city of los angeles v jpmorgan chase & co. re: jpmorgan chase sued by the city of los angeles...

8/12/2019 City of Los Angeles v JPMorgan Chase & Co. Re: JPMorgan Chase sued by the City of Los Angeles for Violations of…

http://slidepdf.com/reader/full/city-of-los-angeles-v-jpmorgan-chase-co-re-jpmorgan-chase-sued-by-the-city 1/56

CNJWKMHOV ENR UHNKMVHNO NE

VD@ E@F@RMK EMHR DNPSHOA MCV

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JHCDM@K E@P@R (SBO ===028)CHVX MVVNRO@XIMJ@S W. CKMRL (SBO 56147)CDH@E F@WPVX CHVX MVVNRO@XCHVX NE KNS MOA@K@S277 O. Jmho Str``t, Rnnj 477

Kns Moa`k`s, CM 877=2V`k`pdno`9 (2=3) 814-4=77@jmhk9 Jhl`.eù`rGkmchty.nra@jmhk9 Imj`s.p.ckmrlGkmchty.nra

SV@U@ Q. B@RJMO ( prn dmc vhc` pòfhoa)DMA@OS B@RJMO SNBNK SDMWHRN KKW=8=4 4td Mvòu`, Suht` 3377S`mttk`, QM 84=7=V`k`pdno`9 (275) 523-1282@jmhk9 st`v`Gdbsskmw.cnj

@KMHO@ V. BXSY@QSLH (SBO 222376)K@@ J. ANRFNO (SBO =16=54)DMA@OS B@RJMO SNBNK SDMWHRN KKW37= Onrtd Kml` Mvòu`, Suht` 273Wmsmfòm, CM 8==7=V`k`pdno`9 (2=3) 337-1=07@jmhk9 `kmho`Gdbsskmw.cnj@jmhk9 k``Gdbsskmw.cnj

\Mffhthnomk Cnuos`k Khst`f no Shaomtur` Wma`Z

Mttnro`ys enr Wkmhothee td` Chty ne Kns Moa`k`s

POHV@F SVMV@S FHSVRHCV CNPRV

C@OVRMK FHSVRHCV NE CMKHENROHM

CHVX NE KNS MOA@K@S, m juohchpmkcnrpnrmthno,

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IWJNRAMO CDMS@ & CN.<IWJNRAMO CDMS@ BMOL, O.M.< mofCDMS@ JMODMVVMO BMOL PSM,

.M.,

Fèòfmots.

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On.

CNJWKMHOV ENRUHNKMVHNO NE VD@E@F@RMK EMHR DNPSHOAMCV

F@JMOF ENR IPRX VRHMK

Cms` 29=6-cv-76=54-FJA-JRQ Fncujòt = Ehk`f 70/37/=6 Wma` = ne 05 Wma` HF #9=

=6-6=54




VD@ E@F@RMK EMHR DNPSHOA MCV

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VMBK@ NE CNOV@OVS

Wma`

H. OMVPR@ NE VD@ MCVHNO ............................................................................ =

M. IWJnramo Dms @oama`f ho m Cnothouhoa Wmtt`ro neFhscrhjhomtnry Jnrtama` Kòfhoa Wrmcthc`s ho KnsMoa`k`s R`sukthoa ho Enr`cknsur`s .......................................................... =

HH. WMRVH@S ......................................................................................................... ==

HHH. IPRHSFHCVHNO MOF U@OP@ ...................................................................... =6

HU. EMCVPMK BMCLARNPOF ......................................................................... =0

M. Bmclarnuof Ràmrfhoa Fhscrhjhomtnry Knmo Wrmcthc`s,R`v`rs` R`fkhohoa, mof R`fkhohoa ........................................................ =0

U. IWJNRAMO @OAMA@F HO FHSCRHJHOMVNRX K@OFHOAWRMCVHC@S .................................................................................................... =4

M. IWJnramo‘s Cnofuct Dmf m Fhspmrmt` Hjpmct no JhonrhtyBnrrnw`rs ho Uhnkmthno ne td` Emhr Dnushoa Mct .................................. =4

=. Fhscrhjhomtnry kòfhoa r`sukts ho m fhsprnpnrthnomtòujb`r ne enr`cknsur`s ho jhonrhty mr`ms. .................................. =4

2. Jhonrhty o`hadbnrdnnfs mr` fhsprnpnrthnomtr`chphòts ne pr`fmtnry knmos. ...................................................... 27

B. IWJnramo Hotòthnomkky Fhscrhjhomt`f Mamhost JhonrhtyBnrrnw`rs ho Uhnkmthno ne td` Emhr Dnushoa Mct, msF`jnostrmt`f by Enrj`r Bmol @jpkny``s .......................................... 20

=. IWJnramo tmra`ts jhonrhth`s enr pr`fmtnry knmot`rjs (mof pmys hts jpkny``s jnr` enr fnhoa sn). .................... 25

2. IWJnramo uof`rwrht`s mfiustmbk` rmt` knmos tdmt bnrrnw`rs cmoont meenrf. ............................................................. 21

3. IWJnramo tòfs tn r`quhr` pr`pmyjòt pòmkth`sjnr` ernj jhonrhty bnrrnw`rs. .................................................. 24

6. IWJnramo hofuc`f enr`cknsur`s by emhkhoa tn nee`rrèhomochoa nr knmo jnfhehcmthnos tn jhonrhtycustnj`rs no emhr t`rjs, mof ntd`rwhs` khjhthoa`qumk mcc`ss tn emhr cr`fht. ........................................................... 24

0. IWJnramo òama`s ho ntd`r mbushv` kòfhoa prmcthc`s. ..................................................................................... 3=

C. Jhonrhth`s ho Emct R`c`hv` Wr`fmtnry Knmo V`rjs ernj

Cms` 29=6-cv-76=54-FJA-JRQ Fncujòt = Ehk`f 70/37/=6 Wma` 2 ne 05 Wma` HF #92




VD@ E@F@RMK EMHR DNPSHOA MCV7=7365-== 58==51 U=

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IWJnramo .............................................................................................. 32

F. Jhonrhth`s ho Kns Moa`k`s R`c`hv` Sucd Wr`fmtnry KnmoV`rjs ernj IWJnramo Ràmrfk`ss ne Cr`fhtwnrtdho`ss ....................... 33

@. IWJnramo‘s Vmra`thoa ne Jhonrhth`s wdn ho Emct R`c`hv`

Wr`fmtnry Knmo V`rjs Ràmrfk`ss ne Cr`fhtwnrtdho`ssCmus`s Enr`cknsur`s .............................................................................. 35

=. Fmtm sdnws tdmt IWJnramo‘s enr`cknsur`s mr`fhsprnpnrthnomt`ky kncmt`f ho jhonrhtyo`hadbnrdnnfs ho Kns Moa`k`s. .................................................. 35

2. Fmtm sdnws tdmt IWJnramo‘s knmos tn jhonrhth`sr`sukt ho `sp`chmkky quhcl enr`cknsur`s. ....................................... 34

3. Fmtm sdnws tdmt td` fhscrhjhomtnry knmo t`rjs cmus`td` enr`cknsur`s. .......................................................................... 38

UH. HOIPRX VN KNS MOA@K@S CMPS@F BX IWJNRAMO‘SFHSCRHJHOMVNRX KNMO WRMCVHC@S .................................................... 62

M. Kns Moa`k`s dms b`ò Hoiur`f by m R`fucthno ho Wrnp`rtyVmx R`vòu`s ernj Enr`cknsur`s Cmus`f byFhscrhjhomtnry Knmos Hssu`f by IWJnramo .......................................... 62

=. Vd` f`cr`ms`f vmku` ne td` prnp`rth`s enr`ckns`f byIWJnramo r`sukt ho r`fuc`f prnp`rty tmx r`vòu`s. ................... 63

2. Vd` f`cr`ms`f vmku` ne prnp`rth`s ho tdò`hadbnrdnnfs surrnuofhoa enr`ckns`f prnp`rth`s

r`sukts ho r`fuc`f prnp`rty tmx r`vòu`s. ................................... 63B. Kns Moa`k`s Hs Hoiur`f B`cmus` Ht Sthkk Just Wrnvhf`

Cnstky Juohchpmk S`rvhc`s enr Wrnp`rth`s ho Jhonrhty O`hadbnrdnnfs tdmt Dmv` B`cnj` Umcmot ms m Fhr`ctR`sukt ne Fhscrhjhomtnry Knmos Nrhahomt`f nr Wurcdms`f

by IWJnramo ......................................................................................... 65

UHH. SMJWK@ ENR@CKNSPR@ WRNW@RVH@S HO VD@ CHVX NEKNS MOA@K@S .............................................................................................. 61

UHHH. SVMVPV@ NE KHJHVMVHNOS MOF CNOVHOPHOAUHNKMVHNOS FNCVRHO@............................................................................ 64

HT. CKMHJS ENR R@KH@E ................................................................................... 64

EHRSV CKMHJ ENR R@KH@E (Uhnkmthno ne td` E`f`rmk Emhr DnushoaMct, 62 P.S.C. §§ 357=, `t s`q.) ...................................................................... 64

S@CNOF CKMHJ ENR R@KH@E (Cnjjno Kmw Ckmhj EnrR`sthtuthno Bms`f No Cmkhenrohm Kmw) ............................................................ 0=






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bnrrnw`rs tdmt mr` td` r`sukt ne IWJnramo‘s uokmweuk mof fhscrhjhomtnry kòfhoa

prmcthc`s. Vd` uokmweuk cnofuct mkkà`f d`r ho cnoshsts ne bntd hotòthnomk

fhscrhjhomthno mof fhspmrmt` hjpmct fhscrhjhomthno.

3. IWJnramo dms òama`f ho m cnothounus pmtt`ro mof prmcthc` ne jnrtama`

fhscrhjhomthno ho Kns Moa`k`s shoc` mt k`mst 2776 by hjpnshoa fhee`ròt t`rjs nr

cnofhthnos no m fhscrhjhomtnry mof kàmkky prndhbht`f bmshs. Ho nrf`r tn jmxhjhz`

prnehts mt td` xpòs` ne td` Chty ne Kns Moa`k`s mof jhonrhty bnrrnw`rs, IWJnramo

mfmpt`f hts uokmweuk fhscrhjhomthno tn cdmoahoa jmrl`t cnofhthnos. Vdhs uokmweuk

pmtt`ro mof prmcthc` hs cnothouhoa tdrnuad td` pr`sòt mof dms ont t`rjhomt`f.

Vd`rènr`, td` np`rmthv` stmtut` ne khjhtmthnos anv`rohoa mcthnos brnuadt pursumot tn

td` E`f`rmk Emhr Dnushoa Mct dms ont cnjjòc`f tn ruo.

6. Vd` pmtt`ro mof prmcthc` ne kòfhoa fhscrhjhomthno oama`f ho by

IWJnramo cnoshsts ne trmfhthnomk r`fkhohoa2 mof r`v`rs` r`fkhohoa,3 bntd ne wdhcd dmv`

b`ò f``j`f tn vhnkmt` td` EDM by e`f`rmk cnurts tdrnuadnut td` cnuotry. IWJnramo

òama`f ho r`fkhohoa, mof cnothou`s tn òama` ho smhf cnofuct, by rèushoa tn `xtòf

jnrtama` cr`fht tn jhonrhty bnrrnw`rs ho Kns Moa`k`s no `qumk t`rjs ms nee`r`f tn

ono-jhonrhty bnrrnw`rs. IWJnramo òama`f ho r`v`rs` r`fkhohoa, mof cnothou`s tn

òama` ho smhf cnofuct, by `xtòfhoa jnrtama` cr`fht no pr`fmtnry t`rjs tn jhonrhty

bnrrnw`rs ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s no td` bmshs ne td` rmc` nr

`tdohchty ne hts r`shfòts. E`f`rmk R`s`rv` Cdmhrjmo Bò B`romol` r`còtky

mclonwk`fa`f td`s` twho `vhks ne jnrtama` fhscrhjhomthno mof `xpkmho`f tdmt bntd

2 R`fkhohoa hs td` prmcthc` ne fòyhoa cr`fht tn pmrthcukmr o`hadbnrdnnfs bms`f no

rmc`.3 R`v`rs` r`fkhohoa hs td` prmcthc` ne eknnfhoa m jhonrhty cnjjuohty whtd

`xpknhtmthv` knmo prnfucts.






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typ`s ne jnrtama` fhscrhjhomthno ‛cnothou` tn dmv` pmrthcukmr shaohehcmoc` tn jnrtama

jmrl`ts.‚6

0. Jminr bmols sucd ms IWJnramo dmv` m knoa dhstnry ne òamahoa ho

r`fkhohoa tdrnuadnut Kns Moa`k`s. Vdmt prmcthc` bàmo tn cdmoa` ho td` kmt =887s,

wdò IWJnramo mfmpt`f tn cdmoahoa jmrl`t cnofhthnos mof bàmo tn eknnf dhstnrhcmk

uof`rs`rv`f jhonrhty cnjjuohth`s whtd jnrtama` knmos tdmt cnoshst`f ne m vmrh`ty ne

dhad cnst mof mbushv` jnrtama` knmo prnfucts whtd pr`fmtnry t`rjs ms cnjpmr`f tn td

jnrtama` knmos hssu`f tn wdht` bnrrnw`rs (r`v`rs` r`fkhohoa).

5. IWJnramo‘s fhscrhjhomtnry kòfhoa prmcthc`s dmv` td` purpns` mof èe`c

ne pkmchoa vuko`rmbk , uof`rs`rv`f bnrrnw`rs ho knmos td`y cmoont meenrf. R`v`rs`

r`fkhohoa jmxhjhz`s IWJnramo‘s prneht whtdnut ràmrf tn td` bnrrnw`r‘s b`st hot`r`st

td` bnrrnw`r‘s mbhkhty tn r`pmy, nr td` ehomochmk d`mktd ne uof`rs`rv`f jhonrhty

o`hadbnrdnnfs. Jnr`nv`r, IWJnramo dms mv`rt`f moy shaohehcmot rhsl tn hts`ke by

s`kkhoa td` vmst jminrhty ne jnrtama` knmos ht nrhahomt`s nr purcdms`s no td` s`cnofmry

jmrl`t (cnkk`cthv`ky ‛IWJnramo Knmos‚).

1. B`tw`ò =885-2775, no` cmtànry ne fhscrhjhomtnry knmo prnfucts –

subprhj` knmos – ar`w tdrnuadnut td` cnuotry ernj $81 bhkkhno tn $567 bhkkhno. Vd`s

knmos w`r` er`quòtky tmra`t`f tn jhonrhth`s. Ppno hoenrjmthno mof b`khè, td` kmcl n

mcc`sshbk` cr`fht r`sukthoa ernj IWJnramo‘s pr`vhnus pmtt`ro mof prmcthc` ne r`fkhohoa

ho td` jhonrhty cnjjuohth`s ho Kns Moa`k`s cr`mt`f cnofhthnos wd`r`by td` Bmol cnu

`mshky tmra`t mof `xpknht td` uof`rs`rv`f jhonrhty cnjjuohth`s wdn fu` tn trmfhthnom

r`fkhohoa dmf b`ò fòh`f cr`fht.

4. Vd`r`met`r, enkknwhoa s`v`rmk y`mrs ne hssuhoa mbushv`, subprhj`jnrtama` knmos tdrnuadnut td` jhonrhty cnjjuohth`s ne Kns Moa`k`s, cnjjòchoa ho

nr mrnuof 2771, IWJnramo noc` mamho mfmpt`f tn cdmoahoa jmrl`t cnofhthnos wdhk`

6 R`jmrls by E`f`rmk R`s`rv` Cdmhrjmo Bò B`romol` mt td` Np`rmthno DNW@

Aknbmk Ehomochmk Fhaohty Sujjht, Mtkmotm, A`nrahm mt pa. =7 (Onv`jb`r =0, 27=2)mvmhkmbk` mt www.e`f`rmkr s`rv`.anv/o`ws`vòts/sp``cd/b`romol`27=2===0m.dtj.






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cnothouhoa hts pmtt`ro mof prmcthc` ne hssuhoa m vmrh`ty ne fhscrhjhomtnry knmo prnfuct

Shjuktmo`nusky, IWJnramo mksn f`chf`f tn curtmhk td` hssumoc` ne jnrtama` cr`fht tn

jhonrhty bnrrnw`rs ho Kns Moa`k`s.0 Ho ntd`r wnrfs, IWJnramo ont noky r eus`f tn

`xtòf cr`fht tn jhonrhty bnrrnw`rs wdò cnjpmr`f tn wdht` bnrrnw`rs, but wdò td`

Bmol fhf `xtòf cr`fht, ht fhf sn no pr`fmtnry t`rjs. Vdhs cnjbhomthno ne r`v`rs`

r`fkhohoa mof r`fkhohoa r`pr`sòts m cnothouhoa mof uobrnlò pmtt`ro mof prmcthc` ne

jnrtama` kòfhoa fhscrhjhomthno ho Kns Moa`k`s tdmt sthkk `xhsts tnfmy.

8. IWJnramo‘s pmtt`ro mof prmcthc` ne r`v`rs` r`fkhohoa dms cmus`f mo

`xc`sshv` mof fhsprnpnrthnomt`ky dhad oujb`r ne enr`cknsur`s no td` IWJnramo Knmo

ht dms jmf` ho td` jhonrhty o`hadbnrdnnfs ne Kns Moa`k`s. Enr`cknsur`s no knmos

nrhahomt`f by IWJnramo mr` cnocòtrmt`f ho td`s` o`hadbnrdnnfs `vò tdnuad td` buk

ne IWJnramo‘s kòfhoa ho Kns Moa`k`s hs ho wdht` o`hadbnrdnnfs. M knmo ho m

pr`fnjhomotky jhonrhty o`hadbnrdnnf hs 2.=87 thj`s jnr` khl`ky tn r`sukt ho

enr`cknsur` tdmo hs m knmo ho m pr`fnjhomotky wdht` o`hadbnrdnnf .

=7. IWJnramo‘s pmtt`ro mof prmcthc` ne trmfhthnomk r`fkhohoa dms mksn cmus`f

mo `xc`sshv` mof fhsprnpnrthnomt`ky dhad oujb`r ne enr`cknsur`s ho td` jhonrhty

o`hadbnrdnnfs ne Kns Moa`k`s. Vd`s` enr`cknsur`s net o nccur wdò m jhonrhty

bnrrnw`r wdn pr`vhnusky r`c`hv`f m pr`fmtnry knmo snuadt tn rèhomoc` td` knmo, noky

tn fhscnv`r tdmt IWJnramo rèus`f tn `xtòf cr`fht mt mkk, nr no `qumk t`rjs ms wdò

rèhomochoa shjhkmr knmos hssu`f tn wdht` bnrrnw`rs. Vd` ho`vhtmbk` r`sukt ne td`

cnjbhomthno ne hssuhoa m pr`fmtnry knmo, mof tdò rèushoa tn rèhomoc` td` knmo, wms

enr`cknsur`.

==. IWJnramo wnukf dmv` dmf cnjpmrmbk` enr`cknsur` rmt`s ho jhonrhty mofwdht` cnjjuohth`s he ht dmf prnp`rky mof uohenrjky mppkh`f r`spnoshbk` uof`rwrhthoa

prmcthc`s ho bntd mr`ms. IWJnramo pnss`ss`s snpdhsthcmt f uof`rwrhthoa t`cdonknay

0 Cmkhenrohm R`hov`stjòt Cnmkhthno, Ernj Enr`cknsur` tn R`-R`fkhohoa (27=7), mt6 (mvmhkmbk` mt dttp9//www.cnjjuohty-w`mktd.nra/sht`s/ckno`.cnjjuohty-w`mktd.nra/ehk`s/fnwoknmfs/r`pnrt-st`ho-awyoo.pfe).






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mof fmtm tdmt mkknws ht tn pr`fhct whtd pr`chshno td` khl`khdnnf ne f`khoquòcy, fèmukt

nr enr`cknsur`. Vd` emct tdmt IWJnramo‘s enr`cknsur`s mr` sn fhsprnpnrthnomt ky

cnocòtrmt`f ho jhonrhty o`hadbnrdnnfs hs ont td` prnfuct ne rmofnj `vòts. Vn td`

cnotrmry, ht rèk`cts mof hs eukky cnoshstòt whtd IWJnramo‘s prmcthc` ne tmra`thoa

jhonrhty o`hadbnrdnnfs mof custnj`rs enr fhscrhjhomtnry prmcthc`s mof pr`fmtnry

prhchoa mof prnfucts. Ht mksn rèk`cts mof hs cnoshstòt whtd IWJnramo‘s prmcthc` ne

emhkhoa tn uof`rwrht` jhonrhty bnrrnw`rs‘ mppkhcmthnos prnp`rky, mof ne putthoa td`s`

bnrrnw`rs hotn knmos wdhcd (=) dmv` jnr` no`rnus t`rjs tdmo knmos ahvò tn shjhkmrky

shtumt`f wdht` bnrrnw`rs, mof (2) td` bnrrnw`rs cmoont meenrf, k`mfhoa tn enr`cknsur`s

=2. Vd` Bmol‘s fhscrhjhomtnry kòfhoa prmcthc`s mr` `vhfòc`f by

hoenrjmthno ernj cnoehfòthmk whto`ss stmt`jòts prnvhf`f by enrj`r jpkny``s ne

IWJnramo (fhscuss`f eurtd`r d`r`ho). Enr `xmjpk`9

m) ‛He ynu wmot`f tn tmra`t td` Dhspmohc cnjjuohty ynudmf tn dmv` c`rtmho wnrfs ho td`r` tdmt ynu‘f wmot tnus` tn mttrmct \td` bnrrnw`rsZ.‚ C`rtmho jnrtama` knmo

prnfucts, khl` oàmthv` mjnrthzmthno knmos, w`r`‛tmhknr`f enr jhonrhth`s, but ht wms ont sp`chehcmkky iustenr td`j . . . Ht wms `msy tn tdrnw td`j hotn tdmt\oàmthv` mjnrthzmthnoZ prnarmj mof a`t td`j

mpprnv`f enr tdmt prnarmj mt td` no` p`rcòt rmt`.‚Knmo neehc`rs fhf ont mkwmys `xpkmho td`r`p`rcusshnos9 ‛Vdmt‘s wd`r` m knt ne ckhòts w`r`jhsk`f. Vd`y tdnuadt ht wms m = p`rcòt ehx`f \rmt`Z.‚‛Vd` \hohthmk jnotdkyZ cnst wms bmr` jhohjuj. Buttd` pnsshbhkhth`s w`r` td`r` tdmt ht cnukf turo nut tn b`td` wnrst cms` \scòmrhnZ enr td` bnrrnw`rs, mof tdmt‘s`xmctky wdmt dmppò`f.‚

b) ‛Vd` knmos iust w`rò‘t anhoa tdrnuad ho tdmt\jhonrhty o`hadbnrdnnfZ. Ht wmso‘t wnrtd ht \tn td`BmolZ tn dmv` snj`no` td`r`.‚

c) ‛Vd` purpns` ne td` \DMJWZ prnarmj wms tn a`t p`npk` nut ne td`s` bmf knmos, mof td` bmols rèus`f tnfn ht. Vn ehof nut ‛dnw td`y mr` fhscrhjhomthoa, knnlmt td` pnshthno ne td` brmocd`s. Vdmt‘s anhoa tn sdnwynu.‚ IWJnramo hs npòhoa ‛dua` oujb`rs‚ ne

brmocd`s mcrnss Cmkhenrohm, ‛but ono` ne tdhs hsdmppòhoa ho jhonrhty o`hadbnrdnnfs. Vdmt, ho hts`ke,hs td` bhaa`st hofhcmthno ne fhscrhjhomthno tdmt ynu cmoehof.‚ ‛Vd` r`fkhohoa mof stuee khl` tdmt, tdmt sthkk an`sno.‚






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- 5 -

f) ‛Vd` p`npk` wdn fhfo‘t uof`rstmof @oakhsd mof stuee

khl` tdmt‚ tòf`f tn emc` dhad`r hot`r`st rmt`s. ‛Vd`r`w`r` m knt ne tdhoas whtd wdhcd H fhfo‘t mar``‚ mt td`Bmol. ‛M knt ne thj`s td`r` wms on j`rcy,‚ pusdhoa

bnrrnw`rs hotn enr`cknsur` wdhk` knmo jnfhehcmthnos

w`r` pòfhoa.

=3. Vd` r`pnrts ne td`s` whto`ss`s mr` cnoehrj`f wdò Kns Moa`k`s fmtm no

IWJnramo knmos hs `xmjho`f. Sucd mo `xmjhomthno r`v`mks m whf`spr`mf prmcthc` ne

fhscrhjhomthno. Enr `xmjpk`, m ràr`sshno momkyshs tdmt cnotrnks enr cr`fht dhstnry mof

ntd`r emctnrs f`jnostrmt`s tdmt mo Merhcmo-Mj`rhcmo IWJnramo bnrrnw`r wms =.180

thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmo m wdht` bnrrnw`r, mof m Kmthon

bnrrnw`r =.015 thj`s jnr` khl`ky. Vd` ràr`sshno momkyshs cnoehrjs tdmt Merhcmo-

Mj`rhcmos whtd EHCN scnr`s nv`r 557 mr` 2.725 thj`s jnr` khl`ky tn r`c`hv` m

pr`fmtnry IWJnramo knmo tdmo m wdht` bnrrnw`r, mof m Kmthon bnrrnw`r =.185 thj`s

jnr` khl`ky.

=6. Vd` Neehc` ne td` Cnjptrnkk`r ne td` Curròcy mof td` Bnmrf ne

Anv`ronrs ne td` E`f`rmk R`s`rv` Syst`j brnuadt mo mcthno mkkàhoa tdmt c`rtmho kmra`

bmols, hockufhoa IWJnramo, òama`f ho jnrtama` kòfhoa r`kmt`f jhscnofuct tdmt

hofuc`f m omthnomk enr`cknsur` crhshs. Ho cnoo`cthno whtd tdmt mcthno, IWJnramo

òt`r`f hotn m s`ttk`jòt mar``jòt whtd td` anv`rojòt pursumot tn wdhcd IWJnram

whkk9 (m) jml` m cmsd pmyjòt ne $103 jhkkhno hotn m s`ttk`jòt euof enr fhstrhbuthno

tn qumkheh`f bnrrnw`rs< mof (b) prnvhf` mo mffhthnomk $=.2 bhkkhno tn enr`cknsur`

pr`vòthno mcthnos.

=0. Ho 27=2, IWJnramo Cdms` mof enur ntd`r kmra` jnrtama` s`rvhc`rs mar``

tn m aknbmk s`ttk`jòt whtd td` P.S. F`pmrtjòt ne Iusthc`, td` P.S. F`pmrtjòt neDnushoa mof Prbmo F`v`knpjòt, td` Cnosuj`r Ehomochmk Wrnt`cthno Bur`mu, mof td

stmt` mttnro`ys aò`rmk. Vd` s`ttk`jòt r`kmt`s tn uo`tdhcmk jnrtama` nrhahomthno mof

s`rvhchoa mcthvhth`s shjhkmr tn td` mcthvhth`s mkkà`f d`r`ho. Pof`r td` s`ttk`jòt,

IWJnramo whkk jml` cmsd pmyjòts ne mpprnxhjmt`ky $=.= bhkkhno tn 07 stmt`s (whtd m






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- 1 -

s`t mshf` tn c`rtmho bnrrnw`rs)< nee`r mpprnxhjmt`ky $077 jhkkhno ne rèhomochoa tn

c`rtmho bnrrnw`rs< mof prnvhf` mpprnxhjmt`ky $3.1 bhkkhno ne mffhthnomk pmyjòts enr

c`rtmho bnrrnw`rs.

=5. Vd` pmst s`v`rmk y`mrs dmv` b`ò dhadky prnehtmbk` enr IWJnramo.

Mccnrfhoa tn r`còt pr`ss r`k`ms`s, td` Bmol aò`rmt`f m r`cnrf mjnuot ne (h) o`t

hocnj` ($=8.8 bhkkhno) mof (hh) fhkut`f `mrohoas p`r sdmr` ($0.22). Vd` enkknwhoa cdmr

hkkustrmt` td`s` r`sukts.

O`t Hocnj` (jhkkhnos)

$5,777

$4,777

$=7,777

$=2,777

$=6,777

$=5,777

$=4,777

$27,777

2778 27=7 27== 27=2

Cms` 29=6-cv-76=54-FJA-JRQ Fncujòt = Ehk`f 70/37/=6 Wma` =7 ne 05 Wma` HF #9=7





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@mrohoas p`r sdmr`

=1. Mt td` smj` thj` tdmt IWJnramo mcdh`v`f r`cnrf ehomochmk succ`ss, td`

Bmol‘s fhscrhjhomtnry prmcthc`s mof r`sukthoa enr`cknsur`s ho td` Chty‘s jhonrhty

o`hadbnrdnnfs dmv` hoekhct`f shaohehcmot, fhr`ct, mof cnothouhoa ehomochmk dmrj tn td`

Chty. Shoc` 2774, bmols dmv` enr`ckns`f no mpprnxhjmt`ky =.1 jhkkhno dnj`s ho

Cmkhenrohm, mof IWJnramo hs r`spnoshbk` enr m shaohehcmot oujb`r ne td`s` enr`cknsur`

=4. Ho mffhthno tn r`v`rs` r`fkhohoa, IWJnramo dms hofuc`f enr`cknsur`s shoc

2778 by emhkhoa tn `xtòf brmocd suppnrt tn jhonrhty o`hadbnrdnnfs, pukkhoa `xhsthoa

Bmol suppnrt ernj jhonrhty o`hadbnrdnnfs, f`ckhohoa tn nee`r rèhomochoas nr knmo

jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs, mof ntd`rwhs` fòyhoa jhonrhty

bnrrnw`rs `qumk mcc`ss tn emhr cr`fht.

=8. No` r`pnrt5 dms `sthjmt`f td` hjpmct tdmt td` Chty ne Kns Moa`k`s dms

suee`r`f fu` tn fhscrhjhomtnry kòfhoa prmcthc`s by mkk kòf`rs ms enkknws9

5 Mkkhmoc` ne Cmkhenrohmos enr Cnjjuohty @jpnw`rjòt mof td` Cmkhenrohm

R`hov`stjòt Cnmkhthno, Vd` Qmkk Str``t Qr`clhoa Bmkk9 Qdmt Enr`cknsur`s mr`Cnsthoa Kns Moa`k`s O`hadbnrdnnfs (S`pt`jb`r 27==).

$7.77

$=.77

$2.77

$3.77

$6.77

$0.77

$5.77

2778 27=7 27== 27=2

Cms` 29=6-cv-76=54-FJA-JRQ Fncujòt = Ehk`f 70/37/=6 Wma` == ne 05 Wma` HF #9==





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- 8 -

Nv`rmkk, Kns Moa`k`s dnj`nwo`rs mr` `sthjmt`f tn dmv`knst $14.4 bhkkhno ho dnj` vmku`s ms m fhr`ct r`sukt ne td`277,777 enr`cknsur`s enr 2774-27=2 mkno`.

Wrnp`rty tmx r`vòu` knss`s mr` `sthjmt`f tn b`$64= jhkkhno ho td` wml` ne td` enr`cknsur` crhshs.

Vd` typhcmk enr`cknsur` cnsts kncmk anv`rojòts jnr`tdmo $=8,777 enr hocr`ms`f cnsts ne sme`ty hosp`cthnos,

pnkhc` mof ehr` cmkks, trmsd r`jnvmk, mof prnp`rtyjmhotòmoc`. Ho Kns Moa k`s, td`s` cnsts mr` `sthjmt`ftn b` $=.2 bhkkhno.

Kns Moa`k`s dms 18,728 dnj`nwo`rs uof`rwmt`r tntmkhoa$1.3 bhkkhno ho knmo vmku`. He bmols wrnt` fnwo tdns`jnrtama`s, ht cnukf pujp $147 jhkkhno hotn td` kncmk`cnonjy mof cr`mt` ==,303 inbs.

27. Ho tdhs mcthno td` Chty s``ls fmjma`s enr r`fuc`f prnp`rty tmx r`vòu`s

bms`f no (m) td` f`cr`ms`f vmku` ne td` enr`ckns`f prnp`rth`s td`js`kv`s, mof (b) td`

f`cr`ms`f vmku` ne prnp`rth`s surrnuofhoa td` enr`ckns`f prnp`rth`s. Ho mffhthno, td`

Chty s``ls fmjma`s bms`f no td` `xpòfhtur` ne juohchpmk s`rvhc`s tdmt whkk b`

r`quhr`f tn r`j`fy td` bkhadt mof uosme` mof fmoa`rnus cnofhthnos wdhcd `xhst mtvmcmot prnp`rth`s tdmt w`r` enr`ckns`f ms m r`sukt ne IWJnramo‘s hkkàmk kòfhoa

prmcthc`s.

2=. B`cmus` ne td` jukthtuf` ne momkythc tnnks mvmhkmbk` tn IWJnramo tn

f`t`rjho` td` khl`khdnnf tdmt m pmrthcukmr jnrtama` knmo wnukf r`sukt ho fèmukt by td`

bnrrnw`r, ms w`kk ms td` `xhstòc` ne vmrhnus stufh`s, r`pnrts, mof ntd`r p`rthoòt

kht`rmtur` sp`chehcmkky mffr`sshoa td` cnoo`cthno b`tw`ò jnrtama` knmos mof

enr`cknsur`s, ht wms enr`s``mbk` tdmt IWJnramo lo`w, nr sdnukf dmv` lonwo, tdmt m

pr`fmtnry nr dhad rhsl knmo hssu`f tn mo Merhcmo-Mj`rhcmo nr Dhspmohc ho c`rtmho

o`hadbnrdnnfs ho Kns Moa`k`s wnukf r`sukt ho fèmukt mof subs`quòt enr`cknsur`.

Jnr`nv`r, b`cmus` IWJnramo jmhotmhos ouj`rnus brmocd neehc`s tdrnuadnut Kns






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27

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23

26

20

25

21

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- = 7 -

Moa`k`s, mof dms lonwk`fa` ne td` sp`chehc mffr`ss enr `mcd knmo ht hssu`f, ht wms

enr`s``mbk` tdmt IWJnramo lo`w, nr sdnukf dmv` lonwo, ne td` cnofhthno ne enr`ckns`

prnp`rth`s cnrr`spnofhoa tn knmos tdmt ht hssu`f ho Kns Moa`k`s ràmrfk`ss ne wd`td`r

s`rvhc`f td` knmo nr subs`quòtky snkf td` s`rvhchoa rhadts tn m tdhrf pmrty.

22. Mccnrfhoa tn E`f`rmk R`s`rv` Cdmhrjmo B`romol`, ‛enr`cknsur`s cmo

hoekhct `cnonjhc fmjma` b`ynof td` p`rsnomk suee`rhoa mof fhskncmthno tdmt

mccnjpmoy td`j. Enr`ckns`f prnp`rth`s tdmt sht vmcmot enr jnotds (nr y`mrs) netò

f`t`rhnrmt` ernj oàk`ct, mfv`rs`ky mee`cthoa ont noky td` vmku` ne td` hofhvhfumk

prnp`rty but td` vmku`s ne o`mrby dnj`s ms w`kk. Cnocòtrmthnos ne enr`cknsur`s dmv`

b`ò sdnwo tn fn s`rhnus fmjma` tn o`hadbnrdnnfs mof cnjjuohth`s, r`fuchoa tmx

bms`s mof k`mfhoa tn hocr`ms`f vmofmkhsj mof crhj`. Vdus, td` nv`rmkk ee`ct ne td`

enr`cknsur` wmv`, sp`chmkky wdò cnocòtrmt`f ho knw`r-hocnj` mof jhonrhty mr`ms,

hs brnmf`r tdmo hts èe`cts no hofhvhfumk dnj`nwo`rs.‚1

23. Vd` fhscrhjhomtnry kòfhoa prmcthc`s mt hssu` d`r`ho dmv` r`sukt`f ho wdm

jmoy k`mfhoa cnjjòtmtnrs f`scrhb` ms td` ‛ar`mt`st knss ne w`mktd enr p`npk` ne cnk

ho jnf`ro PS dhstnry.‚ Ht hs w`kk-`stmbkhsd`f tdmt pnv`rty mof uo`jpknyjòt rmt`s en

jhonrhth`s `xc``f tdns` ne wdht`s, mof td`rènr`, dnj` `quhty r`pr`sòts m

fhsprnpnrthnomt`ky dhad p`rcòtma` ne td` nv`rmkk w`mktd enr jhonrhth`s.4 Hof``f,

b`tw`ò 2770-2778, td` j`fhmo w`mktd ne Kmthon dnus`dnkfs f`cr`ms`f by 55 p`rcò

mof td` j`fhmo w`mktd ne Merhcmo-Mj`rhcmo dnus`dnkfs f`cr`ms`f by 03 p`rcòt,

wdhk` td` j`fhmo w`mktd ne wdht` dnus`dnkfs f`cr`ms`f iust =5 p`rcòt.8 Ms E`f`rmk

R`s`rv` Cdmhrjmo B`romol` r`còtky `xpkmho`f, ms m r`sukt ne td` dnushoa crhshs,

1 B`romol`, suprm o.6 mt pa. 6.

4 Rnb`rt Scdw`jj mof Ièer`y Vmrò, Fhscr`thnomry Wrhchoa, Jnrtama` Fhscrhjhomthno, mof td` Emhr Dnushoa Mct , 60 DMRUMRF CHUHK R HADVS-CHUHKKHB@RVH@S KMQ R @U. 310, 342 (27=7).

8 Mkkhmoc` ne Cmkhenrohmos enr Cnjjuohty @jpnw`rjòt, Cmkhenrohm ho Crhshs9

Dnw Q`kks Emran‘s Enr`cknsur` Whp`kho` hs Fmjmahoa Kncmk Cnjjuohth`s (27=3) pa. 5 mvmhkmbk` mt www.cmknramohz .nra.






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8

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27

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22

23

26

20

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21

24

- = = -

‛jnst nr mkk ne td` dmrf-wno amhos ho dnj`nwo`rsdhp jmf` by knw-hocnj` mof

jhonrhty cnjjuohth`s ho td` pmst =0 y`mrs nr sn dmv` b`ò r`v`rs`f.‚=7

Vd` r`sukthoa

hjpmct ne td`s` prmcthc`s r`pr`sòts ‛ontdhoa sdnrt ne td` pr``jhoòt chvhk rhadts hssu`

ne nur thj`, `rmshoa, ms ht dms, m aò`rmthno ne dmrf enuadt w`mktd mccujukmthno mjno

Merhcmo Mj`rhcmos.‚==

HH. WMRVH@S

26. Wkmhothee Chty ne Kns Moa`k`s hs m juohchpmk cnrpnrmthno, nramohz`f

pursumot tn Mrthck` TH ne td` Cmkhenrohm Cnosthtuthno. Vd` Chty hs mutdnrhz`f by td`

Chty Cnuochk tn hosthtut` suht tn r`cnv`r fmjma`s suee`r`f by td` Chty ms f`scrhb`f

d`r`ho.

20. Fèòfmot IWJnramo Cdms` & Cn. (‛IWJnramo & Cn.‚), d`mfqumrt`r`f

ho O`w Xnrl, O`w Xnrl, np`rmt`s uof`r twn brmof omj`s9 IWJnramo mof

I.W.Jnramo. Vd` P.S. cnosuj`r mof cnjj`rchmk bmolhoa busho`ss`s np`rmt` uof`r

td` IWJnramo brmof, mof hockuf` hts dnj` ehomoc` mof dnj` `quhty knmo busho`ss.

IWJnramo & Cn., ho hts curròt structur`, hs td` r`sukt ne td` cnjbhomthno ne s`v`rmk

kmra` P.S. bmolhoa cnjpmoh`s nv`r td` kmst f`cmf` hockufhoa IWJnramo Jmodmttmo

Bmol, I.W. Jnramo & Cn., Bmol No`, B`mr St`mros mof Qmsdhoatno Jutumk. Ppno

hoenrjmthno mof b`khè, Wkmhothee mkkà`s tdmt IWJnramo & Cn. nwos mof/nr np`rmt`s

IWJnramo Cdms` Bmol, O.M. mof IWJnramo Jmodmttmo Bmol PSM, O.M. IWJnramo

& Cn.‘s np`rmt`s m Cnosuj`r & Cnjjuohty Bmolhoa sàjòt, wdhcd hockuf`s m

jnrtama` bmolhoa busho`ss (h.`., jnrtama` prnfucthno, s`rvhchoa, mof r`mk `stmt`

pnrtenkhns).

25. No S`pt`jb`r 20, 2774, td` Neehc` ne Vdrhet Sup`rvhshno s`hz`fQmsdhoatno Jutumk‘s (‛QmJu‚) mss`ts mof np`rmthnos mof pkmc`f td`j hotn

=7 B`romol`, suprm o.2 mt pa. 3.==

Cdmrk`s Oh`r HHH mof Jmur`ò St. Cyr, M Rmchmk Ehomochmk Crhshs9 R`tdholhoa td`Vd`nry ne R`v`rs` R`fkhohoa tn Cnjbmt Wr`fmtnry Kòfhoa Pof`r td` Emhr Dnushoa

Mct , 43 V@JWK@ KMQ R @U. 86=, 862 (27==).






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2

3

6

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5

1

4

8

=7

==

=2

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27

2=

22

23

26

20

25

21

24

- = 2 -

r`c`hv`rsdhp whtd td` E`f`rmk F`pnsht Hosurmoc` Cnrpnrmthno (‛EFHC‚). Wursumot tn m

Wurcdms` mof Mssujpthno Mar``jòt (‛Mar``jòt‚), td` EFHC kmt`r snkf

substmothmkky mkk ne QmJu‘s mss`ts mof m shaohehcmot mjnuot ne hts khmbhkhth`s tn

IWJnramo & Cn enr $=.8 bhkkhno. Vd` khmbhkhth`s mssuj`f by IWJnramo & Cn. hockuf`

td` ckmhjs mkkà`f by Kns Moa`k`s d`r`ho.

21. S`cthno 2.= ne td` Mar``jòt thtk`f ‛Khmbhkhth`s Mssuj`f by Mssujhoa

Bmol‚ prnvhf`s ms enkknws9

Subi`ct tn S`cthnos 2.0 mof 6.4 td` Mssujhoa Bmol \IWJnramo & Cn.ZCdms`Z `xpr`ssky mssuj`s mt Bnnl Umku` (subi`ct tn mfiustjòt pursumotn Mrthck` UHHH) mof mar``s tn pmy, p`renrj, mof fhscdmra`, mkk ne td`khmbhkhth`s ne td` Emhk`f Bmol \QmJuZ wdhcd mr` rèk`ct`f no td` Bnnlsmof R`cnrfs ne \QmJuZ ms ne Bmol Cknshoa \S`pt`jb`r 20, 2774Z,hockufhoa td` Mssuj`f F`pnshts mof mkk khmbhkhth`s mssnchmt`f whtd moy momkk `jpkny`` bòèht pkmos, `xc`pt ms khst`f no td` mttmcd`f Scd`fuk` 2.=mof ms ntd`rwhs` prnvhf`f ho tdhs Mar``jòt (sucd khmbhkhth`s rè`rr`ftn ms ‛Khmbhkhth`s Mssuj`f‚). Ontwhtdstmofhoa S`cthno 6.4, \IWJnramo &Cn.Z sp`chehcmkky mssuj`s mkk jnrtama` s`rvhchoa rhadts mof nbkhamthnos n\QmJuZ.

24. S`cthno 2.0 ne td` Mar `jòt thtk`f ‛Bnrrnw`r Ckmhjs‚ prnvhf`s ms

enkknws9

Ontwhtdstmofhoa moytdhoa tn td` cnotrmry ho tdhs Mar `jòt, moykhmbhkhty mssnchmt`f whtd bnrrnw`r ckmhjs enr pmyjòt ne nr khmbhkhtytn moy bnrrnw`r enr jno`tmry r`khè, nr tdmt prnvhf` enr moy ntd`renrj ne r`khè tn moy bnrrnw`r , wd`td`r nr ont sucd khmbhkhty hsr`fuc`f tn iufajòt, khquhfmt`f nr uokhquhfmt`f, ehx`f nr cnothoaòt,jmtur`f nr uojmtur`f, fhsput`f nr uofhsput`f, kàmk nr `quhtmbk`,

iufhchmk nr `xtrm-iufhchmk, s`cur`f nr uos`cur`f, wd`td r mss`rt`fmeehrjmthv`ky nr fèòshv`ky, r`kmt`f ho moy wmy tn moy knmo nrcnjjhtjòt tn kòf jmf` by td` Emhk`f Bmol \QmJuZ prhnr tnemhkur`, nr tn moy knmo jmf` by m tdhrf pmrty ho cnoo`cthno whtd mknmo wdhcd hs nr wms d`kf by \QmJuZ, nr ntd`rwhs` mrhshoa hocnoo`cthno whtd \QmJu‘sZ kòfhoa nr knmo purcdms` mcthvhth`s mr`sp`chehcmkky ont mssuj`f by td` Mssujhoa Bmol \IWJnramo & Cn.Z.(`jpdmshs mff`f).






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- = 3 -

28. Kns Moa k`s hs ont m bnrrnw`r, ht hs ont pursuhoa m f`rhvmthv` ckmhj no

b`dmke ne moy bnrrnw`r, mof hs ont s``lhoa fmjma`s no b`dmke ne moy bnrrnw`r.

Vd`rènr`, td` `xckushno enr bnrrnw`r ckmhjs s`t enrtd ho S`cthno 2.0 ne td` Mar``jò

fn`s ont òmbk` IWJnramo & Cn. tn mvnhf khmbhkhty cnrr`spnofhoa tn ckmhjs p`rtmhohoa

tn QmJu‘s jnrtama` nrhahomthnos mt hssu` d`r`ho. Rmtd`r, ho mccnrfmoc` whtd S`cthno

2.=, IWJnramo & Cn. hs khmbk` enr td`s` jnrtama` nrhahomthnos.

37. Mccnrfhoa tn IWJnramo‘s 27=2 =7-L, ‛Jnrtama` Bmolhoa hockuf`s

jnrtama` nrhahomthno mof s`rvhchoa mcthvhth`s, ms w`kk ms pnrtenkhns cnjprhs`f ne

r`shfòthmk jnrtama`s mof dnj` `quhty knmos, hockufhoa td` purcdms`f cr`fht hjpmhr`f

(‛WCH‚) pnrtenkhn mcquhr`f ho td` Qmsdhoatno Jutumk trmosmcthno.‚

3=. Fèòfmot IWJnramo Cdms` Bmol, O.M. (‛IWJnramo Bmol‚) hs nramohz`

ms m omthnomk bmolhoa mssnchmthno uof`r td` kmws ne td` Poht`f Stmt`s. Ppno

hoenrjmthno mof b`khè, hts cnrpnrmt` d`mfqumrt`rs mr` kncmt`f ho O`w Xnrl, O`w Xnr

Ht jmhotmhos jukthpk` neehc`s ho td` Stmt` ne Cmkhenrohm mof sp`chehcmkky ho td` Chty ne

Kns Moa`k`s, enr td` purpns`s ne snkhchthoa mppkhcmthnos enr mof jmlhoa r`shfòthmk

jnrtama` knmos mof òamahoa ho ntd r busho`ss mcthvhth`s. IWJnramo Bmol mksn

mcquhr`f IWJnramo Jmodmttmo Bmol PSM, O.M. (‛IWJnramo Jmodmttmo‚).

32. Fèòfmot Cdms` Jmodmttmo Bmol PSM, O.M. hs d`mfqumrt`r`f ho O`w

Xnrl, O`w Xnrl. Ppno hoenrjmthno mof b khè, Wkmhothees mkkà` tdmt IWJnramo

Jmodmttmo òama`f ho r`shfòthmk jnrtama` kòfhoa ho Cmkhenrohm mof ntd`r stmt`s

tdrnuadnut td` cnuotry.

33. Vd` Fèòfmots ho tdhs mcthno mr`, nr w`r` mt mkk r`k`vmot thj`s, subi`ct tn

E`f`rmk kmws anv`rohoa emhr kòfhoa, hockufhoa td` EDM mof td` ràukmthnos prnjukamt`f uof`r `mcd ne tdns` kmws. Vd` EDM prndhbhts ehomochmk hosthtuthnos ernj

fhscrhjhomthoa no td` bmshs ne, hot`r mkhm, rmc`, cnknr, nr omthnomk nrhaho ho td`hr

r`shfòthmk r`mk stmt`-r`kmt`f kòfhoa trmosmcthnos.






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- = 6 -

36. Vd` Fèòfmots ho tdhs mcthno mr` nr w`r` busho`ss`s tdmt òama` ho

r`shfòthmk r`mk `stmt`-r`kmt`f trmosmcthnos ho td` Chty ne Kns Moa`k`s whtdho td`

j`mohoa ne td` EDM, 62 P.S.C. § 3570.

30. Bms`f no hoenrjmthno r`pnrt`f pursumot tn td` Dnj` Jnrtama`

Fhscknsur` Mct, ho mffhthno tn knmos tdmt IWJnramo nrhahomt`f fhr`ctky, Fèòfmots mr

r`spnoshbk` enr r`shfòthmk dnj` knmos mcquhr`f ernj, mof/nr snkf by nr tdrnuad,

QmJu, IW@ Dnj` Ehomoc` KKC, Knoa B`mcd Jnrtama` Cn., @ocnr` Cr`fht Cnrp.,

B`mr St`mros R`shfòthmk Jnrtama`, W`renrjmoc` Cr`fht Cnrp., mof Brmvn Cr`fht

Cnrp.

35. Ppno hoenrjmthno mof b`khè, Wkmhothee mkkà`s tdmt `mcd ne td` Fèòfmot

wms mof hs mo maòt ne td` ntd`r Fèòfmots. @mcd Fèòfmot, ho mcthoa nr njhtthoa tn

mct ms mkkà`f ho tdhs Cnjpkmhot, wms mcthoa ho td` cnurs` mof scnp` ne hts mctumk nr

mppmròt mutdnrhty pursumot tn sucd maòch`s, mof/nr td` mkkà`f mcts nr njhsshnos ne

`mcd Fèòfmot ms maòt w`r` subs`quòtky rmtheh`f mof mfnpt`f by `mcd maòt ms

prhochpmk. @mcd Fèòfmot, ho mcthoa nr njhtthoa tn mct ms mkkà`f ho tdhs Cnjpkmhot,

wms mcthoa tdrnuad hts maòts, mof hs khmbk` no td` bmshs ne td` mcts mof njhsshnos ne ht

maòts.

HHH. IPRHSFHCVHNO MOF U@OP@

31. Vdhs Cnurt dms iurhsfhcthno nv`r tdhs jmtt`r pursumot tn 62 P.S.C. § 35=3

mof 24 P.S.C. §§ =33=, =363, b`cmus` td` ckmhjs mkkà`f d`r`ho mrhs` uof`r td` kmws

ne td` Poht`f Stmt`s.

34. Uòu` hs prnp`r ho tdhs fhstrhct uof`r 24 P.S.C. § =38=(b) b`cmus`

IWJnramo cnofucts busho`ss ho tdhs fhstrhct mof m substmothmk pmrt ne td` `vòts mofnjhsshnos ahvhoa rhs` tn td` ckmhjs nccurr`f ho tdhs fhstrhct.






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- = 1 -

c. Emhkhoa tn prufòtky uof`rwrht` rèhomoc` knmos, wd`r` bnrrnw`rs

substhtut` uomeenrfmbk` jnrtama` knmos enr `xhsthoa jnrtama`s tdmt td`y mr` w`kk-suht`

enr mof tdmt mkknw td`j tn buhkf `quhty. Sucd rèhomoc`f knmos strhp jucd nr `vò mkk

ne tdmt `quhty by cdmrahoa substmothmk o`w e``s, netò dhfhoa td` emct tdmt td` dhad

s`ttk`jòt cnsts ne td` o`w knmo mr` mksn b`hoa ehomoc`f. Kòf`rs tdmt maar`sshv`ky

jmrl`t td` mbhkhty ne td` bnrrnw`r tn pmy nee `xhsthoa cr`fht cmrf mof ntd`r f`bts by

rèhomochoa mkk ne td`hr f`bt hotn no` jnrtama` knmo jhsk`mf bnrrnw`rs hotn b`kh`vhoa

tdmt td`r` hs m bòèht tn f`bt cnosnkhfmthno, wdhk` nbscurhoa td` pr`fhctmbk` emct tdmt

td` bnrrnw`r whkk ont b` mbk` tn r`pmy td` o`w knmo. Vd` rèhomoc`f knmos mr`

td`js`kv`s netò rèhomoc`f r`p`mt`fky whtd `v`r-hocr`mshoa e``s mof dhad`r hot`r`st

rmt`s, mof whtd `v`r-f`cr`mshoa `quhty, ms bnrrnw`rs s``l tn stmv` nee enr`cknsur`.

f. Mkknwhoa jnrtama` brnl`rs tn cdmra` ‛yh`kf spr`mf pr`jhujs‚ en

qumkheyhoa m bnrrnw`r enr mo hot`r`st rmt` tdmt hs dhad`r tdmo td` rmt` td` bnrrnw`r

qumkheh`s enr mof cmo mctumkky meenrf.

`. Emhkhoa tn uof`rwrht` knmos bms`f no trmfhthnomk uof`rwrhthoa

crht`rhm sucd ms f`bt-tn-hocnj` rmthn, knmo-tn-vmku` rmthn, EHCN scnr`, mof wnrl

dhstnry. Wrnp`rky mppkyhoa td`s` crht`rhm òsur` tdmt m bnrrnw r hs nbtmhohoa m knmo td

d` nr sd` dms td` r`snurc`s mof mss`ts tn r`pmy, mof haonrhoa td`j r`sukts ho jmoy

knmos tdmt b`mr on r`kmthno tn bnrrnw`rs‘ mbhkhty tn r`pmy td`j. Vdhs mkknws td` kòf`r

tn jml` m quhcl prneht ernj td` nrhahomthno, but s`ts td` bnrrnw`r up enr fèmukt mof

enr`cknsur`.

e. R`quhrhoa substmothmk pr`pmyjòt pòmkth`s tdmt pr`vòt bnrrnw`r

wdns` cr`fht dms hjprnv`f ernj rèhomochoa td`hr subprhj` knmo tn m prhj` knmo.Wr`pmyjòt pòmkth`s ont noky pr`ckuf` bnrrnw`rs ernj rèhomochoa tn m jnr`

meenrfmbk` knmo, but r`fuc` td` bnrrnw`rs‘ `quhty wdò m subprhj` kòf`r cnovhoc`s

bnrrnw`rs tn o``fk`ssky rèhomoc` no` subprhj` knmo whtd montd`r.






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- = 4 -

a. Cdmrahoa `xc`sshv` pnhots mof e``s tdmt mr` ont mssnchmt`f whtd mo

hocr`ms`f bòèhts enr td` bnrrnw`r.

66. Vd` prnbk`j ne pr`fmtnry prmcthc`s ho jnrtama` kòfhoa hs pmrthcukmrky

mcut` ho jhonrhty cnjjuohth`s b`cmus` ne ‛r`v`rs` r`fkhohoa.‚ Ms us`f by Cnoar ss

mof td` cnurts, td` t`rj ‛r`v`rs` r`fkhohoa‚ rè`rs tn td` prmcthc` ne tmra`thoa r`shfòt

ho c`rtmho a`narmpdhc mr`ms enr cr`fht no uoemhr t`rjs fu` tn td` rmchmk nr `tdohc

cnjpnshthno ne td` mr`m. Vdhs hs ho cnotrmst tn ‛r`fkhohoa,‚ wdhcd hs td` prmcthc` ne

fòyhoa `qumk mcc`ss tn cr`fht tn sp`chehc a`narmpdhc mr`ms b`cmus` ne td` rmchmk nr

`tdohc cnjpnshthno ne td` mr`m. Bntd prmcthc`s dmv` r`p`mt`fky b`ò d`kf tn vhnkmt` td

E`f`rmk Emhr Dnushoa Mct.

60. Enkknwhoa td` nos`t ne td` subprhj` jnrtama` crhshs, mof met`r y`mrs ne

hssuhoa mbushv` dnj` knmos ho jhonrhty o`hadbnrdnnfs, td` bha bmol kòf`rs bàmo tn

khjht td` hssumoc` ne jnrtama` cr`fht tn jhonrhty bnrrnw`rs (h.`., rèushoa tn rèhomoc`

pr`fmtnry knmos). Mt td` smj` thj`, wdò td` bha bmols fhf `xtòf cr`fht, td`y

cnothou`f tn fn sn no pr`fmtnry t`rjs.

U. IWJNRAMO @OAMA@F HO FHSCRHJHOMVNRX K@OFHOA

WRMCVHC@SM. IWJnramo‘s Cnofuct Dmf m Fhspmrmt` Hjpmct no Jhonrhty Bnrrnw`rs ho

Uhnkmthno ne td` Emhr Dnushoa Mct

=. Fhscrhjhomtnry kòfhoa r`sukts ho m fhsprnpnrthnomt` oujb`r neenr`cknsur`s ho jhonrhty mr`ms.

65. Enr`cknsur`s mr` no td` rhs` ho jmoy ne td` omthno‘s jnst vuko`rmbk`

o`hadbnrdnnfs, pmrthcukmrky tdns` whtd substmothmk cnocòtrmthnos ne jhonrhty

dnus`dnkfs. Vd` hocr`ms` mpp`mrs tn st`j ernj td` arnwhoa pr`sòc` ne (=) ono-

cnovòthnomk kòfhoa ho td`s` cnjjuohth`s mof (2) cnothouhoa fhscrhjhomtnry kòfhoa

prmcthc`s (`.a., st``rhoa jhonrhth`s hotn knmo prnfucts whtd jnr` no`rnus t`rjs – wdhc

dmppò tn b` jnr` prnehtmbk` enr IWJnramo).

Cms` 29=6-cv-76=54-FJA-JRQ Fncujòt = Ehk`f 70/37/=6 Wma` 2= ne 05 Wma` HF #92=





=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- = 8 -

61. M s`jhomk r`pnrt no enr`cknsur` mcthvhty by Jmrl Fufm mof Qhkkhmj

Mpamr fncujòts td` oàmthv` hjpmct tdmt rhshoa enr`cknsur`s dmv` no knw-hocnj` mo

knw-w`mktd jhonrhty cnjjuohth`s, ushoa Cdhcman ms m cms` stufy. Jr. Mpamr hs m

Sòhnr Scdnkmr mt td` Inhot Còt`r enr Dnushoa Stufh`s ne Dmrvmrf Pohv`rshty, mof m

K`ctur`r no Wubkhc Wnkhcy mt Dmrvmrf‘s Indo E. Lòo`fy Scdnnk ne Anv`rojòt. D`

pr`vhnusky s`rv`f ms td` Msshstmot S`cr`tmry enr Dnushoa/E`f`rmk Dnushoa

Cnjjhsshno`r mt td` P.S. F`pmrtjòt ne Dnushoa mof Prbmo F`v`knpjòt, mof mksn

Cdmhr`f td` E`f`rmk Dnushoa Ehomoc` Bnmrf. Jr. Mpamr dnkfs m Wd.F. ho @cnonjhcs

ernj Dmrvmrf Pohv`rshty. Jr. Fufm hs m R`s`mrcd E`kknw mt td` Inhot Còt`r enr

Dnushoa Stufh`s. Vd` Mpamr-Fufm r pnrt dms cnothoumkky b`ò cht`f by subs`quòt

anv`rojòtmk, pubkhc s`ctnr, mof prhvmt` s`ctnr r`pnrts fu` tn hts ckmrhty mof

tdnrnuado`ss whtd r`sp`ct tn td` oàmthv` hjpmct enr`cknsur`s dmv` no knw`r-hocnj`

mof jhonrhty o`hadbnrdnnfs.=6

64. Vdhs shaohehcmot r`pnrt dhadkhadts td` enr`s``mbhkhty ne enr`cknsur`s mrhsho

ernj pr`fmtnry kòfhoa prmcthc`s mof td`hr mttòfmot dmrj, f`jnostrmthoa tdmt sucd

enr`cknsur`s hjpns` shaohehcmot mof pr`fhctmbk` cnsts no bnrrnw`rs, juohchpmk

anv`rojòts, mof o`hadbnrhoa dnj`nwo`rs.

68. Montd`r r`pnrt, by td` Còt`r enr R`spnoshbk` Kòfhoa, us`s m omthnomk

fmtms`t tn sdnw tdmt td` enr`cknsur` rmt` enr knw- mof jnf`rmt`-hocnj` Merhcmo-

Mj`rhcmos hs mpprnxhjmt`ky =.4 thj`s dhad`r tdmo ht hs enr knw- mof jnf`rmt`-hocnj`

ono-Dhspmohc wdht`s. Vd` amp hs sjmkk`r enr Kmthons, `sp`chmkky mjnoa knw-hocnj`

dnus`dnkfs, but `vò mjnoa knw-hocnj` Kmthons td` enr`cknsur` rmt` hs =.2 thj`s tdmt

ne knw-hocnj` wdht`s. Rmchmk mof `tdohc fhspmrhth`s ho enr cknsur` rmt`s cmoont b``xpkmho`f by hocnj`, shoc` fhspmrhth`s p`rshst `vò mjnoa dhad`r-hocnj` arnups. En

=6 S`` Q. Mpamr, J. Fufm & R. Anr`y, Vd` Juohchpmk Cnsts ne Enr`cknsur`s9 MCdhcman Cms` Stufy (2770) (mvmhkmbk` mt dttp9//www.ow.nra/o`twnrl/o`hadbnrwnrlsWrnas/enr`cknsur`snkuthnos/fncujòts/27Mpamr-FufmStufy- EukkU`rshno.pfe).






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- 2 7 -

`xmjpk`9 mpprnxhjmt`ky =7 p`rcòt ne dhad`r-hocnj` Merhcmo-Mj`rhcmo bnrrnw`rs

mof =0 p`rcòt ne dhad`r-hocnj` Kmthon bnrrnw`rs dmv` knst td`hr dnj` tn enr`cknsur`

cnjpmr`f whtd 6.5 p`rcòt ne dhad`r hocnj` ono-Dhspmohc wdht` bnrrnw rs. Nv`rmkk,

knw- mof jnf`rmt`-hocnj` Merhcmo-Mj`rhcmos mof jhffk`- mof dhad`r-hocnj`

Kmthons dmv` `xp`rhòc`f td` dhad`st enr`cknsur` rmt`s.=0

07. O`mrky 27 p`rcòt ne knmos ho dhad-jhonrhty o`hadbnrdnnfs dmv` b`ò

enr`ckns`f upno nr mr` s`rhnusky f`khoquòt, whtd shaohehcmot hjpkhcmthnos enr td` knoa

t`rj cnonjhc vhmbhkhty ne td`s` cnjjuohth`s.=5

2. Jhonrhty o`hadbnrdnnfs mr` fhsprnpnrthnomt` r`chphòts ne pr`fmtnrknmos.

0=. Vd`r` hs m substmothmk bnfy ne `jphrhcmk `vhfòc` f`jnostrmthoa td`

pr`vmkòc` ne r v`rs` r`fkhohoa ho td` subprhj` jnrtama` jmrl`t. Vd`s` stufh`s sdnw

tdmt, vò met`r cnotrnkkhoa enr cr`fhtwnrtdho`ss mof ntd`r kàhthjmt` uof`rwrhthoa

emctnrs, subprhj` knmos mof td` pr`fmtnry prmcthc`s netò mssnchmt`f whtd subprhj`

kòfhoa mr` fhsprnpnrthnomt`ky tmra`t`f mt jhonrhty o`hadbnrdnnfs.=1

=0 Còt`r enr R`spnoshbk` Kòfhoa, Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` Kòfhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt www.r`spnoshbk`kòfhoa.nra/-jnrtama`-kòfhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe).

=5 Hf.

=1 S`` Mbt Mssnchmt`s, Pshoa Cr`fht Scnr`s tn Momkyz` Dhad-Cnst Kòfhoa hoCòtrmk Chty O`hadbnrdnnfs (2774)< Còt`r enr R`spnoshbk` Kòfhoa, Knst Arnuof,27==9 Fhspmrhth`s ho Jnrtama` Kòfhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt wwwr`spnoshbk`kòfhoa.nra/jnrtama -kòfhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe )<Còt`r enr R`spnoshbk` Kòfhoa, Poemhr Kòfhoa9 Vd` @ee`ct ne Rmc` mof @tdohchty notd` Wrhc` ne Subprhj` Jnrtama`s (2775) (mvmhkmbk` mt

dttp9//www.r`spnoshbk`kòfhoa.nra/jnrtama`-kòfhoa/r`s`mrcd-momkyshs/rr7==-Poemhr^Kòfhoa-7075.pfe)< Ehomoc` mof @cnonjhcs Fhscusshno S`rh`s Fhvhshnos neR`s`mrcd & Stmthsthcs mof Jno`tmry Meemhrs E`f`rmk R`s`rv` Bnmrf, Qmsdhoatno, F.CSubprhj` Jnrtama`s9 Qdmt, Qd`r`, mof tn Qdnj> (2774) (mvmhkmbk` mt dttp9//www.ob`r.nra/pmp`rs/w=6743.pfe>o`w^whofnw:= )< C. R`hf mof @. Kmf`rjmoE`f`rmk R`s`rv` Bmol ne Smo Ermochscn, Vd` Potnkf Cnsts ne Subprhj` Kòfhoa9

@xmjhohoa td` Khols mjnoa Dhad`r-Wrhc`f Kòfhoa, Enr`cknsur`s mof Rmc` hoCmkhenrohm, Wr`sòt`f mt Brmof`hs Pohv`rshty (2778) (mvmhkmbk` mt dttp9//hmsp.brmof`hs.`fu/pfes/Mutdnr/r`hf-cmrnkho/Vd`%27Potnkf%27Cnsts%27ne%27Subprhj`%27Kòfhoa%273.pfe ).






=

2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- 2 = -

02. Ho aò`rmk, ms r`còtky nbs`rv`f by td` E`f`rmk R`s`rv` ho F`c`jb`r

27=2, bntd Merhcmo-Mj`rhcmo mof Dhspmohc bnrrnw`rs w`r` emr jnr` khl`ky (ho emct,

o`mrky twhc` ms khl`ky) tn nbtmho dhad`r-prhc`f knmos tdmo w`r` wdht` bnrrnw`rs. Vd`s

r`kmthnosdhps dnkf bntd enr dnj`-purcdms` mof rèhomoc` kòfhoa mof enr ono-

cnovòthnomk knmos. Vd`s` fhee`ròc`s mr r`fuc`f, but ont `khjhomt`f, met`r

cnotrnkkhoa enr kòf`r mof bnrrnw`r cdmrmct rhsthcs. ‛Nv`r td` y`mrs, momkys`s ne

DJFM fmtm dmv` cnoshstòtky enuof substmothmk fhee`ròc`s ho td` hochfòc` ne dhad`

prhc`f kòfhoa \Z mcrnss rmchmk mof tdohc kho`s, fhee ròc`s tdmt cmoont b` eukky

`xpkmho`f by emctnrs hockuf`f ho td` DJFM fmtm.‚=4

03. Merhcmo-Mj`rhcmos mof Dhspmohcs w`r` jucd jnr` khl`ky tn r`c`hv`

subprhj` knmos mof knmos whtd e`mtur`s tdmt mr` mssnchmt`f whtd dhad`r enr`cknsur`s,

sp`chehcmkky pr`pmyjòt pòmkth`s mof dybrhf nr npthno MRJs. Vd`s` fhspmrhth`s w`r

`vhfòt `vò cnjpmrhoa bnrrnw`rs whtdho td` smj` cr`fht scnr` rmoa`s. Ho emct, td`

fhspmrhth`s w`r` `sp`chmkky prnonuoc`f enr bnrrnw`rs whtd dhad`r cr`fht scnr s. Enr

`xmjpk`, mjnoa bnrrnw`rs whtd m EHCN scnr` ne nv`r 557 (hofhcmthoa annf cr`fht),

Merhcmo-Mj`rhcmos mof Kmthons r`c`hv`f m dhad hot`r`st rmt` knmo jnr` tdmo tdr``

thj`s ms netò ms wdht` bnrrnw`rs.=8

06. Ho mffhthno tn r`c`hvhoa m dhad`r prnpnrthno ne dhad`r-rmt` knmos, Merhcmo

Mj`rhcmos mof Kmthons mksn w`r` jucd jnr` khl`ky tn r`c`hv` knmos whtd ntd`r rhsly

e`mtur`s, sucd ms dybrhf mof npthno MRJs mof pr`pmyjòt pòmkth`s. Fhspmrhth`s ho

td` hochfòc` ne td`s` e`mtur`s mr` `vhfòt mcrnss mkk sàjòts ne td` cr`fht sp`ctruj.

=4 E`f`rmk R`s`rv` Bukk`tho, Vd` Jnrtama` Jmrl`t ho 27==9 Dhadkhadts ernj td`

Fmtm R`pnrt`f uof`r td` Dnj` Jnrtama` Fhscknsur` Mct (F`c. 27=2) (mvmhkmbk` mt dttp9//www.e`f`rmkr`s`rv`.anv/pubs/bukk`tho/27=2/WFE/27==^DJFM.pfe ).

=8 Còt`r enr R`spnoshbk` Kòfhoa, Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` Kòfhoa mof Enr`cknsur`s (27==) (mvmhkmbk` mt www.r`spnoshbk`kòfhoa.nra/-jnrtama`-kòfhoa/r`s`mrcd-momkyshs/ Knst-Arnuof-27==.pfe).

27 Hf.






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(e) @vò tdnuad dhad-cnst kòfhoa bàmo tn f`cr`ms`shaohehcmotky by 2774, wdò ht nccurr`f, ht wms sthkkjnr` khl`ky tn nccur ho jhonrhty o`hadbnrdnnfs mscnjpmr`f tn wdht` o`hadbnrdnnfs. Vd` bha bmolkòf`rs sthkk w`r` jnr` tdmo twhc` ms khl`ky tn s`kksubprhj` knmos ho jhonrhty o`hadbnrdnnfs ho Kns

Moa`k`s, ms cnjpmr`f tn wdht` o`hadbnrdnnfs.

(a) Ho jmoy cms`s, jhonrhty bnrrnw`rs w`r` nv`rburfò`font noky by subprhj` kòfhoa but by ntd`r no`rnusknmo t`rjs, sucd ms pr`pmyjòt pòmkth`s, yh`kf spr`mf

pr`jhujs, npthno MRJs, mof D@KNCs, mkk ne wdhcddmv` b`ò cnofuchv` tn enr`cknsur`s.

(d) Ho m Jmrcd 2778 surv`y, twn-tdhrfs ne dnushoacnuos`knrs r`pnrt`f tdmt td`y b`kh`v`f bnrrnw`rs necnknr w`r` r`c`hvhoa wnrs` enr`cknsur` pr`vòthnonutcnj`s tdmo wdht` bnrrnw`rs.

(h) Ho td` wml` ne td` subprhj` j`ktfnwo, msuof`rwrhthoa thadtò`f enr mkk knmos, dhad`r cnst EDMjnrtama` knmos w`r` td` ‛noky amj` ho tnwo‚ kèt enrjmoy o`w dnj`buy`rs.

05. Shoc` 2774, ms td` fmtm fhscuss`f b`knw jml`s ck`mr, td`r` dms b`ò m

sdhet ho td` typ`s ne knmos hssu`f – mof ont hssu`f – by td` Bmol. Enr `xmjpk`, td`

Bmol sdhet`f ernj nee`rhoa o`w subprhj` knmos tnwmrf hssuhoa jnr` Dnj` @quhty

Kho`s ne Cr`fht (‛D@KNCs‚) mof dhad`r cnst EDM/UM knmos.22 EDM mof UM

anv`rojòt knmos mr` cdmrmct`rhz`f ms dhad`r rhsl knmos b`cmus` (=) td`y mr` typhcmkky

jnr` `xpòshv` enr m bnrrnw`r tdmo cnovòthnomk knmos mof hockuf` e``s mof cnsts on

mssnchmt`f whtd cnovòthnomk knmos, mof (2) s`v`rmk ne td` anv`rojòt knmo prnarmjs

p`rjht oàmthv` mjnrthzmthno.23 Mt td` smj` thj`, ho td` kmst s`v`rmk y`mrs, td` Bmol

thadtò`f kòfhoa r`quhr`jòts ho m jmoo`r tdmt frmsthcmkky khjht`f td` mbhkhty ne

22 Qdhk` EDM/UM knmos mr` ont hod`ròtky pr`fmtnry, td`s` knmos dmv` dhad`r rhsle`mtur`s sucd ms dhad`r e``s mof dhad`r hot`r`st rmt`s. Qdò bmols tmra`t jhonrhth`s eEDM/UM knmos mof hssu` jnr` ne td`j tn jhonrhth`s, td`y mr` mcthoa ho mfhscrhjhomtnry jmoo`r.

23 Cmkhenrohm R`hov`stjòt Cnmkhthno, `t mk., Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mjUH, Rmchmk Fhspmrhth`s ho EDM/UM Kòfhoa (Iuky 27=2)< www.edm.cnj/edm^knmo^typ`www.bòèhts.vm.anv/dnj`knmos.






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jhonrhty bnrrnw`rs tn rèhomoc` nr ntd`rwhs` jnfhey td` subprhj` knmos pr`vhnusky

hssu`f by td` Bmol.

01. M 27== R`pnrt ernj td` Cmkhenrohm R`hov`stjòt Cnmkhthno enuof tdmt,

b`tw`ò 2774 mof 2778, ho Kns Moa`k`s, td` oujb`r ne cnovòthnomk r ehomoc` knmos

jmf` ho pr`fnjhomotky wdht` o`hadbnrdnnfs jnr` tdmo fnubk`f (hocr`mshoa by mbnut

277%), wdhk` cnovòthnomk rèhomoc` knmos f`ckho`f ho td` Chty‘s jhonrhty

o`hadbnrdnnfs, wd`r` sucd rèhomochoa wms jnst f`sp`rmt`ky o``f`f.26

04. Mt td` smj` thj` tdmt cnovòthnomk cr`fht dms cnotrmct`f nv`r td` pmst ehv

y`mrs, EDM kòfhoa dms `xpmof`f frmjmthcmkky. Furhoa td` subprhj` bnnj, EDM

kòfhoa e`kk ms subprhj` kòf`rs tmra`t`f jhonrhty cnjjuohth`s. Onw, whtd khttk` nr o

subprhj` kòfhoa, mof cnovòthnomk cr`fht r`strhct`f, EDM kòfhoa dms sdnt up.

Nv`rmkk, td` sdmr` ne knmos whtd anv`rojòt bmclhoa wòt ernj 0% ho 2770 tn 25.5%

ho 27=7.20

08. Enr Merhcmo-Mj`rhcmos, td` sdmr` ne jnrtama`s us`f tn purcdms` m dnj`

mof bmcl`f by m anv`rojòt prnarmj hocr`ms`f tn mkjnst 47% ho 27=7< enr Kmthons

td` sdmr` hocr`ms`f tn 13%. But enr wdht`s, td` sdmr` hocr`ms`f tn noky 68%. Mt

pr`sòt, jnst jhonrhty bnrrnw rs cmoont amho mcc`ss tn td` cnovòthnomk jnrtama`

jmrl`t, mof host`mf, mr` r`kàmt`f tn jnr` `xpòshv` EDM knmos.25

57. M 27=2 R`pnrt ernj td` Cmkhenrohm R`hov`stjòt Cnmkhthno ‛sdnws tdmt

bkmcl mof Kmthon bnrrnw`rs mof bnrrnw`rs ho cnjjuohth`s ne cnknr r`c`hv`f

anv`rojòt-bmcl`f knmos – hosur`f by td` E`f`rmk Dnushoa Mfjhohstrmthno (EDM) nr

26 Cmkhenrohm R`hov`stjòt Cnmkhthno, `t mk., Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mj

U9 Vd` W`rshstòc` mof @vnkuthno ne td` Fumk Jmrl`t (27==) (mvmhkmbk` mt dttp9//www.cnjjuohty-w`mktd.nra/sht`s/ckno`.cnjjuohty-w`mktd.nra/ehk`s/fnwoknmfs/r`pnrt-crc-`t-mk.pfe).

20 Còt`r enr R`spnoshbk` Kòfhoa, Vd` Stmt` ne Kòfhoa ho Mj`rhcm & hts Hjpmctno P.S. Dnus`dnkfs (27=2) (mvmhkmbk` mt dttp9//www.r`spnoshbk`kòfhoa.nra/stmt`-ne-kòfhoa/Stmt`-ne-Kòfhoa-r`pnrt-=.pfe).

25 Còt`r enr R`spnoshbk` Kòfhoa, Vd` Stmt` ne Kòfhoa ho Mj`rhcm & hts Hjpmct

no P.S. Dnus`dnkfs (27=2) (mvmhkmbk` mt dttp9//www.r`spnoshbk`kòfhoa.nra/stmt`-ne-kòfhoa/Stmt`-ne-Kòfhoa-r`pnrt-=.pfe).






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aumrmot``f by td` F`pmrtjòt ne U`t`rmos Meemhrs (UM) – shaohehcmotky jnr` netò

tdmo fhf wdht` bnrrnw rs. Vd` ehofhoas hofhcmt` p`rshstòt jnrtama` r`fkhohoa mof

rmhs` s`rhnus cnoc`ros mbnut hkkàmk mof fhscrhjhomtnry knmo st``rhoa.… \VZd` r`pnrt

sdnws m pmtt`ro ne twn-th`r`f kòfhoa, ho wdhcd bnrrnw`rs mof cnjjuohth`s ne cnknr

r`c`hv`f fhsprnpnrthnomt`ky e`w`r cnovòthnomk jnrtama`s mof fhsprnpnrthnomt`ky

jnr` anv`rojòt-bmcl`f knmos tdmo fhf wdht` bnrrnw`rs mof cnjjuohth`s…. \VZd`

fhsprnpnrthnomt pr`vmkòc` ne EDM knmos ho cnjjuohth`s ne cnknr rmhs`s emhr kòfhoa

ekmas.‚ Ho pmrthcukmr, td` 27=2 R`pnrt nbs`rv`s tdmt9 ‛Ho Kns Moa`k`s, dnj`buy`rs ho

o`hadbnrdnnfs ne cnknr r`c`hv`f anv`rojòt-bmcl`f knmos ehv` thj`s jnr` netò tdmo

fhf tdns` ho pr`fnjhomotky wdht` o`hadbnrdnnfs…. \DZnj`nwo`rs ho cnjjuohth`s n

cnknr r`c`hv`f EDM nr UM rèhomoc` knmos 5.0 thj`s jnr` netò tdmo fhf dnj`nwo`r

ho pr`fnjhomotky wdht` o`hadbnrdnnfs.‚21

B. IWJnramo Hotòthnomkky Fhscrhjhomt`f Mamhost Jhonrhty Bnrrnw`rs hoUhnkmthno ne td` Emhr Dnushoa Mct, ms F`jnostrmt`f by Enrj`r Bmol@jpkny``s

5=. Cnoehfòthmk Qhto`ss`s (‛CQs‚) mr` enrj`r jpkny``s ne IWJnramo mof

QmJu. Vd` CQs w`r` r`spnoshbk` enr jmlhoa, prnc`sshoa, mof/nr uof`rwrhthoa knmo

ho td` ar`mt`r Kns Moa`k`s ràhno. CQs f`scrhb` dnw IWJnramo mof QmJu tmra`t`f

jhonrhth`s mof r`shfòts ne jhonrhty o`hadbnrdnnfs ho mof mrnuof Kns Moa`k`s enr

pr`fmtnry kòfhoa prmcthc`s.

52. CQ= wnrl`f enr IWJnramo ho twn brmocd`s ho Kns Moa`k`s Cnuoty ms m

jnrtama` knmo neehc`r. CQ= wnrl`f enr IWJnramo enr mpprnxhjmt`ky twn y`mrs ho td

2774-27=7 thjèrmj`. Sd` wms pr`vhnusky `jpkny`f ms m jnrtama` knmo neehc`r mt

QmJu enr mbnut m y`mr bènr` IWJnramo purcdms`f QmJu. Sd` wnrl`f mkjnst

21 Cmkhenrohm R`hov`stjòt Cnmkhthno, Wmyhoa Jnr` enr td` Mj`rhcmo Fr`mj UH9 Rmchmk Fhspmrhth`s ho EDM/UM Kòfhoa (27=2) (mvmhkmbk` mt dttp9//cmkr`hov`st.nra/syst`j/r`snurc`s/Q=shYhHsHiHwJVHvJFcvJVavJVYeJzUeJ

OeJU8wXTkpbjftb3IkUlkebTUsfAkzfAE7YU8qfQx0JiMxJk8ASP0BVC0wYAhTU7/pmyhoajnrÙH^jukthstmt` iuky27=2-%27EHOMK.pfe).






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òthr`ky whtd jhonrhty (kmra`ky Dhspmohc) custnj`rs, mkjnst mkk ne wdnj snuadt

rèhomochoa nr knmo jnfhehcmthnos.

53. CQ2 wnrl`f ho td` jnrtama` hofustry enr mbnut `hadt y`mrs< d` wnrl`f

enr IWJnramo mt jukthpk` brmocd kncmthnos ho td` ar`mt`r Kns Moa`k`s ràhno ms m

jnrtama` knmo nrhahomtnr ho td` 27==-27=2 thjèrmj`.

56. CQ3 wnrl`f ms mo uof`rwrht`r mt td` Bmol‘s cnrpnrmt` neehc` ho Kns

Moa`k`s furhoa td` 2778-27== thjèrmj`. Sd` wms pr`vhnusky `jpkny`f mt QmJu,

wd`r` sd` wms dhr`f ho 2772. Sd` wnrl`f mt QmJu tdrnuad td` p`rhnf wdò

IWJnramo purcdms`f ht ho 2778, mof tdò sd` b`cmj` m IWJnramo `jpkny` . Sd`

wnrl`f ms m knmo jnfhehcmthno uof`rwrht r whtd custnj`rs wdn w`r` b`dhof no td`hr

jnrtama` pmyjòts.

50. CQ6 wnrl`f ms m knss jhthamthno oànthmtnr mof uof`rwrht`r mt m

IWJnramo brmocd ho Kns Moa`k`s furhoa td` 2778-27=7 thjèrmj`. D` wnrl`f whtd

custnj`rs wdn dmf jhss`f jnrtama` pmyjòts, mof d` wms r`spnoshbk` enr jmlhoa

knmo jnfhehcmthnos enr custnj`rs ho td` fèmukt prnc`ss.

55. CQ0 wnrl`f ms m sòhnr knmo neehc`r enr QmJu ho td` 2773 tn 2771 thj`

ermj`, nrhahomthoa knmos tdrnuadnut td` Kns Moa`k`s mr`m. Furhoa td` cnurs` ne dhs

wnrl, CQ0 nbs`rv`f tdmt QmJu tmra`t`f jmrl`thoa jmt`rhmks mof dhad-cnst knmo

prnfucts enr knw-hocnj` jhonrhth`s, mof QmJu hocòthvhz`f td` smk`s enrc` tn jml`

dhad-cnst knmos.

51. Vd` CQs cnoehrj tdmt IWJnramo dms òama`f ho pr`fmtnry mof ntd`rwhs

fhscrhjhomtnry kòfhoa prmcthc`s fhr`ctky mof tdrnuad mcquhr`f kòf`rs (hockufhoa

QmJu).=. IWJnramo tmra`ts jhonrhth`s enr pr`fmtnry knmo t`rjs (mof pmys hts

`jpkny``s jnr` enr fnhoa sn).

54. CQ0 nbs`rv`f tdmt QmJu tmhknr`f jmrl`thoa jmt`rhmks enr c`rtmho

jhonrhth`s. ‛He ynu wmot`f tn tmra`t td` Dhspmohc cnjjuohty ynu dmf tn dmv` c`rtmho






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wnrfs ho td`r` tdmt ynu‘f wmot tn us` tn mttrmct (td` bnrrnw`rs),‚ d` smhf. CQ0

uof`rstnnf tdmt c`rtmho jnrtama` knmo prnfucts, khl` oàmthv` mjnrthzmthno knmos, w`r

tmhknr`f tnwmrf knw-hocnj` jhonrhth`s. ‛Ht wms tmhknr`f enr jhonrhth`s, but ht wms ont

sp`chehcmkky iust enr td`j,‚ d` mff`f.

58. Mccnrfhoa tn CQ0, QmJu hocòthvhz`f smk`sp`npk` tdrnuad

cnjjhsshnos mof bnous`s tn pusd mppkhcmots hotn oàmthv` mjnrthzmthno mof ntd`r ono

cnovòthnomk knmos.

2. IWJnramo uof`rwrht`s mfiustmbk` rmt` knmos tdmt bnrrnw`rs cmoontmeenrf.

17. CQ3, wdn wnrl`f whtd custnj`rs wdn w`r` b`dhof no td`hr jnrtama`

pmyjòts, `xpkmho`f tdmt jnst ne td`s` custnj`rs dmf r`c`hv`f vmrhmbk`-rmt` knmos tdm

td`y cnukf on knoa`r meenrf met`r td` rmt`s mfiust`f upwmrf.

1=. Mccnrfhoa tn CQ0, ‛m knt ne \jhonrhth`sZ dnkf notn td`hr cmsd host`mf ne

putthoa ht ho td` bmol. Vdmt‘s td` ckhòt< w` dmf m prnarmj enr td`j. Q` wnukf tml`

ono-trmfhthnomk cr`fht.‚ QmJu wnukf qumkhey td`s` jhonrhty bnrrnw`rs enr jucd jn

`xpòshv` subprhj` knmos mof kmra` oàmthv` mjnrthzmthno knmos whtd `xtr`j`ky knw

hotrnfuctnry jnotdky pmyjòts. ‛Mt no` pnhot QmJu fhf ont dmv` m cr`fht scnr`r`quhr`jòt,‚ d` smhf. ‛Ht wms `msy tn tdrnw td`j hotn tdmt prnarmj mof a`t td`j

mpprnv`f enr tdmt prnarmj mt td` no` p`rcòt rmt`‚ – mof knmo neehc`rs mof uof`rwrht`

noky dmf tn qumkhey td` bnrrnw`rs enr td` knw`st jnotdky pmyjòt r`quhr`f furhoa td`

hotrnfuctnry p`rhnf. CQ0 `xpkmho`f tdmt knmo neehc`rs fhf ont mkwmys eukky `xpkmho td

no`rnus r`p`rcusshnos ne sucd knmos. ‛Vdmt‘s wd`r` m knt ne ckhòts w`r` jhsk`f,‚ d`

smhf. ‛Vd`y tdnuadt ht wms m = p`rcòt ehx`f (rmt`).‚

12. Ho CQ0‘s `xp`rhòc`, knmo neehc`rs tòf`f tn pusd oàmthv` mjnrthzmthno

knmos no knw-hocnj` jhonrhth`s. D` nbs`rv`f tdmt jmoy bnrrnw`rs ant hotn f``p

ehomochmk trnubk` met r tmlhoa nut td`s` typ`s ne knmos. ‛Vd` (hohthmk jnotdky) cnst wms

bmr` jhohjuj‚ enr td` bnrrnw`r, d` smhf. ‛But td` pnsshbhkhth`s w`r` td`r tdmt ht cnu






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turo nut tn b` td` wnrst cms` (scòmrhn) enr td` bnrrnw`rs, mof tdmt‘s `xmctky wdmt

dmppò`f.‚

13. IWJnramo (fhr`ctky mof tdrnuad mcquhr`f kòf`rs) fn`s ont prnp`rky

uof`rwrht` td`s` knmos wdò jmf` tn jhonrhth`s mof ho jhonrhty o`hadbnrdnnfs.

IWJnramo fn`s ont mf`qumt`ky cnoshf`r td` bnrrnw`rs‘ mbhkhty tn r`pmy td`s` knmos,

`sp`chmkky met`r td` t`ms`r rmt` `xphr`s mof td` hot`r`st rmt` hocr`ms`s. Vd` emct tdmt

td`s` knmos wnukf r`sukt ho f`khoquòcy, fèmukt, mof enr`cknsur` enr jmoy bnrrnw`rs

wms, nr sdnukf dmv` b`ò, ck`mrky enr`s``mbk` tn IWJnramo mt td` thj` td` knmos w`r`

jmf`.

3. IWJnramo tòfs tn r`quhr` pr`pmyjòt pòmkth`s jnr` netò ernjjhonrhty bnrrnw`rs.

16. Wr`pmyjòt pòmkth`s typhcmkky jml` ht jnr` fheehcukt enr bnrrnw`rs tn

rèhomoc` hotn o`w mof b`tt`r knmos.

10. CQ3 nbs`rv`f tdmt IWJnramo tòf`f tn r`quhr` pr`pmyjòt pòmkth`s

jnr` netò ernj jhonrhty bnrrnw`rs.

15. CQ0 `xpkmho`f tdmt QmJu hocòthvhz`f smk`s p`npk` whtd bha bnous`s

enr knclhoa bnrrnw`rs hotn knmos whtd pr`pmyjòt pòmkth`s.6. IWJnramo hofuc`f enr`cknsur`s by emhkhoa tn nee`r rèhomochoa nr

knmo jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs, mofntd`rwhs` khjhthoa `qumk mcc`ss tn emhr cr`fht.

11. Vd` CQ stmt`jòts sdnw tdmt IWJnramo hofuc`f enr`cknsur`s by emhkhoa

tn nee`r rèhomochoa nr knmo jnfhehcmthnos tn jhonrhty custnj`rs no emhr t`rjs – wdhcd

cnosthtut`s m pmrthcukmrky aràhnus enrj ne r`fkhohoa, ahvò tdmt jhonrhty bnrrnw`rs

snuadt rèhomochoa nr knmo jnfhehcmthnos whtd r`sp`ct tn bmf knmos tdmt td` Bmol

pr`vhnusky jmf` tn td`j.

14. CQ= b`kh`v`s tdmt IWJnramo mfnpt`f nv`rky-strhoaòt knmo qumkhehcmthno

r`quhr`jòts tdmt r`sukt`f ho mo uoo`c`ssmrhky dhad rmt` ne rèhomochoa rì`cthnos enr

jhonrhty bnrrnw`rs. Sd` òcnuot`r`f jnotds-knoa f`kmys mof v`ry e`w succ`ss`s






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8

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27

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22

23

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20

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- 2 8 -

wdò mtt`jpthoa tn rèhomoc` jhonrhty custnj`rs. Sd` `sthjmt`s tdmt 87% ne td`

jhonrhty bnrrnw`rs wdn cmj` tn d`r brmocd`s f`sp`rmt` enr rèhomochoa wnukf ont

qumkhey. Vd`y usumkky fhf ont dmv` ònuad hocnj` nr ònuad `quhty ho td`hr dnj`s,

sd` smhf.

18. CQ= `xpkmho`f tdmt jmoy jhonrhty bnrrnw`rs wdn dmf pr`vhnusky

r`c`hv`f ‛on fnc‚ knmos w`r` onw msl`f tn prnvhf` fncujòtmthno ne hocnj` mof

ntd`r mss`ts, mof cnukf ont. Sd` f`scrhb`f s``hoa custnj`rs wdn noky nw`f ‛$07,777

tn $57,777‚ no m prnp`rty wnrtd $207,777 wdn cnukf ont rèhomoc` b`cmus` td`y `htd`

fhfo‘t dmv` m inb nr fhf dmv` m inb but dmf hosueehchòt fncujòtmthno. Jmoy ntd`rs

dmf hocnj` but tnn khttk` `quhty ho td`hr dnj`s b`cmus` ne emkkhoa r`mk `stmt` vmku`s.

47. CQ= smhf snj` ne td`s` custnj`rs w`r` rì`ct`f `vò tdnuad sd`

b`kh`v`f td`y sdnukf ont dmv` b`ò rì`ct`f. Mccnrfhoa tn CQ=, IWJnramo‘s

rèhomochoa qumkhehcmthno auhf`kho`s b`cmj` ‛jucd jnr` cnos`rvmthv`‚ tdmo tdns` s`t

by e`f`rmk auhf`kho`s. ‛Vdmt wms r`mkky d`mrtbr`mlhoa,‚ sd` smhf. ‛S``hoa p`npk`

shtthoa td`r` cryhoa. … Vdns` w`r` lhof ne dmrf.‚

4=. Mccnrfhoa tn CQ=, bnrrnw`rs wdn fhf ont qumkhey enr rèhomochoa, mof

tdus snuadt knmo jnfhehcmthnos, w`r` `ssòthmkky òcnurma`f ont tn jml` pmyjòts no

td`hr dnj`s mt mkk. Sd` smhf td` Bmol hoenrj`f td`j tdmt m pr`r`quhsht` enr knmo

jnfhehcmthno wms jhsshoa pmyjòts. Vdhs cr`mt`f jnr` prnbk`js, sd` `xpkmho`f,

b`cmus` snj` ne td`s` smj` bnrrnw`rs wnukf enkknw td` auhfmoc`, slhp pmyjòts, bu

tdò ont r`c`hv` knmo jnfhehcmthnos. Met`r tdmt, ‛td`y w`r` iust wmhthoa enr td` sd`rhe

tn cnj` mrnuof‚ mof enr`ckns`, sd` smhf.

42. CQ= smhf tdmt, wdò rèhomochoa fhf tml` pkmc` ho d`r jhonrhtyo`hadbnrdnnf brmocd`s, ht usumkky cmj` whtd dhad`r-tdmo-usumk hot`r`st rmt`s tdmt

cnrr`spnof`f whtd rhshoa KVU rmthns.

43. Furhoa CQ=‘s `jpknyjòt, IWJnramo whtdfr`w jnrtama` neehc`rs ernj

bntd jhonrhty o`hadbnrdnnf brmocd`s wd`r` sd` wnrl`f b`cmus` ‛ht iust wmso‘t






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1

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8

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- 3 7 -

e`mshbk` tn dmv` m knmo neehc`r td`r ,‚ sd` smhf. ‛Vd` knmos iust w`rò‘t anhoa tdrnuad

ho tdmt mr`m,‚ sd` smhf. ‛Ht wmso‘t wnrtd ht tn dmv` snj`no` td`r`.‚

46. CQ2 smhf tdmt IWJnramo dms thadtò`f hts kòfhoa r`quhr`jòts shoc`

2774, jmlhoa mkjnst mkk knmos ‛eukky-fnc‘f‚ knmos, s`tthoa dhad`r stmofmrfs

(‛nv`rkmys‚) enr rèhomochoa tdmo tdns` `stmbkhsd`f uof`r DMJW. ‛Vd` bmols smhf,

—w`‘r` ont anhoa tn rèhomoc` ynu,‘‚ d` smhf. ‛Vd` purpns` ne td` \DMJWZ prnarmj

wms tn a`t p`npk` nut ne td`s` bmf knmos, mof td` bmols r eus`f tn fn ht. Mof tdhs hs

sthkk anhoa no tnfmy.‚

40. Vd` Bmol np`rmt`f e`w, he moy, brmocd`s ho jhonrhty o`hadbnrdnnfs ne

Kns Moa`k`s< CQ2 strnoaky b`kh`v`s tdmt tdhs `vhfòc`f mo hotòthnomk enrj ne

jhonrhty ‛fhscrhjhomthno.‚ Ho td` kmst e`w y`mrs, ht b`cmj` hocr`mshoaky fheehcukt tn

s`rv` jhonrhty custnj`rs ahvò wd`r` td` Bmol cdns` tn kncmt` hts brmocd`s, d`

`xpkmho`f. Vn ehof nut ‛dnw td`y mr` fhscrhjhomthoa, knnl mt td` pnshthno ne td`

brmocd`s,‚ d` smhf. ‛Vdmt‘s anhoa tn sdnw ynu.‚

45. IWJnramo hs npòhoa ‛dua` oujb`rs‚ ne brmocd`s mkk mcrnss Cmkhenrohm,

ono` ne wdhcd mr` kncmt`f ho td` hoo r chty, mccnrfhoa tn CQ2. Ho td` upp`r-jhffk`-

ckmss o`hadbnrdnnf wd`r` d` khv`s, IWJnramo hs npòhoa wdmt d` smhf mpp`mr`f tn b`

ms jmoy ms s`vò brmocd`s, jmyb` jnr`. Montd`r 377 mr` skmt`f tn npò ho Snutd`ro

Cmkhenrohm, pmrt ne 2,777 tdmt whkk b` npòhoa mcrnss td` stmt`, d` smhf. ‛But ono` ne

tdhs hs dmppòhoa ho jhonrhty o`hadbnrdnnfs,‚ d` mff`f. ‛Vdmt, ho hts`ke, hs td` bhaa`s

hofhcmthno ne fhscrhjhomthno tdmt ynu cmo ehof.‚

41. CQ2 cnoehrj`f tdmt IWJnramo r`cnrf`f jhonrhty stmtus hoenrjmthno ho

td` knmo mppkhcmthno prnc`ss. CQ2 b`kh`v`f tdmt snj` ne td` jhonrhty bnrrnw`rs d`smw mt IWJnramo sdnukf dmv` qumkheh`f enr rèhomochoa, but td`y fhf ont qumkhey enr

r`msnos tdmt w`r` uock`mr tn dhj. D` susp`ct`f tdmt jhonrhty stmtus pkmy`f m rnk` ho

f`chshno-jmlhoa by IWJnramo no wdn tn ehomoc`. ‛Vd` r`fkhohoa mof stuee khl` tdmt,

tdmt sthkk an`s no.‚






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- 3 2 -

C. Jhonrhth`s ho Emct R`c`hv` Wr`fmtnry Knmo V`rjs ernj IWJnramo

86. Ms fhscuss`f d`r`ho, IWJnramo‘s pr`fmtnry knmos hockuf`9 dhad-cnst

knmos (h.`., knmos whtd mo hot`r`st rmt` tdmt wms mt k`mst tdr`` p`rcòtma` pnhots mbnv` m

e`f`rmkky-`stmbkhsd`f bòcdjmrl), subprhj` knmos, hot`r`st-noky knmos, bmkknno

pmyjòt knmos, knmos whtd pr`pmyjòt pòmkth`s, oàmthv` mjnrthzmthno knmos, on

fncujòtmthno knmos, mof/nr MRJ knmos whtd t`ms`r rmt`s (h.`., khe`thj` jmxhjuj rmt

? hohthmk rmt` + 5%).

80. Fmtm r`pnrt`f by td` Bmol mof mvmhkmbk` tdrnuad pubkhc fmtmbms`s sdnws

tdmt ho 2776-27==, 25.3% ne knmos jmf` by IWJnramo tn Merhcmo-Mj`rhcmo mof

Kmthon custnj`rs ho Kns Moa`k`s w`r` dhad cnst, but noky 1.6% ne knmos jmf` tn wdh

custnj`rs ho Kns Moa`k`s w`r` dhad cnst. Vdhs fmtm f`jnostrmt`s m pmtt`ro ne

stmthsthcmkky shaohehcmot24 fhee`ròc`s ho td` prnfuct pkmc`jòt enr dhad cnst knmos

b`tw`ò jhonrhty mof wdht` bnrrnw`rs.

85. Vd` enkknwhoa jmp ne IWJnramo pr`fmtnry knmos nrhahomt`f ho Kns

Moa`k`s b`tw`ò 2776-27== hkkustrmt`s td` a`narmpdhc fhstrhbuthno ne pr`fmtnry knmos

ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof wdht` o`hadbnrdnnfs ho Kns

Moa`k`s. Vdhs jmp f`jnostrmt`s tdmt IWJnramo‘s pr`fmtnry knmos mr`

fhsprnpnrthnomt`ky kncmt`f ho jhonrhty o`hadbnrdnnfs.

24 Stmthsthcmk shaohehcmoc` hs m j`msur` ne prnbmbhkhty tdmt mo nbs`rv`f nutcnj`

wnukf ont dmv` nccurr`f by cdmoc`. Ms us`f ho tdhs Cnjpkmhot, mo nutcnj` hsstmthsthcmkky shaohehcmot he td` prnbmbhkhty tdmt ht cnukf dmv` nccurr`f by cdmoc` hs k`sstdmo 0%.






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81. Vd` emct tdmt pr`fmtnry knmos hovnkvhoa mkk ne IWJnramo‘s knmo prnfucts

mr` jnr` d`mvhky cnocòtrmt`f ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s hs cnoshstò

whtd td` prmcthc` ne r`v`rs` r`fkhohoa mof, upno hoenrjmthno mof b`khè, dms cnotrhbut`

shaohehcmotky tn td` fhsprnpnrthnomt`ky dhad rmt`s ne enr`cknsur` ho jhonrhty

cnjjuohth`s ho Kns Moa`k`s.

F. Jhonrhth`s ho Kns Moa`k`s R`c`hv` Sucd Wr`fmtnry Knmo V`rjs ernjIWJnramo Ràmrfk`ss ne Cr`fhtwnrtdho`ss

84. Mccnrfhoa tn Fhscr`thnomry Wrhchoa, Jnrtama` Fhscrhjhomthno, mof td`

Emhr Dnushoa Mct , 60 DMRUMRF CHUHK R HADVS-CHUHK KHB@RVH@S KMQ R @U. 310, 384

(27=7), s`v`rmk stufh`s fmthoa bmcl tn 2777 dmv` `stmbkhsd`f tdmt jhonrhty bnrrnw`rs

w`r` cdmra`f dhad`r hot`r`st rmt`s/e``s tdmo shjhkmr cr`fhtwnrtdy wdht` bnrrnw`rs.






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8

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88. Khl`whs`, mccnrfhoa tn M Rmchmk Ehomochmk Crhshs, 43 V@JWK@ KMQ R @U.

86=, 861, 868 (27==), no` stufy cnockuf`f tdmt ‛`vò met`r cnotrnkkhoa enr

uof`rwrhthoa vmrhmbk`s, Merhcmo-Mj rhcmo bnrrnw`rs w`r` 5.=% tn 36.3% jnr` khl`ky

tdmo wdht`s tn r`c`hv` m dhad`r rmt` subprhj` jnrtama` furhoa td` subprhj` bnnj.‚

Mof montd`r stufy enuof tdmt shaohehcmot knmo prhchoa fhspmrhty `xhsts mjnoa knw rhsl

bnrrnw`rs – Merhcmo-Mj`rhcmo bnrrnw`rs w`r 50% jnr` khl`ky tn r`c`hv` m subprhj

dnj` purcdms` knmo tdmo shjhkmr cr`fhtwnrtdy wdht` bnrrnw`rs, mof =26% jnr` khl`k

tn r`c`hv` m subprhj` rèhomoc` knmo.

=77. Shjhkmrky, td` Còt r enr R`spnoshbk` Kòfhoa‘s Onv`jb`r 27== R`pnrt

Knst Arnuof, 27==9 Fhspmrhth`s ho Jnrtama` Kòfhoa mof Enr`cknsur`s, stmt`f tdmt

‛rmchmk mof `tdohc fhee`ròc`s ho enr`cknsur` rmt`s p`rshst `vò met`r mccnuothoa enr

fhee`ròc`s ho bnrrnw`r hocnj`s.‚ Eurtd`r, td` Còt`r stmt`f ht hs ‛pmrthcukmrky

trnubk`snj`‚ tdmt jhonrhth`s r`c`hv`f rhslh`r knmos ‛`vò whtdho \shjhkmrZ cr`fht

rmoa`s.‚ Enr `xmjpk`, mjnoa bnrrnw`rs dmvhoa EHCN scnr`s mbnv` 557, td` hochfòc

ne dhad`r rmt` knmos mjnoa vmrhnus arnups wms ms enkknws9 wdht`s – 5.2%< Merhcmo-

Mj`rhcmo – 2=.6%< mof Kmthon – =8.3%.

=7=. Jnr`nv`r, fmtm r`pnrt`f by td` Bmol mof mvmhkmbk` tdrnuad pubkhc

fmtmbms`s sdnws tdmt jhonrhth`s ho Kns Moa`k`s r`c`hv`f pr`fmtnry knmo t`rjs ernj

IWJnramo jnr` er`quòtky tdmo wdht` bnrrnw`rs, ràmrfk`ss ne cr`fhtwnrtdho`ss.

=72. M ràr`sshno momkyshs ne tdhs fmtm cnotrnkkhoa enr bnrrnw`r rmc` mof

nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms cr`fht dhstnry, knmo tn vmku` rmthn, mof td` rmthn n

knmo mjnuot tn hocnj` f`jnostrmt`s tdmt, ernj 2776-27==, mo Merhcmo-Mj`rhcmo

bnrrnw`r ho Kns Moa`k`s wms =.180 thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmowms m wdht` bnrrnw`r pnss`sshoa shjhkmr uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs.

Vd` ràr`sshno momkyshs eurtd`r f`jnostrmt`s tdmt td` nffs tdmt m Kmthon bnrrnw`r ho

Kns Moa`k`s wnukf r`c`hv` m pr`fmtnry knmo w`r` =.015 thj`s td` nffs tdmt m wdht`

bnrrnw`r pnss`sshoa shjhkmr uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs wnukf r`c`hv`






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5

1

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8

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27

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22

23

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pr`fmtnry knmo. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot

fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mof

wdht` bnrrnw`rs.28

=73. Vd` ràr sshno momkyshs mksn sdnws tdmt td`s` fhspmrhth`s p`rshst wdò

cnjpmrhoa noky Kns Moa`k`s-bms`f bnrrnw`rs whtd EHCN scnr`s mbnv` 557. Mo

Merhcmo-Mj`rhcmo bnrrnw`r whtd m EHCN scnr` mbnv` 557 wms 2.725 thj`s jnr` khl`

tn r`c`hv` m pr`fmtnry knmo tdmo wms m wdht` bnrrnw`r whtd shjhkmr uof`rwrhthoa mof

bnrrnw`r cdmrmct`rhsthcs. M Kmthon bnrrnw r whtd m EHCN scnr` mbnv` 557 wms =.185

thj`s jnr` khl`ky tn r`c`hv` m pr`fmtnry knmo tdmo wms m wdht` bnrrnw`r whtd shjhkmr

uof`rwrhthoa mof bnrrnw`r cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro n

stmthsthcmkky shaohehcmot fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs

mof b`tw`ò Kmthon mof wdht` bnrrnw`rs.

=76. M shjhkmr ràr`sshno momkyshs tmlhoa hotn mccnuot td` rmchmk jmlùp ne td

bnrrnw`r‘s o`hadbnrdnnf rmtd r tdmo td` hofhvhfumk bnrrnw`r‘s rmc` sdnws tdmt

bnrrnw`rs ho d`mvhky jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s w`r` jnr khl`ky tn

r`c`hv` pr`fmtnry knmos tdmo bnrrnw`rs ho d`mvhky wdht` o`hadbnrdnnfs. Enr `xmjpk`

m bnrrnw`r ho m d`mvhky jhonrhty còsus trmct (còsus trmct cnoshsthoa ne mt k`mst 47%

Merhcmo-Mj`rhcmo nr Kmthon dnus`dnkfs) wms 2.25= thj`s jnr` khl`ky tdmo wms m

bnrrnw`r whtd shjhkmr cdmrmct`rhsthcs ho m d`mvhky wdht` o`hadbnrdnnf (còsus trmct

whtd mt k`mst 47% wdht` dnus`dnkfs) tn r`c`hv` m pr`fmtnry knmo. Vd`s` nffs rmthns

f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot fhee`ròc`s b`tw`ò Merhcmo-

Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mof wdht` bnrrnw`rs.

=70. Vdhs fmtm mksn stmbkhsd`s tdmt IWJnramo fhsprnpnrthnomt ky hssu`fanv`rojòt knmos whtd dhad`r rhsl e`mtur`s (EDM/UM) tn Merhcmo-Mj`rhcmo mof

Kmthon bnrrnw`rs ho Kns Moa`k`s ernj 2778-27==. M ràr`sshno momkyshs cnotrnkkhoa

28 Ms mkkà`f tdrnuadnut td` Cnjpkmhot, mkk rè`ròc`s tn td` fmt` rmoa` 2776-27==

mr` hotòf`f tn hockuf` td` thj` p`rhnf up tn mof hockufhoa F`c`jb`r 3=, 27==.






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8

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enr bnrrnw`r rmc` mof nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms rmthn ne knmo mjnuot tn

hocnj` f`jnostrmt`s tdmt mo Merhcmo-Mj`rhcmo bnrrnw`r wms 2.557 thj`s jnr` khl`ky

tn r`c`hv` m dhad`r rhsl anv`rojòt knmo tdmo wms m wdht` bnrrnw`r pnss`sshoa shjhkm

bnrrnw`r mof uof`rwrhthoa cdmrmct`rhsthcs. Vd` ràr`sshno momkyshs eurtd`r

f`jnostrmt`s tdmt m Kmthon bnrrnw`r wms 2.401 thj`s jnr` khl`ky tn r`c`hv` m dhad`r

rhsl anv`rojòt knmo tdmo wms m wdht` bnrrnw`r pnss`sshoa shjhkmr bnrrnw`r mof

uof`rwrhthoa cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt ro ne stmthsthcmkky

shaohehcmot fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò

Kmthon mof wdht` bnrrnw`rs ho td` Chty.

=75. Vdus, td` fhspmrhth`s mr ont td` r`sukt ne, nr ntd`rwhs` `xpkmho`f by,

kàhthjmt` ono-rmchmk uof`rwrhthoa crht`rhm.

@. IWJnramo‘s Vmra`thoa ne Jhonrhth`s wdn ho Emct R`c`hv` Wr`fmtnry KnmoV`rjs Ràmrfk`ss ne Cr`fhtwnrtdho`ss Cmus`s Enr`cknsur`s

=. Fmtm sdnws tdmt IWJnramo‘s enr`cknsur`s mr` fhsprnpnrthnomt`kykncmt`f ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s.

=71. IWJnramo dms hotòthnomkky tmra`t`f pr`fmtnry prmcthc`s mt Merhcmo-

Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof r`shfòts. Emr ernj b`hoa m r`spnoshbk`

prnvhf`r ne jucd-o``f`f cr`fht ho jhonrhty cnjjuohth`s, IWJnramo hs m k`mfhoa cmus

ne stmaomthno mof f`ckho` ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs wd`r` hts

enr`cknsur`s mr` cnocòtrmt`f. Sp`chehcmkky, shoc` mt k`mst 2777, hts enr`cknsur`s dmv`

b`ò cnocòtrmt`f ho o`hadbnrdnnfs whtd Merhcmo-Mj`rhcmo nr Kmthon pnpukmthnos

`xc``fhoa 47%.

=74. Mktdnuad noky 27.6% ne IWJnramo‘s knmo nrhahomthnos ho Kns Moa`k`s

ernj 2776 tn 27== w`r` ho còsus trmcts tdmt mr` mt k`mst 47% Merhcmo-Mj`rhcmo nrKmthon, 26.0% ne knmo nrhahomthnos tdmt dmf òt`r`f enr`cknsur` by E`brumry 27=3 w`r

ho tdns` còsus trmcts. Shjhkmrky, wdhk` noky 35.7% ne IWJnramo‘s knmo nrhahomthnos h

Kns Moa`k`s ernj 2776 tn 27== nccurr`f ho còsus trmcts tdmt mr` mt k`mst 07%

Merhcmo-Mj`rhcmo nr Kmthon, 63.3% ne IWJnramo‘s knmo nrhahomthnos tdmt dmf òt`r`f






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2

3

6

0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- 3 1 -

enr`cknsur` by E`brumry 27=3 w`r` ho tdns` còsus trmcts. Jnr`nv`r, wdhk` 38.6% ne

IWJnramo‘s knmo nrhahomthnos ho Kns Moa`k`s ernj 2776 tn 27== nccurr`f ho còsus

trmcts tdmt w`r` k`ss tdmo 27% Merhcmo-Mj`rhcmo nr Kmthon, noky 37.2% ne IWJnramo

knmo nrhahomthnos tdmt dmf òt`r`f enr`cknsur` by E`brumry 27=3 w`r` ho tdns` còsus

trmcts. Vdhs fmtm f`jnostrmt`s m pmtt`ro ne stmthsthcmkky shaohehcmot fhee ròc`s b`tw``

Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mof wdht` bnrrnw`rs.

=78. Vd` enkknwhoa jmp r pr`sòts td` cnocòtrmthno ne IWJnramo‘s knmo

nrhahomthnos ernj 2776 tdrnuad 27== tdmt dmf òt`r`f enr`cknsur` by E`brumry 27=3 h

Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs. Ho mffhthno tn td` fhsprnpnrthnomt`

fhstrhbuthno ne IWJnramo enr`cknsur`s ho Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnf

fhspmrmt` rmt`s ne enr`cknsur` bms`f no rmc` eurtd`r f`jnostrmt` IWJnramo‘s emhkur` tn

enkknw r`spnoshbk` uof rwrhthoa prmcthc`s ho jhonrhty o`hadbnrdnnfs. Qdhk` =8.2% n

IWJnramo‘s knmos ho pr`fnjhomotky (ar`mt`r tdmo 47%) Merhcmo-Mj`rhcmo nr Kmthon

o`hadbnrdnnfs r`sukt ho enr`cknsur`, td` smj` hs tru` enr noky 8.4% ne hts knmos ho

pr`fnjhomotky (ar`mt`r tdmo 47%) wdht` o`hadbnrdnnfs. Ho ntd`r wnrfs, m IWJnramo

knmo ho m pr`fnjhomotky Merhcmo-Mj`rhcmo nr Kmthon o`hadbnrdnnf hs 2.=87 thj`s

jnr` khl`ky tn r`sukt ho enr`cknsur` ms hs m IWJnramo knmo ho m pr`fnjhomotky wdht`

o`hadbnrdnnf. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot

fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mof

wdht` bnrrnw`rs.






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0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- 3 4 -

==7. Vdus, IWJnramo‘s fhscr`thnomry kòfhoa pnkhch`s mof pmtt`ro nr prmcthc`

ne tmra`thoa ne jhonrhth`s, wdn ho emct r`c`hv` pr`fmtnry knmo t`rjs ràmrfk`ss ne

cr`fhtwnrtdho`ss, dmv` cmus`f mof cnothou` tn cmus` enr`cknsur`s ho Kns Moa`k`s.

2. Fmtm sdnws tdmt IWJnramo‘s knmos tn jhonrhth`s r`sukt ho `sp`chmkkyquhcl enr`cknsur`s.

===. M cnjpmrhsno ne td` thj` ernj nrhahomthno tn enr`cknsur` ne IWJnramo‘s

knmos nrhahomt`f ho Kns Moa`k`s sdnws m jmrl`f fhspmrhty whtd r`sp`ct tn td` sp``f

whtd wdhcd knmos tn Merhcmo-Mj`rhcmos mof Kmthons mof wdht`s jnv` hotn enr`cknsur`

Vd` mv`rma` thj` tn enr`cknsur` enr Merhcmo-Mj rhcmo bnrrnw`rs hs 2.875 y`mrs, mof

enr Kmthon bnrrnw`rs hs 2.138 y`mrs. By cnjpmrhsno, td` mv`rma` thj` tn enr`cknsurènr wdht` bnrrnw`rs hs 3.207 y`mrs. Vd`s` stmthsthcmkky shaohehcmot fhspmrhth`s

f`jnostrmt` tdmt IWJnramo maar`sshv`ky jnv`f jhonrhty bnrrnw`rs hotn enr`cknsur`

ms cnjpmr`f whtd dnw td` Bmol dmofk`f enr`cknsur`s enr wdht` bnrrnw`rs.






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5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

2=

22

23

26

20

25

21

24

- 3 8 -

==2. Vdhs fhspmrhty ho thj` tn enr`cknsur` hs eurtd`r `vhfòc` tdmt IWJnramo hs

òama`f ho kòfhoa prmcthc`s cnoshstòt whtd r`v`rs` r`fkhohoa. Vd` fhspmrhty ho thj`

tn enr`cknsur` f`jnostrmt`s tdmt IWJnramo hs òama`f ho hrr`spnoshbk` uof`rwrhthoa h

Merhcmo-Mj`rhcmo mof Kmthon cnjjuohth`s tdmt fn`s ont s`rv` td` b`st hot`r`sts ne

bnrrnw`rs. He IWJnramo w`r mppkyhoa td` smj` uof`rwrhthoa prmcthc`s ho Merhcmo-

Mj`rhcmo mof Kmthon o`hadbnrdnnfs mof wdht` o`hadbnrdnnfs ho Kns Moa`k`s, td`r`

wnukf ont b` m shaohehcmot fhee`ròc` ho thj` tn enr`cknsur . Q`r` IWJnramo

uof`rwrhthoa bnrrnw`rs ho bntd cnjjuohth`s whtd `qumk cmr` mof mttòthno tn prnp`r

uof`rwrhthoa prmcthc`s, bnrrnw`rs ho Merhcmo-Mj`rhcmo mof Kmthon cnjjuohth`s

wnukf ont ehof td`js`kv`s ho ehomochmk strmhts shaohehcmotky snno`r furhoa td` khv`s ne

td`hr knmos tdmo bnrrnw`rs ho wdht` cnjjuohth`s. Vd` emst`r thj` tn enr`cknsur ho

Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs hs cnoshstòt whtd uof`rwrhthoa prmcthc`

ho jhonrhty cnjjuohth`s tdmt mr` k`ss cnoc`ro`f whtd f`t`rjhohoa m bnrrnw`r‘s mbhkht

tn pmy mof qumkhehcmthnos enr td` knmo tdmo td`y mr` ho jmxhjhzhoa sdnrt-t`rj prneht.

==3. Vd` DPF/Vr`msury R`pnrt cnoehrjs tdmt thj` tn enr cknsur` hs mo

hjpnrtmot hofhcmtnr ne pr`fmtnry prmcthc`s9 ‛\tZd` sp``f whtd wdhcd td` subprhj`

knmos ho td`s` cnjjuohth`s dmv` ano` tn enr`cknsur` suaa`sts tdmt snj` kòf`rs jmy

b` jmlhoa jnrtama` knmos tn bnrrnw`rs wdn fhf ont dmv` td` mbhkhty tn r`pmy tdns`

knmos mt td` thj` ne nrhahomthno.‚37

3. Fmtm sdnws tdmt td` fhscrhjhomtnry knmo t`rjs cmus` td` enr`cknsur`

==6. IWJnramo‘s fhscrhjhomtnry kòfhoa prmcthc`s cmus` enr`cknsur`s mof

vmcmoch`s ho jhonrhty cnjjuohth`s ho Kns Moa`k`s.

==0. St``rhoa bnrrnw`rs hotn knmos tdmt mr` k`ss mfvmotma`nus tdmo knmos enrwdhcd td`y qumkhey, hockufhoa st``rhoa bnrrnw`rs wdn qumkhey enr prhj` knmos hotn

subprhj` knmos, cmo cmus` enr`cknsur`s b`cmus` td` bnrrnw`rs mr` r`quhr`f tn jml`

dhad`r knmo pmyjòts. Vd` fhee`ròc` b`tw`ò wdmt m bnrrnw`r wdn hs st``r`f ho tdh

37 DPF/Vr`msury R`pnrt mt 20.






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20

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- 6 = -

vmku` rmthn, mof td` rmthn ne knmo mjnuot tn hocnj` f`jnostrmt`s tdmt m pr`fmtnry knmo

hs =.125 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` tdmo hs m ono-pr`fmtnry knmo.

==4. Vd` ràr`sshno momkyshs eurtd`r f`jnostrmt`s tdmt m pr`fmtnry knmo ho m

d`mvhky jhonrhty o`hadbnrdnnf (còsus trmct cnoshsthoa ne mt k`mst 47% Merhcmo-

Mj`rhcmo mof Kmthon dnus`dnkfs) hs 2.865 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` m

hs m ono-pr`fmtnry knmo whtd shjhkmr rhsl cdmrmct`rhsthcs ho m d`mvhky wdht`

o`hadbnrdnnf (còsus trmct whtd mt k`mst 47% wdht` dnus`dnkfs). Vd`s` nffs rmthns

f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot fhee`ròc`s b`tw`ò Merhcmo-

Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mof wdht` bnrrnw`rs.

==8. Vd` ràr sshno momkyshs mksn f`jnostrmt`s tdmt m pr`fmtnry knmo jmf` tn

mo Merhcmo-Mj`rhcmo bnrrnw`r wms =.501 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` m

wms m ono-pr`fmtnry knmo jmf` tn m wdht` bnrrnw`r whtd shjhkmr bnrrnw`r mof

uof`rwrhthoa cdmrmct`rhsthcs. M pr`fmtnry knmo jmf` tn m Kmthon bnrrnw`r wms 2.232

thj`s ms khl`ky tn r`sukt ho enr`cknsur` ms wms m ono-pr`fmtnry knmo jmf` tn m wdht`

bnrrnw`r whtd shjhkmr rhsl cdmrmct`rhsthcs. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne

stmthsthcmkky shaohehcmot fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs,

mof b`tw`ò Kmthon mof wdht` bnrrnw`rs.

=27. M ràr`sshno momkyshs ne anv`rojòt knmos (EDM/UM) hssu`f by

IWJnramo ho Kns Moa`k`s ernj 2778-27==, cnotrnkkhoa enr bnrrnw`r rmc` mof

nbi`cthv` rhsl cdmrmct`rhsthcs sucd ms rmthn ne knmo mjnuot tn hocnj`, f`jnostrmt`s tdm

m anv`rojòt knmo hs 0.008 thj`s jnr` khl`ky tn r`sukt ho enr`cknsur` ms hs m ono-

anv`rojòt knmo. Vd`s` nffs rmthns f`jnostrmt` m pmtt`ro ne stmthsthcmkky shaohehcmot

fhee`ròc`s b`tw`ò Merhcmo-Mj`rhcmo mof wdht` bnrrnw`rs mof b`tw`ò Kmthon mofwdht` bnrrnw`rs.






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1

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8

=7

==

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=3

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27

2=

22

23

26

20

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21

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- 6 2 -

UH. HOIPRX VN KNS MOA@K@S CMPS@F BX IWJNRAMO‘SFHSCRHJHOMVNRX KNMO WRMCVHC@S

=2=. Kns Moa`k`s dms suee r`f ehomochmk hoiurh`s ms m fhr`ct r`sukt ne

IWJnramo‘s pmtt`ro nr prmcthc` ne r`v`rs` r`fkhohoa mof td` r`sukthoa

fhsprnpnrthnomt ky dhad rmt` ne enr`cknsur` no IWJnramo knmos tn Merhcmo-Mj`rhcmos

mof Kmthons ho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s. Kns Moa`k`s s``ls r`fr`ss en

td`s` hoiurh`s. Vd` Chty fn`s ont s``l r`fr`ss ho tdhs mcthno enr hoiurh`s r`sukthoa ernj

enr`cknsur`s no jnrtama`s nrhahomt`f by kòf`rs ntd`r tdmo IWJnramo.

=22. IWJnramo cnothou`s tn òama` ho td` fhscrhjhomtnry pmtt`ro nr prmcthc`

f`scrhb`f d`r`ho whtd shjhkmr mof cnothouhoa f`k`t`rhnus cnos`quòc`s tn td` Chty.

=23. Vd` Chty s``ls fmjma`s bms`f no r`fuc`f prnp`rty tmx r`vòu`s bms`f n

(m) td` f`cr`ms`f vmku` ne td` enr`ckns`f prnp`rth`s td`js`kv`s, mof (b) td` f`cr`ms`f

vmku` ne prnp`rth`s surrnuofhoa td` enr`ckns`f prnp`rth`s. Ho mffhthno, td` Chty s``ls

fmjma`s bms`f no juohchpmk s`rvhc`s tdmt ht sthkk just prnvhf` tn r`j`fy bkhadt mof

uosme` mof fmoa`rnus cnofhthnos wdhcd `xhst mt vmcmot prnp`rth`s tdmt òt`r`f

enr`cknsur` ms m r`sukt ne IWJnramo‘s hkkàmk kòfhoa prmcthc`s.

M.

Kns Moa`k`s dms b`ò Hoiur`f by m R`fucthno ho Wrnp`rty Vmx R`vòu`sernj Enr`cknsur`s Cmus`f by Fhscrhjhomtnry Knmos Hssu`f by IWJnramo

=26. Ms stmt`f ho m S`pt`jb`r 27== R`pnrt by td` Mkkhmoc` ne Cmkhenrohmos en

Cnjjuohty @jpnw`rjòt mof td` Cmkhenrohm R`hov`stjòt Cnmkhthno, othtk`f Vd`

Qmkk Str``t Qr`clhoa Bmkk9 Qdmt Enr`cknsur`s mr` Cnsthoa Kns Moa`k`s

O`hadbnrdnnfs (‛Cnst tn Kns Moa`k`s R`pnrt‚), ‛\wZdò m dnj` emkks hotn enr`cknsur

ht mee`cts td` prnp`rty vmku` ne td` enr`ckns`f dnj` ms w`kk ms td` vmku`s ne ntd`r

dnj`s ho td` o`hadbnrdnnf.‚ Vd`s` f`cr`ms`f prnp`rty vmku`s ho turo r fuc` prnp`rttmx r`vòu`s tn td` Chty.

=20. ‛Ms prnp rty vmku`s frnp mo `sthjmt f $14.4 bhkkhno, Kns Moa`k`s

cnjjuohth`s cnukf kns` ms jucd ms $64= jhkkhno ho prnp`rty tmx r`vòu`‚ ernj td`






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8

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- 6 3 -

f`cr`ms`f vmku` ne td` enr`ckns`f dnj`s td`js`kv`s mof tdns` ho td` surrnuofhoa

o`hadbnrdnnfs.3=

=25. Vn b` ck`mr, vmcmoch`s mof sdnrt smk`s `vò prhnr tn cnjpk`thno ne

enr`cknsur` mksn r`sukt ho fhjhohsd`f dnj` vmku`s. Hof``f, ‛\hZo =2 stmt`s, hockufhoa

Cmkhenrohm, Eknrhfm, Mrhznom, O`w Xnrl mof O`w I`rs`y, pr`-enr`cknsur` smk`s mctumkk

nutoujb`r`f R@N smk`s.‚32 Sucd fhstr ss`f smk`s r fuc` prnp rty vmku`s.33

=. Vd` f`cr`ms`f vmku` ne td` prnp`rth`s enr`ckns`f by IWJnramo r`sukho r`fuc`f prnp`rty tmx r`vòu`s.

=21. Vd` Cnst tn Kns Moa`k`s R`pnrt stmt`s tdmt ‛\hZt hs `sthjmt`f tdmt dnj`s h

enr`cknsur` `xp`rhòc` m 22% f`ckho` ho vmku`.‚36

=24. Enr `xmjpk`, ‛\tZdmt j`mos td` hjpmct ne td` 277,777 enr`cknsur`s

`sthjmt`f enr td` p`rhnf 2774 tdrnuad 27== whkk b` jnr` tdmo $25 bhkkhno ho knst dnj

vmku` ho cnjjuohth`s mcrnss Kns Moa`k`s.‚30

M pnrthno ne tdhs knst dnj` vmku` hs

mttrhbutmbk` tn dnj`s enr`ckns`f ms m r`sukt ne IWJnramo‘s fhscrhjhomtnry knmo

prmcthc`s.

=28. Vd` f`cr`ms`f prnp`rty vmku`s ne enr`ckns`f dnj`s ho turo r fuc`

prnp`rty tmx r vòu`s tn td` Chty mof cnosthtut` fmjma`s suee`r`f by Kns Moa`k`s.2. Vd` f`cr`ms`f vmku` ne prnp`rth`s ho td` o`hadbnrdnnfs surrnuofhoa

enr`ckns`f prnp`rth`s r`sukts ho r`fuc`f prnp`rty tmx r`vòu`s.

=37. IWJnramo enr`cknsur` prnp`rth`s mof td` prnbk`js mssnchmt`f whtd td`j

khl`whs` cmus` `sp`chmkky shaohehcmot f`ckho`s ho surrnuofhoa prnp`rty vmku`s b`cmus`

td` o`hadbnrdnnfs b`cnj` k`ss f`shrmbk`. Vdhs ho turo r`fuc`s td` prnp`rty tmx

r`vòu`s cnkk`ct`f by Kns Moa`k`s.

3= Cnst tn Kns Moa`k`s R`pnrt mt 3.32 S`` dttp9//www.r`mktytrmc.cnj/cnotòt/o`ws-mof-nphohno/sdnrt-smk`s-hocr`mshoa

ho-27=2--sdnrt-smk`-prnc`ss----r`mktytrmc-1276. 33 S`` dttp9//www.r`mktytrmc.cnj/cnotòt/enr`cknsur`-jmrl`t-r`pnrt/us-enr`cknsur`

smk`s-mof-sdnrt-smk`s-r`pnrt-q=-27=3-1132. 36 Hf .30

Hf .






=

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5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

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27

2=

22

23

26

20

25

21

24

- 6 6 -

=3=. Wrnp`rty tmx knss`s suee`r`f by Kns Moa`k`s ms m r`sukt ne IWJnramo‘s

enr`cknsur`s mr` eukky cmpmbk` ne jphrhcmk qumothehcmthno.

=32. Rnutho`ky jmhotmho`f prnp`rty tmx mof ntd`r fmtm mkknw enr td` pr`chs`

cmkcukmthno ne td` prnp`rty tmx r`vòu`s knst by td` Chty ms m fhr`ct r`sukt ne pmrthcukmr

IWJnramo enr`cknsur`s. Pshoa m w`kk-`stmbkhsd`f stmthsthcmk ràr`sshno t`cdohqu` tdmt

encus`s no èe`cts no o`hadbnrhoa prnp`rth`s, td` Chty cmo hsnkmt` td` knst prnp`rty

vmku` mttrhbutmbk` tn IWJnramo enr`cknsur`s ernj knss`s mttrhbutmbk` tn ntd`r cmus`s,

sucd ms o`hadbnrdnnf cnofhthnos. Vdhs t`cdohqu`, lonwo ms d`fnohc ràr`sshno, wd`

mppkh`f tn dnushoa jmrl`ts, hsnkmt`s td` emctnrs tdmt cnotrhbut` tn td` vmku` ne m

prnp`rty by stufyhoa tdnusmofs ne dnushoa trmosmcthnos. Vdns` emctnrs hockuf` td` shz

ne m dnj`, td` oujb`r ne b`frnnjs mof bmtdrnnjs, wd`td`r td` o`hadbnrdnnf hs sme`

wd`td`r o`hadbnrhoa prnp`rth`s mr` w`kk-jmhotmho`f, mof jnr`. D`fnohc momkyshs

f`t`rjho`s td` cnotrhbuthno ne `mcd ne td`s` dnus` mof o`hadbnrdnnf cdmrmct`rhsthcs t

td` vmku` ne m dnj`.

=33. Vd` oujb`r ne enr`cknsur`s ho m o`hadbnrdnnf hs no` ne td` o`hadbnrdnn

trmhts tdmt d`fnohc momkyshs cmo `xmjho`. D`fnohc momkyshs mkknws enr td` cmkcukmthno

ne td` hjpmct no m prnp`rty‘s vmku` ne td` ehrst enr`cknsur` ho ckns` prnxhjhty (`.a., ⅜

nr » ne m jhk`), td` mv`rma` hjpmct ne subs`quòt enr`cknsur`s, mof td` hjpmct ne td`

kmst enr`cknsur`.

=36. Enr`cknsur`s mttrhbutmbk` tn IWJnramo ho jhonrhty o`hadbnrdnnfs ho Kns

Moa`k`s cmo b` momkyz`f tdrnuad d`fnohc ràr`sshno tn cmkcukmt` td` r`sukthoa knss ho

td` prnp`rty vmku`s ne o`mrby dnj`s. Vdhs knss cmo b` fhsthoauhsd`f ernj moy knss

mttrhbutmbk` tn ono-IWJnramo enr`cknsur s nr ntd`r cmus`s. Vd` knss ho prnp`rty vmkuho jhonrhty o`hadbnrdnnfs ho Kns Moa`k`s mttrhbutmbk` tn IWJnramo‘s uokmweuk mcts

mof cnos`quòt enr`cknsur`s cmo b` us`f tn cmkcukmt` td` Chty‘s cnrr`spnofhoa knss ho

prnp`rty tmx r vòu`s.






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5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

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27

2=

22

23

26

20

25

21

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- 6 0 -

=30. Umrhnus stufh`s `stmbkhsd tdmt d`fnohc ràr sshno cmo b` us`f enr tdhs

purpns`. M stufy pubkhsd`f by td` Emooh` Jm` Enuofmthno, ushoa Cdhcman ms mo

`xmjpk`, f`t`rjho`f tdmt `mcd enr`cknsur` hs r`spnoshbk` enr mo mv`rma` f`ckho` ne

mpprnxhjmt`ky =.=% ho td` vmku` ne `mcd shoak`-emjhky dnj` whtdho mo `hadtd ne m

jhk`.35

=35. Ntd`r stufh`s dmv` encus`f no td` hjpmct ne mbmofno`f dnj`s no

surrnuofhoa prnp rty vmku`s. M stufy ho Wdhkmf`kpdhm, enr `xmjpk`, enuof tdmt `mcd

dnj` whtdho =07 e``t ne mo mbmofno`f dnj` f`ckho`f ho vmku` by mo mv`rma` ne

$1,521< dnj`s whtdho =07 tn 288 e``t f`ckho`f ho vmku` by $5,4=7< mof dnj`s whtdho

377 tn 668 e``t f`ckho`f ho vmku` by $3,062.31

=31. Vd`s` stufh`s dhadkhadt td` enr`s``mbhkhty ne tmx r`kmt`f dmrj tn td` Chty

ms td` r`sukt ne enr`cknsur`s mrhshoa ernj fhscrhjhomtnry knmos.

=34. Mof jnst r`còtky, td` Cnst tn Kns Moa`k`s R`pnrt stmt`f, ‛\hZt hs

cnos`rvmthv`ky `sthjmt`f tdmt `mcd enr`ckns`f prnp`rty whkk cmus` td` vmku` ne

o`hadbnrhoa dnj`s whtdho mo `hadtd ne m jhk` tn frnp 7.8%.‚ Vdus, ‛\hZo Kns Moa`k`

hjpmct`f dnj`nwo`rs cnukf `xp`rhòc` prnp`rty f`vmkumthno ne $03 bhkkhno.‚ Vdhs

f`cr`ms`f prnp`rty vmku` ne o`hadbnrhoa dnj`s ho turo r`fuc`s prnp`rty tmx r`vòu`s

tn td` Chty.

=38. Mppkhcmthno ne sucd D`fnohc r ar`sshno j`tdnfnknay tn fmtm ràukmrky

jmhotmho`f by Kns Moa`k`s cmo b` us`f tn qumothey pr`chs`ky td` prnp`rty tmx hoiury t

td` Chty cmus`f by IWJnramo‘s fhscrhjhomtnry kòfhoa prmcthc`s mof r`sukthoa

enr`cknsur`s ho jhonrhty o`hadbnrdnnfs.

35 S`` Fmo Hjj`rakucl & A`nee Sjhtd, Vd` @xt`romk Cnsts ne Enr`cknsur`9 Vd`

Hjpmct ne Shoak`-Emjhky Jnrtama` Enr`cknsur`s no Wrnp`rty Umku`s, =1 DNPSHOAWNKHCX F@BMV@ 01 (2775) mt 58.

31 S`` Moo` B. Sdkmy & Anrfno Qdhtjmo, R`s`mrcd enr F`jncrmcy9 KholhoaCnjjuohty Nramohzhoa mof R`s`mrcd tn K`v`rma` Bkhadt Wnkhcy, mt 2= (2776).






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0

5

1

4

8

=7

==

=2

=3

=6

=0

=5

=1

=4

=8

27

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22

23

26

20

25

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- 6 5 -

B. Kns Moa`k`s Hs Hoiur`f B`cmus` Ht Sthkk Just Wrnvhf` Cnstky JuohchpmkS`rvhc`s enr Wrnp`rth`s ho Jhonrhty O`hadbnrdnnfs tdmt Dmv` B`cnjÙmcmot ms m Fhr`ct R`sukt ne Fhscrhjhomtnry Knmos Nrhahomt`f nrWurcdms`f by IWJnramo

=67. Umcmot IWJnramo enr`cknsur` prnp`rth`s cmus` fhr ct cnsts tn td` Chty

b`cmus` td` Chty hs r quhr`f tn prnvhf` hocr`ms`f juohchpmk s`rvhc`s mt td`s`

prnp`rth`s. @vò prhnr tn cnjpk`thno ne td` enr`cknsur` prnc`ss, fmtm sdnws tdmt 27%

ne dnj`s mr` vmcmt`f.34

Vd`s` hocr`ms`f juohchpmk s`rvhc`s wnukf ont dmv` b`ò

o`c`ssmry he td` prnp`rth`s w`r` nccuph`f.

=6=. Enr `xmjpk`, td` Chty‘s Wnkhc` F`pmrtjòt just sòf p`rsnoo`k mof

pnkhc` v`dhck`s tn vmcmot IWJnramo enr`cknsur` prnp`rth s tn r`spnof tn pubkhc d`mktd

mof sme`ty tdr`mts tdmt mrhs` mt td`s` prnp`rth`s b`cmus` td` prnp`rth`s mr` vmcmot.

B`cmus` vhnkòt crhj` dms b`ò enuof tn hocr`ms` 2.33% enr `v`ry =% hocr`ms` ho

enr`cknsur`s, mjnoa ntd`r s`rvhc`s, KMWF just r`spnof tn cmkks r`pnrthoa susphchnus

mcthvhty mt vmcmot prnp`rth`s, p`renrj noanhoa hov`sthamthnos hovnkvhoa crhjhomk

mcthvhty, hockufhoa amoa mcthvhty, mt vmcmot prnp`rth`s.

=62. Khl`whs`, td` Cnf` @oenrc`jòt Bur`mu ne td` Kns Moa`k`s Buhkfhoa mo

Sme`ty F`pmrtjòt (‛Buhkfhoa mof Sme`ty F`pmrtjòt‚) just f`vnt` p`rsnoo`k thj`mof nut-ne-pncl`t euofs tn hosp`ct vmcmot prnp`rth`s mof hssu` nrf`rs enr vhnkmthnos ne

td` juohchpmk cnf` tn b` ehx`f. Qdò td` juohchpmk cnf` vhnkmthnos mr` ont ehx`f, td`

Buhkfhoa mof Sme`ty F`pmrtjòt hs r`quhr`f tn p`renrj c`rtmho s`rvhc`s, hockufhoa, bu

ont khjht`f tn, r`jnvhoa `xc`ss và`tmthno mt vmcmot prnp`rth`s, dmukhoa mwmy trmsd

mof f`brhs mt vmcmot prnp`rth`s, bnmrfhoa vmcmot prnp`rty ernj cmsumk òtry, putthoa u

eòchoa tn s`cur` vmcmot prnp`rth`s, putthoa up eòchoa tn pr`vòt mcc`ss tn swhjjhoa

pnnks by ynuoa cdhkfrò mt vmcmot prnp`rth`s, cnnrfhomthoa whtd td` Kns Moa`k`s

Cnuoty D`mktd F`pmrtjòt tn cd`jhcmkky tr`mt td` pnnks mt vmcmot prnp`rth`s tn pr`v`

jnsquhtns ernj br``fhoa, pmhothoa mof r`jnvhoa armeehth mt vmcmot prnp`rth`s,

34 S`` dttp9//www.r`mktytrmc.cnj/cnotòt/enr`cknsur`-jmrl`t-r`pnrt/nwo`r-vmcmt`f

enr`cknsur`-upfmt`-111=.






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5

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8

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27

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23

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=60= @. 06td St. 877==

0=71 Mkdmjbrm Mv`., 87732

234 @. Còtury Bkvf., 87773

6850 Q`stdmvò St., 877=5

=06=3 S. Nrcdmrf Mv`., 87261

=2=1 Bmy Uh`w Mv`., 87166

27=5 @. ==2td St., 87708

UHHH. SVMVPV@ NE KHJHVMVHNOS MOF CNOVHOPHOA UHNKMVHNOSFNCVRHO@

=65. Ms mkkà`f d`r`ho, Fèòfmot IWJnramo dms òama`f ho m cnothounus

pmtt`ro mof prmcthc` ne jnrtama` fhscrhjhomthno ho Kns Moa`k`s shoc` mt k`mst 2776 by

hjpnshoa fhee`ròt t`rjs nr cnofhthnos no m fhscrhjhomtnry mof kàmkky prndhbht`f

bmshs. Ho nrf`r tn jmxhjhz` prnehts mt td` `xpòs` ne td` Chty ne Kns Moa`k`s mof

jhonrhty bnrrnw`rs, IWJnramo mfmpt`f hts uokmweuk fhscrhjhomthno tn cdmoahoa jmrl

cnofhthnos. Vdhs uokmweuk pmtt`ro mof prmcthc` cnofuct hs cnothouhoa tdrnuad td`

pr`sòt mof dms ont t`rjhomt`f. Vd`rènr`, td` np`rmthv` stmtut` ne khjhtmthnos

anv`rohoa mcthnos brnuadt pursumot tn td` E`f`rmk Emhr Dnushoa Mct dms ont

cnjjòc`f tn ruo.

HT. CKMHJS ENR R@KH@E

EHRSV CKMHJ ENR R@KH@E

(Uhnkmthno ne td` E`f`rmk Emhr Dnushoa Mct, 62 P.S.C. §§ 357=, `t s`q.)=61. Wkmhothee r`p`mts mof hocnrpnrmt`s by rè`ròc` mkk mkkàmthnos cnotmho`f h

td` pr`c`fhoa pmrmarmpds ms he eukky s`t enrtd d`r`ho.

=64. Vd` Emhr Dnushoa Mct‘s stmt`f purpns` hs tn prnvhf`, ‛whtdho

cnosthtuthnomk khjhtmthnos, enr emhr dnushoa tdrnuadnut td` Poht`f Stmt`s.‚






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8

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27

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23

26

20

25

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- 6 8 -

=68. Ho cnotrmvòthno ne tdmt purpns`, IWJnramo‘s mcts, pnkhch`s, mof prmcthc`

ms f`scrhb`f cnosthtut` hotòthnomk kòfhoa fhscrhjhomthno no td` bmshs ne rmc`.

IWJnramo dms hotòthnomkky tmra`t`f r`shfòts ne pr`fnjhomotky Merhcmo-Mj`rhcmo mo

Kmthon o`hadbnrdnnfs ho Kns Moa`k`s enr fhee`ròt tr`mtjòt tdmo r`shfòts ne

pr`fnjhomotky wdht` o`hadbnrdnnfs ho Kns Moa`k`s whtd r`sp`ct tn jnrtama` kòfhoa

IWJnramo dms hotòthnomkky tmra`t`f r`shfòts ne td`s` o`hadbnrdnnfs enr dhad-cnst

knmos whtdnut ràmrf tn td`hr cr`fht qumkhehcmthnos mof whtdnut ràmrf tn wd`td`r td`y

qumkhey enr jnr` mfvmotma`nus knmos, hockufhoa prhj` knmos. IWJnramo dms

hotòthnomkky tmra`t`f r`shfòts ne td`s` o`hadbnrdnnfs enr hocr`ms`f hot`r`st rmt`s,

pnhots, mof e``s, mof enr ntd`r fhsmfvmotma`nus knmo t`rjs hockufhoa, but ont khjht`f

tn, mfiustmbk` rmt`s, pr`pmyjòt pòmkth`s, mof bmkknno pmyjòts. IWJnramo dms

hotòthnomkky tmra`t`f r`shfòts ne td`s` o`hadbnrdnnfs enr uoemhr mof f`c`pthv`

kòfhoa prmcthc`s ho cnoo`cthno whtd jmrl`thoa mof uof`rwrhthoa jnrtama` knmos.

=07. IWJnramo‘s mcts, pnkhch`s, mof prmcthc`s dmv` dmf mo mfv`rs` mof

fhsprnpnrthnomt hjpmct no Merhcmo-Mj`rhcmos mof Kmthons mof r`shfòts ne

pr`fnjhomotky Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs ho Kns Moa`k`s ms

cnjpmr`f tn shjhkmrky shtumt`f wdht`s mof r`shfòts ne pr`fnjhomotky wdht`

o`hadbnrdnnfs ho Kns Moa`k`s. Vdhs mfv`rs` mof fhsprnpnrthnomt` hjpmct hs td` fhr`c

r`sukt ne IWJnramo‘s pnkhch`s ne prnvhfhoa fhscr`thno tn knmo neehc`rs mof ntd`rs

r`spnoshbk` enr jnrtama` kòfhoa< emhkhoa tn jnohtnr tdhs fhscr`thno tn òsur` tdmt

bnrrnw`rs w`r b`hoa pkmc`f ho knmo prnfucts no m onofhscrhjhomtnry bmshs wdò

IWJnramo dmf onthc` ne whf`spr`mf prnfuct pkmc`jòt fhspmrhth`s bms`f no rmc` mof

omthnomk nrhaho< ahvhoa knmo neehc`rs mof ntd`rs r`spnoshbk` enr jnrtama` kòfhoa kmraèhomochmk hocòthv`s tn hssu` knmos tn Merhcmo-Mj rhcmos mof Kmthons tdmt mr` cnstkh`r

tdmo b`tt`r knmos enr wdhcd td`y qumkhey< ntd`rwhs` òcnurmahoa mof fhr`cthoa knmo

neehc`rs mof ntd`rs r`spnoshbk` enr jnrtama` kòfhoa tn st``r bnrrnw`rs hotn dhad-cnst

knmos nr knmos whtd mfiustmbk` rmt`s, pr`pmyjòt pòmkth`s, nr bmkknno pmyjòts






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8

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27

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- 0 7 -

whtdnut ràmrf enr wd`td`r td`y qumkhey enr b`tt`r knmos< mof s`tthoa hot`r`st rmt` cmps

Vd`s` pnkhch`s dmv` cmus`f Merhcmo-Mj`rhcmos mof Kmthons mof r`shfòts ne

pr`fnjhomotky Merhcmo-Mj`rhcmo mof Kmthon o`hadbnrdnnfs ho Kns Moa`k`s tn r`c`hv

jnrtama` knmos ernj IWJnramo tdmt dmv` jmt`rhmkky k`ss emvnrmbk` t`rjs tdmo

jnrtama` knmos ahvò by IWJnramo tn shjhkmrky shtumt`f wdht`s mof r`shfòts ne

pr`fnjhomotky wdht` o`hadbnrdnnfs ho Kns Moa`k`s, mof tdmt mr` jmt`rhmkky jnr`

khl`ky tn r`sukt ho enr`cknsur`.

=0=. IWJnramo‘s r`shfòthmk kòfhoa-r`kmt`f mcts, pnkhch`s, mof prmcthc`s

cnosthtut` r`v`rs` r`fkhohoa mof vhnkmt` td` Emhr Dnushoa Mct ms9

(m) Fhscrhjhomthno no td` bmshs ne rmc` mof omthnomk nrhaho ho jmlhoa

mvmhkmbk`, nr ho td` t`rjs mof cnofhthnos ne, r`shfòthmk r`mk `stmt`-r`kmt`f trmosmcthnos

ho vhnkmthno ne 62 P.S.C. § 3570(m)< mof

(b) Fhscrhjhomthno no td` bmshs ne rmc` mof omthnomk nrhaho ho td` t`rj

cnofhthnos, nr prhvhkà`s ne smk` ne m fw`kkhoa, ho vhnkmthno ne 62 P.S.C. § 3576(b).

=02. IWJnramo‘s pnkhch`s nr prmcthc`s mr` ont iustheh`f by busho`ss o`c`sshty n

kàhthjmt` busho`ss hot`r`sts.

=03. IWJnramo‘s pnkhch`s mof prmcthc`s mr` cnothouhoa.

=06. Vd` Chty hs mo ‛maarh`v`f p`rsno‚ ms fèho`f by 62 P.S.C. § 3572(h) mof

dms suee`r`f fmjma`s ms m r`sukt ne IWJnramo‘s cnofuct.

=00. Vd` Chty‘s fmjma`s hockuf` knst tmx r`vòu`s mof td` o``f tn prnvhf`

hocr`ms`f juohchpmk s`rvhc`s. Vd` knss ne tmx r vòu`s mt sp`chehc enr cknsur` sht`s mo

mt ckns`ky o`hadbnrhoa prnp`rth`s ho pr`fnjhomotky jhonrhty o`hadbnrdnnfs ne td` Cht

wms m enr`s``mbk` cnos`quòc` tdmt wms emhrky trmc`mbk` tn IWJnramo‘s fhscrhjhomtnrykòfhoa. Khl`whs`, td` o``f tn prnvhf` hocr`ms`f juohchpmk s`rvhc`s mt bkhadt`f

enr`cknsur` sht`s ho pr`fnjhomotky jhonrhty o`hadbnrdnnfs ne td` Chty wms m

enr`s``mbk` cnos`quòc` tdmt wms emhrky trmc`mbk` tn IWJnramo‘s fhscrhjhomtnry

kòfhoa.






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3

6

0

5

1

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8

=7

==

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27

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22

23

26

20

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- 0 2 -

F@JMOF ENR IPRX VRHMK

Wursumot tn E`f. R. Chv. W. 34(b), td` Chty f`jmofs m trhmk by iury no mkk hssu`s

sn trhmbk`.

WRMX@R ENR R@KH@E

QD@R@ENR@, td` Chty r`sp`cteukky prmys tdmt td` Cnurt armot ht td` enkknwhoa

r`khè9

M. @ot`r m f`ckmrmtnry iufajòt tdmt td` enrànhoa mcts, pnkhch`s, mof

prmcthc`s ne IWJnramo vhnkmt` 62 P.S.C. §§ 3576 mof 3570<

B. @ot`r m p`rjmoòt hoiuocthno oinhohoa IWJnramo mof hts fhr`ctnrs,

neehc`rs, maòts, mof `jpkny``s ernj cnothouhoa td` fhscrhjhomtnry cnofuct f`scrhb`f

d`r`ho, mof fhr`cthoa IWJnramo mof hts fhr`ctnrs, neehc`rs, maòts, mof `jpkny``s tn

tml` mkk meehrjmthv` st`ps o`c`ssmry tn r`j`fy td` èe`cts ne td` fhscrhjhomtnry cnofu

f`scrhb`f d`r`ho, mof tn pr`vòt mffhthnomk hostmoc`s ne sucd cnofuct nr shjhkmr

cnofuct ernj nccurrhoa ho td` eutur`, pursumot tn 62 P.S.C. § 35=3(c)(=)<

C. Mwmrf cnjpòsmtnry fmjma`s tn td` Chty ho mo mjnuot tn b` f`t`rjho`f

by td` iury tdmt wnukf eukky cnjpòsmt` td` Chty ne Kns Moa`k`s enr hts hoiurh`s cmus`

by td` cnofuct ne IWJnramo mkkà`f d`r`ho, pursumot tn 62 P.S.C. § 35=3(c)(=)<

F. Nrf`r IWJnramo tn fhsanra` hts wrnoaeukky nbtmho`f prnehts mof tn

prnvhf` r`sthtuthno tn td` Chty ms mkkà`f d`r`ho<

@. Mwmrf puohthv` fmjma`s tn td` Chty ho mo mjnuot tn b` f`t`rjho`f by td

iury tdmt wnukf puohsd IWJnramo enr td` whkkeuk, wmotno, mof r`clk`ss cnofuct mkkà`

d`r`ho, mof tdmt wnukf èe`cthv`ky f`t`r shjhkmr cnofuct ho td` eutur`, pursumot tn 62

P.S.C. § 35=3(c)(=)<E. Mwmrf td` Chty hts r`msnombk` mttnro`ys‘ e``s mof cnsts, pursumot tn 62

P.S.C. § 35=3(c)(2)<

A. R`quhr` pmyjòt ne pr`-iufajòt hot`r`st no jno`tmry fmjma`s< mof

D. Nrf`r sucd ntd`r r`khè ms tdhs Cnurt f``js iust mof `quhtmbk`.




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8

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==

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=3

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27

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22

23

26

20

FMV@F9 Jmy 37, 27=6 By /s/ Jhcdm`k Eù`rJhcdm`k Eù`r (SBO ===028)

Chty Mttnro`yImj`s W. Ckmrl (SBO 56147)Cdhè F`puty Chty Mttnro`yCHVX NE KNS MOA@K@S277 O. Jmho Str``t, Rnnj 477Kns Moa`k`s, CM 877=2Wdno`9 (2=3) 814-4=77Jhl`.eù`rGkmchty.nraImj`s.p.ckmrlGkmchty.nra

St`v` Q. B`rjmoDMA@OS B@RJMO SNBNK SDMWHRN KKW=8=4 @hadtd Mvòu`, Suht` 3377S`mttk`, QM 84=7=V`k`pdno`9 (275) 523-1282st`v`Gdbsskmw.cnj

@kmho` V. Bysz`wslh (SBO 222376)K`` J. Anrfno (SBO =16=54)DMA@OS B@RJMO SNBNK SDMWHRN KKW37= Onrtd Kml` Mvòu`, Suht` 273Wmsmfòm, CM 8==7=V`k`pdno`9 (2=3) 337-1=07`kmho`Gdbsskmw.cnjk``Gdbsskmw.cnj

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city of los angeles v jpmorgan chase & co. re: jpmorgan chase sued by the city of los angeles...

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