6.5 CuDeco Registry Anomalies 5

8/12/2019 6.5 CuDeco Registry Anomalies 5

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IUHEIA YFNPEFACHEP PEYENPIF

IFNZXEP


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PELEPEGIE CBGOY XA ZPE\BAUY PEYENPIF ZNZEPY

Ifnpter >; Bgtrahuitbag>.> Tfy @cad1

>.0 Xfe Iurregt Ybtuntbag

>.9 @cad Iagtegt

Ifnpter 0; Ng Avervbew al Xreghs Nssaibnteh Tbtf >5 Magtfs al Xrnhbgd

0.> Bgtrahuitbag

0.0 Xrnhbgd Xreghs Aver n >5 Magtf Zerbah

Ifnpter 9; Xrnhbgd Xreghs Cenhbgd up ta Nud >6, 0:>:

9.> Xrnhbgd Cenhbgd Up ta tfe Nud >6 Pesaurie Updrnhe

9.0 Ng Ngncysbs al Zrbie Ugher-Zerlarmngie Hurbgd Kng-Le` 0:>:

9.9 Mnroet Mngbpucntbag Bssues, 4.5 Magtfs al Nuitbag Bgvestbdntbags ngh Hawg Xbio Ngncysbs9.8 N Pevbew al Kuge/Kucy 0::< KAPI Bssues

9.5 Mnroet Penitbags ta Ybdgblbingt Nggaugiemegts 0:>:

9.< Xfe 0:>: Pesaurie Estbmnte ngh Bssues Pecnteh ta KAPI Iahe Iampcbngie

Ifnpter 8; Xrnhbgd tfnt Aiiurreh Laccawbgd tfe Nud >6, 0:>: Pesaurie Updrnhe

8.> Fbstarbi Xreghs ngh Nud >6, 0:>: Xrnhbgd Hntn

Ifnpter 5; Xrnhbgd Uphntes

5.> Yfart Zasbtbag Uphnte - Gav >, 0:>>

5.0 Pedbstry Uphnte ns nt Gav 9, 0:>>

5.9 Mnroet Uphnte Gav >8

5.8 Yummnry al Bssues Zcus Xrnhbgd Ngamncbes Hurbgd Gavem`er 0:>> ngh bg n @ranher IagtextIfnpter


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EVEIUXB\E YUMMNPR

Bssues tfnt fnve emerdeh bg 0.5 yenrs al trnhbgd bg IuHeia Cbmbteh iagiergbgd tfe bmpnit tfnt bgstbtutbagnc

sfnrefachers fnve fnh bg tfe mnroet ngh ag tfe redbster nre summnrbzeh ècaw. Lurtfer iagiergs wbcc è

`raudft ta gatbie bg lartfiambgd `cads.

n. Inrtec Iagiergs;Xfe trnhbgd al sapfbstbinteh bgstbtutbagnc bgvestars aver n twa ngh n fncl yenr perbah fns tfe fnccmnros al n

inrtec iagtraccbgd ncc nspeits al trnhbgd. Xfe magapacy aver trnhbgd fns resucteh bg trnhbgd stntbstbis suif ns;

5 Bgstbtutbagnc sfnrefachers niiaugtbgd lar ;

a 4:% al ncc redbstry mavemegts aver 0.5 yenrs, ngh?

a 65% al ncc redbstry nitbvbty aver tfe lbrst < magtfs al 0:>0.

0 bgstbtutbagnc sfnrefachers bg tfebr awg rbdft niiaugtbgd lar;

a 5:% al ncc redbstry nitbvbty aver 0.5 yenrs ngh?

a 4:% al ncc redbstry nitbvbty aver tfe lbrst < magtfs al 0:>0.

Bgstbtutbagnc hencbgds nre ifnrniterbzeh `y fbdf cevecs al ifurg wbtf sfnres èbgd pnsseh `nio ngh lartf

ètweeg enif atfer resuctbgd bg extrnarhbgnry redbstry sfnre lcaws suif ns;

Xfe symmetry al sfnre lcaws ngh tfe ense `y wfbif cnrde vacumes al seccbgd ngh ùybgd fnve èeg

niiammahnteh `y tfe mnroet nre hbllbiuct ta reiagibce wbtf degubge trnhbgd ngh suddest tfnt tfe mnroet

fns èeg hambgnteh `y lugh mngnders pursubgd suspbibaus bgvestmegt a`keitbves.

Gate; Pedbstry nitbvbty bgicuhes trnhes tfnt fnve aiiurreh ag tfe NYV ngh su`sequegtcy settceh, ùt bt ncsa

bgicuhes trnhes tfnt fnve aiiurreh nwny lram tfe NYV suif ns tfraudf Hnro Zaacs.

`. Xrngspnregiy Iagiergs;Xfe system al trnhbgd ngh settcemegts, wfbce purpartehcy lnbr ngh trngspnregt fns resucteh bg agcy 04..8 mbccbag sfnres. Iam`bgeh bgstbtutbagnc awgersfbp fns

bgirenseh lram >2% al tfe redbster bg Kngunry 0:>: ta 96% al tfe redbster nt tfe egh al Kuge 0:>0.

0.5 Renrs al @raoer Xrnhbgd bg terms al tfe Pedbster

Apnque Hencbgds Xrngs nregt

40.8 %04.< %

Pepresegtbgd nraugh 8:6.2 mbccbag

ùys & seccs bg tfe mnroet

Xfe cnio al trngspnregiy bs einuse mast trnhes nreexeiuteh bg tfe mnroet `y `raoers ngh tfeglarwnrheh ta atfer ndegts lar settcemegtnghmnbgcy bg lnvaur al bgstbtutbags. Xfe cbgos etweegicbegt ngh raoer nre iampcetecy a`siureh bg tfepraiess.

Mngy al tfe trnhes ncsa represegt wnsf trnhes tfnthagt eveg mnoe bt ta tfe redbster.

Bgstbtutbagnc Egtbty ALL AG GEX

Ibtbiarp Gambgees >08,:54, >09,>


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h. Nèrrngt trnhbgd treghs;Pesenrif fns bgvestbdnteh wfetfer redbstry ngamncbes (b.e.? cnrde lcuituntbags ètweeg tfe vacumes al

ùybgd & seccbgd ngh tfe vacumes al sfnre lcaws tfnt fnve aiiurreh ag tfe redbster) nre n pabgter ta

ugartfahax ngh passb`cy mngbpucntbve trnhbgd èfnvbaurs. Xrnhbgd aver tfe 0.5 yenrs revbeweh fns

hemagstrnteh iagsbstegtcy fbdf cevecs al ngamncbsm tfnt fns lcuitunteh ètweeg perbahs al Tnsf Xrnhes

ngh perbahs al Hnro Xrnhes nàut wfbif vbrtunccy gatfbgd bs ogawg.

Bg tfe tn`ce ècaw, vnrbngies ètweeg redbstry sfnre lcaws ngh NYV vacumes fnve èeg iampnreh ta àtf NYV

vacumes ngh ta redbstry vacumes. Zerbahs wfere Tnsf Xrnhes ngh Hnro Xrnhes fnve hambgnteh nre sfnheh. Bt

ncsa geehs ta è oept bg mbgh tfnt vnrbngies lar garmnctrnhbgd wauch è expeiteh ta è icase ta zera.

Hnro Xrnhes rednrhbgd IuHeia nre ruggbgd nt cevecs tfnt nre muctbpces al tfe cevecs ncrenhy irentbgd

iagiergs lar tfe NYV ngh lar tfe mnroet reducntar.

(Xfe rntbas bg tfe tn`ce bghbinte tfe gumèr al redbstry sfnre lcaws tfnt fnve iarrespagheh ta n trnhe al

>:: sfnres ag tfe NYV. Garmnccy, n trnhe al >:: sfnres sfauch iarrespagh ta redbstry lcaws al >:: sfnres).

e. Iagtrac aver prbibgd mavemegts;N recntbvecy smncc draup al nllbcbnteh `raoers fnve èeg respagsb`ce lar mast al tfe lnccs bg prbie tfnt fnve

aiiurreh ngh tfey fnve useh pnriecs al sfnres iagsbhern`cy smnccer bg sbze tfng tfe nvernde sbzeh pnriec

nirass ncc trnhbgd. Pesenrif hntn suddests tfnt tfe meifngbsm lar prbie lnccs bs pradrnmmeh bgta ncdarbtfms

wfbif seem ta reiadgbze dnps ètweeg @BHs ngh NYOs wfeg tfey nppenr ngh tfeg tnoe prbies cawer wbtfebtfer n irass trnhe ar wbtf n trnhe tfnt daes tfraudf nt n cawer NYO prbie. Ytrngdecy, tfe meifngbsm lar

iagtrac aver prbie lnccs fns resucteh bg agcy 5% al ncc hawgwnrh mavemegts bg prbie aiiurrbgd nt tfe uyers

@BH prbie. Bmpcbibt bg tfe iagtrac aver prbies bs tfe n`bcbty lar ncdarbtfms ta samefaw reiadgbze tfe quates

al nllbcbnteh `raoers ngh ta egsure tfnt n trnhbgd pnrtger bs n`ce ta reiebve enif Hawg Xbio.

l. Hambgngt trnhbgdXfe bgstbtutbagnc bglcuegie aver trnhbgd bs sprenh lnr ngh wbhe ùt bt ncsa mngblests tfraudf pnrtbiucnr

`raoers fnvbgd mare prambgegt races, tfraudf draups al `raoers fnvbgd prambgegt races ngh tfraudf retnbc

`raoers inmaulcndbgd cnrde vacumes al bgstbtutbagnc arhers nmagdst tfase al retnbc icbegts. Mast al tfe

iagtrac emerdes tfraudf trnhbgd ncdarbtfms tugeh ta degernte pnrtbiucnr trnhbgd vacumes ngh samefawhesbdgeh ta bgternit wbtf tfe `raoers wfa nre ncc servbibgd bgstbtutbagnc ùybgd ngh seccbgd bgstruitbags.

Bg pnrtbiucnr, tfe trnhbgd hntn nssaibnteh wbtf `raoer U@Y Yeiurbtbes rnbses severnc iagiergs. Tbtf n mnroet

sfnre al agcy 5.5% al ncc trnhbgd vacumes, bt fns iagsbstegtcy èeg tfe cnrdest get seccer al sfnres bg aver 0.5

yenrs al trnhbgd. U@Y fns ncsa èeg respagsb`ce lar n mnmmatf 04% al ncc settcemegt nitbvbty wfbif

hemagstrntes tfe wbhe rngdbgd bgvacvemegt bt fns wbtf tfe trnhbgd al atfer `raoers, ngh bt fns iaghuiteh

tfe cnrdest gumèr al irassbgds (VX trnhes) ngh tfe cnrdest gumèr al trngsnitbags àtf `y very wbhe

mnrdbgs. U@Ys race bg hawgwnrh prbie mavemegts bs bghbinteh lar exnmpce `y n mnroet sfnre al 08% al ncc

Hawg Xbios tfnt fnve aiiurreh hurbgd tfe >st

fncl al 0:>0..

Xatnc Hnro Xrnhes; >>>2.5 mbcc ùys Xatnc Tnsf Xrnhes; 64.> mbcc seccs, 62.> mbcc ùys

Degernc;

Xrnhbgd hntn suddests tfnt ngamncaus treghs nre tfe resuct al bgstbtutbagnc lugh mngnders iaccuhbgd wbtftfebr trnhbgd ngh sprenhbgd tfebr bglcuegie nirass n wbhe getwaro al `raoers. Nssbstbgd tfem bg tfebr

eghenvaurs fnve èeg FLX ncdarbtfmbi trnhbgd pradrnms (bg iagtraccbgd prbie mavemegts ngh nuitbag

resucts), mngbpucntbve sfart seccbgd, bccednc Tnsf Xrnhes, Hnro Zaac sfnre exifngdes ngh n drasscy gag-

trngspnregt trnhbgd ngh settcemegt egvbragmegt. Bg sa habgd tfey tnoe ag tfe nppnrngie al n inrtec tfnt bs

magapacbzbgd ncc nspeits al trnhbgd ngh severecy iamprambsbgd tfe mnroetsrace bg lnbr prbie hbsiavery.

Zre KAPI KAPI Zast KAPI

Iampnrbsag

Kng ta Mny

0:>:

Kug & Kuc

0:>:Nud 0:>:

Yept

0:>:

Ait & Gav

0:>:

Hei 0:>: ta

Hei 0:>>

Kng ta Kug

0:>0

Xa Pedbstry \acumes 02% 85% >>2% 8>% 85% 95% 5>%

Xa NYV \acumes 00% 6>% 58% 4:% 9>% 86% >:9%

Pntba >::;46 >::;>6> >::;8< >::;>4: >::;::;>58 >::;0:9

Extremecy ngamncaus


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IFNPXY YFATBGD NG BGIPENYBGD BGYXBXUXBAGNC ZPEYEGIE AG XFE PEDBYXEP NGH N HAMBGNGIE A\EP XPNHBGD

Xap 0: - Bgstbtutbags

Xap 0: - Atfer Fachers

@ncngie al Pedbster

Pedbstry @renohawg 0::,0, & 9

Ibtbiarp

Gntbagnc

FY@I

Gag Bgstbtutbags

NG[

KZ Mardng

HAMBGNGIE A\EP XPNHBGD @R IuHEIAs BGYXBXUXBAGNC YFNPEFACHEPY

Iam`bgeh Bgstbtutbagnc

Fachbgds ns nt Kng >, 0:>:

0:,885,696 sfnres

(>8.6% Awgersfbp)

Iam`bgeh Bgstbtutbagnc

Fachbgds ns nt Kug 9:, 0:>0

4>,: Kug 0:>0

Zcniemegts + 92.0 M

Xrnhbgd + >0.0 M

Niiumucntbag

BGIPENYBGD CE\ECY AL BGYXBXBXBAGNC ATGEPYFBZ A\EP XFE PEDBYXEP

Bgstbtutbags

Ibtbiarp

Gntbagnc

FY@I

>,0, & 9

KZ Mardng

9: Magtfs Xrnhbgd 0:>0 - < Magtfs Xrnhbgd

Xap 0:Bgstbtutbags

Gew Npex Nsbn

Xap 0: - Atfer Fachers

@ncngie al Pedbster

Pedbstry @renohawg 0:>0

Xatnc Pedbstry MavemegtsALL AG

896,6::,6>2 892,:>>,069

Xatnc Pedbstry MavemegtsALL AG

. Petnbc 0>.6% 2.4%

0. Iarparnte 4.:% 0.>%

9. IuHeia >.


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...........Zd. 4

NG A\EP\BET AL XFE TAPCHY LBGNGIBNC YRYXEM

Yeitbag 0 Zd.>:

XFE ATGEPYFBZ AL XFE NYV, NUYXPNCBNG LBGNGIBNC MEHBN NGH ZU@CBI YFNPE LAPUMY

Yeitbag 9 ............. Zd. >

N YUMMNPR AL 9: MAGXFY AL @PAOEP NIXB\BXR

Yeitbag 5 ........ Zd. 89

BGYXBXUXBAGNC PEDBYXPR NIXB\BXR LPAM KNGUNPR 0:>: ta KUGE 0:>0

Nppeghbies .... Zd. ; XAZ 0: YFNPEFACHEP CBYXY LPAM 0::< ta 0:>> Zd.

Nppeghbx 0; @PAOEP XPNHBGD YUMMNPR; KNG 0:>: XA KUGE 0:>0 Zd. : XA KUGE 0:>0 Zd. : XA KUGE 0:>0 Zd.


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Yeitbag >

@NIODPAUGH BGLAPMNXBAG;

Ng Avervbew al tfe Tarchs Lbgngibnc Yystem


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.> N ZEPYZEIXB\E AG XFE YXPUIXUPE AL TAPCH LBGNGIE

A`servbgd faw tfe warch lbgngibnc system bs struitureh fecps ta put bgta perspeitbve tfe trnhbgd tnobgd

pcnie bg tfe mnroets ngh bg pnrtbiucnr, tfe trnhbgd nssaibnteh wbtf IuHeia.

Nlter tfe Dca`nc Lbgngibnc Irbsbs bg 0::6 n sibegie nseh ardngbzntbag tfnt pu`cbsfes tfe we` ezbge Gew

Yibegtbst Agcbgeiaghuiteh extegsbve resenrif bgta tfe struiture al warch lbgngies. Bglarmntbag nàut tfe

ardngbzntbag mny è summnrbzeh ns;

Gew Yibegtbst mndnzbgewns cnugifeh bg >25< lar ncc tfase meg ngh wameg wfa nre bgteresteh bg sibegtblbi

hbsiavery, ngh bg bts bghustrbnc, iammeribnc ngh saibnc iagsequegies. Bt expcares ngh bgterprets tfe resucts al

fumng eghenvaur set bg tfe iagtext al saibety ngh iucture. Gew Yibegtbst expcnbgs wfy n hevecapmegt bs

sbdgblbingt ns wecc ns puttbgd saibnc ngh iucturnc iagtext nraugh bt, hecbverbgd mare bgsbdft tfng ngy atfer

iurregt nllnbrs ar sibegie saurie.

Xfe resenrif wns prampteh `y tfe preinrbaus stnte al nllnbrs bg rednrh ta dca`nc lbgngies trbddereh `y tfe

iaccnpse al Cefmng @ratfers. Xfeiaccnpsewns recnteh ta ng extreme aver expasure ta su`-prbmemartdndes y Cefmng wfbif fnh bmmehbnte rnmblbintbags nirass tfe warchs lbgngibnc system. Xfe resenrif

`y tfe Gew Yibegtbst ardngbzntbag hemagstrnteh tfe stragd recntbagsfbps ètweeg tfe warchs mast

pawerluc eiagambi egtbtbes tfraudf kabgt awgersfbp al nssets, strntedbi nccbngies ngh kabgt hencbgds nirass n

rngde al lbgngibnc prahuits. Bmpartngtcy bt sfaweh faw pra`cems ing qubiocy mngblest dca`nccy wfeg n

mnkar lbgngibnc intnstrapfe aiiurs èinuse al tfe ifnbg al iaggeitehgess ètweeg tfese pawerluc

egtbtbes.

Xfe lucc nrtbice bs nvnbcn`ce ag tfe bgterget 3cbgo7,fawever tfe mnbg lbghbgds nre summnrbzeh ècaw.

.0 XBXCE al NPXBICE;Xfe Inpbtncbst Getwaro Xfnt Pugs Xfe Tarch;

Ng ngncysbs al tfe recntbagsfbps ètweeg 89,::: trngsgntbagnc iarparntbags fns bhegtblbeh n

recntbvecy smncc draup al iampngbes, mnbgcy `ngos, wbtf hbsprapartbagnte pawer aver tfe dca`nc

eiagamy.

Xfe rencbty nseh stuhy iam`bgeh tfe mntfemntbis cagd useh ta mahec gnturnc systems wbtf

iamprefegsbve iarparnte hntn ta mnp awgersfbp nmagd tfe warch's trngsgntbagnc iarparntbags

(XGIs).

Zrevbaus stuhbes fnve laugh tfnt n lew XGIs awg cnrde ifugos al tfe warch's eiagamy, ùt tfey

bgicuheh agcy n cbmbteh gumèr al iampngbes ngh ambtteh bghbreit awgersfbps, sa iauch gat sny

faw tfbs nlleiteh tfe dca`nc eiagamy - wfetfer bt mnhe bt mare ar cess stn`ce, lar bgstngie.

Xfe stuhy wns `nseh ag n hntn`nse cbstbgd 94 mbccbag iampngbes ngh bgvestars warchwbhe, wfere

89,:9>6 nppenreh ta iacceitbvecy awg tfraudf tfebr sfnres

tfe mnkarbty al tfe warch's cnrde `cue ifbp ngh mngulniturbgd lbrms - tfe "renc" eiagamy -

represegtbgd n lurtfer 9>6 iampngbes trnioeh `nio ta n "super-egtbty" al >84

eveg mare tbdftcy ogbt iampngbes - ncc al tfebr awgersfbp wns fech `y atfer memèrs al tfe super-

egtbty - tfnt iagtracceh 8: per iegt al tfe tatnc wenctf bg tfe getwaro. "Bg elleit, cess tfng > per

iegt al tfe iampngbes were n`ce ta iagtrac 8: per iegt al tfe egtbre getwaro"
http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/http://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.htmlhttp://www.aspectfinancial.com.au/docserver/01334575.pdf?fileid=01334575&datedir=20120919&edt=MjAxMi0wOS0xOSswOTo1Mzo0NSsxMjArNjEwMDg4MzcrZXRyYWRleG1sK3JlZGlyZWN0Ky9pbWFnZXNpZ25hbC9lcnJvcnBhZ2VzL0V0cmFkZVBERlRpbWVvdXQuaHRtbCsvaW1hZ2VzaWduYWwvZXJyb3JwYWdlcy9wZGZkZWxheWVkLmpzcA==&popup=truehttp://www.newscientist.com/data/html/ns/mediacenter/uk/intro.jsphttp://www.newscientist.com/http://www.newscientist.com/


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Xfe tap 5: al tfe >84 super iaggeiteh iampngbes nre summnrbzeh ècaw. Xfe fbdfcbdfteh egtbtbes

fnve iaggeitbags ta tfe trnhbgd tnobgd pcnie wbtf IuHeia niiarhbgd ta tfe laccawbgd;

a Xfey mny è represegteh ns n gambgee egtbty sbttbgd bg ng bgstbtutbagnc niiaugt (dreeg lagt)

tfnt bs cbsteh ns n IHU sfnrefacher, ar?

a Xfey mny è n `raoer nllbcbnte al tfe cenhbgd warch iampngy tfnt bs fenvbcy bgvacveh bg tfe

trnhbgd al Iuheia sfnres (reh lagt).

>. @nricnys pci >6. Dachmng Ynifs Draup Bgi 92. X Pawe Zrbie Draup Bgi 94. IGIE

9. LMP Iarparntbag 0:. Cedd Mnsag Bgi 96. Gamurn Fachbgds Bgi

8. NVN 0>. Mardng Ytngcey 92. Xfe Hepasbtary Xrust Iampngy

5. Ytnte Ytreet Iarparntbag 00. Mbtsu`bsfb ULK Lbgngibnc Drp 8:. Mnssnifusetts Mutunc Cble Bgsurngie

. BGD Draep G\

4. Cednc & Degernc Draup pci 08. Yaibt Dgrnce 80. @rnghes Bgvestmegt Znrtgers CZ

6. \ngdunrh Draup Bgi 05. @ngo al Nmerbin Iarparntbag 89. Ugbirehbta Btncbnga YZN

2. U@Y ND 0:. Merrbcc Cygif & Ia Bgi 04. Bgvesia pci 85. \eregbdbgd Nedag

>>. Teccbgdtag Mngndemegt Ia 06. Nccbngz YE 02. XBNN 80. Heutsife @ngo ND 9:. Ach Mutunc Zu`cbi Cbmbteh Ia 84. Nllbcbnteh Mngnders Draup Bgi

>9. Lrngocbg Pesauries Bgi 9>. Nvbvn pci 86. Pesagn Fachbgds Bgi

>8. Irehbt Yubsse Draup 90. Yifrahers pci 82. Inpbtnc Draup Bgtergntbagnc Bgi

>5. Tnctag Egterprbses CCI 99. Hahde & Iax 5:. Ifbgn Zetraifembinc Draup Iampngy

>4. Gntbxbs 95. Yug Cble Lbgngibnc Bgi

.9 IAMMEGXY

Bt bs al bgterest tfnt tfe \ngdunrh Draup bs rnteh ns tfe Ga 6 warch rnteh iampngy ngh bs ncsa pnrt al tfeM&D Draup al Iampngbes. M&D nre n mnkar IuHeia sfnrefacher. Xfe iaggeitehgess al bgstbtutbagnc

trnhbgd rednrhbgd IuHeia tnoes ag n wface gew caao wfeg vbeweh lram tfe lbghbgds al tfe Gew Yibegtbst

Draup.

\ngdunrhs cnrde bgvestmegt ns pnrt al tfe draup tfnt fns inptureh n mnkar stnoe bg tfe iampngy ngh tfnt

iagtbgues ta seeo bgirenseh expasure tfraudf pcniemegts ngh tfraudf ag-mnroet ùybgd caaos ta è n

pnrtbiucnrcy sbdgblbingt hevecapmegt.

Yerbaus questbags nre rnbseh `y tfe sbmuctngeaus aiiurregie al;

Xfe nitbve bgvacvemegt al iampngbes tfnt nre cenhers bg terms al dca`nc eiagambis bg IuHeia

trnhbgd? Xfe bgvacvemegt al `raoers wfa ncsa lbdure prambgegtcy bg n dca`nc iagtext bg trnhbgd IuHeia

sfnres?

Xfe ngamncaus treghs evbhegt bg cagd term trnhbgd hntn lar IuHeia? ngh

Xfe gedntbve press iavernde rednrhbgd Paiocnghs ngh IuHeia bg iagtrnst ta tfe iampngy repartbgd

stragd pradress ag ncc lragts ns bt lnst trnios hevecapmegt.

IuHeias bgstbtutbagnc sfnrefachers bg represegtbgd sapfbstbinteh bgvestars fecp ta expcnbg tfe renhy

niiessb`bcbty ta Hnro Zaacs ta iagvegbegtcy re-nrrngde partlacbas wfegever requbreh ngh lar wfntever

rensag ns wecc ns tfe stragd cevecs al ia-arhbgntbag, ia-aperntbag ngh lnibcbtntbag tfnt nppenrs ta fnve

tnoeg pcnie bg suppart al enif atfers trnhbgd ndeghns.

Xfe sbtuntbag resagntes mare icasecy wbtf tfe iarparnte tnrdetbgd al IuHeia rntfer tfng degubge ùybgd

ngh degubge seccbgd ètweeg bgvestars nitbgd etfbinccy, lnbrcy ngh trngspnregtcy nt ncc tbmes.


10/74

>:

Yeitbag 0

LUPXFEP @NIODPAUGH BGLAPMNXBAG

Xfe Awgersfbp al tfe NYV, Nustrncbng Lbgngibnc Mehbn ngh

Zu`cbi Yfnre Larums


11/74

>>

XFE NYV; Xap 0: Yfnrefachers 0:>0

Xfe Xap 0: sfnrefachers al tfe NYV ns nt Nudust >, 0:>0 nre cbsteh bg tfe tn`ce (ns tnoeg lram tfe 0:>0

Nggunc Pepart). Nttegtbag fns èeg hrnwg ta tfe egtbtbes wfa fnve ncsa èeg nitbvecy bgvacveh wbtf

trnhbgd IuHeia sfnres ( ) ngh ta tfase wfa fnve èeg bgvacveh wbtf Iuheia ùt bg n mbgar wny. ( )

Bg n segse tfe bgvacvemegts nre gat surprbsbgd ns IuHeia bs cbsteh ns ng NYV0:: iampngy ngh tfere bs

bgteriaggeitehgess ètweeg mnkar lbgngibnc egtbtbes tfraudfaut tfe lbgngibnc system.

0 Nggunc nre ncsa cbsteh.

KZ Mardng trnhes nstwa hbstbgit egtbtbes;

K Z Mardng Gambgees

ngh

KZ Mardng GambgeesCenhbgd trnhbgd

egtbtbes


12/74


13/74

>9

0 Nggunc Pepart)

Xfe Xap 0: sfnrefachers al Lnbrlnx nre cbsteh ècaw ndnbg wbtf tfe egtbtbes wfa nre prambgegt bg trnhbgd

Iuheia fbdfcbdfteh ( ) ngh tfase tfnt fnve ncsa eeg bgvacveh ut ta n cesser extegt ncsa fbdfcbdfteh ( ).

.4% Iu equbvncegt drnhe,

wbtf drnhes bg tfe lbrst yenrs expeiteh ta è iagsbhern`cy fbdfer tfng KAPI estbmntes?

Xfe lnit tfnt ng apeg iut mbge nt Paiocnghs wbcc fnve n caw strbp rntba wbtf mbgerncbzntbag niiessb`ce

lram tfe surlnie ngh caaos cboe èbgd iammbssbageh su`stngtbnccy he`t lree?

Xfe seiurbgd al rnbc ngh part bglrnstruiture ngh tfe autrbdft awgersfbp al bts mbgbgd lceet?

Gew iapper hbsiaverbes tfnt wbcc nhh ta tfe fbdf drnhe iampagegt al tfe resaurie?

N sepnrnte rnre enrtf, preibaus metncs hbsiavery nt Tbcdnr cboecy ta larm n seiagh mbgbgd aperntbag

ta bts lcndsfbp mensureh ngh bghbinteh hepasbt ogawg ns Cns Mbgernce?

Xfe reiegt da nfenh `y tfe ^CH Davergmegt ta hevecap bts fbdfcy prambsbgd urngbum praspeits lbrst

`raudft ta prambgegie `y tfe fbdf drnhe urngbum laugh `y IPN `nio bg tfe


14/74

>8


15/74

>5

ZU@CBI LAPUMY;

Yfnre hbsiussbags ag pu`cbi larums inme bgta vadue wbtf tfe nhvegt al sfnre trnhbgd tfraudf tfe bgterget

bg tfe mbh ta cnte 2:s.Tfbce pramatbgd tfe lree exifngde al bglarmntbag ètweeg memèrs tfey fnve

ncsa praveh fnznrhaus èinuse al tfe mbsbglarmntbag ncsa sprenh `y vesteh bgterests, ngh tfe hbllbiucty bg

iagtraccbgd tfe niiurniy al wfnt bs vacugteereh.

[email protected], n mehbn iampngy rug ngh awgeh `y cagd-stnghbgd lbgngie kaurgncbsts wbtf ga tbes ta ngy

lbgngibnc servbies iampngy ar Nssaibntbag summeh up tfe nitbvbtbes al pu`cbi larums bg ng bglarmntbvenrtbice tbtceh;

XFE MRYXEPBAUY TAPCH AL YXAIO LAPUMY

Hentf tfrents, pacbtbis, nccedntbags al bgsbher trnhbgd...bt's ncc fnppegbgd ag staio larums.

>5-

4b:r.ftmc1pnde=0

>. Bgvest `y cbstegbgd ta staio tbps ag larums, gewspnpers ngh mndnzbges bs n sure wny ta lbgngibnc rubgs.

Everytfbgd yau renh fns ta è tnoeg wbtf n pbgif al snct.

0. @ubch up yaur bgvestmegt ngncytbinc sobccs - bg àtf lughnmegtnc ngh teifgbinc ngncysbs LBPYX.

9. Use larums bgteccbdegtcy. Nso questbags. Xfere bs ga suif tfbgd ns stupbh questbag. Agcy tfe stupbh ifaases ta

è stupbh `y GAX nsobgd questbags.

8. Yame lree tfbgds (cboe lree tbps) nitunccy iast n cat bg tfe egh. Rau geeh ta spegh magey ta det ehuinteh lbrst

- tfraudf àaos ar iaurses.

Ns n memèr al n larum, yau ing pcny n pnrt bg bgirensbgd tfe cevec al niiaugtn`bcbty al staio larums `y pasbgd

tfe laccawbgd questbags;

- Haes yaur bgvestar larum niiept sirbpt (sfnres bg n iampngy) bg pnymegt lar staio pramatbag ar nhvertbsbgd1

- Ha ngy al tfe awgers al yaur larum rug ar waro lar n staio `raoernde ar lbgngibnc nhvbsary lbrm1

- Tfnt bs yaur pacbiy ag peapce redbsterbgd mare tfng age niiaugt ngh wfnt teifgacady ngh praiesses ha yau

fnve bg pcnie ta prevegt tfbs mengs al mngbpucntbgd tfe sfnre mnroet1

Exierpt 0; Pe; Xbps lar su`sirbèrs ta pu`cbi

..tfe pbtlnccs wbtf bgvestar larums nre tfnt èdbggers lrequegtcy lncc bgta tfe trnp al `cbghcy laccawbgd

staio tbps, alteg ta tfebr lbgngibnc hembse, tfnt maherntbag al iagtegt bs sametbmes iamprambseh lar

tfe snoe al mnxbmbsbgd nhvertbsbgd haccnrs ngh tfnt maherntars nùse tfebr race ta lurtfer tfebr awg

bgterests, suif ns iegsarbgd pasts tfnt ha gat iagiur wbtf tfebr awg bgvestmegt vbew.

Exierpt >
https://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCXhttps://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCXhttp://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2http://www.theage.com.au/business/canadian-rules-make-coal-a-cheap-export-asset-20090115-7i0r.html?page=2https://www.acrobat.com/exportpdf/en/pricing.html?trackingid=JZBCX


16/74

>4

BGXPAHUIXBAG

Xfere fnve degernccy èeg wbhecy hbspnrnte vbews ètweeg pu`cbi perieptbags al tfe iampngy laccawbgd bts

bgbtbnc hbsiavery nt Paiocnghs `nio bg cnte 0::5 enrcy 0::< ngh tfe nitbags al sapfbstbinteh bgvestars bg tfe

mnroet. Xfe staio fns èeg surraugheh `y iagtraversy ngh iagkeiture laccawbgd bgtervegtbag `y tfe NYV bg

Kuge 0::< bg laribgd n hawgdrnhe al tfe iampngys bgbtbnc bglerreh resaurie (Peler Pesenrif Znper 9.8)

wfbif wns mndgblbeh mngy tbmes aver èinuse al lurtfer KAPI `nseh bssues surraughbgd n resaurie

updrnhe bg Nudust 0:>: (Peler Pesenrif Znper 9.:. Icenrcy tfe hbllbiucty bg èbgd n`ce ta niiurntecy estbmnte resauries lar ugbque

are àhbes suif ns Paiocnghs tfnt nre su`keit ta pragaugieh guddet elleits ceh ta bgvestars èbgdmbsbglarmeh ngh iagluseh. Xfe resuct wns n resaurie wbtf drnhe estbmntes tfnt nre cboecy ta è exieeheh

`y nitunc mbgbgd ns suddesteh `y extegsbve ùco mbgbgd trbncs tfnt fnve èeg ughertnoeg. Bt bs ng bragbi

sbtuntbag ns tfe bgtegtbag al tfe NYV KAPI iahe bs mengt ta mare recbn`cy bglarm bgvestars nàut mbgernc

resauries yet bt wauch nppenr tfnt tfe exnit appasbte fns aiiurreh.

Xfe revecntbags pravbheh `y trnhbgd èfnvbaurs bg tfe mnroet ngh tfe bgirensbgd bgstbtutbagnc awgersfbp

aver tfe iampngy passb`cy hesirbè tfe merbts al tfe Paiocngh resaurie lnr mare recbn`cy tfng n

pategtbnccy lcnweh iampucsary KAPI iahe ever iauch. Xrnhbgd hntn very muif suddests tfnt sapfbstbinteh

bgvestars fnve sebzeh upag tfe resaurie iaglusbag ngh n cboecy ughervncuntbag al tfe Paiocnghs resaurie

resuctbgd lram KAPI iampcbngie, ngh fnve useh tfe sbtuntbag ta tfebr nhvngtnde.

Xfe trnhbgd èfnvbaurs nhapteh `y sapfbstbinteh bgvestars fnve èeg cnrdecy respagsb`ce lar;

Hestn`bcbzbgd tfe mnroet nt irbtbinc tbmes?

Iagtraccbgd prbie mavemegts aver n very cagd perbah al tbme?

Ecevntbgd tfe iaglusbag surraughbgd tfe staio pnrtbiucnrcy wfeg tfe sfnre prbie fns èeg prevegteh

lram respaghbgd ta daah gews bg tfe wny tfnt bs expeiteh lram sbdgblbingt mnroet hevecapmegts?

Mnbgtnbgbgd ng ughervncueh sfnre prbie passb`cy ta lnibcbtnte appartugbstbi pcniemegts ngh `y

helnuct, bgirenseh awgersfbp aver tfe iampngy.

Xrnhbgd autiames suif ns tfe nàve fnve fnh tfe elleit al mndgblybgd ugiertnbgty ngh fns ceh ta retnbc

bgvestars èbgd iagluseh ngh bg same inses pngbioeh aut al tfebr fachbgds.


18/74

>6

0

Xfe Xap 0: sfnrefachers cbsteh `ecaw niiaugt lar % al tfe iampngy ns nt Ait 5, 0:>0. Xfe lbdure

iampnres ta 8>.: iabgibhbgd wbtf tfe awgerfbp `y sapfbstbinteh bgvestars bgirensbgd `y 04.5%.

N cbstbgd al Xap 0: sfnrefachers lram 0::< ta 0:>> bs bgicuheh ns Nppeghbx >.

: 0:>> 0:>0

K Z MAPDNG GAMBGEEY - - 66>,242 0,9 >0,609,45,::4,999 >0,022 >:,:65,986 99,258,:46 >6,495,8>06,::< 6 8,8,200 6,9,8>4

IBXBIAPZ GAMBGEEY - 0,>4>,65,000 >,:98,056 >,>66,540

NG[ GAMBGEEY >,504,064 9,608,6:5 0,58>,52< 9,422,949 - - -TEYXZNI GAMBGEEY >,:08,0>< - - - - - -

Xatncs 8,5,050,82: 08,999,>60 044 02,645,886 52,685,>:4 48,448,96>

0::6 50,66:,54: 88.8% 08,999,>60 0:.8% >>2,002,042

0::2 54,599,88> 8>.2.:% >96,>25,094

0:>: 52,852,009 8:.2% 02,645,886 0:.5% >85,8>0,> 62,6:6,9:< 5:4 94.8% >52,656,>85

0:>0 >9:,00>,:54 84.4% 48,448,96> 92.4% >66,926,50:

0:>0

Ng bgirense bg bgstbtutbagnc awgersfbp lram 0 snys n cat n`aut wfnt bs pcnybgd

aut bg tfe mnroet inmaulcndeh `y cnyers al iaglusbag sprenh `y `raoers, lbgngibnc mehbn ngh pu`cbi larums.


19/74

>2

IFNPXY

Xfe bgirensbgd cevecs al iarparnte iagtrac aver tfe redbster bs àrge aut `y tfe laccawbgd ifnrts.

Xfe sbtuntbag bs iertnbgcy iaugterbgtubtbve ta wfnt iauch è expeiteh lram n iampngy wbtf n suppasehcy

bglerbar caw drnhe resaurie. Xfe mare recbn`cy bglarmeh seitars al tfe mnroet fnve pasbtbageh tfemsecves

wfbce mngy retnbc bgvestars fnve sach aut. Xfe iampngy fns iertnbgcy vbghbinteh btsecl laccawbgd hbllbiuctbes

bg dettbgd n iampcex resaurie ta iampcy wbtf KAPI repartbgd requbremegts ngh nt tfe snme tbme fnvbgd

tfe KAPI estbmntes mntif tfe cboecy rencbtbes al mbgbgd. Ret sfnrefachers fnve èeg uglnbrcy su`keiteh tavery iagsbhern`ce casses al wenctf ngh cass al appartugbty aver n < yenr perbah tfraudf pra`cems wbtf

èbgd n`ce ta iagvey tfebr bg-fause nssessmegts ta tfe mnroet nàut n ugbque resaurie, wfbif nre cboecy ta

è muif mare niiurnte ta tfase allbibnccy sngitbageh `y tfe NYV.

0

Bgirensbgd Bgstbtutbagnc Awgersfbp

Ns n per iegt al tfe Pedbster

Bgirensbgd Bgstbtutbagnc Awgersfbp

@y Gumèr al Yfnres


20/74

0:

: 0:>> 0:>0

Zracblbi Xrnhbgd egtbtbesIbtbiar & Gntbagnc Gambgees

Hespbte mnkar iaglusbag

rednrhbgd tfe Paiocnghs resaurie

bg Nud 0:>: bt wns tfe intncyst lar

mnkar iarparnte bgvacvemegt bg

tfe iampngy tfraudf cnte 0:>:ngh 0:>>

Ait

Xfe bgirenseh redbstry presegie al bgstbtutbags fns iabgibheh wbtf ngamncaus hntn treghs ngh

hu`baus trnhbgd efnvbaurs

Yfnres Fech


21/74

0>

Yeitbag 8

N YUMMNPR AL 9: MAGXFY AL @PAOEP NIXB\BXR BGPECNXBAG XA IuHEIA


22/74

00

@PAOEP XPNHBGD YUMMNPR;Zerbah Kng 0:>: tfraudf ta Kuge 0:>0

N summnry al 9: magtfs al trnhbgd bs pravbheh bg tfe laccawbgd tn`ce. @raoer iahes nre nvnbcn`ce ns

Nppeghbx 5. Xfe Xatncsiacumg ugher tfe Xrnhbgd Hetnbcsseitbag bs tfe sum al ùybgd ngh seccbgd

trngsnitbags ngh pravbhes n mensure lram wfbif ta iampnre `raoer nitbvbty. Get bs ng bghbintbag al get

ùybgd ar get seccbgd lram ncc tfe trnhbgd ngh Mnrdbgrelers ta tfe hblleregie ètweeg nvernde seccbgd

prbies ngh nvernde ùybgd prbies.

Xfe % Mnroet Yfnreseitbag egn`ces `raoer perlarmngie ta è magbtbareh wfetfer bt `y vacume al

trnhes, gumèr al trngsnitbags ar tfe vacume al settcemegts ughertnoeg.

YNCEY ZUPIFNYEY XPNHBGD HEXNBCY % MNPOEX YFNPE

@raoerYecc Yecc @uy @uy

XrnhesXatncs Get Mnrdbg

@y Xatnc

\acume

@y Gumèr

al Xrnhes

@R

Yettcemegts\acumes Xrnhes \acumes

N@GN >2,09 00,486 >94 80,806 9,:2,6:: >< : : >2,6:: ->2,6:: - :.:% :.:% -

NBEV 08,42,496,5:6 >5,5 856,58: 6< 456,0 -88>,>6> :.66> :.>% :.>% -

@NBC % :.0%

@@R >9,5,844 06,000,>:< 08,592,864 -:.:>4 5.>% 8.0% :.6%

@ECC >:,:04,2>6 < >40 >656 925,0>6 -0>,8>8 :.:>6 :.:% :.:% -

@PCC 6> >62,>52 952,566 >6,45: -$:.5,::: 00 5,::: 5 0:,::: ->:,::: >.502 :.:% :.:% -

IBXB 02,592,:55 88,>92 02,546,86< 85,246 52,>>4,58> 92,89> $:.:> 4.0% 2.>% 0.8%

ICYN 954,29> 008 50:,208 -0:5,:% :.>% -

IMIY 0,989,569 >,4>> 0,>>5,>95 >,4>0 8,856,4>6 -006,886 -$:.:> :.5% :.9% :. 08,002 >:,6,59 0>,>:4,45< 5,948 $:.:0 0.% 0.:%

H0MV 9,465,006 >,8 8,:>:,0:4 >,000 4,425,895 008,242 -:.:58 >.:% :.9% -

HNBT 049,::8 8>5 984,:90 899 % :.>% -

HMD 98,>2:,82: 52,496 9>,8>:,>>> 5,4>4 >8> >:,>45 5 06>,620 -0,580 $:.,5:6,>< :.>:6 :.8% :.0% -

LXHX 8,859 8> 0:,86> 6,805 $:.:9 :.:% :.:% -

LTF 42,988 4: 50,04: 89 >9>,8 -04,:48 -:.288 :.:% :.:% -

DEXIA 0>5,>5> >,024 0>5,09: >,0 42 $:.:: :.>% :.9% -

DY >0,>89,69,2>> >0,929,>0> >5,:52 08,59 082,0 -:.::< 9.:% 0.2% -

FNPX 9,>4>,:5> >,94< 0,:>,8>> 5,>64,696 ->,>58,0.:8 :.%

FU@08 6,>58,058 >4 4< 008,>85 -24,2>> -$:.09 :.:% :.:% -

BGYX 5,8:5,:4< 6,66: 5,00>,205 2,95: >:, ->69,>5> -:.865 >.9% >.6% -

BGXY 04:,>2> >80 62>,99 >,>,688 ,8.58 :.>% :.:% -

BXD >> 8>2,2>2 >,0:8 595,22< 9:9,680 :.% :.0% -

KH\ 5:4,099 8:8 508,68> 869 >,:90,:48 >4, :.>% :.>% :.:%

KZM 9,546,860 8,>84 8,:42,598 9,05< 4,< 5:>,:50 -:.0 :.2% :.6% 0.8%

OAOA ,:>6 9>4 80,0:2 0:9,004 ->6,6:2 -$:.5> :.:% :.>% -

CHNC >>9,04> 05> 84,2,09> -> -:.628 :.:% :.:% -CAHD 4>9,092 6>0 >0:,859 >56 699,% :.>% -

MNIZ ,2 :.:25 >.5% :.6% >.4%

MNI^ >5,5,068,>52 9>,2>5 9:,28:,>>< -94>,426 -$:.:2 9.6% 6 >8,4:2 2,0:>,029 >8,49: >6,655,8>> -850,605 -:.:


23/74

09

YNCEY ZUPIFNYEY XPNHBGD HEXNBCY % MNPOEX YFNPE

@raoerYecc Yecc @uy @uy

XrnhesXatncs Get Mnrdbg

@y Xatnc

\acume

@y Gum`er

al Xrnhes

@R

Yettcemegts\acumes Xrnhes \acumes

MLDYN 8:,965 00 : : 8:,965 -8:,965 - :.:% :.:% -

MBGI >,82,4:2 >,54:,964 >,,428,298 $:.:4 9.% -

GNC 989,64 498,954 84,:>9 -:.:05 :.>% :.0% -GNXA 8 >2,4 >6 09,:>9 $:.20 :.:% :.:% -

AZX\ >>9,89> 852 >00,:95 05> 095,8,8>: 8,240,984 ->,:90,04> $:.58 :.,::8, 829,:28 >95 >,824,4>,54< -:.0>4 :.0% :.>% 0.8%

ZPEY 9,9>: 8 6,04: 9 >>,56: 8,2.56 :.:% :.:% -

ZYC 6,8:4,980 5,222,.6% >.:% >.9%

P@I 0> >0< 95, < 050,960 ->6>,>:: -$:.54 :.:% :.:% -

P@Y >,809,2 0,699 >,862,0 0,2>9,08,5>> 0,686 >,5,45: >,054 8,2:,92,2>9 6,492 >0,>25,995 5,086 -908,546 $:.0> 9.:% >.5,664 88:,048 6,5:: :.>59 :.>% :.:% -YFNH 450,>9: 590 9>>,4>9 06: >,:4 $:.>5 :.>% :.>% -

YFNT >,:96,,::: 652,650 ,626,598 ->46,69: :.:8< :.0% :.0% :.9%

YAYC >8,688 >0,009 >>,6>6 99,4>4,684 66,>52 -$:.:9 8.>% 0.8% >.:%

YX@D 862,296 89> 65 5,95:,659 94:,244 :.96< :.0% :.>% :.:%

YUY^ 4,80:,946 .6% >.9% -

XNRC 209,>:: 8:> 284,,64:,45: 08,55: -:.>9> :.0% :.>% -

XBM@ 842,66< 5>: 850,568 848 290,84: -04,9:0 -$:.:0 :.>% :.>% -

XZZM 5,85 6>> :.::< :.>% :.>% -

TBCY 292,426 455 540,65: 8>6 >,5>0,4,6:8,,8>:,>>> 592 02,546,86< 85,246 52,>>4,58> 92,89> $:.:> 4.0% 2.>% 0.8%

EXPH 0:< 08,592,864 -$:.:0 5.>% 8.0% :.6%

YAYC >8,688 >0,009 >>,6>6 99,4>4,684 66,>52 -$:.:9 8.>% 0.8% >.:%

MNI^ >5,5,068,>52 9>,2>5 9:,28:,>>< -94>,426 -$:.:2 9.6% : 06,99< 0:,8488 8>,54,958 >>,428,298 $:.:4 9.% -

DY >0,>89,69,2>> >0,929,>0> >5,:52 08,59 082,0 -$:.:> 9.:% 0.2% -

Y@NP >0,5>2,2>9 6,492 >0,>25,995 5,086 -908,546 $:.0> 9.:% >.:,082> 08,002 >:,6,59 0>,>:4,45< 5,948 $:.:0 0.% 0.:%

MEPC 2,>6 >8,4:2 2,0:>,029 >8,49: >6,655,8>> -850,605 -$:.:4 0.9% 9.:% 9.:%

@ECC >:,:04,2>6


24/74

08

Xfe rencbty wbtf trnhbgd bs tfnt tfe mnkarbty al ùybgd ngh seccbgd `y ncc cenhbgd `raoers bs lar bgstbtutbags

bgicuhbgd n su`stngtbnc partbag al tfe nitbvbty wbtfbg tfe retnbc `raoers, IAMM, EXPH ngh NBEV. Xrnhbgd bg

IuHeia bs hambgnteh `y `raoer Iammagwenctf Yeiurbtbes laccaweh `y Heutsife @ngo ngh Ibtbdraup Dca`nc

Mnroets ùt redbstry hntn suddests tfnt tfey nre ncc servbibgd muif tfe snme bgstbtutbagnc bgterests.

9,:< >8,592,864 5.>%

MYHT 6,,0>: 0:,8488 >>,428,298 9.2> 62>,:,082> >:,6,5>2,2>2 9:9,680 :.>%

LAYX >,5:6,,6:9,6:< 025,>>< :.8%

DY >0,>89,60,929,>0> 082,0 9.:%

H0MV 9,465,006 8,:>:,0:4 008,242 >.:%

YAYC >8,688 >52 8.>%

T@I >22,6:0 065,2>9 6>> :.>%

Xfe hambgngt get ùybgd `y @@R Cth bs cnrdecy nttrbùtn`ce ta tfe iampngy btsecl wbtf @uy @nio pradrnms ta

tnoe nhvngtnde al ng ughervncueh sfnre prbie. Xfe sfnres purifnseh tfraudf tfe @uy @nio ncsa fnh tfe

elleit al iaugterbgd bgirensbgd cevecs al sfart seccbgd tfnt tegheh ta bgirense bg bgtegsbty ns sbdgblbingtaperntbagnc `reno tfraudfs were nifbeveh `y tfe iampngy. Xfe tregh bs evbhegt ag tfe ifnrt spnggbgd 0.5

yenrs wfere tfere wns degernccy hawgwnrh pressure ag tfe sfnre prbie bg ncc perbahs atfer tfng wfeg

M&D were niiumucntbgd staio. Xfe cnrde vacumes al seccbgd `y M&D bs nssumeh ta è bgstbtutbagnccy `nseh.

0:>:

M&D@uybgd

M&DZcniemegt

M&D@uybgd

PesaurieUpdrnhe

0:>: 0:>> 0:>0

9:%

>:%

0:%

YFAPX YECCBGD(Magtfcy Yfart Ynces ns n periegtnde al Magtfcy Xatnc Ynces)

ZrbieYcump

Gage al tfe ùybgd ngh seccbgd al tfese

àoers ing è cbgoeh ta tfe redbster ns ncc

`raoers use 9rh

pnrty ndegts ta settce

tfebr trngsnitbags. Fawever bt bs

nssumeh tfnt mast al tfebr nitbvbty bs

servbibgd bgstbtutbagnc arhers ns tfe

gumèrs nre geeheh ta niiaugt lar tfe

cnrde vacumes al nio ngh lartf

bgstbtutbagnc trngslers tfnt fnve

aiiurreh.


25/74

05

Xfe iampngys @uy @nio ngh Empcayee Yfnre Zurifnse Yifeme purifnses niiaugteh lar nraugh >8 mbccbag

sfnres bg tatnc wfbif fnppegeh ta iabgibhe wbtf ncc al @@Rs niiumucntbag. Bt cenves n lurtfer ncmast >8

mbccbag @@R snces ngh icase ta >8 mbccbag purifnses nttrbùtn`ce ta bgstbtutbagnc hencbgds.

Xfe atfer sbdgblbingt niiumucntbag wns nssaibnteh wbtf ùybgd `y Mardng Ytngcey (MYHT). MYHT wns

respagsb`ce lar tfe ùco al purifnses `y M&D cenvbgd n lurtfer 6 mbccbag ùys ngh seccs ifurgeh `nio ngh

lartf tfraudf tfe mnroet. Xfe ifurgeh staio bs ncsa cboecy ta represegt bgstbtutbagnc nitbvbty.

Hbsicasures iagiergbgd tfe @uy @nio purifnses ngh tfe su`stngtbnc fachbgd al tfe M&D Draup nhh n

hedree al trngspnregiy ta tfe niiumucntbag al sfnres `y @@R ngh MYHT, fawever tfere bs zera

trngspnregiy iagiergbgd tfe nhhbtbagnc nitbvbtbes al tfe twa `raoers wfbif wfeg iam`bgeh exieehs 00

mbccbag snces ngh purifnses iaghuiteh lar ugogawg icbegtsùt nssumeh ta è bgstbtutbags.

Tfbce tfe get ùybgd bs renhbcy niiaugteh lar, bt ncsa suddests extremecy ugusunc mnroet hygnmbis. Xfe vnst

mnkarbty al trnhbgd bs represegteh `y trnhbgd ifurg `y bgstbtutbagnc bgvestars wbtf sfnres degernccy retnbgeh

ngh/ar fachbgds nhheh ta.

Bt bs fbdfcy ugcboecy tfnt kust age sapfbstbinteh bgvestar fns reiadgbzeh tfe merbts al Paiocnghs ngh fns set

nàut dnbgbgd n mnkar stnoe bg tfe iampngy wbtf ncc atfer ogawcehden`ce pnrtbes sbmpcy gat bgteresteh. Bt

haesgt mnoe segse, espeibnccy wfeg gew hbsiaverbes wbtf tfe pategtbnc ta èiame mnkar cagd cble mbgbgd

egterprbses nre n rnrbty. Ncsa, mnkar mbgbgd iampngbes nre ncc lnibgd hbllbiuctbes bgirensbgd tfebr resaurie

bgvegtarbes ngh drawbgd tfebr ùsbgesses bg rednrh ta iapper.

Ybdgblbingtcy, M&Ds heibsbag ta dnbg expasure ta Paiocnghs wns `nseh prbmnrbcy ag Hue Hbcbdegie ag tfe

bglarmntbag recenseh ag Nud >6, 0:>: wfbif iagtrnhbits tfe severe mnroet renitbag tfnt aiiurreh ngh nhhs

heep suspbibag nàut wfnt renccy taao pcnie. Espeibnccy sbgie tfe M&D ùybgd taao tfe prbie `nio up ta n

fbdf al $8.40 ag Hei >0, 0:>: kust ns tfebr ag-mnroet ùybgd inmpnbdg inme ta n fnct.

54,>6> 5.8:%

NBEV 08,42>> -0,46:,942 6.::%

ZYC 6,8:4,9:,:04,2>6 4, >,5,45: ->,5 :.:%

Xfe get seccbgd bs mare evegcy hbstrbùteh tfng tfe get ùybgd wbtf U@Y Yeiurbtbes cenhbgd tfe wny `y n

wbhe mnrdbg laccaweh `y retnbc raoers bg NBEV & EXPH ngh tfeg Heutsife @ngo (HMD). Bt bs bgterestbgd ta

iampnre tfe get seccbgd al `raoers ns per NYV hntn ta tfe get redbstry mavemegts nssaibnteh wbtf tfe snme

`raoers wfbif bs usunccy retnbc `nseh. Xfe hbsirepngibes sfawg fbdfcbdfteh bg tfe laccawbgd tn`ce pabgt ta

wfere bgstbtutbagnc trnhbgd `y `raoers fns ncsa aiiurreh ngh wfbif fns èeg settceh `y atfer ndegts gat

tfe `raoers tfemsecves.

Xfe seccbgd bs n

mbxture al retnbc ngh

iarparnte snces

fawever tfe redbster

sfaws tfnt aver 0:

mbccbag sfnres fnveèeg remaveh lram

retnbc fnghs aver tfe

0.5 yenr perbah.


26/74

054,>6> -86,9:,>>> -0,46:,942 :

ZYC 6,8:4,96 4,88

P@YM 9,>08,5>> >,5,45: ->,5,:5> 0,:>,>58,0 ->55,5:9

MNIZ 9,092 >0:,859 -520,46< 1

Xfe very cnrde vacumes al ùybgd ngh seccbgd degernccy represegt tfe wnsfbgd al sfnres `nio ngh lartf

ètweeg bgstbtutbagnc fachbgds ngh tfnt bs pnrtbiucncry evbhegt wbtf tfe mast prambgegt `raoer

Iammagwenctf Yeiurbtbes. Agcy 8:% al bts turgaver nppenrs ta è recnteh ta retnbc icbegt nitbvbty wfbif

suddests tfnt cnrde vacumes al trnhes nre cboecy ta fnve èeg hage lar bgstbtutbags.

CENHBGD @PAOEPY @R GUM@EP AL XPNHEY;

Xfe cenhbgd `raoer `y tfe gumèr al trngsnitbags put tfraudf tfe mnroet ngh `y n very wbhe mnrdbg wns

U@Y Yeiurbtbes. Dbveg tfnt very cbttce bs ogawg nàut tfe elleit al trnhbgd ncdarbtfms tfe prambgegie `y

U@Y represegts ng exieccegt stnrtbgd pabgt ta nssess wfnt bmpnit ncdarbtfms fnve ag tfe mnroet ngh tfe

lnbrgess al trnhbgd ta atfer pnrtbibpngts - espeibnccy wfeg trnhbgd pradrnms nre tugeh ta tfe pradrnms useh

`y nllbcbnteh raoers ngh espeibnccy bl `raoers nre n`ce ta rug muctbpce ncdarbtfms.

Iertnbgcy tfe system bs sfrauheh bg ugogawgs atfer tfng tfnt tfe pradrnms nre mngbpucntbve. Bt bs wfy tfemnkar pcnyers geeh equnc niiess ta tfe NYV iamputers, brrespeitbve al tfe uglnbrgess bmpaseh ag ncc atfer

pnrtbipngts wfa hagt fnve prbvbcedeh niiess.(Peler Ncng Oafcer nrtbice)

Mnroet Yfnre

@PAOEP YECC XPNHEY @UR XPNHEYXAXNC

XPNHEY@R XPNHEY @R \ACUME

U@Y 44: 85,820 >8.6% 5.8%

HMD 52,496 5>>.6% 6.:%

IAMM 86,>50 86,>6.92 85,246 2:,>>4 2.>% 4.0%

MYHT 06,99< 8>,5 8,4:2 >8,49: 02,892 9.:% 0.9%

DY >9,2>> >5,:52 06,24: 0.2% 9.:%

YAYC >0,009 >>,6>6 08,:8> 0.8% 8.>%

BGYX 6,66: 2,95: >6,09: >.6% >.9%

Y@NP 6,492 5,5.,508 >.0% 0.0%

\ery smncc arhers nre tfe preserve al sapfbstbinteh bgvestars wfa ing nllarh tfe uplragt cbiegsbgd lees ta

sngitbag tfebr use. Fawever tfe n`bcbty ta pcnie smncc arhers gat agcy fecps bg laribgd retnbc bgvestars ta pny

CAHD fns ga redbstry presegie ns

bts trnhes nre settceh `y ndegts

\nrbngies etweeg wfnt fns

aiiurreh ag tfe redbster ngh tfe

get trnhbgd al `raoers bs n pabgter

ta tfe extegt al trnhbgd hage lar

gag retnbc icbegts tfnt bs settceh

ecsewfere
http://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rsshttp://www.businessspectator.com.au/bs.nsf/Article/ASX-high-frequency-trading-HFT-markets-NYSE-pd20120411-T8S3V?opendocument&src=rss


27/74

04

mare ar reiebve cess bg arher ta dnbg ng arher lbcc ùt bt ing lnibcbtnte iagtrac aver prbibgd cevecs wbtf very

su`stngtbnc prbie lcuituntbags nifbeveh lar cbttce averncc iast.

Nhhbgd ta tfe suiiess al ncdarbtfms trnhbgd `nio ngh lartf wbtf enif atfer `y `raoers wfa nre bg iagtrac al

tfe mnroet, fns èeg n hum` hawgeh mnroet wbtf ga sbdgblbingt ùybgd bgterest lram autsbhers. Xfnt fns

iertnbgcy èeg tfe inse wbtf IuHeia. Mbsbglarmntbag fns egvecapeh tfe iampngy èinuse al KAPI recnteh

bssues stemmbgd lram tfe NYVs bgtervegtbag `nio bg Kuge 0::< ngh ndnbg bg 0:>: wbtf n resauriestntemegt tfnt wns surraugheh `y iaglusbag ngh hbsnppabgtmegt.

APHEP YB[EY UYEH @R XFE ZPAMBGEGX @PAOEPY

N summnry al tfe nvernde arher sbze useh `y tfe cenhbgd `raoers lar ùybgd ngh seccbgd bs pravbheh bg tfe

laccawbgd tn`ces. Xfe lbrst tn`ce rntes prambgegt `raoers `y tfe sbze al tfebr seccbgd arhers, ngh tfe seiagh

cbsts tfem `y tfe sbze al tfebr ùybgd arhers. Bg degernc, tfe `raoers wbtf tfe smnccest arher sbzes nre

nssaibnteh ncmast exicusbvecy wbtf trnhbgd ag èfncl al bgstbtutbag. Bt laiusses eveg drenter nttegtbag ag

wfnt trnhbgd ncdarbtfms nre nifbevbgd bg swnppbgd sfnres `nio ngh lartf ètweeg sapfbstbinteh bgtereststfnt nre cboecy ta è bglarmnccy nllbcbnteh ngh pursubgd iammag trnhbgd a`keitbves.

@raoer Yeccs XrnhesNvd.

Yecc@uys Xrnhes

Nvd.

@uy@raoer Yeccs Xrnhes

Nvd.

Yecc@uys Xrnhes

Nvd.

@uy

MYHT 6,,0>: 06,99< 9:< 0:,8488 8>,6 0:,:26,092 6 0:,:26,092 :,082> 08,002 809 >:,6,59 8>:,082> 08,002 809 >:,6,59 8>< MNI^ >5,5,068,>52 9>,2>5 842

MNI^ >5,5,068,>52 9>,2>5 842 MYHT 6,,0>: 06,99< 9:< 0:,8488 8>,2:,82: 52,496 540 9>,8>:,>>> 52:,82: 52,496 540 9>,8>:,>>> 56 >8,4:2 ,029 >8,49: 6 >8,4:2 ,029 >8,49: 92 649 >0,929,>0> >5,:52 609

DY >0,>89,69,2>> 649 >0,929,>0> >5,:52 609 MBGI >,82,4:2 64< >,54:,964 >,9,5,844 668 06,000,>:< 09,5,844 668 06,000,>:< 008,5>> 0,686 >,:24 >,5,45: >,054 >,080 YUY^ 4,80:,946 ,006 4,898,40< 5

APHY 9,::0,9:2 0,,>>2 >,24:,:96 >,8>: >,924 IMIY 0,989,569 >,4>> >,94: 0,>>5,>95 >,4>0 >,095

ZYC 6,8:4,980 >,>44 5,222,84 6,059

YUY^ 4,80:,946 ,006 4,898,40< 5 NBEV 08,42,502 0>,496,5:6 >5,5,924

IMIY 0,989,569 >,4>> >,94: 0,>>5,>95 >,4>0 >,095 APHY 9,::0,9:2 0,,>>2 >,24:,:96 >,8>: >,924

YAYC >8,688 >0,009 >,94< >>,6>6 >,89: FNPX 9,>4>,:5> >,94< 0,9:5 0,:>,8>> >,802

Y@NP >0,5>2,2>9 6,492 >,899 >0,>25,995 ,464 YAYC >8,688 >0,009 >,94< >>,6>6 >,89:

XZZM 5,85,5,924 XZZM 5,86 ,556 4,6 ,556 4,2,2>9 6,492 >,899 >0,>25,995 ,464

LAYX >,5:6, >,94< 0,9:5 0,:>,8>> >,802 ZYC 6,8:4,980 >,>44 5,222,,8 0,985 8,:>:,0:4 >,000 9,060 FU@08 6,>58,0


28/74

06

IPAYY XPNHEY

Irass trnhes fnve èeg n sbdgblbingt lenture al trnhbgd wfere tfe tregh nppenrs ta fnve èeg gat lar

pnriecs al sfnres ta è cedbtbmntecy irasseh up `y `raoers fnvbgd àtf tfe seccbgd icbegt ngh tfe ùybgd

icbegt, ùt rntfer, trnhbgd ncdarbtfms fnve bssueh tfem nutamntbinccy ns per bgùbct pradrnmmbgd

bgstruitbags. Ns suif tfe trnhes nppenr ta è mare strntedbi ngh passb`cy mngbpucntbve rntfer tfng sfnres

èbgd degubgecy exifngdeh.Irassbgds equnte ta >0.0% al ncc sfnres trnheh aver tfe 0.5 yenr perbah, sa represegt n sbdgblbingt lenture al

trnhbgd.

N summnry al tfe vnrbaus types al irass trnhes tfnt fnve aiiurreh revencs tfnt tfe mnbg irassbgd types

utbcbzeh fnve èeg VX (n stnghnrh larm al irassbgd) ngh YVVX (partlacba irassbgds).

Xype \acume Yfnre % Xype Gumèr Yfnre %VX 99,>90,8,:%CXVX 058,00: :.5% CXVX 2 :.:%

EXVX 059,>:6 :.0%

IV 0>8,802 :.8% IV >,4>5 9.9%

C>VX >25,::: :.8% C>VX > :.:%

C9VX >00,:22 :.0% C9VX 5 :.:%

C8VX 22,000 :.0% C8VX 0 :.:%

C5VX 85,>89 :.>% C5VX >8 :.:%

IVVX >8,029 :.:% IVVX 58 :.>%

GV 9,5,8:: :.:% B@VX 5 :.:%

Xatnc 82,2>:,9.:% 0,2>6

HMD 9,06.6% 92>

U@Y 0,888,650 99.8% >,220,665 ,829,60< 8.5% 8,8>2 2.2% 996

NBEV >,808,28> 8.9% 884 >.:% 9,>66

MNI^ 20:,,,>5> >.4% 0,4>< % 0>:

FU@08 9>8,206 >.:% 92 :.>% 6,:45

@ECC 0>2,9% 8,645

IYUB 0>8,:20 :.,:40 0.8% 0::

P@YM 0:2,225 :.60,856 :.% 9,408

MEPC >85,524 :.8% 9>8 :.4% 88: :.9% 9< :.>% 0,

sfnres iampnreh ta 540 lar ncc tfebr

seccs ngh 559 lar ncc tfebr ù s.

Xfe nvernde irassbgd sbze y U@Y al

>6 sfnres lar snces ngh 02: lar

purifnses. Xfe stntbstbi questbags tfe

degubgess al irassbgds pnrtbiucncry

wfeg very smncc pnriecs nre irasseh

resuctbgd bg n ifngde bg prbie .


29/74

02

0>% 924

DY 0,6% 949

HMD 0,95:,>00 >,489,989 >0% 026

MNI^ >,8>>,:58 >:% 005

IYUB >,:0:,860 4% >6,82

MEPC 58:,86> 8% >:>

MYHT 8, 9% 44

U@YT 988, 0% 90

ICYN> 82,:94 :% 0

P@Y 8>

IAMM >>,402 :% 5

Xatncs >8,9:9,628 0,060 fns seeg su`stngtbnccy mare irass

trnhes ngh cess trnhes nt tfe nsobgd prbie ùt wfeg iam`bgeh tfe resuct stbcc equnteh ta nraugh 2st

0 nre hetnbceh bg tfe gext seitbag.

0, tfe gumèr al Hawg Xbios bg prbie tatncceh 4,8. Fawever, al ncc

tfe lnccs bg prbie tfnt fnve tnoeg pcnie, agcy 8% fnve aiiurreh nt tfe ùyers @BH prbiebt bs ng nstagbsfbgd

autiame! Bt mengs tfnt rehuitbags bg prbie fnve èeg ifnrniterbzeh `y rehuieh nsobgd prbies ns expcnbgeh

nàve ar tfraudf `raoer irassbgds. Bt suddests tbdft iagtrac aver prbie mavemegts `y tfase respagsb`ce lar

tfe Hawg Xbios (HXs). Xfe hntn bs summnrbzeh ècaw.

HXs J tfe NYO 96 6>%

@raoer Irassbgds >,>8> >5%

HXs J tfe @BH 995 8%

Xatncs 48 >::%

Xa nssess wfnt bs tnobgd pcnie bg tfe mnroet bt bs al bgterest ta bhegtbly tfe `raoers wfa fnve èeg

respagsb`ce lar tfe mnkarbty al Hawg Xbios, àtf ns seccers tfnt fnve ceh ta prbie lnccs, ngh ns ùyers wfa

fnve lnibcbtnteh tfe trnhes.

@PAOEP GUM@EP % NCC HXY IUMUCNXB\E @PAOEP GUM@EP % NCC HXY IUMUCNXB\E

U@YT >60< 08.:% 08.:% IBXB >094 >:>9 >9.9% 94.9% U@YT >:90 >9.%

HMD 550 4.9% 5>.2% @@R 45< 2.2% 50.:%

IAMM 506


31/74

9>

Xfe bglcuegie `y `raoers bg terms al prbie mngndemegt al tfe IHU sfnre prbie bs ètter ughertaah wfeg

ng ngncysbs bs mnhe al tfe pnriec sbzes al trnhes resuctbgd bg ifngdeh prbibgd cevecs.

Bg ncc trnhbgd aver tfe < magtf perbah Kng ta Kug 0:>0, tfe nvernde pnriec sbze al 44,228 sepnrnte

trngsnitbags wns 899 sfnres. Bt iampnres ta n pnriec sbze al 886 lar tfe 4,8 trngsnitbags tfnt resucteh bg n

lncc bg prbie. Fawever 4:% al tfe Hawg Xbio trngsnitbags fnh pnriec sbzes ugher 05: sfnres.

Xfe bgvacvemegt al `raoers bg laribgd Hawg Xbios tfraudf trngsnitbags bgvacvbgd smncc gumèrs al sfnres bs

ns laccaws

ZNPIECY al > ta >: YFNPEY BG YB[E;

Xfere were >,560 Hawg Xbio trngsnitbags bgvacvbgd pnriecs al ètweeg > ngh >: sfnres bg sbze. Pemnron`cy,

suif trngsnitbags represegt n very iagsbhern`ce 0:.6 % al ncc Hawg Xbios bg prbie aver tfe < magtf perbah.

Bg tfe tn`ce, tfe iacumg % Yfnre relers ta tfe gumèr al HXs `y enif `raoer iampnreh ta ncc HX

trngsnitbags ècaw >> sfnres bg sbze.

@raoer Gumèr % Yfnre @raoer Gumèr % YfnreU@YT : >9.9%

HMD >80 2.:% MYHT >4< >>.>%

BGYX >>: 4.:% @@R >8< 2.0%

MYHT 66 5.80 2.:%

IBXB 92 6.6%

DY 59 9.8% U@YT >9< 6..2% YAYC 5: 9.0%

Xatncs 28.>% Xatncs 69.> ta >:: YFNPEY BG YB[E;

Xfere were 0,52< Hawg Xbio trnhes bgvacvbgd sfnre pnriecs al ètweeg >> ngh >:: bg sbze wfbif represegts

n lurtfer 98.>% al ncc trnhes aver n sbx magtf perbah tfnt resucteh bg n lncc bg prbie.

@raoer Gumèr % Yfnre @raoer Gumèr % YfnreU@YT 4:: 04.:% IBXB 966 >8.2%

MNI^ 98.0% U@YT 98.0%

KZM 0:0 4.6% IYUB 022 >>.5%

HMD 0:> 4.4% MNI^ 06: >:.6%

DY >44 4< 52 % HMD >66 4.0%

MYHT >98 5.0% DY 62 9.8%MEPC >09 8.4% IAMM 6< 9.9%

Xatncs 6:> ta 05: YFNPEY BG YB[E;

Xfe cenhbgd 8

niiaugt lar

>% al ncc HXs

aver tfe egtbre :.8% al ncc HXs

aver tfe egtbre 2.9% al ncc HXs

Xfe cenhbgd 8

niiaugt lar

>4.5% al ncc HXs

YECCEPY al Hawg Xbios @UREPY al Hawg Xbios

@raoer Gumèr % Yfnre @raoer Gumèr % YfnreU@YT 089 0:.5% IBXB 0>5 >6.>%

MNI^ >90 >>.>% U@YT 0>> >4.6%

IBXB >0> >:.0% IYUB >2> >%

IYUB >>8 2.:9 6.4%IAMM >:6 2.>% HMD 62 4.5%

MYHT 60


32/74

90

Xfere were >,>66 Hawg Xbio trnhes bgvacvbgd pnriecs al ètweeg >:> ngh 05: sfnres bg sbze wfbif

represegt n lurtfer >5.% 0>%

>> ta >:: 0,52< 98% 55%

>:> ta 05: >,>66 >::%

Xatncs 4,8 >::%

Xfe nitbvbty al tfe cenhbgd `raoers rednrhbgd Hawg Xbios bs summnrbzeh lurtfer `y bgicuhbgd tfe gumèr al

irassbgds tfnt fnve èeg ughertnoeg bg laribgd Hawg Xbios bg prbie.

CENHBGD @PAOEPY;

Xfe 8 cnrdest seccbgd `raoers nsaibnteh wbtf Hawg Xbio trnhes were U@Y, MNI^, IBXB ngh HMD. Xfe tn`ces

ècaw sfaw wfa tfe mnkar ùyers were bg tfe seccbgd trngsnitbags iaghuiteh `y tfese `raoers. @raoer

irass trnhes fnve èeg fbdfcbdfteh `y sfnhbgd.

U@Y HX Yeccs - >,608 MNI^ HX Yeccs - >:>9 IBXB HX Yeccs - 558 04.2%

IBXB 086 >9.4> >0.2% IBXB 4< >9.6%@@R >26 >:.2% U@YT 28 2.9% IYUB 55 2.6% U@YT 58 2.6%

IYUB >52 6.4% IYUB 68 6.9% MNI^ 86 6.:6 5.2% HMD 40 4.>% MYHT 85 6.:% IAMM 98 . >.>% BGYX >0 0.>% BGYX 6 >.8%

NBEV 9: >.> >.>% XZZM < >.>% DEXIA 4 >.9%

BXD 05 >.8% XZZM >> >.>% ZEPYF 5 :.2% @ECC 5 :.2%

Bg enif inse tfe hambgngt ùyer al HX trnhes wns tfe `raoer tfemsecves tfraudf tfe use al irass trnhes.

Yuif trngsnitbags bgvacvbgd smncc pnriecs al sfnres ngh wfere tfe `raoer bs àtf seccer ngh ùyer bg cenhbgd

ta n rehuitbag bg prbie represegts extremecy suspbibaus trnhbgd èfnvbaur. Xfe sbtuntbag iampaughs ng

ncrenhy ugniieptn`ce sbtuntbag al `raoers warobgd iaccusbvecy, tfraudf tfe use al trnhbgd ncdarbtfms, ta

iagtrac prbibgd autiames ètweeg tfemsecves.

Xfe laccawbgd tn`ce hrnws nttegtbag ta `raoer irassbgds bgvacvbgd pnriecs al sfnres ugher >:: bg sbze.

Exiessbve use al raoer irassbgds bgvacvbgd smnccgumèrs al sfnres ngh nt cevecs gat iammegsurnte

wbtf tfebr averncc mnroet nitbvbty ncsa presegts ns

fbdfcy suspbibaus trnhbgd efnvbaur.

Ncc HX Irassbgds Ugher >:: %

U@Y 845 054 58%MYHT >%

KZM 08 09 25 99%

HMD >58 25 :0 99 90%

Fncl al ncc HXs werenifbeveh wbtf trnhes alugher >:: sfnres ngh

4:% aiiurreh wbtfpnriecs ugher 05:

sfnres


33/74

99

Bg < magtfs trnhbgd tfere were nraugh 44,228 trngsnitbags al wfbif npprax. 4,8 were trnhes tfnt ceh ta

cawer prbies. Ret 4:% al suif trnhes fnve bglcuegieh prbies hawgwnrh wbtf cbttce ellart bg terms al sfnres

trnheh wbtf pnriecs mastcy wecc ugher 05: sfnres bg sbze. Yuif cevecs al iagtrac `y n seceit lew ngh wbtf

age `raoer icenrcy hambgntbgd prbie settbgd haes cbttce ta kustbly allbibnc icnbms al lnbr trnhbgd. Znrtbiucnrcy ns

ifngdes bg prbie nre oey evegts bg sfnre trnhbgd ngh set tfe ègif mnro lar su`sequegt trnhbgd nitbvbty sa

tfnt avert iagtrac aver prbibgd autiames ing serbauscy hbstart prbie hbsiavery.

Tfnt tfe resenrif hntn haes bs ta put ag hbspcny tfe resucts al ncdarbtfms iagtbguauscy pugifbgd aut

seembgdcy bggaiuaus trnhes bg hrb`s ngh hrn`sùt wfere every gaw ngh tfeg ng appartugbty presegts ta

iagvegbegtcy tnoe tfe sfnre prbie cawer nt cbttce iast ta n icbegts fachbgd. Iagtrbveh trnhes ètweeg

`raoers ar mngbpucntbve irassbgds `y `raoers nt iruibnc tbmes tfnt resuct bg cawer prbies mny è revencbgd n

sbgbster cevec al iagtrac aver tfe mnroet tfnt tnoes pcnie hnbcy yet bs vbrtunccy bmpassb`ce ta magbtar ag n

hnbcy `nsbs. Agcy ngncysbs al cagd term hntn ngh tfe nuhbtbgd al `raoers niiaugts ncagd wbtf tfebr icbegts fns

ngy ifngie al hbsiaverbgd wfnt exnitcy bs tnobgd pcnie.

IAMMEGX;

Brreducnrbtbes bg IuHeia trnhbgd pravbhe ng appartugbty ta bgvestbdnte n gumèr al iagiergbgd bssues ngh ta

nssess tfebr bmpnit ag tfe wbher mnroet. Xfe bssues bgicuhe;

Xfe bmpnit al tfe prbvbcedeh use al trnhbgd ncdarbtfms nàut wfbif gext ta gatfbgd wns ogawg

wfeg tfebr cbiegsbgd wns nppraveh?

Xfe use al FLX trnhbgd bg terms al magapacbzbgd tfe trnhbgd bg n pnrtbiucnr staio wfbif bs ng nspeit

al trnhbgd iampcetecy avercaaoeh `y tfe iurregt he`nte ?

Xfe exiessbve use ngh `cngh niieptngie al Tnsf Xrnhes?

Xfe exiessbve use al Hnro Zaacs lar exifngdes al sfnres, tfe rensags lar wfbif nre a`siure? Mngbpucntbve nùses al tfe system al sfart seccbgd bgicuhbgd brreducnr repartbgd ngh tfe

mngndemegt al expaseh pasbtbags all-mnroet ?

Xfe bgnhequnibes al n system tfnt lnibcbtntes iaccusbag, uglnbr hencbgds ngh inrtec cboe cevecs al

iagtrac aver tfe mnroet `y sapfbstbinteh bgvestars, ngh?

Xfe sfartlnccs al n system tfnt pramates btsecl ns trngspnregt wfeg tfe rencbty bs tfnt tfe mnkarbty al

hencbgds nre apnque ngh extremecy hbllbiuct ta reiagibce.

IuHeia resenrif nt censt pravbhes n cevec al trngspnregiy nàut tfe trnhbgd tnobgd pcnie wfere tfe extegt

al pra`cems bs icenrcy evbhegt. Bt bs nppnregt tfnt tfe system fns èeg bgtermbgn`cy iamprambseh `y tfe

bgtrahuitbag al trnhbgd bggavntbags `raudft nàut tfraudf gew teifgacady, bmndbgntbve trnhbgd sifemes

ngh exatbi gew lbgngibnc prahuits - ùt wbtfaut ngy iamprefegsbag al wfnt gedntbve bmpnits mbdft

niiampngy tfem ngh wfnt mensures mbdft è geeheh ta dunrngtee tfe bgtedrbty al tfe mnroet.

GAXE; Tfbce tfe laius fns èeg ag Hawg Xbios ns prbie suppressbag fns èeg n iammag tfeme wbtf tfe

trnhbgd al IuHeia, tfe snme cevecs al iagtrac nppenr ta exbst ag tfe upsbhe ns wecc. Tbtf upwnrh

mavemegts bg prbie, tfere caaos ta è n stragd `bns tawnrh `raoer irassbgds ngh trnhes tfnt lnvaur tfe @BH

prbie bg inusbgd bgirenses bg prbie (b.e.? Up Xbios). Xfe snme draup al `raoers tegh ta hambgnte upwnrh

mavemegts ns wecc ns hawgwnrh mavemegts wbtf tfe renc bssue èbgd, wfa nre tfey nitbgd lar ngh wfnt

nre tfebr icbegts nttemptbgd ta nifbeve1 Ndnbg Up Xbio treghs wbtf trngsnitbags aiiurrbgd nt tfe nsobgd

prbie agcy tnobgd pcnie 5% al tfe tbme nre lnr remaveh lram wfnt wauch è expeiteh bg n garmnc/lnbr

mnroet.


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98

@PAOEP NLLBCBNXBAGY

Peiegt hevecapmegts sfeh same bmpartngt bgsbdfts bgta `raoer recntbagsfbps ngh tfe cboecbfaah tfnt

`raoers nssbst enif atfer wbtf tfebr trnhbgd a`keitbves.

Ag Yept >0 tfbs yenr vnrbaus lbgngibnc mehbn autcets reparteh n heibsbag `y Ibtbdraup (IBXB) ta secc bts sfnre

al `raoer Mardng Ytngcey Ymbtf @nrgey (Y@NP) ta Mardng Ytngcey (MYHT). Xfe repartbgd iaglbrms tfe

nssaibntbag ètweeg IBXB, MYHT ngh Y@NP wbtf IBXB ngh MYHT fnvbgd kabgt awgersfbp al Y@NP. Xfe

bgleregie bs tfnt tfebr bgstbtutbagnc trnhbgd rednrhbgd IuHeia bs cboecy ta è stragdcy ncbdgeh èinuse al tfe

bgteriaggeitbags ètweeg ncc 9. Extrnits al tfe mehbn reparts nre ns laccaws;

Mardng Ytngcey, Ibtbdraup settce `raoernde hbspute

Yept >>, 0:>0Pntbgds ndegiy Lbtif iagsbhers Mardng Ytngcey's purifnse al ng nhhbtbagnc >8% al Mardng YtngceyYmbtf @nrgey (MYY@) lram Ibtbdraup Bgi. (Ibtb) ta è n pasbtbve hevecapmegt lar Mardng Ytngcey ngh n mare mahestget pasbtbve lar Ibtb. Xfe mave rnbses Mardng Ytngcey's awgersfbp al tfe kabgt vegture ta 9, 0:>0 - Xfe kabgt vegture, Mardng Ytngcey Ymbtf @nrgey, wns àrg bg 0::2, lardeh lram Ibtbdraups Ymbtf

@nrgey ugbt ngh Mardng Ytngceys iaugterpnrt, ns n wny ta ègelbt àtf iampngbes. Lar Ibtbdraup, wfbif fnh cagd

bhegtblbeh tfe `raoernde ns n gagessegtbnc nsset ta è sach all ta lree up inpbtnc, tfe henc wbcc speeh up bts awg

refn`bcbtntbag pcng. Xfe twa iampngbes autcbgeh steps tfnt wauch nccaw Mardng Ytngcey ta ùy tfe 82 periegt al tfe

ùsbgess tfnt bt hbh gat ncrenhy awg wbtfbg tfree yenrs. Xfnt wbcc èdbg wbtf tfe purifnse al n >8 periegt stnoe tfnt wbcc

icase `y tfe egh al Yeptemèr. Mardng Ytngcey wbcc ùy ng nhhbtbagnc >5 periegt `y gext Kuge.

Xfe mehbn nggaugiemegts revenc tfnt eveg èlare tfe henc tfnt fns èeg struio IBXB iagtracceh 82% al

Y@NP ngh MYHT awgeh 5>% hemagstrntbgd tfe awgersfbp iaggeitbags ètweeg tfe tfree `raoers.

Dbveg tfnt IBXB ngh MYHT ha gat sfaw retnbc nitbvbty ag tfe redbster ngh ing è nssumeh ta servbiebgstbtutbagnc bgterests, ngh dbveg tfnt n daah partbag al Y@NPs nitbvbty bs ncsa bgstbtutbagnccy `nseh, bt wauch

è rensagn`ce ta caao nt n sbtuntbag wfere tfe 9 `raoers iauch è elleitbvecy rednrheh ns age trnhbgd

draup.

Yuif n siegnrba wauch pravbhe ng extremecy pawerluc presegie bg tfe trnhbgd al IuHeia sfnres ag èfncl

al bgstbtutbags ngh wauch fecp ta expcnbg bg pnrt tfe ia-aperntbag wbtf trnhbgd tfnt bs evbhegt bg tfe hntn

wbtf cnrde vacumes renhbcy swnppeh `nio ngh lartf wbtf mbgbmnc ifngdes ta elleitbve awgersfbp.

Bt ncsa laccaws tfnt `raoers hagt fnve ta è larmnccy nllbcbnteh ta tnoe pnrt bg iaccusbve trnhbgd strntedbes

ngh iauch è habgd sa sbmpcy `y iampcybgd wbtf tfe bgstruitbags tfnt nre bssueh ta tfem `y bgstbtutbagnc

lugh mngnders eveg wbtfaut tfe ogawcehde tfnt atfer `raoers nre egdndeh sbmbcnrcy ngh `y tfe snme

bgterests.
http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV20120911http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV20120911http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://dealbook.nytimes.com/2012/09/11/morgan-stanley-smith-barney-is-valued-at-13-5-billion/http://www.reuters.com/article/2012/09/11/us-citigroup-morganstanley-dispute-idUSBRE88A0RV20120911


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95

:.>BGYXBXUXBAGNC XPNHBGD XFPAUDF PEXNBC @PAOEPY

@raoers suif ns IAMM, EXPH ngh NBEV fnve cnrde gumèrs al retnbc icbegts, ùt ncsa lnibcbtnte cnrde

vacumes al ùybgd ngh seccbgd lar iarparnte ngh/ar bgstbtutbagnc bgterests. Xfe resuct bs tfnt tfe nitbvbty al

iarparnte egtbtbes bs inmaulcndeh nmagdst retnbc bgvestars ngh bs lurtfer fbhheg lram vbew wfeg tfe

iarparnte trngsnitbags nre larwnrheh ta NYXI pnrtbibpngts lar praiessbgd. Ag tfe atfer fngh, retnbc

trngsnitbags put tfraudf tfe mnroet `y tfese `raoers nre praiesseh `y tfe `raoer tfemsecves. Ncsa, n cat

al tfe trngsnitbags nre cboecy ta è Tnsf Xrnhes ns tfey hagt nppenr ta mnoe bt ta tfe redbster, lurtfer

hbsdubsbgd wfntever trnhbgd ndeghns nre èbgd serveh `y tfe ngagymaus ùybgd ngh seccbgd tnobgd pcnie

wbtfbg tfe retnbc `raoers.

Xfe extegt al iarparnte bgvacvemegt nmagdst tfe cenhbgd retnbc `raoers fns èeg qungtblbeh lar ncc trnhbgd

ètweeg Kngunry 0:>: ngh Kuge 0:>0 ngh bs summnrbzeh bg Nppeghbx PEXNBC @PAOEP FNCL RENPCR YUMMNPBEY LAP 0:>:;NYV Nitbvbty versus Icbegt Pedbstry Mavemegts

NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY

ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY %

Kng ta

Kuge

0:>:

IAMM >>,::8,8:8 >0,95>,:>4 5,:,960 82.4 0,5>>,99< 0,4:5,>42 >,5,20>,>06 >5,>>6,288 98,644,944 95,>24,:68 ,:6,.5%

Yurpcus Xrngsnitbags 50,:96,::: 5>,09:,>69

Xfe autstnghbgd lenture al trnhbgd `y retnbc `raoers lram Kucy ta Hei 0:>: wns tfe 5:+ mbccbag trnhes nhhbtbagnc

ta tfe retnbc arhers tfnt sfaw ag tfe redbster. Xfe vacntbce perbah bgicuheh tfe Nudust resaurie updrnhe, tfe

turùcegt magtfs tfnt laccaweh ngh iucmbgnteh bg M&D niiumucntbgd sfnres bg Gav ngh Hei 0:>:.

Averncc trnhbgd lram Kucy ta Hei 0:>: wns ncsa nssaibnteh wbtf 49+ mbccbag Tnsf Xrnhes tfnt fnve èeg

iampcetecy bgvbsb`ce ta tfe mnroet, mngy al wfbif nre cboecy ta fnve arbdbgnteh wbtfbg tfe rngos al retnbc

`raoers. Xfe trnhes nre bgvbsb`ce èinuse al tfe a`lusintbag tfnt aiiurs wbtf settcemegts ngh tfe lnit tfntmngy al tfe trnhes fnve èeg getteh aut ngh fnvegt mnhe bt ta tfe redbster. Xfe trnhes hbh fawever mngnde

ta bglcuegie prbies ngh mnroet segtbmegt.

Xfe vacumes bgvacveh ngh tfe bgvbsb`bcbty al tfe trnhes bs cboecy ta represegt ng egarmaus mngbpucntbve

presegie bg tfe mnroet tfnt ing agcy prapercy è evncunteh vbn allbibnc nuhbts al `raoer ngh icbegt niiaugts


36/74

9> & 0:>0

NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY

ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY %

Kng ta

Kug 0:>>

IAMM ,5>6 0,625,865 8>.:%

EXPH 9,020,460 0,>8 0,,489,580 2.4%

NBEV 0,8:2,6:> 0,58:,244 >,80,25: 4,6,:64,65< 06>,:42 >,>>5,254 >,4:9,8:6 2>4,065 846,892 909>,29> >,>4>,8,5>6,959 4:>,50< 8,:48 8 90.6%

Yurpcus Xrngsnitbags 0,>4:>

ZEPBAH @PAOEP YECCY @URY ALL AG YECCY @URY YUPZCUY %

Kng ta Kug

0:>0

IAMM 9,558,:0> 0,:05,>:< 0,8>8,95> >,9,>02 >,>92,,:85,226 9 02,6:.9:%

NBEV >,0>2,900 468,859 >,>55,>5< 455,46> 6

resaurie nggaugiemegt, tfeg cenpt ta 6:% hurbgd Nudust. Xfey iagtbgueh nt fbdf cevecs (nraugh : ngh tfeg hrappeh `nio mnroehcy agie M&D fnh iampceteh bts ag-mnroet

`uybgd inmpnbdg bg enrcy Hei 0:>:.

:%

>:%

0:%

9:%

8:%

5:%

: 0:>>

M&D @uybgdiampceteh

Zre Nud >6

Cevec al Gag-Petnbc Xrnhes y Iammagwenctf Yeiurbtbes

Yurpcus Xrnhes

Fbdfcy ngamncaus


37/74

94

:.9.>GA\EM@EP ngh NUDUYX 0:>: IAMZNPBYAGY

Xfe trnhbgd hntn lar tfe 9 cenhbgd retnbc `raoers lar Gavemèr ngh Nudust 0:>: bs summnrbzeh ècaw.

GA\ 0:>: NYV NIXB\BXR PEDBYXEP NIXB\BXR YUPZCUY XPNHEY YUPZCUY

@PAOEP YECCY @URY ALL AG YECCY @URY %

Cenhbgd

Petnbc

@raoers

IAMM 2,0,442 9,540,4:9 9,:60,48> 5,,522,554 24>,099 0,0 0,0>2,20: ,4>0,854 28:,6,>20,5,58:, 5:.4%

Yurpcus Xrngsnitbags 2,>88,5< 9,400,,2>5 9>,0>2,056

Xfe trnhes nssaibnteh wbtf tfe 9 cenhbgd retnbc `raoers bg Nudust niiaugt lar nppraxbmntecy :

(represegtbgd 5< mbcc ùys & seccs) tfe nitbvbtbes al tfe 9cenhbgd retnbc `raoers wauch fnve pravbheh ng egarmaus labc lar trnhbgd ta è uglnbrcy bglcuegieh lram wbtfbg

tfe rngos al cenhbgd retnbc `raoers. Xfe sbtuntbag sfauch perfnps rbgd ncnrm èccs lar reducntars ngh ta mnoe

mntters warse, tfe bglcuegie al bgstbtutbagnc trnhbgd exteghs muif lurtfer tfng tfe 9 cenhbgd retnbc `raoers.

:.8.>XPNHBGD @R IAMMAGTENCXF YEIUPBXBEYKng ta Hei 0:>: exicuhbgd Nudust

Xfe ifnrt iampnres magtfcy NYV ùybgd ngh seccbgd ta magtfcy retnbc settcemegts hurbgd 0:>: wbtf hntn lar

Nudust ambtteh. Xfe hblleregies bg febdfts (ètweeg reh & cnio ngh `cue & drey), represegt surpcus trnhes

wfbif bg turg mny represegt trnhes hage ag èfncl al bgstbtutbags ar wnsf trnhes `y ngagymaus egtbtbes. Xfe

extegt al surpcus trnhes ag èfncl al bgstbtutbags ngh/ar sapfbstbinteh bgvestars bs icenrcy evbhegt.

Xfe surpcus trnhes hurbgd Nudust nmagdst tfe 9 cenhbgd retnbc raoers nppraxbmnte tfe trnhbgd y ncc

`raoers hurbgd 0:>0 up ugtbc Kug 9: wfbif tatncceh 99.4 mbccbag Yeccs ngh 99.4 mbccbag @uys.

Yurpcus trnhes y 9 retnbc raoers hurbgd n magtf tfnt iabgibheh wbtf n sbdgblbingt niiumucntbag inmpnbdg y

M&D. Bt wns age al tfe rnre ag-mnroet ùybgd inmpnbdgs sbgie tfe hbsiavery wns lbrst mnhe 5 yenrs enrcber.

:

>,:::,:::

0,:::,:::

9,:::,:::

8,:::,:::

5,:::,:::

: Exicuhbgd Nudust

Cevec al Yurpcus Xrnhes

Xrnhbgd \acumes

0:>:

Yeccs@uys


38/74

96

:.8.0@PAOEP IAMMXPNHBGD LAP 0:>: - bgicuhbgd Nudust

Xfe bmpnit al mngbpucntbve wnsf trnhes ag trnhbgd wns ncsa n prambgegt lenture al trnhbgd ag Nud >6

(Peler Pesenrif Znper 8.> Yeit 8.6.> & Yeit 8.6.8) ngh tfe hnys ngh weeos tfnt laccaweh wbtf

Iammagwenctf Yeiurbtbes cboecy ta è respagsb`ce lar n cnrde mnkarbty al tfem. Xfe bmpnit al wnsf trnhes

ag trnhbgd hurbgd Nudust bs hrnmntbinccy fbdfcbdfteh wfeg Nudust hntn bs ncsa bgicuheh wbtf ncc atfer

magtfs hurbgd 0:>:.

:

5,:::,:::

>:,:::,:::

>5,:::,:::

0:,:::,:::

05,:::,:::

9:,:::,:::

Kng Le` Mnr Npr Mny Kug Kuc Nud Yep Ait Gav Hei

IAMM XPNHBGD YUMMNPR 0:>: Bgicuhbgd Nudust

Ncc IAMM Yeccbgd

Ncc IAMM @uybgd

Petnbc Icbegt ALL Mavemegts

Petnbc icbegt AG Mavemegts

NYV Nitbvbty

Pedbstry Nitbvbty

Xrnhbgd \acumes, ngh

Petnbc ALL

mavemegts

Extrnarhbgnrbcy ngamncaus

trnhbgd nitbvbty y IAMM

heservbgd al ng egqubry bg

bts awg rbdft

0:>: Magtf `y Magtf

Yurpcus

Yecc Xrnhes

Petnbc AG

mavemegts

Yurpcus

@uyXrnhes

0:>:

Pedbstry \acumes

Xfe trnhbgd bg Nud 0:>: lar tfe mast pnrt hbhgt represegt sfnrefachers seccbgd bg hbsnppabgtmegt nctfaudf tfnt

hbh aiiur wbtf tfe seccbgd `nseh mare ag iaglusbag tfng ngytfbgd ecse ngh wbtf n cat al tfe seccbgd larieh

èinuse al mnrdbg cbmbts èbgd trbddereh. Xfere wns iaglusbag nàut faw cnrde qungtbtbes al iapper hbhgt

seem ta mnoe bt bgta resaurie inciucntbags ngh iaglusbag `raudft nàut `y ng arifestrnteh seccbgd inmpnbdg

wfere cnrde vacumes al wnsf trnhes taao prbies hrnmntbinccy cawer ngh irenteh nhverse mnroet segtbmegt.

Petnbc seccbgd wns n mbgar pnrt al tfe trnhbgd nitbvbty tfnt aiiurreh wbtfbg Iammagwenctf Yeiurbtbes hurbgdNudust wbtf retnbc redbstry mavemegts represegtbgd kust ugher 0:% al tfe nmaugt al NYV ùybgd ngh seccbgd

trngsniteh `y IAMM. Ncsa, retnbc bgterests wbtfbg IAMM were mnrdbgnc get ùyers, gat get seccers hurbgd

Nudust, ns were tfe mnkar bgstbtutbags. Xfe ncmast 6:% al gag-retnbc trngsnitbags aiiurrbgd wbtfbg

Iammagwenctf Yeiurbtbes bg Nudust, bs cboecy ta represegt tfe tbp al n very cnrde bieèrd al gelnrbaus hencbgds

ngh suspeit trnhbgd èfnvbaurs niiampngybgd tfe resaurie updrnhe nggaugiemegt.


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92

:.5.>LUPXFEP XPNHBGD YGNZYFAXY

Xfe remnron`ce lenture nàut IAMM trnhbgd bs tfnt laccawbgd tfe Nud 0:>: KAPI nggaugiemegt ngh tfe

Gavemèr 0:>: niiumucntbag al sfnres `y M&D, vacumes trngsniteh `y IAMM rehuieh iagsbhern`cy.

Hurbgd 0:>> magtfcy ùybgd & seccbgd vacumes rnrecy mnhe bt nàve >.8 mbccbag sfnres wferens lram Nud

tfraudf ta Gavemèr 0:>: magtfcy vacumes were wecc aver 5 mbccbag sfnres.

Hespbte tfe rehuieh vacumes hurbgd 0:>>, sapfbstbinteh bgvestars mnbgtnbgeh n presegie bg IAMM ncèbt

ta n cesser extegt tfng prevbauscy. Xfebr bglcuegie bs represegteh bg tfe ifnrt ècaw `y tfe dnps ètweeg

IAMM ùybgd (`cue) ngh tfe AG mavemegts al retnbc icbegts (drey) ngh tfe dnps ètweeg IAMM seccbgd

(mnraag) ngh tfe ALL mavemegts al retnbc icbegts (`cnio). Xfe dnps ar hblleregies bg febdft represegt tfe

vacume al trnhes tfnt aiiurreh tfnt were sepnrnte ta tfase al retnbc icbegts.

>

:

>::,:::

0::,:::

9::,:::

8::,:::

5::,:::

,0::,:::

>,8::,:::

>,>

@raoer NitbvbtyPedbstry NitbvbtyALL

AG

@uys

Yeccs

Petnbc seccbgd fns èeg tfe tregh hurbgd ncc

al 0:>0 npnrt lram Kuge wbtf hnbcy vacumes

degernccy su`hueh. Kust aver > mbccbag

sfnres were sach lram tfe fachbgds al

IAMM retnbc icbegts aver tfe < magtf

perbah.

Yapfbstbinteh bgvestars fnve gevertfecess

retnbgeh n presegie ns per tfe surpcus

trnhes bg evbhegie (reler ta tfe dnps

ètweeg reh & `cnio, `cue & drey)

Hntn suddests tfnt tfere fns èg ng everpresegt ùt samewfnt inmaulcndeh

iarparnte bglcuegie aperntbgd lram wbtfbg

Iammagwenctf Yeiurbtbes aver tfe egtbre

0.5 yenr perbah revbeweh.

\acugtnry

Yuspegsbag

0:>>

IAMM @raoer Nitbvbty versus Pedbstry Nitbvbty - 0:>0

Get Petnbc

YeccbgdYurpcus

@raoer seccs

\acumes

0:>0

\acumes


40/74

8:

:.N XTA NGH N FNCL RENP XPNHBGD YUMMNPR LAP IAMMAGTENCXF YEIUPBXBEY

Xfe laccawbgd tn`ce summnrbzes IAMM trnhbgd bg tfe vacntbce magtfs laccawbgd tfe Nud >6 resaurie

nggaugiemegt up ugtbc wfeg M&D iampceteh tfebr `uybgd bg enrcy Hei 0:>:. Nctfaudf retnbc trnhbgd

vacumes represegt n su`stngtbnc >0+ mbccbag `uys ngh seccs averncc, tfe hntn gevertfecess revencs tfnt very

fbdf cevecs al gag-retnbc bglcuegies were respagsb`ce lar tfe mnkarbty al trnhbgd.

NYV NIXB\BXR PEDBYXPR HENCBGDY YUPZCUY XPNHEY YUPZCUY

ZEPBAH YECCY @URY ALL AG YECCY @URY XPNHEY %

0.5 Renrs 4:

Kng - Kug

0:>>

Kuc - Hei

0:>>

Kng - Kug

0:>0

IAMM 9: Magtf YUMMNPR

Tfbce bt bs perleitcy cednc lar iarparnte

egtbtbes ta ia-mbgdce tfebr arhers nmagdst

tfe retnbc icbegts al Iammagwenctf Yeiurbtbes

tfe averwfecmbgd hambgngie `y suif

egtbtbes iam`bgeh wbtf ng n`segie al

trngspnregiy presegts niute pra`cems lar tfe

bgtedrbty al tfe mnroet.

Xfe sbze al tfe pra`cem;

Xrnhbgd `y IAMM represegts >6.: ngh Kug 0:>0. Xfe gext

mast hambgngt `raoer bs HMD wbtf agcy 6%.

IAMM retnbc icbegts were respagsb`ce lar

nraugh 4.8% al ncc sfnres trnheh, wfbif

cenves >>.0% al IAMM nitbvbty servbibgd gag

retnbc bgterests. Xfe surpcus nitbvbty ncage

equntes ta mare nitbvbty tfng ngy atfer

`raoer ngh yet tfe nitbvbtbes nre apnque ta

tfe mnroet.

Ncsa tfe extremecy fbdf cevec al irass trnhes

wbtfbg IAMMM (b.e.>:!

Zerbah Kng 0:>: ta Kug 0:>0

Xrnhbgd & Pedbstry

\acumes

Xfe sbtuntbag requbres n laregsbi exnmbgntbag `y nuhbtars ns tfe trnhbgd hntn bs extremecy suspbibaus dbveg tfnt

tfe mnroet fns lnbceh ta pravbhe lnbr prbie hbsiavery ngh tfnt n inrtec cboe trnhbgd magapcy bs icenrcy bg evbhegie.


41/74

8>

:.4.>XFE BGYXBXUXBAGNC ZPEYEGIE NMAGDYX PEXNBC @PAOEPY

Xa reinp, tfe trnhbgd al bgstbtutbags wbtfbg retnbc `raoers represegts n stragd iarparnte presegie bg tfe

mnroet tfnt mnsquernhes ns retnbc nitbvbty ùt bs cboecy ta iagtrbùte ta n su`stngtbnc nmaugt al bgstbtutbagnc

sfnre lcaws ag tfe redbster. Xa n iertnbg extegt bt represegts ng bgvbsb`ce presegie bg tfe mnroet tfnt fns

fnh ng extremecy bglcuegtbnc elleit ag trnhbgd ns wecc ns irentbgd gedntbve mnroet segtbmegt.

Xfe surpcus trnhes bhegtblbeh al retnbc `raoers ngh bgheeh ncc `raoersnre nssumeh ta recnte ta bgstbtutbagnc

trngsnitbags ns tfe gumèrs nre geeheh ta reiagibce tfe cnrde vacumes al bgstbtutbagnc redbstry sfnre lcawstfnt fnve aiiurreh. @nseh ag retnbc hbsicasures ag tfe redbster, tfe mnroet sfnres al retnbc `raoers ns

summnrbzeh bg tn`ce tadetfer wbtf tfe surpcus trnhes qungtblbeh bg tn`ce ing è spcbt bgta

retnbc ngh bgstbtutbagnc iampagegts ta fecp icnrbly tfe hygnmbis al trnhbgd.

Xfe resucts nre ns laccaws;

@raoer Averncc Mnroet Yfnre% Yurpcuses @raoer Petnbc Iampagegt Bgstbtutbagnc Iampagegt

IAMM >6..0:%EXPH .::% >.0:%

Y@NP 9.>:% .::% 0.>:%

ZYC >.6:% 45% ZYC :.8:% >.8:%

MNIZ >.5:% 0.0:%

@@R 5.>:% 42% @@R >.4:% 9.8:%

XZZM >.9:% ; N strnbdft larwnrh iampnrbsag al mnroet sfnre stntbstbis nseh ag bglarmntbag bg

Yeitbag tfnt summnrbzes ncc NYV trnhbgd `y `raoers aver 0.5 yenrs.

Xn`ce 0; N iampnrbsag al `raoer mnroet sfnres nccawbgd lar bgstbtutbagnc ngh retnbc trnhbgd

ughertnoeg `y `raoers. Yame `raoers suif ns HMD, IBXB, & MYHT nppenr ta è iarparntecy

`nseh wbtfaut retnbc icbegts.Xn`ce 9; N iampnrbsag tnobgd bgta niiaugt retnbc ngh bgstbtutbagnc iampagegts al `raoer trnhbgd

tadetfer wbtf tfe passb`bcbty tfnt IBXB, MYHT ngh Y@NP mny è ugblbeh bg tfebr trnhbgd ngh

tferelare geeh ta è iagsbhereh ns n sbgdce ngh bglcuegtbnc trnhbgd egtbty.

IAMM; >6.>.0%

Ytrbppeh al bts retnbc trnhes IAMM nt >>.0% bs revenceh ta è tfe cnrdest iarparnte `raoer `y n wbhe mnrdbg.

Petnbc iampagegts

al ncc trnhbgd aver

0.5 enrs

Yurpcus trnhes

nssumeh ta e masrcy

lar bgstbtutbagsLram Lram


42/74

80

:.4.0 @PAOEP IAMZNPBYAGY

Xn`ce>; lram Yeit Xn`ce0; nccawbgd lar retnbc & bgstbtutbagnc trnhbgd Xn`ce9;

@PAOEP MNPOEX YFNPEY@PAOEP MNPOEX YFNPEY LUPXFEP HELBGEH BGYXUXBXBAGNC BGLCUEGIE

A\EP XPNHBGDBGYXBXUXBAGNC PEXNBC

IAMM >6.>.0%IAMM

Pet.

4.8% IBXB/Y@NP/MYHT >0.2%

HMD 6.:% HMD 6.:% EXPH Pet. 9.9% IAMM Bgst. >>.0%

IBXB 4.0% IBXB 4.0% NBEV Pet. 9.0% HMD 6.:%

EXPH .:% U@Y 5.8%

NBEV 5.4% YAYC 8.>% Y@NP Pet. >.:% YAYC 8.>%

U@Y 5.8% MNI^ 9.6% ZYC Pet. :.8% MNI^ 9.6%

@@R 5.>% MYHT 9.% @@R Bgst 9.8% XZZM Pet. :.9% DY 9.:%

MNI^ 9.6% DY 9.:% @@R @@ >.4% EXPH Bgst. 0.2%

MYHT 9..6% BGYX >.9%

YUY^ >.6% ZYC Bgst. >.8% MNIZ Bgst. >.0%

ZYC >.6% BGYX >.9% @ECC Bgst. >.0%

MNIZ >.5% MNIZ Bgst. >.0% XZZM Bgst. >.:%

XZZM >.9% @ECC Bgst. >.0% H0MV >.:%

BGYX >.9% XZZM Bgst. >.:% KZM :.2%

H0MV >.:% H0MV >.:% MAPP :.6%

KZM :.2% KZM :.2% P@YM :.


43/74

89

Yeitbag 5

BGYXBXUXBAGNC PEDBYXPR NIXB\BXR ZEPBAHKNGUNPR 0:>: ta KUGE 0:>0


44/74

88

.>BGYXBXUXBAGNC HENCBGDY- ZEPBAH KNGUNPR 0:>: ta Kuge 0:>0 (9: magtfs)

Xfe mast bglcuegtbnc trnhbgd egtbtbes rednrhbgd IuHeia nre tfe mnkar bgstbtutbagnc sfnrefachers ceh `y tfebr

lugh mngnders. Xfebr trnhbgd aver tfe 0.5 yenr perbah revbeweh fns èeg ifnrniterbzeh `y extremecy

ecevnteh vacumes iampnreh ta ncc atfer bgvestars/trnhers. Ngh hespbte tfe mnssbve cevecs al trnhbgd ifurg

put tfraudf tfe mnroet, tfebr fachbgds fnve ebtfer èeg retnbgeh ar nhheh ta. Pemnron`cy, tfe 5

bgstbtutbagnc sfnrefachers hagt seem ta det bg enif atfers wnywbtf tfe cnrde nmaugts al ùybgd ngh seccbgd

suppcbeh ta tfe mnroet wbtf staio lreecy pnssbgd `nio ngh lartf àtf ag-mnroet ngh all-mnroet. Xfebr trnhbgd

very muif tnoes ag tfe nppenrngie al n inrtec hbitntbgd terms ta tfe rest al tfe mnroet ngh ns suif

questbags al sfnre prbie mngbpucntbag ngh tfe lnbrgess al tfe mnroet inggat è bdgareh.

Xfe a`vbaus ia-aperntbag tfnt aiiurs ètweeg bgstbtutbags bs lurtfer `raudft bgta laius `y tfe cnrde fachbgd

ècagdbgd ta tfe M&D Draup wfbif bs spcbt nmagdst n gumèr al lughs ns bghbinteh bg vnrbaus su`stngtbnc

sfnrefacher gatbies. Xfe vnrbaus fachbgds fnve èeg hbstrbùteh nirass 9 sepnrnte bgstbtutbagnc sfnrefachers

tfnt pravbhe iustahbnc servbies lar tfe sfnres. Ns iustahbngs tfe bgstbtutbags nre usunccy mnghnteh ta ùy

ngh secc sfnres lar bgiame degerntbag. @uybgd ngh seccbgd ing tferelare cedbtbmntecy lenture 9 bgstbtutbags

hbstrbùtbgd ùybgd ngh seccbgd arhers nirass n rngde al `raoers ùt wfere ncc arhers elleitbvecy recnte `nio ta

bgterests nssaibnteh wbtf M&D. Ngh al iaurse M&D bs gat tfe agcy egtbty mngndeh `y bgstbtutbags sa tfnttfe sbtuntbag bs repenteh mngy tbmes aver. Bt represegts n heieptbve trnhbgd egvbragmegt wfere mngy al tfe

arhers put tfraudf tfe mnroet `y n cnrde gumèr al `raoers elleitbvecy represegt tfe snme bgterests.

Bgstbtutbagnc staio ceghbgd insts lurtfer hau`t nàut tfe bgtedrbty al tfe mnroet ns bt egsures hawgwnrh

pressure ag prbies bs iagtbguauscy mnbgtnbgeh hespbte tfe hbmbgbsfeh partlacba vncues lar tfe lughs èbgd

mngndeh ngh wfase sfnres fnve ègt cegt aut ta lnibcbtnte tfe sfart seccbgd. ûbte teccbgdcy, reducnr mnkar

nhkustmegts ta apeg sfart pasbtbags bg recntbag ta IuHeia fnve aiiurreh all-mnroet wbtfaut prbie hbsiavery.

Xfere fnve ncsa èeg serbaus hbsirepngibes ètweeg tfe sfnrefachbgds al tfe mnkar ceghers ngh reparteh

apeg sfart pasbtbags wfere cnrde bgirenses (b.e. staio cangeh aut) ngh cnrde heirenses (b.e.? staio returgeh ta

ceghers) bs gat relceiteh bg tfe sfnrefachbgds al ceghers. Fbdf vacume turgavers `y bgstbtutbags eveg wfeg

tfe staio fns èeg bg vacugtnry suspegsbag nhh lurtfer webdft ta nrdumegts tfnt trnhbgd cnios bgtedrbty.

N lurtfer mnroet bgtedrbty bssue bs tfnt bgstbtutbagnc hencbgds inggat è ensbcy reiagibceh wbtf tfe `raoers

nitbgd lar tfem. Tfbce ngncysbs ing duesstbmnte wfa tfe mnkar `raoers must è bg nitbgd lar tfem bt bs sbmpcy

gat passb`ce ta ogaw tfe speiblbis al trnhbgd. Xfe iaglusbag resucts lram `raoer trnhes hage ag èfncl al

bgstbtutbags èbgd praiesseh gat `y tfe `raoer ùt `y n settcemegt speibncbst wfa tnoes ga pnrt bg ùybgd ngh

seccbgd. @y tfe tbme trnhes nre settceh tfe `raoers respagsb`ce lar tfe bgstbtutbagnc ùybgd ngh seccbgd nre

bgvbsb`ce ta tfe mnroet. Xfe redbster cbsts ifngdes ta bgstbtutbagnc sfnrefachbgds ùt tfey nre releregieh ta

tfe NYXI pnrtbibpngt wfa settces tfe trngsnitbags, gat tfe nitunc `raoers. Ag tfe atfer fngh, retnbc trnhbgd

presegts ns tfe appasbte extreme wbtf tfebr hencbgds iampcetecy trngspnregt ngh wbtf retnbc sfnrefachers

ngh tfebr `raoers ncc bhegtblbeh ag tfe redbster.

Pesenrif fns useh tfe trngspnregt hencbgds al retnbc bgvestars ngh waroeh `niownrhs ta estn`cbsf tfe

qungtbtbes al `raoer trnhbgd celt aver (b.e.? surpcus trnhes) tfnt must è nttrbùtn`ce ta bgstbtutbags `nseh ag

tfe sfnre lcaws tfnt fnve aiiurreh ag tfe redbster. Xfe term retnbc `raoer bs n mbsgamer èinuse tfe rencbty

bs tfnt `raoers ing henc wbtf àtf retnbc icbegts ngh bgstbtutbagnc icbegts (ngh atfer iarparnte icbegts ns wecc).

Fawever wfere tfey tegh ta laccaw tfraudf ngh settce tfe trngsnitbags lar tfebr retnbc icbegts ngh tfebr

iarparnte icbegts, hencbgds ag èfncl al bgstbtutbags nre ncwnys larwnrheh ta 9rh pnrty ndegts lar settcemegt.

Xfe vacumes al bgstbtutbagnc hencbgds ing tferelare è estbmnteh `y hetermbgbgd tfe gumèr al retnbc trnhes

ngh tfe gumèr al iarparnte trnhes lram tfe redbster ngh tfeg sbmpcy su`trnitbgd lram tfe tatnc gumèr al

`raoer trnhes ta revenc tfe cevecs al bgstbtutbagnc trnhbgd nitbvbty.

Peiagibcbgd `raoer ùybgd & seccbgd `nio ta tfe redbster aver n perbah al twa ngh n fncl yenrs bs tferelare

n`ce ta revenc n cat nàut tfe struiture al tfe IuHeia mnroet ngh tfe hambgngie exeribseh `y bgstbtutbags.

Xfe strngdcefach aver tfe mnroet `y bgstbtutbags mnoes bt cboecy tfnt tfe lugitbagbgd al tfe mnroet fns èeg

serbauscy iamprambseh lar tfe egtbre perbah revbeweh.


45/74

85

PEIAGIBCBNXBAG AL @PAOEP @URBGD & YECCBGD TBXF XFE PEDBYXEP

Nppeghbx 9 cbsts n summnry al `raoer trnhbgd hntn ngh n cbst al redbstry trngsnitbags spnggbgd 0.5 yenrs al

trnhbgd. Xfe redbstry hntn iamprbses NYV `raoer settcemegts ngh NYXI settcemegts wfere tfe larmer

degernccy represegts retnbc ngh iarparnte icbegts, ngh tfe cntter represegts n mbxture al retnbc icbegts,

iarparnte icbegts ngh bgstbtutbagnc icbegts. @ut eveg sa, bgstbtutbagnc trnhbgd bs `y lnr tfe mast prambgegt

lenture al NYXI settcemegts.

Xfe hntn fns èeg summnrbzeh ta ncbdg NYV `raoer ùybgd & seccbgd hntn wbtf tfe iarrespaghbgdsettcemegt hntn al tfebr icbegts wfa bg tfe mnbg nre ebtfer retnbc ar iarparnte bgvestars. Yu`trnitbgd icbegt

redbstry mavemegts lram tfe trnhbgd hntn al tfebr `raoers estn`cbsfes tfe paac al surpcus trnhes tfnt nre

cboecy ta è larwnrheh ta NYXI ndegts lar settcemegt bg lnvaur al bgstbtutbags.

NYV XPNHEY ICBEGX PEDBYXPR MA\EMEGXY YUPZCUY XPNHEY

ZBH @PAOEP YECCY @URY ALL AG YECCY @URY %

>8:0 IAMM 4,8>:,>>> : : 98,>2:,82: 9>,8>:,>>> >::.:%

0:90 IBXB 02,592,:55 02,546,86< 9,92: 9,92: 02,595,,05,,9: 0:,8488 : : 6,,0>: 0:,8488 >::.:%

>540 MNI^ >5,5,068,>52 >,99:,::4 >,>45,994 >8,905,25: >8,>:6,600 2>.2%

>>09 @@R >9,:< : >8,:6 >9,8,>95,565 0,9::,494 >>,89,60,929,>0> 89:,:98 9>5,6:0 >>,4>9,60< >0,:44,9>2 24.:%

>>:9 IYUB >:,082> >:,6,5:,082> >:,6,5::.:%

>5:5 U@Y 08,055,80: 0:,:26,092 >0,>:0,80,:58,>:> >0,>50,258 6,:88,>96 85.5%

,40: >:,>82,6>> >:,::6 2,0:>,029 >::.:%

9969 Y@NP >0,5>2,2>9 >0,>25,995 8,8>8,206 9,9589 @ECC >:,:04,2>6 4,:< 5,9:2,4,689,0>,205 >>0,9:: 9,,:5> 0,:>.0%

0880 MNIZ ,554 0,>>0,8:8 >,0>2,25: 6:.:%

0996 APHY 9,::0,9:2 >,24:,:96 >,48:: 284,94,>:: >>8,92> 62>,:: 94,5:: 0>6,:2> 658,>59 20.9%

8:08,5>> >,5,45: >,222,::2 >,,>05,5:0 -2>,:65 00.>%

8:28 @PCC < >>2,659 40,>>4 8:8,266 8852 YIE 0>5,664 008,964 0:,::: 0:,::: >25,664 0:8,964 2:.2%

>:5> T@I >22,6:0 065,2>9 >80,694 >0,429 56::,405 >::4,52> 6:,020 84.5%

4:,8>2 >62,>:5,00: 65,882 69,282 84.>%

4:84 YFNH 450,>9: 9>&

Documents

6.5 CuDeco Registry Anomalies 5