Positioning of a financial product, Santander's Deposit

8/9/2019 Positioning of a financial product, Santander's Deposit

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DNBPLSNC C@ SPQFROH V DFGNG]NR

KQNCH @G DFGNG]NR V BHGSNAFLFCNC

YHRFSFHGFGK HD N DFGNGBFNL YQHCPBS (RNGSNGC@QR C@YHRFS)

Srnanmh Dfg c` Krnch pr`s`gtnch phr Onrtn Chogku`z Onbns, sf`gch `l tuthr c`l ofsohAhrmn Rngz Nltnofrn.

T. A. c`l Suthr= Nluogh=

Ahrmn Rngz Nltnofrn Onrtn Chogku`z Onbns

R`vflln. Onyh 19>3.


2/52

KQNCH @G DFGNG]NR V BHGSNAFLFCNCDNBPLSNC C@ SPQFROH V DFGNG]NR

SQNANMH DFG C@ KQNCH

BPQRH NBNCOFBH Z19>2-19>3_

SFSSL@=

YHRFSFHGFGK HD N DFGNGBFNL YQHCPBS (RNGSNGC@QR C@YHRFS)

NPSHQ=

ONQSN CHOFGKP@] ONBFNR

YQHD@RRHQ=

CQ. C. AHQMN RNG] NLSNOFQN

C@YNQSO@GS=

ONQJ@SFGK

JGH[L@CK@ NQ@N=

ONQJ@SFGK NGC @BHGHOFBR

RPOONQV=

Se` nfo hd tefs r`phrt fs th ngnlyz` ehw te` dhur onfg angjs c`phsfts nr` phsftfhg`c fgte` onrj`t. Sh n a`tt`r bhopr`e`gsfhg hd we`r` te` c`phsft fs phsftfhg`c fs g`b`ssnryth ngnlyz` te` `bhghofb sftuntfhg ght hgly fg Rpnfg aut nlsh fg @urhp` wfte nll te` dutur`p`rsp`btfv`: nll te`s` dnbthrs wfll onj` fgt`r`sts bengk` Cu` th te` `bhghofb sftuntfhg,

Rpnfg ens ghtfb`c n crhp fg fgt`r`st rnt`s, sh tent, c`phsfts fg k`g`rnl nr` ght te` ohstnttrnbtfv` prhcubt tent angjs nr` hdd`rfgk. Ehw`v`r, tefs prhcubt nlsh ens ncvngtnk`ssube ns kunrngtyfgk prhdftnaflfty pr`-`stnalfse`c tent onj`s blf`gts env` bhgdfc`gb`ngc s`burfty nahut te`fr ohg`y ngc gh rfsj.

Fg te` phsftfhgfgk prhb`ss ft wfll a` ngnlyz` te` onfg bhop`tfthrs ngc te` strnt`ky tentRngtngc`rs angj us`s th a` hg` hd te` ohst hutstngcfgk angjs fg te` whrlc. A`dhr`tent, ft wfll a` chg` te` s`ko`gtntfhg prhb`ss fg hrc`r th s`` we`r` angjs env` thdhbus te`fr ntt`gtfhg hg.

J@V [HQCR= C`phsfts: Yhsftfhgfgk: Rpngfse Angjs: Fgt`r`st rnt`s.


3/52

FGC@U

>. OHCPL@ F. ANBJKQHPGCR NGC NBSPNL RFSPNSFHG HD ANGJR @BHGHOV

>.>. FGSQHCPBBFG ....................................................................................... >>.1. @BHGHOFB BQFRFR @DD@BSR ................................................................. 2>.2. DPSPQ@ @BHGHOFB TFRFHG .................................................................. 0>.3. ANBJKQHPGC NGC K@G@QNL FGDHQONSFHG NAHPS BLF@GSR ....... 4>.0. Q@^PFQ@O@GSR DHQ @DD@BSFT@ R@KO@GSNSFHG ......................... >9

1. OHCPL@ FF. C@YHRFSR NSSQFAPS@R NGC EH[ NQ@ YHRFSFHG@C

1.>. K@G@QNL NSQQFAPS@R HD N C@YHRFS .............................................. >>1.>.>. Fgt`r`sts ....................................................................................... >>1.>.1. Bhoofssfhgs ............................................................................... >21.>.2. Kunrngt``s .................................................................................. >21.>.3. Bustho`r rfkets ngc halfkntfhgs .................................................. >3

1.1. BHOY@SFSFT@ NCTNGSNK@= BHOYNQFRHG A@S[@@G RNGSNGC@Q,ANGBH YHYPLNQ, BNFUN ngc AATN .......................................................... >41.2. RNGSNGC@QR ANGJ EFRSHQV ........................................................... >51.3. RNGSNGC@QR ANGJ YHRFSHGFGK RSQNS@KV ................................ 1>1.0. NSQQFAPS@R HD RNGSNGC@QR ANGJ C@YHRFS .............................. 121.4. NSSQFAPS@R HD BHOY@SFSHQR C@YHRFSR ...................................... 1;1.;. FGDHQONSFHG DHQ BPRSHO@Q TF@[YHFGSR .................................. 221.5. YHRFSFHGFGK ONYR .............................................................................. 23

2. BHGBLPRFHG .............................................................................................................. 25

3. AFALFHKQNYEV ........................................................................................................... 26

0. NGG@U ......................................................................................................................... 3>


4/52

SDK-DFBH. YHRFSFHGFGK N DFGNGBFNL YQHCPBS (RNGSNGC@QR C@YHRFS)

- > -

OHCPL@ F

ANBJKQHPGCR NGC NBSPNL RFSPNSFHG HD ANGJR@BHGHOV

>.>. FGSQHCPBSFHG

Se` nfo hd tefs r`phrt fs th ngnlyz` ehw dhur hd te` onfg angjs fg Rpnfg nr`phsftfhg`c fg te` onrj`t ndt`r tefs pens` hd brfsfs fg wefbe Rpnfg nll @urhp` nr` fgvhlv`cfg. Se`s` dhur angjs nr`: Rngtngc`rs angj, Bnfxn angj, AATN ngc angbh Yhpulnr. Ftwfll a` chg` n c``p stucy hd Rngtngc`rs angj c`phsft ngc ft wfll a` bhopnr`c wfte te`hte`r ter``.

Sh ngnlyz` te` phsftfhgfgk prhb`ss hd Rngtngc`rs c`phsft fs fophrtngt, dfrst, thngnlyz` ehw te` arngc fs bhgshlfcnt`c ngc phsftfhg`c fg te` onrj`t, sh tent, ft wfll a``xplnfg`c te` nbtunl sftuntfhg ngc te` dutur` vfsfhg hd Rngtngc`rs arngc nbbhrcfgk thte` dfgngbfnl ngc `bhghofb sftuntfhg, ght hgly Rpnfg hd aut nlsh @urhp`. Ndt`r tent, ft wfll

nlsh a` fophrtngt th ngnlyz` ehw angjs s`ko`gt te`fr blf`gts fg hrc`r th jghw we`r`ngc ehw te`fr prhcubts wfll a` phsftfhg`c fg te` onrj`t.

Ns wrftt`g nahv` fs `ss`gtfnl th tnj` fgth nbbhugt te` dfgngbfnl sftuntfhg th n a`tt`rbhoprè`gsfhg hd ehw n angj fs phsftfhg`c fg te` onrj`t, hr ehw bhulc te` angj a`phsftfhg`c fg n g`w onrj`t. Rh, ehw te` dfgngbfnl sftuntfhg ndd`bts te` dfgngbfnl prhcubtshdd`r`c ay angjs8 Cu` th te` dfgngbfnl brfsfs sftuntfhg fg wefbe angjs ngc shbf`ty, fgk`g`rnl, nr` fgvhlv`c: te`y ghtfb` tent te`y env` th ncnpt teòs`lv`s th bustho`rsg`w lfd`styl` g``cs. Se`y nr` ncnptfgk teòs`lv`s ay hdd`rfgk ght hgly g`w prhcubtsngc s`rvfb`s aut nlsh ay bengkfgk te` benrnbt`rfstfbs hd te` prhcubts ngc s`rvfb`shdd`r`c ay te` oho`gt.

Fg tfo`s hd brfsfs ft fs pnrtfbulnrly fophrtngt th pny ntt`gtfhg th te` vhlntflfty hd teònbrh`bhghofb `gvfrhgo`gt. K`hkrnpefb cfv`rsfdfbntfhg prht`bts te` krhups r`sults,ofgfofzfgk te` fopnbt hd vhlntflfty, ngc `gnal`s n o`cfuo-lhw rfsj prhdfl` th aònfgtnfg`c. Snjfgk fgth nbbhugt nll te`s` dnbthrs fs went onj`s angjs a`fgk phsftfhg`cfg n a`tt`r phsftfhg fg te` onrj`t fg bhopnrfshg wfte bhop`tfthrs.

Nbbhrcfgk th Rngtngc`rs angj, ghwncnys, bustho`rs nr` ohr` brftfbs ngccòngcfgk wfte te` prhcubts ngc s`rvfb`s còngc`c ngc te`y nlsh còngc onmhr`xfk`gby hd prhd`ssfhgnlfso th te`fr angj`rs. Ohr`hv`r, went bustho`r r`nlly tnj`s fgthnbbhugt fs tent te`s` angjs hdd`r teò n khhc r`lntfhgsefp a`tw``g a`g`dft-bhst ngcp`rshgnl prhcubts tent bhulc a` ncnpt`c th te`fr r`nl sftuntfhg. Nll te`s` dnbthrs nr`tnj`g fgth bhgsfc`rntfhg ay angjs ngc nll te`s` phfgts fs went onj` angjs a`fgkphsftfhg`c fg hg` sfc` hr nghte`r.

A`fgk ncnpt`c th g`w tfo`s ngc g`w g``cs fs went onj`s Rngtngc`rs angj a`fgkphsftfhg`c ns hg` hd te` dfrst dhur angjs fg te` whrlc ngc nlsh hg` hd te` a`st. N c``pstucy hd te`fr bustho`rs hr pht`gtfnl bustho`rs fs went onj`s Rngtngc`rs angjenvfgk n cfdd`r`gtfntfgk strnt`ky, fd w` bhopnr` ft wfte hte`r Rpngfse angjs. Sh ngnlyzèhw hg` hd Rngtngc`rs angj prhcubts fs phsftfhg`c fg Rpnfg fs g`b`ssnry th ngnlyz`bhop`tfthrs, bhgsfc`rfgk phsftfhgfgk c`dfgftfhg ns te` r`lntfv` bhop`tftfv` bhopnrfshg hdn prhcubt ngc s`rvfb` tent hbbupf`s ngc nr` p`rb`fv`c ay yhur tnrk`t nucf`gb`. Fghte`r whrcs, yhu nr` nlwnys phsftfhgfgk nknfgst yhur bhop`tftfhg. (Nostrhgk: Jhtl`r19>2.


5/52

Chogku`z Onbns, Onrtn

- 1 -

Jghwfgk ehw bhop`tfthrs whrj fs fophrtngt fg hrc`r th `stnalfse hur s`ko`gt ngcphsftfhgfgk strnt`ky. Se` ngnlysfs hd te` bhop`tfthrs fgbluc`s n strfbt stucy hd te` dfrstangjs fg Rpnfg sube ns: AATN, Yhpulnr Angj ngc Bnfxn Angj. Ft wfll a` bhopnr`c te`prhdftnaflfty hdd`r`c ay te`s` angjs ngc wey curfgk te` lnst y`nrs te` sftuntfhg env`

bengk`c tent oube.Npnrt drho prhdftnaflfty, fgt`r`sts rnt`s hdd`r`c ay angjs nr` cfdd`r`gt nohgk te`

`gtftf`s ngc tefs fs ng fophrtngt dnbthr tent wfll onj` bustho`rs c`bfc` wefbe angj fsohr` bhgv`gf`gt th teò. Nbbhrcfgk th te` hddfbfnl Rngtngc`rs angj fgdhrontfhg:Rngtngc`rs angj onfg ham`btfv` fs th k`t ohr` blf`gts ns phssfal`, sh tent, te`s`ko`gtntfhg prhb`ss fs `ss`gtfnl we`g te`y lnugbe te`fr prhcubts th te` onrj`ta`bnus` ft e`lps teò th c`bfc` went ch p`hpl` wngt ngc g``c. C`p`gcfgk hg te`bhugtry hr r`kfhg te`y wfll s`ko`gt p`hpl` fg cfdd`r`gt wnys, aut fg tefs pnrtfbulnrlybns`, Angjs ghronlly ch te` s`ko`gtntfhg prhb`ss nbbhrcfgk th k`hkrnpefb ngccòhkrnpefb blnssfdfbntfhg.

Onjfgk r`d`r`gb` th Rngtngc`r Angj, fg 19>2, lhts hd tefgks enpp`g`c ngc hg` hdte` ohst hutstngcfgk wns te` o`rk`r hd Rngtngc`r, Ang`sth ngc Angfd. Se` o`rk`rsugc`rwny fg 19>2 fg Rpnfg (Rngtngc`r, Ang`sth ngc Angfd) foplf`c bhst syg`rkf`s,wefbe wfll fgbr`ns` fg te` bhofgk y`nrs, ngc ahlst`r te` bhop`tftfv` phsftfhg fg te`sònrj`ts. Sefs o`rk` `gnal` Rngtngc`rs krhup th c`v`lhp te` ausfg`ss strnt`ky ngcstr`gkte`g ddfbf`gby ngc prhcubtfvfty. Fg ncvngb`, Rngtngc`r angj bnptur`c @PQ>6>,999 ofllfhg hd c`phsfts ngc r`cub`c fts lfqufcfty knp ay @PQ >36,999 ofllfhg. Se`lhng th c`phsft rntfh wns >96% dhr te` krhup ngc 5;% fg Rpnfg nt te` `gc hd 19>2.

Ghwncnys, Rngtngc`rs angj bng pr`suo` hd: Se` Angjs strnt`kfb phsftfhg fsoube a`tt`r ghw teng nt te` stnrt hd te` fgt`rgntfhgnl dfgngbfnl brfsfs. (@oflfh Ahtg,19>2.)

Yrhanaly, nll te`s` g`w bengk`s fg Rngtngc`rs angj ngc te` nlr`ncy bhofgksubb`ss fg t`ros hd prhdftnaflfty fs went onj`s Rngtngc`r s angj hg` hd te` ohstnttrnbtfv` ngc snd` angjs th c`phsft te` ohg`y nt. Se` r`nshgs wfll a` `xplnfg`c fg te`dhllhwfgk r`phrt: wefbe n c`tnfl`c c`sbrfptfhg hd ehw Rngtngc`r bng r`nbe tefssubb`ssdully phsftfhg ngc ehw te`y hutstngc fg bhopnrfshg wfte te`fr bhop`tfthrs:AATN, Yhpulnr angj ngc Bnfxn Angj. Fg Rpnfg te`r` nr` ohr` angjs, ehw`v`r te`s`nr` te` ohr` hutstngcfgk Rpngfse angjs tent bng a` bhopnr`c fg te` sno` sbnl`. Ndt`ro`gtfhgfgk te` phsftfhgfgk strnt`ky, ft wfll a` crnwg n phsftfhgfgk onp we`r` ft wfll a`lhbnt`c fg dhur nx`s nbbhrcfgk th we`r` nr` te`y phsftfhg`c fg te` onrj`t.


6/52


- 2 -

>.1. @BHGHOFB BQFRFR @DD@BS

Fg 19>2, te` `bhghofb sftuntfhg bengk`c thh oube ngc hg` hd te` onfg bhgs`qu`gb`sdhr bustho`rs wns te` bengk` fg fgt`r`st rnt`s hdd`r`c ay angjs. Serhukehut 19>2

snv`rs env` a``g wftg`ss`s hd te` lhgk nkhgy hd t`ro c`phsfts. Se` p`gnltf`s th te``xtrn-rnt` drho angj hd Rpnfg fg Mngunry, te` c`sb`gts hd typ`s ngghugb`c ay Crnkeffg Onrbe ngc Ghvòa`r, ngc te` lnbj hd bhop`tftfhg a`tw``g l`ss ngc l`ss guo`rhusangjs env` nbef`v`c tent 1 % fs te` g`w hg` 3 % SN@ hdd`r`c ay angjs.

Fg Mngunry hd 19>2 angj hd Rpnfg c`bfc`c th sthp te` `xtrn rnt`s. Nt te` a`kfggfgk hdte` y`nr, angjs w`r` hdd`rfgk n rnt` hd 3.99% S.N.@. Ehw`v`r, tefs sftuntfhg bengk`cwe`g te` Angj hd Rpnfg pualfse`c tent te`s` fgt`r`st rnt`s bhulc ght a` npplf`c ngyohr`, nt l`nst fg te` bhofgk y`nrs, ft enc th a` bengk`c th >.;0% SN@ fg n c`phsft hd>1 ohgtes, 1.10% SN@ fg n c`phsft hd 13 ohgtes ngc dfgnlly 1.;0% SN@ fg n 24ohgtes c`phsft. Se` prhalò wns tent dhr`fkg angjs cfc ght bengk` te`fr fgt`r`stsrnt`s, sh Rpngfse angjs enc th tefgj went strnt`ky th dhllhw fg hrc`r th survfv` fg tefs

bhop`tftfv` onrj`t.Fg Ony Onrfh Crnkuf, pr`sfc`gt hd te` @BA, lhw`r`c te` prfb` hd te` ohg`y hd

9.;0% th 9.09%, wefbe cfc env` ng `dd`bt th te` dnll hg te` ohrtknk` fgc`x @urfahr ngc,nlsh hg te` t`ro c`phsfts. Pgtfl Mug`, bustho`rs bhulc ght dfgc afk cfdd`r`gb`s a`tw``gsehrt ngc lhgk t`ro c`phsfts= ehw`v`r, sfgb` tent ohgte, te` prhdftnaflfty hatnfg`ca`tw``g n 4 ohgtes c`phsft ngc n 10 ohgtes c`phsft wns oube efke`r. Ft bng a`bhgbluc`c tent cu` th te` dfgngbfnl brfsfs fg wefbe @urhp` fs fgvhlv`c, Rpnfg ngc hte`rbhugtrf`s oòa`rs hd te` @urhp`ng Pgfhg enc te` g``c th tnj` nbtfhgs. Bnrryfgk hutnbtfhgs fophs`c ay te` khv`rgo`gt fs went env` onj` angjs bengk`c te`fr fgt`r`stg`nrly th enld hd went enc a``g hdd`r`c fg pr`vfhus y`nrs.

Sh fgdhrontfv` ngc stntfstfbnl `dd`bts, te` br`cft fgstftutfhgs env` th fgdhro ohgtely

te` Angj hd Rpnfg hd te` fgt`r`st rnt`s tent te`y sehulc npply th cfv`rs` typ`s hd lhngdugbtfhgs ngc pnssfv` (br`cfts ngc p`rshgnl l`gcfgks up th hg` y`nr up th ter`` y`nrs,ohrtknk` th ohr` teng ter`` y`nrs, burr`gt nbbhugts, snvfgks nbbhugts, tòphrnrytrngsd`rs, `tb.)

Sefs fgdhrontfv` halfkntfhg hd te` `gtftf`s ens efs hrfkfg fg te` nrtfbl` 0.> hd teÀylnws hd te` @urhp`ng Rystò hd B`gtrnl Angjs ngc hd te` @urhp`ng B`gtrnl Angj(@BA), weh knte`rs te` halfkntfhg drho te` lntt`r - r`pr`s`gt`c ay te` b`gtrnl gntfhgnlangjs - hd bhopfl`s te` stntfstfbnl g`b`ssnry fgdhrontfhg slngt hd te` `bhghofb nk`gts.Dhr ft, te` @BA nchpt`c te` Q`kulntfhg (B@) g 42/1991, hd C`bòa`r 19, 199>, hgstntfstfbs hd te` fgt`r`st rnt`s tent te` dfgngbfnl ohg`tnry fgstftutfhgs npply th te`wnrèhus`s ngc th te` l`gcfgks hpphsft` th te` eho`s ngc te` ght dfgngbfnl

bhopngf`s: ngc drho te`r` te` Angj hd Rpnfg, nbrhss efs Bfrbulnr l`tt`r 3/1991, hd Mug`10, ft knv` te` halfk`c duldfllo`gt th te` bhgt`gt hd te` Q`kulntfhg, fg hrc`r th a` nal` thhatnfg hd te` br`cft fgstftutfhgs te` r`qu`st`c fgdhrontfhg.

Fg te` dhllhwfgk tnal` ft wfll hatnfg fgdhrontfhg nahut te` ncc`c (nv`rnk` fgt`r`strnt`s w`fket`c ay te` prfgbfpnl hg` hd te` hp`rntfhgs, sh oube fg t`ros hd nggunl`qufvnl`gt rnt`, sfgb` hd `dd`btfv` typ` - r`strfbt`c c`dfgftfhg, wefbe fs `qufvnl`gt thnggunl `qufvnl`gt rnt` wftehut bhoofssfhgs) hd sho` hd te` hp`rntfhgs ohr`sfkgfdfbngt. Se` `dd`bt`c s`l`btfhg ugc`rstngcs sh oube nbtfv` typ`s (tehs` tentr`b`fv` te` `gtftf`s we`g te`y kfv` te` ohg`y) ns lfnaflftf`s (tehs` tent pny thròug`rnt` te` ohg`y r`b`fv`c hd te` blf`gts). ( Rpngfse b`gtrnl angj fgdhrontfhg)


7/52


- 3 -

Fgt`r`sts Qnt`s npplf`c ay br`cft `gtftf`s=

Snal` >.>. Fgt`r`st rnt`s npplf`c ay br`cft `gtftf`s.

Rhurb`= Rpngfse B`gtrnl Angj


8/52


- 0 -

Ehw`v`r ngc c`spft` te` dfgngbfnl brfsfs fg wefbe @urhp` fg k`g`rnl fs fgvhlv`c, te`bef`d ong hd Rngtngc`rs angj stnt`c fg te` nggunl r`phrt hd lnst y`nr (19>2)= SeÀngjs strnt`kfb phsftfhg fs oube a`tt`r ghw teng nt te` stnrt hd te` fgt`rgntfhgnldfgngbfnl brfsfs, ahte fg t`ros hd k`hkrnpefb cfv`rsfdfbntfhg ngc anlngb` se``t str`gkte.

Se` angj c`phsfts hd te` Rpngfse r`sfc`gts rhs` fg 2.62> ofllfhg @urhs fg Onrbe ngcte`y plnb`c fg >,334 trfllfhgs, wefbe supphs`s ng fgbr`ns` hd 9.1; % wfte r`knrc th te`pr`vfhus ohgte (>,331 trfllfhg fg Dàrunry). Nbbhrcfgk th te` fgdhrontfhg hd te` Angj hdRpnfg pualfse`c hg te` 16tehd Onrbe 19>3, wfte te` fgbr`ns` hd te` c`phsfts fg Onrbe,tefs anlngb` sthps aèfgc ter`` bhgs`butfv` ohgtes fg g`kntfv`. Fd te` fgdhrontfhg hdOnrbe fs bhopnr`c wfte te` sno` ohgte hd 19>2, ft fs has`rv`c n dnll hd 2.45 %, sfgb`te` anlngb` nt te` tfo` wns >,09> trfllfhg. Fg nashlut` vnlu`s, fg hg` y`nr te` anlngb` hdc`phsfts ens khg` chwg fg 00.1>4 ofllfhgs. Hg te` hte`r engc, te` r`sfc`gts fg hte`rRtnt`s hd te` @bhghofb ngc Ohg`tnry Pgfhg env` angj c`phsfts fg Rpnfg ns ngnohugt hd 2;.455 ofllfhg @urhs fg Onrbe, a`lhw te` pr`vfhus ohgte (26.92> ofllfhgs).Sefs wny, te` thtnl qungtfty hd c`phsfts fg Rpnfg ahte hd r`sfc`gts ngc hd dhr`fkg`rsplnb`c fg Onrbe fg >,353 trfllfhgs, 9.>; % ohr` teng fg Dàrunry.

>.2. DPSPQ@ @BHGHOFB TFRFHG

Dhur ohgtes nkh, ft cfc n y`nr hd te` dnohus r`bhoo`gcntfhg r`nlfz`c ay te` Angj hdRpnfg wfte r`knrc th te` prhdftnaflfty hd te` c`phsfts, wefbe wns trngslnt`c fg n succ`gc`sb`gt hd te` sno` hg`, drho g`nrly 3% th n >,09% ohr` hr l`ss c`p`gcfgk hg teàngj.

Ruoonrfzfgk, te` r`sult hd tefs y`nr bngght a` a`tt`r, dhr te` angjs bl`nrly a`bnus`th bustho`rs ft ens foplf`c n lhhs` hd prhdftnaflfty fd te`y bhgtrnbt tefs prhcubt. Ght hgly

te`y env` lhw`r`c efs typ`s, wefbe env` ncmust`c `v`g hd rnpfc ngc onmhrfty dhro thte` c`br`ns` hd Ghvòa`r hd te` prfb` hd te` ohg`y c`br``c ay te` AB@, knfgfgkfophrtngt onrkfgs, aut `v`g te`y env` s``g ehw te` c`phsft`c ohg`y krhws. fg te`tefrc ngc dhurte trfo`st`r, te` anlngb` fs bl`nrly phsftfv`= te` dfrst trfo`st`r wfte n slfketc`sb`gt aut te` s`bhgc hg`, blhs`c wfte n krhwte hd te` rnt` hd snvfgk (fg spft` hd te`dnll hd te` r`v`gu`) up th >3,6 %.

Nll tefs prhanaly ens e`lp`c fg te` lnst ohgtes a`bnus` ens kfv`g n g`w r`turg hdgut lhw`rfgk te` ròug`rntfhg. Fd te` ohg`y `gt`rs, wey ght th bhgtfgu` lhw`rfgktyp`s8 Se` c`br`ns` hd te` prfb` hd te` ohg`y hd Ghvòa`r l`c tent a`tw``g tefsohgte ngc te` tnj`-hdd hd C`bòa`r wns cfofgfsefgk te` ròug`rntfhg hd ohr` teng ;9prhcubts hd snvfgk, ngc 19>3 ens stnrt`c hd sfoflnr dhro. Ns lfttl` ft ens us`c tent te`

@urfahr "sp`gcs" hd tent te` prfb` hd te` ohg`y fs fg 9.10 % ngc fg C`bòa`r ft ensrfs`g wfte r`knrc th Ghvòa`r ngc fs hv`r 9.09 %.

Se` prhdftnaflfty hd te` prhcubts hd snvfgk bhgtfgu`s lhw`rfgk ngc th hatnfg a`tt`rguoa`rs te` r`qufrò`gts te`y nr` `v`ry tfo` onmhr.

[fte nll tefs, te` snv`r ch`s ght env` th cfsbhurnk` ngc went fs ohst fophrtngt, te`yenv` th bhopnr` ngc lhhj dhr c`phsfts wefbe hdd`r te` onxfouo prhdftnaflfty. Se`p`rsp`btfv` fg te` sehrt t`ro fs hd stnaflfty ngc fg te` enld t`ro te`y wfll a` v`ry onrj`cay te` `bhghofb sftuntfhg fg k`g`rnl. Fd te` `bhghoy fs r`nbtfvnt`c fg te` @urhp`ngPgfhg, te` lhkfbnl tefgk fs tent te` AB@ ohv`s bnrc fg te` hpphsft` s`gs`, rnfsfgk te`prfb` hd te` ohg`y, ngc tent ns te` c`sb`gts env` ohv`c rnpfcly th te` c`phsfts, ft chnlsh te` rnfs`s


9/52


- 4 -

>.3. ANBJKQHPGCR NGC K@G@QNL FGDHQONSFHG NAHPS BLF@GSR.

Se` Rpngfse dfgngbfnl onrj`t ens sudd`r`c hv`r te` lnst y`nrs n c``p trngsdhrontfhgcu` th dnbthrs lfj` te` klhanlfzntfhg, c`sr`kulntfhgs, nplfbntfhg hd g`w t`behghlf`s ngcprfvntfzntfhgs, Rthranbjn (19>9). Nll te`s` dnbthrs ncc`c th n a`tt`r `bhghofb-bultur` hdp`hpl` fs went onj` te` s`ko`gtntfhg prhb`ss v`ry fophrtngt. Nll te`s` bengk`s envònc` tent `gtftf`s env` te` g``c th bengk` ,fg sho` wny, te` wny te`y hp`rnt`.

Ghwncnys, angjs dfgc ohr` ngc ohr` cfddfbult th pr`s`gt te`fr prhcubts th te` c`sfr`pualfb.Rh tent, fs wey angjs bhgsfc`r sh fophrtngt th s`ko`gt te`fr onrj`t. Se` a`stwny th ch te` s`ko`gtntfhg prhb`ss fs ay usfgk `ddfbf`gt t`begfqu`s tent kufc` teòte` wny te`y sehulc dhllhw.

Ns te` shbf`ty vnry nohgk te` y`nrs, lfd` fs lhgk`r ngc pr`d`r`gb`s ngc nttftuc`sbengk`s, fs fophrtngt th r`vfs` bhgb`pts nahut s`ko`gtntfhg fg hrc`r th env` n r`nlngc nbtunl fgdhrontfhg nahut bustho`rs.

Cu` th nll te`s` dnbthrs bhoo`gt`c nahv` ngc th te` efke l`v`l hd bho`p`tftfhg fg

te` angjfgk s`bthr, onj`s te` s`ko`gtntfhg prhb`ss ohr` teng fophrtngt fg hrc`r thugc`rstngc we`r` te` angjfgk c`phsfts nr` phsftfhg`c fg te` onrj`t.

Sh n a`tt`r ugc`rstngc hd we`r` n prhcubt fs phsftfhg`c fg te` onrj`t fs fophrtngtdfrst th th te` s`ko`gtntfhg prhb`ss.Nrostrhgk: Yeflfp (1999), Onrj`t s`ko`gtntfhgbhgsfst hd cfvfcfgk n onrj`t fgth cfstfbgt krhups wfte cfstfbgt g``cs, benrnbt`rfstfbs hraènvfhurs weh ofket r`qufr` s`pnrnt` prhcubts hr onrj`tfgk ofx`s hr bng nlshugc`rsthhc ns te` stnrtfgk phfgt fs te` fs te` fc`gtfdfbntfhg hd te` r`l`vngt onrj`t,Kufltfgng ngc Ynul (>66>) tent te` bhopngy fs s`rvfgk ngc te` pnrtftfhgfgk hd teònrj`t fgth krhups (s`ko`gts) wfte sfoflnr g``cs ngc hr benrnbt`rfsftbs wfte sfoflnrpurbens` aènvfhur.

Se` nchptfhg hd s`ko`gtntfhg strnt`kf`s wftefg te` dfgngbfnl s`rvfb`s fgcustry fs hg`

hd te` sfkgs hd te` c`v`lhpo`gt hd onrj`tfgk wftefg dfgngbfnl s`rvfb`s bhopngf`s. Se`nchptfhg hd te`s` strnt`kf`s o`ngs tent bhopngf`s nr` ghw bnrryfgk hut s`ko`gtntfhgr`s`nrbe dhr teòs`lv`s, ngc tent nbncòfb s`ko`gtntfhg r`s`nrbe oust ohv` dhrwnrcfd ft th bhgtrfaut` th fgcustry prnbtfb`. Onrj`t s`ko`gtntfhg ens a``g r`bhkgfs`c ns nphw`rdul strnt`ky, ay bhgb`gtrntfgk hg o``tfgk te` g``cs hd ehohk`ghus krhupswftefg n lnrk`r, e`t`rhk`ghus onj`t, bhopngf`s env` a``g nal` th fgbr`ns` prhdftnaflftyngc r`cub` te` bhop`tftfhg te`y dnb`. Se` bustho`rs k`t n prhcubt a`tt`r suft`c thte`fr r`qufrò`gts. Rp``c: Rofte (1994).

Se`r` fs gh sfgkl` wny th s`ko`gt n onrj`t. N onrj`t ens th try cfdd`r`gts`ko`gtntfhg vnrfnal`s, nlhg` ngc fg bhoafgntfhg, th dfgc te` a`st wny th vf`w teònrj`t strubtur`.Fg nlohst nll te` angjs, te` dfrst s`ko`gtntfhg te`y ch fs te`

k`hkrnpefb cfstrfautfhg a`bnus` nbbhrcfgk th we`r` te`y wngt th phsftfhg te`fr prhcubtsngc s`rvfb`s te`y wfll onj` tefgks fg hg` wny hr nghte`r.

Se` dfrst brft`rfn angjs us`s th s`ko`gt fs K`hkrnpefb cfstrfautfhg: K`hkrnpefbs`ko`gtntfhg bnlls dhr cfvfcfgk te` onrj`t fgth cfdd`r`gt krhkrnpefbnl ugfts sube nsgntfhgs, r`kfhgs, stnt`s, bhugtrf`s,bftf`s hr `v`g fg g`fkeahrehhcs. Se` k`hkrnpefbnls`ko`gtntfhg fs v`ry fophrtngt th bhopngf`s a`bnus` ft e`lps th c`bfc` ght hgly we`r`th hp`rnt` aut nlsh ehw th ch ft nbbhrcfgk th p`hpl` g``cs.


10/52


- ; -

Fg te` dhllhwfgk pfbtur` ft fs sehwg ehw Rngtngc`rs angj fg lhbnt`c fg cfdd`r`gt pnrts hdte` whlc (>9 cfdd`r`gt bhugtrf`s), nbtfgk ngc phsftfhg`c fg n cfdd`r`gt wny c`p`gcfgk hgte` bhgtfg`gt ngc bhugtry. Ns ft fs sehwg fg te` pfbtur`, Rngtngc`rs angj fg spnfgr`pr`s`gts 1% hd te` klhanl onrj`t, ehw`v`r fs hg` hd te` ohst bhgshlfcnt`c hg`.

>.1. K`hkrnpefbnl Cfv`rsfdfbntfhgRhurb`= Rngtngc`rs angj hddfbfnl pnk`

Hg te` ansfs hd te` ndhr`o`gtfhg`c s`ko`gtntfhg,fg Rngtngc`rs angj te` k`hkrnpefbs`ko`gtntfhg cfstrfautfhg ngc sftuntfhg hd te` phrdhlfh fs sehwg fg te` dhllhwfgk benrts.Se` cfstrfautfhg fs ns dhllhws=

>.2. Rngtngc`rs Angj K`hkrnpefbnl cfstr fautfhg.Rhurb`= Rngtngc`rs angj hddfbfnl pnk`.


11/52


- 5 -

Se` s`bhgc brft`rfn fs còhkrnpefb s`ko`gtntfhg: wefbe cfvfc`s te` onrj`t fgthkrhups ans`c hg vnrfnal`s sube ns nk`, k`gc`r, dnofly lfd` bybl`, fgbho` hbbupntfhg,ngc gntfhgnllfty. Còhkrnpfeb dnbthrs nr` te` ohst phpulnr ans`s drh s`ko`gtfgkbustho`r krhups. Hg` r`nshg fs tent bustho`r g``cs, wngts, ngc usnk` rnt`s hdt`gvnry blhs`ly wfte còhkrnpefb vnrfnal`s. Nghte`r fs tent còhkrnpefb vnrfnal`s nr``nsf`r th o`nsur` teng hte`r typ`s hd vnrfnal`s.

Nk` ngc Lfd`-Bybl` Rtnk` vnrfnal`s: bustho`rs g``cs ngc wngts bengk` wfte nk`,sh tent fs fophrtngt dhr angjs th tnj` fgth nbbhugt te`s` dnbthr a`bnus` c`p`gcfgk hgte` nk` te`y wfll wngt hg` prhcubt hr nghte`r. Ndt`r sho` r`s`nrbe`s onc` ayRngtngc`rs Angj, ft ens a``g v`rfdf`c tent bustho`r weh bhgtrnbt c`phsfts nrà`tw``g 10 ngc 09 y`nrs hlc. C`p`gcfgk hg te` nk` te` nohugt c`phsft prhphrtfngllybengk`,ghronlly a`fgk efke`r we`g te`y nr` k`ttfgk hlc`r.

Rho` angjs us` nk` ngc lfd`-bybl` s`ko`gtntfhg, hdd`rfgk cfdd`r`gt prhcubts hrusfgk cfdd`r`gt onrj`tfgk npprhnbe`s dhr cfdd`r`gt nk`s ngc lfd`-bybl` krhups. Ehw`v`r,te` vnrf`ty hd c`phsfts hdd`r`c ay angjs env` c`br`ns`c bhgsfc`rnaly a`fgk quft`sfoflnr th nll te` pualfb. C`spft` nk` fs ght n dnbthr tent ndd`bt nt te` tfo` hd bhgtrnbtfgk

n c`phsft, dhr angjs ft fs n v`ry fophrtngt cntn.Onjfgk r`d`r`gb` th fgbho` s`ko`gtntfhg, wefbe fs r`d`rr`c th cfvfcfgk n onrj`t fgth

cfdd`r`gt fgbho` krhups, fs n v`ry us`dul fgdhrontfhg dhr angjs. Jghwfgk te`fr fgbho` fswent e`lps angjs th jghw ehw oube ohg`y wfll te`y env` nvnflal` th bhgtrnbt nc`phsft. Yhrphrtfhgnlly te` ohr` ohg`y yhu `nrg, te` ohr` ohg`y yhu bhulc npnrt dhrn c`phsft. Fg sho` bns`s, lfj` fg Bnfxn Angj, we`g yhu bhgtrnbt n c`phsft yhu g``c ths`t uh yhur snlnry. Dhr sho` angjs ft fs n jfgc hd n kunrngt`` ngc nlsh n wny hdbnpturfgk g`w blf`gts.

R`ko`gtntfhg prhb`ss=

>. [efbe fs oy Snrk`t onrj`t8

CHO@RSFBANGJ

APRFG@RRANGJ

YQFTNS@ANGJ

Vhugk p`hplÀusfg`ss

Blf`gts wfte efker`v`gu`s ngc e`rftnk`

Pgfv`rsfty p`hpl`

Cho`stfb bhghoy

R`ld-òplhy`cFgofkrngts

Y`rshgnl angj

>.0.Snrk`t onrj`tRhurb`= Hwg prhcubtfhg drho Rngtngc`rs angj nggunl r`phrt


12/52


- 6 -

1. Tnrfnal` us`c th ch te` s`ko`gtntfhg = shbfh-còhkrnpefb

CHO@RSFB ANGJ

Vhugk p`hpl` Nk`

Pgfv`rsfty p`hpl` Nk` ngc l`v`l hd `cubntfhg

Cho`stfb `bhghoy Bybl`-lfd` fg n cho`stfb bhghoy

Fgofkrngts GntfhgnlftyY`rshgnl angj Q`gt l`v`l

>.4. Cho`stfb angjRhurb`= Hwg prhcubtfhg drho Rngtngc`rs angj nggunl r`phrt

APRFG@RR ANGJ

Ausfg`ss

R`ld-òplhy`c

Yrhd`ssfhg

@bhghofb nbtfvfty

>.;.Ausfg`ss angjRhurb`= Hwg prhcubtfhg drho Rngtngc`rs angj nggunl r`phrt

Se` prfvnt` angjfgk nr`ns hdd`rs fgt`krnl shlutfhgs dhr efke fgbho` blf`gts dfgngbfnlg``cs. Ft fgbluc`s sngtngc`r prfvnt` angjfgk hddfb`s mhfgtly ongnk`c wfte lhbnl angjs.Se` ausfg`ss ohc`l bhoafg`s onrj`t jghwl`ck` nt te` lhbnl l`v`l wfre n klhanl vfsfhgtent r`qufr`s prhd`ssfhgnl fgv`sto`gt ongnkò`gt.

Se` prfvnt` angjfgk khnls dhr 19>3 nr` th c`pp`g blf`gt lfgnk`, fgbr`ns` te` vhlo`hdongnk` nss`ts, strfv` dhr n kr`nt`r senr` hd wnll`t ngc str`gket`g te` bnpturfgk hd g`wblf`gts. Se` strnt`kf`s tent te`y env` c`v`lhp`c curfgk te` lnst y`nr nr`= str`gkte`gbhoo`rbfnl nbtfvfty wfte te` yhugk`r k`g`rntfhg ngc c`sfkg ngc g`w cfkftnl strnt`ky thsntfsdy blf`gts g``cs.

Nll te`s` o`nsur`s nr` pnrt hk te` ham`btfv` hd c`v`lhpfgk n sp`bfnlfz`c ngc

cfdd`r`gtfnt`c ausfg`ss ohc`l. [efbe onj`s sngtngc`r hg` hd te` whrlcs l`ncfgkprfvnt` angjs.


13/52


- >9 -

>.0. Q@^PFQ@O@GSR DHQ @DD@BSFT@ R@KO@GSNSFHG

Bustho`rs hd angjfgk s`rvfb`s nr` bengkfgk ngc a`bhofgk ohr` còngcfgk fgprhcubts ngc s`rvfb`s. Nlsh, te`y nr` a`fgk ohr` brftfb we`g te`y env` th c`bfc` wefbe`gtfty te`y sehulc us`.

Curfgk te` lnst c`bnc`, te` fgbr`ns` ngc bengk` fg te` bhop`tftfv` ncvngtnk`,t`beghlhky bengk`s, shbfh-bulturnl c`v`lhpo`gt , onrj`ts fgt`rgnbfhgnlfzntfhg ngc nllte` shbfnl prhb`ss trngsdhrontfhg ens bhgtrfaut`c cfr`bt ngc fgcfr`btly th foprhv` ngc`xt`gc te` dfgngbfnl bultur` hd angjfgk bustho`rs. Ns n bhgs`qu`gb` hs tefs prhb`ss,te` bustho`r hd te`s` prhcubts hr / ngc s`rvfb`s prhvhj`c tent angjs tnj` fgthbhgsfc`rntfhg nll te`s` benrnbt`rfstfbs ay te` tfo` hd lnugbefgk te`fr prhcubts ngcs`rvfb`s.

Se` benrnbt`rfstfbs tent bustho`rs nr` còngcfgk ohr` ngc ohr` curfgk te` lnstc`bnc`s ngc tent nr` onjfgk angjfgk bengk`s sho` phfgts hd te`fr strubtur` nr` te`dhllhwfgk:

Onmhr `xfk`gby hd prhd`ssfhgnlfso hd te` oplhy``s hd angjs ngc snvfgksangjs

Fophrtngb` th d`lfxfaflfty Fophrtngb` th te` r`lntfhgsefp a`tw``g a`g`dfts-bhst

Foprhv` te` còngc hd prhcubts drho te` cfstngb`

Bustho`rs bhgsfc`r v`ry fophrtngt te` sp``c (rnpfcfty)hd te` hp`rntfhgs. Yr`d`r`gb` dhr tfo`tnal`s tent nr` dl`xfal` dhr whrj`rs. Lhhjfgk dhr p`rshgnl prhcubts tent bhulc a` ncnpt`c dhr nbe sfgkl` p rshg. Chgt env` `ghuke tfo` th vfsft `gtftf`s hr p`rshgnl angj`rs

G``c hd n bhrcfnl ngc p`rshgnlfz`c tr`nto`gt

Ofghr t`gc`gby hd snvfgk up ngc fgbr`ns` fg te` l`v`ls hd càt. R`nrbe hd onmhr qungtfty hd fgdhrontfhgs s`rvfb`s ngc ncvfb`s

Q`b`gt r`nlfz`c stucf`s sehw tent 65 % hd te` Rpngfse bhgsuo`rs us`s angjstehuke 39% hd te` us`rs us`s ng hgly hg` prhcubt, we`r`ns hgly >9 %còngcs dhur hr ohr` angj prhcubts.


14/52


- >> -

OHCPL@ FFC@YHRFSR NSSQFAPS@R NGC EH[ NQ@ YHRFSFHG@C

1.>. K@G@QNL NSSQFAPS@R HD SE@ YQHCPBS (S@QO C@YHRFS)

Se` t`ro c`phsfts nr` prhcubts fg wefbe yhu c`lfv`r n qungtfty hd ohg`y th n br`cftfgstftutfhg curfgk n b`rtnfg tfo`. Ynss`c tefs t`ro, te` `gtfty r`turgs ft th efo, blhs` thte` ròug`rntfhg nkr``c (ft fs th sny, te` fgt`r`sts), `xb`pt tent hg` ròfgcs wfte te``gtfty te` p`rfhcfb bhll`btfhg hd fgt`r`sts wefl` te` hp`rntfhg lnsts.

Se` ncv`rtfsfgk ngc bhgtrnbtunl chbuo`gts hd c`phsftsft oust fgbluc` n r`d`r`gb` thte` Kunrngty dugc hd c`phsft th wefbe te` `gtfty fs nce`r`c. [e`g ft ft fs ght th te`Rpngfse Kunrngty dugc, wfte te` fgdhrontfhg hd bhgtnbt drho tent hg` th te` hg` tent fsnce`r`c. Enaftunlly, te` bhgtrnbts hd t`ro c`phsft fgbluc` te` phssfaflfty hd `xtrnbtfgkohg`y hd te` c`phsft a`dhr` te` npprhv`c t`ro enpp`gs, fg `xbengk` dhr n p`gnlty hrhd n bhoofssfhg tent te`y wfll env` th a` knte`r`c fg te` bhgtrnbt.

Ft fs n brft`rfhg hd te` Angj hd Rpnfg tent fs n p`gnlty hr n bhoofssfhg, efs nohugtoust ght a` sup`rfhr th tent hd fgt`r`st arut` `nrg`c sfgb` te` wnrèhus` wnsbhgtrnbt`c up th te` cnt` hd bngb`llntfhg.

Se`r`dhr`, te` dugcno`gtnl cfdd`r`gb` a`tw``g tefs typ` hd wnrèhus`s ngc te`c`phsfts "nt sfket" (burr`gt nbbhugts ngc pnssahhjs hd snvfgk) bhgsfsts hd te` dnbt tentfg te`s` te` blf`gt bng env` te` ohg`y hd foo`cfnt` dhro wftehut ngy typ` hd p`gnlty.Fg `xbengk`, te` ròug`rntfhg hd te` t`ro c`phsfts fs fg te` enaft hd a`fgk n Rup`rfhr.

Se`s` nr` te` trncftfhgnl c`phsfts, aut te`r` nr` hte`r typ`s hd c`phsfts fg wefbe te`prhdftnaflfty fs lfgj`c th te` `vhlutfhg hd ng fgc`x, th te` vnlu` hd n ansj`t hd nbtfhgs hr`v`g th tent ft tnj`s plnb` hr ght n dutur` `v`gt, wnrèhus`s tent ch ght nllhw te` `nrlybngb`llntfhg hr fd te`y nllhw ft ft fs fg n d`w bhgcftfhgs v`ry cfdd`r`gt drho tehs` hd te`trncftfhgnl c`phsfts.

1.>.>. Fgt`r`sts

1.>.>.> Fgt`r`sts rnt`s nppl f`c th c`phsf ts

Se` bhoofssfhgs nr` te` dugcno`gtnl `lò`gt hd te` bhst hd te` burr`gt nbbhugts ngchd snvfgk. Dhr ft, te`y wfll env` th a` ahrg fg ofgc v`ry nt te` oho`gt hd bhopnrfgk te`cfdd`r`gt hdd`rs.

Se` fgt`r`st rnt` hdd`r`c ay te` `gtftf`s ns ròug`rntfhg hd te` wnrèhus`s (burr`gtnbbhugts, hd snvfgk ngc t`ro c`phsfts) fs dr``, ngc bng a` dfx`c hr vnrfnal`. Se` dfx`c

fgt`r`st rnt` ch`s ght bengk` curfgk te` t`ro hd te` wnrèhus`, dhr went yhu nssur`b`rtnfg prhdftnaflfty efos`ld. Hg te` bhgtrnry, te` wnrèhus`s th vnrfnal` fgt`r`st rntènv` ng ugb`rtnfg ròug`rntfhg, wefbe c`p`gcs hg te` dutur` `vhlutfhg hd te` fgc`x`shr fgt`r`st rnt`s us`c ns r`d`r`gb`.

Se` prhdftnaflfty tent yhu bng hatnfg hd te` snvfgks c`phsft`c fg n br`cft fgstftutfhgc`p`gcs prfgbfpnlly hg te` tfo` curfgk wefbe ft prhofs`s ght th us` teò. Ghronlly, te`lhgk`r ft fs te` t`ro, onmhr ft wfll a` te` hatnfg`c ròug`rntfhg.

Yr`bfs`ly a`bnus` hd ft, fd yhu env` n burr`gt nbbhugt hr n pnssahhj hd snvfgk, ngc ftbng `xtrnbt te`r`dhr` ohg`y nt ngy tfo`, te` fgt`r`st rnt` tent wfll hdd`r efo te` `gtftywfll a` ofghr tent fd ft ens n t`ro c`phsft. Se` typ` bng ongnk` th a` sh lhw ns n z`rh.A`bnus` hd ft fd yhu nr` ght khfgk th g``c te` ohg`y hd ng foo`cfnt` wny, ft efo wfll aòhr` prhdftnal` th put ft fg n t`ro c`phsft.


15/52


- >1 -

@xnopl` hd fgt`r`st npplf`c th n c`phsft =

Vhur `gtfty hdd`rs yhu n dfx`c c`phsft wefbe bhgcftfhgs, wefbe oust a` knte`r`c fg te`bhgtrnbt, th a` te` dhllhwfgk hg`s=

Nohugt hd te` fophsftfhg 29.999 @urhs S`ro 2 y`nrs ghofgnl nggunl Fgt`r`st hd 3 %, pnynal` nt te` gc hd `v ry y`nr.

Bhoofssfhg dhr `nrly bngb`llntfhg= 0 % hg te` nohugt hd te` c`phsft, wftehutte`y bhulc `xb``c te` fgt`r`sts `nrg`c drho te` a`kfggfgk hd te` hp`rntfhg.

Sefs wny yhu wfll hatnfg=

N d`w arut` fgt`r`sts hd >.199 @urhs pnfc hgb` fg te` y`nr. Hg tefs nohugt te` `gtftywfll r`nlfz` te` r`t`gtfhg tent te` dfsbnl l`kfslntfhg `stnalfse`s, nt tefs oho`gt >5 %, dhrwent e` wfll pny n bnse hd 653 @urhs, a`fgk te` r`st, 1>4 @urhs, te` nohugt tent te``gtfty wfll c`phsft fg efs oho`gt fg te` Yualfb @stnt` fg efs gno`.

Fd yhu g``c`c te` ohg`y a`dhr`, dhr `xnopl` pnss`c hg` y`nr, ngc ft wnsr`qu`stfgk th bngb`l te` wnrèhus`, te` bhoofssfhg tent ft sehulc pny fd w` ntt`gc thte` npprhv`c tefgk whulc a` 0 % hg 29.999 @urhs hd te` wnrèhus`, hr >.099 @urhs.G`v`rte`l`ss, te`s` bhoofssfhgs fg te` trncftfhgnl wnrèhus`s env` n lfoft= te`ybngght `xb``c te` nohugt hd te` arut` fgt`r`sts `nrg`c drho te` a`kfggfgk hd te`hp`rntfhg, dhr went sfgb` hgly te`r` env` a``g `nrg`c drho te` a`kfggfgk hd te`hp`rntfhg >.199 @urhs tent te`y efo env` pnfc, yhu whulc env` th pny th te` `gtfty nsbhoofssfhg ght >.099 @urhs, aut hgly >.199 @urhs.

1.>.>.1. S.N.@

S.N.@. fs ng fgcfbnthr tent, fg te` senp` hd sh oube p`r b`gt p`r y`nr ft fgcfbnt`s te``dd`btfv` prhdftnaflfty hd n wnrèhus`, fgblucfgk te` fgt`r`sts, te` bhoofssfhgs ngc`xp`gs`s, wefbe dnbflftnt`s te` bhopnrfshg a`tw``g cfdd`r`gt hdd`rs.

Ft fs fophrtngt a`nr fg ofgc fs te` S.N.@. fg te` sehrt-t`ro wnrèhus`s, dhr `xnopl`fg te` wnrèhus`s th hg` ohgte. Se` bnlbulntfhg hd te` S.N.@. fs ans`c hg teèyphte`sfs hd wefbe te` dull fgt`r`sts r`turg th fgv`st th te` sno` fgt`r`st rnt` hd te`c`phsft: g`v`rte`l`ss te` `gtfty fs ght bhoprhofsfgk fts`ld th tefs r`fgv`sto`gt, dhr wentfg te` sehrt-t`ro c`phsfts te` S.N.@. ft lhs`s o`ngfgk.

1.>.>.2. Qòug`rntfhg

Rho` `gtftf`s bng hdd`r efo cfv`rs` khhcs ngc prhcubts ns bhop`gsntfhg dhr efsc`pshft (ft fs went fs bnll`c n ròug`rntfhg fg sp`bf s), fgst`nc hd a` fgt`r`st`c fg bnse.

Sefs hdd`r efo bng turg hut th a` nttrnbtfv`, aut a`dhr` a` c`bfcfgk fs ncvfsnal` tentbhopnr`s went bhsts te` prhcubt r`b`fv`c wfte te` fgt`r`sts fg bnse tent ft whulc hatnfgfd ft wns bhgtrnbtfgk n c`phsft fg te` sno` bhgcftfhgs.

Ft oust a`nr fg ofgc tent te` ròug`rntfhg fg sp`bf`s fs n p`rdhrongb` suam`bt thtnxntfhg fg te` Fgbho` tnx hd te` gnturnl p`rshgs.


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- >2 -

Rfgb` fg ngy hte`r c`phsft, ft fs g`b`ssnry th r`phrt hd te` nggunl `qufvnl`gt rnt` hdte` hp`rntfhg. Aut fd fg n trncftfhgnl wnrèhus` te` fgt`r`sts nr` cfr`btly n ohg`y, dhrwent ft s`òs th a` bl`nr ehw th bnlbulnt` te` S.N.@., e`r` went te`y c`lfv`r efo fs nprhcubt.

Sh bnlbulnt` te` nggunl rnt` hd te` hp`rntfhg ft fs g`b`ssnry th kfv` efo sho` vnlu`

th te` khhc tent te`y c`lfv`r efo. Se` vnlu` tent fs fg te` enaft hd a`fgk fg us` fs te`sno` tent te` angj bhopngy a`nrs fg ofgc th ch te` r`v`gu` th nbbhugt fg te` Yualfb@stnt` (tefs r`v`gu` th nbbhugt fs `qufvnl`gt th te` r`t`gtfhg tent fs `dd`bt`c fg te`wnrèhus`s we`g te`y pny fgt`r`sts th efo fg bnse). Se` dfsbnl r`kulntfhg fgcfbnt`sehw te`r` oust a` bnlbulnt`c te` nahv` o`gtfhg`c vnlu`, wefbe fs hatnfg`c npplyfgk nb`rtnfg p`rb`gtnk` th went ft ens bhst th te` angj bhopngy te` prhcubt tent kfv`s efoyhu ns fgt`r`sts.

1.>.1. Bhoofssfhgs

1.>.1.>. Bhoofssfhg dhr `nrly bngb`llntfhg hd te` t`ro c`phsft

Bhoofssfhg dhr `nrly bngb`llntfhg hd te` t`ro c`phsft= Se` bhgtrnbts hd t`ro c`phsftnr` fg te` enaft hd nllhwfgk te` `nrly bngb`llntfhg hd te` wnrèhus` hg te` pnrt hd te`blf`gt, fg `xbengk` dhr n bhoofssfhg dr``ly `stnalfse`c ay te` `gtfty. Nlsh te`r` ofketa` nkr``c, fgst`nc hd n bhoofssfhg dhr `nrly bngb`llntfhg, wefbe fs bnll`c n p`gnlty.Ft fsn brft`rfhg hd te` Angj hd Rpnfg tent fg te` trncftfhgnl c`phsftfs n p`gnlty hr nbhoofssfhg, efs nohugt oust ght a` sup`rfhr th tent hd fgt`r`st arut` `nrg`c sfgb` te`c`phsftwns bhgtrnbt`c up th te` cnt` hd bngb`llntfhg.

Fg bns` hd ght trncftfhgnl c`phsfts, sfgb` te`y whulc a` tehs` fg wefbe te` prhdftnaflftyfs lfgj`c th te` `vhlutfhg hd ng fgc`x, hd te` vnlu` hd n ansj`t hd nbtfhgs hr `v`g hd tentft tnj`s plnb` hr ght n dutur` `v`gt, te` `gtfty prhanaly wfll ght nllhw efs `nrly

bngb`llntfhg ngc, F onrry hd nllhwfgk ft, ft wfll a` fg n d`w bhgcftfhgs v`ry cfdd`r`gt drhotehs` hd te` trncftfhgnl c`phsfts

1.>.2. Kunrngt``s

Sh r`lf`v` te` eurts tent bhulc enpp`g th te` fgcfvfcunls ns bhgs`qu`gb` hd teàngjruptby hd n angj bhopngy hr sfoflnr sftuntfhg, wefbe bng enpp`g fg spft` hd tentte`y nr` sup`rvfs`c, te`y nr` ahrg lhsDhgchs hd Kunrngt`` hd [nrèhus`s, hrkngfsosprhoht`c ay te` pualfb phw`r ngc th tent te` angj bhopngf`s stfbj dnst.

N C`phsft kunrngt`` dugc s`rv`s fg hrc`r tent te` c`phsfthrs hr fgv`sthrs r`bhv`r efsohg`y, up th b`rtnfg lfoft, fg bns` ng `gtfty nce`r`c th te` ahttho fs c`blnr`c fg

br`cfthrs' bhgt`st (te` dhro`r prhb`cur`s hd angjruptby ngc susp`gsfhg hd pnyo`gts)hr env` ngy hte`r prhalò tent ft pr`v`gts efo - ndt`r c`blnrntfhg hd efs sup`rvfshr -drho dnbfgk efs pnyo`gts ngc halfkntfhgs. Se` nahv` o`gtfhg`c lfoft fs >99.999 @urhsdhr c`phsfthr.

Se` kunrngt`` bhv`rs=

Se` ohg`y tent xfsts fg te` nbbhugts hd te` blf`gts hd te` `gtfty, ns w`ll ns te`ghofgntfv` b`rtfdfbnt`s hd wnrèhus`.

Se` g`khtfnal` vnlu`s ngc dfgngbfnl fgstruo`gts tent env` a``g `gtrust`c th te`br`cft fgstftutfhg dhr efs wnrèhus` hr r`bhrc hr dhr te` nbbhoplfseo`gt hd sho`

s`rvfb` hd fgv`sto`gt.


17/52


- >3 -

Se`r` oust a` ahrg fg ofgc tent te` kunrngty dugcs ch ght bhv`r te` lhss`s hd vnlu` hdng fgv`sto`gt.

Se` nce`sfhg th te` C`phsft kunrngt`` dugc hd Br`cft fgstftutfhgs fs halfknthry dhr=

Nll te` Rpngfse angj bhopngf`s fgsbrfa`c fg te` Rp`bfnl Q`bhrcs hd te` Angj hdRpnfg bhrr`sphgcfgk th angjs, snvfgks angjs ngc br`cft bhhp`rntfv`s.

Se` angj bhopngf`s' arngbe`s nutehrfz`c fg n bhugtry ght oòa`r hd te`@urhp`ng Pgfhg, fd te` wnrèhus`s hr kunrngt``c vnlu`s `gtrust`c th teàrngbe nr` ght bhv`r`c ay n systò hd kunrngt`` fg te` gntfv` lngc, hr fd te`nahv` o`gtfhg`c bhv`rnk` turgs hut th a` fgsuddfbf`gt, fg hrc`r th bhv`r te`cfdd`r`gb`

Hg te` hte`r engc, te` nce`sfhg hd te` angj bhopngf`s' arngbe`s nutehrfz`c fgnghte`r bhugtry oòa`r hd te` @urhp`ng Pgfhg fs vhlugtnry, a`bnus` te` kunrngt`` hdte` wnrèhus`s ngc vnlu`s rònfgs bhv`r`c fg efs gntfv` lngc

Se` kunrngt``c onxfouo nohugt hd te` wnrèhus`s fs >99.999 @urhs dhr `v`ryehlc`r, wfte fgc`p`gc`gb` hd te` guoa`r ngc blnss hd wnrèhus`s tent ens fg te``gtfty. Se` kunrngt``c onxfouo nohugt hd te` vnlu`s hr dfgngbfnl fgstruo`gts`gtrust`c th te` `gtfty fs fgc`p`gc`gt drho te` pr`vfhus hg`, ngc r`nbe`s `qunlly>99.999 @urhs dhr `v`ry fgv`sthr, th te` onrkfg hd te` guoa`r ngc blnss hd vnlu`s.

@xnopl`=

L`t's supphs` n onrrfnk` tent ens fg n angj n burr`gt nbbhugt wfte n anlngb` hd 2.999@urhs ngc n t`ro c`phsft hd 39.999. Fg bns` te` angj a`tw``g fg brfsfs ngc ft enc thbhgtrhl te` C`phsft kunrngt`` dugc=

Fd dfkur` ns tftlfgk hgly hg` hd te` sphus`s, te` kunrngt`` hd te` angj c`phsftsnsb`gc`rn th n thtnl hd >99.999 @urhs:

Fd ahte npp`nr ns ehlc`rs, ft whulc foply n bhv`rnk` hd 199.999 @urhs. Fg ahtebns`s, te`y whulc r`bhv`r efs wnrèhus`s= 32.999 @urhs.

Se` dfgngbfgk hd te` C`phsft kunrngt`` dugcs bho`s drho te` nggunl bhgtrfautfhgstent oust ch te` nce`r`c `gtftf`s. Fg bns` hd g``c, te` `gtftf`s wfll env` th r`nlfz`nss`sso`gts (ft fs th sny, `xtrnhrcfgnry bhgtrfautfhgs). @xb`ptfhgnlly, n ahttho bng a`ghurfse`c hd `xtrnhrcfgnry bhgtrfautfhgs hd te` Angj hd Rpnfg, wefbe qungtfty wfll a`dfx`c ay lnw.

1.>.3. Bustho`rs rfkets ngc halfkntfhgs

1.>.3.>. Qfkets

Q`d`rrfgk th rfkets, Se` angj hd Rpnfg `stnalfse`c tent te` bustho`r env` th r`b`fv`te` chbuo`gt hd te` bhgtrnbt wfte nll te` c`tnfls hd te` prhcubt bhgtrnbt`c. Nlsh, te`bustho`r sehulc a` kfv`g te` chbuo`gts hd lfqufcntfhg.

Se` bustho`r env` te` rfket th jghw te` ròug`rntfhg hd te` c`phsft wfte te` fgt`r`stsnkr``c fgftfnlly hr lnt`r ohcfdf`c ay te` `gtfty, pr`vfhus bhoougfbntfhg th te` blf`gt.Nghte`r rfket tent bustho`rs weh nbhgtrnbt n c`phsft env` fs te` r`turg hd te` qungtftyc`phsft`c fg te` dhro ngc oho`gt ròfgc`c.


18/52


- >0 -

Fg bns` hd `nrly bngb`llntfhg hd te` c`phsft a`dhr` efs onturfty, fd ft ens a``gnkr``c:tefs bngb`llntfhg bng tnj` pr`pnr`c te` pnyo`gt hd bhoofssfhgs hr p`gnltf`s, fdtefs wny ft wns nkr``c fg te` bhgtrnbt. Ft wfll a` cfdd`r`gt c`p`gcfgk we`r` te`bustho`r bhgtrnbt te` c`phsft.

1.>.3.1. Halfkntfhgs

Nbbhrcfgk th went te` angj hd Rpnfg snys, sho` angjs `stnalfse`s tent bustho`rsenv` th pny , pubtunlly, nkr``c bhoofssfhgs. Se`s` bhoofssfhgs wfll c`p`gc ght hglyhg te` angj, aut nlsh hg te` prhbubt c`ongc`c. Fg ongy bns`s, te` bustho`r env` te`halfkntfhg th pny onfgtnfg`gb` bhoofssfhgs.

Fg bns` hd hv`rcrndt, th r`turg te` dugcs, thk`te`r wfte te` fgt`r`sts ngc te` angjbhoofssfhgs nkr``c. Nlsh, te` fgdhrontfhg Dnbflftnt`s tent te` `gtfty r`qu`sts bustho`rth fc`gtfdy te` bustho`r ngc dfgnlly te` bustho r oust jghw tent ghronlly te` bhgtrnbtsfgbluc` n dhr`bnst hg bhop`gsntfhg hd anlngb`s a`tw``g te` cfdd`r`gt nbbhugts tent te`sno` ehlc`r bhulc env` fg te` `gtfty.


19/52


- >4 -

1.1. BHOY@SFSFT@ NCTNGSNK@= BHOYNQFRHG A@S[@@G RNGSNGC@Q,ANGBH YHYPLNQ, BNFUN ngc AATN.

AATN fs te` angj tent lhs`s ohr` prhdftnaflfty fg 19>2 nohgk te` afkk`st dfgngbfnl

`gtftf`s fg Rpnfg. AATN ens a``g ndd`bt`c ay Blnusulns su`lh.Se` ghtfb`nal` prhdfts tent nlohst `v`ry afk angj env` hatnfg`c curfgk 19>2,

bhgtrnst wfte te` sftuntfhg hd AATN wefbe ens a``g wftg`ss hd ehw te`fr prhdfts cfcgtfgbr`ns` ns te` hte`rs.

Ngc ft fs tent te` ofghr r`nlfz`c dhr`bnsts, te` nppr`bfntfhgs dhr cfsfgv`sto`gts hrte` fgbho` hatnfg`c wfte te` snl` hd gntfhgnl càt env` a``g te` p`hpl` fg benrk` hdte` foprhvò`gt hd r`sults wftehut te` `gtftf`s bhulc env` r`bhv`r`c `v`g te`prhdftnaflfty lhst curfgk te` brfsfs.

[ftefg te` afk angjs, AATN ens a``g te` hg` wfte l`ss onrkfg hd fgt`r`st fg r`lntfhgth te` thtnl nss`ts, fg te`fr ausfg`ss fg Rpnfg. Fg 19>1 te` rntfh wns >.2;% te`p`rb`gtnk` w`gt chwg th >.1> % nt te` `gc hd lnst y`nr.

Se` angj wefbe fs e`nc`c ay Drngbfsbh Khgznl`z ens a``g ndd`bt`c fg 19>2 ay te``lfofgntfhg hd Blnusulns su`lh efpht`bnrfns, wefbe onj` teò enc 310 ofllfhgs hd l`ssfgbho`. Nll tefs mhfg`c th te` c`br`ns` hd te` br`cft nbtfvfty ens prhvhj`c tent efsonrkfg hd fgt`r`sts bhgtrnbts fg >6.2%.

Nt te` `gc hd 19>2, Angbh phpulnr wns te` ohst prhdftnal` a`bnus` te`fr fgt`r`stonrkfg wns >.40% hd te` thtnl nss`ts. Ehw`v`r, te` sftuntfhg fs ght ns khhc nspr`vfhus y`nrs, we`g ft wns >. ;1%.

>,>

>,1

>,2

>,3

19>1 19>2

AATN

AATN

>,4

>,41

>,43

>,44

>,45

>,;

>,;1

>,;3

19>1 19>2

ANGBHYHYPLNQ

ANGBHYHYPLNQ


20/52


- >; -

Se` s`bhgc ohr` prhdftnal` fg Rpnfg fs Rngtngc`r Angj wfte >.0;%, ngc ns enpp`gswfte Yhpulnr Angj ft ens ght a``g nal` th bhop`gsnt` te` anc aènvfhr hd onrkfgs.

Bnfxn angj fs te` hgly dfgngbfnl `gtfty tent ens a``g nal` th k`t ohr` prhdftnaflfty curfgk19>2. Ft bng a` s``g fg te` krnpe tent fg 19>1 te` fgt`r`st onrkfg wns >, >1% hd te`thtnl nss`ts ngc >1 ohgtes lnt`r te` p`rb`gtnk` rnfs`c th >, >4%.

1.>.Snal`s hd bhop`tftfv` ncvngtnk`Rhurb`= @l bhghofst nrtfbl`.

Se` foprhvò`gt fg prhdftnaflfty fs te` onmhr prfhrfty hd nll dfgngbfnl krhups tefs y`nr. Fg

te` lnst qunrt`r, te` s`bthr nlr`ncy ens has`rv`c n slfket foprhvò`gt hd te` onrkfg hdfgt`r`sts, `gbhurnk`c ay te` blfppfgk hd te` prhdftnaflfty hd te` c`phsfts, wefbe wfte nbybl` hd sehrt lfd` ongnk`s th foprhv` wfte rnpfcfty te` dfgngbfnl bhsts.

>,03

>,00

>,04

>,0;

>,05

19>1 19>2

RNGSNGC@Q

RNGSNGC@Q

>,>

>,>1

>,>3

>,>4

>,>5

19>1 19>2

BNFUN

19>1

19>2


21/52


- >5 -

1.2. RNGSNGC@QR ANGJ EFRSHQV

Sh n a`tt`r ugc`rstntfgk fs r`qufr`c th tnlj nahut Rngtngc`rs angj, wefbe fsbhgsfc`r`c ght hgly hg` hd te` lnrk`st angjs fg te` ùrh zhg` aut nlsh hg` hd te`lnrk`st fg te` whrlc. Rngtngc`rs angj fs n klhanl, oultfgntfhgnl angj wefbe wns gno`cte` A`st Angj fg te` [hrlc, fg 19>1 fg te` nggunl @urh ohg`y rngjfgk dhr te` tefrc tfo`fg r`b`gt y`nrs. Nt te` blhs` hd te` lnt`st dfsbnl y`nr, Rngtngc`r wns te` lnrk`st angj fgte` ùrh zhg` ngc hg` hd te` tefrt``g l`ncfgk angjs fg te` whrlc fg t`ros hd onrj`tbnpftnlfzntfhg= 42 afllfhg @urhs. Ft hdd`rs n dull rngk` hd prhcubts tent fgbluc`s cny-th-cnynbbhugts, c`phsfts, fgv`sto`gt dugcs, p`gsfhgs, ohrtknk`s, lhngs, bnrcs, ngcfgsurngb`.

Ans`c hg n ausfg`ss ohc`l tent dhbus`s hg r`tnfl angjfgk prhcubts ngc s`rvfb`s dhrprfvnt` bustho`rs, RO@s, ngc bhopngf`s, Rngtngc`r burr`gtly s`rv`s ohr` teng >99ofllfhg bustho`rs terhuke n klhanl g`twhrj hd >3,399 arngbe`s, te` lnrk`st fg te`fgt`rgntfhgnl angjfgk s`bthr. Ft ens >.255 afllfhg @urhs fg ongnk`c dugcs fg nllbustho`r s`ko`gts, ohr` teng 2.2 ofllfhg senrèhlc`rs, ngc >5;,999 oplhy``s.

Onjfgk r`d`r`gb` th te` efsthry hd Rngtngc`rs angj, ft wns Dhugc`c fg >50; fg te`Rpngfse thwg hd Rngtngc`r ay ;4 ausfg`sso`g lfgj`c th r`kfhgnl `bhghoy ngc th te`Rpngfse bhlhgfnl trnc` wfte te` No`rfbns, te` >00-y`nr hlc Rngtngc`rs angj blfoa`cnll te` rugks fg te` dfgngbfnl lncc`r terhukehut te` 19te b`gtury ugtfl fg te` 1>st b`gturyft a`bno` n l`ncfgk whrlc angj, n r`d`r`gb` fg khhc ongnkò`gt ngc bhop`t`gb` fgte` s`bthr, wfte n shlfc pr`s`gb` fg t`g bhugtrf`s fg twh bhgtfg`gts, @urhp` ngcNo`rfbn, ngc ausfg`ss`s fg ohr` teng dhrty onrj`ts. Rngtngc`r fs burr`gtly te` onfgdfgngbfnl krhup fg Rpnfg, fts bhugtry hd hrfkfg, ngc fg Lntfg No`rfbn, n bhgtfg`gt we`r`fts onfg onrj`ts nr` Arnzfl, O`xfbh, Befl`, ngc Nrk`gtfgn. Ft nlsh ehlcs n sfkgfdfbngtphsftfhg fg te` Pgft`c Jfgkcho, K`rongy, Yhrtuknl, Yhlngc, ngc te` ghrte-`nst hd te`Pgft`c Rtnt`s. Fg nccftfhg th te`s` onfg onrj`ts, ft nlsh hdd`rs bhgsuo`r dfgngb`

s`rvfb`s fg Rbngcfgnvfn, te` G`te`rlngcs, Nustrfn, Ftnly, ngc A`lkfuo.Nahut lfqufcfty, ft fs bhgsfc`r`c ns te` ohst lfqufc senr`s fg te` sthbj onrj`t.

Rngtngc`r senr`s nr` te` ohst lfqufc fg te` @urhsthxx, ngc nr` lfst`c fg te` Oncrfc,G`w Vhrj, Lhgchg, Lfsahg, O`xfbh, Rh Ynulh, Au`ghs Nfr`s ngc Oflng sthbj`xbengk`s. Se`y nr` lfst`c fg 42 cfdd`r`gt sthbj `xbengk` fgcfb`s.

Rngtngc`rs angj ens te` Bnpnbfty th k`g`rnt` prhdfts ngc shugc bnpftnl.Rngtngc`rehlcs n ugfqu` phsftfhg fg te` fgt`rgntfhgnl angjfgk s`bthr, wefbe nllhws ft th fgbr`ns`fts prhdfts y`nr ndt`r y`nr, k`g`rntfgk vnlu` dhr fts senrèhlc`rs, blf`gts, ngc nll hdshbf`ty.

Fg 19>1, fg te` ofcst hd n s`v`r` klhanl dfgngbfnl brfsfs, Rngtngc`rs prhdft a`dhr`

prhvfsfhgs kr`w th 12.006 afllfhg @urhs, hg` hd te` ter`` lnrk`st dfkur`s fg te`fgt`rgntfhgnl angjfgk s`bthr. Rngtngc`r blhs`c te` y`nr wfte n >9.22% bhr` bnpftnlrntfh, ngc `nsfly pnss`c te` strfbt`st dfgngbfnl shugcg`ss t`sts r`qufr`c ay nll te`bhop`t`gt gntfhgnl ngc fgt`rgntfhgnl nutehrftf`s.

Se` Rngtngc`rs arngc b`gtrnlfz`s te` krhups fc`gtfty ngc vnlu`s `xpr`ss`s nugfqu` fgt`rgntfhgnl phsftfhgfgk tent fs bhgsfst`gt ngc bhe`r`gt terhukehut te` whrlc.

Sefs phsftfhgfgk fs r`dl`bt`c fg te` bhrphrnt` slhkng Rngtngc`r, n angj dhr yhurfc`ns. Sefs slhkng trngsofts tent Rngtngc`r fs n angj wfte n bl`nr r`tnfl vhbntfhg tentlfst`g th blf`gts fg hrc`r th ugc`rstngc te`fr g``cs, ngc ens te` bnpnbfty, r`shurb`s ngc`xp`rf`gb` th hdd`r teò te` rfket shlutfhgs. Ft vnlu`s fc`ns, ns te` `gkfg` hd shbf`ty,ngc p`hpl` weh env` khnls, benll`gk`s ngc cr`nos.


22/52


- >6 -

Se` ham`btfv` hd Rngtngc`rs angj fs th hdd`r te`fr bustho`rs n arngc `xp`rf`gb`tent fs cfdd`r`gt drho hte`rs, sfkgfdfbngt, ehohk`ghus, ngc oòhrnal` ngc nlfkg`c wftete` angjs bhrphrnt` vnlu`s.

Rngtngc`rs angj purphs` fs th onj` p`hpl` d``l tent fs n angj tent ght hgly hdd`rste` a`st prhcubts ngc s`rvfb`s, aut nlsh ens n sfopl` ngc p`rshgnl wny hd chfgk

angjfgk, fs n trustwhrtey fgstftutfhg ngc hg` tent ans` fts subb`ss hg e`lpfgk ftsbustho`rs nbef`v` te`fr khnls ngc prhm`bts.

Se` pfllnrs hd Rngtngc`rs ohc`l nr`=

Dhbus hg te` bustho`r ngc hg r`tnfl ausfg`ss K`hkrnpefb cfv`rsfdfbntfhg ngc te` ohc`l hd suasfcfnrf`s Cfsbfplfg` fg rfsjs, lfqufcfty ngc bnpftnl. Rtr`gkte`gfgk te` ter`` vnrfnal`s wns n

prfhrfty fg te` Krhups ongnkò`gt curfgk 19>1 Se` bhgtfguhus ddhrt fg foprhvfgk hp`rntfhgnl ngc bhoo`rbfnl ddfbf`gby.

Se` Rngtngc`r arngc, r`bhkgfz`c ns hg` hd te` onfg hg`s fg te` angjfgk whrlc=dhurte dfgngbfnl arngc nbbhrcfgk th thp Angjfgk Arngcs 19>1, dfdte ay l`nc`rsefpnbbhrcfgk th te` Eny Krhup pualfse`c ay Dhra`s ngc te` whrlcs a`st klhanlangj nbbhrcfgk th ùrh ohg`y

Rngtngc`r stndd. Se` Krhup's >54,;42 prhd`ssfhgnls nr` n j`y `lò`gt fg ftsausfg`ss ohc`l.

Rustnfgnal` ausfg`ss c`v`lhpo`gt.

Rngtngc`r c`v`lhp`c fg 19>1 n wfc` rngk` hd o`nsur`s fg hrc`r th j``p hgncvngbfgk fg foprhvfgk te` krhups klhanl phsftfhgfgk sfgb` te` hgs`t hd te` brfsfs.

Se` dhllhwfgk st`ps, nohgk hte`rs, w`r` pnrt hd tefs strnt`ky: Ncmusto`gt th te`bhop`tftfv` `gvfrhgo`gt fg Rpnfg. [ftefg te` r`strubturfgk drno`whrj hd te` dfgngbfnls`bthr fg Rpnfg, te` Krhup wfll str`gkte`g te` Rngtngc`r arngc ay fgt`krntfgk Ang`sthngc Angfd fgth Rngtngc`rs Angj.

Se` sfgkl` arngc ngc g`w strubtur`, wfte 3,999 arngbe`s ugc`r te` sno` bhrphrnt`fc`gtfty, wfll `gnal` Rngtngc`r th a`tt`r tnj` ncvngtnk` hd te` hpphrtugftf`s th knfgonrj`t senr` fg Rpnfg, ay prhvfcfgk n wfc`r rngk` hd prhcubts ngc n a`tt`r qunlfty hds`rvfb`.

Se` hp`rntfhg nlsh hdd`rs sfkgfdfbngt syg`rkf`s hd fgt`krntfhg, fs n lhw rfsj hg` ngcwfll env` n phsftfv` fopnbt hd nrhugc2% hg `nrgfgks p`r senr` hv`r bhgs`gsus ay te`tefrc y`nr.

Se` l`knl o`rk`r, hp`rntfhgnl ngc arngc fgt`krntfhg wns nbbhoplfse`c a`dhr` te``gc hd 19>2. Nll te`s` hp`rntfhgs `gnal`c te` Krhup th `gc 19>2 fg n phsftfhg hd kr`ntkrhwte pht`gtfnl fg te` bhofgk y`nrs.

Se` prfhrftf`s th Rngtngc`r Angj w`r` onfgly rfsj qunlfty ngc ongnkò`gt hd Gpls:te` dhbus hg bustho`r dugcs fg hrc`r th knfg onrj`t senr` ngc gnrrhw te` bhoo`rbfnlknp: supphrt dhr sO`s ngc `xphrt`rs terhuke sp`bfdfb prhkrnoo`s th krngt br`cft:ongnkò`gt hd spr`ncs ngc bhgtrhl hd bhsts. Nll hd tefs wefl` onfgtnfgfgk te` tnrk`t hdbnpturfgk ngc lfgjfgk bustho`r ugc`r te` û`ròhs s`r tu Angbh strnt`kfb plng,lnugbe`c s`v`g y`nrs nkh.

Sefs cygnofso wns nlsh s``g fg bustho`r lfgjnk`, str`gkte`g`c ay te` lfg`

û`ròhs s`r tu prfo`r angbh, wehs` ham`btfv`s nr` th fgbr`ns` trngsnbtfhg angjfgkngc lhynlty th te` arngc. [ftefg tefs lfg`, te` prhkrnoo`Nehrrn bhg û`ròhs s`r tu


23/52


- 19 -

Angbh wns lnugbe`c, wefbe prhvfc`s g`w ncvngtnk`s th tehs` a`g`dftfgk drho te`plng fg te` dhro hd hdd`rs ngc cfsbhugts hg te` prhcubts ngc s`rvfb`s hd te` onfgarngcs fg te` Rpngfse onrj`t.

Ns n r`sult hd tefs strnt`ky, hg-anlngb` se``t bustho`r dugcs, tefs r`kfst`r`c ndnvhrnal` `vhlutfhg. Sefs krhwte bno` drho vnrfhus prhcubts (fgbr`ns`c fg c`ongc ngc

tfo` c`phsfts ngc fg r`tnfl bhoo`rbfnl pnp`r) ngc ausfg`ss s`ko`gts (nll hd te`or`kfst`r`c krhwte), `gnalfgk te` bhst hd dugcs th a` onfgtnfg`c nt v`ry nbb`ptnal`l`v`ls (>.36%) ngc a`lhw tent hd te` s`bthrs nv`rnk`. Sefs `vhlutfhg `gnal`c th knfgonrj`t senr` fg c`phsfts +r`tnfl bhoo`rbfnl pnp`r fg Rpnfg rhs` nahv` 199 a.p. fg19>1.

Se` Rngtngc`r Arngbe g`twhrj fs onfgtnfgfgk fts nbtfv` phlfby hd t`gcfgk th te`dfgngbfgk g``cs hd fts bustho`rs ngc ahhstfgk te` ohst cygnofb `bhghofb s`bthrs.


24/52


- 1> -

1.3. RNGSNGC@QR ANGJ YHRFSFHGFGK RSQNS@KV

Shcny, ndt`r n pens` fg wefbe Rngtngc`rs angj bhgb`gtrnt`c hg str`gkte`gfgk teànlngb` se``t, lfqufcfty ngc strnt`kfb phsftfhgfgk, te` angj fs r`ncy th a`kfg n g`wbybl` hd prhdftnaflfty ngc foprhvfgk r`sults.

Rngtngc`rs angj fs blhs`ly fgvhlv`c fg auflcfgk n ohr` stnal`, shlfc ngc `ddfbf`gtdfgngbfnl s`bthr, dhbus`c hg dfgngbfnl s`bthr, dhbus`c hg dfgngbfnl sustnfgnal` `bhghofbkrhwte. Rngtngc`rs angj `bhghofb ohc`l, ans`c hg lnstfgk ngc prhdftnal` r`lntfhgswfte bustho`rs, fgbr`nsfgk te`fr lfgjnk` wfte te` angj ngc onfgtnfgfgk pruc`gb` fgrfsjs ngc cfsbfplfg` fg te` dfgngbfnl ngc bnpftnl spe`r , ens a``g vfgcfbnt`c ay te`brfsfs ngc fs v`ry r`knrc`c ay r`kulnthrs ngc rntfgk nk`gbf`s.

Rngtngc`rs angj fs fg n ugfqu` phsftfhg th dnb` te` g`w bybl` hd krhwte fg te`klhanl `bhghoy. Ft ens n pht`gtfnl onrj`t hd 499 ofllfhg p`hpl` fg >9 bhr` onrj`ts. Se`benll`gk` dhr tefs g`xt dutur` fs th dhbus hg hur bustho`rs ngc nlsh dhbus fg tehs` wehnr` ght blf`gts y`t.

Fg te` g`xt ter`` y`nrs, Rngtngc`rs angj `xp`bts th r`knfg hur pr` brfsfs prhdftl`v`ls, wefbe whulc `gnal` teò th onfgtnfg ng nc`qunt` ròug`rntfhg dhrsenrèhlc`rs. Ehw`v`r, te` `bhghofb r`bhv`ry wfll ght a` `ghuke dhr te` angjfgks`bthr th r`turg th te` pr`- 1995 l`v`ls hd prhdftnaflfty. Se`r` env` a``g fgtrhcub`c ng`w r`kulntfhg ns n r`sult hd te` fgt`rgntfhgnl `bhghofb brfsfs tent nr` envfgk ngc wfllenv` n strubturnl fopnbt hg angjs prhdftnaflfty. Sefs fs pnrtfbulnrly te` bns` wfte teèfke`r r`qufrò`gts, g`w lhgk ngc sehrt t`ro lfqufcfty ngc l`v`rnk` rntfhs, te` efke`rbhst hd c`phsfts ns n r`sult hd g`w angj r`shlutfhg o`bengfsos, ns w`ll ns te` bhst hdbhoplfngb` fts`ld fg te` g`w r`kulnthry gvfrhgo`gt.

Rngtngc`rs angj bhodhrtnaly o``ts nll te` g`w r`kulnthry r`qufrò`gts=

Fts bhr` bnpftnl rntfh ens rfs`g sfgb` te` stnrt hd te` brfsfs ngc ft ens

str`gkte`g`c fts anlngb` se``t, wefbe wfll prhvfsfhg ngc ens efke l`v`ls hdbhv`rnk`.

Se` lhng-th-c`phsft rntfh foprhv`c th >96%

Nbbhrcfgk th te` l`tt`r hd te` bef`d ong, e` snys tent fs efkely lfj`ly tent te`Rpngfse `bhghoy wfll bhgshlfcnt` fts r`bhv`ry fg 19>3. Sefs upturg fs dfrolyngbehr`c fg bhop`tftfv`g`ss knfgs.

Se` strubturnl r`dhros ugc`rtnj`g fg te` lnst d`w y`nrs env` lnfc te` dhugcntfhgs dhrohr` sustnfgnal` krhwte ngc bhgtrfaut`c th r`nbtfvntfgk te` shlv`gt còngc dhr lhngstent fs a`kfggfgk th a` s``g fg RO@s ngc bhopngf`s.

Se` bhoo`rbfnl g`twhrjs hd Rngtngc`r, Ang`sth ngc Angfd w`r` subb`ssdullyo`rk`c curfgk 19>2. Se` p`rshgnl angjfgk, bhopngf`s ngc bhrphrnt` angjfgkausfg`ss`s fg te` bhugtry w`r` r`-krhup`c ugc`r te` g`w Rngtngc`r Rpnfg ugft fgMug`, `gnalfgk us th c`v`lhp te` ausfg`ss strnt`ky ngc str`gkte`g `ddfbf`gby ngcprhcubtfvfty.

Se` onfg prfhrftf`s fg te` bhofgk y`nrs nr`=

Bhgtfgu` th knfg prhdftnal` onrj t senr` fg nttrnbtfv` ausfg`ss`s sube nsbhopngf`s, RO@s, efke fgbho` ngc c`phsfts, dhr wefbe w` wfll onfgtnfg nstrnt`ky hd s`ko`gtntfhg, cfdd`r`gtfntfhg ngc foprhvò`gt fg te` qunlfty hds`rvfb`. Nll tefs wfll foprhv` bustho`r lfgjnk`.


25/52


- 11 -

Yrhkr`ss fg k`g rntfgk syg`rkf`s, ahte drho te` o`rk r ns w ll ns drho te``gengb`c ddfbf`gby.

Se` krncunl r`turg th n ghronl l`v`l hd lhng lhss prhvfsfhgs wfll env` n phsftfv`fopnbt hg te` fgbho` stntò`gt fg 19>3.

Q`cubfgk te` bhsts hd c`phsfts. Se` bhst hd g`w tfo` c`phsfts crhpp`c ay >99

phfgts. Nttrnbtfgk ngc r`tnfgfgk bustho`r dugcs. Fg te` lnst twh y`nrs te` angj ens

knfg`c twh p`rb`gtnk` phfgts hd onrj`t senr`. Se` foprhvò`gt fg lfqufcfty. Se` lhng th c`phsft rntfh foprhv`c th 5;%. Fg 19>2, ft bnptur`c 494,442 g`w bustho`rs. Se` [` wngt th a` yhur Angj

plng, wefbe `xòpts lfgj`c bustho`rs drho s`rvfb` benrk`s, wns `xt`gc`c thfgbluc` 593,910 bustho`rs drho Ang`sth.


26/52


- 12 -

1.0. NSQQFAPS@R HD RNGSNGC@QR ANGJ C@YHRFS.

Rngtngc`rs angj fg R`vfll` (Rpnfg) hdd`r hg` hd te` ohst fgt`r`stfgk ngc còngcfgkc`phsft fg te` onrj`t, ft fs bnll`c te` fgbr`nsfgk c`phsft wfte ongy benrnbt`rfstfbs tentonj`s tefs prhcubt hg` hd te` ohst nttrnbtfv` dhr bustho`rs.

N). Se` ntrrfaut`s hd te` fgbr`nsfgk c`phsft nr`:

Y`rfhc hd tfo`= 10 ohgtes Nvnflnal` sfgb`= 11 dàrunry 19>2. G`w bhgcftfhgs ;teonrbe 19>3. Rtnrt cnt`= we`g bustho`r wngt th bhgtrnbt te` c`phsft. Yrhdftnaflfty= Fgbr`ns` `nbe y`nr cu` th te` benrnbt`rfstfbs hd te`

c`phsft. Ofgfouo qungtfty= >9.999/ 09.999 ùrhs Bngb`lntfhg= ng ngtfbfpnt`c bngb`llntfhg wftehut bhst fs phssfal` fd te`

bustho`r ch ft fg qunt`rly hr ohgtely wfgchws. Q`ghvntfhg= te` r`ghvntfhg hd te` c`phsft bhulc a` nuthontfb hgb` ft

bho`s th te` onturfty stnalfse`c. Hgb` tefs enpp`gs, te` angj bnghdd`r th te` bustho`r g`w bhgcftfhgs.

A). [ent te` angj hdd`r th te`fr bustho`rs wfte tefs c`phsft =

Hg` hd te` onmhr kunrngt``s tent hdd`rs te` Rngtngc`rs angj fstrngquflfty th efs bl f`gtssfgb` ft hdd`rs >99 % hd te` kunrngt``cbnpftnl.

Se` s`bhgc ncvngtnk` tent hdd`rs te` angj fs dfx`c prhdftnaflftyth nllte` blf`gts weh bhgtrnbt tefs c`phsft. A`sfc`s tefs, te` blf`gts wfll env`te` bengb` hd jghwfgk te` prhdftnaflfty fg ncvngb`

ûnrt`rly br`cft hd fgt`r`st

1.1. Rngtngc`rs Fgbr`nsfgk c`phs ft.Rhurb`=Hwg prhcub`c drho Angbh Rngtngc r, R`vflln.

FGBQ@NRFGK C@YHRFS

Y@QFHC HD SFO@= 10 OHGSER ^PNQS@QLV LF^PFCNSFHG HD FGS@Q@RSR Q@GHTNSFHG SH ONSPQFSV

RFGB@ >9.999 @PQHR >1 DFQRS OHGSER 9.46% 9.51%>2 DHLLH[FGK OHGSER 9.60% SN@

^PNS@QLV [FGCH[R.

RFGB@ 09.999 @PQHR >1 DFQRS OHGSER 9.;3% 9.54%

>2 DHLLH[FGK OHGSER 9.65 % SN@ OHGSELV [FGCH[R

Y@GNLSV 1% HPS HD [FGCH[R Y@QFHCR


27/52


- 13 -

Rngtngc`r onc` n prhdft hd @PQ 3;5 ofllfhg fg spnfg fg 19>2. Ft ens n onrj`t senr` hd>2.9% fg lhngs ngc >0.4% fg c`phsfts. Ft ens n r`tnfl ngc wehl`snl` angjfgk ausfg`ssngc hglfg` angjfgk (hp`gangj).

1.2. Rngtngc`rs Anlngb` Re``t ngc Fgbho` Rtntò`gt 19>2Rhurb`= Hddfbfnl Rngtngc`rs Angj Nggunl r`phrt

Rngtngc`r onc` n prhdft hd @PQ 3;5 ofllfhg fg spnfg fg 19>2. Ft ens n onrj`t hd >2% fglhngs ngc >0,4% fg c`phsfts. Ft ens r`tnfl ngc wehl`snl` angjfgk ausfg`ss`s ngc hglàngjfgk (hp`gangj).

B). Y`rfhc hd tfo` ( Onturfty)=

Se` p`rfhc stnalfse`c ay sngtngc`rs angj dhr tefs fgbr`nsfgk c`phsft fs 10 ohgtes.Rfgb` te` dfrst cny, bustho`rs bng jghw te` prhdftsaflfty hd te`fr fgv`sto`gts. Se`bustho`rs bng a`g`dft teòs`lv`s drho v`ry nttrnbtfv` fgt`r`st rnt`s, durte`rohr`, te`ynssur` n d`w khhc bhgcftfhgs curfgk te` t`ro hd fgv`sto`gt.

C). Lfqufcfty=

Rngtngc`r dugcs ohst hd fts l`gcfgk wfte bustho`r c`phsfts (lhng-th c`phsft rntfh hd>96%, onfgtnfgs bhodhrtnal` nbb`ss th wehl`snl` dugcfgk ngc ens n wfc` rngk` hdfgstruo`gts ngc onrj`ts terhuke wefbe th hatnfg lfqufcfty.

Se` krhups lfqufcfty ongnkò`gt prfgbfpl`s nr`= efke bhgtrfautfhg ngc stnaflfty hdc`phsfts, tengjs th te` r`tnfl gntur` hd fts ausfg`ss: n c`b`gtrnlfz`c lfqufcfty ohc`l: no`cfuo ngc lhgk t`ro lfqufcfty g``cs oust a` dfgngb`c ay o`cfuo- ngc lhgk t`rofgstruo`gts: efke cfv`rsfdfbntfhg hd dugcfgk shurb`s ay fgstruo`gts, fgv`sthrs, onrj`ts,burr`gbf`s ngc onturftf`s: lfoft`c r`shurb` th sehrt-t`ro dugcfgk: ngc nvnflnaflfty hd nbhodhrtnal` r`s`rv` hd lfqufcfty, fgblucfgk cfsbhugtfgk bnpnbfty nt b`gtrnl angjs.

Se` fgbr`nsfgk c`phsft nllhws te`fr bustho`r ng ncvngb` bngb`llntfhg dhr te` wehl`qungtfty, wftehut ngy bhst ncc`c curfgk te` wfgchws p`rfhcs. Se` wfgchw env` ncurntfhg hd ; bnl`gcnr cnys ngc ft wfll a` a`kfg we`g `v`ry 69 cnys qunrt`rly p`rfhcdfgfse (nohugts drho >9.999 @urhs) ngc ohgtely hd 29 cnys (sfgb` 09.999 @urhs)bhugtfgk drho te` cnt` hd te` bhgtrnbt. Se` p`gnlty wfll a` 1% hut hd wfgchws p`rfhcs.

@). Fgt`r`st rnt`=

Fgt`r`st rnt` rfsj fs te` phssfaflfty tent bengk`s fg fgt`r`st rnt`s bhflc ncv`rs`ly ndd`btte` vnlu` hd n dfgngbfnl fgstruo`gt, n prhdhlfh ht te` krhup ns wehl`. Ft ndd`bts, nohgkhte`rs , lhngs, c`phsfts, càt s`burftf`s, ohst nss`ts ngc lfnaflft`s hd trncfgk prhdhlfhs

ns w`ll ns c`rfvntfv`s.


28/52


- 10 -

Snal` 1.3. Lhng th c`phsft rntfh

Rhurb`= Rngtngc`rs angj nggunl r`phrt 19>2

Se` bnpftnl ngc lfqufcfty rntfhs nr` nt v`ry bhodhrtnal` l`v`ls wfte bhr` bnpftnl hd>>.;>% ngc lhng-th-c`phsft rntfh hd >96%.

Fg tefs krnpe ft fs sehwg te` b`gtrnl angj a`gbeonrj fgt`r`st rnt` drho Muly 19>1 thMngunry 19>3. Ft fs fophrtngt th env` n lhhj th tefs ns usunlly, b`gtrnl angjs onj`lhngs th te` bhoo`rbfnl angjs ugc`r te`fr murfscfbtfhg.

Ohvfgk te` a`gbeonrj fgt`r`st rnt`, te` b`gtrnl angj fs nal` th onj` ng fopnbt hgfgt`r`st rnt`s hd bhoo`rbfnl angjs, fgdlntfhg l`v`l hd te` bhugtry ngc gntfhgnl burr`gby`xbengk` rnt`. Q`cubtfhg hd fgt`r`st rnt`s sehulc arfgk fgbr`ns` fg ausfg`ss nbtfvfty, nrfs` fg fgdlntfhg rnt` ngc w`nj`gfgk hd gntfhgnl burr`gby. Fg bns` hd fgbr`ns` fg fgt`r`strnt`s te` l`v`l hd ausfg`ss nbtfvfty fs lfj`ly th crhp, fgdlntfhg c`blfg`s ngc gntfhgnlburr`gby str`gkte`gs.

@PQHY@NG B@GSQNL ANGJ / A@GBEONQJ QNS@

Snal` 1.0. @urhp`ng B`gtrnl Angj / A`gbeonrj rnt`Rhurb`= @urhp`ng b`gtrnl Angj hddfbfnl w`a-pnk`

Fg te` s`bhgc krnpe ft fs sehwg ng nggunl bengk` fg te` Bhgsuo`r prfb` Fgc`x. Se`

bustho`r prfb` fgc`x o`nsur`s ehw te` prfb` l`v`l hd bhgsuo`r khhcs ngc s`rvfb`spurbens`c ay ehus`ehlcs ens bengk` hv`r te` lnst p`rfhc.


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Ns s``g fg te` krnpe, Rpngfse bhgsuo`rs prfb`s d`ll 9.1 % hg te` y`nr fg Onrbe hd19>3. Ft ens a``g bhgsfc`r`c te` lhw`st rnt` sfgb` Hbtha`r hd 1996.

1.4.Rpngfse Fgd lntfhg Qnt`s d rho 19>1 th 19>3.

Rhurb`= Angj hd Rpnfg hddfbfnl wàpnk`

D) C`phsft kunrngt`` dugc=

Se` Rpngfse l`kfslntfhg dhr`s``s n systò hd kunrngt`` fg hrc`r tent te` p`rshgs wehenv` angj c`phsfts ch ght lhs` efs snvfgks fg bns` ng `gtfty ens prhalòs ngc `gcs upay dnflfgk. Ght hgly fg Rpnfg, nbtunlly te`s` systòs nr` nvnflnal` nlhgk te` whrlc,hdd`rfgk n kunrngt`` th te` c`phsfthrs fg bns` hd prhalòs.

Se` kunrngt`` fs npplf`c th gnturnl p`rshgs ngc th bhopngf`s, aut ft fs g`b`ssnry th

a`nr fg ofgc tent fs npplf`c ay c`phsfthr. Sent fs th sny, fd n p`rshg ens n wnrèhus` hd

59.999 @urhs fg ng `gtfty "N" ngc hte`r hg` hd 29.999 fg ng `gtfty "A" (fg thtnl >>9.999

@urhs), hgly ft whulc env` butl`ry up th >99.999 @urhs fg bns` ft enc th r`shrt th te`

C`phsft kunrngt`` dugc. Se` onxfouo nohugt hd te` kunrngt`` c`p`gcs hg `v`rysystò hd kunrngt`` hd wnrèhus`s, a`fgk fg Rpnfg hd >99.999 @urhs ngc ng fc`gtfbnl

guoa`r fg te` @urhp`ng g`fkeahrfgk bhugtrf`s. Se` Pgft`c Rtnt`s stngcs hut, we`r` efs

systò hd wnrèhus`s bhv`rs up th 109.999 @urhs efs c`phsfthrs.


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- 1; -

1.4. NSSQFAPS@R HD BHOY@SFSHQR C@YHRFSR. AATN, ANGBH YHYPLNQNGC BNFUN ANGJ

1.4.1.>. AATN angj

Angjfgk nbtfvfty fg Rpnfg ens a``g lnrk`ly bhgcftfhg`c ay te` bhugtrys `bhghofb`gvfrhgo`gt, wefbe ens l`c th n k`g`rnl c`l`v`rnkfgk hd te` `bhghoy. Shk`te`r wfte`nrly pnyo`gts fg Ghvòa`r ugc`r te` Rupplf`r Ynyo`gt dugc, tefs ens k`g`rnt`c nr`cubtfhg hd p`rdhrofgk lhngs fg te` nr`n hd >9.1% fg te` lnst >1 ohgtes th >40,5>2ont te` blhs` hd te` y`nr.

Bustho`r c`phsfts ugc`r ongnkò`gt fgbr`ns`c ay >9.3% y`nr-hg-y`nr. Ay typ` hdprhcubt, tfo` c`phsfts env` r`phrt`c te` efke`st krhwte hv`r te` lnst >1 ohgtes (up>5.6%). Nll tefs cntn, ncc`c th ng nc`qunt` bhoo`rbfnl strnt`ky fg te` nr`n ngc teèfke bnpfllnrfty hd te` g`twhrj, ns w`ll ns te` prhohtfhg hd oultf-bengg`l angjfgk, env``gnal` AATN th bhp` wfte n v`ry còngcfgk y`nr fg t`ros hd onturftf`s, ngc nbef`v`c`phsft r`g`wnl rnt`s hv`r 59% `v`ry ohgte. Ft nlsh knfg`c 26 phfgts fg onrj`t senr`

fg bustho`r dugcs hv`r te` y`nr, nbbhrcfgk th te` lnt`st nvnflnal` fgdhrontfhg hdC`bòa`r 19>2.

Se` r`sults fg l`gcfgk ngc hg-anlngb`-se``t bustho`r dugcs env` but te` lhng-th-c`phsfts rntfhg fg te` cho`stfb s`bthr th >13%, nbbhrcfgk th cntn hd 2>-c`b-19>2, drho>23%hd 2>-cfb-19>1.

Fg hdd-anlngb` se``t dfgcs, AATN ens p`rdhro`c w`ll fg ahte outunl ngc p`gsfhgdugcs, wefbe fgbr`ns`c ay >4.4% ngc >9.9%, r`sp`btfv`ly, hv`r te` y`nr. Fg ng`gvfrhgo`gt hd v`ry lhw fgt`r`st rnt`s, AATN fs nbtfv`ly s`llfgk cfv`rsfdf`c outunl dugcbntnlhk th bustho`rs wfte te` rfket fgv`sthr prhdfl`. Fg nccftfhg, te` angj bhgtfgu`sbhooftt`c th hdd`r bustho`r p`gsfhgs snvfgk prhcubts wfte te` nfo hd prhohtfgk lhgk-t`ro snvfgks dhr r`tfrò`gt c`sfkg`c ns n bhoplò`gt th r`tfrò`gt p`gsfhgs.

Lnstly, ohr` ngc ohr` bustho`rs usfgk nlt`rgntfv` bengg`ls hte`r teng arngbe`snr` fgbr`nsfgk sfkgfdfbngtly hv`r te` lnst y`nrs. Sefs fs n bhgs`qu`gb` hd ng noaftfhustrngsdhrontfhg plng c`sfkg`c th foprhv` te` vnlu` hdd`r hd prhcubts dhr bustho`rs,hptfofzfgk n oultfbengg`l r`lntfhgnl ohc`l tent fs n bl`nr ncvngb` fg hp`rntfhgnlprhb`ss ngc onj`s AATN ng `nsf`r angj tent fs blhs` th bustho`rs fg te`fr g``cs.

Snjfgk fgth nbbhugt te` dfgngbfnl brfsfs fg wefbe nll angjs nr` fgvhlv`c, AATN plngsdhr bhgshlfcnt`c fs th nttrnbt ohr` bustho`rs fg c`v`lhp`c onrj`ts ns sehwg fg te`dhllhwfgk krnpe=

1.;. AATN plngs dhr bhgshlfcnt`c l`nc rsefp fg te` whrlc.Rhurb`= AATN hddfbfnl pnk`.


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- 15 -

Se` dhllhwfgk krnpe sehws te` p`rb`ptfhg tent p`hpl` env` nahut AATN angj.Y`rb`ptfhg fgbluc`s te` nwnr`g`ss ngc r`putntfhgs te`y env` nahut ehw te`y nr`bhgshlfcnt`c ngc ehw ch te`y nbt fg te` dfgngbfnl onrj`t fg bhopnrfshg wftebhop`tfthrs hd hte`r bhugtrf`s. Nwnr`g`ss fs n p`rb`gtnk` hd p`hpl` weh o`gtfhga`fgk nwnr` hd te` AATN arngc sphgtng`husly.

1.5. AATN bustho`rs nwnr`g`ssRhurb`= AATN hddfbfnl pnk`.

Q`putntfhg fs n krnc` drho 9 th >99.Se` cntn dhr nwnr`g`ss ngc r`putntfhg nr`dhr te` dfrst gfg` ohgtes (Mngunry th R`pt`oa`r) dhr 19>2.

Rtntfstfbnlly sfkgfdfbngt bengk`s= phsftfv` fg kr``g ngc g`kntfv` fg hrngk`. Nwnr`g`ss cntn shurb`= Ncvngb` Srnbjfgk Yrhkrnoo`, OfllwnrcArhwg. Q`putntfhg cntn shurb`= Q`pSrnj, Q`putntfhg Fgstftut`. Rpnfg bhop`tfthrs= Rngtngc`r, Ln Bnfxn, FGK Cfr`bt, Angjfn, Angbh Yhpulnr,

Angjfgt`r ngc Angbn Bvfbn

N). AATN FGBQ@NRFGK C@YHRFS

Se` fgbr`nsfgk c`phsft nllhws blf`gts th rnfs` te`fr snvfgks wfte ng fgbr`nsfgkprhdftnaflfty y`nr ay y`nr. Ft fs bnll`c fgbr`nsfgk a`bnus` te` prhdftnaflfty stnrt drho ngfgt`r`st rnt` hd 9.39% ngc fg te` tefrc y`nr ft dfgfse`s wfte ng fgt`r`st rnt` hd 1.>9%.

Dfrst y`nr= 9.39%

R`bhgc y`nr= >.10%Sefrc y`nr= 1.>9%

[ent nr` te` ncvngtnk`s hd te` c`phsft8 Ft hdd`rs n wfc` rngk` hd ncvngtnk`s, autte` onfg hg` fs te` prhdftnaflfty tent hdd`rs tefs c`phsft nt te` `gc hd te` lnst ohgte hdte` tefrc y`nr. Se` c`phsft hdd`r n prhdftnaflfty ndt`r 2 y`nrs hd envfgk te` ohg`y c`phsftfg te` angj wfte ng fgbr`nsfgk fgt`r`st rnt` tent rnfs`s y`nr ay y`nr.

Se` ofgfouo nohugt tent n bustho`r bng c`phsft fs 2999, ngc ft bng a` hatnfg`cwe`g`v`r te`y wngt ns ft ch`s ght env` ngy p`gnlty envfgk te` ohg`y anbj.Se`fgt`r`st lfqufcfty fs nggunlly hr nt te` `gc hd te` 2rcy`nr.


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A). SQNG^PFLFCNCC@YHRFS

Sefs c`phsft fs bnll`c Srngquflfcncns ft hdd`r >99% prhdftnaflfty nt te` `gc hd te` p`rfhc,ngc nlsh ng `xtrn fgt`r`st fd yhu duldfll nll te` bhgcftfhgs pr`-`stnalfse`c.

@xnopl`=

Fd yhu env` n c`phsft hd >9,999 wfte fgt`r`st lfqufcfty hatnfg`c fg onturfty ngcfgt`r`st ans` hd 9.09% ghofgnl fgt`r`st rnt`.

Fd yhu env` n c`phsft hd >9,999 wfte n 9.09% ghofgnl fgt`r`st rnt` lfqufcfty ngc 260cnys= (>9,999 x 9.09% x 260) /240? 03, >> hd fgt`r`sts. Aut th tefs nohugt ft ens th a`npplf`c te` dfsbnl y`nr (DV) hd 1>%, sh te` thtnl nohugt wfll a` 31, ;0.

Fg bns` th onturfty te`r` fs v`rfdf`c te` duldfllo`gt hd te` r`qufr`o`gts hd g`wtrngsnbtfhgs: te` blf`gt wfll r`b`fv` ng `xtrn rnt` hd >.10%. Rh, (>9,999 x >.10% x 260)/240 ? >20, 15 hd fgt`r`sts. Ns te` pr`vfhus hg`, ft ens th a` npplf`c te` Dfsbnl V`nr(DV) wefbe fs 1>%, sh te` thtnl nohugt wfll a` >94, 5;.

Fg bns` hd duldfllo`gt, te` blf`gt wfll r`b`fv` we`g onturfty:

Shtnl g`t nohugt (240 cnys) ? 31, ;0 + >94, 5; ? >36.41)

(S.N.@. ? >,;35)

Ans` Qnt` @xtrn Qnt`

31, ;0 >94, 5;

Sefs c`phsft ens sho` bhgcftfhgs tent sehulc a` duldfll`c fg hrc`r th hatnfg te`fgt`r`st rnt`:

Ofgfouo qungtfty 2,999 ugtfl 099,999. Se` Ans` rnt` fs stnalfse`c nt te` oho`gt te` bustho`r npplf`s dhr te`

c`phsft. Se` lfqufcfty bng a` npplf`c ohgtely, qunrt`rly hr enld-y`nrly.

[ent nr` te` ncvngtnk`s hdd`r`c ay tefs c`phsft8

Se`r` fs gh p`gnlty fg bns` hd bngb`llntfhg

Se`r` fs ng fc`nl prhdftnaflfty, wfte te` Srngquflfcnc c`phsft: te` bustho`r enste` phssfaflfty th fgbr`ns` te`fr prhdftnaflfty r`nbefgk fgt`r`st rnt`s hd >.10% th


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- 29 -

onturfty. Sefs fgt`r`st rnt` wfll a` npplf`c fd te` bustho`r duldfll te`s` bhgcftfhgs:s`ttfgk up te` snlnry (`qunl hr ohr` teng 499, p`gsfhg hr ngy pnyo`gt fg bns`hd ugòplhy`c.

Chofbflfgk nt l`nst 0 r`b`fpts hd ngy fssu`r hr supphrtfgk n bnrc ft nbtfvnt`s hg ;tfo`s envfgk us`c ft fg trnc`s hr bnsef`rs nt l`nst.

Ft fs g`b`ssnry tent te` nbbhugt nsshbfnt`c wfte te` c`phsft ch`s ght duldfll te`r`qufrò`gts fg 2 gnturnl ohgtes pr`vfhus th te` bhgtrnbtfgk hd te` c`phsft.

1.0.1. BNFUNANGJ, Oult f-Rtnr

BnfxnAngj nfos th lhbj fg fts l`ncfgk phsftfhg fg te` Rpngfse r`tnfl onrj`t, hdd`rfgk teà`st phssfal` s`rvfb` th bustho`rs, strfvfgk th br`nt` lhgk-stngcfgk r`lntfhgsefps ngcwhrjfgk thwnrc n anlngb` fg ausfg`ss terhukehut nll r`kfhgs. Se` ham`btfv`s dhr tefs

prfhrfty nr` ns dhllhws=

Rtr`gkte`g l`nc`rsefp fg r`tnfl angjfgk fg Rpnfg. Bhopl`t` r`kfhgnl pr`s`gb` wfte efke`r onrj`t senr` terhuke hrkngfb krhwte.

Fg te` dhllhwfgk krnpes: ft fs sehwg ehw prfbfgk bhgtfgu`s th r`cub` bhsts hd g`wtfo` c`phsfts fg te` lnst qunrt`rly hd te` y`nr 19>3. Drhgt ahhj bhgtfgu`s th c`blfg`(7>99 pas Nprfl th cnt`).

1.6. Q`cubfgk bhsts hd g`w tfo` c`phsftsRhurb`= Bnfxn angj qunrt`rly r`phrt (19>3)


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Bnfxnangj hdd`rs th te`fr blf`gts n c`phsft bnll`c c`phsft Oultf-stnr wfte te` dhllhwfgkbenrnbt`rfstfbs:

>. BENQNBS@QFRSFBR=

C`dfgftfhg= te` c`phsft ens a``g `stnalfse`c dhr curntfhg hd >5 ohgtes.Ft bng hgly a` bhgtrnbt`c dhr fgbr`ns`s fg te` `gtftf`s anlngb`.

Hwg`rsefp=Gnturnl p`hpl`.

S`ro= >5 ohgtes

Qòug`rntfhg= te` fgt`r`st rnt` hd te` c`phsft fs >.09% S.N.@. Vhu bng

k`t ng nccftfhgnl fgt`r`st rnt` hd 9.10% fd nll te` bhgcftfhgs `stnalfse`cay te` oultf-stnr c`phsft env` a``g bnrrf`c hut ay te` bustho`r we`g ft`xpfr`s. Fd nll te` bhgcftfhgs nr` bnrrf`c hut, te` bustho`r bng nbef`vùgtfl 1.99% S.N.@.

OPLSF-RSNQ YQHKQNOO@

Se` bhgcftfhgs `stnalfse`c ay Bnfxn Angj fd ngyhg` wngts tefs c`phsftnr`:

Rnlnry

Y`gsfhg A`g`dfts (ugòplhy`c p`hpl`) R`t up s`ld-òplhy`c p`hpl` (snlnry) R`t up ter`` cfdd`r`gt fgvhfb`s p`r ohgte. Ofgfouo hd ter`` qunrt`rly purbens`s wfte te` Bnfxn br`cft bnrc.

TFGTPLNSFHG BHGCFSFHGR

Nohgk n wfc` rngk` hd prhcubts ngc s`rvfb`s, th te` onturfty hd te`c`phsft, envfgk bhgtrnbt`c ng `qunl guoa`r h ohr` teng went

bhgtrnbt`c fgftfnlly.Nccftfhgnlly, te` bustho`r sehulc bhgtrnbt twh prhcubts fd te` prhcubtbhgtrnbt`c fgftfnlly fs `qunl hr a`lhw hg`. Ft sehulc a` bhgtrnbt`c nt l`nsthg` fd te` guoa`r hd prhcubts bhgtrnbt`c fgftfnlly fs `qunl hr nahv` twhhr a`lhw th dfv`.

Br`cft hd fgt r`st= Se` bustho`r bng k`t te`fr fgt r`sts hatnfg`c ay te`c`phsft fg cfdd`r`gt wnys: ohgtely, qunrt`rly, w``jly hr we`g ft `xpfr`s.

ûngtfty= te` ofgfouo nohugt fs 2999 ngc te` onxfouo >99.999 Lfqufcfty= te` bustho`r bng bngb`l ft thtnlly hr pnrtfnlly. Qfsj=Se`r` fs gh ngy rfsj.


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1. NCTNGSNK@R HD SE@ YQHCPBS

Hg` hd te` onfg ncvngtnk`s tent te` c`phsft hdd`rs th te`fr bustho`r fs ngnttrnbtfv` prhdftnaflfty tent bng fgbr`ns` fd te` bustho`r bnrry hut nll te`

bhgcftfhgs `stnalfse`c nahv`. Nghte`r ncvngtnk` fs tent te` c`phsft bng a`thtnlly hr pnrtfnlly bngb`ll`c ay te` bustho`r nt ngy oho`gt a`dhr` ft `xpfr`s.Sefs prhcubt kunrngt``s gh rfsj th bustho`rs, ngc nlsh fs ng `nsy wny hdsnvfgk up yhur ohg`y. Ft nlsh kunrngt``s n dfx`c fgt`r`st rnt` ugtfl te` c`phsft`xpfr`s. Fd yhu nlsh bnrry hut wfte te` `xtrn bhgcftfhgs yhu wfll a` nal` th k`t ngnccftfhgnl fgt`r`st rnt`.

1.4.2. ANGBH YHYPLNQ ,KNRHL C@YHRFS

Yhpulnr Angj ghw hdd`rs n g`w c`phsft bnll`c KNRHL C@YHRFS tentnbbhrcfgk th te`tfo` yhu wngt th env` yhur ohg`y c`phsft`c fg te` angj yhu wfll k`t ohr` hr l`ssfgt`r`st rnt` dhr yhur ohg`y.

Se` dfrst c`phsft hdd`r`c fs te` hg` wefbe tnj`s 2 ohgtes, benrnbt`rfz`c a`bnus` ftbng a` bngb`ll`c pnrtfnlly hr thtnlly ngc te` bustho`r ch`s ght env` th nssuo` ngyp`gnlty dhr ft. Fgt`r`st rnt`s nr` cfdd`r`gt nohgk te` ter`` ohgtes ngc ft stnrtsfgbr`nsfgk drho te` dfrst th te` lnst hg`.

Dfrst ohgte 9.10%

R`bhgc ohgte >.99% Sefrc ohgte >.29%

Se` s`bhgc behfb` fs ng fgbr`nsfgk c`phsft wefbe tnj`s 4 ohgtes. Ft fs nlshbngb`llnal` pnrtfnlly hr thtnlly nbbhrcfgk th te` bustho`r fgt`r`sts. Ngc te` lfqufcfty wfllnlsh fgbr`ns` ohgte ay ohgte.

Dfrst ohgte 9.10% R`bhgc ohgte 9.39% Sefrc ohgte 9.40 % Dhurte ohgte >.99%

Dfdte ohgte >.99% Rfxte ohgte >.22%

Se` tefrc ngc lnst hptfhg fs ng fgbr`nsfgk c`phsft tent tnj`s 10 ohgtes. Ns Ft tnj`slhgk`r, te` fgt`r`st rnt` fs efke`r fg bhopnrfshg wfte te` hte`r twh. Ft fs nlshbngb`llnal`, pnrtfnlly hr thtnlly aut te` cfdd`r`gb` fs tent te` bustho`r wfll ght env` ngyp`gnlty drho te` >2te ohgte.

Dfrst >2 ohgtes= >.99%

>1 hte`r ohgtes= >,51%


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1.;. FGDHQONSFHG DHQ BPRSHO@QR TF@[YHFGSR

R`v`rnl nr` te` dnbthrs th a`nr fg ofgc nt te` oho`gt hd c`bfcfgk th hp`rnt` wfte n

angj hr nghte`r hg`. Se` lhbntfhg ngc g`nrg`ss hd efs hddfb`s, te` dnbflftf`s tent ft hdd`rsth efs us`rs ns te` nbb`ss th bnrcs hd br`cft hr càft ngc te` bnsef`rs' g`twhrj, efsphlftfbs hd bhoofssfhgs, te` s`rvfb`s tent e` prhphs`s ns te` hp`rntfv` hg` dhr te``l`btrhgfb angjfgk Nr` sho` hd teò.

Ft fs ght l`ss fophrtngtly th vnlu` te` shlv`gby hd te` `gtfty, dnbthr tent bho`s kfv`g ayte` bnlbulntfhgs ngc stucf`s tent r`nlfz` te` nk`gbf`s hd rntfgk hr qunlfdfbntfhg. Ohstjghwg te`y nr` Dftbe, R*Y ngc Ohhcy's. Ngc nlsh, nbbhrcfgk th te` hp`rntfv` hg` tentfs khfgk th a` bnrrf`c hut, ft sehulc jghw hg went C`phsft kunrngt`` dugc te` angj hrahx c`p`gcs wfte te` hg` tent hg` fs khfgk th whrj.

Nghte`r nsp`bt th a`nr fg ofgc te`y nr` te` hpfgfhgs tent env` te` blf`gts hd te`dfgngbf`r. Ght us`l`ssly te`y nr` te`y tehs` weh ch n cnfly us` hd te` sno` hg`. Lnt`r

w` sehw te` r`sults hd n stucy hg te` Rpngfse angjs.Bustho`rs hd dfgngbfnl prhcubts Angjfofn, fg bhllnahrntfhg wfte te` fgstftut` hd Snrk`t-òpfrfbnl fgv`stfkntfhg hd onrj`ts, r`nlfz`c te` surv`y a`tw``g 2.344 p`rshgs fgMngunry, 19>2.A`tw``g hte`rs, nsj`c nsp`bts enc th pugbtunt` ns te` ntt`gtfhg tentte`y r`b`fv` hg te` pnrt hd te` `gtftf`s, te` prhdftnaflfty tent hdd`r teò ngc te`bhoofssfhgs tent te`y r`b`fv` drho teò, te` g`twhrj tent bnsef`rs, te` s`rvfb` dhrFgt`rg`t, te` dfgngbfnl snd`ty

Se` cntn tnj`g drho te` stucy nr` te` dhllhwfgk sehwg fg te` tnal`:

ANGJ ONQJ

(Hut hd >9)

ANGBH RNANC@LL 4.55

ANGBH RNGSNGC@Q 4.;;

AATN 4.30

LN BNFUN 4.1;

ANGBH YHYPLNQ 0.60

1.>9. Qngjfgk bhop`tfthrs

Rhurb`= Rtntfstfbs hd Angjfofn.


37/52

Se`Rpnfr`ph

benra`tofgfonxfefke

ASefsSefswefbbho

(*)=

Fg tequnhd tGhw

dfgng

.5. YHR

Dhllhwfgkg hdd`r`crt te`r`

nbt`rfstfbs``g >9.9uo noh

ouo hd 10r fgt`r`st t

ngjfgk dfgnnllhws te`fs te` onf

e `gnal`s`tftfhg (e`

ht sp`bfdf`

` dfrst phstfty hd dfgn` cfdd`r`gtncnys, ang

bfnl prhcub

FSFHGFGK

nal` sehwhw fg te`fll hgly a

r` onfgly9 ngc 0gt fs 29ohgtes. S

e` bustho

bfnl prhcuth a` bh

g str`gktete`o thb` te` t`r

GN

-SQNG^P

-BQ@BF

-BQ@BF

OPLSF-

KNRHL C

c.

1.>>. A

Rhur

ftfhgfgk obfnl prhcuc`phsfts

js nr` hdd

t fs l`ss cu

Cho

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s n wfc` ronrj`t. C ngnlyz`

ans`c hg.999 fg o9. Nbbhrc` ohr` tfr wfll k`t.

ts (c`phsftpnr`c ngchd tefs thhfstfgkufse

phsftfhgf

@

FLFCNC

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fs c`tnfl`crfgk d`w`r

` th te` c`

gku`z Onbns,

- 23 -

HD BHO@

gk` hd c``spft` te` te` hg`

nturfty nghst hd te`fgk th on` yhu k`t

s) nr` onbhgtrnst`cl. Onrj`t`rte`fr hwggk strnt`k

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@YHRFSR C

angjs fgdh

ss prhcubpnrfshg wf hd te` rrhanaly a

t`r`sts.

dhur hd tenv` ohr`lnr benrn

gt g``c`cw`v`r, fgrf`s drhoc`phsft`c

`r hg n pth `nbe htephg n bhrho te` h

ONSPQF

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10 OHGS

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2 OHGS

4 OHGS

10 OHGS

FDD@Q@GB

rontfhg.

ts onj`se te` bhophrt (nttnbbnus` te`

onfg angc`phsfts, ft`rfstfbs.

th a` c`phho` bns`2 ohgtesfg te` ang

sftfhgfgk`r.p`tftfv` phdd`rfgks hd

FSV BHG

ER

ER

ER

R

R

R

ER

R

`d`r`gb` t`t`gb`. S

e`c chbusubb`ss

js hdtefs

e`s`

sft`c:s te`th n, te`

np.

sftfhgte`fr

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GH

V@R

*

h te`` lfst`gt).d tefs


38/52

Fg tenll.ft chonrngcc`pwftefgt`r

O

Yrh

AAphsste`ngcfgbrg`nrbhgsth oghtdfgnll

onj

SD

fs dfrst onpe` anc ph`s ght o`n`t. C`spftefs fs cu` tsfts: hg` bYhpulnr an`sts hdd`r`

r`

ubts

N ngc lnfaflftf`s fd nustho`r wte` onturfns`. Q`d`rly enld hd te`qu`gb`s.nturfty tentnv` bhgcftfy, te` ohs

s bustho

K-DFBH. YHRF

, Rngtngcftfhg fs a`bg tent te`y

Rngtngc`h te` c`phnll`c Srnggj tent nlsbengk`s

SnalRhurb`=

Yhpulnr abustho`rfll env` thty p`rfhc ffgk th Rng` fgt`r`st tC`spft` tebhulc fgbr`hgs, sh bufophrtngt

rs env` fg

FHGFGK N DFG

rs fs ght fnus` te`ych ght enrs phsftfhsfts vnrf`tuflfcnc ng

h hdd`r ohrbbhrcfgk t

Efke

Lh

1.>1. Guowg prhcub`

ngj nr` twfs fgt`r`stnbb`pt shs hv`r, tengc`rs annt te`y wS.N.@. fs

ns` te` fgttho`r bngtefgk fs te

te`fr ofgc

NGBFNL YQH

- 20 -

te`fr a`stgly hdd`r h` ohr` c` fg te` o. Se`y hdd` te` hte`r

` teng hgonturfty.

Yrhdftnaflft

Yrhdftnafl

`r hd prhcc drho Ang

h hd te`c fg bhgtr` bhgcftfh bustho`

gj, te`y chr` hdd`rfgkght efke, tr`st c`p`gbhgtrnbt tet Rngtngc

tent envfg

PBS (RNGSN

phsftfhg: eg` c`phsfthsfts hd cfp, AATNr th te` buhg` bnll`phssfaflfty

y

fty

bts / prhdfts p`rshgnl f

pngfse anbt n c`phs. Hgb` y

r bng s``ght hdd`r en y`nr nkh`y hdd`r thcfgk hg te`` c`phsft`rs angj f

n c`phsft

C@QR C@YH

hw`v`r ft ffte tefs be

d`r`gt benrnv` r`nbetho`r twhBr`bf`gt`

th te`fr bu

aflftydhrontfhg

js tent nrft, ehw`v`hu nbb`ptehw te`fr

fke S.N.@.:. Sefs fs nllte` busthohg`y c`ftehut ngys n l`nc`r

fg Rngtng

RFS)

s ght r`l`vnrnbt`rfstfbnbt`rfstfbs f`c te` a`scfdd`r`gt jf. Ft nlsh estho`rs ng

L`ss

Yrhc

` hdd`rfgk, fg ahte bte`s` bhgcprhdftnaflft

te`y nr` hdcu` th te``r n r`ghhsft`c. Se

r`qufr`o`gfg c`phsfts

`r o`ngs

gt nts, autg te`t hg`cs hdpp`gc te`

ubts

ohr`ns`s,ftfhgs

bng`rfgkbrfsfsntfhg`y cht ngcsh ft

a`fgk


39/52

snd`.th k

N cr`nbfs g

Rngtbust`stn

Oh

Yrh

Angbh Yht fgdhrontf

`p ngnlysfe n khhc pht lfgj`c t

ngc`rs co`r efkelfse`c.

r`

ubt

pulnr fs ghg nahut fd

hd te` osftfhg a`b

h ngy bh

phsft th nr fgt`r`sts

Snal` 1.>

Rhur

Cho

sp`bfdf`c fhgtrnbtfgk

p onj`sus` c`spftcftfhgs. Ft

hte`r ang teng hte

Bh

2. Angjfgk

`= Hwg prh

gku`z Onbns,

- 24 -

g te` phsftn c`phsft

s env` bl`` te`y ch gfs hg` hd

j. [ent fsrs, sho`tf

gcftfhgs

Gh Bhgcft

bhgcftfhgs

ub`c drho a

Onrtn

fhgfgk onpns lfgj`c t

nr tent Rnht hdd`r oute` r`ns

trute fs to`s te` e

fhgs

onppfgk p

ngjfgk fgdhr

a`bnus` ftngy bhgcf

tngc`rs abe c`phsftgs wey b

nt sho`fke`r te`

sftfhgfgk

ntfhg

wns fophtfhgs.

ngj fg tent, went te`yustho`rs

ngjs hdd`rohr` bhgc

L`ss

Yrhc

sfal`

bns`hdd`rr`d`r

`c thftfhgs

ubts


40/52

Se`wefbbrfsfphssehwohg

O

Yrh

OntAngnttrnbhgc

SD

tefrc ngc lne fs knfgfg, went p`hfal`. Hv`rv`r , ghw

`y fs nlsh f

hr`

cubts

rfty ghronh phpulnr

btfv` th bftfhgs.

K-DFBH. YHRF

st phsftfhgfohr` r`l`pl` r`nlly tte` lnst y`cnys, ft fsphrtngt.

Snal` 1

Rhurb

lly kh`s drtent hdd`rstho`rs,

FHGFGK N DFG

gk onp fs rngb` curfgj` fgth bhnrs p`hpl`ght te` hg

.>3. Angjfg

`= Hwg prhc

o >5 thonturfty

ns ghwnc

NGBFNL YQH

- 2; -

`d`rr`c thk te` lnstsfc`rntfhgenv` hglyly dnbthr t

Lhgk`r

Onturfty

Rehrt`r

Onturfty

onturfty

ub`c drho a

0 ohgtes,rho 2 oys, sehrt

PBS (RNGSN

nturfty. Yr`nrs. Sefsfs k`ttfgk tdhbus`c hgbhgsfc`r,

nppfgk ph

ngjfgk fgdhr

aut te`r`gtes. Ft oonturfty f

C@QR C@YH

hanaly tefsfs a`bnus`,`fr ohg`yk`ttfgk te

a`bnus`

ftfhgfgk

ntfhg.

nr` sho`nj`s te`fr

hg` hd

RFS)

dnbthr fs tefg tefs p`ranbj ns shefke`r fgte`g th k

L`s

Yrhcub

`xb`ptfhgprhcubts

te` ohr`

hg`fhc hdhg nsr`st,t te`

s

s

lfj`ohr`blnfo


41/52


- 25 -

BHGBLPRFHG

Hv`r te` lnst y`nrs @urhp` env` a``g lfvfgk n c``p brfsfs ngc te` Rpngfse `bhghoyens a``g te` dhbus hd dfgngbfnl t`gsfhgs, nt te`fr efke`st fg sprfgk 19>1, we`g spr`ncsw`r` nt te`fr wfc`st, wefl` nbb`ss th wehl`snl` dugcfgk drho te` cfdd`r`gt s`bthrs wnss`v`r`ly r`strfbt`c. Ehw`v`r, fophrtngt st`ps dhrwnrc env` nlsh a``g tnj`g. Hg te`hg` engc, o`nsur`s env` a``g tnj`g th r`nbe dfsbnl tnrk`ts, terhuke n bhoafgntfhg hdtnx efj`s ngc r`cub`c pualfb sp`gcfgk. @vfc`gt prhkr`ss ens a``g onc` fg te` lntt`rpnrt hd 19>1 ngc curfgk 19>2 tehuke prhanaly ght suddfbf`gt th hdds`t te` nbbuoulnt`cc`vfntfhgs. R`bhgcly, te` Rpngfse dfgngbfnl r`strubturfgk onp fs nlohst bhopl`t`. Dhrtent purphs`, te` Rpngfse `bhghoy ens hatnfg`c ng ncvngtnk`hus br`cft dnbflfty drhote` @RO, `gnalfgk ft th r`bnpftnlfz` fgstftutfhgs wfte shlv`gby prhalòs fg str`sssb`gnrfhs. Nll tefs ncc`c th brftfbnl strubturnl r`dhros env` nlsh a``g foplò`gt`c,sube ns fg te` lnahr onrj`t, te`rày fgbr`nsfgk te` krhwte bnpnbfty hd te` Rpngfse`bhghoy. Rpnfg ens nlsh a`g`dft`c drho c`bfsfhgs tnj`g wftefg te` @urhp`ngdrno`whrj, pnrtfbulnrly te` stnrt-up hd te` @RO ngc te` @BAs bhoofto`gt thwnrc

supphrtfgk te` dfgngbfgk hd Rpngfse shv`r`fkg càt terhuke te` purbens` hd Rpngfsepualfb càt hgb` te` nutehrftf`s nkr`` th r`qu`st dugcs drho te` @RO. Hv`rnll, wfte teò`nsur`s tnj`g ay te` Rpngfse nutehrftf`s ngc te` supphrt drho @urhzhg` o`nsur`s,te`r` ens a``g n pnrtfnl `nsfgk hd dfgngbfnl t`gsfhgs.

Ns dhr`bnst `nrly hg fg te` y`nr, te` `bhghofb `gvfrhgo`gt foprhv`c krncunllyterhukehut 19>2 ngc t`gsfhgs surrhugcfgk te` shv`r`fkg càt brfsfs `ns`c ns te` y`nrprhkr`ss`c. Se` ùrhzhg` ns n wehl` ngc te` Rpngfse `bhghoy fg pnrtfbulnr ohv`chut hd r`b`ssfhgnry dfkur`s fg te` s`bhgc ngc tefrc qunrt`rs, r`sp`btfv`ly.

C`spft` te` foprhvò`gt fg te` onbrh`bhghofb ngc dfgngbfnl bhgt`xt, te` angjfgksystò bhgtfgu`c th hp`rnt` nknfgst n bhopl`x anbjcrhp. Se` wfc`spr`ncc`l`v`rnkfgk prhb`ss fg te` Rpngfse `bhghoy, te` c`blfg` fg `bhghofb nbtfvfty ngc te`

crhp fg te` @urfahr nll puse`c g`t fgt`r`st fgbho` chwg bhgsfc`rnaly. Lfj`wfs`, kr`nt`rprhvfsfhgfgk wns r`qufr`c cu` th te` c`t`rfhrntfhg hd lhng qunlfty ngc th g`wblnssfdfbntfhg brft`rfn dhr r`strubtur`c trngsnbtfhgs.

Sefs pens` hd brfsfs ens ndd`bt`c fgt`r`st rnt`s kfv`g ay angjs ngc sh tent: ft ensndd`bt bustho`r snvfgks. Fg l`ss teng hg` y`nr, bustho`rs env` s``g ehw te`frphssfaflfty hd k`ttfgk n efke rnt` wns a`bhofgk fg sube n cfddfbult tnsj. Drho 19>1 th19>2 fgt`r`sts rnt`s c`br`ns` g`nrly th enld hd te` nohugt tent wns a`fgk hdd`r`c. Ft nllonc` angjs `gt`r fg n bhop`tftfv` onrj`t fg wefbe te`y bhop`t` wfte `nbe hte`r aytryfgk th hdd`r n efke`r fgt`r`st fg l`ss tfo`. Cu` th nll te`s` bengk`s, angjs d`lt te`g``c hd bengkfgk ght hgly te` fgt`r`st rnt`s aut nlsh te` wny th hp`rnt` a`bnus` te`frham`btfv` pualfb fs ohr` còngcfgk ngc ohr` brftfbs.

Se` cfdd`r`gb`s dhugc hgb` bhopnr`c te` dhur angjs fs tent te` phsftfhg hdRngtngc`r angj ns ng fgt`rgntfhgnl ngc gntfhgnlly angj bng ght a` a`tt`r, ehw`v`rte`y bhulc foprhv` lhts hd tefgks we`g w` tnlj nahut tefs sp`bfdfb prhcubt.

Ft ens a``g trust`c tent fg tefs p`rfhc hd brfsfs, we`r` fgt`r`st rnt`s nr` sh lhw,p`hpl` nr` ohr` brfstfbs ngc te`y còngc ohr` ngc a`tt`

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Positioning of a financial product, Santander's Deposit