bo ju6omggotr g6ro36Xqro do63oNationa I Bank of Georgia

o nz //aa)-Jy',( - v J///pJ.// tt

:9 ol 2o/?

l$Crd)o30q,(,u Jr6q,raC6OoLot361qm0r63L

AlO(')b C.or3oo Clr0giagoq,l,

UrCr6o,JN,oL Jtrxr3fuq,o 6r6Jol., 2013 SqrrJ6or6Or6oaoL ECI$bCa

b\)

000685

204t0484

I,oJot6rn8nqrou X6rog61qo Lo63oU todlolr

0J5dJ603R0[J2014 $q,ol, 28 racoqrt

UrdrOorgCqml, C6ogGCen 0s6,:olt 2013 EqnUft'

b;jr6o63q,erb 36c'r35Uqo br53o

$q'o36o r65r6otso

2013 $3q,o

lrsttBg3o

I tuJi6(l8l('l6o8oJa6o 0.r6c8o..,........ ...... .. .. ......................-.- "" " 141.1 aboEqtn $o6oAoJs ....... -- 141.2 l]o6oAoJU6o56ar 15I 3 Lraclabas6Cb(,al 9J,CM, e3q'oq'C0r...... "" "' ' 19la Lrfuq$ogo go6s6bC6o.. .... . 2415 bra$,Jo L&toaitu Ar br8sarbrbaCqE brq'r6Lo . '. 27

2 mRlAFlriJ6cQnd'r e'! U!q?6l'l &rqo@J.t ............... ." - - -- " 52l tsU(,rGFlrJJ6JqDOo JcisoooJr. .. " """"" " 3622 tsUe,5(FUiJ6C{r,O('l Joq'oooJoL o6UOdIcACEOCao - . '"'' 4s2.2.1 t6JSo6r6t frJOol' IgbbXSo---

--

.- .... 46

2.2.2 C6os'W)6o IOLbao A'r J6orPed6o PNollo'Cbo . ... .172.2.3 grb(D6obq.J(,AJao. "" '492.2.4 Ao6oAbpUN6o Ltt1Jblfuo doo,bq,fro. . . """ .""" ' 52

2.3 lr5O,)q*JOo Joq,oOoJ,) er LrC6o)r8o6oLa) f)rtrqCbob Ard)o'3s " """" 53

3.I bs$C('r0bccBCq,o tsr6B{qu t.'hoo)rr6J$r " s93.2 A8qDoC('iiaob bor'i,3doU6d, f)ol.,Jo 603.3 LrJ6C(nOo| l5ol.,Jo """ ' 6034 &aA&a(at6oaoL C,obJo ....'. ' " ""'." ]t35 lrsb$r6o 6ob3o ... .- 743.5.1 ,,I.J(-JO, 6obJo .. . .743.5.2 tt$6xrAf,o 6oLJ " " 75

r.e qn33"q,rbJ 6,"bJo -

" . ' 76

s.d.t - gxtryJ6"

"fuot&ol WJdOJt6r .. ...... 763.6.2 ;;

3qooJA6rACbo(t.,,)b6rAr N l I ao,q-.|)6o Ao(o! J6l,QrJiljot r6CDq-Jd,o ti9A! aLcltsq'mao . . 14qksblirar N 1.2 o6SE r0or Akatsq'(n8o..... . . . .. - 15(x,s86rar N 1.3 &,H)'b6a.' Ar6rb,)rtRr0ob AobC(Boo,. .. " 18('o)36rar N 1.4 ('56!$otJ6ob (nErAoJr ' ....- ... 19AnrA6rar N r.5 ao,qDr6o Ar l$5r'bo 0'3i61!oxtu5 A! C60iraoA$ld,Jbq'Cad aJ6CAJ) "EggrooCbo (2O0B-2013 $('c6o).... ......... "' 20(|.})A6lAr N I .6 oalc6o.r,CbJqo ('5 lqrao(,($dxBo UrCcl6qbl, o6Bq'tot "' '21Arbb6$r N I 7 $('('Jd,o o6gq,roff U a$3C6Cag56ob O3q'oqT6,r lrBrQrbhr b560fiq{Boad amM'i6CM)l.rrCo6q'olrr e) aoabrbUf,cboUso6oU . . . """"""" 23(,ora6rar N 1.8 6rC6ox, bqJx,Oob UralQrl$b,{n 0CActbAq'C6o " 24q."fa"ar N t e Otgr,-., a"UXJOoL br6xrbo Ar 650r, o)r6r3,)6,Ql( br A?+-0'16 " -- -----2\q""tOrA, N I to S"C6,dx, &pJXrOob Actsooooo (aq'6 qrr6o) A! AAI-0'56 or6r6(F)ar ' 26q^iooar N t 11 b.)brq,a$ogo 35q{) ar dJ-o,r6 au6aEbr (198-2013 W ) " . " 27Qnrtarar x t 12 aoaqr'6v60 55Ard)o8ob JoAJarbCEOCSob Su6(m8s dAJ-or6 .. ....... "" """"27p*tora" n t ta uq"o"ryqEao acaobgqb Sbocqio 3o$ooof)Jaou 6ro(9c6oar ' -- ''"" ' 28q*,rtOo6" I'{ r u an6q"6)6C ,)6br6o8ob ACtsoooOoU A!So656LrC6oL VUld'oCoo ""'29q.o"o6Otat N t t 5 CaLb3oq'Clh lrrCdbJa'6oo tlru5Cm6q'o XASEJ6o 2012-2013 $q'Cao " 3l[*iooa" N r.ro 6r,:.o6i ac,ocqxqbr d,ctd"6caob aobccBoo' 2008-2013 $q'cao """' """ 32!,s6Ooar N r.rz o$"U6rcrorfuoaq'o brCm6cd oAJc'd,Oo lDlJlC(I6qE ?(aUtscaob aobca3o "" 33!*iora' N r ra garrb3"q,Cllo oaJc'6oor6c&Jq'o lrJDCe)6gr XsrEcso 2012-2013 "' "' ' 34[*io"a' N r re .4.:"o60l, aqUqx,ar ifij6CsoL aobc(B"or 2012-2013 ' . " 34!"iara"Nz r a"q6oqsq. JoqqSoJob br656co,o. "' " 38[*iota" I z z q3:.t"6csob ar Ucl,bcaob q'r'r'otr0or, 2005'2013 $S ' 39!*iost N z : y"asa6q. br6Jc0ou aocd, 0$a3(,o l,Cl'bob" 4ri,riorar x z.+ 33q'"(.1$6dr lrrar6.rolfurr $6r$9o'cbo -- -- --.--- "" 43!^ios" N z.s i"t"t .s. gi,(,r6o Deiq'(g3bd, Qr bJ('CJo$oO('' bcd'OrBoJlocboU 6rao'cbou (rsJaoJ''1999-2013 Sq'JbAo... ... . """"' 45qnr6arar illi as3o,rs-6olh tsuq'.r(r, Lt$*)o " "" "'. " 46[-iO.a" ll Z.Z Oxg.'OtOr,CaoU UJbbCAob aa'membr 201I $qd ar'tu''ar6 2013 Sqr,b Ar]C466'ob EroBq.('(r'

,',,,,,,............,.4?

(n566rar N 2.8 ""'." """48qo"lora"xz.r "' """ s0i^ia"a" N z ro zors $c('r, b:bs'bo6m 3sqxecbe'co Oacq'o 5r!-iorar N z r r g"rr"'o"lre)q'qcsou acf)ll,J(,o 6rsr"ol, an6raoJr 2012-2013 $q'COBo ' 52!*io,a" N z.u rr"qtsq """" " " 53qnriora, u z.tl t,r3"q26", " """""'54lr,riora. N z.u rd q",q'rt6o/q',r6ou 643q'ooro 33 -- - t -- "" " ""55!,rio"ar N z rs q"o"l., d5"q.J6" Qs 6crao6rq,36'o ca&kJrr6o 6r33q'o

4aor0d,ra,5 N 3 14 bdrbob AoAbrbUoJao,b JoCtsooocboCbob ACsttfua@r, 0!6r$oq'Car " . ..... .............. 7lanra6rAr N 3 15 UJ3Mbr J$oO{ ir Ar JCOTBCA%C - . -- ... ......72g,rb6!ar N 3 16 aoaaoaoJboboU t6(nb A]l]e6lclto0o,) .73(,(,)A6JA5 N 3.U l$Jdn'o06oo lrwro(. Ar Arb$c a(,CaCq(, ts,,Coo6,3ao .. 73(nrA6$rN3.I8brar6Jobol$0Aob$@rlNciC.r,ro@&q4Cbr"...... ............ 74(hra6rar N 3 l9 blarq,rbbo ($ J6,JblxEx' b$'q'Coo Jd'toOoCAo UitC('rabJ('alqn J$oOJq:o,56 ..........74Ar,lad,rar N 3.20 bJJlqocJ6oo brlroror't, rCO.BCAoo, SrgaClJgCaCa.rr Al(gsqs ...... ..--.. 76(Era6rar N 3.22 q{,JBo(mH) JoC$AoC6OC0o 3J("JO0M) oobJ(8oo) .. ....... ..... ... n(r,rA6rar N 3.23 q,oJ3o(oaob bCJo: I oBraqC s*yRrbol, dD6sgr6qrs! I oBJaaC asqrAChq'Ca0as'r6 78AniA6rar N 3 24 qY)J3o(pJ6,o r'JJ.RCAob AIof('r'6r Ar l,Od'e|O3d,r ....... """""""""' 78

enra6ras N 3 26 r6rtt)ar6Jm ACJalbqlCAo ...-...... . " """ ?9anrA6bA,) N 3.27 *)r6C$oAC6Oo Jq,oC600aolJ A0&rto006oL Soq'o "' '80(nr66,rar N 3.28 !5rf)CtboeC6OC6oL QJJ(,boOCaoU bOr,CdOUd,! (2013 $q'ob AAli0bC6'o) " """" 80qoorainlar N 3 29 Ao'q,or6o b0lrbJboL SCEJi6AC8) $,rbrb,)6Jo A0Jotoo0bor6 " "" 81C,osAir,rAr N 330 aoqorEo Q565Jr60Cbol., Qo6rAoJr.... .. 82aorad,ra! N 3.31lr,)A?rqs A0,()0160 Ar6{d60o (A(',(](,160 qr65J5fuo C6o AoAq)f6r$J) 83eor0r5,)6! N 3 32 2013 Sq'ob Aoq,or6o qor6{v6b!bo Ae)Sq'Cor(r)r J\)C6o6oC6ob aobC(Aoo ' . 84eosb6la.} N 3 33 2Ol2 $q,ob Ao,q'or6o Ar6,)Jrd,6Jbo Ao3q'C6so,r 3roJ6o6,oCaob AobC(Aoo 84A 66rar N 3.34 J$oorq,ol, rAlB$gd,a$ob JoCeo0oC6OC&, ' """" 8sAorb6,)ar N 3 35 bJirb0bou 6?l 10,16 o)rblgv6qmAou orJo . ... .. "' 86(r'rai6!65 N 3 36 JoAJ60ofe Ar6JCaAo A!ts.Fitrro6C63e'o J,tr,5OC6bCAo 6'oaCq'o'r Ar6boqBrqpsbfuq'Cagq,o.' (crrSCCad 6.,bJ(B@) """ ' " 90anra6ror N 3.37 Joacd,odJq' 0:635bao qrg(rJu

5(r'j0d)r6i N l0 1 Cd,og63q,o br6Jotl oDEraA/rx,Aq'C6oL d)ro{,C6ct5{5.8o q,r b,:t6obkrbt5o3o AlB3CECaq,Coo

Ob6oq'CAoobr6oq,o N 1 1 a(r)q'.,!6o tsoe! l6(,1Ql3doo Arl66oa6og ,r6oq,8o. ..17obl()oq,o N 1.2 ob8(lroml, OEo) ArB&rbC0q'Jbo orE JCUqo JIiABobCbOCbol, aobCqBoo (J6,oOC6Oo), arooSosr l$ffib'a,"60aqn Jrq,rd,rAo (J,t'xrcC6oo) (,r \,C6$q,CEr l.,3o-bC (Jr6cBr6OUq,o JUSCOo) ....... .. 230b6oqE N I 3lrrD(gJt JbeCqE brqr6lx,U r65q{rloJ36o Snr,AaaArEJ .. ... .. s00b6o('o N L4 606dro6,o6Ca3qb frlbJor'i,O.tu Qr oalad\ru SqDC6,o t'r'Aol., OCaJCao .... .. ..............310b{6oq'o N 2.1 i6Dq-J6o JtsCCOU6o a,)o3qooo JJrtbob $qxPJ6o (BqY'eCbr 2013 $Cq,lr.. ................. . s6obd,oq'o N 3 I aoq'or6o b,)J6c(r'6('t Jo6OagqD Lc0aC6oc6ob aobc(aoo (6r6Joraod,olro bcbbcaob &d)Qs)

0b6oeE N 3.2 brlrCbtx, Jo6,O3C(n r6olrJ-l,Aloa'riC6ob aobC(B@ 2013 $q,ob 3l qoXlCaa6obksc,ard,coaoo .... .....---aobr6o(loN3.3biorqnJr',arqftloooolr0r6r$oq'Cas(2012,20I3),O3Ex'q'CarC6o,Sqb!6JC6.m(Oo..........630bf)oq'o N 3.a tsucLu') Jo6otscq'{, Alc6or6oCbo qr ts('tr,fficarer, d,cwScao 2013 Sq'ol, 3lefl Aodlob AAa('la,frCo0o(r, ....... ... .640b6oqD N 3.s lrsboopJao qo6r6lrC0ou Dd,C Sgs6c)ibo A! Ar(r,o QrArfuoU 6t5rgo3o 2013 $q'olt 31qNiaa6ob Oabo6rr')Jo&,o, ""'816t5oq'o N 4.1 b.$6rogr6o Joeir6oc6ob sCO.Eoar (2013s)......... ... " ' 9sobi6oq'o N { 2 Jd,cblhon o6so6,a5oor lr$5}5(! bcL(aatc alQcbreo ar aoq"bc erBoCl,oqfu('()0!&Jc6Caq,CboU o(,bC(B.'o, (2012-2013 $D ..... .... .

60glsgoq,rt

brj.:6ogq'ob gtrxn36gq,o 6r63oU 20 I 3 $q,olr $q'o36o .>66.>6ro3o Oo09c.>qrgbgqror"LJCJ6o)acq,('lb c6o36gq,o br63olt a3ltbcb" (.lfurbgq'o Jt6o6ott 03 6o q-or 61-3 63bq'cbobACbrbrAoL{, qru 6oo6sgu tsUq,re-Ur36C(r'Om, ttJ3rq-Joo (-oJ 1j$5CQrAbC(8Cq,('lJoq,odoJol., 0o6oboqlsLt AJ JUAoOo6CeJq, tso6JEUC6 r6Arf)oAMbJU. qo3303663o$.:60oq636oq'os ob J6o r66.r6oUdo JJJbUq'orrA6CcrBC C6x'tg63q,o bJ6JoU 0CtsruCbCbo CaCgrboBo Qr AoU tsJ66q'Cbl, 6r6Co, AoAQoErd)Co0 Jr6o0glr9bb3, t6r'r0q,gbo6 2013 $q,oU br6arSq'mbrao .>6l.tgboor 6o3q16rb rbq.og6q.o.rlrrCrf)o3Cq,ob X3o6o0o3oU 0qg6o0r6Xob,rUr q.o,: 36rn363q'o br63oU 0o36 egrbrb3q'o$q3r6Xbol-t ts3U6gq,3brb3.

2013 $3q,ll Uoj.r6o63q,r'rU 5rm36gq'o 6.>63o 0o63$.>6ryq'o Joq'o6o3olr ts303tsr3gboUrUbgq,0dq3s69q,obqrr ,,l.rrjrr6o69q'olr 36o363q'o bJ63oU tsclrrbca" b.rjrfr66qoLo66r6gq,o 3s6o6oU 33-3 0Ubq,oor 5.;6Lrl$q36rgq'o do6oorrqm .>0q3rfuboor.: qgrgg6jgo30oo, 6o0q,ob 0ob3q6oor,:g 96o3B3q'o b.>63ob do6oorqgo r0q3r6ss gsl.r3bol.rUOrboq-J6oAoU Utrl363cq,gogr. $Jror)6r3C, Cdx!36Uq'Ar br630r 36qr.r 5'b66mq'g('tL9o6161196o Uob6Caob U6sbo("Jt6Orqrl-r.>jrdr6xq,o $J65ofug3q'o g,)lrC6olr 3q,3bs l-rgfiL:o$X qgr x.o0o6ou$6o6Cbrc8o qgr oaJo60o6lb0q'ofrr3.S[,if, gtfr3A"f, tsja0o6,C0i. Jr6JgCqPJ6rcg' X1r'r6o3o3gt6o rj6qobolr fu6gq1brg.lrgb"], ,.r;6ctX grog.g.,-n 0o0.:6ror3q'3boo 0oj03a956a-o': aogbcQr3rqg Lrbr6Jori6["o4"

"oi9u3!" 0'>qrq'o q'o33oQobour Qr J$oorq'our' .ts306o1(r3bgq'o ogo

bq'qo 0oorbo36ot.r ts3Ugl$30sb g$g

7oAoU 6Jo8Jq,ob$ob0boo,, 6(,}A J6(')A6sfbCbo CgJ 'bCA(,}re$C6oq,o tsrCoo6Cao CB('l6slAoJob090q.o6o0o LooaUq,o6cbol., U*o6(.)CbJ$C 0oSoxrorxbq.>, a(.)6Cor6uq,o Joq'oooJol.,J('lAoOCOar i3erg ArrotuCqJ $o6r $qpb6o er$UCqJq,o 036boq,3boU Joq'oooJr. 2013$q,ol, JooJc('o tc6l o6olr bJ6aJ3q'obJao 6cl6coJ6tcq'o Joq'oOoJoU 6r6c33oroCo$(')66)o3re, 1.5 J6oOC6OUq,o JU6COoo, 5.25 Jd) C6OoqQJE 3.75 Jt6om66i0q,30309o6q9r.

2013 $q,olj ac('lobC $r6oDq,ao 3o6o0o336o r j6o3obr U.r6t6d6obq,.>qr6r0ogo0bq,pr. ts36boq,9bgq'o amOCOJOC(}o &qq'oooJob go6tX, 3o036go'Jq'oAJEJCoo[, 1j$6C(r,O(, rCOcB('lAJa .r63olr6ou or3oq.or6 l$3a.>oqr a.;plq'o OCAJoo) qoro$U(,t6er, 610 br6uJJuol6cbool o6.rq,0oU430o ac6,>596r33Xonl.t UoSqCqrA(,rOoACboU br(,r$$Cooq,Cb) aooQ('}.

2013 $gq'lr 0orq,or6o tsopr J6x'rpgj6ott 6CJq'C6Ar b6(,r0 2012 $3q'ors6 69q.os696oor3.27o ts3.>q96o6r. 2013 $gq,l-r c]3gbgq'o lrS6roro o9o Oxoorb3$r66rgtso, 6nqg3trs6, 56rn 6bt6o3, l.,rr#Ca6o JC6'obuq'a; 'b6qg>0s66,:0oo$3o.>.

2oti $gq,L uplr6o tsoqr.> 0oorboS6oLr 9o6$5 g1o6o0o3316 t*rtqp'rL do6oor'>qgsqr l-tr6>63oaoo,b.j6-i - 6tES.,O.agOqt. $q'ob 6r60r3q'obr6o UrJo6q'otrs pr 0o0lsb36rXbol.t3jl**tlo l9lc

ItsCeJ6C6oo Cb arB3g63fuq,o 5 8 JFX'IOCEOUq'o Jg6Cooorr tsCAOo6,CbCq'o. rbboqS$56aras't Jb0q'cbrtso 2Ol3 $3q,b 0o0qn6$r3 .>66.>6o3olr qggogo6o $o6s $3q'orr6 69q.or63boor903 aq'6 JAd q.o Qr 951 aq,6 rad qPoq'r6o 3Crq.o6o6r. AoA(r,Er6CJ60r6otsol, l9Ctsooooob 6rg&6o691.r3b.>Bo A6ots36Cqn3JE trnq'l.r orra.>Bobb Oud)otAoqorbAoRCbCq,o 3g6oll.;3q'g6ob t6(oJ. 2013 $q'ott ArbAJ3qlmbrBo 65t(ro$0oqr.r6 0oqg63q'o$0obqgr 0903i) qmq'u6oor5ro'bu6pr. rqtrs6o66.>3or dmO 6rLgq, $gq'lr qqcog.rft l-rUg 353qo$o,382 0q'6 r&lqmq,rt6oU oqg36o9r.>6qr UrJ6C(r)O(, Jof)otsCq'olt q'r6o95r0oou Ac83X63A3q'o'.>pt-riOo06l3.,u got.,35r6o Jo6Sbob lr3lrb3bob q'r6obrgooU 06o3363q'r'r3r6o dr636: $q'oL6r6or3q,clb)ao, goto3g6o Jo6Sbolr bgUbobolr q'J6obr0o) 11 J6o0c6ocq'o JU6COoo)6rotJrr4p.r. 2013 $q'ou broq'oLo6olr gobo3grvr Jo6Sbbx 6.>3903q'o lr3ub30ott 5590 q'rt6ootogo qrX6o0o6oftSbgq,o

q,sfio$.>gooL $6prlr 06o3363q'o36rqq ts3g$go bcq'o rttcac C6(i36uq'o 0>63o1-t 3o363r'ra0drgogq,o br6pbol.rorSob 5o6.>olr brtolr 8JtsJ6o('tcbJ0 36o363q'0u b:630>36J.ao"3iq &'l)uqo6) ao6cor6uq'o oJgdr>go30oUro6oU 6r633o46oq'o 6odr':oL bctoltlitOqgr. 33fAoq, ACAUUagCqn b56r33coloo)Ugbfu0ol li3ooxcrgbrd Ur0g;qlbr Oobg.) 3o0Cf)gcPJq' b'$5bU 0o0Ml63\'gboLto6olr3!gorr3rt36o6,>o U3Ub36o qQrbrq'o b$6sBc6o(r 6'>6r333orgboor' 6JQ0r6 Jlrco)o OoJoUbjtrqoo 3.a$r,g"ge b$3U Jrrtj6o3Sq'rqr 6gq'i0q.ox g03ot63bl-r bJ6og366o 5'>6s.,3o,.,U$q,oq,Cbibo,$ (,rJ,)3Ao6Cfuq'o 6oL3XbU. rq6ots6gq'o &6oqrJCOo' oJoorglg6o q.or

1 bJrroooo UClrboU A()o!q'(')b$rr Qr l,Cl.,bob brbs00Arq, bo6s()ao aobrqCbo sCOo3oL eor6JbUq'CbJlJ 3o6']oLUb3robr (o6Aq, HancuI)

9trb3s 66d3q5rqgos6o UglrbgSob $cq'rtc arS6ocq3bgq'o brbSr'rbu 0bogq'oottlrbgreJJb3J CaCg6oL lrrbr6Jo UoljOCaJ8o. 03q'.)(,o 6r6.)JgCoot l.rXl.rbol-r JoJggr6o'brgorlter er6cd)63rtc cd)s!360q,ar brbJAr aUtsrobJ 2010 $Cq'U aro$Uo. 6Jrro35q'ob$obCbCE'oJ,6(')a q'J6ol, ogq'J(,() aJbJJBco)oU Uclrt'ob rd)Ucaobobo6oU r56oq109q'oJ bra33o63Jq'cA6 lrJ6A. o6qggfllro, lvrrtrSo oibCbr qorAoso(,C6Uq'o Us3trx436$o 3.r6r33Xon 6o6o63UJbrbJo UoUOCAJU, sb3gg Ab3bb30q'9bb 56qgs Jjo6q93or Lr30ct6olro 6'$aJbCAr' d'claofdCqtrqQor6 J06ooqg0o s6 0obq60r r0 obqrSjlnrb qrs3r3tso6Xbgq'o 0333ortro t6g363bo,J(,q,oOoJU6o oU &]('l6oAoJ56o 09ri53ob96olr q6oU 619 aooor 6(x'Ibrbgq'ol-rSgq,Xbobr q.or g36$dr.rqgl6o br63oU Joqo6o3olr Aqo06)JQoAot 0o016or' 0oor6i3q,35oc b,*r6ogg66m Ard{Cbo Qr 0ClrsbrAobrqo 66dCqBrQoJ6o UrJ6t.rOC6Ocl6,>rrggo,xao. 6s63oorl63bgq'o bstrr6g6otr 390otr353Jao, JJco o6q-o5ibl' 0r63ostso5oub.:t6olr obqgo3.r6o6o 3 $ ,,q'obor6o" $rr60orQ0c6L, 6)r$co, orr3ob 0b6q' o9666rq-J6obrbJCOo Acr6C6n6l,3q'o Joq'oOoJoU 6r6r333oxror rbcg3635 6s3q16>l-t brJq'CbJ(oarfuoor6cboq'o go6rblrU6o 6s$rfu6olr 6jo63 i6g69btso 3o o6q.ogjUrqg Jo6qQrJo60o636ir+ryq'o Jcrq,oooSou 6rbr33Co)o braoqCbCbJ. brCJd)o'3Cq'o0o, o8q'rqPo O56J$Cool'Ql-rbo 63go6s6l-rodr3aol., ArEJJSCotCr ofu3jl-ror65bgq'o F)CRo6rEUo6'CboU Ai6rSSCooUCgclOtrl* $oj03q66,> 2010 $q'oU 6J95rtsb!q'oQJ6 6obqqr' r6oU 630q996' b:$;6bcg.rln6,q9, ato$caq'o 496r'r q-or ol.r6o6ogq'o 0o6r6303bolr qora6ogcbr' 6Jo)J0C3ts)lrC6o6ro SJ6rJ3Coolt mq,oq'CbCbob troB jr63, ts3brdq'o )0Jq'oOCQo ('ra"a"ooruq,cb36". u$orr{qg, s6 Jdx'rocuou b3q,tsg$Sobouc qrr q.orBjrt6xbol.tor3ol-t,cf,.a6cqd b,>636r 6rugs6ox'rgs 0o6x6c6ryq'o c336t>gogbolror3ol't "6oll>q3bo 6o6rcrU"i,>r:r, Urqrg qgrtsgbgqro oj6.: 03ottr3 qor LTBCJgcI toOolr l.t$rtl0ogbLu qJ tsotoJgf)Jo6cbtc 6!0ca3q'o q'J6oU b(ftcqBr(r'J6o Ucubcbo Joac6oouq'a! bsbJcbar rQ6ots6lq'ooou6drya966ou 6r0o9963br 2013 $q'oU rJ6oq'oqrr6 qrro$3(t) ts56p6oa o6x6b0o o3gJqoo6.;S.:-339"or ftXlrbgaol.r 6rgX0olr J6oOCL,o 6rJCOoU6q.or C.os 6oCAb36-q330b3t(r6o Jo3bdn"q-$';. a3(,glr(,a333o6rqg 0X0go6q: l-r$6q396$r'r 6$r33orgbo q''>6oU 66rd3q'3rqgo>6lr1LbCbt C, iJoS)drAr q'u6oor q.o36o0o6o6rgbgrq'o trglrbS0oU $oq'o Ooq'o$ lr3t6gqo6oJo66g5q,0o qgr od,ror q'r6o$r0mb ar8p63a3q'0r'

a",o56rfuq'" Joq'oOoJoU 3g3i6or6'>qg $r60st6o3ol.r 0o'b6oor' ltjrt6o63q'olrXo.3Ol-q" OuS3" 6r6l-rr3Sofrgbgq' 3U6r('qCbrU Sol0obq.os 0136o33o6o0o336oio-ir.t"qo"r.,i qgr axltbsaolro 6ofu6r6gq'o Joq'o$o3olr r6rq'o'bol.ror3ou 0oq'ogq16ol.rIr6,Uq,gogJur q.> 6ifuoorr6gb.>l-r' lr,> jodrr3gq'olr C6c136uq'o 6u63ol.t obtt6o633n96ro qt'>fuli.i, -g"ot6Luon tl936.ontl 6.>63oorr6xbrlror6 96orq.o' 3r36m93r'r6ef o3gdrffigq,nog;brtg arggd63bgq'o Jt6o66obgbo 396o Qr Ug6tq abr6q'o 6oq'tr orr0r0 0olr ulbcr5':q-oo3brUorc6

.3o&36o3lgortso',reO.iOUi.= tgq1, gfg"ab 0o6g6r6rgq,o J.,q,o.oJob Ugc'r6s4-o go66o69b,>lr qgr 0ol-r5t-Ojgni'3iq',rOrlr, 6ri rou,:bgb,: brirdrolr 0o6u$oq'5orr 93r'r6o0o3gCr 0oq'r'rq'oofubbg qrE.orJ Xg36".rO.aolr r0rqq'3orbg s0 0b6r6 >qlrs6o66s3oo'

-a$6r'r&llr6claoJU6o.lo.6s,it'iijo"r" q.or 0o636rt6gq'o Joq'oooJol' r6)q'oi5ou bouocal (FPAS)' cnOsq'l$orr"3Ji-ggq,-lu g6r.36gq'o br63o 2011$q'oqr6 r63oor'>63blr qgr abotsq'ool' o1166"O6Otg!o"

-4.:6j9ootr lr,:3gcr,3t er J6rd6oSob tsXbbr0oUor' 2013- $3q'lr

iZr*r.** 3rr6rq'3q-Jd,rce 0trq4g3aq'o

10

l.rrtsglq,oOobolr qr.l6366lb. obgq,rgoolt oJ6bCoo6Cbob 639o0oll Jo6ob3btso3o0g6o34or brELrJUolc,CoUq' d6o336Xq'r'rbrlr odg6U, 3o6roq.oob A6oa36Jq'argr6oJl-r.rbo6sqm5bt6o3o 0roq'oqn636oU bF !6re BJaourq,oacbr er $r6ar6o3r. 36m3fuq'o6s63ol.r q{6ogq,o q-o,> gggi6os6o JoaUEoJJooJ aouo aoi56c6ott' UO6)OJaoottJ QJ93o6o0o3g16o 0qg5o0.:63mbolr r6rq,ol5ou ACUTbCA $6)(rlL 0o63$.>6ryq,o J11(,oOoJoU6ret$$C6oq,CboL J6o66oto6gbsq.oobrLr. s6t6o6sq.o, 3o0g6o3r6ooU $trXbob qgrbg$.> qr.rgr06rgrq,SC6o36COJ UrCJ6ogCq'si, Cfx,lgboq,o 0.>63olro6ou Cd)o Cf)o, J6oo6,oOCOCq,tr.>3oolblr $rt60o,:qr696U. 2013 $q,otr Ar6ar3qnbJtu Ja Juorboot 06o0363q,o3c6o 6.:6o130oAr(oJo(gbJ. oCbC6Bq,oqQJE 6.:6s\,q.or o6gq'4oolr Oo0oboq3olr tsr'r(ffir6o, 6o03q,ogac}6Cdrf.,Uq,o Jcrq,oooJou 3o0g6o3rgoolt do6roorrq o6U6t63AC6OtJ S56)a(9rQbC6lr.6r6,:bq,gbgq'o o6gq,.>gool.r aoaoboqp tsoJ0l.,o6CbUq,or A('tArgrq) Jf)ob6o$CAUr Qr.:6,rq,otrt3. o6o g96r.1 03r5rqr sfroL q$36.>'b3.

a(')EcOD6)Cq,o Joq,oOoJoU J(')ooOCOoU 0o361 0oqX09q'o 6raJ$$cooq'CbCbolrr ar6roro aoqXboU Jr6oggtr0o .:tvi)3bgq,o Jtlo66ot3bolr tsCl.,rbCb ACOrq'U6o o6go66r6ooljaobr$ocQcbqre qgro6Str6r J6rq,oooJobcbor6 6cbggr6cq'o JtrtS'b366.:3o.r-6Sb3gq6gboU J6rCOoJr' 2013 $q'ou br60rSq'crbr6o ts3B33r3ps 3r6o36gq'o br63ottoo6xaJ.:rrryqro Joq,oOoJoU 141111636oolr lr.>artrro qm330366o, 6o03q'og xdm363q'ob)EJol, Bca-b3Cd,atg 2014 $q'olr ar6oao 0r6or3l.,Qr .rq6ots6gq'o q9o330966ol.r.:to6.>qxrgb.:lr JO6r'rbU ArnECOrfoUq,o Joqio$oJob do6oorsqg Jt6o6goJgbU q.r 6roro6.>63oors6Xbolr 0oAr6o3q'Cbru jgg,>6rtso. o0o rlDbi3u, olg 61 0obrbt63bgbtt 30grd4braoq3bgqro oclbcor6flq'o Joq'oooJol, 6rq9)$$c0oq'cbcbo q9r 6) o6l,O6flac6ocboubraUrE cboo bpg6,r qgrttbgq'o 0o'b6x6ou 0oq$6r' 5r6qgr .:Ool-tr, o6go66r6oob6.>3d6gq'9bob qrs b$o6o aq'Cbrr C6o36uq'obrbJou, oC Aoq,or64g i6g6olr S3o6o0olro0bouo3ob braeloCar6 o)13(,16o)c, ambr9sf)CbCboj3gg.r6r0o qru 0ol-t g.>166q,30U 6.>t63or 0o0qrrbr6r3 33o6o0o336r J6o6tt3borr6eJJ)gao6Cbool, sb6X olr bgq'b A3g$gobb rb)q'bJ$6qgJ 06q'X6r63bLs q.os 0366o9630U,6,t'r0q,Cao3 JerbJF,COgq, 6o6o0o336r oU tso6r6u36 oCAr$o3rtg O3tsro036.

2013 $q'ob 6!6argq,obr0o bujit6o63q,oL gtrx'r36gq'o br63o Urbr63o UJCO('I6oU0q.o66rqpoboU 0o6ogcr6o66oUo6oU pr 6r6U$63o66q'4g o5563bq.or droU6btrXo6oc6oo6,cocq' ljJt3q.o.>0b3q63q,o Jdx'B3li) q.o.; .>b996q; lttr3q.o.r0b3q63q'o BrfrBoU090q.o6o0 qg,>b33$rU. )or3C (,160lr, 06o63fuqT n3.>6o UU6J(,qcbJ 3j6oq.or lt>bs63oUCCOo6ob CtsCCOoJEobob qpr 0o0b6rt6XbCqor Utsq,CbCbou Qr63oU Lr3oorbgbtt.

2013 $3q'U ltb,$3r.r Ugjgot6U 36roro br63o 0330u6r qr $q,ou belq,ouo3ot bJ63Cbol.,6.:oqgg6obr0 21 06sp6o6t. Jebr6otsEJ3oJ, 6ro0 lrsjrC,(/)3cq'ott Urbrbj(') l.,CCO(')E)o $q'J31.D36;oqp dq,o3t6o JCOoo6CF)Cboo,Jr $.:t60oq.o636oq'o' 0ror 0ot6oll' 0l-tb3oq'ol)J36ors3 33br6$obo 6o6ar0oUqro br95r arbcq' lvlll-obo0Jq,36g6gugootro6ou 2ol4 $q'o{pJ6 rOoCACQqPcbr ,,Joq'r6 1"-ob UOJEqPJ6OUq'o0oqp6o0r qgr ,,Joq,#r 2", 6o09q,og b.r63otr aogdr 6o6odoJ06o 3JJoorq'ob QroSq')U QJ

11

aoU bt0qrrab3qr3gq,o 6.:6boq3.rb aoooJ3l.,. J$oorq'ob rq.og3.r63tl.rorr6 C6orq.o Xr6t JQo brJ6Cqoo6o b0,)bq.or6,0CbobAJA33o(,6Cbr UJed)JLJq.o 06o3363qx'r3r6o bqg30r 6m6ot63 6olrgboU O,rtbd'cqol, 653oUd'o s"6Coor 56I'5Caorffi! (M$corl JclaJrsd'u ar8%654Y.i.-r"i]ooOCe"

"eo"aa'At o6('qoNl!Jq-Jifl'' 6'50 rr' $rd'aor(rdc6l'' lJol'OClJd' bst,oJortu gr]3ot'tlt

t2

ArAoF3CUE o, 6JO 20l?l3 $q,gbtso 0o0696os6obol-t Sg6gsobott 6r$oq,lr t[6oU.Oog30gq,oll 6ror3.:q'otr$o63boor, Urar6Jo bouocaob 0od63bos6o6olr arBgc6cbcq'o ar.rq,el$qr3bto 996o 03go boJboq,U6oboo bJUoJoeCb('leJ. 0orq,os6ob.rtso, g6qpJ rR()6ots6(1L,6c-}a J$oorq,o[, aourRcb UJubcbruorb tscerf,cbo(rr' o('labcbor6(')aou arEgc6c0q'cbo aro6oUE6o aoJf)dJq'CaUq,or, 6obo dodroor>qro Oo'bg$o ttsbr63o t olroCaJao .r6lt96gqm3m63g635gor,r. Ucggr6rq-oq3&rs, 6o0 $o6r $q,gbtso q.o.r$gbgq,o llcJt6q3966o0JEi$C(,rCboU 036got63boL OC6qoC6OooU 2013 $Jq'b &66dCq'CAr 06o6363q,o36.>qg616$o6r'16.> 3o63g6g6gooU 3oq.og3 ggt6o 6s0d.rgtrtgb$.

UCb-. o)r6aooem6gqrcQ r3ooru6gbU lrO6CUOCbOCboU agomqgoqm6oru.bOd,Cl.rOCUOCAob Br6Berlr 6gdqg6o0o p,rfu3$oUrogolt, oBFxrlrOE,JUOCIrOCoo,rE C6oJ(,,Ugb--o s3notr6Sblr Ao3dx'rlgfr3l6gl6gbolr 8r1689 U$rboq,gCmbol-r 0b6q UJCoCb Qrtsobrbl.,Cbol, $Ur6(1L$J60o496961-t.

2013 gq,ob grffir3q,o6,r3o 0o0qn6.:6Xobqgr 6.r$xq, III-oU q'o33oqx'rbolt 3o3gogo366ol.tJrq'obf,o6Cbou J6('lOCUo. 2014 $Cq,U Aobqggbs LCR-oU Urboq'ooQ qQrt0boCor Qr oouoqrsfu663r Urbc63o UoUOCATAo, 6J0 AoJE C0J(9oi6o (30 q,q3Aq) q'o33oqrobol.r 0r6o6oltaoAJ6,o,"Jq,Cboo o)r6raC(,6(')3C AJ CtsCCOg6 0oq6o0rlr $#fosq.o6g6U pr odq,6r .:0goSol-r 6nU6bou Uts6(') b60q,U(.)tsoq,o oq.oX6$ogo3,>6oolr, 8gBrLXboL, Ao6ooo6o68ou,5qgr 3o66dmq'olr lr,rtsg,>q,3b.>lt.

l.rj.:t6orggqrolr brbr6J(1 b"UOCa" 2013 Vq"U b. r0qrg6.rq.o, 0tqrq,or ar6ooSo q'6g6o1ob3o3gogog6Q6 QiJoODq,o/rCOoSCbo,rb), C)('|oq,ou 06o0363q'obr 16 8 Jd)('l0C6Ob rq$J8lr'tx'rq'r'r 6.>q.rq,o q,o33oqgg6oboU 6Jao, $0o6(,J l.,cl.,bcaob 3$oOJE o,J6 or6Jts)6(mbr3.35-U 16 rlr6ACbU.

LC6-o COTJoAE)%X.o r8oo,l6)Cbt aJJ6oJ63q66gogq'o q.r LoLOCAC6o arl6ooo6o60obo6\)druAg6gCbl.,, gg6rqgp3boor J$o6(,Cbr Ur36C(r,O('l go3q'ob qQr$ggbou qrr6JAe86reo (pJJ6)Cqo636otr c.or qgrgobrflrCaou LbSr(,ruhr o6QoJrOo6CAb.

ljrbrbJ(.) U&lo(')6tso 33o6ots66boq.or QrqPCbooo OCEQC6OoCbo 0o0b6.rt63bgq'oruo6oc60bcbob eJ(BoU otJq'UJ956ob.'o. .:Ug c, ao0b0J6cbxq'orr go6:6ltgl6o or6ro)q'coouqm6ol.r .r0.rqq'3boL 3porbro 6.>6bo6gogq'3&3q'o qo6olrdo3b36o 3o6963o5q'ob.:63gbol.to6olr JoEJCd)cEOUq,o JcrboSom6o6Sbob C6o-c6@ bcr)Jcorqg oiSr'JeUJ6oA6J3oJ, 6o0 AoAMJd)Cbq'CboU 0bl6oq.ou6 Ooq30gqro o6gcr60uSooq.orb6.r0o0qn6st6g, 3o03dr6ogq' br63Cbo,r6 Xfrrrqr, go6l6tr36m brtt6oU 0o6r$oq'X Lb3rUrgo6r6lrer o6UOoOUOCbob aoaMr6CbCqor 3gq'3b36oU qg>o3olr 3Sorboor636gq,ocr3boU urlo6ocbro oJ3cocbr.

l3

2013 $q,ob 6r60r3q'obstso, 3m63d4o3q,0s bJ6JCbAr ci6ogtirqr q.oro$6lt06gdr,>36r6.:3g3ons6o Glocr,llJu6o J6,CA"OC6"U 6.19501. t-t.>J6m336o('t 6olrJor6er.tr3ao60boo, JoaC6ooUq, 6rEJcbo,J6 JrJoU6rqQ aoaQo6JtrtSnbqg.r 030rob.r a3lr$raobot6oL33bolr brArqrgC6CAoU Qr JrbgboUAACbq'or6o lrs363qgo6o ll6r6(,r6)O50ot,q-osA$oq,6,Cbob aoi56oor. tsg3g8s3q.> 3oASOgcryqn as63XboU 0o36 lr6gqrr0o 0.rlr.rql6olr&ra$JACAob d.,6oor(,o Lrs633r'r0361-orgoo J6o6SoJgbo q-or 3 tsgl.rsbr0ol-rob$o tX&'rblt35503q' J6o6goJXbotr6.

14

t ar$0ergoSoao3e6o6,r66ao1.1 Otrogq,ooX3o6o0o3r

2013 g1q,o 6Uogq,oo OJLa6rboo 06ots363q,, 6.>lrgq'o $qoU &'rqx'rp.r6, tscq93t6.>q560rIrd4tg6go UoUOCara qgro$g(, 0r'r636pt+ryq'o l-trJoaUq'ob 0309ot636r. 336o'bo6r0 orr3oerrq$or br66(fiq'o3 (,r q6Ar 6COCborU, 5rtC0 bo$63b go3q'ob obqooJroo6Caoorq,UJbre aogoroo4bg6 6rUgq'o $q'ob 63otfu 6ubg36oq.or6 br666dq'o3o qg3gq'rgool.rtsCaeactA, 2013 $Cq,l, orJo6orao gruCoob !56rAJ qgrgojlrot6gs, 6116 $r666o tsoqr J6oq,Ui$olr 63rq'56o $6{gu al.rogq'omtso

2@5 2@6 207 2@8 2@9 2010 mll 2012 ml3 2011 2015

-8rtgc*'_mrr!1,b-Sr

_o.rif,qn qa 0!qrDsd,c6rq. &AoClo

Sgs6al: bJC6(,rrBal6ol,cl UJ3Jq'COo gcr6q.oo, World Econo rc Outlook Update, o16.20r4

0Ucrgq,rx'r aJbB6rboo, o6gq,.>go.> do6ootpq.o $o0o36 qm63t3 6l6B36qggbr..>q6o66gq,oU 0ot3$o O.>q.:q,o UaUBC06obr' tsobJrq'U6o 3n6lroq'oq.or3or, tsoEJ6UCd)o(nUbJq'rBUCbob .>q0ogQr6oU b$6t6dq,qo J6sBCbo AJ $flbo Ao$o(,Cbrr.b.)E3oor6,Cb3q,o fuXg630ob 306r.r3q,9lro0rtso oEgq,rgor 15-2olo-oU gJ68q'CbAo0gr693obqrs. r0uuoru6, o.rJcr6or0 09dq,o q.o qPJdq,or tsiJCboU 3q'30oU O3qraogrqJ6oQX6rgg6o OCEq.oC6Oo'>. 2013 $3q'b 6.:63oot63b4.o bXg6903o o6gq'r6ooUdrB396903q,o do6oot.>qgq.o lF/o-lt S30oor Sojkrt6q$6oqos.

lcrt8r6%1%

fr-x1%-6%

15

(r,rbd)JAr N 1.2 o6tsq'J0or ab('ltsq'o(.)to1096

2@4 2@5 2@6 2@7 2@8 2@9 2010 2011 2012 2013 2014 2015

-d*,gq*,_A&t\_)6r_rE

-

6'b5tia. eJ DB.oJriCDlQ. Catg6i6.

$g.rt6o: UrS6orr6ot6obo l-rt3sq'36o go6po, World Economic Outlook Updare' os62014

rtil-8o brbcq,asotso 3rq'o1., tcQr $R36r)U o66q'o3 J6ucblq'ar 3(96tsdx'l6oroora ('rarlrCqo fq'ott ctCoclobc{6ao mQC6,rqU6o 0ot36roboL l$j0or66o (,J6OUaJ aorUcb lr.>&n0b0ut69\'o arb$S('lbu' t6:lt>3 or'>6qtgdrx'r bo$691 br6$Uel6ob 6rg.:65bgbrg. re6o86gq,o 6r563393q'ob>'robrb36r0oobr.lg6ou J6JbJotJbJqSo tf)(,rUr QJ 303ts66p raour, sud-olr So6clao3ol.r tsC6araCboUdr, arBgCECbq'Cbo C0iJob6o3Jq.o0,:o66 g&1,ofu14936r. ddJ-ou i56qoJ 6Jrgq'o $q'oU boqrolr336 0obrq'oqr65q'tg 0rq'>q'oqsgojln6qg.> QrU.rjo6q'o 6r6r63bolr 36lr30oL bvrry$g), 6r:04 Ulg-oU 0o3t6 6Xg':U30gq'o2013 $q,ol.r 6rB396xb3q'o l5%-q9.>6 1.9o6-0qc artUaxr'rbcuJ o6gq'r0or trmaoc6gsrr6qpb0o eJ6Br - qg0Joaacdao grlr3aou $q'ogt(ra> i5lr4-or0 abr6trgb3q'o 06o3363q'o3r6o arasr$Sca0bobr, g3t{mtc'r6'rtso Joto6o36o$q,.rq,CbC0o 03o6o063b1. r63oq,g6o 0tlJ-ol-r t6q.or Adrgq'o $q'oU 0Cct6C $J6'Orq'AoeJqoCbooo 6Jbq.D, 6oo116, Itgo3gq'or.>o 0ou:t6gboor, t6X0guooqr':6 6':0olr3q'oU Jt6o39ljoq.o,:o$go. rarEo 6,r61$3gof4bgq'o $3q"oq,o ACoOrEJ CE6('lJoU O0666rqpt6o br63ol.t 0o36rts3&gts.l3gbgq'6J Jo6,cgrJo6o ao6C0r6'Jq'o O6r6trCooCbob (Outright monetarytransactions) J6o66JArA, 6o0q,oU aobgqg3oorJo br6Jo ffl5JqoJJ Lrlott63o 0oo,bcr36r, q-oolrbsq':6l.t3bo 3o6l6Ugt

16

J6eBCbt C Ur6rt69o 6oorbo36obr eJ Jo6eJJo6o ggbog6o o66tr6o11o3bol.t 6.>0oti36oo66o, !:o5o36oro 6s6o6r3q,ol.roL 6r6qrs, 39q,,>3c6 Orqrq'o.> g03033ttobc (l0olo-30o/o)er aoa(,o6r60 J66J6o0ol, (oCtsooooo (60/o-150/o). or'3 0odqn6r63 s66r6o0ou eC8o0oootttsC00o60brL drqrq,o qgoq,l6olrroor Qr tsoCuo6Cbuq'o 3s63q'ooro 33t6tto 3tsq'ott b3q'b,g6g06t6o6oLr rq0ogb36ob AC0J${6bCbCq,o g.:j$otfubo o6('gl.,O6orq,otr0oobeJ0Jq,o eo6C, J6JJgJq,otso0o36o AUtsJbCq,o qoJ r6rbJJAr6olro ob33Ugo6ogbo.>. b$cr63pobml$o0ocbou ogoood)Cbr 0rber ootCbo UJ6roEJAo EoQr 0oo,bo36oU 3q,0boltr, t6uttrgor,>6 q.o.>gttso3 .>tt696ro3.rq,olr$o63bgq,o oifub.> $q'oL acrq'olr 6s&3oorlrrSbgq'o Joqro$o33t6o 3t6o'bolrog.

l$ju6o63q,olr gal$goq,3b UJ3r)6(') JrF)O6oo6o, orytrrjSom, 33q,r3.rg go6,>61-t36oqolrb.:q,r6lnu fu6r0g q.o5.rU. Jq.o6oq'o66o3o 3rq'UOoL 8rUtsJbU6cbJr, SrJooJq'oltacaetar,E0aou a6o636gq'o3$ 336go6g0rU q.> 0o3q'x3.>qnr6o UrJ6(,ocSO('l 0r6$0co)cboutrrq.orb 2013 $3q,U orb qps36rorn 0o09o6r6c i6ar6oaob qg3go13o$olt 06o0363q'o3r6o6JUr6CUCbJ, o,Ua6r, 33r6otrT 613o 3o6cr3o33dn rf,lqoboL 6$rlc4trq'gbrUotr6 36orrqg,lt3l6ugp, boq,o 2014 a.or 2015 $oq'L gl-r 0rBp6gbgq'o 2 Solo-Ur q.or 3 09o-UAoJe,$mU, ACUrb.>Aot J(,.

1.2 33o6o0o396ot6q-o.:2013 $3q,lr 0orq'o.r6o tsoqg.> J6oqggi6otr tvr3,rq-J66r 9:6qrr0 2012 $0q'orr6 3xc.ort635oor

$oEJU$D6o a(.)6r00aCboo) 3.2olo 6Cr(EoEr. $q'oU Jo63xq'o ltao J3J6Orq'oU ar6argq'obraoq9rbJq,o al(')6('laoJc6o rCo(8('lb) tsoCLo6acboQr (8J acl,ibraoLrQ ddJ-b t6q9ob0.:8g6gbgq,o 1.5-2.5olo--ob tsr6aq,Cb3o o9o.oSoorbX JSr6orq'tso AtJ-L b6Qob OCAJolr,:6trd6obq,.>qr 6>ot6eJ QJ 7.196{ 6.:3960.: t306o630,:6 6.>6oo$3or' Jot(r3gq'o ll0o m)d,Orq'ob 6.:6di3q'o0r0oAdCECbeoboU (,rAJOCbUq,o qoCrCbUq,C0.: $o6r $q,olr ts3U$.:Oob JC6ooqoor6 AC(,D6Cboo)13.6%--oor B30go6qru, 6rJO dodnorrqg.>qg 0orrgt6U$6a3rj6363q'o J6('}CCOCAoU A(,0Uq'('lbr.AOCbCbq'rrboL q.or66ol., Jq'C0r0o A6o636Cq,o3J6o o9rr r06CsBC lribrtcl CSCCOoO, 3C6doQ,2012 $q,otr Jot639q,o lt6o JBr6O)q,ob 6rbar3q'o0rao 5sbbr3gor6Sboor arquq'o b6qgrgojlmd4ggboqru. Oorq'o$.>q.o $qrolr p60r3qmbu0o 0ii3fu\'obott qg.>66o 1060.6-oor3309o6qt.

2013 gq'ol.r &](a6oaoJfl6)o t6enb erarq,o 0rBg59b3q'o ai,C6cbq,('lbiu(,D6 c6(,,r(.o66g$39q,oboU ac(,r6cboo QraJq'ar b6Q)a 6r6rJot6obr. $oEJ $q'CbMXq,3boU $,>6Aogbu (279o), .>q'3o3oq'o.>6obrUagq,gbol-r $.r60o9br (297o), JUmC aCorq,U60ouq'o J6oqg3fi3ooUr q.or q'ooro6oU 0S.r

t7

6.>3Sombgbol-r $.rt66oXb,r (70,6). rA6CoBC A6oA36Cq,o36rQ AooArOJ ggbott 0t63$39q,oboltJF,(,AUCOCboU Srd,tuCbrA (23%).

aogq,o $q,oU 0r6doq,bg areJq,o t6qqr rpo6ots6s ltogq,oU 093t669o0olr qg.>66tso(9.8%), t6sg 5s6,OE)r6UJ(')6Oo, UrbOUAd,(')Cbo aJ 6CU5o66CAo. $()6r $q,C&(,rr6 a3pv+r3boo 030got6pr,0t6trr.>0 33q,rgrg aJQrq'or Uo6r6lj(9 bgj6ot6oL tt6qgs.

gbtrroq'o N 1 1 0oq'ou6o tsoq,: J6erypi0o (,r6aera6o3 36oq'ao

SU16cl: l.,rCUOrOo

6oo*rq.orq 0oqr 0oorbo36ol.r

Uobglr6oo robU69br. tsoqg.> 0oolbo36olr 0303o6501 6JbbrJCoE)COoo Jottr33q,o l.t$o$Jd,OJq,oU brMJ3(xeortso ogo o6sq'3olrcg36o 2013 $qol-t Jo63gq'o lr.r0o 3r66rq'oU6r66r3q,obs6o ljllroo AoeJ 0oorbo36r l$boq,oo 0ob0u63bolj b.>6r15bt5 .>ou.:bl. 336d69b.: lD66d6obqrsqg 6503o6rqr'

98%

4r%t4%

5.6%

-10.6%

12:h

2.3%

75%

3.',\%

22fi4.6%

00%

4 6rk

4.7r,1

01v,

01,/.

0-1%03%

0 2'h0 ?ch

00%

00%

00%

02%

!.l8qo', aJC66ro0r, 6.taod,!6r qtr lr{$ofor66!l-l.s. aCol6tc.l0J q'r dduc'r$UlAdF 0o&tC&E, a6'rriE(Y'arera!&Cas3a!0qb A6Cft Cq''d,,qrCoryJtuht, h6$ir. J.' v6d$ q$ Bqr)F60.lc}r a6 6r6,Sqrtr)&x{do6ll olAAaoavJa[! bo6saro'iqrlDCD.tadoktro5or3ftlE6r adilarnt{tc6o{t, U{rB'obo3rilu-,6Sri8.b a$ J.6

l8

AJEbbBr3CbUq,o bu6roo og('l ACm@bC J3Jd)orq'tso, SoqggL:6, 36oo 0bt6o3, l.t.>rtiBgg6oJg6xx.rq6bob 6rgt6g6q,o6oU ArUfEq,CbrA, boq,o, 03o63 0b6o3, 06o3363q,o36.rq.oac60oq,ca3q,ar aoECOJ6'Jq,ar Joq,oooJra 396d86qrr rbrq,o UTCCUJ(')6O(') 0o0r6oryq'3b3oo, 6c0r6 06o6363q'o36.>qr ptrt6q9.rUrjo6q,ob 3ilrJo6r6o. r0r33 qg6ob Orqrq'o td4g.: !9rtsoCbod)q.or 0o0U,rb36XboUgjlio660og, t64 do6oorrqg>q.o $56nS0otr bCCO('l6Ao t6g,U O0bqC60oot036r6Bg6gboo r6ob 6r0oFg6q,o. o6J6doq,9:3 tdlqrlU ad,J3J6o arAodf,JgC63q'o ogo rqL.>6o66u3o.;,6r'10 $o6r $q,3boll6r6 0r6l.,b3r3Cboo 2013 $3q'L bjobq'ollr Qr Ao0uibud)CbobCCUJ('lF)Oot tC49r0 $l-r6rto69boU q5ots6gq'o AJOCoT 6J$oq'ob6)o3 ,:go6r6L3blt o63Xlr6o3o3blr'3t6o369q,o q.or6rg:o630ol-r b6pol., OC0JoU ts36rtiBg63b'r 06o0363q'o3r6or o0

4 5:,!

.16'/,

-2 A:

-21\-2.1'"

l9

o3Jq,brt6olr.,@, 6('la eD6JtctACboU J6lr0loq,c, (mbc xJdt 16 r6oL brJaf,obo0o0qn6rdrg u66s6otsou ('CgoOoOoU a(ra6,rA (m6CA(,C ACAOo6,C0ob U$d,UhCq'UJUoAJA.

q.oor6l6$r N 1.4 qprbJSo6C0ol, qr,6)aoJ)adJ

-ao(b!6o a66rtoLgbo/eB - ofuCbooooCboi aaJ

40%

35%

30%

25%

20%2

ls% I70%

5%

$U!6)('l. LTCUOTOo

1.3 Lodo0b0r63bq,og)UCbob$q'oq'Cb)Irj.>6o33q,oU g6o36gq'o 6r63oU do6ocrrr(, u0

,BE

E,/Rqe , E/EA-q , E/89.Erei i,;i/ii F5!-3E ts83?EE

2%

096

-2%

-4%

-606

20

eora6rar N 1.5 ao,q'or6o q-or l.rsbst6coq'caoL brr6c8c)

-ao,ql]r6o o6aq|Joo!

$UrC)(.l: l.rJCLOroo Ar l.tCb-o1., br56AJ6oACOCAoUJa('labar60bq'(') tsrLSboL obqXfllrol-t qgobJooJrL qgr $q'qc6,o o68q'r0oou 0o$6ob6o3o

alfuC6cbq'oc.or6 ar(,Jb6Jtt 6r6$o6obxbl.r go6o0o3s3o 63q,r'rbs3o, o63q'rgoolt q.oo6sdo3r p.> 0ot6crbt6qo0.:fug6g\'oqr6 a6oag6cqx'I3J6o 810o6836r qoq.o$oq'.rqp Lt26ttorbg q.orgojbot6S&gq'ogruCbol) $q,oq,CboU 65q.o36ou Sq,oL Jo63Cq' 6rb00r6tso UrbCtC ogcl UU6LJo,bC brbrgbs)CACCOoo 6iArrftCgq'o tsJUCboU ts306ofrX0.:. $o6.: $q,Cb0o 6o5o63 t636oo60o, .:U630Lrogq,oo8o 0.)6t lJco6c0oo, ocqoo aoLJgq,or6obolr 610o ltUS5llrogr J6rnq.ogi3o.>'bg9.>1136ol-1 06o0363q,ogJ6o t6(lr qrqojlnd4-o.: bS6rltromlr ry6o665q'o 6$3o163b,>('6oCbooo b.>lroronlr ogo (,J SCl.,rbJAoUJCg 0ob.rgoqr63q'o ogr,l 0sluJgq'or6obol,!:6prbor$ gdur>q-o 030q.o6o0 $q,300o .>a $695Qob Agb605gbr' o1906r, 6o6o63g6oboq,o.r, tsrl.,Cbob Cq,rU$o36obr 3q,3boU 0o0r6or3q1boor Utsd)o ErJqlCAor, 3oQ6C.bf4roU 0o0u6oryq,3boor. $pg6rq.o 0o$oq930ob ts3\g93oU 6s0c'r 6ri:trrqnq,o g.>L36ol.rgq,r3 0Xdgor630r br6a6)dobJ(lc, S6ooCLor (Qr o6gq'rgortS 2013 $q'olr 6r66rgq'obraoorbACSA) orgq,C6Jtr. rq6ots63q,o Jfx'rylmu fuqg96rqr, 20 I 3 $q'ol-t q9.>Ur$gol-toqrrfu3Ug6lrwr$g g.>lt36oU $qog6o Jq,Cbi goCuofu,Cboq.o,: q.oggq'.>6ooU 0.rB66309q'0i.:J6ogol.r &rq,ollro3ou 4.1 J6,g{].16OL Aorq$or. $q'ob 03o63 6.>b33r6tso, Usbrtr'l CtsCCOoUdoq,36oU ts3pg64g, 3q,Cbou OCAJo ACAOo6qQr Qr $q'ob bclq)('lUro6oU bgd r.ronb grUSbolj0oq,o.r6o o6qrgjlro aJOcboU aoar6o,Uq'9boor $o3opr' qQcaca06ou 0o6r3969boorlr.r6o0b0rt6gbq,o Jrq,roJao aCar3!q, bu6ur(r,t3 g,>U3bol.t 33q'oq'3b$ 6 3 J6e196$o6pqg6obr q.or 0olro 6.:3q,g6.> $q,o36)o o6tsq'rooob t rc6,o,o arB3c6cbcq'tc Qrrbq,ocbocr)1.7 JrxrOCEOUq, JCbCOb 6rCOoq'Ar.

E

2t

Ai6(,J r0obJ, 2012-2013 $q,3b0o 6r6bcrtrr6o9q,9agq,0s 3oO36rE Ud)o AJeJbJb(,CE Cbob3300o690$ A6o&36Jq'o3r6o 6.>3q,f6r A.l.r.>0odb0l63bq,o 3oq,sonb qg.>lbq,og6oor 3096 oaJoE)Oo6)CbUq,o JF,roQCCgooU6tEts3qr6b.>. rjgpr6 6$o0q.oo6r63 o63q,.>gooL o6&q6$o CaCArbrAo p3gq,.>goolr.r orgqoJbrq,o o6Bq,r0ool-r qo6oU 916or-36o.) 6r6abr'bQ36cq'o grCo(,6o bq,cbr. 2011 $q'oUq6oboL o3oeJ6 aogoq,30gq'o, Sgg.>6.;ao oaJo6,Oo6c0Uq' ltrjo6Sq'tg gsL3boL td4goLOCAJb lgrear3rq,o O6C6qoo 3C(,6q,r.5gt6o 09$og, 2012 $q'ob aCoF)C Jorf,OrgobOoq,oqor6 Orngcrq,Xbgq,o LrsOo0bOld4\'o JJq,)o,JAo ACAJgrq' oaJ1n(,0o6Cb3q'urCcl6cE tc qgcBgroor gojlrot6q.o3bgrqgr' 6oacq'o0 acaQacla Jc6omqocbtso, 3Stvdmqg 3o'2013 gq'otr Jotfu3q'o L:ao $rd)O6q,ob 6.:66r3q,jo6q'oU obgq'ooor200f

15 0%

10.0%

5096

oox

-5.09(

-10 0%

F?'.,L

-.aLi1Joq6 -

. .re6.q{ni,.Uo '.... UCq'gU!C)at: UTCUOTOo (.or LCb-ol, A)56br6oACb36o(mAodl0 rRo6ots6r, o6gq',:goob qrbrE, ArESCECbCq'U, 0o$oq930oLt 0b6oc.ou6 0oj63q.o

tsJCood)Cborr6 3t6or.>q.o, 0oobo36ol, 0br69l-r .>6t4bgq'0r grj$o6960s9 t3g$go bgq'o.or,oCaob AoC('o 2013 $q,oU arbdoqr$3 3o6o0o3stso 0oobcr36ol-t 0b.>t69lt u(tbg&3q'otsrC6r'rf,Cbo golrSb$3 grt

22

cJo6craoJrtso $q,Ja (,r0Jq, (m6c95c 6Bc6{'}q,r brJf)ceooo rCOo3obJ. J6bcbUq,oArU6BCaqx'rOJ JbCt OJbAr Ao6COrf,"Jq,o Joq'oOoJoU ACf)boq,CAoU arerOCArL 6)CDq-JE)bCCOo6tC, 610 oaro arAoobror, 6a)A Joq,oOoJoU 0r6$3Coou AC0Oo6CbrU UlbrbJol-rgUbgb$3 0oorbrn36ou r6rUJJ0r6oUo S6q,J Ao.l$r. 2013 $gob ACt'robC a3r66rq,tso,g3o6o0o3rtso 6oolbo36olr abr63u r6UCOCq'o gJC6od)Cboer6 grLgbt3 gr6rgogooroooarf)opJE Cboo, bC6ojAgqt0s tsgdgot6qlr. ArU6$Caq,obou Aoq,g3.:a qgr 0g6boqgbgq,o0o63gutvryq,o Joq'oOoJoU gobb3 tsxd6ot53bgq,al UiJE)(')ocEOo bJ6rJgcocbar6r6sJo6ob.> UrJ6CeoOo rj6o3o0ob 6rar'l3el3bq,Cbr. 3o0X6gogq,o br635bol.t Obdroq.orbgyo6o0o3ol.r q,r36C(r,g3bJ0 boeo tsXg$ggr rp6oqo06o3o 0oo$o36olr S6(,Jb. JAJboJ6,0rbgo01]q,ot6305q,o ctscC0o SCerEQr $q'ob boq'ol-lro6olr bocxroou b$ag0oL $t6qgrL,.:pl$6ots6.>3o.:, 6od 3t6ox'r\,qo 0oo,bo36ob aroCbrtC AoUo.,o)CAqQJ brbJ6C('l UCCOsr6ol,0rB3g690qgbo6. $q,olr boq,ol.rror3oU 0J33o6.:q.o ooJor oaJo60ar, dnaXq'og $o6rJ3CnoqOoU 6s60rgq,r'rb.>0o 06ofu63q,o36,:q.o QJArq, (m6C'bC ogo. rqr6oq'o0'l6o3o0ootrn36ol-r $,rbsq,oLSbulr bgq,U U$gob(,r A$r6,qQo tsCq'JQo bbr36oq'Cbo $o6r $3q'or6tsgqgrC{ooor Ur6r60('I 0(.)(,,b(')36ob oioCAJtC ACOffiCq,CbA, ol, tsrioo, dma tt6qgol-tarerq,o OCaJcbo ertsoCLof,aj cCUJo6,0ob 036orb333$o.

oJqJsJqo ltljJjo6q'o xbt)gcbou aobc(Boo tsrttcbou $q'oq'cbolr 6r6boq3r63oB3Xfubb, 6o0 2013 $q,o[r &rq'r'rlto6olr, ls0odb0.>63\'o grl.rSboU l-l.136olo qgo6otrb6qgol.r tsgq.ort6gboo areJq'o OcaJCbo qgJgodlrof)Qr ,,lrg6LrronUl qo grq'3oloq'oLr$03q,3bol-r" JroCto6or0o ACArgrq, J6,('l(trj$CAS3 AJ 5 6 J6C)OC6Oo ts3'>q96o6.> 3oq.o36996o 0rq.rq,o (8. 1 J6ogX66o) ogo grl.tgbol-r 0r$Cbr ,,rgJo3oq,Ut(ro ltU03q'XboL qrrorAorCc)t " 16390o, dr.:6 o)rAbJCelU 6J$Jffi'bC )Cootrou $6)qQr0 Ar6$o6,stbr. tsJbCboUl.,rCd)orr (,rr6ou Ar63br qgugojlrot6pr ,,U>6b,,qrU663br, 6s6omb.> pr 3Uq'OU6olr" l.r.:b.>jo6q'o a6gggboU 0C6ob3CArAo (1.5Jrtrerg6go, 0.5 J6ooc6oo qpr 02 J6ooC6Oo tsgl$br0ourq.o) grb3bnb Lrx6om qQo6obb6q.ooU go6tg rqb6ots6r3ou, 6o0 gslrgbolr 3gCbr (,rtsoClro6q,J 6,rACQC6oAC XAUgtso;2012 $cq,(,)r6 0gps65boo 5 5 Jrx"oc6ooo, 0363ol6qrr ,,Orbljroaq'oljr c.or gSbtrgaq'oU"JroC0et6orBo. 1.7 J6rl0C6Ooo, oJqcl,,O6JEbJo6Oolr" UCd0c)60o 090.:3rq'o ltrjoEq'oltrqgu 0o0l-tbg630oL tsJUCbAr. brbrCt'r6(x'r X6UgAo ,,r3fio' ltopbo 6qo4bo q.or0r'r$goboqo0gbo, l$bq,oL 3o3q,r-033oC0J" tsrUCaoU UrSlrroro pobolr 3q'3bs0 0 8J6oOC6Oo 0grp6o6r. 3oqrX3 pgt6o qo)bJqio OCAJoo,, 0.2 &io0X66oo ts363o6qqr;r3tsot66.rb0gq,oboU" lrgc6l-t3bo.

l.tjo6q,oLr asrbaJf)cbou brb8d)dq,(Errbob OobXp3oor grUSboU 6q,oq,Xbolr 6r6boqi.>6oB3x6gaU, &ra 2013 $q,ou ArbarSq,obrao LrAc0bArf,Cbq'o g.>lr3bol-t lJJ$roo qgo63ts906o6rpr b,:66t6dq,o3o qrs l$tsg.>q,o bs666dq,o3obolr 0l69bob ltujgr6Sq"trg, boq'otr,r60o3q,g ar,rtrdstj

23

(nrb6Jar N 1.7 $q,oU6o o6tsq,r0ff U aJfuC6Cbq,gbotr o3q,oq,Cbs l.,h.rqrlrh.)b.>66t6dq,o3obolt 0ob0.>t63boU l-t.rjobq,(,Ur q,r ooabJbU6Cbot JCDgoU

-2%

8%

690

ga

0%

* ec t : .- s, etie he sc i t .- sr se og ac 6 d .5 3 c 8,". i'.9 g c 6 ct,r c 8" - d.9 gahi60rUgq,X6s ltgo-t3 (Jt(ro0c66gq,o Jg6jgo)

a ura!{D h$#ns!r,&n aq5an6ca.! lr}c.,5R"o

2012 $q'obA$lJA66oU

Sn6160

e$I3/A$12 01613q,CJ 13/o561 2(,CJ l2obaq,$or Soc-(- 06gq'rOo! tr3qx,c-

tllr(P 100 0o/o 2 Avo 2 4o/o 0 59o -0 5%lra6t')c,o q,r }'q'Jolo{E lriSCqElo T 796 l Tqo 08% o2%

28 0o/o 6 \a/o I 89o 0 8o/o -o 20/oJ:lfF ar JY]f

'J1r,{a

21

)27o/o -t1 -o.20/o 3 3a/o -o 40,1r0 09b -0 3% 0 Oqo

cNv.tr6$.r srrE c$o Ar J3(15O6r 6.1qa 010/o 00% l5a/o '0 lolo0 50,6 0 09o -l.l% 0 10,6

lrll$r66ox6o,.ilqyFo (D 6d\ad,f6cto 5 20/o 2 30h 0lqo 2 8o/b 0t%lrbawlue) lDjdr63(r q! tuA$tJd,C0J 5lo; t 2Vo -010/o 05% 0 0o/o

$gJ6xr: ITJCIJOJOo

1.4 U.rbgq,O$ogogo$r$lrgbo2013 $q,oU bo3xcoob (,ctsooooal 00J-l-t 2.6 Jt6o1p66o acDC96o6J. $o6r $gq,orr6

ts3qgr6)C5oo Ur6rq.oJ.trbrq-oo ts30olt3qp&r 0.2 Jtrx'roC6goo, It0orr36o6 0o0urb3dt3bJ$3 6o$36q' b.)6,xcbtx 0opou) JQl.,r6oa6J3oJ,trma 2013 $q,oU boglxgo Ug6o ACOXg .>l6olt o6oX6$oSXbgq'o ltogorq,gtcrU.:]o6o9b9bi:3, t6.4 ltc\]orqpJ6o brGXCAob t{6cgrto AJa('lobrOJ.

2013 $q,ob 6JC6o)o boflx,oob ts30olt3q,g00s qr A6r6OCbAr 7.4 aq,6)e ql16()ACD(,bobJ,6rc6 oroo$aob 160 0q,6 E)r6oo ErAo6BCA) 2012 $q,oU 0o64g0l-t. 2013 $3qU,Ur6r(,rurbJeo tsg0olr,:3q'9bo CA6ots36Cqx"A (0,2 Jlrtom6$oo,) tsg0got6q.o.>, brnqo6o0o6.rq,gt6o AAJ 2.5 J6r'rOC6O.,o, 0Jotr6qoJ. tsXq66.>p l.ts6.rgrlrbJQst O3o6,srl $116r$cq,or6 tscer60boo 0.7 J6,(')oc6ouq,o JU6JOoo acaoof)Qr (Qr 24 8 Jf,('t0c6oo Bcrc6o6r'ls6.:qg.:1.r.>b.>qm EXaobr3q,gboU bO6gdOC6rAo r6JJo6cgrJo6o AleruJbrqC0ol, $oq,o 55J6cBC6OU 3CJAbC6t , Jo6qoJJo6o brqprurbrqoCAob Jo ACUJbraoUrA 45 J6oOC6OU.

eoJb6rAr N 1.8 6JC6o,o boflXCOoU UJAJerUsb.>qxr tsX6oUr3q,36o

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

-

6rd6oo AoJX:Oob UTATAJ$brGn A3&rl.,r3q,Jbo (4,)6,ObC6r eJ6do).+AdJ-o,r6 Bn6(m8r (a$,MJEr (ct6do)

I

2A%

24%

200/0

16v.

120k

8%

40/o

o%2009

UO6c)SgJ6cI: lrrCr6o3Cq,(.tlj tso6r6lrolJ UrA.,6oUl6oq,>U,rbrqoo tsX0r'rlt.>3q,gbol-t 6q,oq,36Jtso $6(rlU Aoar6@Uq,CAo@ U3Cq,ttC eoeo

g3qroq,o U,:690o1rJ3q'(,l orerbJbre9sc a $3q,or6 03q9rt63boor 6106olrl bouxrt)oL brfrlXbo 223.8 0q'6 q,rt6oor(2.7 JC)ooJ60oor) 6g06ot6qgr er 8.1 aq,6e9 q,J6o ACJebo6r. Urfuq,a$ogo boCXCOobb.>619bo 162.6 0oqmo6o qrr6oor 0g0go6qg.r eJ 7.52 Aoq,or6eo q,J6o tsCJe6o6r, 6)10

2004 2005 2006 2007 2008 2010 2011 2012 2013

25

$q,ob ltbgt6oro 6ogag6ob bc6lXoolrot6cgr6qmbr d.I-or!6 $oEJ $Cq,olrb AC(or6J0oo L5 J6sBC6Ogq'o Jg6jgoor 0g0go6qg.>er 30.1 J6('IOC6Oo Bg.>qg6o6.r. b.:t(r26boU tsCAOo6Cbr do6oo,rq,J(r tsCCbrl J6rtso6r6t Uf)rjoo3Cbb (556 Aq,6 q,r6o) er bJjob0q,o (,r A('lAbrb.C6CAob (286. 8 Aq,6 q'.r(r,o)3.rg96o6ngbU. lr.r66d6obq'rp 5rots6q.os ttogorq,g6o (437.4 0q,6 q,rtrn) 6r$ggq,ob.:62iXbo.

q.oor66r0r N L9 6JCF)oo boUXJOob br6xC6o er 0roJo or6.rgs6qm0r Od,I-or,rE

9,mo8,m07,o(rc6,000

5,000

4,000

3,000

2,000

1,m0

45%

40%

35%

30%

25%

20%

15%

10%

5%

096

"d ,S d "S d ""s d) dP ,"9-

6rct6on oo"Xro.rr b$'Xd. +o,r6r6snbr$Urd)('1: L5Cr6o3Cq,a}l, tso616Uo)) Lra.)6()l.,06('|l).>bgq,0$ogo boJqgcoolr qgggo6o$ol.t 6c{]c(x'lbr or3cg$odEcq'JQ 74I 6 aq'6 q'r6o(,,

6r6ol$tq36r, 030q6o0ilo ltb3q'a$oBo boUXCOoU q.oCgooooou 6Cbar 0robr6Qr 755.60qr6 q'.>16.>0q99. grigoa6qo (,ctsooooo qr6x60oq,t3 66o63 ogo (711 0(,6 q,.rttn) qrAdJ+ 2.7% tsCre'ao6r. t64 fugb3or 6JCf)o,o bo"JXJOob qg3gogogU, 0.>6 705.8 6q,6 q,r6o(AdJ-L 2.6%) 0Crqo8o6r (ob. eor06Jar Nl.lo). eCtsooooob qgsgo6r6lr3b.> dor6oorrqguqgoDgolrggrq,o UJ06UOrgo brbbd,Caou 370.9 Aqf q,.)6oq, aC0go6Cboor p.>9o6.>61.49.>.lrs6.:169o 3uq,q.o9bgq,9b3bolt $6o69r bt6q9J0 131.6 aq,6 q,rd)o, boq,o 0oqrr 3sq,ob t6qg.:077.6 0q'6 q'rt6o tspq96o6.;. J6c6r6o$ugooor Jo qpcBooo0o 125.7 0q,6 q,,frloqu9o6,>6\o,:.

26

enrA6rAr N 1.10 6rC6tor,0q'o 145.9 0q,6 Er6oo a0a0o6Qr ar 31 axlc666ob 0(16o0.>63o6oo1 785aq,t5qr q,r6o 0Crq0o6J. 06o036gq,o36rq ts36got6q9.r l-t.>jr6opq'(,}l-t 0or.>36r'rbol.t qr.>g6o36gq,o br63otr 3sq'o llr36or$o6obo ttJArq,UOo tso6Qo,J6, U6Cq,JQ c.orotsJ6J 2008$gq,Lr 6:0o339bgq,o 336oo\'o6rgo3bo t6qrr 3o 339tx'r 0orr36obolr 3rq'l.r 0Uogq'oobs63oc6, 6t6r'rJoL U,ro633lr6ogoo br63ors6, .>boolr br63ooJ6CboL, b$3orl6, boq'oCgCSC6"er6 63dr0r6orbors6 q.o.: o,:Jcr6oullolu6. 2013 $3q,U l-trb3q'0$ogo lt6c63o 3.>q,6r7brjrt(rogq'oU AAJ-I 29.30,6 Eguqr6o6s, 619 1.3 J6o666gq,o JU6COoo 6r3qtgbor 2012$q'ob dcr6rgdtrS

2013 $oq,U go6r6lrorr l,)Aobot O6ela 6u6t6d3q,r lr.:brto6o 3rq,q6b3E CbC6ol.,r (pr

0orq'o$O,> lrrbgq,0$ogo 3.>q,6r 0tlJ-l-t 36.8% ts3!q.o6o6r; .>q6ots6gq,o qm6g 3.rq,oLrAe66rQrnboU J6o6o33q, 0rBgg6gbXq,trX 06o3363q,

10.0

9.0

EO

zoEt: 6.0t s.0

4.0

30

2.0

1.0

00

27

C.oora6,rAr N l.l1 LrbCq,a$ogo 3.:qrr qr.> frdJ-o.>6 g.fqx'rbs (1998-2013 ffi.)

-aoar arq'o (0!r6xJc6r pct{do)

-

LraJ'6Jo 3r

qgou66.>0.> N 1.12 0o0(oobr60 )6arf)otsol, J(.lAJCtbC6OCboU E,)F)(,obr ffdJ-orc630%

50%

54%

4A%

42%

35%

30%

24%

lE%

r2%

6%

o%

20%

109(

tr/6

-10*

-20P4

,30*

4096

-lriCo6q{E,3r3l6o8r -Ao6l})trJ6CooorSrr6oAs-ACAnbRtq](, - aoAo6.)(,C Otc,56lrtsCi6oCao-aoAaoSr6C

r%rdroAo

$Ur6m: UJCr6o,SCE (')b 36('1363q,o AJEJo0o0(rlbr6C r66rt6o0olt AJ0CCr,6o &C&Xo0CItg0.> dot+rooruq.orq.o ll:jo6q,oo 3gt6oboU

bryr6boU pg&1ob9U9br0 6r6sJodm6r. 2013 $q'olt 6rffi.>3q,sr0r0o $o6,r $3q'orr63gq.or63boor 2l.2Vo-oor 6rotrs6q.o.> b.;jo6qoU gjbJo66o, $.rg q6mb oaJo6)OoU $6q.or

!l-I

28

6gq,or.:6 ,rbq,ol-t ogo qgr 0.3olo 6grqg6o6r. AC(,C0J(,, lr.>jo6q'oor 3.>]6n6olr orq)Jbbo 2012$5q'or.r6 03qr.rd6boor 724 0q,6 ,>8tt qooq,s6oor ArUAXmbC[i(,r (rJ -3.5 aq,6)(, rEd qooq,r6o63rq.o6oEr.

0o0Usbgt63boor grlt(xn6o(,Jb AoeCogq,o A3acit.>3ggbo o6rt6Eg636lt 6r'rq'oqx(roo6qgqra95J6A OC6ACEOorU. 2013 $9q,1., &r6lr.;bgtfu0oo 3.;]t(roboqgr6 aoq0bgq,o $0o6qg.:ts3&'rLr3qlbo $q,"g6rCS 28%-oor 6.rot.frqr eJ l.4l aq,6A .rts8 qx.rq,cdro 0Cr(,6o6r,t6r0rg 06o336gq,o3r6o ArAq,CEr Aorbqnbr 0o0qnbrt6g rbbr6otsou eCtsogo6ob6sas6Urq36.>tg. 6oaU.:bg69boU CCU&'l6Oo(,rE AoeCbuq'o ts30tgol-r 5.r6Jot6obg0gq,o.2013 $gq,U st6q9r qgogojUo6qrs 6m6ot66 l.tsj0or6o, sll6g Jo6sqro ggtrnt0oU bggtrrogbtso,b3q,ob.r6o flo6r $Cq,cDJE AC(,r6Cbool 23olo-oo 6Jo$r6qQr (,r 1.43 6q,trqr .rtsil qmq,r6oACDe6o6r. bODboq-J6)A ob64-o3br Usj.:6o63q,otso ggb6o $3qoqo

tsgogoE.r lt3.>)trn qrggogogolr qg.>go6r6lrg0.;0o. $o6r $q,gborrb t3qg.>t63boo 0o0qn6.:6966rELgX6r9boU $q,o56o t6qnl-t OCAJo ACA0o6CbUq'oJ, d,ro do6oor.:qgrqrUJao,rg6obJ@r3o6obo Of,s6LgCf,CboU 3306od6boot rt6oL 6r6o$gggq,o. 2013 $Cq,U$qrc6rp 7o,6-od, Arotr6(,J 39t6dt63 r66J6otsoL (,ctsoooool,Ecr60o6CbrBo 03o63qn t6B30r.

25%

20%

15%

1096

5%

06

-s%

-10%

29

2013 Sgq,b 0o6po6,>63 .r66.r6o3oU (,Ctsooooo dot6oor.>qrsqr Jo6(rJo6o g6bog6oo633l.rgo9o96oor ertsobr6L(,r. 2013 $3q,lr Jo6prJot6o g6b

t0

ob6oq,o N 1.3 UJbrerurbeCq'o bJq,rblrob r6.rq,ogo3gt6o $s60op516rArUJbrqC05 2009 2010 2011 20t2 2013dsr6str 16^$00 -1,134 1,193 .1,840 -1,854 -951

-2,340-2.590 -3,494 -4,216 -3,492

1,894 2,462 3,254 3,502 4.246-4.293

-5,052 -6,749 -7,718 -1,738340 513 747 1,101 1,410

1,314 1,599 2,008 2,U4 2,910-974 1,085 -1,261 -1,443 -1,560

A,1aob$c'.oo (5oobrpr) -41 -215 423 -147 -337t11q.o6o6r, 6.;9 $o6.> $q,oU $rq,o6ogfr6r8396303q'tr3 9.190-oor 6r3q,X0or. 0ogbgqgr3.>49 6CAoUO6o6)CbUq,o Lrjobq'oorBJ}5obol, q,Ctso3o6oU 0X66ol6XboUu o6o, $o6r $q,3boU 0U6,rgUuqr, JBq,J3 aoaeo6r6Cr60J5oaob eCtsoOoOoU g0or36gL $g.r6roqr 6B9br.

3l

0b6oq,o N I .4 6C6oUOC,o6CbUq,o dl,Jo66olr qD oAJod,Oob $q'og6o t6rq9ol,OCAJCbo

$Urd)('}: LJCboJOoooq,o $q,gboL or6argE obrao, 6CAoUO6o6CbUq,o bjoEqoor CClJ8(,f)Otso ob6eCbr

ls0o0b0.:66\,cr brjo6q,oU $oq,o, 0goq,3qry6n L>jo6q,oU fuq,oU n36go6gboU b.:f4gt3,belq'cl Uro63Clr$o0oo Usjo6q,ol.t $oq,o g63q'3q',>q9 eJbrq,o 68Cbr. 2013 $gq,blr.r0o0b0r63bq,o lDjobq,oll CCL&'r6,OpU $oq,o 0oryor6 dL}j66tso $o$r $3q,o;6ts3qgrErgboo 4 J6oOC6OUq,o J36f,1oor 6roi:r6q,r Qr Aoq,or6o CCbJod)OoU 5lqo63sq.o6o6r, 2 J6q3g6OCq,o JC6jOoo - a3%-0q9X tsg06o6qr,: 3grq,94-og6m lt.:jobq,olt $oq,o0orq,o.:6 3ibJo660o, b6Jodx'rfu0gq,o ogo aUgbgjo r3oo&$oq,C0ob t69a|-tJ6o og $3q,orr6 ts3q.ordr3boor,rgocla(1boq,Cbol) 6CCClrJr)6Oo 19.9olo-oor 6rotr6pr (,r AbgbUCo J3oclaoaoqpboU $oq'a.>0oryo.>6 gllrJr.rt6g0o 24.2olo ACre6o6J. 03ot63 gaUb3oq'gU ltrgjltJot6gcr J6oqpjgorlrggtrxrts36.:q96obCbo $sttraorq,63bu (0orq,or6o CdLJod,OoU 7.9olo),,>0 a63goL l-t,>jo6q,ol-tcdlrJo66o 2013 $gq,tr $q,oUF)rqQ ll,7% oor 3306od4.or. 2013 $cq,L 0og3bgq,0,r gbg0r03rq,orr6 C6,o,rA,

t00f, :ooi, 600; 5(x)g 400E 30o: 200E, 100do

FgEieElslrr$cgp

32

jrt6oryq,o Jl6oqgi6ooLso6oU rB3563bgq,b.

5rg 0g9b9bu gjUJot6goU 63, oryagr .;0 b.r$ttrolr $oq,o jJ(1or0q,CCLJ('IE)OAo 2 JE)(')OC6OUq,o Jg6j$oo ts3dgo6q.>.2013 $3q,L IrrCCIrJo6Ocr br$6Cbtso63ot63 rq-o6oq,o l.toab3o)a.> qg.>o3.>3r 0orq'or6o 0CUJ(')6OoU I 0.9026-oor. tD&llrJ('l6o(D0.>tt63bol-t bgor3gqtso rUg39 ts3q.oou6 936.>o6r, FryUgoxr qr p.r o3t6jgon, 2013 $3q,b rdi$g69bh am3oq.or 0oq,or6o &Irlo6OoU SCUTbDAoUJCQ 6.60lo, 6.50lo (,.r 6.30lo.

q9or6t6r0r N 1.16 3jlrJo6oob &rOUq,('lbJ 636cxn630oU aobgq3oo, 2008-2013 $q)Cbo

2008 2009 2010 2011 2072 2013. Brrx,Jr3aod,oU hCU6CAo r qgLor-L fi3669e r a!6r5806o fCS6Cao

gU16m: l$C116rOo2013 $gq,U bro'br6er CdLJ(,d,Oo qgl.ror-ol-t j3gg69btso,6119 qnq.o$oq'4g 6gLgonl-t

L.:3.:]dn 30br66oU 0oblr6oor ogo 6r6Jot6obgbgq,o. 2013 [3q,t q.oltor-olr brtrt6tSjr6oryq'o 3flno6goU 55.7% 6o3oq.or, dr,>g $o6r $q,oU .)Erq\r0ou6 oiBOCbCbCq,U 3.3J6o0c60uq,o JUECooo recarOcb.>.2013 $gq,U 72.20,6-oo1 6ro'br6q.or Crf,oluq,oCCU.lo6Oo C06oJJ3tso6Ao, eJ Ao,q,or6o6gl.r6ogoo ar aorq,Ca0d)o 0ob0.:6gboU lr.>jo6q,oUoAJod)Oo tsCLJbrAourqg 9.3 9r 6.1%-oo, l.t.>0o0bart63bq,o qrr6o06gqrSbob LJC('lbq,obo0Jo66o 3o 14 890-oor 6rotr6qgJ, 61010 UrC{6o(, XrAAo 6C6olro6o6C0gqro Urjo6q,ol-ro0,)Jo6obr.

1,8001,500

,t r,ooE,I r,200

$ r,oooB 800o 500,Y 4oo

200o iill .ll

33

eorbd,Jar N l.17 t636olr6frx+4&gq,o Usjo6q,ob oAJclq5o U$.:jo6q'('l A6gtsC0oU0obgqg3oor

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

02008 2009 2010 2011 2012 2013

. bJ(63Cbooo@ r BC!c]C(tC6,o I UraoAMJ6Cbq,oSg16o: l.,5CUorOo

2009 gq,opr6 0ogoqpbgq,o U0DboqlC6rA ot6eC0areJ 6o6oC6 lr,:o6plr6rgoo,ib6g tsgrq,gpgCro qrr lr.>0o0b0r6g\,o a6gggboL lr.>jo6q,olr oAJr'r6Oo. 2013 $3q,U,j359.>6.>tso ll]m6o0o3g6o qgr lt.:o63gbgogoo tj6o3obott 0363q5bob 3r6rq,3q,U64.o,tsCAoof,qqr Lso6ggU6ogoo er AUrqCeU6o OoJoU UJC(,6E oU oAJo60o, b(,q'(,Itl0o0b0r630q, oaJo6oo6Cbuq, LrLrjo6q,o a6gg9ab, rj Jo63gq, rq.o6oqlr 6q,u36l3orobo qD 6J3o(,bJ6(')eUCOC6o o3,:gbL acDq,oJ6o oAJo6Oob 12.10lo-o(r,. JA OoJobUrjo6q,oU oAJor6Oo 2013 $3q,b $o6r $3q,or>6 3Xqu630oor o.4qo-oo, 6JoibJ6er (or 954.40q,6 r d q.ooq'r6o 39sqr6o6r. g6Ub3oq'gL Uro0Jod)Oo LrCo63q0o 09o63 rqg6oql.r o3r6btrAUgaCJo r3ooAoboq,Sbo 0orqo.>6o t(r36oUg6otfu&3q'o oAJo6Oob 9.@/o-oor. abSbgjor3OelA(,Aoq)CboL oAJo6Oo 2013 $gq,U 7.2%-oor 6coi:u6qgr Ar 710.5 aq,6 rEA eoq,r6b0ore$or. JR6oA6Uq,o .r3go0crboqlboU do6c,oJ(,o 6.:$oqro 6ggjUJo6gol.ror3olr rSolrbr6J0q,g6oq,o. Jqur6o06r3oJ bu03966,ry,r,r LrtsCrq,CbCbotr o0Jo6OoL txr4poL 6rqrq,o6g0Jo, r0 l6ggoU Urjo6gq'o 2013 $3qU $o6,: $gq,or.>6 E3q9.l69boor 20.70lo-oor 6mt.:6qgrqt 280.7 6q'6 std qmq,rfrb 0orq$o.r. r0 0,:Bg530q,oor bs03g66rq,o tr>3g,>q'gb3Mrp0bb3oq,gU o0Jot6got6gbgq, lllljo6q,r'r l6gggbU 0o6olt 0Soorbg ,rq.o5oq,o qro3,>3r2013 $3q'L lrsdo0b0s6Cbq,o OoJolr lrrdoEqrotr o0Jor6goU b6er U$c)6C(, r3oclo(')ooq,Cbouqt br03gt66rq'o l.r.r6g,rq,3bXbolr o0Jo6goU bt6qnrU brtr4gtg 0obqr.r.

2013 $gq,l-t 23.27o-oor 6Xago6q) bod)bq,oL oA.lod)Oo, t6oaXq,og oaJo6oof)Cbuq)Ilrjo6gq,0o po6Xbgq,3boU 0ob3q6oor 09bgor3 rq.o6oq,b o3r3gbll. 11169 20.4%-oor0306ot6ps AJC6ob oaJr'r6$o. qo63bgq,3bolr 0ob3q6oor ts.:j.:6ro lr333bo Jtrnq.ogjgoobo0Jr'lE)OAo 031.t03 .:qr6oq,lr o3,:3gblr bot66q,ob aJ bo6gJSoAUCOgOol_r ts30q.o5r.r0 U[3rLr$C6o J6oeUCOCboC.orE rebt6o66J3or tso3oqr,:qgolr q.or 3.:3rol.r (17.10lo-oor), po6olrbolrrgolr (187o-oor) qrr 6rgo6gq'o oS3trol-r (5%-oor) oAJr'r6OoL 9:r+rqrr 2013 g3q,t_rgal.tb3oq,3b .:oro Urtr.>jo6q'r'r a5ggolr $oq,o Oo|)q,or6 oOJo6O0o $(]6r gCq,or6tsgpsdrgboor 2.9 Jt6ogC6OUq,o JUECOoo) Arob.:6qru q.or 37.690-l.1 aoJq$or.

,eUE

,

ueora6rar N l.l8 UaLrbgoq,Cbo oAJ('t6oot6gbgq,o brl,Jjo6q,o 2169996o 2012-2013

r 2012 a 2013

Sg16F: U!Cl.,0rOo

orq,JCuq,o j3gg6XboQr6 lD ju6o49q,otso galtb3oq,gU oaJsI60oo6JQ $o6u $q,3bolt0L6r3Urqp ory6rj9or, 6B3br 0orq,o.r6o t(r36oU6dro63b0q,o o0Jo6$olt 17.1%-oor. 2013 $oq,U0olro $oq,o oaJa)6otso 011o6xpoor tscaoo6q.or (0.7 J6ooc6OUE o JU6COo), aocbcer3rqg.>0ol[, or3ttrj3ooqgr6 oAJo6Ool., aoguq'obr 33q,.>3 06o&369q,o36Je reCorOCOrrb36bmar63q, o0Jo66lr, trmaXq,asg 2013 $0q,U 0oq,or6o oAJo6OoU 8 l7o-o 69.rq96o6.>q.or o0Jo6goo6 j395636tr tso{6oL a3otfu 4.o6oq,o (,JoJr3r' A[,b3oq,o oaJ('I6ooo6oimgbcbou JodB3q' bccDccq'oo rttcoc tsc(,olj UJ6JoEJ (oaJ(9f)Oou 7 6oli'-o) 6ULcoo(oAJo6Ool, 7.570) er Bob0oo (oAJo6Oob 7.20lo). rqUr6ots6r3or, 6o0 2013 $Cq,U, 1119r}6(')gt6ong6orobSbol-r Jq(,6C6o1., JJ6Jq,CqpJf)r(,, 63U3onq.o.>6 oaJ('r6$o 24.4oy'o-oor6ro$r6qg,>.

qnr6r6$r N L19 oAJ(.)6O()b aooUq'obr j656XboU aob3qQ3oo 2012-2013

1,200

1,000

E00

600

400

IuF,

4c

1,600

1,400

1,200

E"*ttF 800Plqt*Q 400U

2()0

0

E$i{fig$s$e6EEs

t8"f E, F,,E t c Inrclj6^-de-t1Fg ns* bF d ?

.2072a2013

$Urd)m: l.,rjU0JOo2013 $gq,U $o6r $gq,orrb ts3qrrdpboor Urjo6q,oU o0h6g3o qgltor-oU jgg696oU $oq'o

6ro$,rt6q.or 2 J6(,tC6OCq,o JUEJooor, 27.5%-aqgC, rArBC JC{r,ooqotso 366o3,r3tsot6olr

3s

jpgbgbolt $ogo o0JotSoto 036go6ps 3l.09o-er6 28.8%-Aq.og, brnq,o er6J68C6o&9g6g0ob $oq,o (dotrnorrp.:4-o otg6fuoxt, Bo6gom qr .rdtl) o0&*66tso g06otsg63qmqr6rotrrC4.o.r q.or 43.7% ts3496o6r.

36

z ggag,saFUrJ6cq'r8rn qgt lnstq,lccl6ooll 0ob6mbdn3o 0.rB3969bgq'o, l6b$ol-t,lqg, 03rgooq9 flEqqi ogol.r0Ja('lobrACa3q,o ltagsq,o g.>qn;6o J3t6o 6 3t6c4x66ob, boqxr 2015 $q'ol-tro3oU - 5 J6(1oc60oljoq.o35o6oor. oA SCoobOCarAo, org o6gq,.:goou U>J6o66oto 0>B3X63b5q,o rqCoioCbrOoir6r.rbtrrqlr, b.:jr6orpq,oU 56o365q,o 0163o 6rs03.>gtlSbl-t 0elbCOJ6Uq, Joq,o6oJrb,boq,o org o6gq,rgooU LrJfngSoto Arfug6gb3q,o 0ot66q.ocrbq,oSboL J$,>q'gq56,rp, C$rJrrb6o3Jqg AgA6ofur3br o6gq,.>6ool.r r.r3go0rq,pt6oqx'r6X q.or ts31l.>br0oltp, lr.:j$ro6gq'ob 36 Oob 06)dCq,Or(,or6 ectbCAAC. rCC!.orb b)0r'tAeobr6C,Aot6('l66r,3o 0.>Bg63b3q,o 2015 $q'oqgr6 5 J6o396$r0q93 ts369o6493b.>, t6rg ru.rbgq,orB.cq,re-brJ6C(.oo(.) Qr Ur3rq,UOo Joq,oooJob do6o@rQo 0odt6oryq,3b5btso

2013 $Cq,U bsjrt6or3cq,oL C6o36gq,o br63ol-t 0o65$r65q,o Joq'oooJrbot66ogq'qgboqru 0r36ro6o6o0o3gt6o 6r630oU, 6Logq,oo 0s$dr30t3 0o0qpobr63J6e43Ug6oLr q.o.) jSCg6olr tso66oor Joq,o$o33t6-g1o6o0o3gt6o 3oor6Sbolt 3m0Jqgjltg6or6rq,o'bol-r lDggfugq,b3. 0b3q6gq,ob,>0o aooecboqQr Urjl6urggq,oU do6oorq.o U,:3.:$dmJJ6r66oot6 j3gg63b3o rt6lrgbgq'o grlr3boU qn6rao3l, 6ot36obotr golr3rq'36ro Joq,ogo3,>,lrJgo6r6lro eJ t JgJq,UOo 0.>tx63bt3 r6LSbgq'o g35q666o3bo, L.>g6orr6o6olrollbrjobq,o brtrtiXbtg g.:l.tgbolr qn6,>0o3.>, l-t,>06rgbq,o g.>U3boU 3rqr.roml.t q.o,>acr600r6cq,o 6,rq.otg30oLt oD3oUgbg6rgbr6o, t6rg o6gq,,>gooU 0r'rq'oqgo6oU got60o63brU.>qrr gtrrJo6r'rbg0q,:.

2013 $q,ob brbal3q,(lartu o6gq,rgor 6ot6ob6og arB3gfub0q,sg q.orbq,s6rt68g6q930oq.:. obgq,.;6oolr BCaOod,CAoU OC6eC60or 2011 $q,oL o36obtso qrm$gcr,619p0or3t63ltq.o oo$oqg3bott tsiCo(')6Cboo ogo 6.rbJo6obgbpq,o. o6gq,,:6ooL 0.rB3963bgob3qlbolr 636pg66or 2012 $3q,ltr6 6.>66dgq,qpr. 2012 $q,oL 63ot6X 6ubg66oqr,:6 do$oqrXboU0b6oq9$ grU3b'bg UJ6ur'ttsoo, t CAoCaCACbrU, C6orlbq,qo 0oorbo36oU ts906o63brgqgr36rom.

2013 $q,ol-t Jo63Cq' 6JbCar6Ao, fti6.r $q'ol-t 0lt6r3L.:qr, gsLSOoU O3q'oq,Cbrl.i $q'i39.>69o9ooro qo6r0o3u 3jobqrr, or3ogc pggq,4ooU 0,>B3c63b3go 0gq.ou6gboor ts90go6pu.$q,ol, Jo6A3q, J3J6Orq,Ao o6gq,.4ooU UJ6UoBocDo o6qooJro(.l6o 1.5-2 J6o0C6Oolj

37

gJ6bq,Cb0o AC6UC('t0er. (,Cggr0orl, bJ6$o6obCAqoJ t6tr6o66 ao$cqrgboL, oU30oo$o36oLt 0b,rt63lr ,>t(rb3bgq'o AJCO(96Cbo. $o6,r $q,oU 0U6.:31t,>qg, brb3i4 ogo lDbr'bcrCtsCCOoo brA(')$ACUq,o tsrLCboU Jq'Cbr bg6l$of4. TUCAC, erAroCooo) 636sgogt+r lDbrtots('lbl) CA6o(,r reAo6ouoSof)Cbreo tsrl.,Cbob 3t6orqr6.i(r) tsX0got6gbr. UJ6U(.lBo(r,o oUooaJoE)Oo6CbUq'o bsjo6q,ob grl4bolr 6q,oq,C6ot qn6s0o3oU 6r3q,g6rg.3Jr6rq3q13t6rqg, g;o6o0o3gdro .rj6qoboU ts369q'3bs gsL3boU e83969b9q'trg (,r\,r 6)BCboQr' 65brbr0obrqr, oaol-t6ro)BJq,olr$obCboo, t6o0 J6o66o$gbo er 95CAcDe$C6oq,o g.rjgo696o g3o6r'r0o3ol.t636q.o6o6o booauq,o6Cbob Lrlotlxr3Art3 AoUor)o,CAAr, 0o636s6ryq,o Joq'oOoJoUJcloooCoor JAqrrA arr66dCq,r $obr $q,Coao q.or$UCbUE)o EC6AoE Cbob Joq,oooJr. 2013gq,olr Jotr63q,o 66r o4ob 6s60sgq,obstso aoEcOJ6Uq,o Joq'oOoJoU 6.>61393orrCO$(,b6o3X.o 1.5 Jf,(.IOC6OUq,o JUbdOoo) 5.25 JFxrOC6OoQr6 3.75 J6o0C6OraQCts306ot6qr,>.

2013 $q'oU ac('lobc Brd)O,rq,ao slc.l6ctaoJU6o rCOoBoaJ 6r0ogog\,pr.69t6boq,3bggo ao6Cor6/,Jq,o JoE oOoJoU tso69bC, JoaCF)0oUq,o br63gbob lrJJf)Cqoooorj6o3ob.>0 ,r63olgt60cuqr696qr. 6oqrr 6oorbo36olr 0rdq,.,Cd,Cbou 0r6o363b3q,o og66r3q' q.or J6r'r56otgboU 0obgqggoorUr6grqx'r3rqgo.>6 Jg6oop8o 0ot6ffi309q,orrb 0obo qgr:\'o3br ogo6olrq,oqgbgq'o. SSUrbraoLre, c6o36cq'o bJbJob a(')ECOr6Cq,o Joq,oooJob JoaoocoarSq,olj b(')q,o ogccatu BJ0D6CbCq, bbgraxbt3 6360oq,3bgq,o 6t6orpq,oL 3dto369q,Ar bu630r obgq,rgcnUJt60oUJqo, Jo(,CB Uts6o 0Cr6boqram6cor6)Uq,o Joq,oooJr er Joq,oOoJoU L$6x"oc6om 6r6$3coo 1.5 J6(,oc6oUq,oJU6COoo, 5.25 Jdx"OCEOoerE 3.75 J6oOC6Or0eC ACJ00o6J.

3 2013 $Jq,b o6gq'roor'bc aoCoce,(, grCoof)csob aoaoboqBr oboq,co &co,sg8o ,,1 3 b$oab05l6cbq,e)ArLJbol, $q'oq,Jbr"

38

QoJ66JAr N 2.1 a(,6COD6Uq,o Joq,oOoJoU 656JJ3Coo12vo

I0o/o

00/o

oq .", tsF?EFE?*FE?Eg3?EFf

$9rCro: L,> jrt6o,3Xq,ott 3t6tr363q'o 6.>63ooAouro,3oL, 6mA Ao6COJ6SE o Joq,oOoJoU ATEJJSCooU 63q,ogCbr 3r(8rC0CL

br63or$o6olr brt.rt< q.o Urb66.r3q,obrtso c6ts9,>q,o3uq.oou6o q,o33oqobolrUs6#rorr3rq.o. o4fu{c6q,oU o430o lr$163o l.,ot OCarao }J6bo q,oJSoQoboU qgr6t6opb.>qrgojUo6qgc, 6.>6 g0oD3l6pltrq.o 0orr3t6oboU qor6rbJ6xC6ob t6q.orU (UrUogq,o-lr,:0g6669o br0gtsmSbob qg.rgo6.r6UXb.>, 3rbCoBo b$oCooo (.o.rtrdrrq,3U3q,orr qrrbdr6rgbr)CJJ3Ao6eCboeJ. JArU or.>6 36o6oqru tr.rJ6Ceooo JCOoO('|boU 3q'gbc, 6r,4 bgq,l) 0$gooqqrb.>635b8o ]160o q'o33oQo0oL Bc6r6BU6cbll-t. 03qr96,>q' fu0got6Qr aslobmS6r CFx'!36Ueobr63oU t(rggo6.r6lro6gbolt UgUbgbtrX qrc tsXbglr6q9.: 0o63$r63q,o Joq,oOoJoU 6)(,JOCaJg]o6grao3rt3. rq6ots63q,ol.t bJ.rUgboqr 3dn363q,0r br630r 0r6golt or3oq.o$Ui(,Cd(.ttoo('' lrCd,OotsoJroCbou 6rtrt(rqroq,o gaoboSbo qgsp6Au bJeCil(')'boo(')l.,C6oogoJroCbol, Jc!6otsCq,ar 0.:jUo030L qboUoU boq,olr4oU Sorp$or (,J 850 0q,6q,J6o 0clebobJ. ts36q.o6r'r0 gr5Jbg, oooU 6w4.>q,olr$ob0bo('r, 6,oa UJbJEJ('I lrolrocaJfu33q,r3 6roSr6qrr 0oo,bo36r 6CgoEr6Uod)C0oL USbbgatg, l-t,>j.>6org9q,oU 36o36gq,ob.r63oU 0ogt6 brA(,tgCb0q,o UrCgCJ('ltoO(.l UC60otso3roCbol.i 36ol.to30o g$$ob6o3rq.otsg66o6q.or. $q'olt bcrq,olto8olt 6o0ojg33r0o rfirCb0q,o UreCJotoor') UC60oBoJrOCbol.,Ooggq,obr 690 0q,6 q,rt6oU qgo69$9 qgrgojUo6qt.

$o6i $q'gboU 0b5r3ltqo,2013 $3q,Uc0 3tlo363q,o br6JoL brCaorfiobou gt316o sdc4;rbr o5(1 AeI6COJ6Uq,o Joq,oOoJoU CgrCoor6('lboU 6r!c6q.or, 6ro0q,olrdo6oorqpo ACArgC6bCACq'o gJCO(16o Urjs6o6gqn6o Xlo6oaoJoL erbJq'o q,r6otr0oouqx.r63r. 0rqrq,o qgoq,rt6o'brgooU Jof)obCbtso ACUCI OCbUq,oi UrJ6oOC6Oo Ar6g3CooU6rq.rgg0oL 6fir6otfo, 6rqr6r6 X;r'r6

39

bJ6oLrte36CAJ bb3r fu3gbC0ob 66gt(r>q,ptlo b.r6g6ob 0o36r Aro CaCUECbto r6U3bgq,o13r.16o0o3g6o Oo3q,CboL tCbrbrAoure er U6oq,eCbr 36o36gq,o brEJoU Jcr666oq,ol.,lrB066orgq,gboor. AJOr6CbUq'Ar qo6oudo3b3b0r q9.>q6booro 09qp6o 6u0ooqo. 2013$q,otr 5sbds3q,o0.>0o aCJcrtoocaou q,r6o$r0ooU 0r83963\,oU 06o83639o316o 'b6qtq.orgojlro6qgc. )A AJBBCECbCq'ar 32 Jd)ooC6ooer6 40 J6ooC6Or0(,C oaror.r6rq,cr5o56x.o, 31 J6mOC6Ooerb 38 Jtrq96g,:0q.o3 brotr6{.or brJ6)Ceo$o Jo6$g3q,ottq,,:t6otsgool.r 0.r83g6gbgq,o. rqLrr6ots6r3or, gotn3g6o Jod4boU lrSl.tbSbol-t q,J6oSJoooLA6otsB6Cq,r'rgr6o 6r6Cbr. $q,ou 6rbar3q'oar0o, gotoJ36o Jo63boll l.t3l-tbg0oL q,r6ot.:6os11 JdngXS6gq,o JUbCOoo, 6ro'bJ6Qr. 2013 $q)ou 6(,q,(,ljcr8ou go$o30t+t Jot+t36tg6rgg0gq,o LrglrbgboL 55 q'c6oor ogo q66o0o6o63bgq'o

qnrr66$r N 2.2 q3,)oto6gboU qr bXUbXbol-t q,J6o$rOoJ, 2005'2013 $t.'

25Do

-eClot OCbdr qrr',o\or

-LJl,brao[ (lr6otrGor

@"u@-r9r2$9.)6o: l.,s j16o)33q,mb C6c)A6Uq'o A!6Joq,r6olr.rgool.r $rb.rq,ob3OoU J6 CUAo 06o0363q,o3,>6o t(roq,o tsXrk6gqrr 36o36gq,o

br63ol.r 0qt6 boq,

40

JclAC6OoUq,o bJ6JCboU bOJ6(,rd)OUq,o lrJeCJoboom lrC6ootsojroCbob q.oCbflq,CbouerAOJoOCbr er J(9AC6OoUE o br646ol-ro6oL bo6r('ll, oJbou 5rgr6omgbr, 6oACq,oO0rAoqC6Cbr C6(,35Cq brbJ(,)rb ('lJCfiJOoCbAo.

L$r6qor663q'o ttqlgJr.r'bogo l.,C66ogoJr6Cbott ACOUSCbJ Urtsgrq,XbsU rdq,ggl-rJclACd,OoCq, 0s63U, 6r0mg33rb l.trg.rq'o, bOrEAJd,Oo9bCbCq,o lDqr3J60(')rqr66b.LCdOoSoJrOo 16 !3rq)qQCbUq,CbU br63u bXq,A$6tq'30ob gcq.ooL 6clr3q,$q93erUb6C6(,U or6br 03r6rb63l-t, 6ooDg 1663116o l$agsq:3boo aotoqrgq, LrbL636lr bqnlrUB6r't UOrboq,U6L, 3oqg6g L6r6qgr663q'o eCJo$o6olr 6g0orb3g3.r3or. op06,r,ggq,.rpo UsbL650oU U.>]odmgaott ts36orbg3Jao eCJoSoOrf,U cC63br ggqlbr 6rJrb3olrrouLCd)OoBoJJOo OoUo 3;polr 6rlt3q,r0qg, br63ot o,rbbAr'rbott 6rt6gtsg. ,>O53stisqp,bJeCJot'ooo l.,C(trOogoJroo bJEJoLroBoL rf)oL tsJCOqC6Je AttrCqBr(r)Jbo ACJo95oOo,6,>q96rb 0gq,goo br6a3bo.lrrq,Cilo9sooo UC6OotsoJJOCOol, tsr6oxrq-o 6.r36rgXq,3b.> b3q,lj ts3U$gobb b.r!rs6i:9 q,sdntrq.or0u63booro 66d3q3,rqnr6o t63Ug6lnU 03j06,>b. o0oUro6oU, 6o0 Uuq.ogJotro6oUCE,OotsoJrOCbo, rLCaC ooftoqBCq,o ogolr bs63oU Jq)oCbOCAoboDSott, Irrlc,6orUJeCJotoO(, lrC6oogo3rgg0oU qro3goqgg6o 6g 6u63oorr55bsU

q,r6ot)0oou t6qrrU 06o0369q,r'r36.>p ts39$9o bgq,o rU63 3oaStigoggobrbJCboLcr6ol., Ao6Jr'rl, brbou 6Jtsrd,oxnCAJA. C6clg63q,ar 6J6J0.r Xg.rJobt6o3.rqg 0o.rbqgo6.>0o6g6r6gq,o oJgt6rgogbolDor3ol.r bJ6JUo,g6oq,o 6o6J(')L bJtol., 6rbtrqro. p6doqg,AgaltSAgjqgr b.:6gboU 6ogt6 6o6.>olr Usboor 6s0rng63brqgo C6x.l363q,o grq,U6oo)qgg6o0o6orfubgq'o Ur3gorr6o LrUgUbo ri6op0oU 3t6o$36o309bo 0.:6rq'oor.>qr,396got6q9l 6o6,>otso aol$qgoo l$bglrbo rj6o3olt 3CDd)Cr(',orr; orobrd)q,r bSbbott gd6l3ojo6Sbou q,.,6Xbgq,gb,>l)o)rb 33gr64.oXbob q,oaooo; 0q,gt6o $q3rt(n. rdgr6rqg bgl-tbob gtt6g63gq,gogoU ltbg 3od3t66ogq, 0.>63U Jt6rjgo33q,.:q.o 6gq,c0qXpA6o66blt ltsJ6qp6go 5,r6.>33gonU g3q,oq,30sUorb qrr3r3tsot(4bgq,o 6oLgbU qstsxqpg5rqg, 3o0gt66ogq,o br63ollo6oll b3q,Lsgt6gq,o bq3b.> 0r.r0b0r6gfuqlr 03lro.rg.rtobUgUbo 3gt6r'r erbJq' J6o{lC6Orq9. rR6oA6Uq,o Jf,ct(,"JCOo, oJoo,flU6o (,r bbgJ6t6dgq3rqn.>6o UgLtbgboU ggq,.>tg 6u36g9q,gbgq,o Urb3r.r6.:r 0l.togq,or.rb Ub3rqgrlrb3,>

,0 q,(,$o('f)aob aoo,bq6olra!6 aror3ol)"J8q'Cau(,or \)"6a"d,O0q. U,,ACJc''boOo lrCd,Or,tsoJ\)o,6l',Aeob 6r68C6o g)eor6orb 5eCAr'5Cor 6 oACl,n

o,)lr$Jao UCtrbd, AoOUqEorlD A! bClrbdr A,rbra3ara o(xqr('lao aobreCbo rCoo3ol, eo6CeJq'Cb,* ac6ol,UbSra'8r (o60q,. Haircut)

4I

j39g6olj brbr63o lroboCAr8o. Arcr,o or6rBJ6(,obr aoryorb b3lrb3bor.r6, bJ6gos,r6CbuqroJ3XgEC0ol, Agao,b31gr8o b?o5rq 909o-lt slr60gbU, ory06r brj,>6crtCq,r.rBo Cb ArEBCbCbCq,ololo-ol.t gr66qrgb6o ogo. 93q,.>1po 6.>61393orol., l.,CLbol, Jo.l3q'J6o$r6orbr C.oJ (,J6C663r95Cg6o36gq,6.r brbJal O0arobr 2010 $Cq,b qoro$go. arbrs8sq,oU$o6gb3q,os, tio6 q'r6oUg3q,.rqn 6r6sa33oroL lr3bbolt rtrfusboboUo3olr cggoqrgbXq,or 6rA)3oCBrgC qr,> Lrr6qmo61g9CLo, 6.r95CO oj69b.r qrsao3oqrgbgq,o t rJd)oOCEOm 6$.>33gon. 6o6o169 lr,:b.:63ol.,ouoCArlr, rbCAC AbCbbCbq,Cblj U6er JC(')EeCq) l.rr30r6oUo trr$0969br, 6md 66dgq34gorbJ36ooqgtso 16 0obq66r r0 o6qggjlror6 qg.:3rg6o6gbgq'o 0gXor6o 6UCaC0o, Joq,oOoJUE)oorg 93o6r'10o3glrro A36gCob0bol, q6

42

ao6COJ6|CEo Joq,oooJol, CtsCCOoJ6TA $r66st6o5oU 0ot6oor, lrsjr6o63q,oug6o363q,o br63o 6.r61$3port63bgq, 93t6,>qoqgb.rlr Ucr)aober 0136ogo6r.16o396roJtaro6663oorrt63b.rU Lrj.>6o4gq,r'rL 3dm36gqo brEJoL oEUOoOUOoU6o (lrjggg6oU go6r6Ug6o t,CC6r.td)oll 0r63oor6C0rUoJb C6olJe, ArJ6r'rglr.l6crAoJg60oq.ogq,ot63brt3 qgrtsUd6cbcq,o J6,r'r66clt cbo Ug6rr.) er Uts6x, atr6qo 6)('Iq,l, oraJa('laLOmbXQrtrpq,o Joq,oOoJoU 6s6lrrtqgfrrtso eJ aoL Lr9soAreoCbulrot6 3110g6o319o18o.sp6ots6gq,o b3q'lt g$goaU a(')EcOJ6Uq'o J('lq,oooJob L$odt.>qr got60o6rgbrlr p.> 0olrarAlgofBJq,(.lbrb, 6sg roLrbXa.> b.rtt6ol.t &'r6.>$oq,9or 6o6o0o3g6 0r'rq'oqgo69b'b3 q.o,>AJoo CtsCCOoJboboL r0rqq,gb.>t3. .>3 0Mo3 rql.r.>6o36r3or, 6r3ti, t(m03q'o13Ita$oqg 6r0oj33gbp3b.: grbq,oSl-t aoa.>3rq,tso (,r TJJQCAoU6o $tfuXboouo3ob qr.>.>6rq,ogo3cir3bobo6ob $ 0odr6orgq'X0oo Ur0366o3t6o Og6toboU 6.>fuoor63bol.rlr.;ggdgq,o oj69b.r.

$q,ob 6s66r3qxrbr0o 06o0369q,o3.>6o ggdrrqrqxOs gfuSrqrr ggSCOoJEoboL rareq,CbrU,brboA)(,oCbrlro,J6 0o636l6gq,o Joq,oooJol, 3o036o3.>6ool.t r6UCbUq,o Jd)bCboU6.>63oolcrX0olt qpJ Jb)q,o br0grq,3b30oL qgr63663oU UJ0UJq,Caoo. o6gq',>goollor66Xon63boU t6ggo0otr JodtobSb8o 3rn0g6o3tgot 6r6ls3gol6Xbgq' 06ots36Xq,oblbod36lr, 3o6roq.o,rb 06ots369q'q,336o363br L,rj.>6or33q,oll 3t6o36gq,obr63obo6ol-r 36or-3tior Jt6ogrt6o$3$3q, Lr3oorblr $.;t60o.>qgAC6U. 2013 $q,ol-t 6r60r3q,o0.>0o.>0 3goboor 66o33639o3.>6o 6$o1gbo 6Xpcoqg6r. opbffiq'oq.o.r6 6r6.rbq,qr o63q,q3oolraoaoboqSotr gotrfr$o, 6o03q'og A(.l6COr65q,o Joq,oOoJoU 3o036o3r3ool-t dot6oorrqgobbiJ6,CAC6OU $r6AcIr(,6C61r. Ar6rbq,Cb3q,o o63q,r6oolt 6o0oboqjr 3o33ltott3&3q'or0o0.r3rq, Jdro66otr36lr,r qg.: r6uq,ottg. o6o g96o aCOr(.o J6ol., o6oc60od,Cbuq'o

0o6gg.>6gqo Joq,o$o3ol, 3crOog3golt 0o36 0oq3bgq,o 6rqQJ$gOJOoq,CACboUr erArd,o AoqC0ob Jtrn69U0o r6LCb3qlo Jrir'tAbotCbou ACUibC0 ACO)q-J6o o69o6019oolr0oUr$oq.ogbq,uqg pro63d6r J6rq'oooJobcbo,r6 6,cauE,r6!q,o J6c95c6or0orAXhgq,6,CboU J6rCOoJr. 2013 $q,ol-t bJ6ar3q,obr0o 03033r3q9,> 36o363q'o b$3o[r0o69g.>6gq,o JoE oOoJoL Uo6roc6ool,l U.rarSo qm3g0x6go, 6('l0cq,o0 3t6q6gq,obr63olt 3cb-63t6q.obg 2014 $q,oU 0u6$0o 6r6ot3Uqr rq6o06gqro q.oo350366olr,:to6.>qgogbrU 506(')bb Ao6COJ6,Cq'o Joq)oOoJoL do6ooJQ J6o60oJgbl-r pr 0roroAJbgoor63bol, 6o0,rt6orgq,9b.:Lt j39gr6stso. o5o rUrbr3b, ol3 6)J AoL,)b6CbCbU CAUrE)Cbra.tSug" AoECOr6Uq,o 8(,(,oOoJoL brAr$goo0oq,CbC0o Ar 6)r o6lrO6ICAC6OCboljU,>03rq,90oo b(,CbJ erbrboq,o Aot6Cbol, AoQ$CAr.3r6q.or rAoUJ, o6got60s6oolt6r3{5gXq,3boU pr lr$o6o 0oq,oqnfu6oU Br0og.:qobSbolt 3gorboor 06ots36ggogr6o.>C6(1B6Uq,o b.r63oU 0oX6r lr,>03g6ogt6o-r6.>qo6o3gt6o 9966.>q,olr ,,c|]o6o0o3J qor UrbrbJobj03" 6r6og30oU NEJbq,Cbr. rq6ots63q'o g366rqro lr,:g3go4ttr.r Uu0grq,3b,r X{6o36gq'o6rEJoL, olu Ao,qior6.:qp j3Xg6ob 6o6o0olr$C6olrogob 6JarroCa,>6 ors3or6oro 0ol.rt63bg0oj6gr6r8o qrr 6ob gr6r5q,9btr 0r6Cor aoAeoEJ6C A3o6o0o3g5 J6rr3CbCbo,r6

43

erJrg0o6C0oo, rbCaC ob bCq,lt ts39$9obU rbrql6rt6cQJ A$E C3r6Cblrr qgJ AC06oC6CbU,t6o0q,36og 3m6353ggqr 33o6o0o3gdr orU tsobJ6bU6 oCArOoJrbC AJtsr(9bC6.

6o6ot6g 933 rqB6oEbCd,, CBCJOorbo 0o6grt6gq,o Joq,oooJol., Ur$c{60ogbq,rq.o ps0olto 63q,oq16oU g3 BX.ooJEmboL

44

b$6o3366o 6.>6l63orgbb 3

45

q,or66rAr N 2.5 brbrtobo gslror6o jrqrq,qgbolr q.or ltqpCJo'bo6o llC61.)otsoJr$Cbol,6rtsorg6olr qgo6,>0o3r 1999-2013 $q,gb0o

6%

5%

4%

3%

29o

t96

0%

f r ooou soo,9 uoo

1,E00

t,500

1,400

1,200

3 ebztssess(ibthbiPr,ilet^aet4A944PJ4 I :39 3 34 U. i U4-

IjJ(OJoboOo bCd'Ootso$OC8ob 6rAom (aq'6 q,rtr,o)r brbrMo 3rlrD6. Crerqt\oJbob 6JAon (4q,6 q,!6,o)

-AdJ-bs,r6 o,r6,)g$,aob! (Ar6XiC6r eCddo)

$g!d)('): U)CrC,o3Cq,oLr Xtrro363q,o b,163o6o6ot6g 1339 .>qo6o36r, 2013 $q'oU 6s66s3q,o0r6o o6gq'u3o.r 0ob6ob6o3

AJB3C6COCqU EJao6BCAoQJ. o63q,.>gootr qo6.r0o3.>'bg 06o8369q'o3.r6o ogo t6o6rn666oq.or, olrg lt6r63o 0o$oqg3&tu tsJCOerd,CAo. .:0s39 pt669o9oorr t3$rq,rogo ts963q,gbgq,o ar'r

46

6g06o63boL J.r6.>q9q'gtcnp, 2013 $q'oU 6r6aJgq,obrto Ago6eCb11er qgr ao6COrOCq'oJ('IE oOoJoU UJJ6ooC66o 6$l33goroD6 .>bq,olr 0odt6s(.}bqr b.>63or$ofrouo tr.>Jdx'rgg56obrErJ3C@CAo.

qoora6rar N 2.6 br6JorBo6obo ts!q,r(r,6r'br6or0%

9%

a%

7%

6%

5%

4%

3%

z%

!%

or4

-

TIBRT Ac{}oqlflar (AJI'X3J6., e0l6do)

-rlBRl(ar60b06r edeo)

-gasD(por6o bgbbo (Ar6obCEr e36do)

0gr6c): l.,rCr6d)gCq'clL C6m06!q'o AJ6Jo2.2.1 tfugo6r6Uot6X6ol, bCLbCbo

lr.>br63o LoUgXaob 0o3q'3grq.oor6o q,o33oqmboor g'bt6gfu5q,9ogolt 0ot6oor,lrsjrdo$q,oLr g6o36gq'o b$3o 2013 $q,ob 6.>66.>3q'obr0o gogcq'J3o6cuqrq9 oUc6caer2008 $q)oqgr6 ,>0oj6gq9bgq, 63go6r6ln63bol.t LCljboL o6LO6,UAC6OL. frggo6rbbot(rgbolrb3Ufubotr tr.:tsg.rq'9boot ltbr63o b3jgr'6oltio6olt bgq,6oll:$3qm0o ogCto,6r'>0ig er(,Cboor(Qo0oj09q9r ggq,.>qp br$J6br cgr gobrbUS6 l)Orboq,C6obrtc. ttrggo6r6Uofrgbolto6LOF)U0C6OI(,U aot$or br63orr0oFrolr brt#rt3 6o3q,gg.rq.oor6o LrJf)(')oCEO(')bJ6JBCoob 6rtrror3r. 3,t6o36gq'o b.>63o r6oU q,.>6ou but.>6'bg &r3q,6.rqor6oq,o33oqmbolr S6orqrg6oro Aoa$r'rq.oCbCq'o, JAqoC6rQ ArL rCaU UJ0Uiq,CbJ6rggo6r6Lro6gboU o6bO6UAC6Oc,o, ao.:p$ootr br63ot0otrnu bslrrfrtrS 0olrorSolr L.>U3(A3cq,UrJ6oOC6Oo 6c6rggoir. rgjgoo6ou 0X339oboor t63go6u6lto69boU ltgbbol-t L$6o3566t'rbJ6rJgCoo gggd6Sboqr bjr6or35q,otr 36m363q'o b56JoU Ao6!Or6Cq'o Joq'oOoJoU6.>61395olr.

lrJ0rEJo bot OCAJAo JUOoq,CbCq'o q,oSoqxnbolr 0oorbo363bolr QJJAJUotsoq,CoobJ Q)tgSgo6r6lro6XboU Ugl.rbol, o6ljod)UAC6oou.rqg0o So6r6Lrgtrro b,>tr6oU A(.)br$oq'Co)r 6(,obol.,Jo(,CB Uts6r.r 6.>qr66r3gboU 0ot6oor, 2013 $Cq,l, bICr6@3Cq'oU C6r'r36gq'o br63o rb363o$6C0Ar 0g(,Aq0clj0gqn 6go6r6lnr690ob bXlrbol-r oEUO6,-JaC6OL, t6o03q'o3 6ro390.>rgjgoo6oL 6rd)CEC. ageao3aoC0gq.oo 6ggo6;6l.rot93boU lrgUbob o6U6630366oo br63gbtt3jc.r6pror q,o33oqgoboL ll:]or6ogbolr q.ortso6J6ucboU 6r6r6oot6963q'o 0$,r6otr0o. bo6390UUIaCrq'Cbr 3C('l6(,Jo, Cur66Ca{,ror l6Sgobrblmtrrg0oU LtgltbSboor o0 03aob3caraoo 3C), Cr)gol-ro6o 336 0orbg6bSbqgbX6 6Sgo6rbh63bolr r3j3oo6oq.or6 UCUbob TQCbJL'0gq.o0og6oj09po r63go6r6lro63boU bCUboU L$6raOC6Ocr 6rErJ3Coo $o6rwr6) Jd)ob

180

160

140

120

1oo Iv

80 ,

50

40

20

0

iaa il ai i i i "a

a iiaa'i i - --? ?E * E

.E' gFFFBE? TE E='8Y FE8}'? ?E' 5 ? gFF?T'-rlBRr

a('BJqlc'br (ArF)x3J6r er6)do)

-Joq,oOoJoL ar6r$Jm (al6,0bc6r ectuo)

-g6opqor6o pdo%ooo (ar60bC6! e06do)

47

er(,bC6oq'o L:jrtrrr3oq,ott 96x'r36gqo bJ6JoL A(,ECOD6}Jq,o Jclq'oooJolj JoAoOCOoUA0$6 (,r 0J6ouJte36gbu 6cr6j.>t6or33q'ol-t 6or>3ttuc6ol.r gubor$oj.>qrq,C.o9bo, 3o03t6gogq,o br633boU brugUbcr oi$qobo qr UrS6orrEo6oLo lr$.:63o6r6J6OoCbo. Lrgtrbolr gtttryE3cggogob onox'r3gq'o rlr3oro l.t.>bgobolr rjgo3gbtg96

40%

l5%

48

ts9lt.rbs0obrq.o, L.rJ.r6o6gq'olr 35o36gq,o 6.163o .r6t6dgq,3b1os UrJ6oOC6Oo 6sEcASoroUq6t63g6oL 6rAoUC6Cbrb, t6.>g b3q,l-t g$gobp.r bsb3ottsot63ou 3t6orypor6o qoc&ltooob)cDgou. 2013 $oq,ULrJ6oOC6Oo 6o6.r3gorol.t q-o36Xg.>6o 03.>q-o696qQJ 3 J6oOC6OU, ArrbCODf)Uq,o Joq,oOoJoUbi6)$Co,L 3q,oCU/Ao6UU 1.5 J6o0C60o. bJJ6sBC6Om br6JJ33omtt q.og6rgg6olr graoUc6gb.:rAoof,Colj bJ6Jo,JAo6oU bJi5r6bC trsJtrx'4X66o arbrJ3CoCbou a333ori 036rggobrU q9,:or3ob 0[r6q, fuqrL g$9o6b br63orlSot6oln l$J6moc6o(, 6.r6rggorob eJJbqoCbJUJmq'oOoJob arEJ33C(,)oJ6.

qnJOd,JAr N 2.8 AcrJq,CB{,oJ6o lr$6)t'r6C6$m 6r6rJ3CoCOoU 0C6UCobrr?

30%

$g.rt6o: ltsjrFror3Xq,ob C6(,36uq,o 0JbJobrjuro3cq'oLr C6mgEUq,o 6r63oU 3t6o4gqrr.>6o bgltbSbo lrrb$3o ltgi$o6olrro6ob

$r50r.rsq.o6g6qgr agol.roSdn q,o33oqmboU aoqooU $Cq,JSC U$6Jg l.tts3rq'3brb, or33g.>LrbJtFl(') IrrJ6oOC6Oo 6rbrJ33oor6 SXqrJ6CAoo Uts6(,) ArRrq,o glLoo CU oJSoU ab6o3,orEJCOb CAodAC0AJ tsgq'Je 6rts6tg Sobr6Lgt6o 69U36ltX6olt 33oorgljo g.>l-toor0odo3boUr3g6 qr ts3Ur0)aoUr(, ra o6UO6ICfu66'fu qgoqrr 0oorbo36r 16 ogo. q'o33oqx'rbobU,r0st6or3rqp b$3g6o do6oorsq.o.>p 63go6r6bt+rgboU USttbgbU o9563bq696' 6.rg ltb$3oUCCO('l6obroBoU AcrJq,33sqgou6o qxr33oqx'rbob 6s6or3oU 66oq'9boor 3gt6cr 0oj6oqro qrlrt6gq'gogoq,o lrtsgrq'36.:r. 36o49qo.r6o USUbgboUro6ob arnj03q930qql 6o6lolr o6o3gbrbr, 6)10 6Ctso6i6uo61boll l.,CubCbouro3olr'

2013 $3q,U rCooc6Jqo 6.:0r'rog636oq.> 3t6o4.oqor6o cgcBr,r'boocbob 03q96o30oj03qno6uodlcac6oo, 6r'r03q'og ooJa3q3bu 2010 $q'olr sJ6roq'oqrr6 36oqa3or6oeCJobooC6ol., oblrod)UaCbooo, 3o0Xt66cryqr b,r63cbU rd3o, ts3Lrdqlbq'rnbrU.:3or63U&'r6qpg6go r6b)6oa$C J6UC&Cq'o JJ6bo q'J6Cbo QQoU b('lq'(olj 6r6roJOU(,E

2-5

2.O%

1.514

r.0%

0.5%

0.0,6ec e e I g I g Ta'i i ?i i r i i i'i i i i i?E F3?E FF?3 FP35TB?E FSFE PT

1? 336gco01 6s'b

49

lr.>jst6or3gqoU gt6m36gq, 6.1633o 36orya3or6 ACJcr'boObC, 6o03q,og 096q.o6o0o Uragaroq4pU qgrbr$goU6o33 gb6g6qg36cx.o.)o, Ur3o69LJ6ojlq.>q,qrg6o go6r6Uorr Ur0o6ol.t6t6rnL ll>b>to6o 3.:q,pgbUq,CACAo,r6 qrr ltb.>$o6o

grbq,o6t6q0orr6 gdrorrq.o 3o0Xt6gogq,o bs63gboq.o.>6 0.>qsq,o Soolbgr36oor Ur669\'obq.o.:.JAJUor6, UreC&.l$oocl UC6OotsoJJO3Oo aoaoojg3mq.o,r 3 o13o16o qrr 6-o19o16oBJeor6erbob bC6aC6Ot g, boqro aorr3ticrbou gclh.r6o j.rqrq,q-og6o - 1-Sq,or6o, 2-$q,or6o,5-$q,or6o qr 10-gq,or6o 3rqgo$r'rbol-t UCAAC6O95C. rq6ots6gq,6.r grbo.>60r jcqrqqr3b0sbCg., aJJ$C" 6g6r'rUr3q,o.>60og363&3q,o ogo t(ro6o6rg q,o33oqpo0oL 0s6o3olr g1qt.>t3aoA$o(BCq,o Ar CtsCCOUf,o 0o3q,6rqnr6o oElrOdpJACEOo. 0glDbr0ott.>qg, brqQC&rtoool.,Cd,OotsoJroC6ol, Ar6o8bC6ol, JoCRoOoC60Ar, 6o03q,og rurbr3u tsrCoogd)o6r6o.:gLgbolr tsCtsJ6CgCbJU eJbCA&,q X6olrolltorl6, 03.rqr6o6r 10, boq,o 0oorbcr36oll3o99o6o3660r, 6oacE oo $3g63bU 3

50

(.ool8(trJal N 2.9 l.,J(gCJotooo bC6OotsoJrOCboL &')6)OtsCq,ol) acl0Uq,(,br 2010-2013$q9b3o

$grC,o: Urj!6o)39q,ot, C6c'36Uq,o 0rEJoItbla"O$ogo o0c"oaroo!0o2013 $q,ob 31 q.oggabtrnU 6qg6o0rtigobnor, l$jr6o69q,ob gfm363q,o b.r63o gq,obqg.r

,l0 Aq,6 gr6ou 6o0o6rq'36o qo6gbgq,SboU bJbCq,Aflogrn crbq'o6r3o3bU, 6)3rq'o SJrotta3oroqroor, ,,bq,UAbC6,6oU" br3J36o LroboCaou 6s0og3696oor' JUCOomEtso 0r'r6r$oq'33agu,:3gorvr3 $3r6oq,o6ooro bCq'tsXl6PJq'Cboo, r6olCbu 6391r$trrflo lrsbstn6ogiq,e3bgq,cfuboU qrr obq'o6,:6ogbol.r orrSob l''rbcq'bC rq6o0b3ou Qt 0r@o 0r63J603ob'goqg3,s1,:goq3oU qqu q.o,:6odtr33boU ggq'3butt.

-

900

;, 800u 700

500

500

200

r00

0 999999;=====: E E gB3? E E g!3: $ E g!$': $ E ts!f

5l

l-rgq, aoaojggg.rtso s6trgbggo l$b,>to6o 3sq,qggbgqrgbXbobr pr brbrtoboobq,obr0oCbol., J(n6otscq,0r 2013 $q,oL boq,oltor3olr 33rp6o6! 737 Aq,6 q,r6)o, 610 Au-Uo,>6 0o0r6or3b.:6o 2.8 Jtrrog366U 03sq.o66qr.>.

2013 $q,oU b,)66rgq,oartu tsruor6o Crerq\lCaoL ACot3oU 06o0363q,o3.>6or

gsbosbo j,rq.:q,qpbol.r qro33oqgg6o 09o6lqn br'b6ott rf)lrCbobJ.2013 $Cq,b ttrbr95o6otsJLoJEo CJqJq,qoCbotr .rgjgorr6gbtg 1t30,>oqg qrrqn 0r'rortro36r ogcr. $o6,r [q,g6o,r66gqru6Sboo 06o0369q,o36.:q.o 6uotr6qgr 0got6oq.oo 6ut,d)ot rCoogobr, ofloor aobo !B6sr0JJC0oU6CboU C6cD-C6o do6ocDr(r 890l996b903q, 0J6C0oCbrb 0o0erj66l0o g,lln:6ojiprq,qggOol.r rt6rl-rr30.>6ol-ro 0oggq,o6,r $r6Amrqo0C6qor.

650600550s00

c 4S0g 400, 3so? 3006 250

200150100s0o

24*,tGin-izR,:r,suib',2evFx5E5u

clmu t60utfi

t20

52

(,(,rA6rAr N 2.11 tsrLorbo jJqJq,e0bob AC(')6J(r) bJt6oL (r,6rAoJr 2012-2013 Sq,C6Ao

-

06r6t 5Coo$ol, d,roArerlr (ard,XSC6r efdo) -ArBUerooJ

(Ar60b06r qtd6do)

$gr6,o: b,)jr6,o)33q,ob g6o36gq'o b.r63otsJUoJEo CJerq,eCbol, 03r'rt6.>qgo 0.>t6ob Uts6)m oCOrA ArrCOqJ6CboL b9q,tsg$gobol-tc(,r SCbrbraobo oJbrAC(gdx't3C aJQJq,OdEoq,oAoU6o o6ts6rUOd).JCOU6oU

Oo$gobolrsoSob, Urjr6o6gq,ob gfx'r36gq'o br63o .>66dgq'3bq9r 0ol.t 0o36rAr6bo60oCq,Cbgq,o a6o03bCq,ogr6o ArOC6orq,U6,o (,J oEOCq,CCOUrqpJdoofug\)ogo3bob br6goo,r6Cbr-UdpJq,gogru, 610 lro6oq,ooqr, Jf,rCOoJIAo ,,ltbgqf$ogogrUor6o jqrq,qSbolt r6Ar6,oAU9jl6o6gq,ob 36o363q'o bJEJol, o6o0orooSoo 33oj06.> pr .>06ro6fuboU tsXltrbgb Brt6Bo hq,0306q,Cbs, t6o0q,olr gr66q,Xbtso t63Jo5,rdro5lb3bolr qrpgbol$or3ob 0r63X0U B3gdq,oror 6rA(1ogC6('l6 ,,bq,g6fut65oU" b3iltrnlnbgg0r q.or ,,1-rsb3qr6$ogo tsruor6o Crqrq,CQCOoU .:66r6o0U$o630ob (CSD) UoUOCAr",rq6o66gq,o bolrggagboL a)aogc6cboo 3o696gogq, 0.>65blt 6ert6olt Jo66q'o 63Jo6.>6o69b,r 2013 $q,otr 3 q9g60fu6U 6$botigqq,q.o,r. t63Jcr arJ36rgogboU brtr6otr6rprrr0r3gbr 06o0g63q,

53

Cd)o36Uq,o BrqpJoo(,, 0o9:oq13q' ltblf60t3 0o6o0sq56o L:6gt36r3o a(')ollb('I3bCbob6js6o63q'oU C6,.369q b$36o 3o0Xt6gogqo bs639boL0o96 6.>6orsglt3bgq, 0o6o0rqgt6 ogtgdr3gblt cd)crg60q,o bs63o qgut6o6b4l.r EgUubr0oUJ6(iOC6OCbU. JCtuoqp, Lrq,.>t6g Ur3ot6gbJo6q666m r66r6otstg 6,>6ors3lrgbgqr t,)JtsA.>q,oqr0oboqryq,o lrsbLrt6gbob 5 J6rcrgX6goU 0gUr6$oU co$b.>b q9,:rt6o6b.:3U gtrro36gqro b$3obao6c0r6uq,o Joq,oOoJoL ar6JJocc/r,b oq66oboU J6r c6OU. .:dd qroq,r6oor q.org66oon go66o6gbgq, 0o6o6rq-96 Ct9tlr6au Xfx.r36gq,o b$3o psr6ogb.>3qgrSSLrbraolro g36gdrrqlt6o 6r6Job (rfil ggqr96ry,Ut+m Uu63tCdBo l.,oUOCAob q.oi CB6cIJoU65$6trq,Ut6o br6Jolr) Jcrq,oooJou p6rJ3soit 0o6gU 0.5 Jgbjgoor 3906o6gbgq,J6(')OC6OU, ar66ra r6s6r3q,3b 6gq'oltr, 6u0 g.)Coobd,qrcg 2013 $0q'U 6gq'L ts9,>q656qgr.

qrr6drr6.> N 2.12 llr69tg63o 6o601 6.16896o 3rqgo$o0oU 6obgq6oor

-UOboU6,o grqpJooo, Art({trqio lDbU6CAo

-CdxroqCq'o AJ(fJOoo, ao$oqlc(l(| brblrfubo

0 0-l0qraac

t SCc- r-2 2 $CC- 2 $Cq$c$e'rAAC ACoo$9.rdro: UrjrCror3Sq'ou Cd,e|360q,o Ar6Jo

2.3 UJBrq,COo Joq,oOoJJ (.oJ IDC{6cDrA(')6oUo tvr3tX633bob a;t(ror3r2013 $gq,lr l-r.>jJ(6o6xq'oL 3r6q56 33o6r'r0o3ubX - Xp6et6o35t6'btrtqrUr qruo69q,rgortr3

UrgJq,CO(.l 6r$r6trg g6o36gq,o br63olr 0o3t(r o6OCfBC60oCboL 0r6bo60oCq'C6oLo6LO6,UAC6OU $1166o4.o66lr l.,r3rq'Uoo ,:5jgoo63boU 63j,:6o$0o l,rCrf)o8Cq'(1u

*.1

54

C6('}g60q,o bJ6JoU Lr3rqIO(, oEOC6OCSOoCAoU Aotrbo og('t aJogq,ooo JU6trob aJBCo6o6UCaCAob cr,19rl(-016 r6oq'Cbr qor 16r Js!6J6COUq'o br3g6lro orr6.>g.r6q-oobotrB$ogsq,obgbr. lrrrbAr6oao JCf,ooAnU Arbdoq,tC, C6('lgEUq,o brbJo Oqgoq,ob(,rbr3rq-Jo(') br'br695C 8r6CBr 066got63bo6.: eJ o6OCCBCbOoCbb Ab(')q,(,e JrJoOrqoUqrt6oXboom, }.r6,bo 6rJJ(,CAoU 643q>oo1 3gdttrS bJeJlJ6bCbUq'o tg6,r3q,g6oU.>q,0r'gb36nU 0otr6oor rbo66o3q,cb(D. Je,6oa6gq,ou ao3bxps3rqo, UrgJq,UOo bD${6oLJo6oU6COU6ob bJo,3Jq,ou$obC6oo,, l.rrs66o6o0o JXt6n 2003-2013 $q,3b0o

r,800

"

l,ffiE.,'*E I200q t,000.

8008em

400

200

0

9999999992 EJe El '- 19 r9r &lor('('lar, Ar6obJ6r eCtr,dor C6o3qJ(,(' ar6JoU hqrtqb, a560bJ6r eJtuo

-

o6octtBCboff L braoq,o030gqn OC6(,C60or - q,r6ob bro3qoo,o 33t6Uolr0o3q,g3rpo.>6o 0g653crbs. 0o3q,93sq.oo.:6 Jgfngopdro t3$oq'oU 6oLt350l.t q.or TALgbUCCAbbrggq,oolo JU6UoU g3q,oq,gboor Ur6st63o 0o35bolr tg6s3q'96.:b 63rq56 3.p6o0o3;tg.

l8l5l4l2t08

6

2

0

55

qoor06)Jar N 2.14 stst (xrq,r6o/q,!6ou bJogq,ooo JS6rboL AC6gCmbr'3

008

0.07

006

005

004

0.03

002

0.01

000

.-3cgt B r? r.E r-P, ot &oe 6.r r.r, b Eb A's' rB rF t

$g16crr UrC16o3Cq,clL C6,rrgbCq,o b)6Jo2013 $q,ol-r qgutrs$goU8o 3t6o36gq,o bs63o, 6.:6bo6go3q'cbJq,o UJgr(pJOo

o663lfu360ogboo, brt,>6'fu ggb('rg6o Brq'UOoU 6goq6gq,ob t6oq'tso 6r0oqgooqgr.03qX6,>cg, gt(x'r36gq,0o b>630c Jo635q,o 9 or3oU 6$0r3qrrbr3o 575 0oqrx'r6o rUdq.ooq,rt6o 03obgoq.or. .rq6o36gq,o o6g363960o900 0otbrqr oLt.>br3qrr 3g6tmlr trgp0X6o6.>dg.>tfu0oU5r6 orr3ob rtcmq60,>U. JA JC6ooqotso o6gq,tgcrrt.t 6C6JOoU6o 0rBg6gfuq:oBoCUo6eCboeJ. JCd)Uob 95Cq.oaCOo bJAUr63br 3oqr6 gg6rr 6c,>dq,qt6gbp.> q.o3gq,s6ogt6bg$oq,rb. sq6ot6gq, 336ooqg0o 3gt6lnU 6.:0gs536str3 b0$oq'rb ar6JJo6mbcbQrg6bo3ooq.oc6 6.>6bo{6gogq'gbgq,o tsUq,X.oo 695r36oq,CbobJ eJ O36otao(,rbAoq3buq,o 0g0olr.>3q,gboU'Uqer. Jqbr6oA6rgo.>, 6o0 brt.r6b3 rolrb3boq.orJ6 JE,CtoqC6OCbob a.ooJoi5ooCbob &"OCq,oboU $6q9.>6

2013 $q,ol-r ajcrolbc a.3r6orq,ao 6rdq,o36qt q,r6olr 6,>g3q,ooro Ju6bbc i5c$oq,J6sgg.:l-rgt6gboU 0o6.r6orgq,3boor. toqgu 0oorbogSol.t 6uj6ogtfubol-t ts3q996.>qr 6.>obr6qr.:oocrrbo36J oaJoE)O95g, 6rrlD6 orrb qgrgl6oro $q,ob 6oq,ol-t l.tbogaX6o brdrlgoou 06gort6o6JtsJ6ooC0r qJ oEg6rbO6,"JCOU6Uq,o J6('lCC0CboU (,r8oEr6UC0oU 0)0Cb), o0oUco6oU,Cx'r0 0.:brt6trg 16 $rd0oj06oq,ogo l-rJggq,rgogt6o 6oq,oqpo63bo, g6o36gqo br63orbot6gogq,g0p.> trrg)q,Uo(, o6696696go9bu 6,>goq6ob 0o0r6orgqr3boor, 6erdq'ob0og3q,o0s6rg 6r'rg0b96-cgg0b9Cr6o 220 doq,oo6o r8t qxnq,u6o ts3.rqg6o6r. xl0Eo, 2013$3q,tr, 36q6gq,0s brEJaJ UJBrquOo brbrtitS 335 0oq'o.

Ur3,>q56o bo'br6!r3 b$3ortso6oUo oJSt6rgoSbo $qr3obq.o1b56rq, ,,bqp0bgt66oU"bJgr}6o UoUOCAoL o0ts3coboo bo6go3q,q9g&q9r. rq6o06gq'0.r UoLOCATA o.)goqgmagoqgtrrr, 6o6o60 UJooCC.oo, q)rbr0CA6('lOC C()f,lof,o6Uq,oJ ljr886('t J()rog('l6rfu0,t6o0q,oU 69ts33oboorr6 3o03l66q9go bJ6JCbo AJ6OoB)(, (,r glr,:gt6oDoqrrbot6goXq,3fu6 bJ3rq"COm 6r6o6fu0b. 2013 $q,oU 6,r6drgq,obrtso bJ6Jorao6oboUrgrq'C$r.r 6r6o6gbg6ott 6r.rogg6oboU 95.7 J6er66go 6ubbo6go3q,gbgq,o oj6,r,,Aq-JAbCf)6o1" Ur3r36)o LoLOCATAo (6.>Oo5gbgAou UrC6,(rx'l aq;gq,obou 93.6 JFxrOC6Oo).b.rjr6orgggoU gt6o36gq'o brEJoL A(')6J$oq)Cr)br Jgq,rgo6eCb06uq.o Jgt6ooq.ogq,olrr3cqp6o .>gjgoo6Xboor 336

56

2013 $q,olr q366b3t1tso, 2012 $q,oU qrg396bgt6orr6 aCqor6Caoo 63.:q,Ut+n CWCO06o6rggq'ooo J5d)lro 1.5 J6q56o Sggj$3lrn 643q,ooro 3g6l-t3bolj

oEqS bX6o (q-q3. 2{}09=100)

115 l110 ]105

r0095

90

85

80

,?B."r',F? rFE'P rF r?E'P F8 r?-6oao6rq*J6o

CSCdOUi',o b!$e'.,or, JU6lrol, o6ACCbo-6CrgJt6o

Cts&lorJr.o Ar(}3q,oor' Jfdil.l., o6adt o$g16a,: b!ds6cl)3CE,mU C6(,SEUq,o ArbJobr.r6ors8o6olro 6otr.r6nqbob 0s6orar2013 $gq,b ltj.>6o63q,oU C6cr36gq,o br63oU J6oo6o6gg! [.:916orr!o6olro

d,CbCd6Cboll LrUg639q' 6o06gq'b3 tsX6r6Bg6gbr $,rtrr0o.>qg36qgr. r6oU tsgq.o35,>q,2013$q,ol-t 31 qggS6bt6oU 0q.o5

57

2013 $oq,U ltg6orstsot6olrm OgbgO3gaou 0oggq,o6.> 03611otr4-or 50 Aq,6 JAd qmq,.r6oo,610 J6oOC6OCq' b,)0r.rtt.rbgq,gbr6o 1.76 J6,oOC6OU ACJAetbl.,.

qns56rsds N 2.15 ll3&oU [ts36ottsot6olro t63t3dBg0o 1997-20133,500

3,000 2,8182,8732,823

c 2,500

Y 2.oooelq 1,sooFJ@ 1,000

$grd)o: brCr6o)3Cq,ml, C6m36Uq'o br6Jobrj,>6o3cq,olj g6og6gq,o b,r63olr l)J36or$o6oUo t6g$g63gbol-t aoggq'obolr

g3qoq3bstrS 2013 $q,oU ArbAJ3qx$rtso O6x.oo0o0q,)q.o t(r$q956o03 do6oorrqroBrCoof)o aojACACbqor: brCJ6o3Cq,('lU C6o36flq,o bu63ob lru3,rq,g6o .:gjgoo69bo,brjr6o63q,oU a@JA6o0oU trrt6aSbo qrr ltg6orrtso6otn o66s6o'br6oXboq.or6 OoqgbgqroJ6ccgooc6o eJ 66r6ocao. $q,oU 6s66r3q,mbJtso LrBrq,UOo sgjgoob3boor 3t+m36gqobc63oU $0o6qg,> tsXltgoq-ogbdr 335 0q,6 .>Ed Qoq'r6o tsCrc98o6r. alrrngq,oo br63oq.ou6aoqgbgq,or lrxlrbas ts3,>q.o6o6r 60.7 0q,6 ,>Ud q.ooq,ul6o, 93trx'r6u36o,oJbcbou a6r6ocbar - 320q,6.r8tl qoq,rt6o, 36r6oJob Uro633l.t6ogocr 6.:63oU bgbtrar 35, orJ(')boou UJC6o,Jtso6olroorr6r0d6o0q,oboU Uro66gob ttgUb0.> - 49.7 (D )toolt 5r63oorrd6bol.t 0,>63oU bgbb0,: - 3.70q'6 ,r8tl q.ooq,.:r6o. biuuq,o $cq,o bJbu$Uol6cboo, rqlt6o06.>3ou Ugb-ollr q.or jgg6oL0orr3t6obolr qor3Jq,or6CbCoou abb3oq,o qr>9J6)35boo.,, 6)0 6C0rOoC6Jq.o oojo0q.ogbq.orLrS6orrtser6obo 6g'b3r6g6oU 0oggq'obob lloqopgtg. 2013 $gq,l., L.rjr6o6q,olt9trro36gq,0,> b$30r 64.orob.>q-or 19.6 0q,6 SDR ECF-ol-t LgUboL qg.>l$grfrrq, 16613o139 SBA-ob erUrBr6JqQ lrgq, 6cqgrbqnq' oj6.> 231.5 0q,6 SDR, rjgq9.>6 Urj.r6o43gott 0ot3t6ob,:06.>q.orobrqgr 92.1 0q,6 SDR, boq,o tDjlr)ol6gq,oU 95630,> 139.4 0q6 SDR.AJ6er raolrr, 2013 $3q,tt aor>3rrrb.f qortsr6r 2008 $3q,U 6.:0o63X0gq,o 5 $q,or6o6t6obo6qgol.t qg.>t6B36oq,o 6.>$oq'o 64.75 0q,6 r&l qmq,ul6ou oq.o36mboor qu o0rg966obobp3bott ltJt6ogS6go tt.rt669bq,oU b.:6ao 34 4 0q'6 ,>tstl (gelgr6ou srqgC6r1boo,.

2013 $qrolt bJ6Ar3q,(')bJ6o go6r6Ugt(r brttrrgbbg 2008 $Cq,b Ar$UCbUq,o go6r6Lg6o3tvntoboqr.r6 6.r0ol4q,olt 6oA696o 03o6o0630opr, org0gr OLrogq'oo 33o6odo3o[r $o6r$ggboU bt6qgolt 0.rB66gbqr36oU qr$6963b,>t3 lr.rgb.rfro 1p6 3oqr6 6r,:q.o63go,>.aogb3qgr3rqg J(nbooog6o bODOoUOoJU6o ATBBC6C\,C6obJ, raa-tr g0g066erb,: gq,r30rqrq, qx'r69'bg,: ts36,r6Bg69bgq,o, 6t6oJoll t636oo60o q.oggq,rgog6o 9o6o l.ryg6U q.orbJBJE o J6o!5obob b$r'rq,oo Aoggr6CbJ .16 0o0bqr6.r, boqro Bo6gonlr g1o6o0o3.rr06dCq,CbU 6C6CqCbrU. 2012 $q,olr AbArOb)qQ, 2013 ggq,U alrogq,ooU g10g16o0C6O6rq,C6o br6JC6o, ArbUJJUo6Cboo Jo $36o3ol.r ggqX6rqprvn Uc6g$X63o bbgXa.>qr,r 66oJotr 0C6O6Jq,!6o 0,:63o 6.>6.r66dobqg6g6 6o6o0o3dl lr6oAgq,od,Cbol,r

1997 1998 1999 2000 2001 2002 2003 2004 2005 2005 2007 2008 2009 2010 20lt 2012 2013

58

Joq'oOoJrU, 6,Jo eraJoCbo@o rCO%CooU tsgbgop3oo) go6odo3otr Uooa3q,o6cboL0ot6oor, ggq,.>qn acUolr bd4g.>ao qgJ ogoGorq,U6o tlSgobr6lro6Sbolr gJ6r$CoCboUq.o$rq, 6o36gq,b3 0c6r6Bc6cortso braoobrocboer. 2013 $3q,1 CaE)('lJoU oc6o6rq,06aibJ6JAJ 2-XJ6 A(,rb(r,6.: t6ggo6r6Uot6g6oU 6.r6rg3orrU q9.>$g3r 75 brbrl5ou(.I JUECOo(orb 25l.tJbrtobo JC6COrAeg, boq'o lJJqggJotoo(, bJ6rJgCoo (ECB Deposit Facility) J3q,r3 0J6c{JC6OSC rryo tsg6ct68g69b3q,o- t6ggo6.>6Uod4boU 6$r333onU 63q,oq,Xbr 16rOo0bqgrdrr ggqggt6rqS6o lt63$363o lntrg3Oob 0bt6oqt6, 6JAf,Ja gq,olr 03qrqp3otX l)JJfmm66o 6$r63or3bob t6ps. 2013 $q,oL6r60r3q'obrtso lrrCJ6o3cq,tru 3dn363q,o br63oU Uro633U6ogoo Joq,oOoJJgq,r3o6q.o3bgt6iq9 3obbg63r$ogq,o ogo q.o.r l-t.>3t93qn15o 6oUJCboL BCaoof,Cbrtc og(')d6oc5oo65at)q,o. l)Jjrcu8Sq'oU ctt.3FJg" brbJou Urcf,o,rto6)obo 6r3$g6gao6.>6o,rglt3bgq,o ogo rUd-U, 56cnto6oL Jscc6c0"b, r3UO6Jq,ooLr qgs 3s6.rqpolrl1Qq,fl$ogo, bsbgq,dSogo brJACEOoCboUr p.> UgJ6rbrgoo6.>q,g6o lt.:9o6.:6ltoo6U0r,0UOCboL 6rq,rq,q'ogoqg6r gruoJ6 Crerq,(,CbAo q.or orq,rq,o b$d)Ceoosr6CoOo66oU 0jo63 bgdol0otrrdro lrubr630.> oo6.;q,oL$o6gbU llr36orr0ot6olro 6gtr9d6X0ol-r 0rr6o4ob Lgg6rr.rU030q6o0o 6,r63oor.r636olt Aob6ocr, OCC6oJU6o 6br6qgrlgt6olr ,:q,6o8g6rU, C6-36Uq,01630o 0gbbr0olto ofu6)dr06UC65d)ot, 09j06olr,> q.l gmqg6ol.r pr66o39bolr 3porboor.Jt6o6t6r0r aoogrgL &r6OtsCq,oUJ qgr t6olr3Sbolr 0x6o6oU, .>6p6o0U$o63botr,0gq.>q'6trryq'o .>qt6ogb3ol.t, U.r0ut6oq'306o3 er Urobts(')(ffir0oo OCC6oq'o6oC6oUl.gStrnSbto abt'rtsq,oc'r 6l63oU 0o96 lr.:3go116o 6J0o3qgoqlCbol., 5,>.bo,:r1gb.:l-r X6o36ggob.>63ol.rro4oU. Jt6 l.r.ro639116o9oo 6rrr6ts9bo), boq,o oroox.rgaqrogt6r60ott.;o6oU qgsq6obqr.> o('l0uq,('lar, 0o$6gbo qrr q.o.r6o063q'36u. 030oq3bgq' oj636,>Jot(tggXq,gboU 63bq,r6uo6CboL 69ox'rq6bo Ar $CbCbo, 0CoOOrq,J l.,JArq-JOr'r3o0Jotro6or qg.:6ro$r6qrr aJA(lUrgCECbCq,o go6.r6ug6o o6bO6CAC6OCboU bJCCO6o.rqbr6ots6r3o.>, 6('10 ljo6roC6oUq,o 6$.:$oq3boU SXqgbCooL 6r6bo{6go3qr36olr ig6qrg5,Itgb-oU fubgt66bob g096gbo 6r$oq'ou 0)6o3J 0obq.o90,: 03r6B3gq, ,,036B0.>63otr"obqrg jbg6orr6 0o0.:t6orgbrtso.

59

3 bcb.t53o bgbJogoq,ob br6UJ$q36oU UOr6Qr6Ool5CbCq, ACor)(,Ietto936XbU. 3o036gopq,o 6r63gbo 2013 $q,oU 3l qrgX0bt6oqrsb sbrq'o flgoroqprq'o6ooorrbo66o3q,3bg6 rEbr6otsACOJL, r0JbcDr6rgC 2014 $q'oU 30 o36oUoqgr6 3o0gdr6ogq,ob$gbo 3.>q'qrgbgq,6o bq.og0o,:6 ts3L:b$ouob,>0o &'13o9,606 3$o0Jq,ob rqgcBroc6oboLrbsq, 0oo,bo36rlrorr6. 2013 $q,olr 03o6X 6rbg3r6ro 3er0g6gogq, bJ6JCbor6 OClrOU6t63go06o agtsrobrL eJCo)a('), 0oAeobJ63obqrr Lrsgq3q,o lj.r.r66rt6ots33bo go603boltAXao$A3bs, Jo6CCOoE)Cbr, 336o33634oU 6rtor6C0r 00o6g bsbJCbb lr.rBSsq,Xbr 3dq13.ror610oo996o6 6rArf,Oo3C0Uq,o 0op6o0r qg.> J6 AcDbQoE(,E Ur33or.>6o JCOo3CAoUJq,JUogoJJoor 2014 $q,olt 31 qrgg0b6,:0q6, agl$braol$qr o0 3o03t66ogq, b.r64bL'6o0q56q 6r6$CCq, bo0oj0gq-ogbs ?30q936o $q,oqr.>6 o63503b.:.

t6ol-rpbbg qgr33d63bgq'o trgCgrabC{83q,obob gs66g3b6o Cf)('l36'cqlal br6Jar6rucq'o Sq,oL 6r60r3q,obrtso tsgoogtsr3r q,r 2014 $3q,U qgr6366r 6olrpboL ts0g.rl-tobobllSdoo Jt6r'r66.>0.> (GRAPE). Ooln 0ott6ot 3o0X6rgogq,o b.>633bolt trroll60tgct6o06oo6coUq,o 9:9q.o,r0b3q6gqmbolr JtrnggttoU Uts6('r ctscCoorbo o6r5,>6obgbu. orUsgqgrgtrrqgboboor lrojJ6o63q'oU C6(')B6UE o bu63o orbr0o0qg366gq,rq og63bU Eoq.ort6gLS6UXbb 3o0g6gogq,o b.r53gbob t6olt3g0tX of)oC6oo6C&Cq,o tXg.rbgbobro6ob qg.>a0oagtsr3cblt q,ocD('lCuq) oElrOoOUO$C 0o66503q, Lt.>t3qg.r0bgq96qto UO6JOCborU.A('lJgACbOo Crt(.Ig6uq,o br63oU pSagq,gbslror6 C6o)Je U$gtsro qn63$3 sq$gr6UUJbr6Jo tCQJAbC(Bgq,oAoU J6o35bb.

l-tr3t6orrtso6obo o)rbraa6e}aq,('Ibob abdrog 06otsg69q,o3r6o ou(.) oL tsrCoo,6)sf UCb6rber lrr16olBo6ol.,cl lrrbr6Jo 16ggoU l-t.rtXq.os0bCqgCgo J

60

bJ9cceJabcqogoq,o o6tso60Jooou br%oJ6c6ot, abtrn3 Uga-o 6360.r3b ar'rdr3rqaooJ6raa6oaq,(9aob are6aracbrb Lfur $g96oL l$i:3qr,>0b3qr33q,r'r ar$cbcbgq,cbcacDr63od566ogq'o br645oL 6oU60olr SSorgUo J6Jq,oboUJo3oU.

2013 g3q,l-r lrgb-o 6rqD3oqru 6.>t6X rgqgogo6goorb oEOCEUoUdlo orbrdd6roAgobol,Jbrq CO$$C. Je6oa6Uq,ot ao'br6or ruqr)osr6Cbolrr es i:3qor0bgq6gqgbolr raogrbgb8oo,JEDJgCg)o(.o,)b oJo(Dapobrdrg l.to63fi5ooL 6rttiqr.> qr 3o036rgrryq,o bs64boL go6s6Ugdro0qr6o0r63obolr r65r6o06gboU ttt6obbott gglrm 0Xgrq qtb3X$ob bgq,tsg$gobr.

It6o0r3q,op Uxb-olr lr.>t3q9.>0b3q63q,o 8168o0o rporUo6Uo66ol.r 6oq,oU 6rttrr(lro6g603br. 6169 rflqgoor,rd)CbolJ6 orr6rfld6o0q,r,rbol.r br956er rA 0o0l6orgg3boo&Are6&Jqro 6JboXoJ. rgorltcrttrltoB6ol-t 0olrlqSb gr66q1btso 6s0og963botrggoq,g\,obr Uri:3qrs0bgq6gq,o d)CbU6UCbob (9JooAobo63boor s6olr 6r6o$359q'o. r0abtvrog, ,>pU,>6o06r3ot l!bs63t'r $3pr0b3q6gq,crb.>0o 33uq'ogo6o36o 3,lqrt63bol.ttsg6urrBg636ob pr 11339 0rttrroqg.>6 0oi:oq6oU Lofur3q,0 go6rEUU6o UCCO(.|6oL A6('laobbrtJf,$C r6UCbUq,o 3o63gt6X66ool.t 6rA0. boq'('! $q,Cbao L$r63o UCCO(,6o C6o)-Cd)ooArqrq,JoEJUl6C6OUq, QrAUrCACbq,rQ BrAogDq,obQJ. 0r&'IAqoo6rt6X rj3qrr6, q.opSol.tror3olt36xr3fuq,o br6JolrroEol., gdror-g6or 06o036Xq,o3.:6o 610oS333r.: 6rqrq,33.;q'ogogogdn3.rqFpbob 0o$oq6olt q.oJ 336r6BgECAob Us3oo,bo.3.2 0gq,obgq'o0ol-ttt$6UCOUd)obf)ouJo

2013 $q,oL 3l qgalcabf)ou 6q.o6o0r6g(r0oor, brCr6(,80q,ob Lrar6Jo UcCO(16o 213oaxfrgogq,o br63nor ogo $u60js6o65q,oltbr95r6bC 1998 Vq,oe.>6 oJgl6ot6XbU 6o5o69 0o36oUrgo6rbLo cl66r6otr0oJ

sql$6ots6,>3or, fma Urjrt6o4Xq,oU lrJbJEJ(') l.,CCOod)o J3q,.>3 h>3oJ(')qg dq,o36oJC0oel6C6CbooJJ $v6Aop636oq,o, 0.>or 0o6oU' 0ltb3oq,o ltS6rorc0o6olro qrr 696o0r*6olr

6l

qr,rb6.)Al N 3.1 Aoqlor6o UJUClrkq Jo6otsCq,ol., Qn6rAoJrr2,0@ I

FF3Egt,q$qE ge

-

[C[!C6o (U6Jgr6lf,,) -htbo&r

(lrrdjUrg, oru3oLt 0b6o3, 66o336gqn36rqtsgg$go bxq,o lr$t6ooc6oo 6r6JJgco,c0ol, tscaoof)Jbra qQr urorq'o J6o(tlCocbbc aiQottq.>6rrrdXq56,:6. 6.rugq, $q,CA6o UJJ6oOCSOo AJ6r$CoC6ol, ts30go6C0ol, OCEqC60oJ 2013$gq,Lsg 6r6r6d9q'qgJ, 6D6 5.:0r'r$333q'o ou('l Jo6Ju6c6ooob Jopx3 33t6o 6r0drgt(r3boor.

gb6oq,o N 3. I acDq,or6o LrJ6c(r)Ocl Jc6otscq,o bC6ac6ocbou aobcqg3oo)(6r63o.;tsr'rtrrotro l4lrb3boU 6r6pc)

tctac6oo (6r6Jotuo!. AN20l2 qpCl20l3112

1733 205 ]t33168 t0l28112 t0,t1l0 1768

Sgrtrrcr: Urjrt6or33q,olt Xt6o363q'o D.r63oeor06rar N 3,2 Urd6C(r,Oo Jqlf)omq,ou oSoU 0J6Ar3q,obJAo 0roCAUq, bCbbCbto

r6t cacq,o UracJq,o ts9$o6oq,o bJtirnggSoo br6r$co,o L00ac663bob 0obgq6oor(br63o.>6ot6ol-ro UgbbSboL 5^rlrrqr)

2nr20c6

I2%

,l ro,oooE)6 Bomit,I 6.0@

999::;!!!9!:n b:g b h{ b ii b it.gt.glt.94.gSEE?Fq&a?e

d f A rPJP "+

d f A $.]P "+dd f 6 tr.tP e+".3 f ,,r,.?P e+

-J",aa'r.'O.'Je- Wb3!.'

-ld$d,6o.6C qD lnarJSE D.$6!btC

-t 'J"q'- ld,6CD.'

$grt6o: Urjrdror33q,arL C6clB6Uq'o 6JEJo

E\

^-^/\^

62

6oLJ bCCOr'rf)CboU 3golboor Lsbs63o ln\J30olr U$6CeoOr'r Jr'rF)OBCq,oq.oq36l.togo3o63&gqire !6er Bsoo6.>qxdl. ,>qUr6o06l3or, ttro0 Jtq'o O6c6(,oo) bcl.tocorpgbr, 610 J(')6OtsCq,oUAe66Jeobrb LobOCAUdro 6olrJou A()016o, sg0aobXb36b.

gbfnqo N 3.2 brttgUbo Jot66ggq,o t+nU3-l)CCO(,6C0oU AobCegoor 2013 $q,olr 31qClCab6ou aqga('lAr6C('|boo

lrebr,6o b$Jo.6rrriolb tdibcDot s!6er (&ryxF5o q,r'rb) Jod,6Cq3obrffino o6Ar6o\)i0q$. 2.l$sr6$lh.6kr\!$rdr 5emAb$srqeo Uxubr&):,ir6rxo jhbt.