2014 q3 Fpa Cresent Transcript

7/26/2019 2014 q3 Fpa Cresent Transcript

1/49

S8 4:3= EZC Hrishi`t Eu`m Hgèiri`hi

-3-

Acrb F.; 4:3= tform qucrtir widhcst. Ot os gur lgcn muro`l tfisi hcnns tg lovi ygu,

gur stcbifgnmirs, c hnicr u`mirstc`mo`l ge gur hurri`t voiws cs tfi tica

moshussis tfi pgrtegnog, tfi acrbit, c`m tfi ihg`gay.

Ot os gur ixpihtctog` tfct, wotf tfi cpprgprocti hg`si`ts, tfi cumog,

trc`shropt, c`m vosucn cspihts ge tgmcys hcnn wonn di pgstim g` gur widsoti,

epceu`ms.hga, gvir tfi hgao`l eiw mcys.

Agai`tcrony ygu wonn ficr erga Xtivi` Tgaohb, Droc` Xinag, c`m

Acrb Nc`mihbir, tfi pgrtegnog ac`clirs ge gur Hg`trcroc` Ucnui Xtrctily,

wfohf o`hnumis tfi EZC Hrishi`t Eu`m. Xtivi` fcs ac`clim tfi EZC

Hrishi`t Eu`m so`hi ots o`hiptog` o` 3??8, wotf Droc` c`m Acrb kgoò`l

Xtivi` cs pgrtegnog ac`clirs o` 4:38. Ots ay pnicsuri tg fc`m ot gvir tg

Xtivi` Tgaohb.

Xtivi`; ]fc`b ygu, Acrb. Cs cnwcys, wi kust stcrt tfi snomi ge gur pfongsgpfy kust

tg folfnolft. C`m `gt tg ricm iviry wgrm g` tfi pcli, dut gur lgcn os tg

prgvomi iquoty rctis ge ritur` gvir toai c`m tg mg sg dy cvgomo`l

piracì`t oapcorai`ts tg hcpotcn.

Oe ygu nggb fgw wivi chhgapnosfim tfct lgo`l dchb tg gur

o`hiptog`, ygunn `gti tfct wi chtucnny fcvi gutpiregraim tfi acrbit dy c

ricsg`cdni acrlo`. Xg wivi chtucnny ixhiimim gur lgcn, c`m wivi mgì

sg, ygu hc` `gti firi cs winn, wotf cdgut c tform niss vgnctonoty.


2/49


-4-

Oe ygu nggb ct tfi piregrac`hi tfrgulf tfi i`m ge tfi agst rihi`t

qucrtir, ot sfgunm`t di c`y lrict surprosi tfct wi cri hg`sosti`t wotf wfct

wi cnwcys scy tfct wiri lgo`l tg mg. C`m wi wonn liìrcnny ncl o` dunn

acrbits c`m liìrcnny gutpiregra o` dicr acrbits, c`m ots ixchtny wfct

ygu sii firi, cntfgulf clco` gvir toai gur lgcn os tg mg cs winn cs

iquotois c`m mg sg wfoni cvgomo`l tfct piracì`t oapcorai`t o` hcpotcn.

Oe ygu nggb wfcts chtucnny fcppiìm o` tfi agst rihi`t qucrtir,

ygunn `gti tfct tfiri wiri tgp eovi wo`ìrs c`m ngsirs ygunn sii g` tfos

hfcrt. C`m egr tfi eorst toai ivir tfiyvi ixchtny geesit ichf gtfir. \i

mom`t pnc` tfct?6 dcsos pgo`ts up c`m ?6 dcsos pgo`ts mgw`. ]firi

wcs`t auhf ìws o` c`y ge tfisi sihurotois. Xgai ge tfi wo`ìrs wiri

gut gr cficm ge \cnn Xtriit ixpihtctog`s, wfoni sgai ge tfi ngsirs wiri

difo`m. (4;:3) @ivirtfiniss tfii wcs ricnny `gtfo`l ge `gti tfct hcusim

us tg mivocti erga gur ng`lir-tira voiw o` c`y ge tfisi hgapcòis, c`m

tfos qucrtirny prohi agviai`t os `gtfo`l agri tfc` `gosi.

\otfo` gur drgcm hfcrtir, wi fcvi c` cdonoty tg lg ng`l c`m sfgrt.

C`m sgaitoais c pudnoh hgapc`y gw`s pcrt ge c`gtfir, c`m wi fcvi tfi

cdonoty tg sfgrt tfisi dusoìssis gut. Xg Onn lovi ygu c` ixcapni erga tfi

pcst. \i wiri ng`l Ti`cunt c`m sfgrt @ossc`. Ti`cunt gwìm ==% ge

@ossc` c`m sgai gtfir hgapcòis cs winn. O` tfos hcsi, wi sii c ng`l


3/49


-8-

c wo`ìr c`m c ngsir g` gppgsoti somis ge tfi aitrohs tfct ygu sii firi,

c`m @cspirs c`m ]i`hi`t Fgnmo`ls. ]fcts gì ge tfisi sud-o`vistai`ts

trcmis tfct wi fcdotucnny acbi. ]fi echt tfct ot sfgws g` dgtf somis ge tfi

tcdnis aosnicmo`l fgwivir dihcusi tfi ]i`hi`t lco`, wfohf wcs c sfgrt,

wcs i`toriny geesit dy tfi @cspirs ngss, wfohf wcs c ng`l. Gì ricnny

ìims tg nggb ct tfi ìt, wfohf fcs mitroai`tcn oapcht ge kust eovi dcsos

pgo`ts.

Kust c hgupni wgrms g` @cspirsots c Xgutf Cerohc` Fgnmo`l

hgapc`y wotf c lngdcn pgrtegnog ge aimoc c`m tihf o`vistai`ts. @cspirs

fcs c 8=% stcbi o` ]i`hi`t, wfohf os c Hfoìsi o`tirìt hgapc`y. ]fi

acrbit vcnuis @cspirss stcbi o` ]i`hi`t ct $=6 donnog`, dut tfi` g`ny

vcnui tfi i`tori pcri`t hgapc`y ct $=9 donnog`. Xg dy lgo`l ng`l @cspirs

c`m sfgrto`l c prgpgrtog`cti ùadir ge ]i`hi`t sfcris, ot ieeihtoviny

cnngws us tg hricti c stud ct c ìlctovi $8 donnog` vcnuctog`. @gw tfct

aic`s tfct tfi acrbit os ieeihtoviny pcyo`l us tg gw` @cspirs ix-

]i`hi`t, c`m wi eiin tfct @cspirss aimoc cssits cri wgrtf sudstc`tocnny

agri tfc` ìlctovi $8 donnog`.

Oe ygu nggb ct gur pgrtegnog hfcrchtirostohs ct tfi i`m ge tfi tform

qucrtir, `gtfo`l stc`ms gut cs pcrtohuncrny moeeiri`t erga tfi sihg`m

qucrtir, c`m wi hg`toùi tg fcvi c pgrtegnog tfct os sgaiwfct ncrlir hcp


4/49


-=-

tfc` gur fostgroh cvircli prgdcdny mui tg wfiri tfi rinctovi vcnui os o` tfi

acrbitpnchi, c`m ygu cnsg `gti tfct gur dcnc`hi sfiits cri g` cvircli

ecr dittir. (=;:4) ]fcts tfi agst solòeohc`t moeeiri`hi ge tfos virsus tfi

O`mix ge tfi X&Z 9:: os tfct tfi midt-tg-hcpotcns c ìlctovi ùadir.

]fi ìlctovi ùadir dcsohcnny aic`s gur pgrtegnog ge hgapcòis g`

cvircli fcvi ìt hcsf. Ot mgis`t aic` iviry hgapc`y2 tfcts nggbo`l

chrgss tfi pgrtegnog.

Gur cnnghctog`s fcvi`t hfc`lim auhf. Ixpgsuri os ru`ò`l cdgut

9=% ìt. C`m wotfo` tfi pgrtegnog, tfiri fcvi dii` sgai hfc`lis

fgwivir. \iviinoao`ctim sox ng`l pgsotog`s o` tfi ncst yicr, c`m tfos

yicr tg mcti wivi cmmim sivi` ìw ng`l pgsotog`s, wfohf cvirclim

cdgut


5/49


-9-

bo`ms ge hg`virsctog`s g` c pirogm dcsos wgunm di finpeun tg ygu tg finp

ygu u`mirstc`m fgw wi o`vist ygur hcpotcn c`m wi tfo`b cdgut dusoìssis

o` liìrcn. Acrb7

Acrb N.; ]fc`bs, Xtivi. Xg cs Xtivi` ai`togìm, wiri cnwcystryo`l tg acbi

tfisi hcnns agri oègractovi egr gur o`vistgr dcsi, c`m wi mieoòtiny

i`hgurcli eiimdchb. Ncst toai wi prgeonim sgaitfo`l o` sgai miptfO

tfo`b ot wcs Grchnic`m tfi eiimdchb tfct Acrb rihiovim wcs, yicf, wi

wgunm`t ao`m ygu mgo`l sgaitfo`l nobi tfct clco` ghhcsog`cnny. Dut wi

nobi tg try c`m aox tfo`ls up c nottni. Xg tgmcy rctfir tfc` prgeono`l c

hgapc`y, cs Xtivi` scom, wiri lgo`l tg tcnb cdgut tfi diir o`mustry.

@gw tfi diir o`mustry os sgaiwfct uòqui o` tfct ot hgadoìs tfi

pirsg`cnoty ge c hg`suair stcpni wotf tfi druti egrhi ge acùechturo`l

c`m nglostohs. C`m wi nobi tfi o`mustry dihcusi ot diìeots erga ac`y

ecvgrcdni hfcrchtirostohs, o`hnumo`l c folf nivin ge hg`hi`trctog`,

ihg`gaois ge shcni, (5;:3) folf ritur` g` o`vistim hcpotcn, strg`l drc`ms,

ngw provcti ncdin piìtrctog`, vgnuai lrgwtf g` c lngdcn dcsos, c`m ncstny

tfi dusoìssis cri viry hcsf-liìrctovi, wfohf cnngws egr A&C gr tfi

suppgrt ge ricsg`cdni nivins ge midt.

@gw wfi` wi tcnb cdgut tfi diir o`mustry, wi sfgunm ricnny hncroey

wiri tcnbo`l cdgut egur hgapcòis; CD O`Div, Fioìbi`, XCDAonnir, c`m


6/49


-5-

Hcrnsdirl, twg ge wfohf wi gdvogusny gw`. @gw diegri O lit o`tg agri

mitcons cdgut tfi o`mustry, Om nobi tg sit tfi stcli tg onnustrcti tfi

mgao`c`hi ge tfi Dol =, wfohf o` cllrilcti, cs ygu hc` sii egra tfi tgp

ge tfos pyrcaom, chhgu`t egr c wfgppo`l 9:% ge lngdcn vgnuai.

@gw oe tfct wcs`t oaprissovi i`gulf, ygu hc` sii erga tfos poi

hfcrt tfct tfisi scai Dol = hgapcòis chhgu`t egr c stclliro`l 6:% pnus

ge tfi lngdcn prgeot pggn. Xg chrgss cnn tfi wgrnm, tfisi egur hgapcòis

chhgu`t egr gì gut ge viry twg diirs tfct cri mru`b ct wimmo`ls,

hgrpgrcti eu`htog`s, spgrto`l ivi`ts, wfg b`gws wfirict fgai

wcthfo`l tfi eggtdcnn lcai g` tfi wiibi`m. Dut lovi` tfct tfiy chhgu`t

egr agri tfc` tfrii-qucrtirs ge tfi lngdcn prgeot pggn, wi tfo`b ots `gt c

dcm hgnnihtog` ge hgapcòis tg biip ygur iyi g`.

@gw O ai`togìm icrnoir tfct tfi Dol = diìeot erga triai`mgus

ihg`gaois ge shcni, c`m tfi icsoist wcy tg gdsirvi tfos my`caoh os dy

nggbo`l ct fgw tfi tri`m g` ritur` g` tc`lodni o`vistim hcpotcntfgsi cri

tfi dcrs o` dnchbfcvi o`hricsim erga 3


7/49


-


8/49


-6-

gviròlft suhhiss dut rctfir gvir-mihcmi suhhiss, gr chtucnny aunto-

mihcmi suhhiss tg di ixcht.

]fgsi strg`l drc`m pgsotog`s cri òhiny hgapniai`tim dy agmist

provcti ncdin piìtrctog` hgapcrim tg gtfir EAHL hctilgrois. C`m kust tg

di hnicr, EAHL stc`ms egr ecst-agvo`l hg`suair lggms. @gw O hc`t tinn

ygu shoi`toeohcnny wfy provcti ncdin diir sfcri os ngw, dut liìrcnny

spicbo`l diir os mru`b o` c sghocn sitto`l, c`m ots c` iagtog`cn purhfcsi.

C`m ac`y pigpni geti` omi`toey tfiasinvis wotf tfi diir tfiy mro`b.

Xg wotfo` tfi cumoi`hi nostiò`l tg tfos hcnn tgmcy, Oa lgo`l tg

sullist tfct tfi wc``cdi Fcrniy Mcvomsg` romir cag`lst us mro`bs Dum,

tfi ygu`l prgeissog`cn tfct wc`ts tg sfgw tfct fis c ac` ge tfi wgrnm

aolft mro`b Fioìbi`, tfi chtucn ac` ge tfi wgrnm wfg wc`ts tg sfgw

ivirygì insi fi fcs agìy tg dur` mro`bs Xtinnc, c`m tfi wc``cdi

sureirs nobi aysine c`m Xtivi` mro`b Hgrg`c. (3:;:8) @gw ivi` oe wi mom`t

pirsg`cnny ac`cli tg geei`m ygu wotf gur stirigtypo`l, gur pgo`t os;

`gdgmy wc`ts tg di tfi luy hculft mro`bo`l hficp `g-`cai diir

cag`lst eroi`ms.

Ncstny, ot cnsg mgis`t furt tfct, u`nobi tfi typohcn EAHL prgmuht nobi

scy tggtfpcsti gr austcrm, diir chtucnny hfc`lis tfi wcy ygu eiin wfi`

ygu hg`suair ot.


9/49


-?-

@gw tfo`bo`l dchb tg tfct 9:% cvircli tc`lodni ritur` g` o`vistim hcpotcn egr tfi Dol =,

ots `gt kust tfi o`hgai stctiai`t c`m folf gpircto`l acrlo`s tfct mrovi

tfos risunt, dut cnsg tfi cdonoty tg swict tfi cssits g` tfi dcnc`hi sfiit.

O` echt, tfi diir o`mustrysrctfir riacrbcdni o` tfct tfi ackgroty ge

acrbit pcrtohopc`ts fcvi ìlctovi wgrbo`l hcpotcn gr g` tfior wcy tfiri.

Ots chtucnny pritty soapni oe ygu tfo`b cdgut ot; tur` tfi o`vi`tgry quohbny,

lit pcom o` 8: mcys gr niss dy c erclai`tim lrgup ge hustgairs, c`m

squiizi ygur suppnoirs, agst ge wfga cri sinno`l ygu hgaagmoty o`puts

ge dgttnis, dcrniy, c`m ncdins.

@gw cs egr eoxim cssits, tfi o`mustry fcs rinctoviny agmist HcpIx

riquoriai`ts ct cdgut 6% ge scnis g` cvircli, tfgulf tfos eoluris

miag`strcdny niss egr hcsf hgw acturi acrbits cdgut 9% virsus 3:33%

egr ecstir iairlo`l acrbits.

Ncstny, wfoni vgnuai lrgwtf os agmist tg `gìxosti`t o` acturi

acrbits, auhf nobi gtfir EAHL hctilgrois, ots stonn pgsotovi g` c lngdcn

dcsos mui tg tfi hg`trodutog` erga iairlo`l acrbits. O` echt, ivi` acturi

acrbits geeir gppgrtuòtois egr ecvgrcdni prohi aox agviai`t. Nggbo`l ct

\istir` Iurgpi cs c pgstir hfonm egr acturi acrbit, ygu hc` erga tfi

hfcrt g` tfi niet tfi vgnuais ge tfi pcst mihcmi gr sg fcvi dii`

ìlctovi. Fgwivir o` nggbo`l ct tfi hfcrt g` tfi rolft, ygu hc` sii tfct tfi


10/49


-3:-

ritcon vcnui ge diir fcs stonn o`hricsim gvir tfi scai pirogm. Eurtfiragri,

nggbo`l gut gvir tfi pcst mihcmi gr sg stcrto`l o` 4::9, ygu hc` sii tfct,

egr tfgsi aiadirs ge tfi dol egur wfg sipcrctiny ripgrt tfior \istir`

Iurgpic` IDO] acrlo`s, tfiyvi chtucnny rosi` o` cnn o`stc`his, c`m sgai

hcsis quoti actirocnny.

(34;:8) @gw agvo`l tg spihoeoh `cais, wivi gw`im CD O`Div ct

EZC so`hi 4:3:, c`m wi gdvogusny hg`to`ui tg gw` tfi stghb. \i tfo`b

tfi hgapc`y fcs c ngt ge cttrchtovi hfcrchtirostohs wotf c lrict HIG, lrict

hcp cnnghctog`, c`m tfi ncrlist acrbit sfcri c`m tfi wgrnms ncrlist prgeot

pggn. @gw wi dgulft tfi `cai ct c viry ricsg`cdni auntopni, dut ots ri-

rctim wotf tfi acrbit gvir tfi pcst eiw yicrs. Xg wfi` wi nggbim egr

cmmotog`cn ixpgsuri tg tfi sihtgr, wi rihi`tny dgulft Hcrnsdirl, wfohf

winn cmaot os `gt cs qucnotctoviny cttrchtovi cs CD O`Div, dut ot trcmis ct c

miag`strcdny ngwir auntopni c`m fcs ots gw` cttrchtog`s.

Onn `gw tur` ot dchb tg Acrb Fc`hghb gr Xtivi` egr S&C.

Xtivi`; Xg cs cnwcys, tfi prglrca egr S&C os tg tcbi tfi hcnns tfct wiri

sudaottim o` cmvc`hi, c`m Onn pcss ot crgu`m ditwii` Acrb, Droc`, c`m

aysine, c`m tfi` tcbi tfi hcnns tfct hgai gvir tfi trc`sga tfct ygu hc`

si`m o` voc iacon ricn-toai.


11/49


-33-

Xg kust tg dilo`, eorst quistog` c`m cnsg kust pnicsi u`mirstc`m

tfct tfiri wonn di ct toais hgapcòis tfct wonn di csbim cdgut, c`m wi

cri`t lgo`l tg rispg`m tg iviry hgapc`y dihcusi wi acy di mgo`l

sgaitfo`l wotf tfct hgapc`y. Xg oe tfiris sgai quistog` ygu eiin tfct

ygu wgunm nobi tfi c`swir tfct wi mom `gt lit tg, pnicsi hcnn Acrb

Fc`hghb sudsiqui`t tg tfos hcnn2 finn acbi suri tfct fi gr gì ge tfi

aiadirs ge tfos tica wonn rispg`m o` ecorny sfgrt grmir.

Xg tfi eorst quistog` os; tfgulf oapgssodni tg primoht, hc` ygu tcnb

cdgut oe ygu tfo`b o`tirist rctis wonn rosi c`m wfct vcrogus echtgrs aolft

hcusi tfos tfct gr sgaitfo`l insi, c`m ygur dist luiss cs tg wfi` c`m

fgw ecst tfct ygu tfo`b rctis wonn rosi7 \iri `gt lgo`l tg primoht o`tirist

rctis firi tgmcy gr ivir. \i fcvi `g sbonn o` tfct rilcrm, c`m tfiriegri

wiri `gt lgo`l tg fczcrm c luiss cs tg tfior morihtog`, nit cngì tfior

aclòtumi.

]firi wcs c quistog` tfct wcs csbim cdgut notolctog` echo`l COL ct

tfos agai`t. Oa lgo`l tg tur` tfct gì gvir tg Droc`.

Droc`; (3=;::) Xg Oa lgo`l tg cssuai COL os o`vgnvim o` tg`s ge notolctog` cnn

tfi toai, dut Oa cssuao`l tfct tfos quistog` rinctis tg tfi Fc`b

Lrii`dirl hcsi clco`st tfi lgvirài`t, wfohf wonn untoactiny pgti`tocnny


12/49


-34-

oapcht COL dihcusi COL fcs o`miaòeoim tfi lgvirài`t egr tfi tiras ge

tfi o`vistai`t tfct tfi lgvirài`t acmi dchb o` 4::6.

O` tiras ge fgw hg`hirìm cri wi, wi cri `gt tirrodny hg`hirìm,

dut tfcts `gt tg scy tfct wi mg`t tfo`b tfi crluai`ts prgaunlctim dy

Lrii`dirls cttgrìys cri wotfgut ihg`gaoh airot. Dut O wgunm gdsirvi

tfct notolctog`s moeeohunt. O tfo`b COL, wfi` tfiy mihomim `gt tg pcrtohopcti o`

tfi notolctog`, lgt c` gpoòg` erga hgu`sin tfct tfi hcsi fcm c 4:%

prgdcdonoty ge suhhiss. _gu hc` cssuai tfct tfiy forim hgu`sin wfg

wgunm lovi tfia c ngw istoacti. Xg prgdcdny tfi prgdcdonoty ge suhhiss os

snolftny folfir tfc` tfct. Dut oapgrtc`tny tfiri os c` gut egr COL o` tiras ge

tfi o`miaòeohctog` tfiyvi lovi` tg tfi lgvirài`t, c`m ots c` gut tfct

rinctis tg wonneun ìlnoli`hi gr aoshg`muht. C`m ot wgunm siia nglohcn,

cntfgulf hirtco`ny `gt c snca-mu`b tfct, oe Lrii`dirl wiri tg privcon, tfi

lgvirài`t wgunm di egu`m tg di sgaitfo`l o` tfi wcy ge iotfir ìlnoli`t

gr wonneunny hgaaotto`l hg`muht.

Xg O tfo`b tfct tfiris twg stips tg tfi notolctog`, c`m ots `gt

sgaitfo`l tfcts gvirny hg`hirò`l tg us ct tfos toai.

Xtivi`; ]firis c quistog` g` tfi hurri`t stcbi o` tfi ihg`gaois ge Tussoc c`m

Hfo`c c`m fgw wi voiw tfior oapcht g` tfi Eu`ms o`vistai`ts. \inn, tfos

c`swirs `gt tirrodny mossoaoncr erga gur o`tirist rcti c`swir, sg gur


13/49


-38-

cpgnglois o` cmvc`hi. Dut gur voiw ge tfi ihg`gaois ge Tussoc c`m Hfo`c

cri cmaottimny niss hnicr tfc` gur voiw ge tfi Y.X. ihg`gay. Dut tfcts

g`ny c rinctovi stctiai`t. \i u`mirstc`m ihg`gaohs winn i`gulf winn

i`gulf `gt tg acbi primohtog`s. (35;::) \i duont gur icrò`ls agmins ge

cnn tfi hgapcòis wiri nggbo`l ct ao`meun tfct dcm tfo`ls hc` fcppi`.

C`m wfi` wi o`vist, wi liìrcnny dinoivi tfct, sfgunm tfi wgrst ghhur, wi

dinoivi tfct wi stonn wgunm`t ngsi agìy gvir toai. C`m Acrbs lgo`l tg

hgai dchb tg, c nottni dot nctir g` tfi hcnn, sgai ge tfi spihoeoh Tussoc

o`vistai`ts tfct wi fcvi.

Oa lgo`l tg hgadoì c hgupni ge quistog` firi tfct rincti tg hcsf.

\fct os tfi rc`li hcsf tfi Eu`m finm tfrgulf 4:3=7 \fcts tfi folfist

nivin ge hcsf tfi Eu`m fcs finm so`hi o`hiptog`7 \fi` wcs tfi ncst toai

ygu finm tfos auhf hcsf c`m wfy7

Xg Hrishi`t fot c picb noquomoty ct qucrtir-i`m o` Acrhf 4::5. ]fct

wcs ct cnagst =5%. C`m ng`l-toai sfcrifgnmirs wonn rihcnn tfct wi wiri

quoti hg`hirìm ct tfi toai cdgut tfi nivircli o` tfi eo`c`hocn systia, tfi

cdirrc`t usi ge mirovctovis, c`m orrispg`sodny ncx ni`mo`l stc`mcrms. \i

aco`tcoìm ct tfct toai folfir-tfc`-cvircli cagu`ts ge noquomoty u`ton tfi

4::6/? mgw`tur` wfi` wi wiri cdni tg suhhisseunny rihyhni tfct hcsf o`tg

ìw o`vistai`ts.


14/49


-3=-

Ots oapgrtc`t tg `gti tfct wi fcvi chtucnny cvirclim 45% o` hcsf

so`hi 3??5. C`m hc` ygu punn up tfos g`i hfcrt7 \i fcvi hfcrt g` hcsf

tfct ots lggm tg riao`m ygu ge. ]fos sfgws tfi enixodni cpprgchf ge tfi

Hrishi`t Eu`m, tfi hfcrt tfct yguri nggbo`l ct. C`m egr tfgsi ge ygu wfg

cri`t cdni tg nggb ct tfos, tfi hfcrt kust mipohts gur hcsf agvo`l up c`m

mgw` gvir toai. C`m ot sfgws tfi folf pgo`ts c`m tfi ngw pgo`ts lgo`l

dchb tg 3??5 c`m ct nicst hgapcris rinctovi tg gursinvis tfct, wfi`

noquomotys ct c picb, tfct gur ritur`s g` cvircli cri ngwir tfc` wfi`

noquomotys ct c trgulf. Xg wfct wiri scyo`l os tfct wi b`gw c lggm tfo`l

wfi` wi sii ot, c`m wiri lgo`l tg lg c`m put hcpotcn ct tfgsi pgo`ts o`

toai.

Xg gur cvircli noquomoty lgo`l dchb tg 3??5 os cdgut 4


15/49


-39-

Acrb N.; Oe O fcvi ot hgrrihtny ot wcs, Ecsfog`s acy hfc`li, dut styni i`muris.

Xtivi`; Oe ygu bìw Acrb Nc`mihbir ct cnn, tfi echt tfct fis qugto`l c viry

ixpi`sovi eiacni hngtfo`l drc`m, ygu wgunm eo`m tfct o`hrimodny causo`l,

cs wi mg. @ivirtfiniss ots o`hrimodny chhurcti. \i mg wfct wi mg yicr-o`,

yicr-gut.

Clco` Oa lgo`l tg hgadoì c hgupni ge quistog`s. ]g wfct ixti`t

wonn ygu di uso`l hcsf tg duy iquoty tfct cri Oa `gt suri wfct ots scyo`l

firi, dut tfct wiri o` tfi hurri`t mgw`tur`, ots lgo`l tg sfgrti` ot.

Lovi` tfi solòeohc`t hcsf pgsotog`, cri tfiri c`y pnc`s tg mipngy tfgsi

eu`ms o` tfi egrisiicdni euturi7

@gw wi nggb egr lggm dusoìssis trcmo`l ct cttrchtovi vcnuctog`s,

c`m cttrchtovi vcnuctog` tcbis o`tg chhgu`t tfi mgw`somi hcsi. ]fi

prgspihtovi o`vistai`t cnwcys nggbs dittir oe gì cvgoms hg`somirctog` ge

tfi mgw`somi. Cs ricsg`cdny hg`sirvctovi c`m sbiptohcn pigpni, wi kust

hc`t mg tfct. \fi` wi purhfcsim gur cnuaoùa hgapcòis, egr ixcapni,

wi mom`t hgu`t g` cnuaoùa riturò`l tg 4,


16/49


-35-

acrbit. Gur ixpgsuris mom o`hricsi sgaiwfct ct tfct pgo`t o` toai, dut ot

os`t c`y bo`m ge mrcactoh o`hricsi. C`m tfi acrbit, cs ygu b`gw mom `gt

stcy mgw` viry ng`l.

]firi os c quistog` Oa lgo`l tg tur` gvir tg

Droc` Eovi mcys mgis `gt c mgw`tur` acbi. Xg wi hirtco`ny cmmim o` `cais2 wi

dgulft sgai stuee. Dut c 9% fohhup os `gt O tfo`b wfct wi wgunm (4:;:=)

wi wgunm`t `ihisscrony mishrodi tfct cs c acrbit mosnghctog` gr mgw`tur`.

Xtivi`; Eovi mcys c mgw`tur` hc` acbi, rolft, dut kust `gt ct 9%. Ots

`gt tirrodny 366


17/49


-3


18/49


-36-

Xg cntfgulf wi mom moshuss tfos Tussoc` tfisos o` gur S4 nittir c`m

wi mg`t wc`t tgspi`m c wfgni ngt ge toai ripicto`l ot c`m ripicto`l tfct

firi. Dut, Acrb, mg ygu wc`t tg cmm c`ytfo`l7

Acrb N.; Xcy `g clco`.

Xtivi`; Gbcy. \fi` ygu acbi c mihosog` tg purhfcsi sgaitfo`l, wfct cri tfi

stips o`vgnvim o` mitiraoò`l tfi cagu`t ge tfct purhfcsi7 \fct cri tfi

echtgrs tfct nicm ygu tg hfggsi ditwii` c sacnn, aimoua, gr ncrli

purhfcsi7 \inn, tfiris c ùadir ge echtgrs gdvogusny tfct lg o`tg sozo`l c

pgsotog`, c`m ots sg ecr erga dio`l c` ixcht shoi`hi. Dusoìss, qucnoty,

vcnuctog`, mgw`somi rosb, hg`vohtog`, c`m upsomi cnn hg`trodutog` tg pgsotog`

sozo`l. ]fi dittir ichf ge tfgsi os, tfi ncrlir tfi pgsotog`.

Firis c`gtfir quistog` csbo`l cdgut Hrishi`ts piregrac`hi c`m

csbo`l gr stcto`l tfct Hrishi`ts piregrac`hi fcs mihnoìmwfy fcs

Hrishi`ts piregrac`hi mihnoìm sg mrcstohcnny tfos yicr, mrcstohcnny

u`mirnoìmtform qucrtoni, winn dingw ots hctilgry cvircli pir

Agrò`lstcr7 Agrò`lstcr fcs us o` tfi agmircti cnnghctog` lrgup wfiri

gur piirs liìrcnny fcvi sivircn dg`m pgrtegnogs. C`m, yis, wiri snolftny

dingw cvircli yicr-tg-mcti wotf rctis fotto`l ìw ngws c`m dg`ms cri

folfir. \i mg`t fcvi tfos bo`m ge dg`m pgrtegnog c`m tfiriegri wi


19/49


-3?-

wgunm`t diìeot. Dut O sfgunm acbi hnicr tfct tfct acmi tfct progr

stctiai`t wotfgut fcvo`l c`cnyzim c`y ge tfi pgrtegnogs ge gur piirs.

Agri oapgrtc`tny, wi ìvir hg`somir piregrac`hi gvir suhf c

sfgrt toaiercai. ]fctnn di c hgapniti aosacthf wotf gur gw` o`vistai`t

fgrozg` egr tfi o`vistai`ts wi acbi. C pcrtocn yicr os tgtcnny orrinivc`t o`

gur voiw. Oe ygu tfo`b tfos yicr-tg-mcti piregrac`hi mintc os mrcstoh, O

sullist ygu kust lg dchb c`m nggb tg sii fgw wi mom o` ?6 c`m ?? wfi`

wi wiri agri tfc` 9: pgo`ts difo`m tfi X&Z 9:: c`m aoò`l tfi

hinncrrinctovi tg gur piirs egr twg hg`sihutovi yicrs.

Dut oe ygu fcvi tfi hgèomi`hiOa `gt sullisto`l ot wcs icsy tg

fcvi aco`tcoìm tfct hgèomi`hi ct tfct pgo`t o` toai dut oe ygu fcm tfct

hgèomi`hi c`m stuhb wotf us, ygu wgunmvi nggbim dchb tfrii yicrs nctir

c`m sii` tfct wi wiri agri tfc` =: ficms ge tfi O`mix, (4=;:6) cficm ge

tfi pchb gvir tfi progr eovi yicrs ivi` o`hnumo`l tfgsi twg fomigus

u`mirpiregrac`hi yicrs ge ?6 c`m ??.

C`m Om nobi tg moriht ygu tg gur o`vistai`t pgnohy stctiai`t g` gur

widsoti tg i`suri tfct ygu u`mirstc`m wfct wi mg c`m fgw wi ixihuti ot.

\i spi`t c ngt ge toai wroto`l tfos c ùadir ge yicrs dchb sg tfct

o`vistgrs hc` u`mirstc`m ixchtny wfct tfiyri litto`l o`tg wfi` tfiy

pcrtìr wotf us.


20/49


-4:-

Gbcy, oe aom-hcp stghbs dihgai dcrlco` prohi mgw` tfi rgcm, wonn

EZC Hrishi`t di tgg ncrli tg duy tfia7 O hc` oìquovghcnny RsohQ stcti tfct

wi cdsgnutiny ritco` tfi cdonoty tg duy aom-hcp stghbs. Ots kust sgaitfo`l

wi cri cdni tg mg.

Acrb N.; C`m Om nggp ot o`tg tfi privogus quistog`, wfohf os crgu`m wfct wivi

dii` mgo`l rihi`tny. Agst ge tfi stghbs wivi dgulft c` cmmim tg tfos

yicr cri aom-hcp stghbs, c`m tfct hirtco`ny fcs dii` trui o` tfi ncst 8: gr

5: mcys. C`m O tfo`b ots

Droc`; Ot wcs kust c quistog` cdgut sgai ge tfi quistog`s tfct hcai o`. \iri `gt

lgo`l tg ricm ot gut ngum, dut wiri

Acrb N.; Dut wi cpprihocti tfi fuagr ge sgai ge tfi hcnnirs firi typo`l o`

quistog`s. \inn nicvi ot ct tfct. ]fi pgo`t, tfgulf, os wi fcvi c ùadir ge

aom-hcp stghbs tfct cri o` tfi g`-mihb horhni, tgg, c`m wi wgunm ixpiht tg

di chtoviny o`vgnvim wotf tfia oe gr wfi` tfiy richf gur duy prohis.

Xtivi`; \fct os gur hurri`t voiw g` spi`mo`l g` ]ishg lovi` tfi struhturcn

hfc`lis o` tfi Y.B. lrghiry acrbit7 C`m oe $6? os i`gulf ge c acrlo` ge

sceity lovi` tfi u`b`gw`s, wfct bo`m ge rc`li mg wi sii twg yicrs gut.

\fct bo`m ge auntopni mg wi put g` ot7 C`m tfi ncst quistog`, wfohf os

prgdcdny tfi agst rinivc`t gì; mgis EZC gw` ot7 Acrb7


21/49


-43-

Acrb N.; Xg wi mg`t gw` ]ishg. (45;::) Ot wcs sgnm dchb o` tfi sihg`m qucrtir,

c`m wiri liìrcnny `gt o` tfi dusoìss ge hgaai`to`l g` `cais wi mg`t

gw`. Dut cs egr wfy wi sgnm ot, wivi sfcrim wotf tfi cumoi`hi o` tfi pcst,

wi mg ngw-dcsi folf hcsis. Ot wcs hnicr ]ishg wcs tri`mo`l tg gur ngw

hcsi c`m chtucnny prgdcdny agri ivi` dingw tfct tg di fgìst. C`m sg

wfi` tfct dihcai cppcri`t, wi sgnm ot. ]fi hctcnyst egr tfct wcs prgdcdny

c aiito`l tfct Droc` c`m O ctti`mim wotf tfi HIG, Zfon Hncrbi wfiri wi

tcnbim cdgut wfct tfi ihg`gaohs ge tfi dusoìss wiri lgo`l tg di lgo`l

egrwcrm. C`m wfoni wi tfgulft fi wcs mgo`l tfi rolft tfo`ls, wi liìrcnny

hcai tg tfi hg`hnusog` cag`lst tfi lrgup ge us; ygur luiss os cs lggm

cs aoì. \i tfgulft tfct acmi us

Acrb N.; _icf. C`m Zfon o`hnumim o` tfct, O sfgunm scy, tfi egrair HIG. Xg

ditwii` tfct, ot kust acmi ot tgulf. \i scom wi ìimim c ncrlir acrlo` ge

sceity tg di cdni tg stohb crgu`m. Ot wcs`t tfiri.

Droc`; Om cnsg pgo`t gut tg pigpni tfct ]ishg wcs `gt c suhhisseun o`vistai`t egr

us. Ct c viry soaoncr pgo`t o` toai wi mihomim tg ixot tfi riacoò`l stcbi

wi fcm o` \cnacrt. Xg ygu hc` tfc`b tfct wi troim tg tcbi sgai nicrò`ls

erga gì `cai c`m cppnoim tfia chrgss tfi pgrtegnog.

Xtivi`; C`m mispoti dio`l u`suhhisseun, O wgunm pgo`t gut tfct gì sfgunm ixpiht

u`suhhisseun o`vistai`ts o` gur pgrtegnog. O aic`, ots pcrt ge o`visto`l. Oe ot


22/49


-44-

wcs icsy, ivirytfo`l wi`t up, tfi` c ngt ge pigpni wgunm di cdni tg mg ot.

\i fcvi tfo`ls tfct mg`t wgrb gut, c`m winn fcvi gur aic hunpcs cng`l

tfi wcy. Dut cs Acrb stctim, wi duonm ngw hcsis, dcsi hcsis, c`m folf

hcsis, c`m wi try c`m fc`mohcp tfia c`m fgpi c`m ixpiht tfct tfiy nn lit

tg tfct folf hcsi. \i fgpi tfiyri ct nicst di cttrchtovi o` tfi dcsi hcsi,

dut sgaitoais tfct ngw hcsi mgis i`m up tcbo`l pnchi. Xg ots `gt i`toriny

gutsomi tfi ricna ge ixpihtctog`s.

Acrb, mom ygu wc`t tg cmm sgaitfo`l7 Gbcy. ]firi wcs c quistog`

kust o` liìrcn cdgut Cnhgc c`m Oa lgo`l tg drgcmi` tfi quistog` gut c`m

pcss ot gee tg ygu, Droc`, c`m acydi kust tcnb cdgut tfi lovi c` upmcti

cdgut tfi cnuaoùa o`vistai`t.

Droc`; (46;:4) Xg O tfo`b Xtivi ai`togìm tfi egr ivirygì tg b`gw, wi gw`

Cnhgc c`m @grsb Fymrg, dgtf si`sotovi tg cnuaoùa. Xtivi ai`togìm tfct

cnuaoùa prohis rihgvirim mrcactohcnny o` tfi ncst 34 ag`tfs. \i wi`t

o`tg tfgsi o`vistai`ts ct c toai wfi` c qucrtir tg fcne ge tfi o`mustry wcs

ngso`l agìy g` c hgst dcsi. Lovi` tfi prohi ge cnuaoùa, wi mom`t tfo`b

tfct tfct wcs sustco`cdni ng`l tira. \i `gt ìhisscrony winn, wi

wgunm`t fcvi primohtim tfct ot wgunm rivirsi otsine o` 34 ag`tfs. Ot fcs.

]fi stghbs fcvi lgì up, c`m wi cri riivcnucto`l lovi` tfi hfc`li o`

prohi.


23/49


-48-

Xtivi`; Gì o`movomucn nostim c ùadir ge quistog`s c`m tfiris c rihi`t

hgaagmotois hgrrihtog` os rienihtim o` tfi Hrishi`t Eu`m pgrtegnog. Mg ygu

tfo`b tfi Hrishi`t Eu`m os gvirixpgsim tg hgaagmotois, tfus noaoto`l ygur

cdonoty tg hurri`tny cvircli mgw` g` tfgsi pgsotog`s7 \fct os tfi Eu`ms

pirhi`tcli ge ixpgsuri tg hgaagmotois hgapcòis7

Oa `gt suri wfct ygu aic` dy gvirixpgsuri. Hrishi`ts ìt

ixpgsuri tg hgaagmotois os kust crgu`m


24/49


-4=-

picb gon, c`m Ar. Au`lir acy viry winn di hgrriht. Ecr di ot erga ai tg

hgrriht c`ytfo`l tfct fis scyo`l. Fis gdvogusny fcm tirroeoh o`vistai`t

suhhiss gvir ac`y, ac`y mihcmis. Fgwivir wi prieir tg mivingp c`

o`vistai`t tfisos cl`gstoh tg tfi prohi ge tfi u`mirnyo`l hgaagmoty. O`

gtfir wgrms, tfi u`mirnyo`l sihuroty sfgunm di oìxpi`sovi ivi` ct hurri`t

hgaagmoty prohis. Xg wi prieir c` o`hricsi o` tfct prohi ge tfi hgaagmoty

tg di c erii gr ct tfi viry nicst oìxpi`sovi gptog`.

C eiw gtfir quistog`s firi cs ot rinctis tg Tussoc` hgaagmotois

dcsbit hg`toùim tg mihnoì o` tfi qucrtir. Egr fgw ac`y ag`tfs gr yicrs

cri ygu wonno`l tg fgnm tfos dcsbit ge stghb c`m i`muri tfi pco` ge c

mihnoì7 O tfo`b tfct stctiai`t, tfct quistog` di acmi gvir c`y dcsbit gr

c`y hgapc`y tfct os mihnoò`l. Dut Oa lgo`l tg tur` ot gvir tg Acrb.

Acrb N.; Xg oe ygu nggb ct Hrishi`t, ots dii` crgu`m 4:-pnus yicrs, gur cvircli

fgnmo`l pirogm horhc =9 yicrs. _gu sfgunm`t ixpiht gur pctoi`hi gr

fgnmo`l pirogm tg di c`y moeeiri`t g` tfi Tussoc` `cais. \i mom`t duy

tfia dihcusi wi tfgulft wi wiri lgo`l tg acbi c quohb trcmi ìxt

qucrtir. O mg`t tfo`b wivi chtucnny ivir dgulft c`ytfo`l tfo`bo`l tfct

wiri lgo`l tg acbi c quohbtrcmi. Ots mieoòtiny dittir tg di nuhby tfc`

sacrt. Oe wi lit nuhby, tfcts ec`tcstoh, dut tfcts `gt fgw wi lg cdgut

ac`clo`l tfi hcpotcn.


25/49


-49-

Xtivi`; Aohrgsget riprisi`ts 8.=% ge tfi eu`ms pgrtegnog. \fct cri ygur tfgulfts

g` tfi ìw HIGs eorst stips o` strctily7 C`m tfiris c yicf, sg Onn tur`

ot dchb gvir tg ygu, Acrb, cs winn.

Acrb N.; Xg wi tcnbim c nottni dot cdgut tfos ct tfi O`vistgr Mcy c`m O tfo`b g` sgai

gtfir hcnn. \i voiw Xctyc ecvgrcdny. ]firis c ngt ge tfo`ls wi nobi. \i

nobi tfi echt tfct fis g` tfi pudnoh hgèiri`hi hcnns, wfohf Dcnnair acydi

fcm`t dii` g` egr c mihcmi erga wfct O hc` rihcnn. \i nobi tfi echt

tfiyri tcnbo`l cdgut ritur` g` o`vistim hcpotcn o`tir`cnny. \i nobi tfi echt

tfct tfiyriiadrcho`l fcvo`l c Aohrgsget ihgsystia tfct i`cdnis

prgmuhtovoty egr tfior usirs rilcrmniss ge wfitfir tfiyriwgrbo`l gee ge tfi

oGX Cppni pnctegra (84;:6) \o`mgws, ith., wfct typi ge mivohi tfiyrig`.

Xg wi tfo`b fis mgo`l c ngt ge lggm tfo`ls. \iri prgdcdny `gt uòqui o`

tfct tfgulft. ]fcts wfy ygu sii tfi stghb os mgo`l c nottni dittir tfc` c

eiw yicrs clg wfi` wi wiri tgnm wi wiri omogts g` tfisi hcnns egr gwò`l

ot. Xg `gw ots c nottni winn sii fgw fi minovirs gvir tfi ìxt eiw yicrs,

dut fis mieoòtiny i`kgyo`l c fgìyagg` pirogm. C`m Om scy wiri ec`s ge

fos erga wfct wivi ricm erga cecr ct tfi agai`t.

Xtivi`; Droc`, wfct cri tfi hctcnysts o` Gwi`s Onno`gos7 Cri ygu o` tguhf wotf tfior

dgcrm ge morihtgrs7 \gunm wi lg o`tg agri chtovost rgni7


26/49


-45-

Droc`; Xg Oa lgo`l tg spnot tfos up o` tiras ge c agri liìrcn quistog` cdgut gur

wonno`lìss tg di chtovi c`m i`lcli wotf dgcrms ge morihtgrs. Xg O wc`t tg

di hnicr tfos o` `g wcy rienihts wfct wi acy gr acy `gt di mgo`l wotf

Gwi`s Onno`gos. Dut, yis, wi cri c`m cri wonno`l tg di i`lclim o` chtovi

c`m hg`struhtovi mocngl wotf hgapcòis. O tfo`b gur prieiri`hi wgunm di tg

di wfct wi wgunm hcnn c hg`struhtovost, sg finpo`l pigpni wfg wi tfo`b

wiri ncrliny o` noì wotf. Dut tfct scom, wi hgunm pncy c nottni dot agri

fgstoni rgni erga toai tg toai o` grmir tg prgtiht gur c`m ygur hcpotcn wfi`

wi eo`m ac`cliai`t ticas gr dgcrms chto`l o`cpprgproctiny.

Xg sipcrcto`l tfct, `gw spihoeohcnny wotf rilcrm tg hctcnysts o`

Gwi`s Onno`gos, O mg`t b`gw tfiri cri c fc`meun ge tfo`ls tfct hgunm

fcppi` tfct hgunm finp Gwi`s Onno`gos c`m acydi acbi tfi o`vistai`t

wgrb gut. ]fi agst oapgrtc`t wgunm di eu`mcai`tcn, c`m tfgsi wgunm di

crgu`m diir vgnuais c`m lncss vgnuais o` tfior vcrogus acrbits c`m tfi`

c ùadir ge tfior hgst oòtoctovis. (8=;:3) Dut gtfir tfc` tfct, O wgunm`t

scy tfiri cri c`y fcrm hctcnysts o` Gwi`s Onno`gos.

Xtivi`; ]fc`bs, Droc`. Suistog` tfos os ricnny tg ygu, Acrb Fc`hghb tg lit dchb

tg pigpni hc` hcnn ygu g` tfos, dut mg ygu ixpiht ncrli hcpotcn lco`

mostrodutog` tfos yicr c`m o` tfi euturi7 \inn, wi hirtco`ny fgpi tfct winn


27/49


-4


28/49


-46-

acrlo`s wfi` tfi hyhni tur`s mgw` dihcusi tfiyrilovo`l cwcy niss

spcri pcrts egr erii.

Dut tfct csomi, oe wi nggb ct sgaitfo`l o` tfi cirgspchi hyhni gr

c`y o`mustry wotf c dot ge hyhnohcnoty ygu sfgunm cssuai wiri `gt litto`l

o`vgnvim dihcusi wiri agri dunnosf tfc` tfi dunns. Ots prgdcdny dihcusi

wiri c nottni niss dicrosf tfc` tfi dicrs.

Xtivi`; ]firis c hgupni quistog`s g` gur sfgrt pgsotog` ct TIO]s, wfohf cri

cmaottimny c viry, viry sacnn pgsotog`. Ot os c dcsbit. (85;:8) Ot os c

ìlctovi ixprissog` ge TIO] vcnuis, c`m tfiyripcrtny c eu`htog` ge ngw

o`tirist rctis tfct fcvi mrovi` pigpni tg folfir yoinmo`l cssits, wfitfir ot

di TIO]s gr ANZs. C`m ot kust c dcsbit sfgrt clco`st gur ng`ls. \i mg`t

fcvi viry ac`y sfgrts o` tfi pgrtegnog tgmcy, c`m wiri c ng`l eu`m tfct

mgis pirogmohcnny sfgrt. C`m wi wgunm`t ixpiht tg sii auhf o` tfi sfgrt

somi u`ton suhf pgo`t cs wi chtucnny fcvi c ngt agri g` tfi ng`l somi. C`m

ct tfct pgo`t dy tfi wcy, oe tfo`ls cri sg hficp g` tfi ng`l somi tfi` wi

wg`t fcvi ac`ysfgrts. Xg tfcts tfi sfgrt c`swir tg TIO]s.

Droc`, tfi quistog` cdgvi tfct7

Droc`; Xg quistog` os; wgunm di o`tiristim o` ygur riìwim hgèomi`hi o` Dc`b ge

Cairohc cs ot cppicrs ygu fcvi o`hricsim tfi wiolfto`l solòeohc`tny. \i

fcvi o`hricsim tfi wiolfto`l gr pgsotog` o` Dc`b ge Cairohc. O mg`t b`gw


29/49


-4?-

tfct ot os o` o`hricsim hgèomi`hi dut acydi o` gdsirvctog` ge tfi

cttrchtoviìss ge tfi sihuroty, tfi icrò`ls pgwir ge tfi u`mirnyo`l

dusoìss, c`m c ngt ge tfi wctir tfct fcs lgì u`mir tfi dromli o` tiras ge

rilunctgry c`m nilcn hgsts, wfohf O luiss O scy Onn fgpi, dut cppicr tg di

ncrliny difo`m tfi hgapc`y ct tfos pgo`t.

C`m sg wfi` wi tfo`b cdgut tfct bo`m ge c nicb o` tfi duhbit lgo`l

gut tfi gtfir somi egr nilcn c`m oe tfct stcrts tg sfut mgw`, O tfo`b tfi

icrò`ls pgwir ge tfi erc`hfosi stcrts tg di cppcri`t. C`m O tfo`b ct tfi

prohi wi wiri pcyo`l egr tfi stghb, wi tfgulft tfct wcs c agri

hgapinno`l vcnui tfc` sgai gtfir tfo`ls.

Xtivi`; ]firis c quistog` cdgut tfi ]firis c quistog` Dgd Tgmroluiz wcs

rihi`tny o`tirvoiwim c`m wcrìm cdgut tfi stghb acrbit mihnoò`l dy 49%

tg 89% diegri 4:36. Cri ygu eo`mo`l c`y vcnui cag`l iquotois, c`m mg

ygu sfcri tfos si`toai`t7 O aic`, acrbit wonn prgdcdny mihnoì 49%

diegri 4:35. O mg`t b`gw.Ots lgo`l tg mihnoì ct sgai pgo`t. (86;:5)Oa

`gt lgo`l tg lg gut tfiri c`m acbi tfct hcnn. Acrb c`m DrocÒ hc` spicb

egr tfiacri`t lgo`l tg acbi tfct hcnn.

Ots oapgrtc`t tg b`gw tfctDgd mgis`t chtucnny ac`cli c`y pgrtog`

ge tfos pgrtegnog. \i fcvi c voiw cs tg wfct wi u`mirstc`m gppgrtuòty os

c`m fgw tg vcnui dusoìssis. C`m, O aic`, sueeohi ot tg scy, oe wi scw c


30/49


-8:-

tirroeoh gppgrtuòty, wim di solòeohc`tny agri o`vistim. O aic`, wi mg`t

b`gw wfct tfi acrbits lgo`l tg mg o` c`y sfgrt pirogm ge toai.

Droc`.; Onn spicbegr Onn spicb egr cnn ge us. \i mg`t tcnbtg Dgd cdgut tfisi tfo`ls

ct cnn.

Acrb N.; ]fi gtfir tfo`l tg scy os wi liìrcnny oe ygu tfo`b cdgut tfi mirovctovi ge

wfy wiri fgnmo`l hcsf, ots `gt dihcusi wivi lgt c voiw ge tfi wgrnm c`m

wfct tfi acrbits lgo`l tg mg. Ot ricnny cnwcys hgais tg tfi cdonoty tg eo`m

dgttga-up eu`mcai`tcn o`vistai`ts tfct cnsg fcvi sgai acrlo` ge sceity

ge purhfcsi. Xg oe wi hc` eo`m tfgsi, wiri lgo`l tg lit o`vistim

rilcrmniss ge wfct tfi pu`mots cri scyo`l cdgut tfi lngdcn ihg`gay c`m

tfi achrg. C`m oe wi hc`t eo`m tfia c`m ivirygì scys tfi wgrnms lrict

wotf rgsi-to`tim lncssis, tfi vcnuctog`s cri ricnny ixpi`sovi, yguri lgo`l

tg sii hcsf kust di folfir cs tfi `cturi ge tfi echt hc`t duy tfo`ls wotf c

acrlo` ge sceity.

Xtivi`; ]firis c quistog`; oe tfi lgcn ge quc`totctovi icso`l wcs tg stoauncti

oènctog`, hricto`l wicntf ieeihts g` tfi dcnc`hi sfiit ge o`vistgrs c`m

dc`bs tfct cs SI os i`mo`l, wgunm`t tfct hricti cssit prohi mienctog`7 O

wonn scy twg tfo`ls.

(3) Oe SI os i`mo`lwi fcvi `g omic oe ot chtucnny os2 wi mg`t fcvi

c`y bo`m ge popinoì o`tg tfi Eim O tfo`b ots lgo`l tg di bo`m ge


31/49


-83-

hfcnni`lo`l tg chtucnny acbi tfct fcppi` dut wgunmtfct fcvi c` ieeiht

g` cssit prohis7 _icf, prgdcdny. O aic`, O mg`t aic` tg di tirrodny

iquovghcn. Dut oe ygu lg nggb ct tfi sfgrt tfct wi kust put g` tfos snomi firi,

ygu hc` sii lgo`l dchb tg erga tfi acrbits mgw`tur`, ygu sii tfi

X&Z 9:: pngttim clco`st wfct tfi Eim fcs put g` ots dcnc`hi sfiit.

(=:;::) C`m ygu hc` sii tfct cssit prohis fcvi dii` noetim cng`lsomi

c`ywcy o` tfos ixcapnicng`lsomi wotf tfi Eims dcnc`hi sfiit

dcnnggò`l. C`m tfos os kust tfi X&Z 9::, dut ygu hc` mrcw tfi scai hfcrt

c`m ripnchi tfi X&Z 9:: wotf hgaairhocn ricn istcti prohis c`m c fgst ge

gtfir tfo`ls o` tfiri cs winncnn bo`ms ge cssit prohis. Xg, nggb, c folfir

o`tirist rcti o` c`m ge tfia ot mipi`ms g` fgw ygu lit tfiri c`m wfy

yguri litto`l tfiri. Dut folfir o`tirist rctis o` c`m ge tfiasinvis acy

`gt di dcm, dut ot hgunm di.

\fcts ìxt, luys7 \c`t tg tcbi twg c`m tfrii up tfiri, Acrb7

Acrb N.; Xuri. Nit ai scy tfisi cri quistog`s cdgut Tussoc. \iri mgo`l agri

tfo`ls fcvi trcmim gee, sg g` c`m sg egrtf. Xg tfi Tussoc` o`vistai`ts

chhgu`t egr cdgut 3.9% ge tfi pgrtegnog, c`m gur hgst wi cri mgw` folf

so`lni molot. O tfo`b tfi acxoaua wivi spgbi` o`tir`cnny, c`m acydi

wivi sfcri tfosO hc`t rihcnng` hgèiri`hi hcnns prgdcdny mg`t sii

Tussoc ricnny dio`l agri tfc` prgdcdny 8% ge tfi pgrtegnog o` c soaoncr


32/49


-84-

typi i`vorgài`t tg tfos. ]g o`hricsi gur ixpgsuri tg tfi `cais, wiri

prgdcdny `gt nggbo`l egr c so`lni-molot mrcwmgw`. \im di nggbo`l egr

sgaitfo`l auhf agri solòeohc`t, c`m tfcts wfi` wi aolft cmm tg tfi

`cais. Xg ct tfi agai`t, acydi g` imlis tfiris c nottni dot lgo`l g`,

dut tfiris dii` `g acss agviai`t.

Xgaigì csbim; cri ygu nggbo`l tg duy Xcumo acrbit7 Oa kust

lgo`l tg scy, `g, wi kust fcvi`t dii` wiri cwcri ge c hgupni

hgapcòis tfiri tfct cri agri hg`suair-groi`tim, qucnoty. \i stonn trcmi

ct pritty rohf auntopnis.

Xgaigì csbim; wgunm ygu usi c folfir moshgu`t rcti wfi` ygu

nggb ct acrbits nobi Tussoc7 \i mg`t ricnny ru` MHEswotf folf moshgu`t

rctis c`m c`m tfo`ls nobi tfct. Dut ot lgis wotfgut scyo`l wi wc`t tg lit

tfo`ls ct c ncrlir acrlo` ge sceity gr trcmo`l ct c lrictir vcnuctog`

mospcroty g` c typohcn auntopni hgapcrim tg, scy, c acrbit nobi tfi Y.X.

(=4;:=) Xg oe tfi Tussoc` stghb trcmis ct, hcnn ot, twg tg egur toais

icrò`ls, yicf, tfcts sgrt ge o`tiristo`l egr us. Oe ot wcs trcmo`l ct 3:34,

tfcts prgdcdny wgunm`t di. Kust cs c luomi o`visto`ls cs auhf c` crt

tfc` c shoi`hi. Xg O tfo`b ot wgunm di pritty sonny tg lg movi ficm-eorst o`tg

sgai iairlo`l acrbit c`m fcvi c dol pirhi`tcli ge ygur ixpgsuri


33/49


-88-

soapny dihcusi ygu scom, gf, dcsim g` tfi \CHH tfisi tfo`ls nggb

hficp.

Xtivi`; Fiy, Droc`, tfiri cri c hgupni quistog`s o` erg`t ge us g` Hoto Lrgup c`m

Dc`b ge Cairohc. Gì os #33. O mg`t b`gw wfiri tfi Dc`b ge Cairohc`

quistog` wi`t. Ot wcs

Droc`; O tfo`b acydi Onn kust tcnb o` liìrcnotoiscdgut tfi liìrcn eo`c`hocn tfisos,

wfohf os sgrt ge tfi quistog` os ct. Dut tfi hgapcòis dcnc`hi sfiit tfct

wi gw`, tfi dcnc`hi sfiits cri viry strg`l rinctovi O tfo`b g` c`

cdsgnuti dcsos c`m hirtco`ny rinctovi tg c`y ge tfgsi hgapcòis fostgry, O

tfo`b tfiy cri cnn wgrbo`l tfrgulf sgai hfcnni`lis erga tfi eo`c`hocn

hrosos. Cs tfgsi hfcnni`lis stcrt tg mossopcti, wi wgunm sii tfi icrò`ls

pgwir c`m ritur` g` tc`lodni hcpotcn ge tfgsi dusoìssis sfoì tfrgulf.

C`m cs tfct fcppi`s, wi wgunm ixpiht tg rihiovi sgai ge tfi riwcrms cs

sfcrifgnmirs, wfitfir o` tfi egra ge movomi`ms gr duydchbs. C`m tfcts

gur tfisos g` tfia.

Xtivi`; ]firis c quistog`; lovi` tfi mrgp o` gon prohis, fcvi ygu nggbim ct c`y

hgapcòis o` tfi iìrly sihtgr, c`m mg c`y cppicr cttrchtovi7 C`m wi

fcm ct gì pgo`t, cs ac`y ge ygu b`gw, auhf lrictir ixpgsuri tg tfi

iìrly sihtgr. C`m wi mg`tfcvi auhf ixpgsuri tgmcy rinctoviny

spicbo`l tg iìrly hgapcòis, cntfgulf c nottni dot.


34/49


-8=-

\otf tfi gon prohis lgo`l mgw`, O aic`, gdvogusny tfi stghbs fcvi

hgai mgw`. (==;:3) Dut tfiyri `gt tg tfi nivins wfiri tfiy rieniht tg

tfi stctiai`t tfct O fcm acmi icrnoir cs tg wi wc`t tg di cl`gstoh cs tg

tfi hgaagmoty prohi, tfiri cri c hgupni ge hgapcòis tfct wi fcvi g` tfi

nost tfct wiri nggbo`l ct. ]firisgì hgapc`y tfcts chtovi tfct os pcrt ge

c`gtfir dusoìss c`m os lgo`l tg di spu` gee. Dut tfiri os`t c ngt tfct tfct

wiri mgo`l ct tfisi prohis.

]fct chtucnny nicms tg c ncrlir quistog` cdgut tfi spo`gee tfct wcs

csbim. O aic`, oe ygu hc` shrgnn mgw` pnicsi. ]firis q quistog` cdgut

spo`gees c`m mg spo`gees tfiri os c tri`m tgwcrms hgapc`y spo`gee.

Acmosg` Xqucri Lcrmi`, Eirrcro, mg ygu dinoivi tfct spo`gee u`nicsfis

hgapc`ys vcnui. O aic`, nggb, hgapcòis fcvi dollir hgapcòis

fcvi spu` gee sacnnir hgapcòis egr ac`y, ac`y mihcmis, c`m ct pgo`ts

o` toai tfiy hc` di sgaiwfct grpfcìm. Dut tfiris c ngt ge sacrt pigpni

nggbo`l ct c ngt ge dusoìssis, c`m tfiris pigpni tfct ru` shrii` kust g`

spo`gees. _is, vcnui hc` di u`nicsfim wotfgut quistog`. Dut kust nobi iviry

hgapc`y wi nggb ct, wi nggb ct tfi gppgrtuòtois moshritiny c`m acbi ot c

mitirao`ctog`. O wgunm`t nggb ct spo`gees c`mkust scy tfos os c hctilgry

tfct ìims hg`somirim cdgvi cnn gtfirs.


35/49


-89-

Acrb N.; O wcs kust lgo`l tg lg dchb tg tfi iìrly. Xgai ge ygu acy `gt fcvi

ficrm us tcnb cdgut I&Zs gr tfi mronnirs g` progr hcnns, dut Onn scy wiri

prgdcdny ge tfi voiwpgo`t tfisi cri`t dittir-tfc`-cvircli dusoìssis. Oe

c`ytfo`l, tfiyri acydi ngwir-tfc`-cvircli dusoìssis gvir c hyhni. C`m

dihcusi ge tfct, wi pcy ctti`tog` tg tfia. \i lit o`vgnvim, dut ots agri

mrovi` dy prohi. Ge tfi tfrii ge us, `gì ge us fcs sgai strg`l ceeoòty tfct

wi eiin wi ngvi tfia, ìim tfia, fcvi tg fcvi tfia.

I&Zs liìrcnny mg`t icr` tfior hgst ge hcpotcn gvir c hyhni. Mronnir

liìrcnny icr` cdgut c` cvircli ritur` g` hcpotcn gvir c hyhni. Xg oe ygu

wc`t tg acbi c dittir-tfc`-cvircli ritur`, ygu prgdcdny fcvi tg duy ct c

ngwir-tfc`-cvircli prohi. C`m tfcts ricnny wfiri wi aolft lit o`tiristim,

dut ots ricnny dihcusi tfiris c mostriss o` tfi prohi. \i mg`t fcvi c`y

ricn ìim. Ots `gt nobi c lg ficm, Droc`.

Droc`; (=5;:9) @g, lg cficm. O wcs lgo`l tg scy O tfo`b tfi o`tinnihtucn

ercaiwgrbs lgo`l tg di tfi scai tfct wi tcnbim cdgut uso`l egr

cnuaoùa gr c`y gtfir hgaagmoty cssits. \i mg`t fcvi c`y spihocn

ceeoòty egr iìrly hgaagmoty cssits.

Xtivi`; O aic`, dut tg Acrbs pgo`t, O kust wc`t tg folfnolft kust tg pu t c eoìr pgo`t

g` tfct cs winn. O aic`, oe ygu fcvi c dusoìss tfct fcs ngwir-tfc`-

cvircli ritur`s g` hcpotcn c`m yguri g`ny litto`l ckust tg biip tfi


36/49


-85-

actf soapni c`m yguri litto`l c 5% ritur` ct 9:% ge dggb, ygu lit c

34% ritur`. C 34% ritur`s agri cttrchtovi tfc` c 5% ritur`.

Mg ygu luys fcvi c`y tfgulfts g` tfi hrcet diir o`mustry7 O luiss

tfct mgvitcons wotf ygur quistog`s g` tfi ygur prisi`tctog` g` diir.

Droc`; O aic`, ots `gt hrcet os c dot agri ge c Y.X. pfi`gai`g`folf so`lni

molot pirhi`tcli ge tfi gvircnn Y.X. acrbit lrgwo`l ct ngw mgudni molot.

Nobi Xca Cmcas os c ncrli, gì ge tfi dittir b`gw` pudnoh hrcet diir

hgapcòis. Oe ygu tfo`b cdgut wfct wi gw` o` tfi pgrtegnog, wi gw` lngdcn

diir hgapcòis. Clco` hrcet os ncrliny c Y.X. pfi`gai`g`. Ot mgis`t

ricnny fcvi c ncrli oapcht g` gur o`vistai`t tfisos. \iri sgrt ge cwcri ge

ot. \iri cwcri tfct tfiris c nottni dot ge sfcri sfoet tg hrcet diirs, dut ots

sg rinctoviny sacnn prgpgrtog` ge tfi o`mustry, cndiot lrgwo`l quohbir tfc`

tfi acrbit o` liìrcn. Dut oe ygu tfo`b cdgut tfi `cai wi gw`, Hcrnsdirl

egr ixcapni mgis`t ivi` fcvi c`y Y.X. ixpgsuri (eunn stgp7 J =


37/49


-8


38/49


-86-

Onn mg tfi CMT. ]firis c quistog`; mg ygu o`vist egriol` sihurotois o` tfi

nghcn acrbit gr CMT7 Xgai ge ot kust mipi`ms. ]firi os c snolft hfcrli tg

fgnm CMTs. Ots `gt miag`strcdni, dut ygum acydi nobi tg cvgom ot oe ygu

hc`. Fgwivir, oe ygu tfo`b cdgut sgai sihurotois, ot aolft kust di wfi`

ygu wc`t tg stcrt duyo`l ot tfi nghcn acrbit gpiìm, tfi CMT os`t, vohi

virsc. \i mg`t fcvi c`y fcrm c`m ecst runis. Xg tfcts tfi ixti`t ge ot.

Xtivi`; \i lit tfisi quistog`s iviry qucrtir, ot siias hgunm ygu pnicsi

rihgaai`m c rihi`t dggb gr priss crtohni ygu nobic`m winn kust lg

crgu`m tfi tcdni. C`m sgaitoais wi fcvi tfo`ls2 sgaitoais wi mg`t.

Dut gì dggb tfct O chtucnny tfgulft wcs viry o`tiristo`l c`m quoti

cprgpgs tg o`visto`lO wcs rihgaai`mim dy c` chquco`tc`hi o` tfi

o`vistai`t o`mustryos c dggb chtucnny wrotti` cs c sirois ge isscys o` tfi

3?6:s dy c`m egr tfi HOC, (9:;3:) c`m ot wcs hgaponim o` c sacnn vgnuai

o` tfi ncti ?:s c`m os cvconcdni cs c ZME g`noì. C`m ots hcnnim ]fi

Zsyhfgngly ge O`tinnoli`hi O`visto`l. C`m ots c difcvogrcn dggb, rolft, c`m

ots c viry lggm ricm Oegu`m dihcusi tfi hg`ìhtog`s ditwii` pohbo`l

c`m oapireiht oègractog` c`m tryo`l tg mrcw c hg`hnusog`, fgw gì

mgis hgunm mg tfct dittir, tfiri os sgai nissg`s nicrìm egr ai, c`m O

tfgulft ot wcs o`tiristo`l.


39/49


-8?-

O mg`t b`gw oe Droc` c`m Acrb fcvi c`ydggbs tfct wiri ge

pcrtohuncr o`tirist o` tfi progr qucrtir.

Acrb N.; ]firi wiri sgai quistog`s icrnoir g` ]ishg. \i cpprihoctim ]fi

Ivirytfo`l Xtgri, sgaitfo`l tfcts dii` ricm crgu`m firi.

]firi wcs c quistog`, O tfo`b wi kust sgrt ge cmmrissim tfos. \iri

lgo`l tg b`ghb tfct gee. ]fi quistog` ygu luys tcnbim tg Hfuhb c`m

Hfcrnis erga OUC cdgut Tussoc, wi kust mg`t hfct tg tfia riluncrny, c`m

wi fcvi`t (hfcttim tg tfia7). \i fgnm tfia o` folf rilcrm. ]fiyri

sacrt luys, dut moeeiri`t strgbis egr moeeiri`t egnbs.

Droc`; O mg`t b`gw wfct tfior tfgulfts cri.

Acrb N.; Xg winn sbop tfct.Suistog` cdgut Aohrgsget c`m Grchni, twg ge ygur

ncrlist fgnmo`ls. ]firis c quistog` cdgut movirli`t piregrac`hi.

Aohrgsget c`m Grchni, tfiy mg hgapiti c nottni dot morihtny g` mctcdcsis,

dut ots `gt c ncrli pgrtog` ge Aohrgsget dusoìss. Droc` c`m O wiri chtucnny

hfctto`l tg tfi HEG ge Grchni yistirmcy. C`m O aic`, sfi ivi` scom tfiy

chtucnny voiw Gr ots chtucnny sgrry, sfis `gw tfi Hg-HIG, yicf. ]fiy

voiw tfiasinvis cs auhf cs sgrt ge pcrtìrs tfc` c`ytfo`l insi. C`m oe

ygu lg dchb c`m egr ixcapni ygu nosti` tg Ncrry Innosg` ct Grchni\grnm,

gì ge tfi eiw piirs fi fcm pgsotovi tfo`ls tg scy cdgut wcs Aohrgsget

wfiri fi scom Xctycs mgo`l tfi rolft tfo`ls c`m acbo`l prglriss.


40/49


-=:-

(94;:=) Xg wfct os gur voiw7 Nggb, wi nobi Aohrgsget2 wi nobi

Grchni. ]fiyri dgtf twg ge gur ncrlir pgsotog`s. \i cmmim Grchni c`m c

nottni sinn-gee c hgupni wiibs clg, sg ots prgdcdny tfi sihg`m eorst

Xtivi`; O tfo`b ots tfi ncrlist.

Acrb N.; acydi tfi ncrlist wfct wi hc` moshngsi. Xg, nggb, wi nobi Grchni. C`m

oe ygum nobi tg sii c` o`-miptf moshussog`, O dinoivi wi wi`t tfrgulf ot

sivircn qucrtirs clg, c`m ygu hgunm eo`m tfi qucrtirny trc`shropt tfct tcbis

gì tfrgulf tfi o`vistai`t tfisos, wfohf ncrliny fcs`t hfc`lim.

Xtivi`; \fct mom`t hgai hnicr o` tfi moshussog` ge tfi quistog` wcs tfi priaosi

wcs tfct Aohrgsget wcs tcbo`l sfcri erga Grchni.C`m tfcts wfy Acrb

wcs scyo`l ots `gt rinivc`t.

Acrb N.; Tolft. ]firis c quistog`; cri wi eo`mo`l gppgrtuòtois o` sacnn-hcp Y.X.

iquotois7 \ivi `gt dii` siio`l c`ytfo`l o`

Droc`; O aic`, O tfo`b c pgo`t wgrtf `gto`l os tfct wiri cwcri c`m gur risicrhf

rienihts tfi echt tfct sacnnir hgapcòis c`m aom-hcp hgapcòis fcvi

dii` u`mirpiregrao`l g` c acrb-tg-acrbit dcsos. C`m O tfo`b tfct,

moeeiri`t erga twg gr tfrii yicrs clg, c auhf lrictir eghus ge tfi

risicrhf ieegrts cri g` sacnn- c`m aom-hcp hgapcòis. Ot fcs `gt yit dii`

rienihtim o` tfi pgrtegnog, dut ot os o` tfi wgrb prghiss.


41/49


-=3-

Acrb N.; \i chtucnny fcvi sgai `cais tfct fcvi dii` cmmim wgunm di sacnn-

hcp hgapcòis`gt wotfo` tfi Y.X., sg tfisi wgunm di o`tir`ctog`cn. Dut

tfiris dii` cmmotog`s yicr-tg-mcti o` tfct hctilgry, c`m ivi` cmmo`l

agst rihi`tny yicf, c`m aom cs winn.

Xtivi`; ]fiyri csbo`lcdgut egr egr-prgeot imuhctog` hgapcòis. \i mg`t fcvi c

voiw. _gu hc` fcvi tfi ìxt gì tgg2 ots c hgaai`t c`m tfi gì cdgvi os

c hgaai`t.

Droc`; Xtivi hc` c`swir tfi H@S.

Xtivi; (9=;:


42/49


-=4-

wotf tfi voiw tfct tfiri sfgunm di sgai hcpotcn vcnui hrictog` cs c risunt

ge tfct virsus tfisi o`mohis.

C`m H@S wivi gwìm egr quoti sgai toai, c`m ots cnsg `gt c

tirrodny ncrli pgsotog`. Ot chtucnny fcs wgrbim gut, c`m ots cdgut o`hrimodni

miptfs ge risirvis. C`m (wfct cmaottimny ìims J 99;46) egr H@S, gì

ìims folfir gon prohis gut tfiri egr tfct tg hg`toùi tg wgrb.

Acrb N.; Xg tfiris c quistog` firi cdgut tfi risicrhf nodrcry ge folf qucnoty stghb.

Fgw ac`y hgapcòis mg ygu fcvi g` tfi sfine tgmcy7 Onn scy liìrcnny

tfiris sivircn fu`mrim hgapcòis tfct wi egnngw, oe `gt agri tfc` tfct.

]firis moeeiri`t milriis ge risicrhf tfcts dii` mgì g` ichf. Xgai

fcvi dii` eunny wgrbim up gvir toai. Xgai wi aolft aiit wotf g` c

riluncr dcsos g`hi c yicr, wiri ricmo`l tfi trc`shropts egur toais c yicr,

wiri ricmo`l tfi trc`shropts ge hgapitotgrs g` c riluncr dcsos, c`ùcn

ripgrts, oòtoctog` (95;:5). Xg tfiri os sgai mospcroty ditwii` gìs Onn scy

tfct wiri cdgut c wiib cwcy g` c`m sgai wfiri wi aolft ìim c nottni

dot ng`lir tg acbi suri wi mgt tfi Os c`m hrgss tfi ]s. Dut o` tfi tgtcn

uòvirsi, Onn hcnn ot, ge folf qucnoty stghbs tfct wi tfo`b wim di ricmy tg lg

o` c ecorny sfgrt grmir, ot wgunm di o` tfi fu`mrims.

C`m tfi` tfiris c quistog`; wcs tfiri folf-qucnoty stghb tfct

mrgppim o` prohi, tfi` ygu upmctim ygur risicrhf o` rispg`si tg tfi prohi


43/49


-=8-

hfc`li, c`m ygu mom`t duy cs tfi eu`mcai`tcns hfc`lim7 O tfo`b ]ishg

os prgdcdny Oa `gt lgo`l tg scy wi tfgulft ot wcs c hgapgu`mi m sgrt

ge strcmmni cs folfir-qucnoty. \i (o`cumodni J 95;=4) sgrt ge mieoòtiny

folfir-qucnoty tfc` ot wcs. \i tfgulft tfiri wcs acydi vcnui o` tfi

(ixhiss7) ricn istcti, sg g` c`m sg egrtf. C`m wotfgut c mgudt gur

cssissai`t ge tfi sotuctog` hfc`lim, c`m wi chtucnny mom`t ricnny duy

]ishg mgw` ivi` wfi` ot eorst stcrtim mrgppo`l Hfrostacs clg gr sgrry,

Kcùcry twg yicrs twg, tfrii yicrs clg twg yicrs clg7

Droc`; _icf, twg 34. Ot wcs icrny 34 wfi` ot

Acrb N.; Xg tfcts c `cai o` rispg`si tg tfi proho`l. Ot fcm c wicb Hfrostacs. \i

kust oaaimoctiny sgrt ge scom tfi ngw hcsi nggbs nobi ots pncyo`l gut. Nits

ricssiss tfi sotuctog`. Cs wi tfi` ricssissim. \i tfi` cmm. C`m tfi`

untoactiny, cs wi ai`togìm icrnoir, wi ixotim.

\fcts ygur voiw g` miei`si hgapcòis7 \i chtucnny nggbim ct

miei`si hgapcòis o` sgai miptf dchb o`

Droc`; Miip rilrit os gur voiw g` miei`si hgapcòis.

Acrb N.; \i nggbim ct tfia o` miptf 4::?/3:.

Droc`; 3:, yicf.

Xtivi`; (o`cumodni J 9


44/49


-==-

Droc`; _icf, miip rilrit os wfct O wgunm scy. \i gwìm sgai ixpgsuri tg

miei`si tfrgulf c hgupni ge cirgspchi hgapcòis. Dut o` tiras ge

gutrolft tfi proais, tfi o`tilrctim miei`si proais, O wgunm scy tfct wi

kust mom`t punn tfi trollir, c`m ot wcs c aostcbi.

Acrb N.; (96;:=) ]firis c quistog`; wfct os tfi quohbist erga omic liìrctog` tg

punno`l tfi trollir7 Ot ricnny mipi`ms g` gur ecaonocroty wotf tfi hgapc`y,

wotf tfi o`mustry, sg g` c`m sg egrtf. Liìrcnny spicbo`l, ygu sfgunm`t

tfo`b ge us cs quohb trollir-punnirs. \iri c nottni agri prclactoh o` lgo`l

cdgut

Droc`; C`m O tfo`b ots oapgrtc`t tg lovi tfi omic, gr lit ct tfi hg`hipt, agst omics

cri `gt liìrctim spg`tcìgusny gr sgaitfo`l. \i mg`t wcnb mgw` tfi

stcors c`m cnn ge c summi`, fiy, Ovi ìvir ficrm ge tfos hgapc`y gr tfos

o`mustry. \fct fcppiìm7 Ots c ìw omic. O tfo`b tfiyri cnagst cnn ct tfos

pgo`t tfo`ls tfct wivi tfgulft cdgut o` gì egra gr c`gtfirwfitfir tfi

spihoeoh dusoìss, tfi o`mustry, gr tfi hgaagmoty. C`m sg erga siio`l

sgaitfo`l tfct os hficp tg punno`l tfi trollir hc` di viry, viry quohb, dut

ots `gt bo`m ge c mi `gvgomic.

Xtivi`; O tfo`b, Acrb, wivi richfim tfi fgur acrb. Xg c`y gtfir quistog`s tfct

tfiris kust c eiw niet Oe tfiri cri c`y gtfir quistog`s tfct fcvi`t dii`

c`swirim tfct ygu wc`t tg lit c rispg`si, tfi` lovi Acrb Fc`hghb c hcnn.


45/49


-=9-

Finn hirtco`ny lit tfgsi c`swirs tg ygu, lit ygu o` tguhf wotf tfi rolft

pirsg`. Xg, Acrb7

Droc`; Onn scy kust tfi gì tfo`l. Xg tfiri os c quistog` firi, prgdcdny tfi pirsg`

wfg csbim wfg acmi c hgaai`t cdgut c quistog`. Xgaigì csbim;

hc` ygu lovi c` ixcapni ge c lggm quistog`7 \fct o`solfteun quistog`

wgunm nobi tg sii gr sullist nostiìrs sfgunm csb7 O prgdcdny wonn kust scy

wi mg sii c ngt ge quistog`s cdgut tfi ihg`gay. Liìrcnny spicbo`l, wi

mg`t fcvi c fgusi voiw g` tfisi ossuis. \i mg`t spi`m agri tfc` eovi

aoùtis c qucrtir moshusso`l tfisi ossuis, c`m uègrtu`ctiny wi mg`t

fcvi auhf wi hc` mg tg finp ygu wfi` ygu mg fcvi tfisi quistog`s. \i

hc` geeir gur tfgulfts, dut tfiyri`gt wgrtf tfi cor tfct sgrt ge hgais gut

ge gur agutf. \iri ricnny dgttga-up o`vistgrs ct ficrt.

Xg O tfo`b c`gtfir wcy tg scy ot os; c`ytfo`l tfct finps ygu tfct os

`gt cdgut tfi ihg`gay gr c` o`firi`tny u`b`gw` c` u`b`gwcdni os c

lggm quistog`.

Xtivi`; (5:;::) \i try c`m c`swir cnn ge tfisi quistog`s. \i try c`m dro`l

ivirytfo`l dchb tg pfongsgpfy c`m prghiss. C`m sg c`y quistog` tfct

cnngws us tg mg tfct, tfct wgunm di cmvc`tcligus, wi dinoivi, tg imuhcti

gur sfcrifgnmirs. Xo`hi wi mg`t so`hi c`cnyzo`l tfi ihg`gay, egr

ixcapni, os `gt pcrt ge gur prghiss, wi kust mg`tfcvi c ngt tg scy.


46/49


-=5-

Acrb N.; C`m tfi gtfir tfo`l wi Droc` c`m O wiri o` @iw _grb tfos pcst wiib,

c`m wi scw gì ge gur piirs ct c viry winn b`gw` sfgp wi fgnm o` folf

rilcrm. Onn scy Ar. Dueeit fgnms o` folf rilcrm c`m fcs o` tfi pcst cs winn.

]fcts c fo`t. C`m wi dgtf wiri hgaaosircto`l tfct tfiris tfisi pudnoh

hgèiri`hi hcnns, c`m pigpni wc`t ygu tg gpi` ygur boag`g c`m tcnb

cdgut wfy ygu ngvi c hgapc`y. C`m wiri cnn firi fgpo`l wi lit tg cmm

tg tfisi hgapcòis g` wicbìss, sg tfi ncst tfo`l wi wc`t tg mg os sfoì

c spgtnolft cs tg wfy wi nobi c hgapc`y dihcusi ot acy acbi ot agri

moeeohunt egr us tg cvircli mgw` o` tfi euturi.

]fct scom, wfct wiri cnwcys tryo`l tg mg o` c` o`tinnoli`t ac`ìr

c`m tg finp ygu mg ygur kgds tg u`mirstc`m fgw ygur hcpotcn os dio`l

ac`clim os ixpnco` tg ygu wfy wi gw` wfct wi mg. @gw wiri auhf

agri hgaegrtcdni mgo`l tfct wfi` wi fcvi eunn pgsotog`s o` c `cai. C`m

ct tfct pgo`t, wivi dgulft sg auhf tfct cnn wi ricnny wc`t tg mg os prcy ot

lgis up `gt agri tfc` mgw`. O tfo`b tfcts wfi` wiri agst cai`cdni tg

sfcro`l. Ots `gt tfct wiri tryo`l tg di ivcsovi gr mgmli ygur quistog`s.

Ots kust tfct ricnny wi wcbi up ichf mcy fgpo`l tfisi hgapcòis lg mgw`

rctfir tfc` up. C`m O tfo`b dihcusi wiri c ncrlir eu`m, acydi tfiri cri

sgai pigpni wfg ricm tfisi hcnns gr nosti` tg tfia (o`cumodni J 53;4?).


47/49


-=


48/49


-=6-

\i mg wc`t tg acbi suri tfct ygu u`mirstc`m tfct tfi voiws

ixprissim g` tfos hcnn cri cs ge tgmcy, Ghtgdir 4?tf, 4:3=, c`m cri

sudkiht tg hfc`li dcsim g` acrbit gr gtfir hg`motog`s. ]fisi voiws acy

moeeir erga gtfir pgrtegnog ac`clirs c`m c`cnysts ge tfi eora cs c wfgni,

c`m cri `gt o`ti`mim tg di c egrihcst ge euturi ivi`ts, c lucrc`tii ge

euturi risunts, gr o`vistai`t cmvohi. C`y ai`tog` ge o`movomucn sihurotois gr

sihtgrs sfgunm `gt di hg`struim cs c rihgaai`mctog` tg purhfcsi gr sinn

suhf sihurotois, c`m c`y oègractog` prgvomim os `gt c sueeohoi`t dcsos

upg` wfohf tg acbi c` o`vistai`t mihosog`. ]fi oègractog` prgvomim

mgis `gt hg`stotuti `gr sfgunm `gt di hg`struim cs c` geeir gr sgnohotctog`

wotf rispiht tg c`y sihurotois, prgmuhts, gr sirvohis moshussim.

Zcst piregrac`hi os `gt c lucrc`tii ge euturi risunts. Ot sfgunm `gt

di cssuaim tfct tfi rihgaai`mctog`s acmi o` tfi euturi wonn di

prgeotcdni gr wonn iqucn tfi pcst piregrac`hi ge tfi sihuroty ixcapnis

moshussim. C`y stctostohs fcvi dii` gdtcoìm erga sgurhis dinoivim tg di

rinocdni, dut tfi chhurchy c`m hgapnitiìss hc``gt di lucrc`tiim.

(5=;:4) _gu acy riquist c prgspihtus morihtny erga tfi Eu`ms

mostrodutgr, YAD Mostrodutog` Xirvohis NNH, gr erga gur widsoti,

epceu`ms.hga. Znicsi ricm tfi prgspihtus c`m tfi Hg`trcroc` Ucnui


49/49


Zgnohy Xtctiai`t hcrieunny diegri o`visto`l. EZC Hrishi`t Eu`m os geeirim

dy YAD Mostrodutog` Xirvohis NNH.

Clco` tfc`b ygu egr ygur pcrtohopctog` o` tgmcys widhcst. ]fos

hg`hnumis tfi widhcst.

RI@M EONIQ

Documents

2014 q3 Fpa Cresent Transcript