infrastructure investment, private finance, and institutional investors: asia from a global...

8/20/2019 Infrastructure Investment, Private Finance, and Institutional Investors: Asia from a Global Perspective

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@IAJ _lrnjbo [`pdr Sdrjds

Jbhr`structurd Jbvdstmdbt, [rjv`td Hjb`bcd, `bi Jbstjtutjlb`f Jbvdstlr s5 @sj` h rlm ` Ofla`f [drspdc tjvd

Odlro Jbidrst

Bl. 444E`bu`ry 1;08

@sj`b Idvdflpmdbt A`bn Jbstjtutd


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Ygd _lrnjbo [`pdr sdrjds js ` clbtjbu`tjlb lh tgd hlrmdrfy b`mdi Ijscussjlb [`pdrsdrjds> tgd bumadrjbo lh tgd p`pdrs clbtjbudi wjtglut jbtdrruptjlb lr cg`bod. @IAJ‚swlrnjbo p`pdrs rdhfdct jbjtj`f jid`s lb ` tlpjc `bi `rd plstdi lbfjbd hlr ijscussjlb.

@IAJ dbcluròds rdìdrs tl plst tgdjr clmmdbts lb tgd m`jb pòd hlr d`cg wlrnjbop`pdr (ojvdb jb tgd cjt`tjlb adflw). Slmd wlrnjbo p`pdrs m`y idvdflp jbtl ltgdr hlrmslh puafjc`tjlb.

Suoodstdi cjt`tjlb5

Jbidrst, O. 1;08. Jbhr`structurd Jbvdstmdbt, [rjv`td Hjb`bcd, `bi Jbstjtutjlb`f Jbvdstlrs5 @sj` hrlm ` Ofla`f [drspdctjvd. @IAJ _lrnjbo [`pdr 444. Ylnyl5 @sj`b IdvdflpmdbtA`bn Jbstjtutd. @v`jfàfd5 gttp5//www.ìa.lro/puafjc`tjlbs/jbhr`structurd-jbvdstmdbt-prjv`td-hjb`bcd-`bi-jbstjtutjlb`f-jbvdstlrs-`sj`-ofla`f/

[fd`sd clbt`ct tgd ùtglr hlr jbhlrm`tjlb àlut tgjs p`pdr.Dm`jf5 odlroKodlrojbidrst.clm

Odlro Jbidrst js `b jbidpdbidbt ìvjsdr `t Jbidrst @ivjslry jb Flbilb, TbjtdiNjboilm.

Ygd vjdws dxprdssdi jb tgjs p`pdr `rd tgd vjdws lh tgd ùtglr `bi il blt bdcdss`rjfy

rdhfdct tgd vjdws lr plfjcjds lh @IAJ, @IA, jts Al`ri lh Ijrdctlrs, lr tgd olvdrbmdbtstgdy rdprdsdbt. @IAJ ilds blt ou`r`btdd tgd `ccur`cy lh tgd i`t` jbcfuidi jb tgjsp`pdr `bi `ccdpts bl rdsplbsjajfjty hlr `by clbsdqudbcds lh tgdjr usd. Ydrmjblfloyusdi m`y blt bdcdss`rjfy ad clbsjstdbt wjtg @IA lhhjcj`f tdrms.

_lrnjbo p`pdrs `rd suaedct tl hlrm`f rdvjsjlb `bi clrrdctjlb adhlrd tgdy `rdhjb`fjzdi `bi clbsjidrdi puafjsgdi.

@sj`b Idvdflpmdbt A`bn JbstjtutdN`sumjo`sdnj Aujfijbo 7H

3-1-4 N`sumjo`sdnj, Cgjyli`-nuYlnyl 0;;-8;;7, E`p`b

Ydf5 +70-3-34:3-44;;H`x5 +70-3-34:3-44?0TQF5 www.ìaj.lroD-m`jf5 jbhlKìaj.lro

© 1;08 @sj`b Idvdflpmdbt A`bn Jbstjtutd


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@IAJ _lrnjbo [`pdr 444 Jbidrst

@ast r`c t

Ygjs stuiy dv`fu`tds jbhr`structurd jbvdstmdbt `bi hjb`bcd jb @sj` hrlm ` ofla`f pdrspdctjvd.Jt prlvjids `b lvdrvjdw lb jbhr`structurd bddis `bi tgd v`rjlus slurcds lh prjv`td hjb`bcd,ofla`ffy `bi wjtgjb @sj`, `bi crd`tds ` ‖ajoodr pjcturd” hlr tgd idm`bi `bi suppfy lh c`pjt`f

hlr jbhr`structurd ay usjbo ` sjmpfd hr`mdwlrn, j.d., pdrcdbtòds lh orlss ilmdstjc prliuct.Ygd pjcturd js dxpdctdify blt ubjhlrm `crlss @sj`, aut slmd jbtdrdstjbo hd`turds dmdrodhrlm ofla`f clmp`rjslbs. Lvdr`ff, tgd prjv`td sdctlr stjff pf`ys ` rdf`tjvdfy suaiudi rlfd.A`bn fl`bs ilmjb`td prjv`td jbhr`structurd hjb`bcd, `bi tgdrd js mucg sclpd hlr tgd hurtgdridvdflpmdbt lh c`pjt`f m`rndts. Ygd vlfumds lh fjstdi `bi ubfjstdi jbvdstmdbt jbstrumdbts,lh prledct hjb`bcd `bi lh puafjc–prjv`td p`rtbdrsgjps, `rd stjff sm`ff jb rdf`tjlb tl jbvdstmdbtbddis `bi wdff adflw tgd ofla`f `vdròd. Glwdvdr, tgdrd `rd slmd bltàfd dxcdptjlbs.

Jbstjtutjlb`f jbvdstlrs `rd wjidfy sddb `s ` bdw hjb`bcjbo slurcd hlr jbhr`structurd. Ygdrd `rdslmd ijstjbctjvd hd`turds jb @sj`, sucg `s tgd prlmjbdbcd lh f`rod pdbsjlb rdsdrvd hubis`bi slvdrdjob wd`ftg hubis, `bi clmp`r`tjvdfy wd`n prjv`td flbo-tdrm s`vjbos jbstjtutjlbs.Ygd currdbt `ssdt `fflc`tjlb tl jbhr`structurd ay ilmdstjc jbvdstlrs js lvdr`ff vdry flw, `bitgd `ttr`ctjvdbdss hlr hlrdjob jbvdstlrs stjff sua-p`r. Dxpdct`tjlbs lb tgd huturd jbvlfvdmdbtlh jbvdstlrs jb tgjs hjdfi sglufi ad rd`fjstjc, `bi tgdrd `rd a`rrjdrs `bi rjsns tg`t bddi tl adwlrndi lb. @sj`b olvdrbmdbts c`b t`nd stdps tl `ttr`ct mlrd prjv`td c`pjt`f.

EDF Cf`ssjhjc`tjlb5 O13, O17, O30, G49, L08, L07


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Clbtdbts

0. Jbtrliuctjlb ...................................................................................................................... 3

1. Jbhr`structurd Hjb`bcjbo Bddis ........................................................................................ 3 1.0 Gjstlrjc`f [drspdctjvd ......................................................................................... 3 1.1 Dstjm`tds lh Huturd Idm`bi .............................................................................. 4

3. Suppfy lh C`pjt`f .............................................................................................................. 7

3.0 Slurcds lh Jbhr`structurd Hjb`bcd ...................................................................... : 3.1 Jbvdstmdbt Xdgjcfds ......................................................................................... 01 3.3 [rledct Hjb`bcd ................................................................................................. 08 3.9. [uafjc–[rjv`td [`rtbdrsgjps ............................................................................ 1;

9. Jbstjtutjlb`f Jbvdstlrs `s Hjb`bcjdrs ............................................................................... 11 9.0. @sj`b [dbsjlb, Slcj`f Sdcurjty, `bi Jbsur`bcd @ssdts ................................... 13 9.1. Jbvdstlrs jb Jbhr`structurd ................................................................................ 19 9.3. Slvdrdjob _d`ftg Hubis ................................................................................. 14

4. A`rrjdrs `bi Qjsns .......................................................................................................... 18

4.0. Jbstjtutjlb`f Jbvdstlr [ltdbtj`f .......................................................................... 17

8. Clbcfusjlbs ................................................................................................................... 1:

8.0. Fdsslbs `bi Qdclmmdbi`tjlbs ..................................................................... 3; Qdhdrdbcds ............................................................................................................................ 33


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0. JBYQLITCYJLB

Olli jbhr`structurd js ndy tl dclblmjc orlwtg `s wdff `s slcj`f `bi dclflojc`fidvdflpmdbt. Jbhr`structurd jbvdstmdbt rdqujrdmdbts `rd guod wlrfiwjid, `bip`rtjcuf`rfy sl jb idvdflpjbo dclblmjds. M`by clubtrjds `rd gdfi a`cn ay cgrlbjcubidrjbvdstmdbt jb jbhr`structurd `bi pllr m`jbtdb`bcd lh dxjstjbo jbhr`structurd.Glwdvdr, tgdrd c`b `fsl ad ‖lvdrjbvdstmdbt” lh t`xp`ydrs‚ mlbdy jb jbhr`structurd._jtg puafjc sdctlr auiodts lhtdb strdtcgdi, tgd prjv`td sdctlr js `sndi tl pf`y ` ajoodrrlfd jb tgd hjb`bcjbo lh jbhr`structurd.

Ygjs stuiy dv`fu`tds jbhr`structurd jbvdstmdbt `bi hjb`bcd jb @sj` hrlm ` ofla`fpdrspdctjvd. Jt prlvjids `b lvdrvjdw lb jbhr`structurd bddis `bi tgd v`rjlus slurcds lhprjv`td hjb`bcd, ofla`ffy `bi wjtgjb @sj`. Jbstjtutjlb`f jbvdstlrs `rd wjidfy sddb `s `prlmjsjbo bdw hjb`bcjbo slurcd, aut jt js fdss cfd`r wg`t tgdjr pltdbtj`f clbtrjautjlb js.

@b jbcrd`sjbo bumadr lh pdbsjlb hubis, jbsur`bcd clmp`bjds, slvdrdjob wd`ftg hubis(S_H), `bi ltgdr jbvdstlrs `rd sddnjbo jbvdstmdbt lpplrtubjtjds jb tgjs hjdfi. Glwdvdr,tgdy `rd blt ` glmlodblus orlup `s tgdy `ff g`vd tgdjr lwb ijhhdrdbt laedctjvds `bidxpdrjdbcd js stjff sglrt.

Ojvdb tgd jmplrt`bcd lh tgdsd suaedcts, surprjsjbofy fjttfd sddms tl ad nblwb tl i`td.Jbhlrm`tjlb js typjc`ffy pjdcdmd`f, wjtg idhjbjtjlbs lh ‖jbhr`structurd” v`ryjbo r`tgdrwjidfy. Blbdtgdfdss, jt js jmplrt`bt tl flln `t tgd ‖ajoodr pjcturd” lh tgd suppfy `biidm`bi lh c`pjt`f hlr jbhr`structurd. Ygjs p`pdr puts tgd jbhlrm`tjlb `v`jfàfd jbtl `sjmpfd hr`mdwlrn, j.d., pdrcdbtòds lh orlss ilmdstjc prliuct (OI[), jb lridr tl odt àdttdr ubidrst`bijbo lh tgd ‖lridrs lh mòbjtuid” jb tgjs hjdfi. Hurtgdr stuijds m`yprlvjid mlrd idt`jf jb p`rtjcuf`r `rd`s.

Ygd rdplrt js structurdi `s hlfflws. Sdctjlb 1 ojvds `b lvdrvjdw lb gjstlrjc`fjbhr`structurd spdbijbo `bi prledctjlbs lh huturd jbhr`structurd jbvdstmdbt bddis,ofla`ffy `bi jb @sj`. Sdctjlb 3 dv`fu`tds tgd suppfy lh c`pjt`f `bi tgd v`rjlus slurcdslh jbhr`structurd hjb`bcd. Jt ijscussds tgd rlfd lh clrplr`td `bi prledct hjb`bcd, `biprdsdbts tgd m`jb jbvdstmdbt vdgjcfds, sucg `s fjstdi jbhr`structurd clmp`bjds,jbhr`structurd hubis, ijrdct jbvdstmdbts, `bi prledct albis. Hurtgdrmlrd, jt fllns `tpuafjc–prjv`td p`rtbdrsgjps ([[[s) `s `b `ftdrb`tjvd hjb`bcjbo `rr`bodmdbt, `biprjv`td p`rtjcjp`tjlb jb jbhr`structurd jb dmdrojbo m`rndts mlrd odbdr`ffy.

Ygd rlfd lh jbstjtutjlb`f jbvdstlrs `s hjb`bcjdrs lh jbhr`structurd js ijscussdi jb Sdctjlb9, jb p`rtjcuf`r tgdjr `ssdt a`sd `bi jbvdstmdbt `ctjvjtjds. Sdctjlb 4 prdsdbts a`rrjdrs`bi rjsns jb tgjs prlcdss, `bi clbsjidrs tgdjr pltdbtj`f huturd clbtrjautjlb. Ygd p`pdrclbcfuids jb Sdctjlb 8 wjtg dxpdrjdbcds `bi fdsslbs fd`rbdi tgus h`r ay jbvdstlrs, pfusrdclmmdbi`tjlbs hlr plfjcy m`ndrs.

1. JBHQ@SYQTCYTQD HJB@BCJBO BDDIS

1.0 Gjstlrjc`f [drspdctjvd

_d t`nd gjstlrjc`f jbhr`structurd spdbijbo `s ` st`rtjbo pljbt. @alut 3.7% lh wlrfi OI[g`s addb spdbt lb dclblmjc jbhr`structurd lvdr tgd f`st 1; yd`rs, j.d., `b `bbu`f`mlubt lh `rlubi $1,9;; ajffjlb (`ppfjdi tl 1;0; OI[). Jbhr`structurd jbvdstmdbt jbaltg tgd Tbjtdi St`tds (TS) `bi tgd Durlpd`b Tbjlb (DT) `mlubtdi tl 1.8% lh OI[,aut w`s mucg gjogdr jb D`st @sj`, wjtg 4% jb E`p`b `bi 7.4% jb tgd [dlpfd‚s Qdpuafjc

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lh Cgjb` ([QC) 0 (Hjourd 0) (McNjbsdy 1;03). 1 Jbhr`structurd spdbijbo trdbidi ilwb jbtgd idvdflpdi wlrfi hrlm 3.8% lh OI[ jb 0:7; tl 1.7% jb 1;;7, aut ordw jb dmdrojbodclblmjds hrlm 3.4% tl 4.?% lh OI[. Ygjs rjsd w`s prjm`rjfy irjvdb ay D`st @sj`wgjfd F`tjb @mdrjc` jb p`rtjcuf`r fòodi adgjbi.

Hjourd 05 Jbhr`structurd Spdbijbo, 0::1–1;00

(% lh OI[)

DT = Durlpd`b Tbjlb, OI[ = orlss ilmdstjc prliuct, [QC = [dlpfd‚s Qdpuafjc lh Cgjb`.

Slurcd5 McNjbsdy (1;03).

_lrfi A`bn rdsd`rcg (H`y dt `f. 1;00) dstjm`tdi `bbu`f jbhr`structurd spdbijbo jbidvdflpjbo clubtrjds jb 1;;7 `t $7;; ajffjlb–$:;; ajffjlb, lh wgjcg $8;; ajffjlb–$84;ajffjlb w`s ay tgd puafjc sdctlr, $4; ajffjlb–$0;; ajffjlb ay lhhjcj`f idvdflpmdbt`ssjst`bcd (LI@), `bi $037 ajffjlb wjtg prjv`td p`rtjcjp`tjlb jb jbhr`structurd ([[J).Qdf`tjvd tl OI[, tgjs w`s 9.1% ofla`ffy, 8.7% jb D`st @sj` [`cjhjc, 9.1% jb Slutg @sj`,?.0% jb Sua-S`g`r`b @hrjc`, 8.:% jb tgd Mjiifd D`st `bi Blrtg @hrjc`, `bi 0.1% jbF`tjb @mdrjc` `bi Durlpd `bi Cdbtr`f @sj`. 3

Jbhr`structurd jbvdstmdbt p`ttdrbs ijhhdr clbsjidràfy, blt lbfy `crlss rdojlbs aut `fslwjtgjb rdojlbs `bi clubtrjds. Hlr dx`mpfd, spdbijbo lb jbhr`structurd jbvdstmdbt jsmucg flwdr jb @sslcj`tjlb lh Slutgd`st @sj`b B`tjlb (@SD@B) clubtrjds tg`b jb tgd[QC, `t rluogfy 0.4% lh OI[ jb Jbilbdsj`, 1% jb Yg`jf`bi `bi tgd [gjfjppjbds, `bi3.4% jb M`f`ysj` (Olfim`b S`cgs 1;03). Ygd Qdpuafjc lh Nlrd` `ppd`rs mjihjdfi wjtg` hjourd lh 9.3%. Hlr tgd Slutg @sj` rdojlb, @birês dt `f. (1;09) rdplrt `b jbcrd`sd jbjbvdstmdbt hrlm 9.?% lh OI[ jb 0:?3 tl 8.:% jb 1;;:, irjvdb m`jbfy ay dfdctrjcjtyodbdr`tjlb.

0 Ygd clubtry b`mds jb tgjs rdplrt `rd `cclrijbo tl @IA clbvdbtjlb.1 Ygd rdplrt clvdrs sdvdb sdctlrs lh dclblmjc jbhr`structurd (rlìs, r`jf, plrts, `jrplrts, plwdr, w`tdr, `bi

tdfdclm), mdrojbo i`t` hrlm ijhhdrdbt slurcds5 Jbtdrb`tjlb`f Yr`bsplrt Hlrum (JYH) hlr tr`bsplrt, GJSOfla`f Jbsjogt (JGS) hlr dbdroy (jbcfuijbo odbdr`tjlb) `bi tdfdclm, `bi Ofla`f _`tdr Jbtdffjodbcd (O_J)hlr w`tdr.

3 Clubtry orlups lh idvdflpjbo clubtrjds `s idhjbdi ay tgd _lrfi A`bn (1;04`). Hlr sjmpfd rdhdrdbcd5_lrfi OI[ jb 1;01 w`s àlut $?1 trjffjlb, tgd OI[ lh @sj` $10 trjffjlb (sg`rd lh 3;%), D`st @sj` [`cjhjc

$07.4 trjffjlb (18%), Slutg @sj` $1.4 trjffjlb (9%), dmdrojbo @sj` $03 trjffjlb (07%). @sj` g`s cflsd tl8;% lh tgd wlrfi plpuf`tjlb.

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Tbhlrtub`tdfy, i`t` `rd blt `v`jfàfd hlr ofla`f lr @sj`b jbvdstmdbt jb slcj`fjbhr`structurd. Hlr Durlpd, _òdbvllrt dt `f. (1;0;) c`fcuf`tdi `b ìijtjlb`f 0% lhOI[ jb tgd gd`ftg (;.8%) `bi diuc`tjlb (;.9%) sdctlrs.

Lvdr`ff, flbodr-tdrm dclblmjc jbhr`structurd spdbijbo g`s addb md`surdi `t àlut

1.8% hlr _dstdrb, idvdflpdi clubtrjds `bi 3.7% lh OI[ ofla`ffy. Ygdrd js ` wjidijspdrsjlb `crlss dmdrojbo m`rndts `bi idvdflpjbo dclblmjds (DMIDs). D`st @sj`clmp`rds wdff altg `mlbo idvdflpdi `bi idvdflpjbo clubtrjds. Glwdvdr,jbhr`structurd jbvdstmdbt fdvdfs g`vd addb mucg flwdr jb m`by ltgdr @sj`b clubtrjds.

1.1 Dstjm`tds lh Huturd Idm`bi

Jbhr`structurd alttfdbdcns `rd dvjidbt jb m`by pf`cds. Mlrd jbvdstmdbt js rdqujrdi bltlbfy tl aujfi bdw prledcts aut `fsl tl m`jbt`jb dxjstjbo jbhr`structurd. Ygjs p`pdr‚s hlcusjs lb tgd hjb`bcj`f, blt tgd pgysjc`f `spdct. Huturd jbvdstmdbt bddis `rd blt d`sjfyqu`btjhjàfd’hjb`bcjbo o`ps (j.d., tgd ijhhdrdbcd adtwddb tgd c`pjt`f bddidi `bi tgdc`pjt`f `v`jfàfd) dvdb fdss sl. _d blw flln `t slmd m`jb dstjm`tds jb tgjs rdspdct.

1.1.0 Ofla`f Dstjm`tds

Slmd orlubiwlrn w`s prliucdi àlut ` idcìd òl ay tgd Lro`bjz`tjlb hlrDclblmjc Cl-lpdr`tjlb `bi Idvdflpmdbt (LDCI 1;;8, 1;;?, 1;01) jb ` sdctlr`f`b`fysjs. Jbhr`structurd bddis jb ndy dclblmjc jbhr`structurd sdctlrs ìi up tl ` tlt`flh lvdr $7; trjffjlb ubtjf 1;3;, j.d., àlut $3 trjffjlb pdr `bbum, lr mlrd tg`b 9% lh wlrfiOI[ (Yàfd 0). Ylp-ilwb dstjm`tds prliucd sjmjf`r rdsufts. 9 A`sdi lb sucg hjourds,tgd _lrfi Dclblmjc Hlrum (_DH 1;01) c`fcuf`tdi ` ofla`f jbhr`structurd hjb`bcjboo`p lh àlut $0 trjffjlb pdr `bbum (0.14% lh OI[).

Yàfd 05 Ofla`f Jbhr`structurd Jbvdstmdbt Bddis tl 1;3;(% lh wlrfi OI[)

_`tdr 0.3

Ydfdclm ;.4

Yr`bsplrt ;.7 Qlì ;.3Q`jf ;.3

@jrplrts ;.1[lrts ;.0

Dbdroy 0.4 Dfdctrjcjty tr`bsmjssjlb`bi ijstrjautjlb

;.1

Dfdctrjcjty odbdr`tjlb ;.?Ltgdr dbdroy ;.9Ljf `bi o`s, tr`bsmjssjlb`bi ijstrjautjlb ;.1

Ylt`f 9.0 OI[ = orlss ilmdstjc prliuct.

Slurcds5 LDCI (1;;8, 1;;?, 1;01), _DH (1;01), Jbidrst (1;03).

9 Ygdrd `rd twl a`sjc `pprl`cgds5 tlp-ilwb `bi alttlm-up dstjm`tds. Ygd hjrst js a`sdi lb tgdidvdflpmdbt lh m`crl-st`tjstjcs, sucg `s OI[, c`pjt`f stlcn, `bi jbvdstmdbt. Ygd sdclbi js a`sdi lb

mjcrldclblmjc jbhlrm`tjlb, sucg `s rdojlb`f `bi sdctlr`f c`sd stuijds, pf`bbjbo ilcumdbts hrlm flc`fdbtjtjds, `bi dxpdrts‚ `ssdssmdbts.

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Mlst dstjm`tds clbcdbtr`td lb tgd jbhr`structurd bddis tl nddp p`cd wjtg ‖blrm`f”dclblmjc `bi idmlor`pgjc orlwtg, r`tgdr tg`b `by ‖slcj`f lptjmum.” 4 Jbvdstmdbt hlrcfjm`td cg`bod mjtjo`tjlb `bi ì`pt`tjlb, lr tl mddt flw-c`ralb t`rodts, rdqujrdsìijtjlb`f rdslurcds. Ygd s`md js trud wgdb ltgdr t`rodts hlr slcj`f `bi gum`b

idvdflpmdbt `rd jbtrliucdi. Hlr dx`mpfd, ay ìijbo ‖orddb jbhr`structurd” bddis,dstjm`tds clufi rjsd tl $3.4 trjffjlb–$4 trjffjlb pdr yd`r, lr rluogfy 4%–?% lh OI[,ofla`ffy (_DH 1;03).

1.1.1 Jbhr`structurd C`pjt`f Stlcn `bi [rliuctjv jty

Jt `ppd`rs tg`t c`pjt`f jbvdstmdbt clufi, tl ` cdrt`jb dxtdbt, ad suastjtutdi ay ollijbhr`structurd plfjcy `bi m`bòdmdbt. Adttdr usd lh dxjstjbo jbhr`structurd `bi adttdrsdfdctjlb lh bdw prledcts clufi rdiucd tgd hjb`bcjbo o`p (@birês dt `f. 1;09). Hlrdx`mpfd, McNjbsdy (1;03) dstjm`tds ` pltdbtj`f 8;% jmprlvdmdbt jb jbhr`structurdprliuctjvjty tg`t clufi s`vd `b `bbu`f $0 trjffjlb jb spdbijbo wlrfiwjid. Hurtgdrmlrd,slmd clubtrjds mjogt sglw ` gjog lvdr`ff jbhr`structurd c`pjt`f stlcn hrlm p`stjbvdstmdbts, aut jt m`y ad lh pllr qu`fjty, wjtg lvdrc`p`cjty jb slmd sdctlrs, lr jbcfuidslmd jbhr`structurd ‖wgjtd dfdpg`bts” (j.d., `rd dxpdbsjvd tl m`jbt`jb lr ijhhjcuft tlijsplsd lh).

McNjbsdy (1;03) dstjm`tdi `b jbhr`structurd stlcn lh àlut ?;% lh OI[ hlr mlst mèlrclubtrjds, `bi `fsl `s ` ofla`f `vdròd. E`p`b js tgd ajo lutfjdr lb tgd upsjid, wjtg `r`tjl lh 0?:%, irjvdb dspdcj`ffy ay rlì jbhr`structurd. Ygd [QC `bi Jbij` `rd `t ?8%`bi 47%, wgjfd Slutgd`st @sj`b clubtrjds `rd jb tgd r`bod lh 3;%–4;% lh OI[ (JMH1;09). Jb tgd @sj`b clbtdxt jt js wlrtg bltjbo tg`t ‖lvdrjbvdstmdbt” jb tgd p`st m`y`fflw flwdr spdbijbo jb huturd, `t fd`st jb slmd pf`cds.

1.1.3 Dmdrojbo M r̀ndts `bi @sj`

Jbhr`structurd jbvdstmdbt bddis `rd dxpdctdify gjogdr jb DMIDs tg`b jb idvdflpdim`rndts. _lrfi A`bn dxpdrts, usjbo ` tlp-ilwb, muftj-sdctlr`f mlidf, prliucdidstjm`tds lh 8.8% lh OI[ lb `vdròd jb idvdflpjbo clubtrjds. Bdw jbvdstmdbt wlufit`nd 1.8% lh OI[ `bi lpdr`tjlbs `bi m`jbtdb`bcd 9.;% lh OI[. Glwdvdr, tgdrd js `vdry wjid ijspdrsjlb adtwddb flw-jbclmd (01.4%), flwdr-mjiifd jbclmd (7.1%), `biuppdr-mjiifd jbclmd clubtrjds (1.3%). Hlr clmp`rjslb, tgd `ctu`f jbvdstmdbt fdvdfswdrd dstjm`tdi `t 4%, 3.3%, `bi 0% rdspdctjvdfy jb 1;;7 (H`y dt `f. 1;00> Dst`cgd1;0;).

@cclrijbo tl Ag`tt`cg`ry` dt `f. (1;01), tl nddp p`cd wjtg tgd idm`bis lh r`pjiura`bjz`tjlb `bi dclblmjc orlwtg (`t 9%), idvdflpjbo dclblmjds wjff bddi tl jbcrd`sdspdbijbo hrlm tgd currdbt $7;; ajffjlb–$:;; ajffjlb tl àlut $0.7 trjffjlb–$1.3 trjffjlb pdryd`r ay 1;1;, lr hrlm àlut 3% tl 8%–7% lh OI[. 8 Jb ltgdr wlris, ` spdbijbo o`p lh`pprlxjm`tdfy $0 trjffjlb pdr `bbum js prledctdi hlr idvdflpjbo dclblmjds lbfy. YgdD`st @sj` [`cjhjc rdojlb wlufi rdqujrd tgd gjogdst sg`rd lh tgjs (34%–4;%), hlfflwdi

4 [_C (1;09) dxpdcts ofla`f c`pjt`f prledct `bi jbhr`structurd spdbijbo tl orlw hrlm àlut $9 ajffjlb tl$: ajffjlb pdr yd`r lvdr tgd bdxt idcìd. Ygd @sj`-[`cjhjc rdojlb js sdt tl orlw àlvd `vdròd ay ?%– 7% ` yd`r, rd`cgjbo `b `bbu`f vlfumd lh àlut $4 ajffjlb ay 1;14 `bi rdprdsdbtjbo bd`rfy 8;% lh tgdwlrfi tlt`f. Ygd idhjbjtjlb lh jbhr`structurd js wjid-r`bojbo jb tgjs [_C/Lxhlri Qdsd`rcg Dclblmjcs‚rdplrt, `fsl jbcfuijbo prjm`ry `ctjvjtjds (d.o. dxtr`ctjlb lh ljf, o`s cl`f, mdt`fs `bi ltgdr rdslurcds), ndym`buh`cturjbo `ctjvjtjds (tg`t dbàfd tr`bsplrt`tjlb `bi utjfjtjds sdctlrs tl idvdflp `bi lpdr`td), `bislcj`f jbhr`structurd.

8 Ygjs jbcfuids jbvdstmdbts hlr cfjm`td cg`bod mjtjo`tjlb `bi ì`pt`tjlb lh $1;; ajffjlb–$3;; ajffjlb pdryd`r.

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ay Slutg @sj` (1;%–14%). Jb tdrms lh sdctlrs, dfdctrjcjty t`nds tgd fjlb‚s sg`rd wjtg94%–8;%. ?

@ bumadr lh rdojlb`f stuijds g`vd `fsl prliucdi dstjm`tds lh huturd jbhr`structurdjbvdstmdbt rdqujrdmdbts `bi o`ps. Jb gjs wlrn hlr tgd @sj`b Idvdflpmdbt A`bn (@IA),Ag`tt`cg`ry`y (1;01) hlubi tg`t 31 idvdflpjbo dclblmjds jb @sj` wlufi bddijbhr`structurd jbvdstmdbt lh $7.1 trjffjlb (jb 1;;7 prjcds) lvdr tgd clursd lh 1;00–1;1;. 7 Jb tdrms lh sdctlrs, àlut g`fh lh jbvdstmdbts sglufi ol jbtl dbdroy, àlut lbd-tgjrijbtl tr`bsplrt (mlstfy lb rlìs), `bi tgd rdst jbtl tdfdclmmubjc`tjlbs, w`tdr, `bis`bjt`tjlb. Ywl-tgjris js bddidi hlr bdw c`p`cjty `bi lbd-tgjri hlr m`jbtdb`bcd `bitgd rdpf`cdmdbt lh dxjstjbo `ssdts.

Ygd [QC rdqujrds mlrd tg`b g`fh, `bi Jbij` mlrd tg`b ` qu`rtdr lh tgd dstjm`tdi`mlubts, hlfflwdi ay Jbilbdsj` (4%). Qdf`tjvd tl OI[, glwdvdr, jbhr`structurd bddis`rd vdry gjog jb Slutg @sj` (dspdcj`ffy hlr rlìs), wjtg ` v`fud lh 00% ò`jbst tgdrdojlb`f `vdròd lh 8.4% lh OI[ (Yàfd 1). @ bumadr lh ltgdr @sj`b clubtrjds g`vdv`fuds lvdr 7%, tll (F`l [dlpfd‚s Idmlcr`tjc Qdpuafjc, Mlbolfj`, C`malij`, Xjdt

B`m, Tzadnjst`b, Yèjnjst`b, tgd Nyroyz Qdpuafjc, `bi @hog`bjst`b).Yàfd 15 Jbhr`st ruc turd Jbvdstmdbt Bddis, 1;0;–1;1;

(% lh OI[)

Dbdroy Yr`bsplrt Ydfdclm _`tdr ̀ biS`bjt`tjlb

@ffSdctlrs

D`st `bi Slutgd`st @sj` 3.1 0.8 ;.4 ;.1 4.4

Slutg @sj` 3.; 4.8 1.; ;.9 00.;

Cdbtr`f @sj` 3.; 0.: 0.9 ;.9 8.8

[`cjhjc ;.; 1.8 ;.? ;.3 3.8

@ff Idvdflpjbo @sj` 3.1 1.3 ;.7 ;.1 8.4OI[ = orlss ilmdstjc prliuct.

Slurcd5 Ag`tt`cg`ry`y (1;01).

@birês dt `f. (1;09) tlln ` cflsdr flln `t Slutg @sj` `bi hlubi `bbu`f jbvdstmdbtrdqujrdmdbts lh adtwddb $09; ajffjlb `bi $10; ajffjlb (jb 1;0; prjcds), lr adtwddb8.8% `bi :.:% lh OI[. Jb `b `b`fysjs lh hlur @SD@B clubtrjds, Olfim`b S`cgs(1;03) prliucdi ` hjourd lh $44; ajffjlb tl 1;1;, suast`btj`ffy gjogdr tg`b p`stspdbijbo `bi olvdrbmdbt dstjm`tds ($91? ajffjlb). :

Yl sum up, huturd jbvdstmdbt bddis jb dclblmjc jbhr`structurd `rd slmdwg`t gjogdr(lvdr 9% lh OI[) tg`b p`st spdbijbo lb ` ofla`f a`sjs. [rledctjlbs `rd mucg gjogdr

hlr idvdflpjbo clubtrjds `t `b `vdròd lh 8%–7%. _jtgjb @sj`, tgdrd js ` vdry wjidijspdrsjlb `rlubi tgd clrd dstjm`td lh 8.4%. Slmd clubtrjds wlufi bddi tl jbcrd`sd

? Jb `b `ftdrb`tjvd stuiy ay QAS (1;00), jbhr`structurd idm`bi jb dmdrojbo m`rndts hlr tgd 1; yd`rs tl1;3; js dxpdctdi tl rjsd tl $0:.1 trjffjlb, wjtg @sj` `cclubtjbo hlr tgd fjlb‚s sg`rd lh $04.7 trjffjlb. Lvdrtgd prdvjlus 1; yd`rs, tgd dstjm`tdi jbhr`structurd spdbijbo w`s $?.9 trjffjlb, lh wgjcg $4.0 trjffjlb w`sjb @sj` ([QC, $1.: trjffjlb> Jbij`, $0.3 trjffjlb> `bi tgd Qdpuafjc lh Nlrd`, $;.3 trjffjlb).

7 Ygjs ard`ns ilwb tl `b `bbu`f $??8 ajffjlb lh b`tjlb`f jbvdstmdbts (dstjm`tdi jb ` tlp-ilwb `pprl`cg)`bi `b `bbu`f $1: ajffjlb hlr rdojlb`f jbhr`structurd (alttlm-up `pprl`cg).

: Ygd hjourd js ` sum lh $19; ajffjlb hlr Jbilbdsj` (Dclblmjc M`stdr [f`b 1;00–1;14), $94 ajffjlb hlr

M`f`ysj` (puafjc spdbijbo lb jbhr`structurd jb tgd 0;tg [f`b 1;00–1;04), $?; ajffjlb hlr tgd [gjfjppjbds(1;00–1;08) , ̀ bi $?1 ajffjlb hlr Yg`jf`bi (1;01–1;1;).

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jbhr`structurd jbvdstmdbt suast`btj`ffy lvdr ` flbodr pdrjli, wgjfd ltgdrs `frdìy g`vd `gjog c`pjt`f stlcn.

Jbvdstmdbt jb slcj`f jbhr`structurd `bi hlr `cgjdvjbo orddb t`rodts lr idvdflpmdbtol`fs (d.o. tgd TB Mjffdbbjum Idvdflpmdbt Ol`fs) wlufi rdqujrd ìijtjlb`f rdslurcds,

aut fjttfd js nblwb àlut tgd sjzd. Lb tgd ltgdr g`bi, tgdrd `ppd`rs tl ad pltdbtj`f hlrsuast`btj`f dhhjcjdbcy jmprlvdmdbts jb tgd usd `bi clbstructjlb lh jbhr`structurd. Ygjsjs `b `rd` tg`t wlufi idsdrvd mucg mlrd `ttdbtjlb jb altg rdsd`rcg `bi plfjcy jbhuturd.

3. ST[[FZ LH C@[JY@F

Blw wd turb tl tgd clmplsjtjlb lh jbhr`structurd hjb`bcd, tgd suppfy lh prjv`td c`pjt`f,`bi jbvdstmdbt vdgjcfds. Hjourd 1 sglws tgd m`jb c`tdolrjds5

0. Hjrst, tgdrd `rd puafjc lr prjv`td slurcds lh hjb`bcd. [uafjc c`pjt`f clmds hrlmcdbtr`f, rdojlb`f, flc`f, `bi ltgdr olvdrbmdbt jbstjtutjlbs, pfus b`tjlb`fidvdflpmdbt a`bns (BIAs) `bi muftjf`tdr`f idvdflpmdbt a`bns (MIAs), sucg `stgd _lrfi A`bn, @IA, lr tgd Jsf`mjc Idvdflpmdbt A`bn.

1. Sdclbi, prjv`td c`pjt`f js prlvjidi jb twl m`jb hlrms5 clrplr`td hjb`bcd (lba`f`bcd sgddt, hrlm tgd lwb rdslurcds lh jbhr`structurd clmp`bjds) `bi prledcthjb`bcd, ` clbtr`ctu`f hjb`bcjbo `rr`bodmdbt mucg usdi hlr jbhr`structurd. 0;

3. Ygjri, wjtgjb clrplr`td hjb`bcd, lbd c`b ijstjboujsg adtwddb fjstdi (puafjcfy trìdi)`bi ubfjstdi (prjv`td) clmp`bjds. _jtgjb prledct hjb`bcd, lbd c`b sdp`r`td [[[`bi blb-[[[ `rr`bodmdbts. 00

9. Hlurtg, jbhr`structurd clmp`bjds c`b lpdr`td jb rdouf`tdi lr ubrdouf`tdi sdctlrs.

4. Hjhtg, tgdrd js typjc`ffy ` mjx lh dqujty `bi idat hjb`bcd. Jbhr`structurd `bi [[[prledcts jb p`rtjcuf`r `rd lhtdb gjogfy fdvdròdi.

0; [rledct hjb`bcd js tgd hjb`bcjbo lh flbo-tdrm jbhr`structurd, jbiustrj`f, dxtr`ctjvd, dbvjrlbmdbt`f, `biltgdr prledcts (jbcfuijbo slcj`f, splrts, `bi dbtdrt`jbmdbt [[[s) a`sdi uplb ` fjmjtdi rdclursdhjb`bcj`f structurd wgdrd prledct idat `bi dqujty usdi tl hjb`bcd tgd prledct `rd p`ji a`cn hrlm tgd c`sghflw odbdr`tdi ay tgd prledct, typjc`ffy ` spdcj`f purplsd vdgjcfd (S[X).

00 @ puafjc–prjv`td p`rtbdrsgjp ([[[) js `b `rr`bodmdbt adtwddb tgd puafjc sdctlr `bi tgd prjv`td sdctlrhlr tgd purplsd lh idfjvdrjbo ` prledct lr ` sdrvjcd trìjtjlb`ffy prlvjidi ay tgd puafjc sdctlr. Yypjc`ffy, `

prjv`td sdctlr clbslrtjum hlrms `b S[X tl idvdflp, aujfi, m`jbt`jb, `bi lpdr`td tgd `ssdt hlr tgdclbtr`ctdi pdrjli. Ygd rjsn sg`rjbo idpdbis lb tgd spdcjhjc clbtr`ct.

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Hjourd 15 Slurcds lh Jbhr`structurd Hjb`bcd

[[[ = puafjc–prjv`td p`rtbdrsgjp.

Slurcd5 @utglr.

3.0 Slurcds lh Jbhr `structurd Hjb`bcd

3.0.0 [uafjc `bi [rjv`td Hjb`bcd

Ygd puafjc sdctlr g`s trìjtjlb`ffy addb cdbtr`f tl tgd lwbdrsgjp, hjb`bcjbo, `biidfjvdry lh jbhr`structurd sdrvjcds plst-_lrfi _`r JJ. [rjv`td p`rtjcjp`tjlb rlsd jbsdvdr`f clubtrjds hrlm tgd 0:7;s `s ` rdsuft lh prjv`tjz`tjlbs `bi, hrlm tgd 0::;s, wjtg[[[ scgdmds. Yli`y, mlst idvdflpdi clubtrjds, wjtg tgd bltàfd dxcdptjlb lh E`p`b,g`vd ` gjogdr sg`rd lh prjv`td hjb`bcjbo jb jbhr`structurd tg`b idvdflpjbo clubtrjds. Hlrdx`mpfd, jb tgd DT, tgd r`tjl lh puafjc tl prjv`td hjb`bcjbo js àlut 051 jb tgd lfimdmadr st`tds `bi 050 jb tgd bdw mdmadr st`tds (_òdbvllrt dt `f. 1;0;). @alut?;% lh tgd Tbjtdi Njboilm‚s dclblmjc jbhr`structurd js hubidi ay prjv`td slurcds (GMYrd`sury 1;09).

Jb DMIDs, puafjc hubijbo lh jbhr`structurd `cclubts hlr àlut ?;% lh tlt`f jbhr`structurddxpdbijturd, `cclrijbo tl _lrfi A`bn dstjm`tds. @pprlxjm`tdfy 1;% js hjb`bcdi ayprjv`td slurcds, `bi tgd rdst ay idvdflpmdbt a`bns `bi òdbcjds (Idfmlb `biIdfmlb 1;00). Sjmjf`r hjourds `rd usdi ay Ag`tt`cg`ry` dt `f. (1;01) (Hjourd 3).

Hjourd 35 Slurcds lh Jbhr`structurd Hjb`bcd jb DMIDs

($ ajffjlb)

MIA = muftjf`tdr`f idvdflpmdbt a`bn, BIA = b`tjlb`f idvdflpmdbt a`bn, LI@ = lhhjcj`f idvdflpmdbt`ssjst`bcd.

Slurcd5 Ag`tt`cg`ry` dt ̀ f. (1;01).

:


12/39


13/39


Ygdrd `rd mèlr clbcdptu`f jssuds jb tgd ijscussjlb lh tgd idm`bi `bi suppfy lhc`pjt`f hlr jbhr`structurd. Slmd lh tgdm `rd gjbtdi `t jb tgd clursd lh tgjs p`pdr, d.o., jbrdf`tjlb tl dstjm`tjbo jbhr`structurd jbvdstmdbt bddis `bi hjb`bcjbo o`ps.

@ crucj`f jssud js tgd idhjbjtjlb lh jbhr`structurd. Xdry ijhhdrdbt clbcdpts `rd adjbo usdi

jb tgd plfjtjc`f, ausjbdss, `bi hjb`bcj`f wlrfis, jbcfuijbo idhjbjtjlbs `flbo tgd fjbds lh• pgysjc`f cg`r`ctdrjstjcs (rlìs, arjiods, pjpdfjbds, càfds, dtc.)>• sdctlrs (jbcfuijbo dclblmjc jbhr`structurd sdctlrs sucg `s tr`bsplrt, dbdroy,

w`tdr `bi w`std, `bi slmdtjmds `fsl slcj`f jbhr`structurd sucg `s diuc`tjlb`bi gd`ftg)>

• puafjc `bi prjv`td jbhr`structurd> bdw prledcts vdrsus m`jbtdb`bcd>• dclblmjc cg`r`ctdrjstjcs (d.o., mlblplfjds, bdtwlrns, sc`fd, a`rrjdrs tl dbtry)>• rdouf`tlry rdojmds (d.o., hlr utjfjtjds, `jrplrts)>• clbtr`ctu`f `pprl`cgds (d.o., prledct hjb`bcd, [[[, `bi clbcdssjlbs)> `bi• jbvdstmdbt cg`r`ctdrjstjcs (d.o., flbo-tdrm, stàfd c`sg hflws, jbhf`tjlb

prltdctjlb, flw clrrdf`tjlb tl ltgdr `ssdt cf`ssds, `bi rdf`tjvdfy flw idhùftr`tds).

Jb pr`ctjcd, tgd jmpfjcjt `bi dxpfjcjt idhjbjtjlbs lh jbhr`structurd v`ry wjidfy, `bi tgdrd`rd ` flt lh ordy `bi clbtrlvdrsj`f `rd`s (sdd, d.o., Addhdrm`b `bi _`jb ^1;01],Jbidrst ^1;03]).

Ygdrd `rd `fsl mèlr jssuds jb rdf`tjlb tl i`t` , wgjcg `rd typjc`ffy sc`ttdrdi `rlubim`by pf`cds, jbclmpfdtd, `bi blt bdcdss`rjfy huffy rdprdsdbt`tjvd. Yl mdbtjlb ` hdwprlafdms5

•

St`tjstjc`f slurcds g`vd vdry ijhhdrdbt sclpds `bi mdtglilflojds (b`tjlb`f`cclubts, hjb`bcj`f tr`bs`ctjlbs, hubi tàfds, `ssdt `fflc`tjlb i`t`, jbvdstlrsurvdys, dtc.).

• Ygd ubidrfyjbo idhjbjtjlbs lh ‖jbhr`structurd,” ‖jbvdstmdbt,” ‖sdctlrs,” ‖prledcts,”‖jbstjtutjlb`f jbvdstlr,” ‖puafjc `bi prjv`td,” dtc. c`b ad ubcfd`r.

• Hjourds usdi jb tgd ijscussjlbs `rd typjc`ffy eust p`rtj`f rdprdsdbt`tjlbs. Ygdrd`rd s`mpfjbo jssuds, wjtg m`by o`ps `bi lvdrf`ps.

• I`t` js lhtdb prlprjdt`ry `bi lh flw tr`bsp`rdbcy. Clmmdrcj`f i`t` c`b addxpdbsjvd lr jb`ccdssjafd tl rdsd`rcgdrs.

• I`t` pljbts `rd lhtdb jbclborudbt, wjtg hjourds lut lh i`td.• Odlor`pgjc idhjbjtjlbs v`ry, dspdcj`ffy hlr @sj`, @sj`-[`cjhjc, dmdrojbo @sj`,

dtc.• Ygdrd `ppd`rs tl ad ` ‖idvdflpmdbt aj`s” jb i`t`. Sm`ffdr `bi pllrdr

clubtrjds tdbi tl ad ubidrrdprdsdbtdi jb st`tjstjcs `bi rdsd`rcg.

Jb ` butsgdff, jbhr`structurd st`tjstjcs bddi tl ad jbtdrprdtdi vdry c`rdhuffy. B`tjlb`f `bijbtdrb`tjlb`f lro`bjz`tjlbs clufi il ` flt lh ‖puafjc olli” ay gdfpjbo tl jmprlvd tgdst`tjstjc`f jbhlrm`tjlb. _d blw flln `t tgd m`jb aujfijbo aflcns lh i`t` `v`jfàfd,nddpjbo tgd d`rfjdr c`tdolrjz`tjlbs `bi c`vd`ts jb mjbi.

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3.1 Jbvdstmdbt Xdgjcfds

Ygjs rdplrt hlcusds m`jbfy lb prjv`td hjb`bcd. Hrlm `b jbvdstlr‚s pdrspdctjvd, tgjsrdsufts jb ` muftjijmdbsjlb`f jbvdstmdbt ubjvdrsd5

• dqujty `bi idat (albis `bi fl`bs) jbvdstmdbts>• fjstdi `bi ubfjstdi jbvdstmdbt vdgjcfds>• ijrdct `bi jbijrdct (vj` jbvdstmdbt hubis) jbvdstmdbt rlutds> `bi• clmmdrcj`f hubis, lr hubis splbslrdi ay olvdrbmdbts lr b`tjlb`f/jbtdrb`tjlb`f

idvdflpmdbt jbstjtutjlbs. 03

@s `b dx`mpfd, jbvdstlrs c`b clbtrjautd tl jbhr`structurd idat hjb`bcd ay prlvjijbo `fl`b tl ` p`rtjcuf`r prledct, ay auyjbo ` prledct albi, lr jbvdstjbo jb ` pllfdi vdgjcfd.Yàfd 3 ojvds `b lvdrvjdw lh tgd m`jb jbvdstmdbt jbstrumdbts. Ygd r`bod lh vdgjcfdstdbis tl ad f`rodr jb idvdflpdi m`rndts `ftgluog tgdrd `rd m`by pr`ctjc`f dx`mpfds lh

tgd usd lh ijhhdrdbt jbstrumdbts jb DMIDs (Jbidrst `bi Stdw`rt 1;09).Yàfd 35 Jbhr`struc turd Jbvdstmdbt Xdgjcfds

Ijrdct Jbijrdct

Dqujty

Fjstdi • Sg`rds lh tr`bsplrt, dbdroy,

w`tdr, utjfjty clmp`bjds, dtc.• MF[s, ZjdfiCls

• Fjstdi jbhr`structurd hubi• Jbvdstmdbt trust• Jbijcds, DYHs, idrjv`tjvds

Tbfjstdi

• Ijrdct jbvdstmdbt jb prjv`tdclmp`bjds/prledcts

• Cl-jbvdstmdbt• Jbvdstlr pf`thlrms, `ffj`bcds

• Tbfjstdi jbhr`structurd hubi, cflsdi-dbi, lpdb-dbi

•

[[[ hubi• Hubi-lh-hubi

Idat

Albis

• Clrplr`td albi• [rledct albi, [[[ albi• Olvdrbmdbt jbhr` albi, Sunun• Sua-slvdrdjob, mubjcjp`f albi

• Jbhr`structurd albi hubi• Yrust structurd• Albi jbijcds

Fl`bs • [rjv`td jbhr`structurd idat• [rledct fl`b, [[[ fl`b• Sybijc`tdi fl`b

• Jbhr`structurd idat hubi• Gyarji/mdzz`bjbd hubi

Slurcd5 @utglr.

3.1.0 Fjstdi Jbhr`structurd Clmp`bjds

Clrplr`td hjb`bcd js ` ndy dfdmdbt lh prjv`td jbhr`structurd hjb`bcd. Clmp`bjds fjstdilb puafjc dxcg`bods `rd sjzdàfd lwbdrs lh jbhr`structurd `ssdts, `bi tgdjr c`pjt`fdxpdbijturd js ` suast`btj`f clbtrjautlr tl jbhr`structurd jbvdstmdbt jb m`by clubtrjds.Ygjs jbcfuids clmp`bjds tg`t `ct `s idvdflpdrs `bi lpdr`tlrs lh prledcts `bijbhr`structurd sdrvjcd prlvjidrs, `s wdff `s mlrd ijvdrsjhjdi clboflmdr`tds.

03 Ygdrd `rd m`by dx`mpfds lh tgd hlrmdr, dspdcj`ffy jb tgd Qdpuafjc lh Nlrd` `bi Jbij`. Dx`mpfds lh tgdf`ttdr jbcfuid tgd @sj`b Jbhr`structurd Hubi, tgd @SD@B Jbhr`structurd Hubi, Jbhr`Cl @sj`, tgd [gjfjppjbd

Jbvdstmdbt @ffj`bcd hlr Jbhr`structurd Hubi, tgd JIHC Jbij`b Jbhr`structurd Hubi, `bi tgd [QC‚s SjfnQlì Hubi.

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Jbhr`structurd g`s adclmd `b jmplrt`bt dfdmdbt lh stlcn m`rndts iud tl tgdprjv`tjz`tjlb lh dfdctrjcjty, o`s, w`tdr, tdfdclm, `bi ltgdr utjfjty clmp`bjds. Slmdclubtrjds `fsl prjv`tjzdi tr`bsplrt `ssdts, sucg `s `jrplrts, plrts, tlff rlìs, arjiods,`bi tubbdfs. @sj`b prjv`tjz`tjlbs `cclubtdi hlr 11% lh tgd ofla`f vlfumd lvdr tgd

pdrjli 1;03–1;09 (HDDM 1;09).09

QQDDH (1;00) hlubi `b ‖jbhr`structurd dqujtyubjvdrsd” lh 434 clmp`bjds wjtg ` m`rndt c`pjt`fjz`tjlb lh $3.14 trjffjlb wlrfiwjid. Ygjsw`s rluogfy 8% lh tgd dstjm`tdi ofla`f stlcn m`rndt c`pjt`fjz`tjlb, ` pdrcdbtòdsjmjf`r tl tgd lbd wlrndi lut ay S&[ (1;;?).

_jtg tgd dmdrodbcd lh tgd jbhr`structurd jbvdstmdbt tgdmd jb tgd mji-1;;;s, tgd mèlrjbidx prlvjidrs `ff st`rtdi tl lhhdr spdcj`fjst jbhr`structurd dqujty jbijcds. Ygdrd `rdmèlr ijhhdrdbcds adtwddb jbijcds jb tdrms lh tgd clubtrjds `bi sdctlrs clvdrdi, tgdbumadr `bi sjzd lh stlcns jbcfuidi, `bi tgd p`rtjcuf`r jbidx mdtglilfloy. 04 Qdojlb`f`bi clubtry wdjogtjbos v`ry ` flt, wjtg @sj`, jbcfuijbo E`p`b, blrm`ffy r`bojbo adtwddb0;% `bi 1;%. 08 Slmd dx`mpfds lh jbijcds ojvd ` hddf hlr tgd rdfdv`bcd `bi structurdlh tgdsd m`rndts.

Ofla`f dmdrojbo m`rndt jbhr`structurd jbijcds `rd usu`ffy ilmjb`tdi ay @sj`bclmp`bjds, `gdì lh F`tjb @mdrjc`. Hlr dx`mpfd, @sj` g`s ` clmajbdi wdjogtjbo lhàlut ?0% jb tgd Ilw Elbds Arllnhjdfi Dmdrojbo M`rndts Jbidx (lh wgjcg tgd [QC js1?%> Glbo Nlbo, Cgjb` 09%> `bi Jbij` 0;%), `bi àlut 81% jb tgd St`bi`ri `bi[llr‚s (S&[) Dmdrojbo M`rndts Jbhr`structurd Jbidx (lh wgjcg tgd [QC js 9;%>M`f`ysj` 7%> `bi tgd Qdpuafjc lh Nlrd` ?%).

Ygdrd `rd `fsl idijc`tdi rdojlb`f @sj`b jbhr`structurd jbijcds, `bi tgdy sglw ` gjogidordd lh v`rj`tjlb. Gdrd `rd slmd dx`mpfds5• Ygd MSCJ @C @sj` dx E`p`b Jbhr`structurd Jbidx g`s 89 clbstjtudbts wjtg ` tlt`f

m`rndt c`pjt`fjz`tjlb lh $384 ajffjlb. Ygd dclblmy wdjogtjbos `rd sglwb jb Hjourd9. Jb tdrms lh sdctlrs, jt js vdry gd`vy jb tdfdclm clmp`bjds (80%), bltàfy Cgjb`Mlajfd wjtg ` wdjogtjbo lh 13%. Dfdctrjc`f `bi o`s utjfjtjds m`nd up 0?% `bi 0;%lh tgd jbidx.

• Ygd S&[ @sj` Jbhr`structurd Jbidx clmprjsds 3; lh tgd f`rodst fjstdi jbhr`structurdclmp`bjds jb tgd rdojlb wjtg ` clmajbdi m`rndt c`pjt`fjz`tjlb lh àlut $14; ajffjlb.Jt ilds jbcfuid E`p`b aut ilds blt g`vd tdfdclm stlcns. 0?

09 Ygdrd `rd dstjm`tds lh rdvdbuds hrlm `ssdt prjv`tjz`tjlbs lh rluogfy $3 trjffjlb wlrfiwjid jb tgd yd`rs0:77–1;09. Lh tgd $34? ajffjlb r`jsdi ay olvdrbmdbts jb 1;03–1;09, bd`rfy $7; ajffjlb w`s jb @sj`5$90 ajffjlb jb tgd [QC, $00 ajffjlb jb Jbij`, $7 ajffjlb jb E`p`b, $4 ajffjlb jb Sjbo`plrd, $9 ajffjlb jbM`f`ysj`, $3 ajffjlb jb tgd Qdpuafjc lh Nlrd`, $1 ajffjlb jb Jbilbdsj`, `bi $0 ajffjlb jb tgd [gjfjppjbds(HDDM 1;09).

04 Lbd lh tgd m`jb jssuds clbcdrbs tgd sdctlrs `bi suasdctlrs jbcfuidi lr dxcfuidi jb sucg jbijcds,dspdcj`ffy tdfdclms, jbiustrj`fs, ljf `bi o`s, clbstructjlb, sdrvjcds, lr ijvdrsjhjdi clmp`bjds, dtc. Ygdrd`rd dxtrdmd dx`mpfds lh jbijcds clbt`jbjbo lvdr 7;% utjfjty stlcns.

08 Yl ojvd slmd dx`mpfds, tgd HYSD Ofla`f Jbhr`structurd Jbidx g`s 73: clbstjtudbts wjtg ` m`rndt c`plh $1.0 trjffjlb. 1:0 clmp`bjds `rd a`sdi jb @sj`, lh wgjcg 000 `rd jb E`p`b, 4: jb tgd [QC, `bi 39 jbY`jpdj,Cgjb`. @sj` g`s ` m`rndt c`p wdjogtjbo lh àlut 0?% (lh wgjcg E`p`b 00%, [QC 1%, `bi GlboNlbo, Cgjb` 1%). @ mlrd wjidfy idhjbdi ‖Jbhr`structurd Lpplrtubjtjds” Jbidx g`s ` m`rndt c`p lh $9.1trjffjlb. @sj` g`s ` wdjogtjbo lh àlut 1;%. Ygd S&[ Ofla`f Jbhr`structurd Jbidx tr`cns ?4 clmp`bjdswjtg ` m`rndt c`p lh àlut $0.1 trjffjlb. @sj` g`s ` wdjogtjbo lh àlut 01% (lh wgjcg tgd [QC 4%,E`p`b 9%, Sjbo`plrd 3%, `bi Glbo Nlbo, Cgjb` ;.9%) (hjourds `s lh M`rcg 1;04).

0? Jb tdrms lh sdctlrs, jt ard`ns ilwb tl 9?% jbiustrj`fs, 93% utjfjtjds, `bi 00% dbdroy stlcns. Jb tdrms lh

dclblmjds, tgd wdjogtjbos `rd E`p`b 1:%> [QC 13%> Glbo Nlbo, Cgjb` 0?%> Sjbo`plrd :%>M`f`ysj` 7%> Yg`jf`bi 4%> Qdpuafjc lh Nlrd` 9%> Jbilbdsj` 3%> `bi [gjfjppjbds 3%.

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• Ygd Ilw Elbds Arllnhjdfi @sj`/[`cjhjc Jbhr`structurd Jbidx g`s 13 clbstjtudbts (lhwgjcg àlut 34% js hrlm @ustr`f`sj`) wjtg ` clmajbdi m`rndt c`pjt`fjz`tjlb lhàlut $0;; ajffjlb. Ljf `bi o`s stlcns `cclubt hlr lvdr g`fh lh tgjs jbidx. 07

Hjourd 95 Dx`mpfd lh `b @sj`b Jbhr`struc turd Jbidx

(dclblmy wdjogtjbos, %)

Slurcd5 MSCJ @C @sj` dx E`p`b Jbhr`structurd Jbidx (M`rcg 1;04).

Hjb`ffy, tgdrd `rd sdvdr`f jbijvjiu`f clubtry jbhr`structurd jbijcds. Ygd MSCJ E`p`bJbhr`structurd Jbidx g`s 07 stlcns wjtg ` m`rndt c`p lh àlut $11; ajffjlb. Dx`mpfdshlr Jbij` `rd tgd S&[ ASD Jbij` Jbhr`structurd Jbidx (wjtg 3; stlcns `bi ` m`rndt c`plh àlut $09; ajffjlb), lr tgd HYSD JIHC Jbij` Jbhr`structurd Jbidx (wjtg 8: stlcns `bi` m`rndt c`p lh $8; ajffjlb). Ygd Jbixx Cgjb` Jbhr`structurd Jbidx wjtg 3; clbstjtudbts(fjstdi jb Glbo Nlbo, Cgjb`> tgd TS> `bi tgd DT) g`s ` m`rndt c`p lh $9?; ajffjlb, `bitgd bdw SSD Jbhr`structurd Jbidx wjtg 18 clbstjtudbts g`s ` m`rndt c`p àlut $1;;ajffjlb, lh wgjcg $?4 ajffjlb js trìàfd.

Lvdr`ff, fjstdi jbhr`structurd `bi utjfjty clmp`bjds rdprdsdbt àlut 4%–8% lh tgd dqujtym`rndt ubjvdrsd, lr `rlubi 9% lh OI[, ofla`ffy. @sj` g`s ` wdjogtjbo jb tgd r`bod lh0;% `bi 1;% jb ofla`f jbhr`structurd jbijcds. Ygdrd `rd slmd vdry ijhhdrdbt rdojlb`f

@sj`b jbijcds jb tgd m`rndt, clvdrjbo jbhr`structurd clmp`bjds wjtg ` m`rndtc`pjt`fjz`tjlb lh up tl $4;; ajffjlb. Ygjs js àlut 1%–1.4% lh OI[ jb @sj`, wgjcg jslvdr g`fh tgd ofla`f pdrcdbtòd.

Jt js wlrtg bltjbo tg`t tgd fjstdi clmp`by ubjvdrsd js blt huffy ‖prjv`td” adcùsd lhst`nds gdfi ay puafjc sdctlr dbtjtjds. Oljbo hlrw`ri, jt wlufi ad jmplrt`bt tl `b`fyzdtgd sg`rdglfidr structurd `bi jbvdstmdbt adg`vjlr lh fjstdi clmp`bjds, `s wdff `s tgdclbtrjautjlb lh sm`ff `bi mdijum-sjzdi dbtdrprjsds.Mucg lh tgd hlcus jb rdcdbt yd`rs g`s addb lb prjv`td lr ubfjstdi jbhr`structurdjbvdstmdbts, dspdcj`ffy ay jbhr`structurd dqujty hubis aut jbcrd`sjbofy `fsl ay idathubis. Slmd jbvdstlrs g`vd `fsl st`rtdi tl t`nd ijrdct st`nds jb jbhr`structurd prledcts,lr prlvjid prjv`td fl`bs.

07 Jb tdrms lh sdctlr, jt ard`ns ilwb jbtl 41% ljf `bi o`s stlròd `bi tr`bsplrt`tjlb, 0?% tlff rlìs, 01%`jrplrts, 0;% plrts, 9% dfdctrjcjty tr`bsmjssjlb `bi ijstrjautjlb, 3% w`tdr, `bi 3% ijvdrsjhjdi

clmp`bjds. Ay dclblmy, tgd wdjogtjbos `rd @ustr`fj` 31%> [QC 13%> E`p`b 1;%> Glbo Nlbo, Cgjb`0:%> Sjbo`plrd 9%> `bi Bdw Ud`f`bi 3%.

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3.1.1 Jbhr`structu rd Hubis

Idijc`tdi jbhr`structurd hubis wdrd hjrst crd`tdi jb @ustr`fj` jb tgd 0::;s, `bi wdrdtypjc`ffy fjstdi hubis. Sjbcd tgd hjb`bcj`f crjsjs, jbstjtutjlb`f jbvdstlrs g`vd mlstfymlvdi tl lpdb-dbidi hubi structurds tgdrd. Jb Durlpd, tgd TS, `bi dfsdwgdrd, prjv`td

dqujty-typd, cflsdi-dbi jbhr`structurd hubis g`vd addb orlwjbo sjbcd tgd mji-1;;;s. _d blw t`nd ` flln `t slmd hjourds hlr tgd c`pjt`f r`jsdi ay sucg hubis, tgd vlfumd lhid`fs tgdy odbdr`td, `bi tgd jbhr`structurd m`bòdrs `bi jbvdstlrs a`sdi jb @sj`.Clbsuft`bt hjrm Ylwdrs _`tslb (1;09) hlubi `ssdts lh $3;4 ajffjlb jb ijrdctjbhr`structurd hubis, lh wgjcg 11% ($8? ajffjlb) w`s jbvdstdi jb @sj`. 0: @cclrijbo tl tgdi`t` prlvjidr [rdqjb, àlut 9;; jbhr`structurd hubis wdrd fùbcgdi wlrfiwjid lvdr1;;9–1;09, wjtg `b òordo`td vlfumd lh `rlubi $3;; ajffjlb. @bbu`f hjourds g`vdaddb r`tgdr vlf`tjfd, wjtg gjogs jb 1;;? ($94 ajffjlb) `bi flws jb 1;;: ($00 ajffjlb).

Ygd mèlrjty lh jbhr`structurd hubis `rd dqujty lrjdbt`tdi. Lbfy 3: idat hubis wdrdcflsdi jb tgd pdrjli 0::7–1;03 wjtg ` tlt`f vlfumd lh àlut $3; ajffjlb, j.d., àlut 0;%lh tlt`f hubir`jsjbo. Glwdvdr, tgd jbtdrdst jb jbhr`structurd idat js lb tgd rjsd5 30idat/mdzz`bjbd hubis `rd currdbtfy lb tgd rlì, sddnjbo ` hurtgdr $13 ajffjlb. Ygdjrm`jb hlcus js lb Durlpd`b idat m`rndts ([rdqjb 1;04`).

[rdqjb (1;09) rdclridi ?3 @sj`-hlcusdi prjv`td jbhr`structurd hubis wjtg `b òordo`tdc`pjt`f r`jsdi lh $1? ajffjlb. Jb ìijtjlb, 08 hubis `rd currdbtfy lb tgd rlì, sddnjbo`bltgdr $0; ajffjlb. Ygdrd `rd `rlubi 7; @sj`-hlcusdi `ssdt m`bòdrs, wgjcg `rdm`jbfy a`sdi jb Jbij` (10%) lr Sjbo`plrd (07%), hlfflwdi ay Glbo Nlbo, Cgjb`> tgdTS> `bi tgd [QC (:% d`cg).

@rlubi ?;; tr`bs`ctjlbs pdr yd`r wlrfiwjid `rd ubidrt`ndb ay jbhr`structurd hubis,wjtg ` id`f vlfumd lh àlut $3;; ajffjlb, j.d., ;.9% lh wlrfi OI[. [rdqjb (1;04a)rdojstdrdi `rlubi 0;; id`fs pdr yd`r wjtgjb @sj` jb rdcdbt yd`rs, wjtg `b dstjm`tdi`bbu`f id`f v`fud lh `rlubi $1; ajffjlb–$3; ajffjlb, j.d., fdss tg`b 0;% lh tgd ofla`fid`f vlfumd, lr àlut ;.0%–;.1% lh @sj`b OI[. Jbij` `bi tgd [QC plstdi tgd gjogdstbumadrs lh id`fs jb tgd [rdqjb i`tà`sd (Hjourd 4).

Hjourd 45 Jbhr `structurd Id`fs jb @sj`, ay Clubt ry, 1;0;–1;04

[QC = [dlpfd‚s Qdpuafjc lh Cgjb`.

Slurcd5 [rdqjb (1;04a).

0: Ygjs js ` survdy lh 47: ‖`ftdrb`tjvd” hubi m`bòdrs (j.d., lutsjid clbvdbtjlb`f dqujty `bi albi `ssdts)

wjtg `ssdts ubidr m`bòdmdbt lh $4.? trjffjlb. Ygd wdjogtjbo lh jbhr`structurd jb tgjs ubjvdrsd js àlut4%, wdff adgjbi rd`f dst`td, prjv`td dqujty, `bi gdiod hubis.

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Jb tdrms lh sdctlrs, 99% lh `ff @sj`b id`fs clmpfdtdi wdrd jb dbdroy, 11% jb utjfjtjds,08% jb tr`bsplrt`tjlb, `bi 3% jb tdfdclmmubjc`tjlbs. Slcj`f jbhr`structurd `cclubtdihlr 03% lh id`fs (diuc`tjlb 4%, gd`ftgc`rd 4%, `bi olvdrbmdbt aujfijbos 3%). Lh `ff

@sj`-a`sdi id`fs lb rdclri, 3:% wdrd orddbhjdfi idvdflpmdbts, 0;% wdrd `t tgdarlwbhjdfi stòd, `bi 40% jb tgd sdclbi`ry m`rndt.

Fllnjbo hlrw`ri, tgd prjm`ry hlcus lh jbhr`structurd jbvdstlrs `ppd`rs tl rdm`jb lb tgdtrìjtjlb`f m`rndts jb Durlpd `bi Blrtg @mdrjc`. @ hurtgdr $:4 ajffjlb lh c`pjt`f jscurrdbtfy adjbo sluogt ay `rlubi 04; bdw hubis ofla`ffy. Lbfy 11 lh tgdm, sddnjbo $00ajffjlb, g`vd ` spdcjhjc hlcus lb @sj`, `ftgluog tgdrd wjff ad jbtdrdst jb tgd rdojlb `fslhrlm ofla`f hubis.

3.1.3 Ijrdct Jbvdstmdbt

Jb rdcdbt yd`rs, slmd jbvdstlrs g`vd idcjidi tl ‖jb-slurcd” `ssdt m`bòdmdbt. Jb tgjsprlcdss, ijrdct dqujty st`nds jb jbhr`structurd prledcts `bi clmp`bjds g`vd adclmdplpuf`r wjtg jbstjtutjlb`f jbvdstlrs, sucg `s f`rod pdbsjlb hubis, dspdcj`ffy jb C`bì`,

@ustr`fj`, `bi Blrtgdrb Durlpd. @fsl, sdvdr`f (@sj`b `bi ltgdr) S_Hs g`vd r`jsditgdjr jbtdrdst jb jbhr`structurd `ssdts, `bi sl g`vd ltgdr hjb`bcj`f `bi jbiustrj`fclmp`bjds.

Jbsur`bcd clmp`bjds, dspdcj`ffy jb Durlpd, `rd jbcrd`sjbofy jbvlfvdi lb tgdjbhr`structurd idat sjid wjtg ijrdct fl`bs, djtgdr ay t`njbo lvdr fl`bs hrlm a`bns lr ayprlvjijbo flbodr-tdrm ijrdct crdijt tl, hlr dx`mpfd, rdbdwàfd dbdroy prledcts.Glwdvdr, tgjs rdqujrds ìdqu`td rdslurcds hlr crdijt `b`fysjs `bi rjsn m`bòdmdbttg`t m`by `ssdt lwbdrs il trìjtjlb`ffy blt g`vd. Sdvdr`f f`rodr jbvdstlrs g`vd st`rtditl aujfi sucg spdcj`fjst jbtdrb`f dxpdrtjsd.

Jb clbcfusjlb, prjv`td jbhr`structurd jbvdstmdbts, djtgdr ijrdctfy lr vj` hubis, g`vd addborlwjbo ofla`ffy sjbcd tgd d`rfy 1;;;s. Ygd bumadr lh jbhr`structurd hubis a`sdi jb

@sj`, lr t`rodtjbo @sj`, js flwdr tg`b hlr Durlpd `bi Blrtg @mdrjc`. Jbhr`structurdhubis `rd rdplrtdify odbdr`tjbo `rlubi 0;; id`fs pdr yd`r jb @sj`, wjtg ` vlfumd lh$1; ajffjlb–$3; ajffjlb. Ygjs dqu`tds tl ;.0%–;.1% lh OI[, wgjcg js flwdr tg`b tgdofla`f `vdròd lh àlut ;.9%.

3.3 [rledct Hjb`bcd

[rledct hjb`bcd g`s trìjtjlb`ffy addb usdi hlr altg prjv`td `bi puafjc jbhr`structurd.[rledct hjb`bcd st`tjstjcs `rd lhtdb usdi hlr rdprdsdbt`tjlbs lh prjv`td hjb`bcdidvdflpmdbts jb jbhr`structurd. Glwdvdr, jt sglufi ad bltdi tg`t prledct hjb`bcdrd`cgds adylbi jbhr`structurd sdctlrs (d.o., ljf, mjbjbo, `bi jbiustrj`f sdctlrs), wgjfdjbhr`structurd jbvdstmdbt rd`cgds mucg hurtgdr tg`b prledct hjb`bcd (dspdcj`ffyclrplr`td hjb`bcd).

@cclrijbo tl tgd i`t` prlvjidr Id`flojc (1;04), tgd lvdr`ff ofla`f prledct hjb`bcdvlfumd (dqujty `bi idat) w`s $9;7 ajffjlb jb 1;09 hrlm `rlubi 0,0;; id`fs, ilwb hrlmtgd rdclri fdvdf lh $93? ajffjlb jb 1;03. @bbu`f vlfumds g`vd mlvdi `rlubi $9;;ajffjlb jb rdcdbt yd`rs, j.d. àlut ;.4% lh OI[. Qdojlb`f `bi clubtry sg`rds v`rjdiclbsjidràfy lvdr tgd yd`rs. [rledct hjb`bcd js odbdr`ffy gjogfy fdvdròdi. Jb 1;09,01% w`s hjb`bcdi ay dqujty, :% ay albis, `bi ?:% ay fl`bs.

Ygd id`f vlfumd lh @sj` (dxcfuijbo tgd Jbij`b suaclbtjbdbt) w`s $93 ajffjlb jb 1;09. Jtg`s r`bodi adtwddb $9; ajffjlb–$8; ajffjlb pdr yd`r jb rdcdbt yd`rs, j.d., àlut ;.1%– ;.3% lh OI[, `bi ` ofla`f m`rndt sg`rd lh 0;%–04% (Yàfd 9). Ygd Jbij`bsuaclbtjbdbt vlfumd w`s $98 ajffjlb jb 1;09. Jt hfuctu`tdi wjidfy adtwddb ` hdw ajffjlbjb 1;;? `bi lvdr $7; ajffjlb jb 1;0; `bi 1;00, j.d., adtwddb ;% `bi 4% lh OI[. Ygd

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ofla`f m`rndt sg`rd lh tgd twl @sj`b rdojlbs irlppdi tl 11%, ilwb hrlm `rlubi 34%jb 1;;:–1;00. Jb tdrms lh clubtrjds, Jbij` g`s addb tgd sdclbi f`rodst prledct hjb`bcdm`rndts jb tgd wlrfi (adgjbi tgd TS). 1;

Yàfd 95 [rledct Hjb`bcd Xlfumd ay Qdojlb

($ ajffjlb)

Qdojlb 1;;: 1;0; 1;00 1;01 1;03 1;09

Blrtg @mdrjc` 30 93 9? 40 ?1 7:F`tjb @mdrjc` 39 0: 3; 91 97 4?_dstdrb Durlpd 49 ?4 ?9 44 ?? 87D`stdrb Durlpd 00 1; 17 7 : 01Mjiifd D`st/@hrjc` 9; 9: 9: 34 77 41

@ustr`f`sj` 0? 0: 3? 73 37 93 @sj` (dxcfuijbo Jbij`) 4; 97 41 83 98 93Jbij`b suaclbtjbdbt 49 70 77 94 90 98

Ylt`f 1:0 344 9;8 371 907 9;7Slurcd5 Id`flojc (1;04).

3.3.0 [rledct Hjb`bcd Fl`bs

[rledct hjb`bcd idat m`rndts tlln ` gjt iurjbo tgd hjb`bcj`f crjsjs aut g`vd rdclvdrdisjbcd. @s `b `ftdrb`tjvd i`t` slurcd, Yglmslb Qdutdrs (1;04) clbcdbtr`tds lb prledcthjb`bcd fl`bs. Ygd ofla`f fl`b vlfumd jb 1;09 w`s `t ` rdclri $147 ajffjlb, up 18%hrlm 1;09. Jb @sj`, 04; tr`bs`ctjlbs wdrd rdclridi wjtg ` fl`b vlfumd lh $33 ajffjlb jb1;09, ilwb hrlm $90 ajffjlb jb 1;03. Ygjs w`s ` ofla`f m`rndt sg`rd lh 03% (ilwbhrlm 1;% jb 1;03) tg`t w`s prdtty dvdbfy spfjt adtwddb Blrtg @sj`, Slutg @sj`, `biSlutgd`st @sj`. Jb tgjs i`tà`sd, tll, Jbij` g`s addb lbd lh tgd f`rodst m`rndts wjtg `vlfumd lh $00 ajffjlb jb 1;09 (àlut ;.4% lh OI[), `bi ` pd`n lh $44 ajffjlb jb 1;0;(3% lh OI[) (Hjourd 8).

Jb tdrms lh jbhr`structurd sdctlr, jb tgd @sj`-[`cjhjc rdojlb (jbcfuijbo @ustr`f`sj`), 31%lh tgd fl`b vlfumd wdbt jbtl tr`bsplrt`tjlb `bi 18% jbtl plwdr, aut lbfy 0% jbtltdfdclmmubjc`tjlbs `bi ;.9% jbtl w`tdr, sdwdròd, w`std, `bi rdcycfjbo. @mlboltgdr sdctlrs, 0:% w`s rdclridi hlr ljf `bi o`s, `bi 01% hlr mjbjbo jb 1;09.

1; Ygd ltgdr @sj`b clubtrjds cg`bod jb tgd tlp-04 fdòud tàfds dvdry yd`r. Jb 1;09, Jbilbdsj` w`s 00tgwjtg ` vlfumd lh $7.1 ajffjlb `bi tgd Qdpuafjc lh Nlrd` w`s 09tg ($?.? ajffjlb). Jb 1;03, Xjdt B`m ($00

ajffjlb) w`s jb 00tg pf`cd. Jb 1;01, M`f`ysj` r`bndi 7tg, tgd [QC :tg, tgd Qdpuafjc lh Nlrd` 00tg, `biJbilbdsj` 09tg. Jb 1;00, tgd [QC w`s jb 00tg pf`cd `bi Sjbo`plrd jb 09tg pf`cd.

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Hjourd 85 [rledct Hjb`bcd Fl`b Xlfumd jb tgd @sj `-[`cjhjc Qdojlb

($ ajffjlb)

F`l [IQ = F`l [dlpfd‚s Idmlcr`tjc Qdpuafjc, [QC = [dlpfd‚s Qdpuafjc lh Cgjb`.

Slurcd5 Yglmslb Qdutdrs (1;04).

3.3.1 Jbhr`structu rd ̀ bi [rledct Albis

Ygd tdrm ‖jbhr`structurd albi” js usdi hlr ijhhdrdbt tgjbos. Hjrst, jt js wlrtg bltjbo tg`tslmd slvdrdjob albis g`vd addb d`rm`rndi hlr jbhr`structurd, d.o., jb Ndby` (Jbidrst`bi Stdw`rt 1;09). Sua-slvdrdjob albis m`y `fsl ad idijc`tdi tl jbhr`structurdjbvdstmdbts. 10 Mubjcjp`f albis `rd mèlr jbhr`structurd hjb`bcjbo slurcds, dspdcj`ffy jbtgd TS.

Sdclbi, utjfjty `bi jbhr`structurd clmp`bjds lhtdb `fsl jssud clrplr`td albis. Sucgalbis m`y ad p`rt lh clrplr`td albi jbijcds, `ftgluog bl mèlr idijc`tdijbhr`structurd albi jbidx js nblwb (dxcdpt hlr C`bì`).

Ygjri, tgdrd `rd prledct albis jb tgd b`rrlw sdbsd. 11 Ygdy clbstjtutdi àlut 0;% lhofla`f prledct idat jb tgd flbo tdrm hrlm 0::9 tl 1;01. [rledct albi hjb`bcjbo gì `sdta`cn wjtg tgd hjb`bcj`f crjsjs, dx`cdra`tdi ay tgd idmjsd lh mlblfjbd jbsurdrs.Glwdvdr, m`rndts g`vd rdvjvdi sjbcd. Ygd vlfumd w`s $38 ajffjlb jb 1;03, j.d., ` sg`rdlh :% lh prledct hjb`bcd. Xlfumds `bi sg`rds g`vd hfuctu`tdi clbsjidràfy lvdr tgdyd`rs (adtwddb 9% `bi 03%), aut lvdr`ff vlfumds g`vd addb sm`ff (fdss tg`b ;.0% lhofla`f OI[) (Id`flojc 1;04).

[rledct albis `rd gjstlrjc`ffy mlrd clmmlb jb Blrtg @mdrjc` tg`b jb Durlpd. C`bì`,hlr dx`mpfd, g`s wdff-dstàfjsgdi prledct albi m`rndts `bi ` flbo dxpdrjdbcd lhjbsur`bcd clmp`bjds adjbo flbo-tdrm jbvdstlrs jb tgdm. Ygd DT prledct albi m`rndtg`s rdvjvdi slmdwg`t lvdr tgd f`st hdw yd`rs. @ftgluog tgdrd js ` gjstlry lh idatsdcurjtjds hlr jbhr`structurd jb dmdrojbo m`rndts `bi @sj`, fdvdfs g`vd addb flw. Hlrdx`mpfd, tgd jssu`bcd vlfumds lh @sj`b prledct albis rdclridi jb tgd YglmslbQdutdrs `bi [rledct Hjb`bcd Jbtdrb`tjlb`f i`tà`sds r`bodi adtwddb $0 ajffjlb `bi $ 3ajffjlb jb rdcdbt yd`rs (Njt`bl 1;04,

10 [f`tz (1;;:) hjbis ` rdf`tjvdfy flw vlfumd lh sua-slvdrdjob albis jb @sj` lh àlut $3 ajffjlb (hrlm 93jssuds) jb tgd pdrjli 1;;;–1;;?, ilwb hrlm $7 ajffjlb (hrlm 03 jssuds) jb tgd 0::;s. Zlsgjbl (1;01)prlplsds olvdrbmdbt-jssudi ‖jbhr`structurd rdvdbud albis” (jb flc`f currdbcy) hlr @sj`.

11 [rledct albis `rd idat jbstrumdbts jssudi ay prledct hjb`bcd clmp`bjds. Ygdy `rd lhtdb trìàfd lb

sdclbi`ry m`rndts aut c`b `fsl ad prjv`td pf`cdmdbts. Ygd a`cnjbo hlr tgd albi js tgd c`sg hflwodbdr`tdi ay tgd prledct, wgjfd wjtg clrplr`td albis jt js tgd p`ymdbt àjfjty lh tgd clmp`by.

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22/39


@sj`b jbhr`structurd prledct hjb`bcd wgjfd prledct albi m`rndts `rd stjff vdry sm`ff (fdsstg`b ;.0% lh OI[ lutsjid tgd [QC).

3.9. [uafjc–[rjv`td [`rtbdrsgjps

[[[s g`vd adclmd jbcrd`sjbofy rdfdv`bt hlr puafjc jbhr`structurd jbvdstmdbt `s `b`ftdrb`tjvd tl spdbijbo ay olvdrbmdbts lr (prjv`tjzdi) jbhr`structurd clmp`bjds. YgdTbjtdi Njboilm (TN) `bi @ustr`fj` `rd lhtdb sddb `s tgd mlst m`turd ìlptdrs, wjtg[[[s `cclubtjbo hlr `rlubi 0;% `bi 4% lh puafjc jbvdstmdbt jb jbhr`structurd,rdspdctjvdfy (LDCI 1;09`). X`rjlus mlidfs `bi hlrms lh [[[s g`vd sjbcd addbjmpfdmdbtdi jb m`by clubtrjds (sdd, d.o., B`t`rè ^1;;?], Udb `bi Qdo`b ^1;09], O`ttj^1;09], Dbodf dt `f. ^1;04], Njt`bl ^1;04]).

Jb ` ofla`f i`tà`sd (Id`flojc 1;04), ofla`f [[[ vlfumds g`vd addb jb tgd rdojlb lh$8; ajffjlb–$0;; ajffjlb jb tlt`f jb rdcdbt yd`rs (`rlubi ;.0% lh OI[). Ygd 1;09 tlt`fvlfumd w`s $?1 ajffjlb, ilwb hrlm $:4 ajffjlb jb 1;03 `bi àlut ;.0% lh ofla`f OI[.Ygd sg`rd lh [[[ wjtgjb prledct hjb`bcd w`s 07% jb 1;09> trìjtjlb`ffy, tgjs sg`rd g`sr`bodi adtwddb 08%–14%. Yr`bsplrt `bi slcj`f jbhr`structurd `cclubtdi hlr 8:% lhtgd vlfumd.

@sj` (dxcfuijbo Jbij`) lbfy plstdi [[[ id`fs lh fdss tg`b $0; ajffjlb pdr yd`r, j.d., wdffadflw tgd ofla`f `vdròd. Ygd Jbij`b suaclbtjbdbt sglws rdf`tjvdfy gjog aut strlbofyhfuctu`tjbo hjourds. [[[ id`fs hdff a`cn hrlm tgd gjogs jb 1;0;–1;00 tl àlut $4 ajffjlbjb 1;03–1;09 (rluogfy ;.1% lh OI[) (Hjourd ?).

Hjourd ?5 [uafjc–[rjv`td [ r̀tbdrsgjps Xlfumd ay Qdojlb

($ ajffjlb)

Slurcd5 Id`flojc (1;04).

3.3.3 [rjv`td [`rtjcjp`tjlb jb Dmdrojbo M r̀ndts

Olvdrbmdbts jb idvdflpjbo dclblmjds g`vd addb jbcrd`sjbofy jbtdrdstdi jb `ttr`ctjboprjv`td c`pjt`f hlr jbhr`structurd jbvdstmdbts. Ygd [uafjc-[rjv`td Jbhr`structurd @ivjslryH`cjfjty ([[J@H) rdclris ‖prjv`td p`rtjcjp`tjlb jb jbhr`structurd” ([[J) jb flw `bi mjiifd-jbclmd clubtrjds. 1? Ygjs jbcfuids [[[ prledcts aut `fsl prjv`tjz`tjlbs `bi ltgdr hlrmslh prjv`td p`rtjcjp`tjlb.

1? Idhjbjtjlb lh [[J5 [rledcts `rd clbsjidrdi t l g`vd prjv`td p`rtjcjp`tjlb jh ` prjv`td clmp`by lr jbvdstlr js`t fd`st p`rtj`ffy rdsplbsjafd hlr tgd lpdr`tjbo clsts `bi `sslcj`tdi rjsns. Yr`cndi prledcts g`vd `t fd`st

1;


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Jb rdcdbt yd`rs, 14; tl 9;; [[J prledcts pdr yd`r wdrd rdclridi, wjtg clmajbdiauiodts jb tgd r`bod lh $04; ajffjlb–$1;; ajffjlb ([[J@H 1;09), j.d., àlut ;.8%–;.7%lh OI[. 17 Jb 1;03, tgd vlfumd w`s $04; ajffjlb hrlm 1:0 prledcts, ` sdta`cn ò`jbstprdvjlus yd`rs, dspdcj`ffy jb Ar`zjf `bi Jbij`. Hjourd 7 sglws ` ard`nilwb lh [[Js ay

rdojlb. F`tjb @mdrjc` g`s trìjtjlb`ffy tgd f`rodst sg`rd.Hjourd 75 [rjv`td Jbvdstmdbt jb Jbhr`structurd jb Dmdrojbo M r̀ndts `bi

Idvdflpjbo Dclblmjds

($ ajffjlb)

D@[ = D`st @sj` [`cjhjc> DC@ = Durlpd `bi Cdbtr`f @sj`> F@C = F`tjb @mdrjc` `bi C`rjaad`b>MDB@ = Mjiifd D`st `bi Blrtgdrb @hrjc`> S@ = Slutg @sj`> SS@ = Sua-S`g`r`b @hrjc`.

Slurcd5 [[J@H ([[J prledct i`tà`sd, M`rcg 1;04)> ùtglr.

D`st @sj` `bi tgd [`cjhjc‚s vlfumds g`vd addb jb tgd r`bod lh $04 ajffjlb–$11 ajffjlb jbrdcdbt yd`rs, j.d., ;.0%–;.1% lh OI[. Ygd [QC sflwdi ilwb clbsjidràfy jb 1;09, `strluafds wjtg flc`f olvdrbmdbt hjb`bcjbo vdgjcfds `hhdctdi bdw prledct hubijbo ([[J@H1;04> Qdutdrs 1;04). [rjv`td jbvdstmdbt jb Slutg @sj` gì strlbo orlwtg jb tgd 1;;;s,pd`njbo `t $?? ajffjlb jb 1;0;, aut g`s h`ffdb a`cn sjbcd, wjtg ` 1;03 vlfumd lh $04ajffjlb (àlut ;.8% lh OI[). Ygd Jbij`b mlidf js sglwjbo sjobs lh str`jb. 1:

Lvdr tgd flbodr pdrjli, 0::;–1;09, id`f vlfumds `rd ay h`r gjogdst jb Ar`zjf ($987ajffjlb) `bi Jbij` ($33; ajffjlb). Ygd [QC clmds 4tg wjtg $030 ajffjlb, Jbilbdsj` 7tgwjtg $84 ajffjlb, tgd [gjfjppjbds :tg wjtg $80 ajffjlb, `bi M`f`ysj` 0;tg wjtg $8; ajffjlb.

Hlr tgd D`st @sj` [`cjhjc rdojlb, 0,70: prledcts `rd rdclridi jb tgd [[J@H i`tà`sd,wjtg ` tlt`f vlfumd lh $37: ajffjlb’9;% lh tgd vlfumd w`s jb dbdroy, 17% jb tdfdclms,

14% prjv`td dqujty lr jb tgd c`sd lh ijvdstjturds, `t fd`st 4% prjv`td dqujty. Ygd i`tà`sd cf`ssjhjdsprjv`td jbhr`structurd prledcts jbtl hlur c`tdolrjds5 m`bòdmdbt `bi fd`sd clbtr`cts, clbcdssjlbs,orddbhjdfi prledcts, `bi ijvdstjturds (prjv`tjz`tjlbs).

17 Ygd [[J I`tà`sd hlcusds lb hlur sdctlrs5 dbdroy (dxcfuijbo ljf `bi o`s dxtr`ctjlb aut jbcfuijbob`tur`f o`s tr`bsmjssjlb `bi ijstrjautjlb), tr`bsplrt`tjlb, w`tdr `bi sdwdròd prledcts, `bitdfdclmmubjc`tjlbs sdrvjcds. [[J@H (1;04) sglws sm`ffdr hjourds adcùsd ` bdw idhjbjtjlb lh‖jbhr`structurd” dxcfuids tgd tdfdclmmubjc`tjlbs sdctlr.

1: [rjv`td idvdflpdrs ‖g`vd f`rodfy addb idpdbidbt hlr prledct hjb`bcjbo fl`bs lb st`td-lwbdi a`bns.Adcùsd lh gjog fdvdròd structurds `bi ` clmajb`tjlb lh m`rndt hlrcds `bi plfjcy ubcdrt`jbtjds, tgdsdctlr g`s adclmd gjogfy jbidatdi `bi sdvdr`f prledcts g`vd addb ubidr strdss tl mddt tgdjr idat

sdrvjcjbo lafjo`tjlbs. _jtg wlrsdbjbo crdijt qu`fjty `bi pd`ndi dxplsurd fjmjts, mlst a`bns `rdsglwjbo rdfuct`bcd tl p`rtjcjp`td jb hurtgdr crdijt dxp`bsjlb jb tgd sdctlr.” (Q`y 1;045 ?)

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13% jb tr`bsplrt, `bi 7% jb w`tdr `bi sdwdròd. Ywl-tgjris wdrd orddbhjdfi prledcts,03% clbcdssjlbs, `bi 1;% ijvdstjturds. Hlr Slutg @sj`, tgdrd wdrd 0,;:; prledcts,wjtg ` tlt`f vlfumd lh $373 ajffjlb (lh wgjcg `rlubi 74% jb Jbij`, :% jb [`njst`b, 3% jbA`bofìdsg, `bi 1% jb Srj F`bn`). Ygd sdctlr ard`nilwb js 91% dbdroy, 33%tdfdclms, 14% tr`bsplrt, `bi vdry fjttfd jb w`tdr `bi sdwdròd> ?8% wdrd orddbhjdfiprledcts, 0:% clbcdssjlbs, `bi 4% ijvdstjturds. 3;

Jb summ`ry, prjv`td p`rtjcjp`tjlb jb jbhr`structurd g`s addb orlwjbo lvdr tgd yd`rs jbdmdrojbo m`rndts. Jb tgd D`st @sj` [`cjhjc rdojlb, [[J js lbfy ;.0%–;.1% lh OI[, `biwdff adflw tgd ofla`f `vdròd. Slutg @sj` sglwdi ` strlbo up `bi ilwb mlvdmdbtwjtg ` pd`n jb 1;0;. [[[s g`vd adclmd `b `ftdrb`tjvd hjb`bcjbo mdcg`bjsm jb slmdpf`cds aut m`by clubtrjds il stjff m`nd vdry fjttfd lr bl usd lh [[[s. _jtg tgddxcdptjlb lh Jbij`, [[[ vlfumds `rd stjff sm`ff jb @sj` jb àslfutd `bi clmp`r`tjvdtdrms.

9. JBSYJYTYJLB@F JBXDSYLQS @S HJB@BCJDQS

Jbstjtutjlb`f jbvdstmdbt jb jbhr`structurd g`s adclmd ` mucg ijscussdi tlpjc jb rdcdbtyd`rs, `fsl jb tdrms lh puafjc plfjcy. Olvdrbmdbts hrdqudbtfy c`ff hlr ` gjogdrdboòdmdbt lh `ssdt lwbdrs jb tgd hjb`bcjbo lh jbhr`structurd prledcts. 30

M`by jbvdstlrs g`vd adclmd jbtdrdstdi jb jbhr`structurd `s `b ‖`ssdt cf`ss” hlr tgdjrlwb rd`slbs (Jbidrst 1;0;). Jb `b dbvjrlbmdbt lh flw jbtdrdst r`tds jb mèlr m`rndts,tgdy `rd fllnjbo hlr `ftdrb`tjvd slurcds lh jbclmd `bi adttdr ijvdrsjhjc`tjlb.

Jbhr`structurd jbvdstmdbts pltdbtj`ffy lhhdr slmd usdhuf cg`r`ctdrjstjcs hlr pdbsjlbhubis `bi jbsur`bcd clmp`bjds tg`t g`vd tl m`tcg (lhtdb jbhf`tjlb-fjbndi) `bbujty-typdfjàjfjtjds. Sucg `ssdts `rd lhtdb dxpdctdi tl g`vd flbo-tdrm, prdijctàfd jbclmdstrd`ms, flw sdbsjtjvjty tl ausjbdss cycfds, `bi flw clrrdf`tjlbs tl ltgdr `ssdt cf`ssds.[rledct hjb`bcd idat g`s dxgjajtdi rdf`tjvdfy h`vlràfd idhùft `bi rdclvdry r`tdsclmp`rdi tl clrplr`td idat (Mlliy‚s 1;04). Hjb`ffy, `ssdt lwbdrs `rd `fsl rd-ijsclvdrjbo ‖flbo-tdrm jbvdstjbo”, tryjbo tl c`pturd `b ‖jffjqujijty rjsn prdmjum” hrlmjbhr`structurd `ssdts.

Jbstjtutjlb`f `ssdts ordw strlbofy jb rdcdbt yd`rs. Ygd Lro`bjs`tjlb hlr Dclblmjc Cl-lpdr`tjlb `bi Idvdflpmdbt (LDCI) v`fudi jbstjtutjlb`f `ssdts jb 1;03 `t $:1 trjffjlb,lh wgjcg $14 trjffjlb w`s jb pdbsjlb hubis, $18 trjffjlb wjtg jbsur`bcd clmp`bjds, $4trjffjlb jb puafjc pdbsjlb rdsdrvd hubis, `bi $1 trjffjlb jb hlubi`tjlbs, dbilwmdbts, `biltgdr jbstjtutjlbs (Hjourd :). Blt sglwb jb Hjourd : js tgd $? trjffjlb jb S_Hs (S_HJ1;04). 31

3; @birês dt `f. (1;09) bltd ` cfd`r ijvjsjlb `crlss sdctlrs jb Slutg @sj`5 prjv`tjz`tjlb js tgd h`vlrdi rlutdjb tdfdclms `bi dbdroy, [[[s jb tr`bsplrt, w`tdr, w`std, `bi sdwdròd, `bi p`rtfy `fsl jb dfdctrjcjtytr`bsmjssjlb.

30 Jt js bltdwlrtgy tg`t tgdrd w`s ` ‖hjrst w`vd” lh jbstjtutjlb`f jbvdstlr jbvlfvdmdbt jb dmdrojbo m`rndtsjbhr`structurd, jbcfuijbo ` bumadr lh F`tjb @mdrjc`b `bi @sj`b slcj`f sdcurjty `bi puafjc pdbsjlb hubisjb tgd 0::;s (sdd, d.o., Hdrrdjr` `bi Ng`t`mj ^0::8]).

31 Ygdsd hjourds il blt jbcfuid `ssdts gdfi ay a`bns, blb-hjb`bcj`f clrplr`tjlbs, cdbtr`f a`bns, lr ltgdrolvdrbmdbt jbstjtutjlbs. Jt js wlrtg bltjbo tg`t tgdrd js `fsl suast`btj`f wd`ftg lwbdi prjv`tdfy ayglusdglfis. ACO (1;09) rdplrts $041 trjffjlb lh prjv`td hjb`bcj`f wd`ftg ofla`ffy, lh wgjcg $04 trjffjlbw`s jb E`p`b `bi $3? trjffjlb jb @sj` (dxcfuijbo E`p`b) jb 1;03. @sj`b wd`ftg jb p`rtjcuf`r js dxpdctdi tlorlw r`pjify. Slmd lh tgd blb-jbstjtutjlb`f c`pjt`f m`y `fsl ad `v`jfàfd hlr jbhr`structurd jbvdstmdbt

lvdr tjmd, `ftgluog tgjs rdqujrds tgd dstàfjsgmdbt lh `pprlprj`td jbvdstmdbt m`bòdmdbt c`pàjfjtjds`bi jbstrumdbts.

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Hjourd :5 Jbstjtut jlb`f Jbvdstlr @ssdts

($ trjffjlb)

[[QH = [uafjc [dbsjlb Qdsdrvd Hubi, tb = trjffjlb.

Slurcd5 LDCI (1;09a).

9.0. @sj`b [dbsjlb, Slcj`f Sdcurjty, `bi Jbsur`bcd @ssdts

Jb dmdrojbo m`rndts, jbstjtutjlb`f `ssdts `rd clmp`r`tjvdfy sm`ffdr aut orlwjbo h`st.McNjbsdy (1;00) dstjm`tdi tgd `ssdts ubidr m`bòdmdbt lh pdbsjlb hubis jbidvdflpjbo clubtrjds `t $1.3 trjffjlb jb 1;0;, j.d., àlut 7% lh ofla`f `ssdts. $1.3 trjffjlbjb tgd jbsur`bcd sdctlr js àlut 0;% jb tgd ofla`f clbtdxt. Jb clbtr`st, S_Hs `rdmlstfy a`sdi lutsjid tgd LDCI.

@sj`b pdbsjlb `bi jbsur`bcd `ssdts wdrd dstjm`tdi `t rluogfy $0; trjffjlb jb 1;0;, j.d.,` ofla`f sg`rd lh àlut 07%. @sj`b pdbsjlb hubis gdfi $9.9 trjffjlb lh `ssdts, lh wgjcgtgd v`st mèlrjty lh $3.3 trjffjlb wdrd jb E`p`b, `bi $;.4 trjffjlb jb tgd [QC. Sjmjf`rfy,

@sj`b jbsur`bcd clmp`bjds gdfi $4.0 trjffjlb, lh wgjcg $3.4 trjffjlb wdrd jb E`p`b `bi$;.8 trjffjlb jb tgd [QC. Jb tdrms lh jbsur`bcd `ssdts, tgdrd js ` ajo o`p adtwddbìv`bcdi @sj` (wgdrd jbsur`bcd `ssdts `rd 4;%–?;% lh OI[) `bi idvdflpjbo @sj`(fdss tg`b 1;% lh OI[).

Ygd LDCI (1;09a) rdclridi $0.7 trjffjlb lh (ùtlblmlus) pdbsjlb pf`b `ssdts jb @sj`,j.d., àlut ?% lh tgd ofla`f vlfumd. 33 Ygd gjogdst vlfumds wdrd hlr E`p`b wjtg $0,330ajffjlb> Glbo Nlbo, Cgjb` wjtg $0;3 ajffjlb> tgd [QC wjtg $:: ajffjlb> tgd Qdpuafjc lhNlrd` wjtg $71 ajffjlb> `bi Yg`jf`bi wjtg $13 ajffjlb. @s ` pdrcdbtòd lh OI[, tgjsdqu`tds tl 1:% hlr E`p`b> 37% hlr Glbo Nlbo, Cgjb`> 0% hlr tgd [QC> ?% hlr tgdQdpuafjc lh Nlrd`> `bi 8% hlr Yg`jf`bi. Dvdb tgd f`rodst @sj`b hubidi pdbsjlbssystdms `rd wdff adflw tgd LDCI `vdròd lh 79% lh OI[, wjtg idvdflpjbo @sj` `tfdss tg`b 4%.

Ygdrd `rd sdvdr`f sjzdàfd slcj`f sdcurjty `bi puafjc pdbsjlb rdsdrvd pf`bs jb @sj`,ìijbo up tl àlut $1.4 ajffjlb. @mlbo tgd f`rodst hubis `rd5 E`p`b‚s Olvdrbmdbt[dbsjlb Jbvdstmdbt Hubi (àlut $0.1 trjffjlb), tgd Qdpuafjc lh Nlrd`‚s B`tjlb`f [dbsjlbSdrvjcd ($9;; ajffjlb), tgd [QC‚s B`tjlb`f Slcj`f Sdcurjty Hubi ($1;; ajffjlb),Sjbo`plrd‚s Cdbtr`f [rlvjidbt Hubi ($0:; ajffjlb), M`f`ysj`‚s Dmpflydds [rlvjidbtHubi ($07; ajffjlb), `bi Jbij`‚s Dmpflydd [rlvjidbt Hubi ($008 ajffjlb) (LDCI 1;09c).

33 Dstjm`tds lh pdbsjlb `ssdts ijhhdr `crlss i`t` prlvjidrs, idpdbijbo lb tgd idhjbjtjlb lh (prjv`td `bi

puafjc) pdbsjlb hubis, tgd jbcfusjlb lh slcj`f sdcurjty hubis, jbvdstmdbt hubis, ubhubidi scgdmds (d.o.,alln rdsdrvds), `bi ltgdr h`ctlrs.

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Jb tdrms lh sjzd rdf`tjvd tl OI[, tgdy `rd àlut 8;% lh OI[ jb Sjbo`plrd, 4;% jbM`f`ysj`, 1?% jb E`p`b, 11% jb tgd Qdpuafjc lh Nlrd`, 08% jb Srj F`bn`, `bi fdsstg`b 0;% lh OI[ jb ` r`bod lh ltgdr clubtrjds (Mus`fdm `bi Slutl 1;01). Mlst lhtgdsd scgdmds trìjtjlb`ffy rub clbsdrv`tjvd jbvdstmdbt plfjcjds wjtg ` gjog `fflc`tjlbtl ilmdstjc olvdrbmdbt albis `bi idplsjts (Af`bc-Aruid dt `f. 1;03).

Ygd @sj`b pdbsjlb systdms flln rdf`tjvdfy wd`n `fsl jb qu`fjt`tjvd `ssdssmdbts. Hlrdx`mpfd, tgd Mdfalurbd Mdrcdr Ofla`f [dbsjlb Jbidx (Mdrcdr 1;09) r`bns Sjbo`plrdàlvd `vdròd (a`bi A), aut tgd [QC, Jbilbdsj`, E`p`b, tgd Qdpuafjc lh Nlrd`, `biJbij` `rd `ff jb a`bi I. 39

Hjb`ffy, tgd hubi m`bòdmdbt jbiustry jb @sj` (jbcfuijbo mutu`f hubis, ubjt trusts,DYHs, prjv`td dqujty hubis) js `fsl clmp`r`tjvdfy sm`ff `bi clbcdbtr`tdi jb mlrdidvdflpdi dclblmjds. @IA (1;04) dstjm`tds `ssdts ubidr m`bòdmdbt lh àlut $9trjffjlb hlr tgd @SD@B+3 clubtrjds (j.d., pfus tgd [QC, E`p`b, `bi tgd Qdpuafjc lhNlrd`).

Lvdr`ff, tgdrd `rd slmd ijstjbctjvd hd`turds lh tgd jbstjtutjlb`f jbvdstlr a`sd jb @sj`.[rjv`td pdbsjlbs `bi jbsur`bcd `ssdts `rd clmp`r`tjvdfy sm`ff `bi r`tgdrclbcdbtr`tdi. Glwdvdr, tgdrd `rd sdvdr`f vdry f`rod puafjc pdbsjlb rdsdrvd `bi slcj`fsdcurjty hubis jb tgd rdojlb. @sj` `fsl g`s ` olli sg`rd lh S_H `ssdts, pfus m`ssjvdc`pjt`f wjtg ltgdr, mlstfy puafjc, jbstjtutjlbs, jbcfuijbo cdbtr`f a`bns.

9.1. Jbvdstlrs jb Jbhr`structurd

Mlst `ssdt lwbdrs g`vd trìjtjlb`ffy addb jbvdstlrs jb jbhr`structurd sdcurjtjds, d.o., `ssg`rdglfidrs lh jbhr`structurd clmp`bjds fjstdi lb puafjc stlcn dxcg`bods, jb J[Ls lhprjv`tjzdi utjfjty clmp`bjds, lr `s auydrs lh clrplr`td albis lr mubjcjp`f albis. Ygjsjs trud blt lbfy hlr LDCI clubtrjds, aut `fsl hlr ` r`bod lh @sj`b `bi ltgdr dmdrojbo

m`rndts tg`t g`vd idvdflpdi tgdjr c`pjt`f m`rndts jb rdcdbt idcìds.Ygd sjtu`tjlb js ijhhdrdbt hlr ubfjstdi jbhr`structurd jbvdstmdbts. Yl st`rt wjtg pdbsjlbhubis jb tgd fdìjbo clubtrjds, tgd `vdròd `ssdt `fflc`tjlb hlr ubfjstdi (lr prjv`td)jbhr`structurd js àlut 4%–8% lh `ssdts jb @ustr`fj` `bi C`bì` (Jbidrst `bi Idff`Crlcd 1;03). _lrfiwjid, `b LDCI (1;09c) survdy lh f`rod pdbsjlb hubis rdvd`fdi $?;ajffjlb lh ubfjstdi jbhr`structurd dqujty jbvdstmdbts `bi $0; ajffjlb lh jbhr`structurd idat.Glwdvdr, jbhr`structurd jbvdstmdbts wdrd lbfy àlut 0% lh tgd `ssdt `fflc`tjlb lh tgdwglfd jbvdstlr orlup jb tgd survdy. 34

Jbsur`bcd clmp`bjds g`vd trìjtjlb`ffy g`rify gì `by jbvdstmdbts jb ubfjstdijbhr`structurd `ssdts. Glwdvdr, sdvdr`f jbsurdrs `bi tgdjr `ssdt m`bòdmdbtsuasjij`rjds wlrfiwjid g`vd adclmd `ctjvd jb tgjs sp`cd jb rdcdbt tjmds, dspdcj`ffy jb

jbhr`structurd idat.Yurbjbo tl tgd @sj`-[`cjhjc rdojlb, [rdqjb (1;04a) tr`cndi 1:4 jbhr`structurd jbvdstlrsa`sdi jb tgd rdojlb jbvdstjbo jb jbhr`structurd, j.d., 03% lh tgdjr wlrfiwjid jbvdstlrubjvdrsd. Ygd jbvdstlr a`sd js sprdì wjidfy `crlss jbvdstlr typds, wjtg jbsur`bcdclmp`bjds `bi a`bns adjbo tgd f`rodst orlups, wjtg pdbsjlb hubis, hlubi`tjlbs, `bidbilwmdbts fdss prlmjbdbt clmp`rdi tl ltgdr rdojlbs (Hjourd 0;).

39 Q`tjbos r`bn hrlm @ (adst) tl D (wlrst). Ygd r`tjbo I jbijc`tds ‖` systdm tg`t g`s slmd idsjràfdhd`turds, aut `fsl g`s mèlr wd`nbdssds `bi/lr lmjssjlbs tg`t bddi tl ad ìirdssdi.” (Mdrcdr 1;095?).

34 Tbhlrtub`tdfy, blbd lh tgd hjvd @sj`b [dbsjlb Qdsdrvd Hubis survdydi rdplrtdi lb jbhr`structurdjbvdstmdbts.

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Hjourd 0;5 @sj`-a`sdi Jbhr`structur d Jbvdstlrs

Slurcd5 [rdqjb (1;04a).

Ygd `ssdt `fflc`tjlb tl jbhr`structurd lh tgd f`rodst 0;; @sj`b jbvdstlrs js àlut $84ajffjlb, j.d., lbfy ;.3% lh tlt`f `ssdts lh àlut $1; trjffjlb. Lh tgd tlp 0;;, 77 jbvdst jb

prjv`td jbvdstmdbt vdgjcfds `bi 81 jbvdst ijrdctfy. Ygjrty lh tgd tlp 0;; jbvdstlrs `rdhrlm E`p`b, 1; hrlm tgd Qdpuafjc lh Nlrd`, 03 hrlm @ustr`fj`, 00 hrlm tgd [QC, `bi 0;hrlm Jbij`. Ygdrd js ` bltàfd rjsd lh f`rod @sj`b jbstjtutjlbs lb ` ofla`f sc`fd’tgdrd`rd blw 04 lh tgdm `mlbo tgd tlp 0;; ofla`f jbhr`structurd jbvdstlrs, up hrlm 4 jb1;01.

Slmd @sj`b jbsur`bcd clmp`bjds `rd rdplrtdi tl g`vd suast`btj`f (fjstdi `bi ubfjstdi)jbvdstmdbts jb jbhr`structurd, dspdcj`ffy jb E`p`b> Jbij`> tgd Qdpuafjc lh Nlrd`> `biY`jpdj,Cgjb`. E`p`bdsd pdbsjlb hubis `fsl clbstjtutd `b jmplrt`bt dfdmdbt lh tgd

@sj`b jbvdstlr a`sd. Ygd wlrfi‚s f`rodst pdbsjlb scgdmd, E`p`b‚s Olvdrbmdbt[dbsjlb Jbvdstmdbt Hubi (O[JH), rdv`mpdi jts jbvdstmdbt str`tdoy jb 1;09 wjtg tgdjbtdbtjlb tl jbvdst jb `ftdrb`tjvd `ssdts, jbcfuijbo jbhr`structurd.

Jb summ`ry, jbstjtutjlb`f jbvdstlrs, dspdcj`ffy f`rodr lbds, g`vd addb jbcrd`sjbo tgdjrubfjstdi jbhr`structurd jbvdstmdbts jb rdcdbt yd`rs. M`by sm`ffdr jbvdstlrs, aut `fslslmd f`rodr @sj`b rdsdrvd hubis, g`vd fjttfd lr bl dxplsurd jb tgjs hjdfi. Lb `vdròd,tgd lvdr`ff `ssdt `fflc`tjlb tl jbhr`structurd js stjff sm`ff (ofla`ffy àlut 0%–1% lh`ssdts, `bi jt `ppd`rs dvdb flwdr jb @sj`).

9.3. Slvdrdjob _d`ftg Hubis

Ygd `ssdts lh S_Hs g`vd orlwb tl lvdr $? trjffjlb, wjtg 9;% lh tgdm a`sdi jb @sj` `bi3?% jb tgd Mjiifd D`st (S_HJ 1;04). S_Hs g`vd vdry ijvdrsd slurcds lh hubis (d.o.,clmmlijtjds), jbvdstmdbt laedctjvds (d.o., stàjfjz`tjlb `bi pdbsjlbs), `bi jbvdstmdbtplfjcjds (r`bojbo hrlm rjsn-rdturb crjtdrj` tl dclblmjc `bi plfjtjc`f jbhfudbcd) (Odfa dt `f.1;09).

Slmd S_Hs g`vd suast`btj`f jbhr`structurd `fflc`tjlbs wgjfd ltgdrs g`vd blbd. Jb tgd[rdqjb i`tà`sd, 8;% lh ofla`f S_Hs jbvdstdi jb jbhr`structurd jb 1;09, lh wgjcg 99%`rd a`sdi jb Mjiifd D`st/Blrtg @hrjc` `bi 1:% jb @sj` 38 (Hjourd 00). Lh tgd S_Hs,39% jbvdst lbfy ijrdctfy jb jbhr`structurd, `bi 4;% jbvdst altg ijrdctfy `bi vj` hubis.

38 F`rod @sj`b S_Hs jbvdstjbo jb jbhr`structurd jbcfuid tgd Cgjb` Jbvdstmdbt Clrplr`tjlb, tgd [QC‚sSt`td @imjbjstr`tjlb lh Hlrdjob Dxcg`bod, tgd Olvdrbmdbt lh Sjbo`plrd Jbvdstmdbt Clrplr`tjlb (OJC)`bi Ydm`sdn, tgd Glbo Nlbo Mlbdt`ry @utglrjty, tgd Nlrd`b Jbvdstmdbt Clrplr`tjlb, tgd S`mrun-N`zyb` jb N`z`ngst`b, M`f`ysj`‚s Ng`z`b`g B`sjlb`f, tgd Arubdj Jbvdstmdbt @odbcy, tgd @zdra`je`b

St`td Ljf Hubi, `bi tgd Yjmlr-Fdstd [dtrlfdum Hubi. Jb ìijtjlb, tgdrd `rd sm`ffdr (aut lhtdb orlwjbo)S_Hs jb pf`cds fjnd Xjdt B`m, Jbilbdsj`, Mlbolfj`, `bi Yurnmdbjst`b.

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Hjourd 005 S_Hs Jbvdstjbo jb Jbhr`structurd, ay Qdojlb

Slurcd5 [rdqjb (1;03).

Ijrdct jbvdstmdbts ay S_Hs `rd dstjm`tdi tl ad rluogfy 0;% lh `ssdts. @alut $4;;ajffjlb w`s jbvdstdi ijrdctfy adtwddb 1;;4 `bi 1;01, lh wgjcg àlut $44 ajffjlb wdbtjbtl tr`bsplrt jbhr`structurd, $8; ajffjlb jbtl dbdroy, `bi àlut $1; ajffjlb jbtl tgdtdfdclmmubjc`tjlbs sdctlr (YgdCjtyTN 1;03). [ut tlodtgdr, tgjs wlufi jmpfy ` (stjffmlidr`td) `ssdt `fflc`tjlb pdrcdbtòd jb jbhr`structurd lh rluogfy 1%.

Ijrdct jbvdstmdbts pjcndi up jb 1;03 `bi 1;09, wjtg vlfumds lh $078 ajffjlb `bi $00?ajffjlb. Ygd TS `bi tgd TN wdrd tgd f`rodst rdcjpjdbts, d`cg `cclubtjbo hlr `rlubi08%. Ltgdr plpuf`r idstjb`tjlbs jbcfuidi ltgdr DT clubtrjds `bi tgd [QC. Ygdmèlrjty lh S_H ijrdct jbvdstmdbts sddm tl ol jbtl hjb`bcj`f sdrvjcds `bi rd`f dst`td.Ygdrd js ` prdhdrdbcd hlr dxjstjbo `ssdts r`tgdr tg`b orddbhjdfi prledcts, tgdrdayclbtrjautjbo tl rjsjbo v`fu`tjlbs (YgdCjtyTN 1;04).

Blbdtgdfdss, slmd S_Hs g`vd addb sddnjbo lpplrtubjtjds jb DMIDs, d.o., Cgjbdsdhubis wjtg ‖jbhr`structurd hlr rdslurcds” id`fs arlndrdi jb @hrjc`. @cclrijbo tl ` survdyay hubi m`bòdr Jbvdscl (1;04), 0?% lh S_H jbhr`structurd jbvdstmdbts `rd jbdmdrojbo m`rndts. @ssumjbo ` 1% `vdròd `ssdt `fflc`tjlb tl jbhr`structurd, tgjswlufi jmpfy ` vlfumd lh àlut $19; ajffjlb. Ygjs r`jsds tgd jbtdrdstjbo qudstjlb `s tlwgdtgdr S_Hs clufi crlwi lut lpplrtubjtjds hlr ltgdr flc`f `bi rdojlb`f jbvdstlrs jbtgdsd m`rndts.

Jb clbcfusjlb, @sj` g`s ` f`rod sg`rd lh S_Hs tg`t `rd orlwjbo tgdjr `ssdts `biadclmjbo jbcrd`sjbofy jbvlfvdi jb jbhr`structurd. _jtg `b dstjm`tdi `vdròd `ssdt`fflc`tjlb lh 1%, ` bumadr lh tgdm `frdìy g`vd ijrdct glfijbos jb jbhr`structurd`ssdts, `ftgluog mlstfy jb dstàfjsgdi m`rndts. Tbhlrtub`tdfy, tr`bsp`rdbcy lb S_Hjbvdstmdbts js odbdr`ffy stjff flw.

4. A@QQJDQS @BI QJSNS

Ygd qudstjlb js wgdtgdr jbstjtutjlb`f jbvdstlrs clufi clbtrjautd mlrd tl tgd hjb`bcjbo lhjbhr`structurd. Ywl pljbts lh qu`fjhjc`tjlb5 Hjrst, jt js lhtdb lvdrfllndi jb tgjs ida`td tg`tpdbsjlb hubis, jbsur`bcd clmp`bjds, `bi ltgdr jbvdstlrs g`vd addb nddb auydrs lhpuafjcfy fjstdi jbhr`structurd stlcns `bi albis hlr ` flbo tjmd. Sdclbi, jbvdstmdbt jbubfjstdi jbhr`structurd js `b lboljbo prlcdss, `s jbvdstlr jbtdbtjlb survdys jbijc`tdclbtjbudi jbtdrdst jb tgjs sdctlr.

@ctu`f `bi pdrcdjvdi a`rrjdrs tl jbhr`structurd jbvdstmdbt ay jbstjtutjlb`f jbvdstlrsg`vd addb hfòodi jb tgd p`st (d.o., Jbidrst ^1;;:] `bi Idff` Crlcd ^1;00]). Ygdrd `rdclbstr`jbts lb tgd suppfy sjid (d.o., f`cn lh sujtàfd prledcts, pllr prlcurdmdbtprlcdssds, prledct sjzd) `bi idm`bi sjid (d.o., jbvdstlr rdslurcds `bi c`pàjfjty,

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plrthlfjl clbcdbtr`tjlb rjsn), `s wdff `s jb tgd jbtdrmdij`tjlb prlcdss `bi m`rndtstructurd (d.o., jb`pprlprj`td, dxpdbsjvd jbvdstmdbt vdgjcfds> f`cn lh sdclbi`rym`rndts> wd`n c`pjt`f m`rndts) (Yàfd 4).

Yàfd 45 A`rrjdrs tl Jbst jtut jlb`f Jbhr`structurd Jbvdstmdbt

Jssuds wjtg olvdrbmdbt supplrthlr jbhr`structurd prledcts

• F`cn lh plfjtjc`f clmmjtmdbt lvdr tgd flbo tdrm• F`cn lh jbhr`structurd prledct pjpdfjbd• Hròmdbt`tjlb lh tgd m`rndt `mlbo ijhhdrdbt fdvdfs lh

olvdrbmdbt• Qdouf`tlry jbstàjfjty• Gjog ajiijbo clsts

F`cn lh jbvdstlr c`pàjfjty

• F`cn lh dxpdrtjsd jb tgd jbhr`structurd sdctlr• [rlafdm lh sc`fd lh pdbsjlb hubis• Qdouf`tlry a`rrjdrs• Sglrt-tdrmjsm lh jbvdstlrs

Jssuds wjtg jbvdstmdbtclbijtjlbs

• Bdo`tjvd pdrcdptjlb lh tgd v`fud lh jbhr`structurdjbvdstmdbts

• F`cn lh tr`bsp`rdbcy jb tgd jbhr`structurd sdctlr• Mjs`fjobmdbt lh jbtdrdsts adtwddb jbhr`structurd hubis

`bi pdbsjlb hubis• Sglrtòd lh i`t` lb jbhr`structurd prledcts

Slurcd5 LDCI (1;09`).

[rdvjlus c`sds lh jbvdstmdbt jb prledcts wjtg pllr rdturbs `bi fjttfd dclblmjc v`fudsdrvd `s tjmdfy rdmjbidrs. Mlst jbvdstlrs g`vd vdry fjttfd dxpdrjdbcd jb jbhr`structurdtr`bs`ctjlbs `bi jb m`bòjbo jbhr`structurd `ssdts. Jbhr`structurd js vdrygdtdrlodbdlus, wgjcg ilds blt m`nd tgd t`sn `by d`sjdr.

Hrlm `b jbvdstlr pdrspdctjvd, tgdrd `rd rjsns jbgdrdbt blt lbfy jb jbhr`structurd prledcts`bi clmp`bjds aut `fsl jb jbvdstmdbt jbstrumdbts `bi plrthlfjls, jbcfuijbo5

• clbstructjlb `bi idvdflpmdbt rjsns lh (orddbhjdfi) prledcts>• lpdr`tjlb`f, idm`bi `bi m`rndt rjsns (d.o., cg`bojbo tr`hhjc bumadrs)>

• hjb`bcj`f `bi jbtdrdst r`td rjsns (d.o., fdvdròd, rdhjb`bcjbo)>

• olvdrb`bcd st`bi`ris (d.o., clbhfjcts lh jbtdrdst, aurdùcr`cy, clrruptjlb)>

• fdo`f, slcj`f `bi rdput`tjlb`f rjsns (d.o., idf`ys, h`jfurds, dbvjrlbmdbt`f jssuds)>

• rdouf`tlry rjsns (d.o., cg`bojbo rdouf`tjlb, cuts jb suasjijds, jbvdstlrrdouf`tjlb)> `bi

• plfjtjc`f ubcdrt`jbty (d.o., cg`bods jb olvdrbmdbt lr jbhr`structurd plfjcjds,dxprlprj`tjlb rjsn).

Slmd lh tgdsd gurifds `rd ijhhjcuft tl eump hlr hlrdjob jbvdstlrs, dspdcj`ffy jb dmdrojbom`rndts wjtg c`pjt`f m`rndts lh flw fjqujijty `bi currdbcy rjsns tg`t c`b g`rify adgdiodi. Qjsn mjtjo`tjlb mdcg`bjsms bddi tl ad c`rdhuffy dv`fu`tdi (Scgw`rtz dt `f.1;09). Ygjs rdqujrds olli crdijt `b`fysjs `bi currdbcy m`bòdmdbt, nblwfdiod lhflc`f pr`ctjcds, rdfjàfd flc`f p`rtbdrs, `bi, hjrst `bi hlrdmlst, trust jb tgd plfjtjc`fsystdm.

4.0.0 Jbvdstl r Qdouf`tjlb

Jbvdstlr rdouf`tjlb js lhtdb ` m`jb gjbir`bcd. Ygdrd `rd tgrdd sdts lh rdouf`tjlb lb tgdjbvdstlr sjid tg`t c`b ad vdry rdfdv`bt hlr jbhr`structurd jbvdstmdbt5 slfvdbcy,`cclubtjbo, `bi jbvdstmdbt rufds.

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Jbstjtutjlb`f jbvdstlrs jb ijhhdrdbt clbstjtudbcjds `rd suaedct tl mlrd lr fdss strjctrdouf`tlry rdojmds. Qjsn-a`sdi slfvdbcy rdouf`tjlbs `bi h`jr v`fud JHQS `cclubtjborufds hlr jbsurdrs `bi pdbsjlb hubis `rd sddb `s ` pltdbtj`f last`cfd tl jbhr`structurdjbvdstmdbts, `s tgdy clufi fdì tl id-rjsnjbo `bi prl-cycfjc`f jbvdstmdbt adg`vjlr(Sdvdrjbslb `bi Zdrml 1;01). Hlr dx`mpfd, jb tgd Durlpd`b Slfvdbcy JJ rdojmd,c`pjt`f cg`rods `rd gjogdr hlr fdss fjquji `ssdts, `bi albis wjtg flbodr m`turjtjds `biflwdr crdijt r`tjbos. Glwdvdr, tgd DT js jb tgd prlcdss lh slmdwg`t rdiucjbo c`pjt`fcg`rods hlr ` suasdt lh flwdr-rjsn jbhr`structurd `ssdts.

Jb m`by clubtrjds, dspdcj`ffy dmdrojbo m`rndts, tgdrd `rd (qu`btjt`tjvd `bi/lrqu`fjt`tjvd) jbvdstmdbt rdstrjctjlbs jbvdstlrs g`vd tl àjid ay, wgjcg m`y g`mpdrjbhr`structurd jbvdstmdbt (sdd, d.o., Xjvds ^0:::], Cjty lh Flbilb ^1;00], LDCI^1;09i]). Jb ` survdy lh 31 clubtrjds, JL[S (1;00) fjstdi bumdrlus dx`mpfds lhrdouf`tlry rdstrjctjlbs lb `ftdrb`tjvd jbvdstmdbts tg`t `hhdct altg ijrdct `bi jbijrdctjbhr`structurd jbvdstmdbts.

@alut g`fh lh tgd rdplrtjbo eurjsijctjlbs g`vd qu`fjt`tjvd rdstrjctjlbs lb ubfjstdi lr blb-

tr`bsp`rdbt jbvdstmdbts. Dx`mpfds lh qu`btjt`tjvd fjmjts jbcfuid5• rdstrjctjlbs lb dqujty lr clrplr`td albi jbvdstmdbts>

• jbvdstmdbt jb ubfjstdi jbhr`structurd clmp`bjds (jbcfuijbo Glbo Nlbo, Cgjb`,

tgd Qdpuafjc lh Nlrd`, `bi E`p`b)>

• ijrdct jbvdstmdbts jb prledcts (jbcfuijbo Yg`jf`bi)>

• jbhr`structurd hubis lr jbvdstmdbts (jbcfuijbo tgd [QC)>

• `ftdrb`tjvd jbvdstmdbts (jbcfuijbo [`njst`b)>

• mjbjmum r`tjbos hlr albis>

• clbstr`jbts lb fdvdròd `bi tgd usd lh idrjv`tjvds> `bi• prlgjajtjlbs lr fjmjts lb hlrdjob dxplsurd (jbcfuijbo Jbij`).

Sucg fdo`f clbstr`jbts lb jbhr`structurd `bi ltgdr jbvdstmdbts m`y lhtdb g`vd olli eustjhjc`tjlbs, sucg `s tgd f`cn lh tr`bsp`rdbcy, tgd clbt`jbmdbt lh dxcdssjvd rjsns,fjqujijty rdqujrdmdbts, dtc. @ bumadr lh clubtrjds g`vd jbtrliucdi spdcj`f ‖plsjtjvd”rufds hlr jbhr`structurd jbvdstmdbts, sucg `s Jbij` wjtg mjbjmum tgrdsglfis hlr jbsurdrsjb jbhr`structurd albis. Glwdvdr, rdouf`tlrs sglufi rdvjdw jbvdstmdbt rdouf`tjlbs jbfjogt lh tgdjr dhhdct lb flbo-tdrm pdrhlrm`bcd (sucg `s tgd f`cn lh jbvdstmdbtlpplrtubjtjds `bi ijvdrsjhjc`tjlb), `bi tgd dclblmy.

4.0. Jbstjtutjlb`f Jbvdstlr [ltdbtj`fDstjm`tds lh tgd jbstjtutjlb`f jbvdstlr pltdbtj`f `rd p`rtjcuf`rfy spdcuf`tjvd, ojvdb tgdpllr i`t` sjtu`tjlb. @fsl, jbstjtutjlb`f jbvdstlrs g`vd vdry ijhhdrdbt laedctjvds (jbcfuijbopdbsjlbs, prlhjtàjfjty, slcj`f, plfjtjc`f) `bi ijhhdrdbt plfjcjds, `fsl jb rdspdct lhjbhr`structurd. Jbvdstmdbt adg`vjlr js jbhfudbcdi blt lbfy ay f`w `bi rdouf`tjlb aut `fslay clbsjidr`tjlbs lh ijvdrsjhjc`tjlb, fjqujijty, fjàjfjty prlhjfd, sc`fd `bi ‖jbvdstmdbtcufturd.”

Dxpdct`tjlbs hlr huturd jbvlfvdmdbt bddi tl ad rd`fjstjc hlr idvdflpdi m`rndts `bidvdb mlrd sl hlr DMIDs. Gdrd js ` sjmpfd c`fcuf`tjlb. @ mèlr `ssdt `fflc`tjlb sgjht lh3%–4% ay @sj`b jbstjtutjlb`f jbvdstlrs `crlss tgd al`ri (`ssumjbo `ssdts lh $1;

trjffjlb) jbtl jbhr`structurd lvdr 0; yd`rs wlufi jmpfy `b `vdròd `bbu`f hflw lh àlut

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$8; ajffjlb–$0;; ajffjlb, lr àlut ;.3%–;.4% lh @sj`b OI[. Sucg `b (lptjmjstjc)scdb`rjl wlufi odbdr`td ` suast`btj`f ìijtjlb tl tgd prjv`td hjb`bcd hflws jbtljbhr`structurd. Blbdtgdfdss, jt wlufi stjff lbfy `mlubt ` clbtrjautjlb lh fdss tg`b 0;% lhtgd prledctdi jbvdstmdbt bddis.

Ygdrd `rd sdvdr`f h`ctlrs tl clbsjidr jb tgd ijscussjlb lh tgd huturd pltdbtj`f5• Ygdrd bddis tl ad ` suhhjcjdbt suppfy lh sujtàfd, jbvdstàfd jbhr`structurd `ssdts.• Ygd jmp`ct wlufi `fsl idpdbi lb tgd typd lh hjb`bcd (dqujty lr idat) `bi tgd

`v`jfàjfjty lh a`bn fl`bs, ojvdb tgd fdvdròd typjc`f hlr jbhr`structurd hjb`bcjbo.• C`fcuf`tjlbs `fsl idpdbi lb tgd orlwtg lh prjv`td `ssdts ̀ bi dspdcj`ffy cg`bods lh

jbvdstlr rdouf`tjlb. @pprlprj`td jbvdstmdbt m`bòdmdbt c`pàjfjtjds `bijbstrumdbts `rd bddidi hlr jbstjtutjlb`f `ssdts (`bi dvdb mlrd sl hlr jbijvjiu`fs`vjbos).

• Ojvdb tgd rdf`tjvdfy strlbo clbcdbtr`tjlb lh `ssdts jb ` bumadr lh f`rod puafjcrdsdrvd hubis `bi S_Hs jb @sj`, mucg idpdbis lb tgdjr spdcjhjc adg`vjlr.

• _g`t `ssumptjlbs c`b ad mìd àlut tgd ‖jbhr`structurd c`pjt`f a`f`bcd”<Currdbtfy, ` flt lh @sj`b c`pjt`f sddms tl ad oljbo tl _dstdrb m`rndts, wgjfd tgd`ttr`ctjvdbdss lh @sj`‚s jbhr`structurd stjff `ppd`rs tl ad sua-p`r hlr jbtdrb`tjlb`fjbvdstlrs.

8. CLBCFTSJLBS

Ygjs stuiy dv`fu`tds jbhr`structurd jbvdstmdbt `bi hjb`bcd jb @sj` hrlm ` ofla`fpdrspdctjvd. @ ‖ajoodr pjcturd” lh idm`bi `bi suppfy lh c`pjt`f hlr jbhr`structurd jscrd`tdi ay usjbo ` sjmpfd hr`mdwlrn, j.d., pdrcdbtòds lh OI[. Ygdrd `rd mèlrclbcdptu`f `bi i`t` jssuds jb tgjs hjdfi, `bi jbhr`structurd st`tjstjcs bddi tl adjbtdrprdtdi c`rdhuffy. @sj` js, lh clursd, ` gjogfy gdtdrlodbdlus clbtjbdbt, aut slmdjbtdrdstjbo hd`turds dmdrod hrlm ofla`f clmp`rjslbs, usjbo tgd i`t` currdbtfy`v`jfàfd.

Gjstlrjc`ffy, tgdrd g`s addb ` wjid ijspdrsjlb lh jbhr`structurd spdbijbo `crlss rdojlbs`bi clubtrjds. Huturd jbvdstmdbt rdqujrdmdbts hlr dclblmjc jbhr`structurd `rddstjm`tdi `t `rlubi 9% lh OI[ ofla`ffy, 8%–7% jb dmdrojbo m`rndts, `bi 8.4% jb

@sj`. Ygd c`pjt`f stlcn js `frdìy gjog jb slmd (D`st) @sj`b pf`cds aut mlst clubtrjdswlufi bddi tl jbcrd`sd jbhr`structurd jbvdstmdbt clbsjidràfy.

Idvdflpdi clubtrjds wlrfiwjid tdbi tl g`vd ` gjogdr sg`rd lh prjv`td hjb`bcjbo jbjbhr`structurd tg`b idvdflpjbo clubtrjds (tgd sg`rds lh puafjc `bi prjv`td hjb`bcd `rd,vdry rluogfy, 051 vdrsus 150). Ygjs r`tjl v`rjds clbsjidràfy `crlss @sj`. A`bn fl`bs

ilmjb`td @sj`b jbhr`structurd prledct hjb`bcd, jmpfyjbo ` f`rod m`turjty mjsm`tcgadtwddb sglrt-tdrm a`bn idplsjts `bi flbo-tdrm prledct hjb`bcjbo. Ygdrd `rdclbsjidràfd ijhhdrdbcds jb tgd structurd `bi lpdbbdss lh @sj`b c`pjt`f m`rndts, `bitgdrd js sclpd hlr hurtgdr idvdflpmdbt lh sdcurjtjz`tjlb.

Clrplr`td hjb`bcd js ` m`jb dfdmdbt lh prjv`td jbhr`structurd hjb`bcd. Fjstdijbhr`structurd clmp`bjds rdprdsdbt àlut 8% lh tgd dqujty m`rndt ubjvdrsd, lr 9% lhOI[ ofla`ffy. @sj` g`s ` wdjogtjbo jb tgd r`bod adtwddb 0;% `bi 1;% jb ofla`fjbhr`structurd jbijcds. @sj`b jbhr`structurd jbijcds g`vd ` m`rndt c`pjt`fjz`tjlb lh up tl$4;; ajffjlb, àlut 1.4% lh OI[.

Mucg lh tgd hlcus jb rdcdbt yd`rs g`s addb lb ubfjstdi jbhr`structurd jbvdstmdbts,djtgdr ijrdctfy lr vj` hubis, `s tgdy g`vd addb orlwjbo sjbcd tgd d`rfy 1;;;s. @sj`b

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jbhr`structurd hubis `rd rdplrtdify odbdr`tjbo ` id`f vlfumd lh $1; ajffjlb–$3; ajffjlbpdr `bbum, j.d., ;.0%–;.1% lh OI[, wgjcg js fdss tg`b g`fh tgd ofla`f `vdròd.

Ygd ofla`f prledct hjb`bcd m`rndts g`vd rdclvdrdi hrlm tgd hjb`bcj`f crjsjs. [rledcthjb`bcd jb @sj` (dxcfuijbo Jbij`) rubs `t `b `bbu`f v`fud lh àlut ;.1%–;.3% lh OI[,

j.d., rluogfy g`fh tgd ofla`f `vdròd. Jbij` g`s addb lbd lh tgd strlbodst (authfuctu`tjbo) m`rndts jb tgd wlrfi jb rdcdbt yd`rs. [rledct albi m`rndts `rd stjff vdrysm`ff (fdss tg`b ;.0% lh OI[ lutsjid tgd [QC).

[rjv`td p`rtjcjp`tjlb jb jbhr`structurd js lbfy àlut ;.0%–;.1% lh OI[ jb D`st @sj`[`cjhjc, wdff adflw tgd DMID `vdròd. Slutg @sj` sglwdi ` strlbo up `bi ilwbmlvdmdbt wjtg ` pd`n jb 1;0;. _jtg tgd dxcdptjlb lh Jbij`, [[[ vlfumds `rd stjff sm`ffjb @sj`, `bi m`by clubtrjds stjff m`nd fjttfd lr bl usd lh [[[s.

Jbstjtutjlb`f jbvdstmdbt jb jbhr`structurd js currdbtfy ` mucg ijscussdi tlpjc. Ygdrd `rdslmd ijstjbctjvd hd`turds lh tgd jbstjtutjlb`f jbvdstlr a`sd jb @sj`. [rjv`td pdbsjlbs `bijbsur`bcd `ssdts `rd clmp`r`tjvdfy sm`ff. Glwdvdr, tgdrd `rd sdvdr`f vdry f`rod puafjcpdbsjlb rdsdrvds `bi slcj`f sdcurjty hubis jb tgd rdojlb. @sj` `fsl g`s ` olli sg`rd lhS_Hs `ssdts, pfus jmplrt`bt currdbcy rdsdrvd hubis `bi ltgdr puafjc hubis.

@ssdt lwbdrs wlrfiwjid g`vd addb trìjtjlb`f auydrs lh fjstdi utjfjty `bi jbhr`structurdstlcns `bi albis. Sjbcd tgd mji-1;;;s, jbtdrdst jb ubfjstdi vdgjcfds, dspdcj`ffyjbhr`structurd hubis, g`s rjsdb. Glwdvdr, tgd lvdr`ff `fflc`tjlb js stjff sm`ff (ofla`ffyàlut 0%–1% lh `ssdts, `bi dvdb flwdr jb @sj`). Slmd f`rod jbvdstlrs g`vd st`rtdi tlaujfi suast`btj`f ijrdct glfijbos jb jbhr`structurd prledcts, `ftgluog mucg lh tgd c`pjt`fhflws jbtl dstàfjsgdi m`rndts.

Jbhr`structurd g`s spdcjhjc rjsns hlr jbvdstlrs tg`t bddi tl ad prlpdrfy m`bòdi, `bitgdrd `rd a`rrjdrs `bi rjsns tl gjogdr jbvlfvdmdbt tg`t bddi tl ad wlrndi lb. Jbvdstlrrdouf`tjlb js lhtdb tgd m`jb gjbir`bcd. Dxpdct`tjlbs lb tgd huturd pltdbtj`f lh (ilmdstjc`bi hlrdjob) jbstjtutjlb`f jbvdstlrs bddi tl ad rd`fjstjc. Jb @sj` jb p`rtjcuf`r, mucgidpdbis lb tgd spdcjhjc adg`vjlr lh tgd f`rod puafjc hubis, `bi tgd (stjff flw) `ttr`ctjlblh jbtdrb`tjlb`f jbvdstlrs.

8.0. Fdsslbs `bi Qdclmmdbi`tjlbs

Lvdr`ff, tgd prjv`td sdctlr stjff pf`ys ` rdf`tjvdfy suaiudi rlfd jb @sj`. Ygd vlfumds lhfjstdi `bi ubfjstdi jbvdstmdbt jbstrumdbts lh prledct hjb`bcd `bi [[[ `rd wdff adflwtgd ofla`f `vdròd (wjtg slmd dxcdptjlbs), `bi stjff sm`ff clmp`rdi tl huturdjbvdstmdbt rdqujrdmdbts.

Ygd jbvlfvdmdbt lh jbstjtutjlb`f jbvdstlrs jb tgd prlvjsjlb lh jbhr`structurd hjb`bcd g`saddb cg`bojbo lvdr tjmd. Jbvdstjbo jb fjstdi jbhr`structurd js typjc`ffy ubidrt`ndb `flbotgd usu`f fjbds lh sdcurjtjds jbvdstjbo. Tbfjstdi jbhr`structurd `s ‖`ftdrb`tjvdjbvdstmdbts” js cflsdr rdf`tdi tl prjv`td dqujty `bi/lr rd`f dst`td. Ygd dxpdrjdbcd lhmlst jbvdstlrs js stjff vdry fjmjtdi, jh `by. Blbdtgdfdss, slmd usdhuf fdsslbs c`b `frdìyad fd`rbdi5• Jbhr`structurd `ssdts `rd vdry gdtdrlodbdlus. Ygdrd `rd m`by ijmdbsjlbs, sucg `s

odlor`pgy, sdctlr, orddbhjdfi, arlwbhjdfi, `bi sdclbi`ry m`rndts, rdouf`tdi `biubrdouf`tdi, [[[ `bi blb-[[[, clbcdssjlbs, idordd lh jbhf`tjlb prltdctjlb, `biuftjm`td hubijbo (usdr cg`rods lr `v`jfàjfjty p`ymdbts).

• Jbhr`structurd jbvdstjbo, dspdcj`ffy ijrdct jbvdstmdbt, rdqujrds ìdqu`td sjzd,rdslurcds, `bi olli olvdrb`bcd. Hlr puafjc (pdbsjlb, slcj`f sdcurjty, slvdrdjob

wd`ftg) hubis jb p`rtjcuf`r, tgdrd js tgd rjsn lh plfjtjc`f mltjv`tjlb `bi jbtdrhdrdbcd’ tgdrdhlrd cfd`r hjb`bcj`f laedctjvds `bi olli olvdrb`bcd `rd p`r`mlubt.

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• Ygdrd `rd mèlr cycfds jb tgd v`fu`tjlb lh `ssdts, jbcfuijbo pdrjlis wjtg ‖tll mucgc`pjt`f cg`sjbo tll hdw `ssdts.”

• Ygd hjb`bcj`f crjsjs rdvd`fdi rjsns `t `ff fdvdfs5 prledcts (d.o., dxcdssjvd fdvdròd,lptjmjstjc idm`bi prledctjlbs)> hubis (olvdrb`bcd, clbhfjcts lh jbtdrdst, hdds)> `bi`ssdt m`bòdmdbt (clbcdbtr`tjlb rjsn, f`cn lh ubidrst`bijbo).

• Jbhr`structurd jbvdstmdbt js jbgdrdbtfy plfjtjc`f. @ flt idpdbis lb tgd trust put jb tgdst`td ùtglrjtjds.

Ygd jbhr`structurd m`rndt g`s sddb slmd ups `bi ilwbs, `bi jt g`s addb dvlfvjbo jbsdvdr`f rdspdcts. Bdw idvdflpmdbts jbcfuid5• iddpdr scrutjby lh prledcts `bi jbvdstmdbt vdgjcfds>• ` arlìdr ubjvdrsd, jbcfuijbo bdw rdojlb`f m`rndts, sdctlrs, `bi spdcj`fjst hubis>• lpdb-dbidi, cgd`pdr, mlrd tr`bsp`rdbt hubis>• mlrd ijrdct jbvdstjbo>• mlrd jbhr`structurd idat jbvdstmdbt>• cl-jbvdstmdbt ay jbvdstlrs, sybijc`tds, `bi c`pjt`f pllfjbo pf`thlrms hlr (sm`ffdr)

pdbsjlb hubis (wjtg lr wjtglut puafjc c`pjt`f)> `bi• jbcrd`sjbo `w`rdbdss lh cfjm`td cg`bod `bi ‖orddb” jbhr`structurd (LDCI 1;04>

Jbidrst dt `f. 1;01).

Ygdrd `rd `fsl slmd jmplrt`bt fdsslbs hlr plfjcy m`ndrs5• Olvdrbmdbts w`bt prjv`td c`pjt`f hlr bdw prledcts wgjfd mlst jbstjtutjlb`f jbvdstlrs

prdhdr flw-rjsn `ssdts, j.d., ` rjsn-prdhdrdbcd mjsm`tcg. Ygjs js ` ndy jbtdrmdij`tjlbprlafdm, `bi blt d`sy tl rdslfvd. Ygdrd js ` ida`td jb @ustr`fj`, hlr dx`mpfd, àlutmlrd ‖`ssdt rdcycfjbo”, j.d., tgd s`fd lh lpdr`tjlb`f puafjc `ssdts tl aujfi bdwjbhr`structurd.

• M`by clubtrjds `rd sddnjbo tl idvdflp c`pjt`f m`rndts, d.o., hlr prledct albis, autbdw m`rndts t`nd tjmd `bi trust tl dvlfvd.

• Qufd lh f`w, plfjtjc`f `cclubtàjfjty, `bi clbtjbujty `rd p`r`mlubt hlr jbvdstlrs.Jbvdstlrs dxprdss tgd bddi hlr clbsjstdbt jbhr`structurd plfjcjds (d.o., jmprlvjboprlcurdmdbt prlcdssds, stdìy prledct pjpdfjbds, `bi olli ij`floud wjtg tgdjbiustry `bi jbvdstlrs).

• Qdtrlspdctjvd cg`bods tl rdouf`tjlb `bi clbtr`cts `rd p`rtjcuf`rfy g`rmhuf.•

Tftjm`tdfy, jt js blt tgd hjb`bcjdrs wgl p`y hlr jbhr`structurd sdrvjcds aut tgd usdrs lr t`x p`ydrs.•

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