Portfolio | August 2010

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    Oyyrb 28 Grdryq =:7:

    Ze}qhe oeB~i`ryoxb qe Bko}gqby Ho}yq I`gyy gca Mryocbyy I`gyy

    bko}gqby#iek

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    =>

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    41

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  • 8/9/2019 Portfolio | August 2010

    7/92Grdryq =:7:

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  • 8/9/2019 Portfolio | August 2010

    9/92Grdryq =:7:

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    q}rb yodc qngq zbez`b g}b yb}oery gmerq ab`oxb}ocd

    b~ib``bcq iryqekb} yb}xoib#

    Qnb wrg`oq eh yb}xoib igc mb g nrdb aohhb}bcqog`

    qngq aoyqocdroynby g iekzgc h}ek oqy iekzbqoqe}y,

    gca ke}b okze}qgcq`, }byr`qy oc }bqr}c q}gab gca

    }bhb}}g`y# Gq Dr`h Hocgcib, tb bcle g `g}db zg}q

    eh er} cbt mryocbyy qn}erdn te}a eh kerqn gca}biekkbcagqoecy# Tb }bg`oyba `ecd gde qngq bxbc

    ykg`` qefbcy eh b~q}g yb}xoib nb`z qe mro`a `gyqocd

    }b`gqoecynozy# Gy g cgcib iekzgc, tb ngxb g

    toab yzbiq}rk eh iekzbqoqe}y mrq, gy kgc eh

    qnbo} i`obcqy to`` qbyqoh, qnbyb `bcab}y ae ceq

    kgocqgoc g zb}yecg` meca toqn qnbo} i`obcqy, gca

    qnoy ngy mbiekb zg}qoir`g}` gzzg}bcq oc }bibcqnoyqe} yocib qnb cgciog` yi}bt tgy qodnqbcba#

    Gy g `bcab} qngq }bxobty bgin igyb ocaoxoarg``,

    tb g}b gm`b qe ab`oxb} g zb}yecg` yb}xoib qe bgin

    gca bxb} ecb eh er} i`obcqy# Tb ngxb g`tgy

    bkzngyoyba qnb okze}qgcib eh qnoy, ceq ec` qe er}

    iryqekb}y, mrq qe er} yqghh# Iryqekb} ygqoyhgiqoec

    aeby ceq lryq }bhb} qe qnb wrg`oq eh qnb z}eariq,

    mrq g`ye qe qnb b~zb}obcib oc giwro}ocd oq gca

    tngq he``ety# H}ek qnb h}ecq aee} eh gc ehib

    qe qnb ab`oxb} eh g yb}xoib, qnb}b cbbay qe mb

    iecyoyqbci# Qnb}b cbbay qe mb g z}ehbyyoecg` gca

    h}obca` gqkeyznb}b gy tb`` gy i`g}oq, q}gcyzg}bci

    gca gyyoyqgcib + oq oy zg}gkercq qngq iryqekb}y g}boc gc bcxo}eckbcq tnoin tb`iekby ceq ec` qnbo}

    q}gab, mrq qnbo} eg`q gca yrzze}q#

    Kgc mryocbyyby ngxb hg``bc yne}q mbigryb qnb

    hgo`ba qe gzz}biogqb qngq qnb igcceq yokz`

    ehhb} g z}eariq gca bxb}qnocd to`` mb ykeeqn

    ygo`ocd, mrq }gqnb} qngq qnb kryq ehhb} g yb}xoib

    qe iekz`okbcq qngq z}eariq# Ce mryocbyy ngy g

    }odnq qe iryqekb}y, qnb g}b g z}oxo`bdb qngq kryq

    mb bg}cba gca inb}oynba# Oc gc mryocbyy, qnb}b

    ngy qe mb g ie``biqoxb bhhe}q gca gc rcab}yqgcaocd

    eh tngq oq kbgcy qe z}exoab g ir`qr}b eh yb}xoib

    b~ib``bcib, gca qnoy kryq mb gq qnb he}bh}ecq eh

    bxb}meay kocay, gca gq bxb} yqbz eh qnb tg#

    Yekbqokby, qnoy oycq gc bgy qgyf# Oq qgfby ke}b

    qngc g irz eh iehhbb gca g coib yko`b ec }bibzqoec

    qe iekzb` iryqekb}y qe }bqr}c# Ngxocd ygoa qngq,

    oq oy g deea yqg}q gca }bkbkmb} + oh er aecq qgfb

    ig}b eh er} iryqekb}y, yekbecb b`yb to``#

  • 8/9/2019 Portfolio | August 2010

    13/92Grdryq =:7:

    MRYOCBYY CBTY OC M]OBH

    Emyb}xb}

    =:7:CBT_

    E]FQOKBYCBTYYB]XOIB

    ]bocxbcqocd ZnecbQzocd, GdgocYtzb oy qnb `gqbyq ocxbcqoec tnoin `eefy ybq qe ingcdb qnb tg tb t}oqb kbyygdby ec

    er} znecby gca eqnb} iekkrcoigqoec abxoiby, }bze}qy Lbccg Teqngk#

    I`ohh Fryn`b} oy qnb ocxbcqe}

    eh z}baoiqoxb te}ay qzba ec

    ib``znecby gca ie+abxb`ezb} eh

    Ytzb, g cbt yyqbk he} qerin

    yi}bbc znecby#

  • 8/9/2019 Portfolio | August 2010

    14/92Ze}qhe`oe

    = Emyb}xb}

    Ytzb }b`oby ec hocdb} kexbkbcq gca

    kgfby ryb eh qnb hr`` wtb}q fbmeg}a# Ryba

    ie}}biq`, oq d}bgq` oci}bgyby qzocd yzbba#

    Fryn`b} gca noy qbgk te}fba he} ybxbc

    bg}y ec Ytzb# Noy ho}yq yehqtg}b he} kemo`b

    znecby, Q?, tgy g nrdb yriibyy#

  • 8/9/2019 Portfolio | August 2010

    15/92Grdryq =:7:

    Emyb}xb}

    KEYQ ]B@OGM@B IG]Y HE] =:7:

    Xbnoi`b Z}em`bky zb} 7:: xbnoi`by

    Ze}yinb 77:

    @ocie`c 771

    Mroif 772

    @b~ry 772

    Kb}ir} 7=7

    Qeeqg 7=>

    Necag 79=

    He}a 717

    Kb}ibaby+Mbc| 71=

    Gir}g 719

    GKB]OIGY MBYQYB@@OCD IG]Y

    Xbnoi`b Ybdkbcq _bg}+qe+agqb yg`by

    .gy eh Lrcb 7/

    He}a H+Yb}oby Zoifrz Q}rif 7?9,>19

    Qeeqg Igk} Ybagc 7=2,>:1

    Qeeqg Ie}e``g Iekzgiq Ig} 77>,8=2

    He}a Byigzb I}eyyexb} >9,11:

    In}y`b} Qetc ( Iercq} Kocoxgc 27,91=

    Fog Ye}bcqe YRX 1=,74:

    @b~ry ]^ @r~r} I}eyyexb} 98,:7=

    He}a Kryqgcd Yze}qy Ig} 97,:87

    MKT 9+Yb}oby @r~r} Ybagc =8,49:

    Kb}ibaby+Mbc| K@ I`gyy @r~r} YRX 7:,=8?

    TE]@AY KEYQ MBGRQOHR@ IG]Y .@oyqba oc g`zngmbqoig` e}ab}/

    Xbnoi`b Z}oib

    G`hg ]ekbe >I Yzoab} !9:7,8::

    Gyqec Kg}qoc ]gzoab !7?4,>2:

    Mbcq`b Kr`ygccb !=>2,:::

    Aeadb Ing``bcdb} Y]Q> !19,8>:

    Hb}}g}o 12> Oqg`og !=1:,:::

    Lgdrg} ^L !779,::: .^L@ Yrzb}yze}q/

    Kgyb}gqo Wrgqq}eze}qb !7=:,=2:

    Kb}ibaby Y@Y GKD !7>9,:::

    Ze}yinb Me~yqb} Yzab} !87,=::

    ]e``y ]eib Dneyq !=12,:::

    G^Gy M}oqoynMryocbyy Ye`a he}

    !1 Mo``oec

    Qnb Te}`a

    Qez 7:

    DBQQ_OKGDBY

    YER]IB< HE]MBY#IEK, GCBFO#IEK

    YER]IB< HE]MBY#IEK, GCBFO#IEK

    YER]IB< HE]MBY#IEK, GCBFO#IEK

  • 8/9/2019 Portfolio | August 2010

    16/92Ze}qhe`oe

    1 Emyb}xb}

    Q+Kemo`b RYG,

    g yrmyoaog}

    eh qnb `g}dbyq

    qb`biekkrcoigqoecy

    iekzgc oc Br}ezb,

    Abrqyinb Qb`bfek,

    abioaba qe oclbiq

    h}byn oabgy ocqe qnb

    iekzgc oc qnb

    hgib eh gdd}byyoxb

    aekbyqoi iekzbqoqe}y#

    Oc g yngfb+rz eh

    qez iekzgc }gcfy,

    Zno`ozz Nrkk

    }bz`giba `ecd+qokb

    inobh ]emb}q Aeqyec

    gy IBE+abyodcgqb# Nrkk tgy qnb Ingo}kgc eh qnb Meg}a

    eh Ao}biqe}y eh Q+Kemo`b I|bin ]bzrm`oi, gca }byzecyom`b

    toqnoc qnb Abrqyinb Qb`bfek D}erz he} Yg`by gca Yb}xoibyoc Br}ezb, gy tb`` gy qnb kgcgdbkbcq eh cgqoecg` iekzgcoby

    oc Gryq}og, I|bin ]bzrm`oi, Rcoqba Focdaek, qnb Cbqnb}`gcay

    gca Ze`gca#

    Q+Kemo`b, ghqb} g qte+bg} aoz oc oqy RY mryocbyy, ybby

    Nrkk gy gc oabg` yriibyye} doxbc noy b~zb}obcib gq qnb qez

    }gcfy eh qnb iekzgc yocib =::2# Ar}ocd noy qbcr}b gy IBE

    eh AQ Abrqyin`gca Nrkk ngy mbbc i}baoqba toqn qgfocd exb}

    qnb iekzgc oc g abi`ococd kg}fbq gca yriibyyhr`` qr}cocd

    oq g}erca qe mbiekb Db}kgcy `bgaocd kemo`b ezb}gqe} oc

    meqn yrmyi}omb}y gy tb`` gy yb}xoib }bxbcrby# Nb tgy g`ye

    }byzecyom`b he} qnb yriibyyhr` kg}fbq ocq}eariqoec eh qnboZnecb oc Db}kgc oc =::4# Oq oy g z}oxo`bdb he} kb qe qgfb

    exb} qnb }bocy h}ek gc byqgm`oynba `bgab} yrin gy ]emb}q,

    Nrkk ygoa ec noy gzzeocqkbcq# O `eef he}tg}a qe te}focd

    toqn nok gca qnb Q+Kemo`b RYG Qbgk ar}ocd qnb q}gcyoqoec

    zngyb, gca O }b`oyn qnb z}eyzbiq eh `bgaocd yrin g z}era

    iekzgc gy Q+Kemo`b RYG g he}ib qe mb }bifecba toqn oc

    ecb eh qnb `g}dbyq kg}fbqy oc qnb te}`a#

    Z}oe} qe leococd Abrqyinb Qb`bfek, Nrkk te}fba he}

    7: bg}y he} g crkmb} eh RY mgyba iekzgcoby oci`raocd

    KiFocyb ( Iekzgc, Z}eiqb} ( Dgkm`b gca Gkg|ec oc

    ybcoe} `bxb` zeyoqoecy#

    EC B =T G Q I N

    QB

    ^Q? Ko oec Iecq}giq h}ekYgrao B`biq}oi

    Cbt ]bie}a Yr}z`ry

    DBQQ_OKGDBY

    ]BRQB]Y

  • 8/9/2019 Portfolio | August 2010

    18/92Ze}qhe`oe

    8

    Iekkbcqg}y

    Qnb Ocxoyom`b De}o` g

    QB^Q>> > MG]CB_Y

    YNG]EC FNG\\GK

  • 8/9/2019 Portfolio | August 2010

    20/92

    Ze}qhe`oe

    >

    Z}eho`b

  • 8/9/2019 Portfolio | August 2010

    21/92

    Iexb} Yqe}y

    Ze}qhe`oe

    QNBQB@BIEKY

    AEC

    Grdryq =:7:

    Nbga eh qnb

    te}`ay qno}a `g}dbyq

    qb`biekkrcoigqoecy

    iekzgc, Iyg} G`ob}qg

    oy g kgc qngq yner`ab}y

    d}bgq }byzecyomo`oq#

    Oqy g deea lem nby rz

    qe qnb qgyf, }bze}qy

    ]rqn I`bdd##

  • 8/9/2019 Portfolio | August 2010

    22/92

    Ze}qhe`oe

    :

    Z}eho`b

    Iyg} G`ob}qg ngy mro`q

    Qb`bhcoig ocqe ecb

    eh qnb te}`ay `g}dbyq

    qb`biekkrcoigqoecy

    iekzgcoby# Oq ezb}gqby

    oc =2 iercq}oby toqn g

    iryqekb} mgyb eh =49 ko``oec

    d`emg`` gca }bxbcrby eh

    2=#? mo``oec oc =::?#

    I

    :

    ]BRQB]Y

  • 8/9/2019 Portfolio | August 2010

    23/92Grdryq =:7:

    Gceqnb} nodn`odnq eh G`ob}qgy ig}bb} igkb oc =::8 tnbcnb bcdocbb}ba qnb yriibyyhr` !97#1 mo``oec giwroyoqoeceh kemo`b znecb dogcq E= m}ocdocd Qb`bhcoigyaekocgcib qe qnb yne}by eh qnb RF#

    Yzgcoyn Z}okb Kocoyqb} Ley @roy ]ea}odrb| \gzgqb}e, Db}kgc Ingcib``e} Gcdb`g

    Kb}fb` gca G`ob}qg gq qnb IbMOQ =:7: ynet oc Ngcexb}, Db}kgc# Qb`bhcoig E= Db}kgc

    ngy g d}etocd z}bybcib toqn ke}b qngc =7 ko``oec iryqekb}y#

    IE]MOY

    G`ob}qg, .ibcq}b/, Ingo}kgc eh qnb Meg}a

    eh Ao}biqe}y eh Qb`bhcoig, Oyoa}e Hgocb

    .`bhq/, Xoib Ingo}kgc eh qnb Meg}a, gca]gko}e Ygcinb| Ab @b}oc Dg}iog+Exoby,

    Dbcb}g` @bdg` Ybi}bqg} eh qnb Meg}a eh

    Ao}biqe}y eh Qb`bhcoig, gq g yng}bne`ab}y

    kbbqocd oc Kga}oa#

  • 8/9/2019 Portfolio | August 2010

    24/92

    Ze}qhe`oe

    =

    Z}eho`b

    Qb`bhcoig ngy iecqocrba qe gdd}byyoxb` b~zgca oqy cbqte}fy oc Br}ezb# Br}ezby

    ybieca+`g}dbyq znecb iekzgc ygt oqy =:7: ho}yq+wrg}qb} z}ehoq }oyb m qte zb} ibcq,

    qngcfy qe oqy Br}ezbgc ezb}gqoecy erqyoab Yzgoc#

    Ceq ec` ngy qnbgiwroyoqoec eh E=z}eqbiqba Qb`bhcoigh}ek qnb d`emg` }bibyyoec bxbc oc qnb d`emg`bieceky ag}fbyq agy oc=::> qnb}b tgy yqo`` g =#4zb} ibcq }oyb oc yg`by qnbiekzgc ngy mbbc gm`bqe `grcin g crkmb} ehz}elbiqy qe nb`z yq}rdd`ocdg}bgy eh yeiobq#

    DBQQ_OKGDBY

    Iryqekb}y ryb Qb`bhcoigy zrm`oi znecby oc Ye Zgr`e# @gqoc Gkb}oig ngy mbbc ecb eh

    qnb iekzgcy yq}ecdbyq d}etqn zeocqy gca oq aekocgqby qnb kg}fbq#

  • 8/9/2019 Portfolio | August 2010

    25/92Grdryq =:7:

    Qte }oxg`y yng}ba qnb yqgdb ar}ocd qnb Kemo`b Te}`a Iecd}byy .DYKG/ oc

    Mg}ib`ecg# G`ob}qg .}odnq/ gca Xoqqe}oe Ie`ge, IBE eh Xeaghecb, erq`ocba qnb hrqr}b eh

    iekkrcoigqoecy#

    Cbt qbince`ed kbbqy i`gyyoi g}inoqbiqr}b oc D}gc Xog, Kga}oa# Qnb Qb`bhcoig Qetb}

    tgy abyodcba gca mro`q oc qnb 7?=:y gca ryba qe mb ecb eh qnb ioqy moddbyq mro`aocdy#

    Iryqekb}y m}etyb Gzz`b oZnecby ec

    aoyz`g gq g Qb`bhcoig yqe}b oc Kga}oa#

    Ec Hbm}rg} =1 qnoy bg} Qb`bhcoig

    }bzr}ingyba ybxbc ko``oec yng}by oc ecb

    ag oc qnb `g}dbyq giwroyoqoec eh iekzgc

    yng}by ye hg} qnoy bg}#

    ZNEQEYEC

    QNOYZGDB

    Agcdb} he} Feqey

    Gciobcq G` r}bLgzgc a}gty oc }b`gqoxb` hbt qer}oyqy toqnyoqby `ofb Doec, g dboyng aoyq}oiq oc Feqe#Qnb cgqoec oy qe}c gmerq net qe gqq}giqke}b, }bze}qy No}efe Qgmrino#

  • 8/9/2019 Portfolio | August 2010

    31/92Grdryq =:7:

    Feqe oy hgkba he} oqy gciobcq qbkz`by, yrin gy qnb Nbogc Locdr Yn}ocb, mrq qnbyb g}b eh

    `oqq`b gzzbg` qe Inocbyb qer}oyqy tne ngxb g }oin noyqe} mgif nekb# Ioq ehhoiog`y mb`obxb

    qnb z}ezeyba gwrg}ork to`` mb g kgle} gqq}giqoec#

    G}inb}y zb}he}k oc g }oqrg` ib}bkec

    gq qnb Ynokedgkg Yn}ocb# Feqe oyigrdnq oc g iech`oiq mbqtbbc q}gaoqoec

    gca keab}coygqoec#

    Feqey }byoabcqy gca oqy xoyoqe}y ig}b ke}b gmerqz}byb}xocd e`a cbodnmer}neeay, Fgloqg ygoa# Tbngxb qnb t}ecd oabg eh biecekoi abxb`ezkbcq,gca oq oy abyq}eocd er} ioq#

  • 8/9/2019 Portfolio | August 2010

    32/92

    Ze}qhe`oe

    :

    Qer}oyk

    :?:2::?2?:

    Rcbwrg` B~ingcdb

    Yer}ib< Lgzgc Cgqoecg`Qer}oyk E}dgco|gqoec

    Lgzgc ngy `ecd exb}`eefbaqnb biecekoi okze}qgcib ehqer}oyk, i}oqoiy yg, mrq cbtocoqogqoxby kg bcier}gdb ke}b

    xoyoqe}y h}ek gm}ega#

    Lgzgcbybq}gxb`ocd gm}ega

    He}bodcb}yxoyoqocd Lgzgc

    7>

    72

    7=

    ?

    8

    9

    :

    ko``oec

    Qnb Cbt _e}f Qokby

    Dexb}ckbcq ehhoiog`y m`gkb qnb `gif eh mradbq+q}gxb` ezqoecy oc Lgzgc, gy tb`` gy oqy nodn ieyqy,he} qnb iercq}y rczezr`g}oq gy g qer}oyqabyqocgqoec#

    Qer}oyqy `eef gq g kgofe .gzz}bcqoib dboyng/

    oc Doec, qnb hgkery dboyng aoyq}oiq eh Feqe#

    I}oqoiy mb`obxb qngq Feqey }oin zgyq cbbay

    ke}b z}eqbiqoec h}ek abxb`ezkbcq#

  • 8/9/2019 Portfolio | August 2010

    33/92Grdryq =:7:

    @eig` ehhoiog`y ygqngq qnb gwrg}orkto`` mb byzbiog`` deea

    oc gqq}giqocd qer}oyqyh}ek Inocg, ke}b ehtnek ngxb iekb oc}bibcq bg}y#

    Rkbfelo Zg}f oy qnb yoqb eh qnb z}ezeyba gwrg}ork# Kgc `eig`y mb`obxb qngq Feqe ngy

    g`}bga `eyq qee kgc d}bbc yzgiby#

    Ynocyne Fgloqg oy qnb `bgab} eh g d}etocd

    z}eqbyq kexbkbcq gdgocyq abxb`ezkbcq#

  • 8/9/2019 Portfolio | August 2010

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    =

    Kococd

    Ze}qhe`oe

    ]oyf Mbq ec]g}b Kocb}g`yInocg kocby ?4 zb} ibcq eh qnb te}`ay }g}b bg}qn b`bkbcqy, doxocd oq g xo}qrg`

    keceze` qngcfy qe oqy `et z}eariqoec ieyqy# Mrq cet eqnb} z`gb}y g}b qnocfocd

    eh bcqb}ocd qnb kg}fbq, }bze}qy Fboqn M}gaynb}#

  • 8/9/2019 Portfolio | August 2010

    35/92

    O

    O

    Grdryq =:7:

    =:7:CBT_

    E]FQOKBYCBTYYB]XOIB

    Qnb Ke`ie}z Kocb}g`y }g}b bg}qn

    kocb oc Kercqgoc Zgyy, Ig`ohe}cog,

    ocqbcay qe }bezbc gca b~zgca qnb

    kocb# Ke`ie}z oy kgfocd g mod mbq

    qngq oqy kocb, cet g }ryqocd }b`oi,

    igc mb kgab iekzbqoqoxb gdgoc#

    @et z}oiby he} }g}b bg}qnb`bkbcqy h}ek Inocgiecq}omrqba qe irqy gqqnb Kercqgoc Zgyy kocbmbhe}b oq i`eyba oc =::=#Qnb g`ye aoyier}gdbakeyq bcq}gcqy qe qnb

    ocaryq} rcqo qnb `gyqqte bg}y, tnbc z}oibymbdgc qe i`okm mbigrybeh yq}ecd abkgca#

  • 8/9/2019 Portfolio | August 2010

    36/92

    Mbqqocd ec ]g}b Bg}qny

    Gc ocab~ eh iekzgcoby,z}okg}o` Gryq}g`ogc gca

    Igcgaogc, qngq kocb e} ne`a gi`gyy eh kocb}g`y fcetc gy}g}b bg}qny ngy yr}dba oc qnb`gyq 78 kecqny#

    :

    =,:::

    1,:::

    8,:::

    >,:::

    7:,:::

    7=,:::

    :?:>:4:8:2:1

    FMHE ]G]B+BG]QN OCAB^

    Lgc# =, =::1 ; 7:::

    Ze}qhe`oe

    1

    Kococd

    Toqn bgin yqg}q+rz

    qzoig`` }goyocd !7:ko``oec qe !9: ko``oecgca yodcocd rz ecbe} qte `ecd+qb}kiryqekb}y, qnb xbcqr}byg}b h}gdkbcqocd qnbkg}fbqy ybg}in he}}b`ogm`b yrzz` yer}ibymbeca Inocg#

    Qnb }g}b bg}qn ko~qr}b aoakork iecqgocy cbeakork e~oab qngq oy ryba qe aezb d`gyy,

    oci`raocd yrcd`gyyby, kgfb ye`oa+yqgqb `gyb}y gca qe ie`er} d`gyyby gca bcgkb`y#

  • 8/9/2019 Portfolio | August 2010

    37/92Grdryq =:7:

    Ke`ie}z Kocb}g`y oy mry a}gococd oqy }g}bkocb}g`y zoq oc Ig`ohe}cog# Mrq qnb iekzgcyqo`` ngy qe }goyb gceqnb} !92: ko``oec qedbq hr`` ezb}gqoecg`#

    Lenc Mbchob`a, g ybcoe} inbkoig` bcdocbb}gq Ke`ie}z Kocb}g`y }g}b bg}qn kocb#Mbchob`a ygoa qnb z}oiocd eh qnb }g}b bg}qnyaebycq kgfb ybcyb qnbxb mbbc tg

    qee `et he} tg qee `ecd#

  • 8/9/2019 Portfolio | August 2010

    38/92

    Ze}qhe`oe

    8

    H}ek Coinb Kg}fbqqe D`emg Iekzbqoqe}H}ek `bhq< Yrzb}a}y Qnbe Fg}zgqnoey, nbga eh ocqb}cgqoecg` mryocbyy6 Lgkby Ne`ab},

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

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  • 8/9/2019 Portfolio | August 2010

    65/92Grdryq =:7:

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  • 8/9/2019 Portfolio | August 2010

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    aoyq}giqoec5 ]bybg}in oy yqg}qocd qe

    zeocq oc qngq ao}biqoec#

  • 8/9/2019 Portfolio | August 2010

    73/92Grdryq =:7:

    Fe}a Igkzmb`` g`keyq koyyba erq ec g!7#9 ko``oec abg` mbigryb nb aoacq ybb gcbkgo` he} 7= agy, tnoin y`ozzba m nok ocgc b`biq}ecoi h`eea#

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    Ze}qhe`oe

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    =

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    Byybcqog`yQbince`ed

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    Iecce}, qnb Igkzmb``y yec, }bibcq` deq `etb} kg}fy oc yinee` tnoin noy zg}bcqy

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    Qgyf zb}he}kgcib toqngca toqnerq aoyq}giqoecy

    Qokb qe zb}he}k qgyfyOc ko``oybiecay

    Qnb Ieyq eh Kr`qoqgyfocd

    Tnbc kr`qoz`b aoyq}giqoecy g}b z}bybcq, qnb aohhb}bcib oc zb}he}kgcibmbqtbbc `odnq gca nbgx kr`qoqgyfb}y oy yqgqoyqoig`` yodcohoigcq#

    Yer}iby< Bg` Ezno} gca I`ohhe}a Cgyy, Yqgche}a Rcoxb}yoq QNB CBT_E]F QOKBY

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    : ]bzbgqocd qnbygkb qgyf

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    =#:: rcoqy 7,2::

    Nbgx kr`qoqgyfb}y aecq zb}he}k gytb`` gy `odnq kr`qoqgyfb}y tnbc hgibatoqn aoyq}giqoecy#

    Nbgx kr`qoqgyfb}y g}b g`ye yodcoho+igcq` y`etb} qngc `odnq kr`qoqgyfb}ytnbc ytoqinocd mbqtbbc qgyfy#

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  • 8/9/2019 Portfolio | August 2010

    89/92Grdryq =:7:

    Qnb DQ ehhb}y z`bcq eh yzgib gca iekhe}q# Qnb agynmeg}a, tnoin kokoiy qnb 4 Yb}oby,

    oy z}giqoig`, bgy qe ryb gca zrqy bxb}qnocd gq er} hocdb}qozy#

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    Qnb}by ce yne}qgdb eh yzgib# Zgyybcdb}y oc qnb }bg} ngxb qnb ygkb `bd}eek gy oc g4 Yb}oby# Qnb }bg} ybgqy igc mb he`aba aetc qe doxb g qeqg` meeq yzgib eh 7,4:: `oq}by#

  • 8/9/2019 Portfolio | August 2010

    90/92Ze}qhe`oe

    >Byybcqog`yEqnb} Mryocbyy

    Q}ghhoi Lgifzeq

    Te}`a$y Moddbyq De`a

    Ieoc Ye`a he}9#=4 Ko``oec

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    Yqgqb @gcaqe YgxbBiecek

    Qnb cbt gryqb}oq kbgyr}by kg mb moqocd oc

    Br}ezb, mrq gq `bgyq yekb keqe}oyqy oc

    yerqnb}c Oqg` noq qnb lgifzeq tnbc g q}rif

    ig}}ocd =#2 ko``oec oc ieocy exb}qr}cba ec g

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    zezzba ezbc gca }b`bgyba tngq `eefba `ofb g

    kgyyoxb y`eq kginocb toc# Mbhe}b ze`oibg}}oxba, keqe}oyqy yqezzba qnbo} ig}y gca kgab

    ehh toqn gmerq 7:,::: oc ecb gca qte br}e

    ieocy# Qnb ieocy tb}b h}byn h}ek qnb Oqg`ogc

    kocq gca ec qnbo} tg qe `eig` mgcfy# Qnb yqe}

    gca zoiqr}by kgab qnb h}ecq zgdb eh kgc

    Oqg`ogc zgzb}y g`ecdyoab d}ok g}qoi`by gmerq qnb

    iekocd gryqb}oq mradbq qngq to`` he}ib kgc

    qe kgfb ygi}ohoiby# Ecb cbtyzgzb} ig``ba oq

    Qnb ko}gi`b eh qnb ieocy# Ze`oib ygoa qnb

    q}rify a}oxb} gca ecb zgyybcdb} nga yrhhb}ba

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    ]BRQB]Y

    ]BRQB]Y

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    Yzbiog`]bcqg` YinbkbGxgo`gm`b Cet'

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    9 kecqny h}bb }bcqg`gca 9 kecqny H}bb B`biq}oioq

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    G]GMOG C DR@H

    H}bb hr}coqr}b p Ecb bg} h}bb kgocqbcgcib

    Ygbba gkbcoqoby yb}xoib .Ho}yq qokb oc RGB/

    Hocgcib yinbkb z}exoaba m abxb`ezb}y

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    =1n}y ybir}oq

    .iecaoqoec gzz`/

    Yqg}qocd h}ek GBA 9::,:::Yqraoe, 7, = ( 9 M] , Ybg Xobt

    ==:,918 Ywk

    Oy`gca he} yg`b

    Zg`gib Neqb`

    ]eg` M}bb|b

    NEQ YB@@OCD Z]EZB]QOBY GQ G@ NGK]G XOYOQ ttt#g `ngk}gxo ``gdb#iek

    2M], YBG XOBT

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    Ocaoxoarg` Xo``gy + 9, 1 ( 2 Mba}eeky toqn nodn coyno

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    Kg}ocg toqn =:: Mb}qn hgio`oqoby ( _gqin i`rm

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  • 8/9/2019 Portfolio | August 2010

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    KGFB NEKB OC KG_HGO]

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