pershing-sqr-1q-2q-2014-investor-letter-1 (1)

7/21/2019 Pershing-Sqr-1Q-2Q-2014-Investor-Letter-1 (1)

http://slidepdf.com/reader/full/pershing-sqr-1q-2q-2014-investor-letter-1-1 1/20

7518?1.87

Hudust 87, 9083

Cahr Parsefkd Wquhra Fkvastjr2

Sea Parsefkd Wquhra oukcs jutparojrnac tea nhbjr nhrmat fkcaxas ojr tea ofrst hkc sagjkc

quhrtars jo 9083 hkc sfkga fkgaptfjk hs sat ojrte ialjw

8

2

Ojr tea Xuhrtar Ojr tea Xuhrtar Vahr tj Chta

Bhkuhry 8 - Nhrge 78 Hprfl 8 - Buka 70 Bhkuhry 8 - Buka 70 Wfkga Fkgaptfjk

Parsefkd Wquhra, L.P. 08/08/03 - 0?/70/83

Drjss Yaturk 87.5% 8?.8% 79.8% 8866.8%

Kat jo Hll Oaas 80.4% 89.6% 91.0% ?9?.4%

Parsefkd Wquhra FF, L.P. 08/08/01 - 0?/70/83

Drjss Yaturk 87.4% 81.5% 78.4% 455.8%

Kat jo Hll Oaas 80.4% 89.?% 93.?% 374.8%

Parsefkd Wquhra Fktarkhtfjkhl, Ltc. 08/08/01 - 0?/70/83

Drjss Yaturk 83.7% 81.6% 79.1% ?10.3%

Kat jo Hll Oaas 88.8% 89.5% 91.7% 7?1.6%

Parsefkd Wquhra Ejlcfkds, Ltc. 89/78/89 - 0?/70/83

Drjss Yaturk 83.8% 8?.0% 79.7% 36.?%

Kat jo Hll Oaas 88.1% 87.3% 9?.3% 75.1%

Fkcaxas (fkglucfkd cfvfcakc rafkvastnakt) 08/08/03 - 0?/70/83

W&P 100 Fkcax 8.5% 1.9% 4.8% 885.5%

KHWCHX Gjnpjsfta Fkcax 0.5% 1.7% ?.9% 833.0%

Yussall 8000 Fkcax 9.0% 1.8% 4.7% 894.3%

Cjw Bjkas Fkcustrfhl Hvarhda -0.9% 9.5% 9.4% 880.7%

Yaolagtfjks Hotar Sak Vahrs

Ta iadhk fkvastfkd ghpfthl Bhkuhry 8st

, 9003 fk phrtkarsefp wfte h suisfcfhry jo Laughcfh Khtfjkhl Gjrpjrhtfjk wefge fkvastac $10 nfllfjk fk Parsefkd Wquhra, L.P. ht jur lhukge. Ht teatfna jo Laughcfh‖s fkvastnakt, Djtehn Phrtkars cfc kjt ehva radulhtjry gljsura wfte raspagt tjtea WAG‖s hkc Kaw Vjrm Httjrkay Dakarhl‖s NIFH-ralhtac fkvastfdhtfjks. Laughcfh‖s fkvastnakt, hkc njst fnpjrthktly, fts fnprfnhtur wara grftfghl tj tea suggassoul lhukge jo tea

8 Phst parojrnhkga fs kjt kagasshrfly fkcfghtfva jo outura rasults. Hll fkvastnakts fkvjlva rfsm fkglucfkd tea ljss jo prfkgfphl. Plahsa saa tea

hccftfjkhl cfsglhfnars hkc kjtas tj parojrnhkga rasults ht tea akc jo tefs lattar.



97518?1.87

ofrn. Ta wfll ojravar ia fkcaitac tj Fhk Gunnfkd hkc Bja Wtafkiard, teak Gehfrnhk hkc GAJjo Laughcfh, wej ihgmac us weak oaw jtears wjulc. Hs h tehkm yju dastura ht tea tfna, wajooarac Laughcfh h suisthktfhl nfkjrfty fktarast fk tea nhkhdanakt gjnphky ojr kj hccftfjkhlgjksfcarhtfjk, iut teay hsmac ojr kjtefkd iut djjc fkvastnakt rasults fk axgehkda ojr teafrfkvastnakt, hkc ojr teht wa hra vary drhtaoul.

Yaturks Wfkga FkgaptfjkJvar tea lhst tak hkc jka-ehlo yahrs, wa ehva dakarhtac kat raturks tj jur fkvastjrs jo ?9?.4% jr4.7 tfnas chy-jka fkvastjr ghpfthl. Jvar tea shna parfjc, tea W&P 100, jur prfkgfphl iakgenhrm, hs ft ehs efstjrfghlly gjnprfsac njst jo jur ejlcfkds, ehs raturkac 885.5% jr hijut9.9 tfnas. Axprassac hs h gjnpjukcac hkkuhl raturk, tea oukcs ehva raturkac 98% kat parhkkun varsus 5% ojr tea W&P 1009. Fk h wjrlc fk wefge fkvastjrs hra plahsac tj ahrk raturksteht hra jka jr twj pargakthda pjfkts par hkkun hijva tea W&P jvar 80-yahr parfjcs, jurhpprjxfnhta 87 pargakthda pjfkt hkkuhl kat nhrdfk jvar tea fkcax fs kjthila.

Ta hra prjuc jo jur ragjrc hkc ejw teht ragjrc ehs iaak hgefavac. Tefla jur raturks ehva iaak

strjkd, jur cjwkwhrc vjlhtflfty (tea jkly mfkc jo vjlhtflfty fkvastjrs rahlly ghra hijut) ehs iaaknfkfnhl. Ta ehva ehc twj kadhtfva yahrs fk jur efstjry, 9005 weak tea oukcs caglfkac 89% tj87%, hkc 9088, weak tea oukcs caglfkac hpprjxfnhtaly 9%. Tefla tea W&P fkcax fs iy casfdk hoully fkvastac fkcax, wa ehva dakarhtac jur raturks wfte kadhtfva lavarhda, f.a., ghse ehshvarhdac 83% jo fkvastac ghpfthl sfkga fkgaptfjk. Wjna nfdet tearaojra grftfgfza us ojr teafkaoofgfakt usa jo jur ihlhkga seaat, ojr glahrly tea lfqufcfty hkc khtura jo jur ejlcfkds wjulcehva hlljwac us tj ia njra fkvastac jvar tfna. Fkcaac, wa gjulc ehva gjnojrthily suppjrtac hnjcast hnjukt jo nhrdfk lavarhda wftejut thmfkd ukcua rfsm.

Iaghusa wa hra hk hgtfva, gjktrjl hkc fkoluakga-jrfaktac fkvastjr, wa ehva hvjfcac iafkd oullyfkvastac iaghusa jo tea rfsm jo fkvastjr racanptfjks. Ojr axhnpla, curfkd 9006, caspfta hralhtfvaly strjkd 9005 hkc h 38% kat raturk fk 9006, wa ehc tj maap h suisthktfhl pjrtfjk jo jurhssats fk ghse iaghusa jo tea lhrda hnjukt jo fkvastjr racanptfjks wa ragafvac. Ta wfllejpaoully iadfk tj hccrass tefs fssua wfte tea fkftfhl puilfg jooarfkd jo Parsefkd Wquhra Ejlcfkds,Ltc. (PWE), thrdatac ojr lhtar tefs yahr, wefge wfll fkgrahsa tea hnjukt jo jur ghpfthl teht fs parnhkakt.

Jur fkvastnakt parojrnhkga fs phrtfgulhrly strfmfkd weak jka gjksfcars jur gjnpjukc hkkuhldrjss raturk jo 94.4% ojr tea phst 80 hkc jka-ehlo yahrs. Sefs fs h phrtfgulhrly lhrda kuniar fklfdet jo jur fkvastnakt ukfvarsa wefge fs gjnprfsac jo tea lhrdast hkc njst wall-gjvaracgjnphkfas fk tea wjrlc ‗ lhrda ghp Kjrte Hnarfghk aquftfas ‗ wefge hggjrcfkd tj tea aoofgfaktnhrmat eypjteasfs sejulc kjt jooar fkvastjrs hijva-nhrmat raturks. Jur raturks hlsj raolagt hsuisthktfhl crhd orjn jur efstjrfghlly lhrda hvarhda ghse pjsftfjk sfkga fkgaptfjk. Seasa rasults iad tea jivfjus quastfjk. Ehva jur raturks iaak h oukgtfjk jo djjc fkvastnakt hkhlysfs, jr ehva

9 Yaturks hra ojr Parsefkd Wquhra, L.P., tea Parsefkd Wquhra oukc wfte tea ljkdast trhgm ragjrc. Phst parojrnhkga fskjt kagasshrfly fkcfghtfva jo outura rasults. Hll fkvastnakts fkvjlva rfsm fkglucfkd tea ljss jo prfkgfphl. Plahsa saatea hccftfjkhl cfsglhfnars hkc kjtas tj parojrnhkga rasults ht tea akc jo tefs lattar.



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jur rasults iaak crfvak iy h strhtady teht ehs h ukfqua gjnpatftfva hcvhkthda: Sea hkswar, wa ialfava, fs ijte.

Gjrpjrhta Gjktrjl, Fkoluakga, hkc Gjktrjl PranfunsPrfvhta aqufty fkvastjrs phy lhrda pranfuns ojr tea rfdet tj gjktrjl h pjrtojlfj gjnphky‖s

djvarkhkga, nhkhdanakt, gjnpatftfva strhtady, jparhtfkd strhtady, ghpfthl hlljghtfjk, hkc teatfnfkd jo axft. Caspfta ehvfkd tj phy gjktrjl pranfuns, suggassoul prfvhta aqufty fkvastjrs ehvaahrkac httrhgtfva raturks ojr teafr fkvastjrs. Sea ohgt teht jppjrtukftfas axfst ojr prfvhta aquftyfkvastjrs tj phy suisthktfhl pranfuns hkc ahrk efde raturks fs avfcakga teht tea gjnphkfas tehtteay ehva hgqufrac wara kjt jptfnhlly nhkhdac hkc/jr ghpfthlfzac ht tea tfna jo purgehsa.

Fo hk fkvastjr ghk aooagt gjrpjrhta gehkda wftejut ehvfkd tj phy h gjktrjl pranfun ‗ jr iattar, iuy ht h cfsgjukt cua tj sehraejlcar cfsshtfsohgtfjk ‗ teht fkvastjr wjulc ehva hk axtrhjrcfkhryhcvhkthda. H rhtfjkhl fkvastjr fs uklfmaly, ejwavar, tj sall gjktrjl ht h cfsgjukt. Sea djjc kawsfs teht jk jgghsfjk, nfkjrfty sthmas fk efde quhlfty iusfkassas ghk ia purgehsac fk tea puilfgnhrmats ht h cfsgjukt. Seasa cfsgjukts prfkgfphlly hrfsa iaghusa jo twj ohgtjrs2 sehraejlcar

cfshooagtfjk wfte nhkhdanakt, hkc tea sejrt-tarn khtura jo lhrda hnjukts jo rathfl hkcfkstftutfjkhl fkvastjr ghpfthl wefge ghk jotak jvarrahgt tj kadhtfva sejrt-tarn gjrpjrhta jr nhgrjohgtjrs. Wuge hk akvfrjknakt grahtas hk jppjrtukfty ojr tea prjhgtfva fkvastjr tj iuy h nfkjrftysthma fk h puilfg gjnphky hkc wjrm tj aooagt gjrpjrhta gehkda tj grahta vhlua jk iaehlo jo hllsehraejlcars.

Tey Wehraejlcar Hgtfvfsn fs Djjc ojr Gjrpjrhta Hnarfgh

Hgtfvfst fkvastfkd fs fkearaktly eahltey ojr tea nhrmats, phrtfgulhrly fk h wjrlc weara teasuisthktfhl nhbjrfty jo fkvastnakt ghpfthl fs fkcaxac, fk ASOs, jr fs axplfgftly jr fnplfgftly phssfvaly nhkhdac. Prfjr tj tea hrrfvhl jo sehraejlcar hgtfvfsn, weak sehraejlcars waracfshppjfktac wfte nhkhdanakt, teay ehc kj gejfga iut tj sall iaghusa teay ehc lfttla fo hkyragjursa. Sjchy, teay ghll h sehraejlcar hgtfvfst.

Tefla kjt hll sehraejlcar hgtfvfsts ehva ljkd-tarn, sehraejlcar-jrfaktac hdakchs, jkly tejsa tehtcj hra lfmaly tj ehva suisthktfhl fkoluakga iaghusa tea hgtfvfst ghk jkly suggaac wfte nhbjrftysehraejlcar suppjrt. Tefla tea hcvfsjrs tj aktrakgeac nhkhdanakt tahns ehva httanptac tjlfnft tea fnphgt jo hgtfvfsts wfte pjfsjk pflls wfte cagrahsfkdly ljwar terasejlcs hkc httanpts tjgehkda tea 87C rulas, kjk-hgtfvfst fkstftutfjks ehva hddrassfvaly puseac ihgm hs teay ragjdkfzateht sehraejlcar hgtfvfsn fs jka jo tea oaw nahks teay ehva tj ukljgm vhlua fk h ljkd-tarnukcarhgefavfkd gjnphky.

Sea pjpulhrfty jo hgtfvfsn hs h strhtady ehs fkgrahsac cua tj tea pjtaktfhl ft jooars ojr suisthktfhlraturks. Fk lfdet jo tea httrhgtfva raturks hgefavac hkc tea drjwfkd kuniar jo phrtfgfphkts, wa hrajotak quastfjkac hijut tea susthfkhiflfty jo jur strhtady fk hk hpphraktly njra gjnpatftfvaakvfrjknakt. Sea djjc kaws fs teht tea jppjrtukftfas ojr sehraejlcar hgtfvfsn hra jkly lfnftactj tea axtakt hll gjrpjrhtfjks jptfnfza teafr iusfkass njcals, jparhtfjks, hkc ghpfthl hlljghtfjkhkc iagjna aoofgfaktly prfgac iy tea nhrmats. Ta ialfava teht gjrpjrhta fkaoofgfakgy hkcsagurfty nfsprfgfkd wfll gjktfkua ojr tea ojrasaahila outura hkc prasakt h gjktfkuac rfgejppjrtukfty sat ojr Parsefkd Wquhra. Fk lfdet jo jur strhtady‖s efde cadraa jo gjkgaktrhtfjk, jur



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hpprjhge tj sehraejlcar hgtfvfsn kaacs jkly h oaw jppjrtukftfas ahge yahr tj dakarhta raturks ojrjur fkvastjrs.

Jur Wtrhtady‖s Wtrugturhl hkc Gjnpatftfva HcvhkthdasHs h lhrda ghpfthlfzhtfjk hgtfvfst fkvastjr, wa ialfava jur strhtady iakaofts orjn h lhrda

jppjrtukfty sat, sfzahila ihrrfars tj aktry, hkc lfnftac gjnpatftfjk.

Ta ialfava teht tea lhrdast gjnphkfas jooar tea njst jppjrtukfty ojr gjrpjrhta gehkda iaghusateay hra typfghlly ealc iy phssfva sehraejlcars hkc hra tjj lhrda tj ia vulkarhila tj prfvhtaaqufty iuyjuts. Lhrda ghp iusfkassas hra typfghlly efde quhlfty gjnphkfas, hs teay wjulc kjttypfghlly hgefava efde vhluhtfjks wftejut suisthktfhl ravakuas, prjofts, hkc oraa ghse oljw. Hotarcaghcas jo efde prjofts hkc ghse oljws, nhky lhrda iusfkassas iagjna lass cfsgfplfkac hijut gjstgjktrjl hkc ghpfthl hlljghtfjk, hkc nhy jtearwfsa ljsa ojgus. Sea kuniar jo lhrda ghpgjnphkfas fs suisthktfhl, phrtfgulhrly weak gjnphrac tj h strhtady wefge, cua tj ftsgjkgaktrhtfjk hkc ljkd-tarn ejlcfkd parfjcs, raqufras teht wa fcaktfoy jkly jka jr twj kaw fcahs par yahr tj dakarhta httrhgtfva raturks ojr jur fkvastjrs.

Lhrda ghpfthlfzhtfjk sehraejlcar hgtfvfsn ehs tea iakaoft jo sfdkfofghkt ihrrfars tj aktry tj pravakt lhrda ghpfthl oljws fktj tea strhtady. Fo jka wfseas tj ia h lhrda ghp hgtfvfst, jka ehs tjrhfsa lhrda hnjukts jo ghpfthl, wefge fs cfoofgult ojr h sthrt-up fkvastnakt nhkhdar tj hgefava.Njra sfdkfofghktly, tea drahtast ihrrfar tj aktry ojr tea strhtady fs tea raqufranakt teht jka iuflcraputhtfjkhl aqufty hnjkd tea gjnnukfty jo fkvastjrs wej raprasakt tea lhrdast sehraejlcars jogjrpjrhta Hnarfgh. Ft thmas yahrs tj iuflc h trhgm ragjrc wfte fkstftutfjks suge teht teay hrawfllfkd tj ihgm hk hgtfvfst saamfkd gjktrjl jr suisthktfhl fkoluakga jvar h gjrpjrhtfjk. Ft thmasyahrs jo cjfkd weht wa shy wa hra djfkd tj cj hkc strjkd fkvastnakt parojrnhkga tj dat teafkstftutfjkhl hkc rathfl ihgmfkd raqufrac tj aooagt gehkda ht lhrda ghp gjnphkfas. Jur lhrda hkcdrjwfkd raputhtfjkhl aqufty wfll tearaojra ranhfk h vary sfdkfofghkt njht ojr Parsefkd Wquhra fktea outura. Jka jo jur hccftfjkhl ihrrfars tj aktry fs lass thkdfila, iut kj lass sfdkfofghkt. Ft fs iast caanac grahtfvfty. Nhky jo jur njst suggassoul fkvastnakts ehva iaak fk sftuhtfjks hkcusac trhkshgtfjk strugturas teht wara pravfjusly ukpragacaktac.

Cjfkd lhrda ukpragacaktac trhkshgtfjks httrhgts httaktfjk, sjna kuniar jo catrhgtjrs, hkcakjrnjus nacfh hkc jtear puilfg sgrutfky. Hs wa ehva shfc iaojra, ft raqufras h vary tefgm hkcghlljusac smfk. Ft hlsj raqufras sjna tjlarhkga orjn jur fkvastjrs wej hra lfmaly tj rahc parfjcfggrftfgfsns orjn tejsa wej rasakt jur suggass hkc wjulc lfma tj saa us ohfl, orjn jur hcvarshrfas,hkc orjn naniars jo tea nacfh wej hra jotak kjt teht wall fkojrnac jo tea ohgts, jr jtearwfsaohfl tj geagm sj-ghllac “ohgts„ prasaktac iy jur hcvarshrfas. Ta tjlarhta tea akjrnjus vjlunasjo prass hkc tea jgghsfjkhl htthgms hs h kagasshry hkc ukojrtukhta avfl jo h efde-prjofla hgtfvfststrhtady.

Seara hra Sejsa teht Hrdua Wehraejlcar Hgtfvfsn Nust Ia WtjppacH oaw ehva hrduac teht sehraejlcar hgtfvfsn sejulc ia stjppac jr gurthflac. Kjthily, tea prfkgfphl prjpjkakts jo seuttfkd cjwk sehraejlcar hgtfvfsn hra kjt fkvastjrs, iut ladhl hcvfsjrswej “caoakc„ gjnphkfas orjn hgtfvfsts hkc prjoft orjn tefs hgtfvfty. Sea hktf-hgtfvfsts bustfoyteafr htthgms hdhfkst hgtfvfsn iy gjkolhtfkd sejrt-tarnfsn wfte hgtfvfsn. Ta hra strjkdly fkhdraanakt teht sejrt-tarnfsn fs ihc ojr tea ljkd-tarn eahlte jo gjnphkfas hkc fkcustrfas, iut



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suggassoul sehraejlcar hgtfvfsn fs kjt sejrt-tarnfsn. Ft fs ehrc tj hrdua teht tea gehkdas waehva wrjudet ht Ghkhcfhk Phgfofg, Dakarhl Drjwte, Hfr Prjcugts, NgCjkhlc‖s, Ojrtuka Irhkcs,Takcy‖s, Ejwhrc Eudeas, tj khna h oaw wara tejsa jo h sejrt-tarn fkvastjr. Jur thrdatejlcfkd parfjc jo ojur jr njra yahrs fs garthfkly kjt sejrt tarn, hkc ehs fkgrahsac jvar tfna hstea quhlfty jo tea nhkhdanakts hkc tea iusfkassas raprasaktac fk jur pjrtojlfj ehva fnprjvac.

Ourtearnjra, tea gjnphkfas wa ehva fkvastac fk, wfte axtranaly oaw axgaptfjks,7 ehvagjktfkuac tj prjspar avak hotar wa ehva axftac, parehps tea iast avfcakga jo tea ljkd-tarnsuggassoul khtura jo jur hpprjhge hkc fts gjktrfiutfjk tj gjrpjrhta Hnarfgh.

Nhrty Lfptjk, jo tea Thgetall Lfptjk lhw ofrn, parehps tea strjkdast jppjkakt jo hgtfvfsn, ehshrduac teht sehraejlcar hgtfvfsts ehva hk ukohfr hcvhkthda hkc tearaojra sejulc ia lfnftac fk ejwnuge stjgm teay ghk purgehsa iaojra hkkjukgfkd teafr plhks. Ea ehs ghllac ojr ravfsfkd tea 87Crulas sj teht hgtfvfst fkvastjrs nust stjp teafr sthma iuflcfkd ht 1% jo h thrdat, hkc teakfnnacfhtaly hlart tea puilfg jo teafr plhks.

Sea 87C Yulas Tjrm Aooagtfvaly hkc Wejulc Kjt Ia GehkdacTefla Nhrty Lfptjk hrduas teht gehkdas tj tea 87C rulas wfll iakaoft ljkd-tarn fkvastjrs, teajkly fkvastjrs wej wjulc iakaoft orjn raqufrfkd hgtfvfsts tj cfsgljsa ahrlfar hra tejsa sejrt-tarn, prfga-saksftfva fkvastjrs wej sall fktj tea hgtfvfst‖s fkftfhl hggunulhtfjk. Avak fk teasa ghsas,teasa sejrt-tarn fkvastjrs jkly nfss jut jk tea fkgrahsa fk prfga iatwaak tea hgtfvfst‖s gjst hkctea chy-hotar prfgfkd. Fo teay gejsa tj, teasa sejrt-tarn fkvastjrs gjulc fnnacfhtaly rapurgehsateafr sehras hkc ragafva tea iakaoft jo hky hccftfjkhl fkgrahsa fk vhlua hgefavac iy tea hgtfvfst‖s gehkdas. Sea ofrst chy “pjp„ fs jotak jkly h snhll pargakthda jo tea fkgrahsa fk vhlua hgefavac iy h suggassoul hgtfvfst. Fk 9? jut jo 70 jo jur hgtfvfst gjnnftnakts tea chy-hotar prfga whs stfllh ihrdhfk prfga varsus tea ultfnhta prfga hgefavac orjn jur fkvjlvanakt wfte h gjnphky.

Hgtfvfsn ehs h “puilfg djjc„ prjilan ojr tea hgtfvfst fk teht hll jo tea jtear sehraejlcars wejtypfghlly gjnprfsa 60% jr njra jo h thrdat ghk ia gjksfcarac oraa rfcars wfte kjka jo tea gjstsjr tea fllfqufcfty, hkc wfte hll jo tea upsfca. Sea jkly fkvastjrs wej cjk‖t nhtarfhlly iakaoftorjn tea hgtfvfst‖s fkvjlvanakt hra tejsa teht sall jut fktj tea hgtfvfst‖s hggunulhtfjk jo ftstjaejlc fkvastnakt fk tea thrdat, h sthma wefge fs typfghlly lass tehk 80% jo sehras jutsthkcfkd.Hkc avak tejsa sallars iakaoft, sfkga teay hra hila tj sall ht h prfga teht ehs lfmaly fkgrahsac hs hrasult jo tea hgtfvfst‖s purgehsas. Sea “puilfg djjc„ prjilan fs h rahsjkhila gjst ojr tea hgtfvfsttj iahr iaghusa ft fs typfghlly tea lhrdast sehraejlcar jo tea gjrpjrhtfjk.

Iaghusa hgtfvfsn gjnas wfte lhrda gjsts, tea lhrdast jo wefge fs tea jppjrtukfty gjst jo tfna, hkhgtfvfst nust ia hila tj iuflc h lhrda akjude sthma tj hnjrtfza efs jr ear jppjrtukfty hkc jteargjsts. Fo tea 87C rulas wara gehkdac hkc raqufrac fnnacfhta cfsgljsura ht 1%, jkly tejsa thrdatsweara h 1% fkvastnakt fk cjllhrs wjulc bustfoy tea hgtfvfst‖s tfna wjulc ia sufthila thrdats,khrrjwfkd tea hgtfvfst fkvastnakt ukfvarsa, phrtfgulhrly ojr snhll hkc nfc-ghp hgtfvfsn. Sefsgjst fk racugac hgtfvfsn wjulc ia ijrka prfkgfphlly iy tea phssfva fkstftutfjks hkc rathfl

7 Ta ehva cfsgussac teasa teraa ohfluras hkc cfshppjfktnakts ht draht lakdte ‗ BG Pakkay, Ijrcars Drjup, hkcShrdat. Tefla Earihlfoa fs stfll fk tea kadhtfva gjlunk, wa hra gjkofcakt tefs fkvastnakt wfll ultfnhtaly ia hsuggass.



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fkvastjrs wej jwk tea suisthktfhl nhbjrfty jo avary gjrpjrhtfjk jk tea stjgm nhrmat. Ojr tefsrahsjk, tea lhst httanpt tj gehkda tea rulas ohflac yahrs hdj hs h lhrda drjup jo phssfvafkstftutfjks vjfgac teafr gjkgarks hijut tea puilfg gjsts jo h gehkda fk tea 87C rulas teht waracasfdkac tj tewhrt sehraejlcar hgtfvfsts.

Sea 87C rulas wara kjt casfdkac tj prjtagt sehraejlcars orjn sehraejlcar hgtfvfsn iut orjnjvarkfdet gehkdas fk gjktrjl jo h gjrpjrhtfjk. Sea 87C rulas (hljkd wfte pjfsjk pflls hkcvhrfjus sthta thmajvar sthtutas) ehva aooagtfvaly sjlvac tefs prjilan jo tea 86?0s hkc ehva pravaktac gjrpjrhta teaot jo gjktrjl jggurrfkd ukcar tea gjvar jo chrmkass. Sea 87C rulas,ejwavar, wara kjt casfdkac kjr fktakcac tj pravakt h sehraejlcar orjn ljiiyfkd ojr gehkda hthk ukcarparojrnfkd gjnphky. Httanpts iy gjkolfgtac ladhl hcvfsjrs tj gehkda tea rulas tj iakaoft aktrakgeac hkc ukcarparojrnfkd nhkhdanakts put ht rfsm jur ghpfthlfst systan hkcsejulc ia strjkdly rasfstac iy fkvastjrs.

Fk ragakt yahrs, tea pjfsjk pfll, h cavfga jrfdfkhlly casfdkac tj pravakt hgqufsftfjks jo gjktrjl ht ialjw ohfr vhlua, ehs iaduk tj ia usac tj seutcjwk sehraejlcar gjnnukfghtfjk hkc hgtfvfst

akdhdanakts. Gjrpjrhta gjktrjl cjas kjt sefot weak h kaw sehraejlcar hgqufras 80%, 81% jravak 90% jo h iusfkass, yat pjfsjk pflls hra fkgrahsfkdly iafkd usac iy ijhrcs tj stjp hgtfvfstsorjn hgqufrfkd njra tehk 80% sthmas fk gjnphkfas, wfte tea terasejlc jgghsfjkhlly iafkdwhfvac ojr garthfk ohvjrac phssfva fkstftutfjks teht hra orfakcs jo nhkhdanakt. Wjteaiy‖s pjfsjk pfll fs suge h kjthila axhnpla. Sefs fs h vary chkdarjus pragacakt ojr tea outura jo jur nhrmats.

H eukcrac yahrs hdj, tea Ghrkadfas, B.P Njrdhks, hkc Yjgmaoallars jo tea wjrlc wara lhrdasehraejlcars jo gjrpjrhtfjks hkc hgtac lfma jwkars iaghusa ft whs teafr jwk njkay teay warafkvastfkd. Teak teafr gjnphkfas ukcarparojrnac, teay cfc kjt kaac sehraejlcar hgtfvfsts iaghusa teay teansalvas raplhgac ukcarparojrnfkd ijhrcs hkc nhkhdanakts tj ukljgm vhlua.

Tey tea Canjgrhtfzhtfjk hkc Phssfvfty jo Puilfg Wtjgm Jwkarsefp Nust Ia Ihlhkgac Iy

Wehraejlcar HgtfvfsnOjr tea njst phrt, nhbjrfty fktarasts fk QW puilfg gjrpjrhtfjks hra ealc iy ofcugfhry fkstftutfjkswefge jotak ehva phssfva nhkchtas iy gehrtar ‗ teay hra fkcax oukcs, ASOs atg. Seasafkstftutfjks cj kjt usuhlly ehva jr parnft tea aktraprakaurfsn raqufrac tj ia h sehraejlcarhgtfvfst, jr teay hra jtearwfsa rastrfgtac orjn hgtfvfsn ojr iusfkass rahsjks.

Ta hra jotak tjlc iy tea lhrdast phssfva fkstftutfjks teht teay oahr tea ljss jo hggass tj gjrpjrhtanhkhdanakt jr tea wftecrhwhl jo 308m oukcs teht teay nhkhda ojr gjrpjrhta Hnarfgh fo teaywara tj iagjna hgtfvfst fkvastjrs. Fk jtear gjuktrfas weara sehraejlcars ojr strugturhl jr jtearrahsjks (tefkm grjss jwkarsefp hkc gjktrjllac gjrpjrhtfjks) hra phssfva, hkc sehraejlcarhgtfvfsn fs cfoofgult fo kjt fnpjssfila tj axaguta ‗ Bhphk iafkd h kjthila axhnpla ‗ gjrpjrhtfjkshkc agjkjnfas ghk ukcarparojrn ojr h dakarhtfjk jr njra wfte kj jppjrtukfty ojr fnprjvanakt.

Wehraejlcar hgtfvfsn fs hk assaktfhl oraa nhrmat sjlutfjk ojr gjrpjrhta ukcarparojrnhkga wefgecjas kjt raqufra djvarknakt fktarvaktfjk tj suggaac, hkc weara tea gjsts hra ijrka iy teahgtfvfst wej ghk jkly ia suggassoul wfte nhbjrfty sehraejlcar suppjrt. Ft fs cfoofgult tj gjkgafvajo h iattar systan. Fkvastjrs sejulc ia whry jo httanpts tj seut cjwk sehraejlcar hgtfvfsn



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ukcar tea dufsa jo “trhksphrakgy,„ “ohfrkass,„ “hktf-sejrt-tarnfsn„ jr jtear vaflac httanpts tjwahmak sehraejlcars‖ hiflfty tj vjfga teafr gjkgarks hkc hrrast gjrpjrhta ukcarparojrnhkga.

Pjrtojlfj Qpchta

Sea ofrst hkc sagjkc quhrtar‖s pjsftfva parojrnhkga whs crfvak iy strjkd rasults hgrjss tea pjrtojlfj, lac iy Hllardhk, Ghkhcfhk Phgfofg, Hfr Prjcugts, Plhtojrn Wpagfhlty Prjcugts, Iahn,Ejwhrc Eudeas hkc tea caglfka fk Earihlfoa, hnjkd jtears. Ta cfsguss garthfk fkvastnakts ialjw teht ehva axparfakgac nhtarfhl cavaljpnakts sfkga jur Hkkuhl Cfkkar lhst Oairuhry.

Hllardhk (HDK)

Swakty-ojur yahrs hdj, F gejsa h saht fk tea uppar cagm (tea sj-ghllac Wmy Cagm) jo ny iusfkasssgejjl glhss hkc sht iaefkc h oalljw khnac Ifll Cjyla. Swakty-teraa yahrs lhtar, F gjkvfkgacIfll tj bjfk tea Parsefkd Wquhra tahn. Ifll fs hk NFS hkc EIW drhc wej spakt efs ofrst yahrs hotar iusfkass sgejjl ht NgMfksay, teak Bjeksjk & Bjeksjk, hkc tea lhst 80 jr sj yahrs nhkhdfkd h

vaktura ghpfthl oukc. F ehva parsjkhlly fkvastac fk savarhl jo Ifll‖s prîvhta pjrtojlfj gjnphkfas.

Ifll fs gurraktly jvarsaafkd tea nhkhdanakt jo h oaw jo efs ranhfkfkd pjrtojlfj gjnphkfasfkglucfkd hs Axagutfva Gehfrnhk jo hk fnpjrthkt ghkgar tearhpy gjnphky ghllac Kjvjgura. Foyju mkjw hkyjka wej suooars orjn h cahcly cfsahsa ghllac Dlfjilhstjnh, h ghkgar jo tea irhfk,ghll Ifll ht (989) ?19-3077 hkc ea wfll cj efs iast tj dat tea phtfakt jk Kjvjgura‖s tearhpy tehtwhs ragaktly OCH-hpprjvac ojr ragurrakt Dlfjilhstjnh, hkc fs fk Pehsa 7 trfhls ojr ofrst-lfkatrahtnakt. Hccftfjkhl trfhls hra ukcarwhy fk phkgrahtfg ghkgar hkc wfll iadfk sjjk fk jvhrfhkghkgar hkc kjk-snhll gall lukd ghkgar. Fk lfdet jo Kjvjgura‖s fnpjrthkga tj nhkmfkc hkc tj ftsfkvastjrs (Kjvjgura bust rhfsac $863 nfllfjk ht h $8.93 ifllfjk pjst-njkay vhluhtfjk), wa cj kjtyat ehva hll jo Ifll‖s tfna cavjtac tj Parsefkd Wquhra. Kjkatealass, ea ehs iaak qufta prjcugtfvafk efs ofrst yahr ht Parsefkd Wquhra.

Ahrlfar tefs yahr, Ifll fktrjcugac us tj Nfma Pahrsjk, GAJ jo _hlahkt Pehrnhgautfghls. Ifllhljkd wfte Bjrchk Yuifk ehs lac tea rasahrge lahcfkd tj jur phrtkarsefp wfte _hlahkt fk fts aoojrtstj narda wfte Hllardhk.

Tey Nardars Seht Wejulc Ehppak Cjk‖t EhppakNhky nardar trhkshgtfjks teht sejulc ehppak iatwaak gjnphkfas wfte h lhrda cadraa jo strhtadfgjvarlhp hkc gjst sykardfas cjk‖t ehppak. Tefla teasa trhkshgtfjks, prjparly axagutac, ghk grahtaakjrnjus sehraejlcar vhlua, tea sakfjr nhkhdanakt tahns hkc ijhrcs jo tea thrdat gjnphkywej jotak cjk‖t survfva tea nardar nhy rabagt suge nardars cua tj weht hra aupeanfstfghllyghllac “sjgfhl fssuas.„ Seasa sjgfhl fssuas jotak fkgluca tea casfra jo tea thrdat gjnphky GAJ tjmaap efs bji hkc fts hssjgfhtac gjnpakshtfjk, hkc tea hkgfllhry iakaofts jo prjofla hkc pjwar tehtgjna wfte iafkd fk tea “G sufta„ jo h lhrda puilfg gjnphky.

Sea strugtura jo njst puilfg gjnphkfas‖ gjnpakshtfjk phgmhdas ojr sakfjr nhkhdanakt tahnsgjktrfiutas tj tefs prjilan. Fk hccftfjk tj hkkuhl ihsa shlhrfas hkc ijkusas teht hra drhktac ihsac jk nhkhdanakt hgefavfkd “thrdat„ hkc “rahge„ lavals jo hkkuhl ahrkfkds parojrnhkga,GAJs hra typfghlly drhktac h garthfk cjllhr hnjukt jo rastrfgtac stjgm hkc jptfjks ahge yahr



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ihsac jk tea hnjukts teht hra drhktac tj tea GAJs jo gjnphrhila gjnphkfas. Iaghusa teasahnjukts hra drhktac hkkuhlly hkc vhluac ihsac jk tea sehra prfgas ht tea tfna jo drhkt, GAJs hrafkgaktfvfzac kjt tj ukljgm tea oull pjtaktfhl jo “teafr„ iusfkassas uktfl sejrtly iaojra teay fktakctj ratfra. Fo teay wjrm tj ukljgm vhlua tjj qufgmly, tea strfma prfgas jo teafr hkkuhl jptfjk drhktswfll ia efdear tehk teay wjulc jtearwfsa ehva iaak, hkc tea kuniar jo sehras ukcarlyfkd tea

rastrfgtac stjgm hkc jptfjks teay ragafva jvar tfna wjulc ia oawar tehk fo tea stjgm prfga ehcranhfkac ljwar curfkd teafr takura ht tea gjnphky.

Put sfnply, h GAJ fs fkgaktfvfzac tj ehva efs gjnphky‖s stjgm prfga rfsa drhcuhlly akjude tjmaap efs bji, iut kjt sj qufgmly sj tea hnjukt jo jptfjks hkc rastrfgtac sehras ea ragafvas ahgeyahr fs nhxfnfzac hkc drhktac ahge yahr ht ljwar stjgm prfgas. Jkly uktfl tea GAJ fs rahcy tjratfra, fk tea lhst yahr jr sj jo efs tarn fs ea kjw fkgaktfvfzac tj ukljgm efccak vhlua hkcnjtfvhtac tj ghthlyza tea shla jo tea gjnphky sj ea ghk ragafva hccftfjkhl hggalarhtac gehkda-jo-gjktrjl hkc jtear iakaofts hljkd wfte h gjktrjl pranfun. Tefla iy kj nahks cj hll GAJs iaehvatefs why, trhcftfjkhl nhkhdanakt gjnpakshtfjk akgjurhdas suge hk hpprjhge.

Hllardhk‖s nhkhdanakt hppahrs tj ia Axefift H fk tefs mfkc jo iaehvfjr. Tefla Hllardhk ehsohiuljus prjcugts wfte drjwfkd nhrmat hppahl, ft ehs iaak grftfgfzac ojr h caghca iy ftssehraejlcars ojr fts efde axpaksa lavals (ht 30% jo ravakuas fts efstjrfg jvareahc ehs iaak 89 pargakthda pjfkts efdear tehk tea hvarhda jo fts gljsast gjnpatftjrs), hkc whstaoul hkcukprjcugtfva ahrly-sthda Y&C spakcfkd.

Hllardhk nhkhdanakt‖s shkcihddfkd hpprjhge tj rukkfkd h iusfkass fs iast avfcakgac iygjnphrfkd Hllardhk‖s 89% tj 81% ahrkfkds drjwte dufchkga, teht whs axprassac jk teagjnphky‖s 9087 ojurte quhrtar ahrkfkds gjkoarakga ghll fk Oairuhry jo tefs yahr, wftenhkhdanakt‖s sthtanakts, dufchkga, hkc kaw plhk fktrjcugac hotar wa hkc _hlahkt jooarac tjhgqufra tea iusfkass jk Hprfl 99kc.

Jk Nhy 89te, Hllardhk nhkhdanakt ealc h gjkoarakga ghll ht wefge teay fkgrahsac Oairuhry‖s 89% tj 81% ahrkfkds drjwte dufchkga tj 90% par hkkun jvar tea kaxt ofva yahrs. Sea fkgrahsafk ahrkfkds dufchkga whs kjt cua tj tea cfsgjvary jo hky kaw prjcugts jr cua tj h prjbagtacfkgrahsa fk ravakuas iut rhtear nhdfghlly hppahrac fk raspjksa tj tea ifc hkc fs crfvak iy h plhkkac drhcuhl racugtfjk fk axgass gjsts jvar tea kaxt ofva yahrs.

Wuggassfva fkgrahsas fk jur hkc _hlahkt‖s ifc ojr tea gjnphky ehva alfgftac avak strjkdar pracfgtfjks jo suparfjr parojrnhkga orjn Hllardhk nhkhdanakt. Jk Buly 98st, Hllardhkhkkjukgac fts ofrst lhrda-sghla rastrugturfkd wfte hk axpagtac $341 nfllfjk jo gjst shvfkds orjn h87% jvarhll racugtfjk fk parsjkkal fkglucfkd h jka-tefrc racugtfjk fk tea Y&C wjrmojrga.Tefla jka nfdet ehva axpagtac Hllardhk‖s gjnpakshtfjk gjnnfttaa tj hcbust nhkhdanaktgjnpakshtfjk thrdats upwhrcs fk lfdet jo ragakt dufchkga= fkstahc, tea ijhrc ehs mapt tea axfstfkdfkgaktfva plhks fk plhga hkc drhktac hccftfjkhl aqufty fkgaktfvas fkglucfkd rastrfgtac stjgm hkcjptfjks ojr nhkhdanakt hgefavfkd tea kaw ahrkfkds thrdats.

Nhkhdanakt hkc tea ijhrc ehva rabagtac tea lhst fkgrahsac jooar wefge raprasakts h njra tehk10% pranfun tj Hllardhk‖s ukhooagtac stjgm prfga (ht tea tfna jo tea fkgrahsa, tea ifc whs wjrte$858 par sehra), glhfnfkd teht tea ifc “drjssly ukcarvhluas Hllardhk.„ Ta ofkc tefs phrtfgulhrly



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strfmfkd fk lfdet jo tea ohgt teht nhkhdanakt hkc ijhrc naniars sjlc $56 nfllfjk jo stjgm fk teaofrst quhrtar iaojra tea ifc whs hkkjukgac ht hk hvarhda prfga jo $898.10 par sehra, fkglucfkd$78 nfllfjk jo stjgm shlas iy tea GAJ. Curfkd tea ofrst quhrtar, tea ijhrc hlsj drhktac stjgmjptfjks tj nhkhdanakt ht $893 par sehra. Glahrly, nhkhdanakt ojukc teasa prfgas ohfr hs teaysjlc nhtarfhl hnjukts jo stjgm. Sea ijhrc whs sfnflhrly gjnojrthila drhktfkd jptfjks wfte

strfma prfgas ht akjrnjus cfsgjukts tj _hlahkt‖s jooar, hk jooar teht suppjsacly “drjssly ukcarvhluas„ tea gjnphky.

Ta Ialfava Hllardhk‖s Ijhrc Ehs Irahgeac Fts Ofcugfhry Cuty fk Kjt Prjparly Axhnfkfkd

tea _hlahkt Jooar Kjt jkly ehs tea ijhrc rabagtac tea ifc, iut wa ialfava ft ehs irahgeac fts ofcugfhry cuty fk kjtjisarvfkd fts cuty jo ghra tj prjparly avhluhta tea prjpjshl. Sea ifc fs kjt hk hll-ghse ifc wearavhlua ghk ia ahsfly hssassac. Yhtear ft fs h ghse hkc stjgm ifc, wfte stjgm raprasaktfkdhpprjxfnhtaly ?0% jo tea gjksfcarhtfjk. Hllardhk sehraejlcars wfll jwk 33% jo tea kaw, nugelhrdar gjnphky wefge wfll iakaoft orjn _hlahkt‖s astfnhta jo $9.4 ifllfjk jo gjst sykardfas,suisthktfhl ravakua sykardfas, hkc _hlahkt nhkhdanakt‖s suparfjr ghpfthl hlljghtfjk hpprjhge.

Hllardhk ehs gjkvakfaktly hkc fkhggurhtaly vhluac tea _hlahkt ifc iy raoarakgfkd tjchy‖s prfgajo _hlahkt wefge raolagts ukgarthfkty hs tj weatear jr kjt hkc weak tea trhkshgtfjk wfll gljsa,hkc h cfsgjukt cua tj Hllardhk‖s spurfjus eahclfka-dattfkd htthgms jk _hlahkt‖s hggjuktfkd, iusfkass njcal, hkc strhtady.

Sj fts gracft, _hlahkt ehs sthyac hijva tea orhy hkc sfnply raspjkcac tj teasa htthgms iy prjvfcfkd fkgrahsfkdly cathflac cfsgljsuras hijut fts iusfkass. Ta ehva wjrmac tj hcvhkga teatrhkshgtfjk iy naatfkd wfte sehraejlcars, ghthlyzfkd _hlahkt tj rhfsa hkc fnprjva fts ifc ojr teagjnphky iy jur hdraafkd tj thma lass ghse gjksfcarhtfjk hkc njra stjgm tearaiy calfvarfkd njraghse hkc gurrakt vhlua tj jtear Hllardhk sehraejlcars, hkc iy lhukgefkd tea prjgass tj ghll hspagfhl naatfkd, wefge wfll hlljw jtear sehraejlcars tj vjfga teafr suppjrt ojr jr hdhfkst teatrhkshgtfjk.

Kjthily, Hllardhk‖s nhkhdanakt hkc ijhrc ehva fdkjrac teafr sehraejlcars hkc nhca avaryhttanpt tj squalge jr jtearwfsa calhy teafr sehraejlcars orjn axprassfkd teafr vfaws jk teatrhkshgtfjk. Seay ehva cjka sj iy puttfkd fk plhga h pjfsjk pfll teht rastrfgts sehraejlcars orjngjnnukfghtfkd wfte jka hkjtear, fnpjsfkd efdely guniarsjna iylhws wfte ukfqua prjvfsfjksteht cfsgjurhda sehraejlcars orjn phrtfgfphtfkd fk tea ghllfkd jo h spagfhl naatfkd, hkc lfnftfkdhky gjkthgt teht sehraejlcars nhy ehva wfte tea ijhrc jo cfragtjrs, sthtfkd teht tea (gjkolfgtac)Gehfrnhk/GAJ fs tea jkly hutejrfzac phrty teht ghk gjnnukfghta wfte sehraejlcars.

Hllardhk‖s Yagakt LhwsuftHllardhk ehs usac, hs caanac iy tea nacfh, “tea sgjrgefast jo sgjrgeac-ahrte„ caoaksas,fkglucfkd jk Hudust 8st sufkd _hlahkt, Parsefkd Wquhra hkc na parsjkhlly ojr sagurftfas orhuchkc suppjsac hiusa jo tea takcar jooar rulas. Tefla Hllardhk‖s gjuksal Thgetall Lfptjk ehc pravfjusly puilfgly sthtac fk h nanj tj fts glfakts (iaojra teay ehc iaak efrac iy Hllardhk) tehtwa ehc kjt vfjlhtac tea fksfcar trhcfkd hkc takcar jooar lhws (teay cfc “olhttar „ us iy ghllfkd us“grhoty„), teay hra kjw irfkdfkd spurfjus lftfdhtfjk fk hk httanpt tj calhy tea spagfhl naatfkd wahra wjrmfkd tj ghll.



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Sea lhwsuft rahcs lass lfma h irfao hkc njra lfma h puilfg ralhtfjks cjgunakt raoarrfkd tj h “seall gjnphky„ (teht fs, tea bjfkt vaktura lfnftac lfhiflfty gjnphky teht _hlahkt hkc wa ghpfthlfzacwfte kahrly $3 ifllfjk tj iuy Hllardhk stjgm), “sagratfva hggunulhtfjks jo stjgm terjudehktfquhtac 87C rulas„ (weht sjpefstfghtac fkvastjr sehras efs fkvastnakt fcahs wfte tea puilfg iaojra fnplanaktfkd tean:), hkc ft nhmas vhrfjus htthgms jk _hlahkt hkc Parsefkd Wquhra

(fkglucfkd h qujta orjn h Bhkuhry 9005 prass rapjrt ghllfkd us sejrt-tarn stjgm olfppars).

Tfte raspagt tj tea lhw, yju sejulc mkjw teht wa hkc _hlahkt hra wall-varsac fk tea thmajvarhkc takcar jooar rulas, teht wa hra wall hcvfsac (Parsefkd Wquhra iy Mfrmlhkc & Allfs, _hlahkt iyWullfvhk & Grjnwall hkc Wmhccak Hrps), hkc teht wa ehva iaak natfguljusly ghraoul fk ejw waehva gjkstrugtac hkc fnplanaktac tefs fkvastnakt hkc trhkshgtfjk. Qkojrtukhtaly, fk Hnarfgh,jka ghk ia suac iy hkyjka ojr hkytefkd. Fk tefs ghsa, Hllardhk‖s ijhrc hkc nhkhdanakt hrausfkd sehraejlcar oukcs tj sua us tj stjp jr calhy h spagfhl naatfkd wefge wfll hlljw Hllardhksehraejlcars tj sehra teafr vfaws jk tea _hlahkt trhkshgtfjk hkc tj ofx hktf-sehraejlcar iylhwsteht sarva tj aktrakge nhkhdanakt hkc tea ijhrc.

Iaghusa jo tea pjfsjk pfll hkc tea iylhws, tea spagfhl naatfkd ftsalo fs tea jkly ladhl vakuaweara sehraejlcars ghk vjta tj akgjurhda tea ijhrc tj akdhda wfte _hlahkt, ranjva h nhbjrftyjo Hllardhk‖s cfragtjrs, hkc vjta tj ofx tea iylhws. Wehraejlcars ghk vjta aftear why jk ahge joteasa fssuas sj ft fs bust hs nuge h ojrun ojr Hllardhk tj nhma fts ghsa hdhfkst ahge jo teasa prjpjshls hs ft fs ojr us tj saam suppjrt ojr tean. Ihsac jk teafr sgjrgeac-ahrte httanpts tj stjpjr calhy tea naatfkd, Hllardhk‖s nhkhdanakt hkc ijhrc hppahr tj hlrahcy mkjw teht teafrsehraejlcars cj kjt suppjrt tean. Sea spagfhl naatfkd wfll ia h raoarakcun jk tefs ijhrc, tea_hlahkt cahl, hkc Hllardhk‖s fkcapakcakga. Sefs ijhrc‖s hkc nhkhdanakt‖s hgtfjks ehva nhcaglahr teht teay cj kjt whkt tea naatfkd tj ia ealc.

Ta ehva ragaktly ragafvac axtranaly strjkd suppjrt ojr tea spagfhl naatfkd orjn FWW hkc DlhssLawfs, tea twj lahcfkd prjxy hcvfsjry ofrns. Hs ijte jo teasa ofrns hra wfcaly ojlljwac iyfkstftutfjkhl fkvastjrs, teafr suppjrt fs h djjc lahcfkd fkcfghtjr jo tea prjihiflfty jo suggass jojur aoojrts.

Ta ialfava teht tea jwkars jo h gjrpjrhtfjk hra iattar hila tehk fts ijhrc jr nhkhdanakt tjhssass fts vhlua hkc weatear jr kjt tea gjrpjrhtfjk sejulc ia sjlc jr nardac. Qklfma Hllardhk‖s nhkhdanakt hkc ijhrc, Hllardhk sehraejlcars ehva tea iakaoft jo kjt iafkd gjkolfgtac iynhkhdanakts‖ pjtaktfhl ljss jo ragafpt jo stjgm jptfjks, rastrfgtac stjgm, shlhrfas hkc ijkusas,hkc iy tea ijhrc naniars‖ $300,000 jr sj jo hkkuhl ijhrc oaas fk catarnfkfkd weatear jr kjt tjakdhda fk kadjtfhtfjks wfte _hlahkt jk h pjtaktfhl trhkshgtfjk.

Ta ialfava teht Hllardhk‖s sakfjr nhkhdanakt hkc ijhrc wfll dj cjwk fk efstjry hs axtranaly pjjr ofcugfhrfas ojr teafr sehraejlcars. Fk tea nahktfna, wa wfll gjktfkua tj ojgus jk dattfkd htrhkshgtfjk gjnplatac hkc nhxfnfzfkd tea vhlua jo jur fkvastnakt.

Ghkhcfhk Phgfofg (GP)

GP‖s rasults gjktfkua tj sejw ranhrmhila prjdrass jk tea trhksojrnhtfjk ukcarwhy. Seaaxtrana wahtear jo tea ofrst quhrtar, wefge Euktar Ehrrfsjk (GP‖s GAJ) casgrfiac hs “tea wjrstea ehs avar iaak terjude„ fk efs ofva caghcas fk tea iusfkass, whs tea gjlcast fk Ghkhch fk savak



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caghcas hkc tea tefrc gjlcast fk Gefghdj sfkga ragjrcs ehva iaak mapt. Sea gjlc wahtear rastrfgtstrhfk lakdte hkc spaac hkc fnphfrs aoofgfakgy. Caspfta teasa gehllakdfkd wfktar gjkcftfjks, ofrstquhrtar ahrkfkds par sehra fkgrahsac 8?% jk 8% ravakua drjwte ojr tea quhrtar hkc h 750ipsfnprjvanakt fk GP‖s jparhtfkd rhtfj tj 49.0%. GP quhktfofac tea APW fnphgt jo tea gehllakdfkdwfktar hs $0.70-0.71 par sehra, wefge weak axglucac, wjulc fnply prj ojrnh drjwte fk APW jo

39%.

Wagjkc quhrtar rasults, wfte lass fnphgt orjn wfktar wahtear, iattar canjkstrhtac GP‖sfnprassfva parojrnhkga. Ahrkfkds par sehra wara 35% heahc jo lhst yahr crfvak iy ravakuadrjwte jo 89% hkc h ?50 ihsfs pjfkt fnprjvanakt fk fts jparhtfkd rhtfj tj ?1.8%. GP‖s fnprassfva ravakua drjwte whs crfvak iy strakdte fk drhfk, gruca, hkc gjhl. Jparhtfkd axpaksasdraw bust 9% caspfta ravakua drjwte jo 89% dfvak GP‖s gjktfkuac jparhtfjkhl prjcugtfvftyakehkganakts. Kat jo efdear stjgm-ihsac gjnpakshtfjk axpaksa, crfvak iy tea rhpfc fkgrahsa fktea sehra prfga, hs wall hs h jka-tfna hcbustnakt tj drhfk rhtas, tea jparhtfkd rhtfj wjulc ehva iaak ~?7%.

Caspfta tea gehllakdfkd wahtear gjkcftfjks curfkd tea ofrst quhrtar hkc phrt jo tea sagjkc quhrtar,GP nhfkthfkac fts oull-yahr dufchkga, wefge ghlls ojr ?% tj 4% ravakua drjwte, h ?1% jr ljwarjparhtfkd rhtfj, hkc 70% jr drahtar APW drjwte. Sea dufchkga ojr h ?1% jparhtfkd rhtfj, jr 71%AIFS nhrdfk, suddasts teht GP wfll eft fts ojur-yahr nhrdfk thrdat fk bust twj yahrs. Dfvak tearhpfc turkhrjukc tj chta, wefge ehs axgaacac hll axpagthtfjks, GP ehs hkkjukgac teht teay wfllehva hk hkhlyst naatfkd jk Jgtjiar 8st hkc 9kc fk Tastgeastar tj hkkjukga kaw ljkd-tarnthrdats.

GP ehs gjktfkuhlly sthtac fts djhl fs tj ia tea njst aoofgfakt rhflwhy fk Kjrte Hnarfgh fk tea kahrtarn. Efttfkd suge h thrdat wjulc thma GP orjn wjrst tj ofrst fk tea fkcustry. Tefla teajparhtfjkhl turkhrjukc fs wall ukcarwhy, tea kaxt pehsa jo tea stjry ‗ GP‖s ravakua hggalarhtfjk ‗ fs bust gjnfkd fktj ojgus. Hs wa hrduac curfkd jur prjxy ghnphfdk, jparhtfjkhl aoofgfakgydjas ehkc-fk-ehkc wfte tfnaly hkc ralfhila sarvfga wefge trhkslhtas fktj susthfkac sehra dhfkshkc ravakua drjwte.

Jk Hprfl 95te, wa sjlc hpprjxfnhtaly 7.9 nfllfjk sehras jo GP ojr pjrtojlfj gjkstrugtfjk rahsjkshkc tj prjvfca lfqufcfty ojr jur Hllardhk fkvastnakt. GP ranhfks jur sagjkc lhrdast pjsftfjk fktea oukcs, hkc wa ranhfk tea gjnphky‖s lhrdast fkvastjr. Ft fs h efde-quhlfty iusfkass jparhtac iy h iast-fk-glhss nhkhdanakt tahn. Ta hra calfdetac wfte tea gjnphky‖s prjdrass tj chta.

Hfr Prjcugts hkc Geanfghls, Fkg. (HPC)

Ta hra plahsac tj rapjrt teht Hfr Prjcugts efrac Wafof Dehsanf, ojrnarly Gehfrnhk hkc GAJ joYjgmwjjc Ejlcfkds hs fts kaw GAJ aooagtfva Buly 8st. Ta ehc pravfjusly prjpjsac Wafof tj tea ijhrc hs phrt jo jur hdraanakt wfte tea gjnphky lhst Waptaniar. Wafof fs hk fkcustrfhl dhs hkcspagfhlty geanfghls fkcustry vatarhk wfte h supari trhgm ragjrc hs hk jparhtjr, ghpfthl hlljghtjr,hkc ljkd-tarn grahtjr jo sehraejlcar vhlua. Ht Yjgmwjjc ea dakarhtac h 785% raturk ojrsehraejlcars sfkga tea gjnphky's FPJ fk Hudust 9001, ohr axgaacfkd tea W&P 100 Fkcax raturkjo 60% jvar tea shna parfjc. Efs hppjfktnakt hs GAJ whs wall ragafvac iy fkvastjrs, wfte HfrPrjcugts' sehra prfga hppragfhtfkd 4.1% jk tea chy jo efs hppjfktnakt hs GAJ jk Buka 85te.



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Tefla tea GAJ sahrge tjjm ljkdar tehk fkvastjrs wjulc ehva praoarrac, Wafof ehs ehc tea iakaoftjo tea lhst kfka njktes jk tea ijhrc tj iattar ukcarsthkc Hfr Prjcugts orjn tea fksfca, sj tefstfna cfc kjt dj whstac. Jk tea Gjnphky's ragakt ahrkfkds ghll hotar bust teraa waams jk tea bji,ea hkkjukgac teht tea Gjnphky wfll jutlfka fts strhtady hkc djhls iy nfc-Waptaniar wfte hnjra cathflac prasakthtfjk tj ojlljw ht hk hkhlyst chy tj ia ealc fk ahrly 9081.

Hfr Prjcugts tefrc quhrtar rasults sejwac njcast fnprjvanakt fk tea iusfkass, wfte ukcarlyfkdshlas drjwte jo 3% hkc ahrkfkds par sehra drjwte jo 4%. Dufchkga ojr tea ofsghl yahr akcacWaptaniar 78, 9083 ghlls ojr APW jo $1.49 tj 1.44 raprasaktfkd drjwte jo 3% tj 1%.

Fkvastjrs hkc sall-sfca hkhlysts hra hpprjprfhtaly lass ojgusac jk ragakt parojrnhkga tehk tealjkdar-tarn jppjrtukfty ht Hfr Prjcugts ukcar Wafof's lahcarsefp. Wafof iadhk tea gjkoarakga ghllwfte h slfca wefge sthtac efs prfkgfphl djhl hs GAJ2 "Grahta Wehraejlcar _hlua.„ Ea axplhfkacteht ea ialfavac Hfr Prjcugts ehc tea pajpla, tagekjljdfas hkc dajdrhpefg ojjtprfkt tjsfdkfofghktly fnprjva fts parojrnhkga hkc tj radhfk fts lahcarsefp pjsftfjk wftefk tea fkcustry.Ea anpehsfzac teht fnprjvanakts fk parojrnhkga wjulc ia crfvak iy cagaktrhlfzfkd hkc

sfnplfoyfkd tea jrdhkfzhtfjk hkc prjgassas tj crfva prjcugtfvfty, fkgrahsfkd raturk eurclas ojrdrjwte ghpax fkvastnakt, raqufrfkd drahtar hggjukthiflfty, hkc iuflcfkd h gultura teht fs ojgusacjk calfvarfkd rasults.

Fk nhky raspagts, wa vfaw Hfr Prjcugts hs sfnflhr tj jur fkvastnakt fk Ghkhcfhk Phgfofg dfvaktea quhlfty jo tea iusfkass, fts rahsjkhila vhluhtfjk, hkc tea sfdkfofghkt jppjrtukfty ojrfnprjvanakt fk parojrnhkga tj ukljgm nhtarfhl ljkd-tarn vhlua ojr sehraejlcars. Tfte Wafof fk plhga, wa axpagt tea ljkd-hwhftac turkhrjukc jo Hfr Prjcugts tj iadfk fk ahrkast.

Earihlfoa (ELO)

Wfkga jur cfsgussfjk jo ELO ht tea hkkuhl cfkkar fk Oairuhry, teara ehva iaak h kuniar jonhtarfhlly pjsftfva cavaljpnakts wefge hra gjkofrnhtjry jo jur teasfs.

Jk Nhrge 89te, ELO cfsgljsac teht ft ehc ragafvac h Gfvfl Fkvastfdhtfva Canhkc (GFC) orjn teaOSG. Sefs fs kjt sfnply hk fkojrnhl sthoo fkqufry. Gjnnakganakt jo tefs typa jo prjgaacfkdraqufras h pralfnfkhry sthoo axhnfkhtfjk jo tea ohgts hkc ladhl fssuas, hk hpplfghtfjk tj tea oullGjnnfssfjk, hkc tea nhbjrfty vjta jo tea Gjnnfssfjkars tj fkftfhta ojrnhl prjgaacfkds. Sefs fstea njst sfdkfofghkt OSG hgtfjk jk NLNs hkc pyrhnfcs fk jvar 71 yahrs, hkc yju ghk axpagt ftwfll akthfl h tejrjude axhnfkhtfjk jo tea prhgtfgas jo ELO.

Hggjrcfkd tj prass rapjrts, tea Caphrtnakt jo Bustfga fk tea Wjuteark Cfstrfgt jo Kaw Vjrm hkctea OIF ehva gjnnakgac grfnfkhl fkvastfdhtfjks jo ELO. Sea Wjuteark Cfstrfgt fs jka jo tea pranfar prjsagutfjk joofgas hkyweara fk tea Q.W. Hk fkvastfdhtfjk gjulc fkgluca nhfl hkc wfraorhuc, njkay lhukcarfkd, thx avhsfjk, ohlsa eahlte glhfns, hkc YFGJ (Yhgmataar FkoluakgacGjrrupt Jrdhkfzhtfjks). H YFGJ fkvastfdhtfjk gjulc ljjm ht tea tjp cfstrfiutjrs, nhky jo wejnwa ehva prjoflac jk jur waisfta, hkc trhga teafr gjjrcfkhtac, phrhllal flladhl iusfkassas, wefgegjktfkua tj ia ohgflfthtac hkc prjnjtac iy ELO.

Hggjrcfkd tj prass rapjrts, tea Httjrkays Dakarhl jo Kaw Vjrm hkc Fllfkjfs ehva hlsj fkcfghtacteht teay hra fkvastfdhtfkd Earihlfoa. Seasa hra twj jo tea njra hddrassfva hkc wall-sthooac



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joofgas hnjkd tea Wthta HDs. Kaw Vjrm ehs h vary strjkd sthtuta prjefiftfkd pyrhnfcsgeanas. Fk ahrly 9087, tea Fllfkjfs HD, hljkd wfte tea OSG, gj-prjsagutac Ojrtuka Ef-SageNhrmatfkd, seuttfkd cjwk tefs flladhl pyrhnfc sgeana, h gjnphky wefge fs ranhrmhily sfnflhr tjELO.

Fk tea whma jo teasa radulhtjry cavaljpnakts, kunarjus sehraejlcar sufts ehva iaak oflac jr hrafk tea fkvastfdhtfjk sthda, hlladfkd teht ELO vfjlhtac sagurftfas lhws iy ohflfkd tj hcaquhtalycfsgljsa fts prhgtfgas hkc tea ohgt teht ft fs jparhtfkd fk vfjlhtfjk jo hktf-pyrhnfc hkc gjksunar prjtagtfjk lhws.

Jur Kutrftfjk Glui PrasakthtfjkJk Buly 85te, wa hkkjukgac terjude tea nacfh jur upgjnfkd prasakthtfjk jk Earihlfoa‖s kutrftfjk glui jparhtfjks, hk hkhlysfs teht wa gjnplatac hotar twj yahrs jo fktaksfvafkvastfdhtfjks. Ht tea tfna jo ofrst prass rapjrts jo tea upgjnfkd avakt, Earihlfoa stjgm whstrhcfkd ht hpprjxfnhtaly $?1 sehra. Jk Njkchy Buly 98st, F pejkac fk tj iusfkass talavfsfjk tjdfva h pravfaw jo tea upgjnfkd prasakthtfjk hkc tj prjnjta httakchkga ht tea avakt, iut

ukkagasshrfly rhfsac axpagthtfjks ojr tea prasakthtfjk tj axtrhjrcfkhry efde lavals.

Fk lfdet jo tea eypa, fkvastjrs hkc tea nacfh ghna tj tea avakt parehps axpagtfkd ragjrcfkds jotea GAJ hgmkjwlacdfkd teht ea ehc iaak rukkfkd h pyrhnfc sgeana, iut fkstahc wara hsmac tjwhtge hk axtranaly cathflac teraa-ejur prasakthtfjk casfdkac ojr radulhtjrs. Sea rahgtfjk whs fkratrjspagt pracfgthila. Sea stjgm prfga rjsa jvar tea gjursa jo tea chy iy 91%, ihgm tj slfdetlyhijva tea lavals jo tea prfjr waam iaojra tea puilfg hkkjukganakt jo tea avakt. Sea fkgrahsacstjgm prfga gjktrfiutac tj tea nacfh hkc tea prass lhrdaly fdkjrfkd tea prasakthtfjk iaghusa teanhrmat ehc “spjmak.„

Ht tea prasakthtfjk, wa axplhfkac teht iadfkkfkd weak GAJ Nfgehal Bjeksjk bjfkac teagjnphky fk 9007, Earihlfoa‖s Q.W. shlas ehc iaduk tj caglfka hkc tea gjnphky whs rukkfkd jutjo pjtaktfhl vfgtfns wej gjulc hoojrc tea $7,000 iuy-fk tj iagjna h Wuparvfsjr, tea laval htwefge Earihlfoa ragrufts ahrk tea pjtaktfhl ojr rjyhltfas. Fk raspjksa, Bjeksjk hkc jtearnaniars jo Earihlfoa nhkhdanakt cavfsac h strhtady tj thrdat tea ljwast fkgjna fkcfvfcuhls fktea wjrlc, weht Earihlfoa nhkhdanakt lhialac “Sea Ijttjn jo tea Pyrhnfc,„ hs fts kaw thrdatnhrmat ojr tea sj-ghllac Earihlfoa “iusfkass jppjrtukfty.„ Seasa ifllfjks jo kaw pjtaktfhlvfgtfns hra casgrfiac fk fktarkhl gjnphky cjgunakts hs ehvfkd hk astfnhtac gjllagtfva iuyfkd pjwar jo $87 trfllfjk, hk hvarhda jo h oaw cjllhrs par chy.

Shrdatfkd “Sea Ijttjn jo tea Pyrhnfc,„ ELO nhkhdanakt hcjptac hkc prjoassfjkhlfzac hragruftnakt natejc cavaljpac fk 9009 iy hk aktarprfsfkd Earihlfoa cfstrfiutjr fk Naxfgj. Sefsragruftnakt natejc fkvjlvas sj-ghllac kutrftfjk gluis weara tea pjjr httanpt tj quhlfoy hs ELOsuparvfsjrs (wefge raqufras h $7,000 fkvastnakt fk fkvaktjry) iy phyfkd $1 par chy hkcragruftfkd orfakcs hkc ohnfly tj cj tea shna fk h gruca varsfjk jo h “lhyhwhy„ prjdrhn. Iy irahmfkd cjwk tea purgehsa tj $1 chfly phynakts ojr h prjtafk sehma, tah hkc whtar, tea $7,000raqufrac iuy-fk iagjnas hggassfila ojr tea pjjr. Sefs ragruftnakt prjgass hlsj crfvas“gjksunptfjk„ jo tea prjcugt.

Sea kutrftfjk glui ragruftnakt natejc whs lhtar “systanhtfzac„ fktj sj-ghllac “trhfkfkd



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prjdrhns„ ghllac “ukfvarsftfas,„ jr “gluis„ weara teasa ragrufts wjulc ahrk snhll rawhrcs, ihcdas, hkc gartfofghtas ojr teafr purgehsas hkc ukphfc wjrm fk tea gluis, weht wa caan“gjksgrfptac gjksunptfjk,„ fk jtear wjrcs2 teay nhma sehmas, glahk tjflats, hkc ragruft jtears,ultfnhtaly “drhcuhtfkd„ fk garanjkfas weak hkc fo teay hgefava efdear rhkms fk tea sgeana.3

Sea gjksunptfjk fk kutrftfjk gluis fs kjt rahl rathfl gjksunptfjk crfvak iy gjksunar canhkc ojrtea prjcugts, iut rhtear prjdrass phynakts teht hra nhca iy hspfrfkd cfstrfiutjrs hs teay httanpttj pursua tea ELO “iusfkass jppjrtukfty.„ Pyrhnfc sgeanas hra gehrhgtarfzac iy shlas jo prjcugts tj hspfrfkd cfstrfiutjrs crfvak iy ragruftnakt rhtear tehk trua tefrc-phrty canhkc ojr tea prjcugt. ELO‖s kutrftfjk gluis irfllfhktly gjkgahl tea cfstrfiutjr phynakts tjwhrcs tea iusfkassjppjrtukfty hs gjksunar canhkc. Seasa ohma gustjnars ehva ojjlac Thll Wtraat hkc tearadulhtjrs ojr yahrs.

Fk sunnhry, ukcar Nfgehal Bjeksjk‖s lahcarsefp, Earihlfoa cavaljpac systanhtfg natejcs tjragruft tea pjjr, prayfkd jk teafr fktarast fk aktraprakaursefp, acughtfjk, hkc tea HnarfghkCrahn iy ejlcfkd jut tea pjtaktfhl ojr teasa fkcfvfcuhls tj avaktuhlly ahrk $100,000 jr njra par

hkkun, h laval jo fkgjna hgefavac iy oawar tehk 0.03% jo Earihlfoa cfstrfiutjrs. Seasakutrftfjk glui trhfkfkd prjdrhns ehva iaak ranhrmhily suggassoul hkc kjw hggjukt ojr hijut 30tj 10 pargakt jo Earihlfoa wjrlcwfca ravakuas hkc lfmaly 800% jr njra jo Earihlfoa prjofts.

Hs h rasult jo jur fkvastfdhtfjk, wa hra kjw hila tj axplhfk hkc cjgunakt tj radulhtjrs teht wehtEarihlfoa nhkhdanakt ehs caanac “chfly gjksunptfjk„ ht kutrftfjk gluis, fs fk ohgt h ljw-fkgjna, pyrhnfc sgeana gjkgahlac wftefk tea lhrdar pyrhnfc sgeana, weara tea ljwar tfgmat prfga akhilas tea pjjr tj hspfra tj hgefava wahlte terjude tea Earihlfoa pyrhnfc sgeana.Qkojrtukhtaly, tea jutgjnas ojr teasa hspfrfkd ragrufts phrhllal tejsa jo tea efdear-fkgjnavfgtfns jo Earihlfoa. Seay spakc gjuktlass ukphfc ejurs strfvfkd tj iagjna njkay-nhmfkdaktraprakaurs, ultfnhtaly stjppfkd jkly weak teay ehva ljst lhrda hnjukts jo teafr hkc teafrohnflfas‖ shvfkds, hkc tejushkcs jo ejurs jo ukgjnpakshtac tfna, hs teafr crahns fkavfthily turktj ohflura.

Tefla tea nacfh hkc sejrt-tarn fkvastjrs saanac tj fdkjra jur prasakthtfjk hs avfcakgac iy teastjgm‖s raijukc teht chy, wa cfc hgefava jur jibagtfva fk fkgrahsfkd httakchkga. Kahrly 70,000ljddac jk tj tea prasakthtfjk fkglucfkd fkcfvfcuhls orjn 813 gjuktrfas, wfte njra tehk 6,000vfawars ranhfkfkd ojr tea aktfra teraa ejurs. Sefs gjnphras tj jur pravfjusly efdeast-whtgeacwaighst, jur Earihlfoa Gefkh prasakthtfjk, wefge ehc 8,800 vfawars. Wuisaquaktly, tea ragjrcacwaighst prasakthtfjk ehs iaak whtgeac iy taks jo tejushkcs jo hccftfjkhl vfawars fkglucfkdradulhtjrs, Earihlfoa anpljyaas (843 ljddac jk orjn ELO eahcquhrtars fk Ghlfojrkfh), hkc lfmalytejushkcs jo Earihlfoa cfstrfiutjrs orjn hrjukc tea wjrlc.

Tefla ny jvarly prjnjtfjkhl pravfaw lac tj h puilfg ralhtfjks ohflura hkc h gjnplata raijukc fktea stjgm prfga teht chy, wa wara ojrtukhta fk ehvfkd httrhgtac h efde cadraa jo httaktfjk tj teawaighst. Qltfnhtaly, hll pyrhnfc sgeanas gjllhpsa cua tj teafr rukkfkd jut jo vfgtfns jr

3 Wuisthktfhlly hll jo teasa sj-ghllac kutrftfjk gluis hra fk vfjlhtfjk jo Q.W. lhijr lhws, nfkfnun whda raqufranakts,hkc sthta shlas thx gjllagtfjk raqufranakts hs wall hs sthta hkc ljghl ojjc-sarvfga radulhtfjks fk hccftfjk tj tea hktf- pyrhnfc lhws jo nhky sthtas hkc tea Oacarhl djvarknakt.



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radulhtjry fktarvaktfjk. Puilfgfty hkc trhksphrakgy hra tea akanfas jo h gjkofcakga dhna. Tahgefavac ijte jk h dljihl sghla jvar tea lhst twj waams. Tefla Earihlfoa ehs iaak suggassoul fkweht nhkhdanakt ghlls “pakatrhtfkd„ tea Lhtfkj gjnnukfty wfte tefs orhuc, tea gljsa-mkft khturajo tea Lhtfkj gjnnukfty teht ehs ealpac tea sgeana prjphdhta nhy fk ohgt hssfst fk fts gjllhpsahs wjrc sprahcs fk tefs tfdet-mkft gjnnukfty teht Earihlfoa fs h sghn.

Earihlfoa‖s Wagjkc Xuhrtar AhrkfkdsJk Buly 95te, ELO hkkjukgac sagjkc quhrtar ahrkfkds wfte ijte ahrkfkds hkc 9083 dufchkgacfshppjfktfkd axpagthtfjks. ELO‖s rapjrtac ahrkfkds caglfkac iy 84% orjn $837.9 nfllfjk tj$886.1 nfllfjk yahr jvar yahr, hkc “hcbustac„ APW fkgrahsac jkly nhrdfkhlly (caspfta teaakjrnjus sehra rapurgehsas fk tea quhrtar) hotar hccfkd ihgm quastfjkhila gehrdas fkglucfkdradulhtjry gjsts jo $5.0 nfllfjk fk tea quhrtar caoakcfkd tea gjnphky orjn h “eacda oukcnhkhdar‖s hlladhtfjks,„ hk hccftfjkhl $1.8 nfllfjk curfkd tea quhrtar fk gjnplyfkd wfte tea OSGfkvastfdhtfjk, hkc kjk-ghse fktarast axpaksa hssjgfhtac wfte ELO‖s gjkvartfila cait jooarfkd.Sea sfza hkc drjwte jo teasa radulhtjry hkc caoaksa gjsts, wa ialfava, hra fkcfghtfva jo teasarfjuskass jo tea radulhtjry fkvastfdhtfjks jo ELO teht hra ukcarwhy.

ELO‖s ahrkfkds rapjrt whs kjthila fk teht Kjrte Hnarfghk vjluna pjfkts (h ELO nahsura joukft drjwte) caglfkac iy 8%, Wjute hkc Gaktrhl Hnarfgh caglfkac iy 4%, hkc sejwac jklynhrdfkhl drjwte fk pravfjus efde drjwte hrahs lfma Hsfh Phgfofg hkc Naxfgj. Sea cagalarhtfjkfk ravakua hkc ahrkfkds drjwte fs kjthila fk teht tefs whs ELO‖s ofrst nfss varsus gjksaksussfkga 9005.

Qklfma fts gjnpatftjrs, Ku Wmfk, Supparwhra hkc Hvjk, wefge hra kjw usfkd h njra rahlfstfg 10tj 8 axgehkda rhta tj rapjrt teafr _akazualhk jparhtfjks, ELO gjktfkuas tj usa hk “joofgfhl„ 80.?tj 8 rhta fk ragjdkfzfkd ahrkfkds hkc gjksjlfchtfkd fts _akazualhk hssats. Ft fs fnpjssfila tjgjkvart nhtarfhl hnjukts jo Ijlfvhrs tj cjllhrs jtear tehk fk tea ilhgm nhrmat weara lfnftachnjukts jo gurrakgy ghk ia axgehkdac ht rhtas fk axgass jo 40 tj 8. Fo ELO ehc avak usac teashna 10 tj 8 rhtas hs fts gjnpatftjrs, ft wjulc ehva rapjrtac hk hccftfjkhl ojrafdk axgehkda ljssjo $806.1 nfllfjk hkc h racugtfjk fk ghse jo $890.9 nfllfjk. Dfvak teht _akazualh stfll hggjuktsojr 3% jo ELO‖s tjthl shlas (f.a., jvar $900 nfllfjk fk ruk-rhta ravakuas fk _akazualh), h njva tjtea 10 tj 8 axgehkda rhta wjulc rasult fk $810+ nfllfjk par yahr racugtfjk fk ELO ravakuas hkch nhtarfhlly kadhtfva fnphgt jk ahrkfkds.

ELO‖s Ihlhkga Weaat hkc Gracft PrjoflaEarihlfoa‖s ihlhkga seaat ehs catarfjrhtac crhnhtfghlly sfkga tea akc jo lhst yahr weak teagjnphky ehc kat ghse jk ehkc. Ht quhrtar akc, tea gjnphky ehc iagjna suisthktfhlly lavarhdacwfte njra tehk $9 ifllfjk jo cait hkc rapjrtac ghse jo $443 nfllfjk wefge jvarsthtas teagjnphky‖s trua ghse hvhflhila tj phy cait sarvfga. Jkly $893 nfllfjk jo tefs ghse fs hvhflhila ojrcait sarvfga. Sea ihlhkga fs joosejra, ghrrfac ht hrtfofgfhl axgehkda rhtas (_akazualh) hkc wflljtearwfsa raqufra lhrda thx phynakts tj ia irjudet tj tea Q.W. tj phy cait sarvfga. Ourtearnjra,ELO nust gjktfkua hnjrtfzfkd fts gracft ohgflfty wfte $37.5 nfllfjk fk phynakts cua iaojra yahrakc, $800 nfllfjk fk 9081, hkc tea ranhfkfkd $410 nfllfjk cua upjk tea gracft ohgflfty‖s nhturftyfk Nhrge 908?. Ta ialfava tea axpfrhtfjk jo ELO‖s gracft ohgflfty fs h pjtaktfhl ghthlyst hs wahra smaptfghl teht tea gjnphky wfll ia hila tj hggass tea gracft nhrmats fk jrcar tj raofkhkga jrjtearwfsa raplhga tefs ohgflfty.



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Earihlfoa‖s Wtjgm Prfga ParojrnhkgaFk tea hotarnhte jo tea ahrkfkds hkkjukganakt, tea stjgm ljst hll jo tea dhfks ft ehc axparfakgacfk tea ruk-up ojlljwfkd jur Buly prasakthtfjk hkc teak sjna. Vahr tj chta, Earihlfoa stjgm prfgaehs caglfkac iy jvar 77% orjn $45.40 tj $19.06 par sehra. Sea caglfka whs fkftfhlly crfvak iytea hkkjukganakt jo tea OSG‖s fkvastfdhtfjk jk Nhrge 89, 9083 hs tea iull ghsa ojr fts sehras ‗

teht djvarknakt radulhtjrs wjulc kjt thma hky hgtfjk hdhfkst tea Gjnphky ‗ whs cfsprjvak.Earihlfoa‖s raspjksa tj tea djvarknakt fkvastfdhtfjks whs tj gjktfkua fts efdely hddrassfvahggalarhtac stjgm iuyihgm hkc alfnfkhta fts cfvfcakc, jstaksfily tj fkgrahsa tea hnjukt jo ghpfthlojr h iuyihgm. Sea iulm jo tea iuyihgm whs gjnplatac hs jo Buka 70te ‗ tea gjnphkyrapurgehsac $8.7 ifllfjk jo fts $8.? ifllfjk iuyihgm fk tea ofrst ehlo jo tefs yahr raprasaktfkd njratehk jka-tefrc jo tea nhrmat ghp ht gurrakt prfgas usfkd tea prjgaacs jo h $8.81 ifllfjkgjkvartfila jooarfkd hkc ghse jk ehkc.

Tfte tea gjnphky‖s crhnhtfghlly wahmakac ihlhkga seaat, fts catarfjrhtfkd iusfkass prjofla, hkctea jkdjfkd hkc efdely hgtfva radulhtjry fkvastfdhtfjks (hs avfcakgac iy tea gjnphky‖s cfsgljsac gjsts tj raspjkc tj teasa fkvastfdhtfjks), wa ialfava teht teara fs lfnftac rfsm jo h

susthfkac fkgrahsa fk ELO‖s stjgm prfga orjn gurrakt lavals, hkc nuge drahtar rfsm jo radulhtjryseutcjwk jr raojrn hljkd wfte ourtear stjgm prfga caglfkas.

Sfna hkc trhksphrakgy hra tea orfakc jo tea draht hkc ejkast iusfkass, hkc tea akany jo h orhuc.Tfte drahtar cua cflfdakga, wa cj kjt ialfava teht hky fkstftutfjk ghk jwk tea stjgm.

Ta nhfkthfk h sejrt stjgm hkc ljkd put pjsftfjk fk ELO. Hs tea gjnphky ehs ghkgallac ftscfvfcakc hkc tea fktarast gjst jo ijrrjw ehs ranhfkac fk tea ljw sfkdla cfdfts, jur gjst jo ghrryojr tefs pjsftfjk ehs caglfkac suisthktfhlly. Jur puts hra prfkgfphlly jvar-tea-gjuktar gjktrhgtsteht axpfra kaxt yahr. Ta wfll axtakc teafr tarns iy phyfkd hccftfjkhl pranfuns fo ft fskagasshry tj cj sj.

Plhtojrn Wpagfhlty Prjcugts (PHE)PHE‖s sehra prfga fkgrahsac sfdkfofghktly tefs yahr hs tea nhrmat iadhk tj dhfk h iattarukcarsthkcfkd jo tea pjtaktfhl jo PHE‖s strhtady tj gjksjlfchta tea spagfhlty geanfghls fkcustry.PHE fs ojgusac jk hgqufrfkd hssat-lfdet, efde-tjuge iusfkassas, weara raturks jk ghpfthl hra efdehkc sarvfga hkc tagekfghl mkjw-ejw hra may alanakts jo tea gustjnar‖s purgehsfkd cagfsfjk.

Fk Jgtjiar jo lhst yahr, PHE gjnplatac fts ofrst hgqufsftfjk, tea $8.5 ifllfjk purgehsa joNhgCarnfc Fkg. Jk Hprfl 84te, PHE hkkjukgac fts sagjkc hgqufsftfjk, tea $8 ifllfjk purgehsa joGeanturh HdrjWgfakgas (GHW) orjn tea puilfgly trhcac gjnphky Geanturh. GHW fs h lahcar fktea geanfghl ojrnulhtfjk hkc gjhtfkd jo hdrfgulturhl saacs, wefge ealp fnprjva hdrfgulturhl prjcugtfvfty. GHW ehs hk httrhgtfva drjwte prjofla cua tj fts ojgus jk hdrfgulturhl prjcugtfvfty,wefge fs fk fkgrahsfkd canhkc hs tea wjrlc‖s kutrftfjkhl canhkcs hra rfsfkd, wefla tea hnjukt jolhkc sufthila ojr drjwfkd grjps ranhfks sthdkhkt.

Hltejude GHW jparhtas fk h cfooarakt nhrmat sadnakt tehk NhgCarnfc, ijte ehva sfnflhr hssat-lfdet, efde-tjuge gehrhgtarfstfgs teht hrfsa orjn tea usa jo gjnplax geanfghl ojrnulhtfjks. Taaxpagt ijte iusfkassas tj sarva hs plhtojrns ojr outura trhkshgtfjks fk teafr raspagtfva nhrmatsadnakts gjksfstakt wfte PHE‖s hkkjukgac strhtady. Ta ialfava GHW fs kjt jkly strhtadfghlly



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httrhgtfva ojr PHE, iut hlsj ofkhkgfhlly gjnpallfkd. PHE hkkjukgac teht GHW, wefge fsaxpagtac tj gljsa lhtar tefs yahr, wfll rasult fk APW hggratfjk jo ~71% prfjr tj sykardfas.

Fk ahrly Hudust, Plhtojrn hkkjukgac tea $300nn hgqufsftfjk jo Hdrfpehr, hk hdrfgulturhlspagfhlty geanfghls gjnphky sfnflhr tj GHW. Plhtojrn axpagts tj hgefava gjst sykardfas jo ht

lahst 91% jo Hdrfpehr‖s AIFSCH hkc axpagts tea hgqufsftfjk tj ia njra tehk 80% hggratfva tjPlhtojrn‖s ahrkfkds par sehra.

Iurdar Mfkd Tjrlcwfca (IMT)

Ta vfaw IMT hs h efde-quhlfty orhkgefsac iusfkass njcal wfte sfdkfofghkt fktarkhtfjkhl drjwtejppjrtukftfas. IMT‖s kahrly 800% orhkgefsac njcal hlljws ft tj axphkc fts rasthurhkt gjuktwftejut capljyfkd fts jwk ghpfthl. Dfvak tea sfza jo tea kaw ukft jppjrtukfty hkc iusfkassstrugtura, wa ialfava teht IMT ghk hgefava h efde rhta jo oraa ghse oljw drjwte jvar tea ljkdtarn wefla sfnulthkajusly raturkfkd h efde prjpjrtfjk jo fts ahrkfkds tj sehraejlcars.

IMT‖s gjktrjllfkd sehraejlcar, 7D, ehs fksthllac h nhkhdanakt tahn ojgusac jk jparhtfjkhl

fnprjvanakt hkc sehraejlcar-orfakcly ghpfthl hlljghtfjk. Sea pjwaroul gjnifkhtfjk jo h efdequhlfty iusfkass hkc h efdely thlaktac nhkhdanakt tahn sejulc crfva suisthktfhl ravakuadrjwte, strjkdar jparhtfkd prjoft drjwte, hkc avak strjkdar ahrkfkds-par-sehra drjwte.

Gjksfstakt wfte jur teasfs, IMT gjktfkuac tj rapjrt strjkd ahrkfkds drjwte fk tea ofrst ehlo jotea yahr cua tj tea gjnifkhtfjk jo gjktfkuac kaw ukft axphksfjk, hk fnprjvanakt fk shna-stjrashlas, h gjktfkuac racugtfjk fk gjsts, hkc tea iakaoft jo hk httrhgtfvaly lavarhdac ihlhkga seaat.

Axftac Pjsftfjks

Dakarhl Drjwte Prjpartfas (DDP)Jk Oairuhry 80, 9083, Dakarhl Drjwte Prjpartfas, Fkg. hkkjukgac teht ft ehc rapurgehsac jvar94.? nfllfjk sehras orjn hooflfhtas jo Parsefkd Wquhra ht $90.89 par sehra, ojr tjthl gjksfcarhtfjkjo hpprjxfnhtaly $11? nfllfjk. DDP gurraktly trhcas ht $97.50 par sehra. Ta sjlc stjgm ihgm tjtea gjnphky ht nhkhdanakt‖s raquast rhtear tehk fk h sagjkchry jooarfkd iaghusa ft whshcvhkthdajus tj tea gjnphky tj ratfra sehras ht teht prfga, hkc wa wara hila tj hgefava hgjnphrhila axagutfjk tj teht jo h sagjkchry jooarfkd.

Tfte tea iljgm shla, wa akcac jur njra tehk ofva-yahr fkvjlvanakt wfte DDP, wefge iadhk wftejur bjfkfkd tea ijhrc, hcvfsfkd tea gjnphky tj caglhra ihkmruptgy, hssfstfkd ft fk rastrugturfkd ftscaits, spfkkfkd jut 73 rahl asthta cavaljpnakt hssats fktj h kaw gjnphky (Sea Ejwhrc EudeasGjrpjrhtfjk), hkc rhfsfkd jvar $?.5 ifllfjk fk kaw aqufty tj raghpfthlfza DDP hs ft anardac orjn ihkmruptgy. H gjnphky teht ehc h nhrmat ghp jo lass tehk $800 nfllfjk jk tea chy wa purgehsac jur ofrst sehras fs tjchy h wall-ruk, wall-ghpfthlfzac gjnphky wfte httrhgtfva prjspagtsojr tea outura, hkc h nhrmat ghp fkglucfkd tea hooflfhta spfkjoos jo Ejwhrc Eudeas hkc Yjusa jonjra tehk $70 ifllfjk.



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Ta sjlc jur sehras fk DDP ht h ohfr prfga, iut laot njkay jk tea thila ojr jtear fkvastjrs hs fs jurgustjn. Jur gjst jo ghpfthl fs efdear tehk teht jo jtear fkvastjrs sj teay kaac kjt oahr iuyfkdorjn Parsefkd Wquhra. Ehvfkd h raputhtfjk ojr lahvfkd njkay jk tea thila ehs hssfstac us fkaxftfkd lhrda sthmas fk jur pjrtojlfj gjnphkfas jvar tea yahrs.

Iahn, Fkg.Jk Nhy 8, 9083 tea Wuktjry Ejlcfkds Lfnftac gljsac fts hgqufsftfjk jo Iahn, Fkg., akcfkd jurkahrly ojur-yahr fkvastnakt fk Ojrtuka Irhkcs hkc Iahn, Fkg. Sea trhkshgtfjk whs teagulnfkhtfjk jo jur jrfdfkhl fkvastnakt teasfs teht h spfk-joo jo Iahn orjn Ojrtuka Irhkcs wjulcgrahta sfdkfofghkt vhlua ojr sehraejlcars. Sea Ojrtuka Irhkcs/Iahn fkvastnakt dakarhtac h 79%hkkuhl fktarkhl rhta jo raturk jvar fts lfoa.

Prjgtjr & Dhnila (PD)Ta axftac jur pjsftfjk fk P&D jvar tea gjursa jo tea yahr, ofrst iy swhppfkd jur sehras ojrhttrhgtfvaly prfgac jptfjks, hkc teak fk tea sagjkc quhrtar, iy sallfkd tea jptfjks jutrfdet. TeflaH.D. Lholay ehs iaduk tj nhma prjdrass racugfkd tea gjnplaxfty jo tea gjnphky iy ojgusfkd ft

jk fts gjra prjcugts hkc racugfkd gjsts, teara fs stfll nuge wjrm tj cj. Tefla wa ialfava P&Dwfll ia h djjc fkvastnakt jvar tfna, wa ojukc iattar usas ojr tea ghpfthl.

Jrdhkfzhtfjkhl Qpchta

Iadfkkfkd jk Hudust 85te, Bjek Pfkatta wfll bjfk hs Cfragtjr jo GjrpjrhtaGjnnukfghtfjks. Bjek ehs kahrly twj caghcas jo axparfakga nhkhdfkd fktarkhl hkc axtarkhlgjnnukfghtfjks ht lahcfkd gjnphkfas fkglucfkd Nfgrjsjot fk h vhrfaty jo rjlas, Djjdla hsCfragtjr jo Gjnnukfghtfjks (Hsfh) hkc njst ragaktly ojr Ifll hkc Nalfkch Dhtas fk tea DhtasOhnfly Joofga. Bjek ragafvac efs IH fk Pefljsjpey ht Wt. Sejnhs Gjllada, efs N.H. fk Geurge

Efstjry hkc Seajljdy ht tea Qkfvarsfty jo Ljuvhfk (Ialdfun), hkc efs B.G.L. fk Ghkkjk Lhw htDradjrfhk Qkfvarsfty (Yjna).

Bjek wfll lahc Parsefkd Wquhra‖s fktarkhl hkc axtarkhl gjnnukfghtfjks aoojrts, fkglucfkdnhkhdfkd puilfg ralhtfjks, nacfh, irjhc fkvastjr gjnnukfghtfjks hkc Parsefkd Wquhra avakts.

Fk Buka, tea Fkvastjr Yalhtfjks tahn walgjnac twj kaw naniars ‗ Lju Mhel hkc Yjnhk_alfmsjk. Lju ehs 89 yahrs jo fkvastnakt fkcustry axparfakga hs Wakfjr Nhkhdar - Paksfjk &Fkvastnakts ht Pofzar, hs h Cfragtjr jo Eacda Oukc Yasahrge ht Glfoowhtar hkc njst ragaktly hsHssjgfhta Phrtkar, Lfqufc Hltarkhtfvas Yasahrge ht Eawftt AkkfsMkupp. Lju ahrkac efs IH fkAgjkjnfgs ht _fllhkjvh hkc efs NIH ht Pakk Wthta Qkfvarsfty.

Yjnhk hlsj ehs 89 yahrs jo axparfakga fk tea fkvastnakt fkcustry. Ea spakt ofva yahrs ht NjrdhkWthklay fk Ljkcjk, ofrst fk Aqufty Yasahrge Whlas hkc lhtar hs _fga Prasfcakt ‗ GhpfthlFktrjcugtfjks & Prfna Irjmarhda Whlas. Ea bjfks us orjn Djlcnhk Whges & Gj weara ea whs h_fga Prasfcakt jk tea Ghpfthl Fktrjcugtfjk tahn, wjrmfkd wfte kjk-Q.W. eacda oukcs jk teafrghpfthl rhfsfkd hgtfvftfas fk Kjrte Hnarfgh. Yjnhk ragafvac efs IH fk Yussfhk Lhkduhda hkcFktarkhtfjkhl Yalhtfjks orjn tea Qkfvarsfty jo Tfsgjksfk ‗ Nhcfsjk hkc efs NIH orjn teaQkfvarsfty jo Gefghdj.



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Yjnhk hkc Lju irfkd h capte jo axparfakga hkc h irahcte jo kaw parspagtfvas tj jur FkvastjrYalhtfjks tahn teht wfll ourtear akehkga jur hiflfty tj maap yju fkojrnac. Ta hra fkgrahsfkd teasfza hkc axparfakga jo tea fkvastjr ralhtfjks tahn fk hcvhkga jo tea PWE FPJ.

Fk Bhkuhry, Lugy Mally bjfkac jur tagekjljdy tahn hs Prjbagt Nhkhdar. Prfjr tj bjfkfkd ParsefkdWquhra, sea wjrmac ht Gjllfars HIY, Fkg. Lugy ehc iaak gjksultfkd ojr Parsefkd Wquhra ojr tea phst yahr.

Plahsa nhrm yjur ghlakchr ojr tea 7X83 Fkvastjr Ghll wefge wfll ia ealc jk Njkchy Jgtjiar

90te ht 88hn AWS.

Plahsa oaal oraa tj gjkthgt tea Fkvastjr Yalhtfjks tahn jr na fo yju ehva quastfjks hijut hky jotea hijva.

Wfkgaraly,

Tfllfhn H. Hgmnhk



90

Hccftfjkhl Cfsglhfnars hkc Kjtas tj Parojrnhkga Yasults Sea parojrnhkga rasults jo tea Parsefkd Wquhra oukcssejwk fk tefs lattar hra prasaktac jk h drjss hkc kat-jo-oaas ihsfs. Drjss hkc kat parojrnhkga fkglucas tearafkvastnakt jo hll cfvfcakcs, fktarast, hkc ghpfthl dhfks, hkc raolagt tea cacugtfjk jo, hnjkd jtear tefkds, irjmarhdagjnnfssfjks hkc hcnfkfstrhtfva axpaksas. Kat parojrnhkga raolagts tea cacugtfjk jo nhkhdanakt oaas hkc hggruac parojrnhkga oaa/hlljghtfjk, fo hky. Parojrnhkga oaa ojr Parsefkd Wquhra Ejlcfkds, Ltc. fs 8?%= parojrnhkgaoaa/hlljghtfjk ojr ahge jo Parsefkd Wquhra, L.P., Parsefkd Wquhra FF, L.P. hkc Parsefkd Wquhra Fktarkhtfjkhl, Ltc. fs90%. Hll parojrnhkga prjvfcac earafk hssunas hk fkvastjr ehs iaak fk ahge jo tea oukcs sfkga fts raspagtfvafkgaptfjk chta hkc phrtfgfphtac fk hky “kaw fssuas„. Capakcfkd jk tea tfnfkd jo h spagfofg fkvastnakt hkc phrtfgfphtfjk fk “kaw fssuas„, kat parojrnhkga ojr hk fkcfvfcuhl fkvastjr nhy vhry orjn tea kat parojrnhkga sthtacearafk. Parojrnhkga chth ojr 9083 fs astfnhtac hkc ukhucftac.

Sea fkgaptfjk chta ojr Parsefkd Wquhra, L.P. fs Bhkuhry 8, 9003. Sea fkgaptfjk chta ojr Parsefkd Wquhra FF, L.P. hkcParsefkd Wquhra Fktarkhtfjkhl, Ltc. fs Bhkuhry 8, 9001. Sea fkgaptfjk chta ojr Parsefkd Wquhra Ejlcfkds, Ltc. fsCaganiar 78, 9089. Sea parojrnhkga chth prasaktac jk tea ofrst phda jo tefs lattar ojr tea nhrmat fkcfgas ukcar“sfkga fkgaptfjk„ fs ghlgulhtac orjn Bhkuhry 8, 9003. Sea nhrmat fkcfgas sejwk jk tea ofrst phda jo tefs lattar ehva iaak salagtac ojr purpjsas jo gjnphrfkd tea parojrnhkga jo hk fkvastnakt fk tea Parsefkd Wquhra oukcs wfte garthfkwall-mkjwk, irjhc-ihsac aqufty iakgenhrms. Sea sthtfstfghl chth radhrcfkd tea fkcfgas ehs iaak jithfkac orjnIljjniard hkc tea raturks hra ghlgulhtac hssunfkd hll cfvfcakcs hra rafkvastac. Sea fkcfgas hra kjt suibagt tj hky jotea oaas jr axpaksas tj wefge tea oukcs hra suibagt. Sea oukcs hra kjt rastrfgtac tj fkvastfkd fk tejsa sagurftfaswefge gjnprfsa hky jo teasa fkcfgas, teafr parojrnhkga nhy jr nhy kjt gjrralhta tj hky jo teasa fkcfgas hkc ft

sejulc kjt ia gjksfcarac h prjxy ojr hky jo teasa fkcfgas.

Dakarhl Cfsglhfnars hkc KjtasPhst parojrnhkga fs kjt kagasshrfly fkcfghtfva jo outura rasults. Hll fkvastnakts fkvjlva rfsm fkglucfkd tea ljss jo prfkgfphl. Sefs lattar fs gjkofcaktfhl hkc nhy kjt ia cfstrfiutac wftejut tea axprass wrfttak gjksakt jo ParsefkdWquhra Ghpfthl Nhkhdanakt, L.P. hkc cjas kjt gjkstftuta h ragjnnakchtfjk, hk jooar tj sall jr h sjlfgfthtfjk jo hkjooar tj purgehsa hky sagurfty jr fkvastnakt prjcugt. Hky suge jooar jr sjlfgfthtfjk nhy jkly ia nhca iy nahks jocalfvary jo hk hpprjvac gjkofcaktfhl prfvhta jooarfkd nanjrhkcun.

Hky raturks prjvfcac earafk ihsac jk tea gehkda fk h gjnphky‖s sehra prfga fs prjvfcac ojr fllustrhtfva purpjsasjkly hkc fs kjt hk fkcfghtfjk jo outura raturks jo tea Parsefkd Wquhra oukcs.

Sefs lattar gjkthfks fkojrnhtfjk hkc hkhlysas ralhtfkd tj sjna jo tea Parsefkd Wquhra oukcs‖ pjsftfjks curfkd tea

parfjc raolagtac jk tea ofrst phda. Parsefkd Wquhra nhy gurraktly jr fk tea outura iuy, sall, gjvar jr jtearwfsagehkda tea ojrn jo fts fkvastnakt fk tea gjnphkfas cfsgussac fk tefs lattar ojr hky rahsjk. Parsefkd Wquhra earaiycfsglhfns hky cuty tj prjvfca hky upchtas jr gehkdas tj tea fkojrnhtfjk gjkthfkac eara fkglucfkd, wftejutlfnfthtfjk, tea nhkkar jr typa jo hky Parsefkd Wquhra fkvastnakt.

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