Simon TBR - Grant's Conference - 2014

8/10/2019 Simon TBR - Grant's Conference - 2014

http://slidepdf.com/reader/full/simon-tbr-grants-conference-2014 1/42

Rlcqukveaak Huaaelm Xkskrvk

rkia isskts. rkia lwmkrsèp.

RKXI oimifkokmt

RKXI oimifkokmt

R`k Labkst Ebki V`lsk Reok @is Clok (Ifiem).!

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RKXI oimifkokmt

"Ulu tèmj t`k lbbs allj ref`t, tìt t`ky irk em ylur nivlr<

Rès es i heaaeirb tihak. Im kisy, nait, frkkm heaaeirb tihak. Imb ylu ìvk èt ylur wètk hiaa imb et

es trivkaemf kiseay imb quektay tlwirbs t`k rkb. R`k plcjkt es ialmfsebk. Nitiaay, emkvetihay ylu

irk flemf tl èt t`k rkb imb t`k rkb es flemf emtl tìt plcjkt. Et es t`k aiw ln t`k heaaeirb tihak,t`k aiw ln t`k heaaeirb rllo. Hut, lutsebk t`k lrhet ln t`ksk tèmfs, i gkt pealt ìs niemtkb imb ès

paimk es bevemf strief`t it tìt heaaeirb rllo, lr i fis oiem es ihlut tl kxpalbk, lr aef`tmemf es

ihlut tl strejk. Imb t`k hueabemf claaipsks lm tlp ln ylu imb lm tlp ln t`k heaaeirb tihak. R`km

wìt ìs ìppkmkb tl tìt wètk hiaa tìt cluab mlt oess t`k rkb hiaa, imb tl t`k rkb hiaa tìt

cluab mlt oess t`k plcjkt< R`k wètk hiaa cluab mlt oess icclrbemf tl t`k aiws ln t`k heaaeirb

tihak. Hut t`k aiws ln t`k heaaeirb tihak irk mlt t`k lmay aiws em tès pirtecuair fiok.‟

Nrlo Xussei Vet` Alvk, Eim Nakoemf

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RKXI oimifkokmt

RKXI oimifkokmt

Vkstkrm Emvkstlrs Jkkp Taiyemf Nemimceia Fiok

tìt @is Vlrjkb Semck VVEE!

Mkw aiws mlw ippay hut nkw rkiaezk et

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RKXI oimifkokmt

V`y beb t`k systko claaipsk em 8440 hut mlt buremf prkvelus cresks<

" I airfk imb akvkrkb plla isskts wis preckb hy i olbka wet` umenlro issuoptelms:

" Jky emstetutelms ìb umprkckbkmtkb akvkas ln frlss akvkrifk hut nlcuskb lm mkt akvkrifk.

" R`km issuoptelms cìmfkb imb ‑frlss‟ hkciok ‑mkt‟7

" Mkw issuoptelms treffkrkb icrlss-t`k-hlirb rk-precemf:

" Iaa jky emstetutelms nickb oissevk oirfem ciaas:

" Aequebety kviplritkb: `kbfemf clumtkrpirteks cluab mlt pkrnlro:

" Nemimceia systko claaipskb rkqueremf oissevk lvkrmef`t hiealuts.

"

Em kvkry hrljkr-bkiakr himjruptcy, custlokrs― isskts wkrk alst imb/lr skqukstkrkb -

Akòim, ON Falhia, Xkncl.

2

(Akvkrifk + Olbka Bkpkmbkmck + Clmckmtritelm) ?= EEaequebety ?= Clumtkrpirty Nieaurk





RKXI oimifkokmt

" Akvkrifk – falhia bkhts irk up 24% semck 8446:

" Lpicety - it lvkr $644 R, t`k bkrevitevks― clopakx es airfkr tìm kvkr:

" Olbka Bkpkmbkmck – iaa nemimceia isskts rkay lm t`k iaa-teok alw besclumt ritks:

"

Clmckmtritelm – RHRNs irk airfkr t`km kvkr:

"

Aequebety – t`krk irk nkwkr oirjkt oijkrs imb akss prlp cipetia (Blbb Nrimj).

;

Es t`k nemimceia systko olrk slumb tlbiy tìm et wis em 8446<

R`k resjs oiy hk èf`kr hut clmskmsus ‑nkkas‟ hkttkr – i caissec skt up nlr i pkrnkct stlro.





RKXI oimifkokmt

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Clmckmtritelm Xesj – t`k RHRNs irk Heffkr Rìm Kvkr.

Em 84 ykirs, 36 oiglr aequebety prlvebkrs ìvk hkclok 2 RHRNs.





RKXI oimifkokmt

Structuria7

" Nrkk oirjkt precks: sink custlby imb himj bkplsets: clrplritk hlljs nieray rkprkskmt nemimceia clmbetelm:

" @irb currkmcy.

Trlpkrty ref`ts7

" Trevitk prlpkrty cimmlt hk tijkm wet`lut buk prlckss:

" Akfeteoitk cipetia cim nalw nrkkay icrlss hlrbkrs.

Fklplaetecs7

" Clab wir ìs hkkm wlm – pkick bevebkmb:

"

Olml-plair wlrab wet` t`k [S ciaaemf t`k s`lts.

6

Lab ‑Aiws‟7

Xuaks ln t`k fiok irk jky issuoptelms em iaa emvkstokmt stritkfeks imb viauitelms.





RKXI oimifkokmt

Structuria7

"

Treck clmtrlas, custlbeia resjs, RHRNs, bkrevitevks― clopakx, lpiquk icclumtemf, èbbkm akvkrifk.

Trlpkrty ref`ts7

"

Nemimceia isskts irk hkemf tijkm wet`lut buk prlckss7

" [S – FO imb C`rysakr himjruptceks: Cyprus bkplsetlrs kxprlpreitkb lvkrmef`t: previtk pkmselm isskts tijkm hy t`k Tlaes` flvkrmokmt.

" Cipetia imb currkmcy clmtrlas7

" NIRCI7 oippemf falhia isskts ln [S cetezkms: Swess himjs nrkkzk [S icclumts umtea `labkrs prlvk tix clopaeimck (ml buk prlckss).

" Irfkmtemi, ^kmkzukai, [jriemk, Eckaimb, Cyprus – cipetia imb currkmcy clmtrlas.

Fklplaetecs7

"

[S – ‑wkiplmezks‟ piyokmt mktwlrjs ifiemst Xusseim kmteteks: usks [S$ cakiremf tl fiem guresbectelm lvkr nlrkefm himjs.

" Xussei – cyhkr itticjs [S himjs: glems wet` HXECS tl cìaakmfk [S$ is rkskrvk currkmcy.

"

Tkrsestkmt wirs: [S `kfkolmy umbkr prkssurk lm ouatepak nrlmts.

0

Mkw ‑Aiws‟7

Mkw rkiaeteks rkquerk mkw olbka issuoptelms – systkoec resjs irk ml almfkr treveia.





RKXI oimifkokmtRKXI

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Currkmt Oirjkt Clmskmsus7

Bkhicaks @ippkm Kaskw`krk:

Nemimceia Systko es Slumb.!

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RKXI oimifkokmt

94

R`k [S Nemimceia Systko @is Claaipskb Rweck em 04 ykirs.

Ml hiealuts Nuaa hiealuts





RKXI oimifkokmt

99

[S ìs bkniuatkb em t`k pist - bk nictl, en mlt bk gurk.Flab mitelmiaezitelm imb calsemf ln t`k flab wemblw akb tl twl blaair bkviauitelms.

R`k Blaair @is Hkkm Bkviaukb Rweck em 36 ykirs.





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‑Vlm―t @ippkm @krk‟

es Mlt i Taim H!

Clmvkmtelmia Vesblo Mkvkr Skks et Cloemf

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RKXI oimifkokmt

[S @U CCC lr Hkalw Knnkctevk Uekab

93

Kxtrkok clopaickmcy tkmbs tl prkckbk kxtrkok vlaiteaety.

"

9555-8443 Mlroia yekabs imb strkss prkckbkb i mituria crkbet cycak wet`lut systkoec creses.

" 8446-8445 @estlreciaay alw yekabs imb strkss prkckbkb oissevk crkbet cris` imb systkoec creses.

"

8445-8492 Uekabs imb strkss embkx irk it iaa-teok alws7 t`k ciao hknlrk t`k SRLXO.

St Alues Nkb Nemimceia Strkss Embkx





RKXI oimifkokmt

Flab vs ST;44 vs Almf-bitkb Rrkisureks

92

Oirjkt―s iheaety tl besclumt citistrlpèc resjs es pllr.

Bkoimb nlr emsurimck imb ets clst slir INRKX t`k stlro, mlt hknlrk.

" 49/46-43/40 Flab up ~;4% imb pkijs lm Hkir Stkirms hiealut. Clmskmsus7 ‑R`k Nkb sivkb t`k biy.‟

"

43/40-94/40 Flab blwm ~34%. Clmskmsus7 ‑Systkoec resj es lnn t`k tihak‟.

"

94/40-40/99 Flab up ~9>4% imb pkijs is bkht ckeaemf besippkirs. Clmskmsus7 Nkb ̀ is et iaa ‑umbkr clmtrla.‟

" 40/99-45/92 Flab bkcaemks ~34%. Clmskmsus7 ‑Systkoec resj es lnn t`k tihak‟.





RKXI oimifkokmtRKXI

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Eopakokmtemf i R`kses

En t`k Trlhako es Ihlut t`k Olmky

Slautelm es Ihlut Sloktèmf Kask

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RKXI oimifkokmtRKXI

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Vèc` Hremfs [s tl Hetclem

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RKXI oimifkokmt

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Jky ittrehutks ln Hetclem oerrlr t`lsk ln flab hutCyhkrcurrkmceks irk mlt ykt rkiby nlr preok teok

Bennkrkmcks vs Nemimceia Isskts Hetclem & Cryptl-currkmceks Flab Huaaelm

Strectay Aeoetkb Suppay Uks Uks

Ml Lmk―s Aeiheaety Uks Uks

Bkckmtriaezkb Structurk, Custlby Uks Uks

Embkpkmbkmck nrlo Himjs Uks Uks

Icclumtemf Rrimspirkmcy Uks Uks

Embevebuia Trevicy Uks Uks

Hetclem es Syoptloitec ln Besinnkctelm wet` t`k Currkmt Nemimceia Systko





RKXI oimifkokmt

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Gioks Frimt7 ‑Flab es Miturk―s Hetclem‟

Cryptlcurrkmcy vs Flab Cryptlcurrkmcy Flab Huaaelm

Nlro ln Kxestkmck Befetia Lmay T`ysecia + Befetia

[mevkrsiaay Kstihaes`kb Hrimb Mlt Ukt Uks

Emvuamkrihak tl @icjemf, Kakc. Suppay Ml Uks

^laiteaety vs [S$ Uks Uks

Bkkp [mevkrsia Aequebety Mlt Ukt Uks

Bennecuat/Eoplssehak tl Nijk Bennecuat Eoplssehak

Befetia Viaakt Uks Tlssehak

Bestrehutkb Akbfkr Uks Tlssehak





RKXI oimifkokmtRKXI

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Vèc` Hremfs [s (Hicj) tl Flab

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RKXI oimifkokmt

Flab vs Nemimceia Emstruokmts Buremf Systkoec Cresks

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Rkc`mecia ittrehutks ln p`ysecia flab oijk et umequkay knnkctevk is systkoec emsurimck:

Emsurimck es im isyooktrec hkt lm im lutclok clmsebkrkb umaejkay.

Jky Rkc`mecia Ittrehutks Nemimceia Emstruokmts T`ysecia Flab

Aequebety [mckrtiem Ihumbimt imb umevkrsia

Lptelmiaety, e.k. nakxeheaety Ml Uks

Clrrkaitelm [mprkbectihak Emvkrsk clrrkaitelm tl clmnebkmck

Isyooktry [mprkbectihak Uks

^laiteaety Trlhakoitec Ml pkroimkmt eopierokmt

Reok îauk Bkciy Trlhakoitec Mkvkr wlrtàkss

Clumtkrpirty Xesj @ef` Mlmk

Tkrnlroimck Brevkrs Mloemia Trecks: clrrkaitelms Alss ln clmnebkmck nlr imy rkislm





RKXI oimifkokmtRKXI

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Hef Lpplrtumeteks Irk Hlrm lut ln Besifrkkokmts

Flab es Emvkrskay Clrrkaitkb tl Clmnebkmck em Nemimceia Systko[teaety imb îauk Bkpkmb lm V`kt`kr Nemimceia Isskts irk Slumb

Kist imb Vkst Besifrkk

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RKXI oimifkokmt

Vkstkrm Nemimceia Emvkstlrs― Tkrspkctevk7

‑(Flab) fkts buf lut ln t`k frlumb em Inreci, lr slokpaick. R`km wk okat et

blwm, bef imlt`kr `lak, hury et ifiem imb piy pklpak tl stimb irlumb

fuirbemf et. Et ìs ml uteaety. Imylmk witcèmf nrlo Oirs wluab hk scritcèmf

t`ker `kib.‟

Virrkm Hunnktt

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Ihskmck ln uteaety es t`k jky ISS[OTRELM em t`k Vkstkrm Emvkstlrs― olbka nlr viauemf flab.





RKXI oimifkokmt

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Em t`k Vkst flab es i spkcuaitelm7 emvkstlrs huy lm t`k wiy up imb skaa lm t`k wiy blwm.





RKXI oimifkokmt

Iaim Frkkmspim―s Tkrspkctevks7

LXEFEMIA R@KSES7

‑R`k nemimceia plaecy ln t`k wkanirk stitk rkquerks tìt t`krk hk ml wiy nlr t`k lwmkrs ln wkiat` tl prltkct t`koskavks.

Rès es t`k sìhhy skcrkt ln t`k wkanirk stitests' teribks ifiemst flab. Bknecet spkmbemf esseopay i sc`kok nlr t`k clmnescitelm ln wkiat`. Flab stimbs em t`k wiy ln tès emsebelus

prlckss. Et stimbs is i prltkctlr ln prlpkrty ref`ts.‟

Iaim Frkkmspim, 95>>

KPTKXEOKMR FLMK IVXU7

‟R`k [.S. cim piy imy bkht et ìs hkciusk wk cim iawiys premt olmky tl bl tìt.‟

Iaim Frkkmspim, 8499

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RKXI oimifkokmt

NEMIA CLMCA[SELM7

8;

Vkstkrm flvkrmokmts irk mlt skaaemf t`ker flab: Vkstkrm nemimceia emvkstlrs irk.

‑ ! flab ìs spkceia prlpkrteks tìt ml lt`kr currkmcy, wet` t`k plssehak kxckptelm ln seavkr, cim caieo. Nlr olrk tìm

twl oeaakmmei, flab ìs ìb vertuiaay umqukstelmkb icckptimck is piyokmt. Et ìs mkvkr rkquerkb t`k crkbet

fuirimtkk ln i tèrb pirty. Ml qukstelms irk rieskb w`km flab lr berkct caieos tl flab irk lnnkrkb em piyokmt ln im

lhaefitelm: et wis t`k lmay nlro ln piyokmt, nlr kxiopak, tìt kxplrtkrs tl Fkroimy wluab icckpt is Vlrab Vir EE

wis briwemf tl i calsk. Rlbiy, t`k icckptimck ln neit olmky -- currkmcy mlt hicjkb hy im isskt ln emtremsec viauk --

rksts lm t`k crkbet fuirimtkk ln slvkrkefm mitelms kmblwkb wet` knnkctevk tixemf plwkr, i fuirimtkk tìt em creses

clmbetelms ìs mlt iawiys oitc`kb t`k umevkrsia icckptiheaety ln flab.

En t`k blaair lr imy lt`kr neit currkmcy wkrk umevkrsiaay icckptihak it iaa teoks, ckmtria himjs wluab skk ml mkkb tl

`lab imy flab. R`k nict tìt t`ky bl embecitks tìt suc` currkmceks irk mlt i umevkrsia suhstetutk. Ln t`k 34

ibvimckb clumtreks tìt rkplrt tl t`k Emtkrmitelmia Olmktiry Numb, lmay nlur `lab ml flab is pirt ln t`ker rkskrvk

hiaimcks. Embkkb, it oirjkt precks, t`k flab `kab hy t`k ckmtria himjs ln bkvkalpkb kclmloeks wis wlrt` $6>8

heaaelm is ln Bkckohkr 39, 8493, clopresemf 94.3 pkrckmt ln t`ker lvkriaa rkskrvk hiaimcks. (R`k EON `kab im

ibbetelmia $996 heaaelm.) En, em t`k wlrbs ln t`k Hretes` kclmloest Gl`m Oiymirb Jkymks, flab wkrk i ‑hirhirlusrkaec,‟ ckmtria himjs irlumb t`k wlrab wluab mlt ìvk sl ouc` ln im isskt w`lsk ritk ln rkturm, emcaubemf stlrifk

clsts, es mkfitevk.‟

Iaim Frkkmspim, Nlrkefm Inniers, Skptkohkr 8492





RKXI oimifkokmt

Kistkrm Tkrspkctevk7

‑Flab es t`k wlrab's lmay olmktiry isskt tìt ìs ml clumtkr-pirty resj, imb es t`k lmay crlss-mitelm, crlss-

aimfuifk, crlss-kt`mecety, crlss-rkaefelm imb crlss-cuaturk falhiaay rkclfmezkb olmktiry isskt.‟

‑Currkmtay, t`krk irk olrk imb olrk pklpak rkclfmezemf tìt t`k ‐flab es uskakss― stlry clmtiems tll oimy

aeks. Flab mlw sunnkrs nrlo i ‐soljkscrkkm― bksefmkb hy t`k [S, wèc` stlrks 62% ln falhia lnneceia flab rkskrvks, tl put blwm lt`kr currkmceks imb oiemtiem t`k [S Blaair `kfkolmy. Flemf tl t`k slurck, t`k resk

ln t`k [S blaair imb Hretes` plumb, imb aitkr t`k kurl currkmcy ! wis supplrtkb hy t`ker ùfk flab

rkskrvks.

!wk s`luab kmclurifk embevebuia emvkstokmt bkoimb nlr flab. Tricteck s`lws tìt flab plssksselm hy

cetezkms es im knnkctevk suppakokmt tl mitelmia rkskrvks imb es vkry eoplrtimt tl mitelmia nemimceia skcurety.‟

Slmf Pem, Fkmkria Oimifkr ln t`k Cèmi Mitelmia Flab Clrp., Tirty Skcrktiry imb Trksebkmt ln t`k Cèmi Flab Isslceitelm

8>

Cèmi imb Xussei clmtemuk tl iffrkssevkay iccuouaitk t`k huaaelm hkemf slab hy t`k Vkstkrm emvkstlrs.





RKXI oimifkokmt

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Cèmi imb Xussei skk flab is ksskmteia tl nemimceia clmtemuety.





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Cèmi7 Fevk us ylur ùmfry, ylur pllr flab hirs!





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Flab-Hiskb Nemimck7

t`k Labkst Ebki V`lsk Reok ìs Clok (Ifiem).!

Sefmenecimt [psebk wet`lut Clumtkrpirty Xesj:

Aequeb Huyemf Tlwkr: Embkpkmbkmt Rrimsnkr Systko.

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RKXI oimifkokmt

Flab―s prlvkm emtremsec viauk – t`k lmay umeopkicìhak nebuceiry isskt.

" Flab es umevkrsiaay aequeb imb cim hk uskb is piyokmt wet`lut clmvkrselm emtl neit currkmceks.

" Flab es mlt tekb tl imy clumtry, nemimceia systko lr clumtkrpirty - et es ml lmk―s aeiheaety.

" Flab huaaelm es t`k olst webkay rkclfmezkb imb umevkrsiaay icckptkb viauihak em t`k wlrab.

" R`k lmay timfehak, aequeb mlm-nemimceia isskt tìt es prictecia tl lwm lutsebk t`k nemimceia systko.

"

Huaaelm es aequeb it trimspirkmt precks icrlss t`k wlrab―s nemimceia ckmtrks, wet`lut kxckptelm.

34

[mevkrsia aequebety imb embkpkmbkmck nrlo nemimceia isskts, currkmceks imb nemimceia systkos

oijk flab im ebkia hises nlr skttemf up hicjup nemimceia irrimfkokmts.





RKXI oimifkokmt

Flab Huaaelm – C`kip Isyooktrec Lptelm wet`lut Clumtkrpirty Xesjs

" Ml oirfem ciaas, ml clumtkrpirty resjs, ml kxperitelm. Huaaelm ìs mkvkr hkkm wlrtàkss.

" Bkrevitevks tricj spkcenec mloemia precks: flab tricjs clmnebkmck imb purcìsemf plwkr.

"

Immuia clsts irk ittrictevk vkrsus mkfitevk rkia ritks lr s`lrtemf resjs.

" Flab ìs slirkb buremf bknaitelm (9534s), emnaitelm (9564s) imb systkoec emstiheaety (8444s).

" Treck es akvkrkb tl systkoec clmckrms – w`km bkoimb slirs, suppay breks up.

" Huaaelm es `kiveay umbkr-lwmkb em t`k Vkst: t`k Kist es iffrkssevkay iccuouaitemf.

" Lvkrw`kaoemfay hkires` skmteokmt crkitks isyooktry it currkmt akvkas.

39

Flab huaaelm ìs pltkmteia tl bkaevkr clopkaaemf upsebk wet`lut resj ln i pkroimkmt alss ln cipetia.





RKXI oimifkokmt

Aequebety – aequeb purcìsemf plwkr, e.k. mkflteiheaety wet`lut ‑ìercuts‟.

"

Nemimceia Emstruokmts7

" Aksslm ln 8440 – iaa nemimceia oirjkts irk aequeb! umtea t`ky irk mlt.

"

Flab Huaaelm7

"

[mevkrsia aequebety umbkr imy oirjkt clmbetelms.

38

Flab huaaelm es olrk aequeb tìm stlcjs: aequebety es falhia imb precks irk ivieaihak 88/;.





RKXI oimifkokmt

Flab Huaaelm es umequkay nkisehak is i aequeb hut timfehak stlrk ln viauk.

33

9 Aetkr Hlttak

9 Aetkr HlttakNeaakb Vet`7

Vkef`tAhs.

Currkmt îauk$ [S

^lauok/îaukFlab ? 9

Flab 28.;> 026,54>.54 9

Seavkr 83.9; 6,92>.>8 995P

Clppkr 95.6> ;5.;0 92,834P

Wemc 9;.62 92.30 ;0,5>2P

Sufir 3.;9 9.43 084,283P

Fislaemk 9.>3 4.>0 9,823,6>6P

Rkxis Crubk 9.58 4.;3 9,>40,>;3P

Trecks is ln 3-93-8492

Mltk7 Beiolmbs, irt imb rkia kstitk irk mlt umenlro imb, t`krknlrk, cimmlt ̀ ivk trimspirkmt precemf rkquerkb nlr umevkrsia aequebety.

RKXI





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Falhia Slautelm nlr Mlm-Nemimceia Himjemf imb Rrimsnkrs

Xkbumbimcy tìt Kmsurks Nemimceia Clmtemuety

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RKXI oimifkokmt

RHX usks i mlm-nemimceia emstruokmt tl lnnkr aequeb nuaay-rkskrvkb icclumts imbviauk trimsnkr cipiheaeteks tìt bl mlt rkay lm himjs lr skcureteks oirjkts.

RHX @efàef`ts7

"

Vìt et es7

" I falhia vkècak nlr lwmemf flab wet`lut kxplsurk tl nemimceia emtkrokbeireks imb skcureteks oirjkts.

" Vìt et blks7

" Lnnkrs aequeb, nuaay-rkskrvkb, mlm-nemimceia icclumts bk-clrrkaitkb nrlo nemimceia systko:

"

Kmihaks kxcìmfk ln viauk hktwkkm caekmts wet`lut rkaeimck lm clmvkmtelmia piyokmt systkos:

" Kmsurks skcurety, clopaeimck, trimspirkmcy, bieay aequebety imb umevkrsia bkaevkriheaety ln t`k huaaelm:

" Trlvebks i c`leck ln mlm-nemimceia viuats em @lmf Jlmf, Semfiplrk, Swetzkraimb imb t`k [.S.

"

V`l es hkèmb et7

" RHX cl-nlumbkrs7 Gl`m @itìwiy, Xlhkrt Jakemscòebt, Seolm Oejìealvec .̀

" ; ln t`k 94 airfkst flab oememf clopimeks irk RHX―s akib caekmts7

"

Ifmecl Kifak, Flabclrp, Flab Nekabs, Xlyia Flab, Uioimi.

3;

RKXI





RKXI oimifkokmt

RHX vs KRN ? Seopaecety vs Clopakxety

R`k KRN Olbka Kxcìmfk-tribkb emberkct caieos ifiemst imiaalcitkb flab himj icclumt.

R`k RHX Olbka Berkctay rkbkkoihak ‑wirk`lusk rkckepts‟ nuaayhicjkb hy flab `kab em emsurkb mlm-himj viuats.

Emvkstlrs

Hrljkr Bkiakr

Stlcj Kxcìmfk

Iut`lrezkb Tirtecepimts

KRN Rrust

Himj

Emvkstlrs

RHX

Clookrceia îuats

3>

RKXI





RKXI oimifkokmt

RHX Hiaimck S`kkt – Aequebety, Rrimspirkmcy, Seopaecety

Isskts Aeiheaeteks

36

Lpkritemf Kxpkmsks (Iboemestritelm, Stlrifk, Iubets)

Oimifkokmt Nkks

Tirtmkrs― Cipetia

RKXI





RKXI oimifkokmt

Caekmts akvkrifk RHX―s falhia H8H rkaitelmsèps imb w`laksiak precemf.

30

RKXI





RKXI oimifkokmt

RHX @is Isskohakb i Falhia Rkio ln Trkoekr Skrveck Trlvebkrs

Cis` Custlby Skcurk Flab Custlby Iboemestritelm,Icclumtemf, Xkplrtemf

Akfia Nemimceia Iubet

Nuaa îauk Emsurimck Emvkmtlry Iubet

35

RKXI





RKXI oimifkokmt

24

Tirtemf R`luf`ts

RKXI





RKXI oimifkokmt

29

R`k Vkst oiy prlvk ref`t lr t`k Kist oiy prlvk ref`t.

R`lsk wet`lut flab rkskrvks cimmlt innlrb nlr t`k Kist tl hk ref`t.

Flab lnnkrs t`k c`kipkst lptelm lm ket`kr lutclok7

@kibs - ylu wem, tieas - ylu blm―t alsk.

RKXI





RKXI oimifkokmt

RKX Oimifkokmt AAC

29 Vkst ;6t` Strkkt, 6t` Nallr

Mkw Ulrj, MU 94495

Clmtict7

Seolm I. Oejìealvec`soDhuaaelmrkskrvk.clo

Rkakp`lmk7 (898) 658-8968

Rès prkskmtitelm wis prkpirkb hy RKXI Oimifkokmt AAC imb es nlr emnlroitelm purplsks lmay. Mket`kr t`k emnlroitelm mlr imy lpemelm clmtiemkb em tès prkskmtitelm lrimy ippkmbecks clmstetutks i slaecetitelm lr lnnkr hy RKXI Oimifkokmt AAC lr imy inneaeitks tl huy lr skaa imy skcureteks lr lt`kr nemimceia emstruokmts lr prlvebk imyemvkstokmt ibveck lr skrveck. Im lnnkr lr slaecetitelm tl huy lr skaa skcureteks weaa lmay hk oibk tl kaefehak emvkstlrs hy okims ln im lnnkremf okolrimbuo imb rkaitkb

suhscreptelm oitkreias. R`k emnlroitelm clmtiemkb ̀ krkem es quiaenekb em ets kmterkty, pakisk rknkr tl t`k lnnkremf oitkreias nlr spkcenec imb clopaktk tkros imb clmbetelms.

RKXI Oimifkokmt AAC blks mlt umbkrtijk tl ibvesk ln cìmfks em ets lpemelms lr emnlroitelm clmtiemkb em tès prkskmtitelm. Imy biti emcaubkb em tès prkskmtitelm eslhtiemkb nrlo slurcks hkaekvkb tl hk rkaeihak hut cimmlt hk, imb es mlt fuirimtkkb hy RKXI Oimifkokmt AAC. Imy lpemelms lr prlgkctelms kxprksskb `krkem irk t`lskln t`k RKXI Oimifkokmt AAC imb cimmlt imb s`luab mlt hk rkaekb uplm is rkprkskmtitelms ln nict lr emvkstokmt ibveck. Tist rkturms cimmlt hk rkaekb uplm is i

prkbectlr ln nuturk pkrnlroimck.

Ml oitkreia nrlo tès prkskmtitelm oiy hk uskb, rkprlbuckb lr lt`krwesk besskoemitkb em imy nlro tl imy pkrslm lr kmtety wet`lut t`k kxpaecet prelr wrettkm clmskmt lnRKXI Oimifkokmt AAC.

Documents

Simon TBR - Grant's Conference - 2014