A/SABBREVIATIONACCEPT A BILLACCOUNT SALESACCURATEADDITIONAL CHARGESADVISEAFTER SIGHTAGAINST A RECEIPTAGENCY,sole AgencyAGENTAIRWAYBILLANOWLEDGEANOWLEDGE!ENTA!OUNTASSESSASSETSAT SIGHTATTACHAUTHORITESAVAILABILITYAVAILABLEAVE"AVERAGEAVERAGE#gene$%l %&e$'B/EB/LBALE#(e)l'BENEFICIARYBILLBILL OF LADINGBLANBLAN ENDORSEDBOARDBOO BRANCHBREADOWNBUL #(%l*'C+Fc/oCABLECALCULATECALL FORCANCELCARBOYCARRIERCASECASHCAS#*%,s*'CERTIFICATEce$-).)c%-e o. )ns/$%ncece$-).)c%-e o. o$)g)nCHANCECHARGEc).CIRCULARCLAI!CLAUSEco"COLLECTCOLLECTIONCO!!ERCIAL VEHICLECO!PENSATIONCO!PETECO!PETITIONCO!PETITIVECO!PETITIVE PRICESCO!PETITORCO!PLAINTCO!PONENTCONCISECONFIR!ATIONCONSIGNEE#*ons%)n),'CONSIGN!ENTCONSIGN!ENT NOTECONSIGN!ENT STOCCONSULTANCY FEECONSU!ERCONSU!ER GOODSCOSTcos- %n0 .$e)g1-cos- )ns/$%nce .$e)g1-CRATE#*$e)-'CREATE !ONEYCREDITORD/AD/P0/sDEALDEAL INDEAL WITHDEBTORDELAY0esc"DISCONT % 0$%.-/()llDISCONT#0)s*%/n-'DOCU!ENTDOCU!ENT OF TITLEDOCU!ENTARYDOCU!ENTARY BILLDOCU!ENTARY CREDIT0oc/2en-s %g%)ns- %cce3-%nce0oc/2en-s %g%)ns- 3%y2en-DRAFTDRAFTDRAW A BILLDRAW UPDRAWEEDRAWERDUEe"g"EFFECT PAY!ENTencl"ENCLOSEENCLOSUREENDORSEENDORSE!ENTEN4UIRYESSENCEESTABLISHe-c"E5CEEDE5CHANGEE5ECUTEE5ECUTIVEE5PANDE56WAREHOUSEE56WORSF"P"A"FACEFACE VALUEFACILITATE.%sFAVOURFAVOURABLEFEATUREFIR!FIR! OFFERFIR! ORDERFLOATING POLICY.o(.o$FORWARDFORWARDINGFORWARDING AGENT.o-FRANFREEFREE ALONGSIDEFREE ON BOARDFREE ON RAILFREE ON TRUCFREIGHT COLLECTFREIGHT PAIDFREIGHT PREPAIDFREIGHT#.$e)-'GO ABOUTGOODSGRANTGROSSHANDHEADINGHOLDERHONOURI(I!PORT LICENCEINDE!NIFYINDE!NITYINITIALINITIALSINSTRUCTINSTRUCTIONINSTRU!ENT OF 3%y2en-INSURANCEINSURANCE CERTIFICATEINSURANCE POLICYINSUREDINSURERINVOICEISSUEISSUING BANITE!EGINDL/CLAYOUTLEGALLETTER OF CREDITLETTER OR CREDITLETTERHEADLICENCELINELINERLOADLOADINGLODGELOSSL-0"!AIL!ANDATE!ARINE!AR!ATURE!ATURITY!EASURE!ENT!EASURE!ENTS!EET RE4UIRE!ENTS!ERCHANDISE!ISSINGNEGOTIABLENEGOTIATENEGOTIATE A DRAFTNETno"NO!INAL VALUENOTIFYO/NOBTAINOFFERO!ITONORDERORDERORIGINOVERSEASP/NPACPACINGPARTIAL LOSSPARTICULARPARTICULAR AVERAGEPARTICULARSPARTYPATTERNPAYABLEPAYEEPAY!ENT3lcPOLICYPORT OF DESTINATIONPORT OF DISCHARGEPORT OF ENTRYPORT OF LOADINGPOSTPOUNDPRE!IU!#3$)2)72'PRESENTPRICE LISTPRINCIPALPRO!ISSORY NOTEPROPOSALPROSPECTUSPROTESTPROVISIONP$o&)s)on,(%s)c 3"4-y"4UARTER4UOTATION4UOTE A PRICERANGERATE OF E5CHANGE$0"RERECEIPTRECORDREDUCEREDUCTION$e."REFERREFERENCEREFERENCEREFERRING TOREGULARRELEASERELIABILITYRE!ITTANCERENEWREPRESENTATIVERE4UESTRE4UIRERE4UIRE!ENTRESERVERETAILSACSALE PRO!OTIONSALUTATIONSEI8ESHIPPERSHIPPINGSHIPPING AGENTSHIPPING DOCU!ENTSSHIPPING INSTRUCTIONSSIGHTSIGHT BILL/DRAFTs9"SSs-"STATEDSTIPULATESTOCSTRESSSTURDYSUBSCRIBESUBSTANTIALSUPPLIERSUPPLY TTA5TENORTER!TER!S OF DELIVERYTER!S OF PAY!ENTTHIRD PARTYTI!E POLICY-l:TRANCHETRANSFERTRANSFERABLETRANSHIPTRANSHIP!ENTUU/PUNLOADUNLOADINGUSUSANCE BILLVVALIDVALIDITYVATVESSELVOLU!EVOYAGE POLICYWW"A"WAREHOUSEWEIGHWEIGHTWHOLE SALEWITHDRAWWITHINSOCIALLY o;ne0 c%3)-%lSTATE o;ne0 c%3)-%l(/s)ness #LEGAL' ENTITYBARTER TRADEo;n %sse-s-o-%l )n&es-2en-c/$$en- %sse-s)n-$o0/c-)ons%les 2%$*e- %n%lys)sPurchasing market/Suppliers market analysisEconomic and financial analysiscommercial) evaluation (*assessment)Concl/s)onl)2)-e0 l)%()l)-y co23%nyCO!PANY IDNACE Co0e # .o$ B/s)ness Ac-)&)-y's%le o. 2o-o$ &e1)cles.):e0 %sse-s$e&en/e-o-%l $e&en/eso/$ces o. ./n0)ng(%l%nce s1ee-Inco2e s-%-e2en-/3$o.)-6%n06loss s-%-e2en-es-)2%-e0 )n&es-2en- cos-s$%-e o. s%l%$y g$o;-13$o.)-%()l)-y $%-e3$o.)- -%:.o$e)gn e:c1%nge -$%ns%c-)on -%:)nco2e -%:3%y$oll -%:E:cess cos-sE:-$%o$0)n%$y loss,e:-$%o$0)n%$y e:3enses,con-)ngency e:3en0)-/$eE:-$%o$0)n%$y )nco2eec%',ne- $e&en/e #0$>%&n)'e:3o$- e%$n)ngse:-$% )nco2e, s/33le2en-%$y )nco2e,e:-$% $e&en/es-e%0y )nco2e.):e0 )nco2ec/$$en- $e&en/e)nco2e %n0 e:3en0)-/$e/$ece)3-s %n0 3%y2en-so3e$%-)ng e:3enseso3e$%-)ng 3$o.)- $%-eNe- 3$o.)- $%-e%.-e$ s%less%les $e&en/e$e-/$nso3e$%-)ng 3$o.)-$e-%)ne0 e%$n)ngse9)-y/e9)-y s1%$e c%3)-%l)ss/e0 c%3)-%l #2.'/s/(sc$)(e0 c%3)-%l./lly 3%)0 c%3)-%l #2.'/3%)06)n c%3)-%lsoc)%l *%3)-%ls-%-e o;ne0 c%3)-%l%cc$/%ls %n0 0e.e$$e0 )nco2e3$e3%y2en-s %n0 %cc$/e0 )nco2eDe.e$$e0 -%: l)%()l)-)esoperating income/o3e$%-)on%l $e&en/eDe..e$e0 -%: %sse-sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OMEO-1e$ l)%()l)-)es %$)s)ng .$o2 (/s)ness %c-)&)-)es/.$o2 o3e$%-)ons3$o.)- .$o2 o3e$%-)onsO..6(%l%nce %sse-s/con-)ngen- %sse-so..6(%l%nce l)%()l)-)es/con-)ngen- l)%()l)-)esc/$$$en- l)%()l)-)eso..6(%l%nce )-e23%y(%c*$%-)o;o$*)ng c%3)-%l2one-%$y-/$no&e$(/ye$s -/$no&e$ coe..)c)en-T/$no&e$ coe..)c)en- .o$ -o-%l (/s)ness %sse-s %c9/)s)-)on &%l/e2%-e$)%ls cos-s/2%-e$)%l e:3enses/cos- o. )n&en-o$y /se0&/lne$%()l)-y %n%lys)s%cc$/%ls3%y(%c* 3e$)o0so/$ces o. ./n0)ng,so/$ces o. .)n%ncerecoverability of money claimscollect money claims!receivablestie" f#n"s-$%0e cycle/(/s)ness cyclec)$c/l%-)ng c%3)-%l/c)$c/l%-)ng %sse-s,;o$*)ng c%3)-%ll%n0 3/$c1%seecono2)c %n%lys)ss/33l)e$.)n)s1e0 3$o0/c-sloc%l 2%$*e-3$o&)s)on)n&en-o$yne- 3$o.)-A33$o&e0 (yTra"e receivablesCas$ an" cas$ e%#ivalentsAssoc)%-)on o. Se$()%n B%n*sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OME$TA%$&'E $(ESTMETS$ece)&%(les$ese$&esc%s1A""#M#'ATE! PRO)$T*'OSSSHARE A! OTHER "AP$TA'e%$-1;o$*metal frame&or' for concreteReinforce" concrete steel frame&or'roofin(ins#latin( electrical systemmasonryecono2y o. sc%le/econo2)es o. sc%le(%0 0e(-s)n3/-6o/-3/-$%-e o. $e-/$n)n-e$n%l $%-e o. $e-/$nROI6Re-/$n on )n&es-2en-$e-/$n on %sse-s(/s)ness %sse-s/co22e$c)%l %sse-s./$n)s1)ng%/:)l)%$y .%c)l)-)esc%$ ;%s1EBTEBIT6 E%$n)ngs (e.o$e -%: %n0 )n-e$es-C%3)-%l e:3enceso$g%n)s%-)on%l s-$/c-/$eo3e$%-)ng l)%()l)-)es%07/s-2en- &%l/e/31ols-e$y2%c1)n)ng.)n)s1)ng)n&es-2en- 7/s-).)c%-)on3$o0/c-)on 3$og$%22e/3$o0/c-)on l)nec/s-o262%0e/c/s-o2)>e0 3$o0/c-)on2%0e -o o$0e$S-%-)c%l %n0 0yn%2)c%l e&%l/%-)on o. -1e 3$o7ec-0)s-$)(/-)on c1%nnel/c1%nnel o. 0)s-$)(/-)on/36-o60%-e e9/)32en-%$o/se %--en-)on/)n-e$es-goo0;)llcos- 3$)ce/3$o0/c-)on cos-s2%ll6sc%le 3$o0/c-)on"as+ flo, from O-eratin. Activities -ar(et mar'et2%ss 3$o0/c-)on/(%-c1 3$o0/c-)on/se$)es,se$)%l 3$o0/c-)onSe$()%n Agency .o$ -1e De&elo32en- o. S2%ll %n0 !e0)/2 s)>e0 En-e$3$)ses %n0 En-$e3$e.%$2 2%c1)ne$yc/$$en- o3e$%-)ons"ay)to)"ay o*eratin( activitiesliabilities for *rofitROE6$e-/$n on e9/)-y$e-/$n on )n&es-2en- ROIcos- %cco/n-)ngc%lc/l%-)onse--le2en- o. cl%)2sc%lc/l%-)on o. )n-e$es-$e./n0e+istin( o*erations$es)0/%l &%l/el%(o/$ cos-se+istin( "e*riciation$es)0/%l &%l/elong -e$2 ;o$*)ng c%3)-%llong6-e$2 )n&es-2en-liabilities for salaries*ayables *er "aysLOSS O,ER CA-ITALeconomic flo&investment effects$e-/$n on )n&es-2en- ROICAS. /LO0cas$ balancec/2/l%-)&e c%s1 (%l%ncel%n0,(/)l0)ngs ,e9/)32en-/3$o3e$-y,3l%n- %n0 e9/)32en-"isco#ntin( factoro/-.lo;-o-%l c%s1 o/-.lo;)n.lo;so#rces of &or'in( ca*ital from c#rrent o*erationsl)%()l)-)es %$)s)ng .$o2 3$o.)-co$3o$%-e e%$n)ngs&a(es an" salaries;o$* )n 3$og$essC%3)-%l 6gene$%-)ng %()l)-y,e%$n)ng c%3%c)-yeconomic basis)n.lo;/)n.l/:*rofit on t$e basis of e+tra itemse+tra items*rofit from "ay)to)"ay o*eratin( activitiesDe*reciation costs an" reservesc/$$en- o3e$%-)onso3e$%-)ng cos-s0e3$)c)%-)on c1%$gesInventory val#e re"#ce"3$o.)- s1%$)ng/s1%$e o. 3$o.)-ss$are of ca*ital0e(-6e9/)-y $%-)o3$e%3%y2en-(/s)ness %sse-s/co23%ny %sse-se9/)-y o3e$%-)ng l)%()l)-)ess$are an" ot$er ca*ital-$e%s/$y s1%$es$e&%l/%-)on s/$3l/so/-s-%n0)ng l)%()l)-)ese..)c)ency $%-)o3$o.)-%()l)-y $%-)oRea"y cas$ )Net cas$ flo&Ne- c%s1 .lo;D%ys %cco/n-s $ece)&%(les 0/eD%ys %cco/n-s 3%y%(le 0/eD%ys )n&en-o$y )n s-oc*4/)c* $%-)oC/$$en- $%-)oNet &or'in( f#n"CCL Con-)ngen- Co22)-2en- Le--e$$eg)s-e$e0 l%n0 ce$-).)c%-eg$%n-6%l) ne / s2)sl/ 0on%c)7ecl%)2g$oss negl)gence2%$* /3 3$)ces)c* le%&ec%s-$%l lo-l%n0 $eg)s-$yn%-/$%l 0)s%s-e$3%$)-yen-e$ )n-o .o$ce-1e %g$ee2en- )s $%-).)e0,(/- no- en-e$e0 )n-o .o$cec$e0)- no-e0e()- no-e&%l/e c1%)ntop line / Total revenues0&%l/e c1%)n An%lys)s(o--o2 l)ne ? ne- )nco2e)n9/%$-e$ e%$n)ngsc/s-o2e$ %0&oc%-e$e-en-)on $%-e?Re-%)ne0 e%$n)ngs 0)&)0e0 (y -o-%l %.-e$6-%: e%$n)ngs, e:3$esse0 %s % 3e$cen$e-en-)on3$o(%-)on%$y e23loyee3$o(%-)on%$y 3e$)o0(e%c11e%0 s-$%-egy2%$g)n%l cos-son6s)-es/(s)0%$y co23%ny,s/(s)0)%$ys%les -e$2sE6Co22e$ce%n-)-$/s- l%;/s%(le ;%$e1o/se s3%ce$e-%)l s%les .%)c)l)-y0)sc$e-)on%$y 3/$c1%ses1%$e $e3/$c1%seo$g%n)c s%les3/- o3-)on$e-%)l (%n*?A $e-%)l (%n* )s % (%n* -1%- ;o$*s ;)-1 cons/2e$s, o-1e$;)se *no;n %s @$e-%)l c/s-o2e$s@" Re-%)l (%n*s %$e -1e (%n*s yo/ 2os- o.-en see )n c)-)es on c$o;0e0 EPS / Earnings per Share0Total earnin.s divided 1y t+e num1er of s+ares outstandin.0 "om-anies often use a ,ei.+ted avera.e of s+ares outstandin. over t+e re-ortin. term0 EPS can 1e calculated for t+e -revious year (2trailin. EPS2), for t+e current year (2current EPS2), or for t+e comin. year (2for,ard EPS2)0 ote t+at last year3s EPS ,ould 1e actual, ,+ile current year and for,ard year EPS ,ould 1e estimateO3e$%-)ng 2%$g)n O3e$%-)ng )nco2e 0)&)0e0 (y $e&en/es, e:3$esse0 %s % 3e$cen-%ge"S+P ABB )n0e:intan.i1le assetsgoo0;)ll c%3)-%l s3en0)ng0el)&e$)ng C-$%0e cycle)23/lse s%les%006&%l/e )-e2n%-/$%l 3e$sons;e%-s1)$-Co$3o$%-e soc)%l $es3ons)()l)-y CSRC1)l0$en 0e3$)&e0 o. 3%$en-%l c%$e1e%-)ng o)lg$%n-)ng c1%$)-y 0on%-)ons, 0on%-en%-%l)-y $%-eEnco/$%ge2en- o. c1)l0(e%$)ngs)c* le%&e%$-).)c)%l )nse2)n%-)on3e$son%l c%$e %n0 1yg)ene #1e%l-1 + 3e$son%l c%$e 3$o0/c-s'3%n-yl)ne$s3%0s3%0s ;)-1 ;)ngs0)%3e$)ng o. -1e (%(yDisposable sanitary cotton padsFoo0 s/33le2en-, 0)e-%$y s/33le2en-C1%ng)ng (%g ;)-1 3%00e0 c1%ng)ng 2%-C1%nge 2%-co--on -e$$y -o00le$ (l%n*e-Baby T-shirt, longsleeve Baby sleeper3)ece, /n)-(%n9/e--$/esco$ec%$0 #/ >%$gon/ P+G'!%yo$@s O..)ceAss)s-%n- !%yo$()(co--on -e$$yC)-y Asse2(ly!%yo$6-1e C1%)$2%n o. -1e C)-y Co/nc)lCo23%ny ID n/2(e$P/(l)c l)2)-e0 co23%ny, Do)n- s-oc* co23%ny!/n)c)3%l P$es)0en-Law on the Protection of ConsumersT$%0e L%;F%2)ly P%-$on@s D%y,F%2)ly P%-$on S%)n-@s D%y,.%2)ly 3%-$on s%)n-@s Fe%s- 0%y s%les 3$o2o-)on.%)$ s1el. s1%$e$e.))le$ #W$)gley >%$gon'o3en 2%$*e-o3e$%-)ng/o3e$%-)on%l o(7ec-)&e #s1o$-6-e$2 go%l -1%- le%0s o$g%n)>%-)on -o -1e long -e$2 s-$long l).e %sse-sCo23%ny L%;L%; on O(l)g%-)onsA(so$3-)on6-y3e !e$ge$ Ag$ee2en-co23e-en- co/$-, co/$- o. 7/$)sc)-)on(e.o$e -1e Co/$- o. 7/$)s0)c-)onSOCIALLY o;ne0 c%3)-%lSTATE o;ne0 c%3)-%l(/s)ness #LEGAL' ENTITYBARTER TRADEo;n %sse-s-o-%l )n&es-2en-c/$$en- %sse-s)n-$o0/c-)ons%les 2%$*e- %n%lys)sPurchasing market/Suppliers market analysisEconomic and financial analysiscommercial) evaluation (*assessment)Concl/s)onl)2)-e0 l)%()l)-y co23%nyCO!PANY IDNACE Co0e Ac-)&)-ys%le o. 2o-o$ &e1)cles.):e0 %sse-s$e&en/e-o-%l $e&en/eso/$ces o. ./n0)ng(%l%nce s1ee-Inco2e s-%-e2en-/3$o.)-6%n06loss s-%-e2en-es-)2%-e0 )n&es-2en- cos-s$%-e o. s%l%$y g$o;-13$o.)-%()l)-y $%-e3$o.)- -%:.o$e)gn e:c1%nge -$%ns%c-)on -%:)nco2e -%:3%y$oll -%:E:cess cos-sE:-$%o$0)n%$y loss,e:-$%o$0)n%$y e:3enses,con-)ngency e:3en0)-/$eE:-$%o$0)n%$y )nco2eec%',ne- $e&en/e #0$>%&n)'e:3o$- e%$n)ngse:-$% )nco2e, s/33le2en-%$y )nco2e,e:-$% $e&en/es-e%0y )nco2e.):e0 )nco2ec/$$en- $e&en/e)nco2e %n0 e:3en0)-/$e/$ece)3-s %n0 3%y2en-so3e$%-)ng e:3enseso3e$%-)ng 3$o.)- $%-eoperating income/o3e$%-)on%l $e&en/eNe- 3$o.)- $%-e%.-e$ s%less%les $e&en/e$e-/$nso3e$%-)ng 3$o.)-$e-%)ne0 e%$n)ngse9)-y/e9)-y s1%$e c%3)-%l)ss/e0 c%3)-%l #2.'/s/(sc$)(e0 c%3)-%l./lly 3%)0 c%3)-%l #2.'/3%)06)n c%3)-%lsoc)%l *%3)-%ls-%-e o;ne0 c%3)-%l%cc$/%ls %n0 0e.e$$e0 )nco2e3$e3%y2en-s %n0 %cc$/e0 )nco2eDe.e$$e0 -%: l)%()l)-)esDe..e$e0 -%: %sse-sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OMEO-1e$ l)%()l)-)es %$)s)ng .$o2 (/s)ness %c-)&)-)es/.$o2 o3e$%-)ons3$o.)- .$o2 o3e$%-)onsO..6(%l%nce %sse-s/con-)ngen- %sse-so..6(%l%nce l)%()l)-)es/con-)ngen- l)%()l)-)esc/$$$en- l)%()l)-)eso..6(%l%nce )-e23%y(%c*$%-)o;o$*)ng c%3)-%l2one-%$y-/$no&e$(/ye$s -/$no&e$ coe..)c)en-T/$no&e$ coe..)c)en- .o$ -o-%l (/s)ness %sse-s %c9/)s)-)on &%l/e2%-e$)%ls cos-s/2%-e$)%l e:3enses/cos- o. )n&en-o$y /se0&/lne$%()l)-y %n%lys)s%cc$/%ls3%y(%c* 3e$)o0so/$ces o. ./n0)ng,so/$ces o. .)n%ncerecoverability of money claimscollect money claims!receivablestie" f#n"s-$%0e cycle/(/s)ness cyclec)$c/l%-)ng c%3)-%l/c)$c/l%-)ng %sse-s,;o$*)ng c%3)-%ll%n0 3/$c1%seecono2)c %n%lys)ss/33l)e$.)n)s1e0 3$o0/c-sloc%l 2%$*e-3$o&)s)on)n&en-o$yne- 3$o.)-A33$o&e0 (yTra"e receivablesCas$ an" cas$ e%#ivalentsAssoc)%-)on o. Se$()%n B%n*sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OME$TA%$&'E $(ESTMETS$ece)&%(les$ese$&esc%s1A""#M#'ATE! PRO)$T*'OSSSHARE A! OTHER "AP$TA'e%$-1;o$*metal frame&or' for concreteReinforce" concrete steel frame&or'roofin(ins#latin( electrical systemmasonryecono2y o. sc%le/econo2)es o. sc%le(%0 0e(-s)n3/-6o/-3/-$%-e o. $e-/$n)n-e$n%l $%-e o. $e-/$nROI6Re-/$n on )n&es-2en-$e-/$n on %sse-s(/s)ness %sse-s/co22e$c)%l %sse-s./$n)s1)ng%/:)l)%$y .%c)l)-)esc%$ ;%s1EBTEBIT6 E%$n)ngs (e.o$e -%: %n0 )n-e$es-C%3)-%l e:3enceso$g%n)s%-)on%l s-$/c-/$eo3e$%-)ng l)%()l)-)es%07/s-2en- &%l/e/31ols-e$y"as+ flo, from O-eratin. Activities 2%c1)n)ng.)n)s1)ng)n&es-2en- 7/s-).)c%-)on3$o0/c-)on 3$og$%22e/3$o0/c-)on l)nec/s-o262%0e/c/s-o2)>e0 3$o0/c-)on2%0e -o o$0e$S-%-)c%l %n0 0yn%2)c%l e&%l/%-)on o. -1e 3$o7ec-0)s-$)(/-)on c1%nnel/c1%nnel o. 0)s-$)(/-)on/36-o60%-e e9/)32en-%$o/se %--en-)on/)n-e$es-goo0;)llcos- 3$)ce/3$o0/c-)on cos-s2%ll6sc%le 3$o0/c-)on2%ss 3$o0/c-)on/(%-c1 3$o0/c-)on/se$)es,se$)%l 3$o0/c-)onSe$()%n Agency .o$ -1e De&elo32en- o. S2%ll %n0 !e0)/2 s)>e0 En-e$3$)ses %n0 En-$e3$e.%$2 2%c1)ne$yc/$$en- o3e$%-)ons"ay)to)"ay o*eratin( activitiesliabilities for *rofitROE6$e-/$n on e9/)-y$e-/$n on )n&es-2en- ROIcos- %cco/n-)ngc%lc/l%-)onse--le2en- o. cl%)2sc%lc/l%-)on o. )n-e$es-$e./n0e+istin( o*erations$es)0/%l &%l/el%(o/$ cos-se+istin( "e*riciation$es)0/%l &%l/elong -e$2 ;o$*)ng c%3)-%llong6-e$2 )n&es-2en-liabilities for salaries*ayables *er "aysLOSS O,ER CA-ITALeconomic flo&investment effects$e-/$n on )n&es-2en- ROICAS. /LO0cas$ balancec/2/l%-)&e c%s1 (%l%ncel%n0,(/)l0)ngs ,e9/)32en-/3$o3e$-y,3l%n- %n0 e9/)32en-"isco#ntin( factor-ar(et mar'eto/-.lo;-o-%l c%s1 o/-.lo;)n.lo;so#rces of &or'in( ca*ital from c#rrent o*erationsl)%()l)-)es %$)s)ng .$o2 3$o.)-co$3o$%-e e%$n)ngs&a(es an" salaries;o$* )n 3$og$essC%3)-%l 6gene$%-)ng %()l)-y,e%$n)ng c%3%c)-yeconomic basis)n.lo;/)n.l/:*rofit on t$e basis of e+tra itemse+tra items*rofit from "ay)to)"ay o*eratin( activitiesDe*reciation costs an" reservesc/$$en- o3e$%-)onso3e$%-)ng cos-s0e3$)c)%-)on c1%$gesInventory val#e re"#ce"3$o.)- s1%$)ng/s1%$e o. 3$o.)-ss$are of ca*ital0e(-6e9/)-y $%-)o3$e%3%y2en-(/s)ness %sse-s/co23%ny %sse-se9/)-y o3e$%-)ng l)%()l)-)ess$are an" ot$er ca*ital-$e%s/$y s1%$es$e&%l/%-)on s/$3l/so/-s-%n0)ng l)%()l)-)ese..)c)ency $%-)o3$o.)-%()l)-y $%-)oRea"y cas$ )Net cas$ flo&Ne- c%s1 .lo;D%ys %cco/n-s $ece)&%(les 0/eD%ys %cco/n-s 3%y%(le 0/eD%ys )n&en-o$y )n s-oc*4/)c* $%-)oC/$$en- $%-)oNet &or'in( f#n"CCL Con-)ngen- Co22)-2en- Le--e$$eg)s-e$e0 l%n0 ce$-).)c%-e3$o0/c- l)ne$eg)s-e$e0 l%n0 ce$-).)c%-eg$%n-6%l) ne / s2)sl/ 0on%c)7ecl%)2g$oss negl)gence2%$* /3 3$)ces)c* le%&ec%s-$%l lo-l%n0 $eg)s-$yn%-/$%l 0)s%s-e$3%$)-yen-e$ )n-o .o$ce-1e %g$ee2en- )s $%-).)e0,(/- no- en-e$e0 )n-o .o$cec$e0)- no-e0e()- no-eSe$()%n B/s)ness Reg)s-e$s Agency)ns/l%-e0 &e1)cle (o0)es&e1)cle (o0y (/)l0)ng(o0y (/)l0e$&e1)cle (o:#&e1)cle (o: (o0y' /(o: .o$ &e1)cle (o0y (/)l0)ngPI #ey Pe$.o$2%nce In0)c%-o$'2/l-)6$%-e$ EFB 0eg$ee s/$&ey #HR -e2%,e&%l/%c)7%'3e$.o$2%nce.ollo; /3CPG Cons/2e$ 3%c*%ge0 goo0s #)s-o s-o I F!CG'USP 6 Un)9/e Sell)ng P$o3os)-)on #!%$*e-)ng'(enc12%$*)ng #ecc >n%cen7e'le&e$%ge2)n0se-cons/2e$ %;%$enesss%23l)ng n)c1e ($%n0c%s16s-$%33e0 o;n6l%(el3$)&%-e l%(elcon.ec-)on%$y )n0/s-$yHACCP 1e%l-1 %n0 sec/$)-y s-%n0%$0s %n0 $eg/l%-)onsc/s-o2e$ (/y)ng 1%()-sl%2)n%-e0 1%$0 c$)s3y c$/nc1y coo*)e #l%2)n%-e0 (%*e0 3$o0/c-s's3$e%0)ng cons)s-ency #c1%$%c-e$)s-)c o. % c$e%2' Len-len-en(/l*-e% ()sc/)-sB%--le .o$ !%-e$n)-y Hos3)-%lsBl%c* 2%$*e-S1%0o; econo2yGG! #Go6To6!%$*e-'O(7ec-)&e/Go%l geog$%31)c%l ;1)-e s3%ceGDP G$oss Do2es-)c P$o0/c-TSR To-%l S1%$e1ol0e$ Re-/$n(on0e0 ;%$e1o/se)n&en-o$y $econc)l)%-)on)n6so/$c)ng!o2en-s o. T$/-1 #P+G -e$2)nolog)7% *o7% 7e o3H-e /s&o7en% / )n0/s-$)7)"F)$s-, Secon0, T1)$0 2o2en- o. T$/-1'"ore EPS ("ore earnin. -er S+are)"ore income, on a diluted -er/s+are 1asis0 "ore income is net income after ta4es and 1efore e4traordinary items, less net income attri1uta1le to noncontrollin. interest, .ain on t+e sale of +eld to maturity and availa1le for sale securities, amorti5ation of intan.i1les, .ood,ill and nonrecurrin. items0 T+e assumed ta4 rate is 6780FTE (vezano za value drivers)o;n6l%(el#c1ec* o/-'/c%s1)e$ 3os)-)on)ng #P+G')n-e$es- on %$$e%$s/0e.%/l- )n-e$es-/o&e$0/e )n-e$es-/$(%n)s2 0e&elo32en- 3l%n/$(%n)s2 0es)gn 3$o7ec-con-$/c-)on lo-L%; on Pl%nn)ng %n0 Cons-$/c-)oncons-$/c-)on 3e$2)-%33$o&%l .o$ /selo%0)ng -ec1nology #3$o)>&o07%c Ho$2%nn'provisional acceptance of fnished jobMinistry of Internal Afairs ector for e!ergency sit"ationsACCOUNT SALES#%($)&)e)In' 6 SRAJENICAPRIHVATITI !ENICUOBRAKUN ODI 8ASTUPNI LALDE PRINCIPALU,I8VELTAD O PRODADITAKAN , PRECI8ANDODATNI TROLOVIOBAVESTITIPOSLE PRE8ENTACIDEU8 PRI8NANICU8ASTUPSTVO,AGENCIDA M sole %gency 6)s*l7/N)&o>%s-/3s-&oPOSREDNI,8ASTUPNI ,AGENT M sole %gen-6)s*l7/N)&) >%s-/3n)*AVIONSI TOVARNI LISTPOTVRDITIPOTVRDA, POTVRDA O PRIDE!UI8NOS,SU!A,VREDNOSTMI8NOSITI,DOSTI8ATI-o -1e %2o/n- o. 6 / )>nos/ o0, / &)s)n), / &$e0nos-)ODREDITI,PROCENITI, UTVRDITIATIVA/PASIVA?l)%()l)-)es #3o-$%O)&%n7e ) 0/go&%n7e'NO ASSETS ?ne2% 3o*$)=% n% 2en)c/PO VIPENDUDODATI,PRILOQITIVLASTIISPORUARASPOLORIV,ODI SE !ORE DOBITIAVENUEHAVARIDAMPROSESAN,PROSE/ .$ee o. 3%$-)c/l%$ %&e$%ge?(e> 3%$-)*/l%$ne 1%&%$)7e,>%I-)=en o0 1%&"GENERALNA HAVARIDABILL OF E5CHANGEBILL OF LADINGBALAORISNIRASUN //s%nce ()ll ? 2en)c% s% /o()N%7en)2 $o*o2 /0$%; % ()ll ?&/=) 2en)c/ONOS!AN, TERETNICA /cle%n ()ll o. 6?N)s-% -e$e-n)c%/ 0)$-y ("o. 6?neN)s-% -"/.o/l ("o. l"?neN)s-% -"PRA8AN,BLANOBLANO INDORSIRANPALUBA/ on (o%$0?n% ($o0/,n% ($o0RE8ERVISATIFILIDALAVARM PRIA8!NOTTVO,!ASACOST AND FREIGHTCARE OFTELEGRA!M POSLATI TELEGRA! / c%(le %00$ess?-eleg$%.s*% %0$es%I8RASUNATI, PRORASUNATITRARITI, 8AHTEVATIOTA8ATI, STORNIRATIBALON #AB6UBB l)-%$%'PREVO8NIUTIDAM SANDUUNOVSITI,NAPLATITI SEMGOTOVINA/ c%s1 %g%)ns- 0oc/2en-s?3l%=%n7e /> 3$e0%7/ 0o*/2en%-%BUREPOTVRDA,UVERENDEPOTVRDA OSIGURANDAUVERENDE O PORELUs-%n0 % goo0 c1%nce6 )2%-) 0o($/ 3$)l)*/TROTA, 8ARASUNATI / .$e)g1- c1%$ges?3$e&o>n) -$oI*o&)COST INSURANCE AND FREIGHTCIRULARAN8AHTEVM RELA!ACIDA,LAU8ULACO!PANYSAUPITI,NAPLATITIOLECIDAMNAPLATAPRIVREDNO,TERETNO,DOSTAVNO VO8ILONANADA, ODTTETAONURISATIONURENCIDAONURENTANONURENTNE CENEONURENTOALBA,PRIGOVOR, RELA!ACIDASASTAVNI DEORATA,SAOETPOTVRDA, ONFIR!ACIDA,AVALPRI!ALAC #ROBE'ROBNA POTILDA,ONSIGNACIDA /on cons)gn2en-?3$e*o *ons)gn%c)7eTOVARNI LISTONSIGNACIDA,ONSIG"SLADITTE/ cons)gn2en- s-oc* %g$ee2en-?/go&o$ o *ons)gn%c)7)POSREDNISI PROCENATPOTROTASROBA TIROE POTROTNDECENA,TROTACENA SA VO8ARINO!CENA SA OSIGURANDE! I VO8ARINO!SANDU,GADBAREIRATI NOVACREDITOR,8AD!ODAVACDOCU!ENTS AGAINST ACCEPTANCEDOCU!ENTS AGAINST PAY!ENTDAYS AFTER SIGHTTRGOVATI,POSLOVATI0e%l-,0e%l- /TRGOVATI, POSLOVATI , PRODAVATIPOSLOVATI,BAVITI SEDUONI8ASTOD, ATNDENDE/;)-1o/- 0el%y?o02%1, (e> o0l%g%n7%DESCRIPTIONDISONTOVATI,ESONTOVATI !ENICUPOPUST,SONTOMDISONTOVANDE,ESONTOVANDEDOU!ENT,ISPRAVAISPRAVA O VLASNITTVUDOU!ENTARANDOU!ENTARNA TRATADOU!ENTARNI AREDITIVDOU!ENTA PO PRIHVATANDU !ENICEPLAJANDE U8 DOU!ENTA!ENICA,MNACRT / s)g1- 0$%.-?2en)c% 3o &)07en7///s%nce 0$%.-?/>o 2en)c%NACRT,RADNA VER8IDA DOU!ENTA?3$e&"s% 0$%.-VUJI !ENICUSASTAVITI,NAPRAVITI 6660$%; /3 -1e -e$2s o. %g$ee2en-TRASATTRASANT,I8DAVAS !ENICEDOSPEO,PLATIVFOR E5A!PLEI8VRTITI PLAJANDEENCLOSUREPRILOOITIPRILOGINDORSIRATIPRENOS,INDOSA!ENTUPITSUTTINAUSPOSTAVITIMOTVORITIMPOSTAVITIAND SO ONPRE!ALITI8A!ENA,RA8!ENA/ .)$s- o. e:c1%nge?3$&% 2en)c%I8VRLITIRUOVODILACLIRITI SEFRANO SLADITTEFRANO FABRIAFREE OF PARTICULAR AVERAGELICE,PREDNDA STRANAOSNOVNA VREDNOST#no2)n%ln% &$e0nos-'OLATATIFREE ALONGSIDENALONOSTMUSLUGA / )n .%&o/$ o. ? / *o$)s-POVOLDANARATERISTIA,OBELEODESVRSTSVRSTA PONUDASVRSTAPORUDOBINAFLOTANTNA,OTPISANA POLISAFREE ON BOARDFREE ON RAILPOSLATI,OTPRE!ITIOTPRE!ATPEDITERFREE ON TRUCFRANIRATISLOBODAN,OSLOBOPENFRANO U8 BO BRODAFRANO BRODFRANO VAGONFRANO A!IONVO8ARINA PLATIVA NA ODREDITTUVO8ARINA PLAJENAVO8ARINA PLAJENA UNAPREDVO8ARINA,TERET,TOVARRADITIROBA ODOBRITIBRUTOPREDATI8AGLAVLDE PIS!AVLASNI,I!ALACHONORIRATIPOUNDUVO8NA DO8VOLANANADITIODTTETAPOSETNIINICIDALIOBAVESTITI,DATI UPUTSTVAUPUTSTVOINSTRU!ENT PLAJANDAOSIGURANDE / 2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7ePOTVRDA O OSIGURANDUPOLISA OSIGURANDAOSIGRANIOSIGURATELDFATURA,RANUN/ co22e$c)%l 6 ?*o2e$c)7%ln% .%*"/cons/l%$ 6?*on>/l%$n%/3$o6.o$2%6?3$o.%*-/$%I8DATI,OTVORITIBANA ODA I8DADE AREDITIVSTAVAMSLANBURENCELDUBA8AN,USLUOANLETTER OF CREDITPLAN,RASPORED8AONSI,LEGALANAREDITIV/0oc/2en-%$y66?0o*/2en-%$n)%"/)$$e&oc%(le66?neo3o>)&)%"/$e&oc%(le66?o3o>)&) %*$e0)-)&$e&ol&)ng le--e$ o. c$e0)-?o(no&l7)&%*$"/-$%ns.e$%(le 66?3$enos)& %*$e0)-)&8AGLAVLDEDO8VOLA/e:3o$- l)c"?)>&o>n% 0o>&ol%/)23o$-6?/&o>n%VRSTA ROBEBROD LINIDSE PLOVIDBETOVARMTERETMUTOVARITIUTOVAR/3o$- o. lo%0)ng?l/*% /-o&%$%PREDATI,PODNETIGUBITA /s/..e$ loss?3$e-$3e-) g/()-%*LI!ITEDPOTTA/%)$ 2%)l?%&)ons*%6/o$0)n%$y6?o()Nn%6/$eg)s-e$e06?3$e3o$/Nen% 3oI-%!ANDAT!ORSI,PO!ORSI/2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7eOBELEOITIDOSPEO,8REOMDOSPETI 8A NAPLATUDOSPEJE!ERA,VELISINADI!EN8IDEISPUNITI,UDOVOLDITI 8AHTEVUROBA ODI NEDOSTADE,I8GUBLDENPRENOSIVPREGOVARATIMUNOVSITI,PRODATIPRODATI !ENICUNETONU!BERNO!INALNA VREDNOSTOBAVESTITIORDER NU!BERDOBITI"PRIBAVITIPONUDA/.)$2 o..e$?N&$s-% 3on/0%/s/(2)- %n o..e$?3o0ne-),0%-) 3on/0/I8OSTAVITI,PROPUSTITIon (o%$0 -1e s1)3?n%($o0// on cons)gn2en-?3$e*o *ons)gn%c)7ePORUDOBINA/ o$0e$ .o$2?n%$/0O(en)c%,)>7%&%/.)$2 6?N&$s-% 3on/0%3l%ce %n o$0e$?3o$/N)-) / -$)%l o$0e$?3$o(n% 3o$/0O()n%PORELO / ce$-).)c%-e o. o$)g)n?/&e$en7e o 3o$e*l/ $o(ePREO!ORSIPART NU!BERPAOVATIPAOVANDEDELI!ISAN GUBITAPODEDINASNIOBISNA/DELI!ISNA HAVARIDADETALDI,PODEDINOSTIPARTIDA,STRANA /-1)$0 3%$-y?-$e=e l)ceU8ORAPLATIV,DOSPEORE!ITENT,I!ALAC SEAe..ec- 3%y2en-? )>&$I)-) 3l%=%n7ePUBLIC LI!ITED CO!PANYPOLISA/.lo%-)ng6?.lo-%n-n%,o-3)s%n% 3ol)s%/ -)2e6?&$e2ens*% 6/&oy%ge6?3ol)s% >% o0$e07eno 3/-o&%n7eODREDITNA LUALUA ISTOVARAULA8NA LUALUA UTOVARAPOSLATI POTTO!FUNTAPRE!IDAPODNETI,PRE8ENTOVATICENOVNI / 9/o-e % 3$)ce?n%&es-) cen/PRINCIPAL,GLAVNI,TEF,3oslo0%&%c *o7) %ng%O/7e >%s-/3n)*%OBVE8NICAPONUDA,PREDLOGPROSPETPROTESTVOVATI !ENICU#UTVRDITI DA NIDE PLAJENA'ODREDBAOsno&ne o0$e0(e4UANTITYSETVRTINA,VARTALPONUPENA CENAMPONUDANAVESTI CENUI8BOR,ASORTI!ANDEVI8NI URSROADREFERENCE,REFERRING TOPRI8NANICAMPRIDE!MPOTVRDA/%g%)ns- % $ece)3-?/> 3$)>n%n)c/UPISATIMREGISTROVATIM EVIDENCIDA$e0/ce 3$)ce 6s2%n7)-) cen/S!ANDENDE,SNIOENDE,POPUSTREFERENCEUPUTITIPREPORUAMVE8AMPRED!ETMNAVESTIMPO8VATI SE NAo/$ $e.e$ence?n%I >n%*/ yo/$6?&%I6/;)-1 $e.e$ence -o?/ &e>) s%PO8IVADUJI SE NA , U VE8I SAREDOVANPUSTITI,OSLOBODITIPOU8DANOSTDO8NAAOBNOVITI8ASTUPNI!OLBA,8AHTEVMTRAOITI,8AHTEVATITRAOITI,8AHTEVATI8AHTEV8ADROATI!ALOPRODADAVREJAUNAPREDDENDE PRODADEPO8DRAV8GRABITI,ISORISTITI PRILIURCATELDUTOVAR,OTPRE!A BRODO!PREO!ORSI OTPRE!NIROBNA/OTPRE!NA DOU!ENTAOTPRE!NA DISPO8ICIDAVIPENDE /%.-e$ s)g1-?3osle 3$e>en-%c)7e / %- 6?3o &)07en7/!ENICA PO VIPENDUS4UARESTEA!SHIPSTREETNA8NASENUGOVORITILAGER,8ALIHAMDROATI NA LAGERU/ )n s-oc*?n% l%ge$/,s-o&%$)I-//o/- o. 6?$%s3$o0%-NAGLASITI,ISTAJISVRSTAGREE TO PAY8NATAN,PRILISAN,GLAVNIISPORUSILAC,I8VO8NI,NABAVLDASSNABDETI,POSLATI,ISPORUSITIM8ALIHAPORE8,TASARONA8IV,TER!INMUSLOVUSLOVI ISPORUEUSLOVI PLAJANDATREJE LICEVRE!ENSA POLISATELE5TRANTAI8VRTITI PRENOSPRENOSIVPRETOVARITIPRETOVARUNIT PRICEISTOVARITIISTOVARUNITED STATES!ENICA SA UOBISADENI! ROO!PUNOVAOAN,VALDANVAONOSTVALUE ADDED TA5BRODOBI!M8APRE!INAPOLISA 8A ODREDDENO VRE!EWITH AVERAGESLADITTE,!AGACINTEVITITEOINAVELEPRODADAPOVUWI8A,8A !ANDE ODDRUHTVENI APITALDRVAVNI APITALPRAVNO LICEO!PEN8ACIDAso3s-&en% s$e0s-&%/*/3n% /l%g%n7%o($-n% s$e0s-&%/&o0%n%l)>% 3$o0%7nog -$V)H-%%n%l)>% n%(%&nog -$V)H-%6#-$>" Do(%&l7%c% *o23onen-)'e*ono2s*o6.)n%ns)7s*% %nl)>%*o2e$c)7%ln% ocen% #3$o7e*-%'>%*l7/X%*0$/H-&o s% og$%n)Xeno2 o0go&o$noHW/2%-)Xn) ($o7 3$e0/>eW%H).$% 0el%-nos-)3$o0%7% 2o-o$n)1 &o>)l%osno&n% s$e0s-&%3$)1o0/*/3n) 3$)1o0)>&o$ .)n%ns)$%n7%()l%ns s-%n7%()l%ns /s3e1%3$e0$%X/ns*% &$e0nos- )n&es-)c)7es-o3% $%s-% >%$%0%s-o3% $en-%()lnos-)3o$e> n% 0o()-3o$e> n% 0o()- )> 0e&)>nog 3oslo&%n7%3o$e> n% 0o1o0%*3o$e> n% 3l%-e&%n$e0n) -$oH*o&)&%n$e0n) $%s1o0)&%n$e0n) 3$)1o0)3oslo&n) 0o()-%*3oslo&n) $%s1o0)-$oH*o&) 2%-e$)7%l%ne-o s%0%Hn7% &$e0nos-*os-6(ene.)- %n%l)>% #%n%l)>% *o$)s-) ) -$oH*o&%'3$%g $en-%()lnos-))n-e$n% s-o3% $en-%()lnos-)3e$)o0 3o&$%W%7%0)$e*-no 2e$l7)&) #*o$)s-),-$oH*o&)'0)$e*-no ne2e$l7)&)s2%n7en7e o(%&e>% )> (/0Ve-%o0go&o$no l)ce$e3$o2%-e$)7%l3oslo&n) 3$)1o0)ne-o 3$)1o0))>&o>n) 3$)1o0)&%n$e0n) 3$)1o0)s-%ln) #$e0o&n)'3$)1o0s-%ln) #/ s-%lno2 )>nos/'-e*/c) 3$)1o03$)1o0) I $%s1o0)3oslo&n) $%s1o0)s-o3% 3oslo&nog 0o()-*%s-o3% ne-o 0o()-*%3os- 3$o0%7%3$)1o0) o0 3$o0%7eos-&%$en% 0o()-3oslo&n% 0o()-ne$%s3o0el7en% 0o()-osno&n) *%3)-%l/3)s%n) *%3)-%l/3l%Wen) *%3)-%l0$/H&en) *%3)-%l0$V%&n) *%3)-%lPVR #3%s)&n% &$e2ens*% $%>g$%n)Xen7%'AVR #%*-)&n% &$e2ens*% $%>g$%n)cen7%'O0loVene 3o$es*e o(%&e>eO0loVen% 3o$es*% s$e0s-&%os-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%Os-%le o(%&e>e )> 3oslo&%n7%3$o.)- )> 3oslo&%n7%&%n()l%nsn% %*-)&%&%n()l%nsn% 3%s)&%-e*/W% 3%s)&%&%n()l%nsn% s-%&*%3o&$%W%7 #no&c%'$%c)o,*oe.)c)7en-o($-n% s$e0s-&%no&X%n)o($- *oe.)c)7en- o($-% */3%c%*oe.)c)7en- o($-% /*/3n)1 3oslo&n)1 s$e0s-%&%NV6n%(%&n% &$e0nos--$oH*o&) 2%-e$)7%l%%n%l)>% ose-l7)&os-)$%>g$%n)Xen7%Y$o* 3o&$%W%7% #*$e0)-%')>&o$) .)n%ns)$%n7%na*lata *otra1ivan2ave3ana sre"stva3oslo&n) c)*l/so($-n) .on0*/3o&)n% >e2l7)H-%e*ono2s*% %n%l)>%0o(%&l7%Xgo-o&) 3$o)>&o0)0o2%We -$V)H-e$e>e$&)s%n7%>%l)1ene-o 0o()-o0o($eno o0 s-$%ne""3o-$%V)&%n7%Go-o&)n% ) go-o&)ns*) e*&)&%len-n)U0$/Ven7e (%n%*% S$()7eos-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%ne2%-e$)7%ln% /l%g%n7% #()l%ns s-%n7%'3o-$%V)&%n7% #()l%ns s-%n7%'$ese$&ego-o&)n%%*/2/l)$%n% 0o()-/g/()-%*%*c)7s*) ) os-%l) *%3)-%l>e2l7%n) $%0o&)%$2)$%X*) $%0o&)%$)2)$%X*o6(e-ons*) $%0o&)Kel)Xn% *ons-$/*c)7%Po*$)&%X*) $%0o&)I>ol%-e$s*) 3oslo&)Ele*-$o)ns-%l%c)7e>)0%$s*) $%0o&)e*ono2)7% o()2%s3o$n% 3o-$%V)&%n7%/l%>6)>l%>sto*a *rinosainterna sto*a *rinosa*rinos na #lo1ena sre"stva*rinos na #'#*no an(a3ovana sre"stva3$)nos n% so3s-&en% s$e0s-&%3oslo&n% s$e0s-&% o3$e2%n7e 3$os-o$%3$%-eW) o(7e*-l%*)$n)c% 3e$)on)c% #%/-o2o()l%'no&X%n) -o*o&) )> 3oslo&%n7%>%$%0% (e> 3o$e>%>%$%0% (e> 3o$e>% ) *%2%-%o$g%n)>%c)on% s-$/*-/$%o(%&e>e )> 3oslo&%n7%)s3$%&*% &$e0nos-)-%3%c)$/ng2%H)ns*% o($%0%0o$%0%o3$%&0%nos- )n&es-)c)7ec)l7no -$V)H-e3$o)>&o0n) 3$og$%23o n%$/0V()n)s-%-)X*% ) 0)n%2)X*% ocen% 3$o7e*-%*%n%l) 3$o0%7es%&$e2en% o3$e2%3$)&/W) 3%Vn7/3oslo&)n)/-$V)Hn) /gle0cen% *oH-%n7% C2%lose$)7s*% 3$o)>&o0n7%se$)7s*% 3$o)>&o0n7%Re3/(l)X*%Agenc)7% >% 2%l% I s$e0n7% 3$e0/>eW%3ol7o3$)&$e0n% 2e1%n)>%c)7%-e*/We 3oslo&%n7e$e0o&no 3oslo&%n7eO(%&e>e )> 0o()-)0o()- n% /loVen)*%3)-%l0o()- o0 )n&es-)c)7e/3o&$%- /l%g%n7%/3o&$%- /loVenog *%3)-%l%o($%X/n -$oH*o&%o($%X/no($%X/n 3o-$%V)&%n7% ) 0/go&%n7%o($%X/n *%2%-%3o&$%W%7 #no&c%'3os-o7eWe 3oslo&%n7e3$eos-%l% &$e0nos--$oH*o&) $%0%3os-o7eW% %2o$-)>%c)7%os-%-%* &$e0nos-)-$%7n% o($-n% s$e0s-&%0/go$oXn) 3l%s2%n)o(%&e>e >% >%$%0e($o7 0%n% &e>)&%n7%g/()-%* )>n%0 &)s)ne *%3)-%l%e*ono2s*) -o*e.e*-) )n&es-)$%n7%3o&$%-%* /l%g%n7%ne-o 3$)2)-%**/2/l%-)& ne-o 3$)2)-%*%ne*$e-n)ne,3os-$o7en7%,o3$e2%0)s*on-n) .%*-o$)>0%c)/*/3n) )>0%c)3$)2)c)i3vori obrtni$ sre"stava i3 te'#ce( *oslovan2aO(%&e>e )> 0o()-)>%$%0% 3$e0/>eW%3ara"ene0o&$Hen% 3$o)>&o0n7%%*/2/l%-)&nos-materi2alna ba3a3$)l)&"obit *o osnov# vanre"ni$ stav'ivanre"ne stav'e"obit i3 re"ovno( *oslovan2atro4'ovi amorti3aci2e i re3ervisan2a-e*/We 3oslo&%n7e-$oH*o&) 3oslo&%n7%-$oH*o&) %2o$-)>%c)7es2%n7en7e &$e0nos-) >%l)1%/XeHWe / 0o()-)/XeHWe / *%3)-%l//0eo &l%s-)-)1 s$e0s-%&% / )n&es-)c)7)0%-) %&%ns)3oslo&n% )2o&)n%osno&n) *%3)-%lo(%&e>e )> 3oslo&%n7%%*c)7s*) ) os-%l) *%3)-%ls-eXene so3s-&ene %*c)7e/o-*/3l7ene so3s-&ene %*c)7e$e&%lo$)>%c)one $e>e$&ene3o*$)&ene o(%&e>es-o3% e.)*%snos-)s-o3% 3$o.)-%()lnos-)slo(o0n% go-o&)n% NNT #ne-o no&X%n) -o*'ne-o no&X%n) -o* NNT0%n) &e>)&%n7% 3o-$%V)&%n7% o0 */3%c%0%n) &e>)&%n7% 0o(%&l7%X%0%n) &e>)&%n7% >%l)1%-e*/W) $%c)o l)*&)0nos-)o3H-) $%c)o l)*&)0nos-)ne-o o($-n) .on0P)s2o o /slo&no7 0o0el) s$e0s-%&%)>&o0 )> >e2l7)sn7)1 *n7)g%3o-$%>)&%n7%*$%7n7) ne2%$, g$/() ne2%$3$o.)-(olo&%n7e*%-%s-%$s*% 3%$cel%>e2l7)sn7e *n7)ge3$)$o0n% *%-%s-$o.%3%$)-e-s-/3)-) n% sn%g/ #n3$"s3o$%>/2,$eg/l%-)&%'/ s2)sl/ 3osle $%-).)*%c)7e 0% se s-&%$no $e%l)>/7e$%-).)*o&%n %l) ne 3/nosn%>%n*$e0)-no 3)s2o, *$e0)-n% no-%, *n7)>no o0o($en7e*n7)>no o0o($en7e >% >%0/>en7e/*/3%n 3$)1o0l%n%c &$e0nos-)An%l)>% l%nc% &$e0nos-)ne-o 3$)1o0)3$)1o0) 6*$%-*o$ocn)Yoso(% / .)$2) *o7% se (%&) $es%&%n7e2 3$o(le2% *o7e )2%7/ */3c)ne$%s3o0el7en% 0o()- 3o0el7en% s% /*/3n)2 3$)1o0)2% 3osle 3o$e>%,)>$%>eno / 3$ocen-)2%(%n*e *o7e $%0e s% s-%no&n)s-&o2>%0$>%n% 0o()-$%0n)* n% 3$o(no2 $%0/3$o(n) $%0s-$%-eg)7% /3o$)s-%g$%n)cn) -$os*o&)n% l)c/2es-%We$*% .)$2%*o2e$c)7%ln) /slo&)ele*-$ons*o 3oslo&%n7e>%*on o >%s-)-) *on*/$enc)7e*o$)sn) 2%g%c)ns*) 3$os-o$2%lo3$o0%7n) o(7e*%-0)s*$ec)on% */3o&)n%3ono&n) o-*/3 so3s-&en)1 %*c)7% s -$>)s-%O19avl9eni do1ita: ra5do1l9a -o deonici 5a redovne deonice o$g%ns*% 3$o0%7%63$o0%7% n%*on /s*l%Zen7% s% 0e&)>n)2 */$so2 ) %*&)>)c)7%2%/$%s1o0o&%n7e2 )2o&)ne'3$o0%7n% o3c)7%6&l%sn)*/ 0%7e 3$%&o 0% 3$o0% o0$e07en/ $o(/ / o0$e07eno2 $o*/ 3o /n%3$e0 .)*s)$%no7 cen)nemateri9alna imovina -redu5ecaostvaren9e (nece.a)-$go&)ns*) c)*l/s)23/lsn% 3$o0%7%0o3/ne >% 2o()ln),)n-e$ne-C.)>)X*o l)ce,.)>)c*o l)ce0/*se$)c%*o$3o$%-)&n% 0$/s-&en% o0go&o$nos-0ec% (e> $o0)-el7s*og s-%$%n7%lo> /l7e0%&%-) 0on%c)7e, 0on)$%-)n%-%l)-e-, s-o3% n%-%l)-e-%3o0s-)c%n7e n%-%l)-e-%(olo&%n7e&es-%c*% o3lo0n7%s$e0s-&% >% l)cn/ 1)g)7en/0ne&n) /lo>%*1)g)7ens*) /lo>%*, /losc)1)g)7ens*) /lo>%*, /losc)3o&)7%n7e (e(e1)g)7ens*) /lo>%*,3%2/cn),2$e>%s-)0o0%-%* )s1$%n)-o$(% s% 3o0logo2 >% 3o&)7%n7e (e(e3o0log% >% 3o&)7%n7e (e(e.$o-)$s*) 3$e*$)&%c >% (e(e(en*)c%T+e S&P 500 is a mar:et free float/,ei.+ted inde4 -u1lis+ed since ;> lar.e/ca- common stoc:s actively traded in t+e #nited States0 T+e stoc:s included in t+e S?P 7>> are t+ose of lar.e -u1licly +eld com-anies t+at trade on eit+er of t+e t,o lar.est American stoc: mar:et com-anies@ t+e YSE Eurone4t and t+e AS!AA OMB0After t+e !o, Cones $ndustrial Avera.e, t+e S?P 7>> is t+e most ,idely follo,ed inde4 of lar.e/ca- American stoc:s0 $t is considered a 1ell,et+er for t+e American economy, and is included in t+e $nde4 of 'eadin. $ndicators0 Some mutual funds, e4c+an.e traded funds, and ot+er funds suc+ as -ension funds, are desi.ned to trac: t+e -erformance of t+e S?P 7>> inde40 Hundreds of 1illions of #S dollars +ave 1een invested in t+is fas+ion0T+e inde4 is t+e 1est :no,n of t+e many indices o,ned and maintained 1y Standard ? Poor3s, a division of Mc%ra,/Hill0 S?P 7>> refers not only to t+e inde4, 1ut also to t+e 7>> com-anies t+at +ave t+eir common stoc: included in t+e inde40 T+e tic:er sym1ol for t+e S?P 7>> inde4 varies0 Some e4am-les of t+e sym1ol are D%SP"E;F, 0$BEGF, and HSPBE6F0 T+e stoc:s included in t+e S?P 7>> inde4 are also -art of t+e 1roader S?P ;7>> and S?P %lo1al ;G>> stoc: mar:et indices0>e*% s% $/*%&)2% I n%s-%&*o2 >% s-o3%l%*o2%0s&ec%n% &ece$%(o0o&n% l)s-%%()ne- g$%0on%celn)*%3o2ocn)* g$%0on%celn)*%3o$-)*l%.$o-)$ g$%0s*% s*/3s-)n%g$%0on%celn)*,3$e0se0n)* g$%0s*og &ec%2%-)cn) ($o7%*c)on%$s*o 0$/s-&o3$e0se0n)* o3s-)ne8%*on o >%s-)-) 3o-$os%c%8%*on o -$go&)n)Sl%&%3$o0%7n% %*c)7%0o(%$ /0eo/>%s-/3l7enos- n% 3ol)c%2% / $%0n7%2%sl%g%c)3)7%c%o3e$%-)&n) c)l70/go-$%7n% )2o&)n% 8%*on o 3$)&$e0n)2 0$/s-&)2%8%*on o o(l)g%c)on)2 o0nos)2%Ugo&o$ o s3%7%n7/ /> 3$)3%7%n7en%0le>n) s/03$e0 n%0le>n)2 s/0o2 >%*l7/c/7e se /go&o$C"DRUHTVENI APITALDRVAVNI APITALPRAVNO LICEO!PEN8ACIDAso3s-&en% s$e0s-&%/*/3n% /l%g%n7%o($-n% s$e0s-&%/&o0%n%l)>% 3$o0%7nog -$V)H-%%n%l)>% n%(%&nog -$V)H-%6#-$>" Do(%&l7%c% *o23onen-)'e*ono2s*o6.)n%ns)7s*% %nl)>%*o2e$c)7%ln% ocen% #3$o7e*-%'>%*l7/X%*0$/H-&o s% og$%n)Xeno2 o0go&o$noHW/2%-)Xn) ($o7 3$e0/>eW%H).$% 0el%-nos-)3$o0%7% 2o-o$n)1 &o>)l%osno&n% s$e0s-&%3$)1o0/*/3n) 3$)1o0)>&o$ .)n%ns)$%n7%()l%ns s-%n7%()l%ns /s3e1%3$e0$%X/ns*% &$e0nos- )n&es-)c)7es-o3% $%s-% >%$%0%s-o3% $en-%()lnos-)3o$e> n% 0o()-3o$e> n% 0o()- )> 0e&)>nog 3oslo&%n7%3o$e> n% 0o1o0%*3o$e> n% 3l%-e&%n$e0n) -$oH*o&)&%n$e0n) $%s1o0)&%n$e0n) 3$)1o0)3oslo&n) 0o()-%*3oslo&n) $%s1o0)-$oH*o&) 2%-e$)7%l%ne-o s%0%Hn7% &$e0nos-*os-6(ene.)- %n%l)>% #%n%l)>% *o$)s-) ) -$oH*o&%'3$%g $en-%()lnos-))n-e$n% s-o3% $en-%()lnos-)3e$)o0 3o&$%W%7%0)$e*-no 2e$l7)&) #*o$)s-),-$oH*o&)'0)$e*-no ne2e$l7)&)s2%n7en7e o(%&e>% )> (/0Ve-%o0go&o$no l)ce$e3$o2%-e$)7%l3oslo&n) 3$)1o0)ne-o 3$)1o0))>&o>n) 3$)1o0)&%n$e0n) 3$)1o0)s-%ln) #$e0o&n)'3$)1o0s-%ln) #/ s-%lno2 )>nos/'-e*/c) 3$)1o03$)1o0) I $%s1o0)3oslo&n) $%s1o0)s-o3% 3oslo&nog 0o()-*%s-o3% ne-o 0o()-*%3os- 3$o0%7%3$)1o0) o0 3$o0%7eos-&%$en% 0o()-3oslo&n% 0o()-ne$%s3o0el7en% 0o()-osno&n) *%3)-%l/3)s%n) *%3)-%l/3l%Wen) *%3)-%l0$/H&en) *%3)-%l0$V%&n) *%3)-%lPVR #3%s)&n% &$e2ens*% $%>g$%n)Xen7%'AVR #%*-)&n% &$e2ens*% $%>g$%n)cen7%'O0loVene 3o$es*e o(%&e>eO0loVen% 3o$es*% s$e0s-&%os-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%Os-%le o(%&e>e )> 3oslo&%n7%3$o.)- )> 3oslo&%n7%&%n()l%nsn% %*-)&%&%n()l%nsn% 3%s)&%-e*/W% 3%s)&%&%n()l%nsn% s-%&*%3o&$%W%7 #no&c%'$%c)o,*oe.)c)7en-o($-n% s$e0s-&%no&X%n)o($- *oe.)c)7en- o($-% */3%c%*oe.)c)7en- o($-% /*/3n)1 3oslo&n)1 s$e0s-%&%NV6n%(%&n% &$e0nos--$oH*o&) 2%-e$)7%l%%n%l)>% ose-l7)&os-)$%>g$%n)Xen7%Y$o* 3o&$%W%7% #*$e0)-%')>&o$) .)n%ns)$%n7%na*lata *otra1ivan2ave3ana sre"stva3oslo&n) c)*l/so($-n) .on0*/3o&)n% >e2l7)H-%e*ono2s*% %n%l)>%0o(%&l7%Xgo-o&) 3$o)>&o0)0o2%We -$V)H-e$e>e$&)s%n7%>%l)1ene-o 0o()-o0o($eno o0 s-$%ne""3o-$%V)&%n7%Go-o&)n% ) go-o&)ns*) e*&)&%len-n)U0$/Ven7e (%n%*% S$()7eos-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%ne2%-e$)7%ln% /l%g%n7% #()l%ns s-%n7%'3o-$%V)&%n7% #()l%ns s-%n7%'$ese$&ego-o&)n%%*/2/l)$%n% 0o()-/g/()-%*%*c)7s*) ) os-%l) *%3)-%l>e2l7%n) $%0o&)%$2)$%X*) $%0o&)%$)2)$%X*o6(e-ons*) $%0o&)Kel)Xn% *ons-$/*c)7%Po*$)&%X*) $%0o&)I>ol%-e$s*) 3oslo&)Ele*-$o)ns-%l%c)7e>)0%$s*) $%0o&)e*ono2)7% o()2%s3o$n% 3o-$%V)&%n7%/l%>6)>l%>sto*a *rinosainterna sto*a *rinosa*rinos na #lo1ena sre"stva*rinos na #'#*no an(a3ovana sre"stva3$)nos n% so3s-&en% s$e0s-&%3oslo&n% s$e0s-&% o3$e2%n7e 3$os-o$%3$%-eW) o(7e*-l%*)$n)c% 3e$)on)c% #%/-o2o()l%'no&X%n) -o*o&) )> 3oslo&%n7%>%$%0% (e> 3o$e>%>%$%0% (e> 3o$e>% ) *%2%-%o$g%n)>%c)on% s-$/*-/$%o(%&e>e )> 3oslo&%n7%)s3$%&*% &$e0nos-)-%3%c)$/ng2%H)ns*% o($%0%0o$%0%o3$%&0%nos- )n&es-)c)7ec)l7no -$V)H-e3$o)>&o0n) 3$og$%23o n%$/0V()n)s-%-)X*% ) 0)n%2)X*% ocen% 3$o7e*-%*%n%l) 3$o0%7es%&$e2en% o3$e2%3$)&/W) 3%Vn7/3oslo&)n)/-$V)Hn) /gle0cen% *oH-%n7% C2%lose$)7s*% 3$o)>&o0n7%se$)7s*% 3$o)>&o0n7%Re3/(l)X*%Agenc)7% >% 2%l% I s$e0n7% 3$e0/>eW%3ol7o3$)&$e0n% 2e1%n)>%c)7%-e*/We 3oslo&%n7e$e0o&no 3oslo&%n7eO(%&e>e )> 0o()-)0o()- n% /loVen)*%3)-%l0o()- o0 )n&es-)c)7e/3o&$%- /l%g%n7%/3o&$%- /loVenog *%3)-%l%o($%X/n -$oH*o&%o($%X/no($%X/n 3o-$%V)&%n7% ) 0/go&%n7%o($%X/n *%2%-%3o&$%W%7 #no&c%'3os-o7eWe 3oslo&%n7e3$eos-%l% &$e0nos--$oH*o&) $%0%3os-o7eW% %2o$-)>%c)7%os-%-%* &$e0nos-)-$%7n% o($-n% s$e0s-&%0/go$oXn) 3l%s2%n)o(%&e>e >% >%$%0e($o7 0%n% &e>)&%n7%g/()-%* )>n%0 &)s)ne *%3)-%l%e*ono2s*) -o*e.e*-) )n&es-)$%n7%3o&$%-%* /l%g%n7%ne-o 3$)2)-%**/2/l%-)& ne-o 3$)2)-%*%ne*$e-n)ne,3os-$o7en7%,o3$e2%0)s*on-n) .%*-o$)>0%c)/*/3n) )>0%c)3$)2)c)i3vori obrtni$ sre"stava i3 te'#ce( *oslovan2aO(%&e>e )> 0o()-)>%$%0% 3$e0/>eW%3ara"ene0o&$Hen% 3$o)>&o0n7%%*/2/l%-)&nos-materi2alna ba3a3$)l)&"obit *o osnov# vanre"ni$ stav'ivanre"ne stav'e"obit i3 re"ovno( *oslovan2atro4'ovi amorti3aci2e i re3ervisan2a-e*/We 3oslo&%n7e-$oH*o&) 3oslo&%n7%-$oH*o&) %2o$-)>%c)7es2%n7en7e &$e0nos-) >%l)1%/XeHWe / 0o()-)/XeHWe / *%3)-%l//0eo &l%s-)-)1 s$e0s-%&% / )n&es-)c)7)0%-) %&%ns)3oslo&n% )2o&)n%osno&n) *%3)-%lo(%&e>e )> 3oslo&%n7%%*c)7s*) ) os-%l) *%3)-%ls-eXene so3s-&ene %*c)7e/o-*/3l7ene so3s-&ene %*c)7e$e&%lo$)>%c)one $e>e$&ene3o*$)&ene o(%&e>es-o3% e.)*%snos-)s-o3% 3$o.)-%()lnos-)slo(o0n% go-o&)n% NNT #ne-o no&X%n) -o*'ne-o no&X%n) -o* NNT0%n) &e>)&%n7% 3o-$%V)&%n7% o0 */3%c%0%n) &e>)&%n7% 0o(%&l7%X%0%n) &e>)&%n7% >%l)1%-e*/W) $%c)o l)*&)0nos-)o3H-) $%c)o l)*&)0nos-)ne-o o($-n) .on0P)s2o o /slo&no7 0o0el) s$e0s-%&%)>&o0 )> >e2l7)sn7)1 *n7)g%g%2% 3$o)>&o0%)>&o0 )> >e2l7)sn7)1 *n7)g%3o-$%>)&%n7%*$%7n7) ne2%$, g$/() ne2%$3$o.)-(olo&%n7e*%-%s-%$s*% 3%$cel%>e2l7)sn7e *n7)ge3$)$o0n% *%-%s-$o.%3%$)-e-s-/3)-) n% sn%g/ #n3$"s3o$%>/2,$eg/l%-)&%'/ s2)sl/ 3osle $%-).)*%c)7e 0% se s-&%$no $e%l)>/7e$%-).)*o&%n %l) ne 3/nosn%>%n*$e0)-no 3)s2o, *$e0)-n% no-%, *n7)>no o0o($en7e*n7)>no o0o($en7e >% >%0/>en7eAgenc)7% >% 3$)&$e0ne $eg)s-$en%0og$%0n7e >% &o>)l% #-e$2o )>olo&%ne'3os-%&l7%n7e n%0og$%0n7e n% &o>)lo.)$2% *o7% se (%&) n%0og$%0n7%2% n% &o>)l)2%n%0og$%n7% n% &o>)l/ c)l7e&) I *l7/cn) 3o*%>%-el7) /s3esnos-)$%0n) /c)n%* #HR'3$%cen7e n%3$e0o&%n7% I os-&%$)&%n7%USP 6 7e0)ns-&en% 3$o0%7n% 3on/0%n%c)n $%>2)sl7%n7%, 2en-%l)-e--romoci9a (de.ustaci9a -roi5voda)novi, ne-ro1i9eni, e:s:lu5ivni 1rend lac:in. sufficient money-$go&)ns*% $o(n% 2%$*% /so3s-&en% $o(n% 2%$*%#l%nc) 3o3/- IDEA,!%:) 3$o)>&o0e $o(/ 3o0 s&o7o2 so3s-&eno2 $o(no2 2%$*o2'sistem I-ovratni+ informaci9a od 3! ste-eniJ (is-itivan9e :om-letno. o:ru5en9a 5a-osleno. o n9e.ovim radnim re5ultatima)A -y3e o. goo0 -1%- )s cons/2e0 e&e$y 0%y (y -1e %&e$%ge cons/2e$" T1e goo0s -1%- co23$)se -1)s c%-ego$y %$e ones -1%- nee0 -o (e $e3l%ce0 .$e9/en-ly 6 $o(% s)$o*e 3o-$osn7e(enc2%$*)ng #os)g/$%&% os)g/$%&% *on-)n/)$%n) 3$oces /3o$eZ)&%n7% o$g%n)>%c)7e s% 0$/g)2% / c)l7/ 3$on%l%Ven7% ) )>&oZen7% n%7(ol7e 3oslo&ne 3$%*se $%0) os)g/$%n7% 0/go$oXne *on*/$en-s*e 3$e0nos-)"2%*s)2)>)$%-) )>&o$e s$e0s-%&%,*o$)s-)-) *%o 3ol/g//le&e$)0> #>n%cen7e / .)n%ns)7%2%'/In&es-)ng ;)-1 (o$$o;e0 2oney %s % ;%y -o %23l).y 3o-en-)%l g%)ns #%- -1e $)s* o. g$e%-e$ losses'M SYN" le&e$%g)ng"S-$%-eg)c %0&%n-%geM 3o;e$ -o %c- e..ec-)&ely,T1e 2ec1%n)c%l %0&%n-%ge g%)ne0 (y (e)ng )n % 3os)-)on -o /se % le&e$M SYN" 3/$c1%se" //-)c%7/2ocT+e understandin. 1y an individual of t+eir ri.+ts as a consumer concernin. availa1le -roducts and services 1ein. mar:eted and sold0 T+e conce-t involves four cate.ories includin. safety, c+oice, information, and t+e ri.+t to 1e +eard0 T+e first declaration of consumer ri.+ts ,as esta1lis+ed in t+e #S in ;)&e *on>)s-enc)7ePos- 3osno$)n./>c%7no 3ec)&o()-*% >% 3o$o0)l)s-%c$no -$>)s-es)&% e*ono2)7%s-$%-eg)7% /l%s*% n% -$V)H-egeog$%31)c %$e%s ;)-1o/- co&e$%ge #geog$%.s*e o(l%s-) g0e -$V)H-% n)s/ 3o*$)&en% ne*)2 3$o)>&o0o2'BDP ($/-o 0o2%W) 3$o)>&o0O(7ec-)&e 6 *on*$e-%n, *$%-*o$oXn) c)l7/ GOAL 60/go$oXn) c)l7 -o-%l $e-/$n6 /*/3n% 0o()- #3$)nos'osno&n% >%$%0% 3o 0eon)c)c%$)ns*o s*l%0)H-es$%&n7)&%n7e 6 /3o$e07)&%n7e )>2e07/ s-%n7% / 2%g%c)n/ ) s-%n7% / s)s-e2/%ng%Vo&%n7e $es/$s% /n/-%$ s%2e *o23%n)7ePRVI/DRUGI/TRE[I !O!ENAT ISTINE\F)$s- 2o2en- o. T$/-1 ?W)nn)ng -1e O33o$-/n)-y -o Co23e-e #W1%- Cons/2e$s See %n0 See*'T1e no; legen0%$y 31$%se 3o3/l%$)>e0 (y P$oc-e$ + G%2(le ceo A"G" L%.ley, ;1o )n % GBBG le--e$ -o s1%$e1ol0e$s 0e.)ne0 )- %s -1e 2o2en- ];1en cons/2e$s s-%n0 )n .$on- o. % s-o$e s1el. C %n0 0ec)0e ;1e-1e$ -o (/y % P+G ($%n0, o$ % co23e-)ng 3$o0/c-"^ T1e 31$%se 1%s (een ;)0ely )n-e$3$e-e0 (o-1 %s %n %..)$2%-)on .o$ -1e )23o$-%nce o. )n6s-o$e 2%$*e-)ng %n0 %s %n en0o$se2en- .o$ -1e s-o$e %s % &)%(le ($%n06(/)l0)ng 2e0)/2" As s/c1, )- 1%s (eco2e %n o.-69/o-e0 (%--le c$y %2ong )n0/s-$y 3$%c-)-)one$s" \Secon0 2"o. T$/-1 ? W)nn)ng -1e Co23e-)-)on #;HAT cons/2e$s e:3e$)ence' T1e .)$s- 2o2en- o. -$/-1 )s ;1%- yo/ see on -1e s1el." T1e secon0 )s ;1%- 1%33ens ;1en yo/ e:3e$)ence -1e 3$o0/c-" \T1)$0 !o2en- o. T$/-1 ? W)nn)ng -1e Re3e%- In&es-2en- #Ho; Cons/2e$s P%$-)c)3%-e'3$)&%-n% $o(n% 2%$*%3o>)c)7e n% *%s)>%-e>n% *%2%-%/$(%n)s-)c*) 3l%n/$(%n)s-)c*) 3$o7e*%-g$%07e&)ns*% 3%$cel%>%*on o0 3l%n)$%n7/ ) )>g$%0n7)g$%07e&)ns*% 0o>&ol%/3o-$e(n% 0o>&ol%/-o&%$n% -e1n)*%tehni#$i prije!!UP 6se*-o$ >% &%n$e0ne o3e$%c)7eFTE De.)n)-)on, #./ll -)2e e9/)&%len- 0e.)n)-)on' ($o7 $%0n)1 s%-) s-%lno >%3oslen)1 $%0n)*% >% o0$e07en) &$ens*) 3e$)o0'T1e 0e.)n)-)on o. FTE #./ll -)2e e9/)&%len-' )s -1e n/2(e$ o. ;o$*)ng 1o/$s -1%- $e3$esen-s one ./ll6-)2e e23loyee 0/$)ng % .):e0 -)2e 3e$)o0, s/c1 %s one 2on-1 o$ one ye%$" FTE s)23l).)es ;o$* 2e%s/$e2en- (y con&e$-)ng ;o$* lo%0 1o/$s )n-o -1e n/2(e$ o. 3eo3le $e9/)$e0 -o co23le-e -1%- ;o$*"FTE C%lc/l%-)onFTE c%lc/l%-)on )s % -;o s-e3 3$ocess -1%- 0e-e$2)nes 1o; 2%ny 1o/$s o. ;o$* -1e$e %$e )n % 0e3%$-2en- %n0 1o; 2%ny 1o/$s one ./ll -)2e e23loyee ;o$*s" T1e -o-%l ;o$*lo%0 1o/$s %$e -1en 0)&)0e0 (y -1e ;o$*)ng 1o/$s o. one e23loyee" T1)s c%lc/l%-es -1e n/2(e$ o. ./ll -)2e e9/)&%len-s -1%- %$e nee0e0" T1e n/2(e$ o. FTE nee0e0 ? ;o$*lo%0 1o/$s / -1e ;o$*)ng 1o/$s o. U FTE )n yo/$ o$g%n)>%-)on !o0).)c%-)ons -o -1e ;o$*lo%0 %n0/o$ 3$o0/c-)&)-y ;)ll 3$ec)sely .o$ec%s- 1o; 2%ny FTEs ;)ll (e $e9/)$e0"FTE !%n%ge2en- FTE 2%n%ge2en- )s -1e %n%lys)s, 0ec)s)on 2%*)ng, %n0 )23le2en-%-)on 3$ocesses -1%- 0e-e$2)ne,6 1o; 2%ny e23loyees %$e nee0e06 -1e s*)lls e%c1 7o( 3os)-)on nee0s %n0 -1e -o-%l %&%)l%(le s*)ll 1o/$s -1e 0e3%$-2en- nee0s6 1o; ;o$* ;)ll (e %ss)gne0 -o e23loyees6 1o; o$g%n)>%-)on%l %n0 s-%.. 3e$.o$2%nce ;)ll (e 2e%s/$e06 ;1e-1e$ 7o( 3os)-)ons ;)ll (e gene$%l)s-s o$ s3ec)%l)s-s6 ;1)c1 o$g%n)>%-)on%l s-$/c-/$es ;)ll (e %0o3-e0 s/c1 %s &)$-/%l s1%$e0 se$&)ces %n0 e:3e$- cen-e$s, e-c"n3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/n6-$go&)ns*% $o(n% 2%$*% /so3s-&en% $o(n% 2%$*%#l%nc) 3o3/- IDEA,!%:) 3$o)>&o0e $o(/ 3o0 s&o7o2 so3s-&eno2 $o(no2 2%$*o2'geog$%31)c %$e%s ;)-1o/- co&e$%ge #geog$%.s*e o(l%s-) g0e -$V)H-% n)s/ 3o*$)&en% ne*)2 3$o)>&o0o2'n3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/nBANARSI RESNIAA/SABBREVIATIONACCEPT A BILLACCOUNT SALESACCURATEADDITIONAL CHARGESADVISEAFTER SIGHTAGAINST A RECEIPTAGENCY,sole AgencyAGENTAIRWAYBILLANOWLEDGEANOWLEDGE!ENTA!OUNTASSESSASSETSAT SIGHTATTACHAUTHORITESAVAILABILITYAVAILABLEAVE"AVERAGEAVERAGE#gene$%l %&e$'BB/EB/LBALE#(e)l'BENEFICIARYBILLBILL OF LADINGBLANBLAN ENDORSEDBOARDBOO BRANCHBREADOWNBUL #(%l*'CC+Fc/oCABLECALCULATECALL FORCANCELCARBOYCARRIERCASECASHCAS#*%,s*'CERTIFICATEce$-).)c%-e o. )ns/$%ncece$-).)c%-e o. o$)g)nCHANCECHARGEc).CIRCULARCLAI!CLAUSEco"COLLECTCOLLECTIONCO!!ERCIAL VEHICLECO!PENSATIONCO!PETECO!PETITIONCO!PETITIVECO!PETITIVE PRICESCO!PETITORCO!PLAINTCO!PONENTCONCISECONFIR!ATIONCONSIGNEE#*ons%)n),'CONSIGN!ENTCONSIGN!ENT NOTECONSIGN!ENT STOCCONSULTANCY FEECONSU!ERCONSU!ER GOODSCOSTcos- %n0 .$e)g1-cos- )ns/$%nce .$e)g1-CRATE#*$e)-'CREATE !ONEYCREDITORDD/AD/P0/sDEALDEAL INDEAL WITHDEBTORDELAY0esc"DISCONT % 0$%.-/()llDISCONT#0)s*%/n-'DOCU!ENTDOCU!ENT OF TITLEDOCU!ENTARYDOCU!ENTARY BILLDOCU!ENTARY CREDIT0oc/2en-s %g%)ns- %cce3-%nce0oc/2en-s %g%)ns- 3%y2en-DRAFTDRAFTDRAW A BILLDRAW UPDRAWEEDRAWERDUEEe"g"EFFECT PAY!ENTencl"ENCLOSEENCLOSUREENDORSEENDORSE!ENTEN4UIRYESSENCEESTABLISHe-c"E5CEEDE5CHANGEE5ECUTEE5ECUTIVEE5PANDE56WAREHOUSEE56WORSFF"P"A"FACEFACE VALUEFACILITATE.%sFAVOURFAVOURABLEFEATUREFIR!FIR! OFFERFIR! ORDERFLOATING POLICY.o(.o$FORWARDFORWARDINGFORWARDING AGENT.o-FRANFREEFREE ALONGSIDEFREE ON BOARDFREE ON RAILFREE ON TRUCFREIGHT COLLECTFREIGHT PAIDFREIGHT PREPAIDFREIGHT#.$e)-'GGO ABOUTGOODSGRANTGROSSHHANDHEADINGHOLDERHONOURII(I!PORT LICENCEINDE!NIFYINDE!NITYINITIALINITIALSINSTRUCTINSTRUCTIONINSTRU!ENT OF 3%y2en-INSURANCEINSURANCE CERTIFICATEINSURANCE POLICYINSUREDINSURERINVOICEISSUEISSUING BANITE!

EGINDLL/CLAYOUTLEGALLETTER OF CREDITLETTER OR CREDITLETTERHEADLICENCELINELINERLOADLOADINGLODGELOSSL-0"!!AIL!ANDATE!ARINE!AR!ATURE!ATURITY!EASURE!ENT!EASURE!ENTS!EET RE4UIRE!ENTS!ERCHANDISE!ISSINGNNEGOTIABLENEGOTIATENEGOTIATE A DRAFTNETno"NO!INAL VALUENOTIFYOO/NOBTAINOFFERO!ITONORDERORDERORIGINOVERSEASPP/NPACPACINGPARTIAL LOSSPARTICULARPARTICULAR AVERAGEPARTICULARSPARTYPATTERNPAYABLEPAYEEPAY!ENT3lcPOLICYPORT OF DESTINATIONPORT OF DISCHARGEPORT OF ENTRYPORT OF LOADINGPOSTPOUNDPRE!IU!#3$)2)72'PRESENTPRICE LISTPRINCIPALPRO!ISSORY NOTEPROPOSALPROSPECTUSPROTESTPROVISIONP$o&)s)on,(%s)c 3"44-y"4UARTER4UOTATION4UOTE A PRICERRANGERATE OF E5CHANGE$0"RERECEIPTRECORDREDUCEREDUCTION$e."REFERREFERENCEREFERENCEREFERRING TOREGULARRELEASERELIABILITYRE!ITTANCERENEWREPRESENTATIVERE4UESTRE4UIRERE4UIRE!ENTRESERVERETAILSSACSALE PRO!OTIONSALUTATIONSEI8ESHIPPERSHIPPINGSHIPPING AGENTSHIPPING DOCU!ENTSSHIPPING INSTRUCTIONSSIGHTSIGHT BILL/DRAFTs9"SSs-"STATEDSTIPULATESTOCSTRESSSTURDYSUBSCRIBESUBSTANTIALSUPPLIERSUPPLY TTA5TENORTER!TER!S OF DELIVERYTER!S OF PAY!ENTTHIRD PARTYTI!E POLICY-l:TRANCHETRANSFERTRANSFERABLETRANSHIPTRANSHIP!ENTUU/PUNLOADUNLOADINGUSUSANCE BILLVVALIDVALIDITYVATVESSELVOLU!EVOYAGE POLICYWW"A"WAREHOUSEWEIGHWEIGHTWHOLE SALEWITHDRAWWITHINSOCIALLY o;ne0 c%3)-%lSTATE o;ne0 c%3)-%l(/s)ness #LEGAL' ENTITYBARTER TRADEo;n %sse-s-o-%l )n&es-2en-c/$$en- %sse-s)n-$o0/c-)ons%les 2%$*e- %n%lys)sPurchasing market/Suppliers market analysisEconomic and financial analysiscommercial) evaluation (*assessment)Concl/s)onl)2)-e0 l)%()l)-y co23%nyCO!PANY IDNACE Co0e Ac-)&)-ys%le o. 2o-o$ &e1)cles.):e0 %sse-s$e&en/e-o-%l $e&en/eso/$ces o. ./n0)ng(%l%nce s1ee-Inco2e s-%-e2en-/3$o.)-6%n06loss s-%-e2en-es-)2%-e0 )n&es-2en- cos-s$%-e o. s%l%$y g$o;-13$o.)-%()l)-y $%-e3$o.)- -%:.o$e)gn e:c1%nge -$%ns%c-)on -%:)nco2e -%:3%y$oll -%:E:cess cos-sE:-$%o$0)n%$y loss,e:-$%o$0)n%$y e:3enses,con-)ngency e:3en0)-/$eE:-$%o$0)n%$y )nco2eec%',ne- $e&en/e #0$>%&n)'e:3o$- e%$n)ngse:-$% )nco2e, s/33le2en-%$y )nco2e,e:-$% $e&en/es-e%0y )nco2e.):e0 )nco2ec/$$en- $e&en/e)nco2e %n0 e:3en0)-/$e/$ece)3-s %n0 3%y2en-so3e$%-)ng e:3enseso3e$%-)ng 3$o.)- $%-eNe- 3$o.)- $%-e%.-e$ s%less%les $e&en/e$e-/$nso3e$%-)ng 3$o.)-$e-%)ne0 e%$n)ngse9)-y/e9)-y s1%$e c%3)-%l)ss/e0 c%3)-%l #2.'/s/(sc$)(e0 c%3)-%l./lly 3%)0 c%3)-%l #2.'/3%)06)n c%3)-%loperating income/o3e$%-)on%l $e&en/esoc)%l *%3)-%ls-%-e o;ne0 c%3)-%l%cc$/%ls %n0 0e.e$$e0 )nco2e3$e3%y2en-s %n0 %cc$/e0 )nco2eDe.e$$e0 -%: l)%()l)-)esDe..e$e0 -%: %sse-sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OMEO-1e$ l)%()l)-)es %$)s)ng .$o2 (/s)ness %c-)&)-)es/.$o2 o3e$%-)ons3$o.)- .$o2 o3e$%-)onsO..6(%l%nce %sse-s/con-)ngen- %sse-so..6(%l%nce l)%()l)-)es/con-)ngen- l)%()l)-)esc/$$$en- l)%()l)-)eso..6(%l%nce )-e23%y(%c*$%-)o;o$*)ng c%3)-%l2one-%$y-/$no&e$(/ye$s -/$no&e$ coe..)c)en-T/$no&e$ coe..)c)en- .o$ -o-%l (/s)ness %sse-s %c9/)s)-)on &%l/e2%-e$)%ls cos-s/2%-e$)%l e:3enses/cos- o. )n&en-o$y /se0&/lne$%()l)-y %n%lys)s%cc$/%ls3%y(%c* 3e$)o0so/$ces o. ./n0)ng,so/$ces o. .)n%ncerecoverability of money claimscollect money claims!receivablestie" f#n"s-$%0e cycle/(/s)ness cyclec)$c/l%-)ng c%3)-%l/c)$c/l%-)ng %sse-s,;o$*)ng c%3)-%ll%n0 3/$c1%seecono2)c %n%lys)ss/33l)e$.)n)s1e0 3$o0/c-sloc%l 2%$*e-3$o&)s)on)n&en-o$yne- 3$o.)-A33$o&e0 (yTra"e receivablesCas$ an" cas$ e%#ivalentsAssoc)%-)on o. Se$()%n B%n*sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OME$TA%$&'E $(ESTMETS$ece)&%(les$ese$&esc%s1A""#M#'ATE! PRO)$T*'OSSSHARE A! OTHER "AP$TA'e%$-1;o$*metal frame&or' for concreteReinforce" concrete steel frame&or'roofin(ins#latin( electrical systemmasonryecono2y o. sc%le/econo2)es o. sc%le(%0 0e(-s)n3/-6o/-3/-$%-e o. $e-/$n)n-e$n%l $%-e o. $e-/$nROI6Re-/$n on )n&es-2en-$e-/$n on %sse-s(/s)ness %sse-s/co22e$c)%l %sse-s./$n)s1)ng%/:)l)%$y .%c)l)-)esc%$ ;%s1EBTEBIT6 E%$n)ngs (e.o$e -%: %n0 )n-e$es-C%3)-%l e:3enceso$g%n)s%-)on%l s-$/c-/$eo3e$%-)ng l)%()l)-)es%07/s-2en- &%l/e/31ols-e$y2%c1)n)ng.)n)s1)ng)n&es-2en- 7/s-).)c%-)on"as+ flo, from O-eratin. Activities 3$o0/c-)on 3$og$%22e/3$o0/c-)on l)nec/s-o262%0e/c/s-o2)>e0 3$o0/c-)on2%0e -o o$0e$S-%-)c%l %n0 0yn%2)c%l e&%l/%-)on o. -1e 3$o7ec-0)s-$)(/-)on c1%nnel/c1%nnel o. 0)s-$)(/-)on/36-o60%-e e9/)32en-%$o/se %--en-)on/)n-e$es-goo0;)llcos- 3$)ce/3$o0/c-)on cos-s2%ll6sc%le 3$o0/c-)on2%ss 3$o0/c-)on/(%-c1 3$o0/c-)on/se$)es,se$)%l 3$o0/c-)onSe$()%n Agency .o$ -1e De&elo32en- o. S2%ll %n0 !e0)/2 s)>e0 En-e$3$)s.%$2 2%c1)ne$yc/$$en- o3e$%-)ons"ay)to)"ay o*eratin( activitiesliabilities for *rofitROE6$e-/$n on e9/)-y$e-/$n on )n&es-2en- ROIcos- %cco/n-)ngc%lc/l%-)onse--le2en- o. cl%)2sc%lc/l%-)on o. )n-e$es-$e./n0e+istin( o*erations$es)0/%l &%l/el%(o/$ cos-se+istin( "e*riciation$es)0/%l &%l/elong -e$2 ;o$*)ng c%3)-%llong6-e$2 )n&es-2en-liabilities for salaries*ayables *er "aysLOSS O,ER CA-ITALeconomic flo&investment effects$e-/$n on )n&es-2en- ROICAS. /LO0cas$ balancec/2/l%-)&e c%s1 (%l%ncel%n0,(/)l0)ngs ,e9/)32en-/3$o3e$-y,3l%n- %n0 e9/)32en--ar(et mar'et"isco#ntin( factoro/-.lo;-o-%l c%s1 o/-.lo;)n.lo;so#rces of &or'in( ca*ital from c#rrent o*erationsl)%()l)-)es %$)s)ng .$o2 3$o.)-co$3o$%-e e%$n)ngs&a(es an" salaries;o$* )n 3$og$essC%3)-%l 6gene$%-)ng %()l)-y,e%$n)ng c%3%c)-yeconomic basis)n.lo;/)n.l/:*rofit on t$e basis of e+tra itemse+tra items*rofit from "ay)to)"ay o*eratin( activitiesDe*reciation costs an" reservesc/$$en- o3e$%-)onso3e$%-)ng cos-s0e3$)c)%-)on c1%$gesInventory val#e re"#ce"3$o.)- s1%$)ng/s1%$e o. 3$o.)-ss$are of ca*ital0e(-6e9/)-y $%-)o3$e%3%y2en-(/s)ness %sse-s/co23%ny %sse-se9/)-y o3e$%-)ng l)%()l)-)ess$are an" ot$er ca*ital-$e%s/$y s1%$es$e&%l/%-)on s/$3l/so/-s-%n0)ng l)%()l)-)ese..)c)ency $%-)o3$o.)-%()l)-y $%-)oRea"y cas$ )Net cas$ flo&Ne- c%s1 .lo;D%ys %cco/n-s $ece)&%(les 0/eD%ys %cco/n-s 3%y%(le 0/eD%ys )n&en-o$y )n s-oc*4/)c* $%-)oC/$$en- $%-)oNet &or'in( f#n"A/SABBREVIATIONACCEPT A BILLACCOUNT SALESACCURATEADDITIONAL CHARGESADVISEAFTER SIGHTAGAINST A RECEIPTAGENCY,sole AgencyAGENTAIRWAYBILLANOWLEDGEANOWLEDGE!ENTA!OUNTASSESSASSETSAT SIGHTATTACHAUTHORITESAVAILABILITYAVAILABLEAVE"AVERAGEAVERAGE#gene$%l %&e$'BB/EB/LBALE#(e)l'BENEFICIARYBILLBILL OF LADINGBLANBLAN ENDORSEDBOARDBOO BRANCHBREADOWNBUL #(%l*'CC+Fc/oCABLECALCULATECALL FORCANCELCARBOYCARRIERCASECASHCAS#*%,s*'CERTIFICATEce$-).)c%-e o. )ns/$%ncece$-).)c%-e o. o$)g)nCHANCECHARGEc).CIRCULARCLAI!CLAUSEco"COLLECTCOLLECTIONCO!!ERCIAL VEHICLECO!PENSATIONCO!PETECO!PETITIONCO!PETITIVECO!PETITIVE PRICESCO!PETITORCO!PLAINTCO!PONENTCONCISECONFIR!ATIONCONSIGNEE#*ons%)n),'CONSIGN!ENTCONSIGN!ENT NOTECONSIGN!ENT STOCCONSULTANCY FEECONSU!ERCONSU!ER GOODSCOSTcos- %n0 .$e)g1-cos- )ns/$%nce .$e)g1-CRATE#*$e)-'CREATE !ONEYCREDITORDD/AD/P0/sDEALDEAL INDEAL WITHDEBTORDELAY0esc"DISCONT % 0$%.-/()llDISCONT#0)s*%/n-'DOCU!ENTDOCU!ENT OF TITLEDOCU!ENTARYDOCU!ENTARY BILLDOCU!ENTARY CREDIT0oc/2en-s %g%)ns- %cce3-%nce0oc/2en-s %g%)ns- 3%y2en-DRAFTDRAFTDRAW A BILLDRAW UPDRAWEEDRAWERDUEEe"g"EFFECT PAY!ENTencl"ENCLOSEENCLOSUREENDORSEENDORSE!ENTEN4UIRYESSENCEESTABLISHe-c"E5CEEDE5CHANGEE5ECUTEE5ECUTIVEE5PANDE56WAREHOUSEE56WORSFF"P"A"FACEFACE VALUEFACILITATE.%sFAVOURFAVOURABLEFEATUREFIR!FIR! OFFERFIR! ORDERFLOATING POLICY.o(.o$FORWARDFORWARDINGFORWARDING AGENT.o-FRANFREEFREE ALONGSIDEFREE ON BOARDFREE ON RAILFREE ON TRUCFREIGHT COLLECTFREIGHT PAIDFREIGHT PREPAIDFREIGHT#.$e)-'GGO ABOUTGOODSGRANTGROSSHHANDHEADINGHOLDERHONOURII(I!PORT LICENCEINDE!NIFYINDE!NITYINITIALINITIALSINSTRUCTINSTRUCTIONINSTRU!ENT OF 3%y2en-INSURANCEINSURANCE CERTIFICATEINSURANCE POLICYINSUREDINSURERINVOICEISSUEISSUING BANITE!

EGINDLL/CLAYOUTLEGALLETTER OF CREDITLETTER OR CREDITLETTERHEADLICENCELINELINERLOADLOADINGLODGELOSSL-0"!!AIL!ANDATE!ARINE!AR!ATURE!ATURITY!EASURE!ENT!EASURE!ENTS!EET RE4UIRE!ENTS!ERCHANDISE!ISSINGNNEGOTIABLENEGOTIATENEGOTIATE A DRAFTNETno"NO!INAL VALUENOTIFYOO/NOBTAINOFFERO!ITONORDERORDERORIGINOVERSEASPP/NPACPACINGPARTIAL LOSSPARTICULARPARTICULAR AVERAGEPARTICULARSPARTYPATTERNPAYABLEPAYEEPAY!ENT3lcPOLICYPORT OF DESTINATIONPORT OF DISCHARGEPORT OF ENTRYPORT OF LOADINGPOSTPOUNDPRE!IU!#3$)2)72'PRESENTPRICE LISTPRINCIPALPRO!ISSORY NOTEPROPOSALPROSPECTUSPROTESTPROVISIONP$o&)s)on,(%s)c 3"44-y"4UARTER4UOTATION4UOTE A PRICERRANGERATE OF E5CHANGE$0"RERECEIPTRECORDREDUCEREDUCTION$e."REFERREFERENCEREFERENCEREFERRING TOREGULARRELEASERELIABILITYRE!ITTANCERENEWREPRESENTATIVERE4UESTRE4UIRERE4UIRE!ENTRESERVERETAILSSACSALE PRO!OTIONSALUTATIONSEI8ESHIPPERSHIPPINGSHIPPING AGENTSHIPPING DOCU!ENTSSHIPPING INSTRUCTIONSSIGHTSIGHT BILL/DRAFTs9"SSs-"STATEDSTIPULATESTOCSTRESSSTURDYSUBSCRIBESUBSTANTIALSUPPLIERSUPPLY TTA5TENORTER!TER!S OF DELIVERYTER!S OF PAY!ENTTHIRD PARTYTI!E POLICY-l:TRANCHETRANSFERTRANSFERABLETRANSHIPTRANSHIP!ENTUU/PUNLOADUNLOADINGUSUSANCE BILLVVALIDVALIDITYVATVESSELVOLU!EVOYAGE POLICYWW"A"WAREHOUSEWEIGHWEIGHTWHOLE SALEWITHDRAWWITHINSOCIALLY o;ne0 c%3)-%lSTATE o;ne0 c%3)-%l(/s)ness #LEGAL' ENTITYBARTER TRADEo;n %sse-s-o-%l )n&es-2en-c/$$en- %sse-s)n-$o0/c-)ons%les 2%$*e- %n%lys)sPurchasing market/Suppliers market analysisEconomic and financial analysiscommercial) evaluation (*assessment)Concl/s)onl)2)-e0 l)%()l)-y co23%nyCO!PANY IDNACE Co0e Ac-)&)-ys%le o. 2o-o$ &e1)cles.):e0 %sse-s$e&en/e-o-%l $e&en/eso/$ces o. ./n0)ng(%l%nce s1ee-Inco2e s-%-e2en-/3$o.)-6%n06loss s-%-e2en-es-)2%-e0 )n&es-2en- cos-s$%-e o. s%l%$y g$o;-13$o.)-%()l)-y $%-e3$o.)- -%:.o$e)gn e:c1%nge -$%ns%c-)on -%:)nco2e -%:3%y$oll -%:E:cess cos-sE:-$%o$0)n%$y loss,e:-$%o$0)n%$y e:3enses,con-)ngency e:3en0)-/$eE:-$%o$0)n%$y )nco2eec%',ne- $e&en/e #0$>%&n)'e:3o$- e%$n)ngse:-$% )nco2e, s/33le2en-%$y )nco2e,e:-$% $e&en/es-e%0y )nco2e.):e0 )nco2ec/$$en- $e&en/e)nco2e %n0 e:3en0)-/$e/$ece)3-s %n0 3%y2en-so3e$%-)ng e:3enseso3e$%-)ng 3$o.)- $%-eNe- 3$o.)- $%-e%.-e$ s%less%les $e&en/e$e-/$nso3e$%-)ng 3$o.)-$e-%)ne0 e%$n)ngse9)-y/e9)-y s1%$e c%3)-%l)ss/e0 c%3)-%l #2.'/s/(sc$)(e0 c%3)-%l./lly 3%)0 c%3)-%l #2.'/3%)06)n c%3)-%lsoc)%l *%3)-%ls-%-e o;ne0 c%3)-%l%cc$/%ls %n0 0e.e$$e0 )nco2e3$e3%y2en-s %n0 %cc$/e0 )nco2eDe.e$$e0 -%: l)%()l)-)esoperating income/o3e$%-)on%l $e&en/eDe..e$e0 -%: %sse-sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OMEO-1e$ l)%()l)-)es %$)s)ng .$o2 (/s)ness %c-)&)-)es/.$o2 o3e$%-)ons3$o.)- .$o2 o3e$%-)onsO..6(%l%nce %sse-s/con-)ngen- %sse-so..6(%l%nce l)%()l)-)es/con-)ngen- l)%()l)-)esc/$$$en- l)%()l)-)eso..6(%l%nce )-e23%y(%c*$%-)o;o$*)ng c%3)-%l2one-%$y-/$no&e$(/ye$s -/$no&e$ coe..)c)en-T/$no&e$ coe..)c)en- .o$ -o-%l (/s)ness %sse-s %c9/)s)-)on &%l/e2%-e$)%ls cos-s/2%-e$)%l e:3enses/cos- o. )n&en-o$y /se0&/lne$%()l)-y %n%lys)s%cc$/%ls3%y(%c* 3e$)o0so/$ces o. ./n0)ng,so/$ces o. .)n%ncerecoverability of money claimscollect money claims!receivablestie" f#n"s-$%0e cycle/(/s)ness cyclec)$c/l%-)ng c%3)-%l/c)$c/l%-)ng %sse-s,;o$*)ng c%3)-%ll%n0 3/$c1%seecono2)c %n%lys)ss/33l)e$.)n)s1e0 3$o0/c-sloc%l 2%$*e-3$o&)s)on)n&en-o$yne- 3$o.)-A33$o&e0 (yTra"e receivablesCas$ an" cas$ e%#ivalentsAssoc)%-)on o. Se$()%n B%n*sOTHER ASSETS, PREPAYMETS A! A""R#E! $"OME$TA%$&'E $(ESTMETS$ece)&%(les$ese$&esc%s1A""#M#'ATE! PRO)$T*'OSSSHARE A! OTHER "AP$TA'e%$-1;o$*metal frame&or' for concreteReinforce" concrete steel frame&or'roofin(ins#latin( electrical systemmasonryecono2y o. sc%le/econo2)es o. sc%le(%0 0e(-s)n3/-6o/-3/-$%-e o. $e-/$n)n-e$n%l $%-e o. $e-/$nROI6Re-/$n on )n&es-2en-$e-/$n on %sse-s(/s)ness %sse-s/co22e$c)%l %sse-s./$n)s1)ng%/:)l)%$y .%c)l)-)esc%$ ;%s1EBTEBIT6 E%$n)ngs (e.o$e -%: %n0 )n-e$es-C%3)-%l e:3enceso$g%n)s%-)on%l s-$/c-/$eo3e$%-)ng l)%()l)-)es%07/s-2en- &%l/e/31ols-e$y2%c1)n)ng.)n)s1)ng)n&es-2en- 7/s-).)c%-)on3$o0/c-)on 3$og$%22e/3$o0/c-)on l)nec/s-o262%0e/c/s-o2)>e0 3$o0/c-)on2%0e -o o$0e$S-%-)c%l %n0 0yn%2)c%l e&%l/%-)on o. -1e 3$o7ec-"as+ flo, from O-eratin. Activities -ar(et mar'et0)s-$)(/-)on c1%nnel/c1%nnel o. 0)s-$)(/-)on/36-o60%-e e9/)32en-%$o/se %--en-)on/)n-e$es-goo0;)llcos- 3$)ce/3$o0/c-)on cos-s2%ll6sc%le 3$o0/c-)on2%ss 3$o0/c-)on/(%-c1 3$o0/c-)on/se$)es,se$)%l 3$o0/c-)onSe$()%n Agency .o$ -1e De&elo32en- o. S2%ll %n0 !e0)/2 s)>e0 En-e$3$)s.%$2 2%c1)ne$yc/$$en- o3e$%-)ons"ay)to)"ay o*eratin( activitiesliabilities for *rofitROE6$e-/$n on e9/)-y$e-/$n on )n&es-2en- ROIcos- %cco/n-)ngc%lc/l%-)onse--le2en- o. cl%)2sc%lc/l%-)on o. )n-e$es-$e./n0e+istin( o*erations$es)0/%l &%l/el%(o/$ cos-se+istin( "e*riciation$es)0/%l &%l/elong -e$2 ;o$*)ng c%3)-%llong6-e$2 )n&es-2en-liabilities for salaries*ayables *er "aysLOSS O,ER CA-ITALeconomic flo&investment effects$e-/$n on )n&es-2en- ROICAS. /LO0cas$ balancec/2/l%-)&e c%s1 (%l%ncel%n0,(/)l0)ngs ,e9/)32en-/3$o3e$-y,3l%n- %n0 e9/)32en-"isco#ntin( factoro/-.lo;-o-%l c%s1 o/-.lo;)n.lo;so#rces of &or'in( ca*ital from c#rrent o*erationsl)%()l)-)es %$)s)ng .$o2 3$o.)-co$3o$%-e e%$n)ngs&a(es an" salaries;o$* )n 3$og$essC%3)-%l 6gene$%-)ng %()l)-y,e%$n)ng c%3%c)-yeconomic basis)n.lo;/)n.l/:*rofit on t$e basis of e+tra itemse+tra items*rofit from "ay)to)"ay o*eratin( activitiesDe*reciation costs an" reservesc/$$en- o3e$%-)onso3e$%-)ng cos-s0e3$)c)%-)on c1%$gesInventory val#e re"#ce"3$o.)- s1%$)ng/s1%$e o. 3$o.)-ss$are of ca*ital0e(-6e9/)-y $%-)o3$e%3%y2en-(/s)ness %sse-s/co23%ny %sse-se9/)-y o3e$%-)ng l)%()l)-)ess$are an" ot$er ca*ital-$e%s/$y s1%$es$e&%l/%-)on s/$3l/so/-s-%n0)ng l)%()l)-)ese..)c)ency $%-)o3$o.)-%()l)-y $%-)oRea"y cas$ )Net cas$ flo&Ne- c%s1 .lo;D%ys %cco/n-s $ece)&%(les 0/eD%ys %cco/n-s 3%y%(le 0/eD%ys )n&en-o$y )n s-oc*4/)c* $%-)oC/$$en- $%-)oNet &or'in( f#n"CCL Con-)ngen- Co22)-2en- Le--e$$eg)s-e$e0 l%n0 ce$-).)c%-e3$o0/c- l)ne$eg)s-e$e0 l%n0 ce$-).)c%-eg$%n-6%l) ne / s2)sl/ 0on%c)7ecl%)2g$oss negl)gence2%$* /3 3$)ces)c* le%&ec%s-$%l lo-l%n0 $eg)s-$yn%-/$%l 0)s%s-e$3%$)-yen-e$ )n-o .o$ce-1e %g$ee2en- )s $%-).)e0,(/- no- en-e$e0 )n-o .o$cec$e0)- no-e0e()- no-eBANARSI RESNIACCOUNT SALES#%($)&)e)In' 6 SRAJENICAPRIHVATITI !ENICUOBRAKUN ODI 8ASTUPNI LALDE PRINCIPALU,I8VELTAD O PRODADITAKAN , PRECI8ANDODATNI TROLOVIOBAVESTITIPOSLE PRE8ENTACIDEU8 PRI8NANICU8ASTUPSTVO,AGENCIDA M sole %gency 6)s*l7/N)&o>%s-/3s-&oPOSREDNI,8ASTUPNI ,AGENT M sole %gen-6)s*l7/N)&) >%s-/3n)*AVIONSI TOVARNI LISTPOTVRDITIPOTVRDA, POTVRDA O PRIDE!UI8NOS,SU!A,VREDNOSTMI8NOSITI,DOSTI8ATI-o -1e %2o/n- o. 6 / )>nos/ o0, / &)s)n), / &$e0nos-)ODREDITI,PROCENITI, UTVRDITIATIVA/PASIVA?l)%()l)-)es #3o-$%O)&%n7e ) 0/go&%n7e'NO ASSETS ?ne2% 3o*$)=% n% 2en)c/PO VIPENDUDODATI,PRILOQITIVLASTIISPORUARASPOLORIV,ODI SE !ORE DOBITIAVENUEHAVARIDAMPROSESAN,PROSE/ .$ee o. 3%$-)c/l%$ %&e$%ge?(e> 3%$-)*/l%$ne 1%&%$)7e,>%I-)=en o0 1%&"GENERALNA HAVARIDABILL OF E5CHANGEBILL OF LADINGBALAORISNIRASUN //s%nce ()ll ? 2en)c% s% /o()N%7en)2 $o*o2 /0$%; % ()ll ?&/=) 2en)c/ONOS!AN, TERETNICA /cle%n ()ll o. 6?N)s-% -e$e-n)c%/ 0)$-y ("o. 6?neN)s-% -"/.o/l ("o. l"?neN)s-% -"PRA8AN,BLANOBLANO INDORSIRANPALUBA/ on (o%$0?n% ($o0/,n% ($o0RE8ERVISATIFILIDALAVARM PRIA8!NOTTVO,!ASACOST AND FREIGHTCARE OFTELEGRA!M POSLATI TELEGRA! / c%(le %00$ess?-eleg$%.s*% %0$es%I8RASUNATI, PRORASUNATITRARITI, 8AHTEVATIOTA8ATI, STORNIRATIBALON #AB6UBB l)-%$%'PREVO8NIUTIDAM SANDUUNOVSITI,NAPLATITI SEMGOTOVINA/ c%s1 %g%)ns- 0oc/2en-s?3l%=%n7e /> 3$e0%7/ 0o*/2en%-%BUREPOTVRDA,UVERENDEPOTVRDA OSIGURANDAUVERENDE O PORELUs-%n0 % goo0 c1%nce6 )2%-) 0o($/ 3$)l)*/TROTA, 8ARASUNATI / .$e)g1- c1%$ges?3$e&o>n) -$oI*o&)COST INSURANCE AND FREIGHTCIRULARAN8AHTEVM RELA!ACIDA,LAU8ULACO!PANYSAUPITI,NAPLATITIOLECIDAMNAPLATAPRIVREDNO,TERETNO,DOSTAVNO VO8ILONANADA, ODTTETAONURISATIONURENCIDAONURENTANONURENTNE CENEONURENTOALBA,PRIGOVOR, RELA!ACIDASASTAVNI DEORATA,SAOETPOTVRDA, ONFIR!ACIDA,AVALPRI!ALAC #ROBE'ROBNA POTILDA,ONSIGNACIDA /on cons)gn2en-?3$e*o *ons)gn%c)7eTOVARNI LISTONSIGNACIDA,ONSIG"SLADITTE/ cons)gn2en- s-oc* %g$ee2en-?/go&o$ o *ons)gn%c)7)POSREDNISI PROCENATPOTROTASROBA TIROE POTROTNDECENA,TROTACENA SA VO8ARINO!CENA SA OSIGURANDE! I VO8ARINO!SANDU,GADBAREIRATI NOVACREDITOR,8AD!ODAVACDOCU!ENTS AGAINST ACCEPTANCEDOCU!ENTS AGAINST PAY!ENTDAYS AFTER SIGHTTRGOVATI,POSLOVATI0e%l-,0e%l- /TRGOVATI, POSLOVATI , PRODAVATIPOSLOVATI,BAVITI SEDUONI8ASTOD, ATNDENDE/;)-1o/- 0el%y?o02%1, (e> o0l%g%n7%DESCRIPTIONDISONTOVATI,ESONTOVATI !ENICUPOPUST,SONTOMDISONTOVANDE,ESONTOVANDEDOU!ENT,ISPRAVAISPRAVA O VLASNITTVUDOU!ENTARANDOU!ENTARNA TRATADOU!ENTARNI AREDITIVDOU!ENTA PO PRIHVATANDU !ENICEPLAJANDE U8 DOU!ENTA!ENICA,MNACRT / s)g1- 0$%.-?2en)c% 3o &)07en7///s%nce 0$%.-?/>o 2en)c%NACRT,RADNA VER8IDA DOU!ENTA?3$e&"s% 0$%.-VUJI !ENICUSASTAVITI,NAPRAVITI 6660$%; /3 -1e -e$2s o. %g$ee2en-TRASATTRASANT,I8DAVAS !ENICEDOSPEO,PLATIVFOR E5A!PLEI8VRTITI PLAJANDEENCLOSUREPRILOOITIPRILOGINDORSIRATIPRENOS,INDOSA!ENTUPITSUTTINAUSPOSTAVITIMOTVORITIMPOSTAVITIAND SO ONPRE!ALITI8A!ENA,RA8!ENA/ .)$s- o. e:c1%nge?3$&% 2en)c%I8VRLITIRUOVODILACLIRITI SEFRANO SLADITTEFRANO FABRIAFREE OF PARTICULAR AVERAGELICE,PREDNDA STRANAOSNOVNA VREDNOST#no2)n%ln% &$e0nos-'OLATATIFREE ALONGSIDENALONOSTMUSLUGA / )n .%&o/$ o. ? / *o$)s-POVOLDANARATERISTIA,OBELEODESVRSTSVRSTA PONUDASVRSTAPORUDOBINAFLOTANTNA,OTPISANA POLISAFREE ON BOARDFREE ON RAILPOSLATI,OTPRE!ITIOTPRE!ATPEDITERFREE ON TRUCFRANIRATISLOBODAN,OSLOBOPENFRANO U8 BO BRODAFRANO BRODFRANO VAGONFRANO A!IONVO8ARINA PLATIVA NA ODREDITTUVO8ARINA PLAJENAVO8ARINA PLAJENA UNAPREDVO8ARINA,TERET,TOVARRADITIROBA ODOBRITIBRUTOPREDATI8AGLAVLDE PIS!AVLASNI,I!ALACHONORIRATIPOUNDUVO8NA DO8VOLANANADITIODTTETAPOSETNIINICIDALIOBAVESTITI,DATI UPUTSTVAUPUTSTVOINSTRU!ENT PLAJANDAOSIGURANDE / 2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7ePOTVRDA O OSIGURANDUPOLISA OSIGURANDAOSIGRANIOSIGURATELDFATURA,RANUN/ co22e$c)%l 6 ?*o2e$c)7%ln% .%*"/cons/l%$ 6?*on>/l%$n%/3$o6.o$2%6?3$o.%*-/$%I8DATI,OTVORITIBANA ODA I8DADE AREDITIVSTAVAMSLANBURENCELDUBA8AN,USLUOANLETTER OF CREDITPLAN,RASPORED8AONSI,LEGALANAREDITIV/0oc/2en-%$y66?0o*/2en-%$n)%"/)$$e&oc%(le66?neo3o>)&)%"/$e&oc%(le66?o3o>)&) %*$e0)-)&$e&ol&)ng le--e$ o. c$e0)-?o(no&l7)&%*$"/-$%ns.e$%(le 66?3$enos)& %*$e0)-)&8AGLAVLDEDO8VOLA/e:3o$- l)c"?)>&o>n% 0o>&ol%/)23o$-6?/&o>n%VRSTA ROBEBROD LINIDSE PLOVIDBETOVARMTERETMUTOVARITIUTOVAR/3o$- o. lo%0)ng?l/*% /-o&%$%PREDATI,PODNETIGUBITA /s/..e$ loss?3$e-$3e-) g/()-%*LI!ITEDPOTTA/%)$ 2%)l?%&)ons*%6/o$0)n%$y6?o()Nn%6/$eg)s-e$e06?3$e3o$/Nen% 3oI-%!ANDAT!ORSI,PO!ORSI/2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7eOBELEOITIDOSPEO,8REOMDOSPETI 8A NAPLATUDOSPEJE!ERA,VELISINADI!EN8IDEISPUNITI,UDOVOLDITI 8AHTEVUROBA ODI NEDOSTADE,I8GUBLDENPRENOSIVPREGOVARATIMUNOVSITI,PRODATIPRODATI !ENICUNETONU!BERNO!INALNA VREDNOSTOBAVESTITIORDER NU!BERDOBITI"PRIBAVITIPONUDA/.)$2 o..e$?N&$s-% 3on/0%/s/(2)- %n o..e$?3o0ne-),0%-) 3on/0/I8OSTAVITI,PROPUSTITIon (o%$0 -1e s1)3?n%($o0// on cons)gn2en-?3$e*o *ons)gn%c)7ePORUDOBINA/ o$0e$ .o$2?n%$/0O(en)c%,)>7%&%/.)$2 6?N&$s-% 3on/0%3l%ce %n o$0e$?3o$/N)-) / -$)%l o$0e$?3$o(n% 3o$/0O()n%PORELO / ce$-).)c%-e o. o$)g)n?/&e$en7e o 3o$e*l/ $o(ePREO!ORSIPART NU!BERPAOVATIPAOVANDEDELI!ISAN GUBITAPODEDINASNIOBISNA/DELI!ISNA HAVARIDADETALDI,PODEDINOSTIPARTIDA,STRANA /-1)$0 3%$-y?-$e=e l)ceU8ORAPLATIV,DOSPEORE!ITENT,I!ALAC SEAe..ec- 3%y2en-? )>&$I)-) 3l%=%n7ePUBLIC LI!ITED CO!PANYPOLISA/.lo%-)ng6?.lo-%n-n%,o-3)s%n% 3ol)s%/ -)2e6?&$e2ens*% 6/&oy%ge6?3ol)s% >% o0$e07eno 3/-o&%n7eODREDITNA LUALUA ISTOVARAULA8NA LUALUA UTOVARAPOSLATI POTTO!FUNTAPRE!IDAPODNETI,PRE8ENTOVATICENOVNI / 9/o-e % 3$)ce?n%&es-) cen/PRINCIPAL,GLAVNI,TEF,3oslo0%&%c *o7) %ng%O/7e >%s-/3n)*%OBVE8NICAPONUDA,PREDLOGPROSPETPROTESTVOVATI !ENICU#UTVRDITI DA NIDE PLAJENA'ODREDBAOsno&ne o0$e0(e4UANTITYSETVRTINA,VARTALPONUPENA CENAMPONUDANAVESTI CENUI8BOR,ASORTI!ANDEVI8NI URSROADREFERENCE,REFERRING TOPRI8NANICAMPRIDE!MPOTVRDA/%g%)ns- % $ece)3-?/> 3$)>n%n)c/UPISATIMREGISTROVATIM EVIDENCIDA$e0/ce 3$)ce 6s2%n7)-) cen/S!ANDENDE,SNIOENDE,POPUSTREFERENCEUPUTITIPREPORUAMVE8AMPRED!ETMNAVESTIMPO8VATI SE NAo/$ $e.e$ence?n%I >n%*/ yo/$6?&%I6/;)-1 $e.e$ence -o?/ &e>) s%PO8IVADUJI SE NA , U VE8I SAREDOVANPUSTITI,OSLOBODITIPOU8DANOSTDO8NAAOBNOVITI8ASTUPNI!OLBA,8AHTEVMTRAOITI,8AHTEVATITRAOITI,8AHTEVATI8AHTEV8ADROATI!ALOPRODADAVREJAUNAPREDDENDE PRODADEPO8DRAV8GRABITI,ISORISTITI PRILIURCATELDUTOVAR,OTPRE!A BRODO!PREO!ORSI OTPRE!NIROBNA/OTPRE!NA DOU!ENTAOTPRE!NA DISPO8ICIDAVIPENDE /%.-e$ s)g1-?3osle 3$e>en-%c)7e / %- 6?3o &)07en7/!ENICA PO VIPENDUS4UARESTEA!SHIPSTREETNA8NASENUGOVORITILAGER,8ALIHAMDROATI NA LAGERU/ )n s-oc*?n% l%ge$/,s-o&%$)I-//o/- o. 6?$%s3$o0%-NAGLASITI,ISTAJISVRSTAGREE TO PAY8NATAN,PRILISAN,GLAVNIISPORUSILAC,I8VO8NI,NABAVLDASSNABDETI,POSLATI,ISPORUSITIM8ALIHAPORE8,TASARONA8IV,TER!INMUSLOVUSLOVI ISPORUEUSLOVI PLAJANDATREJE LICEVRE!ENSA POLISATELE5TRANTAI8VRTITI PRENOSPRENOSIVPRETOVARITIPRETOVARUNIT PRICEISTOVARITIISTOVARUNITED STATES!ENICA SA UOBISADENI! ROO!PUNOVAOAN,VALDANVAONOSTVALUE ADDED TA5BRODOBI!M8APRE!INAPOLISA 8A ODREDDENO VRE!EWITH AVERAGESLADITTE,!AGACINTEVITITEOINAVELEPRODADAPOVUWI8A,8A !ANDE ODDRUHTVENI APITALDRVAVNI APITALPRAVNO LICEO!PEN8ACIDAso3s-&en% s$e0s-&%/*/3n% /l%g%n7%o($-n% s$e0s-&%/&o0%n%l)>% 3$o0%7nog -$V)H-%%n%l)>% n%(%&nog -$V)H-%6#-$>" Do(%&l7%c% *o23onen-)'e*ono2s*o6.)n%ns)7s*% %nl)>%*o2e$c)7%ln% ocen% #3$o7e*-%'>%*l7/X%*0$/H-&o s% og$%n)Xeno2 o0go&o$noHW/2%-)Xn) ($o7 3$e0/>eW%H).$% 0el%-nos-)3$o0%7% 2o-o$n)1 &o>)l%osno&n% s$e0s-&%3$)1o0/*/3n) 3$)1o0)>&o$ .)n%ns)$%n7%()l%ns s-%n7%()l%ns /s3e1%3$e0$%X/ns*% &$e0nos- )n&es-)c)7es-o3% $%s-% >%$%0%s-o3% $en-%()lnos-)3o$e> n% 0o()-3o$e> n% 0o()- )> 0e&)>nog 3oslo&%n7%3o$e> n% 0o1o0%*3o$e> n% 3l%-e&%n$e0n) -$oH*o&)&%n$e0n) $%s1o0)&%n$e0n) 3$)1o0)3oslo&n) 0o()-%*3oslo&n) $%s1o0)-$oH*o&) 2%-e$)7%l%ne-o s%0%Hn7% &$e0nos-*os-6(ene.)- %n%l)>% #%n%l)>% *o$)s-) ) -$oH*o&%'3$%g $en-%()lnos-))n-e$n% s-o3% $en-%()lnos-)3e$)o0 3o&$%W%7%0)$e*-no 2e$l7)&) #*o$)s-),-$oH*o&)'0)$e*-no ne2e$l7)&)s2%n7en7e o(%&e>% )> (/0Ve-%o0go&o$no l)ce$e3$o2%-e$)7%l3oslo&n) 3$)1o0)ne-o 3$)1o0))>&o>n) 3$)1o0)&%n$e0n) 3$)1o0)s-%ln) #$e0o&n)'3$)1o0s-%ln) #/ s-%lno2 )>nos/'-e*/c) 3$)1o03$)1o0) I $%s1o0)3oslo&n) $%s1o0)s-o3% 3oslo&nog 0o()-*%s-o3% ne-o 0o()-*%3os- 3$o0%7%3$)1o0) o0 3$o0%7eos-&%$en% 0o()-3oslo&n% 0o()-ne$%s3o0el7en% 0o()-osno&n) *%3)-%l/3)s%n) *%3)-%l/3l%Wen) *%3)-%l0$/H&en) *%3)-%l0$V%&n) *%3)-%lPVR #3%s)&n% &$e2ens*% $%>g$%n)Xen7%' n3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/nAVR #%*-)&n% &$e2ens*% $%>g$%n)cen7%'O0loVene 3o$es*e o(%&e>eO0loVen% 3o$es*% s$e0s-&%os-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%Os-%le o(%&e>e )> 3oslo&%n7%3$o.)- )> 3oslo&%n7%&%n()l%nsn% %*-)&%&%n()l%nsn% 3%s)&%-e*/W% 3%s)&%&%n()l%nsn% s-%&*%3o&$%W%7 #no&c%'$%c)o,*oe.)c)7en-o($-n% s$e0s-&%no&X%n)o($- *oe.)c)7en- o($-% */3%c%*oe.)c)7en- o($-% /*/3n)1 3oslo&n)1 s$e0s-%&%NV6n%(%&n% &$e0nos--$oH*o&) 2%-e$)7%l%%n%l)>% ose-l7)&os-)$%>g$%n)Xen7%Y$o* 3o&$%W%7% #*$e0)-%')>&o$) .)n%ns)$%n7%na*lata *otra1ivan2ave3ana sre"stva3oslo&n) c)*l/so($-n) .on0*/3o&)n% >e2l7)H-%e*ono2s*% %n%l)>%0o(%&l7%Xgo-o&) 3$o)>&o0)0o2%We -$V)H-e$e>e$&)s%n7%>%l)1ene-o 0o()-o0o($eno o0 s-$%ne""3o-$%V)&%n7%Go-o&)n% ) go-o&)ns*) e*&)&%len-n)U0$/Ven7e (%n%*% S$()7eos-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%ne2%-e$)7%ln% /l%g%n7% #()l%ns s-%n7%'3o-$%V)&%n7% #()l%ns s-%n7%'$ese$&ego-o&)n%%*/2/l)$%n% 0o()-/g/()-%*%*c)7s*) ) os-%l) *%3)-%l>e2l7%n) $%0o&)%$2)$%X*) $%0o&)%$)2)$%X*o6(e-ons*) $%0o&)Kel)Xn% *ons-$/*c)7%Po*$)&%X*) $%0o&)I>ol%-e$s*) 3oslo&)Ele*-$o)ns-%l%c)7e>)0%$s*) $%0o&)e*ono2)7% o()2%s3o$n% 3o-$%V)&%n7%/l%>6)>l%>sto*a *rinosainterna sto*a *rinosa*rinos na #lo1ena sre"stva*rinos na #'#*no an(a3ovana sre"stva3$)nos n% so3s-&en% s$e0s-&%3oslo&n% s$e0s-&% o3$e2%n7e 3$os-o$%3$%-eW) o(7e*-l%*)$n)c% 3e$)on)c% #%/-o2o()l%'no&X%n) -o*o&) )> 3oslo&%n7% 6>%$%0% (e> 3o$e>%>%$%0% (e> 3o$e>% ) *%2%-%o$g%n)>%c)on% s-$/*-/$%o(%&e>e )> 3oslo&%n7%)s3$%&*% &$e0nos-)-%3%c)$/ng2%H)ns*% o($%0%0o$%0%o3$%&0%nos- )n&es-)c)7ec)l7no -$V)H-e3$o)>&o0n) 3$og$%23o n%$/0V()n)s-%-)X*% ) 0)n%2)X*% ocen% 3$o7e*-%*%n%l) 3$o0%7es%&$e2en% o3$e2%3$)&/W) 3%Vn7/3oslo&)n)/-$V)Hn) /gle0cen% *oH-%n7% C2%lose$)7s*% 3$o)>&o0n7%se$)7s*% 3$o)>&o0n7%Re3/(l)X*%Agenc)7% >% 2%l% I s$e0n7% 3$e0/>eW%3ol7o3$)&$e0n% 2e1%n)>%c)7%-e*/We 3oslo&%n7e$e0o&no 3oslo&%n7eO(%&e>e )> 0o()-)0o()- n% /loVen)*%3)-%l0o()- o0 )n&es-)c)7e/3o&$%- /l%g%n7%/3o&$%- /loVenog *%3)-%l%o($%X/n -$oH*o&%o($%X/no($%X/n 3o-$%V)&%n7% ) 0/go&%n7%o($%X/n *%2%-%3o&$%W%7 #no&c%'3os-o7eWe 3oslo&%n7e3$eos-%l% &$e0nos--$oH*o&) $%0%3os-o7eW% %2o$-)>%c)7%os-%-%* &$e0nos-)-$%7n% o($-n% s$e0s-&%0/go$oXn) 3l%s2%n)o(%&e>e >% >%$%0e($o7 0%n% &e>)&%n7%g/()-%* )>n%0 &)s)ne *%3)-%l%e*ono2s*) -o*e.e*-) )n&es-)$%n7%3o&$%-%* /l%g%n7%ne-o 3$)2)-%**/2/l%-)& ne-o 3$)2)-%*%ne*$e-n)ne,3os-$o7en7%,o3$e2%0)s*on-n) .%*-o$)>0%c)/*/3n) )>0%c)3$)2)c)i3vori obrtni$ sre"stava i3 te'#ce( *oslovan2aO(%&e>e )> 0o()-)>%$%0% 3$e0/>eW%3ara"ene0o&$Hen% 3$o)>&o0n7%%*/2/l%-)&nos-materi2alna ba3a3$)l)&"obit *o osnov# vanre"ni$ stav'ivanre"ne stav'e"obit i3 re"ovno( *oslovan2atro4'ovi amorti3aci2e i re3ervisan2a-e*/We 3oslo&%n7e-$oH*o&) 3oslo&%n7%-$oH*o&) %2o$-)>%c)7es2%n7en7e &$e0nos-) >%l)1%/XeHWe / 0o()-)/XeHWe / *%3)-%l//0eo &l%s-)-)1 s$e0s-%&% / )n&es-)c)7)0%-) %&%ns)3oslo&n% )2o&)n%osno&n) *%3)-%lo(%&e>e )> 3oslo&%n7%%*c)7s*) ) os-%l) *%3)-%ls-eXene so3s-&ene %*c)7e/o-*/3l7ene so3s-&ene %*c)7e$e&%lo$)>%c)one $e>e$&ene3o*$)&ene o(%&e>es-o3% e.)*%snos-)s-o3% 3$o.)-%()lnos-)slo(o0n% go-o&)n% NNT #ne-o no&X%n) -o*'ne-o no&X%n) -o* NNT0%n) &e>)&%n7% 3o-$%V)&%n7% o0 */3%c%0%n) &e>)&%n7% 0o(%&l7%X%0%n) &e>)&%n7% >%l)1%-e*/W) $%c)o l)*&)0nos-)o3H-) $%c)o l)*&)0nos-)ne-o o($-n) .on0ACCOUNT SALES#%($)&)e)In' 6 SRAJENICAPRIHVATITI !ENICUOBRAKUN ODI 8ASTUPNI LALDE PRINCIPALU,I8VELTAD O PRODADITAKAN , PRECI8ANDODATNI TROLOVIOBAVESTITIPOSLE PRE8ENTACIDEU8 PRI8NANICU8ASTUPSTVO,AGENCIDA M sole %gency 6)s*l7/N)&o>%s-/3s-&oPOSREDNI,8ASTUPNI ,AGENT M sole %gen-6)s*l7/N)&) >%s-/3n)*AVIONSI TOVARNI LISTPOTVRDITIPOTVRDA, POTVRDA O PRIDE!UI8NOS,SU!A,VREDNOSTMI8NOSITI,DOSTI8ATI-o -1e %2o/n- o. 6 / )>nos/ o0, / &)s)n), / &$e0nos-)ODREDITI,PROCENITI, UTVRDITIATIVA/PASIVA?l)%()l)-)es #3o-$%O)&%n7e ) 0/go&%n7e'NO ASSETS ?ne2% 3o*$)=% n% 2en)c/PO VIPENDUDODATI,PRILOQITIVLASTIISPORUARASPOLORIV,ODI SE !ORE DOBITIAVENUEHAVARIDAMPROSESAN,PROSE/ .$ee o. 3%$-)c/l%$ %&e$%ge?(e> 3%$-)*/l%$ne 1%&%$)7e,>%I-)=en o0 1%&"GENERALNA HAVARIDABILL OF E5CHANGEBILL OF LADINGBALAORISNIRASUN //s%nce ()ll ? 2en)c% s% /o()N%7en)2 $o*o2 /0$%; % ()ll ?&/=) 2en)c/ONOS!AN, TERETNICA /cle%n ()ll o. 6?N)s-% -e$e-n)c%/ 0)$-y ("o. 6?neN)s-% -"/.o/l ("o. l"?neN)s-% -"PRA8AN,BLANOBLANO INDORSIRANPALUBA/ on (o%$0?n% ($o0/,n% ($o0RE8ERVISATIFILIDALAVARM PRIA8!NOTTVO,!ASACOST AND FREIGHTCARE OFTELEGRA!M POSLATI TELEGRA! / c%(le %00$ess?-eleg$%.s*% %0$es%I8RASUNATI, PRORASUNATITRARITI, 8AHTEVATIOTA8ATI, STORNIRATIBALON #AB6UBB l)-%$%'PREVO8NIUTIDAM SANDUUNOVSITI,NAPLATITI SEMGOTOVINA/ c%s1 %g%)ns- 0oc/2en-s?3l%=%n7e /> 3$e0%7/ 0o*/2en%-%BUREPOTVRDA,UVERENDEPOTVRDA OSIGURANDAUVERENDE O PORELUs-%n0 % goo0 c1%nce6 )2%-) 0o($/ 3$)l)*/TROTA, 8ARASUNATI / .$e)g1- c1%$ges?3$e&o>n) -$oI*o&)COST INSURANCE AND FREIGHTCIRULARAN8AHTEVM RELA!ACIDA,LAU8ULACO!PANYSAUPITI,NAPLATITIOLECIDAMNAPLATAPRIVREDNO,TERETNO,DOSTAVNO VO8ILONANADA, ODTTETAONURISATIONURENCIDAONURENTANONURENTNE CENEONURENTOALBA,PRIGOVOR, RELA!ACIDASASTAVNI DEORATA,SAOETPOTVRDA, ONFIR!ACIDA,AVALPRI!ALAC #ROBE'ROBNA POTILDA,ONSIGNACIDA /on cons)gn2en-?3$e*o *ons)gn%c)7eTOVARNI LISTONSIGNACIDA,ONSIG"SLADITTE/ cons)gn2en- s-oc* %g$ee2en-?/go&o$ o *ons)gn%c)7)POSREDNISI PROCENATPOTROTASROBA TIROE POTROTNDECENA,TROTACENA SA VO8ARINO!CENA SA OSIGURANDE! I VO8ARINO!SANDU,GADBAREIRATI NOVACREDITOR,8AD!ODAVACDOCU!ENTS AGAINST ACCEPTANCEDOCU!ENTS AGAINST PAY!ENTDAYS AFTER SIGHTTRGOVATI,POSLOVATI0e%l-,0e%l- /TRGOVATI, POSLOVATI , PRODAVATIPOSLOVATI,BAVITI SEDUONI8ASTOD, ATNDENDE/;)-1o/- 0el%y?o02%1, (e> o0l%g%n7%DESCRIPTIONDISONTOVATI,ESONTOVATI !ENICUPOPUST,SONTOMDISONTOVANDE,ESONTOVANDEDOU!ENT,ISPRAVAISPRAVA O VLASNITTVUDOU!ENTARANDOU!ENTARNA TRATADOU!ENTARNI AREDITIVDOU!ENTA PO PRIHVATANDU !ENICEPLAJANDE U8 DOU!ENTA!ENICA,MNACRT / s)g1- 0$%.-?2en)c% 3o &)07en7///s%nce 0$%.-?/>o 2en)c%NACRT,RADNA VER8IDA DOU!ENTA?3$e&"s% 0$%.-VUJI !ENICUSASTAVITI,NAPRAVITI 6660$%; /3 -1e -e$2s o. %g$ee2en-TRASATTRASANT,I8DAVAS !ENICEDOSPEO,PLATIVFOR E5A!PLEI8VRTITI PLAJANDEENCLOSUREPRILOOITIPRILOGINDORSIRATIPRENOS,INDOSA!ENTUPITSUTTINAUSPOSTAVITIMOTVORITIMPOSTAVITIAND SO ONPRE!ALITI8A!ENA,RA8!ENA/ .)$s- o. e:c1%nge?3$&% 2en)c%I8VRLITIRUOVODILACLIRITI SEFRANO SLADITTEFRANO FABRIAFREE OF PARTICULAR AVERAGELICE,PREDNDA STRANAOSNOVNA VREDNOST#no2)n%ln% &$e0nos-'OLATATIFREE ALONGSIDENALONOSTMUSLUGA / )n .%&o/$ o. ? / *o$)s-POVOLDANARATERISTIA,OBELEODESVRSTSVRSTA PONUDASVRSTAPORUDOBINAFLOTANTNA,OTPISANA POLISAFREE ON BOARDFREE ON RAILPOSLATI,OTPRE!ITIOTPRE!ATPEDITERFREE ON TRUCFRANIRATISLOBODAN,OSLOBOPENFRANO U8 BO BRODAFRANO BRODFRANO VAGONFRANO A!IONVO8ARINA PLATIVA NA ODREDITTUVO8ARINA PLAJENAVO8ARINA PLAJENA UNAPREDVO8ARINA,TERET,TOVARRADITIROBA ODOBRITIBRUTOPREDATI8AGLAVLDE PIS!AVLASNI,I!ALACHONORIRATIPOUNDUVO8NA DO8VOLANANADITIODTTETAPOSETNIINICIDALIOBAVESTITI,DATI UPUTSTVAUPUTSTVOINSTRU!ENT PLAJANDAOSIGURANDE / 2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7ePOTVRDA O OSIGURANDUPOLISA OSIGURANDAOSIGRANIOSIGURATELDFATURA,RANUN/ co22e$c)%l 6 ?*o2e$c)7%ln% .%*"/cons/l%$ 6?*on>/l%$n%/3$o6.o$2%6?3$o.%*-/$%I8DATI,OTVORITIBANA ODA I8DADE AREDITIVSTAVAMSLANBURENCELDUBA8AN,USLUOANLETTER OF CREDITPLAN,RASPORED8AONSI,LEGALANAREDITIV/0oc/2en-%$y66?0o*/2en-%$n)%"/)$$e&oc%(le66?neo3o>)&)%"/$e&oc%(le66?o3o>)&) %*$e0)-)&$e&ol&)ng le--e$ o. c$e0)-?o(no&l7)&%*$"/-$%ns.e$%(le 66?3$enos)& %*$e0)-)&8AGLAVLDEDO8VOLA/e:3o$- l)c"?)>&o>n% 0o>&ol%/)23o$-6?/&o>n%VRSTA ROBEBROD LINIDSE PLOVIDBETOVARMTERETMUTOVARITIUTOVAR/3o$- o. lo%0)ng?l/*% /-o&%$%PREDATI,PODNETIGUBITA /s/..e$ loss?3$e-$3e-) g/()-%*LI!ITEDPOTTA/%)$ 2%)l?%&)ons*%6/o$0)n%$y6?o()Nn%6/$eg)s-e$e06?3$e3o$/Nen% 3oI-%!ANDAT!ORSI,PO!ORSI/2%$)ne )ns/$%nce?3o2o$s*o os)g/$%n7eOBELEOITIDOSPEO,8REOMDOSPETI 8A NAPLATUDOSPEJE!ERA,VELISINADI!EN8IDEISPUNITI,UDOVOLDITI 8AHTEVUROBA ODI NEDOSTADE,I8GUBLDENPRENOSIVPREGOVARATIMUNOVSITI,PRODATIPRODATI !ENICUNETONU!BERNO!INALNA VREDNOSTOBAVESTITIORDER NU!BERDOBITI"PRIBAVITIPONUDA/.)$2 o..e$?N&$s-% 3on/0%/s/(2)- %n o..e$?3o0ne-),0%-) 3on/0/I8OSTAVITI,PROPUSTITIon (o%$0 -1e s1)3?n%($o0// on cons)gn2en-?3$e*o *ons)gn%c)7ePORUDOBINA/ o$0e$ .o$2?n%$/0O(en)c%,)>7%&%/.)$2 6?N&$s-% 3on/0%3l%ce %n o$0e$?3o$/N)-) / -$)%l o$0e$?3$o(n% 3o$/0O()n%PORELO / ce$-).)c%-e o. o$)g)n?/&e$en7e o 3o$e*l/ $o(ePREO!ORSIPART NU!BERPAOVATIPAOVANDEDELI!ISAN GUBITAPODEDINASNIOBISNA/DELI!ISNA HAVARIDADETALDI,PODEDINOSTIPARTIDA,STRANA /-1)$0 3%$-y?-$e=e l)ceU8ORAPLATIV,DOSPEORE!ITENT,I!ALAC SEAe..ec- 3%y2en-? )>&$I)-) 3l%=%n7ePUBLIC LI!ITED CO!PANYPOLISA/.lo%-)ng6?.lo-%n-n%,o-3)s%n% 3ol)s%/ -)2e6?&$e2ens*% 6/&oy%ge6?3ol)s% >% o0$e07eno 3/-o&%n7eODREDITNA LUALUA ISTOVARAULA8NA LUALUA UTOVARAPOSLATI POTTO!FUNTAPRE!IDAPODNETI,PRE8ENTOVATICENOVNI / 9/o-e % 3$)ce?n%&es-) cen/PRINCIPAL,GLAVNI,TEF,3oslo0%&%c *o7) %ng%O/7e >%s-/3n)*%OBVE8NICAPONUDA,PREDLOGPROSPETPROTESTVOVATI !ENICU#UTVRDITI DA NIDE PLAJENA'ODREDBAOsno&ne o0$e0(e4UANTITYSETVRTINA,VARTALPONUPENA CENAMPONUDANAVESTI CENUI8BOR,ASORTI!ANDEVI8NI URSROADREFERENCE,REFERRING TOPRI8NANICAMPRIDE!MPOTVRDA/%g%)ns- % $ece)3-?/> 3$)>n%n)c/UPISATIMREGISTROVATIM EVIDENCIDA$e0/ce 3$)ce 6s2%n7)-) cen/S!ANDENDE,SNIOENDE,POPUSTREFERENCEUPUTITIPREPORUAMVE8AMPRED!ETMNAVESTIMPO8VATI SE NAo/$ $e.e$ence?n%I >n%*/ yo/$6?&%I6/;)-1 $e.e$ence -o?/ &e>) s%PO8IVADUJI SE NA , U VE8I SAREDOVANPUSTITI,OSLOBODITIPOU8DANOSTDO8NAAOBNOVITI8ASTUPNI!OLBA,8AHTEVMTRAOITI,8AHTEVATITRAOITI,8AHTEVATI8AHTEV8ADROATI!ALOPRODADAVREJAUNAPREDDENDE PRODADEPO8DRAV8GRABITI,ISORISTITI PRILIURCATELDUTOVAR,OTPRE!A BRODO!PREO!ORSI OTPRE!NIROBNA/OTPRE!NA DOU!ENTAOTPRE!NA DISPO8ICIDAVIPENDE /%.-e$ s)g1-?3osle 3$e>en-%c)7e / %- 6?3o &)07en7/!ENICA PO VIPENDUS4UARESTEA!SHIPSTREETNA8NASENUGOVORITILAGER,8ALIHAMDROATI NA LAGERU/ )n s-oc*?n% l%ge$/,s-o&%$)I-//o/- o. 6?$%s3$o0%-NAGLASITI,ISTAJISVRSTAGREE TO PAY8NATAN,PRILISAN,GLAVNIISPORUSILAC,I8VO8NI,NABAVLDASSNABDETI,POSLATI,ISPORUSITIM8ALIHAPORE8,TASARONA8IV,TER!INMUSLOVUSLOVI ISPORUEUSLOVI PLAJANDATREJE LICEVRE!ENSA POLISATELE5TRANTAI8VRTITI PRENOSPRENOSIVPRETOVARITIPRETOVARUNIT PRICEISTOVARITIISTOVARUNITED STATES!ENICA SA UOBISADENI! ROO!PUNOVAOAN,VALDANVAONOSTVALUE ADDED TA5BRODOBI!M8APRE!INAPOLISA 8A ODREDDENO VRE!EWITH AVERAGESLADITTE,!AGACINTEVITITEOINAVELEPRODADAPOVUWI8A,8A !ANDE ODDRUHTVENI APITALDRVAVNI APITALPRAVNO LICEO!PEN8ACIDAso3s-&en% s$e0s-&%/*/3n% /l%g%n7%o($-n% s$e0s-&%/&o0%n%l)>% 3$o0%7nog -$V)H-%%n%l)>% n%(%&nog -$V)H-%6#-$>" Do(%&l7%c% *o23onen-)'e*ono2s*o6.)n%ns)7s*% %nl)>%*o2e$c)7%ln% ocen% #3$o7e*-%'>%*l7/X%*0$/H-&o s% og$%n)Xeno2 o0go&o$noHW/2%-)Xn) ($o7 3$e0/>eW%H).$% 0el%-nos-)3$o0%7% 2o-o$n)1 &o>)l%osno&n% s$e0s-&%3$)1o0/*/3n) 3$)1o0)>&o$ .)n%ns)$%n7%()l%ns s-%n7%()l%ns /s3e1%3$e0$%X/ns*% &$e0nos- )n&es-)c)7es-o3% $%s-% >%$%0%s-o3% $en-%()lnos-)3o$e> n% 0o()-3o$e> n% 0o()- )> 0e&)>nog 3oslo&%n7%3o$e> n% 0o1o0%*3o$e> n% 3l%-e&%n$e0n) -$oH*o&)&%n$e0n) $%s1o0)&%n$e0n) 3$)1o0)3oslo&n) 0o()-%*3oslo&n) $%s1o0)-$oH*o&) 2%-e$)7%l%ne-o s%0%Hn7% &$e0nos-*os-6(ene.)- %n%l)>% #%n%l)>% *o$)s-) ) -$oH*o&%'3$%g $en-%()lnos-))n-e$n% s-o3% $en-%()lnos-)3e$)o0 3o&$%W%7%0)$e*-no 2e$l7)&) #*o$)s-),-$oH*o&)'0)$e*-no ne2e$l7)&)s2%n7en7e o(%&e>% )> (/0Ve-%o0go&o$no l)ce$e3$o2%-e$)7%l3oslo&n) 3$)1o0)ne-o 3$)1o0))>&o>n) 3$)1o0)&%n$e0n) 3$)1o0)s-%ln) #$e0o&n)'3$)1o0s-%ln) #/ s-%lno2 )>nos/'-e*/c) 3$)1o03$)1o0) I $%s1o0)3oslo&n) $%s1o0)s-o3% 3oslo&nog 0o()-*%s-o3% ne-o 0o()-*%3os- 3$o0%7%3$)1o0) o0 3$o0%7eos-&%$en% 0o()-3oslo&n% 0o()-ne$%s3o0el7en% 0o()-osno&n) *%3)-%l/3)s%n) *%3)-%l/3l%Wen) *%3)-%l0$/H&en) *%3)-%l0$V%&n) *%3)-%lPVR #3%s)&n% &$e2ens*% $%>g$%n)Xen7%' n3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/nAVR #%*-)&n% &$e2ens*% $%>g$%n)cen7%'O0loVene 3o$es*e o(%&e>eO0loVen% 3o$es*% s$e0s-&%os-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%Os-%le o(%&e>e )> 3oslo&%n7%3$o.)- )> 3oslo&%n7%&%n()l%nsn% %*-)&%&%n()l%nsn% 3%s)&%-e*/W% 3%s)&%&%n()l%nsn% s-%&*%3o&$%W%7 #no&c%'$%c)o,*oe.)c)7en-o($-n% s$e0s-&%no&X%n)o($- *oe.)c)7en- o($-% */3%c%*oe.)c)7en- o($-% /*/3n)1 3oslo&n)1 s$e0s-%&%NV6n%(%&n% &$e0nos--$oH*o&) 2%-e$)7%l%%n%l)>% ose-l7)&os-)$%>g$%n)Xen7%Y$o* 3o&$%W%7% #*$e0)-%')>&o$) .)n%ns)$%n7%na*lata *otra1ivan2ave3ana sre"stva3oslo&n) c)*l/so($-n) .on0*/3o&)n% >e2l7)H-%e*ono2s*% %n%l)>%0o(%&l7%Xgo-o&) 3$o)>&o0)0o2%We -$V)H-e$e>e$&)s%n7%>%l)1ene-o 0o()-o0o($eno o0 s-$%ne""3o-$%V)&%n7%Go-o&)n% ) go-o&)ns*) e*&)&%len-n)U0$/Ven7e (%n%*% S$()7eos-%l% s$e0s-&% ) %*-)&n% &$e2ens*% $%>g$%n)Xen7%ne2%-e$)7%ln% /l%g%n7% #()l%ns s-%n7%'3o-$%V)&%n7% #()l%ns s-%n7%'$ese$&ego-o&)n%%*/2/l)$%n% 0o()-/g/()-%*%*c)7s*) ) os-%l) *%3)-%l>e2l7%n) $%0o&)%$2)$%X*) $%0o&)%$)2)$%X*o6(e-ons*) $%0o&)Kel)Xn% *ons-$/*c)7%Po*$)&%X*) $%0o&)I>ol%-e$s*) 3oslo&)Ele*-$o)ns-%l%c)7e>)0%$s*) $%0o&)e*ono2)7% o()2%s3o$n% 3o-$%V)&%n7%/l%>6)>l%>sto*a *rinosainterna sto*a *rinosa*rinos na #lo1ena sre"stva*rinos na #'#*no an(a3ovana sre"stva3$)nos n% so3s-&en% s$e0s-&%3oslo&n% s$e0s-&% o3$e2%n7e 3$os-o$%3$%-eW) o(7e*-l%*)$n)c% 3e$)on)c% #%/-o2o()l%'no&X%n) -o*o&) )> 3oslo&%n7% 6>%$%0% (e> 3o$e>%>%$%0% (e> 3o$e>% ) *%2%-%o$g%n)>%c)on% s-$/*-/$%o(%&e>e )> 3oslo&%n7%)s3$%&*% &$e0nos-)-%3%c)$/ng2%H)ns*% o($%0%0o$%0%o3$%&0%nos- )n&es-)c)7ec)l7no -$V)H-e3$o)>&o0n) 3$og$%23o n%$/0V()n)s-%-)X*% ) 0)n%2)X*% ocen% 3$o7e*-%*%n%l) 3$o0%7es%&$e2en% o3$e2%3$)&/W) 3%Vn7/3oslo&)n)/-$V)Hn) /gle0cen% *oH-%n7% C2%lose$)7s*% 3$o)>&o0n7%se$)7s*% 3$o)>&o0n7%Re3/(l)X*%Agenc)7% >% 2%l% I s$e0n7% 3$e0/>eW%3ol7o3$)&$e0n% 2e1%n)>%c)7%-e*/We 3oslo&%n7e$e0o&no 3oslo&%n7eO(%&e>e )> 0o()-)0o()- n% /loVen)*%3)-%l0o()- o0 )n&es-)c)7e/3o&$%- /l%g%n7%/3o&$%- /loVenog *%3)-%l%o($%X/n -$oH*o&%o($%X/no($%X/n 3o-$%V)&%n7% ) 0/go&%n7%o($%X/n *%2%-%3o&$%W%7 #no&c%'3os-o7eWe 3oslo&%n7e3$eos-%l% &$e0nos--$oH*o&) $%0%3os-o7eW% %2o$-)>%c)7%os-%-%* &$e0nos-)-$%7n% o($-n% s$e0s-&%0/go$oXn) 3l%s2%n)o(%&e>e >% >%$%0e($o7 0%n% &e>)&%n7%g/()-%* )>n%0 &)s)ne *%3)-%l%e*ono2s*) -o*e.e*-) )n&es-)$%n7%3o&$%-%* /l%g%n7%ne-o 3$)2)-%**/2/l%-)& ne-o 3$)2)-%*%ne*$e-n)ne,3os-$o7en7%,o3$e2%0)s*on-n) .%*-o$)>0%c)/*/3n) )>0%c)3$)2)c)i3vori obrtni$ sre"stava i3 te'#ce( *oslovan2aO(%&e>e )> 0o()-)>%$%0% 3$e0/>eW%3ara"ene0o&$Hen% 3$o)>&o0n7%%*/2/l%-)&nos-materi2alna ba3a3$)l)&"obit *o osnov# vanre"ni$ stav'ivanre"ne stav'e"obit i3 re"ovno( *oslovan2atro4'ovi amorti3aci2e i re3ervisan2a-e*/We 3oslo&%n7e-$oH*o&) 3oslo&%n7%-$oH*o&) %2o$-)>%c)7es2%n7en7e &$e0nos-) >%l)1%/XeHWe / 0o()-)/XeHWe / *%3)-%l//0eo &l%s-)-)1 s$e0s-%&% / )n&es-)c)7)0%-) %&%ns)3oslo&n% )2o&)n%osno&n) *%3)-%lo(%&e>e )> 3oslo&%n7%%*c)7s*) ) os-%l) *%3)-%ls-eXene so3s-&ene %*c)7e/o-*/3l7ene so3s-&ene %*c)7e$e&%lo$)>%c)one $e>e$&ene3o*$)&ene o(%&e>es-o3% e.)*%snos-)s-o3% 3$o.)-%()lnos-)slo(o0n% go-o&)n% NNT #ne-o no&X%n) -o*'ne-o no&X%n) -o* NNT0%n) &e>)&%n7% 3o-$%V)&%n7% o0 */3%c%0%n) &e>)&%n7% 0o(%&l7%X%0%n) &e>)&%n7% >%l)1%-e*/W) $%c)o l)*&)0nos-)o3H-) $%c)o l)*&)0nos-)ne-o o($-n) .on0P)s2o o /slo&no7 0o0el) s$e0s-%&%)>&o0 )> >e2l7)sn7)1 *n7)g%g%2% 3$o)>&o0%)>&o0 )> >e2l7)sn7)1 *n7)g%3o-$%>)&%n7%*$%7n7) ne2%$, g$/() ne2%$3$o.)-(olo&%n7e*%-%s-%$s*% 3%$cel%>e2l7)sn7e *n7)ge3$)$o0n% *%-%s-$o.%3%$)-e-s-/3)-) n% sn%g/ #n3$"s3o$%>/2,$eg/l%-)&%'/ s2)sl/ 3osle $%-).)*%c)7e 0% se s-&%$no $e%l)>/7e$%-).)*o&%n %l) ne 3/nosn%>%n*$e0)-no 3)s2o, *$e0)-n% no-%, *n7)>no o0o($en7e*n7)>no o0o($en7e >% >%0/>en7en3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/nn3$" A*o s2o 3o-$os)l) -ele.ons*e )23/lse % 7os n)s2o 0o()l) -el"$%c/n