Strategy and Finance Meeting April 2012 - add on

8/2/2019 Strategy and Finance Meeting April 2012 - add on

1/25

Eoph= Plh zh~ozpr boepdfeh` wfplfe plfr dghe`d dzh aoz boerf`hzdpfoe de` rloxc` eop jh boerpzxh` dr Boxebfc ~ocfbvxechrr de` xepfc dò~ph`% Rloxc` Khkjhzr zhtxfzh axzplhz feaozkdpfoe zhcdpfeg po dev zh~ozpr# ~chdrh boepdbpplh zhchqdep kdedghz# Bldfz~hzroe oz @h~xpv Bldfz~hzroe%

F lhzhjv gfqh eopfbh pldp de oz`fedzv khhpfeg oa plh Rpzdphgv de` Afedebh Bokkfpphh wfcc jh lhcòe=

@dph=Pfkh=Khhpfeg Zook=Qhexh=

Pxhr`dv 2 D~zfc :>4:4>%>>dkZhbh~pfoe Coxegh Chqhc :Dxbicde` Powe Ldcc2>4+2>8 Txhhe RpzhhpDxbicde`

Rpzdphgv de` Afedebh Bokkfpphh

O^HE D@@HE@XK DGHE@D

KHKJHZRLF^

Bldfz~hzroe Bz ^heev Whjrphz@h~xpv Bldfz~hzroe Bz @hr Kozzfroe

Boxebfccozr Bz Dedh Dzplxz Dedh Bz Kfih ChhBz Bdkhzoe Jzhwhz Bz Zfbldz` Eozplhv# OE]KLfr Wozrlf~ plh Kdvoz Che Jzowe Bz Bdcxk ^hezorhBz @z Bdplv Bdrhv Bz @fbi Txd|Bz Rde`zd Boehv# TRO Bz Eohcheh Zdaafccr# M^Bz Dca Afcf~dfed Bz Rldzoe Rphwdzp# TRKBz Loe Blzfr Achpblhz# TRO Kz @dqf` Pdf~dzfBz Kfbldhc Gox`fh Kz Mole PdkflhzhBz Dee Ldzpchv# M^ Bz Rfz Mole Wdcihz# IE]K# BJH@h~xpv Kdvoz ^heev Lxcrh Bz Wdveh Wdcihz

Bz Ghozgh Woo`# BE]K

,Txozxk 4: khkjhzr&

Bhbfcv @owhzBokkfpphh Rhbzhpdzv

2> Kdzbl :>4:

Boepdbp Phch~loeh= ,>6& 272 1:>>Hkdfc= bhbfcv%òwhzNdxbicde`boxebfc%goqp%e}Whjrfph= www%dxbicde`boxebfc%goqp%e}


2/25


3/25


>2 D~zfc :>4:

^dgh 2

FPHK PDJCH OA BOEPHEPR ^DGH

4> Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr 8

44 Fk~zoqhkhepr po CP^ ^ocfbv de` Jx`ghpfeg ^zobhrrhr aoz KdozfOxpbokhr :4

Rhbzhpdzfdc eoph=

Fphk 44 `f` eop dppdbl po plh ozfgfedc dghe`d de` ldr plhzhaozh jhhe ~cdbh` fe plfrd``he`xk dghe`d%


4/25


5/25

Fphk4

>


>2 D~zfc :>4:

Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr ^dgh 8

Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghprAfch Eo%= B^:>4:/>0181

H|hbxpfqh Rxkkdzv

Plh Deexdc ^cde :>44/:>4: febcx`h` d lfgl+chqhc drrxk~pfoe pldp $6> kfccfoe oa bd~fpdch|~he`fpxzh woxc` eop jh `hcfqhzh` fe :>44/:>4: jxp woxc` ferphd` ehh` po jh bdzzfh` aozwdz` poaxpxzh vhdzr% Aoccowfeg d zhqfhw oa plh bxzzhep vhdzr bd~fpdc h|~he`fpxzh jx`ghpr# boxebfc oaafbhzrdzh eow djch po f`hepfav d rfgefafbdep ~zo~ozpfoe oa plh r~hbfafb ~zomhbpr de` ~zogzdkkhr wlhzhplhzh fr cfihcv po jh d zhtxfzhkhep po bdzzv jx`ghp aozwdz` po axpxzh vhdzr%

Plfr zh~ozp rhhir d~~zoqdc oa d :>44/:>4: aozhbdrp pldp `faahzr azok plh :>44 / :>4: jx`ghp% Plhaozhbdrp zhachbpr plhrh pfkfeg bldeghr# poghplhz wfpl rokh bd~fpdc h|~he`fpxzh febzhdrhr ,wlhzhbd~fpdc h|~he`fpxzh wdr ~zhqfoxrcv ~cdeeh` aoz axpxzh vhdzr# jxp eow plh h|~he`fpxzh fr aozhbdrp poobbxz wfplfe plh :>44/:>4: vhdz& dr whcc dr d ahw kfeoz d`mxrpkhepr%

Hdbl Boxebfc Boepzocch` Ozgdefrdpfoe ,BBO& ldr dcro xe`hzpdihe d zhqfhw oa plhfz :>44/:>4:

bd~fpdc h|~he`fpxzh jx`ghpr# de` rokh bd~fpdc h|~he`fpxzh afedebfdcr ldqh jhhe ~zo~orh` pldp`faahz azok plhfz jx`ghpr aoz= Wdphzazoep Dxbicde` Dxbicde` Boxebfc ^zo~hzpv Cfkfph` Zhgfoedc Adbfcfpfhr Dxbicde`

Oaafbhzr boerf`hz pldp plh ihv `hbfrfoe aoz plh Rpzdphgv de` Afedebh Bokkfpphh fr wlhplhz oz eopplh boxebfc rloxc` d~~zoqh :>44/:>4: bd~fpdc h|~he`fpxzh aozhbdrpr pldp `faahz azok fpr jx`ghp%Jhbdxrh plhrh bldeghr dzh jzod`cv boerfrphep wfpl plh lfgl+chqhc drrxk~pfoer fe plh Deexdc^cde# plh bldeghr wfcc eop ldqh dev kdphzfdc afedebfdc fk~cfbdpfoer%

Deoplhz ihv `hbfrfoe aoz plfr bokkfpphh fr low po d``zhrr pwo ~zo~orh` bd~fpdc h|~he`fpxzhjx`ghp febzhdrhr ~zo~orh` jv Zhgfoedc Adbfcfpfhr Dxbicde`% Jhbdxrh plh ~zo~orh` bldeghr dzhzhtxfzh` po boqhz h|~he`fpxzh dczhd`v febxzzh` de` po khhp kfefkxk lhdcpl de` rdahpvzhtxfzhkhepr ,fe plh bdrh oa ~zo~orh` xzghep zhehwdcr aoz Kp Rkdzp Rpd`fxk& plh ihv `hbfrfoerlhzh zhcdphr po low plh febzhdrhr rloxc` jh zhachbph` fe jx`ghpr de` low plhv rloxc` daahbpboxebfcr oqhzdcc bd~fpdc axe`feg aoz Zhgfoedc Adbfcfpfhr Dxbicde` aoz :>44/:>4:%

Dev dgzhh` pfkfeg bldeghr po :>44/:>4: jx`ghpr wfcc jh acowh` ploxgl fepo plh Coeg+phzk ^cde:>4:+:>:: jx`ghp ~zobhrr% Plhzh kdv dcro jh rokh d``fpfoedc ~zo~ordcr aoz xzghep bd~fpdch|~he`fpxzh aoz :>44/:>4: oz :>4:/:>42 pldp fr eop bxzzhepcv jx`ghph` aoz% Dev rxbl ~zo~ordcrwfcc jh zh~ozph` po plfr bokkfpphh rh~dzdphcv%


6/25

Fphk4>


>2 D~zfc :>4:


Zhbokkhe`dpfoe/rd& Pldp plh zh~ozp jh zhbhfqh`%

j& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh eophr=

f& d zhqfhw oa Dxbicde` Boxebfcr bd~fpdc h|~he`fpxzh jx`ghpr ldr f`hepfafh`# dpd ~zomhbp de` ~zogzdkkh chqhc# d ehp $7> kfccfoe oa bd~fpdc h|~he`fpxzh

~zhqfoxrcv ~cdeeh` aoz :>44/:>4: pldp fr eow ~zomhbph` po obbxz fe axpxzhvhdzr de` pldp oaafbhzr boerf`hz plfr po jh jzod cv boerfrphep wfpl plhdeexdc ~cde drrxk~pfoer

ff& Wdphzazoep Dxbicde` ldqh ~zo~orh` d ehp jzfeg jdbi oa $:%2 kfccfoe oabd~fpdc h|~he`fpxzh po :>44/:>4: azok axpxzh vhdzr# de` d $41>#>>> jx`ghpfebzhdrh

fff& Dxbicde` Boxebfc ^zo~hzpv Cfkfph` ldr ~zo~orh` d ehp bdzzv aozwdz` oa $2%8kfccfoe oa bd~fpdc h|~he`fpxzh azok :>44/:>4: po axpxzh vhdzr

fq& Zhgfoedc Adbfcfpfhr Dxbicde` ldr ~zo~orh` d popdc febzhdrh oa $4%44/:>4: wfpl eo pfkfeg bldeghr

q& Dxbicde` Pzder~ozp ldr eop ~zo~orh` dev bldeghr po bd~fpdc h|~he`fpxzh

jx`ghpr aoz :>44/:>4:%b& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh dgzhhr=

f& pldp plh :>44/:>4: bd~fpdc h|~he`fpxzh aozhbdrp aoz Dxbicde` Boxebfc de` fprboxebfc boepzocch` ozgdefrdpfoer jh fpr ozfgfedc jx`ghp dkhe`h` po zhachbp plh~zo~orh` bldeghr eoph` djoqh

ff& pldp fe d~~zoqfeg fpr :>44/:>4: bd~fpdc h|~he`fpxzh aozhbdrp wfpl d $41>#>>>febzhdrh oe jx`ghp# Wdphzazoep Dxbicde` zh~zfozfpfrh oplhz bd~fpdch|~he`fpxzh jx`ghpr aoz :>44/:>4: ro pldp fpr popdc bd~fpdc h|~he`fpxzh aozplh vhdz fr xebldegh` azok fpr jx`ghp

fff& pldp fe d~~zoqfeg fpr :>44/:>4: bd~fpdc h|~he`fpxzh aozhbdrp aoz plh $4%44/:>4: ro pldp fpr popdc bd~fpdc h|~he`fpxzh aozplh vhdz fr xebldegh` azok fpr jx`ghp%

Jdbigzoxe`Plh :>44/:>4: Deexdc ^cde febcx`h` d lfgl+chqhc drrxk~pfoe pldp $6> kfccfoe oa bd~fpdch|~he`fpxzh woxc` eop jh `hcfqhzh` fe :>44/:>4: jxp woxc` ferphd` ehh` po jh bdzzfh` aozwdz` poaxpxzh vhdzr% Plfr drrxk~pfoe wdr jdrh` oe de dedcvrfr oa lfrpozfb pzhe`r fe dbpxdc bd~fpdch|~he`fpxzh `hcfqhzv aoz plh Dxbicde` zhgfoe de` zhrxcph` fe de oqhzdcc aozhbdrp bd~fpdc r~he` oa$28< kfccfoe aoz :>44/:>4:%

Plh xrh oa d lfgl+chqhc drrxk~pfoe wdr ehbhrrdzv jhbdxrh fp wdr eop ~orrfjch po f`hepfav plhr~hbfafb dbpfqfpfhr# ~zomhbpr oz ~zogzdkkhr wlhzh h|~he`fpxzh woxc` ehh` po jh bdzzfh` aozwdz`%Lowhqhz# aoccowfeg d zhqfhw oa plh :>44/:>4: bd~fpdc h|~he fpxzh jx`ghpr# boxebfc oaafbhzr dzheow djch po f`hepfav d rfgefafbdep ~zo~ozpfoe oa plh r~hbfafb ~zomhbpr de` ~zogzdkkhr wlhzh plhzh frcfihcv po jh d zhtxfzhkhep po bdzzv jx`ghp aozwdz` po axpxzh vhdzr%

Plfr zh~ozp rhhir d~~zoqdc oa d bd~fpdc h|~he`fpxzh aozhbdrp dp :>44/:>4: pldp `faahzr azok plh:>44/:>4: jx`ghp de` fp zhachbpr plhrh pfkfeg bldeghr# poghplhz wfpl rokh bd~fpdc h|~he`fpxzhfebzhdrhr wlhzh bd~fpdc h|~he`fpxzh wdr ~zhqfoxrcv ~cdeeh` aoz axpxzh vhdzr# jxp eow plhh|~he`fpxzh fr aozhbdrp po obbxz fe :>44/:>4:% D~~zoqdc po kdih rokh oplhz kfeoz d`mxrpkhepr frdcro roxglp%

Hdbl Boxebfc Boepzocch` Ozgdefrdpfoe ,BBO& ldr dcro xe`hzpdihe d zhqfhw oa plhfz :>44/:>4:bd~fpdc h|~he`fpxzh jx`ghpr de` fe rokh aozhbdrpr pldp `faahz azok plh ozfgfedc jx`ghpr ldqh jhhe~zo~orh` aoz=


7/25

Fphk4

>


>2 D~zfc :>4:


Wdphzazoep Dxbicde` Dxbicde` Boxebfc ^zo~hzpv Cfkfph` Zhgfoedc Adbfcfpfhr Dxbicde`%

Dxbicde` Pzder~ozpr bd~fpdc h|~he`fpxzh jx`ghpr aoz plh :>44/:>4: whzh ~zh~dzh` fe d rfkfcdzwdv po Dxbicde` Boxebfc wfpl kozh plde $1>> kfccfoe oa fe`fqf`xdc ~zomhbpr de` ~zogzdkkhr cfrph`

fe plh ~cde# jxp oecv $801 kfccfoe aozhbdrp po jh r~hep fe pldp vhdz daphz dccowfeg aoz ~ophepfdc bdzzvaozwdz`r% Eo d`mxrpkhepr po Dxbicde` Pzder~ozp :>44/:>4: bd~fpdc h|~he fpxzh jx`ghpr ldqhjhhe ~zo~orh`%

@hbfrfoe KdifegFe ghehzdc# plh bd~fpdc h|~he`fpxzh bldeghr fe plfr zh~ozp dzh plh zhrxcp oa ~zomhbp+r~hbfafb pfkfegfrrxhr pldp bdeeop zhd`fcv jh feacxhebh` jv `hbfrfoer oa plfr bokkfpphh% Aoz h|dk~ch# ~zomhbppfkfeg bde jh lhdqfcv feacxhebh` jv wlhe zhroxzbh boerhepr dzh ojpdfeh`# wlhe cde` jhbokhrdqdfcdjch aoz ~xzbldrh de` wlhe bokkxefpv hegdghkhep ~zobhrrhr dzh bok~chph`%

Oaafbhzr plhzhaozh boerf`hz pldp plh ihv `hbfrfoe aoz plh Rpzdphgv de` Afedebh Bokkfpphh frwlhplhz oz eop plh boxebfc rloxc` d~~zoqh d bd~fpdc h|~he`fpxzh aozhbdrp pldp `faahzr azok fpr:>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr jdrh` oe plhrh aozhbdrp bldeghr% Jhbdxrh plhrh bldeghrdzh jzod`cv boerfrphep wfpl plh lfgl+chqhc drrxk~pfoer fe plh Deexdc ^cde# plh bldeghr wfcc eopldqh dev kdphzfdc afedebfdc fk~cfbdpfoer%

Dgzhhfeg po plh aozhbdrpr eow wfcc ldqh plh aoccowfeg jhehafpr= fk~zoqh` jx`ghp dbbxzdbv# hedjcfeg kozh dbbxzdph afedebfdc feaozkdpfoe po jh bokkxefbdph`

po ihv rpdihloc`hzr de heldebh` fephzedc boepzoc heqfzoekhep d zh`xbh` ehh` aoz plfr bokkfpphh po boerf`hz rh~dzdph zh~ozpr oe rpzdfglp+aozwdz`

d`mxrpkhepr po fe`fqf`xdc ~zomhbpr%Deoplhz ihv `hbfrfoe aoz plfr bokkfpphh fr low po d``zhrr plh ~zo~orh` bd~fpdc h|~he`fpxzhaozhbdrp febzhdrhr ~zo~orh` jv Zhgfoedc Adbfcfpfhr Dxbicde` aoz xzghep zhehwdcr aoz Kp RkdzpRpd`fxk% Jhbdxrh plh ~zo~orh` bldegh fr zhtxfzh` po khhp kfefkxk lhdcpl de` rdahpvzhtxfzhkhepr# plh ihv `hbfrfoer lhzh zhcdphr po low plfr bldegh rloxc` jh zhachbph` fe plhboxebfcr jx`ghpr de` low fp rloxc` daahbp boxebfcr oqhzdcc axe`feg aoz Zhgfoedc AdbfcfpfhrDxbicde`%

Plh zhkdfe`hz oa plfr rhbpfoe `hpdfcr plh ~zo~orh` jx`ghp bldeghr aoz Dxbicde` Boxebfc de` plhplzhh BBOr cfrph` djoqh%4% DXBICDE@ BOXEBFC

D~~zo|fkdphcv $44/:>4: fr eow ~zomhbph` po jh febxzzh` fe rxjrhtxhepvhdzr% Plfr fr ~dzpfdccv oaarhp jv djoxp $4: kfccfoe oa bd~fpdc h|~he`fpxzh pldp fr eow ~zomhbph` poobbxz fe plh :>44/:>4: deexdc ~cde vhdz zdplhz plde plh CP^ ~hzfo`%

Oaafbhzr boerf`hz pldp plfr aozhbdrp ehp bldegh oa bd~fpdc h|~he`fpxzh oa djoxp $7> kfccfoe dp d~zomhbp chqhc fr jzod`cv boerfrphep wfpl plh $6> kfccfoe lfgl+chqhc drrxk~pfoe fe plh :>44/:>4:deexdc ~cde% Axzplhz bdzzv aozwdz` zhtxfzhkhepr wfcc xe`oxjph`cv jh f`hepfafh` dp d ~zomhbp chqhc drplh afedebfdc vhdz ~zogzhrrhr%

Oaafbhzr plhzhaozh zhbokkhe` bd~fpdc h|~he`fpxzh aozhbdrpr pldp dzh dp d ~zomhbp chqhc jv d popdc oa$7> kfccfoe# wlfbl woxc` plhe rhh plh lfgl+chqhc `hahzzdc drrxk~pfoe zh`xbh po $:> kfccfoe%


8/25

Fphk4>


>2 D~zfc :>4:

Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr ^dgh 44/:>4: po axpxzh vhdzr fr ~zoqf`h` fe Dppdblkhep D%

Rokh ihv h|dk~chr oa ~zo~orh` bdzzv aozwdz`r febcx`h= Lojroeqfcch ^ofep cde` dbtxfrfpfoe + $4>%2 kfccfoe Jxfcp Lhzfpdgh ^zophbpfoe Axe` + $4>%2 kfccfoe Acdp Jxrl wdphz txdcfpv ~oe`r + $0%6 kfccfoe Co~`hcc Loxrh zh`hqhco~khep de` bdz~dzifeg + $0%2 kfccfoe Aozp Rpzhhp dzhd x~gzd`h + $0%: kfccfoe Wfcrlhz Qfccdgh zh`hqhco~khep + $2%1 kfccfoe Ehw Cvee zhghehzdpfoe ~zomhbp + $2%8 kfccfoe ^d~dixzd ~ooc hqhco~khep + $:%6 kfccfoe Rpzdphgfb ~zo~hzpv hqhco~khepr + $:%< kfccfoe ^zomhbp pwfe rpzhdkr + $:%1 kfccfoe%

4%:% Bd~fpdc h|~he`fpxzh jzfeg jdbir

D axcc cfrp oa ~zomhbpr wlhzh oaafbhzr ldqh f`hepfafh` d ehh` po jzfeg bd~fpdc h|~he`fpxzh jx`ghprjdbi azok axpxzh vhdzr po :>44/:>4: fr ~zoqf`h` fe Dppdblkhep J%

Rokh ihv h|dk~chr oa ~zo~orh` jzfeg jdbir febcx`h= Idzdid R~ozpr ^dzi + $4%2 kfccfoe Cde` Dbtxfrpfoe Kdexidx + $2%8 kfccfoe Jzxbh ^xckde ^dzi + $:%> kfccfoe Kdexidx Khkozfdc Gdz`her Whrphze Jcobi hqhco~khep + $#>>>%

4%2% Oplhz jx`ghp d`mxrpkhepr

Oaafbhzr dcro ~zo~orh kdifeg rokh oplhz kfeoz d`mxrpkhepr po plh bd~fpdc h|~he`fpxzh jx`ghpr aozDxbicde` Boxebfc febcx`feg= zhkoqfeg $::>#>>> oa jx`ghp aoz `fgfpdc o~pfbdc ,@o~po& dfz koefpozfeg rherozr dr whcc dr

$4>>#>>> aoz afzh dcdzk rvrphkr dp X@B Loxrh oe plh jdrfr pldp plhrh h|~he`fpxzh fphkr dzheow xecfihcv po jh zhtxfzh`

boerocf`dpfeg $0%0 kfccfoe oa zhgfoedc robfdc loxrfeg ~zomhbpr fepo d rfegch zhehwdcr ~zogzdkkhjx`ghp%

:% BOXEBFC BOEPZOCCH@ OZGDEFRDPFOER

:%4% Wdphzazoep Dxbicde`

Wdphzazoep Dxbicde` ldr ~zo~orh` d exkjhz oa pfkfeg bldeghr pldp woxc` zhrxcp fe de oqhzdcc $:%2

kfccfoe febzhdrh fe fpr :>44/:>4: bd~fpdc h|~he`fpxzh% Oaafbhzr zhbokkhe` d~~zoqfeg d :>44/:>4:bd~fpdc h|~he`fpxzh aozhbdrp de` axe`feg chqhcr pldp zhachbp plhrh ~zo~orh` bldeghr% Plh `hpdfcroa plh ~zo~orh` pfkfeg bldeghr dzh dr aoccowr%


9/25

Fphk4

>


>2 D~zfc :>4:


^zo~orh` bdzzv aozwdz`r= Zhcobdpfoe oa Hkfzdphr Phdk Ehw ]hdcde` + $:%8 kfccfoe Phdc ~dzi ~xjcfb wozir + $1>>#>>> Wdphzazoep Kdrphz~cde ~zfqdph wozir + $08>#>>> Txdv Rpzhhp + $00>#>>> Lhd` oaafbh ~zomhbpr + $7>#>>>

^zo~orh` jzfeg jdbir= Wvevdz` txdzphz ~xjcfb wozir + $:%0 kfccfoe Bcox` afp oxp axe`feg + $4%78 kfccfoe Txhher Wldza bzxfrh rlf~ phzkfedc + $78>#>>> Bokkhzbfdc ~zo~hzpv drrhp zhehwdcr + $7>>#>>> Wvevdz` txdzphz ~zfqdph wozir + $87>#>>> Qor Vdz` `hqhco~khep + $4:>#>>> Whrpldqhe ~fhz zhehwdcr + $2:#>>> Whrpldqhe ~xjcfb wozir + $44#>>>

Wdphzazoep Dxbicde` ldqh dcro zhtxhrph` d``fpfoedc :>44/:>4: jx`ghp oa $41>#>>> po boqhz deoqhzr~he` aoz plh bzxfrh rlf~ phzkfedc% Plfr oqhzr~he`# dcoeg wfpl plh jzfeg jdbir aoz plh Bcox` afpoxp de` plh bzxfrh rlf~ phzkfedc whzh d~~zoqh` jv plh jodz` oa Wdphzazoep Dxbicde` oe :6Ahjzxdzv :>4:% Oaafbhzr boerf`hz pldp plh oqhzr~he` aoz plh bzxfrh rlf~ phzkfedc rloxc` jh axe`h`plzoxgl zh~zfozfpfrfeg Wdphzazoep Dxbicde`r h|frpfeg $2: kfccfoe bd~fpdc h|~he`fpxzh jx`ghp aoz:>44/:>4:%

:%:% Dxbicde` Boxebfc ^zo~hzpv Cfkfph`

Dxbicde` Boxebfc ^zo~hzpv Cfkfph` ldr ~zo~orh` d exkjhz oa pfkfeg bldeghr pldp woxc` zhrxcp fede oqhzdcc $2%8 kfccfoe `hbzhdrh fe fpr :>44/:>4: bd~fpdc h|~he`fpxzh% Plhv ldqh dcro ~zo~orh`

rokh bldeghr po plh oqhzdcc borpr de` zhqhexhr oa plhfz kdmoz kxcpf+vhdz ~zomhbpr%

Oaafbhzr zhbokkhe` d~~zoqfeg d :>44/:>4: bd~fpdc h|~he`fpxzh aozhbdrp de` axe`feg chqhcr pldpzhachbp plhrh ~zo~orh` pfkfeg bldeghr# jxp `hahzzfeg dev boerf`hzdpfoe oa bldeghr po oqhzdcc~zomhbp jx`ghpr xepfc plh eh|p ~ldrh oa plh coeg+phzk ~cde jx`ghp ~zobhrr% Plh `hpdfcr oa plh~zo~orh` pfkfeg bldeghr aoz :>44/:>4: dzh dr aoccowr%

^zo~orh` bdzzv aozwdz`r= Ozkfrpoe Powe Bhepzh `hqhco~khep + $2%< kfccfoe ^d~dpohpoh zh`hqhco~khep + $>%6 kfccfoe%

^zo~orh` jzfeg jdbir= Lojroeqfcch Kdzfeh ^zhbfebp `hqhco~khep + $4%: kfccfoe%

:%2% Zhgfoedc Adbfcfpfhr Dxbicde`

Zhgfoedc Adbfcfpfhr Dxbicde` ,ZAD& ldqh eop ~zo~orh` dev bd~fpdc h|~he`fpxzh pfkfeg d`mxrpkheprjxp ldqh ferphd` zhtxhrph` pldp d``fpfoedc bd~fpdc h|~he`fpxzh jx`ghp jh ~zoqf`h` fe :>44/:>4:aoz plh aoccowfeg pwo fphkr=4% $4%: kfccfoe oa d``fpfoedc drrhp zhehwdcr aoz Kp Rkdzp Rpd`fxk po kdfepdfe kfefkxk lhdcpl de`

rdahpv chqhcr:% $120#>>> oa d``fpfoedc kfeoz af|h` drrhp bd~fpdc h|~he`fpxzh dczhd`v febxzzh` po boqhz plh afp

oxp oa plh eoe+~xjcfb adbfeg dzhdr oa plh zh`hqhco~h` Dxbicde` Dzp Gdcchzv%

Plh feqhrpkhep ~zo~ordcr ~zh~dzh` jv ZAD po rx~~ozp hdbl oa plhrh zhtxhrpr dzh febcx`h` drdppdblkhepr po plfr zh~ozp%


10/25

Fphk4>


>2 D~zfc :>4:

Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr ^dgh 4>

Wlfch boxebfc oaafbhzr d~~zhbfdph plh xzghep ehh` po kdfepdfe kfefkxk lhdcpl de` rdahpv chqhcr dpKp Rkdzp Rpd`fxk# wh boerf`hz pldp plfr xzghep zhtxfzhkhep rloxc` jh khhp jv zh~zfozfpfrfegZADr h|frpfeg $:0 kfccfoe bd~fpdc h|~he`fpxzh jx`ghp aoz :>44/:>4:%

Oaafbhzr dcro eoph pldp plh coeg+phzk ~cde dczhd`v ~zoqf`hr aoz kozh pldp $48 kfccfoe oa drrhpzhehwdcr aoz Kp Rkdzp Rpd`fxk oqhz plh eh|p 4> vhdzr ,h|bcx`feg feacdpfoe d`mxrpkhepr& vhp plhzhfr eo ~zo~ordc po xpfcfrh plfr h|frpfeg jx`ghp aoz plh xzghep lhdcpl de` rdahpv wozi%

Zhgdz`feg plh kfeoz af|h` drrhp zhtxfzhkhep# fe Mxeh cdrp vhdz fp wdr dgzhh` wfpl ZAD pldp plfrbd~fpdc h|~he`fpxzh boxc` ~zobhh` dr xejx`ghph` h|~he`fpxzh fe :>4>/:>44 ~zoqf`h` pldp oz`hzrwhzh ~cdbh` jhaozh 2> Mxeh :>44 de` pldp plhzh wdr rxaafbfhep xe`hzr~he` bd~fpdc h|~he`fpxzhhcrhwlhzh fe ZAD aoz :>4>/:>44% Fp wdr axzplhz dgzhh` pldp fa plfr `f` eop obbxz# plhe ehwd~~zoqdc woxc` ehh` po jh roxglp aoz dev r~he` fe :>44/:>4:%

ZAD dzh eow rhhifeg ehw jx`ghp d~~zoqdc aoz plfr fphk daphz ldqfeg febxzzh` plh h|~he`fpxzh fe:>44/:>4:% Oaafbhzr boerf`hz pldp fp fr d~~zo~zfdph pldp ZAD dcro boqhz plfr h|~he`fpxzh plzoxglzh~zfozfpfrfeg plhfz h|frpfeg :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr# ~dzpfbxcdzcv fe cfglp oa plh

h|phzedc zhqhexh pdzghpr aoz plh Dzp Gdcchzv zh`hqhco~khep eop jhfeg dblfhqh` ,`frbxrrh` jhcow&ZAD ldr dcro zhtxhrph` de febzhdrh po plhfz :>44/:>4: bd~fpdc axe`feg azok Dxbicde` Boxebfc drd zhrxcp oa zh`xbh` h|phzedc axe`zdfrfeg zhqhexh aoz plh Dxbicde` Dzp Gdcchzv zh`hqhco~khep% Drplh cdzghz ~dzp oa plfr zhqhexh bldegh zhcdphr po :>4:/:>42# oaafbhzr zhbokkhe` pldp plh:>44/:>4: jx`ghp de` axe`feg fr eop bldegh` dp plfr ~ofep# de` pldp plh jzod`hz frrxh fr ferphd`d``zhrrh` qfd plh coeg+phzk jx`ghp ~zobhrr%

Oaafbhzr eoph pldp plh dqdfcdjfcfpv oa h|phzedc zhqhexh wdr d ihv boerf`hzdpfoe fe plh aozkhzDxbicde` Bfpv Boxebfcr d~~zoqdc oa plh rbo~h de` jx`ghp aoz plh Dzp Gdcchzv zh`hqhco~khep% Fpradfcxzh po jh dblfhqh` daphz plh ~zomhbp ldr jhhe bok~chph` khder d``fpfoedc axe`feg wfcc jhzhtxfzh` azok boxebfc aoz plfr ~zomhbp% Plh boxebfc wfcc ehh` po `hphzkfeh dr ~dzp oa plh CP^~zobhrr wlhplhz plfr fr axe`h` azok d``fpfoedc zdphr oz zh~zfozfpfrdpfoe oa h|frpfeg jx`ghpr wfplfe

ZAD oz plh jzod`hz Dxbicde` Boxebfc gzox~%

Rfgefafbdebh oa @hbfrfoeOaafbhzr ò eop boerf`hz pldp plh `hbfrfoer rhp oxp fe plfr zh~ozp dzh rfgefafbdep% Pfkfeg bldeghr poplh bd~fpdc ~zogzdkkh boxc` ldqh d kdphzfdc fk~dbp oe plh bokkxefpv jxp jhbdxrh plh bldeghrdzh ~zfkdzfcv `xh po frrxhr oa `hcfqhzdjfcfpv# dev rxbl fk~dbpr dzh eop plh `fzhbp zhrxcp oa boxebfc`hbfrfoe+kdifeg%

Kdozf Fk~dbp Rpdphkhep

Rokh oa plh bd~fpdc h|~he`fpxzh pfkfeg bldeghr fe plfr zh~ozp kdv ldqh de fk~dbp oe Kdozfoxpbokhr% Lowhqhz# jhbdxrh plh bldeghr dzh ~zfkdzfcv `xh po frrxhr oa ~zdbpfbdc `hcfqhzdjfcfpvwfplfe plfr afedebfdc vhdz# dev rxbl fk~dbpr dzh eop plh `fzhbp zhrxcp oa boxebfc `hbfrfoe+kdifeg fezhr~hbp oa fpr jx`ghpr%

BoerxcpdpfoePlh :>44/:>4: bd~fpdc ~zogzdkkh febcx`feg plh $6> kfccfoe lfgl+chqhc bdzzv aozwdz` drrxk~pfoewdr ~xjcfbcv boerxcph` oe de` dò~ph` dr ~dzp oa plh :>44/:>4: Deexdc ^cde ~zobhrr% F`hepfavfegr~hbfafb ~zomhbpr de` ~zogzdkkhr po jh bdzzfh` aozwdz` dr d zhrxcp oa `hcfqhzdjfcfpv frrxhr òhr eopwdzzdep axzplhz ~xjcfb boerxcpdpfoe%


11/25

Fphk4

>


>2 D~zfc :>4:


Cobdc Jodz` QfhwrRokh oa plh pfkfeg bldeghr aoz Dxbicde` Boxebfc zhcdph po cobdc jodz` jx`ghpr# febcx`feg plorhjx`ghpr wlhzh plh Cobdc Jodz` fr plh roch `hbfrfoe+kdihz% Jhbdxrh plh bldeghr dzh ~zfkdzfcv`xh po frrxhr oa ~zdbpfbdc `hcfqhzdjfcfpv wfplfe plfr afedebfdc vhdz# cobdc jodz`r dzh ghehzdccv eop djchpo kdih `hbfrfoer pldp bde `fzhbpcv fk~dbp plh pfkfeg oa wlhe bd~fpdc h|~he`fpxzh bde dbpxdccvobbxz ,h|bh~p po `hcdv h|~he`fpxzh&%

Hdbl Cobdc Jodz` wfcc jh d`qfrh` oa plh ~zomhbph` pfkfeg bldeghr cdphz plfr koepl dlhd` oa plhfz~zfozfpfrdpfoe wozirlo~r de` khhpfegr oe plhfz Coeg Phzk ^cde jx`ghpr% Cobdc Jodz`r wfcc ldqhde o~~ozpxefpv po zhqfhw de` dcphz plhfz bd~fpdc h|~he`fpxzh jx`ghpr plzoxgl pldp ~zobhrr ,rxjmhbppo ~dzdkhphzr dgzhh` jv plfr bokkfpphh de` plh ~zdbpfbdc boerpzdfepr dzoxe` ~zomhbp `hcfqhzdjfcfpv&%

Afedebfdc de` Zhroxzbfeg Fk~cfbdpfoerJhbdxrh plhrh bldeghr dzh jzod`cv boerfrphep wfpl plh lfgl+chqhc drrxk~pfoer fe plh Deexdc ^cde,de` plh pfkfeg bldeghr aoz plh BBOr dzh kfeoz de` oaarhppfeg plh bldeghr wfcc eop ldqh devkdphzfdc afedebfdc fk~cfbdpfoer%

Chgdc de` Chgfrcdpfqh Fk~cfbdpfoerPlhzh dzh eo chgdc oz chgfrcdpfqh fk~cfbdpfoer aoz plh zhbokkhe`dpfoer oa plfr zh~ozp%

Fk~chkhepdpfoe FrrxhrFa dgzhh`# plh bd~fpdc h|~he`fpxzh aozhbdrpr aoz :>44/:>4: aoz Dxbicde` Boxebfc de` zhchqdepBBOr wfcc jh hephzh` fe bozh afedebfdc rvrphkr de` xrh` aoz fephzedc boepzoc# koefpozfeg de`zh~ozpfeg aoz plh zhkdfe`hz oa plh afedebfdc vhdz% Pfkfeg bldeghr wfcc dcro jh acowh` plzoxgl fepoplh jx`ghp x~`dphr aoz plh coeg+phzk ~cde% Plh Deexdc Zh~ozp aoz Boxebfc wfcc xrh plh ozfgfedcjx`ghp%

Dppdblkhepr

Eo% Pfpch ^dgh

D Cfrp oa ~zo~orh` Dxbicde` Boxebfc hahzzdcr 42

J Cfrp oa ~zo~orh` Dxbicde` Boxebfc jzfeg+jdbir 48

B Feqhrpkhep ^zo~ordcr aoz ZAD + ~dgh 4 47

@ Feqhrpkhep ^zo~ordcr aoz ZAD + ~dgh : 46

RfgedpozfhrDxplozr Zorr Pxbihz# Dbpfeg Afedebfdc cdeefeg Kdedghz# cdeefeg ! ^ocfbv

Dxplozfrhzr Blzfr Bdzzocc# Kdedghz# ^cdeefeg ! ^ocfbv

De`zhw KbIhe}fh# Blfha Afedebfdc Oaafbhz

Zoghz Jcdihchv# Blfha cdeefeg Oaafbhz


12/25


13/25

DppdblkhepD

Fphk4

>


>2 D~zfc :>4:



14/25

DppdblkhepD

Fphk4>


>2 D~zfc :>4:



15/25

DppdblkhepJ

Fphk4

>


>2 D~zfc :>4:



16/25


17/25


>2 D~zfc :>4:

Zhqfhw oa :>44/:>4: bd~fpdc h|~he`fpxzh jx`ghpr


18/25

DppdblkhepB

Fphk4

>


>2 D~zfc :>4:



19/25


>2 D~zfc :>4:



20/25

Dppdblkhep@

Fphk4

>


>2 D~zfc :>4:



21/25

Fphk4

4


>2 D~zfc :>4:

Fk~zoqhkhepr po CP^ ôcfbv de` Jx`ghpfeg ^zobhrrhr aoz Kdozf Oxpbokhr ^dgh :4

Fk~zoqhkhepr po CP^ ôcfbv de` Jx`ghpfeg ^zobhrrhraoz Kdozf OxpbokhrAfch Eo%= B^:>4:/>080>

H|hbxpfqh RxkkdzvPlfr zh~ozp x~`dphr plh Rpzdphgv de` Afedebh Bokkfpphh oe ~orrfjch fk~zoqhkhepr po plh CoegPhzk ^cde ,CP^& ~ocfbv de` jx`ghpfeg ~zobhrrhr dr plhv zhcdph po Kdozf oxpbokhr%

Plh zh~ozp zhr~oe`r po plh aoccowfeg zhrocxpfoer oa plh Rpzdphgv de` Afedebh Bokkfpphh oe48 Ahjzxdzv :>4:=

d& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh eoph pldp boxebfc oaafbhzr de` plh Fe`h~he`hepKdozf Rpdpxpozv Jodz` rhbzhpdzfdp wfcc zh~ozp jdbi fe D~zfc oe ~orrfjch fk~zoqhkhepr po plhCoeg Phzk ^cde ~ocfbv de` jx`ghpfeg ~zobhrrhr dr plhv zhcdph po Kdozf oxpbokhr9 de`

j& Plh boxebfc oaafbhzr fe boerxcpdpfoe wfpl plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` rhbzhpdzfdp#`hqhco~ gxf`hcfehr po drrfrp kdedghzr jhpphz f`hepfav de` zhboz` low ~zogzdkr de` ~zomhbprboepzfjxph po Kdozf oxpbokhr%

Boxebfc rpdaa de` plh rhbzhpdzfdp oa plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` ldqh lhc` d wozirlo~de` d rhzfhr oa aoccow+x~ khhpfegr po bd~pxzh chdzefegr azok plh Kdozf oxpbokh de` jx`ghpfegwozi po `dph de` f`hepfav jopl rlozp+phzk de` coeg+phzk fk~zoqhkhep o~~ozpxefpfhr% Rkdcchz phdkrdzh d`qdebfeg hpdfch` wozi po fk~chkhep plh fk~zoqhkhepr f`hepfafh`%

Plh aoccowfeg fk~zoqhkhepr whzh f`hepfafh`=

^zoqf`h jhpphz gxf`debh de` fzhbpfoe po drrfrp CP^ hegdghkhep de` bd~pxzh zhr~oerfqhehrr

po Kdozf oxpbokhr% Kdih bldeghr po plh jx`ghp ~zobhrr po jhpphz bd~pxzh low d ~zogzdkkh oz ~zomhbp boepzfjxphr

po Kdozf oxpbokhr% X~+rifcc rpdaa oe plh fk~ozpdebh oa Kdozf oxpbokhr de` ~zoqf`h pzdfefeg ro plhv bde jhpphz

f`hepfav low ~zogzdkr de` ~zomhbpr boepzfjxph po oxpbokhr% ^zoqf`h gxf`debh de` `fzhbpfoe oe low po ~zoqf`h aoz Kdozf hegdghkhep de` ~dzpfbf~dpfoe dp

plh ~cdeefeg ~ldrh oa ~zogzdkr de` ~zomhbpr% Bd~pxzh# wlhzh ~zdbpfbdjch# eoe+koehpdzv boepzfjxpfoer po Kdozf oxpbokhr de` ~zoqf`h

edzzdpfqh boeph|p oa plh jdbigzoxe` po ~ocfbv# ~zogzdk de` ~zomhbp zhr~oerhr po Kdozf%

Plh oxp~xpr oa plh wozi wfcc febcx`h d bokjfedpfoe oa gxf`debh de` `fzhbpfoedc kdphzfdc aoz rpdaa#~zobhrr bldeghr po boxebfc rvrphkr de` rokh pzdfefeg oa rpdaa%

D axzplhz oxp~xp wfcc jh d zhqfrh` cfrp fe plh rlozp+phzk oa boxebfc ~zogzdkr de` ~zomhbpr pldpboepzfjxph po plh `hcfqhzv oa Kdozf oxpbokhr%

Wozi fr xe`hzwdv po phrp plh gxf`debh kdphzfdc de` ~zoqf`h rpzoeghz dcfgekhep po Kdozf oxpbokhrfe pdzghp dzhdr ,^dzir de` Zhbzhdpfoe# Heqfzoekhepdc Rpzdphgv de` ôcfbv# de` Dxbicde`Pzder~ozp&% Oebh boeafzkh`# plfr ~zobhrr wfcc jh zocch` oxp dbzorr oplhz dzhdr oa boxebfc%

Fp fr depfbf~dph` pldp plfr wozi wfcc jh afedcfrh` jhaozh Mxeh wfpl d cfrp oa ~zogzdkr de` ~zomhbpr wfplfccxrpzdpfqh `hcfqhzdjchr pldp boepzfjxph po d Kdozf oxpbokh zh~ozph` po plh Rpzdphgv de` AfedebhBokkfpphh ,feboz~ozdpfeg dev dkhe`khepr zhrxcpfeg azok rxjkfrrfoer po plh `zdap CP^&%


22/25

Fphk44


>2 D~zfc :>4:

Fk~zoqhkhepr po CP^ ^ocfbv de` Jx`ghpfeg ^zobhrrhr aoz Kdozf Oxpbokhr ^dgh ::

Zhbokkhe`dpfoe/rd& Pldp plfr zh~ozp jh zhbhfqh`%

j& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh eoph plh ~zo~orh` fk~zoqhkhepr po plhCoeg Phzk ^cde ~cdeefeg de` zh~ozpfeg ~zobhrrhr po f`hepfav low ~zogzdkr de`~zomhbpr boepzfjxph po Kdozf oxpbokhr%

b& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh eophr pldp wozi fr bxzzhepcv xe`hzwdv po~zoqf`h rpzoeghz dcfgekhep po Kdozf oxpbokhr fe pdzghph` dzhdr de` po ~zo`xbh dzhqfrh` cfrp oa boxebfc ~zogzdkr de` ~zomhbpr `hrbzfjfeg oxp~xpr# zhroxzbhfk~cfbdpfoer de` ~zoqfrfoer pldp boepzfjxph po Kdozf oxpbokhr%

`& Pldp plh Rpzdphgv de` Afedebh Bokkfpphh dgzhhr pldp boxebfc oaafbhzr rloxc`# feboerxcpdpfoe wfpl plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` rhbzhpdzfdp# zh~ozp jdbi poplh Rpzdphgv de` Afedebh Bokkfpphh daphz plh lhdzfeg oa rxjkfrrfoer po plh `zdapCP^ wfpl d zhqfrh` cfrp oa ~zogzdkr de` ~zomhbpr ,`hrbzfjfeg oxp~xpr# zhroxzbhfk~cfbdpfoer de` ~zoqfrfoer& pldp wfcc boepzfjxph po Kdozf oxpbokhr# de` de x~`dphoe fk~chkhepfeg rlozp+phzk fk~zoqhkhepr de` plh ~cde aoz plh coeghz+phzkfk~zoqhkhepr%

Jdbigzoxe`Plh Rpzdphgv de` Afedebh Bokkfpphh ldr boerf`hzh` d exkjhz oa zh~ozpr oe Kdozf oxpbokhrzhbokkhe`h` jv plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` zhrxcpfeg fe plhfz febcxrfoe fe plh `zdapCoeg Phzk ^cde :>4: :>:: wfpl drrobfdph` khdrxzhr de` pdzghpr%

Oe 48 Ahjzxdzv :>4:# plh Rpzdphgv de` Afedebh Bokkfpphh boerf`hzh` plh zh~ozp KdozfOxpbokhr de` Drrobfdph` Jx`ghpr%

Plh zh~ozp ~zoqf`h` de x~`dph oe plh zhqfhw oa dbpfqfpv jx`ghpr po drrhrr plh h|phep po wlfbl plhv

boepzfjxph po Kdozf oxpbokhr de` plh dbpfqfpfhr rhp oxp fe plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz`rjx`ghp ~zo~ordcr%

Plh jx`ghp zhqfhw feqocqh` wozi jv boxebfc rpdaa po f`hepfav dbpfqfpfhr# wlfbl boepzfjxph po Kdozfoxpbokhr de` jhehafp Kdozf%

Plh zhqfhw f`hepfafh` dbpfqfpfhr bxzzhepcv bd~pxzh` wfplfe h|frpfeg jx`ghpr dr whcc dr ~zomhbpr# wlfblld` eop vhp jhhe axccv rbo~h` jxp ld` plh ~ophepfdc po dblfhqh Kdozf oxpbokhr oz jh zh~zfozfpfrh`po pldp haahbp%

Plh feaozkdpfoe rx~~cfh` jv boxebfc `h~dzpkhepr de` Boxebfc Boepzocch` Ozgdefrdpfoer wdrgzox~h` fepo afqh kdfe bdphgozfhr=

4% R~hbfafb ~zomhbpr de` ~zogzdkr boepzfjxpfeg po d Kdozf oxpbokh%:% Rpdaa zhroxzbh de` ghehzdc oqhzlhd`r pldp boepzfjxph po d Kdozf oxpbokh%

2% ^zomhbpr# ~zogzdkr de` dbpfqfpv wlhzh d ghehzdc dccobdpfoe ld` jhhe kd`h jdrh` oedrrxk~pfoer oe plh jhehafp po Kdozf ghehzdccv%

0% ^zomhbpr f`hepfafh` jxp eop jx`ghph`%

8% Ghehzdc boepzfjxpfoer po Kdozf oxpbokhr eop f`hepfafh`%

D cfrp oa ~zomhbpr de` boepzfjxpfoer po Kdozf oxpbokhr wdr febcx`h` wfpl plh zh~ozp poghplhz wfpl dcfrp ~zomhbpr wfpl ~ophepfdc po boepzfjxph po Kdozf oxpbokhr aoccowfeg axzplhz rbo~feg%

Boxebfc rpdaa de` plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` rhbzhpdzfdp whzh zhtxhrph` po zh~ozp jdbipo plh Rpzdphgv de` Afedebh Bokkfpphh oe zhbokkhe`h` fk~zoqhkhepr po plh Coeg Phzk ^cde~ocfbv de` jx`ghpfeg ~zobhrrhr dr plhv zhcdph po Kdozf oxpbokhr%


23/25

Fphk4

4


>2 D~zfc :>4:


Ojmhbpfqhr oa fk~zoqhkhep wozi

Boxebfc rpdaa de` plh rhbzhpdzfdp oa plh Fe`h~he`hep Kdozf Rpdpxpozv Jodz` ldqh wozih` poghplhzpo f`hepfav aoz fk~chkhepdpfoe# pdzghph` fk~zoqhkhepr po plh h|frpfeg CP^ ~cdeefeg de` jx`ghpfegrvrphk pldp herxzh zhr~oerfqhehrr po Kdozf ,wfplfe plh boeph|p oa wldp bde jh zhdcfrpfbdccv

dblfhqh` fe plh CP^ pfkhazdkhr&% Plhv dcro wozih` po f`hepfav dzhdr wlhzh axzplhz gxf`debh de``fzhbpfoe wfcc drrfrp fe bd~pxzfeg de` zh~ozpfeg oe dbpfqfpfhr zhr~oe`feg po Kdozf oxpbokhr%

Plh wozirlo~ bdeqdrrh` chdzefegr azok plh wozi pldp ldr jhhe bok~chph` po `dph oe boxebfcrboepzfjxpfoe po Kdozf oxpbokhr% Plh ahh`jdbi f hepfafh` d exkjhz oa frrxhr po jh zhrocqh` pohedjch jhpphz dcfgekhep oa dbpfqfpfhr po Kdozf oxpbokhr%

Plh wozirlo~ aobxrrh` oe jopl rlozp de` coeg+phzk fk~zoqhkhepr# febcx`feg=

Pdzghph` txfbi wfer de` fk~zoqhkhepr po bxzzhep CP^ ~zobhrr%

Bd~pxzh ~zfozfpfhr aoz dblfhqfeg Kdozf oxpbokhr%

Cooi dp wdvr po fk~zoqh# jhpphz f`hepfav de` zhboz` low bxzzhep ~zomhbpr de` ~zogzdkrboepzfjxph po Kdozf oxpbokhr%

@hqhco~ gxf`hcfehr po drrfrp kdedghzr po jhpphz f`hepfav de` zhboz` low ~zogzdkr de`~zomhbpr boepzfjxph po Kdozf oxpbokhr%

^zobhrr po f`hepfav dzhdr oa wozi eop bd~pxzh`%

Phrp d~~zodbl oe pdzghph` dzhdr%

Fk~zoqhkhepr po plh ~cdeefeg de` jx`ghpfeg ~zobhrr po feaozk axpxzh CP^ ~zobhrrhr%

Oxpbokhr# khdrxzhr de` zh~ozpfeg

Dbboxepfeg ~zdbpfbhr%

Fk~zoqhkhep O~~ozpxefpfhr

Plh aoccowfeg rlozp de` coeg+phzk fk~zoqhkhepr whzh f`hepfafh`# febcx`feg=

^zoqf`h jhpphz gxf`debh de` `fzhbpfoe po drrfrp CP^ hegdghkhep de` bd~pxzhzhr~oerfqhehrr po Kdozf oxpbokhr=

o Hegdghkhep wfpl Kdozf

o ^zopobocr de` ~zobhrrhr

o Dbpfqfpv de` jxrfehrr ~cder

o Rhzqfbh ~zoafch de` feqhrpkhep ~zo~ordc phk~cdphr

o Bd~fpdc ~zomhbpr qfd ~zomhbp kdedghkhep azdkhwozi phk~cdphr

o Drrhp kdedghkhep ~cder

Kdih bldeghr po plh jx`ghp po jhpphz bd~pxzh low d ~zogzdk oz ~zomhbp boepzfjxphr poKdozf oxpbokhr=

o ^ozpaocfor pdggh` po Kdozf oxpbokhr%

o Ghehzdc ch`ghz dbboxep bo`hr%

X~+rifcc rpdaa oe plh fk~ozpdebh oa Kdozf oxpbokhr de` ~zoqf`h pzdfefeg ro plhv bde jhpphzf`hepfav low ~zomhbpr de` ~zogzdkkhr boepzfjxph po oxpbokhr=


24/25

Fphk44


>2 D~zfc :>4:


o H`xbdpfoe oe jdbigzoxe` po Kdozf oxpbokhr%

o Khhpfegr aoz zhchqdep dbpfqfpv kdedghzr de` jx`ghpfeg rpdaa%

^zoqf`h gxf`debh de` `fzhbpfoe oe low po ~zoqf`h aoz Kdozf hegdghkhep de` ~dzpfbf~dpfoedp plh ~cdeefeg ~ldrh oa ~zogzdkkhr de` ~zomhbpr%

Bd~pxzh# wlhzh ~zdbpfbdjch# eoe+koehpdzv boepzfjxpfoer po Kdozf oxpbokhr de` ~zoqf`hedzzdpfqh boeph|p oa plh jdbigzoxe` po ~ocfbv# ~zogzdk de` ~zomhbp zhr~oerhr po Kdozf%

@hqhco~ eoe+afedebfdc lfgl chqhc hqdcxdpfqh azdkhwozi po koefpoz Kdozf oxpbokhr de`khdrxzh oxp~xpr# fk~dbpr de` oxpbokhr%

Feboz~ozdph zhtxfzhkhep po ~zoqf`h ~zogzhrr zh~ozpr oe Kdozf oxpbokhr dr ~dzp oa h|frpfegzh~ozpfeg azdkhwozi%

D pdzghph` d~~zodbl fr jhfeg pdihe wfpl d rdk~ch oa boxebfc `h~dzpkhepr de` d BBO ,^dzir de`Zhbzhdpfoe# Heqfzoekhepdc Rpzdphgv de` ^ocfbv de` Dxbicde` Pzder~ozp& po phrp plh djoqhfk~zoqhkhepr de` wlhzh ~orrfjch ~zoqf`h rpzoeghz dcfgekhep po Kdozf oxpbokhr fe pdzghph`dzhdr% Oebh boeafzkh # de dbpfoe ~cde aoz rlozp de` coeg+phzk fk~zoqhkhepr wfcc jh zocch` oxp

dbzorr oplhz dzhdr oa boxebfc%

@hbfrfoe KdifegPlh zhbokkhe`dpfoer boepdfeh` wfplfe plfr zh~ozp adcc wfplfe plh bokkfpphhr hchgdph` dxplozfpv%

Rfgefafbdebh oa @hbfrfoePlh rxjmhbp kdpphz oa plfr zh~ozp wfcc jh zhachbph` fe plh `zdap CP^ :>4: :>::# wlfbl fr rxjmhbp poplh r~hbfdc boerxcpdpfqh ~zobh`xzh%

Kdozf Fk~dbp RpdphkhepDcc dr~hbpr oa plfr zh~ozp dzh oa ~dzpfbxcdz rfgefafbdebh po plh f`hepfafbdpfoe de` dblfhqhkhep oaKdozf oxpbokhr%

BoerxcpdpfoePlh rxjmhbp kdpphz oa plfr zh~ozp wfcc jh zhachbph` fe plh `zdap CP^ :>4: :>::# wlfbl fr rxjmhbp poplh r~hbfdc boerxcpdpfqh ~zobh`xzhr%

Cobdc Jodz` QfhwrPlh qfhwr oa cobdc jodz`r ldqh eop jhhe roxglp oe plh boephepr oa plfr zh~ozp%

Afedebfdc de` Zhroxzbfeg Fk~cfbdpfoerPlh afedebfdc de` zhroxzbfeg fk~cfbdpfoer dzh `hpdfch` fe plh zh~ozp de` wfcc jh febcx`h` fe plh `zdapCP^ :>4: :>::%

Chgdc de` Chgfrcdpfqh Fk~cfbdpfoerBoxebfc ldr r~hbfafb ojcfgdpfoer xe`hz qdzfoxr ~fhbhr oa chgfrcdpfoe% Plhrh ldqh jhhe whccbdeqdrrh` fe ~zhqfoxr zh~ozpr po plh bokkfpphh oe plfr po~fb%


25/25

Fphk4

4


>2 D~zfc :>4:

Fk~chkhepdpfoe FrrxhrPlh fk~chkhepdpfoe oa ~zobhrr fk~zoqhkhepr wfcc jh zh~ozph` jdbi po plh bokkfpphh aoccowfeg plhlhdzfeg oa rxjkfrrfoer po plh `zdap CP^%

DppdblkheprPlhzh dzh eo dppdblkhepr aoz plfr zh~ozp%

RfgedpozfhrDxploz Gzdep Pdvcoz# Goqhzedebh @fzhbpoz

Dxplozfrhzr De`zhw KbIhe}fh# Blfha Afedebh Oaafbhz

Zoghz Jcdihchv# Blfha cdeefeg Oaafbhz

Strategy and Finance Meeting April 2012 - add on

Documents

Transcript of Strategy and Finance Meeting April 2012 - add on