ࡱ > R bjbj @\ 8 . . . 8 f z , . / 1 1 1 1 1 1 $ > ! f U ! U v / / : , V . / 0 F" ^ F" F" , U U F" ( : $8;>A>D8O 2 687=8 G5;>25:0 8 >1I5AB20 M?>EC 3;>10;870F88 ?@>8AE>48B ?5@5>F5=:0 <5AB0 8 @>;8 D8;>A>D88 :0: D>@<K <KH;5=8O, :0: A>2>:C?=>AB8 ?@85<>2 8=B5;;5:BC0;L=>- ?A8E>;>38G5A:>3> >A2>5=8O :C;LBC@=>3> =0A;548O ( 682>9 4CH8 :C;LBC@K ) , D>@< 8 <5B>4>2 8==>20F8>==>3> ?>8A:0, ACI5AB25==> A=860NI53> @8A:8 >1I5AB25==>3> @0728B8O. ?0A=>ABL =5CAB>9G82>3> @0728B8O, 2>7@0AB0NI0O ?5=0 2>7<>6=KE C?@02;5=G5A:8E >H81>:, =5 3>2>@O > 45AB@C:B82=KE :>@KAB=KE 8=B5@5A>2 8 8E 2>7<>6=KE ?@>O2;5=89 2 ?@0:B8:5 ?@8=OB8O 3>AC40@AB25==KE @5H5=89, =0AB>9 G82> 27K20NB : ?5@5>A<KA;5=8N ?@8720=8O D8;>A>D88, 55 2>7<>6=> AB59 4;O C;CGH5=8O 687=8 ;N459. 'B> B0:>5 D8;>A>D8O A53>4=O: B5>@5B8G5A:0O D>@<0 A>2@5<5==>3> <8@>2>77@5=8O; 845>;>38O, >?@024K20NI0O 8=B5@5AK ?@02OI53> :;0AA0; <5B>4>;>38O =0CG=>3> ?>7=0=8O; D>@<0 <C4@>AB8, 4>?>;=ONI0O @5;8 38N 8;8 :>=:C@8@CNI0O A =5N? 0:85 DC=:F88 >=0 2K?>;=O5B: A>F80 ;870F88 8 2>A?8B0=8O, :@8B8:8 845>;>388, M<0=A8?0F88, >1>A=>20=8O 8 70I8BK A0<>1KB=>9 :C;LBC@K? B25BK =0 MB8 2>?@>AK B@51CNB ?5@5>A<KA;5=8O A;>682H53>AO 5I5 2 X I X 25:5 >1@070 D8;>A>D88, 2K?>;=ONI59 :@8B8G5A:CN DC=: F8N 2 >B=>H5=88 @5;8388 8 845>;>388. 0 A0<>< 45;5 3>AC40@AB2> 8 >1I5AB2> =C640NBAO =5 B>;L:> 2 :@8B8:5, => 8 2 A8<2>;8G5A:>9 70I8B5, >15@530NI59 >B =838;87<0 8 @5A5=B8<5=B0, ?@840NI59 CAB>9G82K9 A<KA; ACI5AB2>20=8N. <5==> MBC DC=:F8N 8 4>;6=0 2K?>;=OBL D8;>A>D8O. @8 MB>< D8;>A>DA:0O :@8B8:0 4>;6=0 1KBL :>=AB@C:B82=>9, A?>A>1AB2>20BL >74>@>2;5=8N >1I5AB20 8 =5 4020BL 5<C 2?040BL 2 A?OG:C. > <=5=8N 8=B5;;835=F88, D8;>A>D8O MB> D>@<0 A2>1>4><KA;8O, @0AAG8B0==0O =0 2>A?8B0=85 A2>1>4=KE C<>2. >AC40@AB2> 45@68BAO >B =N4L =5 =0 >4=>< 15A?@5:>A;>2=>< ?>4G8=5=88. 4=8 >B40NB ?@8:07K, 4@C385 8E 2K?>;=ONB. > 4065 2 0@<88, 345 ?@8:07K =5 >1AC640NBAO, ACI5AB2C5B 35=HB01, 7040G0 :>B>@>3> 8 A>AB>8B 8<5==> 2 >1AC645=88 8 D>@<C;8@>2:5 A>45@60=8O ?@8:07>2. $8;>A>D8O =5>1E>48<0 1>;LH>9 ?>;8B8:5, B> 5ABL B0:>9, :>B>@0O =0?@02;5=0 =0 1;03> =0@>40. > A?>A> 15= ;8 D8;>A>D 2>72KA8BLAO =04 AC5B>9 8 70I8I0BL 3>AC40@AB2> >B =5 4>AB0B:>2 B5E, :B> 8< =5?>A@54AB25==> C?@02;O5B? 0: AG8B0;8 4@52=85 D8;>A>DK, G5;>25:C =C6=> =0CG8BLAO C?@02;OBL A0<8< A>1>N, A2>8<8 AB@0ABO<8 8 65;0=8O<8, ?@>B82>AB>OBL ;5AB8 8 4@C38< A>1;07=0<. $8;>A>D0 4>;6=0 701>B8BL =5 B>;L:> ;8G=0O MB8:0, => 8 4803=>AB8:0 >1I5AB20 8 A>2@5<5==>9 F828;870F88 2 F5;><. '0I5 2A53> ;N48 ;81> 2?040NB 2 <870=B@>?8N 8 ?@540NBAO :@8B8:5, ;81> 70=8<0NBAO 701>B>9 > A515 8 ?@87K20NB : ?>;=>9 =57028A8<>AB8 >B 3>AC40@AB20 8 >1I5AB20. !?0A0BL =0C:C, 3>AC40@AB2> >B 8AB5@8G5A:>9 :@8B8:8, 2=CH0BL ;N4O< C25@5==>ABL 2 MB>< A>AB>8B 8<<C==0O DC=:F8O D8;>A>D88. C6=0 ;8 D8;>A>D8O >1I5AB2C, 8 2K?>;=O5B ;8 >=0, 1C4CG8 >1O70 B5;L=>9 48AF8?;8=>9 2 A8AB5<5 2KAH53> >1@07>20=8O, 3>AC40@AB25= =>5 =07=0G5=85? 0=LH5 ?>445@6:0 D8;>A>D88 >?@545;O;0AL 25@>9 2 B>, GB> >=0 A?>A>1AB2C5B 2>A?8B0=8N 2 ;N4OE 3>AC40@AB25==KE 4>1 @>45B5;59. "0:0O 0:BC0;870F8O D8;>A>D88 O2;O5BAO =54>AB0B>G=>9, ?>A:>;L:C >=0 AB@5<8BAO : 8AB8=5 8 A2>1>45. BAN40 D8;>A>D8O ?> 78F8>=8@C5BAO :0: :@8B8:0 845>;>388, =0?@02;5==0O ?0 @07>1;0G5=85 2;0AB8. 5:89 10;0=A 4>AB8305BAO 2 @0<:0E 0:045<8G5A:>9 A2>1>4K: 3>AC40@AB2> =5 C:07K205B, :0:0O D8;>A>D8O =C6=0, 0 ?@>D5AA>@ C45@ 68205BAO >B ?>;8B8G5A:>9 ?@>?030=4K 2 AB5=0E C=825@A8B5B0. @878A A8AB5<K >1@07>20=8O, ?@54AB02;ONI53> A>1>9 MDD5:B82=K9 :><?;5:A ?@0:B8: 3C<0=870F88 G5;>25:0, <>6=> AG8B0BL 3;02=K< A> 1KB85< A>2@5<5==>AB8. >AC40@AB2> :0: A8;0 2> 2A5< <8@5 ?5@568205B :@878A 8 B5@O5B @KG038 A2>53> 2;8O=8O. $8=0=AK, M:>=><8:0, 8=D>@ <0F8O 2A5 MB> C65 =5 :>=B@>;8@C5BAO 8 =5 @53C;8@C5BAO 3>AC40@AB 2><. @0640=A:>5 >1I5AB2> B0:65 =5 <>65B A>E@0=8BL 2A5 MB8 8=AB8 BCBK =0 ?@56=5< C@>2=5. 0C:0, >1@07>20=85, :C;LBC@0 ?@54>AB02;5=K A0<8< A515 8 A0<8 4>;6=K 8A:0BL A@54AB20 ACI5AB2>20=8O. BAN40 7=0=85 AB0=>28BAO B>20@><, :>B>@K9 4>;65= =09B8 A?@>A =0 @K=:5. =>385 3C<0=8B0@88 2?0;8 2 C=K=85: ?@56=85 ?@0:B8:8 :;0AA8G5A:>3> >1@07>20=8O >:07K20NBAO =52>AB@51>20==K<8. > D8;>A>DK 4>;6=K =5 B>;L:> ?@8A?>A01;820BLAO : @K=:C, => 8 A>74020BL 53>. @5=4 D8 ;>A>D88 A;>68;AO 2 1>@L15 A =52565AB2>< 8 2 ?>8A:0E 8AB8=K. %>BO A53>4=O >B=>H5=8O :>=:@5B=KE =0C: 8 D8;>A>D88 40;5:8 >B 8450;0, >4=0:> =8:B> =5 <>65B >A?>@8BL, GB> >=8 B0: 8;8 8=0G5 A2O70=K 4@C3 A 4@C3><. C<05BAO, GB> 8 A53>4=O <8@>2>77@5=G5A:0O 8 <5B>4>;>38G5 A:0O DC=:F88 D8;>A>D88 =5 2K7K20NB A><=5=89. >=5G=>, =0<5@5=85 D8;>A>D88 C?@02;OBL 8;8 C:07K20BL <5AB> CG5=K<, ?>;8B8:0<, EC4>6 =8:0< A53>4=O :065BAO A;8H:>< >@B>4>:A0;L=K<. 4=0:> >=0 <>65B 83@0BL @>;L <548C<0 :><<C=8:0F88 <564C @07;8G=K<8 48AF8?;8=0<8, ?@54AB028B5;8 :>B>@KE C65 402=> =5 ?>=8<0NB 4@C3 4@C30. 5 A;54C5B >B1@0AK20BL 8 2>A?8B0B5;L=>5 ?@54=07=0G5=85 D8;> A>D88. ?>A;54=55 AB>;5B85 >=0 @072820;0AL 2 >A=>2=>< :0: :@8B8:0 845>;>388, >?@>25@30NI0O ?>78B82=K5 D>@<K 2;0AB8. 065 M:78 AB5=F80;L=K5 D8;>A>DK 70=8<0;8 ?> ?@58<CI5AB2C ;52CN AB>@>=C 48A:C@A0 8 :>=F5=B@8@>20;8 A2>5 2=8<0=85 1>;LH5 =0 =530B82=KE, G5< =0 ?>78B82=KE ?5@56820=8OE ;N459. A;8 C @8AB>B5;O 8AB>G =8:>< D8;>A>D88 1K;> C482;5=85, B> C %0945335@0 C60A. G5284=>, GB> B0:0O D8;>A>D8O 2K?>;=O5B, A:>@55, 45AB@C:B82=CN, G5< 8<<C==CN DC=:F8N. <5AB5 A B5< D8;>A>DK 87402=0 701>B8;8AL > 2>A?8B0=88 3> AC40@AB25==KE 4>1@>45B5;59 ;N459 8 4065 AB@5<8;8AL : C?@02;5=8N 3>AC40@AB2><. '0AB> MB> =0<5@5=85 2KA<5820NB :0: ;8G=>5 ?@8BO70=85 =0 2;0ABL. 0 A0<>< 45;5 @5GL 845B > D8;>A>DA:>< >A<KA;5=88 M:>=> <8:8 8 ?>;8B8:8. 'B> B0:>5 2;0ABL, B@C4, :0?8B0;, :0:>20 @>;L 7=0=8O, :0: @50;87C5B A51O G5;>25: 2 A>2@5<5==>< >1I5AB25 2A5 MB8 AB0@K5 2>?@>AK =C640NBAO 2 =>2>< >A>7=0=88. !2>5>1@0785 D8;>A>DA:8E ?@>1;5< $8;>A>D8O @0728205BAO 2 E>45 =5?@5@K2=>3> >B@8F0=8O 8 A>7840=8O A8AB5<, :>340 :064K9 D8;>A>D >B25@305B 273;O4K ?@54H5AB25==8:>2 8 >:07K205BAO 2 >??>78F88 : A2>8< A>2@5<5==8:0<. =0 >B;8G05BAO >B 4@C38E 48AF8?;8= >BACBAB285< 548=KE :@8B5@852 >1>A=>20=8O, 8 MB> 45;05B 55 ACI5AB2>20=85 =0AB>;L:> =5CAB>9G82K<, GB> >=0 :064K9 @07 2K=C645=0 70=>2> 4>:07K20BL A2>N ?@02><5@=>ABL. -B>, ?@5645 2A53>, :0A05BAO 55 A2>5>1@07=KE ?@>1;5<, ?>@>645==KE C482;5=85< =5 B>;L:> ?5@54 =5>1KG=K< 8 ?>BCAB>@>==8<, => 8 ?5@54 ?>2A54=52 =K< 8 ?@82KG=K<. "0:, D8;>A>DK A?@0H820NB, GB> B0:>5 ?@>AB@0= AB2> 8 2@5<O, 42865=85 8 @0728B85, 8AB8=0 8 701;C645=85, :0: 1C4B> MB> :><C- B> =5OA=>. %>BO ?@820B=0O 8 >1I5AB25==0O 687=L >?8@0NBAO =0 4>AB>25@=K5 2KA:07K20=8O 8 >G5284=K5 25I8, => ?>?KB:0 4>:070B5;LAB20 B0:8E ?@>ABKE 8AB8=, GB> 2=5H=89 <8@ ACI5AB2C5B, GB> O >1;040N A>7=0=85< 8;8 B5;><, GB> MB> <>O @C:0, :>B>@>9 O ?8HC B5:AB, GB> <>O D0<8;8O 0@:>2 8 B. ?. , =0B0;:8205BAO =0 =5>6840==K5 B@C4=>AB8, :>B>@K5 2K 7K20NB A><=5=8O, 2K1820NI85 ?>G2C 87- ?>4 =>3. -B> ?>E>65 =0 2=5 70?=CN >AB0=>2:C :0@CA5;8: <K 4C<0;8, GB> 2@0I05<AO ?> >B=>H5=8N : 5<;5, 8 24@C3 GC2AB2C5<, GB> >=0 :@CB8BAO 2>:@C3 =0A. >4>1=CN =5C25@5==>ABL 2 @073@0=8G5=88 @50;L=>3> 8 :06CI53>AO ?>@>640NB D8;>A>DA:85 @0AAC645=8O. 0: 2AO:>5 =0@CH5=85 3@0=8F MB> 2K7K205B ?>4>7@5=85. A;8 G5;>25: =0G=5B, =0?@8<5@, =0 C;8F5 8;8 2 B@0=A?>@B5 2KA:07K20BL A><=5=8O 2 4>AB>25@=KE 8AB8=0E 8 5A;8 >:@C60NI85 =5 7=0NB, GB> >=8 ?@54?@8=8<0NBAO 2 ?>@O4:5 D8;>A>DAB2>20=8O, B> B0:><C D8;>A>DC =5B@C4=> C3>48BL 2 ?A8E80B@8G5A:>5 CG@5645=85. 2<5AB5 A B5< D8;>A>D8O ACI5AB2C5B, =5A<>B@O =0 B>, GB> 4065 420 G5;>25:0, 70A?>@82H85 > ACI=>AB8 2@5<5=8, G8A;0 8;8 A<KA;0 687=8 2@O4 ;8 ?@84CB : 2708<>?>=8<0=8N 8 A>3;0A8N. B@048F8>==>< ?>=8<0=88 D8;>A>D8O MB> BO65;0O >1O70= =>ABL 4C<0BL 70 4@C38E, :>B>@CN >1I5AB2> 4>;6=> ?>445@6820BL @048 A>1AB25==>3> ?@>F25B0=8O. @C3>9 ?>4E>4 @07>1;0G05B :;0AA8G5A:CN <5B0D878:C :0: >?@0240=85 ACI5AB2CNI53> ?>@O4:0 25I59, >B@8F05B 55 ?@5B5=788 =0 G8ABCN 8AB8=C. 48= 87 O@:8E :@8B8:>2 <5B0D878:8 . (;8:, >F5=820O 2>?@>AK > ?5@2>?@8G8=5 1KB8O, ACI5AB2>20=88 >30, 15AA<5@B88 4CH8 8 B. ?. , =54>C<520;, GB>, A>1AB25==>, ?>4@07C<5 205BAO 2 B0:>3> @>40 ?@>1;5<0E, 8 2KA:070; <=5=85, GB> 2A5 >=8 ?@>AB> 15AA<KA;5==K. 845@ =5>?>78B828ABA:>3> 42865=8O ?@>B82>?>AB028; <5B0D878:5 A8AB5<C =0CG=>3> <8@>2>77@5=8O, E0@0:B5@87CNI53>AO A2O7LN A M<?8@8G5A:8<8 D0:B0<8, M:A?5@8<5=B0;L=>9 ?@>25@:>9, ;>38G5A:>9 A2O7=>ABLN 8 =5?@>B82>@5G82>ABLN. I5 1>;55 @57:> >B7K20;AO > B@048F8>==KE D8;>A>DA:8E ?@>1;5 <0E 4@C3>9 284=K9 ?@54AB028B5;L =5>?>78B828ABA:>3> 42865=8O . 0@=0?. = ?8A0;: AD5@5 <5B0D878:8 ( 2:;NG0O @07=>3> @>40 D8;>A>D8N F5==>AB59 8 =>@<0B82=K5 =0C:8) ;>38G5A:89 0=0;87 ?@8 2>48B : B><C =530B82=><C @57C;LB0BC, GB> 2A5 ?@54;>65=8O MB>9 AD5@K A>25@H5==> 15AA<KA;5==K . >@=8 D8;>A>DA:8E ?@>1;5< >= CA<0B@8 20; =5 2 ?>7=020B5;L=KE 8;8 <KA;8B5;L=KE B@C4=>ABOE, 0 2 O7K:>2KE >H81:0E. 0B@C4=5=8O D8;>A>D88 >= @0AF5=820; :0: @57C;LB0B A<5 H820=8O @0AAC645=89 > ?@54<5B0E A @0AAC645=8O<8 > A;>20E. 5B0 D878G5A:85 2>?@>AK > ACI=>AB8 2@5<5=8, ?@>AB@0=AB20, ?@8G8==>AB8, 1;030 8 :@0A>BK AD>@<C;8@>20=K 2 25I=>9 D>@<5 , >=8 >@85=B8@CNB =0 B>, GB> ?>8<5=>20==K5 D5=><5=K ?>4>1=K @50;L=K< ACI=>ABO<. 0 A0<>< 45;5 B0:85 G0AB> C?>B@51;O5<K5 A;>20, :0: G8A;> , <0B5 @8O , AC1AB0=F8O , 4CE , A>25ABL 8 B. ?. , =5 >1>7=0G0NB GB>- B> @5 0;L=>5. A;8 =5 CG8BK20BL MB> >1AB>OB5;LAB2>, B> <>3CB 2>7=8:=CBL 15AA<KA;5==K5 D@07K B8?0 548=8F0 5ABL G8A;> , 345 ?>4 G8A;>< ?>4@07C<5205BAO :0:0O- B> >A>15==0O 25IL , ACI5AB2CNI0O =0@O4C A 548=8F59, 42>9:>9 8 B. 4. @8B8:0 <5B0D878:8 :0: =5?@028;L=>3> C?>B@51;5=8O O7K:0 =5 >7=0G05B >B@8F0=8O D8;>A>D88, 0 =0>1>@>B, A?>A>1AB2C5B ;CGH5<C ?>=8<0=8N 55 ?@>1;5<. G5< A?@0H820;8 1>;LH85 D8;>A>DK, :>340 704C<K20;8AL > B><, GB> B0:>5 2@5<O, 2 G5< ACI=>ABL G8A;0, :0:>2> =0 7=0G5=85 G5;>25:0 2 <8@5? 07C<55BAO, MB8 2>?@>AK =5;L7O ?>=8<0BL 1C:20;L=>. 23CAB8=, <CG8B5;L=> @074C<K202H89 > ?@8@>45 2@5<5=8 8 2KO282H89 53> ?0@04>:AK, 2>2A5 =5 E>B5; A>740BL :0:85- B> =>2K5, 1>;55 B>G=K5 G0AK 4;O 53> 87<5@5=8O. 3> 7040G0 1K;0 =5 <5=55 206=>9. = ?>425@3 A><=5=8N @0AE>685 ?@54AB02;5=8O > 2@5<5=8, :>B>@>5 B5G5B , 8 B5< A0<K< A?>A>1AB2>20; D>@<8@>20=8N =>2>3> >1@070 2@5<5=8, :>B>@K9 >:070;AO 0:BC0;L=K< ?@8 A>740=88 B5>@88 >B=>A8B5;L=>AB8. 5 A;CG09=> . -9=HB59= 8 4@C385 :@C?=K5 CG5=K5 2=8<0B5;L=> G8B0;8 8 87CG0;8 @07<KH;5=8O 23CAB8=0. @>6820O 2 ?@82KG=>< 8 A?>4@CG=>< <8@5, G5;>25: ?>AB5?5==> CB@0G8205B A?>A>1=>ABL C482;OBLAO. >G5<C <8@ 2>>1I5 ACI5AB2C5B, 8 :0: <>6=> 4>:070BL 53> @50;L=>ABL ( <>65B 1KBL, 2A5 ?@>8AE>4OI55 =0< B>;L:> A=8BAO) , :0: 2>7<>6=> ?>7=0=85, GB> B0:>5 4>1@> 8 7;> MB8 8 4@C385 ?>4>1=K5 2>?@>AK 7040NB A53>4=O @0725 GB> 45B8. A5 >AB0;L=K5 AG8B0NB, GB> >B25BK =0 =8E 402=> 8725AB=K. >AB0B>G=> ;8 MB8 >B25BK C4>2;5B2>@8B5;L=K? 0C:0 ?>7=05B ?@8@>4C, >B:@K205B ?@8G8=K 8 70:>=K. 4=0:> GB> B0:>5 ?@8@>40 8 =0A:>;L:> 25@=K< O2;O5BAO 4>?CI5=85 > ?@8 G8==>< 8 70:>=>A>>1@07=>< ?>@O4:5? 0C:0 MB> AB@>3>5 4>:070 B5;L=>5 7=0=85. > :0: 4>:070BL, GB> =5>1E>48<> 4>:07K20BL? 87=L 8 4CE>2=K5 F5==>AB8 AG8B0NBAO 1;03><, => 2 G5< 8E A<KA;? !B02O MB8 8 ?>4>1=K5 2>?@>AK, G5;>25: :0: ;1>< 2 AB5=C C?8@05BAO 2 =5:>B>@K5 >G5284=K5, => =54>:07C5<K5 8AB8=K. =8 459AB28B5;L=> O2;ONBAO =5=0CG=K<8, 0 B>G=55 2=5=0CG=K<8, B0: :0: =0C:0 =0 =8E =5 B>;L:> =5 >B25G05B, 0 =0>1>@>B, A0<0 >?8@05BAO =0 8E @5H5=85 2 687=5==> ?@0:B8G5A:>9 AD5@5. -B> >1AB>OB5;LAB2> A2845B5;LAB2C5B > 3@0=8F0E =0CG=>3> ?>7=0 =8O. => =5 4>;6=> 01A>;NB878@>20BLAO. 0 MB> >1@0B8;8 2=8<0=85 ?@54AB028B5;8 D8;>A>D88 687=8 8 M:78AB5=F80;87<0. @5645 G5< 70 =8<0BLAO ?>7=0=85< G5;>25: D>@<8@C5BAO :0: CG0AB=8: 687=5==>3> <8@0. = ?@8>1@5B05B ?@0:B8G5A:85 =02K:8 ?>;L7>20=8O ?@54<5B0<8, CA208205B =5>1E>48<K5 4;O A>2<5AB=>9 687=8 =>@<K, F5==>AB8 8 ?@028;0 ?>2545=8O. 8@ 40= G5;>25:C ?5@2>=0G0;L=> 4>B5>@5B8- G5A:8< A?>A>1>< 8 4>ABC?5= 8 ?>=OB5= 4;O 2AO:>3> A?5F80;L=>3> ?>7=0=8O. 4=0:> =0A:>;L:> ?>4;8==K< 8 8AB8==K< O2;O5BAO B0:>5 8=BC8B82=>5, M:78AB5=F80;L=>5 ?>AB865=85 <8@0? 5 >?@545;O5BAO ;8 >=> =5:>B>@K<8 ?@03<0B8G5A:8<8 CAB0=>2:0<8 8 C7:8<8 A>F80;L =K<8 >@85=B0F8O<8? -B8 A><=5=8O 2 8AB8==>AB8 4> @0F8>=0;L=> 3> =5?>A@54AB25==>3> ?>AB865=8O <8@0 70AB02;ONB A 1>;LH8< 2=8<0 =85< >B=5AB8AL : ?>?KB:0< :;0AA8G5A:>9 D8;>A>D88 @0F8>=0;L=> ?@>0=0;878@>20BL CA;>28O 2>7<>6=>AB8 ?>7=0=8O 8 :0: <>6=> 1>;55 BI0B5;L=> 8AA;54>20BL 2A5 2>7<>6=K5 >H81:8 8 701;C645=8O. @0:B8G5A:8 459AB2CNI85 ;N48, =0CG=K5 8AA;54>20B5;8, 87>1 @5B0B5;8, ?>;8B8:8 8 B. ?. AG8B0NB, GB> >=8 ?@028;L=> <KA;OB, 5A;8 4>AB830NB CA?5E0. 4=0:> A<5:0;:0, 74@02K9 A<KA;, A?>A>1=>ABL @0AAC645=8O 8 @0AG5B0 MB> 5I5 =5 5ABL <KH;5=85 2 ?>;=>< A<KA;5 A;>20. =8 >?8@0NBAO =0 1>;55 8;8 <5=55 DC=40<5=B0;L=K5 4>?CI5 =8O. E ?@8=OB85 >?@545;O5B E>4 40;L=59H8E @0AAC645=89, 8, =0?@8 <5@, 87 =525@=KE ?>AK;>: ?> ?@028;0< ;>38:8 2K2>4OBAO =525@=K5 A;54AB28O. >MB><C <KA;8B5;5< <>6=> AG8B0BL, ?@5645 2A53>, B>3>, :B> 4>E>48B 4> MB8E >A=>20=89 8 ?KB05BAO 8;8 =09B8 8< >?@0240=85, 8;8 8E >B1@>A8BL. >=5G=>, D8;>A>D =5 8<55B <>=>?>;L=>3> ?@020 =0 :>=AB@C8@>20=85 ?@545;L=KE >A=>20=89 :C;LBC@K, >4=0:> >= >:0 7K205B 206=CN CA;C3C >1I5AB2C: 2K2>48B 8E 2 AD5@C >B:@KB>3> >1AC6 45=8O, ?>:07K205B 8E >3@0=8G5==>ABL 8 ?@54;0305B =>2>5 2845=85 <8@0, >A=>20==>5 =0 A>2@5<5==KE @50;8OE. >?@>A > B><, GB> 7=0G8B <KA;8BL, O2;O5BAO >4=8< 87 A?>@=KE 2 D8 ;>A>D88. >38:8 A2>4OB <KH;5=85 : 2K?>;=5=8N ;>38G5A:8E B@51>20 =89, M<?8@8:8 AG8B0NB =5>1E>48<K< 8 D0:B8G5A:>5 ?>4B25@645=85, 0 8=BC8B828ABK 8=B5;;5:BC0;L=>5 A>75@F0=85 8450;L=KE ACI=>AB59. !>3;0A=> @0A?@>AB@0=5==K< B5>@8O< <KA;8B5;L=0O 45OB5;L=>ABL A>AB>8B 2 ?>AB0=>2:5 ?@>1;5<K 8 ?>8A:5 A@54AB2 55 @07@5H5=8O. ! D8;>A>DA:>9 B>G:8 7@5=8O 2 MB>9 <>45;8 =54>AB05B ACI5AB25V=LWE 725=L52. 0?@8<5@, GB> 7=0G8B 2>A?@8=8<0BL D0:BK? A;8 A:070BL: 848B5 8 =01;N409B5, B> 2>7=8:=5B 2AB@5G=K9 2>?@>A: 0 GB>, A>1AB25==>, =01;N40BL? -B> 3>2>@8B > B><, GB> =01;N45=85 A;>6=K9 ?@>F5AA, >?8@0NI89AO =0 >?@545;5==K5 ?>=OB8O, ?;0=K 8 38?>B57K. 5 <5=55 A;>6=K< ?@>F5AA>< O2;O5BAO 8 D>@<C;8@>2:0 ?@>1;5<K. =0 =5@54:> >:07K205BAO 206=55 >B25B0, B0: :0: >B25B =0 ?@028;L=K9 2>?@>A <>65B =09B8 :B>- =81C4L 4@C3>9, 0 =5?@028;L=> AD>@<C;8@>20==0O ?@>1;5<0 1C45B >?@545;OBL 15A?5@A?5:B82=K5 ?>8A:8 4> B5E ?>@, ?>:0 =5 1C45B ? 5@5D>@<C; 8@>20=0. $8;>A>D8O MB> ?>AB0=>2:0 2>?@>A>2 > ?@545;L=KE >A=>20=8OE =0H53> ?>7=0=8O 8 ?@0:B8G5A:>9 45OB5;L=>AB8. E 0=0;87 A>?@O65= A 8725AB=K<8 70B@C4=5=8O<8 8 ?@5645 2A53> A B5<, GB> >=8 =5 <> 3CB 1KBL ?@>0=0;878@>20=K, 4>:070=K 8;8 >?@>25@3=CBK >1KG=K< =0CG=K< ?CB5<, B0: :0: =0C:0 A0<0 >?8@05BAO =0 4>?CI5=8O, =0?@8<5@ > ?@8G8==>AB8 8 70:>=>A>>1@07=>AB8 ?@8@>4K. > <=5=8N 0=B0, >A =>20=8O ?>7=0=8O 8 45OB5;L=>AB8 A>45@60BAO 2 A0<>< AC1J5:B5. !B@5 <OAL >BKA:0BL 01A>;NB=K5 8 =587<5==K5 >A=>20=8O, >= 38?>AB078@>20; ?@54?>AK;:8 A2>53> 2@5<5=8. 4=0:> AC1J5:B, :0: 8 >1J5:B ?>7=0=8O, =5 40=, 0 7040=. >MB><C ?>7=020B5;L=K5 8 8=K5 ?@54?>AK;:8 =5 O2;O NBAO =587<5==K<8. -B> ?>@>6405B ?@>1;5<C ?>AB>O==>3> :>=B@>;O =04 8E MDD5:B82=>ABLN. ;O 55 @5H5=8O A>2@5<5==0O D8;>A>D8O 4>;6=0 ?@8;>68BL 7=0G8B5;L=K5 CA8;8O, 0 3;02=>5, 87<5=8BL D>@<C :><<C=8:0F88 A >1I5AB2><. A;8 @0=LH5 >=0 C7C@?8@>20;0 1>65AB 25==CN DC=:F8N >?@545;5=8O @07;8G89 <564C 8AB8==K< 8 ;>6=K<, ?@5:@0A=K< 8 157>1@07=K<, ?;>E8< 8 E>@>H8< 8 B. ?. , B> A53>4=O >=0 AB0=>28BAO 1>;55 45<>:@0B8G=>W! . =0;878@CO MB8 @07;8G8O, D8;>A>D AB@5<8BAO ?>:070V V> , GB> A5B8 ?>@O4:0 AB0;8 1>;55 <O3:8<8 8 3C<0= =K<8, >=8 ?>72>;ONB 68BL 1>;55 A2>1>4=> 8 :@50B82=>. $8;>A>D8O 2 A>2@5<5==>< <8@5 !53>4=O : 48AF8?;8=0<, 70;>65==K< 5I5 4@52=53@5G5A:8<8 D8;> A>D0<8 ;0B>=>< 8 @8AB>B5;5<, >B=>AOBAO ;81> 8@>=8G5A:8, ;81> A ?@5=51@565=85< ?> @O4C AC1J5:B82=KE 8 >1J5:B82=KE ?@8G8=. !B0 @>5 8 4@52=55 C65 =5 2K7K205B C2065=8O, >=> AB0;> G5<- B> 2@>45 0=B8: 20@80B0, :>B>@K9 ?@8405B 53> 2;045;LFC >A>1K9 ?@5AB86, => :0: B0:> 2>9 A>25@H5==> 15A?>;575=. 1>;LH8=AB25 A2>5< ;N48 <>3CB 2AB028BL 2 A2>N @5GL 8<5=0 D8;>A>D>2 8 4065 =5:>B>@K5 8E 87@5G5=8O, >4=0:> =5 ?@8=8<0NB 8E 2A5@L57 8 8A?>;L7CNB :0: @8B>@8G5A:85 ?@85<K 4;O ?>2KH5=8O A2>59 :C;LBC@=>9 7=0G8<>AB8 2 3;070E >:@C60NI8E. @87=0=85 D8;>A>D88 2A5340 =0B0;:820;>AL =0 7=0G8B5;L=>5 2=CB@5==55 8 2=5H=55 A>?@>B82;5=85, 81> 25;> : A><=5=8O< 8 4065 : >B:07C >B ?@82KG=>3> 8 CAB>O2H53>AO. $8;>A>DK ?@87K20NB : 845 0;L=>9 687=8 2 F0@AB25 4CE0 8 ?@5=51@530NB 75<;59, CAB@>9AB2> :> B>@>9 E>BO 8 40;5:> >B A>25@H5=AB20, >4=0:> 2A5- B0:8 >B=>A8B5;L=> CAB>9G82> 8 =0456=>. '5;>25: 8 157 B>3> CAB@>5= B0:, GB> 8A?KBK205B 3;C1>:>5 =54>2>;LAB2> A2>8< ?>;>65=85< 2 <8@5, ?>MB><C =5 C4828 B5;L=>, GB> : D8;>A>D88 ?@54JO2;O5BAO B@51>20=85 ?@8<8@OBL ;N459 A >1I5AB25==>9 687=LN, 0 =5 2>AAB0=02;820BL 8E ?@>B82 =55. !>>B=>H5=85 D8;>A>D88 A 687=5==>9 ?@0:B8:>9 O2;O5BAO >4=>9 87 25G=KE ?@>1;5< 8AB>@88 :C;LBC@K, >B @5H5=8O :>B>@>9 7028A8B 2K1>@ AB@0B538G5A:8E >@85=B0F88 F828;870F88. > MB> 8 8=48284C 0;L=0O ?@>1;5<0, B0: :0: 2=CB@8 =0A A848B A2>9 A>1AB25==K9 D8;>A>D, @07J540NI89 4CHC A><=5=8O<8 8;8 2=CH0NI89 @04C6=K5 =04564K. >MB><C >B D8;>A>D88 =5;L7O >B<0E=CBLAO, 1C4L B> =5?>=OB=K5 CG5=8O ?@>D5AA8>=0;L=KE D8;>A>D>2, :@8B8:CNI8E F5;8 A>2@5<5==>9 F828 ;870F88, 8;8 A>1AB25==K5 A><=5=8O 2 2>?@>A0E 687=8. > D8;>A>D8O =5 4>;6=0 2>A?@8=8<0BLAO :0: =5GB> 548=>5 8 >F5=820BLAO :0: F5;>5. =0 1K205B ?;>E0O 8 E>@>H0O, ?><>30NI0O A>E@0=OBL 4>AB83=CB>5, 2K6820BL 2 <8@5, 8 457>@85=B8@CNI0O ?@8 MB>< G0AB> :@0A820O 8 2>72KH5==0O, 0?5;;8@CNI0O : G8AB><C @07C<C , => =5?@8<8@8<0O A 68B59A:8<8 65;0=8O<8 8 F5==>ABO<8 ;N459. 0: ?>:07K205B >?KB, >A>15==0O 0:BC0;L=>ABL D8;>A>D88 ?5@568 205BAO 2 N=>AB8 8 AB0@>AB8, 8 MB> >B=>A8BAO : 8AB>@88 :0: >1I5AB20, B0: 8 >B45;L=>9 ;8G=>AB8. "0:, 25;8G09H89 :C;LBC@=K9 ?5@52>@>B 2 @52 =59 @5F88 =5?>A@54AB25==> A2O70= A D8;>A>D859 8 >1O70= 59 2K1>@>< B0:8E DC=40<5=B0;L=KE >@85=B0F88 ( : G8A;C :>B>@KE >B=>AOBAO @07C<, 45<>:@0B8O 8 =@02AB25==>ABL) , :>B>@K5 8 4> A8E ?>@ A;C60B >?>@>9 A>2@5<5==>9 F828;870F88. 4=0:> 1K;> 1K ;53:><KA;5==> 4;O ;N459 8 A0<>=045O==> 4;O D8;>A>D>2 AG8B0BL 2K1>@ B0:8E >@85=B0F88 4> AB0B>G=K<, 0 3;02=>5, =587<5==K<. ">G=> B0: 65 :0: 27@>A;K9 G5;>25: =5@54:> >BABC?05B >B @><0=B8G5A:8E 8450;>2 A2>59 N=>AB8, 2 8450;L =K5 ?;0=K >1I5AB25==>3> @0728B8O 2<5H820NBAO =5?@54CA<>B@5==K5 A8;K 8 2>7=8:05B :@878A=0O A8BC0F8O, A2O70==0O A =5>1E>48<>ABLN ?5@5>F5=:8 ?@56=8E 8450;>2 8 F5==>AB59. A;8 2 A?>:>9=K5 ?5@8>4K 8AB>@88 ?@>F25B0NB ?@>D5AA8>=0;L=0O D8;>A>D8O 8 0:045<8G5A:>5 8A:CAAB2>, B> :@878AK F828;870F88 MB> 2@5<O 35=852 8 ?@>@>:>2, 0 B0:65 H0@;0B0=>2 8 020=BN@8AB>2. K1>@ =>2KE >@85=B0F88 2A5340 =5?@54A:07C5< 8 <>65B ?@825AB8 : A0<K< =5>6840==K<, 2 B>< G8A;5 8 =5?@8OB=K< ?>A;54AB28O<. > GB>1K C<5=LH8BL >?0A=>ABL =525@ =>3> @5H5=8O, 5ABL >4=> A@54AB2>: ?@>25@8BL 2>>1@065=85 ;>38:>9, 0 2>;N 8 65;0=85 @07C<><. !53>4=O ?>O28;>AL >3@><=>5 :>;8G5AB2> @07=>3> @>40 3C@C 8 =0 AB02=8:>2, 27O2H8E =0 A51O 701>BC > B5;5 8 4CH5 ;N459, >:0702H8EAO =0 ?5@5?CBL5, G0AB> CAB0;KE 8 =5 7=0NI8E, GB> 45;0BL 8 :C40 84B8. =8 >15I0NB AG0ABL5 8 A?>:>9AB285, => F5=>9 ?>;=>3> ?>4G8=5=8O 8 >B:070 >B A2>53> /. >=5G=>, A0<K9 @048:0;L=K9 A?>A>1 =02A5340 871028BLAO >B 3>;>2=>9 1>;8 MB> ?5@5AB0BL 4C<0BL. > >B@5G5=85 >B A0<>A> 7=0=8O, ?>3@C65=85 2 <8@ D0=B07<>2 MB> D>@<0 5A;8 8 =5 A<5@B8, B> 4CE>2=>9 ;5B0@388. $8;>A>DA:85 2>?@>AK AB02OB B5, :B> A>E@0=8; A8;C 4CE0 8 A?>A>15= 871028BLAO >B 8=D0=B8;L=KE 65;0=89, :>B>@K5 G0I5 2A53> 8 M:A?;C0B8@CNB @07=>3> @>40 F5;8B5;8 . $C=:F8O D8;>A>D88 2 687=8 A>2@5<5==>3> >1I5AB20 =5 B>;L:> :@8B8G5A:0O, => 8 :><<C=8:0B82=0O. :045<8G5A:89 D8;>A>D 2A5 5I5 =>A8B 15;K5 >4564K, A2845B5;LAB2CNI85 > 53> >A>1>< AB0BCA5 8 =5;53:>9 >1O70==>AB8 4C<0BL 70 4@C38E, @0A:@K20BL 8< 3;070 =0 01 A>;NB=K5 8AB8=K. >MB><C 70:>=><5@=>9 @50:F859 O2;O5BAO 8=0O =51@56=> >45B0O D83C@0 A =51@8B>9 D878>=><859, 2K18@0NI0O ;52CN AB>@>=C 48A:C@A0 ( @0AAC645=8O) , :@8B8:CNI0O A >48=0:>2K< @25=85< :0: ?@8BO70=8O <0=40@8=>2 >B D8;>A>D88, B0: 8 <=5=8O ?@>D0=>2 > ?@8>@8B5B5 ?@>ABKE 68B59A:8E F5==>AB59 8 ?@028; 4>1@0, ?@87K 20NI0O : M:AF5AA0< 8 ?@>B5AB0< ?@>B82 ;N1KE D>@< ?@8=C645=8O. >@L10 <564C MB8<8 ?>78F8O<8 =0AB>;L:> 70E20B8;0 D8;>A>D8N :0: 2 >AA88, B0: 8 =0 0?045, GB> ?@8 MB>< A>25@H5==> 701KB>9 >:070 ;0AL 7040G0 :><<C=8:0F88 >1I5=8O, 2708<>?>=8<0=8O, ?@87=0=8O, A>3;0A8O @07;8G=KE ;N459 8 2K18@05<KE 8<8 C15645=89 8 ?>78F89. >2>5 548=AB2>, 4CE>2=0O >1I=>ABL 8 ?@0:B8G5A:>5 2708<>459AB285, ?>445@6:0, A>CG0AB85 ;N459 MB> CA;>285 687=5A?>A>1=>AB8 >AA88, ?> >=> =5 <>65B 1KBL 4>AB83=CB> =0A8;LAB25==K< ?CB5< =0 >A=>25 :06CI8EAO 4065 A0<K<8 ?@>3@5AA82=K<8 8 1;03>@>4=K<8 8459. ;0A A8G5A:0O D8;>A>D8O 2>>1I5 ?5@5>F5=820;0 8E @>;L 2 687=8 >1I5AB20, 8, :0: A;54AB285 MB>3>, A53>4=O F0@8B =525@85 2 D8;>A>D8N, :>B>@0O :065BAO A>25@H5==> 15A?><>I=>9 ?5@54 =0A8;85< 8 ;>6LN <>I=KE ?@>?030=48ABA:8E <0H8= A>2@5<5==>AB8. 0 A0<>< 45;5 >?@545;5=85 :0: ;8G=KE F5;59, B0: 8 >1I5AB25==KE 8450;>2 =5 O2;O5BAO ?CAB>9 83@>9 C<0 8;8 CB>?859. A;8 <K 459AB2C5< 2 A>>B25BAB288 A> A2>8<8 8450;0<8, B> >=8 O2;ONBAO 206=59H59 A>AB02 =>9 G0ABLN ?@0:B8G5A:>9 687=8. <5AB5 A B5< <C4@>ABL A>AB>8B 2 B><, GB>1K 68BL 2 A>3;0A88 ?@5645 2A53> A A0<8< A>1>9 8 A >:@C60NI8< <8@><. -B0 AB0@0O 8AB8=0 B@51C5B 7=0G8B5;L=KE ?A8E8G5A:8E 8 8=B5; ;5:BC0;L=KE CA8;89. ;O 55 @50;870F88 =54>AB0B>G=> ?@0:B8G5A:>3> >?KB0 8 A>25B0 ?@54:>2, :>B>@K5, @C:>2>4AB2COAL 74@02K< A<KA;><, 157 70B59 AC<5;8 ?@>68BL 687=L, A>E@0=8BL A5<LN, 2>A?8B0BL 45B59. L R V b 4 r r B V . . 4/ N/ ^3 `3 3 B B C C H H .H tR R B_ b_ f_ _ p