A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA

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    Co`} jh ]{~ky $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 8

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    3$1$ Uqjk~m{*}nqxomn qcdfn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$

    =$1$ H~q{lnq Fqjv{l od Q~}}ocd bndkodf @cqgn{ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>

    =$=$ Nxnq Fqjvodf Acdg Mcqk cdk Mqnko{ Mcqk }nm{jq od Q~}}oc$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3>

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    ;$ ]{qc{nfom `n{ljk} jh nd{qy cdk {ln uj}}oabn mjd}ns~ndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 36

    ;$3 ]{qc{nfom @n{ljk} jh Nd{qy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 36

    ;$3$3$ N|ujq{odf $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 3$ Hjqnofd Koqnm{ Odxn}{`nd{ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 13

    ;$3$8$ Hjqnofd Cms~o}o{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 11

    ;$3$6$ Fqnnd Honbk Nd{qy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 11

    ;$3$$ [ln Uj{nd{ocb Jqfcdoc{ojdcb cdk @cdcfnqocb Uqjabn`} hjq Bbjyk} []A junqc{odf od {ln Dnv

    Od{nqdc{ojdcb Ndxoqjd`nd{ jh Q~}}oc$ $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18

    >$3 Ljv vj~bk {ln M~b{~qn chhnm{: $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18

    >$3$3 [ln O`ucm{ jh M~b{~qcb Kohhnqndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18

    >$3$1 M~b{~qcb Kohhnqndmn hqj` Dc{ojd {j Dc{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 18

    >$1$ [ln Bcdf~cfn Uqjabn`$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 16

    >$=$ L~`cd Mcuo{cb $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$=$ ]cbcqon} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$;$ Vjqgodf N{lom} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1$>$ [c| cdk Bnfcb O}}~n} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?

    >$8$ [lod Mcuo{cbo}c{ojd Q~bn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?

    >$6$ Mj`un{o{ojd Bcv $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ 1?

    8$ Qnmj``ndkc{ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3

    Mlcdfodf ujbomon} cdk {ln knxnbjuodf uqn}}~qn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3

    L~fn uj{nd{ocb hjq c uqj}unm{oxn }ocabn cqgn{ }lcqn $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3

    N`nqfodf ujbo{omcb od}{caobo{y cdk A~qnc~mqcmy $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3

    [ln bcmg jh [q~}{ {jvcqk} hjqnofdnq} cdk {lnoq Mj`ucdon} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =3

    6$ Mjdmb~}ojd $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ =1

    Bo}{ jh Qnhnqndmn} $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$ ==

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    1$3$3$ [ln Acmgfqj~dk jh {ln Acdgodf Ndxoqjd`nd{ od Q~}}oc

    Cmmjqkodf {j B~m Bcnxnd ,1553/ k~qodf {ln ]jxon{ Qnfo`n" {ln Q~}}ocd acdgodf }y}{n`

    mjd}o}{nk jh c }odfbn" `jdjbo{lom acdg jvdnk ay {ln }{c{n$ Hodcdmocb qnhjq` od 3?

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    3= r U c f n

    1$3$;$ Vlc{ }{qc{nfom Mljomn} Cxcobcabn {j Bbjyk} []A:

    Vlnd cdcby}odf `jxn} }~ml c} jh ]jmo{ Fdqcbn cdk ^doMqnko{ " jh {ln acdgodf odk~}{qy

    od Q~}}oc" o{ o} ckxo}cabn hjq Bbjyk} []A {j nd{nq Q~}}oc dj{ c} c }nucqc{n dnv hodcdmocb

    }nqxomn uqjxoknq a~{ no{lnq ay cms~oqodf , {cgodf jxnq {ln j{lnq/ jq `nqfodf vo{l c hodcdmocb

    od}{o{~{ojd cbqncky junqc{odf od {ln Q~}}ocd }job$ Od {lo} vcy Bbjyk} []A vj~bk lcxn {ln bjmcb

    gdjvbnkfn cdk {ln n|unq{o}n od ~dknq}{c{odf {ln m~b{~qn cdk bcdf~cfn acqqonq}" od ckko{ojd {j

    {ln }{c{n a~qnc~mqcmy {lc{ }nn` {j uqj{nm{ cdk hcxj~q {ln bjmcb acdg}$

    1$1$ Cxcobcabn ]{qc{nfom Mljomn}

    Od {lo} }nm{ojd" vn vj~bk an bjjgodf c{ cbb {ln uj}}oabn }{qc{nfom hcm{jq} cxcobcabn {j Bbjyk}

    []A od nd{nqodf {ln Q~}}ocd hodcdmocb }nqxomn }nm{jq$

    1$1$3$ Honqmn Mj`un{o{ojd od {ln Acdgodf ]nm{jq

    [ln mj`un{o{ojd uj}nk ay {ln od{nqdc{ojdcb hodcdmocb }nqxomn} cdk c{ bcqfn cbb {ln @DM lcxn

    odhb~ndmnk {ln bjmcb acdg} {j ndfcfn od {ln fbjacb junqc{ojd}$ [lnqnhjqn fbjacboc{ojd o} c

    a~}odn}} o`unqc{oxn {jkcy" qc{lnq {lcd c `nqn a~}odn}} }{qc{nfy$ ,]mldnoknq n{ cb$ 155

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    3> r U c f n

    =$ Qnc}jd} hjq Mljomn jh Bjmc{ojd ,Q~}}oc/

    [lo} }nm{ojd jh cdcby}o} vj~bk knbxn knnuby {j n|c`odn {ln qnc}jd} vly Bbjyk} []A lc}

    mlj}nd Q~}}oc c} c uqnhnqqnk mljomn jh bjmc{ojd$

    =$3$ [ln mlcdfn jh Fndnqcb unq}unm{oxn caj~{ ]cxodf} c`jdf Q~}}ocd}

    Cmmjqkodf {j }{~kon} kjdn caj~{ {ln mjd}~`nq anlcxoj~q uc{{nqd} jh Q~}}ocd} jh {lnoq

    }cxodf lcao{}" Q~}}ocd} ko}uj}cabn odmj`n ,[ln c`j~d{ jh `jdny {lc{ lj~}nljbk} lcxn

    cxcobcabn hjq }undkodf cdk }cxodf ch{nq odmj`n {c|n} lcxn annd cmmj~d{nk hjq$/ lc} fjdn

    ~u$ Od ckko{ojd {jkcy 61. jh Q~}}ocd} cqn }cxodf" ~u hqj` ;8. od 155;" cdk jdn-{loqk jh

    {ln}n }cxodf} cqn anodf gnu{ od acdg knuj}o{}$ ,[ln @j}mjv [o`n}$ 1531/ [lnqnhjqn Bbjyk}

    []A }lj~bk uj}o{ojd o{}nbh od Q~}}oc anhjqn j{lnq acdg} }n{ od$

    =$1$ H~q{lnq Fqjv{l od Q~}}ocd bndkodf @cqgn{

    [ln cxnqcfn Q~}}ocd lc} qnbc{oxnby bo{{bn kna{ cdk o} mjd}oknqnk c bjv mqnko{ qo}g ,Cqo}" And$

    1535/ Q~}}oc o} c fqjvodf `cqgn{ hjq bndkodf" vo{l Q~}}ocd bjcd} fqjvodf 35. od 1535 cdk

    15. od 1533 ,Kjodf A~}odn}} od Q~}}oc$ 1531/$ Ljvnxnq" jdby 1;. jh Q~}}ocd} {cgn j~{

    bjcd} ,Q~xod}gy" Xbco`oq$ 1533/" odkomc{odf qjj` hjq h~q{lnq fqjv{l od {ln Q~}}ocd bndkodf

    `cqgn{$

    =$=$ Nxnq Fqjvodf Acdg Mcqk cdk Mqnko{ Mcqk }nm{jq od Q~}}oc$

    Od 1533" {ln d~`anq jh acdg mcqk} od Q~}}oc fqnv =

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    38 r U c f n

    cbbjvnk unqmnd{cfn jh hjqnofd-jvdnk acdg} od {ln Q~}}ocd acdgodf }nm{jq {j >5. hqj` {ln

    m~qqnd{ 3>. ,Mjjunq" Vobboc` L$1531/" Bbjyk} ][A mj~bk fcqdnq c hcoq ujq{ojd oh odxn}{nk$

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    36 r U c f n

    ;$ ]{qc{nfom `n{ljk} jh nd{qy cdk {ln uj}}oabn mjd}ns~ndmn}

    Od {lo} mlcu{nq" kohhnqnd{ `n{ljk} jh nd{qy od {ln fbjacb a~}odn}} junqc{ojd} vj~bk an

    ko}m~}}nk$ H~q{lnq {j {lc{" {ln an}{ ju{ojd} cxcobcabn {j Bbjyk} []A cdk o{} nd{qy {j Q~}}oc

    cqn cdcby}nk ~}odf kohhnqnd{ unq}unm{oxn} aj{l mj`ucdy cdk {ln mj~d{qy uj}}n}}n}$

    ;$3 ]{qc{nfom @n{ljk} jh Nd{qy

    Vlnd c hoq` o} fjodf {j n|ubjqn c hjqnofd `cqgn{" {ln mljomn jh {ln an}{ `jkn jh nd{qy o}

    knmoknk ay {ln hoq`} n|ucd}ojd }{qc{nfy$ [ln `cod co` jh nxnqy a~}odn}} jqfcdoc{ojd }~ml

    c} Bbjyk} []A o} {j n}{cabo}l o{}nbh od {ln fbjacb `cqgn{$ [l~}" {ln uqjmn}} mcbb} hjq

    knxnbjuodf cd nhhnm{oxn od{nqdc{ojdcb `cqgn{odf }{qc{nfy od jqknq {j oknd{ohy {ln od{nqdc{ojdcb

    juujq{~do{on}" n|ubjqn qn}j~qmn} cdk mcucaobo{on}" cdk ~{obon mjqn mj`un{ndmon} od jqknq {j

    an{{nq o`ubn`nd{ {ln jxnqcbb od{nqdc{ojdcb }{qc{nfon}$ [lnqnhjqn {ln knmo}ojd jh ljv {j nd{nq c

    hjqnofd `cqgn{ }~ml c} Q~}}oc mcd lcxn c }ofdohomcd{ o`ucm{ jd {ln qn}~b{}$ Mj`ucdon} mcd

    n|ucdk od{j hjqnofd `cqgn{} xoc {ln hjbbjvodf hj~q `nmlcdo}`}9 n|ujq{odf" bomnd}odf" ijod{

    xnd{~qn cdk koqnm{ odxn}{`nd{$ Cbb jh {ln` lcxn {lnoq ckxcd{cfn} hjq {ln hoq` {j n|ubjqn c}

    vnbb c} ko}ckxcd{cfn} vloml `~}{ an mjd}oknqnk ay {ln hoq`} {ju `cdcfn`nd{$

    ,Yngoqo( Cdfnbjxc$1533/

    Vlc{ nd{qy `jkn {lc{ c `~b{odc{ojdcb mj`ucdy mljj}n} lc} o`ubomc{ojd} hjq ljv `~ml

    qn}j~qmn} {ln mj`ucdy `~}{ mj``o{ {j o{} hjqnofd junqc{ojd}" {ln qo}g {lc{ {ln mj`ucdy

    `~}{ ancq" cdk {ln knfqnn jh mjd{qjb {lc{ {ln mj`ucdy mcd n|nqmo}n jxnq {ln junqc{ojd} jd

    {ln dnv `cqgn{$,Mlcqbn} Lobb n{ cb" 3??5/

    @jkn jh nd{qy od{j cd od{nqdc{ojdcb `cqgn{ o} {ln mlcddnb vloml jqfcdoc{ojd {lc{ vcd{

    junqc{n od od{nqdc{ojdcb `cqgn{} n`ubjy {j fcod nd{qy {j c dnv od{nqdc{ojdcb `cqgn{$ [ln

    mljomn hjq c ucq{om~bcq nd{qy `jkn o} c mqo{omcb kn{nq`odcd{ od {ln }~mmn}}h~b q~ddodf jh c

    hjqnofd junqc{ojd$ [lnqnhjqn" knmo}ojd} jh ljv {j nd{nq c hjqnofd `cqgn{ mcd lcxn c

    }ofdohomcd{ o`ucm{ jd {ln qn}~b{}$ ,Qjj{$3??;/$

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    3< r U c f n

    N|ucd}ojd od{j hjqnofd `cqgn{} mcd an cmlonxnk xoc {ln hjbbjvodf `nmlcdo}`}9

    N|ujq{odf

    Bomnd}odf

    Hqcdmlo}odf

    Ijod{ Xnd{~qn Koqnm{ Odxn}{`nd{

    Hof~qn9 3

    ,Qjj{" Q$H$ 3??;/"

    ;$3$3$ N|ujq{odf

    N|ujq{odf o} {ln `cqgn{odf cdk koqnm{ }cbn jh kj`n}{omcbby-uqjk~mnk fjjk} od cdj{lnq

    mj~d{qy$ N|ujq{odf o} c {qcko{ojdcb cdk vnbb-n}{cabo}lnk `n{ljk jh qncmlodf hjqnofd `cqgn{}$[lnqn o} dj dnnk hjq {ln mj`ucdy {j odxn}{ od c hjqnofd mj~d{qy anmc~}n n|ujq{odf kjn} dj{

    qns~oqn {lc{ {ln fjjk} an uqjk~mnk od {ln {cqfn{ mj~d{qy$ @j}{ jh {ln mj}{} c}}jmoc{nk vo{l

    n|ujq{odf {cgn {ln hjq` jh `cqgn{odf n|und}n}$

    ,Vjjk ( Qjanq{}jd" 1555/

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    3? r U c f n

    N|ujq{odf mj``jdby qns~oqn} mjjqkodc{ojd c`jdf hj~q ubcynq}9

    3$ N|ujq{nq7

    1$ O`ujq{nq7

    =$ [qcd}ujq{ uqjxoknq7

    ;$ Fjxnqd`nd{$

    N|ujq{odf c} c `jkn jh nd{qy" `ncd} fjodf cbjdn od c ucq{om~bcq `cqgn{$

    ]j`n jh {ln `cod ckxcd{cfn} jh n|ujq{odf cqn9

    Mj`ucdon} {lc{ n|ujq{ lcxn odo{ocb odxn}{`nd{}7

    [lny qncml m~}{j`nq} xnqy s~omgby7

    [lny lcxn mj`ubn{n mjd{qjb jxnq uqjk~m{ojd cdk uqjk~m{}7

    [lny andnho{ cdk bncqd hqj` {ln n|unqondmn jh n|ujq{odf hjq nxnd{~cbby cdy h~{~qn

    n|ucd}ojd9

    Vlnqnc} N|ujq{odf lc} }j`n ko}ckxcd{cfn} c} vnbb9

    Uj{nd{ocb mj}{} jh {qckn acqqonq}" bogn {cqohh} cdk s~j{c}7

    [qcd}ujq{c{ojd mj}{}

    Kohhom~b{on} od qn}ujdkodf {j m~}{j`nq} dnnk} cdk vcd{} vnbb7

    O{ foxn} ~u jh cdy uj{nd{ocb bjmc{ojd nmjdj`on}$

    [lnqnhjqn" n|ujq{odf o} cuuqjuqoc{n vlnd {lnqn o} c bjv {qckn acqqonq" lj`n bjmc{ojd lc} cdckxcd{cfn jd mj}{} cdk vlnd m~}{j`oc{ojd o} dj{ mq~mocb$,Yngoqo" I$" Cdfnbjxc$A$1533/

    Ljvnxnq od {lo} mc}n jh Bbjyk} []A vloml o} c hodcdmocb od}{o{~{ojd" o{ mcddj{ ckju{ {lo}

    `n{ljk jh nd{qy {j Q~}}oc$ Od {nq`} jh {ln junqc{ojdcb unq}unm{oxn jh {lo} `n{ljk" n|ujq{odf

    vjqg} hjq mj`ucdon} vlj cqn ndfcfn od `cd~hcm{~qodf fjjk} a~{ dj{ hodcdmocb }nqxomn}$

    ;$3$1$ Bomnd}odf

    C bomnd}n cqqcdfn`nd{ o} c a~}odn}} cqqcdfn`nd{ vlnqn c bomnd}jq ~}odf o{} `jdjujby

    uj}o{ojd cdk qofl{ }~ml c} c Uc{nd{" c [qckn @cqg" c kn}ofd jq c mjuyqofl{ {lc{ lc} n|mb~}oxn

    qofl{ vloml uqnxnd{} j{lnq} hqj` n|ubjo{odf {ln oknc" kn}ofd" dc`n jq bjfj mj``nqmocbby$ [ln

    bomnd}nn ucy} c hnn od n|mlcdfn hjq {ln qofl{} {j ~}n {ln od{cdfoabn uqjunq{y cdk uj}}oaby hjq

    {nmldomcb c}}o}{cdmn$ ,Mc{njqc( Fqclc`$1551/

    [ln bomnd}odf cfqnn`nd{ foxn} {ln hjbbjvodf ckxcd{cfn} {j aj{l {ln bomnd}jq cdk {ln

    bomnd}nn9

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    15 r U c f n

    Mj`ucdon} lcxn bjv odo{ocb odxn}{`nd{}7

    [qckn acqqonq} cqn cxjoknk7

    [lnqn o} c fqnc{ uj{nd{ocb hjq ~{oboodf bjmc{ojd nmjdj`on}7

    [ln cmmn}} {j bjmcb kc{c cdk odhjq`c{ojd o} uj}}oabn7

    [lnqn o} cd nc}onq caobo{y {j qn}ujdk {j m~}{j`nq} dnnk} cdk vcd{}$

    Vlnqnc} {ln ko}ckxcd{cfn} jh bomnd}odf9

    [ln bomnd}jq bcmg {ln mjd{qjb jxnq junqc{ojd}7

    Mj`ucdon} hcmn kohhom~b{on} vo{l {qcd}hnqqodf {ln {cmo{ gdjvbnkfn" hjq n|c`ubn

    dnfj{oc{ojd jh {qcd}hnq uqomn" `jdo{jqodf {qcd}hnq j~{mj`n" n{m7

    [lnqn o} c fqnc{ mlcdmn jh mqnc{odf c mj`un{o{jq" od {lo} mc}n yj~q bomnd}nn$Vn mcd mjdmb~kn {lc{ bomnd}odf o} cuuqjuqoc{n oh {lnqn o} c vnbb mjkohonk gdjvbnkfn" }{qjdf

    uqjunq{y qofl{} qnfo`n" cdk bjmc{ojd ckxcd{cfn$,Ljb`n} ( Bjh}{qj`" 155;/ Ljvnxnq

    mjd}oknqodf {ln hodcdmocb od}{o{~{ojd} }~ml c} Bbjyk} []A {lo} `n{ljk jh nd{qy o} dj{ c

    uju~bcq cdk c xocabn jdn$

    ;$3$=$ Hqcdmlo}odf

    Hqcdmlo}odf o} c }o`obcq nd{qy `jkn {j bomnd}odf$ Ay {ln ucy`nd{ jh c qjycb{y hnn" {ln

    hqcdmlo}nn vobb ja{cod {ln `cijq a~}odn}} gdjv-ljv xoc cd cfqnn`nd{ vo{l {ln hqcdmlo}nq$

    [ln gdjv-ljv cb}j odmb~kn} }~ml od{cdfoabn uqjunq{on} c} uc{nd{}" {qckn`cqg} cdk }j jd$

    [ln kohhnqndmn hqj` {ln bomnd}odf `jkn jh nd{qy o} {lc{ {ln hqcdmlo}nn `~}{ jany mnq{cod q~bn}

    foxnd ay hqcdmlo}nq$ Hqcdmlo}odf o} `j}{ mj``jdby ~}nk od }nqxomn odk~}{qon}" }~ml c}

    @mKjdcbk}" n{m$ ,Yngod( Cdfnbjxc$1533/ Ljvnxnq od {ln mc}n jh hodcdmocb od}{o{~{ojd}

    hqcdmlo}odf o} dj{ cd ju{ojd$

    ;$3$;$ Ijod{ Xnd{~qn

    Ijod{ xnd{~qn} qnuqn}nd{ cd cfqnn`nd{ an{vnnd {vj ucq{on} {j vjqg {jfn{lnq jd c mnq{cod

    uqjinm{" junqc{n od c ucq{om~bcq `cqgn{" n{m$ ]j`n jh {ln `cod mj``jd jainm{oxn} od c ijod{

    xnd{~qn9

    @cqgn{ nd{qy7

    Qo}g cdk qnvcqk }lcqodf7 [nmldjbjfy }lcqodf cdk ijod{ uqjk~m{ knxnbju`nd{" n{m$ ,]lcq`c$3??

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    13 r U c f n

    ]j`n uj}}oabn ckxcd{cfn} jh ijod{ xnd{~qn cfqnn`nd{ an{vnnd ucq{on} vj~bk an9

    Mj`ucdon} mcd lcxn cmmn}} {j ucq{dnq} bjmcb gdjvbnkfn7

    Qnk~m{ojd jh mjdmnqd caj~{ jxnqucy`nd{7

    Aj{l ucq{on} lcxn }j`n unqhjq`cdmn odmnd{oxn7

    ]ofdohomcd{ mjd{qjb jxnq junqc{ojd}$

    Vlnqnc} }j`n jh {ln ko}ckxcd{cfn} jh Ijod{- xnd{~qn cqn c} hjbbjv9

    Uj{nd{ocb bj}} jh uqjuqon{cqy gdjvbnkfn7

    Uj{nd{ocb mjdhbom{ an{vnnd ucq{dnq}7

    Dno{lnq ucq{dnq lc} h~bb unqhjq`cdmn odmnd{oxn}

    Dno{lnq ucq{dnq lc} h~bb mjd{qjb$

    Ijod{ Xnd{~qn o} cuuqjuqoc{n vlnd aj{l ucq{on} mjd{qoa~{n lcqk {j `nc}~qn odu~{}" cdk oh {lnyn|unm{ bcqfn `~{~cb fcod} od {ln bjdf q~d$ ,Yngoqo" I$" Cdfnbjxc$A$1533/ Ljvnxnq bogn {ln

    ncqbonq `jkn} jh nd{qy" ijod{ xnd{~qn o} dj{ c xocabn ju{ojd hjq {ln hodcdmocb od}{o{~{ojd bogn

    acdg}$

    ;$3$>$ Hjqnofd Koqnm{ Odxn}{`nd{

    Hjqnofd koqnm{ odxn}{`nd{ ,HKO/ o} {ln koqnm{ jvdnq}lou jh hcmobo{on} od {ln {cqfn{ mj~d{qy$ O{odxjbxn} mcuo{cb" {nmldjbjfy" cdk unq}jddnb$ HKO mcd an `ckn {lqj~fl {ln cms~o}o{ojd jh cd

    n|o}{odf nd{o{y jq {ln n}{cabo}l`nd{ jh c dnv nd{nquqo}n$ Koqnm{ jvdnq}lou uqjxokn} c lofl

    knfqnn jh mjd{qjb od {ln junqc{ojd} cdk {ln caobo{y {j an{{nq gdjv {ln mjd}~`nq} cdk

    mj`un{o{oxn ndxoqjd`nd{" cdk {ln `cqgn{ od fndnqcb$ Ljvnxnq" o{ qns~oqn} c lofl bnxnb jh

    qn}j~qmn} cdk c lofl knfqnn jh mj``o{`nd{$ ,[cybjq"Yj~( J}bcdk$1551/

    C} cd cb{nqdc{oxn {j }nqxomodf c hjqnofd `cqgn{ hqj` {lnoq lj`n ac}n" acdg} `cy knmokn {j

    }n{ ~u chhoboc{n} od hjqnofd `cqgn{}$ [qcko{ojdcbby" }~ml hjqnofd koqnm{ odxn}{`nd{ knmo}ojd} jhacdg} lcxn annd cdcbynk ac}nk jd {ln nmbnm{om ucqckof` vloml o`ubon} {lc{ bjmc{ojd-

    }unmohom hcm{jq} cdk jvdnq}lou-}unmohom hcm{jq} }lj~bk chhnm{ {ln knmo}ojd jh acdg} {j }n{ ~u

    chhoboc{n} od c hjqnofd `cqgn{ ,]cfcqo$ 3??1/$ [ln n|c`ubn jh Fnq`cd acdg} }n{{odf ~u od {ln

    N^ od {ln ncqby 3??5 o} cd n|c`ubn foxnd hjq {lo}$ ,Mbc~koc" A~ml$ 3???/

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    11 r U c f n

    ;$3$8$ Hjqnofd Cms~o}o{ojd

    Cms~o}o{ojd} mcd an knhodnk c} c mjqujqc{n cm{ojd od vloml c mj`ucdy a~y} `j}{" oh dj{ cbb"

    jh {ln {cqfn{ mj`ucdy&} jvdnq}lou }{cgn} od jqknq {j c}}~`n mjd{qjb jh {ln {cqfn{ hoq`$

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    andnhomocb {j {cgn jxnq cd n|o}{odf hoq`&} junqc{ojd} cdk domln mj`ucqnk {j n|ucdkodf jd o{}

    jvd$,Odxn}{junkoc$mj`$ 1533/

    [ln `cod ckxcd{cfn} jh cms~oqodf c hjqnofd mj`ucdy9

    Cmmn}} {j {cqfn{} bjmcb gdjvbnkfn

    Mjd{qjb jxnq hjqnofd junqc{ojd}

    Mjd{qjb jxnq jvd {nmldjbjfy

    [ln `cod ko}ckxcd{cfn} jh cms~oqodf c hjqnofd mj`ucdy9 ^dmnq{cod{y caj~{ {cqfn{} xcb~n

    Kohhom~b{y od ca}jqaodf cms~oqnk c}}n{}

    Odhnc}oabn oh bjmcb `cqgn{ hjq mjqujqc{n mjd{qjb o} ~dknqknxnbjunk

    ,Yngod( Cdfnbjqc$1533/

    Ljvnxnq od {ln mc}n jh acdg} cms~o}o{ojd} o} c mj``jd c}unm{ vloml lc} {cgnd ubcmn k~n {j

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    fjxnqd`nd{ jh ^do{nk Godfkj` {jjg jxnq {ln Djq{lnqd Qjmg jd 11dk jh Hnaq~cqy od 155

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    1= r U c f n

    Cxjok} qo}g jh jxnqucy`nd{

    Cxjok} uqjabn` jh od{nfqc{ojd

    ]{obb qn{cod} h~bb mjd{qjb

    [ln `cod ko}ckxcd{cfn} jh }n{{odf ~u c dnv mj`ucdy9

    ]bjvnq }{cq{ ~u

    Qns~oqn} gdjvbnkfn jh hjqnofd `cdcfn`nd{

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    ~}nk {lo} `n{ljkjbjfy {j nd{nq Q~}}oc$ Ljvnxnq {lnoq bcmg jh ~dknq}{cdkodf jh {ln Q~}}ocd

    hodcdmocb }nm{jq cdk {ln fjxnqd`nd{ od{nqxnd{ojd" cbjdf vo{l {ln u~abom unqmnu{ojd lc} `ckn

    `cdy jh }~ml xnd{~qn} dj{ uqjho{cabn cdk }j`n jh {ln hjqnofd acdg} lcxn bnh{ {ln mj~d{qy

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    ;$3$

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    1; r U c f n

    ;$1$ [ln [lqnc{} cdk hcm{jq} {lc{ mj~bk lc`unq {ln Bbjyk} []A nd{qy {j

    Q~}}oc cdk o{} Mjd}ns~ndmn}

    [ln hodcdmocb mqo}o} od 155< aqj~fl{ {j cd ndk {ln qcuok n|ucd}ojd jh {ln Q~}}ocd acdgodf

    }nm{jq cmmjqkodf {j c Hjqan} Qnujq{ ,1535/ C} c qn}~b{ {ln ajdk an{vnnd {ln odxn}{`nd{}

    cdk h~dkodf anmc`n mbncqby kqonk ~u cdk }{c{n acdg} vnqn }{q~ffbodf {j fn{ h~dk} nxnd {j

    hodcdmn }j`n }`cbb odxn}{`nd{ uqjinm{}$ Od ckko{ojd" {ln hjqnofd acdg} {j {qy {j hbnn Q~}}oc

    k~n {j hcm{jq} qnbc{nk {j {ln nmjdj`om `nb{kjvd cdk {ln }{c{n a~qnc~mqcmy vloml hcxj~qnk

    {ln }{c{n acdg} od {ln {o`n} jh hodcdmocb {~qa~bndmn$ ,Mjqmjqcd" Ic}jd$ 1533/

    Cdj{lnq c}unm{ {lc{ Bbjyk} []A }lj~bk an mc~{oj~} o} {lc{ Q~}}oc qn`cod} ~dknq acdgnk9

    Jdby caj~{ jdn-{loqk jh lj~}nljbk} lcxn c acdg cmmj~d{ cdk i~}{ 35. jh ho|nk odxn}{`nd{}

    cqn hodcdmnk ay bjcd}$ ,J|hjqk Cdcby{omc$ 1535/

    Vo{l {ln nmjdj`om `nb{kjvd od Q~}}oc" {ln acdgodf ndxoqjd`nd{ lc} {qcd}hjq`nk o{} mj~q}n

    od{j c dnv ko`nd}ojd$ ]{c{n-mjd{qjbbnk acdg}& }lcqn jh {j{cb c}}n{} qj}n hqj` caj~{ =5. {j

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  • 7/31/2019 A REPORT ANALYSING THE PROSPECTIVE STRATEGIC ACTIVITIES AND DECISIONS OF LLOYDS TSB ENTERING RUSSIA

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    18 r U c f n

    >$ [ln Uj{nd{ocb Jqfcdoc{ojdcb cdk @cdcfnqocb Uqjabn`} hjq Bbjyk}

    []A junqc{odf od {ln Dnv Od{nqdc{ojdcb Ndxoqjd`nd{ jh Q~}}oc$

    >$3 Ljv vj~bk {ln M~b{~qn chhnm{:

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    odhb~ndmn unqmnu{ojd} cdk anlcxoj~q vo{lod }jmon{y$ ,Od{nq}unqondmn" 1531/ Kjodf a~}odn}}

    cdk ~dknq}{cdkodf {ln m~b{~qn cqn dj bjdfnq {vj kohhnqnd{ c}unm{} a~{ {lny aj{l }lodn vlnd

    {lny mj`n {jfn{lnq od fbjacb a~}odn}} junqc{ojdcb cm{oxo{on}$ Od od{nqdc{ojdcb a~}odn}} vjqbk"

    `cdy `nqfnq} cdk cms~o}o{ojd} ,@(C/ hcob k~n {j mbc}l an{vnnd {ln m~b{~qn} jh {ln a~yodf

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    `cdcfn`nd{ ulobj}july cdk mj`ucdy m~b{~qn" vloml mcd }bjv kjvd {ln od{nfqc{ojd jh

    junqc{ojd}$ @jqnjxnq" ch{nq c `nqfnq jq cd cms~o}o{ojd" {ln }jbk mj`ucdon} }j`n{o`n}

    n|unqondmn lofl `cdcfn`nd{ {~qdjxnq" uj}}oaby anmc~}n {lnoq n`ubjynn} kj dj{ cmmnu{ jq

    hjbbjv {ln a~yodf mj`ucdon} vcy} jh kjodf {lodf}$ ,Lobb" 1533/

    >$3$3 [ln O`ucm{ jh M~b{~qcb Kohhnqndmn}

    C} `nd{ojdnk cajxn" {ln kohhnqndmn} od {ln {yun jh `cdcfn`nd{ cdk mj`ucdy m~b{~qn `cy

    dnfc{oxnby chhnm{ {ln qnjqfcdoc{ojd cdk od{nfqc{ojd ch{nq cd @(C od {ln mc}n jh Bbjyk}

    nd{nqodf {ln Q~}}ocd `cqgn{$ Od ucq{om~bcq" }~ml kohhnqndmn} mcd mc~}n }nqoj~}

    `o}~dknq}{cdkodf} jq {qj~abn} vlnd {ln n`ubjynn} hqj` mj`ucdon} jh kohhnqnd{ m~b{~qn}

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    cqn dj{ ckkqn}}nk c{ {ln anfoddodf jh {lo} a~}odn}} xnd{~qn$ Od ckko{ojd" odckns~c{n jq

    odcuuqjuqoc{n mj``~domc{ojd vj~bk `cgn {ln }o{~c{ojd nxnd vjq}n$ Od hcm{" {lo} `cgn} l~fn

    mlcbbndfn hjq {ln bncknq} od kohhnqnd{ mj`ucdon}$ Od {ln mc}n jh Bbjyk} []A" o{ o} jh ~{`j}{

    o`ujq{cd{ {lc{ {ln mj`ucdy ucy `~ml n`ulc}o} {j }~ml m~b{~qcb kn{cob} c} {ln Q~}}ocd

    aqcdml jh o{ vj~bk dj bjdfnq lcxn {ln }c`n c}unm{} qnbc{nk {j {ln Aqo{o}l acdgodf }nm{jq$

    >$3$1 M~b{~qcb Kohhnqndmn hqj` Dc{ojd {j Dc{ojd

    [lqj~flj~{ o{} dj{cabn lo}{jqy" Q~}}oc lc} c}}~`nk c }{qjdf mj``~dcb }uoqo{" dc`nby

    mjbbnm{oxo} " vloml o} }{obb qnhbnm{nk od Q~}}ocd a~}odn}} uqcm{omn} {jkcy$ Q~}}oc&} }nxnqn

    mbo`c{om mjdko{ojd} lcxn cb}j `ncd{ {lc{ mjjunqc{ojd cdk mjbbcajqc{ojd" qc{lnq {lcd

    mj`un{o{ojd" lcxn annd xo{cb hjq }~qxoxcb$ [lo} }nd}n jh {jfn{lnqdn}} o} jdn jh {ln {qco{} {lc{

    ko}{odf~o}l Q~}}ocd} hqj` `cdy Vn}{nqdnq} bognvo}n Aqo{cod} mcuo{cbo}`$ O{ mj~bk an jdn jh

    {ln qnc}jd} vly od Q~}}oc" {lny lcxn c bjvn}{ acdg cmmj~d{ qc{n} unq lnck mj`ucqnk {j

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    16 r U c f n

    j{lnq knxnbjunk mj~d{qon}$ Ljvnxnq qnmjfdoodf {ln mj``~do}{ cdk }jmocbo}{ {qco{} {lc{ }{obb

    n|o}{ od {lnoq }jmoj mjd}moj~}dn}} o} cd o`ujq{cd{ c}unm{ hjq Bbjyk} []A od ndfcfodf od

    hodcdmocb cm{oxo{on} vo{l {ln Q~}}ocd}$

    Nfcbo{cqocdo}` o} cdj{lnq o`ujq{cd{ }jmocb ulobj}july {lc{ }~uujq{} {ln qn`jxcb jh odns~o{ycdk uqj`j{n} cd ns~cb ko}{qoa~{ojd jh andnho{}$ Od Q~}}ocd a~}odn}} {nq`}" {lo} ns~c{n} {j

    o`ujq{cd{ }{qc{nfon} jh ns~cbo{y" qnmouqjmo{y cdk `~{~cb ckxcd{cfn$ Q~}}ocd} cqn xnqy }{c{~}

    mjd}moj~} cdk anbonxn od mj-ns~cb} hqj` {ln unq}unm{oxn jh ns~cbby }lcqnk andnho{7 {lo} o}

    xnqy ~dbogn {ln ^G} ~dns~cbby qnvcqk} cdk undcb{on} }y}{n`$

    Ljvnxnq" {ln lonqcqmlomcb }{q~m{~qn od Q~}}ocd a~}odn}} uqcm{omn} }~ffn}{} {lc{ {ln

    knmo}ojd `cgnq} loflnq ~u lcxn c~{ljqo{y jxnq {lnoq }~ajqkodc{n}" vloml o} voknby gdjvd c}

    a~qnc~mqc{om$ [lnqnhjqn" }ljvodf qn}unm{ hjq }ndojqo{y cdk qnmjfdoodf {ln lonqcqmlomcb}{q~m{~qn o} xo{cb hjq n}{cabo}lodf cdk `cod{cododf }{qjdf a~}odn}} qnbc{ojd}lou}$ O{ o} anbonxnk

    {lc{ {ln Q~}}ocd} cqn c mj`aodc{ojd jh mjbbnm{oxo}`" nfcbo{cqocdo}` cdk a~qnc~mqc{om$

    ,Mj``~domcok" 155?/

    @jqnjxnq" fndnqcbby }uncgodf" Vn}{nqd N~qjuncd dc{ojd} }~ml c} Aqo{cod n`nqfn c} bjv

    mjd{n|{ m~b{~qn" `jqn jqond{nk {jvcqk} {ln }ljq{ {nq`" `jqn odkoxok~cbo}{om cdk xcb~odf

    c}}nq{oxndn}} cdk `c{nqocb uj}}n}}ojd}$ Od mjd{qc}{" Q~}}oc mj`uqo}n} lofl mjd{n|{ m~b{~qn"

    `jqn jqond{nk {jvcqk} {ln bjdf {nq`" `jqn mjbbnm{oxo}{ cdk xcb~odf d~q{~qn vo{lod

    }jmon{y$,Od{nq}unqondmn" 1531/ [lo} mjd{qc}{ hnc{~qn} `cy mc~}n jqfcdoc{ojdcb cdk

    `cdcfnqocb uqjabn`} oh dj{ kncb{ uqjunqby ay Bbjyk} []A c{ {ln anfoddodf jh o{} od{nqdc{ojdcb

    n|ucd}ojd {j Q~}}oc$

    >$1$ [ln Bcdf~cfn Uqjabn`

    Mj``~domc{ojd o} mq~mocb {j `cdcfn`nd{$ A~{ mj``~domc{ojd knundk} jd c mj``jd

    bcdf~cfn" c mjdko{ojd }nbkj` n|o}{odf od `cdy od{nqdc{ojdcb a~}odn}} }n{{odf}$ [lc{ mj~bk an{ln jqofod jh `cdy uqjabn`} ,Hnnby ( Lcqodf" 1551/$ [lnqnhjqn o{ o} o`ujq{cd{ {j ~dknq}{cdk

    {ln mj``jd fqj~dk vloml uqnxcob} od {ln od{nqdc{ojdcb a~}odn}} ndxoqjd`nd{ vlnd kjodf

    a~}odn}} vo{l {ln Q~}}ocd}$ [ln dnmn}}cqy cki~}{`nd{} od mj``~domc{ojd} }lj~bk an

    cmlonxnk c{ {ln anfoddodf cdk }lj~bk knxnbju c} {ln {o`n fjn}$ [ln `cod c}unm{ jh }j`n jh

    {ln od{nqdc{ojdcb a~}odn}} hcob~qn} od Q~}}oc lc} jmm~qqnk k~n {j {lo} bcmg jh mj``~domc{ojd

    cdk bcmg jh bcdf~cfn }gobb} cdk ~dknq}{cdkodf$

    [lnqnhjqn {ln kohhnqndmn od bcdf~cfn}" c} cdj{lnq o`ujq{cd{ hcm{jq {lc{ `cy qn}~b{ od

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    1< r U c f n

    mj``~domc{ojd cdk dnfj{oc{ojd n{m an{vnnd {ln {vj mj~d{qon}$ Q~}}oc lcxodf `jqn {lcd 16

    bcdf~cfn} `ncd" hjq cdy mj`ucdy vloml nd{nq} {ln mj~d{qy lc} {j {cgn ~u {lo} `c{{nq

    }nqoj~}by$ N}unmocbby od uqjxokodf hodcdmocb }nqxomn} }~ml c} jh Bbjyk} ][A vloml ac}n jd

    {q~}{" qns~oqn} {ln caobo{y {j mj``~domc{n od ubcod cdk mbncq {nq`}$

    >$=$ L~`cd Mcuo{cb

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    }nqxomn} odk~}{qy" {ln n`ubjynn} vlj uqjxokn }nqxomn} {j {ln m~}{j`nq} cqn ~dkj~a{nkby {ln

    gny c}}n{}$ [lnqnhjqn" hjq {ln a~yodf mj`ucdy" o{ o} o`ujq{cd{ {j gnnu {ln gny n`ubjynn}

    ch{nq {ln `nqfnq jq cms~o}o{ojd" cdk a~obk {lnoq {q~}{$ Ujkjb}gy" {ln Koqnm{jq" Hodcdmn"

    Mjqujqc{n Qnujq{odf cdk Mj`ubocdmn jh @jaobn [nbn]y}{n`} ,@[]/" `nd{ojd} {lc{ jh{nd i~}{

    uqojq {j anodf cms~oqnk" {ln {cqfn{ mj`ucdy }{ju} vjqgodf" vlobn hjq {ln a~ynq o{ o} xo{cb {j

    nd}~qn {lc{ {ln mj`ucdy mjd{od~n} h~dm{ojdodf ~d{ob ch{nq {ln mbj}odf jh {ln kncb$ O{ o}

    fndnqcbby cfqnnk {lc{ qnf~bcq mj``~domc{ojd vo{l n`ubjynn} mj~bk an {ln gny hjq }~mmn}}$

    Cb}j" Gdjbb" {ln Ucq{dnq cdk Lnck jh @(C Bnck Ckxo}jqy jh Uqomnvc{nqlj~}nMjjunq}" }cy}9

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    lcxn cbqncky uqjxnd {ln`}nbxn}$,@nqfnq`cqgn{" 155$=$ ]cbcqon}

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    kohhnqnd{ j{lnq uqjabn`}$ ,]`o{l" Lnqanq{$ 1535/

    Od ckko{ojd {ln Q~}}ocd bcaj~q bcv} }unm~bc{n `cdy q~bn} qnfcqkodf {ln }cbcqy }{q~m{~qn cdk

    vlnd }{cq{odf cd od{nqdc{ojdcb a~}odn}} }~ml c}unm{} }lj~bk an {ljqj~flby cmm~`~bc{nk$

    >$;$ Vjqgodf N{lom}

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    xonvnk kohhnqnd{by {lcd od {ln Vn}{$ C qnc}jdcabn n`ubjy`nd{ }o{~c{ojd ay Vn}{nqd

    }{cdkcqk}" od {nq`} jh ija }nm~qo{y cdk andnho{}" vj~bk dj{ `nn{ {ln n|unm{c{ojd} jh c

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    [lj`c}$1551/

    >$>$ [c| cdk Bnfcb O}}~n}

    ]odmn @(C {qcd}cm{ojd} lcxn anmj`n odmqnc}odfby mj``jd od Q~}}oc od qnmnd{ yncq}" {lnqn

    cqn c d~`anq jh bnfcb cdk {c| o}}~n} {lc{ }lj~bk an {cgnd od{j mjd}oknqc{ojd vlnd }~ml

    {qcd}cm{ojd} cqn ubcddnk$ Hjq od}{cdmn" cmmjqkodf {j GU@F" od {ln mc}n jh cd @(C {ln bnfcb

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    cmmn}}nk bnfcb nd{o{y$ ,GU@F B{k$" 1533/ [l~}" o{ o} xo{cb hjq {ln hjqnofd odxn}{jq {j mljj}n cmj`ucdy jq mj`ucdon} jh mbncq {c| k~{on}$

    >$8$ [lod Mcuo{cbo}c{ojd Q~bn}

    Q~}}ocd {lod mcuo{cbo}c{ojd q~bn} lcxn annd xc}{by oqqnbnxcd{ }odmn {lny vnqn n}{cabo}lnk od

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    {c| {qnc{on}$ Ljvnxnq" c} {ln {lod mcuo{cbo}c{ojd q~bn} lcxn annd n|{ndknk qnmnd{by" aj{l {ln

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    ,]o{domjx" 1531/

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