the myth of "income opportunity" in multi-level marketing

7/21/2019 The Myth of "Income Opportunity" in Multi-Level Marketing

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QhoEyth kf

"@cikeo Kppkrtuc`ty"`c Eult`-Lovol Egrbot`cn

@cilua`cn

Ypoi`gl Yupploeoct

@cikeo Gcglys`s kf Gewgy/Wu`xtgr

gca `ts Yoirot "Qkkls" Mus`coss

my ]kmort L. F`tzZgtr ib

=::? ZP]GE@A YIHOEO GLO]Q

7=9?-O Ogst Mlva. #7:7Ihgrlktto, CI =8=:9>:1-991-=:1>]F`tzZgtrìbJZyrgeàYihoeoGlort.krnhttp4//www.ZyrgeàYihoeoGlort.krn


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Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn =

]kmort L. F`tzZgtrìb =::? Zyrgeà Yihoeo Glort

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cnmy ]kmort L. F`tzZgtr ib

=::? Zyrgeà Yihoeo Glort

@ctrkauit`kc gca Kvorvòw.........................................................................................................................................9

Qho A`snu`so kf A`roit Yoll`cn...........................................................................................................................1

Zgrt 74 Hkw tho ELE @cikeo Eyth @s Eg`ctg`coa

Ikcfuso tho Ikcsueor ......................................................................................................................................6Ilgè "Longl`ty"................................................................................................................................................>Hào tho Zyrgeà Egth.....................................................................................................................................0^`thhkla Agtg ....................................................................................................................................................7:Kmsiuro tho Cgturo kf tho Mus`coss.................................................................................................................77Zut kc tho Igekuflgno kf "Zrkauit Yglos"....................................................................................................7=

Zgrt =4 Oxpks`cn tho Eyth kf ELE ]omgto @cikeo

ELE Agtg Ykurios............................................................................................................................................79ELE Agtg Gcglys`s4 Mrogb`cn tho ELE Yoirot Ikao

Agtg A`silksoa my Ikepgcòs....................................................................................................................71

Eothka kf Igliulgt`kcs..............................................................................................................................71

]ovocuo, ckt Zrkf`ts....................................................................................................................................71]otg`l Yglos Iksts gca @cikeo Oxiluaoa..................................................................................................7?

Gitugl ELE AgtgOstègtoa Cusb`c Zgykuts .........................................................................................................................76

Ostègtoa C`bboc Zgykuts .........................................................................................................................7>

Ostègtoa Eolglouig Zgykuts....................................................................................................................78

Ostègtoa Grmkcco Zgykuts.......................................................................................................................70

Ostègtoa ]ol`v Zgykuts.............................................................................................................................=:

Ostègtoa Froo L`fo Zgykuts......................................................................................................................=7

Ostègtoa Iymorw`zo.ike Zgykuts ............................................................................................................==

Gaa`t`kcgl Agtg kc ]omgto @cikeo Gvorgnos...........................................................................................=9

Yueegry kf ]omgto @cikeo F`ca`cns.............................................................................................................=1Qhroo Boy Fgits fkr _caorstgca`cn ELE ]omgto Zgykuts........................................................................=?

Zgrt 94 Oxpks`cn tho Eyth kf ELE ]otg`l @cikeo

Qho Longl Y`nc`fìgcio kf ]otg`l`cn.................................................................................................................=6Qho >:% ]otg`l Mocihegrb .............................................................................................................................=6]otg`l`cn ]ogl`tòs ..............................................................................................................................................=>Qho ]otg`l @cikeo Eyth ]ovogloa ..................................................................................................................=8

Agtg frke =7 ELEs...................................................................................................................................=8

Yueegry kf ]otg`l @cikeo F`ca`cns........................................................................................................=0

Mkttke L`co4 Ck ]omgto Zrkf`t, Ck ]otg`l Zrkf`t.....................................................................................=0

Qho Eyth kf Akkr-tk-Akkr Yoll`cn...................................................................................................................9:Qho Luro gca tho Hkkb.....................................................................................................................................99Mlge`cn tho Vìtès...........................................................................................................................................91

Ypoi`gl Yupploeoct4 Gewgy/Wu`xtgr Agtg gca Gcglys`s

Qho Yoirot Mus`coss ...........................................................................................................................................9?Lgwsu`ts, Oxpkss, Ikcsueor Zrktosts, Qgx Ovgs`kc, Aof`gcio

kf Nkvorceoct Kraors, @ctocso Zkl`tìgl @cfluocio-Zoaal`cn .................................................................96Ostègtoa Wu`xtgr (Gewgy) Zgykuts - kc g por 9::,::: a`str`mutkrs mgs`s..............................................9>Hkw tho Wu`xtgr Agtg @s Gcglyzoa..................................................................................................................98Gewgy Agtg A`silksoa kc tho Wu`xtgr ôms`to............................................................................................90

Gppoca`x

@. Hkw tk ]oiknc`zo gca Gvkà g ELE ]oiru`t`cn Yihoeo ....................................................................1:

F`vo ]oa Flgns ............................................................................................................................................1:Qhroo Ekro Qrìbs kf Zyrgeà Zorpotrgtkrs ........................................................................................17

@@. Hkw tk Zrovoct ELEs frke Kporgt`cn gs Zyrgeà Yihoeos...................................................................1=

Gua`toa ]otg`l Yglos ..................................................................................................................................1=Full A`silksuro............................................................................................................................................19


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Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 9


Ypoi`gl Ikcsueor ]opkrt

Qho Eyth kf tho ELE "@cikeo Kppkrtuc`ty."

@ctrkauit`kc gca Kvorvòw

Qho ilgè my eult`-lovol egrbot`cn (ELE) ikepgcòs kf kffor`cn ikcsueors g v`gmlo "pgrttèo `cikeo" kr gc "oxtrgkra`cgry `cikeo" nrogtor thgc ekst kthor mus`cossos kr kiiupgt`kcs `stho`r hgllegrb gttrgit`kc. @t `s glsk tho`r nrogtost aofocso gng`cst pors`stoct ihgrnos kf pyrgeàsihoeo frgua, e`ca ikctrkl gca aoiopt`vo prkekt`kcs. Qho quost`kc `s whothor ELE `s g ski`glgca f`cgci`gl ml`nht kr g mocof`t tk ikcsueors. Lon`tègiy kf th`s mus`coss ultègtoly h`cnos kctho truthfulcoss kr fglsohkka kf `ts `cikeo ilgès. @t `s g quost`kc thgt gffoits tho fgto gca fkrtucokf ekro thgc f`vo e`ll`kc cow roiru`ts `c Ckrth Georìg ovory yogr gca ikuctloss ekro `c kthorikuctròs.

Qh`s ropkrt rovogls thgt 00% kf gll sglos roprosoctgt`vos ogih yogr`c tho sgeplo kf ikepgcòsgcglyzoa ogrcoa loss thgc $71 g woob `c romgto `cikeo. Qh`s f`nuro `s mofkro gll mus`cossoxpocsos, `cvoctkry purihgsos gca tgxos gro aoauitoa. Qho f`nuro thorofkro roprosocts g

s`nc`fìgct f`cgci`gl lkssfkr v`rtuglly gll thgt dk`c thoso sihoeos. Gaa`t`kcglly, tho ropkrt shkwsthgt kc gvorgno ck cot `cikeo `s ogrcoa kc gvorgno my ELE a`str`mutkrs frke akkr tk akkr"rotg`l" sglos.

ELE ikepgcòs soob tk kmsiuro tho`r aovgstgt`cn fg`luro rgtos my a`silks`cn tho cuemor kclykf "git`vo" pgrtì`pgcts gca lè`t`cn tho `cikeo f`nuros tk g kco-yogr kr ovoc shkrtor tèo frgeo,thus ikciogl`cn tho fgitkr kf tho kcnk`cn gca ekuct`cn lkssos kf cow `cvostkrs. Ekst ELEs akckt rovogl gcy agtg gt gll kc gitugl gvorgno `cikeos.

@f glltho pgrtì`pgcts kvor g f`vo-yogr por`ka gro `ciluaoa `c tho igliulgt`kcs, tho fg`luro rgtor`sos ovoc furthor. Loss thgc kco `c kco-thkusgca w`ll mo shkwc tk hgvo ng`coa gcy prkf`t gt gll.Qho sk-iglloa suiiossos `c ELE gro `c tho sgeo segll nrkup pks`t`kcoa, yogr gftor yogr, gt tho

tkp kf tho roiru`teoct krngc`zgt`kc.

Qho mus`coss ekaol gca mus`coss prgitìos kf ekst eult`-lovol egrbot`cn ikepgcòs a`roitlyiguso tho f`cgci`gl lkssos sufforoa my e`ll`kcs kf ikcsueors, ckt ckregl ikepot`t`vo fgitkrs kr

tho lovols kf offkrts kr tglocts kf tho pgrtì`pgcts.

Qho iklloit`vo lkssos roprosoct gc ockrekus trgcsfor kf ekcoy frke sovorgl e`ll`kc pokplo `ctho _Y ogih yogrtk g hgcaful kf kwcors gca roiru`tors. L`bo gcy kthor fkrio thgt ikctr`mutos tknocorgl èpkvor`sheoct, th`s `cikeo trgcsfor agegnos iroa`t wkrth`coss, mrogbs up egrr`gnos,ocas fròcash`ps gca aonrgaos ikeeuc`tòs.

Kf tho twk igtonkròs kf tho ELE `cikeo kppkrtuc`ty, romgto `cikeogca rotg`l sglos `cikeo,tho ekst pumlì`zoa gro tho romgtos, ikee`ss`kcs gca mkcusos pgà kut kc tho purihgsos my"akwcl`co" roiru`ts. Qh`s `s tho skurio thgt tho ikepgcòs ilgè hgs "uclè`toa pktoct`gl" mgsoa

kc tho kppkrtuc`ty tk aor`vo pgyeocts frke gc "ocaloss" ihg`c kf roiru`ts. ELE gllkws glla`str`mutkrs tk roiru`t kthors gca qugl`fòa a`str`mutkrs tk roio`vo romgtos kc tho purihgsos egaomy eult`plo lovols kf roiru`ts thgt roiru`t ekro roiru`ts.

Qh`s ropkrt gcglyzos agtg frke o`nht roprosoctgt`vo ELE ikepgcòs. Yovoc kf tho ikepgcòsthgt gro gcglyzoa gro egdkr gca vory woll-bckwc ELE ikepgcòs gca gro eoemors kf thoA`roit Yoll`cn Gsski`gt`kc. Kco `s cowor gca nrkw`cn gca ckt g AYG Eoemor. Ihgrts groprkvàoa shkw`cn tho gitugl ikee`ss`kc pgykuts kc g por-7:,:::-sglos-roprosoctgt`vos mgs`s fkrsovoc ikepgcòs. Qho agtg shkw ckt kcly thgt v`rtuglly ck roiru`ts ogrc romgto prkf`ts mut glsk


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thgt tho ELE pgykut sihoeos trgcsfor tho lkst `cvosteocts kf tho nrogt egdkr`ty kf pgrtì`pgctstk g t`cy cuemor kf krngc`zors gt tho tkp kf tho roiru`teoct ihg`cs.

G spoi`gl supploeoct `s prkvàoa kc tho romgto agtg frke tho klaost gca lgrnost kf gll eult`-lovolegrbot`cn ikepgcòs, Gewgy/Wu`xtgr, whìh `s glsk g eoemor kf tho A`roit Yoll`cnGsski`gt`kc. Qho gcglys`s fkr Gewgy/Wu`xtgr `s prosoctoa kc g por-9::,:::-a`str`mutkr mgs`s. @t

rovogls tho sgeo pgttorc kf 00+% gccugl lkss rgto gca g ikcioctrgt`kc kf pgyeocts tk g t`cycuemor kf prkektors gt tho tkp.

Gewgy/Wu`xtgr f`nuros eust mo ikcsàoroa sopgrgtoly moiguso gc gaa`t`kcgl mus`coss `s ruc my`ts tkp a`str`mutkrs thgt prkvàos ekro kf tho`r `cikeo thgc pgyeocts frke tho Gewgy/Wu`xtgrmus`coss `tsolf. Qho kporgt`kc kf th`s soikca sihoeo `csào tho sglos krngc`zgt`kc kfGewgy/Wu`xtgr bckwc gs tho "tkkls" mus`coss gca `cvklv`cn tho sglos my tho b`cnp`ca`str`mutkrs kf mkkbs, tgpos gca soe`cgr ron`strgt`kcs tk cow roiru`ts gffoits tho

Gewgy/Wu`xtgr pgy plgc gca `ts roiru`teoct tgitìs.

Kporgtoa w`thkut tho bckwloano kf cow roiru`ts, th`s "soirot" `cikeo skurio hgs mooc rovogloa`c lgwsu`ts gca woms`tos fkr egcy yogrs. @c Egy =::1, tho h`nhly rospoitoa cgt`kcgl cowsprknrge CMI Agtol`comrkunht hàaoc igeorgs `ctk Gewgy/Wu`xtgr roiru`teoct eoot`cns gcaoxpksoa tho sihoeo. Gs tho ropkrt shkwoa, tho Gewgy "b`cnp`cs" egbo ekst kf tho`r ekcoy myaoiopt`voly roiru`t`cn pokplo, ckt frke soll`cn Gewgy prkauits.

Qho A`snu`so kf A`roit Yoll`cn

Qho soikca oloeoct kf tho ELE "`cikeo kppkrtuc`ty" `s tho ilgè kf prkf`t frke rotg`l sglos myELE sglos roprosoctgt`vos tk ikcsueors. Qho rotg`l sglos kppkrtuc`ty `s tho mgs`s fkr tho`caustry's ilgè thgt `t `s g fkre kf "a`roit soll`cn." Gaa`t`kcglly, tho rotg`l sglos pktoct`gl `s holaup gs g aofocso gng`cst pyrgeà sihoeo ihgrnos s`cio tho pgyeocts tk tho upl`co gro mgsoa kctho prkauit purihgsos kf cow roiru`ts, ckt ihòfly kc octry kr eoemorsh`p foos.

Qh`s ropkrt oxpksos tho eyth gca rofutos tho ilgè kf ELE gs g "a`roit soll`cn" mus`coss thgt `s

mgsoa kc rotg`l sglos.Auo tk fgitkrs kutl`coa `c tho ropkrt, tho ELE sglos fkrio solake igrròskut rotg`l soll`cn. G stgt`stìgl rovòw kf twocty-kco (=7) ELE ikepgcòs roprosoct`cn ? e`ll`kcsglos pokplo gca "prkdoitoa" rotg`l sglos kf $7: m`ll`kc rovogls thgt ovoc `f rotg`l sglos grogssueoa tk mo kiiurr`cn, tho gvorgno ELE sglos porskc `s ckt ogrc`cn g cot prkf`t frke rotg`lsglos.

ELE ikepgcòs hgvo cueorkus wgys tk kmsiuro tho fgit thgt ekst gro ckc-rotg`l`cnkporgt`kcsa`snu`soa gs "a`roit soll`cn" ikepgcòs4

Ykeo ELE ikepgcòs igliulgto tktglpurihgsoskf sglos roprosoctgt`vos gca thocprkdoitgcgvorgno "rotg`l prkf`t" w`thkut vor`fy`cn `f gcy prkauits gro gituglly rotg`loa kr ckt, whgtprìo thoy woro roskla fkr kr whke thoy woro skla tk. ^h`lo rotg`l`cn tk ikcsueors `spumlì`zoa gca ilgèoa, `ctorcglly tho ikepgcòs' pgy plgcs gro mgsoa oct`roly upkcwhklosgl`cnkcly tk tho a`str`mutkr roiru`ts. ^hothor gcy rotg`l sglos ovor kiiur kr ckt, thoupl`co roiru`tors gro pgà romgtos kcly kc tho akwcl`co's whklosglo purihgsos, covor kc rotg`lprì`cn ihgrnoa tk tho oca-usor.

Ykeo ikepgcòs ilgè thoy "roqu`ro" rotg`l`cn my tho`r a`str`mutkrs, mut ck systoegtìeothka `s usoa tk gua`t rotg`l`cn git`v`ty. Qhgt g ikepgcy wkula hgvo tk "roqu`ro" soll`cn my`ts sglospokplo rovogls tho `choroct flgw `c tho ELE ekaol gca `ts tocaociy tkwgra

kporgt`cn gs g pyrgeà roiru`teoct sihoeo.


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Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn ?


Ykeo ELE ikepgcòs gituglly gavort`so tho`r tktgl sglos vklueo mgsoa kc ucfkucaoa rotg`lprkdoit`kcs, ovoc ropkrt`cn thoso eythìgl cuemors tk tho Yoiur`tòs gca OxihgcnoIkee`ss`kc gca prkekt`cn thoe tk shgrohklaors.

Qho f`ca`cns `c th`s ropkrt rg`so tho quost`kc kf hkw g mus`coss `c whìh glekst ckco kf `ts sglosroprosoctgt`vos ogrcs g prkf`t gca glekst ckco hgs g sustg`cgmlo rotg`l iustkeor mgso ikula mo

iglloa "a`roit soll`cn"; @caooa, hkw ikula suih gc octorpr`so mo ikcsàoroa g lon`tègto"mus`coss" gt gll;


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Zgrt 74 Hkw tho ELE @cikeo Eyth @s Eg`ctg`coa

Ikcfuso tho Ikcsueor

Zr`kr tk th`s ropkrt, ikcsueors hgvo hga l`ttlo kr ck usoful agtg kc ELE `cikeo ilgès.

Ikcsueors gro, hkwovor, sumdoitoa tk mgrrgnos kf porskcgl "tostèkc`gls" gca "suiioss stkròs."Eult`-lovol egrbot`cn oeplkys g sooe`cnly `caoi`phorgmlo lgcnugno tk oxplg`c `ts trgaoegrb

ikepocsgt`kc plgcs" gca mus`coss ekaol thgt pore`t uclè`toa guthkr`zgt`kc kf sglosroprosoctgt`vos gca thgt pgy romgtos mgsoa kc purihgsos my cow roiru`ts whk gro roiru`toa my thoogrlòr roiru`ts `c gc ocaloss ihg`c.

Qhoy rofor tk tho ekaol gs ikcsueor a`roit egrbot`cn, kco-tk-kco egrbot`cn, porskcglfrgcih`s`cn, cotwkrb egrbot`cngca egcy kthor iklkrful mut ultègtoly e`sloga`cn tores.

Ykeo ELEs aosir`mo tho`r pgy plgcs gs uc`quo kr euih ekro mocofì`gl thgc kthors `c tho`caustry. Qhoy uso spoi`gl`zoa tores gs stg`r-stop mrogbgwgy, lons, m`cgry gcatr`cgry, ZVgcaMV, yot ekst kf thoso pgy sihoeos gro ossoct`glly àoctìgl gca yòla tho sgeo ru`ckus

f`cgci`gl kutikeo tk tho gvorgno pgrtì`pgct. I`rilos gca a`gnrges gro argwc gt roiru`teoct eoot`cns gca g ikeplox krngc`zgt`kcgl

hòrgrihy `s prosoctoa, `cilua`cn gs egcy gs 7= lovols w`th cgeos suih gs]onoct, Zlgt`cue,A`gekca gcaMluo A`gekca.

Qhoro gro logaorsh`p mkcusos, mrogbgwgy mkcusos, prkauit`kc mkcusos, eult`plo ikee`ss`kclovols, gca cueorkus typos kf romgtos.

Kftoc g sunnostoa rotg`l prìo `s gpplòa tk nkkas thgt gro covor rotg`loa. ]omgtos, whìh gro kcly a`sikucts kc tho `cvostkrs kwc purihgsos, gro ilgss`fòa gs

`cikeo.

A`str`mutkr egrbup `s skeotèos usoa `ctorihgcnogmly w`th nrkss prkf`t gs `f thoy gro thosgeo.7

Wugl`fìgt`kcs tk ogrc pgyeocts kr romgtos aopoca kc g ikeplox fgitkr`cn kf "porskcglnrkup" purihgso vklueos, tho rgcb kf tho sglos roprosoctgt`vo gca tho s`zo, ikcf`nurgt`kc gcapurihgso vklueos kf tho akwcl`co.

Kthor eothkas kf ikcfus`cn tho ikcsueor `ciluao4

@cfkregt`kc kc `cikeo put fkrth my skeo ELE ikepgcòs kr tho ELE `caustry gt lgrnokftoc e`xos `cikeo agtg frke ELE w`th stgt`stìs frke trga`t`kcgl a`roit soll`cn ikepgcòssuih gs Gvkc gca Qupporwgro.=

7Nrkss prkf`t `s g porioctgno kf prkf`t igliulgtoa kc tho gitugl rotg`l sglos prìo. Gc `toe purihgsoa my tho rosollor gttho whklosglo prìo kf $7:: gca skla fkr rotg`l prìo kf $=:: hgs g ?:% nrkss prkf`t. Qho "cot" prkf`t w`ll mo euihloss thgc nrkss prkf`t. @t `s roauioa my gll iksts `cvklvoa `c sglos gca egrbot`cn gca kthor kvorhoga oxpocsos."A`str`mutkr egrbup" `s tho porioctgno kf tho sunnostoa rotg`l prìo mgsoa kc tho whklosglo prìo. @t `s dust gthokrotìgl f`nuro s`cio `t `s ckt mgsoa kc tho gitugl soll`cn prìo gca akos ckt fgitkr gcy kf tho sglos iksts. @c thooxgeplo dust i`toa, tho "a`str`mutkr egrbup" `s 7::%. Ykeo ELEs w`ll rofor tk h`nhor a`str`mutkr egrb up f`nuro gstho "prkf`t" gca ke`t sglos iksts gltknothor.=Qho A`roit Yoll`cn Gsski`gt`kc, tho kffì`gl trgao krngc`zgt`kc kf tho eult`-lovol egrbot`cn `caustry, thrkws gll

b`cas kf a`roit soll`cn ikepgcòs - rotg`l-mgsoa w`th strkcn mrgca cgeos glkcn w`th hucaroas kf l`ttlo bckwc ELEs


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Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn >


Cogrly gll agtg thgt `s prosoctoa my tho ELE `caustry ke`t ostègtos kr gvorgnos kf ckreglmus`coss iksts suih gs gutk, tolophkco, trgvol, trg`c`cn kr pkstgno gca sh`pp`cn tk kporgto gcELE mus`coss. @c th`s wgy "nrkss `cikeo" `s ikcfusoa w`th "cot prkf`t."

@cvoctkry purihgsos gro glsk `nckroa gs mus`coss iksts gca gro e`cnloa kr ikcfusoa w`thpurihgsos fkr "porskcgl uso kr ikcsuept`kc."

Egcy ELE ikepgcòs kffor "gvorgno `cikeos" thgt gro gituglly eogcgvorgnosthgt eolatho huno `cikeos kf thkso gt tho tkp w`th thkusgcas kf kthors thgt egbo ckth`cn gt gll. Qh`slogvos tho èpross`kc thgt tho "gvorgno" ELE pgrtì`pgct gituglly ogrcs g "prkf`t", whocglekst ck kco akos.9

Ykeo uso agtg kcly kc "git`vo" pgrtì`pgcts gca oxiluao gll thkso thgt hga ogrcoa ckth`cn gcaqu`t tho egdkr`ty `c skeo ikepgcòs thoromy roaui`cn tho cuemor kf sglos pokplo a`vàoa`ctk tho tktgl pgykuts gca `cirogs`cn tho "gvorgno `cikeo."

G sè`lgr e`sloga`cn aovìo `s tk ikuct kcly tho "git`vo" a`str`mutkrs `c g kco-yogr tèofrgeo. Qh`s plky ikciogls thgt tho tkp lovol a`str`mutkrs whk prkf`t yogr gftor yogr gro thosgeo pokplo whkso cuemors ak ckt `cirogso, wh`lo tho cow roiru`ts thgt lkso yogr gftor yogr

gro g rovklv`cn nrkup whkso cuemors ekuct ogih yogr. Qho gitugl cuemor kf "lksors"eult`plòs yogr my yogr. Qho cuemor kf "w`ccors" roeg`cs tho sgeo gca akos ckt nrkw. @f glkcnor tèo frgeo woro usoa, g truo rgt`k kf ng`cors tk lksors wkula oeorno thgt wkula shkibgca a`sikurgno gcy cow roiru`t.

F`nuros gro glekst covor rovogloa kc hkw egcy ikcsueors dk`c gca qu`t tho prknrge ogihyogr, thus ikciogl`cn tho "rovklv`cn akkr" cgturo kf tho sihoeo gca tho fgit thgt ck stgmloiustkeor mgso ox`sts.

Gca, fkr ekst ikepgcòs, porioctgnos kf romgto pgyeocts thgt gro pgà tk ogih lovol gro ckta`silksoa ckr `s tho porioctgno kf ekcoy ogrcoa kc kffshkro sglos. ^hoc tho pgykut por lovol`s a`silksoa `c g egccor thgt `s ucaorstgcagmlo, tho nrkss ikcioctrgt`kc kf pgyeocts tk tho

tkp krngc`zors `s rovogloa glkcn w`th tho egss`vo lkssos tk gll kthors.

@c shkrt, ELE sklì`tkrs ak ckt a`silkso tho mgsì f`cgci`gl `cfkregt`kc cooaoa tk egbo gc`ctoll`noct `cvosteoct aoi`s`kc. Egcy pokplo thorofkro dk`c kc tho mgs`s kf hkpo kr tho porskcglroikeeocagt`kc kf skeokco olso whk hgs glsk dk`coa kc tho mgs`s kf hkpo kr kc tho ml`ca fg`th`c tho ilgès egao my tho ikepgcy gmkut tho "`cikeo kppkrtuc`ty."

Ilgè "Longl`ty"

Gckthor oloeoct kf eg`ctg`c`cn tho ELE eyth kf lon`tègiy gca g v`gmlo `cikeo kppkrtuc`ty`s mgsoa kc tho ilgè thgt, rongraloss hkw `t kporgtos, ELE `s st`ll "longl." Gs g longl octorpr`so,"suiioss" `c tho mus`coss `s thoc sgà tk mo tho rosult kf "hgra wkrb" gca "fkllkw`cn tho systoe"roikeeocaoa my tho krngc`zors gs wkula kiiur `c longl mus`cossos. Fg`luro rgtos gca f`cgci`gl

lkssos gekcn thkso roiru`toa `ctk ELE rongraloss kf tho`r siglo gro thoc trogtoa gs gckutikeo kf ckregl mus`coss r`sbs gca egrbots fkrios kr tho fgult kf tho `ca`vàugls whk lkso. Qho

- `ctk `ts f`nuros. @t kffors iklkr ihgrts gca nrgphs, mut tho f`nuros `ciluao sk egcy a`fforoct typos kf ikepgcòs gcasglos pokplo `t `s kf ck prgitìgl uso tk g ikcsueor.9@c tho igso kf Cusb`c f`nuros, fkr oxgeplo, tho eogc gvorgno pgyeoct tk gll tho "git`vo" a`str`mutkrs wgs $7,16?,kr $7== g ekcth. Hkwovor, `f tho `cikeo kf tho =% gt tho tkp kf tho pyrgeà `s tgboc kut, tho eogc gvorgno kf tho08% whk gro gt tho mkttke kf tho ihg`c wgs kcly $97: kr $6 g woob (`caìgt`cn g egss`vo lkss rgto). G ilksorgcglys`s rovogls thgt tho mkttke 86% roio`voa ck romgto pgyeocts gt gll.


8/43



ilgè kf toihcìgl longl`ty `s usoa tk gff`re f`cgci`gl lon`tègiy, tk ikciogl g flgwoa struiturothgt roqu`rostho vgst egdkr`ty tk lkso, gca tk dust`fy systoegtì aoiopt`kc.

_ct`l gmkut =? yogrs gnk `c tho _c`toa Ytgtos, ocaloss ihg`c sglos sihoeos woro rkut`colyvòwoa gs `llongl pyrgeà sihoeos kr "ucfg`r gca aoiopt`vo trgao prgitìos." Gcysglos ikepgcyoeplky`cn gc ocaloss ihg`c tk soll kr egrbot `ts prkauits wgs sooc gs frguauloct auo tk tho

iortg`cty kf f`cgci`gl lkssos thoy porpotrgto kc tho vgst egdkr`ty kf pgrtì`pgcts gca tho coiossgryuso kf aoiopt`kc tk luro pgrtì`pgcts. Qh`s ropkrt, hkwovor, akos ckt a`roitly gaaross tho quost`kckf whothor tho ELE ocaloss ihg`c systoe `s longl kr ckt. Y`cio =:::, tho Foaorgl QrgaoIkee`ss`kc hgs gvkàoa prksoiut`cn kr kvorsoo`cn tho ELE `caustry tk gcy s`nc`fìgct oxtoct,egb`cn tho quost`kc kf longl`ty ekkt `c tores kf ikcsueor prktoit`kc. ELEs tkagy kporgtolgrnoly w`thkut kvors`nht. Ikcsueors gro kc tho`r kwc tk bckw whothor thoy gro mo`cn aofrguaoakr ckt.

^hothor kr ckt gc ocaloss roiru`teoct ihg`c `s aoilgroa longl gca whothor kr ckt tho FQI ovorprksoiutos gcy pgrtìulgr ELE w`ll ckt ihgcno tho a`sgstrkus f`cgci`gl rosults suih sihoeos`cflìt upkc ikcsueors.Ocaloss ihg`cs w`thkut tho egdkr`ty kf pokplo `c tho ihg`c ogrc`cn thoegdkr`ty kf tho`r `cikeo frke rotg`l soll`cn w`ll glwgys prkauio g egss`vo lkss rgto fkr

pgrtì`pgcts.

@c tho rgro igsos whoro tho FQI hgs prksoiutoa ELE ikepgcòs, `t mgsoa `ts igsos kc tho boyfgitkr kf whothor tho egdkr`ty kf tho sglos kf tho ELE woro egao tk ikcsueors kutsào thoihg`c, thgt `s, sglos egao kc g rotg`l mgs`s tk pokplo whk gro ckt glsk ELE sglos roprosoctgt`vosgca kiiupy pks`t`kcs kc tho ihg`c.1Qh`s fgitkr wgs usoa tk aotore`co whothor tho ELE `s g"a`roit soll`cn" ikepgcy kr g pyrgeà roiru`teoct sihoeo. Qho rogskc`cn fkr trogt`cn "ckc-rotg`l" sihoeos gs `llongl pyrgeà roiru`teoct sihoeos wgs mgsoa kc foaorgl ikurt `ctorprotgt`kcsgca rul`cns thgt i`toa tho aof`c`cn fgitkr kf rotg`l rovocuo vorsus rovocuo ng`coa prègr`ly frketho sglos roprosoctgt`vos thoesolvos.?

1 @c a`st`cnu`sh`cn motwooc g pyrgeà sihoeo gca g lon`tègto mus`coss, tho ir`tìgl `ssuo `s whothor rowgras pgà

`c ikccoit`kc w`th roiru`teoct gro tòa tk, kr gro aor`voa frke, tho sglos kf nkkas gca sorvìos tk tho nocorglpumlì (`.o. rotg`l sglos)--Aoilgrgt`kc kf Zotor D. VgcaorCgt, Zh.A, FQI Oikcke`st gca Zyrgeà Oxport `c FQIvs. Oqu`ckx @ctorcgt`kcgl Ikrp., 7000

"Zyrgeà sihoeos ckw ikeo `c sk egcy fkres thgt thoy egy mo a`ffìult tk roiknc`zo èeoa`gtoly. Hkwovor,thoy gll shgro kco kvorrà`cn ihgrgitor`stì. Qhoy prke`so ikcsueors kr `cvostkrs lgrno prkf`ts mgsoa prègr`ly kcroiru`t`cn kthors tk dk`c tho`r prknrge, ckt mgsoa kc prkf`ts frke gcy rogl `cvosteoct kr rogl sglo kf nkkas tk thopumlì. Ykeo sihoeos egy purpkrt tk soll g prkauit, mut thoy kftoc sèply uso tho prkauit tk hào tho`r pyrgeàstruituro G lgib kf rotg`l sglos `s glsk g roa flgn thgt g pyrgeà ox`sts. Egcy pyrgeà sihoeos w`ll ilgè thgttho`r prkauit `s soll`cn l`bo hkt igbos. Hkwovor, kc ilksor oxge`cgt`kc, tho sglos kiiur kcly motwooc pokplo `csàotho pyrgeà struituro kr tk cow roiru`ts dk`c`cn tho struituro, ckt tk ikcsueors kut `c tho nocorgl pumlì." --Zropgroa Ytgtoeoct kf Aomrg G. Vgloct`co, Nocorgl Ikucsol fkr tho _.Y. Foaorgl Qrgao Ikee`ss`kc kc "Zyrgeà

Yihoeos" Zrosoctoa gt tho @ctorcgt`kcgl Ekcotgry Fuca's Yoe`cgr kc Iurroct Longl @ssuos Gffoit`cn IoctrglMgcbs, ^gsh`cntkc, A.I., Egy 79, 7008

?Kco kf tho lgrnost ELEs thgt wgs prksoiutoa my tho FQI `s Oqu`ckx @ctorcgt`kcgl, g eoemor kf tho A`roit Yoll`cn

Gsski`gt`kc (AYG) w`th kvor 7::,::: a`str`mutkrs `c gll ?: stgtos gca `c Igcgag. Oqu`ckx skla mrgcaoa, qugl`ty,lon`tègto prkauits. @t wgs rgcboa #7 `c @CI Egngz`cos prost`n`kus l`st kf ?:: Fgstost Nrkw`cn Zr`vgtoly HolaIkepgcòs. Qho FQI igso wgs mgsoa kc tho fgit thgt loss thgc =:% kf gll `ts prkauits woro ovor roskla tk gituglikcsueors. Ekro thgc 8:% woro skla kcly tk Oqu`ckx's kwc sglos roprosoctgt`vos. Qho sglos roprosoctgt`vos skunhttk roikup tho`r `cvosteocts my nott`cn romgtos mgsoa kc tho purihgsos kf cow sglos roprosoctgt`vos thoy roiru`toa.


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Hào tho Zyrgeà Egth

Moykca longl `ctorprotgt`kcs, tho FQI's dust`fìgt`kc fkr prksoiut`cn tho ckc-rotg`l`cn ikepgcòsglsk rosts kc sèplo egth thgt gcy ikcsueor igc ucaorstgca. Qho egth roforroa tk my tho FQI `sèpkrtgct tk tho agtg gca ikcilus`kcs kf th`s Zyrgeà Yihoeo Glortropkrt kc tho ELE "`cikeokppkrtuc`ty." Kmsiur`cn th`s egth `s gckthor èpkrtgct oloeoct kf eg`ctg`c`cn tho eyth kf

ELE `cikeo.Qho egth fgitkr igc mo `llustrgtoa `c g sèplo 6-lovol ihg`c `c whìh ogih porskc roiru`ts dust ?

pokplo. Gt logst throo lovols kf roiru`ts (? + =? +7=? 5 7??) gro cooaoa fkr ogih pgrtì`pgct tkmon`c tk gihòvo g prkf`t mgsoa kc kvorrào ikee`ss`kcs frke tho purihgsos kf tho "akwcl`co."

@llustrgt`kc4Qkp Lovol - 7

L o v o l # = . - ?L o v o l # 9 . - = ?

L o v o l # 1 . - 7 = ?L o v o l # ? . - 6 = ?

L o v o l # 6 . - 9 , 7 = ?9 , 0 : 6 p g r t i p g c t s t k t g l

Y`cio kcly thkso w`th throo lovols molkw thoe gro prkf`tgmlo, kcly tho Qkp Lovol porskc gca tho`ca`vàugls `c lovols #= gca #9 qugl`fy. Ogih kf tho pokplo `c coxt throo lovols molkw akos ckthgvo ockunh "akwcl`co" tk nocorgto g prkf`t. (Qhkso `c Lovol #1 ogih kcly hgvo =? `c tho`rakwcl`cos. Qhkso `c Lovol #? ogih hgvo kcly ? pokplo, gca thkso `c Lovol #6 gt tho mkttke hgvockco. Qh`s eogcs thgt kcly 97 kut kf 9,0:6, kr loss thgc kco porioctgno `c tho s`x-lovol ihg`c,hgvo gs egcy gs throo lovols molkw thoe gca gro prkf`tgmlo. Ekro thgc 00% gro ucprkf`tgmlomgsoa kc tho`r pks`t`kc.

Qh`s mgsì fkreulg hklas truo ck egttor hkw euih furthor tho ihg`c oxtocas. Gpprkxègtoly

00% gro gt tho mkttke kf tho ihg`c whoro prkf`t `s ckt pkss`mlo. Fkr oxgeplo, `f tho sihoeoroiru`toa kco ekro lovol, Lovol #>, gckthor 7?,6=? pgrtì`pgcts wkula dk`c. Qho tktgl wkula ckwmo 70,?97. Qho cuemor `c prkf`tgmlo pks`t`kcs, Qkp, gca tho `ca`vàugls `c Lovols #=, #9, gca #1,wkula nrkw tk 7?6, gca th`s cuemor wkula st`ll oqugto tk loss thgc 7% kf 7?,6=?-porskckrngc`zgt`kc.

Qho m`n cuemors, whìh gro i`toa my tho sihoeo's prkektor gs prkvà`cn "oxtrgkra`cgry `cikeopktoct`gl," gro mgsoa kc kvorràos frke tho aoopost lovol kf tho "akwcl`co." Kcly g t`cy fow igcovor roiru`t tk th`s lovol. Qh`s `s egthoegtìglly proaotore`coa frke tho stgrt my tho ELEstruituro gca pgy plgc. Qho pgy plgc `tsolf akkes tho vgst egdkr`ty tk f`cgci`gl lkssos, ckt fgitkrskf "hgra wkrb" kr "fkllkw`cn tho plgc."

Qho trìb kf tho sihoeo `s tk ikvor up th`s rogl`ty gca tk ikcv`cio ogih gca ovory ocrklloo thgtho/sho igc suiiooa my mu`la`cn th`s lgrno gca aoop akwcl`co. ]oiru`ts gro tkla thgt tho prknrge`s g fkreulg fkr woglth thgt "gcykco igc ak." G ilgssì eothka kf plgy`cn th`s trìb kc thoroiru`ts `s tho uso kf a`gnrges tk `llustrgto tho "oxplks`vo pktoct`gl" kf "oxpkcoct`gl" roiru`t`cn kr"auplìgt`kc." C`bboc, kco kf tho fkur ikepgcòs whkso `cikeo agtg `s gcglyzoa `c th`s ropkrt,usos tho fkllkw`cn typìgl ihgrt `c `ts roiru`teoct l`torgturo.


10/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 7:


Qho `llustrgt`kc pkrtrgys thopkwor kf "auplìgt`kc." Kcoporskc whk roiru`ts dust fkurkthors igc quìbly ng`c gakwcl`co kf 76 ekro sglosroprosoctgt`vos gca egcy ekro

gs tho prkioss ikct`cuos.^hgt tho ihgrt akos ckt shkw`s thgt `f tho plgc ikct`cuoa dust76 lovols `c tho egccor thgtC`bboc aopìts, tho mkttkelovol wkula cooa kvor 1 m`ll`kccow roiru`ts!

Qhokrotìglly, tho mkttke lovols ikula roikup tho`r ekcoy my f`ca`cn cow a`str`mutkrs tk dk`cucaor thoe, mut thgt wkula ikct`cuo tk wkrb kcly `f tho sihoeo ikula nk kc fkrovorgca thoroworo gc `cf`c`tocuemor kf pokplo.

@c sueegry, `f tho `cikeo kppkrtuc`ty aopocas ultègtoly kc purihgsos my sglos roprosoctgt`vosthgt gro roiru`toa "akwcl`co" rgthor thgc kc tho rotg`l sglos my thkso sglos roprosoctgt`vos, thoupl`co-akwcl`co struituro w`ll glwgys roqu`ro thgt tho vgst egdkr`ty kf sglos roprosoctgt`vo mo thomkttke kf tho "akwcl`co." Qho`r lkssos sorvo gs tho ultègto skurio kf prkf`t tk g vory segllcuemor `c tho "upl`co."Qho sglos roprosoctgt`vos kiiupy`cn tho lkwor lovol pks`t`kcs kc thoihg`c igcckt ogrc g prkf`t uct`l thoy, `c turc, roiru`t g euih lgrnor nrkup kf cow roiru`ts molkwthoe. Qho prkpkrt`kc kf g vory segll cuemor kf sglos roprosoctgt`vos gt tho tkp, whoro `cikeo `spkss`mlo, tk tho vory lgrno cuemor gt tho mkttke, whoro `cikeo `s ckt pkss`mlo, w`llroeg`c thosgeo gs lkcn gs tho mus`coss ikct`cuos.

^hothor suih g sihoeo `s aooeoa longl kf ckt, tho lkssos w`ll kiiur dust tho sgeo. Zorskcgltostèkcòs frke thkso gt tho tkp, h`nh ekt`vgt`kc kf pgrtì`pgcts, `csp`rgt`kcgl spogbors gt sglos

rgllòs, strìt gahorocio tk tho "systoe" gav`soa my tho logaors, gca oxtrgkra`cgry tèo gca offkrtkf cow roiru`ts igcckt ihgcno tho lgws kf egthoegtìs gca tho ELE mus`coss ekaol, whìhaìtgto g egss`vo "fg`luro" rgto gca g e`c`siulo "suiioss" rgto.

^`thhkla Agtg

Nrkss aoiopt`kc `s coiossgr`ly oeplkyoa `c kraor tk luro lgrno cuemors kf ikcsueors `ctkprknrges whoro thoy w`ll suffor tho`r pro-aotore`coa lkss. @f tho truth woro bckwc gca

ucaorstkka, fow ikcsueors wkula w`ll`cnly dk`c.

Kthor octorpr`sos suih gs ngeml`cn igs`cks gca lkttoròs glsk gro mgsoa kc g lgrno cuemor kfikcsueors lks`cn gs g eogcs kf rowgra`cn g fow "w`ccors." Qhoso octorpr`sos gro strìtlyronulgtoa gca tho kaas fkr "suiioss" gro fully a`silksoa. Qho `cov`tgm`l`ty kf lkssos `s ilogrly

stgtoa gca woll ucaorstkka. Qho oxpoca`turo kf ekcoy `s trogtoa gs octortg`ceoct. Ck kco wkulasor`kusly ihgrgitor`zo ngeml`cn kr plgy`cn tho lkttoròs gs v`gmlo "`cikeo kppkrtuc`tòs" kr

igroor ihkìos fkr ikcsueors.

Zyrgeà Yihoeo Glort's rosogrih rovogls thgt tho "kaas fkr suiioss" fkr ikcsueors `cvost`cn `cegcy eult`-lovol egrbot`cn ikepgcòs ogih yogrgro gituglly wkrso thgc fkr skeo fkres kf longlngeml`cn. ^hoc gll tho pgrtì`pgcts kvor g eult`-yogr por`ka gro `ciluaoa `c tho igliulgt`kcs gll kf whke skunht g w`cc`cn pks`t`kc tho fg`luro rgto r`sos tk 00.0% kr ovoc wkrso. Qk gttg`c


11/43



g pks`t`kc kf h`nh `cikeo whìh tho prkektors luro `cvostkrs w`th tho "kaas" gro tkk lkw tkmo nrgphìglly `llustrgtoa.

Ekrokvor, ucl`bo lkttoròs gca igs`cks whoro suiioss `s mgsoa kc rgcake rklls kf tho aìo krpìb`cn kf cuemors gca ogih pgrtì`pgct hgs gc oqugl ihgcio, suiioss `c ELE `s mgsoa kcpks`t`kc`cn gca tè`cn. Kcly tho tkp pks`t`kcs usuglly thkso whk dk`coa ogrly kr krngc`zoa tho

sihoeo igc ng`c g prkf`t, gca kcly g t`cy cuemor igc ovor mo gt tho tkp. Qho w`ccors glrogaykiiupy thopks`t`kcsthgt gro nugrgctooakf suiioss ogih tèo thgt g cow pgrtì`pgct egbos gc`cvosteoct. Qho lksors thkso whk gro tho lgtost tk dk`c tho sihoeo hgvo v`rtuglly ck ihgciotkroplgio thkso glrogay pks`t`kcoa gt tho tkp.

Pot, ovoc us`cn tho ELE `caustry's kwc rostrìt`vo eothka kf giikuct`cn, gcglys`s kf gvg`lgmloagtg rovogls thgt ekro thgc 00% kf gll "git`vo" ikcsueors whk `cvost ekcoy gca tèo `c eult`-lovol egrbot`cn covor ogrc g prkf`t. Ykeo lkso hucaroas, kthors thkusgcas kf akllgrs. Gca st`llkthors gro argwc `ctk f`cgci`gl ru`c nr`ppoa my tho eyth, whìh tho ELE `caustry hgs igrofullyiult`vgtoa, thgt tho eult`-lovol egrbot`cn mus`coss kffors tho most kppkrtuc`ty fkr ogrc`cn g l`v`cngca moike`cn woglthy.

Qho egss`vo ikcsueor lkssos gro tho a`roit rosult kf tho ELE `caustry's ikciortoa offkrts tkw`thhkla kr kmsiuro v`tgl f`cgci`gl gca h`stkrìgl `cikeo agtg frke tho `cvostkrs whk muy `ctktho mus`coss gs sglos roprosoctgt`vos. Qh`s w`thhkla`cn kf agtg `s ikepkucaoa my lgrno-siglo a`s-`cfkregt`kc igepg`ncs `c whìh tho mus`coss `s ihgrgitor`zoa gs g luirgt`vo `cikeo kppkrtuc`tygca g sustg`cgmlo `cikeo skurio fkr tho gvorgno pgrtì`pgct. Ekst kf tho ELE ikepgcòs hklahuno rgllòs whoro gttocaoos gro grkusoa tk g froczy kf hkpo gca oxpoitgt`kc gmkut tho woglthgca frooake thoy gro tkla thoy w`ll gihòvo `c tho mus`coss.6

Kmsiuro tho Cgturo kf tho Mus`coss

Eult`-lovol egrbot`cn `s ckt tho sgeo gs a`roit soll`cn gcy ekro thgc `t `s frgcih`s`cn. Gvkc gca

Qupporwgro gro a`roit soll`cn mus`cossos, mut ckt eult`-lovol egrbot`cn.

Eult`-lovol egrbot`cn `s g spoi`gl`zoa mus`coss ekaol. @t a`ffors s`nc`fìgctly frke trga`t`kcgla`roit soll`cn `c `ts uc`quo gca ihgrgitor`stì pklìy kf guthkr`z`cn ovory git`vo sglosroprosoctgt`vo tk roiru`t kthors gca tk ogrc kvorrào ikee`ss`kcs frke tho purihgsos kfnocorgt`kcs kf roiru`ts `c g eult`-tòroa ihg`c. Qh`s uso kf tho "ocaloss ihg`c" kf roiru`t`cn `s thoeg`c pk`ct kf ikctrkvorsy. @t `s tho ihgrgitor`stì thgt `cv`tos tho f`cgci`gl gmuso gca aoiopt`kc.Qho kvorrào ikee`ss`kcs pgà a`roitly my tho ikepgcy tk roiru`tors gro tho prègry skurio fkrtho prke`soa `cikeos `c ELE, wh`lo rotg`l sglos prkf`ts gro tho prègry skurio kf `cikeo `ctrga`t`kcgl a`roit soll`cn.>

6 @c `ts Egy >, =::1 ropkrt CMI Agtol`comrkunht hàaoc igeorgs `ctk g =::9 Gewgy/Wu`xtgr rglly kf 7:,:::roiru`ts `c Nroocv`llo, YI whoro gttocaoos woro urnoa tk qu`t tho`r dkms gca moikeo Gewgy sglos roprosoctgt`vos.Qhoy woro loa `c g thucaorkus ihgct, "Frooake! Frooake! Flush thgt st`cb`cn dkm!">Qho FQI hgs covor `ssuoa g rulo thgt aof`cos kr ronulgtos eult`-lovol egrbot`cn. @cstoga, tho FQI kffors ikcsueorsg mlgcbot wgrc`cn gng`cst tho ekst h`nhly prkektoa gca uc`quo ihgrgitor`stì kf ELE - tho gm`l`ty tk ogrc ekcoykc kvorràos frke tho "akwcl`co". Kc `ts woms`to, tho FQI hgs wgrcoa, "Mo igut`kus kf plgcs thgt ilgè yku w`llegbo ekcoy thrkunh ikct`cuoa nrkwth kf ykur "akwcl`co" - tho ikee`ss`kcs kc sglos egao my cow a`str`mutkrsyku roiru`t - rgthor thgc thrkunh sglos kf prkauits yku egbo ykursolf." Iurroctly, tho FQI gav`sos ikcsueors tk"Gvkà gcy plgc thgt `ciluaos ikee`ss`kcs fkr roiru`t`cn gaa`t`kcgl a`str`mutkrs. @t egy mo gc `llongl pyrgeà."Ckto4 Gll ELEs `cirogso ikee`ss`kcs mgsoa kc tho lovols kf roiru`teoct gihòvoa. @c fgit, tho kcly wgy tk ogrc thoh`nh `cikeos thgt gro gavort`soa `s frke roiru`t`cn ekro a`str`mutkrs.


12/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 7=


Qho ELE egcgnoeoct ihg`c `s ckt tho sgeo gs egcgnoeoct struituros usoa my trga`t`kcglsglos ikepgcòs. Qrga`t`kcgl a`roit soll`cn ikepgcòs igc krngc`zo oct`ro ikuctròs w`th fkurlovols kf egcgnors kvorsoo`cn g a`roit sglos fkrio thgt rotg`ls a`roitly tk tho ikcsue`cn pumlì krtk mus`coss oca-usors. @c ELE ikepgcòs, tho cuemor kf lovols oxpgcas "`cf`c`toly" gs upporlovols gro gwgraoa mkcusos kc tho purihgso vklueos kf oxtocaoa nocorgt`kcs kf 7=-lovol ihg`cs

thgt hgvo "mrkboc gwgy" whoc thoy rogih purihgso-vklueo throshklas. @c th`s wgy, egcy ELEsfucit`kc gs "ocaloss" ihg`cs.

Qho eult`plo lovols gro ogih pgà skeo ikee`ss`kc kc ogih purihgso egao my cow roiru`ts._suglly motwooc 1:-6:% kf tho prìo pgà my tho cow roiru`t `s roa`str`mutoa tk tho roiru`torsgmkvo tho lgtost octry lovol. @c egcy igsos, tho tktgl gekuct kf tho whklosglo prìo thgt `s pgà tktho "upl`co" oxiooas tho egxèue nrkss prkf`t tho cow roiru`t ikula ogrc `f ho/sho woro tk rotg`ltho prkauit gt full prìo.

Zut kc tho Igekuflgno kf "Zrkauit Yglos"

Qhkunh v`rtuglly ckco kf tho "sglos roprosoctgt`vos" ovor ogrcs g prkf`t kr hgs gcy "iustkeors,"g pyrgeà sihoeo igc mo egao tk gppogr gs g "sglos ikepgcy." Qh`s `s moiguso ogih cow roiru`t

egbos g purihgso kf prkauits gca tho ikee`ss`kcs gro gll mgsoa kc tho purihgsos kf prkauits mykthor roiru`ts. Qhoro egy mo v`rtuglly ck oca-usors, dust g lkcn ihg`c kf "a`str`mutkrs." Qho fowsglos roprosoctgt`vos thgt ak ogrc g prkf`t ak sk kcly frke g ikct`cukus `cflux kf cowly roiru`toa`cvostkrs (kthor sglos roprosoctgt`vos/a`str`mutkrs). @f tho roiru`teoct prknrge ocas, tho`r `cikeoiogsos.

Qhkunh tho roiru`teoct-mgsoa sihoeo `s igekuflgnoa tk gppogr gs g "sglos" ikepgcy, thoilgssì oloeocts kf tho pyrgeà sihoeo frgua gro gll prosoct4

7. Eult`plo lovols kf `cvostkrs tk mr`cn `c ekro roiru`ts2=. Zgyeocts tk ng`c gca eg`ctg`c g pks`t`kc kc tho ihg`c29. ]oiru`teoct roqu`roa tk ekvo up tho ihg`c whoro rowgras gro pgà21. Ogrly `cvostkrs gro pgà a`roitly frke tho cowost roiru`ts' `cvosteocts2?. G struituro thgt plgios tho vgst egdkr`ty poregcoctly gt tho mkttke whoro ck `cikeo `s

pkss`mlo2

6. Ogih suiiooa`cn lovol `c tho roiru`teoct-mgsoa sihoeo eust mo lgrnor thgc tho kco gmkvo,gca tho cuemors kf tktgl pgrtì`pgcts eust nrkw suiioss`voly, o.n. f`vo sglos roprosoctgt`vosroiru`t =? whk eust roiru`t 7=? whk roiru`t 6=?, oti. uct`l sgturgt`kc.

Yuih g sihoeo igc covor stkp roiru`t`cn. @t igc covor stgm`l`zo s`cio `t hgs ck truo iustkeormgso. Fkr gs lkcn gs tho sihoeo kporgtos gca oxpgcas, tho kppkrtuc`ty fkr roiru`t`cn aoil`cos,thoromy furthor roaui`cn tho kppkrtuc`ty fkr `cikeo. Zrkf`t `c suih g sihoeo `s ckt truo prkf`t mutkcly g trgcsfor kf ekcoy frke tho lgtost roiru`ts tk tho ogrlòr kcos.

Pot, tho lgucaor`cn kf ekcoy thrkunh prkauit purihgsos igc igekuflgno tho oct`ro kporgt`kc gsg "sglos ikepgcy" mgsoa kc "prkauits" ckt foos. Qho prkauit sglos `c g roiru`teoct sihoeo gro`cauioa my tho fglso prke`sos kf `cikeo tòa tk kcnk`cn `cvoctkry purihgsos. Ck purihgso egymo roqu`roa tk dk`c tho sihoeo, mut ekcthly purihgsos gro roqu`roa tk "qugl`fy" fkr tho "uclè`toa`cikeo" kppkrtuc`ty.


13/43



Zgrt =4 Oxpks`cn tho Eyth kf ELE ]omgto @cikeo

Agtg Ykurios

Zyrgeà Yihoeo Glort ikep`loa gc gcglys`s kf tho gitugl gvorgno `cikeos kf g sgeplo kf

7:,::: sglos roprosoctgt`vos fkr Cusb`c, C`bboc, Eolglouig, ]ol`v, Grmkcco, Froo L`fo@ctorcgt`kcgl gca Iymorw`zo.ike. Qhoso sovoc eult`-lovol egrbot`cn ikepgcòs, s`x kf whìhgro lgrno, woll-bckwc eoemors kf tho A`roit Yoll`cn Gsski`gt`kc (AYG) gca tho sovocth g coworgca fgst-nrkw`cn ELE, gro rongraoa `c tho eult`-lovol egrbot`cn mus`coss gs roprosoctgt`vooxgeplos kf thgt `caustry. Qhoy gro roprosoctgt`vo `c prkauit typo, pgy plgc, mus`coss struituro,gca egrbot`cn ilgès kf tho egdkr`ty kf eult`-lovol egrbot`cn ikepgcòs. Qho ikepgcòs worosoloitoa mgsoa kc tho agtg gvg`lgmlo mut glsk kc tho roprosoctgt`vo cgturo kf thoso ikepgcòs.

Qho f`nuros usoa `c tho gcglys`s gro frke pumlì akiueocts kf tho ikepgcòs thoesolvos gcathoy kcly `ciluao pgyeocts egao my tho ikepgcòs tk tho sglos roprosoctgt`vos `c romgtos gcaikee`ss`kcs. Qho porioctgnos gca gitugl akllgr f`nuros hgvo mooc oxtrgpklgtoa tk g "por 7:,:::sglos roprosoctgt`vos" `c kraor tk prkvào g ekro ucaorstgcagmlo pìturo gca tk egtih agtg kf tho

ikepgcòs gcglyzoa. Gs oxplg`coa `c tho supploeoct, g lgrnor sgeplo `s gpplòa tk thoGewgy/Wu`xtgr agtg.

Qho rgw agtg frke Cusb`c `s frke `ts ropkrt oct`tloa "7008 Gitugl Gvorgno @cikeos." Cusb`cwgs roqu`roa my tho Foaorgl Qrgao Ikee`ss`kc tk egbo a`silksuros auo tk twk v`klgt`kcsrongra`cn fglso `cikeo ilgès. Cusb`c kcly igliulgtoa tho `cikeos kf thkso whk woro git`vokco ekcth kf 7008. Qho tktgls kf thkso whk dk`coa mut arkppoa kut aur`cn tho yogr woro

oxiluaoa.

C`bboc's gca Eolglouig's cuemors ikeo frke ropkrts thgt ogih ikepgcy hgs prkvàoa tka`str`mutkrs `c tho pgst. Mkth glsk ikuctoa kcly "git`vo" a`str`mutkrs. Eolglouig kcly igliulgtoatho `cikeos kf thkso whk woro git`vo aur`cn gll 7= ekcthskf =::=. Qhkso whk arkppoa kutmofkro g yogr woro oxiluaoa. Eolglouig hgs ropkrtoa thgtekro thgc hglf kf gll `ts a`str`mutkrsarkp kut w`th`c g yogr.

Eolglouig's cuemors woro glsk kmsiuroa my ckt prkvà`cn oxgit cuemors kc tho porioctgno kfsglos roprosoctgt`vos `c ogih lovol kut kf tho tktglsglos roprosoctgt`vos, kcly tho`r porioctgnosw`th`c ogih kf twk egdkr nrkups. Hkwovor, tho ikepgcy stgtoa thgt gpprkxègtoly kco `c f`vowhk stgy `c fkr g yogr ekvo frke tho mkttke nrkup tk tho h`nhor kco. Qho ZYG gcglys`s `s mgsoakc thgt nocorgl mrogbakwc kf tho s`zos kf tho twk eg`c nrkups.

]ol`v, Grmkcco's gca Froo L`fo's cuemors ikeo a`roitly frke roioct agtg iurroctly prkvàoa kctho`r kffì`gl woms`tos.

Iymorw`zo.ike's agtg ikeos frke tho "@cikeo A`silksuro Ytgtoeoct fkr Iymorw`zo.ike =::9-=::1" pkstoa kc tho Iymorw`zo.ike woms`to. Qh`s ikepgcy, l`bo kthors, lè`toa agtg kcly tkthkso git`vo sglos roprosoctgt`vos whk hga egao g purihgso aur`cn tho yogr gca aà ckt `ciluao"tore`cgtoa" sglos pokplo.

Qho agtg skurio fkr Gewgy/Wu`xtgr `s Gvorgno Gccugl @cikeo fkr @MKs `c Ckrth Georìg,=::7 Gvorgno Gccugl Ogrc`cns `c _.Y. Akllgrs, =::= Wu`xtgr @ci., whìh hga mooc pkstoa kctho Wu`xtgr woms`to. (Ckto4 @c Gewgy/Wu`xtgr tores, g a`str`mutkr (sglosporskc) `s iglloa gc"@MK" (`caopocaoct mus`coss kwcor). "Git`vo `c tho Wu`xtgr a`silksuro eogcs gc @MK


14/43



gttoeptoa tk egbo g rotg`l sglo, kr prosoctoa tho @caopocaoct Mus`coss Kwcorsh`p Zlgc, krroio`voa mkcus ekcoy, kr gttocaoa g ikepgcy kr @MK eoot`cn `c tho yogr =:::.)

Agtg Gcglys`s4 Mrogb`cn tho ELE Yoirot Ikao

Agtg A`silksoa my Ikepgcòs

Gll agtg usoa `c tho gcglys`s kf romgto `cikeo woro a`silksoa gca puml`shoa my tho ELEikepgcòs thoesolvos. Qho ZYG gcglys`s sèply trgcslgtos th`s agtg `ctk g ekro ucaorstgcagmlofkregt. Agtg moikeo fgr ilogror whoc thoy gro krngc`zoa `c g por-7:,:::-sglos-roprosoctgt`vosfkregt. My trgcslgt`cn th`s agtg `ctk g sèplor gca ilogr fkregt, tho ELE ikao `s mrkboc. Qhogmsuraly segll pgykuts tk tho vgst egdkr`ty gt tho mkttke kf tho ihg`c gca tho ockrekus pgykutstk tho hgcaful kf `ca`vàugls gt tho tkp, whìh gro hàaoc `c tho ELE fkregttoa agtg gro stgrblyrovogloa.

ELE ikepgcòs skunht tk egbo tho f`nuros gppogr ekro fgvkrgmlo my lè`t`cn tho igliulgt`kcskcly tk tho sglos roprosoctgt`vos whk stgy "git`vo" fkr g yogr, kr kcly ikuct`cn thkso thgt grogit`vo aur`cn kco soloitoa ekcth kr sovorgl ekcths. _s`cn thgt soloit`vo eothka, gs ogih kf thoELE ikepgcòs aà, tho gvorgno `cikeos kf thkso gt tho mkttke woro `cirogsoa.Qho prkpkrt`kckf thkso gt tho tkp lovol wgs sè`lgrly aoirogsoa. Hga glla`str`mutkrs mooc ikuctoa, kr `f glla`str`mutkrs whk pgrtì`pgtoa kvor g eult`-yogr por`kaworo `ciluaoa, g truor fg`luro rgto wkulamo rovogloa. Gs mga gs tho f`nuros gro, thoy wkula mo fgr wkrso `f gll pgrtì`pgcts woro `ciluaoagca g lkcnor tèo frgeo gpplòa.

Eothka kf Igliulgt`kcs

Qho uso kf g sgeplo kf 7:,::: trgcslgtos tho gmstrgit gca a`ffìult tk ucaorstgca agtgpuml`shoa my tho ELE `ctk g ikeprohocs`mlo gca ikepgrgmlo fkregt. ^hoc tho porioctgnoskf a`str`mutkrs `c ogih "lovol" (A`gekca, Mrkczo, A`roitkr, oti.) gro a`silksoa my tho ELEikepgcy, tho gitugl cuemors kf pokplo `c ogih lovol igc mo aotore`coa my gpply`cn thoe tkg 7:,:::-porskc sgeplo. Fkr oxgeplo, Cusb`c rovogloa thgt :.66% kf gll "git`vo" a`str`mutkrs

woro gt tho "Lgp`s" lovol. @c g sgeplo kf 7:,:::, th`s eogcs thgt 66 pokplo kut kf 7:,:::wkula mo gt thgt lovol.

^`th tho sgeplo a`vàoa `ctk gitugl cuemors fkr ogih kf tho lovols, gca gc gvorgno pgyeoctpor a`str`mutkr `c ogih lovol a`silksoa my ELE ikepgcy, tho tktgl akllgrs pgà tk ogih lovol,por 7:,:::, igc mo igliulgtoa. Qho gvorgno pgykut por a`str`mutkr `c ogih lovol `s eult`plòamy tho tktgl cuemor, por 7:,:::, `c ogih lovol.

^`th tho tktgl pgykut tk ogih p`c lovol aotore`coa, tho porioctgno kf tho sue tktgl pgykutthgt `s pgà tk ogih lovol `s igliulgtoa my a`và`cn tho tktgl kf ogih lovol `ctk tho sue tktglpgykut tk gll lovols.

]ovocuo, ckt Zrkf`ts

Qho `cikeo cuemors gro ckt "prkf`ts." Qho iksts kf ak`cn mus`coss (muy`cn `cvoctkry, igroxpocsos, phkco ihgrnos, purihgso kf egrbot`cn egtor`gls, trg`c`cn soe`cgrs, oti.) gro cktaoauitoa, ckr gro tgxos. Gitugl cot `cikeo, whoro gcy ox`sts, wkula mo euih lkwor thgc thocuemors prosoctoa.

Qho fgit thgt gvorgno `cikeo akos ckt oqugto tk "prkf`t" hklas truo ovoc fkr tho h`nhost gvorgno`cikeos ropkrtoa fkr tho fow gt tho tkp kf tho ELE sglos krngc`zgt`kcs. @c g Egy, =::1 oxpkskf tho Gewgy/Wu`xtgr sglos prknrge, CMI Agtol`coa`silksoa thgt tho egdkr`ty kf `cikeo tk


15/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 7?


Gewgy's tkp a`str`mutkrs aà ckt ikeo frke ikee`ss`kcs kc Gewgy prkauits. ]gthor, tho`reg`c skurio kf `cikeo wgs frke soll`cn mkkbs, tgpos gca soe`cgr ron`strgt`kcs tk cow roiru`ts.^h`stlo-mlkwors tklaCMI Agtol`cothgt tho iksts kf mo`cn g tkp prkektor gt Gewgy oxiooaoatho `cikeo gca thgt w`thkut tho "soirot" kthor `cikeo skurio, thoso "b`cnp`cs" wkula lksoekcoy. Qho wh`stlo-mlkwors `ctorvòwoa kcAgtol`coglsk ihgrnoa thgt tho sglos kf mkkbs, tgpos

gca soe`cgr ron`strgt`kcs gro krngc`zoa gs g ilksoa pyrgeà sihoeo. Qho nkkas gro covorrotg`loa kutsào tho sglos fkrio. _ppor lovols igc ogrc ekcoy frke tho sglos kf thoso `toes tklkwor lovols, whk `c turc ak tho sgeo.

]otg`l Yglos Iksts gca @cikeo Oxiluaoa

]otg`l sglos rovocuos gro glsk ckt igliulgtoa `c tho gcglys`s kf tho o`nht ikepgcòs. Zgrt 9 kf thoropkrt gaarossos tho rotg`l sglos soitkr kf tho ELE "`cikeo kppkrtuc`ty" us`cn g euih lgrnorsgeplo kf ikepgcòs.

Y`cio ck prkdoit`kcs kf rotg`l prkf`ts gro `ciluaoa `c th`s ropkrt, gcy iksts gsski`gtoa w`th rotg`lsoll`cn suih gs `cvoctkry purihgsos, egrbot`cn, trgvol, trg`c`cn, froo sgeplos, a`sikucts, oti. groglsk ckt igliulgtoa. @f thoso iksts woro fgitkroa w`th whgtovor segll gekuct kf rotg`l rovocuo tho

sglos roprosoctgt`vos ogrcoa, tho lkssos wkula mo euih lgrnor thgc prosoctoa.


16/43



Zyrgeà Yihoeo Glort Agtg Gcglys`s]kmort L. F`tzZgtrìb, Zros. =::?

ELE Ikepgcy4 Cusb`cAgtg Ykurio4 "Cusb`cs 7008 Gitugl Gvorgno @cikeos ]opkrt

Lovol Ck. c ogihLovol por7:,:::

A`str`mutkrs

% kf gllA`str`mutkrs

`c ogihLovol/Nrkup

GvorgnoZgyeoct porA`str`mutkr `c

ogih Lovol

Qktgl Zgyeoctpor Lovol/ por

7:,:::A`str`mutkrs

% kf QktglZgyeocts porLovol/Nrkup

MluoA`gekca

76 .76% $18:,1:9.0> $>,686,161 ?=.16%

A`gekca 0 .:0% $7?1,?87.68 $7,907,=9? 0.10%

Oeorgla 8 .:8% $?9,1==.1: $1=>,9>0 =.07%

]umy 70 .70% $=>,:>:.07 $?71,91> 9.?7%

Lgp`s 66 .66% $7=,1:8.00 $878,009 ?.?0%

Nkla 777 7.77% $6,677.11 $>89,8>: ?.9?%

Qktgl porNrkup

==0 =.=0% $?:,>?=.9? $77,6==,=88 >0.97%

Oxoiut`vo =66 =.66% $1,6==.:9 $7,==0,16: 8.90%

Wugl`fy`cnOxoiut`vo

16 .16% $=,088.08 $79>,109 :.01%

A`str`mutkr 88: 8.8% $7,888.=: $7,667,676 77.96%

A`str`mutkrswhk aà ckt

roio`vo

ikee`s-s`kcs

8,?>8 8?.>8% $:.:: :

Qktgl porNrkup

0,>>: 0>.>% $97: $9,:=8,?60 =:.60%

Qktgls 7:,::: 7::% $7,16? $71,6?:,8?> 7::.::%

Fkr ogih 7:,::: Cusb`c a`str`mutkrs4

Dust 76 kut kf tho 7:,::: `ca`vàugls roio`voa ?=% kf tktgl ikepgcy pgyeocts. Qho eogc gvorgno pgyeoct tk tho mkttke 00% kf Cusb`c a`str`mutkrs wgs $>.19 por woob.

(mofkro oxpocsos gca tgxos gro aoauitoa - rosult`cn `c g s`nc`fìgct lkss.)

Qho tkp 7% kf tho 7:,::: roio`voa >1% kf gll ikepgcy pgyeocts. Qho mkttke 86% roio`voa ck ikepgcy pgyeocts gt gll. Qho eogc gvorgno pgyeoct tk glltho Cusb`c a`str`mutkrs wgs $=8 por woob - mofkro oxpocsos

gca tgxos.


17/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 7>



ELE Ikepgcy4 C`bbocAgtg Ykurio4 C`bboc _YG's Gvorgno ôllcoss Ikcsultgct @cikeo Yhoot Gccugl @cikeoYtgt`stìs =:::

Lovols Ck. c ogihLovol por7:,::::

A`str`mutkrs

% kf gllA`str`mutkrs `c

ogihLovol/Nrkup


ogih Lovol

Qktgl Zgyeoctpor

Lovol/Nrkuppor 7:,:::

A`str`mutkrs


]kyglA`gekca

7 :.:7% $7,:=1,166 $7,:=1,166 76%

A`gekca 1 :.:1% $=6?,71? $7,:6:,?8: 76%

Zlgt`cue =: :.=:% $1>,979 $016,=6: 71%

Nkla ?: :.?:% $7?,70= $>?0,6:: 7=%

Y`lvor ??? ?.??% $=,0:1 $7,677,>=: =?%

Qktgl ZorNrkup

69: 6% $?,1:=,6=6 89%

Mrkczo =09 =.09% $060 $=89,07> 1%

Oxoiut`vo 0?: 0.?:% $90: $9>:,?:: 6%

Yoc`kr =,>=0 =>.=0% $>9 $700,=7> 9%

A`roit ?,908 ?9.08% $?= $=8:,606 1%

Qktgl ZorNrkup

0,9>: 01% $7=7 $7,791,99: 7>%

Qktgls 7:,::: 7::% $6?1 $6,?96,0?6 7::%

Fkr ogih 7:,::: C`bboc a`str`mutkrs4

Dust =? kut kf tho 7:,::: `ca`vàugls roio`voa 16% kf tktgl ikepgcy pgyeocts. Loss thgc 7% kf tho 7:,::: (>? pokplo) roio`voa ?8% kf gll ikepgcy pgyeocts. Qho mkttke 01% roio`voa kcly 7>% kf tho pgyeocts. Qho eogc gvorgno pgyeocts tk tho mkttke 00% kf C`bboc a`str`mutkrs wgs $?.9= por woob

(mofkro oxpocsos gca tgxos gro aoauitoa - rosult`cn `c g s`nc`fìgct lkss).

Qho eogc gvorgno pgyeocts tk glltho C`bboc a`str`mutkrs wgs $7=.?> por woob - mofkrooxpocsos gca tgxos.


18/43




ELE Ikepgcy4 EolglouigAgtg Ykurio4 Eolglouig's =::= Gccugl @cikeo Ytgt`stìs, Eolglouig Egrbot`cn Oxoiut`vos

Lovols Ck. c ogihLovol por7:,:::A`str`mutkrs

% kf gllA`str`mut

krs `cogih

Lovol/Nrkup


ogih Lovol

Qktgl Zgyeoctpor

Lovol/Nrkuppor 7:,:::

A`str`mutkrs.

% kf QktglZgyeoctspor Lovol/

Nrkup

Oxoi.A`roitkr

9: .9% $7=6,9== $9,>80,66: 9?.=9%

Yr. A`roitkr ?= .?=% $99,687 $7,>?7,17= 76.=8%

A`roitkr V 76 .76% $71,876 $=9>,:?6 =.=:%

A`roitkr @V 98 .98% $7:,>78 $1:>,=81 9.>8%

A`roitkr @@@ 01 .01% $6,8>= $61?,068 6.::%

A`roitkr @@ =68 =.68% $9,?6> $0??,0?6 8.88%

A`roitkr 7,?:= 7?.:=% $7,=70 $7,89:,098 7>.:=

Qktgl porNrkup

=,::: =:.:% $1,8:0 $0,678,=>1 80.1%

Oxoi. @@@ 7,:61 7:.61% $909 $178,7?= 9.88%

Oxoi. @@ 7,?96 7?.96% $766 $=?1,0>6 =.9>%

Ebtn. Oxoi. ?,1:: ?1% $86 $161,1:: 1.97%

Qktgl ZorNrkup

8,::: 8:.:% $71= $7,79>,?=8 7:.6%

Qktgls 7:,::: 7::% $7,:>? $7:,>??,8:= 7::%

Fkr ogih 7:,::: Eolglouig a`str`mutkrs4

8= pokplo kut kf 7:,::: (loss thgc 7% kf tho tktgl) roio`voa kvor kco-hglf kf tho tktglikepgcy pgykut. (Qho kthor hglf kf tho pgykut wgs a`vàoa gekcn 0,078 kthors.)

Dust 9: `ca`vàugls roio`voa 9?% kf tho tktgl, ogih kco roio`v`cn kvor $=,1:: por woob. Qho eogc gvorgno pgyeoct tk kf tho mkttke 00% kf Eolglouig A`str`mutkrs whk roeg`coa

git`vo fkr kco full yogr wgs $0.66 por woob (mofkro oxpocsos gca tgxos gro aoauitoa -rosult`cn `c g s`nc`fìgct lkss).


19/43




ELE Ikepgcy4 Grmkcco @ctorcgt`kcgl

Agtg Ykurio4 "Qho Ikepgcy @caopocaoct Ikcsultgct Ikepocsgt`kc Yueegry"(frke Grmkcco kffì`gl ôms`to, http4//www.grmkcco.ike/ikepgcy/ìis.htel)Duco =0, =::?

Lovol Ck. c ogih

Lovol por7:,:::A`str`mutkrs

% kf gll

A`str`mutkrs`c ogihLovol/Nrkup

Gvorgno

Zgyeoct porA`str`mutkr `cogih Lovol

Qktgl Zgyeoct

por Lovol/ por7:,:::A`str`mutkrs

% kf Qktgl

Zgyeocts porLovol/Nrkup

Cgt`kcgl VìoZrosàocts

1 :.:1% $99:,?76.1: $7,9==,:6?.6: =0.>>%

]on`kcgl

VìoZrosàocts

76 :.76% $>?,>7?.=: $7,=77,119.=: =>.=>%

GrogEgcgnors

?8 :.?8% $7>,091 $7,:1:,7>= =9.1=%

A`strìtEgcgnors

=71 =.71% $9,?7>.6: $>?=,>66.1: 76.0?%

Ikcsultgcts 798 7.98 $8=0.6: $771,181.8: =.?8%

Qktgl porNrkup

19: 1.9% $1,11:,09=.:: 7::%

Ikcsultgctswhk aà cktroao`vo gcyikepgcy

romgtos

0,?>: 0?.>% $: $: :%

Qktgl 7:,::: 7::% $1,11:,09=.:: 7::%

Fkr ogih 7:,::: Grmkcco a`str`mutkrs4

Dust =: kut kf tho 7:,::: `ca`vàugls roio`voa ?>% kf tktgl ikepgcy pgyeocts. Qho eogc gvorgno pgyeoct tk tho mkttke 00% (00.==%) kf Grmkcco a`str`mutkrs wgs $7.68 por woob.

(mofkro oxpocsos gca tgxos gro aoauitoa - rosult`cn `c g s`nc`fìgct lkss.)

Qho tkp 7% (.>8%) kf tho 7:,::: roio`voa 8:% kf gll ikepgcy pgyeocts. Qho mkttke 06% roio`voa ck ikepgcy pgyeocts gt gll. Qho eogc gvorgno pgyeoct tk glltho Grmkcco a`str`mutkrs wgs $8.?1 por woob - mofkro oxpocsos gca

tgxos.

Grmkcco's "Qho Ikepgcy @caopocaoct Ikcsultgct Ikepocsgt`kc Yueegry"stgtos4 "@caopocaoct Ikcsultgcts igcmuy Grmkcco prkauits frke tho Ikepgcy gt whklosglo prìos fkr rosglo tk Ilòcts kr fkr porskcgl uso Ekst

Ikcsultgcts porskcglly uso tho prkauits `c gaa`t`kc tk rotg`l`cn thoe. Gs g rosult kf thoso a`fforoct siocgr`ks,Grmkcco akos ckt prkvào gc ostègto kf gvorgno kr gitugl Ikcsultgct `cikeo frke rotg`l sglos `c th`s ikepocsgt`kcsueegry.


20/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn =:



ELE Ikepgcy4 ]ol`v

Ykurio4 "=::9 OG]C@CNY YQGQ@YQ@IY" (frke ]ol`v kffì`gl ôms`to,

http4//www.rol`v.ike/akis/=::9Ogrc`cnsA`silksuro.paf)Lovol Ck. c ogih

Lovol por7:,:::A`str`mutkrs

% kf gllA`str`mutkrs`c ogihLovol/Nrkup

GvorgnoZgyeoct porA`str`mutkr `cogih Lovol

Qktgl Zgyeoctpor Lovol/ por7:,:::A`str`mutkrs


Zrosàoct`glA`roitkr

=7 .=7% $7?8,7=8.0= $9,9=:,>:> 1>%

EgstorA`roitkr

1: .1:% $9>,?87.18 $7,?:9,=?0 =7%

Yoc`krA`roitkr

19 .19% $78,780.>= $>8=,7?8 77%

Boy A`roitkr 798 7.98% $6,>18.?6 $097,9:7 79%

A`roitkr 1?8 1.?8% $7,9:>.88 $?00,::0 8%

Qktgl porNrkup

>:: >% $>,796,191.:: 7::%

]otg`lA`str`mutkr,Gff`l`gto, BoyGff`l`gto,Yoc`krGff`l`gto,Wugl`fòa

EgstorGff`l`gto gca

EgstorGff`l`gto

0,9:: 09% $: $: :%

Qktgl 7:,::: 7::% $>,796,191.:: 7::%

Fkr ogih 7:,::: ]ol`v a`str`mutkrs4

Dust =7 kut kf tho 7:,::: `ca`vàugls roio`voa 1>% kf tktgl ikepgcy pgyeocts. Qho eogc gvorgno pgyeoct tk tho mkttke 00% kf ]ol`v a`str`mutkrs wgs $=.0> por woob. (mofkro

oxpocsos gca tgxos gro aoauitoa - rosult`cn `c g s`nc`fìgct lkss.)

Qho tkp 7% kf tho 7:,::: roio`voa >0% kf gll ikepgcy pgyeocts. Qho mkttke 09% roio`voa ck ikepgcy pgyeocts gt gll. Qho eogc gvorgno pgyeoct tk glltho ]ol`v a`str`mutkrs wgs $79.>= por woob - mofkro oxpocsos gca

tgxos.

]ol`v's "=::9 OG]C@CNY YQGQ@YQ@IY"akos "ckt `ciluao prkf`ts ogrcoa thrkunh rotg`l sglos kfprkauit tk iustkeors kr whklosglo prkf`ts frke sglos kf prkauit tk akwcl`co A`str`mutkrspurihgs`cn gt lkwor a`sikucts mut, giikra`cn tk ]ol`v, "`t `s fg`r tk stgto thgt rotg`l gcawhklosglo prkf`ts frke iustkeors gca akwcl`co A`str`mutkrs ikcst`tuto g egdkr fkre kf `cikeofkr ]ol`v a`str`mutkrs." ]ol`v sgys `t "hgs ck iurroct gm`l`ty tk ostègto thkso typos kf `cikeo."


21/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn =7



ELE Ikepgcy4 Froo L`fo @ctorcgt`kcgl

Agtg Ykurio4 Froo L`fo's =::1 Gccugl @cikeo Ytgt`stìs(http4//frool`fo.ike/`cfk/egboekcoy/`cikeostgts/=::1`cikeostgt`stìs.paf[)

Lovols Ck. c ogihLovol por7:,:::A`str`mutkrs

% kf gllA`str`mut

krs `cogih

Lovol/Nrkup


ogih Lovol

Qktgl Zgyeoctpor Lovol/Nrkup

por 7:,:::A`str`mutkrs.

% kfQktgl

Zgyeoctspor Lovol/

Nrkup

]kyglGemgssgakr

7> .7>% $?10,66= $0,911,=?1 =>%

Gemgssgakr =80 =.80% $?0,=1?.=7 $7>,7=7,86? 10 %

A`roitkr V ?7 .?7% $79,666.08 $60>,:7?.08 =.%

A`roitkr @V 7:= 7.:=% $7=,>?6.:= $7,9:7,771 1%

A`roitkr @@@ =:1 =.:1% $>,=??.0= $7,18:,=:>.6: 1%

A`roitkr @@ 9:6 9.:6% $9,699.1? $7,777,89?.>: 9%

A`roitkr @ >97 >.97% $=,98:.06 $7,>1:,187.>: ?%

Qktgl porNrkup

7,>:: 7>.:% $9=,>06,>>9.08 01 %(rkucaoa)

A`roitkr ?87 ?.87% $7,:11.9> $6:6,>>8.0> 7.>1%

Oxoiut`vo @V 108 1.08% $>77.80 $9?1,?=7.== 7%

Oxoiut`vo @@. 9,?60 9?.60% $=91 $89?,716 =.1%

Oxoiut`vo 9,6?= 96.?=% $6=.70 $==>,77>.88 .6?%Qktgl Zor

Nrkup8,9:: 89.:% $=,:=9,?69.0: 6%

(rkucaoa)

Qktgls 7:,::: 7::% $7,:>? $91,8=:,99>.88 7::%

Fkr ogih 7:,::: Froo L`fo a`str`mutkrs4

7> pokplo kut kf 7:,::: roio`voa kvor kco-fkurth kf tho tktgl ikepgcy pgykut. Qho tkp 9% kf tho tktgl roio`voa kvor >?% kf tho tktgl ikepgcy pgykut. Ogih kco `c tho tkp

9% ogrcoa kc gvorgno $7,>:: por woob.

Qho roeg`c`cn kco/fkurth `s a`vàoa gekcn tho 0,601 kthors. Qho eogc gvorgno pgyeoct tk kf tho mkttke 0>% kf Froo L`fo A`str`mutkrs whk roeg`coa

git`vo fkr kco full yogr wgs $76.?> por woob (mofkro oxpocsos gca tgxos gro aoauitoa -rosult`cn `c g s`nc`fìgct lkss).


22/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn ==



ELE Ikepgcy4 Iymorw`zo.ike

Agtg Ykurio4 @cikeo A`silksuro Ytgtoeoct fkr Iymorw`zo.ike =::9-=::1 kc thoIyemorw`zo.ike woms`to (Gunust, =::1)

Lovol Ck. c ogihLovol por7:,:::

A`str`mutkrs

% kf gllA`str`mutkrs

`c ogihLovol/Nrkup


ogih Lovol

Qktgl Zgyeoctpor Lovol/ por

7:,:::A`str`mutkrs


A`gekca 7 .:7% $6:1,=:= $6:1,=:= 7:.7>%

Zlgt`cue 9 .:9% $=69,877 $>07,199 79.9=%

Nkla 0 .:0% $>=,=06 $6?:,661 7:.0?%

Y`lvor 7? .7?% $9?,:7> $?=?,=?? 8.81%

Mrkczo 91 .91% $79,>11 $16>,=06 >.86%

Yoc`krA`roitkr

>9 .>9% $?,8:8 $1=9,081 >.71

A`roitkr 9:: 9% $=,:0? $6=8,?:: 7:.?8%

Qktgl porNrkup

19? 1% $1,:07,991 60%

Gsski`gto 1=8 1.=8% $>?= $9=7,8?6 ?.1=%

Wugl`fòa@MK

7:8 7.:8% $9?: $9>,8:: .696%

Git`vo @MK 6,77> 67.7>% $=:8 $7,=>=,996 =7.1=%

@MK =,077 =0.77% $89 $=71,679 9.67%

Qktgl porNrkup

0,?61 06% $709 $7,816,6:? 97%

Qktgls 7:,::: 7::% $?01 $?,09>,090 7::.::%

Fkr ogih 7:,::: Iymorw`zo a`str`mutkrs4

91% kf tho oct`ro pgykut woct tk dust 79 `ca`vàugls kut kf ogih 7:,::: "git`vo" sglos roprosoctgt`vos. Qho eogc gvorgno cikeo kf tho mkttke 00% kf tho git`vo Iymorw`zo sglos roprosoctgt`vos wgs $?.67

por woob (mofkro oxpocsos gca tgxos gro aoauitoa - rosult`cn `c g s`nc`fìgct lkss).

Iymorw`zo.ike's a`silksuro akiueoct stgtos thgt 6>% kf gll git`vo sglos roprosoctgt`vos egao ckikee`ss`kcs2 thgt `s, kut kf ogih 7:,:::, 6,>:: egao ck romgto `cikeo.

Qho mkttke twk lovols kf tho pyrgeà, kut kf g tktgl kf 77 lovols, ikcst`tuto 0:% kf gll tho sglosroprosoctgt`vos.

Kut kf ogih 7:,::: sglos pokplo, tho tkp 1 `ca`vàugls ogrcoa gs euih `c tktgl gs tho mkttke 0,:::ikem`coa.


23/43



Gaa`t`kcgl Agtg kc ]omgto @cikeo Gvorgnos

Qho =::= gccugl ropkrt kf tho ELE ikepgcy, _sgcg, a`silksoa cot sglos kf $799,>>6,:::w`th pgyeocts tk tho sglos fkrio kf $?7,7>1,:::. Gt yogr-oca tho ikepgcy ropkrtoa thgt `thga 66,::: "Git`vo Gsski`gtos" (thkso whk purihgsoa prkauit `c tho lgst throo ekcths). Qh`seogcs thgt kc gvorgno ogih Yglos Gsski`gto mkunht $=,:=> kf _sgcg prkauits `c g yogr's tèogca ogrcoa gc gvorgno kf $>>? kr $71.0: g woob (mofkro oxpocsos gro aoauitoa). Ckto4 Gsmga gs tho `cikeo gvorgno `s, tho rogl f`nuros gro gituglly euih wkrso. L`bo kthor ELEs,_sgcg a`stkrts tho rogl pìturo my pumlì`z`cn tho full pgyeocts egao kvor gc oct`ro yogr, mutkcly fgitkr`cn tho cuemor kf "git`vo" a`str`mutkrs fkr dust kco-fkurth kf tho yogr. Qhkusgcasdk`coa gca pgà gca thoc arkppoa kut. Qho`r pgyeocts gro ikuctoa gs ikepgcy rovocuo, gpkrt`kc kf whìh `s pgà kut `c ikee`ss`kcs. Mut thoy gro oxiluaoa whoc tho "gvorgno"pgyeoct `s igliulgtoa.

@c yogr =:::, Egrbot Georìg, gckthor lgrno ELE, pgà kut $6:.6 e`ll`kc `c ikee`ss`kcs tk87,9>0 "git`vo" a`str`mutkrs Qhgt wkrbs kut tk gmkut $7? g woob gvorgno nrkss `cikeo ,mofkro tgxos gro tgboc kut gca oxpocsos gro pgà gca prkauits gro purihgsos. (Yoo tho offoit kf

us`cn th`s eothka kf igliulgt`cn kcly "git`vos" `c tho mullot pk`ct gmkvo kc _sgcg.) Giikra`cn tk tho Pogr =::: Gccugl ropkrt kf tho ELE ikepgcy, Zro-Zgà Longl Yorvìos,

tho ikepgcy hga pgà kut $790,807,::: `c sglos ikee`ss`kc kvor tho prov`kus f`vo-yogrpor`ka. Qho tktgl cuemor kf pokplo whk hga mooc ZZA sglos roprosoctgt`vos aur`cn th`s tèowgs 1>=,780. Qhgt gvorgnos kut tk $?.>: por woob por sglos rop, mofkro tgxos, trg`c`cn gcakthor oxpocsos gro aoauitoa. ^hoc ikepgcy trg`c`cn iksts gro aoauitoa, tho nrkss `cikeo

gvorgno fglls tk $=.7: por woob.


24/43



Yueegry kf ]omgto @cikeo F`ca`cns

G rovòw kf tho pgykuts kf s`x kf tho lgrnor gca most-bckwc eult`-lovol egrbot`cn ikepgcòsgca kco kthor ekro roioctly fkreoa ELE rovogls thgt ekro thgc 00% kf glla`str`mutkrs ak cktogrc g prkf`t frke ikepgcy romgtos. Gaa`t`kcglly, tho e`ll`kcs kf akllgrs thgt tho a`str`mutkrs pgytho ikepgcòs fkr prkauit, trg`c`cn, foos gca egrbot`cn egtor`gls gro trgcsforroa `c tho fkre kf

romgtos tk g t`cy nrkup gt tho tkp. Qho ikcioctrgt`kc kf pgyeocts tk g hgcaful kf krngc`zors `sikcs`stoct gca oxtroeo.

ELEIkepgcòs

% kf A`str`mutkr`c Qkp lovol gcatho % kf Qktgl

Zgykut thoy]oio`voa

Gvorgno@cikeo kfQkp Lovol

% kf QkpA`str`mutkrsOgrc`cn gt

logst ?:% kfQktgl Zgykut

gca thoGitugl % kfQktgl ZgykutQhoy ]oio`voa

Gvorgno@cikeo kf

QkpA`str`mutkrsOgrc`cn gt

logst ?:% kfQktgl Zgykut

Gvorgno @cikeokf tho Mkttke

00% kf GllA`str`mutkrs,

Gccuglly/ôobly

Grmkcco

.:1% (7 `c =,?::)kf gll A`str`mutkrs

]oio`voa 9:% kfQktgl Zgykut

$99:,?76.=6% (7 `c

90:) roio`voa

?>% kf tktglpgykut

$7=6,6>? $8>.96 por yr.$7.68 por wb.

Iymorw`zo

.:7% (7 `c 7:,:::)

kf gll A`str`mutkrs]oio`voa 7:% kf

Qktgl Zgykut

$6:1,=:=.76% (7 `c

6=?) roio`voa?7% kf tktgl

pgykut

$10,:71 $=07.>= por yr.$?.67 por wb.

Froo L`fo

.7>% (7> `c 7:,:::kf gll A`str`mutkrs]oio`voa =>% kf

Qktgl Zgykut

$?10,66=9.:?% (9 `c7::)roio`voa>6% kf tktgl

pgykut

$86,>>1(Mkttke 0>%)$867.>0 por yr.$76.?> por wb.

Eolglouig

.9% (7 c 99:) kfgll A`str`mutkrs

]oio`voa 9?% kf

Qktgl Zgykut

$7=6,9==.8=% (7 `c

7=: roio`voa

?=% kf tktgl

pgykut

$6>,?>1 $?:=.9= por yr.$0.66 por wb.

C`bboc

.:7% (7 `c 7:,:::)kf gll A`str`mutkrs]oio`voa 76% kf

Qktgl Zgykut

$7,:=1,166.>?% (7 `c

79?) roio`voa?8% kf tktgl

pgykut

$?:,?1? $=>6.61 por yr.$?.9= por wb.

Cusb`c

.76% (7 c 6=?) kfgll A`str`mutkrs

]oio`voa ?=% kf

Qktgl Zgykut

$18:,1:9.0>.76% (7 `c

6=?) roio`voa?=% kf tktgl

pgykut

$18:,1:1 $986.96 por yr.

$>.19 por wb.

]ol`v

.=7% (7 `c 1>?) kfgll A`str`mutkrs

]oio`voa 1>% kfQktgl Zgykut

$7?8,7=8.0=.67% (7 `c

76?) roio`voa

68% kf tktglpgykut

$>0,:87 $7?1.11 por yr.$=.0> por wb.

@c ovory ikepgcy, ?:% kf tho tktgl ikepgcy pgyeocts woct tk loss thgc 7% kf glla`str`mutkrs.

@c kco ikepgcy, >6% kf tktgl ikepgcy pgykuts woct tk 9% kf gll tho a`str`mutkrs. @c sovorgl ikepgcòs, loss thgc 7/= kf 7% (7 `c =::) kf a`str`mutkrs roio`voa ekro thgc ?:%

kf tktgl ikepgcy pgyeocts. Mkttke 00% kf s`x ikepgcòs roio`voa loss thgc $7: por woob (rgcno kf gvorgnos woro frke

$7.68 tk $0.66) `c gvorgno nrkss `cikeo, mofkro tgxos, oxpocsos gca prkauit purihgsos. @c sovorgl igsos, tho mkttke 8:% kf a`str`mutkrs ogrcoa ck `cikeo gt gll.


25/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn =?


Qho eg`c prkektors `c tho tkp mrgibots gro kftoc gavort`soa gs `f thoy roprosoct tho gituglpktoct`gl `cikeo kf gcy cow roiru`t. @c fgit, ogih yogr, tho cow roiru`ts whk egbo up thoegdkr`ty kf gll tho a`str`mutkrs gro g rovklv`cn nrkup, qu`tt`cn gca mo`cn roplgioa my cowhkpofuls. Qho gccugl arkpkut rgtos kf gll ELE ikepgcòs rgcno frke ?:% tk >?%. @c tho igsokf C`bboc, fkr oxgeplo, tho gvorgno tocuro kf tho A`roits gca Yoc`krs lovols kf tho hòrgrihy

whk egbo up 87% kf tho tktgl sglos fkrio `s loss thgc g yogr kvorgll. Qh`s h`nh turckvor rgtokiiurs gekcn tho lkwor rgcbs kf tho hòrgrihy whoro tho vgst egdkr`ty kf roiru`ts gro glwgyspks`t`kcoa, gca thoy gro tho pokplo whk giikuct fkr tho egdkr`ty kf ikepgcy prkauit purihgsos.

Qho ekcoy thgt th`s rovklv`cn-akkr nrkup `cvosts gca ogrcs ck prkf`t frke `s tho skurio kftho h`nh `cikeos tk thkso fow gt tho tkp ogih yogr. Qhkso pokplo roeg`c `c tho`r `csàor pks`t`kcsyogr gftor yogr, mocof`t`cn frke tho lkssos kf gll thkso whk ikeo gca nk molkw thoe.

Qhroo Boy Fgits fkr _caorstgca`cn ELE ]omgto Zgykuts

Qho a`spgr`ty `c romgto pgykut `c ELEs `s ckt motwooc h`nh pgy fkr oxoiut`vos gca lkw pgyfkr octry lovol wkrbors, gs `s fkuca `c egcy ikrpkrgt`kcs. @c ELEs `t `s motwoocoxtrgkra`cgry h`nh pgy fkr g t`cy nrkup gca ck cot prkf`t gt gllfkr gll kthors. Qho vory lkw

`cikeos kf tho vgst egdkr`ty turc kut tk mo s`nc`fìgct lkssoswhoc mus`coss oxpocsos gro`ciluaoa.

Qho romgtos pgà tk tho tkp prkektors `c roiru`teoct-mgsoa ELEs ikeo a`roitly frke gll thokthor a`str`mutkrs whk lkst kut, ckt frke "iustkeors" kf tho ikepgcy, gs `c g ckreglikrpkrgt`kc. Kco nrkup's ekcoy `s trgcsforroa tk gckthor's `csào tho krngc`zgt`kc. Qhoroiru`teoct-mgsoa ELEs hgvo ck sustg`cgmlo oxtorcgl iustkeor mgso - dust g rovklv`cn,ihurc`cn nrkup kf hkpoful roiru`ts gca tho`r fròcas gca fge`ly whk ikeo gca nk ogih yogr.@t `s tho`r ekcoy thgt `s mo`cn trgcsforroa tk tho tkp.

Gs stgt`stìglly segll gs thoy gro, tho porioctgnos kf thkso whk not tk tho "tkp" `c thooxgeplos kfforoa `c th`s ropkrt ak ckt roprosoct tho "kaas" fkr suiiooa`cn4

-- 76 kut kf 7:,::: gt Cusb`c-- 7 `c 7:,::: gt C`bboc-- 9: `c 7:,::: gt Eolglouig-- 1 `c 7:,::: gt Grmkcco-- =7 `c 7:,::: gt ]ol`v

-- 7> `c 7:,::: gt Froo L`fo-- 7 `c 7:,::: gt Iymorw`zo.ike-- 7 `c 7:,::: gt Gewgy/Wu`xtgr (Fkr Gewgy, th`s f`nuro `s ckt dust fkr tho tkp lovol, mut tho tkp sot kf lovols.

Kcly 7 kut kf ogih 7?:,::: git`vo pgrtì`pgcts rogihos tho tkp lovol. Qho "A`gekca gca gmkvo" lovols, whìhGewgy hklas kut gs g fogs`mlo nkgl fkr gll cow roiru`ts tk gttg`c, `s hola gccuglly my loss thgc 7 `c 7:,::: kfgll pgrtì`pgcts. (Full agtg `s prosoctoa `c tho "Ypoi`gl Yupploeoct,")

Qruo "kaas" fkr suiioss `c ELE gro fgr wkrso thgc tho gmkvo f`nuros. Ogih porskc whk dk`csakos ckt hgvo gc oqugl ihgcio, gs thoy wkula `c g lkttory kr gcy kthor git`v`ty mgsoa kc

"kaas." Qho pokplo gt tho tkp kf g roiru`teoct-mgsoa ELE w`c ovory agy, mgsoa kc tho`rpks`t`kc,ckt kc "kaas." ^hoc gllroiru`ts gro `ciluaoa `c tho igliulgt`kcs gca tho `cikeos kftho `csàors gt tho tkp gro oxiluaoa (g wo`nhtoa gvorgno), tho rogl ihgcio kf suiioss fkr g cowroiru`t `s shkwc tk mo fgr wkrso thgc kaas gt g Lgs Vongs ngeml`cn tgmlo. ^hoc gll thopgrtì`pgcts kvor g eult`-yogr por`ka gro `ciluaoa `c tho igliulgt kcs gll kf whke skunht gw`cc`cn pks`t`kc tho fg`luro rgto r`sos tk g pk`ct thgt `s tkk segll tk mo nrgphìglly`llustrgtoa.


26/43



Zgrt 94 Oxpks`cn tho Eyth kf ELE ]otg`l @cikeo

Qho prov`kus ihgrts shkw thgt v`rtuglly ck ELE roiru`ts ogrc g prkf`t frke romgtos krikee`ss`kcs frke ELE ikepgcòs. Ockrekus gekucts kf ekcoy gro pgà, mut thoy giiruokvorwhole`cnly tk g t`cy cuemor gt tho tkp kf tho pyrgeà krngc`zgt`kc.

Igc tho roiru`ts ogrc g prkf`t rotg`l`cn tho prkauits kc tho kpoc egrbot tk ikcsueors; Qhof`nuros frke ekro thgc =: roprosoctgt`vo ELE ikepgcòs rovogl thgt rotg`l-mgsoa `cikeo `s glskg eyth. Mofkro tgxos gca oxpocsos gca fgitkr`cn thgt ovory sglos porskc solls h`s/hor oct`ro`cvoctkry gt full rotg`l prìo w`thkut ovor a`sikuct`cn, tho egxèue gvorgno rotg`l `cikeo wkulamo kcly $7= g woob. Gftor oxpocsos gca fgitkr`cn tho rogl`tòs kf a`sikucts, froo sgeplos gcaporskcgl usgno, tho gvorgno `cikeo gpprkgihos zork kr g s`nc`fìgct cot lkss.

Qho Longl Y`nc`fìgcio kf ]otg`l`cn

Ovoc thkunh tho Foaorgl Qrgao Ikee`ss`kc usos tho porioctgno kf rotg`l-mgsoa `cikeo gs gaof`c`cn ihgrgitor`stì `c prksoiut`cn ELE pyrgeà sihoeos, ELE ikepgcòs gro ckt roqu`roatk a`silkso tk cow roiru`ts kr tk tho nkvorceoct tho porioctgnos kf tho`r prkauits thgt gro

ultègtoly rotg`loa. ^hoc tho FQI hgs prksoiutoa ELE pyrgeàs, `t hgs hga tk shkw thgt thoikepgcy `s ckt gaoqugtoly rotg`l`cn. Qh`s roqu`ros tèo-ikcsue`cn rosogrih gca ngeos kf hào-

gca-soob w`th tho ELE ikepgcy rongra`cn agtg kc rotg`l`cn.8

@c `ts prksoiut`kc kf Oqu`ckx @ctorcgt`kcgl, rgthor thgc nk thrkunh gc ockrekusly oxpocs`vooffkrt tk gsiortg`c rotg`l sglos lovols, tho FQI usoa g sèplo egthoegtìgl aoauit`kc tk aotore`cotho lovol kf rotg`l`cn thgt wkula ostgml`sh longl`ty. Kcio thgt lovol wgs aotore`coa `t rolòa kckthor fgitkrs, ekst kf whìh gro l`stoa lgtor `c th`s ropkrt, gca gcoiaktgl ovàocio frkea`str`mutkrs tk mgso `ts ilgè thgt tho roqu`roa lovol wgs ckt mo`cn gihòvoa ckr gcy lovol ovoc

ilkso tk `t.

Qho >:% ]otg`l Mocihegrb

Qho fkreulg `cvklvos gaa`cn tho ikepgcy's tktgl prkauit`kc iksts, egrbot`cn oxpocsos, nocorglkvorhoga gca rotg`l prkf`t (mgsoa kc tho egxèue nrkss prkf`t w`thkut a`sikuct`cn). Qho FQIekaol gllkwoa thgt kcly hglf tho romgtos pgà tk tho sglos roprosoctgt`vos hga tk mo tòa tk rotg`lsglos, sk kcly tho vgluo kf hglf `ts romgtos woro gaaoa tk th`s sue. ^`th th`s tktgl roprosoct`cn glliksts thgt tho lgw wkula roqu`ro tk mo ikvoroa my rotg`l sglos, tho FQI ikula prkdoit thgt >:% kfgll Oqu`ckx sglos tk `ts sglos roprosoctgt`vos wkula hgvo tk mo rotg`loa fkr tho ikepgcy tk eoot`ts lon`tègiy tost. Qho FQI gssortoa thgt `t molòvoa ck ekro thgc =:% kf Oqu`ckx's purihgsosmy `ts sglos fkrio woro ovor rotg`loa.

8

Qho ckc-rotg`l`cn fgitkr `s g boy oloeoct `c igus`cn tho ikcsueor lkssos, s`cio roiru`teoct-mgsoa prkf`ts igc kclymo gihòvoa my g rgro fow pgrtì`pgcts thgt gro pks`t`kcoa gt tho tkp kf tho sglos pyrgeàs. Pot, tho ELE `caustry `sckw soob`cn tk osigpo prksoiut`kcs thgt gro mgsoa kc tho fgitkr kf tho rotg`l sglos lovol. G m`ll, wr`ttoc my tho A`roitYoll`cn Gsski`gt`kc, hgs mooc `ctrkauioa `c Ikcnross tk fully lon`tè`zo "ckc-rotg`l`cn" eult`-lovol egrbot`cnikepgcòs. Qho m`ll, H] 7==:, `s g mkla offkrt tk kvorturc pgst ikurt rul`cns, kvorrulo stgto stgtutos gng`cst pyrgeàsoll`cn sihoeos gca rovorso aoigaos kf pyrgeà sihoeo ronulgtkry pklìòs. Qho offoit kf th`s m`ll wkula mo tk gllkwgca longl`zo mus`coss prgitìos thgt gro iurroctly trogtoa gs pyrgeà sihoeo frgua. @t `s prkektoa my tho A`roitYoll`cn Gsski`gt`kc (AYG), whìh hgs aofocaoa pyrgeà sglos sihoeos thgt woro prksoiutoa my stgto gca foaorglnkvorceoct. Yovorgl kf `ts fkreor eoemors, suih Qrob Gll`gcio gca Oqu`ckx @ctl, woro roioctly shut akwc my thoFQI gs pyrgeà sihoeos fkr tho vory prgitìos th`s m`ll soobs tk longl`zo.


27/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn =>


Moiguso ekst ELEs pgy g lgrno porioctgno kf tho`r tktgl whklosglo rovocuos tk tho upl`cokrngc`zors `c romgtos, ekst w`ll ikrrospkca`cnly roqu`ro >:% rotg`l sglos lovol roqu`roeoctswhoc tho tost `s gpplòa tk thoe. _s`cn `ts yogr =::: gccugl ropkrt, Hormgl`fo @ctorcgt`kcgl, kcokf tho lgrnost gca most ostgml`shoa ELEs, wgs shkwc tk roqu`ro 8:% rotg`l lovols tk ostgml`shlon`tègiy whoc tho FQI fkreulg wgs gpplòa.

Qhoro gro egcy proioaocts, kthor thgc tho FQI's tost, fkr sott`cn >:% gs g e`cèue roqu`roarotg`l sglos lovol fkr ELEs tk provoct ELEs frke kporgt`cn gs pyrgeà roiru`teoct siges.

Gewgy plogaoa tk tho FQI `c 70>0 thgt `t roqu`roa `ts a`str`mutkrs tk rosoll gt logst >:% kftho prkauits thoy hgvo purihgsoa ogih ekcth. Gewgy tkla tho ikurt, `ts ">:% rulo" hga mooc`c ox`stocio s`cio tho mon`cc`cn kf Gewgy gca thgt `t ocfkrios tho rulo. Qho >:% rulosuppksoaly provoctoa Gewgy frke lkga`cn up a`str`mutkrs skloly kc tho`r kwc porskcglpurihgsos. @c roioct yogrs, Gewgy ckw ilgès thgt sglos gt g whklosglo lovol frke kcoa`str`mutkr tk gckthor gro tho sgeo gs rotg`l sglos gca eoot tho roqu`roeoct. Qho FQI akos cktiurroctly giiopt th`s ilgè frke gcy ELE.

Gaa`t`kcglly, th`s >:% stgcagra hgs mooc gpplòa `c fkur igsos `c Ckrth Igrkl`cg prksoiutoamy tho CI Gttkrcoy Nocorgl's Kffìo. Qho fkur ikepgcòs `ciluao Ilum Gtlgctg Qrgvol,Aost`cy Qoloikee @ctorcgt`kcgl, @ci., Qolo-Igra @ctorcgt`kcgl, gca @ctorcgt`kcgl Hor`tgno,@ci. Qhoso fkur ikepgcòs hga ocrklloa 1:,::: a`str`mutkrs `c Ckrth Igrkl`cg glkco. Aost`cyQoloikee @ctorcgt`kcgl, gs kco igso `c pk`ct, wgs g Igl`fkrc`g ikepgcy thgt egrbotoaa`sikuct phkco igras. _pkc dk`c`cn tho Aost`cy Zrknrge, ogih pgrtì`pgct purihgsoa gt logstkco Aost`cy phkco igra gftor whìh thoy woro tkla thoy ikula ogrc ikee`ss`kcs upkc thoroiru`teoct kf kthor pgrtì`pgcts. @c tho ikurt sottloeoct, Aost`cy gnrooa thgt "gt logst >:% kfgll Ckrth Igrkl`cg sglos shgll mo rotg`l sglos tk porskcs whk gro ckt ikccoitoa `c gcy wgy tktho Aost`cy sglos fkrio." Qho gnrooeoct glsk oxiluaoa frke tho >:% pkrt`kc sglos tk`ca`vàugls whk sumsoquoctly moigeo Aost`cy roprosoctgt`vos.

]otg`l`cn ]ogl`tòs

Qho gitugl rotg`l sglos lovols kf tho vgst egdkr`ty kf ELEs `s oxoepl`fòa myGewgy/Wu`xtgr, tho klaost gca lgrnost kf gll eult`-lovol egrbot`cn ikepgcòs. Gewgy wgsikepolloa my nkvorceoct kraor tk prkvào `ts rotg`l sglos agtg. @t a`silksoa thgt loss thgc =:%

kf `ts prkauits gro purihgsoa my gcykco kthor thgc `ts kwc sglos roprosoctgt`vos.

Eolglouig gca ekst kthor ELE ikepgcòs stross tho prgitìo kf "moike`cn ykur kwciustkeor," thgt `s, muy`cn tho ikepgcy's prkauits gca thoc roiru`t`cn kthor sglosroprosoctgt`vos whk w`ll purihgso `c g sè`lgr egccor fkr tho`r kwc uso. V`rtuglly gll ELEikepgcòs roqu`ro g e`cèue ekcthly purihgso lovol my tho`r a`str`mutkrs. Ckco kf tho fkurikepgcòs `c tho stuay pgys romgtos mgsoa kc rotg`l sglos, kcly kc tho purihgsos kf akwcl`co

a`str`mutkrs.

Ekst roioctly, gca `c kmv`kus rospkcso tk tho git`kcs kf ronulgtkrs thgt fkius kc rotg`l sgloslovols, skeo ELEs w`ll roqu`ro tho sglos roprosoctgt`vos tk hgvo g e`cèue cuemor kf rotg`liustkeors. Qh`s akos ckt eogc thgt sglos roprosoctgt`vo ogrc g truo rotg`l prkf`t kr hgvo gsustg`cgmlo iustkeor mgso, kcly thgt thoy hgvo g fow rotg`l iustkeors thgt fucit`kc gs f`nlogvos. Fkr oxgeplo, `c tho igso kf Zro-Zgà Longl, kco kf tho lgrnost ELEs, tho gvorgnocuemor kf rotg`l iustkeors por sglos roprosoctgt`vo `s dust 1 iustkeors, gc `csuffìòctiustkeor mgso fkr tho sglos roprosoctgt`vo tk ogrc g prkf`t.


28/43



Qho ]otg`l @cikeo Eyth ]ovogloa

Agtg frke =7 ELEs0

Ikepgcy Ck. kf Yglos

Zokplo

Gv. %Nrkss

Zrkf.

Qktgl "Zrkdoitoa"

]otg`l Yglos

Qktgl "Zktoct`gl"

]otg`l Zrkf`ts

Gv.Gcc]ot.

Zrkf.

Gv. ^bly

]ot. Zrkf.

Georìgc @egnoEgrb`cn

>?,::: ?:% $0:,:::,::: $1?,:::,:::

GavgctgnoEgrbot`cn Yystoes

9>,::: 9>% $79,10=,:69.10 $1,00=,:69

Gewgy =,:::,::: 9=% $?,88=,9?=,017 $7,88=,9?=,017

Iolltoih 91,::: 9?% $98,167,?98 $79,167,?98

A`ge`to 19,::: 1:% $89,999,999 $99,999,999

A`sikvory Qkys =?,::: ??% $766,666,66> $07,666,66>

Ocrìh @ctorcgt`kcgl >?,::: 9:% $7:>,71=,8?> $9=,71=,8?>

Hormgl`fo =?:,:::.:: =?% $7:=,:::,::: $=?,?::,:::

Dgpgc L`fo Georìg

Ikrp.1,?:: 78% $8,?96,?8? $7,?96,?8?

Egtkl Mktgcìgl 7>=,::: 9=% $9>?,:::,::: $7=:,:::,:::

Eolglouig 7?:,::: 9>% $999,999,999 $7=9,999,999

Cgci` Ikrpkrgt`kc ?:,::: =>% $8=,707,>87 $==,707,>8:

Cowgys 9?,::: ?:% $0:,:::,::: $1?,:::,:::

C`bboc7,:9?,::: =:% $7,=?:,:::,::: $=?:,:::,:::

Ckov`r 1:,::: 9:% $1=,8?>,719 $7=,8?>,719

CYG ?:,::: ==% $166,666,66> $7:=,666,66>

Cutr`t`kc fkr L`fo 9:,::: 9:% $=7,1=8,?>7 $6,1=8,?>7

Kxyfrosh 79,::: =0% $78,9:0,8?0 $?,9:0,8?0

]ol`v 18,::: 9=% $>9,?=0,17= $=9,?=0,17=

Yhgbloo 7,:::,::: =9% $?06,7:9,806 $79>,7:9,806

^gtb`cs ?:,::: 1?% $787,878,78= $87,878,787

Qktgls ?,=76,?:: (gv.)99%Nrkss Zrkf.

$7:,:=9,==1,89: $9,9:>,661,701 $691.:8 $7=.70

0]gw Agtg Ykurio4 Eult`-Lovol Egrbot`cn, tho Aof`c`t`vo Nuào tk Georìg's Qkp ELE Ikepgcòs, YoikcaOa`t`kc. Ikep`loa my ^`ll Egrbs, 7001, Grl`cntkc, Qoxgs, Qho Yuee`t Zuml`sh`cn Nrkup.


29/43



Yueegry kf ]otg`l @cikeo F`ca`cns

F`ca`cns gro mgsoa kc g 7001 sgeplo kf =7 eult`-lovol egrbot`cn ikepgcòs, lgrno gca segll. Qho sgeplo ikcst`tutoa ?.= e`ll`kc sglos pokplo gca kvor $7: m`ll`kc `c "prkdoitoa" rotg`l

sglos.

Qho gvorgno pktoct`gl rotg`l sglos nrkss prkf`t fkr gll ikepgcòs wgs 99%. Egxèue Gvorgno Nrkss Zrkf`t fkr gll thoso sglos pokplo wgs $7=.70 por woob, mofkro

oxpocsos gca tgxos.

Qh`s $7= g woob wkula mo pkss`mlo kcly `f gll sglos pokplo skla glltho`r `cvoctkry kc g rotg`lmgs`s, purihgsoa ckco kf tho nkkas fkr thoesolvos, covor ngvo gwgy gcy sgeplos gca worogmlo tk soll gll tho nkkas gt full rotg`l egrn`c w`thkut a`sikuct`cn gt gll.

^hoc gitugl iksts gro fgitkroa, `cilua`cn `cvoctkry, sgeplos, sglos iksts, gca a`sikuct`cn,gca truo vklueo kf rotg`l`cn gro igliulgtoa, tho gvorgno cot prkf`t wkula mo cogr zork kr gs`nc`fìgct cot lkss.

Mkttke L`co4 Ck ]omgto Zrkf`t, Ck ]otg`l Zrkf`tQho lgib kf rotg`l`cikeo pktoct`gl $7=.70 por woob egxèue kc gvorgno eust ckw mo sooc

glkcn w`th tho f`ca`cns kf tho romgto`cikeo4

Qho eogc gvorgno pgyeoct tk tho mkttke 00% kf "git`vo" kf tho s`x roprosoctgt`voikepgcòs `c th`s ropkrt wgs loss thgc $7: por woob.

ZYG's ropkrt rovogls thgt gitugl "`cikeo kppkrtuc`ty" `c tho egdkr ELEs frke mkth romgtopgyeocts gca rotg`l sglos rovocuo `s gc gmysegl roikra kf lkssos fkr e`ll`kcs gca oxtrgkra`cgry

pgykff tk g hgcaful kf prkektors gt tho tkp kf tho pyrgeà sglos krngc`zgt`kcs.

ELE's ilgè tk lon`tègiy mgsoa kc gc "`cikeo kppkrtuc`ty" kfforoa tk tho gvorgnoikcsueor `s fglso gca ucfkucaoa. Qho kthor ilgè kf tho mus`coss ekaol thgt `t `s g fkre kf

"a`roit soll`cn" `s glsk rovogloa gs fglso.


30/43

Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lovol Egrbot`cn 9:


Qho Eyth kf Akkr-tk-Akkr Yoll`cn

Qho ELE sglos ekaol `s sgà tk mo ikepksoa kf thkusgcas kf "akkr tk akkr" rosollors. Qh`silgè ikctrgaìts tho ovoryagy oxporòcio kf ekst pokplo. Qho akkr-tk-akkr sglosporskc `sckwhoro tk mo fkuca `c tho ekaorc Georìgc co`nhmkrhkka. Fow pokplo gro gt hkeo aur`cn thoagy kr hgvo tèo `c tho ovoc`cn tk octortg`c sglos roprosoctgt`vos. Yoiur`ty ikciorcs ak cktsuppkrt akkr-tk-akkr sglos. Qho `ctorcot, egss a`str`mut`kc, m`n-mkx a`sikuct stkros, eg`l kraorigtglknuos gca toloegrbot`cn gll hgvo ikctr`mutoa tk tho aoe`so kf tho akkr-tk-akkr sglosporskc.

Moykca thoso mrkga `caìgtkrs, g ikcfluocio kf toc fgitkrs w`th`c tho ELE mus`coss ekaol gca`choroct `c `ts prgitìos wo`nhs gng`cst ELE sglos roprosoctgt`vos mo`cn gmlo tk rotg`l tho`rprkauits kr sorvìos "akkr tk akkr." Qho fgitkrs congt`cn rotg`l`cn gro egtihoa tk kthors thgtocikurgno roiru`t`cn. Qhoy `ciluao4

7. @cgaoqugto Nrkss Zrkf`t gca H`nh Zrìo kf Zrkauits ]ostrìt ]otg`l`cn

C`bboc, fkr oxgeplo, kffors kcly g egxèue kf kcly =:% nrkss prkf`t kc sunnostoa rotg`l prìoskf `ts oct`ro prkauit l`co. Ikcsàor`cn tho iksts `cvklvoa gca tho cgturo kf tho prkauits, th`s segllnrkss prkf`t `s gc `cgaoqugto `cioct`vo tk suppkrt coiossgry `cvosteocts my a`str`mutkrs `c rotg`l

egrbot`cn.

Kut kf th`s pktoct`gl egxèue kf =:% nrkss prkf`t, g a`str`mutkr eust f`cgcio tho tgsbs kfprkspoit`cn, egb`cn sglos prosoctgt`kcs, kcnk`cn mus`coss `cvosteocts, prkvà`cn iustkeorsuppkrt gca egrbot`cn l`torgturo, prkvà`cn froo sgeplos, igrry`cn skeo `cvoctkry, gt logst fkraoekcstrgt`kcs, gca egb`cn skeo aol`voròs kf tho prkauit (ucloss tho prkauit `s purihgsoa frkeC`bboc a`roitly). Ho/sho egy hgvo tk iklloit pgyeoct gca tgbo mgib roturcoa nkkas gs roqu`roa.7:

Kthor iksts thgt eust mo ikvoroa my th`s segll nrkss prkf`t `ciluao mus`coss lìocs`cn, giikuct`cn(C`bboc `tsolf ihgrnos giikuct`cn foos rgcn`cn frke $=1 tk $96: g yogr aopoca`cn kc rgcb) 77,trgvol, phkco, ikeputor gca kthor toihcklkny foos, oti.

G rotg`l egrn`c kf gt logst ?:% kr (7::% kr ekro egrb-up kvor whklosglo ikst) `s cooaoa tk

ikvor prkauit gca kporgt`cn iksts gca gllkw fkr g rogskcgmlo prkf`t. Ikepgcòs suih gs Gvkckffor rotg`l egrn`cs kf th`s gekuct.

Moykca gc `cgaoqugto nrkss egrn`c, tho rotg`l-soll`cn prìo eust mo ikepot`t`vo tk ikepgrgmloprkauits. G porusgl kf ELE nkkas rovogls egcy tk mo fgr ekro oxpocs`vo thgc ikepgrgmlonkkas skla `c stkros.

=. Lè`toa Ihkìo tk Ikcsueor ]oauios ]otg`l cn Kppkrtuc`ty

Ihkìo `s rostrìtoa `c tho a`roit "porskc-tk-porskc" eothka kf soll`cn gca ekro pokplo profor tkpurihgso nkkas kf th`s typo `c stkros whoro thoro `s wàor ihkìo gca ck prossuro upkc porskcglrolgt`kcsh`p.

9. Egrbot`cn Zklìòs ]ostrìt ]otg`l`cn

Ekst ELEs plgio sovoro rostrìt`kcs kc tho egrbot`cn git`v`tòs, whìh rg`so rotg`l sglos ikstsgca lè`t tho oxpksuro kf tho sglos pokplo. Qhoso rostrìt`kcs `ciluao strìt prkh`m`t`kcs gng`cst

7: Iustkeor Gpproi`gt`kc Zrknrge (IGZ)/C`bboc Yhkpp`cn Cotwkrb (CYC)gllkws rotg`l iustkeors tk kraora`roitly frke tho @ctorcot, w`th tho sglos iroa`t gss`ncoa tk tho`r a`str`mutkr. Qho a`str`mutkr `s rospkcs`mlo fkrhgcal`cn gcy prkauit roturcs.(C`bboc A`str`mutkr ]oforocio Nuào _pagto, Zklìòs/Zrkioauros, 7000, p. =)77C`bboc A`str`mutkr Nuào _pagto, Zklìòs gca Zrkioauros 7:/00 , p. 7>.


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Qho Eyth kf "@cikeo Kppkrtuc`ty" `c Eult`-Lo

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