KASB SAVING & INVESTMENT FUND

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‫ﻗﺎﺋﻤﺔ اﻟﻤﺤﺘﻮﯾﺎت‬ ‫ﻗﺎﺋﻣﺔ اﻟﻣﺻطﻠﺣﺎت ‪7...................................................................................................................................‬‬ ‫اﻟﺷرو و اﻷﺣﺎم ‪9...................................................................................................................................‬‬ ‫اﺳم اﻟﺻﻧدوق ‪9.......................................................................................................................................‬‬ ‫ﻋﻧوان ﻣدﯾر اﻟﺻﻧدوق –اﻟﻣﺗب اﻟرﺋ س ‪9................................................................................................................‬‬ ‫ﺗﺎر"ﺦ ﺑدء اﻟﺻﻧدوق ‪9.................................................................................................................................‬‬ ‫اﻟﻬﯾﺋﺔ اﻟﻣﻧظﻣﺔ ‪9......................................................................................................................................‬‬ ‫ﺗﺎر"ﺦ إﺻدار ﺷرو وأﺣﺎم اﻟﺻﻧدوق ‪9.................................................................................................................‬‬ ‫اﻻﺷﺗراك ‪9............................................................................................................................................‬‬ ‫ﻋﻣﻠﺔ اﻟﺻﻧدوق ‪10 ....................................................................................................................................‬‬ ‫أﻫداف اﻟﺻﻧدوق ‪10 ..................................................................................................................................‬‬ ‫اﺳﺗراﺗﯾﺟ ﺎت اﻻﺳﺗﺛﻣﺎر اﻟرﺋ ﺳﺔ ‪10 .....................................................................................................................‬‬ ‫اﻟﻣﺧﺎطر اﻟرﺋ ﺳﺔ ﻟﻼﺳﺗﺛﻣﺎر ﻓﻲ اﻟﺻﻧدوق ‪14 ...........................................................................................................‬‬ ‫اﻟرﺳوم و اﻟﻣﺻﺎر"ﻒ ‪19 ...............................................................................................................................‬‬ ‫ﻣﺻﺎر"ﻒ اﻟﺗﻌﺎﻣﻞ ‪19 ..................................................................................................................................‬‬ ‫ﻣﺟﻠس إدارة اﻟﺻﻧدوق ‪20 .............................................................................................................................‬‬ ‫ﻣدﯾر اﻟﺻﻧدوق ‪22 ....................................................................................................................................‬‬ ‫أﻣﯾن اﻟﺣﻔ‪23 ....................................................................................................................................... 7‬‬ ‫ﻣراﺟﻊ اﻟﺣﺳﺎ‪:‬ﺎت ‪23 ...................................................................................................................................‬‬ ‫اﻟﻘواﺋم اﻟﻣﺎﻟ ﺔ اﻟﺳﻧو ﺔ ‪ /‬واﻟﻧﺻﻒ ﺳﻧو ﺔ اﻟﻣراﺟﻌﺔ ‪23 .................................................................................................‬‬ ‫ﺧﺻﺎﺋص اﻟوﺣدات ‪23 .................................................................................................................................‬‬ ‫ﻫﯾﺋﺔ اﻟرﻗﺎ‪:‬ﺔ اﻟﺷرﻋ ﺔ ‪24 ...............................................................................................................................‬‬ ‫اﻟطرح اﻷوﻟﻲ ‪24 ......................................................................................................................................‬‬ ‫اﺳﺗﺛﻣﺎر ﻣدﯾر اﻟﺻﻧدوق ﻓﻲ اﻟﺻﻧدوق ‪25 ..............................................................................................................‬‬ ‫إﺟراءات اﻻﺷﺗراك و اﻻﺳﺗرداد ‪25 ......................................................................................................................‬‬ ‫ﺗﻘو م أﺻول اﻟﺻﻧدوق ‪27 .............................................................................................................................‬‬ ‫رﺳوم اﻻﺳﺗرداد ‪28 ....................................................................................................................................‬‬ ‫إﻧﻬﺎء اﻟﺻﻧدوق ‪28 ....................................................................................................................................‬‬ ‫اﻟﺗﺻﻔ ﺔ وﺗﻌﯾﯾن ﻣﺻﻒ ‪19 .............................................................................................................................‬‬ ‫رﻓﻊ اﻟﺗﻘﺎر"ر ﻟﻠﻣﺷﺗرﯾن ‪29 ............................................................................................................................‬‬ ‫ﺗﺿﺎرب اﻟﻣﺻﺎﻟﺢ ‪29 ..................................................................................................................................‬‬ ‫ﺳ ﺎﺳﺎت ﺣﻘوق اﻟﺗﺻو"ت ‪29 ..........................................................................................................................‬‬ ‫ﺗﻌدﯾﻞ ﺷرو وأﺣﺎم اﻟﺻﻧدوق ‪29 ......................................................................................................................‬‬ ‫اﻟﻧظﺎم اﻟﻣطﺑ‪30 ..................................................................................................................................... B‬‬ ‫اﻻﻟﺗزام ‪:‬ﻼﺋﺣﺔ ﺻﻧﺎدﯾ‪ B‬اﻻﺳﺗﺛﻣﺎر ‪30 ...................................................................................................................‬‬ ‫ﻣﻠﺧص اﻹﻓﺻﺎح اﻟﻣﺎﻟﻲ ‪31 ............................................................................................................................‬‬ ‫ﻣﻠﺣ‪ : 1B‬اﻟﺿوا‪ F:‬اﻟﺷرﻋ ﺔ ﻟﻼﺳﺗﺛﻣﺎر ﻓﻲ ﺻﻧدوق ﺳب ﻟﻼدﺧﺎر واﻻﺳﺗﺛﻣﺎر ‪35 ..........................................................................‬‬

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‫ﻗﺎﺋﻤﺔ اﻟﻤﺼﻄﻠﺤﺎت‬ ‫"ﺻﻨﺪوق اﺳﺘﺜﻤﺎري"‪ :‬ﺑﺮﻧﺎﻣﺞ اﺳﺘﺜﻤﺎري ﻣﺸﺘﺮك ﯾﮭﺪف إﻟﻰ إﺗﺎﺣﺔ اﻟﻔﺮﺻﺔ ﻟﻠﻤﺸﺘﺮﻛﯿﻦ ﻓﯿﮫ ﺑﺎﻟﻤﺸﺎرﻛﺔ ﺟﻤﺎﻋﯿﺎ ً ﻓﻲ‬ ‫أرﺑﺎح اﻟﺒﺮﻧﺎﻣﺞ‪ ،‬وﯾﺪﯾﺮه ﻣﺪﯾﺮ اﻟﺼﻨﺪوق ﻣﻘﺎﺑﻞ رﺳﻮم ﻣﺤﺪدة‪.‬‬ ‫"ﺻﻨﺪوق اﺳﺘﺜﻤﺎري ﻣﻔﺘﻮح"‪ :‬ﺻﻨﺪوق اﺳﺘﺜﻤﺎر ذو رأﺳﻤﺎل ﻣﺘﻐﯿﺮ ﺗﺰداد وﺣﺪاﺗﮫ ﺑﻄﺮح وﺣﺪات ﺟﺪﯾﺪة أو ﺗﻨﻘﺺ‬ ‫ﺑﺎﺳﺘﺮداد اﻟﻤﺸﺘﺮﻛﯿﻦ ﻟﺒﻌﺾ أو ﻛﻞ وﺣﺪاﺗﮭﻢ‪ ،‬وﯾﺤﻖ ﻟﻠﻤﺸﺘﺮﻛﯿﻦ اﺳﺘﺮداد ﻗﯿﻢ وﺣﺪاﺗﮭﻢ ﻓﻲ ھﺬا اﻟﺼﻨﺪوق وﻓﻘﺎ ً ﻟﺼﺎﻓﻲ‬ ‫ﻗﯿﻤﺘﮭﺎ ﻓﻲ أوﻗﺎت اﻻﺳﺘﺮداد اﻟﻤﻮﺿﺤﺔ ﻓﻲ ﺷﺮوط وأﺣﻜﺎم اﻟﺼﻨﺪوق وﻓﻘﺎ ً ﻟﻼﺋﺤﺔ ﺻﻨﺎدﯾﻖ اﻻﺳﺘﺜﻤﺎر‪.‬‬ ‫" اﻟﺼﻨﺪوق"‪":‬ﺻﻨﺪوق ﻛﺴﺐ ﻟﻺدﺧﺎر واﻹﺳﺘﺜﻤﺎر"‪.‬‬ ‫"ﻣﺪﯾﺮ اﻟﺼﻨﺪوق" ‪ :‬ﺷﺮﻛﺔﻛﺴﺐ اﻟﻤﺎﻟﯿﺔ وھﻮ ﺷﺨﺺ ﻣﺮﺧﺺ ﻟﮫ ﺑﻤﻤﺎرﺳﺔ أﻋﻤﺎل اﻹدارة ﺑﻤﻮﺟﺐ ﻻﺋﺤﺔ اﻷﺷﺨﺎص‬ ‫اﻟﻤﺮﺧﺺ ﻟﮭﻢ‪ ،‬ﯾﻜﻮن ﻣﺴﺆوﻻً ﻋﻦ إدارة أﺻﻮل اﻟﺼﻨﺪوق وﺣﻔﻈﮭﺎ‪.‬‬ ‫"اﻟﻮﺣﺪة"‪ :‬ﺣﺼﺔ واﺣﺪة ﻣﻦ اﻟﻮﺣﺪات اﻷﺳﺎﺳﯿﺔ اﻟﻤﺮاد إﺻﺪارھﺎ ﻣﻦ ﻗﺒﻞ ﻣﺪﯾﺮ اﻟﺼﻨﺪوق‪.‬‬ ‫ﺗﺪاول‪ :‬ھﻲ ﺳﻮق ﻟﻠﺘﺪاول ﻓﻲ اﻟﻤﻤﻠﻜﺔ اﻟﻌﺮﺑﯿﺔ اﻟﺴﻌﻮدﯾﺔ و اﻟﺘﻲ ﯾﺘﻢ ﺗﺪاول اﻷﺳﮭﻢ ﻓﯿﮭﺎ ﺑﻌﺪ اﺗﻤﺎم ﻋﻤﻠﯿﺔ اﻟﻄﺮح ﻓﻲ اﻟﻤﻤﻠﻜﺔ‬ ‫اﻟﻌﺮﺑﯿﺔ اﻟﺴﻌﻮدﯾﺔ ﻋﻨﺪ ﺗﺎرﯾﺦ إﺻﺪار ھﺬه اﻟﺸﺮوط و اﻷﺣﻜﺎم‪.‬‬ ‫"اﻟﻤﺸﺘﺮك" ‪ :‬اﻟﺸﺨﺺ اﻟﺬي ﯾﻤﻠﻚ وﺣﺪات ﻓﻲ اﻟﺼﻨﺪوق وﯾﺸﺎر ﻟﮭﻢ ﻣﺠﺘﻤﻌﯿﻦ ﺑـ "اﻟﻤﺸﺘﺮﻛﯿﻦ"‪.‬‬ ‫"ﯾﻮم" ‪ :‬ﯾﻮم ﻋﻤﻞ ﻓﻲ اﻟﻤﻤﻠﻜﺔ طﺒﻘﺎ ً ﻷﯾﺎم اﻟﻌﻤﻞ اﻟﺮﺳﻤﯿﺔ ﻓﻲ ﺗﺪاول و اﻟﺒﻨﻮك اﻟﺮﺳﻤﯿﺔ‪.‬‬ ‫"ﯾﻮم اﻟﺘﻌﺎﻣﻞ" ‪ :‬أي ﯾﻮم ﯾﺘﻢ ﻓﯿﮫ ﺑﯿﻊ واﺳﺘﺮداد وﺣﺪات ﺻﻨﺪوق اﻹﺳﺘﺜﻤﺎر‪.‬‬ ‫"ﯾﻮم اﻟﺘﻘﻮﯾﻢ" أي ﯾﻮم ﯾﺘﻢ ﻓﯿﮫ ﺗﻘﻮﯾﻢ وﺣﺪات ﺻﻨﺪوق اﻻﺳﺘﺜﻤﺎر‪.‬‬ ‫"ﯾﻮم ﺗﻘﻮﯾﻤﻲ" ‪ :‬أي ﯾﻮم‪ ،‬ﺳﻮاء ﻛﺎن ﯾﻮم ﻋﻤﻞ أم ﻻ‪.‬‬ ‫" اﻟﺸﺮوط واﻷﺣﻜﺎم"‪ :‬اﻟﻌﻘﺪ ﺑﯿﻦ ﻣﺪﯾﺮ اﻟﺼﻨﺪوق واﻟﻤﺸﺘﺮﻛﯿﻦ واﻟﺬي ﯾﺤﺘﻮي ﻋﻠﻰ ﺑﯿﺎﻧﺎت وأﺣﻜﺎم‪ ،‬ﯾﻠﺘﺰم ﻣﻦ ﺧﻼﻟﮫ‬ ‫ﻣﺪﯾﺮ اﻟﺼﻨﺪوق ﺑﺈدارة اﺳﺘﺜﻤﺎرات اﻟﻤﺸﺘﺮﻛﯿﻦ وﺣﻔﻈﮭﺎ واﻟﻌﻤﻞ ﺑﺄﻣﺎﻧﺔ ﻟﻤﺼﻠﺤﺔ اﻟﻤﺸﺘﺮﻛﯿﻦ‪ ،‬وﯾﺘﻘﺎﺿﻰ ﻓﻲ ﻣﻘﺎﺑﻞ ﺗﺄدﯾﺔ‬ ‫اﻷﻋﻤﺎل وﺧﺪﻣﺎت اﻹدارة أﺗﻌﺎﺑﺎ ً وﻋﻤﻮﻻت وﻣﺒﺎﻟﻎ أﺧﺮى ﻛﻤﺎ ھﻮ ﻣﻨﺼﻮص ﻋﻠﯿﮭﺎ ﻓﻲ ﻣﻠﺨﺺ اﻹﻓﺼﺎح اﻟﻤﺎﻟﻲ‪.‬‬ ‫"ﻣﺠﻠﺲ إدارة اﻟﺼﻨﺪوق"‪ :‬ﻣﺠﻠﺲ ﯾﻌﯿّﻦ ﻣﺪﯾﺮ اﻟﺼﻨﺪوق أﻋﻀﺎءه ﺑﻤﻮﺟﺐ ﻻﺋﺤﺔ ﺻﻨﺎدﯾﻖ اﻻﺳﺘﺜﻤﺎر اﻟﺼﺎدرة ﻋﻦ‬ ‫ﻣﺠﻠﺲ ھﯿﺌﺔ اﻟﺴﻮق اﻟﻤﺎﻟﯿﺔ ﻟﻤﺮاﻗﺒﺔ أﻋﻤﺎل ﻣﺪﯾﺮ اﻟﺼﻨﺪوق‪.‬‬ ‫"اﻟﻌﻀﻮ اﻟﻤﺴﺘﻘﻞ"‪ :‬ﻋﻀﻮ ﻣﻦ أﻋﻀﺎء ﻣﺠﻠﺲ اﻹدارة ﻟﯿﺲ ﻣﻮظﻔﺎ ً وﻻ ﻋﻀﻮ ﻣﺠﻠﺲ إدارة ﻟﺪى ﻣﺪﯾﺮ اﻟﺼﻨﺪوق أو ﺗﺎﺑﻊ‬ ‫ﻟﮫ أو أﻣﯿﻦ ﺣﻔﻆ اﻟﺼﻨﺪوق ﻛﻤﺎ أﻧﮫ ﻟﯿﺲ ﻟﺪﯾﮫ ﻋﻼﻗﺔ ﺟﻮھﺮﯾﺔ أو ﻋﻼﻗﺔ ﺗﻌﺎﻗﺪﯾﺔ ﻣﻊ ﻣﺪﯾﺮ اﻟﺼﻨﺪوق أو ﺗﺎﺑﻊ ﻟﮫ أو أﻣﯿﻦ‬ ‫ﺣﻔﻆ ذﻟﻚ اﻟﺼﻨﺪوق ‪.‬‬ ‫" اﻟﻤﻤﻠﻜﺔ "‪ :‬وﺗﻌﻨﻲ اﻟﻤﻤﻠﻜﺔ اﻟﻌﺮﺑﯿﺔ اﻟﺴﻌﻮدﯾﺔ‪.‬‬ ‫"اﻟﮭﯿﺌﺔ "‪ :‬وﺗﻌﻨﻲ ھﯿﺌﺔ اﻟﺴﻮق اﻟﻤﺎﻟﯿﺔ وھﻲ ھﯿﺌﺔ ﺣﻜﻮﻣﯿﺔ ﺗﺘﻮﻟﻰ اﻹﺷﺮاف ﻋﻠﻰ ﺗﻨﻈﯿﻢ وﺗﻄﻮﯾﺮ اﻟﺴﻮق اﻟﻤﺎﻟﯿﺔ وإﺻﺪار‬ ‫اﻟﻠﻮاﺋﺢ واﻟﻘﻮاﻋﺪ واﻟﺘﻌﻠﯿﻤﺎت اﻟﻼزﻣﺔ ﻟﺘﻄﺒﯿﻖ أﺣﻜﺎم ﻧﻈﺎم اﻟﺴﻮق اﻟﻤﺎﻟﯿﺔ ﺑﺎﻟﻤﻤﻠﻜﺔ اﻟﻌﺮﺑﯿﺔ اﻟﺴﻌﻮدﯾﺔ‪.‬‬

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‫"ﻣﺆﺷﺮ ﻛﺴﺐ اﻟﺸﺮﻋﻲ ﻟﻺدﺧﺎر واﻹﺳﺘﺜﻤﺎر"‪ :‬ھﻮ ﻣﺆﺷﺮ إرﺷﺎدي ﯾﺴﺘﺪل ﻣﻦ ﺧﻼﻟﮫ ﻋﻠﻰ أداء ﺻﻨﺪوق ﻛﺴﺐ اﻟﺸﺮﻋﻲ‬ ‫ﻟﻺدﺧﺎر‪ ،‬واﻟﺬي ﯾﺴﺘﺜﻤﺮ ﻓﻲ أدوات اﺳﺘﺜﻤﺎرﯾﺔ ﯾﺘﻮاﻓﻖ ﻧﺸﺎطﮭﺎ ﻣﻊ اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﯿﺔ اﻟﻤﺤﺪدة ﻣﻦ ﻗﺒﻞ اﻟﮭﯿﺌﺔ اﻟﺸﺮﻋﯿﺔ‬ ‫ﻓﻲ ﻛﺴﺐ‪ ،‬وﯾﮭﺪف ھﺬا اﻟﻤﺆﺷﺮ إﻟﻰ اﻟﻮﺻﻮل ﻟﻤﻘﺎرﻧﺔ ﻋﺎدﻟﺔ ﺑﯿﻦ أداء اﻟﺼﻨﺪوق واﻷداء اﻟﻌﺎم ﻟﻸدوات اﻹﺳﺘﺜﻤﺎرﯾﺔ‬ ‫اﻟﻤﺠﺎزة ﻣﻦ ھﯿﺌﺔ اﻟﺮﻗﺎﺑﺔ اﻟﺸﺮﻋﯿﺔ ﻓﻲ ﺷﺮﻛﺔ ﻛﺴﺐ اﻟﻤﺎﻟﯿﺔ‪ ،‬وﯾﺘﻢ اﺣﺘﺴﺎﺑﮫ ﺣﺴﺐ اﻟﺘﺎﻟﻲ‪:‬‬ ‫•‬ ‫•‬ ‫•‬

‫‪ %70‬ﺳﺎﯾﺒﻮر ) ‪(SAIBOR‬‬ ‫‪ %15‬ﻣﺆﺷﺮ ﻛﺴﺐ اﻟﺸﺮﻋﻲ ﻟﻸﺳﮭﻢ اﻟﺴﻌﻮدﯾﺔ )‪(KASB Saudi Sahria Index‬‬ ‫‪ %15‬ﻣﺆﺷﺮ ﻛﺴﺐ ﻟﻠﺼﻨﺎدﯾﻖ اﻟﻌﻘﺎرﯾﺔ ) ‪(KASB Real estate Funds Index‬‬

‫وﯾﻤﻜﻦ اﻟﺤﺼﻮل ﻋﻠﯿﮫ ﻓﻲ ﻣﻮﻗﻊ ﺷﺮﻛﺔ ﻛﺴﺐ اﻟﻤﺎﻟﯿﺔ اﻹﻟﻜﺘﺮوﻧﻲ‪www.kasbcapital.sa‬‬

‫" اﻟﻀﻮاﺑﻂ اﻟﺸﺮﻋﯿﺔ"‪ :‬وﺗﻌﻨﻲ اﻟﻀﻮاﺑﻂ اﻟﻤﻌﺘﻤﺪة ﻣﻦ ﻗﺒﻞ اﻟﮭﯿﺌﺔ اﻟﺸﺮﻋﯿﺔ ﻟﻠﺼﻨﺪوق‪ ،‬و اﻟﺘﻲ ﯾﺘﻢ ﺑﻨﺎء ﻋﻠﯿﮭﺎ ﺗﺤﺪﯾﺪ‬ ‫اﻷدوات اﻹﺳﺘﺜﻤﺎرﯾﺔ واﻟﺸﺮﻛﺎت اﻟﻤﺆھﻠﺔ ﻟﻼﺳﺘﺜﻤﺎر ﻓﯿﮭﺎ ﻣﻦ ﻗﺒﻞ اﻟﺼﻨﺪوق ‪ ،‬و اﻟﻤﻮﺿﺤﺔ ﻓﻲ اﻟﻔﻘﺮة )‪ (21‬ﻣﻦ ھﺬه‬ ‫اﻟﺸﺮوط و اﻻﺣﻜﺎم‪.‬‬ ‫"اﻟﻄﺮوﺣﺎت اﻟﻌﺎﻣﺔ اﻻوﻟﯿﺔ"‪:‬وﺗﻌﻨﻲ أﺳﮭﻢ اﻟﺸﺮﻛﺎت اﻟﻤﻄﺮوﺣﺔ ﻟﻼﻛﺘﺘﺎب اﻟﻌﺎم ﻷول ﻣﺮة‪.‬‬ ‫"أدوات اﺳﻮاق اﻟﻨﻘﺪ"‪ :‬ﻋﻘﻮد اﻟﻤﺮاﺑﺤﺎت ووﺣﺪات ﺻﻨﺎدﯾﻖ اﻟﻤﺮاﺑﺤﺎت و اﻟﺴﯿﻮﻟﺔ و ﻋﻘﻮد ﺗﻤﻮﯾﻞ اﻟﺘﺠﺎرة و اﻟﺘﻲ ﺗﺘﺴﻢ‬ ‫ﺑﺴﯿﻮﻟﺘﮭﺎ اﻟﻌﺎﻟﯿﺔ و ﻗﻠﺔ اﻟﻤﺨﺎطﺮ‪.‬‬ ‫"ﻣﻨﮭﺞ اﻻدارة اﻟﻨﺸﻄﺔ"‪ :‬ھﻮ ﻣﻨﮭﺞ ﯾﻘﻮم ﻣﻦ ﺧﻼﻟﮫ ﻣﺪﯾﺮ اﻟﺼﻨﺪوق ﺑﺈﺗﺨﺎذ ﻗﺮارت اﺳﺘﺜﻤﺎرﯾﺔ ﺑﻨﺎء ﻋﻠﻰ ﻋﺪة ﻋﻮاﻣﻞ ﻣﺜﻞ‬ ‫اﻟﺘﺤﻠﯿﻼت و اﻟﺘﻮﻗﻌﺎت اﻟﻤﺎﻟﯿﺔ وﺧﺒﺮات ﻣﺪﯾﺮ اﻟﺼﻨﺪوق و ﻣﺮاﻗﺒﺔ ﻗﯿﻤﺔ اﻻﺳﺘﺜﻤﺎرات ﺑﺸﻜﻞ ﻣﺴﺘﻤﺮ‬ ‫"اﻻﺳﻮاق اﻟﺨﻠﯿﺠﯿﺔ"‪ :‬ﺗﺸﻤﻞ اﺳﻮاق ﻛﻞ ﻣﻦ اﻟﻜﻮﯾﺖ ‪ ،‬اﻟﺒﺤﺮﯾﻦ ‪ ،‬ﻗﻄﺮ ‪ ،‬اﻻﻣﺎرات اﻟﻌﺮﺑﯿﺔ اﻟﻤﺘﺤﺪة ‪ ،‬وﺳﻠﻄﻨﺔ ﻋﻤﺎن‪.‬‬ ‫" أدوات اﺳﺘﺜﻤﺎرﯾﺔ ﻣﻨﺨﻔﻀﺔ اﻟﻰ ﻣﺘﻮﺳﻄﺔ اﻟﻤﺨﺎطﺮ " ھﻲ اﺳﺘﺜﻤﺎرات ذات ﻣﺨﺎطﺮ ﻣﻨﺨﻔﻀﺔ اﻟﻰ ﻣﺘﻮﺳﻄﺔ ﻧﺴﺒﺔ اﻟﻰ‬ ‫ﻻرﺗﺒﺎطﮭﺎ ﺑﻨﺴﺐ ﻣﺤﺪدة ﺑﺄﺳﻌﺎر اﻟﻤﺮاﺑﺤﺎت اﻟﺴﺎﺋﺪة ﻓﻲ اﻟﺴﻮق ووﺣﺪات ﺻﻨﺎدﯾﻖ اﻟﻤﺮاﺑﺤﺔ واﻟﺘﻲ ﺗﺸﻜﻞ ﻣﺠﺘﻤﻌﺔ ﻏﺎﻟﺒﯿﺔ‬ ‫اﺳﺘﺜﻤﺎرات اﻟﺼﻨﺪوق‪ ،‬ﺑﺎﻻﺿﺎﻓﺔ ﻻرﺗﺒﺎط ﺑﻘﯿﺔ اﻻﺳﺘﺜﻤﺎرات ﺑﺎداء اﺳﻮاق اﻻﺳﮭﻢ واﻟﻄﺮوﺣﺎت اﻷوﻟﯿﺔ ﺑﺎﻻﺿﺎﻓﺔ اﻟﻰ‬ ‫اﻻﺳﺘﺜﻤﺎرات اﻟﻌﻘﺎرﯾﺔ‪.‬‬ ‫" أزﻣﺔ اﻗﺘﺼﺎدﯾﺔ"‪ :‬اﻧﺨﻔﺎض ﻓﻲ اﻟﻨﺸﺎط اﻟﺘﺠﺎري واﻧﻜﻤﺎش ﻓﻲ اﻟﻨﺎﺗﺞ اﻟﻤﺤﻠﻲ اﻻﺟﻤﺎﻟﻲ ﻣﺼﺤﻮب ﺑﺎﻧﺨﻔﺎض ﻓﻲ‬ ‫اﯾﺮادات اﻟﺪوﻟﺔ اﻟﻤﻌﯿﻨﺔ ﻣﻤﺎ ﯾﺆدي اﻟﻰ اﻧﺨﻔﺎض ﻓﻲ اﻟﻨﻘﺪ اﻻﺟﻨﺒﻲ واﻧﺨﻔﺎض ﻓﻲ اﺳﻌﺎر اﻟﺼﺮف او اي ﻣﺸﺎﻛﻞ‬ ‫اﻗﺘﺼﺎدﯾﺔ ﺗﺨﺘﺺ ﺑﺎﻟﻤﺆﺷﺮات اﻟﻜﻠﯿﺔ ﻣﻦ ﺗﻀﺨﻢ وارﺗﻔﺎع ﻓﻲ اﻟﺒﻄﺎﻟﺔ او ﺷﺢ ﻓﻲ اﻟﻤﻮارد او ﻓﻘﺎﻋﺎت ﺳﻌﺮﯾﺔ‪.‬‬ ‫"أزﻣﺔ ﺟﯿﻮﺳﯿﺎﺳﺔ"‪ :‬ھﻲ ازﻣﺎت ﻓﻲ اﻟﻤﻨﻄﻘﺔ اﻟﺠﻐﺮاﻓﯿﺔ اﻟﻤﺤﯿﻄﺔ ﺑﺎﻟﺪوﻟﺔ ﺗﺘﻌﻠﻖ ﺑﺎﻹﺳﺘﻘﺮار اﻟﺴﯿﺎﺳﻲ واﻻﻣﻨﻲ‪.‬‬

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‫اﻟ*)وط وا'ﺣﻜﺎم‬ ‫‪ .1‬اﺳﻢ اﻟﺼﻨﺪوق‬ ‫  א  ‬ ‫‪KASB SAVING & INVESTMENT FUND‬‬

‫ ‬ ‫‪ .2‬ﻋﻨﻮان اﻟﻤﻜﺘﺐ اﻟﺮﺋﻴﺲ ﻟﻤﺪﻳﺮ اﻟﺼﻨﺪوق‬ ‫‪```o@`o‬א!  `א`' ‪`6-‬א` { –` א‪ ` M‬א‪395737KNKk، `M‬א`` {‪11372‬‬ ‫‪0112079979 |n 0‬א!‪@Z1‬א"_‪d 7o07062 J 377Z u n،www.kasbcapital.sazI‬‬ ‫אא ‪7on,‬א!‪, 1C‬א‪x>P‬א_‪ n‬א‪  Ka 5>%a M‬‬

‫ ‬ ‫‪ .3‬ﺗﺎرﻳﺦ ﺑﺪء اﻟﺼﻨﺪوق‬ ‫‪,_``A5``Hn‬א‪=``l‬א‪``#1z``9‬א‪d‬א``‪41``HZ‬א(``_א ‪6d‬א``‪1``6‬א(‪```01437L10L19v ``%``#‬‬ ‫א!‪1‬א‪1 8%z8n2016L7L24)A‬א(‪`01437L10L26v %#‬א!‪1‬א‪2016L7L31)A‬‬ ‫ ‪a ŒCn 5H‬א‪ `01437L10L27v n6‬א!‪1‬א‪2016L8L1)A‬‬ ‫ ‬ ‫‪ .4‬اﻟﻬﻴﺌﺔ اﻟﻤﻨﻈﻤﺔ‬ ‫‪  e5‬א!   ‪  z0‬א  * ‪ / 0 aHZ‬א‪ 1‬א!   ‪ d  7o‬אא ‪ 7on ,‬א!‪, 1C‬‬ ‫א‪x>P‬א_‪ n‬א‪  K 2007L06L04v %07062 J 377Z u n،a 5>%a M‬‬

‫ ‬ ‫‪ .5‬ﺗﺎرﻳﺦ إﺻﺪار e5  *"ŽbfS%‡ >#JI5

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W:‫א‬p‫א‬9‫א‬a;i Ÿ • ,1`\`‚J`+, `o‫`א א‬o‫א‬b c‫  א‬+J+ˆqZ6 a"C%d‫א( א‬#(z  np‫אא‬a;1\+   8 " ,#1‫א‬MJ+S'‫א‬5‫א‬d‫א א‬J+ƒ Hˆqn Gi h!4 !‫א‬5 {M g (‫א‬   W1 ‫א‬i Ÿ • e`%@A`d `‫א(א‬UV`0)&`n `+`oImf 81‚41 9‫ @א‬%, Z+*+žne5*"Ž…‫א‬,i h!‫א‬z0 `o+64‫א`א‬J`+, o‫א‬+61 ‫*א‬+žn ‫א‬l A +%LM„‫א‬   Kd‫א‬#1‫א‬z"    W M Hl‫א •א‬1"‫א‬i Ÿ • *`"Ž(d `"  `%H`n`Z…`‫ `א‬M Hl‫א‬0‫א‬1`˜‫ `*א‬0–]d I [ >‫ –א‬+9‫א‬،4†(‫א‬،L‫א”א‬ef   K (‫ א‬Z(‫א‬d + lo‫א‬A p‫א‬5J+d‫א‬#1‫א‬z" ‫א‬p‫א‬TJ+ Hˆq ، 8 +,l ‫א‬   Wd‫א( א‬ni Ÿ •  `re1`"…`‫`@א‬1‫`א‬+`+*` "n…`‫א‬,–Œ` d `+ lZ,`+5LM lZ6d‫ א( א‬ni Ÿz0   Kd‫א‬#1‫א‬z"  ‫א‬p‫א‬TJ+œ–ˆ$n   W I '(‫א‬i h!‫• א‬ ``&(4 `` !‫א‬a H``J``+€``9‫א!  ``א‬d ``q!‫א‬5``‫``@``א‬a`` M‫א‬4K``*````s ‫א‬i ``h!‫א‬z``0 5L|`h‫א‬S`+ž``Z `g`Z M‫א‬S`n ‫ א‬%` o(`Z`(‫א‬X`l‫א‬e‫ א‬#،„‫א!א‬d  +5d +‫ א‬ z" d‫> {א א‬¥f‫א‬p‫א‬TJ+ ¦Hˆq‫א‬, 6H g !‫’א‬H!‫אא‬6 M‫א‬   Kd‫א‬#1‫א‬   W,' >‫ א‬M5i Ÿ •  M`5J`+d‫Œ`–א‬nW‫א‬e `AtV` MHnW1M‫א‬4 ‫א‬J+,' >‫ א‬M$%lHn‫אא‬V06„‫א!א‬d o> = % ‫א‬   Kd‫א‬#1‫א‬z" d‫א א‬J+ ‫ =א‬% 5J+–ˆ$n re1"X14  M‫א‬,' >‫א‬  

16

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‫ رﺳﻮم ا@ﺳﺘﺮداد اﻟﻤﺒﻜﺮ‬. 27   K‫א‬6* !‫א‬J+"H‫א_א‬1 \1(

‫ إﻧﻬﺎء اﻟﺼﻨﺪوق‬. 28  `(‫ `א‬p `8If? (‫*('&  )א‬E17F, !‫א‬J+p %‫א‬p 8If6‫א‬H] 4 #6 1``60*``+a``on(,``jt`ba``HZL_``C!‫ א‬Mf7 ` ،`  !‫א‬1``‫ `א‬/ 0``oA‫א‬1V``5`M%tV``%1``oX1``S`IYA ``‫א‬41` 5z`` A N `#‫`א‬M%،S``%`lHn!‫א‬d ``‫`א(א‬A `n``‫א‬41` 5 >``n7 `، ƒ ` Ž1on ^_Ca CHI#tb^_Cad‫א‬# Zz`A  \ f7، >‫א‬M%d‫א‬#1‫ א‬Z‚   K >‫אא‬%*zŽ1on1LˆKˆ4K‫א‬z`A  

28

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‫ رﻓﻊ اﻟﺘﻘﺎرﻳﺮ ﻟﻤﺎﻟﻜﻲ اﻟﻮﺣﺪات‬. 29 ` Z6 ` ƒ  `?J`Z5`&E8`5•K`ˆa`FW1`@`% a"`C%d‫א‬#1‫א‬z" ! on‫א‬o  a`d o>`%a;`mfA `[ %، `8 Z6 ` ^_C!‫ א‬8"Ž…‫אא‬d‫א‬#+،‫א‬d‫א‬#41 5 ،,#J+,#t  4K`*`71`o‫א‬1` z `‫א‬a` M‫א‬1`6 ƒ +1H`‫א‬Ln`‫א‬d 1M‚C%‫א‬1o   www.tadawul.com.sa 4‫א‬n@Z14K* www.kasbcapital.sa‫!א‬zI_"‫@א‬Z1!‫א‬ ,``4K ``8%70``n7 `  ` ،a``% oW5e``l‫``א‬+```M\‫א!  ``א!א‬7'‫א‬1o ``%L_``C!‫``א‬n7` 1`454K` 18 ; 8# nf 1&>!‫ א‬9‫ א‬o‫אא‬+f7  %،  !‫ אא‬8I*zŽ1on1 90† ;n(   zŽ1on !@% ‫א‬zI_"‫@א‬Z1!‫)א‬i*+ 8, 1 J+41P‫א‬e1 :‫א‬e1_C!‫א‬5e1_C!‫ @א‬l    Kwww.tadawul.com.sa4‫א‬zI_"‫@א‬Z1!‫)א‬i*+5www.kasbcapital.sa‫א‬   ‫ ﺗﻀﺎرب اﻟﻤﺼﺎﻟﺢ‬. 30 @`p¦ ‫א‬1§ !‫א‬N ?n‰ M! א‬    0112698382|n 0 11372{ ‫ א‬395737KNKk   [email protected]_"‫א”א‬   920000757W#1!‫א‬7Z‫א‬ e ‘`ZW$`%`‫ *א‬8Hi4 #6# z0€ "C‫ ‰א‬Mj d‫א‬p‫\א‬f‫€א‬A1 `/ 0€`U‫א‬1"`‫`א‬fU`#1‫א‬t` !)`¡،a` +1`304K``‫א‬7`¤51`nz`‫א‬41` 1‫ א‬V`Mn4 #6a% o ‫ א‬9‫א‬d `+† 6a`>‫€`€‰`א‬1"`C‫אא‬f,#1‫א‬t !)¡ ،* !‫" €א‬, ‫א‬f J   !‫א‬1‫א‬ †‫א‬1`¬€1"`C‫`א‬o`/ r‫א‬d`l‫אא‬bf(f،`/ r‫€`€א‬1"`C‫אא‬fv n*³ Ž1on1E90F,z?M%  !‫א‬   ,!‫א‬p ?oI‫א‬aHZ;‫ €א‬8+‫א‬f ‫ اﻟﻨﻈﺎم اﻟﻤﻄﺒﻖ‬. 34   K1M‫ א‬%M‫א! "א‬6 8%41 M!‫˜ א א‬I“ "#9‫א‬EC‫א‬UV0@?c   ‫ ا@ﻟﺘﺰام ﺑ@ﺋﺤﺔ ﺻﻨﺎدﻳﻖ ا@ﺳﺘﺜﻤﺎر‬. 35 `/ 0-`.*`+,  `‫" ('& ` )א(` א‬#9oA‫א‬1€9‫" אˆ ')אא‬#5E ef   K %ZKM‫א‬d‫א‬b01‰‫ ')א‬oP‫ & ¬ @א‬a = AfJ+W1‚،1M‫א!  א‬1‫א‬

30

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‫‪ . 36‬ﻣﻠﺨﺺ ا  ﻓﺼﺎح اﻟﻤﺎﻟﻲ‬ ‫‪ - 1‬اﻟﺮﺳﻮم و اﻟﻤﺼﺎرﻳﻒ‬ ‫* ﻫﺬه ا'رﻗﺎم ﺗﻘﺪﻳﺮﻳﺔ وﺳﻴﺘﻢ ﺧﺼﻢ اﻟﻤ‪)c‬وﻓﺎت اﻟﻔﻌﻠﻴﺔ ﻓﻘﻂ وﺳﺘﺬﻛﺮ ﺑﺸﻜﻞ ﺗﻔﺼﻴﻠﻲ ﻓﻲ اﻟﺘﻘﺮﻳﺮ اﻟﺴﻨﻮي ﻟﻠﺼﻨﺪوق‪.‬‬

‫ ‪1‬א(_א^  ‬

‫(‪\1‬א‪  1 W‬‬

‫ ‪1‬א(_א^א([ ‪  6‬‬

‫(‪\1‬א‪  1 W‬‬

‫ ‪1‬א(_א  ‬

‫(‪\1‬א‪1 W‬‬

‫ ‪1‬א(_אא!‪  "H‬‬

‫(‪\1‬א‪  1 W‬‬

‫‪N Mn5‬אא ‪  ,‬‬

‫‪41 56 *ƒ 1‚ƒ 1٪1‬א‪!ƒ 8@An‬א  ‬

‫ |א ‪  a1‬‬

‫‪>"n #‬א ‪a1‬א '‪6,‬א‪7 ،1‬א(‪*+= A‬א‪a1¢| W‬‬ ‫‪uh6‬א(‪= A‬א‪  W1‬‬

‫‪N Mn5‬א‪ :‬א‪  zI1I o‬‬

‫‪  ƒ 1EW1M4  |5*C+®F4   25,000‬‬

‫" ‪-``````.p ``````?+5d©``````A‬אא ‪a`% oƒ 1`E4  |5eC+F4   20,000 ,‬א\ ` ‪u` ` „ƒ 1`L+‬‬ ‫א!‪  Lo‬‬

‫"‪a*+,$A "4   5,000ao1?+a‬א\ ‪*@An ƒ 1‚K‬‬ ‫א ‪41‬א‪aM%‬א\ ‪  K‬‬

‫‪N Mn5‬א‪/ r‬א‪   +C‬‬

‫‪*`@Anƒ 1‚JZ5&ƒ 1 10,000‬א `‪41‬א`‪a``M%‬‬ ‫א\ ‪  K‬‬

‫ ‪1‬א‪L‬א‪  x>P‬‬

‫„א‪1F ƒ 1٪0.2JZ‬א‪W1M‬א`‪1‬א‪ 1٪50H%‬‬ ‫‪a```nJ```#‬א‪ (5,000m‬א"```‪```>"EW1M```4 ``` 18,750Fz‬‬ ‫‪    a 8I@Anƒ 1‚ K€1Z‬‬

‫א‪1‬א‪   % Z‬‬

‫‪  K  a 8I@Anƒ 1‚ƒ 14   7,500‬‬

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‫‪31‬‬

K  a 8I@Anƒ 1‚ƒ 14   5,000

  W4‫א‬nJ+C‫א‬1

    ‫ﻣﺜﺎل ﺗﻄﺒﻴﻘﻲ‬- 2

6`‫א‬7`;#e‫_א{א‬AY`%4 ` 100,000 `f 5J+N1G‫ |א‬1zo Hln4    KW1' +٪10‫)א‬o¡e‫_א{א‬A‫א‬J+،4  e1 10,_>‫א‬tn 1‫’א‬H

1‫א‬1I

0 ‫א‬z``(‫``’א(``_א^א‬H*``٪0W^‫א(``_א‬1``

6 [(‫א‬ 4   1,031 6 ``` *```ƒ ` ` 1```‚ƒ 1```٪1W, ‫אא‬N ``Mn5   K‫ ƒ!א‬8@An‫א‬41 5 4  250

Kƒ 14  25000WzI1I o‫ א‬:‫א‬N Mn5

4  200JZ5„ 4  50 5.000WLo``!‫א‬, ‫אא‬-``.p ``?+5d©``A " a"ƒ 14  20.000JZ5„;4 

Kao1?+   4  100   W1M4  207

ƒ 110,000 +C‫א‬% Z‫א‬/ 0N Mn5   x>P‫א‬L‫א‬1

4  50 `‚ƒ 1`4 ` 5,000W4‫א‬nJ+ C‫א‬1

  a 8I@Anƒ 1 4  75  ƒ ` 1``‚ƒ 1``4 `` 7,500W`` % Z‫א‬1``‫א‬   a 8I@An   37.50  ƒ ` 1‚ƒ 14  3,750WW _(‫א‬q!‫א‬   a 8I@An   4  107,509.91

32

‫  א‬

  ,#1‫א‬t !z' 8‫א( א‬6

‫‪- 3‬أﺳﺎس ﺣﺴﺎب اﻟﺮﺳﻮم و ﻃﺮﻳﻘﺔ ﺗﻄﺒﻴﻘﻬﺎ ووﻗﺖ دﻓﻌﻬﺎ‬ ‫ ‪1‬א(_א^  ‬

‫(‪\1‬א‪  1 W‬‬

‫رﺳوم اﻻﺷﺗراك اﻻﺿﺎﻓﻲ  ‬

‫ﻻ ﯾوﺟد ا" رﺳوم  ‬

‫رﺳوم اﻻﺳﺗرداد  ‬

‫ﻻ ﯾوﺟد ا" رﺳوم‬

‫ ‪1‬א(_אא!‪  "H‬‬

‫(‪\1‬א‪  K1 W‬‬

‫‪N Mn5‬אא ‪  ,‬‬

‫‪41 56 *ƒ 1‚ ƒ 1٪1‬א‪!ƒ 8@An‬א  ‬ ‫ ‬

‫ |א ‪  a1‬‬

‫‪>"n#‬א ‪a1‬א '‪6,‬א‪7 1‬א(‪*`+= `A‬א‪a`1¢| `W‬‬ ‫‪uh6‬א(‪= A‬א‪  W1‬‬

‫‪N Mn5‬א‪ :‬א‪  zI1I o‬‬

‫‪|`FL`MAJ`+ ƒ 1`EW1M`4 ` |`5*`C+®F4   25,000‬‬ ‫א‪ 8I‬א‪  E‬‬

‫" ‪-``````.p ``````?+5d©``````A‬אא ‪a`% oƒ 1`E4  |5eC+F4   20,000 ,‬א\ ` ‪u` ` „ƒ 1`L+‬‬ ‫א!‪  Lo‬‬

‫"‪a*+,$A "4   5,000ao1?+a‬א\ ‪*@An ƒ 1‚K‬‬ ‫א ‪41‬א‪aM%‬א\ ‪  K‬‬

‫‪N Mn5‬א‪/ r‬א‪   +C‬‬

‫‪„W1M4   10,000‬א‪*@Anƒ 1‚JZ‬א ‪41‬א  ‬

‫ ‪1‬א‪L‬א‪  x>P‬‬

‫„א‪1Fƒ 1٪0.2JZ‬א‪W1M‬א`‪1‬א‪ 1٪50H%‬‬ ‫‪a```nJ```#‬א‪ (5,000m‬א"```‪```>"EW1M```4 ``` 18,750Fz‬‬ ‫‪    a 8I@Anƒ 1‚K€1Z‬‬

‫  א ‬

‫‪33‬‬

‫ ‪   % Z 1‬‬

‫‪    a 8I@Anƒ 1‚ƒ 14   7,500‬‬

‫ ‪nJ+CI1‬א‪  W4‬‬

‫‪K  a 8I@Anƒ 1‚ƒ 14   5,000‬‬

‫‪- 4‬اﻟﺼﻨﺎدﻳﻖ اﻟﻘﺎﺑﻀﺔ‬ ‫(‪UV0)Hln‬א>‪J+,o‬א‪  K‬‬ ‫‪- 5‬ﻣﺼﺎرﻳﻒ اﻟﺘﻌﺎﻣﻞ اﻟﻤﺘﻜﺒﺪة ﺧ@ل ﺳﻨﺔ‬ ‫& ‪a‬א |א‪a M‬א ‪@ %d  +*+s‬א‪p‬א( אא!  ‪J+p %tb‬א(‪ M‬א '‪,‬א!‪ 8%41 M‬‬ ‫‪6‬א(‪1‬אא… א‪7 8 A‬א‪*` 0‬א `‪41‬א`‪7 `،‬א(‪6 `8 Zz `Rf*`+= `A‬א‪1`o‬א'‪7‬‬ ‫א!  א‪1‬א|‪uh1‬א(‪= A‬א! ‪z‬א‪  KW1‬‬ ‫‪- 6‬ا@داء اﻟﺴﺎﺑﻖ‬ ‫(‪  \1‬‬ ‫• א(א‪p‬א ‪EU1\+F)%‬אא(א‪p‬א ‪5S +e1"  J+q 4(q )%‬א‪p‬א‪K‬‬ ‫• א(? *! "‪z‬א‪#1‬א‪d‬א‪e‬אא‪p‬א‪5F‬אא‪ " `E`q! %`I oU‬א` "‪“`ƒKˆ `ge1‬א‪p‬‬ ‫א ‪K)%‬‬ ‫ ‬ ‫‪- 7‬ﻣﻜﺎﻓﺎة اﻋﻀﺎء ﻣﺠﻠﺲ ا@دارة اﻟﺼﻨﺪوق اﻟﻤﺴﺘﻘﻠﻴﻦ‬ ‫‪z Rf‬א!" ‪d A‬א!‪f-`.p ?+5mf 8MA@Z1‬א ‪,‬א`א!`‪a`nLo‬א‪E4 ` |`5e`C+F4 ` 20,000m‬‬ ‫‪a% oƒ 1‬א\ ‪a*+,$A "4  5,000ao1?+a"u  „ƒ 1L+‬א\ ‪  K‬‬ ‫ ‬ ‫‪- 8‬اﻟﺘﺮﺗﻴﺒﺎت اﻟﻤﺎﻟﻴﺔ ﻟﻠﺼﻨﺪوق ا@ﺟﻨﺒﻲ‬ ‫(‪UV0)Hln‬א>‪J+,o‬א‪  K‬‬ ‫ ‬ ‫‪- 9‬رﺳﻮم ا@ﺳﺘﺮداد اﻟﻤﺒﻜﺮ‬ ‫(‪^ 0\1‬א‪1 W‬א_א‪"H‬‬

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‫ اﻟﻀﻮاﺑﻂ اﻟ*)ﻋﻴﺔ ﻟ@ﺳﺘﺜﻤﺎر ﻓﻲ ﺻﻨﺪوق ﻛﺴﺐ ﻟدﺧﺎر و اﺳﺘﺜﻤﺎر‬: 1‫ﻣﻠﺤﻖ‬ W  ‫א‬B%‫א‬1?‫ א‬8 +)Hln…‫א‬d C‫א‬7856 ( %n Kƒ # HC‫א‬E CIe1"e5  J 5 d A!‫ *א‬0–]5:‫א‬a1 ‫">א‬nn(5،d‫א‬1\1!‫א‬z Rf*٪ 30J+:‫א‬a1 ‫א‬z Rf(5 J N Kd A!‫א‬z Rf*٪ 5J+:‫א‬ d‫א( א‬tn*:‫א‬d‫אאא‬n(5،d‫א‬1\1!‫א‬z Rf*٪ 30J+:‫א‬d‫א( א‬z Rf(5 J `\ Kd‫אאא‬z Rf*٪5J+ KEU I5–8l‫žא‬86[110 F–8l %‫ א(א‬J    :‫א‬ K +C‫א‬% Z‫א‬/ 0X‫א‬f‘‚J+ 8\‫א‬f–8l‫ ’א‬HN #‫ א‬1/@on  J 1 W  ‫א‬d‫א‬1l
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