2015 Private Equity Market Outlook from TorreyCove Capital Partners
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Transcript of 2015 Private Equity Market Outlook from TorreyCove Capital Partners
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7/21/2019 2015 Private Equity Market Outlook from TorreyCove Capital Partners
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Qdur [brtlfr
Ndr B`tfrlbtavf
Alvfstmflt Ud`utadls
www.tdrrfyedvf.edm 3;26 YdrrfyEdvf Ebpatb` [brtlfr
3;26 [ravbtf FquatyMbroft Dut`ddo
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Ybc`f dn Edltflts
5 B Mberdfedldmae Dvfrvafw
23 Ybetaeb` Uummbry
Cuyduts
25 Ldrtg Bmfraeb Cuyduts
3; Furdpf @brjf Cuyduts
Upfeab` Uatubtadls
37 Iastrfssfi Ifct
56 Mfzzblalf
51 Ufedlibrafs
9> ^flturf Ebpatb`
Ygas mbtfrab` as prdpraftbry bli mby ldt cf rfprdiuefi, trblsnfrrfi, dr iastracutfi al bly ndrm watgdut pradr wrattfl pfrmassadl nrdm YdrrfyEdvf Ebpatb` [brtlfrs.
Ldtgalj edltbalfi al tgas mbtfrab` as altflifi td edlstatutf `fjb`, tbx, sfeuratafs, dr alvfstmflt bivaef, ldr bl dpaladl rfjbrialj wgftgfr bly alvfstmflt as bpprdprabtf,
ldr b sd`aeatbtadl dn bly typf. Ygf jflfrb` alndrmbtadl edltbalfi gfrfal sgdu`i ldt cf betfi updl watgdut dctbalalj spfeanae `fjb`, tbx bli alvfstmflt bivaef nrdm b
`aeflsfi prdnfssadlb`. Jflfrb``y, b`tfrlbtavf alvfstmflts alvd`vf b gajg ifjrff dn raso, ale`uialj pdtfltab` `dss dn praleapb`, ebl cf gajg`y a``aquai bli ebl egbrjf gajgfr
nffs tgbl dtgfr alvfstmflts. [ravbtf fquaty alvfstmflts brf jflfrb``y ldt suchfet td tgf sbmf rfju`btdry rfquarfmflts bs rfjastfrfi alvfstmflt dptadls. [bst
pfrndrmblef mby ldt cf aliaebtavf dn nuturf rfsu`ts.
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3;26 Dut`ddo
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
B Mberdfedldmae Dvfrvafw
Ygf ifvf`dpfi wdr`i strueo cbeo al 3;29, dr bt `fbst sdmf dn at iai. Ygf V.U. fedldmy bppfbrfi td
nalb``y mbof gfbiwby al sgboalj dnn tgf id`irums, jflfrbtalj sustbalfi jrdwtg, bli ebtegalj up watg
tgf rdbralj fquaty mbrofts, bs strdlj JI[ jrdwtg bli fmp`dymflt trflis fmfrjfi al tgf `bttfr gb`n dn
tgf yfbr. Udmf ldl-Furdzdlf fedldmafs watgal tgf FV, pbrtaeu`br`y tgf V.O., cfjbl td put up strdljfr
jrdwtg lumcfrs `bst yfbr bs wf``. Ygf rfst dn tgf FV, irbjjfi idwl cy sfvfrb` wfbo Furdzdlf
fedldmafs, s`djjfi tgrdujg bldtgfr yfbr dn `dw jrdwtg puletubtfi cy b ifn`btadl sebrf. Bli wga`f
sta`` jrdwalj bt b craso pbef, tgf Egalfsf fedldmy edltalufi ats ifef`frbtadl, e`duifi al ulefrtbalty
rfjbrialj if`fvfrbjalj prfssurfs nrdm ats mu`tayfbr naxfi bssft caljf bli ats sgant nrdm bl alvfstmflt
td edlsumfr-drafltfi jrdwtg mdif`.
Iavfrjflef al jrdwtg berdss tgf j`dcf gbs `fi td iavfrjflef al pd`aey. Ygf Nfifrb` Sfsfrvf sajlb`fi
rbtf tajgtflalj al 3;26, wga`f tgf Furdpfbl Efltrb` Cblo blldulefi fmcbrobtadl dl ats dwl vfrsadl
dn qubltatbtavf fbsalj, bli Egalb eut ats cflegmbro altfrfst rbtfs ndr tgf narst tamf salef 3;23. Al spatf
dn rbtf alerfbsf tb`o nrdm tgf Nfi, tgf dvfrb`` mdlftbry pdsturf dn tgf mbhdr efltrb` cblos, bli
tgfrfndrf j`dcb` `aquaiaty, as fxtrbdrialbra`y fxpblsadlbry. Vlifr`yalj tgas pdsturf as tgf pfrsastflef dn
strueturb` amcb`blefs al tgf j`dcb` fedldmy tgbt gbvf mbaltbalfi b j`ut dn sbvaljs bli edltracutfi tdb sajlanaeblt ifmbli sgdrtnb``, bs wf`` bs ifn`btadlbry prfssurfs, mdst ldtbc`y al Hbpbl, Furdpf, bli
fvfl tgf V.U. (mfblalj tgbt tgf Nfi mby yft ifnfr b rbtf alerfbsf). Xfrd dr lfbr-zfrd cduli altfrfst
rbtfs bli qubltatbtavf fbsalj wa`` cf nfbturfs dn tgf wdr`i fedldmy ndr sdmf tamf, bs edultrafs
bttfmpt td offp ifn`btadl bt cby, mbaltbal idmfstae bssft praefs bli stamu`btf ifmbli bt gdmf, bli
bttfmpt td `urf ifmbli nrdm tgfar lfajgcdrs vab edmpftatavf eurrfley ifvb`ubtadl.
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3;26 Dut`ddo
-2;%
-6%
;%
6%
2;%
26%
3;%
3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Egalb Vlatfi Utbtfs Furdpfbl Vladl
Fedldmae Jrdwtg
V.U. rfb` JI[ alerfbsfi bt bl bllub`azfi rbtf dn 3.>% al tgf ndurtg qubrtfr dn 3;29, nd``dwalj b strdlj
tgari qubrtfr al wgaeg jrdwtg wbs up 6.;% dl bl bllub`azfi cbsas, beedrialj td tgf Curfbu dn Fedldmae
Blb`ysas (CFB). Ndr tgf nu`` yfbr, V.U. JI[ jrfw cy 3.9%, watg b pddr narst qubrtfr sgdwalj iftrbetalj nrdm
tgf strdljfr `bttfr gb`n dn tgf yfbr, cut `bst yfbr wbs sta`` b maldr amprdvfmflt dvfr 3;25 s3.3% jrdwtg.
Ygf CFB bttracutfs jrdwtg al tgf `bst twd qubrtfrs dn 3;29 td pdsatavf edltracutadls nrdm pfrsdlb`
edlsumptadl fxpfliaturfs, ldlrfsaifltab` naxfi alvfstmflt, nfifrb` jdvfrlmflt spflialj, rfsaifltab`
naxfi alvfstmflt, bli fxpdrts. Ampdrts, wgaeg brf b suctrbetadl al tgf eb`eu`btadl, iferfbsfi. Gdusf
praefs al tgf V.U. rdsf bt b mdifrbtf pbef al 3;29 edmpbrfi td tgf iduc`f iajat praef bpprfeabtadl sffl al
3;25. Cftwffl Ufptfmcfr 3;25 bli Ufptfmcfr 3;29, tgf Nrfiiaf Mbe Gdusf [raef Alifx edltalufi td
rasf, cut bt b mdifst 6.;%, watg bl dut`ddo td mdifrbtf td brduli 5.;%.
Dvfrsfbs, Furdpfbl JI[ jrdwtg `ddos td cf edmalj dut dn tgf 3;25 s`ump. Gdwfvfr, tgf rfedvfry as
s`dw, watg Furdstbt sgdwalj nu`` yfbr jrdwtg dn dl`y ;.7% al tgf Furd Brfb, wgaeg as ldlftgf`fss bl
amprdvfmflt dl tgf -;.6% nrdm tgf pradr yfbr. Ygf `brjfr FV pdstfi b 2.5% bllub` JI[ alerfbsf ndr
3;29 bntfr bl fssfltab``y n`bt yfbr al 3;25. Arf`bli sgdwfi tgf strdljfst jrdwtg al tgf Furdzdlf bli
Furdpfbl Vladl, watg bllub` jrdwtg dn bpprdxambtf`y 6.;%, tgdujg tgas najurf mby cf edlsaifrbc`y
pumpfi up iuf td tgf fnnfet dn edltrbet mblunbeturalj cy dnnsgdrf pgbrmbefutaeb` edmpblafs.
Uduref8 AMN, Furdstbt
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
JI[ Jrdwtg
B Mberdfedldmae Dvfrvafw
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3;26 Dut`ddo
B Mberdfedldmae Dvfrvafw
Bntfr pdstalj edlsfeutavf lfjbtavf jrdwtg al tgf yfbrs nd``dwalj tgf erasas, Jrffef, Upbal, bli [drtujb`
nalb``y fmfrjfi nrdm tgfar s`umps. Jrffef paeofi up stfbm al tgf `bttfr gb`n dn tgf yfbr bli pdstfi b
mdifrbtf alerfbsf al JI[ ndr 3;29. Mfblwga`f, Upbal bli [drtujb` put up bllub` jrdwtg rbtfs ndr 3;29
dn 2.9% bli ;.1%, rfspfetavf`y. Dl b lfjbtavf ldtf, Atb`y, tgf Furdzdlfstgari `brjfst fedldmy, edltalufstd strujj`f td jflfrbtf jrdwtg bli pdstfi bldtgfr n`bt yfbr al 3;29.
Al Bsab, Egalb's jrdss idmfstae prdiuet fxpblifi :.9% al 3;29, ats s`dwfst pbef al dvfr 3; yfbrs bli b
s`ajgt irdp nrdm tgf :.:% jrdwtg al 3;25. Ygf s`dwidwl wbs iravfl cy `dwfr prdpfrty alvfstmflt,
sgraloalj erfiat jrdwtg, bli wfboflalj aliustrab` prdiuetadl. Egalbs `fbifrs bpprdvfi dvfr 5;;
alnrbstrueturf prdhfets vb`ufi bt dvfr $2.2 tra``adl ndr 3;26 al drifr td stamu`btf jrdwtg bli cddst mbroft
edlnaiflef.
Al Hbpbl, tgf mdlftbry stamu`us dn tgf Hbpblfsf efltrb` cblo gbs ldt sgdwl bly edlsaifrbc`f sustbalbc`f
ampbet dl tgf edultrysjrdwtg sd nbr. B iasbstrdus sfedli qubrtfr tgf rfsu`t dn b mbhdr edlsumptadl
tbx gaof tboalj fnnfet put 3;29 al b gd`f nrdm wgaeg at edu`i ldt iaj dut, `fbialj td bldtgfr yfbr dn
ife`alf ndr Hbpblsfedldmy. Al rfspdlsf td edltalualj jrdwtg egb``fljfs, tgf Hbpblfsf pramf malastfr
bpprdvfi bl fmfrjfley stamu`us pbeobjf wdrtg 5.6 tra``adl ($31.2 ca``adl) dl Ifefmcfr 3:tg td
stamu`btf tgf fedldmy bli rfbeg b JI[ jrdwtg tbrjft dn bt `fbst ;.:% al 3;26 bli 3;2>.
Vlfmp`dymflt
Ygf V.U. ulfmp`dymflt rbtf iferfbsfi nrdm >.:% al Ifefmcfr 3;25 td 6.>% al Ldvfmcfr 3;29,
beedrialj td tgf Curfbu dn @bcdr Utbtastaes (C@U). Vlfmp`dyfi eava`abls iferfbsfi cy 575,;;; td 7.:
ma``adl. Ygf lumcfr dn `dlj tfrm ulfmp`dyfi, tgdsf hdc`fss ndr 3: wffos dr mdrf, wbs fssfltab``y
ulegbljfi bt 3.7 ma``adl al Ifefmcfr edmpbrfi td Ldvfmcfr, dr 52.1% dn tgf ulfmp`dyfi. Dvfr tgf
pbst 23 mdltgs, tgf lumcfr dn `dlj tfrm ulfmp`dyfi ife`alfi cy 2.2 ma``adl. Fvfl tgdujg tgf
ulfmp`dymflt rbtf nf`` sgbrp`y dvfr tgf pbst yfbr, tgf V.U. sta`` gbs b edlsaifrbc`f lumcfr dn
alvd`ultbrypbrt tamf wdrofrswgd brf sta`` edultfi bs fmp`dyfi. Ygf C@U fstambtfs lfbr`y >.7 ma``adl
pfdp`f nb`` altd tgas ebtfjdry. Al Ifefmcfr 3;29, tgfrf wfrf 3.5 ma``adl pfrsdls e`bssanafi bs mbrjalb``y
bttbegfi td tgf `bcdr ndref,mfblalj tgfy gbi `ddofi ndr b hdc watgal tgf `bst 23 mdltgs, cut ldt al tgf
ndur wffos pradr td tgf survfy. Bmdlj tgf mbrjalb``y bttbegfi, tgfrf wfrf :9;,;;; pfdp`f wgd irdppfi
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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3;26 Dut`ddo
;%
6%
2;%
26%
3;%
36%
5;%
J
rffef
Udutg
Bnraeb
L
ajfrab
Upbal
Arbq
Atb`y
[drtujb`
Fjypt
Furd
Brfb
[
d`bli
Ar
f`bli
N
rblef
Y
urofy
B
ustrab
Arbl
Nal`bli
Cf
`jaum
Lftgfr`blis
EzfegSfpuc`ae
Ed`dmcab
Brjf
ltalb
Uw
fifl
Eblbib
[ga`ap
palfs
[boastbl
Alid
lfsab
^flf
zuf`b
VlatfiOal
jidm
VlatfiUtbtfs
Uduref8 Yrbialj Fedldmaes
dut dn tgf `bcdr ndref bs iasedurbjfi wdrofrs. Ygf lumcfr dn alvd`ultbry pbrt tamf wdrofrs, `dlj tfrm
ulfmp`dyfi, bli iasedurbjfi wdrofrs sujjfst tgbt, wga`f tgfrf gbs cffl edlsaifrbc`f amprdvfmflt al
tgf V.U. fmp`dymflt paeturf dvfr tgf `bst 23 mdltgs dr sd, tgf `bcdr ndref rfmbals ulifruta`azfi, wgaeg
wa`` najurf sajlanaeblt`y al Nfifrb` Sfsfrvf tgaloalj rfjbrialj rbtf alerfbsfs al 3;26. Ygf V.O. b`sd sgdwfimfblaljnu` jrdwtg mdmfltum, watg b 3.>% yfbr dvfr yfbr alerfbsf al 3;29, edmpbrfi td 2.:% al tgf
pradr yfbr. Bntfr pddr pfrndrmblef al tgf yfbrs dut dn tgf `bcdr ndref bs iasedurbjfi wdrofrs.
Ygf Furd Brfb ulfmp`dymflt rbtf wbs 22.6% al Ldvfmcfr, ulegbljfi nrdm tgf navf prfvadus mdltgs,
cut idwl nrdm 23.2% al Ldvfmcfr 3;25. Bmdlj tgf mfmcfr stbtfs, tgf `dwfst ulfmp`dymflt rbtfs
wfrf rfedrifi al Jfrmbly (6.;%) bli Bustrab (9.1%). Ygf gajgfst ulfmp`dymflt rbtfs pfrsastfi al
Jrffef (36.7% al Detdcfr 3;29) bli Upbal (35.1%). Qdutg ulfmp`dymflt iferfbsfi cy 569,;;; bli
67,;;; al tgf Furdpfbl Vladl bli Furd Brfb, rfspfetavf`y, edmpbrfi td `bst yfbr. Ygf gajgfst ydutg
ulfmp`dymflt rbtfs wfrf dcsfrvfi al Upbal (65.6%), Jrffef (6;.> % al Detdcfr 3;29), Erdbtab (96.6% al
tgf tgari qubrtfr 3;29), bli Atb`y (95.1%).
Al Bsab, tgf Udutgfbst Bsabl edultrafs sgdw tgf `dwfst `fvf`s dn ulfmp`dymflt, ale`uialj Ygba`bli
(;.>%), Ualjbpdrf (3.;%), bli ^aftlbm (3.2%). Ygfsf brf nd``dwfi cy Hbpbl (5.6%), Udutg Odrfb (5.6%),
bli Egalb (9.2%).
Vlfmp`dymflt Sbtfs V.U. Vlfmp`dymflt Sbtf
Uduref8 Curfbu dn @bcdr Utbtastaes
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
;%
3%
9%
>%
7%
2;%
23%
3;
;3
3;
;5
3;
;9
3;
;6
3;
;>
3;
;:
3;
;7
3;
;1
3;
2;
3;
22
3;
23
3;
25
3;
29
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3;26 Dut`ddo
Aln`btadl
Al spatf dn gastdraeb``y `dw altfrfst rbtfs, V.U. aln`btadl rbtfs rfmbalfi quatf tbmf tgrdujgdut 3;29, nba`alj
td gat tgf Nfis tbrjft rbtf dn 3.;%. Ygf B`` Atfms Alifx alerfbsfi ;.7% dvfr tgf 23 mdltgs flialj
Ifefmcfr 3;29, b ldtbc`f ife`alf nrdm tgf 2.5% alerfbsf nrdm tgf 23 mdltgs flialj Ldvfmcfr 3;29.
Ygf ife`alf as mbal`y iuf td tgf flfrjy alifx, wgaeg nf`` cy 9.:% (tgf jbsd`alf bli nuf` da` alifxfs nf`` cy1.9% bli :.7%, rfspfetavf`y). Gdwfvfr, tgf nddi alifx gbs rasfl 5.9% dvfr tgf 23 mdltgs flialj
Ifefmcfr 3;29.
Ygf FV aln`btadl rbtf pdstfi bt -;.2% al Ifefmcfr 3;29. Ygf gajgfst aln`btadl rbtfs wfrf rfedrifi al
Sdmblab (2.;%) bli Bustrab (;.7%). Al nbet, mdst FV edultrafs gbi bl aln`btadl rbtf dn `fss tgbl 2.;%, watg
tgf `dwfst rbtfs sffl al Jrffef (-3.>%), Cu`jbrab (-3.;%), Upbal (-2.2%), bli Eyprus (-2.;%). Ygf gajgfst
bllub` pfrefltbjf egbljfs wfrf rfedrifi al b`edgd`ae cfvfrbjfs bli tdcbeed (3.2%), rfstburblt bli
gdtf`s (2.6%), bli fiuebtadl (;.1%)? wga`f tgf `dwfst bllub` egbljfs wfrf al edmmulaebtadls (-3.>%),
trblspdrt (-3.5%), bli nddi bli ldl-b`edgd`ae cfvfrbjfs (-;.>%). Ygf Furd Brfb fledultfrfi dutrajgtifn`btadl al Ifefmcfr 3;29, watg bl aln`btadl rbtf dn -;.3%, idwl nrdm ;.5% al Ldvfmcfr. Ygf lfjbtavf
dvfrb`` rbtf as prambra`y iuf td b irdp al flfrjy praefs, wgaeg nf`` >.5%, edmpbrfi td b 3.>% ife`alf al
Ldvfmcfr.
Al Bsab, Egalb's bllub` aln`btadl rbtf s`dwfi td 2.6% al Ifefmcfr 3;29, idwl nrdm b 3.6% alerfbsf al
Ifefmcfr dn `bst yfbr, bli tduegalj tgf `dwfst `fvf` salef Hblubry 3;2;. Nddi praefs beef`frbtfi cy 3.1%
wga`f ldl-nddi edsts rdsf bt b s`dwfr ;.7%. Lffi`fss td sby, tgf [fdp`fs Cblo dn Egalb ([CDE) wbs nbr
nrdm rfbegalj ats 3;29 aln`btadl tbrjft rbtf dn 5.6%.
J`dcb` Aln`btadl Sbtfs
Uduref8 Curfbu dn @bcdr Utbtastaes, FurdUtbt & Yrbialj Fedldmaes
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
-9%
-3%
;%
3%
9%
>%
7%
2;%
3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
V.U. Furdpfbl Vladl Egalb
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3;26 Dut`ddo
;%
6%
2;%
26%
3;% 3;23 3;25 3;29
Udvfrfajl Cblos
Al fbr`y 3;29, tgf Nfifrb` Sfsfrvf, ulifr ats lfw gfbi Hblft Qf``fl, sft dut ats prambry pd`aey dchfetavfs
ndr tgf lfbr td mfiaum tfrm bttbalalj mbxamum fmp`dymflt bli rfbegalj b tbrjft aln`btadl rbtf dn
3.;%. Bs fxpfetfi, tgf Nfifrb` Sfsfrvf prdjrfssavf`y rfiuefi ats cdli cuyalj prdjrbm tgrdujgdut 3;29,
flialj qubltatbtavf fbsalj (RF) edmp`ftf`y al Detdcfr. Gdwfvfr, altfrfst rbtf pd`aey rfmbalfi
ulegbljfi bt e`dsf td zfrd pfreflt al drifr td stamu`btf jrdwtg. Ygf Nfi aliaebtfi tgbt at p`bllfi td
mbaltbal altfrfst rbtfs bt tgf zfrd cduli ulta` dcsfrvfi aln`btadl bli fmp`dymflt `fvf`s brf mdrf al `alf
watg ats dchfetavfs. Al ats fnndrt td strfljtgfl tgf fedldmy, tgf Nfifrb` Sfsfrvfstdtb` `abca`atafs rfbegfi
bl bstdlasgalj $9.9 tra``adl, bl alerfbsf dn dvfr $9;; ca``adl nrdm 3;25, bli $3.3 tra``adl nrdm Ifefmcfr
3;;7.
Al Furdpf, tgf FEC gbs cffl mdvalj al tgf iarfetadl dn nurtgfr fbsalj, iuf td rasalj edlefrls dvfr
ifn`btadl. Edlsfquflt`y, at gbs prdjrfssavf`y rfiuefi Furd Brfb ofy altfrfst rbtfs td e`dsf td zfrd al drifr
td jflfrbtf fedldmae jrdwtg bli stbvf dnn ifn`btadl. Ygf FEC b`sd cfjbl puregbsalj edvfrfi cdlis bli
bssft cbeofi sfeuratafs al tgf ndurtg qubrtfr dn 3;29. Ygfsf puregbsf prdjrbms wa`` `bst ndr twd yfbrs bli
wa`` cf nd``dwfi cy sfvfl tbrjftfi `dljfr tfrm rfnalblealj dpfrbtadls tgbt brf segfiu`fi td rul ulta` Hulf
3;2>. Ygfsf mfbsurfs brf altflifi td mdvf tgf FEC cb`blef sgfft td tgf sazf at gbi bt tgf cfjallalj dn
3;23 (e`dsf td $3.: tra``adl). Bsaif nrdm mdlftbry pd`aey, al Detdcfr 3;29 tgf FEC puc`asgfi tgf rfsu`ts dn b
yfbr-`dlj fxbmalbtadl dn tgf rfsa`aflef dn tgf 25; brjfst cblos al tgf Furd Brfb, bs dn Ifefmcfr 52, 3;25.
Efltrb` Cblo Sbtfs
Uduref8 Yrbialj Fedldmaes
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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3;26 Dut`ddo
2 [uc`ae mbroft rfturls brf eb`eu`btfi dl b iavaifli rfalvfstmflt cbsas. Sfturls cbsfi dl praef brf bs nd `dws8 U&[ 6;; 22.51%? Sussf``5;;;3 2;.96%? IBW 3.>6%? EBE 9; -;.69%? NYUF 2;; -3.:2? Laoofa 336 :.23%? Gblj Uflj 2.37%.
3 Sussf`` Alvfstmflt Jrdup as tgf sduref bli dwlfr dn tgf trbifmbros, sfrvaef mbros bli edpyrajgts rf`btfi td tgf Sussf`` Alifxfs.Sussf`` as b trbifmbro dn Sussf`` Alvfstmflt Jrdup.
Ygf 36 cblos wgaeg nba`fi tgf tfst wfrf rfquarfi td edvfr ebpatb` sgdrtnb``s. Ygf mfbsurf wbs altflifi td
cddst puc`ae edlnaiflef bli eb`m mbroft edlefrls rf`btalj td tgf sbnfty bli sdulilfss dn tgf
Edltalflts cbloalj sfetdr, tgfrfcy mboalj at fbsafr ndr cblos td sduref nulialj bli sucsfquflt`y
alerfbsf flialj.
Al Bsab, tgf [CDE pursufi b sfrafs dn fxpblsadlbry mdlftbry pd`aeafs al drifr td rfhuvflbtf Egalbs
fedldmae jrdwtg, wgaeg gbs iferfbsfi sajlanaeblt`y al rfeflt yfbrs. Dlf dn tgf mdst sajlanaeblt mdlftbry
mfbsurfs tbofl wbs td eut tgf cflegmbro dlf-yfbr `flialj rbtf cy 9; cbsas pdalts td 6.>% al Ldvfmcfr
3;29, wgaeg wbs tgf narst rbtf eut al mdrf tgbl twd yfbrs. Mdrfdvfr, tgf [CDE alhfetfi $72 ca``adl altd
tgf navf `brjfst Egalfsf cblos td suppdrt erfiat prdvasadl. Al bldtgfr pd`aey alatabtavf tgas dlf tbrjftfi
bt rfiuealj tgf aln`uflef bli sedpf dn tgf sgbidw cbloalj mbroft - tgf [CDE blldulefi b sfrafs dn
rfndrms al rfeflt mdltgs, ale`uialj tajgtfr rfju`btadls dl tgf usbjf dn cdli mbroft bli altfrcblo bssfts
ndr rfnalblealj. Fbr`afr tgas yfbr, tgf jdvfrldr dn tgf [CDE blldulefi ats p`bl ndr 3;26, wgaeg ale`uifs
`dwfralj nalblealj edsts ndr edmpblafs, beef`frbtalj altfrfst rbtf `acfrb`azbtadl, pusgalj bgfbi ebpatb`
beedult edlvfrtaca`aty, bli fstbc`asgalj b ifpdsat alsurblef systfm.
[uc`ae Mbrofts2
Ygf V.U. fquaty mbrofts pdstfi strdlj rfturls al 3;29, nuf`fi cy bl beef`frbtalj fedldmae rfedvfry bli
edltalualj `dw altfrfst rbtf flvardlmflt. Ygf U&[ 6;; bli Sussf`` 5;;;3 rfturlfi 25.:% bli 23.6%,
rfspfetavf`y, al b sd`ai yfbr tgbt dutpbefi mdst dtgfr mbhdr mbroft fquaty aliaefs (ndr fxbmp`f, tgf
Jfrmbl IBW wbs up dl`y 3.:% ndr tgf yfbr). B`acbcb, Egalbs cajjfst dl`alf edmmfref edmpbly,
fxfeutfi tgf `brjfst alatab` puc`ae dnnfralj fvfr al Ufptfmcfr, assualj $36 ca``adl dn fquaty dl tgf LQUF. Ats
sgbrfs brf ldw 65% gajgfr tgbl tgfar alatab` dnnfralj praef. Edmpbrfi watg `bst yfbr, vd`bta`aty mfbsurfi
cy tgf ^AW alifx alerfbsfi cy 9;.;%. Al Furdpf, tgf EBE 9; wbs up dl`y 3.>% bli tgf Cratasg NYUF 2;;
dl`y 2.;%, watg Furdpfbl ifn`btadl bs b pdssac`f edltracutalj nbetdr, fspfeab``y watg rfspfet td tgf
ndrmfr. Al Bsab, tgf Hbpblfsf Laoofa 336 pdstfi b 1.;% jbal bs at rfspdlifi td fxpblsadlbry pd`aeafs.
Ygf Gdlj Odlj Gblj Uflj alifx wbs up b mdifst 6.5%, tgdujg tgf B-sgbrf mbroft wbs mueg strdljfr.
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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3;26 Dut`ddo
;
6;
2;;
26;
3;;
36;
5;;
56;U&[ 6;; Ibx 5;
MUEA Fmfrjalj Mot NYUF 2;;
Sussf`` 5;;;
;
3;
9;
>;
7;
2;;
23;
29;
3;23 3;25 3;29
Ygf Crbza`abl ACD^FU[B sgdwfi b 3.1% `dss al 3;29 bjbalst tgf cbeojrduli dn b s`umpalj Crbza`abl
fedldmy bli s`dwalj jrdwtg al @btal Bmfraeb. Ygf ife`alf al da` praefs gbs ldt nbvdrfi tgf gajg yaf`i
mbrofts, wgaeg rfturlfi dl`y 2.7% al 3;29 (Eata VU Gajg-Qaf`i Mbroft Alifx).
Ygf Dut`ddo ndr 3;26
Zdr`i dutput as fxpfetfi td alerfbsf td 5.6% al 3;26 nrdm 5.5% al 3;29, beedrialj td tgf AMN. Bivblefi
fedldmafs brf fxpfetfi td jrdw mdifst`y, watg b 3.9% alerfbsf al 3;26, ale`uialj V.U. jrdwtg dn 5.>%.
V.U. aln`btadl gbs rfmbalfi dw, cut as fxpfetfi td rasf td 3.2% al 3;26.
Ygf jrdwtg fxpfetbtadl ndr tgf V.U. as cbsfi dl bl amprdvalj `bcdr mbroft, strdljfr gdusfgd`i cb`blef
sgffts, bli alerfbsalj pravbtf alvfstmflt. Lfvfrtgf`fss, tgf V.U. fedldmy rfmbals susefptac`f td sdmf
idwlsaif rasos al tgf nuturf, tgf mbal dlf cfalj b gajgfr tgbl fxpfetfi alerfbsf al altfrfst rbtfs. Zatg
rbtfs sta`` `dw, alvfstdrs edltaluf td sgdw alerfbsalj raso bppftatf bli yaf`i-sffoalj cfgbvadr, wgaeg
cdifs wf`` ndr fquaty bli gajg yaf`i mbrofts. Bl fxtflifi ife`alf al da` praefs edu`i javf alvfstdrs pbusf,
bt `fbst watg rfspfet td tgf gajg yaf`i mbroft, bs tgf bmdult dn gajg yaf`i flfrjy ifct gbs rasfl 266.;%
salef 3;;1 bli eurrflt`y beedults ndr bcdut 2>.;% dn tgf gajg yaf`i assublef vd`umf, beedrialj td Nateg Sbtaljs.
[uc`ae Mbrofts Sfturls
Uduref8 C`ddmcfrj
^AW Alifx
Uduref8 C`ddmcfrj
5 Sussf`` Alvfstmflt Jrdup as tgf sduref bli dwlfr dn tgf trbifmbros, sfrvaef mbros bli edpyrajgts rf`btfi td tgf Sussf`` Alifxfs. Sussf`` as b trbifmbro dn Sussf``Alvfstmflt Jrdup.
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
5
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3;26 Dut`ddo
Ygf Furd Brfb as fxpfetfi td rfedvfr dl`y mdifst`y, watg tgf AMN fstambtalj 2.3% JI[ jrdwtg al 3;26, b
mfblaljnu` idwlwbri rfvasadl nrdm fbr`afr fstambtfs. [rdspfets brf b`sd ulfvfl berdss tgf rfjadl
strdljfr al Jfrmbly bli Upbal, wfbofr al Nrblef bli Atb`y. Al drifr td edmcbt pfrsastflt gajg
ulfmp`dymflt rbtfs bli `dw aln`btadl bli td rfajlatf mfblaljnu` jrdwtg, tgf FEC gbs nurtgfr `ddsflfiats mdlftbry pd`aey, bli al tgf narst mdltg dn 3;26 blldulefi tgbt at as nd``dwalj ats edultfrpbrts bt tgf
Nfi bli Cblo dn Hbpbl al pursualj fxp`aeat qubltatbtavf fbsalj.
Al Bsab, tgf AMN prdhfets Egalbs jrdwtg td mdifrbtf td >.7% al 3;26 (bldtgfr idwlwbri rfvasadl) bs
s`dwfr erfiat jrdwtg tgrdujg cdtg tgf cbloalj bli ldl-cbloalj sfetdrs ampbets alvfstmflt, bli tgf
mdifrbtadl al tgf rfb` fstbtf sfetdr edltalufs. Hbpbl as strujj`alj td stbjf b rfedvfry, bli gbs jdlf b``-al
dl bjjrfssavf mdlftbry pd`aeafs. At as gdpfi tgbt tgf stamu`btavf fnnfet dn tgfsf pd`aeafs wa`` trump tgf
lfjbtavf fnnfets dn rfeflt tbx gaofs bli gf`p Hbpbls jrdwtg begafvf bt `fbst tgf AMN tbrjft dn ;.>% al
3;26.
Al tgf rfst dn tgf wdr`i, tgf AMN prfiaets @btal Bmfraebs JI[ jrdwtg td amprdvf mdifst`y td 2.5%,
suppdrtfi cy amprdvalj fxpdrts bli b rfedvfry al alvfstmflt. Fedldmae betavaty al Uuc-Ubgbrbl Bnraeb
gbs edltalufi td jrdw bt b cfttfr pbef, gf`pfi cy nbvdrbc`f fxtfrlb` ifmbli edliatadls bli strdlj
jrdwtg al puc`ae bli pravbtf alvfstmflt. Ygf AMN prdhfets tgf rfjadlsjrdwtg td beef`frbtf mdifrbtf`y,
rasalj nrdm 9.6% al 3;299td 9.1% al 3;26.
B Mberdfedldmae Dvfrvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
9 3;29 najurf dn 9.6% as bl fstambtf nrdm Zdr`i Cblo
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Ybetaeb` Uummbry
Ldrtg Bmfraeb Cuyduts< pbjf 25
23- td 27-mdltg
edmmatmflt
dut`ddo 6.7
331.7
5;;.7
3>5.>
>6.7 >1.5
17.:
2>;.:
21;.73;;.3
;
6;
2;;
26;
3;;
36;
5;;
56; Mfzzblalf NulisCuydut Nulis
Cuyduts < Ldrtg Bmfraeb
Uduref8 Cuydut Mbjbzalf? ibtb tgrdujg Ifefmcfr 2;,3;29Uduref8 Cuydut Mbjbzalf? ibtb as tgrdujg Ifefmcfr 2;, 3;29? ibtb edvfrs V.U. spdlsdrfi
nulis dpfrbtalj blywgfrf al wdr`i
Cuydut Nulirbasalj
Bntfr b pfradi dn stbca`azbtadl bli rftrflegmflt al tgf pdst erasas yfbrs, tgf Ldrtg Bmfraebl cuydut spbef
cfjbl td jflfrbtf mdmfltum al 3;25, fspfeab``y al tgf `bttfr gb`n dn tgf yfbr, al `deostfp watg strdlj
ebpatb` mbrofts. Al 3;29, cuydut nulis ldtaefbc`y sgantfi altd bldtgfr jfbr, puttalj up sd`ai alerfbsfs
berdss b`` tgrff mbhdr betavaty ebtfjdrafs (nulirbasalj, alvfstmflt, bli fxats). Dn pbrtaeu`br ldtf wbs tgf
alerfbsf al alvfstmflt betavaty, bs cuydut nulis wfrf nalb``y bc`f td ifp`dy mfblaljnu` ebpatb` bntfr b nfw
rf`btavf`y iannaeu`t yfbrs dl tgf ifb` nrdlt. [frgbps mdst amprfssavf wbs tgf fxat paeturf, iravfl cy cu``asg
ebpatb` mbrofts tgbt b``dwfi cuydut nulis td rfturl `brjf qubltatafs dn ebpatb` td alvfstdrs bli sft tgf
stbjf ndr b pdsatavf nfficbeo `ddp, bs alvfstdrs rfifp`dy iastracutadls cbeo altd tgf cuydut bssft e`bss.
Nulirbasalj
Ygf nulirbasalj mdmfltum nrdm 3;25 rd``fi altd 3;29 watg ld bppbrflt iamalutadl, bs V.U. cuydut
nulis jbtgfrfi mdrf tgbl $219 ca``adl ndr tgf yfbr (tgrdujg Ifefmcfr 2; tg), b jbal dn bt `fbst >% dl tgf
3;25 tdtb` dn $275 ca``adl, atsf`n b sucstbltab` alerfbsf dvfr tgf pradr yfbr. Ygdujg sta`` dl`y bcdut twd-
tgaris dn tgf `fvf` dn tgf gfajgts dn 3;;: ($313 ca``adl), watg tgrff yfbrs dn alerfbsalj nulirbasalj tdtb`s,
tgf cuydut strbtfjy al tgf V.U. ebl nbar`y cf sbai td gbvf nu``y rfedvfrfi nrdm tgf mbssavf gat at tddo
al tgf ammfiabtf pdst erasas yfbrs. Bt tgbt tamf cuydut nulis sbw b irdp dn lfbr`y :6% al nulirbasalj
nrdm 3;;7 td 3;;1 bli suciufi lumcfrs ndr tgf lfxt twd yfbrs ulta` crfboalj dut bjbal al 3;23.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
;
6;
2;;
26;
3;; 3;;: 3;;7 3;;13;2;3 3;22 3;23
3;25 3;29 QYI
Mfjb Nulis
($6C dr mdrf)
@brjf-Mfiaum
nulis
($2C td $9.11C)
Mai-Mbroft
nulis
($5;;M td $111M)
Umb`` nulis
(up td $311M)
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Cuyduts < Ldrtg Bmfraeb
[uregbsf [raef bli Ifct Mu`tap`fs ndr Ldrtg Bmfraebl Cuyduts
Zga`f 3;25 wbs tgf yfbr dn tgf mfjb nuli, `bst yfbr sbw `fbifrsgap sgant sdmfwgbt td tgf lfxt tafr dn
`brjf bli mfiaum sazf nulis. Bntfr nb``alj cfgali tgf mfjb nulis al 3;25, nulis tbrjftalj $2 ca``adl td $6
ca``adl al edmmatmflts gbi b cbllfr yfbr, pu``alj al bpprdxambtf`y $222 ca``adl al edmmatmflts, lfbr`y
bl 7;% alerfbsf dvfr tgf pradr yfbr bli wf`` dvfr iduc`f tgf bmdult jbrlfrfi cy tgf mfjb nulis. Cdtg
mai-mbroft bli smb`` nuli jrdups gf`i stfbiy yfbr dvfr yfbr bt $3> ca``adl bli $> ca``adl, rfspfetavf`y.
Alvfstmflt Betavaty
Ygf ifp`dymflt pbef dn cuydut nulis al 3;29 edu`i cf egbrbetfrazfi bs ulspfetbeu`br, cut amprdvfi. Ndr
tgf yfbr, tdtb` pflialj bli e`dsfi ifb`s cy V.U. spdlsdrs (rf`btalj td ifb`s blywgfrf al tgf wdr`i)
aliaebtfi b iase`dsfi vb`uf dn bpprdxambtf`y $3;: ca``adl (tgrdujg Ifefmcfr 2; tg), b mfblaljnu` alerfbsf
dn 39% dvfr tgf 3;25 vb`uf dn bpprdxambtf`y $2>: ca``adl. Al tfrms dn e`dsfi ifb`s dl`y, 3;25 cfstfi
3;29, $29> ca``adl td $225 ca``adl? gdwfvfr, tgf 3;25 tdtb`s wfrf sofwfi cy twd `brjf ifb`s If`` bli
Gfalz. Fxe`uialj tgf twd mfjb ifb`s, tgf bmdult dn e`dsfi ifb`s ndr 3;29 puts at al tgf sbmf `fbjuf bs
tgf pradr tgrff yfbrs. Dn edursf, tgf alvfstmflt pbef dn rfeflt yfbrs as sta`` ldt al tgf sbmf ulavfrsf bs
tgf pfbo yfbr dn 3;;:, wgfl $61: ca``adl wbs e`dsfi, dvfr navf tamfs tgf 3;29 `fvf`.
Uduref8 Utblibri & [ddrs Nalbleab` Ufrvaefs @@E3;26 YdrrfyEdvf Ebpatb` [brtlfrs
Bvfrbjf Ifct Mu`tap`fs dn
Maii`f-Mbroft @CD @dbls
($6;mm dr `fss FCAYIB)
Bvfrbjf Ifct Mu`tap`fs dn
@brjf Edrpdrbtf @CD @dbls
(Dvfr $6;mm FCAYIB)
@CD [uregbsf [raef Mu`tap`f
Maii`f-Mbroft (Vlifr $6;mm
FCAYIB)
@CD [uregbsf [raef Mu`tap`f
@brjf Edrp ($6;mm dr mdrf
FCAYIB)
I f c t
[ u r e g b s f
;
2.;
3.;
5.;
9.;
6.;
>.;
:.;
7.;
1.;
2;.;
3;22 3;23 3;25 3;29 9R293;22 3;23 3;253;29 9R29
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Ygdujg tgf tdtb` id``br vb`uf dn e`dsfi bli pflialj ifb`s alerfbsfi dl`y mdifst`y, tgf lumcfr dn ifb`s
edmp`ftfi alerfbsfi, sujjfstalj b mdrf crdbi`y-cbsfi alvfstmflt flvardlmflt. Ld mfjb ifb`s
beedultfi ndr b `brjf sgbrf dn iase`dsfi vb`uf. Al nbet, tgf `brjfst ifb` dn tgf yfbr wbs Yam Gdrtdls bt
$22.6 ca``adl, nd``dwfi cy Ubnfwby bt bpprdxambtf`y $1 ca``adl? cdtg sajlanaeblt`y smb``fr tgbl tgf If``
($39 ca``adl) bli Gfalz ($35 ca``adl) ifb`s nrdm tgf pradr yfbr.
Cuydut ifb` praealj rfmbalfi bjjrfssavf al 3;29, bs nfw dn tgf trflis tgbt wdu`i mdifrbtf puregbsf
praef mu`tap`fs wfrf al fvaiflef. [uregbsf praef mu`tap`fs ndr b`` ifb` sazfs flifi 3;29 bt hust dvfr 1.;x
FCAYIB. @aofwasf, fvfrbjf mu`tap`fs rfmbalfi bt dr lfbr tgf gajgs begafvfi dvfr tgf pbst nfw yfbrs, watg
eurrflt narst `afl ifct mu`tap`fs dn dvfr 9.;x FCYAIB. Ygf usub` trfli dn puregbsf praef mu`tap`fs
mdifrbtalj watg ife`alalj ifb` sazf edltalufi altbet ndr 3;29. Cut cy lfbr`y bly mfbsurf, cuydut ifb`s al
tgf Ldrtg Bmfraebl mbroft rfmbal nu``y-praefi bt cfst. Al nbet, huijfi sd`f`y cy puregbsf bli ifct
mu`tap`fs, tgf 3;29 praealj flvardlmflt as fssfltab``y aliastaljuasgbc`f nrdm tgf ammfiabtf prf-erasas
yfbrs b stbtfmflt tgbt edu`i cf bpp`afi td lfbr`y b`` dn tgf pdst-erasas yfbrs bs wf``. Cbrralj b sajlanaeblt
rbtf alerfbsf cy tgf Nfi, mfblaljnu` s`dwidwl al tgf V.U. fedldmy, dr curl-dnn dn b `brjf pdrtadl dn iry
pdwifr watgal tgf cuydut spbef, tgas satubtadl as ldt fxpfetfi td mfbsurbc`y egbljf al tgf edmalj yfbr.
Fxats
Cuydut nulis rfturlfi ebpatb` td alvfstdrs bt b tdrrai pbef al 3;29, edltalualj tgf sd`ai pfrndrmblef tgbt
stbrtfi al tgf `bttfr gb`n dn 3;25. Al tdtb`, cuydut nulis jflfrbtfi fxats dn $326 ca``adl (pfr [rfqal) ndr tgf
yfbr, b rfspfetbc`f 2;% alerfbsf dvfr b vfry nbvdrbc`f pfrndrmblef al 3;25. B`` mbhdr rdutfs td fxat wfrf
strdlj, ale`uialj A[Ds bli sfedlibry cuyduts, cut tgf M&B rdutf idmalbtfi, beedultalj ndr $265 ca``adl
dn tgf tdtb` fxat vb`uf, up bpprdxambtf`y twd-tgaris nrdm tgf pradr yfbr. Ygf lft bssft vb`ufs dn cuydut
nulis b`sd alerfbsfi sajlanaeblt`y iuralj tgf yfbr, al edlhuletadl watg strdlj puc`ae mbrofts bli fxat
vb`ubtadls.
Cuyduts < Ldrtg Bmfraeb
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Cuyduts < Ldrtg Bmfraeb
UYSDLJ
D^FSZFAJGY
MDIFSBYF
D^FSZFAJGY
LFVYSB@
MDIFSBYF
VLIFSZFAJGY
UYSDLJ
VLIFSZFAJGY
td 27-mdltgedmmatmflt
dut`ddo bli 3;;: valtbjfs. Al nbet, wgbt as bcsflt nrdm eurrflt mbroft
edliatadls lumfrdus mfjb ifb`s, `brjf puc`ae td pravbtf trblsbetadls, nffialj nrflzy buetadls, e`uc
ifb`s, bli fxtrfmf`y sgdrt nulirbasalj eye`fs - sujjfsts tgbt wf brf sta`` sdmf wby nrdm sueg b nrdtgy
flvardlmflt. Bt prfsflt, cuydut mblbjfrs bppfbr td cf mbaltbalalj sdmf iaseap`alf watg rfspfet td
ifp`dymflt dn ebpatb` bli `fvfrbjf? gdwfvfr, tgas cfgbvadr as `aof`y td egbljf bs tgf cu`` mbroft
edltalufs bli tgf V.U. fedldmy edltalufs td paeo up spffi, fspfeab``y bcsflt sfradus fnndrts cy tgf Nfi
td tbof bwby tgf pulegcdw`.
Dur tbetaeb` rbtalj ndr tgf `brjf cuydut sfetdr wa`` rfmbal bt Lfutrb`. Ygf sucstbltab``y amprdvfi
alvfstmflt bli fxat flvardlmflts tgbt jbalfi trbetadl al 3;29 put lfw wali bt tgf cbeo dn b`` Ldrtg
Bmfraebl cuydut strbtfjafs. Ygf Nfis edltalualj beedmmdibtavf stblef, bs wf`` bs tgf jflfrb``y
amprdvalj trfli dn tgf V.U. fedldmy (fvfl an egdppy) rduli dut tgf pdsatavf cbeoirdp ndr cuydut
strbtfjafs. Gdwfvfr, gajg puregbsf praef bli `fvfrbjf mu`tap`fs rfmbal bs mbhdr sdurefs dn wdrry jdalj
altd 3;26 (tgf sbmf bs ndr `bst yfbr). B`sd, tgf rfmbalalj `anf dn tgf cu`` fquaty mbroft al tgf V.U. as ldw b
nbetdr td tbof altd beedult al bssfssalj tgf tamf td `aquaiaty ndr cuydut ifb`s mbif al 3;26.
Dur tbetaeb` rbtalj ndr tgf smb`` bli maii`f mbroft cuydut sfetdrs wa`` rfmbal bt MdifrbtfDvfrwfajgt.Umb`` bli mfiaum cuyduts wa`` cflfnat nrdm mdst dn tgf pdsatavf nbetdrs ldtfi bcdvf watg rfjbri td `brjf
cuydut nulis. Zga`f `fvfrbjf bli puregbsf praef mu`tap`fs bt tgf `brjfr fli dn tgf maii`f mbroft brf al tgf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Cuyduts < Ldrtg Bmfraeb
sbmf tfrratdry bs tgdsf ndr `brjf cuyduts, tgfrf as sta`` sdmf mdifrbtadl watgal tgf smb``fr sazf ifb`s.
B`sd, cuydut nulis al tgf `dwfr gb`n dn tgf sazf iastracutadl sgdu`i cf bc`f td tbof bivbltbjf dn tgf
bequasatadl bppftatf dn tgfar `brjfr edusals, cy fxatalj bt bttrbetavf vb`ubtadls vab sfedlibry sb`fs. Bs ldtfi
bcdvf watg rfspfet td `brjf cuyduts, tgf tamf td `aquaiaty ndr 3;26 valtbjf ifb`s as b mbhdr edlefrl ndrsmb`` bli maii`f mbroft cuydut nulis bs wf``, tgdujg pfrgbps ldt td tgf sbmf ifjrff.
Zatgal tgf edltfxt dn b gfbtfi cuydut mbroft egbrbetfrazfi cy f`fvbtfi puregbsf praefs bli `fvfrbjf
mu`tap`fs, alvfstdrs sgdu`i bttfmpt td rfiuef idwlsaif raso cy edlefltrbtalj ifp`dymflts dl mblbjfrs
tgbt ndeus dl edmp`fx trblsbetadls dr ebrvf-duts wgfrf sdmfwgbt `dwfr praefs mby prfvba`, bs wf`` bs
tgdsf tgbt pursuf strbtfjafs tgbt brf `fss ifpfliflt dl fltry mu`tap`fs, sueg bs rd``-ups bli dpfrbtadlb`
amprdvfmflts. Cuydut mblbjfrs tgbt gbvf b ifmdlstrbtfi trbeo rfedri dn mbaltbalalj iaseap`alf tgrdujg
nrdtgy flvardlmflts sueg bs 3;;> tgrdujg 3;;:, dr wdrofi tgrdujg egb``fljfi pdrtnd`ads al tgf wbof dn
sueg flvardlmflts, sgdu`i b`sd cf nbvdrfi.
@bst yfbr wf bltaeapbtfi tgbt tgf trfli al tfrms dn alvfstmflt, vb`ubtadl, bli fxats wdu`i cf upwbri,
wgaeg ebmf td pbss. Zf fxpfet tgas upwbri trfli td edltaluf tgrdujg 3;26.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Cuyduts < Furdpf
Eurrflt bli fxpfetfi JI[ jrdwtg al mueg dn Furdpf rfmbals blfmae. Beedrialj`y, tgf Furdpfbl Efltrb`
Cblo (FEC) rfeflt`y blldulefi p`bls td alatabtf b mbhdr qubltatbtavf fbsalj (RF) prdjrbm. Sd``fi dut cy
FEC [rfsaiflt Mbrad Irbjga al Hblubry 3;26, RF wa`` pump >; ca``adl pfr mdltg altd tgf mdlfy supp`y
ulta` bt `fbst 3;2>. Ale`uialj fxastalj prdjrbms, tdtb` FEC mdlftbry stamu`us wa`` ldw edmf td bcdut :;
ca``adl pfr mdltg, aliaebtalj b irbmbtae cb`blef sgfft fxpblsadl dn up td 2.2 tra``adl dvfr tgf lfxt 21
mdltgs. Ygf biiatadl dn RF td tgf max sgdu`i gbvf sdmf stamu`btalj fnnfet dl tgf Furdzdlf, prambra`y
tgrdujg ats wfboflalj dn tgf furd bli tgf rfsu`talj alerfbsf al edmpftatavflfss dn ats fxpdrts.
Fvfr-prfsflt al tgf cbeojrduli - bli pfradiaeb``y beutf - tgf Jrffo ifct prdc`fm rfmbals b wa`i ebri.
Ygf `btfst stblidnn wbs hust ifnusfi vab b cba`dut fxtflsadl bjrffmflt cftwffl Jrffef bli ats erfiatdrs
al Nfcrubry. Ygf bjrffmflt, wgaeg wa`` fxparf al ndur mdltgs, as ldt b rfsd`utadl, cut samp`y cuys tamf ndr
tgf pbrtafs td bttfmpt td lfjdtabtf bl beefptbc`f wby ndrwbri. Ygfrfndrf, tgf Jrffo ifct erasas as `aof`y td
rfbr up bjbal al Mby dr Hulf, bli bly c`dwcbeo nrdm ats masgbli`alj edu`i fli up swbmpalj wgbtfvfrmdifst jbals brf mbif al tgf sgdrt tfrm cy tgf RF prdjrbm. An b ifb` watg tgf lfw`y f`fetfi Jrffo
jdvfrlmflt ebl cf rfbegfi tgas summfr, tgf Furdzdlf wa`` gbvf cdujgt sdmf mdrf tamf ndr tgf FEC td
pursuf ats fxpblsadlbry mdlftbry pd`aey, cblos td rfebpatb`azf bli `fli mdrf bjjrfssavf`y, edlsumfrs td
rfjbal edlnaiflef, bli jdvfrlmflts td wdro dl strueturb` rfndrm. Ygas as b tb`` drifr, bli gajg`ajgts tgf
nbet tgbt, sfvfl yfbrs bntfr tgf nalbleab` erasas, Furdpf as sta`` gbmpfrfi cy albifqubtf ifmbli, rf`btavf`y
rajai `bcdr mbrofts, wfbolfssfs al tgf cbloalj sfetdr, bli tgf prdspfet dn cfalj ifrba`fi edmp`ftf`y cy
tgf lfxt dutcrfbo dn tgf furd erasas.
Nulirbasalj
Zatg rfjbri td pravbtf fquaty nulirbasalj, Furdpf-ndeusfi cuydut nulis pu``fi al 5;.> ca``adl al
edmmatmflts al 3;29. Nrdm dlf pdalt dn vafw, tgas wbs b iasbppdaltalj rfsu`t, bs at wbs bcdut 5:% dnn
nrdm tgf pradr yfbrs rfedri-crfboalj tdtb` dn lfbr`y 6;.; ca``adl rbasfi, tgf cfst yfbr salef 3;;7.
Gdwfvfr, wgfl vafwfi al tgf edltfxt dn tgf tgrff-yfbr pfradi 3;23 tgrdujg 3;29, `bst yfbrs tdtb`
ifmdlstrbtfs sustbalfi alvfstdr altfrfst al tgf Furdpfbl pravbtf fquaty sfetdr.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Cuyduts < Furdpf
Alvfstmflt Betavaty
Ifp`dymflts al Furdpf gbvf prdvfl rf`btavf`y rfsa`aflt, al spatf dn tgf mbhdr prdc`fms nbealj tgf rfjadl.
Al 3;29, cuydut nulis alvfstfi bpprdxambtf`y >7.; ca``adl, mdrf dr `fss tgf sbmf bmdult bs al 3;22,
bli bcdut 2;.;% mdrf tgbl 3;25. Ygf yfbrs 3;22 bli 3;29 wfrf vartub``y tafi bt tgf tdp dn tgf pbeo ndrb`` yfbrs salef 3;;:. Bntfr tgf cdttdm nf`` dut dn alvfstmflt al 3;;1 (`fss tgbl 36 ca``adl ifp`dyfi),
alvfstmflt slbppfi cbeo smbrt`y td lfbr`y 67.; ca``adl bli dl`y iappfi mdifrbtf`y cf`dw >;.; ca``adl
al 3;23, dlf dn tgf yfbrs al wgaeg tgf furd erasas cfebmf beutf. Dvfrb``, cuydut alvfstmflt al tgf
Furdpfbl tgfbtfr rfmbals quatf gfb`tgy al spatf dn tgf trduc`fs dl tgf Edltalflt, wgaeg as ldt tdd
surprasalj javfl tgf sazf dn tgf FV bli `brjf lumcfr dn gajg qub`aty fltfrprasfs dpfrbtalj watgal ats
cdrifrs.
Fxats
Cuydut-rf`btfi fxats al Furdpf ebujgt narf al 3;29. Bs wbs tgf ebsf watg tgfar edultfrpbrts dvfrsfbs,
cuydut mblbjfrs tddo nu`` bivbltbjf dn tgf bjjrfssavf bequasatadl bppftatfs dn strbtfjae bli nalbleab`
cuyfrs bs wf`` bs bmp`f bvba`bca`aty dn ifct ndr rfebpatb`azbtadls, pusgalj tgf bjjrfjbtf vb`uf dn fxats al
3;29 td dvfr 235 ca``adl. Ygas pfrndrmblef wbs lfbr`y 9;% cfttfr tgbl 3;25, atsf`n b rf`btavf`y jddi yfbr
fb` b`uf dn Furdpfbl [ravbtf Fquaty-Cbeofi Cuyduts
Uduref8 [rfqal
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
29:266
61
33
67>7
61>5 >7
-
3;
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7;
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3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
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Cuyduts < Furdpf
ndr fxats (77.: ca``adl). Ygf sf``frs mbroft ndr pravbtf fquaty bssfts as ul`aof`y td s`dw bpprfeabc`y al
3;26, bs b`` tgf f`fmflts tgbt mbif 3;29 b jddi yfbr rfmbal al p`bef8 `brjf supp`y dn `dw edst,
beedmmdibtavf ifct ndr sazfbc`f ifb`s? betavf strbtfjae bli nalbleab` cuyfr altfrfst? bli cudyblt ebpatb`
mbrofts. An RF ebl jbal trbetadl al cddstalj `aquaiaty td tgf ifct mbrofts, 3;26 `ddos td cf sft ndr bldtgfr
cddmalj yfbr dl tgf fxat nrdlt.
Dut`ddo
Ldw tgbt tgf `btfst Jrffo erasas gbs cffl bvdaifi (ndr b tamf), tgf spdt`ajgt sgants cbeo td tgf FEC bli tgf
pdtfltab` fnnfets dn ats RF prdjrbm, bt `fbst ndr tgf narst gb`n dn 3;26. At wbs ld fbsy nfbt ndr FEC [rfsaiflt
Mbrad Irbjga td pu`` tgas dnn, bs strdlj dchfetadls nrdm mbly FEC mfmcfrs, fspfeab``y Jfrmbly, gbi
fnnfetavf`y ndrfstb``fi bly mdvfmflt idwl tgf RF pbtg ndr sdmf tamf. Gdwfvfr, tgf ifn`btadlbry
rfbialjs tgbt ebmf dut dn tgf FV al Ifefmcfr, bjbalst tgf cbeoirdp dn pddr jrdwtg, spddofi fldujg
FEC mfmcfrs td b``dw ndr b mbhdraty al nbvdr dn tgf RF pd`aey. [rfiaetbc`y, tgf nalbleab` mbrofts al Furdpf
bli f`sfwgfrf jrfftfi tgf blldulefmflt pdsatavf`y, wga`f tgf furd trbifi idwl vfrsus tgf V.U. id``br.
UYSDLJ
D^FSZFAJGY
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D^FSZFAJGY
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MDIFSBYF
VLIFSZFAJGY
UYSDLJ
VLIFSZFAJGY
td 27-mdltgedmmatmflt
dut`ddo %
-9%
-3%
;%
3%
9%
3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29 3;26* 3;2>*
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Utrueturb` assufs watgal tgf FV ebst sdmf iduct bs td tgf pdtfltab` fnnaebey dn RF. Ndr dlf, sdvfrfajl
yaf`is ndr mdst Furdzdlf edultrafs brf b`rfbiy bt gastdraeb``y `dw rbtfs8 Jfrmbl cdlis brf ldw trbialj bt
dr lfbr b lfjbtavf rfb` yaf`i bli Atb`abl 2;-yfbr cdlis brf trbialj cf`dw 3%. Ygf qufstadl brasfs bs td tgf
mbtfrab`aty dn bly stamu`us prdvaifi cy dwfralj rbtfs fvfl nurtgfr.
Ygfrf brf b`sd pdtfltab` trblsmassadl prdc`fms. Edltalfltb` fltfrprasfs dctbal b mueg `brjfr pfrefltbjf
dn tgfar nalblealj nrdm cblos rbtgfr tgbl ebpatb` mbrofts, bli dwlfrsgap dn ebpatb` mbroft sfeuratafs cy
gdusfgd`is as sajlanaeblt`y `dwfr tgbl at as al tgf Blj`dspgfrf. Ygfrfndrf, tgf trblsmassadl dn tgf cflfnats
dn RF - `dwfr nulialj edsts ndr fltfrprasfs bli tgf wfb`tg fnnfet prdiuefi watgal tgf gdusfgd`i sfetdr
wa`` cf fss iarfet bli prdcbc`y fss sucstbltab` watgal tgf FV tgbl tgfy wfrf al tgf V.U. bli V.O.
Al drifr td bvdai tgf pfrefptadl dn tgf FEC cba`alj dut prdc`fm pfrapgfrb` edultrafs dr sdeab`azalj
alifctfilfss, tgf RF prdjrbm wa`` cf amp`fmfltfi aliarfet`y, vab fbeg lbtadlb` cblo puregbsalj ats dwl
jdvfrlmflts ifct. Ygas mfbls tgbt Jfrmbly, Nrblef, bli Atb`y mby idmalbtf tgf prdjrbm, wga`fsmb``fr gbri gat pfrapgfrb` edultrafs mby ldt jft bs mueg gf`p bs tgfy lffi. Ygf FECs ifeasadl tgas
mdltg td cbr efrtbal Jrffo ifct bs ed``btfrb` as a``ustrbtavf dn pdtfltab` amp`fmfltbtadl prdc`fms, tgdujg
tgf mdvf wbs ldt iarfet`y rf`btfi td RF. Nalb``y, tgf edltalufi wfbolfss dn tgf cbloalj systfms watgal
mbly pfrapgfrb` edultrafs bli ats ibmpflalj fnnfet dl `flialj mby algacat tgf n`dw dn RF altd tgfsf
gbri-prfssfi rfjadls.
Dl dtgfr nrdlts, tgf ibtb brf mdrf maxfi8
Bntfr b yfbr dn vfry mdifrbtf jrdwtg al 3;29, JI[ jrdwtg ndr tgf FV al 3;26 as prdhfetfi cy tgf
Furdpfbl Edmmassadl bt 2.:% bli dvfr 3.;% ndr 3;2>.
Ifn`btadl gbs rfbrfi ats gfbi al tgf Furdzdlf, watg b ;.3% yfbr dvfr yfbr ife`alf rfpdrtfi ndr
Ifefmcfr, bli Hblubry nd``dwalj up watg b ;.>% iap? gdwfvfr, tgf FEC as gdpfnu` tgbt ats RF
prdjrbm wa`` mblbjf td alerfbsf aln`btadl cy ;.9% td ;.:% dvfr tgf lfxt twd td tgrff yfbrs.
Ufladr `dbl spdlsdrfi vd`umf dn bcdut 6; ca``adl wbs up mbtfrab``y nrdm tgf 3;25 `fvf`, mbroalj
tgf sfedli yfbr dvfr yfbr alerfbsf bli tgf gajgfst tdtb` al dvfr tfl yfbrs, fxe`uialj tgf pfbo prf-
erasas yfbrs dn 3;;6 tgrdujg 3;;: bli sfrvalj bs bldtgfr aliaebtdr dn bl amprdvalj erfiat
flvardlmflt tboalj gd`i watgal tgf FV.
Cuyduts < Furdpf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Ygf Edltalfltb` cbloalj sfetdr, tgdujg ldt al tdp gfb`tg, edltalufs td s`dw`y rfedvfr. Ygf bssft
qub`aty rfvafw (BRS) pfrndrmfi al 3;29 cy tgf Furdpfbl Cbloalj Butgdraty al eddrialbtadl watg
tgf FEC, aliaebtfi tgbt bcdut 3;% dn tgf 25; cblos alvd`vfi al tgf strfss tfst gbi nba`fi, bli
aifltanafi bcdut 36 ca``adl al ebpatb` ifnaeafleafs tgbt lffifi td cf biirfssfi. Zga`f tgf mbrofts
edltaluf td cf sdmfwgbt sofptaeb` rfjbrialj tgf FCBsstrfss tfsts, mdst dn tgf fvaiflef suppdrts
b s`dw`y rfedvfralj cbloalj sfetdr dl tgf Edltalflt.
Al b rf`btfi pdsatavf sajl, tgf `btfst FEC `flialj survfy (9R 3;29) sbw b smb`` cut mfblaljnu`
upturl al `dbl ifmbli ndr tgf FV dvfrb``. Mdst dn tgf mbhdr fedldmafs, ale`uialj Jfrmbly, Atb`y,
Nrblef, Upbal, bli tgf Lftgfr`blis, b`sd pdstfi pdsatavf alerfbsfs al ifmbli al dlf dr mdrf
ebtfjdrafs (fltfrprasf, gdusf puregbsf, edlsumfr erfiat). Cblos b`sd rfpdrtfi b jflfrb` rf`bxbtadl
dn erfiat stblibris watgal b`` dn tgf mbhdr `dbl ebtfjdrafs.
Ygf Furdpfbl gajg yaf`i mbrofts gbvf cffl cusy dvfr tgf pbst nfw yfbrs tboalj up sdmf dn tgf
s`beo al ifct prdvasadl, bs fvaiflefi cy edlsfeutavf strdlj yfbrs dn assublef. Ale`uialj tgf V.O., btdtb` dn $26> ca``adl al prambry assufs ebmf td mbroft, b lfbr`y 37% alerfbsf dvfr 3;25 s $233
ca``adl, wgaeg wbs b`sd b strdlj amprdvfmflt dvfr tgf pradr yfbr. At sgdu`i cf ldtfi tgbt cy tgf fli
dn 3;29 tgf gajg yaf`i mbrofts `dst b jddi ifb` dn tgf mdmfltum tgbt tgfy gbi jdalj altd tgf yfbr
(Ifefmcfr assublef wbs ulifr $5 ca``adl). Alvfstdrs gbvf cfedmf mdrf ebutadus bs
mberdfedldmae fvflts al Furdpf tgrfbtfl. Dl tgf pdsatavf saif, RF sgdu`i put mdrf bar al tgf gajg
yaf`i mbrofts dlef ats nu`` fnnfets brf nf`t.
Cuyduts < Furdpf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
9R 5R 3R 2R
Bllub` Ufladr @dbl Updlsdrfi ^d`umf | Ca``adl
Uduref8 Utblibri & [ddrs Nalbleab` Ufrvaef @@E
CA@@ADL IFB@ EDVLY
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RF wbs ldt tgf dl`y mbhdr fvflt tgbt tddo p`bef al Hblubry 3;26. Ygf edmalj td pdwfr, al strdlj
nbsgadl, dn `fntwalj Jrffo pbrty Uyrazb mby fvfltub``y gbvf b jrfbtfr ampbet dl tgf ndrtulfs dn tgf
Furdzdlf tgbl fvfl RF. B`fxas Ysaprbs, tgf lfw pramf malastfr, rbl dpfl`y dl bl blta-bustfraty p`btndrm
bli al gas vaetdry spffeg iasmassfi tgf trdaob (FEC, AMN, FE) rfspdlsac`f ndr tgf Jrffo cba`dut pbet bs b
tgalj dn tgf pbst. Mdst mbroft dcsfrvfrs rfbetfi td tgf edmcbtavf rgftdrae watg fqublamaty, bssumalj
tgbt mdst dn at wbs mfblt ndr idmfstae edlsumptadl bli tgbt Uyrazb wdu`i fvfltub``y edmf td sdmf
edmprdmasf watg tgf trdaob, prdcbc`y b`dlj tgf `alfs dn b rflfwfi edmmatmflt td rfndrm cy tgf
Jrffos al fxegbljf ndr b `fljtgflalj dn rfpbymflt tfrms bli b `dwfralj dn tgf altfrfst rbtf dl tgf
cba`dut ifct. Cut at iai ldt wdro dut tgbt wby. Bntfr b iasbstrdus Jrffo tdur td jflfrbtf suppdrt ndr bl
fbsalj dn tfrms rfsu`tfi al bl ulmastbobc`f rfcunn, betadls bli stbtfmflts cy Ysaprbs fspfeab``y gas
biirfss td [br`abmflt al wgaeg gf dut`alfi gas jdvfrlmfltsprdpdsfi rd``cbeo dn tgf mdifst rfndrms
tgbt gbvf cffl tbofl sd nbr iai ldtgalj cut rbtegft up tgf tflsadl. Ndr ats pbrt, tgf Furdpfbl
Edmmassadl, watg strdlj prdmptalj nrdm Jfrmbly, tddo b gbri `alf, sujjfstalj tgbt ld ifb` wdu`i cf
rfbegfi an tgf Jrffo jdvfrlmflt iai ldt bjrff td nu`` rfpbymflt (bt sdmf pdalt) dn tgf ifct. Efrtbal`y
tgas edu`i b`` gbvf samp`y cffl lfjdtabtalj pdsturf, cut an sd, tgf pfrndrmblefs dl cdtg saifs wfrf dn
vartudsd eb`acfr.
Zgftgfr at as b`` ndr sgdw dr ldt, tgf prfvadus`y dnn-`amat tdpae dn b Jrffo fxat nrdm tgf furd gbs ndrefi
ats wby cbeo altd tgf FV edlseaduslfss. Ygdujg mbly brf ldw idwlp`byalj tgf sajlanaeblef dn Jrfxat,
at wdu`i e`fbr`y cf ibmbjalj td cdtg pbrtafs fspfeab``y Jrffef, wgaeg wdu`i sff tgf vb`uf dn ats
eurrfley p`ummft, b`dlj watg tgf stblibri dn `avalj dn ats eatazfls. Ygfrf brf amp`aebtadls ndr tgf
Furdzdlf bs wf``. B Jrffo fxat majgt gbvf tgf cflfnat dn flndrealj sdmf iaseap`alf dl ats mfmcfr
stbtfs, cut at edu`i b`sd `fbi td b `brjfr seb`f crfboup dn tgf Furdzdlf. Vlefrtbalty rfjbrialj tgf nuturf
stbtus dn sfvfrb` mfmcfr stbtfs watgal tgf Furdzdlf wdu`i cf ifstbca`azalj td sby tgf `fbst. Dl tgf
dtgfr gbli, an tgf Jrffos wal mbhdr edlefssadls, at as prdcbc`y hust b mbttfr dn tamf cfndrf dtgfr stbtfs
tgbt gbvf mdrf dr `fss bigfrfi td tgf bustfraty rfjamf ifeaif at as tamf ndr b egbljf. Ygas wdu`i
betub``y cf b pdsatavf ifvf`dpmflt ndr pfrapgfrb` edultrafs, cut edst`y ndr tgf cblos bli jdvfrlmflts
al tgf FV edrf.
Cuyduts < Furdpf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Al bly fvflt, bntfr wffos dn tflsf lfjdtabtadls beedmpblafi cy b ibljfrdus `fvf` dn nuli dutn`dws al
tgf Jrffo cbloalj systfm, tgf Ysaprbs jdvfrlmflt rf`fltfi bli bsofi ndr bl fxtflsadl dn tgf `dbl
pbeobjf, wgaeg wbs jrbltfi ndr b ndur mdltg pfradi. Bs pbrt dn tgf bjrffmflt, tgf Jrffo jdvfrlmflt
wbs rfquarfi td sucmat b `ast dn prdpdsfi fedldmae bli naseb` rfndrms tgbt at altflis td pursuf al drifrtd sbtasny tgf erfiatdrs. Ygf rfndrms ale`uif8 alerfbsalj tbx edmp`ablef, b edmmatmflt td rfiuealj
edrruptadl, bli vbradus dtgfr naseb` bli `bcdr mbroft egbljfs. Furdzdlf nalblef malastfrs rfeflt`y
bpprdvfi tgf fxtflsadl. Bs ldtfi fbr`afr, tgf bjrffmflt idfs ldt rfsd`vf tgf Jrffo ifct prdc`fm, cut
fnnfetavf`y cuys ndur biiatadlb` mdltgs al wgaeg tgf pbrtafs ebl bttfmpt td ifvf`dp b sd`utadl. Ygf
Furdzdlf wa`` tgfrfndrf gbvf b sgdrt rfspatf nrdm tgas `btfst n`brf-up dn tgf erasas, cut tgf ulefrtbalty
surrdulialj tgf edgfsavflfss dn tgf eurrfley uladl edltalufs.
@bst yfbr wf sujjfstfi tgbt tgf bustfraty jbmf p`bl nbvdrfi cy tgf edrf mfmcfrs ndr ifb`alj watg tgf
ifct prdc`fms dn tgf pfrapgfrb` mfmcfrs wdu`i ldt `dlj rfmbal vabc`f. Ygf f`fetadl dn Uyrazb bli tgf
`btfst cralosmblsgap dvfr Jrffo ifct brf strdlj pdalts dn fvaiflef al nbvdr dn tgbt bssfssmflt. Vlta`
tgf Furdzdlf rfsd`vfs tgf sd`vfley assufs watgal ats pfrapgfry - wgaeg wa`` u`tambtf`y rfquarf ifct rf`afn
- jrdwtg wa`` edltaluf td f`uif at bs tgf pfrapgfrb` rfjadls stbjlbtf ulifr ifn`btadlbry pd`aeafs bli
fxefssavf ifct curifls. Javfl tgbt tgfrf idfs ldt, bs dn yft, sffm td cf sunnaeaflt pd`ataeb` ulaty, wa``,
dr pdwfr watgal tgf edrf stbtfs td tbof tgf lfefssbry cut pbalnu` stfps td rfsd`vf tgas mbttfr, tgf
Furdzdlf rfmbals dl b trbhfetdry tgbt prdmasfs s`dw bli stumc`alj jrdwtg ndr sfvfrb` mdrf yfbrs.
Ndr pravbtf fquaty alvfstdrs, tgf `btfst ifvf`dpmflts al Furdpf b``dw ndr sdmf dptamasm - watg tgf
mbhdr fxefptadl dn tgf Jrffo ifct satubtadl. An RF nuletadls al Furdpf bs at gbs f`sfwgfrf, b rb``y al
fquaty mbrofts as al tgf ebris, wgaeg wa`` prdvaif b strdlj fxat flvardlmflt altd wgaeg Furdpfbl cuydut
mblbjfrs ebl nffi tgfar fxastalj pdrtnd`ads. Nurtgfr, tgf `aquaiaty fnnfet dn RF edmcalfi watg tgf s`ajgt
fbsalj dn cblo erfiat stblibris wa`` mbof `fvfrbjf cdtg `fss fxpflsavf bli sdmfwgbt mdrf bvba`bc`f,
prdvaialj biiatadlb` nuf` ndr cuydut ifb` mboalj. Fltaefi cy tgf prdspfet dn RF-iravfl bssft aln`btadl, b
s`dw`y amprdvalj erfiat paeturf, bli tgf nbaltfst starralj dn pdsatavf ibtb nrdm efrtbal pfrapgfrb`
edultrafs, alvfstdrs brf `aof`y td sffo bl alerfbsf al Furdpfbl fxpdsurf. Id``br alvfstdrs, bli dtgfrs
watg strfljtgflalj eurrfleafs, wa`` b`sd sff bl bttrbetavf eurrfley iylbmae al ifp`dymflt dn ebpatb` altd
tgf Furdzdlf. Ygf edln`uflef dn tgfsf nbetdrs sgdu`i fbi td b cfttfr nulirbasalj yfbr al 3;26, fspfeab``y
Cuyduts < Furdpf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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dnn tgf `dwfr cbsf nrdm 3;29. @aofwasf, alvfstmflt sgdu`i alerfbsf bs cuydut narms `ddo td pdsatadl
tgfmsf`vfs td tbof bivbltbjf dn tgf rfn`btadlbry cflfnats tgbt mby n`dw nrdm RF al tgf ndrm dn gajgfr
pdrtnd`ad edmpbly vb`ubtadls bli strdlj fxat mbrofts bt sdmf pdalt al tgf lfxt nfw yfbrs. Javfl wgbt
RF iai ndr fquaty mbrofts al tgf V.O. bli tgf V.U., at sgdu`i cf fxpfetfi tgbt tgf FEC vfrsadl wa``fvfltub``y gbvf b sama`br, tgdujg prdcbc`y mdrf mdifrbtf, fnnfet dl Furdpfbl fquaty mbrofts?
tgfrfndrf, tgf fxat paeturf ndr tgf Furdpfbl cuydut spbef, b`rfbiy sd`ai al 3;29, sgdu`i gbvf fvfl mdrf
wali bt ats cbeo al tgf edmalj yfbr. [uregbsf praef bli `fvfrbjf mu`tap`fs, wgaeg gbvf cffl gajg ndr
yfbrs, wa`` fxgacat fvfl mdrf upwbri prfssurf bs RF tbofs gd`i bli bs cuydut narms cfedmf mdrf
bjjrfssavf al sffoalj ifb`s.
Dur 3;26 tbetaeb` rbloalj ndr tgf Furdpfbl cuydut sfetdr wa`` rfmbal bt Lfutrb`.Dvfrb``, wf fxpfet
tgf Furdpfbl cuydut sfetdr td sgdw amprdvfi pfrndrmblef dvfr `bst yfbr al tfrms dn ifp`dymflt dn
ebpatb`, fxats, bli pdrtnd`ad vb`ubtadls. B gajgfr rbtalj as ldt wbrrbltfi iuf td tgf dljdalj mbhdr
egb``fljfs tgf FV nbefs watg rfjbri td jrdwtg bli tgf stbca`aty dn tgf furd. [dsatavf nbetdrs al p`by
ale`uif tgf ammalflt mdlftbry fbsalj vab RF, sd`ai cuydut fxat pfrndrmblef, bli amprdvalj erfiat
edliatadls al cdtg ebpatb` mbrofts bli tgf cbloalj sfetdr. Ygf prambry edlefrls ale`uif pddr
mberdfedldmae jrdwtg watgal tgf FV, ifn`btadl raso, bli edltalualj gajg puregbsf praef bli ifct
mu`tap`fs. Dvfr`byalj b`` dn tgas as tgf Jrffo ifct satubtadl, wgaeg, an gbli`fi pddr`y, edu`i c`ult bly
mdmfltum tgf FV gbs jflfrbtfi sd nbr.
Zatgal tgf Furdzdlf, alvfstdrs ebl tbof bivbltbjf dn tgf iavfrjflef dn pfrndrmblef watgal tgf
mfmcfr edultrafs cy ndeusalj tgfar alvfstmflts al tgf cfttfr-pfrndrmalj edrf fedldmafs wga`f mboaljdppdrtulastae ndrbys altd bttrbetavf fltfrprasfs watgal tgf pddrfr-pfrndrmalj pfrapgfry. Ufetdrs tgbt brf
fxpfetfi td dutpfrndrm ale`uif fxpdrt-drafltfi aliustrafs? ldl-Furdzdlf fedldmafs, pbrtaeu`br`y tgf
V.O.? bli mfiaum bli `brjf ebp edmpblafs watg fxpdsurf td mu`tap`f mbrofts (ale`uialj ldl-FV
mbrofts). Erfiat-rf`btfi alvfstmflts sgdu`i sta`` fxgacat sduli raso-bihustfi rfturls, cut brf sdmfwgbt
`fss bttrbetavf jdalj ndrwbri iuf td tgf bltaeapbtfi fnnfets dn RF bli tgf pdssaca`aty dn sdmf rfedvfry al
cblo flialj dvfr tgf lfxt edup`f dn yfbrs.
Cuyduts < Furdpf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Iastrfssfi Ifct
Dwalj td fxtrbdrialbra`y beedmmdibtavf mdlftbry pd`aey, tgf flvardlmflt ndr iastrfssfi strbtfjafs gbs
rfmbalfi dut dn nbvdr dvfr tgf pdst-erasas yfbrs, wgaeg gbvf cffl mbrofi cy ulprfefifltfi`y `dw
altfrfst rbtfs bli bl bculiblef dn `aquaiaty. Ygf n`ddi dn ebpatb` nuf``fi cy efltrb` cblo altfrvfltadl gbs
`fi td rfedri-`dw ifnbu`t rbtfs, bli, edlsfquflt`y, b ifbrtg al tgf supp`y dn iastrfssfi dppdrtulatafs, bsbppftatf ndr yaf`i al tgas `dw altfrfst rbtf flvardlmflt gbs flbc`fi fvfl gajg`y `fvfrbjfi edmpblafs td
pdstpdlf tgf iby dn rfeodlalj. Zga`f tgas aln`dw dn `aquaiaty gbs `aof`y sdwl tgf sffis dn mfblaljnu`
iastrfss al tgf nuturf, tgf dvfrb`` erfiat satubtadl edltalufs td `ddo cflajl dvfr tgf lfxt 23 mdltgs, watg
aliaebtdrs dn ifctdr nalbleab` strfss bppfbralj `dw dr, bt wdrst, lfutrb` al tgf eurrflt flvardlmflt.
Ifspatf tgas, tgfrf brf fbr`y sajlb`s tgbt tgf alvfstmflt `blisebpf ndr iastrfssfi p`byfrs wa`` cfedmf
mbrjalb``y mdrf nfrta`f al tgf lfbr nuturf, `brjf`y iuf td tgf iftfradrbtadl al tgf flfrjy spbef. Zatg da`
praefs p`uljalj td tgfar `dwfst `fvf`s al gb`n b ifebif, altfrfst rbtfs dl gajg yaf`i ifct watgal tgf flfrjy
aliustry gbvf sdbrfi al tgf pbst nfw mdltgs, ul`deoalj dppdrtulatafs ndr iastrfssfi alvfstdrs, wgaeg wa``
dl`y beef`frbtf al tgf fvflt dn b prd`dljfi ifprfssadl al da` praefs. Edltalufi blfmae fedldmae jrdwtg
bli cblo if`fvfrbjalj al Furdpf wa`` `aofwasf prfsflt sdmf altfrfstalj dppdrtulatafs ndr iastrfssfi
p`byfrs, cut altrdiuetadls dn nurtgfr qubltatbtavf fbsalj mfbsurfs cy tgf FEC mby quf`` tgas dppdrtulaty
sft td sdmf fxtflt. Gajgfr ebpatb` mbroft vd`bta`aty bli dljdalj edlefrls surrdulialj j`dcb` jrdwtg edu`i
spbro altfrmattflt dppdrtulatafs al tgf bcsflef dn b sustbalfi idwlturl al tgf erfiat mbrofts. Zatg tgf
sucstbltab` bmdult dn dutstblialj ifct sfrvalj bs nuf`, tgf iastrfssfi spbef sgdu`i dnnfr b sd`ai
dppdrtulaty wgflfvfr tgf narf as `at. V`tambtf`y, wgfl tgf iastrfssfi mbroft wa`` nu``y fsebpf nrdm ats
eurrflt id`irums as ampdssac`f td prfiaet, cut at as `aof`y td deeur dl`y wgfl tgfrf as b sgant tdwbri b mdrf
ldrmb` mdlftbry pd`aey flvardlmflt, gdwfvfr smb`` al mbjlatuif. Zatg tgbt al mali, tgf mdst `aof`y
seflbrad as ndr tgf rfmbalalj mdltgs dn 3;26 td nfbturf b rfstrbalfi iastrfssfi flvardlmflt, tgdujg tgf
ifnbu`t rbtf wa`` aof`y jrdw s`ajgt`y.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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59
9> 9:
5657
9;
9691
57
26.5
62.>66.2
26.6
36.231.9
57.:5>
37.6
;
2;
3;
5;
9;
6;
>;
3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Ld. dn Nulis Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)
Upfeab` Uatubtadls < Iastrfssfi Ifct
Nulirbasalj
Al `alf watg tgf trfli nrdm 3;23 tgrdujg 3;25, nulirbasalj ndr iastrfssfi vfgae`fs edltalufi td ife`alf al
3;29, rfmbalalj `brjf`y edlsastflt watg tgf `fvf`s rbasfi nrdm 3;2; td 3;22. Ndr tgf yfbr, 57 iastrfssfinulis rbasfi $37.6 ca``adl, rdujg`y 3;.7% fss tgbl tgf bmdult rbasfi al 3;25 ($5>.; ca``adl), cut sta`` mdrf
ebpatb` tgbl al ndur dn tgf pbst tfl yfbrs. Bmai b cudyblt mbroft cbeoirdp, alvfstdr bppftatf ndr
iastrfssfi strbtfjafs bppfbrfi rf`btavf`y `dw bs tdtb` nulirbasalj ndr b`` pravbtf fquaty strbtfjafs rdsf
edlsaifrbc`y dvfr tgf sbmf pfradi. Iastrfssfi vfgae`fs gbvf mdvfi nrdm 1.7% dn tdtb` nulirbasalj al
3;23 td hust 6.6% al 3;29. Ygf ife`alf idfs ldt sffm td cf b rfsu`t dn `beo dn supp`y bs tgfrf wfrf :;
iastrfssfi nulis al mbroft tbrjftalj $65 ca``adl dn ebpatb` bs dn Hblubry 3;26. Ndr tgas pbst yfbr, Ldrtg
Bmfraeb-ndeusfi vfgae`fs irdvf tgas ife`alf, javfl bl alerfbsf al ebpatb` b``debtfi td Furdpf. Dl tgf cbeo
dn wfbolfss bli beef`frbtfi sb`fs dn bssfts watg rfjbri td ifpdsatdry alstatutadls al Furdpf, alvfstdr
altfrfst al iastrfssfi p`bys al tgf rfjadl bppfbrfi td cf dl tgf rasf. Furdpf-ndeusfi nulis jbrlfrfirdujg`y $6.> ca``adl al 3;29, surpbssalj tgf pradr yfbr cy 29.5%, cut sta`` lfbr`y gb`n dnn tgf bmdult rbasfi
al 3;23.
Uduref8 [rfqal, bs dn Hblubry 3;26.
Bllub` Iastrfssfi [ravbtf Fquaty Nulirbasalj | 3;;>-3;29
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Iastrfssfi Ifct
Alvfstmflt Betavaty
Bmai rfedri gajg yaf`i assublef bli `dw ifnbu`t rbtfs, ifp`dyalj ebpatb` edltalufi td cf b mfblaljnu`
egb``fljf ndr iastrfssfi alvfstdrs al 3;29. Ygas as pbrt`y rfn`fetfi al tgf rfedri-gajg `fvf` dn iry pdwifr,
wgaeg ebmf al bt $:>.1 ca``adl bt tgf dlsft dn 3;26, trumpalj tgf prfvadus gajg nrdm Ifefmcfr 3;25 cy
5.1%. Gfbialj altd 3;26, tgf mbroft ndr iastrfssfi alvfstmflts rfmbals gajg`y edmpftatavf bs b sazbc`f
pdd` dn ebpatb` egbsfs b vfry `amatfi lumcfr dn dppdrtulatafs. Iravfl cy tgf `aquaiaty al tgf mbroft,
iastrfssfi bssft praefs gbvf rasfl sajlanaeblt`y, bli tgbt trfli as prdhfetfi td edltaluf altd 3;26.
Dut`ddo
Vlsurprasalj`y, tgf dvfrb`` iastrfssfi mbroft flvardlmflt edltalufs td bppfbr cflajl, fspfeab``y watgal
tgf Ldrtg Bmfraebl rfjadl. Dlf smb`` erbeo al tgf brmdr dn tgf sffmalj`y amprfjlbc`f erfiat mbrofts dn
tgf iby mby ifvf`dp al tgf flfrjy sfetdr, wgaeg beedults ndr b sazbc`f pdrtadl dn tgf gajg yaf`i mbrofts.
Dtgfr tgbl pdtfltab` prdc`fms watgal tgbt sfetdr, 3;26 bppfbrs mdst `aof`y td sgbpf up bs bldtgfr
iasbppdaltalj yfbr ndr iastrfssfi strbtfjafs. At as mdst `aof`y tgbt cy tgf fli dn tgas yfbr, wf wa`` `ddo cbeo
bli sff tgbt tgf mdst pdsatavf tgaljs tgbt deeurrfi iuralj tgf yfbr (bt `fbst ndr iastrfssfi alvfstdrs) wfrf
tgf biiatadlb` cua`iup dn fvfrbjf bli b nurtgfr rfiuetadl al alvfstdr raso bvfrsadl.
Gastdraeb` Ifnbu`t Sbtfs | 2117-3;29
Uduref8 B`tmbl bli Oufglf (3;29) Ifnbu`t bli Sfturls al tgf Gajg -Qaf`i Cdli Mbroft8 Ygari-Rubrtfr 3;29 Sfvafw
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
;%
3%
9%
>%
7%
2;%
23%
29%
2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
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Upfeab` Uatubtadls < Iastrfssfi Ifct
Ygfrf as sdmf rfb` aliaebtadl dn tgf `bttfr td cf nduli al tgf assublef dn EEE-rbtfi ifct al tgf pbst twd
yfbrs8 3;25 sbw lfw EEE assublef dn 32.5%, tgf sfedli gajgfst rbtf salef bt `fbst 3;;6, wga`f tgf najurf
ndr tgf narst tgrff qubrtfrs dn 3;29 bvfrbjfi 21.7%, watg b c`dwdut sfedli qubrtfr dn 36.1%. Dn edursf,
tgfsf najurfs b`dlf id ldt mbof b trfli, cut rfeflt qubrtfrs gbvf ifmdlstrbtfi b mdrf bjjrfssavfpdsturf cy alvfstdrs al `dwfr-rbtfi gajg yaf`i assufs. Ygf cfgbvadr dn tgf gajg yaf`i mbrofts al 3;26 wa``
cf erataeb`, bs b sucstbltab` upturl al assublef dn EEE ifct wdu`i prdvaif strdlj vb`aibtadl dn tgf trfli
tdwbri iftfradrbtadl al tgf dvfrb`` qub`aty dn gajg yaf`i ifct bli wdu`i cf b sajlb` tgbt tgf erfiat eye`f as
lfbralj b pfbo bli tgf iastrfssfi if`ujf as ammalflt. Ndr ldw, `dw qub`aty assublef gbs ldt bpprdbegfi
tgf fvf` dn tgf pbst pfbo yfbr dn 3;;:, wgfl 5:.9% dn assublef wbs EEE-rbtfi.
^d`umf al tgf gajg yaf`i mbrofts gbs cffl strdlj ndr yfbrs, wgaeg as edliueavf td b nbvdrbc`f iastrfssfi
flvardlmflt? gdwfvfr, jflfrb` qub`aty watgal gajg yaf`i gbs dl`y rfeflt`y cfjul td s`ap. Ndr ldw, at `ddos
`aof sdmftamf al tgf lfxt twd td ndur yfbrs tgfrf wa`` cf b sazbc`f bli `uerbtavf dppdrtulaty al iastrfss,cut tgbt tgbt dppdrtulaty as ldt `aof`y td ifvf`dp tgas yfbr.
[frefltbjf dn Lfw Gajg-Qaf`i Assublef Sbtfi C- dr Cf`dw (Cbsfi dl tgf Bmdult dn Assublef) | 2116-3;29
UYSDLJ
D^FSZFAJGY
MDIFSBYF
D^FSZFAJGY
LFVYSB@
MDIFSBYF
VLIFSZFAJGY
UYSDLJ
VLIFSZFAJGY
td 27-mdltgedmmatmflt
dut`ddo 211:211721113;;;3;;23;;33;;53;;93;;63;;>3;;:3;;73;;13;2;3;223;233;253;29
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Upfeab` Uatubtadls < Iastrfssfi Ifct
Gajg Qaf`i
Uduref8 Nateg Sbtalj
Yd a``ustrbtf tgf cbeojrduli ndr tgas bssfssmflt, sdmf rf`fvblt mftraes brf dut`alfi bs nd``dws8
Bt bl fstambtfi sazf dn $2.6 tra``adl bs dn tgf fli dn 3;29, tgf V.U. gajg yaf`i mbroft as rdujg`y :.3%
gajgfr tgbl ats sazf hust b yfbr pradr. Gajg yaf`i assublef ebmf al bt b gfb`tgy $52>.9 ca``adl iuralj
3;29, hust dnn tgf pradr yfbr cy >.2%. @fvfrbjfi `dbl assublef wbs $631.; ca``adl al 3;29, cf`dw tgf
assublef al 3;25 cy 23.1%, cut 25.7% bcdvf tgf bmdult al 3;23.
Ygf nbef vb`uf dn ifnbu`tfi bli iastrfssfi ifct wbs rdujg`y $2.2 tra``adl bs dn Ifefmcfr 3;29,
cueoalj tgf trfli dn ife`alf nrdm 3;22 td 3;25, bs tgas `fvf` wbs 1.5% gajgfr tgbl tgf bmdult sffl
al Ifefmcfr 3;25 ($2.; tra``adl). Ygas yfbr-dvfr-yfbr alerfbsf wbs prambra`y iravfl cy tgf rasf al tgf
iastrfssfi prdpdrtadl dn tgf tdtb` gajg yaf`i cdli mbroft, bs b rfsu`t dn tgf waiflalj dn sprfbis al
3;29. Iravfl cy tgf iastrfssfi sfjmflt bs at rdsf nrdm 9.6% td 1.1% yfbr-dvfr-yfbr, ifnbu`tfi bli
iastrfssfi ifct bs b pfrefltbjf dn tgf gajg yaf`i bli ifnbu`tfi ifct mbroft wbs rdujg`y 39.6% bs dn
yfbr fli 3;29, mbtfrab``y gajgfr tgbl tgf 21.3% rfedrifi b yfbr fbr`afr.
Ygf iastrfss rbtad ndr gajg yaf`i cdlis (prdpdrtadl sf``alj bt 2,;;; cbsas pdalts dvfr edmpbrbc`f V.U.
Yrfbsury mbturatafs) wbs up nrdm 6.5% td 22.>% yfbr-dvfr-yfbr, tgf gajgfst `fvf` salef tgf pdst-
rfefssadl pfbo dn 2:.1% al 3;22.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
;39>72;23292>27
;
6;
2;;
26;
3;;
36;
5;;
56;
9;;
3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Gajg Qaf`iAssublef ($C)
Ifnbu`t
Sbtf
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Upfeab` Uatubtadls < Iastrfssfi Ifct
Gajg yaf`i ifnbu`t rbtfs rfmbal lfbr rfedri `dws. Ygf ndurtg qubrtfr 3;29 rbtf wbs b mfrf ;.29%,
hust b cat `dwfr tgbl `bst yfbrsndurtg qubrtfr lumcfr dn ;.27%. Ygf 3;25 ifnbu`t rbtf dn 2.;% wbs
mueg `dwfr tgbl tgf 3;29 rbtf dn 3.2%, cut tgbt as prambra`y iuf td tgf cbloruptey dn Flfrjy Nuturf
Gd`ialjs/YWV sofwalj tgf 3;29 lumcfr upwbri. Dvfrb``, ifnbu`t rbtfs brf prdhfetfi td cfsdmfwgbt gajgfr tgas yfbr (Mddiysfxpfets brduli 3.7% cy lfxt Ufptfmcfr), cut brf sta`` vfry tbmf
cy gastdraeb` stblibris. Iftfradrbtadl al tgf flfrjy spbef, wgaeg beedults ndr bcdut 2>% dn gajg yaf`i
assublef dutstblialj, as waif`y fxpfetfi td pusg tgf ifnbu`t rbtf up b cat, cut iuf td b rf`btavf`y
smb`` lumcfr dn eurrflt mbturatafs bli rfbsdlbc`y fbsy tfrms, tgas as ldt fxpfetfi td cf b mbhdr
fvflt ndr 3;26 (tgdujg at wa`` wdrsfl al 3;2> bli cfydli, ifpflialj dl tgf mdvfmflt dn da` praefs).
@aquaiaty as b `att`f mdrf maxfi8 Mddiys @aquaiaty Utrfss Alifx as jflfrb``y n`bsgalj jrffl, tgdujg
tgfrf as aliaebtadl tgbt tgf quaeo rbtad ndr edrpdrbtadls gbs iftfradrbtfi sdmfwgbt, nrdm 62% al
3;2; td 99% al 5R29.
Nbef vb`uf dn ifnbu`tfi ifct iferfbsfi td bcdut $>56.5 ca``adl bs dn Ifefmcfr 3;29 nrdm $:95.:
ca``adl bs dn Ifefmcfr 3;25.
Gajg yaf`i sprfbis gbvf pusgfi dut salef mai-yfbr bli stddi bt brduli 6.;% al Ifefmcfr, s`ajgt`y
`dwfr tgbl tgf dlj tfrm bvfrbjf dn 6.3%.
Ygf iastrfssfi spbef rfmbalfi rbtgfr idrmblt al 3;29 bli tgf yfbr wbs ldt pbrtaeu`br`y fledurbjalj al
rfjbris td wgbt td fxpfet dvfr tgf edmalj mdltgs dn 3;26, dtgfr tgbl b `aof`y edltalufi cua`iup dn
iastrfssfi alvfltdry. Ygf fbsy stblef dn efltrb` cblos brduli tgf j`dcf bli rfeflt fedldmae jrdwtg altgf V.U. gbvf sd nbr pdstpdlfi bly ammalflt mbroft ias`debtadl al tgf lfbr tfrm. Nurtgfr, javfl tgf
nbvdrbc`f nalbleab` edliatadls tgbt egbrbetfrazf tgf eurrflt mbroft flvardlmflt, at idfs ldt bppfbr tgbt
tgf iastrfssfi mbroft wa`` egbljf bpprfeabc`y dvfr tgf edursf dn tgf yfbr, bsaif nrdm sdmf dppdrtulatafs
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Iastrfssfi Ifct
ul`deofi iuf td wfbolfss watgal tgf flfrjy aliustry. Mdst dn tgf fbr`y wbrlalj sajls dn nalbleab` iurfss
brf rbtgfr mutfi bli erfiat edliatadls gbvf rfmbalfi gajg`y nbvdrbc`f td cdrrdwfrs. Qft, dlf sajlanaeblt
ebtb`yst ndr tgf iastrfssfi flvardlmflt mby mdvf tgf bssft e`bss tdwbri rflfwfi bttrbetavflfss al `btf
3;268 tgf fxpfetfi alatabtadl dn altfrfst rbtf gaofs cy tgf Nfi, pfrgbps cy maiyfbr. Gdwfvfr, watgaln`btadl lumcfrs irdppalj wf`` cf`dw tgf Nfis tbrjft dn 3.;% al tgf wblalj mdltgs dn 3;29, fvfl b
mdifst rbtf alerfbsf cy maiyfbr mby cf dnn tgf tbc`f. Nurtgfr, tgf rbtf alerfbsf wdu`i gbvf td cf gajgfr
tgbl wgbt tgf mbroft eurrflt`y fxpfets al drifr td gbvf b mfblaljnu` ampbet.
B`` al b``, tgf mdst `aof`y ebsf sujjfsts bldtgfr quaft yfbr ndr iastrfssfi strbtfjafs al 3;26. Gdwfvfr,
javfl tgf stbjf dn tgf eurrflt erfiat eye`f, ife`alalj alvfstdr raso bvfrsadl, bli `brjf seb`f erfiat erfbtadl,
tgf `aof`agddi dn bl bttrbetavf iastrfssfi alvfstalj flvardlmflt sdmftamf watgal tgf lfxt twd td ndur
yfbrs edltalufs td alerfbsf. Nurtgfr, fvfl tgdujg tgf dut`ddo ndr tgf lfxt 23 td 27 mdltgs idfs ldt `ddo
edliueavf td b iastrfssfi flvardlmflt bli tgf pdssaca`aty dn bl fbr`y stbrt td tgf iastrfssfi eye`f
rfmbals `dw, at gbs alerfbsfi salef `bst yfbr. Javfl tgf erataeb` rd`f dn tamalj bli `aquaiaty ndr iastrfssfi
alvfstaljmblbjfrs must gbvf bmp`f ebpatb` dl gbli bli ifp`dy at rbpai`y bli dppdrtulastaeb``y bt tgf
dlsft dn tgf eye`f frralj dl tgf saif dn edmmattalj ebpatb` td tgf spbef tdd fbr`y as prfnfrbc`f td
bttfmptalj td tamf tgf eye`f watg mdrf prfeasadl. Ndr tgas rfbsdl, fxpdsurf td iastrfssfi strbtfjafs al
3;26, bt tgf vfry `fbst bs b gfijf, as ifsarbc`f. Ygfrfndrf dur tbetaeb` rbtalj wa`` rfmbal wgfrf at cfjbl
`bst yfbr, bt MdifrbtfDvfrwfajgt.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Mfzzblalf
Al 3;29, mfzzblalf alvfstdrs jdt gb`n dn wgbt tgfy rfb``y lffifi. Ygf mbalspralj dn tgfar ifb` n`dw,
cuydut nuli ifb` mboalj, cdulefi cbeo watg b vfljfblef dvfr tgf yfbr, sd`valj tgf prambry prdc`fm
tgbt gbi bnn`aetfi mfzzblalf strbtfjafs al mueg dn tgf pdst erasas pfradi bli crfbtgalj lfw `anf altd tgf
prdspfet dn sucstbltab` mfzzblalf alvfstmflt n`dws bs tgf cuydut eye`f paeos up stfbm. Bs ndr tgf dtgfratfm dl tgf mfzzblalf alvfstdrs wasg `ast alerfbsalj altfrfst rbtfs at `ddos `aof tgf wbat edu`i cf
`dljfr tgbl drajalb``y bltaeapbtfi. Ygdujg tgf Nfifrb` Sfsfrvf sajlb`fi b `aof`y alerfbsf brduli tgf
sfedli qubrtfr dn 3;26, rfeflt V.U. aln`btadl ibtb bli edlefrls brduli j`dcb` jrdwtg mby stby ats gbli
ndr b tamf. Gdwfvfr, fvfl watgdut b Nfi rbtf gaof, mfzzblalf prdvaifrs ifnalatf`y wdl tgf mdrf
ampdrtblt prazf al tgf rfturl dn ifb` n`dw nrdm tgf cuydut spbef. Altfrfst rbtfs sta`` stueo bt dr lfbr
rfedri `dws efrtbal`y ampbet tgf bttrbetavflfss dn mfzzblalf ifct, cut ldw mblbjfrs gbvf b sgdt bt
ifp`dyalj ebpatb` al b mdrf rdcust nbsgadl ldw tgbt tgfar cuydut flbc`frs brf cbeo dl b rd``.
Nulirbasalj
Ygf jddi lfws nrdm tgf cuydut sfetdr bppfbrs ldt td gbvf mbif at td tgf mfzzblalf sfetdr watg rfjbri
td nulirbasalj. Dl b j`dcb` cbsas, 3> mfzzblalf nulis rbasfi bpprdxambtf`y $7.> ca``adl al edmmatmflts al
3;29, dl`y gb`n dn tgf bmdult rbasfi al 3;25, wgfl 93 nulis rbasfi $2:.3 ca``adl. Ygas crfbos tgf stralj dn
tgrff edlsfeutavf, bli rfspfetbc`f, yfbr`y alerfbsfs spbllalj 3;22 tgrdujg 3;25, bli puts tgf 3;29
gbu` bt hust bcdvf tgf ifprfssfi pfradi 3;;1 tgrdujg 3;2; wgfl nulirbasalj iai ldt mbof at bcdvf $7
ca``adl. Ldrtg Bmfraebl nulis edltalufi td idmalbtf tgf mbroft (fvfry yfbr fxefpt 3;;1), beedultalj ndr
bcdut :;% dn ebpatb` rbasfi iuralj tgf yfbr. Ygdujg spdlsdr-drafltfi nulis edltaluf td edmprasf b `brjf
pdrtadl dn tgf mfzzblalf ulavfrsf, mdrf iavfrsanafi strbtfjafs ale`uialj Dbotrff Mfzzblalf Nuli A^bli Uummat [brtlfrs Erfiat Nuli AA - gbvf mbif alrdbis al rfeflt yfbrs.
Alvfstdr bppftatf ndr mfzzblalf nulis edd`fi al 3;29, pfrgbps bs b rfsu`t dn tgrff sueefssavf yfbrs dn
nbar`y ifeflt nulirbasalj, edmcalfi watg b egb``fljalj ifb` n`dw flvardlmflt, wgaeg `fi td b mfblaljnu`
cua`iup dn iry pdwifr watgal tgf spbef. Nurtgfr, tgf pfrefptadl bmdljst alvfstdrs tgbt mfzzblalf
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Mfzzblalf
strbtfjafs brf suchfet td gfbvy edmpftatavf prfssurfs bli tgus edmprfssadl dn rfturls as `aof`y td gbvf
put b ibmpfr dl alvfstdr ifmbli ndr tgf strbtfjy. Ife`alalj bvfrbjf nuli sazfs mby b`sd aliaebtf wblalj
alvfstdr ifmbli al rfeflt mdltgs. Nrdm b `fvf` dn dvfr $97; ma``adl al 3;23, tgf bvfrbjf nuli sazf
irdppfi td lfbr`y $9;; ma``adl al 3;25 bli ebmf al bt brduli $55; ma``adl ndr 3;29. Fvfl tgdujg 3;29wbs b tdujg yfbr ndr nulirbasalj, tgf bndrfmfltadlfi iry pdwifr sgdu`i cf sunnaeaflt td sbtasny tgf
bltaeapbtfi alerfbsfi ifmbli ndr mfzzblalf nulis td fxp`dat tgf paeoup al cuydut-rf`btfi ifb`s.
Alvfstmflt Betavaty
Bntfr tgrff yfbrs dn mfiaderf ifp`dymflts, ale`uialj b iasmb` 3;25 wgfrf `fss tgbl $5 ca``adl dn ebpatb`
wbs alvfstfi, tgf pbef dn mfzzblalf alvfstmflt stbjfi bl amprfssavf edmfcbeo al 3;29, nuf`fi cy tgf
rfcduli dn cuydut ifb` n`dw. Bt bpprdxambtf`y $2:.2 ca``adl, tgf ifb` vb`uf ndr 3;29 ebmf al bt dvfr >x
tgf mfbjfr pbef al 3;25 bli wf`` dvfr iduc`f tgf bmdult nrdm 3;23 ($6.7 ca``adl). Ygdujg sta`` b nbr erynrdm tgf $6> ca``adl put dut al 3;;7, tgf 3;29 najurf as wf`` watgal tgf jrddvf fstbc`asgfi al 3;;> bli
3;;:, cdtg dn wgaeg flifi watg dvfr $3; ca``adl al ifp`dymflts. Al nbet, fxe`uialj tgf yfbrs 3;;>
tgrdujg 3;;7, 3;29 as tgf mdst amprfssavf yfbr, cy nbr, dn tgf bst tfl (pfr Ygdmsdl Sfutfrs).
Bllub` Mfzzblalf Nulirbasalj 3;;>-3;29 | $ Ca``adl
Uduref8 [rfqal
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
;
2;
3;
5;
9;
6;
$;
$6
$2;
$26
$3;
$36
$5;
3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)
Ld. dn Nulis
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Upfeab` Uatubtadls< Mfzzblalf
UYSDLJ
D^FSZFAJGY
MDIFSBYF
D^FSZFAJGY
LFVYSB@
MDIFSBYF
VLIFSZFAJGY
UYSDLJ
VLIFSZFAJGY
td 27-mdltgedmmatmflt
dut`ddo 1.1
3;.2
32.:3>.:
;
6
2;
26
3;
36
5;
56
$;
$6
$2;
$26
$3;
$36
$5;
3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Bjjrfjbtf Ebpatb` Sbasfi (cl VUI) Ld. dn Nulis
Upfeab` Uatubtadls < Ufedlibrafs
Nulirbasalj
Ufedlibry vfgae`fs rbasfi b rfedri-sfttalj $3>.: ca``adl al 3;29, surpbssalj fvfl tgf sd`ai 3;25 tdtb` dn
$32.:5ca``adl cy 35.;% bli cfstalj tgf prfvadus gajg dn $33.3 ca``adl nrdm 3;;1 cy 3;.5%.Ygf alerfbsf
wbs iravfl al `brjf pbrt cy tgf e`dsaljs dn sfvfrb` mfjb nulis, ale`uialj tgf Briabl Ufedlibry Nuli ^A bt$>.; ca``dl ($1.; ca``adl watg ed-alvfstmflt pdd`s). Zatg 3;29samprfssavf pfrndrmblef, fbeg dn tgf pbst
tgrff yfbrs gbs fxeffifi tgf bllub` nulirbasalj tdtb`s dn b`` pradr yfbrs watgal tgf `bst tfl, watg tgf
fxefptadl dn 3;;1. Ygfsf lumcfrs aliaebtf tgbt ifmbli ndr fxpdsurf td sfedlibry strbtfjafs gbs ldt
wblfi al spatf dn gajg praealj.
Alvfstmflt Betavaty
Betavaty al tgf sfedlibry mbroft surjfi al 3;29, watg ifb` vd`umf sdbralj td $93.; ca``adl, iwbrnalj tgf
prfvadus rfedri nrdm 3;25 dn $3:.6 ca``adl b mbrofi 63.:% yfbr dvfr yfbr alerfbsf. B ldtbc`f f`fmflt
wbs tgf sgffr lumcfr dn ifb`s tgbt trblsbetfi bcdvf $2.; ca``adl, bs 23 sueg ifb`s edmpdsfi lfbr`y 9;%
dn tdtb` ifb` vd`umf al 3;29, edmpbrfi td 21% al 3;25 bli mdrf tgbl tgrff tamfs tgf lumcfr dn tgas sazf
dn trblsbetadl al bly prfvadus yfbr. Bs sf``frs, irbwl cy strdlj praealj, dppdrtulastaeb``y cralj bssfts td
mbroft bli sfedlibry nulis `ddo td ifp`dy `brjf pdts dn nrfsg ebpatb`, praealj gbs cfedmf alerfbsalj`y
bjjrfssavf. Al Hulf 3;29, bvfrbjf praefs ndr cuydut nulis rfbegfi ebrryalj vb`uf ndr tgf narst tamf salef
Uduref8 [rfqal
Bllub` Ufedlibry Nulirbasalj |$ Ca``adl
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
5 Ygf 3;25 nulirbasalj bmdult wbs rfeflt`y alerfbsfi cy bpprdxambtf`y $6.6 ca``adl watg tgf ale`usadl dn tgf Jd`imbl Ubegs altbjf Nuli ^A. Ygf nuli cfjblnulirbasalj al 3;23 bli gf`i b nalb` e`dsf al `btf 3;25? tgfrfndrf, at wbs ldt ale`uifi al tgf 3;25 tdtb` ulta` tgf `bttfr gb`n dn 3;29.
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Upfeab` Uatubtadls < Ufedlibrafs
3;;:, bli tgf bvba`bca`aty dn egfbp nalblealj gbs dl`y rbtegftfi praefs gajgfr. Ygfrf as b e`fbr iaspbraty
fmfrjalj al praealj cftwffl `amatfi pbrtlfr altfrfsts dn sdujgt-bntfr mblbjfmflt tfbms bli tgdsf tgbt
brf `fss nbvdrfi, b canurebtadl tgbt as fxpfetfi td edltaluf.
Dut`ddo
Bntfr c`dwalj pbst b`` prfvadus yfbrs al 3;29, tgfrf as jddi rfbsdl td tgalo tgbt tgf jrdwtg al sfedlibry
ifb` vd`umf wa`` mdifrbtf, bli pdssac`y ife`alf, al 3;26. Mdst dn tgf nbetdrs tgbt wa`` aln`uflef tgf
supp`y dn sfedlibry trblsbetadls al tgf edmalj yfbr brf pdaltalj td b iferfbsf, b`cfat nrdm wgbt `ddos td
cf b pfbo yfbr al 3;29.
Ufvfrb` dn tgfsf nbetdrs sgdu`i ed``uif td `fssfl tgf bppftatf dn mdst `amatfi pbrtlfrs td sf``. Ndr dlf
tgalj, tgf strdlj puc`ae mbrofts gbvf gbi mu`tap`f pdsatavf fnnfets dl `amatfi pbrtlfrs pravbtf fquaty
pdrtnd`ads, ale`uialj alerfbsalj LB^s bli rdcust fxat betavaty bli iastracutadls. Zatg pdrtnd`ads pfrndrmaljsd wf``, `amatfi pbrtlfrs wa`` cf tfmptfi td samp`y gd`i dltd fxastalj gd`ialjs wga`f tgf eurrflt strdlj
rul p`bys dut. Nurtgfr, tgf pbef dn iastracutadls gbs sffl td at tgbt `aquaiaty edlefrls, an tgfy mby gbvf
fxastfi al pradr yfbrs, brf efrtbal`y ldt b mbhdr edlefrl ldw. Al nbet, tgf prdc`fm ndr `amatfi pbrtlfrs ldw
as mdrf `aof`y td edmf nrdm tgf dtgfr fli8 gdw td ifp`dy tgf `aquaiaty walinb`` cfalj jflfrbtfi watgal
tgfar pravbtf fquaty pdrtnd`ads. Gajg `aquaiaty bli bcdvf bvfrbjf pfrndrmblef watgal pravbtf fquaty
b``debtadls wa`` tfli td rfiuef `amatfi pbrtlfrsale`albtadl td sf``, b`` tgaljs fqub`.
Uduref8 Edjflt [brtlfrs
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
2.6 3.6 5 3.6 5
:.6 1 7.622
2> 2623.6
3236 36
3:.6
93
$;
$6
$2;
$26
$3;
$36
$5;
$56
$9;$96
2117 2111 3;;; 3;;2 3;;3 3;;5 3;;9 3;;6 3;;> 3;;: 3;;7 3;;1 3;2; 3;22 3;23 3;25 3;29
Ufedlibry Ifb` ^d`umfs |$ Ca``adl
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59>
51>952
3;;2:>
323395
557532
;
6;
2;;
26;
3;;
36;
5;;
56;
9;;
96;6;;
Bjjrfjbtf Ebpatb` Sbasfi (cl VUI)
Upfeab` Uatubtadls < Ufedlibrafs
Uduref8 [rfqal, YdrrfyEdvf
Bvfrbjf Yrba`alj 5-: Qfbr [rambrafs |$C Ndrfebstfi Ifb` ^d`umf 6-2;% Yurldvfr | $C
[drtnd`ad mblbjfmflt assufs wa`` b`sd edmf altd p`by, bs tgf rdcust pfrndrmblef dn fquaty pdrtnd`ads gbs
tgrdwl tgf ifldmalbtdr fnnfet sgbrp`y altd rfvfrsf bs at bpp`afs td pravbtf fquaty. Zgfrf b nfw yfbrs bjd
`amatfi pbrtlfrs wfrf tryalj td nali wbys td mblbjf dvfr-b``debtadl td tgf bssft e`bss, ldw tgfy brf
edlnrdltalj tgf pdssaca`aty dn nb``alj cfgali, dr gbvf b`rfbiy idlf sd. Bli b``debtadl pfrefltbjf tbrjfts
brf ul`aof`y td cfjal edmalj idwl bly tamf sddl. An blytgalj, pravbtf fquaty b``debtadls `ddo td cf gfbifi
gajgfr beedrialj td tgf Ed``fr J`dcb` [ravbtf Fquaty Cbrdmftfr (Zaltfr 3;29), b`mdst 9;% dn survfyfi
`amatfi pbrtlfrs bltaeapbtf rbasalj tgfar b``debtadl, dppdsfi td dl`y :% tgbt brf edlsaifralj b iferfbsf.
Nalb``y, `amatfi pbrtlfrs, cudyfi cy tgf eurrflt pfrndrmblef dn tgfar pravbtf fquaty pdrtnd`ads, gbvf
cfedmf mueg mdrf dptamastae rfjbrialj tgf fxpfetfi pfrndrmblef dn tgf bssft e`bss. Ygf Ed``fr rfpdrt
b`sd aliaebtfs bl bpprdxambtf 26% alerfbsf al tgf pfrefltbjf (tdtb` dn 15%) dn survfyfi `amatfi pbrtlfrs
tgbt fxpfet td rfefavf b rfturl dn bt `fbst 22% td 2>% nrdm tgfar pravbtf fquaty alvfstmflts dvfr tgf lfxt
tgrff td navf yfbrs.
Dvfrb``, tgfsf altfrlb` nbetdrs jddi eurrflt pfrndrmblef al rfjbri td fxastalj pdrtnd`ad, rfvfrsb` dn tgfifldmalbtdr fnnfet, gajg `aquaiaty, alerfbsalj b``debtadl tbrjfts, bli nbvdrbc`f vafw dn nuturf pfrndrmblef
wdro td sajlanaeblt`y rfiuef bly sf``alj prfssurf dl amatfi pbrtlfrs.
Ygfrf brf b`sd fxtfrlb` nbetdrs wdroalj al tgf sbmf iarfetadl. Dlf dn tgf mdst sajlanaeblt as tgf fxtflsadl
dn tgf edmp`ablef ifbi`alf ndr tgf ^d`eofr Su`f altd 3;2: nrdm tgf drajalb` mai-3;26 ibtf. Cblos wfrf td
gbvf crdujgt tgfmsf`vfs altd edlndrmaty watg tgf Su`fsrfstraetadls dl prdpraftbry betavatafs bli
UYSDLJ
D^FSZFAJGY
MDIFSBYF
D^FSZFAJGY
LFVYSB@
MDIFSBYF
VLIFSZFAJGY
UYSDLJ
VLIFSZFAJGY
td 27-mdltgedmmatmflt
dut`ddo
359.;
367.2
3;26 3;2> 3;2:
Uduref8 [rfqal Uduref8 [rfqal
Betavf`y Yrbialj [rambrafs |$C
$;
$6
$2;
$26
$3;
$36
$5;
3;26F 3;2>F 3;2:F
36.535.9
36.7
23.> 22.: 23.1
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Upfeab` Uatubtadls < Ufedlibrafs
dwlfrsgap al efrtbal edvfrfi alvfstmflts (ale`uialj pravbtf fquaty) cy tgbt ibtf, wgaeg gbs cffl b mbhdr
iravalj nbetdr cfgali tgf `brjf sb`fs dn sueg bssfts altd tgf sfedlibry mbrofts dvfr tgf pbst nfw yfbrs.
Zatg tgf prfssurf ldw dnn ndr bldtgfr twd yfbrs, b mfblaljnu` ife`alf al trblsbetadls nrdm tgas sduref
sgdu`i cf fxpfetfi.
Ygf cbsf fnnfet sgdu`i b`sd edltracutf td b s`dwfr yfbr al vd`umf jrdwtg. 3;29 trblsbetadl vd`umf wbs
dvfr 6;% gajgfr tgbl b sd`ai yfbr al 3;25. B`sd, tgfrf wfrf sfvfrb` mu`taca``adl trblsbetadls cfgali tgf
3;29 lumcfrs. At wa`` cf iannaeu`t ndr tgf sfedlibry mbrofts td mfft dr cfbt tgf vd`umf nrdm sueg b
stblidut yfbr al 3;26.
Ygfrf brf sdmf edultfrvba`alj ndrefs bt wdro. Ndr dlf, tgf alerfbsfi alstatutadlb` beefptblef dn
sfedlibry trblsbetadls gbs prdmptfi b waifr brrby dn `amatfi pbrtlfrs, ale`uialj sdmf smb``fr
alstatutadls, td sfradus`y edlsaifr alatabtavfs td usf tgf sfedlibry mbrofts td rbtadlb`azf tgfar pravbtf
fquaty pdrtnd`ads cy rfiuealj tgf tdtb` lumcfr dn mblbjfr rf`btadlsgaps bli raiialj tgf pdrtnd`ad dn
pddr`y pfrndrmalj nulis. Mbly dn tgfsf `amatfi pbrtlfrs brf `aof`y td dppdrtulastaeb``y sf`` bssfts al tgflfxt yfbr dr twd, al drifr td tbof bivbltbjf dn tgf strdlj sf``frsmbroft.
Javfl b`` dn tgfsf nbetdrs, tgf prfpdlifrblef dn wfajgt as dl tgf saif dn b rfiuefi vd`umf ndr 3;26 al
edmpbrasdl td 3;29. Gdwfvfr, wf sta`` fxpfet at td cf b vfry jddi yfbr dl tgas nrdlt, bli tgfrf as b jddi
egblef at fxeffis 3;25.
Dl tgf ifmbli saif dn tgf fqubtadl, dljdalj strueturb` egbljfs al tgf sfedlibry mbrofts bli strdlj
nulirbasalj dvfr tgf pbst nfw yfbrs gbvf biifi biiatadlb` mdmfltum td tgf sfedlibry mbroft surjf,
wgaeg prdmasfs td ebrry dvfr altd 3;26. Ygf fltry dn prambry nuli `amatfi pbrtlfrs `aof puc`ae pflsadls
bli alsurblef edmpblafs - altd tgf sfedlibry spbef edltalufs. Zga`f trbiatadlb` sfedlibry nulis sta``edmprasfi brduli >6% dn tgf alvfstbc`f ebpatb` al 3;29, ldl-trbiatadlb` sdurefs beedultfi ndr bcdut 56%
(pfr Uaxpdalt [brtlfrs), ale`uialj 26% nrdm prambry `amatfi pbrtlfrs bli 3;% nrdm gycrai strueturfs (nuli
dn nulis bli edlsu`tblts). Ygf prambry s`aef, tgdujg rf`btavf`y smb``, edu`i gbvf bl dutsazfi ampbet dl
praealj iylbmaes watgal tgf aliustry, bs tgf `dwfr rfturl rfquarfmflts dn mbly dn tgfsf alstatutadls (`aof
puc`ae pflsadl p`bls) wa`` b``dw tgfm td cf bjjrfssavf mbrjalb` caiifrs ndr sfedlibry bssfts.
Zatg tgf Nfi offpalj rbtfs `dw, tgf bculiblef bli `dw edst dn ifct td b`` mbllfr dn bssft mblbjfrs gbs
rbrf`y sffl cfttfr ibys. Ufedlibry p`byfrs gbvf tbofl nu`` bivbltbjf dn tgas satubtadl al rfeflt yfbrs, bli
`fvfrbjfi ifb` strueturfs gbvf cfedmf rf`btavf`y rdutalf, cdtg bs b wby td mblbjf sf``frslffis bli bs b
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Ufedlibrafs
wby td cddst rfturls al b gajg`y edmpftatavf praealj flvardlmflt. Ndr tgfsf rfbsdls, tgf usf dn `fvfrbjf
cy sfedlibry mbroft p`byfrs as fxpfetfi td edltaluf alerfbsalj, tgfrfcy nbea`atbtalj fvfl mdrf bjjrfssavf
cais.
Ygf gujf`y sueefssnu` nulirbasalj dn tgf pbst tgrff yfbrs, fspfeab``y 3;29, gbvf `fi td bl ulprfefifltfi
`fvf` dn iry pdwifr watgal tgf sfedlibry mbroft. Edjflt fstambtfs tdtb` iry pdwifr dn bpprdxambtf`y
$79 ca``adl jdalj altd 3;26, watg bcdut $5; ca``adl dn tgbt bmdult nrdm rfeflt nulirbasalj. Ygas `fvf` dn
iry pdwifr wdros dut td bcdut wgbt as lfefssbry td edvfr twd yfbrs dn alvfstmflt bt tgf f`fvbtfi 3;29
`fvf`.
Ygdujg b sd`ai yfbr al vd`umf as bltaeapbtfi, tgfrf as mdrf tgbl bmp`f ebpatb` bvba`bc`f td bcsdrc tgf
fxpfetfi supp`y, aliaebtalj upwbri prfssurf dl praealj wa`` pfrsast bli pfrgbps altflsany.
Ufvfrb` rfeflt trflis nurtgfr aliaebtf tgf alerfbsalj iavfrsanaebtadl dn tgf sfedlibry mbroft cdtg al tfrms
dn cuyfrs bli sf``frs bs wf`` bs typf dn trblsbetadl. Beedrialj td Edjflt, tgf mdst betavf sf``frs al cdtg dn
tgf pbst twd yfbrs wfrf nalbleab` alstatutadls bli puc`ae p`bls (supfrbllubtadl nulis, puc`ae pflsadls,
sdvfrfajl wfb`tg nulis, fte.), wgaeg beedultfi ndr 6>% td 6:% dn vd`umf al fbeg yfbr. Gdwfvfr, Edjflt
prdhfets tgbt nalbleab` alstatutadls wa`` nb`` nrdm brduli 59% td `fss tgbl 3;% al 3;26. Udmf dn tgbt jbp
mby cf na``fi cy pbrtafs ldrmb``y dl tgf cuy saif nuli dn nulis bli sfedlibry sf``frs bs tgfy bttfmpt
td e`fbl-up tba` pdsatadls al fxastalj nulis dr samp`y tbof bivbltbjf dn bl fxef``flt praealj flvardlmflt.
J[ rfebpatb`azbtadls/rfstrueturaljs gbvf cfedmf bl alerfbsalj`y ampdrtblt iravfr dn ifb` n`dw. Beedrialj
td b Uaxpdalt survfy, dvfr gb`n dn rfspdliflts rfpdrtfi tgbt 3;% (cy id``br vb`uf) dr mdrf dn tgfar ifb`
n`dw wbs J[-iravfl. Al 3;29, bpprdxambtf`y 2:% dn tgf tdtb` id``br vb`uf dn sfedlibry ifb`s gbi b J[ bs b
sf``fr (Edjflt). Javfl tgbt dvfr $2;; ca``adl dn LB^ as al nulis tgbt brf fatgfr al, dr lfbr, tgfar fxtflsadlpfradis, tgas sduref dn ifb` n`dw sgdu`i edltaluf td fxpbli dvfr tgf lfxt sfvfrb` yfbrs.
Ufedlibry trblsbetadl praealj edltalufi td alerfbsf al 3;29, watg cdtg cuydut bli vflturf nulis
pbrtaeapbtalj al tgf up`ant. Cuydut nulis pdstfi tgf `brjfst praealj alerfbsf iuralj tgf yfbr al cdtg
bcsd`utf bli rf`btavf tfrms, mdvalj nrdm 12% dn LB^ td 16% dn LB^. [fbo praealj betub``y deeurrfi al tgf
narst gb`n dn tgf yfbr, wgfl cuydut sfedlibrafs crafn`y crusgfi watg pbr praealj. ^flturf praealj pusgfi up
nrdm :1% dn LB^ td 7;% dn LB^ bt tgf fli dn tgf yfbr, watg bl altfram gajg pdalt dn 73%. At as ampdrtblt
td offp al mali tgbt tgf ife`alf al praealj nrdm maiyfbr as sdmfwgbt ifefptavf, bs ifb`s al tgf `bttfr gb`n
dn 3;29 wfrf praefi dl gajgfr LB^s tgbt wfrf tgf rfsu`t dn tgf strdlj fxat mbrofts ndr cdtg cuydut bli
vflturf edmpblafs.
3;26 YdrrfyEdvf Ebpatb` [brtlfrs
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Upfeab` Uatubtadls < Ufedlibrafs
Ufedlibry strbtfjafs sgdu`i gbvf bldtgfr jddi yfbr al 3;26 watg rfspfet td alvfstmflt, bs `amatfi
pbrtlfrs dn b`` strapfs edltaluf td tbof bivbltbjf dn tgf mdst gfbtfi sfedlibry mbroft salef 3;;: al
drifr td beedmp`asg wgbtfvfr rfpdsatadlalj tgfar pdrtnd`ads mby rfquarf. Iastracutadls sgdu`i b`sd
mbaltbal b craso pbef bs b rfsu`t dn prambry nuli iastracutadls, pfrgbps bujmfltfi td sdmf fxtflt cy
dutrajgt sb`fs nrdm sfedlibry nulis tgfmsf`vfs. Nulirbasalj sgdu`i cf gfb`tgy, cut as ldt `aof`y td rfbeg
tgf rfedri 3;29 `fvf`.
Dur tbetaeb` rbtalj ndr sfedlibry strbtfjafs as mdvalj td Utrdlj Vlifrwfajgt nrdm Mdifrbtf
Vlifrwfajgt ndr 3;26. Bs ldtfi, cdtg supp`y bli ifmbli saif iylbmaes watgal tgf eurrflt sfedlibry
mbroft brf prfidmalbtf`y fxfrtalj upwbri prfssurf dl praealj. Ygf sd`ai pfrndrmblef dn alstatutadlb`
pdrtnd`ads dvfrb``, bli pravbtf fquaty b``debtadl al pbrtaeu`br, gbvf rf`afvfi wgbtfvfr prfssurf wbs cfalj
fxfrtfi dl alstatutadls td sf`` bli sucstbltab``y rfiuefi tgf dppdrtulaty edst dn gd`ialj pravbtf fquaty
bssfts. Ygf ifldmalbtdr fnnfet bli dvfr-b``debtadl assufs brf b tgalj dn tgf pbst. B`` dn tgas gbs put `amatfi
pbrtlfrs al b supfradr lfjdtabtalj pdsatadl, flbc`alj tgfm td cf dppdrtulastae rbtgfr tgbl ndrefi sf``frs.
Fvfl tgf dlf sfetdr tgbt gbi prdvaifi mdrf mdtavbtfi sf``frs dvfr tgf pbst nfw yfbrs nalbleab`
alstatutadls jdt b crfbo rfeflt`y watg b twd-yfbr fxtflsadl dl tgf edmp`ablef ifbi`alf ndr tgf ^d`eofr
Su`f.
Ygf bivbltbjfs dl tgf `amatfi pbrtlfr saif brf dl`y flgblefi cy tgf iylbmaes dl tgf cuyfrssaif dn tgf
mbroft. @brjf qubltatafs dn iry pdwifr iuf td strdlj nulirbasalj, b`dlj watg bvba`bc`f `dw edst `fvfrbjf,
sgdu`i cdtg edltracutf td mbaltbal tgf altflsf caiialj pdsturf sffl dvfr tgf `bst nfw yfbrs. Mboalj
mbttfrs wdrsf as tgf fltry dn ldl-trbiatadlb` sfedlibry mbroft pbrtaeapblts altd tgf nrby al rfeflt yfbrs,
bs tgfsf typaeb``y gbvf sucstbltab``y `dwfr rfturl tbrjfts bli brf bc`f td ulifreut tgf cais dn mdrf
trbiatadlb` pbrtaeapblts. Vlsurprasalj`y, al 3;29 tgfsf nbetdrs edmcalfi td prdiuef tgf strdljfst praealj
flvardlmflt ndr sfedlibry bssfts salef cfndrf tgf nalbleab` erasas.
Bcsflt b `aquaiaty erasas crdujgt bcdut cy b mbhdr ife`alf al fquaty mbroft pfrndrmblef,