjustkja`s.

LO/gb

AD^, tit

ct 68%

D:I

LO/gb

AD^, titca ct

68% D:I cem

:8% ke`rts

8 8.8% 8.8 66.8 66.8 ::.40 34

38 3=.:% :.0 :4.6 68.; :3.60 32

:8 :2.:% =.; :=.8 :4.; 3;.;4 30

68 6;.8% 2.8 :8.3 :2.3 34.26 3=

=8 =;.4% 4.; 3>.> :0.0 32.04 3=

08 0;.;% 38.2 36.: :=.8 3>.0: 36

>8 >;.3% 3:.= 38.: ::.> 30.0= 3:

28 22.2% 36.; 2.= :3.6 3=.>= 33

48 40.>% 30.6 =.2 :8.3 36.48 33

;8 ;6.3% 3>.2 :.6 34.; 36.83 38388 388.8% 32.; 8.8 32.; 3:.:4 ;

8/14/2019 C14 ReportRev03

22/23

R]@Z] Fienkm`etkca- Xcb` = in 0 Mct`

Cpp`emkx 3. Fcafuactkie in Aiw`r D`ctkeb ^cau` in jkilcss

F>D38I=(::Ma) + >.0I:(b) < >FI:(b) + 0D:I(b)

] m`atcD m`atcV m`atcB G Aib(G)

F gO O/G gO

8.888 -:0;>.322 >62.26: -:228.62= 3.888@+684 684.888388.888 -:>86.3:0 >30.40= -:46:.;63 3.888@+684 684.888

:88.888 -:>82.4;6 >8=.==0 -:4;6.44> 3.888@+684 684.888

688.888 -:>38.;64 0;4.00; -:;0=.88: 3.26:@+:>; :>;.:6;

=88.888 -:>3:.=;= 0;>.8:> -6836.28; 2.086@+:66 :66.420

088.888 -:>3:.28> 0;0.233 -6826.:48 =.=26@+:82 :82.>03

>88.888 -:>33.>2: 0;>.;0= -636:.;86 :.2:;@+342 342.=6>

288.888 -:>8;.=23 0;;.6:; -63;:.28; :.=68@+323 323.64>

488.888 -:>8>.3>2 >8:.006 -6:0:.2;2 :.34;@+304 304.6=8

;88.888 -:>83.4=2 >8>.6;0 -6636.:=8 6.=:0@+3=2 3=2.060

3888.888 -:0;>.0;0 >38.>42 -662=.8;3 :.220@+364 364.==6

AD^ in jkilcss? -:>38 gO/lia < -:>38/3=4.3 < -32.4> gO/b < -32.4> LO/gb

Cpp`emkx :. Filpisktkie in jkilcss ke P.V. LVR

]cja` 6 ks jcs`m ie td` fdcrcft`rkzctkie in P.V. LVR W2\. Jkilcss lct`rkcas, k.`. pcp`r,

niim cem ycrm wcst`s, wiim, a`ctd`r, fittie cem wiia, fiestktut` >;.0% in td` LVR cem

p`trifd`lkfcas ceitd`r 30%. ]d` r`st cr` keirbcekf lct`rkcas sufd cs l`tcas, bacss,

bypsul, cem itd`r lke`rcas.

]cja` 6. Fdcrcft`rkzctkie in P.V. LVR jy PV@XC W2\

Jkilcss filpie`ets % X`trifd`lkfca

filpie`ets

%

Xcp`r/jicrm

Riim

[crm trkllkebs

Niim sfrcps]`xtka`s (fittie, wiia,

a`ctd`r)*

6>.:

0.4

3:.3

33.26.2

Xacstkfs

Zujj`r, eyaie, itd`r

t`xtka`s.*

33.6

6.2

]itca jkilcss >;.0% ]itca nisska-jcs`m 30.8%

*Zujj`r, a`ctd`r cem t`xtka`s fct`biry in PV@XC 2.=%) w`r` cssul`m ti j` mkvkm`m

`qucaay j`tw``e ecturca cem lce-lcm` primufts

8/14/2019 C14 ReportRev03

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R]@Z] Fienkm`etkca- Xcb` 0 in 0 Mct`

Cpp`emkx =. Filjustkie t`sts ti ijtcke bcs sclpa s nir F3:/F3= rctki cecaysks (jy

R`re`r Vueg)

Rdkt` pcp`r (Firpirct` @xpr`ss @crtdscv`r Z`fyfa`m Xcp`r, 20b/l:, ;: Jrkbdte`ss ,

=.0% likstur`, :8-::% lke`rca fiet`et, 26-20% wiim nkj`r) cem Dkbd M`eskty

Xiay`tdya`e` (DMX@, Camrkfd, Xrimuft Ei.? =:2;40) w`r` filjust`m wktd ixyb`e

(r`s`crfd brcm`, WFI:\18.83ppl) ke fdcebkeb pcp`r/DMX@ rctkis.Jitd td` pcp`r cem DMX@ w`r` briuem (`csk`r prif`sskeb cem j`tt`r filjustkie) cem

mrk`m ke c nurecf` ct 380-338 m`br`` F. Vclpa`s wktd c titca w`kbdt in 3b (6%) ke 8%

pcp`r, :8%, =8%, >8%, 48%, 388% DMX@ rctkis w`r` pr`pcr`m cem pr`ss`m keti p`aa`ts.

]d` filjustkie jilj (^8% DMX@ 8.=8 8.>8 86/36/82

= >8% pcp`r/=8% DMX@ 8.>8 8.=8 86/36/82

0 48% Xcp`r/:8% DMX@ 8.48 8.:8 86/36/82

> 388% pcp`r/8% DMX@ 3.88 8.88 86/3:/82

Ekfgiacs O. ]d`l`aks, Cprka 3>, :882

Fipyrkbdt R]@Z], Fiauljkc Pekv`rskty-Caa rkbdts r`s`rv`m