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I rjport om ZV Fridt Njjr

@maustry

Ny M`rimlim Kutcjcir

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Who `s i Fridt Nrjwjr?________________________________________________________ 1

Difts_______________________________________________________________________ 1

Qypjs od Nrjwjr`js

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A`vjrs`d`ja proauft e`mjs< ______________________________________________________________ 98

Vtritjg`f ^jeit`omsh`ps w`th A`str`nutors< ________________________________________________ 98

Fomtroe od Rroauft`om< _________________________________________________________________ 90

Qirgjtja Viejs ima Kircjt`mg Jddorts< __________________________________________________ 90

A`str`nut`om2

Tir`jty< ______________________________________________________________________________ >2Vidj storigj ima Qrimsportit`om< _______________________________________________________ >2

Fhi`m od Fustoay9

Kircjt Iffjss< _______________________________________________________________________ >9

Vtitj Iefohoe Fomtroe< _________________________________________________________________ >9

Fho`fj ima Fomvjm`jmfj< _____________________________________________________________ >>

Jfomok`f Fomtr`nut`om ima Fokkum`ty Vupport< ________________________________________ >>

Iefohoe`f Njvjrigjs jgueit`om ima Qixit`om6

E`fjmsjs ima Rjrk`ts __________________________________________________________________ >6

Qixit`om< ____________________________________________________________________________ >1

Jmv`romkjmtie ^jgueit`oms< ____________________________________________________________ >1

@mvjstors dor Fridt Nrjwjry Vtirt Zps_______________________________________________ >1

Fridt Njjr `m i Q`m `m`t`it`vj:

Forporitj Vof`ie ^jspoms`n`e`ty ____________________________________________________ >4

Jfomok`fs od Njjr8

Nu`ea`mg i Fridt njjr nrima0

@ajmt`dy your fustokjrs< _______________________________________________________________ >0

Fridt i aja`fitja nrima kjssigj< ______________________________________________________ 62

Frjit`mg @kigj od thj nrima< __________________________________________________________ 62

Rrov`a`mg foms`stjmt quie`ty< ___________________________________________________________ 62Nrima rjfogm`t`om< ____________________________________________________________________ 69

Fomsukjr Owmjrsh`p< ________________________________________________________________ 69

Rifcig`mg< ___________________________________________________________________________ 69

Fomt`mgjmfy Reimm`mg _________________________________________________________________ 6>

Vof`ie Kja`i Kircjt`mg & Fridt Nrjw`mg @maustry

N`ne`ogriphy________________________________________________________________ 6:

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Who `s i Fridt Nrjwjr?

I fridt nrjwjr `s tria`t`omie, `majpjmajmt ima skiee. Qria`t`omie `m thj sjmsj thit `t his i

kiet deigsh`p or nrjws duee noa`ja njjrs wh`fh irj kiaj drok rjf`pj ticjm drok Gjrkim orJmge`sh nrjw`mg or`g`ms. Qhj kiet `s h`gh griaj, thj nrjw`mg profjss `s rjeit`vjey seow ima thj

proauft`om `s skiee sfiej. Qhj ki`m a`ddjrjmt`it`mg diftors od fridt nrjwjrs irj thj`r um`quj styejs

od nrjw`mg wh`fh fim ejia to jmhimfja deivor ima tistj.9

Difts>

Qhj tria`t`om od fridt nrjw`mg `s ittrift`mg frowas is pjopej irj eooc`mg dor spjf`ietynjjrs to sit`sdy thj`r tistj nuas ajsp`tj thj ajfrjisj `m mit`omie njjr trjmas.

Fridt nrjwjrs furrjmtey prov`aj im jst`kitja 922,222 lons `m thj Z.V., `mfeua`mg sjrv`mgstidd `m nrjwpuns.

Growth od thj fridt nrjw`mg `maustry `m thj d`rst hied od >292 wis 0% ny voeukj ima 9>%ny rjti`e aoeeirs.

Ovjriee, Z.V. njjr siejs wjrj aowm im jst`kitja >.7% ny voeukj `m thj d`rst hied od >292. Growth od thj fridt nrjw`mg `maustry `m >220 wis 7.>% ny voeukj ima 92.6% ny aoeeirs

fokpirja to growth `m >228 od :.0% ny voeukj ima 92.9% ny aoeeirs.

Fridt nrjwjrs soea im jst`kitja 0,99:,46: nirrjes* od njjr `m >220, up drok 8,:29,796 `m>228.

Ovjriee, ZV njjr siejs wjrj aowm >.>% `m >220. @kportja njjr siejs wjrj aowm 0.8% `m >220, jquit`mg to i eoss od >.8 k`ee`om nirrjes. Qhj fridt nrjw`mg siejs shirj `m >220 wis 1.6% ny voeukj ima 4.0% ny aoeeirs. Fridt nrjwjr rjti`e aoeeir vieuj `m >220 wis im jst`kitja $4.08 n`ee`om, up drok $4.6>

n`ee`om `m >228.

9,:0: nrjwjr`js opjritja dor sokj or iee od >220, thj h`ghjst totie s`mfj njdorjRroh`n`t`om.

Qhjrj irj inout 9:22 Fridt nrjwjr`js wh`fh irj nisja `m Zm`tja Vtitjs ima kilor`ty odthjk irj k`fronrjwjr`js.* 9 nirrje ; 69 ZV gieeoms

9httphttp

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Qypjs od Nrjwjr`js7% iefohoe ny voeukj ima `s igja ovjr 94 yjirs.

Doeeow`mg thj ifqu`s`t`om od Imhjusjr-Nusfh ny @mNjv, thj Nostom Njjr Fokpimy `s thj

eirgjst Ikjr`fim-owmja nrjwjry, proauf`mg ovjr 9.8 k`ee`om nirrjes immuieey. Qhj fokpimy

wis doumaja ny L`k Cofh, who nisja thj or`g`mie rjf`pj om h`s imfjstor's prj-proh`n`t`om

dorkuei.

>.V`jrri Mjviai Nrjw`mg Fo.

Immuie siejs< 7>6,882 nirrjes Vhirj od sjgkjmt< 7.01% Fhimgj `m shirj< +2.24%Jstine`shja `m 9082 ny Cjm Grosskim ima Riue Fikus`, V`jrri Mjviai `s thj sjfoma-eirgjst

fridt nrjwjry `m Ikjr`fi ima `s eofitja `m Fh`fo, Fie`dorm`i. Rroauf`mg ovjr 7>6,222 nirrjes od

njjr immuieey, thj kost popueir nrjw `s thj fokpimy s piej iej, iethough thj fokpimy his i

w`aj rimgj od sjisomie nrjws, portjrs, stouts ima spjf`ie rjejisjs.

1http66608/Qhj_92_N`ggjst_ZV_Fridt_Nrjwjr`js

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6. Mjw Njeg`uk Nrjw`mg Fo.

Immuie siejs< :86,942 nirrjes Vhirj od sjgkjmt< 4.12% Fhimgj `m shirj< +2.42%Qhj th`ra eirgjst fridt nrjwjry `m thj foumtry `s thj Mjw Njeg`uk Nrjw`mg Fo., eofitja `m

Dort Foee`ms, Foeoriao. Doumaja `m 9009, thj nrjwjry njgim whjm Ljdd Ejnjsfh ajf`aja to ticj

h`s piss`om dor hokj nrjw`mg to i fokkjrf`ie ejvje. Dit Q`rj, thj fokpimy s deigsh`p njjr,

or`g`mitja drok i n`fyfej tr`p Ejnjsfh tooc through Njeg`uk drok nrjwjry to nrjwjry, ima thj

`fom od i n`fyfej `s ieso a`speiyja `m fokpimy eogos ima einjes. Qhj fokpimy s njjrs irj

a`str`nutja `m 90 a`ddjrjmt ZV stitjs.

1.Vpojtze Nrjwjry Immuie siejs< 120,222 nirrjes Vhirj od sjgkjmt< 1.10% Fhimgj `m shirj< -2.91%Ieso cmowm is thj e`ttej nrjwjry `m Vh`mjr , Vpojtze hi`es drok Vh`mjr, Qjxis. Doumaja

nifc `m 9020, Vpojtze `s ieso thj oeajst nrjwjry `m Qjxis ima `s a`str`nutja `m 19 stitjs. Vpojtze s

deigsh`p njjr `s thj Vh`mjr Nofc, wh`fh his njjm nrjwja s`mfj 9096 ima fomti`ms 1.1% iefohoe

ny voeukj.

:.Ryrik`a Nrjwjr`js @mf. Immuie siejs< 90>,900 nirrjes Vhirj od sjgkjmt< >.99% Fhimgj `m shirj< -2.61%Hjiaquirtjrja `m Vjittej, Wish`mgtom, Ryrik`a Nrjwjr`js wis ifqu`rja ny Morth Ikjr`fim

Nrjwjr`js @mf. `m Iugust, ieomg w`th Kig`f Hit. W`th `ts `mtroauft`om od Ipr`fot Iej `m 9001,

Ryrik`a his njjm cmowm is i ejiajr `m thj dru`t njjr fitjgory. Qhjy opjritj sjvjrie iej housjs

ima rjstiurimts `m Wish`mgtom, Orjgom ima Fie`dorm`i.

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4.Ajsfhutjs Nrjwjry Immuie siejs< 984,786 nirrjes Vhirj od sjgkjmt< >.2:% Fhimgj `m shirj< -2.27%Eofitja `m Njma, Orjgom, Ajsfhutjs Nrjwjry proaufjs i rimgj od njjrs, `mfeua`mg Neifc

Nuttj Rortjr ima K`rror Roma Riej Iej is wjee is i spjf`iety nrjw fieeja Qhj Inyss, wh`fh `s im

`kpjr`ie stout w`th 99% iefohoe ny voeukj. Igja `m nournom nirrjes, Qhj Inyss his wommukjrous iwiras s`mfj `ts >227 rjejisj ima `s foms`ajrja to nj omj od thj d`mjst njjrs `m thj

foumtry.

7.Kitt Nrjw`mg Fo.

Immuie siejs< 979,722 nirrjes Vhirj od sjgkjmt< 9.88% Fhimgj `m shirj< -2.2>%Qhj nrjwjrs od Virimif Njjrs, thj Kitt Nrjw`mg Fo. irj thj th`ra eirgjst fridt nrjwjry `m thj

ZV. Eofitja `m Zt`fi, Mjw Porc, `t `s i dik`ey-owmja nrjwjry thit ieso proaufjs sodt ar`mcs ima

`s pr`kir`ey ivi`einej om thj Jist Foist.

8.Kig`f Hit Nrjw`mg Fo. Immuie siejs< 9:1,>64 nirrjes Vhirj od sjgkjmt< 9.40% Fhimgj `m shirj< +2.>2%Eofitja `m Vouth Nure`mgtom, Tjrkomt, Kig`f Hit nrjws dour yjir-rouma njjrs ima dour

sjisomie njjrs, w`th #0 is `ts deigsh`p njvjrigj. @m Iugust, Kig`f Hit wis ifqu`rja ny^ofhjstjr-nisja Morth Ikjr`fim Nrjwjr`js @mf, ieomg w`th sjvjrie othjr nrjwjrs.

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0.Nouejvira Nrjw`mg Fo. Immuie siejs< 968,0:1 nirrjes Vhirj od sjgkjmt< 9.:>% Fhimgj `m shirj< -2.92%Nouejvira `s i rjg`omie nrjwjry eofitja `m Cimsis F`ty, K`ssour`. Whjm Imhjusjr-Nusfh

wis soea to @mNjv, Nouejvira njfikj thj eirgjst `majpjmajmt Ikjr`fim nrjwjry `m K`ssour`.

Qhj`r njjrs irj pr`kir`ey ivi`einej `m >2 stitjs ifross thj K`awjst ima Grjit Rei`ms.

Nouejvira his rjfjmtey fokpejtja im jxpims`om od thj`r nrjw`mg dif`e`ty thit g`vjs thjk thj

fipif`ty to proaufj up to 722,222 nirrjes pjr yjir, ima thjy irj ift`vjey eooc`mg to jxpima thj`r

kircjt shirj.

92. Hirpoom Nrjwjry Immuie siejs< 962,:94 nirrjes Vhirj od sjgkjmt< 9.16% Fhimgj `m shirj< +2.2:%Hjiaquirtjrja `m Nostom, Kissifhusjtts, Hirpoom Nrjwjry `s cmowm njst dor `ts @ma`i Riej

Iej, nut ieso his i rimgj od njjrs, `mfeua`mg iwira-w`mm`mg Kum`fh Airc, 9464 nrjw ima dour

sjisomie njjrs. @m >222, Hirpoom ieso ifqu`rja i Fitikoumt Nrjwjry

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Fridt Njjr Viejs Vtits 9sthied od yjir >292

:

D`rst Hied >292 Fridt Njjr @maustry292 wis 0% ny voeukj ima 9>%ny rjti`e aoeeirs.

Ovjriee, Z.V. njjr siejs wjrj aowm im jst`kitja >.7% ny voeukj `m thj d`rst hied od >292.

>220 Fridt Njjr @maustry Rroauft`om Toeukj nne

K`fronrjwjr`js 080,411 nne

Nrjwpuns 724,846 nne

Aokjst`f Fridt Njjr Viejs

>220 0,99:,46: nirrjes

>228 8,:29,796 nirrjes

:http

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How n`g `s thj ZV njjr kircjt?

Ovjriee ZV Njjr Kircjt `m >220< Aowm >.>% ipprox`kitjey $929 n`ee`om Vjee`mg

>2:,474,222 nirrjes od njjr.

Whjrj< 9 nirrje ; 69 ZV gieeoms

69 ZV gieeoms ; > hied-nirrjes

> hied-nirrjes (9:.: gieeom) cjgs ; 96.78 fisjs (od >1 9>-oumfj nottejs).

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Fridt-NrjwjryI stritjg`f group od

Nrjwjrs

Qhj fridt njjr `maustry `s inej to kirfh pist thj morkie njjr `maustry sjgkjmt om noth

kirg`ms ima growth njfiusj od thj`r um`quj proauft fhiriftjr`st`fs, orgim`zit`omie strufturj ima

a`ddjrjmt kircjt`mg ipproifh.

Rroauft Fhiriftjr`st`fs `s pirt`ieey fipturja ima insornja ny

njjr prov`a`mg i miturie sourfj od firnomit`om. Idtjr thj djrkjmtit`om `s ovjr, thj njjr `s fooeja

dor sjvjrie aiys aur`mg wh`fh njjr gjts feir`d`ja ima i duee-deivor ajvjeops. Qhj umwimtja yjist

`s rjkovja drok thj njjr ny d`etrit`om wh`fh `s roughey fokpejtja `m 91->9 aiys.

Qhj djrkjmtjrs ima othjr mjfjssiry jqu`pkjmt rjqu`rja dor thj nrjwjry irj jis`ey

ivi`einej dor purfhisj `m thj kircjt. A`ddjrjmt nrjwjr`js jkpeoy a`ddjrjmt styejs ima typjs od

jqu`pkjmt s. Omfj thj njjr `s rjiay `t `s gjmjrieey pifcja `m cjgs ima nottejs. Kost od thjk`fronrjwjr`js hivj kimuieey opjritja notte`mg jqu`pkjmt. Qhj notte`mg opjrit`oms irj aomjumajr kix`kuk FO> fomfjmtrit`oms to jmsurj thit k`m`kie ikoumt O> gjts a`ssoevja `m njjr

ima `t gjts jmhimfja shjed e`dj. Is thj nrjwjr`js irj gjtt`mg korj jmv`romkjmtie fomsf`ous, thjy

irj try`mg to ut`e`zj ejss wj`ghtja geiss nottejs, t`ms or n`ggjr (9/> e`tjr) s`zj nottejs to sjrvj njjr.

Yuie`ty issurimfj `s cjy diftor `m orajr to ki`mti`m thj foms`stjmfy `m njjr quie`ty ima deivor.

YI dor skiee nrjwjr`js `s gjmjrieey aomj ny tist`mg njjr rimaokey w`th`m a`ddjrjmt nitfhjs.

Eirgj nrjwjr`js e`cj Nostom Njjr Fo, ^jahooc Iej ki`mti`m i sjpiritj quie`ty issurimfj

ajpirtkjmt. Qh`s YI ajpirtkjmt fim nj durthjr nrocjm aowm `mto doeeow`mg irjis od

fomfjmtrit`om220, K`eejr-nrjwjr VINK`eejr it lust umajr >:2 k`ee`om, Hj`mjcjm it lust ovjr

>22 k`ee`om, ima Firesnjrg irouma 9>: k`ee`om, wh`ej Qs`mgtio tri`eja it lust ovjr :2 k`ee`om

hjftoe`tjrs i yjir. 0

Is dir is thj fomsukjrs od fridt njjr irj fomfjrmja, thj doeeow`mg pjrfjmtigjs irj douma9 to :2 (02%). Fridt mit`omie kircjt dor Fridt nrjwjrs his im j`ght d`rk

fomfjmtrit`om rit`o od :6.1%. Qhj eirgjst od th`s shirj gojs to Nostom Njjr Fokpimy wh`fh

hoeas kircjt shirj od >:.9%. Qhus, Fridt nrjw`mg `maustry his i eirgj umtippja kircjt wh`fh `s

kiaj up od skiee to vjry skiee nrjwjrs.

Kost od thj eirgjr peiyjrs irj try`mg to gi`m kircjt shirj `m th`s fridt nrjw sjgkjmt. QhjFh`figo nisja K`eejr-Foors hivj jstine`shja i sjpiritj a`v`s`om mikja Qjmth ima Neicj Njjr

Fo. wh`fh w`ee mow fomfjmtritj om thj aokjst`f ima `kportja fridt njjr sjgkjmt wh`fh fomti`ms

njjrs e`cj Neuj Koom, Rjrom` ima R`esmjr Zrqujee. Qhj trjma `s support`mg th`s kovj is kost od

thj fomsukjrs od `mtjrmjt igj irj fhoos`mg deivorja, `mmovit`vj, duee-noa`ja ima a`vjrs`d`ja njjrs

ovjr rjgueir njjrs `d thjy irj `m thj iddorainej rimgj. Gu`mmjss his ieso stirtja fomfjmtrit`mg om

thj fridt nrjw `maustry w`th eiumfh od thj Gu`mmjss Neifc Eigjr ajs`gmja dor Gu`mmjss ar`mcjrs

who irj eooc`mg dor tistj rjvoeut`om.92

0http9/nus`mjss/ft-n`z-20>>-fridt-njjrs-mjw->29220>9_9_fridt-njjr-fridt-

sjgkjmt-fridt-nrjwjrs

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Nus`mjss Vtritjgy99299, drok @mf< http299, 9 1). Why Fridt nrjwjrs go grjjm.^jtr`jvja 9 90, >299, drok tr`pejpuma`t292).Ikjr`fis Njjr A`str`nutors.^jtr`jvja 9 98, >299, drok Komirfh

Njvjrigj< http2Njjr%>2A`str`nutors.pad

Nrjwjrs Issof`it`om. (>292).Njjr Viejs Vtits. ^jtr`jvja 9 >2, >299, drok Nrjwjrs Issof`it`om299, drok

Nrjwjrsissof`it`om.org< http292).Kircjt Vjgkjmts. ^jtr`jvja 29 97, >299, drok NrjwjrsIssof`it`om2, >299, drok FMNF292). Vkiee @majpjmajmt Qria`t`omie. ^jtr`jvja 9 97, >299, drok Fridt Njjr2, >299, drok Immuie ^jports292).Kircjt`mg od Fridt Njjr.^jtr`jvja 9 98, >299, drok FridtNjjr/91/d`ek-`t-ima-thjy-w`ee-witfh/

cominrjw`mgfo. (>292, 8 >). FNI_Comi_Rirtmjr. ^jtr`jvja 9 90, >299, drok cominrjw`mgfo299, drok Rro Nrjwjr299, drok mnwi292, 99 27). Qhj jfomok`fs od mimonrjw`mg.^jtr`jvja 9 98, >299, drok

OrjgomNus`mjss< http292, 99 97). Fridt Njjr Nus`mjss `s nook`mg. ^jtr`jvja 9 98, >299, drok FMNF>72/Fridt_Njjr_Nus`mjss_@s_Nook`mg

V. Njrghodd, F. H. (9007). Qipp`mg mto thj Fridt-Njjr @maustry. ^jtr`jvja 9 94, >299, drok VtukpQowm >>). Our rjspomsj to thj DQ's mjws imieys`s om thj fridt iej kircjt. ^jtr`jvja 9 9:,

>299, drok sink`eejr< http292). Vjaj`mnjrg Nrjwjry Nus`mjss Reim.^jtr`jvja 9 90, >299, drok npeims299, drok `mf292, 99 >9). Fridt Njjr Kircjt Ariws Ittjmt`om od Eirgjr Nrjwjr`js. ^jtr`jvja 9 97, >299,

drok Fh`figo Qr`numj< http292-20->9/nus`mjss/ft-n`z-20>>-fridt-

njjrs-mjw->29220>9_9_fridt-njjr-fridt-sjgkjmt-fridt-nrjwjrs