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W_ypf m quhtf crhj tbf ohlujf`t hrtbf sujjmry hc m` a`tfrfsta`epha`t. Qhu lm` phsatah` tbf tfxt dhxm`ywbfrf a` tbf ohlujf`t. Vsf tbfSF@F[VFIM T F^HT_ 

A` ^imth‑s Tfpudial, \hlrmtfs m`o ^imth‑s drhtbfr

Eimulh` oasluss tbf piaebt hc pfhpif lbma`fo a` mlmvf ms tbf prash`frs try th jmgf sf`sf hc tbfsbmohws pmssa`e h` tbf wmii dfchrf tbfj. Uf hctf`rfciflt h` tbf Miifehry hc tbf Lmvf watb Erfflf a`tbf `fws m`o ms wf u`ofreh tbf Bfrluifm` tmsg htrya`e th tfmsf hut mllurmtf omtm crhj Sf`fzufim‑sflh`hjal sbmohws wbaif stmtastals lh`ta`uf th ehu`rfphrtfo dy tbf Lf`trmi Dm`g.

Mctfr tbf lihsf yfstfromy, wf eht m` ajphrtm`t paflfhc Sf`fzufim flh`hjal omtm “  `ht crhj Sf`fzufim,hc lhursf. _bf AJC rfifmsfo mllhu`ts chr Ku`f tbmtsbhw tbmt Sf`fzufim bms dhrrhwfo m`htbfr $=.6

daiiah` crhj ats \pflami Ormwa`e Taebts (\OT)

mllhu`t mt tbf AJC.

\pflacalmiiy, Sf`fzufim dhrrhwfo hvfr = daiiah`\OTs crhj tbf AJC a` Ku`f. H`f \OT bmo mvmiumtah` hc mrhu`o V\$=.?= imst jh`tb (m` \OT asjmof up hc chur cihmta`e lurrf`lafs; tbf V\ ohiimr,tbf furh, tbf VG phu`o stfria`e, m`o tbf Kmpm`fsfyf`)  “   jfm`a`e tbmt tbf mjhu`t tbmt Sf`fzufim

 dhrrhwfo as mpprhxajmtfiy V\$=.6 daiiah`.

Ms tbf lbmrt mdhvf a`oalmtfs, tbas lhjfs h` thp htbf V\$<26 tbmt Sf`fzufim quaftiy dhrrhwfo crhjtbf AJC a` Mprai -- ms wf `htfo a` hur Imta`vfstSf`fzufim Uffgiy Tfphrt h` Jmy 43. _bmt jfm`stbmt Sf`fzufim bms `hw dhrrhwfo V\$4.< daiiah`

crhj tbf AJC. 

Sf`fzufim; Tfjfjdfra`e ^imth A c yhu whuio ia gf th jmgf surf tbmt yhu

rflfavf tbas rfphrt dy f-jma i c rhj us

fmlb wffg, pifmsf ift us g`hw watb m

jfssmef th Tuss Omi if`, Khref

[aebfidhaj hr J aeufi Sa ii midm mt

TJOmi if`NLmrmlmsLmpatmi .lhj  

hr lmii us h`;

Lmrmlms (62) 4=4 <<6 =1>3

J amja <>6 5<6 242>

@fw Qhrg 4=4 4>4 ?463

Ih`oh`  (??) 4>5 11< ?665

Ms wf fxpima`fo a` tbmt Jmy rfphrt, tbf AJClrfmtfo \OTs ms m` a`tfr`mtah`mi rfsfrvf mssft a`=131 th suppifjf`t jfjdfrs‑ rfsfrvfs. AJCjfjdfrs mrf miihwfo th lhu`t tbf \OTs ms pmrt htbfar rfsfrvfs m`o Sf`fzufim ohfs, m`o as mdif th dhrrhw tbhsf mssfts mt m` fxtrfjfiy cmvhrmdif rmtfhc a`tfrfst (lurrf`tiy >.>6%, wbalb crm`giy as julb dfttfr tbm` tbf hvfr <>% tbmt Sf`fzufim as pmya`e

h` shjf hc ats dh`os).

A` 4>>1 ms lhu`trafs mrhu`o tbf whrio wfrf rffia`ecrhj tbf whriowaof flh`hjal lrasas, tbf AJCoflaofo th prhvaof jfjdfr `mtah s m thtmi hV\$46> daiiah` a` \OTs th sbhrf up a`tfr`mtah`miiaquaoaty. Mt tbmt tajf, tbf AJC jmof 4.6?< daiiah`\OTs mvmaimdif th Sf`fzufim, wbalb whrgs hut thmdhut $<.652 daiiah` a` V\ ohiimrs, wbalbSf`fzufim as `hw dhrrhwa`e 5 yfmrs imtfr (Qhu lm`ca`o hut jhrf mdhut \OTs a` IMB_‑s h`ia`f iadrmry

bfrf).

Hc lhursf, h` \u`omy, Sf`fzufim ^rfsaof`t @alhimsJmourh thhg th tbf marwmvfs a` lmof`m (iatfrmiiy’lbma`‚ -- m jm`omthry drhmolmst tbmt mii lbm``fisjust lmrry), imuoa`e tbf Erffg rfcfrf`ouj rfsuits,

IM_A@SF\_

 Chr jhrf a`chrjmtah` lmii; Tuss Omiif`, Khref [aebfidhaj, @mtbmiaf ^ftfrssf`, Eihram Ifh`, Jaeufi M`efi Saiimidm, Kh`mtbm` Ifh hr Qmkmarm Lm`m

 ^bh`f; <>6-5<6-242>

Mitbhueb tbf a`chrjmtah` a` tbas rfphrt bms dff` hdtma`fo crhj shurlfs tbmt Imta`vfst Erhup Bhioa`es, IIL7 Lmrmlms Lmpatmi Jmrgfts, L.M.7 m`o Lmrmlms LmpatmiMovashry, L.M. dfiafvf th df rfiamdif, wf oh `ht eumrm`tff ats mllurmly m`o lhjpiftf`fss. Mii hpa`ah`s m`o fstajmtfs a`liuofo a` tbas rfphrt mrf sudkflt th lbm`ef

watbhut `htalf. _bas rfphrt as chr a`chrjmtah` purphsfs h`iy m`o as `ht a`tf`ofo ms m` hccfr hr shialatmtah` watb rfspflt th tbf purlbmsf hr smif hc m`y sfluraty.  

1 Kuiy 4>=6

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^mef 4IM_A@SF\_ Sf`fzufim Uffgiy Tfphrt

Dut, tbf satumtah` as whrsf tbm` tbmt. _bfDLS lmiluimtfo tbmt at bmo $=?.34 daiiah`a` ehio usa`e m pralf hc $=,465.2> pfrhu`lf. (_bf DLS usfs m trmaia`e 1jh`tb mvfrmef7 sff DLS Chht`htf <.<).

_bf saivfr ia`a`e a` tbas erhwa`e oasmstfras tbmt tbf 1 jh`tb mvfrmef bms siappfosiaebtiy sa`lf Oflfjdfr <=, sh tbmtSf`fzufim jmy bmvf ifss ehio m`o tbusjhrf ’htbfr‚ a` ats taii. 

smya`e "_homy Erfflf bms thio tbf ca`m`lami tfrrhrast

hc tbf A `tfr`mtah`mi Jh`ftmry Cu`o, tbf Furhpfm`Lf`trmi Dm`g m`o tbf Furhpfm` fiatf tbmt tbfy oh`'t

g`ffi ohw` th m`yh`f. _bf Erffg pfhpif bmvf tbfar raebt

th iacf m`o tbfy mrf eha`e th lh`qufr m`o duaio tbfar hw`flh`hjal m`o phiatalmi iacf. Ih`e iavf tbf pfhpif h

Erfflf."

m`o tbas;

"_homy Erfflf bms tmgf` m basthral stfp watb tbfarvalthry a` tbf rfcfrf`ouj lmiifo dy ^rajf Ja`astfr

ifxas _saprms. Lh`ermtuimtah`s ^rajf Ja`astfr _saprms,

lh`ermtuimtah`s th tbf pfhpif hc Erfflf tbmt bmvf smao

H th tbf A`tfr`mtah`mi Jh`ftmry Cu`o m`otbf vmjpar fs hc tbf a` tfr`mtah`mi dm`ga`e systfj ."

_bhsf whuio df tbf smjf "Smjparfs" m`o "ca`m`lamitfrrhrasts" tbmt Jmourh as mish quaftiy dhrrhwa`e daiiah`scrhj -- ihm`s wbalb mrf smva`e Sf`fzufim's luih -- duttbf` tbmt ohfs`'t pimy ms wfii h` _S.

_VJDIA@E TF\FTSF\

\moiy, Sf`fzufim‑s rfsfrvfs mrf staii dfa`e ofpiftformpaoiy m`o bmvf `hw cmiif` dfihw $=3 daiiah`, lihsa`emt $=6.242 daiiah` h` _ufsomy, Kuiy 5. Ms tbf chiihwa`eermpb a`oalmtfs, Sf`fzufim‑s rfsfrvfs bmvf `hw cmiif`

$2.?43 daiiah` sa`lf Jmrlb =, mvfrmea`e m bmic-m-daiiah`ohiimr dur` rmtf pfr wffg .

Uhrsf “  fspflamiiy crhj m dh`obhiofr‑s pha`t-hc-vafw --Sf`fzufim‑s rfsfrvfs mrf lh`ta`ua`e th cmii fvf` wbf`Sf`fzufim m`o ^OS\M oh `ht bmvf bfmvy pmyjf`ts h`tbfar $5> daiih` hc a`tfr`mtah`mi ohiimr dh`o ofdt(a`tfrfst pmyjf`ts mrf ifss tbm` $=>> jaiiah` pfr jh`tba` Ku`f m`o Kuiy). Bhwfvfr, a` Mueust a`tfrfst pmyjf`ts rmjp up th $56> jaiiah`, m`o a` Hlthdfr m`o @hvfjdfr, Sf`fzufim waii cmlf $6.4 daiiah` a`

jmturatafs, mjhrtazmtah`s, m`o a`tfrfst pmyjf`ts.

TM^AOIQ CMIIA@E LVTTF@LQ

Mt tbf smjf tajf, Sf`fzufim‑s lurrf`ly lh`ta`uf

tujdia`e a` tbf dimlg jmrgft, lihsa`e mt 63yfstfromy.

Sf`fzufim‑s lurrf`ly lh`ta`ufs th oflmy  rmpaoim`o ms tbf chiihwa`e ermpb a`oalmtfs, tbf dhiavmr beh`f pmrmdhial a` ats lhiimpsf.

H` Mprai 42, tbf lurrf`ly wms mt 426, sh tbf Vohiimr as `hw ohudia`e mema`st tbf dhiavmr a` iftbm` 4.6 jh`tbs. H` @hvfjdfr 45, 4>=?, tb dhiavmr wms mt =?<, jfm`a`e tbmt at prfvahusiy thh6 jh`tbs chr tbf ohiimr th ohudif mema`st tbf dhiav-- crhj =?< th 426 -- dut h`iy 4.6 jh`tbs `hw tohudif crhj 426 th thomy‑s 631. _h put tbmt a` m

yfmr pfrspfltavf, imst yfmr h` Kuiy 2, tbf dhiavmr wtrmoa`e mt 5= “  at `hw tmgfs 2 tajfs jhrf dhiavm

th purlbmsf m ohiimr tbm` at oao kust h`f yfmr me

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^mef <IM_A@SF\_ Sf`fzufim Uffgiy Tfphrt

_wh tba`es mrf bmppf`a`e “  ifss ohiimrs mrf lhja`ea`th tbf flh`hjy crhj tbf cmiia`e pralf hc hai(wbalb as tujdia`e mema` tbas wffg) m`o tbfSf`fzufim Lf`trmi Dm`g as pra`ta`e jh`fy iagftbfrf as `h thjhrrhw. Ms tbf ermpb dfihw sbhws,Sf`fzufim‑s jh`fy suppiy as a`lrfmsa`e rmpaoiy

`hw, watb J4 up 2=% a` h`f yfmr. _bmt pmlf asup rmpaoiy crhj tbf 31% twfivf jh`tb a`lrfmsf wf

lihlgfo chr yhu a` hur Jmy 43 rfphrt.

.

_bf rfsuita`e pmss-tbrhueb hc a`cimtah` as ofvmstmta`e.Uatb m lurrf`ly tbmt as whrtb kust =4.6% hc wbmt at wmsh`iy h`f yfmr meh, tbf pralfs hc u`lh`trhiifo atfjs mrfsgyrhlgfta`e. Mt tbf smjf tajf, sbhrtmefs hc ohiimrsmrf whrsf`a`e waofsprfmo sbhrtmefs hc mii shrts h

ehhos, pmrts m`o jfoala`fs. Uf lihlg a`cimtah` mt=26% m`o a`lrfmsa`e, watb pralfs hc jm`y ehhosohudia`e a` kust h`f jh`tb.

_bf Sf`fzufim` ehvfr`jf`t‑s rfsph`sf bms `ht dff` thlhrrflt J4, hr th eft ats flh`hjal bhusf a` hrofr, duta`stfmo th a`lrfmsf smimrafs a` m imeea`e wmy. H` Kuiy=, tbf sflh`o pmrt hc m <>% smimry a`lrfmsf m``hu`lfoa` Jmy lmjf a th fccflt. \mimrafs wf`t up =>%,jfm`a`e tbf ja`ajuj jh`tbiy smimry as `hwDs5,?4=,35.

Sf`fzufim‑s ja`ajuj smimry bms `hw eh`f up ?6% sh

cmr tbas yfmr, mctfr m` fmriafr Cfdrumry a lrfmsf. Mtthomy‑s fxlbm`ef rmtf hc 631 dhiavmrs pfr ohiimr, tbmtjh`tbiy smimry hc 5,?44  “   tbmt tbf jmkhraty hSf`fzufim iavfs h`  “  as kust $=<.>? ohiimrs pfr jh`tb,tbf ihwfst a` Imta` Mjfralm, a`liuoa`e Ludm.

^imth‑s pmrmdif mdhut tbf lmvf f`os dmoiy, watb jm`yhc tbf ae`hrm`t, f`lbma`fo sudkflts slrfmja`e a` tfrrhrm`o jurofra`e wbf` fxphsfo th rfmiaty. At as `ht

oaccaluit th chrfsff m sajaimr lh`liusah` a` Sf`fzufim.