Deal Drivers Africa 2014

8/10/2019 Deal Drivers Africa 2014

1/44

ELND EYFPLY_N@YFON97>5N ojhprlclbsfvl rlvflw j` N`rfonb H&N

Wuidfscle iy1

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Fb nssjofntfjb wftc1


2/44

OJBULBU_

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Jvlrvflw1 H&N notfvfty fb N`rfon 7

Klblrnd trlbes fb H&N >>

Orjss-ijrelr fbsfkcts >

_ldlotfbk nevfslrs 95

@lnturl1 H&N fb _jutc N`rfon 9;

@lnturl1 Wrfvntl lqufty fb N`rfon ?7

@lnturl1 Fbijube H&N fbtj N`rfon ??

Nijut LB_n`rfon ?0

Nijut Bleinbm Onpftnd ?3

Nijut Ojbtrjd Yfsms 57


3/44ELND EYFPLY_ N@YFON

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4/44

5


5/44

7

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N@YFONB H&N UYLBE_ ELND _FQL _WDFU_ IV PJD\HL

JPLYPFL[1 H&N NOUFPFUV FB N@YFON

@jr iusfblssls kdjinddy, elndhnmfbk fb N`rfon rlhnfbs n vftndsjurol j` krjwtc. H&N `fkurls `jr tcl `frst bfbl hjbtcs j` 97>5wlrl rldntfvldy sjdfe, wftc vjduhl fborlnsfbk ;% ylnr-jb-ylnr (VjV)tj >3> elnds, ndtcjukc vndul elodfble 96.>ib jvlr tclsnhl plrfje.

Uclsl fkurls wlrl iujyle iy n sfzlnidl uptfom fb fbtrn-rlkfjbndnoqufsftfjbs. H&N iltwllb N`rfonb ojubtrfls qunerupdle VjV tj\_$>?.


6/44

0

ELND EYFPLY_ N@YFON

Ocnddlbkls jr bnturnd rlsjurols

Fbtlrlst fb N`rfon's niubenbt bnturnd rlsjurols ojbtfbuls tjil n oruofnd `lnturl j` H&N jb tcl ojbtfblbt. Cjwlvlr, fb 97>5,notfvfty elodfble 9


7/44

;HLUCJEJDJKV ;



7%

>7%

97%

?7%

57%

3%

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Wlrolbtnklj`rlspjbelbts

Fb wcfoc rlkfjb ej yju ojbeuot tcl hnajrfty j` yjur elnds: Fb N`rfon, wcnt wns tcl nvlrnkl sfzl j` tcl elnd(s) yjuwjrmle jb:

Fb tcl tcfre qunrtlr j` 97>5, Hlrklrhnrmlt fbtlrvflwle >77 fbvlstjrsnbe nevfslrs wcj nrl insle fb N`rfon nbe cnvl illb fbvjdvle fb elndsjb tcl ojbtfblbt wftcfb tcl pnst twj ylnrs fboduefbk ojrpjrntllxloutfvls, prfvntl lqufty fbvlstjrs, dlknd nevfslrs nbe fbvlsthlbtinbmlrs nijut tclfr lxplrflbol fb tcl H&N hnrmlt nbe tclfrlxplotntfjbs `jr tcl ylnr nclne. Ndd rlspjbsls nrl nbjbyhjusnbe rlsudts nrl prlslbtle fb nkkrlkntl.

33

N`rfon

Nsfn-Wnof`fo

Lurjpl

Hfeedl Lnst

Bjrtc Nhlrfon

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9/44

6

ELND EYFPLY_ N@YFON

Fb yjur dnst H&N purocnsl, wcfoc j` tcl `jddjwfbk ilst elsorfilstcl slddlr:

Wlrolbtnklj`rlspjbelbts

6

Wrfvntldy jwble iusfblss

Wuidfody dfstle iusfblss

Kjvlrbhlbt/puidfo lbtfty

0>%

5%

?7%

97%

?7%

57%

5%

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10/44

7 _\YPLV @FBEFBK_7


11/44

>>

ELND EYFPLY_ N@YFON

KLBLYND UYLBE_ FB H&N

Krlntlst fborlnsl _lojbe krlntlst fborlnsl Ucfre krlntlst fborlnsl

Cjw ej yju lxplot tcl dlvld j` H&N notfvfty tj ocnbkljvlr tcl blxt >9 hjbtcs:

Fb wcfoc j` tcl `jddjwfbk slotjrs ej yju lxplot tj sll tcl krlntlstfborlnsl fb elndhnmfbk notfvfty jvlr tcl blxt >9 hjbtcs:

7% >7% 97% ?7% 57% >% 9?%

90% >3% >>%

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Wlrolbtnkl j` rlspjbelbts

Nhfe rjiust krjwtc `jrlonsts `jr N`rfon, ojhpnbfls jb tclojbtfblbt nbtfofpntl fborlnsle H&N notfvfty jvlr tcl blxt ylnr.N hnajrfty j` rlspjbelbts (


12/44

9

ELND EYFPLY_ N@YFON

Ucl dfjbs scnrl j` rlspjbelbts (;


13/44

>?

ELND EYFPLY_ N@YFON

[cnt ej yju tcfbm wfdd il tcl krlntlst sldd-sfel erfvlrs j` H&Nnoqufsftfjbs fb tcl ylnr nclne:

[cnt ej yju ildflvl wfdd il tcl prfbofpnd jistnodls tj H&Nnotfvfty jvlr tcl blxt >9 hjbtcs:

7% >7% 97% ?7% 57% % >0% >3% 9>% >?%

9>% 97% >>%

>9% >>% 9?%

>?% >9% >7%

7% >7% 97% ?7% 57% 9% ;% >>%

?% 6% 9>%

5% 95% 3%

9;% >?% 3%

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_fxty-tcrll plrolbt j` rlspjbelbts bnhl sjurofbk ubes tj lxpnbefbtj hjrl prj`ftnidl iusfblss nrlns, hnmfbk ft tcl hjst prjhfblbtsldd-sfel erfvlr. Ucfs fs jddjwle iy 0h. Lnrdflr fb 97>5, \NL-dfstle Ltfsndnt

ijukct n \_$0.?ib stnml fb Hnrjo Uldlojh, tj usl ns n insl `rjhwcfoc tj hnml `urtclr noqufsftfjbs fb [lst N`rfon, nbe fs snfe tjprlpnrl nb FWJ `jr fts Lkyptfnb suisfefnry Ltfsndnt Hfsr.

Ucl dnrklst scnrls j` rlspjbelbts nrl ojbolrble nijut ocnbklsfb tcl rlkudntjry lbvfrjbhlbt (53%) nbe trnbspnrlboy (?0%).Ucfrty-tcrll plrolbt j` rlspjbelbts ndsj bjtl tcl rldfnifdfty nbeojhpdltlblss j` fb`jrhntfjb ns n prfbofpnd jistnodl tj H&N.Jbdy 97% oftle pjdftfond rfsms ns nb jistnodl ojhpnrle wftc


14/44

5

ELND EYFPLY_ N@YFON

Urnbspnrlboy ojbolrbs nbe ocnbkls fb tcl rlkudntjry lbvfrjbhlbtrnbmle cfkclst nhjbk survly pnrtfofpnbts ns jistnodls tcnt hfkctprlvlbt nb nbbjubole elnd `rjh prjollefbk.

Nt 50%, hnby ndsj tcfbm tcnt oudturnd ef``lrlbols hny stnddelndhnmfbk. Oudturnd nbe jrknbfsntfjbnd ef``lrlbols rlsudt fbdnom j` trust nbe dlss `dlxfifdfty. Uclrl fs `nfdurl fb notfvftfls eul tjpjjr fbtlkrntfjb wcfoc fborlnsls tcl blle `jr blw, pjssfidy ojstdy,FU systlhs nbe fbtlrbnd prjolssls, ojhhlbts n pnrtblr nt n`fbnbofnd nevfsjry insle fb _jutc N`rfon.

\belrstnbefbk tcl tnx fb`rnstruoturlj` tcl rlkfjb wfdd il n sfkbf`fonbtocnddlbkl `jr bjb-N`rfonb iusfblsslstcnt onb fborlnsl tcl pjssfifdfty j`djssls eul tj cfeelb dfnifdftfls.Wnrtblr, dnw `frh, Mlbyn

[cfdl fb`jrhntfjb dlnms wlrl rnbmle ns n hjrl hjelrntl ojbolrbiy rlspjbelbts ns jistnodls fb tcl elndhnmfbk prjolss (sllprlvfjus krnpc), fb tcl ojbtlxt j` entn-rldntle rfsm, oyilr fbtrusfjbsnbe entn dlnms wlrl bnhle ns tcl tjp rfsm notjrs jr ojhpnbfls.Entn dlnms nrl mbjwb tj onusl hnajr enhnkl tj tcl iusfblssfhnkl nbe orlefifdfty. Ft tnmls ylnrs tj fx tcl enhnkl nbe fbsjhl onsls iusfblssls cnvl rub fbtj djssls nbe odjsle ejwbjplrntfjbs, n ojrpjrntl efrlotjr j` fbnbol fb Ijtswnbn snys.

Ourrlboy vjdntfdfty insle jb pjdftfondnbe sjofnd `notjrs lxfst fb olrtnfblojbjhfls nbe ojude il n inrrflrtj tcl npprjvnd j` nb nbbjuboleelnd nbe ojude rlsudt fb slojbenryrlslnroc fb neeftfjb tj eul efdfklbol.Efrlotjr j` `fbnbol, ojrpjrntl, Bfklrfn

[cnt ej yju ildflvl nrl tcl prfhnry jistnodls tcnt hfkct prlvlbtnb nbbjubole elnd wftc nb N`rfonb tnrklt `rjh prjollefbk:

Jb n sondl j` > tj 0 wclrl > 8 bjt nt ndd rfsmy nbe 0 8 lxtrlhldyrfsmy, pdlnsl rntl tcl `jddjwfbk entn-rldntle rfsms1

Ifkklst jistnodl _lojbe ifkklst jistnodl Ucfre ifkklst jistnodl

7% >7% 97% ?7% 57% ;% 99% >3%

99% >;% >6% >7%

>7% ;% 99%

>?% >5% >9%

5%0%

9 ? 5 < 0

Fbtrusfjbs fb

FU systlhs

Entn

irlnocls

Entn dlnms

Oyilr

fbtrusfjbs


15/44

>9 hjbtcs:

7% >7% 97% ?7% 57% %90% >;%>?%

>7% >5%>3%

?% >6%>3%

>0% ;%6%

0% >;%

>% ?%

0%

9%

>% ?%

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_jutc N`rfon hnfbtnfbs fts prlejhfbnbt pjsftfjb ns tcl tjp orjss-ijrelr noqufrlr, `jddjwle iy Bfklrfn, Mlbyn nbe Kcnbn. Bfklrfnnbe _jutc N`rfon wfdd il tcl hnfb ojubtrfls notfvl fb orjss-ijrelrelnds ns tcl kjvlrbhlbts nrl j``lrfbk suppjrt jr H&N, snys nefrlotjr j` fbvlsthlbt nt n fbnbofnd nevfsjry insle fb tcl Ojhjrjs.

Cjwlvlr, rlspjbelbts ndsj lxplot n djt j` fbtlrlst tj ojhl `rjhBjrtc N`rfon, splof`fonddy Lkypt nbe Hjrjooj, jvlr tcl blxt >9hjbtcs. Hlnbwcfdl 0% j` rlspjbelbts ndsj ildflvl tcnt Qnhifnhny ilojhl tcl tcfre hjst notfvl noqufrlr, ojhpnrle wftc jbdy?% fb tcl prlvfjus ylnr.

Ej yju lxplot orjss-ijrelr elndhnmfbk (f.l. iltwllb ef``lrlbtN`rfonb ojubtrfls) tj fborlnsl fb tcl blxt >9 hjbtcs:

Bfblty-twj plrolbt j` survly rlspjbelbts wlrl jptfhfstfo nijuthjrl orjss-ijrelr elndhnmfbk iltwllb N`rfonb ojubtrfls fb tclblxt >9 hjbtcs, ojhpnrle wftc 33% fb tcl prlvfjus ylnrs survly.

Elvldjple N`rfonb iusfblssls wfdd lxpnbefb jtclr pnrts j` tcl ojbtfblbt insle jbprjeuot rlspjbsl nbe elhnbe `jr slrvfols.

Hjst wfdd ocjjsl ejhlstfo lxpnbsfjb jvlrjvlrslns lxpnbsfjb hnfbdy ilonusl tclynrl `nhfdfnr wftc rlkudntfjbs nbe cnvl nojbsfelrnidl nhjubt j` hnrmlt lxplrflbol.Efrlotjr j` `fbnbol, ojrpjrntl, Qfhiniwl

3%

69%

Vls

Bj


16/44

0

ELND EYFPLY_ N@YFON

Hjst notfvl _lojbe hjst notfvl Ucfre hjst notfvl

?%

6;%

Vls

Bj

[cfoc N`rfonb ojubtry wfdd il tcl hjst nttrnotfvl tnrklt tj N`rfonbnoqufrlrs jvlr tcl blxt >9 hjbtcs:

Bfklrfn, bjw N`rfons dnrklst lojbjhy n`tlr n rlscu``dfbk j` KEWldlhlbts, wns rntle ns tcl hjst nttrnotfvl tnrklt jr N`rfonbnoqufrlrs, jddjwle iy Mlbyn (?;%) nbe _jutc N`rfon (?5%).Ylspjbelbts ndsj `nvjurle Unbznbfn (93%) nbe Hjznhifqul(97%), wcfoc nrl ijtc rfoc fb bnturnd kns rlsjurols iut stfdd cnvldnrkl fb`rnstruoturl knps tj fdd tj il nidl tj lxpdjft nbe irfbk tclfrrlsjurols tj tcl hnrmlt.

Ofvfd lbkfbllrfbk notfvftfls nrl jb tcl rfsl fb N`rfon ns tclrl nrl hnbyrurnd elvldjphlbt prjalots, wcfoc suppjrt tcl ojbstruotfjb slotjr,ojhhlbts n efrlotjr j` `fbnbol fb _jutc N`rfon. "Fborlnsle rurndelvldjphlbt wfdd ndsj spnrm elhnbe iy tcl ojbstruotfjb fbeustry`jr rnw hntlrfnds, oclhfonds nbe lqufphlbt rlqufrle tj orlntl blwfb`rnstruoturl," nees n ocfl` `fbnbofnd j``folr `rjh _jutc N`rfon.

(n) Ej yju lxplot fbijube noqufsftfjbs tj N`rfon `rjh ifeelrsjutsfel j` tcl rlkfjb tj fborlnsl fb tcl blxt >9 hjbtcs:

Nt 6;%, blnrdy ndd rlspjbelbts nbtfofpntl ifeefbk rjh jvlrslnstj fborlnsl jvlr tcl blxt ylnr.

N`rfon fs rfoc fb bnturnd rlsjurols, nbe hnby dnrkl ojrpjrntlscnvl noqufrle N`rfonb efvfsfjbs. Ucly nrl bjw prlpnrfbk `jr hjrlfbvlsthlbt fb tcl slotjr, lftclr tcrjukc hlrklrs jr iuyjuts, snysn efrlotjr j` fbnbol nt n `fbnbofnd nevfsjry frh fb Eafijutf.

Ns hnby lojbjhfls fb N`rfon stfdd strukkdl wftc pjwlr suppdyslourfty, rlspjbelbts lhpcnsfsl jppjrtubftfls fb tcl pjwlrklblrntfjb slkhlbt.

Ucl lblrky slotjr wftc rlknre tj pjwlr suppdy wfdd ijjh ns tclblle jr ldlotrfofty fs cfkc fb N`rfon nbe bjt ndd nrlns cnvl su``foflbtsuppdy. Elnds wfdd il hjstdy fbijube, snys n efrlotjr j` `fbnbol`rjh Bfklrfn.

Fb neeftfjb tj ojbvlbtfjbnd sjurols j` ldlotrfofty, n efrlotjr j` `fbnbolpjfbts jut tcl pjtlbtfnd `jr rlblwnidl klblrntfjb1 _jdnr pjwlr, wfbelblrky nbe rlblwnidl lblrky klblrntfjb slkhlbts wfdd ej wldd fb tcllblrky fbeustry, nbe tcl elnds wfdd il fbijube ns tclrl fs n krjwfbkblle `jr pjwlr fb nrlns suoc ns Bfklrfn nbe Qnhifn.

7% >7% 97% ?7% 57% 5%>>%

>5% >>%>9%

>3% 5%>9%

>%>9%

3% 6%>>%

?% ;% >5%

?%

5%


17/44

>;

ELND EYFPLY_ N@YFON


(i) @rjh wcfoc kdjind rlkfjb ej yju lxplot hjst iuylrs tj ojhl:

7% >7% 97% ?7% 57% 77%

Dntfb Nhlrfon

Hfeedl Lnst

Lurjpl

Bjrtc Nhlrfon

Nsfn-Wnof`fo

96% 96% >6% >3% 7% >?% 9;% 5>%

>?% 93% 5>%

?% >?% >%

?%


Noojrefbk tj ??%

>;% >;% >>%

6% >6% >>%

>>% >0%?%

5%

0% 0%


18/44

3

ELND EYFPLY_ N@YFON

7% >7% 97% ?7% 57% 9%

>>%

9%

Fb wcfoc rlkfjb wfdd fbijube noqufsftfjbs fborlnsl:

Ucl hnajrfty j` fbijube noqufsftfjbs wfdd fborlnsl fb _jutclrbN`rfon, noojrefbk tj ;%, pjfbtfbk tj ft ns tcl hjst notfvl rlkfjb fb tcl ylnr nclne.Jbdy 9% j` rlspjbelbts ildflvl tcnt fbijube noqufsftfjbs wfddfborlnsl fb Olbtrnd N`rfon. [cfdl ft fs rfoc fb bnturnd rlsjurols,pjdftfond ubolrtnfbty fb sjhl ojubtrfls, n dnom j` fb`rnstruoturlnbe n sonrofty j` nvnfdnidl tnrklts noojubt jr onutfjus jrnys rjh`jrlfkb fbvlstjrs fb tcl nrln.

_jutc N`rfon fs mbjwb `jr fts iusfblssjppjrtubftfls nbe tcl hnrmlt cnsscjwb krlnt rlsudts wftc rlknres tjprfofbk nbe ojbsuhlr purocnsfbkpjwlr. Ucl rlspjbsl tj prjeuotfhprjvlhlbt cns ndsj illb elolbt.Efrlotjr j` strntlky, ojrpjrntl, Unbznbfn


;%

_jutc N`rfon

Bfklrfn

Mlbyn

@jr fbtlrbntfjbnd iusfblssls, wcfoc j` tcl `jddjwfbk fs tcl hjstfhpjrtnbt kntlwny fbtj N`rfon:

[cfdl Dnkjs fs kfvfbk Ajcnbblsiurk n rub `jr fts hjbly ns tclojbtfblbts prlejhfbnbt iusfblss cui,


19/44

>6

ELND EYFPLY_ N@YFON

?0%

05%

7% 7% >9 hjbtcs:

Blnrdy twj-tcfres j` rlspjbelbts wlrl jptfhfstfo nijut nb fborlnslfb jutijube fbvlsthlbt `rjh N`rfon.

Ulocbjdjkfond mbjw-cjw nbe rlsjurolvndul fb tcl Lurjplnb hnrmlts nrl cfkcnbe `frhs djjmfbk tj il rlojkbfslefbtlrbntfjbnddy nbe ilojhl kdjinddy

ojhpltftfvl wfdd tnrklt Lurjplnb hnrmlts.Clne j` `fbnbol, ojrpjrntl, Bfklrfn


20/44

97

ELND EYFPLY_ N@YFON

7% >7% 97% ?7% 57% 77%

Hfeedl Lnst

Dntfb Nhlrfon

Bjrtc Nhlrfon

Nsfn-Wnof`fo

Lurjpl

0% 3% ;% 6% 5%

?7% 96% ?>% ;% ?%

96% 97%>6% ?>% >%

?%

7% 7% >5% j` rlspjbelbts plrolfvl tclrl tj il n sonrofty j` suftnidltnrklts, wftc hnby bjtfbk tcnt pnrtfoudnrdy kjje vnduntfjbs `jr nssltswlrl nvnfdnidl nhfe ojbsjdfentfjb l``jrts fb hnby slotjrs fb tclLurjplnb hnrmlts.

Wlrolbtnkl j` rlspjbelbts Wlrolbtnkl j` rlspjbelbts


@jurtc hjst notfvl @f`tc hjst notfvl


21/44

9>

ELND EYFPLY_ N@YFON

WYFPNUL L^\FUV

(n) [cnt ej yju lxplot tj cnpplb tj tcl dlvld j` prfvntl lquftyiuyjuts fb N`rfon jvlr tcl blxt >9 hjbtcs:

Ucl hnajrfty j` rlspjbelbts (6?%) lxplot nb fborlnsl fb prfvntllqufty iuyjuts fb N`rfon jvlr tcl blxt >9 hjbtcs. Jut j` tclsl,?>% nbtfofpntl n sfkbf`fonbt fborlnsl.

[ftc tcl krjwfbk buhilr j` tnrklts nvnfdnidl fb nb fhprjvlerlkudntjry nbe lojbjhfo lbvfrjbhlbt fb hnby N`rfonb hnrmlts,hjst rlspjbelbts nrl lbtcusfnstfo.

@jrlfkb fbvlstjrs nbe prfvntl lqufty frhs wfdd try tj noqufrliusfblssls fb N`rfon ns tcl krjwtc rntl lxplotle fb n lw ylnrs fscukl. Uclrl nrl kdjind iusfblssls tcnt cnvl ndrlney slt up n insljb tcl ojbtfblbt, wcfoc wfdd fborlnsl tclfr jppjrtubftfls tj irnbocjut, lxpdnfbs n efrlotjr j` fbnbol rjh _uenb. Cl slls pnrtfoudnrdykjje jppjrtubftfls fb tcl jfd nbe kns slotjr, stlhhfbk rjh blwtlocbfquls nbe tlocbjdjky wcfoc wfdd lbcnbol prjeuotfjb.

Wrfvntl lqufty iuyjuts wfdd fborlnslns `frhs nrl djjmfbk tj efvlst fb jrelrtj kntclr neeftfjbnd onpftnd tj `fbnboldnrklr elnds nbe ilonusl vnduntfjbscnvl fhprjvle fb kdjind hnrmlts.Efrlotjr j` fbvlsthlbt, fbnbofnd nevfsjry, Ojhjrjs

(i) Nbe wcnt nijut tcl buhilr j` lxfts:

Ns vnduntfjbs `jr N`rfonb nsslts nrl tcjukct tj fhprjvl,lxfts nrl ndsj lxplotle tj fborlnsl, 05% j` rlspjbelbt sny,ojhpnrle tj ?. Ns hnrmlts cnvlstnifdfsle nbe lojbjhfo ojbeftfjbs nrl fhprjvfbk, vnduntfjbs]fb N`rfonX nrl klttfbk ilttlr nbe prfvntl lqufty `frhs wfdddjjm nt efvlstfbk nbe snvfbk up tj iuy fb jtclr efstrlsslehnrmlts, snys n ojrpjrntl O@J insle fb Ijtswnbn.

?>%

09%

;%

;%


22/44

99

ELND EYFPLY_ N@YFON

(o) Ej yju lxplot tcl hnajrfty j` prfvntl lqufty notfvfty eurfbk tcfsplrfje tj ojhl `rjh djond jr fbtlrbntfjbnd prfvntl lqufty `frhs:

Ucl hnajrfty j` rlspjbelbts (%) ildflvl tcnt hjst prfvntllqufty notfvfty wfdd il ojbeuotle iy n ojhifbntfjb j` ejhlstfonbe fbtlrbntfjbnd `frhs. Hlnbwcfdl, ?3% lxplot fbtlrbntfjbnd`frhs tj ojbeuot trnbsnotfjbs jb tclfr jwb, wcfdl jbdy >>%ildflvl djond prfvntl lqufty `frhs wfdd il fbvjdvle fb trnbsnotfjbs.

[cnt fb yjur vflw nrl tcl mly jistnodls `nofbk prfvntllqufty fbvlstjrs:

Elspftl ilfbk wldd-`ubele, prfvntl lqufty frhs hny sll fborlnsleojhpltftfjb rjh ojrpjrntl iuylrs jr N`rfonb tnrklts, nbe ?5%j` rlspjbelbts tcfbm tcnt tcfs wfdd il tcl mly jistnodl jr prfvntllqufty fbvlstjrs.

Ojrpjrntls tlbe tj try tj noqufrl shndd nbe hlefuh-sfzlelbtlrprfsls tj nocflvl ojst rleuotfjbs nbe fhprjvl onsc-`djws= sjtcfs dfhfts tcl jppjrtubftfls tcnt nrl nvnfdnidl tj prfvntl lqufty `frhs,nees n efrlotjr `rjh n `fbnbofnd nevfsjry `frh insle fb _jutc N`rfon.

Hlnbwcfdl, >6% sny tcnt prfvntl lqufty `frhs wfdd `nol rlkudntjrycuredls ns nb jistnodl, wcfdl slvlrnd rlspjbelbts ndsj bjtlocnddlbkls tj noolss elit `jr dlvlrnkle iuyjuts. Ylkudntjrycuredls nrl cfkc nbe prfvntl lqufty `frhs cnvl illb ubelr strfotsurvlfddnbol, wcfoc cns fborlnsle tcl ocnbols j` rfsms eul tj bjb-ojhpdfnbol nbe wlnmlr fbvlsthlbt nbe onpftnd rnfsfbk nifdftfls,snys n pnrtblr nt n prfvntl lqufty `frh insle fb Bfklrfn. Jbdy >0%oftl n dnom j` noolss tj onpftnd ns tcl hjst prjhfblbt jistnodl.

?3%

%

>>% Ojhifbntfjb j` ijtc

Fbtlrbntfjbnd

Djond

Hjst prjhfblbt _lojbe hjst prjhfblbt Ucfre hjst prjhfblbt

@jurtc hjst prjhfblbt @f`tc hjst prjhfblbt _fxtc hjst prjhfblbt

7% >7% 97% ?7% 57% 77%

Dnom j` nttrnotfvl tnrklts

Dnom j` vfnidl

lxft jppjrtubftfls

Ylsfstnbol tj cnbefbk

jvlr suistnbtfndhnbnklhlbt ojbtrjd

Noolss tj onpftnd

Ylkudntjry curedls

Ojhpltftfjb rjhojrpjrntls

?5% >?%>3% >9% >7% >?%

>6% >;%?9% >>% 0%

>0% >0%9;%>0% >?% >9%

>9% 99%>?% >5%3% ?>%

>7% >7%>9% 90%>3% 95%

6% >5%>>% 9?%?7% >?%



23/44

9?

ELND EYFPLY_ N@YFON

Hjst notfvfty _lojbe hjst notfvfty Ucfre hjst notfvfty

Fb wcfoc slotjrs ej yju lxplot tj sll hjst prfvntl lquftynotfvfty jvlr tcl blxt >9 hjbtcs:

7% >7% 97% ?7% 57% 9%

>3% >6% >% >7% >6%

>7% >;% >;%

>>% >9%3%

>>% >7%;%

0% 0%>>%

9%

>%

>%

%


Hjst rlspjbelbts lxplot hjst prfvntl lqufty notfvfty tj jous jb tcllblrky, hfbfbk nbe utfdftfls slotjr jvlr tcl blxt >9 hjbtcs. Lblrkylxpdjrntfjb wfdd sll n ernstfo fborlnsl fb H&N notfvfty. Wrfvntl lqufty`frhs wfdd il hnajr noqufrlrs fb tcl lblrky slotjr, nbe fbtlrbntfjbndpdnylrs wfdd prjvfel kjje vnduntfjbs nbe j``lrs tj iuylrs, prlefots nefrlotjr j` fbnbol insle fb _jutc N`rfon.

Hlnbwcfdl, 9>% nbtfofpntl hjst j` tcl prfvntl lqufty fbtlrlsttj jous jb tcl UHU slotjr. Iusfblss slrvfols nbe FU slrvfoliusfblssls nrl wftblssfbk nb fborlnsl fb elhnbe. @jrlfkb lbtftflsnrl lsplofnddy dfmldy tj noqufrl N`rfonb iusfblssls fb jrelr tj rleuolojst j` dnijur nbe jplrntfjbs tj fhprjvl rlvlbuls, n Mlbyn-insleOLJ snys. L-ojhhlrol fs tcl hjst rnpfedy lhlrkfbk slkhlbtfb tcl UHU slotjr nbe tcl hnajrfty j` elnds wfdd tnml pdnol fb tcfsspnol. Iuy-inoms wfdd il tcl ojhhjb elnd, nees n O@J rjh nojhpnby fb Mlbyn.

Ldlvlb plrolbt sll tcl pcnrhn, hlefond nbe ifjtloc slotjr,wcfoc fs sllfbk cfkc dlvlds j` kdjind H&N, ilojhfbk tcl hjstnotfvl slotjr jr prfvntl lqufty fb N`rfon jvlr tcl blxt >9 hjbtcs.Wrfvntl lqufty nbe jtclr fbstftutfjbnd fbvlstjrs nrl fbvlstfbk fbtcl df`l soflbols slotjr, wcfoc cns fborlnsle fts sojpl jr blwelvldjphlbts fb rlslnroc nbe elvldjphlbt, nbe fb prjeuotfjbnbe efstrfiutfjb. Eruk hnbu`noturfbk ojhpnbfls wfdd il tcl hjstpjpudnr pdnylrs, snys tcl clne j` fbnbol j` n ojhpnby insle fb

_jutc N`rfon.


24/44

95

ELND EYFPLY_ N@YFON

Cnvl yju lvlr usle nb nevfslr `jr pjdftfond rfsm nbe/jr eulefdfklbol jb nb N`rfon-insle H&N elnd:

Ucl hnajrfty j` rlspjbelbts (39%) cnvl prlvfjusdy usle nb nevfslr`jr pjdftfond rfsm nbe/jr eul efdfklbol jb N`rfon-insle H&N elnds._lvlrnd rlspjbelbts fbefontle n dnom j` elndhnmfbk lxplrflboljb tcl sldd-sfel wcfoc onb rlsudt fb vnduntfjb knps, fbsu``foflbtrlpjrtfbk kufeldfbls jr eul efdfklbol.

N pnrtblr nt nb Lkyptfnb dnw frh pjfbts jut1 Jplrntfjbnd rfsms,pjdftfond rfsms nbe rlkudntjry fssuls wfdd ojbtfbul tj il inrrflrstj H&N notfvfty ]fb N`rfonX ns bjt ndd tnrklts nrl nidl tj cnbedltcl lxplotntfjbs j` n trnbsnotfjb eul tj dlss lxplrflbol fb eulefdfklbol nbe vnduntfjbs.

Ucl nevfslrs hnrmlt mbjwdlekl nberlputntfjb wlrl put tj tcl tlst il`jrlnssfkbfbk tcl eul efdfklbol wjrm.O@J, ojrpjrntl, _jutc N`rfon

Hjst fhpjrtnbt _lojbe hjst fhpjrtnbt Ucfre hjst fhpjrtnbt

[cnt ej yju tcfbm nrl tcl tjp tcrll `notjrs fb sldlotfbkn `fbnbofnd nevfslr `jr n trnbsnotfjb fb N`rfon:

7% >7% 97% ?7% 57% 5%>6%

>6% 90%97%

>>% >0%>3%

>5% >>%>;%

6% >9% >;%

>7% >0%>5%


Ucl trnfts hjst vndule fb n `fbnbofnd nevfslr iy rlspjbelbts wlrlstrjbk slotjr lxplrtfsl, noojrefbk tj ?;%, `jddjwle iy djond hnrmltlxplrflbol (>5%) nbe djond rldntfjbscfps (>6%).

Hnby rlspjbelbts sny tcly plr`jrh tcjrjukc ocloms jb djondrlputntfjb nbe orlefifdfty, nbe trnom rlojre `jr tcl iufdefbk j`wldd-plr`jrhfbk pjrt`jdfjs fb tclfr slotjrs j` lxplrtfsl il`jrlcfrfbk n fbnbofnd nevfslr jr nb N`rfon-insle elnd.

Nb felnd `fbnbofnd nevfslr scjude cnvl kjje djond rldntfjbscfps nbeil nidl tj irfbk tcl odflbt up tj entl fb rlknre tj nby ocnbkls nbeocnddlbkls lhlrkfbk fb tcl fbeustry, noojrefbk tj n pnrtblr nt n_jutc N`rfonb fbnbofnd nevfsjry frh.

[l nsslssle tcl nevfslrs orlefifdftytcrjukc rlvflws.Efrlotjr j` fbvlsthlbt, prfvntl lqufty `frh, Nbkjdn

_LDLOUFBK NEPF_LY_

>3%

39%

Vls

Bj


25/44

97% 97% ?7% 57% % 99% 3%

6% >>% >6%

;%

5% >7% 6%

;% 0% 0%

>>% >?% >0%

96% 9>% 99%

Fb wcfoc j` tcl `jddjwfbk nrlns cns yjur `frh plr`jrhle eulefdfklbol eurfbk nb H&N trnbsnotfjb fb N`rfon:

Ucl nrlns fb wcfoc hjst rlspjbelbts sny tclfr frh cne plr`jrhleeul efdfklbol eurfbk nb N`rfon-insle H&N elnd wlrl fbnbofnd(;6%) nbe tnx-rldntle (;?%), odjsldy `jddjwle iy jplrntfjbnd eulefdfklbol (;7%).

N trnom rlojre fb hnmfbk sjube elofsfjbsjb ilcnd` j` n iusfblss nbe tcl ojbtrfiutfjbtj n ocnbkl fb prjeuotfvfty nrl sjhl j`tcl `notjrs wl nsslss il`jrl sldlotfbknb nevfslr.Efrlotjr j` `fbnbol, ojrpjrntl, Bfklrfn

[cnt ej yju tcfbm nrl tcl tjp tcrll `notjrs fb sldlotfbk n dlkndnevfslr `jr n trnbsnotfjb fb N`rfon:

Fb ocjjsfbk n dlknd nevfslr, rlspjbelbts hjst vndul tcl elptcnbe irlnetc j` n slrvfol prjvfelrs lxplrflbol (96%) nbe splof`foslotjr lxplrtfsl (?>%), wcfdl fbtlrbntfjbnd rlputntfjb wns tcl dlnstfhpjrtnbt notjr (5%).


97% 97% ?7% 57%


26/44

90

ELND EYFPLY_ N@YFON

>%

50%


27/44

9;@LNU\YL


28/44

93

ELND EYFPLY_ N@YFON

_jutc N`rfon ojbtfbuls tj il nb lbkfbl j` krjwtc jr tcl ojbtfblbt,noojubtfbk jr tcl dnrklst scnrl j` H&N iy vjduhl nbe vndul. Nbeelndhnmfbk fb tcl ojubtry ojbtfbuls tj krjw npnol1 fb tcl frsttcrll qunrtlrs j` 97>5, vjduhl lekle up 9% VjV tj 36 elnds, wcfdlvndul auhple 55% tj \_$0..;>ib fb tcl `frst tcrll qunrtlrs j` 97>5.

Bjtnidy, elnd vndul spfmle fb _jutc N`rfons dfstle prjplrty

hnrmlt fb 97>5, n`tlr n buhilr j` dfstfbks snw ojhpltftjrsruscfbk fb tj knfb scnrls fb n hnrmlt rlstrnfble iy dfhftlenoqufsftfjb tnrklts.Ucl dnrklst j` tclsl elnds wns JotjeloFbvlsthlbts noqufsftfjb j` nb 36% VjV tj 90 elnds fb tcl `frsttcrll qunrtlrs j` 97>5, wcfdl vndul `ldd 99% VjV tj \_$>.3ib.

Ucl lblrky, hfbfbk nbe utfdftfls slotjr cns illb pnrtfoudnrdy cnrecft. Pndul cns `nddlb nhfe prjdjbkle fbeustrfnd notfjb nbe jvlrsuppdyfb tcl kdjind ojnd hnrmlt. Ucl hfbfbk fbeustrys ojsts cnvl kjblup nbe elhnbe cns bjt. Uclrl cns illb n sdjwejwb fb Ocfblslelhnbe. Elnds tcnt nrl ilfbk ejbl nrl elsfkble tj hnml tclojhpnbfls hjrl l``foflbt, nbe cnvl illb erfvlb iy ojbsjdfentfjbjialotfvls, bjtls Mntz.

Blvlrtcldlss, _jutc N`rfon stfdd lbajys n splofnd nevnbtnkl ns nbjplrntfjbnd sprfbkijnre jr hnby ojhpnbfls djjmfbk tj lxpnbetclfr pjrt`jdfjs fb tcl sui-_ncnrnb rlkfjb. _jutc N`rfon fs lxplotletj ilbl`ft rjh tcl ojbtfblbts fborlnsfbk pjdftfond nbe lojbjhfofbtlkrntfjb, ns _jutc N`rfonb fbnbofbk fbstftutfjbs nrl lxplotle

tj pdny n hnajr rjdl fb `fbnbofbk tcl elvldjphlbt.

[cfdl ocnddlbkls tcnt jur trnefbk pnrtblrs fb Lurjpl nbe Ocfbn`nol wfdd n``lot tcl dlvld nbe vjduhl j` notfvfty fb tcl _jutc N`rfonblojbjhy, F ejbt sll nby ùbenhlbtnd rlstrfotfjbs `jr H&N,noojrefbk tj Mntz.

WL dlssjbs

Wrfvntl lqufty (WL) fs n rldntfvldy shndd nsplot j` elndhnmfbk fb _jutcN`rfon. Uclrl wlrl jbdy bfbl WL elnds fb tcl `frst tcrll qunrtlrs j`97>5, tjtnddfbk \_$9>3h. _tfdd, krjwfbk ojhpnbfls fb _jutc N`rfonprjvfel snvvy WL `frhs wftc nhpdl jppjrtubftfls.

@jr fbstnbol, n dnrkl scnrl j` WL vndul onhl `rjh n $>5 VUE

Buhilrjèlnds

7

>7

97

?7

57

597>?97>997>>97>797769773977;7

>,777

9,777

?,777

5,777

5 VUE

Buhilrjèlnds

7

7

>?97>997>>97>797769773977;7

>,777

9,777

?,777

5,777


29/44

96

ELND EYFPLY_ N@YFON

WL fs `dusc wftc hjbly, snys Mntz, neefbk tcnt djkfstfos, rnfdwnys,pjwlr nbe ndtlrbntfvl lblrky nrl rldlvnbt fbvlsthlbts `jr _jutcN`rfon nbe tcl ojbtfblbt nt dnrkl. Klttfbk prjeuots tj hnrmlts nbepjrts fs stfdd n ocnddlbkl fb hnby ojubtrfls.

Uclrl nrl n djt j` splofndfst WL cjusls nbe inbm WL efvfsfjbs tcntnrl djjmfbk jr kjje jppjrtubftfls tj noqufrl ojhpnbfls tcnt tclytcfbm nrl rfkct jr WL noqufsftfjbs. [l scjude sll tclh huoc hjrlnotfvl fb rldntfjb tj Idnom Lhpjwlrhlbt trnbsnotfjbs.

Ucl Idnom Lojbjhfo Lhpjwlrhlbt prjkrnhhl wns dnubocleiy tcl _jutc N`rfonb kjvlrbhlbt fb 977? tj neerlss lojbjhfoefspnrftfls iy neefbk, `jr lxnhpdl, smfdds trnfbfbk tj ojrpjrntl

strntlkfls, ns wldd ns nddjontfbk ubes tj _jutc N`rfon-insleprjalots fboduefbk prfvntl lqufty vlbturls tcrjukc fbnbofndfbstftutfjbs suoc ns tcl Wuidfo Fbvlsthlbt Ojrpjrntfjb.

Jutijube hjbftjr

Ns hnby ojubtrfls nrjube tcl wjrde turb fbwnre, _jutc N`rfonbiusfblssls cnvl notfvldy pursule orjss-ijrelr elnds. Fb tcl `frstbfbl hjbtcs j` 97>5, jutijube H&N vndul `rjh _jutc N`rfon rjsl>7% VjV fb vjduhl tj 9? elnds, nbe 9;% VjV fb vndul tj \_$?.5ib.

Ifk idjomiustlrs suoc ns _jutc N`rfonb [jjdwjrtcs Cjdefbkstnmljvlr j` Nustrndfnb rltnfdlr Envfe Ajbls ]`jr \_$9ibX, nrl bjtfbefontfvl j` tcl efrlotfjb j` tcl H&N hnrmlt, snys Mntz.

Jutijube vjduhl wftcfb N`rfon rlhnfbs rldntfvldy djw, wftc jbdyslvlb elnds. Fb 97>5, _jutc N`rfonb `frhs iuyfbk ldslwclrl jb tclojbtfblbt wns hjstdy rlstrfotle tj Mlbyn nbe Bfklrfn. Ucl ifkklst_jutc N`rfonb jutijube elnd wns tcl \_$;5h noqufsftfjb j` n


30/44

?7 @LNU\YL


31/44

?>

ELND EYFPLY_ N@YFON

WYFPNUL L^\FUV FB N@YFON

Buhilrjèlnds

7

7

>997>>97>797769773977;7

9,777

5,777

0,777

3,777

>7,777

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N@YFONB I\VJ\U UYLBE_, 977;97>5 VUE

Buhilr j` elnds Pndul j` elnds \_$h

Buhilrjèlnds

7

7

>597>?97>997>>97>797769773977;7

>,777

9,777

?,777

5,777

5 VUE

Buhilr j` elnds Pndul j` elnds \_$h

_jdfe fbtlrlst `rjh fbstftutfjbnd fbvlstjrs

Wrfvntl lqufty notfvfty cns hnfbtnfble nb upwnre trlbe sfbol 97>7. Ucl `frst tcrll qunrtlrs j` 97>5ojbtfbul tcfs hjhlbtuh, ns iuyjut vjduhl nbe vndul rjsl >>% VjV tj 9> elnds nbe ;% VjV tj\_$>.?ib, rlsplotfvldy.

Ucl jppjrtubftfls `jr prfvntl lqufty (WL) fbvlsthlbt fbtj N`rfon nrlsllhfbkdy ijubedlss1 tcl ojbtfblbt cns n buhilr j` rlkfjbs nbeslotjrs tcnt nrl nt tcl ilkfbbfbk j` plrfjes j` rnpfe krjwtc, nbefbvlstjrs wjrdewfel nrl lylfbk jppjrtubftfls.

[cfdl WL stfdd ojhprfsls n shndd scnrl j` jvlrndd H&N, tclrl nrldfmldy n cjst j` shnddlr, ubrlpjrtle elnds tcnt nrl prjvfefbk krjwtc

onpftnd `jr N`rfonb iusfblssls. Ucnt snfe, wl nrl sllfbk fborlnslenbbjubole notfvfty fb rjbtflr hnrmlts. WL cjusls cnvl hnel tclfr frstvlbturls fbtj blw nrlbns suoc ns fb \knbens ojbsuhlr kjjes slotjrnbe nkrfoudturl fb Knijb, scjwfbk nb nppltftl tj hjvl jutsfel tcl hjrllstnidfscle ojubtrfls nbe djjm urtclr n`flde.

@urtclr, fbtlrbntfjbnd WL `frhs nrl sdjwdy iut stlnefdy lhinrmfbkjb hjrl trnbsnotfjbs jb tcl ojbtfblbt. \_-insle MjcdilrkMrnvfs Yjilrts (MMY) hnel fts `frst `jrny fbtj N`rfon iy fbvlstfbkfb Ltcfjpfns nkrfoudturnd slotjr, wftc tcl \_$977h noqufsftfjb j``djwlr ojhpnby N`rf`djrn. Ucfs fs pnrtfoudnrdy bjtlwjrtcy ilonusl,fb n ojubtry wclrl tcl kjvlrbhlbt stfdd cns n strjbk prjtlotfvl krfpjb hjst slotjrs j` tcl lojbjhy, MMY hny il slttfbk tcl stnkl `jrdnrkl-sondl, djbk-tlrh fbvlsthlbts fb tcl rlkfjb.

Cjwlvlr, felbtf`yfbk suftnidl tnrklts j` tcnt sfzl stfdd rlhnfbs nocnddlbkl, noojrefbk tj _cniifr Bjrntc, clne j` ojrpjrntl `fbnbolnt Bleinbm.

Ucl typl j` elnd wclrl \_$>77h onb il elpjsftle nt n tfhl onbbjtil jube fb lvlry aurfsefotfjb. Ft fs lnsflr tj elpdjy onpftnd fb shnddlr tjhfe-sfzle elnds, snys Bjrntc. Ndsj, tcl djond ourrlboy jutdjjm cns tjil tnmlb fbtj noojubt ns fbvlsthlbts nrl hnel jr tcl djbk tlrh. Efpsfb ourrlboy strlbktc hny suppjrt fbtlrlst fb lxpjrt-rldntle iusfblssls.

@ubefbk jptfhfsh

_lotjrs wftc iusfblssls tcnt onb prjvl rlkfjbnd lxpnbsfjb nbesondnifdfty nrl scjwfbk pjtlbtfnd nhfe n hjrl pjsftfvl fbnbofbkodfhntl. Lxnhpdls fboduel _jutc N`rfonb ojhpnby Dfttdl KrllbIlvlrnkl, wcfoc Bleinbm Onpftnd Wrfvntl Lqufty ijukct fbtj,nbe Notfs iuy-jut j` Mlbyn-insle tyrl suppdflr NutjSprlss. Djwvnduntfjbs fb lhlrkfbk slotjrs, suoc ns dlfsurl nbe ojbsuhlrkjjes, prlslbt kjje jppjrtubftfls jr WL.

Blw onsc djws nrl lxplotle tj ijjst lqufty ubes, nbe nb fborlnslfb notfvfty ojude ndsj ojhl rjh elvldjphlbt nbe sjvlrlfkb wlndtcùbes norjss tcl ojbtfblbt.

@jr lxnhpdl, Ijtswnbn fs mllb tj elpdjy sjhl j` fts puidfo

slotjr plbsfjb ubes hjbly fb n WL ùbe. Ucl Wuidfo FbvlsthlbtOjrpjrntfjb fb _jutc N`rfon ndsj cns slt nsfel hjbly tj fbvlstnrjube tcl ojbtfblbt. Uclrl fs n ifk erfvl tj fborlnsl WL notfvfty,snys Bjrntc.


32/44

?9

ELND EYFPLY_ N@YFON

Wlbsfjb ubes, wcfoc cnvl prlvfjusdy illb rfsm nvlrsl tjwnre WL,ojude ndsj scjw hjrl fbtlrlst jvlr tcl ojhfbk ylnr, fb dfbl wftcfbvlstjrs tnmfbk n djbklr-tlrh npprjnoc. Iut frhs wfdd blle tjil ojbvfbole tcnt tclrl wfdd il wfddfbk iuylrs wclb fbvlsthlbtshnturl. _tnidl pjdftfond nbe rlkudntjry lbvfrjbhlbts wfdd ndsj ilvftnd jr lbojurnkfbk WL fbvlsthlbts.

Ucl suoolssùd odjsl j` Onrdydl Krjups jvlr-suisorfile \_$063hsui-_ncnrnb ube fb Nprfd ijels wldd jr tcl rlkfjb. Onrdydlildflvls tcnt tcl rubnwny suoolss j` tcl ùbernfsfbk l``jrt fs ejwbtj fbvlstjrs' nftc fb tcl rlkfjb's rnpfe lojbjhfo elvldjphlbt.

N irfkctlr ùturl

Fbtlrbntfjbnd nbe ejhlstfo N`rfonb WL fs slt tj fborlnsl jvlr tclblxt ylnr, ns ubes suoc ns tcl \_$51 vndul fborlnsle ;


33/44

@LNU\YL ??


34/44

?5

ELND EYFPLY_ N@YFON

FBIJ\BE H&N FBUJ N@YFON

_trntlkfo ^&N wftc Ojbtrjd Yfsms

Kdjind rfsm ojbsudtnboy Ojbtrjd Yfsms efsoussls tcl ocnddlbkls nbe prjsplots `jr fbijube H&N jb tclN`rfonb ojbtfblbt. Wnrtfofpnbts _tpcnbfl Dcjhhl, Clne j` Ojhpdfnbol Fbtlddfklbol Fbvlstfkntfjbsnbe Ulocbjdjky (OFFU), Hnrfn Mbnpp, Nssjofntl Efrlotjr N`rfon Wrnotfol OFFU, nbe Ujh Krf``fb, HnbnkfbkEfrlotjr [lst N`rfon, cfkcdfkct lxpnbsfjb jppjrtubftfls tcrjukc vndul ocnfbs fb rlkfjbnd odustlrs nbeneerlss kjvlrbhlbts prjkrlss fb fhprjvfbk tcl fbvlsthlbt lbvfrjbhlbt.

[cnt fs prlslbtdy erfvfbk fbijube H&N nbe wcfoc ojubtrfls nrlernwfbk fbtlrlst rjh jrlfkb iuylrs:

Hnrfn Mbnpp1Fb neeftfjb tj fhprjvle ùbenhlbtnds, suoc ns

hnorjlojbjhfo hnbnklhlbt, elodfbl fb dnrkl-sondl ojb`dfotnbe huoc dlss hfdftnry fbtlrvlbtfjb fb pjdftfos, tclrl cns illbnb fborlnsl fb nttrnotfvl N`rfonb tnrklts. Ucl rfsl j` rlkfjbndhudtfbntfjbnds kfvls `jrlfkb fbvlstjrs noolss tj slvlrnd hnrmltstcrjukc n sfbkdl efrlot fbvlsthlbt. Jtclr sfkbf`fonbt jppjrtubftflsnrl tnrklts tcnt prjvfel n pdnt`jrh `jr rlkfjbnd lxpnbsfjb tj tnmlfbtj noojubt ojbblotle hnrmlts. _jhl j` jur odflbts nrl djjmfbknt 'odustlr ojubtrfls' rntclr tcnb sfbkdl-elstfbntfjb fbvlsthlbts.@jr tcjsl, tcl `jous j` jur nevfol fs jb ocnrnotlrfsfbk nbehlnsurfbk tcl sfkbf`fonbt vnrfntfjbs fb mly rfsms n``lotfbk lnocj` tcjsl ojubtrfls, hnppfbk tcl suppdy ocnfb ojbblotfjbs tcntdfbm tclh nbe prjeuofbk ilbochnrmfbk nbndysfs wcfoc `lles fbtjpdnbbfbk tclfr fbvlsthlbt strntlky.

Ujh Krf``fb1 Mlbyn cns jbl j` tcl hjst notfvl lxocnbkls jb tclojbtfblbt iy buhilr j` elnds, wftc `fbnbofnd slrvfols, fb`rnstruoturl,ojbstruotfjb nbe ojbsuhlr elnds ejhfbntfbk, wcfoc fs jbl j`tcl erfvlrs `jr Ojbtrjd Yfsms lstnidfscfbk nb j``fol fb Bnfrjif.Hjznhifqul fs fborlnsfbkdy sllb ns n mly fbvlsthlbt elstfbntfjb,nbe wl prlefot tcnt tcl kjvlrbhlbts `jous jb elvldjpfbk tclojubtrys hnssfvl kns rlslrvls fb tfhl `jr lxpjrt fb 97>6 wfdd erfvlùrtclr jppjrtubftfls.

Fb [lst N`rfon, Bfklrfn ojbtfbuls tj il jbl j` tcl iusflst tnrklthnrmlts ns n djt j` ojhpnbfls nrl ojh`jrtnidl jplrntfbk tclrl nbeusl tcl ojubtry ns n insl jr tclfr N`rfon-insle strntlkfls. Ft wfddndwnys il tcl ojubtry tcnt nttrnots tcl hjst @EF.

Fb tlrhs j` hnorj-hjelds, Bfklrfn cns scjwb tcnt olbtrnd inbmrlkudntfjb onb orlntl n hjrl stnidl fbvlsthlbt lbvfrjbhlbt.Jutsfel j` Bfklrfn, slvlrnd ojhpdlhlbtnry fbftfntfvls nrl cldpfbktcfs prjolss, suoc ns tcl Djbejb _tjom Lxocnbkl pnrtblrfbk wftcN`rfonb lxocnbkls tj prjhjtl eund dfstfbks. Ucfs cns strlbktclbleojb`felbol fb prlvfjusdy dlss notfvl hnrmlts.

[cnt nrl tcl hnfb ocnddlbkls `jr fbijube elndhnmfbk nbe wcntcns ocnbkle fb tcl fbvlsthlbt lbvfrjbhlbts:

_tpcnbfl Dcjhhl1 _jhl prfvntl lqufty (WL) ùbes, ns wldd

ns ojrpjrntfjbs, wlrl rlduotnbt tj fbvlst fb N`rfon ilonusl lxftjppjrtubftfls wlrl quftl dfhftle. @rjh n iuylrs plrsplotfvl, fbsjhl ojubtrfls tcl dnbesonpl fs ojhpdfontle iy tcl rlqufrlhlbttj pnrtblr wftc djond ojhpnbfls1 felbtf`yfbk suftnidl pnrtblrsfs nb jppjrtubfty tj noqufrl djond mbjwdlekl iut onb ndsj il nocnddlbkl. Fb _jutc N`rfon, tclrl nrl blw rlkudntfjbs fb tcl rltnfdfbeustry fb `nvjur j` djond iusfblssls, wcfoc cnvl hnel tcl slotjrdlss fbtlrlstfbk `jr `jrlfkb fbvlstjrs. Uj indnbol tcnt, tclrl fsefsoussfjb nijut ifdntlrnd trlntfls wftc tcl L\ nbe tcl \_ jb cjwtj stfhudntl trnel krjwtc wftc tcl N`rfonb ojbtfblbt.

Ujh1 Fb [lst N`rfon, wl nrl sllfbk ijubedlss jptfhfsh nrjubetcl pjtlbtfnd jr fbijube noqufsftfjbs. Cjwlvlr, tclrl blles tjil n elkrll j` onutfjb ns ft rlhnfbs n ojhpdlx nbe ocnddlbkfbk

lbvfrjbhlbt jr ejfbk iusfblss. Fssuls suoc ns jpnqul tnxrlkudntfjbs, ojhpdfontfjbs jr rlpntrfntfbk prj`ft nbe ef``foudty fblxtrnotfbk vndul rjh fbvlsthlbts fb nb noolptnidl tfhl`rnhl rlhnfb.

Hnrfn1 Ucnt snfe, tcl lbnidfbk lbvfrjbhlbt jr jrlfkb fbvlsthlbtfb sui-_ncnrnb N`rfon cns fhprjvle ernhntfonddy jvlr tcl pnstelonel. Uclrl nrl djwlr sjvlrlfkb rfsms fb sjhl ojubtrfls ilonuslj` n djw dfmldfcjje j` jutrfkct wnr jr rlkfhl ocnbkl, vlry djw elitprj`fdls n`tlr tcl elit rldfl` onhpnfkbs nbe N`rfonb kjvlrbhlbtsnrl klblrnddy kjje pnylrs (f` eldnyle). @jr lxnhpdl, lvlb wftcnb ldlotfjb ojhfbk up fb Bfklrfn, fbvlstjrs stfdd ojbsfelr tclfrfbvlsthlbt prjsplots tj il stnidl.

Ocnbkls fb rlkudntfjbs fb ojubtrfls suoc ns \knben, Mlbyn nbe_jutc N`rfon nrl prjhjtfbk tcl rjdl j` fbstftutfjbnd fbvlstjrs. [lsnw tcfs fb tcl \knbenb Bntfjbnd _jofnd _lourfty @ubes dlne rjdlfb WL `frh Notfs sndl j` fts stnml fb \knbenb ldlotrfofty efstrfiutjr\hlhl tcfs ylnr. Uclsl fbstftutfjbnd fbvlstjrs, plbsfjb ùbes nbesjofnd slourfty ùbes nrl djjmfbk ilyjbe tcl usund sn`l elpjsftfbvlsthlbts. Ucfs ndsj cns tcl rlnd pjtlbtfnd tj orlntl hjrl lxftjppjrtubftfls `jr `jrlfkb fbvlstjrs.



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7,777

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36/44

?0

ELND EYFPLY_ N@YFON

NIJ\U LB_n`rfon & OJBUNOU_

wcj fs LB_n`rfon

LB_n`rfon fs N`rfons dnrklst dnw `frhwftc jvlr 077 prnotftfjblrsnbe wns lstnidfscle jvlr >77 ylnrs nkj.

Ucl frh cns n irlnetc nbe elptc j` lxplrflbol nbe splofndfstlxplrtfsl tcnt spnbs ndd ojhhlrofnd nrlns j` dnw, tnx, `jrlbsfosnbe FWnbe ilbochnrms ftsld` noojrefbk tj fbtlrbntfjbnd stnbenreswcfdst rltnfbfbk n ubfquldy N`rfonb jous.

wcy ocjjsl us:

Ucl frh j``lrs odflbts cfkc qundfty mbjw-cjwtcnt ojvlrs tcl1

Dlknd, FW nbe tnx systlhs tcnt rldntl tj lnoc ojubtry jbtcl ojbtfblbt

Wrnotfond fb-ojubtry nppdfontfjb j` dlkfsdntfvl prjvfsfjbs

Ojubtry nbe rlkfjbnd iusfblss fbvlsthlbt, rfsm nbelojbjhfo prj`fdls

Djond oudturnd nbe sjofnd oustjhs norjss N`rfon

Lxplrt mbjwdlekl. Ucly ubelrstnbe tcl ef``lrlbol iltwllb

purl dlknd sjdutfjbs nbe n sjdutfjb tcnt hnmls iusfblss wjrm.Uurbnrjube tfhl fs tcl nstlst. Ucly jvlr eldfvlr! Ucly ubelrstnbetcl dntlst dnw nbe trlbes, Ocnhilrs nbe Wnrtblrs Kdjind Kufeltj tcl [jrde's Dlnefbk Dnwylrs 97>5.

jbl `frh | jbl tlnh

LB_n`rfon's mly ef``lrlbtfntjr fb tcl hnrmlt fs tcnt ft jplrntls nsjbl frh norjss N`rfon. Ucl frh ejls bjt ojddnijrntl iy hlnbsj` n bltwjrm, nb nddfnbol, bjr ns n _wfss Plrlfb norjss vnrfjusojubtrfls= rntclr, ndd j` fts j``fols nrl `uddy fbtlkrntle nbe wjrm nsjbl tlnh. Ucfs hlnbs tcnt odflbts nrl nssurle j` n ojbsfstlbt nbecfkc qundfty j``lrfbk nbe tcl dlvld j` slrvfol tcly wjude lxplot wclbelndfbk wftc n wjrde-odnss dnw frh.

Nt n prnotfol dlvld, tcl frh cnssplofndfsle ubfts, lnoc ojbsfstfbkj` n buhilr j` prnotftfjblrs wcj elefontl tclhsldvls tj iufdefbktclfr lxplrtfsl fb n splof`fo nrln j` dnw, tnx, jrlbsfos jr FW norjss

N`rfon. Frrlsplotfvl j` cjw hnby iusfblss nrlns n trnbsnotfjbspnbs, wjrm fs ejbl nt tcl rfkct dlvld, iy tcl plrsjb hjst qundf`fletj kfvl tcl odflbt tcl ilst nevfol, rlsudtfbk fb nst turb-nrjubetfhls, nbe nb lxtrlhldy ojst l``lotfvl j``lrfbk.

Uj tcl lxtlbt tcnt ft fs rlqufrle fb n trnbsnotfjb, tcl `frh ndsj cnsfb-cjusl Lbkdfsc dnw onpnifdfty, `jr Nbkdjpcjbl N`rfonb ojubtrfls,ns wldd ns prnotftfjblrs wcj nrl qundf`fle tj prnotfsl @rlbocdnw(rldlvnbt fb @rnbojpcjbl N`rfonb ojubtrfls) nbe JCNEN dnw(tcl dlknd systlh usle `jr iusfblss fb >; ojubtrfls fb [lst nbeOlbtrnd N`rfon).

Ucl `frhs Wjrtukulsl-splnmfbk dnwylrsnrl nidl tj nssfst odflbtsejfbk iusfblss fb Dusjpcjbl N`rfonb ojubtrfls suoc ns Nbkjdn

nbe Hjznhifqul.

LB_n`rfon cns nelefontle Ocfbn prnotfolkrjup (wftc Hnbenrfbnbe Onbtjblsl-splnmfbk prnotftfjblrs) nbe n `jousle Fbefnprnotfol krjupwcfoc `nofdftntls Ocfbns nbe Fbefns lbtry nbelxpnbsfjb strntlky fbtj N`rfon, rlsplotfvldy.

Ucrjukc tcl fbnbofnd slrvfols olbtrl j` Hnurftfus, LB_n`rfon j``lrsn ubfqul pjssfifdfty tj fbtlkrntl ndd nsplots j` struoturfbk n odflbtsfbvlsthlbt fb rldntfjb tj ndd nrlns j` dnw, tnx, `feuofnry, `jrlbsfosnbe FW. Hnurftfus fs n hnajr kntlwny j` fbvlsthlbt fbtj N`rfon. Ft fsndsj nb fhpjrtnbt strntlkfo ojrrfejr jr N`rfonb-Nsfnb-Fbefnb trnelnbe iusfblss elvldjphlbt fbtj, nbe jut j`, tcl ojbtfblbt.

OJBUNOU_

Wflt @nilrOcfl` Lxloutfvl

Hfocnld MntzOcnfrhnb

Hzf HkuedwnElputy Ocfl` Lxloutfvl

fb`jGlbsn`rfon.ojhwww.lbsn`rfon.ojh


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38/44

?3

ELND EYFPLY_ N@YFON

NIJ\U BLEINBM ONWFUND & OJBUNOU_

Bleinbm Krjup Dfhftle ('Bleinbm Krjup') fs n inbm cjdefbkojhpnby tcnt jplrntls ns jbl j` tcl jur dnrklst inbmfbk krjupsfb _jutc N`rfon tcrjukc fts prfbofpnd inbmfbk suisfefnry, BleinbmDfhftle. Ucl ojhpnby's jrefbnry scnrls cnvl illb dfstle jb A_LDfhftle sfbol >606.

[cfdl Bleinbm Krjup jousls jb sui-_ncnrnb N`rfon, tcl hnajrftyj` fts iusfblss fs ourrlbtdy _jutc N`rfonb, wftc tcl krjup pjsftfjblens n inbm `jr ndd. Ucl inbm jplrntls tcrjukc fvl iusfblss odustlrs,bnhldy Bleinbm Onpftnd, Bleinbm Ojrpjrntl, Bleinbm IusfblssInbmfbk, Bleinbm Yltnfd nbe Bleinbm [lndtc.

Ucl prfbofpnd slrvfols j``lrle ojhprfsl iusfblss, ojrpjrntl nbe

rltnfd inbmfbk, prjplrty fbnbol, fbvlsthlbt inbmfbk, prfvntlinbmfbk, jrlfkb lxocnbkl, nbe slourftfls trnefbk. Fbojhl fs ndsjklblrntle `rjh prfvntl lqufty, orleft onre fssufbk nbe prjolssfbkslrvfols, oustjefnd slrvfols, ubft trust nehfbfstrntfjb, fbsurnbolnbe nsslt nbe wlndtc hnbnklhlbt slrvfols.

[ftc fts clne j``fol fb _nbetjb, Ajcnbblsiurk, Bleinbm Krjupndsj cns dnrkl jplrntfjbnd olbtrls fb Eurinb nbe Onpl Ujwb,ojhpdlhlbtle iy n rlkfjbnd bltwjrm ns wldd ns n prlslbol fb lfkctjtclr N`rfonb ojubtrfls. Fb neeftfjb, Bleinbm Krjup cns irnboclsnbe rlprlslbtntfvl j``fols fb olrtnfb mly kdjind fbnbofnd olbtrlstj hllt tcl fbtlrbntfjbnd inbmfbk rlqufrlhlbts j` tcl krjup'sN`rfonb-insle hudtfbntfjbnd odflbts.

Bleinbm Krjup cne n hnrmlt onpftndfsntfjb j` Y>9>,?7ib ns nt ?7Bjvlhilr 97>5.

Ylojkbfsle ns n dlnelr fb fts `flde, Bleinbm Onpftnd fs n odustlr j`splofndfst fbvlsthlbt inbmfbk tlnhs jplrntfbk wftcfb BleinbmKrjup. Ft prjvfels slnhdlss, splofndfst nevfol, elit nbe lqufty rnfsfbknbe lxloutfjb, nbe trnefbk onpnifdftfls tj odflbts fb ndd hnajr N`rfonbiusfblss slotjrs. Odflbts fboduel tcl tjp 977 ejhlstfo ojrpjrntls,pnrnstntnds, `fbnbofnd fbstftutfjbs, hudtfbntfjbnd ojrpjrntls ns wlddns hnajr fb`rnstruoturl nbe hfbfbk prjalots fb N`rfon. Ft fs inslent tcl krjup's clne j``fol fb _nbetjb, Ajcnbblsiurk, wftc dnrkljplrntfjbnd olbtrls fb Eurinb nbe Onpl Ujwb, ns wldd ns j``fols fbDjbejb, Ujrjbtj, Bnhfifn nbe Nbkjdn.

Fts Ojrpjrntl @fbnbol tlnh j``lrs fbbjvntfvl nevfsjry slrvfols jrhlrklrs nbe noqufsftfjbs, idnom lojbjhfo lhpjwlrhlbt (ILL)

trnbsnotfjbs, onpftnd rnfsfbk (lqufty nbe elit), vnduntfjbs, dfstfbksnbe eldfstfbks, ojrpjrntl rlstruoturfbks nbe prfvntfsntfjbs. Ucltlnh cns notle ns nevfslr tj _jutc N`rfonb nbe hudtfbntfjbndojrpjrntfjbs nbe kjvlrbhlbt fbstftutfjbs fb _jutc N`rfon nbe tclrlst j` N`rfon.

Fb 9773 tcl Lojinbm Krjup nbe Bleinbm Krjup jrhle n inbmfbknddfnbol. Ucl Lojinbm Bleinbm Nddfnbol wns olhlbtle fb 97>5iy tcl lxlrofsfbk j` nb jptfjb iy Bleinbm tj noqufrl 97% j` tclfssule scnrl onpftnd j` Lojinbm. Ucl Lojinbm Bleinbm Nddfnbolorlntle nb N`rfonb ocnhpfjb inbmfbk bltwjrm tcnt prjuedy j``lrsfts odflbts noolss tj tcl dnrklst Wnb-N`rfonb inbmfbk bltwjrmspnbbfbk ?< ojubtrfls wftc hjrl tcnb 9,777 irnbocls. Ucrjukctcl eldfvlry j` ojubtry-splof`fo, ilspjml inbmfbk sjdutfjbs norjss

N`rfon tcl nddfnbol l``lotfvldy sfhpdf`fls inbmfbk jr fts ojrpjrntlnbe fbefvfeund odflbts iy hnmfbk eny-tj-eny trnbsnotfjbnd inbmfbk,`fbnbofbk nbe fbvlsthlbt inbmfbk nevfsjry slrvfols rlnefdynvnfdnidl tj tclh.

OJBUNOU_

Unpfwn _cnhuWrfbofpnd1 Ojrpjrntl @fbnboltnpfwnsGbleinbmonpftnd.oj.zn+9; (7)>> 965 ?> 965 ?


39/44

@jr `urtclr fb`jrhntfjb ojbtnot1

_cniifr BjrntcBleinbm OnpftndClne1 Ojrpjrntl @fbnbol

+9; (7) >> 965 ?


40/44

57

ELND EYFPLY_ N@YFON

NIJ\U OJBUYJD YF_M_ & OJBUNOU_

[ftc ?0 j``fols jb fvl ojbtfblbts, Ojbtrjd Yfsms fs nhjbk tclwjrdes dlnefbk iusfblss rfsm ojbsudtnbofls. _fbol >6;


41/44



59

Hlrklrhnrmlt fs nb ubpnrnddldle, fbelplbelbt hlrklrs & noqufsftfjbs(H&N) prjprfltnry fbtlddfklbol tjjd. \bdfml nby jtclr slrvfol j` fts mfbe.Hlrklrhnrmlt prjvfels n ojhpdltl jvlrvflw j` tcl H&N hnrmlt iyj``lrfbk ijtc n `jrwnre-djjmfbk fbtlddfklbol entninsl nbe n cfstjrfondelnds entninsl, nocflvfbk rlnd rlvlbuls `jr Hlrklrhnrmlt odflbts.

@jr hjrl fb`jrhntfjb pdlnsl ojbtnot1

Alnbbl KnutrjbWuidfsclrHlrklrhnrmlt Krjup

Uld1 +55 (7)97 ;7>7 0909Lhnfd1 Alnbbl.KnutrjbGhlrklrhnrmlt.ojh

Ylhnrm, tcl lvlbts nbe puidfontfjbs nrh j` tcl Hlrklrhnrmlt Krjup,j``lrs n rnbkl j` puidfscfbk, rlslnroc nbe lvlbts slrvfols tcnt lbnidlodflbts tj lbcnbol tclfr jwb prj`fdl, nbe tj elvldjp blw iusfblssjppjrtubftfls wftc tclfr tnrklt nueflbol.

Uj `fbe jut hjrl pdlnsl vfsft www.hlrklrhnrmlt.ojh/rlhnrmjrwww.hlrklrhnrmlt.ojh/lvlbts

NIJ\U HLYKLYHNYMLU



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44/44

Efsodnfhlr

Ucf idf tf t f d f ` tf e f t f t e e t i c f t fe `f f d

Wnrt j` tcl Hlrklrhnrmlt Krjup

www.hlrklrhnrmltkrjup.ojh37 _trnbe

Djbejb[O9Y 7YD

\bftle Mfbkejh

t1 +55 (7)97 ;777`1 +55 (7)97 ;77>sndlsGhlrklrhnrmlt.ojh

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t1 +> 9>9.030. 9>9.030.9005sndls.usGhlrklrhnrmlt.ojh

_uftl 957>-?

Krnbe Hfddlbbfuh Wdnzn>3> ^ullbs Yjne, Olbtrnd

Cjbk Mjbk

t1 +3

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Deal Drivers Africa 2014