Best Practices of Private Equity Investors in Originating Investments

Raoro Nro Nro tao Monhs7! Kost Trnctecos g` Trevnto Oquety @uims ei Grebeinteib Eivostloits

Mnvem ]otoi totoi.cgl / / Dmtotoi totoi.cgl Iow Ugrf, Ugrf, IU

Cghm Cnhheib es igt tao sghutegi.

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Mgi―t ]nfo Igtos!

Mgwihgnm motnehom shemos nim soo tao vemog nt: totoi.cgl/monhs

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Kncfbrguim Mnvem ]otoi nim Cares @nrlor pukhesaom tao èrst-ovor èrst- ovor rosonrca prgjoct gi ‘Kost Trnctecos ei Trevnto Oquety nim Poituro Cnpetnh Monh Grebeintegi“ ei tao Jgurinh g` Trevnto Oquety (Reitor ;4>4)6 Lorbors & Ncquesetegis (Mocolkor ;4>4)6 Eistetuteginh Eivostgr (Gctgkor ;4>4)6 ;4>4)6 nim Anrvnrm Kuseioss [oveow [oveow (Juio ;4>4). ]aoso shemos prgvemo sglo g` tao honrieibs honrieibs nim uimorhyeib mntn `rgl tao rosonrca rosonrca stumy. stumy. Cares @nrlor es COG g` Sebinhèro, n PC ùim. Ovnhuosorvo, Ovnhuosorvo, n bhgknh rosonrca èrl nim tao ncqueror g` Mnvem―s `grlor cglpniy (Cercho g` Oxports), prgvemom suppgrteib rosonrca nim ninhytecs ei tao eietenh pansos g` taes stumy. stumy. Ro nhsg tanif Uujei Cauib (Nimroossoi Agrgwetz) nim Ioan Fulnr (Nifhosnren Brgup), gur rosonrca rosonrca nssgcentos nssgcentos wag prgvemom prgvemom eivnhunkho eivnhunkho suppgrt, nim eitori eitoriss Cgroit Cgroitei ei [gux [gux met Kuessg Kuessgi, i, Mni Mni Chnrf, Chnrf, Ietei Ietei Buptn, Buptn, nim nim Iefaeh Iefaeh Eyor Eyor .

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Mnvem ]otoi •

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Curroithy Poituro Poituro Tnrtior, Tnrtior, AG@ Cnpetnh. Trovegushy: Lninbeib Tnrtior T nrtior,, AG@ Cnpetnh, PC kncfom ky 24 HTs ncrgss ;> cguitreos Tnrtior, `` Poituro Cnpetnh , gio g` tao tgp `gur cgisestoithy kostpor`grleib soom- nim onrhy-stnbo onrhy-stnbo voituro voituro cnpetnh cnpetnh èrls èrls ei tao _.S _.S., ncrgss 3 ùims Sorenh oitroproiour weta twg oxets Konr Stonris tocaighgby eivostloit knifor Anrvnrm LKN6 LKN 6 Unho Unho KN ]otoi.cgl / Dmtotoi / ei`gDtotoi.cgl

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Nboimn

• Eitrgmuctegi • Grbnieznteginh Structuro • ]rnmeteginh ]rnmeteginh Monh Grebeintegi • Sgcenh Lomen • Sebinhs g` n Tgtoitenh Eivostloit • Brgweib Ugur Cgrpgrnto Iotwgrf • Ioxt Stops

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Ro eitorveowom gvor >?4 prevnto oquety nim voituro cnpetnh ùims bhgknhhy `gr taes stumy. Ninhyses g` Trevnto Oquety nim Poituro Cnpetnh @uims ei Stumy

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]ao vnst lnjgrety g` trnisnctegis mg igt bg targuba tao kost figwi eitorlomenreos. ;445 Monh Pghulo _imor $;44l

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Cnso stumy: Cnstho Anrhni, $3k TO ùim, stumeom cgrrohntegi kotwooi me`òroit sgurceib strntobeos nim roturis. •

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Cnstho Anrhni cglphotom ni eitorinh stumy ei ;445 g` tao sgurcos nim roturis g` nhh taoer cglphotom trnisnctegis (01 monhs, 31 oxetom). @erl lninboloit nsfom tao monh tonl gi onca trnisnctegi tg rnto tao elpgrtnico g` sovoi prgpreotnry strntobeos tg weiieib onca monh, gi n scnho g` 4->4 (>44 `gr n èimor phnyeib n foy rgho ei sgurceib tao trnisnctegi. Ncrgss nhh monhs, tao loni tgtnh "prgpreotnreioss" scgro wns ;>.; gut g` n lnxelul pgssekho g` 24, 24, nim == g` tao monhs (0?%) scgrom nkgvo ;?. ;?. Lgst g` taoso == monhs ùhhy oxphgetom (e.o., >4 gut g` >4) nt honst twg prgpreotnry strntobeos, nim koioètom `rgl sglo gtaor strntobeos ns wohh. •

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Cnstho Anrhni grebeintegi stumy sagws aebaor luhtephos `gr prgpreotnry monhs. •

]ao lgst prgpreotnry monhs (‘prgpreotnreioss“ scgros g` 3>+) anm n sglowant aebaor roturi tani igi-prgpreotnry monhs, waeho nt tao snlo telo tao èrl toimom tg pny gi nvornbo n proleul `gr taoso prgpreotnry monhs. Eichumos: Monhs sgurcom targuba n`èhentom eivostgrs6 targuba rohntegisaeps weta curroit lninboloit6 nim/gr targuba rohntegisaeps weta igi-eiculkoit lninboloit. ]aes elpheos tant taoso cglpnieos woro aebaor qunhety tani igi-prgpreotnry monhs6 Cnstho Anrhni porcoevom n hgwor uicortneity resf6 nim/gr tao ùim wns nkho tg nmm lgro vnhuo tg taoso trnisnctegis n`tor n trnisnctegi chgsom. Ky cgitrnst, monhs canrnctorezom ns koeib sgurcom targuba èimors woro nssgcentom weta hgwor oitry luhtephos, kut nhsg rohntevohy hoss nttrnctevo ronhezom gutcglos. Gihy 5 eivostloits (>3% g` tao tgtnh) anm n "@eimor" scgro g` ? gr lgro. •

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Trevnto ei`grlntegi es lgro vnhunkho tani pukhec ei`grlntegi kocnuso g` tao hovornbo tant mescrotegi bevos tg tao kuyor. kuyor. Kuyor Tgwor vs. Tukhec Nwnroioss g` ]rnisnctegi ]rnisnctegi

Nkehety g` kuyor tg eitorvoio tg tnehgr preceib & torls

Swoot spgt g` aebaost roturis

Aebaor roturis

Hgwor roturis Ei`g es prevnto @ow kuyors

Ei`g es pukhec Lniy kuyors

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Ugu onri aebaor roturis ky eivosteib ei pogpho ygu figw wohh. Lutunh @uim Lninbors― Oxcoss [oturis ei Cglpnieos [ui ky Cghhobo/Brnmunto Scaggh Chnsslntos vs. Nhh Gtaor Cglpnieos

Oxcoss roturi
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Chgseib gio monh roqueros sgurceib 14->44 monhs. Eivostloit Sonrca Trgcoss (# Cglpnieos) Ncqueror/ Eivostgr

Niboh brgups usei useib b Bust BustVe\

Khncf`grm CnpetnhVee\

]N NssgcentosVeee\

Aebahnim CnpetnhVev\

NhheomSebinhVv\

Eivosteib `gcus

stnrtups

hgwor-lemmholnrfot

brgwta cglpnieos

brgwta cglpnieos

syiorbestec kuseiossos

Trgèhom eietenhhy

;4,1?4

>,35=

IN

IN

??4

]nrbot Sohoctom

>,3>?

;0>

1,444

>4,444 Vve\

>54

Lot

>,4=2

;4

2?4

>,444

IN

Iobgtentom weta

IN

>=

IN

IN

;1

Motnehom muo meheboico

?22

;4

IN

IN

>2

Ncquerom/ eivostom

?=>

3

>4 tg >;

>4-;4

>4

Monhs ns % tnrbotom cglpnieos

33.?% (;.>% g` suklessegis)

>.>%

4.>%-4.;%

4.>%-4.;%

?. 3 %

Ve\ Nvnehnkho nt attp://nibohsg`t.iot/n/voituro-vnhuntegi attp://nibohsg`t.iot/n/voituro-vnhuntegi , ns g` twohvo lgitas oimeib Lnrca >2, ;4>4. Vee\ ;445. Veee\ [umm, Nlkor. ‘N Feim g` Lnbec.“ Lnbec.“ Cgrpgrnto @einiceor, Gctgkor ;440. Vev\ Ocgiglest, Bhgknh Aorgos: N [opgrt gi Oitroproioursaep, Lnrca >=, ;445., p . 5. ‘]nrbots sohoctom“ èburo eimecntos iulkor g` kuseioss phnis rocoevom.

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Khncf`grm Cnpetnh (@uimhoss Spgisgr) Eivostloit Sonrca Trgcoss (# Thnt`grl Cglpnieos) ;442

;441

;445 Igtos

Monhs [oveowom

50;

>,;0= >,35= Khncf`grm rocoevos ;Q ns lniy monhs – gihy trncfs tagso tant èt cretoren

IMNs

>4=

>4?

; 0>

Eimecntegis g` Eitorost

;4

>1

>=

Lninboloit Peset

>0

>>

;4

Hottor g` Eitoit Suklettom

>;

>>

>4

Hottor g` Eitoit Sebiom

?

0

0

Monhs Chgsom (eich. nmm-gis)

=

3

3

Khncf`grm roveows taoso monhs ei motneh

[o`hocts = phnt`grls, ? nmm-gis, > oxet.

Lgst g` tao monhs tant memi―t chgso woro muo tg sukstnitenh mocheio mocheio ei èinicenh por`grlnico kotwooi sebieib g` HGE nim chgse ib g` monh.

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PCs anvo tg èhtor 5% lgro monhs tani TO ùims tg chgso gio monh. Lomeni Tepoheio Sezo Iocossnry tg Chgso Gio Monh

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]aroo eivostloit prgòsseginhs ioom > yonr tg chgso > monh. Lomeni Niiunh Tepoheio Sezo por Gio Eivostloit Trgòsseginh

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• Eitrgmuctegi • Grbnieznteginh Structuro • ]rnmeteginh ]rnmeteginh Monh Grebeintegi • Sgcenh Lomen • Sebinhs g` n Tgtoitenh Eivostloit • Brgweib Ugur Cgrpgrnto Iotwgrf • Ioxt Stops

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]ao lgst cgllgi sgurceib strntoby es tg cglkeio eiaguso/meroct weta sohh-semo eitorlomenry. eitorlomenry. =4% g` èrls phni tg lgvo tgwnrms lgro ei-aguso/meroct ei ioxt 3 yonrs. Monh Sgurceib Strntobeos: Thonso moscreko e` ygur sgurceib strntoby str ntoby ans canibom, agw et ans canibom, nim agw ygu oxpoct et tg canibo ei tao ioxt 3 yonrs. EiAguso/Meroct >44%

s t i o m i g p s o [ ` g t i o c r o T

54%->44% 14%-15%

14%

?4%-?5% =4%-=5% 34%-35%

=4%

Hoss

=4%-=5%

14%-15% 24%-25%

34%-35% ;4%-;5%

04%-05% ?4%-?5%

Snlo

?4%-?5% =4%-=5%

Sohh-semo Eitorlomenry 54%->44%

54%->44%

14%-15%

14%-15%

Hoss

34%-35%

24%-25%

?4%-?5%

;4%-;5% ;4%-;5%

Hoss

?4%-?5%

>4%->5% Snlo

=4%-=5%

34%-35%

34%-35%

=4%-=5%

34%-35%

Snlo

;4%-;5%

8>4%

8>4%

;4%-;5% 8>4%

>4%->5%

8>4% >4%->5%

Lgro >4%->5%

8>4%

8>4%

3 yrs nbg

Curroithy

8>4% Curroithy

>4%->5%

Lgro

8>4%

4%

34%-35%

Snlo

;4%-;5%

3 yrs nbg

34%-35%

>4%->5%

>4%->5%

=4%-=5%

04%-05%

Gtaor

04%-05%

;4%-;5%

>4%->5%

;4%-;5%

;4%

?4%-?5%

24%-25% 04%-05%

04%

54%->44%

Kuy-semo Eitorlomenry

3 yrs `rgl Igw

3 yrs nbg Curroithy

3 yrs `rgl Igw

Lgro

Lgro 3 yrs `rgl Igw

3 yrs nbg

Curroithy

3 yrs `rgl Igw

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Gihy >4% g` monh grebeintegi es gutsgurcom, gi nvornbo. Nvornbo Nv ornbo Gutsgurceib Hovoh ky @uictegi >44%

5?%

Curroithy 3 yonrs `rgl igw

53% 11%

% b i e c r u g s t u G o b n r o v N

14% 04%

? ?%

?;%

=4%

?4% 31% 34%

;4%

;=% >0%

>?%

>4%

>4% ?%

4%

h o h o n c n c t i i b o i o o H o b b e e l h h e e i M M g r e o v o u i u

b o x i g i c n e e i ] t t n i o r b u e n h g e c M p o c r N o T u

i y g b e t g h n g i l r a g c ` o i E ]

t o / o o c h n c f r i b i n n o o e h b H e L h p e l M g o C u

b i e t i u g c c N

m s i s i i n o c g l n e r t b n u u g i c A s e e t o o i u f [ r l n

;%

;%

s i b h b r s o t g t b m e g i n i t g i e h i e c i e i i t o t e e o g o g ` r s e c u n t ` l ` t r r g M c o i @ r l t G n u v h o g o n s p e g i o b b o i E e i n T n S e [ [ @ i i l n n m L L

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Gvor ?4% g` ùims phni tg canibo/elprgvo prgcossos `gr sgurceib, ùimrneseib, nim pgrt`gheg lninboloit. Torcoit g` Trevnto Oquety @uims @u ims ]ant Thni ]g Canibo/Elprgvo Trgcossos Ei ]ao Ioxt 3 Uonrs Sgurceib

??%

@uimrneseib

?3%

Tgrt`gheg lninboloit

?;%

Muo meheboico Eivostloit cgllettoo mocesegis Eivostloit oxet phniieib

Eicronsom cglpotetegi lnfos èrls `gcus gi taoso prgcossos igw

=?% =4% 32%

14% koheovo taoso prgcossos nro elpgrtnit nim nhronmy anvo taol ei phnco Gihy ;?% koheovo taes prgcoss es elpgrtnit

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Ni eicronseib porcoitnbo g` ùim olphgyoos nro spocenhest grebeintgrs. Eivostloit ]onl ]onl Mestrekutegi ky k y Jgk @uictegi

Ioxt Stops

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Ns ùims brgw hnrbor tao stn`èib hovornbo rnteg eicronsos, lnfeib n mohekornto grbnieznteginh structuro lgro elpgrtnit. Trevnto Oquety Stn`èib Hovornbo [nteg (Trgòsseginhs/Tnrtio (Trgòsseginhs/Tnrtior) r) ?x

Hnrbor @uims Molnim Lgro Structuro

=x

]aes es n pogpho kuseioss. Ugur niiunh Cnp-Ox es pogpho ‘

3x

“

;x >x 4

8$?44LL $?44LL - $>K $>K - $;K

$;K+

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Spocenhest grebeintgrs nro lgro cgllgi ei lgro movohgpom lnrfots. % g` @uims Reta Nt Honst Gio Torsgi ]nsfom Spoceècnhhy nim Trelnrehy weta Monh Grebeintegi

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]ao kost grebeintgrs nro nbbrossevo, eimo`ntebnkho, nim porsginkho.

Nttrekutos g` ]gp Grebeintgrs (moscoimeib grmor g` elpgrtnico)

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Torsestoico, gr "anibeib nrguim tao aggp" Torsginhety Kuseioss jumbloit Nmoqunto èinicenh sgpaestecntegi Soiegrety nim npprgprento tetho Eitorinh pgwor Crontevety

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Nboimn • Eitrgmuctegi • Grbnieznteginh Structuro • ]rnmeteginh Monh Grebeintegi • Sgcenh Lomen • Sebinhs g` n Tgtoitenh Eivostloit • Brgweib Ugur Cgrpgrnto Iotwgrf • Ioxt Stops

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Trgòsseginh rohntegisaeps mrevo tao bront lnjgrety g` monh `hgw. Rant es tao lgst elpgrtnit prgcoss ygur cglpniy's eitorinh brgup usos tg hgcnto pgssekho monhs7

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Eitorlomenreos roòr monhs tg ùims prelnrehy ei tao agpos g` ùturo rovoiuos. ]gp [onsgis Eitorlomenreos [oòr Monhs tg @uims (moscoimeib grmor g` elpgrtnico) • Tgssekehety g` ùturo rovoiuo

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Eitobrety Aeba cortneity tg chgso [ospgisevoioss ‘@ne ‘@ner“ r“ tron trontl tloi oitt g` g` soh sohho hors rs Oxporeoico weta tao eimustry gr gwior typo • @reoimsaep • Cnimem òomkncf • Lneitneieib n seibho pgeit g` cgitnct

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Cglpnieos `nvgr n pnrtecuhnr eivostgr `gr tao snlo ronsgis ns ni eitorlomenry (soo pregr pnbo), phus n rnibo g` gtaor `nctgrs. ]gp [onsgis Cglpnieos Sohoct S ohoct n Bevoi Eivostgr (ei moscoimeib grmor g` elpgrtnico)

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Ocgiglecs Nmmom Pnhuo Pnhuo ‘]wg ‘]wg keto ketoss g` g` tao tao npph nppho“ o“ Krnim Ig oxtrn cgsts, e.o., ig pgrt`gheg cglpniy òos • @ner trontloit g` olphgyoos pgst-trnisnctegi • Hgib aghm poregms • Eivostgr hgcntegi

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]ao rebat typo g` spocenhezntegi kggsts roturis. • ]ao rnto g` roturi g` TO ùims mocheios weta weta mevors mevorseè eècnt cntegi egi ncrgss ncrgss èin èinice iceib ib stnbos… • kut eicronsos weta weta mevors mevorseè eècnt cntegi egi ncrgss ncrgss eimust eimustreo reos. s. • Mevorseècntegi ncrgss cguitreos cguitreos ans ig systolntec o`òct o`òct gi por`grlnico. • Ei ni Orist & Uguib Uguib stumy g` tao hnrbost TO monhs g` ;440, _S eivostgrs eivostgrs ropgrtom tant soctgr `gcus wns ni nmvnitnbo ei ;/3 g` taoer monhs, ostnkhesaeib cromekehety weta lninboloit nim aohpeib tg ovnhunto tao brgwta pgtoitenh g` tao tnrbot. • Ei Ourgpo, eivostgrs ropgrtom tant soctgr `gcus wns ni nmvnitnbo ei ;?% g` monhs. • Ei kgta robegis, taoso soctgr-`gcusom monhs por`grlom nkgvo nvornbo.

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Me`òroitentegi lnfos grebeintegi lgro o`èceoit. Sohoctom Aebahy Me`òroitentom Eivosteib Strntobeos Strntoby

Oxnlpho

Cg-eivostloits weta cgrpgrntos

Khncfstgio Brgup, Cnstho Anrhni, Chnytgi Mukeheor & [eco

Oxocutevo-hom trnisnctegis

@rgitoinc Cglpniy, B]C[, Agusntgiec Tnrtiors

Eitohhoctunh prgporty

Eitohhoctunh Poituros

Speiieib gut prgcossos `rgl wetaei @grtuio @gr tuio ?44 cglpnieos nim sotteib taol up ns eimopoimoit voituros

Oxeboi Cnpetnh

Moop `gcus `rgl onrhy tg hnto stnbo ei inrrgw vortecnh

Nimroossoi Agrgwetz, Aonhtapgeit Cnpetnh

Leigrety-gwiom kuseiossos

NT Cnpetnh, ECP Cnpetnh Tnrtiors

Rgloi-gwiom kuseiossos

Aypnten Cnpetnh

@nlehy-gwiom kuseiossos

Aoretnbo Tnrtiors

@ehl èiniceib

[ohntevety Lomen

Kuyeib Rostori cglpnieos nim gutsgurceib gporntegis tg Caein

Crelsgi Poituros Poituros

Mestrossom

Sonrcahebat Cnpetnh

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]ao kost ronsgi `gr monhs tg cglo tg ygu es roputntegi. Agwovor, Agwovor, tao knm iows es: g` >45 jgurinhests survoyom, zorg rntom prevnto oquety èrls ‘oxcohhoit“ ei cglluiecntegi. Jgurinhests― Ovnhuntegi g` TO @uims― Cglluiecntegi Sfehhs

[ocglloimntegis: • Kuehm porsginh rohntegisaeps weta jgurinhests • Anvo n chonr pgeit g` veow nim nron g` oxporteso • Movohgp nim pukhecezo qugtnkho waeto pnpors nim gtaor tagubat honmorsaep peocos

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Nhlgst ig gio sgurcos monhs `rgl heletom pnrtiors, oxcopt:

• @uims wag rocoevom lgst gr nhh g` taoer ùimeib `rgl gio oitety • PCs weta uievorseteos ns HTs • Oxocutevo ùims (weta proòroitenh ocgiglecs `gr oxocutevos wag nro `reoims g` tao èrl)

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34-?4% g` lem-lnrfot monhs nro typecnhhy chuk monhs. Trevnto Oquety Chuk Monhs ns % g` ]gtnh Iulkor g` Monhs, ky Monh Sezo (_S) (_ S)

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Ugu Ugu cni emoite`y pgtoitenh cg-eivostgrs targuba targuba niy g` luhtepho giheio mntnknsos. Sohoctom Sonrcankho Mntnknsos g` TO/PC @uims Nhh Eivostgrs

• Bnhnitos • Broy Aguso • HT Sgurco • Trntt―s Buemo • PoituroQport

Trevnto Oquety

• Nsen TO [osonrca • Ourofnaombo • Tetcakggf • [email protected] • ]ag ]aglps lpsgiG giGio io TO Lgmuho Lgmuho

Poituro Cnpetnh

• Poituro Cnpetnh • CK Eisebats • CruicaKnso • TRC Lgioy]roo • ]ao@uimom • PoituroMonh • Nseni PC Jgurinh • Poituro Sgurco

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Nhtaguba Nhtaguba wo rocglloim rocglloim TOs TOs pnrtior pnrtior weta cgrpgrntos cgrpgrntos,, wo emoiteèom vory òw eivostgrs wag systolntecnhhy wgrfom weta cgrpgrntegis ns sgurceib pnrtiors. Cnso Stumy: Cnstho Anrhni, $3k TO @uim • Agwnrm Lgrbni, Cg-Trosemoit, ropgrts taoy anvo oxocutom `gur trnisnctegis ei waeca n cgrpgrntegi wns foy tg sgurceib tao monh. • "]ypecnhhy tao cgrpgrnto es n cg-eivostgr, nim Cnstho Anrhni honms tao trnisnctegi. Tnrtioreib weta cgrpgrntegis es n pntawny tg taol gwieib gwieib tao nssot gutrebat. gutrebat. _sunhhy tant es igt igt cgitrnctunhhy cgitrnctunhhy bunrnitoom, bunrnitoom, kut anppois grbniecnhhy grbniecnhh y. @rgl tao pgeit g` veow g` tao cgrpgrntegi, cgrpgrnte gi, wo―ro n resf-letebntom wny tg tg bot tao tao nssot. Agpoùhhy waoi waoi wo sohh tao kuseioss et―s nt n vory me`òroit me`òroit stnbo tani waoi wo bgt et. Ei pnrtecuhnr, pnrtecuhnr, strntobecs mgi―t anvo rosgurcos gr eitorost tg monh weta strossom oiteteos. Ro mg. "

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Trevnto oquety ùims anvo n wemo rnibo g` gptegis ei wgrfeib weta oxocutevos, lniy g` waeca anvo ig èxom cgst. TO @uim Structurnh Gptegis ei Rgrfeib weta Gpornteib Oxocutevos Gpornteib Tnrtior snhnry+cnrry t i o l t e l l g C m i u @

Tgrt`gheg Cglpniy / IowCg Lninboloit snhnry+upsemo Oxocutevo/Oitroproiour ei [osemoico rotneior+upsemo Soiegr Nmvesgr / Monh Oxocutevo oxpoisos+upsemo @roo Nboit oxpoisos+upsemo Oxport Iotwgrf / Eitorel Oxocutevo agurhy cglp [ojoctom Oxocutevos

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Soiegr nmvesgr iotwgrfs g`òr n hgw-èxom-cgst, aeba-roturi tnhoit pggh gptegi. Soiegr Nmvesgr Iotwgrf vs. ]rnmeteginh ]nhoit Sgurcos Oxports ni nim Cg Cgisuhtn tni its

Soiegr Nmvesgr Io Iotwgrf

Oxocutevo [o [ocruetloit

[ohntegisaep Gwior

Oxport iotwgrf / cgisuhtnicy

@uim

[ocrueteib èrl, taoi animom gvor tg ùim

Murntegi

> –; –; agurs tg 3 lgitas

0 lgitas –; –; yonrs+

Torlnioit jgk nim kgnrm pgsetegis

Snlpho Sorveco Trgvemors

Borsgi Hoarlni, LcFeisoy, LcFeisoy, Ovnhuosorvo

Igtca Tnrtiors

Aoemrecf & Strubbhos, [ussohh [oyighms, Ebietegi Sonrca Tnrtiors

Ehhustrntevo Cgst

$>,444/ar `gr oxport iotwgrfs $344 –244/ar –244/ar `gr cgisuhtnits

Sglotelos rotneior, sglotelos pnem hefo eivostloit knifor

>/3 cglpoisntegi

Mrevor g` Oxoc Cglpoisntegi

Hoibta g` cgisuhtntegi

Pnhuo crontegi nim cgiteiuom eivghvoloit weta cheoit cglpnieos

Reiieib ùhh-telo olphgyloit

Cgièmoitenhety

IMN pgssekhy. pgssekhy. Cgisuhtnit lny ‘sagp“ emons.

Sebi Sebiom om,, oi`g oi`grc rcon onkh khoo IMN IMN

IMN IMN uius uiusun unhh

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Tnrtioreib weta gpornteib oxocutevos es n succossùh strntoby waeca es n `gcus `gr gihy n slnhh iulkor g` ùims. _.S. @uims ]ant ]ypecnhhy Tnrtior weta Oxocutevos tg Oxocuto n ]rnisnctegi nim Kreib ei e i Iow Lninboloit _pgi Eivosteib E ivosteib

Trevn vntto Oquety @u @ui im @g @gu uimo mom m

N_L ($l)

Cul. # Eivostloits

# Monhs/ Uonr U onr (ost.)

B]C[ Reim Tgeit Tnrtiors @rgitoinc Cglpniy Agusntgiec Tnrtiors Trgspoct Tnrtiors [om Menlgim Cnpetnh Tgst Cnpetnh Tnrtiors

$1,444 $;,444 $12? $>,444 $;24 $>?4 $>44

>44 14 ;44 ?4 3? 1 2

2 ? ? = 3 > >

>514 >51= >52> >552 >551 ;44; ;44=

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Ro oxpoct ni eicronso ei oxocutevo-hom trnisnctegis. Lniy lgtevntom sohhors • Rnvo g` knky kgglors wag lust sohh taoer kuseiossos. 9$>4 trehhegi oitorpreso vnhuo g` kuseiossos tg canibo anims ei ioxt >4 yonrs. • Aeba poit-up molnim tg mevost ky cgrpgrntos.* Aebahy eio`èce eio`èceoit oit nim uimorcgvorom uimorcgvorom lnrfot • Curroit phnyors ei Oxocutevo-Hom ]rnisnctegis iecao slnhh nim èinicenhhy uisgpaestecntom. Onseor tg oxocuto oxocutevo-hom trnisnctegis • Hnrbo pggh g` soiegr oxocutevos wag nro ui/uimorolphgyom, sglo g` wagl wnit tg ko gwior-gporntgrs weta TO kncfeib. ]aoso oxocutevos nro me`ècuht tg ronca targuba cgivoiteginh lonis. • [ocoit mocesegi mocesegi ro: Jgai ^. Anllgis Agtohs oinkhos oinkhos igicgitrghheib igicgitrghheib lninboloit lninboloit tg cgisullnto LKG wetagut sonrcaeib jumecenh eiquery.** eiquery.**

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Oitroproiours-ei-[osemoico nro n pgworùh,uimorusom lgmoh. • Ni OE[ es typecnhhy n sorenh oitroproiour oitroproiour gr tgp-`hebat oxocutevo tant n voituro voituro cnpetnh èrl wguhm hefo tg ùim ei aes gr aor ioxt voituro. • Nccgrmeib tg lniy eimustry eimustry eisemors, voituro èrls g`toi bot bot kottor roturis `rgl cglpnieos crontom ky OE[s tani taoy bot ky kuyeib oquety ei oxesteib stnrtups. Ei tao onrhy yonrs n`tor Koicalnrf―s `guimeib ei tao lem->554s, lem ->554s, npprgxelntohy anh` tao cglpnieos tao èrl ùimom woro hom ky OE[s. Ovoi wetagut tao èrl―s kronfgut eivostloit ei oKny, oKny, ets onrhy ùims ` uims wguhm rnif nlgib tao nhh-telo kost ei tao voituro eimustry. eimustry. Gtaor èrls weta nctevo OE[ prgbrnls: Koicalnrf Cnpetnh, Boiornh Cntnhyst, Nccoh Tnrtiors, Kossolor Poituro Tnrtiors, otc. • ]ao OE[ typecnhhy jgeis tao ùim `gr 0->1 lgitas nim roveows kuseioss phnis nhgibsemo tao voituro cnpetnhests nt tao ùim. • ]ao koioèt g` tao prgbrnl es tant tao oitroproiour bots ni oxcohhoit weimgw eitg tao lnrfotphnco, nccoss tg tao èrl―s rosgurcos nim iotwgrf, nim ronhtelo òomkncf `rgl tao eivostloit pnrtiors. • ]ao voituro cnpetnh ùim bneis tao soctgr oxporteso g` tao OE[ nim ans n `rgit rgw sont tg eivost ei tao oitroproiour―s ioxt voituro.

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Ei-aguso rohntegisaeps nro tao #> sgurco g` trnisnctegis. _isurpreseibhy, _isurpreseibhy, TO eivostgrs rohy gi eitorlomenreos `nr lgro tani PCs. Trelnry Sgurcos g` Eivostloits E ivostloits

Selehnrhy, Selehnrhy, Orist & Uguib `guim tant ¹ g` tao hnrbost hnrbo st TO eivostloits ei ;440 rosuhtom `rgl prgnctevo monh grebeintegi strntobeos6 gihy g ihy >>% >>% g` tao monhs mon hs rosuhtom `rgl TO eivostgrs stnrteib wgrf mureib tao `grlnh snho prgcoss. "Kottor propnrntegi, stroibta stroibta g` rohntegisaep rohntegisaep weta tnrbot lninboloit, nim soctgr `gcus woro tao lgst elpgrtnit `nctgrs cetom ei weiieib n monh."

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N cgro brgup g` eitorlomenreos nro typecnhhy aebahy ei`huoitenh ei taoer `gcus soctgr6 taoso nro tao pogpho tg figw. ETG Monhs ei Cnhe`grien Ei`grlntegi [otreovnh Sorvecos Eimustry Onca teo<èrls wgrfom tgbotaor gi nt honst gio ETG Hoibta g` teo heio eivorsohy prgpgrteginh tg # ETGs wgrfom gi

• Hnwyors • Trevnto Knifors • Nccguitnits • [ocruetors • Eisurnico krgfors • _ievorsety ]ocaighgby ]rnisòr G`ècos

Rehsgi Sgiseie6 Krgkocf6 Cgghoy Bgmwnrm6 Bghmlni Sncas6 Lgrbni Stnihoy6 CS @erst Kgstgi6 TrecowntoragusoCggpors6 Orist & Uguib U guib

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2?% g` nttoimoos nt tao kebbost lem-lnrfot prevnto oquety cgiòroico, NCB Eitorbrgwta, merocthy nttrekuto iow monhs tg taoer pnrtecepntegi.

$3k TO ùim Cnstho Anrhni roqueros onca pnrtior tg sponf tg nt honst twg lnjgr cgiòroicos por yonr.

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Trevnto oquety ùims uso oxport iotwgrfs tg grebeinto monhs ei taroo lnei wnys:

• @ncehetnto tgp-mgwi, ‘rneilnfor“ sgurceib strntobeos. Cgiioct tg soiegr eimustry oxocutevos. • Suppgrt kgttgl-up, ‘kgeh tao gconi“ sgurceib strntobeos. Ni eivostloit tonl cni oxanustevohy cnhh oxports tg emoite`y emoite`y nhh tao cglpnieos ei n tnrbot soctgr gr bogbrnpay. bogbrnpay. • Oinkho taolntec sgurceib strntobeos. Emoite`y oxports nim cgisuhtnits tg aohp movohgp eivostloit taolos, lnp tnrbot lnrfots, nim oibnbo lnrfot-honmeib èrls.

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]ao oxport iotwgrf eimustry es tao `nstost-brgweib soctgr g` tao eivostloit rosonrca soctgr, soctgr, weta nbbrobnto rovoiuos gvor $344l Sohoctom Honmeib Oxport Iotwgrfs Boiornhests

Spocenhty/Gtaor Thnyors

• Bo Bors rsgi gi Ho Hoar arln lnii Br Brgu gupp

• Nmvnitus Bhgknh (Cercho g` Oxports)

• Cgholni [osonrca Brgup

• Eitgtn

• Buemopgeit

• Feibèsa Brgup • Trelnry Bhgknh [osonrca

Lomecnh • LOMNCgrp (Ho (Hoore oreif if Swn Swnni) ni) • Sorlg

• Trelnry Eisebat • [guim ]nkho Brgup

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Sglo ncquesetegi sonrca èrls nhsg aohp sgurco gpornteib oxocutevos. Sohoctom Ncquesetegi Sonrca @erls

@erl

# g` # ]rnisnctegis/ Culuhntevo Oquety @guimom ]rnisnctegis Uonr U onr Eivostom ($l)

Anrvoy & Cglpniy

>551

>>4*

5.;

9$>,>44**

Mein Me inii & Cgl Cglpniy

>511

5?

=.3

IN

Cggf Nssgcentos, Eic. Eic.***

>550

0?

=.0

$>,444

Pnhu nhu@ei @eimor mor Br gup gup

>525

=2

>.?

IN

[ecanrm Pnimor Fnny & Nssgcentos

>51;

33

>.;

IN

Igtca Tnrtiors

;44;

IN

IN

IN

* Anrvoy ans pnrtecepntom ei >>4 trnisnctegis, trnisnctegis, g` waeca 3? woro phnt`grl cglpnieos. ** ]ao oquety èburo sagwi es gihy `gr phnt`grls, igt nmm-gis. *** Cggf―s trnisnctegi sezos anvo rnibom `rgl $?l tg $144l. ]ao mntn nkgvo elpheos nvornbo phnt`grl monh sezo g` $3>l `gr Anrvoy. Anrvoy. ]aes ei turi elpheos nvornbo trnisnctegi trnisnctegi òo rovoiuos g` $2=4F, nssuleib mgukho Hoalni nim ebigreib

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Iotwgrf

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Ncquesetegi sonrca èrls nro sebieècnit rosgurcos `gr prevnto oquety ùims, kut lust ko lninbom cnroùhhy. cnroùhhy. Nmvnitnbos vs. Mesnmvnitnbos g` Ncquesetegi Sonrca @erls Nmvnitnbos

Mesnmvnitnbos

Pnhuo-Nmm

Eicronsom `hgw g` monhs nim eivostloit gppgrtuieteos

]ypecnhhy ]ypecnhhy mg igt prgvemo nmveco gi vnhuntegi/structureib/iobgtentegi, uihefo n trnmeteginh eivostloit knifor

Cgsts

Ig èxom cgst, gtaor tani (sglotelos) rotneior

Nmmeteginh hnyor g` cgsts cgsts (typecnhhy >% tg ;% g` tao oitorpreso vnhuo)

@gcus

Cni Cni ko ko aeb aebah ahyy `gc `gcus usom om

Cni Cni moh mohub uboo n ùim ùim weta weta einp einppr prgp gprerent ntoo mon monhs hs uiho uihoss ss usom ei n `gcusom wny

Mntnknso

Hnrbo mntnknso ei waeca tg èsa

Nccusom ky sglo ùims g` oxphgeteib tao kuyor―s inlo tg brgw taoer gwi mntnknso

Lgtevntegi

Aebahy lgtevntom

]ypecnhhy lgtevntom gihy tg chgso n monh, igt ky tao qunhety g` tao monh

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Nhlgst ig TO ùims ropgrtom useib kuseioss krgfors. Nmvnitnbos vs. Mesnmvnitnbos g` Kuseioss Krgfors Nmvnitnbos

Mesnmvnitnbos

Pnhuo-Nmm

Eitrgmuctegis

"]aoy cni't prgvemo èiniceib."

Cgsts

Hgwor òos, typecnhhy ei tao rnibo g` >% g` oitorpreso vnhuo

"]aoy cni cronto setuntegis waoro taoro es ni nuctegi, waeca es igt gur proòrrom wny g` kuyeib."

@gcus

Aohpùh `gr sgurceib slnhh tnrbots (typecnh vnhuo 8$>4l)

"]ao kuseiossos (nim tao krgfors taolsohvos) nro usunhhy igt vory sgpaestecntom."

Mntnknso

Treco g` tao sohheib cglpniy es typecnhhy hgwor

"]ao trnisnctegi cni ko queto uistructurom nim uisnò, nim mgculoitntegi es pggr."

Lgtevntegi

Bot tao monh mgio

"]aoy cni bot ei tao wny nim lummy tao wntors. ]aoy cni mohny iobgtentegis nim lnfo cglluiecntegis lgro me`ècuht.‘ "]aoy cni phny bnlos: tao krgfor wehh sny taoy roprosoit n $;4l Caecnbg cglpniy cglpniy.. ]aoi wo kuy n $34l Caecnbg cglpniy, cglpniy, nim taoy sny et's tao snlo èrl kocnuso et brow n ket. Ro'vo anm prgkhols hefo tant."

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Ro oxpoct trnisnctegi vghulo nim vnhuo ei tao socgimnreos lnrfot tg eicronso. @gr uirobestorom socureteos ei prevnto cglpnieos, socgimnry trnisnctegi vghulo mocheiom npprgxelntohy ?2% tg $;.= kehhegi ei ;445 vs. $?.2 kehhegi ei ;441. Raoro tg Kuy Socgimnreos

• Npprgnca n ùim merocthy, pnrtecuhnrhy gio tant es ei mestross. • Hggf gi tao lnrfots `gr socgimnry eitorosts , suca ns SocgimLnrfot,, IUTTOQ SocgimLnrfot IUTTOQ,, nim tao TG[]NH Nhhenico. Nhhenico. • Npprgnca eivostloit knifs spocenhezeib ei socgimnry eitorosts, suca ns Cgboit Tnrtiors, Tnrtiors , Trgketns Trgketns,, nim ]renbg ]renbg..

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Ro rocglloim nhsg useib trnmeteginh lnrfoteib tocaiequos. • _so paysecnh cghhntornh. ]ao kost cghhntornh ans n hgib heò, es crontevo, nim ans n teo tg ygur ùims― lgmoh gr pgrt`gheg. • Caggso tnrbotom inlos. o.b., e@uim, Brooi] Bro oi]oca oca (FTCK), @k@uim, Lneh[ggl @uim (Nccoh), nim @]P Cnpetnh (@ei]oca) (@ei]oca) • Hovornbo oxesteib krnims, o.b., rocruet prgleioit honmors tg ygur ùim: Fhoeior Torfeis ([ny Hnio nim Nh Bgro), Lnvorgi (Agwnrm Scautz), nim Tghnres (Kgk Lotcnhò).

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Iotwgrf

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Ro emoiteèom nhlgst ig eistnicos g` n succossùh cglpniy tant stnrtom ns n kuseioss phni cgitost weiior.

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@uims weta cghm-cnhheib prgbrnls nro cgisestoithy tgp-qunrteho por`grlors. Foy Stops `gr n Succossùh Cghm Cnhheib Trgbrnl • @gcus gi bogbrnpaeos/soctgrs tant nro uimorcgvorom ky poor èrls. • Lneitnei chonr cretoren nim lotrecs tg oisuro tant tao rohntegisaeps koeib movohgpom anvo n ronsginkho hefoheaggm g` yeohmeib eivostloits, nim stecf weta taol. • Eistetuto n `grlnh C[L systol, teom tg n `grlnh monh trncfeib prgbrnl. • Merocthy teo cglpoisntegi tg movohgpeib nim lneitneieib tao mntnknso6 vghulo g` `hgw6 nim qunhety g` `hgw. • [oquero robuhnr `ghhgw-up weta pregrety cglpnieos. • Grbniezo scaomuhom roveows weta pnrtiors nim soctgr tonls. • Lneitnei cgisestoit menhgbuo weta foy prgspocts nim sgurcos. • _so luhtepho gutronca lotagms: pagio, olneh, `nx, gvoriebat lneh, otc., ei grmor tg bot tao nttoitegi g` tao porsgi ygu―ro tnrboteib.

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Ugu Ugu cni emoite`y tnrbot cglpnieos weta `gur lnjgr tocaiequos: Hestoi tg lnrfots (‘tgp mgwi“)

Hestoi tg èrls (‘kgttgl up“)

Stnrt weta Mntn (‘eisemo gut“) Ninhyzo por`grlnico Ninhyzo por`grlnico g`

Gksorvo n pnttori g` nttrnctevo por`grlnico ei n cortnei soctgr, soctgr, o.b., pnst succossùh eivostloits ky ygur cglpotetgrs.

rosuhts `gr soctgrs g` eimevemunh cglpnieos, tao lnrfot, taoi mrehh nim soof tg emoite`y mgwi tg tao lgst cgllgi cnusnh pnttoris nttrnctevo cglpnieos.

Stnrt weta emons (‘gutsemo ei“) Stnrt weta n taolo ygu koheovo ei, o.b., tao nbeib g` Rostori pgpuhntegis.

Eivostebnto tao elphecntegis g` ygur taolo gi ygur eimustreos g` eitorost.

Eivostebnto tao elphecntegis g` ygur taolo gi ygur cglpnieos g` eitorost.

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Iotwgrf

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Lnrfot lnppeib es n pgworùh wny tg emoite`y waeto spnco. Snlpho Lnrfot Lnppeib Npprgnca #

Stnbo

Oxnlpho

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Caggso eimustreos nim bogbrnpaeos g` eietenh eitorost

Bhgknh brgwta oquety ùim weta `gcus gi Igrta Nlorecni nim Jnpni.

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Moèio ygur prgpreotnry pgeit g` veow.

]aoses: Tgpuhntegi ei movohgpom cguitreos es nbeib rnpemhy.

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]rnishnto eitg eivostloit taolo `gr spoceèc eimustreos nim/gr bogbrnpaeos g` eitorost.

Ro oxpoct brgwta g` èinicenh sorvecos prgvemors weta hgw-resf eivosteib prgmucts.

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Hest lnjgr phnyors ei tnrbot eimustreos/bogbrnpaeos eim ustreos/bogbrnpaeos, nim agw onca wehh ko elpnctom e lpnctom ky eivostloit taolos. taolos.

Nssot lninbors lninbors weta oxporteso ei niiueteos niiueteos nim èxom eicglo prgmucts wehh hefohy koioèt.

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Etorntevohy elprgvo lnrfot lnp knsom gi òomkncf `rgl eimustry

Tukhesa oholoits g` tao lnrfot lnp tg foy soctgr phnyors targuba eimustry `gruls nim lnss lomen.

0

Motorleio waeca ncteveteos nhgib tao vnhuo canei g`òr tao aebaost roturi (typecnhhy tao prgpreotnry gios) .

Movohgp moop teos ei tao krgfornbo cglluiety tant mestrekuto hgw resf èinicenh prgmucts.

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Emoite`y nrons g` ùturo brgwta.

@uim rosonrcaos kght-gi ncquesetegis waeho meheboiceib ets prelnry tnrbot.

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Nssoss èt weta @uim―s strntoby.

Hgcnh bogbrnpaec honmor tant wguhm koioèt `rgl @uim―s bhgknh ronca.

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[obuhnrhy upmnto tao lnrfot lnp knsom gi lnrfot òomkncf nim hossgis `rgl eivostloit prgspocts.

Lneitnei eitorinh wefe gr mntnknso robuhnrhy upmntom weta foy lnrfot mntn nim eisebats.

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Iotwgrf

Ioxt Stops

Lnrfot lnps saguhm ko kueht nhgib tao lgst porteioit nxos g` me`òroitentegi wetaei ni eimustry. eimustry.

Custglor Sobloit

ûnhety Mestrekutegi Caniioh

Trgmucts

Cgitoxtunh ei`grlntegi nkgut onca cglpniy tg eichumo: • Lninboloit stroibta • Trgmuct stroibta • Cheoit mosernkehety • @einicenh roturis

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]ao hnst gptegi `gr kuyeib n cglpniy es: lnfo ni g`òr tg tnfo prevnto n pukhec cglpniy.

Cnrh Ecnai, #; recaost lni ei Iow Ugrf

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Iotwgrf

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Iotwgrf

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]rnmeteginh gutkguim lnrfoteib stehh wgrfs, kut hoss o`òctevohy. • Spnl èhtors, olneh èhtors, nim Blneh Slnrt Slnrt Eikgx Eikgx lnfo lnfo et hoss hefohy oxocutevos soo uisghecetom olnehs. • Cnhhor EM nim Bggbho Pgeco lnfo et onseor tg èhtor cnhhs. • Ns iotwgrfs kocglo lgro vesekho nim sonrcankho, et kocglos hoss hefohy tant sglogio wag cgitncts ygu wetagut ni eitrgmuctegi es n wgrtawaeho porsgi weta wagl ygu saguhm tnhf.

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Iotwgrf

Ioxt Stops

Sgcenh lomen tocaighgbeos nro porteioit targubagut tao eivosteib cycho. Agw Eivostgrs Nro _seib Sgcenh Lomen Eivosteib Cycho

_so g` Sgcenh Lomen

[neso cnpetnh

• Emoite`y vnhuo-nmmom pgtoitenh eivostgrs & èim n pnta tg taol • Sghecet pnst eivostgrs ei kgta ygur pregr nim cglpnrnkho ùims

Grebeinto eivostloits

• Emoite`y nim ronca gut tg rohovnit pogpho & cglpnieos • Kocglo n lnbiot `gr eivostloit gppgrtuieteos

Muo meheboico

• [oveow prgòsseginh nim porsginh hevos g` lninboloit • ]nhf weta weta èrl―s èrl―s iotwgrf iotwgrf:: custglors custglors,, cglpotetgr cglpotetgrs, s, suppheo suppheors rs

Iobgtento Monh

• Bnei eiseba eisebatt eitg cguitorpnrty cguitorpnrty―s ―s iobgtenteib iobgtenteib styho, styho, lgtevnt lgtevntegis egis

Elprgvo gporntegis

• [ocr [ocrue uett ‘N“ ‘N“ por` por`gr grlo lors rs • Nccohornto snhos nim lnrfoteib

Oxet eivostloit

• Emoite`y nim lgro o`òctevohy iobgtento weta strntobec ncquerors

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Iotwgrf

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Ncrgss kuyors g` nhh sorvecos, giheio tgghs nro eicronseibhy elpgrtnit. Lotagms Kuyors Nro Pory/Sglowant Hefohy tg _so tg Eietenhhy Emoite`y nim Honri Lgro nkgut Trgòsseginh Sorvecos Trgvemors

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Nboimn • Eitrgmuctegi • Grbnieznteginh Structuro • ]rnmeteginh ]rnmeteginh Monh Grebeintegi • Sgcenh Lomen • Sebinhs g` n Tgtoitenh Eivostloit • Brgweib Ugur Cgrpgrnto Iotwgrf • Ioxt Stops

Sebinhs

Iotwgrf

Ioxt Stops

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Iotwgrf

Ioxt Stops

Nttrnctevo eivostloits typecnhhy molgistrnto sglo g` tao nttrekutos nttrekutos kohgw kohgw,, waeca nro vesekho vesekho gr scrnponkho scrnponkho giheio. giheio. Snlpho Brgwta Sebinhs Eimustry [npem brgwta ei eimustry rovoiuos @rnbloitom lnrfot suetnkho `gr ncquesetegi Tor`grlnico [npem brgwta ei rovoiuos nim/gr prgèts Bogbrnpaecnhhy cgicoitrntom Lninboloit Oxporeoicom, prgvoi lninboloit tonl Kuseioss Lgmoh #> gr #; lnrfot sanro ei eimustry, eimustry, gr nt honst pgtoitenh tg ronca tant stntus

Snlpho Hequemety Sebinhs Stntus g` lnjgr oquety gwior Hnrbo cgrpgrntegi saommeib suksemenreos Monta, mesonso nim mevgrco ( tao ]aroo Ms ) ‘

Stntus g` COG Ghmor COG soofeib roteroloit Eimustry/ocgiglec troims Cgisghemntegi ei eimustry

“

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O`òctevo uso g` sgcenh lomen nim gtaor rosonrca tgghs nhhgws ygu tg èhtor `gr cglpnieos wag nro `hnsaeib sebinhs tant taoy nro eitorostom ei ygur cnpetnh.

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Sebinhs `rgl tao Stntus g` Lnjgr Oquety Gwior

• Trevnto oquety èrl ei ioom g` oxet • Cgrpgrntegi ei mestross / soofeib tg mevost nssots • Sagrt-torl tnx eicoitevo • Succossegi knttho • Monta, Monta, Mesons Mesonso, o, Mevgrc Mevgrcoo (‘tao (‘tao ]aroo ]aroo M―s“) M―s“)

Iotwgrf

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Sebinhs `rgl tao COG

• Sorenh oitroproiour soofeib iow canhhoibo • COG kocgleib terom, nbom, nim/gr ncfigwhombeib helets g` aes gr aor cglpotoico • Monta, Mesonso, Mevgrco

Iotwgrf

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Iotwgrf

Sebinhs `rgl Cgrpgrnto Tor`grlnico: [npem brgwta

Ioxt Stops

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Iotwgrf

Sebinhs `rgl Cgrpgrnto Tor`grlnico: _imorpor`grlnico

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Iotwgrf

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Sebinhs `rgl Eimustry/Ocgiglec ]roims ]roims

• Cgisghemntegi • Cglpotetgrs rneseib cnpetnh/oxeteib • Cglpniy ans hnrbo sagrt-torl brgwta gppgrtuieteos waeca et cniigt ronmehy oxphget weta oxesteib cnpetnh rosgurcos • Brgwta Soctgr (o.b., nhtorintevo oiorby) • Einmoqunto nccoss tg cromet es elpomeib nkehety tg èinico igrlnh gporntegis

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Canrnctor Cglpotoico –

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Iulkor

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Mevorsety

@erls typecnhhy `neh tg cnpetnhezo gi taoer eitorinh nim oxtorinh iotwgrfs. @nehuros g` Oxesteib Cgrpgrnto Iotwgrfs

• • • •

Figwhombo igt ronmehy sonrcankho Figwhombo igt rotneiom waoi olphgyoos honvo [ohntegisaeps igt vesekho [ohntegisaeps prelnrehy teom tg cghgcntom pogpho6 pogpho ei gtaor g`ècos cni―t hovornbo tant figwhombo nim tao rohntegisaeps tant uimorhy taol • Lehhoiienhs oxpoct nim olkrnco sgcenh tocaighgbeos, nim nro mesnppgeitom nim hoss prgmuctevo waoi taoy nro lesseib

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Cgrpgrnto Iotwgrf Pnhuntegi @grluhn Ca < Canrnctor Cg < Ugur @erl―s Cglpotoico [ < [ohovnico g` tao cgitnct S < Stroibta g` ygur rohntegisaep E < Ei`grlntegi I < Iulkor g` pog pogpho pho M < Mevorsety

I

< M * ∞ (Cai*Cgi *[i* Si*Ei) i<>

Ioxt Stops –

Mevorsety

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[ohovnico

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Iulkor

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Mevorsety

Ugu ioom tg knhnico Stroibta nim nim Iulkors. Nvornbo Stroibta Stroibta < Leiutos Nvnehnkho / Torsgi Torsgi taoro`gro…

]gtnh Leiutos Nvnehnkho < Nvornbo Stroibta * Iulkor g` Togpho

vs.

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Kegbrnpay ninhyses sg`twnro nhhgws ygu tg sonrca ky cgllgi n`èiety nim lgro o`òctevo suksoquoit gutronca. Honmeib Trgvemors g` Kegbrnpay Ninhyses Mntn • • • • • • •

Kgnrmox Fhgut** Fhgut HeifomEi Snho`grco Mntn.cgl Teph [ohntegisaep Sceoico ZgglEi`g

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Mevorsety

Cgrpgrnto ninhyses sg`twnro prgvemos ni eisemor veow g` tao grb canrt, cglpoisntegi, nim custglor veows g` n cglpniy. cglpniy. Honmeib Trgvemors g` Cgrpgrnto Ninhyses Mntn

• CgbLnp • Bhnssmggr • ]ao@uimom • ]aoG`ècenhKgnrm

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Mevorsety

Cnso stumy: N sot sot g` niboh eivostgrs sgurcom n trnisnctegi nim eivostom $1l ven ni nhulie olneh hest. • • •

Mnieoh Zuleig, `guimor g` KCB Tnres nim niboh eivostgr, anm lnmo n slnhh eivostloit ei n stnrtup Igvolkor >555: Ao soit olneh tg Stni`grm BSK nhulie hest soofeib cnpetnh `gr tao stnrtup Lnrca ;444: [nesom $1l targuba roòrrnh `rgl nhulie, ven taes hest sorveco

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Mevorsety

>4->?% g` tao nctevo PC pgpuhntegi g` >,444 khgb nim twoot. ]gp PC Khgbs, Nvornbo Lgitahy _iequo Peows (=^45)

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Trevnto oquety ùims nro lgsthy uisgpaestecntom ei taoer uso g` tao eitoriot6 LCL Cnpetnh es ni oxcoptegi. LCL Cnpetnh, n LecrgCnp TO @uim ei Chovohnim, GA • ]gghs • ]gghs: wokseto wokseto,, @ncokggf @ncokggf,, HeifomEi HeifomEi,, woofhy khgb, khgb, [SS òom, òom, olneh iowshottor , olneh nrcaevo pnbo, pnbo, olneh olneh sebi sebintu nturo ro • C[L systol (Bghmleio (Bghmleio), ), waeca nutglntecnhhy puhhs ei cgitnct eiquereos `rgl seto • ]nrbot torls `gr sonrca oibeio gptelezntegi: lecrg-cnp prevnto oquety ùim, hovornbo kuygut, Chovohnim knsom prevnto oquety, hgwor lemmho lnrfot, hovornbo kuygut èrl, lninboloit kuygut • Cgst: • Iow wokseto • @gur prgòsseginhs cghhoctevohy spoim >?-;4 agurs / woof gi sgcenh lomen gutronca

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LCL Cnpetnh ans sebieècnithy eicronsom sgurceib ven taoer sgcenh lomen prosoico. LCL Cnpetnh Cnpetnh Sgcenh Sgcenh Lomen [osuhts [osuhts (Juhy (Juhy - Gctgk Gctgkor or ;4>4) ;4>4) • ]rn`èc • Gvornhh trn`èc eicronsom >=% gi nvornbo onca lgita • [oòrrnh trn`èc (trn`èc cgleib `rgl gtaor woksetos eichumeib khgb, HeifomEi, @ncokggf, nim olneh iowshottor) eicronsom >>5% gvor tao qunrtor • Pesetgr's nvornbo telo gi seto ans mgukhom `rgl >:3; leiutos tg 3:4? leiutos • Monhs • Monh `hgw eicronsom ky >?4% ei tgtnh gvor tao qunrtor, nhtaguba taes cniigt ko sghohy nttrekutom tg sgcenh lomen. • Eivostgrs • ]wg eiqueros `rgl HT's, vs. n knso g` zorg

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[ohovnico

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Mevorsety

Aonhtapgeit Cnpetnh es n luca hnrbor ùim eivosteib sebieècnit rosgurcos eitg taoer sgcenh lomen prosoico. Aonhtapgeit Cnpetnh Khgb, n [nro Trevnto Oquety Khgb • $2?4l ùim `gcusom gi tao luscuhgsfohotnh soctgr ” spoceècnhhy grtagpomecs nim moitnh • Soim woofhy olneh tg >=,444 pogpho • Tukhesa n slnhh porcoitnbo g` cgitoit tant taoer ?-porsgi rosonrca tonl boiorntos • Nboimn: lnfo gur wokseto eitg tao vertunh Sehecgi Pnhhoy `gr gur eimustry.

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[ohovnico

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Mevorsety

Kost Trnctecos ei PC Khgbbeib (wrettoi aulgrgushy, aulgrgushy, kut stehh bggm nmveco) Ae, E―l n toca PC gi ]wettor (ky [gk Bg, IoxtPeow Poituros) Ae, E―l n toca PC gi ]wettor. E―l Dxyzvc D xyzvc Ly ecgi es cggh. Et―s n pneiteib/cnrtggi/wncfy pneiteib/cnrtggi/wncfy pagtg. Sagws tant E―l aep nim npprgncankho. Kut waoi E loot weta ygu, E―hh stehh crusa ygur mronls. E twoot nkgut tocaighgby, tocaighgby, kut gccnseginhhy pgst porsginh stu``. stu``. Elpgrtnit tg sagw E anvo n soisetevo semo nim cnro nkgut lgro tani just lnfeib tgis g` mguba. E uso # tnbs, sglotelos ns n ùiiy `grl g` olpanses. olpanses. Feim g` hefo n weif nim n sleho 6) #mgittnfotaespgsttggsoregushy #mgittnfotaespgsttggsoregushy E hgvo ]wettor ]wettor kocnuso E cni krgnmcnst ly ly khgb pgsts. Gtaorweso, ig gio wguhm ronm ronm taol! taol! E khgb nt xyzvc.cgl! E twoot twoot khgb pgsts weta weta nmveco gi ùimrneseib, custglor ncquesetegi, nim cglpniy kuehmeib. _sunhhy, _sunhhy, sglogio sglogio ronhhy ronhhy slnrt ans snem et ko`gro nim snem et kottor. kottor. Kut E anvoi―t kooi ei Ancfor Iows `gr n waeho, sg E èburom taoro es ig anrl roeivoiteib tao waooh. [otwootei [otwooteibb es ùi. ùi. Et―s hefo n vertunh aeba-èvo. aeba-èvo. E rotwoot tao pgsts g` ly pnrtiors, cgeivostgrs, cgeivostgrs , nim oitroproiours E―vo kncfom. Ga, E nhsg rotwoot rotwoot pgsts `rgl buys wagso kutts E―l curroithy fesseib sg tant taoy wehh hefo lo. E ronhhy agpo D`romwehsgi rotwoots taes… E―m bot sg lniy iow `ghhgwors! Ly pgrt`gheg cglpnieos nro tao kost. E wehh sanro sg luca g` taoer bggm iows weta ygu et wehh lnfo ygu wnit tg ui`ghhgw lo (uihoss ygu nro n cg-eivostgr, ei waeca cnso ygu wehh prgknkhy [] nim nmm n #) E` n pgrt`gheg cglpniy es mgeib knm, ig ]wettor hgvo. Et―s hefo bgeib tg Mesioywgrhm nim tryeib tg èim Aorcuhos gr Luhni. Et―s hefo taoy iovor oxestom. E nhsg twoot nkgut tao cggh phncos E―vo kooi (ven @gursqunro nim Bgwnhhn Bgwnhhn), ), taeibs E kuy (ven Swepohy nim Kheppy Kheppy), ), nim tao cggh phncos E―l bgeib tg bg (ven Thnicnst Thnicnst). ). Rgw, Rgw, tant―s n hgt g` twooteib! ]ant―s way E nhsg twoot nkgut agw kusy E―vo kooi nim agw hettho E―vo shopt. Et―s n tguba heò. @uhh meschgsuro, E―vo kooi n toca PC nim E―vo mgio lgst g` taoso taeibs.

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[ohovnico

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Mevorsety

Ro rocglloim sonrca oibeio gptelezeib kgta ygur èrl seto nim tao eitoriot prosoico g` tao eimevemunhs wag wgrf taoro. Sonrca Oibeio Gptelezntegi >4> • Scni tnrbots― tnrbots― setos tg uimorstnim tao hnibunbo tant taoy uso waoi sonrcaeib. • _so foywgrms Eicgisestoithy. • Inlo want ygu― ygu ―ro sohheib. • Gptelezo tgp g` tao pnbo. • Nccurncy lnttors. • attps://nmwgrms.bggbho.cgl/sohoct/Foywgrm]gghOxtorinh

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]rnmetegi Canrnctor

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Cglpotoico [ohovnico –

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Stroibta

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Iotwgrf Ei`grlntegi

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Iulkor

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Mevorsety

[ohntegisaep cnpetnh lninboloit sg`twnro aohps hovor cgrpgrnto iotwgrfs. Aukknrm Gio CgitnctIot Scrooisagt Sonrca `gr pogpho, cglpnieos, eimustreos Soo waeca cghhonbuos anvo kost rohntegisaeps tg tnrbot

[ohntegisaeps rnifom ky Stroibta

Nutglntecnhhy mescgvorom `rgl pnssevo sgurcos

Olneh trn`èc pnttoris, nmmross kggfs, kehheib systols, olphgyloit aestgry, otc.

Trevncy Nccoss Hnyor cgièburom `gr èrl― èrl―s cuhturo

Oxnlphos: Aukknrm Gio CgitnctIot, Hovornbo Sg`twnro

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]rnmetegi Canrnctor

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Cglpotoico [ohovnico –

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Iulkor

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Mevorsety

Cnso Stumy: Hgwor lem-lnrfot TO ùim sgurcom ni eimustrenh monh ven ni giheio jgk kgnrm. • Anlehtgi [gkeisgi HHC, TO ùim6 eivostom ei =4 cglpnieos wgrta gvor $>k culuhntevohy • Juhy: Lnrf [esor (Mnrmoi >55=) phncom roquost ei Mnrmoi Nhulie wokseto igteib Anlehtgi [gkeisgi―s mosero tg èim C-hovoh C-hovoh lninbors tg kncf ei lninboloit kuyguts • [esor― [esor―ss chnss chnssln lnto to `gr `grwn wnrm rmom om nm nm tg Lnrf Tgigzzg, Trosemoit, Khncf Chnwsgi Cgivorteib Lncaeiory, Lncaeiory, $3?l èrl • Lny g` ioxt yonr: chgsom lblt. kuygut g` Khncf Chnwsgi

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi


–

Sebinhs

[ohovnico Stroibta –

–

Iotwgrf Ei`grlntegi

–

Iulkor

_seib luhtepho lomen caniiohs prglgtos strgibor trustkuehmeib. Lnjgr Lomen Caniiohs `gr Grebeintegi (moscoimeib grmor g` elpgrtnico)

• • • • • • •

Tagio Olneh Rok cgiòroiceib Eistnit lossnbeib Eitoriot tohopagiy (o.b., Sfypo) SLS ]wettor

Ioxt Stops –

Mevorsety

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi Canrnctor

–

Cglpotoico

–

[ohovnico

Sebinhs –

Iotwgrf

Stroibta Ei`grlntegi –

–

Ioxt Stops

Iulkor

–

Mevorsety

30% g` TO @uims nro useib Lecrgsg`t npphecntegis `gr C[L waeca nro igt mosebiom `gr C[L (prelnrehy Oxcoh nim Guthggf). C[L Npphecntegis _som ky Trevnto Oquety @uims

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi Canrnctor

–

Cglpotoico

–

[ohovnico

Sebinhs –

Iotwgrf


–

Ioxt Stops

Iulkor

–

Mevorsety

N C[L systol es usohoss wetagut cglphenico. Agw tg Oisuro _so g` C[L • Soiegr lninboloit rgho lgmoheib. • Oisuro C[L boiorntos meroct vnhuo tg usors , o.b., ky prgvemeib niiunh upmnteib g` ei`grlntegi ky nmlei stn``. • Knso pnrt g` cglpoisntegi gi cglphenico. • ]eo cglpoisntegi tg èrl por`grlnico, igt eimevemunh por`grlnico. • Lnfo mntn oitry onsy , o.b., ky oinkheib syic tg lgkeho movecos. • Nhhgw onsy mntn oxpgrt (cgitrgvorsenh kut igt uiaonrm g`.)

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi Canrnctor

–

Cglpotoico

–

[ohovnico

Sebinhs –

Iotwgrf


–

Ioxt Stops

Iulkor

–

Mevorsety

Rohh lninbom pepoheios nhhgw `gr uso g` n wemo rnibo g` ninhytecs tg trncf monh`hgw. Sohoctom Monh`hgw Ninhytecs • Nctevety Lonsuros : # Tagio cnhhs lnmo6 # Tagio cgiiocts weta lninboloit/kgnrm lolkors6 # Looteibs6 # Monhs krgubat tg Lgimny lgrieib looteib6 # Lolgs weta npprgvom kumbot `gr muo meheboico6 # Eimecntegis g` Eitorost6 # Hottors g` Eitoit soit6 #Hottors g` Eitoit sebiom6 # chgsom trnisnctegis • Monh `hgw ky sgurco • Tepoheio ninhytecs: Cgivorsegi rntegs (`rgl onca stnbo g` tao pepoheio tg tao ioxt)6 Trgpreotnry vs. igi-prgpreotnry monhs6 [ospgiso telo • Eimustry koicalnrfeib lonsuros : Torcoitnbo g` monhs sooi cglphotom ky niy èrl6 % g` nhh monhs cgisullntom ncrgss tao eimustry tant ùim wguhm anvo cgisemorom waeca tao ùim snw

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi Canrnctor

–

Cglpotoico

–

[ohovnico

Sebinhs –

Iotwgrf


–

Ioxt Stops

Iulkor

–

Mevorsety

O`òctevo grebeintgrs nro mntn aguims ]gghs `gr Nsselehnteib Mntn eitg Ugur Cgitnct [ohntegisaep Lninboloit (C[L) Systol Mntn sgurco

Sohoctom tocaighgby `gr eisorteib mntn eitg C[L

Cnrms

@uhhCgitnct

Mntn Oirecaloit

Nvoitegi, ChonrKet Nvoitegi, ChonrKet,, Chgzo Chgzo,, Mntn.cgl Mntn.cgl,, Mescgvor.hy Mescgvor.hy,, Ovorcgitnct,, Eitrgaevo Ovorcgitnct Eitrgaevo,, HonmE^ HonmE^,, Thnxg Thnxg,, [eibhonm [eibhonm,, Snhostgghs.eg,, SnhosGps Snhostgghs.eg SnhosGps,, PekoNpp PekoNpp,, MescgvorGrb HeifomEi Lecrgsg`t Myinlecs, Myinlecs, Snhos`grco Snhos`grco,, Snhos`grcoE^ Snhos`grcoE^,, Nct Nct,, Knso Knso,, lniy gtaors

Gtaor @uhh C[L

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi


–

Sebinhs

[ohovnico

–

Stroibta

–

Iotwgrf

Ei`grlntegi Iulkor Mevorsety –

TO ùims saguhm uso crontevo wnys tg lneitnei gibgeib vesekehety nim rohntegisaeps, o.b., `nitnsy `ggtknhh.

•

Cnso stumy: ]aglpsgi Stroot Cnpetnh Tnrtiors usos ni giheio `ggtknhh pggh tg foop ei `rgit g` nhlgst >,444 monh sgurco sgurcors rs nt n cgst cgst g` g` $;,444/yonr.

Ioxt Stops –

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi


–

Sebinhs

[ohovnico

–

Stroibta

–

Iotwgrf

Ioxt Stops


–

Soiegr oxocutevos proòr tg eitornct giheio koaeim knrreors tg hgwor-hovoh porsgiioh, just ns taoy mg wetaei trnmeteginh iotwgrfs. Snlpho Bntom Cglluieteos `gr Oxocutevos

• EO[B Giheio • Oxocutevo @grul • Sorlg • Sglo HeifomEi brgups

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi


–

Sebinhs

[ohovnico

–

Stroibta

–

Iotwgrf

Ioxt Stops


–

Eivostgrs cni nhsg cgiioct weta gio nigtaor ven giheio bntom cglluieteos. Snlpho Bntom Cglluieteos `gr Eivostgrs Niboh Brgup Thnt`grls

Niboh Cglluieteos

Cgisulor Hgnis

Trevnto Oquety Tukhec

Bust

NibohHest

HoimeibChuk

Nssgcentegi `gr Cgrpgrnto Brgwta

Nhkgurio Pehhnbo

Trgsoomor

Cercho_p

Trgspor

Nxenh

@] Nhpanvehho Hgib [ggl

@uimorsChuk

Eitrnheifs Monh Ioxus

Sul Zorg

GurCrgwm

LorborLnrfot

Pnhuo Eivostgrs Eivost grs Chuk

SoomEivost

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Nboimn • Eitrgmuctegi • Grbnieznteginh Structuro • ]rnmeteginh ]rnmeteginh Monh Grebeintegi • Sgcenh Lomen • Sebinhs g` n Tgtoitenh Eivostloit • Brgweib Ugur Cgrpgrnto Iotwgrf • Ioxt Stops

Sebinhs

Iotwgrf

Ioxt Stops

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

Sgcenh lomen es n kottor phnt`grl `gr stnrteib nim rosonrcaeib trnisnctegis. Lgveib Monhs @grwnrm @nco-tg-@nco vs. Giheio Tnrnlotors Canrnctor Cglpotoico [ohovnico Stroibta Ei`grlntegi Iulkor Mevorsety

@nco-tg-@nco Jumbo ky n animsanfo Torsginh rosgurcos Sole-rnimgl Heletom caniiohs Tggr vesekehety Slnhh [ostrectom ky telo, spnco

Sgcenh Lomen SOC èheibs Oitorpreso rosgurcos @gcusom, sonrcankho Luhte-lomen Motnehom, curroit mntn Hnrbo Crgssos telo & spnco

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

]oi Selph Selphoo Stops tg Elprgvo Elprgvo Ugur Ugur Monh Grebeinteg Grebeintegi i >. Ninhyzo ygur iotwgrf useib tao Sovoi Foys. ;. _so Lnrfot Lnppeib tg movohgp moop, prgpreotnry eisebats ei tnrbot eimustry soctgrs. 3. Lgietgr tnrbot ocgsystol `gr cychecnh gppgrtuieteos nim structurnh sae`ts. =. Nhebi eitorinh eitorosts , o.b. prgvemo por`grlnico-knsom cglpoisntegi teom tg grebeintegi lotrecs. ?. Mevemo nim cgiquor. c giquor. Nssebi rospgisekehety `gr foy rohntegisaeps. @gcus tonl ky soctgrs/stnbos/structuros. Cgisemor momecntom grebeintegi prgòsseginhs. 0. Coitrnhezo mntn nim kocglo ni Ei`grlntegi spgibo. Eistnhh n C[L systol. [ocgrm olnehs, pagio iulkors, tao igtos ygu tnfo ei looteibs, nim ovorytaeib ohso ygu cni nkgut tao pogpho ygu figw. 2. Movohgp n iotwgrf weta heletom gvorhnp. @gcus gi kuehmeib rohntegisaeps weta pogpho wag mg igt figw tgg lniy g` ygur cglpotetgrs, gr figw tgg lniy g` gio nigtaor. 1. ]nfo ]nfo cgitrgh g` g ` ygur vertunh prosoico . Lnfo suro tant waoi pogpho hggf `gr ygu giheio, waeca taoy wehh, ygur elnbo es kgta nccurnto nim `hnttoreib. Foop ygur prgèho upmntom.

5. Jgei tao ei-porsgi nim vertunh cglluieteos waoro ygur tnrbot lnrfot hevos . Gico ygu anvo jgeiom gio brgup, nsf tao lolkors waoro ohso taoy cgiioct weta hefo-leimom pogpho. >4. ]nfo n honmorsaep rgho. Lnrfot ygursoh` ns tao bg-tg cg-eivostgr `gr tnrbot soctgrs nim bogbrnpaeos ky movohgpeib prgpreotnry eisebats, n moop iotwgrf g` foy pnrtiors nim tnhoit, nim gtaor nssots. Sohh vnhuo nmm tg oitroproiours nim foy ‘poor“ èrls nim nctevohy mrevo syimecnto crontegi. Rreto n khgb tg cgvor ygur mglnei, nim poranps cronto n vertunh cglluiety nrguim ygur uiequo eitorosts.

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Niy quostegis 7 shemos nt totoi.cgl/monhs Sebi up `gr tao lneheib hest nt totoi.cgl Dmtotoi

Ioxt Stops

Eitrg

Nppoimecos

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

Tnst numeoicos `gr taes prosoitntegi eichumo eivostgr cgiòroicos, prevnto oquety ùims, nim eivostloit knifs. • • • • • • • • • • • • • •

Nssgcentegi `gr Cgrpgrnto Brgwta (NCB) Eitorbrgwta, nim Cnpetnh Cgiioctegi Cgiioctegi Caecnbg Nhhenico g` Lorbor & Ncquesetegi Nmvesgrs C@N Sgceoty g` Hgs Nibohos Cghulken Kuseioss Scaggh Nhulie Chuk g` Iow Ugrf Ugrf Anrvnrm Kuseioss Scaggh Chuk g` Hgimgi Anrvnrm Kuseioss Scaggh Nssgcentegi g` Sgutaori Cnhe`grien Fnu``lni @ohhgws prgbrnl pnrtecepnits IU_ Stori Trevnto Oquety nim Poituro Cnpetnh Cgiòroico Ranrtgi Nhulie Chuk g` Igrtaori Cnhe`grien Unho Chuk g` Seibnpgro Seibnpgro Poituro Cnpetnh nim Trevnto Oquety Nssgcentegi C@N Seibnpgro Rgloi Rgloi―s ―s Nssgcen Nssgcenteg tegii g` Poit Poituro uro & Oquety Oquety Honmeib eivostloit knifs, prevnto oquety ùims, voituro cnpetnhest ùims, nim aombo ùims

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

]ao lomeni TO/PC ùim uimorpor`grls pukhec lnrfots, kut tao tgp qunrteho cgisestoithy gutpor`grls. Nssot Chnss [oturis ky ûnrteho (;4 yonrs oimeib Sop. ;44?) ;4% >?%

Spronm kotwooi >st & 3rm ûnrteho roturi Lomeni [oturi

>4% ?%

5% 0%

?% 3%

4% -?% ->4%

_S @exom Eicglo

_S Tukhec Oquety

_S Trevnto Oquety

_S Poituro Cnpetnh

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

]ao vnst lnjgrety g` cglpnieos nim tgtnh L&N trnisnctegis ei tao _.S. nro ei tao lemmho lnrfot. Lemmho lnrfot L&N vghulo es stnkho, waeho tao iulkor g` hnrbo L&N monhs `huctuntos `rgl yonr y onr tg yonr. _.S. Trevnto Cglpniy _ievorso I. Nlorecni Cglpnieos 9$;?L [ovoiuo 2?,1?3

05,131

Gvor $?44L

Tukhec

_.S. L&N Pghulo ky ]rnisnctegi Sezo ?,444 =,2;5

=,444

o u

=,>3? 3%

=,3?0 3%

=,2;;

?%

0%

5%

5%

=,1=4 1%

=,1?1 >4%

=,1=4 ?% 5%

>>%

2%

>3%

2%

i v

o hs

[ M

o

Gvor $2?4L ]OP $;?42?4L

n

o h n u

N

i

L

3,444 &

i N m o

k

y eo

s

$;?$?44L

_imor $;?4L c

Trevnto i u g i

i

;,444 i

n p N

54% `

l

15%

12%

1?%

1>%

;44?

;440

10% 21%

g

g .

C g

` I

g #

>,444

4

I. Nlorecni Cglpnieos

Lemmho Lnrfot Swoot Spgt

;44;

;443

;44=

;442

;441

Eitrg

Grb Canrt

Sgcenh Lomen

]rnmetegi

Sebinhs

Iotwgrf

Ioxt Stops

Lemmho lnrfot monhs (uimor $;?4l ]gtnh Oitorpreso Pnhuo Pnhuo (]OP)) nccguit `gr gvor 54% g` nhh _.S. prevnto oquety trnisnctegis, kut gihy ;434% g` tgtnh trnisnctegi vnhuo.

_.S. Lemmho Lnrfot vs. Hnrbo Cnp Monh Nctevety Iulkor g` _.S. _.S. Trevnto Trevnto Oquety Oquety Monhs Monhs ky ]rnisn ]rnisnctegi ctegi Sezo

3,444

Gvor $;?4L ]OP

Pnhuo Pnhuo g` _.S. Trevnt Trevntoo Oquety Oquety Monhs Monhs ky ]rnisnc ]rnisnctegi tegi Sezo Sezo

$044K

_imor $;?4 ]OP

hs

n ;,444 o M

>,251

m

>,024 o c i

u >,?44 g

>,3=4

i i

>,==4 54%

>,400 g

5>%

# >,444 5;% 5?%

?44

53%

5;%

52%

) s r n K ( s =44 h n o M m o c i u g i i N ` ;44 g o u h n P

$;10.;K

•

53%

$>1>.5K $>?=.2K

10%

$>>4.0K $14.=K $30.5K

05%

1?%

21% 2>%

0=%

4

;44;

;443

;44=

;44?

;440

;442

;441

4

;44;

;443

>?F

$?=4.?K

MJEN (rebat nxes) ;,;31

`

•

_imor $;?4 ]OP

;,0;2

;,?44

N

Gvor $;?4L ]OP

;44=

;44?

;440

;442

;441

) o i e H ( o b n r o v N h n e >4F r t s u m i E s o i g J w g M

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

]ao iulkor g` prevnto oquety èrls ei tao _.S. ans lgro tani mgukhom seico ;44=. Iulkor g` Nctevo _.S. Trevnto Oquety @uims ;,444

>,240 51 s lr e

>,=0?

>,?44 @

CNB[: ;3%

>5>

1=

yt e

>,;;= u q

>?1

;2?

24

O ot

513

>,444 n ve r

?0

T

2=; S.

?5

. _

=;

5; >=5

>;?

;33

>5>

>42

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;44=

010

;44?

131

;440

554

>,>=; Gvor $;K $>-;K $?44LL->K _imor $?44LL

;442

;441

_.S. prevnto oquety (ospocenhhy lemmho lnrfot nim slnhh cnp prevnto oquety) es `rnbloitom nim aebahy cglpotetevo

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

Trgpreotnry monh grebeintegi es cretecnh `gr TO ùims. Eicronso ei prgòsseginhezntegi nim iulkor g` sohh-semo nmvesgrs +

Lgro sgpaestecntom sohhors (eichumeib lniy ùims) +

Cglpotetegi nlgib prevnto oquety ùims +

Gpnquo lnrfot

Lgro Nuctegis  Reiior―s Curso  Cglpoteib `gr tao Hgwost [oturi

Eitrg

Grb Canrt

]rnmetegi

Sgcenh Lomen

Sebinhs

Iotwgrf

Ioxt Stops

Meschnelor ]aes prosoitntegi es uimor Crontevo Cgllgis hecoiso: Nttrekutegi-IgiCgllo hecoiso: Nttrekutegi-IgiCgllorcenh-SanroNhefo rcenh-SanroNhefo 3.4 _ietom Stntos (CC KU-IC-SN 3.4 _S). _S). N roprosoitntevo roprosoitntevo g` n èrl èrl (‘@erl“) es prgvemeib taes prosoitntegi `gr ei`grlnteginh purpgsos tg tao eitoimom eitoimom numeoico. Igtaeib ei taes prosoitntegi sanhh cgistetuto ni g`òr gr sghecetntegi weta rospoct tg tao purcanso gr snho g` niy socurety ei niy juresmectegi igr saguhm niytaeib ei taes prosoitntegi `grl tao knses g`, gr ko roheom upgi `gr, `gr, lnfeib niy eivostloit mocesegi. Igtaeib ei taes prosoitntegi cgistetutos prgòsseginh nim/gr èinicenh nmveco g` niy feim (eichumeib kuseioss, olphgyloit, eivostloit nmvesgry, nmvesgry, nccguiteib, tnx, nim/gr hobnh nmveco), igr mgos niy ei`grlntegi ei taes prosoitntegi cgistetuto n cglproaoisevo gr cglphoto stntoloit g` tao lnttors mescussom gr tao hnw rohnteib taorotg. ]aes prosoitntegi nim tao ei`grlntegi cgitneiom aoroei nro prgvemom ‘NS ES“. ]ao @erl nim tao prosoitor lnfo ig roprosoitntegi gr wnrrnity (oxpross gr elpheom) weta rospoct tg tao ei`grlntegi cgitneiom aoroei (eichumeib, wetagut heletntegi, ei`grlntegi gktneiom gktneiom `rgl taerm pnrteos) nim oxprosshy meschnels niy henkehety knsom gi gr rohnteib tg tao ei`grlntegi cgitneiom ei, gr orrgrs gr glessegis `rgl, taoso lntorenhs6 gr knsom gi gr rohnteib tg tao rocepeoit―s uso (gr tao uso ky niy g` ets n`èhentos gr roprosoitntevos gr niy gtaor porsgi) g` taoso lntorenhs6 gr knsom gi niy gtaor wrettoi gr grnh cglluiecntegis trnislettom trnislettom tg tao rocepeoit gr niy g` ets n`èhentos gr roprosoitntevos. roprosoitntevos. ]ao @erl nim tao prosoitor uimortnfo ig muty gr gkhebntegi tg upmnto gr roveso tao ei`grlntegi cgitneiom ei taes prosoitntegi. ]ao gpeiegis prosoitom aoroei nro tagso g` tao sponfor nim mg igt roprosoit tao pgsetegis, strntobeos gr gpeiegis g` tao @erl gr g` niy cgrpgrntegi gr grbniezntegi weta waeca tao sponfor es nssgcentom.

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