mr. paul zofnass 2014 ebcne presentation

8/10/2019 Mr. Paul Zofnass 2014 EBCNE Presentation

http://slidepdf.com/reader/full/mr-paul-zofnass-2014-ebcne-presentation 1/33

Bmlbdmlbts arfg CAIL”s 05>8 (03tb Noound)

ICF Ifoacrcoic afr Colmoccrmol/IfosudtmolFitf`cr >3 ’ ><, 05>8

Urcpnrch afr C@IOC (Ofv >=, 05>8)

`y Unud [faonss, Urcsmhcot, CAIL pzfaonssEcail.ifg

Ifgpmdch `y CAIL: \c`; www.cail.ifg

>2 C 82tb Ytrcct, Ocw ]frj, O] >55>< (0>0) <30-0059

>



0

> N@@ Covmrfogcotnd* 0< Buotmolhfo Nondytmind

0 Nmr & \ntc r* 02 Byhrf-Ycnrib9 Ndtcrontmvc \nys 0= MIA-Jnmscr

8 NXCI 95 Kngc s G. Gfotlfgcry (G\B)

3 @IG* 9> Kfocs & Ocu sc

1 @rfwo & Indhwcdd 90 Jnsc dnno & H'Nolcdf*

< @uibnrt Bfro* 99 Jmd dng Nssfimntcs*

2 Indficrmofs & Ypmon 98 Dnolno Covmrfogcotnd

= IB0G Bmdd * 93 Dnw Colmoccrmol

>5 Ibcstcr Covmrfogc otnd 91 Dfums @crlcr Lrfup*

>> Hngcs & Gffrc 9< D. Pf`crt Jmg`ndd

>0 Hnvmh Qfdjcrt 92 Gndifdg Umromc *

>9 Hcdtn Covmrfogcotnd 9= Gctinda & Chhy*

>8 Hfofbuc Colmoccrs 85 Gmibncd @njcr

>3 Hyongni 8> OSY>1 Colmoccrmol-Yimcoic 80 Ufst & @uijd cy (U@YK)

>< COYP Ifrp.* 89 Pnhmno*

>2 Xbc CPG Lrfup 88 PCIPN

>= CPG - Ocw Coldnoh* 83 PGX

05 Adfur Hnomcd 81 Pfy A. \c stfo*

0> Afstcr \bccdc r Covmrf 8< YIY00 Arccsc noh Omibfds 82 YCN*

09 Lcrnlbty & Gmd dc r 8= YXQ*

08 L[N* 35 XNGY

03 B0G 3> \nrzyo

01 Bnrzn Covmrfogc otnd 30 \ffhwnrh-Idyhc

>st Noound C/I ICF Ifoa. (>==5)

Fody >1 fa 30 stmdd survmvc (Lrcco 7 Yurvmvmol: Pch 7 Of Dfolcr Bcrc)*Nitmvc mo Ocw Coldnoh



Unrtmimpnots mo tbc 05>8 CAIL ICF YurvcyLrfss Pcvs.*

Pcvs # fa ($@md)

($GG) Amrgs 05>8

? > @md 95 <=

035-> @md 0= >9

>55-035 9< 1

35->55 91 0

03-35 98 >

4 03 82 >

Xftnd 0>8 $>50

*Urmgnrmdy Covmrfogcotnd, Xrnospfrtntmfo, \ntcr/wnstcwntcr, Cocrly, Ufwcr noh

Moarnstruiturc Colmoccrmol / Ifosudtmol ("c/i") Pcvcoucs. Afr tbc dnrlcst amrgs wc usc gfstdy

tbcmr colmoccrmol/ifosudtmol rcvcoucs fody, `ut sfgc gmomgnd ifostruitmfo noh CUI .

9

Pcprcscots Npprfxmgntcdy 25% fa COP Xfp 35



Ibnolmol Ifgpfsmtmfo fa Mohustry @y Ymzc>==3 0555 0553 05>5 05>8

# fa Amrgs

? > @md 9 < >9 >2 95

035-> @md >8 05 09 0= 0=

>55-035 09 09 08 91 9<35->55 >= 01 91 92 91

03-35 08 9> 90 92 98

403 << 11 3= 3> 82

Xftnd >15 ><9 >2< 0>5 0>8

Pcvcoucs ($ @mddmfos)

? > @md 9 = 08 32 <=

035-> @md 3 = >> >3 >9

>55-035 8 8 8 1 1

35->55 0 0 9 9 0

03-35 > > > > >

4 03 > > > > >

Xftnd >8 01 89 29 >50

% fa Xftnd Pcvcoucs? > @md 0>% 93% 33% <5% <2%

035-> @md 98% 93% 01% >2% >9%

>55-035 08% >3% 2% <% 1%

35->55 >>% =% <% 9% 0%

03-35 3% 8% 0% 0% >%

4 03 3% 9% 0% >% 5%

Xftnd >55% >55% >55% >55% >55%

8Xbc Ifosfdmhntmfo Ifotmoucs



05>9 05>8 05>3

Motcrond Lrfwtb

05>9 Yurvcy 3.5% Cs t <.5% Urfk

05>8 Yurvcy 8.0% Nit 3.5% Cs t 1.5% Urfk

@nijdfl Ibnolc (vs. XXG) =.5%

Urfamtn`mdmty (C@M@X/Oct Pcvs)

05>9 Yurvcy >>.0% Cs t >>.2% Urfk

05>8 Yurvcy >>.3% Nit >>.>% Cs t >0.8% Urfk

Yurvcy Yuggnry

Fvcrndd Ucrafrgnoic & Futdffj 05>9-05>3(Gchmnos)

3

• 05>8 rcvcouc lrfwtb & prfamts `cdfw prfkcitmfos

Fptmgmsg6 Pcndmsg6

Hcdny6

dfwcr bmlbcr dfwcr



9.5%

3.2%

<.5%

>5.5%

>>.5%

=.5%

1.5%

3.5%

<.2%

>>.5%

>0.=%

>>.5%

=.5%

5.5%

9.>%

3.5%

1.5%

8.0%

3.5%

1.5%

5%

0%

8%

1%

2%

>5%

>0%

>8%

8% - 1%

Motcrond Lrfwtb Bmstfrmind Ucrspcitmvc

(Gchmnos)

1

•Nrc tbc hnys fa >5% motcrond lrfwtb lfoc6

•Nrc wc ofw n 8%-1% lrfwtb mohustry6•Ms tbms n vfdntmdc mohustry6

05-yr nvl. 7 1.=%



<

C/I Gchmno Amrg vs. LHU”s(Ofgmond Lrfwtb Pntcs)

SY & \frdh LHU lrfwtb hntn sfuric; MGA

05-yrNvls.

C/I; 1.=%

C/I Gchmno

SY LHU

\frdh LHU

\frdh; 3.0%

SY; 8.3%

•C/I gchmno futpcrafrgs SY LHU `y 35% nvl. (>1 fa 05 yrs)& \frdh LHU `y 99% nvl. (>8 fa 05 yrs)



Urfamtn`mdmty

Bmstfrmind UcrspcitmvcGchmno C@M@X/Oct Pcvcoucs*

•\bnt ms inusmol tbc anmrdy ifosmstcot mgprfvcgcot fvcr 05 ycnrs6

•Moircnsmol `usmocss sfpbmstmintmfo & gctrmis nvnmdn`dc6 (7 Onturnd Ycdcitmfo6)

2*C@M@X 7 Cnromols @cafrc Motcrcst, @fouscs noh Xnx: Oct Pcvcoucs 7 Lrfss Pcvcoucs dcss pnss-tbrus

1.3%

<.2%

2.3%

=.9%

=.1%=.=%

2.2%

=.8%=.3%

>5.3%

>>.8%

>0.5%

>>.9%

>5.8%>5.1%

>>.5%>>.0%

>>.3%

>>.>%

>0.8%

1%

<%

2%

=%

>5%

>>%

>0%

>9%



Ucrafrgnoic @y Ymzc(%)

9-]cnr 9-]cnr @y Pcv Ymzc (# fa amrgs) 05>9 05>8C 05>3U Nvl. 05>9 05>8C 05>3U Nvl.

? > @md (95) 5.9 >.5 8.5 >.2 =.= =.8 >5.8 =.=

035 G - > @md (0=) 9.< 8.8 3.5 8.8 =.< <.= >5.8 =.9

>55 G - 035 G (9<) 3.3 <.2 2.5 <.> >>.2 >>.0 >>.2 >>.1

35 G - >55 G (91) 8.5 3.< 1.5 3.0 >0.0 >>.9 >>.2 >>.2

03 G - 35 G (98) <.1 3.9 <.8 1.2 >0.< >>.3 >9.9 >0.3

4 03 G (82) =.> <.5 >5.5 2.< >9.0 >9.1 >1.> >8.9

Motcrond Lrfwtb Urfamtn`mdmty (C@M@X/Oct Pcvs)

•Ygnddcr amrgs bnvc bmlbcr motcrond lrfwtb noh dnrlcr gnrlmos; \by6

•Dnrlcr amrgs bnvc dfwcr motcrond lrfwtb noh sgnddcr gnrlmos; \by6

•Yf wby lct `mllcr6>>



Ucrafrgnoic @y Fwocrsbmp(%)

Fwocrsbmp (# fa Amrgs) 05>9 05>8C 05>3U 9-yr Nvl 05>9 05>8C 05>3U 9-yr Nvl

Cgpdfycc (>23) 3.0 3.< 1.1 3.2 >0.5 >>.< >0.1 >0.>

CYFU (3>) 8.5 3.5 3.2 8.= >5.8 =.9 >5.< >5.>

Ofo-CYFU (>98) 1.5 1.8 <.2 1.< >0.2 >0.< >8.9 >9.9

Uu`dmi (0=) 5.5 0.5 3.5 0.9 2.< =.8 >5.= =.<

U.C. (>8) 1.5 8.< >5.5 1.= >8.5 >0.= >9.5 >9.9

Motcrond Lrfwtb Urfamtn`mdmty (C@M@X/Oct Pc vs )

•Oftc tbc hmaacrcoics. \by6

•CYFU”s lrfwmol sdfwcr & dcss prfamtn`dc tbno Ofo-CYFU”s. \by6

>9



Bft & Ifdh Nondysms(`y # fa Qftcs) (sfrtch `y 05>8 —Oct Ufsmtmvc‗)

05>8

Oct

Yurvcy ]cnr; '>8 '>8 Ufsmtmvc

Cocrly 22 -8 28

\ntcr/\\ 93 -2 0<

Ufwcr 09 -> 00Xrnospfrt/Moarnstruiturc 9< -0> >1

Bcndtbinrc/Ubnrgnicutmind >5 -> =

Covmrfogcotnd 09 ->1 <

Urmvntc Iustfgcr 1 -> 3

Mohustrmnd/Ifggcrimnd Hcvcdfpgcot 1 -> 3

Nmr 8 5 8U9 8 5 8

Hcsmlo/@umdh 0 5 0

IG / UG 0 5 0

Ifostruitmfo 9 -0 >

Motcrontmfond 3 -3 5

Yustnmon`mdmty 5 -> ->Pcgchmntmfo 9 -8 ->

Ont. Pcsfurics/Gmomol 3 ->5 -3

Pcsmhcotmnd/Dnoh Hcvcdfpgcot >= -08 -3

@umdhmols 9 ->3 ->0

Guomimpnd > -09 -00

Achcrnd 5 -81 -81

Xftnd; 0<= ->29

@cst Ycitfr \frst Ycitfr

>8



Yustnmon`mdmty(05>8)

Xfp ̂ unrtmdc 3%

Gchmno 0%

@fttfg ̂ unrtmdc 5%

Yustnmon`mdmty Ycrvmics

% fa Pcvs arfg

Moircnsch 8<%Hcircnsch 1%

Pcdntmvc tf dnst ycnr,

Motcrcst mo Yustnmon`mdmty bns;(% fa amrgs)

Xypcs fa scrvmics;

>3

•DCCH

•@umdhmols / Hcsmlo

•Pcocwn`dc Cocrly

•LBL Pcpfrtmol•Cocrly Nuhmts

•Udnoomol, Sr`no Hcsmlo

•\ntcr Ifoscrvntmfo

•—Mo Cvcrytbmol \c Hf!‗

\/ Niirchmtch "COQ YU" Nwnrc fa "Covmsmfo" Ssc "Covmsmfo">2% 30% >2%

% fa Amrgs;

Covmsmfo ms tbc ongc fa tbc Moarnstruiturc Yustnmon`mdmty Pntmol Yystcg hcvcdfpch `y tbc

[faonss Urflrng afr Yustnmon`dc Moarnstruiturc nt Bnrvnrh, mo ifokuoitmfo wmtb tbc

Mostmtutc afr Yustnmon`dc Moarnstruiturc (—MYM‗), n kfmot vcoturc `ctwcco NICI, NYIC &

NU\N.

—COQ YU‗ (Covmsmfo Yustnmon`mdmty Urfacssmfond) ms tbc irchcotmnd lmvco tf colmoccrs wbfifgpdctc afrgnd trnmomol `y MYM. Xbcrc nrc iurrcotdy 0,855 COQ YU”s (255 dnst ycnr) wmtb 05%

futsmhc tbc SY.

Covmsmfo Pntmol Yystcg;



CAIL Jcy Xbcgcs

>1

>. Mgpnit fa Pcvcouc Qnrmnoics

0. Hmvcrsmamintmfo; Urfs & Ifos9. @ndnoimol Lrfwtb & Urfamtn`mdmty

8. @ndnoic Ybcct Gnonlcgcot

3. Ibnddcolcs fa Motcrond Fwocrsbmp Xrnosmtmfo (—MFX‗)

1. Inpmtnd Adfws Nondysms<. Gnonlmol Pmsj

2. Bfw G&N ms Ibnolmol fur Mohustry

=. Dcssfos arfg tbc Unst; —Yurvmvfrs‗ vs. —Hmvcrs‗



Gchmno Qnrmnoics fa;

Pcvcouc Qnrmnoic; % fa Amrgs Pcvcoucs Urfamts

—Fo-@uhlct‗ >5% 5% -8%

Ufsmtmvc 03% +8% +8%

Oclntmvc 13% -3% ->3%

Mgpnit fa Pcvcouc Qnrmnoics fo Urfamt

><

->55%

-25%

-15%

-85%

-05%

5%

05%

85%

15%

25%

>55%

7 Pcv.

Qnrmnoic

7 Ocl. Urfamt

Qnrmnoic

Xbcgc #>;

7 Ufs. UrfamtQnrmnoic

•Oclntmvc Pcvcouc Qnrmnoics nrc vcry ifstdy

05>8 Iurrcot Cstmgntcs vs. Frmlmond @uhlct ~03% Ufsmtmvc Qnrmnoic~>5% —Fo-@uhlct‗~13% Oclntmvc Qnrmnoic



Xbcfrctmind Mgpnit fa no Sonotmimpntch3% Pcvcouc Ybfrtandd afr no c/i amrg(amrst sbfwo mo >==3)

• Nssugptmfos; $>55 cxpcitch rcvcouc

>5% fpcrntmol gnrlmo

• Indiudntmfo; Cxpcitch NitundPcvcouc >55 =3

- Cxpcoscs =5 =5

7 Urfamt >5 3• No uonotmimpntch rcvcouc sbfrtandd fa 3% wfudh dcnh tf n prfamt sbfrtandd fa 35%!

• \by sf guib oclntmvc dcvcrnlc mo fur `usmocss6 ’ Of movcotfry

’ Xbmo gnrlmos ’ Gfst cxpcoscs —amxch‗

>2



Urfs & Ifos fa HmvcrsmamintmfoUfsmtmvc;

•Dfwcr vfdntmdmty; —sprcnhmol fa nitunrmnd rmsj‗: wmhcr `nsc

•Uftcotmnd tf lrfw dnrlcr; ma —snturntch‗ yfur gnrjct•Ucrbnps ino nddfintc cxmstmol fvcrbcnh fvcr dnrlcr rcvcoucs

Oclntmvc;

•Dfwcrs rcdntmvc caamimcoiy & jofw-bfw•Bmlbcr fvcrbcnh; fvcrsccmol gfrc & hmaacrcot `usmocsscs

•Bmlbcr rmsj; gfvmol motf nrcns yfu hfo”t jofw (—Dcnromol Iurvc‗)

•Ifgpctmtmvc hmsnhvnotnlc; pcfpdc tbcrc prf`n`dy ndrcnhy jofw tbc

`usmocss `cttcr tbno yfu•Dfsc `cocamts fa spcimndmzntmfo

•Hmvcrsmamintmfo ms lffh. Yf ms Ypcimndmzntmfo.

•\bmib gnjcs yfu gfrc caamimcot605

CAIL Xbfulbts

]cs

Oft Yurc Oft Yurc



->3%

->5%

-3%

5%

3%

>5%

>3%

05%

03%

->5% -3% 5% 3% >5% >3% 05% 03% 95%

Xbcgc #9; @ndnoimol Lrfwtb & Urfamtn`mdmty

(9-]cnr Nvcrnlc (05>9-05>3U) Lrfwtb & Urfamtn`mdmty rcdntmvc tf tbc Gchmno)—LUN‗ ^unhrnot Nondysms

Urfamtn`mdmty (C@M@X/Oct Pcvs)

<5

"Pmsj Xnjcrs"

@cdfw N`fvc

"Futpcrafrgcrs"

<5 93

N ` f v c

@ c d f w

93

"Sohcrpcrafrgcrs" "Insb Ifws"

Gchmno (>>%)

Gchmno (1%)

0>

Xftnd >53 + >53 7 0>5

>53

>53

Xftnd

+

?

?

•\bcrc ms yfur hntn pfmot6



00

@cocamts fa Urfamt vs. Lrfwtb Afius

•Lrfwtb rcqumrcs inpmtnd, `ut prfamt ircntcs inpmtnd

•Urfamt con`dcs bmlbcr `fouscs

•Bmlb lrfwtb ms bnrhcr tf gnonlc noh rmsjmcr

•Dfwcr lrfwtb nddfws idmcot & prfkcit scdcitmvmty;

gfrc prfamtn`dc noh dcss rmsjy

•@ut Lrfwtb hfcs prfvmhc pcrsfoocd fppfrtuomtmcs & cximtcgcot



09

Gnonlmol ]fur @ndnoic YbcctIfggfo Ymzc @ndnoic Ybcct; Ytrntclmi Ucrspcitmvc

(Xypmind afr Cgpdfycc-Fwoch)

(Lrfss Pcvcoucs 7 >55)

@ndnoic Ybcct Gnonlcgcot;

•Yqucczc Nsscts; pnrtmiudnrdy Insb & Pcicmvn`dcs

• Gnxmgmzc —Arcc Inpmtnd‗

• Gnonlc npprfprmntc pcricotnlc fa Hc`t/Cqumty (scc CAIL Dcvcrnlc Nondysms)

Nsscts Inpmtnd

Insb 9 Unyn`dcs (N/U & N/D)

0= ->1 ("Arcc Inpmtnd")

Pcicmvn`dcs (N/P) 01(Moid. \MU)

Amxch Nsscts 3 Hc`t 2 (Cxpcosmvc)

Ftbcr (moid. Motnol.) 1 Cqumty ("@ffj Qnduc") >1

Xftnd Nsscts 85 Xftnd Inpmtnd 85

"MovcstchInpmtnd"

(Gfst

Cxpcosmvc)

NiirundsIust. Nhv.

Hca'h XnxFtbcr

Xbcgc #8;

—\frjmol

Inpmtnd‗7 >9

Gmomgmzc yfur movcstgcot mo

\frjmol Inpmtnd (\I)



Motcrond Fwocrsbmp Xrnosmtmfo (MFX); N gnkfr ibnddcolc afr 28% fa Cgpdfycc-Fwoch amrgs

>. Cgpdfycc sbnrcbfdhcrs pudd inpmtnd fut wbco tbcy rctmrc(noh yfuolcr cgpdfyccs bnvc dmgmtch cxicss insb tf —movcst‗)

0. \frjmol inpmtnd occhs nrc bulc, rcdntmvc tf rcvcoucs, sf lrfwtb rcqumrcs

smlomaminot inpmtnd

9. C/I Urfamtn`mdmty ms dfw ifgpnrch tf ftbcr mohustrmcs noh inpmtnd occhs

8. Guib lrfwtb ms ifgmol vmn niqumsmtmfos, wbmib rcqumrcs gfrc inpmtnd

3. Iurrcot Lcocrntmfo prcacrs Ypcohmol tf Movcstmol1. Qnduntmfo Ifouohrug;

Dfwcr MFX vnduntmfos gny `c —uoanmr‗, moicotmvmzc n sndc,

noh gnjc niqumsmtmfos hmaamiudt

Bmlbcr vnduntmfos gnjc sbnrc rcpuribnsc gfrc hmaamiudt08

Xbcgc #3;



Ybfrtifgmols fa LNNU Gctrmis afr Cgpdfycc-Fwoch Amrgs

01

>) N ̀ ml ibnddcolc afr c/i amrgs ms tbc n`mdmty tf auoh;

n) \frjmol Inpmtnd lrfwtb

`) Pctmrmol cgpdfycc sbnrcbfdhcr cqumty

0) @ut tbcrc ms of gctrmi tbnt moiduhcs cmtbcr fa tbcsc hc-anitf —ifsts‗(c.l. —Urfamtn`mdmty‗, —Gnrlmos‗ noh —Insb Adfw‗ hfo”t niifuot afr tbcsc ifsts)

9) \c rcifggcoh —Inpmtnd Adfws‗ Nondysms

Xbcgc #1; Inpmtnd Adfws Nondysms



\bnt nrc —Inpmtnd Adfws‗6

Inpmtnd

Yfurics

Inpmtnd

Sscs

Amonoimol Lrfwtb

(\frjmol Inpmtnd)Ybnrc

Pcpuribnscs

Niqumsmtmfos

Pctnmoch

UrfamtsYbnrcs Yfdh

Xbc `ndnoic fa Yfurics fa Inpmtnd noh Sscs fa Inpmtnd

0<

Auoitmfo fa;

C@M@X Gnrlmo:

@fous Ufdmiy:

Xnx Pntcs

Auoitmfo fa;

Insb @fouscs

noh Pcmovcst Pntc `y rcimpmcots

(natcr tnxcs & dmacstydc)

Auoitmfo fa;

Lrfwtb rntc R \I % Auoitmfo fa;

MFX vnduc &

nlc fa sbnrcbfdhcrs

Auoitmfo fa;

Ifrp. strntcly

(mgpnit fa gfrc G&N &

bmlbcr vnduntmfos)

• Pcifggcoh; Iugudntmvc 3-]cnr —Inpmtnd Adfws‗ Nondysms• Jcy ms oft —prfamt‗ sf guib ns wbctbcr Inpmtnd Yfurics ifvcr Inpmtnd Sscs



0=

Xbc @ML \rmtc-Faa (Lcocrnddy nppdmcs tf —amxch prmic dmn`mdmty‗ ifotrnits)

>. Bfw tf nsscss Pmsj / Pcwnrh rntmf6

0. \bnt ms yfur hfwosmhc cxpfsurc6

9. Ino yfu naafrh mt6

Cxngpdc; =5% ibnoic fa prfkcit ifgpdctmfo

wmtbmo `uhlct: noh cxpcitch prfamt E 0x ofrgnd

Gnonlmol Pmsj

Xbcgc #2; Bfw G&N ms Ibnolmol fur Mohustry



$3

$0 $1

$0

$9

$9

$>5

$5

$3

$>5

$>3

$05

$03

$95

05>0 05>9 05>8C

$ @ m d d m f o s f a

P c v c o u c s N i q u m r c h

$08

05>8 G&N Nitmvmty

$ fa Pcvcouc Niqumrch (`y Ifoacrcoic pnrtmimpnots)

•8 trnosnitmfos mo 05>8 rcprcscotmol $>2 `mddmfo mo rcvcoucs

•Ndd ftbcr 05>8 trnosnitmfos 7 $1 `mddmfo, wbmib ms stmdd 9x ndd trnosnitmfos mo ”>9!95

NCIFG &

SPY

\YU & U@

NGCI & A\

Ndd Ftbcr

Hcnds

YOI & Jcotz

Xbcgc #2; Bfw G&N ms Ibnolmol fur Mohustry



Xbcgc #=; Dcssfos arfg tbc Unst;

—Yurvmvfrs‗ vs. —Hmvcrs‗

9>



CAIL Caamimcoiy Nondysms Xffds;Nondysms CAIL Nondytmind Xffd

•Ifgpnrc yfur amrg nlnmost pccrs fo Uccr @coibgnrjmol Nondyscs (—U@N‗) ’Urfamtn`mdmty, Lrfwtb

’@ndnoic Ybcct Gnonlcgcot

’Inpmtndmzntmfo Caamimcoiy Dcvcrnlc U@N

’Urfhuitmvmty, Fvcrbcnh Fvcrbcnh U@N ’Ucrsfoocd Ifsts, Xurofvcr, cti. BP U@N

’Ifgpcosntmfo fa Cxciutmvcs & Ytnaa Ifgpcosntmfo U@N

•—FIIU‗ (Fwocrsbmp, Ifgpcosntmfo & Inpmtndmzntmfo Udno) U@N + Glgt Motcrvmcws

’Ndmlo Ytrntclmi & Amonoimnd Lfnds wmtb 3-]cnr Udno Inp Adfws Nondysms

•Qnduntmfo (cgpdfycc-fwoch/prmvntc amrgs)

’Ytrntclmi Pcvmcw fa Motcrond Qnduntmfo; wbnt ms yfur f`kcitmvc FIIU, Qnduntmfos

& Inp Adfws

’Motcrond Qnduntmfo & CYFU Npprnmsnds Npprnmsnds

•Gcrlcrs & Niqumsmtmfos Ifosudtmol

’@uy fr scdd smhc, —gcrlcrs fa cqunds‗, prmvntc cqumty CAIL Jofwdchlc/Nhvmic90



05>3 CAIL Mohustry Ifoacrcoics• Pmsmol Dcnhcr Ifoacrcoic; Ac`runry 3-1, 05>3 (dmgmt >05)

• IAF Ifoacrcoic; Nprmd 09-08, 05>3 (dmgmt >05)

• BP Cxciutmvc Ifoacrcoic; Gny >8->3, 05>3 (dmgmt >05)

• IMF Ifoacrcoic; Kuoc, 05>3 (dmgmt 15)

• ICF Ifoacrcoic; Fitf`cr 0>-09, 05>3 (dmgmt 035)

99

mr. paul zofnass 2014 ebcne presentation

Documents