Seb Country Analysis 2007 Israel

Israel SEB MERCHANT BANKING – COUNTRY RISK ANALYSIS

Analyst: Rolf Danielsen. Tel : +46 8 763 83 92. E-mail : [email protected] Despite severe shocks the economy continued going strong in 2006 with growth dropping only slightly to 5,1% and most financial and economic indicators improved further, albeit from a weak position as regards government finances. The short but intense war against Hisbulah in Lebanon did not dent investor confidence and FDI inflows reached record levels.

Country Risk Analysis fëê~Éä=Ü~ë=çåÅÉ=~Ö~áå=ëÜçïÉÇ=êÉã~êâ~ÄäÉ=êÉëáäáÉåÅÉ=íç=ëÜçÅâë=áåÅäìÇáåÖ=~=Ñìää= ëÅ~äÉ=ï~êK==qÜÉ=ÉÑÑÉÅí=çÑ=íÜÉ=ëçJÅ~ääÉÇ=ÒëÉÅçåÇ=áåíáÑ~Ç~Ò=E~=íÉêêçêáëí=Å~ãé~áÖå=~Ö~áåëí= fëê~Éä=Ñêçã=m~äÉëíáåá~å=çêÖ~åáò~íáçåëF=ëáåÅÉ=OMMM=ï~ë=ëçãÉïÜ~í=ã~ëâÉÇ=Äó=íÜÉ= ëáãìäí~åÉçìë=Ñ~ää=áå=íÜÉ=ÖäçÄ~ä=ÜáÖÜÓíÉÅÜ=áåÇìëíêáÉë=áå=OMMNI=íÜÉ=ã~áåëí~ó=íç=íÜÉ=åÉï= fëê~Éäá=ÉÅçåçãó=ëáåÅÉ=íÜÉ=NVVMëI==Äìí=Ü~Ç=ëíáää=~å=áãé~Åí=çå=íçìêáëãI=êÉéêÉëÉåíáåÖ= ëçãÉ=PB=çÑ=íÜÉ=ÉÅçåçãóK=låÉ=ãáÖÜí= íÜÉêÉÑçêÉ=Ü~îÉ=ÉñéÉÅíÉÇ=íÜ~í=íÜÉ=áåíÉåëÉ= GDP/capita (US$) ï~ê=~Ö~áåëí=íÜÉ=eáëÄìä~Ü=áå=pçìíÜÉêå= iÉÄ~åçåI=ä~ëíáåÖ=S=ïÉÉâë=áå=gìäóJ^ìÖìëíI= 25000 ïçìäÇ=Ü~îÉ=Ü~Ç=~=ãìÅÜ=ä~êÖÉê=ÉÑÑÉÅí=çå= 20000 íÜÉ=ÉÅçåçãóK=eçïÉîÉêI=íÜ~åâë=íç=íÜÉ=îÉêó= 15000 ëíêçåÖ=éÉêÑçêã~åÅÉ=áå=íÜÉ=Ñáêëí=Ü~äÑ=çÑ=íÜÉ= 10000 óÉ~êI=~åÇ=íÜÉ=ëìÄëÉèìÉåí=ê~éáÇ=êÉÅçîÉêó=áå= 5000 íÜÉ=ÑçìêíÜ=éçëíJï~ê=èì~êíÉêI=íÜÉ=ÉÅçåçãó= 0 ã~å~ÖÉÇ=~=RINB=çîÉê~ää=Éñé~åëáçåI=çåäó= 2001 2003 2005 2007 ëäáÖÜíäó=ïÉ~âÉê=íÜ~å=íÜÉ=éêÉîáçìë=óÉ~êK=== = bñéçêí=äÉÇ=ÖêçïíÜ=ëÉåÇë=íÜÉ=ÉñíÉêå~ä=Ä~ä~åÅÉë=áåíç=ìåéêÉÅÉÇÉåíÉÇ=ëíêÉåÖíÜëK== bñéçêíë=çÑ=ÜáÖÜ=íÉÅÜ=ëÉêîáÅÉë=~åÇ=áåÇìëíêá~ä=ÖççÇëI=áåÅäìÇáåÖ=fq=éêçÇìÅíëI=ëÅáÉåíáÑáÅ= ~åÇ=ãÉÇáÅ~ä=ÉèìáéãÉåíI=ÅçåíáåìÉÇ=~ë=íÜÉ=ã~áå=ÇêáîÉê=çÑ=ÖêçïíÜK==^ë=~=êÉëìäí=íÜÉ= ÅìêêÉåí=~ÅÅçìåí=Ä~ä~åÅÉ=ëíêÉåÖíÜÉåÉÇ=íç=~äãçëí=AS=ÄáääI=QB=çÑ=damK==aÉëéáíÉ=íÜÉ=ï~êI= íÜÉ=Ä~ä~åÅÉ=çÑ=é~óãÉåíë=ï~ë=ÑìêíÜÉê=ëíêÉåÖíÜÉåÉÇ=Äó=Å~éáí~ä=áåÑäçïë=íç=íÜÉ=Éèìáíó= ã~êâÉí=~åÇ=åçåJêÉëáÇÉåíá~ä=~ÅÅçìåíë=ïáíÜ=ÇçãÉëíáÅ=Ä~åâë=EéêÉëìã~Ääó=Ñêçã=íÜÉ= ä~êÖÉ=gÉïáëÜ=Çá~ëéçê~=~Äêç~ÇFK==^ÄçîÉ=~ääI=áåÑäçïë=çÑ=caf=~ÅÅÉäÉê~íÉÇ=Çê~ã~íáÅ~ääó=íç= ãçêÉ=íÜ~å=ANP=ÄáääK==JJ=VB=çÑ=damI=Çï~êÑáåÖ=áå=êÉä~íáîÉ=íÉêãë=~äãçëí=~ää=çíÜÉê=ã~àçê= ÅçìåíêáÉëI=áåÅäìÇáåÖ=`Üáå~=EïÜáÅÜ=êÉÅÉáîÉÇ=caf=ïçêíÜ=çåäó=OJPB=çÑ=damFK==qÜÉëÉ= áåîÉëíãÉåíë=ïÉêÉ=éêÉÇçãáå~åíäó=áåíç=ÖêÉÉåJÑáÉäÇ=éêçàÉÅíë=ã~âáåÖ=íÜÉ=~ÅÜáÉîÉãÉåí= ÉîÉå=ãçêÉ=êÉã~êâ~ÄäÉK===eçïÉîÉêI=íÜÉëÉ=áåÑäçïë=ïÉêÉ=ãçêÉ=íÜ~å=çÑÑëÉí=Äó=çíÜÉê= Å~éáí~ä=åÉí=çìíÑäçïë=áåÅäìÇáåÖ=ëçãÉ=ANM=ÄáääK=çÑ=cafI=êÉÑäÉÅíáåÖ=íÜÉ=çåÖçáåÖ= áåíÉêå~íáçå~äáò~íáçå=çÑ=íÜÉ=ÉÅçåçãó=~åÇ=Å~éáí~ä=äáÄÉê~äáò~íáçåK==qÜÉ=ä~ííÉê=Ü~ë=çéÉåÉÇ= Ñçê=áãéêçîÉÇ=éçêíÑçäáç=ã~å~ÖÉãÉåí=Äó=áåÇáîáÇì~ä=~åÇ=Åçêéçê~íÉ=áåîÉëíçêëK==^ë=~= êÉëìäí=íÜÉ=Ä~ä~åÅÉ=çÑ=é~óãÉåíë=áãéêçîÉÇ=çåäó=ëäáÖÜíäó=óáÉäÇáåÖ=~=êÉëÉêîÉ=áåÅêÉ~ëÉ=çÑ= çåäó=ANIN=ÄáääK== =

important your attention is drawn to the statement on the back cover of this report which affects your rights.

April 4, 2007

SEB Merchant Banking Country Risk Analysis Date April 4, 2007

_ìí=íÜÉ=ï~ê=Ü~Ç=~=åÉÖ~íáîÉ=áãé~Åí=çå=íÜÉ=ÄìÇÖÉíK==^=ïÉ~â=ÑáëÅ~ä=ëáíì~íáçå=Ü~ë=ÄÉÉå= fëê~ÉäÛë=^ÅÜáääÉëÛ=ÜÉÉä=ëáåÅÉ=íÜÉ=NVUMëI=Äìí=OMMS=ëí~êíÉÇ=çÑÑ=ïáíÜ=ÜáÖÜ=ÜçéÉë=çÑ= ÅçåíáåìÉÇ=ÑáëÅ~ä=ÅçåëçäáÇ~íáçåK==^Åíì~ääóI=ëìÅÜ=ÜçéÉë=ïÉêÉ=ÑìääJÑáääÉÇ=áå=OMMSI=ïáíÜ=íÜÉ= ÄìÇÖÉí=ÇÉÑáÅáí=Ççïå=íç=çåäó=OISB=çÑ=damI=Äìí=ÉñéÉÅí~íáçåë=~êÉ=åçï=Ñçê=~=ëäáÖÜíäó= ïÉ~âÉê=ÄìÇÖÉí=çìíÅçãÉ=áå=OMMT=~åÇ=OMMU=ÇìÉ=íç=íÜÉ=åÉÉÇ=íç=êÉéäÉåáëÜ=ÇÉéäÉíÉÇ= ëíçÅâë=çÑ=ãáäáí~êó=ÉèìáéãÉåí=ÉíÅK=^äíÜçìÖÜ=íÜÉ=ïÉ~âÉåáåÖ=áë=åçí=ä~êÖÉI=íÜÉ= ÖçîÉêåãÉåí=Ü~ë=äáííäÉ=êççã=Ñçê=Åçãéä~ÅÉåÅóK=dçîÉêåãÉåí=ÇÉÄí=íç=dam=áë=Ççïå=Ñêçã= NMNB=áå=OMMP=Äìí=áë=ëíáää=ÜáÖÜ=~í=ëçãÉ=VMB=çÑ=ïÜáÅÜ=~=é~êí=áë=rp=Öì~ê~åíÉÉÇK=qÜ~í= ãÉ~åë=íÜÉ=ÑáëÅ~ä=ëáíì~íáçå=áë=ÅäÉ~êäó=ìåÇÉê=Åçåíêçä=áå=“éÉ~ÅÉ=íáãÉëÒ=Äìí=äÉ~îÉë=äáííäÉ= ÑäÉñáÄáäáíó=íç=ãÉÉí=ìåÉñéÉÅíÉÇ=ÉîÉåíëK==eçïÉîÉêI=ã~åó=çÄëÉêîÉêë=í~âÉ=ÅçãÑçêí=Ñêçã= íÜÉ=Ñ~Åí=íÜ~í=íÜÉ=éçäáíó=ëÜçïë=ëíêçåÖ=ÅçããáíãÉåí=íç=ÅçåíáåìÉÇ=ÑáëÅ~ä=íáÖÜíÉåáåÖ= ÇÉëéáíÉ=~=Ñê~ÅíìêÉÇ=éçäáíáÅ~ä=ä~åÇëÅ~éÉK==táíÜ=îÉêó=äçï=áåÑä~íáçåI=fëê~Éä=~äëç=êÉí~áåë= ãçåÉí~êó=ÑäÉñáÄáäáíóK== = ^äëç=áåíÉêå~ä=ëÜçÅâë=ã~êâÉÇ=íÜÉ=é~ëí=óÉ~êK==bîÉå=Ñçê=~å=fëê~Éäá=ÉäÉÅíáçå=óÉ~êI=OMMS= ã~êâÉÇ=~å=ìåìëì~ä=îçä~íáäÉ=éçäáíáÅ~ä=óÉ~êK==i~íÉ=OMMRI=mj=pÜ~êçå=ìåÉñéÉÅíÉÇäó= ÑçêãÉÇ=~=åÉï=é~êíóI=ïÜáÅÜ=ãáÖÜí=Ü~îÉ=ïçå=~=ëíêçåÖ=îáÅíçêó=áÑ=åçí=íÜÉ=mj=Ü~Ç=ÄÉÉå= áåÅ~é~Åáí~íÉÇ=Äó=ëíêçâÉ=ëÜçêíäó=ÄÉÑçêÉ=ÉäÉÅíáçåëK===^ë=~=êÉëìäí=íÜÉ=åÉï=é~êíó=ëìÑÑÉêÉÇ= ~åÇ=Ü~Ç=íç=Ñçêã=~=ïÉ~â=Åç~äáíáçå=ÖçîÉêåãÉåíK=qÜ~í=ÅçãÄáåÉÇ=ïáíÜ=íÜÉ=ï~êI= ÅçåëáÇÉêÉÇ=~=Ñ~áäìêÉ=áå=fëê~Éä=ÉîÉå=íÜçìÖÜ=áí=ëìÅÅÉÉÇÉÇ=áå=ëíçééáåÖ=eáëÄìä~ÜÛë= ~íí~ÅâëI=~åÇ=ëÉîÉê~ä=ëÅ~åÇ~äë=êÉä~íÉÇ=íç=íÜÉ=éÉêëçå~ä=ÅçåÇìÅí=çÑ=ÜáÖÜ=ê~åâáåÖ= éçäáíáÅá~åëI=Ü~îÉ=äÉÑí=íÜÉ=ÖçîÉêåãÉåí=ïÉ~âÉåÉÇK==kÉï=ÉäÉÅíáçåë=ÅçìäÇ=ÄÉ=ÉñéÉÅíÉÇ= ÄÉÑçêÉ=OMMVI=ïÜÉå=ÇìÉK=pìÅÜ=ïÉ~âÉåáåÖ=çÑ=íÜÉ=éçäáíáÅ~ä=Åäáã~íÉ=áë=ìåÑçêíìå~íÉ= ÅçåëáÇÉêáåÖ=áåÅêÉ~ëÉÇ=êÉÖáçå~ä=íÉåëáçåë=çîÉê=fê~åK=qÜÉ=ëáíì~íáçå=áå=åÉáÖÜÄçêáåÖ= bÖóéí=~åÇ=gçêÇ~å=ÅçìäÇ=~äëç=ÄÉÅçãÉ=çåÉêçìë=Ñçê=fëê~Éä=áå=íÜÉ=ëçãÉïÜ~í=äçåÖÉê=íÉêãK== JJGJJ= qÜÉ=Åçìåíêó=ê~íáåÖ=çÑ=fëê~Éä=áë=ìåìëì~ääó=ÅçãéäÉñK==fëê~Éä=áë=ÜáÖÜ=éÉêÑçêãáåÖ=ãçÇÉêå= Åçìåíêó=ÉñÅÉÉÇáåÖ=íÜÉ=ãáÇÇäÉ=bìêçéÉ~å=äÉîÉäK==fí=áëI=ÜçïÉîÉêI=ã~êêÉÇ=Äó=~=ÜçëíáäÉ= êÉÖáçå~ä=ÉåîáêçåãÉåí=~åÇ=~=êÉä~íáîÉäó=ïÉ~â=ÑáëÅ~ä=ëí~åÅÉ=áåÜÉêáíÉÇ=Ñêçã=ãáëÖìáÇÉÇ= ëíêìÅíìê~ä=~åÇ=ïÉäÑ~êÉ=éçäáÅáÉë=çÑ=íÜÉ=é~ëíK==qÜÉ=ÉñíÉêå~ä=ê~íáåÖë=~äëç=Ñ~Åíçê=áå= fëê~ÉäÛë=êÉã~êâ~ÄäÉ=êÉëáäáÉåÅÉ=íç=ëÜçÅâëI=éêçîÉÇ=é~ê=ÉñÅÉääÉåÅÉ=áå=íÜÉ=é~ëí=óÉ~êK== jççÇóÛë=Ü~ë=ÉîÉå=éä~ÅÉÇ=fëê~ÉäÛë=Åçìåíêó=êáëâ=áå=^~NI=êÉÑäÉÅíáåÖ=îÉêó=äçï=êáëâ=çÑ=~= ÖÉåÉê~ä=ÖçîÉêåãÉåí=áãéçëÉÇ=ãçê~íçêáìãK==qÜÉ=ä~ííÉê=áë=åçí=ÅÉåíê~ä=íç=Åçìåíêó=êáëâ= ê~íáåÖI=ÜçïÉîÉêK==

Key ratios

2007

Population (mill.)

6,8

GDP/capita ($)

4,5%

Inflation

1,2%

Curr.Acc. Balance/GDP

3,7%

Reserves/imports (months) Budget balance/GDP

4

Liquidity

2 0

Absence of event risk

Israel

89% `ëÉÅÜ=oÉéK= pçìíÜ=hçêÉ~ `ÜáäÉ

12

6

Macro balance

5

mÉÉêëW

14

8

-2,9%

Government debt/GDP

Resilience 10

19729

GDP (change)

bñíÉêå~ä=ê~íáåÖëW= cáíÅÜW=^JLéçë= jççÇóDëW=^O=== pCmW==^JLéçë=

How to read the chart? Moving out from the center reduces risk.

Information

Average EM

Korea

Graph: The pentagon shows the creditworthiness of Israel as strong on information and resilience (long term economic and socio-political factors) but much like Korea, relatively weak on event risk.

2

SEB Merchant Banking Country Risk Analysis Date April 4, 2007

= = Key data: 2001 2002 2003 2004 GDP (bill.US$) 114 104 110 117 GDP/capita (US$) 18308 16422 17038 17706 GDP (%chg.) -0,6% -0,9% 1,5% 4,8% Investments/GDP 20% 19% 18% 17% Budget balance/GDP -4,2% -4,2% -7,0% -4,9% Govt debt/GDP 96% 100% 102% 101% CPI inflation (%chg.) 1,1% 5,6% 0,7% -0,5% Money demand (%chg.) 7% 0% 4% 11% Stock prices (%chg.) 2% 2% 2% 2% Interest rates 6,5% 7,4% 7,0% 4,8% Exch. Rate ($) 4,21 4,74 4,55 4,48 Trade/GDP (%) 74% 79% 79% 90% Oil price (Brent) $24 $25 $29 $38 Billions US $ 40,4 39,3 43,4 52,7 Export of goods Imports of goods 43,5 42,8 44,2 52,3 Other: 2,0 2,8 2,5 2,7 Current account -1,1 -0,7 1,7 3,2 (% of GDP) -0,9% -0,7% 1,5% 2,7% FDI 3,6 1,8 3,9 1,8 Loan repayments -5,1 -4,6 -5,6 -3,9 Net other capital flows 2,6 4,0 2,2 -0,2 Balance of payments 0,0 0,5 2,1 0,8 Reserves 23,2 23,7 25,8 26,6 Total debt 68,0 72,4 71,9 70,1 o/w short term debt 24,3 25,1 26,2 25,8 Source: OEF (Oxford Economic Forecasting) and SEB estimates. Rating history Fitch (eoy) Moody's (eoy) S&P (eoy) Type of government: Next elections Other: Latest PC deal Latest IMF arrangements

AAAA2 A2 A2 AAAParliamentary democracy 2009

AA2 A-

2005

2006

2007

2008

125 18562 5,2% 17% -2,9% 97% 1,3%

131 19107 5,1% 17% -2,0% 91% 2,1%

137 19729 4,5% 17% -2,9% 89% 1,2%

144 20293 3,6% 17% -3,0% 86% 2,7%

5%

6%

6%

7%

2% 4,3% 4,49 92% $54

2% 5,5% 4,46 95% $65

4,5% 4,48 98% $60

5,3% 4,63 101% $58

57,9 57,5 3,4 3,8 3,0% 5,6 -4,1 -4,0 1,2 27,8 72,9 27,5

62,8 61,4 4,9 6,3 4,8% 7,2 -4,3 -8,1 1,2 29,0 74,0 29,5

68,2 66,9 3,9 5,1 3,7% 5,7 -4,3 -6,1 0,5 29,5 74,0 30,8

73,1 72,1 4,0 5,0 3,5% 4,4 -4,3 -4,3 0,8 30,3 74,0 32,1

AA2 A-

AA2 A-

None None Tel Aviv SE, TA-100 stock index

Israel, Spot Rates, USD/ILS 1100

5,1 5,0 4,9 4,8 4,7 4,6 4,5 4,4 4,3 4,2 4,1 4,0 3,9

1000 900 800 700 600 500 400 300 200 00

01

02

03

04

05

06

07

100 92

94 95 96

97

98

99

00

01

02

Source: Reuters EcoWin

03

04 05 06 Source: Reuters EcoWin

Israel, Policy Rates 11

0,0%

10 9

Budget balance/GDP

-2,0%

%

8 7

-4,0%

6

-6,0%

5 4

-8,0%

3 00

01

02

03

04

05

06

2001

Source: Reuters EcoWin

= = 3

2003

2005

2007

=

SEB Merchant Banking Country Risk Analysis Date April 4, 2007

fãéçêí~åí>=qÜáë=ëí~íÉãÉåí=~ÑÑÉÅíë=óçìê=êáÖÜíëK= = = afp`i^fjbo= = = ^ää=êÉëÉ~êÅÜ=EêÉéçêíëI=ëíìÇáÉë=~åÇ=éìÄäáÅ~íáçåëF=áë=éêçÇìÅÉÇ=Ñçê=áåëíáíìíáçå~ä=áåîÉëíçêë=çåäóK=^ää=êÉëÉ~êÅÜ= EêÉéçêíëI=ëíìÇáÉë=~åÇ=éìÄäáÅ~íáçåëF=áë=éêçÇìÅÉÇ=Ñçê=éêáî~íÉ=áåÑçêã~íáçå=çÑ=êÉÅáéáÉåíë=~åÇ=pâ~åÇáå~îáëâ~= båëâáäÇ~=_~åâÉå=^_=EéìÄäFI=EíÜÉ=_~åâF=áë=åçí=ëçäáÅáíáåÖ=~åó=~Åíáçå=Ä~ëÉÇ=ìéçå=áíK= = léáåáçåë=Åçåí~áåÉÇ=áå=~ää=êÉëÉ~êÅÜ=EêÉéçêíëI=ëíìÇáÉë=~åÇ=éìÄäáÅ~íáçåF=êÉéêÉëÉåí=íÜÉ=Ä~åâDë=éêÉëÉåí=çéáåáçå= çåäó=~åÇ=~êÉ=ëìÄàÉÅí=íç=ÅÜ~åÖÉ=ïáíÜçìí=åçíáÅÉK=^ää=áåÑçêã~íáçå=Ü~ë=ÄÉÉå=ÅçãéáäÉÇ=áå=ÖççÇ=Ñ~áíÜ=Ñêçã= ëçìêÅÉë=ÄÉäáÉîÉÇ=íç=ÄÉ=êÉäá~ÄäÉK=eçïÉîÉêI=åç=êÉéêÉëÉåí~íáçå=çê=ï~êê~åíóI=ÉñéêÉëë=çê=áãéäáÉÇI=áë=ã~ÇÉ=ïáíÜ= êÉëéÉÅí=íç=íÜÉ=ÅçãéäÉíÉåÉëë=çê=~ÅÅìê~Åó=çÑ=íÜÉ=ÅçåíÉåíë=~åÇ=áí=áë=åçí=íç=ÄÉ=êÉäáÉÇ=ìéçå=~ë=~ìíÜçêáí~íáîÉK= oÉÅáéáÉåíë=~êÉ=ìêÖÉÇ=íç=Ä~ëÉ=íÜÉáê=áåîÉëíãÉåí=ÇÉÅáëáçåë=ìéçå=ëìÅÜ=áåîÉëíáÖ~íáçåë=~ë=íÜÉó=ÇÉÉã=åÉÅÉëë~êóK= qç=íÜÉ=ÉñíÉåí=éÉêãáííÉÇ=Äó=~ééäáÅ~ÄäÉ=ä~ïI=åç=äá~Äáäáíó=ïÜ~íëçÉîÉê=áë=~ÅÅÉéíÉÇ=Ñçê=~åó=ÇáêÉÅí=çê= ÅçåëÉèìÉåíá~ä=äçëë=~êáëáåÖ=Ñêçã=ìëÉ=çÑ=íÜÉëÉ=ÉäÉÅíêçåáÅ=çê=éêáåíÉÇ=ÇçÅìãÉåíë=çê=íÜÉáê=ÅçåíÉåíëK= = vçìê=~ííÉåíáçå=áë=Çê~ïå=íç=íÜÉ=Ñ~Åí=íÜ~í=~=ãÉãÄÉê=çÑI=çê=~åó=Éåíáíó=~ëëçÅá~íÉÇ=ïáíÜI=íÜÉ=Ä~åâ=çê=áíë=~ÑÑáäá~íÉëI= çÑÑáÅÉêëI=ÇáêÉÅíçêëI=ÉãéäçóÉÉë=çê=ëÜ~êÉÜçäÇÉêë=çÑI=ëìÅÜ=ãÉãÄÉêë=ã~ó=Ñêçã=íáãÉ=íç=íáãÉ=Ü~îÉ=~=äçåÖ=çê=ëÜçêí= éçëáíáçå=áåI=çê=çíÜÉêïáëÉ=é~êíáÅáé~íÉ=áå=íÜÉ=ã~êâÉíë=ÑçêI=íÜÉ=ÅìêêÉåÅáÉë=~åÇ=ëÉÅìêáíáÉë=çÑ=ÅçìåíêáÉë= ãÉåíáçåÉÇ=ÜÉêÉáåK= = pâ~åÇáå~îáëâ~=båëâáäÇ~=_~åâÉå=^_=EéìÄäF=áë=áåÅçêéçê~íÉÇ=áå=píçÅâÜçäã=pïÉÇÉå=ïáíÜ=äáãáíÉÇ=äá~Äáäáíó= ~åÇ=áë=~=ãÉãÄÉê=çÑ=íÜÉ=píçÅâÜçäã=píçÅâ=bñÅÜ~åÖÉK== = = `çåÑáÇÉåíá~äáíó=kçíáÅÉW== íÜÉ=_~åâDë=êÉëÉ~êÅÜ=áë=ÅçåÑáÇÉåíá~ä=~åÇ=ã~ó=åçí=É=êÉéêçÇìÅÉÇ=çê=êÉÇáëíêáÄìíÉÇ=íç=~åó=éÉêëçå=çíÜÉê=íÜ~å= áíë=êÉÅáéáÉåí=Ñêçã=íÜÉ=Ä~åâK=^åó=éêáåíÉÇ=çê=ÉäÉÅíêçåáÅ=ÇìéäáÅ~íáçå=çÑ=íÜÉ=êÉéçêíë=çê=é~êíë=çÑ=íÜÉ=êÉéçêíë= ãìëí=áåÅäìÇÉ=íÜáë=ÇáëÅä~áãÉêK=qÜÉ=_~åâ=ÇçÉë=åçí=í~âÉ=~åó=êÉëéçåëáÄáäáíó=Ñçê=ã~íÉêá~ä=ÖáîÉå=íç=íÜáêÇ= é~êíáÉë=Äó=êÉÅáéáÉåíëK=

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