Marketing Fundas - PDF by enw98634

VIEWS: 122 PAGES: 36

Marketing Fundas document sample

More Info
									     i % c ,) d /
     f# s    ^ l
    j{ , +% @ & +
                ;                                     o XX s u V Dcm r 0
                                                       . ,         b 1
                                                      Vl XVIse ,e ee 2 0




    sf]xnk'/df s[lif ljsf;
     a}+ssf] @$@ cf}+ zfvf
   f ffkaff[
   “ ]x ' / l
   s ]
    s
  a ]s n/ hdsfi                a / f ;o s c |
                               s x n xf f f
                                } s] ]]u
                                + ]      u    x
j ; + f$ f fs
 s s ] @ }v f
     }     +
l f as @ c z f]                uefaª hdk: f
                                go.l afft w
                                 '] }
                                 {  +s / |k{
                                           l
 bf a ~f l s
  3 s n d
   6 }       t
p\ g +;r s; l f                u}f fl f tf r
                                b k O6 p y v {
                                 { m {s g
                                 cn"
 Wf] s /fk;f
 o u G On ]g
    l ]
     j
c I fb ffn f d                 c m '{ / ffxn {
                                f hf ;f/n ? f
                                k 6
                                 + O ]jf O
                                 }     s
Qa L go.
   n { 
aLf u'fe]                      kk l ] fjk u]
                               lm b b T " g
                                |n g l / {
                                t      o f
   bf d J fmf;
    \ t ]d
     6 o
  p3g G sqdo                    m f g ft o /
                                d
                               q d lwl Jfb
                                      {/    h              hf Lf " gJ o u}
                                                             o ht o Q {
                                                           O/ n/ b dt J mb.
f f f f so]
 q
 ]     l O {
        ;
Is (ujn { ff Iq                 ls L9htn ]g
                                x] “
                                   x     ]u l
                               s n f aL :f fk
af f;anu LIs
g s o s ]| f]f
 y
       + d q
           0
  P] } f f ]
           {
           "u
 l s d j f]g
 f{j ; dT0 ff
c sl f fxkob
¥p lj o u{ Ú
' gjf Q }
 o           s
k f] Z; J m b…
                               + h d ;sf x ]
                               a ª aff d I / f
                               ls
                                }

                                d ]
                                | f
                                 0
                                     /
                               o fnf; s ] s f
                               T scfo an n s
                                ; ] j } d' ]
                                         + '
                                f fqf9n t /l
                               u LIdaLf k k
                                           L ]

                                         u ]g
                                             s
                                                  s'v'/f kfng;DaGwL
q
j{a ªs f; t | f
uf} ffl u L
 s + //x f
   ]s
    l   ]
        j
Id;];fgogP
ff d ju{f}
] t ] ]] s
             d0                ;fl sof fV'f
                                 u x] {
                                ] / ] y t/go.
                                j / f y fe]
                                        i
                                        [7
                                              
                                        k @$ d
                                             f    tflnd ;DkGg
                                                  l   ]/ +
                                                      |l '
                                                      d u n
                                                      kx 9]           j o? s eG
                                                                     J; L l } fl
                                                                     o fx g n ft j
                                                      f
                                                     [ j; } n
                                                     l s + =
                                                    si l f a l
                                                            s         ]
                                                                     ' Z; Q ' 
                                                                     g j f o uef
                                                                     x lj J m go.
                                                                                {]
                                                    o
                                                    |
                                                   b n t s
                                                  s L fd| f ]s
                                                   ] l l ga
                                                   G t ki n+ f
                                                          7 }          F      f
                                                                              f
                                                                      n ho ] t g
                                                                      x ] f ks ; f
                                                                     pfO/ncI [ f  ]
                                                    {/ vk
                                                   df/ 'f s? f
                                                  srL s 'f xs
                                                         /n           s gl ]
                                                                      '
                                                                     n Pl | s Id
                                                                              w q
                                                                             j f
                                                                     d'e k kl f]f
                                                    u f h
                                                  nl co g u P f
                                                   f f] f l s]
                                                             /        s l s] x f
                                                                     g cf P n oF
                                                                     l }u8e f T f]
                                                                               ] s
                                                    / n j o aL
                                                   vk
                                                  s 'f J; ; G
                                                   'f g o f Dw       l a k nn n
                                                                     | 6]
                                                                      jw   f e g
                                                                     klf gn ]f l
                                                   l l
                                                   n ;
                                                  f + ! u] k ;G
                                                  t dd / ) t D g       k
                                                                       ' g  
                                                                      S b Go.
                                                                     ;g { e 'f
                                                                         5 e]
                                                     
                                                    ] l
                                                   o . fd dgf
                                                  ef tn ; f sk          ht
                                                                        f " g 6n
                                                                       / b 8 :f ]
                                                                                e
                                                      f ; r d/
                                                   j/ yl fj
                                                  c;d c{ j/]  Z      k ]l f ] ;
                                                                     ] s sfq fs d
                                                                     gn f[Isl f f
                                                                      f i] j
                                                  v f /gf fnl
                                                   gn   ]s f
                                                        k n    u        o
                                                                     hf n ;euf g
                                                                     O/ n ] xft u{
                                                                              l
                                                  O/n / b 8 :e]
                                                    o f"
                                                  hf Lht g6 n f         d g
                                                                      P] | o x
                                                                     f f kGf Qu' F
                                                                                 b
                                                                                 {
                                                                     ks f; tJ mg }'
                                                   xu? f ;' kf
                                                  ;e L n { +m d
                                                    fx O o ?Q        eifg hf Lxu
                                                                       o
                                                                      j l o
                                                                     l dk O/n;o  ]
                                                                                 f
                                                   f    f e.
                                                  k0qkgu']
                                                  d k | { 
                                                  |f b g f  o         f x w0 o
                                                                     so / ] ff J m
                                                                       d g /f Q
        s
        +
        } f W s] 'f f p\ g g }
             I x/ v 3
                n        6 {
        as cof f kd z f bf u'.
                            x
                            '
                            b
                            “                                        g f Wf s /f
                                                                      {  o > On ]
                                                                      e.
                                                                       o       ]
                                                                     u']c I L ffn
                                                     [ j ; }
                                                     l s
                                                      f
                                                    si l f a   s
                                                               +
                                                   ~n lt c I
                                                  ;r s ; l f Wf
                                                    f    ds o         n
                                                                      l o
                                                                     f Tt klds An
                                                                     t dc G pnw"
                                                                      k D Pd ; t
                                                                       f k s f|
                                                                          g ] g
                                                                     ?d; Ge fkGf
                                                   fG |b f fff
                                                   ]b;
                                                   l       O/
                                                  uj kf s]ns]
                                                   elj e ] fd
                                                     t
                                                    k d s;/
                                                  ;f T fPfdff ]
                                                              x           O
                                                                      Q { o | 6j
                                                                     o u} /n klf
                                                                     J mb hf Ll a
                                                                                w
l    l s + = ] ] df
     i     s
     [ l ; } n f f fg { dT "kx
                 h
    sfjf a l s o g l f f x k{I?
                      0     f
                       s j0 f                                        ] L n;g j/f '
                                                                     kx l ]
                                                                      f
                                                                     gn ? ]Sc; kgp
l     Z
    % |, p/
     k %Q
      g                                             ;
                                                   y lj L gn ]
                                                  c {r > v fn
                                                    o l jw w/
                                                  O/n kl f fl
                                                  hf L | d c f t      eo ] g ]
                                                                      f f xe'f
                                                                     n b Lf Go.
                                                                             e 
l     O ] 1 f dp
      +
      s       f
     k{ l ; x | /
    tf fh f, f]Q
l Marketing Fundas-Practical Insights                  n
                                                   ; f n ]n
                                                  o tld ]g fLk             k @$ d
                                                                           i
                                                                           [7   f


     www.adbl.gov.np                                                       SWIFT : ADBLNPKA
                        f a ;f/
                         l s df
                         ; + d
                           } r
                           + /
                           } r
                           s
                        d sa;f f

         5 'k [l f } n fff a ª f] s y ;f
          G g l j ; + = ]lH + / f ] j
           d
         lrflsf s a l s a0o } s f/fk ]
              i     s       s
                            l   j
      a}+sn] u|fdL0f If]qnfO{ g5f8\g]
                               o/gff f | b an sf y u L
                                    F] j {+ l
                                      q z ]    s i
                            5. ;L o Id k uf } ] [ tf |0d
                                                       ff
                            f f;] 6s l { / f} f| f /
                             qO t
                             ]
                            In {d rS g;]'; as k'sof
                                        ag f ]
                                           s    s
                                                + dv {Ls
                             l [ o l k8] pe ]
                             wt f; 0] t go.
                                    x
                            c s Zd + fnaf 'f   
                               Qsf ' lNf ] r f d fH a
                                  /v
                              pm '; ]hn f G z f j0o }ª
                                     {
                                     t      5
                                          sl 'v fl +f ls
                            s/f f k;ff bf som fom Pf
                             f / ] ] ] \ g f d J es]
                              f s y j p3
                              ]
                              j        s    6   {d Q
                                                q
                            f u L gf si j ; } n f u ]
                             ] ff n l s + = O ]
                               d          f     s
                            x. |0 h t ] [ l f a l n {/f s
                            j f j g f f bas] w0 ] f
                             Z; + ] r { {+ ; ff o L
                                    x        s
                            lj P : s]r u}} f f/ z/h/
                             bz/g f | ] Q ? ]] s f ah
                              { : gl o ] u ] I jb
                               o       t jx     s   s
                            uf] ls;k z/ f n /f 6fff '
                             |0 gf f tf e} nfs f s] q
                             ff , g
                             d              f
                                            n g { ;m
                                                  x
                            u L h t ; f y dmf u Lt ? f lo
s v { L s lr + j kD {
+ d
} f| f / l t G f} ] ffe g }
       s       dl
as k'sof cw [5 'a ª;f]/ u'.
                 s  s |  b
                         '
                         “
                         x
                             xft f } fz/ ff G L ' 9
                               la + s    o Xg b g g
                            ;euf6 as] ] c j e ft ufaL
  5 'sf s; } n ]f f jf j ff f g / ] / u'f
  lr. [l f a l nc m J; ltd c ] k f d f go .
                   go
            s
      i
   G l j + = k ] o :/
                   \         j ] :0 {]
                              b s        e 
j f a ª ] fk l t fc ap nu/f
fH } ;fO fd fy l 9 g fk ]
 l o + j {y s ; 3 f l s
 0 l s   n |              ]                        k @% d
                                                   i
                                                   [7   f


   l s + u L ]l ] k +
   [l ; } }d ff | Sfd { }
   f    s f qt
  sijfa g |0Ik Pn;l a ts
   '  gf f} o f r p c a; t
   v k
    { n + jo gg o + x
    t      ls              s
  ; ]. ] da ªJ ; l f ]G@ } l
 [ j ; } x ] e u L f f f } }s
 l s + ], }f f ] ]+
  f    s s       d q     s
sil f a / fcm |0 Id o a gPn
x ]a go.+ fv z d k fH f / ]
 s b L '  s ]' v f l o f s
 ]     {] }
/ ff uef as ; ] ff y a f s/f f
                {
                t      0    ]
                            j
 bf u} s so / l [ o l k8 ]lg
 3 6 {
p\ g b } f f f c s Zd + f ]le
       a
       +
       s    { L w t f; 0n j G
            s         x
;ofjwsom f f & lNf ual fff
 dd lj f d ; %hn f lLg /s]
     l   {s y
         q           d / j0                          k !$ d
                                                     i
                                                     [7   f
 f / ]j ] / up'f
 l ] ;f : 0 f e ]
    s s             
nuu f ] f d f / go .
   Qc; f u ådxL@ ef9 f Wt
       dj s å d ) b L v j
                  n
  pmj/ ltfGff ] ) G a z f :
P l k ] ff | f] c / ]g / /g f
 / g j y f u O]h sL fe 
       s    d d s
              0
e k y ;f ; uLe ffxff fup']   o.
o l] gf 0 /,: ] b gs fdf? f
 f/ ' ' o ' j | {
  kz / f  t t kg + { x O
                      }
g“j c; u:Lr ;f fuassrL n { /
g] bn s;ef L L s ;ef ]o h
 bt { ' ] } a k P , } "s ; n
 { d
  z '      G “ ] Gn {
                "
ll u}s fab 9 he f ab7ff ~f
 k yLD x ] sfgls f ; 0 //
 | f k ]o + a x x k s f
  '
  /
/r :o; l/ f;adlflr6 Dfff
        Qs     }    R      { ]
                          " j     as k's {/cwt 'd d JJ mg}
                                  s fd f f l [ v f Goo u'.
                                  } | o L s ;] t Q {
                                  + v s         t
                                                {       xb
                                                         “
                                                         '
g;t f u']
    ] u { 
       x e.
          o
u{d c | g f             k @% d
                         [
                         7
                         i    f

   a}+ssf] k'g:yf{kgf;DaGwL cGt/lqmof sfo{qmd
   T n ds] l 'f ] j z t f o b
   sL       zG / s ;] n n { f O
              t f    b
  t fg;o f f ;I f +gL fOWgl {
 k ] lNf G { s O l s] w{h/ cl t
  bx      tt    uj w      d :
?G Lhn c u w w{f; f s Oaff jy
 T n sij ; } n kf so o s O ) f
 sL l s + = v f
       f    s         n    @# b
t fg [l f a l pz f f{ w w{ ^ e |
  t] j ft O / aff f f / / + g
   b :l
    l
    v
!u] lyk e{} f h/6c m]f f; f
             ej
              x        g a
                       \ ]
                   a k sf r   n
 b c / ]   DG f fj{ 'f o y f
 } O] s      lt ]q   d / j n{
                      g f
u{ fxf5.;aw I s]tf ;I J :fO
 W h f j ft Pf f{ x nO y y d
 o    v :l          f
                    n    { :g
d g // Lly k es so o? f of f f
'y g u f f ] |xn { j' ] l tf
g k L k jf
  :        g
           \ uL O ;    n j g
kM f f / c m ;fx? f ;{ e;fb]y
+ c m j o g :/ ]+ sb l
} f k ]o f f l j f g as] G L
s
as] f fJ ; d k lt u{} f ]o gt
      g
      \                s   L
                           |
x] .
 ]5
 s
/ f                       k !& d
                          [
                          i7   f
                             2
                                        f a;f
                                         l + r
                                         ; }  /
                                        d ss df


                                      ;DkfbsLo

                                        ' Ld k d {f f]
                                        U l /h ]“
                                         w       g r
                                        b gtfl f s v f
   s[lif ljsf; a}+s ln=
        d sf
        /
         ' oo
         V f{
   aftfgGg
          o n
     h yc; f
       l f ff
        j u nu
         es l
                  'w                  ka/
                                         x k ] L] a fGj] o u fb/'
                                          n l x k 6 Bg b l { o.w U
                                            x d f
                                         l ] n fgnfv flzgf Y{ " b
                                         bdxLeesw f x } .]jkn "
                                           y dg{ ]n { f 5 x fx b
                                            {         / y
                                                       }
                                         kfffl/Pf]O fg  sLil ]
                                               ks ls l dP ]}{x
                                                         n
                                                         ]
                                                              t  

                                       l ]; fTb ? ]N f ] f f]O fes
                                      gs osp f xnd x 8 gsw fyfP}
                                                               /n
                                                                 }
                                                                  { w
                                                                      w

  + ] ,|
  } frfs gy
  s "
  as;gkf t        z f                 sff; }sd gPl f? ] ;sff lf
                                       / ] y" ] f s g b
                                       '   fb f o k/ ; xn w 8dk / /
                                        x. w N   "           "     ] jw
                                                                    ]
                                                                   v ]
    h |{ få
       /jg v f
   afk4 z f f        /                s q x u flw ]g}/x./jD f l ]
                                       f m? / ]g / ;]sff t l a, x
                                       od
                                        {     s     n
                                                    } s
                                              ]k ] ' ' ]        8g cn
    s
    |z t j/
        l f tt
   kftyll .
                                       f/ ks nu w ft g /fG s gfn {
                                       Gl        l"o       k ]' g k f
                                                            s b
                                      ctsvtf f b c fu{ ] ; f ' ] LO n
                                       fUl xf fl toLf
                                       Tng n. :j
                                              ]
                                      cd fgf jtsfxx.      
                                                         ]
 Db d
   kg x
; f ;"                                  b p fd;Ul fl Tl es ]:]j f
                                         U T gfn s gg ;x Pfo f :
                                         ' k
                                         w b + ; ?f
                                                  g         t n tc y
ch'{g lai6 -cWoIf_                     Tg Pf gn f / lxs f )h l b
                                       k    ]] k ] db F v
                                              f f h       P
                                      p Gesx.] saffg' n %xfn/w    /6 "
zlQmjNne >]i7 -;b:o_,                  kxu ff ;h s Pf cn f/ pfa
                                          ' sc 8 jg
                                          ]] s {         ] x ct k f
                                      vtg/]Fffl es5.l]G s T g6  l b
s[i0f gsdL{ -;b:o_                     s f n h fc lx u f af ff / g
                                         v 6 t q f ' /]
                                                     "g ]
                                                     t         /]u "
                                      P n l / ld }k{]s5.hsd k u{     f
clgn kf}8]n -;b:o_                     fa f b c fu{l s5. f f k}w
                                       / 6 s " o yn ] o l
                                            F                 j s
                                      etfa Lw ft g fPf J ;o ?d U     b'
w/0fLw/ clwsf/L -;b:o_                 T g b f l f ]O L}g f fg /f]
                                       k
                                      p f u}Pf ; n f;g ]y s5\;sn
                                        b { s s g u{ a n   /
                                            c          e R ] .
                                                       +
                                                       }
dx]zdfg 8+uf]n -;b:o_                  Tns g Of l g L Np xe l 6 l d
                                       s ; n {T x ]t o g fgg j
                                                 | t g
                                                 ]
                                                 ;
                                      t fl f fk f u{lg f ]] ]s ei }   o
                                       f sd fea\gr 5.f']w T g ;u
                                       o ]q
                                        t         g Z
                                                   l      ] nU k
                                                            / ' b
                                      c f ff cm9]lt  osfb p f / d|
 |;f
 w ks
kf Db M
    g                                    s
                                      zj ; aL/fg duL df/ fi /] .
                                        l ;G        t / ]x ]6 s5
                                                  /l e          l
                                                            / s' ]
                                      k' f Dw;sLL fD shL ]k u f 
k|]dxl/ 9'+u]n                           ' T gf |f gf u{ kgsf f f
                                         U k Ofl { g f; Nl g O f
                                         w b k t x O
                                                 T
                                                 ]
                                        b p fn{;x u]e] eLf]; n{6
                                                        ]   }
                                                            +        3
                                       x; lt g { z jY ];l t h/h ;
                                       g'
                                        ]g
                                      g' l r u{ k'f ;f x o s fafD
                                           Z ' . :: j '
                                               k5      o , n     { /d
                                      s g ] h x ; lt e l g kf aLM
                                       ; s; F l rg
                                      l f fx k' ' r gPs f?c] t 9b /
                                                   Z           f
                                                               s
                                                          ;x I [ '   v
     Published & distributed by        l so jo sf ' g k ]r N
                                       ]
                                       fd P ] J fffi g } .T gfl d
                                                       t ] \ b
                                                       {     
                                      hv e f;o; dc l x5g p fsp t"     o
Agricultural Development Bank Ltd.,
             Head Office,
                                                     j
                                       g ; x p t f / g0 { . d { k
                                       l s g nk gjf0 /f]dfg { f ]
                                      k l f? ]f]f / ;s nlf u} xL 5    n
  Market and Research Division          o     g ; /j ; O g v U k
                                               s          d
                                      hf jh{ ] s Ls n {o /f b T s
                                      O/n fd fxfl f f W h / L'p f w b
                                       xf f fl g sf ; n nf kf9n
                                         / {] x ; ds g t T
                                          nk tT
                                              ;             ' s
                                      ;s LO|f u{ ]l f ] gd ?daLf      e
Editorial Board :
                                       p    \ t l o z L h ug sfg U
                                             .            ]
                                      f ;5  :c j{ aff ffu ; ] l '
                                      kg Sg o }gfk'do gn " { dk b     w
Arjun Bista (Chairman)                 f o u :/
                                        { ]             N sf ; + =]
                                                         ] i l }
                                      bh B ltdy a lg  [ s sn f3
                                      kyGpfj ffk nd5.ljfa lsn'
Shakti Ballav Shrestha (Member)
Krishna Nakarmi (Member)                  g         {           q
                                                s o d t{ af o d f
                                       y; fB l ; f m Gt z L f m ~n
                                      tff pdjfs q c u k'ds { ;r g
Anil Poudel (Member)                   ]5
                                       s
                                      / ] .t f@ ^&f@ jfz fLu $n
                                               = ).
                                               j
                                      u f u c = ^^d$ & 6ksaf/ ) f
                                                        &     ]
                                                             ' d L v
Dharanidhar Adhikari (Member)
Mahesh Man Dangol (Member)                /l
                                      * h l d kJ /P ] .f# 6k'd f
                                            |
                                            d
                                      *xfko pn uO f ; } jfz Lt d
                                                  w fs5 y )       afl n
                                       ~n uPf l ,x l ,l, 7 : f :
                                        f / ] 3 ,      r g dO f B t
                                      ;r g ls5. pbL h k/lfhtv j '
Chief Editor :                         kb ; gP n ; ] yg 7 q   " w
                                                       o         ] s"
                                       T g g l e fo fj f l d fb ] ]
                                      p f u{s]s ] sJ:k s g fx.wf f    n
Premhari Dhungel                       k { v fgk
                                        b s
                                       T gg f g l ]d; f f O s ] f]
                                                    f r g c;] //k
                                                                n
                                                                ]
                                      p f u]/fk gnf~nd fsf;sn l       g
                                      U Tb ]h ]3fk]o" g {
                                       ' kg / g 6 { f k .
                                       w                k l '
                                                         Tt 5
                                      b p f v gf/ fgg|e u{ 

                                             3
                            f a;f
                             l + r
                             ; }  /
                            d ss df
                            _ m ; ª u t Q P/ } f l f df ? f f
                              N l      o ,
                          v k;ln nf aL c a s c s+ s { L s nu
                                                  +
                                                  s    wz rx   /     l
    kf7s k|ltls|of       ' :f f "f? ' g k'es x |ff .|k {
                         n
                        s /ht e s k{x 5f pomPff]/f  k : L
                                 } j/ 6
                                 l f
                                 t    w      p     Q       f
                                                        ]dw0 5 l w t
                         x] 'k "f? 5f .
                          ' g g j/ w
                                   {
                        ggs}l kf x g' \  6 ]
                                           ;     j o h d sf s } n f
                                                  Q    / lj ; + =
                                                           i     s
                                                 l L aff [l f a l s
                            _ |s l{ ] a
                               f      ; : 6 df ? ;L |t 'a]]
                                                   rx
                                                    /
                          u ux ;e 8 s f s { L s / k 'x]f w}  t
                                                             : g //
 f df xf
  l
tn d ; e L   u           ] | s e8 ) | t f ? f f gx L k Pf '
                         jf
                        ;fx? fm} k z s { 1 c {u{d ;m es sf
                          u L ]0 & l
                            x          t    ox    g h g    f n       /
 / o]
   O;
uf f\                    l f .| x : y y s
                         s] f
                            ; x
                              
                        ; o \u s?a o]:f f as ;s LO;f r G .
                                     g i g ] } f xd f ' g f5
                                         6        +
                                                  s      { {g
                                                         n    p x'   
   [l f } n g lo o y d O ]
   lj ; + =s jd j
    i     s
  sf s a l l 6e i } J :fl f f .   ;
                               no \                 b tnd ;e L df ?
                                                     j
                                                     ' l      u rx
                                                   – }fdf xf s { L /
 f } ; df f   ; ]
 ] +
 / ls i        F
               b
s a ª l6d h }.o}5    n     _ ff of f y L
                              ]] f s
                                q /
                          3 o I JkL j :fo   g
 ; } ]j
    +s    u ] i f /Lxs es xf xf s
               x
o a n l t s Ljft 3fo ? f Pf' of n / l ffl d k a
                   {
                   o      gf ] ]     F F
                                     b a  6       b       g
                                                 a s]b f l }    g +s
 df ? fsK /n ] tn
  r x O o 6; l
   /        6
s { L n {D' l /L fd ;fl kD uo \
                         ]k | lf .
                         j g f /]
                               /e    ; 
 b         o
 F P] z L   + ]
b c s 5 ] f kf as
l }f f bJk?d .} f  s              n
                                –] y fgf ]
                                  f k     j /
                                       , FZ
                                 e f f o fjg
                                                  '] P f f b
                                                  N       d
                                                 v g es] ;wff '  j
 GL
  | l lf ]t
sb tn k iga ] os
 ]o fd |7 f / ; f
               8                                    o } f fs ' q }
                                                       s
                                                    ; +]l v
                                                   T a s d; d k a    +
                                                                     s
k jf fo tn sb? fo s { L k j {? d ;f/A+G _ ft dl f]
 r
 F    ] l G
      q
 f 6 IL fd ] d f d fx l l
                |
                x     ]    r ? / t kf l d k so o v]] d f
                             /          t
                                                   r o f h ] + as
                                                       so       s
                                                  d f-f]" suf fb f
 l     n F P
           b
tn ;r gx}f f g. /
 fd ~f 'c s 5\ t                                  g g f    n N
                                                 b f l f{ f ;f/ g r
 l e as ]s { L f |' f g
            / r x ] :t ] \
k cm } fw} df ? o kt x m
 g }+  s         /              p                 | g / d + o y g| ] }
                                                  s     ]
                                                   z ] fs j k l /
                                                       s }
                                                 kf u f a J :fk w}t w /
                                                                      ]
 fdf jv Pf' f / ]
tna l 'es uf]lxf
 l 6 d         ;
             ]g u/  s       i
                            [l f } n ]d; ] G f ys1f f u{x +
                          sf s a l n;off w j tf[t1 g g f f
                            lj; + =s         kI   ob     t    k r G 5.
                                                                     }
 g. fo fd ] } f kf f f ll kf :t l ] l ] f } f f fd
5\ dIL tn sb/as ?d c "Okj{?d k ' kn kn o a s 9 f9 f
       ] l G +]
       q        | s           m
                             k { /t
                               n     t      |t    x x ]+ ] ] ] }
                                                            s    s s
sb tn k iga ] ; lt u{d f/f ononas ;fx? v] f hye] a
  L
  |      t
 G l l f ] aw 8
 ]o fd |7 f f DG
               s         g su ] . ;] ] f ] |
                          ] ]] 5 } ; s
                          h {s              }
                                            +      u L fv] f]gc
                                                  jf      L L
                                                     x h h G
s { L n { fuf] ~f ;r s; l fbonf as h fns 6k] 5 c a u s
   /
  r x O ]g
 d f ? f o ' f;r/
              ;     l      n d  t
                     t ~f l s ;: u t + f d f f]]f, a } |
                                         o s}      g ]] m ]
                                                       N / s      +f
                                                                  s x
 /g f5 s 9 G 9 as R by l f ? f ;] ; f ] | ]n } f f f f
uf r G l aLb aL} f p k: c s L n { d o j;fx f } bf h y ]
  p x'       ef +  s     r          x
                                 w/ O t              uLs ] ] g n]
                                                    j f bfn   d      s
 d f ? f o fdf xf |/ ] f n f xf / F   l s l d k f{ ']
s { L n { ftn d ;e L kf fsofd ;e Luf } 5.af] gfl s f vg
  rx O ]l
   /                 u ss       z
                                {f      u p   b      bf b        n
                                                             g oo N
 /g l f .
uf ; o \
  p s]  ;                f f   f l ]} f ]o ' ]xk6 lx ] e Pf
                         P]            s
                                 n x + ]G    |
                                             L    /n    l /] c f
                                                        i    s
                        c s 5.x c n as sb sf oL' u/ f f;es            ]
               – f > , tn k ig ] f c= d 5. l ]l ]f} f df ?
                | i
               kz ]
                s   7    fd | 7 n r ' f= f   knkno as s { L
                         l l f t      n j            x x ]+  s      /
                                                                   rx
       fo fd ] g9 uf ]n ] Dw s b
      IL tn sbwuL c{ h g rh ; G P l ] us ]l ] :fuf/m{f
       ] l G
       q         |        g z
                           O      ~ aL            f
                                              g | ns n ds n \k f
                                                  x    xg / g sF{   pn
                         f f b{s f g u; s
                         on O
                          z     k    o
                        s { f '6 c f f l s f e ]ft f P g a ] | f
                                      h
                                      ] / ]       g G dy      c jf {
                                              ] G dof l e] ;fx O  uLn
                           l fso fff } f { f c m ds gy ]
                             x      z      +s
                        5 .k n] f{nd a s O /7 L f g:f u{f f
                                                  Z g k
                                                  j       +
                                                          }    /    ns
 m f;hs s f
  l
  ]
k/ ;h H f} '     /       k ses f= f= ] f
                          ol
                        pT fq fzc s; n k 5\ ;fjoL z es 5
                                   =, = v n g. ] f xf ' Pf ,
                                        ,            j e    a6
                                                            F ?     ]
   l s + =
   [ l ; } n f fH
    i      s       l o xf df ? f ;e L /s
                   0
  sfjf a l s j f ts s {L n { xf uf f xgt< ;s L}e]r Pf
                              rx O
                               /        u P] f    O
                                                  ]        /+ / l ]
                                                             s
                                                         /f a g lgs
 + // { f
 l
 } f f g o o? f +f
 s    j
      ]    s n
a ªs f u]f{xs ;o 5e]ln s { f pT f
                  ]V          5 ] on f o l
                                    z         q ] } n f « fH }
                                                  k + = lo l o +
                                                   n s
                           gk Nf f fd k se gf a l //6 j f a  i 0 s
b g g 9 }   f 8s
 g' l    b       d ff
                    +
l fb a\ 5.s7 f}] /a /f } f | s? ;e L l k oLl f c | x
                          f s as kG x xf n l x b d u / '
                           l
                           x    s
                                + a  w       u    = g       zf ; g
 fj :] d x ] sa ]
 g / f'f ] o ]g / /{ f f ; G /f   a
  Z     6 s         Z
a ] htd'/ f; ffj uf s { f Dgu] 5. } y ] f ' n ] 5.
                          O on k s
                              z          ]   s    n] z u]
                                                   sd
                                             + f f vL f f   s
 f x lx ] f G Q
 v n ; ] :g b
           s
z f f a / f y e fp/ skL ?f/ esl ;7d
                         D d k 0 } ] +gf
                          gf G f ; k u
                                t       5               b f f , mLn
                                                         f] } Dv ,
                                                          b 8  n
                                                       –d /k ] e; ]
 e] f s 7 "l j l
  i ] ] s j§ g { f fltb n as j{
   6 6        k      t P / g] P + ] d
P/ x n f L k{ gld c s kj{l l / } ftf
                                  v     s     g                   lk@
                                                                  n /
                                                                 n t'
 jd ;{ f f f f f} jo j , f } G } y
         u ] g / o. Q
          s
egf g n ] h s Lk f lL c:fo a c a tf
                     +
                                    s
                              y ]+ o +    s
 ffhg / } g jd j o +f s tg f x 5
  s    sL + {
            s
;]] f f a ; ]eg f l L ;y ? f 'f sf /
                         Q : x ]n d F
 m\ Pf m ; f f f f } ]ll G { r 'f f
 'o ] \
 0 O     n
e8fs k ] a { h s L ankj {; ef f cjd
          S ] 6 g / + /t bd n =
              8
              a         s       t           =       a s s L f{ x n o
                                                   -} f ] so o? ] f
                                                     +
                                                     s    x    n
                                                               f      ]
 Pff x lx ] f{ f y g /f h/ y g Gg ] z l s f m F G
   ]  n ; ]o o o ] k
    ]       s
esx.fa / f;s f s :f fu] a f tfc'w ; f ' u ; ]] q } co
                   n           s]          ;f     j ? / s / du   ;
 f Hfo /| g / ] j u af 0L ys { x
 h      l d 5 
             f
; ;h Tt gf] }.t h l f fh /gttf f m ? so o? ]l z u ]m f
                         e s / fl         q
                                          od      f{ x n k ' gq d
                                                   fn      g ? {d
 :f fg f Hf 'g x
   ] ws h
      l
ht c ' ; ;h x']f s { f ;] f ' o s { f 5 \ –Db _
                 g { ] f fn d] xf f f f
                  k , o n ] 6 ]F ] o n
                          z       s b       z           f
                                                  g. ;k s
o es ks 5 . f } f
 l     ] P } ]+ O
              +
               
TtgPf f f f o an { s
 f] g ;m f f f]
 d ;f e q ] n g
  f      f      , r
x | f] 'jd x c f f
 O s
 f ,} f ' s Pf ; n.
xg as z]'es l f ]
 ] + ]e   R
          5      x
                ] a               ex O
                                 j u n {?L "f
                                 l f?fh/ ;gr
 j f f{ o :f f b b
    ] oo F g
       n            ;
                    {{ } d fuM ' s l o; ;h fy f f f as
c o s f gf y d ;f } a ;f/ t b{+ ] gf f Hf; c gy ] 5. } f
                          s
                          + r         c v +h s f p n ] +
                                    O b                      s     s
 ; ]n f '? fc j {kf j gj u a d ddug lq;g jf |], f l
         / O go
          x
onts sf n {l f ?d l Gl f ?f;o;ofl]/ ,"f f k jgs l ,
                          e
                          l ex 6              / kk r , l lb o w
                                                         i t
                                                          {
                                                          s        j
                                                                   {
 } ] 5 f] e ] Nf b
 s
 +    6 ; g
       c
a n g ' f\ G ;n l x g lb{ l ] f k o k s f d f f x k{| a ;5.
                         b z, b s ? l ; l f] f/ ] T "; G S
                          U g g{ x g
                                 l
                                 z          q s ; r s d j0 f g
                                                           f]t
 f5 
 x }
r Gf+.                   l }' fb6tuL} f ' ll f fh L' lqj; g ?
                         o sfO [u /as s }gj u 6 fx]/ f"f
                          g / {i
                              n l       s
                                        + g   k ea / g k   k      rx
   = ; f{ f " }
         o o6 0 +
           n     {l s
  s o s f a kfa ª o k s f Db z f kf as c s { L n {' tu]
                          ; l f] k g fd 7 {} f f df ? f ; " g
                             q s ;f v f O +     s   d rx O ;
                                                         /       r {
                                                                 l
 j
 ] ;r g g; ;h s }l s { ;e L';}e xn {f{c' u{ . - ; f
      n     h
;f ~f u{f Hf 'k   g g     o
                          f f xf x jl f ? f x s gf bf
                           d    u g ju O l       b / 5]
                                                      w    }
                                                           +     ks
                                                                Db
g Is as e f d x \
 h ] ]+ ] b
    q s
l Lf f } f G s gf . ;
                    ] 

                                  4
                              f a;f
                               l + r
                               ; }  /
                              d ss df



  % k|Zg %                       pQ/
                    «
                    ]L as db
                    h    s
                         + ]? 0
                    6/ M } f ] 8
                      l s + =
                      [l ; } n
                      i     s
   /fdaxfb'/ v8\sf . sfjf a l        Deposit Placement  b f n{
                                                             j
                                                      cl s/ f f c m
                                                       f f]/ O e
  f «L j u |   } f k8
     ] es d
     h
 s 6 / l f fk' .a s lN
                     v +]m
                         s                 | s L kf ~f / Interest Arbitage
                                           e /
                                            j          n
                                          kf f ?d ;r guL
  f{ ?fx f dc'   } f
  oon
 s f xdpf]f]gj5.as
              Fn f e
              s              +]
                             s             f d ff af ]fu g5.
                                           6 t Dg p o /
                                          a ;]cb L9 gs {l ] 
  fH } f{ f l x f gj
  l +
   f l  s o o ]g F e
                n
 j0oa ªs f s k pf c'      d                 @s fd u t ttf«L j fn{
                                             = s;l t / fy6/J:k f
                                             a ]i n
                                              +
                                              }    6        h o yg O
                                                            ]
   do f s f o ] x fl f
     V v o o " F k N]
                 n / s
 5.' z f f{ G fpf]5n   8                  ;[ gc s tf df; G n fjs
                                           ' u,f / ysr LDw fcl f
                                           b {o
                                            9           { aL d w ]
                                                         /        ]
  f{ f T l ) ds a s i
  o o ] ;5 ^
    n  
 s f x .ok @ ^ f l P j{   /     f         bo jgu{Df f{xn; f; l
                                           fj x g; 0s f ? ]s DQ
                                           lT        k{ o o
                                                      " n         / k
  x ] fgl J :k j u k ]
   n + ] Qo yg es d
   Fs }
 pfas hz m j f l f f|n        '
                              v            ;F y oh
                                             j              k ] t h{
                                                              l
                                          -ff t f Af_ / c nv s f
  f go .o l u} f n f]L
  d {  ;5
      e]
 s u'f T k nQ ov ] 6/      s h
                       g F' ]«            -jtfo _ f es c' f%, f
                                          ; f y Ah a Pf ;L] Ü Ah
                                           fF     f 6     ]n @ o
                                                             s
 j u pfOh ]L Of kna f
  e d F {D /b ] x +
         n       j
 l f fx fldfl o .l ] d        }
                              s           c' f) tf I ; n u{lo +
                                           ;L]Ü ylf s g g fH a ª
                                            n !
                                             s       g] +
                                                      k      ]0 l
                                                              jf }     s
  «L] d } f ] l f ]}b f
  ] s s + ]v j u
  h          s
 6 / f fas n f e ngu{]       o.
                             Y            s f xnv lfj s % /dc j {
                                           f o? ]b gk [ fÜ s l f
                                           o {
                                             n     ' I l ]
                                                      ]4             go
  + g{ s q d
  } '/g f d ;o l y g k
  s +
 a k;rf]m fd kl lc'      :
                        / t ?             ?d; l ILs f dm6/lf f
                                           kf DG f f{ f hL e d
                                               aw q o o k ] j u
                                                  t] o n t« {
  f e s c Zs fx' l f
  ] u ]j
   j
 ol f f fo td; u o .  ; /]                kf 'gJ :fOsf f f s f g
                                           7 gk] j n { 8s ; f{
                                            p { y f O y oj
                                                  o                 G  o
    s
    + ] n = ]l
   as r 'f s ji a]kt f
    } f f cj ff{ h 's f
               = f 6l d
                      s     :              l] .
                                           /5
                                          ug  
  ; s f]L jf + g 0L p v
     + h
     }] o or
         «
 o as6/J ; ;f /gt N]  n f nl                 =] + fbgd ks f o } ]
                                             gfs ] { l T l =
                                               / } g] ] o 0 s
                                                =        h ] H
                                            # =aslzafd | j f an
  ls 5. L '? } f df ? ]
  / ]           / +
                 x s
 u Pf   o sf as s{ L n      /
                           rx             s lf f Ü lfgb ffck (CRR)
                                           ng] ] c j{ db gf
                                           ' I % go u Ht '
                                              k =
                                               s%          }     t
  f}]5 o/gt nb s5. g
  G {   fl
    kx '
 hgg G .L0L t l Pf l }  O ] o             ; t! jf tnf gf - s d
                                           l % w s /t c' SLR_ f
                                           x Ü}    l
                                                   g       kt          o
 jo t f ]m /L } f h y
  ij s / /
         ] ]f
 lf :' ;f]fx as aftf
             k] d      +
                       s    /             uk]Pf   tylf; n u]T
                                           gges 5. ; { I + g gk ]
                                            '{ ]
                                            {           g] s
                                                          k        {|  os
  gG j u k h l6] v\ u
   ' g es d g i > s F
    w           v '
                '
 c; flf f| c{an L 8f          ;           s f nc m s lf f% /d = a
                                           f o]f f n gk ] Ü s gf+
                                           o n    g
                                                  \
                                             { k ]' Is !]          /}
                                                                   ]s=
  gPff] f f .
   { ]]e s /
   e
 u's 5 fn ; L
         6      '                          l Pff{ ? fsf= }f gf
                                           h
                                          g ses s f xs xdgf d/ =
                                                   oo ]
                                                    n        /s
                                                              =
                                                              a
                                                             ]+         /
                                                                        ] =
                                          sf es s f xn l o u db s
                                           }9
                                           +
                                          a6 fPff o? ]gfgb ff f
                                                   on
                                                    {    c j{ Ht ] }
 ]
 « Lo;o ~fg 0 L
 h
6 / Jj f ;rn /fl            gt            c Z J:fg ;lt Pff ofs
                                           fo o yu{ c f ss f dxf
                                           js j      o 3 ] ]o / ]
                                                          l
                                                          s     { ]
                                                                n
      « /
      ]L f f ~f y J y g g f f t c j{kfD u'5.q
      h        j
               ]        n
   6 /s f/;r gtfo:f u{gsf f flf?dh fg g IL
                              j k          ]] dv
                                           6 i f go           k{ ]
                                                           d {] f        o
 g f f L y /gt? l o l ] f of Gt s fxn
  Dg / l;               fl    V / /
lg ' gttf0Lx c tfu g s fa c u ff o?] / s d o 6 t{ o
                                            n
                                            {       s n{ CRR SLR f     o
  
5.                                         /] 5 ; fl o kf ug /tnf
                                           ]5 } sc j{ c'
                                           s      ]
                                          u f,g f]gf?d gd uL/t
      =u LL ; g k o ls sf f ufg | L]s l] .
           g l ]? / / ] ] o p ]f f ; / 5
                       c
   !nf gt/ f ' tfu Pf f s d /ikfsl fug  i           n
                                                   0 j
 l f fj n {d; ]kd { /
  /n ol O      l            k /h
                            I
kr gs {wf ;off lf uL $ f fl J :f u{ fkAsf
                                  g           sf p t j k t
                                               is
                                             = ] ]r o y g g ypn f  w i   ]
 f ' ]L jf fqd kf :f sa l t cb Lg = s f es
  ]; « o o O ms
  c /h
; gf6 /J ; n {l ?dlt /dfc sd ff u{/a 6 fPf
                                  j /         6 w          ]+
                                                            =
                                                     Dg gf} 9
 bn g  u fb }~f d/] fH l f f g o xn {g? f
   { u5               =l=v     n
u}l ]. tcj] g;r gfxf j f a ªs f u]f o?fl L s
                                       s lo + / / { f
                                         ] 0 }  s   j
                                                    ] sn  {    Ot x ]
 Ga f f
  t+ /  s ]    j
c /}s f/(Interbank transaction), call de- ef cllPsfsc T f c f s
                                           f s jy j ffffoa T Z
                                           u
                                           }]
                                            n          j l 6 j
                                                       ] r
                                            l :t +//]} tf o o
                         jz yl ]df] l d G s uffH +f n8l Ú
                          bL jz b     | ] f o Ú s lo s s k
                                       s v              0 }
posit, Repo/Reverse Repo : ]tf bL' f b P c … j{j f ad… l f6          ]h

                                    5
                       f a;f
                        l + r
                        ; }  /
                       d ss df

 f v g ;j u6 j [ | l] . f o?]od ~n uk] sf o
  t ]  N      ea L b / 5
                    t g          o
v f f o l f f:s kfug   s f xn fm;r g g 5. f f o
                                  n
                                  {    sq         {
                                                  g ] o
                                         { f '  i J[    c
   = sl l s f ~n kf snu j 0 gf T f o] f f k] L
    a ] d / / f o ]l j f ' | o d k p'{
      s g
      }
  % + f ot ff;r g | gff l/ c; k ss f n ==7 gg g
                 j
                 ]       ]
                         h            /o      n s
                                          ] { '           e
 = a l PffH + f f g f s /d f= k l f ?d kf '
 ] ] h
 / s
  =               lo l / / { ] ]
                  0 } s
gf = g ses j f a ªs f u] t Pfs I f f c j {kf 7 g
                           ]
                           j     s
                                 l       = {
                                         s t
                                         ] dm g o          p
 f o? ]f f n gk ] G aL g  ddsf d kf]o n {j s
  o{
   n        k ] ' Is @ b
              \
              g
s f xnc m s lf f Üe f 9 k] ;offs g7g f ofcZ
                    ]            {
                                 5.      ]
                                         i/         n
                                                    {
                                               p s f o fo
 u 9'ff gf ]j uPf 
      'd V p J y / ]
        6
gb sL /g k go:fls5. s aLgff g afs f g l] 
                                 ffu{nu L g{fj ug .
                                 /x s l l O o o / 5
                                       ]    t      {
                                                   G
   =; f ] T f= l y n f ! o c = Fund Transfer Pricing (FTP) s
           =l | ] d j
           jv o =
            b    ]s
  ^o c = k sI f f Qtf v       ]    = =]
                                  ) ; fl b
                                        jv                  ]
                                                            f
 f c u x u P6k8 ]d ' o y es xf«L e j; lt G
 v tt g /            G gG l
                        ]6 g
z fG {/ ] Lpfm dh] o 6 J :f Pfb 6/l f P+Dw c
                                 j       F ]
                                       ]' h j u       aG o
 x]   Q ' n c m] ffe f ju 6 fPf j f ko /tss
               l
               g    k f o] q
                     g
/g 5.pmo 6] f\ s {l s l ff tss l/ / mfeL fPf
                          Iq          l j
                                 e a ] ] 0 D{      6     l
                                                         ] ]
 f o? ffo:k Dw Df o g  dl c j{k f slff7 g g
 o n
   { ]i yg aL k{ { {
            ]
s f xssf j f; G;0 fu5. ;o q lf?dt Pfedkf '5
             J          "s ]                 ] j
                                              s
                                  e go fl ] u p k[         ]
 f= / k6 gd ' s s , t
 ] d g G ] G l ]d {
 =
 s              ]6 g
I f fx]m dh] o 6f f sA /c Z l f?b s ?d c f su'
                              o   j s ;x }    g
                                  fo x a l kf B l g    jw {
 yld/ ad5}j ug .f= g  Fund
    h jL G ' y / 5 =
        ];        J
tf D f Dwf §o:fl]  If k5. Transfer Pricing s d{ {' ;}
                             ]
                             s   {
                                 ]                ]n eO L
                                                 fdf am a
 ]f f o] s c +? f l m
    k s Il
       \ {e
       g    q
nc m]ff qf G axs k k8 s f xnaLbaLu ; n u]Idle
                   o s ]g G f o? ] e f9gb + g g
                     }           on
                                  {     9G         s    {/
 g/f kf fu] : l f ' {. x ] b hLedkf f d s f s
 ] ]
  ]           o gJ y d p k5
                  o         ]
dhs ?ds { { j f n g g  / fu 6/jff7{] ;] f of
                                 sg « l u O a t o ]
                                 ]    ]         ;f6      {
                                                         n
   =h J ; ~f u{ nf j k ff af ; go: uPf 
    6/ o o n t o y g Dg p s J y / ]
       ]
  & «L jf;r g g /tJ :f cb L9 g l ]j fls 5.
 kx{ sx lf sg gT f o?] ! dLf tfoknd ]F DG
  /o ] g] +
       e b kF
            '
clf PffI;n u{ ss fxn k
                     ]] o
                      | n
                      o {          = s  {
                                        6      l s u aw
                                                6 { 6
                                  ! gd ] ySf f ; ; lt
 hLe n f ]g /tl/ k]b
 ] ju t sb s
 «          s }
             ]
6/lf ]]fl tnf j f| l ; "s {n { :f ?d ;r gu}
                      j 0 T g Df f ? f lt/ kf ~f b
                           o
                           s     k{ o O j l
                                  0 x          t        n {
ag ! h q gf m k f y l ] .
 x
lf ! a] cn g k , m ; tf n g  
            l
            e        g S
                     ] o
                  O f \          u5
 ;d;f \gf?d «L e dlf
         k l o fh ju /]
          {
          t
PPPdmc j{k 6/l ffk ª]        l
                             6{   @jz j d s f n {elt u{
                                   =bL l      / /O j f
                                               ]
                                               j
                                  ! l ]lgo f f fcm :/ g
 gs n {o t /g h ]L f ; F f Pf
  { o Og d p D / s ]
       {              j ] ;   u n               fl/ c j]
                                                ]tQ o bL
u]f fl l uf ldf t L f x es Nestro Account s c lmGl z
h ] s{ L s ;L e d/ L gd +?fl j gjz ' fs Gy u}
  Df r x ]r j u v u
   j       /
ld/ df ? f" lf ff c'g axdk l Gl ]d|] f6 k b
                                s
                                }        e
                                      g l bLb P ps
                                                 f          {
 l] . ;/gf f a f f es;} l ] .
 / 5 ou k i s t n 6}+
ug  T }L] / « dv fPfa n g        u5
 f= f G fH } f{ ? ]}
 ] t o lo + o o
 =
 s            0 l s    n
I f y c j f a ªs f xnb s     l
                             g    # f df ? f6 L jf fx
                                   =d r x O ] o o ] j
                                          /     «
                                                h
                                  ! c s{ L n { /J ; s dT
 kf]a o G s /b s o G s eO f 'taf k s f fd ]
       = + f; ]
       /s n
        =            l f;
                      g
?dgf}A ]r uL} An /d am s { nf9 g T ILtn s |
                           ]      f s
                                ' { oz          o q
                                                 ] o
                                            p | ] l G      b
 «L e dpn /g g ; n l ] jf f{ ?f; Dw f ;r g
 h ju
 ]             w p k] h ] 6
                     {
6/l ffkAuf ' 5. l f5f P+ Ls f xdo ; G t d ~f
                           , , Io o o
                                  q
                                  ]     n        aL ln    n
 lf ek ]W a j 0 kk /g l] .
 /] bdo 6 j f w p
            {
5 t/ / ffdfl/ pnAuf u g          /5
           f 7g l ] .
            k p s5
             t
             {
ADBL Remit dmkf ; g                           )
                                             ))
   =Df f{ ? ]ff /tl/
        k{ o o
        0 n        Ks
                    l       j 0 l ] : ''
                                  sJ
  *; "s f xn;tx tnf j f sQ f ot x' <6 / Û6 / Û
                                          gG
                                           x5    ]
                                                 «L «LÛ
                                                 h      h
                                                        ]
 sx f]]/ d l f?d; l f= l ] fJ s f df ? f g a f
   { s d
   ]t ;a; go             a t]
                          G =s
c fK fffDc j {kfDw If c ntozbas s{ L s h l f]
                                 x    ] +  }     /
                                                r x ] h|   s
                                                           ]
 f7 g g gk ] f= f fG t
      p k] | ]n k c us f e s f t 5 g
           { T =] \
                 ss     g        n }s h ]
                                 ]
dkf ' 5e]o I f c m]t{f a L ; ]] :f l <
 f o?f fl / fj f| / f]
 o n 6 Kx n j 0 f L s
   {         ts          K
                         t
s f xa ; f t tl/ k u ; f xL f]LO ff }/fam]
                              ]    d F n {–k l n ' fP
                                    s h«        \
                                                g
                                  f x6/ fcc mts ] ]e   e s
         Zt / Ksw/ O f \] l f J g a f ] '/| 'x.
         r \s t fal d k f g ] b hf a L g f / ]
              ]
Compile k fx xf] f q {dm; k o z h l |]f x'dsf f
                   ' e ] t
                         n {                s
                                            ] n       ]
                                                      f     
j 0 hL e dkf ' {. ddl/ o g ; ]g k f ' l xf }
 j f] j u p k5
        «
l/ 6/lf f7 g g ;of j f Jtef f c' s x ; /] 5,
                     ]               +r
                                     ,
                            j0 : } ] ? d g s s g         ]
 f e{ utj 0 fff]s xf } g V f{ f gl G d ª
 |
 K j
  t
k gO fn l/s s 0 = +fh f 5 efdos f d x] lgl6 /
               j f] / gf d g g , ' o o ' j
                       /}
                        =
                        a     {     }       n       e l
tk ; lt f o d yIf|n { nm f ];o f  L g { xf
 g/ a
  ' d w o |
    ]
l { fDG s f k'tf== ' f 5 k d w} d h5.gtl f td
                { v
                n       ] d
                        s v
                        fk O       n /        G   l df 0
h ] afx { s c' l] .
  Df O h f
   j         g
ld/ g { f/d ; ug    n /5         nm g/| k l 9;oo v {
                                   n ' fe g n
                                        }
                                5 k x'd P lc aLd T f r  t
  (k ]I f f fc ÷ol/ df ef htnb l f:f f] j{
   =| f= ]i fJ j 0 == ol :]f5. e y g fs if
       T ] s sf oo j f'n
       o =
        ss       ]           s] ]  s f U j u k sP f        d
 o /I f f ] ; L f / DG
  /       ] kp
          =
          s
tfuLf=7 g/ f c f d; lt xL kf l f nf sL f s t
                   x r
                   ] w fa        d j/ s
                                  n w {        o x ] d
                             w f ]"f j ; u t ] 7 f    ;
 f= tf /f fc ÷o j 0 gf /f f t u{]e w a L  
 ] n / s ] oo j f ;
 =
 s             ]i
I f ]o u] sf fJ l/ c' us 5 ./ ggcm/ f 5.
                              / ] }  
                                    +     k
                                          '{ ] F }s

                             6
                       f a;f
                        l + r
                        ; }  /
                       d ss df

j u y g ]s i f l f ; f [ l: t ] ; g P f
 e     ks       f cw
                s            y /y s d ; { 5
l f :f ffP j{] j d o s] k sk l l f x "u 's] <  e
 x 'p l ] l ] g¥]
  je  f     s lxt k <
dT amgsQ fd g u{ f  ' o       x ]N f d b; fdGf;:x
                               hl8 s {g6 '] o?
                                 k          ] Y 
                              l fmd fuffl xo.d f
   knc g t «Lg a ff P ] / f ofsfh ]gk Osl
    O 3 h 6
     +
     {         ]
               h
  tf ]le]:} /hl f]]e sf s f n {tnfe ]ie;k
                   h| a L
                     s
                     ] n      P n
                             n o O {        g
                                          } G:6       ]5
 l f s } d 6/ f :j d/ f gs}f eg.k f{ fpf
 g w l l
     g s      « s jt s
              ]
k c ' a ªf hL]fl d{ s u{'u| P  l 8s f dP6
                             d    g x ]
                                      f      N
                                            m oo  n
 jgL ffff w O e/| f f 6 n Pf f f / toF fx  
 + n / d ] { }d g / d P x ] d h fxx] g
  ]      ]     n
               }
;bz tadxL/fcmf h s L l l / s f s u]:] fb/ 5.
                      f
                      ]             ]]
                                     /            F
                                                  ' ]
 g. l fo s f]sk ] d c s j gju p o ygL fnd p
 } tO ] { l s ?
             s           P ] l ex r j f r n] nb
                             e
5  s n {f h fjN f kf f f l Glf?/ RJ:ka t d l f}         F
 :]f5. l ]I [ fsb u] f f b c " ; ]t u{; Pf x"
  fU
htnb s nlfj n {l| / o s uf f ]f :]ggl s d;
          t g] l O ]t / ] d { k ] f
              k4     G              n h
                                    m r          s ] ;
ju y g es ; m g.j g f
 e k       ]e f   l l
               ]
l f :ff Pf Ds 5\l G t d e s5./jftdx]ll f fff
                     e n } f t l u / g L g0 ]d
                             / ]
                              x              g    {s
                                      e : f' t df s d
 f m?f ]L] i dz / ]o ]Lju ] d f es ] 'l ft
 od
  {      h s lf j / G
         «
s q xd 6/ fjo;f u]s L 6/ l f f6 ; }Pf s} n '
                   ]     b   «
                          | h es l g          n
                                              ] g9; L :
 f kig yIf dm t i f ]] es/hL j k fffxu{ s
 l |f
 n t
t d l7 tf= ]k u j xLsL gPf 6/J :f ss dsLg s f
            f= f
            ]= {
            ts t     {n
                     fd x         ]
                                ] « o y g ]d ] ; ]
 f f l f ]f ¥+ / fot }. f:]f5.
 g / b p d o. ] { g
                
               }      K      + fU
                             }
h s L n gs u f t okf 5  5ht nb 
e k] ' fg ' s jo h n {+ s d b g g /
' '{ o / xe s}g + yl L ]LO :f]? 8 l G u G 
  g dV s         k }         «
amg ' sf]] ]g la tf Q 6 / f ;y f ] 0 k e ]l5.
 : d sk
 + c gf] L lj n ~ft ' . j u y g P if P fu s]I
 y         h Z; ; l G
           "
; ffht fF/j f ] rn x   l f :f ffsj{es kl f "
                         5   e    ks      fd       t
                                                 | ;d
 f gf]" O 'f kfl f b j ]f gP f
 d s kL {/t
         hn I        /n { Zi ' 50 {
c h t fF f;l ?dkr gu} l nf ues] <
g m f g Qg f fO I af ' 7 }go.f+sdb g f t d
 ' f h { ' Ldn { f p
  k g / f
df c {u' em It f;d g g         s G   ] y f] 8 x.
                                   '] : ?
                               Le ef o; f] 0 }] /    
hL j k f| fx.f f|kT
] J yg ]v o f h ] w s ;fcm+ f'g G r F. 'L
 «         d
           '
6/o:fsk s {]c sk: f on {eas d' e ? f '9'f
                      t d
                      l {      O    } 6         5 66
                                    s ] } g p  s a
l h dcmfaG 7f' f kf s g n 5 f s}l + f f '
 }
 s / }] } " g  b ] l
a ªaff eo;e fn rfs?d /dl f l d } 'k as s z
                     }t            k
                                 s] q g g s] d ?}
 l s5.h f+0df / Qg f f G .a gb f /t a r g g }
 ] ] " ; f ' f ' Ld
 v
b Pf kL] I,g m em It x   l f u j tnf+ ;f x g
         F /f k
          s           f      5
                             ' g              } n
                                              s + '
 Ga }d ] n { omu]/ n g S}. f/t ff gfhL  j g
 gl f F fp ' + kr g
  lQ nh
e ] sxLkLO kQ9n lf u{ ;b T] nf]|es6/ f l G
          "                               ] ]
                                          t
                               g ot s; ] « x. l] ] e
 S' f / f sfj ; }f lI
  k]o.
;g¥  t xL x l f ad k l ; l/ fT fG gl f } f c gf
           d F s + | f D b j ]t d p d k f s
                    s zt k         o     n    bg f {
                               Q l s; ' n F 'm h ]
 gl c l Pffff Ww O «L f /tkr g g 'sc:d l
   Q os ]/ d ]} { d / h
                      n ]    l       /n { g' y f g
hz mTw ess 0xLo ]f6/ nutnfl f u'h; }j f k  /
o f f j 2 / jgL ffff f fj ' snu f / S' / fV
 j o ] , Z + n / g / l Q ff I g 6 sd
      x ] ]          ]
J ; sdT po ;bz tadh s L bo emL]l:d x ;g ]L] o
                              T f g       f       «
                                                  h '
 es c: 5. ; f ff Tw s
    ] y        ] / os
gPf j f   h s s 0c l /d s x. f g; P e]} s}l af
                             f f o u{l g ga gk n
                             d ] ]
                                        s      +
                                               s ' g]
 N f G sff, ddk8f«k /f x S5.o} l s k: {
 6    o } V]
         +
e jc ad/g;ofms 6;m wz L';b  T nc n f|kf
                   0 ]G / fo g
                        f                        ]t T
                                          ;] x] l w s d
 u{ ft ] ] n l /ga s l o f fhL] T ea] 5.
  , g ghv g g p
  ] ] l
      l
gg; f f fdl k 8f ]?c f a ªJ ; d6/ fx cm9f 
                           { s
                           ] } j o ] s dj
                                      «           s ]
+f k f v / ' f : r gj
s}
ad y v f f 9 ; a ? f ]f sfjf a l d 6 /l f :f f
        t n S y g p
           ] s
            ]                  l s s = « e
                                i     }      h
                               [l ; + n f ]Lj u y g   k
 h ffnf u]j f kfx ] . Pfs i f ol f el 'j d
  d q g {| d
  {            l
               t
s f d }u L gk[c ?d/ f   es P j{o .f e c} zc:f
                       ]5
                       s            e  j
                               ] f ] ] u m       z    yf
 :]j ] s ;bz t / x am] } l f }f f c' u] x L d
 t kQ " f + n
     l h
     [ F     ]
o f|nkL]jgL f dTg' f g5. s adn f gj /ff ?f
                      j e s
                          ]          s    ]
                                 j; + d e s d        x
k x   on fi k f fl If ]Lfff] f f/ f ; g./
 iG 5 ;]]f g /b ] ] h :]nlo ] g k }
              {
:6 ' .T }oj y h s L g f= 6/Htg f idw 1 / L5 t
                         == «
                         ts         }j      }
tfGo fd |7 ; ;G u/ ff k xLsLfs u]5htnb 
 ys Lt kigF do lx 5. l f ]]7 f /ff :]f5.
    ] l l fu j /s + g d x ] d s } f U
    b n t
     |                 ]  }      n    ;
f= ;} bs? 6/J :k fTf t igf f' af l ;h xf
 ]s
 =
 s      g]{
I f f alz x,«L j fdk I u j{] s d|h s c x /\ /
               ] o yg |
               h          o        n    f
                                f k ]b / t            o]
 n x]] i r g g v fa s? /t f : s l y ] d af
 +g g sf+
;U/g f f;f u]fs kG x tnf]j f l s gl f f ;} {
        6] n { f |
                 z      w       s c y t 7 o xL n,       O
 I f ff f;f u{o d6/ f f g5.o f ;h j d l ] L
  ]t 6 i r
  =
  s
/f=yg sf+ g g f ofhL] y f }  T t cx c:f k gf
        ] ] n ] f «s
                 s{ ]
                    n        x       :]        yf g k  n
 f g df?f hL j f fff f 'af f;h g g fn | n L]
 d ] { x O] J yg / g / b / O
    s /     6
s u{ rL n{ /o:k adh sL d|h n {x af xL k'v fs
             «        ]       f                  v 8
                                          p d ]d ] f
b p u}pf f m bf ony
 ng           od }
               q 5
l f nQP6 s { u{. ;] k ?de s l fu f c nk x|" f
                    +
                     
                    }            " g { o/ x l de s
                                 d    x +
                             kfl f j ¥} l ]g f]d    fl
 xf 6]Z; ls5.
   ] ' lj / ]
   u \
;o hgj fuPf                 T L }  aff;Lyk x ;gsf
                             o g5.h do/:f ' S'l
                             x        /        t
                                              l g      [i
k 8 f{ np / } f l g { j ; } ff npnw f:]f5.
 m     f
       n
lN so or f ' a s]L l f l fasnu7fkl xhtnb 
             g + gt d f s + ]l "
                 s        0      s       ] J ] fU
 x fo:f f ; f b s st f @ % ^ f'f u cj l /t f
    J     g    /     {
ts] jykd a ]sdu f ] :f c =) /^ s tg ft f e tnf]
                             = ^
                              j        n
                                      ] d       =
                                               = /     s

                           7
                     f a;f
                      l + r
                      ; }  /
                     d ss df

 + }f ) /^ f «L]e / f s/ Tr f=h o 6 k e s L
 s     = ^
       =
; 6ecj@ ^ &d 6/ f | sL / Pf t ZfIf«Ll y kf f
                 h s kf a l ] k t ] 6/ '
                 ]    u      v         s
                                       = ] g       j
                                                  | /
 f ]6f j 5. fx a df l ' z ls 5. e s :k x'3 d
 w s y
  n    ]
c f 3] c:f   o l f ]gmk x]f uPf l f f ff' l D
                ]; n ' f g g f / ] j u ] g g ;
                       k      c              y    c
 f ]}6'gx. / l /t f f sa flo /fc f f j] b f
 wn    g ]]      g    n {d
c f g3\k{f t k tnfO/| c f sl d bn {w d/} sd|]
                           f { ]g
                           ] ] j
                               s
                               }
                               +           / ]l f
                                        Of g b ' z s
o y g g sf fn {% /a 9/ f f bc s f e y gl [an
 j k ;] k O6 f - 86 P]
J :f u{ a gmf!sffaf s f u{f f lf :ff sfs ]
                             / / } P d ju kk l +
                              ]
                              j      ]         5 i}
% /_ f e f9u{l f ok f | b f }lo / w0 b f ]
    ] ]G
    8 Ja         s ] ]g d T g k j
                    
# sf b /baLg; o. fl/} k ]l cml d b lf u}Pf /
                             os    g
                                   \ g       { c
                                              f
                                           g/ { s5
| f :]f5. f gs}L g
u ] fU
  t            d    g l o s fk lt f o? ]l j] b f
                       t
kl xhtnb  s u{'g l d as l8y s f xnk lz df]
                            } m: o
                            + N         {
                                        n     g bL ' s
                                                     |
 esc:d t iq «L L tf«L j o / a s ff } ;6 ] f g
    ] yf f 6 l ] l
             { h         ]
                         h
gPfj f u je} /gt y6 / l d b c as c\j f x s u{
                             l
                             g       +    m]
                                          g
                                     } ]k a O / d]
                                                 /
 fj tf /a + s l a j [ S es 5  fj fbl d g f
 ol / } r
  l         + n d 6 L
                    t     t
s {w o uLs;f ; l f:s ;g Pf g r 'fd|lou{ut
                              ]     .    d fg
                                         {
                                   \ n i 'j        n
                                                  ]o
 /gs o . «Lo y gf" f j] bD Lk f? g6Nr fu{
  p d ] ] j k ] w
           h          n / bL' a
uf ]fef 6 /J :f s d c f lzd; Gy s x u{f; sh Lg
                                fw
                                |           ]e
                                       d ,« ] / ,     ]
 /t f l ffy {f f l x. 8 mf f ffxf ¥p nfs y
    s l t / y g / g ] « ff ]d
      :
tnf]y a]of h s Ln'f 6 k G s s d;o kf]utfk
           d                ] OG ;        ]o
                                          u'g o
) G aLfH + f{ ?f }
 )b      lo l o o 6 l
         0 } s    n
! e f9j f a ªs f xa b s s xstff fosn gf/ « d
                         g   d ]/  d + ]l ] i s
                                      }      u n 6}
                             f? foL 5.;ff k f a f   +
m fmS f f fl ' D b Pf fl]d|] f6 f f f cl f
 f \ ; 6 g /n c e l ] njz b P p n } ] d
 ] o
 g
k jkf a h s L g ; j ] s f x}bL' fs 0 v ] 5/ ds f
                       v d         s
                                   f         s
                                            ] + /
 /t f/] n {gf / gs t k s f v] ld /d/ ] .
    s lf{ O
        l
        6
tnf] k ª f cn guf ] f u y P v f f ct r0fxf 
                O p d                g
                                 t N G          ]
                                             f s5
 i ef oa k f{ ? fb s f l d6/ f s ]]f u{ 5
 f ]
  g        6 m oo O }
             N
j{}o . ;f l 8s f xn {l e L gf]L6ansc f g S <
                  n      g         «
                             jb h a }    +    z ;
/l u{ ]Le n { L j k g
 k ª /h l uO « o yg
  ]
  6      «
lf{ g 6/jf f6/J :f u{ ;o]f l f ;} ;o ef g
                 ]
                 h                 y o/ s    ] ] ]
                                                u
                               dn; b ] af xf o e]
 x Pf   r ' f ffs f= f f u]f ? |t g. «Lo f f
       ]
;h es 5. f c = K ] I fd c f g7 F k: 5\ 6 /J ; s
            n = | ]
               j T =
                d o s        z {p zx          h
                                             ] jo ]
hL]g y guLl ;f u{D f f l ]7f s fn l ]] k
 «so6 k
 ] l
6/ f' :ff/o 6 + g gh b I o w}" 5l x L c nsL l
              ' r
               g n ] d/ ] t / n
                       l]    q       ]     d]x x g
o m f] f Pf
 lx ] d ]
      S
JQ ?t gs es 5/pL s s u] 5f G x   x L :foaf f
                    g ? f f /f } e f ' . fn y L h s
                     x ] d s g b G d] g
                                 }     5            /]
 t d g { uPf   x f= ] DJ fkvg ; / ] :d G fo
  { t w0 / ]
  o      /
sJ ;]l ff ls 5. f I f n ; ft f/ Ngl xfj f c /6
                    n ]x
                       =?
                       s           }       ]
                             eo d " ] s sc y f tl«  i
                                                    {
 l } gf /] gtf G { h d h S]f g6 / ]" pnw
 g lg     O k6 ]
               l
k b s cn g lf{u{ y c u aff f ;gx e]]L 7f kl
                ª       tt    / g           h
                                        ] «n n   ] J
 f{ ? f 'Lf gd gz /f b S5.e ' {/ ]]g9ff]
 o o ]kj0 u
  n         If
s f xs ;/] c'gu{'u] l ;b a\k]'sxe]nr f
                      ? s    g       m
                                     g
                                    ' gsf f l ]F   –8
 g. g ? f t n |f l s q
  \ x O s l 0 g o d f Uf f dh }b  l
                z
5  pL n {Tf k Ifb] f m x Ln nd ]f f k{.
                         {      a
                             d ] s  { g 5
                                    6

         |0 j f j ; f m
         ff Q ] s
          d     q
         uL l I l f s {q
                       od
           l Lo s f ; f
           /   g
               " /d o Lu
          u a G L 0 f x]
                  [ l ; } n f l f fg{ n fj u |   as
                  l s + = / ] bg o e L d
                  i
   dgf]x/ >]i7 . sfjf a l s ko g l ]f s l fok' . } f
                        s       h   z          v +]s
  f f e , ] l f fx f ' 5. } ';rf nuj] f;y ?f
  ] j u v j u F ce
  h                    s       + g / s l bL t : x 6
                               s
 o gl f n f e dpf]gj   a k/+g f f l z b [+f a
  | xf f{ g gpf] o] f f x; 4 '' .
  f
  K
 kt;o s fo u]x f ffx .x pf D x'  
         ] oj
         u G           s I  q
                     { F s { ] n F a gG x5
    ff Q ] s
    |0 j f j ; f m f r ' f ) . f } f f m y a]
    d           q
   u L l I l f s { a] f cj @ &*s as s { tf h
                       o d / n = ^^ ]+ ] o d
                       q        =       s   q       6
  l dj t
  's f :[ kfN]  ;lf : / [l f } n f s e i l L
  :
 kt f lt ?dpn 5. f ij ' sf s a l dl 6 lof h
                     v     j      i   s
                          ] o t lj ; + = g jdg
  f] L œO]d fx }f ;r fd?f f . glf :s ]m /L
  ef e f
    b              r n k
 ; m/lo g;f/ f 5 f ~fdoxdc  l }ij ' ;f]fx
                            /W               ] ]f
                                                k]
                                    P o jo t f / /d
  s
  + rs {
  } d f tm6 h l6]L ] F /f f] f f .
                 a
 a ;f/f k f c 'a n> > ; u] 5 f n ' L
                     {i
                     g      7    ]6    ; 
                            i u s ]e s /

 |0 j f j ; f d
 ffQ ] s
 d      q      {
               q
u L l I l f so m        s { -xfc u c] L n %sf
                         f m k n G { ds 8/ /
                         o d l ] tt l
                          q     _     /      8
                                             ]
   l f l ; }f ] s u L j ) f f h ;o ,ds 8/ & f f
   ; n s + 6 k ]f f Q
           s   n d         v] { ] l
                                  u /       v]
  P o Ljf aa gf f |0l ^ n s s fxf c] Ln * n s
f fj ; nu |0 j f j ; gf xf c] Ln % f f|w
 q
 ] ] s s l ff Q ] s
             d    q
Is l f f f u L l I l f cb ;o / ds 8/ n s kjs
                         '    u
                          g ] l   /        f
                                        v ]ll

                          8
                              f a;f
                               l + r
                               ; }  /
                              d ss df

 xf xf o f m ][l f } | k P L f s { Dg Os f
     ] s
     u ]                o d lj ; + t
                         q
;o /] 5. ;s { nsf s a kL q - ; v]] f ; G e; ]
                                 i        s    t          g
                                                    n_ N o k            s ]
n y ; fs g } n f ' +g  
  =         g ; + = ]g / ,
                        s
l tf f l f a l s kM rf 5.             ;
 |0 j +f s nu f L +g f
 f f Q :x ] l g / s
  d                             g
u L l ;y ? f f s ' ;rf] as kM rff f f{ gf xf    +] ;
                                                } f' +go gs fod;o
                                                s g/       ] oj
                                                           h     G       u
                                                                         ]
j ; ys fo,| f Q Dw f s 'p gf f m G { o y g "f
 s            oj f j a L l ] ¥ g b o d tt j k r
                G
l ftf f{ gu Ll ; G t df k f c' s { c u J :f ; g
                       d 0             n      o      g q
 j
 "f o
   {
   w
kf/tf /u L l tf L ; G kf,] tf j f / gl J :f
            / |0 j y a f Dw 0 L v yJ :k hz m j k
                  ff Q
                   d                          fn
                                   d aL | nf o y g                Q o yg
 k/xs l ; gcw0 n f   Dw /zfx f ] kt Oxf
        f ]s            { /f P ]
ps0? fjf u]jffl s 5. ; G kf { f s ;f | e/] 5  a L db ? ] j f
                                                      t          K    s ]
 h ;o c u ds 8/ / ) ga / 0j y ;gkf l ns {
    { ] tt l
           u            /
s f xf G {c] L n %sf ^ e] f / l tf"f| L 1 ]f
                                       ]
                                       8          s
                                                h L f1      r 0 jn
                                                                 f       o
 f W k n l t$ / ds 8/ g Dg l s fg.ok l xf G {
  vol ]         s
n d ]xf :f sfc] Ln ;\ ; Gu; ]5 gf|w ;o c u
                           ] l
                           8 /                                f
                                                              j
                                              k / s \ Fl s ] tt      u
 ) f ; /f }] /f ]| /
  ) ] D    8a          k
@ ^s l ] d ggf ;s nktuL Chief Technical Advisor n f Training, Trea-
                         n      / f   K                       o
                                                             ut
 s
 +] f /o
 } f uwf ]d nf u] l f g
           l                g s y] ]
as c|s z/f u L /f o e] sury, Trade Finance, Risk Management,Business
b | :f ds 8/ sf^ n kt Promotion and Portfolio Management l xa
  ;s
 f] t c] Ln ! / ) f |
  ]lf          l/             ]
                              8       vf  K                         j ?f
                                                                     1 6
 g f f Df t? fPf j g /z;f | Oxf   ; } } ];
u{ nu; "z{ tss cl ;\ kf {] kte/] 5. f ano
   s l k{ x ] ] w0          l                  d j f K     s]      ,s
                                                                  y +
 ) f }Dg /P o L s }f f m G { % 6 sK / o s :f f
                         ; n j ; + 6 o d tt
@ &dg; G uL l f l f aa s { c u ! jf D' Nf fy g
  )            k                       s       q             o6 a] k
 f
 | / /f ] Q b |l f f s
  K              /
kt uL;s n pm f]st j t f    ] : k ]
                           ; f                 + ]o ] l o
                                               } f | s nu D' u t j G
                                               s    ]
                                                    u         6
                                             /as kf f f sK /nf le  o lg
 ds 8/ sf ) f } f uwf
c] L n ! / ^ n as c|s
   l/              8
                   ]           s
                           v+]f /      l      k/ / g/ s J y u Pgf
                                                 f b     s ]j
                                             ps0vL u{ dfo:f lc'     / ;  /
 od u Ll s f oa } fh f l f /s vL |o dt Os f
                               6 + ] s x ] f] b l f K
z/ nf u; ]5.;fas kL] k n r0 f / k m ;f e; ] 5
 ]f g / s             ]           s "   F                  q          s ]
 otf pn g ' O ] f« s gb | 0 f / |o ld /d
kft fN] L;fe{ f /6 } f e]f] /s vL k m ct r0f
   K
   { d v o w g n ia ]   / k             s
                                        +        ;f
                                                 ] r f] b l f G
                                                              q         f
 F aL b s ? + O F i s
 " ; G g{ c' } f kL] xf   o f m G { $ e f9
kL Dw l ] f g kan {" f /] 5. ;s { c u ! ) G aL
 h               lz            s       h f
                                         s      ]       q
                                                        o d tt ) b
 f /g y as s f/ | f]f e df ? f sK / f g g D'
s d f tf} f f fu LIdcm s{ L n { D' ;f af sK /
  o V             s
                  + ]/ f fj
                          ] d q  0              /
                                               rx O o    6 I  / p      o6
j f g7f 3 ' f  
lt u{" ;f k] 5.
  :/            ]
              n pu]      s                    6; f
                                             n ] k|]
                                                   uf    l
                                                         } ; DG |l
                                                         + u aw fw
                                                          s
                                             l /L |d /a ª F ; lt kj s l
     f f Q ] s o d x ] tt id / ^ r x O l b
     |0 j f j ; f m l f G { jo s a # df ? ftn |
   u L l I l fs { k n c u lf f l ! @s{ L n {fdkf
      d         q           q                               /            g
 l f l f s ]w0 /fDf xn { g… ª 6 8 L |d ~f d/]
P o L s angf u]; " t?f u{] P PLP k | ;r gfxf
                + {
 ; n j ; } l / s k{ { O f         0 z          6«
                                                lg           u
                                                        an f Ú n
                                                             ]f         s
 ll f s ]; hs kf Dg /f g. D' l ] tnn {ekf f
sf s an Txg ?a ; G u] 5\sK /n/L fdfcm| s L
  i
 [j ; } p f  +                 6 k s               6
                                            ]   o 6; l O              j
                                                                     e /
  /
 ff; } fP o L s s ]
s 0o an {;f l fanExemplary
           s
           + Ol n j ; }         +             g g yassr L n {lw jo
                                               p     +
                                                     }     /     f
                                                         { x O | s id
                                             af tfs fdf ? fk l lf f
                                                                  j
                                              |f b ) g sK / |f ? } ]
                                              l0 g
                                              zf            o ls +
                                                             6 z
Contribution to Improved Program Performance k I l ^ h f D' k I x an   s
          d kf /f o .} fgf f o l s f  
           t | s y] + ] /
                 g ]   s
Award ;] b u] l f as c'd tfu ; ] 5.      w
                                         ]     // s   ]
           f dfw l " ) ) ; s
            ] j g g ,! d
Cluster I s ;o lk h # @ ! D f                  u L l I l f s { -xf
                                                |0 j f j ; f m k n
                                                ff Q ] s
                                                d       q        q
                                                                 od l ]  _
 f y e; ]5 P o L s +f | k tj ~f es ];f l f s
  l            s ] ; n j ; s6 f    } K
nu k Os f.l f l faa k ;m fs;r g PfP o L s a,
                                           t      "
                                               n k{ n        ]
                                                             n l nj; }  +
 'c] L n & f f gf f m f k /fsfs +n yc fj
 g l     /             v ] b od  g q
x]ds 8/* n s c' s { d gf;s ,[l fa ltfGs f g   ]       i    }
                                               n / lj ; s = o o o      {
                                                                       G
 [ l ; } n f o J y g "f gl f ? f L |l |0 j f
 l s + = ] Fj k r
  i            s
sfjf a l s gfo:f ; g u] s xs a k ftu L l I     { o ]r : j f f Q ]
                                                g           t     d      q
 | L;m ], f ]
 0f n       \o 8o
            6
kf -k j/x {//tn_ f f l fs { -; s ;\ ! d {xf
                      j        l       ] l s o d f] ] @ ) r l d
                                                   q ]   f
                                                         _
                               fd s nu j ; f m b | f g ) fd g f
 fo s o y eafd / Dw
  j              j          ]
                            l
c Zs/dJ :f Pdh vL ; G Contract Negotiation ; G es 5. kf
                                   b aL                    k     ]
                                                          Dg Pf   p/ m  ]
                                                                        Q
 f ? Oxf g. f f } ; d f m fj [ y; mfr \'st f
  o x         s   n ]l :      / s
s { e/] 5\ x s a ªl 6 s { s :s tfDfk fb{ :f   o d ] Lt
                                               q      l      }
                                                            et Zt O dl
 ; L _ f / yh f ff j l s /-x ] tc] Ln #l g b f
   a P ] b                g ]l 8 ª      n
-L ; s vLtf 8 s nu N{ \ uL l f :fds 8/ )d o / f]knl s    /
                                                         l        ln    ]
                                                                        ;|
 Dg ] |= y Temenos Singapore ; l t c] L n #$lng s a^$
    'z f
    l
so s gkn tf    =
               l                           F s f ds 8/ ) d o_ l )
                                           u : l   /       = l       / =
 t #8D @ ( f Df e{ L y d o ds ns h xf ]
          ;/ )
            a
u @ l ] ,) d; mfO / tf lng c] L8/fs f;o gf
                          e} v b
                             t                l     /
                                                    l       ] { ] k u n
 8 Dw f e/] 5. ;/le
    g aL o              s ]
h f ; G s {Oxf   o}L lg ;s d m sfjf a l n { c
                                  u j G /ff{ [ l ; } n f / G
                                                /k \ l s + = O
                                                   t i        s          o
 fg ft ge /? f'gu{ nu f{ g gl f ? fkt '  os
  d k { {G l       8       ]Q  f s l
; fc "u]] xs emLg f f s fo u]s xn {| x]. ; f
                                       ]      ojG     g
                                                     { o Of g   K 5       ]

                                    9
                               f a;f
                                l + r
                                ; }  /
                               d ss df

  f l f l ; } ]f f az{
   l ;n s + v           s
nuP o Ljf an / ] ;} t? o as ;r s; l f lt@ ^@&
                                 s          x       s
                                                    + ] n d a l ^!@
                                                ; } f ~f lt 6 d ) ..
  l f?dkfgg } ffT xf  fj [ Os f   o f f doM
   go           / k{ ]lj s
                     'a  s
                         +
c j {kf"u{] s bo /]5. d :s e; ] 5. ;o g f 't
                                           ]        L t      s ]       h
                                                                       ]d V
     l f :f ds 8/ )d o | ' g ; f lt ] g l l |o
      x]   s         l
                     /
    k n l t c] L n # lngkt ; f , + s; l f 7,g' k m
                                     l       K
                                            f z   ; r     n ds u         Q q
                                                                        o ml f
  gffsfs s ffr0 ] ;rf ys {/, /z ,+ fs g +g
   s l l ; + ]] f k /
             i l } ; s'
u{nu [jfasbf/ f /+g tf f j f fl f ugd kM rf
                             |
                             ]         g              lj        t
                                                     o 0kb { ;7 T ' / ,    ;
  w ] L g {k t q s
  ' f fj [ 'ggf w ] j ;
    /h             t k, n k
;fo g:s x']] l f l f Client Primacy,dffsb Right Sizing, s {  'm ]
                                                             gk G  |
                                                                   ,          o
                                                                              f
  f f ^ f s z/ |d g f s ~f s nu fo |o y kl f
  8
  ]6a
a { ( n l f ] k l ls g f ;r g f f c Zs k m tf 4 s
               v Q o f s iz  y                     n ]l j           q
                                                                    lf       t]
  f j [ 'g gf /ff a$ j ; f ;rf gd y ;/]f
   l L g {kt k, n               /6
nu:s x'] ] ;s a ^c{ l f z f +g c'gtf 'Lf     ) s, v / , u                 kj0I,
  / ? } / /fIrredeemable Preference j 's ,fd/gt d j z g f f
    ] o a
     8 F
sf kfaf s]                                      tj ; l fl g + h ,
                                                : l f tn,0Ls f ;f o g    w ]
          f{                                    fl /, fL, ?fL, f Db
                                                oj 0 e {l
Share nO Non- Cumulative Irredeemable s {j f ggt ; jgt s { f               ;
                                                                      l o kg
                   flf 'gt @ a ) d f , bg k m, atf ' fRe-
                      /t g {y
Preference Share dk0 x'] f c{k               # "+ kfl |ot y ; w
                                                Ns
                                                o g ]t l fn
                                                          G q             j
                                                                          l,
  / //f
    ] a ]
    8
sfafs Redeemable Preference Share n { tention Strategy, cs o g ; fs;I
                                             f
                                             O                 z ] , dh / ,
                                                                   h
                                                             jf f f fl 'f     f
     l
     |t
     t                flf /sfj ;
                         /t
^k z Debenture dk0 uL [ l f Labour Relation, d j + g; g | L ff
                                      l s
                                       i                     g z r kf z
                                                                  w      0
                                                             f ; f "ff , vn
  + F /
  } fkL +g d fg gg ]
  s h                    o  h
as] " ;rf;f] u']gf ;r g L tf|o n fL tf|o
                                    k, n ~f gt y k m,] gt y k m,
                                    {{ k           n l        l fv l
                                                               q            q
                                                                            lf
  /ff [l f } f
      /6 l j ; + ]
              i         s
;s a sf s as Capital Restructur- Compliance, ;g;Ig ,fa ªl6sr / l /} : ]
                                                           "f' L s l ; df
                                                                f t ]+
                                                                f       s
         ) :s x'{ f{ i ) .
           ! L g ] l f ^^ f{ g MIS
                    t k/ s {                    oj
ing Plan @ ) j [ 'g cy j @ %^ s fo, Reporting, ; gk lh z m
                                                   G                r l j
                                                                    "f|w gl,  Q
  f ld ]kI ; G 'g/s g. + o y g f ff jo t? d]
   ] G v /f k g { f   s j k h l ij x j
                     0          k x
s ct n fLf Dgx'] ] 5\ ; 6J :f o gcblf :' ;f                   ]               z
  L t?Wsf s } F DG Df g.
       x o l j ; + u aw k{  
                 i
oz{d ][l f a; ; lt; " 5\   s                 0
  t? "e; ] 5.
    x /
z{ kfOs f          s ]                           u Ll I l fs { -] c u
                                                   |f Qfj ; f m b | G {
                                                   f j ] s o d f] tt
                                                   d 0      q       q ;   _
                                                                          f
      |0 j f j ; f m ff] t ds 8/ = l g ns cb xf
      f f Q ] s o d ]] l
      d          q           q        ;s
    u L l I l f s { s b | :f c] Ln %^d o 8/fgf;o
                                        f        /
                                                 l         ! l n      ]'  g ] u
  ds 8/ ) lng | u{ nu + ] xf o G { } ]f{ fg y
    l
    /           =l f s ls   K
c] Ln #$d o kt g ff an /] 5.;c u ans f ; ftf}    s ]             s
                                                             tt + o o dn
 g z{ " gk{
   D x / {5
lg t?k u' ].    f g                            MIS Package, /z ] t d : s {x
                                                           kd{ f f ht f m?
                                                            f ;, l
                                                                j n     f od
                                                                           q
     sf s } n ff 0 f;xv ~f g u Ll f j ; f m F
       l j ; + = ]w ; n " Ú
       i         s
    –[l fa l s; ffe ]d … ;r gu5.f fQI l fs { ;
                             /                           { d   0
                                                   n ] | j ] s o du q      q
  G t f]wL W f h f~f x
   t{ o x o6            a                n
c us z/g ?d ] $ g;r s? ; lt; "z{ tf } f ';rf    DG Df t? y as k/+g
                                                aw k{ x   0          s
                                                                     + ]g /
 gQ gg gf /ff c{ /
   om {{ kk, n            /6
l ' u'] ] ;s a ^ a$ sf o g fk t " s fo uL} f Q
                                        ) ] f f] m f{ f{ g /as l L
                                             8 ] s ; n ks oj
                                                h            j    G      s j
                                                                         +] o
  kf//f
    o f ]
      F                                      f j d kf ' y as s {f
                                             O
?}aas Irredeemable Preference Share n { c:f c] ;f tf } f f | L
                                                  yf l w  I t /       + ] o0
                                                                      s      f
                                                                            kn
                                              f 'L 0 /an {Tw fH }f
                                                b s f + O o' lo +
                                                 9           s
Non-Cumulative Irredeemable Preference Share d ;[ / uL} fc f sj f ad g
                                                                    l 0 s
  lf ggtf a# / //f kt0 gclf/s  
  /t {{    k
k0 u']y @c{)sf afs ?f/ u'kx { ] 5.  8
                                    ] a ] G f { /o xf               ]
                              O l
Redeemable Preference Share n { k z De-
                              f^ | t  t                          )
                                                                ))
         flf g:s kf gg
             /t j [ b {{
benture dk0 u{ Lt | u']   l g k,                   l ] : ''
                                                      sJ
                                                 st fotx' <u L l I
                                                               gG
                                                                x5    ff Q ]
                                                                       d
                                                                      |0 j f  q
     g n /ff [l f s n 6n { j ; f d l ffj d jy /
       ]
       k
    – f;s a sf s a ld8f l f som k n]] B f c :f
                /6 l j ; } l ] O s
                       i          +                       q
                                                          { xsl g
  'f g g s
  Qg           {{
               k
e m Lu ' ]/ d (Account Payable) b f /s]f0l I l f som f
                                                f] 0 f | f Q f j ; f d ]
                                                ;r f u L j q s
                                                ] |         d      ]        q
                                                                            {s
                      f k z f fb d | a ]] afb x s
                      ] l  t
Shareholder's Equity s # | tj; G s k kf s Lt l ' l <
                                       ]f
                                       e        ?
                                                f / x O g'         5
                                                                   G
  'g
  g{
xk]',                                            J tfO l ftu'l 5. / '
                                                  o t fkei gs g  t s }
                                                    : n {/ l { 7
                                                               f              g
     sfj ; } n 6s f] 0 f l bwf ] fn {h ]L b s
       l s + l 8 ] ] r f] g l /
        i           s
    –[ l f a ld] fb | /s k kfs L c "O l df l P f
                                    ; f                          m     j
                                                            n kf D / O ]
  ';r f f f l { / f j o ff f / / ' y kf f s fo
  g /           ] n w0 s Q
                h           /
k/+g o g ]gffu] l L s {dl G ;ftf| s L f{ g      o] g t w
                                                  Iq           /      j
                                                                    e / oj  G
  " f ?Wst fl 'tfno gg gkf t x gh ; }bwf k
  r+ o L gO O
       s                      l
;s xd ]Ddk b{x{I u'] u{| / /G e] '' kfs L l {{
                                            k       o ;      5     gs l / g
  f xf g.
   l s  
cb/] 5\                                        :ej ?dJ tgx  
                                                j fs kf : }' .
                                                fl           o     5
                                                                   G
      [ l ; } n 6 ';rf f f
      l s + l8 g /
       i          s
    sfjf a ld]k/+g o g                     h
                                           ]

                                     0
                                     1
                          f a;f
                           l + r
                           ; }  /
                          d ss df

   ff Q ] s
   |0 j f j ; f m k n f sil f a s] f f f f 2o
   d      q
  u L l I l f s { -xfs
                 od l ] ]
                  q      _        [ j ; } fyk sn ] ]
                                   f      s
                                  l s + : g              s pZ
 0s q ; ; lt Dft o s ] jd s yl L :f L l k {
    o du aw k{ { { }
     {
Cf f m F DG ; "z÷f ?an / tfa t f Q ;y ?a k : f
                0 sx +             g+
                                  { }      j o +x r | w     t
 Dg /fgf /f f{ ds 8/ g b fl t jy f ; s f Z
 k s k n n     /k lt /
; G u] ]] ;s d mc] Ln u' f]/l c:f o as]2
                                { { kj t
                                 ks       {     d       +
                                                        } p]    o
^d o //fs | Oas kL l fg l } G]'   j t s f
   l     f ]     f
                 K
% lngaas /dkte{} f F k d {u F5eg;g5. f l t
                      + ]"
                      s h      /h /     b       l G      :j
 d [ Os f   f sf gf ]f
  t l4     s
;] a e; ] 5.x ad c' s x <
            ]     n }+    bg      ]
 f m G { L ; 8 y; f o o, sf s a x b | /s ; 7 s
 o d tt j
  q        P g
s { c u ; L hftff]fjgs G
                     ]s f{        l j ; + n ] r f]f g
                                  i      s     ; f
                                  [l f } f f] 0 f + l      u
j G |w jo dt L f m ? f ';rff f f{ g fm fxf  
 lg f s ix
      l
      j
le k l lf ?f fds { xs k//go gs fosq d/] 5.
                 n od ] g +
                       q               h     G
                                       ] oj ]d s             ]
 + g so/ y c k/ /
 rn    K6
; f , D' tf G ps0 vL / o c u as ; f ,f l f f l
               o      f b          tt + ]z
                                       s     ; /z , + g
                               ; G { } f ' g kb t ; 7 s{ u
s f f | L]'L 0 Dw f; G +g l + g f kf, gl
 } ] o0 fb s f a L o k
 +    kn
       f     9
as s {fs ;[ / ; G s {Dg ;rfa Ë ; f s { | Lh z m
                               / ,} r+s    n o 0      fn       Q
 Oxf  
   s ]
e/] 5.                       J :f,rf| L Q J :f ,fl
                              o y g;gkf, L o y gcts
                               j k " 0 l o j k G/
                                          f j
                                           n
   |0 j f j ; f m b | f g q kf, "f |w u t f f f
   ff Q ] s
   d      q       o d f] ] o 0 0
                   q    ;
  u L l I l f s { -] s l G f | L; g k l nf s Id
                         f
                         _             n
                                      f r l    j       o       q
                                                               ]
 ' 2 |0 f fj ; y /L ' g o f x f5. ; o g ]
 V Z ff ] ] s
      o d q                j w
do p] u L Is l f tfuL ;f u] fg /]]   o} f ff
                                 / {]   h    s              h
                                                            ]s
o s f nu g Is ;euf d
 " /s l h ] ] l
 g
G L 0 f f l Lf f xft ;] s fos l l f as l d c:f
               q               oj ] n n f + ] B g y
                                  G            s
                           t f{ g f; ; d } fj f j
 l
 [ /l f |0 j | L] k u{ ye i O [u uL} f Bf
 4    b ]f f Q 0 fy g
          d
a uL u u L l kfs :f f g tflofb6t /as l d Vision,
                 fn                     l
                                   j n {i       s j
                                                +] g
 |f g /] 5. ; f m G {
 fx { s
 T
 ]
k; g u'xf   o s { c u Mission, Objectives /
           ]         q
                    o d tt                                      f
                                                                O
                                             Corporate Conduct n {
 ] /f k \ f d f{
 kn     dm t { q
gf ;s/f{ som sojg u] k/n g ykd { /;; l t f ]
                     fo g gf f tflf uLdf s Np
                      G     { 'j ]  s     /h g          o o
                                                      d 'g
g o n {ds 8/ ) l g 0/ f f 'f Os f  
 sx O l   /       = l
l f ? fc] L n ^$d o Cf s { z j e; ] 5.
                     n           s
                               o ]? t       s ]
@ lng gf | ' o f m f l tfs fktl z b [:f s]
 = l
!!d o c' ktx].;s { s
          b f g
           gK 5          q        u } O f bL t +x
                                       + |
                        o d ] j dan {K j] f;y ? f
 f{ g gl f ?f [ l ; } n xf f tf f N + f d fst
 ojG    { o
         g
s fo u] s xd sfjf a l, ; o a ]k {]"fgj ; Lf :f
                 l s + =
                 i      s         u
                                  ] / O dos    s         I       ]
 ] f«} ; fs g j ; } n x f
 k i + g ; s + = s5
  n     s               s
gf /6a, f l f l f a l, /]] <
 ] } {n ] 0c "Go L 0
 k s fd G
  n
gf a;t Lsb Cf ; L fw /
             ,
             |                    + ] ks b V z n j ;
                                  } fy g f l 'tP o L s
                                  s          v
                   n o fs f as :f fn] doMl f l f
 s f"f ]/ f g.; f m G { } u t j G f l f ?f j o
    {r Gx  
         b s         o d tt + o lg t g o 6 Q
                      q        s
/ h;gs | ] 5\o s { c u anf le b [ s xa l L /
 ] /f f kt ' Cf sd ]" |l xf | Oxf   ;\(
 kn    /O f g
            K
gf ;s n {| x] 0 /dW 7f kj s ;o kte/] 5. g! %
                        o n fw
                            ] l         u K
                                        ] f      s ]           *
x f} f [tf|0 f fl f
 : + k l
     s { i
        t
l; a dmsfy u LIdkr g c P o Ls a tfGb [s xn
                f f] / n
                d q            3 zn j; }    +      o tg o
                               l l f l f s yc fl f ? ]
 'c] u Pf   ; }} f kt ' f6sf h ko g ; f ; j ;
 g I / ]
     f
x] kf ls 5. f an {| x] r jf [s fl f f f l fl f
                y + O f g / l {/ ] , g s g s
                   s    K            i       h
 gf ds8/= d gf
  b l
   g /      ! l 6
             ^n
c' c] Ln % l oa MIS Package s { /j GIu Cf f m-
                               f m le f t 0s { Sectoral
                               o d lg ]
                                 q         q        odq
 y s f k/ /, /z;f f
    on{     f b f ] l   , n
tf f ops0vL kd{j t d Loan Program) ;f u{Q tf|w
                                          + g gjL y k l
                                          r n    lo         lj
                                                            fs
 : fm? r g l] .fsfs
  f o d + / 5 y lj ; xf | /f o .fl f ?f [
     {
hts qx ;f ug  ; }[l f ;o kfu]l f b [s xa sf
           n           i          u g ]  
                                  ] b s y ] tg o 6 l            i
sn f L' / ff f fl g / f G { j G k]? k' g dof ,
+ =] g + h / ug ' +
}
a lsk k ; gog ;7sk ; g c u le pIx, zf , T k g
      h /r ] +
      F
      "                 /r     tt lg f     q      k n : n
 f f]o o / +fcm 's0 / }k h n' l tl fht fd f
 h ss f
 ]      G
        {   Ls O
              }
o g f fjgu an {e;9 / uL alspf 3 n B, r {: k l t
                     2 f
                       L       sN     {          +
                                      , h j' ; O f| s      y
 f s f o sf k 0 gs { d | f f f m + g gl L xf
 w l +
  ' 0 }
  g    H
cl af ad?f/ u]fm;t ktId s { ; f u{ Q ;o
              G f { od ] f ] o d r
               t       q       K q      q     n        jo       u
                                                                ]
x ] . ffj f j ; fm bf | Pf o . L f m ? f' 2
 s 5 | Q q s od f
 ]      d0    ]       { ; f
/ f   uL l I l f s q -] ktes l f o s { xs dop]
                           | K
                           _
                           ]          y 
                                     ] ]       q
                                              o d ]V Z          o
l f l ; + f + s l a j t DG f f Tb y p f j 9 g
 z n s s ]r
          }
P o Ljf as ;f ; lf :s ; ltIs p f tf Tb T af '
               n d 6 L
                     t                ]
                           [ aw q ] k g             ks         p
 Os f
   s ]    f f m f{ g ggf xfy   DG f m f 2
          ] o d oj
             q
e; ] 5/o s { s fo u{] /] l f ; lts { s p] /s f
                   G      k       ] ]
                           n s o . aw o d ] Z   q        o h     {
 /f P o L s }L g lo
   / z n j ; + r s j d j I gk sf f {c f
                s
;s / l f l f aa l 6e i f kfn c' aa c " ff/ (Supply
                               | o ? } 6 kd w t
                                x         +    lt       l
 Df x]m fxf  
 e} g d s
   t
; mf'q d/] 5. ]              led) s f f m ?; f es l f T
                                   h s { x + g Pf o .o
                                    {od r
                                       q      n         y 
                                                       ] ] ;

                               1
                               1
                              f a;f
                               l + r
                               ; }  /
                              d ss df

 dd as d + 't z fj f
         + ]Ns V
         s    og
;of } f "f doM f lt / ;f /gtgt ;f J :f]'s
                           v :/       +n fl l r          n j s ;f ]
                                      r g 0L,L / + go y fw f                /
 |0 f f h kf f f/ x] /f | d;] x k{f f xf  
 ff ]
 d q
u L Id s f | s c ff ' u] kf f d dT "o b /] 5.
              {j ] wd g s o
                 x                 ] ; t j0 ] g s   fu              ]
y ] s fb ] y l o It +
  o. } ] ug
     +         k
l f as l f tfjL ;f f     Q    d;  u     fP o L s s fxf f0Ls
                                        y l n j ; } ] u fl
                                                       +
                                       ; }zf l fas ;o d/gt         ]
 " f ? fd jbP ] g.
 r + O x Os l
    s
; s xn { Tl {f P       y             b6 f f a n { f z l ] Tt
                                      [s] 6 } f d { { b co
                                      l 0
                                      i f +O u g g
                                          a s               b               G
    g! % l l f l ; s fj o x k{0x Pf g. ' } fs
        ( 5 z n s } ]Q      +          j0 g{
                                         f o
  ;\ * k P o Ljf as l L dT "lf ?es 5\ h as Pn                 g+ ]    s
  kj s xf ff}l h ko g/ | a f Dg '; f c G o
   fw
   l
/ |l ;o dk f [s fl f f kf f d ; G x]Djf TtG
             ] r sf {/ ]
             u    +i           h       ;
                                     o 6 q k g eg o } "                      g
 7sf hko gs fos q dcn ]5
 } l {/] oj ]d " l  
   }i          h    G
5f[s flf f f{ g fmf;L b G .           v
 / + g f gf :f " f ?
        r n u k     t
b /; f n tc' ht ; s x        r+ s      s fl L/ l } G x }|z
                                        } Og
                                        +           f /5 g f sl
                                                        b
                                       an { hs0u F e ]nk ft
 o /]
 | lf h s k :
  ]
  u
kf u o . ; f m jkas l L ; ff fo f{f f l ' l <
                 ] n ? + fj o d / / yyhg / bx s
                            s ]Q
                            }          r a]            s L g'       G5
 j d ];f f fx" ls l f
   y fx ' P ] ; / ] ]
              /                y 
c:f sLw c s d; u Pf o . as kdr0 fg L 0 k | d ]
                                        + ]y
                                        } f | /s l s f | f W
                                        s           f] h / l            o
                                                                       s o
 fo lf f f{ uf+ fI t ]dT 0s { Dg } s 5\ o
 y L /] x oj
           h      G
; } ko g?s f g ban { u sLx k{f ?; G es f g. ;
                   o { Of   } q
                           s ]        x j" of x k ;]  
 h kf I fPf P oa } f G { f z/g ? jf 0uL "
   { x f] ]
      j       l
s f| n tss l g. ;f an { c u ; f ]wL /;{ ff /s
                  y            s
                             6 + O tt g o x                     ;/w          n
            f
            6               L jD
                            l
                            t j
Supply led a Demand driven g cn g h L " f $$k z z/ l Lf f
                                      f kL] = | t ]d g Is
                                      / F $! l
                                         hs          t of h ]]             q
 / 0kx g;f 'f o. g (
          jf
uLCf| u{3 k] l f ;\ ( ;euf; ] 5. f s{ L n {)
                 p u ] ] ! ^ xftes f   ; }df ? f%*
                     s y                l }s     ]      y r x O=  /
t l f l f sf ;L /o Pf | t ] h LPl g Is ;euf
 / z n j ; }6 n +             " ] l
                              g       t o / 5 h ]] l
l P o L s aa c" b G es k z z/ f ek l Lf f xft                     q
 ffv {kj o y k l xf d (@ | t '  
  / ]    O    Q
s 0b fy lLtf|w ;o ;] $@ k z k ].
                     fs u t = l U
                      lj      ]           t     g5
 f s l f os c{+ ]] f [tf as kL ';rf f f pn e
 ] ]  
 l y]
 s
/ Pf o . ; f yanbs sfy
                ] s z ]l
                     }         i        } f h k/+g o g f N] P
                                        s F
                                        + ]" g /              h
                                                              ]d v
 f ff f s uL G L 0F DG
 | ] ] ; j os f a
 d q j
   0                  g u w
uLIs l f/ /L " /; ; lt c' gf ;s s :ljfxf )*
                                      gf ] /f f jd d / ] =
                                       ; k
                                        / n         / ] fT             s
                                                                       ] %&
j g f m? f k f{ /f l l t ]d ] D f) | t o /gt
 le o d ] n oj
          q
l G s {xs ;m s f gu] k k z z/o ld# k z z/ 0Ls
                         G            t
                          o t g | o Wst                     t
                                                           l ] fl
 + fugtfQ I sI fG] s f] n {a L g k j ] /f
 s] ]
 } bk         jo f f] th
                    t f   q
aslffylL;df] d; fg ; m/f l mu] |f gf ;s
                               i
                               f       b
                                      e f O q {:            t k       n      /
 k tx
  n l g g ].
         ;
;m ffnu{ ]s   e ;g                   -q lf a :s es h s L f
                                     d L/b f j [ Pf f f x }
                                      Gki_ 6 L         t         ]g/ n
    g@) ] l f l ; } f sz ;f/6 f Pf l 6 lo
              l zn s +6 |
              v
  ; \)@b P o Lj f a a kft d ffk es 5. s ei f
                               s       l    ra |     t
                                                    K ] g jd
 f
 | xf f tf f N + f d f | f Qf j ; f m b | f Df
  K       u / O do
           ]     s       s
kt; o a ]k {]"fgj ; Lf u L l I l f s { -] s ; mf
                                 I f j ] s o d f] ] e}
                                      d0     q          q ;        _
                                                                   f         t
 :f x f
    ]s5
st /]] ?                             gf ;s ,l f l f a / [l f
                                      ] /f P o L s } sf s
                                      kn    / z n j ; + lj ;    s i
         l f l f + fxf f +n s n u t f m fj u{s xa
          zn j; s ] ] r
                   }       u    l
        P o L s as ;o d;ft a l nf s q s f g ggf ?L
                                     } = o od o o ] o r
                                     +           {       {
                                                         G          l
 |0 j f j ; f m kn G t Dg ' 
 ff Q ] s od l ] t
 d
u L l I l f s { -xfc { ; Gx].
           q        q        _ u      k g 5
 f
 | 0;o a } f" a Oas
 K           ]6 + ] l
             u s F 4
ktCf xf f as kL[ e{} f ; }
                      h         +]
                                s       y                                  g'
                                                                            om
                                        fDivestment Expert (International) l Q
 f flt yl L It ftdj
  /] :/ j o d s :
   j
s f/j ftf Q ;f f] /f[ uL0Ls; m/fsf s a ls
                                 l //gt f] n {[l f } n f
                                  4      fl e f O l j ; + =]
                                                  b          i          s
 gdT " o b xf   ; } gf Dd# k z ] l L ] o O l
        j0 ] g s
           f u       ]       y b
u{x k{ f f /] 5. f c' st f) l tz/jm gk[ fc
                                  g    L     t
                                             | o q u{ f { 3        |
                                                                   sn
 f m y kj s xf f s f f L 9 go g /] 5. 0Ls f] n
  od
   q         fw
             l
s { tf|l ;o a as s " af ]f f xf   /gt ; m/]
                    ]6 } ] g , p ]
                    u +          g         h     s  ]         fl e f       b
jo ; 7 s ';rf ; }fkfd " u Lf; } } f G lo /f
 Q        u
          +g g / s y o | f F   0
l L/ f l k/+g ffs {fL k Lnfs] f a d ctf «ts]
                                n     h    g      y +  s              6
                                                                   /i :
 ' ght s { dT ";o xf o:f y fg |w e o ]
 w {
   /           od j0     f ] su
;f u]:f f f x k{xf /] Jjyk t fcw s k l l \ g
                                   ]      g           l
                                                      '         j
                                                                l       qf  p
  o f m G { } f; L / ,
           o d tt + O j ; b
           {        s
5. ;s q c u an {LP vL / y ; f tfsof lt d ;]
                                        k +n y f ] j f f d
                                           h             { :/
                                                         I  q                t
 D" tf lg k/ / ,/z;f fbg b ] P f ] } lid
  o6
sK / y le ps0vL kf {] o] f lg e s] a ejo f
            jG      f b d j            u                 n +      s
 l g fd f m? + g g N] L Gfo /f+f kt0 g ]uPf
   l l od r
   e           q       n
/j Gtn s { x ;f u{ n g c /6: sad?f/ x]kfls
                             p v o t}« ]i
                                        l t s    }      G f' I / ] cf
 xf | Pf   f as s {
    ] f
    u K   t
;o k es 5.; } } f f m 5  l
               ]           s
                      y + ] od  q      .

                                    2
                                    1
                           f a;f
                            l + r
                            ; }  /
                           d ss df

                                                  tkfO{+sf] lh1f;f

        tf dd ] f;k 's 0
         dg     k
       j{ ; of gfd æDQz L/f(Money Laundering) zb n
                 n    l 4   Æ                   j
                                               Jf L
     g k n P f . } y l o +f f f Jf Lf m 9
      s| r    5 + s    Q : ?      ] j c
     l } ltes]  a t fjL ;yx d to zb ns]e aL
      r{g / f . [ j ; } n d k ;k 's 0l f f
        x] s 5 l s +
                  f    s      g   l 4
     r f 'u]]   sil f a l= f l æDQz L/f j 0   g /Æ
      D w Jjys] o j s nl ' f{ d 5 }sO fL f
       G      s fo
                 G
     ;a Lo:ff f{ g f f doso of 'O f v] sd
                       u V    n
                              f     §      {n
      ' } ]] G]jo s {/ ? f g r fk s]   / ]
      ? ;s      in r L e s           P
     ; e s feg lf ] d fx d ml } r{ f f5 .t w}    /
      d fx ; jo c l x f g. t o jo ;a d k
       rL     id e s               is
     s {/ ?o lf f g 1/] 5 \ c M ;lf f D wf | G i 6
      fl '' s
      lb G 5
     k/ gx l<
                  w { jy, Y+ x s IL f{ wuL
                   dG
                    g      os o ] ooq
                 – f bc :Lt f ;f ,fos f ,g9n

  xfd|f] hjfkm

  DQ 's 0 -
;k z L/f Money Laundering_
     l 4                               do     n w fl f y n "
                                       fG o s f        tt /
                                      ; ftf f]g x x o tf f          u
e ]] ]f
  gf x<
    ss ]                            kft /7Lir,f al gcx f
                                               6
                                      y : , ,| f g ]
                                    b {sL u e f/dj r v,k/,   a      0
     /f L fu c { /fD n {f] f s Llj :f}f L f f f
     } g o / h s k Os f t / t l
    us "s { Lf u]; l fæn c + f u l htus "s { c {
           g       g ] Q              s      w       / g o6 h
                                                          g a       g
 g e G ot ; l O ? kj{ / gu] k G ; l ' /sg f f
                                      { s O   k 4 f]d /
                                         ]
wÆ l5. :f DQf æ Ælt uL u]/ff5. DQz L 0 ffs0
        g       ] kn { k / g                              s
s "; a c {u] ; lxeL] g ;{dc] f es l f ;\ @ l
    g ]   t
   g |6 h s k ] v
  f Lf f f /fDQ fgb f
                g ]             p     y ld
                                      k    /
                                     j| ds f Pfy ] g! )t  
                                                   ] o. ( /
  / g l d /x f; l 4 f ds ff jnf'htkn  ld ]
                                      /    6   u g
u gs }gs s j LO DQz L 0 c] f d / f 'w]:f; (Laundry
 l ]'k f ffn { k ' /          s
e G . s z dus "t s fsf f Shop) ss }l ]/g/ /t{d gg
                    g
             {
  g   ]b / g / a
 l5 c f A f}f Ll f ds    6 P]            ] cn V
                                        f' ev f s l ;] k]
                                          g                   g t {
  f] n {g'l; ]]af ]q f
s fgfh; } l n;fg gk m
   nw O 's s d t p lo  ]      |     o y /] l f cM Df/f LDQ
                                     j    sy]
                                           ]          k{} g k
                                                        0
                                    J :fxf o . t; "us "; l      g
g; lz L 0x.
     k ' f]
 }DQ 4 / f   s                      p/m ffc { Pf] g | a]
                                      f d6 h
                                     k]s a f es b f ] [ 9l
                                      Q        g ] p kl k
                                                        v j     Q 5
              s
    ou c + flo n a DQ f
    T }Lf s L ms ff; lc {
      ;/ t /q f k6 k h            g  :] o O
                                    o f f f Money Laundering eL fs0
                                    Tt s { {
                                          n                      d/
                                                              g gf f
      f s
 gj f s L f gnf u'
u' c + f s u{u Lg-
   { t / d            g { Financing es l f k c / g! # f ds f
                                       ] ] 5 P
                                     Pf o .l f ; ( dc] f
                                        y                  &      /
                                                                 ld
             k DQ ' / c us s " 6 f
              g k 4 f t{ ] / s         ]                l f Aj n
                                                         5 ] bn ]
of Terrorism_l; lz L 0 G t f ; 3] "Water Gate Scandal" k o z f L
                    s
 fG . ; ]|f f /f kf }f L + e k 4k s x.
dg   s }k Ij kf ?d us " ;f / | Lf ff
  l5         nT o    ]
                     I     /g    g ;      z
                                      / l P ]]      
 l fc + f ; ;7n {xf gj
  /n t / 3 u O u
            s
t s ]f s L + +gf;o u{     ] f
  f s L f f| gff /d D g DQ 's 0 u ]l f
                              f { l 4
c + f s {kfu{ nu s hdu] ;k z L/f gt s M
  t / o o s l
    s         d ] ]
                 u                               {/
             h
       g { f oOl  {
 fu Lg t f fk o}; c u
jnf u]: s n {g ;s / G {  " tt          sg Q s
                                       / " k ' f { Q fo
                                       } g ; l 4 / u]l ]d o
                                      u fLD zL 0 go m; ftfJ n G
  l 
 f5
d G.
   g                                               t
                                                   ] p
                                     :] k s o y f s , , ,
                                    o f DQ ] f; ' gaN] N]
                                    T t; l fy {|n f ]bg5g
     f fZ ual D 4 / ;e f ' g fG ' g ts f f Pf
    c sljflL ; lzL 0 ab 5f ] c s }f Ll f c ges
            j
      h ] d /k k ' f }
                  5 Q s               p
                                G 6 j o g " /a h
                                               sg            6 { ]
 " ;:s ?d b f /f   us " ]p ht h nd xq lwf|
7f d f] kf ] k] 5. }f L b f ]:f l t /a'mj s kf
    ]
 n of             v s ]    /g    g vg        6          r L l ]o    ]
                                                                    u
  DQ f gT t; l ' / gj b 
; lc {u] :f DQz L 0u] u{.
   k h { ]k 4 f {
            g , o       s         f 5
c s fs {nfu] ts xsc f
    +        d     h
  t / o g { f o ]o s
 f sLffu Lg : f? fTl   {        w      ' / gq d c/L | /d
                                        s
                                       4 f {d           w ]y
                                      z L 0u]m f kfnkdr0f          f
         4
  kf[ ' f f  
?da x y ] 5.
        l g n]  s                   s " ; b f gS] DQa l L
                                     g f vg
                                     f L | ]p ;g ; l } j o
                                      g ] t                    s
                                                           k + Q

                                3
                                1
                        f a;f
                         l + r
                         ; }  /
                        d ss df

 +f /g f ' :' ]v b g t f L | L d 'f| L xg;
 :d V j g   j fj / {     h
;y ff ] s} tj;f l u]:fs " kf /;: ;I kfgt;x
                              g 0
                               g f n         f f
                                         t / 0 } n
 fuL}f LDQ O f L]fyk ' /lTp  ; lz L 0 c sf
 o    / g kn { g f
         g
s {/us "; l fs "Id:f x]tf Df 5.DQ 4 / / f jL
                   g q l g t v gob             s
                                      F k ' f t b        +
 b  b | 0f ; ]sl s s " f fj o u L gc/ 'e fs
  5 ]rf
      ;f
u{. f]/d pn Pk c f f s { l L nf u] kf s }f]
                   5 ]g { g o Qd        g { w g }n      u  l
 f :s l a L fy f/s s { L,o m +f ;d /L x h ; }
 ] tf b q
 U     ]           gt f] o d l         :d l
ooj ' v/ l mj :fG 0 f f ; fJQ /;y f Ltgxhf ''          Fgs
 bar s l {u{. Tr \f k j d ; ]l g ;ges ] Z
  { qf g 5 k t ] g
   x
u} 'm] h fb  t Zfs Ll c:f h n k u{ S]Pf lj}
        ;               x      yf       g            n js
o m l } DQ ] |e | D ' f{ y fl +g f d | "
 l h ks f      /
JQ ; n ; l fkls ; ; k cy tf; fs ;rf ;] k s
                D f d U l
                     t
                     ]     g   s      dh / d t l n        t
 S}. ;L ; f DQ O f L | f ; k {S  oL +gL fO W h
  g
;b  o/ps ; l f s " ; a c / f ;5. x;]z t fd g /
            ] kn { g f 6
                     g ] t       g          b
                                           j n n {o
 f /f DQ / ]p k Pl f ;u lj gc ; f P D/
 h s k
  g    ]
c {u] ; l ;xb f ;m ek / L d| Z ]} f on {s u L
                vg n 5 v            jn      h    O          e
 Gd T f DQ O y j s dwd | s k} / kf f kf Pf  
 T :] k n { J y f n / s ]f L w ]
                 o             l
                               t H  b
cofot ; l f c { :f]"ffk[ fm f c/s ?dl s 5.       n ]
oFpb
Nf 5 //of e o Fc mOs "
        f n { m f } f" { f L o lf f l ue { hv ,] s
        H O 'p k f g
              S b n       g        id g t Do , ] k ]
                                              t l
                                ; jo lx fL f fdgf f        n
 ffa r F.
 /x f p
     6 5
s j L af                     ef } c:fs " b /tfgd /
                              " g s j , f Lffy l g
                              / l
                               ht     y g og            o
   DQ 4 /db{ f }kl f f g q u{ g ] sc ft /g;tf
   k ' f O § § / s o ] o 0 ; gn ]w " +
        s     55 c w s                 k     /
  ; lz L 0f' ' ' ff s { l Gfg S] f ff e ;rfdn {           ]O
 o s G k 4 f ] r f] ] k Tn sL e
 + xf' . DQ ' / f] 0 f bgf ]s }] D/ 7 b rg
  ] ]5
  u
;f/] x  ; lz L 0b | /s xf] nt fg xu L/ fs d f'
                 s ;   f       {n                 ]
                                                  ;          N
 kw f ; l ' / g G l ] ] g L fgj ; :fT l s ;G
  f   k 4 f { fx ;
     ]       s
c/ x. DQz L 0u'bknpn k{ b { Ll f /yo ; tf d t
                  e            / s
                              ] 3n s          lj x ] '      g
 g /g o
 'us " s {L f6 } f L DQ k s ksk ; f g d o fkl
      g u ] / g k ] ]/ g s k { t t f
               a      g        n
s }}f L f /; f u s " ; l gf fl N ff/ f;] : c/ s             w
 d s x   ; l ' / f f Dw q f f f o 0uLfl ' : s d
  P ]G5 k 4 f ] d a L ms k ] q
                s s                  g
sf f' . DQz L 0/ y ; G lo n s l Gf/cts; j f f      o
                                             G/ J y o
 f nb |s f kf j f f L g/ G f «j f f u{ f f f
 g
s "]f]| s c/ l 4d s " u'c /6 lj c { g ] s nu
  g ] kf ] w ? q g
      ; /
       f                            l
                                    i         g g
                          g { t {o Z; h ' n ] l     k
 ff rf5.l fkwff h s g kx{ f; l ' / l qs; Gf
 /x p  b x] f l ' g        " /o P n D 4 f o 0fDw
                                     ] Q s
s jLn F knc/snu g f clfes ]k zL 0gGf]ad
a ; ]o /fff s " G { ' ] dx ; g f f ff L+gtf
 ?
l 4pn fu] x; Lf c u 5}gf ff Dlg ' ss ";rfo
       s { s ]] g tt § k
            ] x g                         ;
                               n n d Dg / ]g /  g             /
 f L ff rg S  t l f kf /s {~f z } ] 5.
 g /x
  g                  x] w        o n ? ;s
s " s j L N ;5. /k n c/ uL f;r g ' es f        ]
a f L ff gn ff ff gPf
 ? g /x s
      g          ] /x
l 4s "s j Lr ] js j Les     ]
 ff6 g ] x f f f D g DQ 's 0 g / s f ] f
 /a      b{
          z
s 0f pl f /gj bf6p ge];k z L/fl f ffnl gfd
                  i
                  ]a s         l 4        j0       u k     n
 S}.
  g
;b                            l s] jy M
                              / J
                             u P fo:f
                                kf G f f | ; l ' / g
                                  w    o6 f k 4 f {
                                        a K
                               c/hos { kt DQz L 0u]   s
 DQ 's 0 f gkf
  l 4     a
;k z L/f6k{| M ]e j           f fl ff g; G s " J y u{
                              o Og / { a d g j
                               n
                             s { {j0u]Dwf f Lo:fgg
   D ' / Dw kw]d ,f / k nk ; lz L 0g / P,) n "
   k 4 f aL f h H
    Q s                       ] l k ' f j0 ] ^ u
                               n          s
  ; lzL 0; G c/n;f /o gf ]g DQ 4 / l ffg@ $f
j d g fd | f   on;f f /s fo u / ] . fgf kR]
 Z     /T e bj 5
ljf s fs kf k {. ; ]d d uL f{ g lxf oPd* l5 /
                         h        G      s
                                 oj / ] 5 ]     ]      /b
 fl f6 gcy yo Wt f cy ^ k xf g. ;Ps c f gf
 /z p, l l : g l
    t       { T
kb {3f ]fs:fjj k,f{ $ bm/] 5\ o}] f f/f ]
                       ] s
                       {         f s          g wd k         n
 f f f Z; 'glzd|l o /f /f ]DQ 4 / g / l d n @ ^
 // ] f d ] ] 'j
  j j
  ]
s f slj uf ,bLbl d bn {;s n; lz L 0l ff of L )
           p j     fg      O            s
                                / k ' f j0g j , ^
 l / g gcr g 9 gaffl /f d tf / fu;]5.f]] s "
 :    p,        p] / :        ] / Lul s
c y af ] kn af ,h dcyt ;t o u n "/s f oPn /fL      g } g
                                             ] ] u g
o g l z y : z u Lj f g l f ; l f g/ o f z L 0
  p, bL
Nf ]j] tfj] nf l i u]t s ]DQc {u{ T n {' /
             bL g s{ { / n k h
                        0 ,
                        f                g      ;O 4 f    s
o f f af ]" kf / gl d, gf f n {g f u g I/ s 5.
 f/ 6 p,F o p,
            h           g
Jk 3 f9 gkLn guf ] og u{ h s fk / nf ] o f f 
                              a ]} l s p n v ]
                               6 ; O
                                   '      ]             ]
gI,kj0 O df f cofkf k]P c u gf f a fxu … L
 /f ;/]f { ] / T
   0    In
l Lf 'Lf fsh kL Gdc/ p/m] G { ] / « d/ ]L Q
                /              Q         n 6}
                           w f g tt k i s g/l o+          j
 c/LO }Q f af ] {.lf M f / sO
   f { z mn p u5 /f
     n                    d    sL {   Ú                       f
/ kw fg lz Lg g b k0 t hg f O f (Financial Information Unit) s]
 ;f f « 'f u t f } , f{ y ge{] f ]Q f ' f d '
   6 lo /
      i    f o hl
oa /6 ;I nf / g s cy ,:f fO fs nl Lh am]f;
                     t l  s    k               r s
                                    ; O O j o Fe s ?
 fh o y ff f/o f Q 0 L l s f c/ j f '/ x s
 dl j d F Of ] o |
            r        j
; fsJ :f c c {Hs l Lkf,u ; ] 5. kfl 4h am tl f
                         fn / s   ]     w ? Fe r         st

                             4
                             1
                            f a;f
                             l + r
                             ; }  /
                            d ss df

 js " s j L gl L f f "f j
      g /x
        g
P+f L ff u{Q Is ; g P+ a tf Q ;y ? ]] / « lt
                      jo ] r
                           q           + yl L :f ngf f a : ,
                                       }
                                       s j o +x ,k i + y      n 6s }
j 0? Tj s g/ f | s nu j o f f Of f L s f/ ] /
  j f oZ              { ]f   l
                             t l Q g / O, d / s l f
l /x c fo k] ; kK f f l L h s Ls d ; f f f f j0                ] j
                                                               j
j o f f xf kx {Pf' gf f f Pfd n & b e
  Q ] ] ] /o
        q         u          ]F k
                              b n /
l L Is ;o clf es xf ] s f/es lt] l l /z fb
                                       ]
                                       j       ]l            gq    s
                                                                   +k:
 f a : l o f fOf ]^ f f f f ] / f xfy gf fd
 i sy Q g / O @ ^ f f / s l f x g , w/ + f
  6} +
/ « ltjLh s Ls n ) >jd s f/f j0y f' f l { 9 f
                                 0     ] j
                                       j                   ;      t
                                                                 l r
 aa y l o +f n {; Dw
     s
     +          Q :x O
;}} tfjL ;y ? f o ; G f c j {dkf ']jf/] 5.
                                a d l f kf7 ggk w xf  
                                      go ?        pk{ g s f
                                                          |      ]
g{ f u ; ] 5. DQ ' /
  bg / / s
   z                 ]
l ] h L ls f   ; l zL 0    k 4 fs
 gGgj u ] d gk ] f f s f] s s] d g f x ?
   ; w e ss ] h
c' fl f f fu{ f s nuc f s/ f / d f L e ]] ]f
                        o
                        | g l ] f/ {    j          ;f ss ]
 o yg' ; f fg n /f ]hj
  j       G d n O]
           h n
J :fx ] Dx n { f ;s n/ Zk     / f       ' lbn f ]l j n {o /
                                        g ] c m cy
                                         k           g s y fd g
                                       s}g z]kff{c:fO W h
 gGgj u O }D l s 5.
   ; w e n { ld b ]
c' fl f fgh f Pf                     / Lstf Q ;y ?f ' lJQj
                                     f a yl L +f ds }go mf
                                      v } j o :x g
                                         +                      k l
    / f L dch ; l ' /a g +fP 6 djks 6 /P b f
    } g?   g       l k 4 f ' :n s
                    t       s 6
   u s " kff{ DQzL 0fs} ;y ] ksff6 ksuLsl d                          g
 l ' s cy , fl s "kfd D /ff m ] kf fss l /
  g n ]l
       s         s dh
k d' f f{ ; fs/ f L| L hdu]jls ff7 s /df j0
                            g 0 f
                             g fn          ]        s
                                       f s e ]j P ] ] f             j
 s fs ; k{ s ] fl Gfgf o f gZ cle g d kf Q
   / T
gfd c/ g Pfon {o 0us tfkLL t j l l l ?dl L
                  ] ] ; Og q {
                  e n                  // l    r wq ot              jo
 f j s x] f«; Q kf lxf f f Off7 gg | g nu f f
  l Z           s i  n
nuljf/ /6]zm| u /] h s Ls dkf '{jf ff s f
                           o /s
                             ;                {
                                      g / O pk] ws l / /  kf         ]
                                                                     j
 g. ] nk l f fls f f; f ss lZ c g { u] x , ; fg
     k l ; o; m ]
          n
5\gf ]gP oKlk Idos /df lt +l ff/f' T n {
                             q            g              /
                                         ] r s w0 s G o O }   ]5
j d ; m kf fg f ffn { f f ss ; f l5 o ; f m –
  ?         q
l 4f lo?d c \ s s j LO s f//df L e G . f L ks
                      k f d /x f /
                       m               j
                                       ]        ]d g   ]d /
 u8 9 /] Asia
   l Os          ]                   m ]fm –/ ' S5. ] f«
                                      / z / m g
cf afxf Pacific Group on Money ksbdksksx ;b gf /6                  n
                                                                  k i
                   f g@ # f bo O } ] f f ss ; fg f f g {
                   ]     )
Laundering ( APG) s ;\) d ;: e{ ans f /df L lg ' l ff
                                     s
                                     + //  j
                                           ]                    ;
                                                       ] d Dg / w0   /
jo kwf ? dng l tu]5. /f
 Q        f j
l Lc/sl 4ff]t4f/f  u] 5M
                      Uk a
                         |     s]     s ]
                                        _ 'k o mf +f] t f s
                                          g g l
                                       s s }l JQ j ;y f fa P: s v f6
 " fb boj
 r        g l
; g l ]fT M                          6 f 6 6 /P b f z f
                                     ksj ksksuLsl d b n       g       v
    DQ ' / g / P,) n;s L kff fb 9 /df 'k fdf
     k 4 f j0 g ^
              s
   ; lz L 0l ff]@ $ ]/f ?}j; G aLss s }gdoa
                                  /    oF ]fe               ]g l W 6
g o }l L +fyul L :fs} Pf D y v { s f  
  s ,s j o :
l f a, Q ;ytf/Q ;y ]g es hdtf r f f f.
                         } o +n '
                          j             ] f            ] ]
                                                     s //   j
 o m +ff s ; 'k / ] j l
  l,: g ou g | s J ;o
JQ ;yjl f Fs} f f f fs   s o            _ 'k o m f +f P 6 f
                                          g g l
                                       v s }l JQ j ;y ]s ksj:n
 Dw y g uf f f f fufo f 6 –
  a        k      { d /
; G :f f b js s f/ b T t ksksuLsl dP JQj;y f
                           ]
                           j   { :]                   g
                                         6 /P b fs o mf +fO   l    :n {
 o m] i l f f 'g s " J y z f kfffG aL] d sf/
  ls :6 x g V { g j       , g            v o
JQ fk k r /gk] f Lo:f b n ?}j; e f9 fs /dt           ]b s /          G
 /f otc:d ;]ia ]] f /kf f f f.
  ] ]
us 5.:fj f s n/ « nt s uL7 s s f  
               ] yf }f } f ]
                           6+ s
                             s    ]      P ]/ /  ]
                                                 j
 se f9/df f fu]jz fb
      b            ]/
/dG aLss s f/ /ff + k  j
                       ] d s     :     _ 'k o mf +f P 6 f
                                           g g l
                                       u s }l JQ j ;y ]sksj  :n
 f fu] n ]; f r tf f f 6 –
  / ] s u ] ;g
    j
s f/ /f f f f]"f y h s L ksks uL s l d k n ?} j
              ] d s             g/                       g F v o
                                         6 /P b f f f kf f   r       F
 Tn j o f f Of fl '] j
  s Q g / O Obk{ y fb 9 fs ;xu] s f  
                               o
t f l Lh s Ls n {ggJ :f ; G aL] d 6L/f f f.
                                      e f s/
                                      ]                      ] ]
                                                            s //j
 x ] .s ylL :f ngl ?d
  s
  ]5 } j o +x l d
            +
/ f a tf Q ;y ? ]o t kf
jo f fOff Db{ f f"fj [ j ; } nd8 ;k 's 0
 Q g / O g '|            k/ r         l s +
                                       f
l Lh s Ls dlg O s s;gP+ sil f a ll ]f DQz L/f   s       6d l 4
j 0? l f kf7 g gk w xf f{ o:f
  j f go         ?
l /x c j {dkf ' ]jf/] so jgJjyM
                       p k{ g s
                             f
                             |     ] fo G
  
5.                                      [ l ; } n 6n; l ' /
                                        l s + l8 k 4 f
                                        i         s
                                       sfjf a ld]]DQz L 0           s
    _ L j; e f9 /df f f ] g / ; G o y s fo gkf ^
         d        ]b
   s ; ff f G aLss s f/f l ff DwJ :f f{ gu{} )
                               / s
                                j
                                ]     j0 a L j              G
                                                           oj      i
                                                                  f@ ^
j0
 jf
l/,                                  b k s s Ll [ff{ds f g
                                     l | f fc sss f f f{
                                      ] d o / wt ]o o oj
                                      v ' {
                                         v                    n     Go
     _ + k s f/ ] /
         s : / sl 0
   v z fb f f f j f] j
                   j                 Of (Compliance Unit) s :f f /f  
                                     s{O                   f y g u] 5.
                                                           ] k    s ]

                                 5
                                 1
                            f a;f
                             l + r
                             ; }  /
                            d ss df

 f s {| d s fo l [ f s { g { fd / k' f f c s s
 ] Od   v oj     G
; Of k' f f{ gc s t L f l f 9 f eL | s { L l [ f
                          wt ] o w/ F f
                                 s        t
                                         l r         v s
                                                     d o / wt ]
 r
 + g bc /] 5.
  n }O s
; f u{fxf       ]                      s f d /] s fo Of fO] j
                                        f{ f xf f{ g s s d f
                                        o o s oj
                                         n      ] G         O] n
   f{ g s {; l ' / g / \S f{ l f?dkf ] s fo
   ojG       O k 4 f j0 m ; k g o
              n
  s fo Of ]DQz L 0l ff k f d mc j {kf7 g/ f{ g
                            s           o    t           p       ojG
 Dw f m + g g f f l ds L s n a o xsl/ PL ?dtf
 aL o d r
       q       n { yg s              /
; G s { ; f u' ; } og f Of ] }f o? fj fs tkfo
                                         O; s f
                                          {     {
                                                n    j
                                                    ] 0 s     [        /
g o a fesl{xsk guf ] f l o f f Of gf f«}f
 sx 6 /           gz
l f?fh LPf bg? ff f/g kLjL h s L s { ] /6ad
                     ]      ]n p        / Q g/ O k i + , n          s
 f f d xL 0 jkn bc /] ffs kf7 go: l fs 5.
 o t
  d          sf                }O s   ] Kl
s { ;];h / P+x u{fxf ;tx?dkf ]j f n Pf           p J y dO ]
  s }g f{ F | D { nu ;
    g l o ou ' ks l
             n       t
5. 'k s f ; b ; s f f o
 s { 6 k] k f
  O ]l f m ; d g f f / f
   s ng o                   n Dg /
Of f ] m, \S /O] lg ' h Lg /s/fM    ;    jf f x jL
xf
 s ]
/] 5M                                    ; lzL 0gff]@$ yl dn
                                          D 4 / l / P,) tf of L
                                          k ' f j0 g ^
                                           Q s                  g j
   ] m $ @ * o; $ @ (
   l f ^ ) kf
   ng
  6 k]M@ & ,mS M@ (           ^@       @ ^ gfl l ?dl/x g7 g +
                                        ) c' g d kf j f kf ]
                                        ^ ; o t j 0? p a
                                             /                        }
                                                                      s
  O] compliance.adbl@adbl.com.np
   n
   dM                                    j o : n {Q g / O F
                                        f Q +fOj o f f Of ]f
                                       jl L ;y fl L h s Ls {k     n r
   ; s {gf f a : l o f f f kfd /f g;g  T u
      O,k i s y Q g / v o
  o Of ]] / « ltjLh s L n ?} D hLg u{ S].o}L
       n n 6}        +                       ;
                                             F     jf        5 ;/
   {               +
  Ou j , }
s ; ;G uL ; s fal s f s
OfF do /o as;} ª f of       s
                            +
                           a o
                            }     n{      g g j j/ o g y f
                                        QP tf of L kt fu{: n {
                                       pm] y l d nl l s { ]+fO  ;
 a
 | s? gb | x
kG x, u k' ?/dos f tf
  w          d v        V oo
                        ' f{ y   n      x
                                        ] g t
                                        f P G t G j G ff u{S]
                                       ; L]c { c le s j L g;g
                                               u o lg /x
IL s f xs Compliance Officer xn { s "J :f d /] 5.
       n
 ] oo
 q
fo f{ ? f                         ? f f L j ;] xf  
                                     O g oy t s
                                     ,   g            ]
 } f DG fo fd ] jsb
 + aw ] l G
 s
as ; ltIL tn sb?P+]o
            q              |
                           x       G|
                                    L   Ge;d |
                                       ;b {fufML
                                         =DQ ' / g / P,)
tn k igf DQ ' / l ff j f !; lz L 0l ff]@ $
     t
 fd |7 d; lz L 0g / J :
 l l f k 4 f j0 o y  s                           s
                                            k 4 f j0 g ^
 ojG     a d ev / l b
s fos ; G f l 's0tn kf
 f{ g f Dw c d L ffd |               g      k 4 f j0 g j , ^
                                         =DQ ' / g / l d n @ ^
                                         @; lz L 0l ff of L )
                                                 s
     ]
u; s 5.
 / ]
 l s f                                   #gf /6aa Of k kta
                                            k i +6 h
                                         = ] f«}f h tq | }
                                             n     s             f +
                                                                 K s
   f jf ) b [l f } n ] y j o +fO DQ 's f d Q :n { k 4 / g
  ; }} @ & ] sf s a ln tfl L ;y f ; l z L 0 - L
       v
   y z ^ l lj; + =v i            s
 l f{ g s f ,} f{ ?f f8 Ë l / u]Dw l L f f
k s fo Ofdm a ªs f xd n 0l _gffg; G f Q h s L
 g ojG        O k + oo
                    t s
                    { l          n      p / j0 { a d j o g /
es ; f f f fj ffl ?dgf Of ]f u] l ] > 0 @ ^
         ]
         j j
     d / / ] 0 Kx
 PfL s f sl/ ;t s kf]     f         kn s {h L /fg{ ff )
                                         O / s bg j, ^
                                          n       ] z
/6al tl L h s L s d kf ]
f«} y j o f f Of f 7 g
 i +s : Q g/ O                      p                   –tf]ogfy kf08]o,
s {bc /] 5. ; f f c tf ]
 o {O s     ]
 fu}fxf os nu f ab        l O /l     v                    oj wt
                                                          f{ g l [
                                                        s fo c s
                                                             G
 ' f d ] L f f ]j 0 }
zm/D f; fs f/fl / a ª
  a
 q ; s d / s jf +   ]
                    j              ls            v s
                                                d o / wt ] o o
                                                | f f c ss s f
                                               k's { L l [ f f{     n
s f xnzm s l s f/ Gek
 oon     q/ b /
            a
 f{ ? ]' f f g f fa Pl    ] b 5
                          j                     i     s
                                                l j ; + =V o o
                                                [l f } n do f{
                                               sf s a l,' s f       n


     fo f{ f f}f G lo
     q
     ] o o 7 8 f tq f
         n     +
               å
     ILs f s d f/c / m
   f f} [l f } n fo f{ y ]
    7 8 . l j ; + =] o o o .
  s d f sf s a l ILs f l f
        
       + i      s   q   n    
 f f} c f d ) d /= ]xb{ s n t f I ap] f zsffl
         h
    s
    +
 7 8 f o g f ^ l u FO
s d f]f] f @ & + = tof '
                 ;             u ] k f po ' w t
                             d f s lf 9 g k,Ndc f
                                   g]             /
b pT f/ 5 k f m Dg lf o f [ |
             n o d k /] j o l T
l ]k s to nm s { ; G uo . J ; a ,k ] z m/# a ]d tf
 g o :L          q             4 o 'f
                                    s q a     ;
                                             hD y
   } f: tf ] f|{ k/n g Gfn / l f } f f ~f ,j
  as j 'y ;f] 4 / 'jf ; o fg z j a ªs f ;r gk
   s
   +   t     j kg g ]
              s j     fs              s
                                      l
                           Ws L g / + / / n {
                                           ]
                                           j
y ;LT G lo f m f l fb a , zl ff f{ ~f b f u
     Id tq f o d x ] g b + / o o n
tf df s c / m s { d kn l l fb} xd s f ;r guf]|
      f          q             t      n        s t
                                               { kl
 k s f' z s f f| s j f] f/ f f}] f{ f ff ffª
                    G +] / 7 8 IL o o ] o] ]
pT f do ff f{s k w P b | j] s d ffos f s s {d x {
  os V v oo a  n        ;f       +q     n    I
                                             q l  8
b f s f f| s? f ky x ] f /g; G ;] o s nm lf
l z f f{s k w xs pl l/ f a {V]Dwf d Jk 5 k uo .
 g v oo a
        n     G         s 8
                   ] :t ] ] f a d t f        n /]  

                                 6
                                 1
                       f a;f
                        l + r
                        ; }  /
                       d ss df


     cg';Gwfg :6]l/ª sld6L u7g
   +
   } y l o +f
   l
   s      Q :
  a ª tfjL ;y /     ;] g ] sd e s] x ' . lLc Z t gf
                      f l { ff P f '5 s 6 ]j sf ;
                         bz
                          l          g   dn fo c'
                                     '
                                     xG             /
 ; f ~f a
   ]
o s ;hn ] }ª I d k w c '/ a n a f c; f f i x l ]n {
        n + f f | f g f } ] h/ gGg ] f ] ji f
           l ]
            s q    j
                   f g ; +   s         w j L f
                                      ' s lo / z1 O
b g k: { \5.:] |g Ob ] f/ fg g fq u{S].
 g l l wa ] t j n {ut k] f
   ' t
   b
l f g |kf9f o f k {fl fye bap c G f g;g 
           b       4            {    d0       5
 j d ]| s ?
  y f jf
       uL ] r
          x        g Gg f l f b
                    ;f {g 8 F
c:f ;fx? f l / c 'w nO k h] l } c' f :/ sdL
                                   b    ;w    l
                                              ]
                                       gGg 6ª l s 6f
 fo flf / f 's gGg ft t l 9 g f ? f gGg lo:
 j s x g L ]? ] ;
             c
c Z tkr u ; gkf c' fs { Gc ap s {d c' f fj j '
                     w o ' }3 f
                           ?         ox      w
                                           ; s i tf
 ] l k{ s]   o y ; f fbf b g } f l f g c' f nu
 j gg e               o O g] a
                       nl
;f b'] Pf5. ; { o s { {zlzu{ s kr u] gGg f f
                             { + s        ,
                                     xg { ; s lw
 | s r g s x < ]; |
 f ]x
 x          ]      d
u s f f f ]f s o k ' so f cw [ f c' fl ug gc' f
                    v fs/ l t ] gGg6 7 u, gGg
                         { L ss       ;w d      ];
                                                { w
 } f ; f] |s ? f Wf ff b Lc' f 6 fc Z g; f
 +
 s    j    f
a s] ]n ux x s] c If ; ;:o gGg l n {fo k]| ; g
                   ot t o ;
                      d           w  d O j s {f wt
                                                 ]
 fo fO D g g ] 6ª l L 7 / ] . kA g up] gGg ]
 j s n {a ] ;s
          w
c Z t f; f u{s f :/ s 6 ugu f   pn u] / gc' f f
                 ] ] d
                   l           ]5
                               s          ,
                                       w { f, ; s w
      L f | f ff
        j Z g /
5 t<o o tk s a] d   s 6 fc ;: ? f jf o gtfu] gGg
                     l L G b x d f f fo gc; f
                      ds o o         i h
                                      s
                                      {
                                     l ]        , w
                                             / { '
fl t t f f n5 kxa s J ; ~f _ 6 f f f fy nm /
 :j       q x U
jt s f ad y f f pdfG -jf;r g l s s { g f 5 k u
                      kw o o n , d ] oh d
                      |                    ]
                                         o l      n L
 a h W g y c' f kx | s ; f j u
    / o       ;w
h afc o tf gGg pdf G -],l fo c Z ;m l ] gGg
                      kw
                       a     _       j s e g c;
                                           f
                            j e L fo 'j b, ' f     w
' .; ju c m s {
G5    en k o\ x
            g
x  o lf ]f f f? k ,h tf gGgju l f f sojgfn f
                   | af y c' flf g ] O f{ d }g
                   d
                   v
                   ' /       ;        8
                              w e , r n { fo G     h
 l 9p o/ / f ju d l tfv lf xf g/ gGg | ]
                s  eL | j
                     o v
c3 a fg t f u] ] lf k ,Q yn fe ;o u] c' f k jg
                        '      ] ju    ] { ;
                                       u          t
                                               w lb
g{ n {) + @ t '' . f l s bo l L k P5 f k
 bs f ^ l
  l
  z         ;
l ] fO@ &d / u] x'   ; sdL ; : s 6 f | ek ; p/
                   gG
                    x5   ] 6f        dd f  t
                                          K l ]
; f} f ~f lt ] l d f k c; f 6 0 tf 'j x lf
 s + ] n ds
   ]s              rf v d
a] as ;r s; l f ; j z f | , gGg lkLy ;m l kd {
                            ' '
                            v     w  Kf      f
                                           e ; t /h g
} n:s / ] .
7 j[ ]5t s
as ] L u f        z f h tf gGgju u{ b u] ] 5.
                   f, f y c' flf gl ] g/ f  
                   v a/      ;w e       z
                                       g{ { sx]


a}ssf]==               w w f]uO }k:ff a k b f f; fT
                        s O ef/{ ' {
                          { n f… g k
                          d
                             t
                                  s
                                  +
                                 a y g } | ]P ] s/d
                                      q
                        a Lx t o o d js s
                                          +l v s
                                          st
                                                  }z
                        Dw [ c /[ s { Ú f f] / b v s f
                                                       fs
                                                       oo
                       ; G a \ G s f f m e g f b u{ff f{n
k[i7 @ af6              Dg o .
                        k
                       ; G ef]
                                          s Of k: { u{ f f
                                            n g k ]o
                                              O yg
                                         w w{ {' f f gs {d
      ;l l f sfj ;
         ;;d l s i
    o} n n f [ l f        f k w G; f f f s D { xf g
                          v a
                         z f| s r | y f] cjo ;kf; o u{
                              G b +k
                                  l s      Z     0
                                                 "    u
                                                      ] ]
  s
  + =] o o / s
  } n fo f{ } f] W fd + g P f; | 4 fo u{s l ]
           q   n x
a l IL s f e j f co t f; f es] f k at A m gPfyf
                         If r   n         t
                                        ] l        e
                                               Q ' ] o.   
   xf f f s f s O] f m f} ftf j , fso d
      u
      ] v oo    n    n od + ] d
;o dz f f{ w w{ s { d as j{ c:f ;] f m f; e L n
                         q   s     g y        q       u?
                                              { d xfx ]
  t ; % t l 'f] } ] Pf tf L y Tx s kff n z
         ]
         h
u c f ! u]f ;I f an l s j{ gttf p f g ?de l {ff
               zG / s + n ] d l
                 t f    s        g        ;h        u O v
  tf j P o f f } ] a | g ;f y f{ s Of x |/ ]
   d g y +; ]       q   +
                        s
j{ c:f jT Is an c kf u{ ] tf so o w w{ { / f f
                              bg ]j        fn     n   s
                                                   O k s
   jx
   ] | tf f gf s ' f s ; G zk f ] xu g |4f Qu{ ]
    u         d    x ] l x ]ad = k
;f L y c h t ? f ; w ? f Dwf f y f ;o u{ atA mgPf
                        j           | n
                                    =       ] kl
                                           f ]t o es   '
 s| x ]/fe pZ
  +t s
  }l ] w0 a\ 2 s | f Pf o . f = y ] sf s } n f]
                 m o
                 g
ak / fff ' ] ] f kf k{s l f sd f= l f …ijf a l x |
                        s g ] ] = c o . [l ; + = d
                         z ' y  '
                            e        z
                                     =       l      s     f
   f f f o] q x
   y k s {l\
           g   Iq
; c m] ffe / f s ff s L ; f tf x on x | ' b d ;
                    s i b s ]r
                    ] [ x ' f{ + g y f ; ]f]v ' f f
                        0 / n n
                         a                ,
                                          ]     f
                                               d; v y
  f ? w O5 \ f u
   l ;      s , ] / , = t L n ] xs f] b ,; { n { I, j
                6 d
                 s
ujx - w{f L g/ C = f c L ;h t f l5ty ; f / f D {
                        c x / n        s
                                       { G         ;f0
                                               o O + ;w  g
 ; x, f l8 hs L " f g { g P fp m j xf gx | { f
   S        ]e ,
            v
l 6g k /0Lk/§ e s l f u{s] Q P ;o u{f] Q x
                      , l
                        d    jx ' e           u     f o Ú
                                          + ] ' d sA ]
 5 u a j k\} s f m f] f o } f G c xfx f ff
   k 9 ] / vn
           w       L
l f , f f/ 6 f_ f s { dILs f e j f e ] f ;e L s w 0
                        od f o / s
                         q q  o { x
                                  n       g d     u ? ] /f
  ' L, d f, zf
   l L rL
   4                s |g f z s f o
                        l l = ]d
                        t
a hj s {/ lI , k lwzkc f ' cf / fl f p m f m f
                              | s / { x ]y ] Q so d
                              =        n ] o.
                                          s            q
                                                       {d
 f } n f ] so f yzckk o f ] f xfx f 7 P f k
   hl t         t
/ g s bs gf f t tf f= ' G} ]as ; e L a p f s y
                    {{
                    s          t k +
                                   g s
                           = zl f n }       u? 6 O
  y c ] |? f : g j u l xsadh s L h ; ? f fy fyz =
        d jx O y L l t w ] ] g / 1 f O k k
             ux         j j
tf f ;f L n { fo l w l l? ffff f l fxn {= ftff
                                  /             z=|      c
                                                         =
 f / f f {R f
   d ] b b r l / g f f c ] |? ] o f ] i f Pfy ]
      z               , f s y d jx
/g o jc zp dj up' ; }f ;f L n G} ]:6k {s l f
                                    ux    f n k g ] o.
                                          k g      '
                                                   e      

                            7
                            1
                      f a;f
                       l + r
                       ; }  /
                      d ss df


sfe|]sf] kf“rvfndf a}+ssf] @$# cf}+ zfvf
   G f j d aG aL j ; ; } f{ aL 0 f}8k] yc g S m
   å] yf e    b     ss y l
  å s c:f ;} f 9 l f f f cy ;n / v bx\ { :ff ;gk
                              s        ] F' j p ]{
                                   s f H lg cg         t
 f{ f o ] l $ c f m ff f 'P ] /
 o o l x] g
   n t /  /
s f I J f k @# f s { do b k f fd0 ;t h / c x g f
                  + q
                  } o d ] g ¥ s : f d ; u x f u{ ]
                          u    o        ]     g u e 
                                                 | '.
                                                    o
 f s f ' s ;} f" /go .
 v fy n ]e n
         s    b ] f ' 
z f ; d' f aG 7f upef   ]               so m fa s u s ?
                                         f d }f |x
                                           q
                                           {d + s    f
                                                     x
 ", f ~f aG ]
 h
 “   o; , e
k L s {hn ;} fw} oc s f]W a ;f b n > ,L b',j+f
              b /       3 { do 6 j w n ] g j {
                            s               7
                      ; l h ffdf ] l f i d fgf ;dn / u
 ox8 9u s D x y lx ] } f k {s R f= k fb f l f
 ]f , | d r
   ]     x    “
              '
z/N/aLf ; k tf u / f ;a c tf ? f p djffo f] c s L
                    / ] o + h O ] r = | {d / w /
                      s    s      x
                                  +        s
                                          l r     b      ,
 aG w y L DQ ;
  e / o k s y " f ] 'f g /c s d ;L' k b f ]f
   b }              “ ;t / { P
                    h
;} f ]:f ; l f f kL]d ;I u] L f f ;f j; / fs m uj
                     s      f u              b;
                                        h] G | k, l n
                                                    \ ;
 f f ] ol lo }
 | fqfd c f fH f o ] f gfOjz f l 6kf l ftf0 f
 d ]
  0         ' 0
            g
u LId;t Twsa f 5 .;es h t fl ]j ; j +| c s Lyd n
                    +
                         u     n {b          b
                                       r s; w /        8
 l
 + l P j
 } ' fn ]t f
 s j
a ª ; w l /;f 5 / : zf f t]d s cb L pT f s ; l fWfy
             / } j] c mns f f ff
                +   bd k  G    P ] Dg k s l f lt c I f
                                        o j; ds o t
 G | x n {g S f /} f'p tf G Df } f | R | f n
  }f x    O ws
eb u s ? f l { ;y 3bf k f ]y c ; " as u s cokf k ] ]
                     n ¥g
                       d
                       ] o           0 s
                                 o k{ + f  x     t b 8
                                                 '; }  n
 f fu{ s k' f f fH } ' fb os 'f fGo asc da
 /]
  j
s f/ g } f| s { L a0oa ª ; w l }; f zs gd J f+ ff gf
       a
       + d o/ l + l F
       s    v s      f l s j b                   }
                                       e d t d s ]u 6
 l [ o l f ] c | / ff afp t | m ; ] f f{ j ; y
 w t f; 0n u
         x       x
c s Zd + k8] f ;f/n ;} {l k k o es cy l f f k
                     ]jf n r l n
                     s       O     t      u]l   s sd
 go .
  { 
  e]
u'f                l ]t4 f d J mgo . 6f ' lj s ; an {
                   b k at;]o u'f ] k ] Z; f f } f
                    g|l           e 
                             t Q {] j U jfg           s
                                                   y +O
   x f{ ) t P
       t
  oLsls # u ] s      as skL l tfo x / f;o u{ f/ f
                      +
                      }fD ; j yT
                      s    g r         ta      ] t/ ]
                                               u
                                     ; / x 6 xf g o x ]s
;f a k ;f L k n Is sb ;/] lf
 d f L f d b | g f f ]o 'js x/ / } f df ? ]d rt
  / r g
   x
   ]        k Hj    q
                    ] G k I /f
                         |
                         L    Lf     h  +
                                        s     rx
                                               /
                                       as s { L n;] 't :
 /s | k vn a fs ] na f ]s a]r f O ;L] ds { ; f
    e ]“ d + v f k } ] o ]/
    ] r
    s       s
uL f ff f f}z f] gf ] s z/ff f r e{g] fkf fu{ m
                     n +s         d { h j ? s          e
                                                  o g 'j
 bf u} s k' f f bx ]a / as z/ be f y ] f gf
  36 {
p\ g b } f| s { L u}f z/ f f } f ] l 's l f z fa] f
       a d o/
        +
        s   v s                 s
                     { n o h d + ]o             
                                       gP ] o . v k    s
 l [ o l f]pm ' } h f] Vf s f
 wt f; 0x n      / lg
c s Zd +k8]Q sf b s xf f;o f f f kG j 'l f ] ] Go
                         / + d / / | s fc s L;t t
                          +
                          }
                          s         ]
                                    j  a         n
                                        w ; w/ d dJ
 t gPff d J ] d
  pe ]] t s q d O s/N d q za/ ] f 's pm d f f fo
         
af 's x . Go f m f e/ f d ;] m Mlxf /gPf Q ;f s IL
                     x ] " t d 9 s Ve ]
                      ] o           ]              ] q
                                                   x
                                                  / ]]
 f]a f# ifl f f G d9 Pz/ nf u{ f{ f f} ' g{
 0 } ] f]t ;
   n+s     s        b{ S
k8] s $ j{ O x d ; ef' e/ ] fu Lg s f s d f dol ]
                         s    od g       n      +
                                                s
                                       o o 7 8 f V bs  z
j g /xdlge kf ] d f: f o . ; e f k |f s L]W f tf
 l
 e    f e –G |  /
l Gr0? f Glg s n ;]cj k 'f of G p] x ' f{ c If y
                     t Zt g ] ] b
                             { 
                             e          b / s
                                         a
                                       G b s f ot
 |0 ] f gfO } ] s ] h tfak O ]
 f fu
 d        n {s j + s /
             l
             +
u L es h t fa ª;f a fdf y;nIf n g a s kG / ' 'n ]
                    }
                    s    ]      n sp
                                f{ f   +
                                       s    as h n
                                       } f |w f b fn
r P ] f b ; f s g l { g] bc i f / ly s :u uesl f
 gs r { { g ;
l f f r u} f l f g ; c/ u{ff gf c l ? fj t gPf o .
                    ag ' } ss /
                         fw     {                 { y]
                                       t x ]f ' ]  
j ; f] s do f f0 ln; gf /nf ufl
 s o g ffd 6 | f D O 8 ] g {]
      h         d          ]]
                            x
l fc f f]W a u L rsffa{/ u Lbe      fn             d u
                                                   ]/+
                                                   |l '
                                                  kx 9] n


 l f ;] [ j ; } f a0o } ] c/
 / 6 t l s + y lH + j D
    d    f    s       ls
r s]f d sil f as]k ff a ª;f fe
   f f hn ] bd f /g f ~f 7f +f] dffs f D L l y
   ]
   n      s     s
  b v lNff;/'d ;rfs ;h , " ;o f ;f d as s g ; jtf
                    + , o n n Vs
                          {     ]        ] +
                                         x
                                        / } k r
 l f f l j ; sff o ] ;: tfabwht f Go 'js x/ ] n
 /] [ s + l
   6 i  f    } 0
r s d s l f adjf z/ b ,y;} f] gf s | ;l] lf gf ]
                 H o o        G }      bL /f
                             e / d ] k I /f k    h n
l sfsz f P] @ & x x ] ' } |as?d 0t Q l f lf} j
+ //] t s5 )
s ] '
} j ?          
aª fff j e f . ^ k / f's uL+ fkf u:/ m 6 5t a ª;f
                    “ ]ds c0 s ]
                    r sn
                    '         f}       f ' ]      +
                                                  l
                                       ' o 5 , /]s ]
 f ( t s fd f f f ] x d jt ; + } b l]/ /gPf o.
 ls
  {     a | o / pl ; ]
         + v {
         } '
st @ u] s k s sL u b z/D ;f o a g kfug ff f 'sl f
                     Fv       /    }
                                   s    g    f     y]
                                       | / w0 Ve ]  
 lto l k n ;fa
 w[ f + 0 ]
       ; 8 P / r f f g a b;l e b
                x
                ]
cs Zdxf] s dfL s f u{ } f/f/ / f ILs f s d f do
                    / / ;e 't k{
                     j
                     ]     G I       ]   ] o o 7 8 f'
                                         q  n     +
                                                  s
                                        fo f{ f f} V
 b6 u j t k l s
 3f Ll  w    f+ / } fd x ] t go . g { k a b fLf
              }
              s
p\g /l j ?daª f a ª do / faf 'f l ] p]|f ss{]
                   l
                   +s W      ]
                            s pe ]      z    b /
                                       bs G x '      s
j f 'f gPff
 f ]? t { ]]
 /        e
fs z j u's x .     s q n { s ush tx' c If ; G pm f m f
                    f m fa ff uab W fd Dg Q s { s
                    od O} |
                     {    + x
                          s        f/ ot f k       q
                                                  od
   bf sq d>k8]
    3 ]d
     6        0 a
  p\ g fm fLf] + > ,qf x + f f c I c l ? fkG b f kf
               n s i ks df b v fWf ly n { w f] |
                 } ]        3n
                    7 / ; ]s o               a    b;
                                       t x O |s d / b
 a [s fu Lg fgP fb fw ]a u} an fn :u ba ] sf
   l { g ]
    i        d      h |g / ; f { +
                     ]
c sf h nf u{q e/ /Gd Gn D g b ; s ] b f ] f u} n! /
                             w
                             ] o }     x n jt { }
                                                s
                                                +    8
                                                     ]
 Tw l kfs f Df fH + ]y u}f{ & f g] + g l s f
 ol } 0 f y k{ l o l j
   ' + f
   g s n         " 0 }
c f sa ª | L ; ; 0 a f a ª;f k bcy % n lf ; n u ; ]
                        s          ls       k
                                         v I s    / s ]
j f a ª 'f g I / f l f fdfn ffu] / h s L gPf o .
 fH + ; wl ;d x ] j ; ;os ob gTt f f l 's l f
 lo l l b f ] s d g" ug {k f g / be ] ]
 0 } j
     s           s        ' ]     t            y 
 t go . aG 7f h t v s f ' J mgPfQ
  pe ] e n "
          b ]“  u
af 'f ;} f " kL b f f v L Q ues pm
                   ] ] zo ' ]
                     Pd         {              kk f f
                                                | F]
                                                l :6
                                               –b as f

                           8
                           1
                       f a;f
                        l + r
                        ; }  /
                       d ss df


   ;LjLP; k|ultaf/]                      + r
                                         } df
                                         s
                                         a ;f/
     cGt/lqmof                            eO
                                          ]f d
                                         j; 6f
                                         f f+ [l f } n f
                                          78. l j ; + = ]
                                                i
                                              }
                                        s d f sf s a l s s
   f f} [ l ; } n ' f{ f )&
    7 8 . l s + =V o o
       + i
                 s
  s d f sfjf a l dos f d @^n         d; d k a ; f / l t
                                      fs ' q } d f j
                                      l      v      +
                                                    s   r u
 l
 +
 ;     t; L f | a]s G lo f m
         j ; ]u /t      tq f o d
d /(u] LPs kl f P c / m s {     q     'c b
                                      O s l ; } fj;O
                                              v
                                     b{ + ] o a s] ] f+
                                                      s   e 6
 f] uL; f f{ gflt h s L Of
 og
  h
c f f/os s foa]:[ f f l o .
           ] oj /j t g / b ]
              G                                       f f |e
                                                        V f /
                                     www.adbl.gov.np d / g k D
   s
   } f "f|wj u / fl pmG lo f
   + ]r l e åf oh
           j          ]
  as ; gk ll f f c ft Qc / ms
                            t q f]    ls]   o o y f } f
                                      /              j a +
                                     u P f5. ; J :f6 a s   s
 2 dy } f LP | 6 ] / ~g : nk z
 Z l + j; f g
  o    s        h
                ]S h
p] f as ; L k ] d] sr a ]] f
                           g |
                            t s       gf f f g; "s f f
                                        O / / ] k{ o o
                                               ]
                                               j
                                     cn gs f u{Df f{s  0 n
 f Pf o . Nf f : n G f f6s f f
 g ] ] x / g ee] / o o
  e
  { y             t ',
k 's l f ;n s a ]]go r jf f{d  n     sr L n ft Pf} f|m
                                      df ? fG es as k f
                                       { x ej
                                        /        l     ] + j
                                                         s Q
x je g f/ ; mj G fo o f? y dd
 ; 8 o f f +o j s o
          k               x ;
l fl fs { mkP c c Z Ls { of o}       c {l n af 'Pf   as
                                      h a ]t ges 5. } f
                                       g i
                                       ' 6        p     ]   s
                                                            +]
 PfL ; fk tr }t f].f D f| n {
     j ] n Ff U
      P        8     5 n d ] tO
ed; L s ;m ffx ng x ; s kl f  u      ;x s kf ;l J fs f
                                      fT | g d6 b l n {
                                      lo s
                                        l       z        d
                                                      i }; O
g N d ;f sc f L '
 ob       g fj  b
l f f odl }z f 5.                    k cs c b j; 6f fg
                                      l jf s ] ]f d / ]
                                      g     ] +l e O
                                                   v        v
                                                            l
   s f| f fc s Zd x f]k f of
   + v {
   } d o / w[ f + 0 ] ' l
       '            ; sd
  as k s s Ll to l k8f| ct d
                           v Y        j i k {]
                                      | fa ] i go.
                                      Q 6
                                     k ml n:6u'f     e 
 Pf f f m f } f kx| s? l fo | ,
   ] ] od +
        {    s     kw
                    a     ju d
es ; s q d as pdf G x, e L k'   v       s d f k] s | g
                                        +
                                        } rs T + s
                                        a ;f/f | c kfos     z
g{ j f6 { Ll gfbw / s pl l
 bs +/ sr '
  z          / g
l ] P r j}df o os kf f ? fky
                      l L ] :t
                       sx             gj } f ]fd/go y
                                      ' l ; Oe O f J:
                                       ]Q         j
                                     x l son { ; 6fV]j f
y ] f j/fD] b | f f c s f]
 o. ]
   
l f ; c;d; f u{ vs { Ll tk8]
            ag } ' o / w[ 0
             w k   d   s         n
                                      s f "f | ju u ] ]
                                      } ]r l e n ] x.
                                      +          jw
                                     as ; g kl lf ]/f f   s  
 G o c x Lx k{ L 5 .;f; n fa f
 g , d jf d  
  e]         0
e 'f a f dT " 8 ff on { mk { s
               3    +
                    }   O k g} +
                               s
 ' lt / Ka gk s / f / 'g
 gk      sf ' l
            6          F l x 
s}g x t f s}g ; a Lf g ' .
                       s v G
                                      l s + =k f |
                                      i        s
                                      [l ; } n f g k
                                     sfjf a l 5 ff f d v s ' v
        =
    n = q /       o o j; g
  r 'f l }f6 s f d ; L h f u{
   f cj e r jf f{ f LP 8 g
                   n                   ]b h
                                      zG +     s ; + rs
                                      / ' ; " c' } d f
                                     g ; / } f gfa ;f/f
                                                      /s
 't d
 t
bu ds x cf a / f N]u} dz f 1
            l 9 ]p v { g j
                  s       6
 |l f f ? u8 l x ] n bl ]s l         k ] c Pxfk ; k d|
                                      o
                                      T s
                                      | + sh f o | '
                                       s           /+ l b
                                                      r   t 0 f
l s| l f g]G o od ;}e s dT "
     b
 k ; j/ g ]    e,       l u ] j0
b kf b s ne 'f ;f ajf f x k{     f    / ap e ] ;g |
                                      l] f ' fg " kf tf
                                     ug t g oe]rfs g y    z
 l g ' c m]] 6 ] /o x ]
                      u
             g q
       b
e s x] f fk ff f;o clf/ f  
 " f'x c f\ Ia xf kx { ] 5.
 d     F                     s         /j
                                      h |g f s f c s
                                     af k { z f z f l [
                                           4 v f v wt
; } LP h f f f D es kl e Lbd
 y j; g ] n d         ]u t j g
 f ; L 8 s x ; Pf | , f l f          e kfc f ]o ILs f
                                       t b r{ | ] o
                                      / | fo k ] fo f o
                                        ;        nT qs      {
                                                            n
 ~f l ] o d y ; L |{g f m f
;r gu g f m tf LP 6;6 ªs { a]
   n /s {  q          g ]
                  j; \ | o d /
                      ] \l    q       t       o o ] s c ff
                                               n
                                      ftf f{ ? f+f]wd
                                     d xs s f xs ;o ff/V
  bs
 L j /nh s L gPf o .
> l f g]f f l 's l f
          g / be ] ]y                b / +f k s s o f IL
                                      ]
                                      A V d q l dm q
                                      f ;o fl f '/k fo
                                       a              / t]{
    dz     {j st ] / u x s
                    y
   6g f s l LG fb nc| d g f]
  l ]s c f 1> f s f d]+ L l f]
                           h          f{ ? f ;o}s ' 7 g
                                        n
                                       oo O
                                     s f xn { dd Pd kf ] i p
                                                         6
 x ] a j ; ] gs { x ] ] L
k n u] ; L c/gu]f m / f gf
       6
 l f tf LP k    ; { o d ] fk
                       q s  d n       / ] ] e]
                                      ls pn go.
                                     uPf Nv u{f    ' 
            6
 l f] x ] ] ' gnus h s L / g
d g f l f tf z u{fPf f f uf '
 x s k n ua ?        l ]g/ p            s k so o? ] dd a
                                          t
                                         l o f{xn ;o}}
                                                  fn         +
                                                             s
                       u
                       ] x
                      o { Ok
                 e
ef h s s 0o al s kf t ? f gf
 o . ; f ff ; } q f | s f n {] L
  ]             s
        ]/      +               n              n
                                       r oo u ] js
                                      d f f{ f k] / fo
                                     ;f/s f d g'f c Z s
Sf 8 /gf ltf LP ;r guf x x]
o] 0    k l
         n
  n / ] Ld d ; L ~f b ;h '
                 j;    n    {    g          us      K ;
                                      +d ' ] f ' f b{
                                      Vf g ]eL| g f G d
                                     ;ofk fgk ufs ; ef
                                                     t
    y             s
 g ] / ff V' ] + r | e s
 l fb nw0/go .} f"flwj u
k s f d]/ff ef as ;gkll f fj           /         ;
                                      h y c' f j u ] lf
                                     af tf gGg l f fu /
                                                   w e s x]
 '
 v                        s
                          }
                { e
k l o:/]u L' lf r j a ª f of
| j fjn fdb d g q f6 + s f d
d h f c f O xl / fl o
        F                      {
                               n        s0
                                      f { s / t ll p
                                     o ff P ] :]y f
                                     Wg i e f o f:tc g
                                           f
 j; g ;       g / be ] y F +
                       
; L h f eS]f f l 'f ; }x ]} f
 LP 8 }gh s L go . f pf as   ns       b e t ]hO ]
                                      l ju r x ] fs 5.
                                     g glf ;]/ f gPf  
                                                     s
  k }
 g l o o j u g {l j / ]
 ' la ª f{ fL ; fuk j g "f? f
s}g + s f d; L n " {l Gkwxs
      s   n     P      "
                       j
                      ' e f  {          f as af y c' f
                                             s
                                         n +] /
                                        x }} f h tf gGg    ;w
j ; }g g / h b o f f ;{djt
 s ; k{ f ] F ; l k B
          sd 8 b
l f eS' ]' f f l } s nu j| l '
                            y        ju g Fl n o / t
                                      en od ª i / L
                                                n
                                     lf ] f ] l6tfu uM
 f/ f l Pf 'gsf h be ] f
 oª y   ª    ]g { /
                k   d ] go . y
                        8
j l d c {es x'] ' f f l 'f ; }
                                      O sl
                                      ' +] ; f | g /f
                                       { v           s ?
                                                      z
                                     b c b os kf x ;s L      /
 LP f ek | 'k l f fl } f "f
 j ; u 5 o g |w w/ + ]r
              ] l
              u
; L n "Pl kfx]j dc f as ; g
                          ts          Gn l ' j l f k s o
                                      q o qj Zj n : n
                                               g
                                     d f , e ljB o ' f ,  t
 l e n f ]k 8 ;
 | j u t ] d b gf f|] D' e
 jw      ss
k ll f ]] ff 0 c' s a8 sK /;{
                    / f8 o , /
                        0    6        f f+ j g ' f ,} y
                                       78 f l : n +
                                          s e t
                                          }
                                     s d f l G k s o a tf s
 yh/ x / Pf' ]'fD If f f
   ] ? b ] k{ d a f] f 0
    ]6
     ]
tfg / vLesx' sf ; 4ksWg i
                gg /         o s{f   j o +f d kf ] j f g
                                      Q :x            p oy
                                     l L ;y ? f 7 g J : u{
 d pf u pe ]
  t F / go .
     n
;] x ] f 'f                           f ftPf  
                                      u] O ]
                                       s
                                     n ] jfs 5.

                           9
                           1
                      f a;f
                       l + r
                       ; }  /
                      d ss df


 n]vf k/LIf0f sfo{zfnf uf]i7L ;DkGg
   s
   + ]v L o n ] k kj j g L xl? ]ff f .f t
   } f ] kIf f f
           0 z     v ] / { +'
                       s
  as n f/f s { f b f /f lt P rf, ;e xn w0 / ] Iu
                             g      }
                                    t   fu     f   ]
                                              / v q
 fL) st % ! u] f Off P / s xs s xs kt df k '
 i
 ] ^ l   s
u7@ & f{! / ^ t c ]s { e u ff? f Of? f u ;L f :t
                    n O6 s o ] O ]|
                     k a      ] {        {    l I |d l
                                                   f t
 W f n fo fd ] df f l f L y b f y lLfju
 o~     ] l G
        q
d d r I L tn sb ;L ; } e L gttf x c ktfgI lf f
                  | I y ju l
                      f       o        F ]
                                       f
                                       ' n        f
                                                /0 e s
L |/ r gf Dg o . f o g f / ;e L ju d / f |,G
 /g , t
  G
  b          k ] o h s a]
                       ]
j] u l jd; Gef s {f f]ff xf L lf k g d kgs |
                             d     a     o ' z
                                           v
                                  u r eL | ] g w ] f b o
                                                       L
 ' g pm f f fL f fuO ] kI s n { f ki sl{ Pgff
 Ol
  b      o n ]d g / f v Lf o O l | g g
          z
b{ ] Q s { fu7 f h s L/{ f/0 f f t dl f fbs jf 0
               i          n    f {     n t 7    ]    /
                                                z + oL
+ ]n
} f f tf /f l f eu k g Qs { f ~ f ] kj zy
s     k gI j u
             0
as c ] y lL f e cmx ?du{ m f f crs s L;/I b/
                       g f p on    z         b
                                        n G ']o
                                              | Ls f
 bjffo f{ fx ] fs c f f ls l f
      ] oo ] i fo
      q     n   s
/ z6IL s f d/ f u L]f g uPf o. h Lf l{ l fd n
                    ]
                    7     ] / ] ] f,q g] s ] 0
                          h       y    ] ] z
                                           o
                                       z IL bs z 8  /
 f] sO f f{
   k     {
cn O fd so t    /    u L p o dc ] y tf' z f| se k f
                      fs 2 x ff tf ydo f kw / '
                      ] f ]? n
                      i
                      7 Z         k      V v j  G ts  /
 df ? f xft l ] gI uf f/ do '
  r x ] l o . /f { O ] V d
   /                  0
s { L s ;eufyf lL fb c k f'– o s df d ] Wf u{ f
                              s     V  n 0 n ot ' ]
                                             {
                                       "l zf c If g seP
   Q s { d as k' l f? ;fg pf ? y ]
      od + d
       q    s
  pm f m f } f | s g x / d f fk x l f
                 v  7O      ws o         
                                       o.
 f f c s Zd + f] Dw 5 k / g if s { f fL]f] g
 o / wt f x 0
  {         ;    n jd      n L if
s s L l [ o l k8 ] ; G f nm u ls{   d    o n ]s b |b
                                          z    i    ;
                                         f f u7 f ] lf
+ ]v L o + ] ' G/ ] I ll
} f ] kIf f as U cts v /0g] f ] kIf fu { N :
s         0    s
as n f /f s {} f k'fl n fLf b s n f/f s { f m l t
                    g,       kf {  z       0
                                       v L o bl 8 yk
 L g l x f{ gf )& f m x Dwf f{ ? f| [/ 's
 l o e L oj   G            d
gtl d q / s fod @^ s k ]? ;j d s f xs k s f ;f f
                            {
                            6      G     n     l
                                       o o ]t o w     /
 f '] ;o} ] kIf nm / d d s '
 pk{        v L  0
c gg/ ddn f /f 5 k u ;–fo ;f nu;m l ] m f }
                      n L ;l w         l e f g d +
                                     / f 'j n q d a Ë s
                                                      l
g ; ] f:j j f] Dw 'j + g g P f{ f 0 f kG
'     +] l
      s f
      }
x gsas jtsc:s ; G ;m ; n u'j s f gf f6 f | s
               y f aL e s f              n    o
                                   { + o o / 3s j     w
r f ' ; L |m |
 q g       ln f
            t    K fk y g I f O ' l f L } f{
                 t n
l 0 x gs k k k c ] tfl L fso f zlwn g a Ë s f
                            /f0    n
                                   {{ e     x l
                                        g ], +   s oo n
 g ;gaf 'f as 'd kf f af Wg fs k w [ k ]
         pe ] + ] 0
               s    fT
u{gS]t go . } f ufs/ |s Lg go 6 Lf | s s f f /
                          e / p f F
                           j           8    G
                                            a    0 8
                                                 i } n
 ] h/ f s fxf bk{/ s a]h s L }
 o     d O s F gg f
           ;     b     sx
z /a f fc { ]] ' l ']'? fff f f a Ë s f kf } L
                              / g/ +
                               d       s f{ ; v x s
                                       l     n
                                            oo {/ f   g
 f fkb { { ]] ] b p / fy .
 d O fz u ; o   s   ngx Ps
s n {/ Lg sz/f l f ' ] l              k w n ab e f ]f
                                       | s f x' 0/ c
                                       a
                                       G ] f 8L –
                                            s /     n
 f d f ] ' pf
 p t d g Ff      n    f y lLfju
                      n
e ; ] / | x] x ] c ktfgI lf / c m]ff/gPfyf
                       ]      f
                             /0 e      k w0 Ve ] o .
                                        \
                                        g
                                       f f /ff 's l ]   
t go . f / O ] z6 I L f s {
  pe ] f n { /
       
af 'f s/ f f x] bjf fo c ]O f f
           ]
           j     /      ]
                        q    nk O6 a     f y lL l u
                                         nk     /f e s
                                                  0
                                        c ]tfgIfjf f
 d ; f]f ds f f f ) ÷ f$ 6 f o j u | / f | n
    dfw   / o o ] = ^& ! f o
               n    j
;o Ls c ff f{s c =^ ^ d@ j s f l fo k' g d kf ]
                     @             n{        v z
                                       eL d ] g w     g
 ] kIf k jg dl
 v L  0 lb
         t
n f/f / | ] ;o q d ] @s f dn f /0 b{gD f nm fp]
                e W @ f of ] kI
                    o# o   n
                           { v Lf 'b; s 5 k a 7 f
                                    f O l d ] n6 s
'gsf h b j f
g { / ] b l o f ; G O( | t | j j ' { kIf o O
 k d 8         0
x'] 'f f l }fH s {D e{ kz kt lo: fn f/0 f f
                    o k g &l u t       f n v f n
                                    l i t O ] L s {{
s
+f k 0 P5 f f f f P ] y us ' f eu: L/ |s Lg g
}    G f k / /O l
      t
ad?f/ e ls f n { x n e f tf f uf] cm'to kjf ap
              j
              ]     ; s        x ;
                               | g        f     f
                                         0/ e / f
 / dd B l P fd L6 f hL t xf 'a p l fo L
 ]         js       vf gf q ' {          ] U t Fj u l
                                         u g b
xs ; ofc fw e/ z f t j d p/ bf ;o k ] f }e Lgt
xk{ f ] kIf b P ] fs z ffsk f y l { b es l ]
 gg t v L     0 { sl ] o n i fx ]
                      y  { ] l
/ '] y n f /f uf e fo.ff u L] n tfg] l 'Pfyf
                                7          z
                                          bg g          
                                                    ] o.
 Lu q x fNf s d b f y lLf e s Q s { ffL ao |
 l l  6 l ] o g     g n
gtt ' ?dynl f f l c ]tfgI lf f pm f f u7 ff ;
                        k      f
                             /0 ju ]       z i
                                          o n ]d X f   t
                                                       ]
 h
 } ] t n ' g;g u df ] y z6 f
  g s w     /      |
n f / Tf ;fu{S] kt;L f f bj IL JQ f kf f Pf 6
                    l I ; } }] o m] d r { s 0 6
                         f
                         s         qo ls ?      8 p]
                                                6      0
 '? k : d } f ' ] f of f tf /0uf g s f ]n Basel-2
 / m t f ; /g { o
  x N        w k g
sf l 8 / g ' x' s f dc k ylLfb c ' '/ >7 ]
                     {
                     n    n      f
                           ] gI { k d          i
 ff o u'f
 /f Q { ]e 
w0 J m go .        c k f '– os gx / soG g a ] hg f
                    f/ d d l f?
                    O ] V V 7O
                      s o'               fj    /d
                                       f {o f f f /  sL
   ] kIf] ty j df f kxs a] tf / go g a s f
   v L s j' t + w
       f     l        g
  n f /0 f ::l P ;f s pf? f ff y uf 'fe] } fa o
                           o     d
                                 /      pe ]     s
                                                 +     X
 f ] f{ g f; ; d fl v /0g] f ^ ] /s / w t / n
 ] oj ] n n f G ] I l{ )
 s    G
; fs fos l l f ctsn fLf b s@ & n fL d L l f ] f
                     / kf l     z       kf n
                                       v I ' / jL ] nv
 f/ ;:x fP y d f mx ws ad u
 O ] o? O s n f
   s             ]
c k fd f n { } f s k{ ;f f ff x kI uf'– oo l '
                      d? '
                       6
                       ]         ]     Lf { d f gg
                                        f    V V
                            / / g /0 bdo ' Wgbk         ]
                                                        {
 nm / fo d f f nm / ] kI f f ' f xf df ? f
   n L js w     g
5 k u c Z ;f s 5 k u n f/0s { { sf ;e Ls { L n {
                      n L v Lf o O /
                               f n      d    u rx O/
 fu
nl o ]  i     k x j u tf fo s {n f f up's l ]
               o
       y7 p f ? l f ] y I L Of ? ] h s L / gPfyf
                    en      q
                            ]     x
                                  O    g / f e ] o.   
lo g df s j xd s kf }g ] ' f
 xf ; d  o i  f
kNp, ; l lo? f P ? t fn f g s f
                        d h '{ /
                              k     d            e fo
                                                  / r{
                                                 – tc f

                          0
                          2
                           f a;f
                            l + r
                            ; }  /
                           d ss df


     e g bkg g n { G
     ' f c fb y kl g f d Dg
            f    d    q
    z sdf fg| tf' { som;k
   k Q :
   ] j o +f d f ly ] j o +f df
    n            r
  gf l L ;y s { L c l gf l L ;y s { L
                  / t k Q : r
                          n          /   o }"s { L] m6
                                          : j r s t{
                                                  /    a
                                         T t k{ df f k f
 +I L ll ' L] + f ]o l 1 §f ] f'}w d ]gg] L
 3f q          la    3 G
; ,]o ;dt nDgn ;s sb ; jo e/{ ag' L zfo ono/
                          | r
                          L         O   ]Fb     {l
                                     n Nx > / n '      ;
j f d z b f tf 7 ' o d gG k o f D] f| tJ mb f}
 h b ,e kn           g { { g ;O ef ; o }a
                      sq e
l o zL ' LjLy 5 s }f mu' flT n { ; m]kG f Qu{]
                              b          s d g        o=s
 jf kI zs g c f g t f Pf IL lt O " { L s h h /] {
 s ]
k{ pnof ' f f fg lG tl s f] ; l f k{df ? f f fnx]
        d e d b – / / b d fo d n { j r x ] ] F '
                            ] q          s /      zu s  /
| ,'n tf o f f m G f b j{ y " ] } "] } ' ' f
b g{
 f l
kgkdg yl f s q w j l } t f t fk{ b s 7 fa x k]]
           r k od o b F d
              g {         b    g               s
                                     j z n + g u d    s f
 Dg /f  
 k s   ]
; G u] 5.           s { L n { ]o ; l f c m n { ] j f ft b
                     d f ? f sb lt ] f ? f;t {u ] f }
                      rx O G
                       /       L
                               | ds      "
                                         x          s
                                        k O d u n ]ap   F
   [l f } n f "" k f ' f f | gPf ""s { L n {' x]
   l j ; + = tj
    i     s
  sf s a l s ek{ tm6zs g kf u's ek{ df ? f eg g'
                      a
                      { ed b       e          /
                                g { ] tj r x O N g
 df ? f d pl l x ] y ]
  r x ] ] :t ]
   /              s
s { L s ;t ky / f l fo.
                                       j /o u's l f
                                        r Q { ] ]
                                               e y 
                                       l fJ m gPf o .
 Q s { s ;ft ]
     o d ] kT k
     q
pm f m f e ljgf   n   ot zs g d J k6
                       :} ' f f Go |
                          ed t s          e l ff a ]f 0
                                           k ]; 6 d /
                                            t       | o
                                         ;f s c gfkg ff
j o +f df ;s IL g f] j o +f df f nk c|? fe uf
 Q : r 3 ] /     q
l L ;y s { L + ffo u]dgflL;ys{ L k ] ] {u xn { f/{
                     x
                     { k Q : r
                      ?   n             8 j
                                         n
                                     / } " h O] O    n
 W f|f 0k ] ] { f + l dr s fo W f 'f ffg | g o d
 o ]/d o } gP ] 3 Z ~
           8n e
c Ikg fff nu's ; krf n fIL c I zs gc fkfu{f m
                                q
                                ]   o           b
                                        e d b– g ] q s{
y ] ]ky df f ? f f s f L: , [ l ; j
 oe :        g j O h d jt l s
             e        z /
l fgpl t x ' xn { / ] ' > f j sfjf l t j{ b g o on
                                 i          f l
                                             x v     l
                                                     g
                                        u i? ] } ' g ]
 ko s ' fn :u
  Wf b 0         f  + r 3 ] r
                    } df ;s IL l
                    s
pfI d ;g k8]j t a s { L + f fo; j ;r g u} fxf/ot
                          /     q         n   { O]s
                                        ~f b c / ] :f    ]
 gPf o .
  { y 
  ' ] ]
ues l f             rg ff g ,gf /6 s { n "" dftftf
                     ]f 0 v f ] f « f m ] k sr Lyj{
                     t/ o        n i     q t{ /
                             n k lo o d e j {          dg
   f m f| ly fo d f +g f fo W f df;}}g g" /s
    od d t ]
    q     v      q    r
  s { s k' c l IL s { L; 7s I L co s{ LF fGc' uPf
                       / u      q
                                ]    I    / 5e      l
                                                    t
                                         r u + ]e f ]
g{ 0 af k8] f d | j L l j ; } j / o gPf y ] g
 bs f b 0 } O g;
  z z ' n+
l ] u]x / f]an { l kf 1f, [ l f a l f J mu's l fe]
                s              i     s
                        b n sf s + r Q { ] o    e
 fj d o g " df ? f }
 ] yf f j { x ] +
            { /     l
oc:f Np ksr L s a ª s f exffz f s { s ;r g fo ltf
                     s f{ } s f
                         oo /
                           n    j   v   od ] f ] ds
                                         q        q
                                        f m f~n IL; l
 " o b x ] x ? f | s 'b h G xe f l snof ] e f o.
 n ]g ] ] “ O a
  ]u      s
7f f f / f pf n { kG d ' f k / 's ; j d G}n g sl f
           n x            G
                      w s / t gP ] r          k u{ y  
                                               g P
                                              f] ' ] ]
 w / ga pe ] j i y ]
  +
  s    { go . l6 o .
         t
;}b u] f 'f lz l f
                                                 dz g +
                                                  xd u
                                                 – ]f 8fn
                                                        ]

        LP Dw j G f ? ~f
        a; a L lg d     n
       ; L ; G le s x ;r g
      [l f } n fs x c ] ]Q ff x
      lj ; + = O ] / n j
       i        s
     sf s a l n {f lf f /bb c m/ f ; G *h f 6 /; G
                         /                   ] ] Dw
                                             e s              « aL
                                                              h
                                                     a L g / ]L Dw
 l
 + : L
 } ; d; L _f }
  s              P      h
a ªl 6 -a; dn f 5\ ]s s d f /' ! h f xf l  
                         g g gff f f} 3f ) g ;e Ly .
                               e I = 7 8f g
                                    =
                                    ]        +
                                             a6 y          u P
 j g f ? ~f e/ f l f l gf L 'L
  l d
  e                n x   s
l Gs x ;r g O ] c s Lrja b s;]
                             w / t 6 k j,
                                   ,             b     l slj f qff ]
                                                       x] j g
                                                          ]   r d
                                                      c n fZdl dxL n
  g ;; l f b,bd } f A l ' d , l o / ] f n +f]
     l ; d ]j
     .                  z
5\o}n n fzl]f e jf c 'd gdnf c tfu f| L ;y f
                            /a b t ; g
                             x 6 n                        s 0n
                                                     V / ] kf ]: s
 f k ~n e xfg fjh 6 t f k f
  l g f /
  n
t d l;r g O ] 5  / lf f/ b ,f/f c Z t/o m]fo t
                     s \ h / a g; ] a
                          .                    v 6 fo f JQ f j s f
                                                     js     ls c Z
 fs] xf«f s k] fk b fn g9 f ;L" u{l 5 l }
  /         / H ]g
             i           d ]|t;
et fdf6 /o f 'f d L f k ] wuL6 s /k {g; G ; F
                                        },
                                        8       a       t
                                                        l    s < sgb
 ) fs ] # D / ' x { ju f gs a f f]]fo
  ^ l             l
                  v
@ &sQ *b ! ; ;fs f dh , LGa e]' f]dga} Wg
                         d    ]d
                              h / g /h 6                      , d
                                                       g 6; T n f
  [l f s n }jw d ' s f L t h z m ¥p] f nh faP ]
  lj ; } = T g
  i         +
sf s a l st f f f ; n ' > fj/ gl kf l t d]1 ' f f
                       j     g / :
                            l d j                Q ' g/ l l ; gs
                                                     o t n
  fL ; lt s f) g j u 6 f x ' f /
  O; a }
   6u w +                   ea d f d ]
c { F DG as ! h f l f f /ab n f xf ;e L af f5 \ o
                                           /     s     u] P      
                                                     xfn t s g. ;
 fd n k ] 5\ k] g.Qtnds l n } s d ffd [l f }
  l P s        {   g
               s         d
tn l / m f g. 'f 5\pmfdf d { a l;s tn sf s a
                                      l        o s
                                             ; +             i
                                                     l ]l l j ; +  s
  ~f es pmfdf
     n       ]       l
;r g Pf Q tnd IT > + / gf }k] k ld]fxf R kfs L
                            L f h t a 'f l n 6d / p bw f
                             n s           + g6 g l 8 ] r l /
                                           s a             s
                            . g ;e Lx l . P s fo: s s { L n
                            !
Risk, Risk IT on COBIT, ! h f xf / fy       s
                                         u ] P      j f{ g /f df ? ]
                                                     + oj t
                                                        G       rx
                                                                 /
ITILV3, ISO 20000 in Bank-       l
                                fd
                               tn MVL Consulting l d cm | s L ';g
                                                     P    }e / g
                                                            j
                                                    n f e kf f x S]
                        Dw
                        aL
ing, V IT, Cyber Crime ; G Private Limited k];r g
      al                                   gn
                                           ']~f n 6 0 ;] xfx ]/
  f f Pf xfx ] / ] f MVL Consulting lkL d ;e L nu f
  g l
1 x n es ;e L n u f o .
         ;       ] u?        ]l ]
                             s y 
                                                     Kf t u ? ]    s
   P
 t s 5\ tnd ;e L f fd n k g f ]
af f g. fdf xf a tn l / m{o t|
             l           u 6 l P l ] ];              g.
                                                    5\ 
                                            s     ]
                                                  f           b Q ff
                                                               ] ]
                                                               j e
                                                             –b c m
 '? f "f | j u 6 d f ;G " f L
 g x       r l ea
x]d ; g kl l f f ;" x.oe fk c {
                 j w          x ]             { 6
                                           b j O

                                1
                                2
                          f a;f
                           l + r
                           ; }  /
                          d ss df

s q
+ ] oo
} ffo f{ ? f f6 ] 7
        n     sª n
               {
               l
as IL s f xd d ] ; ug                       l f f lf { u] .;y
                                            j u O / ]u g   f
                                             e n { k6l+ {5
                                                        jo j
                                            so o? ]h/J ; k {
                                             f{xn af o f |g
                                              fn             4
                                                              }


ahf/Ls/0f tyf                                g f f ji f fh fb
                                              s l l ]
                                                    f h
                                                     s     { {
                                                           d
                                            u{ nu f{o gt 'uf
                                            gji sofg af ;aw
                                             }f{ f ] f g {DG
                                               l
                                               f {
                                                s o  h  O lt
                                            j u O f / / g5.
                                             en { s L f
                                            l f f hg f up] 
k|j4{gfTds sfo{ k|f/De                         s
                                               } d f O | j 0f
                                               + r n {f j f
                                                        K
                                               a ;f/f ktl/d
                                            le ILso of 7 es]
                                            j G fo f{d ug Pf
                                             lg ]q    f
                                                      n
                                             f{ ] g c' x ]
                                             s6 n D ; ] 5
                                              lª        /s
                                            d ] ; lg gf/ f M
     f 8 . [l ; } n t f|kf g j s xf
       df l s + = / r ;
          + f
                     s
    s7f}sijf a l : dkf| u{fo ;o / / cZ       u
                                             ]
                                            f o f{ g k
                                             q
                                             ]     f
                                                   n     /
                                            I L so oh s 'M
 ]k j ' fj? f 0L
  c m :t ] O g s g5.
     g
     \         x /l
n f f t y;f n {ft u]       {                 df ]d
                                              r sg
                                               /
                                            s { Lff         kb
 x a k g g as ! 6
  ;n j   4
l f ]|{u{} f )j} s
                 +                          ! w'f dt
                                            = gwLxf
                                                i/ ]
                                                 f          f
                                                           zk=|
                                                              =
 fo f{ ?ff6 n 7
 ] oo
 q      n       sª ]
                 l
                 {
ILs f xdd ] ; ug a fs 0 ; g kf L
                           h/ / " f |n M
                             L fr 0     f   @ o ]z
                                            = fb f
                                                ]| x
                                                uG          =
                                                           C=c
 /] .
  s
  ]5
u f                          f o f{ n ct t
                              ]
                              q
                             I L so o ] G { f
                                    f
                                    n     us= f ' f
                                                dn b
                                                   /
                                            # / bfo j       =
                                                           C=c
     fcj ) . daf f f{s kwx; ;G u
     n = ^^
          =            t    fn a  G
    r 'f @ &* fh/y so o f|s? + d o /   u j L= ' f
                                                / b
                                                z
                                            $ ;]o j         f=
                                                            =
                                                           zc
  gGgj uy gek o
   ; w e f          l / | , jfs +f /ftf
                           f o l :, /
                           x
c' fl f:kfP5tf u s J ;o ;y ;s Ly            % l]g k x
                                            = j fb | :
                                                j G lt
                                                s    t      f=
                                                            =
                                                           s;
 ls] l j ; } n h/ };s/ + +f y c m
  / si s + =
         f       s
uPf [ l f a l af u|/f ; ;y tf f f
                           x    L3 :        kg
                                             \
 o y gg{ @ & fa f lk{ f : B l j 0 f o f { ] ~
  j k b s ^ O}
          l
          z
J :f l ] f) n { s] k: L slt c fw l/ I L so ogfuh M
                      s
                      +    t x jt
                          | w? ] [ js jf ]      q     n
                                                      f k  n
  ~n lt ] s ] ^d / j u O/] g g 
    f d sa    7 ) l    ;   e n {k6 { {
;r s; l f}n@ & + l f flf{u' ].    lª k5         df ]d
                                                 r sg
                                                  /
                                               s { Lff          b
                                                                k
  u]L[ ]5. f b s f
     :s u ] ] { d
           s
@ t j t /f ;l ] f  glz       IL so o? ]jf f ! l fha ] s= zk
                             fo f{xn l u 6 = n W :
                              ]
                              q    n
                                   f      ea       nj g      d =
                                                         t f f= =
                                                              ' |
 Pf f g g k | fo o f |g nu kA : = ff ] f
     kwj      ? T ]o q
                    s
es]| f c' k ] IL J ; k { f f pn j ' @ 8 j ' k ]
                           jo a s l
                                4         w t         b 8
                                                   =;j } n    C=c
                                                                =
  f{x ff] 7 es x. y;ff | s ;o}t s = 0 u n
   f ? ]
    n         n       ]] 
so o d;; ug Pff tfj; f ? fdd ftf # sf+ N
                             ] dL ] dx ]
                                 ux                 h
                                                    {d         f
                                                               |=
                                                                c
                                                               k=
     0 Ls kf f o y
     fl            ]
                   q       f{xD { ] | yn f = L f dt
                            f
    /gt ? d I L tf so o?fm;fxtfl $ htx ' x
                             n f jf
                                 k uL
                                  t         It      ab/        f=
                                                              s;=
  f { td h/ / y uD 'p bo x 5. = f 0Q /
    fo            L f
son :/fa fs 0 t f j{dk f ] fT / ]  % gff an
                           ; / g lj g
                                \
                                o                   o
                                                   / b f       f=
                                                              s;=
 jg s fl{ f L P ]
 | f og] j [ s
  4T          l
              z
k {d s {b s :s e f   t        f sf gf j u
                               Z      ;   eL
                             cjo t c '/ l fo
 d b f x] ' l { d j [l / ai f d y f o f { L ~
  l l u g / b s f Lt n
     v               l
                     z
lt] n "'sfg] f :s L P / f{somtf I L so oj uh M
                                    ls q
                                     f {        q
                                                ]     n /
                                                      f
 N]  
    v
pn 5.                     gt f l d/ k {d so s { Lff
                           Ls] w fx |g s f df ]d
                           l c g La f  4T     { r sg
                                                  /             b
                                                                k
                           g up] j u 6 P / ] = L/ f
                           ,
                           { f      ea      ]
                                            s
                          u] / g/l f f e u f ! ; f k ]
                                                   tf }
                                                     d8 n       f
                                                                =
                                                               zk=
                                                                 |
 f o f { :/f o f
  q
  ]      fn
I L so otd J ;o     j     J ; ;aw s {]nfg @ s j fz
                          o f DG f ff u' = ]k b f
                           j o lt o k g {
                                      s      /       ;
                                                   z| x         f
                                                                =
                                                               zk=
                                                                 |
 jg
 |{
k4 M                       f f oj l s f ? f = ?fd /j
                           ] s fo m o o
                                G N
                          ;s]f{gk8 fnxs] # c 0 ' j fn
                                         {             /
                                                     s f 0f     f
                                                                =
                                                               zk=
                                                                 |
     fo f{ G { f " g d gd u dd g / = || kL
     ]
     q     f tt n
            n
    IL so oc us 7f l l c'g /;o}f f $ kkfp|
                           ot u L        h sL     d b t
                                                  ]; ]         f=
                                                              s;=
 o m | ,o fs +f bk{
  lu f   x j o : , gg  
JQ t u s J ;l ;y l '].        5
  /ftfx /f;y ? f
     L }   | L:x O
;s/ yu ;s/ +f n {                              I L so owuL
                                               f o f { g9 M
                                                ]
                                                q     f
                                                      n
 s
 + j'
 } f t y ;fj L ] l
              j qs nu f { :/f h/ / y
                            f
as]: tf ] l mf f so otd a fs 0 t f s { Lff
                             n         L f       r sg
                                                  /
                                                df ]d           b
                                                                k
 g ; Gso /o m l L | { d f
  s a d L lu q             jg
l 6 Dw f u JQ tam k4 f s soM  T     {          ! h sf k8
                                               = g/ f]h 0       f
                                                                =
                                                               zk=
                                                                 |
 j a a Lj 0 f g
  l 6 q tf { {
lwf l m l / so u]       ,    /gt ?dafJ:f @ c ?n v+
                             0Ls kfh/ j k = l Nf f
                              fl         o yg      d x g      C=c
                                                                =
 fo / J ; |g fr – g f ] f fe f tl = ] f f
 ] : d o oj t |
 q              4       /
ILt f jfk { ykf u{]b s n " s]l ] # t g h]
                            ol {
                              glz uP l b  d v     hy z  L      f=
                                                              zc=
 | s] j s f ff;y t f{: d DG f{s] = / ' x{
 ; cZ
   /             N
                 +
                 }O : u
kf f fo t c o {+f so o / ;aw so o f $ ;fs fdh
                            f t f lt f
                             n             n        h / g
                                                    ]d          =
                                                                ]
                                                                ;
                                                               n=
 l f D] x u h/0L | s ]h/ |g y J f
  xg f g L
         w ]
kr ;ag ' /af/gt kw naf k {tfo;
                      fl a G        4
                                    j      jo
  f{ u]s f| fx8 [ f k{ ms f ~f
    fo {} L {]
    G     ,+ g         N
sojg gas u s8 f / j s] Dfq fn ;r g I L so os7ff
                          l ; " lo k n
                           4     0              ]
                                                q     f
                                                      n
                                               f o f { f 8}d +
 f
 | xn {} fa8 D 8 gg l u IL f{d df ]d
  x     O+ f a
           s      0 ;
u s? f as]| P ] / u'].jf/foso of s { Lff
                           {{ e
                           k5         q
                                      ]   fn      /
                                                 r sg           b
                                                                k
                    f? d x ] f y c' f f s = +j]
                           ]a/
                           s          ;w v f
(Brand Ambassador) s] kf / fh tf gGgz f ] ! ; L/ Lh U d         f
                                                                =
                                                               zk=
                                                                 |
 | g vn f h/ /;
 o ] {
   u
kf u] fs a fs0 F ;o d ck fsofl s
                   L fu xf f fg f ]e f
                             ]
                             u     m    I
                                   \] { qq
  DG f d ~f g lkx fjf+ g / fo f o f { f f
   lt { x q         n { | w? ] 0 s
                        , t { j
;aw som? ;r gu] k: L s l/ ; n u IL I L so ok /
                                          L]q   q
                                                ]     n ]
                                                      f   v
 fo f{s] o] h/ fnn {k ª g { IL df ]d
 ]
 q       f
         n s {d   Iq
IL so o f ff fjf so oflf{u{].] s { Lff
                            f O/] k5 fo
                             {     l ' q
                                   6    g         /
                                                 r sg           b
                                                                k
 j s nu
 |g ] l h/ y c' f f{n ; l/ DO y = j/ }
  4                  ; w    fn
k { f f aftf gGg so o] fj 0 skn tf ! l ' f
                                  ]jf f               8
                                                   b k]n        f
                                                                =
                                                               zk|
                                                                 =
 j u c Z f gf y L + g / h/ y g Gg
  en j s          ;/ g     s
l f ] fo t c' :fo ; n u af tfc'wL         ;f              f cfs
                                                          F
                                                          s   { d
                                                              c
                                                         a L s]+ f

                               2
                               2
                         f a;f
                          l + r
                          ; }  /
                         d ss df


   f L] oof g { n L]N
   :s l / o
          k
          ] t
  s s frf' l f c } f"
                 + do
                 rs
             q
   : s p ] kg
   f L] /Id p f
  s s f QLf f Tb %kf f u / u] 5\
                        s
                        | d jL 0 /f g.
                          /   {f s  
                              s            f D pr
                                           x ;d}R
                                            n s
 ls l f']d' dL x f gf ; / mn ]
 / ] /n n g
     r f  ] s     d    F ; N f S
                       s
uPf ookL' h{ f pf c' l e kO 6;
                             /               ]d cr f" x ; s
                                             xd } d nd
                                              y
                                              |    + N
                                                    s
                                            t 'fnL]o f D }
 R "d l L 'u] 5. lku8 kj;} fR R Pf  u i x dd
 r N     q g s   ]
p dofamx]/f   /6 Lf ] mf aG p p es 5.tj oL of
                        K ]g \] e
                           N N       b r r      ]      {
                                                       f ;
o F k g Pf o ]bd fs r f f ] ; ls ] o % kf l a
 xp f      ] n jz
            r
T fTb es l f l ]f s 6 fl fx .u F ] f kl f ; @ ?} f g]
                       ] ] o ] pn ] | n#
                       l          n        t            F
                                                        d
                                                       o s r
f]N f l [x ' Ua f{ h b )
 d do P 5 i
  f          f
/ | " k k ss? v L hu f ji *xf ] !
                  ;     f6 l fs    /lv
                                          PfnLl ] h @ kF
                                             ] r x! /
                                               }
                                          esc+c n xf% ?}    of
 g.)! f ] o ;o
          nl f l
            v         h s ] lf f 6 ]
                        / n D /] t K
5\@^ ; b Jjfs xf l fdxo k lg;
                                          uf c+ ]'; d f
                                          ']
                                           s
                                          k]5.nL; l g} f
                                                  r ? h /|
                                                  }n        d ]
r v L ' /f '.o F / ] f 'f …kdf;L
 o t ? s g x           ] a pe  o /0 ]
                       s      ] ]
l f ] ; u] x\ T f u ft go .flfjg        {
                                          " fl s g ;es5\
                                          N P5 ; '
                                           o
                                          d kk l fv LPfg     .
 Tb /f arf|s ] [ F Pf, x ] pe ]
 k g s l l n! l b ]Ú n t go.
               t      4'  }
p f u] ;}ok l f j x us5 pfaf 'f  F       
                                          N l g ; n ev /
                                          " s; k s g c }'
                                           o
                                          d c fP ll f ] mn   ]
 h/ o]
xf ^;b @xf %; c k{+0I c f f kL
         l
         v h           g0 / ] o g ] {
                         f f q h
               / o G ";Iff f] n "       j
                                           nL ] v gu 5g.
                                            } r
                                            + a        s g\
                                          cr al ge]/f } ]
 kf l mg /f p f
  } aL' ]
   F
   d
?o f q x]s5.Tb gf fn e0fulof
          u ] k t k sOf ddnk x f
                 l    ] ] d|
                       n            5 F
                                f ] s
r l h { f f v t ' [n@ ! f } ov L' 8ss 0jtfG p f
l f;}dL d } k x] ss ] % ; drf ]; v ] f ff ude fT g
 o w g q  d        g i ) nl t ?
                       f                    L
                                            / /l        b k b
  s ]             s       ]
 / f h/ do /]] gdfd P l  
u]n a f ; :fgx f u{] l f f P.
                       ]; n s y            s n    f + d
                                           6f o i nL] o 9]
                                                      s
                                                   {r N \
                                          3] ];j c} f" ag
 ;x ] O
s g s ef  
l f ? f g 5.            3dy ff]/fG u{ e } ; n nL/ y o s
                                                    r
                                           bs g c+ } SP
                         /fs 8 fl ] b O Gl f ] }3d G f f
                               8
                           l ]Fxo a }
        nz  ] /
   ? t |g ] g          ;f; N n 5 [ t
   'ff ] w / dL od }kg f l i;]
  ; dx }kf u h{ T }kfm y k ss d  ] f        . f?
                                                 { ; s "
                                           g t i ' hd d d
                                          5\u j ; l g}d N fo
      s n
  p ] pn x k       \ o t {f sJ o g
                   g
kf ]/f f ]c nc m l f ] fk b f jfe
 7 gu u F]l ]f } r v LO m f] ; G
                           n O o           nL q u l f ? ; i
                                            +     s
                                            } aL ] s g
                                          crl m /f ; x o j   f{
 x ff }okf s |] f f g. ' f skg N 9 S G ;] Pf
k du Frf| g ] d y ] 5\ … d td }m ] d a\;ge }r es
      d
 n pl z G t nw b
             ] ;        s  ;   ?       N " g ]b t
                                           o
v] fg.G 0rfTb hu gf}:f f fyf 5\… j ; d ls f ;
 n
 f 5 c k{op f
  s
  ] \ g"    l k s U d f t n ] l ] g u i '}t n# o
            f           f ; h ] u ] oÚ   t f? k l ]
                             +     s    ,   .    {    |
           t b o " 8;: d / ss ] % kdcrlmlf ff
;s L +fk \Tl l f k{ f bo;] xf [n @?ofnLquo ;d f
   / : dm k
 xf ;y f{p ft r       j j          s f
                                t ] i         F
                                              f }
                                             } +aL/, Ns  Ú
                                                         ]]
z g g g ? ] n kf g … }v L ge] ' nL [ i ' one]
kf u{ L n ) f ?} e] a] ] u{gl ; c} sss f ft']g
 |] px % v o
  w                      ;
                   F , n t          k ?
                                     5      r f 0 / ª –
                                            + i [d ]s
 ruL ] Nf f g.f o c nt f] fÚ i ] k N 9 o ak b
v {/d g o s 5\x ef l ] / | o . [n … d a/uf;}m f
      l; P        n     ,
                        ]x     d e ] ss
                                f   f      5 o
                                           l " ] ]    ,    fO
 | G6 l
z g ] f f xfs ] 6/ f flff f L 0
kf s | jf@ h l f l ]o s xok d d /
  ] b
  w a i    s
           {    / n k N P ]/]t } s f;       /
                                           f n q P ;] f
                                          of ]f n T } ; i
                                          JkL d l ,ono j      {
l f Tb x]/]  
r p f 'u f .
 o kg g ] 5 s                      p l ]
                     u] f; f ]s f ] ] sLd k { cr a ]]f
                      g y \' g ] g /5 x;o l / nLR o g
                                                 vP } ] f
                       { { s / n uk
                        ct p                          + gh
   f f Tl r h { f | g ? ' . fG ' s gs 5.
  u F p ftl f dL] kf z x  ; f ; f f af f '
    d
   p kb o g       s z ' G do s ] P ] 
                       ]
                       w     5        P          Ú
 d c { ' gn h
hg h k D Ú n f r s k n {] ,m \g
… { l n mskL ]} ] l f]tf/ ª k ];,
      g 8          g o ff O f   n
                                l d6 ª
                                     {         a
                                              g / n }o /
                                             ;] f f"crJ f
                                            n' h s 7fnL f L
                                                        + k
 /f ] | n af 'f « ,l /tf Pf o fl;fcr ]o f D }
u] sb k' ] t go . 8 ª u ªu] o es l f /flg ] + f"x; s
   ] | v
 s G d              O ]    8
               pe ] f | / / ]         r    wt n nL d n d
                                              D     s
                                                   } N
s | p ftrfO g ? ] pL nKl u{.
 ba
 ]6 k   b o fp x        x os g
 G f Tl l n { L n g ? ] fª 5\              r
                                           "
                                          R P l s g lk f
                                          p e k l f ] 6'd
                                                g ; n5 6 q
                                           nL ] o g u ] f.
                                            } R p s aP
                                            + g        ]
                                          cr a Nf ] /f t 
                                          b ff f f h dc+ f
                                            sb | t 6 / r
                                            } ] a
                                                f
                                                ]
                                          ef];; f affnL]   }s
        ljefux?nfO{ h?/L ;"rgf             f f ' P l s g b}
                                           // ? g ; n ;r
                                            j
                                            ]
                                          sf ; e k l f ] v {+
                                          y3 {g nu ))s ]
                                              v 6{ l . n
                                                   s
                                          tf/r f ff %^ l f
    } d fsL + tgft s ; }o; ;h P+ f ] o gJk n ts
                                           q R f of ] P
                                              g
    a ;f/ ]c ofo:D f f gf f Hfj d a Np] f L af f
    + r x s
    s                F e y Fh                          /
   j s ys    z g n ] + j G e x 6 5 u j ff rdkl f
                   s
  n/ ; | g ' f f  as le j u a
 s ] f f kf x y ] 5.} f lgl f ?f
                         s                  \    sm
                                                fk' } l ]
                                                 { g
                                           g.t i ]u tf| n ts
           / kk r , l l b o l b z, ; ] ; k]l l f ]'}
                       s
                       {
                      i t
 ;o ddu g lq; g jf k jgs {wlb{
  d– ofl ]/ , "f f | ], fj , U g
     ;                          l          f^ o uk s g ;d
                                           9      ' g ;n ?
  g{ x ; l f] f/ ] T "; G S l } :] of nLr f o i
 l ] f o k s f d f fx k{|a ;5. g ;td d cr a] ];j
    l
    z
   bs?       q s ; r s d j0 f g
                           ft]        o     f"N    } ]n
                                                   + s  ]    f{
 sf n {i t /as s}gjf fh Lg lq f l f;]es x\
   x
  / O [u
  '? fb6 uLs f ' ll u 6 f x]/ j
         l      +
                } g  k ea / ' k    k       ;    t
                                          s g r Pfg.  '
                                                       
  rx      /     ;w e s ;g s
 ; g ?aftf gGgl f f "f| gtf h
  "f h y c' f j u ]r kf y af   z       /       l
                                              t{o / ' h
                                             G f « h d; ; d
                                            c /6 aff?l g}
                                                i
 k4 z f ;o}7 {} f f s { L n { ' t c } s] " cslP f
                         d rx O ;
                    s
                 O+
  |{ f d ddkf as c df ? f ; "
  jg v f                      /      lr    n Lf d o ff s]
                                            +
                                            r      N      ;
   p o   d
  / gs { ;o ' px f{ gf bf
                o
             u \ g s / 5
 uf ]f f xfk f ' xb c' u{ .
             ] / g' l       w +
                            ] }              v
                                           l L n + f/
                                          h l t f " c } JkL
                                          l/ Ds 7f n Lo f
                                                       r
                                           d 'L af .
                                            t jn P
                                               b
                                ; f ;" c[;] ]t  
                                  kg x
                                 Db d
                                                s f/ fs @ &
                                                 / , l
                                                  ]
                                                  j        ^
                                                –f f $sQ , )

                              3
                              2
                          f a;f
                           l + r
                           ; }  /
                          d ss df

                          ] t x k at g F
                          j/ g l   t
                         ;f / ] | 4 fh f } pb
sf]xnk'/df===                   s
                                +u I u t
                          S
                          ' P a; lfn f f
                         9se/ } Fg] fos
                                     k           s fGg
                                                asO /6
                                                 } ]6 ]
                                                 +
                          f] gc | go .
                           f/
                            j     u {]
                                   x e 
                         s/ fu{f u' f
k[i7 ! af6
                           I L so o gf ~s
                            q
                            ]     f k
                                  n    n
                            fo f{ ] uh f          {F
                                                  e; m
                                                 ;/ f ^
                                                    e
    sL d k b g gf l z gaf r s c If
                 v
               5l
      x
      ] ;o l ] } ]   k    bs q b b ] ot f
                       n g] ]x ' G fWfd
                           {      /
  /f f ] ! | t f Dg bf d f a s
;s s z/@ k z d ; G p\ g;f]f} f
     / ]o
/ ] .Tr ;r }g f] l fo | tffq fGo
 x 5 t Zt f}hfs j u k' y;Is s L
   g   k f Rg t f e L d
                F
                  t
                  l    q k     3
                               v
                                6    /d +
                                     ]
                                      x s
                                      f ]
                                      ] b  |
                                                 ]
                                                h D;r g
                                                a;d ~fn
as ?d…fx |/f s ;l] bf h L " G
 s f kf k{d3c g f ' js o f } k{ q
  +
  }         t O f] “ ] k I
               +f u        /f / ; j L
                                  d , d                 
                                                    78. l s
                                                   f f} [ l ;
                                                  s d f sfjf
                                                       + i
  s
  + g “    b    ]
                u         d /
                       t ] b
aÚ ' xf xf u{ d kaf e8 L gf pf
  } x] ' ;o g ;] |x ' 0f, ] B     / k  n ]  u          d
                                                       l G ]
                                                a l s /6f s f
                                                + = ] o //
                                                s
                                                } n f] \; f f j
     w
    / {]
  gf go .
c' u'f
     ] e                  l
                         a0o ; s]ks c I
                          f H + f 'f W f
                           f 3 x /  n      o     e
                                                 F    ;d n
                                                 f ^ h D ~f u{
                                                ; m a] ;r g g
    a s k'so f c s lt l l f tf} f ;
     } f| f / l [ r f0 w n y as c n
     + d
     s      v { L w t Gdf t
                s                      +
                                       s         l ]j l fs 5.
                                                ; go:f n Pf  
                                                 s J yd O ]
 o l k8 ]' f fGo | bf Dn d J o
Z d + f ]z s gd J u so' n f ] t J m
   f; 0n e d t
       x                  x    h
                          f / ; n Go Q          o c a n so o
                                                    3 +s
                                                 ; l } ] f{  f
                                                             n
 b a ] off dht f gPf oe] ] ' fs
l } n d; ] kf gf] u's l fg f k z f
   bs }
   F+ ; k ?    I      s   { ] ] s n/ v f
                          e y        x          ;oDd do f of
                                                    d qV o  {
                                                            n
                                                 d; f ' s f d
  ] u] m f ) f z d |w
;f g q d @ s b s f k Gs vd f n;n ]
  j {d             ]      a     ' G Dfn
                                  st               6
                                                 6] / N oyg
                                                G g e v] J :
                                                O / ;{ f] j f
 y g es o } ]) f ly s :u uesl f
:f f P f ; a n# s c l ? fj t gPf o .
    k        ] + s      ] t x ]f ' ]  { y]       sd + r b
                                                    fs
                                                u]] a x a a\
                                                 / f } ? L 9f  ]
  zd f sf j ;
b s f;g l;g l f
             f       s                          k: fO lu u an
                                                l w fb
                                                |k{ {i t / s ]
                                                 t n [  6 L} +
             t
     fg f{ f 0 ]
   f ] d m |L f f
coh f k ud fI d      qs'v'/fkfng===                 d d G //
                                                   ; lo
                                                 a] ] \; f f
                                                ^ h D /6f s f j
                                                              ]
     tsl ;  j
   g]f ] f y ; 7 s  +g
h rg f s tf f l k[i7 ! af6
                    u                              n
                                                 ~f g; gJ :
                                                ;r gu{ l ] j f
                                                         s oy
  z m/
    Q f j G fl
; ls0 /le ; f slg dh        s
                            } f| f f c s
                                 v s
                            + d o / wt
                           as k' s { L l [      d O ff as ; g
                                                l fs x.} f "f
                                                 n P ]] + ]r
                                                        s
  f fs f m ~f u] o l k8] /n gnL
   d l od n s
    b        q          ] f +0 O o k r
; 'o s { ;r g /f Zd x f] hf / ] a
                            ; n          f       jw
                                                | j u f ;r g
                                                kl l f z f ~f
                                                l e, v       n
 y ] ]) f s f fs f L x f f f N] L
   oe          b
l f g$ s]z d cz c ; l s I d pn g
                     +
                     l    k t ]    q     vo     l f/ h tf gGg
                                                j u af yc' f
                                                 e     /    ;w
  fH a ª fj z /f f f x ] f }[l f
   l + /f ? s
    f l
a0o } s f/ 'u]] o b / f g Fsf s
          s     ]         u    s    b i
                          ] g ]h p l j ;         ea     n ;m
                                                l f L5 k e{f ^
                                                j u r nm O F e
  ; } ) f z d c / " } fl [? fhf |
      s
      +       b
o a ^ s] s f f k{ as c s xs O/ne0
                    P 0 + wt ] o d
                       f s                  f     ;d / n n x
                                                          L
                                                h D e v] f ]
                                                a] ;{ f x sL
  fH a ª f f l ;f
   l + / /x j
    f l   s    j
               ]      / m f / ] n go .
a0o } s f ; t ]t k b Lxf N]u'f
                          n o ]p v {]
                               s        e        f s f xa f f
                                                 v o
                                                z f f o?fs f
                                                      {
                                                      n   6 //]
                                                              j
 x a pe ]
   g t go .
/ ] f 'f                   s { ds Ltn s s
                            f m f ]o fd G f
                            od G l ]
                             q    b|      b|     ' ls / fo t
                                                 ? / ] j
                                                z uP f c Zs f
      LP d m D 6 f g{ zy fn )b D
        L k   t o / 6 bs
    ;a ; f{ sK'a l ] b/ h L ! l ;
                           z       z
                                   ]] gd         g k G f{ x d
                                                  ?       f
                                                          n
                                                c ' co so o? f
   Tfls } ª ] g n ffd f m f! g f
       '      +
              l    j
cowg as ; fu { rs tn s { d@ h f]
                           ] l od
                            ]      q       s     d m F j f l]
                                                  t du :/ /
                                                      ;
                                                ;] q } lt ug
  f/]]
nux f ; a l } |0 ;eufxf ;e L n {
   l s o } 5 u L xft / ] xfx f
               + § ff
               s     d      l   s
                                ] / u? O          
                                                5.
 f f d f g }ª y u
   ]
   q        t
I d ; ] cw s as : n t e 0 u fP f ]
                '
                l    l
                     +           d     O n
                                | f / s]
   fn
  0 f g
kfå f ' lz f6 s tn aLpnA " /]]
  | L/s }g f a /d f d 9 klkf x f
             k vf
                                                  o;     Jjya
                                                         o:f 6f
                          l             {
                                     w0 s        Gfn ;f~f u]
                                                 Ws L ] n {
                                                ;o fg j;r g g
   D g tf g N l ] t go .
     f          s g s , pe ]
hd u{ y l f ; g af 'f          
  z jz 6
  ]l ]f x} /dt
b –b a ;hkfs f/  }
                 ;    G                            } } o ?
                                                   + l     n
                                                 ; s fs s f x ]
                                                o as a ª f o n
                                                           {
                            s f f k' [g d ]
                            } v d i
                            +       v 0
                           as z f| s fsL    n
                                            {
    ; g8 6 8 ] 8
u{l ] ] s {m6 f ;r gu's pm f m f
            j ,l ,
  g s ,l f q8s { ~f gPf Q s { d
                            n { ]
                                e        q
                                        od
                                                 ]l
                                                 z s ; } f
                                                b e/ f o a s+
                                                            s
           ]
           j
         / / jz b j d
  n L f f l ] d| l
P; s f , bL'lgo ; JQ f kf hf a
                   f      ]
                          | o m ?d O/ nf
                          t
                          f ls           o 6     N l G f{ F
                                                h f y o o ou
                                                l n:tc s f ;n
    o
n f s ; ffl t x] c gPf fa l y Of
             js : / g pe
   u t f ] ]j f ' f 's 8 ' : , n =| d
                                   ;        d          +
                                                  j L} p /q
                                                 do / l s 0 d
                                                ;G u a ª f6 f
                                                       s
    s L pe ]
hg f uf 'f
   f / / go .             f ;e L f Q d
                         c ] xfx d b zf/
                          /, u? ]    x     {       n Ll o j
                                                 ~f g/ ] \; ]
                                                ;r g u /6f ;f
                                                         d G
    å s ; of) e f9 gkf kf L k cc m]
      å]            b
     G f dd @) G aL d| ' } ]g ff\
                           ; 8 g l –k f
                             b ;n          g         G
                                                 t o o og ]
                                                 d s f gf f S
                                                ;] fj dNp ;g
                                                     {
   ff jt P l f                     y  q
zv W: e / k x L w0 /gPf o . f m f
                          /f Ve ] ] o d
                   g d ff f 's l f s { d        / ;f u a ªs f
                                                    6 /+
                                                 oa } } f f
                                                        ls // ]
                                                              j
   gfe ;j{ % z s k B fH x +fWf
      d m if   d     v f ] u lo ;
h t f o}f @) ff gfpfj f df s c I
                           n ] 0       3 o      l4 l      ]U /
                                                [ f f ;o 'sf
                                                a s nu xfk ]'
                                                          ug
        n
   f ' s] a Gf "] ' '/ f L } f
;y d ' f ; }b 7 f s s f h] , a s
           s     e    n   z d       z    +s     s
                                                + j      es d
                                                } o y l u k'
                                                a J :fjf f |  v
     ;         n “ h /
so ~ f,7 f k L w} p d faw x ;x pr
   f{hn "] " , ] k x | s ? l kG        t R           d
                                                 ln '/ k oo ]
                                                cg s f p f fn
                                                           W
  ]x 8x y u s f f bwf ? fky y ]
z /f /?t f | s ; kfs L s pl ll f
   o ] N         fx    y   l / ] :t o.
                              x                 t gPf  
                                                  pe ]
                                                af 's 5.

                               4
                               2
                          f a;f
                           l + r
                           ; }  /
                          d ss df

  +
a}sn] u|fdL0f===       t go .} f; u s y
                        pe ] s
                      af 'f as cn f tf
                       ] N ? cf t
                       o f/ fd 0 fr
                      z/] x a f Cfyat
                        x8
                            +      |
                                   x             ly s :u u} f
                                                 t x ]f {
                                                c l ? fj t bas
                                               G Gy
                                              | s j g Sn fa d
                                              a ]| ' xL
                                                   b
                                                             }
                                                             +
                                                             s
                                                              r
                                             k w b] f zn ]d L f
k[i7 @ af6             x f +f W f //
                         / :s o
                      ;s L;y fc I gxL        / f' | k{ x ht f
                                               ] k l L}
                                                   k
                                               s } : +  s
                                              x y|t wa ? gf]  s
    l Gs g s ah as
     j g l f ff ' s f
      l 7 O jb } ]
       e          +      { 4
                        f;[ t
                       §O l 0 fr ;s L
                      e/,d Cfyat xf   /       ; g] k s
                                              }lf f + g /z/
                                             kf Id m; n uL x f
                                                  k {t         d
l r z f y ;ff;
5 ' fn k ]
   G v ]       js f ;y f W fjx ' f tf
                       :s o ] b g/
                   y +f c Ibaf / fy                  u
                                              u7fB J f fu L
                                             nL"pf/o; dnf
                                                 n ] jo        g
  x ? f / ] f f gf o f + 5 '{ { c I
of d mxf c b l d Ak ; lr Of f W f
    x
    “ e ]/ “ b
            s  p       f/ 3 G s s o
                                 O               s
                                             u / f / f h t fg]
                                              lx ] x L gf] I
                                               /] t d      s lfk
  k f f] } s kl f; f af a 6 ] t e d
y x ] fb } fu do uvx ' f L;] 'f f
        d    a |
             s
      t nu{ ] t
             +         / /u
                       ] b ] n d zs g        ; n t 5gnf k oL]
                                              s g uf}u Ll x f
                                              +      },
                                                     { g g F
                                                     +         s
  ] f gf6 e aL xf Gobe ffdf f]
                   ] t gP ]] / ] o
es h t f cm 9 ;o d Jl 's ;;f s IL
  u        a       u              x q
                                  ] f           x
                                              jf L e f t n
                                               ud
                                             ;f L u aLbaLf f]
                                              ]| f/ 9 G 9x] fd
  ' lj o u'f x | f{ ] ~s g {
x] Z; J m go . f so o gfuh fl ]
  g jf Q {] d  e  f     fn k n       z
                                    bs          g
                                               { t
                                              bl G k ] f f/
                                                        j
                                             u} / /y ;f nux]
                                                         d l g
     { s
cy ;s x Pb} fd
   l r+
  fs " f ? sd s fs
                ;/T   gab r s c If ; G
                       q f b ] ot f k
                       ]x ' G fW fd Dg
                          /                   | go .
                                             k u'f
                                               f e 
                                              0 {]
 x ] | y L DQ f Pf o .
/ fk':f ; l /x es l f
   s /
   ] r o k
     ,             n      y 
                         ] ]                    ;f k'l n c s L
                                                  o d N w/
                                                      v
                                                 xs | h fl f    ,
             s
  o
  ] h d as a\ z/
          / +] b o
z/af f } f 9f ]  ]                |/ +
                                – x 9]
                                 kl'
                                  d
                                  ] u n       Bu ff + f |g
                                             p f a0o ; s k lw
                                                ] l H 3 l l t
 "s ; O ] s f/ }
 N    y x]/s    j
do f f e/ f f f g
                ]                             ]| 8
                                                k
                                              t b n       | g
                                              f ; F,; us f L
                                             d L fs]cn f h s
                                                          x
                                              ; y ; |
                                               x          fs y
                                             l+ t fc n ux t f
o a; ;l s f s nu
 ; } F 'f f f ff
   + u / t / / ]l
   s    I    j
             ]
 / ] f/ Pf k +
            ] {l
ekfc f es tmO t
    {
  b w             u
                     s[lif ljsf; a}s           oZ ~
                                             d krf n o ft ; s
                                              W l d r fo + f
                                                        tf 3
                                              |g l0x ' 8 f ;]
                                              ll i b s
                                              t      ' /
                                                     a
                                             k lwjf f v \ ]dn t
u{f
 go .
  e]
  ' 
        g
   } f f l u l fo
   + g e s ju
   s
  as s "jf f e L
                     g}==                    d J /gPf Q s { s
                                              Go f 's pm f m f
                                               t Ve ]      od ]
                                                            q
 | y o f f ]o
k' tfT I s sb
 dv      ; ]q    GL
                  |  k[i7 @ af6                    q
                                               ot fo o o k h
                                              Wf IL f{ ] u f
                                             c If] s f gn~s
                                                        n f
         / z + ] a s n fz /g ? / l ] gaf r nu's
          d n s
  Lf
 k I
 'js o f } ]} f
;/] bf h L as              +
                           s
                           } f f } ]wL
                                  v+ o x
                                              g{ ]x ' G ]gPf
                                               bs q b b { ]
                                               z      /      e
 t;     f {
O x :/ u})$; d us?esas?dd'f
 l f d0 b@@ f f f x Pf} fkf'd
                 n                            y]
                                             lfo.
                                                 
                       |x          s
                                   +
                                  ] ]    ns
 l
 [tf| fqf hnf f a;f/n ? f n f
 i
sfyu LIds fu L ;} / ffxn { flt
      f f
      d ]
       0      {g  s           ] j f O eG
                              s            j
 l k        s
           ] h
 f y g es a f !
nu:f f Pf}c !( uf ] fT f; u / f/
 + f +
 }l     l
            +          / g bo d h x ]
                         p lj
         s v f y ll ; efTw s }
 f fH } f s f kj { G {c fg a ª
c j0o a ª z f ;         /t bd o ' +
                            t
                                         ]
                                         s
                                       l ls ] mlf
                                            f | ]m
                                           6 k 6 k]
                                            n Lng
 k{s ; d/ ] d d
  O ]y ] /
tf? f f fxfs ;] ; ff; u L h t f
   x
  I e
            s
 't ] ] p x L I
            b
                  t ]
                   f
                        js f | 0 gfd
                         :t p l
;l u{ saf }daj pl l h f ]| 4 fom
 /f g Pft F f 6[ ky g g k jt J
                                y ffd
                                      t     ~f d
                                             n
                                           ;r gf
                                          ;'
                                           Q
 m 6 kf ] ' p
 }
 +          j ¥ g go .
                o
e c n ? d ;fk f ] u{f   e]
                         '                       f f} [l f }
                                                  78. l j ; +
                                                      
                                                     + i
                                                s d f sf s a  s
 l s y
 | 4f ; ; l m e
 t            3 }
                +
k at f f o c e cm        as s "jf f e L l nc m j 'y ;f
                           } f f l u l fo n ]f f: tf ] /
                           + g e s ju
                           s      g            = k t\
                                                    g        j
 9 ;o gc | go . k' tfT I s sb aj]jf/d ; g f
      ]
      u    u {]
           x e 
aL xfu{f u'f           | y o f f ]o }f;{ ff "f]
                       d v         ; ]q   GL s
                                           | + / ; 0f r s
                                                     w
   a
   | s + | fu { 'js o f } ] } ]
    w u; kb } f
  kG uf f r fO] ;/ ] bfd h L a n
               n + k I
                  n       Lf            n s
                                   / z + k kf … k g/
 od f {
  q
 f m fj t bpm f n j s l xd c g o 6
s { d :u u}Q z f l t f g? f G l f f
                 v] u b
                                               '¥g f m a
                                               r
                                               F o     n
                                                       ] L
                                              x 'p 6 | DÚ
                                      o sa
T es @ ujd;f'p] Nf fs s f]kf u L ;r gfo s 5.
 ;u      l
o ]f% f f]kf
          ; j ¥ g o s /d h f dnf
                o        P]         {?
                                    s      g
                                                n     f]
                                              ~f d NPf  
   b+l
  p a ª / / ]? tu
 t F } f f f'f F / d a :] l { 6 g
af }s s f s z j ;} u f c o f/etxf
          ]
          j             s
                        ]f]       tkg/ pf
                                                 s
                                                 } ]8 / ] m
                                                 +    g ]p
                                                anh fu f Q
                                                         s
 % u s ]f f ) f r ]] t go .z /t f 6 k g / ^ -) ! )
    x
    f
@) | nvt v] ^ n
          f n L   v f faf 'f ] y f | D ! ) ! !
                        xs           
                                 pe ] o
                                               n L
                                               ] m a ^ -! !
g ] + g P fhg / gf] f fkf+ ff } f gf " ~f
l f ; n es] f f ht f Is?das c m x. ] b ;r
  k
 I s             sL        slk ]
                              g]       s ]k
                                       }   g ] k / /
                                            \   n
b' ] } fQz fd' } “/ x ht fDQ u L +f f n s pm ]
l ef as pmfn 's kLx] fgf]k nf ;y a l Pf Q ;f
     s
 go.+ ] v ] s   n     h g“
                       "        b
                                '   s; l g : g 6 O ]         j
gff ffu L: d/ f uf'tL f ks ] f6 c u ;{ ff ; g /
    r
  “] y f / s
 o; s ; | ft fx
          d0      ] bu:/ t / m{U/ L G { jf/n f Dd
                         {f o
                           0           g 0
                                      l o]           w
                                               tt ; 0 ] ] a f
 | f x8, ]x8 y Pff knf s b u'] m b 6 k ' t{
u s {f / z/]/tf es Itm u L ]t gg k uf ] m zs l '
 g
 L 8 ] N   of N            ]] { g l| {{ f {l f N g
                             q         G k     g
                                               ]    n] g
 lo | x ll /{ } f ft / ] n b b  o g /6 f f
; m u s? ;d t uf as aof xf N] u} k}. f Da c s
 q f  x     Dn     O + ]W
                       s            ] p v { { ]af P ]
                                    s          g
 f tdu s {d g { } ]af gfg] + g ] m fo y g f
uj:/f| f; ll f ancs l d lf ; n, 6 k s J :f s {
 l;     L 8 lt df +
        g         0 s             b    k
                                      I s      n]g
                                              l f ]j k o
u u Fpfxf ffdf l |, y le h f h L x n { s aftf
    –d
 L pf
 / fu F;s L]W a
           / do 6 j] tf lg d t f f fa f h y
            s            i
                        k0
                         f f      jG g / n O } ] / s
                                                   +
 h tf I + g /as
  { g] sk
s fy lf; n uL} f u]:f k ] pn uf ] c' f l f ]+ g
                 + ] ght y ;f kA / g gGg j u ;f
                 s       {         j    w p    ; w en o   h
                                                          ]
 f m fl |l ] o x ] f f up'f
 o d Ott b n ]
  q               s
s { n {jf g I / f h s L/go .
                        g / f e]               5
                                              g 
                                             u].
                                               {

                               5
                               2
                       f a;f
                        l + r
                        ; }  /
                       d ss df

             cf=j= @)^^.^& sf] c;f/ d;fGt;Dddf
                              +
                    jfl0fHo a}sx?sf] l:ylt       -?= nfvdf_
                                             sn g] L8 /
                                                  I ;L a
                                                  k
                                              ' lf ; L vf
                         LP L f
                         ;c P/
                        ; L f; c        sn
                                         '
     s
     +
     }
     a       ' k L " sf
             Q F F ]
              fh h i
            rm " kL f             s lf
                                   ' g]
                                   n Ik      / f h ]f h
                                             n     { l] {
                                                     ;
                                            t g s f /o s f
                          -| k
                           =_
                         /k -  =
                               |
                               _         h
                                        sf{
                                             k=
                                              | gf
                                              _
                                             - c' dg     k
                                                         =
                                                         |
                                                        -_
 ] }
 k +
  ns
gf a         –98 –98 – = – = 4 57 2 82 3=
             463 463 11 11 1 7 5 6 3 5 6= 6= 2 8
                          17 17 3       1      2    9 2 2
                                                   0 91 =
f « fH } 1 97– 29 2= 2= 31 1 5 9 5 9 3 8 9 =
 lo l o + 0
 i 0 s             0
/6 j f a – 29 1 97 –4 8 –4 8 675 321 2= 4= 5= 9 1
                           0    0     5 4      6   0 4 8
 lj +
 [l f }
 i
sf s;a  s    1 5 15 6 1= 1= 3 37347 2= 1 = 4 8 8 2
              0 0 32
               26          6    0 4            4 569 6 =
                      3 3 8 8 5 1 3 960 8 5 25 =          2
 D
hdf            0
              513 – 43 –= –0 35 9984 3= 7= 2 3 7
                7 1 4 3 9 181 0 597 0 4 057=
                    7       0  = 66            4   2 9    3
                                                          =
 l }
 a +
g nas          19 80
                1
              4 1 434 9 9 16 963306 2= 8= 7= 18
                           =
                           8   =               1   8
                               11383 325 8 8 2 5 5 =   1 4
 ] G6G } 5 6 65
 k ed +
  n i6s
gf O ] ] a      5
               1 7 22 9 4 16 4 48 49 0 2= 9= 8= 02
                       4 =     = 2
                            6 19 5 8 01        3   4  1 6
                                          2 7 5 0 2 16 =
68 r { }
 f8 6 +
      8s
:G {f a       31 497 17 1= 292 578 3= 6= 5= 0 1
               89 29 5 9 7 8 2431 9 4 8 9 2 9 4 =
                 9         =   7        8      4   2 3    6
xn }
 do +
l f gas        6 7 48
                9
              31 441 96 12 267212 2= 9= 8= 3 2
                           =   =         8     9
                            1 16337 9 7 8 7 06 19 =1 0    5
 k ub +
 ] +f } 178 1 1 18 18 998 91 3= 9= 8 1 4 8
  n    zs
gf an ]a             3
              7 2 9 7 1 1 2 7 73
                           =   =          6    4   0  8 3
                                         1 1 7 6 3 87 = =
 k
 ] ;LO } 222 229 16 11 269 824 3= 7= 7= 17
  n c {+
gf Pa fa  s    52 86 2 2 44 288103 3 5 9 3 19 =
                           =   =               8   4 4 4
 e6 }
  ] +
  i s
P/ a           57 27
              231 351 8 9 17 316 21 4 3= 68 07 06
                           = 0 7 739 85
                           3   =               9  =
                                          6 2 6 5 27= 9 = 1
 s
 +
 } ks d8
      70
a cm f f" 2 8 204 11 15 1 26 1 11 2= 9= 8= 11
                9
               14 5  7    04 16 9 4 6 3 6 6 0 3 12 =
                           =   = 8       1     7   4  0   5
 ] m6 G
 k ] 8
  n l
gf q8 P        4 1 5 7 2 9 4 4 0 7 38
                0
               1 1 1 6 19 1= 1 16 88 5 3= 7 = 6= 2 2
                     3     =    2 7            5   2  2 7
                                              55 8 7 9 2 =
 d{}
s;a s
    +
 'g a
 l +
 D s
naL }          33
              169 1 2 2= 2= 582 5 0 3= 9= 7 = 44
                    5 5 2 5 4 2 62 4 4 3 9 6 5 7 8 =
                     0      3   6        8     6   4 7    5
 gf L}
   O +
   ; s
Pc { a        2 2 296 1= 14 1 831 23 3= 8= 7= 0 2
               1 0 38 3 4 55 5 5 2 9 7 1 3 9 3 1 =
                0           5  = 4      9      6   4  5 7
 fk ]}
 5 '«+
   R s
d f5a         109 1 1 13 11 106 474 2= 8= 6= 27
               86 9 9 0
                     6         =               4   7
                            = 18 876191 6 7 2 8 56 =  2 0
 d +
 'L}
  /s
sf a           80 36
              139 279 12 18 1 75 1 02 2= 9= 0 8 0
                           11 3 6 2 5 9 7 9 0 28=
                           =    = 6     0      5   0 6    =4
 I }
  L+
nd as         246 263 14 19 1 64 1 41 2= 9= 3 4 02
               06 43 2 6 4 9 5 6 4 4 7 5 418=
                           =   =    6   7      0   1 2 =  1
;y}
 4 {+
l fa s         70
              11 2 2 8 8 17 11 21 97 2= 8 = 8= 04
                 7 1 8 = 0 3 91 6 3 3 6 8 8 12 =
                     1     6   =      4 8      6   3  1 5
nn }
 f +
  a s
U] a           6 2 76 03 17 4 0 2 5 02 3 4 51 =
                1
              1 8 147 16 14 1 811 68 3= 8= 6= 0 1
                           =   =    5   1      0   4  1 6
; h; }
 l
l6 G as
      +       109 1 2 15 13 173 028 3= 7= 7= 0 1
               32 4 7 01 19 3021 4 57 9 2 2
                     1     =   =        9      4   7   8 =3
 | }
 f +
 O s
kda            6 7 80 08 18 7781 9
                5
              1 4 11 16 16 123 478 3= 8= 4 8
                       6 =     =        0      0   5 3
                                              13 117=      0
 +
 } kP o
 s    ;
a cml f       132 159 19 18 1 03 1 69 2= 9= 8= 07
              78 84 3 3 4 6 1 6 1 7
                           =   =    8   2     6    4  1 2
                                                6 54 39 =
 gf }
   O +
;/ha  s       121 163 18 17 166 1 40 2= 8 = 7 4 14
               77 83 0 8 1 4 396 2 5 4 5 8 78 =
                           =   =         1     2   6 7 =  0
 gdL}
PPaa s
     +        1 0 266 1= 2= 992 728 3= 8= 6= 0
               9 9 02 9 6 0 8 39 92 68 4 7 9 2 =
                8          8    6              5   2  6   7
 La }
 ;L +
   P s
8 L na         05
              239 2 2 2= 2= 61 774 2= 9= 7= 14
                    1 0 36 4 3 9 2 53 92 59 61 =
                     1      1   0     5        5   6  1 4
s }
 i +
l6a s          1 0 29 4 2 4 3 5 5 2 5 7 3 9 4 0
                5
              2 5 276 1= 18 1 42 1 36 2= 7= 7= 09
                            0  =    8   6      9   7   2 =1
 gf}
ht a+
    s         1 2 1 2 6= 6= 87 69 154 7= 6 8
               4 9 4 9 7 1 7 1 44 04 7=
                6    6      8   8                  9 3
                                               1 112=      0
 D
hdf          57 6 6 1 17 1= 349 61 1 3= 8= 7= 17
             37561 1 1 7 3 24552395
                    36 =        4              3   7  4 1
                                          1 0 2 4 7 55 =
 n f
 ' D
s hd         479 6 1 17 1= 349 61 1 3= 8= 7= 17
             8 52 1 1 1 7 3 24552395
                    36 =        4              3   7  4 1
                                          1 0 2 4 7 55 =
 f ; L / G t 6 | t; c/ G t 1 kz
 ] ;c o
 ^         g
g MLPfM "d kz, L fM "d 0 | t
                l
                t P o     g   t
                              l

                            6
                            2
                                      f a;f
                                       l + r
                                       ; }  /
                                      d ss df


                l s + ; ]
                [l ; } f s
                i     s
               sfjf a /d e f
               +m f] d fd Dg
               o o gf l
               Q   h       G
              ;' c f f tn ;k
                                                          ;f 0g
                                                           /]
                                                            h
                                                          –' 68
      [l f + n Center
      l j; s =
    sf s a l /
       i           }             Jx s1 l'BL ;: o fd dL j'/ f'
                                    /
                                  jl g g s o t h' ]v g
                                 o f f b pd fd f : ;f v ;f L1 dL
                                         ,                 , d      v
                                  fy } f l g l s j d/ t ; G gf
                                  o n ;w / ' n
                                 s : d dful,fdf lof Lfd D u'6}
for International Cooperation, Min-{     g bt        i x l k {s
                                                     f     n       i
                                                                g /«
                                 ;eL n{N } L f f' nuv L] ujf 'x.
istry of Foreign Affairs of Israel  x l8
                                  xu? fk d u Igg f ; f fs sff
                                   f O m n b ap      l ' / } ]/  
                                                         s    /     ]
(MASHAV) a e fåI  r slf
                 L P ] kL         o
                                  ut BL {l k a ;L jz 6 | f o /
                                   o   ncs f
                                        Oy {             ba l s f
                                 nf pd f f ?d;n o/ l ]f k I NPz
  Df gf | i hf L ;d g g ' 2 s ;
  e f' T f o
     t /o {
     }           s
; mc; k] j O/n / I ap] op of f gn}gf " t d f }
                                   f fd Z           ] h sL s l k
                                                     f      d
                                         V ] y k d f /n f c m    n g \
j f o å gnf f ff ; G P ] f
  1 | lf k
       t Q / f P ]l k s l ]
        ]
l ; J m f ] d c / ot d D e f o.     n   g    y       rf~n u]o d 'L
                                                      d f { { g
                                                              s
                                                    v {;r g g fs rf }
                                                                    t
 ; s f df / | xn { Pfm ] L 1 , L / j z xg
      +
      }      {
o as srL us? f / f    x        O     t{k x g k
                                        f             + n O.
                                                       b
                                                       g
                                   s k gn ? f ; , ;] L f    ]
 f l J: e d
  l go y a] x x cy , | u t /
  n                     l L ' l l
                        h
t db]j f P fdo k , f{ kl nf w     r
                                  F   s j         }   hf a f ' fO f
                                                        o 6 pe '
                                          w o ] O/nfc g s b g   P h{
 ) f ) ] l ) I6 / 5\ s kc m
  ^ l      s
           {       l +
                    v ;
@ &st # b d /! ka ua gc fm f F k Ix Dr. Bruce Smith /
                                  f L , {{ k u |f ?
                                   f        t
                                            ]   ;
                                                " lsz              Mr.
 tD l l ; s n f P ]d , f 1 , L f
  ; [ s ] = ] s It bt g k O
     d i             +
u] sfjf a l s e ff f If f ; n { Ilan Arye nk sf l ef
                                          ,                / f g .
                                                           " x
                                                          ] }I? n']o
  ] f ki femd d ku g;bf o f x? ] eL n { k y
  G l | g ] kf t f
  b n t 8 '
    |
    o           7 ]
s Lt dl fa,Q/ ;]po u{S}. :] pf n xu? femlt
                                      ]     g t
                                              }
                                              +
                                                     x      x
                                                     F ; f O Q/   ':
Training on Poultry Business for
                                 j f j f l : kl
                                  s n y fg t s s ; uz fL m 6 g f«
                                               |t
ADBL Staff & Potential Entrepre- l / c:dk o f [ f l40 k6k{0 k L
                                                     l f N d 8 ]
                                                        ] ] ,
                                                           «        6
                                                                    N
        i l o d k o f f l l ; + mnf ems w ff«
neurs lo t d fm; G Jx s t dsfjf a k{u t Q/f]; k L
       js f s q D
        f n {                  g jl l [ s s d o k / ]]
                                    / n i        }              h 6
                                                             ' } N
ef p mtn d g f l n;r g g f ffs k{du k;o u{x f
    ] .
  o  Q f df ]    l          k     =                  x
                                             d             "
                              n n ]~n u{ k ujf m?fO/ d nf os
                                                          {}
                                           c+ /
                                      f 'm } ] d
                                             }                    TF
                                                                 O f]
  lfea ! g ;e L ' x. } " j f } d f]l f g/ d f
                             f /   + 0 lo +
                                     ] s f 0 s
c /olf @ hf xu sf f a k{fH a ;:s kr u] ;:
  wH /6                                               o f xg {      o
y . x f gs{L b O ]o j fo f l
l hf3hf df/ z e s f c:d : k[ f ;f s po ;] f f
  P F/    P           r /         ; s ; yf t s s d f fkx d h s L
                                     ]         |t     wg f? t g /
  gk « ; L s;e t f ~n / df / be ] fs d f t f«
hffL jf ? fxlf t d;r gu sr L l' f o.f f: k L
       ]J o ] f
       No x
        6                    u    l
                                  n    f   L {  /     P y]
                                                     g sl   78 y ]
                                                                l 6
                                                                }
                                                                + N
  o. : d ] l j f p L f;offI mE L f 6, f l ,
l f jt f f fdsn us- d n {d; ]b k{f s8:]E L m
 y ] fj o t
                      n ] | B_ O  x           k f do ] f o k
                                               I       n N / n 8
 fd f f f e{ G g gs gL] / f  o Xr utf g /
tns nu d gOc ap' drf f 'xg E Lo /nfs cug
  l         l q                o f       t
                                        ' s sf O . f fL o ] '
                                         }      ]    n             d
 f e fy f e l] fH s? ] f c{ n { gI u o f f bs
t d b k d gOj L j f axn ] LyG f lLf/J x s1 l'
  l G [ q {b
  n          s                z l o } gn t O /0 L f l g gf
                                  0 +     k    q      f    j/
zf| 1 ,l : l ? j ; /] ; p f g fl8 pd? f d y
lfl ,fk htj x snkff kf T gu] ; }N fBL n { t k
    ,j   w
  Ikl g j fi    |[Q        fo          k/
                                  ] } ] } k   b { yk s m         ;
                                                             x O ]
 ] { lo , i ; n d g/ f ; l
gnct de\g ljf yf f aO s o h n 1 lssfg? fga
  f G
 kLyqfqp'[ s       f sl  f                ]
                                   ] q fx ]     6           p
                                                     g P ]' x ] ff
                                                    f b f/ L s eO6
 + ] fu f] d [ f ly dsf s + n ] x}xkg lY]
 s n g s f ss O / t l j ; s =
an uL/ I ?fin { kllf [l f a l n ;hyff ; Gf l
 ]           ]q    x f             :    i    }          f p s o.  

                     j6 /f f ~ff5 k
                      /g   d // n
                     lf udc ;r a]nm
   ll f s n f"r
   [ j ; } = ] fn
   i     +    j
  sf s a l s k{~    anu f f ?;f/f ;e L n / ] l   ;
                     s ]/ s x d f ] xfx ]f f y . |
                     } ] d
                     + s        rs    u? v  s P f  t
                                                   ]
f f{ j6 / st ? d k ft kft g' JQ f kfs f] Nf f
 q
 ] o o /g d l
  o n
IL s f lf u f f { kf |l , |l xf o m ?das k ;n s
                s      s z ;/     b ls
                                  F       + |
                                          } ; x/
% t c ;r a] G lo jf 0f f f g' Pf ' / n ;f/ l I
      d // t q f { /d g / g n ? ; n r s l f
                     w         e                j
! u] f ~ff c /m ;; ff h s Lx] s ] k l f ]d f fjwk,
 f m lf IL f of Dj P Ds l j
 o d /] q o
  {      ]
s q uo.fos f s ;e e;d fu lw / n /g / k t f y ht
              {
              n               tl    v     ns
                                    ]rf ;m f s f :f
d fx/uL] jd P ] kl f r doa sz j n { ;L | g; G
| d f f c' f s
 v
 '    ' t s f
k /abd| fuO e f pnw/ ~/ fdfkft lof s /k 'u{l5
                     A ] f W 6|
                      a;         l  f
                                    i O    :tt    s
 Gl ffmfd fff, gg gj lf angl
 tq od r ]w
    o q     / /
c /ms {d;f sc f u'] ' uo .s ]o t e ]f f uf 's l f
                    {{ e /] } l d
                    kc      +       g g / pe ] ]y 
                                    Gh s L/gPf o .
 d f f/ kf+ l f
  r t / + ,s q s kf|z u{P ] d f
          i }
          |
          f
          0           s
;f/ oL ;] a k s f ?dkft b f f ;f/
                       l } sa r
                           c +s
                              }       nm f m f fo j
                                        n od ]  q
                                     5 k s q d IL P+
 f tf f; g f f | ] 9 ;o f f c gfd f s f fR l t? f
 l / g l k\ dL
            o a
nu o k {s]7; uf aL +f 5 L f h t D z f fns p c sxs
                /     Vd k d     ;      {
                                    v o o r w[ ]
 nm Pf o.
   n ]  y]
5k es l f         k f kf u'] jff ;euf o .
                   'p | gg cw0 xftl f
                   ¥ g o
                   o        k
                         ; {{ /f      l y] 

                                        7
                                        2
                     f a;f
                      l + r
                      ; }  /
                     d ss df


 l 6 af ] af tg { afF\6fq]fkjgn
  aL 6 9 s j 'o tp]  gl/ gofL
                t lng+d ks] 8fL
h8'xa 8 c{]: l f cx5;.loGtjJm;o]
                     s
                            F
                                   l Rfb { ?dkf
                                   g     y]
                                          s
                                  k sr kf f kf| ou
                                                 ]
   f f f{ s a% g ; 'u{. ] u
   s
  a ] ji P c{& l f x]b  gf G
   F6 l
    a    s
         f        s Lg 5 k h  n
                                   g 6 ] kg
                                   'v] f Tb f } d
                                       f
                                       s
                                  x] f] p f d gsL
 / N //f: l f B f o 3fYs ;
  ] " a ] tg {
  8 o
sfd afs j 'o pfjf ;st f gf
                t  ] 0H      + /
                   u l + ]o c'
                                  o s 5. ] u l '
                                    P ] k h 86
                                          n
                                  Nf f   gf G h aL
 'u] 5. x f T, f @ / //ff
 g s ]      F
            a   f l
x]/f   of6sy ji ! sfafs / g
                   f
                   {
                   s    8
                        ] a ]] h
                               l
                                  g ; ffk fs k
                                   sL ld sf f
                                          v
                                          '
                                  l fsnu | g f ?d
/ gh aLfuL fG of6l f x]/f  
f ,l6/f , Bg x f g ; 'u] 5.
 l 8' ] § v f, F s L g s
 ]
 h      ,8 l       a          ]
                                   lt  
                                   /r
                                  kl 5.
 f nf s j l f ' f G k f f l P
 n o
5 f u t f:' o x]/ gP 6{Ods a s
           tg { g ] 8 G g /
              t   h
                  l     6
                        ]
                                     k h k
                                     ] u ] s h aL
                                      n    n 86
                                    gf G gf } l '
 /f  gf B fH o g ]o f f f f
 s ] k  n ] l
            u f      n |f ] / P
                       T h
u] 5. ] p fj0o ; h fk I/ u k s
                                   af kfl t  jf
                                         /r
                                  xs ?dkl 5.} swg
                                                l
 + f Y+ ' f{ ) g. /f j ' D g
 3 ] o c; l
      s / f   s
;s t f gfji $ 5\ ;s Lgxfdj
                       /   b
                           F ;
                                   k sr ykf ' /
                                        f |tj
                                            ]
                                            l
                                  ?d R tfzw b} Lu
 f //f T g { ' j u / g G k f f
 v a ] f o g en f 8 G gO
              t       l
                      h     ]
                            6
n afs sy l f x]l f ]] P 6{On {
                                  @ / // ] 86 ;L
                                      8
                                      ] fs h aL ]
                                  ! sfaa fl 'jg  {
 /f   gf G fyk f 'f !j] e} /
 s ] k h n
u] 5. ] u d:ft I 5\ / ) i Df uL
               l  ] o
                  q 6P    { t
                           ;
                          f mf
                                  g ; ' /f] u B
                                   s Lg ] k h u
                                        u ]n
                                  l f x]sgf G pf ]
 ff T pf f|f d R b {f l f]jg
 } y ] T ?
 j
g 6s fB dk I kf srkfv f s g |f
         u o            6]    f
                   f y ] g N kw
                                  o f + ] g s]  
                                   f/ 3     P
                                  Jk ; n h f f5.
 s h s o g ]] f y ] o ] p fn }f
    /       n f / o . ;n ] ] ]
              h            u
P xfP; h f / u l f T af B L g;
                                   ; f l/ c}g kf
                                       tQ w l
                                  os c l m jfs?d
 fx 5\v /f Tb g f +0 y./ /f
 O]  
   s        6 kg    ] /f {
                    q f  
k/ fg. oa p f j I ;I u]t ;s L   /
                                   / ffh86 ] u
                                    ]s
                                    8+    aL k h
                                  sf}] l ' gf Gn
 g f f :6 f
 'e] T ls T gf; ' s gf:G0
    n              O fl
                      bo
x]m sy /a 'sy jn {df jdx f/  tt f
                                   fa g ; 'u] 5.
                                   s f s Lg s  ]
                                  g f6l f x]/f  
 f f g t gu5 gf / l s i
 F 6 o ' b  ]
 sa
a ] l fx] {.k u ]5 P jff nl
       {        n  k       s
                           { f  u
                                   l'J ; Llb y 'f
                                   86 o o j | S
                                             g
                                  h aL jf /G fzn
 /f ]T g ; /f
   /    fsL j
;s nsy l f u] t a kdm7 ] n {+ g
               k f qf ] f f; n
                  n
                  ] k s /O s
                      { b
                      t
                                   /f L k
                                      L l    6 xf
                                  ;s/ gt :i g'   b
                                                 F
 | ] k kfG/n gbf9; n u{ Z ]
 lh F o ; g
 t    r
k s Lf ?}e fl ]u{baL+ g g 2 n
           F       l    s    po
                             ]]
                                   l' f fd d fx ]
                                   86 l ; f o ]
                                      sg
                                  h aL]s L;: / f s
 /f   Nf] f]
 s ]      s 6 6 Rf b { s g? d g
              fa      ygN
u] 5.;n fv] f sr kf l f] v f }
                                   t F\
                                    p  
                                     5
                                  af g.
 T g ' fg l ; ff f ' u] ]f B
 k g l g q6 l U s ]
  b /  ]
p f x]h k o Ia I k ]/f / gp f
              ]   t g n l  h    u
                                ]

      x fgg {
         k o t
      d h fl f                    cToGt h?/L ;"rgf
   g' k{ L uL }L/ p ft x
    s
    F 6o
      ]          / 6 d kb
                 g
  txf os g/ v] ff Tl d
      tb
 k o F P]         Is l F
                   0
 fgg { 'c s 5./f f f x f
h fl fx}f f kLf nu of6     a           bl z b P]
                                      fv s
                                    % i] | g 'c s o
                                   # j{ kf x}f f ;
                                               +
 fg 7 Pfxo F ] | fPl xg {
 k O ] xn l l 5so
h fkf sd T f fk dgk d l f  ot     + ]l v + r j
                                  } ffs ' q } d f;}
                                  s
                                 as d; d k a ;f/ b
                                             s
  b      
 / P ]] I    0     O ] 0 o
 l }f ff kLfgkf s d 'tL
u Fc s x . /f u{7 Pfxuf/  :       s
                                  +    r x ]j
                                        /     d k
                                  } f df ? f ] f d {  
                                 as s{ L s ;f ;l 5.t
xf fg ? ]t k g { gyns x .
   ]
 s kL       P5 o  t
/] h fxnaf l l f u{fPffl ]]       ]q     n
                                        O O f l ]5
                                         +
                                  fl fk{ {:]f/ ]
                                 ok s tf fstnuxf <s
  g
 /6 f } f]d o y
       /
 }L d fr0 ff J : 5.pfff
v] / dL/s /| j f P63a
               f
               ]          /6     tf f' f f]f ;mna
                                    + ;
                                    s
                                   O g cf
                                  k { uf, n g/ 'j]
                                            r   e f }s
                                                     +
     d / o d kg g  
     f     + s
;b j{ xf ?} f xp f x]5.
 // if h f kf] Tb 'u{
           } F                    d f O to G ;L zg]
                                   rn{/ g
                                 ;f/f: La / xl fbb l{z
:fo td ld /f k x]/f l f ?
  g /k       |
             d] ' } s ;x
                   dLk
y L: }g x fvt g f n s g                  ;]d O ] N
                                  g;5.on f tf f ds
                                 u{S  T }x L k { c"
                                                 + o
   5
 t F\
af g.
  p                                      f j
                                    T e ] t 5 }
                                 rfs 'jf f bf as  
                                                 }+
                                                 +
                                 /gd ;ms:u u{ .s f
     f
     i s v o g  F
   s [nP f kfu L/! jfff
  P ss ] n ?}nf uL$ 63d    /         l      qk t
                                  d fo 6 fdl f;6
                                 ; ;d s 3 g m |s] l  s
 } n s P
 /       ]
 f k g /ft  P l fl f ]Lr
dLf u] af.sdg }; nt ÷f
                 x ds g g /       to      s
                                  | m f y+ / l l
                                 lq s fa f ;rn l g
                                 k l f ; } åf~ftj G
                                          }         e
        g  
       9 g
ksd s \u{. xP d f]L ; @
 6 x f ]5\ d s fs t o )
                    gfg             ]
                                  /h x F a t n s x
                                 lf f ; ; l kt fy?
                                 ko g?u Dw ;m f sf
                                           G
 kf5. f r0 f f //}] ' l f
  o   } f l
   F    /
?} k{ dL /s nu33dP] ? n+, b ]
                       ;n    ,    f fkf 'x L| gf xf
                                   n      ,
                                  d { p; d s   z
                                 xLO 7 g\f kf d;o    ]
                                                     u
   ]       k
        n] s
  / t "l ] g         p  +
c'h s k / Pf ; x af g.gu
 ;ff fm f sl f? t 5\jhn
                      F           5
                                  {
                                  gf 
                                    }
                                 u] .
                                    +
k g s/] ]Qu F}f s nupom
 l l } s pmfdLn f f k'
 g h xf  n     pf g l Q
                 /k                            ;f d
                                              –Db ;"
                                                kg x
 nes l xs ef  
  ] ] j    ] O
y fPf 1? fg 5.
                          28
                         f a;f
                          l + r
                          ; }  /
                         d ss df


      s[lif ljsf; a}+s ln= sf] of]hgf
       lgdf{0fsf dxTjk"0f{ kIfx?
                     l    /   sL
                          fv l /
                         t f/cw f

=[ "
  il
!ke7d              h ns {g f   ;f lf ; n, «Lo; ,
                    l f a] 5. ] / g] + g 6 / J f
                    6 o s    ]    j      k
                                        I s      h
                                                 ] jo
   } y j o +f f ob{f]t uf j] ]h f f]
   +
   s      Q : d k ' s; n p
                     f k
  a t fl L ;y f gm LO IfG g /g l |f; fd t s/ f
                               '         if
                                        k0 j g,        j
                                                       f/
 ] s] Tw |k { ; ]udl f u]/f + gf f s fg.s ]
 l
 v      l lwt s
b P fco s k i ff onl tf df gu] ;f dc ; s 5\an
                       j     0
                           g{ { s r  ] n      O ]  }   +
 ffjf kff fhf f m y j] f j d ]s f f ' /f]
 /n f i
      {
      s
s 0]l ?do gt{ s { tf h s : kf sL f{a z u] ;m
            h '
            ] d od   q       6]?            n
                                        x o o6 ? s k  ]
 T fe s L fG gf f lt uk] s 5. 8 ] s ;f elt
  ; ] j / oj ] d / g '{ ]
      |      {
/oskf f s fos c "kj{ gg Pf  l f6n / ]cm :f
                     n       {e          l
                                        kh       j    j /
 fo t fcm9 s 5. } ff ]fk u] n gges 5. ; i]
 j n{       P]     + ]] o O " {
                   s     o
c ZsfO eaf f  as oW n { fg +] u']Pf   o j{
                              / 9  u     k
                                         {{ ]          b
                                                      fvl
 ll f } f :] f j ]j{ f m y } ] f/ j ] jz
 [ j ; + q ta ] u x fv o d
 i     s
sf s a d o fsx l tsLi] s { tf anJk l ;fl ]
              +
              }           bl q         s
                                       + o f Q j bL ,
 ;]sn fd cfb
    g f ]     l ] h td fq f c f?f j d ] 6 d ]ht
                v
h nl }d;o u8l j] hf] m / f xd lgo;fPL ;f :f
                    6 { ko w
                        ' l
                         s|      /            ,
                                        l j P j
f kff f dfg
 l
 is
  {
jf ?do gl fu] k l }/ g ls5 y c ' a ª;f z u]
        h
        ] g { { l g kj{ / f tf fg } ] ? ' g
                                    k
             0 / g s lt uP ] l w s + j   l l s    x ? {
o f f/ ji f m l } { 'c: /] /s { hf /f  
 ; ] wd l o d Q ot g y s
           f q
           s
T s c ff f{s { o gkf x]j fxf uL f m t ' u] 5.
                         K           ]      q
                                           od { sd    ]
 r g g d b P ] . }.
 +n ]  s { s5
           c
;f u{fu}f f  5     g                    ;L} ]ms kf} f
                                           + l
                                           s
                                       o/anqd ?das     s
                                                       +
 l s + k{+
 [ l ; } Df }
 i      s 0 l
sfjf a ; " a ª s     o g t ' ufa s ; "s f xa c f s
                      f f hf b } f Df f{ ?f Tw
                      h
                      ]    d      s      0 n
                           { { + ] k{ o o 6 o l        g
                                                       '
 f f g ;g æ u f kA | ; gf l t " f |w ] kf /
 /]
  j         s s  ]
s f/u{ S] Æj{ pn ; / f s c s d ; g k l fpo uL
                      w f w ]w
                        ]
                        t               r ls j       u
                                                     ]
f os Pl ;f f
 l + g ] g kf / s | m n
 0 }
  H           y
jf a e k os:kf po uL l k k l c fg a ª ;f kJ
                      ]
                      u       t         o' + j
                                          l l
                            t l n g Tw s } ] pns        w
 f f2 os g a } l5 T f] h x' /Fh ] f non f
 n ]Z o    ]d6      s  ;]
s s p] / ; fffg ; G .osn f ff' uf }fbu L I l s
                             v ] g
                                 v        b
                                         p g "d/       P]
 ; fk' f ] ] f ?L ;o ddb fg  
     dv
o s] | sof b s] h /5.d– ofv k] 5.
           { z
           Iq               ;    ] {
 l f x f f ] u L f{ G, f s] h
 w + : ]s f f l
   z      u ]d       s b H
c s l; c 6 f |0 cy d L /o fa ]      6     +s 0 ] L :f
                                          s Ú] l o +d
                                          }    Lj
                                               s
                                         a … >ff Q ;y f
f] [ l ; ] o O j g , f } l /f k 0 P r \k l l
 q l s s s { { x t hl
      i
I /sfjf f f f l L f/ g s c yt ?f/ ek f f fot
               n                         t
                            t : , G f Zt m g d   cg \
 f S]j b b g zG l h lo n s ] fl Qc ms {fL
 ]
 8g      y l}
            vg
5 \;gc:f]F e] cf /xfoq f f f ;f c lmf ffkf
                     l + G ms k
                      t ;                s / g
                                        j t k ]o |\    0n
b F kjd ; "a ª f " l ltf| f h y s { L l fo
  n ] /z k{+
   b        0 ls
al f l]f Df } ah k sfyuLs f tf f } fk c Zs
                    jb g [ i   d
                               f 0 {        zd g j
                                            on
 f f /k i { b d | s doa |0 f f lt kd { bc s
 /]
  j
s f/uL |kf]f f kf ffdf u L Is kj{/ lf u}f f
        l wf }
         t s 8       x        d q
                   j ]W 6 f f] ] / g /h { P ]    g
 uL g f Lfd s { j ; /u a3f ]:f   ; m f } ] f\
  0 y u k' o s
  f     ]   f
c|:fc 6gm L f l f uLlL 6 ght 5.o q d an c m
             v             /   p                  s
                                              d + kf    g
 /l L kfb ]: s 2 f kf ga Q Q j f L y s {wf
   jo      u ;y f Z O /
                     o
uL Q ?d l f +f] p]n {"u{}bl l d gt tf fj d
                              + r
                              s         Bg l          l
                                                     ol
 kf s 'gc: k
    j ; g { y g P n ] 5.
         k
?dl fx']j fl e/ f f     s
                       u]              ;o ' ;f u' ; }
                                        df " ' g f f
                                          gn w
                                           s    / { y
                                                    s
   } yg ]'f
    + ks ?
     s                [ y |0 hs jf 0 fdf ? ff
                      l
5.a :f ff; s] si tfu L s ff ;{ffysrL snu
                       f     d
                             ff {         w
                                        ; /t {x   /     l
 2 ]] s { k l f l/ d| fH }
 Z j o fs
  o       d y       tQ
p]n;f f f |dt c l m;u j0o a ª 7fss z/gs gu]
                             lf + s
                                  l     " /dfo l f g
                                        n] ]] : ; {
b gkj { l y d f f + g / N]
 G     /t / t
          t :       /
l5e]ll kl l f s f/; f uLpno s { Dg u] 5.o
                     ] r
                     j    n        V    o k      s]
                                        f ; G /f   ;
 u8 9f ff Lo f kl fn ggdT " l y d anl d f
  l b kd j o
           v
cf j\ g m' J ; pnwx; u']x k{ kl l f } ] Bf s {
                      A l    k      f :
                             {{ j0 / t + j g o s
 + g ggx  
 rn '{ { '
; f uk]5.G         s { ;]ankf gg ; f pn hz my;
                    f f d } ]"u'] h ,kJ gl tf|
                    o / t + / {{ +
                     e      s      k     n    w Q       ]
                                                        t
                                                        f
   L' f O Gn u] Pf osnu as s ; g f Tw kf /
    j n {t t +
      s{    l
  ob}of; ' 9n es5.;ff;} ff / f s c l po uL
                     ]       l k/|        w ]os       u
                                                      ]
 Db goas nug + ]? : s ff f b ] L Its d gf
 k g {] ]l s l j
         }
         +         }
; f u'fs ff l } a ª;f ht hs f , l f Q ;f f f u'
                    s x           j
                                  ]
                             } {/ / ul o d o {
                                          j             s

                           9
                           2
                         f a;f
                          l + r
                          ; }  /
                         d ss df

 f nfs f n { l
  y g { O r = } f "[, o y
               x
; } u Lt ? f p t @a s] b6 W]tf
                             + bl
                             s /i o               f Jjfs f f
                                                  n f l      ]n
                                                             h
                                                 r 'o ;o o g ]
 | m b n n f 
 l n g I P]
 t
k k l ] ol s 5. p]x         Z
                           2o?                 l ff/f+ f/[, ]
                                               g{ u]as bb6W
                                                w0 s s ] l o
                                                 /    ]} "i o
   f I " u{ l ]
   ]         /       xs
  o no kf g c n f a n :f fsn ] / 2 lg ' /] 5\
                        ] } ] yk
                             +
                             s             l      Z Dg / s M
                                                   o
                                    g fbv p] g f f xf g ;
 lk{ j o h d;h l ] f f2 / gf
 | wd Q
 t T               /       x; k ]Z " {
k : fsl Ljffx c nDc mp] k us      g
                              d \ o f
 ;n }.; ff + f f wdT0s { D g bb6(Vision) : gf /
        g          ls }
/ / 5 os nuas nu ]xk{f?; f    } f x
                           l / j" o k      b      /l
                                                  "[i        kn
                                                             ]e
 | f{ + g ' m /f fg } ) il + jkf b |as
 T
 o oo r
  s       n       n g
k ] s f ; f dff u] 5t l a ! j{ a Ë;f| u}uLs f
                       k    s] k +  s      k }  s      g c f+
                                          f5 l ] b { 0 } ]
Operating profit_ ff ] L sf' e] :f s { f?d:f x]
-                dc gu xk g ;y t fb
                    p /       U           l
                            F5 / +u o z kfyk '.       t  
                                                     l g
 f m + g gg es k +]o Pfy  
  od r
  q        n
s { ; f u'] Pf :69nt es l g. o b l ] i b kn{
                  {{ ] i u
                  k                    ]P           / 6 jf ' fO
                                                     bn z
                                                     [    t
                                                  ; "i l] O If
   x :} fxff } x ] fy ] x s x b f   kd ; f
     n o f s ] + h s F oc n g j P ]
             b       ]g s
5. f d fd /] j ; a l f x l f l ]' dT l s 5. | os           y     ]
 ]) ] + g ' mf j d
 g &
  @           r n gf  k     yf
P,^ n ; f dfs c:f 5 /en fos s { gf / } g/ f]
                                    fs ; f ff ] e g x] b |
                                     ] ] ] o] k
                                     l           I n /
                                                  q            ;
                                                               ]f
 f dd df ]g k g Go ]fG sf c d Tw s "flw I y
 w q {nf p t
  /             / ]
c fffsrLj; f ]u J sxe ]'f nn c fg ;gkl b tf
                                 ]g / d           l
                                                o' r | , fj
o yu{u ] af gf y ] / s D L] G t f f df / / ;e
 j        n] ] b
             s
J :fg f fcs l d l f t a s gP c u It fs{ L ;n/ n
                n                +
                           o . } k g t{ d j r      g /         '
 bgf w q ]
 ' ' mff dd f t e{+ y l o + ]kf /d' }} y
      k         /      g
v dfsc fffa ; bf Oa tfjL ; f;f| uL' sa tf
                            { s  }    Q : jby       g    s s
                                                        n +
 f ]j s co gc: Dw gf gl bs j o f f uf } f kf
 p y f T ' y a L ]6 b t ' d Q ] 0 + ]
                                    ] F
                                     z
k gc:f]G x]j f ; G Pa l { x}f l LIdc| as ?d         q    Ls
 [fb  s{ LO f g n 5 ; ff z:6 yk x]
 h '    5       r n {]
                  /    g
; g x}. df fj ; u{f los s { fk :ft '.
                            yk ]    ]o b
                                      l i       l g   
j 0 / Tl ggff ggsf kx{' ']
 t f L ; t p l ' ]' /o g U / W (Mission) : l ]uL
             x          u '
l/ u p f afsn xk{/clf x k f               o      oo
                                                  ]         zf
                                                            ji /
 d r g ' mf 9 /
  ] +   n gf Q   k
;t ;f dfd jfL Five Year Rolling Strategic Plan u L c { s l f f f
                       ]                       f f t ] ; ]l
                                                d     q j
                                               |0 yG f s s nu
 gg s 5.
  '] ]
    e
u{{Pf                     t{u{f lfhdas as lt/ s { + s
                           hfg o /  ;f}f } fj f f ; f f
                            d ] { o.
                            ' su ]        + ] + ] :l o h ]
                                          s s          t      n
   + ] of
   } f d s ?d/] /[,o p]
   s                   s "i o Z
  as ;:f]kfxf bb6 W , 2 /; f c s d kfuLd|s
                        ] l ] o +u l t po /;u l
                                        : t w
                                         y             u
                                                       ]      +
                                                              }
                                                              aË
gq DQ " d f] f0 fk o y uo. yl L ]pn /g.
 lo k             n q f r f] i j / 
                    ]
l:m ; l /7f fs c /s :6J :f lf tf Q ;fkJuf ] ]     jo j     w p 
 kl s f L/f t f f s xl f s; u
   ]
   v       { f ] / n + b a y l asW s;n{ f t
             j U
cn t h:s oo: d x a oLzf ffcf }      w
                                    ]        8   s ]] /Obd
                                                 } o
                                                 + fofffx{ M ]"n
o gkp V o g / lx ] . / l ll |0 yG fj ; ; f
  f ]{no | '      ; h
NptmN] kfx'?L a / f   t k kj{ u L c { s l f os
                           9s5
                             ]               t d
                                      g /t f f t ] s  q          ]
  
5.                         ly doncd t /f | f f xf
                           / t
                            :
                          kll f ;]f f u] k' s { /] 5 .;
                                     T; s d o/ sv e        ]    f]
   'tL h | g /[ u tfi ;; l
   0 o {j
    :               x { "i o j
                        , b  6
  uf/ s fkf u] b l nf slo df s s {Dgu{ s bJk
                                     f d        o k      s
                                                         +
                                                         } ]z L
                                           o f; G ga f ] f    o
g { dd; f y Ah g ; ] sfO x" / kfxf :l f +
 w/lt
l f ;of f tf f x gs f / fd; uL?d/] lt/ s { f
                 j
                 F    o          ] n
                           ' s ' { ;                  ] t ;n
                                                    s j f oh
 ;Lgls s f " / L jo dfo + ] ; f a I f gs /
  n , o {g f
        ]g
c"u{ :[ hG L 0 t lf f;; l 9n os ;nk x e] ;L
                    os        id     ds u         ]     f]
 g u } DQ O o lf gs { g0 / | f yG fxf 'p
  , l
  {/ +    s k n { " /h  g     g
u] }a ª; l f G kd {u{f nl f uLu L c { d;o k f ]
                                   o df
                                    b    {     f 0
                                                d t   q    u o
                                                           ]¥ g
 g gz ff/ fff ffcf lx ] . e G sf hf ;ua ª
  p,N w t //6 ]o l 9 s5
        s       l j  ]
af]'dcf sf a ;s {u a / f cm e ]' f j m d|}
                                 8   ]          g / s k       l
                                                              +s
 ff af ] ] f ' + f 0 Ls fb ) y l L ]d m G sf
 Dg p             j kF s
                    s r }
cb L 9 g/;f]x ad /gt ; m/# tf Q ;ff{e ]'
                                fl     ]
                                      ef                  t
                                                  jo j k g /
j f gan x] xf l t f:fT l | k ' . |0 yG f
 :/         + s
            s
lt u{} ]/ ta k z s]jd ; t k] :6 x   u L c { s
                        6 |t       lj x j           5 d
                                             z i G ff t ]     q
c ms zLg w Npk{u ; k o ;}f Jk l f lt/ s {hn
 f ffn f} f o gg l sl L j If f j ; j f
 k ]o} ;/ f'] / ]
  g {d '
  \                            5     kd o s s – : l f ~ft o  ;
 G.
 '
 5
x                          l t x] .s f/[, f{ d|} y l o
                           / {g
                          kjg '  as bb6 d m;u a ª tfjL
                                 5 + ]"l
                                    }      i k–  t     l
                                                       s
                                                       +       Q
   ; ff gfrf0 L o pZ flf Pl ]kf / o/ody
          l F" |      f
  os nu o;gkf W / 2 dkd {ek ;f| u].;LLf
                       n o ] /h
                           ]    o     g 5 jb /      g          l
 o
 | / Dg 9 gkbL g r kf + f u L N] L I f 'as
  u cb L p]/ { l
  ]
kfuLff af ,fz lZt ? d as] fd pn tt ks sf} f
                                    s cf
                                    }             v
                                                 l g f]/ + ]  s
 v kf //l ; df i fso m y h o f N] /ff5
 ] 0 f
n f| L lf{l6n {j {] fq t fj ] W dpn u] k G .
       n kª : O f
                ]
                6           s     {d         6 ]o         ]
                                                      v s O 
j ;L g{ sdb:o hf c f " I? d
 Z o O+ ] ' y L d
             a h
              } }           's we f
ljg af s ff f f t { f f/tkx ;t p] (Objective)M] / «
                                             ]    Z
                                                  2o        k i
                                                             n 6
                                                           gf f
 DQ ] ] l o y g ' lel t gk { } ] ) ,| t } y
  k s ;t r j k g                   i
; l f d p tJ :f k M k/ f f u ' ]a P @ *kl a tf
                                          {    s
                                            g +g % r      n +s
 gges 5.
  {{ ]
  k
u']Pf                     cjo t /g5 .
                           f s fx] 
                            Z                  j o +f Dw ] ) ,
                                                Q : a Lg ^
                                               l L ;y ; G P @ #

                              30
                          f a;f
                           l + r
                           ; }  /
                          d ss df

 D ] ) y G /tf /s fo l }
  g g #                 /    oj /
                              G     b
skLP @^ t fco uL o uL f{ gu F nancial and Operational Re-
kl s "fl d/ o c s]   ; f/ dff view Report s ;mx,
 |n g ]w
      g
r t f sc gfx ; f f5. ]
               L    P       j     'm
                                  gk                  e
                                                   f 'j?f
a s] d o p ] x Pc ;f]g fpZ s} –j{ ;of ]Pf
 s
 +
 } f '  V     Z       k n
             2o ? s f dd vg 2 ']] g
                                 o           d g
                                            tf dd b s       l ]
                                                            v
bf dh /] 5\
 x ] s
  o l
 ] afd xf gM                 Q : s } ] ]/t /z 6
                   k a tfjL ;y f a ªIskj {kja
                    l } y l o +f] l f fll l]f
                                       s
                                       + q
                    g +s                               t
   _ ' s cy d s ' / :f | s p] Tg Pfh s c;x,
  s d' ff{;[ f x}t ot k[ f 2 p G esaf f j/?
     n ]l
      s    s l ] b
               4    g      ]s t
                              l    Zo k              /
g Q f0 f f f g / "u]m} k t f f
ld u LIds u] L kf gka ;m s ;
     d q
 l | f] d {     u      t + n
                    / {{  s         y      s
                                           +       Fr l s
                                          adgf "f|w ]
                                        – }fo ; gk l f      j
 l pf Jk ;f jf u8 9 f 5 fd | a f d +n f
sf B , f ,jJ ; cf a\v]}/c f kf f so m ; f d
  ,
 i u /
 [ ] of ] o o        l g H  b           ]
                                  uL o 6 { r g
                                        u          q
 f; DG f f f b f ;f k | fn kJ ' ;x
cbF; lts { nu l d od y kl x; pn x]j/ ,
 l u aw o ] l g
             s                 t
                              u l         wg    c ?
 0 o                   s
                    g / cf
             s
           {l
uf/ / /b a Ëtf x]' f f u{l5.
 'tL ekf } y 'sf] z g; G
  :        ]+                   s           s
                                            + ]f l ]
                                           as Jjfs f f
                                        – } fo ;o o g        h
      o    j
 Q
l L d :t ;fpn
j o W yf ] kA    w    k        s 0
                      ]n / f ] "{
                     g f ; s/ f k f   Business Plan, 2007-2011_ f
                                      -                        d
 /g.
  p 
uf ]                                      v
                                         l f l If
                   jd d :ft f } f N] o ;o |0
                   :fT f yk o a s] pn tJjfsk],
                     lj    l ]+   s                        f
                                                           k
       k s
      Is {
  v lf t fxl s z/ /g f f k jg
   _ g] f] s t f ] ;rf Jk l t
              x ] o + d os / {            }
                                          s jo : aL
                                         a ylL +fDw
                                        – tf Q ;y; G
                                          +
 +0tfD { ;lu Pf x k /f f ] ) ,
;Ify; w / d6t es5.fgf ;s s P @ #
 /f     ag     i      ] n]    n   /] g ^
 / / / fl t & |
  j                     t
              t
         v
s f daf'/g ;] %= k z , dfs]
 f ffh dL0L d )! l t s { Lf
  ]                            r/ %        ] is] z
                                           k 6 } g]
                                         gn f a f bg?
                                        – f/ « s l {x+
 jD b a s]j o | t
    g {+  s    Q    l
                    t
cna u} } fl L k z /;;w 0 f$jf/s]%
                            { ff         a ff ff fs {
                                          }
                                          s h     ' j
                                          + ]} / / oq
                                        – sd bs f ,ff   ] I    ]
 It f dg t ll | t ] x f :f y jt f; f
;df] / lG c j k z z //]]jy f tf[ s {+
      t
 f s : f / / e[ l4 t     o sc d            x oh        n
 /z/g ? fk : { d )& ÷ t f ]
            | T
   ] x O l wd       l
uLowL n {tkfs lt@^÷ @ u]]k& ( s gf  n      ]
                                           k       / ]y s d
                                         gn /f f|d f
                                        – f;s sk l t f   f
k k pn uf ]
 | n w p 
 t
l m kA / g.        ;s/ fgf c '/# k] s { x,
                    /f ] 0 g f ) /f f m?s od
                       sl{ ;o                 q
  dy pn u Pfb{ k z z/ jztf bL –kds J ; d ;f
                 O | ] bL j]
        v /
   l
   f N] l s ' l t o : ] y l z
                    t                    g m" o f f ]
                                           ff  n jo j
       x] Z o +
  Z
p]d k n p]n a /fL s ;e] / f{
 2of l f 2 ] } 0 l
                 s   gt     fmfnO
                               b      jf
                                      lt,
                                       :/
  ks d l ] Z ] n ] 0 f q ] a f ] wL
:f fnffPf2 s j s f kfa l mu{ –}s z /g /
                    ] n f
               o
         v
y g f / s p] f f j | L6j L g
                           n               +s         o
 | l { b |2 n g { P f ;]] l g] f s e g f /
klw u5 g f] Z ] l f es] / ff f lf t ? ff f]b,
 t j
lg T b e]]p] f
            ; o     0o     5    s nu Is { ]j s s
                                        k x
 + g g tt {
 } D P c u te{ Tf} GNG gl f
 s
a skL] G {bfO tsn s;6 l 's]  6
                            ] om  Q
+ yl L +; G Pn lo u8 9 g / f/ =fcj ff d r g
a tfQ ; fa L]] k m cf af ]'jx $r '=ssom;f
 }
s j o : Dw g | f l p sf l
          y         q                     nf ] q +      { n
l ]u]fdu']f f cP f5 .o k gf gt
  z
 b a]
g{ /dh ggs { f ]   ; l ]
       l    k s
            {{ o ] s           5 k  n Lx
                                       l?
 t j ]v
  g
lw sl   i       6
| l /f]5 ;l f /f ] fT f j !
kl Tu]b G .d d ;s/fjd ds n@
                       s : lj ]           }f | l ] d|
                                          +6 b /
                                          s
                                        aa kf u g ;ug
 G b } ] y g n ] | t f o f /g ] fuf/ ;n g {
e 'fa n :f ff f k z d z /a L x] ;fO 'tL/ / af
  k s
 g {+       ks s l  t    q ] F  s      j {: o
                                        n 0                    O
 2o f gG t b }  T l f+ f ]
  Z { t                ;5 ] og
p] nO l/ /flb 5.o k oas]f f  s h
                              }        fg ; f l [ /
                                        m
                                        kf v
                                      c \] fd c j uL    el 4
                     ' w e f o s lk{ jo h dc|
z/ L n {r kk l td f f/tkdJk k: f l LaffuL
                     {
            t
  w
 o x Ol ln g
 ] g? fp t |m b hf c f " If f
                      s                t T
                                       | ws Q / 0
                                            d                  f
;g /af ffc' s k an x] ' lZt a s ?d :ft x /
                    /
                /
   u / ]u ; ] ]
 S] Lh s d gf f m b ' s f g r
                          g / l        +]
                                       } f kf yk '
                                       s               l g
    f l
 jkg b Q Itx n l 5.
        j
;fb u{ L;dff b G 
 ]| } o f l     ;   v
                    ]                   I s { /f
                                      g ] ff; Is f}
                                      l f ts] 'f f;y
                                         k
  k n 8
  {{/ { ] P ]
 ggsfO f b f  
u']' fh l s 5. # fc s o gt{
                      = n f ff fhf
                      r '= ]]
                          j h      d'  ]wLO u L p t
                                      ; /g f n fs] l
                                       o n{ g f r
   O s; ' f u' b a ;b { I¿f | m b ;ua ª ]
                          Ge f O l n +
ob{ f]tgs d g uf;} fl kxn { k k l } d|+ ;f
    k
 L' I fG  n o { {            s         t       b         } j
                                                         l
                                                         s
as nug }'t"s b6t uLdo uLlg be h : ; k f ' s
                    i
            l
            } f
 s l s g 0 d l
 } f f l rfk{f [u / ' / g   V          ]       t d¥ gs ]
                                   D z/ g /D 'p a f     o }  +
x k]]   x s s L kxn {f/nPf M d gt xf anc m]
 g us       n
 ' ' f5. f f ] I? fc fl s 5
                 x f O w O ]           " l ]5 + k
                                                s
                                       n L / ] .} ]f f  s      g
                                                               \
 { +      {
 x
 f } ]o d
j ?fs ff mtfh
i dass q yj6     ]                 n x o n ]W 6 j
                      k ] f{ ? + g [ f ~f ffdf ]
                     – | s f x ; f a s ;h sdoa ;f
                                        t {
                       os n
                       T oo r
s g { ] /l o g d
+ ]l6 /f"[, ] ' mf N'g
anlb us bb6W dff rgk]
 }   i    ] i o      k       ,
                             {        j f g; ] d } f
                                       :/
                                      lt u{ sf f as  d q +]  s
   Z
  2 ? l" u{ S] – l f l f as Fi-
/p]x kk {g ;g
    o    /l
          t            ; n j; + ]
                      P o Ls } fs      l s yf ng w
                                       f{ j d Nv o '
                                      cy c:fp ] L;f            /

                              31
                       f a;f
                        l + r
                        ; }  /
                       d ss df

 g
 ' S5. ' d f f b c s f ¿f l/
          ns
x ;b  d' fc s u} f fIxs c l m k l t f; s fo
                P] { P ]   q             f s s y oj
                                          y
                                   t Q |d f f f{ g     G
 ll j , ' c {
 /t t y n t
kj {c:fv f yG kf/ff]s e{ f u 
                 q " f ]dl f O h
                    j s /| ; a / g.
                     w
                     {    fj              {
                                          ]
 jgLq f+ t ]hf j f P f yg ? f ! Core Banking System
  l f ]n n; { :
      ]    g
P+hIs ;U fl g l t/ e s :fx d               !=
 Pf L k : T j o | xs c Zs f gf CBS_ f{ gk m kD
   ] j l wd Q
        t {  s      f
                    x
es t ||kf lL u s? f fo t c' -
                         ]j         ; /       oj l ff
                                                G   q /
                                             s fo |o |e
 h d c m l o f fO o ;o h kf g. e; ] ]DJ f c ff
  / k ] Q dn { f l
       \
       g
aff f fjL It f Jjfss f| u]  {x {
                             j              s eo s w
                                              n
                                              ]
                                         Os f; ft f f d  /
jo l ] L0 f f
 :    u/ " ds
         f f
: Y/bfv k{It f ^ bs cy l f f sK" L[ u { jFL
             ;          z ]l s d D 6 s
                              s
                     = ] f f{ j ;          o/ t g f      s
 f f n 9 sq ;f
 y k" + fd +
    f n { n f f 'p + ]f tf f{ ?f D"L g
     d
; gms u]om r g o b k f an; fy s f xd sK / [ u]
                    ug ¥ gs g
                    ]   o }                n
                                          oo        6 t {
                                                   o s
 g k g / ; i]od 3;fjls h/ L / f flG tl  
  ;n ' L fsq
       ]
u{ mxu o j ffm n'+,sk pf z 3 s { {/ /f g.
            s {
             {        r{ N
                     lO}       { t         n
                                          o Og t b]
 ya6 hfls5.; :f f m ¿f h ]
    ] { / ]
        '               od
                         q
tfh tduPf o ht s { xd s f;f !=k :wd as
                                   {j          l {
                                               t T
                                           @ | kf s }ª l
                                                       +
 mfs ];f l f s kJ /F g
 d } l n j; }
    +            +
q danP o L s a, pn uf }f .
                      w ph]
                          b              o f f;dk r gf
                                          jo O I " +
                                                  tj n
                                                    {
                                         J ; n {ffs;f s
 Go s
 ] }
 b +
  L       ] /f f &a ª;fOj fu} nub h z m]ftP+
          k
s | a /gf ;s s
           n           l j {:/ { l f Q f k { f
                       }
                       s    n
                / ] =+ ] flt b f I gls c " J           l
fd f | f y c
 |s b q
 y        ]
k l t kQ I tf G h ]f m c' any l d hz m] tc a
                 o f s { g k } ]k j f gl fdfl[
                    g od ? +
                        q       s                 sf
                                          B g Q I el      4
g d s/ g fx s] fH f f ; } l
       L            l
lo g f lso ? f j0os f/ff j] u{[ ?d ct s tf
                     f / s y } s gjt kf fl y
                          ]
                          j        bz       x       G/
g] ?f d u Lf f ' | k f f
 b{ O ] et f y b t
  g    ;            f t
                     ,
lzxn{ t D/s; d|kL qs f/ Elec- ao f s q ;f u{
                             / ,
                              ]
                              j           x l od +
                                          \ n { n  
                                         f t d fm r g g   ].
 f; / lg dhs
 Tt       D ] l
cdf uLg afdf tronic Card and Remittance    !=a s]; 7 f s
                                           # } f + gd
                                               +
                                               s     u T
gt?l ffls 5. Service / c ; f gf ;rfOox saf d
 l
 Lx g { uPf 
      w0 / ]
       /                   G DJ o +g fJ f g g '
                           o eo F / n {jl p V     /       o
    s j
    + ] o / n{
   =} f Q f f O
  !as l L s f/f
              j
              ]     ] ? + g g.
                    j r
                     x   n {
                   ;f ; f u]             s f s;7 9 fkd g
                                          f of+g f flf
                                          o ]
                                           n u F /h
                                           {       r d    {
g m" 9n ; f u{ *l | ;f } f f uPf sL fnxn {
 kd u r
 ff L + ] + g g
    v        n       = k0 ] as nu ls 5. ]s f ¿f
                        i
                       j] j +
                        ff    s      l / ] x oo O    {
 xb |0 /D fH f cb L]W PfF f f ] s
z/] u L t; j0o /|ffsdo es xf s f/f f/(Volume of
   l ff d l
    v d:        f   d Dg ffd ]
                     f
                     ]               b / scf
                                     '     j
                                           ]
+ ]? m j f g. } ]; il ] y ]
l j d :/ ] +     { s      fjz  : x
a ª;f q zlt u  ano j{ bl tsL Business) s c ff f m
 s x
 }                                                 wd o d
                                                f f/ s { q
   =| f{ ]f ] y dl zax; h L fG gf l f k] n
  @k ] s f ncff :f f bL}? FP] s fods g gg +]
     o oo K
     Ts   n     m\
                 g   g j] + u G
                            s        ;     {
                                          oj      7O { 9 u
 f{ f ; f ' mf d o / / / ?f g. d f jtf t g.
s f n { + g dff ;G uLf fz j u{ ;f] P+ / lu]
   n
 ooO r    n g dk     j sf 't  
                           ]
                           j          ]     h
                                           og : G  g {
                                                   ]    
o g / o d r g g. ( ] ;s s k l t
        q n  
 f u s{ +
Np] Lf m;f u{    ]    gf
                     =k /f ffd f ! Jjfso g-
                        n / ]y s|           = f l ] Busi-
                                           $o ;o f fh
 ; mf jf j f ff dh l , } sm]
                     l
                     ] o c + Lt
                             r,
o q dJ ; lts; } afdrf n L kv L ness Plan_ d c ft /L
   d o o :/ y                          ,            w/
                                                 f fl x
 | +f g G d ) L 0/ k o f f|
u s ;o f }ot ! z e f/'J ; dkf ;7 9 f ;fu{ ; }
 x
 f Vd        g
             "      t 8 i jo b
                           k          g +g fd ' g f f
                                              r    / s
                                          u F fw ' y
 l    [  
 t
 | t]4 g.
k zna u{
      l ]          u] Jhc' n {/ /f so o¿f jL/ uL
                    s o b Og t
                    /f f gf flG t f{ xn { u 0 /
                      ]     g              fn   O {f s
   = ]/ mPf } f b  fp d c /6 f f j o | sc ff
          } ] + ] g. y R " t{o / / s { l w
  # be kns as l ]; }rN / G f« s f P+fk[ ff d
     z    l    s            o       l
                                    i      j
                                           ]       st    /
 f h sc l kf / h d tgd f Pf gl l ff ; f s
s ; f fTw po uL aff 'fs n es h z m w0/ |; g f
  {n
 o+ ]o s ]     u     / nT      e                {    ]
                                                     t
                                            Q g/ f w ]
lk{ L h dus f r , mh aL xh f o yu{
 | wl o / f O o s L 86        , g     / j
k : L Q aff| n { l f k, l " d, ' , J :fg.
 t j          x                                ]
                                                
 0 o e ]j
 'tL j kf ]P6
uf/ P+/b ;fp}
  :         {       bf b o f + DG
                   c'/ UJ ; ; ; lt
                     j ' j ou a
                        w            w     % ; us¿ O
                                            =    f n{
                                                 x
                                           ! c n | x fPrime
 ff / +] g g. B xn {y sfy u L
åa ;n9nkfu{ pf?fkl t fnf Customer s J x uL+ f
 /6      u |  
            b ]      ]
                     u Ofd ;
                          |          g          ] / s]
                                                 o
                                                f jf /as}
   = R f s | f g.
      r u ]f O ]
  $ p n t f; n { u 
               t
               ]    {                    o f j fflf us
                                          j o :/ / n {
                                         J ; ltdkr g gf   '
l l s f f fl QaL ! an l tj{b ; }z ; wpn uf  
        j
        |
 ot { s t
g d hkx c lm9 /         s
                      =} j
                     ) + ] u i? ] fli lfkJ /g.
                                f l
                                x v yj] '     fj     w p
 ffd f fu Lgf f{ gf o s l:o
cb L sIdnf u' s fod Nf fælm
     " ] g {
 Dg n q          s  oj
                     G      P ] gq         ! an {kd Lg g
                                           ^ } fg m' af
                                            =+ O ff
                                              s      v p
 y / o yg { l
; }nf j f usnu
 ft tJ :k gff       D 6 fu cb L9 f gq h k] h
                    k cg D
                     t , +             +
                               f c lo { l
                                       Æ
                   ; l3f} b fgaf} l:m s fcn t s f, v        {
 «L n Cfqc / } G cw0 gf ; i ; L y }}
6 /l , 0k, G a e ]jffc' o j{ c " tfua Ë ; l
 ] j
 h            t + g
                 s      /f ;  /        f n         l
                                                  /+s DQ k
 h kf g.
  {x {
s f| u]
    j               g l o { /+
                   k l:m s f ua ª G L 0ff ;o k f ]
                    l gq h / }}     s o s f nu xf ¥p
                                    l     g          ]o
                                          " /s l u ' g
  =u j ?l hkf Dt m f g s { { k8 y Ti f g
   l f ] {x k 5{ { oO m:
  %jt i b s fj ; l k \ u] f f lNl t p [ so u]
        x
        { v     |        o }
                           6        n             s6 { {

                            32
                               f a;f
                                l + r
                                ; }  /
                               d ss df

  f{ s{ LO |ft r uL g f
   o o r n {]l
     n        / f    T
s f / df fk;x v { / c 'b v {O @ do s f d /]T s rf
                                            k                =V o o
                                                      n { $ ' f{ f xfn     s]
  gjio ys f u{ g q u{
    ] ] j oj   o 0  
    lf            G o ]
u{z J :ff{ g g. l G fg.                ]                   d t Dw l /
                                                            g     G    sx
                                                          h f ;a Lcw f ?
      & g qf
          o          G'n
    !=l G0 / ;t g @=t n sb ? f lZt; f w0uLfo
                               ! f d ]| nO gr L l ff/IL
                                       l        Gx { l          d g{/     q
                                                                          ]
-                    o        Tg/ p n r
                     f u{ fl { g g f + gf fn j DG f{ f
                                                     n
 Check and Balance) s d g cd e af x ;f d s f P+aw s f s     {
                                                           o o ; lt o o  n
  f o? ffl 'j0 o stn ;f s c l | s fk f] g.
   o n
     {     ]G/ k ]
s f xscts;/I NPffd ]? fl/mkG n {o f u]
                      Lf f l j
                         f                   x              w    T h  
                                                     tQ a O |o g {
  y lLf j n { n
      gI o y f;
         0                  |0 f ff tj ; }
                            f f] o s +
                             d q
tf /fJ :fO j / u L Ids { l f a, @ o j{ a] d| /         s     = fv b
                                                                  bl l b
                                                                       z f
                                                             % ; i] } s '
  e;f g g.
cmI af ]d p                l L;ytf Gu;s Ls f z u{
                           j o +fyc //f f f ' g.
                             Q :               o } / // ?   j
                                                            ]      ]
     * +u kf h lf +:x fp Qx]n
      =: t
        y            { ] 3+ ? O k' g s
                      gk
    ! ; f ?ds f I ;; f n { om' f f @ lf s gf[n 9
                                y                   v        =I ; n ]i a
                                                                k      l
                                                            ^g] + sb6] L
  gf Credit Deposit Ratio) tn s { x ;]; f ; f f Pf lf ; n
c' -k t                      l od
                            fd f m ? d + g Dj es /g] s g
                                       q         tr   n    eg         k
                                                                     I +
  f; 'd/ s f u L /y c c { g.
   O t  n v { g
n {G gffL h nf uLk f f u]              oh { g             aLg f o? fTransfer
                                                           9u]o xn {
                                                              { f
                                                              s{ n   O
  g / s ]o f{ ]
    h e n T oo
            ]|
u{?LPfkss f n @@= Ho]i7 gful/s, ljwjf Pj+ Pricing sl fc; cts
                 ] n                                           ] G ' G
                                                                ;     / l
                                                               f4t gf f/
  f" f ggs f I
   k ] o {{ { ]
     n         k      gk
c m s du']h lf ckf+ux?nfO{ / o; a}+s sf k"j{ kf snug]fd Jho
                                                          | gff lf ;]o
                                                            ]
                                                            h       k
                                                                l Id t f
  gf f h e{} Port- sd{rf/LnfO{ cGo u|fxssf] t'ngfdf l ]lcn g g.
    k t
c' d; u O f f    d"hb                                      gL     j ]
                                                          b gt jD u   {
       'dh b 
       w/ ] g.
             8
folio ;ff f l ]            d'2tL lgIf]kdf k|rlnt Aofhb/df    f f]v sfj ;
                                                             ]gnd l s  i
                                                            o ; f ]f [ l f
      ( } f f]/ O
         +
         s
    !=a s]s/ f f yk )=% k|ltzt aflif{s Aofh lbg] asjd c:f ;]Pf
                    f n{
                    j                                     } ftf j , nns
                                                                g
                                                          s ]{ yo l ]
 j w 0 / 'to y
  lsf
   j            0/
                 f
l l / uLu: L tf sfo{nfO{ lg/Gt/tf lbg] .                  bb6W / 2 x,f f
                                                           /l o
                                                           "[, ] p] ? o g
                                                             i o Z   o    h
                                                                          ]
 f dLg{ f]F 9 g @ as;f l fa ª t{ fxk{wx /s ]
  | v O] k p
  x         ;s r
us'af j fx af       '            = } + s } hf dT" f ? an
                                   +
                               # s feoj ; l  J        s
                                                      +     '
                                                            ds jf f
                                                                  0 /
                                                                   c      +
                                                                          }
  x f 'fg fs fx f d dtlf f cj f f l o g
       u ¥                    v ? k t 2 g] n = ] l V / {
                                        m
                                        t
; o] kop ]vn f z f d {;] 'L I r 'fs nuc tfu'            k      =
  W g ' f 6 k8 +gli P+ f s f ggt f ff +t r
   o c; a   w
c o÷gGgf / lN ;n,kfj dt f f k]Ls a] ;f r f
                       m s jf h g / / { l
                                       |
                                       ]
                                       0              ]
                                                      j            d I
                                                                  / l  K {
  f{ ?f | 'jf gs { {e lt l ] ls 5.
   oo 6 f e
      n
s f xa kt ; ms u{f f cmj fu g uPf 
                K     f       ]oO  n            :/ / / ]
  fdcZ L ys l   l ; }? f hf
  w js l
    /           t
cfffo g tff l 5.jf axn { d t o n n "f kf} f
                      ow
                       {
                       j           s + O gs                    v; ]
                                                                  q
                                                             ; ] ] s ?dass
                                                                         +]
  o j lf /n " ] f f g DJ xL] f f hf a]c f t
    / kd g    {      u g. / / ; ft / fo ]
                        {
tfP+/h uLfu  s f u{eof]IL o g t ' f ff f/"
                               ]
                               j                      q    h    ds d
                                                                { / we
     ) l o t ]; G f{ x a j l b I f f f l ] G c f
         t l s 4t              fn         6 st g f] g / b5 g z
    @=dJoffl f so o? f :L[ l ]ks h s L g e ]f
  g k Tb " f f f o y fl t f g.
    ? k gn ] q j n {/ / b]
                    q
c' p f ds Id d J :fOgG tl                                 f s 5.
                                                           l ]
                                                           v
                                                          / Pf l


          ;kmntfsf syf k|sfzg x'g] ;"rgf
    s r nj f
    + d f l t i? f fg : k sn ] e f x] i f
    }                x   k fy g s ; md s f
                          \
   a ; f/]u j{ d c m] f ff f Dg f / j{ 3    d
     u]} b g FcP ] . ; G c3 k t s f -@
         + j
         s
   & ta l ;df }f f   o e f l ; m ff y ?
                   p b s5      b      ns   x
                      s
                      |z / f f nO jt5 . ; ik
                          soF {
                              x            fg
   (Success Story-2) k fgu]]x ? f c u}  o j{l
    s
    + $ +iT
    } f $ f l f s c ;d k t s f -#
              jf ;
                 s             ns     x
   a s] c}f{]j f j /f ; m ff y ? (Success
            |z go f x f F ; } f 'k f{ n
            s        {]h
   Story-3) k fgu]fg /]]' o a s s }l so o ]
                          s xf
                             b    s
                                  +   g g fn
    fg so ] ;rn k l f f f f v r f x
      m] { d
      \ I
   ck f f f f ~f t; m k o g ?a ]]] /g ?oL
             q       l       h      s
                         n /] x / n , x
    )& ' l f ] t q h/ y c 'w j u ]r k fg
         ; xs& l      e        ; f e s ;g |
   @^ k d g f u] a f tf g G gl f f " fsz
    y a f k4 ff 7 {xf g' gf b f
             jg       f O
   t f h/ | {zvd kf ; o u' c ' u{}
                            ] { /
                            u x g   w
                                    ] 5+.
                                         
                                                          ;k g d
                                                            f   x
                                                          –Db ; "

                                    33
                                           f a;f
                                            l + r
                                            ; }  /
                                           d ss df


  Marketing Fundas - Practical Insights
                                       l   Sushil Kumar Das

Hey, this is an old one. quite hilarious but       ”By the way, I’m very rich. Will you marry
very true...                                       me?”
take a look                                        - That’s Public Relations.

A Professor at Harvard was explaining              You’re at a party and see a gorgeous girl. She
marketing concepts:                                walks up to you and says,
                                                                          “You are very rich..”
You see a gorgeous girl                                                   - That’s Brand
at a party.                                                               Recognition.
You go up to her and
say,                                                                        You see a gorgeous girl
 “I am very rich. Marry                                                     at a party.You go up to
me!”                                                                        her and say, “I’m
- That’s Direct Mar-                                                        rich. Marry me” She
keting.                                                                     gives you a nice hard
                                                                            slap on your face.
You’re at a party with a                                                    - That’s Customer
bunch of friends and                                                        Feedback !!!!!
see a gorgeous girl.
One of your friends                                                      You see a gorgeous girl
goes up to her and                                                       at a party.You go up to
pointing at you says,                                                    her and say, “I’m
 “He’s very rich.Marry him.”                       very rich. Marry me!” And she introduces
- That’s Advertising.                              you to her husband
                                                   - That’s demand and supply gap.
You see a gorgeous girl at a party.
You go up to her and get her telephone             You see a gorgeous girl at a party.You go up
number. The next day you call and say “Hi,I’m      to her and before you say something to her
very rich. Marry me.”                              other people say, “I’m very rich. Marry me!”
- That’s Telemarketing.                            she turns her face towards you ———-
                                                   she is your wife!
You’re at a party and see a gorgeous girl.You      - That’s competition eating into your
get up and straighten your tie, you walk up        market share.
to her and pour her a drink.
You open the door for her, pick up her bag         [Mr. Das is working as a Management Expert, ADBL,
after she drops it, offer her a ride, and then     HO, Market and Research Division]
                                                   email:sushil.das@adbl.com.np
say,


                                                 34
                          d ss df/
                          fs } r
                           l + ;f
                           f } d
                           ; a
                           l + /
                          d;a;f f
                             s r



emDssf]
    syf
d    m |b fd '
      s;      t F
    eDk f u} x .
               ] +
s |ff l n fk / f
 f nr h f] f L}
 e ~] N s v r L
  ] s
  k
                    
                   /
 f f) f f G fF n
 l;    ! n d ].}
              s 
ujd@# ; dh ]x d] '
 ; ; c { D 9t " g
  t ] O; F /
  ]    =
       P
h f f f =dk]/k u{f
f  f ]; s5f f | f
 O . p l g ]] of ]
  F F        /] t
              , ]
kg unsf ff c ;s
f sL P k\ g P s g
 6 xy   g
  ]
af]l g.9 d e/ ] , u'{
 f n lg ; ]  
 ks    G
s L ds gsl .k5
   9 f k fPcF
    O] 5 l
       l
       s      g P
  kf/ Pl xG / fd
 f f} f/ ]f '
 7 8. l
     +
               p
s d f hu ts k g/Û
 tH n h 'e Pf G
   of / l s g
            6
s } f d bL] n l e ]
 z y] b f 3
 f l f gGd t /fpf
c f o .e }OLdP6
                                      ]k
                                  O
                                / ]
                         ]
                         l
                        k/knu] f , ; c m
                         m ; / x g of l;            8     d
                                                          f 5 /
                                                    {
                                              l t a ªf sf k\.f
                                                   ]
                                               sg l
                                              g] f d( I f9 5L    ]
 |] k ] db ] ] u
 ] ] s s o ./ /
 ; N            f
knx /f f l f a] fh                       b
                         k P z s d R
                         l; f :]/ f fg ]
                        ; m w / 6gL ; f a }       8     d 5 .{
                                                        f 9g '
                                                   {
                                              T Ll d# I f l b g
                                                  ]
                                               xf
                                              o a ªf sf k\\ O f h
   n
 G Oo       p g n
 f] { l }f 'l "
d5 f Ttgk gk 7f     ]    8k fGl / ] o ] {
                         F'
                        l \¥]gjfu . ;uf
                        xg oe ]r / T fb
                                     
                                    +               h/
                                               O O u g P ]. x
                                               f?f f lb f' g?
                                              exn{l k ls5 pL  
 'l f u Fhu v 5e ]
       d
 /y ] p l F G  b
sf o .f f f/ f 'g
                }       ;t :f f }:f l x]
                         :f t 7 F a k '.
                           ] ]p b g g
                           d    d                  )       .] '
                                               xs! / G \ l k
                                               lf] h n5  m Q/]
                                              dg f xf fg k em f
                                                             / s
 N k f uL f / f
 n ¥go       d + x
x f 'p]/s u] ; ' 
                .        G      g{ / /
                                  o
                        ctdoL 0 u] a xd
                         ldfxlf / a dnf        w6 9 g usF x
                                                 ] ^
                                               l fff fh f g cn]
                                              bs d; ]c fU l  l]
                                                              .
 ' e5\ x /6 | f ]
 ;       N f ] s
          k    ;
v L Pg. ] a kDg f
                o           ] h % n l
                            7 ]
                         pf f v] @ $ f f [
                        P6s f f .) ; dsf
                                 +
                                         i           ]
                                                     8    v ] ] L]
                                              f sf * f f6 / f
                                                {
                                                s
                                               i
                                               l              z
                                              jf ! / # n s : gs
 d P         nl
 f b . )( f ] )!
s l   @$ ; b @%v        l f ad a U/ L]f
                        j ; } f } o ]s nu
                         s + + f6 f l
                             s s G              j '
                                               // { d g ;
                                               ff 5 / k d– of
                                              s f u 3 fl ;o dd
                                                ] .
 nd x ]
 f D o kd6l F
; ; T L|fx P.
         ;    n                                 kp F
                                               r 75.;L l lff f
                                                          t ]u
                                                        ;} te] {
                                              v { f 'o/ a/ // b
   f/y ] d h s .
    l oh f
  hu l f D @xf f /]      ;kmntfsf] syf         l
                                              jf ! n h at ' . a
                                              f % f l r x  c
                                               is
                                                {    v t     G5
pL f]c \ f lsht.
    8f ] 5f /
         g ]
 xh f f]6 ; : 
     d 9 ]        f]        l    g }
                                 l f8
                                c nk ]
                                     n         [ j ; sF
                                               i     }
                                              sf s a; y ! n Cf
                                               ll f +u k ) f 0v
  9+ ' 9     +
  ]h fG ]6 s 5b
 c f 8x  c ff ]]
gf}f]5.f}p fff    K                           pe ]hf 5 o l f }
                                                    ]    .
                                               ] g f d ' ;5 k
                                              bmGo g f T k cm    g
                                                                 \
v ff . '5b6 s g }
    u}     K
 § + § ] p ]u
 'g  v f fff ff . +     vt v]. a xs jks
                         f f a/ n }ll f
                          f n +
                              ] d
                                       //               }    O "
                                                         w
                                                        f
                                              3 f|f cl fK l kL
                                                  ]
                                               d ; V' i ]n { F
                                               / k /5.fs; f /ht
     n
 l ; t 't 8
o kf s f l /f
Tt } ]lvg s 3e f
            ,                  b
                        c m b8}] l ] tk n
                         l; fFa }F f l f
                         k } R xs
                             l b 8 ] x]        4 ' .
                                              [ { L /s s n { }
                                              l 5 x lx ] d O e
                                              j u o u/ f f fcm
                                                         ]
t{ t / 7 g , a f}
  ,
 gs       p<
l ' l3 kf ' n c c mk+    f
                         }
                         {
                        j & xfg m o . jf f
                         i ) h f ef J ; a
                              / k ] o o6
                                 f              ] d        F
                                               " /0 3 f ' ;u {
                                              nkdf c 95 o ] f
                                              7flf f lap T fb
                                                            .
 ] fs '¥] ] ] |
 ;       k
 | l g o e/ 6 ]
k dn x' f g n/k    ;    s f f } J ; dy }P.
                         d s kfo f }K uF
                          P ]; j o b                 ]
                                                     h
                                               ! nf / g p \ O
                                              ÷ hf/ fk fg d{
                                              *) g ] uLlk5 sf
                                                            F.
 S F . ] g/ G
; u  af h ] s ]
l g P ;y t ft lg
          s             > t ]g " flg g m6
                         L Lk k{yb \ fa}
                         d] l 0
                           n    f      f
                                 ; O .k f           ] ] 5
                                               g x] b A '
                                              l lse ff x  
                                              k c nfG b /G .
                                                         a
  s      s X0 ] g
           G
o t P ; ] f k l
Nf eg. ]8o8 |k  ;        6
                         ]/ ! n
                          ]
                        s Z d@^ ; d$ f h f
                         fj f) f f c f U
                                      g u         i
                                                 [l ; } n f ]
                                                 l s + = ]j
                                                sfjf a l s ;f
                                                         s
 G s h dF s
s ; g." ff f) h
lg l  kL g d% xf   /      ]
                         g.
                        l +# n3 af .a } f
                        s  t] g Fc an {
                                / P    s
                                       +O       f
                                               d5      /
                                                      rx
                                              f] . df ? xf 5\u
                                                             ]  
                                              / |  s { L ;o L g.
  ,
 oT g ds
y ] xk L L ug;]
l foLl> t fxfd     t                l Z
                         gw ]g ] ] g /
                        l ]tk ef k/ fj f
                        b l fl o .m j ] d      / /f a P x l ]f
                                                   /+ s
                                              t ;s L}e/ fssx]    ]
                                                                 ,
           } e
           , }
     ]
  / ] 
 ; 8 ] u+ u+ fb
 f h s .] f ] f b G
d ] f fs /s / Ge }       [ l ; } n P.6gL
                         i
                         l s + =   z
                        sfjf a l uF :]/
                                s              | ] / :f Ga s kf
                                               O t
                                               f6       ] gl ;
                                              k el ht e ]Q } }
                                                           l
 z        {] o.
6gL ; g; f] /
:]/knu]f c f t
            r           ; f f f %n CfnF
                         KO ] l
                         n { nu f 0l  
                           s       v    P.      b
                                               Og d f/ t g
                                               f }. f JkL] d6
                                              k F  x Lo f f l ]
                                                           s
os l l f P e]
 fd g h]     y
T]f k ; n l g.g f s ]         k Of k f
                               G
                        Phfftfkgz d/ ]
                         s gc mn {6/L fv
                                   {      /             5
                                               gs d j G s n G
                                              d6 ] T ' . ] S /
                                              l ] fx x  r l o]   ;
 pd
 f f 6s e ft} l ]
7 F ;/f f l {; g.
        ] 8 gg s         i
                        cf ; f ff ] k l F
                         fw KO ]OG l n 
                         } n { n ; g P.
                          l    s    ;          G; f }.;f f;f
                                               g f pg b
                                              e fyc F ody }'  / /
                                                              ]w
 NLq ; e]x f k ]
   l   } us O U
       + f
une afg | c g' .  g        f h ]] .]
                             { 5
                          d b g5f Lg 5fP
                           / O ff f5  f L
                           ] ' // \ / ;]e      g       dxo .
                                               ' scmf]Y]
                                              x ; ]e / |' f l
                                                        fG  
                                35
                                          =ls& @ $#
                                           gh f( # %
                                           =
                                          b+==÷) –     d fb+÷) –
                                                        =] = %@ $^
                                                        Ix g
                                                         = = ^ %
                                                          '
                                                          =

                                f a;f
                                 l + r
                                 ; }  /
                                d ss df




                                  36
Email : banknews@adbl. com.np                   [l f } n fv f d |
                                                i     s        b
                                                l j ; + = k fd lt
                                               sf s a l 5 fg f ' .

								
To top