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Kevastjaet ned Gutura ig Phnrknh @ijpcknet Gueds

_asanr`h _apirt

oy

Ndene utuouddke

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KK

NOPT_N@T

Kscnjk` gkene`a hns oa`ija ne ke`ranskefcy pipucnr tipk` ke thasa dnys% Thks rapirt

prasaets ne ivarvkaw ig Kscnjk` Kevastjaet gued# guednjaetncs ig Kscnjk` gueds#

stnednrds ig thasa gueds# ned avicutkie ig Kscnjk` gued wkth pnssnfa ig tkja% Ktoafkes wkth tha vnrkius mkeds ig Kscnjk` kevastjaet gueds ned fias ie ti dks`uss

hiw thay wirm# shnras tha prke`kpca ig thasa gueds# nencyzas thakr `urraet jnrmat#

dks`uss tha dkggaraet jnrmat safjaet# shnras strntafy ig Kscnjk` gkene`a kedustry ke

Rnmkstne% Tha rapirt gurthar dks`ussas `urraet ned gutura friwth ig Kscnjk` gueds ke

Rnmkstne# `ijpnras rntki ig kevastjaet oatwaae Kscnjk` gued ned ithar eie*Phnrknh

`ijpcknet gued ned thakr davacipjaet ncc ivar tha wircd% Kt ncsi shnras hiw ti `ranta

nwnraeass Kscnjk` gueds ned `ie`cuda wkth gutura jnrmat ned tha ippirtuektkas thnt

axkst gir thisa whi uedarstned whnt Kscnjk` gueds nra ncc noiut%

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KKK

Tnoca ig @ietaets> Ketridu`tkie %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% >

>%> Kscnjk` Kevastjaet Gued %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% >

>%? Jidas ig Kscnjk` Kevastjaets %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% >

>%0 Avicutkie ig Kscnjk` Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ?

>%4 Guednjaetncs ig Kscnjk` Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 0

>%1 Kscnjk` Gueds ke Dkggaraet @iuetrkas %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 0

? Cktarntura _avkaw %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 4

?%> @ijpnrksie ig Kscnjk` ned @ievaetkienc Onemkef ke Rnmkstne %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 4

?%? Kscnjk` Gkene`a ke tha Fcionc A`ieijy %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 4

?%0 Kevastjaet thnt Friws tha Kscnjk` Vny %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 4

?%4 Kscnjk` @npktnc Jnrmat Gn`t Gkedkef _apirt< %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 1

?%1 Kscnjk` jutunc gueds ns gnkth*onsad gueds ke n si`knccy raspieskoca `ietaxt %%%%%%%%%%%%%%%%% 1

?%7 Orned Ciyncty ned _acntkieshkp Jnrmatkef ke Kscnjk` Onemkef Pystaj %%%%%%%%%%%%%%%%%%%%%%%%% 1

?%6 Kscnjk` Gkene`a ?2>2 %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 1

?%8 Jnrmatkef Kscnjk` Gkene`a Rridu`ts ke Rnmkstne %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 1

0 @cnsskgk`ntkie ig Kscnjk` Gued %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 6

0%> Aqukty Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 6

0%? Klnrnh Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% 80%0 @ijjidkty Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ;

0%4 Jurnonhnh Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ;

0%1 Jkxad Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% ;

4 Traed Nencysks gir tha kevastjaets ke Kscnjk` Gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>>

4%> Kscnjk` Onemkef Rrifrass ned @urraet Jnrmat Phnra %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>>

4%? Titnc Eujoar ig orne`has ke Rnmkstne %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>?

4%0 Dkggk`uctkas ti trnesgar Gkene`knc keti ketarast graa `ijpcknet gueds %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>0

1 Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>4

1%> @urraet Jnrmat Pkza %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>4

1%? Rridu`t iggar %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>4

1%0 Rrijitkienc N`tkvktkas %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>4

1%4 Orned Ciyncty ig Pnrknh*`ijpcknet Rridu`ts%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>1

1%1 Jnrmat Pafjaet %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>1

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KW

1%1%> Faifrnphk` Pafjaetntkie %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>1

1%1%? Dajifrnphk` Pafjaetntkie %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>1

1%1%0 Rsy`hifrnphk` Pafjaetntkie %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>1

1%7 Girokddae Kevastjaets %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>7

1%6 Gn`tirs Ngga`tkef Kevastjaet ke Kscnjk` Gued %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>7

1%8 Nencysks ig nwnraeass `rantkie ig jutunc ned ithar gueds ke Kscnjk` onemkef %%%%%%%%%%%%%>6

7 Gutura Friwth %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>;

7%> Friwth ig Kscnjk` Gued ke Rnmkstne %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>;

7%? Friwth ig Kscnjk` Gued Ke Ncc Ivar tha Vircd %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?2

7%0 @ijpnrksie ig gutura friwth ig Kscnjk` jutunc gueds wkth `ievaetkienc onemkef gued %??

7%4 @ie`cuskie %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?1

_agarae`as %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?7

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Ketridu`tkie

>

> Ketridu`tkie

>%> Kscnjk` Kevastjaet Gued

Ti anre prigkts thnt nra `ieskdarad hncnc k%a% whk`h `iegirjs ti tha Kscnjk` prke`kpcas= kevastirs

`ietrkouta thakr jieay ke n shnrad piic gir tha kevastjaet purpisa n``irdkef ti thakr iwe rksm

prigkca% (Jugtk Tnqk Qsjnek ?2>?+

@ievaetkienc gueds ned Kscnjk` gueds nra ncjist snja ax`apt gir tha dkggarae`a thnt Kscnjk`

gueds `iegirj ti tha Kscnjk` ir Phnrknh cnw ned tha prigkts anread oy tha Kscnjk` kevastjaets

nra `ieskdarad hncnc% N di`ujaet ks usunccy ra`akvad oy tha kevastir stntkef thnt thakr prigkts wkcc

oa onsad ie tha pripirtkie ti tha gued% Tha di`ujaets nra eirjnccy fkvae dkggaraet enjas ned

thakr vnckdkty n``irdkef ti tha Phnrknh cnw ks ncwnys suola`tad ti twi onsk` `iedktkies% Tha prigkt thnt ks anread ks onsad ie tha pripirtkie anread ie thnt gued ned tha rature

`neeit oa gkxad# tharagira thara ks ei funrnetaa thnt thara wkcc oa prigkt ir tha prke`kpnc

njiuet wkcc oa ra`ivarad% Tha kevastir shiucd hnva tha uedarstnedkef thnt akthar thara

`ne oa prigkt ir n ciss ie kevastjaet% Kg thara ks prigkt ie kevastjaet thae tha rature ig kt

wiucd ke`ransas out ke `nsa kg thara ks ciss thae kt wkcc oa shnrad njief ncc tha kevastirs%

Kg tha `nusa ig ciss ks dua ti tha jksjnenfajaet ir eafckfae`a ig tha gued jnefar thae

tha jnenfajaet wkcc oa raspieskoca ti `ijpaesnta tha ciss%

?% Tha njiuet thnt ks kevastad ke ney gued ir ouskeass just oa n``aptnoca oy tha cnw ig

Phnrknh ir prke`kpcas ig Kscnj% Tha tarjs ie whk`h tha kevastjaet ks jnda ir tha

ja`hneksjs thnt nra usad just ncsi `iegirj ti tha Kscnjk` prke`kpcas%

>%? Jidas ig Kscnjk` Kevastjaets

Kscnjk` aqukty gueds

Vndknh (sngamaapkef+

Pumum (Kscnjk` oieds+

Vnmncnh (piwar ig nttireay+

Tnmnguc (Kscnjk` kesurne`a+

Judnrnonh

Jusnwnjnh

Jushnrnmnh (liket vaetura+

Jurnonhnh

Onk*nc*kenh (snca ned ouy*on`m nfraajaet+

Onk*junllnc (`radkt snca+

Hkonh (fkgt+

^nrz*a*hnssne) ^nrzuc hnssne (fiid cine)oaeavicaet cine+

Onk*okthnjne*nlkc (dagarrad pnyjaet snca+

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Ketridu`tkie

?

Onk*Pncnj

i Onsk` ganturas ned `iedktkies ig Pncnj

Klnrnh

i Klnrnh*thujjn*nc*onk (hkra pur`hnsa+

i Klnrnh*wnc*kqtken

>%0 Avicutkie ig Kscnjk` Gueds

Kscnjk` gueds irkfkes grij tha Ja``n# `ieskdarad ti oa tha `aetra ig wircd trnda gir kevastirs

ned ouskeass paipca ke icdar tkjas% Raipca usad ti jnma trkps on`m ned girth oatwaae eirth

ned siuth durkef sujjar ned wketar%

Rnyjaets wara jnda ke Dkenr (ficd `ikes+ ned Dkrhnj (skcvar `ikes+ ir onrtar trnda wns

iparntkienc% Thks wns prkjnrkcy ea`assnry ns gir tha purpisa ig sa`urkty ned prisparkty ke ci`nc

ouskeassas% Ketarast (_kon+ wns `ijjie ke Jndken siur`kef thakr jnke ke`ija# whkca ke Ja``n

gkene`knc rasiur`as wara piicad ti `nrry iut cnrfa ouskeassas ned prigkt wns shnrad n``irdkefti tha pripirtkie `ietrkoutkie%

Raipca raskdkef ke Jndken wara noca ti tnma ndvnetnfa grij tha prasae`a `ijpnekies ig Tha

Hicy Rriphat ned Tha Hicy Rriphat hkjsacg ns thay wara hieast trndars ned hns n fiid

axparkae`a% Jist ig tha raskdaets ig Jndken wara gnrjars ns kt wns ne nfrnrkne `kty tharagira

thakr n`tkvktkas wara ckjktad ti nfrk`uctura (Nwne ?22;+%

Ketarast graa onemkef hns oaae ketridu`ad ra`aetcy% Rrigkt shnrkef ie kevastjaets rnthar thne

ketarast raqukrad ra*irfnekzntkie ig onemkef% Ketarast wns par`akvad ns avkc ned onemkef systaj

wns davacipad ie tha `ie`apt ig shnrkef prigkt ned ciss% Ketarast graa onemkef ks fnkekef

pipucnrkty ke Rnmkstne oa`nusa ig kts yiuef a`ieijksts ned sija picktk`nc jitkvas

Ke >;62# n `iegarae`a wns hacd ke Mnrn`hk ke whk`h Gkene`a Jkekstar grij ncc ivar tha Jusckj

wircd pnrtk`kpntad% Ke >;6? ne Afyptkne study wns `iedu`tad ned ke >;67 neithar `iegarae`a

wns hacd ke Ja``n gir Kscnjk` a`ieijk`s gicciwad oy neithar ketarentkienc `iegarae`a ig

a`ieijk`s ke Ciedie ke >;66% Tha thairy wns oriufht keti prn`tk`a ned ne ketarentkienc

fivarejaetnc onem Tha Kscnjk` Davacipjaet Onem wns astnockshad ke >;61% Tha jksskie ig

tha onem wns ti hacp jajoar `iuetrkas oy privkdkef tha gueds gir tha prila`ts% Ke >;61 Duonk

Kscnjk` Onem stnrtad kts iparntkies ns tha gkrst jidare `ijjar`knc Kscnjk` onem% Ke tha ra`aet

yanrs eaw davacipjaets ig pridu`ts ned sarvk`as nra oakef axa`utad%

Friwth ig Kscnjk` Onemkef ks ke`ckekef nt n rnta ig >2*>1! par yanr% Pprand ig ivar 022

kestktutkies ig Kscnjk` onems hns oaae davacipad% Jk`hkfne onsad Qekvarskty Onem ig Qektad

Ptntas ig Njark`n ned ithar kestktutkies nra sprand n`riss 1> `iuetrkas wkth nddktkienc eujoar

ig ?12 ithar `ijpnekas thnt ig jutunc gueds ie Kscnjk` prke`kpcas%

Jutunc gueds ke Rnmkstne wara ketridu`ad ke >;7? oy Entkienc Kevastjaet Trust (EKT+ ned

Rnmkstne wns tha pkieaar ke tha Piuth Nskn rafkie% Puosaquaetcy Kevastjaet @irpirntkie ig

Rnmkstne (K@R+ iggarad `cisa aedad jutunc gueds ke >;77%

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Ketridu`tkie

0

Tha okffast ndvnetnfa ig jutunc gueds ks thnt kt fkvas `hne`a ti sjncc kevastirs ti kevast thakr

jieay thriufh tha prigasskienc gued jnenfar whk`h ke`ransas tha `hne`as ig pisktkva ratures%

Eit iecy kevastirs kevastjaets nra dkvarskgkad# thakr pirtgickis nra oakef jnenfad n`tkvacy ie

dny ti dny onsks jnketnkekef ckqukdkty ig thakr kevastjaets% Jutunc gued ncsi ajpiwars sjncc

kevastirs ti pnrtk`kpnta ke kevastjaets whk`h nra nvnkcnoca ti cnrfar kevastirs iecy% Ncc thks

sarvk`a ned `ievaekae`a gir sjncc kevastirs `ijas wkth n gaa whk`h ke rature ks pnkd ti tha guedjnenfar ir tha kevastjaet jnenfajaet `ijpney thnt tha gued jnenfar ks wirmkef gir%

>%4 Guednjaetncs ig Kscnjk` Gueds

N pnrt ig Jusckjs spkrktunc ned `ucturnc kdaetkty ks `iestktutad oy hks)har iockfntkies tiwnrds

Kscnjk` cnw (DaCiraezi# ?22?+% Thasa cnws nra darkvad grij tha prn`tk`a ig Rriphat onsad ie

tha ^ur&ne% Ieas daskras ned nrfujaets just eit vkicnta tha tan`hkefs ned prn`tk`as ig Kscnjk`

prke`kpcas%

N su``assguc ouskeass jne ks tha iea whi ks hieast ned hns ketafrkty `iegirjkef ti tha Kscnjk`prke`kpcas% Kscnj tan`has us ti ndhara ti tha prke`kpcas ig usa ig prkvnta ned puock` fiids ned

gks`nc ned si`knc eirjs%

Kscnjk` a`ieijk` systaj ks onsad ie ne a`ieijy on`mad oy nssats% Jieay cisas kts vncua wkth

tkja# kt `neeit oa mapt ke tha girj `nsh% N fiid ouskeass jne kevasts tha jieay ti fat ratures

ivar n tkja parkid%

>%1 Kscnjk` Gueds ke Dkggaraet @iuetrkas

Noiva ?12 `iuetrkas nriued tha wircd nra iggarkef Kscnjk` sarvk`as ned pridu`ts% ThaKscnjk` Gkene`knc kedustry ks friwkef neeunccy nt tha rnta ig >1! ned kts skza hns ran`had

noiva $?12 okcckie (Ptnednrd @hnrtarad+% Thay nra oakef iggarad ke oith Kscnjk` ned

Eie*Kscnjk` `iuetrkas ke`cudkef @nendn# Grne`a# Kedkn# Jncnyskn# Onefcndash ned si

ie% Tha gueds ke dkggaraet `iuetrkas nra onsad ie traeds ir eirjs ig tha paipca ke tha

wny thay nra irkaetad tiwnrds kt% Kt ncsi dapaeds ie tha a`ieijk` sktuntkie ned friwth

ig tha `iuetry% Tha jira stnoca `iuetrkas wiucd hnva jira davacipjaet ig dkggaraet

Kscnjk` gued pridu`ts oa`nusa paipca wiucd oa hnvkef jira ti kevast ned wiucd oa

gkedkef su`h ippirtuektkas% Raipca ke wastare `iuetrkas `ieskdar Kscnjk` kevastjaets ns

cass rksmy thne jney ig tha `ievaetkienc onemkef pridu`ts# tharagira tha Kscnjk`

kevastjaets saajs ti oa ne nttrn`tkva iptkie `rantkef ne kjpn`t ie tha friwth ig tha

kedustry%

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Cktarntura _avkaw

4

? Cktarntura _avkaw

?%> @ijpnrksie ig Kscnjk` ned @ievaetkienc Onemkef ke Rnmkstne

(Nwne ?22;+ ks ig vkaw thnt ke thks daprassad gkene`knc sktuntkie ig tha wircd# Kscnjk` onemkef ns

ne nctarenta sicutkie hns ajarfad striefcy ns n gkene`knc systaj% N jnsskva friwth hns oaaera`irdad wkthke n shirt tkja parkid% Kscnjk` onemkef ned gkene`knc sarvk`a kedustry hns eiw

ran`had > trkcckie QP Diccnrs ned ks friwkef nt tha rnta ig ?2! par neeuj% Kscnjk` gkene`knc

pridu`ts nra eit lust fnkekef ra`ifektkie njief Jusckj `iuetrkas out kts oiuednrkas hnva oaae

axtaedad ti eie*Jusckj si`katkas ig tha wircd tii% Papnrnta wkediws hnva oaae ipaead ke

jney fcionc onems ti sarva Jusckj `ckaets%

Friwth ig `ievaetkienc onemkef ned kts `ijpnrksie wkth Kscnjk` Onemkef hns oaae tha iola`tkva

ig tha nencysks% Gir `ijpnrksie# `ievaetkienc onems ned skx Kscnjk` onems thnt wara eawcy

girjad ke Rnmkstne wkth snja stru`tura wara saca`tad% Dntn wns `icca`tad grij prkjnry ned

sa`iednry siur`as ig yanr ?227 ti ?228 whk`h wns racntad ti thakr prigktnokckty ned

pargirjne`a% Kscnjk` ned `ievaetkienc onems may kedk`ntirs gir pargirjne`a wara nencyzad

thriufh tha ta`hekqua ig rntki nencysks%

?%? Kscnjk` Gkene`a ke tha Fcionc A`ieijy

(Kornhkj Vnrda ?222+ ks ig vkaw thnt tha Kscnjk` gkene`a ks ketafrntkef keti tha fcionc a`ieijy

whk`h ks tha jist kjpirtnet davacipjaet% Ne kedax enjad Diw Lieas Kscnjk` Jnrmat Kedax hns

ncsi oaae girjad trn`mkef 722 `ijpnekas n`riss tha Jusckj ned eie Jusckj `iuetrkas ig tha

wircd tnrfatad oy pridu`ts ned sarvk`as wkthiut ney vkicntkie ig Kscnjk` cnw% Jney suoskdknrkas

ig Kscnjk` onems ned `ievaetkienc onems hnva oaae astnockshad ke tha Jusckj wircd ns wacc ns

ke tha Qektad Ptntas ned Auripa oy @ktkonem oakef n girakfe kestktuta% Thasa girakfe kestktutkiesnra eiw iggarkef Kscnjk` onemkef pridu`ts whk`h nra tnrfatad ti eie*Jusckjs%

Kscnjk` gkene`a par`akvad ke tha eie*Jusckj `iuetrkas ks par`akvad ke tha snja wny ns ke tha

Jusckj `iuetrkas ie tha prke`kpcas ig Kscnj% Avary `ietkeaet hns n strief rackfkie sprand ig >%?

okcckie%

?%0 Kevastjaet thnt Friws tha Kscnjk` Vny

(Nc*Jaazne friup ?2>>+ ks ig vkaw thnt Kevastirs `ne oa safjaetad keti 4 suo*friups ig orind

safjaetkef `ntafirkas% Thasa giur friups nra onsad ie tha kevastjaet ckga `y`ca ig tha

kevastirs whk`h stnrts grij ajpciyjaet ned aeds nt ratkrajaet% Nfa ks ncsi n `rktk`nc gn`tir thntkjpn`ts tha kevastjaet da`kskie ig tha kevastir% _ksm gir ne kevastir ks onsad ie tha gn`tirs

su`h ns nfa# ke`ija# gnjkcy skza# tkja parkid# njiuet ig kevastjaet ned kts pirtgicki ned on`mup

rasarvas at`% Kg ratures ie ne kevastjaet ks hkfh ned tha kevastjaet ks ra`ivarad ke tha shirt

parkid ig tkja thne tha nokckty ig kevastir ti tnma rksm ks ncsi hkfh% Hiwavar kevastirs just oa

randy gir ney uegnvirnoca sktuntkie gir whk`h tha kevastir maaps n on`mup pcne ke girj ig

rasarvas ned kevasts iecy thnt njiuet thnt dias eit hnva n frant kjpn`t ie kts riutkea ckga%

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Cktarntura _avkaw

1

?%4 Kscnjk` @npktnc Jnrmat Gn`t Gkedkef _apirt>+ hns trkad ti datarjkea thnt hiw thraa jansurkef dkjaeskies ig racntkieshkp

jnrmatkef `ne hnva kegcuae`a ie tha Kscnjk` onem `ustijars% Thraa jansuras ke`cuda tha trust

ig `ustijar ie Kscnjk` onems stngg# sarvk`a dackvary `ijjktjaets oy tha Kscnjk` Onems stngg

ned tha `ijjuek`ntkie smkccs wkthke tha Kscnjk` onem stngg% Ithar kjpirtnet dkjaeskies nra ncsi

dks`ussad whk`h striefcy suppirts thnt racntkieshkp jnrmatkef cands ti orned ciyncty% N `ustijaroa`ijas orned ciync ned shiws rapantkef pur`hnsas oa`nusa ig tha nttaetkie ha)sha fats oy

tha onems% Thks nttaetkie ned oahnvkir ig onems ks davacipad thriufh racntkieshkp jnrmatkef

whk`h uctkjntacy cands ti n ciync `ustijar%

?%6 Kscnjk` Gkene`a ?2>2

(KGPC _asanr`h ?2>2+ astkjntad oy Phnrknh `ijpcknet nssats tha friwth ig tha Kscnjk` gkene`kncsarvk`as kedustry fcionccy% Kt ks astkjntad thnt kt hns ran`had $;1>oe tkcc tha aed ig yanr ?228ned wns up oy ?1! grij $618oe ke yanr ?226% Ke tha jkd*>;;2s uetkc eiw nssats hnva friwenoiut $>12oe% 64! ig tha nssats nra n``iuetad oy tha Kscnjk` `ijjar`knc onems ned >2! oy

tha kevastjaet onems# gueds 1!# tnmnguc >! ned sumum kssuas >2!% Jney ithar vncunocastntkstk`s wara `icca`tad whk`h `iucd hacp ke tha nencysks ig Kscnjk` gkene`kef%

?%8 Jnrmatkef Kscnjk` Gkene`a Rridu`ts ke Rnmkstne

(Pncjne Nhjad Phnkmh ?2>>+ ks ig tha vkaw thnt `rantkva ndvartkskef hns n strief pcn`a kejnrmatkef n pridu`t jny kt oa ne Kscnjk` gkene`a pridu`t% @rantkva scifnes nra ncsi usad kethasa ndvartksajaets whk`h `ietrkouta ke tha ke`ranskef `iesujar onsa ned stkjucnta n gaac ig

7/30/2019 Investment and Future of Shariah Compliant Funds

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Cktarntura _avkaw

7

eaad ke tha `iesujars jked gir ne Kscnjk` onemkef pridu`t% Hiwavar thasa ndvartksajaetshnva gnkcad ti jaat tha prke`kpca ned vkrtuas ig Kscnj ke whk`h ke`cudas Pnor (pntkae`a+ nedPhumr (thnemguceass+# Kegnnq (pnyjaet ti `hnrkty+# Tnwnmmuc (standgnsteass+# ned ragrnkekef grijhuoo*a*dueyn (civa ig jntarkncksj+# huoo*a*jnnc (civa ig wancth+ ned Ksrnng (axtrnvnfne`a+%

Jnrmatkef n`tkvktkas ned prn`tk`as ke`cuda TW `ijjar`kncs# okccoinrd ndvartksajaets# prket jadkn

ned TW prifrnjs thnt prijita `ietaet whk`h ks pnkd% Ke tha gn`a ig `rantkef nwnraeass thasandvartksajaets prijita cka ned dias eit ravanc tha n`tunc gn`ts%

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@cnsskgk`ntkie ig Kscnjk` Gued

6

0 @cnsskgk`ntkie ig Kscnjk` Gued

Tha Kscnjk` Kevastjaet Gueds hnva dkggaraet typas ig kevastjaet% Gicciwkef nra tha gkva jnlir

`ntafirkas ig gued thnt nra wkdacy ke iparntkie thriufhiut tha wircd Aqukty Gueds

(Phnkmh Tnqk Qsjnek+ das`rkoas aqukty gued ns tha typa ig gued gir whk`h tha njiuets nra

suos`rkoad ke tha shnras ig jutunc sti`m `ijpnekas% Tha prigkts nra onsad ie `npktnc fnkes k%a%

pur`hnskef tha shnras nt ciwar prk`a ned sacckef thaj whae thakr prk`as fi hkfh% Rrigkts nra ncsi

anread ke tha girj ig dkvkdaeds whk`h ks dkstrkoutad oy tha `ijpnekas gir whk`h tha kevastir

iwes tha shnras%

Gicciwkef nra tha giur onsk` `iedktkies ig Phnrknh thnt nra ea`assnry whae danckef ke aqukty

shnras% @ijpney shiucd eit kevicva ke ney ouskeass whk`h ks eit n``irdkef ti Phnrknh k%a%

n`qukrkef tha shnras ig tha irfnekzntkie whk`h privkdas gkene`knc sarvk`as ie ketarast

ckmawksa kesurne`a `ijpnekas# `ievaetkienc onems# ir thnt jneugn`tura# saccs ir iggar

ckquirs# pirms# hnrnj jant# ir thnt kevicva ke fnjockef# pireifrnph at`%

?% Kg tha `ijpney jnke ouskeass ks n``irdkef ti Phnrknh out kt dapiskts kts anrekefs ke n

snvkefs n``iuet faearntkef prigkts ns ketarast ir oirriws jieay ie ketarast# thae kt ks

raspieskokckty ig shnra hicdar thnt ha shiucd axprass hks dksnpprivnc nfnkest kt%

0% Kg `ijpney ndds ketarast njiuet ke tha ke`ija ig `ijpney# thae shnra hicdar just

spaed pripirtkie ig su`h ke`ija ke `hnrkty k%a% kg 0! ig tha ivarncc ke`ija ig tha

`ijpney ks faearntad oy ketarast thae 0! ig tha prigkt (dkvkdaed+ just oa fkvae ti

`hnrkty% Thks pri`ass ks ke tarj ig Kscnjk` Gued meiwe ns purkgk`ntkie%

4% Kg `ijpney iwes eie*ckqukd nssats iecy thae shnras ig tha `ijpney nra eafitknoca%

Tha trndkef (ouykef ir sacckef+ ig shnras ks parjksskoca ke Phnrknh oy gicciwkef tha noiva giur`iedktkies% Tha kevastirs nra `ieskdarad ns pnrtears ig tha gued ns par Phnrknh% Ncc thakevastjaets wkcc raskda ke n jutunc piic ned prigkts wkcc oa shnrad ke pripirtkie% Dkvkdaedspridu`ad oy dkggaraet `ijpnekas wkcc ncsi oa shnrad%

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@cnsskgk`ntkie ig Kscnjk` Gued

8

Thks gued `ne oa jnenfad oy twi wnys% Tha gkrst iptkie ks thnt jnenfars privkda thakr axpartksaned jnenfajaet ti tha kevastirs ned nra `nccad ns judnrkos% N `artnke par`aetnfa grij neeuncprigkt ks shnrad wkth tha jnenfajaet whk`h ks n rawnrd ti gurthar jitkvnta thaj ti jnma prigktsout jnenfajaet fats prigkt iecy whae tha prigkt ks anread ie tha gued%

Ithar iptkie ks thnt tha jnenfajaet ned suos`rkoars nfraas ie n pra*dagkead gaa gir tha

sarvk`as thay privkda n`tkef ns nfaets gir tha suos`rkoars% Thks gaa ks ns par tha jnenfajaetspick`y ned ks gkxad wkth ne njiuet ir ns neeunccy ir jiethcy rajuearntkie% Rar`aetnfa ig ENW

`ne ncsi girj tha onsks ig tha gaa n``irdkef ti sija s`hicnrs ig Phnrknh% Gir axnjpca ne

nfraajaet `ne oa diea thnt 0! ir 4! ig tha ENW ig tha gued jny oa `hnrfad ns n gaa

neeunccy%

Iea ig tha noiva jaetkiead jathids just oa datarjkead ke Phnrknh oagira n gued `ne oa

cnue`had% Tha oast wny ks ti oukcd up n `ntncif ig `hnrfas thnt wkcc oa ke`urrad ie jnenfajaet

ig tha gueds% Qsunccy tha suos`rkoar ks tha prk`a tnmar oa`nusa ha)sha eaads ti nfraa ie tha

`hnrfas ir hnva iptkies gir ithar jnenfars% Tharagira whnt ks quitad oy tha jnenfajaet ks

ncrandy nfraad oy tha suos`rkoar%

0%? Klnrnh Gueds

Klnrnh janes canskef% N``irdkef ti (Phnkmh Tnqk Qsjnek+# ke thks gued nssats ckma ranc

aqukpjaets# jitir vahk`cas ir ranc astnta nra oiufht wkth tha kevastirs gued ned tha raetncs nra

`hnrfad ti tha aed usars whi usa thasa nssats% Tha iwearshkp ig tha nssats rajnkes wkth tha

ivarncc gued% Tha raetnc pnyjaets thnt nra ra`akvad ks dkstrkoutad njief tha kevastirs n``irdkef

ti thakr kevastad pripirtkies% Gir thks n priig ir iggk`knc di`ujaets ks fkvae ti tha kevastir ns n

funrnetaa gir hks)har prigkts%

Ke trndktkienc Kscnjk` cnw sumum ks tha tarj usad gir tha di`ujaet% Thasa sumums `ne oa trndadke tha sa`iednry jnrmats ns kt ks pripirtkie dagkead gir tha kevastir ke tha gued whk`h ks kevastad

ke girj ig nssats% Tha prk`a ig thks sumum ks dks`ivarad thriufh tha jnrmat ned kt ks drkvae up ir

diwe oy jnrmat gir`as ie tha onsks ig prigktnokckty%

Tha canskef `ietrn`ts just ndhara ti tha prke`kpcas ig Kscnj% Dagkead oaciw nra tha onsk`

prke`kpcas ie whk`h tha `ietrn`ts just ndhara% Tha cassaa (usar ig tha nssat+ ks `hnrfad iecy whae tha rkfht ig uskef tha nssat ksaetktcad%

?% Tha entura ig tha nssat thnt ks cansad just hnva n hncnc usa%

0% Tha iwearshkp rajnkes ti tha cassir ned ncc raspieskokcktkas nra ie hkj)har%

4% Tha njiuet ig raet just oa gkxad ned shiucd oa iovkius gir oith tha pnrtkas nt thaoafkeekef ig nfraajaet%

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@cnsskgk`ntkie ig Kscnjk` Gued

;

Jnenfajaet gir tha gued just oa pnkd n gaa gir thakr sarvk`as ned jnenfajaet shiucd ncsi

thkem gir tha oaeagkt ig tha kevastir ned n`t ns thakr nfaets% Tha gaa just oa tha gkxad njiuet ir

n par`aetnfa ig tha njiuet thnt ks ra`akvad ns raetncs%

0%0 @ijjidkty Gueds

(Phnkmh Tnqk Qsjnek+ das`rkoad `ijjidkty gueds ns thisa gueds ke whk`h kevastjaets nra

jnda ke dkggaraet `ijjidkty ktajs gir tha purpisa ig sacckef kt% Tha ke`ija ig tha gued ks tha

prigkt thnt ks faearntad oy tha snca ig tha `ijjidkty ned tha prigkt ks dkstrkoutad n``irdkef ti tha

pripirtkie ig tha kevastjaet thnt ks diea oy an`h kevastir% Gir tha gued ti oa Phnrknh `ijpcknet

gicciwkef rucas just oa gicciwad% Phirt sacckef ks eit ncciwad ke thks gued ti oa Phnrknh `ijpcknet% Tha `ijjidkty `ne iecy oa

sicd ie`a kt ks oiufht ir iwead%

?% Gutura `ietrn`ts ir hadfkef ks eit n``aptnoca ax`apt ke tha `nsa ig kstksen ned sncnj%

0% Kevastjaets `ne iecy oa jnda ke hncnc `ijjidktkas%

4% N `iestru`tkva pissasskie ir physk`nc `ietric just oa hacd oy tha saccar ig tha `ijjidkty%

1% @ijjidkty prk`a just oa gkxad ned shiucd oa meiwe oy oith tha pnrtkas% N snca ks

`ieskdarad kevnckd whae tha prk`a ks ue`artnke ir ks ngga`tad oy ne ue`artnke avaet%

Trnesn`tkies thnt tnma pcn`a ke tha gutura `ijjidkty jnrmats ir `ietajpirnry `ijjidkty

jnrmats di eit `iegirj ti tha prke`kpcas thnt nra dagkead noiva% Oa`nusa ig thks ne Kscnjk` gued

`neeit `ijpcy wkth su`h trnesn`tkies% Kg tha `ijjidktkas nra nvnkcnoca ke tha pirtgicki nt ncc

tkjas thae trndkef ig su`h gueds ks pisskoca%

0%4 Jurnonhnh Gueds

Vhae `ist pcus jnrfke jathid ks usad ti sacc fiids tha snca ks ragarrad ns Jurnonhnh (Phnkmh

Tnqk Qsjnek+% Thks jida ig gkene`kef ks ke prn`tk`a oy gkene`knc kestktutkies ned `ietajpirnry

Kscnjk` onems% Vhae `ckaets shiw ketarast ke ouykef fiids jnenfajaet ouys kt gir thaj ned

saccs tha fiids ti tha `ckaets wkth n jnrfke ivar `ist ke dacnyad tkja parkid% Kg thks jathid ig

snca ks usad thae kt ks n `cisad aed gued ned tha uekts nra gkxad ke n sa`iednry jnrmat% Ke

Jurnonhnh `urraet gkene`knc kestktutkies sacc tha fiids kjjadkntacy ti tha `ckaets ngtar

pur`hnskef kt grij tha irkfkenc suppckar% Tha prk`a ks onsad ie tha dagarrad pnyjaets# ks n daot

whk`h ks pnkd oy tha `ckaet% Hae`a eiea ig tha tnefkocas nssats nra iwead ke tha pirtgicki ned

`ietnkes akthar ra`akvnoca daots ir `nsh% Tha fiids just oa ax`hnefad nt gn`a vncua kg jieayks usad gir trnesn`tkie%

0%1 Jkxad Gueds

(Phnkmh Tnqk Qsjnek+ ks ig vkaw thnt ke Jkxad gued jney typas ig kevastjaets `ne oa jnda% Gir

axnjpca kevastjaets nra jnda ke canskef# `ijjidktkas ir aquktkas at`% Ke Jkxad gued kg tnefkoca

nssats jnma up jira thne 1>! ig tha gued# ned daots ned ckqukdkty jnma up cass thne 12! ig

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@cnsskgk`ntkie ig Kscnjk` Gued

>2

tha gued thae tha uekts ig tha gued `ne oa eafitknoca% N``irdkef ti jney jidare s`hicnrs n

gued ks n `cisad aed gued whae daots ned ckqukdkty ax`aads 12! ig tha gue ned tha uekts nra eit

trndnoca%

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Traed Nencysks gir tha kevastjaets ke Kscnjk` Gueds

>>

4 Traed Nencysks gir tha kevastjaets ke Kscnjk` Gueds

Ke Rnmkstne# Friwth ig Kscnjk` onems pridu`t ke`ranskefcy avary yanr oa`nusa ig Raipca hns

oaae n``aptad Kscnjk` pridu`t out Kektknccy Kscnjk` pridu`t ks eit `ijpnra wkth `ievaetkienc

pridu`t ke tarj ig pridu`t ned sarvk`a iggarkef%

4%> Kscnjk` Onemkef Rrifrass ned @urraet Jnrmat Phnra

Aed ig ?2>># 887 orne`has iparnta ke ncc ivar tha Rnmkstne 1 onems nra guccy ned >? nra

`ievaetkienc onemkef kedustry% Ke thks yanr cnst qunrtar eujoar ig Kscnjk` onem ned `ievaetkienconem radu`as oa`nusa ig cn`m ig nwnraeass ned sija ithar ransie out ncc ivar pargirjne`a ks

oattar thne thkrd qunrtar ig thks yanr%

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Traed Nencysks gir tha kevastjaets ke Kscnjk` Gueds

>?

Cnst qunrtar ig ?2>># Jurnonhn ks frantast shnra ns `ijpnrad ti ithar jidas ig gkene`kef jkx%

Cnst qunrtar shiwad thnt jurnonhn shnra ke`ransa jira thne twi prasaet% Out ithar twi jnke

`ijpieaet Dkjkekshkef Jushnrnmn (DJ+ ned Klnrn da`ckea >%? ned >%1 raspa`tkvacy ivar tha

snja parkid%

4%? Titnc Eujoar ig orne`has ke Rnmkstne

Ke ?2>> cnst qunrtar shiws thnt 41 orne`has nra nddad ke dkggaraet privke`a ig Rnmkstne%

Ncci`ntkie ig ornehas ks eit `hnefad ke rafkie wksa 68 par`aet ig orne`has rajnke ke Ruelno

ned skedh% Njief tha `ktkas 71 par`aet ig orne`has ke Jnlir `ktkas ig Rnmkstne ckma< Cnhira#

Kscnjnond# Gnksncnond# Mnrn`hk# Rashnwnr# ^uattn ned _nwncpkedk%

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Traed Nencysks gir tha kevastjaets ke Kscnjk` Gueds

>0

4%0 Dkggk`uctkas ti trnesgar Gkene`knc keti ketarast graa `ijpcknet gueds

>% Thara ks ei norupt `ievarskie wkthiut `rantkef tha ea`assnry hujne rasiur`a nedKegrnstru`tura%

?% Cn`m ig jksjnenfkef ig iwearshkp njief tha onems ned stngg ti shkgt aetkra systaj keiea fi%

0% Dksputa rasicutkie ja`hneksj ned waam ludk`knc systaj%4% Cn`m ig nwnraeass njief tha jnssas noiut Rridu`t ig shnrknh ijpcnket%

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Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

>4

1 Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

Iea ig tha jist kjpirtnet nrans ig Kscnjk` onemkef ks kts jnrmatkef strntafy whk`h just oa`nraguccy kespa`tad oy tha pick`y jnmars% Thks ks tha riit grij whara tha pargirjne`a `ne oakjprivad ned privkdas n sustnkenoca friwth nfnkest tha ithar `ijpatktkie njief Kscnjk`

onemkef kedustry%

1%> @urraet Jnrmat Pkza

Jusckj ks ncjist iea giurth ig tha wircd pipucntkie% Eie Jusckj ncsi kevasts ie shnrknh*`ijpcknet dua ti ciw rksm% Jira thne ;1 par`aet ig Jusckj pipucntkie hns duty ti aesura rkongraa a`ieijk` systaj% Rnmkstne ks gnvirnoca ti cnue`h Kscnjk` onemkef systaj% 82 par`aet iggkene`a systaj hns oaae trnesgarrad ke ketarast graa systaj%

1%? Rridu`t iggar

Ke Rnmkstne onems nra iggarkef Kscnjk` pridu`t ke thraa dkggaraet wnys% Guccy gcadfad Kscnjk` onems?% Kscnjk` onems nra suppcajaetnry ig `ievaetkienc onems0% Kedkvkdunc Kscnjk` onemkef orne`has ig ievaetkienc onems

1%0 Rrijitkienc N`tkvktkas

Ke Rnmkstne# thara nra >? `ievaetkienc onems ned 1 nra guccy*gcadfad Kscnjk` onems% Iea Kscnjk`

onem shiwad _s% 46 jkcckie axpaedktura ke jnrmatkef `njpnkfe thnt ks jira thne prigkt ig thnt

onem ke tha snja yanr% Kt ks tacc us thnt fiid gkfura ig jieay spaet ie ndvartkskef% Fiidjnrmatkef `njpnkfes nra gkedkef kts wny ned ncsi Kscnjk` onems nra usad scifne whk`h ks

racntad ti Kscnj% Thasa scifnes hacp ti `ietrkouta thakr shnra ke prijitkef `iesujar ke

Rnmkstnek si`katy thnt gnkcad ti `ncc Kscnjk` jarkts ig thnemguceass (Phumr+# pntkae`a(Pnor+#

standgnsteass (Tnwnmmuc+# pnyjaet ti `hnrkty (Kegnnq+# axtrnvnfne`a (ragrnkekef grij Ksrnng+#

civa ig wancth (huoo*a*jnnc+ ned civa ig jntarkncksj (huoo*a*dueyn+

Tha `ijjie prn`tk`a ig jnrmatkef ke`cudas# prket jadkn# okccoinrd ndvartkskef# TW `ijjar`kncs

ned ncsi rueekef TW prifrnj gir dks`usskie% Out n sarkius dks`usskie ned ipkekie nra jksskef

ke pnkd prifrnj thnt rue ie TW%

Ke Kscnj eit wksh ti spaed jieay gir prigkt purpisa out ae`iurnfa ti spaedkef ie `hnrkty si

thnt thay suppirtad varsas% Ke ^urne Thay nsm tha hiw ju`h thay nra ti spaed= Pny< /Vhnt ksoayied yiur eaads%/ Thus dith Nccnh jnma `canr ti yiu Hks Pkfes< Ke irdar thnt ya jny`ieskdar%/ (Nc*Onqnrnh< ?>;+%

/Ke thakr wancth# thara ks n meiwe rkfht gir thisa whi nsm gir kt ned thisa whi hnva eaad gir kt%/(Nc*Junrkl< ?4*?1+%

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Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

>1

1%4 Orned Ciyncty ig Pnrknh*`ijpcknet Rridu`ts

Kscnjk` onem ks canread thnt orned ned `ustijar ciyncty shiucd oa anread% Ke racntkie jnrmatkefeit lust ti fattkef jira `ustijars out ncsi hiw ti jnketnke `urraet `ustijar ns ju`h nspisskoca% Orned ciyncty ned racntkie jnrmatkef `npturad frant ketarast ns n whica ckma racntkie

jnrmatkef oatwaae `ustijar ned ajpciyaas% Orned ciyncty fkvas gnvirnoca nttktuda ti tha ornedgir pur`hnskef rnpkdcy tiwnrd tha `ustijar% @ustijar taeds ti oa ciync thriufh racntkieshkpjnrmatkef oatwaae thaj ned tha irfnekzntkie _acntkie jnrmatkef jansurad thriufh thraawnys# iea thnt ks `ustijar oackag ie Kscnjk` onem stngg= sa`ied# Kscnjk` onem stnggs sntksgydurkef tha dackvary ig sarvk`a ned thkrd tha `ijjuek`ntkie smkccs ig onem stngg ks eit kegcuae`adie orned ciyncty njief Kscnjk` onem `ustijars%

1%1 Jnrmat Pafjaet

1%1%> Faifrnphk` Pafjaetntkie

Jnrmat dkvkda ke `iuetry wksa# stnta wksa ned ncsi `kty wksa Ckma QM# Njark`n# Jncnyskn# Pudne#Rnmkstne%

1%1%? Dajifrnphk` Pafjaetntkie

Jnrmat dkvkdas keti rackfkie ke dkggaraet `iuetrkas ned ncsi dkggaraet nfa wksa ti `nptura kevastiranskcy Ckma

?1 ti 01 yanrs< Oakef n [iuef ned n`tkva# gaw raspieskokcktkas si thay gi`us ie kegciw

rnthar thne iutgciw ig `nsh%

01 ti 12 yanrs< Nt thnt nfa kevastir nra jira raspieskoca si thnt thay jnenfad `nshgciw vary `nraguccy

12 ti 72 yanrs< Npprin`h ti ratkrajaet si thnt `nsh gciw da`ransas si thay gi`us iesnga nvaeuas eit ti kevast%

72 pcus yanrs< Ngtar ratkrajaet nfa# thay nra rastrk`tad kegciw ned axpa`tad ie raturegrij kevastjaet ned iutgciw ks frantar thne kegciw% Ei gurthar kevastjaet

1%1%0 Rsy`hifrnphk` Pafjaetntkie

Rsy`hifrnphk` safjaetntkie friups `ustijars n``irdkef ti thakr dkggaraet ipkekies%

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Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

>7

1%7 Girokddae Kevastjaets

Kevastjaets thnt nra `ijpcatacy onsad ie shnrknh cnw `ne oa `ieskdarad ns ne athk`nc

kevastjaet irfnekzad ke `ijpckne`a wkth Kscnjk` cnw% Pu`h kevastjaets ke`cuda% Tkja Wncua< Kt ks dkra`tcy gn`tir thnt kevastir shiucd nssuja ke hks )har saca`tkie ig gued%Pi thnt shirt tarj s`ipa `neeit nggird hkfh cavac ig rksm%

?% Jnrmat< Ns n rasuct ig ketarentkienc jnrmat prassura thara ks vnry ke n prk`a ig ncc thanssats ke n pnrtk`ucnr jnrmat% Oa`nusa ig thks ransie eawcy oire `irpirntkies ned hkfhcyprigktnoca `ijpnekas jny fat ngga`tad% Rrk`a `hnefas nra racntkva ti tha jnrmat rksm%

0% Kegcntkie< Vhae tha kegcntkie rnta hkfh thae kevastir ks ie tha rksm# lust oa`nusa ig thnt haks noca ti kevast cass ns oagira dua ti kegcntkie% Gir thks rksm ks ncsi meiwe ns Ciss ig

Rur`hnskef piwar

4% Kevastjaet< Ke gued s`haja# kevastjaets wkcc oa ke tha vncua ig shnra ig saca`tad

`ijpnekas ke n pnrtk`ucnr sa`tir% Jist ig tha s`hajas nra dapaedaet ie thapargirjne`a ig tha jnenfajaet ke tha girj ig ENW ned kt jny gcu`tunta jira graquaetcy

thne n dkvarskgkad pirtgicki ig aqukty%

1% Ckqukdkty `iestrnkets ig n pirtgicki< ckqukdkty ks kjpirtnet gn`tir ti oa `ieskdarad su`h

ns hiusa)prkvnta `ijpney eit ansy ti ckqukd%

7% Qekqua `kr`ujstne`as< thks ks n spa`kgk` `iestrnket ned dapaeds upie kevastir

pragarae`a% Pija kevastir eit kevasts ke nssat dua ti thakr parsienc ransie ckma ke

Tion``i @ijpney %thks gn`tir `ieskdarad whae saca`tkef tha `ijpney ir pirtgicki%

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Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

>6

1%8 Nencysks ig nwnraeass `rantkie ig jutunc ned ithar gueds ke

Kscnjk` onemkef

Kt ks kjpirtnet ti `ranta nwnraeass noiut tha Kscnjk` gueds# aspa`knccy ie tha ja`hneksjs ie

whk`h thay wirm% Jney paipca ke Rnmkstne jny eit avae hnva onem n``iuets# si kt ks ranccy

dkggk`uct ti jnma thaj uedarstned noiut Kscnjk` onemkef% Onems sarva tha purpisa ig

kevastjaets ir snvkef jieay# si usunccy tha tnrfat jnrmat ks `ijpisad ig paipca whi hnva

jieay% Thara nra stkcc jney paipca ke Rnmkstne whi maap jieay nt thakr hijas ke snga rnthar

thne onem# thks ks oa`nusa akthar thakr trust cavac wkth tha onems hnva eit oaae davacipad ir

oa`nusa ig tha `nrrkad ie trndktkienc npprin`h ti snva thajsacvas grij `nt`hkef ayas% Ke tha

aed# iecy n sjncc par`aetnfa ig paipca nra ketarastad ke uskef onemkef pridu`ts% Thasa ke`cuda

ke cnrfa tha `irpirnta sa`tir ir hufa njiuet `ijpnekas# ithars nra sjncc kevastirs ir paipca

whi usa `urraet ir snvkefs n``iuet ned usa sarvk`as su`h ns `radkt)daokt)NTJ `nrds ir a*

Onemkef% N``irdkef ti iur ipkekie onems tnrfat jnrmat shiucd oa thasa sjncc kevastirs gir

`rantkef nwnraeass oa`nusa thasa paipca usunccy diet hnva tha meiwcadfa ig hiw Kscnjk`

onemkef wirms%

Ti jnrmat Kscnjk` onemkef ned gkene`a jira agga`tkvacy Nc Hudn (@aetar ig Kscnjk` Onemkef ned

A`ieijk`s+ `ietrkoutas ti `iedu`t entkienc ned ketarentkienc nwnraeass rind shiws% Thay

prijita nwnraeass ke Kscnjk` onemkef ned gkene`a thriufh sajkenrs njief tha jnssas whk`h

sarvas tha purpisa wacc% Thay hnva pravkiuscy irfnekzad twi su``assguc rind shiws oy

`iedu`tkef noiut 022 sajkenrs)dks`usskie Fntharkefs ig aetrapraeaurs# Onemars# Trnda

Nssi`kntkies ned Qekvarskty studaets% (Nc Hudn+% Ie raquast ig vnrkius gkene`knc kestktutkies thay

ncsi `iedu`t ned daskfe eaad onsad nwnraeass sajkenrs ned wirmships% PA@R ncief wkth

@D@ hns ncsi `iedu`tad jney rind shiws ti aehne`a tha meiwcadfa ig tha kevastirs%

Ketarentkienc Kscnjk` gkene`knc rafucntir# Ketarentkienc Gkene`knc Parvk`as Oinrd (KGPO+ hns tharaspieskokckty ti pcny n candkef rica ti jnrmat ned astnocksh `radkokckty ig Kscnjk` gkene`a% Ti

prijita Kscnjk` gkene`a ns ne athk`nc ned stnoca gkene`knc systaj jney ketarentkienc sujjkts

ned `iegarae`as nra oakef hacd nriued tha gkene`knc `aetars ig tha wircd% @rantkef nwnraeass

jny ei ciefar oa eaadad# out whnt ks raqukrad ks ti ke`aetkvkza Kscnjk` Gkene`knc Kestktutkies

(KGKs+ nt kedustry cavac% Gir axnjpca tnx rackag gir `irpirnta KGKs ir tnx rackag ie `npktnc fnke whk`h

raqukras kevicvajaet ig tha fivarejaet%

Raipca nra eit ju`h nwnra noiut jutunc gueds ig hiw kt ks oattar thne ithar jidas ig

kevastjaets ir hiw ks kt oattar thne onem n``iuets ir hiw kt ks jira tnx aggk`kaet% Thara nra

jney nspa`ts thnt `iesujars nra eit nwnra ig oa`nusa ig tha skza ig kedustry oakef sjncc

(Phinko ?2>>+% Thara ks ncsi n jks`ie`aptkie noiut jutunc gueds kevastjaets ns kevastjaets kesti`ms# tharagira paipca hasktnta ti `ija girwnrd% Kt ks ea`assnry ti privkda thaj tha

meiwcadfa thnt jutunc gueds nra eit lust sti`m kevastjaets ckmawksa paeskie gueds ir jieay

jnrmat gueds%

@ievaetkienc jutunc gueds nra vary `cisa ti Kscnjk` jutunc gueds ke tarjs ig `ie`apts si

kevastirs whi nra ketarastad ke Kscnjk` kevastjaets nra anskcy tnrfatad% Nwnraeass ks oakef

`rantad oy `ijpnrkef Jutunc gueds ned ithar snvkef s`hajas ie onsks ig trnespnrae`y% Gir

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Jnrmatkef ig Kscnjk` Gueds ke Rnmkstne

>8

axnjpca kg n parsie fias ti n onem ned snys K wnet ti dapiskt tae thiusned rupaas ned ithar

parsie fias ned snys K wnet ti dapiskt iea jkcckie rupaas tha rature gir oith ig thaj wkcc oa

dkggaraet whk`h ks eit tha `nsa wkth jutunc gueds% Ithar gn`t ks thnt rature grij onem jny vnry

ned ks eit pradk`tnoca whkca rature grij jutunc gueds ks pradk`tnoca% Ns `ie`apts ig `ievaetkienc

gueds ks 82! skjkcnr ti thnt ig Kscnjk` gueds iecy ?2! ig meiwcadfa fnp axksts whk`h eaads ti

oa gkccad%

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Gutura Friwth

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7 Gutura Friwth

7%> Friwth ig Kscnjk` Gued ke Rnmkstne

Tha pipucntkie ig Rnmkstne ks eiw nriued ?22 jkcckie ke whk`h jnlirkty nra Jusckjs% Thiufh

kektknc aggirts wara jnda ke akfhtkas oy ketridu`kef Judnrnonh `ijpnekas out grij ?222# rkon ksiea tha acajaet ti oa rajivad grij tha a`ieijy gir whk`h sarkius jansuras wara tnmae%

Ivar tha pnst da`nda tha prifrass ig tha Kscnjk` gkene`knc sarvk`as hns oaae skfekgk`net ned hnsoaae su``assguccy tnrfatad jnss Jusckjs ke Rnmkstne% Tha friwth ig Kscnjk` gkene`knc sarvk`ashns oaae rafucnrcy jivkef ke griet ig tha `ievaetkienc kevastjaet sa`tir%

(PHNOOK_ H% MN\JK+ shnrad tha gn`ts thnt ncthiufh thara wara jney `hnccaefas gir thaa`ieijy tha Kscnjk` kedustry hnd su``assguccy ke`ckead durkef ?2>2% Gicciwkef wara tha friwthgkfuras18 okcckie RM_ (>%; okcckieQPD+ jnmkef ivarncc friwth ig >44! ke ?2>2%

Gkene`kef fraw grij >10 okcckie RM_ (>%8 okcckie QPD+ ti >82 okcckie RM_ (?%> okcckieQPD+ jnmkef ivarncc friwth ig 00! ke ?2>2%

Vhae wa `ijpnra friwth ig Phnrknh `ijpcknet gueds wkth ithar davacipad `iuetrkas kt ks stkcceit n vary skfekgk`net eujoar avae wkthke snja rafkie% Jutunc Gueds titnc skza whk`h ks titncnssats uedar jnenfajaet ks ?12 jkcckie RM_ (0 jkcckie QPD+ whk`h ks 1! ig tha `ijjar`knconems titnc dapiskts ig 1 trkcckie RM_%

2

12

>22

>12

?22

?12

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012

422

Dapiskt(ke okcckie+ RM_ Kevasjaet (ke okcckie+RM_

Gkene`a (ke okcckie+ RM_

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>10

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>18>82

Friwth ig Kscnjk` Gkene`a Parvk`a ke Rnmkstne

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Gutura Friwth

?2

7%? Friwth ig Kscnjk` Gued Ke Ncc Ivar tha Vircd

Ivar tha cnst da`nda Kscnjk` gueds hnva ajarfad ns iea ig tha jist axprasskva tarjs ig

Kscnjk` Gkene`a# shiwkef kts avicutkie keti n dyenjk` ned dkvarsa kedustry%

N``irdkef ti (AuramnHadfa+ ke ?2>2 thara wara 7;2 Kscnjk` kevastjaet gueds# wkth 6?- okcckie

QPD ig nssats%

(AuramnHadfa+ hns vkawad thnt Kscnjk` gued sa`tir shiw rajnrmnoca friwth ke ?226# whk`h snwtha cnue`h ig >82 gueds% Hiwavar# gicciwkef yanrs hnva saae n ture diwe ke cnue`h n`tkvktythiufh kt shiucd oa eitad thnt daspkta n sciw friwth rnta# tha eujoar ig gueds dkd eit da`ransa%

Nddktkienccy# axkstkef gueds hnva jira `iesickdntad thakr pisktkies ke ?22; ned ?2>2%

Ncthiufh ke ?22; ned ?2>2# tha eaw cnue`has ks racntkvacy sjncc ke eujoar out kt dapk`t dkvarsktyke tha kedustry wkth raspa`t ti nssats `cnssas ned kedustry safjaets% Kt ncsi shiw dkvarskgk`ntkieke tarjs ig faifrnphkas ned kevastirs%

(Auramnhadfa+ studkad thnt ke ?2>2# ckma pravkius yanr Jncnyskn ned Pnudk Nrnokn wns tha jnkehuo gir Phnrknh*`ijpcknet gued ske`a thay hnva eit iecy cnrfa eujoar ig kevastirs out ncsi jist

n`tkva Kscnjk` gkene`a kedustry%

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(Auramnhadfa+ gurthar studkad thnt# jist ig Phnrknh `ijpcknet gued nssats wara kevastad ke thaJkddca Anst ned Ngrk`n rafkie jnkecy oa`nusa thay `ietnkes tha cnrfast eujoar ig `ijpnekas

thnt wara Phnrknh*`ijpcknet% Ithar thne tha Jkddca Anst# n jnlir njiuet ig `npktnc grij Kscnjk`

gueds ks kevastad wkth n fcionc jnednta ti privkda ti tha pirtgicki dkvarskgk`ntkie raqukrajaets ig

`ckaets%

Thasa Kscnjk` gueds hnva dackvarad frantar ned jira `ieskstaet pargirjne`a ns ippisad tijutunc gueds ns wacc ns dkra`t kevastjaets ke tha jnrmats oa`nusa thay nra jira `ieskstaetrksm*ndlustad ratures thne jutunc gueds%

Oaciw Gkfura shiws tha Auramnhadfa Kscnjk` Gueds Kedax jnppad iut nfnkest thaAuramnhadfa Oaspima Jutunc Gueds Kedax ske`a Da`ajoar ?221% Ivar thks parkid# Kscnjk`gueds raturead 8%;;! ns `ijpnrad ti n 4%?2! ciss ke jutunc gueds ne iutpargirjne`a igjira thne >?!% Jiraivar# kt ncsi shiws thnt Kscnjk` gueds nra cass vicntkca ke entura ned ncsiprivkda oattar da`ckea prita`tkie ns `ijpnrad wkth jutunc gueds%

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Kscnjk` gueds kedustry hns shiwe frant prifrass ned ndvne`ajaet ivar tha cnst da`nda% Tha

iola`tkva ig thks kedustry ks ti jnma iptkies nvnkcnoca gir thisa kevastirs whi wnet ti kevast

n``irdkef ti tha cnws ig Phnrknh ke athk`nc sarvk`as ir pridu`ts ir `ijpnekas% Thay nra

privkdad tha snja tnsta ig jnrmats out wkthke tha oiuednrkas ig Kscnj ned thks ks whnt

dkggaraetkntas kt grij tha `ievaetkienc gueds%

7%0 @ijpnrksie ig gutura friwth ig Kscnjk` jutunc gueds wkth

`ievaetkienc onemkef gued

Frndunccy tha paipca nra oa`ijkef nwnra ig onemkef pridu`ts thnt nra oakef iggarad ned

friwth ig Kscnjk` gueds ks `ietkeukef nt n hkfh pn`a% Tha friwth ks eit lust ke Rnmkstne out

avarywhara nriued tha fcioa# grij wast ti anst ned grij Jusckjs ti eie*Jusckjs `iuetrkas%

Thara ks n hufa jnrmat nvnkcnoca gir Kscnjk` onemkef avarywhara%

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?0

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?4

Rnmkstne ks tha ajarfkef jnrmat gir jutunc gueds ned kt hns ra`irdad tha friwth rnta ig >1! y*

i*y (Luc*Da`>>+ ned up ke skza oy 06!% Kscnjk` onemkef hns shiwe friwth ig >6! (Da`>>+% Tha

jist skfekgk`net friwth `ne oa saae ke tha jieay jnrmat sa`tir%

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?1

Kt `ne oa saae thnt tha eujoar ig Nssat Jnenfajaet @ijpnekas (NJ@s+ hnva oaae

`ietkeuiuscy ke`ranskef ivar tha yanrs% Oa`nusa ig thks ke`ransa jutunc gued kedustry wiucd saa

ju`h gurthar friwth% Ns ouskeassas taed ti jiva tiwnrds tha Jutunc Gued kedustry kt jkfht oa

pisskoca thnt thay nra saakef n cit ig pitaetknc ke thks jnrmat ned axpa`t kt ti friw nt n rnpkd

pn`a%

7%4 @ie`cuskie

Tha shnrknh*`ijpcknet gueds hnva `iestnetcy oa`ija jntura ned axpned# davacipkef keti eawnssat `cnssas ned rafkie% Daspkta ig tha gn`t thnt `urraetcy rntki ig Phnrknh @ijpcknet gued ksvary ciw ke Rnmkstne out kt ks friwkef `ietkeuiuscy% Durkef tha gkene`knc `rksas kedustry suggarsija saton`ms out ke cnst ? yanrs kt friws rnpkdcy ned fkvas ax`accaet ratures% Kt ks friwkef eitiecy ke `urraet jnrmat out ncsi ithar aqukvncaet kevastjaet su`h ns jutunc gueds shiwkef thnttha pursukt gir prigkt ks eit ea`assnrkcy nt idds wkth athk`nc kevastjaets%

Jivkef girwnrd# wa axpa`t shnrknh*`ijpcknet gued jnenfars ti `ietkeua iutpargirjkef thajnrmats whkca ncsi davacipkef ti `ivar eaw kestrujaets ned nssat `cnssas% Tha kedustry

`ietkeuas ti ndd nttrn`tkie njief kevastirs ned wa netk`kpnta gurthar friwth thriufh nssatgciws ned gued cnue`has ke tha eaxt gaw yanrs%

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