Trends 2015 Publication

7/23/2019 Trends 2015 Publication

1/108

U S N K E Z D K K ^ D @ Z N O I K D

WSNOINS ZWLKZLS

3 7 4 >

J L O O N S J I D @ I K R N Z U O N K U E I R I Z I L K

LB UMN FSNDUNS CDULK SL^FN DZZLJIDUILK LB SND@ULSZ


2/108


3/1084

Ztdyikf Ztrlkf... Cui`eikf Ztrlkfnr!

Blr lvnr :7 yndrs, tmn Jloonrjid` Ikvnstonkt Eivisilk (JIE)

mds mde d oissilk tl crikf tmn ikeivieud`s dke jlopdkins witmik

tmn jloonrjid` rnd` nstdtn ikeustry ik tmn Frndtnr Cdtlk Slufn drnd

j`lsnr tlfntmnr tl smdrn ikblrodtilk dke hklw`nefn

sl tmdt d`` jdk prlspnr dke cnttnr snrvn tmnir j`inkts dke justlonrs.

Vn`jlon tl Urnkes, 374>!

Wrnoinr Zplkslr


4/1083

D`tmlufm tmis is tmn fflrst yndr tmdt Mlspitdìty dke Mltn`s mdvn cnnk ikjùene ik tmn USNKEZ

Znoikdr, tmis is klt tmn fflrst yndr tmdt ltmnrs mdvn trdjhne tmn `ljd` odrhnt. Umis rnplrt rnìns

mndvi`y uplk tmn rnsndrjm lb Ernw Vmitdhnr witm Jllh, Ollrn dke Dssljidtns, dke edtd

jl``njtne cy Zoitm Urdvn` Snsndrjm, tmn @luisidkd Ljn lb Uluriso dke Risit Cdtlk Slufn.

Umn Cdtlk Slufn drnd mlspitdìty odrhnt mds deene 2=6 rllos sikjn Adkudry 3743. Dkltmnr

:99 rllos drn tl cn jlop`ntne ik tmn knxt bnw yndrs, ikjùeikf twl mltn` bdjiìtins ik tmn Cdtlk

Slufn Jnktrd` Cusiknss Eistrijt (JCE), wmijm wi`` pusm Cdtlk Slufns JCE lvnr tmn 4,777 tltd`

rllos odrh.

MLU N @ Z M L Z W I U D @ I U Y

SNJNKU & WNKEIKF MLUN@ JLKZUS^JUILK

Envn`lponkt @ljdtilk Ultd` Sllos Jlop`ntilk Edtn Bndturns

Cdtlk Slufn JCE

Mlìedy Ikk Nxprnss 577 Klrtm C`ve. (Lè Cdtlk Slufn Zdvikfs

& @ldk cuièikf)

== Ndr`y Zuoonr 3742

Jlurtydre cy Odrriltt 327 Umire Ztrnnt, Cdtlk Slufn (LèIstrluod Mltn` `ljdtilk)

456 Odrjm 3742 3,777 sq bt onntikf rllo4,>77 sq bt rntdi` spdjn

Mdoptlk Ikk & Zuitns 523 @dbdynttn Zt, Cdtlk Slufn 4:6 Dpri` 374: Bukene cy UIB*

Ndst Cdtlk Slufn Wdrism

Jdke`nwlle Zuitns >:>: Cdkhnrs Dvn =4 @dtn 374> Wnroit tl Cuiè Issune ik 3745

Wikkdj`n Nktnrtdikonkt Jl. @'Ducnrfn Jdsikl 372 Dufust 3743 Dealiks @'Ducnrfn Jdsikl

Odrriltt Snkdissdkjn Mltn` 6777 C unclkknt C ve, Cdtlk Slufn ( l eelros blr Aiooy Zwdffdrt)

3>2 Ljtlcnr 3744 Bukene cy UIB*

Dsjnksilk Wdrism

Jdke`nwlle Zuitns Jdcn`d's Whwy, Flkzd`ns =: Ljtlcnr 374> Ik Jdcn`d's envn`lponkt

Zprikfmi`` Zuitns cy Odrriltt 3=74 Z Jdcn`d's Whwy, Flkzd`ns 92 Odrjm 374> Ik Jdcn`d's envn`lponkt

@dTuiktd Ikk dke Zuitns 3=42 Z Jdcn`d's Whwy, Flkzd`ns 27 Dufust 374: Ik Jdcn`d's envn`lponkt

Jloblrt Ikk dke Zuitns 3=34 Jdcn`d's Wdrhwdy, Flkzd`ns 67 Au`y 374: Ik Jdcn`d's envn`lponkt

Mlìedy Ikk Nxprnss 3=72 Vnst Mifmwdy :7, Flkzd`ns 44= 3743 Aust klrtm lb Jdcn`d's

* tdx ikjrnonkt bikdkjikf


5/108:

Jlpyrifmtne 374>Jloonrjid` Ikvnstonkt Eivisilk lb tmn Frndtnr Cdtlk Slufn Dssljidtilk lb SND@ULSZ. Kl pdrt ody cn rnprleujne lr rntrdksoittne witmlut tmn nxprnss writtnk pnroissilk lb tmn

Jloonrjid` Ikvnstonkt Eivisilk lb tmn Frndtnr Cdtlk Slufn Dssljidtilk lb SND@ULSZ. D`` lpikilks nxprnssne mnrnik drn tmlsn lb tmn writnrs dke smluè klt cn rnìne uplk witmlut jlksu`tdtilk witm

ylur lwk ikvnstonkt devislr, dttlrkny, djjluktdkt lr tdx devislr. @SNJ Rnkelr #=7:7

LBBIJNUSNKEZ Crdklk Wnskn``, JJIO, ZILS 5Cndu Clx Jloonrjid` Snd` Nstdtn

W@DUIKÔ ZWLKZLS

JLOONSJID@ WSLWNSUINZ SND@UY US^ZU

IKE^ZUSID@USNKEZ Zjlt Fuiery, JJIO 4=Oihn Bd`flust & Dssljidtns

Jloonrjid` Snd` Nstdtn

W@DUIKÔ ZWLKZLS

OIN WSLWNSUINZ, IKJ.

O^@UIBDOI@YUSNKEZ E. Vns`ny Ollrn, II, ODI, JJIO :3Jllh, Ollrn, & Dssljidtns

W@DUIKÔ ZWLKZLS

JLLH, OLLSN DKE DZZLJIDUNZ

SNUDI@USNKEZ Alkdtmdk Vd`hnr, JJIO >7Odnstri-Ourrn``, Ikj.

W@DUIKÔ ZWLKZLS

ODNZUSIO^SSN@@, IKJ.

SNZIENKUID@USNKEZ Sijmdre Mddsn, Wrnsienkt 22@dttnr & Cùo, Ikj.

W@DUIKÔ ZWLKZLS

UMN WSNZNSRN DU MDSRNZULK

BIKDKJNUSNKEZ Cridk Z. Dkernws =2Umn Snd` Nstdtn Snsndrjm Ikstitutn

dt @Z^s N.A. Lursl Jl``nfn lb Cusiknss

W@DUIKÔ ZWLKZLS

F^@B JLDZU CDKH & US^ZU JLOWDKY

JMDISODKUSNKEZ Vd`tnr M. Hntjmikfs, III 47:KDI @dttnr & Cùo, Ikj.

ZWNJID@ UMDKHZUSNKEZ 475

JLK U NK U ZU S N K E Z

Wrnoinr Zplkslr


6/108

N]NJÛIRN ZÔODSY

Umn Cdtlk Slufn ljn odrhnt tltd`s dpprlxiodtn`y 2.2 oi`ìlk squdrn bnnt lb J`dss D & C

spdjn. Umn rnfilk wds djtivn tmrlufmlut 3745 bun`ne cy strlkf `ljd` dke rnfilkd` njlkloij

jlkeitilks. Umn lw supp`y dke stndey enodke fdvn dke`lres dk uppnr mdke ik knfltidtilks

dke mds d``lwne olst tl ikjrndsn qultne ljn rnkts lr mlè fflro lk `ndsn jlkjnssilks.

Zpdjn lptilks mdvn cnnk eiju`t tl `ljdtn. Umnsn jlkeitilks mdvn jrndtne dk nkvirlkonkt

ripn blr knw envn`lponkt. Mlwnvnr, cdrrinrs ikjùeikf `dke jlst, jlkstrujtilk jlst, `djh

lb cikeikf jlooitonkts brlo tnkdkts, dke enìvnry tionìkns mdvn ìoitne tmn dolukt lb

knw jlkstrujtilk lpplrtukitins. Blr olst lb 3745, tmnrn wds d stndey ffilw lb knw tnkdkts

nktnrikf tmn odrhnt d`lkf witm snvnrd` `ljd` nxpdksilks. Olst crlhnrs mdvn rnplrtne tmdtdjtivity mds s`lwne d cit ik 374>. Mlwnvnr, d`` dfrnn tmn lvnrd`` mnd`tm lb tmn odrhnt is flle

dke wi`` jlktikun tl ioprlvn.

@drfn c`ljh spdjns lb 47,777 squdrn bnnt lr olrn drn sti`` eiju`t tl `ljdtn ik tmn odrhnt.

Unkdkts jlktikun tl snnh njinkt, lpnk spdjn witm `drfn pdrhikf rdtils. Umn tifmt odrhnt mds

jrndtne slon enodke blr slon lènr prlpnrtins tmdt oifmt mdvn cnnk rnanjtne ik tmn pdst

eun tl bukjtilkd` lcsl`nsjnkjn lr pllr `ljdtilk. Mlwnvnr, d bnw spdjns dke cuièikfs mdvn

jlon tl odrhnt ik rnjnkt olktms, dke tmn dvdi`dciìty lb suc`ndsn spdjn dke upjloikf `ndsn

nxpirdtilks, wi`` prlvien tnkdkts witm lptilks.

Umn ljn odrhnt mds cnnk jlksienrdc`y s`lwnr ik tmn fflrst qudrtnr lb 374> tmdk snnk ik tmn

prnvilus blur qudrtnrs. Mlwnvnr, ib li` prijns stdciìzn dke kdturd` fds prijns rnodik `lw,

djtivity ik tmn ikeustrid` snjtlr smluè jlktikun tl erivn enodke blr ljn spdjn, nspnjid``y

ik fflnès rn`dtne tl nkfiknnrikf dke jlkstrujtilk. Znvnrd` knw envn`lponkt prlanjts drn

ukenrwdy lr sjmneu`ne tl stdrt ik 374> dke prn-`ndsikf iktnrnst ik tmnsn sitns mds cnnk strlkf.

Crdklk V. Wnskn``JJIO, ZILS

Cndu Clx Jloonrjid`

USNKEZ Zpndhnr

Alkdkk ZtutzodkKDI @dttnr & Cùo

Fdry C`djhVdoplè Jlopdkins

JLOONSJID@ WSLWNSUINZ SND@UY US^ZUW`dtikuo Zplkslr

5

Wrnoinr Zplkslr

LB

BIJNUSNK

EZ

374>

` ` ``

` ` `

`` ``

` `

` `

374> LBBIJN USNKEZ JLOOIUUNN


7/108>

Lbbijn @ndsikf DjtivityKdtilkd` crlhnrs dke tnkdkts sti`` pnrjnivn Cdtlk Slufn tl cn d sod`` odrhnt witm trnonkelus pltnktid`

blr knfltidtikf dffrnssivn end`s dke d vdrinty lb spdjn lptilks. Mlwnvnr, tmny mdvn quijh`y bluke

tmdt lur lw vdjdkjy rdtns dke ioitne spdjn lptilks ndvn tmno witm

ìtt`n knfltidtikf rllo blr knw end`s lr rnknwd`s. @nvnrdfn blr tmnsn

tnkdkts mds cnnk oikiod` dke `dke`lres mdvn snizne tmn lpplrtukity

tl rdisn rnktd` rdtns dke `lwnr jlkjnssilks blr rnjnkt end`s. @dke`lres

mdvn cnnk olrn wi`ìkf tl frdkt jlkjnssilks lr crndhs ik nxjmdkfn

blr `lkfnr `ndsn tnros, wmijm lnr ikvnstonkt stdciìty.

Vitm plsitivn dcslrptilk tmrlufmlut 3745 sod``nr sucurcdk spdjns

d`sl cnjlon eiju`t tl `ljdtn. Mifm ljjupdkjy ik tmn fdrenk ljn

snjtlr mds yinène snvnrd` knw envn`lponkt prlanjts ik d snjtlr

tmdt wds stdfkdkt lb frlwtm blr snvnrd` yndrs. Znvnrd` knw fdrenk

ljn cuièikfs wnrn jlkstrujtne ik 3745 dke tmnrn drn d bnw knw

envn`lponkts ukenrwdy ik ndr`y 374>, olst kltdc`y ik tmn Annrslk

Mifmwdy/Ulwkn Jnktnr drnd. Envn`lpnrs rnplrtne strlkf prnìoikdry

iktnrnst ik cltm prlanjts.

Umn dolukt lb suc`ndsn spdjn ik tmn Cdtlk Slufn odrhnt eie ikjrndsn

sìfmt`y, cut it mds klt dnjtne rdtns lr enodke blr `dke`lre eirnjt

spdjn. Ljjupdkjy rdtns blr tmn 4st Tudrtnr lb 374> ikjrndsne tl =9.3=%, up brlo ==.39% ik 3745

dke =2.53% ik 374:. Dvnrdfn qultne rnktd` rdtns blr cltm J`dss D dke J`dss C prlpnrtins ikjrndsne

sìfmt`y lvnr tmn pdst twn`vn olktms, ds `dke`lres try tl ioprlvn rnkt rl``s ik d tifmt odrhnt. Vitm tmn

lvnrd`` ioprlvne odrhnt, `ljd` `dke`lres mdvn d`sl cnnk dc`n tl hnnp tnkdkt ioprlvnonkt d``lwdkjns

drluke $4.77 - $3.77 pnr squdrn bllt pnr yndr.

@dke`lres mdvn cnnk

olrn wi`ìkf tl frdkt

jlkjnssilks lr crndhs

ik nxjmdkfn blr lkfnr

`ndsn tnros, wmijm

lnr ikvnstonkt

stdciìty.

CDULK SL^FN LBBIJ N ODSHNU LJJ^WDKJY


8/108

Lbbijn Zd`ns DjtivityZd`n djtivity blr drfnr dssnts wds s`lwnr ik 3745, cut it wds mdre tl tlp tmn kuocnr lb kltdc`n

trdksdjtilks ik 374:. Vitm iktnrnst rdtns sti`` `lw, ikvnstlrs wnrn djtivn`y snnhikf flle

lpplrtukitins. Cuynrs ikjùene `ljd` dke rnfilkd` ikvnstlrs ds wn`` ds `drfn kdtilkd` SNIUs,

wmijm ikeijdtns d mnd`tmy ikvnstonkt odrhnt ik tmn jdpitd` rnfilk. Umnrn mds d`sl cnnk dkltijndc`n jmdkfn ik `nkenr ukenrwritikf, wmijm mds nkdc`ne olrn ljn envn`lponkt dke

`ljd` lwknr/ljjupdkt dke ikvnstonkt trdksdjtilk vlùon tl risn.

Snjnkt kltdc`n trdksdjtilks ikjùene tmn bl``lwikf1

Jl`n Jdpitd` purjmdsne tmn blronr Ztdtn Bdro cuièikf dt 3:67 Ulwkn Jnktnr Clu`nvdre blr

$4>.5 oi`ìlk ik Odrjm lb 3745. Umn 2>,777 squdrn bllt cuièikf wds 477% `ndsne tl JC&I dt

tmn tion lb sd`n. Umn sn``nr D`sdtilk @dke Jlopdky Cdtlk Slufn, @@J mde lrifikd``y cui`t dke

`ndsne tmn prlpnrty tl Ztdtn Bdro ik 3772. Ztdtn Bdro rn`ljdtne tl Clk Jdrrn ik 374:.

D frlup lb Knw Lr`ndks ikvnstlrs `nde cy @dttnr & Cùo nxnjutivn, Slcnrt Onrrijh, djquirne

tmn 6=,777 squdrn bllt 5777 Zmnrwlle cuièikf brlo tmn Jdìblrkid cdsne UIJ lwknrsmip. Umn

$=.4> oi`ìlk sd`n j`lsne ik Adkudry lb 374>.

Zlkfy Mifmrldes jlktikuns tl fflkn tukn tmn blronr AUZ plrtblìl it purjmdsne ik Ljtlcnr

374:. Ds lb tmn edtn lb tmis rnplrt, Zmnrwlle Ldhs Ljn Wdrh wds ukenr jlktrdjt tl dk

ikvnstlr blr dk ukeisj`lsne suo. Umn rnodikikf cuièikfs ik tmn plrtblìl (Djdeidk Jnktrn,

Jitip`djn I, Jitip`djn II, Jlrplrdtn Dtriuo, dke @dttnr Jnktnr Vnst drn d`` ukenrflikf bdjn ìbts

dke upfrdens.

2


J@DZZ D & C LBBIJN LJJ^WDKJY


9/1086

` I

` ``

`

I

` `

``

ZNUUIKF D KNVZUDKEDSE

573 K. Blurtm Zt. Cdtlk Slufn, @D 67=73 Un`1 33>.935.6372 Bdx1 33>.935.43:> jprt.

Znttikf tmn Urnke ik Elwktlwk Cdtlk Slufn

JWSU is cuièikf tmn ICO tlwnr, Cdtlk Slufns rst

rivnrbrlkt lbjn dke rnsienktid` envn`lponkt ik lvnr md`b

d jnktury. Umn cuièikf wi`` cn jlop`ntne ik Aukn 374> dke

mds frluke llr rntdi` dke =tm llr lbjn spdjn dvdi`dc`n.

Deadjnkt tl ICO is >3> @dbdynttn,

d uxury =>-dpdrtonkt jlop`nx

lpnkikf bd`` 374>.

Jrndtikf Knw Urnkes ik Unjmkl`lfy Jnktnr

Clk Jdrr Cusiknss Jnktnris d muc blr tnjmkl`lfy,

rnsndrjm dke cusiknss ik frndtnr Cdtlk Slufn. It is t

lk`y bu``y-rneukedkt edtd jnktnr ljdtne cntwnnk

Dt`dktd dke Mlustlk. Clk Jdrr lbbnrs d ukiqun cusik

djjn`nrdtlr prlfrdo tmdt is ensifkne tl prlvien

dbblredc`n lbjn spdjn dke ikbrdstrujturn tl frlwik

tnjmkl`lfy

jlopdkins.

D Urnkesnttikf F`lcd` Snsndrjm Jdopus

Umn Vdtnr Jdopusis d ::-djrn jdopus wmnrn sjinktists,

nkfiknnrs dke jlopdkins wi`` wlrh jl``dclrdtivn`y tl stuey tm

prlc`nos jlkbrlktikf lur jldstìkns. Umn Vdtnr Jdopus wi``

envn`lpne d`lkf tmn Oississippi Sivnr witm blur cuièikfs crndhfrluke ik 374>. Vmnk kismne, it wi`` jloprisn 4.> oi`ìlk squ

bnnt lb spdjn ikmdcitne cy dclut 5,777

pnlp`n. Wrn-`ndsikf lpplrtukitins lk

prnoinrn lbjn spdjn drn klw dvdi`dc`n.


10/108

@ljd` Envn`lpnr, Ulooy Zpiklsd, slè Jitip`djn Jnktrn III blr d rnplrtne $6.= oi`ìlk. Umn

5:,777 squdrn bllt J`dss D cuièikf is tmrnn stlrins. It wds =2% `ndsne dt tmn tion lb sd`n. Umn

prlpnrty wds djquirne cy Vl`b Nt D`, @@J.

ENRN@LWONKU DJUIRIUYZnvnrd` knw fdrenk ljns wnkt up ik tmn Cdtlk Slufn drnd tmrlufmlut 3745, ikeijdtikf

d rnturk lb knw jlkstrujtilk dke stdciìty ik tmis snfonkt lb tmn odrhnt. Umn trnke mds

jlktikune iktl tmn fflrst qudrtnr lb 374>. Envn`lpnrs mde cnnk lk tmn sienìkns blr yndrs,

mlwnvnr, ndsikf `nkenr rnquirnonkts dke lvnrd`` odrhnt frlwtm d``lwne blr kuonrlus knw

prlanjts tl fnt tmn frnnk ìfmt.

Kltdc`n envn`lponkt djtivity ikjùene1

Uwl fdrenk ljn prlanjts drn ukenrwdy lk Annrslk Mifmwdy kndr Ulwkn Jnktnr. Umn

Ljns dt Jity Bdro, wmijm is cnikf envn`lpne Edktik-Crujn dke ensifkne cy Hnkkntm Crlwk

wi`` mdvn ljn cuièikfs rdkfikf brlo :,377 tl 37,777 squdrn bnnt. Deeitilkd``y, tmn 2677

Annrslk Ljn Wdrh cnikf envn`lpne cy Alrilk Jlkstrujtilk dke ensifkne cy Uru`d Snoslk

wi`` mdvn snvnrd` cuièikfs rdkfikf brlo :,6>= tl 46,:5= squdrn bnnt tmdt wi`` cn blr sd`n lr

`ndsn.

=


J@DZZ D DRNSDFN LBBIJN SNKUD@ SDUN WNS ZB3744374>


11/108


12/108

It wds dkklukjne ik `dtn 3745 tmdt tmn ICO cuièikf ukenr jlkstrujtilk elwktlwk wluè

ikjùen twl ffillrs lb spnju`dtivn ljn spdjn ondsurikf 33,977 squdrn bnnt ndjm. Umn

prlanjt, wmijm is cnikf envn`lpne cy Jloonrjid` Wrlpnrtins Snd`ty Urust, is devnrtisikf rdtns

ik tmn $:7-$:3 pnr squdrn bllt rdkfn, rnprnsnktikf tmn tlp lb tmn odrhnt. Jlop`ntilk lb tmn

cuièikf wi`` rnsu`t ik ICO vdjdtikf dpprlxiodtn`y :7,777 squdrn bnnt ik Nssnk Jnktrn.

Envn`lpnr Oihn Vdoplè purjmdsne lb tmn blronr stdtn ljn cuièikf dt 4>7 Umire Ztrnnt ik

Odrjm 3745. Umn 43 stlry, 93,>26 squdrn bllt cuièikf wds purjmdsne blr $47.3> oi`ìlk. Ul

edtn kl spnjifflj p`dks mdvn cnnk dkklukjne blr tmn prlpnrty. Mlwnvnr, rnenvn`lponkt ds d

mltn` is ìhn`y.

Jlkstrujtilk wds jlop`ntne lk tmn blronr tmn 445,777 squdrn bllt blronr Jdpitd` Lkn

cuièikf elwktlwk dke Odtmnrkns Frljnry lpnkne up lk tmn fflrst ffillr. Umnrn is jurrnkt`y

43,665 squdrn bnnt lb ljn spdjn dvdi`dc`n lk tmn 3ke ffillr. Umn `dke`lre is qultikf $37.77pnr squdrn bllt, bu`` snrvijn, wmijm is jlopdrdc`n tl rdtns ik J`dss D cuièikfs drluke tmn JCE.

Ztdtn ljid`s d`sl dkklukjne tmn prlplsne envn`lponkt lb tmn Vdtnr Jdopus lk tmn sitn

lb tmn lè jity eljh. Umn prlpnrty wi`` jlvnr lvnr :7 djrns dke wi`` ikitid``y ikjùen tmrnn

cuièikfs dt d jlst lb dclut $5> oi`ìlk. Umn bdjiìty wi`` mlusn ljn dke rnsndrjm spdjn

blr frlups wlrhikf lk jldstd` nrlsilk. Jlkstrujtilk lk tmn fflrst cuièikf mlusikf tmn rivnr

47


J@DZZ C DRNSDFN LBBIJN SNKUD@ SDUN WNS ZB

3744374>


13/108

ZND@Y & JLOWDKY4>7 Adons Erivn Ndst, Zuitn 457

Zt. Slsn, @luisidkd 677=6CS1 33>.626.5662 KL1 >75.52:.>277

BD]1 >75.52:.>2>7

Edkin` W. Wlu`ik,JJIO, ZILS

edkWGsnd`yknt.jlo

Ankkibnr D. @nn,JJIO, ZILS

ankkibnr@Gsnd`yknt.j

Cdtlk Slufn Ikeustrip`nx Cusiknss Wdrh

DRDI@DC@N WSLWNSUINZ1

Cdtlk Slufn 4-Lbbijn/Vdrnmlusn

44:74 Ikeustrip`nx Clu`nvdre

6,=>7 s.b. up tl :=,:92 s.b.

Cdtlk Slufn : -Lbbijn/Vdrnmlusn44554 Ikeustrip`nx Clu`nvdre

:,377 s.b., :,:97 s.b., :,279 s.b. & 5,547 s.b

Cdtlk Slufn > -Lbbijn

44377 Ikeustrip`nx Clu`nvdre4,94: s.b. up tl 53,:>> s.b.


14/108

olen` is supplsne tl cnfik sllk bl``lwne cy ljn spdjn ik oie-374> blr jlop`ntilk ik

oie tl `dtn 3742. Umn jlop`ntilk lb tmn cuièikf blr tmn Jldstd` Wrltnjtilk dke Snstlrdtilk

Dfnkjy (JWSD) wi`` rnsu`t ik JWSD vdjdtikf dpprlxiodtn`y 5>,777 squdrn bnnt ik tmn Sivnrsien

Klrtm Ulwnr elwktlwk.

Edvie Vnikstnik dke Eyhn Kn`slk mdvn dkklukjne p`dks tl rnklvdtn dke `ndsn tmn prlpnrty

`ljdtne dt >77 @durn` Ztrnnt ik tmn JCE. Ikitid` qultne rnktd` rdtns drn $35.77 cut wi`` ìhn`y

ffiujtudtn enpnkeikf lk cuiè lut. Umn cuièikf is 2 ffillrs dke ondsurns 39,=77.

BLSNJDZUIt is dktijipdtne tmdt tmn Cdtlk Slufn ljn odrhnt wi`` jlktikun tl ioprlvn tmrlufmlut

374>, cut dt d s`lwnr pdjn tmdk 3745. @ndsikf djtivity ik tmn fflrst qudrtnr lb 374> mds cnnk

mnd`tmy cut end` vlùon mds bd``nk sìfmt`y dke `ljd` crlhnrs drn rnplrtikf slon end`s cnikf

p`djne lk mlè. Ioprlvnonkt ik tmn pntrl-jmnoijd` dke jlkstrujtilk odrhnts smluè mn`p

enodke blr ljn spdjn. Vn nxpnjt tmn odalrity lb djtivity tl jlon brlo nxpdksilks dke

rn`ljdtilks brlo witmik lur odrhnt, dke nxpnjt tl snn slon iktnrnst brlo knw jlopdkins

jloikf tl Cdtlk Slufn.

LBBIJN ODSHNU LJJ^WDKJYUmn Cdtlk Slufn ljn odrhnt tltd`s dpprlxiodtn`y 2.2 oi`ìlk squdrn bnnt lb J`dss D & C

spdjn. Zurvnys wnrn jlkeujtne lk tmirty-snvnk j`dss D cuièikfs tltdìkf dpprlxiodtn`y

5.: oi`ìlk squdrn bnnt dke tmirty j`dss C cuièikfs tltdìkf dpprlxiodtn`y 3.: oi`ìlk squdrn

bnnt. Dvnrdfn rnktd` rdtns dke ljjupdkjy rdtns blr tmn ikeivieud` cuièikfs dke sucodrhnts

survnyne drn smlwk lk tmn bl``lwikf sprndesmnnts.

CDULK SL^FN LBBIJN ODSHNU ODSJM 374>

43



15/108

D UNDONBBLSUCÎ@U DSL^KE YL^.

JLOONSJID@ SND@ NZUDUN ZL@ÛILKZ

Vdtnrs & Wnttit is d ìjnksne rnd` nstdtn crlhnrdfn biro ik @luisidkd & Oississippi. 374> D`` rifmts rnsnrvn

=7>5 Zuood Dvn., Zuitn N Cdtlk Slufn, @D 67=79U 33>-629-757> | B 33>-629-499> ikblGwdtnrspnttit.jlo

www.wdtnrspnttit.jlo

JlkknjtneJl``dclrdtivnWrldjtivnSnsplksivn

Zpnjidìzikf Ik1

@nsikf / Z`ns Lbjn Ikustri` Snti`

@k Unkkt Snprnsnkttilk Ikvnstonkt

J`` ULedy tl snnmlw Vdtnrs & Wnttitk mn`p lu

Fnlr Vtnrs, JJIO, JWODssljidtn Crlhnr

nlreyGwdtnrspnttit.jlo

Slcnrt WnttitCrlhnr

lcnrtGwdtnrspnttit.jlo

ernw Wndrslk, JJIOpndrslkGwdtnrspnttit.jlo

evi eiRikjnktidvieGwdtnrspnttit.jlo

@kjn Fikk

dkjnGwdtnrspnttit.jlo


16/10845JLOONSJID@ WSLWNSUINZ SND@UY US^ZUW`dtikuo Zplkslr

C I@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKUMZ

WNKEIKF

4 Djdeidk Jnktrn D 65,>=9 65,>=9 477.77% $34.77 7 7

3 JitiW`djn Jnktrn I (Mdkjljh Cdkh Cui eikf G JitiW`djn) D =3,73: 63,=72 ==.62% $3:.77 7 7

: JitiW`djn Jnktrn II D :4,>42 :4,>42 477.77% $33.77 7 7

5 JitiW`djn Jnktrn III (Umn Cdkjlrp Cdkh Jnktnr G JitiW`djn) D 53,2>9 :=,392 =9.66% $3:.77 7 7> Djdeid Urdjn D 434,777 434,777 477.77% $37.77 7 7

2 Jlrplrdtn Dtriuo D 62,556 >=,4>6 62.76% $37.77 7 7

6 Jlrplrdtn Jnktnr D 5=,777 5=,777 477.77% $33.77 2,:32 7

= Snpuc ij Bikdkjn D 36,777 4=,777 22.26% $35.77 7 7

9 3:67 Ulwkn Jnktrn D 22,777 22,777 477.77% $35.77 7 7

47 >>>4 Jlrplrdtn D >3,453 >3,453 477.77% $34.77 5 7

234,:62 >=7,>72 9:.53% $33.77 2,::7 7

CÎ@EIKF J@DZZ ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKUMZ

WNKEIKF

4 Lkn Donrijdk W`djn D :::,:72 36>,:93 =3.23% $37.77 7 7

3 Sivnrsien Klrtm Ulwnr D 376,>63 377,:93 92.>5% $34.>7 7 7

: Jmdsn Zlutm Ulwnr D :::,777 3=4,2>3 =5.>=% $37.77 7 7

5 Jity W`dzd D 422,56: 42:,523 9=.49% $34.>7 7 7

> II Jity W`dzd D 3>>,:55 3>4,5=: 9=.59% $3=.>7 36,>77 7

2 @d Jdp Cui eikf D 6>,777 6>,777 477.77% $34.>7 7 7

6 ICO D 457,2>4 439,:>4 94.96% $:7.77 7 7

4,>44,:52 4,:62,6:3 94.79% $3:.39 36,>77 7

CÎ@EIKF J@DZZ ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKUMZ

WNKEIKF

4 Nssnk Jnktnr D 447,777 29,777 23.6:% $35.77 7 :7,777

3 Anbbnrslk Crnktwlle D 2:,23> 2:,23> 477.77% $34.77 7 7

: I kitne W`dzd D 95,375 95,375 477.77% $35.77 7 7

5 II kitne W`dzd D 496,747 49:,>53 9=.35% $35.77 7 7

> III kitne W`dzd D 27,:=9 >2,==9 95.37% $35.77 7 7

2 IR kitne W`dzd D 64,>56 64,>56 477.77% $37.77 7 7

6 R kitne W`dzd D >=,:2> >=,:2> 477.77% $33.77 7 7

= RII kitne W`dzd D >=,777 >=,777 477.77% K/D 7 79 RIII kitne W`dzd D >6,9:3 >6,9:3 477.77% $35.77 7 7

47 I] kitne W`dzd D 96,777 96,777 477.77% $49.>7 7 7

44 ]II kitne W`dzd D 4>5,777 4>5,777 477.77% $35.77 7 7

43 Cùnclkknt Jnktrn D 64,2>2 64,2>2 477.77% $33.77 7 7

4: @luisidkd Zjmll` Nop`lynn Sntirnonkt D 443,3>: 443,3>: 477.77% K/D 7 7

45 Adjlcs W`dzd D 493,277 493,277 477.77% K/D 7 7

4> Zmdw D 357,777 357,777 477.77% K/D 7 7

42 Wnrhiks Slwn D 432,:3= 476,4>6 =5.=3% $3:.77 7 7

46 6397 Cùnclkknt D 4>3777 4>3777 477.77% $37.77 3>,233 435,777

4,942,979 4,=59,667 92.>7% $33.53 3>,233 4>5,777

C I@EIKF J@DZZ ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKUMZ

WNKEIKF

4 5777 Z. Zmnrwlle Lbbijn Cui eikf D 6=,4=: 65,>=6 9>.57% $37.77 7 7

3 Jlurt W`dzd D >6,5=2 >5,5:9 95.67% $4=.9> 7 7

: 3977 Vnstblrh D 47>,637 62,557 63.:7% $4=.>7 7 7

354,:=9 37>,522 =>.43% $49.4> 7 7

# lb

Cuièikfs DSND J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKUMZ

WNKEIKF

47 DJDEIDK/JL@@NFN D 234,:62 >=7,>72 9:.53% $33.77 2,::7 7

6 ELVKULVK D 4,>44,:52 4,:62,6:3 94.79% $3:.39 36,>77 7

46 NZZNK/C@^NCLKKNU D 4,942,979 4,=59,667 92.>7% $33.53 3>,233 4>5,777

: ZMNSVLLE BLSNZU D 354,:=9 37>,522 =>.43% $49.4> 7 7

:6 5,394,737 5,743,565 9:.>4% $34.64 >9,5>3 4>5,777

ULUD@Z

ELVKULVK

NZZNK/C@^NCLKKNU

ZMNSVLLE BLSNZU

ZÔODSY LB LBBIJN ODSHNU CY DSNDJ@DZZ D CÎ@EIKFZ DJDEIDK/ JL@@NFN

:/=/374>


17/108


18/10842

C I@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

4 Jlrplrdtn II C >2,==6 :5,642 24.7:% $4>.77 7 7

3 >537 Jlrplrdtn C :7,22: 39,9=6 96.=7% $4>.77 7 7

=6,>>7 25,67: 6:.97% $4>.77 7 7

CÎ@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

4 Snkdissdkjn Ndst C 463,777 463,777 477.77% K/D 7 7

3 Snkdissdkjn Vnst C >7,777 >7,777 477.77% $4:.77 7 7

: Frds Ulwk W`dzd C :7,777 3=,>77 9>.77% $42.6> 7 7

5 Sluodik Cui eikf C :3,996 :3,996 477.77% $42.77 7 7

> Udy`lr Cui eikf C :7,777 3=,4>7 9:.=:% $42.77 7 7

2 ::9 B`lried C 55,>35 55,>35 477.77% $42.77 7 7

6 >3> B`lried Zt. (Hikhl's Cui eikf) C :7,777 :7,777 477.77% $46.77 7 7

= Jlrelvd Zqudrn C 37,777 37,777 477.77% $3:.>7 7 7

9 >77 @durn` Ztrnnt C 3=,777 44,:77 57.:2% $35.77 7 7

5:6,>34 546,564 9>.53% $46.6= 7 7

CÎ@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

4 D`pmd Cui eikf (=3=4 Fllewlle) C :7,379 :7,379 477.77% $45.77 7 7

3 Endk Ulwnr (>677 B`lried) C 69,594 >3,52> 22.77% $4>.77 7 7

: Oie Jity W`dzd (5923 B`lried) C :4,96> :4,96> 477.77% $47.77 7 7

5 473>> B`lried C 97,=9= 7 7.77% $47.77 7 7

> 4977 @lcen` C >:,777 >:,777 477.77% $47.>7 7 7

2 Clk Jdrrn C 643,967 >67,:62 =7.77% $46.>7 62,766 7

6 Eirnjt Fnknrd` - 4>4>4 B`lried C 457,777 67,777 >7.77% $42.77 7 7

4,4:=,>5: =7=,73> 67.96% $4:.39 62,766 7

CÎ@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

4 44447 Onde C >4,=6= >4,=6= 477.77% $4=.>7 7 7

3 JA Crlwk W`dzd C :2,777 :2,777 477.77% $46.77 7 7

: Zmnrwlle II C 3>,26: 37,26: =7.>3% $42.77 7 7

5 Zmnrwlle Ldhs Lbbijn Wdrh C 474,4>6 =5,>>: =:.>9% $4>.77 7 7

> Zmnrwlle W`dzd Cusiknss Wdrh C 24,777 5:,355 67.=9% $4>.77 7 7

2 47649 Dir ikn C :6,>77 :6,>77 477.77% $46.>7 7 7

6 Cn` slutm Cui eikf C 435,7:6 435,7:6 477.77% $4=.>7 7 435,7:

= Znjurity Kdtilkd` C 5>,:6= 5>,:6= 477.77% $49.>7 7 7

9 Zmnrwlle Ulwnr C 66,673 >9,35= 62.3>% $42.77 7

>27,:3> >73,>44 =9.2=% $46.77 7 435,7:

CÎ@EIKF J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

4 6545 Wnrhiks Slde C 63,45> 67,379 96.:3% $45.>7 7 7

3 Nssnk Jrlssikf C >3,229 >3,229 477.77% $42.>7 7 7

435,=45 433,=6= 9=.5>% $4>.>7 7 7

# lb

Cuièikfs DSND

J@DZZ

ZT^DSN

BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN

2 OLKU

WNKEIK

3 DJDEIDK/JL@@NFN C =6,>>7 25,67: 6:.97% $4>.77 7 7

47 ELVKULVK C 5:6,>34 546,564 9>.53% $46.6= 7 7

6 B@LSIED/DIS@IKN C 4,4:=,>5: =7=,73> 67.96% $4:.39 62,766 7

9 ZMNSVLLE BLSNZU C >27,:3> >73,>44 =9.2=% $46.77 7 435,7:

3 NZZNK/C@^NCLKKNU C 435,=45 433,=6= 9=.5>% $4>.>7 7 7

:7 3,:5=,6>: 4,94>,>== =4.>2% $4>.64 62,766 435,7:

B@LSIED/DIS@IKN

ELVKULVK

ZMNSVLLE BLSNZU

NZZNK/C@^NCLKKNU

ULUD@Z

ZÔODSY LB LBBIJN ODSHNU CY DSNDJ@DZZ C CÎ@EIKFZ DJDEIDK/ JL@@NFN

:/=/374>



19/108

DSNDJ@DZZ ZT^ DSN BNNU LJJ^WINE

LJJ^WDKJY

SDUN SDUN Z^C@NDZN WNKEI

DJDEIDK/JL@@NFN D & C 67=,932 25>,379 94.74% $4=.>7 2,::7 7ELVKULVK D & C 4,95=,=26 4,695,37: 93.72% $49.25 36,>77 7

B@LSIED/DIS@IKN D & C 4,4:=,>5: =7=,73> 67.96% $4:.39 62,766 7

ZMNSVLLE BLSNZU D & C =74,645 676,966 ==.:4% $4=.7= 7 435,7

NZZNK/C@^NCLKKNU D & C 3,754,63: 4,963,25= 92.23% $4=.92 3>,233 4>5,7

2,2:9,66: >,93=,723 =9.3=% $46.29 4:>,>39 36=,7

DSND J@DZZLJJ^WDKJY

% Zprikf 3747

LJJ^WDKJY

% Zprikf 3744

LJJ^WDKJY

% Zprikf 3743

LJJ^WDKJY

% Zprikf 374:

LJJ^WDKJY

% Zprikf 3745

LJJ^WD

% Z pr

3745

DJDEIDK/JL@@NFN D & C 9:.53% =6.25% =6.::% 94.5>% 94.>7% 94.74

ELVKULVK D & C =5.3:% =4.>>% =7.35% ==.69% =9.:7% 93.72

B@LSIED/DIS@IKN D & C 2=.6>% 63.::% 6>.33% 64.6:% 62.23% 67.96ZMNSVLLE BLSNZU D & C =3.9=% =7.96% =5.:=% =7.=5% =:.96% ==.:4

NZZNK/C@^NCLKKNU D & C 9:.29% =9.67% ==.67% 93.55% 95.4>% 92.23

=5.=5% =3.=:% =3.99% =2.53% ==.39% =9.3=

MIZULSIJD@

J^SSNKU

46

Z^OODSY LB LBBIJN ODSHNU CY DSNDJ@DZZ D& C C^I@EIKFZ

:/=/374>


20/1084=

IKE^ZU

SID@USNK

EZ

374>

N]NJÛIRN ZÔODSY

IKE^ZUSID@ IK OIESDJN

Umn 3745 ikeustrid` odrhnt eie klt eisdpplikt ds tmn vdjdkjy rdtn erlppne blr tmn blurtm

jlksnjutivn yndr brlo d yndrnke rdtn lb 9.:7% (374:) tl 6.26% (3745), cndtikf `dst yndrs

blrnjdst cy kndr`y d bu`` pnrjnktdfn plikt.

Umn knt jmdkfn ik ljjupine ikvnktlry brlo lkn yndr tl tmn knxt, hklwk ds Knt Dcslrptilk,

rlukene lut dt 4,355,777 squdrn bnnt blr 3745, d yndr-lvnr-yndr ikjrndsn lb =>%.

Cltm tmn vdjdkjy rdtn dke tmn knt dcslrptilk kuocnrs kltne dclvncnst pnrblroikf sikjn3772ikeijdtn d jlktikudtilk lr trnkeikf lb d stdc`n rnfilkd` ikeustrid` njlkloy wmijm is

frlwikf dke dttrdjtikf ikvnstonkt dt odkdfndc`n `nvn`s.

Cy jlopdrislk, djjlreikf tl Snis Snplrts, tmn kdtilkd` ikeustrid` snjtlr vdjdkjy rdtn

enjrndsne eurikf 5T45 tl =.=7%.

374> IKE^ZUSID@ USNKEZ JLOOIUUNN

OIN WSLWNSUINZ, IKJ.W`dtikuo Zplkslr

Zjlt Fuiery, JJIOOihn Bd`flust & Dssljidtns, @@JJl-JmdirodkUSNKEZ Zpndhnr

Odtmnw @dclren, JJIOCndu Clx Jloonrjid` Snd` Nstdtn,Jl-Jmdirodk

Ulee Wnvny, OWDOIN Wrlpnrtins

Crdkenk Cdrhnr, JJIO, JWOKDI @dttnr & Cùo

Crnkt Fdrrntt, JJIO, ZILSCndu Clx Jloonrjid` Snd` Nstdtn

Sydk Frnnkn, JJIOKDI @dttnr & Cùo

Vd`tnr M. Hntjmikfs, IIIKDI @dttnr & Cùo

Edvie @dhvlè, ODI, ZSDUmn @dhvlè Frlup

Oihn Ollrikf, ODIUmn @dhvlè Frlup

Wrnoinr Zplkslr


21/10849

IKE^ZUSID@ IKRNKULSY ZUDUIZUIJZ

ONOL YN 374: YN 3745

ULUD@ IKRNKULSY 3>,>46,47: ZB 32,54>,549 ZB

RDJDKU ZWDJN 3,:64,96: ZB 3,732,296 ZB

LJJ^WINE ZWDJN 3:,45>,4:7 ZB 35,:==,633 ZB

RDJDKJY SDUN 9.:7% 6.26%

KNU DCZLSWUILK 264,436 ZB 4,35:,>93 ZB

ZWDJN ^KENS JLKZUS^JUILK

DU YNDS NKE5>2,97> ZB 43=,=59 ZB


22/10837

USNKEIKF

It smluè cn kltne tmdt tmn fflfurns ikeijdtne ik tmis rnplrt rnprnsnkt ljn-wdrnmlusn,

eistricutilk dke odkubdjturikf prlpnrtins ondsurikf >,777 squdrn bnnt pùs, dke `dke sd`ns

blr tmn sdon usn. Vmi`n drfn sjd`n mndvy ikeustrid` prlanjts drn rnbnrnkjne ik tmis rnplrt, tmdt

edtd is klt ikjùsivn lb dky trdksdjtilks rnprnsnktne ik tmnsn

stdtistijs.

Umn rdjn tlwdre tmn Oississippi Sivnr dke tmn dkklukjnonkt lb

`drfn sjd`n ikeustrid` prlanjts quint`y cnfdk tl tdhn smdpn cdjh

ik 3747 witm tmn nvnr ikjrndsikf supp`y lb kdturd` fds prleujne

brlo tmn Mdyknsvi``n Zmd`n blrodtilk ik klrtm @luisidkd. Kdturd`

fds is tmn bnnestljh usne cy tmn pntrl-jmnoijd` ikeustry tl

fnknrdtn n`njtrijity dke tmnrod` nknrfy8 dke d cdsn prleujt usne

tl odhn nke prleujts sujm ds bnrtiìznrs, bun`, pdikt, dke p`dstijs.Umn odrhntp`djn wds `ndrkikf lb knw jlopdkins nktnrikf tmn

odrhnt sujm ds Kujlr Jlrplrdtilk (Ztnn`) dke ltmnr nxistikf

p`dkts witm docitilus nxpdksilk p`dks. Umnk, tmn prijn lb kdturd`

fds pùoontne. Cy 374: dke iktl 3745 it wds d bu`` sprikt witm

lvnr $27 ci`ìlk ik dkklukjne prlanjts witmik @luisidkd d`lkn.

Wnrmdps lvnrznd`lus, slon lb tmnsn dkklukjnonkts mdvn klt

cnjlon rndìty ds ik tmn jdsn lb Dvd`lk Sdrn Ontd`s kixikf its p`dks blr d knw $:77 oi`ìlk

It smluè cn kltne

tmdt tmn fflfurns

ikeijdtne ik tmis

rnplrt rnprnsnkt

ljn-wdrnmlusn,

eistricutilk dke

odkubdjturikfprlpnrtins ondsurikf

>,777 squdrn bnnt pùs,

dke `dke sd`ns blr tmn

sdon usn.

IKE^ZUSID@USNKEZ OIN WSLWNSUINZ, IKJ.

W`dtikuo Zplkslr

MIZULSIJD@ RDJDKJY DKE KNU DCZLSWUILK


23/108

KnneZpdjn.>64.4773

www.oin-`d.jlo

Blr mifm-qud`ity dke strdtnfijd``y-`ljdtne ffinx, lbffljn, wdrnmlusn

lr rntdi` spdjn, tmnrns lk`y lkn rnd` nstdtn envn`lpnr tl jd``1

OIN Wrlpnrtins. Vn envn`lp dke odiktdik prlpnrtins blr tltd`

tnkdkt sdtisbdjtilk, witm fflvn prion `ljdtilks ik Cdtlk Slufn dke

Flkzd`ns. Lur ik-mlusn prlpnrty odkdfnonkt tndo wi`` hnnp ylur

spdjn ik pndh lpnrdtikf jlkeitilk!

L B B I J N B @ N ] S N U D I @ V D S N M L ^ Z N

256: Mwy 55, Zuitn 374 | Flkzd`ns, @luisidkd 676:6 | 33>.>64.4773

www.oin-`d.jlo


24/10833

bdjiìty ik Dsjnksilk Wdrism. Bd`sn stdrts dsien, ikeustry nxpnrts dke ikeustrid` jlktrdjtlrs

nxpnjt tmn jlkstrujtilk lb odalr prlanjts tl jlktikun lvnr tmn knxt blur tl fflvn yndrs. Umis

snnos tl ikeijdtn tmdt wn drn dt oie-rdjn ik tmn jurrnkt ikeustrid`

cllo jyj`n.

Umn enpnkenkjn lk rdi` jlktikuns tl cn d jlktricutikf bdjtlr tl

ikeustrid` frlwtm klt aust blr tmn pntrl-jmnoijd` ikeustry cut

d`sl dt tmn plrt bdjiìtins. kilk Wdjifflj, tmn @luisidkd Enpdrtonkt

lb Dfriju`turn, dke tmn Wlrt lb Frndtnr Cdtlk Slufn dpprlvne d

$49.2 oi`ìlk nxpdksilk lb tmn Wlrts rdi` bdjiìtins. Deeitilkd``y,

^ZD Sdi` Unroikd`s wi`` jlkstrujt d rdi` tnroikd` dke ikeustrid`

pdrh ik Wlrt D``nk `ljdtne l @d. Mwy.4 kndr tmn lè Oississippi

Sivnr Criefn.

Bd`sn stdrts dsien,ikeustry nxpnrts

dke ikeustrid`

jlktrdjtlrs nxpnjt

tmn jlkstrujtilk

lb odalr prlanjts

tl jlktikun lvnr

tmn knxt blur tl fflvn

yndrs.


W`dtikuo Zplkslr


25/1083:

KNV JLKZUS^JUILK

3745 prleujne d sìfmt uptijh ik knw jlkstrujtilk lb spnju`dtivn ljn-wdrnmlusn spdjn, olst`y ik

Dsjnksilk Wdrism, cut tmn odalrity wds blr lwknr ljjupine lr prn`ndsne cuiè-tl-suit spdjn. Wnroits

issune blr knw jlkstrujtilk cnfdk tmn fflrst md`b lb 3745 strlkf, cut smdrp`y enjìkne ik tmn `dst 2olktms lb tmn yndr. D`` tlè tmnrn wnrn pnroits issune tl jlkstrujt dpprlxiodtn`y >67,3>9 squdrn

bnnt lb knw ikeustrid` spdjn ik tmn Frndtnr Cdtlk Slufn odrhnt wmijm is dclut 42=,777 squdrn bnnt

`nss tmdk tmn 6:=,527 squdrn bnnt issune ik 374:.

*Wnroit edtd brlo Ndst Cdtlk Slufn dke Dsjnksilk Wdrismns lk`y.

VMNSN DSN UMN END@Z MDWWNKIKF7 pnr cdrrn` sl eie

tmn prlffltdciìty dke vidciìty lb eri`ìkf blr li` ik nxpnksivn p`dys ìhn tmn UOZ. Umn erlp ik

tmn prijn lb li` is bdrtmnr rndjmikf tmdk tmn UOZ. It elns devnrsn`y dnjt fds-tl-ìquies (FU@)

dke ìqunfflne kdturd` fds (@KF) bdjiìtins ds tmny `llh dt tmn einrnktid` cntwnnk tmn jlst lb

kdturd` fds vnrsus tmn jlst lb li` ds it rn`dtns tl prljnssikf dke nxplrtikf lk d f`lcd` sjd`n.

Umn prnssurn tl rneujn prijikf brlo eri`ìkf jlktrdjtlrs, li` dke fds suppìnrs dke snrvijn

jlopdkins, cltm lk dke lsmlrn, tl tmn nke usnr wi`` ljjur. Umis ody wndhnk prlffltdciìty

blr slon jlopdkins tmdt pdrtijipdtn ik tmn li` pdtjm ds wn`` ds tmn pntrl-jmnoijd` odrhnts,

lr dttrdjt knw jlopntitlrs tl tmn pntrl-jmnoijd` odrhnt wmijm ody tnoplrdri`y `lwnrprlfflt odrfiks blr slon ik tmn `ljd` snrvijn ikeustry snjtlr. @dclr wds tlp mndvy ik tmn li`

ikeustry dke alcs drn cnikf nìoikdtne. Umis ody mdvn d plsitivn nnjt lk tmn enodke blr tmn

jlkstrujtilk wlrhblrjn/jlktrdjt `dclr rnquirne ik tmn Cdtlk Slufn drnd. @lwnr li` prijikf

wmnk deene witm `lw kdturd` fds prijikf is fnknrd``y flle blr tmn rnfflknry dke jmnoijd`

ikeustry. Umn ripp`n nnjt lb sustdikne `lw li` prijns wluè u`tiodtn`y cn entrionktd` blr tmn

Jdpitd` rnfilk. Umn eisjlvnry dke dcukedkjn lb smd`n fds dke smd`n li` is d olenrk rnvlùtilk

dke wi`` d``lw tmn ^Z tl cn nknrfy ikenpnkenkt blr tmn blrnsnndc`n buturn.


W`dtikuo Zplkslr

VMNSN IZ UMN KNV JLKZUS^JUILK :26-4>4> www.svkfIII.jNdjm lbjn ikenpnkenkt`y lwkne dke lpnrdtne.


28/10832


W`dtikuo Zplkslr

VMNSN IZ UMN RDJDKJY,777 squdrn bllt wds tmn olst djtivn ik 3745. Cu`h spdjn dke ljn-wdrnmlusn ik nxjnss

lb 3>,777 squdrn bnnt wds cdsijd``y klk-nxistnkt. It is plssic`n tmdt jlkstrujtilk rn`dtne odtnrid`

jlsts wi`` enjrndsn ik 374> ib tmn prijn lb li` rnodiks `lw.

4 Nxjùens `dyelwk ydre drnd3 Ou`ti-tnkdkt, ti`t wd`` jlkstrujtilk witm d oikiouo lbbijn/wdrnmlusn rdtil lb 37/=7

Wrleujt Uypn Zizn (ZB) @ndsn Sdtn Sdkfn (/ZB) @ndsn Uypn

B`nx Zpdjn3 >,777 -4>,777 $=.77 - $43.77 Knt

Lbbijn Vdrnmlusn Lènr >,777-4>,777 $:.>7 - $5.>7 Knt

Lbbijn Vdrnmlusn Knw >,777-4>,777 $=.>7 - $9.>7 Knt

Cu`h Vdrnmlusn Lènr 37,777+ $:.77 - $5.>7 Knt

Cu`h Vdrnmlusn Knw 37,777+ $>.>7 - $6.77 Knt

ZDOW@N CÎ@EIKF @NDZN EDUD4

LBBIJNVDSNML^ZN ZD@N WSIJNZ

Umn enodke blr cuyikf usnr-ljjupdkt spdjn, rnodiks frndtnr tmdk `ndsikf eun tl `lw iktnrnst rdtns/

tnros cy `nkenrs. Umn dvdi`dc`n ikvnktlry blr nxistikf ljn-wdrnmlusn spdjn, ik tmn frlwtm drnds

rnodikne ìoitne dke prijikf rlsn. Urdksdjtilks blr nxistikf ìfmt ikeustrid` dke mndvy jloonrjid`

wdrnmlusikf spdjn rlsn. Wrleujt sizn rdkfikf brlo >,777 tl 37,777 squdrn bnnt slè lk dvnrdfn

cntwnnk $66 tl $=: pnr squdrn bllt ik tmn slutmnrk plrtilk lb Ndst Cdtlk Slufn Wdrism, Dsjnksilk

Wdrism, Vnst Cdtlk Slufn Wdrism dke ndst sien lb tmn Oississippi Sivnr ik Icnrvi``n Wdrism. Lènr,

odturn drnds, sujm ds tmn Z. Jmljtdw jlrrielr rnodikne ukjmdkfne brlo prilr yndrs, rdkfikf brlo

$3> tl$:7/squdrn bllt. 37,777 squdrn bnnt dke `drfnr prijikf blr prlpnrtins ik bdir jlkeitilk lk

dvnrdfn $4= tl $37 pnr squdrn bllt. Umnsn dvnrdfn squdrn bllt prijns rnffinjt prlpnrtins tmdt jlktdik

d 37/=7% ljn tl wdrnmlusn rdtil, drn ik bdir tl flle jlkeitilk witm kl bukjtilkd` lcsl`nsjnkjn,

dke mdvn denqudtn pdrhikf.


30/1083=

Ndst Cdtlk Slufn (/ZB) Vnst Cdtlk Slufn (/ZB) Dsjnksilk (/ZB)

WSION $6.77 - $=.>7 $3.77 - $:.77 $5.77 - $>.77

KLK-WSION $:.77 - $5.77 $7.6> - $3.77 $3.77 - $:.77

4Cdsne lk `dke trdjts jlksistikf lb 347 Djrns

ZDOW@N @DKE ZD@N EDUD4

@DKE ZD@NZ

D`sl trnkeikf wds tmn ikjrndsne sd`ns prijn pnr squdrn bllt lr djrn lb trdksdjtilks lb ikeustrid`

`dke sd`ns. Umis wds nspnjid``y trun blr tmn ìoitne dvdi`dc`n `dke ik slutm Cdtlk Slufn

ikeustrid` pdrhs `ljdtne l lb Dirìkn Mifmwdy (i.n. J`lvnr`dke, Ikeustrip`nx, Ztlknmnkfn, dke

Jdsti``n W`djn) dke Icnrvi``n dke Dsjnksilk Wdrismns d`lkf tmn Mwy. :7 jlrrielr wmnrn `lt dke

sod`` djrndfn trdjts ikjrndsne ds oujm ds :7 tl 57 pnrjnkt witmik tmn `dst twl yndrs.

3745 KLUIJNDC@N USNKEZ

Umn Rdjdkjy Sdtn is trnkeikf elwk blr tmn 5tm jlksnjutivn yndr. Odrhnt is mnd`tmy.

@lwnst snnk sikjn 3772.

Odalr jlkjnrk dke wdtjm blr li` prijikf dke mlw it wi`` dnjt tmn lvnrd`` ikeustrid`

njlkloy dke nop`lyonkt. Uusjd`llsd Odrikn Zmd`n (UOZ) is ìhn`y oltmcd``ne ukti` li` prijns risn tl $=7/cdrrn` lr

olrn.

Umn eisjlvnry lb dk dcukedkjn lb smd`n fds dke smd`n li` wi`` d``lw tmn ^Z tl cn nknrfy

ikenpnkenkt.

Mifm ukjnrtdikty ds tl tmn buturn prijn lb li`.

Zlon lb tmn ou`ti-oi`ìlk el``dr dkklukjnonkts wnrn en`dyne, sjd`ne cdjh, lr

sjrdppne d`tlfntmnr.

Snktd` rdtns blr nxpdkeikf drnds stdciìzn dt mifmnr prijikf eun tl djh lb spnju`dtivn

jlkstrujtilk dke ikvnktlry.

Ikjrndsne enodke blr ljn-wdrnmlusikf witm stdci izne odtnrid` stlrdfn ydres.

Umn enodke wi`` rnodik mifm blr tmn sd`n lb ljn wdrnmlusikf wmijm onnt ikeustry

knnes dke mdvn kl bukjtilkd` lcsl`nsjnkjn.

Snfilkd` ikeustrid` snrvijn jnktnrs jlktikun tl jlkslìedtn bdjiìtins ukenr lkn rllb.

^Z odkubdjturikf snjtlr jlktikuns tl frlw.

Iktnrnst ik dke enpnkenkjn lk rdi` jlktikuns tl frlw.

Jlktikune usn lb ^Z kdturd` rnslurjns dke nss enpnkenkjn lk ioplrts.

Kdturd` fds prijns rnodik `lw.

Wlrt lb Frndtnr Cdtlk Slufn nxpnjtne tl ikjrndsn nxplrts.


W`dtikuo Zplkslr


31/108

Snd` Nstdtn ZtrdtnfinsEnìvnrneZmrnvnplrt | Knw Lr`ndks | Ed``ds | Mlustlk | Zdk Dktlkil | Dt`dktd | Kdsmvi`

Bu``-Znrvijn Jloonrjid`Snd` Nstdtn

IkvnstonktEnvn`lponkt

@ndsikfOdkdfnonktEdkin` W. Wluìk,

JJIO, ZILSEdkWGZnd`yknt.jlo

Ankkibnr D. @nn,JJIO, ZILS

Ankkibnr@GZnd`yknt.jlo

Znd`y & Jlopdky4>7 Adons Erivn Ndst, Zuitn 457 Zt. Slsn, @D 677=6

>75.52:.>277 | [email protected]

Vn `nvnrdfn lur nxpnrinkjn dke rn`dtilksmipstl crikf odxiouo cnknfflt tl ylur

rnd` nstdtn trdksdjtilks.Znd`y crlhnrs, wml mlè sifkiffljdkt nxpnrinkjn ikikeustrid`, ljn, rntdi`, dke `dke,

prlvien supnrilr snrvijn dke enìvnr rnsu`ts.


32/108:7

3745 KLUNVLSUMY ODALS WSLANJUZ DKKL^KJNENZUIODUNE/SL^KENE

^ZD Sdi` Unroikd` - $44.: oi`ìlk rdi` tnroikd` ik Wlrt D``nk

Wlrt lb Frndtnr Cdtlk Slufn/ ^kilk Wdjij - $49.2 oi`ìlk rdi` bdjiìty nxpdksilk

Yumudkf Jmnoijd` - $4.3 ci`ìlk ontmdkl` jlop`nx, Zt. Adons Wdrism

F`dz-Unjm Ikeustrins - $5 oi`ìlk blr d knw f`dss p`dkt ik Cdtlk Slufn

J`ndrNefn Vml`nsd`n F`dss $3.2> oi`ìlk rn`ljdtilk lb f`dss odkubdjturikf p`dkt tl

Cdtlk Slufn

Vd``nr Odrikn- Unkdshd KF Bun`s, @@J @KF dke bunìkf bdjiìty, Cdtlk Slufn Cdrfn

Jdkd`, kl vdùn fivnk.

Muktsodk Jlrp $6= oi`ìlk - OEI prleujtilk bdjiìty, Fnisodr

Snknwdc`n Nknrfy Frlup - $4> oi`ìlk einsn` blro dkiod` bdt, Fnisodr

Fnknsis Nknrfy, @W - $4>7 oi`ìlk li` stlrdfn ioplrt/nxplrt dt tmn Wlrt lb Frndtnr CdtlkSlufn

Jlooukity Jlnn 47=,777 sb eistricutilk bdjiìty, Wlrt D``nk, kl vdùn fivnk

Jlrtnj JOZ - $2 oi`ìlk odkubdjturikf dke eistricutilk blr vd`vns, Wlrt D``nk

DCC Frlup & Ndtlk Jlrplrdtilk $>.4 oi`ìlk snpdrdtn tnkdkts ik d cuiè tl suit,

477,777 squdrn bnnt Cdtlk Slufn.

Jrnsjnkt Jrlwk Eistricutlr - $9,2>6,777 Knw cnnr eistricutilk bdjiìty, Cdtlk Slufn

(Ulo Erivn)


W`dtikuo Zplkslr


33/108:4

374> BLSNJDZU

Snktd` rdtns lk dvnrdfn mdvn stdciìzne dt tmn jurrnkt rdtns. Rdjdkjy wi`` ìhn`y rnodik dt dt drluke

6.>%. Nxpnjt jlktikune iktnrnst brlo snrvijn jlopdkins nktnrikf tmn odrhnt dke nxistikf jlopdkins

nxpdkeikf tl `drfnr bdjiìtins, mlwnvnr, slon jlopdkins tmdt p`dkkne tl nktnr tmn odrhnt lr tmlsn

tmdt p`dkkne nxpdksilks `ljd``y ody tdhn d tnoplrdry wdit dke snn dpprldjm ik dktijipdtilk lb li`

prijikf dke its nnjt lk tmn ikeustry. @llh blr knw dkklukjnonkts lb 3>,777+ squdrn bllt cuiè tl

suits ds d rnsu`t.

Nxjnpt blr d jdtdstrlpmij wlrè nvnkt, li` prijns drn nxpnjtne tl rnodik `lw 3T4>. @dclr wi`` rnodik

ik mifm enodke ds wn`` ds dlredc`n rnktd` mlusikf ik tmn smlrt tnro. Jlktrdjt `dclr prijikf mds

jdusne tmn jlsts lb `drfn sjd`n prlanjts tl fl wn`` cnylke tmn nstiodtne cuefnt dke ody jdusn

slon lb tmn dkklukjne prlanjts tl sjd`n cdjh ik sizn lr klt mdppnk.

Umn ikeustrid` cllo, dsien brlo slon rnjnkt sntcdjhs, is ik oie-rdjn dke tmn sjlpn lb tmn nxistikf

prlanjts wi`` hnnp jlktrdjtlrs cusy blr tmn knxt : tl > yndrs. ^Z odkubdjturikf wi`` jlktikun tl frlw

jrndtikf d jlktikune enodke blr tmn rdw jmnoijd` prleujts prleujne ik @luisidkd.

Ylur @ljd`

Cdtlk SlufnJloonrjid`@nkeikf UndoBrlkt, `nbt tl rifmt1

@isd Umlopslk 33>.6>6.554=Ankkibnr Clffs 33>.6>6.5573

Cdjh, `nbt tl rifmt1

Odrh @. Aukndu III 33>.6>6.5537Ci`` Zoitm 33>.6>6.5549

Cnkkntt C`djh`nefn 33>.9:3.63>>Fdry @itt`nfflnè 33>.9:3.635>

=77-33:-3727 F^@BCDKH.JLO


34/108:3

374> O^@UIBDOI@Y USNKEZ JLOOIUUNN

W`dtikuo Zplkslr

E. Vns`ny Ollrn, II, ODI, JJIOJllh, Ollrn & Dssljidtns

USNKEZ Zpndhnr

Jrdif Edvnkplrt, ODIJllh, Ollrn & Dssljidtns

Endkn Cryslk, JJIO@dttnr & Cùo Snd`tlrs

Uy Flsn, JJIO@dttnr & Cùo Snd`tlrs

Zndk OjElkdè, ODIJllh, Ollrn & Dssljidtns

Dccy OjOdstnrsJllh, Ollrn & Dssljidtns

Onfdk SijmdreJllh, Ollrn & Dssljidtns

@durd Vmitn@dttnr & Cùo Wrlpnrty Ofot

O^@UIBDOI@YUSNK

EZ

374>

JLLH, OLLSN DKE DZZLJIDUNZ

I. 374> CDULK SL^FN DWDSUONKU ODSHNUIKUSLE^JUILK & ZÔODUILK

Umn Cdtlk Slufn drnd dpdrtonkt odrhnt rnodiks quitn strlkf, witm rnktd`s risikf dke

vdjdkjins kndr mistlrij `lws, cut odrhnt jlkeitilks drn ìhn`y tl jmdkfn lvnr tmn knxt 43tl 35 olktms, ds d sucstdktid` kuocnr lb ukits ukenr jlkstrujtilk (dke p`dkkne) wi`` cn

frdeud``y enìvnrne tl tmn odrhnt. Dpdrtonkt lwknrs dke odkdfnrs ik jnrtdik sucodrhnts

smluè crdjn blr sucstdktid` ikjrndsns ik jlopntitivn prnssurns (dke jlkjnssilkdry

ondsurns) ds tmnsn knw ukits bifmt tl jdpturn odrhnt smdrn.

Edtd jl``njtne dke dkd`yzne ndjm yndr (olst rnjnkt`y ik Bd`` 3745/Viktnr 374>) rnfdreikf

dpdrtonkt rnktd`s dke vdjdkjins cy Jllh, Ollrn & Dssljidtns (JOD) dke @dttnr & Cùo

Snd`tlrs, ik jlkaukjtilk witm tmn @Z^ Snd` Nstdtn Snsndrjm Ikst itutn, tmn JIE lb FCSDS dke

tmn Cdtlk Slufn Dpdrtonkt Dssljidtilk (CSDD), suffnsts tmdt dpdrtonkt vdjdkjins ik

tmn Cdtlk Slufn drnd lvnr tmn pdst 43 olktms mdvn rnodikne jlksistnkt witm mistlrijd`

klros.

Wrilr tl Hdtrikd, tmn Cdtlk Slufn Dpdrtonkt Dssljidtilk wds rnplrtikf jity-wien

vdjdkjins dt =%. D sioi`dr bifurn (2%) wds rnplrtne ik tmn @Z^/JOD Zprikf 377> rnplrt

(Wrn-Hdtrikd). Blr rlufm`y : yndrs bl``lwikf tmn drrivd` lb Murrijdkn Hdtrikd (Dufust 39,

377>), cltm survny slurjns wnrn rnplrtikf `nss tmdk 4% vdjdkjy odrhnt-wien.

Wrnoinr Zplkslr


35/108::

Rdjdkjins rlsn ik 377=-47 (ds d rnsu`t lb d plst-Hdtrikd jlkstrujtilk cllo), cut cnfdk tl enjìkn

ik 3743. Umn Bd``/Viktnr 3745-4> survny rnb`njts >.95% vdjdkjy odrhnt-wien (4>: jlop`nxns

survnyne), elwk brlo d pndh lb 2.=5% vdjdkjy rnplrtne ik Ndst Cdtlk Slufn Wdrism blr Bd`` 3744-

43.

Vn dkd`yzne twl snts lb rnktd` edtd wmijm eibbnr cy jloplsitilk dke kuocnr lb prlpnrtins

ikjùene. Umn odtjmne edtdsnt jlksists lb 443 jlop`nxns, witm d sod``nr odtjmne sdop`n lb

55 `drfnr (377+ ukit) jlop`nxns d`sl dkd`yzne. Snktd`s blr tmn 443-jlop`nx odtjmne sdop`n

ikjrndsne 3% brlo Bd`` 374: tl Bd`` 3745 (lvnr d 43- olktm pnrile). Umn rnplrtne vdjdkjy

rdtn blr tmn odtjmne sdop`n wds >.5=% (kltn tmdt tmis bifurn nxjùens jlksienrdtilk lb tmn

knw`y-cui`t & vdjdkt ukits ik tmn knw jlop`nxns ik `ndsn-up). Umn bifurns blr tmn odtjmne sdop`n

lb ukits prlvien strlkf ikeijdtlrs lb lvnrd`` trnkes.

D cu``ntne suoodry lb lur hny lcsnrvdtilks & nxpnjtdtilks is prlviene1

Umn supp`y lb rnktd` ukits ik tmn Cdtlk Slufn OZD mds frlwk sucstdktid``y sikjn 377>. Sn`nvdkt

stdts ikjùen1

q 2,9:6 knw dpdrtonkt ukits wnrn jlop`ntne brlo wmnk Hdtrikd mit lk Dufust 39, 377> tmrlufm

tmn nke lb 3745 (witm lk`y >7 lb tmlsn ukits djtud``y cui`t ik 3745). Umn dvnrdfn kuocnr lb ukits

dcslrcne ndjm yndr (tmrlufm 374:) wds =26.

q 3,4>2 ukits drn ukenr jlkstrujtilk blr (lr mdvn cnnk enìvnrne tmus bdr ik) 374>

q :,652 ukits drn prlplsne blr jlkstrujtilk cy tmn nke lb 3742

q Umn tltd` knw rnktd` supp`y blr 3745-42 jluè mit 2,777 ukits, wmijm wluè nqudtn tl 3,777

ukits pnr yndr lvnr d :-yndr spdk (ib d`` lb tmn p`dkkne ukits drn jlop`ntne cy tmn nke lb 3742).

q It is kltdc`n tmdt jlkstrujtilk jlsts blr dpdrtonkts `ljd``y drn rnplrtne tl mdvn odtnrid``y risnk

ik rnjnkt yndrs (ds tmn dvdi`dciìty lb shi``ne jlkstrujtilk wlrhnrs mds eioikismne eun tl tmn ` d r f n

ikeustrid` prlanjts ukenrwdy), dke tmn dvdi`dciìty lb jlkstrujtilk fflkdkjikf mds eioikismne. It

rnodiks prlcdc`n tmdt jnrtdik lb tmn dkklukjne prlanjts (tmlsn ìstne lk tmn bl``lwikf pdfns, ds

wn`` ds ltmnrs sti`` lk tmn erdwikf cldre) wi`` klt cn cui`t ik tmn smlrt-tnro (slon wi`` ihn`y cn tdc`ne

ukti` sujm tion tmdt jlkeitilks drn olrn strlkf`y supplrtivn lb jlkstrujtilk bndsiciìty).

q Jlksienrdtilk smluè d`sl cn fivnk tl tmn 3,777 blr sd`n jlkel ukits cui`t ik tmn Cdtlk Slufn

OZD eurikf 3772-45. Umnsn mdvn mistlrijd``y erdwk priodri`y lk tmn snfonkt lb tmn odrhnt lrinktne

tlwdre lwknr- ljjupdkjy, cut odky mdvn cnnk djquirne cy ikvnstlrs, lr mdvn cnnk jlkvnrtne cdjh

tl rnktd` ukits cy tmn lrifikd` envn`lpnrs (wml mdvn mde eiju`ty dttrdjtikf purjmdsnrs jdpdc`n

lb snjurikf olrtfdfn fflkdkjikf sikjn 377=) dke rnprnsnkt jlopntitilk blr trdeitilkd` rnktd` ukits.

Dcslrptilk lb tmnsn ukits cy ikvnstlrs mds eioikismne frndt`y, ds fflkdkjikf blr tmnsn djquisitilks mds

cnjlon nxtrnon`y eiju`t tl snjurn. Rirtud``y d`` prlplsne jlkel prlanjts mdvn cnnk put lk mlè

(nxjnpt blr d bnw, sod``, kijmn prlanjts).


36/108:5

qUmn cdsij onjmdkijs lb mlusikf enodke drn ds bl``lws1 tmn kdtilkd` dke `ljd` klro mds

mistlrijd``y cnnk rlufm`y 3.6> pnlp`n pnr mlusnmlè, sl, blr ndjm 4,777 pnlp`n tmdt mdvn

rnodikne `lkf-tnro ik Cdtlk Slufn ds d eirnjt rnsu`t lb Hdtrikd, wn smluè knne tl mdvn

rlufm`y :27 deeitilkd` mlusikf ukits tl sdtisby tmn ikjrnonktd` enodke jrndtne cy sujm d

plpu`dtilk ikjrndsn. Ds rlufm`y ::% lb tmn ljd` ukits mdvn mistlrijd``y cnnk rnktnr- ljjupine,

rlufm`y 437 lb tmnsn :27 ukits (pnr tmlusdke rnsienkts) knne tl cn rnktd` ukits. Ds tmn Cdtlk

Slufn drnds `lkf-tnro plpu`dtilk ikjrndsne cy rlufm`y :7,777 eirnjt`y eun tl Hdtrikd (ds

wn`` ds tmn klrod` plpu`dtilk frlwtm wn wluè klrod``y mdvn fnknrdtne), tmn `ljd` odrhnt

smluè mdvn cnnk dc`n tl dcslrc rlufm`y :,277 knw rnktd` dpdrtonkt ukits tl sdtisby tmn

ikjrnonktd` `lkf-tnro enodke stirrne cy Hdtrikd witmlut prleujikf odtnrid``y devnrsn

iopdjt lk tmn nxistikf rnktd` mlusikf stljh. Vmi`n tmn Wlst-Hdtrikd deeitilks tl tmn supp`y lb

rnktd` ukits mds bdr nxjnnene tmis odrh (dòlst 6,777 ukits mdvn cnnk cui`t sikjn Hdtrikd), tmn

sikf`n-bdoi`y rnsienktid` olrtfdfn odrhnt wiè jdre dppndrs tl mdvn jlon iktl p`dy (ds tmn

devnrsn iopdjt lk odrhnt ljjupdkjins klrod``y nxpnjtne brlo sujm dk ikffiux lb supp`y mdsklt rnsu`tne).

q Ik Zprikf 377=, wn nxpnjtne tmn ljd` dpdrtonkt odrhnt tl cnjlon mifm`y jlkjnssilkdry

cy tmn nke lb 377=, pdrtiju`dr`y ik tmn J`dss D sucodrhnt. Vmi`n it tllh d wmi`n `lkfnr blr tmn

ripp`n tl surbdjn, cy dttnr 3779 wn cnfdk tl snn brnn olktm dke d brnn UR (lr ltmnr sioi`dr`y

strujturne) jlkjnssilks lnrne dt d kuocnr lb tmn upsjd`n prlpnrtins. Ds tmn vdst odalrity

lb tmn knw ukits wnrn upsjd`n, tmn J`dss D prlpnrtins dppndr tl mdvn bn`t tmn crukt lb tmn

jlopntitivn prnssurns brlo tmn ikjloikf supp`y. Umnir jlopntitivn deaustonkts ik 3779-47

dppndr tl mdvn nvnktud``y blrjne rnktd` deaustonkts cy tmn J`dss C prlpnrtins, wml tmnk put

prijikf prnssurn lk J`dss J prlpnrtins. Klcley is cu``nt-prllb. Umnsn jlopntitivn jlkeitilks

dppndr tl mdvn sucsiene ik 3743- 4:, cut jluè rnturk ik 374>-42 witm tmn pltnktid` enìvnry

lb dòlst 2,777 knw ukits. It ody cn d flle tion tl stljh up lk UR snts (tmnrn oifmt cn d bnw

dpdrtonkt envn`lpnrs dke odkdfnrs `llhikf tl cuy ik cu`h).

q Umn jritijd` bdjtlrs tmdt wi`` u`tiodtn`y erivn tmn `lkf-tnro enodke blr, dke dcslrptilk lb,

deeitilkd` mlusikf ukits ik tmn Cdtlk Slufn drnd drn tmn kuocnr lb alcs tmdt jdk cn rntdikne

`ljd``y (wmnrn tmn alcs fl, tmn plpu`dtilk wi`` bl``lw) dke tmn dciìty lb lur ikbrdstrujturn

(rldes, sjmll`s, flvnrkikf cleins) tl djjlooledtn tmis frlwtm dke odiktdik tmn jmdrdjtnr

dke odrhntdciìty lb tmn Cdtlk Slufn rnfilk ds d p`djn tl ìvn. Cdtlk Slufn mds vnry plsitivneykdoijs, witm rndslkdc`y strlkf alc frlwtm nxpnjtne lvnr tmn knxt bnw yndrs (ib iopnkeikf

juts ik flvnrkonkt-rn`dtne alcs elkt lsnt tmn frlwtm ik tmn jmnoijd`-rn`dtne ikeustrins).

Umn drnd rnodiks wn`` plsitilkne tl prlspnr. Vitm kuonrlus rnjnkt dkklukjnonkts lb

odalr ikeustrid` nxpdksilks dke p`dkkne jlkstrujtilk lb ou`ti-ci`ìlk el``dr bdjiìtins ik tmn

Cdtlk Slufn OZD, wn nxpnjt burtmnr plpu`dtilk nxpdksilk (dke jlrrnsplkeikf`y plsitivn

dcslrptilks lb knw dke nxistikf dpdrtonkt ukits). Umn enptm lb tmis ikjrnonktd` enodke

oifmt sllk cn tnstne.

JLLH, OLLSN DKE DZZLJIDUNZW`dtikuo Zplkslr


37/108


38/108:2


II. Knw Dpdrtonkt JlkstrujtilkCdtlk Slufn nxpnrinkjne d rnjlvnry pnrile ik dpdrtonkt jlkstrujtilk brlo 499> tl 377>.

Eurikf tmis pnrile, :2 dpdrtonkt jlop`nxns jlktdikikf d tltd` lb 2,=77 rnktd` ukits

(nxjùeikf blr sd`n jlkels) wnrn cui`t ik Cdtlk Slufn. Rnry bnw lb tmlsn knw jlop`nxns

lnrne stdkedre, oie-frden dpdrtonkt ukits (i.n., virtud``y d`` wnrn lrinktne tlwdre kijmn

odrhnts, sujm ds stuenkts lr `lwnr-ikjlon mlusnmlès). Umn vdst odalrity lb tmn knw supp`y

lvnr tmn pdst 37 yndrs mds cnnk lrinktne tlwdre nitmnr olrn dstunkt tnkdkts (nitmnr

jlkvnktilkd` rnsienkts lr @Z^ stuenkts), lr `lwnr-ikjlon mlusnmlès.

2,9:6 knw dpdrtonkt ukits wnrn jlop`ntne brlo wmnk Hdtrikd mit lk Dufust 39, 377>

tmrlufm tmn nke lb 3745 (witm lk`y >7 lb tmlsn ukits djtud``y cui`t ik 3745). Umn dvnrdfn

kuocnr lb ukits dcslrcne ndjm yndr (tmrlufm 374:) wds =26.

Klt ikjùene ik tmnsn jlukts (lr lk tmn ists lb prlplsne jlop`nxns tmdt bl``lw) drn dpdrtonkts

tmdt mdvn cnnk lutìkne blr kuonrlus oixne-usn envn`lponkts ik tmn Cdtlk Slufn drnd,

ikjùeikf tmn Sivnr Eistrijt d`lkf Kijml`slk Erivn (ds odky ds 4,=77 ukits p`dkkne), tmn

Nenkclrkn dke Jlkwdy W`dktdtilk envn`lponkts ik Flkzd`ns (377+ ukits p`dkkne ik ndjm),

Sluzdk lk Wnrhiks Slde (snvnrd` mukerne ukits p`dkkne), Sivnr Wdrh (Wntn J`nonkt mds p`dks

blr dpdrtonkts ik mis odstnr ensifk) dke ltmnrs. Vn drn d`sl dwdrn lb dt `ndst 3 nxpdksilks

(lb nxistikf bdjiìtins) p`dkkne tmdt drn tll ndr`y ik tmn prljnss blr ikjùsilk. ^kti` spnjifflj

p`dks drn dkklukjne blr tmnsn (sitn p`dk dpprlvd` rnqunsts sucoittne), tmnsn ukits rnodik

spnju`dtivn dke, tmus, mdvn klt cnnk ikjùene ik lur pipnìkn supp`y dkd`ysns.

Umn knw dpdrtonkt jlop`nxns cui`t, ukenrwdy dke/lr p`dkkne ik Cdtlk Slufn drnd drn ìstne

cn`lw dke lr lk tmn bl``lwikf pdfns1

Frdpms i`ùstrdtikf tmn rnjnkt trnkes ik dpdrtonkt rnktd`s drn prlviene ik tmn bl``lwikf

pdfns. Umnsn wi`` cn bl``lwne cy syklpsns lb knw ou`tibdoi`y rnsienktid` (dpdrtonkt dke

jlkel) jlkstrujtilk prlanjts, dke olrn entdi`ne rnktd`/vdjdkjy jmdrts. Blr olrn entdi`ne

eisjussilks dke ikblrodtilk, p`ndsn jd`` us (wn prlvien prlbnssilkd` jlksu`tikf snrvijns) lr

fl tl www.jllhollrn.jlo lr www.ankkikfsrd``.jlo.

JloonktsNxpnjtne Jlop`ntil# ^kits@ljdtilkJlop`nx Kdon

Jlop`ntne 3745

Dbblredc`n (@IMUJ) mlusikf ukits47/45>7W`dkh Slde slutm lb MllpnrFdrenks lb Cdtlk Slufn

>7Ultd` Jlop`ntne ik 3745

DWDSUONKU JLOW@N]NZ JLOW@NUNE IK 3745IK UMN CDULK SL^FN OZD


39/108

Oijmn`n Zdu`sEirnjtlr

Crde Dostrlkf Mi`dry Crdksblre Jnji`n Jlutrnt Dkkn Eixlk

Frdey B`lurkly Drjmnr Brinrslk III,JJIO Almk Mdoi tlk Oijmdn` Olrrislk Dkernw Tunrcns IR Urnkt Zishrlk Zdrlkd Zkyenr

D`vik Jmiès, Ar. JJIO

Blukenr/Wdrtknr

Edvie D`nxdkenr

Blukenr/Wdrtknr

Riktdfn Snprnsnktdtivns

B^@@ ZNSRIJN JLOONSJID@ SND@ NZUDUN BISO

Eisplsitilk, Djquisitilk, Envn`lponkt, Cuynr/Unkdkt Snprnsnktdtilk, Rdùn Dee Jlksu`tikf dke Vlrh Lut Zpnjidìst

:4=-333-3355 | viktdfnrnd`ty.jlo

Klw Znrvikf Jìnkts Knnes Umrlufmlut Umn Zlutm.


^psjd`n/@uxury kits37424:9Umn Frlvn WdrhwdyUmn Deeislk^psjd`n/@uxury kits374>:43Wnrhiks Slde kndr Wl``dreUmn Eistrijt

Jlop`ntilk lb Zmn`` kits374>==Wnrhiks Slwn Envn`lponkt, Cuièikf NUnrrdjns dt Wnrhiks Slwn

^psjd`n - Snp`djikf 433 Enolìsmne ^kits3742357Ztdkblre DvnkunCdylkkn dt Zlutmsmlrn

^psjd`n - Ztuenkt ^kits374>:75559 Cnk Mur Se dt CurcdkhUmn Nxjmdkfn dt Cdtlk Slufn

^psjd`n - Ztuenkt ^kits374>3:>5495 Curcdkh dt V. WdrhnrZtnrìkf kivnrsity

^psjd`n - Ztuenkt ^kits374>356Vnst Jmions Zt dt D`dshdUmn Ztdkedre

^psjd`n/@uxury kits374>=>Sivnr Slde dt Odik Ztrnnt (JCE)ICO Ulwnrs

^psjd`n/@uxury kits374>3=477 Umire Ztrnnt (JCE)Umn Lkyx

^psjd`n/@uxury kits374>2>557 Umire Ztrnnt (JCE)557 lk Umire (Jdp Lkn)

^psjd`n/@uxury Ulwnr kits37429:::: @durn` Zt (JCE)Jloonrjn Cuièikf

^psjd`n/@uxury kits37424=474 Brdkjn Zt (JCE)Lkn Odrition

Dbblredc`n mlusikf ukits374>437@D Mwy 65 (Zt. Fdcrin`)Vikeslr Jlurt

^psjd`n/@uxury kits374>4=3@D Mwy 25 (Qdjmdry)Dueuclk Dpts

3,4>2Ultd` kenr Jlkstrujtilk

DWDSUONKU JLOW@N]NZ ^KENS JLKZUS^JUILK IK 374>42IK UMN CDULK SL^FN OZD

Klt ikjùene ik tmn bl``lwikf ìsts ody cn deeitilkd` prlpnrtins (ik tmn p`dkkikf dke/lr fflkdkjikf stdfns) blr wmijm tmn sitn mds klt cnnk purjmdsne, sitn p`dk dpprlvd` mds klt cnnk frdktnedke/lr p`dks mdvn klt cnnk pucìj`y dkklukjne. Ds jlkstrujtilk lb knw ukits jdkklt ljjur witmlut sitn p`dk dpprlvd` dke tmn prljnss lb djquirikf sujm dpprlvd` is mifm`y plìtijd` dkespnju`dtivn (ds jdk cn tmn sitn djquisitilk prljnss), ikjùsilk lb sujm prlpnrtins ik d trdeitilkd` pipnìkn dkd`ysis wluè cn ikdpprlpridtn.


40/108:=


DWDSUONKU JLOW@N]NZ ^KENS JLKZUS^JUILK IK 374>42


41/108

D edtd-erivnk dpprldjmtl jloonrjid` rnd` nstdtn

Vitm d JJIO ylu mdvn dk neujdtne, en`icnrdtn prljnss.

D Jnrtibine Jloonrjid` Ikvnstonkt Onocnr (JJIO) is d trdikne nxpnrt wml

mds dkd`yzne ylur lpplrtukitins tl mn`p ylu odhn jlkbienkt, ikblrone jmlijns.

Urust d JJIO tl fuien ylur rnd` nstdtn enjisilks witm d cdjhfrluke lb dkd`ysis

dke nxpnrinkjn. Bike ylur JJIO dt www.bkedJJIO.jlo.


42/10857



^psjd`n/@uxury kits3742::5Wnrhiks Slwn Envn`lponktWdrh Slwn^psjd`n/@uxury kits3742335Kijml`slk Erivn dt Lh dmlodSivnr Mlusn

Dbblredc`n mlusikf ukits3742455Mllpnr Slde ndst lb W`dkhJyprnss Zprikfs Nènr`y

^psjd`n/@uxury ^kits - Deeitilk tl Wmdsn 374227Alkns Jrnnh Slde kndr Uifnr CnkeIvy Wdrh - Wmdsn II

^psjd`n/@uxury kits37423>Kdpl`nlk dt Donrijd (JCE)Cndurnfdre Tudrtnrs

^psjd`n Ulwnr - Bikdkjikf klt snjurne37424552tm Dvnkun (JCE)@lbts dt 2J

^psjd`n/@uxury kits374>37:53 @dbdynttn Ztrnnt (JCE):53 @dbdynttn

^psjd`n Ztuenkt ^kits37423=7V. Wdrhnr dt EleslkWdrh 6 Dpdrtonkts

^psjd`n Ztuenkt ^kits3742375Curcdkh dt Cnk MurVièwlle lb CS

^psjd`n Ztuenkt ^kits3742469Cnk Mur Slde slutm lb Curcdkh ErDrìkftlk Ulwkmlons

^psjd`n/@uxury kits3742435Anbbnrslk Mwy cy Wdknrd CrndeUdpnstry Wdrh lk Anbbnrslk

Dbblredc`n mlusikf ukits374257V. Sllsnvn`t dt V. FdrbinèKijml`slk W`djn

^psjd`n/@uxury kits3742362Anbbnrslk Mwy dt Cdrrikfnr BlrnodkJlùoks dt @lkf Bdro

^psjd`n/@uxury kits3742:37Oi``nrvi``n dt I-43Frnnks dt Oi``nrvi``n

^psjd`n/@uxury kits3742363Wntn's Mwy dt Jllh Slde (Enkmdo)@ivikfstlk Dpdrtonkts

^psjd`n/@uxury kits37424=7Cueey N`ìs Slde (Enkmdo)Wdòs dt Aucdk @dhns

^psjd`n/@uxury kits374242=:7477 Vd`hnr Slde (Vd`hnr)Jrnnhsien Jrlssikf

^psjd`n/@uxury ^kits - Deeitilk tl Wmdsn 374257@D Mwy 925 (Qdjmdry)Qdjmdry Wdrhsien - Wmdsn II

^psjd`n/@uxury kits3742427@D Mwy :7 dt Cdylu Odkjmdj (Zt. Fdcrin`)^kivnrsity Jùc Jnktrn

^psjd`n/@uxury kits3742363Dirìkn dt Cdylu Odkjmdj (Wrdirinvi``n)Odkjmdj @dhn Dpdrtonkts

^psjd`n/@uxury kits37423=7Dirìkn kndr Fnrodky Se (Eup`nssis)Zi`vnr Ldhs

:,652Ultd` Wrlplsne/Dkklukjne

DWDSUONKU JLOW@N]NZ DKKL^KJNEKLU YNU ^KENS JLKZUS^JUILK BLS 374>3742 IK UMN CDULK SL^FN OZD

It is kltdc`n tmdt jlkstrujtilk jlsts blr dpdrtonkts `ljd``y drn rnplrtne tl mdvn odtnrid``y

risnk ik rnjnkt yndrs (ds tmn dvdi`dciìty lb shi``ne jlkstrujtilk wlrhnrs mds eioikismne eun

tl tmn drfn ikeustrid` prlanjts ukenrwdy). I t rnodiks prlcdc`n tmdt jnrtdik lb tmn dkklukjne

prlanjts (tmlsn ìstne lk tmn bl``lwikf pdfn, ds wn`` ds ltmnrs sti`` lk tmn erdwikf cldre) wi``

klt cn cui`t ik tmn smlrt-tnro (slon wi`` ìhn`y cn tdc`ne ukti` sujm tion tmdt jlkeitilks drn

olrn strlkf`y supplrtivn lb jlkstrujtilk bndsiciìty).


43/108

DWDSUONKU JLOW@N]NZ DKKL^KJNE KLU YNU ^KENS JLKZUS^JUILK BLS 374>42

54


44/10853



45/108

Uukerd Unrrn` KuknzWrlanjt OdkdfnrFlkzd`ns, @D(33>) :=3-5=4>ttnrrn`Gnktnrfy.jlo

D onssdfn brlo Nktnrfy Fu`b Ztdtns @luisidkd, @[email protected]. dke Nktnrfy @luisidkd, @@J 3745 Nktnrfy Znrvijns, Ikj. D`` Sifmts Snsnrvne.

Vn hklw tmdt wmnk ylurn cuièikf d bdoi`ys mlon, mdvikf tmn rifmt tll`s blr tmn alc odhns tmn alc fl oujm

solltmnr. Ylu jdk dpp`y lkìkn dt nktnrfy`luisidkd.jlotl turk lk snrvijn blr knw rnsienktid` jlkstrujtilk dketl djjnss stdkedres ikblrodtilk.

Vn drn wlrhikf mdre tl odhn it ndsinr blr ylu tl el cusiknss.

Umdts Umn Wlwnr lb Wnlp`n. Nktnrfy.

Cuièikf jlooukitinslkn bdoi`y dt d tion.

Enkkis ZoitmWrlanjt OdkdfnrCdtlk Slufn, @D(33>) ::9-:3:6esoit4>Gnktnrfy.jlo


46/10855

III. DWDSUONKU SNKU & RDJDKJY ZUDUIZUIJZ

Lk tmn bl``lwikf pdfns drn prnsnktne tdc`ns suoodrizikf tmn fflfurns jlopi`ne ik tmn @Z^/

JOD dpdrtonkt survnys pnrblrone ik Bd``/Viktnr 3745-4>. Kltn tmn deeitilk tmis yndr lb

Drnds 6 (Qdjmdry), = (@ivikfstlk Wdrism) dke 9 (Dsjnksilk Wdrism) tl tmn survny rnsu`ts1


Drnd

Kuocnr lb

Jlop`nxns 7 CS 4 CS 3 CS : CS 5 CS 7 CS 4 CS 3 CS : CS 5 CS Ultd` 7 CS 4 CS 3 CS : CS 5 CS Ul

D@@ 4>: $232 $669 $953 $4,456 $4,947 $4.:: $4.79 $7.93 $7.9: $4.:> $7.99 >.:=% >.=5% 2.7:% 2.5>% :.=7% >.9

4 53 $6>6 $=:4 $4,766 $ 4,>3: $ 3,75> $4.>6 $4.37 $4.47 $4.3> $4.55 $4.34 2.4=% >.7:% 5.=5% 6.76% :.23% >.4

3 :5 $296 $944 $4,7>3 $ 4,392 $ 4,725 $4.>5 $4.3: $7.96 $7.95 $7.67 $4.75 7.77% >.>3% >.>7% 5.65% 7.77% >.:

: :6 $>22 $6>= $==3 $9>2 $964 $4.42 $4.75 $7.=> $7.65 $7.2: $7.=9 6.:3% >.==% 2.:5% >.99% 2.26% 2.4

5 47 $>37 $>4> $245 $2== - $4.75 $7.69 $7.2> $7.22 - $7.29 7.77% 5.45% :.:>% 5.55% - :.=

> 34 $546 $>34 $>99 $647 $66> $7.93 $7.=7 $7.2= $7.26 $7.2> $7.63 >.9=% 9.67% 4:.35% 44.7>% 5.62% 44.3

6 4 - $9=: $4,364 $4,>:> - - $4.47 $4.79 $4.7: - $4.7= - >.66% 6.29% 6.29% - 2.9

= > - $=:7 $943 $4,74> - - $4.44 $7.=6 $7.=: - $7.=9 - 5.97% :.:>% :.:2% - :.>

9 : - $927 $4,49: $4,:=2 - - $4.4> $4.73 $4.75 - $4.7> - :.93% 5.7>% :.67% - :.9

Dvnrdfn Snkt Dvnrdfn Snkt pnr Zq. Bt. Rdjdkjy Sdtn

UDC@N 4

DWDSUONKU EDUD CY DSND BD@@ 3745 B^@@ EDUD ZNU

UDC@N 3DWDSUONKU EDUD CY DSND BLS @DSFN JLOW@N]N Z BD@@ 3745 B^@@ EDUD ZNU

Drnd

Kuocnr lb

Jlop`nxns 7 CS 4 CS 3 CS : CS 5 CS 7 CS 4 CS 3 CS : CS 5 CS Ultd` 7 CS 4 CS 3 CS : CS 5 CS Ul

D@@ 2: $2=6 $=33 $99= $4,496 $ 4,942 $4.:2 $4.43 $7.9> $7.94 $4.33 $4.77 >.3:% >.94% 2.>6% =.37% 2.53% 2.5

4 46 $=>4 $=62 $4,43= $ 4,564 $ 3,44> $4.24 $4.33 $4.43 $4.43 $4.:5 $4.46 =.96% 5.66% >.43% =.74% >.32% >.5

3 43 $647 $9>6 $4,42: $4,54> - $4.>2 $4.36 $4.72 $4.73 - $4.4: 7.77% >.9:% 2.3:% 6.79% - 2.4

: 33 - $627 $=9= $956 $964 - $4.75 $7.=2 $7.6: $7.2: $7.97 - 2.45% 2.9=% 2.9=% 2.26% 2.2

5 3 $>37 $>63 $259 $6=2 - $4.75 $7.=7 $7.2: $7.23 - $7.26 7.77% 5.7=% 5.57% :.46% - 5.4

> : $:6> $5:9 $>24 $639 - $7.6: $7.23 $7.>2 $7.25 - $7.27 5.>>% 47.=7% 4=.47% 36.29% - 4>.=

6 4 - $9=: $4,364 $4,>:> - - $4.47 $4.79 $4.7: - $4.7= - >.66% 6.29% 6.29% - 2.9

= : - $=3> $946 $4,753 - - $4.79 $7.=6 $7.=> - $7.=9 - >.>2% :.2>% >.:7% - 5.4

9 : - $927 $4,49: $4,:=2 - - $4.4> $4.73 $4.75 - $4.7> - :.93% 5.7>% :.67% - :.9

Dvnrdfn Snkt Dvnrdfn Snkt pnr Zq. Bt. Rdjdkjy Sdtn

Edtd Znt

Vitm 7 CS

^kits

Vitm 4 CS

^kits

Vitm 3 CS

^kits

Vitm : CS

^kits

Vitm 5 CS

^kits

Ultd` # lb

Jlop`nxns

7 CS

^kits

4 CS

^kits

3 CS

^kits

: CS

^kits

5 CS

^kits

Ultd

^kit

D`` Jlop`nxns 49 43= 45: 473 32 4>: :97 9,97> 4:,932 :,972 96: 39,47

@drfn Jlop`nxns = 24 2: 5> 9 2: 463 2,962 =,993 3,765 :5> 4=,>>

Kuocnr lb ^kits cy Edtd ZntKuocnr lb Jlop`nxns

UDC@N :BD@@ 3745 B^@@ EDUD ZNU ZUDUIZUIJZ BD@@ 3745 B^@@ EDUD ZNU


47/1085>

RdjdkjyQip

Jlen

Kuocnr lb

Jlop`nxns

Kuocnr

lb kits pnr kit pnr Zq. Bt. Ultd`

67632 5 4,492 $936 $7.976 :.62%

676:6 : 6:3 $4,4>2 $4.7>: :.92%

67=73 6 4,367 $4,:54 $4.>24 3.55%

67=7> > 256 $>:2 $7.62: 47.:2%

67=72 37 3,2>4 $29> $7.622 47.27%

67=76 4 =7 $>:> $7.63: 43.57%

67=7= 4: 3,5=4 $9:: $4.7=5 5.4>%

67=79 34 5,5>7 $4,734 $4.735 >.5=%

67=47 9 4,6:= $4,7=2 $4.722 >.>=%

67=43 3 37= $2>4 $7.9:7 :.:6%

67=4> 47 4,=3: $224 $7.677 5.66%

67=42 :7 6,364 $=56 $7.97> 2.5>%

67=46 : >64 $9=6 $7.94: :.>7%

67=37 4= 3,23> $4,:53 $4.327 6.43%

Dvnrdfn Snkt

UDC@N:

BD@@3745B^@@EDUDZNUZUD

UIZUIJZ

BD@@3745B^@@EDUDZ

NU

Jlon cy lur lbffljn dt

9=3= C`unclkknt C`ve, Zuitn B Cdtlk Slufn, @D 33>.622.==73 ikblG`nwis-jlopdkins.jlo www.`nwis-jlopdkins.jl

@nwis Jlopdkins, d trustne

kdon ik rnd` nstdtn, envn`lp-

onkt dke prlpnrty odkdfn-

onkt. @ljd``y lwkne, wn

mdvn cnnk lpnrdtikf ik tmnCdtlk Slufn jlooukity sikjn

4997. Lur rnputdtilk is cui`t

rnjlfkizikf tmn knnes lb lur

j`inkts fflrst. Vn sdy Vn`-

jlon Mlon wmnk ylu wd`h

tmrlufm lur ellrs. Kl prlp-

nrty is tll `drfn lr tll sod``.


48/10852


UDC@N>

DWDSUONKUEDUDCYDSND

BD@@3744BD@@3745ODUJMNEZDOW@NEDUDZNU


49/10856

UDC@N2

DWD

SUONKUEDUDCYDSNDBLS

@DSFNJLOW@N]NZ

BD@@3744BD@@3745ODUJMNE

ZDOW@NEDUDZNU


50/1085=


U

DC@N6

DWDSUONKU

EDUDCYQIWJLEN

BD@@3744BD@@3745ODUJMNEZDOW@NE

DUDZNUQIWJLENZVIUMO

LSNUMDK4JLOW@N]

RdjdkjyQip

Jlen

Kuocnr lb

Jlop`nxns

Kuocnr

lb kits Wnrile pnr kit pnr Zq. Bt. Ultd`

B 3745 $97= $4.32= 4.45%

B 374: $=2= $4.34: 6.57%

B 3743 $==> $4.3:2 5.65%

Z 3743 $=29 $4.345 2.=:%

B 3744 $=6> $4.333 2.25%

B 3745 $>:> $7.667 47.56%

B 374: $>:> $7.667 9.:=%

B 3743 $>:5 $7.62= 47.2:%

Z 3743 $>:9 $7.66> 44.63%

B 3744 $>35 $7.6>5 =.3=%

B 3745 $644 $7.6=: 6.5=%

B 374: $675 $7.662 9.6=%

B 3743 $292 $7.626 6.23%

Z 3743 $2=5 $7.6>5 >.=>%

B 3744 $2=7 $7.659 6.:7%

B 3745 $=:= $4.776 5.:9%

B 374: $=35 $7.997 :.:4%

B 3743 $=49 $7.9=> 5.65%

Z 3743 $=:7 $7.996 =.39%

B 3744 $=46 $7.9=3 6.2>%

B 3745 $4,739 $4.75= >.>=%

B 374: $4,779 $4.73= :.65%

B 3743 $99: $4.743 5.>5%

Z 3743 $9>9 $7.966 >.7:%

B 3744 $923 $7.9=7 5.>9%

B 3745 $4,4:3 $4.477 2.73%B 374: $4,759 $4.737 :.69%

B 3743 $4,743 $7.9=5 :.96%

Z 3743 $4,7:4 $4.773 6.:3%

B 3744 $4,732 $7.996 >.64%

B 3745 $262 $7.633 5.4:%

B 374: $2>9 $7.675 3.==%

B 3743 $252 $7.297 3.6>%

Z 3743 $252 $7.297 :.65%

B 3744 $2:4 $7.265 5.>9%

B 3745 $=53 $7.==3 5.65%

B 374: $=:3 $7.=64 >.99%

B 3743 $=47 $7.=5= >.39%

Z 3743 $69= $7.=:2 2.=:%

B 3744 $=73 $7.=57 =.=3%

B 3745 $9=6 $7.94: :.>7%

B 374: $956 $7.=62 5.37%

B 3743 $=9= $7.=:4 3.2:%

Z 3743 $=96 $7.=:7 3.3=%

B 3744 $=94 $7.=3> :.=>%

B 3745 $4,449 $4.496 =.33%

B 374: $4,45: $4.33: 6.>3%

B 3743 $4,4:4 $4.347 >.49%

Z 3743 $4,436 $4.372 =.:=%

B 3744 $4,767 $4.45> 6.2:%

67=37 4: 4=59

67=46

67=47 = 4244

4>3267=4>

67=42

574:

Dvnrdfn Snkt

>64:

34:=

9

>73>34

67=7= 47 3736

67=79

>36

257>67=7>

37

67=73

67=72

:

46


51/108UMIZ IZ DK DERNSUIZNONKU. Dutmlrizikf dttlrkny1 Zdo Cdjlt.OjF`ikjmny Ztdlre W@@J ik B@, @D, OZ, KY, LM, U] dke EJ. OjF`ikjmny Ztdlre @@W ik JD.


52/108>7

Wrnoinr Zplkslr

374> SNUDI@ USNKEZ JLOOIUUNNAlkdtmdk Vd`hnr, JJIOOdnstri-Ourrn``, Ikj

USNKEZ Zpndhnr

Jmdrìn Jl`vik, JJIOCndu Clx Jloonrjid` Snd` Nstdtn

Vden Frnnkn, JJIOOdnstri-Ourrn``, Ikj.

Dustik NdrmdrtCndu Clx Jloonrjid` Snd` Nstdtn

Austik @dkf`lis, JJIOZpnrry Rdk Knss

Zndk OjElkdè, ODIJllh, Ollrn, & Dssljidtns

Sdkslo WipnsOdnstri-Ourrn``, Ikj.

Nvdk ZjrlffsKDI @dttnr & Cùo

Jlìk ZoitmHurz dke Mncnrt

Eltin Udr`ntlk, JJIOZtirìkf Wrlpnrtins

SN

UDI@USNK

EZ

374>

ODNZUSIO^SSN@@ IKJ.

LRNSRINV1

Umn Cdtlk Slufn OZD mds cnknbitne brlo d rnclukene njlkloy dke d bdvlrdc`n rntdi`

nkvirlkonkt. Kndr`y d`` lb lur ikeijdtlrs drn up tmis yndr wmijm lvnrd`` ondks `lwnr

vdjdkjy dke mifmnr rnktd`

rdtns. Sntdi` envn`lponkt

ik lur drnd mds cnfuk

tl frlw, witm odky knw

`drfn prlanjts ukenrwdy.

Vmi`n vdjdkjy rdtns

drn `lw, nvnk oixne

usn prlanjts ody dee

deeitilkd` rntdi` tl tmnir

blltprikts. Ds envn`lpnrs,

cdkhnrs, dke crlhnrs, wn

oust rndìzn tmdt rntdi`nrs

drnkt nxpdkeikf dt tmn

pdjn lb tmn ndr`y tl oie 3777s. Sntdi`nrs jlktikun tl frlw jdutilus`y, witm brlkt-nke

odrhnt rnsndrjm dke jlopdrdc`n sd`ns dkd`ysis erivikf knw frlwtm enjisilks.

W`dtikuo Zplkslr


53/108>4

D Zurvny lb Zmlppikf Jnktnrs ik Cdtlk Slufn1 Zprikf 374>

Umis rnplrt wds prnpdrne brlo edtd jl``njtne brlo n-odi` dke tn`npmlkn sur vnys lb smlppikfjnktnr odkdfnrs, `ndsikf dfnkts, dke lwknrs jlkeujtne cy onocnrs lb tmn Cdtlk Slufn

USNKEZ ik Snd` Nstdtn Sntdi` Jlooittnn. Zurvnys wnrn jlkeujtne ik Bncrudr y dke Odrjm 374>.

Nxtnksivn ikenpnkenkt vnribijdtilk wds klt prlviene, mlwnvnr qultne rnkts dke/lr vdjdkjins

tmdt dppndrne dklod`lus wnrn jmnjhne.

Ensjriptilk lb tmn Dkd`ysisLkjn dfdik lur survny ikjùene crndhikf elwk edtd blr dkjmlrne dke klk-dkjmlrne spdjns.

Vn cnìnvn tmis is tmn cnst ikeijdtlr lb wmdt sod`` smlp spdjn is djtud``y `ndsikf blr. Wrnvilus

survnys rnb`njtne rnktd` rdtns jl``njtne lk d mifm-`lw cdsis, witm dk dvnrdfn rnktd` rdtn blr

ndjm prlpnrty jd`ju`dtne cdsne lk tmn mifm-`lw ikeijdtlrs. Umis jdusne dkjmlrne jnktnrs (witm

typijd``y `lwnr rnktd`s blr tmn `drfn spdjns) tl sifkibijdkt`y shnw tmn rnktd` bifurns. Umis is klw

tmn bibtm yndr lb crndhikf lut tmn dkjmlr spdjns ik tmn rnktd` survny dke wn klw bnn` wn drn dc`n

tl trdjh dk djjurdtn trnke ik tmn rnktd` rdtns.

Umn smlppikf jnktnr survny dkd`ysis is strujturne ds bl``lws1

Zuitns lvnr 4>,777 squdrn bnnt drn jlksienrne tl cn dkjmlr spdjns.

Snktd` rdtns blr klk-dkjmlr spdjns drn jl``njtne lk d mifm-`lw cdsis, witm dk dvnrdfn rnktd`rdtn blr ndjm prlpnrty jd`ju`dtne cdsne lk tmn mifm-`lw ikeijdtlrs.

Umn rnktd`s ikeijdtne drn rnb`njtivn lb vdryikf `ndsn tnros, witm slon smlppikf jnktnrs

rnquirikf nxpnksn rniocursnonkts brlo tnkdkts ik deeitilk tl cdsn rnktd`s dke slon smlppikf

jnktnrs rnquirikf kl deeitilkd` rniocursnonkts. Ul drrivn dt jlksistnkt rnktd`s, dky deeitilkd`

rniocursnonkts pdie cy tnkdkts (fnknrd``y blr jloolk drnd odiktnkdkjn (JDO), tdxns dke

iksurdkjn) drn deene tl ndjm smlppikf jnktnrs jd`ju`dtne dvnrdfn rnktd` tl drrivn dt d tltd`

dvnrdfn rnktd`.

Dttnopts tl survny ndjm smlppikf jnktnr drn oden ndjm yndr, mlwnvnr, eun tl turklvnr ik

odkdfnonkt dke/lr lwknrsmip, rnsu`ts blr ndjm smlppikf jnktnr drn klt dvdi`dc`n nvnry yndr.

Jlopdrislk lb tmn tltd` survnyne `ndsdc`n spdjn dke kuocnr lb smlppikf jnktnrs ikeijdtne ik

ndjm tion pnrile smluè klt cn tdhnk ds dk ikeijdtilk lb knw jlkstrujtilk dke/lr enolìtilk,

cut ds dk ikeijdtilk lb prlpnrtins blr wmijm edtd wds prlviene.

Umn Rdjdkjy Sdtn bifurns prnsnktne smluè klt cn vinwne ds d odtjmne sdop`n, ds tmn bifurns

blr ndjm tion pnrile rnb`njt tmn rnsu`ts blr ndjm ikeivieud` survny. Umny drn, mlwnvnr, jlksienrne

tl cn ikeijdtivn lb fnknrd` odrhnt jlkeitilks.


54/108>3

Lk`y smlppikf jnktnrs lb lvnr 4>,777 squdrn bnnt lb ndsdc`n spdjn drn ikjùene ik tmn

survny. Kuonrlus sod`` strip jnktnrs tmrlufmlut tmn Cdtlk Slufn drnd drn nxjùene brlo

tmn dkd`ysis eun tl tmn oikiod` sizn rnquirnonkt blr tmn survny.

Cdtlk Slufns twl nkj`lsne smlppikf od``s, tmn Od`` lb @luisidkd dke Jlrtdkd Od``,

drn nxjùene brlo tmn survny. Eun tl tmn `drfn sizn lb tmnsn jnktnrs dke sifkibijdkt`y

mifmnr rnktd`s jl``njtne blr od`` spdjns jlopdrne tl stdkedre ou`ti-tnkdkt rntdi` spdjns,

tmnsn prlpnrtins mdvn mistlrijd``y jdusne sifkibijdkt shnwikf lb tmn vdjdkjy dke dvnrdfn

rnktd` rnsu`ts wmnk ikjùene ik pdst rnplrts. Umny wnrn nìoikdtne brlo tmn survny ik

3776, witm rnsu`ts brlo ndrìnr survnys rnvisne tl nxjùen tmnsn jnktnrs.

Cdtlk Slufns : jlop`ntne ìbnsty`n jnktnrs Wnrhiks Slwn, Umn Clu`nvdre dt tmn

Od`` lb @luisidkd dke Ulwkn Jnktnr wnrn survnyne blr tmn birst tion ik 377=. Ds witm

tmn smlppikf od``s, tmnsn jnktnrs jl``njt sifkibijdkt`y mifmnr rnktd`s, ikjùsilk lb wmijmwluè ìhn`y sifkibijdkt`y shnw tmn edtd. Umnsn tmrnn jnktnrs drn fnknrd``y nxjùene brlo

tmn bifurns prnsnktne, dke spnjibij ikblrodtilk wi`` cn fivnk lk tmnsn jnktnrs eurikf tmn

djtud` prnsnktdtilk.

Dkd`ysns drn pnrblrone cy Rdjdkjy Sdtn (Udc`n 4), Zizn/Uypn (Udc`n 3), Dfn (Udc`n :),

@ljdtilk (Udc`n 5) dke cltm @ljdtilk dke Uypn (Udc`n >).

ZÔODSY LB ZWSIKF 374> SNUDI@ Z^SRNY

Dttnopts wnrn oden tl jlktdjt 4:: smlppikf jnktnrs ik Ndst Cdtlk Slufn, Dsjnksilk

dke @ivikfstlk Wdrismns, witm rnsplksns lctdikne brlo 446 smlppikf jnktnrs.

Nxjùeikf tmn ìbnsty`n jnktnrs, d tltd` lb =,54:,636 squdrn bnnt lb `ndsdc`n spdjn wds

survnyne, witm 22=,27= squdrn bnnt (6.9>%) rnplrtne tl cn vdjdkt. Umis vdjdkjy rdtn is

sifkibijdkt`y `lwnr tmdk tmn 47.24% rnplrtne ik tmn 3745 survny, dke tmn 9.=2% vdjdkjy

rdtn rnplrtne ik tmn 374: survny.

Dvnrdfn Ultd` Jl``njtilks (rnkt dke nxpnksn rniocursnonkts) blr klk-dkjmlr spdjn

wnrn $46.6:/squdrn bllt, wmijm rnb`njts d sìfmt ikjrndsn ik rnktd` rdtns brlo tmn 3745

survny ($42.=>).

Dkd`ysis cy Rdjdkjy Sdtn

Udc`n 4 (snn pdfn 27)jlktdiks tmn dkd`ysis cy vdjdkjy rdtn. Umn lvnrd`` vdjdkjy rdtn mds

enjrndsne sifkibijdkt`y tl 6.9>% brlo 47.24% ik Zprikf 3745, dke 9.=2% ik Zprikf 374:,

9.3:% ik Zprikf 3743 . 25% lb survnyne jnktnrs ik Zprikf 374:, 24% lb survnyne jnktnrs

ik Zprikf 3745 dke 22% lb survnyne jnktnrs ik Zprikf 374> rnplrtne vdjdkjy rdtns lb 47%

lr `nss.. Lk`y 3% lb jnktnrs rnplrtne vdjdkjins lvnr >7% ik Zprikf 374> elwk brlo >% ik

ODNZUSIO^SSN@@ IKJ.W`dtikuo Zplkslr


55/108

Jloonrjid` Zd`ns & @ndsikf Snsienktid` Zd`ns & @ndsikf Wrlpnrty Odkdfnonk

YL^S JLOONSJID@ SND@ NZUDUN ZL@^UILKZ UNDO

CSIEFIKF UMN FDWIK UMN JDWIUD@ SNFILK

Blr lvnr 37 yndrs, lur tndo lb rnd` nstdtn prlbnssilkd`s mds bljusne lk odhikf ylur rnd` nstdtn sd`ns,`ndsikf dke odkdfnonkt jmlijns ndsy, sl ylu jdk bljus lk rukkikf ylur cusiknss. Vn siop`iby tmn

trdksdjtilk prljnss cy prlvieikf pnrslkd` dttnktilk wmnk ylu knne it olst. Udts wmyOdnstri-Ourrn`` is d`wdys dvdi`dc`n, edy lr kifmt, tl snrvijn ylur jloonrjid` rnd` nstdtn knnes.

Vn drn jlooittne tl criefikf tmn fdpcntwnnk ylur rnd` nstdtn knnes dke ylur cusiknss sujjnss.

974= Annrslk Mwy (33>) 39=-43>7 VVV.OOJSN.JLO (33>) 39=-4:77 blr Rirtud` Ljn Ikbl.


56/108>5


Zprikf 3745). 34% lb tmn survnyne jnktnrs rnplrtne vdjdkjins lb 47.74% tl 3>% (up brlo

37% ik Zprikf 3745, (46% ik Zprikf 374:, 42% ik Zprikf 3743 dke 3>% ik Zprikf 3744),

wmi`n 44% rnplrtne vdjdkjins lb 3>.74% tl >7% (elwk brlo 4>% ik Zprikf 3745).

Dkd`ysis cy Zizn/UypnUdc`n 3 (snn pdfn 24) jlktdiks tmn dkd`ysis cy smlppikf jnktnr sizn/typn. Umn survnyne

smlppikf jnktnrs drn jdtnflrizne cdsne lk eisjussilks witm `ljd` `ndsikf dfnkts ik

jllpnrdtilk witm JIE dke tmn Frndtnr Cdtlk Slufn Dssljidtilk lb SND@ULSZ dke

enbikitilks usne cy tmn ^rcdk @dke Ikstitutn dke Iktnrkdtilkd` Jlukji` lb Zmlppikf

Jnktnrs. Umn smlppikf jnktnr typns drn ds bl``lws1

Jlkvnkinkjn Jnktnrs (ukenr :7,777 squdrn bnnt) typijd``y prlvien blr tmn sd`n lb

jlkvnkinkjn flles dke pnrslkd` snrvijns witmlut mdvikf d stdkedre dkjmlr spdjn.

Knifmclrmlle Jnktnrs (:7,774 tl 477,777 squdrn bnnt) typijd``y prlvien blr tmn sd`n lb

jlkvnkinkjn flles dke pnrslkd` snrvijns witm d frljnry dkjmlr spdjn.

Jlooukity Jnktnrs (477,774 tl 3>7,777 squdrn bnnt) typijd``y prlvien j`ltmikf,

mdrewdrn, dke dppìdkjns, ik deeitilk tl jlkvnkinkjn flles dke pnrslkd` snrvijns.

Uypijd``y, tmnsn drn cui`t drluke d sod`` enpdrtonkt, vdrinty, lr eisjlukt stlrn.

Snfilkd` Jnktnrs (lvnr 3>7,777 squdrn bnnt) typijd``y prlvien fnknrd` onrjmdkeisn,

burkiturn dke mlon burkismikfs, ds wn`` ds snrvijns dke rnjrndtilkd` bdjiìtins. Umnsn `drfnr

jnktnrs drn lbtnk cui`t drluke lkn lr twl bu``-ìkn enpdrtonkt stlrns tmdt drn fnknrd``y

`drfnr tmdk 477,777 squdrn bnnt.

57% lb tmn survnyne jnktnrs drn jlksienrne tl cn Jlkvnkinkjn Jnktnrs, tmlufm lk`y 44%

(=9=,>9= squdrn bnnt) lb tmn survnyne `ndsdc`n spdjn is `ljdtne ik tmnsn jnktnrs. :=% lb

tmn survnyne jnktnrs drn jlksienrne tl cn Knifmclrmlle Jnktnrs, wmijm jlktdik :7%

(3,>:7,976 squdrn bnnt) lb tmn survnyne `ndsdc`n spdjn. 4=% lb tmn survnyne jnktnrs

dke :>% lb tmn survnyne `ndsdc`n spdjn (3,922,>39 squdrn bnnt) drn jlksienrne tl cn

Jlooukity Jnktnrs, wmi`n :% lb tmn survnyne jnktnrs dke 35% lb tmn survnyne `ndsdc`n

spdjn (3,746,29: squdrn bnnt) drn jlksienrne tl cn Snfilkd` Jnktnrs.

Zikjn tmn Zprikf 3745 survny, vdjdkjy rdtns mdvn enjrndsne ik nvnry smlppikf jnktnr

typn nxjnpt blr dk vnry sìfmt ikjrndsn ik Snfilkd` Jnktnrs.

Umn mifmnst vdjdkjins drn kltne ik tmn ukdkjmlrne Jlkvnkinkjn Jnktnrs(47.55%), wmi`n

Snfilkd` Jnktnrs jlktikun tl mdvn d `lw vdjdkjy rdtn (4.29%). Jlooukity Jnktnrs mdvn d

vdjdkjy rdtn lb 47.74%, wmi`n Knifmclrmlle Jnktnrs mdvn d vdjdkjy rdtn lb 9.25%.

55% lb tmn rnplrtne vdjdkt spdjn is `ljdtne ik Jlooukity Jnktnrs, wmi`n lk`y >% is

`ljdtne ik Snfilkd` Jnktnrs. 45% is `ljdtne ik Jlkvnkinkjn Jnktnrs dke :2% is `ljdtne ik

Knifmclrmlle Jnktnrs.


57/108


58/108>2

Umn mifmnst jl``njtilks blr klk-dkjmlr spdjn wnrn kltne ik Snfilkd` Jnktnrs ($33.54/

squdrn bllt). Umn `lwnst dvnrdfn jl``njtilks wnrn kltne ik Knifmclrmlle Jnktnrs

($45.39/squdrn bllt).

Dkd`ysis cy DfnUdc`n : (snn pdfn 23) jlktdiks tmn dkd`ysis cy dfn, witm tmn smlppikf jnktnrs jdtnflrizne

cdsne lk tmn yndr lb tmnir jlkstrujtilk.

Ik 374: wn cnfdk `llhikf dt knwnr jnktnrs tmdt wnrn cui`t ik 3772 lr `dtnr. Jlksistikf lb

93:,6:2 squdrn bnnt, tmny klt lk`y mdvn tmn `lwnst vdjdkjy rdtn dt 3.42%, cut mdvn tmn

mifmnst rnktd` rdtn dt $35.59/squdrn bllt.

Umn snjlke snt lb smlppikf jnktnrs jlksists lb 35 prlpnrtins tmdt mdvn cnnk jlkstrujtne

brlo 3777 - 377>. Umnrn wnrn 44 olrn rnjnkt`y-cui`t jnktnrs ikj`uene ik Zprikf 3747tmdk ik Zprikf 3779, priodri`y eun tl tmn survnyikf lb @ivikfstlk dke Dsjnksilk Wdrismns

(wmijm mdvn nxpnrinkjne sucstdktid` rntdi` frlwtm ik tmn pdst enjden) blr tmn snjlke

tion. D`sl deene wnrn d bnw knwnr strip jnktnrs ik Jnktrd`. Umnsn knwnr jnktnrs rnplrt d

Zprikf 374> vdjdkjy rdtn lb >.79%, jlopdrne tl tmn Zprikf 3745 vdjdkjy rdtn lb 2.36%.

:5.24% lb tmn spdjn is dkjmlr spdjn dke dvnrdfn tltd` jl``njtilks blr klk-dkjmlr spdjn

drn $34.92/squdrn bllt.

Umn knxt snt lb smlppikf jnktnrs jlksists lb 47 jnktnrs jlkstrujtne cntwnnk 499> dke

4999. Umnsn jnktnrs rnplrt d Zprikf 374> vdjdkjy rdtn lb 3.4=%, wmijm is s`ifmt`y cnttnr

tmdk tmn Zprikf 3745 vdjdkjy rdtn lb 3.6:% dke Zprikf 3743 vdjdkjy lb :.:9%. >=.4:% lb

tmn spdjn is dkjmlr spdjn dke dvnrdfn tltd` jl``njtilks blr klk-dkjmlr spdjn drn $37.75/

squdrn bllt.

37 survnyne smlppikf jnktnrs wnrn jlkstrujtne cntwnnk 49=> dke 499>. Umnsn jnktnrs

rnplrt d Zprikf 374> vdjdkjy lb 5.47%, wmijm is elwk brlo tmn Zprikf 3745 vdjdkjy

rdtn lb >.62% 57.>:% lb tmn spdjn is dkjmlr spdjn dke dvnrdfn tltd` jl``njtilks blr klk-

dkjmlr spdjn drn $46.=2 pnr squdrn bllt.

43 survnyne smlppikf jnktnrs wnrn jlkstrujtne cntwnnk 49=7 dke 49=5. Umnsn jnktnrsrnplrt d Zprikf 374> vdjdkjy rdtn lb 46.67% wmijm is elwk brlo tmn Zprikf 3745 vdjdkjy

rdtn lb 3>.79% dke Zprikf 374: vdjdkjy rdtn lb 3>.:4%. 53.5>% lb tmn spdjn is dkjmlr

spdjn dke dvnrdfn tltd` jl``njtilks blr klk-dkjmlr spdjn drn $43.>2/squdrn bllt.

:> survnyne smlppikf jnktnrs (rnprnsnktikf :7% lb tmn survnyne `ndsdc`n spdjn dke

5>% lb tmn vdjdkt spdjn) wnrn jlkstrujtne cnblrn 49=7. Umnsn jnktnrs rnplrt d Zprikf

374> vdjdkjy rdtn lb 43.64%, elwk brlo tmn Zprikf 3745 vdjdkjy rdtn lb 45.66% dke tmn

Zprikf 374: vdjdkjy rdtn lb 4:.>=%. 32.34% lb tmn spdjn is dkjmlr spdjn dke dvnrdfn

tltd` jl``njtilks blr klk-dkjmlr spdjn drn $4:.44/squdrn bllt.



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J N @ N C S D U I K F

snvnkty yndrs

495> 374>

FNKNSD@ JLKUSDJULSZ

4=45> Wntrl`nuo Erivn | Cdtlk Slufn, @luisidkd 67=79 | (33>) 6>:-54>7

www.cuqunt-`nc`dkj.jlo


60/108>=


Umn `lwnst rnktd`s dke mifmnst vdjdkjy drn kltne ik tmn smlppikf jnktnrs cui`t cnblrn

49=>. Umnsn jnktnrs rnprnsnkt 57% lb tmn survnyne smlppikf jnktnrs, 53% lb tmn survnyne

`ndsdc`n spdjn dke 65% lb tmn tltd` vdjdkt spdjn.

Dkd`ysis cy Fnlfrdpmij DrndUdc`n 5 (snn pdfn 25)jlktdiks tmn Dkd`ysis cy Fnlfrdpmij Drnd. Umn Fnlfrdpmij Drnds

usne ik tmis survny blr smlppikf jnktnrs ik Cdtlk Slufn drn `lkf-stdkeikf dke drn enbikne

ds bl``lws1

Drnd 4 Zlutm lb Iktnrstdtns 47 dke 43 dke wnst lb Dirìkn Mifmwdy

Drnd 3 Klrtm lb Iktnrstdtns 47 dke 43 dke slutm dke wnst lb Dirìkn Mifmwdy d`sl

ikjùens smlppikf jnktnrs d`lkf W`dkh Slde cntwnnk Dirìkn Mifmwdy dke Mllpnr

Slde.

Drnd : Klrtm lb Jmljtdw Erivn dke Dirìkn Mifmwdy, nxjùeikf Qdjmdry dke W`dkhSlde smlppikf jnktnrs cntwnnk Dirìkn Mifmwdy dke Mllpnr Slde

Drnd 5 Zlutm lb Jmljtdw Erivn dke ndst lb Dirìkn Mifmwdy d`sl ikjùens

smlppikf jnktnrs d`lkf Dirìkn Mifmwdy cntwnnk Iktnrstdtn 43 dke B`lried Clu`nvdre

Drnd > Qdjmdry (survnyne cnfikkikf ik 377=)

Drnd 2 Dsjnksilk Wdrism (survnyne cnfikkikf ik 3747)

Drnd 6 @ivikfstlk Wdrism (survnyne cnfikkikf ik 3747)

Umn mifmnst dvnrdfn klk-dkjmlr jl``njtilks ($33.25/squdrn bllt) drn kltne ik Drnd 4

dke tmn `lwnst vdjdkjy rdtn (:..73%) is kltne ik Drnd 4, wmi`n Drnd : rnplrts tmn `lwnst

tltd` klk-dkjmlr jl``njtilks ($47.:2/squdrn bllt) dke Drnd : rnplrts tmn mifmnst vdjdkjy

rdtn (42.7=%). Drnd 6 is @ivikfstlk Wdrism dke ikjùens lk`y 3 rnsplkeikf jnktnrs (cltm

klk-dkjmlrne), wmi`n Drnd 4 jlktdiks odky lb tmn knwnr rntdi` jlrrielrs ik Cdtlk Slufn

(d`lkf Cùnclkknt Clu`nvdre, Zinfnk @dkn, dke Wnrhiks Slde).

Dkd`ysis cy Fnlfrdpmij Drnd dke UypnUdc`n > (snn pdfn 2>) prnsnkts d crndhelwk lb rnsplksns brlo dkjmlrne dke ukdkjmlrne

jnktnrs ik ndjm lb tmn fnlfrdpmijdrnds. Umn `lwnst vdjdkjins ik

dkjmlrne jnktnrs drn kltne ik Drnd

4 (3.26%) dke Drnd 2 (3.::%), dke

> (7%, wmijm is cdsne lk d sikf`n

dkjmlr) wmi`n tmn mifmnst is kltne

ik Drnd 3 (49.37%,). Umn mifmnst

jl``njtilks blr dkjmlrne jnktnrs drn


61/108>9

kltne ik Drnd 4 ($37.63/squdrn bllt) dke tmn `lwnst jl``njtilks drn kltne ik Drnd : ($=.>:/squdrn

bllt).

Umn `lwnst vdjdkjins ik ukdkjmlrne jnktnrs drn kltne ik Drnd 4 (5.45%), wmi`n tmn mifmnst

vdjdkjins drn kltne ik Drnd > (45.42%). Umn mifmnst jl``njtilks blr ukdkjmlrne jnktnrs drn kltne

ik Drnd 4 ($3>.47/squdrn bllt) dke tmn `lwnst jl``njtilks drn kltne ik Drnd 5 ($44.>6/squdrn

bllt).

ZuoodryLb tmn =.54 oi``ilk squdrn bnnt lb `ndsdc`n

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