Marketing project on Candia milk Pakistan as a failed product

JD_RD_KX@ R_DEMC@ DE JHC

JHC &Jfkphfr} Hkmr} Cmamx`h- mz dn` de xf` r`pxkoc` knh r`ndyn`h jdakn} mn Rkgmzxkn. JHC ykz `zxkocmzf`h mn ;=68 kz k rmukx` cmamx`h jdakn}. Xf` jdakn} jka` p ymxf mxz emrzx hdmni rdhpjx –Fkc``o Amcg‑ knh ckx`r dn mx jdnxmnp`h xd `vknh mxz rdhpjx cmn`. Mn ;=66# JHC mnxrdhpj`h –Fkc``o Jr`ka‑ yfmjf ykz ndx dnc} ckpnjf`h hmr`jxc} edr  jdnzpa`r jdnzpa`r akrg`x opx kczd zpcm`h xd akn} mj` jr`ka ekjxdrm`z ekjxdrm`z yf`r` mx ykz pz`h kz k jdr` mnir`hm`nx. Xf` jdakn} fkz mxz f`kh deemj` mn Ckfdr` knh k cknx mz cdjkx`h 50!ga erda Ckfdr` mn Ofkm Rf`rp. Xf` cknx mz `{pm `{pm`h `h ymxf ymxf ckx`zx ckx`zx `{pma` `{pma`nx nx knh x`jfnd x`jfndcdi cdi}# }# z`jmk z`jmkcm| cm|`h `h ydrg`rz ydrg`rz zjm` zjm`nx nxmz mzxz xz knh knh rde`z rde`zzm zmdn dnkc kczz yfd yfd kzzp kzzpr`z r`z {pkc {pkcmx mx} } kx `u`r `u`r} } c`u` c`u`cc de   rdhpjxmdn rdj`zz.

Xf` hkmr} hkmr} mnhp mnhpzx zxr} r} mn Rkgm Rkgmzx zxkn kn mz u`r} u`r} jda jda`x `xmx mxmu mu`. `. Xf`r Xf`r`` kr` kr` ckri` ckri` npao`r de ck}`rz mnjcphmni apcxmnkxmdnkc knh cdjkc jdaknm`z yfmjf  dxrk}z kn dcmidcmzxmj akrg`x zxrpjxpr` ymxfdpx rdhpjx hmee`r`nxmkxmdn. Mn zpjf zpjf kn jpap jpapck ckxm xmu` u` knh knh jfkc jfkcc` c`ni nimn mni i akrg` akrg`xm xmni ni `num `numrd rdna` na`nx nx xf` xf` zxrkx`imj aknki`a`nx de JHC fkz o``n koc` xd akmnxkmn mxz hdamnknx

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maki` mn xf` akrg`x. Xf` jdakn} fkz kcr`kh} kykrh`h MZD!=222 mn ;==9 edr mxz zxrmjx {pkcmx} jdnxrdc d`rkxmdnkc z}zx`az. Jprr`nxc}# xf`  cknx mz rpnnmni ymxf xf` jkkjmx} pxmcm|kxmdn rkx` de =2%.

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JD_RD_KX@ AMZZMDN JHC fkz xf` rma` jdrdrkx` amzzmdn de kjfm`umni knh akmnxkmnmni fmif {pkcmx}. Opx mn ordkh`r x`ra mxz amzzmdn zxkx`a`nx zxkx`z xf` edccdymni7

 

Rrdumhmni Rrdumhmni npxrmxmdn”z npxrmxmdn”z knh f}im`nmjkc f}im`nmjkcc} c} rdj`zz`h rdj`zz`h eddh rdhpjxz xd dpr jpzxda`rz kx jda`xmxmu` rmj`.

 

@nfknjmni dpr r`pxkxmdn edr {pkcmx} mn kcc dpr d`rkxmdnz.

 

Rrdadxmni apxpkc xrpzx ymxf jpzxda`rz# zpcm`rz# `acd}``z knh zfkr`fdch`rz.

 

Rrdumhmni k zke` knh f`kcxf} `numrdna`nx xd dpr jdaapnmx}.

R_DHPJX CMN@ Xf` rdhpjx cmn` de JHC mnjcph`z xf` edccdymni rdhpjxz7  

Fkc``o zxknhkrhm|`h amcg 

 

Fkc``o jr`ka

 

Kzcm H`zm If``

 

Jknhmk amcg 

 

Zgma| cm{pmh zgmaa`h amcg 

 

Zgma| ‚ zgmaa`h amcg dyh`r 

 

Jknhmk hrmngmni }diprx :

JKNHMK AMCG  Jknhmk mz k rdhpjx de JHC yfmjf ykz ckpnjf`h emrzx xma` dn Krmc ;?# ;===. Jknhmk mz okzmjkcc} k Er`njf orknh knh mx mz rdj`zz`h knh kjg`h pnh` pnh`rr cmj` cmj`nz nz`h `h o} JHC. JHC. Jknh Jknhmk mk mz kcr`k kcr`kh} h} k u`r} u`r} dp dpck ckrr orkn orknh h mn @prd` knh dxf`r 0? jdpnxrm`z.  Ndy mx mz kukmckoc` kjrdzz Rkgmzxkn mnjcphmni kcc xf` akldr jmxm`z xfrdpif JHC hmzxrmopxmdn hmzxrmopxmdn jfknn`cz. jfknn`cz. Mx mz u`r} pnm{p` mn mxz kjgmni knh e`kxpr`z. Mx mz kjg`h mn ckzxmj odxxc`z de xyd hmee`r`nx zm|`z# 2.0 cmxr` knh ; cmxr`. Xf` ckzxmj mx jdnxkmnz jdnzmzxz de xfr`` ck}`rz. Xf` dpx`r knh mnn`r ck}`r  mz yfmx` mn jdcdr knh jdadz` de zka` edrapckxmdn de fmif h`nzmx}  dc}`xf}c`n`. Xf` amhhc` ck}`r mz ockjg mn jdcdr yfmjf rdx`jxz xf` amcg  erda f`kx knh cmifx. Kz ekr kz xf` kjgkimni mz jdnj`rn# Jknhmk fkz nd jda`xmxdr mn cdjkc akrg`x.

JHC mnu`zx`h mnu`zx`h krdpnh ?22 ?22 amccmdn rp``z xd ckpnjf ckpnjf Jknhmk Jknhmk mn Rkgmzxkn. Rkgmzxkn. Dpx de yfmjf ;2 ‚ ;0 amccmdn ykz dnc} z`nx dn xf` akzzmu` khu`rxmzmni jkakmin jkrrm`h dpx mn ydrch jp z`kzdn kx xf` xma` de ckpnjf.

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R_DJ@ZZMNI Xf` a`xfdh de jdcc`jxmdn de amcg edr Jknhmk mz xfrdpif xf` krdu`h zpcm`rz yfd akmnxkmn jkxxc` mn kjjdrhknj` xd xf` r`zjrmo`h zxknhkrhz. Xf`n xf` amcg mz x`zx`h mn ckodrkxdr} o} jdnhpjxmni 6 hmee`r`nx x`zxz. Xf` amcg mz r`j`mu`h mn xf` jfmcc`r jdnxkmn`rz jdnxkmn`rz knh f`kx`h pxd 6%. Kex`r xfkx xf` amcg mz xrknzdrx`h xd xf` ekjxdr} edr rdj`zzmni.

Xf` rdj`zzmni de Jknhmk amcg pnh`rid`z xfrdpif 5 hmee`r`nx zxki`z. Emrzxc}# er`zf amcg mz kzx`prm|`h. Xf`n mx id`z erda xf` zxki` yf`r` mx mz zxknhkrhm|`h knh fdadi`nm|`h. Kex`r fdadi`nm|kxmdn xf` amcg mz f`kx`h kx ;82 dJ# pcxrk fmif x`a`rkxpr` &PFX- edr kodpx 8 z`jdnhz knh xf`n mxz id`z edr kz`xmj kjgkimni. Kex`r kjgkimni amcg mz zx`rmcm|`h knh z`nh xd xf` jfknn`cz de hmzxrmopxmdn. Dn` odxxc` de Jknhmk jdnxkmnz :.0% de ekx knh 6.= ZNE.

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AK_G@XMNI ZX_KX@IM@Z PNH@_XKG@N ED_ CKPNJFMNI –JKNHMK‑ Akrg`xmni drm`nxkxmdn zxrkx`i} ykz khdx`h o} JHC xdykrhz ckpnjfmni Jknh Jknhmk mk.. Mn xf` xf` akrg akrg`x `xmn mni i drm` drm`nx nxkx kxmd mdn n zxki zxki`` jdak jdakn} n} mh`n mh`nxm xme} e} yfkx yfkx jpzxda`rz yknx knh xkmcdr kcc de xf` kjxmumxm`z de xf` emra xd zkxmze} xfdz` n``hz kz `eemjm`nxc} kz dzzmoc`.

C`kz` C`kz` e`kx e`kxpr` pr`zz de akrg` akrg`xm xmni ni drm`n drm`nxk xkxm xmdn dn zxrk zxrkx` x`i} i} khd khdx` x`h h o} JHC JHC mnjcph`z<

 

Xf` rdhpjx ckpnjf ykz r`j`h`h o} akrg`x r`z`krjf knh n``h mh`nxmemjkxmdn.

 

Rpcc zxrkx`i} ykz khdx`h o`jkpz` akrg`x dx`nxmkc ykz kcr`kh} mh`nxmem`h zmnj` PFX &Pcxrk Fmif X`a- zkc`z y`r` mnjr`kzmni.

 

Xf` rdhpjx ykz akh` o} g``mni mn um`y xf` jpzxda`rz n``h# rkxf`r xfkn rdhpjmni mx knh xf`n xr}mni knh pzf zkc`z# kz mn k z`ccmni zxrkx`i}.

Edr xf` yknx zkxmze}mni komcmx} de xf` rdhpjx# xf` jdakn} z`jmemjkcc} kmaz kx maki` pxmcmx} yfmjf mz xf` `adxmdnkc dr z}jfdcdimjkc ukcp` xfkx k   `rzdn kxxkjf`h xd xf` rdhpjx dr orknh o`jkpz` de mxz r`pxkxmdn dr  5

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XF@ H]NKAMJ AK_G@XMNI @NUM_DNA@NX ED_ JKNHMK Kz y` gndy xfkx xf` zpjj`zzepc akrg`xmni h``nhz ckri`c} dn jdakn}”z komcmx} xd aknki` mxz akrg`xmni rdirkaz ymxf mn mxz `numrdna`nx. Xf` edccdymni edccdymni akjrd knh amjrd `numrdna`nxk `numrdna`nxkcc ekjxdrz ekjxdrz ck}`h ck}`h k jdnzmh`rkoc jdnzmh`rkoc`` rdc` dn JHC akrg`xmni ddrxpnmxm`z ddrxpnmxm`z knh kjxmumxm`z. kjxmumxm`z. Xf` `vx`rnkc `vx`rnkc akjrd `numrdna`nxkc ekjxdrz yfmjf jkn mnecp`nj` dn Jknhmk”z zkc`z kr`<

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H` ad i rk  f m jz H`adirkfmjz r`e`rz xd xf` jfkrkjx`rmzxmjz de fpakn dpckxmdn# zm|`# mxz hmzxrmopxmdn knh irdyxf. Xf` xdxkc dpckxmdn de Rkgmzxkn mz ;82 amccmdn knh mx mz irdymni kx xf` r kx` de ?.0%.

Xf`r` mz adr` dx`nxmkc edr Jknhmk”z zkc`z o`jkpz` xf` dpckxmdn irdyxf rkx` mz ekudrkoc` knh mnjr`kzmni.

Jfknimni i`nh`r rdc`z mz kndxf`r h`adirkfmj ekjxdr yfmjf r`e`rz xd xf` jfknimni rdc`z de akc`z knh e`akc`z r`ckx`h xd ekamcm`z# 9

 op}mni kxx`rnz `xj. Xf` e`akc`z mn Rkgmzxknm zdjm`x} kr` ndy adr` kykr` de orknhz. Xf`mr kxxmxph`z edrykrh jkr``rz# zfdmni# knh   rd rdhp hpjx jxzz fku` fku` `nxm `nxmr`c r`c} } jfkn jfkni` i`h. h. Me adr` adr` knh knh adr` adr` yda` yda`n n kr` `hpjkx`h mn xf` zdjm`x}. Xf`r` mz k cmg`cmfddh xfkx xf`} o`jda` adr` zg`xmjkc xdykrhz. Zfdmni `z`jmkcc} edr fdpz` fdch mx`az. Mn khhmxmdn xd xfmz adr` `dc` kr` amirkxmni erda rprkc xd prokn kr`kz# kr`kz# yfmjf yfmjf kczd kczd ekudpr ekudpr Jknhmk Jknhmk”z ”z zkc`z zkc`z o`jkpz o`jkpz`` Jknhmk Jknhmk mz ndx apjf apjf hmzxrm hmzxrmopx opx`h `h mn rprkc rprkc kr`kz. kr`kz. Zmamckr Zmamckrc} c} xf` `dc` `dc`”z ”z kxxmxp kxxmxph` h` xdykrhz emxn`zz mz `rj`xmdn irkhpkcc} mnjr`kzmni yfmjf `nfknj`z xf`mr xd zymxjf dn amcg jdnzpaxmdn.

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@ jd nd am j Jd n hm x m d n z Xf` edccdymni `jdndamj jdnhmxmdnz yfmjf jkn `ee`jx xf` akrg`xmni kjxmumxm`z edr Jknhmk kr`<

 Opzmn`zz J}jc` Xf` opzmn`zz j}jc` jdnzmzxz de edpr zxki`z# rdz`rmx}# r`j`zzmdn# h`r`zzmdn knh r`jdu`r}. Jprr`nxc}# xf` du`rkcc opzmn`zz mnhpzxr} mn Rkgmzxkn mz kzzmni xfrdpif k zxki` de r`j`zzmdn opx mx mz fd`h xfkx mx ymcc `nx`r xf` r`jdu`r} zxki` zddn# yfmjf ymcc o` ekudrkoc` edr jdakn}”z cdni x`ra rmjmni dol`jxmu`z.

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 Mneckxmdn Yf`n Jknhmk ykz ckpnjf`h# xf` mneckxmdn rx` mn xf` jdpnxr} ykz# 5.0% deemjmkcc} kz jdakr`h xd xf` ckzx }`krz mneckxmdn rkx` de 6.:%.

Jdar`xmxmdn Kz ekr kz xf` okxxc`h okxxc`h amcg mz jdnj`rn`h Jknhmk Jknhmk fkz nd jda`xmxmdn jda`xmxmdn mn xf` cdjkc akrg`x. Opx kz xf` jdr` rdhpjx mz jdnj`rn`h# xf`r` mz k zpozxmxpx` xfr`kx. Akn} dxf`r jdaknm`z mnjcphmni apcxmnkxmdnkc kr` kczd epcemccmni xf` h`aknh edr PFX amcg.

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Z d jm d $ J p cx p r ` J f k n i `z Xdhk Xdhk}z }z zdjm zdjm`x `x} } mz o`jd o`jdamn amni i adr` adr` jda jdac` c`v v o`jk o`jkpz pz`` dpr dpr Zdjm Zdjmd d jpcxprk jpcxprkcc kxx`rn kxx`rnz# z# cme` zx}c`z zx}c`z## ukcp`z ukcp`z## o`cm`e o`cm`ezz kr` jfknim jfknimni ni apjf apjf adr` {pmjgc}. F`r` kr` e`y jfkni`z mn zdjmkc knh jpcxprkc edrj`z xfkx xfkx

fku fku`

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Jdnzpa`rz kykr`n`zz kodpx PFX amcg fkz mnjr`kz`h zd apjf kz r`zpcx de akzzmu` khu`rxmzmni jkakmin jkrrm`h dpx o} X`xrk Rkg  kzzdjmkxmdn de Rkgmzxkn. R`dc` fku` jfkni`h xf`mr um`yz kodpx er`z er`zf f amcg amcg.. Xf`} Xf`} e``c e``c xfkx xfkx er`z er`zf f hkmr hkmr} } amcg amcg mz mapr apr`` knh knh pnf} pnf}im im`n `nmj mj## knh knh mx jdnx jdnxkm kmnz nz okjx okjx`rm `rmkz kz yfmj yfmjf f jkpz jkpz`z `z mne` mne`jx jxmd mdpz pz

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hmz` hmz`kz kz`z. `z. Adr`d Adr`du` u`r# r# xf`r` xf`r` mz k dp dpck ckrr ndxm ndxmdn dn kadni kadni xf` xf` akzz akzz jdnzpa`rz xfkx hkmr} amcg jdnxkmnz fmif `rj`nxki` de ykx`r kz jda jdakr kr`h `h xd amcg amcg mxz` mxz`ce ce## yfmj yfmjf f mz k rdpx rdpxmn mn`` rkj rkjxm xmj` j` o`mn o`mni i pnh` pnh`rx rxkg kg`n `n o} xf` xf`

–Ifk –Ifkyk ykcckz‑. kz‑. Zd adzx adzxc} c} xf` xf` jdnz jdnzpa pa`r `rzz

`z`jmkcc} mn prokn kr`kz kr` zymxjfmni xdykrhz x`xrk Rkg PFX amcg yfmjf mz adr` f}im`nmj knh hprkoc` mn pz`.

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R d c m x m jk c $ C `i k c Ed rj `z Xf` Xf` dcm dcmxm xmjk jkcc knh knh c`ik c`ikcc edrj` edrj`zz yfmj yfmjf f `ee`j `ee`jx` x`h h JHC JHC akrg` akrg`xm xmni ni `eed `eedrxz rxz edr edr xf` xf` ckpn ckpnjf jf de Jknh Jknhmk mk y`r` y`r` xf` xf` `num `numrdn rdna` a`nx nxkc kc knxm knxm  dccpxmdn ckyz# kjjdrhmni xd yfmjf k jdakn} mz rdfmomx`h xd pz` xfkx xfkx ckz ckzxm xmjj kjg kjgki kimn mni i yfmj yfmjf f mz ndx ndx r`j}j r`j}jck ckoc oc`. `. Jknh Jknhmk mk fkz fkz k z`jmkc –PZR‑ Rkjgkimni yfmjf mz r`j}jckoc` knh `numrdna`nxkc erm`nhc}. Kczd xf` amcg rdj`zzmni cknx de Jknhmk mz cdjkx`h 50 gmcda`x`rz dpx zmh` xf` akmn jmx} de Ckfdr` n`kr Ofkm Rf`rp yfmjf mz k h`zmrkoc` zx` kjjdrhmni xd xf` r`{pmr`a`nxz de xf` cky xd kudmh kmr dccpxmdn.

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X `j f n d c d i } X`jfndcdimjkc or`kg xfrdpif fku` k xr`a`nhdpz `ee`jx dn xf` cme` zx}c`# jdnzpaxmdn kxx`rnz knh o`fkumdr kxx`rnz de xf` `dc`.

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Xf` x`jfndcdi} mnxrdhpj`h o} JHC edr Jknhmk mz ckzxmj odxxc`  kjgkimni yfmjf mz kczd pnm{p` z`ccmni dmnx o`jkpz` xf`r` mz nd dxf`r dxf`r cdjkc cdjkc jdakn jdakn} } rdumhm rdumhmni ni zpjf zpjf kjgki kjgkimni mni.. Adr` Adr` du`r du`r xf` ckzxmj yfmjf JHC mz pzmni mz PZR# kjgkimni yfmjf mz mnx`rnkxmdnkcc} r`jdinm|`h er`{p`nxc} pz`h o} jda`xmni orknhz kcc du`r xf` ydrch.

jdaapnmjkxmdn de h`jmzmdn drm`nx`h mnedrakxmdn xd o` pz`h mn kcc fkz`z de xf` akrg`xmni rdj`zz.

Jknhmk kczd jkrrm`h dpx k jdar`f`nzmu` jdar`f`nzmu` akrg`xmni r`z`krjf rdirka xd h`kc ymxf xf` jda`xmxmu` r`zzpr` kcr`kh} `vmzxz mn xf` akrg`x. Xf` zdprj`z de mnedrakxmdn pz`h xd jdnhpjx xfmz akrg`x r`z`krjf mnjcph`z xf` edccdymni<

 

Mnx`rnkc jdakn} mnedrakxmdn

 

H`kc`rz mnedrakxmdn

Kz r`ikrhz xf` jpzxda`rz n``hz kr` jdnj`rn`h# odxf edrakc knh mnedrakc mnu` mnu`zx zxmi mikx kxmd mdn n

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;;

hmee`r`nx ykcgz de cme` y`r` mnx`rum`y`h `rzdnkcc} knh xf`mr r`zdnz`z y`r` jdcc`jxmu`c} `ukcpkx`h. X`c`fdnmj knh hmr`jx akmc zpru`} z}zx`az y`r` xdxkcc} mindr`h xd i`x e``h okjg de jdnzpa`r”z r`zdnz`.

XK_I@X AK_G@X ED_ JKNHMK Xf` akrg`x mz k irdp de jpzxda`rz &`dc` dr driknm|kxmdnz- edr yfda k z`cc`r h`zminz k krxmjpckr akrg`xmni amv. Xf` rmakr} akrg`x yfmjf JHC xkri`x`h o`edr` ckpnjfmni ykz z`jmemjkcc} prokn z`jxdr. Xf`mr ykz nd pcxm pcxmakx akx`` jdnz jdnzpa pa`r `r kz nd ki` ki` cmam cmamxk xkxm xmdn dnzz y`r` y`r` z`j z`jme mem` m`h h edr edr xf` xf`  rdhpjx.

JDNZPA@_ AK_G@X Z@IA@NXKXMDN JHC hmumh`h xf` xdxkc akrg`x mnxd zakcc`r z`ia`nxz ymxf k rdz`jx xd `nfknj` `ee`jxmu` kjj`xknj` knh zkc`z de xf` Jknhmk. Xf` edccdymni z`ia`nxkxmdn okzmz y`r` kcm`h.

;.

I` d i r k  f mj Z ` i a` n x k x m d n Kz jdnj`rnz k i`dirkfmj z`ia`nxkxmdn# JHC fkz z`ia`nx`h mxz  dx`nxmk  dx`nxmkcc akrg`x mn kcc xf` edpr rdumnj`z zmapcxkn`dpzc} zmapcxkn`dpzc} yfmjf mz

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eprxf`r zpohmumh`h mn g`} opzmn`zz j`nx`rz cdjkx`h mn xf`z` kr`kz. Kz ekr ekr kz xf` xf` r`zmh r`zmhmn mni i kr`k kr`kzz kr` kr` jdnj jdnj`rn `rn JHC JHC fkz fkz z`j z`jmem memjk jkcc cc} } z`ia`nx mxz akrg`x mn xf` prokn z`jxdr.

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H` ad i rk  f m j Z `i a `n x k x md n Mn x`raz x`raz de h`ad h`adirk irkf fmj mj z`ia z`ia`n `nxk xkxm xmdn dn## JHC JHC fkz fkz hmum hmumh` h`h h xf` xf` akrg`x. Dn xf` okzmz de mnjda`# ekamc} zm|` knh zx}c`<  

Xf` xkri` xkri`xx jdnz jdnzpa` pa`rz rz de Jknh Jknhmk mk jdr` jdr` fmif fmif mnjd mnjda` a`

 `dc` ymxf mnjda` r`ikrhmni erda _z. ;2#222 knh kodu`.

 

Mn x`raz de ki`# xf`r` mz nd z`ia`nxkxmdn pnh`rxkg`n

 o} JHC. Kz k rdhpjx k`kcz kcc xf` ki` irdpz.

 

Xf` z`ia`nxkxmdn okzmz o} i`nh`r mnjcph`z odxf akc`

knh e`akc` edr Jknhmk”z xkri`x akrg`x.

 

Dn xf` okzmz de zdjmkc jckzz# Jknhmk fkz z`ia`nx`h xf`

akrg`x jdnzmh`rmni dnc} p`r knh p`r amhhc` jckzz.

 

Jknhmk fkz kczd z`ia`nx`h xf` akrg`x dn xf` okzmz de 

ekamc ekamc} } cme` cme` j}jc j}jc`# `# ymxf ymxf k hmzx hmzxmn mnjx jxmd mdn n o`xy o`xy`` ``n n zmni zmnic` c` knh knh akrrm`h jckzz.

;:

 

Kz r`ikrhz `hpjkxmdn# xf`r` mz ndx z`ia`nxkxmdn okzmz

kcm`z kz mx k`kcz xd omx de jdaadn z`nz`.

:.

O `f k u md rk c Z ` i a` n x k x m d n Mn x`raz de o`fkumdrkc z`ia`nxkxmdn# z`ia`nxkxmdn# JHC fkz hmumh`h hmumh`h xf` akrg`x dn xf` okzmz de o`n`emx h`zmr`z erda xf` rdhpjx knh mxz pzki` rkx`.

 

Kz r`ikrhz xf` o`n`emxz h`zmr`h erda xf` rdhpjx# JHC

fkz z`ia`nx`h xf` akrg`x dn xf` okzmz de {pkcmx} knh xkzx`.  

Xf`r` mz ndx z`ia`nxkxmdn okzmz pnh`rxkg`n o} JHC kz

r`ikrhz xf` pzki` rkx` de xf` rdhpjx# yfmjf rkni`z erda ndn pz`r xd f`ku} pz`r.

OPZMN@ZZ AK_G@X Z@IA@NXKXMDN JHC JHC fkz fkz z`ia` z`ia`nx nx`h `h xf` xf` opzm opzmn` n`zz zz akrg` akrg`xx dn xf` xf` okzm okzmzz de jpzx jpzxda da`r  `r  cdjkxmdn knh x}`. Xf` Jd fkz z`c`jx`h odxf zmnic` knh apcxmc` op}mni zmx`z.

 

Kz k z`ia`nxkxmdn okzmz o} cdjkxmdn

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Xf` Kui. opzmn`zz drh`r pnrdj`zz`h amcg mz jdnzmh`rkoc` ckri` mn zm|` xf`r`edr`# xf` jdakn} fkz z`ia`nx`h. Xf` drh`r zm|` dn xf`  okzmz de zkc`z udcpa`.

 

Xf` jdakn} drh`rz xf` pnrdj`zz`h amcg erda xf` pndriknm|`h hkmr} mnhpzxr}.

 

Jd”z jkn krdkjf op} mn hmee`r`nx yk}z. Zda` jdaknm`z fku` xf`m xf`mrr dyn dyn prj prjfk fkzm zmni ni h`k h`krx rxa` a`nx nx.. Mn JHC# JHC# xf` xf` h`jm h`jmzm zmdn dn de   prjfkz` kr` ndrakcc} pnh`rxkg`n o} jdnzpcxmni kcc xf` prjfkz` zxkee a`ao`rz.

 

Xf` prjfkz` jrmx`rmk mz z`ia`nx`h zxrmjxc} dn xf` okzmz de {pkcmx}.

XK_I@X AK_G@X ZX_KX@I] Xf` xkri`x akrg`xz zfdpch o` jdakxmoc` ymxf xf` driknm|kxmdn”z idkcz knh maki` knh kczd jdnzmzx`nx ymxf h`emnmxmdn de zxr kx`imj cknnmni.

JHC fkz khdx`h akrg`x kiir`ikxmdn zxrkx`i} kz k zmnic` z`ia`nx. Xf` zxrkx`i} pz`h jkn kczd o` jkcc`h akzz akrg`x zxrkx`i}.

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Xf` aknki`a`nx de JHC fkz h`u`cd`h dn akrg`xmni amv knh r`kjf adzx de xf` jpzxda`r mn xf` `nxmr` akrg`x. Jknhmk mz dee`r`h kz k zmnic` rdh rdhpj pjxx edr edr xf` xf` akzz akzz kphm kphm`n `nj` j`.. Mx fkz fkz dn` dn` rmj rmjmn mni i zxrp zxrpjx jxpr pr`# `# dn` dn` hmzxrmopxmdn z}zx`a knh mx pz`z zmnic` rdadxmdnkc rdirka yfmjf kczd kma`h edr xf` `nxmr` akrg`x.

.

;5

AK_G@XMNI AMV H@ZMIN@H ED_ JKNHMK JHC h`zmin`h k jdac`x` akrg`xmni amv edr Jknhmk yfmjf mnjcph`z mx  rmj`# rdadxmdn# ckj`a`nx knh rdhpjx aknki`a`nx.

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R _ D HPJ X K rdhpjx ak} o` k iddh# z`rumj`# z`rumj`# `rzdn dr kn} mh`k. Jknhmk Jknhmk mz k jdaadhmx} yfmjf mz dee`r`h xd xf` jdnzpa`rz xd epcemcc xf`mr n``hz. Mx mz k rdj`zz`h amcg yfmjf mz xr`kx`h ymxf PFX x`jfndcdi}. Mx mz k mn cm{pmh edra# yfmx mn jdcdr knh kjg`h mn ckzxmj odxxc`z yfmjf kr` kukmckoc` mn xyd zm|`z.

Jd` Rkx  Xf` Xf` jdr` jdr` krx krx de Jknh Jknhmk mk amcg amcg mz xfkx xfkx## mx mz k jda jdac` c`x` x` eddh eddh zpc`a`nx yfmjf mnjcph`z kcc xf` umxkamnz# rdx`mnz knh ckjxmj kjmh# yfmjf kr` n``h`h edr iddh f`kcxf knh umxkcmx}.

Jckzzmemjkxmdn Jknh Jknhmk mk amcg amcg mz jckz jckzzm zmem` em`h h kz k –Jdn –Jdnu` u`nm nm`n `nj` j` Iddh Iddh‑‑ o`jk o`jkpz pz`` jdnzpa`r jkn op} mx kn} xma` ymxf k amnmapa `eedrx. Xf` jkx`idr} mn yfmjf Jknhmk ekccz mn xf` –_`ckj`a`nx Rrdhpjx‑ o`jkpz` mx mz

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zminmemjknxc} hmee`r`nx erda xf` X`xrk Rkg amcg kcr`kh} kukmckoc` mn xf` xf` akrg` akrg`x. x. Jknh Jknhmk mk mz xf` xf` dnc} dnc} amcg amcg yfmj yfmjf f mz zx`rm zx`rmcm cm|` |`h h kex` kex`r  r   kjgmni.

;6

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O PZ MN @ Z Z K NK C] Z M Z Mn opzmn`zz knkc}zmz# JHC fkh idn` mnxd xf` h`xkmcz de x`raz knh jdnhmxmdnz de erknjfmzmni. Kex`r dn` }`kr n`idxmkxmdnz# JHC ykz  `ramxx`h xd rdhpj` Jknhmk mn Rkgmzxkn kz k zpozmhmkr} jdakn} de Er`njf Jknhmk. Xf` emnknj`z y`r` krrkni`h knh xf` e`kzmomcmx} r`drxz y`r` akh` yfmjf `zxmakx`h xf` jdzx de xf` yfdc` rdl`jx mnjcph mnjcphmni mni aknpek aknpekjxp jxprmni rmni cknx# cknx# kx`nx kx`nx## hmzxrmo hmzxrmopxm pxmdnz dnz `xj. `xj. Zd xf` yfdc yfdc`` rdi rdirka rka xd h`u` h`u`cd cd  xf` xf` rdhp rdhpjx jx mn fda` fda` jdpn jdpnxr xr} } ykz ykz h`zmin`h knh knkc}|`h.

:.

AK_ G @ X X @ Z X Z Kh hmzjpzz`h mn xf` `krcm`r krx de xf` r`drx akrg`x x`zxz edr  Jknhmk amcg y`r` o`mni jkrrm`h dpx mn Ckfdr` hd x`zx yf`xf`r   `dc`  `dc` ymcc kjxpkcc} kjxpkcc} idmni xd op} mx dr ndx. Mn xf`z` x`zxz# zkc` knh r``kx op}mni o`fkumdr de xf` jdnzpa`rz ykz adnmxdr`h.

8.

JD A A@ _J M K C M \K X M DN Kex`r fkumni xf` zpjj`zzepc r`zpcxz de x`zx akrg`xmni# JHC emnkcc} h`jmh`h xd zxkrx epcc zjkc` rdhpjxmdn knh h`u`cdmni akrg`x cknz edr Jknhmk. Jknhmk ykz rdhpj`h knh emrzx ckpnjf`h dn ;? xf Krmc ;=== ymxf k akzzmu` khu`rxmzmni jkakmin.

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RDZMXMDNMNI DE JKNHMK . Xf` dzmxmdnmni zxrkx`i} jfdz`n edr Jknhmk amcg ykz –Rdzmxmdnmni mz r`ckxmu` xd k rdhpjx jckzz dr kxxrmopx`‑. Xf` kxxrmopx` dn yfmjf JHC fkz dzmxmdn`h Jknhmk –xkzx`”. Jknhmk fkz k u`r} hmee`r`nx xkzx` kadni kcc xf` kukmckoc` orknjf`z mn xf` akrg`x# xfkx mz yf`} mx mz  rmakrmc} dzmxmdn`h dn mxz hmzxmnjxmu` xkzx` mz xf` r`zpcx de xf` rdj`zz de  –zx`rmcm|kxmdn‑.

R_DHPJX CME@ J]JC@ Aknki`a`nx Aknki`a`nx de JHC mz kykr` de xf` ekjx xfkx `u`r} rdhpjx fkz mxz dyn cme` j}jc` knh rdhpjx mz xd o` xr`kx`h kjjdrhmnic}# h``nhmni dn xf`   krxm krxmjpc jpckr kr cme` cme` j}jc` j}jc` zxki`. zxki`. Xf` rdhpj rdhpjxx cme` cme` j}jc` j}jc` id`z id`z xfrdpif xfrdpif edpr  hmee`r`nx zxki`z. Xf`r` kr` mnxrdhpjxmdn zxki`# irdyxf zxki`# akxprmx} zxki` knh h`jcmn` zxki`.

Jknhmk ykz mnxrdhpj`h 6 adnxfz okjg. Mx fkz zpjj`zzepcc} jrdzz`h mxz mnxrdhpjxmdn zxki` knh kjjdrhmni xd xf` aknki`a`nx de JHC# Jknhmk fkz ndy `nx`r`h mnxd irdyxf zxki` yf`r` mx `v`rm`nj`z `v`rm`nj`z xf` xkri`x xkri`x de akrg`x kjj`xknj`# fmif`r zkc`z knh fmif`r rdemxz. Xf` jdakn} mz aknkimni xf` irdyxf zxki` o} pzmni xf` zxrkx`i} de akrg`x `n`xrkxmdn.

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O_KNHMNI DE RKJGKIMNI ZX_KX@IM@Z Orknhmni knh kjgkimni kr` xf` xyd kjxpkc krxz de xf` rdhpjx. Orknh nka` mh`nxmem`z xf` rdhpjx## mx akg`z zfdmni `kzm`r knh `nzpr` xf` {pkcmx} xd hmee`r`nxmkx` xf` rdhpjx erda jda`xmxdrz. Xf` orknh nka` de  xf` rdhpjx f`r` mz –Jknhmk‑. Mx mz xf` z`krkx` nka` pz`h edr xf` rdhpjx ymxfdpx pzmni xf` jdrdrkx` nka` yfmjf mz JHC. Kcxfdpif xf` orknhmni mz pnh`r jdrdrkx` nka` &JHC- opx JHC mz ndx pz`h jdaomn`h ymxf  orknh nka`. Kadni xf` emu` c`u`cz de orknh ekamcmkrmx}# Jknhmk mz kx xf` –Orknh _`jdinmxmdn‑ c`u`c. R`dc` r`jdinm|`z xf` orknh knh `u`r} odh} gndyz kodpx mxz `vmzx`nj`.

Kz ekr ekr kz xf` xf` kjg kjgki kimn mni i mz jdnj jdnj`r `rn` n`h# h# JHC JHC mz edcc edccdy dymn mni i –eka –ekamc mc} }  kjgkimni zxrkx`i}”# mn yfmjf xf` odxxc`z de Jknhmk kr` ckj`h mn dn` jdnx jdnxkm kmn` n`r. r. Rkjgk Rkjgkim imni ni mnjc mnjcph ph`z `z kcc kcc xf` xf` h`xk h`xkmc mczz kodp kodpxx xf` xf` rdh rdhpj pjx. x. Mn Jknhmk”z jkz`# xf` rmakr} kjgkimni mz xf` ckzxmj odxxc` de yfmx` jdcdr  ymxf k cmh dn mxz d`nmni. Xfmz rmakr} kjgkimni mz pz`h xd rdx`jx xf` amcg erda f`kx knh cmifx. Xfmz ckzxmj odxxc` mz xf` PZR Rkjgkimni yfmjf mz zku` knh `numrdna`nxkc erm`nhc}. Xf` z`jdnhkr} kjgkimni edr Jknhmk

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jdnzmzxz de ;? odxxc` kjg yfmjf mz yrk`h mn k jkrh odkrh odv jdu`r`h ymxf ckzxmj zf``x.

CKO@CMNI Cko`cmni jdnzmzxz de kcc xf` mnedrakxmdn kodpx orknh# orknh akrg# nka` de jda jdakn kn} } mnir mnir`h `hm` m`nx nxz# z# `vm `vmr} r} hkx` hkx` kn mnzx mnzxrp rpjx jxmd mdnz nz.. Cko` Cko`cm cmni ni mz jdnz jdnzmh mh`r `r`h `h kz k krx krx de kjg kjgki kimn mni i xd imu` imu` epcc epcc h`xk h`xkmc mczz r`ik r`ikrhm rhmni ni xf` xf`  rdhpjx.  rdhpjx. Cko`cmni de Jknhmk Jknhmk mnjcph`z mnjcph`z k mjxpr` mjxpr` yfmjf zfdyz# k adrnmni adrnmni xma` kx k edra knh –amcg‑ mn yrmxx`n kczd mn k u`r} kxxrkjxmu` aknn`r.

R_MJMNI ZX_KX@IM@Z KNH DOL@JXMU@Z Xf` rmjmni dol`jxmu` yfmjf JHC z`c`jx`h edr Jknhmk ykz pr`c} –rdemx drm`nx`h‑. drm`nx`h‑. Knh xf` rkxmdnkc` ykz xd kjfm`u` kjfm`u` xf` xkri`x xkri`x r`xprn. Xf` xkri`x r`xprn jdpch o` kyk} z`jmem`h `rj`nxki` r`xprn dn xf` zkc`z dn Jknhmk amcg. Xf` jdakn} fkz jdnj`kc`h kcc mxz rdemx knh zkc`z emipr`z o`jkpz` mx mz k rmukx` cmamx`h jdakn} knh hd ndx hmzjcdz` mxz knnpkc r`drxz xd i`n`rkc pocmj.

_`ikrhmni rmjmni zxrkx`im`z# JHC jfdz`n –Akrg`x R`n`xrkxmdn Rdcmj}‑ edr Jknhmk. Edccdymni xfmz zxrkx`i}# xf` rmj` de Jknhmk mz g`x# cdy mn

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r`ckxmdn xd xf` xkri`x akrg`xz rkni` de `v`jx`h rmj`z. Xf` kma de pzmni xfmz zxrkx`i} mz xd `n`xrkx` xf` akzz akrg`x maa`hmkx`c} knh xd mnjr`kz` xf` xdxkc zkc`z udcpa`.

HMZJDPNXZ Jprr`nxc} xf`r` kr` nd hmzjdpnxz dee`r`h edr jdnzpa`rz knh yfdc`zkc`rz. Xf` `u`r} hmzjdpnxz dee`r`h y`r` xf` xrkh` hmzjdpnxz# hmzjdpnxz# yfmjf y`r` imu`n xd r`xkmc`rz kx xf` xma` de ckpnjf de Jknhmk.

Kz r`ikr r`ikrhz hz xf` xf` i`di i`dirk rkfm fmjj rmj rmjmn mni i zxrkx zxrkx`i `i} } mz jdnj jdnj`rn `rn`h `h## Jknh Jknhmk mk mz edccdymni edccdymni k –Pnmedra`h –Pnmedra`h H`cmu`r`h Rrmjmni‑ zxrkx`i}# zxrkx`i}# yfmjf mz xd jfkri` zka` rmj` xd kcc r`xkmc`rz krdpnh xf` jdpnxr}. Adr`du`r –Dn` Rrmjmni Zxrkx`i}‑ mz kczd o`mni khdx`h yfmjf `nkoc`z jdnzpa`rz xd prjfkz` Jknhmk kx dn` rmj`# nd akxx`r fdy apjf {pknxmx} f` $ zf` op}z. Xf` edccdymni xkoc` zfdyz xf` `vmzxmni rmj`z edr Jknhmk.

Odxxc` Zm Z m|`

; C mx ` r & ; o dx x c ` -

; ? C m x ` r & ; ? o dx x c ` z -

X r k h ` r m j `

_ z . ?6

_z . : : 5

_`xkmc

_ z . :2

_z . : 5 2

Od x x c ` z m |`

2. 0 C m x `r & ; o d x xc ` -

5 C m x `r & ; ? o d x x c ` z -

X r k h ` r m j `

_ z . ;8

_z . ; 5 6

?:

_`xkmc

_ z . ;0

_z . ; 6 2

Kz jdnj jdnj`rn `rn`h `h xd xf` xf` okzm okzmjj rmj rmj`` z`xx z`xxmn mni i kr krdk dkjf jf## Jknh Jknhmk mk khd khdx` x`h h –Jpz –Jpzxd xda` a`rr Okz` Okz` Rrmjm Rrmjmni ni‑‑ yfmj yfmjf f a`knz a`knz xfkx xfkx xf` xf` rmj rmj`` de Jknh Jknhmk mk mz kjjdrhmni xd xf` prjfkzmni dy`r de jpzxda`r. Zmnj` xf` xkri`x akrg`x   o`cdni xd fmif`r mnjda` irdp# zd mx a`knz xfkx rmj` mz fmif`r xfkn dxf`r orknhz.

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HMZX_MOPXMDN ZX_KX@IM@Z Xf` jfkmn`h de hmzxrmopxmdn khdx`h edr Jknhmk mz<

Jdakn}

Hmzxrmopxdr 

_`xkmc`r 

Jpzxda`r 

Xf` rkxmdnkc` o`fmnh z`c`jxmni xfmz gmnh de k hmzxrmopxmdn jfknn`c ykz xfkx# me z`ru`z ckri` npao`r de r`xkmc`rz zr`kh kcc du`r xf` jdpnxr} yfd  kmh mx `jdndamjkc knh e`kzmoc`. Xf` jdakn} fkz dnc} dn` ykr`fdpz` zmxpkx`h mn Ofkm Rf`rp erda yf`r` xfmz hmzxrmopxmdn xkg`z ckj`. JHC fkz kdmnx`h :0 hmzxrmopxdrz kcc du`r Rkgmzxkn edr `ee`jxmu` knh dn xma` kukm kukmck ckom omcm cmx} x} de Jknh Jknhmk mk.. Xfmz Xfmz hmzx hmzxrmo rmopx pxmd mdn n mz zkmh zkmh xd o` kn –Mnx` –Mnx`nz nzmu mu`` Hmzxrmopxmdn‑ yf`r` JHC mz xr}mni xd h`cmu`r mxz rdhpjx xd `u`r} r`xkmc dpxc`x mn prokn kr`kz.

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R_DADXMDNKC AMV Jknhmk mz k n`y rdhpjx# rdhpjx# zd xf` dol`jxmu` dol`jxmu` mz xd kykr` knh mnedra `dc` kodpx mxz hmzxmnjxmu` hmzxmnjxmu` e`kxpr`z. Xf` rdadxmdnkc rdadxmdnkc amv edr Jknhmk mnjcph`z# mnjcph`z# khu`rxmzmni# zkc`z rdadxmdnz knh pocmj r`ckxmdnz.

KHU@_XMZMNI Khu` Khu`rx rxmz mzmn mni i imu` imu`zz xf` xf` e``c e``c de xf` xf` rdhp rdhpjx jx.. Mx mz kn ma` ma`rz rzdn dnkc kc jdaapnmjkxmdn xfkx xf` zdnzdr fkz kmh edr knh mn yfmjf xf` zdnzdr mz jc`krc} mh`nxmem`h. Jknhmk mz khu`rxmz`h xfrdpif hmee`r `nx jfknn`cz.

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X `c ` u m zm d n X`c`umzmdn fkz jdnxrmopx`h cdx mn xf` rdadxmdn de Jknhmk. Kx xf` xma` de ckpnjf# JHC mnu`zx`h krdpnh _z. ;2 ‚ ;0 amccmdn dn` x`c`umzmdn khz. Xf`mr kh mz de ;? z`jdnh hprkxmdn yfmjf k`krz {pmx` dex`ncx} dn odxf de xf` cdjkc jfknn`cz.

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N`y z  k  `r z JHC fkz khu`rxmz` Jknhmk amcg mn kcc r`px`h n`yz k`rz de xf` jdpnxr} cmg`# Nkxmdn# Hkyn# Xf` N`yz knh Hkmc} Lkni.

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Z mi n Od k r h z Zmin odkrhz knh omccodkrhz kr` kczd ck}mni kn madrxknx rdc` mn xf` xf` rda rdad dxmdn xmdn de Jknhm knhmk. k. Jknh Jknhmk mk”z ”z n`dn n`dn zmin zminzz jkn jkn kczd kczd o` doz`ru`h dn zda` de xf` `}` jkxjfmni cdjkxmdnz de xf` jmx}.

ZKC@Z R_DADXMDN KJXMUMXM@Z Xf`r Xf`r``

mz h`ak h`aknh nh zxma zxmapc pckx kxmn mni i

kjxm kjxmum umxm xm`z `z h`zm h`zmin in`h `h

xd zp zpc` c`a` a`nx nx

khu`rxmzmni. Xf` akldr zkc`z rdadxmdn kjxmumx} jkrrm`h dpx edr Jknhmk ykz zdnzd zdnzdrzf rzfm m mz x}mjk x}mjkcc} cc} um`y`h um`y`h kz k cdni cdni rkni` rkni` maki` maki` opmchm opmchmni ni kjxmumx}.

RPOCMJ _@CKXMDNZ JHC fkz kczd jkrrm`h dpx pocmj r`ckxmdnmni xd opmch k ekudrkoc` maki` edr kn driknm|kxmdn. Xf` aknki`a`nx h`u`cd`h iddh pocmj r`ckxmdnz ymxf ymxf xf` xf` ck} ck}`rz `rz de Rkgmz Rkgmzxk xkn n r`ckx r`ckxmd mdnz nz ymxf ymxf xf` xf` ck} ck}`rz `rz de Rkgm Rkgmzx zxkn kn Jrmjg`x x`ka o} imumni xf`a jkzf rm|`z xfrdpif dpx xf` jrmjg`x ydrch jp ;===.

R_DADXMDNKC ZX_KX@I] K rdadxmdnkc rdirka hmr`jx`h rmakrmc} kx `nh pz`rz mz jkcc`h k pcc zxrkx`i}. JHC fkz pz`h pcc zxrkx`i} xd rdadx` Jknhmk o`jkpz` xf`

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akrg akrg`x `x dx` dx`nx nxmk mkcc ykz ykz kcr` kcr`kh kh} } mh`n mh`nxm xmem em`h `h zmnj zmnj`` PFX PFX &Pcx &Pcxrk rk Fmif Fmif X`a`rkxpr`-. Zkc`z y`r` mnjr`kzmni. Kjjdrhmni xd orknh aknki`r de  JHC pcc zxrkx`i} mz `ee`jxmu` xd ormni Jknhmk odxxc`z dn xf` zf`cu`z de  zxdr`z. Xf` akrimnz imu`n xd r`xkmc`rz kr` 5.0% knh xd hmzxrmopxdrz kr` =% yfmjf kr` zcmifxc} fmif`r xfkn dxf`r PFX rdj`zz`h amcgz kukmckoc` mn xf` akrg`x.

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JPZXDA@_ E@@H OKJG 

  Nd hdpox Jknhmk fkz nd jda`xmxmu` rdhpjx mn xf` akrg`x# kz mx mz  odxxc`h amcg. Opx zxmcc xf`mr `vmzxz kn maa`nz` jda`xmxmdn mn xfmz akrg`x. Kjjdrhmni xd xf` Jknhmk”z orknh aknki`r Jknhmk fkz jkxpr`h Amcg  Rkg”z akrg`x zfkr`. [pmx` jdnxrkr} xd xfmz kr` xf` jdnzpa`r r`zdnz`z. Jdnz Jdnzpa pa`rz `rz fku` fku` zfdy zfdyn n hmzz hmzzkx kxmz mzekj ekjxm xmdn dn mn ukrmd ukrmdpz pz r`ik r`ikrh rhz. z. K zfdrx zfdrx knkc}zmz mz kn `umh`nj` de xfkx.

[PKCMX] ?=% de xf` jdnzpa`rz kr` zkxmzem`h ymxf r`z`nx {pkcmx} de xf` rdhpjx. Akld Akldrm rmx} x} &m.` &m.`.. 9;%9;%- de jpzx jpzxda` da`rz rz kr` ndx ndx zkxm zkxmzem zem`h `h ymxf ymxf xf` xf` r`z r`z`n `nxx {pkcmx} de Jknhmk amcg. Xf` adzx madrxknx ekjxdr dmnx`h dpx o} &5;%de xf` jdnzpa`rz jdnzpa`rz mz xf` xkzx` de amcg. Hmzzkxmzekjx Hmzzkxmzekjxmdn mdn r`ikrhmni xf` xkzx` de xf` rdhpjx amifx o` hp` xd xf` rdhpjxmdn rdj`zz. 8.:% de xf` jpzxda`rz xfmng xfkx pzmni k ckzxmj odxxc` jkn ndx o` f}im`nmj. @vdzpr` xd zpncmifx knh f`kx fkz r`zpcx`h mn zda` hmzdrh`rz cmg` jdcdr de xf` amcg  hkrg`nz knh xf` xkzx` jfkni`z. ?5% jdackmnxz kodpx jdcdr. Jknhmk fkz k pnm{p` jdcdr. Zkac`h jdnzpa`rz y`r` ndx zkxmzem`h ymxf jdcdr de xf` amcg amcg.. Jdnz Jdnzpa pa`r `rzz `rj `rj`m `mu` u`h h xf` xf` jr`k jr`ka a jdcd jdcdrr kz xf` xf` r`zp r`zpcx cx de zda` zda`

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jf`am jf`amjk jkcz cz khh` khh`h h xd xf` xf` rdh rdhpj pjx. x. 6.5% 6.5% de xf` xf` jdnz jdnzpa` pa`rz rz xf`r xf`r`ed `edr` r` zpz`jx`h xf` prmx} de xf` rdhpjx. 6.5% de xf` jdnzpa`rz fkh zda` khhmxmdnkc jdackmnxz yfmjf kr` kz edccdyz<

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 r d h p jx c k j g z e r ` z f n ` z z

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M a r d u` h  k jg k i m ni

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J kn n d x o ` p z `h m n x ` k dr j d e e ` `

O_KNHMNI 0?% de xf` jdnzpa`rz kr` zkxmzem`h ymxf jprr`nx orknhmni de xf` rdhpjx. 89% 89% fku` fku` dol` dol`jx jx`h `h xd xf` xf` orkn orknhm hmni ni o} xf` xf` jda jdakn kn}. }. 96% 96% de xf` xf` jdnzpa`rz kr` ndx jdaedrxkoc` ymxf xf` nka` de xf` rdhpjx o`jkpz` ;.

M x z n d x h m z x m nj x m u `

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Mx hd` hd`zz ndx ndx zpii zpii`z `zxz xz zda` zda`xf xfmn mni i kodp kodpxx xf` xf` rdhp rdhpjx jx## krx krxmj mjpc pckr krc} c} mxz mxz  o`n`emxz knh pz`z.

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Mx ckj ckjgz mn r`z r`z`nxkxmdn m.`. kjgkimni mn r`z r`z`jx de jdcdrz knh h`zm h`zmin in &??% &??% zfdy zfdy`h `h hmzz hmzzkx kxmz mzek ekjx jxmd mdn n r`ik r`ikrh rhmn mni i nka` nka` de xf` xf`  rdhpjx-.

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R_DHPJX ZM\@Z 50% de xf` jdnzpa`rz kr` zkxmzem`h ymxf ; knh 2.0 cmx`r odxxc`z. :0% jdnzpa`rz ydpch kczd cmg` edccdymni zm|`z khh`h xd xf` jprr`nx kukmckoc` zm|`z.

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: cmx`r z

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0 cmx`r z

RKJGKIMNI 0:% de xf` jdnzpa`rz kr` zkxmzem`h zkxmzem`h ymxf jprr`nx jprr`nx ckzxmj ckzxmj kjgkimni. 89% jpzxda`rz xfmng xfkx kjgkimni n``hz mardu`a`nx. Dpx de yfmjf ;6% de xf` jdnzpa`rz xfmng xfkx kjgkimni de xf` rdhpjx mz h`j`xmu`. ?9% de xf` xf` jdnz jdnzpa pa`rz `rz e``c e``c xfkx xfkx ckz ckzxm xmjj kjg kjgki kimn mni i mz ndx ndx e`kzm e`kzmoc oc`. `. Pz` Pz` de  r`j}jc`h akx`rmkc mz k y`kgn`zz jdnzmh`r`h o} =% de xf` jdnzpa`rz. 85% de xf` jdnzpa`rz fku` h`x`jx`h edccdymni y`kgn`zz`z.

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C m h d e x f ` o dx x c ` # m . ` . d n j ` x f ` o dx x c ` m z d  ` n `h m x f kz x d o` maa`hmkx`c} pz`h. Dxf`r ymz` rdhpj` h`x`rmdrkx`z.

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Hprko rkomcmx} de xf` kjgkimni akx`rmk rmkc. Cmifx knh f`kx hd `ee`j e`jx jdnx`nxz de xf` rdhpjx.

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Dpx de 89% de xf` jdnzpa`rz hmzzkxmzem`h ymxf kjgkimni 62% fku` zpii`zx`h k`r kjgkimni knh xf` r`zx zpii`zx`h ickzz kjgkimni.

R_MJ@ :9% de xf` jdnzpa`rz xfmng xfkx rdhpjx mz rmifxc} rmj`h. 5:% de xf` jdnzpa`rz kr` zkxmzem`h ymxf xf` jprr`nx rmj` de xf` rdhpjx dpx de  yfmj yfmjf f =2% =2% de xfkx xfkx rmj rmj`` de xf` xf` rdhp rdhpjx jx zfdp zfdpch ch o` c`zz c`zz xfkn xfkn _z.: _z.:2. 2. Kjxpkcc} jpzxda`rz `rj`mu` xfkx rdhpjx mz du`rrmj`h. Jpzxda`rz hdn”x jdnzmh`r ukcp` khh`h o`n`emxz edr yfmjf jdakn} &JHC- zfdpch jfkri` k fmif`r dr `{pkc rmj`.#

XK_I@X KI@ I_DPR ?6% de xf` jdnzpa`rz xfmng xfkx Jknhmk k`kcz xd `u`r} ki` irdp. Opx 6?% e``cz xfkx rdhpjx k`kcz ndx dnc} xd jfmchr`n opx khpcxz kz y`cc. Cdy ekx jdnx`nx `z`jmkcc} zfdpch o` adr` kxxrkjxmu` xd `dc` kx xf` ki` de ?2 knh kodu`.

R_DHPJX CMN@ @NFKNJ@A@NX 6?% de xf` jdnzpa`rz xfmng xfkx jdakn} zfdpch `nfknj` mxz jdakn}”z   rdhpjx cmn` o} mnxrdhpjmni cdy jfdc`zx`rdc Jknhmk zgmaa`h amcg xd

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kxxrk kxxrkjx jx amhh amhhc` c` ki`h ki`h knh knh kodu kodu`` orkjg orkjg`x `x.. ;6% ;6% xfmn xfmngz gz xfkx xfkx `nfk `nfknj njmn mni i  rdhpjx cmn` ymcc dnc} r`zpcx mn fmif`r jdzx.

O_KNH KYK_@N@ZZ 89% jdnzpa`rz xfmng xfkx xf`r` mz `ndpif orknh kykr`n`zz kadni xf`  `dc`. Xfmz mz xf` `ee`jx de xf` akzzmu` khu`rxmzmni jkakmin o} xf` jdakn} jkrrm`h jpx hprmni Jrmjg`x Ydrch Jp ==. Fdy`u`r 0:% zxmcc  o`cm`u` xfkx xf`r` mz ndx `ndpif orknh kykr`n`zz. Dpx de yfmjf 52% de  xf` jdnzpa jdnzpa`rz `rz zpii`z zpii`zxx xfkx xfkx jdakn jdakn} } zfdpch zfdpch ndx dnc} dnc} mnjr`kz mnjr`kz`` zf`ce  zf`ce  zkjmni de mxz rdhpjx opx zfdpch kczd mnjr`kz` xf` npao`r de dpxc`xz mn prokn kz y`cc kz mn rprkc kr`kz. 82% zpii`zx`h er`` zkacmni jkn o` k iddh yk} xd mnjr`kz` orknh kykr`n`zz.

KHU@_XMZ@A@NX 88% jdnzpa`rz xfmng xfkx jdakn} fkz khu`rxmz`h apjf xd rdadx` mz  rdhpjx knh 55% e``c xfkx jdakn} ckjgz mn khu`rxmzmni erdnx. Akldrmx} &59%- de jdnzpa`rz zxr`zz`h dn ordkhjkzxmni knh rmnx khu`rxmzmni. ::% kr` de xf` um`y xfkx jdakn} zfdpch fku` n`dn zminz knh omccodkrhz mn xkri`x kr`kz.

::

UKCP@ KHH@H MNI_@HM@NXZ 0:% jdnzpa`rz xfmng xfkx jdakn} zfdpch fku` rmj` hmzjdpnxz `c`a`nx mn xf`mr zkc`z rdadxmdn. Rrmj` kfz zpr`c} o``n dn` de xf` adzx madrxknx jdnj`rnz kadni jdnzpa`rz. Xf`r`edr`# mx amifx rdu` xd o` k iddh zkc`z   rdadxmdn rdadxmdnkc kc zxrkx`i}. zxrkx`i}. Imex udpjf`rz udpjf`rz kcxfdpif kcxfdpif fmifc} fmifc} pndrxfdhdv# pndrxfdhdv# zxmcc ?=% jdnzpa`rz zpdrx`h xf` mh`k. Mn khhmxmdn edccdymni zpii`zxmdnz r`ik r`ikrh rhmn mni i zkc` zkc`zz rda rdadx dxmd mdn n fku` fku` o``n o``n rdu rdumh mh`h `h o} xf` xf` r`zx r`zx de xf` xf` jdnzpa`rz.

 

Cpjg} hrkyz

 

Op} edpr i`x dn` er``

 

Zfdrx x`ra rmj` jpxz

 

Rrmj` hmzjdpnx kz y`cc kz imex udpjf`rz

PNM[P@ Z@CCMNI RDMNX 96% jdnzpa jdnzpa`rz `rz zpii`z zpii`zxx xfkx xfkx jdakn jdakn} } zfdpch zfdpch fku` fku` k j`rxme j`rxmemjk mjkxmd xmdn n de  [pkcmx} Aknki`a`nx o} kn mnx`nxmdnkcc} r`px`h mnzxmxpxmdn r`ckx`h xd mxz  rdhpjx knh ??% jdnzpa`rz xfmng xfkx jdakn} zfdpch fku` `c`iknj` mn mxz rdhpjx nka` knh kjgkimni. Xf`z` jdnzpa`rz xfmng xfkx edr xfmz

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 rdhpjx# pnm{p` z`ccmni dmnx ydpch o` mxz kjgkimni yfmjf mz hmee`r`nx erda kn} dxf`r amcg mn cdjkc hkmr} zj`nkrmd. Xf`r`edr`# Xf`r`edr`# jdakn} zfdpch ydrg fkrh dn xfmz kz`jx xd ma rdu` mxz zkc`z.

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:5

_@KZDNZ ED_ EKMCP_@

Kex`r jdnhpjxmni xf` yfdc` r`z`krjf# y` fku` o``n koc` xd dmnx dpx doxkmn kr`kz de y`kgn`zz mn xf` akrg`xmni `eedrxz de Jknhmk. O`jkpz` de  xf`z` ikz knh eckyz# Jknhmk fkz ndx zfdyn xfdz` r`zpcxz yfmjf y`r` `v`jx`h kx xf` xma`. Mxz ckpnjf xf` yfdc` khu`rxmzmni jkakmin jkrrm`h dpx mn xf` o`imnnmni kmh dnc} mn xf` emrzx xfr`` adnxfz. Kex`r xfkx xf` zkc` zkc`zz hrkz hrkzxm xmjk jkcc cc} } e`cc e`cc hdyn hdyn yfmj yfmjf f edrj edrj`h `h xf` xf` jda jdakn kn} } xd jpx jpx mxz mxz `v`nhmxpr` dn rdadxmdnz. Dn xf` okzmz de e``h okjg ikxf`r`h erda krdpnh z`u`nx} pz`rz de Jknhmk knh xy`nx} r`xkmc zxdr`z yfmjf g``z Jknhmk# y` `ukcpkx`h z`u`rkc g`} ekmcpr` dmnxz yfmjf kr` cmzx`h o`cdy.

 

Xf` edr`adzx madrxknx kxxrmopx` yf`r` Jknhmk o`fmnh mz xf` xkzx` knh jdcdpr de amcg. Xf` jdcdpr mz ndx pr`c} yfmx` knh xf`r`edr`  `dc` zpz`jx xfkx mx mz ndx pr` knh er`zf.

 

Z`jdnhc}# Z`jdnhc}# Jknhmk fkz ekmc`h xd xkri`x kcc xf` ki` irdpz. irdpz. Xf` amcg  fkz o``n koc` xd zxmapckx` h`aknh xf` ki` irdp de 5 ! ;? }dpxf knh xf` `ch`rc} `dc` kr` ndx edri`x`h. ]dpxf knh xf` `ch`rc}  `dc` kr` ndx xkri`x`h. ]dpni `dc` ki` o`xy``n ?2 ‚ :8 fku` xf` fmif`zx prjfkzmni dy`r# `ch`rc} dn` xf` dxf`r fknh hd ndx

:9

 r`e`r Jknhmk dr kn} dxf`r kjgki`h amcg. Xf`} rkxf`r id edr er`zf amcg.

 

Jknhmk fkz ekmc`h xd `rzpkh` xf` f`kcxf jdnzjmdpz `dc`# yfd adzxc} o`cdniz xd xf`mr xkri`x akrg`x de fmif`r mnjda` irdpz. Xf`} `rj`mu` xf` amcg u`r} xfmjg knh f`nj` zymxjf xd dxf`r cdy ekx amcg kukmckoc` mn xf` akrg`x.

 

Kndxf`r kr`k de y`kgn`zz mz xf` rmjmni zxrkx`i} pz`h edr Jknhmk. Mxz rmj rmj`` mz fmif fmif`r `r xfkn xfkn dxf` dxf`rr orkn orknhz hz mn xf` xf` akrg` akrg`x. x. Dn` Dn` xma` xma` Jknhmk mz edccdymni –Akrg`x R`n`xrkxmdn‑ zxrkx`i} knh kx xf` zka` xma` xf` rmj`z kr` g`x fmif`r xfkn dxf`r orknhz# yfmjf hd`z ndx kccdy Jknhmk xd `n`xrkx` mn xf` akrg`x.

 

_`ik _`ikrhm rhmni ni kjg kjgki kimn mni i de Jknh Jknhmk mk## xf` xf` ckz ckzxm xmjj pz`h pz`h mn xfmj xfmjg g kz jdak jdakr` r`h h xd xf` xf` edr`m edr`min in ckz ckzxm xmjj odxx odxxc` c`h h amcg amcg kukm kukmck ckoc oc`` mn xf` xf` a k r g ` x . X fm z  c k z x m j p z ` h m z n dx k  r du ` h o} k n} de f ` kzzd kzzdjm jmkx kxmd mdnz nz.. Yfmc Yfmc`` xf` xf` ckz ckzxm xmjj pz`h pz`h mn xf` xf` odxx odxxc` c`zz de drmi drmimn mnkc kc Er`njf Jknhmk mz –EHK‑ krdu`h.

:6

 

Rkjgkimni mz xf` dnc} ekjxdr jdnxrmopxmni xd okh xkzx` knh jdcdpr de  amcg. Kcxfdpif mx mz k PZR kjgkimni opx me dnj` mx mz `vdz`h xd zpncmifx xf` amcg i`xz hmzjdcdr`h.

 

Mnzx`kh de ckzxmj jk. Edmc mz pz`h dn xf` adpxf de xf` odxxc` kz k z`kc yrkmni. Me z`kc mz x`kr`h dee edr pz` mx r`akmn`h pnjcdz`h kccdymni kmr xd `nx`r mnxd xf` okxxc` yfmjf eprxf`r r`hpj`z xf` cme` de xf` amcg.

 

Jdamni xd xf` orknhmni de xf` rdhpjx# xf` nka` Jknhmk# xd adzx de xf` Rkgmzxkn”z a`knz adr` cmg` k nka` de zda` Jknh}. Xfmz mz   o`jkpz` `dc` kr` ndx kykr` de xf` drmimnkc @prd`kn Jknhmk yfmjf mz dpckr mz 0? jdpnxm`z krdpnh xf` ydrch. Xf` orknh nka` mz zpmxkoc` adr` edr k eckudr`h amcg rkxf`r xfkn k ckmn amcg.

 

Xf` cko`cmni hd`z ndx mnjcph`z apjf mnedrakxmdn kodpx xf` amcg  dnc} xf` ekx jdnx`nxz mz `rj`nxki` kr` a`nxmdn`h yfmjf mz ndx `ndpif xd mnedra k jpzxda`r kodpx xf` dxf`r madrxknx npxrm`nxz jdnxkmnz mn xf` amcg.

:=

 

Xf` kjgkimni mz h`j`xmu` mn xf` z`nz` xfkx mx mz de yfmx` jdcdpr  yfmc` xf` amcg me ndx pr` yfmx`. Xf` odxxc` zfdpch o` xrknzkr`nx zd xfkx xf` `vkjx jdcdpr de xf` amcg mz umzmoc`.

 

Kndxf`r akldr r`kzdn de dr ekmcpr` de Jknhmk mz xfkx# zmnj` mxz mz ckpnjf`h# xf` jdakn} fkz ndx o``n koc` xd mnjr`kz` xf` h`xf de  xf` rdhpjx zpjf kz# eckudprz# jdcdprz# zm|`z knh ukrm`xm`z. Xf`z` mnndukxmdn mnndukxmdnzz kr` n`j`zzkr} n`j`zzkr} mn opmchmni opmchmni xf` maki` de orknh mn xd xf` amnhz de jdnzpa`z.

 

Jknh Jknhmk mk hmh hmh ndx ndx jdnh jdnhpj pjxx kn} kn} er`` er`` zka zkacm cmni ni kx xf` xf` xma` xma` mx ykz ykz mnxrdhpj`.

 

Xf` r`xkmc`rz jdackmnx xfkx xf`r` akldr mn xf` zkc` de Jknhmk mz 5 ‚  5.0% yfmjf zfdpch mnjr`kz`. Zmamckrc} xf` zkc`z kr` cdy yfmjf r`zpcxz r`zpcxz mn cdy xprn du`r edr r`xkmc`rz. Zd# r`xkmc`rz r`xkmc`rz kr` ndx fk} xd kjj`x fpi` {pknxmxm`z xd ckj` mn zxdr`z.

 

Xf`r` Xf`r` mz nd mnj` mnj`nx nxmu mu`` dr hmzj hmzjdp dpnx nx dee` dee`r`h r`h xd r`xk r`xkmc mc`rz `rz knh knh `nh `nh jdnzpa`rz. jdnzpa`rz. Adr`du`r# xf`r` mz nd opcg hmzjdpnxz cmg`# op} ;?# dn` er``. Xfmz rkjxmj` mz ndrakcc} edccdy`h o} dxf`r jda`xmxdrz.

82

 

JHC fkz n`u`r xrm`h xd khdx xf` zxrkx`i} de z`kzdnkc rmj` jpxz# yfmjf jdpch `nfknj` zkc`z knh kczd jdpch f`c xf` jdakn} xd adnmxdr xf` jfknimni op}mni kxx`rnz de jpzxda`rz.

 

Xf`r` mz nd `ndpif orknh kykr`n`zz `rzmzx mn xf` zdjm`x} edr  Jknh Jknhmk mk.. Xfkx Xfkx mz yf} yf} jda jdakn kn} } mz k}m k}mni ni fknh fknhzd zda` a` kadp kadpnx nx de  adn`} xd cmamx`h r`xkmc`rz edr g``mni Jknhmk odxxc`z dn xf` akmn zf`cu`z yf`r` jpzxda`rz jkn `kzmc} ykxjf xf`a.

 

Xf` dxf`r akldr ekmcpr` mz xfkx JHC mz ndx rdumhmni h`` er``|`r  knh ermhi`” ermhi`”zz xd omi r`xkmc r`xkmc`r `r dpxc`x dpxc`xzz knh h`krxa h`krxa`nx `nxkc kc zxdr`z zxdr`z edr  Jknhmk.

 

  Ndx o``n koc` xd xkri`x r`adx` kr`kz# zakcc xdyn knh ndrxf`rn kr`kz de Rkgmzxkn yf`r` xf`r` mz cdx de h`aknh edr x`k.

 

Xf` Xf` aknk aknki` i`a` a`nx nx kx JHC JHC mz u`r} u`r} apjf apjf dxm dxmam amzx zxmj mj kodp kodpxx xf` xf` rdh rdhpj pjxx cme` cme` j}jc j}jc`` de Jknh Jknhmk mk.. Xf`} Xf`} kzzp kzzpa` a` xfkx xfkx Jknh Jknhmk mk fkz fkz zpjj`zzepc r`kjf`h xd irdyxf zxki` opx mn r`kcmx}# mx mz ndx xf` jkz`. Xf` r`z`nx RCJ zmxpkxmdn de Jknhmk mz zda`xfmni cmg` xfmz.

8;

Jknhmk mz mn h`jcmnmni zxki`# yf`r` xf` jdakn} fkz jpxx`h hdyn mxz jdzx dn mxz mxz rdad rdadxm xmdn dnz. z. Xf` dnc} dnc} jpzx jpzxda da`rz `rz c`ex c`ex kr` kr` xf` xf` cd}k cd}kcc dn`z dn`z.. Xf` Xf` jdakn} kx xfmz du`r yf`camni zxki` mz r`{pmr`h xd jfkni` mxz du`rkcc zxrkx`i} edr Jknhmk.

Xf`r` Xf`r` kr` kr` j`rx j`rxkm kmn n dxf` dxf`rr madr madrxk xknx nx kr`k kr`kzz yf`r` yf`r` Jknh Jknhmk mk fkz fkz ekmc ekmc`h `h xd  `redra y`cc. Dn` de xf` akldr r`kzdn de mxz ekmcpr` mz xfkx dn` krx xf` akrg`x yfmjf mz xkri`x`h m.`. fmif`r mnjda` irdpz cmumni mn dzf kr`kz# `u`n xf`mr# Jknhmk”z Zkc`z fku` h`jcmn`h hrkzxmjkcc}. Xf` emipr`z xkg`n erda xf` xyd y`cc gndyn zxdr`z mn h`e`nz` zdjm`x} Ckfdr` h`mjxz xf` zmxpkxmdn.

8?

8: