Investor Presentation 15 16

7/23/2019 Investor Presentation 15 16

1/37

FGHGH NIMGMJA LIEIRAB

W7 NY7> Prasamtgticm

66mb Huly 6071


2/37

PVAZAMRGRICM PGRD

6

Fghgh krcup strujtura :

Fghgh Nimsarv krcup - Axajutiva sueegry 2

[dgt bc wa stgmb ncr 1

Fghgh Nimgmja

Zdgradclbar prcnila >

Nimgmjigl smgpsdct ;

Fghgh Nimgmja Lieitab prcbujt suita 4

Fusimass/ Prcbujt lgumjd hcurmay 9

Axajutiva sueegry 70

Justcear nrgmjdisa 76

Oay pcrtnclic eatrijs 7:

Ztrcmk bistrifuticm ragjd 72

Oay parncregmja dikdlikdts ncr tda qugrtar 71

Zueegry nimgmjigl stgtaeamt W7 NY7> 7>

Egmgkaeamt bisjussicm 7;

Nimgmjigl parncregmja trambs W7 NY7> 66

Jrabit Wuglity Pcrtnclic jcepcsiticm 61

Bisjlgiear 64


3/37

FGHGH KVCQP ZRVQJRQVA

:Gfcva sdgradclbimk i s gs cn :0 Huma 6071*[.a.n Mcv 6072 . Fghgh Dcusimk Nimgmja Liei tab dgs g 700% sufsibigry mgeab Fghgh Nimgmjigl Zajurit ias Liei tab wdijd bcas mct dgva gmy cpargticms

Fghgh Dclbimks gmb Imvasteamt Lieitab

(Listab)

Fghgh Gutc Lieitab

(Listab)

Fghgh Nimsarv Lieitab

(Listab)

Fghgh Nimgmja Lieitab

(Listab)

*Fghgh Dcusimk NimgmjaLieitab

Fghgh Glligmz lina ImsurgmjaJcepgmy Lieitab

Fghgh Glligmz KamarglImsurgmja Jcepgmy Lieitab

7. 29.62% dclbimk tdrcukd prcectar dclbimk jcepgmy & prcectar krcup

6. 14.:1% dclbimk tdrcukd prcectar dclbimk jcepgmy & prcectar krcup

:. 1;.>0% dclbimk tdrcukd prcectar dclbimk jcepgmy & prcectar krcup

Gutc Fusimass Gre Nimgmjigl Zarvijas Gre

:7.29% :9.7>%

1;.1:% ;2%

700%

Lambimk Prctajticm gmb Vatirgl

7 6

:

;2%


4/37

FGHGH NIMZAV KVCQP - ATAJQRI^A ZQEEGVY

2

6mb lgrkast privgta Kamargl imsurar imImbig gs cn NY71

Cnnars g wiba rgmka cn Kamarglimsurgmja prcbujts gjrcss ratgil gmbjcrpcrgta sakeamts

Cma cn tda ecst prcnitgfla Kamarglimsurgmja jcepgmias im Imbig. VCAcn64.9% im NY71

Imbustry lagbimk jcefimab rgtics(9>.;% im NY71)

Vajckmizab im tda egroat ncr jlgiessarvijimk

Gecmkst tcp 2 privgta plgyars gs cnNY71 cm maw fusimass

Bivarsiniab bistrifuticm eix jcmsistimk

cn gkamjy, fgmjgssurgmja, ctdarpgrtmars, birajt atj.

GQE cn cvar 2:O jrcras gs cn NY 71

Cma cn tda ecst prcnitgfla privgta linaimsurars im Imbig.

760O + imbivibugl gkamts gmb ;10cnnijas gjrcss Imbig (NY71)

G 64 yagr clb mcm fgmo nimgmjajcepgmy

Bivarsiniab jcmsuear, ZEA&jceearjigl lambar im Imbig

Jrabit rgtimk cn GG+ wit d stgflacut lcco fy JVIZIL & IJVG ncr cvar ;yagrs

7>7 jcmsuear frgmjd gmb 6:6 rurgllcjgticm prasamja witd cvar 7:,000+bistrifuticm nrgmjdisa

Lgrka justcear nrgmjdisa cn 76.7 EE

2.96 EE

Fghgh Nimsarv is tda nimgmjigl sarvijasgre cn tda Fghgh krcup wi td fusimass

gmbtdrcukd its vgricus sufsibigrias

Fghgh Glligmz KamarglImsurgmja Jcepgmy

Fghgh Glligmz LinaImsurgmja Jcepgmy

Fghgh Nimgmja Lieitab


5/37

[DGR BC [A ZRGMB NCV

1

amvisgkas gm cptiegl eix cn riso gmb prcnit tc

balivar g sustgimgfla fusimass ecbal

g sustgimgfla

VCG cn : & VCA cn 74-60 im tda eabiue tare


6/37

FGHGH NIMGMJA ZDGVADCLBAV PVCNILA

>

Rcp 60 imvastcrs & tdair dclbimks

Prcectar & Prcectar Krcup1;.>0%

74.72%

Vasibamt Imb.70.2:%

Jcrpcrgtas>.17%

1.;1%

Ctdars

7.1;%

Prcectar & Prcectar Krcup1;.>0%

74.72%

Vasibamt Imb.70.2:%

Jcrpcrgtas>.17%

1.;1%

Zr.Mc

Mgea cn ZdgradclbarGs cmEgr'71

Gs cmHuma'71

7 FGHGHNIMZAV LRB >7.1:% 1;.1:%6 EGDGVGZDRVG ZJCCRAVZ LIEIRAB :.;4% :.12%

: KC AVMEAMR CN ZIMKGPCVA - 6.;;%

2 GJGJIG PGVRMAVZ LP 7.67% 7.7:%

1PIMAFVIBKAIM AZREAMRZ KN EGQVIRIQZLIEIRAB

7.70% 7.70%

> DBNJEIB JGP CPPCVRQMIRIAZ NQMB 7.6>% 7.0>%

; EGJWQGVIAFGMO LIEIRAB 0.9:% 0.4;%

4 ZEGLLJGP [CVLB NQMB IMJ - 0.41%

9 KCLBEGM ZGJDZ IMBIG NQMB LIEIRAB 0.>1% 0.;1%

70 GJGJIG IMZRIRQRICMGL PGVRMAVZ LP 0.;;% 0.;6%

77 FNL AEPLCYAA[ALNGVARVQZR 0.:0% 0.>:%

76 GJGJIG JCMZAV GRICM NQMB LP 0.>2% 0.>0%

7: [N GZIGM ZEGLLAV JCEPGMIAZ NQMB LIEIRAB 0.>6% 0.14%

72 [N IMBIG VAJCMMGIZZGMJANQMB LIEIRAB 0.12% 0.17%

71DBNJZRGMBGVB LINAIMZQVGMJAJCEPGMYLIEIRAB

0.27% 0.10%

7> GJGJIG FGMYGM PGVRMAVZ 0.17% 0.24%

7; GTIZ EQRQGL NQMB 0.21% 0.2;%

74 ZQMBGVGE ZALAJR EIBJGP 0.12% 0.21%

79 PGV AZR AWQIRY IMBIG 0.:9% 0.:9%

60 ZFI EGKMQE RGTKGIM ZJDAEA 0.24% 0.:;%


7/37

NIMGMJIGL ZMGPZDCR

;

YcY

Gssats umbar egmgkaeamt 6,1:9 2,0:6 ;,1;: 7:,70; 7;,17; 62,0>7 :6,270 :1% :7%

Rctgl imtarast & naa imjcea 199 97> 7,20> 6,7;6 :,770 2,0;: 1,274 ::% 22%

Imtarast axpamsas 7>2 607 :;7 ;2> 7,60> 7,1;: 6,624 2:% 11%

Mat imt arast imjcea (MII) 2:1 ;71 7,0:1 7,26> 7,902 6,100 :,7;0 6;% :9%

Cpargtimk axpamsas 660 :60 2>0 >;0 410 7,717 7,264 62% :;%

Lcgm lcssas & prcvisicm 7>2 6>7 601 712 746 614 :41 29% 71%

Prcnit fancra tgx 17 7:2 :;0 >06 4;6 7,097 7,:1; 62% ;:%

Prcnit gntar tgx :2 49 62; 20> 197 ;79 494 61% ;:%

Vgtics NY09 NY70 NY77 NY76 NY7: NY72 NY71

Vaturm cm gssats 7.2% 6.4% 2.2% 2.6% 2.7% :.>% :.:%

Vaturm cm aquity :.6% 4.0% 79.;% 62.0% 67.9% 79.1% 60.2%

Agrmimk par sdgra (Fgsij) - 9.: 62.6 >;.1 770.4 7:1.; 722.4 7;9.9

Mat MPG 1.10% 6.60% 0.40% 0.76% 0.79% 0.64% 0.21%

MPG prcvisicmimk jcvargka :6% 11% ;9% 49% 4:% ;>% ;7%

` im Jrcra

Nimgmjigls smgpsdct NY09 NY70 NY77 NY76 NY7: NY72 NY71 JGKV


8/37

FGHGH NIMGMJA LIEIRAB PVCBQJR ZQIRA

4Pgusab

Gvgilgfla tdrcukd Bikit gl jdgmmals gs wall

Fghgh NimgmjaLieitab

JcmsuearLambimk

ZegllFusimassLambimk

JceearjiglLambimk

VurglLambimk

ValgticmsdipsBistrifuticm

Zarvijas

JVIZIL Vgtimk

Jc-Frgmbab

Jrabit Jgrbs

Prcparty ZagrjdZarvijas

JcmsuearNimgmjigl NitmassVapcrt

ZEANimgmjiglNitmass

Vapcrt

ImnrgstrujturaNimgmjimk *

Gutc Jcepcmamtambcr Nimgmjimk

Lgrka ^glua LagsaVamtgl Bisjcumtimk

Prcectar LcgmsGkgimst Zajurit ias

Lcgm Jrcss Zall

Rare Bapcsits

Lina ImsurgmjaBistrifuticm

Kamargl ImsurgmjaBistrifuticm

Lcgms GkgimstPrcparty

Lagsa VamtglBisjcumtimk

Fusimass Lcgms

Dcea Lcgms ncrZaln Aeplcyab

Lcgms GkgimstZajuritias

Prcnassicmgl

Lcgms

Jcmsuear BurgflaNimgmjimk

6[ & :[ vadijlaNimgmjimk

AEI Jgrb

Dcea Lcgms ncrZglgriab

ParscmglLcgms

Bikitgl PrcbujtNimgmjimk

Linastyla PrcbujtNimgmjimk

Kclb Lcgms

ParscmglLcgms

Gssat FgjoabVanimgmjimk

Fusimass Lcgms

Jcmsuear BurgflaNimgmjimk

Prcparty NitmassVapcrt

A-jceearjaZallar Nimgmja

Eutugl Numb

BistrifuticmNimgmjiglImstituticms KrcupLambimk Prcnassicmgl

Lcgms

Lcgms GkgimstPrcparty

Likdt Amkimaarimk^artijgl


9/37

FQZIMAZZ/ PVCBQJR LGQMJD HCQVMAY

9

6[ & :[Nimgmjimk

JcmsuearBurgfla

Nimgmjimk

*JcmstrujticmAquipeamtNimgmjimk

Dcea LcgmsZaln

Aeplcyab

Lcgm GkgimstZdgras -Vatgil

ParscmglLcgm Jrcss

Zall

LinaImsurgmja

Bistrifuticm

LcgmsGkgimstPrcparty

FusimassLcgms

Lcgm GkgimstZdgras -

Prcectar

^ambcrNimgmjimk

Axtambab[grrgmty

Jrcss Zall

ZEA

Vatgil

Naa Prcbujts

Jceearjigl

+6 +6

+1

+:

+>

+:

+::

KamarglImsurgmja

Bistrifuticm

JcmsuearVurgl

Lambimk

VatgilarNimgmja

JcmsuearNimgmjiglNitmassVapcrt

JVIZIL ZEAVgtimk

+:

LinastylaPrcbujt

Nimgmjimk

Dcea Lcgms -Zglgriab

ZEAJrcssZall

ZglgriabParscmgl

Lcgms

ImnrgstrujturaNimgmjimk

Jc-frgmbabJrabit Jgrb

AEI Jgrb

PrcnassicmglLcgms

ZEA

Vatgil

Jceearjigl

Vurgl

+1

PrcpartyNitmassVapcrt

BikitglNimgmja

* Jcsab

Lakgjy

A-JceearjaZallar

Nimgmja

+2

NimgmjiglImstituticms

KrcupLambimk

Naa Prcbujts

ZEANimgmjiglNitmassVapcrt

Lagsa VamtglBisjcumtimk

EZEAVurglLambimk

LikdtAmkimaarimk

^artijgl


10/37

ATAJQRI A ZQEEGVY

70

Fghgh

Nimgmja 64 yagr clb mcm fgmo witd g baecmstrgtab trgjo rajcrb cn prcnitgfility.

Ncjusab cm Jcmsuear, ZEA & Jceearjigl limas cn fusimassas.

Ztrgtakij fusimass umit crkgmizgticm basikm suppcrtab fy dcrizcmtgl jceecm utility suppcrtnumjticms tc briva bcegim axpartisa, sjglgfility gmb cpargtimk lavargka.

Ztrgtaky is tc ncjus cm jrcss sall, justcear axpariamja gmb prcbujt & prcjass immcvgticms tc

jragta g binnaramtigtab & prcnitgfla fusimass ecbal.

Rda jcepgmy dgs `:1,11; Jrcras cn Gssats umbar Egmgkaeamt witd g mat MPG cn 0.11% gmb g

jgpitgl gbaqugjy cn 60.;6% gs gt Huma 6071. Rda jcepgmy im W7 NY7> dgs balivarab g pra tgxprcnit cn `266 Jrcras gmb g pcst tgx prcnit cn `6;> Jrcras gt g VCG

7

cn 0.9% gmb VCA7

cn 2.9%.

Jcmsuear

fusimass Gecmkst tda tcp : twc wdaalar lambar im Imbig ncjusab cm saei-urfgm & rurgl egroats.

Lgrkast Jcmsuear Alajtrcmijs lambar im Imbig, ncjusab cm gnn luamt jcmsuears.

Rda jcepgmy is mcw krcwimk i ts Zglgriab Dcea Lcgms fusimass fy ranimimk tda fusimass

ecbal witd Birajt tc Justcear gjquisiticm ecbal tc fuilb g prcnit gfla krcwtd amkima.

Gecmkst g naw mcm fgmos witd gm gjtiva jc-frgmbab Jrabit Jgrb.

AEI Jgrb (Axistimk Eaefarsdip Jgrb) nrgmjdisa jrcssab :.1 EE jgrbs.

Gecmkst tda lgrkast maw lcgms gjquirars im Imbig (:.:9 EE im NY72 gmb 2.96 EE im NY71.)

7 Mct Gmmuglisab


11/37

ATAJQRI A ZQEEGVY (JCMRB.)

77

ZEA

Fusimass

Ncjusab cm dikd mat wcrtd ZEAs witd gm gvargka gmmugl sglas cn ` 61 Jrcras witd astgflisdab

nimgmjigls & baecmstrgtab fcrrcwimk trgjo rajcrbs.

Cnnar g rgmka cn wcroimk jgpitgl & krcwtd jgpitgl prcbujts.

Cnnar null rgmka cn ecrtkgka (Lcgm gkgimst prcparty, Lagsa Vamtgl Bisjcumtimk & Dcea Lcgms)gmb wcroimk jgpitgl prcbujts tc ZEA & saln aeplcyab prcnassicmgls.

G babijgtab ZEAValgticmsdip Egmgkaeamt jdgmmal jragtab tc prcviba wiba rgmka cn jrcss

sall prcbujts tc cur ZEA nrgmjdisa.

Vurgl

fusimass

Dikdly bivarsiniab lambar im tda rurgl ajc systae cnnarimk cvar 76 prcbujts im jcmsuear gmb

EZEA fusimass jgtakcrias witd g umiqua duf gmb spcoa fusimass ecbal

Kackrgpdij prasamja gjrcss 6:6 tcwms gmb villgkas gmb ratgil prasamja gjrcss 7400+ stcras

Jceearjigl

fusimass

Cnnar wdclasgla lambimk prcbujts jcvarimk sdcrt, eabiue gmb lcmk tare maabs cn Gutc

jcepcmamt vambcrs im Imbig.

Cnnar g rgmka cn strujturab prcbujts jcllgtarglizab fy egroatgfla sajuritias cr ecrtkgka

Rragsury Ztrgtaky is tc jragta g fglgmjab eix cn wdclasgla gmb ratgil fcrrcwimks.

Jurramt eix cn fgmo, baft egroats gmb ratgil bapcsits is gt 2;829802.

Jrabit

Wuglity

Krcss gmb Mat MPG cn 7.>9% gmb 0.11% raspajtivaly witd g prcvisicmimk jcvargka cn >4%. Rda

jcepgmy gs par tda VFI kuibalimas dgs ecvab its MPG rajckmit icm pclijy tc 710 bgys cvar-

buas nrce 740 bgys cvar buas. Rda jcepgrgfla 740 bgy rgtics stccb gt 7.12% gmb 0.24%

Jrabit

Vgtimk

Jrabit rgtimk cn GG+/stgfla & LGG+ stgfla nrce JVIZIL & IJVG simja lgst ; yagrs.

Rda n ixab bapcsit sjdaea dgs faam rgtab NGGG/Ztgfla fy JVIZIL gmb EGGG/ Ztgfla fy IJVG.* Zcurja8 Imtarmgl rasagrjd - (jdgrt bapijts nimgmja egroat siza & cur egroat sdgra)

>.;


12/37

JQZRCEAV NVGMJDIZA

76rcwimk Justcear jrcss sall nrgmjdisa fy 60-61% avary yagr

Maw tc Fghgh Justcears

Huma 6071

Rctgl Nrgmjdisa

Jrabit sakeamt ni ltar

Cvargl l Jrcss sall nrgmjdisa

Mcm balimquamt

justcears

Jrcss sall

nrgmjdisa

4.16 eillicm

>.4> eillicm

76.7; eillicm

;.41 eillicm

4.:7 eillicm

Huma 6072

>.>7eillicm

1.6; eillicm

9.;; eillicm

>.0: eillicm

>.21 eillicm

W7 NY71>,1:,6;>

W6 NY712,90,>01

W: NY71;,6;,2;7

W2 NY711,:0,666

W7 NY7>;,4>,1;;


13/37

OAY PCVRNCLIC EARVIJZ

7:* Pgusab

Fusimass Zakeamt

GQE IVVRijoat(Lgjs)

Wugrtarkcma fyYcY Vgmka

6[ & :[ nimgmja :,:4; :,2:; :,:62 :,:71 ->% 66.0% 64.0% 0.10

Jcmsuear burgfla nimgmja :,22; 2,740 2,7>: 1,72; 24% 62.0% 6>.0% 0.69

Bikit gl prcbujt nimgmja 7>0 6>; :76 :12 610% 62.0% 6>.0% 0.64

Linastyla prcbujt nimgmja 7:9 7>1 74> 677 ;;% 62.0% 6>.0% 0.16

Parscmgl lcgms jrcss sall 7,964 6,71> 6,276 6,;27 11% 74.0% :1.0% 7.7;

Zglgriab parscmgl lcgms 7,:60 7,14> 7,497 6,6:7 707% 72.0% 7>.0% 2.10

Fusimass lcgms 6,7>4 6,2;2 6,2>7 :,014 >2% 74.0% 60.0% 71

Prcnassicmgl lcgms 2>: 1:6 >6: ;:; 40% 71.0% 7;.0% 7>

Lcgm gkgimst prcparty ;,;>1 ;,406 4,6:6 4,262 7:% 77.1% 7:.0% 7;1

Dcea lcgms (Zaln aeplcyab) 6,2>: 6,947 :,0;7 :,0>: 60% 70.:% 76.0% 700

Dcea lcgms (Zglgriab) >:: ;11 4:9 9:4 2>% 9.4% 77.0% :>Lcgm gkgimst sajuritias 7,60; 7,:91 7,1;4 7,17> :1% 77.1% 7:.0% 600

ZEA jrcss sall 942 7,777 7,6:: 7,:>0 >6% 70.:% 60.0% 1:

Jceearjigl lambimk 9;6 7,0;1 7,72> 7,204 2>% 70.1% 76.1% 7100

Imnrgstrujtura lambimk 172 226 274 :94 -62% 76.0% 72.0% MG **

Vurgl lambimk 7:: 6:2 ::: 166 14;% 71.0% :1.0% 0.20


14/37

ZRVCMK BIZRVIFQRICM VAGJD

72

Kackrgpdij Prasamja (Mc. cn frgmjdas)

Fusimass Lima NY76 NY7: NY72 NY71 NY7>*

Jcmsuear burgflafrgmjdas

46 97 772 7>7 7>7

ZEAfusimassfrgmjdas

:7 1; 40 779 72>

Vurgl Frgmjdas - - 72 10 10

Vurgl Zpcoas - - 1> 746 746

Rctgl Vurgl lcjgticms - - ;0 6:6 6:6

Bistrifuticm (Pcimts cn sgla)


Jcmsuear burgfla 6,400+ :,100+ 2900+ ;000+ ;900+

Bikitgl - 410+ 7>00+ 6>10+ 6900+

Mcm Bikitgl 7710+ 7:00+

6[ Baglar/GZJs 6,600+ 6,>00+ 6,>00+ :,000+ :,000+

ZEA Pgrtmar 610+ 200+ ;00+ ;00+ ;00+

Vurgl JcmsuearBurgfla - - - 7100+ 7400+


Jcmsuear Lcgms 7,2>1 7,904 6,210 :,>6: 7,694

Linastyla & Bikitgl - :; 709 :;2 762

Parscmgl Lcgms 90 77> 7:; 60> >4

6[ & :[ >12 ;:> >17 1>7 727

Vurgl Nimgmja - - 66 7:7 ;9

ZEA/Jceearjigl 76 77 60 :0 70

Rctgl 6,667 6,404 :,:49 2,962 7,;79

**Gssats Qmbar Egmgkaeamt (` Jrcras)

Fusimass Lima NY76 NY7: NY72 NY71 NY7>* Eix

Jcmsuear

Lambimk

2,9;9 ;,7:4 9,:64 7:,606 72,9:; 26%

ZEALambimk 1,6;0 ;,;10 76,009 71,117 7>,>26 2;%

JceearjiglLambimk

6,414 6,>69 6,>;2 :,:62 :,21> 70%

Vurgl Lambimk - - 10 ::: 166 7%

Rctgl GQE 7:,70; 7;,17; 62,0>7 :6,270 :1,11; 700%** LGZ pcrt ncl ic rakrcupab nrce ZEALambimk fusimass tc Jceearjigl Lambimk fusimass gmb Zglgriab Dcea Lcgms pcrt ncl ic rakrcupab n rce ZEALambimk fusimass tc Jcmsuear Lambimk fusimass* Gs gt/ Yagr tc bgta ncr tda qugrtar ambimk


15/37

OAY PAVNCVEGMJA DIKDLIKDRZ NCV W7 NY7>

71

Prcn it fancra tgx ncr W7 NY7> :7% tc ` 266 Jrcras nrce ` :67 Jrcras im W7 NY71

Prcn it gntar tgx ncr W7 NY7> :7% tc ` 6;> Jrcras nrce ` 677 Jrcras im W7 NY71.

Gssats Qmbar Egmgkaeamt burimk W7 NY7> :6% tc ` :1,11; Jrcras nrce ` 6>,92: Jrcras im W7 NY71.

Baplcyeamt s burimk W7 NY7> 61% tc ` 9,969 Jrcras nrce ` ;,976 Jrcras im W7 NY71. *

Rctgl imjcea ncr W7 NY7> ::% tc ` 7,>1> Jrcras nrce ` 7,62> Jrcras im W7 NY71.

Maw lcgms gjquirab burimk W7 NY7> :;%

tc 7;,79,761 nrce 76,16,692 im W7 NY71.

Lcgm lcssas gmb prcvisicms ncr W7 NY7> 62% tc `70: Jrcras gs gkgimst ` 4: Jrcras im W7 NY71.

Vaturm cm Gssats gmb Vaturm cm Aqui ty ncr W7 NY7> wara 0.9% gmb 2.9% (mct gmmuglizab)raspajtivaly.

Krcss MPG gmb Mat MPG

gs cn :0 Huma 6071 stccb gt 7.>9% gmb 0.11% raspajtivaly. Rda prcvisicmimkjcvargka rgtic stccb gt >4% gs cn :0 Huma 6071. Rda Jcepgmy jcmtimuas tc prcviba ncr lcgm lcssas imaxjass cn VFI raquiraeamts. Burimk tda qugrtar ambab :0 Huma 6071, gs raquirab fy VFI kuibalimas, tdaJcepgmy dgs ecvab i ts MPG rajckmiticm pclijy nrce 740 bgys cvar-buas tc 710 bgys cvar-buas. Rdajcepgrgfla 740 bgy Krcss MPG & Mat MPG stccb gt 7.12% gmb 0.24% raspajtivaly.

Jgpitgl gbaqugjy rgt ic (imjlubimk Riar-II jgpit gl) stccb gt 60.;6%. Rda tiar I jgpitgl stccb gt

7;.27%. Rda Jcepgmy jcmtimuas tc fa wall jgpitglizab tc suppcrt its krcwtd t rghajtcry.* Krcss baplcyeamt muefar is axjlubimk ravclvimk lcgms viz. Purjdgsa crbar nimgmjimk, Lcgm Gkgimst Zajuritias & Vatgilar nimgmjimk


16/37

ZQEEGVY NIMGMJIGL ZRGRAEAMR

7>* Wugrtarl y muefars gra mct gmmuglizab

Nimgmjigls smgpsdct W7'71 YcY NY'71 NY'72 YcY NY'7:

Gssats umbar nimgmja (GQN) :2,091 61,>26 ::% :7,799 66,9;7 :>% 7>,;22

Gssats umbar egmgkaeamt (GQE) :1,11; 6>,92: :6% :6,270 62,0>7 :1% 7;,17;

Rctgl Imtarast & naa Imjcea 7,>1> 7,62> ::% 1,274 2,0;: ::% :,770

Imtarast axpamsas >;; 299 :>% 6,624 7,1;: 2:% 7,60>

Mat Imtarast Imjcea (MII) 9;9 ;2; :7% :,7;0 6,100 6;% 7,902

Cpargtimk Axpamsas 212 :2: :6% 7,264 7,717 62% 410

Lcgm Lcssas & Prcvisicm 70: 4: 62% :41 614 29% 746

Prcnit fancra tgx 266 :67 :7% 7,:1; 7,097 62% 4;6

Imjcea tgx 72> 770 ::% 219 :;6 6:% 647

Prcnit gntar tgx 6;> 677 :7% 494 ;79 61% 197

Vgtics W7'71 NY'71 NY'72 NY'7:

Rctgl Cpax tc MII 2>.2% 21.9% 21.7% 2>.0% 22.>%Rctgl Jcst tc Rctgl Imjcea 6;.2% 6;.1% 6>.2% 64.:% 6;.:%

Lcgm lcss tc GQN* 0.:% 0.:% 7.6% 7.7% 7.7%

Vaturm cm Gvargka GQN* 0.9% 0.9% :.:% :.>% 2.7%

Agrmimk par sdgra - Fgsij (Vs.) * 12.: 26.1 7;9.9 722.4 7:1.;

Vaturm cm Gvargka Aquity * 2.9% 1.7% 60.2% 79.1% 67.9%

im Jrcras


17/37

EGMGKAEAMR BIZJQZZICM

7;

Egroat Gssasseamt 8

Gs cn Huma 6>, 6071 krcss fgmo jrabit cn sjdabulab jceearjigl fgmos gecumtab tc `>>.19 lgj jrcrasrakistarimk gm imjragsa cn 9.6;% burimk tda yagr gs gkgimst gm imjragsa cn 76.;1% im tda pravicus yagr. Cm gsaquamtigl fgsis tdara wgs g 6.1% bajlima im tda Gpril-Huma qugrtar nrce Egrjd. Ztrassab gssats gjjcumtabncr 77.7% cn lcgms im tda fgmoimk systae gs cn :7 Egrjd, tda dikdast simja 6006. rajcrbabtda dikdast laval cn strassab gssats gt 7:.1% cn tctgl gbvgmjasgs cn Egrjd 6071.

Ajcmceij imbijgtcrs raegim sufbuab. imbustrigl cutput kraw gt g eara 6.;% YcY im Egy, jcepgrabwitd 2.7% im Gpril, priegrily bua tc wago krcwtd im tda egmungjturimk sajtcr. Jcmsuear burgflas dgvarajcrbab ba-krcwtd cn :.9% witd tda cvargll ba-krcwtd im Jcmsuear kccbs faimk 7.>%.

Gutc sajtcr sdcwab g krcwtd cn 7.1;% YcYim Gpril-Huma qugrtar. Pgssamkar gmb jceearjigl vadijlas krawfy >.7;% gmb :.11% raspajtivaly. Rdraa wdaalar sakeamt ba-kraw fy >.;;% gmb twc wdaalar sakeamtkraw fy g eara 0.>2%. Krcwtd im jceearjigl vadijlas wgs eghcrly bua tc Eabiue & Dagvy Jceearjigladijlas (E&DJ s) sakeamt wdijd rakistarab g krcwtd cn 6:.6:%. Rwc wdaalar krcwtd wgs lgrkaly brivam

fy sjcctarswdijd rakistarab g YcYimjragsa cn ;.61%.

Dcusimk egroat imvamtcry lavals jcmtimuab tc risa tc rajcrb lavals geib wago sglas bua tc umgnncrbgflaprijas avam gntar bavalcpars cnnarab vgricus bisjcumts gmb sjdaeas. Dceafuyars gra wgitimk ncr prcpartyprijas cr imtarast rgtas cm dcea lcgms tc jcea bcwm gmb bavalcpars gra lccoimk gt binnaramt wgys tc brivaup sglasgmb jlagr imvamtcry


18/37

EGMGKAEAMR BIZJQZZICM (JCMRB.)

74

Fusimass Jceeamtgry 8

Cvargll g strcmk qugrtar ncr tda jcepgmy witd rcfust vcluea & jrcss sall eceamtue gmb strcmk jrabitparncregmja gjrcss Jcmsuear & ZEAfusimassasbaspita g wago baegmb amvircmeamt.

Rwc [daalar nimgmjimk pamat rgt icm cn Fghgh bceast ij Rwc [daalar sglas bajlimab tc 64% nrce:7% im tda pravicus qugrtar. Dcwavar, it raegimab stgfla cm YcY fgsis. Cvargll vcluea ncr tda qugrtarbrcppab fy 6% (YcY). Rdraa wdaalar nimgmjimk pamatrgt icm cn Fghgh bceast ij Rdraa [daalar sglasim W7wgs gt 71%

Jcmsuear burgfla fusimass dgb g kccb qugrtar bisfursimk 76.9 lgj gjjcumts (:7% YCY) im W7baspita g ba-krcwtd im imbustry sglas. Cur nimgmjimk vcluea krcwtd wgs lab fy cur jcmtimuab ncjus cm justcearstieulgticm. Kragt Imbigm Zueear Nastivgl (RKIZN jcmsuear prcec wgs g fik sujjass witd cvar 100justcears wimmimk kints. Rda IPL jrijoat tcurmgeamt dalpab fccst nlgt pgmal R sglas wdara gs tdaaxtambab sueear dalpab imjragsa sglas gjrcss tda Gir Jcmbiticmar jgtakcry.

Bikitgl nimgmja fusimass balivarab bajamt krcwtd bisfursimk 9>o gjjcumts (769% YcY) baspita imtamsajcepatitiva gjtivity nrce A-Jceearja plgyars. Rda fusimass jcmtimuab tc baapam ralgticmsdips witdlagbimk egmungjturars lioa Zgesumk gmb Gppla

Linastyla nimgmja fusimass bisfursab 64o gjjcumts, rakistarimk g krcwtd cn 96% YcY. Rda krcwtd im tdafusimass wgs brivam fy baapamimk ralgt icmsdips im lgrka jcrpcrgta gjjcumts gs wal l gs axtamsivabistrifuticm axpgmsicm burimk tda qugrtar. [a dgva jragtab g nimgmjimk ecbal ncr axtambimk jrabit tcjliamts fuyimk nrce um-crkgmizab ratgil egroat wdijd jcmtrifutas tc 90% cn tda nurmitura egroat. Rdis willdalp us tc krcw tdisfusimass imtc eujd lgrkar fusimass im maxt 6-: yagrs.

Zglgriab parscmgl lcgms fusimass bal ivarab its dikdast avar bisfursaeamt cn >:> Jrs im g qugrtarrakistarimk g krcwtd cn 772% YcY. Rda fusimass jcmtimuas tc balivar g dagltdy jrabit parncregmja. Rda

jcmtrifuticm cn tda B6Jjdgmmal dgs imjragsab tc 1;% im lima witd tda frcgbar strgtaky cn tda fusimass.


19/37


79

A-Jceearja nimgmjimk fusimass wgs lgumjdab im tda pravicus qugrtar witd sujjassnul tia-up witd Nlipogrtncr . Rda fusimass bisfursab :.9> Jrs gjrcss 71 sallars cn Nlipogrt. Rda fusimass is wcroimk tclgumjd its ar prckrge witd salajt A-Jceearja jcepgmias im tda Hul-Zapt qugrtar. Rdafusimass is glsc amkgkimk witd cmlima ratgilars lioa Zmgpbagl & Gegzcm tc axpgmb its A-Jceearjanrgmjdisa.

Jrcss sall eceamtue gjrcss Lambimk gmb Naa prcbujts raegimab strcmk. Parscmgl lcgm (>:: Jrs), LI (77>Jrs), KI (>; Jrs), AEI jgrb (2.0> lgj), Prcparty Nitmass Vapcrt (# 694), Nimgmjigl Nitmass Vapcrt Jcmsuear(#70,>0;) & Nimgmjigl Nitmass Vapcrt ZEA(#6,;40).

Vurgl lambimk jcmsuear fusimass jcmtimuab its axjallamt eceamtue im nirst qugrtar cn 6071-7> gibab fystrcmk vcluea trgjticm im its JB fusimass. Rda fusimass lgumjdab 71 maw Frgmjdas gjrcss tda stgtas cn

Ogrmgtgog, Kuhgrgt gmb Egdgrgsdtrg burimk tda qugrtar. [itd tda lgumjd cn EZEA fusimass burimk tdisqugrtar, tda Vurgl Lambimk vartijgl mcw dgs g dikdly bivarsiniab prcbujt pcrtnclic, cnnarimk cvar 76 prcbujts.Rda fusimass is ragby tc nurtdar axpgmb its rurgl ncctprimt imtc tda stgta cn Egbdyg Prgbasd im W6.

Fusimass lcgms dgb g strcmk qugrtar bisfursimk 4:6 Jrs witd g krcwtd cn 22% im W7. Pcrtnclic parncregmjajcmtimuas tc dclb wall gjrcss gll pgrgeatars. G bajisicm suppcrt systae is faimk lgumjdab im W6 wdijd willieprcva justcear turm grcumb tiea gmb sufstgmtiglly frimk bcwm jcst cn jrabit prcjassimk gmb imjragsaprcbujtivity tc 7.1T im cur gssasseamt.

Prcnassicmgl lcgms jcmtimuab tc krcw vary wall gmb bisfursab 6:1 Jrs witd g vglua krcwtd cn 766% imW7. Cur pra-gpprcvab ecbal tc Bcjtcrs cnnars cma cn tda nimast justcear axpariamjas witd g vary lcw jcstcn justcear gjquisiticm ncr tda jcepgmy.


20/37


60

LGP fusimass raegimab im dypar jcepatitiva situgticm gs gll lambars wgmt tc krcw tdis gssat jlgss. Rdaegmgkaeamt strujtura im tda Ecrtkgkas fusimass wgs raglikmab im tdis qugrtar witd tda LGP & ZA DLfusimassas faimk geglkgegtab witd tda Fusimass & Prcnassicmgl lcgms fusimass vartijgls im crbar tcjgpitglisa cm tda dceckamaity im tda justcear prcnila gmb lavargka symarkias tdgt wculb amgfla us tc

crikimgta fusimass gt dgln tda jcst. Rdis wculb sikminijgmtly gukeamt cur B6J (Birajt tc Justcear)jgpgfilit ias gsg jcepgmy.

Zaln aeplcyab ecrtkgka fusimass is faimk lgrkaly glikmab tc axistimk justcear nrgmjdisa tc balivar glcw jcst sustgimgfla VCAecbal. Zaln-Aeplcyab & Zglgriab Dcea Lcgm fusimassas dgva nully trgmsiticmabtc tda B6J(Birajt tc Justcear) ecbal.

LGZ fusimass dgb g bajamt qugrtar. Rda fusimass is ragby tc axajuta its F6F6Jstrgtaky wdara FNL willpgrtmar witd lagbimk frcoargkas/ fgmos witd gm cfhajtiva tc lavargka tda numbimk cppcrtumity tc tdair

DMI & QDMI justcear fgsa. Rdis jculb pctamtiglly krcw tda fusimass eulti-nclb im maxt naw yagrs.

Jceearjigl Imnrg fusimass raegimab im pgusa ecba bua tc sajtcrgl strass. Jceearjigl Lambimkfusimass axpgmbab its cn narimks im tda eib-egroat jliamt sakeamt tdrcukd lgumjd cn Nimgmja

gmb ibamtiniab 06 maw imbustry vartijgls cn & Likdt tc axpgmb tda imbustryjcvargka im jceearjigl lambimk vartijgl. Rda Jcepcmamt fusimassjcmtimuab tc krcw wall.

Rda jcepgmy lgumjdab 06 maw Valgticmsdip Egmgkaeamt jdgmmals viz. Bikitgl gmb gmbradgsdab its fusimass jdgmmal strgtaky, gs pgrt cn its [agltd & Valgticmsdip Egmgkaeamt strgtaky,Rda jdgmmal balivarab g vcluea cn 6;> Jrs rakistarimk g krcwtd cn 67% YcY. Rdajdgmmal gjtivgtab 6; justcears im nirst 71 bgys cn lgumjd. Rda jdgmmal aepgmallab ecra tdgm :;0gkamts cn FGKIJ& DBNJLina im W7.

Nixab bapcsits fusimass kgrmarab 722 Jrs cn bapcsits burimk tda qugrtar, tgoimk tda tctgl bapcsit fcco tc7,779 Jrs. Gvargka bapcsit siza imjragsab tc gfcva :.; lgjs burimk tda qugrtar witd gvargka tamcr cn gfcva:0 ecmtds.


21/37

67

Imtarast jcst ncr tda jcepgmy jcmtimuas tc raegim sikminijgmtly lcwar gecmkst MFNJpaars. Fcrrcwimkeix cn FNL gt tda qugrtar amb fatwaam fgmos, ecmay egroats gmb ratgil bapcsits wgs 2;829802. Rdajcepgmy cvar tda 7st qugrtar dgb egimtgimab g rgtic cn 26812802 fatwaam fgmos, ecmay egroats & ratgilbapcsitsgmb is fgjo tc tdis pcsit icm im tda ecmtd cn 71

Gwgrbs gmb Vajckmiti cms 8

Rda jcepgmy wgs rajckmizab gecmkst tda Fast Jcepgmias tc wcro ncr im tda jcumtry fy tda Plgjastc [cro ncr tda :rb yagr im g rcw. Rda jcepgmy ecvab up savam plgjas nrce lgst yagr gmb wgsrajckmizab gs tda 7>td Fast Aeplcyar tc wcro ncr im Imbig. Rda jcepgmy glsc ecvab up cma plgja im tdaFNZI jgtakcry tc mcw fa rgmoab gs tda 6mb Fast Jcepgmy tc wcro ncr im tdis spgja im tda jcumtry fadimbcmly Gearijgm Axprass Imbig.

*List cn Rcp 7> KPR[ Gwgrbaas8-

Vgmo Jcepgmias Vgmo Jcepgmias

7 VEZI Pvt. Ltb. 9 Ncrfas Egrsdgll Pvt. Ltb.

6 Kcckla Imbig Pvt. Ltb. 70 Linastyla Imtarmgticmgl Pvt. Ltb.

: Egrrictt Dctals Imbig Pvt. Ltb. 77 BDL Axprass (Imbig) Pvt. Ltb.

2 Gearijgm Axprass Imbig 76 Dygtt Dctals & Vascrts

1 ZGP Lgfs Imbig 7: Lupim Ltb.

> Kcbrah Jcmsuear Prcbujts Ltb. 72 Nabargl Axprass Jcrpcrgticm

; Imtuit Rajdmclcky Zarvijas Pvt. Ltb. 71 Ralaparncregmja Imbig

4 Gjjcr Dctals Imbig 7> Fghgh Nimgmja Lieitab


*Gs puflisdab cm tda KPR[ wafsita


22/37

::% YcY

NIMGMJIGL PAVNCVEGMJA RVAMBZ W7 NY7>

66

Vavamua ( Jrcra)

GQE ( Jrcra)

Mat Imtarast Imjcea (MII) ( Jrcra) :7% YcY

:;% YcY :6% YcY

661

7:6

7>1

760

727

706;

42>

7:>>

7026

71;4

7616

9;4

71:7

77>6

7;79

W7 71 W6'71 W:'71 W2'71 W7 7>

6 [daal ars Ctdars

6>,92:

64,002

:0,466

:6,270

:1,11;

W7 71 W6'71 W:'71 W2'71 W7 7>

7,62>

7,626

7,241

7,221

7,>1>

W7 71 W6'71 W:'71 W2'71 W7 7>

;2;

>94

49:

4::

9;9

W7 71 W6'71 W:'71 W2'71 W7 7>


23/37


6:

Cpargtimk axpamsas % cn MII

Mat MPG & Prcvisicmimk jcvargka

Lcgm lcss prcvisicm ( Jrcra)

Pra Rgx Prcnit (

Jrcra)

*Rda mat MPG & prcvisicmimk jcvargka muefars ncr W7NY7> gra gt 710 bgys cvar-buas wdil a tda sgea ncr pravicus qugrtars gra gt 740 bgys cvar-bua.

62% YcY

:7% YcY

2>% 2>%

22%

21%

2>%

W7 71 W6'71 W:'71 W2'71 W7 7>

4:

40

704

772

70:

W7 71 W6'71 W:'71 W2'71 W7 7>

0.6;% 0.24% 0.29% 0.21% 0.11%

;>%

>;%

>4%

;7%

>4%

>6%

>2%

>>%

>4%

;0%

;6%

;2%

;>%

;4%

W7 71 W6'71 W:'71 W2'71 W7 7>*

Mat MPG (%) Jcvargka (%)

:67

699

:9:

:21

266

W7 71 W6'71 W:'71 W2'71 W7 7>


24/37

Agrmimks par sdgra Fgsij (

)


62

Jgpit gl gbaqugjy rgtic

Vaturm cm gvk. gssats umbar n imgmja & Aquity

64% YcY

0.9%

0.;%

0.9%

0.;%

0.9%

1.7%

2.>%

1.>%

2.4%

2.9%

W7 71 W6'71 W:'71 W2'71 W7 7>

VCG VCA

71.6%

71.7%

72.;%

72.6%

7;.2%

6.4%

2.:%

2.0%

:.4%

:.:%

4.0%

79.:% 74.;%

7;.9;%

60.;6%

W7 71 W6'71 W:'71 W2'71 W7 7>

Riar-I Riar-II

26.1

:9.1

17.;

2>.:

12.:

W7 71 W6'71 W:'71 W2'71 W7 7>


25/37

JVABIR WQGLIRY PCVRNCLIC JCEPCZIRICM

61Lakambs imbijgta justcears wdc gra jurramt/ mc buas gs cn tda ecmtd.

Jcmsuear burgfla lcgm pcrtnclic Rwc & Rdraa wdaalar lcgm pcrtnclic

Linastyla & Bikitgl nimgmja lcgm pcrtnclic


26/37


6>Lakambs imbijgta justcears wdc gra jurramt/ mc buas gs cn tda ecmtd.

Zegll fusimass lcgm pcrt ncl ic

Parscmgl lcgm jrcss sall pcrtnclic

Zglgriab parscmgl lcgm pcrtnclic


27/37


6;

Lcgm gkgimst prcparty pcrtnclic

Dcea lcgm pcrtnclic

Lakambs imbijgta justcears wdc gra jurramt/ mc buas gs cn tda ecmtd.

Vurgl Lambimk pcrtncl ic


28/37

BIZJLGIEAV

64

Rdis prasamtgticm dgs faam prapgrab fy gmb is tda scla raspcmsifility cn Fghgh Nimgmja Lieitab (tckatdar witd its sufsibigrias, ranarrab tc gs tda Jcepgmy cr

. Fy gjjassimk tdis prasamtgticm, ycu gra gkraaimk tc fa fcumb fy tda trgilimk rastrijticms.

Rdis prasamtgticm bcas mct jcmstituta cr bcas mct imtamb tc jcmstituta cr ncre pgrt cn gmy cnnar cr imvitgticm cr imbujaeamt tc sall, cr gmy sclijitgticm cn gmy

cnnar cr rajceeambgticm tc purjdgsa, gmy sajuritias cn tda Jcepgmy, mcr sdgll i t cr gmy pgrt cn it cr tda ngjt cn its bistrifuticm ncre tda fgsis cn, cr fa raliab

cm im jcmmajticm witd, gmy jcmtrgjt cr jceeiteamt tdarancr. Im pgrtijulgr, tdis prasamtgticm is mct imtambab tc fa g prcspajtus cr cnnar bcjueamt umbar tdagpplijgfla lgws cn gmy hurisbijticm, imjlubimk Imbig. Mc raprasamtgticm cr wgrrgmty, axprass cr iepliab, is egba gs tc, gmb mc raligmja sdculb fa plgjab cm, tda

ngirmass, gjjurgjy, jceplatamass cr jcrrajtmass cn tda imncregticm cr cpimicms jcmtgimab im tdis prasamtgticm. Zujd imncregticm gmb cpimicms gra im gll avamts

mct jurramt gntar tda bgta cn tdis prasamtgticm. Rdara is mc cflikgticm tc upbgta, ecbiny cr geamb tdis jceeumijgticm cr tc ctdarwisa mctiny tda rajipiamt in

imncregticm, cpimicm, prchajticm, ncrajgst cr astiegta sat ncrtd daraim, jdgmkas cr sufsaquamtly fajceas imgjjurgta. Dcwavar, tda Jcepgmy egy gltar,

ecbiny cr ctdarwisa jdgmka im gmy egmmar tda jcmtamt cn tdis prasamtgticm, witdcut cflikgticm tc mctiny gmy parscm cn sujd jdgmka cr jdgmkas.

Rdasa egtarigls gra faimk kivam sclaly ncr ycur imncregticm gmb egy mct fa jcpiab, raprcbujab cr rabistrifutab tc gmy ctdar parscm im gmy egmmar. Rda

bistrifuticm cn tdasa egtarigls im jartgim hurisbijticms egy fa rastrijtab fy lgw gmb parscms imtc wdcsa pcssassicm tdasa egtarigls jceas sdculb imncre

tdaesalvas gfcut gmb cfsarva gmy sujd rastrijticms. Jartgim stgtaeamts jcmtgimab im tdis prasamtgticm tdgt gra mct stgtaeamts cn distcrijgl ngjt jcmstituta

-lccoimk stgtaeamts. Ycu jgm kamarglly ibamtiny ncrwgrb-lccoimk stgtaeamts fy tareimclcky sujd gscr ctdar

wcrbs cr pdrgsas cn sieilgr iepcrt. Rdasa ncrwgrb-lccoimk stgtaeamts imvclva omcwm gmb umomcwm risos, umjartgimtias, gssuepticms gmb ctdar ngjtcrs tdgt

egy jgusa tda gjtugl rasul ts, parncregmja cr gjdiavaeamts tc fa egtarigl ly bi nnaramt n rce gmy nutura rasul ts, parncregmja cr gjdiavaeamts

axprassab cr iepl iab fy sujd ncrwgrb- lccoimk stgtaeamts cr ctdar prchajt icms. Iepcrtgmt ngjtcrs tdgt jculb jgusa gjtugl rasul ts, parncregmja cr

gjdiavaeamts tc bi nnar egtar igl ly imjluba, gecmk ctdars8 (g) egtar igl jdgmkas im tda rakulgt icms kcvarmimk tda fusimassas? (f) tda Jcepgmy's

gfility tc jceply witd tda jgpitgl gbaqugjy mcres prasjrifab fy tda VFI? (j) bajragsas im tda vglua cn tda Jcepgmy's jcllgtargl cr balgys im amncrjimk tda

Jcepgmy's jcllgtargl upcm bangult fy fcrrcwars cm tdair cflikgticms tc tda Jcepgmy? (b) tda Jcepgmy's gfility tc jcmtrcl tda laval cn MPGs im tda Jcepgmy's

pcrtnclic annajtivaly? (a) imtarmgl cr axtarmgl nrgub, cpargticmgl arrcrs, systaes eglnumjticms, cr jyfar sajurity imjibamts? (n) vclgtility im imtarast rgtas gmb

ctdar egroat jcmbiticms? gmb (k) gmy gbvarsa jdgmkas tc tda Imbigm ajcmcey.

Rdis prasamtgticm is ncr kamargl imncregticm purpcsas cmly, witdcut rakgrb tc gmy spajinij cfhajtivas, nimgmjigl situgticms cr imncregticmgl maabs cn gmy

pgrtijulgr parscm. Rda imncregticm jcmtgimab im tdis prasamtgticm is cmly jurramt gs cn its bgta gmb tda Jcepgmy bcas mct umbartgoa gmy cflikgticm tc upbgta

tda imncregticm gs g rasult cn maw imncregticm, nutura avamts cr ctdarwisa.


29/37

FGHGH NIMGMJA LIEIRAB

W7 NY7> Prasamtgticm

RDGMO YCQ


30/37

GMMATQVA

:0


31/37

:7

Imbig vs. Gbvgmjab Ajcmceias Fgmoimk Gssats ( Fm)

Imbig - Fgmos & MFNJ Gssats (QZ Fm)

Imbig vs. Gbvgmjab Ajcmceias - Jcmsuear Baft/ KBP (%)

Imbig Jcmsuear Baft / KBP (%)

-1%

0%

1%

70%

71%

60%

61%

0

600

200

>00

400

7000

7600

7200

7>00

7400

6004-09 6009-70 6070-77 6077-76 6076-7:

MFNJGssats Fgmoimk Rctgl gssats

MFNJKrcwtd % Fgmo Krcwtd % 70%

4.9% 4.4% 4.;%

77%

0%

6%

2%

>%

4%

70%

76%

6004-09 6009-70 6070-77 6077-76 6076-7:

77%

60%

6:%

12%

42%

97%

99%

0% 60% 20% >0% 40% 700% 760%

Imbcmasig

Imbig

Jdimg

Frgzil

Hgpgm

Karegmy

Zimkgpcra

Zcutd Ocrag

Gustrglig

Qmitiab Oimkbce

Qmiti ab Ztgtas

* Zcurja8 Imtarmgl rasagrjd, VFI rapcrts, Flccefark rapcrts, Imbustry rasagrjd rapcrts

7704

9649

7:1>0

71:02

0 2000 4000 76000 7>000 60000

Vussig

Zcutd Ocrag

Imbig

Matdarlgmbs

Gustrglig

Frgzil

Jgmgbg

Itgly

Zpgim

Nrgmja

KaregmyQmitab Oimkbce

Jdimg

Hgpgm

Qmitab Ztgtas

LAMBIMK IMBQZRVY CPPCVRQMIRY


32/37

:6

Cma justcear viaw7AEI Jgrb 8 Lcgm gpprcvgl nrce

: eim im lgst > yagrs tc 0: saj.6

Lgst eila jcmmajtivity tdrcukd jlcub

plgtncre gt ;000+ ratgilars:

Birajt jgsd jcllajticm ecbal

ncr umfgmoab rurgl justcears>

Lcw t ijoat dikd valcjit y

jcllajticm jgpgfility

(~610O gjjcumts par ecmtd)

1

[cro nlcw fgsab umbarwritimk ncr ZEA

fusimassas cm jlcub.2

Nlaxi Lcgm tc ZEA justcears Nlaxifility

tc prapgy & witdbrgw;

cmly A6A cmlima sglgriab

parscmgl lcgm gmb fusimass lcgm4

94% justcear rascluticm im 06

wcroimk bgys70

Jamtra cn Axjallamja ncr Gmglyt ijs

gjrcss Zglas, Prijimk, Viso, Egroatimk,

Jcllajticm & Zarvija

9

Prcparty Nitmass Vapcrt (Prcparty

Bcssiar)77 76 Gcm Dawitt : yagrs im g rcw

Babijgtab Bikitgl Nimgmja fusimass

jgrvab cut7: Lgumjdab EZEA rurgl lambimk

fusimass

72


33/37

PVCBQJR PAV JQZRCEAV (PPJ)

::

Prcbujt par Justcear (PPJ) is g eagsura cn jueulgtiva prcbujts fcukdt fy g justcear cvar dis/ dar linatiea.

* Fgsa prcbujt is imjlubab im tda PPJjgljulgticm* PPJbcas mct imjluba sdcrt tamcr & ramawgfla lcgms (vi z. PC, LGZ & Vatgil ar n imgmja), R[, imnrg gmb Vurgl lambimk scurjimk

Prcbujts

cnnarab

PPJ

Famjdegro

PPJ

(76 ECF)

PPJ

(74 ECF)

PPJ

(62 ECF)

7> : 6.:2* 6.24* 6.1>*

Prcbujts

cnnarab

PPJ

Famjdegro

PPJ

(76 ECF)

PPJ

(74 ECF)

PPJ

(62 ECF)

72 1 6.9:* :.7;* :.:9*

Vatgil

Prcbujt cnnarimks Vatgil

Lcgm Prcbujts

- Jcmsuear burgfla nimgmja, Bikitgl nimgmja,

Linastyla nimgmja, Parscmgl Lcgm, Zglgriab Parscmgl

Lcgms, Zglgriab Dcea Lcgms

Naa Prcbujts

AEI Jgrb, Jrabit Jgrb, AEI Jgrb Pranarrab, Lina

Imsurgmja, Dagltd Imsurgmja, Eutugl Numb, Nixab

Bapcsit , Axtambab [grrgmty Imsurgmja, Jrabit ibyg,

Vatgil Nimgmjigl Nitmass rapcrt

Prcbujt cnnarimks ZEA

Lcgm Prcbujts

Fusimass lcgms, Lcgm gkgimst prcparty, Dcea

lcgms, Jcmstrujticm aquipeamt lcgms, Lcgm gkgimst

sajuritias

Naa Prcbujts

AEI Jgrb, AEI Jgrb Pranarrab, Lina Imsurgmja,

Dagltd Imsurgmja, Eutugl Numb, JVIZIL rgtimks,

Prcparty sagrjd sarvijas, Prcparty nitmass rapcrt,

ZEAnimgmjigl nitmass rapcrt

ZEA


34/37

>:% >6% >0% 1>%

:;% :4% 20% 22%

W6'71 W:'71 W2'71 W7'7>

Nrasd Zcurjimk Vapagt Zcurjimk

22% 22% 27% 26%

1>% 1>% 19% 14%

W6'71 W:'71 W2'71 W7'7>

Nrasd Zcurjimk Vapagt Zcurjimk

:2

Vatgil

ZEA

Bisfursab glua (` Jrcra) Nrasd v/ s Vapagt Eix

Prcbujt Par Justcear (PPJ)

Bisfursab glua (` Jrcra) Nrasd v/ s Vapagt Eix

7.66 7.:>7.29

7.;7

7.47

7.90

Qptc 76 Ecmtds Qptc 74 Ecmtds Qptc 62 Ecmtds

Lcgm Prcbujt Naa Prcbujt

Prcbujt Par Justcear (PPJ)

7.:: 7.2>7.11

7.077.06

7.07

Qptc 76 Ecmtds Qptc 74 Ecmtds Qptc 62 Ecmtds

Lcgm Prcbujt Naa Prcbujt

6.1>

.24

6.:2

6090

:.:9

:.7;

6.9:

* Fgsa prcbujt is imjlubab im tda PPJjgljulgticm* PPJbcas mct imjluba sdcrt tamcr & ramawgfla lcgms (vi z. PC, LGZ & Vatgil ar n imgmja), R[, Imn rg gmb Vurgl lambimk scurjimk

:;7;00; 2149

6:92

6260

1229

6:2:

PVCBQJR PAV JQZRCEAV (PPJ)


35/37

AEI JGVB NVGMJDIZA

:1

[dgt is AEI Jgrb Prckrass t il l bgta

AEI Jgrb Clb & Maw basikm

Clb AEI Jgrb basikm (Egy6077 tc Huma 607:)

Maw AEI Jgrb basikm (Huly607: cmwgrbs)

Lgumjd cn AEI Jgrb Pilct8 Egy 6077

7 Lgj Rrgmsgjticms Eilastcma8 Huma 6076

7 Em Jgrbs Eilastcma8 Mcvaefar 6076

AEI Jgrb Maw Basikm Lgumjd8 Huly 607:

1 Lgj trgmsgjticms eilastcma8 Cjtcfar 607:

7.1 Em Jgrbs Balivarab Eilastcma8 Mcvaefar 607:

6..2 Lgj Rrgmsgjticms im simkla ecmtd 8 Cjt 6077

: Em Jgrbs Balivarab Eilastcma 8 Mcv 6072

71 lgj Rrgmsgjticms Eilastcma 8 Mcv 6072

7 Em Gjtiva jgrbs eilastcma jrcssab 8 Naf 6071

Nirst jc-frgmbab jgrb lgumjdab witd ihgy Zglas 8 Egy 6071

AEI Jgrb ranars tc Axistimk Eaefar Ibamtin ijgticm Jgrb.

Rda AEI jgrb jgm fa usab tc purjdgsa jcmsuear burgflas & li nastylaprcbujts, fy gvgilimk g lcgm nrce FNL witdcut gmy bcjueamts.

Justcears sieply dgva tc Zwipa & Zikm tc fuy usimk gm AEI jgrb.

Rctgl vcluea ncr 2,0>,;91

Gvargka lima gssikmab par AEI jgrb (Gecumt im Vs)8

Par issuab jgrb ;7,4>:

Par gjtiva jgrb ;:,264

Gjtivgt icm rgta cn balivarab AEI jgrbs8

0-> ECF- 7;%, 0-9 ECF 66%, 0-76 ECF - 6;%

Oay eilastcmas

0

700,000

600,000

:00,000

200,000

100,000

>00,000

;00,000

0

100

7,000

7,100

6,000

6,100

:,000

:,100

2,000

2,100

Jueulgtiva Balivarab (000) Jueulgtiva Rrgmsgjticm glua (Vs. Lgj)


36/37

:>

GLE ZRVGRAKY

Lcgm Fcco (` Jrs) Fadgvicuri lisab GLE (` Jrs)

Fcrrcwimks (` 6>,>97 Jrs)Fcrrcwimks ` 64,1;9 Jrs)


37/37

Jcmsuear Nimgmja

prcvisicm jcvargka

Jcmsuear Burgflas 8

:-1 Fujoat - ;1%

Gfcva 1 - 700%

6 gmb : [daalar 8

: 1 Fujoat :0%> - 76 Fujoat - >0%

Gfcva 76 - 700%

Parscmgl Lcgm Jrcss Zall 8

: - 1 Fujoat - 11%

Gfcva 1 - 700%

Zglgriab Parscmgl Lcgm 8

: - 1 Fujoat - ;0%

Gfcva 1 - 700%

ZEA Nimgmja

prcvisicm jcvargka

Dcea Lcgm / Lcgm gkgimst

Prcparty 8

2-1 Fujoat - 71%

> 76 Fujoat - 61%

7:-74 Fujoat 20%

74-62 Fujoat >0%Gfcva 62 - 700%

[croimk Jgpitgl Lcgms 8

:-1 Fujoat ;0%

Gfcva 1 700%

Lcgm gkgimst Zajuritias 8

Gfcva 1 - 700%

Jceearjigl Lambimk

prcvisicm jcvargka

Jcmstrujticm Aquipeamt

Nimgmja 8

2 -1 Fujoat - 71%

> - 9 Fujoat - :0%

70 - 76 Fujoat - >0%

Gfcva 76 - 700 %

Gutc Jcepcmamt Nimgmja 8

> 76 Fujoat 70%

76 74 Fujoat 60%

74 62 Fujoat :0%

Gfcva 62 700%

Krgbab prcvisicm cmsajurab pcrtnclic

0.61% (nrce NY7> 0.:0%)

Fghgh Nimgmja prcvisicmimk stgmbgrbs gra sufstgmtiglly strimkamt tdgm VFI mcres gpplijgfla ncr

MPG PVC IZICMIMK ZRGMBGVBZ

Investor Presentation 15 16

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