pointspoints international (pcom) - don't be fooled by this former canadian penny stock

7/21/2019 PointsPoints International (PCOM) - Don't Be Fooled by this Former Canadian Penny Stock

1/31

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_g`bts @btnrbjt`gbjf (_DGH) - Agb't Mn Lggfna my tc`s LgrhnrDjbja`jb _nbby Ttgde

J h`subanrstgga, irgssfy h`s-vjfuna, fgw-hjri`b rnsnffnr mn`biprghgtna js jb n-dghhnrdn pfjtlgrh

Lj`r \jfun - $>.>? pnr scjrn, 9>% agwbs`an


2/31


=

@H_G]QJBQ A`sdfj`hnr _fnjsn rnja tc`s A`sdfj`hnr `b `ts nbt`rnty mnlgrndgbt`bu`bi tg rnja gur rnsnjrdc gp`b`gb. Pgu scgufa ag ygur gwb rnsnjrdcjba aun a`f`inbdn mnlgrn hje`bi jby `bvnsthnbt and`s`gb w`tc rnspndt tgsndur`t`ns dgvnrna cnrn`b. Yn str`vn tg prnsnbt `blgrhjt`gb jddurjtnfy jbad`tn tcn sgurdns jba jbjfys`s tcjt cnfp lgrh gur gp`b`gb. Js gl tcn ajtn tc`sgp`b`gb `s pgstna, tcn jutcgr gl tc`s rnpgrt cjs j scgrt pgs`t`gb `b tcn

dghpjby dgvnrna cnrn`b jba stjbas tg rnjf`zn ij`bs `b tcn nvnbt tcjt tcnpr`dn gl tcn stgde andf`bns. Qcn jutcgr agns bgt prgv`an jby javjbdnawjrb`bi gl luturn rnpgrts tg gtcnrs. Lgffgw`bi pumf`djt`gb gl tc`s rnpgrt, tcnjutcgr hjy trjbsjdt `b tcn sndur`t`ns gl tcn dghpjby, jba hjy mn fgbi, scgrt,gr bnutrjf jt jby t`hn cnrnjltnr rnijrafnss gl gur `b`t`jf gp`b`gb. Qg tcn mnstgl gur jm`f`ty jba mnf`nl, jff `blgrhjt`gb dgbtj`bna cnrn`b `s jddurjtn jbarnf`jmfn, jba cjs mnnb gmtj`bna lrgh pumf`d sgurdns wn mnf`nvn tg mnjddurjtn jba rnf`jmfn. Cgwnvnr, sudc `blgrhjt`gb `s prnsnbtna js `s,w`tcgut wjrrjbty gl jby e`ba wcntcnr nxprnss gr `hpf`na. Qcn jutcgr gltc`s rnpgrt hjens bg rnprnsnbtjt`gbs, nxprnss gr `hpf`na, js tg tcn t`hnf`bnssgr dghpfntnbnss gl jby sudc `blgrhjt`gb gr w`tc rnijra tg tcn rnsufts tg mngmtj`bna lrgh `ts usn. Jff nxprnss`gbs gl gp`b`gb jrn sumkndt tg dcjbinw`tcgut bgt`dn jba tcn jutcgr agns bgt ubanrtjen tg upajtn gr suppfnhnbttc`s rnpgrt gr jby gl tcn `blgrhjt`gb dgbtj`bna cnrn`b. Qc`s `s bgt jb gllnr tgmuy jby sndur`ty, bgr scjff jby sndur`ty mn gllnrna gr sgfa tg jby pnrsgb, `bjby kur`sa`dt`gb `b wc`dc sudc gllnr wgufa mn ubfjwluf ubanr tcn sndur`t`nsfjws gl sudc kur`sa`dt`gb.


3/31


4

Yn mnf`nvn _g`bts @btnrbjt`gbjf's (_DGH) mus`bnss hganf, ndgbgh`ds, jba vjfun prgpgs`t`gb cjvnmnnbh`srnprnsnbtna my hjbjinhnbt jba jrn irgssfy h`subanrstgga my `ts rntj`f `bvnstgr mjsn.Qcn dghpjby'sc`stgry `s f`ttnrna w`tc rna lfjis, aum`gus jddgubt`bi, jba j prghgt`gbjf hjbjinhnbt tnjh prgbn tghje`bi

h`sfnja`bistjtnhnbts. @t dghns js bg surpr`sn tcjt hjby gl tcnsn `ssuns cjvn mnnb gmlusdjtna my t`denr dcjbins,huft`pfn f`st`bis (GQD tg GQDMM tg BJTAJZ), j rnvnrsn stgde spf`t, l`bjbd`jffy dgblf`dtna snff-sàn jbjfysts,jba j Djbja`jb cnjaqujrtnrs. Mjsna gb gur annp a`vn, lgrnbs`d jbjfys`s, wn mnf`nvn _DGH's `btr`bs`d vjfun `sdfgsnr tg $>.>? pnr scjrn, gr bnjrfy 9>% mnfgw `ts durrnbt trja`bi pr`dn. Jba tc`s pr`dn tjrint inbnrgusfy ìbgrns_DGH's $=14 h`ff`gb gl gll-mjfjbdn scnnt f`jm`f`t`ns. Qcn sìb`l`djbt agwbsàn scgufa mn rnjf`zna js tcn _DGHa`sduss`gb rnlgdusns gb tcn ljdts, jba jwjy lrgh "irgssna-up" rnvnbun jba dustghnr p`pnf`bn cypn.

_DGH dfj`hs `t `s tcn ifgmjf fnjanr `b fgyjfty durrnbdy hjbjinhnbt.Qcn dghpjby sjys `t mr`bis "ynjrs gl`baustry nxpnr`nbdn, tndcbgfgi`djf nxpnrt`sn, jba j gbn-gl-j-e`ba fgyjfty dghhnrdn pfjtlgrhtg tcn wgrfa's tgpfgyjfty mrjbas.":Yc`fn tc`s sgubas `hprnss`vn, wn mnf`nvn _DGH `s bgtc`bi hgrn tcjb j s`hpfn rnsnffnr.Bnjrfynvnry hntr`d tcn dghpjby rnpgrts (jba sghn `t tr`ns tg càn) rnsnhmfns j fgw-hjri`b, vjfun-jaana rnsnffnr.Lgrnxjhpfn, `b Z:':1, _DGH rnpgrtna irgss hjri`bs gl kust :1.=%.J Mfgghmnri sdrnnb lguba kust :? gtcnrtndcbgfgiy dghpjb`ns w`tc irgss hjri`bs tc`s fgw, jba bnjrfy nvnry gbn gl tcn dghpjb`ns gpnrjtns js sghn

lgrh gl vjfun-jaana rnsnffnr.

@t `s gur gp`b`gb _DGH's mus`bnss hganf cjs mnnbhnt`dufgusfy ansìbna tg pnrh`t tcn dghpjby tg "irgss-up"`ts rnvnbun, rnsuft`bi `b l`bjbd`jf rnpgrts tcjt jppnjr tg tcn `bvnst`bi pumf`d hjby t`hns fjrinr tcjb `ts jdtujfndgbgh`d s`zn.Js wn a`sduss fjtnr, _DGH's jddgubt`bi jba a`sdfgsurn prnv`gusfy djhn ubanr tcn TND'sh`drgsdgpn. Jddgra`bi tg LJTM JTD -1>, wn mnf`nvn_DGH scgufa mn lgrdna tg rnstjtn `ts rnvnbuns,pgtnbt`jffy dutt`bi prnv`gusfy rnpgrtna buhmnrs my up tg 3?%.

@b jaa`t`gb tg gvnrstjt`bi `ts rnvnbun, wn mnf`nvn _DGH cjs ut`f`zna jiirnss`vn jddgubt`bi wc`dc scgufa spggejby `bvnstgr ljh`f`jr w`tc Irgupgb's `bljhgus Jakustna Dgbsgfàjtna Tnihnbt Gpnrjt`bi @bdghn (DTG@).Ynmnf`nvn tcn dghpjby `s `b a`rndt v`gfjt`gb gl TND ]niufjt`gb I rnijra`bi prg-lgrhj jddgubt`bi, jba wn mnf`nvnmjsna gb gur rnpgrt, jb `hhna`jtn `bvnstìjt`gb `btg _DGH's "irgssna-up" rnvnbun jba `blfjtna jakustnaNM@QAJ `s wjrrjbtna.

Mjsna gb tcn cypn gl bnw dgbtrjdt w`bs, snff-sàn jbjfyst dcnnrfnja`bi, jba "irgss" rnvnbun irgwtc tcjt sdrnnbswnff lgr qujbts, _DGH's stgde cjs bnjrfy tr`pfna s`bdn =?::. Pnt gvnr tcn sjhn t`hn pnr`ga, _DGH's dgbsnbsusnjrb`bis nst`hjtns cjvn mnnb dut my jt fnjst >?%. Jaa`t`gbjffy, tcn dghpjby cjs bnvnr prgaudna jbyhnjb`biluf prgl`t (ansp`tn hjbjinhnbt mgjst`bi cìc dgbtr`mut`gb hjri`bs), jba wn mnf`nvn N_T nst`hjtns jrnsnt tg ljff lurtcnr `b =C':1 jba =?:>.

L`bjffy, wn mnf`nvn _DGH's prghgt`gbjf hjbjinhnbt tnjh cjs h`sdcjrjdtnr`zna grijb`d irgwtc, càanbsumstjbt`jf dustghnr dgbdnbtrjt`gb, jba prghgtna bnw pjrtbnr w`bs tcjt w`ff cjvn h`b`hjf jdtujf `hpjdt gb tcnmus`bnss. Qc`s jiirnss`vn stgry-tnff`bi cjs dg`bdàna w`tc hjbjinhnbt snff`bi stgde v`j tcn Djbja`jbhjrentpfjdn, tcnrnmy jvgà`bi dustghjry a`sdfgsurn tg tcn Jhnr`djb bvnst`bi pumf`d.

Yn mnf`nvn tc`s rnpgrt w`ff stjrt tcn rn-vjfujt`gb prgdnss jba rnhnay tcn huft`tuan gl h`spnrdnpt`gbs jba cypnsurrguba`bi _DGH. Qcn lgffgw`bi sndt`gbs jrn dgvnrna cnrn`b, cìcfìct`bi;

Qcn M`rtc gl _DGH jba `ts Tnff-sàn _jrtbnrs_DGH `s j lgrhnr Djbja`jb pnbby stgde tcjt cjs hjsena `ts trun jppnjrjbdn w`tc huft`pfn t`denr dcjbins, jdjp`tjf rj`sn jt $?.


4/31


1

Ansp`tn muzz wgras jba jb gmv`gus ans`rn tg mn dghpjrna tg ndghhnrdn pfjtlgrhs, _DGH's l`bjbd`jf prgl`fnfgges bgtc`bi f`en tcn purpgrtna dghps. @b `ts hgst rndnbt qujrtnr, _DGH rnpgrtna irgss hjri`bs gl kust :1.=%jba NM@QAJ hjri`bs 0?% fgwnr tcjb j pfjtlgrh dghp snt. Gut gl bnjrfy =,>?? tndcbgfgiy rnfjtna mus`bnssnstcjt trjan gb j ^T nxdcjbin, tcnrn jrn gbfy :? dghpjb`ns w`tc j hjrent djp gvnr $:?? h`ff`gb jba irgsshjri`bs mnfgw :>%. Jt mnst, _DGH `s j tndcbgfgiy-nbjmfna vjfun-jaana rnsnffnr (\J]), wc`dc irnjtfy jftnrs

tcn "stgry" hjbjinhnbt jba jbjfysts cjvn drnjtna._DGH rnpgrtna rnvnbuns jdtujffy rnprnsnbt irgss trjbsjdt`gb vgfuhnYn mnf`nvn _DGH rnpgrt`bi rnvnbuns gb j irgss mjs`s `s j v`gfjt`gb gl LJTM JTD -1>. _fjtlgrh dghpjb`nstyp`djffy rnpgrt rnvnbun "bnt" gl tcn tgtjf vgfuhn gl iggas gr snrv`dns sgfa tcrguic `ts systnh. _fjtlgrhdghpjb`ns rndn`vn j trjbsjdt`gb lnn tcjt `s inbnrjffy rnpgrtna js rnvnbun. _DGH jdtujffy `bdfuans jiirnijtntrjbsjdt`gb vgfuhn `b `ts rnvnbuns, wc`dc wn mnf`nvn cjs fna tg jb jpprgx`hjtn ?% gvnrstjtnhnbt glrnvnbuns dghpjrna tg bnt rnvnbun jddgubt`bi. Qc`s spnd`gus rnvnbun rndgib`t`gb tndcb`qun a`stgrts tcn jdtujfsdjfn gl tcn mus`bnss, jba hjens tcn rnvnbun huft`pfns tcn snff-s`an usn jppnjr mjsnfnss. Qcn TND prnv`gusfyrnqunstna `blgrhjt`gb gb _DGH's and`s`gb tg rnpgrt gtcnr hntr`ds gb j irgss mjs`s.Irgss hjri`bs jrn `hpfga`biHgst pfjtlgrh dghpjb`ns `bdrnjsn irgss hjri`bs gvnr t`hn js rnvnbuns sdjfn gvnr l`xna pfjtlgrh dgsts. @b a`rndtdgbtrja`dt`gb tg j pfjtlgrh mus`bnss hganf, _DGH's irgss hjri`bs cjvn andf`bna my 3


5/31


>

Qwg ar`vnrs gl tcn muff djsn lgr _DGH c`bin gb rndnbt pjrtbnr w`bs w`tc HjstnrDjra jba C`ftgb. Yn mnf`nvntcn `hpjdt gl tcnsn anjfs `s irnjtfy gvnrstjtna jba rnvnbun inbnrjtna w`ff mn h`b`hjf. HjstnrDjra w`ff inbnrjtnznrg a`rndt rnvnbun wc`fn jaa`bi tg nxpnbsns. C`ftgb w`ff dgbtr`mutn gbfy ~:% tg _DGH's =?:> rnvnbun mjsnagb gur jbjfys`s. Lurtcnr, _DGH's cìcfy tgutna p`pnf`bn, wc`dc wjs snfndt`vnfy a`sdfgsna jt j rndnbt snff-sàndgblnrnbdn,`s j h`rjin mjsna gb snvnrjf ynjrs gl cypn jba cypnrmgfn. Nvnb `b tcn ubfènfy nvnbt _DGH wnrn

jmfn tg dgbvnrt :??% gl `ts "p`pnf`bn," tcn stgde wgufa st`ff mn trja`bi jt =?x N\/NM@QAJ.@s _DGH jfrnjay ljd`bi hjkgr sndufjr dcjffnbins7Yn mnf`nvn _DGH's DNG hjan jb gh`bgus dgblnss`gb gb j rndnbt njrb`bis djff rnijra`bi j sc`lt `b rnwjraprgirjh rnanhpt`gb strudturns. Ansp`tn h`b`hjf lgdus lrgh tcn snff-sàn, hgst hjkgr j`rf`bnsmnijb anvjfu`bitcn`r rnwjra durrnbd`ns tc`s ynjr, drnjt`bi dgblus`gb `b tcn hjrent jba `bdrnjs`bi tcn buhmnr gl pg`bts rnqu`rnalgr jwjra rnanhpt`gb. Qcn fènfy rnsuft w`ff mn fgwnr trjbsjdt`gbs (jba rnvnbuns) lgr _DGH.Qcn h`srnprnsnbtjt`gb gl _DGH's mjfjbdn scnntstrnbitc_DGH hjbjinhnbt jba `ts snff-sàn lr`nbas dgbs`stnbtfy cìcfìct j strgbi l`bjbd`jf pgs`t`gb, nhpcjs`z`bi tcndghpjby's sìb`l`djbt djsc pgs`t`gb w`tc bg anmt. Cgwnvnr, tcn dghpjby inbnrjffy bnifndts tg hnbt`gb `ts fjrin"pjyjmfn tg fgyjfty pjrtbnrs" f`jm`f`ty, wc`dc drnjtns j wgre`bi djp`tjf t`h`bi mnbnl`t tcjt gvnrstjtns djsc mybnjrfy 3?%. Lurtcnr, _DGH cjs jb nbgrhgus gll-mjfjbdn scnnt rnvnbun iujrjbtnn gl $=14 h`ff`gb, wc`dc wnmnf`nvn `s jbjfgigus tg anmt.@bsànrs qu`ntfy cnja`bi lgr tcn nx`t

Mndjusn _DGH `s `bdgrpgrjtna `b Djbjaj, `bsànrs jrn bgt tndcb`djffy rnqu`rna tg l`fn Lgrh 1's. Yc`fn pumf`dfytgut`bi rndnbt w`bs jba j strgbi l`bjbd`jf pgs`t`gb, hjbjinhnbt cjs qu`ntfy mnnb snff`bi stgde gb tcn QgrgbtgTtgde Nxdcjbin w`tcgut tcn dustghjry a`sdfgsurns ^.T. `bvnstgrs wgufa fènfy v`nw js rna lfjis. @b tcn fjst twgwnnes gl Z=':1, tcn Dcj`rhjb gl tcn Mgjra sgfa gvnr $: h`ff`gb gl stgde, jt j t`hn `bsànrs scgufa cjvnprnsuhjmfy mnnb `b j mfjdegut w`bagw.\jfujt`gbMjsna gb gur jbjfys`s, wn mnf`nvn _DGH `s ubnqu`vgdjffy j inbnr`d vjfun-jaana rnsnffnr, jba bgt j cìc-hjri`b pfjtlgrh. _DGH scgufa trjan jt rnvnbun jba NM@QAJ huft`pfns `bf`bn w`tc `ts jdtujf pnnr irgup. ^s`bihgrn jpprgpr`jtn huft`pfns gb tcn jdtujf ubanrfy`bi ndgbgh`ds gl tcn mus`bnss, wn mnf`nvn _DGH's lj`r vjfun `smntwnnb $1.30 jba $>.3% agwbsàn.

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6/31


Tghn t`hn `b fjtn =??:,

jltnr jppjrnbtfy h`b`hjf suddnss w`tc `ts mus`bnss hganf, Nxdfjhjt`gb @btnrbjt`gbjf rnstrudturna jba nllndt`vnfya`spgsna jff pr`gr `bvnsthnbts.

Tcgrtfy tcnrnjltnr, tcn pfjb wjs fjà tg dcjbin Nxdfjhjt`gb `btg j dghpfntnfy a`llnrnbt stgry, gtcnrw`sn ebgwbjs _g`bts @btnrbjt`gbjf, w`tc tcn bjhn dcjbin gll`d`jffy gddurr`bi `b hà-=??=. Y`tc _DGH js `ts gbfyrnhj`b`bi vnbturn, tcn dghpjby aut`luffy dcjbina `ts gvnr-tcn-dgubtnr pnbby stgde t`denr lrgh NSHQL tg_QTNL. Jltnr tg`f`bi `b v`rtujf gmsdur`ty gb tcn GQD hjrent lgr j dgupfn ynjrs, j djp`tjf rj`sn wjs jbbgubdna`b =??>. ]gm HjdFnjb, wcg lgubana _DGH `b =???, jba `s st`ff `ts DNG tgajy, mnjhna, "Qc`s l`bjbd`bi w`ffjffgw us tg jddnfnrjtn tcn anvnfgphnbt gl gur dgbsuhnr gllnr`bi jba wn jrn bgw nvnb mnttnr pgs`t`gbna tgdghhnbdn jb jiirnss`vn hjrent`bi djhpjìb, djp`tjf`z`bi gb hjby gl tcn bnw lnjturns tcjt w`ff juihnbt gurhnhmnrs nxpnr`nbdn.", HDL wjs tcn fnja `bvnsthnbt mjbe pfjdnhnbt jinbt lgr j

_DGH pr`vjtn stgde gllnr`bi, rj`s`bi $:>.3 h`ff`gb gl bnt prgdnnas tcrguic tcn `ssujbdn gl :3.: h`ff`gb scjrnsjt $?. h`ff`gb. Qg rnwjra HDL lgr rj`s`bi djp`tjf lgrtcn dghpjby, _DGH hjbjinhnbt `ssuna HDL mrgenr wjrrjbts, tcnrnmy i`v`bi Hnrr`hjb `ts `b`t`jf l`bjbd`jf`btnrnst `b tcn dghpjby.9Jltnr tcn djp`tjf rj`sn, _DGH (syhmgf st`ff _QTNL) `banna hjbjina tg "up-f`st" tg tcnGQD Muffnt`b Mgjra `b Bgvnhmnr =??>. Ansp`tn tcnsn hjbnuvnrs, _DGH's stgde fjbiu`scna `b pnbby stgdetnrr`tgry lgr snvnrjf hgrn ynjrs. Bnvnr fjde`bi drnjt`v`ty, _DGH hjbjinhnbt jba `ts jav`sgrs `b`t`jtna j :;:?rnvnrsn stgde spf`t gb =/=/::, wc`dc l`bjffy pjvna tcn wjy lgr j BJTAJZ f`st`bi gb =/:?/::. Tull`dn tg sjy, tc`swjs bgt tcn trja`t`gbjf pjtc tg j BJTAJZ f`st`bi.

Mnlgrn a`v`bi `btg _DGH's trgumfnsghn mus`bnss jba l`bjbd`jf hganf, `t `s wgrtc bgt`bi cgw dgblf`dtna sghngl tcn snff-sàn "pjrtbnrs" jppnjr. Qcn purpgsn `s bgt tg dr`t`d`zn tcn dgvnr`bi jbjfysts, mut `bstnja `ffustrjtn cgwsenpt`djf wn jrn gl tcn`r rnsnjrdc, js hjby gl tcn pfj`b js ajy `ssuns wn ànbt`ly cnrn`b cjvn ynt tg mn a`sdussnamy tcn snff-sàn dghhub`ty (wn usn tcn wgra "pjrtbnrs" mndjusn gl tcn ubjmjscna muff`sc dgvnrjin tcn Ttrnnt

prgvàns _DGH, w`tc jff nìct dgvnr`bi jbjfysts cjv`bi j "muy" rjt`bi gb tcn stgde).

Hnrr`hjb Durcjb & Lgra, bgw Hnrr`hjb Djp`tjf (tcn l`rh dcjbina `ts bjhn jltnr j rub-`b w`tc tcn TND3), cjsmnnb jriujmfy tcn hgst vgdjf javgdjtn gl _DGH, wr`t`bi 41 rnsnjrdc rnpgrts s`bdn Jpr`f, =?::. @t scgufa mnbgtna _DGH `s tcn sndgba Hnrr`hjb dgbbndtna bjhn w`tc wc`dc wn cjvn lguba sghn "`ssuns." 0Qcn l`rstbjhn wjs GD[, wcg ansp`tn tr`v`jf`z`bi gur lrjua jssnrt`gbs js "`rrnfnvjbt," wjs `banna j lrjua tcjt wnbtmjberupt jba bgw trjans lgr $?.?:1 js GD[QZ.:?Qg ubanrstjba tcn Hnrr`hjb dgbbndt`gb, `t `s `hpgrtjbt tganf`bnjtn mntwnnb tcn huft`pfn HDL jll`f`jtns tcjt cja (gr st`ff cjvn) j l`bjbd`jf `btnrnst `b _DGH jba jb`bcnrnbt dgblf`dt gl btnrnst.


7/31


9

Gb Juiust 3, =??? tjrint, cjs j hgrn gpjquna`sdfgsurn `b c`s rnpgrts, "Lrgh t`hn tg t`hn, HD@, `ts jll`f`jtna nbt`t`ns, jba tcn `rrnspndt`vn a`rndtgrs,gll`dnrs,nhpfgynns, gr hnhmnrs gl tcn`r `hhna`jtn ljh`f`ns hjy cjvn j fgbi gr scgrt pgs`t`gb `b tcn sndur`t`nsgr gtcnr l`bjbd`jf `bstruhnbtshnbt`gbna `b tc`s rnpgrt." Hnrr`hjb dfnjrfy rnhj`bs tcn mìinst muff gb _DGH.Hjymn tcnrn `s j (l`bjbd`jf) rnjsgb wcy.

@b jaa`t`gb tg dgblf`dts jt Hnrr`hjb, gmkndt`v`ty `ssuns jppnjr tg nx`st w`tc _DGH's gtcnr snff-sàn l`rhs. Jt]gyjf Mjbe gl Djbjaj, wc`dc rndnbtfy upirjana _DGH scjrns gb >/0/:1 ansp`tn dutt`bi `ts nst`hjtns my =4%,tcn jppjrnbt l`bjbd`jf dgblf`dts ig mnygba tcn typ`djf mjbe`bi a`sdfgsurn. Qcn dghpjby stjtns, "j hnhmnrdghpjby gl ]MD Djp`tjf Hjrents gr gbn gl `ts jll`f`jtns rndn`vna dghpnbsjt`gb lgr prgaudts gr snrv`dns gtcnrtcjb`bvnsthnbt mjbe`bi snrv`dns lrgh _g`bts @btnrbjt`gbjf Fta. aur`bi tcn pjst := hgbtcs. Aur`bi tc`s t`hn, jhnhmnr dghpjby gl]MD Djp`tjf Hjrents gr gbn gl `ts jll`f`jtns prgvàna bgb-sndur`t`ns snrv`dns tg _g`bts@btnrbjt`gbjf Fta." Jba jt Drjì Cjffuh, wc`fn tcn dgvnr`bi jbjfyst hjy mn hgrn gmkndt`vn i`vnb bg gmv`gusdgblf`dt a`sdfgsna, tc`s `ba`vàujf dgufa cjvn j drna`m`f`ty `ssun dgbsànr`bi cn jfsg prghgtna "muy" rjtna bjhns

GHNS, BNGB, ^BSF, jba [JII, jff gl wc`dc cjvn mjttfna lrjua dcjrins. Jba jfjs, M. ]`fny's jbjfyst"mnf`nvnUsX sw`tdc`bi tg j rnvnbun huft`pfn lgr vjfujt`gb wgufa mn pruanbt" ansp`tn prnv`gusfy anr`v`bi j pr`dntjrint my vjfu`bi tcn dghpjby mjsna gb `ts NM@QAJ. Js wn anhgbstrjtn fjtnr, wn mnf`nvn us`bi "rnvnbun" js jvjfujt`gb tndcb`qun lgr _DGH `s dghpfntnfy bjpprgpr`jtn jba btnffndtujffy a`scgbnst.

Qg mn dfnjr, gtcnr tcjb tcn `b`t`jf wjrrjbt irjbt tg HDL, wn jrn bgt `hpfy`bi _DGH's hjbjinhnbt `srnspgbs`mfn lgr tcn pgtnbt`jf dgblf`dts gl `ts dgvnr`bi jbjfysts. Lurtcnr, wn gbfy cìcfìct tcnsn dgblf`dts jbaqunst`gbjmfn vjfujt`gb hntcgas mndjusn wn mnf`nvn tcnsn `bcnrnbt l`bjbd`jf dgblf`dts irnjtfy kngpjra`zn tcn snff-sàn's jm`f`ty tg prnsnbt mjfjbdna jbjfys`s tg `bvnstgrs.

Y`tc tcjt m`t gl mus`bnss gut gl tcn wjy, fnt's turb tg tcn rnjf hnjt gl tcn _DGH stgry.

_DGH `s bgt j _fjtlgrh / TjjT mus`bnss

_DGH wgufa fèn tcn `bvnst`bi pumf`d tg mnf`nvn `t `s jb n-dghhnrdn pfjtlgrh jba sgltwjrn-js-j-snrv`dn (TjjT)mus`bnss. Qcnsn twg ansdr`pt`gbs cjvn cja trnhnbagus muzz, jba tcn ans`rna jssgd`jt`gb `s ubanrstjbajmfn.Jddgra`bify, `b tcn "Jmgut _g`bts" sndt`gbjt tcn nba gl njdc _DGH prnss rnfnjsn, tcn dghpjby inbnrgusfydrjhs muzz wgras `b, ansdr`m`bi `tsnfl js lgffgws; "\`j j stjtn-gl-tcn-jrt fgyjfty dghhnrdn pfjtlgrh, _g`btsprgvàns fgyjfty nDghhnrdn jba tndcbgfgiy sgfut`gbs tg tcn wgrfa's tgp mrjbas tg nbcjbdn tcn`r dgbsuhnrgllnr`bis jba strnjhf`bn tcn`r mjde-nba gpnrjt`gbs. @b jaa`t`gb tg tcnsn snrv`dns, _g`bts' ub`qun TjjT prgaudtsjffgw nDghhnrdn hnrdcjbts tg jaa fgyjfty sgfut`gbs a`rndtfy tg tcn`r gbf`bn stgrns, rnwjra`bi dustghnrs lgrpurdcjsns jt tcn pg`bt-gl-sjfn.":4


8/31


3

Ansp`tn tcn cìc-tndc dcjrjdtnr`zjt`gb, _DGH's l`bjbd`jfs tnff j strè`bify a`llnrnbt stgry. _fjtlgrh dghpjb`nssudc js nMjy (NMJP) jba GpnbQjmfn (G_NB) typ`djffy trjan jt cìc huft`pfns gl mgtc sjfns jba NM@QAJmndjusn gl tcn cìc lfgw-tcrguic gl `bdrnhnbtjf rnvnbun tg prgl`ts. _DGH fgges bgtc`bi fèn tcn dghp irguptcn dghpjby jba `ts snff-sàn djarn gl suppgrtnrs cjvn usna. Js gl Z:':1, _DGH's irgss hjri`bs jrn 3?% fgwnrtcjb `ts suppgsna dghpjrjmfn irgup, jba `ts NM@QAJ hjri`bs jrn 0?% fgwnr tcjb tcn mrgjanr irgup. Nvnb

fgwfy Irgupgb (I]_B) cjs NM@QAJ hjri`bs agumfn tcgsn gl _DGH. Jhjz`bify, ansp`tn dfnjrfy `blnr`grndgbgh`ds, _DGH jdtujffy trjans jt jprnhùhtg tc`s irgup, w`tc jb N\/NM@QAJ huft`pfn bnjrfy >?% irnjtnrtcjb tcn hgrn ans`rjmfn dghp irgup.

Js nvànbdna my `ts l`bjbd`jf hganf, _DGH `s bgt j TjjT mus`bnss, bgr `s `t j pfjtlgrh mus`bnss (sdjfn `s bgt jvjfà nxdusn n`tcnr js wn w`ff dfnjrfy `ffustrjtn fjtnr). Fgge`bi gbfy jt `ts l`bjbd`jf hganf, wn wgbanrna wcntcnrtcnrn wjs j hgrn jpprgpr`jtn dghpjrjmfn irgup. Qg jbswnr tc`s qunst`gb, wn rjb j snjrdc lgr tndcbgfgiy

dghpjb`ns w`tc hjrent djp`tjf`zjt`gbs gl jt fnjst $:?? h`ff`gb jba irgss hjri`bs ubanr :>%. Gut gl =,>?? sudcdghpjb`ns tcjt trjan gb j ^.T. Nxdcjbin, gbfy :? mus`bnssns jdtujffy hnt tcnsn dr`tnr`j. Y`tc tcn nxdnpt`gb glsnh`dgbaudtgr hjbuljdturnrs sullnr`bi lrgh dydf`djf dcjffnbins, njdc gl tcn dghpjb`ns w`tc l`bjbd`jf hganfss`h`fjr tg _DGH `s j vjfun-jaana rnsnffnr (\J]). J annp a`vn `btg _DGH's jdtujf ndgbgh`d dustghnrprgpgs`t`gb fnjas tg j s`hpfn dgbdfus`gb - ansp`tn jff gl tcn cjba wj`v`bi jba muzzwgras, _DGH agns f`ttfnhgrn tcjb rnsnff h`fns jba fgyjfty pg`bts. My nxtnbs`gb, tcnrn `s f`ttfn agumt tcjt _DGH's l`bjbd`jf prgl`fnrnsnhmfns j \J] mndjusn `t jdtujffy `s j vjfun-jaana rnsnffnr. Ansp`tn cjv`bi `bdrna`mfy s`h`fjr l`bjbd`jfdcjrjdtnr`st`ds, _DGH trjans jt hgrn tcjb 9??% jba >??% tcn dghp irgups' rnvnbun jba NM@QAJ huft`pfns,rnspndt`vnfy.


9/31


0

_fjtlgrh dghpjb`ns bgt gbfy cjvn sìb`l`djbtfy cìcnr irgss hjri`bs jba NM@QAJ hjri`bs, mut tcny jfsg `bvnstcnjv`fy `b tcn`r dgrn jssnt - tcn`r pfjtlgrh. ]nsnjrdc jba anvnfgphnbt spnba jba djp`tjf nxpnba`turns jtTjjT/_fjtlgrh dghpjb`ns jrn v`tjf tg prgtndt`bi `btnffndtujf prgpnrty jba hj`btj`b`bi j dghpnff`bi vjfunprgpgs`t`gb lgr pfjtlgrh usnrs. ]nsnffnrs gb tcn gtcnr cjba, gltnb h`b`h`zn mgtc ]&A jba djpnx. Qcn rnsnffnrmus`bnss hganf usujffy gpnrjtns w`tc rjzgr tc`b hjri`bs jba h`b`hjf dghpnt`t`vn a`llnrnbt`jt`gb. Js sudc, tcnrnturb gb ]&A jba djpnx `bvnsthnbts rjrnfy kust`l`ns tcn nxpnba`turns. @b ljdt, hgst rnsnffnrs ag bgt nvnb mrnjegut ]&A spnba `b tcn`r dgrpgrjtn l`f`bis mndjusn tcn f`bn `tnh `s s`hpfy bgt hjtnr`jf. Js djb mn snnb mnfgw,_DGH'stndcbgfgiy spnbajs j pnrdnbtjin gl rnvnbun `s a`rndtfy dghpjrjmfn tg tcn "rnsnffnr" irgup, wc`fnrnprnsnbt`bi j hnrn lrjdt`gb gl tcn rjt`g lguba w`tc tcn trun "pfjtlgrh" dghpjb`ns.

Yn cjvn fgbi mnf`nvna tcjt stgr`ns jrn stgr`ns, jba l`bjbd`jfs jrn ljdts jba `l `t wjfes fèn j aude (`.n., \J]),

qujdes fèn j aude (`.n., \J]), tcnb `t `s prgmjmfy j aude (`.n., \J]). Ansp`tn tcn hyr`ja gl snff-sàn jbjfystsjba `bvnstgr prnsnbtjt`gbs tcjt stjtn gtcnrw`sn, _DGH `s j \J].

_DGH rnpgrtna rnvnbuns jdtujffy rnprnsnbt irgss trjbsjdt`gb vgfuhnY`tc tcn cnfp gl snff-sàn jbjfysts tcjt nhpcjs`zn N\/rnvnbuns js kust`l`djt`gb lgr pr`dn tjrints, _DGHhjbjinhnbt cjs agbn j h`rjdufgus kgm lggf`bi `bvnstgrs `btg mnf`nv`bi IJJ_ rnvnbun `s j hnjb`biluf hntr`d.Yc`fn IJJ_ rnvnbun `s rjrnfy h`sfnja`bi, wn mnf`nvn `b tcn djsn gl _DGH, `t agns bgt rnprnsnbt jdtujf sjfns,mut `bstnja irgss trjbsjdt`gb vjfun. Fnt us nxpfj`b.


10/31


:?

@b Z:':1, nMjy pgstna trjbsjdt`gb vgfuhn gl $>3.> m`ff`gb (irgss hnrdcjba`sn vgfuhn, gr IH\) jba bntrnvnbungl $1.4 m`ff`gb, nllndt`vnfy tje`bi j trjbsjdt`gb lnn gl 9.4%. nMjy a`sdfgsns mgtc IH\ jba `ts "tjen"wc`dc dgrrnspgbas w`tc IJJ_ rnvnbun. IrumCum (I]^M), tcn ljst irgw`bi pfjtlgrh lgr rnstjurjbt anf`vnry,rnpgrtna Z:':1 tjen-rjtn (gr trjbsjdt`gb lnn) gl :4.>%. @btnrnst`bify, gvnr tcn sjhn t`hn pnr`ga, _DGH rnpgrtnairgss rnvnbungl $>3.4 h`ff`gb, wc`dc wn mnf`nvn `s jfhgst nbt`rnfy nqu`vjfnbt tg nMjy's IH\. Tjà jbgtcnr

wjy, _DGH's pr`bd`pjf rnvnbun, wc`dc rnprnsnbtna 03.> h`ff`gb gl rnvnbun _DGH rnpgrtna `b Z:':1,`t gbfy inbnrjtna $3.4 h`ff`gb gl irgssprgl`t, rnprnsnbt`bi j irgss hjri`b gl :1.=%. Nvnb tcn \J]-nsqun :1.=% irgss hjri`b `s jdtujffy h`sfnja`bi,gb tcn cìc sàn. _DGH's shjffnr rnvnbun snihnbts ("Gtcnr _jrtbnr ]nvnbun" jba "@btnrnst @bdghn") inbnrjtnjb nllndt`vn irgss hjri`b dfgsn tg :??% (_DGH gbfy rnpgrts dgst gl rnvnbun js "A`rndt Dgst gl _r`bd`pjf]nvnbun"). Js sudc, _DGH's nllndt`vn irgss hjri`b gb `ts pr`hjry mus`bnss (_r`bd`pjf ]nvnbun) `s dfgsnr tg::.?%. @b nssnbdn, _DGH's rnpgrtna rnvnbun `s irgss trjbsjdt`gb vjfun, jba tcn dghpjby's nllndt`vn irgsshjri`b gl ::.?% `s hudc hgrn je`b tg nMjy, IrumCum, jba gtcnr pfjtlgrh dghpjb`ns' "bnt" rnvnbuns.

_DGH Irgss Hjri`b Jbjfys`s

$ ???s

Hjr-:1_r`bd`pjf ]nvnbun >9

Dgst gl _r`bd`pjf ]nvnbun (10,030)

Qgtjf Irgss _rgl`t 3,=


11/31


::

Mjsna gb `baustry rnsnjrdc, js wnff js _DGH's gwb pumf`d dghhnbtjry, `t `s bgt _DGH tcjt antnrh`bns tcnpr`dn jba vjfun gl fgyjfty pg`bts, mut `bstnja `ts pjrtbnrs. Tuppgrt`bi tc`s v`nw, _DGH's hjbjinhnbt rndnbtfyjah`ttna `ts pjrtbnrs cjvn dcjbina rnanhpt`gb strudturns, tcnrnmy `hpjdt`bi _DGH's mus`bnss. @t `s gur gp`b`gbtc`s jah`ss`gb/dgblnss`gb ubnqu`vgdjffy anhgbstrjtns tcjt _DGH agns bgt dgbtrgf pr`d`bi. Jba `btu`t`vnfy,

cgw dgufa `t7 Bg j`rf`bn gr cgtnf wgufa fnt j tc`ra pjrty antnrh`bn tcn vjfun gl tcn`r gwb rnwjra durrnbd`ns. Jssudc, _DGH's jiirnss`vn rnvnbun rndgib`t`gb jppnjrs tg bgt gbfy mn h`sfnja`bi, mut jfsg j v`gfjt`gb glrnpgrt`bi stjbajras.

Irgss hjri`bs jrn `hpfga`bi_DGH's irgss hjri`bs jrn huft`pfn stjbajra anv`jt`gbs mnfgw tcn typ`djf pfjtlgrh mus`bnssjba dgbt`bun tgnrgan. Gvnr tcn fjst twg ynjrs, irgss hjri`bs cjvn andf`bna my jb jstgb`sc`bi 3


12/31


:=

_DGH Irgss Hjri`b Jbjfys`s

$ ???s

Hjr-:= Kub-:= Tnp-:= And-:= Hjr-:4 Kub-:4 Tnp-:4 And-:4 Hjr-:1

_r`bd`pjf ]nvnbun =>,41? 41,=?3 4=,:9= 43,:40 41,


13/31


:4

nxjhpfn gl dustghnr ndgbgh`ds. Yc`fn hjbjinhnbt dfj`hs bnw pjrtbnrs djrry j :?% -=?% irgss hjri`b (jbamy gur djfdufjt`gb nvnb tc`s jhgubt `s j irgss gvnrstjtnhnbt), tcn dghpjby spnd`l`djffy hpf`ns tcjt `t jdc`nvns j=?% irgss hjri`b gb `ts Tgutcwnst mus`bnss. Js djb mn snnb mnfgw, _DGH stjtns tcjt `t muys h`fns lrghTgutcwnst jt $?.?=? pnr h`fn jba rnsnffs tg dgbsuhnrs jt $?.?=> pnr h`fn, wc`dc wgufa mn j =?% hjri`b. Ynwnrn ubjmfn tg l`ba jby a`sdfj`hnr tcjt tcn sfàn mnfgw wjs lgr `ffustrjt`gb purpgsns gbfy, jba `t wjs nxpf`d`tfy

t`tfna "Muy H`fns" Ndgbgh`ds lgr tcn Dgbsuhnr. @l gur jbjfys`s gl _DGH ndgbgh`ds `s jddurjtn, tcnb wnmnf`nvn _DGH cjs pgtnbt`jffy h`srnprnsnbtna `ts grijb`d irgwtc, gr tcn jdtujf prgl`tjm`f`ty gl fnijdy dgbtrjdts,gr tcn Tgutcwnst ndgbgh`ds/hjri`bs, gr jff gl tcn jmgvn!

Tgurdn; _DGH `bvnstgr prnsnbtjt`gb.

_rgl`tfnss ]nvnbun Irgwtc - `.n. Bnifì`mfn Dgbtr`mut`gb Hjri`bs]nvnbun `s gltnb tcn eny pnrlgrhjbdn hntr`d jssgd`jtna w`tc irgwtc dghpjb`ns. Js wn `ffustrjtna jmgvn, wnmnf`nvn _DGH's rnpgrtna rnvnbuns jrn bgt jbjfgigus tg ndgbgh`d rnjf`ty. Jfgbi tcnsn sjhn f`bns, wn mnf`nvn

"tjen rjtns," gr _DGH's ndgbgh`d djpturn gb pr`bd`pjf trjbsjdt`gbs, cjs dgffjpsna. Qcnrnlgrn, `t `s bg surpr`sntcjt gb `bvnstgr djffs, _DGH hjbjinhnbt cjs `bstrudtna `bvnstgrs tg nvjfujtn tcn dghpjby gb `bdrnhnbtjfhjri`bs, gr dgbtr`mut`gb hjri`bs, rjtcnr tcjb jmsgfutn irgss hjri`bs. Lgr nxjhpfn, gb _DGH's Z=':= njrb`bisdjff, DNG HjdFnjb sjà, "wc`fn wn jbt`d`pjtn sghn h`bgr rnaudt`gb `b irgss hjri`b pnrdnbtjin, wn wgufanxpndt tcn `bdrnhnbtjf hjri`b agffjr inbnrjtna tg mn sìb`l`djbt jba tcus rnprnsnbt j mnttnr hnjsurn tg lgdus gbwcnb nvjfujt`bi tcn prgl`tjmfn irgwtc gl gur mus`bnss.":0

Cgwnvnr, nvnb us`bi hjbjinhnbt's prnlnrrna nvjfujt`gb hntr`d, tcn dghpjby cjs lj`fna tg anf`vnr. Tnrv`bi jskust gbn hgrn nxjhpfn gl cgw a`llnrnbt _DGH `s lrgh pfjtlgrh dghpjb`ns, `ts =?:4 NM@QAJ dgbtr`mut`gbhjri`b wjs j bnifì`mfn :.3%.@b tcn l`rst cjfl gl =?:4, mnlgrn tcn fjubdc gl Tgutcwnst, _DGH's dgbtr`mut`gbhjri`b wjs jdtujffy bnijt`vn gb rnvnbun irgwtc gl $:1.> h`ff`gb ynjr-gvnr-ynjr. Qc`s `s dghpfntnfy`bdgbirugus w`tc j pfjtlgrh mus`bnss hganf. Lgr nxjhpfn, Sggh (SGGH), jb gbf`bn hgbny trjbslnr pfjtlgrh,cja j ~49% NM@QAJ dgbtr`mut`gb hjri`b `b =?:4, wc`fn GpnbQjmfn (G_NB), tcn wnff ebgwb rnstjurjbtrnsnrvjt`gb pfjtlgrh mn`bi jdqu`rna my _r`dnf`bn (_DFB), mgjstna bnjrfy j 1?% dgbtr`mut`gb hjri`b `b=?:4.Yn mnf`nvn _DGH `s sg lgdusna gb rnvnbun irgwtc `t `s nssnbt`jffy snff`bi bnw mus`bnss jt znrg hjri`b,wc`dc `s nvànbt `b `ts fgusy `bdrnhnbtjf irgss jba NM@QAJ prgl`t hjri`b.


14/31


:1

_DGH's prgl`tfnss rnvnbun irgwtc, jba tcn snff-sàn's fjde gl ubanrstjba`bi gl tcn jdtujf ndgbgh`ds gl tcndghpjby's mus`bnss hganf, `s dfnjrfy `ffustrjtna mytcn `bdnssjbt bnijt`vn dgbsnbsus njrb`bis rnv`s`gbs. Jt tcnmni`bb`bi gl =?:=, jbjfysts nxpndtna _DGH's njrb`bis tg hgrn tcjb tr`pfn `b =?:4 tg $?.9? pnr scjrn.Cgwnvnr,gvnr tcn lgffgw`bi nìct qujrtnrs, _DGH rnpnjtnafy h`ssna nst`hjtns jba puscna gut hjtnr`jfnjrb`bis. Ycnb Z1':4 wjs l`bjffy rnpgrtna `b Hjrdc =?:1, _DGH's luff ynjr njrb`bis lgr =?:4 wnrn gbfy

$?.=4, h`ss`bi tcn grì`bjf jbjfyst nst`hjtns my


15/31


:>

_DGH Dgbsnbsus N_T ]nv s`gbs

=?:4 & =?:1

$>.??

$:?.??

$:>.??

$=?.??

$=>.??

$4?.??

$4>.??

Kjb-:=

Hjr-:=

Hjy-:=

Kuf-:=

Tnp-:=

Bgv-:=

Kjb-:4

Hjr-:4

Hjy-:4

Kuf-:4

Tnp-:4

Bgv-:4

Kjb-:1

Hjr-:1

Hjy-:1

Kuf-:1

$?.=?

$?.4?

$?.1?

$?.>?

$?.


16/31


:N

Njrb`bis mnlgrn tjxns 4,>1> 4,104 1,=9=

Bgrhjf`zna tjx rjtn:

:>...


17/31


:9

Lgr tcn ynjr nbana Andnhmnr 4:, =?:4, tcnrn wnrn lgur fgyjfty prgirjh pjrtbnrs lgr wc`dc sjfns tgtcn`r hnhmnrs `ba`vàujffy rnprnsnbtna hgrn tcjb :?% gl tcn Dgrpgrjt`gbs tgtjf rnvnbun. Lgr tcn=?:= ynjr, tcnrn wnrn tcrnn fgyjfty prgirjh pjrtbnrs lgr wc`dc sjfns tg tcn`r hnhmnrs `ba`vàujffyrnprnsnbtna hgrn tcjb :?% gl tcn Dgrpgrjt`gbs tgtjf rnvnbun. @b =?:4, `b jiirnijtn, tcnsn lgur

pjrtbnrs rnprnsnbtna 34% gl tcn Dgrpgrjt`gbs rnvnbuns. @b =?:=, `b jiirnijtn, tcnsn tcrnn pjrtbnrsrnprnsnbtna 9, =??3, Anftj jbbgubdna `t wgufa hnrin w`tc Bgrtcwnst J`rf`bns. =1 ]nijra`bi tcn hnrinrjbbgubdnhnbt jba `ts `hpjdt gb _DGH's mus`bnss, DNG HjdFnjb stjtna, "@ ebgw gur `bvnstgrs jrn wjtdc`bitcn prgpgsna hnrinr mntwnnb Anftj jba Bgrtcwnst w`tc `btnrnst js wnff js lgffgw`bi hnrinr tjfes mntwnnb gtcnrj`rf`bns. Js ygu ebgw, mgtc Anftj jba Bgrtcwnst jrn gur pjrtbnrs jba wn cjvn vnry strgbi rnfjt`gbsc`ps w`tcmgtc pjrt`ns. Qgajy, wn gpnrjtn hgrn snrv`dns w`tc Anftj jba wgre vnry dfgsnfy w`tc tcjt tnjh `b irgw`bi tcn`rmus`bnss."=>Qcjt sgubana irnjt.

@b fjtn =??3, _DGH c`rna tcn lgrhnr prnsànbt jba DGG gl tcn Anftj Tey H`fns _rgirjh js tcn dghpjby'sdc`nl hjrent`bi gll`dnr.=


18/31


:3

Zunst`gb Qjbyj Hnssnbinr; C`, cjvn ygu snnb jby `hpjdt lrgh tcn `btnirjt`gb gl tcn Anftj-Bgrtcwnst hnrinr7

Jbswnr Dcr`stgpcnr Mjrbjra; Yn cjvn bgt snnb jbytc`bi ynt. Qcny'rn gmv`gusfy r`ict `b tcn vnrynjrfy stjins gl hnri`bi tcgsn djrr`nrs. Qcn fgyjfty prgirjhs tgajy jrn fgge`bi -- tcny'rn ag`bi sghn

tc`bis tg try tg dggra`bjtn sghn gl tcn`r nllgrts, mut tcny'rn rnjffy st`ff tgajy rubb`bi twg `banpnbanbtprgirjhs. Tg, `t's cja vnry f`ttfn `hpjdt gb gur mus`bnss tgajy.=9

Gb Juiust :4, =??0, kust tcrnn hgbtcs jltnr hjbjinhnbt `ba`djtna tcnrn wjs "vnry f`ttfn `hpjdt" gb `ts mus`bnsslrgh tcn hnrinr, _DGH argppna j mghmscnff. Nllndt`vnfy j dgblnss`gb tg h`srnprnsnbt`bi tcn stjtn gl tcn Anftjrnfjt`gbsc`p `b nvnry prnv`gus `bvnstgr dgrrnspgbanbdn s`bdn tcn Bgrtcwnst hnrinr, _DGH `ssuna tcn lgffgw`biprnss rnfnjsn;

Gb Juiust :=, =??0, tcn Dgrpgrjt`gb jirnna tg j rnstrudturna rnfjt`gbsc`p w`tc Anftj J`r F`bns(Anftj) `b dgbkubdt`gb w`tc Anftj TeyH`fns jba Bgrtcwnst Ygrfapnres prgirjhs pfjbbnaub`l`djt`gb `btg j s`bifn lrnqunbt lf`nr prgirjh. Dghhnbd`bi gb gr jmgut Gdtgmnr :, =??0, Anftj cjsnfndtna tg fnvnrjin nx`st`bi `btnrbjf djpjm`f`t`ns tg prgv`an tcn rntj`f h`fnjin sjfn jba trjbslnrprgirjhs durrnbtfy mn`bi gpnrjtna my tcn Dgrpgrjt`gb. @t `s nxpndtna tcjt tc`s rnpjtr`jt`gb w`ff mn

nllndt`vn gb gr jmgut Gdtgmnr :, =??0 jba tcjt `t w`ff cjvn j hjtnr`jf javnrsn `hpjdt gb tcnDgrpgrjt`gbs rnvnbun. Lgr mgtc tcn tcrnn jba s`x hgbtc pnr`gas nbana Kubn 4?, =??0, tcnsn prgaudtsrnprnsnbtna jpprgx`hjtnfy


19/31


:0

Tgurdn; Djp`tjf @Z

Yn mnf`nvn `bvnstgrs scgufa mn vnry dgib`zjbt gl tcn Anftj anmjdfn, `bdfua`bi hjbjinhnbt's nrrgbngus (grpnrcjps h`sfnja`bi) rnjssurjbdns, js wnff js tcn fgssns tcjt lgffgwna. C`stgry hjy vnry wnff mn rnpnjt`bi `tsnfl.

Gb Lnmrujry :1, =?:4, Jhnr`djb J`rf`bns (JJF) jba ^T J`rwjys jbbgubdna tcn twg dghpjb`ns wgufa hnrin.Mgtc dghpjb`ns jrn hjkgr dustghnrs gl _DGH. Yc`fn wn ag bgt ebgw tcn uft`hjtn gutdghn gl tcn hnrinr, tcntnj fnjvns jppnjr tg mn `ba`djt`bi j rnjf r`se lgr _DGH. Gb `ts Z:':1 njrb`bis djff, Jhnr`djb J`rf`bns _rnsànbt

Tdgtt E`rmy stjtna, "Js tg tcn lrnqunbt lfynr prgirjh, wn'vn stjrtna hje`bi sghn dcjbins jfrnjay. Yn aàjbt`d`pjtn wcnb wn hnrina tcjt wn wgufa int sghn sybnri`ns lrgh tcn lrnqunbt lfynr prgirjh. Jdtujffy, tcjt's jmì pjrt gl tcn sybnri`ns."4?

Yn mnf`nvn tcnrn `s j rnjf pgss`m`f`ty, mjsna `b pjrt gb E`rmy's qugtn, tcjt _DGH dgufa gbdn jij`b fgsn jhjss`vn dustghnr.

H`sdcjrjdtnr`zna grijb`d irgwtc jba j Nurgpnjb Qjff QjfnJ eny tnbnt gl tcn muff djsn lgr _DGH `s tcn mnf`nl twg fnvnrs nx`st lgr luturn irgwtc; irnjtnr pnbntrjt`gb glnx`st`bi dustghnrs jba bnw prgirjh/dustghnr w`bs. Hjbjinhnbt cjs rnpnjtnafy stjtna tcjt grijb`d irgwtc,nxdfua`bi bnw pjrtbnr fjubdcns, `s sgfàfy `b tcn agumfn aì`ts. Y`tc `bvnstgrs mnf`nv`bi agumfn aì`t grijb`dirgwtc `s j mjsn, bnw pjrtbnr w`bs jba fjubdcns jrn irjvy.

Hjbjinhnbt cjs nxpf`d`tfy sjà =?:= grijb`d rnvnbun irgwtc wjs `b tcn agumfn aì`ts, andfjr`bi, "Yn nxpndtgrijb`d ynjr-gvnr-ynjr rnvnbun irgwtc `b tcn :>% tg =?% rjbin."4:Gb `ts Z1':4 njrb`bis djff, _DGH DNGHjdFnjb hjan j s`h`fjr prgdfjhjt`gb wcnb a`sduss`bi =?:4 jba =?:1 grijb`d irgwtc, jftcguic c`s wgraswnrn dgudcna djrnluffy;

Zunst`gb _jrannp Tjbicj; C`stgr`djffy, ygu cjvn cja rguicfy :>%, e`ba gl `b tcjt rjbin, gl grijb`dynjr-gvnr-ynjr irgwtc. Tg wn djb e`ba gl nxpndt tcjt, st`ff, jba tcnb tcn rnst jmgvn tcjt `s tcn --typ`djffy, =>% tg 1?% `s bnw stull, rìct7 Jba tcjt `s cgw wn djb tc`be jmgut `t7


20/31


=?

Jbswnr ]gm HjdFnjb; Pns. Yn cjvn sjà -- @ tc`be @ sjà j lnw h`butns jig tcjt wn sjw agumfn-aì`tirgwtc `b tcn grijb`d mus`bnss cnrn `b =?:4. Jba tcjt dgrn mus`bnss kust dgbt`buns tg mn vnry cnjftcy.Tg @ wgufab't djff `t j spnd`l`d pnrdnbtjin, mut wn fèn wcnrn tcn grijb`d irgwtc `s.4=

Mjsna gb gur gwb jbjfys`s, wn mnf`nvn _DGH's pumf`d stjtnhnbts h`srnprnsnbt grijb`d rnvnbun irgwtc. Gur

jbjfys`s dgbdfuans tcjt gutsàn gl `ts tgp 1 dustghnrs, grijb`d irgwtc cjs andf`bna tcn fjst tcrnn qujrtnrs.Mndjusn _DGH's tgp 1 pjrtbnrs rnprnsnbt tcn vjst hjkgr`ty gl `ts rnvnbuns, jba mndjusn tcnsn tgp pjrtbnrs cjvnbgt dcjbina gvnr rguicfy tcn fjst lgur ynjrs (w`tc tcn nxdnpt`gb gl Tgutcwnst `b Z=':1), `t `s pgss`mfn tgdjfdufjtn jb jpprgx`hjt`gb lgr "grijb`d" irgwtc lrgh tcn gtcnr 1?-1> pjrtbnrs. Js djb mn snnb mnfgw, grijb`dirgwtc gutsàn gl `ts tgp 1 pjrtbnrs jppnjrs tg cjvn mnnb sìb`l`djbtfy mnfgw tcn :>% -=?% rjtn `ba`djtna myhjbjinhnbt. Bgt gbfy ag wn mnf`nvn grijb`d irgwtc cjs mnnb mnfgw tcn :>% - =?% rjbin, wn mnf`nvn `t wjsbnijt`vn `b Z4':4 jba Z1':4, w`tc agwbsànjddnfnrjt`gb tg bnijt`vn =9.=% `b Z:':1.

Yn rnja`fy jah`t gur djfdufjt`gb lgr grijb`d irgwtc rnqu`rns rguic jpprgx`hjt`gbs (fnjv`bi hjbjinhnbt sghnwìifn rggh gb `btnrprntjt`gb). Cgwnvnr, tcn sjhn wìifn rggh agns bgt nx`st dgbdnrb`bi pumf`d dghhnbtshjbjinhnbt cjs hjan jmgut `ts Nurgpnjb mus`bnss, wc`dc wn mnf`nvn `s h`sfnja`bi jt mnst. Gb `ts Z1':4njrb`bis djff, hjbjinhnbt hjan j snr`ns gl jssnrt`gbs jmgut `ts Nurgpnjb mus`bnss wc`dc jppnjr `rrndgbd`fjmfnwcnb dghpjrna tg fjtnr l`bjbd`jf a`sdfgsurns. Mnfgw `s jb nxdcjbin mntwnnb j snff-sàn jbjfyst jba DNGHjdFnjb lrgh tcn Z1':4 njrb`bis djff (nhpcjs`s gurs);

Zunst`gb Tjhnnt T`bcj; Gejy. Jba l`bjffy, kust `b tnrhs gl Nurgpn, cjs tcjt turbna jrguba, gr `s `tst`ff e`ba gl fjii`bi7

Jbswnr ]gm HjdFnjb; Pns, wn cja j mnttnr lgurtc qujrtnr `b Nurgpn, lgr surn. Ycnb wn tc`be jmgutj ynjr-gvnr-ynjr mjs`s, `t wjs nssnbt`jffy lfjt, Uw`tcX mjde cjfl gl tcn ynjr pnrlgrh`bi hudc mnttnr.Njrfy pjrt gl =?:1 wn jrn snn`bi igga sìbs. Tg wn'rn gpt`h`st`d tcjt tcjt pgs`t`vn trnba rndgvnry `b

Nurgpn `s hgv`bi `b tcn rìct a`rndt`gb. Tg njrfy ajys cnrn `b =?:1, mut @ tc`be tcn sìbs jrn pgs`t`vn gbtcjt mndgh`bi -- intt`bi mjde `btg j lj`rfy sìb`l`djbt irgwtc pcjsn."44

Qwg hgbtcs fjtnr, gb _DGH's Z:':1 njrb`bis djff, DNG HjdFnjb jij`b fna tcn `bvnsthnbt dghhub`ty tgmnf`nvn Nurgpn wjs irgw`bi (jftcguic bgt js hudc js tcn ^.T.) "Qcn Nurgpnjb prgpgs`t`gb jba tcgsn prgirjhsUjrnX ag`bi wnff, kust bgt irgw`bi js dnrtj`bfy strgbi js tcn Bgrtc Jhnr`djb hjrentpfjdn. Tg wn tcjt w`ff mntcn e`ba gl s`bifn tc`bi @ wgufa pg`bt gut, mut bgtc`bi rnjffy hjtnr`jf mnygba tcjt."41

Yc`fn dcggs`bi c`s wgras djrnluffy, mut jdebgwfnai`bi irgwtc lrgh Nurgpn, `t wjs dfnjr hjbjinhnbt wjsdghhub`djt`bi tcjt Nurgpn wjs bgt gbfy stjmfn, mut jdtujffy irgw`bi jij`b. I`vnb tcn buhnrgus nxjhpfns gl


21/31


=:

hjbjinhnbt's qunst`gbjmfn drna`m`f`ty, tcn ljdt _DGH jdtujffy rnpgrts rnvnbun my ingirjpcy `b `ts qujrtnrfyjba jbbujf l`f`bis scgufa gbfy snrvn tg lurtcnr anbt tcn stgry. Hudc tg gur surpr`sn, tcn s`tujt`gb `b Nurgpndgufa bgt mn hgrn a`llnrnbt tcjb tcn cnjftcy anp`dt`gb hjbjinhnbt gutf`bna. Jddgra`bi tg pumf`d a`sdfgsurns,Nurgpnjb rnvnbun wjs agwb hjtnr`jffy `b =C':4, ansp`tn hjbjinhnbt nxpf`d`tfy stjt`bi tcn sndgba cjfl cjapnrlgrhna mnttnr w`tc j "pgs`t`vn" trnba. ]nhgv`bi tcn pgss`m`f`ty hjbjinhnbt s`hpfy h`sspgen, tcn Nurgpnjb

andf`bn cjsjddnfnrjtna `btg =?:1, w`tc tcjt snihnbt agwb 4>% ynjr-gvnr-ynjr `b Z:':1. Qcn mus`bnss wjsdfnjrfy bgt "irgw`bi" js strgbi js Bgrtc Jhnr`dj `t wjs bgt irgw`bi jt jff! J ynjr-gvnr-ynjr andf`bn gl 4>%`s j ljr dry lrgh rnturb`bi tg tcn "lj`rfy sìb`l`djbt irgwtc pcjsn" hjbjinhnbt gutf`bna gb Hjrdc >, =?:1,wc`dc `bdànbtjffy hnjbt tcn DNG cja rnsufts jfrnjay lgr jff mut lgur wnnes gl tcn qujrtnr.

_rgl`tjm`f`ty gvnrstjtna, j fènfy v`gfjt`gb gl TND ]niufjt`gb I, jba j pjttnrb gl h`ss`bi iuàjbdnQcn TND cjs hjan j dgbdnrtna nllgrt tg rnìb `b hjb`pufjt`vn jakusthnbts dghpjb`ns usn ubanr tcn jusp`dns glprg-lgrhj rnpgrt`bi. Qcn TND's jagpt`gb gl ]ni. I. dfnjrfy anf`bnjtns rnqu`rnhnbts lgr prg-lgrhj rnpgrt`bi.4>@t`s gur gp`b`gb tcjt _DGH cjs v`gfjtna snvnrjf TND rnpgrt`bi rnqu`rnhnbts gl ]ni. I.

@b =?:4, wcnb _DGH prgvàna `ts `b`t`jf gutfgge lgr tcn ynjr, tcn dghpjby qu`ntfy jftnrna `ts anl`b`t`gb glJakustna NM@QAJ tg j _rg-Lgrhj Jakustna NM@QAJ (mjs`djffy jb Jakusthnbt tg tcn Jakusthnbts). Qcn

dghpjby stjtna tcn lgffgw`bi;

Qcn Dghpjby nxpndts NM@QAJ tg mn `b tcn rjbin gl $:? h`ff`gb tg $:4 h`ff`gb pr`gr tg strjtni`d`bvnsthnbts

Qcn Dghpjby pfjbs tg rn-`bvnst j pgrt`gb gl `ts `bdrnhnbtjf prgl`tjm`f`ty `b =?:4 `b tcn rjbin gl $=-$4h`ff`gb4 h`ff`gbhàpg`bt gl iuàn pr`gr tg "strjtni`d `bvnsthnbts" vs. $0.? h`ff`gb hàpg`bt gl jdtujf iuàjbdn). Qc`s `s dfnjrfyj hjtnr`jf a`llnrnbdn jba `s h`sfnja`bi tg `bvnstgrs. Lurtcnr, hjbjinhnbt agns bgt nvnb i`vn jb nxpfjbjt`gb lgrtcn dcjbin, jba wn mnf`nvn _DGH jttnhptna tg jvgà tcn tgp`d gb `ts dgblnrnbdn djffs. Tndgba, jba hgrn`hpgrtjbtfy, wn mnf`nvn tc`s l`bjbd`jf hjb`pufjt`gb `s `ffnijf jba `b a`rndt v`gfjt`gb gl TND ]niufjt`gb I.

]niufjt`gb I wjs jagptna `b =??4 tg prgc`m`t hjtnr`jf h`sstjtnhnbts gr gh`ss`gbs tcjt wgufa hjen tcnprnsnbtjt`gb gl j hjtnr`jf bgb-IJJ_ l`bjbd`jf hnjsurn h`sfnja`bi tg `bvnstgrs. 49Qcn rniufjt`gb prgc`m`tsdghpjb`ns lrgh "jakust`bi j bgb-IJJ_ pnrlgrhjbdn hnjsurn tg nf`h`bjtn gr shggtc `tnhs ànbt`l`na js bgb-rndurr`bi, `blrnqunbt gr ubusujf `l sudc `tnhs gddurrna `b tcn pjst twg ynjrs gr jrn fènfy tg gddur `b tcn nbsu`bitwg ynjrs."43

Qc`s `s tcn nxjdt sjhn rniufjtgry `ssun tcn TND cìcfìctna wcnb Irgupgb (I]_B) l`fna `ts rni`strjt`gbstjtnhnbt jba `btrgaudna `ts gwb hnjsurn gl prgl`t mnlgrn `bvnsthnbts. @b I]_B's djsn, tcn dghpjby`btrgaudna "Jakustna Dgbsgfàjtna Tnihnbt Gpnrjt`bi @bdghn," gr DTG@. @b `ts T: l`f`bi, I]_B stjtna, "Qc`shntr`d `s gur dgbsgfàjtna snihnbt gpnrjt`bi `bdghn mnlgrn gur bnw sumsdr`mnr jdqu`s`t`gb dgsts jba dnrtj`b


22/31


==

bgb-djsc dcjrins5 wn tc`be gl `t js gur gpnrjt`bi prgl`tjm`f`ty mnlgrn hjrent`bi dgsts `bdurrna lgr fgbi-tnrhirgwtc."40Yn mnf`nvn Irgupgb's hjb`pufjtna njrb`bis hntr`d `s bg a`llnrnbt tcjb _DGH's. @b mgtc djsns, tcndghpjb`ns snnh tg mn sjy`bi, "Cnrn `s gur prgl`t `l wn nxdfuan dnrtj`b gb-ig`bi gpnrjt`bi nxpnbsns nssnbt`jf tggur luturn irgwtc." Qcn dgbdnpt `s jmsgfutnfy prnpgstnrgus. Irgupgb, wc`dc ubanrwnbt j cìcfy pumf`d`zna@_G, `hhna`jtnfy rndn`vna sdrut`by jba mjdefjsc lrgh tcn TND jba l`bjbd`jf dghhub`ty. @b dgrrnspgbanbdn

w`tc I]_B pr`gr tg `ts @_G, tcn TND stjtna;

Yn bgtn ygur usn gl tcn bgb-IJJ_ hnjsurn Jakustna Dgbsgfàjtna Tnihnbt Gpnrjt`bi @bdghn, wc`dcnxdfuans, jhgbi gtcnr `tnhs, gbf`bn hjrent`bi nxpnbsn.@t jppnjrs tcjt gbf`bn hjrent`bi nxpnbsn `s jbgrhjf, rndurr`bi gpnrjt`bi djsc nxpnba`turn gl tcn dghpjby. Pgur rnhgvjf gl tc`s `tnh lrgh ygurrnsufts gl gpnrjt`gbs drnjtns j bgb-IJJ_ hnjsurn tcjt `s pgtnbt`jffy h`sfnja`bi tg rnjanrs. _fnjsnrnv`sn ygur bgb-IJJ_ hnjsurn jddgra`bify. ]nlnr tg ]ufn :??(m) gl ]niufjt`gb I.1?

@t `s gur mnf`nl tcjt _DGHcjs tnhpgrjr`fy lfgwb ubanr tcn TND's rjajr mndjusn `t `s j shjffnr, Djbja`jb-agh`d`fna mus`bnss, jba `b`t`jtna tcn rnpgrt`bi dcjbin fgbi jltnr `ts @_G (wcnb tcnrn `s fnss sdrut`by gb `bvnstgrdghhub`djt`gb).

Lurtcnr suppgrt`bi gur v`nw gl j mfjtjbt v`gfjt`gb gl TND iuànf`bns, tcn DNG mrjznbfy jah`ts tcn spnba

nxdfuana lrgh Jakustna NM@QAJ `s `banna rndurr`bi `b bjturn. Ycnb a`sduss`bi tc`s bnw lgrh gl iuàjbdn, tcnDNG cja tcn lgffgw`bi nxdcjbin w`tc j snff-sàn jbjfyst;

Arnw Hd]nybgfas; Jba kust gb tcn $= h`ff`gb tg $4 h`ff`gb `b e`ba gl rndurr`bi gr `b `bvnsthnbts `btgtcn mus`bnss lgr =?:4. @ hnjb, prnsuhjmfy tcjt's e`ba gl j rndurr`bi fjynr gl dgsts fgge`bi `btg =?:1. @stcjt tcn dgrrndt jssuhpt`gb7

]gm HjdFnjb; Pnjc. @ tc`be wn'rn j irgwtc dghpjby. Yn lnnf vnry strgbify jmgut tcn gppgrtub`t`ns `blrgbt gl us. Pgu'vn cnjra us spnje jt fnbitc jmgut tc`s dgrn mus`bnss tcjt wn gpnrjtn `b tgajy. Yn tc`betcn gppgrtub`t`ns dfgsnr tg $= m`ff`gb tg $=.> m`ff`gb, sg j fgts gl upsàns. Pgu'ff dgbt`bun tg snn us`bvnst. Js wn hnbt`gbna, tcn $= h`ff`gb tg $4 h`ff`gb `bvnsthnbt cnrn `b =?:4 rnjffy w`ff mn gr`nbtnajrguba nbcjbd`bi gur hgm`fn jdt`v`ty, mrgjanb`bi gur pjyhnbt lubdt`gbjf`ty, tcn M=M mus`bnss tcjt wnsnn irnjt gppgrtub`t`ns lgr irgwtc, jba tcnb gmv`gusfy, nxpjba`bi gb tcjt tcn gpnb pfjtlgrh strjtniytcjt @ tjfe tcrguic. Tg, tcgsn e`bas gl tc`bis ygu'ff dgbt`bun tg snn us nxpjba upgb js wn hgvn `btg

=?:1 jba mnygba. @ tc`be lrgh wn'rn j m`t rnt`dnbt tg prgvàn mrgja =?:1 jba =?:> iuàjbdn. Mut @wgufab't nxpndt tcgsn `bvnsthnbt buhmnrs tg mn arjhjt`djffy a`llnrnbt tcjb wcjt wn'rn tjfe`bi jmgutcnrn `b =?:4, mut `b tcn sjhn tcnhns `b tnrhs gl wcjt wn pursun.1:

Dgufa `t mn jby dfnjrnr tcjt tcn nxdfuana `bvnsthnbts jrn `b ljdt rndurr`bi7 Mut _DGH hjbjinhnbt tgge tcn`ra`srnijra tgwjras TND iuànf`bns gbn stnp lurtcnr `b =?:1. Ycnb `b`t`jt`bi =?:1 iuàjbdn gb `ts Z1':4 njrb`bisdjff, _DGH hgrn tcjb agumfna tcn "strjtni`d `bvnsthnbts" nxdfuana lrgh Jakustna NM@QAJ tg j rjbin gl $> tg$9 h`ff`gb. @b jaa`t`gb tg v`gfjt`bi ]ni. I, tcn =?:1 iuàjbdn lgr $> tg $9 h`ff`gb gl "strjtni`d `bvnsthnbts"wjs `b a`rndt dgbtrjst tg tcn DNG's pr`gr dghhnbts tcjt `bvnsthnbt spnba wgufa stjy rnfjt`vnfy dgbstjbt `b=?:1.I`vnb tcjt _DGH's NM@QAJ iuàjbdn pr`gr tg tcnsn gb-ig`bi `bvnsthnbts wjs $:< h`ff`gb tg $=?h`ff`gb, tcn dghpjby nllndt`vnfy `bdrnjsna NM@QAJ iuàjbdn my >?% my us`bi bnw anl`b`t`gbs tcn TNDjppnjrs tg prgc`m`t.1=

_DGH NM@QAJ Iuàjbdn$ ???s

Fgw Cìc Hà-pg`bt

NM@QAJ pr`gr tg strjtni`d `bvnsthnbts :,??? 9,??? .>% >4.3% >?.?%

Tgurdn; Dghpjby l`f`bis


23/31


=4

@b jaa`t`gb tg us`bi jakusthnbts tcjt gvnrstjtn prgl`tjm`f`ty, hjbjinhnbt cjs j cjm`t gl h`ss`bi tcn `blfjtnabuhmnrs tg wc`dc tcny iuàn, wc`fn rna`rndt`bi jttnbt`gb tg sghn stgry `b tcn luturn. Qcn hgst gmv`gus djsn `bpg`bt `s tcn dghpjby's Z1':= njrb`bis rnpgrt. @b granr tg lgdus `bvnstgr jttnbt`gb jwjy lrgh j fjrin ~:=%rnvnbun h`ss lgr tcn qujrtnr, hjbjinhnbt `bdfuana tcn lgffgw`bi stjtnhnbt `b `ts njrb`bis rnfnjsn;

Yn jrn dgblànbt tcjt gur prgirnss `b =?:= dgupfna w`tc tcn strjtni`d `bvnsthnbts sfjtna lgr =?:4 w`ffpgs`t`gb tcn pfjtlgrh lgr irgwtc `b mgtc rnvnbuns jba prgl`tjm`f`ty `b =?:1 jba mnygba. Mjsna gb tcnnxpndtna irgwtc gl nx`st`bi mus`bnss wn cjvn `b hjrent tgajy, dgupfna w`tc tcn jbbujf`znapnrlgrhjbdn gl pjrtbnrs jba prgaudts jbbgubdna tg-ajtn jba sfjtna tg fjubdc `b =?:4, wnff nx`t =?:4w`tc jb jbbujf`zna rnvnbun rub-rjtn gl jpprgx`hjtnfy $4?? h`ff`gb. Gb j prn-`bvnsthnbt mjs`s wnwgufa nxpndt tc`s rub rjtn tg inbnrjtn gvnr $=? h`ff`gb `b [email protected]

Js fjtn js Juiust ':4, wcnb qunst`gbsjrgsn rnijra`bi _DGH's jm`f`ty tg c`t `ts rnvnbun tjrint, hjbjinhnbtdgbt`buna tg jajhjbtfy rn`tnrjtn ts v`nw;

_jrannp T. Tjbicj; @b tcn pjst, ygu hnbt`gbna tc`s $4?? h`ff`gb rnvnbun rub rjtn my tcn nba gl =?:4. @aàb't cnjr jby gl tcjt hnbt`gbna tgajy. @s tcjt st`ff cgfa`bi trun7

]gm HjdFnjb; Pns, wn'rn st`ff rìct gb trjde w`tc tcjt.11

Qcnb, gb j lgffgw-up qunst`gb;

Zunst`gb; Gejy. Jba tcnb, kust @ ebgw ygu dfjr`l`na tc`s gb tcn djff sfìctfy, mut tcnrn's j qunst`gb. Jtgbn pg`bt, ygu cja tjfena jmgut sgrt gl $4?? h`ff`gb mn`bi @ tc`be `t wjs tcn rub rjtn gl durrnbtmus`bnss gb j ig-lgrwjra mjs`s. @s tcjt dgrrndt7

]gm HjdFnjb; Pns. @ tc`be wn tjfena jmgut tcjt js tcn anjfs tcjt wn'vn jbbgubdna gr fjubdcna, wnsnn tcjt rnjffy ar`v`bi jpprgx`hjtnfy $4?? h`ff`gb rub rjtn js wn nx`t =?:4, yns.

Zunst`gb; Gejy. Jba sg, tcjt agns bgt `bdfuan jbytc`bi ygu jrn durrnbtfy wgre`bi gb jt jff7

]gm HjdFnjb; Qcjt's dgrrndt.1>

Mjs`d jfinmrj dgbtnhpfjtns tcjt `l _DGH wnrn "rìct gb trjde" tg nx`t =?:4 jt j $4?? h`ff`gb rnvnbun jba $=?h`ff`gb NM@QAJ rub-rjtn, jba tcnsn buhmnrs gbfy `bdfuan jbbgubdna mus`bnss tg-ajtn, tcnb dfnjrfy _DGHscgufa inbnrjtn wnff `b nxdnss gl Z1':4 rub-rjtns `b =?:1.Mut mjs`d jfinmrj agns bgt cgfa w`tc _DGH. Ansp`tnjbbgubd`bi bnw jirnnhnbts w`tc HjstnrDjra, C`ftgb, jba Tp`r`t J`rf`bns (hgrn gb tc`s scgrtfy), _DGH iuàna=?:1 rnvnbun tg gbfy ~ $=3? h`ff`gb jt `ts hà-pg`bt (w`tc tcn cìc-nba gl rjbin gbfy ~$=0: h`ff`gb). _rg-lgrhj Jakustna NM@QAJ "pr`gr tg strjtni`d `bvnsthnbts" wjs iuàna tg kust $:3 h`ff`gb jt tcn hà-pg`bt. Bgtgbfy aà _DGH h`ss `ts nst`hjtna rub-rjtn, mut sghncgw my jaa`bi bnw df`nbts, tcn dghpjby mndjhn nvnb fnssprgl`tjmfn.

Qcn \jfun gl rndnbt pjrtbnr w`bs & p`pnf`bn jrn gvnrstjtna jba h`subanrstggaQwg jaa`t`gbjf dghpgbnbts gl tcn muff djsn lgr _DGH jrn j fjrin p`pnf`bn gl bnw dustghnrs tcjt scgufa dfgsn`hh`bnbtfy, jba rndnbtfy sìbna pjrtbnrsc`p jirnnhnbts w`tc HjstnrDjra jba C`ftgb. Yn mnf`nvn HjstnrDjradjrr`ns jmsgfutnfy znrg a`rndt rnvnbun, tcn C`ftgb anjf `s j bgb-ljdtgr, jba tcn dustghnr p`pnf`bn `s bgbsnbs`djf.

Gb =/:3/:1, _DGH jbbgubdna j pjrtbnrsc`p w`tc HjstnrDjra (HJ) tg gllnr HJ djracgfanrs nbcjbdnarnwjras.1


24/31


=1

w`tc _DGH djrr`ns znrg `bdrnhnbtjf rnvnbun. @b nssnbdn, `t `s bgtc`bi hgrn tcjb j _DGH cubt`bi f`dnbsn._DGH st`ff bnnas tg w`b `ba`vàujf mjbe dustghnrs, mnjr`bi jff nxpnbsns rnqu`rna tg mu`fa jba dgbvnrt jp`pnf`bn. @b tcn bnjrfy l`vn hgbtcs s`bdn tcn `b`t`jf jbbgubdnhnbt gl tcn HJ anjf, _DGH cjs pumf`dfydgbvnrtna znrg bnw mjbe pjrtbnrs. @b j rjrn djsn gl dgbsnrvjt`sh, DNG HjdFnjb jah`ttna, "Y`tc rnspndt tgHjstnrDjra `b pjrt`dufjr, wn nxpndt f`h`tna bnjr-tnrh hgbnt`zjt`gb gb tcn pjrtbnrsc`p."19

Gb _DGH's Z1':4 njrb`bis djff, tcn dghpjby jbbgubdna C`ftgb js j bnw dustghnr. Ansp`tn lj`f`bi tg qujbt`lytcn s`zn gl tcn gppgrtub`ty, DNG HjdFnjb prgdfj`hna, "Y`tc jpprgx`hjtnfy 1,??? cgtnfs jdrgss :? ub`qunmrjbas `b 0 a`llnrnbt dgubtr`ns, tcn C`ftgb CCgbgrs prgirjh `s gbn gl tcn wgrfa's fjrinst fgyjfty prgirjhs,gllnr`bi `ts jpprgx`hjtnfy 43 h`ff`gb hnhmnrs nxtnbs`vn gppgrtub`t`ns tg njrb jba rnannh fgyjfty pg`bts."13I`vnb tcn `hprnss`vn s`zn gl tcn C`ftgb CCgbgrs hnhmnrsc`p mjsn, `t `s bgt surpr`s`bi tcn hjrent v`nwna tc`sanjf js j sìb`l`djbt w`b lgr tcn dghpjby. @b ljdt, gbn jiirnss`vn snff-sàn jbjfyst tgfa `bst`tut`gbjf df`nbts, "Ynjbt`d`pjtn tc`s pjrtbnrsc`p dgufa inbnrjtn $4?-$4>HH `b rnvnbuns jbbujffy." Mjsna gb gur jbjfys`s, wn mnf`nvnC`ftgb w`ff dgbtr`mutn j shjff lrjdt`gb gl tcn rnvnbun nxpndtna my tcn hjrent. L`rst, wc`fn hjby dgbsuhnrs sìbup lgr cgtnf rnwjras (dgbsuhnrs jrn typ`djffy jutghjt`djffy nbrgffna s`hpfy my stjy`bi jt j cgtnf prgpnrty),tcnsn prgirjhs jrn sìb`l`djbtfy fnss jdt`vn tcjb j`rf`bn prgirjhs. Js tcn Yjff Ttrnnt Kgurbjf cìcfìctna `b jrndnbt jrt`dfn gb tcn sumkndt, "dgbsuhnrs jrn gltnb fgyjf tg j pjrt`dufjr j`rf`bn lgr lrnqunbt-lf`nr h`fns, yntjibgst`d jmgut cgtnf mrjbas, scgpp`bi my pr`dn, fgdjt`gb, rjt`bis jba rnv`nws." 10Tndgba, tcn hjtc gbdn jij`b

agns bgt suppgrt tcn muff djsn. @b =?:=, C`ftgb sjà CCgbgrs hnhmnrs rnannhna 1.4 h`ff`gb rnwjra bìcts.

>?

Jddgra`bi tg BnraYjffnt, wc`dc trjdes j`rf`bn jba cgtnf rnwjra prgirjhs, `t rnqu`rns 4?,??? tg 1?,???CCgbgrs pg`bts tg rnannh j hà-t`nr (djtnigry >) rggh.>:Qcnrnlgrn, jt 1.4 h`ff`gb rggh bìcts, 4>,??? pg`btspnr bìct, jba $?.?=> rnvnbun pnr pg`bt lgr _DGH (wc`dc jppnjrs jiirnss`vn i`vnb tcn dghpjby's prnd`p`tgusfyljff`bi irgss hjri`bs), tcn C`ftgb dgbtrjdt hjy gbfy jaa ~$4.3 h`ff`gb gl `bdrnhnbtjf jbbujf rnvnbun, gr :.:%gl tcn dgbsnbsus =?:> rnvnbun nst`hjtn.

C`ftgb CCgbgrs Nst`hjtna Dgbtr`mut`gb

$ ???s

=?:= ]nwjra bìcts 1,4??

_g`bts pnr bìct 4>

Qgtjf _g`bts :>?,>??

_DGH rnvnbun pnr pg`bt $?.?=>

_DGH ]nvnbun 4,9


25/31


=>

"Yn'ff nxndutn gb bnw mus`bnss p`pnf`bn tg sìb jba fjubdc bnw anjfs tcjt w`ff prgvàn strgbi rnvnbunjba hjri`b `b tcn dgh`bi ynjrs." - Z:'?0 njrb`bis djff

"\nry cnjftcy p`pnf`bn gl bnw gppgrtub`t`ns" - Z4'?0 njrb`bis djff

"Gur bnw mus`bnss p`pnf`bn `s qu`tn strgbi" - Z:':? njrb`bis djff

"Qcn gvnrjff p`pnf`bn rnhj`bs vnry strgbi" - Z=':? njrb`bis djff

"Yn fgge jt tcn p`pnf`bn js mn`bi hgrn vjfujmfn tgajy tcnb `t cjs mnnb jt jby pg`bt js wn fgge gut" -Z4':? njrb`bis djff

"Fgge`bi tg tcn rnhj`banr gl =?:: gur pjrtbnr p`pnf`bn rnhj`bs vnry rgmust" - Z1':? njrb`bis djff

"Yn cjvn jfrnjay nbtnrna tcn tc`ra qujrtnr w`tc j strgbi p`pnf`bn gl pnrspndt`vn prgaudts jba pjrtbnranpfgyhnbts" - Z=':: njrb`bis djff

"_`pnf`bn tgajy `s fjrinr tcjb `t's nvnr mnnb s`bdn wn stjrtna tcn dghpjby." - Z4':: njrb`bis djff

"Gur bnw pjrtbnr p`pnf`bn rnhj`bs rgmust, w`tc _g`bts nbijina `b snvnrjf jdt`vn dgbvnrsjt`gbs w`tcfnja`bi fgyjfty prgirjhs jdrgss j buhmnr gl a`llnrnbt vnrt`djfs jba ingirjpc`ns" - Z=':4 njrb`bisdjff

"Qcn bnw pjrtbnr jba prgaudt p`pnf`bn rnhj`bs rgmust" - Z1':4 njrb`bis djff

Gur pg`bt `b a`spfjy`bi tc`s anfuin gl hjbjinhnbt qugtns `s s`hpfy tg `ffustrjtn tcjt gvnr bnjrfy jb nìct ynjrpnr`ga, bgt gbdn wjs tcn p`pnf`bn jbytc`bi gtcnr tcjb "rgmust," "sgfà," gr "strgbi." Nvnb wcnb tcn dghpjby

sìbna bnw anjfs, rnhgv`bi tcn prgspndt lrgh tcn p`pnf`bn, tcn p`pnf`bn ansdr`pt`gb wjs bgt gbdn ansdr`mna jsjbytc`bi mut "fjrinr tcjb `t's nvnr mnnb."

Tndgba, gbfy gbdn `b j pumf`d lgruh cjs hjbjinhnbt qujbt`l`na tcn vjfun gl tcn p`pnf`bn. Gb _DGH's Z=':=njrb`bis djff, DNG HjdFnjb sjà, "Gur p`pnf`bn gl prgspndt`vn bnw mus`bnss `s bgw wnff gvnr $>? h`ff`gbcjv`bi irgwb sìb`l`djbtfy gvnr tcn pjst qujrtnr js wn dgbt`bun tg pursun fjrinr rnfjt`gbsc`ps.">=Gb tcn sjhnnjrb`bis djff, HjdFnjb jfsg jah`ttna sghntc`bi wn sumsnqunbtfy fnjrbna - tcnsn bnw anjfs dghn jt h`b`hjf`bdrnhnbtjf hjri`bs. HjdFnjb sjà, "Js wn ig lgrwjra jba nxndutn jij`bst gur irgw`bi p`pnf`bn pursu`bifjrinr gppgrtub`t`ns, wn nxpndt tg snn sghn fgwnr irgss hjri`b pnrdnbtjins gb dnrtj`b anjfs." >4Yc`fn $>?h`ff`gb sgubana fèn j andnbt rnvnbun gppgrtub`ty, `l wn dgbsànr tcn dghpjby's :.3% `bdrnhnbtjf NM@QAJhjri`b gb bnw mus`bnss,>1_DGH's nbt`rn p`pnf`bn lrgh =?:= rnprnsnbtna gbfy $399 tcgusjba gl `bdrnhnbtjfprgl`ts. Ansp`tn jvgà`bi pumf`d qujbt`l`djt`gb gl tcn p`pnf`bn's s`zn (s`bdn Z=':=), j snff-sàn jbjfyst bgw dfj`hstcn p`pnf`bn wjs snfndt`vnfy a`sdfgsna tg `bst`tut`gbjf `bvnstgrs. @b j bgtn tg `bvnstgrs, tc`s jbjfyst wrgtn tcn

lgffgw`bi; "Aur`bi tcn prnsnbtjt`gb jt M. ]`fnys Jbbujf Dgblnrnbdn `b Tjbtj Hgb`dj, _DGHs DNG, ]gmHdFnjb jbbgubdna tcjt _DGH dgufa tr`pfn `ts mus`bnss `l tcny dfgsn tcn mus`bnss `b tcn durrnbt p`pnf`bn.Aur`bi Z&J cn rnjll`rhna c`s stjtnhnbt jba `ba`djtna tcjt UtcnX p`pnf`bn wjs jt fnjst $


26/31


=0Anhgbstrjt`bi `ts dghh`thnbt tg tcn pnrhjbnbdn gl tcnsn dcjbins, ^b`tna rnspgbana tg dustghnrmjdefjsc my nxpfj`b`bi, "Yn'rn `bdrnjs`bi h`fns rnqu`rna `b tcnsn hjrentstg jddgubt lgr tcn `bdrnjsna dgst glprgv`a`bi trjbspgrtjt`gb."


27/31


=9

L`rst, _DGH nxdfuans tcn hjtnr`jf f`jm`f`ty gb tcn dghpjby's mjfjbdn scnnt t`tfna "_jyjmfn tg fgyjfty prgirjhpjrtbnrs" lrgh `ts anl`b`t`gb gl anmt. Qcn anl`b`t`gb gl tc`s mjfjbdn scnnt f`bn `tnh `s js lgffgws; "_jyjmfn tgfgyjfty prgirjh pjrtbnrs `bdfuans jhgubts gw`bi tg tcnsn pjrtbnrs lgr fgyjfty durrnbdy purdcjsna my tcnDgrpgrjt`gb js j pr`bd`pjf gr js jb jinbt dgffndtna tcrguic ndghhnrdn snrv`dns lgr rntj`f`bi, wcgfnsjf`bi jbagtcnr fgyjfty durrnbdy snrv`dns trjbsjdt`gbs w`tc nba usnrs."Js gl 4/4:/:1, _DGH's pjyjmfns aun tg fgyjfty

pjrtbnrs rnprnsnbtna j $19.0 h`ff`gb f`jm`f`ty.Hjen bg h`stjen5 wc`fn bgt fjmnfna js sudc, tc`s `s $19.0 h`ff`gbgl nllndt`vn anmt. _DGH's pjrtbnrs prgvàn fgyjfty durrnbdy tcjt _DGH hjy gr hjy bgt rnsnff5 rnijrafnss gl tcngutdghn, _DGH hust pjy `ts pjrtbnrs lgr tcn vjfun gl tcnsn pg`bts. Tg, wc`fn _DGH rndnbtfy rnpgrtna $>3.0h`ff`gb gl djsc jt tcn nba gl Z:':1 jba znrg anmt, tcn bnt nllndt`vn ubrnstr`dtna djsc mjfjbdn wjs kust $::h`ff`gb. Js sudc, wn mnf`nvn tcn snff-sàn pr`dn tjrints tcjt jrn mjsna gb nbtnrpr`sn vjfun, jrn $4.:9 tgg cìc(cgfa`bi jff gl tcn s`ffy huft`pfn jssuhpt`gbs dgbstjbt).

Yc`fn _DGH's pjrtbnr f`jm`f`ty `s h`srnprnsnbtna, j mìinr dgbdnrb `s _DGH's hjss`vn gll-mjfjbdn-scnntf`jm`f`ty `b tcn lgrh gl pr`bd`pjf rnvnbun iujrjbtnns tg`ts pjrtbnrs. T`h`fjr tg djp`tjf`z`bi fnjsns wcnb jbjfyz`bij rntj`fnr's djp`tjf strudturn, `t wgufa mn ìbgrjbt tg a`sh`ss _DGH's nbgrhgus gll-mjfjbdn scnnt luturnf`jm`f`t`ns. Yn mnf`nvn pjrtbnrs ag bgt wgre w`tc _DGH mndjusn gl j ub`qun pfjtlgrh gr tndcbgfgiy, mut `bstnjamndjusn _DGH gllnrs vnry fjrin rnvnbun iujrjbtnns, tcnrnmy trjbslnrr`bi r`se lrgh tcn pjrtbnr (`.n., j`rf`bn grcgtnf) tg _DGH.Mjsna gb pumf`d a`sdfgsurns, _DGH cjs iujrjbtnna jb jstgb`sc`bi ~$=14 h`ff`gb `b rnvnbun

tg `ts pjrtbnrs gvnr tcn bnxt lgur ynjrs, wc`dc rnprnsnbts 94:% gl `ts scjrncgfanr's nqu`ty. @l _DGH wnrn tgfgsn j dustghnr, gr `l tcn `baustry's sc`lt `b rnanhpt`gb pjttnrbs`btnbs`l`ns, _DGH wgufa st`ff mn f`jmfn lgr tcnsnfjrin iujrjbtnns (wn cjvn ynt tg l`ba a`sdfgsurns tcjt suiinst gtcnrw`sn).

Tgurdn; cttps;//www.snd.igv/Jrdc`vns/naijr/ajtj/:=?11:4/???:?


28/31


=3

Tgurdn; cttp;//www.djbja`jb`bsànr.dgh/bgan/97t`denr8_QT

Tgurdn; cttp;//www.djbja`jb`bsànr.dgh/bgan/97hnbuWt`denrsnjrdc8_g`bts+@btnrbjt gbjf+Fta.+%9D+_QT

\jfujt`gb^s`bi j hgrn rnjsgbjmfn vjfujt`gb jpprgjdc `ffustrjtns tcn nxtrnhn gvnrvjfujt`gb gl _DGH's stgde.I`vnb tcjt_DGH's irgss rnvnbuns jrn nllndt`vnfy irgss trjbsjdt`gb vgfuhn, wn mnf`nvn `t hjens f`ttfn snbsn tg vjfun tcnmus`bnss mjsna gb j huft`pfn gl rnpgrtna rnvnbun (agns NMJP int vjfuna mjsna gb `ts IH\7). @bdrna`mfy,snvnrjf snff-sàn jbjfysts cjvn kust`l`na pr`dn tjrints my us`bi j huft`pfn gb tcn irgss trjbsjdt`gb vjfun _DGHrnpgrts (`.n., j rnvnbun huft`pfn). @l jb jbjfyst wjbtna tg usn jb N\/]nvnbun huft`pfn, `t jt fnjst hjens snbsn tgut`f`zn tcn prgpnr dghpjrjmfn irgup huft`pfn, wc`dc wgufa mn \J]s. Gb tc`s mjs`s, _DGH scgufa trjan jt jbnbtnrpr`sn vjfun tg irgss rnvnbun huft`pfn gl ?.=1x. Jppfy`bi tc`s huft`pfn tg _DGH's nst`hjtna =?:1 rnvnbun

y`nfas jb nbtnrpr`sn vjfun gl $.9 h`ff`gb. Jaa`bi $:: h`ff`gb gl bnt ubrnstr`dtna djsc (jltnr anaudt`bi fgyjftypjrtbnr pjyjmfns), _DGH wgufa cjvn jb `btr`bs`d nqu`ty vjfun gl $9


29/31


=0

J sndgba, hgrn trja`t`gbjf hntcga tg vjfu`bi tcn mus`bnss `s mjsna gb j huft`pfn gl tcn dghpjby's njrb`bis, grNM@QAJ (jakustna `b tc`s djsn). Jij`b, `t `s gur mnf`nl tcjt jb jpprgpr`jtn huft`pfn scgufa mn mjsna gb tcnndgbgh`ds gl tcn ubanrfy`bi mus`bnss hganf rjtcnr tcjb tcn stgry pnrpntujtna my hjbjinhnbt jba tcn snff-sàn.I`vnb tcjt _DGH gpnrjtns j mus`bnss w`tc rjzgr-tc`b irgss jba NM@QAJ hjri`bs, jba dgbtj`bsguts`zna r`sejssgd`jtna w`tc bnjrfy 0?% dustghnr dgbdnbtrjt`gb, wn mnf`nvn _DGH scgufa jt mnst trjan `bf`bn w`tc tcn

NM@QAJ huft`pfn gl `ts rnsnffnr pnnr irgup (`l `t fgges fèn j rnsnffnr, jdts fèn j rnsnffnr, tcnb hjymn _DGH `s`banna j rnsnffnr). ^s`bi tcn .3< pnr scjrn, gr ~9>% mnfgw tcn durrnbt scjrnpr`dn.

N\ / NM@QAJ \jfujt`gb

$ ???s

=?:1N NM@QAJ :=,3??

Huft`pfn 3,01>_jyjmfn tg fgyjfty pjrtbnrs (19,30,


30/31


4?

:cttps;//www.pg`bts.dgh/dghpjby/jmgut-us.cthf=cttp;//`bvnstgr.pg`bts.dgh/rnfnjsnantj f.dlh7]nfnjsn@A831@mà.1< cttp;//bnwsrggh.hjstnrdjra.dgh/prnss-rnfnjsns/hjstnrdjra-tnjhs-w`tc-pg`bts-`btnrbjt`gbjf-tg-gllnr-djracgfanrs-nbcjbdna-rnwjras/19@mà.13@mà.10cttp;//gbf`bn.wsk.dgh/bnws/jrt`dfns/TM:???:1=1?>=9?=4?43414?1>90>:0:cttp;//www.bnrawjffnt.dgh/mfgi/rnwjra-prgirjh-rnv`nws/c`ftgb-cgbgrs-pg`bts/


31/31

>=Z=':= njrb`bis djff, 3/3/:=>4@m`a.>1Mjsna gb =?:4 `bdrnhnbtjf NM@QAJ hjri`b.>>Tjhnnt T`bcj, M. ]`fny, >/=:/:1>/:1>3@m`a.>0 cttp;//www.lgrmns.dgh/s`tns/jbarnwmnbanr/=?:1/?:/=1/ub`tna-j rf`bns-`s-jmgut-tg-hjen-h`fnjin-jwjra-trjvnf-j-fgt-hgrn-nxpnbs`vn/

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