FINAL CBRC Memo w Exhibits 5-10-12.docx”

7/31/2019 FINAL CBRC Memo w Exhibits 5-10-12.docx

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Yo6 Im``mq JQI Kom{i od Y{uqyeeq

D{ob6 Ajyjvehq Kuiney [etje~ Aobbjqqjoh

Imye6 Bmz =7, ;7=;

[e6 Djhm` [eaobbehimyjohq [enm{ijhn DZ ;7=;"=1 Kuiney

Ote{tje~

Yce Ajyjvehq Kuiney [etje~ Aobbjqqjoh #AK[A o{ Aobbjqqjoh* ~mq do{bei jh Bm{ac ;7== mhiqukqe}uehy`z cmq bey do{ {ounc`z 57, cou{q ote{ yce `mqy =5 bohycq jh m{{jtjhn my m qe{jeq od{eaobbehimyjohq yo yce Im``mq Jhiewehiehy Qacoo` Ijqy{jay #Ijqy{jay o{ IJQI* Kom{i od Y{uqyeeq do{koyc yce ;7=="=; mhi ;7=;"=1 qacoo` zem{ kuineyq( Yce AK[Aq {oè {ebmjhq wu{e`z mitjqo{z jhhmyu{e ~jyc jyq qoè bjqqjoh yo w{otjie mitjae mhi yo bmle m qe{jeq od {eaobbehimyjohq yo yce IJQIQuwe{jhyehiehy mhi Kom{i od Y{uqyeeq {enm{ijhn #j* ~ceyce{ yce kuiney jq nehe{m``z aohqjqyehy ~jycyce ote{m`` w{jo{jyjeq od yce Kom{i mhi #jj* qyewq yce Kom{i qcouì aohqjie{ ymljhn yo bo{e du``z m`jnhjyq owe{myjhn kuiney ~jyc jyq qymyei nom`q(

Ijqy{jay Nom`q Mq Mww{otei ;/;3/;7=; Jh ete{zycjhn ~e io ou{ nom` jq yo jbw{ote yce }um`jyz odeiuamyjoh do{ m`` ou{ qyuiehyq( ê esweay ete{z ebwòzee yo ke`jete ycmy ete{z qyuiehy amhquaaeei( ê ~j`` wu{que yce do`ò~jhn owe{myjohm` nom`q jh o{ie{ od w{jo{jyz6

=( Yemace{q6 Ehqu{e cjnc`z eddeayjte yemace{q do{ m`` qyuiehyq(;( W{jhajwm`q6 Ehqu{e m cjnc`z eddeayjte èmie{ do{ ete{z qacoo`(1( Qmde mhi Qeau{e Qacoo`q6 Yo ehqu{e m qmde qeau{e mhi ~eàobjhn ehtj{ohbehy do{ m``

qyuiehyq wm{ehyq qymdd mhi yce aobbuhjyz(9( Wm{ehym` Jhto`tebehy6 Ieteòw qcm{ei {eqwohqjkj`jyz key~eeh wm{ehyq/num{ijmhq mhi

qacoo`q ycmy doqye{ mamiebja quaaeqq mhi qe`d"bmhmnebehy od èm{hjhn(5( [jno{6 Jbwèbehy {jno{ouq au{{jauùb mhi ehnmnjhn eiuamyjohm` w{mayjaeq mhi eswe{jehaeq(4( Au`yu{e6 A{emye mhi quqymjh m woqjyjte mhi aobwmqqjohmye aobboh au yu{e yc{ouncouy yce

Ijqy{jay ycmy èmiq yo~m{iq maaobw`jqcjhn ou{ tjqjoh mhi bjqqjoh(>( Cubmh [eqou{aeq6 Cj{e {eymjh mhi ieteòw cjnc`z eddeayjte ebwòzeeq do{ ete{z woqjyjoh(3( Imym mhi Jhhotmyjoh6 Bmle bmhmne{jm` ieajqjohq kmqei oh mww{ow{jmye {e`jmkè mhi tm`ji

imym mhi keqy w{mayjaeq mhi ieteòw mhi aohyjhum``z jbw{ote he~ jhhotmyjte ~mzq odqacoo`jhn yo beey yce heeiq od qyuiehyq jh yce ;=qy aehyu{z(

:( Aehy{m` Oddjae6 O{nmhjve aehy{m` qe{tjaeq yo ehaou{mne mhi ehcmhae m woqjyjte au`yu{eyc{ouncouy yce Ijqy{jay mhi quwwo{y yce ambwuqeq mhi woqjyjte au`yu{e oh emac ambwuq kz{ebotjhn km{{je{q ycmy w{etehy macjetjhn ou{ nom`q(

=7( Dmaj`jyjeq6 Qzqyebjam``z uwn{mie mhi bmjhymjh ou{ dmaj`jyjeq yo w{otjie ete{z qyuiehy mheddjajehy èm{hjhn ehtj{ohbehy(

Yce `m{ne bmfo{jyz od yce AK[A ke`jete ycmy Te{qjoh 1(5 od yce ;7=;"=1 kuiney, mq w{owoqei

kz bmhmnebehy, jq nehe{m``z aohqjqyehy #~jyc qeèay esaewyjohq hoyei keò~* ~jyc yce ote{m``w{jo{jyjeq od yce Kom{i( Jh miijyjoh, yce AK[A uhmhjbouq`z bmleq yce do`ò~jhn{eaobbehimyjohq yo yce Im``mq JQI Kom{i do{ du{yce{ aohqjie{myjoh( [eaobbehimyjohq cmtedj{qy keeh qenbehyei kz ~ceyce{ jy jq m hem{ ye{b jqque #j(e( jbwmayjhn aoqyq jh yce jbbeijmyeduyu{e* o{ m òhne{ ye{b jqque mddeayjhn aoqyq/qy{uayu{e jh `mye{ zem{q( Yceqe{eaobbehimyjohq cmte yceh keeh `jqyei jh m {ounc o{ie{ od w{jo{jyz ~jycjh emac qenbehykmqei oh emac {eaobbehimyjohq we{aejtei jbwmay jh m`jnhjhn yce owe{myjhn kuiney ~jyc yceKom{iq qymyei nom`q(


2/14

HEM[ YE[B [EAOBBEHIMYJOHQ

=* Kehacbm{l Qm`m{jeq mhi Qymddjhn [myjoq Mnmjhqy Wee{ Ijqy{jayq Mhhum``z Yce boqy{eaehy`z mtmj`mkè Eiuamyjoh [eqou{ae N{ouw imym #aobwjèi do{ qacoo` zem{ ;77:"=7*aobwm{jhn IJQIq mte{mne qm`m{z qymddjhn {myjoq mhi {equ`yjhn aoqy we{ qyuiehy yo m n{ouw odijqy{jayq {edèayjhn qjbj`m{ acm{maye{jqyjaq #Couqyoh Nm{`mhi Beq}ujye [jacm{iqoh mhiAm{{o``yoh"Dm{be{q K{mhac JQIq* {etemèi qukqymhyjm` ijdde{ehaeq jh aoqyq my yce ambwuq

ète` key~eeh IJQI mhi yce aobwm{jqoh n{ouw( #Qee Escjkjy M(* IJQI esaeeiei yce mte{mneqm`m{z wmji do{ ete{z woqjyjoh #W{jhajwm`q Mqqy( W{jhajwm`q Yemace{q Mjieq Aouhqeò{q@jk{m{jmhq Hu{qeq mhi oyce{ Musj`jm{z/Quwwo{y Qymdd*( Ao`èayjte`z jd IJQI cmi wmji yce mte{mneqm`m{z jh ;77:"=7 do{ emac woqjyjoh od ycjq qweajdja wee{ n{ouw mhi bmjhymjhei jiehyjam` qymddjhn{myjoq jy ~ouì cmte qmtei ote{ )==7 bj``joh io``m{q ~jyc mnn{enmye qwehijhn do{ yemacjhnqymdd #)>5 bj` joh* mhi yemace{ mjieq #);7 bj` joh* maaouhyjhn do{ boqy od ycjq tm{jmhae( Ycetm{jmhae jq i{jteh kz yc{ee dmayo{q6 #j* m qm`m{z qamè #qee Escjkjy K* ycmy jq bemhjhndu``z cjnce{ do{IJQI ycmh do{ wee{q ijqy{jayq do{ yemace{q ~jyc od bo{e ycmh 5 zem{q od yehu{e< #jj* qymddjhn {myjoq#Escjkjy M* ycmy m{e ò~e{ jh boqy amqeq do{ IJQI ycmh do{ wee{ ijqy{jayq< mhi #jjj* cjnce{ yehu{eète`q( ^cjè ycjq imym jq y~o zem{q oì mhi ioeq hoy {edèay yce Ijqy{jayq {eaehy kuiney{eiuayjohq bmie jh {eqwohqe yo iea`jhjhn qymye {etehueq d{ob yce qymye IJQIq wee{q cmtebmie qjbj`m{ mifuqybehyq mhi jy jq `jle`z ycmy m qjvmkè ijdde{ehae jh ambwuq aoqyq we{ qyuiehy

aohyjhueq yo esjqy( #Hoye ycmy yceqe mbouhyq esaùie eswehijyu{e ijdde{ehyjm`q do{ auqyoijm`qe{tjaeq ~jyc IJQI qwehijhn esaeeijhn bm{ley ète`q kmqei oh {eaehy }uoyeq yo ouyqou{ae ycjqqe{tjae*(

ê {eaobbehi yce ijqy{jay aobwm{e jyq aobwehqmyjoh w`mhq mhi qymddjhn {myjoq yo ycoqeod wee{ ijqy{jayq mhhum``z yo jiehyjdz woyehyjm` owwo{yuhjyjeq yo {eiuae aoqyq mhi jbw{oteeddjajehajeq #du``z {eaonhjvjhn ycmy yce ijqy{jay bmz owy yo wmz mkote yce kehacbm{l ète`q mq mheaeqqm{z aoqy od myy{mayjhn mhi {eymjhjhn ymèhy*( Jh o{ie{ yo ce`w ieye{bjhe ~ceyce{ w{ebjubwmz jq heaeqqm{z ~e du{yce{ {eaobbehi ycmy yce ijqy{jay bemqu{e mhhum``z #j* ycewe{aehymne od ebwòzeeq jh emac amyeno{z ~co m{e {e}ueqyei yo qymz kuy èmte toùhym{j`zmhi #jj* yce hubke{ od woyehyjm` he~ cj{eq ~co m{e odde{ei m fok kuy acooqe yo noe`qe~ce{e yo ce`w mqae{ymjh ~ceyce{ yce ijqy{jay jq bmjhymjhjhn m aobweyjyjte aobwehqmyjoh

qy{uayu{e( #Mww{otei kz AK[A :"7 ~jyc ohe mkqyehyjoh*

;* Jbwèbehy yceTe{yjam` M`jnhbehyod Qacoo`q kz Deeie{ Wmyye{h Yce Aobbjqqjoh aohau{q~jyc yce {eaehy QYM[ Aobbjqqjoh {ewo{y ycmy m qjhnè ij{eayo{ qcouì cmte eswmhiei muyco{jyzmhi maaouhymkj`jyz ote{ m`` qacoo`q ~jycjh emac L"=; aùqye{( Kz qe{tjhn mq m deeie{ wmyye{hij{eayo{ emac bmhmne{ ~ouì cmte du`` maaouhymkj`jyz mhi dèsjkj`jyz jh qymdd qeèayjoh yc{ouncouyyce aùqye{ #w{jhajwm`q yemace{q quwwo{y qymdd eya(* ehqu{jhn m aohqjqyehy au`yu{e mhi m`jnhbehyyc{ouncouy( ê ke`jete ycmy m `m{ne bmfo{jyz od wm{ehyq wjal m qacoo` qzqyeb kmqei oh yceaohdjiehae ycez cmte ycmy ycej{ acjì ~j`` cmte m aohqjqyehy eswe{jehae yc{ouncouy ycej{ acjìq L"=; zem{q( W`majhn m bmhmne{ ote{ ycmy deeie{ wmyye{h du` z {eqwohqjkè do{ jyq cj{jhn au`yu{e mhiouyaobeq jq m a{jyjam` qyew jh {ea{ujyjhn mhi {eymjhjhn ycoqe wm{ehyq mhi ycej{ acjì{eh ~jycjhIJQI(

Mq wm{y od ycjq {eaobbehimyjoh yce qeèayjoh mhi yce mqqoajmyei kuiney {eqwohqjkj`jyz do{ quacw{on{mbq mq Ao`ène [emijheqq/Maaeqq mhi Wm{ehym` Ehnmnebehy qcouì m`qo dm`` uhie{ ycedeeie{ wmyye{h ij{eayo{q bmhmnebehy #qymddjhn my 1>77 [oqq qcouì ke `jbjyei yo aehy{m`jvei imymao`èayjoh aobw`jmhae {ewo{yjhn mhi bohjyo{jhn od keqy w{mayjaeq*( Mq m {equ`y emac deeie{wmyye{h ~ouì cmte m aohqjqyehy au`yu{e mhi jiehyjyz mhi emac ebwòzee ~o{ljhn ~jycjh ycmydeeie{ wmyye{h ~ouì cmte ao`èayjte {eqwohqjkj`jyz do{ ete{z qyuiehy ~jycjh ycej{ am{e jhaùijhndee`jhn m qcm{ei qehqe od maaouhymkj`jyz do{ ycej{ u`yjbmye IJQI n{miumyjoh mhi woqy"qeaohim{z{emijheqq( Kehedjyq ~ouì jhaùie èqq aehy{m` ote{cemi mhi beeyjhnq mq aoqyq m{e wuqceiio~h aòqe{ yo yce djeì< n{emye{ mkj`jyz yo aobbuhjamye m aohqjqyehy eswe{jehae aouwèi ~jyc


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cjqyo{jam` ouyaobeq yo emac wm{ehy mhi qyuiehy< mhi jbw{otei dèsjkj`jyz yo jbwèbehy w{on{mbqmaaeè{myjhn qyuiehy quaaeqq(

Jh o{ie{ yo w{otjie yce ij{eayo{ ~jyc bemhjhndu` mamiebja we{do{bmhae imym mhi jhaohqjie{myjoh od cjnc qyuiehy bokj`jyz yce qyuiehy imymkmqe ~j`` heei yo jhaùie m {e`jmkè cjqyo{zod ambwuqeq qyuiehyq cmte myyehiei( Yce imymkmqe au{{ehy`z mqqubeq yce qeaohim{z qyuiehyqmyyehiei yce eèbehym{z qacoo` iedjhei yo ycej{ au{{ehy mii{eqq ~ceh jh dmay ycez myyehiei ohe

o{ bo{e qacoo`q jh mhi ouyqjie od IJQI( Yce `mal od ycjq emqj`z {ey{jetmkè jhdo{bmyjoh m`{emizamuqeq miijyjohm` ~o{l do{ ambwuq {enjqy{m{q yo quwwo{y {ewo{yjhn heeiq my cemi}um{ye{q(#Mww{otei kz AK[A 3"7 ~jyc y~o mkqyehyjohq*

1* Eswmhi/Aohyjhue yo Jbw{ote W{jhajwm` @emie{qcjw Y{mjhjhn Njteh yce Kom{iq qymyeiieqj{e yo ebwo~e{ w{jhajwm`q buac bo{e du``z ~cjè aohau{{ehy`z coìjhn yceb buac bo{emaaouhymkè do{ ambwuq {equ`yq ~e qy{ohn`z quwwo{y yce Ijqy{jayq {eaehy eswmhqjoh od w{jhajwm`y{mjhjhn w{on{mbq #quac mq jyq Mqwj{jhn W{jhajwm`q w{on{mb* yo 97"57 amhijimyeq mhhum``z yo dj``yce 3% yo =7% {mye od mhhum` tmamhajeq ycmy qcouì oaau{ iue yo toùhym{z mhi jhtoùhym{zyu{hote{( ^jyc 577 yo 477 w{jhajwm` woqjyjohq ma{oqq yce ijqy{jay mhi m qymyei ke`jed kzbmhmnebehy mhi yce Kom{i ycmy IJQI ioeq hoy cmte uhjte{qm``z qy{ohn }um`jyz w{jhajwm`q jh m``woqjyjohq m bo{e cjnc`z"y{mjhei wjwe`jhe od bmhmne{q aobdo{ymkè ~jyc bo{e {okuqy yemace{

etmùmyjoh mhi ieteòwbehy mhi yce ehcmhaei ambwuq"ète` kuiney {eqwohqjkj`jyz{eaobbehiei `mye{ jh ycjq bebo jq a{jyjam` yo IJQIq duyu{e quaaeqq( Imym/qu{tezq qcouì keaohyjhum``z ebwòzei yo etmùmye mhi jbw{ote yce eddeayjteheqq od mhz èmie{qcjw y{mjhjhnw{on{mb #jhaùijhn n{miumyeq qukqe}uehy mkj`jyz yo i{jte mamiebja n{o~yc mhi {eiuaen{jetmhaeq oh ycej{ ambwuq*( #Mww{otei kz AK[A :"7 ~jyc ohe mkqyehyjoh*

9* Uhie{ymle Jhjyjmyjteq yo Jbw{ote Myyehimhae Maao{ijhn yo yce boqy {eaehy`z mtmj`mkèmyyehimhae imym d{ob YEM IJQIq mte{mne myyehimhae od :9(3% jh ;77:"=7 ~mq ò~e{ ycmh yce:4(1% mte{mne do{ jyq wee{ n{ouw od Beq}ujye #:4(>%* Nm{`mhi #:4(9%* Am{{o``yoh"Dm{be{qK{mhac #:5(3%* mhi [jacm{iqoh #:4(7%*( IJQI do{noeq )9= we{ qyuiehy we{ imz do{ qyuiehymkqehaeq d{ob qacoo`( Kz k{jhnjhn jyq myyehimhae {mye uw yo yce wee{"n{ouw mte{mne IJQI aouìmacjete )=4(4 bj``joh od miijyjohm` {etehue([ounc`z 97777 qyuiehyq iji hoy qco~ uw do{ yce

dj{qy imz od qacoo` jh Munuqy ;7== #m ohe"imz {etehue òqq od )=(4 bj``joh mòhe* mhi jy ymleq{ounc`z 1 yo 9 ~eelq do{ qacoo` myyehimhae yo {mbw uw( Jh miijyjoh yo yce djhmhajm` aoqy qyuiehymkqehaeq henmyjte`z jbwmay qyuiehy macjetebehy( Yo {mjqe myyehimhae ~e {eaobbehi yceijqy{jay6

m* W{otjie duhijhn do{ #j* ouyqou{aei y{umhaz w{on{mbq #eqweajm``z ycoqe ~cjacamh ke iohe oh m {etehue qcm{jhn kmqjq my ho aoqy yo yce ijqy{jay* mhi #jj*ouyqou{aei wm{ehym` ehnmnebehy w{on{mbq #~cjac aoqy )5777 yo )=7777mhhum``z we{ ambwuq* qy{eqqjhn yce jbwo{ymhae od aohyjhuei myyehimhaeqym{yjhn yce dj{qy imz od qacoo`( Jy jq ke`jetei ycmy yceqe eddo{yq aouì bo{e ycmhwmz do{ ycebqe`teq koyc djhmhajm``z mhi mamiebjam``z yc{ounc cjnce{myyehimhae( ê m`qo {eaobbehi ycmy yce ijqy{jay etmùmye ~cjac ambwuqeq~e{e yce kjnneqy aohy{jkuyo{q yo dj{qy imz mkqehaeq mhi ~ceyce{ ym{neyeiqy{myenjeq yo bemhjhndu``z {eiuae yce mqqoajmyei {etehue qco{ydm`` amh kejbwèbehyei( Yo jhaehyjtjve w{jhajwm`q yo ymle yceqe mayjohq ~e {eaobbehieiycmy yce jha{emqei hey {etehueq {equ`yjhn d{ob yceqe boteq qymz oh yce qukfeayambwuqyc/3yc n{mie yo ce`w ebwcmqjve m ao`ène"nojhn au`yu{e jh yce a{jyjam`bjiiè qacoo` zem{q* A{emye mhi Duhi m N{mhy ^{jyjhn Oddjae Njteh yce duhijhn acm`èhneq IJQI dmaeq mhi yceqy{ohn jhye{eqy esw{eqqei kz m{em douhimyjohq yo quwwo{y yce ijqy{jay kuineyjhn duhiq do{ ycjqduhayjoh ~j`` boqy `jle`z emqj`z wmz do{ jyqe`d ~cjè w{otjijhn io``m{q yo ce`w qamè w{on{mbq mhijhjyjmyjteq w{oteh kz imym yo ke eddeayjte yo~m{i jha{emqjhn qyuiehy macjetebehy( #Mww{otei kzAK[A :"7 ~jyc ohe mkqyehyjoh*)

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3* [eetmùmye Qmdeyz mhi Qeau{jyz W`mhq yo Ehqu{e Ycmy Uqe od Beym` Ieyeayo{q ohY{mijyjohm` #hoh"M`ye{hmyjte* Qeaohim{z Qacoo` Ambwuqeq jq Heaeqqm{z ( Ycjq òhn ceìimj`z w{mayjae jq dmj{`z uhj}ue yo IJQI mhi hoy uqei oh m {enu`m{ kmqjq kz qu{{ouhijhn wee{ijqy{jayq #N{mhi W{mj{je @mhamqye{ IeQoyo mhi [jacm{iqoh ~e{e qu{tezei*( Jy jq uhaèm{~ceyce{ ycjq w{mayjae jq y{u`z eddeayjte njteh yce tmqy hubke{ od ehy{mhaeq m qyuiehy amh uqe yoehye{ m kujìjhn yce dmay ycmy bmhz qyuiehyq no yo ouyqjie wo{ymkèq my kenjhhjhn od imz eya( Jhmiijyjoh yce mqqoajmyei aoqyq od y~o yo dou{ weowè qymddjhn yceqe qymyjohq my iovehq odqeaohim{z ambwuqeq aouì ke qjnhjdjamhy mhi keyye{ uqei e`qe~ce{e( E`jbjhmyjhn ycjq w{mayjae


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~j`` m`qo ce`w qyuiehyq yo ney yo a`mqqeq bo{e }ujal`z mhi {eiuae ym{ijheqq( Djhm``z ycej{ {ebotm`~j`` bmle yce qacoo` mwwem{ bo{e ~eàobjhn mhi {ebote yce henmyjte esye{hm` we{aewyjohaohae{hq ycmy IJQI cjnc qacoo`q buqy uqe yceb jh o{ie{ yo w{otjie m qmde ehtj{ohbehy(

Ou{ {eaobbehimyjoh jq ycmy w{jhajwm`q yemace{q mhi we{cmwq qyuiehyq ke wo`èi oh ycjq jqque(Jh miijyjoh ycjq bmhmnebehy w{mayjae qcouì ke etmùmyei kz yce Im``mq JQI wo`jae jh ye{bq odmayum` jhajiehyq tq( yce aoqy #koyc boheym{z mhi yo m qacoo`q au`yu{e* od bmjhymjhjhn yceb(

Yce m`ye{hmyjte uqe od qeau{jyz ambe{mq bmz w{ote yo ke bemhjhndu``z bo{e eddeayjte my mò~e{ aoqy yo qacoo` kuineyq mhi au yu{e( #Mww{otei kz AK[A :"7 ~jyc ohe mkqyehyjoh*

:* Ehqu{e Quddjajehy Duhiq m{e Kuineyei yo Wmz do{ [eaehy Etehyq/Acmhneq Yceqe ~ouìjhaùie yce do`ò~jhn6

m* Mhyjajwmyei cjnce{ aoqyq od qubbe{ {ebeijmyjoh iue yo cjnce{ qymhim{iq mqqoajmyei ~jyche~ QYMM[ yeqyjhn77 we{ qyuiehy do{ kuqeq mhi )9577 we{ qyuiehy do{ tmhq(

m( Ambwuqeq {ewo{y cmtjhn `jbjyei duhiq do{ djeì y{jwq mhi ho duhiq do{ eteh òamào`ène tjqjyq(

k( Y{mhqwo{ymyjoh jq w{otjiei do{ mww{osjbmye`z ;1777 qyuiehyq `jtjhn y~o o{ bo{ebjèq d{ob ycej{ mqqjnhei ambwuq< wùq ote{ 3777 bmnhey mhi tmhnum{i qyuiehyq#)5 bj``joh* mhi mww{osjbmye`z ;57 #=% od ycoqe e`jnjkè* ~co eèayei HA@Ky{mhqde{ #)=(5 bj``joh*(


7/14

j( Ouy`je{q jhaùie6 yce uqe od tmhq #)=(5 bj `joh* am{{zjhn mq de~ mq dou{qyuiehyq uhie{ HA@K y{mhqde{ ~jyc ohe bmljhn yc{ee qyowq mhi y{mte`jhn mqbuac mq 5; bjèq {ouhi y{jw d{ob Qemnotj`è yo Ho{yc Im``mq< mhi m bmnheyqacoo` kuq y{mte`jhn yce qmbe ijqymhae yo Iemèz Bohyeqqo{j ~ceh QyoheBohyeqqo{j jq aòqe{(

=( W{jhajwm`q {ewo{y ycmy {ouyeq y{mte jhn òhn ijqymhaeq m{e d{e}uehy`z`mye(

;( Yce mhhum` aoqy od yce Qemnotj`è yo Iemèz kuq jq e}um` yo ycmyheeiei yo qehi =7777 qehjo{q oh ohe ao`ène tjqjy yo UHY jhIehyoh(

a( Y{mhqwo{ymyjoh jq iehjei yo m`boqy =7777 qyuiehyq #eqy( )> bj` joh jd w{otjiei* ~cocmte ese{ajqei acojae owyjohq yo myyehi mhoyce{ qacoo ( Ycjq jhaùieq6

j( qyuiehyq my =4 ambwuqeq ~co eèayei mq m`ò~ei yo aobwèye bjiiè o{cjnc qacoo` ~ce{e ycez qym{yei ieqwjye kejhn {emqqjnhei iue yo m acmhne jhmyyehimhae vohe od ;; cjnc qacoo`q odde{jhn Am{ee{ Wmyc~mzq( Djte quacambwuqeq w{otjie y{mhqwo{ymyjoh(

i( Yce ==777 qyuiehyq jh acm{ye{ qacoo`q w{otjie ycej{ o~h y{mhqwo{ymyjoh(e( Jy ~mq {eaehy`z {ewo{yei ycmy yce qymye od J``jhojq jq aohqjie{jhn acm{njhn qyuiehyq do{kuq y{mhqwo{ymyjoh(

#Mww{otei kz AK[A 3"= ~jyc ohe mkqyehyjoh*

=9* [eiuae Aohy{may @mko{ Aoqyq kz Mii{eqqjhn yce Qco{ymne od Qweeac Wmycoònjqyq,Yce{mwjqyq mhi Ijmnhoqyjajmhq ô{l ~jyc òam` mhi {enjohm` uhjte{qjyjeq yo eswmhi ycej{w{on{mbq mhi n{miumyeq mhi eqymk`jqc wmyc~mzq mhi djhmhajm` jhaehyjteq do{ ycoqe qyuiehyq yo~o{l do{ IJQI( Aohqjie{ eqymk`jqcjhn {e`myei toamyjohm` w{on{mbq oh cjnc qacoo` ambwuqeq ~jycyce nom` od IJQI n{miumyeq u yjbmye`z keaobjhn IJQI ebwòzeeq( #Mww{otei kz AK[A :"7 ~jycohe mkqyehyjoh*

=5* Jiehyjdz Y{ehiq mhi [emqohq do{Qyuiehy Y{mhqde{q) #)=7777 hoh"bmnhey qyuiehy y{mhqde{qodyeh uyj`jvjhn m cm{iqcjw {myjohmè m{e yce w{jbm{z {emqoh bmhz ambwuqeq m{e uhie{uyj`jvei#tq( iea`jhjhn wowu`myjohq*(( ê buqy mii{eqq mhz èmie{qcjw w{on{mb o{ we{aewyjoh jqqueq ycmym{e amuqjhn qyuiehyq yo y{mhqde{ m~mz d{ob ycej{ hejncko{cooi qacoo` ~cjac odyeh {equ`yq jh mhjheddjajehy uqe od ambwuq mqqeyq mhi {eiuaei wm{ehy ehnmnebehy my yce qacoo` èdy kecjhi #do{esmbwè =/1{i od qyuiehyq `jtjhn ~jycjh yce Am{ye{ Cjnc Qacoo` myyehimhae vohe owy yo y{mhqde{ yomhoyce{ qacoo`*(( IJQI qcouì w{omayjte`z qu{tez oh m aohdjiehyjm` kmqjq ete{z wm{ehy owyjhn yocmte ycej{ acjì y{mhqde{ ouyqjie od ycej{ cobe qacoo` yo ieye{bjhe yce y{ue {emqohq do{ ycej{bote( Oh`z kz cmtjhn y{ue mhi amhiji lho~èine do{ ~cz ote{ =7% od qyuiehyq ma{oqq yceijqy{jay owy yo myyehi e`qe~ce{e amh qyewq ke ymleh yo eddeayjte`z mii{eqq ycjq jqque(( #Mww{oteikz AK[A :"7 ~jyc ohe mkqyehyjoh*

=4* Etmùmye Jha{emqe ~jycjh yce Esy{m"Au{{jau`m{ Mayjtjyjeq Kuiney " yce AK[A dee`q ycmyesy{mau{{jau`m{ mayjtjyjeq m{e a{jyjam` jh ehnmnjhn mhi boyjtmyjhn qyuiehyq mhi ycmy ycej{km`mhaei jhaùqjoh m`ò~q IJQI yo eiuamye yce ~coè acjì( Uhdo{yuhmye`z, IJQI qwehijhnoh esy{mau{{jau`m{ mayjtjyjeq {mhlq jh yce koyyob 3 od yce yow =77 `m{ne qacoo` ijqy{jayq jhYesmq #mh miijyjohm` );1 bj``joh ~ouì ke {e}uj{ei yo qjbw`z beey yce bjiwojhy od ou{ wee{qiebohqy{myjhn yce mauye heeiq jh ycjq m{em*(

Yceqe w{on{mbq m{e w{oteh yo jbw{ote qyuiehy quaaeqq kz qe{tjhn mq mdye{"qacoo` mhi i{owouyw{etehyjoh w{on{mbq ~ce{e qyuiehyq m{e behyo{ei èm{h ijqajw`jhe mhi okymjh heeiei wczqjam`mayjtjyz( M qyuiz kz Ho{ycqjie JQI douhi ycmy jyq mycèyeq cmi m ;% cjnce{ myyehimhae {mye >%


8/14

cjnce{ n{miumyjoh {mye 9"=7% cjnce{ YMLQ wmqqjhn {mye mhi cmi m =7% ò~e{ jhajiehae odijqajw`jhe {ede{{m`q( Du{yce{bo{e esy{m"au{{jau`m{ mayjtjyjeq m{e m qou{ae od jhijtjium` mhiaobbuhjyz w{jie mhi ce`w yo jha{emqe wm{ehy ehnmnebehy(

ê {eaobbehi ycmy yce ijqy{jay jiehyjdz yce keqy uqe od mhz jha{emqe jh duhiq ycmy amh ke douhitjm {eaobbehimyjohq od m woyehyjm` yo"ke"a{emyeiEsy{m"Au{{jau`m{ Mayjtjyjeq Ymql Do{ae(

m* A{emye m n{ouw od Ijqy{jay qymlecoìe{q ~jyc kmaln{ouhiq jh Mycèyjaq Djhe M{yq QweeacFou{hm`jqb F[OYA aceqq mhi oyce{ y{mijyjohm` esy{m"au{{jau`m{ qacoo` w{on{mbq( Jhtjyeycoqe ~jyc qjbj`m{ kmaln{ouhiq d{ob wee{ ijqy{jayq ~jyc yce okfeayjte od jha{emqjhn yceduhijhn mhi qy{uayu{e od IJQI w{on{mbq yo bmyac ycmy od quaaeqqdu` wee{ ijqy{jayq mhi yoboqy jbwo{ymhy`z bmsjbjve qyuiehy wm{yjajwmyjoh( Jhaùie aobbuhjyz èmie{q jh {e`myeiao`ènjmye o{ w{odeqqjohm` djeìq(

k* Uyj`jve esjqyjhn Kohi duhiq yo wu{acmqe heeiei e}ujwbehy mq jiehyjdjei kz yce ymql do{aemhi yo jbw{ote ambwuq m{emq ietoyei yo kmhi acoj{ m{y ycemy{e mhi mycèyjaq eqweajm``z~ce{e esjqyjhn w{on{mb qukqa{jwyjoh esaeeiq amwmajyz(

a* [e~m{i quaaeqqdu` w{on{mbq ~jyc miijyjohm` duhiq kmqei oh jha{emqei qukqa{jwyjoh mhiquaaeqq jh UJ@ aobweyjyjoh(

i* Aohyjhue yo etmùmye myyehimhae mhi {e`myjte aoqyq do{ qwo{yjhn etehyq ceì my {enjohm`

djeì couqeq te{quq coìjhn etehyq my cobe nzbhmqjubq( M`boqy 177 kmqleykm` nmbeq~e{e botei jh ;7=; yo ambwuqeq do{ m qmtjhnq )=57L( Uyj`jyz qmtjhnq my yce djeì couqeq~e{e hoy }umhyjdjei kuy aouì ke qjnhjdjamhy(

m( Bmhz od yceqe djeì couqeq ~e{e kuj y iu{jhn mh e{m ~ceh bmhz IJQI qacoo`q~e{e 5M jh a`mqq qjve mhi cmi `m{ne{ etehy myyehimhae( ^jyc bmhz cjncqacoo`q ho~ 9M mhi 1M mhi ò~e{"jhaobe qyuiehyq cmtjhn èqq maaeqq yoy{mhqwo{ymyjoh yce ijqy{jay qcouì am{edu``z òol my ~ce{e jy bmleq qehqe yo uqeyceqe `m{ne{ dmaj`jyjeq mhi eswmhi èmqjhn owwo{yuhjyjeq yo esye{hm` n{ouwq(

k( Aohte{qe`z boqy ambwuqeq `mal yce heeiei e}ujwbehy yo coqy to`èzkm``nmbeq mhi bmhz oìe{ cjnc qacoo` ambwuqeq mhi boqy bjiiè qacoo`q `malkèmace{q( Jd yce ij{eayjoh jq yo~m{i bo{e ambwuq kmqei mycèyja etehyq ycehdmaj`jyz uwn{mieq ~j`` ke {e}uj{ei(

e* Jh yce hesy qacoo` zem{ eswmhi yce hubke{ od mycèyja y{mjhe{q qo ycmy emac cjnc qacooàmbwuq cmq my èmqy ohe y{mjhe{ oh qjye( Jy jq ijddjau`y do{ m` qyuiehy mycèyeq yo {eaejteyce{mwz ~ceh y{mhqwo{ymyjoh jq {e}uj{ei yo qee m y{mjhe{ my yce m{em djeì couqe( Jh qobeijqy{jayq oh qjye Mycèyja Y{mjhe{ w{on{mbq m`qo yemac a`mqqeq {e`myei yo ycej{ w{odeqqjohycuq w{otjijhn mhoyce{ am{ee{ wmyc~mz( Jh miijyjoh yo {eiuajhn uyj`jyz uqmne my yce djeìcouqeq aohy{may `mko{ eswehqeq ~j`` ke {eiuaei do{ yce cj{jhn od esy{m y{mjhe{q yo qymdd m`àmbwuq kmqei dooykm`` w{mayjaeq(

#Mww{otei kz AK[A :"7 ~jyc ohe mkqyehyjoh*

=>* Mqqey Qmèq/Miijyjohq yo Nehe{m` Duhi Km`mhae Im``mq JQI bmz qe`` kuqeq au{{ehy`z ~jycjhjyq jhtehyo{z yo Im``mq Aouhyz njteh yce Aouhyzq mkj`jyz yo djhmhae ycej{ wu{acmqe my {ounc`z=(5%( Keamuqe yce esweayei w{oaeeiq od )4")> bj` joh m{e hoh"{eau{{jhn jy jq yce Aobbjqqjohq{eaobbehimyjoh ycmy ycoqe duhiq ohae {eaejtei ke m`òamyei yo yce Ijqy{jayq Nehe{m` DuhiKm`mhae jh jyq aohyjhujhn eddo{y yo {ekujì ycoqe duhiq yo maaewymkè ète`q( Yce AK[A jqmiijyjohm``z quwwo{yjte od yce Ijqy{jay aohyjhujhn yo ~o{l yo~m{i m Nehe{m` Duhi Km`mhae ycmy jqmkè yo aote{ ~o{ljhn amwjym` heeiq ~jycouy heaeqqjymyjhn ko{{o~jhn iu{jhn yce zem{ #ym{ney od)=:7 yo );=7 bj``joh tq( au{{ehy ète` od )=97 bj``joh*( #Mww{otei kz AK[A :"7 ~jyc ohemkqyehyjoh*


9/14

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FINAL CBRC Memo w Exhibits 5-10-12.docx”

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