the jere beasley report, jan. 2009

8/9/2019 The Jere Beasley Report, Jan. 2009

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Olstrl`utko tj jvkr ?;,=== su`sfrl`krs kcfb ejdtb

[email protected]

Acducry 0==


2/520 [email protected]

L.FC]L_JIJ@VKP^C_LJDV

A [OGK J POKPV E KOLC_LJD L D O P[G ] PLFLDG I CWV[L_V

Ejdtgjekry Fjudty Flrfult AuogkFbcriks ]rlfk, wbj ls prksloldg jvkr tbkstctk jn Cic`cecs Ekolfclo nrcuo iltlgc-tljd, bcs jrokrko tbk Vtctk jn Cic`ceccdo twj orug ecduncfturkrs, PjxcdkIc`jrctjrlks cdo Vcdojz, ldtj ekolc-tljd ld cd knnjrt tj rkcfb c skttikekdtld tbk orug prlfldg icwsults cgcldsttbjsk fjepcdlks.Auogk ]rlfk cppjldtkorktlrko Flrfult Auogk Ficuo Dklisjd tjekolctk tbk Vtctks icwsults cgcldst tbktwj orug ecduncfturkrs._bk icwsultscrk sfbkouiko tj gj tj trlci jd Nk`rucry


3/52 [email protected] 6

Cdtlquks. Ecdy sclo tbls wcs c blgbilgbtjn tbk wkkhkdo njr tbke. Dkxt ykcr wkbjpk tj oj c `kttkr aj` jn prjvloldgkvkdts njr tbk ncelilks jn icwykrs wbjfjek tj tbk rktrkct.

C ^ KP\ G JJO K FJDJELF ] CFHCGK W LII @ K ] PKVKD_KO @ \ ] PKVLOKD_ K IKF_ J @CEC

CDO O KEJFPC_V

]rkslokdt-kikft @crcfh J`cec cdoFjdgrkssljdci Okejfrcts wlii prkskdtFjdgrkss wltb c twj-ykcr kfjdjelfrksfuk pcfhcgk tbct wlii tjtci c`jut cbcin-trliiljd ojiicrs._bk ]rkslokdt-kikftbcs cd jutstcdoldg kfjdjelf tkcecirkcoy ld picfk cdo bcs glvkd tbke tbk

aj` jn csske ildg c ekcsurk tj djt jdiy qulfhiy puep ejdky ldtj tbk `cttkrkokfjdjey, ùt cisj tj frkctk ct ikcst 0.;eliiljd dkw aj`s._bk picd wlii skdo ctcx fut tj tbk pjjr cdo elooik ficsscdo echk ecsslvk gjvkrdekdt ldvkst-ekdts ld kdkrgy-scvldg cdo jtbkr tkfb-djijglks okslgdko tj pcy njr tbkeskivksjvkr tlek.

Bjpknuiiy, tbls picd wblfb fkrtcldiy echks skdsk wlii pcss qulfhiy. Ejstcgrkk tbk stleuius pcfhcgk eust `k slg-dlnlfcdt kdjugb tj ajit tbk kfjdjey ldc pjsltlvk ecddkr. J`vljusiy, puttldgpkjpik `cfh tj wjrh ct tbls stcgk ls cfrltlfci dkko. Lts lepjrtcdt tbct tblspicd rkstjrks fjdnlokdfk ld tbk ùsl-dkss fjeeudlty._bk @usb Coeldlstrc-tljd ls djt jdiy ikcvldg jur kfjdjey ldc ekss, ùt lt rknusko tj coelt tbkfjudtry wcs ld c rkfkssljd. L gukss tbkgjjo dkws ls tbct ejst rkfkssljds rudc fjursk ld c jut 3>-32 ejdtbs,wblfb ekcds tbls jdk sbjuio kdo ld elo-ykcr.

_bk J`cec Coeldlstrctljd wlii wjrh tj kstcìlsb c grkkd aj`s prjgrce tbct

wlii ldvkst cs eufb cs $3== `liiljd ldprjakfts tj sicsb bcrenui kelssljds._bls

fjuio ldfiuok prjakfts sufb cs rktrj-nlttldg ùlioldgs tj echk tbke ejrkkdkrgy-knnlflkdt, upgrcoldg tbk kikftrl-fci grlo cdo leprjvldg ecss trcdslt.]uttldg ejdky ldtj grkkd tkfbdjijglks

wlii bcvk c vkry icrgk pjsltlvk kepijy-ekdt knnkft. Djt jdiy wlii gjjo aj s `kfrkctko, ùt tbk sbjrt-tkre knnkfts crkfjepctlìk wltb ijdg-tkre dkkos ld tbkkfjdjey cdo tbcts vkry lepjrtcdt.

_cx futs njr ijw- cdo elooik-ficss wjrhkrs wlii ilhkiy `k c pcrt jn tbkdkw ]rkslokdts jvkrcii picd tj kdo tbkrkfkssljd cdo bkip scvk jur dctljdskfjdjey. L udokrstcdo jdk fjepj-dkdt jn tbls picd wlii `k c prjpjsci tjskdo tcx frkolts jn $;== tj ldolvlouciscdo $3,=== tj fjupiks, ldfiuoldg pcy-ekdts njr pkjpik wbj echk tjj ilttiktj jwk cdy tcxks._bjsk frkolts crk kstl-ectko tj fjst c`jut $33; `liiljd ldtbklr nlrst twj ykcrs, cffjroldg tj tbkdjdpcrtlscd _cx ]jilfy Fkdtkr. Fjd-trcry tj wbct sjek GJ] kxtrkek rlgbt-

wldgkrs crk scyldg,tbk rkfjvkry picd lsdjt kxpkftko tj ldfiuok c tcx ldfrkcsknjr tbjsk kcrdldg $0;=,=== jr ejrkcdduciiy.

Ld cooltljd, ]rkslokdt-kikft J`cecudvkliko c prjgrce jd Okfke`kr 7 tb

tbct nkcturko tbk icrgkst ldvkstekdt ld

[.V. ldnrcstrufturk sldfk tbk LdtkrstctkBlgbwcy Vystke wcs fjdfklvko ourldgtbk coeldlstrctljd jn ]rkslokdt OwlgbtO.Klskdbjwkr._bk J`cec picd, wblfb fjuio fjst ct ikcst $;== `liiljd, wlii`rkctbk `coiy-dkkoko ilnk ldtj tbk [.V.kfjdjey `y frkctldg 0.; eliiljd aj`snjr trcoltljdci prjakfts sufb cs rkpclr-ldg rjcos cdo `rlogks, cs wkii cs 03 st-fkdtury aj`s ld tkfbdjijgy cdocitkrdctlvk kdkrgy._bls cppkcrs tj `k c

wkii tbjugbt-jut cpprjcfb tj frkctldg

aj`s.Ct tbk scek tlek lt wlii tchk fcrkjn sjek `coiy-dkgikftko ldnrcstrufturkdkkos.Fjepcdlks tbct prjvlok skrvlfksjr ectkrlcis ld fjddkftljd wltb sufb prjakfts wlii oj wkii cdo njihs wlii gktgjjo aj`s.

Pkgcroikss jn wbktbkr yju vjtkoOkejfrct jr Pkpuìlfcd ld tbk ]rksl-okdtlci kikftljd,wk cii bcvk cd jìlgc-tljd tj suppjrt tbk dkw ]rkslokdt. Bkeust `k glvkd c fbcdfk tj put bls picdsnjr Cekrlfc ld picfk cdo gkt tbldgs

ejvldg ld tbk rlgbt olrkftljd cgcld njr cii fltlzkds._bus ncr, bls cppjldtekdtscdo picds njrCekrlfc crk vkry gjjo.Vjurfk1 Cssjflctko ]rkss

@ [VB W BL_K B J[VK C]]PJ^KV P KG[IC_LJDV J D K D^LPJDEKD_CI E C__KPV

_bk @usb Wbltk Bjusk bcs cpprjvko>3 dkw rkguictljds ld c icst eldutk

cttkept tj pcy pjiltlfci ok`ts cdo bkipjut pjiltlfci ùoolks. Vjek jn tbk ruiks`kdknlt hky ldoustrlks tbct bcvk ijdgsuppjrtko tbk coeldlstrctljd, sufb csjli cdo gcs fjepcdlks cdo `cdhs. Jdktbldg ls fkrtcld1 tbk rkguictljdscpprjvko ld Djvke`kr wlii oj ilttik tj`kdknlt jroldcry fltlzkds. Ld ncft,ecdy jn tbke crk okslgdko tj burt fjd-suekrs cdo ocecgk tbk kdvlrjdekdt.

_bk @usb Coeldlstrctljds rusb tjcpprjvk cdo puìlsb sj ecdy jn tbkskrkguictljds ld tbk Nkokrci Pkglstkr wliiechk lt olnnlfuit njr tbk dkw Coeldls-trctljd tj udoj tbk ocecgk ojdk.Djvke`kr 03 st wcs cd lepjrtcdt pjiltl-fci okcoildk njr tbk @usb Wbltk Bjusktj kdsurk tbk dkw rkguictljds `kfjekknnkftlvk `knjrk tbk ldcugurctljd jd

Acducry 0= tb . Jdfk tbk dkw ruiks tchktbk njre jn icw, Okejfrcts fcd udoj

tbke jdiy `y utlilzldg tbrkk fjepil-fctko ekcds1

tbrjugb dkw rkguictjry ruikechldgtbct wjuio prj cìy tchk ykcrs8

tbrjugb Fjdgrkssljdci cekdoekdtstj udokriyldg icws8 jr

tbrjugb spkflci,ncst-trcfh rksjiutljdsjn olscpprjvci cpprjvko `y tbkBjusk cdo Vkdctk wltbld c nkw ejdtbs cntkr tbk stcrt jn tbk dkw Fjdgrkssljdci skssljd jd Acducry > tb .

Bjpknuiiy,Okejfrcts ld Fjdgrkss wliiusk tbk rkguictjry rkvkrsci pjwkr ldfjdsuitctljd wltb tbk dkw ]rkslokdt ldjrokr tj prjtkft tbk Cekrlfcd pkjpik._bk ikcokrsblp eust rkvlkw jvkrslgbttjjis rkgcroldg tbk icst-eldutk cttkeptstj ldnilft skvkrk ocecgk tj tbk icw ldtbk wcdldg ejekdts jn tbk @usb

Coeldlstrctljd._bls sjrt jn tbldg fcdt`k tjikrctko.Vjurfk1 Wcsbldgtjd ]jst

D C_LJDCI F JDV[EKP G PJ[]V P KIKCVK V LR ] PLJPL_\ ] IC_NJPE

Vkvkd ikcoldg fjdsuekr grjupsrkikcsko tbklr sbcrko prljrlty pictnjrenjr 0==< icst ejdtb. _bky skdt ikttkrstj ]rkslokdt-kikft J cec, Vpkchkr Dcdfy ]kijsl cdo Vkdctk Ecajrlty Ikcokr Bcrry Pklo,cshldg tbke tj tchk


4/52? [email protected]

cftljd jd nldcdflci ekitojwd, bkcitb fcrk, kdkrgy, njjo scnkty cdo rkstjrldgikgci rlgbts. Sulfh cdo fjeprkbkdslvkcftljd wcs urgko `y tbk grjups. Ldcooltljd, tbky crk cshldg tbct tbk ]rksl-okdt cdo Fjdgrkss kikvctk fjdsuekr prjtkftljd cs c prljrlty `y rkldstctldgtbk ijdg-ojrecdt Jnnlfk jn Fjdsuekr

Cnnclrs, tbls tlek tj `k bkcoko `y cspkflci covlsjr tj tbk ]rkslokdt ld tbk

Wbltk Bjusk. _bct pkrsjd wjuio ldknnkft k c fjdsuekr fzcr._bk ilst jn prl-jrltlks wlii `k pusbko cs c udltko fjd-suekr nrjdt cdo tbcts vkry gjjo dkws.

_bk ikcokrs jn tbk puìlf-ldtkrkstgrjups wcdt tbk cojptljd jn slx ecajr prj-fjdsuekr prljrltlks. Pkldstctkekdtjn tbk Wbltk Bjusk Vpkflci Covlsjr jdFjdsuekr Cnnclrs ls c tjp prljrlty.Ikcokrs jn tbk skvkd grjups]uìlfFltlzkd,Fjdsuekr Nkokrctljd jn Cekrlfc,

Fjdsuekrs [dljd, Dctljdci Cssjflctljdjn Fjdsuekr Covjfctks, Dctljdci Fjd-suekr Icw Fkdtkr, Dctljdci FjdsuekrsIkcguk, ]u ilf Fltlzkd, cdo tbk [.V.]u ilf Ldtkrkst Pkskcrfb Grjup, rkprk-skdtldg eliiljds jn Cekrlfcd fjd-suekrsbcvk udltko `kbldo tbls cgkdocld rkspjdsk tj ldfrkcsldg rlshs tj fjd-suekr rlgbts cdo prjtkftljds.

Ourldg tbk @usb ykcrs wk bcvk skkdfjdsuekr rlgbts tbrkctkdko cdo tchkdcwcy. _bk skvkrk nldcdflci frlsls cdo

ejrtgcgk ekitojwd,blgb cdo vjictlikjli prlfks, grjwldg fjdfkrds jvkr tbkscnkty jn lepjrts cdo njjo, cdo tbkrlsldg fjst jn bkcitb fcrk bcvk ciirksuitko nrje tbk @usb Coeldlstrctljdstjtci olsrkgcro njr tbk pilgbt jn jrol-dcry fltlzkds ld tbls fjudtry. L bcvkdkvkr skkd c wjrsk Coeldlstrctljd

wbkd lt fjeks tj fjdsuekr rlgbts cdoprjtkftljd tbcd tbk @usb gcdg.

Cs c rksuit jn cdtl-fjdsuekr pjilflks`y tbk @usb Coeldlstrctljd ld tbksk

crkcs, tbk fjciltljd jn fjdsuekr covj-fctks bcvk okvkijpko cd cgkdoc tjblgbilgbt sjek jn tbk ejst frltlfcilssuks ncfldg tbk Cekrlfcd puìlftjocy._bk ikcokrs djtko tbct Fjdgrks-sljdci pcsscgk jn fjeprkbkdslvk Fjd-suekr ]rjouft Vcnkty Fjeelssljdrknjre tbls sueekr wcs c pjsltlvkstkp, suggkstldg tbct Fjdgrkss ecy `krkcoy tj fjdslokr jtbkr lepjrtcdt fjd-suekr rknjres.

Cs tbk kvkdts jn rkfkdt ejdtbs bcvksbjwd, wkch fjdsuekr prjtkftljdsojdt aust bcre ldolvlouci Cekrlfcds,ùt tbk kfjdjey jvkrcii. Ldcokquctkicws cdo pjjr jvkrslgbt jn frkolt cdonldcdflci skrvlfks bcvk iko tj c bugkijss jn wkcitb njr ecdy Cekrlfcd ncel-ilks cdo wkrk c ecajr ncftjr ld fcusldgtbk skvkrk kfjdjelf rkfkssljd. _blscgkdoc ls djt slepiy c wcy tj prjtkftfjdsuekrs, ùt tj ldfrkcsk tbk kfj-djelf cdo bkcitb skfurlty jn tbkfjudtry._bk slx-pjldt cgkdoc ldfiuoks1

Pkstjrldg tbk [dltko Vtctks Jnnlfk jn Fjdsuekr Cnnclrs._bls wjuio ldfiuokputtldg c fjdsuekr fzcr Ld tbk

Wbltk Bjusk.

Pkldldg ld Wcii Vtrkkt Kxfkssks, ]rj-tkftldg Fjdsuekrs nrje Cùslvk cdo]rkoctjry Ikdoldg.

]rjtkftldg Fjdsuekrs nrje ]rlfk-Gjugldg ld Jli, Gcs cdo Kikftrlflty Ecrhkts, cdo _chldg Vtkps _j ]rjvlokBjuskbjios Wltb Cffkss tj Citkrdc-tlvk Kdkrgy cdo Knnlflkdfy.

Leprjvldg Fjdsuekr Cffkss tj Austlfk `y Pkldstctldg Ikgci Plgbts.

Kdsurldg Vcnk, Blgb Sucilty, Cnnjro-cìk Bkcitbfcrk njr Kvkryjdk.

Echldg Vurk Njjo ]rjoufts crk Vcnk,ldfiuoldg lepjrtko prjoufts.

Bjpknuiiy, ]rkslokdt-kikft J`cec cdotbk dkw Fjdgrkss wlii cojpt tbksk prl-jrltlks cdo pusb tbke vkry bcro. Ln sj,tbk Cekrlfcd pkjpik wlii skk rkci fbcdgk!Vjurfk1 ]uìlf Fltlzkd

] JII P KV[I_V CPK E JV_ P K^KCILDG

]krljolfciiy, kspkflciiy cntkr ecajr kikftljds, tbk Fcpltci Vurvky Pkskcrfb Fkdtkr (FVPF) fjdoufts stctkwloksurvkys ld Cic`cec tj ekcsurk puìlffjdnlokdfk ld dctljdci cdo stctk ldstltu-tljds. _bk ejst rkfkdt survky, tbkFjdnlokdfk ld Dctljdci LdstltutljdsVurvky, wcs fjepiktko `y FVPF jdOkfke`kr 3 st. _bk njiijwldg nldoldgsfcek nrje tbk survky1

20% jn Cic celcds crk olssctlsnlko

wltb tbk wcy tbldgs crk furrkdtiy gjldg ld tbk fjudtry.

Ld c rcdhldg jn fjdnlokdfk ld dctljdcildstltutljds, jrgcdlzctljds cdoikcokrs, tbk [. V. Eliltcry, vjiudtkkr jrgcdlzctljds sufb cs tbk Pko Frjss,cdo ]rkslokdt-kikft J`cec bcvk tbkblgbkst Grkct Okci jn Fjdnlokdfk

pkrfkdtcgks. Dctljdci pjiis, dkwspc-pkrs, udljds, tbk Vtjfh Ecrhkt cdoùsldkss fjrpjrctljds bcvk tbkijwkst Grkct Okci jn Fjdnlokdfkrctldgs.

_bk blgbkst Dj Fjdnlokdfk rctldgsldfiuok dctljdci rcolj tcih sbjws(Ile`cugb cdo Bcddlty) cdo tbkVtjfh Ecrhkt.

]rkslokdt-kikft J cec, Vkdctjr EfFcld cdo Gjvkrdjr ]cild, ld tbct

jrokr, cii bcvk ecajrlty ncvjrcìkrctldgs.

>3% jn Cic`celcds crk kltbkr ^kryjr Vjekwbct jptlelstlf c`jut tbkdkw dctljdci Coeldlstrctljd.

;6% jn Cic`celcds nkki kry Gjjojr Gjjo c`jut tbklr furrkdt bjusk-bjio nldcdflci fjdoltljd. Jdiy 3=%nkki Djt Gjjo.

Le djt surprlsko `y tbk nldoldgs jn tbk FVPF survky. Ld ncft, tbk jdiy jdktbct ecy bcvk fbcdgko jvkr tbk pcstejdtb wjuio `k tbk nkkildgs ld jur Vtctk c`jut bjuskbjio nldcdfks. Lsuspkft ln pjiiko tjocy tbk ?6% ldOkfke`kr wjuio k eufb ikss djw.Vjurfk1 Fcpltci Vurvky Pkskcrfb Fkdtkr

I J[LVLCDC @ PLOGK W PJDGN[I O KC_B I CWV[L_ N LIKO

Jur nlre bcs nliko sult jd `kbcin jn

tbk nceliy jn tbk okfkcsko `rlogk wjrhkr wbj wcs hliiko ld tbk `rlogkfjiicpsk tbct wk wrjtk c`jut ld tbkOkfke`kr lssuk jn tbk Pkpjrt . _bkokctb jffurrko jd Jftj kr 6=,0==2,ldIjulslcdc. Krlf _rjy @icfhejd, c ijdg-tlek kepijykk jn @jb @rjs. Fjdstruf-tljd, wcs c njrkecd jd tbk twld spcd`rlogk `kldg ùlit `ktwkkd Vilokii cdoDkw Jrikcds, Ijulslcdc. Er. @icfhejd

wcs cttcfbko wltb c scnkty bcrdkss tj c


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6/52> [email protected]

LL.PKFKD_VK__IKEKD_V@\ _BK NLPE

K IKF_PJF[_LJD F CVK V K__IKO L D CIC@CEC

Jur nlre bcs skttiko c wrjdgnuiokctb fcsk tbct bco `kkd skt njr trlci ldcd Cic`cec stctk fjurt njr Acducry ; tb ._bk fcsk crjsk jut jn tbk kikftrjfutljdjn c wlnk cdo ejtbkr ct c nceliy-rud`usldkss._bk vlftle wcs kikftrjfutko

wbkd sbk tjufbko pcrt jn c nkko ildk wblfb fjdslstko jn c nkko bjppkr cdocugkr kdfijsko ld c ijdg ektci tu`k.Vbk bco dj wcy jn hdjwldg tbct tbknkko ildk bco `kkd kdkrglzko `kfcuskjn c sbjrt ld cd kikftrlfci swltfb ct tbk

nkko bjppkr wblfb wcs ijfctko jd tbkildk._bk Oknkdocdts ld tbk fcsk wkrk1Fbjrk-_lek @rjfh (F_@), wblfb okslgdko, ecduncfturko cdo sjio tbkfblfhkd nkkokr systke8 Ncre Vystkes,Ldf., wblfb ls tbk okcikr njr F_@8Ictfj,wblfb su`-fjdtrcftko wltb F_@njr tbk fjdstruftljd jn tbk fblfhkdbjusks cdo tbk nkkokr ldstciictljd8cdo]bliilps Kikftrlf, wblfb su`-fjdtrcftko

wltb Ictfj cdo wlrko tbk nkkokr systke. F_@ wcs tbk gkdkrci fjdtrcftjr njr tbk fjdstruftljd jn tbk fblfhkdbjusks ldfiuoldg tbk ldstciictljd jn tbknkkokr systke.

_bkrk wcs c swltfb hdjwd cs c 0=->; eliks pkr bjur wbkd tbktrufh orlvkr scw jur filkdt, wbj wcsstjppko ct c trcnnlf ilgbt wblfb wcs rkonjr bkr ct tbk tlek._bk orlvkr jn tbk 32

wbkkikr tjio c wltdkss ct tbk sfkdk


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tbct bk olodt skk jur filkdts cutjej-`lik udtli lt wcs tjj ictk tj stjp. Blstrufh iknt shlo ecrhs `knjrk fjiiloldg

wltb jur filkdts cutjej`lik, hdjfhldglt ldtj tbk clr. Bkr cutjej`lik trcvkiko32= nkkt `knjrk strlhldg c trkk jnn tbkrlgbt slok jn tbk blgbwcy. Jur filkdt

wcs hdjfhko udfjdsfljus, sunnkrko cfijsko bkco ldaury, tbrkk nrcfturko vkr-tk rck, c ekolcstldci bkectjec, cdosjek futs cdo `rulsks ld tbk frcsb._bkfjeprkssljd nrcfturks wkrk ct _6, _?cdo _;.Vbk wcs rkqulrko tj k bjspltci-lzko njr nlvk ocys ld LF[. Lt wcs celrcfik tbct sbk survlvko tbk frcsb.

Njrtudctkiy, tbkrk wkrk twj kykwlt-dkssks tj tbk fjiilsljd sldfk tbk orlvkr jn tbk 32 wbkkikr ficleko ld bls okpj-sltljd tbct jur filkdt fut ld nrjdt jn ble

wltbjut wcrdldg,tbus fcusldg tbk fjiil-sljd. @jtb wltdkssks ct tbk sfkdk sclo

tbls wcsdt truk. Jdk jn tbke sclo tbkorlvkr coelttko tbct bk wcs ct ncuit._bkorlvkr bco c `co orlvldg blstjry cdobco dj ùsldkss jpkrctldg c trcftjr-trclikr rlg jd c puìlf blgbwcy. Jur filkdt ijst bkr aj` wltb bkr kepijykr cdo sbk ijst bkr bkcitb ldsurcdfk`kfcusk sbk fjuiodt rkturd tj wjrh `kfcusk jn bkr ldaurlks cdo lepclr-ekdt._bk fcsk wcs skttiko njr c fjdnl-okdtlci cejudt tbk wkkh `knjrk lt wcssfbkouiko njr trlci. Cttkepts ct skttik-

ekdt ld ekolctljd bco ncliko. Auilc@kcsiky bcdoiko tbk fcsk njr jur nlrecdo olo c vkry gjjo aj`.

V K__IKEKD_ J N C F JDV_P[F_LJD V L_K F CVK

Jur nlre rkfkdtiy skttiko c icwsulttbct crjsk jut jn c wjrhpicfk ldaury.Jur filkdt wcs kepijyko `y CekrlfcdLdoustrlci Fjdtrcftjrs (CLF) cdo

wjrhldg fjdstruftljd ct cd Cic`cecldoustrlci picdt ld 0==?.CLF wcs blrko`y Klskdecdd Fjrpjrctljd, c Fcdcolcdfjepcdy, tj pkrnjre fkrtcld eliiwjrh ic`jr ct tbk picdt. Jur filkdt wcsldstruftko tj bkip Klskdecdd fbcdgkjut tbk `kits jd tbk fjfhplt ilnt stctljdjd sltk jd Vkptke`kr 0?, 0==?. Wblikjur filkdt wcs wjrhldg tj fbcdgk juttbk `kits, tbk ;,?== pjudo fjfhplt ilntstctljd nkii jd ble cdo bk sunnkrko vkry

skrljus ldaurlks. Bk sustcldko c fijskobkco ldaury, c fjdfussljd, sfcip icfkrc-tljds, ìudt fbkst ldaurlks, euitlpik rl`nrcfturks,puiejdcry fjdtusljds, c iknttl`lc/nlùic nrcfturk, cdo skrljus spldciùrst nrcfturks wblfb rksuitko ld c njur-ikvki nusljd surgkry. Bk bco pkrecdkdtrjos ldskrtko ld bls iknt ikg. Bk cisjokvkijpko pdkuejdlc cdo wcs bjspl-tcilzko njr 3; ocys.Wk nliko sult jd bls`kbcin ld cd Cic`cec stctk fjurt. _bkfcsk wcs rkejvko `y Oknkdocdts tjnkokrci fjurt.

Ct tbk tlek jn skttikekdt, jur filkdtsekolfci liis wkrk su`stcdtlci. Bls

wjrhkrs fjepkdsctljd fcrrlkr,_rcvki-krs Ldsurcdfk, csskrtko c su`rjgctljdficle jn $337,>06.;6 njr ekolfci `kdk-nlts cdo $>2=.>6 njr ldokedlty `kdk-nlts pclo.Cffjroldg tj jur kfjdjelst,jur filkdts ijst kcrdldgs ct prkskdt

vciuk wkrk $77


8/522 [email protected]

nrje wjrh. Ers. ]lggjtt wcs rkqulrko tjskk c pcld ecdcgkekdt spkflcilst`kfcusk jn tbk skvkrk pcld sbk wcsbcvldg cs c rksuit jn bkr ldaurlks.

_bk fcsk wcs nliko ld @utikr Fjudty, Cic`cec, cdo rkejvko tj nkokrci fjurt`y Oknkdocdt Grcy. _bk fcsk wcsskttiko cntkr `kldg rkecdoko nrjenkokrci fjurt tj tbk Flrfult Fjurt jn @utikr Fjudty, Cic`cec. Auilc @kcsiky bcdoiko tbls fcsk njr tbk nlre cdo olo c

vkry gjjo aj` njr bkr filkdts, Er. cdoErs. ]lggjtt._bk cejudt jn tbk skttik-ekdt ls fjdnlokdtlci.

V K__IKEKD_ L D E J_JP ^ KBLFIK F CVK

Jur nlre rkprkskdtko Ok` lk ]crrlsb wbj wcs ldvjivko ld c ejtjr vkblfikcfflokdt jd Cprli 0>, 0==7. Vbk wcstrcvkildg jd Ejdtgjekrys CticdtcBlgbwcy wbkd tbk Oknkdocdt rcd cstjp slgd, fcusldg c t-`jdk cfflokdt.Csc rksuit jn tbk lepcft, Es. ]crrlsbsprljr dkfh nusljd `kfcek udstcìk.Vbk

wcs rkqulrko tj udokrgj dkfh surgkry.Es. ]crrlsb ldfurrko ekolfci kxpkdskscdo ijst skvkrci ejdtbs jn wjrh.Vbk lsstlii udcìk tj rkturd tj bkr prkvljuscftlvltlks sufb cs bjrsk`cfh rloldg cdopkrnjreldg jtbkr ocliy cftlvltlks ouk tjpcld._bk fcsk skttiko ct ekolctljd njr cfjdnlokdtlci cejudt. Auilc @kcsiky bcdoiko tbk fcsk njr Es.]crrlsb cdo oloc vkry gjjo aj` njr bkr.

V K__IKEKD_ J N C ] IC\GPJ[DO L DA[P\ F CVK

Jd Acducry 0, 0==7, tkd-ykcr-jio AjkiFbcriks wcs picyldg wltb bls `rjtbkr cdo `kst nrlkdo jd c picygrjudo prj-

vloko njr tbk rkslokdts jn ^lstc Bliis Cpcrtekdts ld Bjjvkr, Cic`cec. _bk

`jys wkrk picyldg tcg wbkd Ajkitrlppko cdo nkii jd c ektci stchk prj-truoldg nrje tbk grjudo ldslok tbkpicygrjudo crkc._bk ncii fcusko skvkrkicfkrctljds tj tbk fblio cdo fcuskoskvkrk ldaurlks tj bls ldtkrdci jrgcds.

Wbkd Ajkis pcrkdts tjio tbk cpcrt-ekdt fjepikx c`jut tbk ldaury, ltsecdcgkekdt leekolctkiy rkeldokotbke tbct tbky bco slgdko cd kxfuipc-tjry ficusk ldsuictldg tbk cpcrtekdt

fjepikx nrje ilc`lilty ld tbls fcsk._bkfjepikx olo djtbldg tj rkpclr tbk ocd-gkrjus fjdoltljd kxlstldg jd tbk picy-grjudo. Njrtudctkiy njr Ajki, tblsldflokdt jffurrko wbkd lt olo._bk ocy `knjrk, jd Acducry 3, 0==7, Cic`cecsGjvkrdjr slgdko ldtj icw tbk furrkdt

vkrsljd jn tbk Cic`cec Icdoijro cdo_kdcdt Cft, wblfb bco rkfkdtiy `kkdpcssko `y tbk Ikglsicturk. ]rljr tj tbls

Cft, kxfuipctjry ficusks wjuio bcvkprkvkdtko Ajki nrje rkfjvkrldg njr tbkldaurlks cdo bjioldg tbk cpcrtekdtfjepikx rkspjdslìk njr ecldtcldldg cocdgkrjus picygrjudo njr tbk fbliorkd._bk Cft djw prjbl`lts tbksk kxfuipc-tjry ficusks cdo wk cppicuo tbk Gjvkr-djr cdo tbk Ikglsicturk njr tchldg tbkskstkps tj prjtkft Cic`cecs fltlzkds.

Ourldg olsfjvkry tbk cpcrtekdtfjepikx cfhdjwikogko c rkspjdsl`li-

lty tj hkkp tbk picygrjudo scnk, ykt vlr-tuciiy cii tbk ldspkftljds ojdk ct tbkfjepikx wkrk ileltko tj hkkpldgpcpkr cdo trcsb plfhko up. Vkvkrcikepijykks jn tbk fjepikx coelttkotbct tbls stchk wcs c vkry ocdgkrjusfjdoltljd.

]icygrjudo ldaurlks crk c vkry skrljusfjdfkrd njr pcrkdts cdo fbliorkd. Ecdy picygrjudos crk djt ecldtcldko tjciijw fbliorkd tj picy scnkiy. _bkprjìke kxlstldg ct ^lstc Bliis wcs rkf-

jgdlzko `y tbk Fjdsuekr ]rjouftVcnkty Fjeelssljd cs c prlecry fjdfkrd ld tbk grjups Bcdo`jjh njr ]uìlf ]icygrjudo Vcnkty._bk vkry nlrstpcgk jn tbk F]VF gulokildks olsfussksnciis jd picygrjudos,XtUj coorkss tbklssuk jn nciis, tbksk gulokildks kepbc-slzk tbk lepjrtcdfk jn prjtkftlvk sur-ncfldg crjudo picygrjudo kqulpekdt._bk F]VF rkfjeekdos c fjeprkbkd-slvk ecldtkdcdfk prjgrce tj coorkss

vcrljus fjdfkrds, ldfiuoldg bczcrojus

prjtrusljds cdo prjakftljds._bk cpcrtekdt fjepikx bco dj rkciecldtkdcdfk prjgrce ld picfk tjfbkfh njr cdo rkpclr ocdgkrjus fjdol-tljds jd tbk picygrjudo. Fbrls Gijvkr nrje jur nlre bcdoiko tbk fcsk, wblfb

wcs nliko ld tbk @ksskekr Olvlsljd jn tbk Aknnkrsjd Fjudty Flrfult Fjurt._bkfcsk skttiko prljr tj trlci njr c fjdnlokd-tlci cejudt. Fbrls olo c vkry gjjo aj`njr jur filkdts.

P JJN F P[VB F CVK V K__IKO

Jur nlre rkfkdtiy rkcfbko c skttik-ekdt wltb Njro Ejtjr Fjepcdy ldvjivldg tbk rjiijvkr jn c Njro N?;=Vupkr Outy trufh ld Ficrhk Fjudty,

Cic`cec. Wk rkprkskdtko tbk nceliy jn c yjudg ecd wbj wcs rloldg cs c nrjdtskct pcsskdgkr ld tbk trufh wblik jd bls

wcy tj wjrh ld tbk tle`kr ùsldkss.Ouk tj njggy fjdoltljds tbct ejrdldg,tbk orlvkr jn tbk trufh ciijwko jdk jn tbk tlrks jn tbk vkblfik tj orjp jnn tbksbjuiokr jn tbk rjcowcy. Wbkd bk`rjugbt tbk trufh `cfh jd tbk rjcowcy lt jvkrturdko twj tleks. Citbjugb tbktrufh wcs jdiy trcvkiildg ?= eliks pkr bjur ct tbk tlek lt rjiiko jvkr, tbkrk

wcs su`stcdtlci ldtrusljd jn tbk rjjn strufturk ldtj tbk jffupcdt fjepcrt-ekdt jn tbk trufh. _bk rjjn strufturk

fcvko ld jd jur filkdts sjd fcusldgble tj sunnkr c ùrst nrcfturk jn bls fkr- vlfci spldk. [dnjrtudctkiy, tbk yjudgecd wcs pcrciyzko cdo olko c`jut tkdocys njiijwldg tbk cfflokdt.

_bk Njro Vupkr Outy trufh skrlksfjdslsts jn tbk N0;=, N6;=, cdo N?;=trufhs. Wk cftuciiy fut tbk rjjn jnn jn jdk jn tbksk trufhs cdo njudo tbct tbkrjjn ls djt sj supkr. Ejst jn tbksuppjrt strufturks jn tbk rjjn jd tbkVupkr Outy fjdslst jn jpkd skftljds

ecok jn ijw-strkdgtb stkki. Wk cisjfut tbk rjjn jnn jn c Njro N3;= trufh tjfjepcrk tbk twj rjjn strufturks. Vur-prlsldgiy, wk njudo tbct tbk N3;= rjjn strufturks ldfiuoko fijsko, `jx skf-tljds. Vjek jn tbksk wkrk ecok jn blgb-strkdgtb stkki. _bk jdiy kxpicdc-tljd wk fjuio nldo njr tbk olnnkrkdfksld tbksk twj vkblfiks (wblfb tj tbkdchko kyk cppkcr lokdtlfci) ls tbct tbkN3;= bcs tj ekkt tbk DB_VC nkokrciscnkty stcdocro njr rjjn frusb wbkrkcstbk N0;=/N6;=/N?;= trufhs ojdt bcvktj ekkt tbk stcdocro. _bls ls prlecrliy ouk tj tbk wklgbt olnnkrkdfk ld tbktrufhs. @ut, tbkrk ls djtbldg prkvkdt-ldg Njro jr cdy jtbkr ecduncfturkr nrje vjiudtcrliy suàkftldg tbksktrufhs tj tbk nkokrci stcdocro. Gjjoscnkty prcftlfks fkrtcldiy rkqulrk lt.

_bls wcs c blgbiy-fjdtkstko fcsk cdo cijt jn wjrh cdo prkpcrctljd wkrk putldtj lt jd `kbcin jn jur filkdts. A.].


9/52 [email protected] ._bk ldsurcdfk pjilfy prjvloko frkoltilnk ldsurcdfk tj tbk ]icldtlnn, wblfb

wcs okslgdko tj pcy tbk ijcd ln sbkpcssko cwcy wblik tbk ijcd wcs stliiudpclo.

_bk ldsurcdfk fjvkrcgk wjuio stjpln tbk ijcd wcs pclo jnn, sj EV Ilnkfjuio jdiy kcrd tbk kdtlrk prkelue ln tbk ldsurko olo djt pcy tbk ijcd jnn `knjrk tbk fjvkrcgk wcs sfbkouiko tjkxplrk. Ln tbk ijcd wcs pclo jnn kcriy`knjrk fjvkrcgk kxplrkotbkd tbk]icldtlnn wjuio `k kdtltiko tj c rknudojn udkcrdko prkelue._bk prkeluesouk tj `k rkturdko tj c `jrrjwkr wbjpcys jnn kcriy crk fciiko udkcrdko prk-elues `kfcusk jdfk tbk ijcd ls pclojnn, tbk ldsurcdfk fjepcdy dj ijdgkr `kcrs cdy rlsh jn ijss. Jd jr c`jut Cprli30, 0==?, tbk ]icldtlnn pclo jnn tbk ijcd.Vbk wcs kdtltiko tj tbk udkcrdkoprkelue nrje tbk octk jn kcriy pcyjnn,

Cprli 30, 0==?, tbrjugb tbk octk tbkldsurcdfk wcs sfbkouiko tj kxplrk,Okfke kr 00, 0==>.

EV Ilnk sjio frkolt ldsurcdfk tj cutj

`jrrjwkrs cdo iksskks tj prjtkft tbkecgcldst tbk rlsh jn okncuit ld tbk kvkdttbky olko jr `kfcek olsc`iko cdoudc`ik tj hkkp up wltb tbklr ijcd jr ikcsk pcyekdts. _bk ]icldtlnn ciikgkotbct Oknkdocdt `rkcfbko lts frkolt ilnkcdo olsc`lilty ldsurcdfk fjdtrcfts wltb sjek ldsurkos `kfcusk sjek pclo jnn tbklr ijcds jr ikcsks prljr tj tbk sfbko-uiko pcyjnn jr ikcsk tkreldctljd octk,cdo Oknkdocdt olo djt rknudo tbklr udkcrdko prkelues. _bk skttikekdt

prjvloko djtlfk tj pjtkdtlci ficsseke`krs cdo frkctko c slepik,strkce-ildko skttikekdt prjfkourk njr cdy njrekr EV Ilnk ldsurko wbj ecy bcvkpclo jnn bls ldsurko ijcd kcriy wltbjutrkfklvldg c rknudo jn udkcrdkoprkelue. Ln yju bcvk cdy qukstljdsrkgcroldg tbls fcsk jr slelicr ficles,pikcsk fjdtcft Icdfk Gjuio wltb jur nlre ct 2==-2


10/523= [email protected]

tbct icwsults ecy prjfkko cgcldsttj`cffj fjepcdlks njr ciikgkoiy okfkp-tlvk ecrhktldg jn sj-fciiko ilgbt flgc-rkttks. Ld c ;-? okflsljd, tbkFjurtrkakftldg nkokrci prkkeptljdsclo tbct sejhkrs ecy usk stctk fjd-suekr prjtkftljd icws tj suk flgcrkttkechkrs njr tbk wcy tbky prjejtkilgbtcdo ijw tcr `rcdos.

_bk tj`cffj fjepcdlks crguko tbcttbk icwsults crk `crrko `y tbk nkokrciflgcrkttk ic`kildg icw, wblfb njr`losstctks nrje rkguictldg cdy cspkft jn flg-crkttk covkrtlsldg tbct ldvjivkssejhldg cdo bkcitb. @ut Austlfk Ajbd]cui Vtkvkds sclo ld bls ecajrlty jpldljd tbct tbk ic`kildg icw ojks djtsblkio tbk fjepcdlks nrje stctk icwscgcldst okfkptlvk prcftlfks._bk Austlfk

wrjtk tbct pkjpik suldg tbk flgcrkttkechkrs stlii eust prjvk tbct tbk usk jn

ilgbtcdo ijwkrko tcr cftuciiy vljictktbk stctk cdtl-nrcuo icws. Bjwkvkr,udokr tbk Fjurts ruildg, tbjsk icwsultsecy gj njrwcro.

_brkk Ecldk rkslokdts suko CitrlcGrjup Ldf. cdo lts ]blilp Ejrrls [VC Ldf. su`slolcry udokr tbk stctks icw cgcldst udnclr ecrhktldg prcftlfks._bkficss cftljd ficle rkprkskdts ciisejhkrs jn Ecri`jrj Ilgbts jr Fce-`rlogk Ilgbts flgcrkttks, `jtb ecok `y ]blilp Ejrrls._bk icwsult ciikgks tbct

tbk fjepcdy hdkw njr okfcoks tbctsejhkrs jn ilgbt flgcrkttks fjepkdsctknjr tbk ijwkr ikvkis jn tcr cdo dlfjtldk`y tchldg ijdgkr punns cdo fjepkdsct-ldg ld jtbkr wcys. C Nkokrci OlstrlftFjurt olselssko tbk icwsult, `ut tbk[.V. Fjurt jn Cppkcis njr tbk NlrstFlrfult olscgrkko. Djw tbct tbk blgbkstFjurt ld tbk icdo bcs ruiko, tbk fcsk

wlii gj njrwcro. _bk rkakftljd jn prk-keptljd `y tbk Fjurt ld tbls fcsk ls

vkry lepjrtcdt.

Vjurfk1 Cssjflctko ]rkss

K RRJD E J@LI W LDV CGCLD L D CIC@CECV []PKEK F J[P_

_bk Cic cec Vuprkek Fjurt bcscgcld ruiko ld ncvjr jn Kxxjd Ej`liFjrp. ld tbk ictkst cppkci ld tbk stctksjdgjldg olsputk wltb tbk jli glcdt._bkictkst olsputk ldvjivko $06 eliiljd

wblfb tbk stctk fjdslokrko c pkdcity jd tbk ncliurk `y Kxxjd tj pcy rjycitlkstj tbk stctk.Wk bcvk `kkd `cttildg jd`kbcin jn tbk stctk cgcldst tbk jlifjepcdy sldfk 3


11/52 [email protected] 33

C I JJH C_ _ BK @ [VB A [OGKV

]rkslokdt @usb bcs bco klgbt ykcrsourldg wblfb tj cppjldt nkokrci auogkscdo bk bcs tchkd nuii covcdtcgk jn blsjppjrtudlty. Wbkd frltlflzko jvkr blscppjldtekdts, tbk ]rkslokdt ciwcysusko tbk stcdocro GJ] ildk, scyldg bkcppjldtko auogks usldg jdk frltkrlc1

tbk rjik jn c auogk ls tj ldtkrprkt tbkicw, djt tj ikglsictk nrje tbk `kdfb.@ut ecdy ikgci sfbjicrs scy tbct bk bcsjdiy cppjldtko auogks wbj su`sfrl`kotj tbk rlgbt wldg ojftrldk jn tbk GJ]cdo jd ecdy jffcsljds tbk cppjldtkksolo ld ncft frkctk dkw icw `y wcy jn tbklr ruildgs. L bjpk tbct wcsdt ciwcystbk fcsk cdo ojdt `kilkvk lt bcs `kkdld ey crkc jn tbk fjudtry. Cii jn tbk

auogks cppjldtko ld Cic`cec, njr kxcepik, bcvk `kkd nclr cdo aust ld

tbklr ruildgs. C ijjh ct tbk auogks wbj wkrkcppjldtko `y tbk ]rkslokdt ls ejstrkvkcildg.Cs c rksuit jn tbk 633 @usb cppjldtekdts tj Nkokrci OlstrlftFjurts cdo tbk Cppkiictk kdfb,auogkscfrjss tbk fjudtry crk djw ejrk ecikcdo ejrk wbltk tbcd tbky wkrk ct tbkkdo jn tbk Fildtjd prkslokdfy.C tblrojn tbk djeldkks ourldg @usbs nlrsttkre bco c blstjry jn wjrhldg csicwykrs cdo ij``ylsts jd `kbcin jn tbk

jli, gcs cdo kdkrgy ldoustrlks, cffjro-ldg tj c stuoy `y tbk Fkdtkr njr Ldvks-tlgctlvk Pkpjrtldg. Cdjtbkr stuoy `y tbk [dlvkrslty jn Bjustjd jn ruildgs `y ]rkslokdt @usbs olstrlft fjurtcppjldtkks sbjws c pcttkrd jn olsocldnjr tbk @lii jn Plgbts, flvli rlgbts cdoprlvcfy rlgbts.

Wblik ]rkslokdt @usb wlii gj ojwdld blstjry cs jdk jn tbk wjrst prksl-okdts kvkr, bjpknuiiy, tbk nkokrci auogkstbls ecd cppjldtko wlii turd jut eufb `kttkr tbcd kxpkftko jd lssuks tbctcnnkft jroldcry njihs.Vjurfk1 Wcsbldgtjd ]jst

_ BK B LGB F J[P_ W LII F JDVLOKP CV@KV_JV -P KIC_KO I CWV[L_V

_bk [.V. Vuprkek Fjurt bcs cgrkkotj fjdslokr rkldstctldg tbk $;== eliiljdskttikekdt jn cs`kstjs-rkictko icwsultscgcldst tbk _rcvkikrs Fjepcdlks Ldf.

_bk skttikekdt wjuio cisj `ijfh cdy dkw icwsults cgcldst _rcvkikrs crlsldgjut jn tbk ldsurcdfk fjepcdys ijdgrkictljdsblp wltb Ajbds Ecdvliik Fjrp.,jdfk tbk wjrios icrgkst prjoufkr jn cs`kstjs.

_rcvkikrs wcs dceko ld c due`kr jn icwsults ficleldg tbct lt trlko tj bloktbk ocdgkrjus bkcitb knnkfts jn cs`kstjs. Kxpjsurk fcd ldfrkcsk tbkrlsh jn iudg fcdfkr, eksjtbkiljec cdojtbkr cliekdts, cffjroldg tj nkokrcibkcitb cgkdflks._rcvkikrs crguko tbctcs`kstjs-rkictko ficles sbjuio `k pclojut jn c trust frkctko `y Ajbds Ecdvliikld tbk 3


12/52

fblp `jdo ldvkstjrs cgcldst tbk rlsh jn okncuit. Bjwkvkr, nldcdflci kdgldkkrssblntko tbklr njfus cdo usko tbkskldstruekdts cs c ekcds tj ùdoik cdoskii ejrtgcgks, c prcftlfk tbct ls icrgkiy tj ìcek njr tbk frlsls tbct Wcii Vtrkkt lsncfldg tjocy.

@udoildg ejrtgcgks cdo ecrhktldgtbke cs scnk ldvkstekdts skkeko scnk ldprldflpik, ùt tbk ectb, stctlstlfs, cdofjeputkr ejokildg nkii sbjrt ld fcil`rct-ldg tbk ikdoldg rlsh jd ldolvlouci ejrt-gcgk ijcds._bls wcs kxcggkrctko `y tbkncft tbct tbk skfurltlzctljd jn tbk ejrt-gcgk ecrhkt prjeptko ikdokrs tj ejvkldfrkcsldgiy tj cutjectko udokrwrltldgsystkes, rkiyldg ecldiy jd fjeputkr-lzko frkolt-sfjrldg ejokis ldstkco jn buecd auogekdt. Ksskdtlciiy, tbk frk-ctljd jn tbls dkw scnk ldvkstekdt

vkblfik frkctko c okecdo njr ejrk

ejrtgcgks,wblfb ld turd fcusko ikdokrstj wrltk ejrk cdo ejrk rlshy ijcds.

Lt bcs cisj `kfjek cppcrkdt tbct Wcii Vtrkkt cdciysts nlgurko tbct sldfkbjusldg prlfks ld tbk [dltko Vtctks bcodjt okfildko ld okfcoks, tbkyo fjd-tlduk tj bjio stkcoy gjldg njrwcro.J`vljusiy, tbk Wcii Vtrkkt ejokisldfiuoko c ijt jn wlsbnui tbldhldgc`jut bjusk prlfks.Wk djw hdjw tbct

wlsbnui tbldhldg fcd oj ilttik tj stjp cbjusldg ù` ik nrje ùrstldg. Cdo

tbcts wbct bcppkdko ld tbk ejrtgcgk-`cfhko skfurltlks cdo frkolt okrlvc-tlvks ecrhkts.

@kttkr fjeputkr ejokildg wjuiobcvk bkipko ùt sj wjuio bcvkfjeejd skdsk cejdg Wcii Vtrkktldvkstjrs. Lt wcs dj skfrkt tbct ikdokrs

wkrk nurljusiy wrltldg ijcds wblikspkdoldg ilttik tlek sfrutldlzldg tbkfrkoltwjrtbldkss jn ldolvlouci `jrrjw-krs. @ut kvkd wltb ikdokrs kxkrflsldgskdslìk rkstrcldt, cdo Wcii Vtrkkt usldg

`kttkr rlsh ejokis, eufb dkkokonkokrci rkguictljd wcs elssldg. Jvkr tbk icst skvkrci ykcrs rkguictljd bcs`kkd strlppko nrje jur nldcdflciecrhkts cdo lt eust `k rkldstctko.

Nldcdflci rkguictljd sbjuio `k skkdcs `kldg slelicr tj nlrk scnkty ruiks ldùlioldg fjoks. _bk fbcdfks jn cdy ùlioldg ùrdldg ojwd crk silgbt, ùtfklildg sprldhikrs, nlrk kxtldgulsbkrscdo nlrk ksfcpks crk ecdoctko `y icw. Ln

yju dkko cooltljdci ldnjrectljd jd cdy jn tbk c`jvk, fjdtcft Ficy @crdktt wltb jur nlre ct 2==-2


13/52

cdo jd Fcpltji Blii. _bk rkpjrt cisjfbcrgks tbct tbk fjeelssljd bcs`kfjek pjiltlflzko, ncliko tj fcrry jutsjek lepjrtcdt rkspjdsl`liltlks udokr Ecrtlds ikcokrsblp, cdo ìceks ble njr udokreldldg cd jpkd cdo trcdspcrkdtrkguictjry prjfkss.

@csko jd tbk rkpjrt, FbclrecdEcrtld wcs gulity jn okejtldg cgkdfy stcnnkrs wbj olo djt cgrkk wltb blecdo wltbbjioldg ldnjrectljd nrje blsnkiijw fjeelssljdkrs. Bls styik wcsoksfrl`ko ld tbk rkpjrt cs bkcvy-bcdoko, jpcquk,cdo djd-fjiikglci, cdolt wcs sclo bk frkctko olstrust, suspl-fljd cdo turejli cejdg tbk nlvkfurrkdt fjeelssljdkrs. @crt Vtupch (O-EL), wbj fbclrs tbk Bjusk Fje-ekrfk Fjeelttkks Vu`fjeelttkk jdJvkrslgbt cdo Ldvkstlgctljds, scysFbclrecd Ecrtlds ikgcfy ct tbk NFF

wlii `k c ìukprldt jn wbct djt tj oj._bk nldoldgs suggkst tbct, ld rkfkdt

ykcrs, tbk NFF bcs jpkrctko ld c oys-nudftljdci ecddkr cdo fjeelssljdùsldkss bcs sunnkrko cs c rksuit,cffjro-ldg tj Fjeekrfk Fjeelttkk Fbclrecd

Ajbd Oldgkii (O-EL) wbj wlii `k rkild-qulsbldg tbk rklds jn tbk pcdki tj Fcil-njrdlc Okejfrct Bkdry Wcxecd dkxt

ykcr. Bjpknuiiy, Ecrtld wlii ikcvk tbkfjeelssljd cntkr tbk Wbltk Bjuskfbcdgks bcdos._bk njiijwldg crk cejdg

tbk nldoldgs jn tbk 33=-pcgk rkpjrt1 Ecrtld ecdlpuictko tbk nldoldgs jn

cd NFF ldqulry ldtj tbk pjtkdtlcifjdsuekr kdknlts jn rkqulrldg fcìkfjepcdlks tj skii fbcddkis jd cdldolvloucijr c ic fcrtk`csls._bkBjusk ldvkstlgctljd fjdfiuoks tbctEcrtld udokreldko tbk ldtkgrlty jn tbk NFF stcnn cdo ecy bcvk leprjp-kriy ldniukdfko tbk Fjdgrkssljdciok`ctk jd tbk ecttkr `y jrokrldgcgkdfy kepijykks tj rkwrltk c rkpjrtfjdfiuoldg tbct c ic fcrtk ecdoctks

wjuio djt `kdknlt fjdsuekrs.

Ecrtld trlko tj ecdlpuictk tbk nldo-ldgs jn cd cdduci NFF rkpjrt jd tbkstctk jn fjepktltljd ld tbk ecrhktnjr fc ik cdo jtbkr vlokj skrvlfks tjsbjw tbct tbk ldoustry bco c `lgkdjugb ecrhkt sbcrk tj pkrelt cool-tljdci gjvkrdekdt rkguictljd.Wbkdtbk nuii fjeelssljd vjtko tj rkakft

tbct fjdfiusljd, Ecrtld supprksskotbk rkpjrt `y wltbbjioldg lts rkikcsk.

[dokr Ecrtlds ikcokrsblp, tbk NFFsjvkrslgbt jn tbk _kikfjeeudlfctljdsPkicy Vkrvlfk Nudo, wblfb pcys njr spkflci tkikfjeeudlfctljds skrvlfksnjr pkjpik wltb bkcrldg jr spkkfb olsc liltlks, wcs jvkriy icx. _bls

rksuitko ld jvkrfjepkdsctljd jn tbkfjepcdlks tbct prjvlok tbksk skrv-lfks `y cs eufb cs $3== eliiljd c

ykcrfjsts tbct wkrk uitlectkiy pcssko cijdg tj pbjdk fjepcdy fus-tjekrs.

Vjurfk1 Cssjflctko ]rkss

_ BKPK W LII @ K C F BCDGK L D I KCOKPVBL] C_ _ BK NOC

Njjo cdo Orug Coeldlstrctljd Fje-

elssljdkr Cdorkw vjd Ksfbkd`cfb wliirkslgd knnkftlvk tbk 0= tb jn tbls ejdtb.Ld cd ldtkrdci eksscgk skdt icst ejdtb tj NOC jnnlflcis, Or. vjd Ksfbkd`cfb sclo bk wjuio fjjpkrctk wltb ]rksl-okdt-kikft @crcfh J`cecs trcdsltljdtkce.Wblik tbcts gjjo dkws, tbk `kstdkws ls tbct tbk fbclrecd ls ikcvldg. Leust fjdnkss tbct djtbldg c`jut Or.

vjd Ksfbkd`cfbs tkdurk ct tbk NOC bcs `kkd vkry leprksslvk. Ld ncft, tbkcgkdfy bcs `kkd vlrtuciiy cd kxtkdsljd

jn tbk orug ldoustry cdo tbct eust `kfbcdgko.

_bk NOC bcs `kkd rjfhko wltb prjìkes jvkr tbk pcst nkw ykcrsldvjivldg tbk scnkty jn pjpuicr prk-sfrlptljd orugs, bkcrt okvlfks, cdofjdtceldctko njjo cdo ìjjo tblddkr nrje Fbldc. L `kilkvk ]rkslokdt-kikftJ`cec wlii skikft c dkw NOC ikcokr

wbj wlii put tbk bkcitb cdo scnkty jn tbk Cekrlfcd pkjpik ct tbk vkry tjp jn c ilst jn prljrltlks jn tbk cgkdfy. Njr cii

tjj ijdg tbk ikcokrsblp jn tbk NOC bcs`kkd eufb tjj nrlkdoiy tj tbk pjwkr-nui orug ldoustry. Furrkdt skdljr NOC kepijykks crk eufb tjj fijsk wltb tbk ldoustrlks tbky rkguictk, frkctldg cqukstljd jn wbj tbky crk wjrhldg njr.

Wk dkko c fjepiktk fbcdgk ld tbkNOCs ikcokrsblp.Vjurfk1 Wcii Vtrkkt Ajurdci

^L._BK FJP]JPC_KWJPIO

_ BK @ [VB C__CFHV J D _ BK F L^LI F J[P_ V \V_KE W KPK F JDV_CD_

Njr ykcrs Gkjrgk @usb bcs `kkdusko `y tbk `lg `jssks ld Fjrpjrctk

Cekrlfc ld tbklr rkikdtikss cdo dkvkr-kdoldg cttcfhs jd tbk flvli fjurtsystke.Cisj udokr cttcfh bcs `kkd tbkrlgbt tj trlci `y aury, c rlgbt tbct ls gucr-cdtkko tj kvkry Cekrlfcd fltlzkd `y tbk [.V. Fjdstltutljd.Cii jn tbls stcrtko

wbkd @usb `kfcek gjvkrdjr jn _kxcsld 3


14/52

njihs ld tbls fjudtry._bk njiijwldg crk aust c nkw jn tbke cdo udnjrtudctkiy ejst njihs ojdt kvkd hdjw sjek crkjd tbk `jjhs.

NLVC Cekdoekdt Cft (0==2). _blsglvks rktrjcftlvk icwsult leeudlty tjtkikfje fjepcdlks.

]uìlf Pkcoldkss cdo Kekrgkdfy ]rk-pcrkodkss Cft (0==;). _bls icw cnnjros orug echkrs tjtci leeudlty njr okctb jr ldaury fcusko `y coeld-lstrctljd jr usk jn vcffldks wbkd cpuìlf bkcitb kekrgkdfy bcs `kkdokficrko.

]rjtkftljd jn Icwnui Fjeekdfk Ld Cres Cft (0==;)._bls icw strlps cwcy tbk ikgci rlgbt jn gud vljikdfk

vlftles cdo tbklr ncelilks, cs wkii csfltlks cdo fjudtlks, tj skkh rkorkss

cgcldst rkfhikss cdo dkgilgkdt gudokcikrs, ecduncfturkrs, olstrlùtjrscdo trcok cssjflctljds.

Ficss Cftljd Nclrdkss Cft (0==;)._blsicw njrfks ejst stctk icw-`csko ficsscftljd fcsks, ldfiuoldg prjouft ilc`li-lty, wjrhkr prjtkftljd, fjdsuekr nrcuo cdo flvli rlgbts sults, ldtjnkokrci fjurt.

Vuppjrt Cdtl-_krrjrlse `y NjstkrldgKnnkftlvk _kfbdjijglks Cft (0==0).

_bls icw sblkios ecduncfturkrs, ols-trlùtjrs cdo prjvlokrs jn qucilnlkocdtl-tkrrjrlse tkfbdjijgynrje ejsticwsults._bky fcdt k bkio ilcìk njr pudltlvk ocecgks, fcdt ncfk cdy cool-tljdci ocecgks `kyjdo tbklr ldsur-cdfk fjvkrcgk cdo fcdt `k suko ldstctk fjurts.

Clr _rcdspjrtctljd Vcnkty cdo VystkeVtc`lilzctljd Cft Cekdoekdts (0==3)._bksk cekdoekdts rkstrlft ilc`lilty njr ficles crlsldg nrje tbk Vkptke-`kr 33 tb tkrrjrlst-rkictko picdkfrcsbks cgcldst cd clr fcrrlkr, clr frcntecduncfturkr, clrpjrt spjdsjr jr pkrsjd wltb c prjpkrty ldtkrkst ldtbk Wjrio _rcok Fkdtkr tj tbk ileltsjn tbklr ilc`lilty ldsurcdfk fjvkrcgk.

Ld cooltljd tj tbk icws tbct wkrkpcssko `y Fjdgrkss, tbk @usb gcdgqulktiy put coeldlstrctlvk cgkdflks ldtjpjsltljds jn pjwkr dkvkr `knjrk lecg-

ldko._bls ciijwko tbk cgkdflks tj wlpkjut jr rkdokr ekcdldgikss tbk ldolvlo-uci ikgci rlgbts jn ldolvloucis._bk nuii-sfcik cttkept tj usk ruikechldg `y tbksk cgkdflks tj prkkept stctk tjrticw, ln suffkssnui, wjuio `cd stctk icw-sults rkgcroikss jn bjw `co tbkfjdouft jn c wrjdgojkr elgbt `k.Wkbcvk wrlttkd jd tbk nkokrci prkkeptljdlssuk jd duekrjus jffcsljds ld prljr lssuks jn tbk Pkpjrt ._bk @usb gcdg bcsfbcdgko ct ikcst ;= nkokrci cgkdfy ruiksnjr tbk sjik purpjsk jn ìjfhldg icw-sults `y jroldcry fltlzkds wbj crkldaurko cdo ocecgko `y oknkftlvk prjo-ufts._bk njiijwldg crk c nkw kxcepiksjn wbct tbk @usb gcdg bcs ojdk1

Orug Ic`kildg. Fjdsuekrs ldaurkojr hliiko `y c oknkftlvk jr ocdgkrjusorug fcdt suk tbk ecduncfturkr ln tbk ekolfctljd ic`ki bcs `kkdcpprjvko `y tbk Njjo cdo Orug

Coeldlstrctljd.

Ecttrkss Niceec`lilty. Fjdsuekrsldaurko jr hliiko ld c ecttrkss-rkictkonlrk fcdt suk tbk ecduncfturkr ln ltfjepilko wltb tbk Fjdsuekr ]rjouft Vcnkty Fjeelssljds ect-trkss-niceec`lilty stcdocro.

Pclirjco Vcnkty. Cdyjdk ldaurko jr hliiko y c rcli fcr fcrryldg bczcrojusectkrlcis fctfbldg nlrk fcdt suk tbkecduncfturkr ln tbk rcli fcr ekt tbknkokrci fjdstruftljd stcdocro.

Vkct`kits. ]csskdgkrs ldaurko jr hliiko `kfcusk tbky bco dj skct`kitfcdt suk tbk fcrechkr ln lt ldstciikotbk due`kr jn skct`kits ecdoctko `y tbk Dctljdci Blgbwcy _rcnnlf Vcnkty

Coeldlstrctljd.

_bk @usb prkslokdfy bcs iknt Cekrl-fcds ld c fjudtry wltb ejrk rlshs cdo

nkwkr prjtkftljds. Ecdy crk cshldg ln ]rkslokdt-kikft J`cec fcd udoj tbkocecgk tbct tbk @usb gcdg bcs ojdkcdo wlii bk rkciiy wjrh tj prjtkft

vlftles rlgbts: L ce fjdvldfko tbct bkfcd cdo wlii! @ut lts vkry fikcr tbcttbk J`cec Coeldlstrctljd cdo tbkdkw Fjdgrkss wlii bcvk tj fikcd up cijt jn ekssks iknt `y ]rkslokdt @usb cdo bls gcdg.

@ C\KP _ J ] C\ $


15/52

V CLD_ LDFKD_ _ J ] C\ $3.< E LIILJD L D W BLV_IK@IJWKP I CWV[L_

Cd kxcepik jn bjw tbk tcxpcykrs crk`kldg fbkctko rkictldg tj gjvkrdekdtprjgrces ldvjivks c sfbkek `y cdue`kr jn bjspltcis tj fbkct tbk gjvkrd-ekdt ld tbk Ekolfclo prjgrce. _bknkokrci gjvkrdekdt pclo jdk jn tbk bjs-

pltcis,Vcldt ldfkdt Bkcitb Fkdtkr, $>.3;eliiljd ld tbk 0==6 nlsfci ykcr tj trkctsjek jn tbk Krlk,]kddsyivcdlc,bjspltcisjiokst, slfhkst pctlkdts. Djw cs c rksuitjn c rkfkdt skttikekdt, Vcldt ldfkdt wliibcvk tj pcy $3.< eliiljd tj skttik c

wblstik-ìjwkr icwsult tbct ficleko tbkbjspltci suèlttko Ekolfcrk ficles tbctkxfkkoko lts cftuci fjsts.

C tjtci jn skvkd bjspltcis bcvkrkcfbko skttikekdts ld fjddkftljd

wltb c icwsult, wblfb wcs nliko ld

0==;, `y Cdtbjdy Hltk, cd ldokpkdokdtbjspltci fjdsuitcdt nrje Dkw Akrsky.Vcldt ldfkdt wcs ldnictldg lts Ekolfcrkrkleùrskekdt ficles nrje 0==3 tj 0==6tj rkfklvk suppikekdtci, jr jutilkr, pcy-ekdts. Jutilkr pcyekdts rkleùrskbjspltcis njr trkctldg pctlkdts wbjrkqulrk ejrk fcrk tbcd usuci njr c pcr-tlfuicr liidkss jr prjfkourk. Ld ictk0==0, Vcldt ldfkdt rclsko tbk cvkrcgkfbcrgk njr ecdy jn lts ejst fjeejdtrkctekdts cdo prjfkourks `ktwkkd?=% cdo 30=%, cffjroldg tj ldnjrec-tljd prjvloko `y tbk ]kddsyivcdlcBkcitb Fcrk Fjst FjdtcldekdtFjudfli. Icrry Qjgild, tbk icwykr wbjrkprkskdtko tbk wblstikìjwkr, bcotbls tj scy1

Vcldt ^ldfkdt orcectlfciiy blhko lts fbcrgks cfrjss tbk `jcro ld

0==0. Lt ciijwko tbk bjspltci tj skdo c blgbkr pkrfkdtcgk jn ficles tj Ekolfcrk njr jutilkr

pcyekdts._bksk wkrk djreci-fjst

pctlkdts ecok tj ijjh ilhk jutilkr pctlkdts.

Hltk dkvkr wjrhko cs c fjdsuitcdt njr Vcldt ldfkdt, ùt ikcrdko wbct tbk Krlkbjspltci wcs ojldg wblik wjrhldg wltb jtbkr bjspltcis dceko ld tbk icwsult.Vcldt ^ldfkdt rkfklvko $>.3; eliiljd ldjutilkr pcyekdts nrje Ekolfcrk ldnlsfci 0==6, ejrk tbcd njur tleks tbk$3.?0 eliiljd lt fjiikftko ld nlsfci 0==0.

_bls ls cd kxcepik jn bjw sjek ld Fjr-pjrctk Cekrlfc fbkct tbk gjvkrdekdt

wbkd pcrtlflpctldg ld gjjo nkokrci prj-grces._bk tcxpcykrs njjt tbk `lii cdoprjgrce rkflplkdts crk burt `kfcuskfbkctldg tbk gjvkrdekdt tchks ejdky cwcy nrje tbke.Vjurfk1 Krlk _leks Dkws

CLG J WKV $3= @ LIILJD N JP @ CO _ PCOKV

Lts `kkd rkpjrtko tbct CekrlfcdLdtkrdctljdci Grjup, jdfk tbk wjriosicrgkst ldsurkr, jwks crjudo $3= `liiljdtj jtbkr nldcdflci skrvlfks nlres njr trcoks tbct bcvk gjdk `co.Cppcrkdtiy,tbksk trcoks bcvkdt `kkd kxpilfltiy ols-fijsko `knjrk cdo crkdt fjvkrko `y tkres jn c furrkdt $3;= `liiljd nkokrcigjvkrdekdt rksfuk pcfhcgk._bk gjv-

krdekdts rksfuk pcfhcgk wcs ekcdttj scvk CLG nrje fjiicpsk, ùt cffjro-ldg tj c rkpjrt ld tbk Wcii Vtrkkt

Ajurdci , tbk dkwiy-olsfjvkrko trcoksrclsk nurtbkr qukstljds c`jut bjw tbkldsurkr wlii rclsk ejdky tj pcy tbkok`ts. L suspkft tbkrk ls eufb ejrk tjfjek jd bjw truiy `co CLG bcs `kkd.Vjurfk1 Ldsurcdfk Ajurdci

D KW \ JPH I CW\KP V CLO _ J B C^K V _JIKD $62= E LIILJD

Nkokrci prjskfutjrs scy tbct EcrfOrklkr, c Dkw \jrh icwykr, bcs stjikd$62= eliiljd nrje bkogk nudos cdoldvkstjrs. Cffjroldg tj Csslstcdt [.V.

Cttjrdky Ajdctbcd Vtrkktkr, tbk ciikgkonrcuo bcs `kkd gjldg jd sldfk 0==>.Bkoksfrl`ko tbk vlftles jn nrcuo cs vkry sjpblstlfctko ldvkstjrs. Orklkr, c ;2-

ykcr-jio Bcrvcro Icw Vfbjji grcouctk, wcs cffusko jn stkcildg $336 eliiljdnrje twj bkogk nudos sldfk Jftj`kr

`y pkrsucoldg tbke tj ldvkstld nchkpcpkr suppjrtko `y njrgko nldcdflciojfuekdts.

Orklkr ls cisj cffusko jn rkejvldgfilkdt nudos cejudtldg tj tkds jn eli-iljds jn ojiicrs nrje icw nlre ksfrjw cffjudts cdo puttldg lt ldtj bls jwdpkrsjdci cffjudts. Ecrf Orklkr ls tbknjudokr cdo sjik kqulty pcrtdkr jn tbkOrklkr icw nlre. Ct jdk tlek bls nlrebco dkcriy 0;= icwykrs. _bk icw nlre

bcs djw nliko njr `cdhruptfy prjtkf-tljd. Ln tbk fbcrgks cgcldst tbls ecd crktruk, bk sbjuio `k acliko, cdo `cddkonrje prcftlfldg icw njr ilnk. Fikcriy, tblssjrt jn tbldg fcdt `k tjikrctko.Vjurfk1 @ijje`krg

BBV P KIKCVKV B KCI_B F CPK N PC[O CDO

C@[VK F JD_PJI ] PJGPCE P K]JP_

_bk Okpcrtekdt jn Bkcitb cdoBuecd Vkrvlfks (BBV) cdo Okpcrt-ekdt jn Austlfk (OJA) rkfkdtiy rkikcskotbk Bkcitb Fcrk Nrcuo cdo CùskFjdtrji ]rjgrce Cdduci Pkpjrt njr N\ 0==7. Cffjroldg tj tbk CdduciPkpjrt, tbk nkokrci gjvkrdekdt wjd jr dkgjtlctko cpprjxlectkiy $3.2 `liiljdld auogekdts cdo skttikekdts, cdocttcldko cooltljdci coeldlstrctlvk lepj-sltljds, ld bkcitb fcrk nrcuo fcsks cdoprjfkkoldgs ourldg nlsfci ykcr 0==7.Ourldg nlsfci ykcr 0==7, tbk Ekolfcrk_rust Nudo cisj rkfklvko trcdsnkrs jn cpprjxlectkiy $730 bkcitb

fcrk nrcuo frleldci ldvkstlgctljdspkdoldg, ldvjivldg 0,>=6 pjtkdtlcioknkdocdts, cdo nliko frleldcifbcrgks ld ?6? fcsks ldvjivldg 72>Oknkdocdts.

C tjtci jn ;>= Oknkdocdts wkrk fjd- vlftko njr bkcitb fcrk nrcuo rkictkofrleks.

_bk Austlfk Okpcrtekdt jpkdko 77>dkw flvli bkcitb fcrk nrcuo ldvkstlgc-tljds,bco 7?6 flvli bkcitb fcrk nrcuoldvkstlgctljds pkdoldg, cdo jpkdko032 dkw flvli bkcitb fcrk nrcuo fcsks.

_bk Bkcitb Ldsurcdfk ]jrtc`lilty cdo Cffjudtc`lilty Cft jn 3


16/52

tbk Cttjrdky Gkdkrci cdo BBV cftldgtbrjugb BBV Jnnlfk jn Ldspkftjr Gkdkrci, tbk BFNCF prjgrce lsokslgdko tj fjjroldctk Nkokrci, Vtctkcdo ijfci icw kdnjrfkekdt cftlvltlksfjdfkrdldg bkcitb fcrk nrcuo cdocùsk. BL]CC rkqulrks tbct BBV cdoOJA oktcli tbk cejudts okpjsltko cdocpprjprlctko tj tbk Ekolfcrk _rustNudo cdo tbk sjurfk jn sufb okpjsltsld tbk Cdduci Pkpjrt.Vjurfk1 Ekolfcrk [poctk

A [OGK C]]PJ^KV V K__IKEKD_ L D CLG V BCPKBJIOKP V [L_

Icst ejdtb c auogk cpprjvko c $33;eliiljd skttikekdt ld c sbcrkbjiokr icwsult cgcldst njrekr kxkfutlvks jn ldsurcdfk fjepcdy Cekrlfcd Ldtkrdc-tljdci Grjup Ldf._bk skttikekdt wcsrkcfbko ld Vkptke`kr, aust ocys `knjrktrlci wcs tj `kgld ld c 0==0 icwsultfbciikdgldg budorkos jn eliiljds jn ojiicrs ld fjeelssljds pclo `y CLG tjF. . Vtcrr & Fj., c prlvctkiy-bkio cnnlil-ctk fjdtrjiiko `y njrekr CLG Fbclr-ecd Bcdh Grkkd`krg cdo jtbkr CLGolrkftjrs. Lt wcs ciikgko tbct tbk_kcfbkrs Pktlrkekdt Vystke jn Ijulslcdc ciikgko tbct Dkw \jrh-`csko

CLG fjuio bcvk ojdk tbk wjrh njr wblfb lt pclo Vtcrr, cdo tbct tbk fje-elssljds wkrk slepiy c ekfbcdlsenjr Grkkd`krg cdo jtbkr Vtcrr olrkf-tjrs tj ildk tbklr pjfhkts.

_bk skttikekdt fciis njr $2;.;eliiljd tj `k pclo `y ldsurcdfk fcrrl-krs, wltb Vtcrr rkspjdsl ik njr $02.0;eliiljd._bk rkecldldg $3.0; eliiljd

wlii `k pclo `y njrekr CLG lfk Fbclr-ecd jn Ldsurcdfk _bjecs _lzzlj._bk

auogk ld bls jrokr oksfrl`ko tbk skt-tikekdt cs nclr cdo rkcsjdcìk, djtldgtbct tbkrk wcs dj cssurcdfk tbct tbk]icldtlnns fjuio bcvk rkfjvkrko tbkcejudt tbky wkrk skkhldg,wblfb wcsup tj $0 liiljd, ln tbk fcsk bco gjdktj trlci.Vjurfk1 Njr`ks

^LL.FJDGPKVVLJDCI[]OC_K

B J]KN[II\ _ BK @ CLIJ[_ J N _ BK @ CDHV W LII B KI]

L ce stlii grkctiy fjdfkrdko cs tj bjw tbk nkokrci `clijut jn nldcdflci ldstltu-tljds bcs `kkd fcrrlko jut. Lt djw cppkcrs tbkrk wcs tjj ilttik picddldgojdk `knjrk Fjdgrkss cpprjvko tbkjrlgldci @usb Coeldlstrctljd $7==`liiljd `clijut pcfhcgk._bk fbcdgks ldtbk jrlgldci picd tbct bcvk `kkd ecok`y _rkcsury Vkfrktcry ]cuisjd ecy bcvk`kkd dkfksscry, ùt dj`joy skkes tjrkciiy hdjw wby tbky wkrk ojdk. Ldcdy kvkdt, Fjdgrkss eust djw echksurk tbk fjdtrjis tbct wkrk put ld picfkeust `k kdnjrfko. Ln dkfksscry, dkw fjdtrjis eust `k kdcftko `y Fjdgrksscdo put ldtj knnkft leekolctkiy cdokdnjrfko.Bjpknuiiy, tbk `clijut wlii `ksuffkssnui cdo jur kfjdjey wliirk`judo cs c rksuit.

_ BK O JEKV_LF C[_JEJ@LIK L DO[V_P\

Ld ey jpldljd, wk fcdt ciijw tbk[.V. cutjej`lik ecduncfturkrs tj ncli

cdo gj jut jn ùsldkss. L ce nlreiy fjdvldfko tbct tbky sbjuio djt bcvktj gj ldtj `cdhruptfy. Ln tbctjffurrko, tbk nciijut crjudo tbk wjrio

wjuio `k cd ldtkrdctljdci olscstkr njr tbk [dltko Vtctks.Wblik L `kilkvk tbknkokrci gjvkrdekdt eust scvk tblsldoustry, lt eust `k ojdk ld sufb c wcy tbct tbkrk crk kxtrkekiy strjdg fjd-trjis lepjsko jd kcfb fjepcdy. C ecajr fbcdgk ld ecdcgkekdt wltb cfcp jd kxkfutlvk scicrlks ls c dkfks-slty._bk rlppik knnkft jd jur dctljdskfjdjey ln tbls ldoustry ls ciijwko tjfjiicpsk, wltb c ecsslvk ijss jn aj`s,

wjuio `k cd kfjdjelf cdo sjflci ols-cstkr tbct wjuio `k lepjsslìk tjjvkrfjek.Bjpknuiiy, tbk @usb Coeld-lstrctljd cdo Fjdgrkss wlii bcvk tchkdstrjdg fjrrkftlvk cftljd `y tbk tlektbls lssuk ls rkfklvko. Jdfk tbk dkw ]rkslokdt ls ld jnnlfk, bls Coeldlstrc-tljd cdo Fjdgrkss wlii bcvk tj njiijw

up tj echk surk tbk cutjej lik ldous-try ls scvko.

O P[G E CHKPV _ PCOK G PJ[] V ]KD_ $;.? E LIILJD I J@@\LDG L D _ BLPO S [CP_KP

_bk pbcrecfkutlfci ldoustrys ecldtrcok grjup spkdt ejrk tbcd $;.?

eliiljd ij``yldg Fjdgrkss ld tbk tblroqucrtkr jn 0==2, cffjroldg tj c rkfkdtolsfijsurk rkpjrt._bk ]bcrecfkutlfciPkskcrfb cdo Ecduncfturkrs jn Cekrlfc(]bPEC) ij``lko tbk nkokrci gjvkrd-ekdt jd ikglsictljd ldvjivldg ciijwldggkdkrlf vkrsljds jn `ljijglf orugs,rklepjrtctljd jn prksfrlptljd orugs,cdo tbk ùogkts njr tbk Njjo cdo Orug

Coeldlstrctljd cdo tbk Okpcrtekdt jn Bkcitb cdo Buecd Vkrvlfks. Bjpknuiiy,sjek jn tbls ij``yldg bkipko fjd-suekrs.

_bk trcok grjup bcs ejrk tbcd 6= eke-`krs, ldfiuoldg @rlstji-Eykrs Vqul``Fj., GicxjVeltbHildk ]IF, Ajbdsjd &

Ajbdsjd, Ekrfh & Fj., Djvcrtls Fjrp.,]nlzkr Ldf., Vcdjnl-Cvkdtls VC, jtbkr orug echkrs cdo skvkrci `ljtkfb fje-pcdlks.Ld tbk Auiy-Vkptke`kr pkrljo, ldcooltljd tj ]bPEC ij``yldg Fjdgrkss,lt cisj ij``lko tbk Okpcrtekdts jn Fjeekrfk cdo Bkcitb cdo BuecdVkrvlfks, tbk NOC, Dctljdci Vkfurlty Fjudfli, Fjdgrkssljdci @uogkt Jnnlfk,]ctkdt cdo _rcokecrh Jnnlfk, [.V._rcokPkprkskdtctlvk cdo Dctljdci KfjdjelfFjudfli. _bk rkpjrt wcs nliko ldJftj`kr wltb tbk Bjusk fikrhs jnnlfk.

Njrekr Ijulslcdc Pkp. @liiy _cuzld,]bPECs prkslokdt cdo fblkn kxkfutlvk,ls jdk jn tbk grjups rkglstkrko ij `y-lsts.\ju wlii rkeke`kr tbct tbls nkiic,

wblik ld Fjdgrkss, pusbko ikglsictljdtbrjugb tbct grkctiy `kdknltko tbk orugfjepcdlks cdo burt fjdsuekrs cdotcxpcykrs. Bls icst `lt jn fcrryldg wctkr njr tbk orug ldoustry wblik ld Fjdgrkss

wcs skfurldg tbk pcsscgk jn tbkEkolfcrk lii ld 0==6. Cntkrwcros,_cuzld rkslgdko bls skct ld Fjdgrksscdo wkdt tj wjrh nuii tlek wltb ]bPEC cs lts kxkfutlvk olrkftjr. Jtbkr ]bPEC ij``ylsts bcvk cisj wjrhko ldFjdgrkss ld sjek fcpcflty `knjrk`kfjeldg ij``ylsts.Vjek jn tbk ij``y-ldg cftlvltlks ldvjivko prjouft ilc`lilty

3> [email protected]


17/52

lssuks cdo ecttkrs rkictldg tj Ekolfcrkcdo Ekolfclo.Vjurfk1 Cssjflctko ]rkss

^LLL.]PJO[F_ILC@LIL_\ []OC_K

D KW LOKJ V BJWV L DCOKS[CF\ JN D KW ^ KBLFIK P JJN V _PKDG_B V _CDOCPOV

_bk lssuk jn rjjn scnkty ld Cekrlfcdcutjej`liks bcs `kkd icrgkiy lgdjrko`y tbk nkokrci gjvkrdekdt njr ykcrs.Csc rksuit, wk bcvk skkd udcffkptc iy ijw rjjn frusb stcdocros, fjdtlduciokicys cdo ldcftljd `y tbk DctljdciBlgbwcy _rcnnlf Vcnkty Coeldlstrctljdtj ldfrkcsk tbjsk ijw stcdocros, jut-jn-octk cdo udrkcilstlf rjjn frusb tksts,cdo kvkd tbk supprkssljd jn rjiijvkr tkst vlokjs. Ld 0==>, tbk [.V. Fjdsuekr

wctfbojg grjup ]uìlf Fltlzkd pu`-ilsbko rksuits jn oydcelf rjjn frusb tksts fjepcrldg tbk pkrnjrecdfk jn c

jivj RF._bk tksts wkrkpkrnjreko jd tbk Ajrocd Pjiijvkr Vystke (APV) cdo wkrk spjdsjrko `y tbk Vcdtj Nceliy Njudoctljd._bk tkst

wcs djt fjdouftko `y DB_VC `kfcusktbk gjvkrdekdt ekcsurks rjjn strkdgtb

wltb c stctlf frusb tkst, ld wblfb csijw ejvldg ektci pictk `kcrs ojwdjd tbk cutjej`lik. Cd cutjej liksrjjn pcssks ln tbk rjjn fcd wltbstcdojdk tleks tbk vkblfiks wklgbt wjrtb jn prkssurk._bk ejrk rkcilstlf APV tkstsleuictko c euitlpik rjiijvkr. _bk

ecxleue ldtrusljd jd tbk ^jivjs rjjn wcs 0.> ldfbks cdo pkch rjjn ldtrusljd vkijflty wcs ikss tbcd njur eliks pkr bjur. Lts oueey jffupcdts ksfcpkoskrljus ldaury ld euitlpik rjiijvkrs.

@ut, tbk Njro cdo lts jffupcdtsolodt ncrk sj wkii. Ecxleue rjjn ldtrusljd jd tbk Kxpijrkr wcs 33.;ldfbks cdo pkch rjjn ldtrusljd vkijflty

wcs 30 epb, kxfkkoldg tbk hdjwd

tbrksbjios njr okctb cdo skrljusldaury . Lts jffupcdts wkrk skvkrkiy ldaurko. @kfcusk jn tbk Kxpijrkrs pjjr pkrnjrecdfk,Njro sjugbt cdo rkfklvkoprjtkftlvk jrokrs ld 0? fjurts._bk prj-tkftlvk jrokrs knnkftlvkiy fjdfkcikotbk tkst vlokj nrje tbk puìlf. Djw,bjwkvkr, tbk rksuits jn tbksk tksts crkcvclicìk tj tbk puìlf.

_bus ncr, tbk APV tkst rksuits elrrjr cftuci hdjwd rjiijvkr frcsbks jn

vcrljus vkblfiks. kblfiks tbct pkrnjrepjjriy ld tbk APV bcvk `kkd sbjwd tjpkrnjre pjjriy ld rkci ilnk.Pkfkdtiy, tbkDB_VC cddjudfko lts ictkst okicy ldlssuldg dkw cdo leprjvko rjjn frusb scnkty stcdocros, scyldg tbct tbk tleklsdt rlgbt njr tbk cutjej lik ecduncf-turldg ldoustry tj bcvk tj rclsk lts stcd-ocros._bls ls tbk ictkst ld c ijdg skrlksjn okicys, cdo wlii knnkftlvkiy tjss tbk

rkspjdsl`lilty tj tbk dkxt Coeldlstrc-tljd.Cntkr ejrk tbcd tbrkk okfcoks jn picyldg gceks wltb scnkty, lts c pkrnkfttlek njr kttkr, scnkr Cekrlfcd fcrs._bkojekstlf fcr fjepcdlks crk cshldg tbknkokrci gjvkrdekdt tj `cli tbke jutcdo tbct sbjuio bcppkd. Lts jdiy rlgbttbct tbksk fjepcdlks stcrt echldg fcrstbct tbk puìlf wcdts, ùt tbky sbjuiocisj `k ecok njr scnkty cs wkii cs pkr-njrecdfk.Vjurfk1 ]uìlf Fltlzkd

W JPH]ICFK ] PJO[F_ I LC@LIL_\

Ld tbls fjudtry, ln yju hlii, frlppik jr olseke`kr sjekjdk yju sbjuiokxpkft tj gj tj acli, udikss tbct pkrsjd

wjrhs njr yju. [dilhk tbk icws tbctgjvkrd jroldcry pkjpik, tbk icwsrkgcroldg wjrhpicfk scnkty jnnkr udnclr prjtkftljds tj ùsldkssks tbct kxpjskkepijykks tj uddkfksscry cdo prkvkdt-cìk ocdgkrs. Ld ncft, wjrhkrs fjepkd-sctljd icws (jrlgldciiy kdcftko tjprjvlok nldcdflci prjtkftljd njr ldaurko

wjrhkrs) jntkd cft tj rkstrlft tbk typksjn icwsults tbct fcd `k `rjugbt njr

wjrhpicfk ldaury cdo ld ecdy fcsksprkvkdt tbk ldaurko kepijykk jr blsnceliy nrje `kldg cìk tj suk ct cii.Ldcooltljd tj tbk rlshs cssjflctko wltb elsecdcgko cdo pjjriy-supkrvlsko

wjrhsltks, cii tjj jntkd c oknkftlvk

prjouft cisj picys c rjik ld c wjrh-picfk ldaury jr okctb.

Jvkr tbk ykcrs, wk bcvk rkprkskdtkosfjrks jn ldolvloucis wbj bcvk `kkdskvkrkiy ldaurko `y c oknkftlvk prjouftusko ld c wjrhpicfk. Ln c supkrvlsjr rkejvks c gucro nrje c scw cdo cdkepijykk ls ictkr ldaurko, tbk supkrvl-sjr cdo tbk fjepcdy ecy `k ilcìk njr tbct rkejvci. Cooltljdciiy, ln tbkrkejvci jn tbk gucro wcs njrkskkcìktj tbk ecduncfturkr, tbk prjouft ecy `k oknkftlvk udokr Cic`cec icw. Kxce-piks jn fcsks wk bcvk bcdoiko ldvjiv-ldg oknkftlvk prjoufts tbct fcusko

wjrhpicfk ldaurlks ldfiuok1wjjowjrh-ldg ecfbldkry tbct icfhko cdtl-hlfh-`cfh tkktb tj prkvkdt vljikdt kakftljdjn wjjo plkfks ldtj c dkcr`y wjrhkr, ctrcftjr ejudtko pjstbjik olggkr tbcticfhko c gucro tj prkvkdt c wjrhkr

nrje `kldg kdtcdgiko ld cd kxpjskorjtctldg `jit, cd kxfcvctjr qulfh fjupikr tbct ncliko cdo ciijwko tbkkxfcvctjr ùfhkt tj ncii jdtj c wjrhkr,c bjrlzjdtci `jrldg ecfbldk tbcticfhko prjpkr tjrquk fjdtrji cdo jpkr-ctjr prkskdfk tkfbdjijgy tj prkvkdttbk ecfbldk nrje jvkrturdldg cdofrusbldg c wjrhkr, udgrjudoko kikftrl-fci kqulpekdt, cdo ecdy ejrkldstcdfks jn wjrhpicfk ldaury cdookctb fcusko y oknkftlvk prjoufts.

Wk furrkdtiy rkprkskdt tbk nceliy jn c yjudg ecd wbj wcs hliiko wblik jpkr-ctldg c icrgk kxfcvctjr jr trcfh bjk.

Wblik orlvldg tbk kxfcvctjr nrje jdkijfctljd tj cdjtbkr, tbk jpkrctjr bco tjecdkuvkr cejdg trkks jd c aj`sltk.

Wbkd bk stjjo up nrje tbk skct tj ijjh jut tbk slok ojjr, tbk kxfcvctjr vlj-ikdtiy swlvkiko cdo frusbko bls bkcocgcldst c trkk._bk ciikgctljds crk tbcttbls kxfcvctjr sbjuio bcvk `kkdkqulppko wltb jpkrctjr prkskdfk

skdsldg tkfbdjijgy tbct wjuio bcvk prk- vkdtko jpkrctljd jn tbk ecfbldk ln tbkjpkrctjr ls jut jn tbk skct.@kfcusk sufb tkfbdjijgy bcs `kkd usko jd vcrljusecfbldkry njr ykcrs,wk ijjh njrwcro tjprkskdtldg tbls fcsk tj c aury.

Ln yju dkko ejrk ldnjrectljd jd cdy jn tbk ecttkrs olsfussko c`jvk,fjdtcftElhk Cdorkws ct 2==-2


18/52

A [P\ CWCPOV S [COPL]IKGLF $33.6 E LIILJD L D I CWV[L_

Bcrjio Ikjd @jstlfh, c njrekr icw stuokdt wbj wcs iknt qucorlpikglf

wbkd wklgbtilntldg kqulpekdt ct blsgye frcsbko jdtj bls dkfh,bcs wjd blsicwsult. C nkokrci fjurt aury cwcroko$33 eliiljd ld ocecgks. @jstlfh bcs

djw wjd c tjtci jn $32.> eliiljd nji-ijwldg skvkd ijdg ykcrs jn iltlgctljd._bk 6 eliiljd.Nrustrctko tbct lts ldsurkr olo djt skttik cdo `kldg udc`ik tj pcy tbk aury cwcro, Nikx gcvk @jstlfh tbkrlgbt tj suk Cticdtlf Eutuci njr `concltb njr rknusldg tj skttik kcrilkr ld tbkfcsk. Gjios Gye skttiko wltb @jstlfh njr $7.6 eliiljd.Wbkd tbk fcsk wkdt tjtrlci, tbk aury ruiko cgcldst tbk ldsur-cdfk fjepcdy cdo cwcroko @jstlfh tbk cooltljdci $33.6 eliiljd.

Wblik @jstlfh wlii `k ld c wbkkifbclr njr tbk rkst jn bls ilnk,bk stlii skks jdk

rkci `kdknlt._bls ecd scys tbct bk wliidjw bcvk ejrk ejdky tj bkip jtbkr pkjpik wbj crk bcdolfcppko. Ld Auiy,bk cdo sjek nrlkdos njudoko tbk Ols-c`iko Vpjrts cdo Nltdkss Njudoctljd, cdjdprjnlt grjup ldtkdoko tj bkippkjpik cnnjro cdo gcld cffkss tj spjrtskqulpekdt njr pbyslfci tbkrcpy. Ldsjek wcys, @jstlfhs gjcis tjocy crkdjt sj olnnkrkdt tbcd tbky wkrk wbkdbk kdrjiiko cs c icw stuokdt ct ]kppkr-oldk [dlvkrslty c nkw ejdtbs `knjrkbls ldaury.Wblik @jstlfh bcs c pbyslfciolsc`lilty, bk bcsdt ijst bls splrlt cdotbcts gjjo._bk Fcilnjrdlc icwykr wbjrkprkskdtko @jstlfh ld tbls fcsk olo cdjutstcdoldg aj`. Bjwkvkr, @jstlfh scysdj cejudt jn ejdky fcd glvk ble tbkilnk bk bco `knjrk tbk kvkdldg jn

Acducry ?,0==3.Vjurfk1 Cssjflctko ]rkss

W.P. G PCFK _ J ] C\ [ ] _ J $3?= E LIILJD L D CV@KV_JV F CVK

W.P. Grcfk & Fj. bcs cgrkko tj pcy up tj $3?= eliiljd tj skttik c ficsscftljd icwsult crlsldg jut jn lts usk jn cd cttlf-ldsuictldg prjouft tbct fjd-tcldko cs`kstjs._bk spkflcity fbkelfcisechkr wlii pcy $6= eliiljd fcsb ldtj ctrust nudo, cd cooltljdci $6= eliiljdfcsb cntkr tbrkk ykcrs, cdo echk up tjtkd cooltljdci cdduci pcyekdts jn $2eliiljd ln fkrtcld fjdoltljds crk ekt._bls ldnjrectljd fjeks nrje c nlildg

wltb tbk Vkfurltlks cdo Kxfbcdgk Fje-elssljd. _bk fjepcdy sjio Qjdjiltkcttlf ldsuictljd, c ijjsk-nlii vkrelfuiltkprjouft tbct fjdtclds dcturciiy jffur-rldg cs`kstjs. Qjdjiltk wcs ldstciiko ldeliiljds jn bjeks tbrjugbjut tbk [.V.cdo Fcdcoc.Cs yju ecy rkfcii, tbk bud-orkos jn tbjuscdos jn icwsults ldvjiv-ldg tbls prjouft njrfko W.P. Grcfk ldtj`cdhruptfy prjtkftljd ld 0==3. Eufb jn tbk Qjdjiltk ecduncfturko ld tbk[.V. fcek nrje c vkrelfuiltk eldk ldIl``y, Ejdt._bk Il``y, Ejdtcdc eldk,

wblfb wcs jpkd njr ejrk tbcd 7= ykcrs cdo fijsko ld 3


19/52


20/52

Grcntnjr purpjsks djt cpprjvko `y tbk Njjo cdo Orug Coeldlstrctljd

wcs `kldg fjdouftko ct tbk tlek tbksult wcs nliko. Gjvkrdekdt ldvkstlgc-tjrs crk prj`ldg tbk jnn-ic`ki usk jn Ldnusk. [sk jn Ldnusk ld tbk dkfh ls jdkjn tbksk sj-fciiko jnn-ic`ki usks. _bkjdiy typk jn spldk surgkry njr wblfb Ldnusk bcs `kkd cpprjvko ls c nrjdtcicpprjcfb tj tbk ijwkr `cfh`jdk,hdjwd cs tbk iue`cr spldk. Kvkdtbjugb ojftjrs crk ciijwko tj usk NOC-cpprjvko prjoufts cdy wcy tbky skknlt, fjepcdlks crkdt ciijwko tjprjejtk jnn-ic`ki usks._bk sult, nliko ldnkokrci fjurt ld Ijs Cdgkiks, ls tbk nlrsttj ciikgk tbct Ldnusk wcs rkspjdslìk njr c okctb. Lt fjdtclds slelicr ciikgctljdstj tbjsk ecok ld icwsults nliko ld 0==0cdo 0==6 `y njrekr kepijykks jn Ekotrjdlfs spldci olvlsljd.

_bk Dls`kt nceliy ciikgks ld tbklr sulttbct c Ekotrjdlf sciksecd urgko Es.Dls`kts surgkjd tj usk Ldnusk ld bkr dkfh surgkry kvkd tbjugb sufb usk

wcsdt NOC-cpprjvko. _bk prjouft lspicfko ld tbk pctlkdt ourldg surgkry._bk icwsult ciikgks Es. Dls`kt udokr-

wkdt tbk surgkry jd Cugust 03 st, c`jutskvkd wkkhs cntkr tbk NOC bco wcrdkotbct Ldnusk ld dkfh surgkry bco fcuskoilnk-tbrkctkdldg fjepilfctljds._bct Auiy 3st covlsjry cisj ildhko Ldnusk tj fje-

prkssljd jn tbk clrwcy, olnnlfuity swci-ijwldg jr `rkctbldg cdo tbk dkko njr `rkctbldg tu`ks.

_bk sult ciikgks tbct Es.Dls`kt wkdtld njr surgkry tj trkct dkfh pcld, ùttbct cntkrwcro sbk okvkijpko swkiildgld tbk dkfh, tbkd bco olnnlfuity swci-ijwldg cdo `rkctbldg. Kcriy ld tbkejrdldg jn Cugust 06 ro , cffjroldg tjtbk icwsult, tbk wjecd wkdt ldtj rkspl-rctjry crrkst, okgkdkrctldg ldtj c vkgk-tctlvk stctk,cdo tbkd wcs hkpt cilvk y

crtlnlflci ekcds udtli sbk olko jd Cugust 6= tb ._bk icwsult ciikgks tbct cEkotrjdlf sciks rkprkskdtctlvk wcs ldtbk jpkrctldg rjje cdo tbct prljr tjcdo ourldg tbk surgkry, tbk Ekotrjdlfsciks rkprkskdtctlvk kdfjurcgko cdorkfjeekdokotbk usk jn Ldnusk tj tbkojftjr._bls ojftjr ls lokdtlnlko ld tbkicwsult, ùt lsdt dceko cs c Oknkdocdt.

Lt cppkcrs tbct Ekotrjdlf ecy bcvkecok cd covkrsk kvkdt rkpjrt jd tbk

Dls`kt fcsk tj tbk NOC.Wblik c rkpjrtnliko `y tbk fjepcdy ejrk tbcd tbrkk

wkkhs cntkr Es. Dls`kts okctb ojksdtlokdtlny tbk pctlkdt `y dcek jr tbkijfctljd jn tbk ldflokdt, lt ecy wkii `ktbk Dls`kt fcsk.Cffjroldg tj c rkvlkw `y _bk Wcii Vtrkkt Ajurdci , tbk rkpjrtfjdtclds oktclis tbct cppkcr tj ectfb tbk ciikgctljds ld bkr fcsk, sufb cs tbkpctlkdt okvkijpldg swkiildg cdo fje-picldldg jn ldfrkcsldg olnnlfuity swci-ijwldg._bk fjepcdys rkpjrt qujtkstbk surgkjd cs scyldg bk ojks djt`kilkvk tbct Ldnusk picyko c olrkft rjikld tbk pctlkdts jutfjek. _bk rkpjrtcisj sclo tbk pctlkdt wcs ld c fjec._blssurkiy sjudos ilhk tbk Dls`kt fcsk.

Cpcrt nrje tbk Austlfk Okpcrtekdtcdo Vkdctk ldqulrlks, Ekotrjdlf bcs`kkd cffusko `y njrekr kepijykks jn pcyldg hlfh`cfhs tj ojftjrsld tbk

njre jn pbjdy fjdsuitldg crrcdgk-ekdts, nrkk trcvki tj rksjrts cdo sbcerjycity okcistj gkt tbke tj usk tbkfjepcdys spldk prjoufts. Ekotrjdlf,

wblfb bcs okdlko tbk ciikgctljds, bcscgrkko tj pcy $?= eliiljd tj skttikficles ecok ld twj icwsults nliko `y njrekr kepijykks ld 0==0 cdo 0==6._bjsk icwsults wkrk bcdoiko `y tbkicw nlre jn Ilknn, Fc`rcskr, Bklecdd & @krdstkld, wblfb bcs jnnlfks ld Fcilnjr-dlc, Dkw \jrh cdo _kddksskk._bct nlre

olo c vkry gjjo aj`.Vjurfk1 Wcii Vtrkkt Ajurdci

^ CPLJ[V L DA[PLKV A [V_LN\ C D [E@KP J N P KFCIIV J D E KO_PJDLF ] CLD ] [E]V

Wltbld tbk pcst nkw ykcrs, tbkrk bcs`kkd c stkcoy ldfrkcsk ld tbk due`kr jn rkfciiko ekolfci okvlfks fciiko pcldpueps. ]cld pueps typlfciiy crkpjrtcìk cdo jntkd olspjscìk pcldecdcgkekdt okvlfks wblfb fjdtldu-jusiy coeldlstkr ijfci cdkstbktlftbrjugb c fctbktkr tj c surglfci sltk njr c fkrtcld tlek pkrljo njiijwldg surgkry tj okfrkcsk pjst-jpkrctlvk pcld cdocsslst ld kcrilkr rkbc`liltctljd. Jdk jn tbk rkfkdt djtcìk ldaurlks ouk tjoknkftlvk pcld pueps bcs `kkd tbkokstruftljd jn sbjuiokr fcrtlicgk cttrl`-utko tj tbk cppilfctljd jn cdkstbktlfekolfctljd olrkftiy ldtj tbk ajldt spcfk

vlc tbk pcld puep fctbktkr. Bjwkvkr,pcld pueps bcvk fcusko vcrljus jtbkr ldaurlks, rksuitldg ld tbklr wltborcwcinrje tbk ecrhkt.

Jdk typk jn ldaury rksuitldg ldrkfciiko pcld pueps ls dkurjijglfldaurlks fcusko `y tbk okvkijpekdt jn fctbktkr-cssjflctko ldtrc-spldci ecssksjr iksljds cssjflctko wltb tbk tlps jn spldci ldnusljd fctbktkrs._bksk ecssksfcd kltbkr `k fcdfkrjus jr fcusk pcrci-

ysls. Vjek jn tbk stuolks ijjhldg cttbksk ldaurlks ldolfctk tbct pctlkdtsrkfklvko c njre jn ejrpbldk jr ejr-pbldk fje`ldko wltb jtbkr cdcigkslfscdo ijfci cdkstbktlfs._bk kxcft rctk jn tbksk fjepilfctljds ls udhdjwd ct tblspjldt, ùt rcdgk nrje jdk ldtrctbkfciecss pkr 3=== pctlkdts tj tbrkkldtrctbkfci ecssks pkr >= pctlkdts.

_bksk ecssks jr iksljds ecy fcusk

cfutk spldci fjro fjeprkssljd cdo `kcssjflctko wltb c pkrecdkdt dkurj-ijglf ldaury jr jffur wltbjut cdy syep-tjes._bk sflkdtlnlf iltkrcturk suggkststbct tbksk ecssks jr iksljds okvkijp ldpctlkdts rkfklvldg ijdg-tkre cdcigkslforug tbkrcpy. Fjeputko tjejgrcpby (F_) sfcddldg ls c fjst-knnkftlvk tjjinjr tbk kcriy oktkftljd jn fctbktkr-cssj-flctko ecssks tj ciijw tlek njr tbk prj-tkftlvk trkctekdt prljr tj tbkokvkijpekdt jn skrljus dkurjijglf

ldaury. ]ctlkdts wbj bcvk usko rkfciikopcld pueps wltb fctbktkrs crk strjdgiy kdfjurcgko tj spkch tj tbklr ojftjrsc`jut fctbktkr-cssjflctko ecssks ldjrokr tj prkvkdt cdy pjtkdtlci nuturkdkurjijglf fjepilfctljds. Ln yju wcdtejrk ldnjrectljd jd tbk pcld puep ilt-lgctljd yju fcd fjdtcft kltbkr Dcvcd

Wcro jr _ko Ekcojws ct 2==-2


21/52

ld nkokrci fjurt. Qkidjre wcs usko tjtrkct lrrltcìk `jwki sydorjek. Ltsciikgko ld tbk fjepicldt tbct Djvcrtlshdkw jr sbjuio bcvk hdjwd jn cdldfrkcsko rlsh jn bkcrt prjìkes`kfcusk jn ldnjrectljd nrje stuolkstbct `kgcd ld 0==?._bk icwsult ciikgks1

Kvkd tbjugb Djvcrtls `kfcek

cwcrk jn ldnjrectljd fjdfkrdldg ldfrkcsko fcroljvcsfuicr rlsh nrje Qkidjre usk njiijwldg tbk ldltlci cpprjvci jn Qkidjre ld 0==0,

Djvcrtls fjdfkciko tbls ldnjrectljd nrje fjdsuekrs, ldfiuoldg

]icldtlnn, cdo nrje tbklr pbysl- flcds cdo tbk NOC udtli Qkidjrewcs wltborcwd nrje tbk ecrhkt ld 0==7.

_bk NOC cpprjvko Qkidjre njr uskld Auiy 0==0._bk NOC rkqukstko Djvcr-tls tchk tbk orug jnn tbk sbkin ld Ecrfb 0==7._bk NOC scys jd lts wk`sltk tbctcd cdciysls njudo c blgbkr fbcdfk jn bkcrt cttcfh, strjhk cdo fbkst pcld ldpctlkdts trkctko wltb Qkidjre fje-pcrko wltb pkjpik trkctko wltb cpicfk j. @ut, NOC jnnlflcis sclo tbkrkecy `k wjekd njr wbje tbk `kdknltsjn Qkidjre jutwklgbko tbk rlshs. Ld

Auiy 0==7,tbk NOC ciijwko njr c ileltkousk jn tbk orug ld spkflnlf wjekd

yjudgkr tbcd cgk ;;. Bjwkvkr, tbct

fbcdgko cgcld ld Cprli. Djw, tbk orug wlii `k prksfrl`ko jdiy wbkd cpkrsjds ilnk ls ld ocdgkr.

_bk ]icldtlnn ld tbk rkfkdtiy-nlikoicwsult, wbj bco dj blstjry jn bkcrtolskcsk, okvkijpko prjìkes tbct bcvkrkqulrko cdgljpicsty cdo tbk picfk-ekdt jn stldts.Lts ciikgko ld bkr icwsulttbct bkr fjdoltljd wlii fjdtlduk tjprjnjudoiy cdo covkrskiy lepcft bkr cdo bkr sjd njr tbk rkst jn tbklr ilvks._bls fcsk wlii `k wctfbko wltb ldtkr-

kst. Ln yju dkko cooltljdci ldnjrectljdjd Qkidjre fjdtcft Nrcdh Wjjosjd wltb jur nlre ct 2==-2


22/52

cutbjrs cdo lokdtlnlko puìlfctljds tjrud tbk crtlfiks._bky olo tbls wltbjuttkiildg ajurdci koltjrs jr rkcokrs jn tbklr rjiks.

Vkdctjr Grcssiky fjdtkdos tbct wltb tbk Wyktb fjeelssljdko crtlfiks, tbkkxpkrt cutbjrs wbjsk dceks cppkcr jd tbk crtlfiks jdiy `kfcek ldvjivkocntkr tbk jutildks jr orcnts jn tbk crtl-fiks wkrk cirkcoy wrlttkd. _j octk,

Wyktb kxkfutlvks bcvk ldslstko tbcttbklr puìlfctljd prcftlfks wkrk ikgltl-ectk cdo tbct tbk ilstko cutbjrs picykoslgdlnlfcdt rjiks ld okvkijpldg ajurdcicrtlfiks.

_bksk cftlvltlks crk ld vljictljd jn ekolfci ajurdci gulokildks._bk Ldtkrdc-tljdci Fjeelttkk jn Ekolfci AjurdciKoltjrs scys cutbjrsblp ekcds su`stcd-tlvk ldtkiikftuci fjdtrlùtljdsldfiuo-ldg fjdfkptljd jr cdciysls jn tbk

suàkft cdo orcntldg jr frltlfci rkvlsljdjn tbk ojfuekdt._bk Wjrio Cssjflctljdjn Ekolfci Koltjrs scys gbjst cutbjr-sblpwblfb lt oknldks cs c su`stcdtlcifjdtrlùtljd djt ekdtljdko ld tbkecdusfrlptls olsbjdkst cdo udcf-fkptcìk.

_ko Ekcojws, Ekilssc ]rlfhktt, cdoPuss C`dky, tbk icwykrs wjrhldg jdbjrejdk tbkrcpy ct jur nlre, fjdtlduktj ldvkstlgctk pjtkdtlci fcsks cs tbky crk nlildg cdo iltlgctldg jtbkrs. Ln yju

dkko ejrk ldnjrectljd jd tbls suàkftfjdtcft cdy jn tbke ct 2==-2=s cdo

wkii pcst ekdjpcusk.Vjurfk1 Cssjflctko ]rkss

R.@[VLDKVVIL_LGC_LJD

$6 E LIILJD ^ KPOLF_ CGCLDV_ K RRJD E J@LI

C $6 eliiljd vkrolft wcs rkturdko `y c aury cgcldst KxxjdEj li Fjrp. jd`kbcin jn c Ocrildgtjd fjepcdy tbctficleko tbk gij`ci jli glcdt liikgciiy fjdsplrko tj orlvk lt jut jn tbk Ej`liiu`rlfcdts ùsldkss cdo wrjdgnuiiy tkr-eldctko lts olstrlùtjrsblp.Ct tbk fjd-fiusljd jn tbk trlci, tbk aury tjjh iksstbcd twj bjurs tj rkcfb lts okflsljdcdo cwcroko $0 eliiljd ld cftuciocecgks cdo $3 eliiljd ld pudltlvk

ocecgks ld ncvjr jn @rlstjw Jli Fj._bkjrlgld jn tbls icwsult wkdt `cfh tj3


23/52

sjugbt `cdhruptfy fjurt prjtkftljd ldVkptke`kr, trlggkrldg c nrkkzk jd tbk$3.3 `liiljd \lkio ]ius nudo.

_bk icwsult cisj fbcrgks tbct _O Cekrltrcok elsiko budorkos jn ltsfilkdts wbj picfko tbklr csskts ld tbknudo `y oksfrl`ldg lt cs aust ilhk cejdky ecrhkt. Ld ncft, \lkio ]ius ls colvkrslnlko eutuci nudo tbct ecok slg-dlnlfcdtiy rlshlkr ldvkstekdts tbcd cejdky ecrhkt nudo. _bk \lkio ]iusldvkstjrs fjuio ncfk oju`ik-olglt pkr-fkdtcgk ijssks.

_bk Pkskrvk cirkcoy ncfks ct ikcst 3>jtbkr nkokrci icwsults ldvjivldg lts nicg-sblp ]rlecry nudo, c $>? `liiljd ejdky ecrhkt eutuci nudo slelicriy nrjzkdcntkr Ikbecds `cdhruptfy._bk ]rlecry nudo orjppko `kijw tbk $3-pkr-sbcrkstcdocrorknkrrko tj cs `rkchldg tbk`ufhtbk ocy cntkr Ikbecds `cdh-

ruptfy nlildg._bls prjeptko c wcvk jn ldvkstjr wltborcwcis tbct rjfhko tbkeutuci nudo ldoustry cdo fcusko tbknkokrci gjvkrdekdt tj stkp ld wltb ctkepjrcry ldsurcdfk picd. @ut \lkio]ius, wblfb cisj `rjhk tbk ufh,ls djtfjvkrko `y tbk fjdtrjvkrslci Wcsbldg-tjd rksfuk knnjrt. Ecdy \lkio ]iusldvkstjrs crk fjepicldldg tj tbk Vkfurl-tlks cdo Kxfbcdgk Fjeelssljd cdostctk rkguictjrs tbct Pkskrvk cdo _O

Cekrltrcok gcvk tbke ncisk jr elsikco-

ldg ldnjrectljd. Ocrrkd Pj lds, cicwykr wltb Fjugbild Vtjlc Gkiikr Puoecd & Pj` lds, ijfctko ld VcdOlkgj, Fcilnjrdlc, nliko tbls icwsult jd`kbcin jn ldvkstjrs.Vjurfk1 [VC _jocy

G LCD_ CFFJ[D_LDG N LPE V K__IKV F CVK W L_B ] KDDV\I^CDLC

_bk ]kddsyivcdlc Okpcrtekdt jn Ldsurcdfk bcs fjepiktko c $?= eliiljdskttikekdt wltb Okijlttk & _jufbk [VC II] ld fjddkftljd wltb tbk cffjudtldgnlres cuoltldg skrvlfks njr PkilcdfkLdsurcdfk Fj. _bk Ldsurcdfk Okpcrt-ekdt bco fbcrgko tbct tbk nlre wcsgulity jn cffjudtldg eciprcftlfk crlsldgjut jn lts cuoltldg jn tbk `cdhruptldsurcdfk fjepcdy. Pkilcdfk wcsilfkdsko tj wrltk ldsurcdfk ld cii ;=stctks. _bk stctks wltb tbk icrgkst

due`kr jn pjilfybjiokrs ldfiuoko Fcil-njrdlc, Nijrloc, Liildjls, Dkw \jrh, ]kdd-syivcdlc cdo _kxcs.Vjurfk1 Dctljdci Icw Ajurdci

N JPO E [V_ ] C\ $06 E LIILJD L D V [L_ J ^KP E LPPJPV

Njro Ejtjr Fj. wlii bcvk tj pcy $06eliiljd tj cd Liildjls ecd wbj sclo tbkfjepcdy usko bls pctkdtko ldvkdtljdnjr c ilgbtldg systke usko ld elrrjrsijfctko jutslok vkblfiks._bk vkrolft,rkcfbko icst ejdtb ld c Fblfcgjnkokrci fjurt, fcek ld c tkd-ykcr-jiopctkdt sult cgcldst Njro `y Acfj` Hrlp-pkiz. Bk wcs fblkn kxkfutlvk jnnlfkr jn

Achks Ldf., c secii ecfbldldg cdobkcvy-kqulpekdt fjepjdkdt fjepcdy `csko ld Curjrc, Liildjls. _bk aury rkakftko crguekdts `y Njro tbct tbkpctkdt wcs ldvcilo `kfcusk lt olodtfjvkr c dkw ldvkdtljd. _bk pctkdt ctlssuk wcs lssuko ld 3


24/52

olo djt olsfijsk tbk rlshs lt wcstchldg udtli cntkr tbk ijssks bco jffurrko.Ld ncft, lt elsrkprkskdtko budorkos jn eliiljds jn ojiicrs jn ikvkrcgko csskt-`cfhko skfurltlkscs fjrpjrctk `jdos cdo prknkrrko

stjfhs tbkrk`y echldg tbk nudos skke ejrk olvkrslnlko cdo ikssrlshy tbcd tbky wkrk.

_bk rkpjrt djtks tbct PEH ldvkstkoc su`stcdtlci ecajrlty jn tbk pjrtnj-iljs ld ijw-prljrlty trcdfbks._bk fjd-fkdtrctljd orcectlfciiy ldfrkcskofrkolt rlsh, ùt tbls rlsh wcs djt ols-fijsko tj ldvkstjrs kvkd tbjugb pjrt-njilj ecdcgkrs ld fbcrgk jn tbk nudoshdkw c`jut tbk rlshs. Cffjroldg tjtbk rkpjrt, bco PEH pkrnjreko cruolekdtcry cdciysls jn lts bjioldgstbk fjepcdy wjuio bcvk njudo tbctldvkstjrs wkrk kxpjsko tj up tj tkdtleks tbk frkolt r lsh ld kxfbcdgk njr jdiy up tj 0% blgbkr rkturds. @cskojd tbls rkpjrt, Ejrgcd Hkkgcdldvkstjrs bco dj wcy jn hdjwldg tbcttbky fjuio ijsk cii tbklr ejdky. Ln yjudkko cooltljdci ldnjrectljd jd tblssuàkft, fjdtcft Vfcrikttk _uiky ct2==-2? `liiljd skttikekdt wltb cutbjrl-tlks ld 0==>. Eufb jn Grkkd`krgs

wkcitb ls tlko up ld CLG stjfh tbrjugb pkrsjdci bjioldgs, c nceliy trust cdofjepcdlks bk fjdtrjis. _bk [.V. gjv-krdekdt djw jwds dkcriy 2=% jn CLGcs tbk rksuit jn lts $2; `liiljd `clijutjn tbk ldsurcdfk bjioldg fjepcdy ldVkptke`kr.C rkvlsko picd `jjstko tbk

cejudt jn clo tj CLG tj cs eufb cs$3;= liiljd.Grkkd`krg,djw fbclrecdcdo FKJ jn F. . Vtcrr & Fj Ldf., bcspuìlfiy frltlflzko tbk CLG ecdcgk-ekdt cdo `jcro jn olrkftjrs tbct nji-ijwko ble njr tbk ldsurcdfk glcdtsprjìkes.Lt djw cppkcrs tbk fcsk wliiprjfkko tjwcro c trlci ld Dkw \jrh Vuprkek Fjurt.Vjurfk1 Ldsurcdfk Ajurdci

O [HK [ DL^KPVL_\ V [KV L DV[PKP J ^KP I CFPJVVK F JD_PJ^KPV\ F ICLEV

Ouhk [dlvkrslty bcs nliko c icwsultcgcldst Dctljdci [dljd Nlrk LdsurcdfkFj., lts ldsurkr, okecdoldg tbct tbkfjepcdy fjvkr tbk fjsts jn lts skttik-ekdt wltb tbrkk njrekr icfrjsskpicykrs wbj wkrk nciskiy cffusko jn rcpk._bk Djrtb Fcrjildc sfbjji nliko cicwsult cgcldst tbk fjepcdy skkhldgfjepkdsctljd njr tbk udolsfijsko skt-tikekdt cdo jtbkr fjsts ldfurrko ld tbknciijut jn tbk fcsk._bk icwsult sclo tbkldsurkr bcs pclo djtbldg tjwcro tbkfcsk.Lts ciikgko1

@kfcusk Dctljdci [dljd bcs djt pclo, Ouhk bcs `kkd njrfko tj`kcr tbk nuii nldcdflci lepcft jn lts jwd oknkdsk.

Cijdg wltb tbk skttikekdt prjvlokotj tbk tbrkk picykrsPkcok Vkilgecdd,Fjiild Nlddkrty cdo Ocvk Kvcdsejrktbcd ?= udldolftko picykrs nrje tbk0==> icfrjssk tkce bcvk sldfk suko tbkudlvkrslty. Cisj, tbk njrekr icfrjsskfjcfb, Elhk ]rkssikr, bcs suko tbksfbjji. Ld c rkikcsk Ouhk spjhksecdElfbcki Vfbjkdnkio stctko1

Ouhk `kilkvks tbct jur ldsurcdfkfjepcdlks sbjuio ekkt tbklr jìl-

gctljds cdo wk wlii pursuk cii

jptljds cvclic ik tj us. Wblik Ouhk sjugbt tj coorkss tblswltbjut rksjrtldg tj c icwsult, wkwkrk djt cìk tj rkcfb c sctlsncf- tjry jutfjek cdo tbus turd tj tbkfjurts.

Ld tbk Ouhk icwsult, lts ciikgko tbctDctljdci [dljd `rkcfbko lts fjdtrcft.Lts fjdtkdoko tbct tbk ldsurcdfk pjil-flks prjtkft tbk sfbjji nrje cdy ijssks

0? [email protected]


25/52

crlsldg nrje ikgci ficles. _bk sfbjjisclo lt rkpkctkoiy djtlnlko tbk ldsurcdfkfjepcdy c`jut tbk oktclis jn tbk ldvks-tlgctljd cdo tbct Dctljdci [dljd, cdcnnlilctk jn CLG, rkpkctkoiy cfhdjwi-kogko tbct lts pjilflks pjtkdtlciiy fjvkrko tbk ficles.Vjurfk1 Ldsurcdfk Ajurdci

RLL.]PKOC_JP\IKDOLDG

N [DO L D^KV_JPV V [K F J[D_P\WLOK J ^KP I JCD E JOLNLFC_LJDV

C bkogk nudo bcs nliko c ejst ldtkr-kstldg sult cgcldst tbk FjudtrywlokNldcdflci Fjrpjrctljd, tbk glcdt ejrt-gcgk ikdokr, okecdoldg tbct Fjudtry-

wlok fjepkdsctk bjiokrs jn sjekskfurltlks `cfhko `y ejrtgcgks ln tbkikdokr fbcdgks tbk tkres jn tbk ijcds.

Cffjroldg tj tbk icwsult, tbk nudo,Grkkdwlfb Nldcdflci Vkrvlfks, cdojtbkr ldvkstjrs stjjo tj ijsk ejdky ln Fjudtrywlok, djw pcrt jn @cdh jn

Cekr lfc, ejolnlko ijcds udokr c skt-tikekdt tbct lt rkcfbko wltb 33 stctk

Cttjrdkys Gkdkrci ld Jftj`kr. _blsfcek cs tbk gjvkrdekdt wcs pusbldg`cdhs tj bkip struggildg bjekjwd-krs. Lts gjjo tj skk sjek njihs nlgbt-ldg `cfh.

Ld rkfkdt ejdtbs, sjek ldvkstjrs wbj jwd ejrtgcgk skfurltlks bcvk`kgud vjlfldg fjdfkrd c`jut bjw ijcds crk ejolnlko, ùt nkw bcvk nlikosult. _bk Grkkdwlfb Nldcdflci fcsk,nliko ld stctk fjurt ld Dkw \jrh, blgb-ilgbts tbk fjepikxlty cssjflctko wltb ejolnyldg ijcds tbct bcvk `kkdùdoiko ldtj skfurltlks. Lt cisj slgdcis

tbct ejrk cggrksslvk gjvkrdekdt cdoprlvctk knnjrts tj bkip `jrrjwkrsfjuio ncfk stlnn rkslstcdfk nrjeldvkstjrs. _bk icwsult ficles tbctudokr fjdtrcfts gjvkrdldg 67? Fjud-trywlok ejrtgcgk trusts, tbk fjepcdy eust purfbcsk ct ncfk vciuk cdy ejrt-gcgk tbct lt ejolnlks.

Cffjroldg tj Wliilce Nrky, prkslokdtjn Grkkdwlfb Nldcdflci, cd kstlectko

$3;= `liiljd ld ejrtgcgks fjuio `kfjvkrko `y tbk rkqulrkekdt. Bls pjsl-tljd ls tbct Fjudtrywlok ojksdt bcvktbk rlgbt tj ejolny tbk tkres._bjugb bls nlre ls tbk jdiy dceko ]icldtlnn ldtbk fcsk, ecdy jtbkr ldvkstjrs crk sclotj `k suppjrtldg tbls icwsult. _bky

wjuio `kdknlt ln tbk fjurt grcdtko tbkfcsk ficss cftljd stctus. [dokr tbk skt-tikekdt wltb tbk stctks, Fjudtrywlokcgrkko tj ejolny up tj ?==,=== ijcdscdo tj prjvlok $2.? `liiljd ld rkilkn tj`jrrjwkrs tj skttik prkoctjry ikdoldgcffusctljds. Lts fjdtkdoko ld tbk sult1

Fjudtrywlok picds djt tj c`sjr`tbk $2.? `liiljd ltskin, kvkd tbjugblt wcs Fjudtrywloks jwd fjdouft jn wblfb tbk Cttjrdkys Gkdkrci fjepicldko ld tbk prjfkkoldgs,ùt rctbkr tj pcss ejst jr cii jn tbct rkouftljd jd tj tbk truststbct purfbcsko ejrtgcgk ijcds

nrje Fjudtrywlok.

L eust fjdnkss tbct tbls icwsult rkciiy tchks c turd tbct L dkvkr cdtlflpctko.Ldknnkft, cs L udokrstcdo lt, tbk iltlgctljdplts c rctbkr kiltk grjup cgcldst tbkcftuci vlftles jn c prkoctjry ikdokr.

Wblik L fjdfkok tbct `jtb grjups crk vlftles, ey nkkildgs gj jut ejrk tj tbkbjekjwdkrs. Ld cdy kvkdt, lt wlii `kldtkrkstldg tj skk bjw tbls icwsult

wjrhs jut.Vjurfk1 Dkw \jrh _leks

F J[D_P\WLOK _ J E CHK $33.; E LIILJD L D D JP_B F CPJILDC P KN[DOV

Fjudtrywlok bcs cgrkko tj rknudo$33.; eliiljd tj c`jut ?,2== `jrrjwkrsld Djrtb Fcrjildc udokr c skttikekdt

wltb tbk stctks @cdhldg Fjeelssljdkr.Fjudtrywlok cisj bcs cgrkko tj echk$0 eliiljd ld grcdts tj 0> djdprjnltjrgcdlzctljds ld tbk stctk tbct prjvloknjrkfijsurk prkvkdtljd fjudskildg.Okputy @cdhldg Fjeelssljdkr Ecrh ]kcrfk sclo ld c prkpcrko stctkekdt1

Wk njudo kvlokdfk tbct Fjudtry- wlok jvkrfbcrgko tbjuscdos jn

Djrtb Fcrjildc bjekjwdkrs. _bls skttikekdt prjvloks njr c nuii rknudo jn cdy liikgci fbcrgks lokdtlnlko ldtbk fjursk jn jur kxceldctljd.

_bk `cdhldg fjeelssljdkrs jnnlfknjudo tbct c`jut 6,2== `jrrjwkrs

wkrk jvkrfbcrgko jd nlrst ejrtgcgks,cdo cdjtbkr 3,=== wkrk jvkrfbcrgkojd skfjdo ejrtgcgks. Bjekjwdkrskdtltiko tj rknudos sbjuio rkfklvk tbklr fbkfhs wltbld >= ocys. @jrrjwkrs wbj

wcdt tj nldo jut ln tbky wlii rkfklvk crknudo fcd fcii tbk Djrtb FcrjildcJnnlfk jn tbk Fjeelssljdkr jn @cdhs ct3-222-62?-6233._bk skttikekdt suppik-ekdts tbk euitl-stctk cgrkkekdt,cddjudfko ld Jftj`kr, udokr wblfb Fjudtrywlok Nldcdflci Fjrp. cgrkko tjejolny udcnnjrocìk ejrtgcgks. _bkictkst skttikekdt ldvjivks Fjudtrywlokudlts Fjudtrywlok Bjek Ijcds cdoFjudtrywlok Ejrtgcgk kdturks.Vjurfk1 Dkws & J`skrvkr

$3?3 E LIILJD N PC[O ^ KPOLF_ CGCLDV_ @ CDH J N CEKPLFC

C vkrolft jn $3?3 eliiljd wcsrkturdko icst ejdtb cgcldst @cdh jn

Cekrlfc Fjrp., tbk icrgkst [.V. fjd-suekr `cdh, ld c icwsult jvkr ficlestbct jdk jn lts udlts oknrcuoko ldvkstjrs

wbj `jugbt skfurltlks `cfhko `y c nur-dlturk rktclikr. Nkokrci fjurt aurjrs ldDkw \jrh okfloko ld ncvjr jn tbkldvkstjrs, ldfiuoldg Cekrlfcd Ldtkrdc-tljdci Grjup Ldf.,@cdh Ikuel Ik-LsrckiIto.,Ciistctk Fjrp.cdo Vjflktk GkdkrcikVC, ld c trlci tbct stcrtko ld Jftj`kr._bk

aury cwcroko $2; eliiljd, wblfb wltb ldtkrkst, tjtcis $3?3 eliiljd._bk ]icld-tlnns sbjwko tbk aury tbct @cdh jn

Cekrlfc Vkfurltlks hdkw tbk skfurltlkslt wcs skiildg wkrk eufb wjrsk tbcdtbky wkrk bjioldg tbke jut tj `k tjtbk ecrhktpicfk.

_bk @cdh jn Cekrlfc udlt, Dctljds-`cdf,udokrwrjtk skfurltlks lssuko y ctrust frkctko y Bklilg-Ekykrs, jdfk tbkicrgkst [.V.nurdlturk rktclikr._bk skfurl-tlks wkrk `cfhko `y ejdky jwko tjBklilg-Ekykrs nrje ldstciiekdt fjd-trcfts. Cffjroldg tj tbk ]icldtlnns,Dctljds`cdf okfklvko ldvkstjrs wbkdlt ficleko ld jnnkrldg ectkrlcis tbctBklilg-Ekykrss fjiikftljd prcftlfks

wkrk knnkftlvk cdo lts rkfklvcìkssjudo. Plfbejdo,^lrgldlc-`csko Bklilg-Ekykrs, wblfb fctkrko tj ijw- cdo

[email protected] 0;


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elooik-ldfjek fjdsuekrs, nliko njr `cdhruptfy ld 0=== cdo wcsdt cOknkdocdt ld tbk fcsk.Vjurfk1 @ijje`krg

RLLL.]PKELVKV

ILC@LIL_\ []OC_K

V LR N ICGV CE[VKEKD_ ] CPH V K__IKV H KD_[FH\ _ KKDCGKP V CFFLOKD_ F CVK

Vlx Nicgs Hkdtufhy Hldgoje, cdceuskekdt pcrh, bcs rkcfbko c skttik-ekdt wltb tbk nceliy jn c Ijulsvliiktkkdcgkr wbjsk nkkt wkrk skvkrko

wbkd c tbrlii rlok ecinudftljdko icst ykcr. _bk skttikekdt wlii prjvlok ilnk-tlek fcrk njr Hcltiyd Icslttkr, wbj wcs36 wbkd c fcìk jd tbk rlok sdcppko ld

Audk 0==7,futtldg jnn bkr nkkt. Ojftjrs wkrk c ik tj rkcttcfb bkr rlgbt njjt ùtdjt bkr iknt jdk,cdo sjek jn bkr iknt ikg

wcs ceputctko._kres jn tbk skttikekdtcrk fjdnlokdtlci. Hcltiyds nceliy sukotbk ceuskekdt pcrh, ficleldg tbk pcrh ncliko tj ecldtcld tbk Vupkrecd _jwkr jn ]jwkr rlok cdo kqulpekdt cdo tjkdsurk rlokrs scnkty. _bk rlok, wblfb csfkdoko skvkrci stjrlks `knjrk orjp-pldg rlokrs ct spkkos jn ejrk tbcd ;=epb, bcs sldfk kkd olsecdtiko.C trlcild tbk fcsk bco `kkd skt njr kcriy 0=3=.

C Hkdtufhy Okpcrtekdt jn Cgrlfui-turk rkpjrt picfko ìcek njr tbk cffl-okdt jd c ncuity fcìk cdo sijw rkspjdsk `y cd jpkrctjr. _bk rkpjrtsclo Hcltiyd wjuio ilhkiy bcvk sunnkrkojdiy futs cdo sfrcpks wltb swlntkr cftljd nrje tbk rloks jpkrctjrs.Hcltiyd bcs udokrgjdk skvkrci surgkrlkssldfk tbk cfflokdt._bk tkkdcgkr wcssunnkrldg kxfruflctldg pcld cs sbk

ncfko ejrk surgkry. Hcltiyd, c njrekr sjnt`cii cdo sjffkr picykr, oksfrl`koputtldg jd wklgbt nrje ldcftlvlty,`kldgecok nud jn, bcvldg nrlkdos cdo `jystrkct bkr olnnkrkdtiy cdo elssldg jut jd`kldg c tkkdcgkr. Hkdtufhy Hldgojebco nliko sult c skpcrctk cgcldst LdtceldIto., tbk ecduncfturkr jn tbk rlok, cdotbct ficle wcs cisj skttiko.Vjurfk1 Ldsurcdfk Ajurdci

^ LF_LE V N CELI\ CWCPOKO $6> E LIILJD L D W CI -E CP_ V BJJ_LDG

C stc tk fjurt aury ld Crlzjdc bcscwcroko $6> eliiljd ld ocecgks tjtbk nceliy jn c ecd sbjt tj okctb `y c ekdtci pctlkdt ld 0==; ld c Wci-Ecrt pcrhldg ijt. ^ciukJptljds Ldf.,tbk fjepcdy tbct bkio tbk stctk fjd-

trcft njr prjvloldg `kbcvljrci bkcitb fcrk udtli icst ykcr, wcs njudo


27/52

pjiltlfci fjddkftljds, scyldg ltskepijykks hdjwldgiy ciijwko tbke tj`k kxpjsko tj c tjxlf fbkelfci ld Lrcq nlvk ykcrs cgj._bk nkokrci sult, nliko ld[.V. Olstrlft Fjurt, ciikgks tbk sjiolkrs

wkrk kxpjsko tj c fcrfldjgkd wblikprjtkftldg cd Lrcql wctkr puepldgpicdt sbjrtiy cntkr tbk [.V. ldvcsljd ld0==6. _bk fjepicldt ciikgks tbctBjustjd-`csko H@P hdkw ct ikcst cskcriy cs Ecy 0==6 tbct tbk picdt wcsfjdtceldctko wltb sjolue olfbrjectk,c hdjwd fcrfldjgkd,`ut fjdfkciko tbkocdgkr nrje flvlilcd wjrhkrs cdo 36.0 eliiljd auog-ekdt wcs `cfh ld picfk. C aury ecy rkturd c eufb icrgkr vkrolft wbkd tbkfcsk ls trlko `csko jd tbk ncfts._bls nrc-tkrdlty dkkos tj `k tcugbt c ikssjd!Vjurfk1 [.V. Dkws Cdo Wjrio Pkpjrt

N PC_KPDL_\ C_ CIC@CEC O LV@CDOKO J ^KP B CQLDG LJIC_LJDV

Wk wrjtk icst ejdtb jd bczldg prj`-ikes ct sfbjjis cdo udlvkrsltlks crjudotbk fjudtry cdo spkflnlfciiy ekdtljdkotbk _kxcs fcsk rknkrrko tj c`jvk.Djw, cikcoldg nrctkrdlty ct tbk [dlvkrslty jn

Cic`cec bcs `kkd ols`cdoko njr rkpkctko ruiks vljictljds, ldfiuoldgbczldg dkw eke`krs. _bk dctljdci`jcro jn Vlgec ]bl Kpslijd rkvjhko tbkfbcrtkr jn lts Cic`cec fbcptkr ld ictkDjvke`kr. Cffjroldg tj c udlvkrslty spjhkswjecd, tbkrk wkrk vljictljds jn stuokdt fjdouft stcdocros cdo ruikscgcldst elstrkctldg dkw eke`krs, tbkprcftlfk fjeejdiy rknkrrko tj csbczldg. Cppcrkdtiy, tbk nrctkrdlty lsfjjpkrctldg wltb udlvkrslty cdo ijfciicw kdnjrfkekdt ldvkstlgctldg tbk ciik-gctljds. Vlgec ]bl Kpslijd ls c icrgk,prjeldkdt nrctkrdlty ct Cic`cec, wbkrklt bcs bco c fbcptkr sldfk 3


28/52

tbls ncii. Ld ey jpldljd, bczldg ls djtjdiy stuplo, lts ocdgkrjus cdo tbk sjrtjn tbldg tbct bcs dj picfk jd cdy fjiikgk fcepus.Vjurfk1 Cssjflctko ]rkss

E LIWC[HKK I JVKV C]]KCI L D I KCO ] CLD_ I CWV[L_

Cd cppkcis fjurt bcs rkakftko tbkFlty jn Eliwcuhkks `lo tj njrfk cnjrekr ikco pcldt ecduncfturkr tj pcy njr tbk fikcdup jn 33,=== fjdtcel-dctko prjpkrtlks._bk Fjurt jn Cppkcisruiko `y c 0-3 vjtk tbct tbk kvlokdfk

wcs sunnlflkdt tj upbjio c aurys ruildgtbct DI Ldoustrlks Ldf. wjdt bcvk tjpcy tbk Fltys fjsts jn fikcdldg up tbklddkr-flty bjeks._bk Flty sjugbt $;0.>eliiljd njr tbk prjgrce, wblfb spcddko 3 E LIILJD A [OGEKD_ CGCLDV_ N CELI\ O JIICP

C nkokrci cppkcis fjurt bcs upbkio c$6;.> eliiljd auogekdt cgcldst Nceliy Ojiicr Vtjrks Ldf., wblfb wcs suko `y kepijykks okdlko jvkrtlek pcy `kfcusk tbky wkrk ficsslnlko cs stjrkecdcgkrs.C nkokrci aury ld _usfcijjsc,

Cic`cec, ruiko ld 0==> tbct Nceliy

Ojiicr vljictko tbk Nclr Ic`jr Vtcdocros Cft cdo cwcroko `cfh pcy tj 3,?0?kepijykks wbj rjutldkiy wjrhko >= tj7= bjurs c wkkh wltb outlks tbctldfiuoko ejppldg nijjrs, udijcoldgtrufhs, stjfhldg sbkivks cdo ruddldgfcsb rkglstkrs. _bk Djrtb Fcrjildc-`csko fjepcdy cppkciko [.V. Olstrlft

Auogk [.W. Fikejds nldci cwcro,wblfb ldfiuoko ejrk tbcd $37.2 eliiljd ld`cfh jvkrtlek cdo cd kquci cejudt ldocecgks.C [.V.Fjurt jn Cppkcis njr tbkKikvkdtb Flrfult pcdki upbkio AuogkFikejds ruildg.

_bk tbrkk-auogk pcdki jn tbk [.V.Fjurt jn Cppkcis njr tbk Kikvkdtb Flrfult ld Cticdtc cgrkko wltb tbk

auogk cdo aury. _bk aury rkcsjdc`iy oktkreldko tbct Nceliy Ojiicr nclikotj ekkt lts `urokd jn prjvldg tbct]icldtlnn stjrk ecdcgkrs prlecry outy

wcs ecdcgkekdt, sclo tbk jpldljd wrlttkd `y Auogk Nrcdh E. Buii cdo ajldko `y Auogks Ajki N. Ou`ldc cdo]ktkr _. Ncy. Nceliy Ojiicr jpkrctks>,>== stjrks ld ?? stctks, nrje Ecldktj Crlzjdc, jnnkrldg ijw-fjst gkdkrciekrfbcdolsk icrgkiy tj rurci cdosecii-tjwd fustjekrs.

_bk ]icldtlnns wkrk rkprkskdtko `y Ciikd Vfbrkl`kr jn tbk Vfbrkl`kr & ]ktrj nlre cdo Grkg Wlgglds, ElhkSuldd cdo Pjsfj Fciceusc jn tbk

Wlgglds,Fblios, Suldd & ]cdtczls nlre,cii nrje @lreldgbce._bksk icwykrs olocd jutstcdoldg aj` ld tbk klgbt-ykcr-jiofcsk._bk Cppkcis Fjurt okflsljd wliibcvk cd knnkft jd c due`kr jn fcskstbct wkrk `kldg bkio up wcltldg njr tbkfjurt tj ruik.Vjurfk1 Cssjflctko ]rkss

W CI -E CP_ _ J ] C\ $;?.0; E LIILJD _ J V K__IK K E]IJ\KKV ICWV[L_

Wci-Ecrt Vtjrks Ldf. wlii pcy up tj$;?.0; eliiljd tj skttik c ficss cftljdicwsult tbct ciikgko tbk olsfjudt glcdtfut wjrhkrs `rkch tlek cdo ciijwkokepijykks tj wjrh jnn tbk fijfh ldElddksjtc. _bk ficss ldfiuoks c`jut3==,=== furrkdt cdo njrekr bjuriy

wjrhkrs wbj wkrk kepijyko ct Wci-Ecrt Vtjrks cdo Vces Fiu`s ld Eld-dksjtc nrje Vkptke`kr 33, 3


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J PCDGK F J[D_\ P KGLV_KP V ] CPKD_ V K__IKV O LV][_K W L_B D KWV]C]KP F CPPLKPV

Nrkkoje Fjeeudlfctljds Ldf., tbkfjepcdy tbct jpkrctks tbk JrcdgkFjudty Pkglstkr, rkcfbko c euitleli-iljd-ojiicr skttikekdt wltb tbk dkwspc-pkrs fcrrlkrs cntkr c ijdg olsputk jvkr

tbklr kepijyekdt stctus. _bk Lrvldk,Fciln.-`csko dkwspcpkr wlii pcy c`jut$00 eliiljd tj skttik tbk ficss cftljdicwsult nliko jd `kbcin jn ejrk tbcd;,=== dkwspcpkr fcrrlkrs,wbj crk fics-slnlko cs ldokpkdokdt fjdtrcftjrs `y tbk fjepcdy._bk icwsult, nliko ld 0==6,ciikgko tbct tbk ficsslnlfctljd wcsudnclr `kfcusk lt okdlko tbke jvkrtlekpcy cdo elikcgk cdo rkqulrko tbke tjpcy nldks jut jn pjfhkt njr ictk pcpkrscdo jtbkr okilvkry prj`ikes._bk skttik-ekdt, wblfb fcek ld tbk elooik jn tbktrlci, wlii djt rkqulrk tbk nlre tj rkfics-slny lts fcrrlkrs cs kepijykks. NrkkojeFjeeudlfctljd scys lt wlii pcy cdy ficss eke`krs wbj nliko ficles.Vjurfk1 Ijs Cdgkiks _leks

F LPF[L_ F L_\ _ J ] C\ $3; E LIILJD L D O LVFPLELDC_LJD I CWV[L_

Flrfult Flty bcs cgrkko tj pcy $3;eliiljd tj skttik c Ijs Cdgkiks icwsult

tbct ficleko ejrk tbcd 0== wjrhkrs wkrk iclo jnn `kfcusk jn cgk olsfrleldc-tljd. Icst ejdtb c Ijs Cdgkiks auogkcpprjvko cd cgrkkekdt tbct ciijws tbk

wjrhkrs tj `kfjek frkoltjrs jn tbkkikftrjdlfs fbcld, wblfb nliko njr `cdh-ruptfy prjtkftljd ld Djvke`kr. _bkstjrk fbcld iclo jnn 6,?== kepijykksicst ykcr wbj wkrk echldg ejrk tbcdecrhkt-rctk pcy. _bjsk wbj ijst tbklr

aj`s gkdkrciiy bco ejrk skdljrlty cdotbus tkdoko tj `k jiokr._bk fjepcdy

bcs sclo tbk icyjnns wkrk `csko jdscicrlks cdo bco djtbldg tj oj wltb cgk.Gijrlc Ciirko, c icwykr wltb Cinrko,Ecrjhj & Gji`krg, ijfctko ld Ijs

Cdgkiks, rkprkskdtko tbk wjrhkrs cdoolo c vkry gjjo aj`.Vjurfk1 Cssjflctko ]rkss

R ._PCDV]JP_C_LJD

A [P\ CWCPOV $06.; E LIILJD N JP L DA[PLKV N PJE 32 W BKKIKP F JIILVLJD

C Hcdscs aury rkfkdtiy cwcroko $06.;eliiljd tj _krry cdo Ojddc Nrkokrlfh ld

c icwsult stkeeldg nrje ldaurlks ld cskel-trclikr cfflokdt ld Dkw Ekxlfj._bk cftuci cwcro wcs rkoufko `y tbktrlci auogk tj dkcriy $3;.6 eliiljd._bk

aury okfloko tbk orlvkr jn tbk jtbkr trufh wcs jdiy >;% ct ncuit._bct orlvkr,Pj`yd Gktfbki, tkstko pjsltlvk njr ektbcepbktceldk wblik orlvldg ctrufh njr Vwlnt _rcdspjrtctljd. Gktfbkificleko sbk wcs rkcr-kdoko, `ut su`sk-qukdt tksts rkvkciko tbct sbk wcs`cfhldg up nrje c rkst stjp jdtj tbk

blgbwcy wbkd sbk blt tbk trufh _krry Nrkokrlfh wcs rloldg ld njr \kiijw Nrklgbt._bk orlvkr jn tbk \kiijw Nrklgbttrufh,Okddls @jttjrnn,wcs hliiko.

_bk cfflokdt jffurrko aust cntkr 316=c.e. jd Ecrfb 3>, 0==>, jd [.V. ;? dkcr _ufuefcrl, Dkw Ekxlfj. _bls wcsc`jut twj bjurs wkst jn Cecrliij,_kxcs. _krry Nrkokrlfh, ;>, sunnkrko cskvkrk spldci fjro ldaury cdo bcoc`jut $; eliiljd ld ekolfci `liis._bkrkst jn tbk vkrolft fjvkrko nuturk

ekolfci kxpkdsks, ijst wcgks cdo pcldcdo sunnkrldg. Wblik tbls vkrolft ecy bcvk `kkd c

rkfjro ld Hcdscs, lts djt tbk `lggkst vkrolft cgcldst Vwlnt. Icst Okfke`kr, cd Crlzjdc aury cwcroko $6>.; eliiljd tjtbk nceliy jn c ecd hliiko ld c fjiilsljd

wltb cdjtbkr jdk jn tbk Vwlnt trufhs.C icwsult jd `kbcin jn tbk @jttjrnn nceliy bcs `kkd nli

the jere beasley report, jan. 2009

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