ࡱ> r t [ \ ] ^ _ ` a b c d e f g h i j k l m n o p q #`0bjbjmm4f U8, 62p$+(8+8+8+8+,d+L+(4444444$7hL:Z5M,8+8+,,58+8+l6sss,B=8+8+4s,4ss6= )8+d$ P-i(]1606a):l:8))0:-10++s+ ,~+++55sX+++6,,,,D !%!" " /   " !>AB028; 8 ?5@525; .0=G5=:> 8740=85 2B>@>5, 8A?@02;5==>5 8 4>?>;=5==>5 .: PSYLIB, 2002  ;048<8@ 0=G5=:>  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy00.htm" ! !%!"  XXI   &+ !%!" >15@B> AA046>;8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy01\\index.htm" !%!". '!",  /:  &+ #/ + !%!" L5@> $5@CGG8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\index.htm"  +  +",  " !%!" ">< >C<5=A  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\index.htm" &", !!'!% #  >15@B> AA046>;8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy04.htm" !+ '+%    HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy05\\index.htm" #'-"  '+ !   !%!"# AB5=>3@0<<0 ,( " !%!" 0@B0 @M<?B>=  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy06.htm"  '!  &!! * * *  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy07.htm" 1 02B>@0E. &5=B@K. 5:><5=4>20==0O ;8B5@0BC@0   ! !!""/  " # .. 5@2K9 @07 MB>B A1>@=8: 2K?CAB8;8 6C;8:8 87 :852A:>-<>A:>2A:>3> 8740B5;LAB20 "REFL-book" 2 1994 3>4C. 0 >1;>6:5 8 2 0==>B0F88 1K;> C:070=>, GB> 02B>@ :=838  >15@B> AA046>;8.  B5:AB5 O =0AG8B0; >:>;> AB0 A<KA;>2KE 8A:065=89, >?5G0B>: 8 ;0:C=, >H81:8 1K;8 5420 ;8 =5 2 :064>< 0=3;89A:>< A;>25. 8 2 :0G5AB25 A>AB028B5;O, =8 2 :0G5AB25 ?5@52>4G8:0 <>5 8<O =5 C?><8=0;>AL. 0B> <5=O >1JO28;8 ">B25BAB25=K< @540:B>@><", B> 5ABL A45;0;8 >B25BAB25==K< 70 2AN MBC E0;BC@C 8 =04C20B5;LAB2>. %>BO 4> 2KG8B:8 25@AB:8 O, ?> ?>=OB=K< A>>1@065=8O<, 4>?CI5= =5 1K;. > 2B>@><, M;5:B@>==>< 8740=88 2A5 >H81:8 8 8A:065=8O ?5@2>3> 8740=8O 2K?@02;5=K. @><5 B>3>, O 4>1028; A2>N =51>;LHCN AB0BLN, =0?8A0==CN ?> A;CG0N 2KE>40 A1>@=8:0 2 1994 3>4C 4;O 3075BK "=86=>5 >1>7@5=85".  ..  ;048<8@ 0=G5=:> ! !%!"  XXI   A8E>A8=B57  MB> B5>@5B8:>-<5B>48G5A:0O :>=F5?F8O ?A8E>B5@0?88 8 A0<>@0728B8O G5;>25:0, @07@01>B0==0O 8B0;LO=A:8< ?A8E80B@><, CG5=8:>< $@5940 >15@B> AA046>;8 (1888-1974). >=F5?F8O MB0 O28;0AL @57C;LB0B>< 3;C18==>3> =5A>3;0A8O AA046>;8 A >1@5B02H59 2A5 1>;LHCN ?>?C;O@=>ABL 2 =0G0;5 %% 2. ?A8E>0=0;8B8G5A:>9 B@0:B>2:>9 AB0489 8 4286CI8E A8; @0728B8O G5;>25:0, 0 B0:65 ?@8@>4K 8 7=0G5=8O 2KAH8E ?@>O2;5=89 ?A8E8G5A:>9 45OB5;L=>AB8.  G0AB=>AB8, AA046>;8 225; 2 ?A8E>;>38N ?>=OB85 A25@EA>7=0B5;L=>3>  =5>A>7=0205<>9 AD5@K ?A8E8:8, A>45@60=8O :>B>@>9 =5A2>48<K : A>45@60=8O< AD5@K, >1>7=0G5==>9 $@594>< :0: ?>4A>7=0B5;L=>5. 07@01>B:0 ?A8E>A8=B570 =5 1K;0 4;O AA046>;8 2K42865=85< 0;LB5@=0B82K ?A8E>0=0;87C. 0: 8 ?>4>105B A8=B5B8G5A:><C CG5=8N, ?A8E>A8=B57 =5 >B@8F05B, => 2:;NG05B 2 A51O ?@54H5AB2CNI85 MB0?K @0728B8O ?@54AB02;5=89 > ?@54<5B5. >;55 B>3>, 2 A2>5< 0=0;875, B> 5ABL @07;>65=88 F5;>3> =0 G0AB8, ?A8E>A8=B57 4065 5I5 1>;55 @048:0;5= G5< ?A8E>0=0;87, C:07K20O =0 ?@8ACBAB285 2 G5;>25G5A:>9 ?A8E8:5 =5 B>;L:> 42CE =57028A8<KE >B "O" 8=AB0=F89  => 8 !25@E-O,  => F5;>3> A>=<0 A0<>AB>OB5;L=> 459AB2CNI8E 8 70G0ABCN 2@064CNI8E <564C A>1>9 AC1-;8G=>AB59. 4=0:> AA046>;8 =5 >3@0=8G8205BAO 0=0;8B8G5A:>9 :>=AB0B0F859 @0AI5?;5==>AB8, >= C:07K205B B0:65 =0 ?@8ACBAB285 2 G5;>25:5 F5=B@>AB@5<8B5;L=KE A8;, ?>4 2>7459AB285< :>B>@KE ?@>8AE>48B =5?@5@K2=K9 ?@>F5AA ?A8E>A8=B570: >1J548=5=8O, 8=B53@0F88 G0AB59 2 548=>5 F5;>5. !;54>20B5;L=>, 7040G0 ?A8E>B5@0?88 :0: 45OB5;L=>AB8, =0?@02;5==>9 =0 2>AAB0=>2;5=85 4CH52=>3> @02=>25A8O 8;8 ?A8E8G5A:>9 F5;>AB=>AB8, A>AB>8B 2 A>459AB288 5AB5AB25==K< 8=B53@0B82=K< A8;0<, =5>BJ5<;5<> ?@8ACI8< G5;>25G5A:>9 ?A8E8:5 :0: B0:>2>9.  A2O78 A MB8< AA046>;8 A>1@0; 2>548=> 8 A8=B578@>20; 2A5 8725AB=K5 5<C <5B>48:8 ?A8E>;>38G5A:>3> 2>7459AB28O, C:0702 =0 8E <5AB> 8 @>;L 2 ?@>F5AA5 B0:>3> A>459AB28O; >BAN40 2848<>ABL M:;5:B8G=>AB8 ?A8E>A8=B5B8G5A:>9 ?@0:B8:8, @56CI0O ?>4G0A 3;07 =5?>A2OI5==K< F5=8B5;O< G8AB>BK AB8;O. >=AB0B0F8O @0AI5?;5==>AB8 ?A8E8:8 "=>@<0;L=>3>" G5;>25:0 8 ?@8ACBAB28O 2 =59 =5O2=KE 8=B53@0B82=KE A8; A;C68B B0:65 >B?@02=>9 B>G:>9 ?A8E>A8=B5B8G5A:>3> ?>4E>40 : A0<>@0728B8N G5;>25:0. AB>G=8:>< MB8E 8=B53@0B82=KE A8;, "F5=B@>< ?@8BO65=8O", :>B>@K9 =5 405B @071560BLAO AC1;8G=>ABO< 8 >1J548=O5B 8E 2 >4=C 1>;55-<5=55 30@<>=8G=CN 8;8 48A30@<>=8G=CN ;8G=>ABL, A>3;0A=> AA046>;8, A;C68B 8AB8==>5 "O" G5;>25:0 :0: B>G:0 G8AB>3> A>7=020=8O 8 2>;8. A8E>;>38G5A:>5 @0728B85 5ABL ?@>F5AA AB0=>2;5=8O A0<8< A>1>N:@0cB>645AB2;5=8O A @07;8G=K<8 AC1;8G=>ABO<8 8 ?>AB865=8O A51O =5?>42;0AB=K< 8< F5=B@>< A>7=020=8O 8 2>;8, A?>A>1=K< =5 B>;L:> "AB028BL =0 <5AB>" ;N1K5 A>45@60=8O A2>53> A>7=0=8O, => 8 >1;040BL 8<8, 0 =5 2KB5A=OBL 2 15AA>7=0B5;L=>5. "0:>5 A0<>?>AB865=85 2 :0:>9-B> <5@5 7=0:><> :064><C G5;>25:C 2 D>@<5 5AB5AB25==>3> ?@>F5AA0 27@>A;5=8O, 70BCE0NI53> :0: ?@028;> ?> 4>AB865=88 "7@5;>3> 2>7@0AB0". <5AB5 A B5< ?@>F5AA MB>B A ?><>ILN >?@545;5==KE <5B>48: <>65B 1KBL =5 B>;L:> CA:>@5=, 8=B5=A8D8F8@>20=, C3;C1;5= 8 B.4., => 8 ?@>4>;65=; :0: 8 >1@07>20=85, 27@>A;5=85 <>65B AB0BL =5?@5@K2=K<. 0AB>645AB2;5=85, 2>72@0I5=85 2 A51O 87 =5-A51O, >B45;5=85 75@=0 "O" >B ?;525; AC1;8G=>AB59 A;C68B ?5@2K< H03>< =0 ?CB8 4CE>2=>3> @0728B8O, B0: =07K205<>3> "4CE>2=>3> ?A8E>A8=B570", 8 405B 2>7<>6=>ABL >ACI5AB28BL A51O, B> 5ABL O28BL A51O <8@C 2 :0G5AB25 F5=B@0 87;CG5=8O 8=B53@0B82=KE A8;; @07C<55BAO, >ACI5AB28BL A51O G5;>25: A?>A>15= ;8HL 2 B>9 <5@5, 2 :0:>9 >= ?@8H5; 2 A51O. =0NI85 ;N48 <>3CB A:070BL, GB> 2 ?A8E>A8=B5B8G5A:>9 :>=F5?F88 A0<>@0728B8O G5;>25:0 =5B =8G53> =>2>3>, 8 2 =5:>B>@>< A<KA;5 MB> 459AB28B5;L=> B0:, ?>A:>;L:C ?A8E>A8=B57, 2 >B;8G85 >B <=>65AB20 <5@B2>@>645==KE "A8AB5< A0<>2>A?8B0=8O", A>74020;AO =5 =0 3>;>< <5AB5. A?>:>= 25:>2 2?;>BL 4> =0G0;0 =K=5H=53> AB>;5B8O 2>?@>AK A0<>@0728B8O G5;>25:0 =0E>48;8AL 8A:;NG8B5;L=> 2 2545=88 "M7>B5@8G5A:>9 ?A8E>;>388",  @07;8G=KE 1>;55 8;8 <5=55 B09=KE H:>; A0<>@0728B8O, ACI5AB2>202H8E ?0@0;;5;L=> =0;8G=>9 :C;LBC@5, B> 5ABL A>2>:C?=>AB8 A>F80;L=KE 8=AB8BCB>2 2>A?@>872>4AB20 G5;>25:0 :0: =>A8B5;O @>4>2>3> >?KB0. C;LBC@=K< >D8F8>7>< B0:>3> @>40 AC1:C;LBC@=0O A0<>45OB5;L=>ABL 2>A?@8=8<0;0AL :0: =5GB> 5A;8 =5 2@54=>5, B> 2> 2AO:>< A;CG05 =54>AB>9=>5 ?@>A25I5==>3> G5;>25:0. AA046>;8 =5 0D8H8@>20; 8AB>:8 A2>8E 8459,* ?>A:>;L:C E>B5; 2:;NG8BL E@0=8<K9 M7>B5@8G5A:>9 ?A8E>;>3859 @>4>2>9 >?KB A0<>@0728B8O 2 B:0=L =0;8G=>9 :C;LBC@K, 0 4;O MB>3> =C6=> 1K;> >1>9B8 F5=7C@C 3>A?>4AB2CNI53> <5=B0;8B5B0 0:045<8G5A:>9 ?A8E>;>388. @8=F8?K 8 <5B>4K ?A8E>A8=B570 2?>;=5 B@048F8>==K 2 ;CGH5< A<KA;5 A;>20; 0 B> =570<5B=>5 2 A2>59 >G5284=>AB8 =>2>5, GB> 40; =0< AA046>;8,  MB> A0< O7K: ?A8E>A8=B570, ?@>AB>, A?>:>9=>, 157 =5>1E>48<> ?@8ACI53> M7>B5@87<C 70I8B=>-707K2=>3> D;5@0, M?0B060, M:70;LB0F88 8 8=>A:070=89 87;030NI89 ?@8=F8?K "25G=>9 D8;>A>D88" A0<>>ACI5AB2;5=8O. * AB0B8, >= 1K; CG5=8:>< =5 B>;L:> $@5940, => 8 B>3> 65 "B815BF0", C :>B>@>3> CG8;0AL ;8A0 59;8. !;54C5B >B<5B8BL, GB> 2 AB@5<;5=88 : ?>4>1=>9 M:7>B5@870F88 AA046>;8 1K; >B=N4L =5 >48=>:. -B> 1K;> 25;5=85< 2@5<5=8, ?@87K2>< M?>E8, =0 :>B>@K9 >B:;8:=C;8AL, :064K9 ?> A2>5<C, 2 B>< G8A;5 C@>18=4>, @8H=0<C@B8, 046=8H, #A?5=A:89, .=3. AA046>;8  A0<K9 A:@><=K9 ?@54AB028B5;L MB>9 A;02=>9 ?;5O4K, 8 ?>MB><C <K C7=05< > =5< B0: ?>74=>. > AA046>;8 2 A2>59 A:@><=>AB8 8 A?>A>1=>AB8 A;54>20BL 70:>=0< 83@K >:070;AO 5420 ;8 =5 A0<K< CA?5H=K< 87 =8E 2 45;5 >ACI5AB2;5=8O MB>9 DC=40<5=B0;L=>9 7040G8 %% 25:0  M:7>B5@870F88 M7>B5@8G5A:>9 ?A8E>;>388. A5=BO1@L 1994 >15@B> AA046>;8 !%!" '0ABL ?5@20O:  &+ Roberto Assagioli. Psychosynthesis. N.Y., 1973 (First Edition 1965)   HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt01.htm" ;020 I. '!/ !%/  !%!"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" !E5<0 ;8G=>AB8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt03.htm" ;C1>:>5 ?>7=0=85 A2>59 ;8G=>AB8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt04.htm" >=B@>;L =04 @07;8G=K<8 M;5<5=B0<8 ;8G=>AB8  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt05.htm" >AB865=85 A2>53> 8AB8==>3> /  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt06.htm" A8E>A8=B57: D>@<8@>20=85 8;8 ?5@5AB@>9:0 ;8G=>AB8 2>:@C3 =>2>3> F5=B@0  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt07.htm" ;020 II. ! &/  !%'! !!" !"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt08.htm" @878A, ?@54H5AB2CNI89 4CE>2=><C ?@>1C645=8N  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt09.htm" @878A, >1CA;>2;5==K9 4CE>2=K< ?@>1C645=85<  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt10.htm"  50:F88 =0 4CE>2=>5 ?@>1C645=85  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt11.htm" $07K ?@>F5AA0 ?@5>1@065=8O  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt12.htm" 0<5G0=8O ?> ?>2>4C 4803=>AB8:8 8 ;5G5=8O  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" @8<5G0=8O  CAA:89 ?5@52>4  HYPERLINK "mailto:let@danch.kiev.ua" ;048<8@0 0=G5=:> (2:463/192.21), 1990 H0AB>OI89 ?5@52>4 1K; ?>43>B>2;5= 4;O B@5BL53> 2K?CA:0 5653>4=8:0 ">?@>AK A0<>@0728B8O G5;>25:0" (852, 1991), 0 >?C1;8:>20= 2 A1>@=8:5 "A8E>A8=B57: B5>@8O 8 ?@0:B8:0" ("REFL-book", ., 1994) 157 C:070=8O 02B>@0 ?5@52>40, GB> 1K;> 3@C1K< =0@CH5=85< A> AB>@>=K @540:F88.  40;L=59H5< " 5D;-1C:" 2 A>4@C65AB25 A "0:;5@><" 8740; MB>B ?5@52>4 5I5 @07 2 :=835 " .AA046>;8. A8E>A8=B57" (1997), ?@8?8A02 02B>@AB2> =5:>9 ..%><8:. >A;54=OO 0::C@0B=> 2>A?@>8725;0 <=>3>G8A;5==K5 >H81:8 =01>@0, 4>?CI5==K5 2 ?5@2>< 8740=88, 8 >3@0=8G8;0AL B5<, GB> 70<5=8;0 "/", =0 @>AA89A:>-N=380=A:89 <0=5@, "!0<>ABLN", 0 ">B>645AB2;5=85" 8 "@0AB>645AB2;5=85"   8A:>==> @CAA:8<8 "845=B8D8:0F859" 8 "457845=B8D8:0F859".  ;020 I '!/ !%/  !%!" ;O =0G0;0 O ?@8254C A5<0=B8G5A:CN A?@02:C 8 =5:>B>@K5 8AB>@8G5A:85 A2545=8O. !;>2> ?A8E>A8=B57 8 AE>4=K5 A =8< 2K@065=8O C?>B@51;O;8 <=>385 ?A8E>;>38 8 ?A8E80B@K.  >1;0AB8 ?A8E>B5@0?88 MB> ?@5645 2A53> 0=5, :>B>@K9 3>2>@8; > "<5=B0;L=>< A8=B575", 70B5< 57>;0, >B@0, L5@, 546>=L5, "@N1; > A8=B578@CNI59 DC=:F88 M3> 3>2>@8B 8 $@594. 4=0:> "A8=B57" >7=0G05B 4;O 2A5E C?><O=CBKE 02B>@>2 ;8HL "8AF5;5=85 DC=:F8>=0;L=>9 48AA>F80F88", B> 5ABL 2>AAB0=>2;5=85 A>AB>O=8O, ?@54H5AB2>202H53> @0AI5?;5=8N, 48AA>F80F88 ?A8E8G5A:8E ?@>F5AA>2 2 @57C;LB0B5 ?A8E>;>38G5A:>9 B@02<K 8;8 A5@L57=>3> :>=D;8:B0. @C385 02B>@K, 2 G0AB=>AB8, .=3, 545@, 0@C7>, !B>:5@ 8 @5G<5@, C?>B@51;ONB A;>20 A8=B57, ?A8E>A8=B57, A8=B57 ACI5AB2>20=8O 8 A8=B5B8G5A:0O ?A8E>B5@0?8O 2 1>;55 H8@>:>< 8 3;C1>:>< A<KA;5, ?>4@07C<520O @0728B85 F5;>AB=>9 8 30@<>=8G=>9 ;8G=>AB8, 2 B>< G8A;5 A>7=0B5;L=>9 8 15AA>7=0B5;L=>9 55 G0AB59. >A;54>20B5;L=> @07@010BK205<0O <=>9 (=0G8=0O A 1910 3.   ?@8<. ?5@52.) :>=F5?F8O 8 ?@0:B8:0 ?A8E>A8=B570 2:;NG05B 2 A51O 8458 C?><O=CBKE 2KH5 02B>@>2, >4=0:> =>A8B 1>;55 2A5>1J5<;NI89 E0@0:B5@, 1C4CG8 2 B> 65 2@5<O 1>;55 >?@545;5==>9 8 B5E=>;>38G=>9. * * * @8 ?5@2>< 273;O45 =0 A>2@5<5==CN F828;870F8N 2 3;070 1@>A05BAO 55 :@09=OO M:AB@025@B=>ABL, 55 65;0=85 ?>7=0BL 8 ?>4G8=8BL A8;K ?@8@>4K 4;O C4>2;5B2>@5=8O A2>8E 15A?@5AB0==> @0ABCI8E ?>B@51=>AB59 8 70?@>A>2. >, :0: ?>:065B 1>;55 ?@8AB0;L=>5 @0AA<>B@5=85, MB0 157CA;>2=> 3>A?>4AB2CNI0O 2 =0H5< 25:5 B5=45=F8O >B=N4L =5 O2;O5BAO 548=AB25==>9. 1I58725AB=>, GB> 2 ?>A;54=85 A5<L45AOB ;5B =51>;LH0O ?>=0G0;C, => ?>AB5?5==> @0ABCI0O 3@C??0 8AA;54>20B5;59 >1@0B8;0AL : 87CG5=8N B08=AB25==KE 3;C18= G5;>25G5A:>9 ?A8E8:8. 081>;55 206=K5 @57C;LB0BK 2 MB>< =0?@02;5=88 1K;8 ?>;CG5=K =5 0:045<8G5A:8<8 ?A8E>;>30<8, 0 =57028A8<K<8 87KA:0B5;O<8. >GB8 2A5 >=8 1K;8 2@0G0<8-:;8=8F8AB0<8, 8AA;54>20B5;LA:0O 45OB5;L=>ABL :>B>@KE ?>1C640;0AL 70?@>A0<8 2@0G51=>9 ?@0:B8:8 8 ?>4:@5?;O;0AL <=>3>G8A;5==K<8 A2845B5;LAB20<8 B>3>, GB> >?@545;5==K5 ?A8E8G5A:85 O2;5=8O <>6=> =01;N40BL ;8HL ?@8 CA;>288 8E 1>;57=5==>9 >1>AB@5==>AB8, 0:F5=BC0F88. 5@2K5 >@838=0;L=K5 >B:@KB8O 2 MB>9 >1;0AB8 1K;8 A45;0=K L5@>< 0=5. 7CG0O O2;5=8O "?A8E8G5A:>3> 02B><0B87<0", >= >1=0@C68;, GB> 5ABL B0:85 D>@<K ?A8E8G5A:>9 45OB5;L=>AB8, :>B>@K5 =5 7028AOB >B A>7=0=8O ?0F85=B0, GB> ACI5AB2CNB 4065 =0AB>OI85 "2B>@K5 ;8G=>AB8", :>B>@K5 682CB, =5 A>?@8:0A0OAL A ?>2A54=52=>9 ;8G=>ABLN G5;>25:0, 8 A?>A>1=K ?>4<5=OBL 55. A:>@5 ?>A;5 0=5 : 8AA;54>20=8N 15AA>7=0B5;L=KE ?A8E8G5A:8E ?@>F5AA>2 >1@0B8;AO 25=A:89 2@0G 83<C=4 $@594. B?@02=K< ?C=:B>< 4;O =53> ?>A;C68; :0B0@A8G5A:89 <5B>4 @595@0   2>A:@5H5=85 2 A>7=0=88 ?0F85=B0 701KB>9 ?A8E8G5A:>9 B@02<K, 2K7202H59 A8<?B><K 701>;520=8O, 8 2KA2>1>645=85 A2O70==KE A =59 A8;L=KE M<>F89. !0< @595@ ?@8<5=O; A MB>9 F5;LN 38?=>7, => $@594 2A:>@5 >1=0@C68;, GB> B>3> 65 @57C;LB0B0 <>6=> 4>AB8GL A ?><>ILN 42CE A>1AB25==> ?A8E>0=0;8B8G5A:8E <5B>4>2, 0 8<5==>: <5B>40 A2>1>4=KE 0AA>F80F89 8 B>;:>20=8O A=>2845=89. $@594 ?>:070;, GB> @07;8G=K5 D878G5A:85 A8<?B><K 8 ?A8E>;>38G5A:85 =0@CH5=8O 2K7K20NBAO 8=AB8=:B0<8, 2;5G5=8O<8, D0=B078O<8 8 B. 4., :>B>@K5 A:@KBK 2 15AA>7=0B5;L=>< 8 C45@6820NBAO B0< ?>A@54AB2>< @07;8G=KE 70I8B=KE <5E0=87<>2. = >1=0@C68; B0:65, GB> <=>385 ?@>O2;5=8O =0H59 >1K45==>9 687=8   A=>2845=8O, HCB:8, 2K?045=8O 87 ?0<OB8, >H81:8 8 >?;>H=>AB8 2 ?>2545=88   8 4065 =5:>B>@K5 ?@>872545=8O 682>?8A8 8 ;8B5@0BC@K >1O70=K A2>8< 2>7=8:=>25=85< B5< 65 ?A8E>;>38G5A:8< <5E0=87<0<, :>B>@K5 >?@545;ONB ?0B>;>38G5A:85 A8<?B><K 2 A;CG05 1>;57=8. [...] # $@5940 1K;> <=>3> CG5=8:>2 8 ?>A;54>20B5;59. 5:>B>@K5 87 =8E 2=>A8;8 2 53> CG5=85 @07;8G=K5 4>?>;=5=8O 8 87<5=5=8O, =5 2KE>4O ?@8 MB>< 70 @0<:8 :;0AA8G5A:>3> ?A8E>0=0;870; B0:>2K 0@; 1@030<, (0=4>@ $5@5=F8, 8;L35;L< (B5:5;L, 5;0=8 ;59= 8 4@C385. 0?@>B82, @O4 53> ?5@2KE CG5=8:>2 8 A>B@C4=8:>2 2AB0; =0 =57028A8<K5 8 4065 2@06451=K5 ?>78F88, A>7402 A2>8 A>1AB25==K5 <5B>4K, :>=F5?F88, 0 8=>340 8 H:>;K. 081>;55 8725AB=K 87 =8E ;LD@54 4;5@, :>B>@K9 ?>4G5@:820; 206=>ABL AB@5<;5=8O : A0<>CB25@645=8N 8;8 2>;8 : 2;0AB8; 0@; .=3, :>B>@K9 8AA;54>20; 1>;55 3;C1>:85 A;>8 15AA>7=0B5;L=>3>, >1=0@C68; B0< :>;;5:B82=K5 ?> A2>59 ?@8@>45 >1@07K 8 A8<2>;K, 0 B0:65 A45;0; >@838=0;L=K9 2:;04 2 :;0AA8D8:0F8N 8 >?8A0=85 ?A8E>;>38G5A:8E B8?>2; BB> 0=:, :>B>@K9 ?@84020; >A>1>5 7=0G5=85 ?@>1;5<5 >1>A>1;5=8O 8 548=5=8O, 0 B0:65 DC=:F88 2>;8. ?>A;54AB288 0@5= %>@=8 C:070;0 =0 206=>ABL 0:BC0;L=KE :>=D;8:B>2 8 ?>B@51=>AB8 2 157>?0A=>AB8, 0 -@8E $@><< ?>4G5@:=C; @>;L A>F80;L=>3> 402;5=8O =0 8=482840. [...] A;8 <K >1@0B8<AO B5?5@L : 1>;55 H8@>:>9 >1;0AB8, B> >1=0@C68<, GB> 7=0G8B5;L=K9 2:;04 2 45;> ?>7=0=8O 8 A>25@H5=AB2>20=8O ?@8@>4K G5;>25:0 2=5A;8 8 <5=55 8725AB=K5 4;O =5A?5F80;8AB>2 >B@0A;8 <548F8=K 8 ?A8E>;>388, 0 B0:65 =57028A8<K5 :C;LBC@=K5 42865=8O.  8E G8A;C >B=>AOBAO: A8E>A><0B8G5A:0O <548F8=0, :>B>@0O 1C@=> @072820;0AL 2 ?>A;54=85 3>4K 8 ?>:070;0, GB> ;N1K5 701>;520=8O, 2:;NG0O <=>385 1>;57=8 >@30=8G5A:>3> E0@0:B5@0, 2 1>;LH>9 <5@5 >1CA;>2;5=K 2;8O=85< ?A8E>;>38G5A:8E D0:B>@>2. A8E>;>38O @5;8388, :>B>@0O 87CG05B @07;8G=K5 ?@>O2;5=8O @5;838>7=>3> A>7=0=8O 8 <8AB8G5A:8E A>AB>O=89.  MB>9 >1;0AB8 @01>B05B <=>3> 8AA;54>20B5;59; 745AL <>6=> C?><O=CBL 8;LO<0 65<A0 A 53> :;0AA8G5A:>9 :=83>9 "=>3>>1@0785 @5;838>7=>3> >?KB0", =45@E8;, %59;5@0, #. %>;;0 8 4@C38E.  ?>A;54=55 2@5<O ?>O28;AO @O4 :=83, 2 :>B>@KE >1AC6405BAO A2O7L <564C ?A8E>;>3859 8 @5;83859. AA;54>20=8O A25@EA>7=0B5;L=>3> (8 53> ?@>O2;5=89 B8?0 8=BC8F88 8 >70@5=8O), 35=80;L=>AB8, B2>@G5A:>9 45OB5;L=>AB8, 0 B0:65 2KA>:>>40@5==KE 45B59. "CB <K =0E>48< ">A<8G5A:>5 A>7=0=85" 0:0, @01>BK #A?5=A:>3>, #.%>;;0, #@10=0, 0A;>C, "5@<0=0 8 4@C38E, 0 B0:65 3@C??C CG5=KE, >1J548=5==KE 2 AA>F80F8N 87CG5=8O >40@5==KE 45B59. "A8E8G5A:85 8AA;54>20=8O" 8;8 ?0@0?A8E>;>38O, =0G0;> :>B>@>9 ?>;>68;8 :;0AA8G5A:85 8AA;54>20=8O "?>4?>@>3>2>3> O" 095@A0 8 :>B>@0O ?>;CG8;0 40;L=59H55 A2>5 @0728B85 2 B@C40E B0:8E A5@L57=KE CG5=KE, :0: 65<A, >46, 8H5, 68;8, AB8, 08= 8 4@C385. =8 70A2845B5;LAB2>20;8 ACI5AB2>20=85 A25@E=>@<0;L=KE ?A8E>D878G5A:8E A?>A>1=>AB59: 2=5GC2AB25==>3> 2>A?@8OB8O, OA=>2845=8O, B5;5?0B88 8 B5;5:8=570. K;> A>1@0=> B0:65 <=>3> <0B5@80;>2 > 687=8 ?>A;5 A<5@B8. >AB>G=0O ?A8E>;>38O (>A>15==> 8=489A:0O), :0: 4@52=OO, B0: 8 A>2@5<5==0O.  =0AB>OI55 2@5<O 55 4>AB865=8O =0G8=0NB 8=B53@8@>20BLAO A 4>AB865=8O<8 70?04=>9 ?A8E>;>388. ""2>@G5A:>5 ?>=8<0=85"   B5G5=85, >A>1> ?>4G5@:820NI55 B2>@G5A:CN A8;C 4CE>2=>3> ?>=8<0=8O. ;02=K< ?>1>@=8:>< MB>3> =0?@02;5=8O O2;O5BAO 5@<0= 5975@;8=3, :>B>@K9 @07JOA=O; 53> 2 A2>8E <=>3>G8A;5==KE ?@>872545=8OE 8 2 "(:>;5 C4@>AB8", 4>;3>5 2@5<O @01>B02H59 2 0@<HB04B5 (5@<0=8O). %>;8AB8G5A:89 ?>4E>4 8 ?A8E>;>38O ;8G=>AB8. 45O B0:>3> ?>4E>40, ?5@2>=0G0;L=> 2K428=CB0O (<CBF5< 2 53> :=835 "%>;87< 8 M2>;NF8O", 1K;0 ?@8=OB0 <=>38<8 0<5@8:0=A:8<8 ?A8E>;>30<8 8 ?A8E80B@0<8, B0:8<8 :0: ;?>@B, =3LO;, >;4AB59=, 0A;>C, 5@D8, 5@;7, @>3>DD. 73;O4K C:070==KE 02B>@>2 E>@>H> @57N<8@>20=K M;28=>< %>;;>< 2 :=835 ""5>@88 ;8G=>AB8". 0@0;;5;L=> 2 (259F0@88 @072820;>AL 42865=85 ?>4 =0720=85< "@0G520=85 ;8G=>AB8", =0G0;> :>B>@><C 40; "C@=L5 87 5=52K, 0 ?@>4>;68;8 545@, >4C0= 8 4@C385.  5@<0=88 ?5@A>=0;8AB8G5A:85 ?>78F88 70=O; (B5@=. 56;8G=>AB=0O 8 A>F80;L=0O ?A8E>;>38O 8 ?A8E80B@8O, 0 B0:65 0=B@>?>;>38G5A:>5 87CG5=85 G5;>25:0. -B> H8@>:>5 42865=85 2:;NG05B 2 A51O @07;8G=K5 =57028A8<K5 =0?@02;5=8O. K =0E>48< 745AL !0;;820=0 A 53> "56;8G=>AB=>9 B5>@859 ?A8E80B@88", C@B0 528=0, 70B5< 8AA;54>20B5;59 3@C??>2>9 48=0<8:8 87 8G830=A:>3> C=825@A8B5B0, 8AA;54>20B5;59 G5;>25G5A:8E 2708<>>B=>H5=89 87 0@20@4A:>3> C=825@A8B5B0, @01>BK . !>@>:8=0 (B0:65 87 0@20@40) >1 0;LB@C8AB8G5A:>9 ;N128 8 B.4.; 2 2@>?5 0:F5=B =0 <>@0;L=KE 8 A>F80;L=KE 0A?5:B0E ?A8E80B@88 45;0NB 0@C: 8 %0C75@. =B@>?>;>38G5A:89 ?>4E>4 4>AB0B>G=> ?>;=> ?@54AB02;O5B, =0?@8<5@, 0@30@5B 84. ":B82=K5 <5B>4K" ;5G5=8O 8 @0728B8O ;8G=>AB8. 5@2>=0G0;L=> 2>7=8:;8 38?=>7, 2=CH5=85 8 A0<>2=CH5=85, >?8A0==K5 8 ?@8<5=O2H85AO ?@54AB028B5;O<8 42CE "0=A89A:8E H:>;" (L51>, 5@=359<, CM) 8, A 1>;LH59 =0CG=>9 AB@>3>ABLN, >4C0=><; 40;55 845B 0CB>35==0O B@5=8@>2:0 (C;LF0, "?@>1C645==K9 A>=" 57C0;O, @0F8>=0;L=K9 ?>4E>4 -;;8A0 8 %0@?5@0, <548B0B82=K9 <5B>4 %0??8E0, ?A8E>4@0<0 >@5=> 8 4@C385 D>@<K 3@C??>2>9 ?A8E>B5@0?88, =0?@8<5@, 0E0 8 5@=5. @><5 B>3>, ACI5AB2C5B <=>65AB2> <5B>4>2 @0728B8O >B45;L=KE ?A8E8G5A:8E DC=:F89   ?0<OB8, <KH;5=8O, 2>>1@065=8O 8 2>;8. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "1" 1] CE5<0 ;8G=>AB8 A5 MB8 8AA;54>20=8O 8 @07@01>B:8 40NB B0:CN <0AAC <0B5@80;0, GB> 2?>;=5 <>6=> ?>?KB0BLAO 2=CB@5==5 A>3;0A>20BL 53> 8 A8=B578@>20BL. A;8 <K A>15@5< B25@4> CAB0=>2;5==K5 D0:BK, 4>AB>25@=K5 8 E>@>H> ?@>25@5==K5 A2545=8O, 0 B0:65 4>AB0B>G=> 0@3C<5=B8@>20==K5 >1JOA=5=8O, =5 >1@0I0O 2=8<0=8O =0 ?5@5381K 8 B5>@5B8G5A:85 =04AB@>9:8 @07;8G=KE H:>;, B> ?>;CG8< <=>3><5@=CN :>=F5?F8N G5;>25G5A:>9 ;8G=>AB8; 1C4CG8 40;5:>9 >B A>25@H5=AB20 8 7025@H5==>AB8, MB0 :>=F5?F8O ?@54AB02;O5BAO =0< 1>;55 A>45@60B5;L=>9 8 1;87:>9 : 459AB28B5;L=>AB8, G5< ?@54H5AB2CNI85. 'B>1K ?@>8;;NAB@8@>20BL 40==CN :>=F5?F8N, <K 2>A?>;L7C5<AO ?@82545==>9 =865 AE5<>9. 07C<55BAO, MB> AE5<0B8G5A:>5 8 :@09=5 C?@>I5==>5 87>1@065=85, A?>A>1=>5 40BL ;8HL AB@C:BC@=>5, AB0B8G5A:>5, 5420 ;8 =5 "0=0B><8G5A:>5" ?@54AB02;5=85 > AB@>5=88 =0H53> 2=CB@5==53> <8@0, B>340 :0: 1>;55 2065= 8 ACI5AB25=5= 8<5==> 48=0<8G5A:89 53> 0A?5:B. 4=0:> 745AL, :0: 8 2> 2AO:>9 =0C:5, H038 4>;6=K 1KBL ?>A;54>20B5;L=K<8, 0 CB>G=5=8O ?>AB5?5==K<8. <5O 45;> A B0:>9 ?;0AB8G=>9 8 =5C;>28<>9 @50;L=>ABLN, :0: =0H0 ?A8E8G5A:0O 687=L, 206=> =5 B5@OBL 87 284C 3;02=K5 55 =0?@02;5=8O 8 ACI5AB2CNI85 <564C =8<8 :>@5==K5 @07;8G8O; 2 ?@>B82=>< A;CG05 <=>3>G8A;5==K5 45B0;8 <>3CB 70A;>=8BL >B =0A F5;>AB=CN :0@B8=C 8 ?><5H0NB >A>7=0BL 7=0G5=85, =07=0G5=85 8 F5==>ABL @07;8G=KE 55 G0AB59. ! CG5B>< MB8E >3>2>@>: 8 >3@0=8G5=89 :0@B0 =0H53> 2=CB@5==53> <8@0 2K3;O48B A;54CNI8< >1@07><: !E5<0 1 INCLUDEPICTURE "../181/AA046>;8%20 %20A8E>A8=B57/000/1.gif" \* MERGEFORMATINET 87H55 15AA>7=0B5;L=>5 !@54=55 15AA>7=0B5;L=>5 KAH55 15AA>7=0B5;L=>5, 8;8 A25@EA>7=0B5;L=>5 >;5 A>7=0=8O !>7=0B5;L=>5 "O" [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l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file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "3" 3] KOA=8BL, 459AB28B5;L=> ;8 ACI5AB2C5B /, <>6=> @07;8G=K<8 ?CBO<8. =>385 ;N48, :>B>@K5 8A?KB0;8 1>;55 8;8 <5=55 ?@>4>;68B5;L=>5 A>7=0B5;L=>5 ?>AB865=85 /, ?@8@02=820;8 MB> ?5@56820=85 ?> C@>2=N 4>AB>25@=>AB8 : ?5@56820=8N ?CB5H5AB25==8:0, ?>?02H53> 2 =5:CN =5254><CN ?@5645 AB@0=C. >4>1=K5 A2845B5;LAB20 <>6=> =09B8 2 ">A<8G5A:>< A>7=0=88" ..0:0, ""@5BL5< @30=>=5" ..#A?5=A:>3>, "8AB8F87<5" =45@E8; 8 4@C38E :=830E. / <>6=> >A>7=0BL B0:65 1;03>40@O 8A?>;L7>20=8N =5:>B>@KE ?A8E>;>38G5A:8E <5B>48:, =0?@8<5@, "?@>F5AA0 8=48284C0F88" .=30, "?@>1C645==>3> A=0" 57C0;O, ?@85<>2 0460 >38 8 B.4. @><5 B>3>, C =0A 8<55BAO ?>445@6:0 A> AB>@>=K B0:8E D8;>A>D>2, :0: 0=B 8 5@10@B, :>B>@K5 ?@>25;8 OA=>5 @073@0=8G5=85 <564C M<?8@8G5A:8< M3> 8 =>C<5=0;L=K<, @50;L=K< /. -B> / ?@51K205B =04 ?>B>:>< <KA;8 8 A>AB>O=8O<8 B5;0 8 =5 ?>425@65=> 8E 2;8O=8N; 0 ;8G=>5, A>7=0B5;L=>5 "O" A;54C5B @0AA<0B@820BL :0: 53> >B@065=85, "?@>5:F8N" =0 ?>;5 ;8G=>AB8. 0 40==>< MB0?5 ?A8E>;>38G5A:>3> 87CG5=8O 2KAH53> / > =5< =5;L7O A:070BL ?>GB8 =8G53> >?@545;5==>3>; => 206=>ABL MB>3> A8=B578@CNI53> F5=B@0 A;C68B E>@>H8< 30@0=B>< 40;L=59H8E 8AA;54>20=89. 7. >;;5:B82=>5 15AA>7=0B5;L=>5 '5;>25G5A:85 ACI5AB20 =5 >B>@20=K 4@C3 >B 4@C30, MB> =5 "<>=04K 157 >:>=", :0: AG8B0; 591=8F. @5<5=0<8 G5;>25: <>65B 8A?KBK20BL AC1J5:B82=>5 GC2AB2> >B>@20==>AB8, >48=>G5AB20, >4=0:> 01A>;NB878@CNI85 MB>B D0:B M:78AB5=F80;8ABA:85 :>=F5?F88 =5 A>>B25BAB2CNB 459AB28B5;L=>AB8 =8 2 ?A8E>;>38G5A:><, =8 2 4CE>2=>< ?;0=5. =5H=NN ;8=8N >20;0 AE5<K A;54C5B @0AA<0B@820BL =5 :0: ">B45;ONICN", 0 :0: "@073@0=8G8B5;L=CN". 5 A;54C5B @0AA<0B@820BL :0: 0=0;>3 :;5B>G=>9 <5<1@0=K, :>B>@0O >15A?5G8205B ?>AB>O==K9 0:B82=K9 >1<5= 25I5AB2 <564C >@30=87<>< 8 :;5B:>9. 564C =0<8 8 4@C38<8 ;N4L<8 2A5 2@5<O ?@>B5:0NB ?@>F5AAK "?A8E8G5A:>3> >A<>A0", [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "4" 4] ?@>B5:0NB >=8 B0:65 <564C =0<8 8 >:@C60NI59 =0A ?A8E8G5A:>9 A@54>9. >A;54=OO A>>B25BAB2C5B B><C, GB> .=3 =0720; ":>;;5:B82=K< 15AA>7=0B5;L=K<"; => >= =5 40; OA=>3> >?@545;5=8O MB><C B5@<8=C, >B=>AO : :>;;5:B82=><C 15AA>7=0B5;L=><C @07=K5 8 4065 ?@>B82>?>;>6=K5 ?> A2>59 ?@8@>45 M;5<5=BK, 0 8<5==>: ?@8<8B82=K5 0@E08G5A:85 AB@C:BC@K 8 2KAHCN, =>20B>@A:CN 45OB5;L=>ABL A25@EA>7=0B5;L=>3> ?>@O4:0. * * * @82545==0O 2KH5 AE5<0 ?><>305B ?@8<8@8BL 420 D0:B0, :>B>@K5 =0 ?5@2K9 273;O4 :06CBAO 2708<>8A:;NG0NI8<8: 848<CN 42>9AB25==>ABL, :06CI55AO =0;8G85 C =0A 42CE O.  A0<>< 45;5, =0 AE5<5 ?>:070=K :0: 1K 420 O, ?>B><C GB> ;8G=>5 O >1KG=> =5 A>7=05B 4@C3>3> O 8 4065 >B@8F05B 53> ACI5AB2>20=85; 4@C3>5 65, 8AB8==>5 / A:@KB> 8 =5 ?@>O2;O5B A51O 2 =0H5< A>7=0=88 =5?>A@54AB25==>. 59AB28B5;L=>5 548=AB2> 8 548=AB25==>ABL /.  459AB28B5;L=>AB8 =5B 42CE "O", 42CE =57028A8<KE 8 >1>A>1;5==KE ACI5AB2. ABL B>;L:> /, :>B>@>5 ?@>O2;O5BAO =0 @07=KE C@>2=OE A>7=0B5;L=>AB8 8 A0<>?>AB865=8O. B@065=85 :065BAO A0<>ACI8<, => 2 459AB28B5;L=>AB8 =5 8<55B A>1AB25==>9 AC1AB0=F80;L=>AB8. =K<8 A;>20<8, MB> =5 =>2K9, 4@C3>9 A25B, 0 ?@>5:F8O 8AB>G=8:0 A25B0. 0==0O :>=F5?F8O AB@C:BC@K 2=CB@5==53> <8@0 G5;>25:0 2:;NG05B 2 A51O, A>3;0AC5B <564C A>1>9 8 A2>48B 2>548=> @57C;LB0BK @07;8G=KE =01;N45=89 8 M:A?5@8<5=B>2. =0 ?>72>;O5B =0< ?>;=55 8 3;C165 ?>=OBL 4@0<0B8G5A:85 :>;;8788 =0H59 687=8 A 55 :>=D;8:B0<8 8 ?@>1;5<0<8, C:07K205B =0 A@54AB20 8E @07@5H5=8O 8 =0<5G05B =0< ?CBL : >A2>1>645=8N. 'B> B>;L:> =5 A:>2K205B 8 =5 A2O7K205B =0A 2 =0H59 ?>2A54=52=>9 687=8   <K 65@B2K 8;;N789 8 D0=B07<>2, [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "5" 5] @01K =5>A>7=0205<KE :><?;5:A>2, 1@>A05<K5 87 AB>@>=K 2 AB>@>=C 2=5H=8<8 2;8O=8O<8, >A;5?;5==K5 8 7038?=>B878@>20==K5 >1<0=G82>9 ?>25@E=>ABLN 25I59. 5 C4828B5;L=> ?>MB><C, GB> G5;>25: 2 ?>4>1=>< A>AB>O=88 G0AB> 8A?KBK205B =5C4>2;5B2>@5==>ABL, GB> >= =5C25@5= 8 =5CAB>9G82 2 A2>8E =0AB@>5=8OE, <KA;OE 8 459AB28OE. =BC8B82=> GC2AB2CO A51O "548=K< F5;K<" 8 B5< =5 <5=55 =0E>4O 2 A515 "2=CB@5==89 @0A:>;", >= ?@8E>48B 2 70<5H0B5;LAB2> 8 =5 <>65B ?>=OBL =8 A51O, =8 4@C38E. 5 C4828B5;L=>, GB> =5 7=0O 8 =5 ?>=8<0O A51O, G5;>25: =5 C?@02;O5B A>1>9, 2@0I0OAL 2 :@C3C A2>8E >H81>: 8 =54>AB0B:>2; 2>B ?>G5<C AB>;L <=>38< ;N4O< 687=L =5 C40;0AL   8;8, 2> 2AO:>< A;CG05, 1K;0 ><@0G5=0 1>;57=O<8 4CH8 8 B5;0, 8AB5@70=0 A><=5=8O<8, @07>G0@>20=8O<8 8 >BG0O=85<. 5 C4828B5;L=>, GB> 8=>340 G5;>25: 2 A2>5< A;5?>< AB@5<;5=88 : A2>1>45 8 C4>2;5B2>@5=8N O@>AB=> 2>AAB05B ?@>B82 ACI5AB2CNI53> ?>;>65=8O 25I59, 0 8=>340, ?KB0OAL ?@83;CH8BL 2=CB@5==NN 1>;L, A 3>;>2>9 CE>48B 2 ;8E>@04>G=CN 45OB5;L=>ABL, >B405BAO @073C;C AB@0AB59 8;8 ?CA:05BAO 2 157@0AAC4=K5 ?@8:;NG5=8O. 0209B5 B5?5@L @0AA<>B@8<, 2>7<>6=> ;8 @07@5H8BL MBC F5=B@0;L=CN ?@>1;5<C G5;>25G5A:>9 687=8 8 :0: MB> A45;0BL,   :0: 87;5G8BL MB>B DC=40<5=B0;L=K9 =54C3 G5;>25:0. 0209B5 ?>A<>B@8<, :0: >A2>1>48BLAO >B MB>3> @01AB20, >ACI5AB28BL 30@<>=8G=CN 2=CB@5==NN 8=B53@0F8N, ?>AB8GL 8AB8==>5 / 8 2ABC?8BL 2 ?@028;L=K5 >B=>H5=8O A 4@C38<8 ;N4L<8. 040G0, :>=5G=>, =5 ;53:0O 8 =5 ?@>AB0O, => @07@5H8<>ABL 55 70A2845B5;LAB2>20=0 B5<8, :B> ?@8<5=O; 4;O MB>3> =5>1E>48<K5 8 4>AB0B>G=K5 A@54AB20. !B0488 4>AB865=8O 40==>9 F5;8 B0:>2K: ;C1>:>5 ?>7=0=85 A2>59 ;8G=>AB8. >=B@>;L =04 @07;8G=K<8 55 M;5<5=B0<8. >AB865=85 A2>53> 8AB8==>3> /   2KO2;5=85 8;8 A>740=85 >1J548=ONI53> F5=B@0. A8E>A8=B57: D>@<8@>20=85 8;8 ?5@5AB@>9:0 ;8G=>AB8 2>:@C3 =>2>3> F5=B@0. 0209B5 @0AA<>B@8< :064CN 87 MB8E AB0489. 1. ;C1>:>5 ?>7=0=85 A2>59 ;8G=>AB8 ;O B>3>, GB>1K 459AB28B5;L=> ?>7=0BL A51O, =54>AB0B>G=> A>AB028BL >?8AL M;5<5=B>2, >1@07CNI8E =0H5 A>7=0B5;L=>5 ACI5AB2>. 5>1E>48<> B0:65 ?@54?@8=OBL 8AA;54>20=85 >1H8@=KE >1;0AB59 =0H53> 15AA>7=0B5;L=>3>. !?5@20 <K 4>;6=K 15AAB@0H=> A?CAB8BLAO 2 ?@58A?>4=NN =87H53> 15AA>7=0B5;L=>3>, GB>1K 2KO28BL B5 B5<=K5 A8;K, :>B>@K5 2 A2>5 2@5<O >1>;LAB8;8 =0A 8 B5?5@L =0< C3@>60NB,   "D0=B07<K", C=0A;54>20==K5 8;8 CA2>5==K5 2 <;045=G5AB25 <KA;5>1@07K, :>B>@K5 =0A ?@5A;54CNB 8;8 B8E> =04 =0<8 2;0AB2CNB, AB@0E8, :>B>@K5 =0A A:>2K20NB, :>=D;8:BK, :>B>@K5 @0AB>G0NB =0HC M=5@38N. -B>3> <>6=> 4>AB8GL A ?><>ILN <5B>4>2 '?A8E>0=0;870. "0:>5 8AA;54>20=85 <>65B ?@>2>48BLAO A0<>AB>OB5;L=>, => 3>@074> ;53G5 >ACI5AB2;OBL 53> ?@8 ?>A@54AB25 4@C3>3> ;8F0.  ;N1>< A;CG05 8AA;54>20=85 =C6=> ?@>2>48BL AB@>3> =0CG=>, A 25;8G09H59 >1J5:B82=>ABLN 8 15A?@8AB@0AB=>ABLN, 157 ?@5427OB>3> B5>@5B878@>20=8O, 0 B0:65 =5 ?>72>;OO A:@KB><C 8;8 1C@=><C A>?@>B82;5=8N =0H8E AB@0E>2, 65;0=89 8 M<>F8>=0;L=KE ?@54?>GB5=89 >B?C3820BL =0A >B A0<>?>7=0=8O 8;8 22>48BL 2 701;C645=85. A8E>0=0;87, :0: ?@028;>, BCB 8 :>=G05BAO; => ?>4>1=0O >3@0=8G5==>ABL =5 =0E>48B >?@0240=89. 5>1E>48<> 8AA;54>20BL B0:65 >1;0AB8 A@54=53> 8 2KAH53> 15AA>7=0B5;L=>3>. ;03>40@O MB><C, <K >1=0@C68< 2 A515 =58725AB=K5 ?@5645 A?>A>1=>AB8, A2>5 8AB8==>5 ?@8720=85, A2>8 2KAH85 ?>B5=F80;L=K5 2>7<>6=>AB8, :>B>@K5 ?KB0NBAO 2K@078BL A51O, => :>B>@K5 <K =5@54:> >B25@305< 8 ?>402;O5< 87-70 =5?>=8<0=8O, ?@54C15645==>AB8 8;8 AB@0E0. K >1=0@C68< B0:65 >3@><=K9 70?0A =548DD5@5=F8@>20==>9 ?A8E8G5A:>9 M=5@388, A:@KB>9 2 :064>< 87 =0A,   ?;0AB8G=CN G0ABL 15AA>7=0B5;L=>3>, :>B>@0O =0E>48BAO 2 =0H5< @0A?>@O65=88, =045;OO =0A =5>3@0=8G5==>9 A?>A>1=>ABLN : =0CG5=8N 8 A>7840=8N. 2. >=B@>;L =04 @07;8G=K<8 M;5<5=B0<8 ;8G=>AB8 >A;5 B>3>, :0: <K 2KO28< 2A5 MB8 M;5<5=BK, <K 4>;6=K >2;045BL 8<8 8 >1@5AB8 =04 =8<8 :>=B@>;L. 081>;55 MDD5:B82=K< <5B>4>< 4;O 4>AB865=8O MB>9 F5;8 A;C68B <5B>4 @0AB>645AB2;5=8O. = >A=>20= =0 DC=40<5=B0;L=>< ?A8E>;>38G5A:>< ?@8=F8?5, :>B>@K9 <>65B 1KBL AD>@<C;8@>20= A;54CNI8< >1@07><: 04 =0<8 2;0AB2C5B 2A5 B>, A G5< <K A51O >B>645AB2;O5<. K <>65< 2;0AB2>20BL =04 B5< 8 :>=B@>;8@>20BL 2A5 B>, A G5< <K A51O @0AB>645AB28;8.  MB>< ?@8=F8?5 70:;NG5= A5:@5B =0H59 A2>1>4K 8 =0H53> ?>@01>I5=8O. 064K9 @07, :>340 <K >B>645AB2;O5< A51O A> A;01>ABLN, 28=>9, AB@0E><, ;N1>9 4@C3>9 A2>59 M<>F859 8;8 ?>1C645=85<, <K >3@0=8G8205< 8 A:>2K205< A51O. 064K9 @07, :>340 <K 3>2>@8< "O 2 C=K=88" 8;8 "O @074@065=", <K 2A5 1>;LH5 >B405< A51O 2> 2;0ABL 45?@5AA88 8;8 3=520. K A0<8 =0;0305< =0 A51O 40==>5 >3@0=8G5=85; <K A0<8 70:>2K205< A51O 2 F5?8. > 5A;8 <K ?@8 B5E 65 >1AB>OB5;LAB20E A:065<, GB> "<5=O ?KB05BAO 70E;5AB=CBL 2>;=0 C=K=8O" 8;8 "<=>N ?KB05BAO >2;045BL 2A?KH:0 3=520", A8BC0F8O @57:> 87<5=8BAO. "5?5@L 2 =59 1C4CB CG0AB2>20BL 425 ?@>B82>AB>OI85 A8;K: A >4=>9 AB>@>=K, =0H5 148B5;L=>5 "O", 0 A 4@C3>9   C=K=85 8;8 3=52.  148B5;L=>5 "O" =5 ?>B5@?8B 8E 2B>@65=8O: >=> <>65B :@8B8G=> 8 15A?@8AB@0AB=> @0AA<>B@5BL 8<?C;LAK C=K=8O 8;8 3=520: >=> <>65B C2845BL 8E ?@8G8=K, ?@54CA<>B@5BL 8E =565;0B5;L=K5 ?>A;54AB28O 8 >A>7=0BL 8E =5>1>A=>20==>ABL. 5@54:> MB>3> 1K205B 4>AB0B>G=>, GB>1K 2K45@60BL =0ABC?;5=85 B0:8E A8; 8 2K83@0BL 18B2C. > 4065 5A;8 MB8 A8;K >:06CBAO =0 :0:>5-B> 2@5<O A8;L=55, 5A;8 A>7=0B5;L=0O ;8G=>ABL ?>=0G0;C 1C45B 70E20G5=0 8E =0B8A:><, 148B5;L=>5 "O" =8:>340 =5 1C45B ?>15645=> 4> :>=F0. => <>65B >B>9B8 2> 2=CB@5==NN :@5?>ABL 8 2 >6840=88 1;03>?@8OB=>3> <><5=B0 3>B>28BLAO B0< : :>=B@=0ABC?;5=8N. => <>65B ?@>83@0BL @O4 A@065=89, => 5A;8 >=> A0<> =5 ?>4=8<5B @C:8 8 =5 A40ABAO, >:>=G0B5;L=K9 8AE>4 45;0 A><=5=89 =5 2K7K205B: 2 :>=F5 :>=F>2 >=> >45@68B ?>154C. 0;55, 2<5AB> B>3>, GB>1K @07 70 @07>< >B@060BL 84CI85 87 15AA>7=0B5;L=>3> 0B0:8, <K <>65< 2>A?>;L7>20BLAO 1>;55 >A=>20B5;L=K< 8 @5H8B5;L=K< <5B>4><: <K <>65< >1@0B8BLAO : 3;C18==K< ?@8G8=0< MB8E 0B0: 8 2K:>@G520BL ?@>1;5<C A :>@=5<. -B0 ?@>F54C@0 <>65B 1KBL @0745;5=0 =0 425 D07K: a. 07;>65=85 2@54=KE :><?;5:A>2 8;8 <KA;5>1@07>2 =0 M;5<5=BK. b. #?@02;5=85 2KA2>1>6405<K<8 M=5@38O<8 8 8E 8A?>;L7>20=85. A8E>0=0;87 ?>:070;, GB> A8;0 MB8E :><?;5:A>2 8 <KA;5>1@07>2 A>AB>8B 3;02=K< >1@07>< 2 B><, GB> <K 8E =5 A>7=05<. 5@54:> ?>A;5 B>3>, :0: >=8 2KO2;5=K, ?>=OBK 8 @07;>65=K =0 A>AB02=K5 M;5<5=BK, >=8 ?5@5AB0NB =0A B@52>68BL. > 2AO:>< A;CG05, ?>A;5 MB>3> <K <>65< 70I8I0BLAO >B =8E 3>@074> 1>;55 MDD5:B82=>. ;O @07;>65=8O =0 M;5<5=BK =5>1E>48<> 2>A?>;L7>20BLAO <5B>40<8 ">?@54<5G820=8O", ":@8B8G5A:>3> 0=0;870" 8 "@07;8G5=8O". =K<8 A;>20<8, =0< A;54C5B =01;N40BL 8E E>;>4=> 8 15AAB@0AB=>   B0:, :0: 5A;8 1K >=8 1K;8 ?@>AB> 2=5H=8<8 ?@8@>4=K<8 O2;5=8O<8. 5>1E>48<> CAB0=>28BL <564C A>1>9 8 =8<8 "?A8E>;>38G5A:CN 48AB0=F8N" 8, C45@6820O MB8 :><?;5:AK 8 <KA;5>1@07K, B0: A:070BL, =0 @0AAB>O=88 2KBO=CB>9 @C:8, A?>:>9=> 87CG0BL, >B:C40 >=8 27O;8AL, :0:>20 8E ?@8@>40 8   =0A:>;L:> >=8 3;C?K. -B> =5 7=0G8B, GB> M=5@38N, ?@8ACICN 8E ?@>O2;5=8O<, A;54C5B ?>402;OBL 8;8 A45@6820BL; =C6=> ;8HL C?@02;OBL 5N, ?5@52>4O 55 2 :>=AB@C:B82=>5 @CA;>. 0: 8725AB=>, G5@5AGC@ :@8B8G=>5 8 0=0;8B8G5A:>5 >B=>H5=85 : A2>8< GC2AB20< 8 M<>F8O< A?>A>1=> A:>2K20BL 8 4065 C1820BL 8E. -BC A?>A>1=>ABL :@8B8G5A:>3> >B=>H5=8O, ?@8<5=O5<CN =5@54:> 2> 2@54 =0H8< 2KAH8< GC2AB20< 8 B2>@G5A:8< 2>7<>6=>ABO<, A;54C5B 8A?>;L7>20BL 4;O >A2>1>645=8O >B =565;0B5;L=KE 8<?C;LA>2 8 B5=45=F89. 4=0:> :@8B8G5A:89 0=0;87 8=>340 1K205B =54>AB0B>G=K<. 5:>B>@K5 CAB>9G82K5 B5=45=F88, =5:>B>@K5 28B0;L=K5 M;5<5=BK =0H53> ACI5AB20 C?>@=> ?@>4>;60NB ACI5AB2>20BL, A:>;L:> 1K <K 8E =5 >AC640;8 8 =5 >B@8F0;8.  >A>15==>AB8 MB> :0A05BAO A5:AC0;L=KE 8 03@5AA82=KE ?>1C645=89. BA>548=OOAL >B B>3> 8;8 8=>3> :><?;5:A0 8;8 >B:;>=OOAL >B A2>53> ?@56=53> @CA;0, >=8 ?@82>4OB =0A 2 A>AB>O=85 2>71C645=8O 8, 15A?>:>9AB20 8 <>3CB =09B8 4;O A51O =>2K9, => AB>;L 65 =565;0B5;L=K9 2KE>4. >MB><C B0:85 A8;K =5 A;54C5B ?CA:0BL =0 A0<>B5:, 8E =C6=> =0?@02;OBL =0 :0:85-B> 1572@54=K5 8;8, 5I5 ;CGH5, :>=AB@C:B82=K5 F5;8: @07=>3> @>40 B2>@G5A:CN 45OB5;L=>ABL, ?5@5AB@>9:C ;8G=>AB8, A>459AB285 ?A8E>A8=B57C. > 4;O B>3>, GB>1K MB> AB0;> 2>7<>6=K<, <K 4>;6=K =0G8=0BL A F5=B@0; <K 4>;6=K CB25@48BL 8 =045;8BL A8;>9 >1J548=ONI89 8 @C:>2>4OI89 @8=F8? =0H59 687=8. 3. >AB865=85 A2>53> 8AB8==>3> /: 2KO2;5=85 8;8 A>740=85 >1J548=ONI53> F5=B@0 0 >A=>20=88 B>3>, GB> C65 1K;> A:070=> > ?@8@>45 /, =5A;>6=> C:070BL B5>@5B8G5A:8, :0: 4>AB8GL MB>9 F5;8. ;O MB>3> =C6=> @0AH8@OBL ;8G=>5 A>7=0=85 2?;>BL 4> ?@52@0I5=8O 53> 2 A>7=0=85 /; =C6=> 4>AB8GL 72574K, A;54CO 70 55 ;CG>< (A<. AE5<C 2); =C6=> >1J548=8BL =87H55 "O" A 2KAH8< /. > 70 MB8<8 ;53:> ?@>87=>A8<K<8 A;>20<8 A:@K205BAO A;>6=59H55 ?@54?@8OB85. -B> 25;8:>5 8, @07C<55BAO, 4>;3>5 8 B@C4=>5 45;>, 8 =5 :064K9 3>B>2 : =5<C. <5AB5 A B5< <564C 8AE>4=>9 B>G:>9 ?CB8, :>B>@K9 =0G8=05BAO 2 4>;8=0E =0H53> >1KG=>3> A>7=0=8O, 8 A25@:0NI8< ?8:>< !0<>?>AB865=8O 5ABL ?@><56CB>G=K5 D07K, @07=>2KA>:85 ?;0B>, 345 G5;>25: <>65B >B4>E=CBL 8 4065 ?>A5;8BLAO, 5A;8 >= =5 <>65B 8;8 =5 E>G5B ?@>4>;60BL 2>AE>645=85. @8 1;03>?@8OB=KE >1AB>OB5;LAB20E ?@>F5AA B0:>3> 2>AE>645=8O ?@>B5:05B 2 :0:>9-B> <5@5 AB8E89=>   2 E>45 5AB5AB25==>3> 2=CB@5==53> @>AB0, ?8B05<>3> @07=>>1@07=K< 687=5==K< >?KB><; => 70G0ABCN MB>B ?@>F5AA 845B >G5=L <54;5==>. @8 ;N1KE >1AB>OB5;LAB20E, >4=0:>, 53> <>6=> 7=0G8B5;L=> CA:>@8BL ?CB5< F5;5=0?@02;5==>3> A>7=0B5;L=>3> 459AB28O 8 ?@8<5=5=8O =04;560I8E 0:B82=KE <5B>4>2. @><56CB>G=K5 AB0488 A2O70=K A =>2K<8 >B>645AB2;5=8O<8. N48, :>B>@K5 =5 <>3CB ?>AB8GL A2>5 8AB8==>5 / 2 53> G8AB>9 ACI=>AB8, <>3CB A>740BL 8450;L=K9 >1@07 A>25@H5==>9 ;8G=>AB8, A>>B25BAB2CNI89 8E <0AHB01C, AB0488 @0728B8O 8 ?A8E>;>38G5A:><C >?KBC, 0 70B5< =0G0BL ?@0:B8G5A:8 2>?;>I0BL 53> 2 687=L. ;O >4=8E B0:8< 8450;>< <>65B AB0BL EC4>6=8:, B2>@5F ?@5:@0A=KE D>@<, 4;O :>B>@>3> 8A:CAAB2> AB0;> 254CI59 687=5==>9 ?>B@51=>ABLN, 4286CI8< ?@8=F8?>< ACI5AB2>20=8O. ;O 4@C38E B0:8< 8450;>< <>65B AB0BL 8A:0B5;L AB8=K, D8;>A>D, CG5=K9. I5 4;O :>3>-B> ?>4>945B 1>;55 ?@875<;5==K9, 1>;55 ;8G=K9 8450; E>@>H53> >BF0 8;8 <0B5@8. G5284=>, GB> B0:85 "8450;L=K5 <>45;8" ?@54?>;030NB 682CN A2O7L A 2=5H=8< <8@>< 8 4@C38<8 G5;>25G5A:8<8 ACI5AB20<8, B> 5ABL >?@545;5==CN AB5?5=L M:AB@025@A88. > =5:>B>@K5 ;N48 M:AB@025@B8@>20=K 4> B0:>9 AB5?5=8, GB> ?@>5F8@CNB 687=5==K9 F5=B@ A2>59 ;8G=>AB8 2>2=5. "8?8G=K< ?@8<5@>< :@09=59 M:AB@025@A82=>AB8 <>65B A;C68BL ?;0<5==K9 ?0B@8>B, 2A5F5;> ?>A2OB82H89 A51O A2>59 AB@0=5, :>B>@0O AB0;0 4;O =53> F5=B@>< 687=8 8 A@54>B>G85< AB@5<;5=89, :0: 1K 70<5AB8;0 53> A>1AB25==>5 "O". @C38< ?@8<5@>< (2 ?@>H;>< 4>AB0B>G=> @0A?@>AB@0=5==K<) <>65B A;C68BL 65=I8=0, :>B>@0O >B>645AB28;0 A51O A ;N18<K< <C6G8=>9, 6825B 4;O =53> 8 ?>3;>I5=0 8<.  4@52=59 =488 65=0 AG8B0;0 <C60 =5 B>;L:> 3>A?>48=><, >=0 ?>:;>=O;0AL 5<C :0: A2>5<C 4CE>2=><C CG8B5;N, C@C,  - ?>GB8 GB> >3C, "0:>3> @>40 ?@>5:F8N A2>53> F5=B@0 2>2=5, B0:>3> @>40 M:AF5=B@8G=>ABL (2 1C:20;L=>< A<KA;5 A;>20) =5;L7O =54>>F5=820BL. C4CG8 =5 A0<K< ?@O<K< ?CB5< : 25@H8=5 8 =5 A0<K< 2KA>:8< 4>AB865=85<, >=0, B5< =5 <5=55, :0:>5-B> 2@5<O <>65B A;C68BL C40G=>9 D>@<>9 >?>A@54>20==>3> A0<>?>AB865=8O.  >A>1> 1;03>?@8OB=KE A;CG0OE G5;>25: ?@8 MB>< =5 B5@O5B A51O ?>;=>ABLN 2> 2=5H=5< >1J5:B5, => >A2>1>6405BAO >B M3>8AB8G5A:8E CAB@5<;5=89 8 ;8G=>9' >3@0=8G5==>AB8; >= ?>AB8305B A51O G5@57 ?>A@54AB2> 2=5H=53> 8450;0. >A;54=89 B0:8< >1@07>< AB0=>28BAO >?>A@54CNI8< 725=>< <564C ;8G=K< "O" G5;>25:0 8 53> 2KAH8< /, :>B>@>5 >B@0605BAO 8 A8<2>;878@C5BAO MB8< >1J5:B><: !E5<0 2 INCLUDEPICTURE "../181/AA046>;8%20 %20A8E>A8=B57/000/2.gif" \* MERGEFORMATINET !>7=0B5;L=>5 "O" =5H=89 >1J548=ONI89 F5=B@ KAH55 / 4. A8E>A8=B57: D>@<8@>20=85 8;8 ?5@5AB@>9:0 ;8G=>AB8 2>:@C3 =>2>3> F5=B@0 >A;5 B>3>, :0: <K 2KO28;8 8;8 A>740;8 >1J548=ONI89 F5=B@, C =0A ?>O2;O5BAO 2>7<>6=>ABL ?>AB@>8BL 2>:@C3 =53> =>2CN ;8G=>ABL   >@30=8G=CN, 2=CB@5==5 A>3;0A>20==CN 8 >1J548=5==CN 2 >4=> F5;>5. -B> 8 5ABL A>1AB25==> ?A8E>A8=B57, B0:65 8<5NI89 =5A:>;L:> AB0489. @5645 2A53> =5>1E>48<> @07@01>B0BL ?;0= 459AB289, AD>@<C;8@>20BL "2=CB@5==NN ?@>3@0<<C". K 4>;6=K 287C0;878@>20BL, <KA;5==> ?@54AB02;OBL A2>N F5;L,   B> 5ABL =>2CN ;8G=>ABL, : A>740=8N :>B>@>9 <K AB@5<8<AO,   8 OA=> A>7=020BL 7040G8, 2>7=8:0NI85 ?5@54 =0<8 2 A2O78 A 55 4>AB865=85<. 5:>B>@K5 ;N48 OA=> 284OB A2>N F5;L A A0<>3> =0G0;0. =8 A?>A>1=K A>AB028BL G5B:>5 ?@54AB02;5=85 > B><, :5< >=8 <>3CB 8 E>BOB AB0BL. -B> ?@54AB02;5=85 4>;6=> 1KBL @50;8AB8G=K< 8 "4>AB>25@=K<", B> 5ABL A>3;0A>20==K< A 5AB5AB25==K< E>4>< @0728B8O 40==>3> 8=482840 8 ?>B><C >ACI5AB28<K<,   ?> :@09=59 <5@5, >BG0AB8: MB> =5 4>;65= 1KBL =52@>B8G5A:89, =5@50;8AB8G=K9 "8450;878@>20==K9 >1@07", :0: 53> =07K205B 0@5= %>@=8. >4;8==0O "8450;L=0O <>45;L" ?>B@51=>3> @0728B8O 70:;NG05B 2 A515 48=0<8G5A:CN A>7840B5;L=CN A8;C, >=0 >1;53G05B 4>AB865=85 F5;8 ?CB5< CAB@0=5=8O =5OA=>AB59 8 =5>?@545;5==>AB59; >=0 A>A@54>B>G8205B CA8;8O G5;>25:0 8 ?>4:;NG05B : 45;C 25;8:CN AC335AB82=CN A8;C >1@07>2. N48 A 1>;55 ?;0AB8G=>9 ?A8E8G5A:>9 :>=AB8BCF859, :>B>@K5 682CB A?>=B0==>, @C:>2>4AB2COAL A:>@55 7=0:0<8 8 ?@54GC2AB28O<8, =565;8 >?@545;5==K<8 =0<5@5=8O<8, =0E>4OB 70B@C4=8B5;L=K< AD>@<C;8@>20BL 4;O A51O B0:CN ?@>3@0<<C 8 70B5< AB@>8BL =>2CN ;8G=>ABL ?> =0<5G5==>9 AE5<5: >=8 <>3CB 4065 :0B53>@8G5A:8 >B25@30BL B0:>9 <5B>4. =8 ?@54?>G8B0NB 225@OBL A51O 2>48B5;LAB2C 2=CB@5==53> CE0 8;8 2>;8 >6859, ?@54>AB02;OO <C @5H0BL, :0:8<8 >=8 4>;6=K AB0BL. =8 ?>;030NB, GB> 1KAB@55 4>AB83=CB F5;8 ?CB5< CAB@0=5=8O, ?> <5@5 2>7<>6=>AB8, ?><5E 8 A>?@>B82;5=8O 2KAH59 !8;5 A> AB>@>=K A2>59 ;8G=>AB8, 8;8 ?CB5< @0AH8@5=8O :0=0;0 A2O78 A 2KAH8< / ?@8 ?><>I8 CAB@5<;5=8O : =5<C 8 A;C65=8O 5<C, ?>;030OAL 2> 2A5< >AB0;L=>< =0 459AB285 53> A>7840B5;L=>9 A8;K 8 ?>28=COAL 59. @C385 ;N48 70=8<0NB AE>4=CN ?>78F8N, => 2K@060NB 55 8=0G5; >=8 3>2>@OB > =0AB@>5 =0 :>A<8G5A:89 ?>@O4>:, 2A5;5=A:CN 30@<>=8N, > ?@54>AB02;5=88 87=8 459AB2>20BL 2 =8E 8 G5@57 =8E (C-259, "=545O=85" 40>A>2). 10 <5B>40 MDD5:B82=K, 8 :064K9 87 =8E ?>4E>48B 4;O A>>B25BAB2CNI53> B8?0 ;8G=>AB8. > 65;0B5;L=> 7=0BL, ?>=8<0BL 7=0G5=85 8 2 :0:>9-B> AB5?5=8 ?@8<5=OBL >10 <5B>40, GB> ?>72>;8B 871560BL :@09=>AB59 8 >3@0=8G5==>AB8, ?@8ACI59 :064><C 87 =8E 2 >B45;L=>AB8. "0:, ?>A;54>20B5;8 ?5@2>3> <5B>40 4>;6=K A;548BL 70 B5<, GB>1K =5 A45;0BL A2>5 "8450;L=>5 ?@54AB02;5=85" G5@5AGC@ :>A=K<; >=8 4>;6=K 1KBL 3>B>2K 284>87<5=8BL, @0AH8@8BL 8;8 4065 2>>1I5 A<5=8BL 53>, 5A;8 8E ?>A;54CNI89 >?KB, 7=0:><AB2> A =58725AB=>9 @0=55 B>G:>9 7@5=8O 8;8 =>2K5 ?@>7@5=8O C:06CB =0 =5>1E>48<>ABL B0:>3> 87<5=5=8O. ! 4@C3>9 AB>@>=K, ?>A;54>20B5;8 2B>@>3> <5B>40 4>;6=K >AB5@530BLAO AB0BL G5@5AGC@ ?0AA82=K<8 8 157>B25BAB25==K<8, ?@8=8<0O ?>@K2K 15AA>7=0B5;L=KE A8;, 65;0=89 8 AB@5<;5=89 =87H53> ?>@O4:0 70 C:070=8O 8 =08B8O A2KH5. @><5 B>3>, >=8 4>;6=K @072820BL 2 A515 A?>A>1=>ABL AB>9:> ?5@5=>A8BL =5<8=C5<K5 ?5@8>4K 2=CB@5==53> 15A?;>48O 8 <@0:0, :>340 A>7=0B5;L=0O A2O7L A 4CE>2=K< &5=B@>< >1@K205BAO 8 ;8G=>ABL GC2AB2C5B A51O ?>:8=CB>9. A5 <=>3>>1@0785 "8450;L=KE <>45;59" <>6=> @0745;8BL =0 425 >A=>2=K5 3@C??K.  ?5@2>9 >B=>AOBAO >1@07K, >;8F5B2>@ONI85 30@<>=8G=>5 @0728B85, 2A5AB>@>==55 ;8G=>5 8 4CE>2=>5 A>25@H5=AB2>. 450; B0:>3> @>40 2K42830NB ?5@54 A>1>9 3;02=K< >1@07>< 8=B@>25@BK. B>@0O 3@C??0 8450;L=KE >1@07>2 >;8F5B2>@O5B A>25@H5=AB2> 2 >?@545;5==>9 AD5@5 45OB5;L=>AB8. [...] -B> 8450; EC4>6=8:0, CG8B5;O, CG5=>3> 8 B. 4. 0: ?@028;>, B0:85 <>45;8 ?@54?>G8B0NB M:AB@025@BK. >A;5 B>3> :0: 8450;L=0O D>@<0 >?@545;5=0, =0G8=05BAO ?@0:B8G5A:89 ?A8E>A8=B57, ?>AB@>5=85 =>2>9 ;8G=>AB8 :0: B0:>2>5. -B0 @01>B0 <>65B 1KBL @0745;5=0 =0 B@8 3;02=K5 G0AB8: A?>;L7>20=85 2A5E 8<5NI8EAO 2 @0A?>@O65=88 M=5@389.  =8< >B=>AOBAO: 0) A8;K, 2KA2>1>6405<K5 2 ?@>F5AA5 0=0;870 8 @07;>65=8O 15AA>7=0B5;L=KE :><?;5:A>2; 1) AB@5<;5=8O, A:@KB> ?@8ACBAB2CNI85 =0 @07=KE ?A8E>;>38G5A:8E C@>2=OE 8 4> A8E ?>@ >1>945==K5 2=8<0=85<. 'B>1K 8A?>;L7>20BL MB8 15AA>7=0B5;L=K5 A8;K, <=>385 87 =8E =C6=> "B@0=A<CB8@>20BL", ?@52@0B8BL 2 =5GB> 8=>5. -B> AB0=>28BAO 2>7<>6=K< 1;03>40@O A2>9AB25==>9 8< ?;0AB8G=>AB8 8 87<5=G82>AB8, D0:B8G5A:8, B0:0O B@0=A<CB0F8O ?@>B5:05B 2 =0A ?>AB>O==>. >4>1=> B><C, :0: M=5@38O B5?;0 ?@52@0I05BAO 2 M=5@38N 42865=8O 8;8 M;5:B@>M=5@38N 8 =0>1>@>B, =0H8 M<>F88 8 2;5G5=8O ?@52@0I0NBAO 2 D878G5A:85 459AB28O 8;8 45OB5;L=>ABL C<0 8 2>>1@065=8O.  =0>1>@>B, 8458 2>71C640NB M<>F88 8;8 ?@52@0I0NBAO 2 ?;0=K, 0 70B5< 2 459AB28O. !;CG08 B0:8E B@0=A<CB0F89 =01;N40;8AL 8 >B<5G0;8AL <=>38<8 ;N4L<8. [...] 06=K5 ?>;>65=8O 8 ?@8<5@K, :0A0NI85AO B5>@88 8 ?@0:B8:8 ?@5>1@07>20=8O 2=CB@5==8E M=5@389 <>6=> =09B8 2 8=489A:>9 >35, E@8AB80=A:>< <8AB8F87<5 8 0A:5B8:5, B@C40E ?> 4CE>2=>9 0;E8<88, 0 =5:>B>@K5 <><5=BK MB>3> O2;5=8O 1K;8 >A25I5=K ?A8E>0=0;87><. "0:8< >1@07><, <K @0A?>;0305< 4>AB0B>G=>9 >A=>2>9 4;O D>@<8@>20=8O =0C:8 > ?A8E8G5A:8E M=5@38OE (?A8E>48=0<8:8), 0 B0:65 =0456=KE <5B>48:, A?>A>1=KE ?@>872>48BL 65;05<K5 87<5=5=8O 2 =0A A0<8E 8 4@C38E ;N4OE. 0728B85 =54>AB0NI8E 8;8 =54>AB0B>G=> @0728BKE 4;O 4>AB865=8O =0H59 F5;8 AB>@>= ;8G=>AB8. "0:>5 @0728B85 <>65B >ACI5AB2;OBLAO 42C<O ?CBO<8: A ?><>ILN <5B>4>2 2K7K20=8O 8 A0<>2=CH5=8O 8;8 A ?><>ILN A8AB5<0B8G5A:>9 B@5=8@>2:8 =5@0728BKE ?A8E8G5A:8E DC=:F89 (B0:8E :0: ?0<OBL, 2>>1@065=85, 2>;O)   B@5=8@>2:8 =0?>4>185 B>9, GB> ?@8<5=O5BAO, =0?@8<5@, 2 >1;0AB8 D878G5A:>9 :C;LBC@K, ?@8 =0@01>B:5 B5E=8G5A:8E =02K:>2 ?5=8O, 83@K =0 <C7K:0;L=KE 8=AB@C<5=B0E 8 B. 4. !>3;0A>20=85 8 A>?>4G8=5=85 (:>>@48=0F8O 8 AC1>@48=0F8O) @07;8G=KE ?A8E8G5A:8E DC=:F89 8 M=5@389, A>740=85 CAB>9G82>9 AB@C:BC@K ;8G=>AB8. "0:0O AB@C:BC@0 ?@54AB02;O5B A>1>9 ;N1>?KB=CN 8 =02>4OICN =0 @07<KH;5=8O 0=0;>38N A CAB@>9AB2>< A>2@5<5==>3> 3>AC40@AB20, 3@0640=5 :>B>@>3> 2E>4OB 2 @07;8G=K5 >1J548=5=8O, >1I5AB25==K5 :;0AAK, ?@>D5AA8>=0;L=K5 3@C??K 8 B. 4., 8 2 :>B>@>< 5ABL >@30=K C?@02;5=8O @07=>3> C@>2=O,   =0?@8<5@, 3>@>4A:>3>, >1;0AB=>3>, @5A?C1;8:0=A:>3>. * * * "0: 2 >1I8E G5@B0E 2K3;O48B ?@>F5AA ?A8E>A8=B570. !;54C5B CB>G=8BL, >4=0:>, GB> 2A5 2KH5C?><O=CBK5 AB0488 8 <5B>4K B5A=> 2708<>A2O70=K 8 ?@>E>645=85 8E =5 ?@54?>;0305B AB@>3>9 ?>A;54>20B5;L=>AB8 >?@545;5==KE ?5@8>4>2 8;8 D07. 82>9 G5;>25: - =5 740=85, 4;O :>B>@>3> A?5@20 4>;65= 1KBL 70;>65= DC=40<5=B, 70B5< 2>72545=K AB5=K 8, =0:>=5F, ?>;>65=0 :@KH0. K?>;=5=85 H8@>:>9 2=CB@5==59 ?@>3@0<<K ?A8E>A8=B570 <>6=> =0G8=0BL >4=>2@5<5==> A @07=KE B>G5:, A @07=KE AB>@>=, 0 @07=K5 <5B>4K 8 459AB28O <>6=>, 2 7028A8<>AB8 >B >1AB>OB5;LAB2 8 2=CB@5==53> A>AB>O=8O, G5@54>20BL 2 B5G5=85 1>;55 8;8 <5=55 ?@>4>;68B5;L=KE >B@57:>2 2@5<5=8. >=0G0;C 2A5 MB> <>65B ?>:070BLAO G5@5AGC@ A;>6=K<, => C=K20BL =5 AB>8B. 57CA;>2=>, ?><>IL :><?5B5=B=>3> ?A8E>B5@0?52B0 8;8 CG8B5;O 7=0G8B5;L=> >1;53G8B 7040GC; A 4@C3>9 AB>@>=K, 8A:><>3> @57C;LB0B0 <>6=> 4>AB8GL 8 157 ?>AB>@>==59 ?><>I8, A2>8<8 A8;0<8, ?CB5< ?@>1 8 >H81>:. >A;5 B>3> :0: CA2>5=K ?@5420@8B5;L=K5 A2545=8O > ?A8E>;>38G5A:8E ?@8=F8?0E 8 70:>=0E ?A8E>A8=B570, 0 B0:65 87CG5=K @07;8G=K5 ?A8E>A8=B5B8G5A:85 <5B>48:8, 2A5 >AB0;L=>5 AB0=>28BAO 45;>< ?@0:B8:8, >?KB0, C<0 8 8=BC8F88, @>AB :>B>@KE 7028A8B >B 2>7=8:0NI59 2 =8E ?>B@51=>AB8 8 >B ?>AB>O=AB20 ?@8;0305<KE CA8;89. "0:8< >1@07>< D>@<8@C5BAO =>20O, 2>7@>645==0O ;8G=>ABL 8 =0G8=05BAO =>20O 687=L, =0AB>OI0O 687=L, ?> A@02=5=8N A :>B>@>9 ?@54H5AB2CNI0O <>65B ?>:070BLAO ;8HL ?>43>B>2:>9 : 687=8, 5420 ;8 =5 2=CB@8CB@>1=K< ?5@8>4>< @0728B8O. A;8 <K 2>7L<5< B5?5@L ?A8E>A8=B57 :0: F5;>5, B> C2848<, GB> 53> =5;L7O @0AA<0B@820BL =8 :0: G0AB=CN ?A8E>;>38G5A:CN B5>@8N, =8 :0: :>=:@5B=CN ?A8E>B5E=8G5A:CN ?@>F54C@C. A8E>A8=B57   MB> ?@5645 2A53> 48=0<8G5A:0O, 4065 4@0<0B8G5A:0O :>=F5?F8O =0H59 ?A8E8G5A:>9 687=8, ?@54AB0NI59 :0: =5?@5@K2=>5 2708<>459AB285 8 1>@L10 <=>65AB20 @07=KE, 2 B>< G8A;5 ?@>B82>459AB2CNI8E A8; A >1J548=ONI8< F5=B@><, :>B>@K9 ?>AB>O==> ?KB05BAO C?@02;OBL 8<8, A>3;0A>2K20BL 8E <564C A>1>9 8 8A?>;L7>20BL. @><5 B>3>, ?A8E>A8=B57 ?@8<5=O5B <=>65AB2> <5B>48: ?A8E>;>38G5A:>3> 2>7459AB28O, =0F5;5==KE 2 ?5@2CN >G5@54L =0 @0728B85 8 A>25@H5=AB2>20=85 ;8G=>AB8, 0 70B5<   =0 30@<>=870F8N 55 >B=>H5=89 A / 8 2A5 1>;55 ?>;=>5 >1J548=5=85 A =8<. -B8 425 D07K <>6=> =0720BL, A>>B25BAB25==>, ";8G=>AB=K<" 8 "4CE>2=K<" ?A8E>A8=B57><.  7028A8<>AB8 >B >1;0AB8 8 F5;8 ?@8<5=5=8O, ?A8E>A8=B57 A;C68B 8;8 <>65B A;C68BL: 5B>4>< ?A8E8G5A:>3> @0728B8O 8 !0<>?>AB865=8O 4;O B5E, :B> =5 65;05B >AB020BLAO @01>< 2=CB@5==8E D0=B07<>2 8 2=5H=8E 2;8O=89, :B> =5 65;05B 1>;LH5 ?@8=8<0BL ?0AA82=>5 CG0AB85 2 83@5 A>1AB25==KE ?A8E8G5A:8E A8; 8 @5H8; AB0BL E>7O8=>< A2>59 687=8. 5B>4>< ;5G5=8O ?A8E8G5A:8E 8 ?A8E>A><0B8G5A:8E @0AAB@>9AB2, >1CA;>2;5==KE ;81> >AB@K< 70?CB0==K< :>=D;8:B>< <564C @07;8G=K<8 3@C??0<8 A>7=0B5;L=KE 8 15AA>7=0B5;L=KE A8;, ;81> B5<8 <CG8B5;L=K<8 3;C18==K<8 :@878A0<8, :>B>@K5 =5@54:> ?@54H5AB2CNB D075 !0<>?>AB865=8O, => 7=0G5=85 :>B>@KE A0< ?0F85=B =5 2?>;=5 ?>=8<05B 8 =5A?>A>15= >F5=8BL 4>;6=K< >1@07><. 5B>4>< 8=B53@0;L=>3> 2>A?8B0=8O, :>B>@>5 A;C68B =5 B>;L:> @0728B8N @07;8G=KE A?>A>1=>AB59 @515=:0 8;8 ?>4@>AB:0, => ?><>305B 5<C >1=0@C68BL 8 >A>7=0BL A2>N 8AB8==CN 4CE>2=CN ?@8@>4C 8 ?>AB@>8BL ?>4 55 @C:>2>4AB2>< 30@<>=8G=CN, O@:CN 8 MDD5:B82=CN ;8G=>ABL. =48284C0;L=K9 ?A8E>A8=B57 <>6=> @0AA<0B@820BL B0:65 :0: G0AB=>5 ?@>O2;5=85 1>;55 H8@>:>3> ?@8=F8?0, 2A5>1I53> 70:>=0 <568=48284=>3> 8 :>A<8G5A:>3> A8=B570.  A0<>< 45;5, 87>;8@>20==KE 8=48284>2 =5 ACI5AB2C5B; :064K9 8=48284 B5A=> A2O70= A 4@C38<8 8=482840<8, 2A5 8=48284K 2708<>A2O70=K. >;55 B>3>, 2A5 8=48284K 2:;NG5=K 2 =048=48284=CN 4CE>2=CN 50;L=>ABL, 8 :064K9 87 =8E O2;O5BAO 55 G0ABLN. "0:, >B45;L=>3> G5;>25:0 <>6=> @0AA<0B@820BL =5 B>;L:> :0: :><18=0F8N 1>;55 8;8 <5=55 A>3;0A>20==KE M;5<5=B>2, => 8 :0: M;5<5=B 8;8 :;5B:C G5;>25G5A:>9 3@C??K: MB0 3@C??0, 2 A2>N >G5@54L, 2:;NG5=0 2 A>>1I5AB20, >1@07CNI85 1>;55 <=>3>G8A;5==K5 8 A;>6=K5 3@C??K   >B A5<59=KE 4> 3>@>4A:8E 8 @538>=0;L=KE 3@C?? 8 >1I5AB25==KE :;0AA>2, >B A>N7>2 @01>G8E 8 >1J548=5=89 @01>B>40B5;59 4> 1>;LH8E =0F8>=0;L=KE 3@C??, 4> G5;>25G5AB20 2 F5;><. 564C 8=482840<8, @02=> :0: 8 <564C 3@C??0<8, 2>7=8:0NB :>=D;8:BK, C4828B5;L=> AE>685 A B5<8, :>B>@K5 <>6=> >1=0@C68BL 2 :064>< 8=482845. >MB><C @07@5H0BL 8E (<568=48284=K9 ?A8E>A8=B57) A;54C5B ?> B><C 65 ?;0=C 8 ?@8<5@=> B5<8 65 <5B>40<8, A ?><>ILN :>B>@KE >ACI5AB2;O5BAO 8=48284C0;L=K9 ?A8E>A8=B57. >;55 ?@8AB0;L=>5 87CG5=85 MB>3> ?0@0;;5;87<0 <>65B >:070BLAO 25AL<0 ?@>4C:B82=K< 8 ?><>65B =0< 2KO28BL 3;C18==K9 A<KA; 8 ?>4;8==CN F5==>ABL <=>3>G8A;5==KE ?>?KB>: A8=B570 8 ?>AB@>5=8O >@30=8G5A:8E A8AB5<   :0: 2 ?@0:B8G5A:>9, B0: 8 2 G8AB> B5>@5B8G5A:>9 AD5@5, - :>B>@K5 2A5 G0I5 ?@54?@8=8<0NBAO @07;8G=K<8 =0F8>=0;L=K<8, A>F80;L=K<8, M:>=><8G5A:8<8, =0CG=K<8 8 @5;838>7=K<8 3@C??0<8. ! 5I5 1>;55 H8@>:>9 8 2A5>1J5<;NI59 B>G:8 7@5=8O 2AO 687=L 2A5;5==>9 ?@54AB05B ?@54 =0<8 :0: 1>@L10 <564C <=>65AB25==>ABLN 8 548=AB2><, :0: CA8;85 8 AB@5<;5=85 : 548=5=8N. # =0A 2>7=8:05B >ICI5=85, GB> CE (?@54AB02;O5BAO ;8 >= =0< 1>65AB25==K< !CI5AB2>< 8;8 :>A<8G5A:>9 M=5@3859), :>B>@K9 459AB2C5B 2 B20@=>< <8@5, ?@82=>AO 2 =53> ?>@O4>:, 30@<>=8N 8 :@0A>BC, 0 B0:65 >1J548=OO 2A5E ACI5AB2 C70<8 ;N128, >ACI5AB2;O5B   <54;5==> 8 B8E>, => 25@=> 8 =5>B2@0B8<>   =5 GB> 8=>5, :0: KAH89 !8=B57. ;020 II ! &/  !%'! !!" !" 7CG5=85 ?A8E>?0B>;>38G5A:8E AB>@>= G5;>25G5A:>9 =0BC@K 40;> 1>;LH>5 G8A;> =01;N45=89 8 B5>@89, 0 B0:65 ?@0:B8G5A:8E <5B>48: 4803=>AB8:8 8 ;5G5=8O ?A8E8G5A:8E @0AAB@>9AB2. => 2K720;> : 687=8 H8@>:>5 ?A8E>0=0;8B8G5A:>5 42865=85 8 4@C385 =0?@02;5=8O 48=0<8G5A:>9 ?A8E>;>388 ("?A8E>;>388 4286CI8E A8;"), :>B>@K5 7=0G8B5;L=> @0AH8@8;8 8 C3;C18;8 =0H5 ?>7=0=85 ?A8E8:8 G5;>25:0. 4=0:> =0@O4C A 4>AB>8=AB20<8 B0:>9 ?0B>?A8E>;>38G5A:89 ?>4E>4 >1;0405B B0:65 A5@L57=K< =54>AB0B:><: >= ?@8405B ?@5C25;8G5==>5 7=0G5=85 1>;57=5==K< ?@>O2;5=8O< 8 =87H8< 0A?5:B0< G5;>25G5A:>9 =0BC@K, 2A;54AB285 G53> =5>?@0240==> H8@>:> ?5@5=>A8B >B:@KB8O, A45;0==K5 2 >1;0AB8 ?0B>?A8E>;>388, =0 ?A8E>;>38N =>@<0;L=KE ;N459. -B> ?>@>48;> 4>2>;L=> <@0G=CN 8 ?5AA8<8AB8G=CN :0@B8=C ?@8@>4K G5;>25:0, 0 B0:65 B5=45=F8N @0AA<0B@820BL 53> 2KAH85 F5==>AB8 8 4>AB865=8O :0: ?@>ABK5 ?@>872>4=K5 =87H8E 2;5G5=89. @><5 B>3>, 1K;8 701KBK 8;8 ?@>83=>@8@>20=K <=>385 206=K5 ?A8E8G5A:85 DC=:F88 8 O2;5=8O: 8=BC8F8O, B2>@G5AB2>, 2>;O 8 A0<>5 A5@4F5 ?A8E8:8 G5;>25:0  - 53> /. 5 B0: 402=> MB8 >3@0=8G5=8O 1K;8 >A>7=0=K @O4>< 8AA;54>20B5;59, :>B>@K5 40;8 =0G0;> "74>@>2>9 @50:F88" =0 ?0B>?A8E>;>38N. =8<0=85 1K;> >1@0I5=> : ?@5=51@5302H8<AO @0=55 4286CI8< A8;0< =5 B>;L:> =>@<0;L=KE, => 8 1>;55 2KA>:>@0728BKE ;N459  - "A0<>0:BC0;878@>202H8EAO", ?@>O282H8E A51O 8=48284>2, :0: 8E C40G=> =0720;8 >;4AB59= 8 0A;>C. 0 206=CN @>;L =@02AB25==>3> =0G0;0 8 @5;838>7=KE AB@5<;5=89 G5;>25:0 C:070;8 ;?>@B, =3LO;, 0@C:, 0@C7>, $@0=:;, $@><<, .=3, 0A;>C, M9, @>3>DD, 0=:, !>@>:8=, #@10= 8 4@C385; 2 ?>A;54=55 2@5<O MB> B5G5=85 1K;> =08<5=>20=> ">@B>-?A8E>;>3859" (B5@<8= ?@54;>65= 0A;>C [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l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file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" \l "01" \t "_new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file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "7" 7] CE>2=>5 @0728B85 G5;>25:0   4>;3>5 8 =5;53:>5 ?CB5H5AB285 G5@57 =5872540==K5 75<;8, ?>;=>5 =5>6840==>AB59, B@C4=>AB59 8 4065 >?0A=>AB59. => ?@54?>;0305B @048:0;L=>5 ?@5>1@07>20=85 "=>@<0;L=KE" G5@B ;8G=>AB8, ?@>1C645=85 A:@KBKE ?@5645 2>7<>6=>AB59, 2>7=5A5=85 A>7=0=8O 2 =>2K5 4;O =53> AD5@K, 0 B0:65 =>2CN 2=CB@5==NN =0?@02;5==>ABL 45OB5;L=>AB8. 5 C4828B5;L=>, GB> B0:0O 25;8:0O ?5@5<5=0, B0:0O DC=40<5=B0;L=0O B@0=AD>@<0F8O ?@>E>48B =5A:>;L:> :@8B8G5A:8E AB0489, :>B>@K5 =5@54:> A>?@>2>640NBAO @07=K<8 =5@2=K<8 8 ?A8E8G5A:8<8 @0AAB@>9AB20<8. @8 >1J5:B82=>< :;8=8G5A:>< >1A;54>20=88 ?0F85=B0, AB@040NI53> ?>4>1=K<8 @0AAB@>9AB20<8, 2@0G <>65B >1=0@C68BL A8<?B><K, AE>4=K5 A A8<?B><0<8 >1KG=KE ?A8E8G5A:8E 701>;520=89; 2 459AB28B5;L=>AB8, >4=0:>, >=8 >1CA;>2;5=K A>25@H5==> 8=K<8 ?@8G8=0<8 8 B@51CNB A>25@H5==> 8=>3> ;5G5=8O.  =0H8 4=8 AD5@0 @0A?@>AB@0=5=8O @0AAB@>9AB2, 8<5NI8E 4CE>2=>5 ?@>8AE>645=85, 1KAB@> C25;8G8205BAO 87-70 ?>O2;5=8O 2A5 1>;LH53> G8A;0 ;N459, :>B>@K5 A>7=0B5;L=> 8;8 =5>A>7=0==> 8ICB A2>9 A>1AB25==K9 ?CBL : ?>;=>B5 687=8. @><5 B>3>, ?>2KH5=85 C@>2=O @0728B8O 8 CA;>6=5=85 ;8G=>AB8 A>2@5<5==>3> G5;>25:0 A45;0;> 4CE>2=>5 @0728B85 1>;55 B@C4=K< 8 A;>6=K< ?@>F5AA><.  ?@>H;>< 4;O B>3>, GB>1K >B:@KBL 2@0B0, 254CI85 : 2KAH5<C C@>2=N A>7=0=8O, >ICI5=8N 2=CB@5==53> 548=AB20 8 ?>;=>BK, 70G0ABCN 4>AB0B>G=> 1K;> =@02AB25==>3> >1@0I5=8O, ?@>AB>9 G8AB>A5@45G=>9 ?@540==>AB8 CG8B5;N 8;8 A?0A8B5;N, A<8@5==>9 ;N128 : >3C. "5?5@L, >4=0:>, <K 8<55< 45;> A 1>;55 ?5AB@K<8 8 ?@>B82>@5G82K<8 AB>@>=0<8 ;8G=>AB8 A>2@5<5==>3> G5;>25:0, :>B>@K5 =C6=> ?@5>1@078BL 8 A>3;0A>20BL 4@C3 A 4@C3><; : =8< >B=>AOBAO 53> >A=>2=K5, 1070;L=K5 2;5G5=8O, 53> GC2AB20 8 M<>F88, 53> B2>@G5A:>5 2>>1@065=85, 53> ?KB;82K9 C<, 53> =0?>@8AB0O 2>;O, 53> <56;8G=>AB=K5 8 A>F80;L=K5 >B=>H5=8O. >MB><C <K AG8B05<, GB> ?>;57=> 1C45B 40BL >1I89 >G5@: ?A8E8G5A:8E @0AAB@>9AB2, :>B>@K5 <>3CB 2>7=8:=CBL =0 @07=KE AB048OE 4CE>2=>3> @0728B8O, 0 B0:65 =5:>B>@K5 C:070=8O ?> 8E ?@028;L=><C ;5G5=8N. ;O OA=>AB8 <K <>65< 2K45;8BL G5BK@5 :@8B8G5A:85 AB0488: @878A, ?@54H5AB2CNI89 4CE>2=><C ?@>1C645=8N. @878A, >1CA;>2;5==K9 4CE>2=K< ?@>1C645=85<. 50:F88 =0 4CE>2=>5 ?@>1C645=85. $07K ?@>F5AA0 ?@5>1@065=8O. K 2>A?>;L7>20;8AL A8<2>;8G5A:8< 2K@065=85< "?@>1C645=85", ?>A:>;L:C >=> OA=> ?>4@07C<5205B >A>7=0=85, @0A:@KB85 A>7=0=8O =>2>9 AD5@5 >?KB0, CA<>B@5=85 =5 70<5G02H59AO @0=55 2=CB@5==59 @50;L=>AB8. 1. @878A, ?@54H5AB2CNI89 4CE>2=><C ?@>1C645=8N 'B>1K 2?>;=5 ?>=OBL B5 AB@0==K5 ?5@56820=8O, :>B>@K5 70G0ABCN ?@54H5AB2CNB ?@>1C645=8N, A;54C5B @0AA<>B@5BL =5:>B>@K5 ?A8E>;>38G5A:85 >A>15==>AB8 ">1KG=>3>" G5;>25:0.  =5< <>6=> A:070BL, GB> >= =5 AB>;L:> 6825B, A:>;L:> "?@>68205B" 687=L. 3> =5 2>;=CNB ?@>1;5<K F5;8, A<KA;0 8 F5==>AB8 687=8,   >= ?@8=8<05B 55 B0:>9, :0:>9 >=0 5<C O2;O5BAO; >= ?>A2OI05B A51O A2>8< A>1AB25==K< 65;0=8O<; >= AB@5<8BAO : GC2AB25==K< =0A;0645=8O< 8 B@C48BAO @048 45=53 8 C4>2;5B2>@5=8O G5AB>;N182KE ?><KA;>2. A;8 >= G5;>25: 1>;55 7@5;K9, B> ?>4G8=O5B A2>8 ;8G=K5 8=B5@5AK 2>7;>65==K< =0 =53> A5<59=K< 8 >1I5AB25==K< >1O70==>ABO<, =5 CB@C640O A51O ?>=8<0=85< B>3>, =0 G5< >A=>2K20NBAO MB8 >1O70==>AB8 8 >B:C40 >=8 15@CBAO. = <>65B AG8B0BL A51O "@5;838>7=K<" 8 25@CNI8< 2 >30, => @5;838O 4;O =53> 8AG5@?K205BAO 2=5H=8<8 D>@<0<8 8 CA;>2=>ABO<8; 2K?>;=82 ?@54?8A0=8O A2>59 F5@:28 8 ?@8=O2 CG0AB85 2 55 >1@O40E, >= ?>;0305B, GB> A45;0; 2A5, GB> >B =53> B@51>20;>AL. >@>G5 3>2>@O, 1C4CG8 A;5?> C15645= 2 B><, GB> 548=AB25==> @50;5= B>;L:> MB>B 7@8<K9 8 >AO705<K9 D878G5A:89 <8@, >= ?@>G=> ?@82O70= : 75<=K< 1;030< 8 ?@8?8AK205B 8< 157CA;>2=CN F5==>ABL; ?@0:B8G5A:8 >= AG8B05B MBC A2>N 687=L A0<>F5;L=>9. 3> 25@0 2 "?>BCAB>@>==85" =515A0, 5A;8 C =53> B0:>20O 8<55BAO, =>A8B G8AB> B5>@5B8G5A:89, 0:045<8G5A:89 E0@0:B5@   =0 MB> C:07K205B B>B D0:B, GB> >= 3>B>2 A=>A8BL 25;8G09H85 AB@040=8O, B>;L:> 1K >BBO=CBL <><5=B 2AB@5G8 A =515A=K< 1;065=AB2><. > >4=064K MB>B ">1KG=K9" G5;>25: <>65B A B@52>3>9 8 C482;5=85< >1=0@C68BL, GB> 2 =5< GB>-B> 87<5=8;>AL. -B> <>65B A;CG8BLAO ?>A;5 @O40 =5C40G; =5@54:> MB> ?@>8AE>48B ?>A;5 :0:>3>-B> ?>B@OA5=8O, =0?@8<5@, CB@0BK ;N18<>3> 8;8 1;87:>3> 4@C30. > 8=>340 MB> A;CG05BAO 8 157 2AO:>9 2848<>9 ?@8G8=K, A@548 ?>;=>3> 4>2>;LAB20, 74>@>2LO 8 1;03>45=AB28O. 5@5<5=0 <>65B 1KBL 2=570?=>9 8;8 ?>AB5?5==>9; G0AB> >=0 =0G8=05BAO A ?>O2;5=8O >1I53> GC2AB20 =5C4>2;5B2>@5==>AB8. # G5;>25:0 2>7=8:05B >ICI5=85, GB> 5<C G53>-B> "=54>AB05B", => >= =5 <>65B A:070BL, G53> 8<5==>; MB> =5GB> A<CB=>5, =5C;>28<>5, =5 8<5NI55 >?@545;5==>9 ?@54<5B=>9 D>@<K.  MB><C ?>AB5?5==> 4>102;O5BAO >ICI5=85 =5?>4;8==>AB8 8 ?CAB>BK ?>2A54=52=>9 687=8; 2A5 ;8G=K5 45;0 G5;>25:0, :>B>@K5 ?@5645 1K;8 4;O =53> B0: 8=B5@5A=K 8 ?>3;>I0;8 B0: <=>3> 2=8<0=8O, ?A8E>;>38G5A:8 :0: 1K >BABC?0NB =0 704=89 ?;0=, CB@0G820NB A2>N 206=>ABL 8 F5==>ABL. >7=8:0NB =>2K5 ?@>1;5<K. =48284 =0G8=05B 8A:0BL 8AB>: 8 =07=0G5=85 687=8; 704020BLAO 2>?@>A><, ?>G5<C AB>;L <=>3>5 >= ?@8=8<0; @0=LH5 =0 25@C, AG8B0; A0<> A>1>9 @07C<5NI8<AO: A?@0H820BL, =0?@8<5@, 2 G5< A<KA; 53> AB@040=89 8 AB@040=89 4@C38E ;N459, G5< <>3CB 1KBL >?@0240=K <=>3>G8A;5==K5 ?@52@0B=>AB8 G5;>25G5A:>9 AC4L1K 8 B. 4. 0 MB>9 AB0488 G5;>25:C A2>9AB25==> =525@=> ?>=8<0BL 8 =525@=> 8AB>;:>2K20BL A2>5 A>AB>O=85. 5 ?>=8<0O 7=0G5=8O MB8E =>2KE C<>=0AB@>5=89, <=>385 AG8B0NB 8E >B:;>=5=85< >B =>@<K, 2K4C<:0<8 8 ?@8GC40<8. C4CG8 2AB@52>65=K 2>7<>6=>ABLN CB@0BK ?A8E8G5A:>3> @02=>25A8O, ;N48 AB0@0NBAO :0:-B> 1>@>BLAO A MB8<8 >B:;>=5=8O<8, >BG0O==> ?KB0OAL C45@60BLAO 70 CA:>;L70NICN >B =8E "@50;L=>ABL" >1KG=>9 687=8. 5@54:> >=8 4065 A 5I5 1>;LH8< M=BC7807<>< 1@>A0NBAO 2 2>4>2>@>B 2=5H=59 45OB5;L=>AB8, ?KB0OAL =09B8 A515 =>2K5 70=OB8O, =>2K5 AB8<C;K 8 =>2K5 >ICI5=8O. -B8<8 8 4@C38<8 A@54AB20<8 >=8 <>3CB 2@5<5==> ?>?@028BL A2>5 @0AAB@>5==>5 A>AB>O=85, => 25@=CBL A515 1K;CN CAB>9G82>ABL 4> :>=F0 >=8 C65 =5 <>3CB.  3;C18=0E 8E ACI5AB20 ?@>4>;605BAO 1@>65=85, :>B>@>5 ?>4B0G8205B >A=>2K 8E ?>2A54=52=>3> ACI5AB2>20=8O 8 :>B>@>5, 8=>340 4>;3>5 2@5<O A?CABO, >1KG=> A =>2>9 A8;>9 ?@>@K205BAO =0 ?>25@E=>ABL. !>AB>O=85 B@52>38 8 15A?>:>9AB20 AB0=>28BAO 2A5 1>;55 <CG8B5;L=K<, 0 >ICI5=85 2=CB@5==59 ?CAB>BK   =52K=>A8<K<. '5;>25: GC2AB2C5B, GB> AE>48B A C<0: B>, GB> A>AB02;O;> 53> 687=L, B5?5@L 1>;LH59 G0ABLN 8AG57;> 4;O =53>, :0: A>=, B>340 :0: =>2K9 A25B 5I5 =5 O28;AO. @0240, >= 4065 =5 ?>4>7@5205B > ACI5AB2>20=88 B0:>3> A25B0 8;8 =5 2 A8;0E ?>25@8BL, GB> A25B MB>B :>340-B> 53> >70@8B. 5@54:> A>AB>O=85 B0:>3> 2=CB@5==53> @0AAB@>9AB20 A>?@>2>6405BAO =@02AB25==K< :@878A><. @>AK?05BAO 8;8 >1>AB@O5BAO A>25ABL; 2>7=8:05B =>2>5 GC2AB2> >B25BAB25==>AB8, 0 2<5AB5 A =8< BO6:>5 GC2AB2> 28=K 8 <C:8 @0A:0O=8O. '5;>25: AC48B A51O ?> 2A59 AB@>3>AB8 8 2?0405B 2 3;C1>:CN 45?@5AA8N. 0 MB>9 >AB@>9 AB0488 =5@54:> ?@8E>4OB <KA;8 > A0<>C189AB25. '5;>25:C :065BAO, GB> 548=AB25==K< ;>38G5A:8< 7025@H5=85< 53> 2=CB@5==53> :@CH5=8O 8 @0A?040 <>65B 1KBL D878G5A:>5 C=8GB>65=85. KH587;>65==>5 ?@54AB02;O5B A>1>9 =5 1>;55 G5< >1ICN AE5<C B0:>3> @>40 ?5@56820=89. 59AB28B5;L=K5 @50:F88 8 ?5@56820=8O ;N459 >G5=L @07;8G=K. =>385 2>>1I5 =5 4>E>4OB 4> >AB@>9 AB0488, B>340 :0: 4@C385 >:07K20NBAO 745AL 5420 ;8 =5 >4=8< A:0G:><. 5:>B>@K5 <CG0NBAO 3;02=K< >1@07>< A><=5=8O<8 8=B5;;5:BC0;L=>3> ?>@O4:0 8 <5B0D878G5A:8<8 ?@>1;5<0<8: C 8=KE =0 ?5@54=89 ?;0= 2KABC?05B M<>F8>=0;L=0O ?>402;5==>ABL 8;8 =@02AB25==K9 :@878A. -B8 <=>3>>1@07=K5 ?@>O2;5=8O :@878A0 >G5=L =0?><8=0NB A8<?B><K, :>B>@K5 AG8B0NBAO ?@87=0:0<8 ?A8E>=52@>7>2 8 ?>3@0=8G=KE H87>D@5=8G5A:8E A>AB>O=89. K720==K5 :@878A>< AB@5AA 8 ?5@5CB><;5=85 ?>@>640NB 2 =5:>B>@KE A;CG0OE 8 D878G5A:85 A8<?B><K, B0:85 :0: =5@2=>5 =0?@O65=85, 15AA>==8F0 8 <=>385 4@C385 @0AAB@>9AB20 (?8I520@5=8O, :@>2>>1@0I5=8O, 65;57 2=CB@5==59 A5:@5F88). 0: ?@028;>, 48DD5@5=F80;L=K9 4803=>7 CAB0=>28BL =5A;>6=>. !0<8 ?> A515 A8<?B><K <>3CB 1KBL B5<8 65, GB> 8 2 A;CG05 >1KG=>3> ?A8E8G5A:>3> @0AAB@>9AB20; => BI0B5;L=K9 0=0;87 8E ?>O2;5=8O, 87CG5=85 ;8G=>AB8 40==>3> ?0F85=B0 2> 2A59 55 ?>;=>B5 8 (GB> A0<>5 206=>5) 2KOA=5=85 53> 459AB28B5;L=>9 M:78AB5=F80;L=>9 ?@>1;5<K ?>:07K205B, GB> ?@8@>40 8 C@>25=L 40==>3> ?0B>35==>3> :>=D;8:B0 8=K5.  >1KG=KE A;CG0OE :>=D;8:B 2>7=8:05B ;81> <564C "=>@<0;L=K<8" 2;5G5=8O<8, ;81> <564C MB8<8 2;5G5=8O<8 8 A>7=0B5;L=K< M3>, ;81> <564C M3> 8 2=5H=8< <8@>< (2 >A>15==>AB8 1;87:8<8 @>4AB25==8:0<8   @>48B5;O<8, AC?@C3>< 8;8 AC?@C3>9, 45BL<8). 0?@>B82, 2 @0AA<0B@8205<KE =0<8 A;CG0OE :>=D;8:BK ?>@>640NBAO ?@>1C645=85< =>2KE ?><KA;>2, AB@5<;5=89 8 8=B5@5A>2 =@02AB25==>3>, @5;838>7=>3> 8;8 4CE>2=>3> A2>9AB20 2@>45 B5E, :>B>@K5 1K;8 C?><O=CBK 2KH5; 2KOA=8BL 8E =0;8G85 =5B@C4=>   AB>8B ;8HL ?@87=0BL @50;L=>ABL 8 20;84=>ABL MB8E D0:B>@>2, =5 >B<0E820OAL >B =8E :0: >B "?;>4>2 2>>1@065=8O" 8;8 "?@52@0I5==KE D>@<" A>F80;L=KE 70?@5B>2,  >1I5< MB8 :>=D;8:BK 8 8E A8<?B><K <>6=> @0AA<0B@820BL :0: A;54AB28O :@878A0 2 E>45 @0728B8O, :@878A0 @>AB0 ;8G=>AB8 ?0F85=B0. >7<>6=> A;54CNI55 >A;>6=5=85: =0;8G85 C >4=>3> 8 B>3> 65 ?0F85=B0 A8<?B><>2, ?@>8AB5:0NI8E 2 B>9 8;8 8=>9 ?@>?>@F88 87 >1>8E 8AB>G=8:>2; => 8 2 40==>< A;CG05 :@8B5@85< 8E @07;8G5=8O A;C68B 2KO2;5=85 MB8E 8AB>G=8:>2. 2. @878A, >1CA;>2;5==K9 4CE>2=K< ?@>1C645=85< 0A:@KB85 :0=0;0, A2O7CNI53> / 8 M3>, 8 ?>A;54CNI89 ?@8;82 @04>AB8, M=5@388 8 A25B0 =5@54:> ?@8=>A8B GC45A=>5 >1;53G5=85. @54H5AB2CNI85 :>=D;8:BK 8 AB@040=8O, 0 B0:65 2K720==K5 8<8 ?A8E8G5A:85 8 D878G5A:85 A8<?B><K 8AG570NB 8=>340 A ?>@078B5;L=>9 1KAB@>B>9, ?>4B25@640O B5< A0<K< B>B D0:B, GB> >=8 1K;8 =5?>A@54AB25==K< ?@>O2;5=85< 2=CB@5==59 1>@L1K, 0 =5 A;54AB285< :0:>9-B> D878G5A:>9 ?@8G8=K.  B0:8E A;CG0OE 4CE>2=>5 ?@>1C645=85 @02=>7=0G=> 8AF5;5=8N. > 8=>340, :0: MB> =5@54:> 1K205B, ;8G=>ABL 2 B5E 8;8 8=KE >B=>H5=8OE =5 A>>B25BAB2C5B B@51>20=8O< <><5=B0 8 >:07K205BAO =5 2 A>AB>O=88 ?@028;L=> CA2>8BL =8AE>4OI85 2 =55 A25B 8 A8;C. -B> A;CG05BAO, =0?@8<5@, :>340 C< =5C@02=>25H5=, :>340 M<>F88 8 2>>1@065=85 15A:>=B@>;L=K, :>340 =5@2=0O A8AB5<0 G5@5AGC@ GC2AB28B5;L=0 8;8 :>340 ?@8;82 4CE>2=>9 M=5@388 A;8H:>< A8;5= 8 2=570?5=. A;8 C< =5A?>A>15= 2K=5AB8 >70@5=85 8;8 5A;8 G5;>25: 2 4CH5 A0<>2;N1;5= 8 BI5A;025=, >= <>65B =525@=> ?@>8=B5@?@5B8@>20BL 8A?KB0==>5, 2A;54AB285 G53> ?@>8AE>48B, B0: A:070BL, "A<5H5=85 C@>2=59", AB8@05BAO @07;8G85 <564C 01A>;NB=>9 8 >B=>A8B5;L=>9 8AB8=>9, <564C "O" 8 /.  MB8E >1AB>OB5;LAB20E ?@8;82 4CE>2=KE M=5@389 <>65B 2K720BL >B@8F0B5;L=K9 MDD5:B   CA8;5=85 8 @07@0AB0=85 M3>. ! O@:8< ?@8<5@>< >B@8F0B5;L=>3> MDD5:B0 B0:>3> @>40 02B>@ AB>;:=C;AO 2 ?A8E80B@8G5A:>9 :;8=8:5 =:>=K. 48= 87 55 >18B0B5;59, ?@>AB>9 <0;5=L:89 G5;>25:, 1K2H89 D>B>3@0D, A?>:>9=> 8 =0AB>9G82> CB25@640;, GB> >= >3. >:@C3 MB>9 F5=B@0;L=>9 8458 >= 2KAB@>8; A8AB5<C 1@54>2KE ?@54AB02;5=89 > A8;0E =515A=KE, :>8<8 >= ?>25;5205B; 2 F5;>< 65 >= 1K; <8@=K<, 4>1@K< 8 >B7K2G82K< G5;>25:><, 2A5340 3>B>2K< ?@89B8 =0 ?><>IL 4>:B>@0< 8 ?0F85=B0<. = 1K; =0AB>;L:> =04565= 8 455A?>A>15=, GB> 5<C 4>25@8;8 ?@83>B>2;5=85 ;5:0@AB2 8 4065 :;NG8 >B 0?B5:8. 48=AB25==K< >B:;>=5=85< 53> ?>2545=8O 2 40==>< >B=>H5=88 1K;> A?>@048G5A:>5 ?@8A2>5=85 A0E0@0 A F5;LN 4>AB028BL C4>2>;LAB285 =5:>B>@K< 4@C38< ?0F85=B0<. 0B5@80;8AB8G5A:8 <KA;OI85 2@0G8 A>G;8 1K C<5AB=K< :>=AB0B8@>20BL, GB> C?><O=CBK9 ?0F85=B AB@040; >1KG=K< ?0@0=>84=K< 1@54><; => A0< ?> A515 B0:>9 4803=>AB8G5A:89 O@;K: =8<0;> =5 ?><>65B =0< ?>=OBL 8AB8==CN ?@8@>4C 8 ?@8G8=K ?>4>1=KE @0AAB@>9AB2. >MB><C 8<5;> 1K A<KA; 87CG8BL 2>7<>6=>ABL 1>;55 3;C1>:>3> >1JOA=5=8O 8;;N7>@=>9 C15645==>AB8 MB>3> G5;>25:0. 5@56820=85 4CE>2=>3> /, 53> B5A=>9 A2O78 A ;8G=K< "O" 8 ?@>=8:=>25=8O 2 ?>A;54=55 =0?>;=O5B G5;>25:0 GC2AB2>< A>1AB25==>3> 25;8G8O, @0AH8@5=8O 2=CB@5==8E 3@0=8F, C25@5==>AB8 2 B><, GB> >= :0:8<-B> >1@07>< A>?@8G0AB5= 1>65AB25==>9 ?@8@>45. !2845B5;LAB20 B><C <>6=> >1=0@C68BL 2 @5;838>7=>9 8 4CE>2=>9 ;8B5@0BC@5 2A5E M?>E   8 =5:>B>@K5 87 =8E 72CG0B 4>2>;L=> A<5;>. "0:, 2 81;88 5ABL =542CA<KA;5==>5 87@5G5=85: "/ A:070;: 2K 1>38; 8 2A5 2K 45B8 A52KH=53>". !2. 23CAB8= ?8H5B: ">7;N182 =5GB>, 4CH0 5<C C?>4>1;O5BAO; 5A;8 >=0 2>7;N18B 75<=K5 25I8, >=0 AB0=>28BAO 75<=>9, => 5A;8 >=0 2>7;N18B >30 (<>65< <K A?@>A8BL) =5 AB0=5B ;8 >=0 >3><?" 081>;55 @048:0;L=>9 D>@<>9 2K@065=8O B>645AB20 G5;>25G5A:>3> 4CE0 2 53> G8AB>9, ?>4;8==>9 ACI=>AB8 8 KA>G09H53> CE0 O2;O5BAO F5=B@0;L=K9 D8;>A>DA:89 ?>ABC;0B 540=BK: ""0B B20< 0A8" ("K-">) 8 "E0< M20< ?0@0< 1@0E<0=" (>8AB8=C O 2KA>G09H89 @0E<0=). 0: 1K =8 B@0:B>20;>AL >B=>H5=85 <564C 8=48284C0;L=K< / [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\ref00.htm" \l "8" 8] 8 2A5>1I8< /  - :0: >B=>H5=85 B>645AB20 8;8 AE>4AB20, @07;8G8O 8;8 548=AB20,  - A0<>5 3;02=>5 OA=> 2845BL 8 2A5 2@5<O CG8BK20BL (2 B5>@88 8 =0 ?@0:B8:5) @07=8FC <564C / 2 53> ACI=>AB=>9 ?@8@>45, :>B>@0O 1K;0 =0720=0 =0H8< "AB>G=8:><", "&5=B@><", "3;C18==K< !CI5AB2><", =0H59 "5@H8=>9",   8 =0H59 ?>2A54=52=>9 ;8G=>ABLN, =0H8< >3@0=8G5==K< "O", 8;8 M3>, :>B>@>5 <K >1KG=> A>7=05<. 51@565=85 MB8< 687=5==> 206=K< @07;8G85< ?@82>48B : =5;5?K< 8 ?5G0;L=K< ?>A;54AB28O<. 07;8G85 <564C "O" 8 / ?>72>;O5B ?>=OBL 4CH52=>5 A>AB>O=85 C?><O=CB>3> ?0F85=B0 8 4@C385, <5=55 >AB@K5 D>@<K A0<>?@52>7=>H5=8O 8 A0<>?@>A;02;5=8O. >:>20O >H81:0 ;N459, :>B>@K5 AB0=>2OBAO 65@B20<8 ?>4>1=KE 8;;N789, 70:;NG05BAO 2 B><, GB> >=8 =045;ONB A2>5 ;8G=>5 "O", 8;8 M3>, :0G5AB20<8 8 2>7<>6=>ABO<8 /. ! D8;>A>DA:>9 B>G:8 7@5=8O ?@8 MB>< ?@>8AE>48B A<5H5=85 01A>;NB=>9 8 >B=>A8B5;L=>9 8AB8=K, <5B0D878G5A:>3> 8 M<?8@8G5A:>3> C@>2=59 @50;L=>AB8; A @5;838>7=>9 B>G:8 7@5=8O   A<5H5=85 >30 8 "4CH8". K ?@825;8 2 :0G5AB25 8;;NAB@0F88 :@09=89 A;CG09; => A@548 ;N459, :>B>@KE >A;5?8;> A>?@8:>A=>25=85 A 8AB8=0<8, A;8H:>< A8;L=K<8 4;O 8E C<AB25==KE A?>A>1=>AB59, A;CG08 B0:>3> 1>;55 8;8 <5=55 O2=> 2K@065==>3> A<5H5=8O 2AB@5G0NBAO 4>2>;L=> G0AB>. '8B0B5;L =025@=O:0 A<>65B A>AB028BL F5;K9 A?8A>: ?@8<5@>2 ?>4>1=>3> A0<>>1>;LI5=8O, :>B>@><C ?>425@65=K D0=0B8G=K5 ?>A;54>20B5;8 @07;8G=KE :C;LB>2. >A;5 B>3> :0: 1@54 >D>@<8;AO, @07C15640BL 8 2KA<5820BL ?0F85=B0 2 53> 701;C645=8OE AB0=>28BAO 15A?>;57=>9 B@0B>9 2@5<5=8: MB> 2K7>25B C =53> ;8HL A>?@>B82;5=85 8 >184C. CGH5 1C45B @0745;8BL A =8< 53> GC2AB20 8, ?@8=8<0O 8AB8=C, =0 :>B>@>9 2 :>=5G=>< AG5B5 >A=>20=K 53> 2>77@5=8O, C:070BL =0 ?@8@>4C 4>?CI5==>9 8< >H81:8 8 ?><>GL 5<C =0CG8BLAO @07;8G0BL "O" 8 /.  4@C38E A;CG0OE 2=570?=K9 ?@8;82 M=5@388 ?@>872>48B 2 G5;>25:5 M<>F8>=0;L=K9 ?5@52>@>B, :>B>@K9 ?@>O2;O5BAO 2 15A:>=B@>;L=><, =5C@02=>25H5==><, 1C9=>< ?>2545=88. ;O MB>9 D>@<K @5038@>20=8O E0@0:B5@=K :@8:8, A;57K, ?5=85 8 2AO:>3> @>40 M<>F8>=0;L=K5 2A?KH:8. A;8 8=48284 45OB5;5= 8 M=5@38G5=, B> ?>4 2;8O=85< 4CE>2=>3> ?@>1C645=8O ;53:> <>65B 2?0ABL 2 @>;L ?@>@>:0 8;8 A?0A8B5;O; >= <>65B >A=>20BL =>2CN A5:BC 8 =0G0BL MDD5:B=CN :0<?0=8N =>2>>1@0I5=8O. # =5:>B>@KE A5=A8B82=KE 8=48284>2 ?@>1C640NBAO ?0@0?A8E8G5A:85 D>@<K 2>A?@8OB8O. # =8E 1K20NB 2845=8O, :0: >=8 AG8B0NB, 2KAH8E ACI5AB2; >=8 <>3CB A;KH0BL 3>;>A0 8;8 ?@8=8<0BL ?>A;0=8O ?>A@54AB2>< 02B><0B8G5A:>3> ?8AL<0, =8<0;> =5 A><=520OAL 2 02B>@8B5B=>AB8 8E 8AB>G=8:0 8 157>3>2>@>G=> 8< ?>4G8=OOAL. >4>1=K5 ?>A;0=8O 25AL<0 @07;8G0NBAO ?> A2>5<C :0G5AB2C. =>340 >=8 A>45@60B ?@5:@0A=K5 ?>CG5=8O, => 2 ;N1>< A;CG05 >B=>A8BLAO : =8< A;54C5B 25AL<0 @071>@G82> 8 A> 74@02K< AC645=85<, =5 >1>;LI0OAL =5>1KG=>ABLN 8E ?@>8AE>645=8O 8;8 ?@8BO70=8O<8 ?@54?>;0305<>3> >B?@028B5;O. !;54C5B >B@8F0BL :0:CN-;81> ?@02><>G=>ABL 70 ?>A;0=8O<8, :>B>@K5 A>45@60B 2 A515 :>=:@5B=K5 ?@8:07K, B@51CNB >B ?>;CG0B5;O A;5?>3> ?>4G8=5=8O 8;8 AB@5<OBAO 53> 2>725;8G8BL. 3. 50:F88 =0 4CE>2=>5 ?@>1C645=85 50:F88 MB>9 D07K <=>3>>1@07=K 8 =0ABC?0NB =5@54:> G5@57 =5:>B>@>5 2@5<O ?>A;5 ?@>1C645=8O. 0: C65 3>2>@8;>AL, >B;8G8B5;L=K< ?@87=0:>< 30@<>=8G=>3> 4CE>2=>3> ?@>1C645=8O O2;O5BAO GC2AB2> @04>AB8 8 8=B5;;5:BC0;L=>5 ?@>7@5=85, 0 2<5AB5 A =8<   >A>7=0=85 F5;8 8 A<KA;0 687=8; >=> @0AA58205B <=>385 A><=5=8O, ?>72>;O5B @5H8BL <=>385 ?@>1;5<K 8 2A5;O5B >ICI5=85 157>?0A=>AB8.  B> 65 2@5<O G5;>25: ?@>=8:05BAO A>7=0=85< 548=AB20 687=8, 8 ?>B>: ;N128 87;8205BAO G5@57 53> ?@>1C645==>5 ACI5AB2> =0 >:@C60NI8E ;N459 8 2A5 B2>@5=85 2 F5;><. @56=OO ;8G=>ABL A 55 >AB@K<8 C3;0<8 8 =5?@83;O4=K<8 G5@B0<8 :0: 1K >BABC?05B =0 704=89 ?;0=, 0 =0< 8 2A5<C <8@C C;K105BAO =>2K9 G5;>25: - <O3:89 8 ?@82;5:0B5;L=K9, ?@58A?>;=5==K9 AB@5<;5=85< ?>@04>20BL, ?><>GL 8 ?>45;8BLAO A2>8<8 B>;L:> GB> >1@5B5==K<8 4CE>2=K<8 1>30BAB20<8, 87>18;85 :>B>@KE :065BAO 5<C GCBL ;8 =5 871KB>G=K<. @>4>;68B5;L=>ABL B0:>3> ?@8?>4=OB>3> A>AB>O=8O <>65B 1KBL @07;8G=>9, => 5<C AC645=> ?@5:@0B8BLAO. 8G=>5 "O" ?@5>4>;5=> ;8HL =0 2@5<O, =5>1@0B8<>3> ?@5>1@065=8O 53> =5 ?@>87>H;>. 0: 8 2A5 2> A5;5==>9, ?@8;82 A25B0 8 ;N128 ?@>8AE>48B F8:;8G5A:8. '5@57 =5:>B>@>5 2@5<O >= A;0155B 8;8 ?@5:@0I05BAO, 8 70 ?@8;82>< A;54C5B >B;82. -B> =587156=> <CG8B5;L=>5 ?5@56820=85 2 =5:>B>@KE A;CG0OE A?>A>1=> 2K720BL A8;L=K5 @50:F88 8 AB0BL ?@8G8=>9 A5@L57=KE @0AAB@>9AB2. 8G=>5 M3> >?OBL ?>4=8<05B 3>;>2C 8 CB25@6405B A51O A =>2>9 A8;>9. A5 :0<=8 8 <CA>@, A:@KBK5 4> ?>@K 2KA>:8< ?@8;82><, >1=060NBAO 2=>2L. '5;>25:, GLO A>25ABL 70 MB> 2@5<O AB0;0 1>;55 CB>=G5==>9 8 27KA:0B5;L=>9, 0 B>A:0 ?> A>25@H5=AB2C >1>AB@8;0AL, AB0=>28BAO 3>@074> AB@>65 2 A2>8E >F5=:0E 8 >AC6405B A2>N ;8G=>ABL A =>2K< ?K;><; >= <>65B ?@>=8:=CBLAO >H81>G=>9 C25@5==>ABLN, 1C4B> ?0; =865 ?@56=53>. =>340 4065 A;CG05BAO, GB> =87H85 ?@8AB@0AB8O 8 2;5G5=8O, 4@5<02H85 @0=55 2 15AA>7=0B5;L=><, 0:B828@CNBAO 2=570?=K< ?@8B>:>< 2KAH59 M=5@388 8;8 ?>4B0;:820NBAO : O@>AB=><C ?@>B82>459AB28N =5?>A@54AB25==> ?@>1C645=85< G5;>25:0   81> >=> O2;O5B A>1>9 2K7>2 8 C3@>7C 8E 15A:>=B@>;L=><C ?@>O2;5=8N. @5<5=0<8 @50:F8O 1K205B AB>;L A8;L=>9, GB> 8=48284 4065 >B:07K205B 2 F5==>AB8 8 8AB8==>AB8 A2>5<C =5402=5<C >?KBC.  C< 53> ?@>=8:0NB A><=5=8O, 8 >= A:;>=O5BAO : B><C, GB>1K @0AA<0B@820BL ?5@568B>5 2 F5;>< :0: 8;;N78N, 83@C 2>>1@065=8O 8;8 "M<>F8>=0;L=CN 8=B>:A8:0F8N". = AB0=>28BAO 65;G=K< 8 54:8<, A<55BAO =04 A>1>9 8 4@C38<8 ;N4L<8 8 4065 ?>?8@05B A2>8 2KAH85 8450;K 8 AB@5<;5=8O.  2A5 65, A:>;L:> >= =8 AB0@05BAO, >= =5 <>65B 25@=CBLAO : A2>5<C ?@56=5<C A>AB>O=8N; >= 2845; 2845=85, :@0A>B0 8 ?@8BO30B5;L=0O A8;0 :>B>@>3> 70?5G0B;5;8AL 2 =5<, =5A<>B@O =0 2A5 53> ?>?KB:8 ?>4028BL MB>B >1@07. = =5 <>65B =8 ?@8=OBL ?>2A54=52=CN 687=L, =8 C4>2;5B2>@8BLAO 5N, :0: ?@5645. 3> =5@54:> ?>A5I05B "=>AB0;L38O ?> 1>65AB25==><C", :>B>@0O ;8H05B 53> ?>:>O. =>340 @50:F8O ?@8>1@5B05B 1>;55 ?0B>;>38G5A:CN D>@<C, 2K7K20O A>AB>O=85 45?@5AA88 8 4065 >BG0O=8O A ?>?KB:0<8 : A0<>C189AB2C. -B> A>AB>O=85 >G5=L =0?><8=05B ?A8E>B8G5A:CN 45?@5AA8N 8;8 "<5;0=E>;8N", 4;O :>B>@>9 E0@0:B5@=K >AB@>5 GC2AB2> A>1AB25==>9 =54>AB>9=>AB8, ?>AB>O==>5 A0<>C=8G865=85 8 A0<>>128=5=85; 2?5G0B;5=85 ?@>E>645=8O G5@57 04, :>B>@>5 <>65B AB0=>28BLAO B0:8< O@:8<, GB> 2K7K205B 1@54 =58A:C?8<>3> ?@>:;OB8O; 3;C1>:>5 8 <CG8B5;L=>5 >ICI5=85 8=B5;;5:BC0;L=>9 15A?><>I=>AB8; =5A?>A>1=>ABL : 2>;52><C CA8;8N, ?>B5@O A0<>>1;040=8O, =5@5H8B5;L=>ABL 8 >B2@0I5=85 : 45OB5;L=>AB8. > 5A;8 G5;>25: 8A?KB0; 4CE>2=>5 ?@>1C645=85, ?>A;54CNI55 2>7=8:=>25=85 ?>4>1=KE @0AAB@>9AB2 =5 A;54C5B @0AA<0B@820BL :0: G8ABCN ?0B>;>38N; C =8E 8<5NBAO >A>1K5 ?A8E>;>38G5A:85 ?@8G8=K. 0 >4=C 87 =8E C:070;8 ;0B>= 8 A2. >0== @5AB0, 2>A?>;L7>202H8AL >48=0:>2>9 0=0;>3859. ;0B>= 2 A2>59 7=0<5=8B>9 0;;53>@88 87 VII :=838 " 5A?C1;8:8" A@02=8205B =5?@>A25B;5==KE ;N459 A C7=8:0<8 B5<=>9 ?5I5@K 8 3>2>@8B: ">340 :>3>-;81> 87 =8E >A2>1>640NB 8 24@C3 70AB02;ONB ?>4=OBLAO, >B25@=CBLAO >B AB5=K 8 ?>9B8 : A25BC, >= ?>=0G0;C 8A?KBK205B @57:CN 1>;L: >A;5?8B5;L=K9 1;5A: ?>@0605B 53>, 8 >= =5 2848B B5E ?@54<5B>2, B5=8 :>B>@KE 2845; 2 A2>5< ?@56=5< A>AB>O=88". !2. >0== @5AB0 2 C4828B5;L=> AE>4=KE 2K@065=8OE >?8AK205B A>AB>O=85, =07K205<>5 "B5<=>9 =>GLN 4CH8": "CH0 ?@51K205B 2> <@0:5, 81> >70@5=0 A25B>< 1>;55 25;8:8<, =565;8 >=0 <>65B 2>A?@8=OBL. '5< O@G5 A25B, B5< 1>;55 A;5?8B >= 3;070 A>2K... >4>1=> B><C :0: A;01K5 3;070 AB@040NB >B @57:>9 1>;8, C7@52 A8;L=K9 A25B, B0: 8 4CH0 >B =5G8AB>BK A2>59 AB@0405B G@572KG09=>, :>340 >65AB25==K9 !25B 2>8AB8=C >70@8B 55.  :>340 ;CG8 G8AB>3> !25B0 >70@ONB 4CHC, 401K 873=0BL =5G8AB>BC, 4CH0 =0E>48B A51O AB>;L 3@O7=>9 8 =8GB>6=>9, GB> :065BAO, 1C4B> !0< >A?>4L 2>AAB0; ?@>B82 =55 8 >=0 2>AAB0;0 ?@>B82 >A?>40". [...] 04;560I55 ;5G5=85 :@878A0 40==>3> B8?0 A>AB>8B 2 B><, GB>1K ?><>GL ?0F85=BC ?>=OBL 8AB8==CN ?@8@>4C 53> ?5@56820=89 8 >1JOA=8BL 5<C, 2 G5< A>AB>8B 548=AB25==K9 8 459AB28B5;L=K9 2KE>4 87 A>7402H53>AO ?>;>65=8O. C6=> @07JOA=8BL 5<C, GB> 8A?KB0==>5 8< ?@8?>4=OB>5 A>AB>O=85 ?> A0<>9 ?@8@>45 A2>59 =5 <>3;> ?@>4>;60BLAO 25G=> 8 GB> @50:F8O, 2>72@0B : ?@56=5<C A>AB>O=8N 1K; =5871565=. = :0: 1K 27;5B5; GC45A=K< >1@07>< : >70@5==>9 A>;=F5< 3>@=>9 25@H8=5, C7@5; 55 25;8:>;5?85 8 :@0A>BC @0A:@K2H53>AO A =55 2840, => 1K;, : A2>5<C A>60;5=8N, 2>72@0I5= =0 ?@56=55 <5AB> 8 B5?5@L 3>@5AB=> A>7=05B, GB> :@CB>9 ?CBL : 25@H8=0< 4>;65= 1KBL ?@5>4>;5= H03 70 H03><. !>7=0=85 B>3>, GB> MB>B A?CA: 8;8 "?045=85" ?@54AB02;O5B A>1>9 2?>;=5 =>@<0;L=>5 O2;5=85, ?@8=>A8B ?0F85=BC M<>F8>=0;L=>5 8 8=B5;;5:BC0;L=>5 >1;53G5=85, 0 B0:65 2>>4CH52;O5B 53> ?@8ABC?8BL : @07@5H5=8N B5E BO65;KE 7040G, :>B>@K5 AB>OB ?5@54 =8< =0 ?CB8 : !0<>?>AB865=8N. 4. $07K ?@>F5AA0 ?@5>1@065=8O "5?5@L <K ?5@5E>48< : AB0488, =0 :>B>@>9 G5;>25: C65 7=05B, GB> =5>1E>48<K< CA;>285< 8 F5=>9, :>B>@CN =C6=> ?;0B8BL 70 !0<>?>AB865=85, O2;O5BAO @048:0;L=>5 ?@5>1@065=85 8 >1=>2;5=85 ;8G=>AB8. -B> 4>;389 8 <=>3>AB>@>==89 ?@>F5AA, 345 5ABL D07K 0:B82=>3> CAB@0=5=8O ?@5?OBAB289 ?@8B>:C 8 459AB28N A25@EA>7=0B5;L=KE M=5@389: D07K @0728B8O 2KAH8E ?A8E8G5A:8E DC=:F89, ?@5645 4@5<02H8E 8;8 =5@0728BKE; D07K, =0 :>B>@KE M3> 4>;6=> ?@54>AB028BL 459AB2>20BL 2KAH5<C /, ?5@5=>AO =587156=> A2O70==K5 A MB8< B@C4=>AB8 8 AB@040=8O. -B> AB048O, =081>;55 1>30B0O A>1KB8O<8, >=0 87>18;C5B ?5@5<5=0<8, G5@54>20=8O<8 A25B0 8 BL<K, @04>AB8 8 AB@040=8O. 0G0ABCN ?@5>1@065=85 >B=8<05B C G5;>25:0 AB>;L:> A8; 8 2=8<0=8O, GB> >= <>65B =0G0BL =5 A?@02;OBLAO A >1KG=K<8 <8@A:8<8 45;0<8 8 ?@>1;5<0<8. ;O4O =0 =53> A> AB>@>=K 8 >F5=820O A B>G:8 7@5=8O >1KG=>9 @57C;LB0B82=>AB8, A>7405BAO 2?5G0B;5=85, GB> >= 8A?>@B8;AO, AB0; <5=55 455A?>A>1=K<. ;03>65;0B5;L=> =0AB@>5==K5, => =5?@>A25B;5==K5 4@C7LO 8 2@038 15A?>I04=> 2K=>AOB 5<C =5A?@0254;82K9 ?@83>2>@, 8 =5@54:> >= AB0=>28BAO <8H5=LN O728B5;L=KE 70<5G0=89 ?> ?>2>4C "3@0=48>7=KE" 4CE>2=KE 8450;>2 8 CAB@5<;5=89, :>B>@K5 45;0NB 53> A;01K< 8 =8 =0 GB> =5 3>4=K< 2 ?@0:B8G5A:>9 687=8. "0:0O :@8B8:0 2>A?@8=8<05BAO >G5=L 1>;57=5==>, 8 ?>4 55 2;8O=85< 2 G5;>25:5 <>3CB ?@>1C48BLAO A><=5=8O 8 =5C25@5==>ABL. >4>1=K5 >3>@G5=8O ?@54AB02;ONB A>1>9 >4=> 87 8A?KB0=89 =0 ?CB8 : !0<>?>AB865=8N; >=8 ?@5?>40NB C@>: 1>@L1K A >184G82>ABLN 8 A;C60B ?>2>4>< 4;O @0728B8O GC2AB20 2=CB@5==59 =57028A8<>AB8 8 4>25@8O : A515. E A;54C5B ?@8=8<0BL @04>AB=> 8;8, ?> :@09=59 <5@5, A?>:>9=> 8 8A?>;L7>20BL :0: 1;03>?@8OB=CN 2>7<>6=>ABL 4;O @0728B8O 2=CB@5==59 AB>9:>AB8. ! 4@C3>9 AB>@>=K, 5A;8 2 =5?>A@54AB25==>< >:@C65=88 40==>3> 8=482840 5ABL ;N48 7=0NI85 8 ?@>A25B;5==K5, >=8 <>3CB >:070BL 5<C 1>;LHCN ?>445@6:C 8 C15@5GL >B <=>65AB20 =5=C6=KE B@5=89 8 AB@040=89. > ACB8 45;0, MB> ?5@5E>4=K9 ?5@8>4; MB> 2KE>4 87 AB0@>3> A>AB>O=8O, =5 2>94O 5I5 >:>=G0B5;L=> 2 =>2>5; MB> ?@><56CB>G=0O AB048O, :>340 G5;>25:, :0: 1K;> <5B:> A:070=>, =0?><8=05B 3CA5=8FC, :>B>@0O ?@52@0I05BAO 2 101>G:C. 0A5:><>5 ?@8 MB>< ?@>E>48B G5@57 AB048N ":C:>;:8"   15A?><>I=>5 A>AB>O=85 @07;>65=8O =0 A>AB02=K5 G0AB8. > G5;>25:, 2 >B;8G85 >B =0A5:><>3>, :0: ?@028;>, =5 8<55B 70I8B=>3> :>:>=0, A?>A>1=>3> >15A?5G8BL ?@>F5AAC ?@5>1@065=8O C548=5==K5 8 A?>:>9=K5 CA;>28O ?@>B5:0=8O. = 4>;65=   2 >A>15==>AB8 2 =0H5 2@5<O   >AB020BLAO =0 A2>5< <5AB5, ?@>4>;60O 8A?@02=> 2K?>;=OBL A2>8 A5<59=K5, ?@>D5AA8>=0;L=K5 8 >1I5AB25==K5 >1O70==>AB8, :0: 5A;8 1K =8G53> =5 A;CG8;>AL 8;8 2A5 H;> ?>-AB0@><C. 5@54 =8< 2AB05B ?@>1;5<0, AE>4=0O A ?@>1;5<>9 @5:>=AB@C:F88 65;57=>4>@>6=>9 AB0=F88 ?@8 CA;>288 =5?@5@K2=>AB8 42865=8O. 5 C4828B5;L=>, GB> B0:0O B@C4=0O 8 A;>6=0O 7040G0, B0:0O "42>9=0O 687=L" 2?>;=5 <>65B 2K720BL <=>65AB2> ?A8E8G5A:8E @0AAB@>9AB2   C?04>: A8;, 15AA>==8FC, ?>2KH5==CN M<>F8>=0;L=CN ?>402;5==>ABL, B2>@G5A:>5 15A?;>485, ?>2KH5==CN B@52>6=>ABL 8 2>71C48<>ABL. =8, 2 A2>N >G5@54L, <>3CB 2K720BL 2A52>7<>6=K5 D878G5A:85 A8<?B><K 8 @0AAB@>9AB20. =>340 @0AAB@>9AB2> 2K7K205BAO 8;8, ?> :@09=59 <5@5, >1>AB@O5BAO G5@5AGC@ CA5@4=K<8 ?>?KB:0<8 ?@81;878BL <><5=B 2KAH53> ?>AB865=8O ?CB5< A45@6820=8O, ?>402;5=8O A5:AC0;L=KE 8 03@5AA82=KE 2;5G5=89,- GB> ?@82>48B ;8HL : C3;C1;5=8N :>=D;8:B0 A ?@>8AB5:0NI8< >BAN40 @>AB>< =0?@O65=8O 8 =52@>B8G5A:8<8 A8<?B><0<8. 5@54:> B0:0O @5?@5AA82=0O CAB0=>2:0 O2;O5BAO @57C;LB0B>< A;8H:>< :>A=KE 8 4C0;8AB8G5A:8E <>@0;L=KE 8;8 @5;838>7=KE ?@54AB02;5=89, 2 @0<:0E :>B>@KE 5AB5AB25==K5 2;5G5=8O G5;>25:0 2K3;O4OB "?;>E8<8" 8;8 "3@5E>2=K<8" 8 2K7K20NB >AC645=85. @><5 B>3>, 5ABL ;N48, :>B>@K5 A>7=0B5;L=> >B:070;8AL >B ?>4>1=>9 CAB0=>2:8, => 15AA>7=0B5;L=> 2A5 5I5 =0E>4OBAO >BG0AB8 ?>4 55 2;8O=85<, GB> ?@>O2;O5BAO ;81> 2 0<1820;5=B=><, 42>9AB25==>< >B=>H5=88 : =59, ;81> 2 <5B0=88 <564C 42C<O :@09=>ABO<8, B> 5ABL <564C CAB0=>2:>9 =0 ?>402;5=85 ;N1KE 2;5G5=89 8 CAB0=>2:>9 =0 15A:>=B@>;L=>5 8E ?@>O2;5=85. >A;54=55 @5H5=85, 1C4CG8 A2>53> @>40 A;018B5;L=K<, =5?@85<;5<> :0: A =@02AB25==>9, B0: 8 A <548F8=A:>9 B>G:8 7@5=8O, ?>B><C GB> =587156=> ?>@>6405B =>2K5 :>=D;8:BK   ;81> <564C @07=K<8 1070;L=K<8 2;5G5=8O<8, ;81> <564C MB8<8 2;5G5=8O<8 8 >3@0=8G5=8O<8, :>B>@K5 =0;030NBAO =0 =8E CA;>2=>ABO<8 A>F80;L=>3> ?>@O4:0, 0 B0:65 B@51>20=8O<8 <56;8G=>AB=KE >B=>H5=89 8 74>@>2>9 A>F80;L=>9 8=B53@0F88. >-2848<><C, @5H5=85 ;568B =0 ?CBOE 30@<>=8G=>9 8=B53@0F88, >1J548=5=8O 2A5E 2;5G5=89 2 >4=C A>2>:C?=CN ;8G=>ABL   A?5@20 ?CB5< =04;560I53> A>3;0A>20=8O 8E <564C A>1>9 8 A>?>4G8=5=8O, 0 70B5< ?CB5< ?@5>1@07>20=8O 8 AC1;8<0F88 871KB>G=>9 8;8 =58A?>;L7>20==>9 G0AB8 M=5@388. :B820F8O A25@EA>7=0B5;L=KE DC=:F89 8 ?>AB865=8O / =5 B>;L:> =5 <5H05B MB>9 8=B53@0F88, =>, =0?@>B82, <>65B 7=0G8B5;L=> >1;53G8BL 55, B0: :0: 1>;55 2KA>:85 CAB@5<;5=8O 459AB2CNB ?>4>1=> <03=8BC, ?@8BO3820O : A515 ";8184>" 8;8 ?A8E8G5A:CN M=5@38N, :>B>@>9 70@O65=K "=87H85" 2;5G5=8O. @><5 B>3>, :>340 >A>7=05BAO 8 ?@8<5=O5BAO B0:0O A?5F8D8G5A:0O DC=:F8O / :0: 2>;O, >=0 B>65 <>65B CA?5H=> A>459AB2>20BL 30@<>=8G=>9 8=B53@0F88, 18>?A8E>A8=B57C F5;>AB=>3> G5;>25G5A:>3> ACI5AB20. =>5 8 2 :0:><-B> A<KA;5 ?@>B82>?>;>6=>5 70B@C4=5=85 2>7=8:05B ?5@54 G5;>25:>< 2 ?5@8>4K, :>340 ?>B>: A25@EA>7=0B5;L=KE M=5@389 B5G5B ;53:> 8 >18;L=>. A;8 MB>B ?>B>: =5 :>=B@>;8@>20BL 4>;6=K< >1@07><, M=5@388 <>3CB @0AA5OBLAO 2 1C@=KE 2>AB>@30E 8 15A?>@O4>G=>9 45OB5;L=>AB8.  =0>1>@>B, 5A;8 A;8H:>< 4>;3> =5 4020BL 8< 2KE>40 8 >AB02;OBL 2 15745OB5;L=>AB8, >=8 1C4CB 0::C<C;8@>20BLAO, 8 ?>4 2>7459AB285< 8E 2KA>:>3> =0?@O65=8O <>65B ?@>87>9B8 ?>2@5645=85 =5@2=>9 A8AB5<K   ?>4>1=> B><C, :0: ?>2KH5=85 =0?@O65=8O 2 M;5:B@8G5A:>9 A5B8 <>65B A65GL ?@54>E@0=8B5;L. -B>3> <>6=> 871560BL, :>=AB@C:B82=> 8 30@<>=8G=> 8A?>;L7CO ?@82E>4OI85 M=5@388 2 45;5 2=CB@5==53> >1=>2;5=8O ;8G=>AB8, 2 B2>@G5A:>< A0<>2K@065=88 8 ?>;57=>9 @01>B5   8A?>;L7CO 8E B0:, :0: MB> ?>72>;ONB 8=48284C 53> A?>A>1=>AB8 8 >1AB>OB5;LAB20. * * * @54<5B =0AB>OI59 3;02K 2K=C48; =0A A>A@54>B>G8BLAO =0 B5<=KE 8 1>;57=5==KE AB>@>=0E 4CE>2=>3> @0728B8O; => MB> 2>2A5 =5 >7=0G05B, 1C4B> ;N48, 2ABC?82H85 =0 ?CBL !0<>?>AB865=8O, 1>;55 ?>425@65=K ?A8E8G5A:8< @0AAB@>9AB20<, =565;8 >1KG=K5 <C6G8=K 8 65=I8=K. 5@54:> AB@040=8O =5 4>AB830NB >AB@>9 D07K.  A2O78 A MB8< =C6=> CB>G=8BL A;54CNI85 <><5=BK: # <=>38E ;N459 4CE>2=>5 @0728B85 ?@>B5:05B 3>@074> 1>;55 ?;02=> 8 30@<>=8G=>, G5< 1K;> >?8A0=> 2KH5, B0: GB> ?@5>4>;5=85 2=CB@5==8E 70B@C4=5=89 8 ?@>E>645=85 @07;8G=KE AB0489 =5 2K7K205B =8:0:8E A8;L=KE @50:F89 8;8 >?@545;5==KE A8<?B><>2. 52@>B8G5A:85 A8<?B><K 8 M<>F8>=0;L=K5 @0AAB@>9AB20, :>B>@K<8 AB@040NB A@54=5AB0B8AB8G5A:85 ?0F85=BK, =5@54:> =>AOB 1>;55 >AB@CN D>@<C, BO65;55 ?5@5=>AOBAO 8 B@C4=55 ?>440NBAO ;5G5=8N, G5< A8<?B><K 8 @0AAB@>9AB20, A2O70==K5 A !0<>?>AB865=85<.  >B;8G85 >B ?>A;54=8E, >=8 >1CA;>2;5=K 3;02=K< >1@07>< A5@L57=K<8 :>=D;8:B0<8 <564C @07=K<8 AB>@>=0<8 ;8G=>AB8 8;8 =5>A<KA;5==K< ?@>B5AB>< ?@>B82 ;N459 8 >1AB>OB5;LAB2. 5:>B>@K5 87 MB8E :>=D;8:B>2 <>6=> >1JOA=8BL O7K:>< B5>@88 $@5940 (:>B>@0O, 157CA;>2=>, =5?@83>4=0 4;O >1JOA=5=8O ;N1>3> :>=D;8:B0), =5:>B>@K5   A ?><>ILN B5>@5B8G5A:8E ?>AB@>5=89 4;5@0, %>@=8, $@0=:;0, .=30 8 4@C38E. 5@54:> 8E B@C4=> 2K;5G8BL 4> :>=F0: ?>A:>;L:C 2KAH85 C@>2=8 ?A8E8:8 8 2KAH85 ?A8E8G5A:85 DC=:F88 B0:8E ?0F85=B>2 5I5 =5 70459AB2>20=K, C =8E =5B =8G53> B0:>3>, : G5<C <>6=> 1K;> 1K 0?5;;8@>20BL 8 GB> <>3;> 1K ?>1C48BL 8E ?@8=5AB8 65@B2K, =5>1E>48<K5 4;O @07@5H5=8O 40==KE :>=D;8:B>2, 8;8 ?>4G8=8BLAO B@51C5<>9 4;O MB>3> 48AF8?;8=5. !:>;L 1K A5@L57=K<8 =8 :070;8AL =5@2=K5, M<>F8>=0;L=K5 8 C<AB25==K5 @0AAB@>9AB20, 2>7=8:0NI85 =0 ?CB8 : !0<>?>AB865=8N,   MB> =5 1>;55 G5< ?@5E>4OI85 @50:F88, B0: A:070BL, ?>1>G=K5 ?@>4C:BK >@30=8G5A:>3> ?@>F5AA0 2=CB@5==53> @>AB0 8 >1=>2;5=8O ;8G=>AB8. >MB><C :>340 ?@>E>48B 2K7202H89 8E :@878A, >=8 8AG570NB A0<8 A>1>9 8;8 ;53G5 ?>440NBAO ;5G5=8N. !B@040=8O, >1CA;>2;5==K5 ?5@8>40<8 45?@5AA88, ">B;820" 2=CB@5==59 687=8, A ;8E2>9 2>7=03@0640NBAO ?5@8>40<8 ?>A;54CNI53> ?@8;820 A25@EA>7=0B5;L=KE M=5@389 8 ?@542>AE8I5=85< >A2>1>645=8O 8 @0AF25B0 2A59 ;8G=>AB8, 40205<>3> !0<>?>AB865=85<. -B0 :0@B8=0 1C4CI53>, MB>B >1@07 F5;8 2>>4CH52;O5B G5;>25:0 1>;LH5 2A53>, O2;OO A>1>9 =587<5==>5 CB5H5=85, =58AAO:05<K9 8AB>G=8: A8;K 8 <C65AB20. >MB><C =C6=> >1@0I0BL >A>1>5 2=8<0=85 =0 B>, GB>1K :0: <>6=> G0I5 8 O@G5 2K7K20BL MBC :0@B8=C 2 2>>1@065=88; 8 >4=0 87 25;8G09H8E CA;C3, :>B>@CN <K <>65< >:070BL B5<, :B> A B@C4>< ?@>428305BAO ?> ?CB8,   MB> ?><>GL 8< ?>AB>O==> A>E@0=OBL ?5@54 A2>8< 2=CB@5==8< 27>@>< >1@07 F5;8. B0:, G5;>25: A?>A>15= ?@542>AE8I0BL 8 2A5 ?>;=55 8A?KBK20BL A>AB>O=85 A>7=0=8O ?>AB83=C2H53> !51O 8=482840. -B> A>AB>O=85 @04>AB8, 157<OB56=>AB8, >ICI5=8O 2=CB@5==59 157>?0A=>AB8, GC2AB20 A?>:>9=>9 A8;K, OA=>AB8 C<0 8 ;N128 :> 2A5<C ACI5<C.  A2>8E 2KAH8E 0A?5:B0E MB> ?>AB865=85 ACI=>AB8 KB8O, ?@8>1I5=85 :> A5>1I59 87=8 8 >B>645AB2;5=85 A =59. 0<5G0=8O ?> ?>2>4C 4803=>AB8:8 8 ;5G5=8O 0AA<0B@820O 2>?@>A 1>;55 C7:>, A <548F8=A:>-?A8E>;>38G5A:>9 B>G:8 7@5=8O, =0< A;54C5B CG8BK20BL, GB> =5A<>B@O =0 1>;LH>5 2=5H=55 AE>4AB2> 8 4065 B>645AB2> @0AAB@>9AB2, A>?@>2>640NI8E @07=K5 D07K !0<>?>AB865=8O, A @0AAB@>9AB20<8, >B :>B>@KE AB@040NB >1KG=K5 ?0F85=BK, ?@8G8=K 8 7=0G5=85 @0AAB@>9AB2 2 MB8E 42CE A;CG0OE A>25@H5==> @07;8G=K 8, A>>B25BAB25==>, @07;8G=K< 4>;6=> 1KBL ;5G5=85. =K<8 A;>20<8, 687=5==0O A8BC0F8O, 2 :>B>@>9 =0E>4OBAO MB8 425 3@C??K ?0F85=B>2, =5 B>;L:> =5 >48=0:>20, => 2 >?@545;5==>< A<KA;5 ?@>B82>?>;>6=0. A8E8G5A:85 A8<?B><K >1KG=KE ?0F85=B>2 8<5NB 2 >1I5< @53@5AA82=K9 E0@0:B5@, A2O70=K A 2>72@0I5=85< : 1>;55 @0==59 AB0488 @0728B8O. -B8 ?0F85=BK >:070;8AL =5 2 A>AB>O=88 A?@028BLAO A :0:8<8-B> 2=5H=8<8 8;8 2=CB@5==8<8 7040G0<8, @07@5H5=85 :>B>@KE A>AB02;O5B =5>1E>48<K9 <><5=B @0728B8O =>@<0;L=>9 ;8G=>AB8. =>38< 87 B0:8E ?0F85=B>2 =5 C40;>AL >A2>1>48BLAO >B M<>F8>=0;L=>9 ?@82O70==>AB8 : @>48B5;O<, :>B>@0O A>E@0=O5BAO 8 2 7@5;>< 2>7@0AB5 2 D>@<5 8=D0=B8;L=>9 7028A8<>AB8 >B =8E 8;8 4@C38E ;8F, :>B>@K5 AB0=>2OBAO 8E 70<5=8B5;O<8. =>340 ;N48 A>7=0B5;L=> 8;8 =5>A>7=0==> 8ICB C1568I5 2 1>;57=8 8;8 =54><>30=88, =5 65;0O 2K?>;=OBL B@51>20=8O >1KG=>9 A5<59=>9 8 >1I5AB25==>9 687=8.  4@C38E A;CG0OE ?@8G8=>9 @0AAB@>9AB20 AB0=>28BAO M<>F8>=0;L=>5 ?>B@OA5=85 8;8 BO65;0O CB@0B0, A :>B>@>9 G5;>25: =5 <>65B 8;8 =5 E>G5B A<8@8BLAO. > 2A5E MB8E A;CG0OE <K =0E>48< :0:>9-B> :>=D;8:B 8;8 :>=D;8:BK <564C @07;8G=K<8 A>7=0B5;L=K<8 8 15AA>7=0B5;L=K<8 G0ABO<8 ;8G=>AB8 8;8 <564C ;8G=>ABLN 8 55 >:@C65=85<. 0AAB@>9AB20, 2K7K205<K5 =0?@O65=85< 8;8 1>@L1>9 =0 @07=KE MB0?0E ?CB8 : !0<>?>AB865=8N, =0?@>B82, 8<5NB >?@545;5==> ?@>3@5AA82=K9 E0@0:B5@, A2O70=K A 2KE>4>< =0 =>2CN AB048N @0728B8O. =8 2>7=8:0NB 87-70 0:B82870F88 ?>B5=F80;L=KE 2>7<>6=>AB59 A25@EA>7=0B5;L=>3>, 87-70 A8;L=>3> "7>20 =515A", 87-70 ?@82;5:0B5;L=>AB8 / 8 >1CA;>2;5=K 2>7=8:0NI8<8 2A;54 70 MB8< :>=:@5B=K<8 =5A>ABK:>2:0<8 8 ?@>B82>@5G8O<8 A> "A@54=59" 8 "=87H59" G0ABO<8 ;8G=>AB8. -B>B :@878A 70<5G0B5;L=> >?8A0= .=3><: "KBL "=>@<0;L=K<"   8450; 4;O =5C40G=8:0, 4;O 2A5E B5E, :><C 5I5 =5 C40;>AL ?>4=OBLAO 4> C@>2=O >1I8E B@51>20=89. > 4;O B5E, GL8 A?>A>1=>AB8 =0<=>3> 2KH5 A@54=53>, :><C =5B@C4=> 1K;> 4>AB8GL CA?5E0, 2K?>;=82 A2>N 4>;N <8@A:>9 @01>BK,   4;O B0:8E ;N459 @0<:8 =>@<K >7=0G0NB ?@>:@CAB>2> ;>65, =52K=>A8<CN A:C:C, 04A:CN 15A?@>A25B=>ABL ; 157KAE>4=>ABL.  @57C;LB0B5 <=>385 AB0=>2OBAO =52@>B8:0<8 87-70 B>3>, GB> >=8 ?@>AB> =>@<0;L=K, 2 B> 2@5<O :0: 4@C385 AB@040NB =52@>70<8 >BB>3>, GB> =5 <>3CB AB0BL =>@<0;L=K<8". G5284=>, GB> ?A8E>B5@0?8O, @0AAG8B0==0O =0 ?0F85=B>2 @07=KE 42CE B8?>2, 4>;6=0 ACI5AB25==> @07;8G0BLAO. 'B> :0A05BAO ?0F85=B>2 ?5@2>9 3@C??K, B5@0?52B8G5A:0O 7040G0 A>AB>8B 2 B><, GB>1K ?><>GL 8< >A2>1>48BLAO >B ?>402;5=8O, >B 2=CB@5==8E 70?@5B>2, AB@0E>2 8 8=D0=B8;L=>9 7028A8<>AB8, 4>AB83=C2 B5< A0<K< A>AB>O=8O, =>@<0;L=>3> 4;O A@54=5AB0B8AB8G5A:8E <C6G8= 8 65=I8=; =C6=> ?><>GL 8< =09B8 A2>9 A>1AB25==K9 ?CBL >B M3>F5=B@8G=>3>, M<>F8>=0;L=> 8A:065==>3> 2845=8O =>@<0;L=>9 G5;>25G5A:>9 687=8 : >1J5:B82=><C, 74@02><C 8 @07C<=><C 273;O4C =0 =55, : >A>7=0=8N =0;8G8O 2 =59 >1O70==>AB59 8 >1O70B5;LAB2, : 25@=>9 >F5=:5 4@C38E ;N459. E ?@>B82>@5G82K5, =54>@0728BK5, =5A>3;0A>20==K5 A>7=0B5;L=K5 8 15AA>7=0B5;L=K5 AB@5<;5=8O 8 ?A8E8G5A:85 DC=:F88 4>;6=K 1KBL 30@<>=878@>20=K 8 >1J548=5=K 2 >4=> F5;>5 ?CB5< ;8G=>AB=>3> ?A8E>A8=B570. 0?@>B82, >A>15==>ABL B5@0?52B8G5A:>9 7040G8 ?@8 @01>B5 A ?0F85=B0<8 2B>@>9 3@C??K A>AB>8B 2 B><, GB> 30@<>=8G=>5 @07@5H5=85 :>=D;8:B0 4>AB8305BAO 745AL ?CB5< ?@028;L=>3> CA2>5=8O ?@82E>4OI8E A25@EA>7=0B5;L=KE M=5@389 8 8=B53@0F88 8E A =0O2=K<8 G0ABO<8 ;8G=>AB8,   B> 5ABL ?CB5< >ACI5AB2;5=8O =5 B>;L:> ;8G=>AB=>3>, => 8 4CE>2=>3> ?A8E>A8=B570. 7 MB>3> 284=>, GB> ;5G5=85, ?>4E>4OI55 4;O ?5@2>9 3@C??K ?0F85=B>2, 4;O ?0F85=B>2 2B>@>9 3@C??K >:07K205BAO =5 B>;L:> =5C4>2;5B2>@8B5;L=K<, => 8, 2 >?@545;5==KE A;CG0OE, 157CA;>2=> 2@54=K<.  >=> 1C45B 2@54=K< 242>9=5, 5A;8 ;5G8BL B0:>3> ?0F85=B0 2>7L<5BAO ?A8E>B5@0?52B, :>B>@K9 =5 ?>=8<05B F5==>AB8 8 7=0G5=8O A25@EA>7=0B5;L=KE ?A8E8G5A:8E DC=:F89, 83=>@8@C5B 8;8 >B@8F05B ACI5AB2>20=85 / 8 2>7<>6=>ABL !0<>?>AB865=8O. = <>65B ?>4=OBL =0 A<5E =5>?@545;5==K5 2KAH85 CAB@5<;5=8O ?0F85=B0, 70O28BL, GB> MB> ?@>AB> 2K4C<:8, 8 40BL 8< :0:>5-B> G8AB> <0B5@80;L=>5, ?@875<;5==>5 >1JOA=5=85, C15482 B5< A0<K< A2>53> ?>4>?5G=>3> 2 ?@028;L=>AB8 53> ?>?KB>: C:@5?8BL A:>@;C?C ;8G=>AB8 8 70I8B8BL 55 >B =0AB>9G82>3> ABC:0 A25@EA>7=0B5;L=>3> /. -B>, :>=5G=>, <>65B >1>AB@8BL 2=CB@5==89 :>=D;8:B 8 >B>428=CBL 25@=>5 53> @07@5H5=85. ! 4@C3>9 AB>@>=K, 5A;8 ?A8E>B5@0?52B 4CE>2=> =0AB@>5= 8;8, ?> :@09=59 <5@5, A ?>=8<0=85< 8 A8<?0B859 >B=>A8BAO : 4CE>2=K< CAB@5<;5=8O<, >= <>65B AB0BL =0AB>OI59 =0E>4:>9 4;O B5E ?0F85=B>2, :>B>@K5, :0: MB> =5@54:> 1K205B, >1@0I0NBAO 70 ?@>D5AA8>=0;L=>9 ?><>ILN =0 ?5@2>9 AB0488 4CE>2=>3> @0728B8O   AB0488 =5C4>2;5B2>@5==>AB8, A<OB5=8O 8 8=AB8=:B82=KE ?>8A:>2 G53>-B> =54>AB0NI53>. A;8 687=L CB@0B8;0 4;O G5;>25:0 8=B5@5A, 5A;8 >= =5 =0E>48B 2 ?>2A54=52=>< ACI5AB2>20=88 =8G53> 4>AB>9=>3> 2=8<0=8O 8 =5 C7@5; 5I5 ?@>1;5A:0 2KAH53> 1KB8O, 5A;8 >= 8I5B CB5H5=8O =0 ;>6=KE ?CBOE, 1;C640O ?> 3;CE8< ?5@5C;:0<,   B>, @0A:@K2 5<C 8AB8==CN ?@8G8=C 2>7=8:H8E ?5@54 =8< ?@>1;5< 8 C:0702 =0 A:@KBK9 >B =53> @0=55 ?CBL 459AB28B5;L=>3> 8E @07@5H5=8O 8 1;03>?>;CG=>3> 2KE>40 87 :@878A0, <>6=> 7=0G8B5;L=> ?@81;878BL <><5=B 53> 4CE>2=>3> ?@>1C645=8O, :>B>@K9, A>1AB25==>, 8 O2;O5BAO >A=>2=>9 A>AB02;ONI59 8AF5;5=8O. 0 2B>@>9 AB0488, AB0488 M<>F8>=0;L=>3> 2>71C645=8O 8 ?>4J5<0,  - :>340 8=48284 >E20G5= G@57<5@=K< M=BC7807<>< 8 ?8B05B 8;;N78N =5>1@0B8<>AB8 4>AB83=CB>3> CA?5E0,   =C6=> <O3:> ?@54C?@548BL 53>, GB> MB> 1;03>40B=>5 A>AB>O=85 ?> ?@8@>45 A2>59 ?@5E>4OI5; =C6=> >?8A0BL 5<C 8 ?@52@0B=>AB8, >6840NI85 53> 2?5@548. -B> ?>43>B>28B 53> : =0G0;C =587156=>9 @50:F88 2 B@5BL59 AB0488 8 ?>72>;8B 871560BL =5 B>;L:> 7=0G8B5;L=>9 G0AB8 AB@040=89, > :>B>@KE 5<C 1C45B 8725AB=> 70@0=55, => 8 ?>A;54CNI59 @0AB5@O==>AB8 8 @07>G0@>20=8O. A;8 ?0F85=B ?>ABC?8; =0 ;5G5=85 2 B@5BL59 AB0488 8 ?@54C?@5645=8O 5<C C65 =5 ?><>3CB, ?A8E>B5@0?52B 4>;65= C1548BL 53> 2 B><, GB> 53> =K=5H=55 A>AB>O=85 2@5<5==>5, 0 =5 ?>AB>O==>5, 8 =8 2 :>5< A;CG05 =5 157=0456=>5. A8E>B5@0?52B 4>;65= =0AB>9G82> =0?><8=0BL 5<C, GB> 2KE>4 87 :@878A0 ?>A;C68B =03@04>9, :>B>@0O >?@024K205B 8A?KBK205<K5 =K=5 AB@040=8O. 0F85=BC <>6=> >:070BL 1>;LHCN ?><>IL 8 ?>445@6:C, A>A;02H8AL =0 ?@8<5@ B5E, :B> ?>1K20; 2 ?>4>1=>< ?>;>65=88 8 2KH5; 87 =53>. 0 G5B25@B>9 AB0488 "A@K2>2 ?@8 2>AE>645=88", AB0488 ?@5>1@065=8O - A0<>9 ?@>4>;68B5;L=>9 8 A;>6=>9   CA;>6=O5BAO, A>>B25BAB25==>, 8 @01>B0 ?A8E>B5@0?52B0. 0 MB>9 AB0488 5<C, 2 G0AB=>AB8, A;54C5B: !>>1I0BL ?0F85=BC > B><, GB> A =8< ?@>8AE>48B 2 459AB28B5;L=>AB8, 8 ?><>30BL 5<C 2K@010BK20BL ?@028;L=>5 >B=>H5=85 : ?@>8AE>4OI5<C. #G8BL 53> <C4@> C?@02;OBL 2;5G5=8O<8, 2A?;K20NI8<8 87 15AA>7=0B5;L=>3>,   =5 ?>402;OO 8E AB@0E>< 8;8 >AC645=85<, => B25@4> ?>4G8=OO A515 A ?><>ILN ?@028;L=> ?@8<5=O5<>9 2>;8. 1CG0BL <5B>40< ?@52@0I5=8O 8 AC1;8<0F88 ("2>73>=:8", >G8I5=8O) A5:AC0;L=>9 8 03@5AA82=>9 M=5@389. @8<5=5=85 B0:>3> @>40 <5B>4>2 A;C68B =081>;55 C40G=K< 8 :>=AB@C:B82=K< @5H5=85< <=>38E ?A8E>;>38G5A:8E :>=D;8:B>2. ><>30BL 5<C @0A?>7=020BL 8 CA20820BL M=5@388, 8AE>4OI85 >B / 8 A25@EA>7=0B5;L=KE C@>2=59. ><>30BL 5<C 2K@060BL 8 8A?>;L7>20BL B0:85 M=5@388 2 0;LB@C8AB8G5A:>9 ;N128 8 A;C65=88. -B> >G5=L 206=> B0:65 2 ?;0=5 ?@>B82>459AB28O B5=45=F88 : 87;8H=59 ?>3@C65==>AB8 2> 2=CB@5==89 <8@ 8 A>A@54>B>G5==>AB8 =0 A0<>< A515, :>B>@0O =5@54:> ?@8ACBAB2C5B =0 MB>9 8 4@C38E AB048OE A0<>@0728B8O. 5AB8 53> G5@57 @07;8G=K5 D07K ?5@5AB@>9:8 ;8G=>AB8, 2?;>BL 4> 4>AB865=8O 4CE>2=>3> ?A8E>A8=B570. 45AL =0< E>B5;>AL 1K CB>G=8BL, GB> >?8AK205<>5 ?A8E>B5@0?52B8G5A:>5 ;5G5=85 =8:>8< >1@07>< =5 8A:;NG05B A>>B25BAB2CNI53> "D878G5A:>3>" ;5G5=8O. > @0AA<>B@5=85 D878G5A:8E A@54AB2, :>B>@K5 <>6=> :><18=8@>20BL A ?A8E>B5@0?52B8G5A:8<8 8 :>B>@K5 A8;L=> 20@L8@CNB 2 7028A8<>AB8 >B 8=48284C0;L=KE >A>15==>AB59 :064>3> ?0F85=B0, 2KE>48B 70 @0<:8 40==>9 3;02K.  =5:>B>@KE A;CG0OE ;5G5=85 >A;>6=O5BAO A<5H5=85< "@53@5AA82=KE" 8 "?@>3@5AA82=KE" A8<?B><>2. -B> A;CG08 =5@02=><5@=>3> @0728B8O.  >4=>9 G0AB8 A2>59 ;8G=>AB8 B0:85 ;N48 <>3CB 4>AB830BL 2KA>:>3> C@>2=O @0728B8O 8 2A5 65 8A?KBK20BL 70B@C4=5=8O 87-70 :0:8E-B> 8=D0=B8;L=KE D8:A0F89 (>AB0=>2>: 2 @0728B88) 8;8 ?@51K20BL 2> 2;0AB8 15AA>7=0B5;L=KE :>=D;8:B>2. !B@>3> 3>2>@O, ?>4>1=K5 @C48<5=BK <>3CB 1KBL >1=0@C65=K C 1>;LH8=AB20 ;8F, 2>2;5G5==KE 2 ?@>F5AA A0<>0:BC0;870F88; MB> =5 C4828B5;L=>, ?>A:>;L:C B> 65 A0<>5 <>6=> A:070BL 8 > B0: =07K205<KE =>@<0;L=KE ;N4OE. 7 2A53> A:070==>3> OA=>, GB> 4;O CA?5H=>3> ;5G5=8O ?A8E8G5A:8E @0AAB@>9AB2, A2O70==KE A !0<>0:BC0;870F859, =5>1E>48<0 42>9=0O :><?5B5=B=>ABL   ?@>D5AA8>=0;L=0O ?A8E>B5@0?52B8G5A:0O ?>43>B>2:0 8 3;C1>:>5 87CG5=85 8;8, GB> 5I5 ;CGH5, ;8G=K9 >?KB >A2>5=8O ?CB8 : !0<>?>AB865=8N. >4>1=>5 A>G5B0=85 2 =0H8 4=8 2AB@5G05BAO :@09=5 @54:>; => ?@8=8<0O 2> 2=8<0=85 @0ABCI55 G8A;> ;N459, :>B>@K5 =C640NBAO 2 B0:>3> @>40 ;5G5=88, 2A5 1>;55 >AB@>9 AB0=>28BAO ?>B@51=>ABL 2 B5E, :B>, 65;0O A;C68BL G5;>25G5AB2C 2 C4>2;5B2>@5=88 53> 2KA>G09H8E ?>B@51=>AB59, ?@>=8:AO 1K @5H8<>ABLN >1@5AB8 A>>B25BAB2CNICN ?>43>B>2:C. K;> 1K >G5=L E>@>H> B0:65, 5A;8 1K >1I5AB25==>ABL 1K;0 1>;55 8=D>@<8@>20==>9 2 >1I8E G5@B0E > 40==>< ?@54<5B5.  =0AB>OI55 2@5<O =5>A254><;5==>ABL, ?@54C15645==>ABL 8 0:B82=>5 ?@>B82>459AB285 >:@C65=8O ?0F85=B0, >A>15==> 53> @>4AB25==8:>2, =5@54:> >A;>6=O5B B5@0?52B8G5A:CN 7040GC. ;03>40@O 1>;55 ?@>A25I5==><C >B=>H5=8N : ?@52@0B=>ABO< 4CE>2=>3> @0728B8O   :0: A> AB>@>=K >1I5AB25==>AB8, B0: 8 A> AB>@>=K ?A8E>B5@0?52B>2,   <>6=> 1C45B 871560BL <=>38E =5=C6=KE AB@040=89. !;54>20B5;L=>, <=>385 2>2;5G5==K5 2 MB>B ?@>F5AA ;N48 A<>3CB 3>@074> ;53G5 8 1KAB@55 4>AB8GL F5;8 A2>8E AB@5<;5=89   2A5 1>;55 ?>;=>9 !0<>@50;870F88.  @8<5G0=8O [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt01.htm" \l "1" 1] 0AB>OI89 ?5@5G5=L =>A8B 22>4=>->7=0:><8B5;L=K9 E0@0:B5@, 0 A?8A>: C?><O=CBKE 8AA;54>20B5;59 40;5:> =5 ?>;>=. 48=AB25==>5 =07=0G5=85 MB>3> :@0B:>3> >17>@0   ?>:070BL, A:>;L <=>3>>1@07=K 8 =5AE>68 ?CB8, 254CI85 : @0A:@KB8N B09= G5;>25:0. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" \l "2" 2] AA046>;8 =07K205B MB>B M;5<5=B B0:65 ;8G=K< "O", 8;8 M3>.   @8<. ?5@52. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" \l "3" 3] KAH55 / =8 2 :>5< A;CG05 =5 A;54C5B A<5H820BL A D@594>2A:8< AC?5@-73> ("A25@E-O"), :>B>@>5, A>3;0A=> B5>@88 $@5940, ?@54AB02;O5B A>1>9 =5 459AB28B5;L=>5 "O", 0 8A:CAAB25==K9 ?@>4C:B. KAH55 / >B;8G05BAO B0:65 >B ;N1KE "D5=><5=>;>38G5A:8E" :>=F5?F89 "O" 8;8 M3>. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" \l "4" 4] A<>A  - ?@>=8:=>25=85 @0AB2>@0 G5@57 ?>;C?@>=8F05<CN ?5@53>@>4:C, @0745;ONICN @0AB2>@K @07=>9 :>=F5=B@0F88.   @8<. ?5@52. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt02.htm" \l "5" 5] $0=B07< (4>A;. "?@87@0:")   ?@>4C:B D0=B0788, >B@060NI89 2 8A:065==>9 D>@<5 459AB28B5;L=>5 65;0=85 G5;>25:0; O2;O5BAO >4=>2@5<5==> 8;;N7>@=>9 @50;870F859 65;0=8O 8 70I8B>9 >B @50;L=>3> >1J5:B0 ?>A;54=53>.   @8<. ?5@52. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt07.htm" \l "6" 6] "5@<8= >@B>?A8E>;>38O ("?@028;L=0O ?A8E>;>38O") 1K; ?@54;>65= 2 1958 3. 4;O >1>7=0G5=8O 0;LB5@=0B82K ?0B>?A8E>;>388. 0: 8725AB=>, E>645=85 ?>;CG8; 4@C3>9 B5@<8=   "3C<0=8AB8G5A:0O ?A8E>;>38O". - @8<. ?5@52. [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt07.htm" \l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aslow, A.H.: "Critique of Self-Actualisation", Journal of Individual Psychology, 1959, 15, @. 28). [ HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\AA046>;8%20 %20A8E>A8=B57\\txt09.htm" \l "8" 8] "> 5ABL 2KAH8< / G5;>25:0.   @8<. ?5@52. L5@> $5@CGG8  +  +",   HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt00.htm" 2545=85 ;0201.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt01.htm" !! "' ;0202.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt02.htm" "!    ;0203.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt03.htm"  "+ ;0204.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt04.htm" !" "" ;0205.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt05.htm" ! (   ;0206.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt06.htm" / ;0207.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt07.htm" " +  ;0208.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt08.htm" (/  ;0209.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt09.htm" # !" +   ;02010.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt10.htm" (  ;02011.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt11.htm" !"' " / ;02012.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt12.htm" &" " +"!/ ;02013.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt13.htm" #'( !%" " ;02014.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt14.htm" "/ +!" ;02015.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt15.htm" ( ,, ( " , ;02016.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt16.htm" ' + + ;02017.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt17.htm"   ! ;02018.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt18.htm" !" ;02019.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt19.htm" !'!", ;02020.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt20.htm" "(   HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy02\\txt21.htm" -?8;>32545=85 #", & '5;>25:C, :>B>@K9 <=>3> ;5B 8A:0; AB8=C, A:070;8 ?>9B8 2 >4=C ?5I5@C 8 @07KA:0BL B0< :>;>45F. "!?@>A8 C :>;>4F0, GB> 5ABL AB8=0,  ?>A>25B>20;8 5<C,  8 >= B515 55 >B:@>5B". 094O :>;>45F, 8A:0B5;L 7040; 5<C MB>B DC=40<5=B0;L=K9 2>?@>A. 7 3;C18=K ?@8H5; >B25B: "48 2 45@52=N 8 B0< =0 ?5@5:@5AB:5 42CE 4>@>3 BK =0945HL B>, GB> 8I5HL". >;=K9 =04564 8 ?@542:CH5=89, G5;>25: ?>1560; 2 45@52=N 8 >1=0@C68; =0 ?5@5:@5AB:5 B@8 =8G5< =5 ?@8<5G0B5;L=K5 ;02:8.  >4=>9 B>@3>20;8 :CA>G:0<8 <5B0;;0, 2 4@C3>9 :0:8<8-B> 45@52OH:0<8, 0 2 B@5BL59  B>=:>9 ?@>2>;>:>9. >-2848<><C, : AB8=5 2A5 MB> =8:0:>3> >B=>H5=8O =5 8<5;>. 07>G0@>20==K9 8A:0B5;L 25@=C;AO : :>;>4FC, GB>1K ?>B@51>20BL >1JOA=5=89, => CA;KH0; B>;L:>: "!:>@> BK MB> ?>9<5HL". = ?>?@>1>20; 2>7@060BL, => >B25B>< 1K;> ;8HL ME> 53> A>1AB25==KE 2>A:;8F0=89. 0AA5@482H8AL, GB> 53> >AB028;8 2 4C@0:0E,  0 8<5==> B0: >= B>340 ?>4C<0;,  8A:0B5;L >B?@028;AO 40;LH5 2 ?>8A:0E AB8=K. (;8 3>4K, 8 8AB>@8O A :>;>4F5< ?>AB5?5==> 701K;0AL, :>340 >4=>9 ;C==>9 =>GLN >= CA;KH0; 72C:8 A8B0@0. C7K:0 1K;0 ?@5:@0A=>9 8 8A?>;=O;0AL A 25;8:8< <0AB5@AB2>< 8 24>E=>25=85<. ;C1>:> B@>=CBK9 5N, 8A:0B5;L 8AB8=K ?>GC2AB2>20;, GB> 53> 2;5G5B : 83@02H5<C =0 A8B0@5. B A<>B@5; =0 ?0;LFK, B0=FCNI85 ?> AB@C=0<, 0 70B5< AB0; @0AA<0B@820BL A0< 8=AB@C<5=B.  BCB >= =5>6840==> 2>A:;8:=C; >B @04>AB8: A8B0@ 1K; A45;0= B>G=> 87 B0:8E <5B0;;8G5A:8E 8 45@52O==KE 45B0;59, :0:85 >= 2845; >4=064K 2 B@5E ;02:0E, =5 ?@8402 8< B>340 =8:0:>3> 7=0G5=8O. 0:>=5F >= ?>=O;, > G5< ?>2540; 5<C :>;>45F: =0< C65 40=> 2A5, GB> =0< =C6=>; =0H0 7040G0  A>1@0BL MB> 2>548=> 8 8A?>;L7>20BL ?> =07=0G5=8N. >A?@8=8<0O >B45;L=K5 D@03<5=BK, <K =5 2848< 2 =8E =8:0:>3> A<KA;0. > :0: B>;L:> D@03<5=BK A>548=ONBAO 2 >4=> F5;>5, ?>O2;O5BAO =>20O ACI=>ABL, ?@8@>40 :>B>@>9 >AB0;0AL 1K 4;O =0A A:@KB0, 5A;8 1K <K >3@0=8G8;8AL @0AA<>B@5=85< >B45;L=KE D@03<5=B>2. @>F5AA B0:>3> A8=B570  ?>2A5<5AB=>5 O2;5=85 :0: 2 <8@5 ?@8@>4K, B0: 8 2 <8@5 ;N459: :;5B:8 >1J548=ONBAO 2 >@30=87<, 87 1C:2 A:;04K205BAO A;>2>, 72C:8 <C7K:8 >1@07CNB <5;>48N 8 B.4. >;LH>9 M<?8@8G5A:89 >?KB ?>:07K205B, GB> A8=B57 ?@>8AE>48B 8 2 G5;>25G5A:>9 ?A8E8:5 8 GB> >BACBAB285 53> ?>@>6405B A5@L57=K5 ?@>1;5<K. B0;LO=A:89 ?A8E80B@ >15@B> AA046>;8 70<5B8;, GB> CB@0B0 2=CB@5==53> @02=>25A8O, >ICI5=85 15AA<KA;5==>AB8 8 4@C385 4CH52=K5 AB@040=8O 2>7=8:0NB ?> 1>;LH59 G0AB8 B>340, :>340 @07;8G=K5 =0H8 2=CB@5==85 M;5<5=BK @07>1I5=K 8;8 2ABC?0NB 2 ?@>B82>@5G85 4@C3 A 4@C3><. = B0:65 >B<5B8;, GB> :>340 >=8 >1J548=ONBAO 2> 2A5 1>;LH85 8 1>;LH85 F5;>AB=>AB8, <K 8A?KBK205< ?@8;82 A8;, >ICI5=85 1;03>?>;CG8O 8 =0E>48< 2 A2>59 687=8 1>;LH5 A<KA;0. 1=0@C682, GB> ?@>F5AA MB>B ?@>B5:05B 5AB5AB25==K< >1@07>< 2 :064>< G5;>25:5, => 70G0ABCN 1K205B 701;>:8@>20=, AA046>;8 ?@8ABC?8; : @07@01>B:5 <5B>4>2 53> 2KA2>1>645=8O. 5@2>=0G0;L=> >= 70=8<0;AO ?A8E>0=0;87>< (2 =0G0;5 25:0 $@594 AG8B0; 53> >4=8< 87 >A=>2=KE A2>8E ?>A;54>20B5;59 2 B0;88), >4=0:> >AB0;AO =54>2>;5= ?>A;54=8< 8 @07@01>B0; A>1AB25==CN A8AB5<C, >A>1>5 =0?@02;5=85 ?@0:B8G5A:>9 ?A8E>;>388, >B:@KB>5 4;O 2A5E 4>AB865=89, A45;0==KE : B><C 2@5<5=8 2 >1;0AB8 >1@07>20=8O, ?A8E>B5@0?88 8 <548F8=K. B =0720; MBC A8AB5<C ?A8E>A8=B57><. >4E>4 AA046>;8 =0F5;5= =5 ?@>AB> =0 C;CGH5=85 :>=:@5B=KE ?>:070B5;59 (=0 ?>2KH5=85 B>=CA0, CA8;5=85 :>=F5=B@0F88, C3;C1;5=85 @5;0:A0F88 8 B.4.) 8;8 =0 ;5G5=85 2 A<KA;5 87102;5=8O >B G53>-;81>. = =0F5;5= =0 ?@>1C645=85 F5;>AB=>AB8 8 D>@<8@>20=85 =>2>9, 1>;55 H8@>:>9 AB@C:BC@K >B=>H5=89 2 ?A8E8:5 G5;>25:0. 5=I8=0, ?@>H54H0O :C@A ?A8E>A8=B570, ?8H5B: "=CB@5==89 ?@>F5AA ?A8E>A8=B570 =025; <5=O =0 <KA;L > :0;594>A:>?5. >340 :CA>G:8 F25B=>3> AB5:;0 2AB@OE820NB, >=8 ?@54AB02;ONB A>1>9 ;8HL 15A?>@O4>G=CN :CGC. >A;5 B>3>, :0: 2K ?5@5AB0;8 B@OAB8 :0;594>A:>?, >=8 2KAB@0820NBAO 2 :@0A82CN :0@B8=:C". ;O A>459AB28O B0:8< 5AB5AB25==K< ?@>F5AA0< A8=B570 8A?>;L7CNBAO ?@>ABK5 C?@06=5=8O. @85<K ?A8E>A8=B570 0?@>18@>20;8AL AA046>;8 8 53> :>;;530<8 2 B5G5=85 ?>A;54=8E 70 ;5B 2 @07=KE :C;LBC@0E. A8E>;>38 ?@8H;8 : 2K2>4C, GB> MB8 C?@06=5=8O >A>15==> MDD5:B82=K ?@8 @53C;O@=>< 2K?>;=5=88. 0: 8 2> 2A5E 70=OB8OE, >B 0;L?8=87<0 4> 83@K =0 ?80=8=>, >B 87CG5=8O O7K:0 4> B0=F0, 4;O >A2>5=8O G53>-B> =>2>3> =5>1E>48<0 ?@0:B8:0. 7<5=5=8O 2 @57C;LB0B5 B0:>9 ?@0:B8:8 ?@>8AE>4OB ?>AB5?5==>. =>3> ;5B =0704, 2?5@2K5 =0G02 2K?>;=OBL ?A8E>A8=B5B8G5A:85 C?@06=5=8O, O >6840; =5<54;5==>3> ?5@52>@>B0. > =8G53> >A>15==>3> A> <=>9 (2 >B;8G85 >B =5:>B>@KE 4@C38E), ?>-2848<><C, =5 ?@>87>H;>. 0: 8 1>;LH8=AB2> =>28G:>2, O ?>=0G0;C =5 2A5340 <>3 2K?>;=OBL C?@06=5=8O =04;560I8< >1@07><. / >B2;5:0;AO, 70AB@520; =0 <5;>G0E 8;8 =0G8=0; AC5B8BLAO 8 4C<0BL > ?>AB>@>==8E 25I0E. , B>;L:> A?CABO =5:>B>@>5 2@5<O, O >A>7=0;, GB> 2> <=5 ?@>87>H;8 1>;LH85 87<5=5=8O. ?>A;54AB288 O =01;N40;, GB> B> 65 A0<>5 ?@>8AE>48B C 1>;LH8=AB20 ;N459, ?@8<5=ONI8E MB8 C?@06=5=8O. K =0G8=05< A>7=020BL ?@5>1@07>20=8O 3>@074> ?>765, G5< >=8 =0G8=0NBAO. # B0:>9 7045@6:8 5ABL ?@8G8=0: =0H5<C 15AA>7=0B5;L=><C =C6=> 2@5<O. >B :0: 3>2>@8B >1 MB>< AA046>;8: 4=>9 87 3;02=KE DC=:F89 15AA>7=0B5;L=>3> 8 2 B> 65 2@5<O >4=8< 87 206=59H8E MB0?>2 >1CG5=8O O2;O5BAO >1@01>B:0 ?>;CG5==>3> >?KB0 8 CA2>5=85 2>A?@8=OB>3> 8 87CG5==>3>. "0:0O >1@01>B:0, :>B>@CN <>6=> @0AA<0B@820BL :0: A0<>5 =0AB>OI55 "A>7@520=85 ?A8E8G5A:>3> ?;>40", 8<55B ?@O<K5 0=0;>388 A A>7@520=85< D878G5A:>3> ?;>40. 10 ?@>B5:0NB 2 3;C18=5, A:@KB>: >4=>  2 <0B5@8=A:>9 CB@>15, 4@C3>5  2 A>:@>25==KE C3>;:0E 15AA>7=0B5;L=>3>, >10 ?@54AB02;ONB A>1>9 =5?@>872>;L=K9 02B>=><=K9 ?@>F5AA, => =0AB>;L:> GC2AB28B5;L=K9 8 @0=8<K9, GB> 53> <>6=> ;53:> A>@20BL 2=5H=8<8 2>7459AB28O<8; >10 4>AB830NB A2>59 70:;NG8B5;L=>9 2KAH59 B>G:8 2 :@878A5 8 GC45 "@>645=8O", ?>O2;5=8O =>2>9 687=8. >=OB85 A>7@520=8O =0?><8=05B, GB> 2 ?@>F5AA5 ?A8E>A8=B570 <K AB8<C;8@C5< C65 ?@8ACBAB2CNI85 2 =0A A8;K. -B8 A8;K >1KG=> A:@KBK, => 2@5<5=0<8 <K <>65< =5?>A@54AB25==> =01;N40BL 8E @01>BC. -B8 A8;K <54;5==> 70682;ONB =0=5A5==CN =0< M<>F8>=0;L=CN B@02<C; >=8 ?@840NB =0< =5>6840==CN 4;O =0A AB>9:>ABL 2 :@878A=>9 A8BC0F88; >=8 O2;ONB =0< 2=570?=>5 @5H5=85 ?@>1;5<K, > :>B>@>9 <K B>;L:> GB> 4C<0;8; >=8 40NB =0< 2B>@>5 4KE0=85 ?>A;5 ?5@8>40 CAB0;>AB8; ?@>872>4OB 2 =0A =5>6840==K5 8 =5?@>872>;L=K5 ?@5>1@07>20=8O. -DD5:B82=>ABL ?A8E>A8=B5B8G5A:8E C?@06=5=89 7028A8B >B 0:B820F88 MB8E A:@KBKE ?>;>68B5;L=KE A8;. >60;C9, >A=>2=>9 ;>2CH:>9 =0 ?CB8 ?A8E>A8=B570 O2;O5BAO <=5=85, 1C4B> ?@5>1@07>20=8O 2K7K20NBAO C?@06=5=8O<8 :0: B0:>2K<8, 0 =5 B5<, :0: 2K?>;=ONBAO ?>A;54=85.  :0G5AB25 ?@8<5@0 <>6=> ?@825AB8 A;54CNI89 A;CG09. A8E80B@, @01>B0O A 0CB8G=K<, 70<:=CBK< 2 A515 @515=:><, 4>;3>5 2@5<O ?KB0;AO CAB0=>28BL A =8< :>=B0:B, => @515=>: =5 65;0; ?>:840BL AB5=K 2=CB@5==53> <8@0. 0:>=5F, >4=064K ?A8E80B@ ?>4 2>7459AB285< 8=BC8B82=>3> 8<?C;LA0 27O; :0@0=40H, 1@>A8; 53> =0 ?>; 8 A:070; @515=:C: " B5?5@L ?>4=8<8 53> 8 409 <=5". ">= 53> 3>;>A0 1K; ?@58A?>;=5= =04564K, 70 :>B>@>9 AB>O;8 2A5 @0=55 ?@54?@8=OBK5 8< =5C40G=K5 ?>?KB:8. B<>AD5@0 A>7@5;0: @515=>: A45;0; B>, > G5< 53> ?@>A8;8, 8 2 MB>B GC45A=K9 <><5=B <564C =8<8 CAB0=>28;AO :>=B0:B. >74=55 ?A8E80B@ @0AA:070; =0 :>=D5@5=F88 >1 MB>< A;CG05 A2>8< :>;;530<. A:>@5 <=>385 87 =8E AB0;8 1@>A0BL :0@0=40H8 ?5@54 0CB8G=K<8 45BL<8 8 640BL, ?>:0 8E ?>4=8<CB. >=5G=>, ?@85< MB>B, :>B>@K9 ?>;CG8; =0720=85 ":0@0=40H", >:070;AO =5C40G=K<. >4>1=>5 <>65B ?@>87>9B8 8 A ?A8E>A8=B5B8G5A:8<8 C?@06=5=8O<8. 06=59H89 459AB2CNI89 D0:B>@ C?@06=5=89  >B=>H5=85, A :>B>@K< >=8 2K?>;=ONBAO. K <>65< 2K?>;=OBL 8E 2=8<0B5;L=> 8 B5@?5;82>, >B=>AOAL : =8< :0: : 8=AB@C<5=BC 87<5=5=8O A2>59 687=8. K <>65< 2K?>;=OBL 8E 8 <5E0=8G5A:8 8;8 :0: <>4=K5 A0;>==K5 83@K, GB> 1C45B ?CAB>9 B@0B>9 2@5<5=8. K <>65< ?>;CG8BL >B =8E B>, GB> E>B8<; A0<8 65 >=8 =0< =8G53> =5 404CB. B>@0O A5@L57=0O ;>2CH:0  =0@F8AA87<, ?>;=0O ?>3;>I5==>ABL ?@>8AE>4OI8< 2=CB@8 A51O ?@8 CB@0B5 :0:>3> 1K B> =8 1K;> 8=B5@5A0 : 4@C38< ;N4O< 8 >1I5AB2C 2 F5;><. >?02H85 2 MBC ;>2CH:C 701K20NB, GB> ;N1K5 ?@85<K, 8A?>;L7C5<K5 4;O A>459AB28O ;8G=><C @>ABC, 8<5NB F5==>ABL B>;L:> 2 B>< A;CG05, 5A;8 2;8ONB =0 =0H8 >B=>H5=8O A 4@C38<8 ;N4L<8, 8 =0>1>@>B, <56;8G=>AB=K5 >B=>H5=8O A0<8 ?> A515 <>3CB 1KBL 3;02=K< AB8<C;>< ;8G=>3> @>AB0. 0: 3>2>@8; 0@B8= C15@: "'5;>25: AB0=>28BAO "/" G5@57 ""K"; 87>;8@>20==K9 8=48284 =5A?>A>15= : ?>4;8==><C @>ABC. ICI5=85 A>1AB25==>3> 25;8G8O  5I5 >4=0 ;>2CH:0, 2 :>B>@CN =5B@C4=> ?>?0ABL: :@0B:>2@5<5==0O M9D>@8O ?5@2>3> CA?5E0 ?>@>6405B C =0A >6840=85 =5<54;5==>3>, ?>;=>3> 8 ?>AB>O==>3> @57C;LB0B0. 025B=>5 65;0=85 68BL AG0AB;82> 3>B>2> A>1;07=8BL =0A, 70AB0282 ?>25@8BL, GB> <K 4>AB83;8 1>;LH53>, G5< 2 =0H8E A8;0E. > 4>18BLAO 7=0G8<KE @57C;LB0B>2 =0 ?CB8 A0<>@50;870F88. <>6=> ;8HL, A>E@0=82 @50;8AB8G=>5 >B=>H5=85 : =0H8< G5;>25G5A:8< >3@0=8G5=8O<. !;54C5B A>7=020BL, :0: <0;K <K ?> A@02=5=8N A 25;8:8<, :0: <=>3> 2 687=8 C =0A B@C4=>AB59, :0: =5<>I=> ?>@>9 =0H5 B5;> 8 :0: 87<5=G82K GC2AB20, :0: ;53:> <K ?>4405<AO 2;8O=8N, :0: <0;> 7=05<, :0: G0AB> A;CG09 A<5H8205B =0H8 ?;0=K, :0: A;>6=0 687=L G5;>25:0 8 :0: >=0 ?> ACB8 70304>G=0. -B> =5 7=0G8B, GB> <K 4>;6=K AG8B0BL C:070==K5 D0:BK =5>4>;8<K< ?@5?OBAB285<, =0?@>B82, >A>7=0=85 8E <>65B AB0BL G0ABLN =0H53> AB0=>2;5=8O 8 ?><>GL =0< 3;C165 ?>AB8GL 2AN ?>;=>BC A<KA;0 G5;>25G5A:>3> 1KB8O. > MB>9 ?@8G8=5 ?A8E>A8=B57 F5=8B 15A?@>A25B=K5 ?5@8>4K =5 <5=LH5, G5< OA=K5 8 @04>AB=K5. <5AB> B>3>, GB>1K >15I0BL ?>;=>5 8AG57=>25=85 ?@5?OBAB289, >= ?>4G5@:8205B 206=>ABL 8E 8A?>;L7>20=8O :0: ABC?5=5: : @>ABC. = A:;>=O5BAO A:>@59 : A><=5=8N 8 @8A:C, =565;8 : 30@0=B8@>20==>9 157>?0A=>AB8 8 M:AB07C. = ?@54?>G8B05B B2>@G5A:89 15A?>@O4>: >1<0=G82>9 OA=>AB8 703>B>2;5==KE >B25B>2. = =0?><8=05B =0< > =5>1E>48<>AB8 CA8;8O, @02=> :0: 8 =545O=8O. = ?@87=05B 15A:>=5G=>5 <=>3>>1@0785 G5;>25G5A:8E ACI5AB2 8 ?>A5<C =5 >15I05B =8:0:8E AB0=40@B=KE @57C;LB0B>2. >@>G5 3>2>@O, A>7=020O 2AN A;>6=>ABL G5;>25:0 8 2AN 70?CB0==>ABL 53> 687=5==>9 A8BC0F88, ?A8E>A8=B57 =5 ?@54;0305B =8:0:8E C=825@A0;L=KE @5F5?B>2.  :>340 >B =53> B@51>20;8 B0:8E @5F5?B>2, AA046>;8 >BHCG820;AO: "A5;5==0O 2KH;0 B0:>9 A;>6=>9 =5 ?> <>59 28=5". A5 MB> ?>42>48B =0A : @0AA<>B@5=8N A0<>9 1>;LH>9 8, ?>60;C9, A0<>9 >1I5@0A?@>AB@0=5==>9 >?0A=>AB8 =0 ?CB8 A0<>@0728B8O: >4=>AB>@>==>AB8. >340 <K @0728205< :0:CN-B> >4=C A2>N G0ABL 2 CI5@1 >AB0;L=K<,  1C45B ;8 MB> B5;>, GC2AB20, "4CE>2=>ABL" 8;8 GB>-B> 5I5,  G0ABL MB0 =045;O5BAO 2;0ABLN, :>B>@0O 59 =5 ?@8=04;568B ?> ?@02C. =0 <>65B >1@5AB8 45<>=8G5A:85 G5@BK 8 ?@52@0B8BL =0A 2 >3@0=8G5==KE 8;8 4065 D0=0B8G=KE ACI5AB2. 4>@>2>5 8 C@02=>25H5==>5 @0728B85 G5;>25:0 @0A?@>AB@0=O5BAO 2> 2A5E =0?@02;5=8OE: >=> =0?><8=05B A:>@55 H0@, =565;8 ?@O<CN ;8=8N. <5==> ?> MB>9 ?@8G8=5 ?A8E>A8=B57 ?KB05BAO CG8BK20BL 2A5 ?>4;8==> 206=K5 87<5@5=8O G5;>25G5A:>9 687=8, 70125=85 :>B>@KE ;8H05B 55 ?>;=>BK 8 A<KA;0: K@065=85 2>;8 8 ?@>O2;5=85 A0<>AB>OB5;L=>AB8; BB0G820=85 8=B5;;5:B0; 0A;0645=85 :@0A>B>9; 0728B85 2>>1@065=8O; @>1C645=85 8=BC8F88; >AB865=85 ;N128; 0A:@KB85 / 8 53> =07=0G5=8O. ;020 1 !! "' ! ?><>ILN ?A8E>;>38G5A:8E C?@06=5=89, ?@82545==KE 2 MB>9, @02=> :0: 8 2 >AB0;L=KE 3;020E :=838, <K <>65< ?>GC2AB2>20BL, GB> A?>A>1=K C?@02;OBL A2>8<8 ?A8E8G5A:8<8 ?@>F5AA0<8. @C4>20BL <0B5@80;L=K<8 ?@54<5B0<8 4;O =0A C65 2 ?>@O4:5 25I59; B5?5@L <K <>65< =0G0BL 2K@010BK20BL C A51O =02K:8 B0:>3> 65 ?@82KG=>3> 8 459AB25==>3> >1E>645=8O A ?@54<5B0<8 A2>53> 2=CB@5==53> <8@0. A=>2>9 MB>3> ?@>F5AA0 A;C68B @0728B85 =0H59 A?>A>1=>AB8 : A>A@54>B>G5=8N. A;8 :0:0O-;81> D878G5A:0O 8;8 ?A8E8G5A:0O DC=:F8O G5;>25:0 =5 8A?>;L7C5BAO, >=0 0B@>D8@C5BAO. !>E@0=ONBAO ;8HL B5 ?A8E8G5A:85 DC=:F88, 8A?>;L7>20=85 :>B>@KE 2>H;> C =0A 2 ?@82KG:C, 0 >AB0;L=K5 DC=:F88, :>B>@K5 <K =5 C?@06=O5< 8 =5 :C;LB828@C5<, ?>AB5?5==> 8AG570NB. !;54CNI85 <0;5=L:85 C?@06=5=8O, :>B>@K5 <>6=> 2K?>;=OBL 2 ;N1>5 2@5<O 4=O, =5 70=8<0NB <=>3> 2@5<5=8 8 =5 B@51CNB >A>1KE CA;>289.  ",  !" 0:@>9B5 3;070 8 ?@54AB02LB5 A;54CNI55: CG:0 <54;5==> ?8H5B =0 1C<035 20H5 8<O. 4=>7=0G=>5 G8A;>. 0B5< ?@54AB02LB5 42C7=0G=>5 G8A;>, B@5E7=0G=>5 8 B.4., ?>:0 =5 4>AB83=5B5 G8A;0, A>AB>OI53> 87 B0:>3> :>;8G5AB20 F8D@, :>B>@>5 2K 5I5 <>65B5 2845BL. #45@68209B5 MB> G8A;> ?5@54 A2>8< 2=CB@5==8< 27>@>< 2 B5G5=85 2 <8=CB. 07;8G=K5 F25B=K5 D83C@K: 7>;>B>9 B@5C3>;L=8:, D8>;5B>2K9 :@C3, 3>;C10O ?OB8:>=5G=0O 725740 8 B.4. 1AB@0:B=K5 >1@07K, B0:85 :0: 1C:2K 0;D028B0 8;8 G8A;0, <>3CB 1KBL 1>;55 B@C4=K<8 4;O 287C0;870F88, =565;8 7=0:><K5 20< 8;8 ?@82;5:0B5;L=K5 4;O 20A A;>6=K5 >1@07K. >65B >:070BLAO, =0?@8<5@, GB> 20< ;53G5 ?@54AB028BL ;N459, :>B>@KE 2K ;N18B5, G5< 3>;C1>9 B@5C3>;L=8:, 0 ;N18<K9 ?59706  ;53G5, G5< G8A;> 716, =0?8A0==>5 =0 4>A:5 <5;><. > ?> B>9 65 ?@8G8=5 1>;55 ?@>AB>9 8 M<>F8>=0;L=> =59B@0;L=K9 >1J5:B G0AB> >:07K205BAO >A>15==> MDD5:B82=K< 4;O B@5=8@>2:8 2>>1@065=8O. 5 @0AAB@08209B5AL, 5A;8 ?>=0G0;C 2K =5 A<>65B5 2K?>;=8BL 4065 B0:85 ?@>ABK5 2=CB@5==85 459AB28O. -B> 3>2>@8B > B><, GB> ?>4>1=K5 C?@06=5=8O 1C4CB 20< ?>;57=K. >?KB09B5AL :0:>5-B> 2@5<O C45@6820BL 2 A2>5< A>7=0=88 ?@>AB>9 >1@07  E>BO 1K 425 8;8 B@8 <8=CBK. >7<>6=>, MB>B >1@07 87<5=8BAO, 8;8 8AG57=5B, 8;8 2K >1=0@C68B5, GB> 4C<05B5 > G5<-B> 4@C3><. !?>:>9=> 8 B5@?5;82> 2>72@0I09B5 : =5<C 2=8<0=85. -B8 C?@06=5=8O ?>43>B02;820NB 20A : 1>;55 A;>6=K<, >?8A0==K< 2 40;L=59H8E 3;020E. 5A<>B@O =0 8E ?@>AB>BC, >=8 ?@54AB02;ONB A>1>9 =5GB> 1>;LH55, G5< =0G0;L=CN ?>43>B>2:C, 8 <>3CB 1KBL 25AL<0 ?>;57=K A0<8 ?> A515. "",+  !"/ @54AB02LB5 A;54CNI55, A>A@54>B>G820OAL B5?5@L =0 >ICI5=8OE ?@8:>A=>25=8O: K 6<5B5 GLN-B> @C:C. >GC2AB2C9B5 55 :>6C, B5<?5@0BC@C, >:07K205<>5 5N 402;5=85 =0 20HC @C:C. K ?>3;068205B5 :>H:C 8;8 A>10:C. >GC2AB2C9B5 8E H5@ABL. K 45@68B5 ;8<>=. >GC2AB2C9B5 53> ?>25@E=>ABL. @8:>A=>25=85 :: >@5 45@520, ">;L:> GB> 2K?02H5<C A=53C, >25@E=>AB8 F25B:0  >G5=L =56=>, GB>1K =5 ?><OBL 53>, 5A:C, !B@C5 2>4K, 5@KH:C. K?>;=OO MB8 C?@06=5=8O 2?5@2K5, A>2<5I09B5 2K720==K5 B0:B8;L=K5 >ICI5=8O A> 7@8B5;L=K< >1@07>< B>3>, : G5<C 2K ?@8:0A05B5AL, 70B5< ?@54AB02;O9B5 B>;L:> B0:B8;L=K5 >ICI5=8O. >A?@8=8<09B5 ?@54<5BK B>;L:> G5@57 B0:B8;L=K5 >ICI5=8O. ! ?><>ILN MB8E C?@06=5=89 <K <>65< =0CG8BLAO C?@02;OBL A2>8< 2=8<0=85<. -B> =5 B0: ;53:>, :0: <>65B ?>:070BLAO, ?>A:>;L:C =0 =0A 2>7459AB2CNB 2=5H=85 8 2=CB@5==85 >B2;5:0NI85 @074@068B5;8. ! ?><>ILN MB8E C?@06=5=89 <K ?>AB5?5==> ?>9<5<, :0: ?@>8AE>48B A>A@54>B>G5=85 2=8<0=8O, A<5=ONI55 53> >1KG=>5 @0AA5O==>5 A>AB>O=85. /",+  !"/ @54AB02LB5, GB> 2K 24KE05B5 70?0E: 0H8E ;N18<KE 4CE>2, 5=78=0, &25B>2, "@02K, '8AB>3> 3>@=>3> 2>74CE0 2 A>A=>2>< ;5AC, K<0 :>AB@0, :50=0, OBK, !25658A?5G5==>3> E;510. !""'!  !"/  A59G0A 4;O ?>;CG5=8O :8=5AB5B8G5A:8E >ICI5=89, 1;03>40@O :>B>@K< <K A>7=05< A2>5 B5;> 8 53> 42865=8O, ?@54AB02LB5, GB> 2K: 45B5, 0 ?>B>< 1568B5 24>;L 15@530 ?> ?;O6C: ?>GC2AB2C9B5 :064>5 42865=85 A2>8E <KHF. 545B5 <0H8=C: >BG5B;82> ?>GC2AB2C9B5 :064>5 42865=85, A>25@H05<>5 ?@8 ?>2>@>B5 @C;O, ?@8 =060B88 =0 ?540;8 ;0205B5, 83@05B5 2 B5==8A, 10A:5B1>; 8;8 4@C3>9 20H ;N18<K9 284 A?>@B0. C18B5 4@>20. #!+  !"/ @54AB02LB5 2:CA, B5<?5@0BC@C 8 ?;>B=>ABL: 0=0=0, 8A;>3> <>;>:0, @5E0, 718B>3> :@5<0. @54AB02LB5, GB> 2K A048B5AL 70 AB>; 8 548B5 A2>5 ;N18<>5 1;N4>. 1@0I09B5 2=8<0=85 =0 2:CA 8 ?;>B=>ABL :064>3> 3;>B:0, :CA:0. 'B> 2K GC2AB2>20;8, 2K?>;=OO MB8 C?@06=5=8O? !5@L57=>5 =0?><8=0=85: :@09=5 206=> =5 =0?@O30BLAO. 48= >?KB=K9 D5EB>20;LI8: 3>2>@8;: "5@68B5 @0?8@C, A;>2=> ?B8FC: =5 A;8H:>< :@5?:>, GB>1K ?B8G:0 =5 704>E=C;0AL, 8 =5 A;8H:>< A2>1>4=>, GB>1K >=0 =5 C?>@E=C;0". -B> ?@028;> ?@8;>68<> 8 :> 2=8<0=8N. 420 ?>GC2AB2>202 =0?@O65=85 ?@8 2K?>;=5=88 C?@06=5=89, >AB0=>28B5AL. B8G:0 =0G8=05B 704KE0BLAO. 0: B>;L:> C< =0G0; 1;C640BL  AB>?. B8G:0 C;5B5;0. !#%+  !"/ 5:>B>@K< ;N4O< 3>@074> A;>6=55 2K720BL A;CE>2K5 ?@54AB02;5=8O, G5< ?@54AB02;5=8O, A2O70==K5 A 4@C38<8 >@30=0<8 GC2AB2. "5< =5 <5=55 ?>4>1=K5 C?@06=5=8O B0:65 ?>2KH0NB >AB@>BC =0H53> 2>A?@8OB8O 459AB28B5;L=KE, =5 2>>1@0605<KE @074@068B5;59. 0:@>9B5 3;070 8 ?@8A;CH09B5AL : A;54CNI8< 2>>1@0605<K< 72C:0<: >;>A, ?@>87=>AOI89 20H5 8<O, (C< B@0=A?>@B0, (C< 4>64O, >;>A0 ;N459 =0 25G5@8=:5, >;=K, =01530NI85 =0 15@53, 3@0NI85 45B8, !:@8? 425@8, 2C: 3>=30, <54;5==> @0AB2>@ONI89AO 2 157<>;288. ;020 2 "!    5AA>7=0B5;L=>5 ?> >?@545;5=8N ?@54AB02;O5B BC =0HC G0ABL, :>B>@0O =54>ABC?=0 =5?>A@54AB25==><C >A>7=0=8N. K <>65< C7=0BL, GB> 745AL ?@>8AE>48B, B>;L:> 1;03>40@O A;CG09=K< ?@>O2;5=8O<, 2@>45 >3>2>@>:, 8;8 A ?><>ILN A?5F80;L=KE <5B>48:, ?@54=07=0G5==KE 4;O >1E>40 F5=7C@K A>7=0=8O: 0=0;870 A=>2845=89, >1@07>2 2>>1@065=8O, ?>G5@:0, 42865=89 B5;0, A2>1>4=KE 0AA>F80F89, @57C;LB0B>2 2AO:>3> @>40 B5AB>2, :;NG52KE A;>2 8 B.?.  MB><C <>6=> 4>1028BL 8 A2>1>4=K9 @8AC=>: :0:, ?>60;C9, A0<K9 ;53:89 8 ?@0:B8G=K9 <5B>4.  A2>1>4=>< @8AC=:5 <K 87>1@0605< 2A5, GB> ?@8E>48B =0< 2 3>;>2C, =5 >1@0I0O 2=8<0=8O =0 B>, GB> 8 :0: <K @8AC5<. 0B5< <K A<>B@8<, GB> 2KH;>, 8 ?KB05<AO MB>B @8AC=>: ?@>8=B5@?@5B8@>20BL. 57C;LB0BK B0:>9 @01>BK <>3CB 1KBL A;54CNI8<8: G8I5=85. K @0AF5=8205< =54>AB0B>: D878G5A:>9 38385=K :0: =5F828;87>20==>ABL.  :0: =0AG5B ?A8E8G5A:>9 38385=K? !>2@5<5==0O F828;870F8O ?@>2>F8@C5B <0AAC GC2AB2 8 2 B> 65 2@5<O ?>402;O5B 8E 2K@065=85.  @57C;LB0B5 MB>B ?>402;5==K9 M<>F8>=0;L=K9 <0B5@80; >?@545;O5B =0H8 CAB0=>2:8, 1;>:8@C5B A2>1>4=>5 B5G5=85 M=5@388 2 =0H59 ?A8E>D878G5A:>9 A8AB5<5 8 2K7K205B @07=K5 <5;:85 8 :@C?=K5 >B:;>=5=8O. !2>1>4=K9 @8AC=>: =045;O5B 7@8<K< 2=5H=8< >1@07>< A:>2K20NICN =0A 87=CB@8 ?A8E8G5A:CN M=5@38N 8 >A;01;O5B B5< A0<K< 55 E20B:C. >=8<0=85. 01;N40O ?@>O2;5=85 MB8E A8;, >?@54<5G5==KE =0 1C<035, <K <>65< ?>;CG8BL ;CGH55 ?@54AB02;5=85 > A2>8E 2=CB@5==8E <8@0E. 18B0NI85 745AL 15AA>7=0B5;L=K5 A8;K 2;8ONB =0 =0H5 ?>2545=85 =57028A8<> >B B>3>, 7=05< <K > =8E 8;8 =5B. >=8<0=85 87>1@065=89, :>B>@K5 2>7=8:0NB 2 E>45 A2>1>4=>3> @8AC=:0, ?>72>;O5B >A>7=0BL, GB> >?@545;O5B =0H8 459AB28O 8 CAB0=>2:8. A2>1>645=85. >=8<0=85 2545B : >A2>1>645=8N >B :>=B@>;O 15AA>7=0B5;L=KE M=5@389, A;5?> 8 02B><0B8G=> C?@02;ONI8E =0<8. !+ !# >7L<8B5 F25B=K5 :0@0=40H8 8;8 D;><0AB5@K 8 =5A:>;L:> ;8AB>2 1C<038. @5645 G5< ?@8ABC?8BL : @8AC=:C, ?>72>;LB5 A515 =0 =5A:>;L:> A5:C=4 @0AA;018BLAO, CA?>:>8BLAO. "5?5@L ?CABL @C:0 =0G=5B @8A>20BL. ! C<5@5==K< ;N1>?KBAB2>< A;548B5 70 B5<, GB> ?>O2;O5BAO =0 1C<035. >72>;LB5 @C:5 @8A>20BL 2A5, GB> 59 701;03>@0AAC48BAO, 01AB@0:B=>5 8;8 :>=:@5B=>5. 0G5AB2> @8AC=:0 7=0G5=8O =5 8<55B, 4065 5A;8 >= =5 A>>B25BAB2C5B 20H8< =K=5H=8< ?@54AB02;5=8O< > A515.  ?CABL @C:0 42865BAO :0: E>G5B  ?;02=> 8;8 >B@K28AB>, 1KAB@> 8;8 <54;5==> 8 B.4. >340 2K ?>GC2AB2C5B5, GB> 70:>=G8;8, 87CG8B5 A2>9 @8AC=>:. 59AB28B5;L=> ;8 >= 70:>=G5=, 8;8 65 5<C =54>AB05B ?>A;54=53> HB@8E0? A;8 40, B> 4>102LB5 2A5, GB> E>B8B5. !2>9 @8AC=>: =C6=> ?@8=OBL :0: G5;>25:0, ?@81K2H53> 87 40;L=59 AB@0=K, >1KG08 :>B>@>9 A8;L=> >B;8G0NBAO >B ?@8=OBKE 2 =0H59 A>1AB25==>9. <5AB> B>3>, GB>1K >F5=820BL A2>9 @8AC=>:, =C6=> ?@8A;CH0BLAO : B><C, GB> >= @0AA:07K205B. = <>65B A>>1I8BL =0< =5GB> =>2>5, >B;8G=>5 >B B>3>, GB> 8725AB=> =0H5<C ?>25@E=>AB=><C C<C. K ?KB05<AO 2>9B8 2 @57>=0=A A> A2>8< @8AC=:><, 8=BC8B82=> ?>GC2AB2>20BL, GB> >= =0< > =0A @0AA:07K205B. 0B5< <K A=>20 A<>B@8< =0 @8AC=>:, =0 MB>B @07 0=0;878@CO 53>.  :0:>9 <0=5@5 >= 2K?>;=5= (?>-45BA:8, =5@2=>, <5E0=8G=> 8 B.4.)? 0: 8A?>;L7>20= F25B (F25B=>9 8;8 =5B, O@:89 8;8 ?0AB5;L=K9, 2 A25B;KE 8;8 B5<=KE B>=0E 8 B.4.)? 0: 8A?>;L7>20=> ?@>AB@0=AB2> ;8AB0 (=5 E20B8;> <5AB0, >AB0;>AL =570?>;=5==K<, >@30=87>20=> 8;8 8A?>;L7>20=> 15A?>@O4>G=>)? !B0B8G=K9 8;8 48=0<8G=K9 @8AC=>: (5A;8 5ABL 42865=85, ?;02=>5 >=> 8;8 ?@5@K28AB>5, A45@60==>5 8;8 AB@5<8B5;L=>5 8 B.4.)? 0:>2K 2708<>>B=>H5=8O <564C M;5<5=B0<8 (?@>B82>AB>OB 4@C3 4@C3C, B5A=OBAO, B0=FCNB 2<5AB5 8;8 =0@8A>20=K >B45;L=>)? 0:>2> >1I55 =0AB@>5=85 (<@0G=>5, =0?@O65==>5, @04>AB=>5 8 B.4.)? @8402 2=CB@5==8< A8;0< 7@8<K5 D>@<K, <K ?KB05<AO ?5@525AB8 MB8 D>@<K =0 ?@>AB>9 ?>=OB=K9 O7K:. :@0A:0, >G5@B0=8O 8 @07;8G=K5 45B0;8 <>3CB ?@>1C640BL C =0A F5?8 A2>1>4=KE 0AA>F80F89, B>=:85, 5420 C;>28<K5 GC2AB20, 701KBK5 2>A?><8=0=8O, 8=BC8B82=K5 ?@>1;5A:8. '5@57 =5:>B>@>5 2@5<O <K >B:;04K205< @8AC=>: 8 ?8H5<, GB> ?@8E>48B =0 C<. 45AL A;54C5B CB>G=8BL, GB> 8=B5@?@5B0F8O  =5GB> 1>;LH55, =565;8 ?@>AB> 8=B5;;5:BC0;L=0O >?5@0F8O; GB> 4;O =55 =5 B@51C5BAO A?5F80;L=>3> :>40 @0AH8D@>2:8 @8AC=:0; GB> MB> >70@5=85, 0 =5 @0AAC645=85. =0 <>65B >1>30B8BL =0H5 2>A?@8OB85 @8AC=:0.  4065 5A;8 =0H8 @8AC=:8 >AB0=CBAO 4;O =0A =5 1>;55 G5< 15AA<KA;5==K<8 85@>3;8D0<8, <K ?> :@09=59 <5@5 C4>2;5B2>@8< G0AB8G=> >4=C 87 A2>8E 687=5==KE ?>B@51=>AB59  ?>B@51=>ABL 2 A0<>2K@065=88. !45;02 =5A:>;L:> A2>1>4=KE @8AC=:>2, <>6=> 70<5B8BL ?>O2;5=85 <=>65AB20 D>@<. >6=> >1=0@C68BL 87>1@065=8O F25B>2 @O4>< A 45<>=0<8, , 1573>;>2KE ;N459, 3830=BA:8E <C@02L52, =57=0:><K5 ;8F0 8 B.4. ;03>40@O MB><C, <K A>7=05< =525@>OB=>5 @07=>>1@0785 70:;NG5==KE 2=CB@8 =0A M=5@389. 064CN 87 =8E <>6=> @0AA<0B@820BL :0: A0<>5 =0AB>OI55 ?A8E8G5A:>5 ACI5AB2>, :0: >18B0B5;O =0H59 ?A8E8:8, 682CI53> A2>59 A>1AB25==>9 687=LN.  B>B D0:B, GB> 2 >1KG=>< A>AB>O=88 <K MB>9 687=8 =5 2848<, =5 >7=0G05B, GB> 55 =5B. 5 A;54C5B >6840BL, 2?@>G5<, GB> <0B5@80; >4=>3> @8AC=:0 <>65B @0A:@KBL =0< B09=K =0H53> 2=CB@5==53> <8@0. 01>B0 MB0 :@>?>B;820 8 4;8B5;L=0. >AB5?5==> <K @0A?>7=05< A2>8 15AA>7=0B5;L=K5 =0AB@>5=8O 8 ?>1C645=8O. 59AB28B5;L=>, F5==K5 @57C;LB0BK <>6=> ?>;CG8BL, ;8HL A45;02 A5@8N A2>1>4=KE @8AC=:>2. ;02=K5 B5<K 1C4CB ?>O2;OBLAO >?OBL 8 >?OBL 2 @07=KE D>@<0E.  =0:>=5F <>65B A;CG8BLAO, GB> 2> 2@5<O A5@88 @8AC=:>2, 2K?>;=5==KE 70 :>@>B:>5 2@5<O, ?@>87>945B 8AB8==0O B@0=AD>@<0F8O, GB> =0 1C<035 2>?;>B8BAO =5:>5 =>2>5 GC2AB2>, :>B>@>5 ?>72>;8B 2K9B8 =0 A25B A>7=0=8O @0=55 A:@KBK< C@>2=O< =0H53> ACI5AB20. 1@5BO =5:>B>@K9 >?KB @8A>20=8O, <K <>65< ?@>4>;68BL 8AA;54>20BL A51O 2 B@5E =0?@02;5=8OE: B5;>42865=8O, 2>>1@065=85 8 ?8AL<>. 0: 8 2 ?@54K4CI5< A;CG05, MB> 8AA;54>20=85 <>65B 1KBL A2>1>4=K< 8;8 =0F5;5==K< =0 >?@545;5==K5 B5<K 8;8 1;>:8. 01;N40O 42865=8O A2>53> B5;0, <K C;02;8205< >@30=8G5A:89 @57>=0=A, >B:;8: B>3> 8;8 8=>3> ?A8E>;>38G5A:>3> 1;>:0 8;8 A>45@60=8O =0 D878G5A:>< C@>2=5, 0 70B5< =0<5@5==> 2K@0605< 53> 2 ?>75 8;8 42865=88, :0: 5A;8 1K 1K;8 AB0BC59, A8<2>;878@CNI59 MB>B 1;>:, 8;8 B0=F>@><, 45<>=AB@8@CNI8< 53> 2 A2>5< B0=F5. ;03>40@O MB><C, <K ;CGH5 ?>=8<05< MB>B 1;>:. A>1CN ?>;L7C >B B0:>9 @01>BK ?>;CG0NB ;N48, 1>;55 A2O70==K5 A> A2>8< B5;><, G5< 4@C385, B0: :0:, @01>B0O =0 G8AB> ?A8E>;>38G5A:>< C@>2=5, 8< =5 2A5340 C405BAO C;>28BL, GB> ?@>8AE>48B C =8E 2=CB@8. AA;54>20=85 2>>1@065=8O A>AB>8B 2 B><, GB>1K ?@840BL ?A8E>;>38G5A:><C A>45@60=8N, A :>B>@K< <K @01>B05<, :>=:@5B=CN D>@<C, 4>ABC?=CN =0H5<C 2=CB@5==5<C 27>@C. !:065<, <K @01>B05< A> AB@0E><. 0:>3> >= F25B0? 0:>3> >= @07<5@0 8 :0:>2K 53> >G5@B0=8O? 0: >= @5038@C5B =0 =0H5 ?@8:>A=>25=85? 0: >= ?0E=5B? 0: >= 72CG8B, 8 5A;8 C =53> 5ABL 3>;>A, B> GB> >= =0< A>>1I05B? ;03>40@O MB><C, 2 G5;>25:5 <>3CB ?@>8AE>48BL 7=0G8B5;L=K5 87<5=5=8O, >A>15==> 2 A;CG0OE @01>BK A 2K@065=85 >B@8F0B5;L=K<8 >1@070<8. G5=L G0AB> <>8 :;85=BK 2AB@5G0NBAO A >AL<8=>30<8, <KH0<8, ;5BCG8<8 <KH0<8, 3830=BA:8<8 ?0C:0<8, <>=AB@0<8 @07;8G=>9 D>@<K 8 >1;8:0, :>;4C=0<8, 254L<0<8 8 2AO:>9 4@C3>9 =5G8ABLN. 0: ?@028;>, >=8 8E ?C30NBAO. / =587<5==> ?@>HC 8E ?@>AB> A<>B@5BL 2 ;8F> MB8< CAB@0H0NI8< A>740=8O<, ?@82K:=CBL : =8<, ?>=OBL 8E, ?>A;CH0BL 8E C25I520=8O. !5:@5B 2 B><, GB>1K 8<5BL <C65AB2> 2AB@5B8BLAO A >B@8F0B5;L=K< >1@07>< ;8F>< : ;8FC 8 B5@?5=85 >AB0BLAO A =8<. G5=L G0AB> ?>A;5 4>AB0B>G=> ?@>4>;68B5;L=>3> :>=B0:B0 A >B@8F0B5;L=K< >1@07>< 8 A2>1>4=>3> ?@>O2;5=8O A>>B25BAB2CNI8E GC2AB2 ?@>8AE>48B 53> ?@5>1@07>20=85. 4=0:>, 5A;8 =5:>B>@K9 >1@07 ?@>4>;605B =5A<>B@O =0 MB> =02>48BL AB@0E, O ?@54;030N 53> =0@8A>20BL. K@065==K9 >1@07 <>65B 1>;55 ?>;=> @0A:@KBL A51O 8 ?>425@3=CBLAO 70:>=><5@=>9 B@0=AD>@<0F88 2 =5GB> 1>;55 C4>1>20@8<>5. =>340 ?>;57=> @01>B0BL >4=>2@5<5==> A B5;>< 8 A >1@070<8, ;81> =0G8=0O A B5;5A=KE >ICI5=89 8 C65 70B5< 2K7K20O A>>B25BAB2CNI85 8< >1@07K, ;81> A>7=020O >A>1K5, 5420 C;>28<K5 @50:F88 >@30=87<0, :>B>@K5 <>3CB 2>7=8:0BL 2> 2@5<O @01>BK A >1@070<8. "@5B89 <5B>4, ?8AL<>, <>65B 1KBL 3>@074> 1>;55 MDD5:B82=K<, G5< <>65B ?>:070BLAO ?>=0G0;C. A;8 <K =0G=5< A2>1>4=> ?8A0BL > B><, GB> =0< 8=B5@5A=>, B> C2848<, GB> 2K@0605< 25I8 =5 B0:, :0: 4C<0;8 > =8E @0=LH5. 0< ?@8E>48BAO 87;030BL =0 1C<035 B>, GB> @0=55 ?@54?>;030;>AL, 8 2A;54AB285 MB>3> ?@>OA=OBL 4;O A51O 872;5G5==>5 =0 A25B 1>689 A>45@60=85 A2>53> A>7=0=8O. ;03>40@O MB><C, <K <>65< ?@89B8 : =>2K< 70:;NG5=8O< 8 845O<.  B><, GB> 15AA>7=0B5;L=K9 <0B5@80; B0: ;53:> 2A?;K205B 2> 2@5<O ?8AL<0, =5B =8G53> C4828B5;L=>3>. 564C 15AA>7=0B5;L=K< 8 A>7=0=85< =5B =8:0:>9 G5B:>9 3@0=8FK, =0?@>B82, <564C =8<8 ?@>8AE>48B ?>AB>O==>5 2708<>459AB285. 8AL<> AB8<C;8@C5B MB> 2708<>459AB285, ?>72>;OO =0< =01;N40BL 53>, ?>=8<0BL 8 C?@02;OBL 8<. 5@2K< MB0?>< 2> 2A5E B@5E <5B>40E A;C68B A>7=020=85. #65 ?>A;5 >4=>3> 7=0:><AB20 A =0H8<8 >3@0=8G5=8O<8 8 >1J5:B82=>3> 8E @0AA<>B@5=8O GB>-B> 87<5=8BAO, 81> A0< 0:B 2KO2;5=8O 8 2A5AB>@>==53> @0AA<>B@5=8O B>3> 8;8 8=>3> ?A8E>;>38G5A:>3> AB5@5>B8?0 <5=O5B 53>. >A;5 MB>3> ?5@2>3> MB0?0 AB0=>28BAO 2>7<>6=>9 70<5=0 =5?@>4C:B82=KE 8 4065 @07@CH8B5;L=KE B5=45=F89 =0 1>;55 ?@>4C:B82=K5. K A>7405< =>2K9 :0=0; 4;O A8;, GB> ?>4>1=> ?@>:;04K20=8N =>2>9 B@>?K 2 46C=3;OE. >94O ?> =>2><C :0=0;C, 3=52, =0?@8<5@, <>65B ?@5>1@07>20BLAO 2 CB25@645=85 A2>53> ?@020 1KBL A>1>9, 871KB>G=0O GC2AB28B5;L=>ABL O28B A51O :0: ;N1>2L, 0 C?@O<AB2>  :0: =0AB>9G82>ABL. 0: 1C45B ?>:070=> 40;55, =0H0 7040G0 A>AB>8B 2 B><, GB>1K 2>A?>;L7>20BLAO =04;560I8<8 A@54AB20<8 8 A?>A>1AB2>20BL ?@>@0AB0=8N 75@5= MB8E 5AB5AB25==KE :0G5AB2, ?@8ACBAB2CNI8E 2 ;N1>< ?> 2848<>AB8 >B@8F0B5;L=>< M;5<5=B5 =0H53> 2=CB@5==53> <8@0. ;020 3  "+ @5645 G5< 84B8 40;LH5, 40209B5 ?>7=0:><8<AO 2 >1I8E G5@B0E A @07;8G=K<8 87<5@5=8O<8 2=CB@5==53> <8@0, :>B>@K5 <K 1C45< 8AA;54>20BL, 8 A >A=>2=K<8 B5@<8=0<8, :>B>@K5 <K 1C45< 8A?>;L7>20BL 4;O 8E >?8A0=8O. ! MB>9 F5;LN <K 2>A?>;L7C5<AO 42C<O :0@B0<8, =0 :>B>@KE =0H 2=CB@5==89 <8@ ?@54AB02;5= 2 >1>7@8<><, AE5<0B878@>20==>< 2845. 5@20O :0@B0-AE5<0, :>B>@CN AA046>;8 =0720; "O9F><" (@8A. 1), ?@54AB02;O5B =0HC ?A8E8:C 2 F5;><. "@8 3>@87>=B0;L=K5 G0AB8 >20;0 >1>7=0G0NB =0H5 ?@>H;>5, =0AB>OI55 8 1C4CI55. 87H55 15AA>7=0B5;L=>5 (1) ?@54AB02;O5B 3;02=K< >1@07>< ?@>H;>5 =0H59 ?A8E8:8, ?@8ACBAB2CNI55 2 =59 2 D>@<5 ?>402;5==KE :><?;5:A>2 8 402=> 701KBKE 2>A?><8=0=89. 0: 1K;> ?>:070=> 2 ?@54K4CI59 3;025, 5A;8 <K E>B8< A>7=0B5;L=> A>459AB2>20BL A2>5<C @>ABC, =0< =C6=> 8AA;54>20BL A2>5 =87H55 15AA>7=0B5;L=>5.  ?@>B82=>< A;CG05 >=> <>65B AB0BL 8AB>G=8:>< ?@>1;5<, E@0=8;8I5< ?>402;5==>9 M=5@388, :>B>@0O :>=B@>;8@C5B =0H8 ?>ABC?:8 8 ;8H05B =0A A2>1>4K. !@54=55 15AA>7=0B5;L=>5 (2)  MB> >1;0ABL, 345 ?@51K20NB 2A5 =0H8 ?A8E>;>38G5A:85 =02K:8 8 A>AB>O=8O, :>B>@K5 <>3CB 1KBL ?@>872>;L=> ?5@5=5A5=K 2 ?>;5 A>7=0=8O (4), 345 2 40==K9 <><5=B C 20A =0E>48BAO MB0 :=830 8 A;>20, :>B>@K5 2K G8B05B5. 0H5 M2>;NF8>==>5 1C4CI55 A>45@68BAO 2 >1;0AB8 B0: =07K205<>3> A25@EA>7=0B5;L=>3> (3). > A;>20< AA046>;8, "87 MB>9 >1;0AB8 =0< O2;ONBAO 2KAH85 D>@<K 8=BC8F88 8 24>E=>25=8O  EC4>65AB25==>3>, D8;>A>DA:>3> 8 =0CG=>3>,  MB8G5A:85 "8<?5@0B82K", AB@5<;5=85 : G5;>25G=K< 8 35@>8G5A:8< ?>ABC?:0<. -B> 8AB>G=8: B0:8E 2KAH8E GC2AB2, =0?@8<5@, :0: 0;LB@C8AB8G5A:0O ;N1>2L; MB> 8AB>G=8: B0;0=B0, 0 B0:65 A>AB>O=89 A>75@F0=8O, ?@>A25B;5=8O 8 M:AB070". AA;54>20=85 A25@EA>7=0B5;L=>3>  >4=0 87 25;8G09H8E =0H8E 7040G. INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy02/000/img1.gif" \* MERGEFORMATINET 1. 87H55 15AA>7=0B5;L=>5 2. !@54=55 15AA>7=0B5;L=>5 3. !25@EA>7=0B5;L=>5 4. >;5 A>7=020=8O 5. 8G=>5 "O" 6. 04;8G=>5 / 7. >;;5:B82=>5 15AA>7=0B5;L=>5  8A. 1. 0H0 ?A8E8:0 07;8G85 <564C "=87H8<" 8 "2KAH8<" 15AA>7=0B5;L=K< 8;8 A25@EA>7=0B5;L=K<,  MB> 2>?@>A @0728B8O, 0 =5 <>@0;8. 87H55 15AA>7=0B5;L=>5 =07K205BAO "=87H8<" ?@>AB> ?>B><C, GB> >=> ?@54AB02;O5B A0<CN =0G0;L=CN, B0: A:070BL, 8AE>4=CN =0HC G0ABL. => =5 ?;>E>5, >=> ?@>AB> 1>;55 @0==55. 0?@>B82, A25@EA>7=0B5;L=>5 2:;NG05B 2A5 B>, G53> <K <>65< 4>AB8GL 2 ?@>F5AA5 @0728B8O. 4=0:> MB> =5 ?@>AB> 01AB@0:B=0O 2>7<>6=>ABL, 0 6820O @50;L=>ABL A> A2>8<8 A>1AB25==K<8 A8;0<8 8 70:>=0<8. 0H0 ?A8E8:0 =5 87>;8@>20=0. 5 ><K205B <>@5, :>B>@>5 0@; .=3 =07K20; ":>;;5:B82=K< 15AA>7=0B5;L=K<" (7). > .=3C, :>;;5:B82=>5 15AA>7=0B5;L=>5 5ABL "?@54?>AK;:0 :064>9 8=48284C0;L=>9 ?A8E8:8, ?>4>1=> B><C, :0: <>@5 5ABL ?@54?>AK;:0 :064>9 >B45;L=>9 2>;=K". 1@0B8B5 2=8<0=85, GB> 2A5 ;8=88 =0 AE5<5 2K?>;=5=K ?C=:B8@><, GB>1K ?>4G5@:=CBL >BACBAB285 @57:8E 3@0=8F, ?@5?OBAB2CNI8E 2708<>459AB28N <564C C@>2=O<8. B> 2>A?@8=8<05B 2A5 ?5@5G8A;5==K5 C@>2=8? -B> 45;05B "O". 0 @0==8E AB048OE @0728B8O G5;>25: 5I5 =5 A>7=05B A51O :0: "O". >;LH8=AB2> 87 =0A 2 1>;55-<5=55 BC<0==>9 A<CB=>9 D>@<5 C65 A>7=05B A51O. 0H0 7040G0  >1@5AB8 MB>B >?KB 2 G8AB>< 2845, >A>7=0BL A51O A> 2A59 OA=>ABLN :0: "O", ;8G=>5 "O" (5). 0H5 ;8G=>5 "O" ?@54AB02;O5B A>1>9 >B@065=85 =04;8G=>3> / (6), 4>AB0B>G=>5, GB>1K 40BL =0< >ICI5=85 A2>53> F5=B@0;L=>3> ?>;>65=8O 2 ;8G=>AB8 8 GC2AB2> A0<>B>645AB25==>AB8 (O  MB> O). => >18B05B 2 ;8G=>AB8, B> 5ABL =0 8=48284C0;L=>< C@>2=5, 8 <>65B =0CG8BLAO @53C;8@>20BL @07;8G=K5 55 M;5<5=BK, 0 B0:65 C?@02;OBL 8<8. !>7=020=85 ;8G=>3> "O"  70;>3 ?A8E8G5A:>3> 74>@>2LO. B>645AB2;5=85 A =04;8G=K< /  A>1KB85 4>AB0B>G=> @54:>5; 4;O =5:>B>@KE MB>  2KAH0O B>G:0 <=>3>;5B=59 @01>BK =04 A>1>9, 4;O 4@C38E  87 @O40 2>= 2KE>4OI55 =5?@>872>;L=>5 ?5@56820=85. !>E@0=OO GC2AB2> 8=48284C0;L=>AB8, =04;8G=>5 / B5< =5 <5=55 >18B05B =0 C@>2=5 2A5>1I53>, 345 ;8G=K5 ?;0=K 8 8=B5@5AK >BABC?0NB =0 ?5@8D5@8N 1>;55 H8@>:>3> 2845=8O F5;>3>. >AB865=85 =04;8G=>3> /  ?@87=0: 4CE>2=>3> A>25@H5=AB20. > ACB8 45;0 ;8G=>5 "O" 8 =04;8G=>5 / ?@54AB02;ONB A>1>9 >4=> 8 B> 65, ?5@568205<>5 =0 @07=KE C@>2=OE,  =0HC 8AB8==CN ACI=>ABL, 70?@545;L=CN 2A5< <0A:0< 8 CA;>2=>ABO<. INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy02/000/img2.gif" \* MERGEFORMATINET 1. ICI5=8O 2. -<>F88-GC2AB20 3. <?C;LAK-65;0=8O 4. >>1@065=85 5. KH;5=85 6. =BC8F8O 7. >;O 8. 8G=>5 "O"  8A. 2 B>@0O :0@B0-AE5<0, :>B>@CN AA046>;8 =0720; "72574>9" (@8A. 2), ?@54AB02;O5B =0H8 ?A8E8G5A:85 DC=:F88. =0 ?@8720=0 ?@>OA=8BL 4@C385 AB>@>=K =0H53> 2=CB@5==53> <8@0, 2 G0AB=>AB8, >B=>H5=8O @O40 ?A8E8G5A:8E DC=:F89 A 2>;59.  ?@>F5AA5 ?A8E>A8=B570 ;8G=>ABL ?5@5E>48B 87 A>AB>O=8O @07=>3>;>A>9 B>;?K ?@>B82>@5G82KE B5=45=F89 2 A>AB>O=85 30@<>=8G=>3> F5;>3>, >A<KA;5==> >@30=87>20==>3> 2>:@C3 548=>3> F5=B@0  "O". ! ?><>ILN 2>;8 "O" <>65B C?@02;OBL 70B5< ;N1>9 87 DC=:F89 MB>3> ?A8E>D878>;>38G5A:>3> >@30=87<0. ;020 4 !" "" 4=> 87 A0<KE 2@54=KE 701;C645=89  ?@54AB02;5=85 > A515 :0: > =545;8<><, =587<5==>< 8 2> 2A5< ?>A;54>20B5;L=>< ACI5AB25. #1548BLAO 2 B><, GB> 25@=> >1@0B=>5,  >4=0 87 ?5@2KE 7040G, AB>OI8E ?5@54 =0<8 =0 ?CB8 ?A8E>A8=B570. K ;53:> <>65< C1548BLAO 2 A2>59 <=>3>7=0G=>AB8, >A>7=02, :0: G0AB> <K <5=O5< A2>N >1ICN :0@B8=C <8@0, A<5=OO ?@8=OBCN <>45;L 2A5;5==>9 A B>9 65 ;53:>ABLN, A :0:>9 <5=O5< =0@O4K. >MB><C 8 687=L 2@5<5=0<8 :065BAO =0< 1>;>B><, 2@5<5=0<8 3>=:0<8, ?@8:;NG5=85<, :>H<0@><, 70304:>9, :0@=020;>< 8 B.4. 07;8G=K5 <>45;8 <8@0 ?>-@07=><C >:@0H820NB =0H5 2>A?@8OB85 8 2;8ONB =0 =0H >1@07 687=8. ;O :064>9 87 =8E <K 2K@010BK205< A>>B25BAB2CNI89 >1@07 A51O, A8AB5<C ?>7 8 65AB>2, GC2AB2, ?>ABC?:>2, A;>2, ?@82KG5: 8 <=5=89. -B0 A>2>:C?=>ABL M;5<5=B>2 >1@07C5B =5GB> 2@>45 ;8G=>AB8 2 <8=80BN@5 8;8, :0: <K 1C45< =07K20BL 55, AC1;8G=>ABL. !C1;8G=>AB8  MB> ?A8E>;>38G5A:85 >1@07>20=8O, ?>4>1=K5 682K< ACI5AB20<, A>ACI5AB2CNI8< 2 >1I5< ?@>AB@0=AB25 =0H59 ;8G=>AB8. 0640O AC1;8G=>ABL 2545B A>1AB25==K9 AB8;L 687=8 8 8<55B A2>8 A>1AB25==K5 4286CI85 <>B82K, 70G0ABCN >B;8G=K5 >B AB8;O 687=8 8 <>B82>2 4@C38E AC1;8G=>AB59. >2>@O A;>20<8 ?>@BC30;LA:>3> ?>MB0 $5@=0=4> 5AA>: " :064>< C3;C 4CH8 <>59 0;B0@L 8=><C 1>65AB2C".  :064>< 87 =0A  B>;?0. 45AL <>3CB 1KBL 1C=B0@L 8 <KA;8B5;L, A>2@0B8B5;L 8 4><>E>7O9:0, A01>B06=8: 8 MAB5B, >@30=870B>@ 8 4>1@O:  :064K9 A> A2>59 <8D>;>3859, 8 2A5 >=8 1>;55 8;8 <5=55 1;03>?>;CG=> 2B8A=CBK 2 >4=>3> G5;>25:0. 5@54:> >=8 >B=>AOBAO 4@C3 : 4@C3C =5 A0<K< ;CGH8< >1@07><. 0: 3>2>@8B AA046>;8: "5A:>;L:> AC1;8G=>AB59 ?>AB>O==> 45@CBAO: 8<?C;LAK, 65;0=8O, ?@8=F8?K, AB@5<;5=8O 2>2;5G5=K 2 15A:>=5G=CN 1>@L1C". +/ !#'!" K =0G=5< A 2KO2;5=8O A2>8E 3;02=KE AC1;8G=>AB59; 7=0:><AB2> A =8<8 ?>72>;8B =0< 2ABC?8BL =0 4>;389 ?CBL : >1@5B5=8N A?>A>1=>AB8 C?@02;OBL 8E M=5@38O<8 8, 2 :>=5G=>< AG5B5, ?@82>48BL 8E : A>3;0A8N. !;54CNI55 C?@06=5=85 ?>7=0:><8B 20A A :>=F5?F859 AC1;8G=>AB59 =0 <0B5@80;5 20H53> ;8G=>3> >?KB0. 0AA<>B@8B5 >4=C 87 A2>8E E0@0:B5@=KE G5@B, CAB0=>2>: 8;8 <>B82>2. 0:@K2 3;070, =0G=8B5 A>7=020BL MBC A2>N G0ABL. 0B5< 409B5 2>7=8:=CBL ?@54AB02;ONI5<C 55 >1@07C. -B> <>65B 1KBL 65=I8=0, <C6G8=0, 682>B=>5, M;LD, ?@54<5B, 2K A0<8 2 <0A:5, GC4>28I5 8;8 GB>-=81C4L 5I5. 5 ?KB09B5AL A>7=0B5;L=> ?>4KA:0BL :0:>9-B> >1@07. CABL >= ?>O28BAO A0< A>1>9, :0: 5A;8 1K 2K A<>B@5;8 =0 M:@0= 8 =5 7=0;8, GB> =0 =5< 2A:>@5 2>7=8:=5B. 0: B>;L:> >1@07 ?>O28BAO, ?>72>;LB5 5<C @0A:@KBL A51O 20<, =8:0: 2 MB> =8 2<5H820OAL 8 =5 4020O =8:0:8E >F5=>:. >72>;LB5 5<C 87<5=8BLAO, 5A;8 >= A0< B>3> E>G5B, 8 ?>:070BL 20< =5:>B>@K5 4@C385 A2>8 AB>@>=K. @>GC2AB2C9B5, :0:>5 >= 2K7K205B C 20A >1I55 >ICI5=85. "5?5@L ?CABL >= 3>2>@8B 8 :0:-B> 2K@0605B A51O. @54>AB02LB5 5<C 4;O MB>3> <5AB>, >A>15==> ?@8A<>B@8B5AL : 53> ?>B@51=>ABO<. >3>2>@8B5 A =8< (4065 5A;8 20H >1@07  ?@54<5B, >= <>65B @073>20@820BL A 20<8: 2 <8@5 2>>1@065=8O 2A5 2>7<>6=>). 5@54 20<8 20H0 AC1;8G=>ABL  @07C<=>5 ACI5AB2>, 682CI55 A2>59 687=LN. "5?5@L >B:@>9B5 3;070 8 70?8H8B5 2A5, GB> B>;L:> GB> ?@>87>H;>. 0B5< 409B5 MB>9 AC1;8G=>AB8 ?>4E>4OI55 8<O, :>B>@>5 ?><>65B 20< >?@545;OBL 55 2 40;L=59H5<: KB8:, @B8AB, 04, 54 >@>7, !:5?B8:, (CB, LO=K9 <0B@>A, "/ B515 A:070;" 8 B.4. 0:>=5F, >?8H8B5 55 E0@0:B5@=K5 G5@BK, ?@82KG:8, >A>15==>AB8. >A;5 B>3>, :0: 2K =07>25B5 8 8AG5@?K20NI5 >?8H5B5 >4=C AC1;8G=>ABL, <>65B5 ?5@5E>48BL : 4@C38<. > ?>A2OB8B5 @01>B5 A :064>9 AC1;8G=>ABLN 4>AB0B>G=> 2@5<5=8, ?>:0 =5 ?>GC2AB2C5B5, GB> @01>B0 MB0 7025@H5=0.  F5;>< 65 @01>B0 1C45B A>AB>OBL 2 B><, GB>1K >B>1@0BL 5I5 =5A:>;L:> A2>8E E0@0:B5@=KE G5@B, CAB0=>2>: 8;8 <>B82>2, 2AO:89 @07 ?@>E>4O >?8A0==K5 5 MB0?>2. K <>65B5 2KO28BL 4@C385 AC1;8G=>AB8, @0AA<0B@820O B0:65 @07;8G=K5 A2>8 273;O4K =0 687=L, A2>5 ?>2545=85 2 @07;8G=KE A8BC0F8OE 8 @07;8G=K5 AB8;8 A0<>?@>O2;5=8O. C4CG8 2 A>AB>O=88 2KO2;OBL B0:8< >1@07>< A2>8 AC1;8G=>AB8, <K <>65< 1KAB@> ?>;CG0BL >B=>A8B5;L=> OA=CN :0@B8=C A2>59 2=CB@5==59 687=8.  A2>N >G5@54L, MB0 OA=>ABL ?>72>;8B =0< A2>1>4=55 A51O GC2AB2>20BL A> 2A5<8 MB8<8 <0;>7=0:><K<8 >18B0B5;O<8 =0H53> 2=CB@5==53> <8@0. >340 <K 2KO2;O5< AC1;8G=>ABL, C =0A ?>O2;O5BAO 2>7<>6=>ABL >BAB@0=8BLAO >B =55 8 =01;N40BL A> AB>@>=K.  ?A8E>A8=B575 MB> =07K205BAO "@0AB>645AB2;5=85<". >A:>;L:C 2A5 <K A:;>==K >B>645AB2;OBL A51O  AB0=>28BLAO "B5< 65"  A B>9 8;8 8=>9 AC1;8G=>ABLN, <K =0G8=05< ?>;030BL A51O 5N 8 25@8BL, GB> <K 5ABL >=0 8 =8GB> 8=>5. 0AB>645AB2;5=85 O2;O5BAO @07@K2>< A MB>9 8;;N7859 8 2>72@0B>< : A515. 5@54:> MB> A>?@>2>6405BAO GC2AB2>< ?@>A25B;5=8O 8 >A2>1>645=8O.  =5:>B>@KE A;CG0OE 2KO2;5=85 AC1;8G=>AB8 A>?@>2>6405BAO B0:65 B@52>3>9 8;8 AB@0E><: =0?@8<5@, :>340 >4=0 65=I8=0 2=570?=> >1=0@C68;0 2 A515 AC1;8G=>ABL 5@B2K, >=0 2>A:;8:=C;0: "A;8 O ?5@5AB0=C 60;>20BLAO, B> GB> <=5 5I5 >AB05BAO?" @C385 ;N48, 2KO282 AC1;8G=>ABL, 2 >A>15==>AB8 3;C1>:> C:>@5=5==CN, 2=570?=> GC2AB2CNB A51O >1=065==K<8 8 =570I8I5==K<8, :0: 5A;8 1K 1@>=O 8E @0AB2>@8;0AL,  GB> =0 A0<>< 45;5 8 ?@>8AE>48B. 4=0:> :0:>9 1K =8 1K;0 ?5@2>=0G0;L=0O M<>F8>=0;L=0O @50:F8O, >A>7=0=85 459AB28B5;L=>3> ?>;>65=8O 25I59 2> 2A5E A;CG0OE ?>2KH05BAO 8, A;54>20B5;L=>, ?>2KH05BAO AB5?5=L A2>1>4K.  B5?5@L 40209B5 @0AA<>B@8< =5A:>;L:> :>=:@5B=KE ?@8<5@>2. >15@B, <>;>4>9 2@0G, AB@040; >B 2=CB@5==59 A:>20==>AB8, :>B>@0O ?@>=87K20;0 2A5 53> 2708<>>B=>H5=8O, 4>AB02;OO <0AAC =5?@8OB=>AB59. 5:0O AC1;8G=>ABL ?>AB>O==> >F5=820;0 8 :@8B8:>20;0 2A5, GB> 3>2>@8;>AL 8 45;0;>AL >:@C60NI8<8, 2 ?5@2CN >G5@54L A0<8< >15@B><.  =5< A;>2=> 68; =5CAB0==> ?>CG0NI89 2=CB@5==89 <>@0;8AB. >340 >15@B >1@0B8;AO : MB><C :0G5AB2C 8 ?>?KB0;AO 2K720BL 53> >1@07, >= C2845; AB0@>3> F5@:>2=8:0 2 >G:0E, AC@>2>3>, =5?@5:;>==>3>, >1;0G5==>3> 2> 2A5 G5@=>5. 0: B>;L:> >15@B C2845; MB>B G5B:89 >1@07, >= A<>3 @073;O45BL 2 >1I8E G5@B0E 8 BC A:>20==>ABL, :>B>@0O 8< C?@02;O;0. A;8 @0=55 >= >ICI0; 55 :0: =5OA=K9 48A:><D>@B 8 ?@>AB> B5@?5;, B> B5?5@L >= 2?5@2K5 A<>3 55 A1@>A8BL. >A;5 ?>2B>@=KE @0AB>645AB2;5=89 A AC1;8G=>ABLN AC@>2>3> F5@:>2=8:0 >15@B 70?8A0;: / B5?5@L =5 AC6C 4@C38E, >A>15==> @>48B5;59, 8 <=5 ;53G5 ?>=OBL, ?>G5<C >=8 254CB A51O B0:, 0 =5 8=0G5. / >B=>HCAL : A515 1>;55 B5@?5;82> 8 GC2AB2CN A51O 1>;55 C25@5==>. / 286C, GB> 687=L A;>6=0 8 =5?>AB868<0, 8 2> <=5 AB0;> 1>;LH5 ?>=8<0=8O 8 A>AB@040=8O. 5B ?;>E8E 8;8 E>@>H8E AC1;8G=>AB59. A5 >=8 2K@060NB :0:85-B> 687=5==> 206=K5 A>AB02;ONI85 =0H53> ACI5AB20, E>BO ?>=0G0;C MB8 A>AB02;ONI85 <>3CB ?@54AB02;OBLAO =0< >B@8F0B5;L=K<8. !C1;8G=>AB8 AB0=>2OBAO 2@54=K<8 B>;L:> B>340, :>340 :>=B@>;8@CNB =0A. >MB><C >4=0 87 F5;59 =0H59 @01>BK A>AB>8B 2 B><, GB>1K =5 ?>72>;8BL 8< ?>4G8=OBL =0A A515 8, A;54>20B5;L=>, >3@0=8G820BL,  GB>1K >1@5AB8 A?>A>1=>ABL >B>645AB2;OBLAO 8 @0AB>645AB2;OBLAO A =8<8 ?> A2>5<C 65;0=8N. 1@0B8<AO : >?KBC 8A0, 3>;;0=4F0 B@84F0B8 A ;8H=8< ;5B: 4=064K, ?>A;5 B>3> :0: O C65 =5:>B>@>5 2@5<O ?>@01>B0; A AC1;8G=>ABO<8, O C2845; A;54CNI89 >1@07: O A86C 2 F5=B@5 @0A?>;>65==KE ?> :@C3C 0D@8:0=A:8E E868=, 2 :>B>@KE 682CB <>8 AC1;8G=>AB8. =8 1K;8 =0AB>;L:> A8;L=K, GB> :0640O ?> >G5@548 @0A?>@O60;0AL <=>N :0: A2>8< ?;5==8:><. -B> <>3;> ?@>4>;60BLAO 45AOBL <8=CB 8;8 45AOBL ;5B; O =5 :>=B@>;8@>20; A8BC0F8N. 'B> 7=0G8B 1KBL ?;5==8:>< AC1;8G=>AB8? -B> 7=0G8B, GB> >=0 =02O7K205B =0< A2>9AB25==K5 A515 AB5@5>B8?K 8 =5 4>?CA:05B :0:8E-;81> 8=KE. > 5A;8 :0:0O-B> CAB0=>2:0 8;8 D>@<0 >B=>H5=8O : ?@>8AE>4OI5<C >:07K205BAO 548=AB25==> 4;O <5=O 2>7<>6=>9, >=0 AB0=>28BAO =5B5@?8<>ABLN. A;8 :0:0O-B> D>@<0 ?>2545=8O >:07K205BAO 548=AB25==> 4;O <5=O 2>7<>6=>9, >=0 AB0=>28BAO 2K=C645==>9. A;8 :0:0O-B> B>G:0 7@5=8O AB0=>28BAO 548=AB25==> 4;O <5=O 2>7<>6=>9, >=0 AB0=>28BAO H>@0<8. 8A ?@>4>;605B @0AA:07K20BL, :0: @072820;AO 53> >1@07 A51O:  2>B :0:-B>, :>340 O A845; B0<, O ?>GC2AB2>20;, GB> 8E 2;0AB8 =04> <=>9 ?@8E>48B :>=5F. 4@C3 O 2?5@2K5 O2AB25==> >ICB8;, GB> <>3C ?>9B8 2 BC 8;8 8=CN E868=C 8 2K9B8 87 =55.  O =5 >1O70= =0E>48BLAO 2 =59, 5A;8 O B>3> =5 E>GC. ?>A;54AB288 O A<>3 45;0BL MB> =5 B>;L:> 2 A8BC0F8OE @01>BK A 2>>1@065=85<, => 8 2 @50;L=>9 687=8. >=5G=0O F5;L 2 @01>B5 A AC1;8G=>ABO<8 70:;NG05BAO 2 B><, GB>1K A8;L=55 ?>GC2AB2>20BL A51O :0: "O", :0: F5=B@ ;8G=>AB8. #3;C1;OO 7=0:><AB2> A AC1;8G=>ABO<8, <K AB@5<8<AO A=>20 AB0BL 548=K< F5;K<, 0 =5 @0A?040BLAO =0 <=>65AB2> ?@>B82>1>@AB2CNI8E AC1-"O". > A;>20< 8A0: "=>340 O >ICI0N F5=B@ :0: <5AB>, 345 A>E@0=O5BAO ?>;=0O B8H8=0, B>340 :0: 2>:@C3 <>65B 1KBL C60A=> HC<=>". 7 F5=B@0 <K <>65< >1@0I0BLAO : B>9 8;8 8=>9 AC1;8G=>AB8, C?@02;OBL 5N, ?>?@02;OBL 55, 701>B8BLAO > =59. C6=> =0CG8BLAO 1KBL 381:8<, GB>1K =5 7028A5BL >B AC1;8G=>AB59, => 2 B> 65 2@5<O 8 =5 ?>402;OBL 8E A0<>2K@065=8O 8 =5 83=>@8@>20BL 8E ?>B@51=>AB8, 8=K<8 A;>20<8, C<5BL 8< A>GC2AB2>20BL. 01>B0 A >B45;L=K<8 AC1;8G=>ABO<8  MB> ?5@2K9 =5>1E>48<K9 H03. @54?@8=O2 53>, <K A<>65< ?>=OBL 48=0<8:C 8E 2708<>>B=>H5=89 8 >?@545;8BL, :0:8< >1@07>< =0@CH05BAO =0H0 F5;>AB=>ABL. %>BO 2KO2;5=85 2 A515 @O40 AC1;8G=>AB59 45;05B =0A 1>30G5 8 A8;L=55, A;54C5B CG8BK20BL, GB> 8E <=>3>>1@07=K5 ?>B@51=>AB8 <>3CB 2K720BL C =0A B0:65 GC2AB2> CB@0BK 2=CB@5==53> 548=AB20. -B> <>65B ?@>87>9B8 2 A8BC0F88 1>;LH8E 2=5H=8E ?5@5<5= 8 =0?@O65==>9 45OB5;L=>AB8. '5;>25: <>65B ?CAB8BLAO 2 15A:>=5G=K9 ?>8A: AC1;8G=>AB59. !C1;8G=>ABO< =5ABL G8A;0, 8 >=8 ?>AB>O==> <5=ONBAO. >;55 B>3>, =0< ?@8ACI8 <=>385 >1I5G5;>25G5A:85 :0G5AB20, 4;O :064>3> 87 :>B>@KE B0:65 <>6=> ?>4KA:0BL AC1;8G=>ABL. >MB><C =5>1E>48<> 2K@01>B0BL DC=40<5=B0;L=CN CAB0=>2:C =0 @07C<=>5 GC2AB2> <5@K. 0ABC?05B <><5=B, :>340 G5;>25: =0G8=05B 2>742830BL 4;O A51O =>2K5 ;018@8=BK 2<5AB> B>3>, GB>1K 8A:0BL 2KE>4 87 C65 ACI5AB2CNI8E. 0: 8 2> 2A5E 4@C38E A;CG0OE 687=8, A;54C5B GC2AB2>20BL <><5=B, :>340 ?@028;L=> 1C45B >AB0=>28BLAO, ?@5645 G5< ?@>87>H5; ?5@51>@. >;55 B>3>, =0H0 7040G0 A>AB>8B =5 ?@>AB> 2 B><, GB>1K >BKA:0BL :0: <>6=> 1>;LH5 AC1;8G=>AB59, => ?@5645 2A53> 2 B><, GB>1K AB0BL 8E E>7O8=><, ?>AB5?5==> A>459AB2CO A>3;0A>20=8N 8E 8=B5@5A>2 2 @0<:0E 682>3> F5;>3>. > B>3>, :0: <K ?@8ABC?8;8 : @01>B5 A =8<8, AC1;8G=>AB8  MB> <8@K, =5 A2O70==K5 <564C A>1>N, :>B>@K5 =5 ?@8=8<0NB 2> 2=8<0=85 8 =5 ?>=8<0NB 4@C3 4@C30. > 5420 8E ?@>=87K205B A>7=020=85, :0: <564C =8<8 =0G8=0NB CAB0=02;820BLAO A2O78. !>7=020=85 =5 B>;L:> >A2>1>6405B, => 8 >1J548=O5B. N48 =5@54:> >?8AK20NB MB>B ?@>F5AA :0: "@07<>@06820=85",  A;>2=> ;54 B05B <564C =0A5;ONI8<8 8E >18B0B5;O<8, 8 >=8 A;820NBAO <564C A>1>9, A>E@0=OO 2 B> 65 2@5<O A2>8 87=0G0;L=K5 G5@BK. 'B>1K MB> AB0;> 2>7<>6=K<, B@51C5BAO ?>;=K9 ?5@52>@>B =0H53> ?>=8<0=8O AC1;8G=>AB59. <5AB> B>3>, GB>1K >3@0=8G8BLAO A>7=0=85< 8E ?>25@E=>AB=KE ?@>O2;5=89, >1 8AB8==>< 548=AB25 :>B>@KE 3>2>@8BL 459AB28B5;L=> =5 ?@8E>48BAO, =C6=> =0CG8BLAO 2845BL 2 =8E ?04H85 ?@>O2;5=8O 0@E5B8?>2 2KAH8E :0G5AB2. N1>5 A>45@60=85 =0H59 ?A8E8:8 <>65B "?0ABL", 1KBL =872545=> =0 1>;55 =87:CN ABC?5=L ?@>O2;5=8O. !>AB@040=85 <>65B ?@52@0B8BLAO 2 60;>ABL : A515, @04>ABL 2 <0=80:0;L=>ABL, ?>:>9 2 8=5@B=>ABL, N<>@ 2 A0@:07<, A<KH;5=>ABL 2 E8B@>ABL 8 B.4.  =0>1>@>B, A>45@60=85 A>7=0=8O <>6=> 2>72KA8BL, 2>725AB8 =0 1>;55 2KA>:CN ABC?5=L ?@>O2;5=8O: 60;>ABL : A515 AB0=>28BAO A>AB@040=85< 8 B.4. 59AB28B5;L=>, 2 687=8 =0H59 =5B =8G53> 70ABK2H53>, =587<5==>3>.  G5< 2KH5 <K 2>AE>48<, B5< 1;865 : 548=AB2C. 0: 3>2>@8B "59O@ 45 (0@45=, 2A5 2>AE>4OI55 A1;8605BAO. !C1;8G=>AB8  MB> ?04H85 8;8 872@0I5==K5 ?@>O2;5=8O =5?@5E>4OI8E :0G5AB2, :>B>@K5 ACI5AB2CNB =0 2KAH8E C@>2=OE =0H59 ?A8E8:8. "0:, 38?5@0:B82=CN AC1;8G=>ABL <>6=> @0AA<0B@820BL  :0: 872@0I5=85 0@E5B8?0 M=5@388, AC1;8G=>ABL A>1;07=8B5;O  :0: 40;L=53> @>4AB25==8:0 ;N128, AC1;8G=>ABL C?@O<F0  :0: 872@0I5==CN D>@<C 2>;8 8 B.4. > :0: 40;5:> =8 >BAB>O;0 1K AC1;8G=>ABL >B A2>53> 8AB>G=8:0, >=0 <>65B ?>A;C68BL 4;O =0A A@54AB2>< 2>AA>548=5=8O A ?>A;54=8<. K <>65< A?>A>1AB2>20BL MB><C ?@>F5AAC A ?><>ILN <5B>48:8 =0?@02;O5<>3> 2>>1@065=8O, C<KH;5==> 8A?>;L7>202 A8<2>;8:C 2>AE>645=8O. 1@07=>5 ?5@56820=85 2>AE>645=8O =0 3>@C ?@54AB02;O5B A>1>9 2=CB@5==55 2>AE>645=85 : 2KAH8< C@>2=O< A2>53> ACI5AB20, 2>72@0B0 : 8AB>G=8:C 687=8. >2>@O A;>20<8 D@0=FC7A:>3> ?A8E>;>30 57C0;O, "?>?KB:0 2>AE>645=8O, ?@54?@8=8<05<0O G5;>25:>< 2 A2>5< 2>>1@065=88, ?@82>48B : ?>O2;5=8N A25B>=>A=KE >1@07>2, :>B>@>5 A>?@>2>6405BAO 2AO:>3> @>40 M9D>@8G5A:8<8 ?5@56820=8O<8. 0?@>B82, A?CA: 2K7K205B <@0G=K5 >1@07K 8 GC2AB20 C=K=8O, B@52>38 8 AB@040=8O". A;8 <K ?@54AB028<, GB> 2>AE>48< =0 3>@C, 27O2 A A>1>9 :0:CN-B> AC1;8G=>ABL, B> <>65< 2K720BL 2 =59 C4828B5;L=K5 87<5=5=8O: <K <>65< 25@=CBLAO >B 872@0I5==>3> ?@>O2;5=8O : 0@E5B8?C 8;8, ?> :@09=59 <5@5, ?>=OBL 7=0G5=85 40==>9 AC1;8G=>AB8, 55 =0AB>OI89 8 1C4CI89 2:;04 2 A>2>:C?=K9 0=A0<1;L =0H59 ;8G=>AB8. # >4=>3> 87 <>8E :;85=B>2 1K;0 AC1;8G=>ABL :0?@87=>3> 8 A0<>=045O==>3> @515=:0. ;03>40@O 2>AE>645=8N =0 3>@C MB0 AC1;8G=>ABL AB0;0 A?5@20 N=>H59, 0 70B5< 2>8=><  A8<2>;>< A8;K. >A;5 B>3> :0: MB> ?@>87>H;>, >= A<>3 25AB8 A51O 3>@074> 1>;55 A45@60==> 8 <O3:> A 02B>@8B5B=K<8 ;8F0<8, >AB0282 ?@8ACICN 5<C 70I8B=CN <0=5@C ?>2545=8O.  4@C3>< A;CG05 <>;>4>9 G5;>25: 287C0;878@>20; A2>N "A:@KB=CN, C:;>=G82CN, ?C3;82CN, 03@5AA82=CN, 25G=> ?KB0NICNAO ?5@5E8B@8BL 4@C38E AC1;8G=>ABL" :0: 2078<>4>, C@>4;82>3> 3>@1C=0. >2AB@5G02H8AL A =8< 2 4>;8=5, >=8 2<5AB5 4>1@0;8AL 4> 25@H8=K 3>@K. 70@82H55 8E A>;=F5 2K720;> C4828B5;L=>5 ?@5>1@065=85: 2 53> 1;03>B2>@=KE ;CG0E 2078<>4> ?@52@0B8;AO 2 7>;>B>9 ?;C3  A8<2>; 2=CB@5==59 :@0A>BK, :>B>@0O O2;O5BAO @57C;LB0B>< 2A5AB>@>==53> 687=5==>3> >?KB0 8 C<C4@5==>AB8 ;8G=>AB8. " ! !#'!"/ !;54CNI55 C?@06=5=85 B0:65 <>65B ?@8=5AB8 20< ?>;L7C. K?>;=O9B5 53> 2 A>AB>O=88 @0AA;01;5=8O. K15@8B5 AC1;8G=>ABL, A :>B>@>9 2K C65 7=0:><K. @54AB02LB5, GB> 2K 2<5AB5 A MB>9 AC1;8G=>ABLN =0E>48B5AL 2 4>;8=5. K 2848B5 B@02C, F25BK, 45@52LO 8 3>@C. AB0209B5AL B0< =5:>B>@>5 2@5<O, 2A;CH820OAL 2 72C:8 8 3>;>A0 >:@C60NI59 20A ?@8@>4K: I515B0=L5 ?B8F, H5;5AB ;8ABL52 8 B><C ?>4>1=>5.  B5?5@L 2<5AB5 A AC1;8G=>ABLN 848B5 : 3>@5. 0G8=0O 2>AE>645=85, ?@54AB02;O9B5 @072>@0G820NI89AO ?5@54 20<8 ?59706, ?@54AB02;O9B5, GB> 2K ?@>18@05B5AL G5@57 70@>A;8 45@52L52 8 :0<5==K5 7020;K, 845B5 ?> 3>@=><C ;C3C 8;8 ?> :@0N >1@K20. ICI09B5, :0: =0@0AB05B GC2AB2> 2>AE>645=8O, >ICI09B5, :0: 2>74CE AB0=>28BAO 2A5 1>;55 G8ABK< 8 1>4@OI8<, 2A;CH8209B5AL 2 F0@OICN =0 2KA>B5 B8H8=C. 0 ?@>BO65=88 2A53> 2>AE>645=8O =5 701K209B5 > A2>59 AC1;8G=>AB8. K <>65B5 70<5B8BL ?@>8AE>4OI85 A =59 5420 C;>28<K5 ?5@5<5=K  2@>45 87<5=5=89 =0AB@>5=8O, 2K@065=8O ;8F0 8;8 >4564K, 8;8 4065 ?>;=>5 ?@5>1@065=85, :>340 AC1;8G=>ABL ?@52@0B8BAO 2 =5GB> 8=>5. >340 2K 4>AB83=5B5 25@H8=K, ?CABL 20A >A25I05B A>;=F5, >1=060O A0<CN ACBL 20H59 AC1;8G=>AB8. @8 MB>< 2K <>65B5 AB0BL A2845B5;5< 5I5 >4=>3> ?@5>1@065=8O. "5?5@L ?>72>;LB5 AC1;8G=>AB8 2K@078BL A51O 2 =>2>< :0G5AB25 8 ?>>1I09B5AL A =59. 07C<55BAO, ?@8 >4=>:@0B=>< 2K?>;=5=85 C?@06=5=8O ?@5>1@065=8O <>65B 8 =5 ?@>87>9B8. !C1;8G=>ABL <>65B 4065 5I5 1>;LH5 >B40;8BLAO >B A2>53> 8AB8==>3> 0@E5B8?0. -B> <>65B ?@>87>9B8 2 A;CG05, 5A;8 <K =5 ?@87=05< 8 =5 ?@8<5< AC1;8G=>ABL B0:>9, :0:0O >=0 5ABL, A> 2A5<8 55 ?>B@51=>ABO<8 8 >3@0=8G5=8O<8. AC640O AC1;8G=>ABL, <K ?@5?OBAB2C5< 55 ?@>42865=8N : 8AB>:C. 0?@8<5@, C >4=>9 65=I8=K 1K;0 >G5=L A8;L=0O AC1;8G=>ABL, :>B>@CN >=0 =0720;0 "728=8B5". -B> 1K;0 55 G0ABL, :>B>@0O ?>AB>O==> GC2AB2>20;0 A51O 2 G5<-B> 28=>20B>9, 1>O;0AL ?>B@52>68BL 4@C38E 8 ?@54?>G8B0;0 AB@040BL A0<0, =565;8 ?@8G8=8BL :><C-;81> <0;59H55 15A?>:>9AB2>. -B0 25G=> >?@024K20NI0OAO AC1;8G=>ABL ?@54AB0;0 ?5@54 =59 2 >1@075 :@>H5G=>3> 70AB5=G82>3> AB0@8G:0. =0 =5 2K=>A8;0 MBC A2>N G0ABL 8 >G5=L 7;8;0AL =0 =55, AG8B0O 55 8AB>G=8:>< A2>8E ?@>1;5<. "0: >=> 8 1K;>, => 3=52>< A2>8< >=0 70AB02;O;0 AB0@8G:0 8A?KBK20BL 5I5 1>;LHCN 28=C 70 B>, GB> >=  ?@8G8=0 2A5E 154. =K<8 A;>20<8, =5 ?@8=8<0O AC1;8G=>ABL, <K A?>A>1AB2C5< 55 2K@>645=8N, 40;L=59H5<C >B?045=8N >B 8AB>:0. 420 B>;L:> MB0 65=I8=0 ?@87=0;0 A2>N AC1;8G=>ABL G0ABLN A0<>5 A51O, :0: ?@>O28;0AL 55 :>=AB@C:B82=0O AB>@>=0. 1@07 <0;5=L:>3> AB0@8G:0 ?@52@0B8;AO 2 >1@07 <>;>4>3>, A8;L=>3> G5;>25:0 A GC2AB28B5;L=K<8 3;070<8, A8<2>;878@CNI8<8 >B7K2G82>ABL 8 ?>=8<0=85.  40;L=59H5< MB0 65=I8=0 ?>AB5?5==> ?>4=O;0AL 2KH5 A2>53> GC2AB20 28=K 8 @0A:@K;0 2 A515 GC2AB28B5;L=>ABL. !C1;8G=>AB8 ?>4>1=K ;N4O<. 'B>1K >=8 @0A:@K;8AL 8 ?>:070;8 =0< ;CGH85 A2>8 AB>@>=K, <K 4>;6=K >B=>A8BLAO : =8< A ?>=8<0=85<. >42>4O 8B>3, >B<5B8<, :0:CN ?>;L7C 405B @01>B0 A AC1;8G=>ABO<8: K CG8<AO @0A?>7=020BL @07=>>1@07=K5, ?>4G0A ?@>B82>@5G82K5 AB>@>=K A2>59 ;8G=>AB8, ?>425@30O 55 B5< A0<K< <8=80BN@=><C ?A8E>0=0;87C. @8 MB>< <K "CAK=>2;O5<", ?@87=05< 8 ?@8=8<05< 2A5 A2>8 G0AB8 2<5AB> B>3>, GB>1K 873>=OBL 8E 2 15AA>7=0B5;L=>5. K CG8<AO >A2>1>640BLAO 87-?>4 :>=B@>;O 2;0AB2CNI8E =04 =0<8 A8;, :>B>@K5 1@>A0NB =0A 87 AB>@>=K 2 AB>@>=C, :0: H0@8: 4;O ?8=3-?>=30. K ?>2KH05< C@>25=L A2>59 2=CB@5==59 8=B53@0F88, A=8<0O ?@>B82>AB>O=85 AC1;8G=>AB59 8 ?>72>;OO 8< CA8;820BL 4@C3 4@C30. K <>65< 2>725AB8 :064CN AC1;8G=>ABL =0 2KAHCN ABC?5=L @0A:@KB8O 55 2>7<>6=>AB59, >1=0@C682 B5< A0<K<, GB> ;N1>5 ?A8E>;>38G5A:>5 A>45@60=85 =5A5B 2 A515 75@=> A>1AB25==>3> ?@5>1@065=8O.  =0:>=5F, A=8<0O <0A:8 >4=C 70 4@C3>9, <K 2A5 1>;LH5 ?@81;8605<AO : 2KO2;5=8N A:@KB>3> O4@0 A2>59 ;8G=>AB8  A2>53> 8AB8==>3> O. ;020 5 ! (   5A:>;L:> ;5B =0704 <=5 4>25;>AL ?>A<>B@5BL D8;L< "2001: :>A<8G5A:0O >48AA5O".  :0:><-B> M?87>45 >48= 87 0AB@>=02B>2 ?>:8405B :>A<8G5A:89 :>@01;L, 1C4CG8 A2O70= A =8< B>;L:> H;0=3>< 4;O ?>40G8 2>74CE0. > H;0=3 @25BAO, 8 0AB@>=02B C40;O5BAO >B :>@01;O 2 >B:@KBK9 :>A<>A. #<8@0O 2 AB@0H=KE <C:0E, >= AB0=>28BAO :CA:>< :>A<8G5A:>3> <CA>@0, ?;020NI8< 2 15A:>=5G=>< ?@>AB@0=AB25. >340 O =01;N40; MBC AF5=C, <5=O >E20B8;0 =525@>OB=0O ?0=8:0. !5@4F5 C <5=O 70:>;>B8;>AL, 8 O ?>GC2AB2>20;, GB> 8A?KBK205<K9 <=>9 C60A  =5GB> 1>;LH55, =565;8 <>9 A>1AB25==K9 C60A: MB> 1K; 2A5;5=A:89 C60A, 5A;8 2K 7=05B5, GB> O 8<5N 2 284C. ! B5E ?>@ C <5=O AB0;8 A;CG0BLAO 2=570?=K5 ?@8ABC?K A8;L=>9 15A?@8G8==>9 B@52>38. 07C<55BAO, O 8 ?@5645 8A?KBK20; B@52>3C, => MB>B M?87>4 @57:> CEC4H8; ?>;>65=85. M284, 02B>@ MB8E AB@>:,  ABC45=B 26 ;5B. -B> >G5=L 8=B5;;835=B=K9 <>;>4>9 G5;>25:, :>B>@K9 ;N18B <C7K:C 8 ?@8@>4C. = 2KA>:89 8 EC4>9, 0 273;O4 53> 2K@0605B AB@0E, A;>2=> 0AB@>=02B><, >1@5G5==K< =0 >48=>:CN A<5@BL 2 157<5@=>< ?@>AB@0=AB25 :>A<>A0, 1K; >= A0<. >340 2>7=8:05B MB>B AB@0E, O GC2AB2CN A51O @0AI5?;5==K< =0 <=>65AB2> :CA>G:>2, :064K9 87 :>B>@KE ACI5AB2C5B A0< ?> A515. !;>2=> 75<;O CE>48B C <5=O 87-?>4 =>3, O B5@ON B>G:C >?>@K 8 <=5 =5 =0 GB> >?5@5BLAO. @5>4>;52 MB>B :@878A, 3>4 A?CABO >= ?8H5B: >5<C @>ABC A?>A>1AB2>20;> <=>3> D0:B>@>2  2AB@5G0 A ?>=8<0NI8< <5=O G5;>25:><, 8AA;54>20=85 A2>53> 15AA>7=0B5;L=>3>, ?@>1C645=85 A?02H59 2> <=5 ;N128... > A0<0O O@:0O 725740 A@548 ?@>G8E  MB> "O". / >1=0@C68; 2 A515 MB>B 8AB>G=8: 687=5==KE A8;, > ACI5AB2>20=88 :>B>@>3> =5 ?@54?>;030;. !0<>5 70<5G0B5;L=>5, GB> A8;C <=5 ?@840;8 =5 2K, =5 4@C7LO, =5 1;03>?@8OB=K5 >1AB>OB5;LAB20, =5 B01;5B:8  O A0<. @5<5=0<8 O 5I5 8A?KBK20N AB@0E 8;8 >BGC645=85, => B5?5@L O 3>@074> A8;L=55 8E, 8 >=8 <5=O =5 704520NB, AB5:0O A <5=O, A;>2=> 4>6452K5 :0?;8 A ;8AB0. 'B> M284 8<5; 2 284C, 3>2>@O > "O" :0: > "A0<>9 O@:>9 725745"? 1KG=> ?>4 "O" ?>4@07C<5205BAO D0:B>@, >B45;ONI89 :064>3> 87 =0A >B 4@C38E ;N459 8 2A53> >AB0;L=>3> <8@0 :0: "=5-O", =045;ONI89 :064>3> 87 =0A >ICI5=85< "A51O" 8, A;54>20B5;L=>, ?>72>;ONI89 :064><C 87 =0A AB0BL >1>A>1;5==K< 8=48284><. 064>5 CB@>, :>340 <K ?@>1C6405<AO 8 2>AAB05< 87 <@0:0 A=0 : >A>7=0=8N >:@C60NI59 =0A >1AB0=>2:8, B5:CI53> 2@5<5=8 8 A2>53> ?@8ACBAB28O 2 MB>< <8@5, <K 70 =5A:>;L:> <3=>25=89 ?@>E>48< ?CBL, =0 :>B>@K9 CH;8 <8;;8>=K ;5B: ?CBL ?@>1C645=8O 87 3;C18= 15AA>7=0B5;L=>3>. -B0 8AB>@8O =0G0;0AL, :>340 =0 ?;0=5B5 2>7=8:;8 ?5@2K5 D>@<K 687=8 8 4>AB83;0 A2>59 2KAH59 B>G:8 A ?>O2;5=85< A0<>A>7=0=8O 8 8=48284C0;L=>AB8. <5==> A>7=0=85 A51O ?>72>;O5B =0< 8A?KBK20BL >48=>G5AB2> 8 ;N1>2L, GC2AB2>20BL A51O >B25BAB25==K<8 ?5@54 4@C38<8 ;N4L<8, A>7=020BL, GB> 5ABL ?@>H;>5 8 1C4CI55, 687=L 8 A<5@BL, ?@8=8<0BL F5==>AB8, AB@>8BL ?;0=K, A>7=020BL A2>5 @0728B85 8 40;55 2;8OBL =0 E>4 ?>A;54=53>. A8E>A8=B57 @0AA<0B@8205B "O" :0: A0<CN M;5<5=B0@=CN, 40;55 =5@07;>68<CN @07;8G8<CN G0ABL =0H53> ACI5AB20  8=K<8 A;>20<8, O4@> =0H53> ACI5AB20. @8@>40 MB>3> O4@0 ?>;=>ABLN >B;8G05BAO >B ?@8@>4K >AB0;L=KE M;5<5=B>2 (B5;5A=KE >ICI5=89, GC2AB2, <KA;59 8 B.4.), A>AB02;ONI8E =0HC ;8G=>ABL. ;03>40@O MB><C, >=> <>65B 2KABC?0BL 2 :0G5AB25 >1J548=ONI53> F5=B@0, :>B>@K9 @C:>2>48B A2>8< >:@C65=85< 8 >@30=87C5B 53> 2 >4=> >@30=8G=>5 F5;>5.  MB>< ?;0=5 "O" >B45;O5B =0A =5 B>;L:> >B 4@C38E ;N459, => 8 >B 25G=> 87<5=G82KE A>45@60=89 =0H53> A>1AB25==>3> A>7=0=8O. M284 >A2>1>48;AO >B 2;0AB8 AB@0E0, >A>7=02, GB> 53> "O" 8 AB@0E  25I8 @07=K5. 0: "O" >= A<>3 2K9B8 87 AB@0E0, @0AB>645AB28BLAO A> AB@0E>< 8 =01;N40BL 70 =8< :0: 70 G5<-B> ?> >B=>H5=8N : A515 2=5H=8<. !B@0E <>6=> 1K;> C2845BL A> AB>@>=K, >= AB0; ?@>AB> >4=8< 87 ?A8E>;>38G5A:8E >1J5:B>2 A ?@8ACI8<8 5<C G5B:> >G5@G5==K<8 3@0=8F0<8. "/" <>6=> >?@545;8BL B0:65 :0: 548=AB25==CN =0HC G0ABL, :>B>@0O =8:>340 =5 <5=O5BAO. C4CG8 >4=064K >1=0@C65=0 8 2?>;=5 8A?KB0=0, MB0 =587<5==>ABL AB0=>28BAO 25745ACI59 B>G:>9 >?>@K 4;O 2A59 >AB0;L=>9 ;8G=>AB8, 2=CB@5==59 B25@4K=59, =0 :>B>@CN <K 2A5340 <>65< ?>;>68BLAO, GB>1K 25@=CBL A515 GC2AB2> @02=>25A8O 8 CAB>9G82>AB8. ?>A;54AB288 <K >1=0@C68205<, GB> "O" >AB05BAO =587<5==K< 2 M:AB075 8 >BG0O=88, 2 ?>:>5 8 AC5B5, 2 1>;8 8 =0A;0645=88, 2 ?>1545 8 ?>@065=88. >2>@O O7K:>< ?>M788 018=4@0=0B0 "03>@0: "A5 B> 65 A>;=F5 2AB05B 2 =>2KE 75<;OE 2 :>;LF5 15A:>=5G=>9 70@8". /A=>5 45;>, GB> 5A;8 <K >1@0B8<AO : A2>5<C ?A8E>D878G5A:><C >@30=87<C, =0< ?>:065BAO =0 ?5@2K9 273;O4, GB> =8:0:>9 B0:>9 B>G:8 >?>@K 745AL =5B, GB> 2A5 =0E>48BAO 2 ?>AB>O==>< 42865=88. 0H5 B5;> 8=>340 CAB05B, 0 8=>340 ?>;=> M=5@388, >=> 1K205B 74>@>2K< 8 1>;L=K<, <>;>4K< 8 AB0@K<, A>=;82K< 8 1>4@K<, 3>;>4=K< 8 AKBK<. 0H8 GC2AB20 AB>;L 65 87<5=G82K 8 5I5 1>;55 =5?>AB>O==K, G5< <KA;8.  2A5 65 5A;8 <K 4>AB0B>G=> ?@8AB0;L=> 23;O48<AO 2 A51O, B> >1=0@C68< >48= ?>AB>O==K9 M;5<5=B. "5;5A=K5 >ICI5=8O <5=ONBAO, GC2AB20 C30A0NB, <KA;8 B5:CB, => :B>-B> ?@>4>;605B A;548BL 70 MB8< B5G5=85<. -B>B ":B>-B>" 8 5ABL O. >6=> A:070BL, GB> O  MB> A>7=020=85 2 53> E8<8G5A:8 G8AB><, =5@072545==>< 2845. -B> A>AB>O=85 ?A8E>;>38G5A:>9 =03>BK, 2 :>B>@>< <K A1@>A8;8 A A51O 2A5 ?A8E>;>38G5A:85 >4564K  <KA;8, GC2AB20, ?@54AB02;5=8O, B5;5A=K5 >ICI5=8O. -B> G8AB>5 A>7=020=85 =5?@>872>;L=> ?@8=8<05B D>@<K B>3>, A G5< >=> A>?@8:0A05BAO. A;8 O @04CNAL, A>7=020=85 AB0=>28BAO @04>ABLN, 5A;8 C <5=O 1>;8B 7C1, >=> AB0=>28BAO 1>;LN 8 B.4. -B>B ?@>F5AA, =07K205<K9 >B>645AB2;5=85<, ?@>B5:05B 2 :064>< 87 =0A. 1;040O >?@545;5==K< =02K:><, <K <>65< >B45;8BL A>7=020=85 >B >D>@<;ONI8E 53> A>AB>O=89 (@0AB>645AB2;5=85) 8 >1@5AB8 >?KB A>7=020=8O, ;8H5==>3> :0:>3> 1K B> =8 1K;> A>45@60=8O (A0<>>B>645AB2;5=85). B>645AB2;5=85 <>6=> ?@8@02=OBL : ?><@0G5=8N A>7=0=8O, A=>2845=8N 8;8 8;;N788. K >B>645AB2;O5< A51O A> A2>8<8 GC2AB20<8, 65;0=8O<8, <=5=8O<8, @>;O<8, B5;><. @>1;5<0 A>AB>8B 2 B><, GB> 5A;8 O, =0?@8<5@, >B>645AB28;AO A :0:>9-B> 84559, 2 8AB8==>ABL :>B>@>9 25@N 8 :>B>@0O 24@C3 >:070;0AL =5?@028;L=>9, B> O GC2AB2CN =5?@02K< A0<>3> A51O. A;8 <>5 B5;> A;C68B 4;O <5=O 8AB>G=8:>< CA?5E0 8 2;0AB8 =04 ;N4L<8, 5A;8 O 2>A?@8=8<0N A51O ?@5645 2A53> :0: B5;>, B> :>340 B5;> <>5 A;0155B, 1>;55B 8;8 4;OE;55B, O GC2AB2CN A51O A;01K<, 1>;L=K< 8 4@OE;K<. A;8 O >B>645AB2;ON A51O A> A2>59 @>;LN ("O 187=5A<5=", "O CG8B5;L", "O 65=0" 8 B.4.) 8 70B5< MB>9 @>;8 ?@8E>48B :>=5F, B> O GC2AB2CN, GB> <>O 687=L CB@0B8;0 2AO:89 A<KA;. A;8 O >B>645AB2;ONAL A> A2>8< 65;0=85< 8 65;0=85 MB> =5 C4>2;5B2>@O5BAO, O GC2AB2CN A51O =5C4>2;5B2>@5==K<. >A:>;L:C 2A5 A>45@60=8O A>7=020=8O <5=ONBAO 8 2 :0:>9-B> <><5=B =587156=> 8AG570NB, >B>645AB2;5=85 A ;N1K< 87 =8E =587156=> 2545B : A2>53> @>40 A<5@B8. ! 4@C3>9 AB>@>=K, >B>645AB2;5=85 A A0<8< A>1>N, A "O" 405B >ICI5=85 ?>AB>O=AB20 A2>53> 1KB8O, MB>3> =8G5< =5 >1CA;>2;5==>3> O4@0 ;8G=>AB8, :>B>@>5 >AB05BAO =587<5==K< 2> 2A5E 687=5==KE A8BC0F8OE. 0: A:070;0 >1 MB>< >4=0 65=I8=0, ":>340 O 3>2>@N "O 5A<L", O 7=0N, GB> O 5A<L ?@5645 <KA;8, ?@5645 GC2AB20, ?@5645 459AB28O. / 5A<L G8AB0O 2>7<>6=>ABL". "/" G5;>25:0  MB> <5AB> 53> <0:A8<0;L=>9 A2>1>4K. > B5E ?>@, ?>:0 <K >B>645AB2;O5< A51O A B5<8 8;8 8=K<8 >ICI5=8O<8, GC2AB20<8, 65;0=8O<8, <KA;O<8, =0H5 >ICI5=85 A2>53> 1KB8O ("O 5A<L") ?@82O70=> : =8<, 8 ?>MB><C >=8 <>3CB 70E;5ABK20BL =0A, C?@02;OBL =0<8, >3@0=8G820BL =0H5 <8@>2>A?@8OB85 8 >BA5:0BL >B =0A 2A5 4@C385 >ICI5=8O, GC2AB20, 65;0=8O 8 <=5=8O. ! 4@C3>9 AB>@>=K, :>340 <K >B>645AB2;O5< A51O A A>1>9, A "O", =0< AB0=>28BAO 3>@074> ;53G5 =01;N40BL ;N1K5 A>45@60=8O A2>53> A>7=020=8O, 0 B0:65 C?@02;OBL 8<8, =0?@02;OBL 8E 8 >AB02;OBL 8E, 84B8 40;LH5,  ?>A:>;L:C <K A =8<8 @0AB>645AB28;8AL. "CB <>65B 2>7=8:=CBL 2>?@>A: =5 O2;O5BAO ;8 B0:>5 @0AB>645AB2;5=85 >B@5G5=85< >B :0:>9-B> G0AB8 =0A A0<8E? 5B, @0AB>645AB2;5=85 A :0:>9-B> A2>59 G0ABLN =5 <5H05B =0< 70B5< >B>645AB28BLAO A =59 8;8 :0:>9-;81> 8=>9, 5A;8 <K B>3> ?>65;05<. 0?@>B82, 1;03>40@O MB><C, =0H0 A?>A>1=>ABL : >B>645AB2;5=8N 2>7@0AB05B. B G53> <K E>B8< 871028BLAO, B0: MB> >B ?>AB>O==>3> 8 =5?@>872>;L=>3> >B>645AB2;5=8O A :0:8<8-B> A;CG09=K<8 ?@>F5AA0<8 2 =0H59 ;8G=>AB8. -B> 2A5340 ?@82>48B : A2>5>1@07=><C 70ABK20=8N B>3>, A G5< <K >B>645AB2;O5<AO. "0:, B5;> AB0=>28BAO =0?@O65==K<, GC2AB2> AB0=>28BAO M:70;LB0F859, 65;0=85 AB0=>28BAO >45@68<>ABLN, <=5=85 AB0=>28BAO ?@54C15645=85<, @>;L AB0=>28BAO <0A:>9. 0?@>B82, :>340 <K @0AB>645AB2;O5<AO A =8<8 8 ?@8E>48< 2 A51O, M:70;LB0F8O AB0=>28BAO GC2AB2><, ?@54C15645=85  <=5=85< 8 B.4. 07>B>645AB2;5=85 ?@>8AE>48B ?CB5< =01;N45=8O. <5AB> B>3>, GB>1K @0AB2>@OBLAO 2 >ICI5=88, GC2AB25, 65;0=88 8;8 <KA;8, <K =01;N405< 70 =8<8 A> AB>@>=K 157 :0:>9-;81> >F5=:8, 157 =0<5@5=8O 87<5=8BL 8E, 157 :0:>3> 1K B> =8 1K;> 2708<>459AB28O A =8<8 2>>1I5. K A<>B@8< =0 =8E :0: =0 =5GB> 2=5H=55, 1C4B> @0AA<0B@8205< =5:89 ?59706 (A<. @8A. 3). INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy02/000/img3.gif" \* MERGEFORMATINET  CABK5 :@C38 >7=0G0NB A>45@60=8O A>7=020=8O: GC2AB20, >ICI5=8O, 8458 8 B.4. ">G:0 >1>7=0G05B "O", :>B>@>5 =0 ?@>BO65=88 4=O =5?@>872>;L=> ?5@5E>48B >B >4=>3> >B>645AB2;5=8O : 4@C3><C: O 7>;, O AG0AB;82, O CAB0;. >6=> ?5@56820BL A51O :0: G8AB>5 A>7=020=85 "O 5A<L" 157 :0:>3> 1K B> =8 1K;> A>45@60=8O. 7 MB>9 B>G:8 "O" =01;N405B 2A5 A>45@60=8O A>7=020=8O, =5 >B>645AB2;OOAL A :0:8<-;81> 87 =8E. INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy02/000/img4.gif" \* MERGEFORMATINET  !>3;0A=> ?A8E>A8=B5B8G5A:>9 :>=F5?F88, "O" =5 O2;O5BAO =8 ?0AA82=K< 7@8B5;5<, =8 0:B5@><. "/"  MB> @568AA5@-?>AB0=>2I8: ?@54AB02;5=8O, >B25G0NI89 70 53> :0G5AB2>, A2>52@5<5==>ABL 8 GCB:>5 @C:>2>4AB2>. >340 "O" O2AB25==> ?@8ACBAB2C5B 2 ;8G=>< >?KB5 8=482840, >= <>65B ;53:> 8 ?>;=>ABLN >B>645AB28BLAO A ;N1K< A>45@60=85< A>7=020=8O, >B @><0=B8G5A:>9 ;N128 4> =58AB>2>3> 3=520 8;8 2>;GL53> 0??5B8B0. > >= <>65B B0:65 @0AB>645AB28BLAO A ;N1K< 87 =8E. !>7=020O A51O :0: "O", G5;>25: ?>AB>O==> 8<55B A2>1>4C 2K1>@0.  8A. 3 5@2K< @57C;LB0B>< B0:>3> =01;N45=8O O2;O5BAO >A2>1>645=85 >B =01;N405<>3>. A;8 "<=5 AB@0H=>", O =01;N40N A2>9 AB@0E, O OA=> 286C 53> >G5@B0=8O, O 286C, GB> AB@0E  MB> =5 O, GB> >= ?@54AB02;O5B A>1>9 =5GB> 2=5H=55; O 286C, GB> A0< O A2>1>45= >B MB>3> AB@0E0. "/"  MB> B0 =0H0 G0ABL, :>B>@0O A?>A>1=0 =01;N40BL ;N1>5 A>45@60=85 ?A8E8:8, =5 1C4CG8 2>2;5G5==>9 2 53> 0B<>AD5@C. 0;8G85 B0:>9 G0AB8 ?>72>;O5B 2A59 ;8G=>AB8 >1@5AB8 @02=>25A85, :>B>@>5 2 ?@>B82=>< A;CG05 1K;> 1K =52>7<>6=K<. -BC A8BC0F8N <>6=> ?@>8;;NAB@8@>20BL 2>AB>G=>9 ?@8BG59 > 45AOB8 3;C?F0E. 5AOBL 3;C?F>2 ?5@5?;K;8 @5:C; 4>1@02H8AL 4> 4@C3>3> 15@530, >=8 70E>B5;8 C1548BLAO, GB> 2A5 682K 8 74>@>2K. 48= 87 =8E =0G0; AG8B0BL, => 701K; > A515 8 A>AG8B0; B>;L:> 452OBL >AB0;L=KE. "0A B>;L:> 452OBL,  70O28; >=.  48= 87 =0A, 4>;6=> 1KBL, CB>=C;". ""K C25@5=, GB> ?>AG8B0; ?@028;L=>?",  A?@>A8; 4@C3>9 3;C?5F 8 ?@8=O;AO ?5@5AG8BK20BL, => > A515 B>65 701K;. "CB 8 4@C385 3;C?FK MB8< 70=O;8AL, => A:>;L:> =8 AG8B0;8, @57C;LB0B 1K; B>B 65  452OBL. #25@82H8AL, GB> >48= 87 =8E CB>=C;, >=8 AB0;8 >?;0:820BL 53> 3815;L, E>BO =5 <>3;8 A>>1@078BL, GLN 8<5==>. @>E>482H89 <8<> G5;>25: ?>8=B5@5A>20;AO, GB> A;CG8;>AL, 8 3;C?FK 5<C >1JOA=8;8. >A:>;L:C ?5@54 =8< AB>O;8 2A5 45AOB5@>, ?@>E>689 4>3040;AO, 2 G5< 45;>, 8 AB0; AG8B0BL 8E, ?@8:0A0OAL : :064><C ?> >G5@548 8 B@51CO, GB>1K B>B =07K20; A2>9 ?>@O4:>2K9 =><5@. "48="  A:070; ?5@2K9, "420"  ?@>87=5A 2B>@>9, 8 B0: 4>1@0;8AL 4> ?>A;54=53>, :>B>@K9 A:070; "45AOBL". >@065==K5 3;C?FK ?>1;03>40@8;8 ?@>E>653> 8 ?>@04>20;8AL 1;03>?>;CG=><C 8AE>4C 45;0. -B0 8AB>@8O ?>:07K205B, :0: ;53:> AB0BL 65@B2>9 8;;N788, =5 @0A?>;030O 548=>9 B>G:>9 7@5=8O =0 ?@>8AE>4OI55. 'B>1K 8<5BL 2>7<>6=>ABL A>AB028BL OA=>5 8 25@=>5 ?@54AB02;5=85 > A8BC0F88, =C6=> 1KBL =57028A8<K< >B 83@K 2:;NG5==KE 2 =55 A8;.  A;CG05 G5;>25G5A:>9 ;8G=>AB8 B0:85 CA;>28O 4>AB830NBAO ?CB5< A0<>>B>645AB2;5=8O. !0<>>B>645AB2;5=85 <>6=> A@02=8BL A ?0=>@0<=>9 A<>B@>2>9 ?;>I04:>9, ?>A:>;L:C A =01;N40B5;L=>3> ?C=:B0 "O" <K <>65< >1>7@520BL >1ICN :0@B8=C 25G=> 87<5=G82>3> A>45@60=8O A2>59 ;8G=>AB8. 5@2K5 G5BK@5 ?C=:B0 ?@82545==>3> =865 C?@06=5=8O A;C60B 2>AE>645=8N =0 MBC A<>B@>2CN ?;>I04:C 2=CB@5==53> ?@>AB@0=AB20. OBK9 ?C=:B, 5AB5AB25==> 2KB5:0NI89 87 ?@54K4CI8E, =0F5;5= =0 B>, GB>1K ?5@568BL A51O :0: G8AB>5 A>7=020=85. !"!" 0G=8B5 A>7=020BL A2>5 B5;>. 5:>B>@>5 2@5<O ?@>AB> >B<5G09B5, =5 ?KB0OAL 87<5=8BL 8E, 2A5 B5;5A=K5 >ICI5=8O, :>B>@K5 2K <>65B5 >A>7=0BL. !>7=0209B5, =0?@8<5@, :0: 20H5 B5;> A>?@8:0A05BAO A> ABC;><, =0 :>B>@>< 2K A848B5, =>38  A ?>;><, >45640  A :>659. !>7=0209B5 A2>5 4KE0=85. >GC2AB2>202, GB> 2K 4>AB0B>G=> 8AA;54>20;8 A2>8 B5;5A=K5 >ICI5=8O, >AB02LB5 8E 8 ?5@5E>48B5 : A;54CNI5<C MB0?C C?@06=5=8O. 0G=8B5 A>7=020BL A2>8 GC2AB20. 0:85 GC2AB20 2K 8A?KBK205B5 2 40==K9 <><5=B? 0:85 >A=>2=K5 GC2AB20 2K G0I5 2A53> 8A?KBK205B5 2 ?>2A54=52=>9 687=8? 0AA<>B@8B5 :0: ?>;>68B5;L=K5, B0: 8 >B@8F0B5;L=K5 GC2AB20: ;N1>2L 8 @074@065=85, @52=>ABL 8 =56=>ABL, ?>402;5==>ABL 8 ?@8?>4=OB>ABL. 5 >F5=8209B5 A2>8E GC2AB2. @>AB> @0AA<0B@8209B5 8E :0: CG5=K9, 45;0NI89 >?8A0=85 O2;5=8O. #4>2;5B2>@82H8AL ?@>2545==K< >17>@><, >B2;5:8B5AL >B GC2AB2 8 ?5@5E>48B5 : A;54CNI5<C MB0?C C?@06=5=8O. 1@0B8B5 2=8<0=85 =0 A2>8 65;0=8O. ! B5E 65 15A?@8AB@0AB=KE ?>78F89 @0AA<>B@8B5 >A=>2=K5 65;0=8O, ?>1C640NI85 20A GB>-;81> ?@54?@8=8<0BL 2 ?>2A54=52=>9 687=8. 5@54:> 2K <>65B5 >B>645AB2;OBL A51O A B5< 8;8 8=K< 87 =8E, => A59G0A ?@>AB> @0AA<>B@8B5 8E >4=> 70 4@C38<. 0:>=5F, >AB02LB5 A2>8 65;0=8O 8 ?5@5E>48B5 : A;54CNI5<C MB0?C. >=01;N409B5 70 <8@>< A2>8E <KA;59. 0: B>;L:> ?>O2;O5BAO <KA;L, A;548B5 70 =59 4> B5E ?>@, ?>:0 55 <5AB> =5 709<5B 4@C30O, B@5BLO 8 B.4. A;8 2K 4C<05B5, GB> =8:0:8E <KA;59 C 20A =5B, >A>7=09B5, GB> MB> B>65 <KA;L. 01;N409B5 70 B5G5=85< ?>B>:0 A2>53> A>7=0=8O: 2>A?><8=0=8O, <=5=8O, G5?CE0, 4>2>4K, >1@07K. 0=8<09B5AL MB8< ?0@C <8=CB, 0 70B5< >AB02LB5 8 MBC AD5@C. 01;N40B5;L  B>B, :B> A;548B 70 20H8<8 >ICI5=8O<8, GC2AB20<8, 65;0=8O<8 8 <KA;O<8,  ?@54AB02;O5B A>1>9 =5GB> 8=>5, =565;8 >1J5:BK, 70 :>B>@K<8 >= =01;N405B. B> =01;N40; 70 2A5<8 MB8<8 AD5@0<8? 01;N40; "O". "/"  =5 >1@07 8;8 <KA;L, 0 ACI5AB2>, =01;N402H55 70 =8<8 8 =5?>E>655 =0 =8E. -B> ACI5AB2>  2K. !:068B5 ?@> A51O: "O  MB> O, F5=B@ G8AB>3> A>7=020=8O". KB09B5AL A>7=020BL MB> 2 B5G5=85 42CE <8=CB. !>7=020=85 A51O A>1>9  A0<>5 DC=40<5=B0;L=>5, >A=>2>?>;030NI55 87 4>ABC?=KE =0< ?5@56820=89, :@8AB0;L=> OA=>5 8 >G5284=>5.  2A5 65 >?KB B0:>3> A0<>A>7=020=8O, :0: ?@028;>, =5 ?@8E>48B A0< A>1>9, B0: GB> 4;O >1@5B5=8O 53> A ?><>ILN ?@82545==>3> 2KH5 C?@06=5=8O <>65B ?>=04>18BLAO :0:>5-B> 2@5<O. 5 A;54C5B 701K20BL B0:65, GB> "O", ?>4;560I55 A>7=020=8N, =0E>48BAO =5 2 :0:><-B> "4@C3>< <5AB5", :>B>@>5 =C6=> 345-B> 8A:0BL 8 :>B>@>3> =C6=> ?KB0BLAO 4>AB8GL. 0?@>B82, "O" 2A5340 745AL, :064K9 87 =0A C65 "O". >;55 B>3>, >?KB A>7=020=8O A51O "A>1>9" =5 ?@54?>;0305B =5?@5<5==>3> CAB@0=5=8O >AB0;L=KE A>45@60=89 A>7=0=8O. 'C2AB20 8 <KA;8 <>3CB ?>O2;OBLAO 8 8AG570BL, => B5?5@L >=8 A<5I0NBAO =0 704=89 ?;0= A>7=020=8O, :>B>@>5 AB0=>28BAO A0<>A>7=020=85<. 0:>=5F, "O" ?>AB868<> =5 B>;L:> A 70:@KBK<8 3;070<8. !51O <>6=> A>7=020BL 8 2 3CI5 ?>2A54=52=>9 687=8. 5A<>B@O =0 B>, GB> "O"  MB> ?>;=0O 2=CB@5==OO B8H8=0 ?> >?@545;5=8N, ?>A;54=OO =5 >1O70B5;L=> C2>48B =0A >B =0H8E ?>2A54=52=KE 45; 8 =0AB@>5=89; =0?@>B82, :0: 1C45B ?>:070=> 40;55, >=0 <>65B 7=0G8B5;L=> ?>2KH0BL =0HC 455A?>A>1=>ABL 8 A?>A>1=>ABL ?>;030BLAO =0 A51O. * * * 8:>340 =5 ;5B02H89 A0<>;5B, 70BO=CBK9 ?0CB8=>9; 3@C40 @0720;8=; 70B>=C2H89 :>@01;L; 157687=5==0O :C:;0. -B8 >1@07K 2AO:89 @07 2>7=8:0NB C 88 ?5@54 70:@KBK<8 3;070<8, :>340 O ?@>HC 55 40BL 2>;N A2>5<C 2>>1@065=8N.  2A5 >=8 O2AB25==> >1=060NB 55 A0<>>ICI5=85: / 8A?KBK20N GC2AB2> 701@>H5==>AB8, =5=C6=>AB8, :0: 5A;8 1K O 1K;0 =8 =0 GB> =5 3>4=0. !>7405HL A0<>;5B 8 >AB02;O5HL 53> 70BO3820BLAO ?0CB8=>9. !CI5AB2C5HL, => 25AL <8@ B0: 70=OB, GB> =5 70<5G05B MB>3>. / 8A?KBK20N <CG8B5;L=>5 GC2AB2>.  >BG0O=88 A?@0H8205HL, 70 GB>. 8:B> =5 7=05B > B><, GB> A0<>;5B ACI5AB2C5B. 'B>-B> A;CG8;>AL, => =8:B> >1 MB>< =5 7=05B.  A;CG8;>AL B>, GB> =0 A25B5 6825B 8O. 8O  CG8B5;L=8F0 30-B8 ;5B. 5 >B5F C<5@, :>340 >=0 1K;0 @515=:><, 8 >=0 53> ?>GB8 =5 ?><=8B. 0BL C?>@=> >B25@30;0 55. >;3>5 2@5<O 8O 68;0 2 H:>;5-8=B5@=0B5, 240;8 >B 4><0. -B8 >1AB>OB5;LAB20 <>3;8 ?>A;C68BL ?>G2>9 4;O 55 GC2AB20 701@>H5==>AB8 8 "A;04:>3> 65;0=8O 8AG57=CBL". 57@07;8G85 >:@C60NI8E ?@8G8=O5B 59 1>;L. 5 A@02=5=85 A51O A C@4C;C, ?5@A>=065< 87 "5ACI5AB2CNI53> @KF0@O" 0;L28=>, ?><>3;> <=5 2KO28BL O4@> 55 B@C4=>AB59. C@4C;C  ;8HL >4=> 87 <=>3>G8A;5==KE 8<5= 35@>O. # =53> =5B 8<5=8, => >= <>65B =>A8BL ;N1>5 8<O. = 5ABL, => >= =5 7=05B >1 MB><. >MB><C >= AB0=>28BAO 2A5<, GB> 2848B. #28452 ;O3CH:C, >= AB0=>28BAO ;O3CH:>9 8 =0G8=05B :20:0BL; C28452 3@CHC, >= AG8B05B A51O 3@CH59; C28452 1>;LH>9 :>B5; A AC?><, >= =K@O5B 2 AC?, ?>;030O A51O  8 2A5 >AB0;L=>5  AC?><. 8O GC2AB2>20;0 A51O B0: 65. >340 >=0 1K;0 A 4@C38<8, >=0 @0AB2>@O;0AL 2 8E 65;0=8OE, <=5=8OE, <8@>2>A?@8OB88, AB0=>28;0AL 8<8, A>25@H5==> B>3> =5 A>7=020O: ">340 O >:>=G0B5;L=> B5@O;0 GC2AB2> @50;L=>AB8, 2>7=8:0;0 @0ABCI0O B@52>30 8 :070;>AL, GB> 2=CB@8 <5=O 2A5 70ABK205B. A>15==> MB> ?@>O2;O;>AL 2 >1I5=88 A ;N4L<8, :>B>@KE O AG8B0;0 ;CGH5 A51O". 5 @01>BC =04 A>1>9 2 @0<:0E ?A8E>A8=B570 <>6=> >?@545;8BL 2 42CE A;>20E :0: ?>8A: A51O,  ?>8A: B>3>, GB> A0<0 >=0 =07K205B "F5=B@><".  E>45 B0:>9 @01>BK >=0 ?>AB5?5==> >A>7=0;0, GB> ACI5AB2C5B =57028A8<> >B ?@87=0=8O 4@C38E ;N459 8 GB> MB> 459AB28B5;L=> B0:. >42>4O 8B>38 A2>53> >?KB0, 8O 3>2>@8B: "'B>1K C1548BLAO 2 B><, GB> O ACI5AB2CN, O =C640;0AL 2 >F5=:0E 4@C38E ;N459. / ?KB0;0AL 2K2540BL <=5=8O 4@C759 > A515, GB>1K 8<5BL > A515 :0:>5-B> ?@54AB02;5=85. "5?5@L <=5 MB> 1>;LH5 =5 =C6=>. 3@><=0O 687=5==0O M=5@38O "O" @0AA5O;0 MBC 871KB>G=CN ?>B@51=>ABL 2 >4>1@5=88 4@C38E ;N459 8 ?>72>;8;0 >1@5AB8 2=CB@5==55 @02=>25A85".  8AB>@88 88, :0: 8 2 A;CG05 M2840, <K 2848< >4=> :;NG52>5 A;54AB285 2KO2;5=8O "O"  >1@5B5=85 A?>A>1=>AB8 ?>;030BLAO =0 A51O. 3@><=>5 G8A;> ;N459 A>E@0=O5B A 45BA:8E ;5B ?>B@51=>ABL ?>;030BLAO =0 4@C38E, :0: 5A;8 1K 8E "F5=B@ BO65AB8" =0E>48;AO =5 2 =8E A0<8E, 0 345-B> 2 4@C3>< <5AB5.  E>BO ?>2545=85 8E 2 >1I8E G5@B0E <>65B :070BLAO 7@5;K<, >=8 2A5 65 =5 >A>7=0;8 ?>-=0AB>OI5<C @5H0NI53> D0:B0 ACI5AB2>20=8O G5;>25:0  53> 3;C18==>3>, ACI=>AB=>3> >48=>G5AB20. =8 =5O2=>, A<CB=> >6840NB, GB> 2=5H=OO A@540 >15A?5G8B 8E B5<, G53> A0<8 >=8, ?> 8E <=5=8N, =5 8<5NB: A8;>9, =0?@02;5=85< 687=8 8 4065 687=LN :0: B0:>2>9. >A:>;L:C C?>20=8O B0:>3> @>40 C4>2;5B2>@ONBAO :@09=5 @54:>, MB8 ;N48 ?>GB8 =57=0:><K A GC2AB2>< 2=CB@5==53> @02=>25A8O. N1>9 ?@87=0: =52=8<0=8O : A2>59 ?5@A>=5 >=8 >F5=820NB :0: ?@5=51@565=85 : A515 8;8 ?>@065=85. 5>1E>48<>ABL A0<8< >B25G0BL 70 A51O >=8 ?>-45BA:8 2>A?@8=8<0NB :0: 15AA<KA;5==CN 8 =5?@8OB=CN >1O70==>ABL. @5<5=0<8 8E >E20BK205B =52K=>A8<K9 C60A ?5@54 >48=>G5AB2><. >AB865=85 A51O :0: "O" ?@5?>4=>A8B 8< B>B B@C4=K9 C@>:, GB> 4@C385 ;N48 =5 O2;ONBAO ?@>872>4=K<8 >B 8E A>1AB25==>3> ACI5AB2>20=8O, GB> :064K9 G5;>25: 2 3;C18=5 4CH8 >AB05BAO A0<8< A>1>9 8 =0548=5 A A>1>9 8 GB> MB>B 5AB5AB25==K9 D0:B  :>B>@K9 2>2A5 =5 O2;O5BAO B@0354859  <>65B A?>A>1AB2>20BL 8E >1@0I5=8N : A2>8< A>1AB25==K< B2>@G5A:8< @5AC@A0<. -B> <>65B ?>:070BLAO ?0@04>:A><, => 2AB@5G0 A> A2>8< ACI=>AB=K< >48=>G5AB2>< O2;O5BAO =5>1E>48<K< H03>< =0 ?CB8 ?>AB865=8O A2>53> ACI=>AB=>3> 548=AB20 A> 2A5<8 ACI5AB20<8. >AB865=85 ;8G=>3> "O" ?@54AB02;O5B A>1>9 =0G0;> 4>;3>3> ?CB8 @0728B8O, :>B>@K9 <>65B 2K25AB8 =0A 70 ?@545;K ;8G=>3> A0<>A>7=0=8O. >A;5 B>3> :0: G8AB>5 A>7=020=85 (;8G=>5 O) >B45;8;>AL >B AB@C:BC@8@CNI8E 53> >1KG=> A>45@60=89 2=CB@5==53> <8@0, >=> =5?@>872>;L=> AB@5<8BAO ?>4=OBLAO : A2>5<C 8AB>:C (=04;8G=><C /). B ?>AB865=8O A2>59 8=48284C0;L=>AB8 8 A?>A>1=>AB8 2> 2A5< ?>;030BLAO =0 A51O <>65B ?@>87>9B8 ?>AB5?5==K9 ?5@5E>4 :> 2A5>1J5<;NI5<C ?>AB865=8N 2A5>1I=>AB8. > <5@5 B>3>, :0: >?KB G8AB>3> A>7=020=8O AB0=>28BAO 2A5 1>;55 OA=K< 8 ?>;=K<, ?@>8AE>48B 3;C18==K9 A4283 2 A0<KE >A=>20=8OE =0H53> ACI5AB20, 1;03>40@O G5<C <K ?>;CG05< =5?>A@54AB25==K9 4>ABC? : 682>B2>@OI5<C 8AB>G=8:C 687=8. >A;54=55 =C6405BAO 2 ?>OA=5=88. 0: ?@028;>, <K >ICI05< 687=L  <K GC2AB2C5<, GB> 682K, GB> 6825<,  2 A2O78 A :0:>9-B> A8BC0F859: @O4>< G5;>25:, :>B>@>3> <K ;N18<; <K 4>18;8AL CA?5E0; <K 70@01>B0;8 45=53; <K 405< =0 <>B>F8:;5 160 :8;><5B@>2 2 G0A 8 B.4. 5B A>>B25BAB2CNI59 A8BC0F88,  =5B 8 >ICI5=8O 687=8. A;8 <=5 =5 >B25G0NB 2708<=>ABLN, 5A;8 O =5 70@01>B0; 45=53, 5A;8 <>9 <>B>F8:; A;><0;AO, O =5 GC2AB2CN, GB> 682C. ;C18==>5 >ICI5=85 687=8 A2O70=> A MB8<8 "5A;8". > >ICI0BL 687=L <>6=> 8 157 :0:8E 1K B> =8 1K;> "5A;8". ;O MB>3> =C6=> >B:@KBL 2 A515 B> 2A5F5;> 8 157CA;>2=> 682>5, GB> =5 7028A8B =8 >B :0:8E "5A;8",  =0H5 =04;8G=>5 /. 5A<>B@O =0 B>, GB> ?>;=>5 ?>AB865=85 MB>3> / A;CG05BAO :@09=5 @54:>, A =8< A>?@8:0A0;>AL <=>65AB2> ;N459 =0 ?@>BO65=88 2A59 8AB>@88 G5;>25G5AB20, :0: =0 >AB>:5, B0: 8 =0 0?045. ;>B8= 3>2>@8; > =5< :0: > "A>25@H5==> =587<5@8<><, :>B>@>5 =5 <>65B 1KBL C25;8G5=>, 81> =5 8<55B 3@0=8F". ;020 6 / >;O, ?@8 =04;560I5< : =59 >B=>H5=88, A;C68B :;NG>< : ;8G=>9 A8;5 8 A2>1>45 G5;>25:0.  A0<>< 45;5, 2>;N <>6=> @0AA<0B@820BL :0: ?@>O2;5=85 B>3>, GB> =3LO; =0720; "02B>=><=>ABLN"  A?>A>1=>ABLN >@30=87<0 : A2>1>4=><C DC=:F8>=8@>20=8N 2 A>>B25BAB288 A> A2>59 A>1AB25==>9 2=CB@5==59 ?@8@>4>9, 0 =5 ?>4 402;5=85< 2=5H=8E A8;. $0:B8G5A:8 2AN M2>;NF8N <>6=> @0AA<0B@820BL :0: ?>AB5?5==>5 ?@>O2;5=85 MB>9 A2>1>4K. 0G=5< A B>3>, GB> ?5@5E>4 >B @0AB8B5;L=>3> : 682>B=><C F0@AB2C 7=0<5=C5BAO >1@5B5=85< A2>1>4K ?5@542865=8O. -B>B ?5@5E>4 >BG5B;82> 2845= C =5:>B>@KE 284>2 <54C7, :>B>@K5 ?@>2>4OB G0ABL 687=8, ?@8:@5?82H8AL : :0<=O<, :0: @0AB5=8O, 0 70B5< =0G8=0NB 68BL :0: 682>B=K5, A2>1>4=> ?5@5<5I0OAL. !2>1>40 =08<5=55 @0728BKE >@30=87<>2 5420 ;8 =5 8AG5@?K205BAO A?>A>1=>ABLN : ?5@542865=8N. >2545=85 =0A5:><KE, =0?@8<5@, ?>;=>ABLN >1CA;>2;5=> 65AB:8<8 ?@>3@0<<0<8, 8 8E 70G0B>G=0O =5@2=0O A8AB5<0 =5 4>?CA:05B =8:0:>9 2>7<>6=>AB8 2K1>@0. > <5@5 ?@>42865=8O ?> M2>;NF8>==>9 ;5AB=8F5 2 <>73C C 682>B=KE ?>O2;ONBAO 0AA>F80B82=K5 :;5B:8, ?>72>;ONI85 2>A?@8=8<0BL >:@C60NI89 <8@ G5@57 =5A:>;L:> >@30=>2 GC2AB2 A@07C. > ?>2545=85 8E ?>-?@56=5<C >?@545;O5BAO 7040==K<8 ?@>3@0<<0<8. B45;L=K5 284K @K1, =0?@8<5@, 70?@>3@0<<8@>20=K =0 ACI5AB2>20=85 2 AB05.  B>;L:> =0 C@>2=5 ?B8F 8 <;5:>?8B0NI8E ?>2545=85 ?5@5AB05B 1KBL ?>;=>ABLN 7040==K<. >73 MB8E 682>B=KE >1;0405B 8718@0B5;L=>9 A?>A>1=>ABLN 8 <>65B @07;8G0BL AB8<C;K, 7=0G8<K5 4;O 2K6820=8O, 8 ?@>AB> A;CG09=K5 @074@068B5;8. ;O =8E AB0=>28BAO 2>7<>6=K< =5 B>;L:> 8=AB8=:B82=>5 ?>2545=85, => 8 =0CG5=85, 2K@01>B:0 =>2KE AB@0B5389 =0 >A=>25 ?@>1 8 >H81>:. 4=0:> >=8 2A5 5I5 7028AOB >B 2=5H=8E AB8<C;>2: >=8 ?@8:>20=K : ?@8@>4=>9 A@545. ! ?>O2;5=85< G5;>25:0 <K ?>?0405< 2 A>2A5< 4@C3>5 F0@AB2>. >4>1=> B><C, :0: 682>B=K5 A2>1>4=55 @0AB5=89, ?>B><C GB> <>3CB ?5@542830BLAO 2 D878G5A:>< <8@5, ;N48 A2>1>4=55 682>B=KE, ?>B><C GB> <>3CB 42830BLAO 2 <8@5 8459, ?;0=>2 8 15A:>=5G=> @07=>>1@07=KE >1@07>2 2>>1@065=8O, =57028A8<> >B >:@C60NI59 A@54K. 0H0 =5@2=0O A8AB5<0 45;05B =0A A0<K< =5?@54A:07C5<K< 87 2A5E 284>2, ?>B><C GB> <K <5=LH5 2A53> 7028A8< >B 8=AB8=:B82=KE ?@>3@0<< ?>2545=8O. 59AB28B5;L=>, <K <>65< ?>44020BLAO 2=5H=5<C 402;5=8N A>F80;L=KE >3@0=8G5=89, ?@>?030=4K 8 B, ?. K <>65< 84B8 =0 ?>2>4C ?@82KG5: 8 459AB2>20BL 02B><0B8G5A:8, <K <>65< 459AB2>20BL 4065 G8AB> 8=AB8=:B82=>. > <K <>65< B0:65 ?@8=8<0BL A>25@H5==> A2>1>4=K5 @5H5=8O, 1C4CG8 ?@8 MB>< ?>;=>ABLN >B25BAB25==K 70 A2>5 A0<>>?@545;5=85. <5==> MB> M2>;NF8>==>5 ?@8>1@5B5=85, 2 7=0G8B5;L=>9 AB5?5=8 5I5 =5 >A2>5==>5 G5;>25:><, <K =07K205< 2 ?A8E>A8=B575 2>;59. A5 <K 2@5<5=0<8 AB0;:8205<AO A >1AB>OB5;LAB20<8, B@51CNI8<8 >B =0A >1@0I5=8O : 2>;5. @>O282 55, <K AB0=>28<AO A8;L=55 8 A2>1>4=55. 5 ?@>O282, <K >:07K205<AO @07402;5==K<8 687=5==K<8 >1AB>OB5;LAB20<8. "CB <>65B 1KBL 2K2545= >1I89 ?@8=F8?: 5A;8 G5;>25: =5 C45;O5B 2=8<0=8O A2>59 2>;5, 5A;8 >= ?>402;O5B 55 8;8 =0A8;C5B 8;8 5A;8 >= 2>>1I5 =5 8<55B 2>;8, 2 687=L 53> 2E>4OB AB@040=8O 8 1>;57=8.  / /? 73;O=8B5 =0 A2>N 2>;N. '0AB> ;8 >=0 1K205B ?@8B5A=5=0 2>;59 4@C38E ;N459? >@01>I5=0 GC2AB20<8, =0?@8<5@, ?>402;5==>ABLN, 3=52>< 8;8 AB@0E><? 0@0;87>20=0 8=5@B=>ABLN? #10N:0=0 ?@82KG:>9? 7J545=0 A><=5=8O<8? 5;05B5 ;8 2K >1KG=> B>, GB> E>B8B5 2 3;C18=5 4CH8, 8;8 =0 20H8 ?>ABC?:8 2;8ONB :0:85-B> 4@C385 D0:B>@K? >A2OB8B5 :0:>5-B> 2@5<O @0AA<>B@5=8N 206=59H8E AD5@ A2>59 687=8 8 A0<KE 7=0G8<KE >B=>H5=89. 0B5< ?>4@>1=> 70?8H8B5 A2>8 >B25BK. /  !  5A<>B@O =0 <=>65AB2> ?@5?OBAB289, AB>OI8E =0 ?CB8 ?@>O2;5=8O =0H59 2>;8, >1=0@C68BL 55 =5 A>AB02;O5B B@C40. A;8 <K E>B8< A?>A>1AB2>20BL 55 @0728B8N, =0G0BL <>6=> A A0<>3> ?@>AB>3>: <K <>65< CA8;820BL A2>N 2>;N, =0G02 ?@>O2;OBL 55. >7<>6=>AB8 B><C ?@54AB02;ONBAO =0< ?>AB>O==>; 5A;8 <K 8A?>;L7C5< 8E, =0H0 687=L AB0=>28BAO ;01>@0B>@859 4;O 8AA;54>20=8O 8 @0728B8O 2>;8. !CI5AB2C5B <=>65AB2> A?>A>1>2 ?@>1C645=8O 2>;8 2 A8BC0F8OE ?>2A54=52=>9 687=8; 745AL ?@82545=K =5:>B>@K5 87 =8E: !45;09B5 GB>-=81C4L, G53> =8:>340 @0=LH5 =5 45;0;8. !>25@H8B5 >B206=K9 ?>ABC?>:. 0?;0=8@C9B5 GB>-=81C4L, 0 70B5< >ACI5AB28B5 A2>9 ?;0=. @>4>;609B5 45;0BL B>, GB> 45;0;8, 5I5 ?OBL <8=CB, 4065 5A;8 2K CAB0;8 8;8 20A AB0;> ?@82;5:0BL =5GB> 8=>5. !45;09B5 GB>-=81C4L :@09=5 <54;5==>. >340 ;53G5 A:070BL "40", => ?@028;L=55 A:070BL "=5B", 3>2>@8B5 "=5B". 5;09B5 B>, GB> AG8B05B5, 2 =0AB>OI89 <><5=B A0<K< 206=K<.  A0<KE =57=0G8B5;L=KE A8BC0F8OE 2K1>@0 A>25@H09B5 53> =5 :>;51;OAL. >ABC?09B5 2>?@5:8 2A5< >6840=8O<. >ABC?09B5 =57028A8<> >B B>3>, GB> 4@C385 <>3;8 1K A:070BL 8;8 ?>4C<0BL. >745@68209B5AL 3>2>@8BL B>, GB> 20A ?>4<K205B A:070BL. B;>68B5 B>, : G5<C 2K ?@54?>G;8 1K ?@8ABC?8BL ?@O<> A59G0A. !@07C 65 ?@8ABC?8B5 : B><C, GB> 2K ?@54?>G;8 1K >B;>68BL. 654=52=> 2K?>;=O9B5 >4=> ?A8E>A8=B5B8G5A:>5 C?@06=5=85 2 B5G5=85 <5AOF0, 4065 5A;8 MB> :065BAO 20< 15A?>;57=K<. A2>1>48B5 A2>N 687=L >B G53>-=81C4L ;8H=53>. !;><09B5 :0:CN-=81C4L ?@82KG:C. !45;09B5 GB>-=81C4L @8A:>20==>5. !45;09B5 GB>-=81C4L A ?>;=>9 >B40G59 8 >A>7=0=85<, :0: 5A;8 1K MB> 1K;> ?>A;54=8<, GB> 2K 45;05B5 2 MB>9 687=8. N1>5 459AB285 <>6=> ?@52@0B8BL 2 C?@06=5=85 2>;8, 5A;8 >ACI5AB2;OBL 53> A>7=0B5;L=>, 0 =5 ?> ?@82KG:5 8;8 87 GC2AB20 4>;30. AB8==>5 ?@>O2;5=85 2>;8 =5 8<55B =8G53> >1I53> A 1KBCNI8<8 ?@54AB02;5=8O<8 > "A8;5 2>;8" :0: =5?@5@K2=>< ?@8=C645=88 A51O 45;0BL B>, GB> =5 E>G5HL. >4;8==>5 =07=0G5=85 2>;8 A>AB>8B 2 B><, GB>1K =0?@02;OBL, 0 =5 2 B><, GB>1K ?@8=C640BL : G5<C-;81>. AB8==0O 2>;O ?>4>1=0 "<5B0-A8;5" (B5@<8= -;8A 8 -;<5@ @8=), A?>A>1=>9 C?@02;OBL 2708<>459AB285< @07;8G=KE M;5<5=B>2 ;8G=>AB8 A =57028A8<>9 ?>78F88, =5 A<5H820OAL 8 =5 >B>645AB2;OOAL A :0:8<-B> 87 =8E. >, :0: ?@028;>, <K 4065 =5 ?>4>7@5205<, GB> MB> 2>7<>6=>. @8;030O >3@><=K5 2>;52K5 CA8;8O, ;N48 >1KG=> =0E>4OBAO ?>4 :>=B@>;5< :0:>3>-B> GC2AB20 8;8 65;0=8O, 1C4L B> 1C=B ?@>B82 AB@040=8O, 0<18F8O 8;8 AB@0E. -B> =5 2>;O "O". =8 2K@060NB =5 A2>N 2>;N. <5AB> MB>3> ?@>O2;5=85 2>;8 AB0=>28BAO "?>?KB:>9", CA8;85<, A;5?K< =0?>@><. 45AL 2>;O C65 =5 <5B0-A8;0, 0 ;8HL >4=0 87 459AB2CNI8E A8; =0@O4C A> <=>65AB2>< 4@C38E. 'B>1K 8A:;NG8BL >?0A=>ABL "G5@5AGC@ =0?@O65==KE ?>?KB>:", =C6=> ?><=8BL, GB> <K <>65< ?@>O2;OBL A2>N 2>;N B>;L:> 87 F5=B@0 A2>53> ACI5AB20, 87 "O". A5 4@C385 D>@<K 2>;8  MB> ?A8E>;>38G5A:85 <>=AB@K: 2>;O, >45@68<0O :0:8<-B> GC2AB2><, AC1;8G=>ABLN 8 B.4. &5=B@0;L=K9 <><5=B 2 @01>B5 A 2>;59 A>AB>8B 2 A>7=020=88 B>3>, GB> <K A>18@05<AO 45;0BL 8 :0: <K MB> A>18@05<AO 45;0BL. K 8AE>48< ?@8 MB>< 87 OA=>3> A0<>2>A?@8OB8O, 87 "O", 0 =5 87 :0:>3>-B> 65;0=8O 8;8 ?>1C645=8O. K A?@0H8205<, :0:0O 87 =K=5H=8E =0H8E F5;59 A0<0O 206=0O. K @5H05< 4>AB8GL 55. K 4C<05<, :0: 4>AB8GL 55 ;CGH5 2A53>. K 8I5<, GB> =0< <>65B 2 MB>< ?><>GL. 0B5< <K <>65< ?@8ABC?8BL : >A<KA;5==><C 459AB28N, AB>9:> 8 @5H8B5;L=> ?@5>4>;520O ?@5?OBAB28O, 2>7=8:0NI85 =0 =0H5< ?CB8.  B> 65 2@5<O <K <>65< ?>72>;8BL A515 4>AB0B>G=CN 381:>ABL, GB>1K 87<5=OBL ?@8 =5>1E>48<>AB8 A2>8 ?;0=K, =5 AB@040O >B MB>3> 8 4065 =0E>4O 2 MB>< C4>2>;LAB285. !>7=0B5;L=>ABL 2>;587JO2;5=8O  2>B 2 G5< :;NG : @0728B8N 2>;8. &, K <>65< >A2>1>48BL A2>N 2>;N, @072820O B0:CN G8AB> G5;>25G5A:CN A?>A>1=>ABL, :0: A?>A>1=>ABL : A2>1>4=><C 2K1>@C. >;030O A2>8 A>1AB25==K5 F5;8 8 =5>BABC?=> >ACI5AB2;OO 8E, <K <>65< C?>@O4>G8BL A2>N 687=L, A45;02 55 B5< A0<K< 3>@074> 1>;55 ;53:>9 8 ?@>4C:B82=>9.  MB>< >B=>H5=88 <>65B >:070BLAO ?>;57=K< A;54CNI55 C?@06=5=85. >4C<09B5 > B><, :0:85 687=5==K5 F5;8 4;O 20A 2 =0AB>OI89 <><5=B =081>;55 206=K. 01@>A09B5 A?8A>: 206=59H8E F5;59, :>B>@K5 ?@8E>4OB 20< =0 C<  01AB@0:B=KE 8 :>=:@5B=KE, B@C4=KE 8 ;53:8E, 40;5:8E 8 1;87:8E.  8E G8A;> <>3CB 2E>48BL, =0?@8<5@, A0<>@50;870F8O, ?>:@0A:0 30@060, C;CGH5=85 >B=>H5=89 A :0:8<-B> G5;>25:><, 87CG5=85 =>2>3> O7K:0 8 B.4. A5 MB> <>6=> 2:;NG0BL 2 A?8A>: ?>AB>;L:C, ?>A:>;L:C >=>: 0) 459AB28B5;L=> 4;O 20A 206=> 8 1) O2;O5BAO @50;L=>9 F5;LN, 0 =5 ?@>AB> 2>7<>6=>ABLN, =04564>9 8;8 "4>;3><".  B5?5@L 2K15@8B5 87 MB>3> A?8A:0 B>, GB> ?@54AB02;O5BAO 20< 2 =0AB>OI55 2@5<O A0<>9 206=>9 F5;LN. 0:@>9B5 3;070 8 ?>72>;LB5 2>7=8:=CBL >1@07C, A8<2>;878@CNI5<C MBC F5;L. -B> <>65B 1KBL 2A5 GB> C3>4=>: ?@8@>4=K9 >1J5:B, 682>B=>5, G5;>25: 8 B.4. 5 >B:@K20O 3;07, ?@54AB02LB5, GB> ?5@54 20<8 ;568B 4;8==K9, ?@O<>9 8 OA=K9 ?CBL, 2>AE>4OI89 : 25@H8=5 E>;<0. K <>65B5 @07;8G8BL 240;5:5 =0 25@H8=5 >1@07, A8<2>;878@CNI89 20HC F5;L. > >158< AB>@>=0< 4>@>38 2K <>65B5 C2845BL, CA;KH0BL, ?>GC2AB2>20BL ?@8ACBAB285 @07=>>1@07=KE ACI5AB2, :>B>@K5 1C4CB ?KB0BLAO C25AB8 20A A ?CB8 8 ?><5H0BL 20< 4>AB8GL 25@H8=K. =8 <>3CB 45;0BL 2A5 GB> C3>4=>, :@><5 >4=>9 25I8: >=8 =5 <>3CB ?@53@048BL 20< ?CBL, :>B>@K9 ?>-?@56=5<C >AB05BAO ?@O<K< 8 OA=K<. -B8 ACI5AB20 ?@54AB02;ONB @07;8G=K5 687=5==K5 A8BC0F88, ;N459, 2B>@>AB5?5==K5 F5;8 8 20H8 2=CB@5==85 A>AB>O=8O. # =8E 5ABL <=>65AB2> A?>A>1>2 ?><5H0BL 20<  >=8 ?>?KB0NBAO @0AE>;06820BL 20A 8 A>1;07=OBL, 70?C3820BL 8 38?=>B878@>20BL. =8 1C4CB ;>38G5A:8 4>:07K20BL 20<, GB> 70B5O MB0 01AC@4=0, >=8 1C4CB ?KB0BLAO H0=B068@>20BL 20A 8;8 2A5;OBL 2 20A GC2AB2> 28=K 8 B.4. >A?@8=8<09B5 A51O :0: G8ABCN 2>;N 8 ?@>4>;609B5 A2>9 ?CBL. >?KB09B5AL ?>=OBL, 2 G5< A>AB>8B AB@0B538O :064>3> 87 MB8E ACI5AB2. >GC2AB2C9B5 ?@8;0305<K5 8<8 CA8;8O. K <>65B5 4065 ?>15A54>20BL A =8<8, => 70B5< ?@>4>;609B5 ?CBL, >ICI0O A2>5 2>;587JO2;5=85. >AB83=C2 25@H8=K, 273;O=8B5 =0 >1@07 A2>59 F5;8, ?>1C4LB5 :0:>5-B> 2@5<O 2 53> >1I5AB25, =0A;06409B5AL 53> >1I5AB2><. A>7=09B5, GB> MB0 F5;L 4;O 20A 7=0G8B 8 GB> >=0 4>;6=0 20< A:070BL. B:@>9B5 3;070 8 =0?8H8B5 > A2>59 F5;8, 0 B0:65 > A8;0E, :>B>@K5 ?KB0NBAO 2>A?@5?OBAB2>20BL 55 4>AB865=8N.  ?>A;54CNI85 4=8 ?>2B>@=> 2K?>;=O9B5 MB> C?@06=5=85 4;O A2>8E 2B>@>AB5?5==KE 8 B@5BL5AB5?5==KE F5;59. >>1I5-B> F5;8 MB8 ?>701>BOBAO > A515 A0<8, ?>B><C GB> ?@82KG:0 : A>7=0B5;L=><C 2>;587JO2;5=8N, 2K@010BK205<0O 2 ?@8;>65=88 : 20H8< 206=59H8< F5;O<, A45;05B 20A 3>@074> 1>;55 MDD5:B82=K<8 2 F5;><, 0 B0:65 ?>B><C, GB> ?> <5@5 >ACI5AB2;5=8O 20H8E 3;02=KE F5;59 <>65B 2KA2>1>640NBAO 1>;LH0O M=5@38O, :>B>@0O >1;53G8B 2K?>;=5=85 4@C38E 7040G. 07C<55BAO, 2K <>65B5 45;0BL >1J5:B0<8 MB>3> C?@06=5=8O ;N1K5 F5;8, ?0<OBCO, >4=0:>, GB> 2K @5H8;8 ?>A2OB8BL >A=>2=K5 A8;K 8 2=8<0=85 3;02=K< >1@07>< A2>8< 206=59H8< 687=5==K< F5;O< 8 ?@5645 2A53> B>9 87 =8E, :>B>@CN 2K 2K1@0;8 ?5@2>9. ;020 7 " +  >2AN4C =0 =0H59 ?;0=5B5 ?@>8AE>48B 15AA<KA;5==>5, ?>AB>O==>5 7;>C?>B@51;5=85 03@5AA82=>9 M=5@3859. 064K9 45=L MB0 DC=40<5=B0;L=0O M=5@38O, =5C;>28<0O, ?>4>1=> ?@87@0:C, 8 =5C:@>B8<0O, ?>4>1=> 1CHCNI5<C <>@N, ?@8G8=O5B 15AG8A;5==K5 AB@040=8O. 064K9 45=L ;N48 D878G5A:8 8 ?A8E>;>38G5A:8 C=8GB>60NB 4@C3 4@C30. 064K9 45=L CI5<;ONBAO 8E ?@020 =0 D878G5A:CN 8 M<>F8>=0;L=CN =5?@8:>A=>25==>ABL. 064K9 45=L >=8 AB0=>2OBAO 65@B20<8 >A:>@1;5=89, 48A:@8<8=0F88, =0?045=89, ?KB>: 8 C189AB2. >;55 B>3>, <8;;8>=K ;N459, A0<8 B>3> =5 65;0O, =0?@02;ONB A2>N 03@5AA8N ?@>B82 A0<8E A51O, GB> ?@82>48B (:0: A2845B5;LAB2C5B ?A8E>A><0B8G5A:0O <548F8=0) : A5@45G=K< 701>;520=8O<, ?5@5=0?@O65=8N, >68@5=8N, @0AAB@>9AB20< ?8I520@8B5;L=>9 A8AB5<K, ?>;>2K< @0AAB@>9AB20<, ;53>G=K<, :>6=K< 8 @52<0B8G5A:8< 701>;520=8O<. "0 65 03@5AA82=0O M=5@38O, :0: >:070;>AL, O2;O5BAO >4=8< 87 >?@545;ONI8E D0:B>@>2 @07=KE ?A8E8G5A:8E >B:;>=5=89: =5:>B>@KE D>@< 45?@5AA88, GC2AB20 28=K, =02O7G82KE 8 ?0@0=>840;L=KE A8=4@><>2, 0 B0:65, 25@>OB=>, =5:>B>@KE ?A8E>7>2. 3@5AA8O >B@02;O5B 8 =0HC ?>2A54=52=CN 687=L  =0H8 >B=>H5=8O A A0<8<8 A>1>9 8 4@C38<8 ;N4L<8. 0: ?>:07K205B ?@82545==K9 =865 =5?>;=K9 A?8A>:, ?@>1;5<0 MB0 <>65B ?@8=8<0BL 15A:>=5G=> @07=>>1@07=K5 D>@<K: %>;>4=0O 157<>;2=0O =5=028ABL @8B8F87< !0<>@07@CH8B5;L=>5 ?>2545=85 !0@:07< 074@065=85 53>4>20=85 /728B5;L=K5 70<5G0=8O 3@5AA82=K5 D0=B0788 0A<5H:0 0AA82=K9 A01>B06 5AB>:>ABL 7;>1;5=85 @848@G82>ABL 54>1@>65;0B5;L=>ABL !;5?0O O@>ABL >@G;82>ABL #3@N<K9 284 5>1>A=>20==K9 >B:07 @06451=>ABL AB8B5;L=>ABL. 5 O2;O5BAO ;8 03@5AA8O 2 B0:>< A;CG05 ?@>AB> 701>;520=85<, B@51CNI8< ;5G5=8O? =>385 D0:B>@K <>3CB CAC3C18BL 03@5AA8N 8 4065 ?@52@0B8BL 55 2 =0A8;85: 87>;OF8O 8 =54>AB0B>: >1I5=8O, >BACBAB285 ;N128 (>A>15==> 2 @0==5< 2>7@0AB5), ?>402;5=85, >B@8F0B5;L=K9 ?@8<5@, ?;>E>5 ?8B0=85 8 B.4. !8AB5<0B8G5A:85 CA8;8O, =0?@02;5==K5 =0 ?@5>4>;5=85 MB8E D0:B>@>2, A<O3G0NB <=>385 >B@8F0B5;L=K5 ?@>O2;5=8O 03@5AA88. 4=0:> GB>1K ;CGH5 ?>=OBL 03@5AA8N, A;54C5B >1@0B8BLAO =5 : =08EC4H8< 55 ?@>O2;5=8O<, 0 : @0AA<>B@5=8N 55 87=0G0;L=>9 3;C18==>9 ACB8, :>B>@0O, ?> A;>20< AA046>;8, ?@54AB02;O5B A>1>9 "A;5?>9 8<?C;LA : A0<>CB25@645=8N, : 2K@065=8N 2A5E A>AB02;ONI8E A2>53> ACI5AB20 157 @071>@0 8 @07;8G8O, 157 :0:>9-;81> <KA;8 > ?>A;54AB28OE, 157 :0:>3>-;81> CG5B0 4@C38E". 0AA<>B@52 MBC ACBL, <K >1=0@C68<, GB> 8<55< 45;> A >4=>9 87 D>@< 5AB5AB25==>9 M=5@388. A5 284K 5AB5AB25==>9 M=5@388, 2A5 A8;K ?@8@>4K =59B@0;L=K. !8;0 25B@0, M=5@38O A>;=F0, 0B><0, @5: <>65B 2K7K20BL :0B0AB@>DK, 0 <>65B 8E ?@54>B2@0I0BL. =0 <>65B C1820BL 8 <>65B 70I8I0BL. 5G0;L=>, => D0:B  <K 1>;LH5 ?@5CA?5;8 2 >1C740=88 8 8A?>;L7>20=88 D878G5A:>9 M=5@388, G5< 2 :>=B@>;5 =04 M=5@3859 =0H59 A>1AB25==>9 03@5AA82=>AB8 8 =0?@02;5=88 ?>A;54=59 2 65;0B5;L=>5 4;O =0A @CA;>.  /  !!!",? !;54CNI85 2>?@>AK ?>72>;ONB 20< @0AA<>B@5BL, :0: 2K ?@>O2;O5B5 A2>N 03@5AA82=>ABL. 0:CN D>@<C ?@8=8<05B 20H0 03@5AA82=0O M=5@38O? >4C<09B5 =5A:>;L:> <8=CB, :0: 2K A?@02;O5B5AL A> A2>59 03@5AA82=>9 M=5@3859, :0:>2K 20H8 87;N1;5==K5 :0=0;K 55 >B2>40. >402;O5B5 ;8 2K A2>N 03@5AA82=CN M=5@38N 8;8 405B5 59 2KE>4? 0: 2K >B=>A8B5AL : 03@5AA82=>9 M=5@388: 1>8B5AL 55, ?@578@05B5, =0A;06405B5AL 5N, ?>68=05B5 55 ?;>4K? ;8, 2>7<>6=>, 2K 55 2>>1I5 2 A515 =5 2>A?@8=8<05B5? 5B ;8 :0:8E-B> E0@0:B5@=KE >A>15==>AB59 2 ?@>O2;5=88 20H59 03@5AA82=>9 M=5@388? 5B ;8 :0:8E-B> >?@545;5==KE ;N459 8 A8BC0F89, :0: ?@028;>, ?@>2>F8@CNI8E 55 2KE>4? 0209B5 ?>A<>B@8< =0 MB> :0: =0 5AB5AB25==K9 ?@>F5AA: 2 8=482845 2>7=8:05B 2>;=0 03@5AA82=>9 M=5@388, >=0 =0@0AB05B 8 CAB@5<;O5BAO 2?5@54 2 ?>8A:0E 2KE>40. 0;55 2>7<>6=K, ?> :@09=59 <5@5, 420 20@80=B0 @5038@>20=8O =0 MB> 2=CB@5==55 402;5=85. >-?5@2KE, 1C4CG8 8A?C30==K<, A<CI5==K< 8;8 =5 65;0O 87<5=OBL A2>8< MB8G5A:8< ?@8=F8?0<, G5;>25: ?>402;O5B 55, 2K7K20O B5< A0<K< 2AO:>3> @>40 @0AAB@>9AB20 ?A8E>;>38G5A:>3> 8 ?A8E>A><0B8G5A:>3> ?>@O4:0. B>@>9 20@80=B (>= >A>15==> E0@0:B5@5= 4;O M:AB@025@B8@>20==KE, =0F5;5==KE =0 459AB285 ;N459) A>AB>8B 2 B><, GB> 2>;=0 =0E>48B 2KE>4 2 D>@<5 A;>2 8 45;, 8=>340 :>=AB@C:B82=KE, 0 8=>340  =5B. 8:0:>3> >1I53> ?@028;0 4;O 2K@065=8O 03@5AA88 1KBL =5 <>65B. K <>65<, =0?@8<5@, @07@O48BL A2>N 03@5AA8N, =5 ?@8G8=OO 2@540 4@C38< ;N4O<. =>385 02B>@K >?8AK20NB ?@>AB>9 8 ?@52>AE>4=K9 <5B>4: 18BL ?>4CH:C 8;8 =04C2=>9 <OG, O@>AB=> :>;>B8BL <0B@0F B5==8A=>9 @0:5B:>9, @20BL 2 :;>GLO 3075BK, =0?8A0BL 3@C1>5 ?8AL<> G5;>25:C, =0 :>B>@>3> 7;8<AO (8 =5 ?>AK;0BL 53>, :>=5G=>).  A>60;5=8N, B5, :B> =C6405BAO 2 ?@8<5=5=88 ?>4>1=KE ?@85<>2, 70G0ABCN @0F8>=0;878@CNB A2>9 AB@0E ?5@54 =8<8, =07K20O 8E A<5E>B2>@=K<8, 15A?>;57=K<8, =5A>;84=K<8. ! 4@C3>9 AB>@>=K, <K <>65< ?@5>1@07>20BL 03@5AA82=CN M=5@38N, =0?@0282 55 =0 8=>9 >1J5:B 8 ?@8402 59 8=CN D>@<C ?@>O2;5=8O. >A?>;L7C5<AO 5I5 @07 >1@07>< 2>;=K: >=0 2>7=8:05B 8 CAB@5<;O5BAO 2?5@54, => B5?5@L 59 ?@8405BAO 4@C30O D>@<0 8 =0?@02;5=85. 8 B>, =8 4@C3>5 55 =5 ?>402;O5B, >4=0:> 2 =>2>< A2>5< ?@>O2;5=88 03@5AA82=0O M=5@38O AB0=>28BAO ?>;>68B5;L=>9 A>>1@07=> B5G5=8N =0H59 687=8. @82545< ?0@C 2KA:07K20=89: "AO:89 @07, :>340 O GC2AB2CN, GB> 2> <=5 =0@0AB05B 3=52, O B>BG0A =0?@02;ON MBC M=5@38N =0 ?@82545=85 :20@B8@K 2 ?>@O4>:.  C <5=O 2A5340 >G5=L >?@OB=0O :20@B8@:0". ">340 O ?>;CG0; =87:85 >F5=:8 =0 M:70<5=5, O >G5=L 7;8;AO, => 70B5< >1=0@C68;, GB> 7;>ABL 8AG5705B, 5A;8 O =0?@02;ON 55 =0 ?>43>B>2:C : A;54CNI5<C M:70<5=C. >O O@>ABL ?>4?8BK205B <>5 65;0=85 CG8BLAO, 7=0G8B5;L=> ?>2KH0O A?>A>1=>ABL : A>A@54>B>G5=8N."  MB8E ?@8<5@0E <>6=> 2K45;8BL =5A:>;L:> >A=>2=KE <><5=B>2. >-?5@2KE, ?@5>1@07>2K20BL ;53G5 2A53> B>, A G5< <K @0AB>645AB2;5=K. ;O MB>3> =C6=> >B=>A8BLAO : A2>5<C 3=52C, : A2>8< 03@5AA82=K< 8<?C;LA0< 157 >AC645=8O. > ACB8 A2>59 MB> 74>@>2K5 8<?C;LAK, 81> >=8 8AE>4OB 87 =0H53> ACI5AB20. AO:>5 >AC645=85 =0H8E 03@5AA82=KE M=5@389 O2;O5BAO ?A8E>;>38G5A:8< =52565AB2>< 8 45;05B ?@5>1@07>20=85 8E =52>7<>6=K<. >-2B>@KE, 2 03@5AA82=>9 M=5@388 5ABL =5GB> ?@5:@0A=>5 8 2 3;C18=5 A2>59 687=5CB25@640NI55.  A>60;5=8N, <=>385 ;N48 >B=>AOBAO : =59 A >?0A:>9. 5@54:> 03@5AA8O 2 8E ?@54AB02;5=88 <0H8=0;L=> 0AA>F88@C5BAO A =0A8;85< 8 >=8 >H81>G=> ?>;030NB, GB>, A>A@54>B>G82H8AL =0 @0728B88 2KAH8E :0G5AB2, >=8 87682CB 03@5AA8N. 0: ?@028;>, 8< C405BAO B>;L:> ?>4028BL 55. A;8 ?@8<8B82=K5 D>@<K 03@5AA88 <>3CB AB0=>28BLAO @07@CH8B5;L=K<8, B> 1>;55 @0728BK5 55 D>@<K AB0=>2OBAO A>7=0B5;L=>9 A8;>9. =>385 4CE>2=K5 2>648 ?@54>AB5@530NB >B =54>>F5=:8 03@5AA88 8 ?@57@5=8O : =59, 81> MB> 45;05B G5;>25:0 15A?><>I=K< 8 =5A?>A>1=K< ?@>B82>AB>OBL 7;C. 0<0:@8H=0, =0?@8<5@, @0AA:07K20; ?@8BGC > 7;>1=>9 7<55. 4=064K >=0 ?>2AB@5G0;0 <C4@5F0 8, ?>@0782H8AL 53> 4>1@>B5, A?@>A8;0, :0: 4>AB8GL ?@>A25B;5=8O. C4@5F ?>A>25B>20; 59 1>;LH5 =5 :CA0BL ;N459, 8 >=0 @5H8;0 68BL G8AB>9 687=LN, =8:><C =5 ?@8G8=OO 2@540. > :0: B>;L:> ;N48 87 1;87;560I59 45@52=8 ?@>A;KH0;8, GB> 7<5O 1>;LH5 =5 >?0A=0, >=8 AB0;8 1@>A0BL 2 =55 :0<=8, B0A:0BL 70 E2>AB 8 2AOG5A:8 =04 =59 874520BLAO. <55 ?@8H;>AL =5;53:>.  AG0ABLN, <C4@5F 2=>2L >:070;AO 2 B>9 <5AB=>AB8 8, C28452, :0: A8;L=> 7<5N ?>:>;>B8;8, 8 2KA;CH02 55 60;>1K, A:070; 59: "@C3 <>9, O ?@>A8; B51O =5 ?@8G8=OBL ;N4O< 2@540, => O =5 3>2>@8; B515, GB>1K BK =0 =8E =5 H8?5;0". >42>4O 8B>3, 0<0:@8H=0 70:;NG05B: "K =5 ?@8G8=O5B5 2@540, "H8?O" =0 =5E>@>H53> G5;>25:0 8 ?>:07K20O, GB> <>65B5 ?>AB>OBL 70 A51O. !<>B@8B5 B>;L:>, GB>1K =5 C:CA8BL 53>. ;> A>AB>8B =5 2 ?@>B82;5=88 7;C, 0 2 ?@8G8=5=88 >B25B=>3> 7;0". !;54CNI55 C?@06=5=85 A;54C5B 2K?>;=OBL B>;L:> 2 B>< A;CG05, 5A;8 2K 8A?KBK205B5 2 =0AB>OI89 <><5=B :0:85-B> 03@5AA82=K5 GC2AB20 8;8 1;87:8 : B><C, GB>1K 8A?KB0BL 8E.  ?@>B82=>< A;CG05 ?@>AB> ?@>GB8B5 53> 8 25@=8B5AL : =5<C ?>765.     !! -  K15@8B5 :0:>9-B> ?@>5:B 8;8 45OB5;L=>ABL, :>B>@>9 2K E>B5;8 1K "?>440BL ?0@C".  B5?5@L >B;>68B5 ?@>5:B 2 AB>@>=C 8 >1@0B8B5AL : A2>8< 03@5AA82=K< GC2AB20<. ICB8B5 8E A8;C, 281@0F8N, MDD5:B, >:07K205<K9 8<8 =0 20H5 B5;> 8, 2>7<>6=>, ?@8G8=O5<>5 8<8 AB@040=85. 09B5 8< <5AB> 2 A2>5< A>7=0=88, =01;N409B5 70 =8<8 157 :0:8E-;81> >F5=>:, 157 =025H820=8O O@;K:>2. "5?5@L >A>7=09B5, GB> 2A5 MB8 GC2AB20 ?@54AB02;ONB A>1>9 4@03>F5==CN M=5@38N, :>B>@0O =0E>48BAO 2 20H5< @0A?>@O65=88 8 <>65B 1KBL 8A?>;L7>20=0 4;O 45;0. =0 A?>A>1=0 ?@8G8=8BL 1>;L, => A?>A>1=0 B0:65 AB0BL 4286CI59 A8;>9 B>9 45OB5;L=>AB8 8;8 ?@>5:B0, =0 :>B>@K9 2K @5H8B5 55 =0?@028BL. "5?5@L 682> ?@54AB02LB5 A515, GB> 2K >ACI5AB2;O5B5 MB>B ?@>5:B 8;8 45OB5;L=>ABL. @54AB02LB5 MB> 2 <5;LG09H8E 45B0;OE 8 ?>4@>1=>ABOE. @54AB02LB5 ?@>8AE>4OI85 87<5=5=8O, => ?@54AB02LB5 8E ?@>=8:=CBK<8 8 CA8;5==K<8 B>9 687=5==>9 M=5@3859, :>B>@CN 2K @5H8;8 2 =8E 2;>68BL.  ;020 8 (/   ?5@8>4 <>53> >1CG5=8O C AA046>;8 <K =5@54:> ?@>3C;820;8AL A =8< 2 53> =51>;LH>< A048:5, >1AC640O @07;8G=K5 B5<K  >B 485B>;>388 4> @5;8388 C44K, >B 0=B5 4> 7=0G5=8O 1;03>2>=89, 8 :0:-B> >= A:070; <=5: "K =5 4>;6=K A;54>20BL A2>8< GC2AB20<,  20H8 GC2AB20 4>;6=K A;54>20BL 70 20<8". >=0G0;C O 1K; ?>@065= MB8< 70<5G0=85<. 0:8< 02B>@8B0@=K<, :0:8< =5?@82KG=K< >=> ?>:070;>AL <=5 2 53> CAB0E! 4=0:> 2A:>@5 O >A>7=0; 3;C18=C 70B@>=CB>9 ?@>1;5<K. !;54C5B ;8 =0< ?@87=0BL A2>8 GC2AB20 >?@545;ONI8< D0:B>@><, ?@8=8<0O @5H5=8O 2 @07=KE 687=5==KE A8BC0F8OE?  5A;8 =5B, B> :0:0O G0ABL =0H53> ACI5AB20 4>;6=0 >?@545;OBL =0H8 459AB28O? A;8 2=8<0B5;L=55 ?@83;O45BLAO : =0H59 ?>2A54=52=>9 687=8, AB0=5B OA=>, GB> GC2AB20 ACBL =5>1E>48<0O 55 A>AB02=0O G0ABL: >=8 A;C60B 4;O =0A =58AAO:05<K< 8AB>G=8:>< =0A;0645=8O, >1;53G0NB >1I5=85, ?@840NB A8;C 8 2K@078B5;L=>ABL B><C, GB> <K 45;05<, >682;ONB 8458 8 2>?;>I0NB 8=BC8B82=K5 4>304:8. > A;54CO B>;L:> A2>8< GC2AB20<, <K <>65< >:070BLAO 2> 2;0AB8 =0AB@>5=89 4@C38E ;N459, 2>A?@8=8<0BL <8@ 2 ;>6=>< A25B5, AB0BL =>A8B5;5< ?@54C15645=89, 70?CB0BLAO 2 ?@>8AE>4OI5<, 2?0ABL 2 8AB5@8:C, AB@040BL >B 871KB>G=>9 GC2AB28B5;L=>AB8 8 B.4. /A=>, GB>, A >4=>9 AB>@>=K, =0< =5 A;54C5B 4>25@OBL A2>8< GC2AB20< 157>3>2>@>G=>, A;>2=> >@0:C;0<, 81> >=8 <>3CB 225AB8 =0A 2 701;C645=85, 0 A 4@C3>9 AB>@>=K, =0< =5 A;54C5B 8 ?@5=51@530BL 8<8, 81> B5< A0<K< <K 2KG5@:=C;8 1K >4=> 87 F5==59H8E 87<5@5=89 A2>53> 1KB8O. ;NG>< : @07@5H5=8N 40==>9 ?@>1;5<K A;C68B 25@=0O B>G:0 7@5=8O =0 A2>8 GC2AB20, 8 8<5==> =0 MB>B :;NG C:07K20; <=5 AA046>;8. @51K20O 2 A515, 2 "O" <K <>65< 2845BL 8AB8==CN F5=C :064>3> GC2AB20. 7 MB>3> F5=B@0 A2>53> ACI5AB20 <K <>65< @5H0BL, :0:>5 GC2AB2> =0 40==>9 AB0488 @0728B8O ?A8E8:8 70A;C68205B B>3>, GB>1K >AB0BLAO 2 A25B5 2>;H51=>9 ;0<?K =0H53> 2=8<0=8O, 0 :0:><C GC2AB2C ;CGH5 1K >AB020BLAO 2 B5=8. !?@0H8205BAO, :0: ?>ABC?0BL A GC2AB20<8, :>B>@K5 ?@8G8=ONB =0< 1>;L,  ?>402;5==>ABLN, >184>9, 7028ABLN, @52=>ABLN, AB@0E><, B@52>3>9 8 4@C38<8? @51K20O 2 F5=B@5, <K 8<55< ?> <5=LH59 <5@5 B@8 2>7<>6=>AB8. >-?5@2KE, <K <>65< ?>;=>ABLN ?>A2OB8BL 8< 2A5 A2>5 2=8<0=85: A;CH0BL, > G5< >=8 =0< 3>2>@OB, ?>=8<0BL 8 2K@060BL 8E. K <>65< B0:65 ?@8=OBL @5H5=85 =5 >1@0I0BL =0 =8E =8:0:>3> 2=8<0=8O. K <>65<, =0:>=5F, 45;0BL ?> >G5@548 8 B> 8 4@C3>5, 8 =5@54:> B0:>5 @5H5=85 O2;O5BAO 548=AB25==> 25@=K< 8 =5>1E>48<K<. =8<0=85 ?8B05B B>, =0 GB> >=> =0?@02;5=>, ?@8G5< MB> >B=>A8BAO =5 B>;L:> : GC2AB20<, => : ;N1><C M;5<5=BC =0H53> ACI5AB20. =>385 ;N48 >1=0@C68;8, GB> >=8 <>3CB >A;018BL E20B:C >1C@520NI53> 8E GC2AB20, ?5@5:;NG82 2=8<0=85 =0 GB>-B> 8=>5, =0?@8<5@, =0 :0:CN-B> 45OB5;L=>ABL. AB5AB25==>5 ?5@5:;NG5=85 2=8<0=8O A >4=>3> =0 4@C3>5  =07K205<>5 2 ?A8E>A8=B575 70<5I5=85<  ?@>8AE>48B C :064>3> 87 =0A ?>AB>O==>. 1KG=> 70<5I5=85 >4=>3> >1J5:B0 2=8<0=8O 4@C38< ?@>872>48BAO =5?@>872>;L=> 8 5420 A>7=05BAO. 4=0:> >=> <>65B 1KBL B0:65 A>7=0B5;L=K< 8 F5;5=0?@02;5==K<. K <>65< =0CG8BLAO 1KAB@> 8 ?>;=>ABLN ?5@52>48BL A2>5 2=8<0=85 =0 ;N1>9 >1J5:B 2> 2=5H=5< 8;8 2=CB@5==5< <8@5. 865 ?@82>48BAO C?@06=5=85, :>B>@>5 ?>72>;8B 20< >1@5AB8 =5:>B>@K9 >?KB 2 MB>< 45;5. #   @54AB02LB5 65;BK9 B@5C3>;L=8: =0 15;>< D>=5. (>7<>6=>, 20< =5 C40ABAO A>E@0=8BL CAB>9G82>ABL MB>3> >1@070, B0: GB> 53> :>=BC@K 8 F25B 1C4CB <5=OBLAO 8 @0A?;K20BLAO; 2 40==>< C?@06=5=88 =5 15A?>:>9B5AL > :0G5AB25 ?@54AB02;O5<>3> >1@070.) @54AB02LB5 @O4>< A ?5@2K< :@0A=K9 B@5C3>;L=8:. #45@68209B5 8E >1>8E 2 ?>;5 7@5=8O. 0G=8B5 ?5@5<5I0BL 2=8<0=85 A >4=>3> B@5C3>;L=8:0 =0 4@C3>9. !=0G0;0 A>A@54>B>GLB5AL =0 65;B><. !59G0A 2K 2848B5 B>;L:> 53>. 0B5< ?5@5:;NG8B5AL =0 :@0A=K9 B@5C3>;L=8: 8 A>A@54>B>GLB5AL B>;L:> =0 =5<. @>45;09B5 MB> =5A:>;L:> @07, GB>1K C1548BLAO 2 A2>59 A?>A>1=>AB8 ?@>872>;L=> 70<5I0BL >48= >1J5:B 2=8<0=8O 4@C38<. "5?5@L, >1=0@C682 C A51O B0:CN A?>A>1=>ABL, ?@54AB02LB5 2<5AB> 42CE B@5C3>;L=8:>2 425 @07=K5 A8BC0F88: ?@8OB=CN 8 =5?@8OB=CN. !?5@20 ?@54AB02LB5 2> 2A5E 45B0;OE =5?@8OB=CN A8BC0F8N. A?KBK209B5 2A5 2>7=8:0NI85 2 A2O78 A =59 GC2AB20, ?>3@C78B5AL 2 =55. 0B5< ?5@5:;NG8B5 2=8<0=85 =0 ?@8OB=CN A8BC0F8N 8 B0: 65 ?@>GC2AB2C9B5 55 2> 2A5E 45B0;OE. >A;5 MB>3> =5A:>;L:> @07 1KAB@> ?5@5<5AB8B5 2=8<0=85 A >4=>9 A8BC0F88 =0 4@C3CN. K <>65B5 ?@>45;K20BL B0:>9 >?KB ?> 70<5I5=8N A >1J5:B0<8 2=5H=53> 8 2=CB@5==53> <8@0, ?@>H;>3> 8 1C4CI53>, =87H53> 8 2KAH53> 15AA>7=0B5;L=>3> 8 B.4. K <>65B5 ?5@5<5I0BLAO 87 >4=>3> <5AB0 2A5;5==>9 2 4@C3>5. A5 2@5<O A>7=0209B5 A51O ?@51K20NI8< 2 F5=B@5 2A5E MB8E 70<5I5=89, A?>A>1=K< =0?@02;OBL ;CG A2>53> 2=8<0=8O 2 ;N1>< =0?@02;5=88. !?>A>1=>ABL C?@02;OBL 2=8<0=85< <>65B, A@548 ?@>G53>, 871028BL 20A >B =5A:>;L:8E 2708<>A2O70==KE 8 H8@>:> @0A?@>AB@0=5==KE ?@82KG5:: 65;0=8O 45;0BL =5A:>;L:> 45; A@07C, B5@70=89 ?> ?>2>4C =57025@H5==>AB8 2A53> =0G0B>3>, ?>A?5H=>3> 7025@H5=8O =0G8=0=89 A F5;LN =0G0BL GB>-B> 4@C3>5. <5AB> MB>3> <K CG8<AO 45;0BL >4=> 45;>  8 B>;L:> >4=>,  ?>A2OI0O 5<C ?>;=>ABLN 2A5 A2>5 2=8<0=85.  ;020 9 # !" +   0H8 <KA;8 >?@545;ONB B>, G5< <K 6825<. 1> <KA;8 =5 ?@>AB> >:@0H820NB =0H C<. =8 >:07K20NB =0 =0A 3;C1>:>5 2>7459AB285, 8 2>2A5 =5 AB>;L MD5<5@=K 8 40;5:8 >B 687=8, :0: <K 8=>340 A:;>==K ?>;030BL. "'8AB>9 8458" :0: B0:>2>9 =5 ACI5AB2C5B: ;N10O 845O =5A5B 2 A515 M=5@35B8G5A:89 70@O4, "A8;C 8458", =0?@02;5==CN =0 55 >ACI5AB2;5=85; ?>A;54=5<C ?@5?OBAB2CNB 4@C385 8458, :>B>@K5 B0:65 =045;5=K >?@545;5==>9 A8;>9, 8 B0:65 AB@5<OBAO 2>?;>B8BL A51O 2 687=L. @0:B8:0 ?>:07K205B, GB> 4C<0O > :0:>9-B> 8455, <K <>65< CA8;820BL 55, =045;OBL =>2>9 A8;>9. =0 ?@82;5:05B =0H8 GC2AB20 8 ?@>?8BK205B =0A, AB0=>28BAO G0ABLN =0H53> >B=>H5=8O : 687=8 8 ?>2A54=52=>3> ?>2545=8O. "0:, 4C<0O > A8;5, ;N128 8 @04>AB8, <K B2>@8< 8E 2 A515. 5B>48:0 F5;5=0?@02;5==>3> >1@0I5=8O : :0:><C-B> ?A8E>;>38G5A:><C :0G5AB2C 8 ?>A;54CNI53> @07<KH;5=8O > =5< =07K205BAO <548B0F859 A >A<KA;5=85<. "0:0O <548B0F8O ?@54AB02;O5B A>1>9 =5 GB> 8=>5, :0: A8AB5<0B8G5A:>5 8AA;54>20=85 >?@545;5==>9 8458. !:065<, <K @5H8;8 >A<KA;8BL @04>ABL. K <>65< 4C<0BL > @04>AB=KE ;N4OE, :>B>@K5 ?>2AB@5G0;8AL =0< 2 687=8, 8 <8=CB0E, :>340 @04>20;8AL <K A0<8; > A2O78 <564C @04>ABLN 8 1;87:8<8 59 A>AB>O=8O<8, B0:8<8 :0: 25A5;L5 8;8 GC2AB2> N<>@0; > 55 8AB>:0E 8 B.?.  :0:>9-B> <><5=B =0H C< ?>?KB05BAO C:;>=8BLAO >B MB>9 ;8=88 @07<KH;5=89 8 =0G0BL 4C<0BL > G5<-B> ?>AB>@>==5<. >340 MB> ?@>8AE>48B, <K <O3:> 2>72@0I05< 53> : ?@54<5BC >A<KA;5=8O. @82545==>5 =865 C?@06=5=85 ?>72>;8B 20< ?>7=0:><8BLAO A B0:>9 ?@0:B8:>9. "&/ ! !+! K15@8B5 :0:>5-B> :0G5AB2> 87 ?@54;0305<>3> A?8A:0 (8;8 ;N1>5 4@C3>5), =04 :>B>@K< 2K E>B5;8 1K ?><548B8@>20BL. 04>ABL ;03>40@=>ABL N1>2L @>AB>B0 B:@KB>ABL !8;0 "2>@G5AB2> !>45@60B5;L=>ABL >;O C65AB2> >:>9 -=5@38O /A=>ABL C4@>ABL >4@>ABL N1>?KBAB2> .<>@ !>AB@040=85 !>B@C4=8G5AB2> 5?>:>;518<>ABL !2>1>40 8A: '5AB=>ABL >=8<0=85  07<KH;O9B5 =04 MB8< :0G5AB2>< 2 B5G5=85 10-15 <8=CB. K <>65B5 2K1@0BL 4;O >A<KA;5=8O B0:65 :0:>5-=81C4L 87 ?@82545==KE =865 87@5G5=89: "@542:CH5=85 ?;>40 =5 70<5G05B F25B:0"  "03>@ "0A ><@0G0NB =5 25I8, 0 B>, GB> <K 4C<05< > =8E"  -?8:B5B "!0<>>3@0=8G5=85  ?5@2K9 H03 : <0AB5@AB2C"  5B5 "N1>2L 5ABL AB@5<;5=85 : F5;><C"  ;0B>= "%>@>H89 153C= =5 >AB02;O5B A;54>2"  0>-F7K "064>5 ?>:>;5=85 ?@8E>48B : B><C 25;8G09H5<C >B:@KB8N, GB> <>6=> 87<5=8BL A2>N 687=L, 87<5=82 A2>5 >B=>H5=85 : =59"  (259F5@ "52>7<>6=> ;N18BL 2 <5@C"  %0:A;8  :0:>9-B> <><5=B <548B0F88 C =0A ?>O28BAO 2?5G0B;5=85, GB> ?@54<5B <548B0F88 8AG5@?0=, GB> <K >A<KA;8;8 53> 2> 2A5E >B=>H5=8OE. ;8 =0< AB0=5B A:CG=> 8 <K 70E>B8< ?5@5:;NG8BLAO =0 GB>-B> 4@C3>5. ;8 =0< ?>:065BAO, GB> 2K1@0==K9 ?@54<5B <548B0F88 >:070;AO =5 AB>;L 206=K<, :0: ?@54AB02;O;>AL 2=0G0;5, 8 704C<05<AO, =5 ?><548B8@>20BL ;8 =0< =04 G5<-B> 4@C38<. -B> :0: @07 B>B <><5=B, :>340 =C6=> =5 >AB0=02;820BLAO, 0 ?@>4>;60BL <548B0F8N. >4>1=K5 <KA;8 8 A><=5=8O 2>7=8:0NB =5@54:> 1C:20;L=> 70 <83 4> >70@5=8O. @5>4>;52 MBC AB048N, =0H C< 2KE>48B =0 :0G5AB25==> =>2K9 C@>25=L >A<KA;5=8O 40==>3> ?@54<5B0, :>B>@K9 AB0=>28BAO 4;O =53> 3>@074> 1>;55 OA=K< 8 A>45@60B5;L=K<. ><548B8@>202 70?;0=8@>20==K5 10-15 <8=CB, 2K <>65B5 ?>4C<0BL, GB> @01>B0 C<0 70:>=G8;0AL. > MB> B>;L:> =0G0;>. 0H8 <KA;8 ?>3@C60NBAO 2 15AA>7=0B5;L=>5, :>B>@>5 ?@>4>;605B @01>B0BL A =8<8, 4>?>;=OO 8E, A2O7K20O 8 @072820O. 725AB5= ?A8E>;>38G5A:89 M:A?5@8<5=B, :>340 8A?KBC5<KE ?@>A8;8 70?8A0BL 2A5 A;>20 =0 "A", :>B>@K5 >=8 2 A>AB>O=88 1C4CB 2A?><=8BL. !;>20 =0 "A" ?@>4>;60;8 2A?;K20BL 2 8E A>7=0=88 8 ?>A;5 7025@H5=8O M:A?5@8<5=B0, 8=>340 2 B5G5=85 =5A:>;L:8E 4=59. 5GB> ?>4>1=>5, => 1>;55 3;C1>:>5 (?>A:>;L:C ?@54<5B <548B0F88 =5 =59B@0;5=, >= ?@82;5:05B =0A, 0 "M:A?5@8<5=B" 2 40==>< A;CG05 ?@>2>48BAO 5654=52=>) ?@>8AE>48B 8 2> 2@5<O <548B0F88 A >A<KA;5=85<. ;03>40@O >1@01>B:5 2 15AA>7=0B5;L=><, >A<KA;5=85 ?@82>48B 2?>A;54AB288 : :0:><C-B> =5>6840==><C ?@>7@5=8N, =570<5B=><C 87<5=5=8N ?>2545=8O, ?>AB5?5==>9 A<5=5 CAB0=>2>:. 5 A;54C5B 701K20BL, >4=0:>, GB> C< <>65B =5 B>;L:> C:@5?;OBL :>=AB@C:B82=K5 CAB0=>2:8 ;8G=>AB8 8 ?@>1C640BL A8;K A25@EA>7=0B5;L=>3>,  >= <>65B 8A?>;L7>20BLAO 8 2 F5;OE <5=55 4>AB>9=KE, 1>;55 B>3>, A;C68BL 8=AB@C<5=B>< >ACI5AB2;5=8O =08EC4H8E 8@@0F8>=0;L=KE B5=45=F89, =0?@8<5@, 4;O @07@01>B:8 >@C68O <0AA>2>3> C=8GB>65=8O.  ?>4>1=KE A;CG0OE C< >B@K205BAO, :0: 1K >1@5B05B =57028A8<>5 ACI5AB2>20=85 >B F5;59 8 ?>B@51=>AB59 G5;>25:0, B0:8E :0: ;N1>2L, A>;840@=>ABL, MAB5B8G5A:>5 2>A?@8OB85, 8=BC8B82=>5 ?>=8<0=85, ?>;>68B5;L=>5 >B=>H5=85 : <8@C.  @57C;LB0B5 MB>3> >B@K20 ?@>8AE>48B 45<>=870F8O C<0; ?>4>1=0O 45<>=870F8O ?@>8AE>48B 2AO:89 @07, :>340 :0:0O-B> G0ABL =0H53> ACI5AB20 =0G8=05B @0AB8 8 @072820BLAO 2 >B@K25 >B F5;>3>. 4=8< 87 206=59H8E ?;>4>2 C<AB25==>3> @0728B8O O2;O5BAO =57028A8<>5 <KH;5=85.  <8@5, 345 F0@OB ?@54C15645=8O 8 8@@0F8>=0;87<, <0=8?C;8@>20=85 A>7=0=85< 8 AB5@5>B8?K ?>2545=8O, 845>;>38G5A:85 2=CH5=8O 8 >::C;LB=K5 25@>20=8O, G5;>25:C =8GB> B0: =5 B@51C5BAO, :0: =57028A8<K9, OA=K9 8 :@8B8G=K9 C<. K <>65< ?@8<5=OBL A2>9 C< 4;O ?@>OA=5=8O 2>?@>A>2 87 A0<KE @07=KE AD5@ 687=8,  <K <>65< >A<KA;820BL 8E B>G=> B0: 65, :0: >A<KA;820;8 87@5G5=8O 8 ?A8E>;>38G5A:85 :0G5AB20 2 ?@82545==>< 2KH5 C?@06=5=88. ;03>40@O MB><C ?>AB5?5==> @0A?CBK20NBAO BC385 C7;K, ?>O2;ONBAO 0;LB5@=0B82=K5 @5H5=8O 8 ?>=8<0=85 8E ?>A;54AB289. 57 >A<KA;5=8O ?@>8AE>4OI53> <K 459AB2C5< ?> 2>;5 >1AB>OB5;LAB2 8 A;CG09=KE 8<?C;LA>2. >A?8BK20O 2 A515 ?@82KG:C : >A<KA;5=8N, <K 2ABC?05< =0 ?CBL : =57028A8<>AB8 <KH;5=8O. 548B0F8O A >A<KA;5=85< A>7405B C =0A 2 A>7=0=88 :0G5AB25==>->?@545;5==CN A@54C. -B> A@540, 4>ABC? 2 :>B>@CN >B:@KB ;8HL >?@545;5==K< M;5<5=B0<, :0: 2 682>9 :;5B:5, :C40 ?>ABC?05B A:2>7L <5<1@0=C B>;L:> B>, GB> 59 =C6=>. 0H0 :20@B8@0 B0:65 A>7405B :0G5AB25==> >?@545;5==CN A@54C, ?>A:>;L:C 2 =55 <>3CB 2>9B8 ;8HL >?@545;5==K5 ;N48. "0:0O A@540 2>7=8:05B =0 AB048>=5, 2 F5@:28, 2 F8@:5, 2 70;5 A>25I0=89. >@>4A:0O ?;>I04L =5 A>7405B :0G5AB25==>->?@545;5==>9 A@54K, ?>B><C GB> ?> =59 2 ;N1>5 2@5<O <>65B ?@>9B8 :B> C3>4=>. 0H C< 1>;LH59 G0ABLN =0?><8=05B B0:CN ?;>I04L, =0 :>B>@>9 2A5340 <>6=> >1=0@C68BL ?5AB@CN B>;?C 2A52>7<>6=KE <KA;59, >1@07>2, 8=B5@5A>2, 2>A?><8=0=89, >6840=89 8 B.4. 8 B.?. >?CA:0O AN40 B>;L:> <KA;8, A2O70==K5 A ?@54<5B>< >A<KA;5=8O, <K A>7405< :0G5AB25==>->?@545;5==CN A@54C. 0:>=5F 206=> >B<5B8BL, GB> G5;>25: A =54>AB0B>G=> @0728BK< C<>< =5A?>A>15= : ?>;=>F5==>9 A0<>0:BC0;870F88, >ACI5AB2;5=8N B5E 2>7<>6=>AB59, :>B>@K5 A:@KBK C =53> 2 3;C18=5 4CH8.  MB>< ?;0=5 206=> =5 B>;L:> B>, > G5< <K 4C<05<, => 8 B>, :0: <K 4C<05<  AB8;L, @8B<, A2O7=>ABL =0H53> <KH;5=8O. "0:>9 E>@>H> DC=:F8>=8@CNI89 C< A?>A>15= A>A@54>B>G8BLAO =0 ;N1>< 2>?@>A5 8 ?>425@3=CBL 53> 3;C1>:><C @0AA<>B@5=8N 4065 ?@8 >B2;5:0NI8E >1AB>OB5;LAB20E, A?>A>15= >@30=87>2K20BL <KA;8, 2>A?><8=0=8O 8 >1@07K 2 F5;>AB=K5 <0AA82K 8=D>@<0F88, B>BG0A >1@0I0OAL : =8< 2 A;CG05 =5>1E>48<>AB8, A?>A>15= A>7=020BL, 2 :0:>< @CA;5 >= DC=:F8>=8@C5B, 8 ?@8 =5>1E>48<>AB8 <5=OBL ?>A;54=55, A?>A>15= 2A5AB>@>==5 @0AA<0B@820BL 2>7=8:0NI85 2>?@>AK, =5 70:@K20O 3;070 =0 =5C4>1=K5 4;O A51O <><5=BK, A?>A>15= A>74020BL =0AKI5==CN, :0G5AB25==>->?@545;5==CN A@54C <KH;5=8O, A?>A>15= ;53:> ?5@5:;NG0BLAO A >4=>9 A8AB5<K <KA;8 =0 4@C3CN, A?>:>9=> >@85=B8@COAL 2 ;N1>9 87 =8E, A?>A>15= @0AA<0B@820BL 45B0;8, =5 B5@OOAL 2 =8E, 8 C;02;820BL >1I85 ?@8=F8?K, =5 701K20O > 45B0;OE. =8G53> =5 ?@8=8<05B =0 25@C, A>7=05B A2>8 3@0=8FK 8 A?>A>15= ?@5>4>;520BL 8E, 2>A?@8=8<05B A2>N 45OB5;L=>ABL :0: C4>2>;LAB285, =5 B@51CNI55 CA8;89. 'B>1K 2K@01>B0BL B0:85 ?>;>68B5;L=K5 :0G5AB20 C<0, =5>1E>48<> 2@5<O, 8 <548B0F8O A >A<KA;5=85< A;C68B 4;O MB>3> ?@>ABK< 8 C4828B5;L=> MDD5:B82=K< A@54AB2><. ;020 10 (  >A:>;L:C <8@ =5 ?@8A?>A01;8205BAO : =0H8< ?;0=0<, <K <>65< 2K@01>B0BL A>7=0B5;L=CN CAB0=>2:C =0 ?@8OB85 =5?@8OB=KE =5>B2@0B8<KE A>1KB89, 5A;8 B0:>2K5 A;CG0NBAO. K 1>;55 "=5 ?@5@5:05<AO A >1AB>OB5;LAB20<8", ?> 2K@065=8N 0@:0 2@5;8O. 0H59 ?5@2>9 =5?@>872>;L=>9 @50:F859, @07C<55BAO, <>3CB 1KBL 60;>1K =0 AC4L1C 8 ?>?KB:8 87153=CBL 55 8;8 2>AAB0BL ?@>B82 =55. > 2K@01>B02 ?>;>68B5;L=CN CAB0=>2:C =0 ?@8OB85 459AB28B5;L=>AB8 (GB> 2>2A5 =5 ?@54?>;0305B ?@8<8@5=8O 8;8 A>3;0A8O A MB>9 459AB28B5;L=>ABLN), <K A> 2@5<5=5< >1=0@C68<, GB> A?>A>1=K ;CGH5 ?>=8<0BL ?@>8AE>4OI55, CG8BLAO C =53>, >1@0I0BL 53> A515 2> 1;03> 8 1>@>BLAO A =8<, 5A;8 B0:>2K< 1C45B =0H 2K1>@.  ;N1>< A;CG05 <K A<>65< B5?5@L =5 ?@>AB> 28=8BL 2A5 =0 A25B5, => 27OBL =0 A51O >B25BAB25==>ABL 70 B5 459AB28O, <KA;8 8 GC2AB20  :0:8<8 1K >=8 =8 1K;8,  :>B>@K< <K >B40;8 ?@54?>GB5=85 2 40==>9 A8BC0F88. 0: 3;0A8B 8=489A:0O ?>3>2>@:0, "GB>1K =5 A1820BL =>38, <>6=> 2AN 75<;N :>2@>< ?>:@KBL, => 45H52;5 1C45B :C?8BL ?0@C 10H<0:>2". "0:>3> @>40 ?@8OB85 459AB28B5;L=>AB8 5ABL A0<K9 1KAB@K9 8 ?@0:B8G=K9 A?>A>1 >A2>1>645=8O >B =587156=>9 A8BC0F88, B>340 :0: A>?@>B82;5=85 59 =5C<>;8<> 70BO38205B C75;. @><5 B>3>, ?5@5E>4 >B A>?@>B82;5=8O : ?@8OB8N <>65B 8<5BL >4=> >G5=L 206=>5 A;54AB285: A<5=C @50:B82=>9 CAB0=>2:8 =0 :>3=8B82=CN, 8=K<8 A;>20<8, "?@>B82>459AB2CNI53>" >B=>H5=8O : 687=8 =0 ?>7=020B5;L=>5. @8 MB>< 687=L =0G8=05B 2>A?@8=8<0BLAO :0: H:>;0, 345 A>1KB8O 8 A8BC0F88 A:;04K20NBAO B0:8< >1@07><, GB>1K <K <>3;8 =0CG8BLAO 8<5==> B><C, GB> =0< =C6=>. K >A>7=05<, GB> @0AB5< =5 B>;L:> 1;03>40@O F5;5=0?@02;5==><C 2K?>;=5=8N >?@545;5==KE C?@06=5=89, => ?@5645 2A53> 8 3;02=K< >1@07>< 1;03>40@O A>7=0B5;L=><C CG0AB8N 2 ?@>F5AA5 =0H59 =5?@54A:07C5<> 87<5=G82>9 687=8. #AB0=>2:0 =0 ?@8OB85 ?@54?>;0305B ?@8OB85 =5 B>;L:> 2=5H=59, => 8 2=CB@5==59 687=8. !CI5AB2C5B <=>65AB2> A?>A>1>2, ?>72>;ONI8E 7=0G8B5;L=> >A;018BL AB@0E, ?>402;5==>ABL 8 @074@065=85, => ?>;=>ABLN 8A:;NG8BL ?>4>1=K5 GC2AB20 87 G5;>25G5A:>9 687=8 =52>7<>6=>. !@060OAL A =8<8, <K =045;O5< 8E A8;>9, ?>?040O B5< A0<K< 2 ?>@>G=K9 :@C3 1>@L1K. @8=8<0O 8E B0:8<8, :0:>2K >=8 5ABL, <K >B:07K205< 8< 2 A8;5 8 B5< A0<K< >A;01;O5< 8E. <5AB> B>3>, GB>1K @074@060BLAO ?> ?>2>4C A>1AB25==>3> @074@065=8O 8;8, A:065<, 2?040BL 2 45?@5AA8N 87-70 A2>59 45?@5AA88, <K ?@8=8<05< MB8 GC2AB20.  /" >4C<09B5 > G5<-B> B0:>< 2 A2>59 687=8, G5<C 2K 1;03>40@=K  8;8 1K;8 1;03>40@=K. -B> <>65B 1KBL ;N18<K9 G5;>25:, 20H B0;0=B, E>@>H55 74>@>2L5, :@0A82K9 F25B>: 8 B.4. 82> ?@54AB02LB5 53>, A>7=020O 53> F5==>ABL 8 4C<0O > B><, GB> >= 405B 20< 8 G5<C 2K <>65B5 C =53> =0CG8BLAO. "5?5@L ?>4C<09B5 > G5<-B> B0:><, G53> 2K E>B5;8 1K 2 A2>59 687=8 871560BL. ?OBL 65, 682> ?@54AB02;O9B5 MB>, ?@8AB0;L=> =01;N40O 70 A2>8<8 @50:F8O<8. 01;N409B5 70 =8<8, => =5 ?KB09B5AL 8E >AB0=>28BL. 01;N409B5 >1KG=CN 20HC A@0B538N =5?@8OB8O. !>7=0209B5, :0: >=0 ?@>O2;O5BAO =0 C@>2=5 20H53> B5;0, 20H8E GC2AB2 8 C<0. "5?5@L ?@54?>;>68B5, GB> 687=L =0?@02;O5B 20A 2 20H5< @>AB5, >1I0OAL A 20<8 O7K:>< A>1KB89 8 A8BC0F89. 'B> >=0 E>G5B A:070BL 20< ?>A@54AB2>< 2K1@0==>3> 20<8 4;O C?@06=5=8O A>1KB8O 8;8 A8BC0F88? 074C<K20O =04 MB8< 2>?@>A><, 70?8AK209B5 2A5 2>7=8:0NI85 C 20A 8458. "5?5@L 25@=8B5AL : B><C, G5<C 2K 1;03>40@=K. @54AB02LB5 53> 5I5 @07, 4C<09B5 > =5< A ?@87=0B5;L=>ABLN 8 :0: <>6=> ?>;=55 A>7=0209B5 A2>5 ?@8OB85. "5?5@L A=>20 ?5@5:;NG8B5AL =0 =5?@8OB=CN A8BC0F8N, ?@82=>AO 2 =55 B> ?@8OB85, :>B>@>5 2K B>;L:> GB> 2 A515 >ICB8;8. A>7=09B5 ?@5E>4OI89 E0@0:B5@ MB>9 =5?@8OB=>9 A8BC0F88. A>7=09B5, GB> ?@8OB=K5 8 =5?@8OB=K5 <><5=BK 4>AB02;O5B 20< >48= 8 B>B 65 <8@, 8,  5A;8 2K >ICI05B5 2 A515 3>B>2=>ABL 8 @5H8<>ABL A45;0BL MB>,  A>7=0B5;L=> ?@8<8B5 CAB0=>2:C =0 ?@8OB85 459AB28B5;L=>AB8 MB>3> <8@0. A;8 2K =5 >1=0@C68B5 2 @0AA<0B@8205<>9 A8BC0F88 =8:0:>3> 3;C18==>3> A<KA;0, MB> =5 7=0G8B, GB> 2K =5 A<>65B5 8;8 =5 70E>B8B5 ?@8=OBL 55. @8OB85 01AC@40 A8BC0F88 2545B : >:>=G0B5;L=><C >B:07C >B A>?@>B82;5=8O B><C, GB> 5ABL. >4;8==>5 8 ?>;=>5 ?@8OB85 5ABL >B:07 >B :0:8E 1K B> =8 1K;> A@02=5=89, >6840=89 8 <0=8?C;OF89. !B5@6=5< B0:>3> ?@8OB8O A;C68B >ICI5=85 DC=40<5=B0;L=>9 1;03>?>;CG=>AB8, "2A5-E>@>H>9=>AB8" 2A5;5==>9. 3> 70<5G0B5;L=> ?5@5405B >4=0 475=>2A:0O 8AB>@8O: >340 0=F0=L ?@>E>48; ?> @K=:C, 4> =53> 4>=5AAO @073>2>@ <OA=8:0 A ?>:C?0B5;5<. "09 <=5 A0<K9 ;CGH89 :CA>: <OA0",  A:070; ?>:C?0B5;L. " <>59 ;02:5 2A5 A0<>5 ;CGH55",  >B25B8; <OA=8:.  ""K =5 =0945HL 745AL :CA:0 <OA0, :>B>@K9 1K =5 1K; A0<K< ;CGH8<". #A;KE02 MB>, 0=F0=L 4>AB83 ?@>A25B;5=8O. ;020 11 !"' " / !8<2>;K <>3CB >:07K20BL 3;C1>:>5 ?@5>1@07CNI55 2>7459AB285 =0 =0HC ?A8E8:C. =8 <>3CB 2K?>;=OBL B0:65 8 :>3=8B82=CN DC=:F8N, @0AH8@OO =0H5 ?>7=0=85. 0: 3>2>@8; .=3, A8<2>;K "C:07K20NB =0 B>, > G5< 8725AB=> >G5=L <0;> 8;8 2>>1I5 =8G53>". =8 A2O7K20NB =0A A B5<8 G0ABO<8 =0H53> ACI5AB20, :>B>@K5 A>25@H5==> =54>AO305<K 4;O 0=0;8B8G5A:>3> C<0. "5< A0<K< >=8 CG0B =0A ?>=8<0=8N :0: =5?>A@54AB25==><C CA<>B@5=8N ACB8, <8=CO ?@><56CB>G=CN AB048N 48A:C@A82=>3>, "?>H03>2>3>" <KH;5=8O, :>B>@>5 8=>340 =5 AB>;L:> A?>A>1AB2C5B, A:>;L:> ?@5?OBAB2C5B ?>=8<0=8N. -B> 1>;55 3;C1>:>5 ?>=8<0=85 ?@>1C6405B B0:CN ?>701KBCN G5;>25G5A:CN A?>A>1=>ABL, :0: 8=BC8F8O. 07C<55BAO, C?><O=CBK5 :0=0;K A2O78 A 3;C18==K<8 AD5@0<8 ?A8E8:8 >B:@K20NBAO =5 2A5340 8 =5 C 2A5E. ;O =5:>B>@KE ;N459 1@8;;80=B, =0?@8<5@, A;C68B A8<2>;>< /, 30@<>=88 8 548=AB20. > 4;O 4@C38E >= >7=0G05B ;8HL A>F80;L=K9 AB0BCA 8 ?@5AB86. ;O B@5BL8E 1@8;;80=B 2>>1I5 =5 A8<2>;, 4;O =8E >= 1@8;;80=B 8 B>;L:>. > :0: 1K B0< =8 1K;>, 2A5 <K, =025@=>5, =0945< B0:>9 A8<2>;, :>B>@K9 <>65B AB0BL 4;O =0A 8AB8==K< 8AB>G=8:>< >B:@>25=89. 0;55 A;54C5B @O4 C?@06=5=89 A A8<2>;8G5A:8<8 >1@070<8. 064K9 87 =8E 2K@0605B >?@545;5==CN @50;8N 2=CB@5==53> <8@0. "5< A0<K< :064K9 87 =8E >B:@K205B 425@8 2>A?@8OB8O :0:><C-B> >?@545;5==><C A>AB>O=8N A>7=0=8O 8 <>65B 2K720BL >?@545;5==K5 ?A8E>;>38G5A:85 87<5=5=8O. !>7=0B5;L=> 8 F5;5=0?@02;5==> 2K15@8B5 :0:>9-B> >48= A8<2>; 87 ?@82545==KE 2 MB>9 8;8 4@C38E 3;020E :=838  8;8 ;N1>9 4@C3>9, A :>B>@K< 2K E>B5;8 1K ?>@01>B0BL. 5B>48:0 @01>BK A>AB>8B 2 B><, GB>1K CAB>9G82> A>A@54>B>G8BLAO =0 871@0==>< >1@075, ?@54AB02;OO 53> :0: <>6=> 1>;55 682> 8 ?>4@>1=>. / @54AB02LB5, GB> 2K ?;K25B5 =>GLN =0 =51>;LH>< :>@01;5 2 <>@5. CHC5B HB>@<, 4>64L 70;8205B ?0;C1C. >@01;L ?>4=8<05BAO 8 >?CA:05BAO =0 2>;=0E, 53> @0A:0G8205B 87 AB>@>=K 2 AB>@>=C. @C3>< :@><5H=0O BL<0. >GC2AB2C9B5 :0G:C :>@01;O, CA;KHLB5 2>9 25B@0, >ICB8B5 =0 ;8F5 E>;>4 4>64O 8 25B@0. !<>B@8B5 =0 =>G=>5 HB>@<>2>5 <>@5. >GC2AB2C9B5, :0: CAB0;8 C 20A @C:8 8 :0: B@C4=> 20< C?@02;OBL HBC@20;><. =570?=> 2K 2848B5 240;5:5 O@:89 A25B. -B> <0O:. 3> =5?>4286=K9 A8ONI89 ;CG A;C68B 20< ?@>2>4=8:>< 2 =>G8. K A >1;53G5=85< ?@825BAB2C5B5 MBC ?><>IL. "5?5@L 2K 7=05B5, :C40 =0?@028BL :>@01;L. !>A@54>B>GLB5AL =0 <0O:5 8 ?@54AB02LB5 53> A25B, :>B>@K9 ;L5BAO 2> 2A5 AB>@>=K, GB>1K ?><>GL A182H8<AO A ?CB8 8 C:070BL ?CBL 2A5< =C640NI8<AO. !28@5?AB2C5B HB>@<, 2>5B 25B5@, E;5I5B 4>64L, =>GL B5<=0. > <0O: AB>8B, 87;CG0O A25B 8 A8;C. 8:0:0O 1C@O =5 A>:@CH8B 53>. '5@57 =5:>B>@>5 2@5<O 409B5 MB><C ?@54AB02;5=8N 8AG57=CBL, >AB0282 ?>A;5 A51O >ICI5=85 A25@:0NI59 A8;K. ' @54AB02LB5 3CA5=8FC. K 2848B5, :0: >=0 ?>;75B ?> 45@52C, =0 :>B>@>< 6825B. 0:@5?82H8AL =0 25B:5, 3CA5=8F0 =0G8=05B 28BL :>:>=. >AB5?5==> >=0 >12>;0:8205B A51O 7>;>BK<8 H5;:>28ABK<8 =8BO<8, ?>:0 =5 A:@>5BAO ?>4 =8<8 ?>;=>ABLN. 5A:>;L:> <3=>25=89 @073;O4K209B5 :>:>=. "5?5@L >:068B5AL 2=CB@8 :>:>=0. K >B4KE05B5 2 B5?;>9 7>;>B>9 B5<=>B5, 2 >:@C65=88 <O3:>3> H5;:0. K A;01> A>7=05B5 ?@>8AE>4OI55, => GC2AB2C5B5, GB> 70 2=5H=59 =5?>4286=>ABLN A:@KB> 84CB :0:85-B> ?@5>1@07>20B5;L=K5 ?@>F5AAK. 0:>=5F :>:>= @0A:@K205BAO 8 A:2>7L I5;L ?@>=8:05B ;CG A25B0. 0: B>;L:> A25B ?@8:0A05BAO : 20<, 2K >ICI05B5 2=570?=K9 ?@8;82 687=5==KE A8; 8 A>7=05B5, GB> <>65B5 A1@>A8BL :>:>=. >GC2AB2>202, GB> >AB0;8AL 157 :>:>=0, 2K >1=0@C68205B5, GB> 2<5AB5 A =8< A1@>A8;8 70I8BC, 30@0=B8N A2>59 157>?0A=>AB8 8 A2>5 ?@>H;>5. !59G0A 2K A2>1>4=55, G5< <>3;8 :>340-;81> A515 ?@54AB028BL; 2K :@0A820O @07=>F25B=0O 101>G:0. A:>@5 2K A>7=05B5, GB> 2>7<>6=>AB8 20H8 1573@0=8G=> @0AH8@8;8AL: 2K A?>A>1=K ;5B0BL. K >1=0@C68205B5, GB> >18B05B5 2 =5254><>< 20< @0=55 <8@5 :@0A>:, 72C:>2, >B:@KB>3> ?@>AB@0=AB20. K GC2AB2C5B5, GB> ;5B8B5, GB> 2>74CE 45@68B 20A, GB> 2K ?>4E20G5=K ;53:8< 25B5@:><, B> >?CA:0OAL 2=87, B> 2=>2L 27<K20O 225@E. =87C 2K 2848B5 >3@><=K9 ;C3, CA5O==K9 2A52>7<>6=K<8 F25B0<8. K A048B5AL =0 >48=, ?>B>< ?5@5;5B05B5 =0 4@C3>9, B@5B89,  B0: <O3:>, GB> ;5?5AB:8 4065 =5 H5;>E=CBAO. K GC2AB2C5B5, GB> :064K9 F25B>:  MB> 4@C3>5 ACI5AB2> A> A2>8< A>1AB25==K< F25B>< 8 70?0E><, A> A2>59 A>1AB25==>9 687=LN 8 A2>8<8 A>1AB25==K<8 :0G5AB20<8. @>2548B5 :0:>5-B> 2@5<O, >ICI0O A2>8 <=>3>>1@07=> @0AH8@82H85AO 2>7<>6=>AB8, A2>N A2>1>4C 8 ;53:>ABL. !& @54AB02LB5 A51O =0 ?;O65 =0 @0AA25B5. >@5 ?>GB8 =5?>4286=>, 30A=CB ?>A;54=85 O@:85 72574K. ICB8B5 A2565ABL 8 G8AB>BC 2>74CE0. >A<>B@8B5 =0 2>4C, 72574K, B5<=>5 =51>. 5:>B>@>5 2@5<O 2A;CH8209B5AL 2 ?@54@0AA25B=CN B8H8=C, 2 =5?>4286=>ABL, =0?8B0==CN 1C4CI8< 42865=85<. "5<=>B0 <54;5==> >BABC?05B 8 F25B0 <5=ONBAO. 51> =04 3>@87>=B>< :@0A=55B, ?>B>< AB0=>28BAO 7>;>BK<. 0B5< 20A :0A0NBAO ?5@2K5 ;CG8 A>;=F0 8 2K 2848B5, :0: >=> <54;5==> ?>4=8<05BAO 87 2>4K. >340 A>;=F5 =0?>;>28=C ?>:07K205BAO 87-70 3>@87>=B0, 2K 2848B5, GB> 53> >B@065=85 2 2>45 >1@07C5B 4>@>6:C 7>;>B>3> <5@F0NI53> A25B0, 84CI53> >B 20A : A0<><C 53> F5=B@C. >40 B5?;0O, ?@8OB=0O, 8 2K @5H05B5 2>9B8 2 =55. 54;5==>, =0A;0640OAL, 2K =0G8=05B5 ?;KBL 2 >:@C60NI5< 20A 7>;>B>< A8O=88. K >ICI05B5 A>?@8:>A=>25=85 B5;0 A 2>4>9, ?>;=>9 8A:@OI53>AO A25B0. K GC2AB2C5B5, :0: ;53:> 20< ?;KBL, 8 =0A;06405B5AL 42865=85< ?> <>@N. '5< 40;LH5 2K ?;K25B5 : A>;=FC, B5< <5=LH5 A>7=05B5 >:@C60NICN 20A 2>4C, 8 B5< 1>;LH5 AB0=>28BAO 2>:@C3 A25B0. K GC2AB2C5B5, GB> >:CB0=K 1;03>B2>@=K< ?@>=8:0NI8< 20A A25B><. "5?5@L 20H5 B5;> :C?05BAO 2 682>=>A=>9 M=5@388 A>;=F0. 0H8 GC2AB20 ?@>=8:=CBK 55 B5?;><. 0H C< >70@5= 55 A25B><. , @54AB02LB5 3>@OI89 >3>=L. !<>B@8B5 =0 53> B0=FCNI85 87<5=G82K5 >G5@B0=8O. A<>B@8B5AL 2 53> 42865=85, ?>?KB09B5AL >ICB8BL 53> >3=5==>5 :0G5AB2>. @>4>;60O ?@54AB02;OBL >3>=L, 4C<09B5 > =5< 8 53> ?@>O2;5=8OE 2 ?A8E8G5A:>9 687=8: > 4CH52=>< B5?;5, ?K;:>9 ;N128, >3=5==>< 25A5;L5, ?;0<5==>< M=BC7807<5. 0:>=5F, C45@6820O >1@07 >3=O ?5@54 2=CB@5==8< 27>@><, <54;5==> ?@54AB02LB5, GB> MB>B >3>=L =045;O5B 20A 687=LN, GB> 2K AB0=>28B5AL MB8< >3=5<. !"' @54AB02LB5 8AB>G=8:, 1LNI89 87 3@0=8B=>9 A:0;K. K 2848B5, :0: 53> G8AB0O 2>40 A25@:05B 2 ;CG0E A>;=F0, A;KH8B5 53> ?;5A: 2 >:@C60NI59 B8H8=5. K ?@>=8:05B5AL >ICI5=85< MB>3> >A>15==>3> <5AB0, 345 2A5 3>@074> G8I5 8 OA=55, G5< >1KG=>. 0G=8B5 ?8BL 2>4C, >ICI0O, :0: 2 20A ?@>=8:05B 55 1;03>B2>@=0O M=5@38O, ?@>A25B;ONI0O GC2AB20. "5?5@L 2AB0=LB5 ?>4 8AB>G=8:, ?CABL 2>40 ;L5BAO =0 20A. @54AB02LB5, GB> >=0 A?>A>1=0 ?@>B5:0BL A:2>7L :064CN 20HC :;5B:C. @54AB02LB5 B0:65, GB> >=0 ?@>B5:05B A:2>7L 15AG8A;5==K5 >BB5=:8 20H8E GC2AB2 8 M<>F89, GB> >=0 ?@>B5:05B A:2>7L 20H 8=B5;;5:B. >GC2AB2C9B5, GB> 2>40 2K<K205B 87 20A 25AL B>B ?A8E>;>38G5A:89 A>@, :>B>@K9 =587156=> =0:0?;8205BAO 45=L 70 4=5<  @07>G0@>20=8O, >3>@G5=8O, 701>BK, 2AO:>3> @>40 <KA;8. >AB5?5==> 2K GC2AB2C5B5, :0: G8AB>B0 MB>3> 8AB>G=8:0 AB0=>28BAO 20H59 G8AB>B>9, 0 53> M=5@38O  20H59 M=5@3859. 0:>=5F ?@54AB02LB5, GB> 2K MB>B 8AB>G=8:, 2 :>B>@>< 2A5 2>7<>6=>, 8 687=L :>B>@>3> ?>AB>O==> >1=>2;O5BAO.  /@:> ?@54AB02LB5 1@8;;80=B, >3@0=5==K9 0;<07. K 2848B5 2A5 53> A25@:0NI85 3@0=8, 30@<>=8G=> 2:;NG5==K5 2 548=>5 F5;>5. K 2848B5 A>25@H5=AB2> 53> D>@<K. #45@68209B5 53> ?5@54 2=CB@5==8< 27>@>< 8 409B5 A515 ?@>=8:=CBLAO 53> :@0A>B>9. !;>2> "0;<07" ?@>8AE>48B >B 3@5G5A:>3> 040<0A, GB> 7=0G8B "=5A>:@CH8<K9". B>645AB2;OOAL A 0;<07><, ?>GC2AB2C9B5, GB> >= A2O7K205B 20A A B0:>9 65 =5A>:@CH8<>9 G0ABLN 20H53> ACI5AB20, A 20H8< /. 0H5 / =5A>:@CH8<> AB@0E><, =52565AB2><, ?>2A54=52=>9 AC5B>9 8 C40@0<8 687=5==KE >1AB>OB5;LAB2. => =54>AO305<> 4;O B5=59 ?@>H;>3>, <>=AB@>2 15A?>:>9AB20, ?@87@0:>2 1C4CI53>, 45<>=>2 0;G=>AB8, 48:B0BC@K A>F80;L=>3> :>=D>@<87<0. -B> 20H0 A25@:0NI0O <=>3>G8A;5==K<8 3@0=O<8 548=0O ACI=>ABL. A>7=09B5 A51O :0: /, 8 ?>A;5 B>3> :0: >1@07 1@8;;80=B0 C30A=5B, 409B5 MB><C >ICI5=8N A51O :0: / CA8;8BLAO 8 AB0BL 5I5 1>;55 >BG5B;82K<.  @54AB02LB5, GB> A59G0A ;5B=89 45=L 8 2K ;568B5 =0 B@025. K >ICI05B5 <O3:>ABL B@02K. 560 =0 A?8=5, 2K A<>B@8B5 2 =51>: G8AB>5, 157>1;0G=>5, 3>;C1>5. !>75@F09B5 53> :0:>5-B> 2@5<O.  ?>;5 20H53> 7@5=8O ?>O2;O5BAO 101>G:0, 8 :>340 >=0 ?@>;5B05B =04 20<8, 2K >B<5G05B5, :0:>9 >=0 :065BAO =525A><>9 8 :0: :@0A82> >:@0H5=K 55 :@K;LO. K =01;N405B5, :0: >=0 C40;O5BAO, 8AG570O 87 284C. "5?5@L 2K 2848B5 >@;0, ?0@OI53> 2 2KH8=5. 1@0I0O : =5<C 27>@, 2K ?@>=8:05B5 2 3>;C1CN 3;C18=C =510. 0B5< 2K =0?@02;O5B5 27>@ 5I5 2KH5. "5?5@L 2K 70<5G05B5, GB> 2KA>:>-2KA>:> 2 =515 ?@>?;K205B <0;5=L:>5 15;>5 >1;0G:>. 01;N409B5 70 B5<, :0: >=> <54;5==> @0AB2>@O5BAO. 0:>=5F ?5@54 20<8 ;8HL 1573@0=8G=>5 =51>. !B0=LB5 =51><  =5<0B5@80;L=K<, 15AB5;5A=K<, 2A5>1J5<;NI8<. C4CG8 =51><, ?>GC2AB2C9B5, GB> C 20A =5B 3@0=8F. >GC2AB2C9B5, GB> 2K ?@8ACBAB2C5B5 ?>2AN4C, GB> 2K 2A53> 4>AB8305B5 8 A:2>7L 2A5 ?@>=8:05B5.  , @54AB02LB5 1>;LH>9 :>@01;L, :>B>@K9 >BG0;8205B >B 15@530. 5B5@ =0?>;=O5B 53> ?0@CA0 8 >= 42865BAO 2 >B:@KB>5 <>@5. 82> ?@54AB02LB5, :0: 274K<0NBAO ?0@CA0 8 :0: =>A :>@01;O @0AA5:05B 2>;=K. >GC2AB2C9B5 4286CICN A8;C 25B@0 8 CA;KHLB5 HC< 2>;=. "5?5@L ?@54AB02LB5 A51O =0 :>@01;5. K C HBC@20;0, ?5@54 20<8 >B:@KB>5 <>@5. >40 8A:@8BAO =0 A>;=F5, 8 2K 5420 @07;8G05B5 40;5:CN ;8=8N 3>@87>=B0, 345 AE>4OBAO <>@5 8 =51>. K >ICI05B5 70?0E <>@O 8 1LNI89 2 ;8F> 25B5@. C:0<8 2K GC2AB2C5B5 45@52O==CN ?>25@E=>ABL HBC@20;0. K ?>2>@0G8205B5 HBC@20; B> 2?@02>, B> 2;52>, >ICI0O A2>N 2;0ABL =04 :>@01;5<. !>A@54>B>GLB5AL =0 A2>59 A?>A>1=>AB8 =0?@02;OBL :>@01;L 2 ;N1>< =0?@02;5=88. #?@02;5=85 8< =5 B@51C5B >B 20A CA8;89, 8 :064>5 20H5 @5H5=85 B>BG0A 2>?;>I05BAO 2 459AB285. K GC2AB2C5B5, GB> :>@01;L 20< ?>42;0AB5=. A>7=0209B5 MB> >ICI5=85 2;0AB8, 3>A?>4AB20, 2KO2;OO @07;8G=K5 53> >BB5=:8, 0 70B5< ?CABL >1@07 C30A=5B.  @54AB02LB5, GB> 2K ;568B5 =0 B@025 =0 ;C3C, >:@C65==>< 3>@0<8. >GC2AB2C9B5 <O3:>ABL B@02K, =0 :>B>@>9 ;568B5, 24>E=8B5 0@><0B >:@C60NI8E 20A F25B>2. >A<>B@8B5 225@E, =0 =51>. 5?>40;5:C =0E>48BAO =51>;LH0O 45@525=A:0O F5@:>2L. K A;KH8B5, :0: C40@8; 55 :>;>:>;. 3> 72C: G8AB 8 ?@8OB5=. -B> 20H 72C:, 72C:, A?>A>1=K9 ?@>1C48BL 2 20A =5254><CN, A:@KBCN ?@5645 @04>ABL. K A=>20 A;KH8B5 C40@ :>;>:>;0. 0 MB>B @07 72C: 53> A8;L=55. >GC2AB2C9B5 2=CB@5==89 >B:;8: =0 MB>B 72C:. A>7=09B5, GB> >= ?@>1C6405B 20H8 A:@KBK5 2>7<>6=>AB8. "5?5@L ?@8A;CH09B5AL : ?>AB5?5==><C 70<8@0=8N MB>3> 72C:0 8 C;>28B5 <><5=B, :>340 >= 70B8E=5B 8 =0ABC?8B ?>;=0O B8H8=0.  A=>20 2K A;KH8B5 C40@ :>;>:>;0. 2C: ?@81;8605BAO : 20< 8 2K >ICI05B5, :0: 281@8@C5B >= C 20A 2=CB@8, 2 :064>9 20H59 :;5B:5, :064>< 20H5< =5@25.  2 :0:>9-B> <><5=B, 2>7<>6=> =0 4>;N A5:C=4K, 2K AB0=>28B5AL MB8< 72C:><  G8ABK<, 281@8@CNI8<, =5 7=0NI8< 3@0=8F. !"  @54AB02LB5, GB> 2 @C:0E C 20A ;C: 8 AB@5;0. >GC2AB2C9B5, GB> =>38 20H8 ?@>G=> AB>OB =0 75<;5. 5@68B5 ;C: 2 >4=>9 @C:5, 0 AB@5;C A B5B82>9 2 4@C3>9. >GC2AB2C9B5, :0: =0?@O30NBAO <KHFK @C:, :>340 2K =0BO38205B5 B5B82C. "5?5@L 682> 8 OA=> ?@54AB02LB5 ?5@54 A>1>9 <8H5=L. !;548B5 70 =0:>=5G=8:>< AB@5;K, =0F5;820O 53> =0 <8H5=L. "5?5@L B5B820 =0BO=CB0 4> :>=F0; AB@5;0 =0?@02;5=0 B>G=> 2 F5;L. ICB8B5, :0:0O 1>;LH0O M=5@38O 70:;NG5=0 2 MB>< =5?>4286=>< ?>;>65=88. A5, GB> >B 20A B@51C5BAO,  >B?CAB8BL AB@5;C, GB>1K MB0 M=5@38O ?>=5A;0 55 : F5;8. !>7=0209B5, :0: >B?CA:0=85 2KA2>1>6405B M=5@38N 42865=8O. !B@5;0 >B?CI5=0. 01;N409B5 70 55 ?>;5B>< 8 GC2AB2C9B5 55 =5>1KG09=CN F5;5=0?@02;5==>ABL ;O AB@5;K =5B =8G53>, :@><5 F5;8  =8 A><=5=89, =8 :>;510=89, =8 >B:;>=5=89. !B@5;0 ;5B8B A>25@H5==> ?@O<>; >=0 ?>?0405B 2 F5=B@ <8H5=8 8 >AB05BAO 2 =59, A;53:0 ?>4@03820O. #25@5==> 8 A?>:>9=> 2K?CAB8B5 5I5 =5A:>;L:> AB@5;, >ICI0O 2 A515 8E B25@4CN, F5;5=0?@02;5==CN, A>A@54>B>G5==CN A8;C. !!"  @54AB02LB5 701@>H5==K9 A04, 70@>AH89 A>@=>9 B@02>9.  F5=B@5 A040 AB>8B AB0@K9 =5>18B05<K9 4>< A ?>;C@07@CH5==K<8 AB5=0<8 8 2K18BK<8 >:=0<8. B:@>9B5 A:@8?CGCN 2E>4=CN 425@L, 2>948B5 2=CB@L 8 >A<>B@8B5 ?CABK5 70?K;5==K5 :><=0BK. 84 701@>H5==>3> 4><0 <>65B 2K720BL C 20A GC2AB2> 3@CAB8 8 >48=>G5AB20. > ?>4C<09B5, G5< 1K <>3 AB0BL MB>B 4><, 5A;8 1K 2K @5H8;8 53> 2>AAB0=>28BL. 73;O=8B5 =0 >B:@K20NI89AO >BAN40 ?@5:@0A=K9 284: 45@52LO, >75@>, 3>@K 240;8. @5<O ?@8ABC?0BL : @01>B5 8 =0G8=0BL @5<>=B8@>20BL 4><. K 70:;04K205B5 :8@?8G>< 8 F5<5=B>< @07@CH5==K5 AB5=K. 0<5=O5B5 @602K5 425@=K5 ?5B;8 =0 =>2K5. 5@5AB8;05B5 ?@>3=82H85 4>A:8 ?>;0. AB02;O5B5 2 >:=0 =>2K5 AB5:;0 8 70<5=O5B5, 345 =C6=>, 18BCN G5@5?8FC =0 :@KH5. K ?@>?0;K205B5 A04 8 ?5@5:0?K205B5 75<;N 4;O ?>A04:8. >43>B>282 ?>G2C, 2K 2KA068205B5 A5<5=0 2 @07=KE <5AB0E A040 8AE>4O 87 B>3>, :0:8< 2K E>B5;8 1K 2845BL 53> 2 ?>;=>< F25BC. K ?>4<5B05B5 4><, <>5B5 8 =0B8@05B5 ?>;K, :@0A8B5 =0@C6=K5 8 2=CB@5==85 AB5=K. K ?>;8205B5 A04 8 70<5G05B5, GB> =5:>B>@K5 @0AB5=8O =0G8=0NB ?@>@0AB0BL. >< 3>B>2 : B><C, GB>1K 53> >1AB028BL. @54AB02LB5 AB>;K, ABC;LO, :@>20B8, :>2@K, 75@:0;0, ;NAB@K, :0@B8=K, H:0DK, 207K. -B> 20H 4><, 8 2K <>65B5 >1AB028BL 53> B0:, :0: E>B8B5. #45;8B5 2@5<O >1CAB@>9AB2C :064>9 >B45;L=>9 :><=0BK. K 845B5 2 A04 8 70<5G05B5, GB> F25BK C65 =0G8=0NB F25AB8. =8 @07=>3> F25B0 8 @07=>9 D>@<K. >A<>B@8B5 =0 =8E 8 24>E=8B5 8E 70?0E. !45;09B5 A04 B0:8<, GB>1K >= 20< =@028;AO. 5 E>B5;8 1K 2K, A:065<, ?><5AB8BL 2 F5=B@5 A040 D>=B0= 8;8 ?>AB028BL AB0BCN, C28BCN ?;NI><? 5;09B5, GB> E>B8B5.  B5?5@L ?@8H;> 2@5<O 24>E=CBL 2 4>< 687=L 8 M=5@38N. K 2:;NG05B5 ;0<?K 8 2848B5, GB> >=8 @01>B0NB.  :0<8=5 B@5I0B ?>;5=LO; 2K ?@>25@O5B5 :@0=K 8 C156405B5AL, GB> 87 =8E 845B 2>40. >;>68B5 GB>-=81C4L AJ5AB=>5 2 E>;>48;L=8: =0 :CE=5 8 ?>AB02LB5 2 207K F25BK. K A<>B@8B5 2 >:=> 8 2848B5 F25BCI89 A04, >75@> 8 3>@K =0 704=5< ?;0=5.  ;020 12 &" " +"!/  687=8 1K20NB <><5=BK, :>340 10@L5@ 2=CB@5==53> 2>A?@8OB8O B08=AB25==K< >1@07>< ?>=8605BAO 8 <K =5?>A@54AB25==> 8A?KBK205< B>, GB> 60640;8 8A?KB0BL 8;8 A<CB=> >ICI0;8, B>, > G5< <K, 2>7<>6=>, B>;L:> A;KH0;8 8;8 4065 =5 ?>4>7@520;8.  MB8 =5701K205<K5 <><5=BK A>7=0=85 =0H5 @0A:@K205BAO ?>B>:C O@:8E 8 ?>@078B5;L=KE ?>AB865=89: <K A>?@8:0A05<AO A 2KAH59 AD5@>9 A2>53> ACI5AB20, A> A2>8< A25@EA>7=0B5;L=K<. 'B>1K ?>:070BL, A:>;L <=>3>>1@07=K 1K20NB ?@>O2;5=8O A25@EA>7=0B5;L=>3> 2 AD5@5 A>7=0=8O, 4>AB0B>G=> C?><O=CBL ;8HL =5:>B>@K5 87 =8E: @>7@5=85 =570?=>5 @5H5=85 A;>6=>9 ?@>1;5<K @5>1@065=85 273;O40 =0 >:@C60NICN 459AB28B5;L=>ABL >AB865=85 =5:>9 8AB8=K >B=>A8B5;L=> ?@8@>4K 2A5;5==>9 ICI5=85 548=AB20 A> 2A5< ACI8< @>A25B;5=85 5>1KG09=0O 2=CB@5==OO B8H8=0 >;=K A25B;>9 @04>AB8 A2>1>645=85 ;C1>:>5 GC2AB2> 1;03>40@=>AB8 5@CH8<K9 ?>:>9 ICI5=85 A51O ?@>2>4=8:>< =5:>9 A8;K 0A;0645=85 :@0A>B>9 N1>2L :> 2A5< ;N4O< "2>@G5A:>5 24>E=>25=85 -:AB07 'C2AB2> 1573@0=8G=>3> A>AB@040=8O KE>4 70 ?@545;K 2@5<5=8 8 ?@>AB@0=AB20 5A<>B@O =0 2A5 MB> <=>3>>1@0785, ?@54AB028B5;8 @07;8G=KE M?>E, :C;LBC@ 8 AB8;59 687=8 2=>2L 8 2=>2L C?><8=0NB >1 >4=>< >1I5<, "A:2>7=><" D0:B>@5 =04;8G=KE ?5@56820=89: > @54:8E ?@>1;5A:0E ?>AB865=8O A2>59 =5?@5E>4OI59 ACI=>AB8 8;8 4065 ?>;=>< A>?@8:>A=>25=88 A =5N,  A2>8< 682K< ACI5AB2><, 2>A?@8=8<05<K< :0: =587<5==>5, 157<>;2=>5, G8AB>5 1KB85 (/ !,).  ?A8E>A8=B575 <K =07K205< MB> ACI5AB2> G5;>25:0 =04;8G=K< /. K428305BAO @01>G0O 38?>B570, GB> =04;8G=>5 / ?@54AB02;O5B A>1>9 O4@> A25@EA>7=0B5;L=>3>, ?>4>1=> B><C, :0: ;8G=>5 "O" ?@54AB02;O5B A>1>9 O4@> A>7=0B5;L=>9 ;8G=>AB8. > :0: 1K <K 8E =8 >F5=820;8, A25@EA>7=0B5;L=K5 8;8 =04;8G=K5 ?5@56820=8O  MB> D0:B. @8 ACI5AB2CNI5< >18;88 A2845B5;LAB2 >B@8F0BL ACI5AB2>20=85 B0:>3> @>40 >?KB0 1K;> 1K 70B@C4=8B5;L=K<. 4=0:> :0:>2 A<KA; MB8E ?5@56820=89? >G5<C >=8 2>7=8:0NB? 5 >B=>AOBAO ;8 >=8 : G8A;C A;CG09=KE, =52>A?@>872>48<KE 8;8 4065 ?@8GC4;82KE, =5=>@<0;L=KE ?@>O2;5=89 G5;>25G5A:>3> C<0? 0 MB8 2>?@>AK 4020;>AL <=>65AB2> >B25B>2. >60;C9, =081>;55 >1>A=>20==>5 >1JOA=5=85 40; 8G0@4 0: (2 =5B>G=>9 AB0@>9 @CAA:>9 B@0=A;8B5@0F88  Q::), A>3;0A=> :>B>@><C =04;8G=K5 ?5@56820=8O ?@54AB02;ONB A>1>9 A;54CNI89 H03 2 E>45 M2>;NF88 G5;>25:0.  A2>59 7=0<5=8B>9 :=835 ">A<8G5A:>5 A>7=0=85" >= A@02=8205B MBC M2>;NF8N A @0ABCI8< 45@52><: K 7=05<, GB> 45@52> =5 ?5@5AB0;> @0AB8, GB> 4065 A59G0A >=> 2K?CA:05B =>2K5 ?>G:8, 8 GB> AB0@K5 25B28, 1>;LH85 8 <0;K5, AB0=>2OBAO 2A5 1>;LH5 8 :@5?G5. AB0=>28BAO ;8 A53>4=O 8E @>AB? -B> ?@54AB02;O5BAO <0;>25@>OB=K<. >@074> 25@>OB=55 ?@54?>;>68BL, GB> C 45@520 ?>O2OBAO =>2K5 25B28, > :>B>@KE <K A53>4=O 4065 =5 ?>4>7@5205<, 8 GB> >A=>2=>9 53> AB2>;, :>B>@K9 ?>4=O;AO >B ?@>AB> 687=8 : 687=8 GC2AB2, >1KG=>3> A>7=0=8O 8 A0<>A>7=0=8O, 2K@0AB5B 5I5 2KH5, 4>AB83=C2 5I5 1>;55 2KA>:8E D>@< 687=8 8 A>7=0=8O. "@C4=> ?@825AB8 4>AB0B>G=> C1548B5;L=K5 4>:070B5;LAB20 M2>;NF88 G5;>25G5AB20 2 F5;><  :>=F5=B@0F8>==K5 ;035@O, O45@=>5 >@C685, C60AK 2>9=K, A>F80;L=>5 =5@025=AB2> A2845B5;LAB2CNB =5 2 ?>;L7C MB>9 B>G:8 7@5=8O. > <K <>65< 157CA;>2=> A>3;0A8BLAO A B5<, GB> >B45;L=K9 G5;>25: A?>A>15= @0AB8, @0AH8@OO A2>5 A>7=0=85 4> =>2KE, 70:@KBKE >B =53> @0=55 AD5@ @50;L=>AB8, :>B>@K5 2>A?@8=8<0NBAO 8< :0: G@572KG09=> F5==K5, 40NB >ICI5=85 ?@8G0AB=>AB8 F5;><C, ?>@>640NB 2 =5< GC2AB2> B08=AB20 687=8 8 1;03>3>25=8O ?5@54 =59, 0 B0:65 >:07K20NB =0 =53> 8AF5;ONI55 8 ?@5>1@07CNI55 2>7459AB285. "0:85 ?5@56820=8O 2>A?@8=8<0NBAO G5;>25:>< 8<5==> :0: H03 2?5@54 =0 ?CB8 A2>59 M2>;NF88, :0: GC45A=>5 @0A:@KB85 A2>8E 4@5<;NI8E 2>7<>6=>AB59. 'B>1K ?5@540BL >ICI5=85 B0:>3> 2=CB@5==53> @0A:@KB8O 8 2 B> 65 2@5<O A?>A>1AB2>20BL 5<C, AA046>;8 @07@01>B0; A?5F80;L=>5 C?@06=5=85:  @54AB02LB5 :CAB @>7K: :>@=8, AB515;L, ;8ABLO, 0 =0 A0<>< 25@EC  1CB>=. CB>= 70:@KB 8 >:@C65= 75;5=K<8 G0H5;8AB8:0<8. 5:>B>@>5 2@5<O @0AA<0B@8209B5 2A5 45B0;8.  B5?5@L ?@54AB02LB5, GB> G0H5;8AB8:8 AB0;8 @0A:@K20BLAO, @072>@0G820BLAO =0@C6C, >B:@K20O 27>@C A:@KBK5 @0=55 ;5?5AB:8  =56=K5, B>=:85, 2A5 5I5 70:@KBK5. "5?5@L =0G8=0NB <54;5==> @0A:@K20BLAO A0<8 ;5?5AB:8. > <5@5 B>3>, :0: MB> ?@>8AE>48B, 2K A>7=05B5, GB> 2 3;C18=0E 20H53> ACI5AB20 B0:65 ?@>8AE>48B =5:89 @0AF25B. K GC2AB2C5B5, :0: 2 20A GB>-B> >B:@K205BAO 8 ?>AB5?5==> 2KE>48B =0 A25B A>7=0=8O. !<>B@O =0 @>7C, 2K GC2AB2C5B5, GB> >=0 >B:@K205BAO 2 B>< 65 B5<?5, GB> 8 2K, GB> 55 @0A:@KB85  MB> 20H5 @0A:@KB85. K ?@>4>;605B5 =01;N40BL, :0: @>70 >B:@K205BAO A25BC 8 2>74CEC, O2;OO A51O <8@C 2> 2A59 A2>59 :@0A>B5. K 24KE05B5 55 0@><0B 8 2?8BK205B5 53> A2>8< ACI5AB2><. "5?5@L 2A<>B@8B5AL 2 A0<K9 F5=B@, 2 8AB>G=8: 4286CI8E 5N 687=5==KE A8;. CABL >BBC40 O28BAO >1@07. -B>B >1@07 1C45B 2K@060BL B> ?@5:@0A=>5, 7=0G8<>5 8 A>7840B5;L=>5, GB> E>G5B 2K9B8 A59G0A =0 A25B A>7=0=8O 87 3;C18= 20H53> ACI5AB20. -B> <>65B 1KBL >1@07 G53> C3>4=>. CABL >= 2>7=8:=5B A0< A>1>N, 157 20H53> CG0AB8O. !>75@F09B5 :0:>5-B> 2@5<O MB>B >1@07, ?@>=8:0OAL 53> A>45@60=85<. 1@07 <>65B GB>-B> A>>1I8BL 20<  A ?><>ILN A;>2 8;8 157 =8E. C4LB5 3>B>2K ?@8=OBL MB> A>>1I5=85. * * * "5<, :B> 8<5; >?KB A>?@8:>A=>25=8O A =04;8G=K< / 8 A25@EA>7=0B5;L=K<, AD5@0 MB0 ?@54AB02;O5BAO =5A><=5==> @50;L=>9. 04;8G=>5 / 8 A25@EA>7=0B5;L=>5 4;O =8E  MB> =5 8=B5;;5:BC0;L=0O :>=F5?F8O, MB> =5 ?>1>G=K9 ?@>4C:B AC?5@-M3>, MB> =5 @57C;LB0B 2=CH5=8O, MB> =5 ?0@0?A8E>;>38G5A:89 D5=><5=, MB> =5 ?><@0G5=85 A>7=0=8O. @>O2;5=85 =04;8G=>3> / @0AF5=8205BAO 8<8 :0: A>1KB85, AK3@02H55 >3@><=CN @>;L 4;O 2A59 8E ?>A;54CNI59 687=8. ;O >?8A0=8O MB>3> A>1KB8O 8A?>;L7CNBAO @07=K5 A8<2>;K, A@548 =8E @>A25B;5=85, :>B>@>5 @0AA58205B 8;;N788 8 ?>72>;O5B 2845BL B>, GB> 5ABL. @>1C645=85 >B 4>;3>3> A=0  15AA>7=0B5;L=>3> A>AB>O=8O, ?>;=>3> 3@57. >645=85 2 =>2K9, 1>;55 H8@>:89 <8@ =58725AB=KE @0=55 2>7<>6=>AB59. <5AB5 A B5< =04;8G=K9 >?KB =5 A2>48BAO : @0AH8@5=8N A>7=0=8O. 0: 8 ;N1K5 4@C385 A>45@60=8O A>7=0=8O, M=5@388 A25@EA>7=0B5;L=>3> AB@5<OBAO 2K@20BLAO 2> 2=5H=89 <8@, 2K@078BLAO 2 459AB288, 2>?;>B8BLAO 2 459AB28B5;L=>ABL. 0: 8 2 A;CG05 A M=5@3859 03@5AA88, C4>2;5B2>@5=85 8E ?>B@51=>AB8 2 ?@>O2;5=88 A;C68B DC=40<5=B0;L=K< ?@8=F8?>< ?A8E8G5A:>3> 74>@>2LO. "0:8< >1@07><, 7040G0 A>AB>8B =5 B>;L:> 2 B><, GB>1K 8A?KBK20BL M:AB07, A0B>@8, A0<04E8 8 ?@>G85 "?8:>2K5", 25@H8==K5 ?5@56820=8O, => 8 2 B><, GB>1K A?>A>1AB2>20BL ?@82=5A5=8N 8450;>2, 2K@065=85< :>B>@KE A;C60B MB8 ?5@56820=8O, 2 ?>2A54=52=CN 687=L  A2>N A>1AB25==CN 8 4@C38E ;N459. =K<8 A;>20<8, =0< =C6=> A?>A>1AB2>20BL ?@52@0I5=8N 25@H8==KE ?5@56820=89 2 "?;>A:>3>@=K5", :0: 8E =0720; 0A;>C. ;LB@C8AB8G5A:0O ;N1>2L, ?@>7@5=85, 1;03>3>25=85 8 1;03>40@=>ABL, GC2AB2> ?@5:@0A=>3> 8 A?@0254;82>AB8, @02=> :0: 8 4@C385 A>45@60=8O A25@EA>7=0B5;L=>3>, <>3CB B8E> 2>9B8 2 =0HC 687=L  2>9B8 8 AB0BL 55 =5>BJ5<;5<>9 G0ABLN, 0 =5 ?@5E>4OI8< M:AB0B8G5A:8< M?87>4><. ;020 13 #'( !%" " > >4=>9 2>AB>G=>9 ;535=45, >4=064K 1>38 @5H8;8 A>740BL <8@. =8 A>740;8 72574K, A>;=F5, ;C=C, <>@O, 3>@K, F25BK, >1;0:0. 0B5< >=8 A>740;8 G5;>25:0.  =0:>=5F >=8 A>740;8 8AB8=C. 04C<0;8AL 1>38: :C40 A?@OB0BL 8AB8=C, GB>1K G5;>25: 55 A@07C =5 =0H5;. < E>B5;>AL, GB>1K >= 8A:0; 55 ?>4>;LH5. "0209B5 A?@OG5< 55 =0 A0<>9 2KA>:>9 3>@=>9 25@H8=5",  A:070; >48=. "0209B5 A?@OG5< 55 =0 A0<>9 40;5:>9 725745",  ?@54;>68; 4@C3>9. "0209B5 A?@OG5< 55 2> <@0:5 <>@A:8E 3;C18=". "0209B5 A:@>5< 55 =0 >1@0B=>9 AB>@>=5 ;C=K". 0:>=5F A0<K9 4@52=89 8 <C4@K9 1>3 A:070;: "5B, <K A?@OG5< 55 2 A5@4F5 G5;>25:0.  >= 1C45B 8A:0BL 8AB8=C ?> 2A59 2A5;5==>9, =5 ?>4>7@520O, GB> =>A8B 55 2 A515". A8E>A8=B5B8G5A:0O <5B>48:0 2=CB@5==53> 480;>30 >1@0I05B =0A : MB>9 8AB8=5, A:@KB>9 C =0A 2 3;C18=5 4CH8. K ?@54AB02;O5<, GB> 2AB@5G05<AO A G5;>25:>< =0 25@H8=5 3>@K, 240;8 >B F828;870F88. -B>B G5;>25:  8AB>G=8: F5;8B5;L=>9 682>B2>@=>9 ;N128, :>B>@0O ?@8=8<05B =0A B0:8<8, :0:8<8 <K 5ABL, 8 ?@>1C6405B =0A : B><C, G5< <K <>65< AB0BL. -B> >G5=L <C4@K9 G5;>25:, A?>A>1=K9 ?>=OBL 687=L :0: F5;>5, A> 2A5<8 55 ?@>B82>@5G8O<8 8 ?0@04>:A0<8. K GC2AB2C5< A51O A>25@H5==> A2>1>4=> 2 53> >1I5AB25 8 8A?KBK205< : =5<C 3;C1>:>5 4>25@85.  480;>35 A =8< ?@>8AE>48B 2>AAB0=>2;5=85 A8;, ?@>OA=ONBAO ?@>1;5<K 8 @072520NBAO A><=5=8O.  MB>9 <5B>48:5 70459AB2C5BAO =5GB> 1>;LH55, =565;8 ?@>AB> D0=B078O. C4@5F  MB> A8<2>; /, ?>72>;ONI89 =0< A>?@8:>A=CBLAO A F5;51=>9 M=5@3859 ?>A;54=53>. !>?@8:>A=C2H8AL A =5N, <K A<>65< C1548BLAO, GB> / 5ABL 2>8AB8=C ;CGH89 ?A8E>B5@0?52B. 5B>48:0 2=CB@5==53> 480;>30 ?>4E>48B 4;O 2A5E A;CG052, => >A>15==> @5:><5=4C5BAO 2 A;54CNI8E A8BC0F8OE: K AB>8< ?5@54 ;8F>< 206=>3> 2K1>@0. K ?5@568205< 687=5==K9 :@878A. K 4C<05<, GB> =0A =8:B> =5 ?>=8<05B. K E>B8< 4>ABCG0BLAO 4> A2>59 2=CB@5==59 <C4@>AB8. K GC2AB2C5< >48=>G5AB2>. K 3>B>2K 87<5=8BLAO. ! ?><>ILN MB>9 <5B>48:8 <>6=> CAB0=>28BL :0=0; >1I5=8O A> A25@EA>7=0B5;L=K<, @0728BL 2 A515 A?>A>1=>ABL : "25@B8:0;L=>9 B5;5?0B88", :0: 3>2>@8; AA046>;8, 8 =0CG8BLAO =0E>48BL >?>@C 2 A2>5< A>1AB25==>< /, =5 ?>44020OAL 2;8O=8N 4@C38E ;8F 8;8 AC1;8G=>AB59. #"   @54AB02LB5 ;5B=55 CB@>. K 2 4>;8=5. >AB5?5==> A>7=0209B5 >:@C60NI89 <8@: 2>74CE G8AB, =51> 3>;C1>5, :@C3>< B@020 8 F25BK. #B@5==89 25B5@>: =56=> ;0A:05B 20H5 ;8F>. >GC2AB2C9B5, GB> =>38 20H8 AB>OB =0 75<;5. A>7=09B5, 2 G5< 2K >45BK. >A2OB8B5 :0:>5-B> 2@5<O B><C, GB>1K OA=> >A>7=0BL 2A5 MB8 45B0;8. K 8A?KBK205B5 >ICI5=85 3>B>2=>AB8 8 >6840=8O. 3;O4K20OAL 2>:@C3, 2K 2848B5 3>@C. =0 2>72KH05BAO =5?>40;5:C, 8 :>340 2K 2848B5 55 25@H8=K, C 20A 2>7=8:05B GC2AB2> =5>1KG09=>3> ?>4J5<0. 0B5< 2K @5H05B5 27>9B8 =0 MBC 3>@C. !?5@20 2K 2E>48B5 2 ;5A, @0ABCI89 C 55 ?>4=>6LO. K 24KE05B5 A>A=>2K9 0@><0B 8 >ICI05B5 AC<@0G=CN A2565ABL B5<=>3> ;5A0. K94O 87 ;5A0, 2K 2ABC?05B5 =0 :@CBCN 3>@=CN B@>?C. >4=8<0OAL ?> =59, 2K >ICI05B5 =03@C7:C, :>B>@0O ?@8E>48BAO =0 =>38, 8 ?@8OB=>5 B5?;>, :>B>@>5 @07;8205BAO ?> B5;C. "5?5@L B@>?0 70:>=G8;0AL, 8 ?5@54 20<8 B>;L:> A:0;K. >AE>645=85 ?@>4>;605BAO, ?>4J5< AB0=>28BAO 2A5 :@CG5. "5?5@L 2K 2K=C645=K ?@81530BL : ?><>I8 @C:. K GC2AB2C5B5, GB> ?>4=8<05B5AL 2A5 2KH5; 2>74CE AB0=>28BAO 1>;55 A2568< 8 @07@565==K<; 20A >:@C605B B8H8=0. "5?5@L 2K 2E>48B5 2 >1;0:>. >:@C3 =8G53> =5 284=>, :@><5 BC<0=0. K <54;5==> 8 >AB>@>6=> ?@>428305B5AL 2?5@54, 5420 @07;8G0O A2>8 @C:8, >?8@0NI85AO > :0<=8. 1;0:> >AB0;>AL ?>7048, 8 2K A=>20 2848B5 =51>. 45AL 2A5 3>@074> O@G5, G5< 2=87C. >74CE =5>1KG09=> G8AB 8 ?@>7@0G5=, :@0A:8 2>:@C3 682K5, =0AKI5==K5, A25@:05B A>;=F5. K 3>B>2K 84B8 40;LH5. >4=8<0BLAO AB0;> ;53G5: 2K A;>2=> =5 >ICI05B5 25A0, 20A 2;5G5B : 25@H8=5 8 2K ?>;=K 65;0=8O 4>AB8GL 55. > <5@5 ?@81;865=8O : 25@H8=5 20A >E20BK205B 2A5 2>7@0AB0NI55 >ICI5=85 2KA>BK. K >AB0=02;8205B5AL 8 >78@05B5AL 2>:@C3. 5?>40;5:C 8 2 >B40;5=88 2K 2848B5 4@C385 25@H8=K, 40;5:> 2=87C >AB0;0AL 4>;8=0 A =5A:>;L:8<8 45@52CH:0<8.  2>B 2K =0 25@H8=5 3>@K, =0 1>;LH>< ?;>A:>3>@L5. !B>8B ?>;=0O B8H8=0. 04 20<8 3;C1>:>5 3>;C1>5 =51>. K 70<5G05B5 :>3>-B> 240;5:5. -B> <C4@K9 8 ;N1OI89 20A G5;>25:, 3>B>2K9 2KA;CH0BL B>, GB> 2K A>18@05B5AL A:070BL, 8 @0AA:070BL 20< > B><, GB> 2K E>B8B5 C7=0BL. >=0G0;C >= 2>7=8: 240;5:5 :0: =51>;LH0O A25BOI0OAO B>G:0. = B>65 70<5B8; 20A. K <54;5==> 845B5 4@C3 4@C3C =02AB@5GC. K >ICI05B5 ?@8ACBAB285 MB>3> G5;>25:0, :>B>@>5 ?@>1C6405B 2 20A @04>ABL 8 A8;C. K 2848B5 53> <C4@>5 ;8F> 8 A25B;CN C;K1:C 8 GC2AB2C5B5, GB> >B =53> 8AE>48B B5?;> ;N128. "5?5@L 2K AB>8B5 ;8F>< : ;8FC. K A<>B@8B5 <C4@5FC 2 3;070. K <>65B5 @0AA:070BL 5<C > ;N1>9 ?@>1;5<5, 7040BL ;N1>9 2>?@>A. "8E> 8 2=8<0B5;L=> 648B5 >B25B0. A;8 >= 20< >B25B8B, 2K, 2>7<>6=>, 70E>B8B5 ?@>4>;68BL 480;>3. !,  ! @C3>9 D>@<>9 2=CB@5==53> 480;>30 O2;O5BAO ?8AL<> : !515, : =04;8G=><C /. 0:8< 1K AB@0==K< =8 :070;AO MB>B A?>A>1, =5@54:> >= >:07K205BAO 25AL<0 MDD5:B82=K< A@54AB2>< =0AB@>9:8 =0 A25@EA>7=0B5;L=>5. K >?8AK205B5 !515 2> 2A5E 45B0;OE ?@>1;5<C 8;8 A8BC0F8N, 8A?KBK205<K5 2 A2O78 A =59 GC2AB20  A2>8 A>1AB25==K5 8 4@C38E ;N459,  >1AC6405B5 2>7<>6=K5 @5H5=8O 8 A2O70==K5 A =8<8 GC2AB20, 4>AB>8=AB20 8 =54>AB0B:8 :064>3> @5H5=8O 8 B.4. B25B 2> 2=CB@5==5< 480;>35, :0: 2 A;CG05 287C0;870F88, B0: 8 2 A;CG05 ?8AL<0, <>65B ?@89B8 2 @07=>9 D>@<5 8 ?> @07=K< :0=0;0<. >B >A=>2=K5 87 =8E: B25B <>65B ?@89B8 2> 2@5<O C?@06=5=8O 8;8 A@07C ?>A;5 =53>. B25B <>65B ?@89B8 A 7045@6:>9. 0: ?@028;>, >70@5=8N ?@5?OBAB2C5B =0H5 >6840=85 :0:>3>-B> >?@545;5==>3> >B25B0  8;8 B@52>30 2 A2O78 A 2>7<>6=>ABLN ?>;CG8BL 53>. > >70@5=85 <>65B A;CG8BLAO ?>765, :>340 <K 53> =5 >68405<. => <>65B ?@>87>9B8 B0:65 A>25@H5==> =570<5B=>: G5@57 =5A:>;L:> 4=59 <K 2=570?=> A>7=05<, GB> ?@>1;5<0 4;O =0A ?@>OA=8;0AL, 8;8 ?5@5AB0;0 1KBL ?@>1;5<>9, 8;8 GB> <K 7=05<, :0: =0< B5?5@L ?>ABC?0BL. B25B <>65B ?@89B8 : =0< 2> A=5. B25B <>65B ?@89B8 2 2845 ?>1C645=8O : 459AB28N, > :>B>@>< <K =5 4C<0;8, 8;8 =5 AG8B0;8 =C6=K< 53> ?@54?@8=8<0BL. B25B <>65B ?@89B8 1;03>40@O :0:8<-B> M;5<5=B0< 2=5H=53> <8@0; MB> <>3CB 1KBL ?@>87=5A5==K5 :5<-B> A;>20, =0720=85 :8=>D8;L<0 =0 ?@><5;L:=C2H59 0D8H5, A;CG09=> ?@>G8B0==0O 2 :=835 D@070, =5>6840==>5 A>1KB85, :>B>@>5 =0@CH8;> ?@82KG=K9 E>4 25I59 8 B.4. 5GL 845B > A8=E@>=88, :0: 55 =0720;8 .=3 8 D878: >;LD30=3 0C;8, ?@8G8==> =5 >1CA;>2;5==>9 7=0G8<>9 4;O 8=482840 >4=>2@5<5==>AB8 A>1KB89. > :0: >B;8G8BL B0:>9 >B25B >B A>1AB25==>9 D0=B0788? !B>?@>F5=B=0O 30@0=B8O 745AL =52>7<>6=0. 4=0:> ACI5AB2C5B @O4 :@8B5@852, ?>72>;ONI8E ?@>25@8BL ?>4;8==>ABL >B25B0. 5@2K9 :@8B5@89 AC1J5:B82=K9: 5A;8 >B25B 8AE>48B >B /, >= =5A5B 2 A515 =5A><=5==>5 >ICI5=85 ?@028;L=>AB8. -B> =5 ?@>AB> E>;>4=>5 "40" 8;8 "=5B", 0 40@ ?>=8<0=8O 8 @04>AB8. B>@K< :@8B5@85< A;C68B 74@02K9 A<KA;. 5 A;54C5B 701K20BL, 2?@>G5<, GB> / <>65B >B25G0BL A 4>;59 N<>@0 8 2 =5>6840==>9 4;O =0A D>@<5. "@5B89 :@8B5@89  ?@0:B8:0. A?KB0=85 687=LN ?>:065B, 1K;> ;8 MB> >B25B>< A25@EA>7=0B5;L=>3> 8;8 A0<>>1<0=><.  ;N1>< A;CG05 206=> ?>4G5@:=CBL, GB> >B25BK 2 E>45 2=CB@5==53> 480;>30 ?@8E>4OB 2 =5O2=>9, @0A?;K2G0B>9 8 4065 70?CB0==>9 D>@<5. 0H8 >6840=8O ?@O<KE 8 :>=:@5B=KE >B25B>2, 40205<KE =0 ?@82KG=>< =0< O7K:5, :0: ?@028;>, =5 >?@024K20NBAO. B:;8: A25@EA>7=0B5;L=>3> =0F5;5= =0 B>, GB>1K ?@>1C48BL 2 =0A >?@545;5==K5 :0G5AB20, :>B>@K5 B@51CNBAO 4;O 87<5=5=8O =0H53> 273;O40 =0 ?@>8AE>4OI55 8 A0<>3> 7040205<>3> =0<8 2>?@>A0. -B> A>AB02;O5B ACBL "AB8;O >1I5=8O" =04;8G=>3> /: 2<5AB> B>3>, GB>1K ?@54;030BL :0:>5-B> >?@545;5==>5 @5H5=85, / >B:@K205B G5;>25:C 3;070, GB>1K >= <>3 871@0BL A2>9 A>1AB25==K9 ?CBL. ;020 14 "/ +!" -B> <>65B ?>:070BLAO AB@0==K<, => :>340 ;8G=>AB8 >B:@K20NBAO =04;8G=K5 AD5@K, >=0 =5@54:> =0G8=05B 87KA:820BL A?>A>1K 8E =59B@0;870F88. 0 ;8G=>AB=>< C@>2=5 A2>8 70:>=K, F5;8 8 ?CB8 45OB5;L=>AB8. 564C B5< =8AE>645=85 A25@EA>7=0B5;L=KE M=5@389 ?@54?>;0305B =5>1E>48<>ABL ?>;=>9 ?5@5AB@>9:8 ;8G=>AB8, ?5@5>@85=B0F88 55 =0 F5;8 8 70:>=K =04;8G=>3> /. 07C<55BAO, MB8 ?5@5<5=K O2;ONBAO 70:>=><5@=K< MB0?>< @0728B8O ;8G=>AB8 :0: B0:>2>9. 0=> 8;8 ?>74=> ?@8E>48B 2@5<O 3CA5=8F5 AB0=>28BLAO 101>G:>9; => 3CA5=8F0 <>65B =5 8A?KBK20BL >A>1>3> 65;0=8O <5=OBLAO. >AB A2O70= =5 B>;L:> A ?@8OB=K<8 >ICI5=8O<8: <K ?>:8405< C4>1=CN >168BCN A@54C 8 CAB@5<;O5<AO 2 =58725AB=>5.  =58725AB=>5 ?C305B. 4=0:> A>?@>B82;5=85 ?5@5<5=0<  =5 548=AB25==0O ?@8G8=0, ?> :>B>@>9 =0 ;8G=>AB=>< C@>2=5 2KAB@0820NBAO 70I8BK ?@>B82 A25@EA>7=0B5;L=>3>. B>@0O ?@8G8=0  >?0A5=85 >AB0BLAO 15770I8B=K< 8 1KBL "=0:070==K<" 70 MB> 2=>2L. # :064>3> G5;>25:0 1K;8 B0:85 <><5=BK, :>340 >= >B:@K20;AO 687=8, >BAB0282 2AO:85 70I8BK,  0 ?>B>< 8A?KBK20; =0 A515 55 1>;57=5==K5 C40@K.  >= =5 E>G5B, GB>1K =5GB> ?>4>1=>5 ?@>87>H;> >?OBL. > MB8< 42C< >A=>2=K< ?@8G8=0< ;8G=>ABL A:;>==0 >3@0640BL A51O >B =04;8G=>3> 2B>@65=8O 8 >BAB0820BL A2>8 A>1AB25==K5 70:>=K 8 F5;8. ;O MB>3> >=0 >1@0I05BAO : @O4C 8A:CA=KE 8 ?>GB8 2A5340 =5>A>7=0205<KE AB@0B5389 70I8BK, ?@>AB59H59 8 =081>;55 @0A?@>AB@0=5==>9 87 :>B>@KE A;C68B ?>402;5=85 A25@EA>7=0B5;L=>3> <0B5@80;0. >6=> C?><O=CBL B0:65 ?@>5:F8N (">B1@0AK20=85"), :>340 =04;8G=K5 :0G5AB20 ?@8?8AK20NBAO 4@C3><C ;8FC  3C@C, ?A8E>B5@0?52BC, >1I5AB25==><C 45OB5;N, 4@C3C  ?> ?@8=F8?C ":C40 <=5 4> =53>"; :><?5=A0F8N, "2>A?>;=82" =04;8G=>3> :0G5AB20 :0G5AB2>< ?@>B82>?>;>6=>3> A2>9AB20, =0?@8<5@, ;N128 03@5AA82=>ABLN; 45A0:@0;870F8N 8;8 @0725=G0=85  F8=8G=>5 2KA<5820=85 2A53> E>BL >B40;5==> A2O70==>3> A> A25@EA>7=0B5;L=K<8 @50;8O<8; 70I8B=K9 ?5AA8<87<, :>340 ;N48 =0<5@5==> C<0;ONB A2>8 2>7<>6=>AB8 ("O A;8H:>< 3;C? 4;O MB>3>") 8;8 AAK;0NBAO =0 >1AB>OB5;LAB20 ("O A;8H:>< 70=OB ?> @01>B5"); 70>@30=87>20==>ABL, A>740=85 >@30=870F8>==KE AB@C:BC@, :>B>@K5 D>@<0;L=> ?@8720=K ?>445@6820BL 8 2>A?@>872>48BL :0:85-B> A>45@60=8O A25@EA>7=0B5;L=>3>, => ?> ACB8 A2>59 A0<>F5;L=K 8 2>A?@>872>4OB ;8HL A0<>5 A51O; 4>3<0B87<, ?@52@0I5=85 A25@EA>7=0B5;L=>3> >?KB0 2 4>3<C, 2 >1O70==>ABL 1KBL, A:065<, @04>AB=K<, ;N1OI8<, ?@>A25B;5==K< 8 B.4. A5 MB8 A?>A>1K =59B@0;870F88 / ?@82>4OB : @07;8G=K< ?A8E>;>38G5A:8< >A;>6=5=8O<. 4=0:> >A;>6=5=8O <>3CB 2>7=8:=CBL 8 2 B>< A;CG05, 5A;8 G5;>25: 459AB28B5;L=> >B:@KB ?>B>:C =>2KE M=5@389. @0240, >A;>6=5=8O MB8 1>;LH59 G0ABLN =>AOB A;CG09=K9 8 ?@5E>4OI89 E0@0:B5@, 0 B5 =5<=>385, :>B>@K5 =0 A0<>< 45;5 =587156=K, 2?>;=5 ?@5>4>;8<K. >;57=> 2A5 65 7=0BL > =8E 70@0=55, GB>1K 2 A;CG05 G53> =5 1KBL 70AB83=CBK< 2@0A?;>E 8 1KAB@55 A =8<8 A?@028BLAO. 081>;55 @0A?@>AB@0=5==>5 >A;>6=5=85, A2O70==>5 A @0AH8@5=85< A>7=0=8O 8 2A5 1>;55 B5A=K< A>?@8:>A=>25=85< A> A25@EA>7=0B5;L=K<,  MB> 2>7@0AB0NI0O GC2AB28B5;L=>ABL : G5;>25G5A:>9 1>;8 8 AB@040=8N, : 3@C1>AB8, 03@5AA82=>AB8, =5=028AB8 8 B.?. @><5 B>3>, GC2AB28B5;L=>ABL 2>7@0AB05B =5 B>;L:> 2 3>@87>=B0;L=>< 87<5@5=88, B> 5ABL 2 87<5@5=88 A>?5@56820=8O ?@>8AE>4OI5<C 2>:@C3, => 8 2 25@B8:0;L=><. '5< 2KH5 ?8:>2K5 A>AB>O=8O A>7=0=8O, B5< 3;C165 ?@>?0AB8 >BG0O=8O, >ICI5=8O 15AA<KA;5==>AB8 8 157=0456=>AB8. $0:B8G5A:8, G5;>25:, ?@>1C482H89AO 4;O A25@EA>7=0B5;L=KE ?@>F5AA>2, =0G8=05B >1>AB@5==> A>7=020BL F8:;8G=>ABL ?A8E8G5A:>9 0:B82=>AB8  F8:;K ?@>7@5=89 8 A?>=B0==>3> B2>@G5AB20, :>B>@K5 A<5=ONBAO F8:;0<8 70<5H0B5;LAB20 8 ?@>AB>O. !;54CNI55 >1I5@0A?@>AB@0=5==>5 >A;>6=5=85, 2>7=8:0NI55 =5@54:> =0 =0G0;L=KE MB0?0E 7=0:><AB20 A> A25@EA>7=0B5;L=K<, MB> >ICI5=85 A2>59 =5A>AB>OB5;L=>AB8. 5;8:>;5?85, :>B>@>5 2=570?=> >B:@K205BAO =0H5<C 27>@C, <>65B 2K720BL C =0A >1>AB@5==>5 >A>7=0=85 A>1AB25==KE >3@0=8G5=89. >A:>;L:C 65 A@02=5=85  >4=0 87 3;02=KE C<AB25==KE ?@82KG5: ;8G=>AB8, <K =0G8=05< =5?@>872>;L=> A@02=820BL A2>9 >1@07 687=8 A :@0A>B>9 A25@EA>7=0B5;L=>3>.  @57C;LB0B5 B0:>3> A@02=5=8O 2?>;=5 <>65B 2>7=8:=CBL GC2AB2> 28=K 8 C=K=8O. >7<>6=0 8 ?@>B82>?>;>6=0O @50:F8O: 70125=85 =K=5H=8E =0H8E >3@0=8G5=89, ;>6=0O C25@5==>ABL 2 B><, GB> ?@>1;5A:8 A25@EA>7=0B5;L=>3> 5ABL A>AB>O2H0OAO 459AB28B5;L=>ABL =0H59 ;8G=>AB8. >4>1=K9 >?B8<87< O2;O5BAO @57C;LB0B>< A<5H5=8O ;8G=>3> 8 =04;8G=>3> C@>2=59.  @57C;LB0B5 C G5;>25:0 =0 :0:>5-B> 2@5<O <>65B 2>7=8:=CBL 2?5G0B;5=85, GB> 2A5 53> ?@>1;5<K @5H5=K, GB> >= 4>AB83 ?@>A25B;5=8O 8 B.4. 0, ?>AB83=CB>5 8< =04;8G=>5 / A2>1>4=>, >=> ?@51K205B 2=5 ?@>AB@0=AB25==>-2@5<5==>3> <=>3>>1@078O MB>3> <8@0 A 53> ?@>B82>@5G8O<8, =5 8<55B ?@>1;5<. > ?>;030BL, GB> MB> @0A?@>AB@0=O5BAO 8 =0 =0HC >1KG=CN ;8G=>ABL, ?>3@C65==CN 2 ?>2A54=52=CN 687=L,  >?0A=>5 701;C645=85. 5@54:> >=> O2;O5BAO @57C;LB0B>< ?5@52>71C645=8O M<>F8>=0;L=>9 AD5@K ?>B>:>< A25@EA>7=0B5;L=>3> <0B5@80;0. >340 2 A>7=0=85 2@K205BAO =5A<5B=>5 :>;8G5AB2> >1@07>2, 8459, ;>38G5A:8E A2O759 8 0AA>F80F89, <>65B ?@>87>9B8 B0:65 ?5@52>71C645=85 8=B5;;5:BC0;L=>9 AD5@K. # G5;>25:0 2>7=8:05B 2?5G0B;5=85 01A>;NB=>9 OA=>AB8, ?@>7@0G=>AB8 ?@>8AE>4OI53>, 2A52545=8O; 5<C :065BAO, GB> >= >1;0405B @5H5=85< 2A5E ?@>1;5<. "0:>5 8=B5;;5:BC0;L=>5 ?5@52>71C645=85 <>65B 2K720BL 15AA>==8FC 8 4@C385 ?A8E>A><0B8G5A:85 @0AAB@>9AB20. # <8AB8G5A:8 =0AB@>5==KE ;8F <>3CB 2>7=8:=CBL A;>6=>AB8 A 2>72@0I5=85< 2 ?@>7C ?>2A54=52=>9 687=8, >A>15==> ?>A;5 3;C1>:>9 <548B0F88. =8 =0E>4OB, GB> 8A?KB0==K5 8<8 ?>@078B5;L=K5 >B:@>25=8O 8 >ICI5=85 =575<=>3> 1;065=AB20 =5A>2<5AB8<K A <8@><, 2 :>B>@K9 8< ?@8E>48BAO 2>72@0I0BLAO. 5@54:> C =8E 2>7=8:05B A:;>==>ABL >AC640BL MB>B "?;>BA:89" <8@, GC2AB2> 2@06451=>AB8 8 >B2@0I5=8O : =5<C, >ICI5=85 701@>H5==>AB8 2 AAK;:C =0 :0:CN-B> GC6CN ?;0=5BC 8 B>A:0 ?> "1>65AB25==>9 @>48=5" 2 A>G5B0=88 A ?>;=59H59 =5A?>A>1=>ABLN DC=:F8>=8@>20BL =0 ?@0:B8G5A:>< C@>2=5. !E>4=0O A8BC0F8O >?8A0=0 2 4@52=53@5G5A:>< <8D5 >1 :0@5, 2>A?0@82H5< B0: 2KA>:>, GB> A>;=F5 @0AB>?8;> 2>A:, :>B>@K< 1K;8 A:;55=K 53> :@K;LO, 2 @57C;LB0B5 G53> >= C?0; 2 <>@5. -B>B <8D A;C68B C40G=>9 8;;NAB@0F859 >B=>H5=8O : 45;C  8 ?5G0;L=KE ?>A;54AB289 B0:>3> >B=>H5=8O  ;8F, :>B>@K5 AB@5<OBAO 8AA;54>20BL 2KAH85 MB068 A>7=0=8O, =5 70;>682 ?@5420@8B5;L=> =0456=>3> ;8G=>AB=>3> DC=40<5=B0. K <>65< >?@545;8BL ?>4>1=>5 >B=>H5=85 :0: ":0@>2 :><?;5:A",  B5=45=F8N 701K20BL 2 A2>5< 4CE>2=>< AB@5<;5=88 > ;8G=>AB=KE >3@0=8G5=8OE. 0: 8 2 A;CG05 ;N1>3> 4@C3>3> 206=>3> =0G8=0=8O, =0 ?CB8 A>7=0B5;L=>9 M2>;NF88 G5;>25: 2AB@5G05BAO A ?@5?OBAB28O<8, 70B@C4=5=8O<8, >?0A=>ABO<8 8 B.?.  AG0ABLN, <K @0A?>;0305< A@54AB20<8, :>B>@K5 <>3CB ?><>GL =0< A?@028BLAO A ?@>1;5<0<8, C?><O=CBK<8 2 =0AB>OI59 3;025. 0: >1KG=> 3>2>@8; AA046>;8, 5A;8 2K E>B8B5 27>9B8 =0 2KA>:CN 3>@C, 20< =C6=> A?5@20 70=OBLAO B@5=8@>2:>9 8 ?>43>B>28BL A51O : 2>AE>645=8N D878G5A:8. 0< =C6=> B0:65 70?0AB8AL =5>1E>48<K< A=0@O65=85< 8 87CG8BL A2>8 2>7<>6=>AB8. !:070==>5 >B=>A8BAO 2 @02=>9 <5@5 8 : 2>AE>645=8N =0 2KA>BK A25@EA>7=0B5;L=>3>. ;O MB>3> =C6=> B@5=8@>20BLAO 8 8<5BL E>@>H55 A=0@O65=85. 5>1E>48<CN >A=>2C 2>AE>645=8O A>AB02;O5B B0: =07K205<K9 ;8G=>AB=K9 ?A8E>A8=B57, =0F5;5==K9 =0 D>@<8@>20=85 455A?>A>1=>9 ;8G=>AB8, 4>AB0B>G=> A2>1>4=>9 >B M<>F8>=0;L=KE 1;>:>2. "0:0O ;8G=>ABL 7=05B, :0: C4>2;5B2>@OBL A2>8 ?>B@51=>AB8, A?>A>1=0 :>=AB@C:B82=> 8A?>;L7>20BL A2>N 03@5AA82=CN M=5@38N 8 C<55B CG8BLAO =0 >H81:0E. =0 C<55B C?@02;OBL 2 >?@545;5==>9 AB5?5=8 2A5<8 A2>8<8 ?A8E>;>38G5A:8<8 DC=:F8O<8 8 OA=> A>7=05B, 345 C =55 F5=B@. !D>@<8@>202 B0:CN ;8G=>ABL, <K <>65< 157>?0A=> 8 ?;>4>B2>@=> 2708<>459AB2>20BL A 2KAH8<8 AD5@0<8 A2>53> ACI5AB20; 4;O =0A =0G8=05BAO =04;8G=K9 8;8 4CE>2=K9 ?A8E>A8=B57. ;020 15 ( ,, ( " , CA5=8F0 AB0=>28BAO 101>G:>9. CB>= AB0=>28BAO @>7>9. 5672574=K9 307, A3CI0OAL, AB0=>28BAO 725740<8. 0A?;02;5==K5 <8=5@0;K, >ABK20O, AB0=>2OBAO :@8AB0;;0<8.  G5;>25:  >= B>65 @0728205BAO ?> =5:>5<C 2=CB@5==5<C ?;0=C, AB0=>28BAO G5<-B> >?@545;5==K<, 8;8 687=L =0H0  A?;>H=0O A;CG09=>ABL? >-2848<><C, @07C<=> 1C45B ?@54?>;>68BL, GB> <K ?>4>1=K >AB0;L=K< A>740=LO<.  5A;8 B0:, B> :064><C 87 =0A =C6=> ?KB0BLAO 2KO28BL A2>9 87=0G0;L=K9 ?;0= @0728B8O, A2>9 70<KA5;, :0: 53> =07K20NB 2 ?A8E>A8=B575, 8;8 F5;L A2>59 687=8. # =0A C65 5ABL MB0 F5;L, <K 87=0G0;L=> =5A5< 55 2 A515; 1>;55 B>3>, A2>O F5;L 5ABL 8 C :064>3> MB0?0 =0H59 687=8, :064>9 ABC?5=L:8 AB0=>2;5=8O B5<, :5< <K <>65< 1KBL, >ACI5AB2;5=8O =0H59 8450;L=>9 D>@<K. >=OB85 8450;L=>9 D>@<K, :>B>@0O ?KB05BAO ?@>O28BLAO 2 3;C18=5 =0H59 4CH8 8 O28BL A51O <8@C, ?>72>;O5B ?5@5>A<KA;8BL ?>=OB8O ?A8E>B5@0?88 8 ;8G=>3> @>AB0. A8E>B5@0?8O ?@8 B0:>< ?>4E>45 ?@52@0I05BAO 87 A0<>F5;8 2 @O4 MB0?>2 1>;55 H8@>:>3> ?@>F5AA0, ?@8720==KE ?><>30BL G5;>25:C >A>7=0BL F5;L A2>59 687=8, CAB@0=OBL ?@5?OBAB28O =0 ?CB8 55 4>AB865=8O 8 A?>A>1AB2>20BL ?>A;54=5<C. 8G=K9 @>AB :0: B0:>2>9 >B=K=5 B0:65 =5 O2;O5BAO A0<>F5;LN.  :064K9 40==K9 <><5=B C =0A ACI5AB2C5B ?@0:B8G5A:8 15A:>=5G=>5 :>;8G5AB2> 2>7<>6=>AB59 @0728B8O: <K <>65< =0G0BL CG8BL 0@01A:89 O7K:, 70=OBLAO :C;LBC@87<><, >B?@028BLAO ?CB5H5AB2>20BL 8 C7=0BL, :0: 682CB ;N48 2 4@C38E AB@0=0E, CG8BLAO ?@K30BL A ?0@0HNB>< 8 B.4. > @0AA<0B@820O MB8 2>7<>6=>AB8 A B>G:8 7@5=8O ?@>O2;ONI59AO 2 =0A 8450;L=>9 D>@<K, <K <>65< >F5=8BL, :0:85 87 =8E ;560B 2 @CA;5 459AB28B5;L=>3> @>AB0 =0H53> =5?>2B>@8<>3> ACI5AB20. <5AB5 A B5< ?>4E>48BL : 2KO2;5=8N A2>53> 70<KA;0, A2>59 2=CB@5==59 8450;L=>9 D>@<K =C6=> >G5=L <O3:>. -B> ?>AB5?5==K9, ?>A;54>20B5;L=K9 ?@>F5AA, >ACI5AB2;O5<K9 ?CB5< ?@>1 8 >H81>:. 8:0:0O ?>A?5H=>ABL 745AL =5C<5AB=0, 81> ?@82>48B 2 ?>402;ONI5< 1>;LH8=AB25 A;CG052 : >B@8F0B5;L=K< @57C;LB0B0<, @07>G0@>20=8N 8 C=K=8N 8;8, B>3> EC65, 87<KH;5=8N =5:>9 8A:CAAB25==>9 8450;L=>9 D>@<K, A0<>70B>G5=8N 8 BN@L<C ?5@D5:F8>=87<0. ,+ $ + >MB><C 40209B5 4;O =0G0;0 ?>945< ?> 1>;55 157>?0A=><C, 157;8G=><C ?CB8  =0G=5< A C?@06=5=8O, :>B>@>5 ?>72>;8B =0< >B:@KBL 4;O A51O :@0A>BC 8450;L=KE D>@< 2>>1I5: >4C<09B5 > :0:>9-=81C4L D>@<5, :>B>@0O, =0 20H 273;O4, 4>AB83;0 A>25@H5=AB20 8 :@0A>BK 8450;0. -B> <>65B 1KBL D>@<0 87 <8@0 =5682>9 ?@8@>4K, =0?@8<5@, :0:>9-B> :@8AB0;; 8;8 4@03>F5==K9 :0<5=L. ;8 87 @0AB8B5;L=>3> <8@0, =0?@8<5@, F25B>: 8;8 ;8AB. ;8 87 682>B=>3> <8@0, =0?@8<5@, ;>H04L, 45;LD8= 8;8 ?B8F0. ;8 87 <8@0 ?@8@>4=KE O2;5=89, =0?@8<5@, @04C30 8;8 725740. ;8 87 <8@0 8A:CAAB20, =0?@8<5@, AB8E>B2>@5=85, :0@B8=0, <C7K:0;L=>5 ?@>872545=85. 0AA<>B@8B5 =5A:>;L:> B0:8E D>@<. 82> 8 OA=> ?@>GC2AB2C9B5 :064CN 87 =8E, 8A?KB02 @04>ABL >B A>?@8:>A=>25=8O A A8;>9 8 :@0A>B>9 8450;0. A;8 <K ?>A<>B@8< B5?5@L =0 A51O 8 =0 ;N459, >:@C60NI8E =0A 2 ?>2A54=52=>9 687=8, B> >1=0@C68< A:>@55 2A53>, GB> B0:>3> @>40 8450;L=K5 D>@<K O2;ONBAO 745AL A:>@59 8A:;NG5=85<, GB> 30@<>=8G=>5 @0A:@KB85 A2>53> 70<KA;0 C ;N459, :0: ?@028;>, 701;>:8@>20=> 8;8 ?@540=> 70125=8N. >G5<C MB> ?@>8AE>48B? A=>2=0O ?@8G8=0 B><C A:@KB0 2=CB@8 =0A: 42865=85 : 2>?;>I5=8N 8450;L=>9 D>@<K A45@68205BAO =0H8< 2>>1@065=85<. 0H8 ?@54AB02;5=8O > A515, =0H >1@07 A51O <>65B :0: A?>A>1AB2>20BL, B0: 8 ?@5?OBAB2>20BL =0H5<C ?@81;865=8N : 8450;C. 5B =59B@0;L=KE >1@07>2, 2A5 >1@07K >1;040NB >?@545;5==>9 4286CI59 A8;>9.  ?@>1;5<0 A>AB>8B 2 B><, GB> A:2>7L >1<0=G82CN 2C0;L =0H8E AC1;8G=>AB59 <K 70G0ABCN 2848< 8A:065==K9 >1@07 B>3>, :B> <K 8 :5< <>65< AB0BL. "!>= @07C<0 @>6405B GC4>28I",  B0: =07K205BAO 7=0<5=8BK9 >D>@B >98. >6=> A:070BL, GB> =525@=> 8A?>;L7C5<>5 2>>1@065=85 B0:65 @>6405B GC4>28I, 5A;8 ?>4@07C<520BL ?>4 GC4>28I5< =5GB>, AB02H55 8=K<, =565;8 5<C AC645=> 1K;> 1KBL. >340 2>>1@065=85< >2;04520NB 8@@0F8>=0;L=K5 A8;K 15AA>7=0B5;L=>3>, >=8 40NB 687=L 872@0I5==K< ?>4>18O< 8450;L=KE D>@<.  AG0ABLN, >1@07K 2>>1@065=8O <>3CB >:07K20BL =0 =0A =5 B>;L:> >B@8F0B5;L=>5 2>7459AB285. 1@07K <>3CB 8 A:>2K20BL, 8 >A2>1>640BL. /A=> ?@54AB02;OO A2>8 2>7<>6=>AB8, <K ?@81;8605< 8E : 459AB28B5;L=>AB8. !;54>20B5;L=>, <K <>65< F5;5=0?@02;5==> 8A?>;L7>20BL >1@07K 4;O B>3>, GB>1K A?>A>1AB2>20BL >ACI5AB2;5=8N A2>53> 70<KA;0, ?>;=>:@>2=><C 2>?;>I5=8N A2>59 8450;L=>9 D>@<K. ;O MB>3> <K <>65< 4C<0BL > A;54CNI5< H035, :>B>@K9 =0< ?@54AB>8B A45;0BL =0 ?CB8 A0<>@0728B8O. ,/ ,  MB>< C?@06=5=88 2K 1C45B5 682> ?@54AB02;OBL B>, G53> E>B8B5 4>AB8GL =0 40==>< MB0?5 A0<>@0728B8O: ?@54AB02;OBL 8450;L=CN <>45;L B>3>, :5< 2K 459AB28B5;L=> <>65B5 AB0BL. ;O =0G0;0 ;CGH5 @01>B0BL A 8450;L=K<8 <>45;O<8 :0:8E-B> ?A8E>;>38G5A:8E :0G5AB2, B0:8E :0: ;N1>2L, AB>9:>ABL, ?>=8<0=85, @04>ABL 8 B.?. #?@06=5=85 A>AB>8B 87 G5BK@5E H03>2: K15@8B5 :0G5AB2>, :>B>@>5, :0: 2K GC2AB2C5B5, 2 =0AB>OI55 2@5<O 1C45B A?>A>1AB2>20BL >ACI5AB2;5=8N ?>AB5?5==> @0A:@K20NI53>AO 70<KA;0 20H59 687=8. "5?5@L ?@54AB02LB5, :0:8<8 1K 2K 1K;8, 5A;8 1K >1;040;8 MB8< :0G5AB2>< 2> 2A59 53> ?>;=>B5. >72>;LB5 MB><C >1@07C A51O AD>@<8@>20BLAO 2> 2A5E 45B0;OE. >A<>B@8B5, :0: MB> :0G5AB2> ?@>O2;O5BAO 2 53> 27>@5, ?>;>65=88 B5;0, 2K@065=88 ;8F0. (>=0G0;C >1@07 <>65B 1KBL =5 >G5=L CAB>9G82K<, @07<KBK<, ?>O2;OBLAO 8 8AG570BL. > 8 2 MB>< A;CG05 >= >:065B A8;L=>5 2>7459AB285 =0 20H5 15AA>7=0B5;L=>5.) 5A:>;L:> <3=>25=89 C45@68209B5 2 C<5 MB>B >1@07, ?@87K20O 53> 2A5 ?>;=55 ?@>O2;OBL 2K1@0==>5 20<8 :0G5AB2>. @54AB02LB5, GB> 2K 2E>48B5 2 MB>B >1@07 8 >1@07C5B5 A =8< >4=> F5;>5,  :0: 5A;8 1K >45;8AL 2 =>2CN >4564C. !;82H8AL A =8<, ?>GC2AB2C9B5, GB> 2K@0605<>5 8< :0G5AB2> AB0;> G0ABLN 20A. @54AB02LB5, :0: >ICI05BAO ?>;=>B0 >1;040=8O MB8< :0G5AB2><. >GC2AB2C9B5, GB> >=> =0?>;=O5B 20H5 B5;>. >GC2AB2C9B5, GB> >=> ?@>=8:;> 2 :064CN :;5B:C, GB> >=> B5G5B ?> 68;0<, ?@>?8BK205B 2A5 20H5 B5;>. @54AB02LB5, GB> MB> :0G5AB2> ?@>=87K205B 20H8 GC2AB20, >1@07 <KA;8 8 4286CI85 20<8 <>B82K. 0:>=5F, ?@54AB02LB5 A51O 2 >4=>9 8;8 =5A:>;L:8E A8BC0F8OE ?>2A54=52=>9 687=8, ?@>O2;OO MB> :0G5AB2> 1>;LH5 >1KG=>3>. >4@>1=> ?@54AB02;O9B5, :0: @072>@0G820NBAO MB8 A8BC0F88.  C?@06=5=88 A 8450;L=>9 <>45;LN <>6=> 8A?>;L7>20BL =5 B>;L:> ?A8E>;>38G5A:85 :0G5AB20, => 8 A>F80;L=K5 @>;8, :>B>@K5 2K E>B8B5 C;CGH8BL: 8450;L=K9 ?0@B=5@, 8450;L=K9 CG8B5;L, 8450;L=K9 4@C3 8 B.?. 0: 8 2 ?5@2>< A;CG05, =5 =C6=> >:07K20BL =0 A51O =8:0:>3> 402;5=8O, =5 =C6=> ?@8=8<0BL =8:0:8E <@0G=KE @5H5=89 ("2A5, ?>A;5 >2>3> 3>40 =0G8=0N =>2CN 687=L"); =5 =C6=> 4065 >6840BL :0:8E-B> ?>;>68B5;L=KE @57C;LB0B>2. 45AL B@51C5BAO B>;L:> @01>B0 2>>1@065=8O. 0:>=5F, A;54C5B C?><O=CBL >1 >4=>< 2KA:07K205<>< 8=>340 157>A=>20B5;L=>< >?0A5=88. 5:>B>@K5 ;N48 AG8B0NB, GB> A>7402 B0:CN 8450;L=CN <>45;L, >=8 =045;8 1K =0 A51O A<8@8B5;L=CN @C10H:C, ;8H8;8 A51O =5?>A@54AB25==>AB8 8 A2>1>4K 42865=89. >4>1=K5 >?0A5=8O O2;ONBAO @57C;LB0B>< =525@=>3> ?>=8<0=8O DC=:F88 8450;L=KE >1@07>2. 1@07, ?@>1C640NI89 2>7<>6=>AB8 G5;>25:0, =8:>340 =5 AB0=5B 4;O =53> BN@L<>9, 5A;8 B>;L:> >= A0< =5 =02O65B A515 53>, =5 "2<5=8B 2 >1O70==>ABL". 450;L=0O <>45;L =5 ?@82=>A8BAO 872=5, 0 ?@8ACBAB2C5B 2=CB@8 =0A, >6840O, :>340 <K 55 >1=0@C68< 8 ?@82545< 2 459AB285. 1@0I0O 2=8<0=85 =0 MBC 2=CB@5==NN 8450;L=CN <>45;L, <K ?>72>;O5< 59 2K9B8 =0 ?>25@E=>ABL A>7=0=8O 8 ?@>O28BL A51O 2 =0H59 687=8. 450;L=0O <>45;L ?>4>1=0 A:C;L?BC@5, :>B>@0O "645B", ?> A;>20< 8:5;L0=465;>, 2 3;C18=5 <@0<>@=>9 3;K1K, G>1K A:C;L?B>@ "@0A:@K;" 55, C1@02 ;8H=55. @>1C640O >4=> 70 4@C38< :0G5AB20 =0H59 8450;L=>9 D>@<K, <K ?>AB5?5==> A>7405< B0:8E A51O, :0:8<8 =0< AC645=> 1K;> 1KBL 8 :0:8<8 <K A>18@05<AO AB0BL. "5< A0<K< <K AB0=>28<AO B2>@F0<8 A2>59 687=8. ;020 16 ' + + # ">;AB>3> 5ABL @0AA:07 >1 0=35;5, :>B>@K9 >A;CH0;AO >30 8 1K; =0:070=: ;8H5==K9 :@K;L52 8 >1;0G5=89, >= 1K; =8725@3=CB 78<>N =0 :;0418I5 C :0:>9-B> 3;CE>9 45@52CH:8. @>E>482H89 <8<> 154=K9 A0?>6=8:, =5 2540O > 1>65AB25==>< ?@>8AE>645=88 0=35;0, ?>4>1@0; 53> 8 =5 40; 70<5@7=CBL: >= >45; 53>, =0:>@<8; 8 >AB028; C A51O 68BL, A45;02 A2>8< CG5=8:><. @>H;> =5A:>;L:> ;5B.  >4=064K 0=35; C;K1=C;AO B0:, GB> 3>@=8F0 >70@8;0AL O@:8< A25B><. >@065==K9 A0?>6=8: A?@>A8; 53>, :B> >= 8 ?>G5<C A8O5B. =35; >B:@K;AO 5<C 8 ?>OA=8;: GB>1K 2>72@0B8BLAO 2 @09, >= 4>;65= 1K; ?>=OBL, 1;03>40@O G5<C ;N48 682K =0 MB>9 5<;5. = =0G0; ?>=8<0BL MB>, :>340 2 >1;8GL5 G5;>25:0 @8A:>20; 70<5@7=CBL =0 :;0418I5. "5?5@L, ?@>4>;60; 0=35;, O >:>=G0B5;L=> ?>=O;, GB> ;N48 =5 <>3CB 68BL A0<8 ?> A515, GB> >=8 =C6=K 4@C3 4@C3C 8 GB> ;N48 682K ;N1>2LN. 59AB28B5;L=>, ;N1>2L 405B =0< 687=L. > >=0 B0:65 >A;5?;O5B =0A, 70AB02;O5B AB@040BL 8 <CG8BL 4@C3 4@C30. >7<>6=>, ?@02 1K; 0=B5, :>340 3>2>@8;, GB> ;N1>2L  548=AB25==0O ?@8G8=0 2A5E @04>AB59 8 AB@040=89 G5;>25G5AB20. !?@0H8205BAO, GB> 5ABL ;N1>2L? 4=> <K <>65< A:070BL A> 2A59 >?@545;5==>ABLN: ;N1>2L 5ABL 25;8:>5 B08=AB2>. N1>2L AB>;L 65 A;>6=0, :0: A0<0 687=L, 8 =8:0:85 >?@545;5=8O =5 8AG5@?0NB 55. > <K <>65< 2 :0:>9-B> <5@5 ?@>=8:=CBL 2 MBC B09=C. 5 C<0;OO 25;8G8O ;N128 :0: B0:>2>9, <K <>65< =09B8 ?CB8, :>B>@K5 ?>72>;8;8 1K =0< @0AA<>B@5BL >A>15==>AB8 A2>59 ;N128. 0: <K C65 45;0;8 MB> ?@5645, =0G=5< A C?@06=5=8O, :>B>@>5 ?>72>;8B =0< @0AA<>B@5BL =0;8G=>5 ?>;>65=85 25I59, 0 B0:65 8AA;54>20BL 8E =5O2=K5 A2O78 8 A<KA;K.  / . @54AB02LB5 70:@KBCN 425@L. 0 425@8 =0?8A0=> "N1>2L". 25@L >B:@K205BAO 2 <8@ ;N128, 8 70 =59 <>6=> 2AB@5B8BL A0<KE @07=KE ;N459, ACI5AB2, ?@54<5BK, 2>A?><8=0=8O, A8BC0F88 8 A>AB>O=8O A>7=0=8O. #45;8B5 :0:>5-B> 2@5<O B><C, GB>1K 682> ?@54AB028BL MBC 425@L, @CG:C 425@8, =04?8AL. "5?5@L >B:@>9B5 MBC 425@L, 8 ?CABL 87-70 =55 ?>O2OBAO ?5@2K5 =5?@>872>;L=K5 2?5G0B;5=8O. 5 70304K209B5 =0?5@54, GB> MB> 4>;6=> 1KBL. =8 <>3CB 2>7=8:=CBL 2 ;N1>9 D>@<5,  2 D>@<5 >1@070, D878G5A:>3> >ICI5=8O, GC2AB20, 72C:0, 70?0E0 8 B.4. >AB5?5==> ?@82K:09B5 : <8@C 70 425@LN. AA;54C9B5 53>. 'B> 1K 2K =8 >1=0@C68;8, ?@8OB=>5 8;8 =5?@8OB=>5, ?>ABC?09B5 A;54CNI8< >1@07><: >A?@8=8<09B5 MB> A> 2A59 OA=>ABLN 157 :0:8E-;81> >F5=>: 8;8 B>;:>20=89; =5 1538B5 40;LH5, => 7045@68209B5AL C :064>3> 2>7=8:0NI53> >1@070. >72>;LB5 5<C @0A:@KBL 20< A51O ?>;=>ABLN. !>7=0209B5, GB> MB>B >1@07  ;8HL >4=> 87 25;8:>3> <=>65AB20 ?@>O2;5=89, 8<5NI8E >B=>H5=85 : ;N128. !:068B5 A515: " <8@5 ;N128 5ABL 8 MB>". 0B5< ?5@5E>48B5 : 4@C3><C >1@07C. K948B5 8 70:@>9B5 425@L.  7025@H5=85 C?@06=5=8O ?>4C<09B5 > O282H8EAO 20< >1@070E. >7<>6=>, 20< 70E>G5BAO ?>=OBL, 2 G5< 8E A<KA;, 8 :0: >=8 A2O70=K A ;N1>2LN 8 20H59 687=LN. 'B>1K ;53G5 1K;> ?@>=8:=CBL 2 8E ACBL, <>65B5 70?8A0BL A2>8 ?5@56820=8O 8;8 70@8A>20BL, GB> 2K 2845;8. 5:><5=4C5BAO B0:65 284>87<5=OBL MB> C?@06=5=85, 287C0;878@CO =0 425@8 2<5AB> =04?8A8 "N1>2L" =04?8AL "!5:AC0;L=>ABL". !5:AC0;L=>ABL, 4065 2 A0<KE 3@C1KE 8 ?@8<8B82=KE 55 ?@>O2;5=8OE, <>6=> @0AA<0B@820BL :0: D>@<C ;N128, AB@5<;5=8O : 548=5=8N A 4@C38< G5;>25:><. AA;54CO A2>5 >ICI5=85 A5:AC0;L=>AB8, <K =5@54:> 2KE>48< =0 1>;55 3;C1>:85, ?5@2>=0G0;L=> A:@KBK5 >B =0A C@>2=8 A>45@60=8O. ?KB G8AB>9, 15A?@8<5A=>9 A5:AC0;L=>AB8 4>ABC?5= =5<=>38<. # 1>;LH8=AB20 87 =0A >=0 =5A5B :0:CN-B> 4>?>;=8B5;L=CN DC=:F8N, 1C4CG8 A@54AB2><, =0?@8<5@, A=OB8O =0?@O65=8O, CE>40 >B >48=>G5AB20 8;8 459AB28B5;L=>AB8 2>>1I5, ?@>O2;5=8O 2;0AB8 =04 4@C38< G5;>25:>< 8;8 A=8A:0=8O 53> ;N128. 0G0ABCN A5:AC0;L=>ABL >1A;C68205B :0:85-B> =52@>B8G5A:85 ?>B@51=>AB8. @><5 B>3>, A>7=0B5;L=> 8AA;54CO AD5@C A2>59 ?>;>2>9 ;N128, G5;>25: <>65B OA=55 >A>7=0BL, :0:>9 C =53> >1@07 A51O 8 :0:>5 GC2AB2> A0<>C2065=8O. K >1=0@C68;8 B0:65, GB> =0 A0<>< 45;5 >B=>H5=85 ;N459 : A5:AC >B@0605B 8E >B=>H5=85 : 687=8 2>>1I5. N1>2L <>6=> 8AA;54>20BL B0:65, >1@0B82H8AL : AD5@5 A2>8E <56;8G=>AB=KE >B=>H5=89. 0: <K >B=>A8<AO : ;N4O<? 0:>2K =0H8 A8;L=K5 AB>@>=K 8 >3@0=8G5=8O 2 40==>9 AD5@5? 8:0:0O A2O70==0O A ;N1>2LN @01>B0 =04 A>1>9 =5 <>65B >1>9B8 MB8 2>?@>AK. 'B>1K >1;53G8BL ?@>B5:0=85 ;N128 ?> :0=0;0< >1I5=8O, A;54C5B 2KOA=8BL, G5< >1CA;>2;5= @5;L5D MB8E :0=0;>2. "(/ @82545==>5 =865 C?@06=5=85 <>65B ?><>GL 20< ?@>OA=8BL 4;O A51O E0@0:B5@ 20H8E =081>;55 7=0G8<KE 2708<>>B=>H5=89. !>AB02LB5 A?8A>: 7=0G8<KE 4;O 20A ;8F, A :>B>@K<8 2K ?>445@68205B5 >B=>H5=8O. 0B5< 2K15@8B5 87 MB>3> A?8A:0 ?OBL G5;>25:. >7L<8B5 1>;LH>9 ;8AB 1C<038 8 87>1@078B5 =0 =5< ?@>ABCN D83C@C ( 8A. 4): INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy02/000/img5.gif" \* MERGEFORMATINET  8A. 4 ">G:0 2 F5=B@5  MB> 2K. AB0;L=K5 ?OBL B>G5:  MB> ;N48, A :>B>@K<8 2K ?>445@68205B5 7=0G8<K5 4;O A51O >B=>H5=8O.  ?@>AB@0=AB25 <564C F5=B@0;L=>9 8 :064>9 87 ?OB8 B>G5: A45;09B5 A2>1>4=K9 @8AC=>:, :>B>@K9 1K >B@060; E0@0:B5@ 20H8E >B=>H5=89 A 40==K< G5;>25:><. K <>65B5 87>1@078BL GB> C3>4=>, =5 701>BOAL > <0AB5@AB25 8A?>;=5=8O. 0:>=G82 @8A>20BL, 70?8H8B5 ;N1K5 A>>1@065=8O, :>B>@K5 ?@84CB 20< 2 3>;>2C 2 A2O78 A MB8<8 >B=>H5=8O<8. "5< A0<K< 2K 4>?>;=8B5 8E 287C0;L=K9 ?>@B@5B A;>25A=K<. ;03>40@O B0:><C <=>3><5@=><C >A>7=0=8N C 20A <>65B 2>7=8:=CBL :0:>5-B> @5H5=85 8, 2>7<>6=>, ?;0= 87<5=5=8O MB8E >B=>H5=89 : ;CGH5<C. "5?5@L <K <>65< @0AA<>B@5BL ;N1>2L 2 ?;0=5 55 >B=>H5=8O : F5=B@C ;8G=>AB8, :>B>@K9 2 ?A8E>A8=B575 =07K205BAO G5;>25G5A:8< "O". N1>2L, 8AE>4OI0O 87 F5=B@0, >1J5:B82=0 2 B>< A<KA;5, GB> =5 8A:065=0 ;8G=K<8 ?@8AB@0AB8O<8. >MB><C >=0 ?>72>;O5B =0< >B>645AB2;OBLAO A 4@C38< G5;>25:>< 157 @8A:0 >:070BLAO 2 53> 7028A8<>AB8 8;8 AB0BL 65@B2>9 53> <0=8?C;OF89. >A:>;L:C >=0 =5 7028A8B >B @50:F88 4@C3>3> ;8F0 8;8 65;0=8O A=8A:0BL 53> ?@87=0=85 8 1;03>40@=>ABL, >=0 =5 25405B AB@0E0. ! 4@C3>9 AB>@>=K, ACI5AB2C5B ;N1>2L, 8AE>4OI0O A ?5@8D5@88. =0 <>65B A>?@>2>640BLAO >G5=L ?@8OB=K<8 GC2AB20<8, B0: GB> 55 ?>4G0A =5;53:> >B;8G8BL >B F5=B@0;L=>9 ;N128. > <564C =8<8 1>;LH0O @07=8F0. 5@8D5@8G5A:0O ;N1>2L >68405B ?@87=0=8O 8 ?>445@6:8 A> AB>@>=K 4@C3>3> ;8F0 8 ?>A5<C 6825B 2 AB@0E5 =5 ?>;CG8BL 8E. <5AB5 A B5< 1K;> 1K 1>;LH>9 >H81:>9 G5@5AGC@ @073@0=8G820BL MB8 425 D>@<K ;N128. >-?5@2KE, ACI5AB2C5B =5 425, => 25;8:>5 <=>65AB2> D>@< ;N128, A>>B25BAB2CNI8E @07=K< AB048O< @0728B8O G5;>25:0. >-2B>@KE, ?5@8D5@8G5A:CN ;N1>2L 2>2A5 =5 >1O70B5;L=> ?@>B82>?>AB02;OBL F5=B@0;L=>9 ;N128, 55 <>6=> @0AA<0B@820BL :0: =0G0;L=CN D>@<C ?>A;54=59. 0: <K C65 2845;8 2 3;025, ?>A2OI5==>9 AC1;8G=>ABO<, ;N1K5 =0H8 ?A8E>;>38G5A:85 :0G5AB20 <>3CB @072820BLAO. !;54>20B5;L=>, ;N1>5 :0G5AB2> <>6=> @0AA<0B@820BL :0: ?@5E>4OICN AB048N 53> @0728B8O. #A2>82 MBC B>G:C 7@5=8O, <K A>7=05<, GB> =0 =0G0;L=KE AB048OE @0728B8O 2A5 2K3;O48B 4>AB0B>G=> ?@8<8B82=>, =5 B>;L:> ;N1>2L. 06=> B0:65 CG8BK20BL, GB> C <=>38E ;N459 ?5@8D5@8G5A:0O ;N1>2L A>A54AB2C5B A F5=B@0;L=>9, B0: GB> 2 :0:85-B> <><5=BK =0 ?5@54=89 ?;0= 2KE>48B ?5@20O, 0 2 :0:85-B> 2B>@0O,  8;8 >15 <>3CB ?@8ACBAB2>20BL >4=>2@5<5==> 2 B>9 8;8 8=>9 ?@>?>@F88. >;55 B>3>, 4;O <=>38E ;N459 4065 ?5@8D5@8G5A:0O ;N1>2L O2;O5BAO 1>;LH8< 4>AB865=85<. "CB 2>7=8:05B 5AB5AB25==K9 2>?@>A: 0 <>6=> ;8 =0CG8BLAO ;N18BL? 0, <>6=>.  B5, GLO ;N1>2L =57@5;0, 8 B5, :B>, ?>-2848<><C, 2>>1I5 =5A?>A>15= 55 8A?KBK20BL, <>3CB CG8BLAO ;N18BL, 5A;8 =0E>4OB 4;O A51O B0:CN 7040GC 4>AB0B>G=> 206=>9. 0: MB> 45;05BAO? N128 =0CG0NBAO, >1@0I0O =0 =55 2=8<0=85, 87CG0O 55, @0AA<0B@820O A @07=KE AB>@>=, M:A?5@8<5=B8@CO A =59. N1>2L ?@8ACBAB2C5B 2> 2A5E ;N4OE =57028A8<> >B B>3>, A>7=0NB >=8 55 8;8 =5B. A5 <K :>340-B> 8 2 :0:>9-B> <5@5 8A?KBK20;8 ;N1>2L 8 <>65< ?@>1C48BL 55, =0G0BL 27@0I820BL 55 2=>2L. ! . A?><=8B5 2@5<O, :>340 2K 8A?KBK20;8 ;N1>2L. 5 ?@>AB> 4C<09B5 > =59, => 2=>2L ?@>68209B5 55 2 A2>5< 2>>1@065=88, :0: 5A;8 1K MB> ?@>8AE>48;> A59G0A. =>2L 8A?KBK209B5 ?@>8AE>482H55 2> 2A5E 45B0;OE  >1AB0=>2:C, 72C:8, M<>F88, <KA;8 8 B.4. !>1KB85 MB> >B=>A8BAO : ?@>H;><C. A>7=09B5, >4=0:>, GB> >682H0O 2 20A ;N1>2L =5 >1CA;>2;5=0 2@5<5=5<, GB> A?>A>1=>ABL 8A?KBK20BL ;N1>2L ?@8ACBAB2C5B 2 20A ?>AB>O==>. "5?5@L, >A=>2K20OAL =0 >A>7=0=88 MB>3> 8 =0 >?KB5 ;N128, 682CI5< 2 3;C18=0E 20H53> ACI5AB20, A>?@8:>A=8B5AL  ?CABL =0 >48= :>@>B:89 <83, ?CABL ?>=0G0;C >G5=L A<CB=>  A :0G5AB2>< ;N128 2 55 G8AB>9 ACI=>AB8. ;8 ?> :@09=59 <5@5 ?@54AB02LB5, =0A:>;L:> <>6=> ?>;=55, :0:0O >=0, MB0 ;N1>2L. "5?5@L ?CABL 2>7=8:=5B >1@07, A8<2>;878@CNI89 4;O 20A B0:CN ;N1>2L. -B> <>65B 1KBL GB> C3>4=>  ?59706, G5;>25:, 01AB@0:B=K9 C7>@ 8 B.4. #45@6820O 53> ?5@54 A2>8< 2=CB@5==8< 27>@>< ?@54AB02LB5, GB> >= 3>2>@8B 20< GB>-B>  A;>20<8 8;8 157 A;>2  > 20A 8;8 ;N128 2>>1I5. B:@>9B5AL 5<C.  :>=F5 70?8H8B5, GB> 2K 8A?KB0;8, 2K?>;=OO MB> C?@06=5=85. K?>;=OO MB> 8 4@C385 ?A8E>A8=B5B8G5A:85 C?@06=5=8O, 206=> =5 A?5H8BL 8 =5 =0A8;>20BL A51O, ?KB0OAL ?>1KAB@55 27OBL HBC@<>< 2KAH85 C@>2=8 A>7=0=8O. 0: 8 ;N1>5 =0H5 :0G5AB2>, ;N1>2L =0E>48BAO 2 ?@>F5AA5 @0728B8O, 8 <K ?KB05<AO A>B@C4=8G0BL A MB8< ?@>F5AA><. 5?@8OB85 =K=5H=59, 459AB28B5;L=>9 AB0488 A2>53> @0728B8O, 8 >1CA;>2;5==K5 MB8< =5?@8OB85< ?>?KB:8 B0I8BL A51O 70 2>;>AK, GB>1K CA:>@8BL A2>9 @>AB, @0=> 8;8 ?>74=> ?@82>4OB : @57C;LB0B0< ?@O<> ?@>B82>?>;>6=K< >68405<K<. >8A: 30@<>=88, A>=0AB@>5==>AB8 A 5AB5AB25==K< ?@>F5AA>< A8=B570  3>@074> 1>;55 ?@>4C:B82=K9 ?>4E>4. ;020 17   ! 0H5 8AB8==>5 ACI5AB2> ?@5:@0A=>. 0< =C6=> B>;L:> >A>7=0BL MB>B DC=40<5=B0;L=K9 D0:B.  745AL =0< <>65B ?><>GL A;54CNI55 C?@06=5=85: #" //  !" >4C<09B5 > :0:>9-B> ?@5:@0A=>9, =0 20H 273;O4, G5@B5 A2>53> E0@0:B5@0, A?>A>1=>AB8 8;8 CAB0=>2:5. =0 =5 >1O70B5;L=> 4>;6=0 1KBL ?@>O2;5==>9 8 0:B82=>9. =0 <>65B 1KBL ;8HL ?@54@0A?>;>65==>ABLN, > :>B>@>9 =8:B> :@><5 20A =5 7=05B. 5:>B>@>5 2@5<O A>7=0209B5 MB>B M;5<5=B ;8G=>AB8, =0A;0640OAL 53> MAB5B8G5A:8< A>75@F0=85<. 0B5< ?CABL ?5@54 20H8< 2=CB@5==8< 27>@>< 2>7=8:=5B >1@07, A8<2>;878@CNI89 MB>B M;5<5=B  ?@>872545=85 8A:CAAB20, ?59706, 682>B=>5, GB> C3>4=>. !>75@F09B5 MB>B >1@07, ?CABL >= O28B 20< 2AN A2>N :@0A>BC, <>65B 1KBL 4065 GB>-B> A>>1I8B  A;>20<8 8;8 157 A;>2.  A0<>< 45;5, ;N1>9 >1@07 <>65B 3>2>@8BL A 20<8, 5A;8 2K ?@54>AB02;O5B5 5<C B0:CN 2>7<>6=>ABL. #45;8B5 :0:>5-B> 2@5<O, GB>1K ?>;=>ABLN CA2>8BL :0G5AB2> MB>3> >1@070. >7L<8B5 5I5 >4=C ?@5:@0A=CN G5@BC, :0G5AB2>, A?>A>1=>ABL 8;8 AB>@>=C A2>59 ;8G=>AB8 8 ?>2B>@8B5 H038 2 8 3. 0B5< ?@>45;09B5 B> 65 A 4@C38<8 AB>@>=0<8 ;8G=>AB8, :>B>@K5 20< =@02OBAO. K?>;=O9B5 MB> C?@06=5=85 4> B5E ?>@, ?>:0 =5 =015@5BAO 4>AB0B>G=> 1>;LH>9 A?8A>: 25I59, :>B>@K5 2K 2 A515 F5=8B5. K A0<8 C4828B5AL, :0: <=>3> 8E >B:@>5B5,  2 >A>15==>AB8, 5A;8 2A<>B@8B5AL ?>3;C165 8 =5 ?>44048B5AL 2=CB@5==8< 3>;>A0< C=K=8O, =5?>;=>F5==>AB8 8 A:5?B8F87<0. # 2A5E =0A 5ABL :0:>9-B> >?KB >1I5=8O A ?@5:@0A=K<8 AB>@>=0<8 A2>59 4CH8, 8 :064K9 87 =0A <>65B @072820BL A2>N A?>A>1=>ABL A>?@8:0A0BLAO A MAB5B8G5A:8< 87<5@5=85< A2>59 ;8G=>AB8. "5< A0<K< <K 4>1L5<AO 42CE @57C;LB0B>2: 2>-?5@2KE, 70;>68< ?@>G=K9 DC=40<5=B A0<>C2065=8O, :>B>@>5 ?@54AB02;O5B A>1>9 =5GB> 25AL<0 >B;8G=>5, 5420 ;8 =5 ?@>B82>?>;>6=>5 =0@F8AA87<C 8 :><?;5:AC 25;8G8O,  0 157 B0:>3> 3;C1>:>3>, 8A:@5==53> A0<>C2065=8O =52>7<>6=0 8=B53@0F8O ;8G=>AB8,  2>-2B>@KE, >B:@>5< 2@0B0 2>A?@8OB8O 2=5H=59 :@0A>B5. 0: <>6=> CA8;8BL A2>N A?>A>1=>ABL 2>A?@8=8<0BL ?@5:@0A=>5? B25B 2A5 B>B 65: =C6=> ?@8CG0BL A51O >B:@K20BLAO 5<C. <5AB5 A B5< <K <>65< 70=OBL 8 1>;55 0:B82=CN ?>78F8N, F5;5=0?@02;5==> AB@5<OAL >BKA:0BL :@0A>BC 2> 2A5<  2 ;8F5 G5;>25:0, <C7K:0;L=>< >B@K2:5, 45@525. !B0=8A;02A:89 3>2>@8; >1 MB>< :0: > "?@>=8:=>25==><" ?>8A:5 :@0A>BK. !:>@> <K >1=0@C68<, GB> ?@5:@0A=>5 ACI5AB2C5B =5 B>;L:> =0 C@>2=5 GC2AB25==> 2>A?@8=8<05<KE D>@< D878G5A:>3> <8@0, => 8 =0 AC1J5:B82=KE C@>2=OE: <K <>65< 2845BL ?@5:@0A=K5 CAB0=>2:8 4@C38E ;N459, G8AB>BC 8E ?>1C645=89, CB>=G5==>ABL 8E =0BC@K 8 B.4. K <>65< @04>20BLAO 30@<>=88 8 A>45@60B5;L=>AB8 ?@5:@0A=KE G5;>25G5A:8E >B=>H5=89. , A0<>5 206=>5, <K <>65< A>?@8:0A0BLAO A :@0A>B>N 2=CB@5==53> ACI5AB20 4@C3>9 ;8G=>AB8. -B> >ICI5=85 :@0A>BK 2=CB@5==53> ACI5AB20 G5;>25:0 =5 >3@0=8G5=> :0:8<-B> :>=:@5B=K< 8=48284><; >4=064K 2>7=8:=C2, >=> <>65B ?><8<> >B =0H59 2>;8 @0A?@>AB@0=8BLAO =0 2A5 G5;>25G5AB2>.  =0:>=5F, 5ABL >ICI5=85 :@0A>BK =0H53> ?A8E>A8=B570. 0@<>=8O 8 @8B< 687=8, ?>@K2 2 =58725AB=>5, ?@5>1@07>20=85 8 A8=B57 M;5<5=B>2 ;8G=>AB8, O@:85 ?@>O2;5=8O =04;8G=>3> /  2A5 MB> <>65B A:;04K20BLAO 2 ?@5:@0A=CN 682CN :0@B8=C. 0<OBL > 1K;>< =0A;0645=88 :@0A>B>N  @5H0NI89 D0:B>@, ?>72>;ONI89 =0< =0A;0640BLAO 5N 2 1C4CI5<. @82545==>5 =865 C?@06=5=85 =0F5;5=> =0 B>, GB>1K ?@>1C48BL 8 25@=CBL : 687=8 4@03>F5==K5 2>A?><8=0=8O > A>?@8:>A=>25=88 A ?@5:@0A=K<. => =0G8=05BAO A 2>A?><8=0=89 > 157>1@07=><, ?>B><C GB> A@02=5=85 A 157>1@07=K<  =5 B>;L:> D878G5A:8< C@>4AB2><, => 8 C@>4AB2>< 2=CB@5==53> @0A?040, :>=D;8:B0, 3;C?>AB8, 7;>1K  ?><>305B =0< ?>=OBL ?@8@>4C ?@5:@0A=>3> 8 ?>4G0A @57:> CA8;8205B =0H5 AB@5<;5=85 : =5<C. /",    ! -B> C?@06=5=85 ?@8=5A5B :0:>9-B> @57C;LB0B ;8HL 2 B>< A;CG05, 5A;8 2K O@:> >6828B5 2 ?0<OB8 A>>B25BAB2CNI85 A>1KB8O, ?>4:;NG82 : B><C 2A5 A2>8 GC2AB20,  :0: 5A;8 1K 2K 459AB28B5;L=> 8A?KBK20;8 ?@>8AE>4OI55, 0 =5 ?@>AB> 2K7K20;8 53> 87 3;C18= ?0<OB8. 6828B5 2 ?0<OB8 <><5=BK A>?@8:>A=>25=8O A 157>1@07=K<. =>2L >ICB8B5 >B2@0B8B5;L=>5, @07@CH0NI55 2;8O=85 157>1@07=>3> =0 20H5 B5;> 8 4CHC. ><=8B5, GB> MB> <>65B 1KBL 157>1@07=>5 ;N1>3> B>;:0, =5 >1O70B5;L=> D878G5A:>5 C@>4AB2>. "5?5@L >6828B5 2 ?0<OB8 =5A:>;L:> <><5=B>2 A>?@8:>A=>25=8O A ?@5:@0A=K<. -B> <>65B 1KBL :@0A>B0 ?@8@>4K, 2708<>>B=>H5=89, @0728B8O, ?>=8<0=8O 8 B.4. ?>;=5 ?@>GC2AB2C9B5 B> =5>1KG=>5 2>7459AB285, :>B>@>5 >:07K205B =0 20A ?@5:@0A=>5. 5:>B>@>5 2@5<O =0A;06409B5AL MB8<8 <><5=B0<8, ?CABL >=8 ?@>=8:=CB 2 3;C18=C 20H59 4CH8, GB>1K 2K <>3;8 ?>=OBL, >F5=8BL 8 CA2>8BL 8E, 2=>2L C1548BLAO, GB> >=8 ?@8ACBAB2CNB 2 20A. "5?5@L C45;8B5 :0:>5-B> 2@5<O B><C, GB>1K >ICB8BL >B:@KB>ABL 2A53> A2>53> ACI5AB20 ?@5:@0A=><C, >A>7=0BL A2>N 2>A?@88<G82>ABL 8 682>9 8=B5@5A : ?@5:@0A=><C 2> 2A5E 53> ?@>O2;5=8OE.  ;020 18 !" 0@<>=8G=>5 548=AB2> ?@>B82>?>;>6=>AB59  MB> A>AB>O=85, : :>B>@><C 2 B>9 8;8 8=>9 AB5?5=8 <>65B ?@81;878BLAO ;N1>9 G5;>25:. > 4;O MB>3> A?5@20 =C6=> 2KO28BL A2>8 =081>;55 O@:> 2K@065==K5 ?@>B82>?>;>6=>AB8 8 87CG8BL @07;8G=K5 2>7<>6=K5 ?CB8 @01>BK A =8<8. @>45;02 B0:>9 0=0;87, <K 70B5< A<>65< ?@8ABC?8BL : A8=B57C.  G8A;C >1I5@0A?@>AB@0=5==KE ?@>B82>?>;>6=>AB59 2=CB@5==53> <8@0 G5;>25:0 <>6=> >B=5AB8 ;N1>2L 8 2>;N, ?@0:B8G=>ABL 8 8450;87<, GC2AB20 8 @07C<, -@>A 8 >3>A, GC2AB25==>ABL 8 4CE>2=>ABL, 45;>28B>ABL 8 83@82>ABL, 8=BC8F8N 8 ;>38:C, ?5AA8<87< 8 >?B8<87<, <C65AB25==>ABL 8 65=AB25==>ABL, :>=A5@20B87< 8 @048:0;87<, 8=B@>25@A8N 8 M:AB@025@A8N. 3@0 MB8E ?@>B82>?>;>6=>AB59 405B =0< 2>7<>6=>ABL >1>30B8BL A2>9 >?KB, A2>N 45OB5;L=>ABL 8, 2 :>=5G=>< AG5B5, A2>9 A8=B57. # =5:>B>@KE ;N459 B@C4=> >1=0@C68BL E>BL :0:>5-=81C4L ?@>B82>?>;>6=>5 :0G5AB2>. !>7405BAO 2?5G0B;5=85, GB> >=8 2A5F5;> >1CA;>2;5=K :0:>9-B> >4=>9 AB>@>=>9 A2>59 ;8G=>AB8: G5;>25:, =0?@8<5@, <>65B 1KBL B>;L:> @01>B=8:><, 8 A>25@H5==> =5 C<5BL @072;5:0BLAO; 8;8 >= <>65B 1KBL 8=B5;;5:BC0;><, =0G8AB> 2K:;NG5==K< 87 M<>F8>=0;L=>9 687=8  8 B0: 40;55. 1KG=K< @57C;LB0B>< B0:>9 >4=>AB>@>==>AB8 O2;O5BAO 70AB>9 2 @0728B88. ?@>G5<, ?>4>1=0O >4=>AB>@>==>ABL 8 >3@0=8G5==>ABL 70G0ABCN 1K205B ?>25@E=>AB=>9: ;N48, >B>645AB2;5==K5 A >4=8< ?>;NA>< A2>59 ;8G=>AB8, <>3CB 1KBL I54@> =045;5=K ?@>B82>?>;>6=K< :0G5AB2><, => ?>402;OBL 53>. I5 G0I5 2AB@5G0NBAO A;CG08 :>;510B5;L=>3> ?@>O2;5=8O ?@>B82>?>;>6=KE :0G5AB2, :>340 G5;>25: ?> >G5@548 >B>645AB2;O5BAO B> A >4=8<, B> A 4@C38<. @>1;5<0 2>7=8:05B B>340, :>340 <K >B>645AB2;O5< A51O ;8HL A :0:8<-B> >4=8< 87 A2>8E ?@>B82>?>;>6=KE :0G5AB2 70 AG5B 4@C3>3>. 0B5< <K ?>AB5?5==> AB0=>28<AO ?;5==8:0<8 871@0==>3> =0<8 :0G5AB20 8 A>3;0H05<AO >3@0=8G8BL A51O 8<. 0H5 ?>2545=85 >154=O5BAO, ?>A:>;L:C <K 2 A2>5< >A;5?;5=88 =5 2848< ?@>B82>?>;>6=>9 ?>;>28=K A?5:B@0 ACI5AB2CNI8E C =0A 2>7<>6=>AB59. G5284=>, @07@5H5=85 MB>9 ?@>1;5<K A>AB>8B 2 B><, GB>1K A>7=020BL >10 ?>;NA0, =5 >B>645AB2;OOAL =8 A >4=8< 87 =8E: =5>1E>48<> 4>AB8GL A>AB>O=8O B2>@G5A:>3> =0?@O65=8O, 48=0<8G5A:>3> @02=>25A8O <564C ?>;NA0<8. 'B>1K 4>AB8GL MB>3>, <>6=> 2>A?>;L7>20BLAO <5B>4>< A0<>>B>645AB2;5=8O, B> 5ABL >B>645AB2;5=8O A A0<8< A>1>N, A "O", =57028A8<K< >B >158E AB>@>=. !2>1>40 "O" ?>72>;O5B =0< >F5=8BL ?> 4>AB>8=AB2C 8E 40@>20=8O 8 1>30BAB2>, @53C;8@>20BL 8E 2708<>459AB285 8 @5H0BL, :0:CN 87 AB>@>= C<5AB=> 1C45B ?@>O28BL 2 B>9 8;8 8=>9 A8BC0F88. > <5@5 B>3>, :0: <K 2A5 ;CGH5 8 3;C165 7=0:><8<AO A MB8<8 ?@>B82>?>;>6=>ABO<8, <K 2848<, GB> :>=B@0AB <564C =8<8 A;0155B.  :>=5G=>< 8B>35 >=8 AE>4OBAO 8 A;820NBAO 2 A8=B575. "0:>9 A8=B57  A>AB>O=85 2>7<>6=>5 8 65;0B5;L=>5.  A0<>< 45;5, <>6=> 1KBL 2>;52K< 8 2 B> 65 2@5<O ;N1OI8< G5;>25:><; A2>1>4=K< 8 2=CB@5==5 C?>@O4>G5==K<; ?@0:B8G=K< 8450;8AB><; <5GB0B5;L=K< >@30=870B>@><.  2A5 65 A;>20 MB8 =5 2?>;=5 ?5@540NB B>, GB> ?>4@07C<5205BAO ?>4 A8=B57><. 1> A;8O=85 ?@>B82>?>;>6=>AB59 A>7405B =>2CN ?A8E>;>38G5A:CN @50;L=>ABL, =5A2>48<CN : AC<<5 A>AB02;ONI8E 55 G0AB59. >A:>;L:C B0:>3> @>40 @50;L=>ABL 2>7=8:0;0 2 G5;>25G5A:>< >?KB5 :@09=5 @54:>, G5;>25G5AB2> =5 2K@01>B0;> A;>2 4;O 55 >1>7=0G5=8O,  4;O >1>7=0G5=8O, A:065<, A8=B570 GC2AB25==>AB8 8 4CE>2=>AB8, 83@K 8 @01>BK, C<0 8 GC2AB20. -B>B D0:B ?>:07K205B, A:>;L >1CA;>2;5= =0H >18E>4=K9 O7K: =0H8<8 ?@>B82>?>;>6=>ABO<8, 2>A?@>872>4O 8 C25:>25G820O B0:CN 2=CB@5==NN @0AI5?;5==>ABL. >340 ?@>8AE>48B A8=B57, =>20O ACI=>ABL ?@54AB02;O5B A>1>9 =5GB> 1>;LH55, =565;8 AC<<C 8AE>4=KE M;5<5=B>2. C4CG8 A<5H0=K, :8A;>@>4 8 2>4>@>4 >1@07CNB ?@>AB> A<5AL M;5<5=B>2 :8A;>@>40 8 2>4>@>40. > 5A;8 2 MB>9 A<5A8 ?@>A:0:8205B 8A:@0, ?@>8AE>48B 27@K2, A8=B578@CNI89 87 =8E 2>4C  =5GB> 1>;55 A;>6=>5, 8 2 B> 65 2@5<O 2:;NG0NI55 2 A51O >1>8E. !8=B57 ?A8E>;>38G5A:8E M;5<5=B>2 405B AE>4=K9 @57C;LB0B: 2KA2>1>645=85 ?A8E8G5A:>9 M=5@388; ?>O2;5=85 =>2>3> :0G5AB20, :>B>@>5 2:;NG05B 2 A51O 8AE>4=K5; 8 A>7=0=85 B>3>, GB> =8 >4=> 87 8AE>4=KE :0G5AB2 CB@0G5=> =5 1K;>, GB> <K ?@8 65;0=88 <>65< 25@=CBLAO : ;N1><C 87 =8E, 4065 5A;8 >1KG=> 8 =5 8A?KBK205< 2 MB>< ?>B@51=>AB8. @82545==>5 =865 C?@06=5=85 @07@01>B0=> 4;O B0:>9 ?0@K ?@>B82>?>;>6=>AB59, :0: 83@0 8 @01>B0, => ?@54;>65==0O 2 =5< AE5<0 <>65B 1KBL 8A?>;L7>20=0 8 4;O ;N1>9 4@C3>9 ?0@K ?@>B82>?>;>6=>AB59. &5;L C?@06=5=8O  ?@54AB028BL A8=B57 8;8, ?> :@09=59 <5@5, A>AB>O=85 48=0<8G5A:>3> @02=>25A8O 7=0G8<KE 4;O 20A 2 =0AB>OI55 2@5<O ?@>B82>?>;>6=>AB59. A;8 2K ?>GC2AB2C5B5, GB> ?5@5E>48B5 =0 AB>@>=C >4=>9 87 =8E 8 =0G8=05B5 >AC640BL 4@C3CN, <O3:> => B25@4> >B:068B5AL >B MB>3> 8 2>72@0B8B5AL 2 =59B@0;L=CN ?>78F8N, =0?@8<5@, 6C@=0;8AB0 8;8 CG5=>3>, 708=B5@5A>20==>3> 2> 2A5AB>@>==5< 87CG5=88 2>?@>A0. !"  "!" (1) @54AB02LB5, GB> 2K ?>?0;8 2 !B@0=C 01>BK. 45AL :064K9 G5;>25: ?@8 45;5 8 2K3;O48B ?>-45;>2><C, 2A5< A2>8< 284>< 2K@0605B 45;>28B>ABL. >A<>B@8B5 =0 2K@065=85 ;8F MB8E ;N459, :0: >=8 E>4OB, :0: 3>2>@OB 8 B.4. >A<>B@8B5 =0 <0H8=K, 28B@8=K <03078=>2, 4><0. 0948B5 2 ?0@C 87 =8E. !@548 ;N459, 682CI8E 2 MB>9 AB@0=5, 2K <>65B5 2AB@5B8BL A2>8E 7=0:><KE, 8 4065 A51O. -B> ;N48, 0 =5 :0@8:0BC@K. > >=8 >1;040NB 2 >A=>2=>< :0G5AB20<8, A2O70==K<8 A @01>B>9. "0:, 2K <>65B5 >1=0@C68BL 745AL >G5=L C<5;KE ;N459 (?>A<>B@8B5 =0 ?>GB0;L>=0, ?>60@=8:0 8 B.4.). =8 >@85=B8@>20=K =0 4>AB865=85 @57C;LB0B0 8 <KA;OB :0B53>@8O<8 ?@>4C:B82=>AB8. 5;0NB >=8 2A5 >G5=L 1KAB@> 8 2K?>;=ONB 1>;LH>9 >1J5< @01>BK. >?KB09B5AL C2845BL ?>;>68B5;L=K5 :0G5AB20 MB8E ;N459 8 8E >3@0=8G5=8O. "5?5@L 2K ?>?0405B5 2 !B@0=C 3@K. 45AL 2A5 8 2AO ?@54AB02;O5B ?>;=59HCN ?@>B82>?>;>6=>ABL B><C, GB> 2K B>;L:> GB> 2845;8. N48 A?>:>9=> 3C;ONB ?> C;8F0<, C;K10NBAO 8 25A5;> ?@>2>4OB 2@5<O, =8<0;> =5 701>BOAL 2>?@>A0<8 :>=5G=>3> @57C;LB0B0 8 ?@>4C:B82=>AB8 A2>59 45OB5;L=>AB8. =8 A;53:0 @0AA5O=K, HCB;82K, A >BB5=:>< @51OG;82>AB8. =8 =5 ;N1OB A5@L57=>9 @01>BK. %>48B5 2>:@C3 8 87CG09B5 8E B0: 65, :0: 2K 45;0;8 MB> 2 !B@0=5 01>BK. 848B5 ;8 2K 8E 65;0B5;L=K5 8 =565;0B5;L=K5 AB>@>=K? "5?5@L ?@54AB02LB5 B@5BLN AB@0=C. =0 =0E>48BAO 2 >G5=L :@0A82>< <5AB5 A <O3:8< :;8<0B><, 740=8O 745AL 30@<>=8G=> 2?8A0=K 2 ?@8@>4C. >@=O<8 A2>8<8 MB0 AB@0=0 CE>48B 2 4@52=NN, 701KBCN F828;870F8N.  E>45 25:>2 55 >18B0B5;8 ?>AB5?5==> A>740;8 =5254><CN =0< :C;LBC@C, 3>@074> 1>;55 A>25@H5==CN 2 ?;0=5 7=0=8O ?A8E>;>388. =8 3;C1>:> 87CG8;8 2=CB@5==89 <8@ G5;>25:0 8 7=0NB, :0: C;CGH8BL 53> 687=L. 4=0 87 @07@5H5==KE 8<8 ?@>1;5<  @0728B85 F5;>AB=>3> G5;>25:0, A8=B578@CNI53> @07;8G=K5 :>=D;8:BCNI85 D@03<5=BK A2>59 ;8G=>AB8 2 >4=> F5;>5.  G0AB=>AB8, 8< C40;>AL >ACI5AB28BL A8=B57 B0:8E G5;>25G5A:8E A?>A>1=>AB59, :0: A?>A>1=>ABL 83@0BL 8 A?>A>1=>ABL @01>B0BL.  @57C;LB0B5 >18B0B5;8 MB>9 AB@0=K @01>B0NB 83@0NG8, 8 2 B> 65 2@5<O A> 2A5N >B25BAB25==>ABLN. =8 =5 B>;L:> C<5;K 8 ?@>4C:B82=K, => 8 2>A?@88<G82K : ?@5:@0A=><C. 0: 8 2 ?@54K4CI8E A;CG0OE, ?>7=0:><LB5AL A =5:>B>@K<8 87 =8E, ?>3>2>@8B5 A =8<8, ?>A<>B@8B5, :0: >=8 >45BK, :0: @01>B0NB, :0:>2 C =8E >1@07 <KA;8. >3C;O9B5 ?> 3>@>4C, 70948B5 2 4><0, B50B@K, F5@:28, <C758, D01@8:8, CG@5645=8O, @5AB>@0=K, 7>=K >B4KE0. 0B5< >?8H8B5 ?>;CG5==K9 >?KB. !;54CNI55 C?@06=5=85 <>65B 2K?>;=OBLAO :0: 4>?>;=5=85 : ?@54K4CI5<C, ;81> A0<>AB>OB5;L=>. !"  "!" (2) K15@8B5 ?0@C ?@>B82>?>;>6=>AB59, A :>B>@K<8 2K E>B5;8 1K ?>@01>B0BL. >7L<8B5 ;8AB 1C<038 8, 2>A?>;L7>202H8AL <5B>4>< A2>1>4=>3> @8AC=:0, 87>1@078B5 =0 ;52>9 ?>;>28=5 >4=C 87 ?@>B82>?>;>6=>AB59, 0 =0 ?@02>9  4@C3CN. 0?><=8<, GB> EC4>65AB25==K5 4>AB>8=AB20 A2>1>4=>3> @8AC=:0 7=0G5=8O =5 8<5NB 8 2 @0AG5B =5 ?@8=8<0NBAO. 20 ?>;NA0 AB>OB 4@C3 ?@>B82 4@C30. K <>65B5 ?>GC2AB2>20BL, GB> <564C =8<8 ?@>8AE>48B =5:>5 2708<>459AB285. "5?5@L 2>7L<8B5 4@C3>9 ;8AB 8 >?OBL 87>1@078B5 =0 =5< 420 ?>;NA0, 0 B0:65 8E 2708<>459AB285. 708<>459AB285 ?@>4>;605BAO :0: 480;>3 <564C =8<8: >= <>65B ?@8=OBL D>@<C ABKG:8, ?5@2>3> 7=0:><AB20, A45@60==>3> >1I5=8O, 2708<=>9 =5?@8O7=8 8 B.4. @>4>;609B5 @8A>20BL, 45;0O @8AC=>: 70 @8AC=:><, 8 ?CABL MB> 2708<>459AB285 A0<> A>1>N ?@8=8<05B ;N1K5 >G5@B0=8O.  ?@>F5AA5 2708<>459AB28O M;5<5=BK 53> <>3CB :>@5==K< >1@07>< 87<5=8BLAO. !8=B57 <>65B 1KBL A?>=B0==K< @0728B85<: 425 G0AB8 ?>AB5?5==> A;820NBAO 2 =5GB> 548=>5. A;8 2>7=8:=5B =>20O F5;>AB=>ABL, =5 >AB0=02;8209B5AL =0 MB>< 8 ?>?KB09B5AL ?>=OBL, :0:>5 20H5 2=CB@5==55 A>AB>O=85 >=0 87>1@0605B. 0B5< >?8H8B5 =0 >1>@>B5 @8AC=:0 2A5, GB> 2K 8A?KBK20;8 2 E>45 C?@06=5=8O, 8 :0: MB>B =>2K9 A8=B57 <>3 1K ?@>O28BLAO 2 20H59 687=8. ;020 19 !'!", !BC;, =0 :>B>@>< 2K A59G0A A848B5, 42865BAO 2 <5672574=>< ?@>AB@0=AB25 A> A:>@>ABLN B@84F0B8 :8;><5B@>2 2 A5:C=4C  2<5AB5 A ?;0=5B>9 5<;O, @07C<55BAO, 8 2A59 A>;=5G=>9 A8AB5<>9, 2:;NG0O !>;=F5. !>;=F5  65;B0O 725740 =0 ?5@8D5@88 =0H59 30;0:B8:8 (;5G=>3> CB8), >4=0 87 A>B5= <8;;80@4>2 72574. AB@>=><K CB25@640NB, GB> ACI5AB2C5B 15AG8A;5==>5 <=>65AB2> 4@C38E 30;0:B8:, ?>4>1=KE ;5G=><C CB8, 8 GB> 2 :064CN 87 =8E 2E>4OB <8@804K 72574, 1>;LH8=AB2> 87 :>B>@KE, 25@>OB=>, 8<5NB A>1AB25==K5 ?;0=5B=K5 A8AB5<K. A;8 E>BO 1K =0 >4=>9 45AOB8BKAOG=>9 ?@>F5=B0 MB8E ?;0=5B ACI5AB2C5B B5E=8G5A:0O F828;870F8O, B> 2> A5;5==>9 4>;6=> 1KBL =5 <5=55 AB0 B@8;;8>=>2 F828;870F89. A5 ?@>1;5<K <5=ONBAO, :>340 A<>B@8HL =0 =8E 2 1>;55 H8@>:>< ?;0=5; >=8 CB@0G820NB >@5>; A2>59 7=0G8<>AB8. >, :0: ?@028;>, <K =0E>48<AO ?>4 38?=>7>< ?>2A54=52=KE A>1KB89 8 GC2AB2, B0: GB> <0;>5 4;O =0A AB0=>28BAO 25;8:8<, <8<>;5B=>5 ?@54AB02;O5BAO ?>AB>O==K<, 45B0;L ?@8=8<05BAO 70 F5;>5, 0 2AO:85 ?CABO:8 :06CBAO C60A=> A5@L57=K<8. A>7=0=85 :>A<8G5A:>9 =5>1JOB=>AB8 8 15A:>=5G=>AB8 ACI5AB2CNI8E D>@< ?><>305B =0< >A2>1>48BLAO >B ?>4>1=>3> M3>F5=B@87<0. -B><C A?>A>1AB2C5B 8 ?0<OBL > 25G=>< B5G5=88 2@5<5=8. 0: 3;0A8B ;0B8=A:0O ?>3>2>@:0: "'B> MB> ?> A@02=5=8N A 25G=>ABLN?" 5B>48:0 25@=KE A>>B=>H5=89, :0: <K =07K205< 55 2 ?A8E>A8=B575, ?@54;0305B =0< @0AA<0B@820BL A51O, A2>8 ?@>1;5<K, ?@>5:BK, 2708<>>B=>H5=8O, CA?5E8 8 =5C40G8 2 A>>B=5A5=88 A 15A:>=5G=>ABLN ?@>AB@0=AB20 8 2@5<5=8. >340 <K MB> 45;05<, 2A5 4;O =0A >1@5B05B 8=>5 7=0G5=85: A0<><=5=85 8 D0=0B87< CE>4OB, CABC?0O <5AB> GC2AB2C @04>AB8 8 >A2>1>645=8O.  + !"(/ 0:@>9B5 3;070 8 ?@54AB02LB5 2> 2A5E 45B0;OE :><=0BC, 2 :>B>@>9 2K =0E>48B5AL, 8 B>, GB> 20A >:@C605B. "5?5@L ?@54AB02LB5, GB> 2K 2>7=>A8B5AL 225@E 8 OA=> 2848B5 ?>4 A>1>9 4><, 2 :>B>@>< =0E>48BAO MB0 :><=0B0. !<>B@8B5, :0: C<5=LH05BAO MB>B 4>< ?> <5@5 B>3>, :0: 2K ?>4=8<05B5AL 2KH5 8 2KH5. K 2848B5 ?>4 A>1>9 25AL 3>@>4, 2 :>B>@>< 6825B5: 4><0, C;8FK, 45@52LO, ?0@:8, <=>3>MB06=K5 ?>AB@>9:8. N48 8 <0H8=K B0:85 <0;5=L:85, GB> 8E ?>GB8 =5 284=>. >4C<09B5, GB> :064K9 87 MB8E ;N459  MB> F5=B@ A2>53> A>1AB25==>3> <8@0, A> A2>8<8 <KA;O<8 8 G0O=8O<8, ?@>1;5<0<8 8 ?;0=0<8. !<>B@8B5 =0 4286CI8EAO 2=87C ;N459, 682CI8E A2>59 687=LN. @54AB02LB5 B0:65 ;N459, :>B>@K5 =0E>4OBAO 2 4><0E 8 ?>AB@>9:0E. @>4>;609B5 ?>4=8<0BLAO. >;5 20H53> 7@5=8O @0AH8@O5BAO, 8 2K 2848B5 4@C385 3>@>40, 75;5=K5 ?>;O, 3>@K, >75@0. K ?>4=8<05B5AL 2A5 2KH5 8 2KH5. >4 20<8 ?@>?;K20NB >:50=K, 4@C385 AB@0=K, 25@5=8FK >1;0:>2. "5?5@L 2AO 5<;O ?5@54 20<8, 15;>-3>;C10O, <54;5==> 2@0I05BAO 2 ?CAB>< ?@>AB@0=AB25. ! MB>9 >3@><=>9 2KA>BK ;N48 A>2A5< =5 284=K, 8 =8GB> 1>;LH5 =5 C:07K205B =0 8E ACI5AB2>20=85; => 2K <>65B5 4C<0BL > =8E, > ?OB8 <8;;80@40E ;N459, :>B>@K5 682CB =0 >4=>9 ?;0=5B5 8 4KH0B >4=8< 2>74CE><. >4C<09B5 >1 MB>< :0:>5-B> 2@5<O, A<>B@O =0 ?;0=5BC 5<;O. "5?5@L, ?> <5@5 B>3> :0: 2K C40;O5B5AL >B =55, 5<;O AB0=>28BAO 2A5 <5=LH5 8 <5=LH5.  ?>;5 20H53> 7@5=8O ?>?040NB 4@C385 ?;0=5BK: O@:0O 5=5@0, :@0A=K9 0@A, >3@><=K9 .?8B5@ 8, =0:>=5F, 2AO A>;=5G=0O A8AB5<0. "5?5@L 5<;O A>2A5< 8AG57;0, 0 !>;=F5 ?@52@0B8;>AL 2 <0;5=L:CN A25BOICNAO B>G:C A@548 15AG8A;5==KE 72574, 8 2K B5@O5B5 53> 87 284C. >:@C3 20A <8;;80@4K 72574  2=87C, A25@EC, A> 2A5E AB>@>=. >;LH5 =5B =8 "2KH5", =8 "=865". A5 MB8 <8;;80@4K 72574 >1@07CNB 2A53> ;8HL >4=C 87 30;0:B8: 2A5;5==>9. C40 =8 428=LAO >BAN40,  2 ;N1>< =0?@02;5=88 <>6=> >1=0@C68BL 15AG8A;5==>5 <=>65AB2> 4@C38E 30;0:B8:. >4C<09B5 B5?5@L > 15A:>=5G=>AB8 2@5<5=8.  =59 =5B =8 "702B@0", =8 "2G5@0", =5B =8:0:>9 A?5H:8, =8:0:>9 157>B;030B5;L=>AB8. 8HL <5@F0NI89 ?>:>9 8 1;03>3>25=85. >GC2AB2>202, GB> ?>@0 70:0=G820BL C?@06=5=85, >B:@>9B5 3;070 8 >AB02LB5 2 A515 MB> GC2AB2> @0AH8@5==>3> A>7=0=8O. ;020 20 "( 0 ?@>BO65=88 AB>;5B89 2=CB@5==OO B8H8=0 A;C68;0 ;N4O< A@54AB2>< 8AA;54>20=8O A2>53> 2=CB@5==53> <8@0. !>AB>O=85 C<8@>B2>@5==>3> ?>:>O, A2>1>4=>3> >B :0:8E 1K B> =8 1K;> 2>;=5=89, ?@>1;5< 8 <KA;59, A@02=820;>AL A =5?>4286=K< ?;0<5=5< A25G8, A> A?>:>9=K< <>@5<, =5?>4286=0O 3;04L :>B>@>3> ?>72>;O5B C2845BL A:2>7L B>;IC 2>4K 4=>, 8 B.?. @>G8B02 >1> 2A5< MB>< 2 :=830E, <K A048<AO 8 70:@K205< 3;070 A =0<5@5=85< A>740BL 2=CB@5==NN B8H8=C. > 2A:>@5 <K >1=0@C68205<, GB> >1KG=0O =0H0 <KA;5==0O 0:B82=>ABL >B:07K205BAO 84B8 2 >B?CA:: ?>B>: <KA;59 =5 ?@5:@0I05BAO, 0 ?>?KB:0 =0?@028BL 2=8<0=85 2=CB@L ;8HL CA8;8205B 53>. K ?KB05<AO 871028BLAO >B <KA;59 8;8 CA?>:>8BL 8E, => 8E AB0=>28BAO 5I5 1>;LH5.  :>=F5 :>=F>2 B5@?5=85 =0H5 ;>?05BAO 8 <K 2AB05<, GB>1K 70=OBLAO G5<-B> 4@C38<. >7<>65= 8 4@C3>9 20@80=B: <K A048<AO, 70:@K205< 3;070 8 ?>AB5?5==> ?>3@C605<AO 2 ;53:89 B@0=A, B5@OO A2O7L A <8@>< 8 ?>GB8 701K20O > A515. -B> 4>2>;L=> ?@8OB=>5 A>AB>O=85, ?>GB8 ;8H5==>5 :0:>3>-;81> A>45@60=8O. '5@57 =5:>B>@>5 2@5<O <K 2>72@0I05<AO 2 >1KG=>5 A>AB>O=85 A>7=0=8O 8 ?5@5E>48< : G5<C-B> 4@C3><C, 8A?KBK20O AB@0==>5 >ICI5=85 A>=;82>AB8. 8 >4=> 87 MB8E 42CE A>AB>O=89 =5 O2;O5BAO ?>4;8==>9 2=CB@5==59 B8H8=>9, :>B>@0O ?@54AB02;O5B A>1>9 A>AB>O=85 >AB@>9 8 2 B> 65 2@5<O =5=0?@O65==>9 A>7=0B5;L=>AB8, OA=>3> 8 A?>:>9=>3> ?@8ACBAB28O. "0:0O 2=CB@5==OO B8H8=0 2>7=8:05B ;8HL ?>A;5 B>3>, :0: <K A>A@54>B>G8<AO ?5@2>=0G0;L=> =0 :0:><-B> ?@54<5B5.  @57C;LB0B5 2A5 2=CB@5==85 ?@>F5AAK >1J548=ONBAO 2>:@C3 >4=>3> 2K1@0==>3> =0<8 >1@070 8;8 <KA;8, B0: GB> G5@57 :0:>5-B> 2@5<O <K <>65< "?>30A8BL" 4065 MB>B F5=B@ 8 ?@51KBL 2 ?>;=>< ?>:>5 8 157<>;288. 07C<55BAO, MB> =5 7=0G8B, GB> 2 A>7=0=88 >1@07C5BAO ?>;=0O ?CAB>B0, ?>;=>5 >BACBAB285 :0:8E-;81> A>45@60=89. KA;8 1C4CB ?@>=8:0BL 2 ?>;5 A>7=0=8O :0: 8 ?@5645, => <K ?@54>AB028< 8< B5GL =0 704=5< ?;0=5 ?>4>1=> @5:5  =5 ?KB0OAL >AB0=>28BL 55, => 8 =5 2K:07K20O : =59 =8:0:>3> 8=B5@5A0.  2 MB>9 B8H8=5 C =0A ?>O2;O5BAO 2>7<>6=>ABL CA;KH0BL B>, GB> @0=55 1K;> =5@07;8G8<>. ;O A>740=8O 2=CB@5==59 B8H8=K 2 ?A8E>A8=B575 >1KG=> ?@8<5=ONBAO 425 >A=>2=K5 <5B>48:8: 548B0F8O A 2>A?@8OB85<. 0: <K C7=0;8 2 >4=>9 87 ?@54K4CI8E 3;02, 2KAH59 B>G:>9 <548B0F88 A >A<KA;5=85< O2;O5BAO A>AB>O=85 >4=>=0?@02;5==>AB8 C<0. >A;5 45AOB8<8=CB=>9, A:065<, <548B0F88 A >A<KA;5=85< <K <>65< ?@>AB> >B?CAB8BL 55 >1J5:B, >AB0282 C< =0 425-B@8 <8=CBK (4;O =0G0;0 MB>3> 2?>;=5 4>AB0B>G=>) 157 :0:>9-;81> ?>445@6:8 A =0H59 AB>@>=K 8 ?>3@C782H8AL 2 B8H8=C, A2>1>4=CN >B A>45@60=89. -B> <548B0F8O A 2>A?@8OB85<. 87C0;870F8O %@0<0 "8H8=K. -B> C?@06=5=85 B0:65 2K7K205B 87 3;C18=K 4CH8 B8H8=C, ?>72>;OO 59, ?> A;>20< AA046>;8, "?5BL 2 =0A 8 >=>2;OBL =0A": %  "(+ @54AB02LB5 E>;<, ?>@>AH89 75;5=LN. "@>?0 2545B =0 25@H8=C, 345 2>72KH05BAO %@0< "8H8=K. $>@<0 53> >B@0605B :0G5AB20 20H53> 2KAH53> A>7=0=8O: 1;03>@>4AB2>, 30@<>=8N. !B>8B 25A5==55 CB@>, A>;=5G=>5 8 B5?;>5. 1@0B8B5 2=8<0=85, 2> GB> 2K >45BK. >AE>4O ?> B@>?5, =0G=8B5 A>7=020BL A2>5 B5;> 8 ?>GC2AB2C9B5, :0: 20H8 =>38 A>?@8:0A0NBAO A 75<;59. >GC2AB2C9B5 =0 ;8F5 25B5@>:. !<>B@8B5 ?> AB>@>=0< =0 45@52LO, :CABK, B@02K, ?>;52K5 F25BK. K ?@81;8605B5AL : 25@H8=5 E>;<0. %@0< "8H8=K >:@C65= 0B<>AD5@>9 25G=>3> 157<>;28O. 45AL =8:>340 =5 72CG0;> =8 548=>5 A;>2>. K ?@81;878;8AL : 1>;LH8< 45@52O==K< 2@0B0< E@0<0. K 2848B5, :0: 20H8 @C:8 :0A0NBAO 8E 8 >ICI05B5 ?@8:>A=>25=85 : 45@52C. @5645 G5< >B2>@8BL 425@L, >A>7=09B5, GB> 2=CB@8 20A >:@C605B B8H8=0. K 2E>48B5 2 %@0<. K GC2AB2C5B5, GB> 2>:@C3 20A B8H8=0 8 ?>:>9. K 845B5 2 MBC B8H8=C, >A<0B@820OAL 2>:@C3. K 2848B5 1>;LH>9 ?@>=870==K9 A25B>< A2>4. -B> A25B =5 B>;L:> ?@>=8:0NI8E AN40 A>;=5G=KE ;CG59, >= 8AE>48B B0:65 87=CB@8 B8H8=K, :>=F5=B@8@COAL 2 B>9 A8ONI59 >1;0AB8, :>B>@CN 2K 2848B5 ?5@54 A>1>9. K 2E>48B5 2 MBC ?@>=870==CN A25B>< B8H8=C 8 GC2AB2C5B5, GB> >=0 >E20BK205B 20A. 0A >:CBK20NB ;CG8 4>1@>3>, B5?;>3>, <>3CI5AB25==>3> A25B0. >72>;LB5 MB>9 A25B>=>A=>9 B8H8=5 2>9B8 2 20A. >GC2AB2C9B5, :0: >=0 B5G5B ?> 68;0< 8 ?@>=8:05B 2 :064CN :;5B:C 20H53> B5;0. AB0209B5AL 2 MB>9 B8H8=5 425-B@8 <8=CBK. A;CH8209B5AL 2 B8H8=C. "8H8=0  MB> >?@545;5==>5 :0G5AB2>, 0 =5 ?@>AB> >BACBAB285 72C:>2. 54;5==> ?>:8=LB5 A8ONICN >1;0ABL, ?@>948B5 =0704 ?> E@0<C 8 2K948B5 70 53> 2@0B0. K94O =0@C6C, >B:@>9B5AL 25A=5, ?>GC2AB2C9B5 ;53:89 25B5@>: 8 2A;CH09B5AL 2 ?5=85 ?B8F. -?8;>3 >4 :>=5F O E>B5; 1K ?@825AB8 5I5 >4=> ?@>AB>5 C?@06=5=85, ?@8720==>5 ?>OA=8BL A<KA; =0H8E ?A8E>A8=B5B8G5A:8E >?KB>2 2 1>;55 H8@>:>< :>=B5:AB5. !" ''!" >3@C78B5AL =0 =5A:>;L:> <3=>25=89 2 B8H8=C. "5?5@L, ?>4:;NG82 2>>1@065=85, ?>4C<09B5 > AB@040=8OE G5;>25G5AB20: > 1>;8, A<OB5=88, 3=525, B@52>35, >48=>G5AB25, :@CH5=88 =04564, ?>402;5==>AB8, >BG0O=88, =52565AB25, 157@0AAC4AB25 <8;;80@4>2 ;N459, =0A5;ONI8E ?;0=5BC. "5?5@L, =0?@>B82, ?>4C<09B5 >1 >3@><=KE 5I5 =5 @0A:@KBKE 2>7<>6=>ABOE G5;>25G5AB20: > @07C<5, ;N128, AB@5<;5=88 AB0BL ;CGH5, ?>B@51=>AB8 2 A?@0254;82>AB8, 60645 <8@0, BO35 : =5254><><C, A?>A>1=>AB8 C482;OBLAO, EC4>65AB25==>< B2>@G5AB25. -B8 2>7<>6=>AB8 ?>4>1=K >3@><=>9 M=5@388, 70:;NG5==>9 2 O4@5 0B><0. @54AB02LB5 8 ?>GC2AB2C9B5 8E :@0A>BC 8 A8;C. >4C<09B5 > B>9 >3@><=>9 @04>AB8 8 15AG8A;5==KE 1;03>B2>@=KE ?>A;54AB28OE, :>B>@K5 1K ?@8=5A;> >ACI5AB2;5=85 MB8E 2>7<>6=>AB59. @54AB02LB5 ?@8ACBAB285 MB8E 2>7<>6=>AB59 2 <8;;80@40E ;N459, 2 B>< G8A;5 8 2 A515. A;8 2K @01>B05B5 =04 A>1>9, 7=0G8B 2K C65 CG0AB2C5B5 2 C4828B5;L=>9 25:>25G=>9 @01>B5 ?> ?@5>4>;5=8N BL<K 8 1>;8  8 ?@>1C645=8N A:@KBKE 2>7<>6=>AB59 G5;>25:0. #45;8B5 :0:>5-B> 2@5<O A>7=020=8N B>3>, GB> 20H0 @01>B0 =04 A>1>9  =5 ?@>AB> 20H5 G0AB=>5 45;>, => <><5=B 3>@074> 1>;55 <0AHB01=>3> ?@>F5AA0, 2 :>B>@K9 ?>-@07=><C 2:;NG5=> 25;8:>5 <=>65AB2> ;N459: ?@>F5AA0 M2>;NF88 G5;>25G5AB20. ">< >C<5=A  "#  !%!"# &", !!'!%#    HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt01.htm" !%'!/ '/ "" ,  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt02.htm" #  "" /?"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt03.htm" '     HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt04.htm" #   !"!"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt05.htm" #   !"!"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt06.htm" #"    HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt07.htm"  #  " +% '!"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt08.htm" '+ '!"  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt09.htm" #  ! , ,.  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt10.htm" !%!""'!/ " $/  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt11.htm" &" +  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt12.htm" +!( /  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy03\\txt13.htm" 0:;NG5=85  [...] 5:>B>@K5 87 MB8E C?@06=5=89 1K;8 @07@01>B0=K >15@B> AA046>;8, 4@C385  A>B@C4=8:0<8 =AB8BCB0 ?A8E>A8=B570 2 !0=-$@0=F8A:> 8 0=04A:>3> 8=AB8BCB0 ?A8E>A8=B570; 2A5 C?@06=5=8O =5>4=>:@0B=> ?5@5A<0B@820;8AL ?> <5@5 C3;C1;5=8O =0H53> ?>=8<0=8O 8E <5E0=87<>2.  :><?;5:A5 >=8 ?@54AB02;ONB A>1>9 "?@0:B8:C", :>B>@0O 4>ABC?=0 ;N1><C, :B> E>B5; 1K AB8<C;8@>20BL A2>9 ?A8E>-4CE>2=K9 @>AB. -B> @072820NI85 C?@06=5=8O, ?@8720==K5 ?@81;878BL G5;>25:0 : 53> 8AB8==><C 8AB>:C, : ?>AB865=8N 8 >ACI5AB2;5=8N 2 ?>2A54=52=>9 687=8 B>3>, GB> AA046>;8 =07K20; "2KAH8< /". 07C<55BAO, ?@82>48<K5 745AL C?@06=5=8O <>6=> A>G5B0BL A 4@C38<8 <5B>48:0<8 87 H8@>:>3> A?5:B@0 ?A8E>;>38G5A:8E 8 4CE>2=KE 48AF8?;8=, :0: 2>AB>G=KE, B0: 8 70?04=KE; >G5284=> B0:65, GB> 0@A5=0; ?A8E>A8=B5B8G5A:8E C?@06=5=89 8<8 =5 8AG5@?K205BAO. 4=0:> MB8 425=04F0BL C?@06=5=89 2=>2L 8 2=>2L 4>:07K20NB A2>N ?5@2>>G5@54=CN 7=0G8<>ABL 2 ?@0:B8:5 ?A8E>A8=B570, 8 <K ?C1;8:C5< 8E 2 =045645, GB> >=8 1C4CB ?@8=>A8BL ?>;L7C ;N4O< 5I5 =5 >48= 45AOB>: ;5B. ">< >C<5=A. !0=-%>A5, 1989  1. !%'!/ '/"" , 4=8< 87 A0<KE ?>;57=KE 8=AB@C<5=B>2 4>;3>2@5<5==>3> A0<>@0728B8O A;C68B @01>G0O B5B@04L, 4=52=8: 8;8 6C@=0;. K 2>A?>;L7C5<AO B5@<8=>< "@01>G0O B5B@04L", B0: :0: C 1>;LH8=AB20 ;N459 A;>2> "4=52=8:" 0AA>F88@C5BAO A 2>A?><8=0=8O<8 ?>@K >B@>G5AB20, :>340 45B8 =5@54:> 254CB B@8280;L=K5 8 >1@5<5=8B5;L=K5 70?8A8 > A2>8E 1C4=OE. 01>G0O B5B@04L 2 40==>< A;CG05 ?@54=07=0G5=0 4;O B>3>, GB>1K D8:A8@>20BL A2>N 2=CB@5==NN 687=L 2 55 @0728B88. =5H=85 A>1KB8O <>6=> D8:A8@>20BL ?>AB>;L:C, ?>A:>;L:C >=8 :0A0NBAO 2=CB@5==59 687=8 (GC2AB20, <KA;8, =01;N45=8O), => F5=B@0;L=>5 <5AB> 4>;6=> 70=8<0BL ?>AB5?5==> @0725@BK20NI55AO >A>7=0=85 A51O 8 <8@0, 0 B0:65 =>2K5 A<KA;K, F5==>AB8 8 2708<>A2O78, :>B>@K5 20< C405BAO >1=0@C68BL. "0:0O @01>G0O B5B@04L A;C68B @O4C 7040G. =0 ?@8720=0 ?@5645 2A53> ?><>GL 20< OA=55 2K@078BL A2>8 <KA;8, GC2AB20 8 =01;N45=8O. @><5 B>3>, 70?8AK20O 8E, 2K 2A5 1>;LH5 @0A:@K205B5 A51O 4;O A51O. KB0OAL GB>-B> 70?8A0BL, 2K =5A><=5==> 45;05B5 =5GB> 1>;LH55, G5< 5A;8 1K ?@>AB> 4C<0;8 8;8 3>2>@8;8 >1 MB><.  ?@>F5AA5 70?8A8 20H0 <KA;L AB0=>28BAO 1>;55 OA=>9 8 >?@545;5==>9,  254L 20< ?@8E>48BAO 2K18@0BL >4=C B>G:C 7@5=8O 87 =5A:>;L:8E 2>7<>6=KE. -B> A=8605B 25@>OB=>ABL =5?@>872>;L=>3> A0<>>1<0=0, :>340 G5;>25:, A0< B>3> =5 ?>4>7@520O, ?@845@68205BAO =5A:>;L:8E ?@>B82>?>;>6=KE B>G5: 7@5=8O. 54O 70?8A8, 2K A<>65B5 1KAB@55 >1=0@C68BL ?>4;560ICN @07@5H5=8N ?@>1;5<C 8;8 BC?8:, 2 :>B>@>< 2K >:070;8AL,  8 B5< A0<K< A45;05B5 ?5@2K9 H03 : 2KE>4C 87 A>7402H59AO A8BC0F88. 545=85 70?8A59 A;C68B B0:65 A8;L=K< AB8<C;OB>@>< B2>@G5A:>3> ?@>F5AA0. 725AB=>, GB> :>340 ?@54AB>8B @07@5H8BL :0:CN-B> ?@>1;5<C, 4>AB0B>G=> 70?8A0BL =5A:>;L:> <KA;59 ?> MB><C ?>2>4C, GB>1K 2K720BL ?>O2;5=85 =>2KE A2O70==KE A =8<8 8459.  8458 MB8, 2 A2>N >G5@54L, >B:@K20NB =>2K5 ?>4E>4K : ?@>1;5<5, =>2K5 2>7<>6=>AB8, > :>B>@KE G5;>25: @0=55 =5 4C<0;. A;8 2K =0CG8B5AL B0:8< >1@07>< @0AH8@OBL 3>@87>=B A2>53> <KH;5=8O, B> 1C45B5 8A:@5==5 87C<;5=K 3;C18=>N A2>59 A?>A>1=>AB8 ?@>=8:0BL 2 ACBL 25I59. !?>A>1=>AB8, :>B>@0O 645B A2>53> 2KA2>1>645=8O. 0: <5B>4 A0<>@0728B8O, @01>G0O B5B@04L 8<55B 8 4@C385 ?>;57=K5 AB>@>=K. =0 ?>72>;O5B A>25@H5==> 1572@54=> 4;O >:@C60NI8E 2K@060BL ;N1K5 ?5@5?>;=ONI85 20A @07@CH8B5;L=K5 M<>F88. 0CG82H8AL "2K?CA:0BL ?0@" A ?><>ILN 70?8A59, 2K >1@5B5B5 A@54AB2> A=OB8O 2=CB@5==53> =0?@O65=8O 8 A<>65B5 C7=0BL, G5< 1K;> 2K720=> ?>A;54=55. @><5 B>3>, 2545=85 70?8A59 A;C68B E>@>H8< C?@06=5=85< ?> @0728B8N =02K:>2 A>A@54>B>G5=8O, 2=8<0=8O 8 2>;52>3> :>=B@>;O. '5;>25:C @>1:><C, =5>E>B=> 2K@060NI5<C A2>8 <KA;8 2 =5?>A@54AB25==>< >1I5=88, MB> <>65B ?><>GL A2>1>4=55 @0A:@K20BL A51O. "0:8< >1@07><, ?>A:>;L:C @01>G0O B5B@04L 2545BAO 8A:;NG8B5;L=> ?> ;8G=>9 8=8F80B825, :>B>@CN G5;>25: ?@>O2;O5B 2 <><5=BK A>7=0B5;L=>3> 2:;NG5=8O 2 ?@>F5AA A0<>?>7=0=8O 8 A0<>@0728B8O, >=0 <>65B AB0BL 206=K< 8=AB@C<5=B>< >ACI5AB2;5=8O ?A8E>A8=B570. ><8<> B5:AB>2KE <0B5@80;>2 2 @01>GCN B5B@04L <>6=> 70=>A8BL B0:65 @8AC=:8 8 4@C385 87>1@065=8O. =8 <>3CB 1KBL A0<>3> @07=>3> B>;:0. >-?5@2KE, MB> <>3CB 1KBL >1@07K, :>B>@K5 O28;8AL 20< 2 A=0E, D0=B078OE 8;8 287C0;870F8OE. >-2B>@KE, AE5<K, 01AB@0:B=K5 A8<2>;K 8 4@C385 =03;O4=K5 87>1@065=8O, :>B>@K5 <>6=> 8A?>;L7>20BL 4;O 3@0D8G5A:>3> 2K@065=8O 8459. >A;54=55 A?>A>1AB2C5B 2K@01>B:5 OA=KE ?@54AB02;5=89 8 ?><>305B 45;8BLAO 8<8 A 4@C38<8 ;N4L<8.  =0:>=5F, ACI5AB2C5B B0: =07K205<K9 "02B><0B8G5A:89 @8AC=>:", :>B>@K9 45;05BAO 2 A>AB>O=88 @0AA5O==>3> 2=8<0=8O 8;8 :>340 2=8<0=85 A>A@54>B>G5=> =0 G5<-B> 4@C3><,  =0?@8<5@, :>340 2K, @07<KH;OO > G5<-;81>, <0H8=0;L=> 2>48B5 @CG:>9 ?> 1C<035. "0:85 @8AC=:8 >B@060NB @01>BC ?>4A>7=0=8O 8 <>3CB 8A?>;L7>20BLAO 4;O B>3>, GB>1K 3;C165 ?>=OBL A51O. "0:8< >1@07><, >=8 <>3CB AB0BL ?>;=>?@02=>9 G0ABLN @01>G59 B5B@048. 865 40=K =0720=8O 2>7<>6=KE B5< 4;O @0AA<>B@5=8O 2 @01>G59 B5B@048. AE>4O 87 A2>53> >?KB0 8 ?>B@51=>AB59, 2K <>3;8 1K 2K1@0BL B5 87 =8E, :>B>@K5 ?@54AB02;ONB 4;O 20A =081>;LHCN F5==>ABL. 07C<55BAO, 2K 2 ;N1>5 2@5<O A<>65B5 ?5@5A<>B@5BL A45;0==K9 2K1>@. G5=L 206=> 40B8@>20BL :064CN 70?8AL, GB>1K 8<5BL 2 40;L=59H5< OA=CN :0@B8=C A2>53> @0728B8O. 80;>3 A 845O<8: :;NG8B5 AN40 =0720=85 ;N1>9 AD5@K, 2 :>B>@CN 20< E>B5;>AL 1K 3;C165 ?@>=8:=CBL  =0?@8<5@, >A?8B0=85, 5;838O, 0B5<0B8:0, "5>@8O A8AB5<, -:>;>38O 8 B.4. 80;>3 A 4@C38<8 ;N4L<8: B:@KB8O 8;8 2>?@>AK, A2O70==K5 A <56;8G=>AB=K<8 >B=>H5=8O<8. 80;>3 A A>1KB8O<8: 0H0 @50:F8O =0 =081>;55 7=0G8<K5 A>1KB8O 20H59 687=8; >B<5G09B5 A;CG08 >G5284=>9 4;O 20A "A8=E@>=88" (7=0G8<0O >4=>2@5<5==>ABL A>1KB89, "AE;>?K20=8O"). =CB@5==85 480;>38: 07=>>1@07=K5 <KA;8, @074C<8O, ?@54GC2AB28O, ?@>1;5<K 8;8 @07<KH;5=8O, :>B>@K5 =5 2E>4OB 2 4@C385 @0745;K. !=K: ?8A0=85, :>=B5:AB, 0AA>F80F88, C3;C1;5==>5 @07<KH;5=85 =04 A2>8<8 A=0<8 (:>B>@K5 ;53G5 2A53> 70?8AK20BL A@07C ?>A;5 ?@>1C645=8O). KA;5>1@07K: 87C0;870F88 8;8 ?5@56820=8O 4@C3>9 A5=A>@=>9 <>40;L=>AB8. !N40 <>3CB 2E>48BL >1@07K, 2>7=8:0NI85 A?>=B0==> 8;8 1;03>40@O 8A?>;L7>20=8N <5B>48:8 =0?@02;O5<>3> 2>>1@065=8O. E <>6=> D8:A8@>20BL A ?><>ILN 70?8A59 8;8 @8AC=:>2. >;57=> D8:A8@>20BL GC2AB20 8 0AA>F80F88, 2>7=8:0NI85 2 A2O78 A B5< 8;8 8=K< >1@07>< 8;8 :0:8<8-B> 53> G0ABO<8 (D>@<0, F25B 8 B.4.), >B<5G0BL, :0:>5 >= 4;O 20A 8<55B 7=0G5=85, 0 B0:65 ?@54?>;>68B5;L=>5 53> B>;:>20=85, 5A;8 B0:>2>5 8<55BAO. >>1@065=85: $0=B0788, 8AB>@88, A8BC0F88 8 B.4., :>B>@K5 <>3CB ?>A;C68BL B>;G:>< 4;O @01>BK 2>>1@065=8O. 5;0B5;L=> >3@0=8G8BLAO 2 MB>< @0745;5 >1@070<8, :>B>@K5 =5ACB >?@545;5==K9 B2>@G5A:89 70@O4. 803@0<<K: @0D8G5A:85 <>45;8 B5>@5B8G5A:8E ?>AB@>5=89 (E>BO 8E <>6<v " $ & ( Z \  @ Z \ ^ n ȷȦȖȦȂlȖȦXlȖȦ'jhyThyTOJQJU^J+hyTh)>J0J5B*OJQJ\^Jph'jhyThyTOJQJU^JhyTh)>J6OJQJ]^J!jhyTh)>JOJQJU^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^JhyTh)>J5OJQJ\^JhyTh)>JB*CJ(aJ(phhyTh)>JB*ph<`  @ >8zPT [$\$gd)>J$a$gd)>J$a$gd)>Jgd)>J$a$gd)>J$a$gd)>Jgd)>J.n p r 8:>`bdfhj4zڷڷڷڷڷڷkڷڷ'jEhyThyTOJQJU^J'j.hyThyTOJQJU^J'jhyThyTOJQJU^JhyTh)>J6OJQJ]^JhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jhyThyTOJQJU^J$LNPRTڷڷڷm\REhyTh)>JOJQJ^JhyTh)>J5\!j8 hyTh)>JOJQJU^J&hyTh)>J6CJOJQJ]^JaJ hyTh)>JCJOJQJ^JaJ!j hyTh)>JOJQJU^J'jhyThyTOJQJU^JhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jnhyThyTOJQJU^J!z+H14 7AnBFFFHGGG $`a$gd)>J$dd[$\$`a$gd)>J $`a$gd)>J$a$gd)>J$a$gd)>J$a$gd)>J$a$gd)>J$a$gd)>Jgd)>J "%<%&&v//001233"<B<$@F@BBFFFFGHGGGGGHHHᶨxcx)j hyThyT5CJU\aJ#jhyTh)>J5CJU\aJjp hyTh)>JCJUaJhyTh)>JCJaJmH sH hyTh)>J5CJ\aJhyTh)>JCJaJhyTh)>J6OJQJ]^JhyTh)>J5OJQJ\^JhyTh)>JOJQJ^J!j hyTh)>JOJQJU^J"GG0IJJKLNOQXRSTjWzX~X $`a$gd)>J$dd[$\$^`a$gd)>J$ & Fdd[$\$`a$gd)>J$ & Fdd[$\$`a$gd)>J$^`a$gd)>J$dd[$\$`a$gd)>J $`a$gd)>JH*I,I0I2I$J&J(JDJFJJJLJ>K@KBKKKKK|L~LLLLLLMMMNNNNO O OOOO˶ˡˌwb)j+hyThyT5CJU\aJ)j&hyThyT5CJU\aJ)j!hyThyT5CJU\aJ)jhyThyT5CJU\aJ)j hyThyT5CJU\aJhyTh)>J5CJ\aJ#jhyTh)>J5CJU\aJ'hyTh)>J0J5B*CJ\aJph&OOPPPPPQQQQQRRTRXRZRLSNSPSSSSSTTTTTTTUUUVVVVWߡߌwb)jDhyThyT5CJU\aJ)j?hyThyT5CJU\aJ)j:hyThyT5CJU\aJ)j5hyThyT5CJU\aJ'hyTh)>J0J5B*CJ\aJph)j0hyThyT5CJU\aJhyTh)>J5CJ\aJ#jhyTh)>J5CJU\aJ%WWWdWfWjWlW^X`XbXvXxXzX|X~XXXXXYY:YBY^^ff(h2h΄عxjjعj[KjhyTh)>J6@(CJ]aJjhyTh)>JCJUaJhyTh)>J5CJ\aJjShyTh)>JCJUaJ!hyTh)>J0JB*CJaJph#jNhyThyTCJUaJjhyTh)>JCJUaJhyTh)>JCJaJ'hyTh)>J0J5B*CJ\aJph#jhyTh)>J5CJU\aJ)jIhyThyT5CJU\aJ~XFY^^^$_&_c,f(h6hjpo8rnvz΄|$ & Fdd[$\$`a$gd)>J $`a$gd)>J $`a$gd)>J$dd[$\$`a$gd)>J΄|h̏"8nV HVZ\ hְ֚֋yְ#j%hyThyTCJUaJjhyTh)>JCJUaJhyTCJaJhyTh)>J5CJ\aJ'hyTh)>J0J5B*CJ\aJph#jhyThyTCJUaJjhyTh)>JCJUaJhyTh)>JCJaJhyTh)>J6@(CJ]aJ-846HZ6hȮ$ & Fdd$If[$\$`a$gd)>J$dd$If[$\$`a$ $`a$gd)>J$dd[$\$`a$gd)>J$ & Fdd[$\$`a$gd)>J.hjxʲqq[[[[$ & Fdd[$\$`a$gd)>J$dd[$\$`a$gd)>J`kd&$$Ifl0-#62344 lap$ & Fdd$If[$\$`a$gd)>J hj^r  "$TVVXZ\^|`zLbl˥˥s˥ehyTh)>J6CJ]aJ#jL)hyThyTCJUaJhyTh)>J5CJ\aJ#j?(hyThyTCJUaJ'hyTh)>J0J5B*CJ\aJph#j2'hyThyTCJUaJjhyTh)>JCJUaJhyTh)>J6@(CJ]aJhyTh)>JCJaJhyTh)>JCJaJ'ʲ2(L\d*\|`zT$ & Fdd[$\$`a$gd)>J$dd[$\$`a$gd)>J$ & Fdd[$\$`a$gd)>JT,r`HJ|fh 0 $`a$gd)>J$ & Fdd[$\$`a$gd)>J$dd[$\$`a$gd)>Jl|lZD`hp##%%;;=========4>6>@@[|\\]Ff`f&g6gjjpnznxx64T庲庣hyTh)>JCJaJjY*hyTh)>JCJUaJhyTCJaJjhyTh)>JCJUaJhyTh)>J5CJ\aJhyTh)>J6CJ]aJhyTh)>JCJaJhyTh)>J6@(CJ]aJ70f` ##r$t$*-\/17====">4>$ & Fdd$If[$\$`a$gd)>J $$If`a$ $`a$gd)>J$dd[$\$`a$gd)>J4>6>8>>>V@C~HPRT X[\~ $`a$gd)>J$dd[$\$`a$gd)>J`kd5$$Ifl0:9%62344 lap \c&gjpn~nlsy{}ptZ<>R$ & F dd[$\$`a$gd)>J$dd[$\$`a$gd)>J$dd[$\$^`a$gd)>J$ & F dd[$\$`a$gd)>JRŸbTغ^x*JB@>$ & F dd[$\$`a$gd)>J $`a$gd)>J$dd[$\$`a$gd)>JhnDL42Fvx:<<>@BD &&~@@@@AAB޿޿ތ޿޿z޿޿#j7hyThyTCJUaJ!hyTh)>J0JB*CJaJph#j6hyThyTCJUaJhyTh)>J6@(CJ]aJhyTh)>JCJaJ'hyTh)>J0J5B*CJ\aJphjhyTh)>JCJUaJ#j5hyThyTCJUaJ)>vdfB :`H>&'P(R(+.1R7:&A $`a$gd)>J$dd[$\$`a$gd)>J$ & F dd[$\$`a$gd)>JBBBBBmmvvPl8HF:޿޿޿޿n޿#j;hyThyTCJUaJ#jy:hyThyTCJUaJj9hyTh)>JCJUaJhyTh)>J5CJ\aJhyTh)>J6@(CJ]aJhyTh)>JCJaJ'hyTh)>J0J5B*CJ\aJphjhyTh)>JCJUaJ#j8hyThyTCJUaJ+&ATFFJXM2PSYYYY`:ciXv`wTy$z~~\^ $`a$gd)>J $`a$gd)>J$dd[$\$`a$gd)>JDjz^|\( $`a$gd)>J $`a$gd)>J$ & F dd[$\$`a$gd)>J$dd[$\$`a$gd)>JLpZX   $`a$gd)>J $`a$gd)>J$ & F dd[$\$`a$gd)>J$dd[$\$`a$gd)>JVv!P$'2*0x1z1|1~1111112 $$Ifa$$a$gd)>Jgd)>J [$\$gd)>J $`a$gd)>J$dd[$\$`a$gd)>J:RXZZ\^`bxzz | ~   f!|!!!"""""4$J$R$T$T%V%X%Z%\%&' ' ' (((ְְְzְh#j@hyThyTCJUaJ#j?hyThyTCJUaJ#j>hyThyTCJUaJ#j=hyThyTCJUaJ'hyTh)>J0J5B*CJ\aJph#j<hyThyTCJUaJjhyTh)>JCJUaJhyTh)>JCJaJhyTh)>J6@(CJ]aJ((((F/0000011111\1r1~11111111222ѰѠѓ|kZFZ'j}ChyThyTOJQJU^J!jhyTh)>JOJQJU^J!jBhyTh)>JOJQJU^JhyTh)>JOJQJ^JhyTh)>J5\hyTh)>JOJQJ^JhyTh)>J6@(CJ]aJ#jAhyThyTCJUaJhyTh)>JCJaJmH sH hyTh)>JCJaJjhyTh)>JCJUaJ'hyTh)>J0J5B*CJ\aJph22222 334 4"4>4@4D4F4Z4\4l5n5p555555566666666688 8284888:8N8P8`9ˬ˘˄p'j!JhyThyTOJQJU^J'jxHhyThyTOJQJU^J'jFhyThyTOJQJU^J'j&EhyThyTOJQJU^JhyTh)>JCJaJhyTh)>JOJQJ^J!jhyTh)>JOJQJU^J+hyTh)>J0J5B*OJQJ\^Jph+22 3D4F4Z45>\kdOF$$IfK0t634Kap $$Ifa$\kdD$$IfK0t634Kap55566688>\kdI$$IfK0t634Kap $$Ifa$\kdG$$IfK0t634Kap88:8N8999:>\kdL$$IfK0t634Kap $$Ifa$\kdJK$$IfK0t634Kap`9b9d9999999:::::::::;;;<<<<.<0<@=B=D=b=d=h=j=~==>ڷڷڷڷڷڷpڷڷ'jPhyThyTOJQJU^J'jOhyThyTOJQJU^J'jsMhyThyTOJQJU^JhyTh)>JCJaJhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jKhyThyTOJQJU^J$:::<<.<h=>\kdEP$$IfK0t634Kap $$Ifa$\kdN$$IfK0t634Kaph=j=~=>>>@>\kdS$$IfK0t634Kap $$Ifa$\kdQ$$IfK0t634Kap>>>>>>>>>???@@@@@ @0A2A4A\A^AbAdAzA|ABBBBBBBBBCڷڷڷڷڷڷpڷڷ'jiWhyThyTOJQJU^J'jUhyThyTOJQJU^J'jThyThyTOJQJU^JhyTh)>JCJaJhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jnRhyThyTOJQJU^J$@@@bAdAzAB>\kdV$$IfK0t634Kap $$Ifa$\kd@U$$IfK0t634KapBBBDD.DhE>\kd;Z$$IfK0t634Kap $$Ifa$\kdX$$IfK0t634KapCCCDDDD.D0D@EBEDEbEdEhEjEEEFFFFFFFFFGGGHHHH0H2HBIڷڷڷڷڷڷpڷڷ'j ^hyThyTOJQJU^J'jd\hyThyTOJQJU^J'jZhyThyTOJQJU^JhyTh)>JCJaJhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jYhyThyTOJQJU^J$hEjEEFFFH>\kd]$$IfK0t634Kap $$Ifa$\kd[$$IfK0t634KapHH0H`IbIxIJ>\kd`$$IfK0t634Kap $$Ifa$\kd6_$$IfK0t634KapBIDIFIZI\I`IbIxIzIJJJJJJJJJKKKKKKKLLMMM(M*M.M0M6M8MHNڷڷڷڷڷڷpڷڷ'jdhyThyTOJQJU^J'jchyThyTOJQJU^J'j_ahyThyTOJQJU^JhyTh)>JCJaJhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'j_hyThyTOJQJU^J$JJJKKL.M>\kd1d$$IfK0t634Kap $$Ifa$\kdb$$IfK0t634Kap.M0M6M\N^NpN>9gd)>J\kdg$$IfK0t634Kap $$Ifa$\kde$$IfK0t634KapHNJNLNXNZN\N^NpNNNN.]uz>Pα.Z\:JTf4Ljtvj , N!r!$$ڷwwwwwwwwwhyTh)>J5OJQJ\^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^J hyTh)>JhyTh)>JCJaJhyTh)>JOJQJ^J+hyTh)>J0J5B*OJQJ\^Jph!jhyTh)>JOJQJU^J'jZfhyThyTOJQJU^J*pNNNO6QfSHW Z.]_c\gl`otuvz~lP$a$gd)>J$a$gd)>Jgd)>JXڙȜPΣУԪ&z\"Ա$ & Fdd[$\$^a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J $^a$gd)>J$a$gd)>JԱڶr2 22FXhؿ(d`$ & Fdd[$\$^a$gd)>J$ & Fdd[$\$^a$gd)>Jgd)>J$a$gd)>J`|0Rb0 D~$ & Fdd[$\$^a$gd)>J$ & Fdd[$\$^a$gd)>J$a$gd)>Jgd)>J$ & Fdd[$\$^a$gd)>J.\^b:T4&Jb(FPR$ & Fdd[$\$^a$gd)>J$a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J$ & Fdd[$\$^a$gd)>JRN:"  XVXZjvx  $%& $$Ifa$gd)>Jgd)>J$a$gd)>J$a$gd)>J$a$gd)>J$%%%%%%&&"'))8)P)j++N0b00077888888999~::=>>DD _2_lnsuy|鶫؊鶫vhyTh)>JOJQJ^J hyTh)>J!jmhyTh)>JOJQJU^JhyTh)>J5OJQJ\^JhyTh)>JCJaJ hyTh)>JCJOJQJ^JaJ!jhhyTh)>JOJQJU^J!jhyTh)>JOJQJU^JhyTh)>JOJQJ^JhyTOJQJ^J.&&$'*.p0\36789 $$Ifa$$a$gd)>J$a$gd)>J[kd3m$$IfT01 M634apT 999;===>>?,BDGKDKM$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J[kdut$$IfT0634apTMNPRRTjUUNWWZ^afBi@llnrsuy||$a$gd)>J$a$gd)>J $^a$gd)>J$ & Fdd[$\$^a$gd)>J|ā2hlBȝ.Ȣ|©Ĭʮ($$ & Fdd[$\$^a$gd)>J $^a$gd)>Jgd)>J$a$gd)>Jfґ"R>jf2R^   p Ͼ㭣㭒㾇hyTh)>JCJaJ!jthyTh)>JOJQJU^JhyTOJQJ^J!jhyTh)>JOJQJU^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^J hyTh)>JhyTh)>JOJQJ^JhyTh)>J5OJQJ\^J5Rbz^$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J$ & Fdd[$\$^a$gd)>JV8  $ & Fdd$If[$\$a$$ & Fdd$If[$\$a$$a$gd)>J$ & Fdd[$\$^a$gd)>J$a$gd)>J  z t$ & Fdd$If[$\$a$$ & Fdd$If[$\$a$$a$gd)>J[kd{$$IfT0 q634apTp r t v x z "#,&:&)*,,F/\/000011p=?8@<@"L4LVOzO*``c dNgVgXgJr\ry{V2RX}hyTh)>JOJQJ^J hyTh)>J&hyTh)>J5CJOJQJ\^JaJhyTh)>J5OJQJ\^JhyTh)>JCJaJ hyTh)>JCJOJQJ^JaJ!j=|hyTh)>JOJQJU^J!jhyTh)>JOJQJU^JhyTh)>JOJQJ^J1d""##$%%ymmmm $^a$gd)>J$ & Fdd[$\$^a$gd)>Jgd)>J$a$gd)>J$a$gd)>J[kd$$IfT0 q634apT %&8(() *+`,,.F/ 2~24f8P;d;p=<@CFI|N\S$a$gd)>Jgd)>J$a$gd)>J $^a$gd)>J$ & Fdd[$\$^a$gd)>J\S`VtZ_acdgNgXgZgjl"qtx{~~~f&$ & Fdd[$\$^a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J&P|NTTlF"&ntfJ.$ & Fdd[$\$^a$gd)>Jgd)>J$a$gd)>J$ & Fdd[$\$^a$gd)>J. "Ģ.ڭޯX0~ $^a$gd)>J$ & Fdd[$\$^a$gd)>Jgd)>J$a$gd)>J$ & Fdd[$\$^a$gd)>JXv4rDدfr6PH  >@t|z(!!!"" "l"((00 2*22hyTh)>J6OJQJ]^JhyTh)>JCJaJ!jhyTh)>JOJQJU^J!jhyTh)>JOJQJU^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^J hyTh)>JhyTh)>J5OJQJ\^JhyTh)>JOJQJ^J2~vX|NH$ & F dd[$\$^a$gd)>J $^a$gd)>J$a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>Jv   @B8  $a$gd)>Jgd)>J$a$gd)>J$a$gd)>J$ & F!dd[$\$^a$gd)>Jgd)>J$a$gd)>Jj<!!!!" "%(--.$ & F#dd[$\$^a$gd)>J$a$gd)>Jgd)>J$a$gd)>J$a$gd)>J$a$gd)>J$ & F"dd[$\$^a$gd)>Jgd)>J.n/000$115V:<@mmaYYY$a$gd)>J $^a$gd)>J$ & F#dd[$\$^a$gd)>Jskd8$$IfTF A6    34apT $$Ifa$ 223 3X3d333445 57z8.MjMTTTT]]] aJOJQJU^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^J hyTh)>JhyTh)>J5OJQJ\^JhyTh)>JOJQJ^JhyTh)>J6OJQJ]^J>@FHLPSUVWVX*YYZP[[[~\]]]]]e~k$a$gd)>Jgd)>Jgd)>J$a$gd)>J$ & F$dd[$\$^a$gd)>J$a$gd)>J~kop:rtvw{~$NPbȉ,6ҏXĕԕgd)>J$a$gd)>J$a$gd)>J$ & F%dd[$\$^a$gd)>Jgd)>J$a$gd)>JԕZx`Ʃ&vDtLX0 gd)>J$a$gd)>J4$4 $LjzdLzv2Lgd)>J$a$gd)>J@8> x f  $^a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J$a$gd)>JXlTz 6 8 !"###T$%v*Z,$a$gd)>Jgd)>J$a$gd)>J $^a$gd)>Jgd)>J$a$gd)>J\@PTlz 4 6 8 %PP[$[&[eflf|fgghhiijjnllJ|~,Ұ0 BPtv8:<hyTOJQJ^J!jhyTh)>JOJQJU^J hyTh)>JCJOJQJ^JaJhyTh)>JOJQJ^J hyTh)>JhyTh)>J5OJQJ\^JhyTh)>JOJQJ^J;Z,.-z-- .r...00`346h78v9:=>?XAvB,CCDEgd)>J$ & F&dd[$\$^a$gd)>J$a$gd)>JElHIJ`MMNQHTXU6VYZZ[&[([]`clmpvz$a$gd)>Jgd)>Jgd)>J$a$gd)>J$ & F'dd[$\$^a$gd)>J$a$gd)>JzNvp468J~RƗ8"nا$ & F(dd[$\$^a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J$a$gd)>Jh~N ָd^$gd)>J$a$gd)>J$ & F)dd[$\$^a$gd)>Jgd)>J$a$gd)>J$ & F(dd[$\$^a$gd)>J $^a$gd)>JV>rTf8j|&tBR $^a$gd)>J$ & F+dd[$\$^a$gd)>J$ & F*dd[$\$^a$gd)>J$ & F*dd[$\$^a$gd)>Jgd)>J$a$gd)>J<>@BN<r4nRfh( )>>>>>2HTH2JNJnS|Sz{€>JL:PйЛййййБЀ!jhyTh)>JOJQJU^JhyTh)>J5\!jhyTh)>JOJQJU^JhyTh)>JOJQJ^J hyTh)>JhyTh)>J5OJQJ\^JhyTh)>JOJQJ^J!jhyTh)>JOJQJU^J!juhyTh)>JOJQJU^J2R:>t0  h  l:>@Rhgd)>J$a$gd)>J$ & F,dd[$\$^a$gd)>Jgd)>J$a$gd)>J$ & F+dd[$\$^a$gd)>J $^a$gd)>JhjxpJ|!% )+/0N2:6b6Z8(:;d=> $^a$gd)>J$ & F.dd[$\$^a$gd)>J$ & F-dd[$\$^a$gd)>Jgd)>J$a$gd)>J$a$gd)>J>>>>>>tADZHIKM RSY^^cceijmq$ & F/dd[$\$^a$gd)>J$a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>Jqsvv wwy}~~€ĀBhgd)>J$a$gd)>J$a$gd)>J$ & F0dd[$\$^a$gd)>Jgd)>J$a$gd)>J$ & F/dd[$\$^a$gd)>J $^a$gd)>Jh~2ؘB*,>LN (@*$ & F1dd[$\$^a$gd)>J$a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J* >pP$a$gd)>Jgd)>J [$\$gd)>J $^a$gd)>J$ & F2dd[$\$^a$gd)>Jgd)>Jgd)>J$a$gd)>J$a$gd)>J  248:JLNjlprۗۀiR-jhyThyT5OJQJU\^J-jƒhyThyT5OJQJU\^J-jhyThyT5OJQJU\^J-jthyThyT5OJQJU\^J+hyTh)>J0J5B*OJQJ\^Jph-jKhyThyT5OJQJU\^JhyTh)>J5OJQJ\^J'jhyTh)>J5OJQJU\^J 8p ^`JN<vzL$a$gd)>Jgd)>J$a$gd)>J$a$gd)>J$a$gd)>J$a$gd)>J $^a$gd)>J$ & F3dd[$\$^a$gd)>J "246XZ^`prt Z\`brŮŗŀi-jhyThyT5OJQJU\^J-jjhyThyT5OJQJU\^J-jAhyThyT5OJQJU\^J-jhyThyT5OJQJU\^JhyTh)>J5OJQJ\^J'jhyTh)>J5OJQJU\^J+hyTh)>J0J5B*OJQJ\^Jph!rtv.02FHJL<ԾԮԮԾԮԮԾԮԮiԾԮXKhyTh)>JOJQJ^J!j`hyTh)>JOJQJU^J-j7hyThyT5OJQJU\^J-jhyThyT5OJQJU\^J-jhyThyT5OJQJU\^JhyTh)>J5OJQJ\^J+hyTh)>J0J5B*OJQJ\^Jph'jhyTh)>J5OJQJU\^J-jhyThyT5OJQJU\^J<rvxz            T f  \ n L T J p n z 4 l :     , D   F" N" % % @' d' T( ^( ; *; 0; X; @ @ HE VE lE ~E G ˻UhyTh)>J5OJQJ\^J hyTh)>J!jhyTh)>JOJQJU^JhyTh)>JOJQJ^JhyTh)>J6OJQJ]^JIL^d       T \ L J n  4 gd)>Jgd)>J$a$gd)>J$a$gd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psy05/000/gold.gif" \* MERGEFORMATINET  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy05\\txt01.htm" 0=OB85 I INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy05/000/gold.gif" \* MERGEFORMATINET  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy05\\txt02.htm" 0=OB85 II INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy05/000/gold.gif" \* MERGEFORMATINET  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy05\\txt03.htm" 0=OB85 III INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy05/000/gold.gif" \* MERGEFORMATINET  HYPERLINK "file:///C:\\WINDOWS\\ 01>G89%20AB>;\\!\\:=838%204;O%2048A:0\\181\\A8E>A8=B57%20B5>@8O%208%20?@0:B8:0\\psy05\\txt04.htm" 0=OB85 IV INCLUDEPICTURE "../181/A8E>A8=B57%20B5>@8O%208%20?@0:B8:0/psy05/000/gold.gif" \* MERGEFORMATINET   ) ! (! =0H59 AB>@>=K ?@8ACBAB2CNB 52 CG0AB=8:0, 2 >A=>2=>< ?A8E>B5@0?52BK 8 ?A8E>;>38-:>=AC;LB0=BK; A 0<5@8:0=A:>9 AB>@>=K  A?5F80;8ABK ?> ?A8E>A8=B57C >;;8 @0C=, 59;0= 0A:28=, ;5@ >A:8=, M@>; %2>I8=A:8.) ;5@  K =0G=5< ?5@2CN 2AB@5GC A C?@06=5=8O, :>B>@>5 ?><>65B =0< A>A@54>B>G8BLAO 4;O @01>BK =0 A5<8=0@5. > ?@5645 G5< ?@8ABC?8BL : C?@06=5=8N, <=5 E>B5;>AL 1K A:070BL =5A:>;L:> A;>2 > B><, G5< <K 1C45< 70=8<0BLAO MB8< CB@><. >A;5 C?@06=5=8O <K @0AA:065<, G5<C <K A>18@05<AO 20A CG8BL, 0 70B5< ?>7=0:><8< A >1I8<8 ?@028;0<8, =5>1E>48<K<8 4;O B>3>, GB>1K A>740BL 2 3@C??5 1;03>?@8OB=CN >1AB0=>2:C 4;O >1CG5=8O.  =0:>=5F, ?@>2545< :>@>B:>5 70:;NG8B5;L=>5 C?@06=5=85. B0:, =0G8=05<. A;8 E>B8B5, <>65B5 70:@KBL 3;070; =>38 ?>AB02LB5 B0:, GB>1K 20H5 B5;> 70=O;> C4>1=>5 C@02=>25H5==>5 ?>;>65=85 A ?@O<>9 A?8=>9.  B5?5@L >1@0B8B5 2=8<0=85 =0 @8B< A2>53> 4KE0=8O. 5 =C6=> <5=OBL @8B<, ?@>AB> A>7=0209B5 53>. (15)* 5;0O 24>E, >A>7=09B5, ?> 2>7<>6=>AB8, 2A5 D878G5A:85 >ICI5=8O, :>B>@K5 2>7=8:0NB 2 B5;5 2> 2@5<O 24>E0, ?>4J5<0 3@C4=>9 :;5B:8. @>AB> A>7=0209B5 D878G5A:85 >ICI5=8O 2 B5;5 2> 2@5<O 24>E0. (10) !>7=0209B5 8 B5 D878G5A:85 >ICI5=8O, :>B>@K5 2>7=8:0NB 2 B5;5 2> 2@5<O 2K4>E0, >?CA:0=8O 3@C4=>9 :;5B:8. (15). *  A:>1:0E C:07K205BAO ?@81;878B5;L=> ?@>4>;68B5;L=>ABL ?0C7K 2 A5:C=40E.  @8<. @54. > 2@5<O 2K4>E0 >1@0B8B5 2=8<0=85 =0 B>, <>65B5 ;8 2K >A2>1>48BLAO >B CA8;89, :>B>@K5 ?@8H;>AL ?@8;>68BL, GB>1K 4>1@0BLAO AN40. (10) ">;G5O 2 <5B@>... @073>2>@K ?5@54 =0G0;>< 70=OB8O... @>AB> A<>B@8B5, <>65B5 ;8 2K >B?CAB8BL 2A5 MB>. (5) K4>E=8B5 2A5 MB>. (20)  B5?5@L >B?@02;O9B5AL =0704 2> 2@5<5=8 8 2A?><=8B5, :>340 2K 2?5@2K5 CA;KH0;8 >1 MB>< A5<8=0@5. A?><=8B5, :0:85 <KA;8 8 GC2AB20 2K720;0 C 20A 2>7<>6=>ABL CG0AB8O 2 MB>< A5<8=0@5.  >A>7=09B5 F5;L, F5;L 20H53> CG0AB8O 2 MB>< A5<8=0@5. (5) >2B>@8B5 A515 5I5 @07 F5;L 20H53> 745AL ?@8ACBAB28O. (20)  B5?5@L, 5A;8 E>B8B5, A?@>A8B5 A51O: GB> 2 20H5< ?>2545=88 8 >B=>H5=88 1C45B A?>A>1AB2>20BL 4>AB865=8N F5;8 20H53> CG0AB8O 2 MB>< A5<8=0@5? (25)  GB> 2 20H5< ?>2545=88 8 >B=>H5=88 1C45B ?@5?OBAB2>20BL 4>AB865=8N MB>9 F5;8? (25) >?@>1C9B5 C7=0BL B0:65, GB> 2 20H5< ?>2545=88 8 >B=>H5=88 C65 A?>A>1AB2C5B 20H5<C CG0AB8N 2 MB>< A5<8=0@5. (10) >7<>6=>, GB>-B> 2 20H5< ?>2545=88 8 >B=>H5=88 C65 ?@5?OBAB2C5B 4>AB865=8N F5;8 20H53> CG0AB8O 2 MB>< A5<8=0@5? (10) >42548B5 :@0B:89 8B>3 ?>;CG5==>9 8=D>@<0F88. (10)  B5?5@L >?OBL A>?@8:>A=8B5AL A @8B<>< A2>53> 4KE0=8O. (15)  5A;8 2K GC2AB2C5B5, GB> 3>B>2K, =0G8=09B5 2KE>48BL 87 MB>3> A>AB>O=8O 2=CB@5==59 ?>3@C65==>AB8 8 >B:@>9B5 3;070. (15) A;8 E>B8B5, <>65B5 A45;0BL :@0B:85 70<5B:8 >1 >?KB5, ?>;CG5==>< 2> 2@5<O C?@06=5=8O. (0C70) M@>;   B5?5@L O ?>?@>HC 20A, =5 ?>:840O <5AB, @0718BLAO =0 3@C??K ?> B@8 G5;>25:0. 0;L=59H0O @01>B0 1C45B ?@>2>48BLAO 2 42CE =0?@02;5=8OE. >-?5@2KE, 2K 4>;6=K C<5BL >B25G0BL =0 7040205<K5 20< 2>?@>AK; 2>-2B>@KE, ?>:0 >48= 87 ?0@B=5@>2 >B25G05B, 4@C385 420 4>;6=K C<5BL >G5=L 2=8<0B5;L=> 53> A;CH0BL,  B0:, GB>1K ?>A;54CNI85 2>?@>AK : =5<C AB0=>28;8AL =5 ?@>AB> B@51>20=85< >BG5B0 ?5@54 3@C??>9, => 8<5==> ?@54>AB02;5=85< G5;>25:C 2>7<>6=>AB8 @0AA:070BL > B><, GB> 5<C O28;>AL 2 MB>< C?@06=5=88. "0:0O 2>7<>6=>ABL ?@54>AB02;O5BAO ?> >G5@548 :064><C 87 G;5=>2 3@C??K. 064><C 405BAO ?> B@8 <8=CBK, B0: GB> 2A5 C?@06=5=85 709<5B C =0A >:>;> 45AOB8 <8=CB. B0:, @0AA:068B5 4@C3 4@C3C > B><, GB> ?>1C48;> 20A ?@8=OBL CG0AB85 2 MB>< A5<8=0@5, :0:>20 F5;L 20H53> 745AL ?@8ACBAB28O; @0AA:068B5, GB> 2K ?@54?@8=O;8 4;O B>3>, GB>1K ?@81;878BL MBC F5;L,  =0?@8<5@, ?@5>4>;5;8 1>;LH>5 @0AAB>O=85 =0 A0<>;5B5, >B?@>A8;8AL C =0G0;L=8:0, CB@OA;8 3@0D8: ?@85<0 :;85=B>2. 0AA:068B5 B0:65, GB> ?@5?OBAB2C5B 4>AB865=8N 20H59 F5;8, GB> <5H05B ?>;=>ABLN ?>3@C78BLAO 2 @01>BC A5<8=0@0. >7<>6=>, MB> :0:0O-B> =57025@H5==0O @01>B0, 2>7<>6=>, 2K GB>-B> 701K;8 4><0 8 :0:0O-B> 20H0 G0ABL 2A5 5I5 =0E>48BAO B0<, 0 =5 745AL. >=OB=>? %>@>H>, B>340 ?@8ABC?8<. (K?>;=O5BAO C?@06=5=85) M@>;  / @040, GB> 2K ?@8=O;8 B0:>5 0:B82=>5 CG0AB85 2 >1AC645=88. "5?5@L O E>B5;0 1K CA;KH0BL, :0:0O G0ABL MB>3> C?@06=5=8O 1K;0 4;O 20A, 2>7<>6=>, 1>;55 ?@82KG=>9. / 8<5N 2 284C =5 AB>;L:> A>45@60=85 ?>;CG5==>9 20<8 8=D>@<0F88, A:>;L:> A0< ?@>F5AA 55 ?>;CG5=8O. 0?><=N, GB> <K ?@>A8;8 20A 2>9B8 2>2=CB@L, GB>1K 7040BL 2>?@>A 8 ?>;CG8BL >B25B, 0 70B5< 2K9B8 2> 2=5, GB>1K ?>45;8BLAO A 4@C38<8 ?>;CG5==K< >?KB><, B> 5ABL, GB>1K @0AA:070BL 8<, GB> 2K C7=0;8, 8 CA;KH0BL, GB> C7=0;8 >=8; 8=K<8 A;>20<8, GB>1K >B40BL 8 ?@8=OBL. "0: GB> =0< E>B5;>AL 1K, GB>1K G5;>25:0 G5BK@5 @0AA:070;8 =0<, :0: MB> ?@>8AE>48;> C =8E 2 3@C??0E, 0 B0:65 :0:>20 F5;L 8E CG0AB8O 2 =0AB>OI5< A5<8=0@5 8 GB> >=8 ?@54?@8=O;8 4;O 55 4>AB865=8O. >65B ;8 :B>-;81> ?>45;8BLAO A =0<8? (0:A8<* @0AA:07K205B, GB> >=, 1C4CG8 @C:>2>48B5;5< ">4=>9 <0;5=L:>9 D8@<K", ?@85E0; AN40 8740;5:0, 1@>A82 2A5 45;0. <5AB5 A B5< >= 4> A8E ?>@ =5 <>65B >B@5H8BLAO >B =8E, 8 MB> >G5=L 5<C <5H05B). * <5=0 CG0AB=8:>2 87<5=5=K.  @8<. @54. M@>;  0H @0AA:07 <>65B A;C68BL 8;;NAB@0F859 B5E B@C4=>AB59, A :>B>@K<8 AB0;:8205BAO ;N1>5 ;8F>, 70=8<0NI55 >B25BAB25==K9 ?>AB: B0:><C G5;>25:C >G5=L B@C4=> 87<5=8BL =0?@02;5=85 A2>53> 2=8<0=8O, A>A@54>B>G5==>3> =0 @07@5H5=88 206=KE ?@>1;5<. >;;8  A;8 O ?@028;L=> 20A ?>=O;0, C 20A =0:>=5F-B> ?>O28;0AL 2>7<>6=>ABL 273;O=CBL =0 A51O A0<>3>, 0 =5 4C<0BL 2A5 2@5<O > G5<-B> 4@C3><. 0:A8<  0, MB> B0:. >;;8  =0G8B, 2K ?>?0;8 :0: @07 BC40, :C40 =C6=>. M@>;  @><5 B>3>, 20H A;CG09 <>65B A;C68BL ?@8<5@>< B5E B@C4=>AB59, A :>B>@K<8 2A5 <K =5@54:> AB0;:8205<AO, ?KB0OAL GB>-B> 45;0BL: <K >1=0@C68205<, GB> =5A<>B@O =0 B>, GB> <K E>B8< 45;0BL MB>, :0:0O-B> =0H0 G0ABL =5 E>G5B MB>3>. (5A?>@O4>G=0O 48A:CAA8O CG0AB=8:>2, 65;0NI8E 40BL 2KABC?02H5<C ">1@0B=CN A2O7L" 8 =5 65;0NI8E A;CH0BL 4@C3 4@C30; 70B5< <564C CG0AB=8:0<8 A5<8=0@0 @073>@05BAO :C;LBC@>;>38G5A:0O 48A:CAA8O > "=0H5<" 8 0<5@8:0=A:>< ?>4E>45 : ?A8E>B5@0?88; > ?@8ACBAB2CNI8E 0<5@8:0=F0E 701K;8.) M@>;  A5 MB> >G5=L 8=B5@5A=>; => O 5I5 @07 ?@87K20N 20A =01;N40BL 70 AB8;5< B>3>, GB> 745AL ?@>8AE>48B. K A>18@05<AO =5 ?@>AB> @0AA:070BL 20< > ?A8E>A8=B575, => ?>:070BL ?A8E>A8=B57 2 459AB288,  ?>:070BL, :0: @01>B05B MB>B <5B>4, >A=>20==K9 =0 @0728B88 A?>A>1=>AB8 A>7=020BL A51O 8 4@C38E ;N459 A>25@H5==> =5?@54C15645==>, 2=5 :0:8E-;81> 0?@8>@=KE 70:;NG5=89 8 ?@5420@8B5;L=KE 2K2>4>2. K ?>?KB05<AO 40BL 20< >?KB B0:>3> A>7=020=8O 8 ?>:070BL, :0: 2K A<>65B5 40BL B0:>9 >?KB 4@C38< ;N4O<. >MB><C MB> 1C45B =5 B>;L:> ?CB5H5AB285< 23;C1L A51O: 2K >1@5B5B5 =5 B>;L:> ;8G=K9, => 8 ?@>D5AA8>=0;L=K9 >?KB. 0: 2K <>3;8 70<5B8BL, 2K?>;=5==>5 20<8 C?@06=5=85 B>65 >A=>20=> =0 ?@54AB02;5==>9 <=>N <>45;8 8 =0?@02;5=> =0 @0728B85 2>A?@88<G82>AB8 : A515 8 : 4@C38< ;N4O<. 8G53> =>2>3> 2 MB>< =5B,  MB> B>, GB> 2A5 <K 8A?>;L7C5< 2 A2>59 :064>4=52=>9 @01>B5. > <K ?>;0305<, GB> C:070==0O A?>A>1=>ABL,  A?>A>1=>ABL : A>7=020=8N B>3>, GB> 5ABL,  4>;6=0 A>25@H5=AB2>20BLAO ?>AB>O==>. 0 MB>, 2 ACI=>AB8, 8 =0F5;5= ?A8E>A8=B57. ;5@  / 1K E>B5;0 :>5-GB> 4>1028BL. / 8 <>8 :>;;538 >G5=L F5=8< OA=>ABL 20H8E 2KA:07K20=89 > B><, :0:85 <564C =0<8 ACI5AB2CNB @07;8G8O.  O ?>;030N, GB> <K ?@85E0;8 =5 4;O B>3> B>;L:>, GB>1K CG8BL, => 8 4;O B>3>, GB>1K CG8BLAO,  G5< ;CGH5 <K ?>9<5<, GB> 4;O 20A 206=> 8 F5==>, B5< ;CGH5, 2>7<>6=>, <K A<>65< >1JOA=8BL 20<, GB> 206=> 8 F5==> 4;O =0A.  5I5. 4=0 87 ?@8G8=, ?> :>B>@>9 2 >A=>2C ?@8>1@5B5=8O ?@>D5AA8>=0;L=>3> >?KB0 @01>BK A ;N4L<8 <K :;045< ;8G=K9 >?KB @01>BK A A>1>9, A>AB>8B 2 A;54CNI5<: ?@83;0H0O ;N459 2K?>;=8BL :0:>5-;81> C?@06=5=85, <K 4>;6=K 7=0BL, GB> >=8 8A?KBK20NB, 2K?>;=OO MB> C?@06=5=85. >MB><C O AG8B0N,  8, =045NAL, <>8 :>;;538 @0745;ONB <>N B>G:C 7@5=8O,  GB> =08;CGH0O ;01>@0B>@8O 4;O >A2>5=8O =>2KE <5B>48:  MB> <K A0<8. 0AO  / E>B5; B>;L:> CB>G=8BL, GB> C:07K20O =0 B>, GB> 2K 42865B5AL ">B A51O : 4@C38<", 0 <K  ">B 4@C38E : A515", O =5 01A>;NB878@CN =0H53> @07;8G8O, 0 ?@>AB> :>=AB0B8@CN =0;8G=CN A8BC0F8N. $54O  45AL 5ABL @07=K5 ;N48.  :>340 :B>-B> 87 ?@8ACBAB2CNI8E 3>2>@8B > "=0A", >= 2KA:07K205B A2>N ;8G=CN B>G:C 7@5=8O. "CB 2A5 "O". %>BO =5:>B>@K5 AG8B0NB, GB> 745AL "<K". 0@8=0  725AB=>, GB> >465@A, :>B>@K9 4>;3> =5 E>B5; 5E0BL 2 !>N7, G5@57 40 <8=CB ?>A;5 =0G0;0 B@5=8=30 2 >A:25 A:070;, GB> "2K B0:85 65, :0: 8 <K". (!<5E, 0?;>48A<5=BK) M@>;  06=>ABL ?>4=8<05<KE 745AL ?@>1;5< =5A><=5==0, => B5?5@L =0< =C6=> ?5@59B8 : A;54CNI5<C 2>?@>AC. 59;0=  / 1K E>B5; ?>?@>A8BL C 20A =5A:>;L:> <8=CB, GB>1K 40BL =51>;LH>9 >17>@ M2>;NF88 ?A8E>B5@0?88. -B> >G5=L 206=> 4;O B>3>, GB>1K 2845BL :0@B8=C 2 F5;>< 8 B> <5AB>, :>B>@>5 70=8<05B 2 =59 ?A8E>A8=B57.  ACI=>AB8, :0: 2K ?>=8<05B5, O4@>< 1>;LH8=AB20 B5>@5B8G5A:8E <>45;59 ?A8E>B5@0?88  ?A8E>0=0;8B8G5A:8E, 18E528>@8ABA:8E, 3C<0=8AB8G5A:8E 8 B@0=A?5@A>=0;L=KE  O2;O5BAO ?@>1;5<0 AB@040=8O. / =5 1C4C C3;C1;OBLAO 2 MB>B 2>?@>A, 0 ?@>AB> 40< :>@>B:CN 8AB>@8N @0728B8O B5>@5B8G5A:8E ?>4E>4>2 : AB@040=8N. 0: 8725AB=>, $@594 CA<0B@820; ?@8G8=C AB@040=8O 2 ?>402;5=88 ?>4A>7=0B5;L=KE 8<?C;LA>2 G5;>25G5A:>3> 5AB5AB20; >= 70;>68; DC=40<5=B ?A8E>B5@0?88, :>B>@K9 A>E@0=O5B A2>N 7=0G8<>ABL 8 ?>=K=5. 0?@>B82, 18E528>@8ABK AG8B0;8, GB> ?@8G8=0 AB@040=8O :>@5=8BAO ?@5645 2A53> 2 @57C;LB0B0E =5?@028;L=>3> ?>2545=8O G5;>25:0. > 70B5< 2 B5>@5B8G5A:8E @54AB02;5=8OE ?@>87>H;0 A<5=0 ?0@0483<K, 8 ?A8E>;>38 3C<0=8AB8G5A:>9 >@85=B0F88 ?@8ABC?8;8 : 87CG5=8N B>3>, GB> 7=0G8B 1KBL 74>@>2K<; ?@8 MB>< <>AB <564C "74>@>2K<" ?A8E>B5@0?52B>< 8 "1>;L=K<" ?0F85=B>< AB0; 8AG570BL, ?>A:>;L:C 3C<0=8AB8G5A:0O ?A8E>B5@0?8O 1K;0 @0AAG8B0=0 C65 =5 =0 ?@82545=85 : =>@<5, 0 =0 @0AH8@5=85 2>7<>6=>AB59, 8 2845;0 2 ?0F85=B5 =5 1>;L=>3>, CI5@1=>3> G5;>25:0, 0 G5;>25:0, :>B>@K9 =C6405BAO 2 @0A:@KB88 A2>53> 2=CB@5==53> ?>B5=F80;0.  BCB =0G8=05BAO ?A8E>A8=B57. >4>=0G0;L=8: ?A8E>A8=B570, 8B0;LO=A:89 ?A8E80B@ >15@B> AA046>;8, 1K; >4=8< 87 ?5@2KE CG5=8:>2 $@5940. 0:>5-B> 2@5<O $@594 4065 2845; 2 AA046>;8 >4=>3> 87 >A=>2=KE A2>8E ?@55<=8:>2. >, :0: 8 C .=30, C AA046>;8 2>7=8:;8 @07=>3;0A8O A $@594><. 0: 8 .=3, AA046>;8 ?>;030;, GB> G5;>25: ?@54AB02;O5B A>1>9 =5GB> 1>;LH55, =565;8 0@5=C 45OB5;L=>AB8 ?>4A>7=0B5;L=KE A8;, 8 GB> =07=0G5=85 ?A8E>B5@0?88 =5 8AG5@?K205BAO 87102;5=85< G5;>25:0 >B AB@040=89, ?>@>6405<KE =52@>70<8. "0:, ?> <=5=8N $@5940, 87;5G5=85 =0ABC?05B B>340, :>340 G5;>25: 2K@010BK205B :@5?:>5 M3>, A?>A>1=>5 >1E>48BLAO 157 =52@>B8G5A:>3> ?>402;5=8O. > ?A8E>B5@0?52BK B@0=A?5@A>=0;L=>9 >@85=B0F88 ?>;030NB, GB> :@5?:>5 M3> 2 A2>N >G5@54L O2;O5BAO 8AB>G=8:>< AB@040=8O; ?CBL : 87102;5=8N >B AB@040=89 >=8 CA<0B@820NB 2 ?@5>4>;5=88 ;8G=>9 >1>A>1;5==>AB8 G5;>25:0. >6=> A:070BL, GB> $@594 40; =0G0;> 8AA;54>20=8O< ?@54;8G=>3> 15AA>7=0B5;L=>3>, 5@;7, >465@A, 84 8 4@C385 ?@54AB028B5;8 3C<0=8AB8G5A:>3> =0?@02;5=8O  8AA;54>20=8O< ;8G=>3> 15AA>7=0B5;L=>3>, 0 AA046>;8  =04;8G=>3> 15AA>7=0B5;L=>3>. !>1AB25==> 3>2>@O, ?A8E>A8=B57 @01>B05B :0: A ?@54;8G=K<, B0: 8 A ;8G=K< 87<5@5=85< G5;>25:0, => =5 >3@0=8G8205BAO 8<8, ?>;030O ?@5>4>;5=85 ;8G=>9 >1>A>1;5==>AB8 459AB25==K< A@54AB2>< 87102;5=8O >B AB@040=89 8 8;;N789, ><@0G0NI8E =0H8 >B=>H5=8O A A0<8<8 A>1>9, A =0H59 A5<L59, >@30=870F859, AB@0=>9, ?;0=5B>9 8 <8@>< 2 F5;><. # <5=O 2A5; =045NAL, O =5 >G5=L 20A CB><8;. >;;8  >E>65, GB> =0@>4 A>7@5; 4;O =51>;LH>3> ?5@5@K20. > O ?>?@>A8;0 1K 20A ?>B5@?5BL 5I5 =5A:>;L:> <8=CB. 0< >AB0;>AL A45;0BL 425 25I8. !?5@20 O 87;>6C 20< 2:@0BF5 B>, GB> <K =07K205< ">A=>2=K<8 ?@028;0<8". >B>< 59;0= ?@>2545B :>@>B:>5 70:;NG8B5;L=>5 C?@06=5=85, 0 ?>A;5 ?5@5@K20 <K ?@>4>;68< @01>BC 2 42CE @0745;L=KE 3@C??0E. B0:, ACI5AB2C5B 420 >1I8E ?@8=F8?0, =0 :>B>@KE >A=>20=0 =0H0 @01>B0, 8 <K =0455<AO, GB> 2K 8E ?@8<5B5. >-?5@2KE, MB> A>740=85 157>?0A=>9 A@54K,  <K 3>2>@8< 4065 > A>740=88 A2>53> @>40 "A2OI5==>3> ?@>AB@0=AB20", 2 :>B>@>< :064K9 87 CG0AB=8:>2 <>3 1K A?>:>9=> 3>2>@8BL > ;N1KE A2>8E GC2AB20E 8 ?5@56820=8OE, =5 >?0A0OAL >B@8F0B5;L=>9 >1@0B=>9 A2O78. ;O 4>AB865=8O MB>9 F5;8 <K ?@845@68205<AO =5A:>;L:8E >A=>2=KE ?@028;. 5@2>5 ?@028;>  :>=D845=F80;L=>ABL. >340 G5;>25: 45;8BAO A =0<8 A2>8< ;8G=K<, >= 4>;65= 1KBL C25@5=, GB> MB> =5 2K945B 70 ?@545;K 3@C??K. 07C<55BAO, 70 ?@545;0<8 3@C??K <K <>65< 3>2>@8BL 8 >1 C?@06=5=8OE 2 F5;><, 8 > A2>5< ;8G=>< >?KB5. > <K =5 4>;6=K 3>2>@8BL: ">A;CH09B5, :0:CN 8=B5@5A=CN 25IL @0AA:070; =0< >;>4O >1 >B=>H5=8OE A> A2>59 65=>9". B>@>5 ?@028;> 70:;NG05BAO 2 B><, GB> 2 3@C??5 =5 4>;6=> 1KBL ?>AB>@>==8E ;8F. 064K9 CG0AB=8: 4>;65= 1KBL C25@5=, GB> =8:B> =5 2>945B 8 =5 ?@8AO45B =5<=>6:> ?>=01;N40BL 70 B5<, GB> BCB ?@>8AE>48B.  3@C??5 =5 4>;6=> 1KBL AB>@>==8E =01;N40B5;59. 07C<55BAO, 745AL <>3CB ?@8ACBAB2>20BL B5E=8G5A:85 @01>B=8:8, 254CI85 2845>- 8 <03=8B>70?8AL. > :064K9 87 G;5=>2 3@C??K 8<55B ?@02> 2 ;N1>9 <><5=B ?>?@>A8BL 8E ?@8>AB0=>28BL 70?8AL "@5BL5 ?@028;> 70:;NG05BAO 2 CB25@645=88 C2068B5;L=>3> >B=>H5=8O : ?5@56820=8O< 4@C38E ;N459. >340 >48= G5;>25: 3>2>@8B > A2>8E GC2AB20E, 4@C3>9 =5 4>;65= 2<5H820BLAO 8 3>2>@8BL: ", MB> 1>;57=5==K9 A8<?B><" 8;8 ""K =5 4>;65= MB>3> GC2AB2>20BL". 0?@5I05BAO B0:65 4020BL A>25BK. K 1C45< 1>@>BLAO 70 CB25@645=85 MB>3> ?@028;0, ?>B><C GB> 1>;LH8=AB2> ;N459, : G8A;C :>B>@KE >B=>HCAL 8 O, 8<5NB ?;>ECN ?@82KG:C 4020BL A>25BK 4@C38< ;8F0<, :>340 B5 >1 MB>< =5 ?@>AOB, 8 B>;:>20BL 8E ?5@56820=8O. A;8 MB> ?@>8AE>48B A;8H:>< G0AB>, B> 1;>:8@C5B >1<5= >?KB><. !;54CNI85 420 ?@028;0 >B=>AOBAO ?@58<CI5AB25==> : D878G5A:8< ?0@0<5B@0< =0H59 @01>BK. / 4C<0N, 2A5 A>3;0AOBAO A B5<, GB> 2> 2@5<O 70=OB89 =5;L7O :C@8BL. > O E>B5;0 1K ?>?@>A8BL 20A B0:65 =5 :C@8BL 2 ?><5I5=88 8 2> 2@5<O ?5@5@K20. A;8 20< 70E>G5BAO ?5@5:C@8BL  A45;09B5 MB> 2 4@C3>< <5AB5.  =0:>=5F ?>A;54=55 ?@028;> 70:;NG05BAO 2 B@51>20=88 ?C=:BC0;L=>3> A>1;N45=8O =0G0;0 8 :>=F0 70=OB89. K ?>=8<05<, GB> MB> =5 2A5340 2>7<>6=>, => <K =5?@5<5==> 4>;6=K AB@5<8BLAO : MB><C. "0:>2K >A=>2=K5 ?@028;0, ?@8720==K5 >15A?5G8BL ?@8=F8? 157>?0A=>9 A@54K. B>@>9 >1I89 ?@8=F8? =0H59 @01>BK A>AB>8B 2 A;54CNI5<: <K 87CG05< B5>@8N 8 ?@0:B8:C ?A8E>A8=B570 ?@5645 2A53> A F5;LN A0<>@0728B8O. , B0:8< >1@07><, <K ?@54?>;0305< 459AB28B5;L=CN 8 0:B82=CN 2>2;5G5==>ABL 2 CG51=K9 ?@>F5AA 2A5E CG0AB=8:>2 A5<8=0@0. @8=8<05B5 ;8 2K MB8 ?@8=F8?K 8 A>3;0A=K ;8 2K?>;=OBL >A=>2=K5 ?@028;0? %>@>H>, B>340 A;>2> 59;0=C. 59;0=   B5?5@L <K 2K?>;=8< >4=> =51>;LH>5 C?@06=5=85, =07K205<>5 "C?@06=5=85< 2 ?@8ACBAB288". -B> C?@06=5=85 83@05B 25AL<0 ACI5AB25==CN @>;L 2 ?@0:B8:5 ?A8E>A8=B570, ?@54AB02;OO A>1>9 =5?>A@54AB25==CN B@5=8@>2:C C<0,  C<0 2 H8@>:>< A<KA;5, 0 =5 8=B5;;5:BC0;L=KE A?>A>1=>AB59 G5;>25:0 :0: B0:>2KE. B0:, =0AB@>9B5AL, ?>60;C9AB0, =0 A5@L57=CN @01>BC.  MB>< C?@06=5=88 70459AB2>20=K B@8 M;5<5=B0: B5;>, <KA;8 8 4KE0=85. 'B> :0A05BAO B5;0, B> 745AL 3;02=>5  =5 ACBC;8BLAO. <5AB5 A B5<, ?>70 =5 4>;6=0 1KBL =0?@O65==>9. >;>65=85 @C: 7=0G5=8O =5 8<55B. ;070 <>6=> >?CAB8BL, =5 D>:CA8@CO 273;O4 =0 :0:><-B> >?@545;5==>< ?@54<5B5. >?@>HC 20A A45;0BL MB>. (15) B0:, 20H5 B5;> =5?>4286=> 8 @0AA;01;5=>. (5)  2=8<0=85 20H5 >1@0I5=> : 2K4>EC. ! 2K4>E>< 4KE0=85 A?>:>9=> 8AE>48B 87 20A, 8 2K <O3:> ?@8A>548=O5B5AL : 53> 42865=8N. 5 15A?>:>9B5AL > 24>E5, >= ?>15A?>:>8BAO > A515 A0<. KE0=85 2KE>48B... 8 @0AB2>@O5BAO. @>AB> ?@8ACBAB2C9B5 ?@8 MB><. (10) 07;8G=K5 <KA;8 2E>4OB 2 20H5 A>7=0=85.  40==>< C?@06=5=88 =5 8<55B 7=0G5=8O, :0:85 MB> <KA;8. @8OB=K5 <KA;8, =5?@8OB=K5 <KA;8,  2A5 MB> =5 1>;55 G5< <KA;8. 0<5B82 <KA;L, =5 AC48B5 55, => <O3:> 2>72@0B8B5 2=8<0=85 : 2K4>EC.  MB>< 8 A>AB>8B C?@06=5=85. (20) KE0=85 2KE>48B, @0AB2>@O5BAO. @>AB> ?@8ACBAB2C9B5 ?@8 MB><. (30) A;8 2K >A>7=0;8 72C:8, :>B>@K5 4>=>AOBAO 87 A>A54=59 :><=0BK, >AB02LB5 8E 4>=>A8BLAO. KE0=85 2KE>48B, @0AB2>@O5BAO. @>AB> ?@8ACBAB2C9B5 ?@8 MB><. (60) A;8 C 20A 2>7=8:;8 :@8B8G5A:85 <KA;8 >1 MB>< C?@06=5=88 8;8 <KA;8 > B><, ?@028;L=> ;8 2K 53> 2K?>;=O5B5, >A>7=09B5, GB> MB> <KA;8, 8 2>72@0B8B5 2=8<0=85 : 2K4>EC. (90) <5AB> B>3>, GB>1K 1>@>BLAO A <KA;O<8 8;8 AC48BL A51O 70 B>, GB> 2K 4C<05B5, ?@>AB> >A>7=09B5 MB8 <KA;8... 8 2>72@0B8B5 2=8<0=85 : 2K4>EC. (90)  B5?5@L <54;5==> 8 =5 A?5H0 2>72@0B8B5AL 2 MBC :><=0BC. (20) / @5:><5=4>20; 1K 20< 2K?>;=OBL MB> C?@06=5=85 :064K9 45=L ?> 20 <8=CB. C<0N, 2 B5G5=85 4=O 2K <>3;8 1K =09B8 B0:>5 <5AB>, 345 1K 20< 20 <8=CB =8:B> =5 <5H0;,  =8 45B8, =8 B5;5287>@. %>GC >A>1> ?>4G5@:=CBL, GB> MB> >G5=L ?>;57=>5 C?@06=5=85. (@>8AE>48B @0745;5=85 =0 2 3@C??K ?> 26 G5;>25:)   /" 54CI85: ;5@ >A:8= (8==5A>B0) 8 M@>; %2>I8=A:8 (0;8D>@=8O). M@>;  B0:, <K 2KOA=8;8, GB> C =0A <=>3> >1I53>, => 5ABL =5:>B>@K5 @07;8G8O. / =5 4C<0N, GB> MB8 @07;8G8O =>AOB :C;LBC@=K9 E0@0:B5@, B0: :0: ?>4>1=K5 @07;8G8O ACI5AB2CNB 8 2 =0H59 AB@0=5. # =0A 5ABL @07=K5 3@C??K ?A8E>;>3>2, @07=K5 ?A8E>;>38G5A:85 H:>;K. @85=B0F8O =0 A>459AB285 @0728B8N :;85=B0 (<K ?@54?>G8B05< MB>B B5@<8= B5@<8=C "?0F85=B"), 0 =5 =0 1>@L1C A 53> @0AAB@>9AB2><, E0@0:B5@=0 ;8HL 4;O 3C<0=8AB8G5A:>9 8 B@0=A?5@A>=0;L=>9 ?A8E>;>388. ;O <=>38E 0<5@8:0=A:8E ?A8E>;>3>2 B@C4=> >A>7=0BL ?@>D5AA8>=0;L=>5 7=0G5=85 A2>53> ;8G=>3> @>AB0, @02=> :0: 8 B5@0?52B8G5A:>5 7=0G5=85 ;8G=>3> @>AB0 ?0F85=B0. !CBL 65 A>AB>8B 2 B><, GB> G5;>25:, >@85=B8@>20==K9 =0 @0728B85, 2A5 2@5<O ?@>4>;605B AB0=>28BLAO B5<, :5< >= <>65B AB0BL. = >A208205B 2A5 =>2K5 C@>2=8 ?@8A?>A>1;5=8O : >:@C60NI59 A@545. ">G=> B0: 65 8 <K, 1C4CG8 ?A8E>B5@0?52B0<8, 2A5 2@5<O ?@>4>;605< AB0=>28BLAO ?A8E>B5@0?52B0<8. "0:8< >1@07><, B5@0?52B-?A8E>A8=B5B8: >@85=B8@>20= =0 A0<>@0728B85 8 A>459AB285 @0728B8N 4@C38E ;N459; ?0B>?A8E>;>38G5A:0O ?@>1;5<0B8:0 ?@8 MB>< >:07K205BAO ;8HL G0ABLN =5:>53> :>=B8=CC<0. A8E8G5A:0O ?0B>;>38O 5ABL AC65=85 A?5:B@0 2>7<>6=KE @50:F89 =0 A@54C.  @01>B0E =5:>B>@KE 1@8B0=A:8E ?A8E80B@>2, =0?@8<5@, H87>D@5=8O @0AA<0B@8205BAO :0: 2?>;=5 =>@<0;L=0O @50:F8O =0 157C<=K9 <8@: ?@>1;5<0 A>AB>8B =5 2 B><, GB> G5;>25: @5038@C5B B0:, 0 2 B><, GB> >= =5 <>65B 8=0G5. K, :0: ?A8E>B5@0?52BK, ?@>4>;605< >A2>5=85 :>=B8=CC<0 G5;>25G5A:8E 2>7<>6=>AB59, ?@>4>;605< 2=CB@5==NN @01>BC =04 A>1>9 A B5<, GB>1K 1KBL 2 A>AB>O=88 ?>45;8BLAO >?KB>< B0:>9 @01>BK A 4@C38<8 ;N4L<8. ;5@  / E>B5;0 1K A:070BL 5I5 >1 >4=><. 0: >B<5B8; 59;0=, D@5948ABK 8 18E528>@8ABK A>A@54>B>G820NBAO =0 CAB@0=5=88 >B@8F0B5;L=KE ?5@56820=89, =0 2KO2;5=88 8AB>G=8:0 AB@040=89 G5;>25:0. A8E>;>38 3C<0=8AB8G5A:>9 8 B@0=A?5@A>=0;L=>9 >@85=B0F88, : G8A;C :>B>@KE >B=>A8< A51O 8 <K, B0:65 =5@02=>4CH=K : MB8< ?@>1;5<0<.  ?>A;54=85 3>4K <K ?@845@68205<AO B>9 B>G:8 7@5=8O, GB> 2AO:>3> @>40 ?A8E>;>38G5A:85 @0AAB@>9AB20 >1CA;>2;5=K @07>1I5==>ABLN G5;>25:0 A ?>;>68B5;L=K<8 AB>@>=0<8 A2>53> ACI5AB20, 0 B0:65 53> =54>AB0B>G=>9 A?>A>1=>ABLN : A0<>?>7=0=8N 8 A0<>;5G5=8N,  B> 5ABL ;5G5=8N, 2 :>B>@>< =0A ;5G8B =5 2@0G 8;8 ?A8E>B5@0?52B, => A0< >?KB 2KO2;5=8O =0H53> A>1AB25==>3> 2=CB@5==53> 8AB>G=8:0 1;03>?>;CG8O, 0 B0:65 =0H53> A>1AB25==>3> 8AB>G=8:0 65;0=89 8 ?>B@51=>AB59.  >B;8G85 >B ?@54H5AB2CNI8E ?A8E>;>38G5A:8E H:>;, <K A>A@54>B>G8205<AO ?@5645 2A53> =0 B0:8E ?>;>68B5;L=KE AB>@>=0E G5;>25:0, :0: A?>A>1=>ABL 8A?KBK20BL @04>ABL, ;N1>?KBAB2>, ;N1>2L 8 B.?.,  <K AB@5<8<AO ?>;CG8BL 4>ABC? : MB8< :0G5AB20<, A>25@H5==> =5>1E>48<K< 4;O B>3>, GB>1K 8<5BL 45;> A =0H8< ;8G=K< AB@040=85<, AB@040=85< =0H53> >1I5AB20, =0H59 ?;0=5BK, =0H53> <8@0. 04=>, 0 B5?5@L 40209B5 ?5@5945< >B MB8E H8@>:8E 70O2;5=89 : B5< :>=:@5B=K< 45;0<, :>B>@K<8 =0< ?@54AB>8B 70=OBLAO 2 MB>9 :><=0B5. M@>;  ;O =0G0;0 E>@>H> 1K;> 1K ?>7=0:><8BLAO. 5@54:> ;N48 701K20NB, GB> >=8 ?@5645 2A53> ;N48, 8 C65 70B5< ?@>D5AA8>=0;K: 2 >B25B =0 2>?@>A ":B> 2K?", >=8 C:07K20NB <5AB> @01>BK, 4>;6=>ABL, 720=85. / E>B5;0 1K, GB>1K <K >B;>68;8 A2>8 ?@>D5AA8>=0;L=K5 <0A:8 ?A8E>B5@0?52B>2 8 ?@54AB028;8AL 2 1>;55 ;8G=>< ?;0=5. ;O C?@>I5=8O MB>9 7040G8 O ?@54;030N 2K?>;=8BL >4=> >G5=L :>@>B:>5 C?@06=5=85. => 709<5B 1C:20;L=> >4=C <8=CBC. -B> C?@06=5=85 >BG0AB8 1C45B =0?><8=0BL =01;N45=85 <KA;59 2 C?@06=5=88, :>B>@>5 ?@>2>48; 59;0=. / 7040< 20< 2>?@>A, 0 2K =01;N409B5 70 <KA;O<8, :>B>@K5 O2OBAO 20< 2 >B25B. >A<>B@8B5, A<>65B5 ;8 2K C;>28BL A0<K5 ?5@2K5 <KA;8,  4065 5A;8 <KA;8 MB8 ?>:06CBAO 20< 3;C?K<8 8 @51OG5A:8<8. B0:, AO4LB5 ?@O<>, @0AA;01LB5AL. (10) 'B> 70AB02;O5B 20H5 A5@4F5 ?5BL? 'B> A;C68B 4;O 20A =587<5==K< 8AB>G=8:>< @04>AB8? 'B> ?>72>;O5B 20< >ICB8BL A51O ?>-=0AB>OI5<C AG0AB;82K<? (15) "5?5@L <>65B5 70?8A0BL 2 A2>8E 1;>:=>B0E B> ?5@2>5, GB> 20< ?@8H;> 2 3>;>2C. (10)  B5?5@L <K E>B5;8 1K, GB>1K 2K ?> :@C3C =0720;8 A2>5 8<O (D0<8;8N =07K20BL =5 >1O70B5;L=>) 8 @0AA:070;8 2 >4=><  42CE ?@54;>65=8OE > B><, GB> 70AB02;O5B 20H5 A5@4F5 ?5BL. -B> >G5=L 206=>  C7=0BL G5;>25:0 A @07=KE AB>@>=, C7=0BL =5 B>;L:> > 53> AB@040=88, => 8 > 53> @04>AB8. / =0G=C A A51O. 5=O 7>2CB M@>;. 'B> 70AB02;O5B <>5 A5@4F5 ?5BL?  =0AB>OI89 <><5=B  B>, GB> O =0E>6CAL 745AL, @O4>< A 20<8, A>7=020O, GB> 2A5 <K, :0: ;N48, >48=0:>2K. / >ICI0N =0H5 548=AB2> =0 >G5=L 3;C1>:>< C@>2=5. / >ICI0N B0:65 8 @07;8G8O.  O @040 MB8< @07;8G8O<, B0: :0: >=8 >G5=L 8=B5@5A=K. =5 B0:65 @04>AB=> >B B>3>, GB> O >ICI0N ?@>8AE>4OI89 745AL CG51=K9 ?@>F5AA.  ;8G=>< ?;0=5 O 8A?KBK20N @04>ABL >B B>3>, GB> C <5=O 5ABL 2=CG:0. 9 8 <5AOF52, 55 7>2CB 0B0H0. ;5@  5=O 7>2CB ;5@. 'B> <=5 ?@8=>A8B @04>ABL? =5 @04>AB=> 1KBL @O4>< A ;N4L<8, :>B>@K5 <=5 4>@>38. =5 =@028BAO, GB>, A>?@8:0A0OAL A> <=>9, >=8 >ICI0NB A51O ?>;=55, 687=5@04>AB=55. I5 <=5 =@028BAO 1KBL @O4>< A <>59 4>G5@LN, ;N18BL 55.  5I5 O >G5=L ;N1;N ?5BL 8 B0=F520BL. (0B5< 2A5 ?@54AB02;ONBAO) M@>;  "5?5@L O ?>?@>A8;0 1K 20A >A>7=0BL, GB> 2K 8A?KBK20;8 2> 2@5<O MB>9 :@C3>2>9 ?@>F54C@K 7=0:><AB20. 0: DC=:F8>=8@>20; 20H C<? <C 1K;> 7040=> =0?@02;5=85: GB> 70AB02;O5B 20H5 A5@4F5 ?5BL? >?KB09B5AL B5?5@L 2A?><=8BL, 1K;0 ;8 :0:0O-B> @07=8F0 <564C B5<, :>340 C< 20H 1K; 70=OB A;CH0=85< 4@C38E ;N459, 8 B5<8 <><5=B0<8, :>340 20H5 A5@4F5, 2>7<>6=>, @0A:@K20;>AL CA;KH0==><C. !:068B5 ?@>AB>, :0: 2A5 MB> ?5@56820;>AL 20<8. (>4=8<05BAO HC<) 0AO  025@=>5, <=>385 A> <=>9 A>3;0AOBAO, GB> =0A 8=B5@5AC5B 745AL =5 B>;L:> ?@>F5AA 2GC2AB2>20=8O 2 4@C3>3> G5;>25:0,  =0A 8=B5@5AC5B ?@5645 2A53> B5E=>;>38G5A:0O AE5<0 ?@>F5AA0 ?A8E>A8=B570 :0: B0:>2>3>... (8 B.4.) M@>;  A;8 O ?@028;L=> 20A ?>=O;0, 2K 2>7<CI5=K B5<, GB> <K CG8< 20A E>@>H> 8725AB=K< 25I0<, 2K4020O 8E 70 =5GB> =>2>5? >;>A0  0, 2A5 MB> =0< 7=0:><>. ;5@  / F5=N 20H5 ?@>D5AA8>=0;L=>5 =5B5@?5=85, 20H5 65;0=85 =0CG8BLAO G5<C-B> =>2><C, 20H5 AB@5<;5=85 ?>;CG8BL B0:CN 8=D>@<0F8N, :>B>@CN <>6=> 1K;> 1K 8A?>;L7>20BL 2 ?@0:B8G5A:>9 @01>B5,  O 459AB28B5;L=> F5=N 2A5 MB>. > O 2<5AB5 A B5< ?@87K20N 20A =5 A?5H8BL, 42830BLAO <54;5==55, H03 70 H03><,  B0:, GB>1K =0 ;8G=>< >?KB5 ?@>GC2AB2>20BL @0725@BK20=85 ?@>F5AA0 ?A8E>A8=B570, =0G8=0O A A0<KE ?5@2KE, =0G0;L=KE 53> MB0?>2.  :B> 7=05B, <>65B 1KBL 1;03>40@O MB><C 2K ?>GC2AB2C5B5 A51O 2 :>=5G=>< 8B>35 =0AB>OI8<8 ?A8E>A8=B5B8:0<8. / =5 4C<0N, GB> <K A8;L=> >B;8G05<AO 4@C3 >B 4@C30 <5B>40<8 A2>59 @01>BK. >MB><C O 8 ?@87K20N 20A A>7=020BL 4065 B5 <KA;8 8 GC2AB20, :>B>@K5 2>7=8:0NB C 20A, :>340 2K 45;05B5 25I8, E>@>H> 20< 7=0:><K5. / ?>AB>O==> =0?><8=0N A515 >1 MB><, GB>1K 3;C165 ?>=OBL ?>78B82=>5 75@=> :@09=>AB59, 45<>=AB@8@C5<KE <>8<8 :;85=B0<8. 54L 8<5==> 1;03>40@O MB8< 070< ?A8E>B5@0?88 <564C =0<8 2>7=8:05B B>G:0 A>?@8:>A=>25=8O 8 AB0=>28BAO 2>7<>6=K< >1I5=85. >MB><C ?@>4>;609B5 =01;N40BL, ?@>AB> >B<5G0O 4;O A51O B5 ?@54AB02;5=8O, :>B>@K<8 >1CA;>2;5=0 20H0 @01>B0 8 20H8 65;0=8O. >;O  >65B, 8<55B A<KA; 40BL A?5@20 >1ICN AB@C:BC@C 20H53> :C@A0?  B> A>7405BAO 2?5G0B;5=85, GB> =0< ?@5?>40NB >1KG=CN 3@C??>2CN ?A8E>B5@0?8N, =07K20O 55 ?A8E>A8=B57><. 0AO  K 7=0:><K A 5=8=3@04A:>9 H:>;>9 ?A8E>B5@0?88? 5 7=0:><K? "0: 40209B5 >?@545;8<AO 2 ?>=OB8OE. (1JO2;O5BAO ?5@5@K2 =0 >154) ;5@  !?5@20 O E>B5;0 1K 2:@0BF5 A:070BL > A<KA;5 ?@54K4CI53> C?@06=5=8O.  ?A8E>A8=B575 <K A>A@54>B0G8205<AO =5 =0 B>9 ?@>1;5<5 :;85=B0, A :>B>@>9 >= : =0< >1@0B8;AO,  E>BO, @07C<55BAO, =5 >AB02;O5< 55 157 2=8<0=8O,  0 =0 53> F5;8. K ?KB05<AO 2K25AB8 53> 70 @0<:8 =0;8G=>9 ?@>1;5<K 8 ?><>GL 5<C >?@545;8BL A2>N F5;L: >?@545;8BL, GB> 5<C, A>1AB25==> 3>2>@O, =C6=>, : G5<C >= 459AB28B5;L=> E>B5; 1K ?@84B8. =K<8 A;>20<8, <K ?KB05<AO ?><>GL 5<C 2K25AB8 =0 ?>25@E=>ABL A>7=0=8O 1>;55 3;C1>:CN ?@>1;5<C, 2 :>=B5:AB5 :>B>@>9 8AE>4=0O ?@>1;5<0 =0E>48B A2>5 5AB5AB25==>5 @07@5H5=85, "@0AB2>@O5BAO". 04020O :;85=BC MB>B 2>?@>A  GB> 70AB02;O5B 20H5 A5@4F5 ?5BL?  <K >B:@K205< 5<C ?CBL : 53> A>1AB25==>9 ?>78B82=>9 <>B820F88.  ;8HL ?>A;5 MB>3> <K ?5@5E>48< : ACB8 45;0. 07C<55BAO, MB> B>;L:> AE5<0. >B><C GB> :>340 G5;>25: ?@8E>48B : =0<, >= =0G8=05B 3>2>@8BL > B><, GB> 53> 2>;=C5B, > 1>;L=><; => :0: B>;L:> ?>O2;O5BAO 2>7<>6=>ABL 7040BL MB>B 2>?@>A, 2KO2;ONI89 53> 74>@>2CN G0ABL, <K 70405< 53>.  B5?5@L 428=5<AO 40;LH5. K ?5@5E>48< : @0AA<>B@5=8N >A=>2>?>;030NI53>, DC=40<5=B0;L=>3> ?@8=F8?0, =0 :>B>@>< AB@>8BAO 2A5 740=85 ?A8E>A8=B570. -B>B ?@8=F8? 70:;NG05BAO 2 A;54CNI5<: G5;>25: <>65B A>7=020BL @07;8G=K5 A2>8 AB>@>=K :0: >B;8G=K5 >B A51O. K >AB05<AO 25@=K =0H5<C <5B>4C >1CG5=8O 8 1C45< 87;030BL 20< <0B5@80; 2 D>@<5 <0B5@80;0 20H8E A>1AB25==KE ?5@56820=89. =K<8 A;>20<8, 2K 1C45B5 CG8BLAO =0 A2>5< ;8G=>< >?KB5. "0: GB> 40209B5 ?@8ABC?8< : 2K?>;=5=8N C?@06=5=8O. ;O MB>3> =0< ?>B@51CNBAO M@>; 8 1C<030. M@>;  / E>B5;0 1K, GB>1K 2K 27O;8 G5BK@5 ;8AB0 1C<038 ?@>872>;L=>3> @07<5@0, <>6=> 87 1;>:=>B0, 8 @CG:C. "5?5@L O ?>?@>HC 20A A5ABL 2 C4>1=CN ?>7C, @0AA;018BLAO, CA?>:>8BLAO. (5) -B> C?@06=5=85 1C45B =0?><8=0BL ?@54K4CI55. / 40< 20< 2>?@>A, :>B>@K9 2K 1C45B5 70B5< <KA;5==> 704020BL A515. >;CG82 >B25B, 70?8H8B5 53>. >B>< >?OBL 70409B5 A515 B>B 65 2>?@>A 8 >?OBL 70?8H8B5 >B25B.  B0: =5A:>;L:> @07; G5< 1>;LH5, B5< ;CGH5. 064K9 >B25B 4>;65= A>AB>OBL 87 >4=>3> A;>20. 5 =04> =8G53> 2K4C<K20BL. @>AB> 70?8AK209B5 >B25BK, :>B>@K5 ?@8E>4OB 20< 2 3>;>2C. >4?8AK20BL ;8AB>: =5 =04>,  A2>8<8 >B25B0<8 2K 1C45B5 ?>;L7>20BLAO A0<8. B0:, A?@>A8B5 A51O...  :B> O? (60) A;8 2K 4>AB83;8 2 A2>5< A0<>?>3@C65=88 B>G:8, :>340 2A5 >AB0;L=K5 AB8<C;K >B>H;8 =0 704=89 ?;0=, 5I5 @07 A?@>A8B5 A51O: :B> O? (K?>;=O5BAO C?@06=5=85) M@>;  =5 :065BAO, GB> MB>B ?@>F5AA =5A:>;L:> 70BO=C;AO.  B5< 87 20A, :B> E>B5; 1K 53> ?@>4>;68BL, O E>GC A:070BL, GB> <K 5I5 1C45< 704020BL A515 MB>B 2>?@>A. K, 2>7<>6=>, 70<5B8;8, GB> =5:>B>@K5 >B25BK A>45@60B 8=D>@<0F8N, :>B>@CN 2K E>B5;8 1K A>>1I8BL > A515 4@C38< ;N4O<,  MB> >B25BK, :>B>@K5 @0A:@K20NB 20A A ?>;>68B5;L=>9, "C4>1=>9" AB>@>=K.  2K <>3;8 >1=0@C68BL B0:65 B0:85 3;C1>:> ;8G=K5 >1;0AB8, :>B>@K5 20< =5 E>B5;>AL 1K >B:@K20BL =8:><C.  B5?5@L <K @07>1L5<AO =0 ?0@K 8 ?>3>2>@8< > B><, GB> A>GB5< C<5AB=K< @0A:@KBL ?0@B=5@C; > B>< 65, > G5< 20< =5 E>G5BAO, 3>2>@8BL =5 =04>. ;5@   5I5 >4=>. A;8 2K >1=0@C68;8 2 A515 :0:CN-B> G0ABL, > :>B>@>9 @5H8;8 =5 ?8A0BL, O A>25BCN 20< ?@> A51O >B<5B8BL A0< D0:B 55 ACI5AB2>20=8O. 5@54:> <K >B@8F05< ACI5AB2>20=85 2 A515 MB>9 G0AB8, >?0A0OAL :0:>3>-B> @07>1;0G5=8O. / =0AB>OB5;L=> ?@87K20N 20A 2=CB@5==5 ?@87=0BL MBC G0ABL. M@>;   B5?5@L, ?>60;C9AB0, ?@>AB> ?>25@=8B5AL ;8F>< : B><C, :B> A848B @O4>< A 20<8, 8 @0AA:068B5 5<C > B5E A2>8E G0ABOE, :>B>@K5, :0: 2K GC2AB2C5B5, <>3CB 1KBL ?>:070=K 4@C38< ;N4O<.  MB>< 20< ?><>65B A?8A>: 20H8E >B25B>2. A;8 20< E>G5BAO ?>45;8BLAO A :0:8<-B> :>=:@5B=K< G;5=>< 3@C??K, ?>4>948B5 : =5<C. CABL :064K9 @0AA:07K205B > A515 2 B5G5=85 ?OB8 <8=CB; 2B>@>9 ?0@B=5@ ?@8 MB>< 4>;65= 2=8<0B5;L=> A;CH0BL, =01;N40O 70 A2>59 @50:F859 =0 @0AA:07. 0?><8=0N, GB> ?0@B=5@C A;54C5B ?>:07K20BL B>;L:> B>, GB> 2K E>B8B5 5<C ?>:070BL. !0H0   GB> 45;0BL, 5A;8 O =5 7=0N, :B> O? M@>;  >7<>6=>, 2K G5;>25:, :>B>@K9 =5 7=05B, :B> >=? >65B5 ?>3>2>@8BL >1 MB>< A> A2>8< ?0@B=5@><. &5;L =0AB>OI53> C?@06=5=8O 2 B>< 8 A>AB>8B, GB>1K 2KOA=8BL MB>, ?>AB>O==> 2>?@>H0O: "B> O?  :B> O?  :B> O?" (#G0AB=8:8 @0AA:07K20NB 4@C3 4@C3C, :B> 5ABL :B>) ;5@   B5?5@L 40209B5 ?@>4>;68< C?@06=5=85. (5) A;8 2K GC2AB2C5B5, GB> 3>B>2K : MB><C, AO4LB5 ?>C4>1=55; => A?8=0 ?@8 MB>< 4>;6=0 1KBL ?@O<0O. >38 ?>AB02LB5 B0:, GB>1K ABC?=8 1K;8 ?0@0;;5;L=K 4@C3 4@C3C. ;070 70:@K20BL =5 >1O70B5;L=>, <>6=> ?@>AB> >?CAB8BL 8E,  :0: 20< C3>4=>.  >1@0B8B5 A2>5 2=8<0=85 =0 4KE0=85. !>?@8:>A=8B5AL A @8B<>< A2>53> 4KE0=8O, 24>E>< 8 2K4>E><. (5) 1@0B8B5 2=8<0=85 =0 B5 D878G5A:85 >ICI5=8O, :>B>@K5 2K 8A?KBK205B5 ?@8 24>E5... 8 2K4>E5. (15) , 5A;8 <>65B5, >1@0B8B5 2=8<0=85 =0 B>, GB> 4KE0=85 20H5 C3;C1;O5BAO. (15) K 704048B5 A515 2>?@>A, 8 2 >B25B =0 =53> 2A?;K25B :0:>9-B> >1@07 8;8 A8<2>;. !?@>A8B5 A51O: :B> O 2 =0AB>OI89 <><5=B? (5) B> O 2 =0AB>OI89 <><5=B? (15) A;8 2K GC2AB2C5B5, GB> 3>B>2K, 2KE>48B5 =0@C6C. B:@>9B5 3;070 8 70@8AC9B5 MB>B >1@07, :0:8< 1K >= =8 1K;, =0 >B45;L=>< ;8AB5 1C<038. %C4>65AB25==>5 A>25@H5=AB2> =01@>A:0 2 40==>< A;CG05 7=0G5=8O =5 8<55B. 0?8H8B5 B0:65 :0:85-B> :;NG52K5 A;>20, :>B>@K5, 2>7<>6=>, 2>7=8:;8 C 20A 2 A2O78 A MB8< >1@07><. (60)  B5?5@L 40209B5 ?>3@C78<AO 2>2=CB@L 5I5 @07. / >?OBL ?>?@>HC 20A 70:@KBL 3;070... (@>F54C@0 ?>2B>@O5BAO, 2>?@>A B>B 65: :B> O 2 =0AB>OI89 <><5=B?) A;8 2>7=8:05B =5?@8OB=K9 20< >1@07, =5 >B25@309B5 53>. >A<>B@8B5, 3>B>2K ;8 2K ?@8A;CH0BLAO : :064><C >1@07C, ;N1><C ?>O2;5=8N G53>-;81>. (25)  B5?5@L, 5A;8 2K 3>B>2K, >B:@>9B5 3;070 8 70@8AC9B5 MB>B >1@07 =0 =>2>< ;8AB5. (60) , =0:>=5F, 5I5 @07 70:@>9B5 3;070. (10) !>A@54>B>GLB5 2=8<0=85 =0 @8B<5 A2>53> 4KE0=8O. (20)  =0 MB>B @07 ?>A<>B@8B5, <>65B5 ;8 2K ?@54AB028BL, GB> 225@O5B5 A51O @8B<C A2>53> 4KE0=8O,  B0:, :0: 5A;8 1K A0<>5 20H5 4KE0=85 <>3;> ?5@5=5AB8 20A 2 :0:>5-B> 1>;55 A?>:>9=>5 <5AB>. (15)  A?@>A8B5 A51O 5I5 @07: :B> O? (15) 5 >B25@309B5 8 ?@8=8<09B5 ;N1>9 >1@07, :>B>@K9 20< O2;O5BAO. (30)  5A;8 2K GC2AB2C5B5, GB> 3>B>2K, >B:@>9B5 3;070 8 70@8AC9B5 MB>B >1@07 =0 =>2>< ;8AB5. (60)  B5?5@L <K E>B5;8 1K, GB>1K 2K 5I5 @07 ?>@01>B0;8 A> A2>8<8 ?0@B=5@0<8, A>A@54>B>G82H8AL =0 42CE 2>?@>A0E. >-?5@2KE, @0AA:068B5 ?0@B=5@C > B5E >1@070E A51O, > :>B>@KE 2K E>B5;8 1K @0AA:070BL.  @0AA:068B5 B0:65, 5A;8 <>65B5, > B5E <KA;OE 8 A><=5=8OE, :>B>@K5 2>7=8:0;8 C 20A 2> 2@5<O C?@06=5=8O,  > B><, GB> 2K 8A?KBK20;8, 2K?>;=OO MB> C?@06=5=85. 0< E>B5;>AL 1K, GB>1K 2K =0 ?@0:B8:5 ?@8<5=8;8 A2>8 7=0=8O > 2=8<0B5;L=>< A;CH0=88, ?>72>;82 ?0@B=5@C 2A5 2@5<O 3>2>@8BL > A2>8E ?5@56820=8OE. 8:0:8E :><<5=B0@852, AC645=89, >F5=>:  ?@>AB> ?@54>AB02LB5 ?0@B=5@C 2A5 2@5<O 3>2>@8BL > A2>8E ?5@56820=8OE. 04=>? ">340 =0G8=09B5 @01>BC. (K?>;=O5BAO C?@06=5=85) M@>;  B =5A:>;L:8E CG0AB=8:>2 : =0< ?>ABC?8;8 AE>4=K5 2>?@>AK, 70B@03820NI85 >48= >G5=L 206=K9 <><5=B. >MB><C <K E>B5;8 1K >B25B8BL 2A59 3@C??5, 0 =5 :064><C 2 >B45;L=>AB8. >?@>A 72CG8B ?@8<5@=> B0:: "0: MB> A;54C5B 45;0BL? 0: MB> 45;0BL ?@028;L=>, =04;560I8< >1@07><?" -B> <>65B >B=>A8BLAO : 2K?>;=5=8N C?@06=5=8O 2 F5;>< 8;8 2K?>;=5=8N @8AC=:0  2>A?@>872>48BL ;8 A?>=B0==> 2>7=8:0NI89 >1@07 8;8 <>45;8@>20BL 53>,  MB> <>65B >B=>A8BLAO : G5<C C3>4=>. 0<5G5=>, GB> :>340 ;N4O< ?@54AB>8B =5GB> 8A?KB0BL, C =8E =5@54:> 2>7=8:05B 2=CB@5==89 2>?@>A: :0: MB> A;54C5B 45;0BL, GB> >B <5=O B@51C5BAO?  :C40 1K <K =8 ?>H;8, 2 B>< G8A;5 8 2=CB@L A51O, <K >1=0@C68205<, GB> :0:0O-B> =0H0 G0ABL >701>G5=0 ?@>1;5<>9 C4>2;5B2>@5=8O >6840=89 =0H53> >:@C65=8O.  G0AB> MB> 4>AB8305BAO F5=>N >B:070 >B A51O, >B A2>8E 459AB28B5;L=KE <KA;59 8 GC2AB2.  C?@06=5=88 ":B> O" 2K AB>;:=C;8AL A >B@8F0=85< 2=CB@5==53> >?KB0 2> 8<O 2=5H=8E B@51>20=89: 2 B> 2@5<O :0: >4=0 20H0 G0ABL 65;0;0 459AB2>20BL A?>=B0==>, 4@C30O G0ABL E>B5;0 A;54>20BL C:070=8O< 8 2K?>;=OBL 8E :0: ?>;>65=>. "0: 8 2 687=8: 2 :0:85-B> <><5=BK O  >4=0 87 MB8E G0AB59, 2 4@C385  4@C30O.  <=>385-<=>385 4@C385.  40==>< A;CG05 <K ?@>A8< ?@>AB> >A>7=0BL D0:B ACI5AB2>20=8O 2 20A @07;8G=KE, 70G0ABCN ?@>B82>1>@AB2CNI8E G0AB59. "  /" M@>;  K =0G=5< 70=OB85 A C65 8725AB=>3> 20< C?@06=5=8O. => 709<5B C =0A 10 <8=CB. B;>68B5 20H8 70?8A=K5 :=86:8 8 AO4LB5 ?>C4>1=55  B0:, GB>1K <>6=> 1K;> @0AA;018BLAO A ?@O<>9 A?8=>9. !45;09B5 =5A:>;L:> 3;C1>:8E 4KE0=89 8 7025@H8B5 8E ?>;=K< 2K4>E><, ?>A;5 G53> =0G8=09B5 4KH0BL 2 >1KG=>< 4;O 20A @8B<5, ?>;=>ABLN A>A@54>B>G82H8AL =0 4KE0=88. 01;N409B5 ?@>F5AA 4KE0=8O. (20) 01;N409B5, :0: 4KE0=85 20H5 ?>AB5?5==> 70<54;O5BAO. !>A@54>B>G8209B5AL =0 42865=88 3@C4=>9 :;5B:8 2> 2@5<O 2K4>E0. (20) >340 ?>O2;ONBAO >B2;5:0NI85 20A <KA;8, ?@>AB> 2>72@0I09B5AL : =01;N45=8N 70 2K4>E><, =01;N45=8N 70 B5<, :0: 2K4>E @0AB2>@O5BAO 2 B8H8=5 8 157<>;288. (>;30O ?0C70) >AB5?5==> 2>72@0I09B5 A2>5 2=8<0=85 2 MBC :><=0BC, ?>GC2AB2C9B5 ?>;>65=85 A2>53> B5;0, ?>GC2AB2C9B5, GB> =>38 20H8 AB>OB =0 ?>;C. ! 3;C1>:8< 24>E>< >B:@>9B5 3;070. (20) # =0A 2G5@0 1K;> =51>;LH>5 A>25I0=85 A 20H8<8 @C:>2>48B5;O<8 ?@>3@0<<K. 1AC482 A =8<8 A8BC0F8N, <K ?@8H;8 : 2K2>4C, GB> A>25BA:89 8 0<5@8:0=A:89 ?>4E>4K : >1CG5=8N, ?>-2848<><C, 459AB28B5;L=> @07;8G0NBAO. 0H ?>4E>4 A>AB>8B 2 B><, GB>1K ?@54>AB028BL >1CG0NI5<CAO 2>7<>6=>ABL 8A?KB0BL 2A5, :0: 3>2>@8BAO, =0 A>1AB25==>9 H:C@5, 0 70B5< ?><>GL 5<C B5>@5B8G5A:8 AB@C:BC@8@>20BL ?@8>1@5B5==K9 >?KB 8 ?5@5=5AB8 >A2>5==CN <5B>48:C =0 ?0F85=B0. 7 >1AC645=8O =0< AB0;> OA=>, GB> C 20A 4><8=8@C5B 8=>9 ?>4E>4: A?5@20 >7=0:><8BLAO A :>=F5?F859, 0 ?>B>< ?>?@>1>20BL- ?5@5=5AB8 55 =0 ?0F85=B0. "5?5@L <K ?>=8<05<, GB> =0H ?>4E>4 =5 A>>B25BAB2C5B 20H8< >6840=8O<, A;54AB285< G53> <>3CB 1KBL =54>C<5==K5 2>?@>AK 8 GC2AB2> 48A:><D>@B0. (0;55 M@>; ?@54;0305B @O4 >@30=870F8>==KE <5@, :>B>@K5 ?>72>;8;8 1K A>:@0B8BL =5?@>872>48B5;L=CN B@0BC 2@5<5=8: 254CI85 ?@>4>;60NB >1CG5=85 ?> A2>59 ?@>3@0<<5, 0 87 >1CG05<KE 2K45;ONBAO 420 ?@54AB028B5;O, G5@57 :>B>@KE >15A?5G8205BAO >1@0B=0O A2O7L, ?>72>;ONI0O 254CI8< :>@@5:B8@>20BL E>4 CG51=>3> ?@>F5AA0.)  B5?5@L 5I5 @07 ?@>2545< :>@>B:CN <548B0F8N. !O4LB5 ?@O<>, @0AA;01LB5AL. B?CAB8B5 2A5 B>, > G5< <K 3>2>@8;8 A59G0A, ?CABL >=> C945B. !>A@54>B>GLB5 A2>5 2=8<0=85 =0 2K4>E5, 8 A :064K< 2K4>E>< 2K4KE09B5 87 A51O 2A5 MB8 @073>2>@K, 4>3>2>@K, >@30=870F8>==K5 2>?@>AK. 01;N409B5 70 @0AB2>@5=85< 2K4>E0. (30) >AB5?5==> 2KE>48B5 =0@C6C... 5@5E>48< : 70=OB8N. (5) / 2A5340 =0G8=0N @01>BC A :;85=B0<8 A B0:>9 <548B0F88. -B> ?><>305B 8< >B2;5GLAO >B 4C< 8 701>B, :>B>@K5 >4>;520NB 8E 70 ?@545;0<8 <>53> :018=5B0, 8 A>A@54>B>G8BLAO =0 B><, GB> 1C45B ?@>8AE>48BL 745AL. 548B0F8O =5 B>;L:> >1;53G05B ?>A;54CNICN @01>BC, => 8 ?><>305B CAB0=>28BL :>=B0:B A :;85=B><. ;5@  5A:>;L:> A;>2 > B><, G5< <K 70=8<0;8AL 2G5@0, ?>A:>;L:C MB> 1K;> A2O70=> A B5<, G5< <K 1C45< 70=8<0BLAO A53>4=O. G5@0 <K >1@0B8;8AL : @0AA<>B@5=8N 25I59, ?>-2848<><C, E>@>H> 7=0:><KE :064><C 87 20A; => MB> 1K;> A>25@H5==> =5>1E>48<> 4;O =0H59 40;L=59H59 @01>BK. (AB05B, 2KE>48B 2 F5=B@ :@C30.) K A59G0A CG8<AO.  5A;8 <K A>3;0A8<AO C45;8BL 2@5<O B><C, GB>1K 7040BLAO 2>?@>A>< ":B> O?" (B>?05B =>3>9),  <K <>65< A:070BL, =0?@8<5@,  "O <0BL" (45;05B H03 2 AB>@>=C).  :0: <0BL O 8<5N >?@545;5==K5 >1O70B5;LAB20, >?@545;5==K9 >1@07 687=8, >?@545;5==>5 >B=>H5=85 : <>8< 45BO< 8 <C6C. > O <>3C >?OBL AB0BL =0 ?@56=55 <5AB> (45;05B H03 =0704) 8 A=>20 A?@>A8BL: "B> O?"  B5?5@L O <>3C A:070BL: "/  ?A8E>B5@0?52B" (45;05B H03 2 4@C3CN AB>@>=C).  :0: ?A8E>B5@0?52B O 8<5N >?@545;5==CN 8718@0B5;L=>ABL 2=8<0=8O, >?@545;5==K9 E>4 <KA;8, >?@545;5==CN <0=5@C ?@5?>4=>A8BL A51O, :>B>@>9 C <5=O <>65B 8 =5 1KBL, :>340 O  <0BL. > 5A;8 O 25@=CAL AN40 (45;05B H03 =0704), B> <>3C A45;0BL 5I5 >48= H03 (45;05B H03 2 B@5BL5< =0?@02;5=88) 8 AB0BL B0=F>2I8F59. "5?5@L O ?@>AB> B0=FCN  O =5 ?A8E>B5@0?52B 8 O =5 <0BL. > O <>3C >?OBL 25@=CBLAO AN40 (45;05B H03 =0704) 8 A?@>A8BL: " :B> O 745AL?" (B>?05B =>3>9) "5?5@L <K E>B5;8 1K ?@>4>;68BL @01>BC 2 40==>< =0?@02;5=88 8 ?>A<>B@5BL, 2 :0:>9 <5@5 :064>5 87 MB8E <5AB ;>28B =0A, :0:>5 <K 8< C45;O5< 2=8<0=85 8 =0A:>;L:> 206=> 7=0BL, GB> 7=0G8B =0E>48BLAO 745AL, 2 F5=B@5. K ?@54;0305< =0G0BL MBC @01>BC A C?@06=5=8O, :>B>@>5 @0AH8@8B =0H 0@A5=0; <5B>4>2 A0<>?>7=0=8O. K ?>?@>1C5< 8A?KB0BL =5:>B>@K5 M<>F88 8 ?>:070BL 4@C3 4@C3C, :0: <K 8E ?5@568205<. !?5@20 O A ?><>ILN M@>; ?>:06C 20<, :0: MB> 45;05BAO. / ?>?@>HC M@>; A45;0BL H03 2?5@54 8 8A?KB0BL >?@545;5==>5 GC2AB2>, 0 B0:65 ?@8=OBL B0:>5 ?>;>65=85 B5;0, 2K@065=85 ;8F0 8, ?> 2>7<>6=>AB8, 8740BL B0:>9 72C:, :>B>@K5 1K >B@060;8 MB> GC2AB2>,  0 70B5< 25@=CBLAO =0 B> <5AB>, 345 >=0 MB>9 M<>F88 =5 8A?KBK20;0. B0:, M@>;, O ?@>HC B51O 8A?KB0BL 8 87>1@078BL AG0ABL5. (5) "5?5@L CA8;L MB> GC2AB2>, 4>2548 53> 4> ?@545;0. (5)  B5?5@L 2K948 87 MB>3> A>AB>O=8O, 25@=8AL =0704 8 ?>GC2AB2C9 B> <5AB>, 345 BK =5 8A?KBK205HL AG0ABLO. (0B5< M@>; 45<>=AB@8@C5B ?5G0;L.) 1@0B8B5 2=8<0=85, GB> 2K7K20O 2 G5;>25:5 :0:>5-;81> GC2AB2>, O :064K9 @07 ?@>HC 53> 70B5< >BABC?8BL =0704, 2K9B8 87 MB>3> GC2AB20.  B5?5@L O ?>?@>HC 20A @0745;8BLAO =0 ?>43@C??K ?> G5BK@5 G5;>25:0. 0640O ?>43@C??0 >1@07C5B :@C3, GB>1K CG0AB=8:8 2845;8 4@C3 4@C30. ! 3;C1>:8< 24>E>< ?>?KB09B5AL ?>GC2AB2>20BL A51O A2>1>4=K<8 >B :0:>3>-;81> GC2AB20. "5?5@L ?>GC2AB2C9B5, GB> 2K AG0AB;82K. CABL 20H5 B5;> 8 ;8F> 2K@060NB AG0ABL5. A;8 <>65B5, 2K@078B5 A2>5 AG0ABL5 72C:><, 3>;>A><. "5?5@L CA8;LB5, M:70;LB8@C9B5 MBC M<>F8N. "5?5@L A45;09B5 3;C1>:89 24>E 8 >B?CAB8B5 AG0ABL5, 409B5 5<C C9B8 2<5AB5 A 2K4>E><. 4=>2@5<5==> A45;09B5 H03 2 AB>@>=C.  B5?5@L ?>72>;LB5 A515 8A?KB0BL AB@0E. A5 2K 7=05B5, GB> B0:>5 AB@0E. #A8;LB5 A2>9 AB@0E, 2A?><=8B5, :>340 2K 8A?KBK20;8 =0AB>OI89 AB@0E, C60A. 8:0:8E @073>2>@>2,  B>;L:> ;8F>, B5;> 8 3>;>A. "5?5@L @0AA;01LB5AL 8 >B?CAB8B5 AB@0E, 2K4>E=8B5 53>, A45;02 H03 2 AB>@>=C. A?KB09B5 GC2AB2> ;N1>?KBAB20. !B0=LB5 :0: 45B8, :>B>@K< >G5=L 8=B5@5A=> 2A5 ?@>8AE>4OI55. A?><=8B5, :0: MB> 1K;>. #A8;LB5 ;N1>?KBAB2>. 52>7<>6=> ;N1>?KB=>. "5?5@L >B?CAB8B5, 2K4>E=8B5, >BABC?8B5 >B =53>. "5?5@L 8A?KB09B5 3>@4>ABL. 065 =04<5==>ABL. 0H8 B5;>, ;8F>, 8 3;070 2K@060NB 3>@4>ABL. >?@>1C9B5 2A?><=8BL, :>340 2K 8A?KBK20;8 3>@4>ABL. "5?5@L CA8;LB5 MB>. 5?><5@=0O 3>@4>ABL. 0AA;01LB5AL, >B?CAB8B5 3>@4>ABL. "5?5@L 8A?KB09B5 ABK4. A?><=8B5, :0: 20< 1K;> ABK4=>. "5?5@L 4>2548B5 ABK4 4> ?@545;0. 0< C60A=> ABK4=>. 0AA;01LB5AL, 2K4>E=8B5,  20< C65 =5 ABK4=>. "5?5@L 8A?KB09B5 3=52. K 2 3=525. 0H8 ;8F> 8 3;070 2K@060NB 3=52, 3>;>A 87405B 3=52=K9 :@8:. K C60A=> 3=5205B5AL. "5?5@L >B?CAB8B5 A2>9 3=52, 2K4>E=8B5, 2K948B5 87 3=520. A?KB09B5 GC2AB2> A>AB@040=8O. 0H8 B5;>, ;8F> 8 3;070 2K@060NB A>AB@040=85. K  A0<> A>AB@040=85. %>@>H>. >65B5 871028BLAO >B A>AB@040=8O. (!<5E) 1AC48B5 2 ?>43@C??0E A2>8 >ICI5=8O. 0:CN M<>F8N 1K;> ;53G5 ?5@568BL, :0:CN  B@C4=55; :0:CN 1K;> ;53G5 2K@078BL, :0:CN  B@C4=55. '5<, ?> 20H5<C <=5=8N, MB> >1JOA=O5BAO? 0B5< 70?8H8B5 A2>8 =01;N45=8O. (#G0AB=8:8 45;OBAO 2?5G0B;5=8O<8.) M@>;  A8E>A><0B8:0  MB> >1;0ABL 7=0=89, :>B>@0O 70=8<05BAO 2708<>459AB285< B5;0 8 ?A8E8:8. "5;> 2K@0605B =0H8 GC2AB20 2A5 2@5<O, => <K, :0: ?@028;>, =5 A>7=05< MB>3>. >MB><C @0AA<0B@820O G5;>25:0 4065 2 :0G5AB25 D878G5A:>3> >1J5:B0, :0: D878G5A:>5 B5;>, <K <>65< 872;5GL >3@><=>5 :>;8G5AB2> ?A8E>;>38G5A:>9 8=D>@<0F88.  E>BO <K 8=>340 3>2>@8< > A2>8E GC2AB20E :0: > G5<-B> 3;C1>:> ;8G=><, G0AB=><, 2 459AB28B5;L=>AB8 >=8 ?C1;8G=K, >=8 C 2A5E =0 284C. > B5;> =5 ?@>AB> 2K@0605B GC2AB20; ?A8E>A><0B8G5A:85 8AA;54>20=8O A2845B5;LAB2CNB, GB> 1>;57=8 B5;0 O2;ONBAO ?@>4>;65=85< =0H53> >1@070 <KA;59 8 GC2AB2. &5;L MB>3> C?@06=5=8O A>AB>8B 2 B><, GB>1K ?><>GL G5;>25:C >A>7=0BL A2>8 >B=>H5=8O A B5;><: >A>7=0BL, GB> >= ?>72>;O5B 5<C 2K@060BL, 0 GB> =5B. ;5@  0: 8725AB=>, =5@54:> G5;>25: =5 A>7=05B A2>8E GC2AB2, @02=> :0: 8 >G5284=>3> 8E B5;5A=>3> 2K@065=8O. 0?@8<5@, :;85=B C <5=O =0 ?@85<5 ABCG8B =>3>9. / 53> A?@0H820N: "'B> 2K 8A?KBK205B5  3=52 8;8 =0?@O65=85?"  >= >B25G05B: "/ A>25@H5==> A?>:>5=!"  8 ?@>4>;605B ABCG0BL =>3>9. 3> B5;> 3>2>@8B > =5A>7=0205<KE 8< GC2AB20E; >G5284=>, GB> =5A>7=0205<K5 GC2AB20 8 ?@>O2;ONBAO =5?@>872>;L=>, @07@O60OAL 2 :0:8E-B> >B=>H5=8OE A 4@C38<8 ;N4L<8  2 A5<L5, =0 @01>B5. >MB><C <K AB@5<8<AO A>740BL CA;>28O, 2 :>B>@KE G5;>25: <>3 1K A2>1>4=55 2K@060BL A2>8 GC2AB20. -B> ?><>305B 5<C >A>7=0BL =0;8G85 2 A515 B5E 8;8 8=KE GC2AB2 8 ?@8=OBL =0 A51O >B25BAB25==>ABL 70 8E 2K@065=85; B5< A0<K< 53> >B=>H5=8O A 4@C38<8 ;N4L<8 >1@5B0NB 1>;LHCN OA=>ABL, >?@545;5==>ABL.  5I5 >4=>. 5:>B>@K5 ;N48, AB02 65@B2>9 D878G5A:>3> =0A8;8O, 8;8 ?> ?@8G8=5 =51;03>?@8OB=>3> >:@C65=8O (=0?@8<5@, 45B8 0;:>3>;8:>2), :0: <K 3>2>@8<, >B>645AB2;ONBAO A :0:8<-;81> >B@8F0B5;L=K< GC2AB2><. 59B<>B82>< 8E 687=8 AB0=>28BAO "O 1>NAL", 8;8 "O =5 25@N 2 G5;>25G5A:85 >B=>H5=8O", 8;8 "O =5 E>GC, GB>1K :> <=5 ?@8:0A0;8AL", 8;8 GB>-=81C4L 2 B>< 65 4CE5. @54;030O B0:><C G5;>25:C 2A?><=8BL, =0?@8<5@, ;N1>?KBAB2>, O ?><>30N 5<C 2A?><=8BL B5< A0<K<, GB> >= ?@54AB02;O5B A>1>9 =5GB> 1>;LH55, G5< AB@0E, =5GB> 1>;LH55, G5< =54>25@85, =5GB> 1>;LH55, G5< ABK4, GB> >= A?>A>15= 8A?KBK20BL =5 B>;L:> MB8 GC2AB20, => 8 <=>385 4@C385  A>AB@040=85, AG0ABL5, ;N1>2L. @>1C645=85 2 :;85=B5 :0:8E-B> 74>@>2KE G0AB59 =045;O5B 53> A?>A>1=>ABLN : A0<>;5G5=8N, >A=>20==><C =0 53> A>1AB25==KE 2=CB@5==8E @5AC@A0E. =B5@5A=> ;8 20< B>, > G5< <K A59G0A 3>2>@8<, A2O70=> ;8 MB> :0:-B> A 20H59 ?@0:B8:>9? >;>A0  0... (57 >A>1>3> M=BC7807<0). M@>;  / 2 A2>59 ?@0:B8:5, =0?@8<5@, ?@8<5=ON <=>3> C?@06=5=89, 2 :>B>@KE 70459AB2>20=> B5;>, ?>B><C :0: =0 ;8G=>< >?KB5 C1548;0AL, GB> @0A:>20==>ABL D878G5A:>3> B5;0 ?5@5405BAO M<>F8>=0;L=><C. >5 45BAB2> 1K;> A2O70=> A> <=>65AB2>< B@02<8@CNI8E ?5@56820=89, B0: GB> O 2K@>A;0 M<>F8>=0;L=> >G5=L A:>20==>9. A>7=02, GB> MB0 A:>20==>ABL <=5 <5H05B, O ?>?KB0;0AL >B =55 871028BLAO  70=O;0AL <548B0F859, 9>3>9, 8 2 :>=F5 :>=F>2 AB0;0 ?>A5I0BL :;0AA ?0=B><8<K.  ?>A;54=55 >:070;>AL 4;O <5=O =081>;55 1;03>B2>@=K<: >1@5B5=85 A?>A>1=>AB8 42830BLAO 8 2K@060BL A51O 2 42865=88. ;5@  !59G0A C =0A 1C45B ?OB=04F0B8<8=CB=K9 ?5@5@K2, => ?@5645 O E>B5;0 1K ?@54;>68BL 20< A;54CNI55. A?><=8B5, :0: 2K 2K?>;=O;8 C?@06=5=85, ?5@5E>4O >B >4=>3> GC2AB20 : 4@C3><C.  ?>A<>B@8B5, <>65B5 ;8 2K 2A?><=8BL, GB> 2K GC2AB2>20;8 2 <5AB5 ?5@5E>40 >B >4=>3> GC2AB20 : 4@C3><C  2 <5AB5, 345 2K =5 8A?KBK20;8 =8 ?5@2>3>, =8 2B>@>3>. -B> <5AB>, 2 :>B>@>< 2K <>65B5 A>7=020BL, GB> A?>A>1=K 8A?KB0BL 8 2K@078BL B> 8;8 8=>5 GC2AB2>, => 2 :>B>@>< 2K =5 MB> GC2AB2>. @>AB> ?>?KB09B5AL =0 <3=>25=85 2A?><=8BL, GB> 2K 8A?KBK20;8 2 <5AB5, 345 2K <>65B5 A>7=020BL, GB> 2K >1;0405B5 @07;8G=K<8 GC2AB20<8, => GB> 2K =8 >4=> 87 =8E. (5@5@K2) M@>;  0 ?5@5@K25 <K ?>3>2>@8;8 A 20H8<8 ?@54AB028B5;O<8 8 >15I05<, GB> 2 ?>A;54=89 45=L A5<8=0@0 C =0A 1C45B B5>@5B8G5A:>5 70=OB85, =0 :>B>@>< <K 4048< 20< >1ICN :0@B8=C MB>9 @01>BK. K AB@>8< 740=85 ?A8E>A8=B570 ?>AB5?5==> 8 8A:@5==5 65;05< 4>AB8GL B>3> <><5=B0, :>340 C =0A ?>O28BAO 2>7<>6=>ABL >1J548=8BL ?>AB@>5==>5 8 >1JOA=8BL, GB> B0:>5 ?A8E>A8=B57. ">, :0: <K 2545< @01>BC,  MB> 8 5ABL ?A8E>A8=B57.  A :064K< C?@06=5=85< 2K >1@5B05B5 2 =5< 2A5 1>;LH89 >?KB. !;54CNI55 C?@06=5=85, :>B>@>5 O E>B5;0 1K 20< ?@54;>68BL, ?@54AB02;O5B A>1>9 @01>BC A 2>>1@065=85<. 0==K9 :;0AA C?@06=5=89 <K =07K205< "=0?@02;O5<K< 2>>1@065=85<".  MB>< C?@06=5=88 O 1C4C =0?@02;OBL 20H5 2>>1@065=85, GB>1K ?><>GL 20< >1=0@C68BL 8 ?5@568BL =5:>B>@K5 A2>8 G0AB8.  ?A8E>A8=B575 MB8 G0AB8 =07K20NBAO "AC1;8G=>ABO<8". !C1;8G=>AB8  MB> @07;8G=K5 AB>@>=K 8;8 G0AB8 =0H59 ;8G=>AB8. !>1AB25==> 3>2>@O, =0AB>OI55 C?@06=5=85 ?@54AB02;O5B A>1>9 ?@>4>;65=85 8 @0728B85 B>3>, GB> <K 45;0;8 2G5@0 8 A53>4=O. "0: 8;8 8=0G5, <K C65 8<5;8 45;> A> A2>8<8 AC1;8G=>ABO<8; 2 A53>4=OH=5< C?@06=5=88, =0?@8<5@, <K 3>2>@8;8 > 3@CAB=>9 G0AB8, AG0AB;82>9 G0AB8, =04<5==>9 G0AB8,  254L 2A5 <K 8=>340 1K205< =04<5==K. B25G0O 2G5@0 =0 2>?@>A ":B> O", <K >B:@K20;8 2A5 =>2K5 8 =>2K5 G0AB8, >1=0@C682, GB> >1;0405< <=>65AB2>< G0AB59. @54;0305<>5 C?@06=5=85 ?>72>;8B =0< C7=0BL 8E ?>3;C165. B0:, >B;>68B5 B>, GB> 2K 45@68B5 2 @C:0E, GB>1K ?@8=OBL A?>:>9=CN <548B0B82=CN ?>7C. >340 <5B>48:0 =0?@02;O5<>3> 2>>1@065=8O ?@8<5=O5BAO 2 1>;LH>9 3@C??5, =5 2A5340 2>7<>6=> 2K45@6820BL 2@5<5==K5 ?@><56CB:8, ?>4E>4OI85 :064><C CG0AB=8:C. 4=8 4286CBAO 1KAB@55, 4@C385  <54;5==55. "0: GB> 5A;8 2K >B=>A8B5AL : ?5@2K<, 848B5 2?5@54, =5 4>6840OAL <5=O. >340 <K @01>B05< A >B45;L=K<8 :;85=B0<8, >=8 <>3CB 4020BL =0< 7=0:  42830BLAO ;8 =0< 1KAB@55 8;8 <54;5==55; >=8 <>3CB 4065 ?>AB>O==> A>>1I0BL =0<, GB> >=8 284OB. 07C<55BAO, 2 3@C??5 MB> =52>7<>6=>. 0:@>9B5 3;070 8 AO4LB5 ?>C4>1=55. 0AA;01LB5AL, A>A@54>B>G82 2=8<0=85 =0 4KE0=88. (10)  :>340 O =0G=C 25AB8 20H5 2>>1@065=85, B> 5A;8 2>>1@0605<K5 20<8 25I8 1C4CB >B;8G0BLAO >B B>3>, GB> O 20< 3>2>@N, 5A;8 2K G53>-B> =5 1C45B5 2845BL 8;8 1C45B5 2845BL =5GB> 8=>5, ?CABL MB> 20A =5 2>;=C5B. # :064>3> 87 20A A2>9 A>1AB25==K9 >?KB.  =5B >?KB0 "?@028;L=>3>" 8;8 "=5?@028;L=>3>". (0;55 ?0C7K <564C D@070<8 ?> 425 A5:C=4K.)  B5?5@L ?@54AB02LB5, GB> 2K =0E>48B5AL... 2 ;5AC. >GC2AB2C9B5, GB> ?>4 =>30<8 C 20A 75<;O. >A<>B@8B5 =0 45@52LO. @>948B5AL =5<=>3> ?> ;5AC, >A<0B@820OAL 2>:@C3. K 2848B5 <=>3> 45@52L52 8 :0:85-B> F25BK. 1@0B8B5 2=8<0=85 =0 45B0;8,  2K 8A?KBK205B5 ;N1>?KBAB2>, 20< >G5=L 8=B5@5A=> 2A5 >:@C60NI55. 3;O=C2H8AL, 2K 70<5G05B5 240;5:5 <0;5=L:CN 871CH:C 8 845B5 : =59.  A;KH8B5, GB> 87 =55 4>=>A8BAO :0:>9-B> HC<.  20< AB0=>28BAO 8=B5@5A=>, GB> B0< ?@>8AE>48B.  2K ?>4E>48B5 1;865 8 70<5G05B5, GB> C 871CH:8 5ABL >:>H:>.  2K ?>4E>48B5 : >:>H:C 8 703;O4K205B5 2=CB@L.  B0< 2=CB@8, >B:C40 4>=>A8BAO 25AL MB>B HC<, 2K 2848B5 <=>65AB2> A2>8E AC1;8G=>AB59.  2A5 >=8 >G5=L 0:B82=K. =570?=> 425@L 871CH:8 @0AB2>@O5BAO, 8 2A5 >=8 2KAK?0NB =0@C6C, >AB020OAL B0:8<8 65 0:B82=K<8.  2K =01;N405B5 8E A 1>;LH8< 8=B5@5A><. A:>@5 2K 70<5G05B5, GB> >4=0 87 AC1;8G=>AB59 >G5=L 708=B5@5A>20;0AL 20<8 8 ?>4E>48B : 20<.  2K 2=8<0B5;L=> A<>B@8B5, =0 GB> >=0 ?>E>60. K 55 >G5=L 8=B5@5AC5B5, >=0 >G5=L BO=5BAO : 20<. >340 2K A>7=05B5, GB> MB> :0:0O-B> 20H0 G0ABL, >=0 B>65 AB0=>28BAO 20< >G5=L 8=B5@5A=>9.  B>340 2K ?@83;0H05B5 55 ?@>3C;OBLAO.  2K 845B5 A =59 =0 >?CH:C ;5A0, 345 =0G8=05BAO :@0A82K9 75;5=K9 ;C3.  2K 2KE>48B5 A =59 =0 ;C3.  2K >B<5G05B5, :0: >=0 42865BAO, > G5< 3>2>@8B, > G5< A?@0H8205B.  2K =0G8=05B5 A =59 15A54C.  2 MB>9 15A545 2K <>65B5 704020BL 59 ;N1K5 2>?@>AK, 0 >=0 <>65B A?@0H820BL 20A. -B> ?@>AB> 2>7<>6=>ABL C7=0BL 4@C3 4@C30.  ?>MB><C 2K A?@0H8205B5 A2>N AC1;8G=>ABL: :B> BK? 0:>20 B2>O @>;L 2 <>59 687=8? '53> BK E>G5HL? '53> BK >B <5=O 645HL? '5< O <>3C B515 ?><>GL? 'B> BK 4;O <5=O 45;05HL? 0G5< BK MB> 45;05HL?  :>340 BK 2>H;0 2 <>N 687=L? 0:85 A>1KB8O, :0:85 >1AB>OB5;LAB20 <>59 687=8 2K720;8 B2>5 ?>O2;5=85? >7<>6=>, BK O28;0AL, GB>1K ?><>GL <=5? ;O G53> BK ?><>305HL <=5?  :0: BK <=5 ?><>305HL?  ?@82=5A;0 ;8 BK GB>-B> 2 <>N 687=L?  :0:85 BK A>7405HL 4;O <5=O ?@>1;5<K? (10) B0:, G53> BK E>G5HL? (5)  2 G5< A>AB>8B B2>O >A=>2=0O ?>B@51=>ABL, GB> B515 459AB28B5;L=> =C6=>? (5) 0:>2> B2>5 ACI=>AB=>5 :0G5AB2>? (15) !>7=05B5 ;8 2K, :0: 2K >B=>A8B5AL : MB>9 G0AB8? !5@48B5AL ;8 2K =0 =55, ?>B><C GB> >=0 20< <5H05B? ;8 MB> >G5=L 206=0O G0ABL, :>B>@0O ?><>305B 20<, 45;05B 20A A8;L=55? >3>2>@8B5 A =59, @0AA:068B5 59 > 20H8E B@C4=>ABOE, A =5N A2O70==KE, @0AA:068B5, :0: 2K : =59 >B=>A8B5AL. (15) !?@>A8B5 55, =5 E>G5B ;8 >=0 2>A?>;L7>20BLAO 2>7<>6=>ABLN GB>-B> A:070BL 20< 8;8 > G5<-B> A?@>A8BL? (15)  B5?5@L ?@83;0A8B5 MBC AC1;8G=>ABL ?>9B8 A 20<8 G5@57 ;C3 ?@>3C;OBLAO. !<>B@8B5, :0: >=0 =0 MB> >B@5038@C5B: <>65B 1KBL, >=0 =5 E>G5B 84B8 A 20<8? ;8 =0>1>@>B, >G5=L E>G5B? K 845B5 ?> ;C3C. K >ICI05B5 25B5@>:, <O3:> >12520NI89 20H5 ;8F>.  A;KH8B5 72C:8, :>B>@K<8 =0?>;=5= ;C3,  6C660=85 =0A5:><KE, ?5=85 ?B8F.  70<5G05B5, GB> 2K 845B5 A> A2>8< A?CB=8:>< ?> B@>?8=:5.  ?> <5@5 B>3>, :0: 2K 845B5 2A5 40;LH5, 2K =0G8=05B5 70<5G0BL, GB> B@>?0 =0G8=05B ?>4=8<0BLAO =0 E>;<.  2>AE>4O =0 =53>, 2K 70<5G05B5, GB> E>;< ?5@5E>48B 2 2KA>:CN 3>@C.  2K 2545B5 A2>N AC1;8G=>ABL =0 >G5=L 2KA>:CN 3>@C. >@0 2KA>:0, => 84B8 ;53:>. 1@0B8B5 2=8<0=85, GB> 20< >B:@K205BAO A MB>9 3>@K.  2>B 2K 4>AB8305B5 25@H8=K 3>@K. 045@68B5AL =5<=>3> 8 ?>A<>B@8B5 A 2KA>BK =0 @0A:@K20NI85AO ?5@54 20<8 40;8.  :>340 2K A<>B@8B5 2=87, 2K 2848B5, :0:8<8 :@>E>B=K<8 :06CBAO ;N48, 4><0, C;8FK, <0H8=K.  2K A> A2>8< A?CB=8:>< AB>8B5 =0 25@H8=5 MB>9 3>@K 8 ?@>AB> A<>B@8B5 =0 2A5 >AB0;L=>5. =>3> ;8 2K <>65B5 C2840BL A MB>3> <5AB0?  AB>O B0<, =0 25@H8=5 3>@K, 2K =0G8=05B5 A>7=020BL, GB> @O4>< A 20<8 =0E>48BAO :0:>5-B> 4@C3>5 ACI5AB2>,  4@C3>5 >G5=L <C4@>5 ACI5AB2>.  2K A>7=05B5, GB> MB> ACI5AB2> >1;0405B >3@><=K< A>AB@040=85<.  2K <>65B5 ?>GC2AB2>20BL, :0: ;N18B 20A MB> ACI5AB2>.  MB> ACI5AB2> ?@58A?>;=5=> A25B0.  2K <>65B5 GC2AB2>20BL MB>.  MB> ACI5AB2> A?>A>1=> 3>2>@8BL A 20<8.  20< ?@54AB02;O5BAO 2>7<>6=>ABL 7040BL 5<C ;N1>9 8=B5@5ACNI89 20A 2>?@>A > AC1;8G=>AB8, :>B>@0O ?@8H;0 A 20<8.  > B><, :0:>2> 55 =07=0G5=85 2 20H59 687=8.  :0: @072820BL 20H8 A =59 >B=>H5=8O. 1> 2K 7=05B5, GB> MB> >G5=L <C4@>5 8 A>AB@040NI55 20< ACI5AB2>. (10)  2>7<>6=>, C MB>3> <C4@>3> ACI5AB20 5ABL 4;O 20A ?>40@>:. >40@>:, :>B>@K< 2K A<>65B5 2>A?>;L7>20BLAO 2 A2>59 687=8. >B>@K9 ?><>65B 20<. (10) 045@68B5AL =5<=>3>, GB>1K ?>GC2AB2>20BL ?@8ACBAB285 MB>3> <C4@>3> ACI5AB20.  C:070BL =0 =53> A>?@>2>640NI59 20A AC1;8G=>AB8.  B5?5@L ?@8H;> 2@5<O ?>?@>I0BLAO A MB8< <C4@K< ACI5AB2>< 8 ?>1;03>40@8BL 53> 70 B>, GB> >=> 20< B0: A>AB@0405B.  <C4@>5 ACI5AB2> 3>2>@8B 20<, GB> >=> 2A5340 2 20H5< @0A?>@O65=88, :>340 1K 2K AN40 =8 ?@8H;8. B0:, 15@8B5 A2>53> A?CB=8:0 8 848B5 2=87.  >A>7=09B5, :0: GC2AB2C5B A51O B5?5@L 20H0 AC1;8G=>ABL.  GB> 2K ?> >B=>H5=8N : =59 8A?KBK205B5.  2>72@0I09B5AL =0 ;C3.  70B5< >B2548B5 A2>N AC1;8G=>ABL =0704 2 ;5A.  ?>3>2>@8B5 A =59, 5A;8 E>B8B5, 8;8, 2>7<>6=>, 5A;8 70E>G5B >=0, > B><, GB> ?@>87>H;> =0 3>@5. (10)  A:068B5 59, GB> 2K 1C45B5 A =59 @073>20@820BL 5I5 <=>3> @07, 8 GB> 2K 55 =5 701C45B5.  70B5< ?@82548B5 55 : ;5A=>9 871CH:5 8 ?>?@>I09B5AL A =59.  2>72@0I09B5AL =0 ;C3. (10) "5?5@L <54;5==> >1@0B8B5 2=8<0=85 =0 A2>5 B5;>, A84OI55 =0 ABC;5 2 MB>9 :><=0B5. >GC2AB2C9B5, GB> 20H8 =>38 AB>OB =0 ?>;C, GB> 2K <>65B5 ?>H525;8BL ?0;LF0<8 =>3; >G5=L <54;5==> >B:@>9B5 3;070 8 ?>;=>ABLN 2>72@0B8B5AL =0704 2 MBC :><=0BC. @5645 G5< 2K =0G=5B5 3>2>@8BL > B><, GB> ?@>87>H;>, O E>B5;0 1K, GB>1K 2K A45;0;8 :@0B:85 70<5B:8 > A2>8E ?5@56820=8OE 2> 2@5<O C?@06=5=8O. A;8 20< =5 C40;>AL 2K?>;=8BL 53> ?>;=>ABLN, =0?8H8B5 >1 MB>< 8 ?>?@>1C9B5 ?@>0=0;878@>20BL, GB> ?><5H0;> 20< ?@>9B8 ?> ?@54;>65==><C ?CB8. A;8 2K 70B@C4=O5B5AL MB> A45;0BL, =0?8H8B5, ?>G5<C 20< MB> B@C4=>. 5@2>>G5@54=>5 2=8<0=85 A;54C5B >1@0B8BL =0 A;54CNI85 B@8 2>?@>A0: '53> E>G5B 20H0 AC1;8G=>ABL? 'B> 59 =C6=>? 0:>2> 55 ACI=>AB=>5 :0G5AB2>? (0C70) A;8 2K C65 70:>=G8;8 MBC @01>BC, @07159B5AL =0 ?>43@C??K ?> B@8 G5;>25:0, 8 ?CABL :064K9 CG0AB=8: 2 B5G5=85 B@5E <8=CB @0AA:065B > B><, GB> A =8< ?@>87>H;>, >?8H5B A2>N AC1;8G=>ABL, 55 65;0=8O, ?>B@51=>AB8 8 55 ACI=>AB=>5 :0G5AB2>. A;8 65 =8G53> MB>3> A 20<8 =5 ?@>87>H;>, >?8H8B5 B5 ?5@56820=8O, :>B>@K5 C 20A 1K;8. >B><C GB> :064K9 GB>-B> 8A?KBK20;.  :>340 20H8 ?0@B=5@K 1C4CB 45;8BLAO A 20<8 A2>8< >?KB><, ?>C?@06=O9B5AL, ?>60;C9AB0, 2 2>A?@88<G82>< A;CH0=88, A;CH0=88 157 :><<5=B0@852. B0:, ?> B@8 <8=CBK =0 :064>3>. (#G0AB=8:8 45;OBAO 2?5G0B;5=8O<8.) (5@5@K2 =0 >154) M@>;  0< E>B5;>AL 1K A59G0A >B25AB8 ?>;G0A0 =0 B>, GB>1K 65;0NI85 <>3;8 ?>45;8BLAO A =0<8 8 3@C??>9 >?KB><, >1@5B5==K< 2 ?>A;54=5< C?@06=5=88. !;54CNI85 ?>;G0A0 <K ?>A2OB8< >1AC645=8N =5:>B>@KE ?@8=F8?>2 ?A8E>A8=B570, :>B>@K5 1C4CB ?@8<5=OBLAO 2 =0H59 40;L=59H59 @01>B5. >B>< <K 2K?>;=8< 5I5 >4=> C?@06=5=85 A AC1;8G=>ABO<8 8 70:>=G8< @01>BC 2 18.30. (!25B0 @0AA:07K205B, GB> =0 3>@5 >=0 ?>;CG8;0 >B25B =0 4>;3> <CG82H89 55 2>?@>A, 8 1;03>40@8B M@>;.) M@>;  0< A;54C5B 1;03>40@8BL A51O, 0 =5 <5=O. ;5@  A8E>A8=B57 >A=>20= =0 B>9 DC=40<5=B0;L=>9 ?@54?>AK;:5, GB> <K O2;O5<AO F5;K<, 0 =5 G0ABLN; B5< A0<K< <K O2;O5<AO CG8B5;O<8 8 ?A8E>B5@0?52B0<8 A2>8E G0AB59, B0: GB> 7040G0 ?@>D5AA8>=0;0  CG8B5;O, ?A8E>B5@0?52B0 8 2>>1I5 254CI53>  70:;NG05BAO 2 B><, GB>1K ?@>1C48BL MB>B A>25@H5==> 5AB5AB25==K9 CG51=>-?A8E>B5@0?52B8G5A:89 ?@>F5AA 2 A0<>< G5;>25:5. 0H0 7040G0 A>AB>8B 2>2A5 =5 2 B><, GB>1K 7=0BL >B25B =0 20H 2>?@>A; =0H0 7040G0 2 B><, GB>1K "2K720BL" MB>B ?@028;L=K9 >B25B 87 3;C18= 20H8E A>1AB25==KE F5==>AB59, 20H8E A>1AB25==KE F5;59 8 20H8E A>1AB25==KE A@54AB2. M@>;  07C<55BAO, 7040G0 ?A8E>B5@0?52B0 A>AB>8B 2 B><, GB>1K 7=0BL, :0: A45;0BL MB>. >7<>6=>, :B>-B> 5I5 E>G5B ?>45;8BLAO A =0<8 A2>8< >?KB><? (>;O @0AA:07K205B, GB> AC1;8G=>ABL O28;0AL 5<C 2 D>@<5 682>B=>3>, =0?><8=0NI53> >;5=O 8;8 ;0=L.) ;5@  0:8< 1K;> >A=>2=>5 :0G5AB2> MB>9 AC1;8G=>AB8? >;O  =5 ?@54AB02;O5BAO, GB> >=0 1K;0 2>?;>I5=85< 4>1@>45B5;8. ;5@  0:>5 GC2AB2> 2K 8A?KBK20;8 2 ?@8ACBAB288 MB>9 4>1@>45B5;8? >;O  >1@>B0, A?>:>9AB285. ;5@  -B> 20H5 >1KG=>5 A>AB>O=85, B> 5ABL G0AB> ;8 2K 8A?KBK205B5 GC2AB2> 4>1@>BK, A?>:>9AB28O? !G8B05B5 ;8 2K A51O 2>>1I5 4>1@K< G5;>25:><? >;O  5 7=0N. ;5@  / ?>G5<C A?@0H820N,  :>340 O ?@8<5=ON 2 A2>59 ?@0:B8:5 <5B>48:C =0?@02;O5<>3> 2>>1@065=8O, :;85=BK =5@54:> >B:@K20NB 2 A515 B0:85 G0AB8, > ACI5AB2>20=88 :>B>@KE >=8 4065 =5 ?>4>7@520;8. >>1@065=85 :0: 1K ?@>1C6405B 2 =8E MBC G0ABL 8;8 :0G5AB2>. '5;>25:C 3>@074> ;53G5 >ICB8BL MB> A2>5 :0G5AB2> 1;03>40@O 2>>1@065=8N, =565;8 1;03>40@O 7025@5=8O< B5@0?52B0 > B><, GB> C =53> 5ABL 40==>5 :0G5AB2>. ?KB, ?>;CG5==K9 2 2>>1@065=88, 2A5;O5B 2 G5;>25:0 C25@5==>ABL 8 ?>72>;O5B 5<C >A>7=0BL, ?@>O28BL 8 CB25@48BL 2 A515 MB> :0G5AB2>. (!;020 @0AA:07K205B >1 "M=5@388", ?>;CG5==>9 8< =0 3>@5.) !;020  / B0: 8 >AB0;AO B0< =0 3>@5, ?>B><C GB> <>O AB@040NI0O AC1;8G=>ABL 5I5 4> =0G0;0 2>AE>645=8O C1560;0 2 ;5A. M@>;  0H >?KB 8;;NAB@8@C5B B>B D0:B, GB> 2 459AB28B5;L=>AB8 :064K9 G5;>25: 2> 2@5<O MB>3> C?@06=5=8O 845B A2>8< ?CB5< 8 A;>20 254CI53> =5 2 A>AB>O=88 >B:;>=8BL 53> 2 AB>@>=C. ;5@   20< =5 C40;>AL 1>;LH5 2AB@5B8BLAO A> A2>59 AC1;8G=>ABLN? !;020  # =55 =5 1K;> 65;0=8O A> <=>9 2AB@5G0BLAO. ;5@  0: 2K 4C<05B5, GB> ?@>87>H;> 1K, 5A;8 1K 2K MBC M=5@38N, ?>;CG5==CN =0 3>@5, ?5@540;8 ?@8 2AB@5G5 A2>59 AC1;8G=>AB8? !;020  5;> 2 B><, GB> >=0 8AG57;0 ?>B><C, GB> O 8768; 55, O 1>;LH5 =5 1K; 59 =C65=. ;5@  48= 87 206=59H8E <><5=B>2 ?@8 @01>B5 A AC1;8G=>ABO<8 A>AB>8B 2 ?@87=0=88 B>3> D0:B0, GB> ;N10O 87 =0H8E AC1;8G=>AB59,  2 B>< G8A;5, AB@040NI8E, 8A?KBK20NI8E 1>;L,  MB> =0H0 G0ABL 8, :0: B0:>20O, ?>-=0AB>OI5<C 2 =0A =C6405BAO.  ?A8E>A8=B575 <K ?KB05<AO ?@8<5=OBL B0:>3> @>40 3>@=NN M=5@38N, :0: 2K ?>;CG8;8, 4;O ?@5>1@07>20=8O =0H8E AB@064CI8E, 6064CI8E, 3=52=KE 8 B.?. G0AB59. "> 5ABL 2 ?A8E>A8=B575 <K =5 ?>402;O5< =8:0:8E =0H8E ?5@56820=89, =0?@>B82, <K ?KB05<AO 40BL 8< 2KE>4, "2K720BL" 8E 87 3;C18= ?A8E8:8, 0 70B5< =0?@028BL M=5@38N, > :>B>@>9 2K 3>2>@8;8, =0 =0H5 A0<>?@5>1@07>20=85 8 A0<>8AF5;5=85. !;020  A;8 <K ?@5CA?5205< 2 @01>B5 A> AB@040NI59 AC1;8G=>ABLN, B> >=0 8AG5705B 8;8 ?@>AB> ?5@5AB05B AB@040BL? M@>;  AG5705B 1>;L. !>7=020;8 ;8 2K ?@8ACBAB285 2 A515 MB>9 1>;L=>9, AB@040NI59 AC1;8G=>AB8? !;020  0. M@>;  G5=L 206=> 2KOA=8BL, G53> E>G5B MB0 G0ABL. =0 =5 8<55B B>3>, G53> E>G5B,  MB> 8 A;C68B ?@8G8=>9 AB@040=8O. !;020  >;CG8;>AL :0: @07 =0>1>@>B  O E>B5; ?><>GL MB>9 G0AB8. M@>;  07C<55BAO, => MB> =52>7<>6=> 4> B5E ?>@, ?>:0 =58725AB=0 ?@8G8=0 AB@040=8O. !;020  @8G8=0-B> <=5 8725AB=0. M@>;  @5:@0A=>; :>340 2K @01>B05B5 A =59 A0<>AB>OB5;L=>, 206=> 2KOA=8BL >A=>2=>5 F5==>5 :0G5AB2> MB>9 AC1;8G=>AB8, =5>1E>48<>5 20< 2 20H59 687=8. -B> >48= 87 >A=>2=KE ?>ABC;0B>2 ?A8E>A8=B570: C :064>9, 4065 A0<>9 B@C4=>9 AC1;8G=>AB8 8<55BAO 74>@>2>5 O4@>  55 ACI=>AB=>5 :0G5AB2>. 0;8G85< 40==>3> :0G5AB20 8 >1JOA=O5BAO ACI5AB2>20=85 AC1;8G=>AB8. KO282 ACI=>AB=>5 :0G5AB2>, ACI=>AB=CN M=5@38N AC1;8G=>AB8, <K <>65< =0G0BL 8=B53@8@>20BL 55 2 A2>N 687=L, B> 5ABL 2>AA>548=OBL, >1J548=OBL 55 A 4@C38<8 =0H8<8 G0ABO<8; 2 MB><, A>1AB25==> 3>2>@O, 8 A>AB>8B A8=B57. "0: GB> 20H0 7040G0  ?@>4>;60BL 480;>3 A> A2>59 AC1;8G=>ABLN, =5 4020O 59 C48@0BL 2 ;5A. !;020  >7<>6=>, =0 <>9 >?KB ?>2;8O;0 A;54CNI0O ?@8ACBAB2>202H0O 2> <=5 ;>38G5A:0O :>=AB@C:F8O: 5A;8 AC1;8G=>ABL C65 =5 AB@0405B, B> >=0 02B><0B8G5A:8 A;8205BAO A 4><8=8@CNI59 2 40==K9 <><5=B ;8G=>ABLN, ?5@5AB05B 1KBL >B45;L=>9 >B F5;>3> 8 ?@>AB> ?5@5AB05B 53> B@52>68BL. M@>;  A;8 ?@>87>H;0 8=B53@0F8O G0AB8 A F5;K<, MB> 70<5G0B5;L=>. > O C482;ONAL, ?>G5<C B>340 MB0 G0ABL C4@0;0 >B 20A 2 ;5A 8 2K 55 ?>B5@O;8. 3>@  %>@>H>, 0 2>B <>6=> O A:06C? K 2A5 2@5<O 3>2>@8< > ?><>I8 :0:>9-B> AB@040NI59 AC1;8G=>AB8.  <>O AC1;8G=>ABL =5 AB@040;0, =0>1>@>B; 8 2 ?><>I8 <>59 >=0 =5 =C640;0AL, 1>;55 B>3>, >=0 C25;0 <5=O 2 AB>@>=C, B0: GB> O 4065 =5 4>1@0;AO 4> 25@H8=K.  2 687=8 >=0 <=5 B>65 =5 405B 4>AB8GL B>3>, G53> 1K O <>3 4>AB8GL,  O 2A5340 7=0; > 55 ACI5AB2>20=88, E>BO 8 =5 =07K20; AC1;8G=>ABLN. =0 2A5 2@5<O <=5 <5H05B. !B@040N O, 0 =5 >=0. M@>;   :064>< 87 =0A 8<55BAO ?>4>1=0O A01>B8@CNI0O G0ABL, :>B>@0O ?@>B828BAO =0H8< =0G8=0=8O<. ;O @01>BK A> AB>;L =5=028AB=>9 =0< G0ABLN <K >1@0I05<AO : =0H5<C 45BA:><C ;N1>?KBAB2C, 8 >=> 405B =0< 2>7<>6=>ABL A?@>A8BL 55: ">G5<C BK BCB? 0:>2> B2>5 =07=0G5=85? '53> BK E>G5HL 8 GB> B515 =C6=>?" 3>@  0 A =59 2A5 OA=>  18>;>38G5A:0O >=0, 3>@<>=0;L=> >1CA;>2;5==0O. &5;L 55  ?@>4;5=85 @>40 G5;>25G5A:>3>. M@>;  >65B5 ;8 2K 2>AA>740BL <KA;5==K9 >1@07 MB>3> A01>B06=8:0? 3>@  -B> >1@07 <C6G8=K 2 A>AB>O=88 ?>;>2>3> 2>71C645=8O, M@>;  >;>20O M=5@38O  MB> 1>;LH0O A8;0, 8 =5 A;54C5B >B =55 >B:07K20BLAO. 5 <>6=> B@0=AD>@<8@>20BL 4;O 8A?>;L7>20=8O 2 4@C38E >1;0ABOE 20H59 687=8. 3>@  -B> O :0: @07 8 E>B5; 1K 2KOA=8BL  :0: >=0 <>65B ?><>GL <=5 2 <>59 687=8. M@>;  0209B5 @0AA<>B@8< ?>;>2CN M=5@38N ?@>AB> :0: M=5@38N, :0: G8ABCN M=5@38N. 8:B> ;CGH5 20A =5 7=05B, :0: ;CGH5 8A?>;L7>20BL 2 20H59 687=8 M=5@38N. A=>2=0O ?@>1;5<0 A>AB>8B 2 >?@545;5=88 20H59 687=5==>9 F5;8. 0:>20 20H0 F5;L?  G5< A>AB>8B B>B 4@C3>9 ?CBL, =0 :>B>@>< <>65B 1KBL 8A?>;L7>20=0 MB0 0=5@38O? >7<>6=>, 2 B@0=AD>@<0F88 ?>;>2>9 M=5@388 =5B =8:0:>9 =5>1E>48<>AB8? -B> 254L >G5=L ;8G=>5 @5H5=85: =8:0:8E >1I8E ?@028; 8A?>;L7>20=8O ?>;>2>9 M=5@388 =5B. CB8 8A?>;L7>20=8O 55 (":0:") ?@>872>4=K >B B5E F5;59 ("70G5<"), :>B>@K5 <K ?5@54 A>1>9 AB028<. ;5@  !CI5AB2C5B ?> <5=LH59 <5@5 420 ?>4E>40 : =0H8< 687=5==K< A8;0<, GC2AB20< 8 B.4. =>340 ?@>1;5<0 A2>48BAO : 2KOA=5=8N ?@85<;5<>AB8-=5?@85<;5<>AB8.  !>548=5==KE (B0B0E, =0?@8<5@, =5:>B>@K5 ;N48 ?>;030NB, GB> ;N1>5 A5:AC0;L=>5 GC2AB2> 8;8 GC2AB2> 7;>AB8 =5?@85<;5<>  8 ?>402;ONB 53>. ;O 4@C38E, >4=0:>, ?@>1;5<C A>AB02;O5B =5 =5?@85<;5<>ABL B5E 8;8 8=KE GC2AB2  7;>AB8, A5:AC0;L=>AB8, 3>@4>AB8 8 B.?.  ?@>1;5<>9 4;O =8E AB0=>28BAO 2K1>@ <5AB0 8 2@5<5=8 8E 2K@065=8O. A;8 O 70<C65<, <>3C ;8 O 2ABC?0BL 2 A2O7L A :5<-B> 5I5? A;8 O 8A?KBK20N 7;>ABL, <>3C ;8 O 4020BL 59 2KE>4 2 <>8E >B=>H5=8OE A <C65< 8;8, A:065<, =0G0;L=8:><? -B> AB0=>28BAO ?@>1;5<>9 ;8G=>3> 2K1>@0. A;8 65 2K@065=85 A5:AC0;L=>AB8 :0: B0:>2>5 =5 A>AB02;O5B 4;O 20A ?@>1;5<K, 20< A;54C5B 7040BL A515 B0:>9 2>?@>A: 'B> 8<5==> =5 CAB@08205B <5=O 2 <>59 A5:AC0;L=>AB8? '5< 8<5==> >=0 <=5 <5H05B? 3>@  @>1;5<0 A>AB>8B 2 B><, GB> MB0 AB>@>=0 <>59 687=8 <5H05B 4@C3>9 AB>@>=5 <>59 687=8. >A:>;L:C O =0CG=K9 @01>B=8:, <=5 =C6=> 4020BL :0:85-B> =0CG=K5 @57C;LB0BK. ;O MB>3> =C6=> 4=5< 8 =>GLN @01>B0BL.  O 2<5AB> MB>3>... 84C =0 ?>2>4C C A2>59 AC1;8G=>AB8. 8G53> ?>45;0BL A =59 O =5 <>3C. !8BC0F8O ?@54AB02;O5BAO <=5 BC?8:>2>9. ;5@  4=0 20H0 AC1;8G=>ABL E>G5B 2K@060BL A2>N A5:AC0;L=>ABL, 0 4@C30O 20H0 AC1;8G=>ABL E>G5B 70=8<0BLAO =0C:>9, =5 B0: ;8? (AB05B, B>?05B =>3>9 ?> ?>;C.) K A?@0H8205B5: :B> O? (5;05B H03 2 AB>@>=C.) /  A5:AC0;L=>ABL. (5;05B H03 =0704.)  2K >?OBL A?@0H8205B5: :B> O? (5;05B H03 2 4@C3CN AB>@>=C.) /  CG5=K9. (5;05B H03 =0704.) "0:8< >1@07><, =5>1E>48<> =09B8 :0:>5-B> @07@5H5=85 :>=D;8:B0 <564C MB8<8 42C<O ?@>B82>AB>OI8<8 G0ABO<8. 3>@  "5>@5B8G5A:8 <=5 2A5 MB> ?>=OB=>, => ?@0:B8G5A:8... ;5@  48= 87 >A=>2=KE ?@8=F8?>2 ?@0:B8:8 ?A8E>A8=B570 A>AB>8B 2 B><, GB>, ?@51K20O 2 :0:>9-B> >4=>9 87 :>=D;8:BCNI8E AC1;8G=>AB59, :>=D;8:B @07@5H8BL =52>7<>6=>, 81> :0640O 87 =8E AG8B05B A51O ?@02>9. 07@5H5=85 :>=D;8:B0 AB0=>28BAO 2>7<>6=K< B>;L:> 2 B>< A;CG05, 5A;8 <K =0E>48<AO 745AL (B>?05B =>3>9), 2 F5=B@5. 3>@  "> 5ABL 2K E>B8B5 A:070BL, GB> 8AB8=0 ;568B 345-B> ?>A@548=5? ;5@  5B, =5 ?>A@548=5. 7 F5=B@0 O <>3C 2845BL O4@>, ACI=>AB=>5 :0G5AB2> :064>9 87 MB8E G0AB59. >?CAB8<, GB> @5GL 845B 459AB28B5;L=> > :>=D;8:B5 <564C A5:AC0;L=>ABLN 8 AB@5<;5=85< : =0CG=>9 45OB5;L=>AB8.  >A=>25 A5:AC0;L=>9 G0AB8 ;568B B2>@G5AB2>, => =5 8A:;NG5=>, GB> 2 >A=>25 2B>@>9 G0AB8 B0:65 ;568B B2>@G5AB2>. >7<>6=>, ACI=>ABL MB8E G0AB59 >4=0, ?@>AB> D>@<K ?@>O2;5=8O 55 @07;8G=K. @51K20O 2 F5=B@5, O ?>;CG0N 2>7<>6=>ABL 2845BL, :0:8< >1@07>< MB0 ACI=>ABL <>65B 1KBL 2K@065=0 A =081>;LH59 ?>;=>B>9 2 @07;8G=KE A2>8E D>@<0E. M@>;  !?0A81>, GB> 2K ?>A2OB8;8 =0A 2 A2>N ?@>1;5<C. / ?>=8<0N ;>38:C 20H8E A><=5=89 2 @07@5H5=88 A8BC0F88, 8 O <>3;0 1K ?@>4>;68BL B5>@5B8G5A:>5 >1AC645=85 40==>3> :>=D;8:B0. > <>9 @50;L=K9 >?KB A2845B5;LAB2C5B, GB> B0:8< ?CB5< @07@5H8BL :>=D;8:B 459AB28B5;L=> =52>7<>6=>. C4CG8 ?A8E>B5@0?52B><-?@0:B8:><, O CB25@640N, GB> 2=CB@8 20A 5ABL @5H5=85 MB>3> :>=D;8:B0, E>BO, 2>7<>6=>, 2K =5 A<>65B5 >1=0@C68BL 53> ?>A@54AB2>< ;>38G5A:>3> @0AAC645=8O. <5==> ?>MB><C <K 8 70=8<05<AO 745AL >?KB=>9, ?@0:B8G5A:>9 @01>B>9, 0 =5 ?@>AB> G8B05< ;5:F88. "0:, =0?@8<5@, :>340 2K 2E>48B5 2 A>AB>O=85 @0AH8@5==>3> A>7=0=8O, 2 :>B>@>5 =5:>B>@K5 87 20A A<>3;8 2>9B8 =0 3>@5, 20< O2;ONBAO 20H8 A>1AB25==K5 >B25BK  ?@>8AE>48B 5AB5AB25==0O 8=B53@0F8O. C4@>5 ACI5AB2> =0 3>@5  MB> =0H0 A>1AB25==0O 2=CB@5==OO <C4@>ABL, 7=0NI0O, :0: >ACI5AB28BL 8=B53@0F8N. 1> 8=B53@0F8O  5AB5AB25==K9 ?@>F5AA, :>B>@K9 ?@>8AE>48B 2 =0A ?>AB>O==>.  B5G5=85 2A59 =0H59 687=8 <K A>25@H5==> 5AB5AB25==> 8=B53@8@C5< @07;8G=K5 =0H8 :>=D;8:BCNI85 G0AB8. > :>340 :0:0O-B> =0H0 G0ABL ?> B>9 8;8 8=>9 ?@8G8=5,  =0?@8<5@, 2 @57C;LB0B5 ?>402;5=8O,  >AB0=02;8205BAO 2 A2>5< @>AB5, >=0 :0: 1K >B?0405B >B F5;>3> 8 CB@0G8205B A?>A>1=>ABL : 5AB5AB25==>9, =5?@>872>;L=>9 8=B53@0F88.  B0:>< A;CG05 =0< ?@8E>48BAO A =59 @01>B0BL, >1@0I0OAL 70 A>25B>< : =0H59 2=CB@5==59 <C4@>AB8. "=CB@5==59 <C4@>ABLN" <K =07K205< ?@54AB02;5==K9 2 =0A 2A5>1I89 M2>;NF8>==K9 ?@8=F8? ?>2KH5=8O C@>2=O >@30=870F88. K <>65< 2845BL, GB> ?>2AN4C 2 ?@8@>45, 2 >A>15==>AB8 2 682>9 ?@8@>45, =01;N405BAO MB> AB@5<;5=85 : A0<>A>25@H5=AB2>20=8N, A0<>8=B53@0F88, 1>;55 MDD5:B82=K< D>@<0< >@30=870F88. ;5B:8 >1J548=ONBAO, GB>1K AD>@<8@>20BL >@30=, >@30=K >1J548=ONBAO, GB>1K AD>@<8@>20BL G5;>25G5A:89 >@30=87<, ;N48 >1J548=ONBAO 2 3@C??K 8 B0: 40;55. "0: GB>, :0: 2848<, MB>B M2>;NF8>==K9 ?@8=F8? ?@>=87K205B 2AN 2A5;5==CN... 4=0:> ;5@ ?@54;0305B =0< 2K?>;=8BL C?@06=5=85; =5 7=0N, ?@0240, :0:>5 8<5==>, B0: :0: 2 @57C;LB0B5 5AB5AB25==>9 A0<>>@30=870F88 70=OB8O ?5@2>=0G0;L=K5 =0H8 ?;0=K 87<5=8;8AL. ;5@   ?5@2>9 G0AB8 C?@06=5=8O <K 1C45< >B>645AB2;OBLAO A @07;8G=K<8 A2>8<8 AC1;8G=>ABO<8, 0 2> 2B>@>9 A>A@54>B>G8< >A=>2=>5 2=8<0=85 =0 =0H5< F5=B@5 8;8, 3>2>@O O7K:>< ?A8E>A8=B570, "<5AB5 @0AB>645AB2;5=8O" A =0H8<8 AC1;8G=>ABO<8. -B> B> <5AB>, 87 :>B>@>3> <K =01;N405< 2> 2@5<O <548B0F88 70 A2>8< 4KE0=85<, GC2AB20<8, <KA;O<8 8 B.4. !?5@20 O 70G8B0N 20< MB0?K 2K?>;=5=8O C?@06=5=8O, GB>1K 2K <>3;8 70?8A0BL 8E, 0 70B5< ?@8ABC?8< =5?>A@54AB25==> : 2K?>;=5=8N. K15@8B5 ?0@B=5@0, @07159B5AL =0 ?0@K. 5;0B5;L=>, GB>1K ?0@B=5@ 1K; 20< =5 7=0:><. 48= ?0@B=5@  0:B82=K9, 4@C3>9  2>A?@8=8<0NI89. :B82=K9 ?0@B=5@ 2K18@05B >4=C 87 A2>8E AC1;8G=>AB59  ;81> 87 A?8A:0, A>AB02;5==>3> 2> 2@5<O C?@06=5=8O ":B> O", ;81> BC, :>B>@0O O28;0AL 2 ?>A;54=5< C?@06=5=88. :B82=K9 ?0@B=5@ A>>1I05B 2>A?@8=8<0NI5<C, GB> MB> 70 AC1;8G=>ABL; 2>A?@8=8<0NI89 ?@>AB> A;CH05B, =5 4020O =8:0:8E >1JOA=5=89 8 >F5=>:, =8:0: =5 :><<5=B8@CO CA;KH0==>5  =8 2A;CE, =8 ?@> A51O. !>>1I82, :5< >= 1C45B,  =0?@8<5@, "E>@>H59 <0;5=L:>9 452>G:>9",  0:B82=K9 ?0@B=5@ AB0=>28BAO MB>9 AC1;8G=>ABLN 8 @0AA:07K205B > A515, B> 5ABL > "E>@>H59 <0;5=L:>9 452>G:5"; 2>A?@8=8<0NI89 ?@>AB> A;CH05B, 2>745@6820OAL >B :><<5=B0@852. :B82=K9 ?0@B=5@ ?@5C25;8G8205B, CB@8@C5B A2>N @>;L ("O  A0<0O ;CGH0O 452>G:0 2 <8@5"); 2>A?@8=8<0NI89 ?@>AB> 2>A?@8=8<05B. :B82=K9 ?0@B=5@ E20AB05BAO A2>59 @>;LN; 2>A?@8=8<0NI89 ?@>AB> 2>A?@8=8<05B. :B82=K9 ?0@B=5@ 2K18@05B ?@>B82>?>;>6=CN, ?>;O@=CN AC1;8G=>ABL (2 40==>< A;CG05  "=5A=>A=CN 452G>=:C, ?>2AN4C ACNICN A2>9 =>A"*), =07K205B 55 8 AB0=>28BAO 5N. #B@8@C5B 55. %20AB05BAO 5N. 0B5< 0:B82=K9 ?0@B=5@ AB0=>28BAO 2>A?@8=8<0NI8<, 0 2>A?@8=8<0NI89  0:B82=K<. * 3>@   2 <>5< A;CG05 MB> GB>  8<?>B5=B? (E8-E8-E8) M@>;  5B, 2 20H5< A;CG05 MB> CG5=K9. (K?>;=O5BAO C?@06=5=85) !5@359  B@8F0B5;L=CN AC1;8G=>ABL =04> 1K;> 1@0BL A2>N A>1AB25==CN 8;8 01AB@0:B=CN, B> 5ABL =5:CN @>;L, :>B>@0O <=5 =5 =@028BAO, => <=5 ;8G=> =5 ?@8ACI0? ;5@  !2>N A>1AB25==CN. !5@359  =0G8B, O 4>?CAB8; >H81:C. M@>;  , MB> 2A53> ;8HL AC1;8G=>ABL. ;5@  -B> AC1;8G=>ABL, ?@8ACI0O :064><C 87 =0A. -B> @8B8:, !C4LO. = ?>AB>O==> 3>2>@8B: "$C, BK ?>ABC?05HL =5?@028;L=>. "K ?;>E>9". N40  >O >B@8F0B5;L=0O G0ABL 28=8;0 2A5E, :@><5 A51O,  2 MB>< 8 A>AB>O;0 55 =530B82=>ABL. ;5@  0, C 20A ?>:;048ABK9 @8B8:. 4=0:> B5?5@L O E>B5;0 1K, GB>1K <K ?5@5H;8 :> 2B>@>9 G0AB8 C?@06=5=8O. / >?OBL 70G8B0N MB0?K, 0 2K 8E 70?8H8B5. A5 2AB0NB 8 @0AE>4OBAO ?> :><=0B5 B0:, GB>1K 2>:@C3 :064>3> 1K;> :0:>5-B> ?@>AB@0=AB2> 4;O 42865=8O. 07<5AB82H8AL, 2A5 70:@K20NB 3;070. 0B5< A>?@8:>A=8B5AL A ?5@2>9 A2>59 AC1;8G=>ABLN ("E>@>H59 <0;5=L:>9 452>G:>9") 8 ?@8<8B5 E0@0:B5@=CN 4;O =55 ?>7C. ICB8B5 A51O 2 B5;5 MB>9 AC1;8G=>AB8, AB0=LB5 5N. "5?5@L <54;5==> ?5@5E>48B5 2 ?@>B82>?>;>6=CN AC1;8G=>ABL, 26820OAL 2 =55 8 ?@8=8<0O E0@0:B5@=CN 4;O =55 ?>7C. 5A:>;L:> @07 ?5@5E>48B5 87 >4=>9 AC1;8G=>AB8 2 4@C3CN, >1@0I0O 2=8<0=85 =0 B>, GB> 2K GC2AB2C5B5 2 <><5=B ?5@5E>40, =0E>4OAL 2 A@54=5< ?>;>65=88. >?KB09B5AL >1=0@C68BL MBC A5@548=C, :>340 2K C65 =5 ?5@20O AC1;8G=>ABL, => 5I5 =5 2B>@0O. 'B> B0<? 0:85 GC2AB20, <KA;8? >AB5?5==> 70<54;O9B5 ?@>F5AA ?5@5E>40. ICB82 A5@548=C, ?>AB0@09B5AL 7045@60BL 2 A515 MB> >ICI5=85 8 <54;5==> 2>72@0I09B5AL A =8< 2 MBC :><=0BC. 0?8H8B5 A2>8 2?5G0B;5=8O. (K?>;=O5BAO C?@06=5=85) 0@8=0  A?>;L7CNBAO ;8 2 ?A8E>A8=B575 M;5<5=BK 3@C??>2>9 48=0<8:8? M@>;  5B, =5 8A?>;L7CNBAO. 040G0 3@C??K 2 40==>< A;CG05  A?>A>1AB2>20BL A>740=8N 157>?0A=>9 A@54K, 2 :>B>@>9 :064K9 CG0AB=8: <>3 1K <0:A8<0;L=> @0A:@KBL A2>8 3;C18=K, =5 >?0A0OAL, GB> 53> >AC4OB 8;8 ?>4=8<CB =0 A<5E. 040G0 CG0AB=8:0  ?5@568BL B>, GB> ?@54;0305B 254CI89, 8 A@02=8BL A2>8 ?5@56820=8O A ?5@56820=8O<8 4@C38E CG0AB=8:>2. 0@8=0  K =5 AG8B05B5, GB> 3@C??>20O 48=0<8:0 <>65B A?>A>1AB2>20BL @>ABC CG0AB=8:>2? M@>;  5A><=5==> <>65B. > MB> A>25@H5==> 4@C30O D>@<0 @01>BK. =0 =5 ;CGH5 8 =5 EC65 ?A8E>A8=B570, >=0 ?@>AB> 8=0O.  " ", /" (0=OB85 =0G8=05BAO A 45AOB8<8=CB=>9 <548B0F88) ;5@  "5?5@L <K E>B5;8 1K ?>3>2>@8BL > ?>A;54=5< 2G5@0H=5< C?@06=5=88. >7<>6=>, C 20A 5ABL :0:85-B> 2>?@>AK, 2>7<>6=>, :B>-B> E>G5B ?>45;8BLAO A =0<8 A2>8< >?KB><. / E>B5;0 1K C7=0BL, GB> 2K 8A?KBK20;8 2 F5=B@5, 1C4CG8 @0AB>645AB2;5=K A> A2>8<8 AC1;8G=>ABO<8. 0;O  >E>65, GB> <=5 C40;>AL ?>1K20BL 2 F5=B@5.  MB>< <5AB5 O GC2AB2>20;0 A51O :@8B8:>< 8;8 F5=7>@><, A?>A>1=K< GC2AB2>20BL 8 0=0;878@>20BL ;N1CN AC1;8G=>ABL. !25B0  -B> =0?><8=0;> A>AB>O=85 F5=7>@0, => 1>;55 C@02=>25H5==>5. !>AB>O=85 ?>:>O ?>72>;O;> <=5 25@=55 2>A?@8=8<0BL >:@C60NI55, 0 B0:65 A51O A0<>5 2 ;CGH5< 8 EC4H5< A2>5< ?@>O2;5=88.  ?5@2><, ;CGH5< <>5< ?@>O2;5=88 O ;5B5;0 2 G5<-B> 3>;C1><, A25B;><; MB> 1K;0 <>O =5A1K2H0OAO <5GB0. B>@>5 2:;NG0;> 2A5 <>8 >B@8F0B5;L=K5 :0G5AB20  :0B53>@8G=>ABL AC645=89 8 8=B>=0F89, @57:>ABL 42865=89, @0F8>=0;87< 2 >B=>H5=8OE 8 B.?.,  2A5, GB> =5>1E>48<> C1@0BL. -B> ;8 A;54>20;> 2>A?@8=8<0BL 8;8 GB>-B> 4@C3>5? M@>;  >7<>6=>, 2A5 MB8 >B@8F0B5;L=K5 :0G5AB20 ;CGH5 1K;> 1K @0AA<0B@820BL :0: ?@>O2;5=8O =5:>9 >?@545;5==>9 AC1;8G=>AB8 8 ?>?KB0BLAO 2KO28BL B> ?>78B82=>5, GB> A:@K205BAO 70 2=5H=59 =530B82=>ABLN. !53>4=O <K 1C45< 2K?>;=OBL C?@06=5=85, 2 :>B>@>< 20< ?@54AB028BAO B0:0O 2>7<>6=>ABL. -B> A0<0O >1I5@0A?@>AB@0=5==0O @50:F8O  CA<0B@820BL =0;8G85 2 A515 :0:8E-B> >B@8F0B5;L=KE G5@B. # 2A5E =0A 5ABL :@8B8G5A:0O AC1;8G=>ABL, !C4LO.  ?>MB><C :>340 2K =0G8=05B5 AC48BL A51O, @0AA<0B@8209B5 MB> :0: 45OB5;L=>ABL >4=>9 87 A2>8E AC1;8G=>AB59, @8B8:0.  70B5< >?OBL >1@0I09B5AL : ?>8A:C <5AB0, 87 :>B>@>3> 2K C2845;8 MB>3> @8B8:0. ! 20<8, 0;O, ?@>87>H;> B> 65 A0<>5. 0 =0G0;L=KE, 40 8 =5 B>;L:> =0 =0G0;L=KE MB0?0E MB> A>25@H5==> 2 ?>@O4:5 25I59: @8B8: >G5=L A8;5= 8 ?>AB>O==> AB@5<8BAO 70=OBL F5=B@0;L=>5 <5AB>. >65B 1KBL, :B>-B> 5I5 E>G5B ?>45;8BLAO A2>8<8 2?5G0B;5=8O<8? !5@359  >340 O 1K; 2 F5=B@5, C <5=O 2>7=8:;> GC2AB2> C482;5=8O, B0: :0: <>O >B@8F0B5;L=0O AC1;8G=>ABL 2 MB>< A>AB>O=88 2>A?@8=8<0;0AL :0: >G5=L <=5 A8<?0B8G=0O. ;5@  0: ?@028;>, C65 A0< 0:B =5:@8B8G5A:>3> A>7=020=8O 15A?>:>OI59 =0A G0AB8, B> 5ABL A0< 0:B A>7=020=8O 157 >AC645=8O @57:> ?>=8605B C@>25=L >1>@>=8B5;L=>9 0:B82=>AB8 A>7=0205<>9 G0AB8. @8=8<0O 55 B0:>9, :0:>9 >=0 5ABL,  ?>4>1=> B><C, :0: <K ?@8=8<05< 4@C3>5 ;8F>, A:065<, ?0F85=B0,  <K A>7405< CA;>28O, 2 :>B>@KE MB0 G0ABL >ICI05B A51O 2 1>;LH59 157>?0A=>AB8. AG5705B A0<0 ?>G20 4;O :>=D;8:B0. <5AB> B>3>, GB>1K 3>2>@8BL "BK <=5 =5 =@028HLAO", <K 3>2>@8< "?@825B". 5@0   <>5< A;CG05 425 AC1;8G=>AB8 2> 2@5<O C?@06=5=8O AB0;8 =5 ?@>AB> ?>;O@=K<8  >=8 AB0;8 0=B03>=8AB0<8.  2 <><5=B 2>72@0I5=8O : A515 O >ICB8;0 :>=D;8:B <564C =8<8 :0: :0B0AB@>D8G5A:89, ?@0:B8G5A:8 =5@07@5H8<K9.  687=8 MB>B :>=D;8:B ?@>B5:05B 1>;55 <O3:>, >= @0ABO=CB 2> 2@5<5=8.  <>5 ?5@56820=85 2 <><5=B 2>72@0I5=8O : A515 >:070;>AL 45AB@C:B82=K<. ;5@  >340 <K ?@>2>48< MBC @01>BC 2 A2>5< 2>>1@065=88, <K ?@>2>48< 55 D0:B8G5A:8 8<5==> 4;O B>3>, GB>1K A45;0BL ?5@56820=85 GC2AB2 1>;55 O@:8<.  8=>340 C =0A 459AB28B5;L=> 2>7=8:05B GC2AB2> :0B0AB@>D8G=>AB8 ?@>8AE>4OI53>. >B><C GB> 2 ?>2A54=52=>9 687=8 =0H8 GC2AB20 <5=55 >1>AB@5=K. 01>B0 B0:>3> B8?0 F5==0 8<5==> B5<, GB> ?>72>;O5B OA=55 C2845BL, 2 G5< A>AB>8B 459AB28B5;L=K9 :>=D;8:B, >=0 ?>72>;O5B OA=55 C2845BL 459AB28B5;L=>5 ?>;>65=85 25I59.  :@><5 B>3>, 1;03>40@O 59 2=CB@8 C =0A ?>O2;O5BAO <5AB>, 345 <K <>65< @07@5H8BL MB>B :>=D;8:B. <5==> =04 A>740=85< B0:>3> <5AB0 <K 8 1C45< ?@>4>;60BL @01>B0BL, 5@0   @57C;LB0B5 2K?>;=5=8O C?@06=5=8O O >A>7=0;0 =52>7<>6=>ABL 40;L=59H53> A>ACI5AB2>20=8O MB8E 42CE AC1;8G=>AB59. >6=> ;8 :0:8<-B> >1@07>< C18BL 2 A515 :0:CN-B> AC1;8G=>ABL? =0G5 O =5 ?@54AB02;ON, :0: 2>7<>6=> <>5 40;L=59H55 ACI5AB2>20=85. M@>;  !CI5AB2C5B C=825@A0;L=K9 70:>= =5C=8GB>68<>AB8 M=5@388. -=5@38N =5;L7O C=8GB>68BL, 0 AC1;8G=>ABL  MB> M=5@38O. 07@5H5=85 M=5@35B8G5A:>3> :>=D;8:B0 A>AB>8B 2 ?@5>1@07>20=88 M=5@388.  MB> >A=>2=>9 ?@8=F8? ?A8E>A8=B570, 25AL<0 >B;8G0NI89 53> >B B@048F8>==>9 ?A8E>B5@0?88. '5< 1>;55 <K ?KB05<AO 871028BLAO >B B>3>, GB> =0A =5 CAB@08205B, B5< 1>;55 >=> 2KE>48B =0@C6C, >1>AB@OO :>=D;8:B. > <K 7=05<, GB> AB>@>=K ;N1>3>, 4065 A0<>3> A5@L57=>3> :>=D;8:B0 <>3CB 2 :>=F5 :>=F>2 ?@84B8 : A>3;0A8N. 1> F5;>AB=>ABL  =0H5 5AB5AB25==>5 A>AB>O=85. 4=0:> 4;O 2>AAB0=>2;5=8O F5;>AB=>AB8 =5>1E>48<> 2@5<O. 5@0  'B> <=5 45;0BL 4;O 2>AAB0=>2;5=8O F5;>AB=>AB8? M@>;  !53>4=O <K ?@>4>;68< MBC @01>BC.  <K 4048< 20< >1I55 ?@54AB02;5=85 > B><, :0: @01>B0BL =04 A>1>9 A0<>AB>OB5;L=>. ;5@  / E>GC 4>1028BL :>5-GB> : A:070==><C M@>;. >A:>;L:C M=5@38O =5C=8GB>68<0, ?>AB>;L:C 55 ?>402;5=85 ?@82>48B ;8HL : B><C, GB> >=0 =0E>48B A2>5 ?@>O2;5=85 2 4@C38E >1;0ABOE =0H59 687=8. "0: GB> <K 70=8<05<AO ?5@5@0A?@545;5=85< M=5@388 2<5AB> B>3>, GB>1K 70=OBLAO 55 ?@5>1@07>20=85<. !;CH0O M@>;, O 2A?><=8;0 A;54CNICN D@07C, :;NG52CN 4;O B5E, :B> AB@5<8BAO : ?A8E>A8=B57C: M=5@38O A;54C5B 70 <KA;LN. %0@0:B5@ =0H59 M=5@35B8:8 >1CA;>2;5= E0@0:B5@>< =0H53> <KH;5=8O. 87C0;870F8O :0: @07 8 A;C68B =0< 4;O ?@5>1@07>20=8O <KA;8. >;O  # <5=O 2>?@>A. K ?>;L7C5B5AL 42C<O B5@<8=0<8: AC1;8G=>ABL 8 M=5@38O. -B> A8=>=8<K? ;5@  >2>@O > AC1;8G=>AB8, <K 8<55< 2 284C >?@545;5==CN A>2>:C?=>ABL CAB0=>2>:, ?>2545=G5A:8E AB5@5>B8?>2, 25@>20=89, 2;5G5=89 8 B.4., :>B>@0O >1@5B05B F5;>AB=CN @07;8G8<CN D>@<C 2 =0H5< A>7=0=88. !C1;8G=>ABL  MB> C4>1=0O <>45;L, ?>72>;ONI0O =0< 8<5BL 45;> A 4286CI8<8 A8;0<8 ;8G=>AB8; =5 A;54C5B 701K20BL, >4=0:>, GB> MB> 2A53> ;8HL <>45;L, =5 ?@5B5=4CNI0O =0 AB0BCA >@838=0;0. 'B> :0A05BAO M=5@388, B> 2A5 ?5@5G8A;5==K5 >1@07>20=8O (CAB0=>2:8 8 B.4.) 48=0<8G=K 8, 1C4CG8 B0:>2K<8, <>3CB @0AA<0B@820BLAO =5 B>;L:> :0: A<KA;>2K5, => 8 :0: M=5@35B8G5A:85 >1@07>20=8O. >2>@O > AC1;8G=>AB8 :0: >1 M=5@388, <K ?>4G5@:8205< =5C=8GB>68<>ABL 8 ?@5>1@07C5<>ABL B>9 A>2>:C?=>9 4286CI59 A8;K, :>B>@CN >=0 A>1>9 ?@54AB02;O5B. 07=K5 AC1;8G=>AB8 ?@54AB02;ONB @07=K5 D>@<K 548=>9 M=5@388. K C45;O5< B0:>5 1>;LH>5 2=8<0=85 AC1;8G=>ABO< =5 2 ?>A;54=NN >G5@54L ?>B><C, GB> =5@54:> <K >B>645AB2;O5< A51O ;8HL A >4=>9 8;8 A 42C<O,  A:065<, A >4=>9 AC1;8G=>ABLN.  5A;8 O >B>645AB2;ON A51O, =0?@8<5@, A "E>@>H59 <0;5=L:>9 452>G:>9", B> 2> 2A5E AD5@0E A2>59 687=8  =0 @01>B5, 2 >B=>H5=8OE A ;N4L<8  ?>2AN4C O 1C4C 25AB8 A51O :0: "E>@>H0O <0;5=L:0O 452>G:0".  :0: B0:>20O, O =5 1C4C =8 A>7=020BL 2 A515, =8 ?>72>;OBL A515 =8G53> B0:>3>, 1;03>40@O G5<C O <>3;0 1K 2K3;O45BL 2 A2>8E 3;070E 8 3;070E >:@C60NI8E :0: "=5A=>A=0O 452G>=:0". "5< A0<K< O ?KB0NAL 2K@010BK20BL 3;02=CN G0ABL A2>59 ;8G=>AB8. > :>340 O >1@5B0N A?>A>1=>ABL >BABC?8BL =0 H03 >B MB>9 3;02=>9 G0AB8 8 A>7=0N, GB> MB> ;8HL >4=0 87 <>8E G0AB59, O ?>;CG0N 4>ABC? : 3>@074> 1>;LH5<C A?5:B@C A2>59 B2>@G5A:>9 M=5@388. M@>;  A;8 65 25@=CBLAO : ?@>1;5<5 :>=D;8:B0, B> :>=D;8:B ?@5>4>;5205BAO =0 ?CB8 >1J548=5=8O, 8=B53@0F88 :>=D;8:BCNI8E AB>@>=. ! MB>9 B>G:8 7@5=8O AC1;8G=>ABL ?@54AB02;O5B A>1>9 >4=C 87 8=B53@8@C5<KE AB>@>=. !>>B25BAB25==>, ?5@2K9 H03 =0 ?CB8 8=B53@0F88 A>AB>8B 2 >A>7=0=88 @07;8G=KE A2>8E AC1;8G=>AB59. >6=>, =0?@8<5@, @5H8BL ?>;>28=C 2@5<5=8 45;0BL B>, GB> E>G5B >4=0 87 =8E, 0 ?>;>28=C  B>, GB> E>G5B 4@C30O. > MB> >G5=L :>=:@5B=K9 C@>25=L, >1I85 @5:><5=40F88 745AL =5C<5AB=K. A;8 25@=CBLAO : ?@8<5@C A "E>@>H59 452>G:>9" 8 "=5A=>A=>9 452G>=:>9", B> >G5284=>, GB> 2 >?@545;5==KE >1AB>OB5;LAB20E C<5AB=> 1KBL 4>1@>9 8 ?>A;CH=>9, B>340 :0: 2 8=KE >1AB>OB5;LAB20E 25AL<0 C<5AB=> 1C45B ?@>O28BL =5?>A;CH0=85 8 A:070BL "=5B".  MB>< 8 A>AB>8B :>>?5@0F8O. !;54CNI89 H03  1>;55 B>=:>9 ?@8@>4K, MB> H03 : 8=B53@0F88 :0: B0:>2>9. !B>@>=K A1;860NBAO 8 2A5 1>;55 C?>4>1;ONBAO 4@C3 4@C3C, 81> ACI=>AB=>5 O4@> C =8E >48=0:>2>5; A:065<, "E>@>H0O 452>G:0" AB0=>28BAO B25@65, 0 "=5A=>A=0O 452G>=:0"  <O3G5.  =0:>=5F, ?@>8AE>48B A8=B57 AC1;8G=>AB59: 42>5 AB0=>2OBAO >4=8<. "0:8< >1@07><, @01>B0 =0G8=05BAO A A>7=020=8O A2>8E G0AB59, :>B>@>5 AB0=>28BAO 2>7<>6=K< ;8HL ?>A;5 B>3>, :0: <K 709<5< F5=B@0;L=>5 ?>;>65=85; 70B5< <K =0G8=05< :>>?5@8@>20BL 8E  15A54>20BL A =8<8 8 A1;860BLAO A =8<8, 2 @57C;LB0B5 G53> <564C G0ABO<8 CAB0=02;8205BAO 480;>3 8 A>B@C4=8G5AB2>, B> 5ABL G0AB8 =0G8=0NB :>=AB@C:B82=> 2708<>459AB2>20BL <564C A>1>9; 70B5<, 1;03>40@O ?@8<5=5=8N 1>;55 B>=:8E D>@< <548B0F89, 287C0;870F88 8 B.?., G0AB8 =0G8=0NB M=5@35B8G5A:8 >1J548=OBLAO, 8=B53@8@>20BLAO; 8 >:>=G0B5;L=K< H03>< =0 MB>< ?CB8 O2;O5BAO 8E A8=B57. > MB>3> >G5=L B@C4=> 4>AB8GL ?CB5< >4=8E B>;L:> @07<KH;5=89. >MB><C O ?@54;030N ?5@59B8 : 2K?>;=5=8N A;54CNI53> C?@06=5=8O, 2 :>B>@>< <K ?@>4>;68< @01>BC A 42C<O ?@>B82>?>;>6=K<8 AC1;8G=>ABO<8. / 1C4C G8B0BL B5:AB C?@06=5=8O, 0 2K ?@>AB> ?@54AB02;O9B5 53>, 287C0;878@CO 480;>3 2 A2>5< 2>>1@065=88. 06=>5 70<5G0=85. K <>65B5 @01>B0BL A B5<8 65 AC1;8G=>ABO<8, A :>B>@K<8 @01>B0;8 2G5@0; => 5A;8 2K >A>7=0;8 ?@8ACBAB285 2 A515 :0:8E-B> 4@C38E AC1;8G=>AB59 8 E>B8B5 ?>@01>B0BL A =8<8  @01>B09B5 A =8<8. A5, GB> =C6=> 4;O MB>3> C?@06=5=8O  MB> 425 ?@>B82>?>;>6=K5 AC1;8G=>AB8, =5 8<55B 7=0G5=8O, :0:85 8<5==>. >3>2>@8;8AL? ">340 ?>?@>HC 20A ?@8=OBL C4>1=>5, CAB>9G82>5 ?>;>65=85, 2 :>B>@>< <>6=> 1K;> 1K @0AA;018BLAO. >38 AB>OB ?0@0;;5;L=>, 3;070 70:@KBK. 1@0B8B5 2=8<0=85 =0 4KE0=85. (15) ! :064K< 2K4>E>< >A2>1>6409B5AL >B CA;KH0==KE 20<8 B>;L:> GB> 2>?@>A>2, >B25B>2 8 @073>2>@>2. @>AB> 2K4KE09B5 MB>. (15) A;8 2K GC2AB2C5B5, GB> 3>B>2K, 2A?><=8B5 A51O 2 C?@06=5=88, :>B>@>5 2K 2K?>;=O;8 2G5@0 ?>A;5 >1540, 8 287C0;878@C9B5, :0: 2K ?5@5E>48B5 >B >4=>9 AC1;8G=>AB8 : 4@C3>9, ?@>E>4O G5@57 F5=B@.  70B5< ?@54AB02LB5, GB> 2K >AB0=>28;8AL 2 MB>< F5=B@5. (5) ICI09B5, GB> 2K =0E>48B5AL 2 F5=B@5. (20)  B5?5@L, 5A;8 E>B8B5, ?@83;0A8B5 >4=C 87 AC1;8G=>AB59 ?>O28BLAO A?@020 >B 20A. (10)  5A;8 >=0 ?>O28;0AL, =01;N409B5 55. (5) 87C0;878@C9B5 8;8 :0:8<-B> 8=K< >1@07>< ?>GC2AB2C9B5 ?>O2;5=85 MB>9 G0AB8. (5) 01;N409B5 ?>;>65=85 55 B5;0 8 2K@065=85 ;8F0. (10) 1@0B8B5 2=8<0=85, ?>G5<C >=0 8<5==> B0: 45@68B 3>;>2C, ?>G5<C C =55 B0:>5 2K@065=85 3;07, ?>G5<C >=0 B0: AB>8B 8;8 A848B. A;8 <>65B5, >1@0B8B5 2=8<0=85 =0 B>, GB> >=0 E>G5B A:070BL 20< A2>8< 2=5H=8< 284><. (10)  B5?5@L ?@54AB02LB5, GB> 2K 45;05B5 H03 87 F5=B@0 8 2ABC?05B5 2 MBC G0ABL. !B02 MB>9 G0ABLN, ?@54AB02LB5, GB> 55 B5;> 8 GC2AB20 AB0;8 20H8<8. 0: 2K AB>8B5 8;8 A848B5? 'B> 45;0NB 20H8 @C:8? 0: 2K 45@68B5 3>;>2C? 'B> 2K@060NB 20H8 3;070? 0:>9 C 20A ?@8:CA? >A<>B@8B5, 459AB28B5;L=> ;8 2K GC2AB2C5B5, GB> 20H5 B5;> AB0;> B5;>< MB>9 G0AB8. (5)  B5?5@L A:068B5 F5=B@C, :B> 2K: "/...". (15)  A:068B5 F5=B@C, 2 G5< 20H5 =07=0G5=85, 2 G5< F5;L 20H53> 1KB8O. (20)  B5?5@L A45;09B5 H03 87 MB>9 G0AB8 >1@0B=> 2 F5=B@. (5)  87 F5=B@0 >?OBL 273;O=8B5 =0 MBC G0ABL. (15)  5A;8 2K 4>?>;=8B5;L=> E>B8B5 GB>-B> C7=0BL > 55 =07=0G5=88, A?@>A8B5 55 >1 MB><. (15) !?@>A8B5 MBC G0ABL, :>340 >=0 2>H;0 2 20HC 687=L. (25) !?@>A8B5 55, GB> >=0 E>G5B 20< A>>1I8BL. (25) >A<>B@8B5, <>65B5 ;8 2K ?>GC2AB2>20BL ACI=>AB=>5 :0G5AB2> MB>9 G0AB8. (20) !?@>A8B5 MBC G0ABL, G53> >=0 E>G5B. (20) !?@>A8B5 MBC G0ABL, GB> 59 =C6=>. (25)  A?@>A8B5 A51O 2 F5=B@5, 459AB28B5;L=> ;8 2K GC2AB2C5B5 A51O 3>B>2K<8 27OBL =0 A51O >B25BAB25==>ABL 70 MBC ?>B@51=>ABL. (15) >2>;L=>, B5?5@L >B2;5:8B5AL >B MB>9 G0AB8 8 >?OBL >1@0B8B5 2=8<0=85 =0 A2>5 ?@51K20=85 2 F5=B@5, =0 A2>N A?>A>1=>ABL =01;N40BL, A?>A>1=>ABL A>7=020BL, A?>A>1=>ABL 2KO2;OBL 3;C18==CN F5==>ABL 8 A<KA; ;N1KE A2>8E G0AB59. (10)  B5?5@L ?@83;0A8B5 ?@>B82>?>;>6=CN G0ABL ?>O28BLAO A;520 >B 20A. (5)  :>340 MB0 G0ABL ?>O28BAO, ?>?@>1C9B5 ?>;CGH5 @0AA<>B@5BL 55. 5:>B>@>5 2@5<O =01;N409B5 70 B5<, :0: MB0 G0ABL ?@54AB02;O5B A51O 20<. 1@0B8B5 2=8<0=85 =0 55 ?>7C 8 2K@065=85 ;8F0. (5) 1@0B8B5 2=8<0=85 =0 B>, GB> >=0 A>>1I05B 20< C65 >4=8< A2>8< 284><. (10)  B5?5@L A45;09B5 H03 87 F5=B@0 8 2ABC?8B5 2 MBC G0ABL. ABC?0O 2 =55, 2K >1@5B05B5 55 B5;>, 55 ?>7C, 2K@065=85 ;8F0. !B0=LB5 MB>9 AC1;8G=>ABLN.  A:068B5 F5=B@C, :B> 2K. (15)  A:068B5 F5=B@C, 2 G5< 20H5 =07=0G5=85, 2 G5< F5;L 20H53> 1KB8O. (20)  B5?5@L ?5@5<5AB8B5AL 87 MB>9 G0AB8 =0704, 2 F5=B@.  5A;8 2K, ?@51K20O 2 F5=B@5, >1=0@C68B5, GB> E>B5;8 1K 5I5 GB>-B> C7=0BL > =07=0G5=88 MB>9 G0AB8, A?@>A8B5 55. (15) !?@>A8B5 MBC G0ABL, :>340 >=0 2>H;0 2 20HC 687=L. (20) !?@>A8B5 55, GB> >=0 E>G5B 20< A>>1I8BL. (15)  ?>A<>B@8B5, <>65B5 ;8 2K ?>GC2AB2>20BL ACI=>AB=>5 :0G5AB2> MB>9 G0AB8. (15) !?@>A8B5 MBC G0ABL, G53> >=0 E>G5B. (15) !?@>A8B5 MBC G0ABL, GB> 59 =C6=>. (15)  >1@0B8B5 2=8<0=85 =0 B>, GC2AB2C5B5 ;8 2K A51O 3>B>2K<8 27OBL =0 A51O >B25BAB25==>ABL 70 MBC ?>B@51=>ABL. (15)  B5?5@L >B2;5:8B5AL >B MB>9 G0AB8. ICI09B5, GB> 2K ?@51K205B5 2 F5=B@5 8 B>;L:> 2 F5=B@5. !C<<8@C9B5 B>, G5<C 2K =0CG8;8AL 8 GB> >A>7=0;8. (10)  ?>4254O 8B>3, >1@0B8B5 2=8<0=85 =0 A2>5 4KE0=85. (5)  =0G8=09B5 ?>AB5?5==> 2KE>48BL 87 MB>3> 2=CB@5==53> ?@>AB@0=AB20, ?>AB5?5==> >B:@K20O 3;070. (5) 0?8H8B5 A2>8 2?5G0B;5=8O >1 MB>< C?@06=5=88, A2>8 <KA;8 8 GC2AB20. (0C70) A;8 2K 70:>=G8;8 45;0BL 70<5B:8, =0948B5 A515 ?0@B=5@0, A :>B>@K< 2K 5I5 =5 @01>B0;8, 8 A>A@54>B>GLB5AL =0 42CE 2>?@>A0E: 1) 'B> 2K C7=0;8 > A2>8E AC1;8G=>ABOE? 2) 0: 2K >ICI0;8 ?@51K20=85 2 F5=B@5, GB> 20< MB> =0?><8=0;>? >745@68B5AL CAB=> 8;8 <KA;5==> :><<5=B8@>20BL CA;KH0==>5. > ?OBL <8=CB =0 :064>3>, B> 5ABL 2A5 >1AC645=85 709<5B C =0A 45AOBL <8=CB. (#G0AB=8:8 45;OBAO 2?5G0B;5=8O<8). "5?5@L, 2>7<>6=>, :B>-B> 70E>G5B @0AA:070BL =0< > B><, GB> >= 8A?KB0; 2> 2@5<O C?@06=5=8O. 0:A8<  !?@020 >B <5=O 1K; ?5AA8<8AB, 4>AB0B>G=> @0F8>=0;L=> >1JOA=ONI89 MB> A2>5 >A=>2=>5 :0G5AB2>. =5H=5 >= ?@54AB02;O; A>1>9 =5GB> 7060B>5 2 C3>;, <0;5=L:>5, => A >G5=L C<=K<8 3;070<8 8 ;8F>< >1@5G5==>3> G5;>25:0. # <5=O 2>7=8:;> B0:>5 2?5G0B;5=85, GB> MB> G5;>25:, 2K=C645==K9 68BL,  =5 65;0NI89 68BL, => 2K=C645==K9 68BL. =, ?@0240, C65 <5@B2 8 2848B 2>:@C3 A<5@BL.  C156405B 2A5E 2 15AA<KA;5==>AB8 :0:>9-;81> 45OB5;L=>AB8. >4B25@645=85 B><C >= =0E>48B 2 4@52=8E MAE0B>;>38G5A:8E CG5=8OE, CG5=8OE 25;8:8E M:78AB5=F80;8AB>2; 40 8 A0< ;8G=K9 >?KB MB>9 AC1;8G=>AB8 A2845B5;LAB2C5B > BI5B5 :0:>9-;81> 45OB5;L=>AB8... >B>< O ?>?KB0;AO >?OBL C1@0BL 55 2 A51O.  ?>B><C, =025@=>5, GB> MB> 2A5-B0:8 >4=0 87 A8;L=KE <>8E AC1;8G=>AB59, >=0 A?>:>9=> @0AB2>@8;0AL 2> <=5, 8 O =5 <>3 55 >AC640BL. 0B5< A;520 >B <5=O ?>O28;0AL 2B>@0O AC1;8G=>ABL, :>B>@CN <>6=> 1K;> 1K =0720BL 45OB5;L=K< @0F8>=0;8AB><-?5@5A<5H=8:><. -B> @0F8>=0;8AB, :>B>@K9 0:B825= 2 687=8, 8 2 B> 65 2@5<O 70@065= A:5?B8F87<><... =5H=5 MB0 AC1;8G=>ABL 1K;0 A8;L=>9 8 C25@5==>9; >=0 1K;0 >45B0 2 BI0B5;L=> 2K3;065==CN 4>1@>B=CN B@>9:C 8 HCB:8 @048 1@>A0;0 =0 ?>; F25B=K5 :C18:8, @><18:8 8 B@5C3>;L=8:8, 3>2>@O ?@8 MB><: "@>AL 70=8<0BLAO 5@C=4>9, ?>A<>B@8, :0: 70102=> 83@0BL 2 MB>< <8@5.  A<KA;0 8A:0BL =5 AB>8B.  5A;8 2 40==K9 <><5=B B515 GB>-B> =@028BAO, 45;09 MB>".  A;>20E 55 1K; >B72C: D0B0;87<0 ?5@2>9 AC1;8G=>AB8. > ?>B><C, 2>7<>6=>, GB> 2 =59 >BACBAB2>20;> =5:>5 ?>=8<0=85 G5;>25:0, >=0 =5 2K7K20;0 C <5=O >A>1> B5?;KE GC2AB2... 'B> O >ICI0; 2 F5=B@5?  F5=B@5 1K;0 >?@545;5==0O C25@5==>ABL, =5:>B>@>5 A?>:>9AB285, 0 B0:65 :@8B8G=>ABL, A>?@>2>6405<0O ;N1>2LN. M@>;  'B> 8<5==> 20< =5 =@028BAO 2 ?5@2>9 AC1;8G=>AB8, :>340 2K =0E>48B5AL 2> 2B>@>9? 0:A8<  @5645 2A53>, B>, GB> >= D0B0;8AB, ;8G=>ABL 157CA;>2=> A;010O, >B:07K205BAO >B 459AB28O. M@>;  "0:8< >1@07><, =838;8AB A?@020 ?0AA825=, B>340 :0: A:5?B8: A;520 0:B825=. !;54>20B5;L=>, 2 :0G5AB25 74>@>2>3> O4@0 AC1;8G=>AB8 745AL 2KABC?05B 0:B82=>ABL, M=5@38O, 687=5==>ABL A:5?B8:0. >B><C :0:, :>340 2K =0E>48B5AL 2 F5=B@5, =0A:>;L:> O ?>=8<0N,. 2K ?@8=8<05B5 687=5==CN M=5@38N A:5?B8:0. >A<>B@8B5 B5?5@L 87 F5=B@0 =0 ?5AA8<8AB0 A?@020, :>B>@>3> O 2>A?@8=8<0N :0: M:78AB5=F80;L=>3> =838;8AB0. >65B5 ;8 2K CA<>B@5BL 2 =5< :0:>5-B> :0G5AB2>, :>B>@>5 20< =@028BAO? 0:A8<  >65B 1KBL, MB> A;8H:>< A8;L=> A:070=>, => >= A>7=05B B@038G=>ABL 1KB8O. M@>;  "> 5ABL >= A>7=05B AB@040=85. 0A:>;L:> MB> 206=> 4;O 20A  2845BL AB@040=85? 0E>48B5 ;8 2K F5==>9 MBC A?>A>1=>ABL 2>A?@8=8<0BL AB@040=85? 0:A8<  0, =0E>6C. !B@040=8O >:@C60NI8E <5=O ;N459, 8E 1>;57=8 8 A<5@BL  2A5 MB> O 2>A?@8=8<0N >G5=L 1;87:> : A5@4FC. ! 4@C3>9 AB>@>=K, AB@040=85 405B ?>=8<0=85. M@>;  5 2>7=8:05B ;8 C 20A, :>340 2K =0E>48B5AL 2 MB>9 G0AB8, 3;C1>:>5 GC2AB2> A2O78 A 4@C38<8 ;N4L<8? 0:A8<   >1I5<-B> 40. M@>;   ACI=>AB8, MB> C65 =5 ?0AA82=>ABL. 0:A8<   MB>< A<KA;5  40. M@>;  -B> 0:B82=>ABL.  MBC 0:B82=>ABL =C6=> =5 >B25@30BL, 0 ?>445@6820BL 8 ?@82=>A8BL 2 A2>N 687=L. "0:8< >1@07><, 0:B82=K >15 G0AB8, 8 <564C MB8<8 42C<O D>@<0<8 0:B82=>AB8 <>65B CAB0=>28BLAO 70<5G0B5;L=>5 @02=>25A85. > GB>1K MB> AB0;> 2>7<>6=K<, =5>1E>48<> ?@>G=> CB25@48BLAO 2 F5=B@5. / E>B5;0 1K 7=0BL, 2A5 ;8 87 20A ?5@56820;8 MB> F5=B@0;L=>5 <5AB> :0: >1>A>1;5==>5 8 >B45;5==>5 >B >AB0;L=KE G0AB59, :0: <5AB> OA=>AB8 8 B8H8=K, 8;8 65 ?@51K20=85 2 F5=B@5 ?5@56820;>AL 20<8 :0:-B> 8=0G5? !5@359  >-<>5<C, F5=B@0;L=0O ?>78F8O =59B@0;L=0. :A0=0  A;8 1K >=0 =5 1K;0 =59B@0;L=>9, MB> 1K;0 1K 5I5 >4=0 AC1;8G=>ABL. 3>@   O 8A?KBK20; 2 F5=B@5 >G5=L M<>F8>=0;L=K5 ?5@56820=8O. M@>;  / A?@0H820N >1 MB>< ?>B><C, GB> >G5=L G0AB> ;N48 ?CB0NB F5=B@ A> A2>59 :@8B8G5A:>9 G0ABLN, :@8B8:CNI59 2A5 >AB0;L=K5 G0AB8. 5 <>3;8 1K 2K, 3>@, ?>45;8BLAO A =0<8 B5<8 GC2AB20<8, :>B>@K5 2K 8A?KBK20;8 2 F5=B@5? 3>@  >?040O 2 F5=B@, O 2AO:89 @07 =0G8=0; =5@2=8G0BL: :0:CN 65 87 AC1;8G=>AB59 <=5 2K1@0BL 8;8 :0: 8E A>2<5AB8BL. 54L @5GL 845B, 2 >1I5<-B>, =5 B>;L:> > A5:AC0;L=>AB8 2 C7:>< A<KA;5, :0: MB> <>3;> ?>:070BLAO 2G5@0. 4=0 AC1;8G=>ABL  @01>B0NI0O, A>7840NI0O; 0 2B>@0O  2>?;>I05B A>1>9 >1KG=CN ;5=L, A810@8BAB2>, BO3C : C4>2>;LAB28O<, : :><D>@BC.  ?>MB><C =0E>4OAL 2 A@54=59 G0AB8 O =5@2=8G0;, ?KB0OAL @07@5H8BL MBC ?@>1;5<C. ;5@  'B> 8<5==> 70AB02;O;> 20A =5@2=8G0BL, GB> A>74020;> GC2AB2> =5C4>2;5B2>@5==>AB8? 3>@  / ?KB0;AO 2KOA=8BL, GB> <=5 =C6=>. <55B ;8 A<KA; 2> 8<O =0C:8, =0?@8<5@, >B:07K20BLAO >B B>3>, GB> <>3CB ?>;CG0BL >B 687=8 4@C385 ;N48? ;8 65 MB> 3;C?>, ?>B><C GB> O A>AB0@NAL 8 C<@C, > B@C40E <>8E 701C4CB, 8 =8:><C 4> =8E =5 1C45B 45;0.  2 ?@>F5AA5 @01>BK O >B:07K20NAL >B F5;>3> @O40 C4>2>;LAB289, ?>;>68B5;L=KE M<>F89... >@>G5 3>2>@O, 2 G5< A<KA; 687=8? ;5@  >E>65, GB> =0E>4OAL 2 F5=B@5, 2K @5H0;8 ?@>1;5<C B>3>, GB> 4;O 20A 1>;55 206=>. 0< B@C4=> A45;0BL 2K1>@, ?>A:>;L:C 2K =0E>48B5 >?@545;5==CN F5==>ABL A >158E AB>@>=. >-2848<><C, 2K ?5@568205B5 MBC A8BC0F8N, =0E>4OAL 2 B@5BL59 AC1;8G=>AB8, :>B>@0O 1>@5BAO 70 459AB28B5;L=> 4>AB>9=K5 F5==>AB8 8 ?KB05BAO 2KOA=8BL, GB> F5==55  ;8G=>5 8;8 >1I5AB25==>5. > GB>1K ?>?0ABL 2 F5=B@, =C6=> 2K9B8 4065 87 B>9 AC1;8G=>AB8, 4;O :>B>@>9 ACI5AB2C5B MB0, =5A><=5==>, 206=0O 48;5<<0. N40  4=0 87 <>8E AC1;8G=>AB59 B0:65 >:070;0AL A8;L=55 <5=O, 8 O =5 A<>3;0 25@=CBLAO 2 F5=B@. !?@020 >B <5=O 1K;0 0:B82=0O, M=5@38G=0O, 45;>20O 65=I8=0, 65;0NI0O >B4020BL @0A?>@O65=8O, 0 A;520  ?0AA82=0O, CE>4OI0O >B 2A53>. "0: 2>B, :>340 O ?>?KB0;0AL AB0BL MB>9 ?0AA82=>9 AC1;8G=>ABLN, >=0 A:070;0: "AB02L <5=O!"  >=0 A:070;0 MB> A B0:>9 A8;>9, GB> O >AB0;0AL 2 =59  O ?>GC2AB2>20;0, GB> C <5=O =5B A8; 25@=CBLAO 2 F5=B@. M@>;  ABL 5I5 >48= ?@8=F8?, > :>B>@>< <K ?>:0 5I5 =5 3>2>@8;8. = =07K205BAO "2>;O". -B> M=5@38O, :>B>@0O ?@8<5=O5BAO 2 B5E A;CG0OE, :>340 :065BAO, GB> 2K CB@0B8;8 2AO:CN B>G:C >?>@K. >?CAB8<, GB> :0:0O-B> AC1;8G=>ABL >:070;0AL =0AB>;L:> A8;L=>9, GB> ?>3;>B8;0 20A, 8 2K =5 7=05B5, GB> 45;0BL.  B0:>< A;CG05 2K <>65B5 ?@8=OBL 2>;52>5 @5H5=85 AB0BL =0 B@8 4=O MB>9 AC1;8G=>ABLN; 1>;55 B>3>, 2K <>65B5 4065 CA8;8BL, CB@8@>20BL G5@BK MB>9 AC1;8G=>AB8. -B> ?>72>;8B 20< ;CGH5 ?>GC2AB2>20BL, :0: >=0 459AB2C5B, G53> E>G5B, 2 G5< =C6405BAO, G53> 59 =54>AB05B. @8 MB>< 2K 6825B5 :0: 1K 42>9=>9 687=LN: 2K  AC1;8G=>ABL, 8 2 B> 65 2@5<O 2K  55 =01;N40B5;L. ;5@  $0:B8G5A:8, MB> C?@06=5=85 2>;8, =0<5@5=8O  ?>AB>O==> ?5@5<5I0BLAO 2 F5=B@, A?@0H820O ?>3;>B82HCN 20A G0ABL: "'53> BK E>G5HL?  GB> B515 =C6=>?" A>15==> 2065= ?>A;54=89 2>?@>A, 2>?@>A > ?>B@51=>ABOE. >7<>6=>, 20<, N40, ?><>65B, 5A;8 2K 704048B5 A2>8< G0ABO< MB>B 2>?@>A. N40  / ?KB0;0AL 704020BL 53>, => 480;>30, : A>60;5=8N, =5 ?>;CG8;>AL. ;5@  15 G0AB8 C:;>=8;8AL >B 480;>30? N40  5B, B>;L:> 2B>@0O. ;5@   ?5@20O, A8;L=0O? N40  5@20O =5 A<>3;0 40BL <=5 A8;. :07K205BAO, >=0 A;0155 2B>@>9. ;5@  5;0=85, GB>1K B51O >AB028;8 >4=C  MB> 65;0=85. > GB> 59 =C6=>, :0:>20 55 ?>B@51=>ABL? N40  =0 A:070;0, GB> C =55 =5B A8;. ;5@   GB> 65 59 =C6=>? N40  'B>1K 55 >AB028;8, =5 B@>30;8. 5 ?@>O2;O;8 ?> >B=>H5=8N : =59 0:B82=>AB8. ;5@  0G5< >=0 E>G5B >AB0BLAO >4=>9? '53> >=0 8I5B? N40  B4KE0, ?>:>O. !>AB>O=85 <548B0F88 59 1;865, ?>B><C GB> >=> 405B GC2AB2> ?>:>O. ;5@  !;54>20B5;L=>, MB>9 20H59 G0AB8 =C65= ?>:>9? "> 5ABL >48=>G5AB2>  >4=0 87 D>@< 8A:><>3> ?>:>O. > ACI5AB2CNB 8 4@C385 A?>A>1K >1@5B5=8O ?>:>O, =5 ?@54?>;030NI85 :>=D;8:B0 A 0:B82=>9 G0ABLN. M@>;   G53> E>B5;0 0:B82=0O G0ABL?  GB> 59 1K;> =C6=>? N40  =0 =C640;0AL 2 45OB5;L=>AB8. ;5@   G53> >=0 645B >B 45OB5;L=>AB8. N40  #A?5E0. ;5@   70G5< 59 =C65= CA?5E? N40  'B>1K 8A?KBK20BL GC2AB2> C4>2;5B2>@5=8O. ;5@  0G5< >=0 AB@5<8BAO 8A?KB0BL MB> GC2AB2>, 70G5< >=> 59 =C6=>? N40  'B>1K 4>AB8GL :><D>@B=>3> A>AB>O=8O. ;5@   :><D>@B  =5 8=>5 ;8 MB> =0720=85 ?>:>O? N40  0. ;5@  "0:8< >1@07><, >15 20H8 G0AB8  0:B82=0O 8 ?0AA82=0O  AB@5<OBAO : >4=><C, : ?>:>N. !;54>20B5;L=>, =5 B0:85 C6 >=8 8 0=B03>=8ABK, :0: :065BAO =0 ?5@2K9 273;O4. =8 <>3CB =09B8 4@C3 2 4@C35 <=>3> >1I53>. :A0=0  / E>B5;0 1K @0AA:070BL > A2>5< >?KB5. >7<>6=>, >= ?><>65B 3>@C; 45;> 2 B><, GB> C =0A ?@8<5@=> >48=0:>2K5 AC1;8G=>AB8. 4=0  0:B82=0O, B2>@G5A:0O, 0 4@C30O  AB@5<8BAO : C4>2>;LAB28O<. > <564C =8<8 =5 1K;> :>=D;8:B0. / AG8B0N, MB> >1JOA=O5BAO B5<, GB> :>340 O 1K;0 2 F5=B@5, B0< =5 1K;> =8G53>, >= 1K; 15A?;>B5=. -B> 1K; ?>:>9. -B> 1K; :@C3 A25B0 >B ;CG0 ?@>65:B>@0. 7 MB>3> F5=B@0 O <>3;0 ?>9B8 2 AB>@>=C ;N1>9 AC1;8G=>AB8  =0?@02>, =0;52> 8 :C40 C3>4=>. / <>3;0 ?>9B8 8 2 AB>@>=C @8B8:0  AC1;8G=>AB8, :>B>@0O :>=D;8:BC5B A> 2A5<8 >AB0;L=K<8 AC1;8G=>ABO<8,  => O CA8;85< 2>;8 C45@6820;0AL >B MB>3> H030 8 >AB020;0AL 2 A>AB>O=88 ?>:>O. >5 F5=B@0;L=>5 ?>;>65=85 A=8<0;> :>=D;8:B <564C MB8<8 42C<O AC1;8G=>ABO<8, ?5@54020O 8< A2>5 @>2=>5, A?>:>9=>5 A>AB>O=85. 5A:>;L:> ;5B =0704 ?>;>65=85 @8B8:0 1K;> <>8< >1KG=K< A>AB>O=85<  8 MB> 1K;0 3@0=L, ?>=8<05B5? / A>7=0B5;L=> ?>:8=C;0 MB> <5AB>, 8 B5?5@L O A>7=0B5;L=> >1E>6C 53> AB>@>=>9. ;5@  -B> :;NG : ?>=8<0=8N =0H59 @01>BK. '0I5 2A53> 8<5==> 2=CB@5==89 @8B8: ?@8>AB0=02;8205B 8;8 CA;>6=O5B =0H5 42865=85 : F5=B@C, ?>4;8==> F5=B@0;L=><C ?>;>65=8N, 2 :>B>@>< <K 459AB28B5;L=> A2>1>4=K >B >F5=>:, A?>A>1=K ?@8=OBL 8 ?@87=0BL =C64K 8 65;0=8O 2A5E =0H8E G0AB59. @8B8: 25AL<0 0:B82=> ?KB05BAO 70=OBL F5=B@0;L=>5 ?>;>65=85 8 C1548BL =0A  =0?@O<CN, >B:@KB>, 8;8 65 :0:8<-B> :>A25==K< >1@07><,  GB> >4=0 87 =0H8E G0AB59 8;8 4065 >15  ?;>E85. > @8B8: A0< ?> A515 O2;O5BAO >4=>9 87 =0H8E G0AB59, E>BO 8 >G5=L <>3CI5AB25==>9. 01>B0 A @8B8:><  MB> B0 ?>A;54=OO 18B20, :>B>@CN =0< =C6=> ?@8=OBL, 70402 5<C 2A5 B5 65 2>?@>AK: 2 G5< =07=0G5=85, :0:>20 F5;L 53> 1KB8O? '53> >= >B <5=O E>G5B? '53> E>G5B >= A0<?  GB> 5<C =C6=>? 'B>1K @8B8: =5 >125; =0A 2>:@C3 ?0;LF0, <K 4>;6=K ?>GC2AB2>20BL, ?@5645 2A53>, A?>A>1AB2C5B ;8 MB>B @8B8: 4>AB865=8N =0H59 A>1AB25==>9 3;C1>G09H59 F5;8. 0: >= >B=>A8BAO : B><C, GB> <K ?KB05<AO 45;0BL,  ?><>305B ;8 >= =0< ;CGH5 ?>=OBL A51O 8 A2>5 <5AB> 2 <8@5 8;8, =0?@>B82, B>@<>78B MB>B ?@>F5AA? ;C18==>5 >ICI5=85 =0?@02;5=8O =0H53> 687=5==>3> ?CB8  2>B =0H5 >@C685 2 MB>9 18B25. (5@5@K2 =0 >154) M@>;  ;O =0G0;0 40209B5 =5=04>;3> 25@=5<AO : B><C, G5< <K 70=8<0;8AL ?5@54 >154><. 5@54:> 1K205B  8 A53>4=O CB@>< <K 5I5 @07 <>3;8 C1548BLAO 2 MB><,  GB> G5;>25: M<>F8>=0;L=> 2>2;5:05BAO 2 :0:CN-B> 87 A2>8E AC1;8G=>AB59 4> B0:>9 AB5?5=8, GB> >:07K205BAO =5A?>A>1=K< @0AB>645AB28BLAO A =5N 8 273;O=CBL =0 =55 A> AB>@>=K.  B5?5@L O E>B5;0 1K ?@54;>68BL 20< C3;C18BLAO 2 @0AA<>B@5=85 A2>8E AC1;8G=>AB59. ;O MB>3> =0< ?@845BAO 5I5 @07 7040BL 8< 2A5 B5 65 >A=>2=K5 2>?@>AK > 65;0=8OE 8 ?>B@51=>ABOE. 0: 2K 70<5B8;8, 2> 2@5<O >1AC645=8O ?@54K4CI53> C?@06=5=8O =5:>B>@K5 CG0AB=8:8 A<>3;8 2KO28BL ACI=>AB=CN >1I=>ABL A2>8E :>=D;8:BCNI8E AC1;8G=>AB59. K 2A5340 >1=0@C68205< >1I=>ABL, :>340 2KE>48< =0 1>;55 3;C1>:>5 <5AB>. "0: GB> 40209B5 ?>A<>B@8<, A<>65< ;8 <K =0 MB>B @07 ?>4>9B8 : =5<C 5I5 1;865. B0:, 2>7L<8B5 >4=C 87 B5E 42CE AC1;8G=>AB59, A :>B>@K<8 2K @01>B0;8 CB@><, 8 A?@>A8B5 55: G53> >=0 E>G5B? >7<>6=>, >=0 E>G5B, GB>1K GB>-B> ?@>87>H;>, E>G5B, GB>1K 1K;> 1>;LH5 G53>-B> B0:>3>, GB> 59 =@028BAO, E>G5B GB>-B> A45;0BL, GB>-B> ?>;CG8BL 8 B.4. (30) B25B 70?8H8B5. # <5=O, =0?@8<5@, 5ABL AC1;8G=>ABL, :>B>@0O E>G5B, GB>1K MB>B HC< ?@5:@0B8;AO. (0 >:=>< B@5B89 45=L 1LNB <>;>B:>< ?> 65AB8.) / E>GC, GB>1K MB> ?@5:@0B8;>AL. !;54CNI89 2>?@>A B0:>2: GB> MB>9 AC1;8G=>AB8 =C6=>? 0 MB8< 65;0=85< ?@5:@0B8BL HC< A:@K205BAO ?>B@51=>ABL 2 ?>:>5. =5 =C65= <8@ 8 ?>:>9. 0;8F> 420 C@>2=O  C@>25=L 65;0=8O 8 C@>25=L ?>B@51=>AB8. @C3>9 ?@8<5@. 515=>: ?;0G5B: "0<0, O E>GC :>=D5BC, O E>GC :>=D5BC." = B@OA5B 55 8 3>2>@8B: "/ E>GC :>=D5BC." 'B> MB><C @515=:C =C6=>? >7<>6=>, >= =C6405BAO 2> 2=8<0=88  ;N128 8 2=8<0=88. -B> >G5=L ?@>ABK5 ?@8<5@K, :>B>@K5 ?>72>;ONB C2840BL 420 C@>2=O  C@>25=L 65;0=89 8 ;560I89 2 53> >A=>25 C@>25=L ?>B@51=>AB59. B0:, GB> =C6=> MB>9 20H59 AC1;8G=>AB8? (90) B25B 70?8H8B5. (10)  B5?5@L 2>7L<8B5 2B>@CN AC1;8G=>ABL, ?@>B82>?>;>6=CN.  70409B5 59 B>B 65 2>?@>A: G53> >=0 E>G5B? (30) B25B 70?8H8B5. >?@>A > ?>B@51=>ABOE 65;0B5;L=> 704020BL =5>4=>:@0B=>. =>340 >B25B =0 AB>;L 3;C1>:89 2>?@>A  B0: 65, :0: 8 =0 2>?@>A ":B> O?"  =5 C405BAO ?>;CG8BL A ?5@2>3> @070. 04020O MB>B 2>?@>A, <K A :064K< @07>< ?@>=8:05< 2A5 3;C165. 5@54:> 65;0=8O =0H8 C2845BL 3>@074> ;53G5, G5< ?>B@51=>AB8. B0:, GB> =C6=> MB>9 20H59 AC1;8G=>AB8?  G5< >=0 459AB28B5;L=>, =0 A0<>< 45;5 =C6405BAO? (90) B25B 70?8H8B5. (10) >4=8<8B5, ?>60;C9AB0, @C:C, :><C C40;>AL 2 ?5@2>< 8 2> 2B>@>< A;CG05 ?>;CG8BL AE>4=K9 >B25B =0 2>?@>A > ?>B@51=>ABOE. 0, =5:>B>@K< 87 20A MB> C40;>AL.  B5?5@L <K E>B5;8 1K, GB>1K 2K @0718;8AL =0 ?0@K 8 ?><>3;8 4@C3 4@C3C 2KO28BL MBC ACI=>AB=CN ?>B@51=>ABL, >1ICN 4;O >158E 20H8E AC1;8G=>AB59. >A<>B@8B5, =5 ?><>65B ;8 20H5 3;C1>:>5 A;CH0=85 ?0@B=5@C 3;C165 ?@>=8:=CBL 2 ACI5AB2> 2>?@>A0. KO2;5=8N ACI=>AB=>9 ?>B@51=>AB8 <>65B A?>A>1AB2>20BL 8 ?@8?><8=0=85 >1AB>OB5;LAB2 ?>O2;5=8O 2 20H59 687=8 40==>9 AC1;8G=>AB8, 81> >=0 ?>O28;0AL 8<5==> 4;O B>3>, GB>1K C4>2;5B2>@8BL A>>B25BAB2CNICN ?>B@51=>ABL. !0H0  >6=> ;8 704020BL ?0@B=5@C 2>?@>AK? M@>;  0. >?@>AK <>3CB 5<C ?><>GL, B>340 :0: :><<5=B0@88 A>25@H5==> 15A?>;57=K. B0:, :064><C 87 ?0@B=5@>2 405BAO ?> ?OBL <8=CB. (K?>;=O5BAO C?@06=5=85) "5?5@L O E>B5;0 1K 2KA;CH0BL =5A:>;L:8E CG0AB=8:>2, :>B>@K< C40;>AL >1=0@C68BL >1I=>ABL ?>B@51=>AB59, ;560I8E 2 >A=>25 >158E AC1;8G=>AB59. !0H0  K 8<55B5 2 284C >1I85 ?>B@51=>AB8, >1=0@C65==K5 2 E>45 A>15A54>20=8O 8;8 ?@54H5AB2>202H53> 5<C C?@06=5=8O? M@>;  5 8<55B 7=0G5=8O. !>15A54>20=85  MB> ?@>4>;65=85 C?@06=5=8O, 8=>9 A?>A>1 4>AB865=8O B>9 65 F5;8. B0:, A<>3;8 ;8 2K 2KO28BL 1>;55 3;C1>:89 C@>25=L, >1I89 4;O >158E AC1;8G=>AB59? 5 3>2>@O > 2A5E ?>B@51=>ABOE 20H8E AC1;8G=>AB59, <>65B5 ;8 2K =0720BL BC >4=C, :>B>@0O A2O7K205B, >1J548=O5B >15 AC1;8G=>AB8? :A0=0  -B> ?>B@51=>ABL ?>;=55 @0A:@KBL A51O. !0H0  >B@51=>ABL 2 ?>;=>B5, ?>;=>B5 687=8. 0H0  # <5=O =5 A>2A5< ?>;CG8;>AL; C40;>AL 2KOA=8BL B>;L:>, GB> >1I89 :>@5=L A2O70= A M=5@3859. > 2 >4=>< A;CG05 MB> ?>B@51=>ABL 2 @0AE>45 M=5@388, 0 2> 2B>@><  2 A>E@0=5=88. M@>;  0< =5>1E>48<> 8 B> 8 4@C3>5. 5>1E>48<> @02=>25A85. >8A: >1I53> 2 ?@>B82>?>;>6=>ABOE  =5 2A5340 ;53:0O 7040G0. 5BO  >8 AC1;8G=>AB8 E>BOB @07=>3>, => =C6=> 8< >4=> 8 B> 65: 8< =C6=> A>AB>O=85 :><D>@B0. M@>;  =K<8 A;>20<8, 8< =C65= B>B 65 ?>:>9, > :>B>@>< 3>2>@8;0 N40. 0@8=0  "0: <K <>65< : MB><C 2A5 A25AB8. 0;O  025@=>5, : MB><C 2A5 8 A2>48BAO? >;O  -B> B> ?@5A;>2CB>5 "C4>2;5B2>@5=85". :A0=0  K <>65< =0720BL MB> @07;8G=>  30@<>=8O, <8@, ?>:>9, :><D>@B, C4>2;5B2>@5=85 8 B.?. M@>;  !>25@H5==> 25@=>.  :0:>9-B> <5@5 MB> >B25G05B =0 2>?@>A >1 M=5@35B8G5A:8E C@>2=OE AC1;8G=>AB59. '5< 3;C165 C@>25=L, B5< >= C=825@A0;L=55.  2 ?>A;54=5< ?@545;5 <K =0E>48< ?>:>9, 2A5>1J5<;NI89 ?>:>9. -B> 548=AB2> 8 F5;>AB=>ABL /.  :>340 <K A>7=05< MB>, <K ?>AB8305< B0:65, GB> MB> 548=AB2> ?@>=87K205B 2A5E =0A. K C65 C:07K20;8 2 A0<K9 ?5@2K9 45=L A5<8=0@0, GB> @0AA<0B@8205< ?A8E>A8=B57 :0: ?@>F5AA, ?@>B5:0NI89 =5 B>;L:> 2 8=482840E, => 8 2 <0;KE 3@C??0E, 1>;LH8E 3@C??0E, =0F8OE, G5;>25G5AB25 8, 2>7<>6=>, 2> 2A5;5==>9. -B> 5AB5AB25==K9 A8=B5B8G5A:89 ?@>F5AA, 8 <K A =8< A>B@C4=8G05<. !>1AB25==> ?A8E>-A8=B57 ?@54AB02;O5B A@1>9 ?A8E>;>38G5A:CN D>@<C A>B@C4=8G5AB20 A MB8< 2A5>1I8< ?@>F5AA><. 3>@  # <5=O ?>;CG8;>AL, GB> >15 <>8 AC1;8G=>AB8 E>BOB ?>;>68B5;L=KE M<>F89. 5 A;54C5B ;8 87 MB>3> B0:>9 2K2>4: 157@07;8G=>, G5< O 1C4C 70=8<0BLAO, ;8HL 1K 1K;> ?>1>;LH5 ?>;>68B5;L=KE M<>F89. M@>;  'B> 2K =07K205B5 ?>;>68B5;L=K<8 M<>F8O<8? 3>@  / :0:-B> 70B@C4=ONAL >B25B8BL A@07C... C, C4>2>;LAB285, @04>ABL... M@>;  !CI5AB2C5B >?0A=>ABL AC1;8<0F88 =5?@8OB=KE =0< 4286CI8E A8; =0H59 ;8G=>AB8, 0 MB> 25AL<0 >B;8G05BAO >B 2KO2;5=8O 8E 74>@>2>9, ?>78B82=>9 ACB8. K 2848B5 @07=8FC? / 4C<0N, GB> ?A8E>B5@0?52B8G5A:85 H:>;K <>3CB 1KBL @0745;5=K 8<5==> ?> MB><C ?@87=0:C. 5@54:> 254L ?>2545=G5A:85 @50:F88 ?KB0NBAO ;5G8BL ?CB5< CAB@0=5=8O ?>A;54=8E, =5 ?KB0OAL ?>-=0AB>OI5<C ?>=OBL, ?>7=0BL, ?>GC2AB2>20BL 8 >F5=8BL B5 =0H8 AB>@>=K, :>B>@K5 =0A 15A?>:>OB, 8 2KO28BL 8E F5=B@0;L=>5 O4@>, :>B>@>5 O2;O5BAO F5=B@>< =0H53> ACI5AB20. 564C MB8<8 42C<O ?>4E>40<8 1>;LH0O 48AB0=F8O, 8 GB>1K >ACI5AB28BL 2B>@>9 87 =8E, =5>1E>48<> ?@>45;0BL 1>;LHCN @01>BC. ;5@  >A<>B@8B5, 254L GB> ?@>8AE>48B, :>340 <K >B:07K205<AO 8<5BL 45;> A B5<, GB> =0< =5 =@028BAO? >B !>548=5==K5 (B0BK 4>;3>5 2@5<O =5 E>B5;8 ?@87=020BL ACI5AB2>20=85 :@0A=>3> 8B0O. C 8 GB>? 8B09 >B MB>3> =5 8AG57. @>AB> C =0A A 8B05< =5 1K;> =8:0:8E >B=>H5=89: <K >B@570;8 A51O >B 7=0G8B5;L=>9 G0AB8 G5;>25G5AB20. > >=0 >B MB>3> =5 8AG57;0. "> 65 A0<>5 ?@>8AE>48B 8 2> 2=CB@5==5< <8@5. >;LH8=AB2C ;N459 =@028BAO E>@>H> A51O GC2AB2>20BL, 8< =@028BAO GC2AB2> ?>:>O, 8 ?>MB><C >=8 ?KB0NBAO >3@048BLAO >B B>3> 2 A515, GB> 8E 15A?>:>8B 8, A>>B25BAB25==>, =5 =@028BAO. >MB><C 7040G0 A>AB>8B ?@5645 2A53> 2 B><, GB>1K =09B8 2 A515 B0:>5 <5AB>, 345 <K <>3;8 1K 2ABC?0BL 2 459AB28B5;L=K5 >B=>H5=8O A ;N1K<8 A2>8<8 G0ABO<8, 4065 A0<K<8 "1>;L=K<8",  =5;L7O 254L =0G0BL ;5G8BL 1>;57=L, =5 ?@87=02, =5 ?@8=O2 55. 'B>1K 8<5BL 45;> A ?0F85=B0<8, AB@040NI8<8 >B B0:8E 70G0ABCN ?>402;5==KE GC2AB2 :0: AB@0E, 1>;L, >1840,  GC2AB2, :>B>@K5 8< =5 =@02OBAO 8 :>B>@K5 >=8 2 A515 >B@8F0NB,  =0< =C6=> A?5@20 40BL 8< ?>=OBL, GB> >=8 E>@>H85 ;N48, GB> 2 8A?KBK205<KE 8<8 GC2AB20E =5B =8G53> ?@54>AC48B5;L=>3>, GB> MB> =>@<0;L=K5 G5;>25G5A:85 GC2AB20. ">G=> B0: 65 <K 4>;6=K ?>ABC?0BL 8 A A0<8<8 A>1>9. > A A0<8< A>1>9 @01>B0BL ?>4G0A 3>@074> B@C4=55, G5< A ?0F85=B><. K =5 <>65< ?>;CG8BL >B25BK =0 2A5 A2>8 2>?@>AK A@07C. (0C70) M@>;  'C2AB2CN, GB> A MB8< 1>;55-<5=55 2A5 OA=>. >65< ;8 <K 428=CBLAO 40;LH5? B;8G=>, B>340 40209B5 =5<=>3> A<5=8< =0?@02;5=85. ;5@   B5G5=85 MB>3> 4=O <K @01>B0;8 =04 B5<, GB>1K 70=OBL ?> >B=>H5=8N : =0H8< G0ABO< F5=B@0;L=>5 ?>;>65=85. B=>H5=85 F5=B@0 : G0ABO< <>65B 1KBL >?@545;5=> :0: ">B=>H5=85 ?@8ACBAB28O": F5=B@ ?@8ACBAB2C5B 2 :064>9 87 G0AB59. "0:>3> @>40 ?@8ACBAB285 ?@54?>;0305B ?@8OB85 8 ?@87=0=85 40==>9 G0AB8 8 2 B> 65 2@5<O >1>A>1;5==>ABL >B =55, :0: 1K 273;O4 A> AB>@>=K, 1;03>40@O G5<C :0@B8=0 =0;8G=>3> ?>;>65=8O 25I59 2 <5AB5 ?@8ACBAB28O >1@5B05B 1>;LHCN @57:>ABL 8 3;C18=C, AB0=>28BAO 1>;55 ?>;=>9. B0:, 2 B5G5=85 4=O <K 8<5;8 2>7<>6=>ABL @01>B0BL A MB>9 A?>A>1=>ABLN ?@8ACBAB2>20BL 2 @07;8G=KE A2>8E AC1;8G=>ABOE.  B5?5@L <K E>B5;8 1K 273;O=CBL =0 A51O A 4@C3>9 AB>@>=K. A;8 ?><=8B5, <K C65 3>2>@8;8 > =0H8E >B=>H5=8OE A B5;><, C<>< 8 GC2AB20<8. !59G0A 20< ?@54AB028BAO 2>7<>6=>ABL =5<=>3> 1>;LH5 C7=0BL >1 MB8E >B=>H5=8OE. K ?@54;0305< 20< @0718BLAO =0 ?>43@C??K ?> G5BK@5 G5;>25:0 8 2K?>;=8BL 48=0<8G5A:>5 C?@06=5=85, 2 :>B>@>< 2K 1C45B5 83@0BL @>;L A:C;L?BC@ 8 20OB5;59. 064K9 87 CG0AB=8:>2 ?> >G5@548 2K18@05B 87 B@>8E >AB0;L=KE, :B> 1C45B 53> C<><, :B>  GC2AB20<8, 0 :B>  B5;><. 0B5< >= ?@8405B :064><C 87 =8E D>@<C, >B@060NICN B8?8G=>5 A>AB>O=85 40==>9 G0AB8, 0 B0:65 A>7405B 87 =8E A:C;L?BC@=CN 3@C??C, >B@060NICN B8?8G=>5 A>AB>O=85 MB8E 53> G0AB59. 0?@8<5@, O E>GC, GB>1K M@>; >B>1@078;0 <>8 GC2AB20. B0:, M@>;, BK  <>8 GC2AB20. "K  >G5=L 206=0O G0ABL <>59 687=8. / B51O ?@5:@0A=> 7=0N. !B0=L 1;865 :> <=5. "K >B:@KB0 <=5, ?>MB><C ?>;>68 @C:8 =0 A5@4F5, ?>B><C GB> O 7=0N, GB> C B51O 2 A5@4F5. "K, =025@=>5, G0AB> =0 <5=O A<>B@8HL, ?>MB><C A<>B@8 =0 <5=O. 0A, ;O, O ?>?@>HC 1KBL <>8< B5;><. => >G5=L 1;87:> <>8< GC2AB20<, => >=8 =5 2A5340 E>@>H> 7=0NB 4@C3 4@C30. >MB><C =5 A<>B@8B5 4@C3 =0 4@C30. > >=> >G5=L 0:B82=>. "5;> 0:B82=> 42865BAO,  428309B5AL 2>B B0:.  20A, !0H0, O ?>?@>HC 1KBL <>8< C<><. >9 C< 2A5 2@5<O @01>B05B. 0< =@028BAO A>74020BL :>=F5?F88. >2>;L=> G0AB> 2K A<>B@8B5 =0 <>8 GC2AB20.  20< =@02OBAO <>8 GC2AB20. >A;5 B>3> :0: O @0A?@545;8;0 @>;8 <564C <>8<8 ?0@B=5@0<8 8 >=8 AB0;8 <>8<8 G0ABO<8, >=8 4>;6=K ?>45;8BLAO A> <=>9 A2>8<8 2?5G0B;5=8O<8, @0AA:070BL <=5, :0:>2> 8< 1KBL <>8<8 GC2AB20<8, B5;>< 8 C<><. !0<0 O B>;L:> A?@0H820N 8 A;CH0N, =8:0: =5 :><<5=B8@CO CA;KH0==>5. /  B>B A0<K9 F5=B@, > :>B>@>< <K 3>2>@8;8. / ?@>AB> A>7=0N B>, GB> 286C, 8 B>, GB> A;KHC. ;O, :0: 20< =@028BAO 1KBL <>8< B5;><? ;O  =5 =@028BAO. ;5@  K GC2AB2C5B5 ?@8ACBAB285 >AB0;L=KE G0AB59? ;O  5B, <=5 =8G53> > =8E =58725AB=>. ;5@   2K, !0H0? !0H0  / B>65 8E =5 GC2AB2CN, 8 <=5 =5 =@028BAO 1KBL B0:8< 0:B82=K<. M@>;  / GC2AB2CN A51O A;8H:>< A:>20==>9. A5 2@5<O AB>N B0:, ?@8602 @C:8 : A5@4FC, 2 B> 2@5<O :0: >AB0;L=K5 4286CBAO. ;5@  >65B 1KBL, 2K 5I5 GB>-B> GC2AB2C5B5? !0H0  / GC2AB2CN A51O 2 70<5H0B5;LAB25. ;O   O >ICI0N ?>B@51=>ABL ?@>4>;60BL 42865=85. ;5@  @5:@0A=>, ?@>4>;609B5.  2A5 2@5<O @0AA:07K209B5 <=5, GB> 2K GC2AB2C5B5 2 A2>5< ?>;>65=88. >340 65 2K 4>AB0B>G=> ?@>GC2AB2C5B5 GB> : G5<C, <>65B5 ?@5:@0B8BL 42865=85. >A;5 MB>3> O 87<5=N 20H5 @0A?>;>65=85 8 E0@0:B5@ 0:B82=>AB8, B0: :0: GC2AB2CN, GB> 40==>5 A>>B=>H5=85 G0AB59 4>AB0B>G=> 30@<>=8G=>. 45O ?>=OB=0? / ?@87K20N 20A 2K?>;=8BL MB> C?@06=5=85, 2>>@C682H8AL GC2AB2>< ;N1>?KBAB20; >B=5A8B5AL : =5<C :0: : 8=B5@5A=>9 83@5. B0:, 2K  F5=B@, 2K 70=8<05B5 F5=B@0;L=>5 ?>;>65=85 8 ?@>AB> 2KA;CH8205B5 A2>8 G0AB8. # :>3>-=81C4L 5ABL 2>?@>AK? 0@8=0  0A:>;L:> O ?>=8<0N, F5;L C?@06=5=8O  @0745;8BL MB8 B@8 G0AB8, =0CG8BL 8E 68BL 48DD5@5=F8@>20==>, 0 70B5< A>548=8BL ?>-=>2><C. ;5@  AB5AB25==>, 4;O =0G0;0 =5>1E>48<> =0CG8BLAO @07;8G0BL 8E, ?>B><C GB> <K 70G0ABCN >1@0I05< 2=8<0=85 ?@58<CI5AB25==> =0 >4=C 87 =8E, 701K20O > 42CE 4@C38E. -B> C?@06=5=85 ?>72>;O5B =0< C2840BL >3@><=CN @07=8FC 2 AB5?5=8 A>7=020=8O =0<8 @07;8G=KE A2>8E G0AB59.  :>=F5 :>=F>2 MB> <>65B ?@825AB8 : 30@<>=870F88 G0AB59, :>B>@0O ?@845B =0 A<5=C @07>1I5==>AB8, >A>7=0==>9 2 E>45 C?@06=5=8O. @><5 B>3>, >=> <>65B >:070BLAO >G5=L ?>;57=K< ?@8 @01>B5 A :;85=B><, =5 A>7=0NI8< ?5@568205<KE 8< GC2AB2. :A0=0  @028;L=> ;8 O 20A ?>=O;0, GB>, >A>7=02 48A30@<>=8G=>ABL A>740==>9 <=>N A:C;L?BC@K, O 4>;6=0 ?>?KB0BLAO A45;0BL 55 1>;55 30@<>=8G=>9? ;5@  0, :>=5G=>. #?@06=5=85 ?>72>;O5B C2845BL, 2 G5< 70:;NG05BAO 48A30@<>=8O, 8 =0<5B8BL ?CB8 30@<>=870F88. 0640O 87 G0AB59 3>2>@8B 20<, :0: >=0 GC2AB2C5B A51O 2 A2>5< ?>;>65=88 8 2 >1I59 :><?>78F88. 0?@8<5@, 5A;8 <=5 =5 =@02OBAO <>8 GC2AB20, O <>3C 70AB028BL 8E ?@8=OBL B0:CN 2>B A:@NG5==CN ?>7C 8 A?@>A8BL: "C, :0: 2K B0<?"  >=8 >B25G0NB: "#60A=>!" >@0  0G5< MB> 45;0BL? 54L O 8 B0: 7=0N, :0:>2> <>8< GC2AB20<. ;5@  !45;02 B0:, 2K >ICB8B5 MB> 1>;55 @50;L=>. >340 ?5@54 3;070<8 C 20A 1C45B >1I0O :0@B8=0 A>>B=>H5=8O B@5E G0AB59  B5;0, GC2AB2 8 C<0  20< ;53G5 1C45B 70<5B8BL 48A30@<>=8N, 5A;8 B0:>20O 8<55BAO, 8 =0<5B8BL ?CB8 55 CAB@0=5=8O. >@0  0 AG5B G53> O ?>;CGC ?>;57=CN 4;O A51O 8=D>@<0F8N? / 8 B0: 7=0N, GB>, >B4020O ?@54?>GB5=85 C<C, O C45;ON =54>AB0B>G=> 2=8<0=8O B5;C. ;5@   :0: 2K A>18@05B5AL @5H0BL MBC ?@>1;5<C? >@0  @8E>48BAO G5<-B> 65@B2>20BL... 'B>1K ?>445@6820BL 2 D>@<5 A2>9 C<, <=5 ?@8E>48BAO 70?CA:0BL A2>5 B5;>. ;5@  A;8 2K ?>72>;8B5 4@C38< ;N4O< AB0BL 20H8< C<><, B5;>< 8 GC2AB20<8, >=8 <>3CB @0AA:070BL 20< > 20A, B> 5ABL > 20H5< B5;5, C<5 8 GC2AB20E =5GB> B0:>5, > G5< 2K =5 ?>4>7@5205B5. =8 <>3CB ?>:070BL 20<, GB> 2 :0:>< 87<5=5=88 =C6405BAO. >@0  > 254L 2K 3>2>@8;8, GB> 2 ?A8E>A8=B575 =5 40NB A>25B>2, GB> 745AL =5B >1@0B=>9 A2O78 8 :064K9 A0< A515 2A5 ?5@568205B. ;5@  A5 7028A8B >B :>=:@5B=>3> C?@06=5=8O. &5;L =0AB>OI53> C?@06=5=8O  ?><>GL MB8< B@5< 20H8< G0ABO< ?@>@20BLAO =0 C@>25=L A>7=0=8O, AB0BL ?@54<5B>< 20H53> A>7=0=8O. 'B> :0A05BAO >1@0B=>9 A2O78, B> MB>  =5GB> 8=>5, =565;8 A>25BK, :><<5=B0@88 8 >F5=:8. 0H8 G0AB8 A>>1I0NB 20<, :0: >=8 A51O GC2AB2CNB  MB> 8 5ABL >1@0B=0O A2O7L. >@0  >7<>6=> ;8 4>?>;=8B5;L=>5 B2>@G5AB2> A> AB>@>=K <>8E ?0@B=5@>2? ;5@  0, :>=5G=>. =8 4>;6=K ?@>O2;OBL B2>@G5AB2> 2 @0<:0E 7040==>9 20<8 @>;8  B2>@G5A:8 83@0BL MBC @>;L. 064K9 87 =8E 4>;65= B2>@G5A:8 2>9B8 2 ?>;>65=85 >4=>9 87 20H8E G0AB59, => >=8 =5 4>;6=K 2E>48BL 2 20H5 ?>;>65=85, B> 5ABL 4020BL 20< A>25BK 8 B.4. 0?@8<5@, 1C4CG8 20H8< B5;><, O :@8G0;0 1K: "9, :0: <=5 ?;>E>! = A>2A5< =5 >1@0I05B =0 <5=O 2=8<0=8O!" !0H0  !>74020O >1@07 <>8E <KA;59, GC2AB2 8 B5;0, 4>;65= ;8 O A>74020BL 8E >1>1I5==K9 >1@07 8;8 >1@07 =0AB>OI53> <><5=B0? ;5@  1@07 4>;65= 1KBL >1>1I5==K<. (K?>;=O5BAO C?@06=5=85. 0B5< CG0AB=8:8 45;OBAO 2?5G0B;5=8O<8 2 ?>43@C??0E.) M@>;  0: C65 3>2>@8;>AL, 2K?>;=5==>5 =0<8 C?@06=5=85 ?>72>;O5B G5;>25:C ;CGH5 ?>=OBL >B=>H5=8O, ACI5AB2CNI85 <564C 53> B5;><, M<>F8O<8 8 <KA;O<8. 07C<55BAO, 2KG;5=5=85 MB8E G0AB59  B0:0O 65 CA;>2=>ABL, B0:>9 65 M2@8AB8G5A:89 ?@85<, :0: 8 2KG;5=5=85 A0<>AB>OB5;L=KE AC1;8G=>AB59.  :>340 <K ?@>B82>?>AB02;O5< C< B5;C, <K C?CA:05< 87 284C B>B >G5284=K9 D0:B, GB> =0H <>73 O2;O5BAO G0ABLN B5;0. G5284=>, GB> =0H8 GC2AB20 ?>AB>O==> 2>7459AB2CNB =0 E>4 =0H8E <KA;59, 8 GB> =0H8 GC2AB20, 2 A2>N >G5@54L, >1CA;>2;5=K >1@07>< =0H8E <KA;59. "5, :B> >B>645AB2;O5B A51O A C<><, >A>15==> =5 ;N1OB ?@87=020BL, GB> GC2AB20 2;8ONB =0 =0A 1>;LH5, G5< <K 4C<05<.  B5<, :B> 3>@48BAO A2>8< 8=B5;;5:B><, MB> C?@06=5=85 405B E>@>HCN 2>7<>6=>ABL ?>1;865 A>?@8:>A=CBLAO A> A2>8<8 GC2AB20<8. @><5 B>3>, >=> <>65B 1KBL 8A?>;L7>20=> 2 F5;OE 4803=>AB8:8. @C1> 3>2>@O, <>6=> A:070BL, GB> 2 ?>2A54=52=>9 687=8 1>;LH8=AB2> ;N459 >B>645AB2;O5B A51O A :0:>9-B> >4=>9 87 MB8E B@5E G0AB59  A B>9 87 =8E, =0E>48BLAO 2 :>B>@>9 8< C4>1=55. "0:, G5;>25: <>65B ?>GB8 =5 >B4020BL A515 >BG5B0 2 A2>8E GC2AB20E, 1C4CG8 >B>645AB2;5= ?@58<CI5AB25==> A> A2>8< B5;><; 8 >= <>65B ?>GB8 =5 >ICI0BL A2>53> B5;0, A>7=020O ;8HL B>, GB> B2>@8BAO C =53> 2 C<5. >MB><C >G5=L 206=> 7=0BL, A :0:>9 87 A2>8E G0AB59 >B>645AB2;O5B A51O :;85=B, 8 2 :0:8E >B=>H5=8OE >= ?@51K205B A >AB0;L=K<8 A2>8<8 G0ABO<8. ;O ;8F, >B>645AB2;5==KE A> A2>8< C<><, E0@0:B5@=> B>, GB> C =8E 2A5340 8<55BAO :0:>5-B> >1JOA=5=85 ?@>1;5<=>9 A8BC0F88, => >=8 ?@8 MB>< <>3CB =5 A>7=020BL A2>8E GC2AB2. 0?@>B82, ;8F0; >B>645AB2;5==K5 A> A2>8<8 GC2AB20<8, 2A5340 >G5=L M<>F8>=0;L=> @5038@CNB =0 A8BC0F8N, => =5@54:> 70B@C4=ONBAO 40BL :0:>5-B> >1JOA=5=85 ?@>8AE>4OI5<C. N48, >B>645AB2;5==K5 A> A2>8< B5;><, 2AB@5G0NBAO @565. "0:0O B5=45=F8O 8<55BAO C A?>@BA<5=>2, 0@B8AB>2 10;5B0, 38<=0AB>2  ;N459, ?@>D5AA8>=0;L=> 8A?>;L7CNI8E A2>5 B5;>. G5284=>, : 8E G8A;C >B=>AOBAO 8 ?@54AB028B5;L=8FK 4@52=59H59 ?@>D5AA88. "0: GB> 1>;LH8=AB2> ;N459, A :>B>@K<8 ?@8E>48BAO @01>B0BL ?A8E>B5@0?52B0<, >B>645AB2;5=K ;81> A C<><, ;81> A GC2AB20<8. , 2 >1I5< 3>2>@O, <K A?>A>1AB2C5< @0728B8N B>9 G0AB8, :>B>@>9 40==K9 :;85=B ?@5=51@5305B. A;8 :;85=B >B>645AB2;5= A M<>F8O<8, 5A;8 >= ?;0G5B 8;8 :0:-B> 8=0G5 1C@=> 2K@0605B A2>8 GC2AB20, <K ?><>305< 5<C >BAB@0=8BLAO >B =8E, 273;O=CBL =0 A8BC0F8N A> AB>@>=K 8 A>AB028BL >?@545;5==>5 ?@54AB02;5=85 > B><, GB> ?@>8AE>48B 2 459AB28B5;L=>AB8. 0?@>B82, 5A;8 :;85=B >B>645AB2;5= A C<><, >= 8 B0: 2A5 7=05B  >= <>65B @0AA:070BL, GB> 8<5==> C =53> =5 2 ?>@O4:5, B>G=> >?8A0BL A8BC0F8N. 01>B0O A B0:8< ;8F><, <K ?><>305< 5<C A>?@8:>A=CBLAO A> A2>8<8 GC2AB20<8, <K A?@0H8205< 53>, GB> >= GC2AB2C5B  4> B5E ?>@, ?>:0 >= =5 "A>945B A C<0". '0AB> B0:85 :;85=BK =0G8=0NB >G5=L A5@48BLAO, ?>B><C :0: =5 ;N1OB 4C<0BL >1 MB8E 25I0E, A>?@8:0A0BLAO A> A2>8<8 GC2AB20<8. 4=C 87 A5@L57=KE ?@>1;5< 2 ?A8E>B5@0?88 A>AB02;O5B :0: @07 B>, GB> ?A8E>B5@0?52BK 8 :>=AC;LB0=BK A:;>==K >B>645AB2;OBLAO A> A2>8< C<><. > 5A;8 <K A0<8 =5 C<55< >1E>48BLAO A> A2>8<8 GC2AB20<8, =0< A;>6=> 1C45B =0CG8BL MB><C A2>8E :;85=B>2.  <>65B A;CG8BLAO, GB> 2 :@5A;0E 4@C3 =0?@>B82 4@C30 1C4CB A845BL 420 25;8:8E C<0, 0 8E B5;0 8 GC2AB20 >AB0=CBAO 4>6840BLAO 70 425@LN. "0: GB> 4;O ?A8E>B5@0?52B0 >G5=L 206=> A>7=020BL A51O 2 MB>< >B=>H5=88. 'B>1K 1KBL 1>;55 ?>;57=K<8 4;O A2>8E :;85=B>2, <K A>7=0B5;L=> @0728205< B5 =0H8 G0AB8, :>B>@K5 >BAB0NB 2 A2>5< @0728B88. 0AA:07 59;0=0 =0 ?0@0;;5;L=>9 3@C??5:  H5AB845AOBK5 3>4K ?@>2>48;8AL 8AA;54>20=8O A F5;LN 2KOA=8BL, :0:>9 87 ACI5AB2CNI8E B8?>2 ?A8E>B5@0?88 1>;55 MDD5:B825=  ?A8E>0=0;87, B@0=A0:F8>==K9 0=0;87, 35HB0;LBB5@0?8O, ?>2545=G5A:0O B5@0?8O 8 B.4. 0: 8 A;54>20;> >6840BL, >:070;>AL, GB> =8 >48= 87 =8E =5 >B;8G05BAO :0:8<8-B> >A>1K<8 ?@58<CI5AB20<8. :070;>AL 2<5AB5 A B5<, GB> C;CGH5=85 2 A>AB>O=88 ?0F85=B0 =0ABC?0;> B5< 1KAB@55, G5< M<?0B8G=55 1K; ?A8E>B5@0?52B. >MB><C A8=E@>=870F8O C<0, B5;0 8 GC2AB2 >B=>A8BAO : G8A;C B5E 25I59, :>B>@K5 =0<, :0: ?A8E>B5@0?52B0<, 459AB28B5;L=> =5>1E>48<K. 0AB02=8:, C :>B>@>3> O CG8;AO, A:070; =0< 2 ?5@2K9 65 45=L B@5=8=30: "A;8 2 :018=5B : 20< 2E>48B AC<0AH54H89 8 2K ?@8 MB>< =5 AE>48B5 A C<0, 7=0G8B A 20<8 GB>-B> =5 2 ?>@O4:5". >=OB=>, GB> >= 8<5; 2 284C 2>2A5 =5 B>, GB> <K 4>;6=K >157C<5BL  >= 8<5; 2 284C, GB> <K 4>;6=K C<5BL 2A5< A2>8< ACI5AB2>< A>?@8:0A0BLAO A B>9 @50;L=>ABLN, ?5@54 ;8F>< :>B>@>9 =0E>48<AO.  MB> B@51C5B >B =0A C?@06=5=8O 2 ?@8ACBAB288. A;8 65 =0H C<, B5;> 8 GC2AB20 =5 A8=E@>=878@>20=K, B> ?@8ACBAB285, :0: 2K ?>=8<05B5, =52>7<>6=>.  5A;8 2K =5 ?@8ACBAB2C5B5 2 =0AB>OI5< <><5=B5, 2K C?CA:05B5 B>, GB> 5ABL. 54L B>, GB> 5ABL, 5ABL B>;L:> 2 =0AB>OI89 <><5=B. M@>;  !53>4=OH=55 =0H5 70=OB85 ?>4E>48B : :>=FC, => <K CA?55< 2K?>;=8BL 5I5 >4=> C?@06=5=85. 0: >1KG=>, >B;>68B5 20H8 1;>:=>BK, 70:@>9B5 3;070. !45;09B5 3;C1>:89 24>E 8 >1@0B8B5 A2>5 2=8<0=85 =0 4KE0=85. BAB@0=8B5AL >B B>3>, > G5< <K B>;L:> GB> 3>2>@8;8. 01;N409B5 ?@>F5AA 4KE0=8O. (15) ICI09B5 A2>5 4KE0=85  24>E 8 2K4>E. ICI09B5, :0: @0AH8@ONBAO 8 A>:@0I0NBAO 20H8 ;53:85. ICI09B5, :0: ?>4=8<05BAO 8 >?CA:05BAO 3@C4=0O :;5B:0. ! :064K< 24>E>< 3@C4=0O :;5B:0 ?>4=8<05BAO 8 A :064K< 2K4>E>< >?CA:05BAO. (15) "5?5@L @0A?@>AB@0=8B5 MB> A>7=020=85 =0 2A5 20H5 B5;>. >GC2AB2C9B5 >4564C, :0: >=0 :0A05BAO 20H53> B5;0. >7<>6=>, BCD;8 =5<=>3> 6<CB. >7<>6=>, ?>OA A;8H:>< 70BO=CB. @>AB> A>7=0209B5, GB> 2K 8<55B5 B5;>. (5) >7<>6=>, 2K >ICI05B5 185=85 A2>53> A5@4F0. (5) >7<>6=>, 2K >ICI05B5 A2>9 ?C;LA. (5) >7<>6=>, 2K >ICI05B5, GB> 45;05BAO C 20A 2 682>B5. (5) >7<>6=>, C 20A GB>-B> G5H5BAO. (5) >;=>ABLN A>7=0209B5 A2>5 B5;> =0 @07=KE C@>2=OE. (15) K >1;0405B5 B5;><. K >1;0405B5 B5;><, :>B>@>5 A;C68B 20< >@C485<. @C485<, A ?><>ILN :>B>@>3> 2K 459AB2C5B5 2 MB>< <8@5. A>7=09B5, :0: 87<5=8;>AL 20H5 B5;> A <><5=B0 @>645=8O. A>7=09B5, GB> >=> 87<5=8;>AL, E>BO 2K =5 70<5G0;8 MB>3>. A>7=09B5, :0: 87<5=8;8AL @07;8G=K5 53> G0AB8. A>7=09B5, GB> :0640O :;5B:0 20H53> B5;0 <=>3> @07 >1=>2;O;0AL. A>7=09B5, GB> 20H5 B5;> ?>AB>O==> 87<5=O5BAO.  B5< =5 <5=55  MB> 20H5 B5;>. 0H5 B5;> ?>425@65=> 87<5=5=8O<, >4=0:> 2 20A 5ABL B0:0O G0ABL, :>B>@0O =5 <5=O5BAO. >MB><C 2K <>65B5 A:070BL A515: O >1;040N B5;><, => O =5 B5;>. (10)  B5?5@L >1@0B8B5 2=8<0=85 =0 A2>8 GC2AB20 8 M<>F88. >65B5 ;8 2K 2A?><=8BL, GB> 2K GC2AB2>20;8 A53>4=O CB@>< ?>A;5 ?@>1C645=8O? (5) 'B> 2K GC2AB2>20;8, :>340 2KE>48;8 87 4><C, GB>1K 84B8 AN40? (5) 'B> 2K GC2AB2>20;8, :>340 C2845;8 :>3>-B> 7=0:><>3>? (5) A>7=09B5, GB> 8=>340 2K GC2AB2C5B5 @074@065=85, 8=>340  ?5G0;L.  8=>340 2K GC2AB2C5B5 @04>ABL 8;8 ;N1>2L. 0H8 GC2AB20 ?@>AB8@0NBAO >B @04>AB8 4> ?5G0;8, >B ;N128 4> =5=028AB8, >B 3=520 4> ?>:>O. 0: ;53:> 87<5=ONBAO 20H8 GC2AB20. (5) 0H8 GC2AB20 87<5=G82K, >4=0:> 2 20A 5ABL B0:0O G0ABL, :>B>@0O =5 ?>425@65=0 87<5=5=8O<. >MB><C 2K <>65B5 A:070BL A515: O >1;040N GC2AB20<8, => O =5 GC2AB20. (10)  B5?5@L >1@0B8B5 2=8<0=85 =0 A2>8 <KA;8. > >?KBC <548B0F88 2K 7=05B5, :0: B@C4=> C45@60BL <KA;L. KA;8 <5=ONBAO :064>5 <3=>25=85. KA;8 2A5 2@5<O ?5@5A:0:820NB A ?@54<5B0 =0 ?@54<5B. 4=0:> :>340 O ?@>HC 20A =01;N40BL 70 A2>8<8 <KA;O<8, >:07K205BAO, GB> 2 20A 5ABL B0:0O G0ABL, :>B>@0O =01;N405B <KA;8. (5)  MB> >A>7=0=85  =5GB> 1>;LH55, G5< <KA;L, ?@52>AE>4OI55 <KA;L. (5) >MB><C 2K >1;0405B5 <KA;O<8, => 2K =5 <KA;8. (10) B0:, 2K >1;0405B5 B5;>< 8 <>65B5 A:070BL A515: O >1;040N B5;><, => O =5 B5;>. 1> <>5 B5;> <5=O5BAO, 0 O =5 <5=ONAL. / >1;040N GC2AB20<8, => O =5 GC2AB20. 1> <>8 GC2AB20 <5=ONBAO, 0 O =5 <5=ONAL, / >1;040N <KA;O<8, => O =5 <KA;8. 1> <>8 <KA;8 <5=ONBAO, 0 O =5 <5=ONAL. B> 65 O 2 B0:>< A;CG05? B> O? (15) /  F5=B@ 87;CG5=8O G8AB>3> >A>7=0=8O. (3) /  F5=B@ 87;CG5=8O 2>;8. (3) /  F5=B@ 87;CG5=8O ;N128. (40)  B5?5@L ?>AB5?5==> 2>72@0I09B5AL 2 MBC :><=0BC. 54;5==> >B:@K209B5 3;070. (15) >7<>6=>, :B>-B> E>B5; 1K ?>45;8BLAO A =0<8 A2>8< >?KB><? 5 AB>;L:> <KA;O<8, A:>;L:> GC2AB20<8. 5 =04> 4020BL >F5=:C, ?@>AB> ?>45;8B5AL A =0<8 B5<, GB> ?@>87>H;>. !5@359  # <5=O >A;015;0 :>=F5=B@0B82=0O DC=:F8O 2=8<0=8O 8 O A>H5; A 48AB0=F88. M@>;  0, MB> :>=5F @01>G53> 4=O. !0H0  >3C A:070BL B>;L:>, GB> O E>@>H> >B4>E=C; 8 CA?>:>8;AO. (0C70) M@>;  !53>4=O 25G5@>< 2K <>3;8 1K ?>?@>1>20BL ?@>45;0BL 0=0;>38G=>5 C?@06=5=85 A0<>AB>OB5;L=>, 2>A?@>87254O 2 ?0<OB8 >A=>2=K5 53> ABC?5=8: / >1;040N B5;><, => O =5 B5;>. / >1;040N GC2AB20<8, => O =5 GC2AB20. / >1;040N <KA;O<8, => O =5 <KA;8. B> O? '" " /" (0=OB85 =0G8=05BAO A 45AOB8<8=CB=>9 <548B0F88; >48= 87 CG0AB=8:>2 >?>740; 8 4>6840;AO 70 425@LN.) M@>;  -B> =5 AB@0H=>, 5A;8 20< ?@8E>48BAO 2E>48BL 2 :><=0BC, :>340 >AB0;L=K5 C65 <548B8@CNB. 54L <548B0F8O 2 B>< 8 A>AB>8B, GB>1K A>A@54>B>G8BLAO =0 A2>5< 4KE0=88, ?@54>AB0282 687=8 A> 2A5<8 55 HC<0<8 84B8 A2>8< G5@54><.  :0:>9 1K HC< 2>:@C3 =5 AB>O;, 4KE0=85 ?@>4>;605BAO. > O F5=N 20HC 701>BC > =0A, :>B>@0O 2K@078;0AL 2 >6840=88 70 425@LN. >7<>6=>, C :>3>-B> 2>7=8:;8 2>?@>AK 2 A2O78 A ?>A;54=8< 2G5@0H=8< C?@06=5=85<? 0AO  / B0: 8 =5 ?>=O;, :B> O.  MB> <5H05B <=5 ?>=OBL, GB> B0:>5 ?A8E>A8=B57. M@>;  B> 2K? !CI5AB2C5B B0:0O D>@<C;0: O  2A5 8 O  =8GB>. > >=0 =5 >B25G05B =0 20H 2>?@>A, >=0 ;8HL C:07K205B =0?@02;5=85 ?>8A:>2. >B><C GB> =0 20H 2>?@>A =5 A<>65B >B25B8BL =8:B>, :@><5 20A. !53>4=O ?>A;5 >1540 <K =0@8AC5< 4803@0<<C, :>B>@0O ?>72>;8B 20< C2840BL >A2>5==K5 @0=55 ?@8=F8?K ?A8E>A8=B570 2 8E 2708<>A2O78 8 ?>;CG8BL A>>B25BAB2CNI89 8=B5;;5:BC0;L=K9 >?KB. 4=0:> ?@54H5AB2CNI85 4=8 @01>BK 1K;8 @0AAG8B0=K =0 B>, GB>1K ?>1C48BL 20A =5 AB>;L:> 704C<0BLAO =04 >?@545;5==K<8 25I0<8, A:>;L:> 8A?KB0BL 8E. >B><C GB> =0H C<, ?>4>1=> B5;C 8 GC2AB20<, A?>A>15= A;C68BL ;8HL ?@>2>4=8:><, =>A8B5;5< >?KB0, 0 =5 53> 8AB>G=8:><. ;5@  B0:, ?>A;54=85 =5A:>;L:> 4=59 <K ?KB0;8AL 2KOA=8BL, <>65< ;8 <K ?@8ACBAB2>20BL 2 A515. @8ACBAB2>20BL 2 A515 >7=0G05B 70=8<0BL F5=B@0;L=>5 ?>;>65=85 ?> >B=>H5=8N : A2>8< G0ABO<, ?@8=8<0O 8E 2A5 157 >AC645=8O 8 A>7=020O, GB> <K ?@54AB02;O5< A>1>9 F5;>5,  B> 5ABL C45@6820O 2 ?>;5 A>7=0=8O F5;>AB=>ABL, 0 =5 B>;L:> :0:85-B> >?@545;5==K5 A2>8 G0AB8. !53>4=O CB@>< <K E>B5;8 1K ?>M:A?5@8<5=B8@>20BL A B5<, :0: B0:>5 A>7=0=85 F5;>3> >B@0605BAO =0 @01>B5 A 4@C38< ;8F><, :0:>5 2>7459AB285 >=> >:07K205B =0 =0H53> :;85=B0. "0: GB> <K ?@83;0H05< 20A ?@8=OBL CG0AB85 2 M:A?5@8<5=B5. ;O =0G0;0 <K <>3;8 1K 87CG8BL MDD5:B, 2K7K205<K9 0:B82=K< =525@10;L=K< 2>A?@8OB85<. 0< ?><>65B 2 MB>< C?@06=5=85, :>B>@>5 2K?>;=O5BAO A;54CNI8< >1@07><. K 2K18@05B5 A515 ?0@B=5@0 8 AB0=>28B5AL ;8F>< 4@C3 : 4@C3C, ?>GB8 A>?@8:0A0OAL ;04>=O<8. 0B5< 2K >?@545;O5B5, :B> 87 20A 1C45B 254CI8<. 54CI89 =0G8=05B ?@>872>;L=>5 42865=85 @C:0<8. B>@>9 ?0@B=5@ =0E>48BAO 2 @>;8 0:B82=> 2>A?@8=8<0NI53>: >= ?>;=>ABLN A>A@54>B>G8205B 2=8<0=85 =0 MB>< =5?@54A:07C5<>< 42865=88 8 ?KB05BAO :0: <>6=> B>G=55 2>A?@>872>48BL 53>, =5 :0A0OAL ;04>=O<8 ;04>=59 254CI53>. 2865=8O 2K?>;=ONBAO <>;G0, 157 :><<5=B0@852. 0B5< ?0@B=5@K <5=ONBAO @>;O<8. 5>1E>48<> B0:65 >1@0I0BL 2=8<0=85 =0 B>, GB> 2K ?5@568205B5, 1C4CG8 254CI8<, 8 GB>  1C4CG8 0:B82=> 2>A?@8=8<0NI8<.  >B<5B8BL, A>2?040NB ;8 2 :0:><-B> ?C=:B5 20H8 ?5@56820=8O :0: 254CI53> 8 :0: 2>A?@8=8<0NI53>. %>BO O C65 3>2>@8;0 >1 MB><, 2A5 65 ?>?@>HC 5I5 @07 ?>A<>B@5BL, <>65B5 ;8 2K =5:@8B8G=> >B=5AB8AL : B><C, GB> 45;05BAO, <>65B5 ;8 2K =5 AC48BL, =5 4020BL >F5=:8, => ?@>AB> ?>72>;8BL A515 45;0BL MB>, >BAB@0=82H8AL >B @8B8:0. 1> ?KB0OAL C?@02;OBL A2>8< 2>A?@8OB85<, 2K =0@CH05B5 A2O7CNI55 20A A8;>2>5 ?>;5.  >?@545;5==>< A<KA;5 MB> =0?><8=05B ?@0:B8:C <548B0F88: :>340 O2;O5BAO <KA;L, 2K 2>72@0I05B5AL : =01;N45=8N 70 42865=85<  8 <KA;L CE>48B. ABL ;8 C 20A 2>?@>AK? 5@0  708<>459AB285 CAB0=02;8205BAO ;8HL =0 C@>2=5 @C:, 8;8 <>6=> B0:65 A<>B@5BL 4@C3 4@C3C 2 3;070? ;5@  5 8<55B 7=0G5=8O, :0: 8<5==> CAB0=02;8205BAO :>=B0:B A ?0@B=5@><. K A0<8 4>;6=K >?@545;8BL, GB> 20< 4;O MB>3> =C6=>. 064K9 87 20A <>65B CAB0=>28BL :>=B0:B ?>-A2>5<C. >A<>B@8B5, :0: 8<5==> 2K MB>3> 4>AB8305B5. 0;O  2865=8O >ACI5AB2;ONBAO 2 ;N1>9 ?;>A:>AB8? ;5@  C4CG8 254CI8<, 2K <>65B5 45;0BL ;N1K5 42865=8O. 0AO  "0: <>65B 1KBL, ?CABL >4=0 ?0@0 A ?><>ILN @C:>2>48B5;59 ?@>45;05B 2A5 MB>, 0 <K ?>A<>B@8<, :0: MB> =04> 45;0BL ?@028;L=>. ;5@  !<KA; MB>3> M:A?5@8<5=B0 2 53> A?>=B0==>AB8. "CB =5 <>65B 1KBL "?@028;L=>3>" 8 "=5?@028;L=>3>". (K?>;=O5BAO C?@06=5=85)  B5?5@L, :>340 <K 70:>=G8;8, =5 @0AE>48B5AL, ?>60;C9AB0, 0 >1<5=O9B5AL A ?0@B=5@>< A2>8<8 >ICI5=8O<8. >3>2>@8B5 >1 MB>< 1C:20;L=> ?0@C <8=CB. 0B5< 70?8H8B5 A0<>5 3;02=>5 87 B>3>, > G5< 2K 3>2>@8;8. (0C70) >7<>6=>, :B>-B> B5?5@L E>B5; 1K ?>45;8BLAO A =0<8 A2>8<8 2?5G0B;5=8O<8? :A0=0  =5 1K;> ?@8OB=55 =0E>48BLAO 2 @>;8 254CI53>, =565;8 ?0AA82=>3> CG0AB=8:0 A>1KB89. >;L 254CI53> ?@54?>;030;0 :0:>9-B> ?>8A:, 2K1>@ :0:8E-B> ?>;>65=89. >;L ?0AA82=>3> ?0@B=5@0 1K;0 <5=55 ?@8OB=0, =5;L7O A:070BL, GB>1K A>2A5< =5?@8OB=0. A;54AB285 MB>3> M:A?5@8<5=B0 O ?>=O;0, GB> ?@8OB=55 2A53> 4;O <5=O =5:>5 =59B@0;L=>5 ?>;>65=85. ;5@   G8A;5 ?@>G53> MB>B M:A?5@8<5=B ?>72>;O5B 2KOA=8BL, :0:CN 87 42CE @>;59 <K =0E>48< 1>;55 B2>@G5A:>9.  704C<0BLAO =04 B5<, :0:85 B2>@G5A:85 2>7<>6=>AB8 70:;NG5=K 2 4@C3>9, ?@>B82>?>;>6=>9 @>;8. = ?>72>;O5B =0< B0:65 2KOA=8BL, 2 :0:>9 @>;8 <K A?>A>1=K : 1>;LH59 :>=F5=B@0F88 2=8<0=8O. =>340 ?0AA82=>5, 2>A?@8=8<0NI55 A>AB>O=85 0AA>F88@C5BAO C =0A A >BACBAB285< 0:B82=>3> 2=8<0=8O. 564C B5< ?>4;8==> 8AA;54>20B5;LA:>5 A>AB>O=85  MB> 8<5==> A>AB>O=85 0:B82=>9 2>A?@88<G82>AB8. N10  K @01>B0;8 2 ?0@5 A 0;59, 0 0B0H0  2 ?0@5 A 5=59. >340 O 8 0B0H0 83@0;8 ?0AA82=CN @>;L, <K >15 AB0;8 A51O >G5=L ?;>E> GC2AB2>20BL. 0B0H0  / 1K =5 A:070;0, GB> ?;>E>... N10  C, E>@>H>. =0G8B, O AB0;0 A51O ?;>E> GC2AB2>20BL: A?5@20 2>7=8:;> B5?;>, ?>B>< =0?@O65=85, 0 70B5< 1>;L 2 :8ABOE @C:. >340 O AB0;0 254CI59, B5?;> >AB0;>AL, => ?>O28;0AL ;53:>ABL. 0;O  # <5=O 1K;> >ICI5=85, GB> >=0 =5 E>G5B 70 <=>9 42830BLAO, >=0 CE>48;0 >B <5=O.  MB> A>74020;> 2> <=5 :0:>9-B> 48A:><D>@B. 0AA82=0O @>;L 4020;0AL <=5 3>@074> ;53G5  O @C:0<8 GC2AB2CN, :C40 =04> 42830BLAO, <=5 4065 =5 =04> 3;070<8 A;548BL 70 MB8<. ;5@   20H5< >?KB5 <>6=> >B<5B8BL @O4 <><5=B>2. #65 B>;L:> 1;03>40@O >1I5=8N =0H8E B5; <564C =0<8 2>7=8:05B M=5@35B8G5A:>5 ?>;5 2708<>459AB28O, 2 :>B>@>< =0H8 CAB0=>2:8 ?@54AB02;5=K 2 D>@<5 B5;5A=>9 M=5@388, B> 5ABL 2?>;=5 >ICB8<>.  ?>MB><C, >1@0I0O 2=8<0=85 =0 B0:85 ?@>ABK5 >ICI5=8O :0: B5?;>, 48A:><D>@B, =0?@O65=85 8 B.?., <K <>65< >?@545;8BL A2>8 CAB0=>2:8, GC2AB20, ?@54AB02;5=8O  2A5 :><?>=5=BK A2>53> >B=>H5=8O : @>;O< 254CI53> 8 2>A?@8=8<0NI53>. !B>;:=C2H8AL A MB8< D0:B>< 2 A2>5< ;8G=>< >?KB5, <K =0G8=05< >1@0I0BL 1>;LH5 2=8<0=8O 8 =0 B>, GB> A>>1I05< :;85=B0< =525@10;L=>, >4=8< ;8HL A2>8< ?@8ACBAB285<. "CB ?@>87>H;> 5I5 >4=> 8=B5@5A=>5 2708<>459AB285, 8 <=5 E>B5;>AL 1K A:070BL ?0@C A;>2 ?> MB><C ?>2>4C. A;8 O ?@028;L=> ?>=O;0, 2K, 0B0H0, =5 70E>B5;8, GB>1K 20H >?KB >?8AK20; :B>-B> 4@C3>9? 0B0H0  0, ?>B><C GB> C <5=O 1K;8 4@C385 >ICI5=8O. ;5@  !?0A81>. "CB <K 2AB@5G05<AO A 4@C3>9 206=>9 @07=>284=>ABLN ?>2545=G5A:8E @50:F89, :>B>@K5 65;0B5;L=> 1K;> 1K ?>?KB0BLAO 27OBL ?>4 :>=B@>;L. K ?>GC2AB2>20;8, :0: 206=> 8<5BL 2>7<>6=>ABL A0<><C AD>@<C;8@>20BL A2>9 >?KB 157 B>3>, GB>1K :B>-B> ?@5420@8B5;L=> >?8A0; 8 >1JOA=8; 53> ?>-A2>5<C. >4>1=K< 65 >1@07><, :>340 2K @01>B05B5 A :;85=B><, >G5=L 206=> 40BL 5<C 2>7<>6=>ABL A0<><C >B25B8BL =0 2>?@>A ":B> O", =5 ?@54;030O A2>8E >B25B>2, :>B>@K5 1K 70:;NG8;8 53> 2 @0<:8 20H53> ;8G=>3> >?KB0. "0: GB> O ?@87K20N 20A ?@>AB> >1@0I0BL 2=8<0=85 =0 MB8 =N0=AK 2> 2@5<O 2K?>;=5=8O B0:>3> @>40 C?@06=5=89. !5@359  # =0A 2>7=8:;0 8=B5@5A=0O A8BC0F8O. 8G=> <=5 1K;> =5A:>;L:> ?@>I5 25AB8 42865=85, =565;8 2>A?@8=8<0BL 53>. / 70<5B8;, GB> 2 687=8 C <5=O =01;N405BAO B0:0O 65 B5=45=F8O : 1KAB@><C 42865=8N 8 ?>4BO3820=8N 70 A>1>9 A2>53> >:@C65=8O. %>BO O ?@8 MB>< A;548; 70 B5<, ?>A?5205B ;8 70 <=>9 <>9 ?0@B=5@. > 2 A8BC0F88, :>340 <=5 ?@8H;>AL 1KBL 254><K<, : :>=FC M:A?5@8<5=B0 O ?>GC2AB2>20;  8, :0: ?>B>< >:070;>AL, <K ?>GC2AB2>20;8 MB> >4=>2@5<5==>  GB> C =0A D0:B8G5A:8 8AG57;8 @>;8 254CI53> 8 254><>3>; 1K;8 ?@>AB> :0:85-B> A>2<5AB=K5 42865=8O. M@>;  >65B MB> ?@>72CG8B 10=0;L=>, => ?@54AB02LB5, GB> B> 65 A0<>5 ?@>87>H;> 2 20H8E >B=>H5=8OE A :;85=B><. !0H0  # =0A 2>7=8:;0 4065 5I5 1>;55 8=B5@5A=0O A8BC0F8O. =5 ?@8OB=55 1K;> 1KBL 254><K<  MB> 1K;> ;53:> 8 C2;5:0B5;L=>,  => 2 :>=F5 >?KB0 C <5=O 2>7=8:;> 8 AB@5<8B5;L=> AB0;> =0@0AB0BL >ICI5=85, GB> O AB0; 254CI8<: O 45;0; @C:0<8 GB> E>B5;, ?@8G5< 42865=85 1K;8 >G5=L 1KAB@K<8. @8 MB>< <>9 ?0@B=5@ (254CI89) =5 70<5B8; A<5=K @>;59. / ?>@065=. 3>@  / ?@>4>;60; >ICI0BL A51O 254CI8< 8 2 @>;8 254><>3>, B