YAK 396.763.2 QOVHAHCUICKA TPKMLUTA Y TEOPMJM Vi IPAKC CTPY4HM PAQ, Ausugexska nonutuKka Mnagena Netkoauk\, Aun. vik. MeHayMeHTa Cawa CrepaHosvk’, qunn. ek. yBoq Awengenna npencrasrea avo Hero noGiTu npepyseka Kojn ce pacnogjeryje axronapiara. Pres Anenaedaa je waseceHa a rarwHcke pes “aneHgeMAyM, UTO Sha “CTBaD Koja he GxTH nopwereera’. Mennahveatse aviwnenge He saxoHexa O6aBesa npeayseha, Hero To woxrEySNBO SABHCM Of OAK CxyMATANE ‘axyorapa. Onnyxa ce novoor npocroM aehiut of 51%, 1 aT rononsou shou. Caakn akiyonap he cpaaulepHo yeuhy Y enacanuray npegyaeka muara yew y ao6na Kdaje pacnony jensen 2a wennary qnengenou. Vcropwa nnakarsa pwennenan ‘apa jou vs 16. ewexa, a op noakarin Kounana Koj Aa pajy favac woxemo naqeojaTa Kounakuly Procter & Gamble (NYSE: PG) xoja mua ncropny nnahatsa avengers jou on 1890. ronwie awe anengenge Koi he Sima nennahen oapehen fe avBwaeH A How nonarwKou. Paseo|aneneape nonuiKe woryhe fe npaTi- “TW xpos HexomxorieKOsa. pse Kopwene ArenaeHAKe noni ‘awe woKeMO yoxITA y 16. ory, y SEU Kaa Cy NpEKO- opoxe nnoswabe Ge banancpane njren yapyxveaisacpen- rasa, y 2a To epwjewe seowa prsine nogyxsare. CeaKt wi ‘BecTuTop je mao yzyo (share) y ou noayxeary. lpr oBtx 0 Ayroara 6voe npwasreatse saa ca VcTona. Haxon sappweKe fexenegnunie, nponaje ase, nnaharsa wopwapa Opoaa sapa- ‘ae nopiereena wa oovoay yajena y nogyxsary. Y To epwjene ‘nahaise avenpensie 8 epunnO NonnaTou KOMNeTHOr HaHOCA ‘apane. VeTopyia nnakatsa avenge Ha TpMMuTy KarwTana y Penyéniuye Cpncxoj aatwpa of 2003. roqyie. KouswcrenTia ‘onwmaka nnakarba anenaeHge Ha TpRMTy xanvrana Peny6- sxe Cone He nocro. 1, TEOPMJE AMBMAEHAHE NONMTMKE Awenjenana nonvrixa geTepuntnue pacnoajeny Hero Aobura a AMENRIEMAY M axyuyripary AOGWT. Kroy4Ho nuTarse Bes3HO 32 Aiengenany nonwriy je Aa NM Ova MOXe fa yr Ha NpOM- Jey Tpxnuiix ynena. akuyja npegyseha. C Tau y sean, wacrane cy pasnmre Teopwle pwengeHpHe nonuTaKe: 1. Teoprja pesnayanve prennenae: 2. Teopyja wpenesanTHocTa avenpeNne; 3. Teopyja penesanTHocrH rangenne. ‘naw Yoo ona Grane Gepae “Teopuia peanayanve anengeHse nonaaH oA npeTnOcTaBKe fa Ce ‘Awonnetga TpeTHpa Kao peanayanta epwepHocr. Peswayanka pwiegvocr, Kao ocrarax avjena wero AOGwT, ce wennabife ak- \ylokapua y away anewgeHae. 3a wonnary je HEORKOAKO o- Tybee xparepniyua perature, 7. Tepwa crona noc nmopa Gira aeha on npocjeane upjene Kanwrana npemyaeha. Teopniy upenesanTHocr qnsyaeHae cy pasennw Miller x Modigliani. Onn cuanpaly aa je y covey neptberrwor tpxaura (ancrpanye ce nopes Ha 2o6uTaK, HeNa TpowKO8a TpaHcaKuy Ja, Hewa Tpowkosa y 263M ca eNNOM HOBKK xepTHla OA Bp jeavocr) Tpxvura spregHocr npezyseka HesaencHa on pacrop: jene wero gobi, opHocHo OR aNENAeHAHE NOMTHKE Koy NPE Aysehe soa. On Tanne a je Tpxnuma spvienroct npeayseha ‘onpehena tseroeou npaocHou cHaroW n pMSHKOM WHBeCTHpaHSA Mehyr, wa crygya je noxasano fa stavapo noaehaiee are- geHge yrise Ha nopacT TpxMune yee axuvja Npeayseha, @ carenBatee ArenaeHAM yTANe y cynpoTHOM Chiepy. “Teoprja penesanrocrn avennenae npunvcyje ce FopAOKY M ‘TwsTuepy. On Tappe aa akywokapn npecbepmpaly wonnare fO- “Tosncxix Anan geno Ka SB0r Tora nocTojM ANpeKTHA MehySa- BvchocT AMeMReHAKE NOrMTHKe NpeAyaeha M eerOBe TPRMUNE spvjanrocr. Axyronapy Mpnwery way aBepoHly MENA MY MW warbe puswn npoujeryiy Texybe AMBMAEHA Y OAHOCY Ha ‘6yayhe Avengenae Kanvranwe fdburKe. Osa ce papt 0138. apryuenry “trae y pyuyt (bid-n-the-hand aprywed), oaHoCHO ‘Sore je nvara jenhy THUY y py, Hero ABH Tye Ha rate ‘Axo npeaysehe vonnahye pendoevo cTabune AHEMAeHAe, TO navn fa vHBecraTopH npoyeryiycBoje 6yayhe MpwHoce Maree rnin 2. TMNOBM AMBMQEHQHE NONMTHKE Paauarpatte Tanosa ;yENeHAHe NonuTAKe npeTnOcTaBrea Aa penyaeke ywanoviem Yoso) nnaH pacnogjene WeTO AOOHTA Ha. Awenpenay W axyuynnpany obur. ¥ rwreparypy # npaxc alvewhe ce pasharpaly TpH Tina aveMgeHpNe noruTuKe: 1. aWennenaHa nonuTiKa KOHCTaKTHOr payia nnaharea AME Aenne: 2. perynapna anennenava nonwria; 3. marea perynapaa v excrpa ANBMIENANa nOnMTHKa, heaeeannocnceoryepymenacenahone youn a Tuy wanTana PC

Ra je ak- Ula npezyseha noTuerseMa. Ha WcTH Haunt Haak ANBHAOHA- uu npuioc je jena of noKasarersa npeuyjerseHocTH aka Hea Koj natn cy ce kpeTann puBHeNAH npwHOcH woryhe je yowrTH Ka OokoRy creegeher rpatpaKa. ‘wongeana cronaw xawarva crona a nepnog 1927 ao 2007 Ono wo je waryse yourna y npeTxonHo rpacbuy je nena ae ap 50-nx ropa npouunor anja svewnennin pst0c 640 KS ap ype Kparopostinx Kawai crona, Of 50-« ron ‘nia ena MpMHOO je Mar y OnHOCy Ha AyrOpOAHe KpaTAO™ ovne KawaTHe cron. fla auigena¥ npwocTpeba ga 6yae aka Kawaranx cTona Wha wcnog je nase o Koel ce sone fe- Gare m wie nocrurnyT KowCen3yc.Npoclevan AveHAEHANH npr Hoc Ha CBI 500 (Standard&Poor 500) sa 2008, roy naHOCM OKO 2% Tpocjewn guenpennn npoc BMPC-a (Bepsancxor wapexca Penybnue Cpncxe) 3a 2008, rogyy vaHacno je 5.09%. YorwKO woxreyanuo AeweHay Koy je NennaTHno npepyaeke Kpajnaa 1M), Bata Sywa (BLSE: KRIN), avanaenayn npwioc BMPC-a {6x wahoo 2.22%. ¥ PenySnna Cpncro| 882008, ropa’ 13 npe- Aycka je ennaruno svewnenay, a on or 6poja Zeer Npeaseha oy ycacrany BHPC-a awop: Banana Gepaa Tocuarpayhw avenger npaoc y CAM Ha Tpxnury Kana ‘tana Penyénixe Conoxe, nocTaarea ce nia fa je AME K- ‘enn npavoc y Penyénayr Conca) sagosorsaeaiytty opHo- ya srewnonnn npc y CAL, Yxoni je TpMMUTe Kanwra- ra Penyénnxe Cpnioxe puowsnyje oR Tpxaura kanurana CAQ] ao Kounersaupa 32 BER NpeyBETH DHMK YBECTATODA TpaMe ‘a npwoc. Kao anpoxcamaTopwnoxynHor TPMT KOpHCTE genoa. ¥ CAL] jenan on wajnoonax mgexca je C8 500, nox je y Penyénay Cpnoxoj 70 MPC. Jena on wpa psn Koja ce oprcrs je crannanmra peeeuia. Craypapora nesvaupia C801500 ‘sanepvog oR 2005. one 02010. rome noc 18.58%, acTaH- ‘Fapaya jeanjauyia BMIPC-a y acrou nepwopy ustoon 42.47%, Foo- warpajyhu oBe Agwje cTaKAapane AesHauyie MponaMNaSM fa je “Tpnsute PenyGnxe Conexe 228" nyra pronauie Hero TpAUTe CCA, Ha oovony npervoayer, saxvjecana prengena cona y Pe- yma Cpncro| y onnocy Ha anaMaenney cTony y CAL Koja je woviocana 2% 2a 2008. ropmy be Hanoi 4.57%, °Cranepar Aes BHPC-a (42.47%) Crangapm peel SP 500 (1858%) = 228 QVHAHCIVE, PAMYHOBOACTEO, PEBMSIIA POU 07/10 (1