ࡱ> `Pbjbjss1! +     . 8ʫ<. ֯֯֯֯֯֯֯֯ """"""$h'F9 ֯֯֯֯֯F  ֯֯֯ ֯ ֯ ֯   ֯ʯ ?R֯. 0 ,֯֯֯FF֯֯֯֯֯֯֯. . . d. . . . . .        !>3LO; 8=?>G5 =830 687=8 8 ?@0:B8:8 C<8@0=8O  @548A;>285 1.    ! " !<5@BL 2 A>2@5<5==>< <8@5 CB5H5AB285 G5@57 687=L 8 A<5@BL 2. !  %" 5;8:89 >1<0= 8F>< : ;8FC A> A<5@BLN !5@L57=> >B=>A8BLAO : 687=8 A5==85 >1;0:0 3. +(    @8=OB85 A<5@B8 5@5<5=0 2 3;C18=0E A<5@B8 !5@4F5185=85 A<5@B8 01>B0 A ?5@5<5=0<8 CE 2>8B5;O  G5< =0< 3>2>@8B B>, GB> 2A5 ?@5E>48B: :0:0O =045640 5ABL 2 A<5@B8 587<5==>5 4.    # #< 8 ?@8@>40 C<0 51> 8 >1;0:0 '5BK@5 ?@5?OBAB28O 0AA<>B@5=85 B>3>, GB> 2=CB@8 15B>20=85 ?@>A25B;5=8O 5.  ) #  "@5=8@>2:0 C<0 !CI=>ABL <548B0F88 @0:B8:0 2=8<0B5;L=>AB8 AB5AB25==K9 25;8:89 ?>:>9 5B>4K, 8A?>;L7C5<K5 ?@8 <548B0F88 >;>65=85 B5;0 "@8 <5B>40 <548B0F88 1. "01;N45=85" 70 4KE0=85< 2. @8<5=5=85 >1J5:B0 3. @>87=5A5=85 <0=B@K #< ?@8 <548B0F88 ">=:>5 @02=>25A85 KA;8 8 M<>F88: 2>;=K 8 >:50= ">, GB> 2K 8A?KBK205B5 5@5@K2K !;8O=85: <548B0F8O 2 459AB288 4>E=>25=85 6. -.&/,    " + / 5@52>?;>I5=85 2 "815B5 7.     # ,!" 07=K5 10@4> 5C25@5==>ABL 8 2>7<>6=>ABL @C385 @50;L=>AB8 87=L 8 A<5@BL =0 ;04>=8 8. -" ,: !"!"   0@<8G5A:>5 2845=85 (5ABL <8@>2 25@8 2>A?@8OB8O C4@>ABL >BACBAB28O M3> -3> =0 4CE>2=>< ?CB8 C4@K9 @C:>2>48B5;L "@8 >@C48O <C4@>AB8 !><=5=8O, 2AB0NI85 =0 ?CB8 9. #%+ #", 0: >BKA:0BL MB>B ?CBL 0: A;54>20BL ?CB8 0AB5@ ;E8<8O ?@540==>AB8 >B>: 1;03>A;>25=89 C@C-9>30: A;8O=85 A C<>< <C4@>AB8 <0AB5@0 1. @87K20=85 2. !>7@520=85 8 C3;C1;5=85 1;03>A;>25=8O 3. 045;5=85 A8;>9 4. @51K20=85 2 ?>:>5 83?K 10. #" // !#)!", 84 548B0F8O 59AB285 04C6=>5 B5;> 11. ! '+ !"  ",  ", # .) 0: 2K:070BL 157>3>2>@>G=CN ;N1>2L >2>@8BL ?@024C !B@0E A<5@B8 57025@H5==K5 45;0 0: ?@>AB8BLAO  <8@=>9 A<5@B8 12. !!" :  &+ , !/  >38:0 A>AB@040=8O AB>@8O > T>=3;5=5 8 A8;5 A>AB@040=8O 0: ?@>1C48BL ;N1>2L 8 A>AB@040=85 1. N1OI0O >1@>B0: 0A?5G0BK20=85 AB>G=8:0 2. !>AB@040=85: AG8B0BL A51O B>G=> B0:8< 65, :0: 4@C385 3. !>GC2AB285: 70<5=0 4@C38E A0<8< A>1>9 4. A?>;L7>20=85 4@C30, GB>1K 2K720BL A>AB@040=85 5. 0: <548B8@>20BL > A>AB@040=88 6. 0: =0?@028BL A2>5 A>AB@040=85 !B0488 ">=3;5= @5420@8B5;L=0O ?@0:B8:0 ">=3;5= 1. ">=3;5= >:@C65=8O 2. ">=3;5= A51O 3. ">=3;5= 2 687=5==>9 A8BC0F88 4. ">=3;5= 4;O 4@C38E ;02=0O ?@0:B8:0 ">=3;5= ">=3;5= 4;O C<8@0NI53> !2OB0O B09=0 13. #%/ ), # .)# # ?>AB5;8 C<8@0NI53> 020BL =04564C 8 =0E>48BL ?@>I5=85 ?@545;5=85 4CE>2=>9 ?@0:B8:8 !CI5AB25==0O ?@0:B8:0 E>20 1. @0:B8:0 5@20O 2. @0:B8:0 B>@0O 3. @0:B8:0 "@5BLO @8<5=5=85 ACI5AB25==>9 ?@0:B8:8 E>20 4;O ?><>I8 C<8@0NI5<C >A2OI5=85 =0H59 A<5@B8 14.  " / # .)% ><5=B A<5@B8 B?CA:0=85 ?@82O70==>AB8 E>645=85 2 G8AB>5 A>7=0=85 #:070=8O 4;O C<8@0=8O @0:B8:8 4;O C<8@0=8O E>20: ?5@5=>A A>7=0=8O ;03>40BL <>;8B2K 2 <><5=B A<5@B8 B<>AD5@0 4;O C<8@0=8O >:840=85 B5;0 15.  &!! # / AB5G5=85 =0H53> A@>:0 687=8 @56452@5<5==0O A<5@BL ">;57=5==>5" 10@4> C<8@0=8O @>F5AA C<8@0=8O >70 4;O C<8@0=8O =5H=89 @0A?04: GC2AB20 8 M;5<5=BK 5<;O >40 3>=L >74CE =CB@5==89 @0A?04 !<5@BL "O4>2" 16. ! A=>20 >1KG=>3> C<0 AB@5G0 <0B5@8 A 48B5< ;8B5;L=>ABL >A=>2=>9 A25B>=>A=>AB8 !<5@BL <0AB5@0 17. #"  !/ '5BK@5 D07K E0@<0BK 1. !25G5=85  !25B>2>9 0=4H0DB 2. !>N7  >65AB20 3. C4@>ABL 4. !?>=B0==>5 ?@8ACBAB285 >=8<0=85 E0@<0BK #7=020=85 18.   !"/ 5=B0;L=>5 B5;> 5@56820=8O 10@4> ;8B5;L=>ABL 10@4> AB0=>2;5=8O !C4 !8;0 C<0 5@5@>645=85 19. ), ! ! " >340 <K <>65< ?><>GL 0: <K <>65< ?><>GL /A=>2845=85 C<5@H53> "815BA:85 1C4489A:85 ?@0:B8:8 4;O C<5@H8E 1. "815BA:0O =830 5@B2KE 2. 5 @5= 8 '0=3 '>: 3. G8I5=85 (5AB8 !D5@ 4. @0:B8:0 !B0 8@=KE 8 =52=KE >65AB2 5. @5<0F8O 6. 65=545;L=K5 ?@0:B8:8 ><>IL >AB02;5==K< !5@45G=0O ?@0:B8:0 1. @87K20=85 2. 1@0I5=85 3. 0?>;=5=85 A5@4F0 ;065=AB2>< 4. ><>IL C<5@H5<C !>E@0=O9B5 A5@4F5 >B:@KBK< @5:@0I5=85 ?5G0;8 8 >1CG5=85 G5@57 ?5G0;L 20.  ! "+ +": !"&  !? "5<=>B0 8 BC==5;L !25B !E>4AB20 A 10@4> AB0=>2;5=8O 1. =5B5;5A=K9 >?KB 2. 5A?><>I=> A<>B@OI85 @>4AB25==8:8 3. !>25@H5==0O D>@<0, ?>4286=>ABL 8 OA=>2845=85 4. AB@5G0 A @C38<8 5. 07;8G=K5 AD5@K 6. 4A:85 2845=8O 5;>:: B815BA:89 ?@8A<5@B=K9 >?KB >A;0=85 ?@8A<5@B=>3> >?KB0 =0G5=85 ?@8A<5@B=>3> >?KB0 21. !!  &!! B:@>25=8O 10@4> @>F5AA 2> A=5 @>F5AA 2 <KA;OE 8 M<>F8OE @>F5AA 2 ?>2A54=52=>9 687=8 -=5@38O 2>AB>@30 0A:@K2H55AO 2845=85 F5;>AB=>AB8 22. !#   @548A;>285  / @>48;AO 2 "815B5, 8 <=5 1K;> H5ABL <5AOF52, :>340 <5=O >B40;8 2 <>=0ABK@L <>53> CG8B5;O 60<LO=30 EL5=F5 '>:L8 >4@>, :>B>@K9 =0E>48BAO 2 ?@>28=F88 E0<. # =0A 2 "815B5 5ABL C=8:0;L=0O B@048F8O 2KO2;5=8O ?5@52>?;>I5=89 CH54H8E 25;8:8E <0AB5@>2. =8 >?@545;ONBAO 2 N=>AB8 8 8< 405BAO >A>1>5 >1@07>20=85, ?>43>B02;820NI55 8E : B><C, GB>1K 2 1C4CI5< AB0BL CG8B5;O<8. =5 1K;> 40=> 8<O !>3LO;, B0: :0: <>9 CG8B5;L >?>7=0; 2> <=5 2>?;>I5=85 "5@B>=0 !>3LO;0, 8725AB=>3> <8AB8:0, :>B>@K9 1K; >4=8< 87 53> A>1AB25==KE CG8B5;59, 0 2?>A;54AB288 =0AB02=8:>< "@8=04F0B>3> 0;09;0<K. >9 CG8B5;L, 60<LO=3 EL5=F5 1K; 4>2>;L=> 2KA>:8< 4;O B815BF0, 8 >= 2A5340 :070;AO 2 B>;?5 2KH5 2A5E =0 F5;CN 3>;>2C. # =53> 1K;8 >G5=L :>@>B:85 AB@865=K5 A5@51@8ABK5 2>;>AK, ?>4>1=K5 2>;>A0< C44K. > B>, GB> 1K;> =081>;55 70<5G0B5;L=>, B0: MB> 53> ?@8ACBAB285. 3> 27>@ 8 <0=5@0 45@60BLAO 3>2>@8;8 B515 > B><, GB> >= 1K; <C4@K< 8 A2OBK< G5;>25:><. # =53> 1K; 1>30BK9, 3;C1>:89 8 ?@>=8:=>25==K9 3>;>A, 8 :>340 >= 4020; CG5=85, 53> 3>;>20 A;53:0 >B:;>=O;0AL =0704 8 CG5=85 8AB5:0;> 87 =53> ?>B>:>< :@0A=>@5G8O 8 ?>M788.  =5A<>B@O =0 ?>GB5=85 8 B@5?5B, ?@>872>48<K5 8<, 2> 2A5<, GB> >= 45;0;, ?@8ACBAB2>20;> A<8@5=85. 60<LO=3 EL5=F5 O2;O5BAO >A=>2>9 4;O <>59 687=8 8 24>E=>25=85< 4;O MB>9 :=838. = 1K; 2>?;>I5=85< CG8B5;O, ?@5>1@07>202H53> 1C4489A:CN ?@0:B8:C 2 =0H59 AB@0=5.  "815B5 =54>AB0B>G> 1K;> ?@>AB> =>A8BL 8<O 2>?;>I5=F0. "K 2A5340 4>;65= 70A;C6820BL C2065=85 G5@57 A2>5 >1CG5=85 8 4CE>2=CN ?@0:B8:C. >9 CG8B5;L ?@>25; 3>4K 2 C548=5=88, 8 > =5< @0AA:070=> <=>3> GC45A=KE 8AB>@89. = >1;040; 3;C1>:8<8 7=0=8O<8 8 4CE>2=K< ?>AB865=85<, 8 O ?@8H5; : >B:@KB8N B>3>, GB> >= 1K; ?>4>15= M=F8:;>?5488 <C4@>AB8 8 7=0; >B25B =0 ;N1>9 2>?@>A, :>B>@K9 BK <>3 1K 5<C 7040BL.  "815B5 1K;> <=>3> 4CE>2=KE B@048F89, => 60<LO=3 EL5=F5 1K; >1JO2;5= 02B>@8B5B>< 2> 2A5E 87 =8E. ;O ;N1>3>, :B> 53> 7=0; 8;8 A;KH0; > =5<, >= 1K; 2>?;>I5=85< B815BA:>3> 1C4487<0, 682K< 4>:070B5;LAB2>< B>3>, :B> >ACI5AB28; CG5=85 8 4>25; 4> 7025@H5=8O A2>N ?@0:B8:C. / CA;KH0;, GB> <>9 CG8B5;L A:070;, GB> O 1K ?><>3 ?@>4>;68BL 53> @01>BC, 8 157CA;>2=> >= 2A5340 >1@0I0;AO A> <=>9, :0: A A>1AB25==K< AK=><. / GC2AB2CN, GB> B>, G53> O AB0; A?>A>15= 4>AB830BL B5?5@L 2 A2>59 @01>B5, 8 0C48B>@8O, : :>B>@>9 O A<>3 ?@81;878BLAO, O2;ONBAO 2AE>40<8 1;03>A;>25=8O, :>B>@>5 >= <=5 40;. A5 <>8 A0<K5 @0==85 2>A?><8=0=8O A2O70=K A =8<. = 1K; >:@C65=85<, 2 :>B>@>< O 2K@>A, 8 53> 2;8O=85 ?@5>1;040;> 2 <>5< 45BAB25. = 1K; <=5 :0: >B5F. = >E>B=> 40@>20; <=5 2A5, GB> O ?@>A8;. 3> 4CE>2=0O AC?@C30, E0=4@> &5@8=3 '>4@>=, :>B>@0O B0:65 O2;O;0AL <>59 B5B59, G0AB> 3>2>@8;0: 5 B@52>6L 8=?>G5, >= 2>7<>6=> 70=OB, => O 2A5340 65;0; 1KBL 2>7;5 =53>, 8 >= 1K; AG0AB;82 2845BL <5=O @O4>< A =8<. / ?>AB>O==> 4>:CG0; 53> 2>?@>A0<8, 8 >= 2A5340 <=5 B5@?5;82> >B25G0;. / 1K; =5?>A;CH=K< @515=:><. 8 >48= 87 <>8E >?5:C=>2 =5 <>3 48AF8?;8=8@>20BL <5=O. AO:89 @07, :>340 >=8 ?KB0;8AL 18BL <5=O, O C1530; : A2>5<C CG8B5;N 8 7018@0;AO =0 =53> A7048, :C40 =8:B> =5 ?>A<5; 4>1@0BLAO. @8B082H8AL B0<, O GC2AB2>20; 3>@4>ABL 8 1K; 4>2>;5= A>1>9; 0 >= B>;L:> A<5O;AO. 0B5< >4=064K, B09:>< >B <5=O, <>9 >?5:C= >1@0B8;AO : =5<C, GB> 4;O <>59 65 ?>;L7K =C6=> ?>;>68BL MB><C :>=5F. 0 A;54CNI89 45=L O C1560; 8 A?@OB0;AO. >9 >?5:C= 2>H5; 2 :><=0BC, A45;0; =5A:>;L:> ?@>AB8@0=89 ?5@54 <>8< CG8B5;5< 8 2KB0I8; <5=O. / 2A?><8=0N, :0: O 1K; 2KH2K@=CB 87 :><=0BK. 0: MB> 1K;> AB@0==>, GB> >= =5 :070;AO 8A?C302H8<AO <>53> CG8B5;O. 60<LO=3 EL5=F5 G0AB> 68; 2 :><=0B5, 345 >= 2 A2>5< ?@54K4CI5< 2>?;>I5=88 C2845; A2>8 >B:@>25=8O 8 =0G0; 2>7@>645=85 :C;LBC@K 8 4CE>2=>AB8, :>B>@0O 2 ?@>H;>< AB>;5B88 2 >AB>G=>< "815B5 1K;0 2 C?04:5. -B> 1K;0 C4828B5;L=0O :><=0B0, =5 >A>15==> 1>;LH0O, => A <038G5A:>9 0B<>AD5@>9, =0?>;=5==0O A2OI5==K<8 ?@54<5B0<8, 682>?8ALN 8 :=830<8. 5 =07K20;8 =515A0<8 1C44, :><=0B>9 C?>;=><>G820=8O, 8 5A;8 ACI5AB2C5B B0:>5 <5AB> 2 "815B5, :>B>@>5 O 2A?><8=0N, B0: MB> B0 :><=0B0. >9 CG8B5;L A845; =0 =87:>< A845=88, A45;0==>< 87 45@520 8 ?>;>A>: :>68, 8 O A845; 2>7;5 =53>. / 1K >B:070;AO 5ABL, 5A;8 1K MB> 1K;> =5 87 53> G0H8. O4>< 2 <0;5=L:>9 A?0;L=5 =0E>48;0AL 25@0=40, 345 1K;> ?>GB8 2A5340 B5<=>, 8 B0< 2A5340 =0 <0;5=L:>9 ?5G8 2 C3;C AB>O; G09=8: A :8?OI8< G05<. 1KG=> O A?0; 2>7;5 A2>53> CG8B5;O 2 DCB5 >B =53> A0<>3>.  B>B 72C:, :>B>@K9 O =8:>340 =5 701C4C, MB> I5;:0=L5 1CA8= 53> <0;0  1C4489A:8E G5B>:, 8 :0: >= =0H5?BK20; A2>8 <>;8B2K. >340 O CE>48; A?0BL, >= >1KG=> 1K; 745AL  A845; 8 ?@0:B8:>20;; 8 :>340 O ?@>AK?0;AO CB@><, >= C65 1>4@AB2>20;, 2=>2L A84O 8 ?@0:B8:CO, ?5@5?>;=OOAL 1;03>A;>25=85< 8 A8;>9. 0: B>;L:> O >B:@K20; 3;070 8 A<>B@5; =0 =53>, O >1KG=> =0?>;=O;AO B5?;>B>9 8 AG0ABL5<. >:@C3 =53> 1K; :0: 1K >@5>; <8@0. >340 O AB0=>28;AO AB0@H5, 60<LO=3 EL5=F5 G0AB> 45;0; <5=O ?@54A540B5;LAB2CNI8< =0 F5@5<>=8OE, B>340 :0: >= A0< 2K?>;=O; @>;L 254CI53> @8BC0;. / 1K; A2845B5;5< 2A5E CG5=89 8 ?>A2OI5=89, :>B>@K5 >= 4020; 4@C38<; => B>, GB> O 2A?><8=0N A59G0A, MB> A:>@55 =5 45B0;8, 0 0B<>AD5@0. ;O <5=O >= O2;O;AO C44>9, ?> ?>2>4C G53> 2 <>5< C<5 =5 2>7=8:0;> =8:0:8E 2>?@>A>2.  2A5 >AB0;L=K5 B0:65 >?>7=020;8 MB>. >340 >= 4020; ?>A2OI5=8O, 53> CG5=8:8 =0AB>;L:> 1;03>3>25;8 ?5@54 =8<, GB> 5420 ;8 <>3;8 273;O=CBL 2 53> ;8F>. 5:>B>@K5 >1KG=> 2845;8 53> 2 D>@<5 53> ?@54H5AB25==8:0 8;8 2 D>@<5 @07;8G=KE 1C44 8 1>4E8A0BB2. A5 =07K20;8 53> 8=?>G5, @03>F5==K9, GB> O2;O5BAO B8BC;><, :>B>@K9 405BAO <0AB5@C, 8 :>340 >= ?@8ACBAB2>20;, B> =8 : >4=><C 4@C3><C CG8B5;N B0:8< >1@07>< =5 >1@0I0;8AL. 3> ?@8ACBAB285 1K;> =0AB>;L:> 2?5G0B;ONI5, GB> <=>385 B@>30B5;L=> =07K20;8 53> 7=0G0;L=K< C44>9. A;8 1K O =5 2AB@5B8; A2>53> CG8B5;O 60<LO=30 EL5=F5, O 7=0N, GB> B>340 AB0; 1K ?>;=>ABLN 4@C38< G5;>25:><. !2>59 B5?;>B>9, <C4@>ABLN 8 A>AB@040=85< >= 2>?;>I0; 2 A515 A2OI5==CN 8AB8=C CG5=89 8 B0:8< >1@07>< 45;0; 8E ?@0:B8G=K<8 8 A>72CG=K<8 A 687=LN. 064K9 @07, :>340 O 45;NAL B>9 0B<>AD5@>9 <>53> <0AB5@0 A 4@C38<8, >=8 <>3CB 8A?KBK20BL B> 65 A0<>5 3;C1>:>5 GC2AB2>, :>B>@>5 2>7=8:0;> 2> <=5. 'B> ?@>1C48; 2> <=5 60<LO=3 EL5=F5? 5?>:>;518<CN C25@5==>ABL 2 CG5=8OE 8 C15645=85 2 F5=B@0;L=>9 8 >A=>2>?>;030NI59 206=>AB8 CG8B5;O. 0:>5 1K ?>=8<0=85 O =8 8<5;, O 7=0N, GB> >1O70= 2 MB>< A2>5<C CG8B5;N. -B> B>, G53> <=5 =8:>340 5<C =5 2>7<5AB8BL, => O <>3C ?5@540BL MB> 4@C38<.  "815B5 =0 ?@>BO65=88 2A59 A2>59 N=>AB8 O 2845;, :0: 60<LO=3 EL5=F5 G0AB> 87;CG0; A2>N ;N1>2L 8 4>1@>A5@45G=>ABL 2 >1I8=5, >A>15==> :>340 >= A>?@>2>640; C<8@0NI53> 8 C<5@H53>. 0<0 2 "815B5 O2;O;AO =5 B>;L:> 4CE>2=K< CG8B5;5<, => B0:65 <C4@K< G5;>25:><, B5@0?52B><, ?@8E>4A:8< A2OI5==>A;C68B5;5<, 2@0G>< 8 4CE>2=K< F5;8B5;5<, :>B>@K9 ?><>305B 1>;L=K< 8 C<8@0NI8<. >74=55 <=>N 1K;8 87CG5=K A?5F80;L=K5 ?@85<K 87 CG5=89, A2O70==KE A "815BA:>9 =83>9 5@B2KE 4;O A>?@>2>645=8O C<8@0NI8E 8 C<5@H8E. > 25;8G09H89 87 2A5E C@>:>2, :>B>@K5 O 87CG8; > A<5@B8 8 687=8, ?@8H5; 87 =01;N45=8O <=>N B>3>, :0: CG8B5;L A>?@>2>640; C<8@0NI8E ;N459  A 15A?@545;L=K< A>AB@040=85<, <C4@>ABLN 8 ?>=8<0=85<. / <>;NAL > B><, GB>1K MB0 :=830 ?5@540;0 <8@C E>BL GB>B> 87 53> 25;8:>9 <C4@>AB8 8 A>AB@040=8O, 1;03>40@O G5<C 2K B0:65 A<>65B5 2>9B8 2 ?@8ACBAB285 53> <C4@>3> C<0 8 >1@5AB8 A =8< 682CN A2O7L. ;020 I    ! " ?5@2K5 O 2AB@5B8;AO A> A<5@BLN ?@81;878B5;L=> 2 A5<8;5B=5< 2>7@0AB5, :>340 <K 3>B>28;8AL 5E0BL 87 2>AB>G=KE ?@543>@89 2 &5=B@0;L=K9 "815B. 4=8< 87 ;8G=KE A;C68B5;59 <>53> <0AB5@0 1K; !0<B5=, 70<5G0B5;L=K9 <>=0E, >B=>A82H89AO A 4>1@>B>9 :> <=5 2 B5G5=85 <>53> 45BAB20. 3> OA=>5, :@C3;>5, 4065 ?CE;>I5:>5 ;8F>, 2A5340 3>B>2>5 @0A?;KBLAO 2 C;K1:5, 3>2>@8;> > 4>1@>4CH88 53> =0BC@K, 1;03>40@O :>B>@>9 >= 1K; 2A5>1I8< ;N18<F5< 2 <>=0ABK@5. >9 CG8B5;L 5654=52=> CG8; 8 ?@>2>48; ?>A2OI5=8O, @C:>2>48; 70=OB8O<8 8 @8BC0;0<8. >4 25G5@ O >1KG=> A>18@0; <>8E 4@C759 8 @07K3@K20; ?5@54 =8<8 AF5=:8, 87>1@060O ?@>8AE>4OI55 CB@><. !0<B5= 2A5340 ?>72>;O; <=5 1@0BL 4;O MB>3> >4564K, :>B>@K5 <>9 <0AB5@ =04520; CB@><. = =8 @07C =5 >B:070; <=5. 4@C3 !0<B5= 701>;5;, 8 AB0;> OA=>, GB> >= =5 2K6825B. 0< ?@8H;>AL >B;>68BL >BJ574. !;54CNI85 425 =545;8 O =8:>340 =5 701C4C. #4CH;82>5 7;>2>=85 A<5@B8 ?>28A;> =04 2A5<, :0: >1;0:>, 8 2AO:89 @07, :>340 O 4C<0N > B>< 2@5<5=8, MB>B 70?0E 2>72@0I05BAO :> <=5. 5AL <>=0ABK@L 1K; =0AKI5= 8=B5=A82=K< >ICI5=85< ?@8ACBAB28O A<5@B8. %>BO MB> A>2A5< =5 1K;> <@0G=K< 8;8 AB@0H=K<: 2 ?@8ACBAB288 <>53> <0AB5@0 A<5@BL !0<B5=0 ?@8>1@5;0 >A>1>5 7=0G5=85. ;O 2A5E =0A >=0 AB0;0 CG5=85<. !0<B5= ;560; =0 ?>AB5;8 C >:=0, 2 <0;5=L:>< E@0<5, 2 68;8I5 <>53> <0AB5@0. / 7=0;, GB> >= C<8@05B. @5<O >B 2@5<5=8 O 2E>48; BC40 8 A845; A =8<. = =5 <>3 3>2>@8BL, 8 <5=O ?>@060;0 ?5@5<5=0 2 53> A> 2?0;K<8 I5:0<8 ;8F5, :>B>@>5 AB0;> 87<CG5==K<. / ?>=8<0;, GB> >= ?>:8=5B =0A 8 <K 1>;LH5 =8:>340 53> =5 C2848<. !B0=>28;>AL ?5G0;L=> 8 >48=>:>. !<5@BL !0<B5=0 1K;0 =5;53:>9. 2C: 53> 70B@C4=5==>3> 4KE0=8O ?@5A;54>20; =0A ?>2AN4C, >B 53> B5;0 8AE>48; 70?0E @07;>65=8O.  <>=0ABK@5 AB>O;0 B0:0O >H5;><;ONI0O B8H8=0, GB> A;KH0;>AL B>;L:> MB> 4KE0=85. A5 A>A@54>B>G8;>AL =0 !0<B5=5.  E>BO MB> 4;8B5;L=>5 C<8@0=85 A>?@>2>640;>AL B0:8<8 AB@040=8O<8, 2 A0<>< !0<B5=5 1K;8 ?>:>9 8 2=CB@5==OO C25@5==>ABL. ">;L:> ?>B>< O ?>=O;, >B:C40 MB> 8AE>48B: >B 53> 25@K, 53> >1CG5=8O 8 ?@8ACBAB28O =0H53> <0AB5@0. =5 1K;> ?5G0;L=>, => O 7=0;, GB>, @07 =0H <0AB5@ 745AL, 2A5 1C45B E>@>H>, ?>B><C GB> >= A<>65B ?><>GL !0<B5=C 4>AB8GL >A2>1>645=8O. >765 O C7=0;, GB> <5GB0 ;N1>3> CG5=8:0  C<5@5BL ?@5645 A2>53> CG8B5;O, GB>1K B>B ?><>3 5<C ?@>9B8 A<5@BL. 60<LO=3 EL5=F5, A?>:>9=> @C:>2>4O !0<B5=>< 2 53> C<8@0=88, ?>AB5?5==> 7=0:><8; 53> A> 2A5<8 MB0?0<8 ?@>F5AA0, G5@57 :>B>@K5 B>B ?@>E>48;. / 1K; ?>@065= B>G=>ABLN 7=0=89 <>53> <0AB5@0, 53> C25@5==>ABLN 8 ?>:>5<, :>B>@K5 <>3;8 >1>4@8BL 4065 >G5=L 2AB@52>65==>3> G5;>25:0. "5?5@L 60<LO=3 EL5=F5 >B:@K20; =0< A2>5 15AAB@0H85 ?5@54 A<5@BLN. 5 B>, GB> 1K >= ;53:> >B=>A8;AO : A<5@B8: G0AB> 3>2>@O =0<, GB> 1>8BAO 55, >= ?@54C?@5640; =0A, GB>1K <K =5 2>A?@8=8<0;8 55 =082=> 8;8 A0<>4>2>;L=>. > GB> 65 ?>72>;O;> <>5<C CG8B5;N 2AB@5G0BL A<5@BL ;8F>< : ;8FC >4=>2@5<5==> B0: B@572> 8 B0: ;53:>, B0: ?@0:B8G=> 8 ?@8 MB>< B0: B08=AB25==> 157701>B=>? KA;8 >1 MB>< 702>@06820;8 8 ?>3;>I0;8 <5=O. !<5@BL !0<B5=0 ?>B@OA;0 <5=O.  A5<L ;5B O 2?5@2K5 ?>=O; >3@><=CN A8;C CG5=8O, G0ABLN :>B>@>3> O AB0=>28;AO. / =0G0; >A>7=020BL F5;L 4CE>2=KE 70=OB89, :>B>@K5 40;8 !0<B5=C ?@8=OB85 A<5@B8, 0 B0:65 OA=>5 >A<KA;5=85 B>3>, GB> AB@040=8O 8 1>;L <>3CB 1KBL G0ABLN 3;C1>:>3>, 5AB5AB25==>3> ?@>F5AA0 >G8I5=8O. -B8 70=OB8O 40;8 <>5<C <0AB5@C ?>;=>5 7=0=85 > B><, GB> B0:>5 A<5@BL, 8 B>G=CN B5E=>;>38N, :0: @C:>2>48BL G5;>25:>< 2 55 ?@>E>645=88. >A;5 A<5@B8 !0<B5=0 <K >B?@028;8AL 2 E0AC, AB>;8FC "815B0. -B> 1K;> B@C4=>5 B@5E<5AOG=>5 ?CB5H5AB285 25@E><. BBC40 <K ?@>4>;68;8 =0H5 ?0;><=8G5AB2> : A2OI5==K< <5AB0< F5=B@0;L=>3> 8 N6=>3> "815B0, :>B>@K5 A2O70=K A> A2OBK<8, F0@O<8 8 CG5=K<8, A A54L<>3> 25:0 ?@82=>A82H8<8 1C4487< 2 "815B. >9 <0AB5@ ?@54AB02;O; A>1>9 A?;02 <0AB5@>2 2A5E CG5=89, 8, 1;03>40@O 53> @5?CB0F88, 25745, 345 <K ?>O2;O;8AL, 53> 640; 2>AB>@65==K9 ?@85<. -B> 2>AE8B8B5;L=>5 ?CB5H5AB285 >AB028;> <=>3> ?@5:@0A=KE 2>A?><8=0=89. "815BFK 2AB0NB @0=>, AB@5<OAL ?>;=>ABLN 8A?>;L7>20BL 5AB5AB25==>5 >A25I5=85. K ;>68;8AL A AC<5@:0<8 8 2AB020;8 ?5@54 2>AE>4><. !:;04K20;8AL ?0;0B:8, ?>A;54=8<8  :CE=O 8 ?0;0B:0 <>53> <0AB5@0. ! ?5@2K<8 ;CG0<8 A>;=F0 O:8, =03@C65==K5 =0H8< 10306><, 2KABC?0;8 2 ?CBL. ?5@54 >B?@02;O;AO 3>=5F, GB>1K 2K1@0BL E>@>H55 <5AB> 4;O ;035@O; ?@8<5@=> 2 ?>;45=L <K >AB0=02;820;8AL, @071820;8 ;035@L 8 >AB02HCNAO G0ABL 4=O ?@>2>48;8 B0<. / ;N18;, :>340 <K @0A?>;030;8AL C @5:8 8 1K; A;KH5= HC< 2>4K. =5 =@028;>AL B0:65 A845BL 2 ?0;0B:5 8 A;CH0BL, :0: ?> :@KH5 ABCG8B 4>64L. K ?CB5H5AB2>20;8 =51>;LH>9 :><?0=859, C =0A 1K;> B>;L:> >:>;> B@84F0B8 ?0;0B>:. =5< O 5E0; @O4>< A <>8< <0AB5@>< =0 7>;>B8AB>9 ;>H048: >= CG8; <5=O, @0AA:07K20; 8AB>@88, 70=8<0;AO 4CE>2=K<8 C?@06=5=8O<8, A>AB02;O; A?5F80;L=K5 C?@06=5=8O 4;O <5=O. 4=064K, ?@81;860OAL : A2OI5==><C >75@C /<4@>: &> 8 C65 C28452 240;5:5 18@N7>2>5 A8O=85 53> 2>4, >48= 87 A?CB=8:>2 <0AB5@0, 0<0 &5B5=, AB0; C<8@0BL. !<5@BL 0<K &5B5=0 >:070;0AL 5I5 >4=8< A8;L=K< ?>CG5=85< 4;O <5=O. = 1K; CG8B5;5< 4CE>2=>9 65=K <>53> <0AB5@0, E0=4@> &5@8=3 '>4@>=, 682CI59 8 ?>=K=5. =>385 2 "815B5 AG8B0NB 55 ?5@2>9 65=I8=>9, ?>A2OB82H59 A51O 4CE>2=K< 70=OB8O<; >=0  A>:@KBK9 <0AB5@, 8 4;O <5=O  2>?;>I5=85 ?@540==>AB8; >=0 CG8B C65 A0<>9 ?@>AB>B>9 A2>53> 8A?>;=5==>3> ;N128 ?@8ACBAB28O. G5=L G5;>25G=K9, 0<0 &5B5= 2>A?@8=8<0;AO :0: @>4=>9 454CH:0. -B> 1K; 4>2>;L=> 2KA>:89, A A54K<8 2>;>A0<8 G5;>25: 70 H5ABL45AOB ;5B, >B :>B>@>3> 8AE>48;> >ICI5=85 5AB5AB25==>9 :@>B>AB8 8 4>1@>BK. = 40;5:> ?@>428=C;AO 2 70=OB8OE <548B0F859; 4065 :>340 O =0E>48;AO @O4>< A =8<, B> 8A?KBK20; GC2AB2> <8@0 8 ?>:>O. =>340 >= @C30; <5=O, 2K7K20O 2> <=5 AB@0E, =>, =5A<>B@O =0 A2>N AB@>3>ABL, >= 2A5340 A>E@0=O; A2>5 B5?;>. 0<0 &5B5= C<5@ =5>1KG=>. %>BO =5240;5:5 1K; <>=0ABK@L, >= >B:070;AO >B?@028BLAO BC40, A:0702, GB> =5 E>G5B >AB02;OBL 8< B@C?, :>B>@K9 ?@845BAO C18@0BL. >MB><C <K @0718;8 ;035@L :0: >1KG=>, CAB0=>282 ?0;0B:8 ?> :@C3C. E0=4@> CE06820;0 70 0<>9 &5B5=><, ?>A:>;L:C >= 1K; 55 CG8B5;5<. K 1K;8 >4=8 A =59 2 53> ?0;0B:5, :>340 >= 24@C3 ?>720; 55. 1KG=> >= =56=> =07K20; 55 <8, GB> =0 53> @>4=>< 480;5:B5 >7=0G0;> <>5 48BO. <8, ;0A:>2> A:070; >=, ?>4>948. -B> C65 ?@>8AE>48B. =5 =5G5<C 1>;LH5 B51O =0CG8BL. "K ?@5:@0A=0 B0:>9, :0:0O BK 5ABL; O >G5=L 4>2>;5= B>1>9. @>4>;609 A;C68BL A2>5<C <0AB5@C B>G=> B0: 65, :0: ?@5645. =0 BCB 65 ?>25@=C;0AL, GB>1K 2K1560BL 87 ?0;0B:8, => >= ?>9<0; 55 70 @C:02. C40 BK?, A?@>A8; >=. >720BL 8=?>G5, >B25B8;0 >=0. 5 15A?>:>9 53>, 2 MB>< =5B =C64K, C;K1=C;AO >=. ;O <0AB5@0 =5 ACI5AB2C5B @0AAB>O=8O. !:0702 MB>, >= CAB@5<8; 3;070 : =51C 8 >B:;NG8;AO. E0=4@> 2KA2>1>48;0 A2>9 @C:02 87 53> ?0;LF52 8 2K1560;0, GB>1K ?>720BL <>53> <0AB5@0. / A845;, =5 2 A8;0E ?>H525;8BLAO. / 1K; ?>@065=, GB> :B>B>, A<>B@OI89 2 ;8F> A<5@B8, <>65B >1;040BL B0:>9 C25@5==>ABLN. 0<0 &5B5= <>3 ?>720BL A2>53> 0<C : A515, GB>1K B>B ;8G=> =0E>48;AO @O4>< A =8< 8 ?><>30; 5<C  ;N1>9 4@C3>9 60640; 1K MB>3>, => >= 2 MB>< =5 =C640;AO. !59G0A O ?>=8<0N, ?>G5<C MB> 1K;> B0:. = C65 >A>7=0; ?@8ACBAB285 A2>53> <0AB5@0 2 A515 A0<><. 60<LO=3 EL5=F5 ?>AB>O==> 1K; 2 =5<, 2 53> C<5 8 A5@4F5; =8 =0 >4=> <3=>25=85 >= =5 GC2AB2>20; =8:0:>3> @07>1I5=8O. E0=4@> ?@825;0 60<LO=30 EL5=F5. 8:>340 =5 701C4C, :0: >=, A>3=C2H8AL, 2>H5; 2 ?0;0B:C. 8HL ?>A<>B@52 =0 ;8F> 0<K &5B5=0, >= 3;O4O 5<C 2 3;070, =0G0; B8E> A<5OBLAO. = 2A5340 =07K20; 53> 0 5= AB0@K9 0<0, 2 7=0: ?@8O7=8. 0 5=, A:070; >=, =5 >AB0209AO 2 MB>< A>AB>O=88! !59G0A O ?>=8<0N, >= C2845;, GB> 0<0 &5B5= 2K?>;=O5B >?@545;5==>5 C?@06=5=85 <548B0F88, 2 :>B>@>< 70=8<0NI89AO A>548=O5B ?@8@>4C A2>53> C<0 A ?@>AB@0=AB2>< 8AB8=K. "K 65 7=05HL, 0 5=, GB> ?@8 2K?>;=5=88 MB>3> C?@06=5=8O 8=>340 <>3CB 2>7=8:=CBL B>=:85 10@L5@K. 5@5AB0=L. / ?>254C B51O. 0<5@52, O A;548; 70 B5<, GB> ?@>87>H;> ?>A;5 MB>3>, 8, 5A;8 1K O A0< MB>3> =5 2845;, B> =5 ?>25@8; 1K, GB> B0:>5 2>7<>6=>. 0<0 &5B5= >68; . ">340 <>9 <0AB5@ A5; @O4>< A =8< 8 ?@>25; 53> G5@57 ?E>20, ?@>F54C@C =0?@02;5=8O A>7=0=8O ?5@54 A<5@BLN. -B> <>6=> 45;0BL @07=K<8 <5B>40<8, 8 B>B, :>B>@K9 >= ?@8<5=8;, 70:>=G8;AO B@>5:@0B=K< ?@>87=5A5=85< <0AB5@>< A;>30 . >340 <>9 <0AB5@ ?@>87=5A ?5@2>5 , <K OA=> A;KH0;8, :0: 0<0 &5B5= A:070; 53> 2<5AB5 A =8<. B>@>9 @07 53> 3>;>A 1K; <5=55 @07;8G8<, 0 2 B@5B89 @07 >= <>;G0;; >= C65 CH5;. !<5@BL !0<B5=0 =0CG8;0 <5=O F5;8 4CE>2=KE 70=OB89; =0CG8;0 <5=O B><C, GB> 4;O ;N459, 4>AB83H8E B0:>3> C@>2=O, 5AB5AB25==> A:@K20BL A2>8 70<5G0B5;L=K5 4>AB865=8O 2 B5G5=85 687=8. $0:B8G5A:8, 8=>340 >=8 ?>:07K20NB 8E B>;L:> @07, 2 <><5=B A<5@B8. 065 B>340, 5I5 @515=:><, O ?>=O;, GB> <564C A<5@BLN !0<B5=0 8 A<5@BLN 0<K &5B5=0 5ABL ?>@078B5;L=0O @07=8F0, 70:;NG0NI0OAO 2 =5AE>4AB25 A<5@B8 E>@>H53> <>=0E0, 70=8<02H53>AO 2 A2>59 687=8 4CE>2=K<8 C?@06=5=8O<8, 8 A<5@B8 3>@074> 1>;55 4CE>2=> ?@>428=CB>3> G5;>25:0. !0<B5= C<5@ >1KG=K< ?CB5<, A 1>;LN, => 8 A C25@5==>ABLN, :>B>@CN 5<C 40;0 25@0; A<5@BL 0<K &5B5=0 O28;0AL 45<>=AB@0F859 4CE>2=>3> <0AB5@AB20. >A;5 ?>E>@>= 0<K &5B5=0 <K ?>4=O;8AL : <>=0ABK@N /<4@>: 8 >AB0=>28;8AL 2 =5<. 0: >1KG=>, O A?0; >:>;> <>53> <0AB5@0 2 53> :><=0B5. ><=N, :0: B>9 =>GLN O A;548; 70 <5@F0NI8<8 =0 AB5=5 B5=O<8 >B <0A;O=>3> A25B8;L=8:0, O =5 A?0;, ?>:0 2A5 :@5?:> A?0;8, O =5 A?0; 8 2AN =>GL ?;0:0;. ">340 O ?>=O;, GB> A<5@BL @50;L=0, 8 GB> <=5 B>65 ?@845BAO C<5@5BL. >:0 O ;560; B0:, @07<KH;OO 2>>1I5 > A<5@B8 8 > <>59 A>1AB25==>9, 2 G0AB=>AB8, ?>AB5?5==> A:2>7L 2AN <>N ?5G0;L AB0;> ?@>ABC?0BL 3;C1>:>5 GC2AB2> ?@8=OB8O MB>9 @50;L=>AB8, 0 2<5AB5 A =8<  @5H5=85 ?>A2OB8BL A2>N 687=L 4CE>2=K< 70=OB8O<. #65 2 >G5=L @0==5< 2>7@0AB5 O ?@81;878;AO : ?>=8<0=8N A<5@B8. / B>340 =5 <>3 8 ?@54AB028BL A515, A:>;L:> 284>2 A<5@B8 <=5 ?@54AB>8B ?5@568BL. !<5@BL B@038G5A:>9 CB@0BK <>59 AB@0=K, "815B0, ?>A;5 >::C?0F88 55 :8B09F0<8. !<5@BL 873=0=8O. !<5@BL ?>B5@8 2A53>, G5< 2;045;0 <>O A5<LO 8 O A0<. >O A5<LO, 0:0@ &0=3, 1K;0 >4=>9 87 =081>;55 A>AB>OB5;L=KE 2 "815B5. 0G8=0O A G5BK@=04F0B>3> 25:0 <K 1K;8 7=0<5=8BK :0: >4=8 87 =081>;55 2;8OB5;L=KE AB>@>==8:>2 1C4487<0, ?>445@6820;8 1C4489A:>5 CG5=85 8 ?><>30;8 25;8:8< <0AB5@0< 2 8E B@C45. (<O 0:0@ 1K;> 40=> MB><C A5<59AB2C 25;8:8< B815BA:8< A2OBK< &>=3:0?0 2 G5BK@=04F0B>< 25:5, :>340 >= >AB0=>28;AO 2 8E 4><5 ?> ?CB8 2 F5=B@0;L=K9 "815B 87 A525@>2>AB>G=>9 ?@>28=F88 <4>). > A0<0O A>:@CH8B5;L=0O 87 2A5E A<5@BL 1K;0 5I5 2?5@548  A<5@BL <>53> <0AB5@0 60<LO=30 EL5=F5. >B5@O2 53>, O ?>GC2AB2>20;, GB> CB@0B8; AB5@65=L <>53> ACI5AB2>20=8O. -B> ?@>87>H;> 2 3>4 ?045=8O "815B0, 2 1959 3>4C. ;O B815BF52 A<5@BL <>53> <0AB5@0 O28;0AL 2B>@K< A>:@CH8B5;L=K< C40@><.  4;O "815B0 >=0 >7=0<5=>20;0 :>=5F M?>E8. ! ",  !    @85E02 2?5@2K5 =0 0?04, O >1=0@C68;, =0A:>;L:> :>=B@0AB=K >B=>H5=8O : A<5@B8 =0 >AB>:5 8 =0 0?045. !>2@5<5==>5 70?04=>5 >1I5AB2>, =5A<>B@O =0 2A5 53> B5E=>;>38G5A:85 4>AB865=8O, =5 8<55B ACI5AB25==>3> ?>=8<0=8O A<5@B8, 0 B0:65 B>3>, GB> ?@>8AE>48B 2> 2@5<O A<5@B8 8 ?>A;5 =55. / C7=0;, GB> A>2@5<5==KE ;N459 CG0B >B@8F0BL A<5@BL, CG0B, GB> >=0 =5 A>45@68B =8G53>, :@><5 C=8GB>65=8O 8 ?>B5@8. "0:8< >1@07><, 1>;LH8=AB2> ;N459 2 MB>< <8@5 6825B, ;81> >B@8F0O A<5@BL, ;81> A>4@>30OAL ?5@54 =59. !G8B05BAO =5?@8;8G=K< 3>2>@8BL > A<5@B8, 8 ;N48 25@OB, GB> 4065 ?@>AB>5 C?><8=0=85 A<5@B8 A2O70=> A @8A:>< =02;5GL 55 =0 A51O. 5:>B>@K5 >B=>AOBAO : A<5@B8 A =082=K< 8 1574C<=K< ;53:><KA;85<, ?>;030O, GB> ?> :0:>9B> =58725AB=>9 ?@8G8=5 A<5@BL 4;O =8E ?@>945B E>@>H>, 8 BCB =5 > G5< 15A?>:>8BLAO. >340 O 4C<0N > =8E, B> 2A?><8=0N A;>20 >4=>3> B815BA:>3> <0AB5@0: N48 G0AB> A>25@H0NB >H81:C, ;53:><KA;5==> >B=>AOAL : A<5@B8 8 4C<0O,  C, A<5@BL A;CG05BAO A> 2A5<8. -B> =5 GB>B> 206=>5, MB> 5AB5AB25==>. !> <=>9 2A5 1C45B 2 ?>@O4:5 . -B> ?@8OB=0O B5>@8O  ?>:0 =5 C<8@05HL. 48= 87 42CE ?>4E>4>2 : A<5@B8 @0AA<0B@8205B 55 :0: B>, >B G53> =C6=> 1560BL, 0 4@C3>9  :0: B>, GB> ?@>87>945B A0<> A>1>9. 0: 65 >=8 40;5:8 >B ?>=8<0=8O 8AB8==>3> 7=0G5=8O A<5@B8! A5 25;8G09H85 4CE>2=K5 CG5=8O <8@0, 2:;NG0O, :>=5G=>, 8 E@8AB80=AB2>, ?@>?>254>20;8, GB> A<5@BL  MB> =5 :>=5F. 064>5 CG5=85 ?>A2>5<C 87>1@060;> 1C4CICN 687=L, =0?>;=OO =K=5H=NN A2OI5==K< 7=0G5=85<. 4=0:>, =5A<>B@O =0 MB8 CG5=8O, A>2@5<5==>5 >1I5AB2> 2 >A=>2=>< O2;O5BAO 4CE>2=>9 ?CABK=59, 8 1>;LH8=AB2> 53> G;5=>2 AG8B0NB, GB> MB0 687=L  548=AB25==0O, :>B>@0O 5ABL. 5 8<5O =8:0:>9 @50;L=>9, =0AB>OI59 25@K 2 687=L ?>A;5 A<5@B8, >=8 682CB 687=LN, ;8H5==>9 :0:>3>;81> 2KAH53> A<KA;0. / AB0; >A>7=020BL, GB> @07@CH8B5;L=>5 459AB285 MB>3> >B@8F0=8O A<5@B8 2KE>48B 40;5:> 70 ?@545;K >B45;L=>3> G5;>25:0; >=> 2;8O5B =0 2AN ?;0=5BC. >A:>;L:C >A=>2=>9 25@>9 A>2@5<5==KE ;N459 O2;O5BAO B0, GB> MB0 687=L  548=AB25==0O, C =8E =5B >B25BAB25==>AB8 70 >B40;5==>5 1C4CI55. >MB><C =8GB> =5 >AB0=02;8205B 8E >B @073@01;5=8O MB>9 ?;0=5BK 4;O 4>AB865=8O :@0B:>A@>G=KE F5;59, >B M3>8AB8G=>3> >1@070 687=8, :>B>@K9 <>65B >:070BLAO @>:>2K< 4;O 1C4CI53>. !:>;L:> =0< =C6=> B0:8E ?@54C?@5645=89, :0:85 2KA:070; 1K2H89 1@078;LA:89 <8=8AB@ >:@C60NI59 A@54K, 2KABC?0O 2 70I8BC 46C=3;59 <07>=:8: !>2@5<5==>5 8=4CAB@80;L=>5 >1I5AB2> AB0;> @5;83859 D0=0B8:>2. K @07@CH05<, >B@02;O5<, C=8GB>605< 2A5 682K5 A8AB5<K MB>9 ?;0=5BK. K ?>4?8AK205< 25:A5;O, :>B>@K5 =0H8 45B8 =5 A<>3CB >?;0B8BL& K 2545< A51O B0:, 1C4B> =0H5 ?>:>;5=85 ?>A;54=55 =0 MB>9 ?;0=5B5. A;8 =5 ?@>87>945B :>@5==>9 ?5@5<5=K 2 =0H8E A5@4F0E, C<0E, ?@54AB02;5=8OE, B> 5<;O AB0=5B B0:>9 65 A>665==>9 8 <5@B2>9, :0: 5=5@0. !B@0E ?5@54 A<5@BLN 8 >BACBAB285 7=0=89 > 687=8 ?>A;5 A<5@B8 254CB : C=8GB>65=8N =0H59 A@54K >18B0=8O, 0 7=0G8B 8 =0A A0<8E. <5==> ?>MB><C =5 2K7K205B ;8 B@52>3C B>, GB> ;N459 =5 CG0B =8 B><C, GB> B0:>5 A<5@BL, =8 B><C, :0: =C6=> C<8@0BL? 'B> 8< =5 40NB =8:0:>9 =04564K =0 ?>A<5@B=CN 687=L, 8 GB> 2 459AB28B5;L=>AB8 ;568B 2 >A=>25 687=8? >65B ;8 1KBL 1>;LH59 8@>=859, GB> <>;>456L <>65B ?>;CG8BL 2KAH55 >1@07>20=85 ?> ;N1><C ?@54<5BC, :@><5 B>3>, :>B>@K9 A>45@68B :;NG : A<KA;C 2A59 687=8, 8, 1KBL <>65B, : A0<><C =0H5<C 2K6820=8N? '0AB> O A 8=B5@5A>< =01;N40;, :0: =5:>B>@K5 8725AB=K5 <=5 1C4489A:85 <0AB5@0 A?@0H820;8 65;0NI8E AB0BL 8E CG5=8:0<8: K 25@8B5 2 687=L ?>A;5 MB>9 687=8? =8 A?@0H820;8 =5 > 25@5 G5;>25:0 2 D8;>A>DA:>< A<KA;5 A;>20, 0 > B><, GC2AB2C5B ;8 >= MB> 2 3;C18=5 A2>53> A5@4F0. 0AB5@ 7=05B, GB>, 5A;8 G5;>25: 25@8B 2 687=L ?>A;5 MB>9 687=8, B> 2A5 53> <8@>2>77@5=85 1C45B 8=K<: C =53> 1C45B >?@545;5==>5 GC2AB2> ;8G=>9 >B25BAB25==>AB8, <>@0;8. 5A><=5==>, <0AB5@0 ?@54?>;030;8 >1 >?0A=>AB8 A>740=8O ;N4L<8, =5 25@OI8<8 2 687=L ?>A;5 MB>9 687=8, 0 ?>MB><C =5 701>BOI8EAO >1 >B40;5==KE ?>A;54AB28OE A2>8E 459AB289, >1I5AB20, =0F5;5==>3> =0 4>AB865=85 A8N<8=CB=KE @57C;LB0B>2. >65B 1KBL, 8<5==> ?>B><C <K A>740;8 B0:>9 65AB>:89 <8@, :0: B>B, 2 :>B>@>< <K A59G0A 6825<, <8@, 2 :>B>@>< B0: <0;> 8AB8==>3> A>GC2AB28O? =>340 O 4C<0N, GB> =081>;55 1>30BK5 8 A8;L=K5 AB@0=K <8@0 ?>E>68 =0 >18B5;L 1>3>2, :>B>@CN >?8AK20NB 1C4489A:85 CG5=8O. "0< 3>2>@8BAO, GB> 1>38 682CB 2 10A=>A;>2=>9 @>A:>H8, =0A;0640OAL 2A5<8 C4>2>;LAB28O<8, :0:85 B>;L:> <>6=> 2>>1@078BL, =5 4C<0O > 4CE>2=>< 87<5@5=88 687=8. A5, :065BAO, 845B ?@5:@0A=>, ?>:0 =5 ?@81;8605BAO A<5@BL 8 24@C3 ?>O2;ONBAO ?@87=0:8 @07;>65=8O. ">340 65=K 8 2>7;N1;5==K5 1>3>2 1>;LH5 =5 >A<5;820NBAO ?@81;860BLAO : =8<, 0 8740;8 >AK?0NB 8E F25B0<8, ?@>AO 2 70CG5==KE <>;8B20E > B><, GB>1K >=8 2=>2L @>48;8AL 1>30<8. ">340 =8:0:85 2>A?><8=0=8O > AG0ABL5 8 C4>2>;LAB28OE =5 <>3CB 70I8B8BL >B AB@040=89, => B>;L:> 45;0NB 8E 1>;55 65AB>:8<8. "0: GB> C<8@0NI85 1>38 CE>4OB 87 687=8 2 >48=>G5AB25, 70125=88 8 =5AG0AB88. E AC4L10 =0?><8=05B <=5 =K=5H=55 >B=>H5=85 : AB0@K<, 1>;L=K< 8 C<8@0NI8<. 0H5 >1I5AB2> >45@68<> <>;>4>ABLN, A5:A>< 8 2;0ABLN, 8 <K >B2>@0G8205<AO >B AB0@>AB8 8 @0A?040. 0725 =5 C60A=>, GB> <K ?@5=51@5305< AB0@8:0<8, =5A?>A>1=K<8 C65 @01>B0BL 8 AB0=>2OI8EAO 15A?>;57=K<8? 0725 =5 2K7K205B B@52>3C B>, GB> <K >B?@02;O5< 8E 2 4><0 ?@5AB0@5;KE, 345 >=8 C<8@0NB >48=>:8<8 8 701@>H5==K<8? 0725 =5 ?>@0 @0AA<>B@5BL =0H5 >B=>H5=85 : AB@040NI8< B0:8<8 A<5@B5;L=K<8 1>;57=O<8, :0: @0: 8 !? =0O =5A:>;L:8E ;N459, :>B>@K5 C<5@;8 >B !0, O 2845;, GB> A =8<8, ?>@>9, >1@0I0;8AL, :0: A >B25@65==K<8, 4065 8E 4@C7LO, 0 :0: ?5G0BL ?>7>@0, A2O70==0O A MB>9 1>;57=LN, 70AB02;O;0 8E 2?040BL 2 >BG0O=85 8 GC2AB2>20BL, GB> 8E 687=L >B2@0B8B5;L=0 8, 2 3;070E 2A53> <8@0, C65 :>=G5=0. 065 :>340 C<8@05B 7=0:><K9 8;8 ;N18<K9 G5;>25:, <K =5 7=05<, :0: <>6=> ?><>GL 5<C; ?>A;5 65 53> A<5@B8 =5 ?>>I@ONBAO =8:0:85 @07<KH;5=8O > 1C4CI5< C<5@H53>, > B><, :0: MB>B G5;>25: ?@>4>;68B A2>5 ACI5AB2>20=85, 8;8 > B><, :0: <K <>65< 5<C ?><>GL.  459AB28B5;L=>AB8, ;N1K5 @07<KH;5=8O >1 MB>< ?@82>4OB : B><C, GB> 8E ?@>AB> AG8B0NB 15AA<KA;5==>9 G5?CE>9. 'B> 2A5 MB> =0< ?>:07K205B, A 1>;57=5==>9 OA=>ABLN, B0: MB> B>, GB> 8<5==> A59G0A, 1>;LH5, G5< :>340;81>, =0< =C6=> 2 >A=>25 87<5=8BL =0H5 >B=>H5=85 : A<5@B8 8 C<8@0=8N.  AG0ABLN, >B=>H5=8O =0G8=0NB <5=OBLAO. 0?@8<5@, 2 E>A?8A0E M=BC780ABK 70<5G0B5;L=> @01>B0NB, >:07K20O C<8@0NI8< ?@0:B8G5A:CN ?><>IL 8 M<>F8>=0;L=CN ?>445@6:C ?5@54 A<5@BLN. 4=0:> ?><>I8 8 M<>F8>=0;L=>9 ?>445@6:8 =54>AB0B>G=>; C<8@0NI8< =5>1E>48<> 7=0=85 459AB28B5;L=>3> A<KA;0 A<5@B8 8 687=8. 0725 157 MB>3> <K <>65< 40BL 8< ?>A;54=55 CB5H5=85? CE>2=0O ?>445@6:0 =C6=0 C<8@0NI8<, ?>B><C GB> B>;L:> 4CE>2=>5 7=0=85 ?>72>;O5B =0< 2>8AB8=C 2AB0BL ;8F>< : A<5@B8 8 ?>=OBL 55. A5;O5B C25@5==>ABL B>, GB> 2 ?>A;54=55 2@5<O =0 0?045 2>?@>AK, >B=>AOI85AO : A<5@B8 8 C<8@0=8N, =0G8=0NB >A25I0BLAO 2 @01>B0E B0:8E ?5@2>>B:@K20B5;59, :0: -;87015B N1;5@ >AA 8 09<>=4 >C48. #3;C1;5==> @0AA<0B@820O =0HC 701>BC >1 C<8@0NI8E, -;87015B N1;5@ >AA ?>:070;0, GB> ?@8 157CA;>2=>9 ;N128 8 ?>=8<0=88 A<5@B8 C<8@0=85 <>65B 1KBL <8@=K< 8 4065 ?@5>1@060NI8<.  =0CG=K5 8AA;54>20=8O <=>38E 0A?5:B>2 ?5@56820=8O A>AB>O=89, 1;87:8E : A<5@B8, ?@>2545==K5 ?>A;5 ?>O2;5=8O A<5;>3> B@C40 09<>=40 >C48, 40;8 G5;>25G5AB2C ?>4;8==CN 8 >A=>20B5;L=CN =04564C =0 B>, GB> 687=L =5 :>=G05BAO A> A<5@BLN, 8 687=L ?>A;5 687=8 459AB28B5;L=> ACI5AB2C5B.  =5AG0ABLN, =5:>B>@K5 =5 A>2A5< ?>=O;8, GB> >7=0G0NB >B:@>25=8O > A<5@B8 8 C<8@0=88. =8 2?0;8 2 :@09=>ABL, ?@54AB02;OO A<5@BL 2 ?;5=8B5;L=>< 2845. =5 8725AB=K B@038G5A:85 A;CG08 A0<>C189AB20 <>;>4KE ;N459, 25@OI8E, GB> A<5@BL ?@5:@0A=0 8 A<>65B 871028BL 8E >B ?>402;5==>AB8, 2K720==>9 8E 687=LN. > 2A5 @02=>, 1>8<AO ;8 <K A<5@B8 8;8 >B:07K205<AO 2AB0BL : =59 ;8F>< : ;8FC, 8;8 65 ?@54AB02;O5< 55 2 @><0=B8G5A:>< 2845, <K B>;L:> >?>H;O5< 55. 0: >BG0O=85, B0: 8 M9D>@8O, MB> ;8HL 153AB2> >B A<5@B8. !<5@BL =5 O2;O5BAO =8 ?>402;ONI59, =8 2>AE8B8B5;L=>9: MB> ?@>AB> D0:B 687=8. 5G0;L=>, GB> <=>385 87 =0A =0G8=0NB ?>=0AB>OI5<C F5=8BL 687=L B>;L:> =0:0=C=5 A<5@B8. / G0AB> 4C<0N > A;>20E 25;8:>3> 1C4489A:>3> <0AB5@0 04<0A0<1E02K: "5, :B> AG8B05B, GB> C =8E <=>3> 2@5<5=8, AB0=>2OBAO 3>B>2K<8 B>;L:> : <><5=BC A<5@B8. ">340 8E B5@70NB A>60;5=8O. > @0725 =5 A;8H:>< ?>74=>? >65B ;8 1KBL C60A=55 70<5G0=85 > A>2@5<5==>< <8@5, 2 :>B>@>< 1>;LH8=AB2> ;N459 C<8@05B, =5 ?>43>B>282H8AL : A<5@B8, B0: 65, :0: >=8 68;8 =5 3>B>2K<8 : 687=8. #"(!" '  ,  ! ", 0: 3>2>@8B =0< <C4@>ABL C44K, <K 459AB28B5;L=> <>65< 8A?>;L7>20BL A2>N 687=L, GB>1K ?@83>B>28BLAO : A<5@B8. 0< =5 =C6=> 640BL, ?>:0 <CG8B5;L=0O A<5@BL :>3>B> 87 =0H8E 1;87:8E 8;8 H>: >1=0@C65=8O C A51O A<5@B5;L=>9 1>;57=8 70AB028B =0A >1@0B8BL 2=8<0=85 =0 A>1AB25==CN 687=L. K =5 >1@5G5=K 2E>48BL 2 A<5@BL, :0: 2 =58725AB=>ABL. #65 2 =K=5H=59 687=8 <K <>65< =0G0BL 8A:0BL 55 A<KA;. K 2 A>AB>O=88 8A?>;L7>20BL :064>5 <3=>25=85 4;O 87<5=5=8O 8 ?>43>B>2:8  8A:@5==59, =0?>;=5==>9 4CH52=K< ?>:>5<  : A<5@B8 8 25G=>AB8. C4487< @0AA<0B@8205B 687=L 8 A<5@BL :0: 548=>5 F5;>5, A<5@BL AG8B05BAO =0G0;>< A;54CNI59 3;02K 687=8. =0  75@:0;>, 2 :>B>@>< >B@0605BAO 25AL A<KA; 687=8. -B> F5=B@0;L=K9 ?>4E>4 CG5=8O =081>;55 4@52=59 H:>;K B815BA:>3> 1C4487<0. =>385 87 20A A;KH0;8 > "815BA:>9 =835 5@B2KE. / 2 MB>9 <>59 :=835 E>GC >1JOA=8BL 20< A>45@60=85 "815BA:>9 =838 5@B2KE 8 @0AH8@8BL 53> B0:, GB>1K >=> >E20B8;> =5 B>;L:> A<5@BL, => 8 687=L, ?>4@>1=> 87;>682 2A5 CG5=85, 2 :>B>@>< "815BA:0O =830 5@B2KE O2;O5BAO B>;L:> G0ABLN. K C2848B5, GB> 2 MB>< 70<5G0B5;L=>< CG5=88 687=L 8 A<5@BL 2 F5;>< ?@54AB02;5=K :0: @O4 ?>AB>O==> <5=ONI8EAO ?@5E>4OI8E @50;L=>AB59, =07K205<KE 10@4>. !;>2> 10@4> >1KG=> 8A?>;L7C5BAO 4;O >1>7=0G5=8O ?@><56CB>G=>3> A>AB>O=8O <564C A<5@BLN 8 ?>2B>@=K< @>645=85<, >4=0:> 2 459AB28B5;L=>AB8 10@4> ?>AB>O==> ?@>8AE>4OB 2 B5G5=85 :0: 687=8, B0: 8 A<5@B8, 8 O2;ONBAO <><5=B0<8, :>340 2>7<>6=>ABL >A2>1>645=8O 8;8 ?@>A25B;5=8O ?>2KH05BAO. 0@4> ?@54AB02;ONB A>1>9 8A:;NG8B5;L=> 1>;LH85 2>7<>6=>AB8 4;O >A2>1>645=8O ?>B><C, GB> >=8, :0: ?>:07K205B =0< CG5=85, O2;ONBAO >?@545;5==K<8 <><5=B0<8, 1>;55 A8;L=K<8, G5< 4@C385, 8<5NI8<8 1>;55 <>I=K9 ?>B5=F80;: 2A5, GB> 2K ?@54?@8=8<05B5 2 MB8 <><5=BK, 8<55B =530B82=K5 8 40;5:> 84CI85 ?>A;54AB28O. / ?@54AB02;ON A515 10@4> :0: B0:>9 <><5=B, :>340 G5;>25: ABC?05B =0 :@09 ?@>?0AB8; B0:>9, =0?@8<5@, <><5=B, :>340 <0AB5@ >B:@K205B A2>5<C CG5=8:C ACI=>ABL, ?@8@>4C 8 2AN 3;C18=C 53> C<0. 4=0:> =081>;55 7=0G8B5;L=K< <><5=B><, 8<5NI8< =081>;LHCN M=5@38N, O2;O5BAO <><5=B A<5@B8. B0:, A B>G:8 7@5=8O B815BA:>3> 1C4487<0, <K <>65< @0745;8BL 2A5 =0H5 ACI5AB2>20=85 =0 G5BK@5 @50;L=>AB8, :>B>@K5 ?>AB>O==> 2708<>A2O70=K: (1) 687=L, (2) C<8@0=85 8 A<5@BL, (3) ?5@8>4 ?>A;5 A<5@B8 8 (4) =>2>5 @>645=85. =8 =07K20NBAO G5BK@L<O 10@4>: (1) 5AB5AB25==>5 10@4> MB>9 687=8, (2) 1>;57=5==>5 10@4> C<8@0=8O, (3) A25B>=>A=>5 10@4> 4E0@<0BK 8 (4) :0@<8G5A:>5 10@4> AB0=>2;5=8O. >A:>;L:C CG5=85 > 10@4> >3@><=> 8 2A5>1J5<;NI5, B> MB0 :=830 A>AB02;5=0 B0:, GB> 2K ?@>945B5, MB0? 70 MB0?><, @0A:@K20NI85AO ?5@54 20<8 ?@54AB02;5=8O > ?CB5H5AB288 A:2>7L 687=L 8 A<5@BL. 5>1E>48<>, GB>1K =0H5 8AA;54>20=85 1K;> =0G0B> A =5?>A@54AB25==>3> @0AA<>B@5=8O A<KA;0 A<5@B8 8 <=>38E 3@0=59 8AB8=K, GB> 2A5 ?@5E>4OI5, B0:>5 >1AC645=85 ?>72>;8B =0< ?>;=55 8A?>;L7>20BL =K=5H=NN 687=L, ?>:0 C =0A 5I5 5ABL 2@5<O, 8 >15A?5G8B =0< A?>:>9=CN A<5@BL 157 A>60;5=8O 8 >128=5=8O A51O 2 B><, GB> 687=L 1K;0 ?>B@0G5=0 =0?@0A=>. 0: A:070; 7=0<5=8BK9 B815BA:89 ?>MB 8;0@5?0: >O @5;838O A>AB>8B 2 B><, GB>1K 68BL 8 C<5@5BL 157 A>60;5=89. !5@L57=>5 @07<KH;5=85 > B09=>< A<KA;5 B>3>, GB> 2A5 ?@5E>4OI5, > B><, GB> 459AB28B5;L=> A:@KB> 70 2A5< 2@5<5==K< 8 70 A<5@BLN, 2545B ?@O<> : ACB8 4@52=53> 8 <>3CG53> B815BA:>3> CG5=8O: 22545=8O 2 ACI=>ABL ?@8@>4K C<0. !>7=020=85 ?@8@>4K C<0, B>3>, GB> 2K <>65B5 =0720BL =0H59 A0<>9 2=CB@5==59 ACI=>ABLN, B0 8AB8=0, :>B>@CN 2A5 <K 8I5<, O2;O5BAO :;NG>< : ?>=8<0=8N 687=8 8 A<5@B8. >B><C GB> 2 <><5=B A<5@B8 >1KG=K9 C< 8 53> 701;C645=8O C<8@0NB, 8 B>340 >B:@K205BAO 1573@0=8G=0O, ?>4>1=0O =515A0<, ?@8@>40 =0H53> C<0. -B0 ACI=>AB=0O ?@8@>40 C<0 O2;O5BAO >A=>2>9 687=8 8 A<5@B8 2 F5;><  :0: =515A0 >1J5<;NB 2AN 2A5;5==CN. -B> CG5=85 OA=> ?>:07K205B, GB>, 5A;8 <K 7=05< B>;L:> >1 C<5, :>B>@K9 C<8@05B 2<5AB5 A =0<8, B> C =0A =5B =8:0:>3> ?@54AB02;5=8O > B><, GB> ?@>4>;605BAO, =5B 7=0=8O > =>2>< 87<5@5=88 1>;55 3;C1>:>9 @50;L=>AB8 ?@8@>4K C<0. >MB><C 2A5< =0< ACI5AB25==> 206=> ?>7=0BL ?@8@>4C C<0, ?>:0 <K 5I5 682K. ">;L:> B>340 <K 1C45< 3>B>2K : B><C <><5=BC A<5@B8, :>340 >=0 >B:@>5BAO =0< 2=570?=> 8 <>I=>; A<>65< C7=0BL 55 B0: 65 5AB5AB25==>, 3>2>@8BAO 2 CG5=88, :0: @515=>:, 153CI89 2 >1JOB8O A2>59 <0B5@8; 8, >AB020OAL 2 MB>< A>AB>O=88, =0:>=5FB> A<>65< AB0BL >A2>1>645==K<8. ?8A0=85 ?@8@>4K C<0 5AB5AB25==> ?@82>48B : ?>;=><C >1CG5=8N <548B0F88, B><C 548=AB25==><C A?>A>1C, A ?><>ILN :>B>@>3> <K <>65< ?>AB5?5==> >B:@K20BL, A>7=020BL 8 C@02=>25H820BL MBC ?@8@>4C C<0. 865 4;O ?>;CG5=8O =081>;55 ?>;=KE A2545=89 > 7=0G5=88 8 A>45@60=88 =0H53> ?CB8 A:2>7L 687=L 8 A<5@BL, 1C45B >1JOA=5=0 ?@8@>40 M2>;NF88 G5;>25:0, 53> ?>2B>@=KE @>645=89 8 :0@<K. >;CG82 >?@545;5==K5 7=0=8O, <>6=> ?5@5E>48BL : >A=>2=>9 G0AB8 MB>9 :=838: ?>;=><C >?8A0=8N, 27OB><C 87 <=>38E 8AB>G=8:>2, 2A5E G5BK@5E 10@4> 8 2A5E MB0?>2 A<5@B8 8 C<8@0=8O. #:070=8O, ?@0:B8G5A:85 A>25BK 8 4CE>2=K5 C?@06=5=8O ?><>3CB :0: 20<, B0: 8 4@C38<, ?@>9B8 A:2>7L 687=L, C<8@0=85, A<5@BL 8 B>, GB> A;54C5B 70 A<5@BLN.  70:;NG5=88 :=838 3>2>@8BAO > B><, :0: CG5=8O > 10@4> <>3CB ?><>GL =0< ?>=OBL =081>;55 3;C1>:CN ?@8@>4C G5;>25G5A:>3> C<0 8 2A5;5==>9. >8 CG5=8:8 G0AB> A?@0H820NB <5=O: B:C40 <K 7=05<, GB> B0:>5 MB8 10@4>, 8 >B:C40 27O;0AL MB0 ?>@078B5;L=0O B>G=>ABL CG5=89 > 10@4>, 8E =5>1KG=> OA=K5 A2545=8O > :064>< MB0?5 C<8@0=8O, A<5@B8 8 =>2>3> @>645=8O? B25B =0 MB>B 2>?@>A <>65B ?>:070BLAO A=0G0;0 B@C4=K< 4;O ?>=8<0=8O <=>38E G8B0B5;59, ?>A:>;L:C B> ?@54AB02;5=85 >1 C<5, :>B>@>5 ACI5AB2C5B A59G0A =0 0?045, G@572KG09=> C7:>. 5A<>B@O =0 >A=>2>?>;030NI85 >B:@KB8O, A45;0==K5 =5402=>, >A>15==> 2 =0C:0E > 2708<>>B=>H5=88 C<0 8 B5;0, 8 2 B@0=A?5@A>=0;L=>9 ?A8E>;>388, ?>402;ONI55 1>;LH8=AB2> CG5=KE ?@>4>;605B A2>48BL C< : ?@>ABK< D878G5A:8< ?@>F5AA0< 2 <>73C, 2>?@5:8 BKAOG5;5B=5<C >?KBC <8AB8:>2 8 <548B8@CNI8E ?>A;54>20B5;59 2A5E @5;8389 <8@0. 0 >A=>20=88 :0:>3> 8AB>G=8:0, :0:>3> 02B>@8B5B0 <>65B 1KBL =0?8A0=0 B0:0O :=830, :0: MB0? =CB@5==OO =0C:0 1C4487<0 >A=>20=0, :0: MB> AD>@<C;8@>20; >48= 0<5@8:0=A:89 CG5=K9, =0 ?>4@>1=>< 8 ?>;=>< 7=0=88 @50;L=>AB8, =0 C65 ?@>25@5==><, 3;C18==>< ?>=8<0=88 ;8G=>AB8 8 >:@C60NI59 A@54K; B> 5ABL, =0 ?>;=>< ?@>A25B;5=88 C44K. AB>G=8:>< CG5=89 > 10@4> O2;O5BAO ?@>A25B;5==K9 C<, ?>;=>ABLN ?@>1C645==K9 C< C44K, 8 >=> 1K;> ?>7=0=> =0 >?KB5, >1JOA=5=> 8 ?5@540=> >B <0AB5@0 : <0AB5@C, 84CI8E >B 5@28G=>3> C44K. E >AB>@>6=K5, ?>4@>1=K5  <>6=> A:070BL, ?>GB8 =0CG=K5  8AA;54>20=8O 8 >?8A0=8O >B:@KB89 2 >1;0AB8 C<0, A45;0==KE 8<8 2 B5G5=85 <=>38E AB>;5B89, 40;8 =0< A0<>5 ?>;=>5 >?8A0=85 :0: 687=8, B0: 8 A<5@B8, :0:>5 B>;L:> 2>7<>6=>. <5==> MB> ?>;=>5 >?8A0=85 O, 24>E=>2;5==K9 60<LO=3>< EL5=F5 8 2A5<8 <>8<8 4@C38<8 25;8:8<8 <0AB5@0<8, A<8@5==> ?KB0NAL 2?5@2K5 ?5@540BL ;N4O< 0?040. >A;5 <=>38E ;5B @07<KH;5=89, CG5=8O 8 4CE>2=>9 ?@0:B8:8, 8 @07JOA=5=8O <=5 <>8E 2>?@>A>2 <>8<8 <0AB5@0<8, O =0?8A0; MBC =83C 687=8 8 ?@0:B8:8 C<8@0=8O, 2>1@02HCN 2 A51O ACBL CG5=89, 84CI8E >B A5@4F0 2A5E <>8E <0AB5@>2, GB>1K >=0 1K;0 =>2>9 "815BA:>9 =83>9 5@B2KE 8 "815BA:>9 =83>9 87=8. / E>GC, GB>1K >=0 1K;0 @C:>2>4AB2><, ?CB52>48B5;5<, A?@02>G=8:>< 8 8AB>G=8:>< A2OI5==>3> 24>E=>25=8O. ">;L:> ?@>G8B02 MBC :=83C >B =0G0;0 4> :>=F0, 0 70B5<, :0: O 20< A>25BCN, 2=>2L 8 2=>2L ?5@5G8BK20O 55, 2K A<>65B5 @0A:@KBL <=>385 =N0=AK 55 A>45@60=8O. '5< 1>;LH5 2K 1C45B5 5N ?>;L7>20BLAO, B5< 3;C165, :0: 2K A0<8 >1=0@C68B5, 2K 1C45B5 GC2AB2>20BL B> 7=0G5=85, :>B>@>5 =5 2K@065=> O2=>, B5< 1>;LH5 1C45B5 >A>7=020BL 3;C18=C <C4@>AB8, ?5@540205<>9 20< MB8<8 CG5=8O<8. #G5=8O > 10@4> B>G=> ?>:07K20NB =0<, GB> ?@>87>945B, 5A;8 <K ?@83>B>28<AO : A<5@B8, 8 GB>  5A;8 =5 ?@83>B>28<AO. K1>@ =5 <>65B 1KBL 1>;55 OA5=. A;8 <K >B:065<AO ?@87=0BL A<5@BL A59G0A, ?>:0 <K 5I5 682K, B> 4>@>3> 70?;0B8< 70 MB> 2 B5G5=85 A2>59 687=8, 2 <><5=B A<5@B8 8 ?>A;5 =53>. >A;54AB28O B0:>3> >B:070 >B@07OBAO :0: =0 MB>9 687=8, B0: 8 =0 A;54CNI59. K =5 A<>65< ?>;=>:@>2=> 68BL, <K >AB0=5<AO ?;5==8:0<8 B>3> ?>=8<0=8O =0A A0<8E, :>B>@>5 C<8@05B. -B> =52565AB2> 70:@>5B =0< ?CBL : ?@>A25B;5=8N, >1@5G5B =0 15A:>=5G=>5 70B>G5=85 2 <8@5 8;;N789, =5C?@02;O5<>3> F8:;0 @>645=89 8 A<5@B59, >:50=0 AB@040=89, :>B>@K9 <K, 1C448ABK, =07K205< A0=A0@>9. 4=0:> >A=>2=>5, GB> =0< 3>2>@8B CG5=85 C44K, MB> B>, GB>, 5A;8 <K ?>43>B>2;5=K  5ABL >3@><=0O =045640, 8 >=0 5ABL :0: 2 687=8, B0: 8 2 A<5@B8. -B> CG5=85 >B:@K205B =0< 2>7<>6=>ABL 4>AB8GL ?>@078B5;L=>9 8 >:>=G0B5;L=> 1573@0=8G=>9 A2>1>4K, 4;O 4>AB865=8O :>B>@>9 <K <>65< B@C48BLAO A59G0A, ?@8 687=8  B>9 A2>1>4K, :>B>@0O B0:65 ?>72>;8B =0< 2K18@0BL =0HC A<5@BL, 8, B0:8< >1@07><, 2K18@0BL =0H5 @>645=85. ;O B>3>, :B> ?>43>B>28;AO 8 70=8<0;AO 4CE>2=>9 ?@0:B8:>9, A<5@BL ?@8E>48B =5 :0: ?>@065=85, => :0: B@8C<D, 25=5F 687=8 8 55 =081>;55 25;8:>;5?=K9 <><5=B. ;020 II !  %" 5B B0:>3> <5AB0 =0 75<;5, 345 =5 <>3;0 1K =0A =09B8 A<5@BL, 4065 5A;8 <K 2A5 2@5<O 1C45< >3;O4K20BLAO 2>:@C3, A;>2=> 2 A><=8B5;L=>9 8 >?0A=>9 AB@0=5& A;8 1K E>BL :0:B> <>6=> 1K;> 1K C:@KBLAO >B C40@>2 A<5@B8, O =5 87 B5E, :B> ?>AB5A=O;AO 1K MB> A45;0BL& > 157C<85 4C<0BL, GB> <>6=> ?@5CA?5BL 2 MB><& N48 ?@8E>4OB 8 CE>4OB, 153CB 8 B0=FCNB, 8 =8 A;>20 > A<5@B8. A5 E>@>H>, 2A5 ?@5:@0A=>. > :>340 A<5@BL 24@C3 O2;O5BAO : =8<, 8E 65=0<, 8E 45BO<, 8E 4@C7LO<, 70E20BK20O 8E 2@0A?;>E, =53>B>2K<8, B> :0:85 1C@8 AB@0AB59 B>340 >H5;><;ONB 8E, :0:>9 ?;0G, :0:0O O@>ABL, :0:>5 >BG0O=85!.. 'B>1K =0G0BL >B18@0BL C A<5@B8 55 A0<>5 1>;LH>5 ?@58<CI5AB2> ?5@54 =0<8, 40209B5 ?@845@6820BLAO <5B>40, :>B>@K9 ?@O<> ?@>B82>?>;>65= B><C, GB> =081>;55 >1KG5=; 40209B5 >B=8<0BL C A<5@B8 55 GC65@>4=>ABL, 40209B5 7=0:><8BLAO A =59, 40209B5 ?@82K:0BL : =59; 40209B5 G0I5 2A53> >1@0I0BL A2>9 C< : A<5@B8& 0< =5254><>, 345 ?>468405B =0A A<5@BL; ?>MB><C 1C45< >6840BL 55 ?>2AN4C. @0:B8G5A:8 >2;045BL A<5@BLN  7=0G8B ?@0:B8G5A:8 >2;045BL A2>1>4>9. ">B, :B> =0CG8;AO C<8@0BL, @07CG8;AO 1KBL @01><. >=B5=L >G5<C B0: B@C4=> ?@0:B8G5A:8 >2;045BL A<5@BLN 8 ?@0:B8G5A:8 >2;045BL A2>1>4>9?  ?>G5<C, ?> :0:>9 ?@8G8=5 <K B0: AB@0H8<AO A<5@B8, GB> 2>>1I5 1>8<AO A<>B@5BL 59 2 ;8F>? 45B> 2 3;C18=5 4CH8 <K ?>=8<05<, GB> =5 A<>65< 25G=> >B2>48BL 273;O4 >B A<5@B8. K 7=05<, 3>2>@O A;>20<8 8;0@5?K, GB> B>B ?@54<5B, GB> <K =07K205<  B@C?>< 8 :>B>@K9 ?@82>48B =0A 2 B0:>9 C60A, =0 A0<>< 45;5 6825B A =0<8 745AL 8 A59G0A. '5< 4>;LH5 <K AB0@05<AO =5 A<>B@5BL 2 ;8F> A<5@B8, G5< 1>;LH5 <K 55 83=>@8@C5<, B5< 1>;LH5 =0:0?;8205BAO AB@0E0 8 =5C25@5==>AB8, B5< A8;L=55 >=8 ?@5A;54CNB =0A.  G5< A8;L=55 <K AB0@05<AO C1560BL >B MB>3> AB@0E0, B5< GC4>28I=55 >= AB0=>28BAO. !<5@BL  MB> 459AB28B5;L=> >3@><=>5 B08=AB2>, > =59 <>6=> A:070BL 425 25I8: <K <>65< 1KBL 01A>;NB=> C25@5=K 2 B><, GB> C<@5<; 8 C =0A =5 <>65B 1KBL =8:0:>9 C25@5==>AB8 2 B><, :>340 8;8 :0: <K C<@5<. "0:8< >1@07><, 548=AB25==>, 2 G5< <K <>65< 1KBL C25@5=K, MB> 2 B><, GB> <K =5 7=05< =8G53> >?@545;5==>3> > G0A5 A2>59 A<5@B8, 8 MB> A;C68B >?@0240=85< >BA@>G:8 ?@O<>3> 273;O40 2 ;8F> A<5@B8.  MB>< <K ?>E>68 =0 83@0NI8E 2 ?@OB:8 <0;KH59, :>B>@K5 70:@K20NB 3;070, 4C<0O, GB> 8E =8:B> =5 2848B. >G5<C 65 <K 6825< 2 B0:>< C60A5 ?5@54 A<5@BLN? >B><C GB> <K 8=AB8=:B82=> 65;05< 68BL 8 ?@>4>;60BL 68BL, 0 A<5@BL O2;O5BAO 65AB>:8< :>=F>< 2A53>, GB> =0< 7=0:><>. K GC2AB2C5<, GB> A 55 ?@8E>4>< <K 1C45< 2>2;5G5=K 2> GB>B> A>25@H5==> =0< =58725AB=>5 8;8 AB0=5< A>25@H5==> 8=K<. K ?@54AB02;O5< A51O, ?>B5@O==KE 8 @0AB5@O2H8EAO, 2 G@572KG09=> =57=0:><>< >:@C65=88. >>1@065=85 @8AC5B =0< B@52>6=>5 ?@>1C645=85 2 >48=>G5AB25, 2 GC6>9 AB@0=5, 157 7=0=8O O7K:0, 157 45=53, 157 ?0A?>@B0, 157 4@C759, 157 ?>=OB8O : :><C >1@0B8BLAO. 5@>OB=>, 3;C18==0O ?@8G8=0 =0H53> AB@0E0 A<5@B8 ;568B 2 =57=0=88 B>3>, :5< <K O2;O5<AO. '5;>25: 25@8B, GB> C =53> 5ABL ;8G=0O 8 C=8:0;L=0O 8=48284C0;L=>ABL; => ?@8 8AA;54>20=88 55 AB0=5B >G5284=K< 55 ?>;=0O 7028A8<>ABL >B 15A:>=5G=>3> <=>65AB20 ?>4:@5?;ONI8E 55 ?@54<5B>2 8 ?>=OB89: 8<O, 18>3@0D8O, ?0@B=5@K, A5<LO, 4><, @01>B0, 4@C7LO, :@548B=K5 :0@B>G:8& <5==> B0:85 E@C?:85 8 ?@5E>4OI85 25I8 O2;ONBAO =0H59 >?>@>9 8 40NB =0< C25@5==>ABL.  :>340 G5;>25: ;8H05BAO 2A53> B>3>, :5< 459AB28B5;L=> >= <KA;8B A51O? 57 ?@82KG=KE >?>@ ?5@54 =8< ?@54AB05B A>25@H5==> GC6>5 ACI5AB2>, B>B, A :>B>@K< >= 2A5 2@5<O 68;, => =8:>340 ?>=0AB>OI5<C =5 7=0;. >7<>6=>, ?>MB><C <K AB0@05<AO 70?>;=OBL :064K9 <><5=B HC<>< 8 45OB5;L=>ABLN, 4065 A:CG=>9 8;8 10=0;L=>9, ;8HL 1K =8:>340 =5 >AB020BLAO 2 B8H8=5 =0548=5 A MB8< GC60:><?  @0725 MB> =5 C:07K205B =0 B@038G=>ABL =0H53> >1@070 687=8? K 6825< ?>4 <0A:>9 ?@8=OB>9 =0<8 8=48284C0;L=>AB8, 2 =52@>B8G5A:>< A:07>G=>< <8@5, =5 1>;55 @50;L=><, G5< $0;LH820O '5@5?0E0 =7 ;8AK 2 AB@0=5 GC45A. 038?=>B878@>20==K5 C2;5:0B5;L=K< ?@>F5AA>< AB@>8B5;LAB20, <K 2>725;8 740=8O A2>8E 687=59 =0 ?5A:5. -B>B <8@ <>65B :070BLAO =0< ?>@078B5;L=> 4>AB>25@=K<, ?>:0 A<5@BL =5 @07@CH8B 53> 8;;N78N 8 =5 2KB5A=8B =0A 87 C:@KB8O, 345 <K ?@OB0;8AL. 'B> B>340 A;CG8BAO A B5<8, C :>B>@KE =5 1C45B =8:0:>3> ?>=OB8O > 1>;55 3;C1>:>9 @50;L=>AB8? >340 <K C<8@05<, B> >AB02;O5< 2A5, ?@5645 2A53> B5;>, :>B>@>5 <K B0: F5=8;8, =0 :>B>@>5 B0: A;5?> ?>;030;8AL, B0: AB0@0;8AL A>E@0=8BL 53> 682K<. > =0 =0H8 C<K <K <>65< ?>;030BLAO =5 1>;LH5, G5< =0 B5;0. >=01;N409B5 70 A2>8< C<>< 2 B5G5=85 =5A:>;L:8E <8=CB. K C2848B5, GB> >= ?>AB>O==> A:0G5B A >4=>3> ?@54<5B0 =0 4@C3>9, BC40 8 AN40, :0: 1;>E0. K C2848B5, GB> <KA;8 2>7=8:0NB 157 :0:>3>;81> ?>2>40, 157 :0:>9;81> A2O78. %0>A :064>3> <><5=B0 A<5B05B =0A 8 C=>A8B A A>1>9; <K  65@B2K 87<5=G82>AB8 =0H53> C<0. A;8 MB>  548=AB25==>5 A>AB>O=85 A>7=0=8O, :>B>@>5 =0< 7=0:><>, B> B>340 ?>;030BLAO =0 =0H C< 2 <><5=B A<5@B8  01AC@4=K9 @8A:.   >645=85 G5;>25:0 5ABL @>645=85 53> ?5G0;59. '5< 4>;LH5 >= 6825B, B5< 3;C?55 AB0=>28BAO, ?>B><C GB> 2A5 1>;55 8 1>;55 >AB@K< AB0=>28BAO 53> B@52>6=>5 AB@5<;5=85 871560BL =587156=>9 A<5@B8. 0: MB> 3>@L:>! = 6825B @048 B>3>, GB> ?>AB>O==> =54>AB868<>! 3> AB@5<;5=85 : 2K6820=8N 2 1C4CI5< =5 ?>72>;O5B 5<C 68BL 2 =0AB>OI5<. '6C0=&7K #65 ?>A;5 A<5@B8 <>53> <0AB5@0 O ?>4@C68;AO A C46><>< 8=?>G5, >4=8< 87 25;8G09H8E <0AB5@>2 <548B0F88, <8AB8:8 8 9>38 =0H53> 2@5<5=8. 4=064K >= A> A2>59 65=>9 5E0; =0 02B><>18;5 ?> $@0=F88, ;N1COAL ?> ?CB8 682>?8A=K<8 2840<8 A5;LA:>9 <5AB=>AB8. =8 ?@>5760;8 <8<> :;0418I0, C:@0H5==>3> F25B0<8, A> A2565>:@0H5==>9 >3@04>9. 5=0 C46><0 8==>G5 A:070;0: 8=?>G5, ?>A<>B@8, :0: ?@81@0=> 8 G8AB> 2A5 =0 0?045. 065 <5AB0, 345 >=8 E>@>=OB B@C?K, 157C?@5G=K. 0 >AB>:5 4065 4><0, 345 682CB ;N48, 40;5:> =5 B0: G8ABK. , 40, >B25B8; >=, MB> ?@0240; MB> >G5=L F828;87>20==0O AB@0=0. # =8E B0:85 70<5G0B5;L=K5 68;8I0 4;O <5@B2KE B@C?>2. > @0725 BK =5 70<5B8;0, :0:85 70<5G0B5;L=K5 C =8E 68;8I0 8 4;O 682KE B@C?>2? AO:89 @07, :>340 O 2A?><8=0N MB>B A;CG09, O 4C<0N > B><, =0A:>;L:> ?CAB>9 8 BI5B=>9 <>65B 1KBL 687=L, :>340 >=0 >A=>2K205BAO =0 ;>6=>9 25@5 2 4;8B5;L=>ABL 8 ?>AB>O=AB2>. >340 <K B0: 6825<, B> AB0=>28<AO, :0: A:070; C46>< 8=?>G5, 15AA>7=0B5;L=K<8, 682K<8 B@C?0<8. >;LH8=AB2> 87 =0A 459AB28B5;L=> 6825B B0:: A>>B25BAB25==> 70@0=55 >?@545;5==><C ?;0=C. !2>N N=>ABL <K ?@>2>48<, ?>;CG0O >1@07>20=85. 0B5< =0E>48< @01>BC, 2AB@5G05< :>3>B>, 2ABC?05< 2 1@0:, 702>48< 45B59. K AB@>8< 4><, AB0@05<AO 4>18BLAO CA?5E0 2 45;0E, AB@5<8<AO 2>?;>B8BL <5GBC > ?>:C?:5 4><0 2 45@52=5 8;8 2B>@>3> 02B><>18;O. K C57605< 2 >B?CA: >B4KE0BL A 4@C7LO<8. K ?;0=8@C5< C9B8 =0 ?5=A8N. !0<K5 1>;LH85 ?@>1;5<K 2K1>@0, 2AB0NI85 ?5@54 =5:>B>@K<8 87 =0A, MB> :C40 ?>5E0BL >B4KE0BL 8;8 :>3> ?@83;0A8BL =0 >645AB2>. 0H8 687=8 >4=>>1@07=K, <5;:8 8 A>AB>OB 87 ?>2B>@ONI8EAO A>1KB89, 8 <K =0?@0A=> @0AB@0G8205< 8E, ?@5A;54CO B@8280;L=K5 F5;8, ?>B><C GB> =5 7=05< =8G53> ;CGH53>. 0H0 687=L ?@>E>48B 2 B0:>< ;8E>@04>G=>< B5<?5, GB> A>2A5< =5 >AB05BAO 2@5<5=8 ?>4C<0BL > A<5@B8. K ?>402;O5< A2>8 B09=K5 AB@0E8, A2O70==K5 A B5<, GB> 2A5 ?@5E>4OI5, >:@C60O A51O 2A5 1>;LH8< 8 1>;LH8< :>;8G5AB2>< ?>:C?>:, 25I59, C4>1AB2, 8 2A5 MB> B>;L:> 4;O B>3>, GB>1K >:070BLAO 8E @010<8. A5 A2>5 2@5<O 8 M=5@38N <K B@0B8< =0 701>BC > A2>5< 8<CI5AB25. !:>@> =0H59 548=AB25==>9 F5;LN 2 687=8 AB0=>28BAO A>E@0=5=85 2A53> =081>;55 =587<5==K< 8 ?>AB>O==K<.  :>340 ?@>8AE>4OB 87<5=5=8O, <K =0E>48< A@54AB2> ?@>B82>459AB2>20BL 8<, :0:>5=81C4L ;>2:>5 2@5<5==>5 @5H5=85 ?@>1;5<K.  2>B B0: =0H8 687=8 =5A5B ?> B5G5=8N, 4> B5E ?>@, ?>:0 A5@L57=0O 1>;57=L 8;8 =5AG0ABL5 =5 2AB@OE=CB =0A 8 =5 2K254CB 87 MB>3> >F5?5=5=8O. 5;L7O A:070BL, GB> <K <=>3> 2@5<5=8 8;8 4C< C45;O;8 4065 MB>9 687=8. >4C<09B5 > ;N4OE, @01>B0NI8E 3>40<8, :>B>@K5, CE>4O =0 ?5=A8N, =5 7=0NB, GB> 8< A A>1>9 45;0BL 2 ?5@8>4 AB0@5=8O 8 ?@81;865=8O : A<5@B8. 5A<>B@O =0 2A5 =0H8 @073>2>@K > B><, GB> =C6=> 1KBL ?@0:B8G=K<8, =0 0?045 1KBL ?@0:B8G=K< >7=0G05B 1KBL =52565AB25==>, 8 G0AB> M3>8AB8G=>, =540;L=>284=K<. 0H5 1;87>@C:>5 A>A@54>B>G5=85 =0 MB>9, 8 B>;L:> MB>9, 687=8, ?@54AB02;O5B A>1>9 25;8:89 >1<0=, 8AB>G=8: C=K;>3> 8 @07@CH8B5;L=>3> <0B5@80;87<0, ?@8ACI53> A>2@5<5==><C <8@C. 8:B> =5 3>2>@8B > A<5@B8, 8 =8:B> =5 3>2>@8B > 687=8 ?>A;5 A<5@B8, ?>B><C GB> ;N459 70AB028;8 25@8BL, GB> B0:85 @073>2>@K B>;L:> ?><5H0NB =0H5<C B0: =07K205<><C ?@>3@5AAC 2 MB>< <8@5. > 5A;8 =0H5 3;C1>G09H55 65;0=85  459AB28B5;L=> 68BL 8 ?@>4>;60BL 68BL, B> ?>G5<C <K A;5?> C?>@AB2C5<, GB> A<5@BL  MB> :>=5F 2A53>? >G5<C, ?> :@09=59 <5@5, =5 ?>?KB0BLAO 8AA;54>20BL 2>7<>6=>ABL 687=8 ?>A;5 A<5@B8? >G5<C, 2 284C A2>59 ?@03<0B8G=>AB8 =5 A?@>A8< A51O A5@L57=>:  G5< A>AB>8B =0H5 @50;L=>5 1C4CI55?  :>=F5 :>=F>2, =8:B> =5 6825B 1>;LH5 AB0 A ;8H=8< ;5B.  ?>A;5 MB>3> ?@>AB8@05BAO 2AO 25G=>ABL, > :>B>@>9 =8G53> =5 8725AB=>& /",/ !", / ;N1;N >4=C AB0@CN B815BA:CN ?@8BGC, :>B>@0O =07K205BAO B5F  =0<5=8B>3>:0:C=0 . 48= >G5=L 154=K9 G5;>25: ?>;CG8; 70 4>;3CN 8 BO65;CN @01>BC F5;K9 <5H>: 75@=0. = 1K; >G5=L 3>@4 MB8<, 8, 25@=C2H8AL 4><>9, ?>425A8; MB>B <5H>: =0 25@52:5 =0 >4=>9 87 ?>B>;>G=KE 10;>:, GB>1K C15@5GL 53> >B :@KA 8 2>@>2. ;O 1>;LH59 ?@54>AB>@>6=>AB8 >= CAB@>8;AO A?0BL ?@O<> ?>4 MB8< <5H:><. 560 B0<, >= AB0; <5GB0BL: A;8 O 1C4C ?@>4020BL MB> 75@=> =51>;LH8<8 G0ABO<8, B> ?>;CGC 1>;LH5 ?@81K;8. 0 MB> O A<>3C :C?8BL 5I5 1>;LH5 75@=0 8 >?OBL A45;0N B0: 65, 8 A:>@> AB0=C 1>30BK<, 8 A> <=>9 AB0=CB AG8B0BLAO 2 45@52=5. =>3> 452CH5: 1C45B 1530BL 70 <=>9. / 65=NAL =0 :@0A028F5 8 A:>@> C =0A 1C45B @515=>:& =025@=O:0 AK=& 0 :0: 65 53> =0720BL? = AB0; >3;O4K20BL :><=0BC, 8 53> 273;O4 C?0; =0 <0;5=L:>5 >:>H:>, 2 :>B>@>< 284=5;0AL 2AB0NI0O ;C=0. -B> 7=0:! ?>4C<0; >=.  :0:>9 1;03>?@8OB=K9! >B 459AB28B5;L=> E>@>H55 8<O  O =07>2C 53>  =0<5=8BK9:0:C=0 & > ?>:0 >= ?@54020;AO <5GB0<, :@KA0, ?>GCO2 75@=>, ?@>1@0;0AL : <5H:C 8 ?5@53@K7;0 25@52:C.  2 B>B A0<K< <><5=B, :>340 A 53> 3C1 A;5B5;8 A;>20 =0<5=8BK9:0:C=0, <5H>: 75@=0 C?0; A ?>B>;:0 8 <3=>25==> C18; 53>. , :>=5G=>, =0<5=8BK9:0:C=0 B0: 8 =5 @>48;AO. !:>;L:> 65 =0A, B0:8E 65, :0: MB>B G5;>25:, C2;5G5=> B5<, GB> O =07K20N 45OB5;L=>9 ;5=>ABLN? AB5AB25==>, 5ABL @07=K5 284K ;5=>AB8: 70?04=K9 8 2>AB>G=K9. >AB>G=K9 AB8;L ;5=>AB8 ?>E>6 =0 4>2545==K9 4> A>25@H5=AB20 2 =488. = A>AB>8B 2 15745OB5;L=>< ?>2A54=52=>< 2>7;560=88 =0 A>;=KH:5, >ACH5=88 G0H5: G0O, ?@>A;CH820=88 =5A:>=G05<>9 <C7K:8 87 8=489A:8E :8=>D8;L<>2 ?> @048> 8 7;>A;>288 A 4@C7LO<8. 0?04=0O ;5=>ABL A>2A5< 4@C30O. =0 A>AB>8B 2 70?>;=5=88 =0H8E 687=59 ?@8=C48B5;L=>9, =02O7G82> 2K?>;=O5<>9 45OB5;L=>ABLN, 4> ?@545;0 =0 B><, GB>1K =5 >:070BLAO ;8F>< : ;8FC A @50;L=>ABLN. A;8 <K @0AA<>B@8< =0H8 687=8, B> OA=> C2848<, :0: <=>3> =57=0G8B5;L=KE 45;, B0: =07K205<KE >1O70==>AB59, =0:0?;8205BAO ;8HL 4;O 55 70?>;=5=8O. 48= <0AB5@ A@02=8; 8E A 2545=85< 4><0H=53> E>7O9AB20 2> A=5. K B25@48< A515, GB> E>B8< B@0B8BL 2@5<O B>;L:> =0 206=>5, => 53> =0 MB> ?>AB>O==> =5 E20B05B. !@07C 65 A CB@0 =C6=> AB>;L:> A45;0BL: >B:@KBL >:=>, 70AB5;8BL ?>AB5;L, ?@8=OBL 4CH, ?>G8AB8BL 7C1K, ?>:>@<8BL A>10:C 8;8 :>H:C, ?>AB8@0BL =>A:8, A=OBK5 2G5@0, 2KOA=8BL, GB> :>=G8;>AL :>D5 8;8 A0E0@, A1530BL 8 :C?8BL MB>, ?@83>B>28BL 702B@0:  MB>B A?8A>: 15A:>=5G5=. >B>< =04> @07>1@0BL >4564C, 2K1@0BL, GB> =045BL, ?>3;048BL, C1@0BL, GB> =5 =C6=>.  :0: =0AG5B ?@8G5A:8 8;8 :>A<5B8:8? K 15A?><>I=> A;548<, :0: =0H8 4=8 70?>;=ONBAO B5;5D>==K<8 @073>2>@0<8 8;8 =57=0G8B5;L=K< ?;0=0<8, A <=>65AB2>< >1O70==>AB59 8 >B25BAB25==>AB8  0 =5 4>;6=K ;8 <K B>G=55 =0720BL MB> 157>B25BAB25==>ABLN? >E>65, GB> =0H8 687=8 682CB 2<5AB> =0A, >1;040O A>1AB25==K< ?@8GC4;82K< 42865=85<, C=>AO =0A 70 A>1>9; 8 =0:>=5F <K GC2AB2C5<, GB> C =0A =5B =8 2K1>@0, =8 2>7<>6=>AB8 C?@02;OBL 8<8. >=5G=>, 8=>340 <K >ICI05< 25AL C60A MB>3>, =0A ?@5A;54CNB :>H<0@K, <K ?@>AK?05<AO 2 ?>BC 8 A?@0H8205< A51O: 'B> 65 O 45;0N A> A2>59 687=LN? > MB8 AB@0E8 4;OBAO ;8HL 4> 702B@0:0; 8 2>B, A ?>@BD5;5< 2 @C:0E, <K 2=>2L >:07K205<AO B0<, >B:C40 =0G0;>AL 2A5. / 2A?><8=0N A;>20 8=489A:>3> A2OB>3> 0<0:@8H=K, >1@0I5==K5 : >4=><C 87 A2>8E CG5=8:>2: A;8 >4=C 45AOBCN G0ABL B>3> 2@5<5=8, :>B>@>5 BK B@0B8HL =0 B0:85 >B2;5G5=8O, :0: CE06820=85 70 65=I8=0<8 8;8 45;0=85 45=53, BK ?>B@0B8HL =0 4CE>2=CN ?@0:B8:C, B> G5@57 =5A:>;L:> ;5B BK AB0=5HL ?@>A25B;5==K<!  =0G0;5 MB>3> 25:0 1K; >48= B815BA:89 <0AB5@, ?> 8<5=8 8D0<. = O2;O;AO A2>53> @>40 38<0;09A:8< 5>=0@4> 40 8=G8. >2>@OB, GB> >= A0<>AB>OB5;L=> 87>1@5; G0AK, ?CH:C 8 A0<>;5B. > :0: B>;L:> :064>5 87 53> 87>1@5B5=89 1K;> 70:>=G5=>, >= C=8GB>60; 53>, 3>2>@O, GB> >=> ?>A;C68B B>;L:> ?@8G8=>9 40;L=59H53> >B2;5G5=8O. 0 B815BA:>< O7K:5 B5;> =07K205BAO A;>2>< ;C, :>B>@>5 >7=0G05B GB>B>, GB> >AB02;ONB, :0: 10306. 064K9 @07, :>340 <K 3>2>@8< ;C, MB> =0?><8=05B =0<, GB> <K 2A53> ;8HL ?CB5H5AB25==8:8, 2@5<5==> >AB0=>282H85AO 2 MB>9 687=8 8 2 MB>< B5;5. "0: GB> 2 "815B5 ;N48 =5 >B2;5:0;8AL, =5 B@0B8;8 2A5 A2>5 2@5<O =0 A>740=85 1>;55 C4>1=KE 2=5H=8E >1AB>OB5;LAB2. =8 4>2>;LAB2>20;8AL ?8I59, >4564>9 8 :@KH59 =04 3>;>2>9.  ?@>4>;65=85 8<52H59AO ?>?KB:>9 C;CGH8BL =0H8 CA;>28O <>65B AB0BL A0<>F5;LN 8 15AF5;L=K< >B2;5G5=85<. >4C<05B ;8 :B>;81> 2 74@02>< C<5 BI0B5;L=> >B45;K20BL 3>AB8=8G=K9 =><5@ 2AO:89 @07, :>340 5<C =C6=> 1C45B 345B> =5=04>;3> >AB0=>28BLAO? =5 =@028BAO A;54CNI89 A>25B 0B@C;0 8=?>G5: >A<>B@8 =0 AB0@CN :>@>2C  =0 4>2>;L=0, GB> A?8B 2 A0@05. "515 =C6=> 5ABL, A?0BL 8 A@0BL, B MB>3> =5 >B25@B8HLAO;  2A5, GB> :@><5 MB>3>, =5 B2>5 45;>. =>340 O 4C<0N, GB> 25;8G09H8< 4>AB865=85< A>2@5<5==>9 :C;LBC@K O2;O5BAO B>, GB> >=0 25;8:>;5?=> A1K205B ;N4O< A0=A0@C A 55 ?CABK<8 >B2;5G5=8O<8. !>2@5<5==>5 >1I5AB2>, ?><>5<C, 2>AE20;O5B 2A5, GB> C2>48B >B 8AB8=K, 45;05B 8AB8=C =5?@85<;5<>9 8 =5 ?>72>;O5B ;N4O< 4065 25@8BL 2 B>, GB> >=0 ACI5AB2C5B. >4C<0BL B>;L:>, GB> 2A5 MB> 8AE>48B >B F828;870F88, :>B>@0O 70O2;O5B, GB> >1>605B 687=L, => 2 459AB28B5;L=>AB8 >=0 ;8H05B 55 :0:>3>;81> @50;L=>3> 7=0G5=8O; 15A:>=5G=> B25@48B, GB> 45;05B ;N459 AG0AB;82K<8, => =0 45;5 70:@K205B 8< ?CB8 : 8AB>G=8:C @50;L=>9 @04>AB8. !>2@5<5==0O A0=A0@0 ?8B05BAO B@52>3>9 8 45?@5AA859, :>B>@K5 >=0 65 8 A>7405B, BI0B5;L=> 70?CBK20O =0A 2 <5E0=87<5 ?>AB>O==>3> ?>B@51;5=8O, 4;O @01>BK :>B>@>3> =C65= =0< ?>AB>O==> C25;8G820NI89AO A?@>A. -B0 A0=A0@0 >G5=L >@30=87>20==0O, @07=>AB>@>==OO 8 A;>6=0O; A> A2>59 ?@>?030=4>9 8 @5:;0<>9 >=0 =0?0405B =0 =0A >B>2AN4C, A>74020O 2>:@C3 =0A ?>GB8 =5?@>18205<CN A@54C, : :>B>@>9 <K ?@82K:05<, :0: : =0@:>B8:C. '5< 1>;LH5 <K ?KB05<AO >A2>1>48BLAO, B5< 1>;LH5, >G5284=>, 70AB@5205< 2 ;>2CH:0E, :>B>@K5 >=0 B0: 87>1@5B0B5;L=> AB028B. 0: A:070; B815BA:89 <0AB5@ 2>A5<=04F0B>3> 25:0 68:<5 8=3?0: 02>@>65==K5 A0<8< @07=>>1@0785< >ICI5=89, ACI5AB20 15A:>=5G=> 1;C640NB 2 ?>@>G=>< :@C35 A0=A0@K. >B B0:, >45@68<K5 ;>6=K<8 =045640<8, <5GB0<8 8 AB@5<;5=8O<8, :>B>@K5 >15I0NB AG0ABL5, => ?@82>4OB B>;L:> : =5AG0ABLN, <K ?>4>1=K ;N4O<, ?>;7CI8< ?> 15A:>=5G=>9 ?CABK=5, C<8@0O >B 6064K.  2A5, GB> ?@>BO38205B =0< A0=A0@0, ?@54;030O =0?8BLAO, MB> G0H0 A A>;5=>9 2>4>9, GB>1K =0H0 60640 AB0=>28;0AL 5I5 A8;L=59. &  &# ! ! ",. =0O 8 A>7=020O MB>, @0725 =5 4>;6=K <K ?@8A;CH0BLAO : A;>20< LO;A5 8=?>G5: !B@>8BL ?;0=K =0 1C4CI55  2A5 @02=>, GB> @K10G8BL 2 ACE>< CI5;L5. 8GB> =8:>340 =5 1C45B B0:, :0: BK E>B5;, B0: GB> >B:068AL >B 2A5E A2>8E @0AG5B>2 8 AB@5<;5=89. A;8 B515 >1O70B5;L=> =C6=> > G5<B> 4C<0BL  CABL MB> 1C45B =58725AB=>ABL G0A0 B2>59 A<5@B8& ;02=K9 ?@074=8: 2 3>4C C B815BF52  >2K9 >4, 8 MB> ?>E>65 =0 >645AB2>, 0AEC, 5=L ;03>40@5=8O 8 20H8 8<5=8=K, A;8BK5 2>548=>. 87=L 25;8:>3> <0AB5@0 0B@C;0 8=?>G5 1K;0 ?>;=0 M:AF5=B@8G5A:8E M?87>4>2, 2 :>B>@KE 2>?;>I0;>AL 53> CG5=85. <5AB> B>3>, GB>1K 25A5;> ?@074=>20BL >2K9 >4 8 ?>74@02;OBL >:@C60NI8E, 0B@C; 8=?>G5 ?;0:0;. >340 53> A?@>A8;8, ?>G5<C, >= >B25B8;, GB> ?@>H5; 5I5 >48= 3>4, 8 AB>;L <=>3> ;N459 5I5 =0 >48= 3>4 ?@81;878;>AL : A<5@B8, B0: 8 =5 ?>43>B>282H8AL : =59. >4C<09B5 > B><, GB> =025@=O:0 :>340=81C4L A;CG0;>AL ?>GB8 A :064K< 87 =0A. >B <K 845< ?> C;8F5, @07<KH;OO > G5<B> 8=B5@5A=><, > G5<B> 206=>< 8;8 ?@>AB> A;CH0O A2>9 ?;595@. 8<> ?@>=>A8BAO 02B><>18;L 8 GCBL =5 A18205B =0A. :;NG8B5 B5;5287>@ 8;8 ?@>A<>B@8B5 3075BC: 25745 2K C2848B5 A<5@BL. > @0725 MB8 65@B2K 020@89 8 :@CH5=89 >6840;8, GB> >=8 C<@CB? =8 ?@8=8<0;8 687=L, :0: 40==>5, B0: 65, :0: <K. 0: G0AB> <K A;KH8< > 7=0:><KE 8;8 4@C7LOE, =5>6840==> C<5@H8E? 0< 4065 =5 =C6=> AB@040BL >B 1>;57=8, GB>1K C<5@5BL: =0H8 B5;0 <>3CB 2=570?=> 2K9B8 87 AB@>O, B0: 65, :0: =0H8 02B><>18;8. 48= 45=L <K <>65< GC2AB2>20BL A51O ?@5:@0A=>, 0 =0 A;54CNI89  ?;>E>, 8 C<5@5BL. 8;0@5?0 ?5;: >340 BK A8;5= 8 74>@>2, "K 8 =5 4C<05HL > 1>;57=8, > >=0 ?>@0605B 2=570?=>, 0: C40@ <>;=88. >2;5G5==K9 2 <8@A:85 45;0, "K 8 =5 4C<05HL > A<5@B8; =0 =0;5B05B :0: 3@><, 1@CH820OAL =0 B2>N 3>;>2C. =>340 =0< =C6=> 2AB@OE820BL A51O 8 A5@L57=> A?@0H820BL:  GB>, 5A;8 O A53>4=O C<@C? 'B> B>340? K =5 7=05<, ?@>A=5<AO ;8 <K 702B@0 2>>1I5 8;8 345 <K ?@>A=5<AO. A;8 2K 2K4>E=C;8 8 =5 <>65B5 24>E=CBL  2K <5@B2K. -B> 2>B B0: ?@>AB>. 0: 3>2>@8B B815BA:0O ?>A;>28F0: H8:>340 =5 7=05HL, GB> =0ABC?8B @0=LH5, A;54CNI89 45=L 8;8 A;54CNI0O 687=L. 5:>B>@K5 87 7=0<5=8BKE B815BA:8E <0AB5@>2<KA;8B5;59, ;>60AL A?0BL, >?CAB>H0;8 A2>8 G0H8 8 >AB02;O;8 8E C ?>AB5;8, ?5@525@=C2. =8 =8:>340 =5 1K;8 C25@5=K, ?>B@51CNBAO ;8 8< G0H8 CB@><  ?@>A=CBAO ;8 >=8. =8 4065 30A8;8 =0 =>GL >3>=L 2 >G030E, =5 >AB02;OO B;5NI8E C3;59, GB>1K @0765GL 8E CB@><. =8 68;8 >B <3=>25=8O : <3=>25=8N, A 25@>OB=>ABLN =587156=>9 A<5@B8. :>;> 68;8I0 >BH5;L=8:0 68:<5 8=3?0 1K; ?@C4, G5@57 :>B>@K9 5<C 1K;> B@C4=> ?5@5?@02;OBLAO. 3> CG5=8:8 ?@54;>68;8 ?>AB@>8BL 4;O =53> <>AB, => >= >B25B8;: 0G5<? B> 7=05B, 1C4C ;8 O 682, GB>1K =>G520BL B0< A53>4=O? 5:>B>@K5 <0AB5@0 ?@>1CNB ?@>1C48BL 2 =0A ?>=8<0=85 E@C?:>AB8 687=8 A ?><>ILN 5I5 1>;55 OA=KE >1@07>2: >=8 ?@8:07K20NB =0< 4C<0BL > A515, :0: > ?@83>2>@5==><, ?>A;54=89 @07 2 687=8 2KE>4OI5< 87 A2>59 :0<5@K; :0: > @K15, 1LNI59AO 2 A5B8; :0: > 682>B=>< =0 1>9=5, >6840NI5< A2>59 >G5@548 1KBL C18BK<. @C385 A>25BCNB A2>8< CG5=8:0< A>74020BL 2 2>>1@065=88 682K5 :0@B8=K A>1AB25==>9 A<5@B8, A?>:>9=> 8 G5B:> @0AA<0B@820O 8E: >ICI5=8O, 1>;L, ?0=8:C, 15A?><>I=>ABL, 3>@5 1;87:8E, >A>7=0=85 B>3>, GB> >=8 A45;0;8 8;8 =5 A45;0;8 A> A2>8<8 687=O<8. "5;> 2KBO=C;>AL =0 ?>A;54=5< ;>65, >;>A0 H5?GCB ?>A;54=85 A;>20, #< A;548B, :0: CA:>;L705B ?>A;54=55 2>A?><8=0=85: >340 MB0 4@0<0 @07K3@05BAO 4;O B51O? 06=> A?>:>9=>, 2=>2L 8 2=>2L, @07<KH;OBL > B><, GB> A<5@BL @50;L=0, 8 O2;O5BAO 157 ?@54C?@5645=8O . 5 1C4LB5 ?>4>1=K 3>;C1N 87 B815BA:>9 ?>A;>28FK. AN =>GL >= 2>78BAO, CAB@0820O A2>N ?>AB5;L, 8 2>AE>4 C65 =0ABC?05B, 0 C =53> B0: 8 =5 1K;> 2@5<5=8 70A=CBL. 0: A:070; 70<5G0B5;L=K9 <0AB5@ 425=04F0B>3> 25:0 @0:?0 LO;F5=: N48 2AN A2>N 687=L B@0BOB =0 B>, GB>1K 3>B>28BLAO, 3>B>28BLAO, 3>B>28BLAO& ">;L:> 4;O B>3>, GB>1K 2AB@5B8BL A;54CNICN 687=L =53>B>2K<8. ! , "!",!/   025@=>5, B>;L:> B5, :B> ?>=8<05B, =0A:>;L:> E@C?:0 687=L, 7=0NB, =0A:>;L:> >=0 4@03>F5==0. 4=064K, :>340 O CG0AB2>20; 2 :>=D5@5=F88, ?@>E>482H59 2 @8B0=88, 88!8 1@0;> 8=B5@2LN C 55 CG0AB=8:>2.  MB> 2@5<O >=8 15A54>20;8 A 459AB28B5;L=> C<8@0NI59 65=I8=>9. =0 1K;0 2 AB@0E5, ?>B><C GB> 2 ?>2A54=52=>9 687=8 =5 4C<0;0, GB> A<5@BL @50;L=0. "5?5@L >=0 MB> 7=0;0.  >=0 E>B5;0 A:070BL B5<, :B> ?5@56825B 55, B>;L:> >4=>: >B=>A8B5AL : 687=8 8 : A<5@B8 A5@L57=>. B=>A8BLAO : 687=8 A5@L57=>  =5 7=0G8B ?@>2>48BL 2AN 687=L 2 <548B0F8OE, A;>2=> <K =0E>48<AO 2KA>:> 2 8<0;0OE 8;8 2 402=85 4=8 2 "815B5.  A>2@5<5==>< <8@5 =0< ?@8E>48BAO @01>B0BL 8 70@010BK20BL =0 687=L, => <K =5 4>;6=K 70:;8=820BLAO =0 ACI5AB2>20=88 >B 452OB8 CB@0 4> ?OB8 25G5@0, => 4C<0BL > 1>;55 3;C1>:>< A<KA;5 687=8. 0H0 7040G0  CAB0=>28BL @02=>25A85, =09B8 A@54=89 ?CBL, =0CG8BLAO =5 ?5@53@C60BL A51O 2=5H=59 45OB5;L=>ABLN 8 2=5H=8<8 701>B0<8, => 2A5 1>;LH5 8 1>;LH5 C?@>I0BL A2>8 687=8. ;NG : =0E>645=8N AG0AB;82>3> @02=>25A8O 2 A>2@5<5==>9 687=8 ;568B 2 ?@>AB>B5. -B> B>, GB> 2 459AB28B5;L=>AB8 ?>=8<05BAO 2 1C4487<5 :0: 48AF8?;8=0. 0 B815BA:>< O7K:5 48AF8?;8=0 =07K205BAO FC; B@8<. &C; >7=0G05B C<5AB=K9 8;8 A?@0254;82K9, 0 B@8<  ?@028;> 8;8 ?CBL. "0:8< >1@07><, 48AF8?;8=0  MB> A>25@H5=85 B>3>, GB> C<5AB=> 8;8 A?@0254;82>; B> 5ABL, 2 =0H 87;8H=5 CA;>6=5==K9 25:  C?@>I5=85 =0H8E 687=59. 0: A;54AB285 2>7=8:05B ?>:>9 C<0. >O2;O5BAO 1>;LH5 2@5<5=8 =0 >1@0I5=8O : 4CE>2=K< ?@54<5B0< 8 ?>8A:8 B>3> 7=0=8O, GB> <>65B 40BL B>;L:> 4CE>2=0O 8AB8=0, 7=0=85, :>B>@>5 ?><>65B 20< 2AB@5B8BL A<5@BL. 5G0;L=>, => MB> 45;0NB ;8HL =5<=>385 87 =0A. >65B 1KBL, A59G0A =0< A;54C5B G0I5 A?@0H820BL A51O: 'B> O 459AB28B5;L=> 4>AB83 2 A2>59 687=8? "> 5ABL  :0: <=>3> <K 459AB28B5;L=> ?>=O;8 > 687=8 8 A<5@B8? 5=O 24>E=>28;8 >?8A0=8O, 2 :=830E <>53> 4@C30 5==5B0 8=30 8 4@C38E 02B>@>2, ?5@56820=89 ;N459, 1;87:8E : A<5@B8. G5=L <=>3> ?5@5682H8E ?>GB8 A<5@B5;L=K5 =5AG0AB=K5 A;CG08 8;8 1;87:8E : A<5@B8, >?8AK20NB >17>@ 2A59 687=8. =8 2=>2L ?5@56820;8 A>1KB8O A2>8E 687=59 A =525@>OB=>9 O@:>ABLN 8 B>G=>ABLN. =>340 >=8 4065 ?5@56820;8 =0 A515 A;54AB28O A2>8E 459AB289 =0 >:@C60NI8E 8 8A?KBK20;8 M<>F88, 2K720==K5 8E 459AB28O<8 C 4@C38E. 48= G5;>25: A:070; 5==5BC 8=3C: / >A>7=0;, GB> :064K9 G5;>25: ?>A;0= =0 75<;N, GB>1K A>7=020BL 8 CG8BLAO. 0?@8<5@, GB>1K @0745;8BL 1>;LH5 ;N128 A 4@C38<8, GB>1K ?@>O2;OBL 1>;LH5 ;N128 4@C3 : 4@C3C. 'B>1K >B:@KBL, GB> A0<>5 206=>5  MB> G5;>25G5A:85 2708<>>B=>H5=8O 8 ;N1>2L, 0 =5 <0B5@80;L=K5 25I8.  GB>1K >A>7=0BL, GB> 2A5, GB> BK 45;05HL 2 A2>59 687=8, :0640O <5;>GL, 70?8AK205BAO, 8 4065 5A;8 2 B> 2@5<O BK ?@>?CA:05HL MB> <8<>, =5 4C<0O, >=> 2A5340 2A?;K25B ?>B><. =>340 MB>B ?@>A<>B@ 687=8 ?@>8AE>48B 2 ?@8ACBAB288 25;8:>;5?=>3> A25B>=>A=>3> ACI5AB20. 07;8G=K5 A2845B5;LAB20 AE>4OBAO =0 B><, GB> 2AB@5G0 A B0:8< ACI5AB2>< >B:@K205B 548=AB25==CN 8AB8==> A5@L57=CN F5;L 687=8  CG8BLAO ;N18BL 4@C38E ;N459 8 ?@8>1@5B0BL 7=0=8O. 48= G5;>25: @0AA:07K20; 09<>=4C >C48: >340 O28;AO A25B, B> ?5@2>5, GB> >= <=5 A:070;   'B> BK A45;0;, GB>1K ?>:070BL <=5, GB> BK 45;0; A> A2>59 687=LN? 8;8 GB>B> 2 MB>< A<KA;5&  2A5 MB> 2@5<O >= ?>AB>O==> ?>4G5@:820;, GB> 206=0 ;N1>2L& = B0:65 >G5=L 8=B5@5A>20;AO B5<, GB> >B=>A8;>AL : 7=0=8N& @C3>9 @0AA:07K20; 5==5BC 8=3C: 5=O A?@0H820;8  => 157 A;>2: MB> 1K;> =5?>A@54AB25==>5 >1I5=85 C<>2   'B> BK A45;0; 4;O 1;030 8;8 A>25@H5=AB2>20=8O G5;>25G5AB20? 0: 1K =8 ?@>B5:0;0 =0H0 687=L, => >=0 45;05B =0A B5<8, GB> <K 5ABL, :>340 <K C<8@05<.  BCB CG8BK205BAO 2A5, 01A>;NB=> 2A5. !  -B> 1K;> 2 =5?0;LA:>< <>=0ABK@5. !B0@59H89 87 682CI8E CG5=8:>2 <>53> <0AB5@0, 25;8:89 8;3> EL5=F5 8=?>G5, 70:0=G820; A2>5 ?>CG5=85. = 1K; >4=8< 87 2K40NI8EAO =0AB02=8:>2 =0H53> 2@5<5=8, CG8B5;5< A0<>3> 0;09;0<K 8 <=>38E 4@C38E <0AB5@>2, 284OI8E 2 =5< =58AB>I8<CN A>:@>28I=8FC <C4@>AB8 8 A>AB@040=8O. A5 <K =5 A2>48;8 3;07 A MB>3> :@>B:>3>, A8ONI53> 25;8:>3> G5;>25:0, CG5=>3>, ?>MB0 8 <8AB8:0, 4204F0BL 420 3>40 A2>59 687=8 ?@>254H53> 2 C548=5=88. ><>;G02, >= CAB@5<8; 273;O4 240;L: !59G0A <=5 A5<L45AOB 2>A5<L ;5B, 8 70 A2>N 687=L O <=>3> 2845;. !B>;L:> <>;>4KE ;N459 C<5@;>, AB>;L:> <>8E @>25A=8:>2 C<5@;>, AB>;L:> AB0@8:>2 C<5@;>. "0: <=>3> 1K2H8E 2KA>:>, >:070;8AL 2=87C. "0: <=>3> 1K2H8E 2=87C, >:070;8AL 2KA>:> 225@EC. 7<5=8;>AL B0: <=>3> AB@0=. K;> AB>;L:> 2>;=5=89 8 B@035489, AB>;L:> 2>9=, AB>;L:> C60A=>3> @07@CH5=8O ?> 2A5<C <8@C. > >4=0:> 2A5 MB8 ?5@5<5=K @50;L=K =5 1>;55, G5< A=>2845=85. A;8 24C<0BLAO 2 MB>, 2K >A>7=05B5, GB> =8GB> =5 ?>AB>O==> 8 =5 =587<5==>, 4065 <0;59H89 2>;>A>: =0 20H5< B5;5.  MB> =5 B5>@8O, => =5GB>, GB> 2K <>65B5 459AB28B5;L=> ?>=OBL, >A>7=0BL 8 4065 C2845BL 20H8<8 A>1AB25==K<8 3;070<8. / G0AB> A?@0H820N A51O: >G5<C 2A5 <5=O5BAO?  <=5 =0 C< ?@8E>48B B>;L:> >48= >B25B: "0:>20 687=L. 8GB>, 01A>;NB=> =8GB>, ?> A2>59 ?@8@>45 =5 4;8B5;L=>. C440 A:070;: -B> =0H5 ACI5AB2>20=85 ?@5E>4OI5, :0: >A5==85 >1;0:0. !;548BL 70 @>645=85< 8 A<5@BLN ACI5AB2  2A5 @02=>, GB> !<>B@5BL =0 42865=8O 2 B0=F5. AO 687=L  :0: 2A?KH:0 <>;=88 2 =515, @>=>A8BAO <8<>, :0: ?>B>: A :@CB>9 3>@K. 4=0 87 >A=>2=KE ?@8G8= =0H8E B@52>3 8 70B@C4=5=89 ?5@54 ;8F>< A<5@B8 A>AB>8B 2 B><, GB> <K 83=>@8@C5< BC 8AB8=C, GB> 2A5 ?@5E>4OI5. K AB>;L >BG0O==> AB@5<8<AO 2845BL 2A5 =587<5=5==K<, GB> =0< ?@8E>48BAO 25@8BL, 1C4B> 2A5 2A5340 >AB0=5BAO B0:8< 65. 4=0:> MB> 2A53> ;8HL =0H0 25@0, A>740==0O =0<8 A0<8<8.  :0: G0AB> <K >1=0@C68205<, GB> >=0 8<55B 8;8 <0;> >1I53> A @50;L=>ABLN, 8;8 2>>1I5 =8G53>. A:CAAB25==> A>740==0O, A >H81>G=K<8 A2545=8O<8, 845O<8 8 ?@54?>;>65=8O<8, 25@0 8<55B B> 7K1:>5 >A=>20=85, =0 :>B>@>< <K AB@>8< A2>8 687=8. !:>;L:> 1K =8 AB0@0;0AL 2<5H0BLAO 8AB8=0, <K 2A5 @02=> ?@54?>G8B05<, A 157=0456=>9 E@01@>ABLN, ?@>4>;60BL ?@8B2>@OBLAO. ;O =0H8E C<>2 87<5=5=8O 2A5340 =5ACB ?>B5@8 8 AB@040=8O.  :>340 >=8 ?@>8AE>4OB, <K 87> 2A5E A8; AB0@05<AO ?>4028BL 2 A515 8E >A<KA;5=85, GB>1K =5 GC2AB2>20BL 1>;8. #?@O<> =5 ?>72>;OO A515 A><=520BLAO, <K ?>;0305<, GB> =587<5==>ABL 405B 157>?0A=>ABL, 0 87<5=G82>ABL  =5B. 4=0:> =0 45;5 87<5=G82>ABL AE>4=0 A =5:>B>@K<8 ;N4L<8, 2AB@5G0NI8<8AO =0< 2 687=8, 2=0G0;5 =0< A =8<8 15A?>:>9=> 8 B@52>6=>, =>, C7=02 8E ?>;CGH5, <K 2848<, GB> >=8 1>;55 4@C65;N1=K 8 <5=55 15A?>:>OB =0A, G5< <K <>3;8 ?@54AB028BL. >4C<09B5 >1 MB><: A>7=020=85 87<5=G82>AB8, =54>;3>25G=>AB8 2A53>  MB>, ?0@04>:A0;L=>, 548=AB25==>5, =0 GB> <K <>65< ?>;>68BLAO, 1KBL <>65B, 548=AB25==>5, GB> <K <>65< 8<5BL. -B> ?>4>1=> =515A0< 8;8 75<;5. A;8 4065 2A5 @CE=5B 2>:@C3 =0A, >=8 >AB0NBAO. 0?@8<5@, <K 8A?KBK205< ?>B@OA0NI89 M<>F8>=0;L=K9 :@878A& 2AO 687=L, :065BAO, @07@CH5=0& <C6 8;8 65=0 2=570?=> 1@>A05B =0A. > 75<;O ?>?@56=5<C 745AL; =515A0 ?>?@56=5<C 745AL. >=5G=>, 4065 75<;O 8=>340 274@038205B, =0?><8=0O =0<, GB> =8G53> =5;L7O ?@8=8<0BL ?@>AB> :0: 40==>5& 065 C440 C<5@. 3> A<5@BL 1K;0 ?>CG5=85<, ?@54=07=0G5==K< 2AB@OE=CBL =082=KE, ;5=82KE 8 4>2>;L=KE, ?@>1C48BL =0A : B>9 8AB8=5, GB> 2A5 ?@5E>4OI5, 0 A<5@BL  =587156=K9 D0:B 687=8. @81;860OAL : A<5@B8, C440 A:070;: 7 2A5E >B?5G0B:>2 A;54>2 @52KH5 2A53> A;54 A;>=0; 7 2A5E 8A?>;=ONI8E C< <548B0F89 @52KH5 2A53>  > A<5@B8. A5340, CB@0G8205< ;8 <K 8AB8==K9 273;O4 =0 2A5 =0A >:@C60NI55 8;8 AB0=>28<AO 65@B2>9 ;5=8, @07<KH;5=8O > A<5@B8 8 ?@5E>4OI5< E0@0:B5@5 2A53> ACI53> 2AB@OE820NB =0A 8 2>72@0I0NB : 8AB8=5: 'B> @>645=>  C<@5B 'B> 1K;> A>1@0=>  1C45B @0AA5O=> 'B> =0:>?;5=>  1C45B ?>B@0G5=> 'B> ?>AB@>5=>  @CE=5B  GB> 1K;> 2KA>:>  1C45B =87:>. !59G0A CG5=K5 3>2>@OB =0<, GB> 2AO 2A5;5==0O ?@54AB02;O5B A>1>9 87<5=5=85, 45OB5;L=>ABL, ?@>F5AA  F5;>AB=>ABL ?>B>:0, ;560ICN 2 >A=>25 2A53>. 064>5 AC10B><=>5 2708<>459AB285 A>AB>8B 87 0==838;OF88 8AE>4=KE G0AB8F 8 A>740=8O =>2KE AC10B><=KE G0AB8F. !C10B><=K9 <8@ O2;O5BAO ?>AB>O==K< B0=F5< B2>@5=8O 8 0==838;OF88, ?5@5E>40 <0AAK 2 M=5@38N 8 M=5@388  2 <0AAC. 5CAB>9G82K5 D>@<K <3=>25==> 2>7=8:0NB 8 8AG570NB, A>74020O =5A:>=G05<CN, 25G=> A>B2>@O5<CN 2=>2L @50;L=>ABL. 'B> =0H0 687=L, :0: =5 MB>B B0=5F =5CAB>9G82KE D>@<? 0725 =5 <5=O5BAO 2A5 ?>AB>O==>: ;8ABLO =0 45@52LOE 2 ?0@:5, >A25I5=85 2 20H59 :><=0B5 2> 2@5<O GB5=8O MB8E AB@>:, 2@5<5=0 3>40, ?>3>40, 2@5<O 4=O, ;N48, 84CI85 <8<> 20A ?> C;8F5?  :0: 2K A0<8? 0725 2A5, GB> <K 45;0;8 2 ?@>H;><, A59G0A =5 :065BAO A=><? @C7LO, A :>B>@K<8 <K @>A;8, <5AB0, 345 <K 1K20;8 2 45BAB25, B5 273;O4K 8 <=5=8O, :>B>@KE <K :>340B> ?@845@6820;8AL 8 >BAB0820;8 A B0:>9 AB@0ABLN: 2A5 MB> <K >AB028;8 ?>7048. !59G0A, 2 MB>B <><5=B, @50;L=K< O2;O5BAO B>, GB> 2K G8B05B5 MBC :=83C.  4065 MB0 AB@0=8F0 A:>@> AB0=5B 2A53> ;8HL 2>A?><8=0=85<. ;5B:8 =0H53> B5;0 C<8@0NB, =59@>=K =0H53> <>730 453@048@CNB, 4065 2K@065=85 ;8F0 ?>AB>O==> <5=O5BAO C =0A 2 7028A8<>AB8 >B =0AB@>5=8O. ">, GB> <K =07K205< A2>8< >A=>2=K< E0@0:B5@><, MB> =5 1>;55, G5< ?>B>: C<0. !53>4=O =0< E>@>H>, ?>B><C GB> 45;0 84CB E>@>H>; 702B@0 <K GC2AB2C5< A51O A>25@H5==> 8=0G5. C40 45;>AL MB> E>@>H55 >ICI5=85? 1AB>OB5;LAB20 87<5=8;8AL, 8 =>2K5 2;8O=8O >2;045;8 =0<8; <K ?@5E>4OI8, MB8 2;8O=8O ?@5E>4OI8, 8 =8345 =5B =8G53> ?@>G=>3> 8;8 ?@>4>;68B5;L=>3>, =0 GB> <K <>3;8 1K C:070BL. 'B> <>65B 1KBL 1>;55 =5?@54A:07C5<>, G5< =0H8 <KA;8 8 M<>F88: 2K ?@54AB02;O5B5 B>, GB> ?>4C<05B5 8;8 ?>GC2AB2C5B5 2 A;54CNI55 <3=>25=85? $0:B8G5A:8 =0H C< AB>;L 65 ?CAB, =5?>AB>O=5= 8 =5CAB>9G82, :0: A=>2845=85. >A<>B@8B5 =0 <KA;L: >=0 ?@8E>48B, >AB05BAO =0 =5:>B>@>5 2@5<O  8 8AG5705B. @>H;>5  MB> ?@>H;>5, 1C4CI55 5I5 =5 2>7=8:;>, 8 4065 <KA;L 2 =0AB>OI5<, ?>:0 <K 55 @07<KH;O5<, AB0=>28BAO ?@>H;K<. 48=AB25==>5, GB> C =0A 459AB28B5;L=> 5ABL, MB> A59G0A, =0AB>OI89 <><5=B. =>340 ?>A;5 87;>65=8O CG5=8O >1 MB>< :> <=5 :B>=81C4L ?>4E>48B 8 3>2>@8B: A5 MB> >G5284=>! / 2A5340 MB> 7=0;. K <=5 A:068B5 GB>=81C4L =>2>5.  O A?@0H820N 53>: K 459AB28B5;L=> ?>=O;8 8 >A>7=0;8 8AB8=C, GB> 2A5 ?@5E>4OI5? K =0AB>;L:> A;8;8 55 A :064>9 20H59 <KA;LN, :064K< 4KE0=85< 8 42865=85<, GB> 20H0 687=L ?@5>1@078;0AL? 0409B5 A515 A;54CNI85 420 2>?@>A0: / 459AB28B5;L=> 2 :064K9 <><5=B ?><=N, GB> C<8@0N O, 2A5 >AB0;L=K5 8 2A5 >AB0;L=>5, 8 ?>MB><C >B=>HCAL :> 2A5< ACI5AB20< A A>AB@040=85<? !B0;> ;8 <>5 ?>=8<0=85 A<5@B8, ?@5E>4OI5AB8 2A53> AB>;L 3;C1>:8< 8 AB>;L MDD5:B82=K<, GB> O :064CN A5:C=4C ?>A2OI0N 4>AB865=8N ?@>A25B;5=8O? A;8 2K <>65B5 =0 >10 MB8 2>?@>A0 >B25B8BL  40 , B> B>340 2K 459AB28B5;L=> ?>=O;8, GB> 2A5 ?@5E>4OI5. ;020 III +(     "815B5, :>340 O 1K; 5I5 <0;, O A;KH0; @0AA:07 > @8H5 >B0<8, <>;>4>9 65=I8=5, :>B>@>9 ?>257;> 68BL 2> 2@5<5=0 C44K. >340 55 ?5@2><C @515=:C 1K;> >:>;> 3>40, >= 701>;5; 8 C<5@. #18B0O 3>@5<, ?@868<0O : A515 53> :@>H5G=>5 B5;>, @8H0 >B0<8 1@>48;0 ?> C;8F0<, C<>;OO 2A5E 2AB@5G=KE 40BL 59 ;5:0@AB2>, :>B>@>5 2>72@0B8;> 1K 55 48BO : 687=8. 4=8 ?@5=51@530;8, 4@C385 A<5O;8AL, =5:>B>@K5 AG8B0;8 55 AC<0AH54H59, => =0:>=5F 59 2AB@5B8;AO <C4@5F, A:0702H89, GB> 548=AB25==K9 2> 2A5< <8@5, :B> <>65B A>25@H8BL =C6=>5 59 GC4>, MB> C440.  >=0 ?@8H;0 : C445, 2>7;>68;0 B5;> A2>53> @515=:0 : 53> =>30< 8 @0AA:070;0 5<C A2>N 8AB>@8N. C440 2KA;CH0; 55 A 15A:>=5G=K< A>AB@040=85<. 0B5< >= ;0A:>2> A:070;: ABL B>;L:> >48= A?>A>1 ?><>GL B2>5<C 3>@N. 48 2 3>@>4 8 ?@8=5A8 <=5 >BBC40 3>@G8G=>5 A5<O, 27OB>5 87 4><0, 2 :>B>@>< =8:>340 =5 1K;> A<5@B8. @8H0 >B0<8 BCB 65 @04>AB=> >B?@028;0AL 2 3>@>4. =0 >AB0=>28;0AL C ?5@2>3> 65 4><0 8 A:070;0: C440 25;5; <=5 ?@8=5AB8 3>@G8G=>5 A5<O, 27OB>5 87 4><0, 2 :>B>@>< =8:>340 =5 1K;> A<5@B8. > 59 >B25B8;8:  MB>< 4><5 C<5@;> <=>3> ;N459. =0 ?>H;0 2 A;54CNI89 4><.  =5 A>AG8B0BL, A:>;L:> 2 =0H59 A5<L5 C<5@;>, A:070;8 59 B0<.  B0: >=0 ?>A5B8;0 B@5B89, 8 G5B25@BK9, 8 A;54CNI89 4><, ?>:0 =5 >1>H;0 25AL 3>@>4 8 ?>=O;0, GB> CA;>285 C44K =52K?>;=8<>. =0 >B=5A;0 B5;> A2>53> @515=:0 =0 :;0418I5 8 ?@>AB8;0AL A =8<, 0 70B5< 25@=C;0AL : C445. "K ?@8=5A;0 MB> 3>@G8G=>5 A5<O?  A?@>A8; >=. 5B, A:070;0 >=0. / =0G8=0N ?>=8<0BL C@>:, :>B>@K9 BK AB0@05HLAO <=5 40BL. >@5 >A;5?8;> <5=O 8 O 4C<0;0, GB> B>;L:> O >4=0 ?>AB@040;0 >B @C:8 A<5@B8. >G5<C BK 25@=C;0AL?  A?@>A8; C440. 'B>1K ?>?@>A8BL B51O =0CG8BL <5=O 8AB8=5, >B25B8;0 >=0, > B><, GB> 5ABL A<5@BL, GB> <>65B 1KBL 70 A<5@BLN 8 2=5 55, 8 5ABL ;8 2> <=5 GB>B>, GB> =5 C<@5B, 8 GB> MB> B0:>5.  C440 AB0; CG8BL 55: A;8 BK 65;05HL ?>7=0BL 8AB8=C > 687=8 8 A<5@B8, B> 4>;6=0 ?>AB>O==> @07<KH;OBL 2>B =04 G5<: 2> 2A5;5==>9 5ABL B>;L:> >48= =587<5==K9 70:>=, 8 >= A>AB>8B 2 B><, GB> 2A5 4>;6=> <5=OBLAO, 8 GB> 2A5 ?@5E>4OI5. !<5@BL B2>53> @515=:0 ?><>3;0 B515 C2845BL, GB> <8@, 2 :>B>@>< <K =0E>48<AO  A0=A0@0  MB> >:50= =52K=>A8<>3> AB@040=8O. ABL >48= ?CBL, 8 B>;L:> >48=, 2KE>40 87 15A:>=5G=>3> :@C30 @>645=89 8 A<5@B59 A0=A0@K, 8 MB> ?CBL : >A2>1>645=8N.  ?>B><C, GB> A59G0A 1>;L ?>43>B>28;0 B51O : CG515, 8 B2>5 A5@4F5 >B:@K205BAO 8AB8=5, O ?>:06C 53> B515. @8H0 >B0<8 ?@5:;>=8;0 :>;5=8 C 53> =>3. =0 A;54>20;0 70 C44>9 2AN >AB02HCNAO 687=L. >2>@OB, GB> : A<5@B8 >=0 4>AB83;0 ?@>A25B;5=8O.  /" ! " AB>@8O @8H8 >B0<8 ?>:07K205B =0< >G5284=>5: 1;87:0O 2AB@5G0 A> A<5@BLN <>65B ?@825AB8 : @50;L=><C ?@>1C645=8N, : ?@5>1@065=8N 2A53> =0H53> ?>4E>40 : 687=8. >7L<5<, =0?@8<5@, ?5@56820=8O A>AB>O=89, 1;87:8E : A<5@B8. 025@=>5, >4=8< 87 =081>;55 206=KE >B:@>25=89, A2O70==KE A =8<8, O2;O5BAO ?@5>1@065=85 687=8 B5E, :B> ?@>H5; G5@57 MB>. AA;54>20B5;8 >B<5G0;8 ?>@078B5;L=K5 A;54AB28O 8 ?5@5<5=K: C<5=LH5=85 AB@0E0 A<5@B8 8 C3;C1;5==>5 ?@8=OB85 55; ?>2KH5==>5 AB@5<;5=85 ?><>30BL 4@C38< ;N4O<; ;CGH55 ?@54AB02;5=85 > B><, =0A:>;L:> 206=0 ;N1>2L; A=865=85 708=B5@5A>20==>AB8 2 ?@5A;54>20=88 <0B5@80;L=KE F5;59; 2>7@0AB0=85 25@K 2 4CE>2=K5 AD5@K 8 4CE>2=K9 A<KA; 687=8; 8, :>=5G=>, 1>;LHCN C15645==>ABL 2 687=L ?>A;5 A<5@B8. 48= G5;>25: B0: A:070; 5==5BC 8=3C: 7 B>3>, :B> ?>B5@O;AO 8 15AF5;L=> 1;C640;, =5 8<5O 2 687=8 8=>9 F5;8, G5<, AB@5<;5=85 : <0B5@80;L=><C 1;03>A>AB>O=8N, O 1K; ?@5>1@065= 2 G5;>25:0 A 3;C1>:8< ?>1C645=85<, F5;LN 2 687=8, >?@545;5==K<8 AB@5<;5=8O<8 8 A8;L=59H59 C15645==>ABLN 2 B><, GB> 2 :>=F5 687=8 5ABL 2>7=03@0645=85. >O 708=B5@5A>20==>ABL 2 <0B5@80;L=KE 1;030E 8 AB@0ABL : >1;040=8N A<5=8;8AL 6064>9 4CE>2=>3> ?>=8<0=8O 8 AB@0AB=K< 65;0=85< C2845BL C;CGH5=85 A>AB>O=8O =0H53> <8@0. 4=0 65=I8=0 @0AA:070;0 0@3> @59, 1@8B0=A:>9 8AA;54>20B5;L=8F5, 70=8<0NI59AO 87CG5=85< ?5@56820=89 2 A>AB>O=8OE, 1;87:8E : A<5@B8: >AB5?5==> O ?>GC2AB2>20;0 >G5=L 8=B5=A82=K9 @>AB GC2AB20 ;N128, A?>A>1=>ABL A2>N ;N1>2L ?5@54020BL 4@C38<, =0E>48BL @04>ABL 8 C4>2>;LAB28O 2 A0<KE =8GB>6=KE <5;>G0E& # <5=O @0728;>AL >3@><=>5 A>GC2AB285 : C<8@0NI8< 1>;L=K<, 8 O B0: E>B5;0 A>>1I8BL 8<, 40BL 8< :0:8<B> >1@07>< >A>7=0BL, GB> C<8@0=85 G5;>25:0  =5 1>;55, G5< ?@>4>;65=85 53> 687=8. K 2A5 7=05<, GB> C3@>60NI85 687=8 :@878AK, B0:85, :0: BO65;0O 1>;57=L, <>3CB 2K7K20BL AB>;L 65 3;C1>:85 ?@5>1@065=8O. @0G $@840 M9;>@ >B206=> 25;0 A2>9 4=52=8: 2 B> 2@5<O, :0: C<8@0;0 >B @0:0. =0 2K@078;0 MB> B0:: # <5=O 1K;8 B0:85 ?5@56820=8O, :>B>@KE O =8:>340 1K =5 8A?KB0;0, 5A;8 1K =5 @0:. !<8@5=85, ?@8=OB85 <>59 A>1AB25==>9 A<5@B=>AB8, ?>7=0=85 <>59 2=CB@5==59 A8;K, GB> ?>AB>O==> 87C<;O5B <5=O, 8 5I5 <=>3>5 4@C3>5, >B:@KB>5 2 A515 1;03>40@O B><C, GB> <=5 ?@8H;>AL >AB0=>28BLAO, 70=>2> >F5=8BL A2>9 ?CBL 8 ?@>4>;68BL 53>.  5A;8 <K 2>8AB8=C A<>65< 70=>2> >F5=8BL A2>9 ?CBL 8 ?@>4>;68BL 53> A> 2=>2L =0945==K< A<8@5=85< 8 >B:@KB>ABLN, 8 A @50;L=K< ?@8=OB85< =0H59 A>1AB25==>9 A<5@B8, B> >1=0@C68<, GB> AB0;8 =081>;55 2>A?@88<G82K : 4CE>2=><C >1CG5=8N 8 4CE>2=K< 70=OB8O<. -B0 2>A?@88<G82>ABL <>65B B0:65 ?>:070BL =0< 5I5 >4=C GC45A=CN 2>7<>6=>ABL  =0AB>OI53> 8AF5;5=8O. / 2A?><8=0N >4=C 0<5@8:0=:C A@54=8E ;5B, :>B>@0O 2 1976 3>4C, 2 LN>@:5, ?@8H;0 : C46><C 8=?>G5. =0 =5 >G5=L 8=B5@5A>20;0AL A0<8< 1C4487<><, => ?@8H;0, C7=02 > ?>O2;5=88 2 3>@>45 25;8:>3> <0AB5@0. !<5@B5;L=> 1>;L=0O, >=0 2 >BG0O=88 1K;0 3>B>20 =0 2A5, 4065 =0 ?><>IL B815BA:>3> <0AB5@0!  B> 2@5<O O 1K; 53> ?5@52>4G8:><. =0 2>H;0 2 :><=0BC 8 A5;0 ?5@54 C46><>< 8=?>G5. =0 =0AB>;L:> 1K;0 2728=G5=0 8770 A2>53> A>AB>O=8O 8 53> ?@8ACBAB28O, GB> @0A?;0:0;0AL 8 A@07C 65 2K?0;8;0: >9 2@0G A:070;, GB> <=5 >AB0;>AL 68BL 2A53> =5A:>;L:> <5AOF52. K <>65B5 <=5 ?><>GL? / C<8@0N.  55 87C<;5=8N, C46>< 8=?>G5 AB0; B8E> A<5OBLAO, <O3:> 8 2 B> 65 2@5<O A>GC2AB25==>. 0B5< >= A?>:>9=> A:070;: 848B5 ;8, 2A5 <K C<8@05<. -B> B>;L:> 2>?@>A 2@5<5=8. @>AB> =5:>B>@K5 87 =0A C<8@0NB @0=LH5 4@C38E. -B8<8 =5A:>;L:8<8 A;>20<8 >= ?><>3 59 C2845BL 2A5>1I=>ABL A<5@B8, 8 ?>=OBL, GB> 55 ?@81;860NI0OAO A<5@BL =5 C=8:0;L=0. -B> >1;53G8;> 55 B@52>3C. 0B5< >= AB0; 3>2>@8BL A =59 >1 C<8@0=88 8 > ?@8=OB88 A<5@B8. = @0AA:070; > =045645, GB> 5ABL 2 A<5@B8. , =0:>=5F, >= =0CG8; 55 4CE>2=>9 ?@0:B8:5 8AF5;5=8O, :>B>@CN >=0 A M=BC7807<>< 2>A?@8=O;0. =0 =5 B>;L:> ?@8H;0 : ?@8=OB8N A<5@B8, => 8 2K74>@>25;0, 2K?>;=OO A ?>;=59H59 :>=F5=B@0F859 MBC 4CE>2=CN ?@0:B8:C. =5 8725AB=> <=>3> 4@C38E A;CG052 A> A<5@B5;L=> 1>;L=K<8, :>B>@K<, ?> <=5=8N 2@0G59, >AB0;>AL 68BL ;8HL =5A:>;L:> <5AOF52. > 2 C548=5=88, 70=8<0OAL 4CE>2=>9 ?@0:B8:>9 8 459AB28B5;L=> AB0=>2OAL ;8F>< : A515 A0<8< 8 D0:BC A<5@B8, >=8 2K74>@02;820;8.  G5< MB> 3>2>@8B?  B><, GB>, :>340 <K ?@8=8<05< A<5@BL, ?@5>1@07C5< A2>5 >B=>H5=85 : 687=8 8 >B:@K205< >A=>2>?>;030NICN A2O7L <564C 687=LN 8 A<5@BLN, <>65B 2>7=8:=CBL ?>@078B5;L=0O 2>7<>6=>ABL 8AF5;5=8O. C448ABK "815B0 25@OB, GB> 1>;57=8, ?>4>1=K5 @0:C, <>3CB A;C68BL ?@54C?@5645=85<, =0?><8=0NI8< =0< > B><, GB> <K ?@5=51@5305< 3;C18==K<8 AB>@>=0<8 =0H53> 1KB8O, B0:8<8, :0: =0H8 4CE>2=K5 ?>B@51=>AB8. A;8 G5;>25: A5@L57=> 2>A?@8=8<05B MB> ?@54C?@5645=85 8 87<5=O5B 2 A0<>9 >A=>25 =0?@02;5=85 A2>59 687=8, B> 5ABL 25AL<0 @50;L=0O =045640 =0 8AF5;5=85 =5 B>;L:> 53> B5;0, => 8 2A53> 53> ACI5AB20.    #% ! " #3;C1;5==>5 @07<KH;5=85 > 1@5==>AB8 2A53> ACI53>, ?>4>1=>5 @074C<LO< @8H0 >B0<8, ?@82>48B : 3;C18==><C ?>=8<0=8N 8AB8=K, AB>;L A8;L=> 2K@065==>9 2 A;54CNI5< >B@K2:5 87 ?>M<K A>2@5<5==>3> <0AB5@0 L>HC;0 E5=?>: A5 ?> ?@8@>45 A2>59 8;;N7>@=> 8 <8<>;5B=>. "5, C :>3> 2>A?@8OB85 4C0;8AB8G=>, AG8B0NB AB@040=85 AG0ABL5<, ?>4>1=> B><C, :B> A;87K205B <54 A ;5728O 1@8B2K. 0: 60;:8 B5, :B> F5?;O5BAO 70 :>=:@5B=CN @50;L=>ABL: =0?@02LB5 A2>5 2=8<0=85 2=CB@L A51O, <>8 <8;K5 4@C7LO. > :0: 65 B@C4=> 1K205B =0?@028BL A2>5 2=8<0=85 2=CB@L A51O! 0: ?@>AB> <K ?>72>;O5< A2>8< AB0@K< ?@82KG:0< 8 CAB>O2H8<AO <0=5@0< ?>2545=8O ?>25;520BL =0<8! 065, :0: 3>2>@8BAO 2 ?>M<5 L>HC;0 E5=?>, <K ?@8=8<05< 8E A ?>GB8 D0B0;8AB8G=>9 @5H8<>ABLN, E>BO >=8 ?@8=>AOB =0< AB@040=8O, => <K B0: ?@82K:;8 8< CABC?0BL. K <>65< 8450;878@>20BL A2>1>4C, =>, :>340 45;> 4>E>48B 4> =0H8E ?@82KG5:, <K ?>;=>ABLN 2 @01AB25 C =8E. > 2A5 65 @07<KH;5=85 A?>A>1=> ?>AB5?5==> ?@825AB8 =0A : <C4@>AB8. K A<>65< C2845BL, :0: 2=>2L 8 2=>2L 2?0405< 2 =587<5==K5 ?>2B>@ONI85AO ?@82KG=K5 ?>A;54>20B5;L=>AB8 459AB289, 8 ?>?@>1C5< 2K@20BLAO, 87 =8E. K, :>=5G=>, <>65< 2=>2L ?>4?040BL ?>4 8E 2;8O=85, => ?>AB5?5==> >A2>1>48<AO >B =8E 8 87<5=8<AO. !B8E>B2>@5=85, :>B>@>5 O ?@82>6C =865, >1@0I5=> :> 2A5<. => =07K205BAO 2B>18>3@0D8O 2 ?OB8 3;020E. 1./ 84C ?> C;8F5. 0 B@>BC0@5 3;C1>:0O O<0. / BC40 ?040N& / ?>B5@O;AO. 04564K =5B. -B> =5 <>O 28=0. / F5;CN 25G=>ABL 8IC, :0: 2K1@0BLAO. 2./ 84C ?> B>9 65 C;8F5. 0 B@>BC0@5 3;C1>:0O O<0. / ?@8B2>@ONAL, GB> =5 286C 55. / A=>20 BC40 ?040N. 5 <>3C ?>25@8BL, GB> >?OBL >:070;AO 2 B>< 65 <5AB5. > MB> =5 <>O 28=0. >?@56=5<C >G5=L 4>;3> =5 <>3C 2K1@0BLAO. 3./ 84C ?> B>9 65 C;8F5. 0 B@>BC0@5 3;C1>:0O O<0. / 286C, GB> >=0 BCB. / 2A5B0:8 2 =55 ?040N& MB> ?@82KG:0. >8 3;070 >B:@KBK. / 7=0N, 345 O. -B> / 28=0. / BCB 65 2K18@0NAL >BAN40. 4./ 84C ?> B>9 65 C;8F5, 0 B@>BC0@5 3;C1>:0O O<0. / 55 >1E>6C. 5./ 84C ?> 4@C3>9 C;8F5. &5;L @07<KH;5=89 > A<5@B8  ?@>8725AB8 @50;L=CN ?5@5<5=C 2 3;C18=0E 20H53> A5@4F0, GB>1K =0CG8BLAO, :0: 871530BL O<K =0 B@>BC0@5 8 :0: 84B8 ?> 4@C3>9 C;8F5. ;O MB>3> ?>@>9 =5>1E>48<> ?@>25AB8 >?@545;5==>5 2@5<O 2 >48=>G5AB25, 2 C3;C1;5==>< @07<KH;5=88, ?>B><C GB> B>;L:> >=> <>65B 459AB28B5;L=> >B:@KBL =0H8 3;070 =0 B>, GB> <K 45;05< A =0H8<8 687=O<8. !>45@60=85 A<5@B8 A>2A5< =5 >1O70B5;L=> 4>;6=> 1KBL ?C30NI8< 8;8 <@0G=K<. >G5<C 1K =5 ?>@07<KH;OBL > A<5@B8, :>340 2K 459AB28B5;L=> GC2AB2C5B5 24>E=>25=85, :>340 2K @0AA;01;5=K, C4>1=> ;568B5 2 ?>AB5;8, >B4KE05B5 8;8 A;CH05B5 =081>;55 ?@8OB=CN 20< <C7K:C? >G5<C =5 ?>@07<KH;OBL > =59, :>340 2K AG0AB;82K, 74>@>2K, C25@5==K 8 ?>;=K >ICI5=8O 1;03>?>;CG8O? 0725 2K =5 70<5G0;8, GB> ACI5AB2CNB B0:85 >A>1K5 <><5=BK, :>340 2K 5AB5AB25==> A:;>==K : 703;O4K20=8N 2=CB@L A51O? 5@56=> @01>B09B5 A =8<8, ?>B><C GB> MB8 <><5=BK :0: @07 8 O2;ONBAO B5<8, 2 :>B>@K5 2K <>65B5 ?@>9B8 G5@57 >G5=L A8;L=>5 ?5@56820=85, 8 25AL 20H 273;O4 =0 687=L <>65B 1KAB@> ?5@5<5=8BLAO . -B> B5 <><5=BK, :>340 ?@56=85 25@>20=8O A0<8 ?> A515 @0AAK?0NBAO, 8 2K <>65B5 >1=0@C68BL, GB> ?@5>1@0605BAO 2A5 20H5 ACI5AB2>. 07<KH;5=85 > A<5@B8 ?@8=5A5B 20< C3;C1;ONI55AO >ICI5=85 B0: =07K205<>3> >B@5G5=8O, =35 N=3, ?>B815BA:8. 35 >7=0G05B 459AB28B5;L=> 8;8 >?@545;5==>, 0 N=3  2K9B8 =0@C6C, ?>O28BLAO 8;8 1KBL @>645==K<.  @57C;LB0B5 ?>AB>O==KE C3;C1;5==KE @07<KH;5=89 > A<5@B8 2K >1=0@C68B5, GB> ?>O2;O5B5AL, >A2>1>640OAL >B A2>53> ?@82KG=>3> ?>2545=8O, ?>@>9 A GC2AB2>< >B2@0I5=8O : =5<C. K >1=0@C68B5, GB> ?>AB5?5==> ?@82KG:8 B5@ONB A2>5 2;8O=85 =0 20A, 8 =0:>=5F A<>65B5 >A2>1>640BLAO >B =8E B0: 65 ;53:>, :0:, ?> A;>20< <0AB5@>2, ;53:> 2KBO=CBL 2>;>A>: 87 :CA:0 <0A;0. -B> >B@5G5=85, : :>B>@><C 2K ?@845B5, =5A5B 2 A515 >4=>2@5<5==> ?5G0;L 8 @04>ABL: ?5G0;L, ?>B><C GB> 2K A>7=05B5 BI5B=>ABL A2>8E ?@56=8E ?CB59, 8 @04>ABL  1;03>40@O :>;>AA0;L=><C 2845=8N, =0G8=0NI5<C @072>@0G820BLAO ?5@54 20<8 ?>A;5 >B:070 >B =8E. -B> =5 >1KG=0O @04>ABL. -B> @04>ABL, @>640NI0O =>2CN 8 1>;55 3;C1>:CN A8;C, C25@5==>ABL, =5?@5:;>==>5 24>E=>25=85, >B >A>7=0=8O B>3>, GB> 2K A2>1>4=K >B A2>8E ?@82KG5:, GB> 2K 459AB28B5;L=> <>65B5 2K9B8 87 =8E, GB> 2K <>65B5 87<5=OBLAO 8 AB0=>28BLAO 2A5 1>;55 8 1>;55 A2>1>4=K<8. ! & ! " 52>7<>6=> 1K;> 1K 2>>1I5 ?>7=0BL A<5@BL, 5A;8 1K >=0 ?@8E>48;0 : =0< ;8HL >48= @07. >, : AG0ABLN, 687=L  MB> =5 1>;55, G5< 2A5 ?@>4>;60NI89AO B0=5F @>645=8O 8 A<5@B8, B0=5F ?5@5<5=. 064K9 @07, :>340 O A;KHC HC< 3>@=>3> ?>B>:0 8;8 2>;=, =01530NI8E =0 15@53, 8;8 <>53> A>1AB25==>3> A5@4F5185=8O, O A;KHC HC<, >B@060NI89 ?@5E>4OICN ?@8@>4C ACI53>. -B8 ?5@5<5=K, MB8 <0;K5 A<5@B8, ?@54AB02;ONB A>1>9 =0H8 682K5 A2O78 A> A<5@BLN. =8 O2;ONBAO ?C;LA>< A<5@B8, A5@4F5185=85< A<5@B8, ?>1C640NI8< =0A >B:070BLAO >B 2A5E 25I59, 70 :>B>@K5 <K F5?;O5<AO, C9B8 >B =8E. "0: 40209B5 B>340 @01>B0BL A MB8<8 ?5@5<5=0<8 A59G0A, ?@8 687=8: MB> @50;L=K9 A?>A>1 ?>43>B>28BLAO : A<5@B8. 87=L <>65B 1KBL ?>;=0 1>;8, AB@040=8O 8 B@C4=>AB59, => 2A5 MB>  2>7<>6=>AB8 ?><>I8 2 =0H5< ?@>42865=88 : M<>F8>=0;L=><C ?@8=OB8N A<5@B8. 8HL ?@8 25@5 2 ?>AB>O=AB2>, 8 =587<5==>ABL <K >B25@305< 2>7<>6=>ABL CG8BLAO ?@8 =01;N45=88 ?5@5<5=.  MB>< A;CG05 <K 70:@K205<AO 8 =0G8=05< F5?;OBLAO 70 B>, GB> 8 5ABL 8AB>G=8: 2A5E =0H8E ?@>1;5<. >A:>;L:C D0:B ?@5E>4OI5AB8 2A53> 4;O =0A B@52>65=, <K >BG0O==> F5?;O5<AO 70 GB>B>, ?> =0H5<C <=5=8N, =587<5==>5. K 8A?KBK205< C60A ?@8 <KA;8, GB> <>6=> GB>B> >B?CAB8BL, <K D0:B8G5A:8 2 C60A5 >B 687=8 2>>1I5, ?>A:>;L:C =0CG8BLAO 68BL  MB> =0CG8BLAO >B?CA:0BL, >B:07K20BLAO >B G53>B> .  MB><B> 8 A>AB>8B B@03548O, 8 8@>=8O =0H53> AB@5<;5=8O C45@60BL GB> C3>4=>: MB> =5 B>;L:> =52>7<>6=>, => 8 ?@8G8=O5B =0< BC A0<CN 1>;L, >B :>B>@>9 <K E>B8< A?0AB8AL. %>BO =0<5@5=85, A:@KB>5 70 =0H59 A:;>==>ABLN F5?;OBLAO, <>65B 8 =5 1KBL 4C@=K<: =5B =8G53> ?;>E>3> 2 65;0=88 1KBL AG0AB;82K<, >4=0:> B>, 70 GB> <K F5?;O5<AO, ?> A2>59 ?@8@>45 4;O MB>3> =5?@83>4=>. "815BFK 3>2>@OB, GB> =52>7<>6=> 42064K 2K<KBL >4=C 8 BC 65 3@O7=CN @C:C 2 >4=>< 8 B>< 65 ?>B>:5, 8 :0: A8;L=> =5 A68<09 ?@83>@H=N ?5A:0, 87 =53> =8:>340 =5 2K60BL <0A;0. AB8==> 2>A?@8=OBL A5@4F5< ?@5E>4OICN ?@8@>4C 2A53> ACI53>  MB> ?>AB5?5==> >A2>1>48BLAO >B A0<>9 8458 70F5?8BLAO 70 GB>B>, >B =0H53> CI5@1=>3> 8 @07@CH8B5;L=>3> 273;O40 =0 =587<5==>ABL, >B ;>6=>9 6064K 157>?0A=>AB8, =0 :>B>@>9 <K 2A5 AB@>8<. 54;5==> <K ?>AB8305<, GB> 2A5 4CH52=K5 AB@040=8O, G5@57 :>B>@K5 <K ?@>H;8, F5?;OOAL 70 =52>7<>6=>5, 1K;8 ?@8 1>;55 3;C1>:>< >A<KA;5=88, =5=C6=K<8. =0G0;5 B0:>5 2>A?@8OB85 B>65 <>65B 1KBL 1>;57=5==K<, ?>A:>;L:C >=> :065BAO AB>;L =5?@82KG=K<. > 2 @57C;LB0B5 @07<KH;5=89 >1 MB>< =0H5 A5@4F5 8 C< ?>AB5?5==> 1C4CB ?@5>1@07>20=K. !0<> >A2>1>645=85, >B:07, =0G=5B >ICI0BLAO 2A5 1>;55 5AB5AB25==K<, AB0=5B 2A5 1>;55 8 1>;55 ;53:8<. >65B C9B8 <=>3> 2@5<5=8 =0 ?>;=>5 >A>7=0=85 2A59 AB5?5=8 =0H53> 157@0AAC4AB20, =>, G5< 1>;LH5 <K 1C45< @07<KH;OBL, B5< 1>;LH5 1C45B A>25@H5=AB2>20BLAO 273;O4, ?>72>;ONI89 =0< >B?CA:0BL B>, 70 GB> <K F5?;O;8AL; 8<5==> B>340 8 ?@>8AE>48B ?5@5<5=0 2 =0H5< @0AA<>B@5=88 2A53> ACI53>. 54>AB0B>G=> ?@>AB> @07<KH;OBL > ?@5E>4OI59 ?@8@>45 2A53>, :0: B0:>2>9. 0< =C6=> @01>B0BL A MB8< 2 ?>2A54=52=>9 687=8, :0: ?@8 87CG5=88 <548F8=K 87CG0BL B5>@88 8 ?@>E>48BL ?@0:B8:C; 2 687=8 ?@0:B8G5A:>5 >1CG5=85 ?@>8AE>48B 745AL, A59G0A, 2 ;01>@0B>@88 ?5@5<5=. @>8AE>4OI85 ?5@5<5=K <K CG8<AO @0AA<0B@820BL A =>2K< ?>=8<0=85<.  E>BO >=8 ?>?@56=5<C 1C4CB ?@>8AE>48BL B>G=> B0: 65, :0: 8 @0=LH5, GB>B> 2 =0A A0<8E 1C45B 8=K<. "5?5@L 2AO A8BC0F8O 1C45B <5=55 =0?@O65==>9, <5=55 8=B5=A82=>9 8 1>;57=5==>9; 4065 2;8O=85 459AB2CNI8E =0 =0A ?5@5<5= <K 2>A?@8<5< <5=55 A8;L=>.  A :064K< A;54CNI8< 87<5=5=85< <K 1C45< A>7=020BL GCBL 1>;LH5, 8 =0H 273;O4 =0 687=L 1C45B AB0=>28BLAO 2A5 3;C165 8 H8@5. " !   0209B5 ?>AB028< >?KB. >7L<8B5 <>=5BC. @54AB02LB5 A515, GB> >=0 >;8F5B2>@O5B B>B ?@54<5B, 70 :>B>@K9 2K F5?;O5B5AL. @5?:> A>6<8B5 55 2 :C;0:5 8 2KBO=8B5 @C:C, ?>25@=C2 :8ABL 2=87. "5?5@L, 5A;8 2K >B?CAB8B5 <>=5BC 8;8 @0AA;018B5 @C:C, B> ?>B5@O5B5 B>, 70 GB> 2K F5?;O5B5AL: 2>B ?>G5<C 2K ?@>4>;605B5 =0?@O30BLAO. ABL 4@C30O 2>7<>6=>ABL: 2K <>65B5 >B?CAB8BL <>=5BC 8 >4=>2@5<5==> A>E@0=8BL 55. >?@56=5<C 2KBO=C2 @C:C 2 AB>@>=C, ?>25@=8B5 :8ABL 2 =0?@02;5=88 =510. 07>6<8B5 @C:C, 8 <>=5B0 ?>?@56=5<C 1C45B ;560BL =0 >B:@KB>9 ;04>=8. K >B?CAB8;8.  <>=5B0 >AB0;0AL 20H59, 4065 2 >:@C65=88 >3@><=>3> ?@>AB@0=AB20. =0G8B, 5ABL 2>7<>6=>ABL >4=>2@5<5==> ?@8=OBL ?@5E>4OI89 E0@0:B5@ 2A53> ACI53> 8 ?>?@56=5<C =0A;0640BLAO 687=LN, =8 70 GB> =5 F5?;OOAL. 0209B5 B5?5@L @0AA<>B@8< A;CG08 2708<>>B=>H5=8O ;N459. G5=L G0AB> B>;L:> 2 <><5=BK ?>B5@8 A2>8E 1;87:8E G5;>25: >A>7=05B, GB> ;N18B 8E. 0G8=0O A8;L=55 F5?;O5BAO 70 :>3>B>, >= 4>18205BAO B>;L:> B>3>, GB> 4@C3>9 G5;>25: AB@5<8BAO >B =53> >A2>1>48BLAO, 8E 2708<>>B=>H5=8O AB0=>2OBAO <5=55 ?@>G=K<8. 0: G0AB> <K AB@5<8<AO : AG0ABLN B0: =5C<5;> 8 =5C:;N65, GB> ;8HL C<=>605< =0H5 3>@5. 1KG=> <K ?>;0305<, GB> 4;O >1;040=8O B5<, GB> >15A?5G8B =0< AG0ABL5, =C6=> 70 MB> CF5?8BLAO. K A?@0H8205< A51O: :0: <>65< <K G5<;81> =0A;0640BLAO, 5A;8 =5 <>65< MB8< 2;045BL?  :0: 65 G0AB> <K >H81>G=> ?@8=8<05< ?@82O70==>ABL 70 ;N1>2L! 065 2 A;CG05 ACI5AB2>20=8O E>@>H8E 2708<>>B=>H5=89, ;N1>2L AB@0405B >B MB>9 ?@82O70==>AB8, A 55 =5C25@5==>ABLN, 3>@4K=59, 65;0=85< >1;040BL; 0 :>340 ;N1>2L CE>48B, >AB0NBAO ;8HL ?0<OB:8 ;N128, H@0<K ?@82O70==>AB8. 'B> <K <>65< A45;0BL, GB>1K ?@5>4>;5BL ?@82O70==>ABL? A>7=0BL ?@5E>4OI89 E0@0:B5@ 55 ?@8@>4K, 8<5==> MB> <54;5==> 2KA2>1>6405B =0A 87 55 F5?:>9 E20B:8. K =0G8=05< 2845BL B> 8AB8==> 4>;6=>5, ?> A;>20< <0AB5@>2, >B=>H5=85 : ?5@5<5=0<, A;>2=> <K  =51>, 278@0NI55 =0 ?@>?;K20NI85 >1;0:0, 8;8 A;>2=> <K A2>1>4=K, :0: @BCBL. >340 @BCBL ?@>;8205BAO =0 75<;N, >=0 ?> A0<>9 A2>59 ?@8@>45 >AB05BAO =5?@>=8F05<>9: >=0 =8:>340 =5 A<5H8205BAO A ?K;LN.  B> 2@5<O, :0: <K AB0@05<AO A;54>20BL A>25BC <0AB5@>2 8 ?>AB5?5==> >A2>1>6405<AO >B ?@82O70==>AB8, 2 =0A 2KA2>1>6405BAO A?>A>1=>ABL : 25;8:><C A>AB@040=8N. 1;0:0  AB@5<;5=8O CF5?8BLAO 70 GB>;81>  @0AE>4OBAO 8 @0AA5820NBAO, 8 =0G8=05B A8OBL A>;=F5 =0H53> 8AB8==> A>GC2AB2CNI53> A5@4F0. <5==> B>340 <K =0G8=05< >ICI0BL 2 A0<KE 3;C18=0E A2>59 ACI=>AB8 2>72KH5==CN 8AB8=C, :>B>@CN #8;LO< ;59: 2K@078; A;54CNI8<8 A;>20<8: B> @04>ABL A ?@8=C645=L5< ?@8=8<05B, ">B :@K;LO A2>59 687=8 >1@5705B. B> @04>ABL 1C45B B@5?5B=> ;N18BL.  2>AE>45 87=8 5G=>9 1C45B 68BL. #% "/ %>BO =0A 8 70AB028;8 25@8BL, GB> 5A;8 <K >A2>1>48<AO >B B>3>, 70 GB> F5?;O5<AO, B> 2 :>=F5 :>=F>2 >AB0=5<AO =8 A G5<, => A0<0 687=L 2=>2L 8 2=>2L >B:@K205B =0<, GB> 8AB8==> :0: @07 ?@>B82>?>;>6=>5: >B?CA:0BL  MB> ?CBL : @50;L=>9 A2>1>45. "0: 65 :0: 2>;=K, 1LNI85 > 15@53, >1B0G820NB A:0;K 8 ?@840NB 8< ?@5:@0A=K5 D>@<K, 8 =0H8 E0@0:B5@K <>3CB <5=OBL A2>N D>@<C: =0H8 >AB@K5 3@0=8 <>3CB A3;06820BLAO ?>4 459AB285< ?5@5<5=. -B8 459AB2CNI85 =0 =0A ?5@5<5=K <>3CB =0CG8BL =0A, :0: @0728BL A?>:>9=>5 8 =5?>:>;518<>5 A>AB>O=85 4CE0. @8 MB>< =0H0 C25@5==>ABL 2>7@0AB05B 8 AB0=>28BAO B0:>9 A8;L=>9, GB> <K 5AB5AB25==> =0G8=05< 8AB>G0BL 4>1@>BC 8 A>GC2AB285, ?@8=>AO @04>ABL >:@C60NI8<. -B0 4>1@>B0 5ABL B>, GB> 6825B ?>A;5 A<5@B8, MB0 B0 >A=>2>?>;030NI0O 4>1@>B0, :>B>@0O 5ABL 2 :064>< 87 =0A. AO =0H0 687=L 5ABL >1CG5=85 @0A:@KB8N 2 A515 MB>9 <>3CG59 4>1@>BK, >1CG5=85 55 >ACI5AB2;5=8N. B0:, :064K9 @07, :>340 ?>B5@8 8 >1<0=K 687=8 CG0B =0A ?@5E>4OI5AB8 2A53>, MB> ?@81;8605B =0A : 8AB8=5. >340 ?0405HL A 1>;LH>9 2KA>BK, <>6=> ?@875<;8BLAO ;8HL 2 >4=>< <5AB5: =0 75<;N, 75<;N 8AB8=K.  5A;8 C 20A 5ABL ?>=8<0=85, ?@>8AB5:0NI55 87 4CE>2=KE 70=OB89, B> B0:>5 ?045=85 A>2A5< =5 O2;O5BAO =5AG0ABL5<, 0 ?@54AB02;O5B A>1>9 >1=0@C65=85 C1568I0 2=CB@8 A51O. A;8 B@C4=>AB8 8 ?@5?OBAB28O ?@028;L=> ?>=OBK 8 8A?>;L7>20=K, >=8 <>3CB >:070BLAO =5>6840==K< 8AB>G=8:>< A8;K. '8B0O 18>3@0D88 <0AB5@>2, 2K G0AB> 2848B5, GB> 5A;8 1K >=8 =5 2AB@5B8;8AL A B@C4=>ABO<8 8 ?@5?OBAB28O<8, B> =5 >B:@K;8 1K A8;K, 40NI59 8< 2>7<>6=>ABL ?>4=OBLAO =04 =8<8. "0:, =0?@8<5@, 1K;> A 5A5@><, 25;8:8< B815BA:8< F0@5<2>8B5;5<, GL8 45O=8O A>AB02;ONB 25;8G09H55 M?8G5A:>5 ?@>872545=85 B815BA:>9 ;8B5@0BC@K. 5A5@ >7=0G05B =5C:@>B8<K9, B>B, A :5< =52>7<>6=> A>2;040BL. ! <><5=B0 53> @>645=8O 7;>9 4O4O "@>BC=3 2A5<8 A?>A>10<8 ?KB0;AO C18BL 53>. > A :064>9 ?>?KB:>9 5A5@ AB0=>28;AO B>;L:> A8;L=55 8 A8;L=55. $0:B8G5A:8, 8<5==> 1;03>40@O AB0@0=8O< "@>BC=30, 5A5@ AB0; AB>;L 25;8:. 7 MB>3> 2>7=8:;0 B815BA:0O ?>A;>28F0: "@>BC=3 B@> <0 BC=3 =0, 5A5@ 35 <8 A0@, GB> >7=0G05B, GB> 5A;8 1K "@>BC=3 =5 1K; AB>;L 7;>15= 8 E8B5@, 5A5@ =8:>340 1K =5 A<>3 ?>4=OBLAO B0: 2KA>:>. ;O B815BF52 5A5@ O2;O5BAO =5 B>;L:> 2>8=><?>;:>2>4F5<, => 8 4CE>2=K< 2>8B5;5<. KBL 4CE>2=K< 2>8B5;5<  7=0G8B @0728BL >B203C >A>1>3> 2840, B0:CN, :>B>@0O ?> A2>59 ?@8@>45 >1J5<;5B C<, <O3:>ABL 8 15AAB@0H85. CE>2=K5 2>8B5;8 ?>?@56=5<C <>3CB 8A?KBK20BL AB@0E, => 4065 ?@8 MB>< >=8 4>AB0B>G=> >B206=K, GB>1K ?>GC2AB2>20BL AB@040=85, OA=> A>>B=5AB8 53> A> A2>8< >A=>2=K< AB@0E>< 8, =5 C:;>=OOAL, 872;5:0BL C@>:8 87 A2>8E B@C4=>AB59. 0: 3>2>@8B =0< 'L>3LO< "@C=3?0 8=?>G5, AB0BL 2>8B5;5< >7=0G05B, GB> <K A?>A>1=K A<5=8BL A2>5 C7:>5 AB@5<;5=85 : 157>?0A=>AB8 =0 3>@074> 1>;55 H8@>:>5 2845=85, >1J5<;NI55 15AAB@0H85, >B:@KB>ABL 8 8AB8==K9 35@>87<& .  2>9B8 2 ?@5>1@07CNICN >1;0ABL MB>3> 1>;55 H8@>:>3> 2845=8O  7=0G8B =0CG8BLAO 5AB5AB25==> 2>A?@8=8<0BL ?5@5<5=K 8 A45;0BL ?@5E>4OICN ?@8@>4C 2A53> ACI53> A2>8< 4@C3><.  '   " ", '" !  %": /  !",  ! " A;8 2K 5I5 3;C165 @0AA<>B@8B5 ?@5E>4OICN ?@8@>4C 2A53>, B> >1=0@C68B5 5I5 >4=C 3@0=L, 5I5 >48= A<KA;, =5ACI89 2 A515 25;8:CN =04564C, >B:@K20NI89 20< 3;070 =0 >A=>2>?>;030NICN ?@8@>4C 2A5;5==>9 8 =0H5 =5>1KG=>5 2708<>>B=>H5=85 A =59. A;8 2A5 ?@5E>4OI5, B> B>340 2A5 O2;O5BAO, :0: <K MB> =07K205<, ?CABK<, B> 5ABL =5 8<5NI8< :0:>3>;81> 4;8B5;L=>3>, AB018;L=>3> 8 ?@8ACI53> 5<C ACI5AB2>20=8O; 8 2A5 25I8, 5A;8 @0AA<0B@820BL 8 ?>=8<0BL 8E 2 8E 8AB8==KE >B=>H5=8OE, =5 O2;ONBAO =57028A8<K<8, => 2708<>7028A8<K. C440 A@02=820; 2A5;5==CN A >3@><=>9 A5BLN, A?;5B5==>9 87 15AG8A;5==>3> <=>65AB20 1;8AB0NI8E 4@03>F5==KE :0<=59 A >3@><=K< :>;8G5AB2>< 3@0=59. 064K9 :0<5=L >B@0605B 2 A515 4@C385 :0<=8 MB>9 A5B8 8 D0:B8G5A:8 O2;O5BAO 548=K< A> 2A5<8 :0<=O<8. >4C<09B5 > <>@A:>9 2>;=5. A;8 @0AA<>B@5BL 55 A >4=>9 AB>@>=K, 2848BAO 55 >BGQB;820O 845=B8G=>ABL, :>=5F 8 =0G0;>, @>645=85 8 A<5@BL. ! 4@C3>9 65, A0<0 2>;=0 2 459AB28B5;L=>AB8 =5 ACI5AB2C5B, O2;OOAL B>;L:> ?>2545=85< 2>4K, >=0 ?CAB0 2 B><, GB> :0A05BAO :0:>9;81> >B45;L=>9 845=B8G=>AB8, => ?>;=0 2>4K. "0:8< >1@07><, 2 A;CG05 2>;=K 2K A>7=05B5, GB> MB> =5GB>, ACI5AB2CNI55 ?>A@54AB2>< 25B@0 8 2>4K, 8 7028AOI55 >B @O40 ?>AB>O==> <5=ONI8EAO >1AB>OB5;LAB2. K B0:65 A>7=05B5, GB> :0640O 2>;=0 A2O70=0 A 4@C3>9. 8GB> =5 8<55B =8:0:>3> ?@8ACI53> 5<C A>1AB25==>3> ACI5AB2>20=8O, ?>=OB85 >BACBAB28O =57028A8<>3> ACI5AB2>20=8O 5ABL B>, GB> <K =07K205< ?CAB>B>9. >4C<09B5 > 45@525. K ?@54AB02;O5B5 53> 2 2845 >?@545;5==>3> ?@54<5B0; MB> ?5@2K9 C@>25=L, :0: 8 A 2>;=>9. >, ?@8A<>B@52H8AL : =5<C, 2K C2848B5, =0:>=5F, GB> 2 :>=5G=>< AG5B5 C =53> =5B =57028A8<>3> ACI5AB2>20=8O. 07<KH;OO > =5<, 2K >1=0@C68B5, GB> >=> @0AB2>@O5BAO 2 :@09=5 B>=:>9 A5B8 2708<>>B=>H5=89, ?@>AB8@0NI59AO ?> 2A59 2A5;5==>9. >64L, ?040NI89 =0 53> ;8ABLO, 25B5@, :>;51;NI89 53>, ?>G20, GB> ?8B05B 8 ?>445@68205B 53>, 2A5 2@5<5=0 3>40 8 ?>3>40, ;C==K9 A25B, A25B 72574 8 A>;=5G=K9 A25B, 2A5 AB0=>28BAO G0ABLN MB>3> 45@520.  ?> <5@5 B>3>, :0: 2K 1>;LH5 8 1>;LH5 1C45B5 4C<0BL >1 MB>< 45@525, 2K ?>9<5B5, GB> 2A5 2> 2A5;5==>9 2708<>459AB2C5B A =8< 8 =5>B45;8<> >B =53>; 8 GB> 53> ?@8@>40 2 :064K9 <><5=B =5<=>3> 87<5=O5BAO. #B25@640O, GB> 2A5 25I8 ?CABK, <K 8 8<55< 2 284C, GB> C =8E =5B =57028A8<>3> ACI5AB2>20=8O. !>2@5<5==0O =0C:0 3>2>@8B =0< > G@572KG09=> 1>;LH>< 480?07>=5 2708<=KE 7028A8<>AB59. -:>;>38 7=0NB, GB> 5A;8 2 0<07>=A:8E 46C=3;OE A3>@05B 45@52>, B> MB> 2=>A8B >?@545;5==K5 87<5=5=8O 2 0B<>AD5@C, :>B>@>9 4KH8B 68B5;L 0@860, 8 GB> 4@>60=85 :@K;KH:0 101>G:8 2 .:0B0=5 2;8O5B =0 687=L ?0?>@>B=8:0 =0 51@84A:8E >AB@>20E. 8>;>38 =0G8=0NB @0A?CBK20BL D0=B0AB8G5A:8 A;>6=K9 B0=5F 35=>2, B2>@OI89 ;8G=>ABL 8 845=B8G=>ABL >@30=87<0, B0=5F, ?@>AB8@0NI89AO 40;5:> 2 ?@>H;>5 8 ?>:07K20NI89, GB> :0640O B0: =07K205<0O 845=B8G=>ABL A>AB>8B 87 28E@O @07;8G=KE 2;8O=89. $878:8 ?>:070;8 =0< <8@ :20=B>2KE G0AB8F, <8@, ?>@078B5;L=> ?>E>689 =0 >?8A0==K9 C44>9 2 >1@075 1;8AB0NI59 A5B8, @0725@=CB>9 2> 2A5;5==>9. "0: 65, :0: 4@03>F5==K5 :0<=8 MB>9 A5B8, 2A5 G0AB8FK ?>B5=F80;L=> ACI5AB2CNB :0: @07;8G=K5 A>G5B0=8O 4@C38E G0AB8F. "0:8< >1@07><, :>340 <K 459AB28B5;L=> A<>B@8< =0 A51O 8 >:@C60NI55, :>B>@>5 <K AG8B0;8 B0:8< ?>AB>O==K<, B0:8< AB018;L=K< 8 B0:8< 4;8B5;L=> ACI5AB2CNI8<, B> >1=0@C68205<, GB> 2> 2A5< MB>< =5 1>;LH5 @50;L=>AB8, G5< 2> A=5. C440 A:070;: >7=09, GB> 2A5 ?>4>1=> 2>B G5<C: 8@06C, >1;0G=><C 70<:C, !=>2845=8N, ?@87@0:C, 57 ACI=>AB8, => A :0G5AB20<8, :>B>@K5 <>6=> C2845BL. >7=09, GB> 2A5 ?>4>1=> 2>B G5<C: B@065=8N 2 G8AB>< >75@5 C=K, A8ONI59 =0 157>1;0G=>< =515, %>BO A0<0 ;C=0 =8:>340 =5 A?CA:0;0AL 2 MB> >75@>. >7=09, GB> 2A5 ?>4>1=> 2>B G5<C: -EC, 2>7=8:0NI5<C 87 72CG0=8O C7K:8, HC<>2 8 ?;0G0, > 2 MB>< ME5 =5B <5;>488. >7=09, GB> 2A5 ?>4>1=> 2>B G5<C: "><C, :0: D>:CA=8: B2>@8B 8;;N788, 7>1@060NI85 ;>H0459, 2>;>2, B5;538 8 4@C385 ?@54<5BK, > =8GB> =5 O2;O5BAO B5<, G5< :065BAO. 07<KH;5=85 > :0G5AB25 @50;L=>AB8, C?>4>1;ONI59 55 A=>2845=8N, =8:>8< >1@07>< =5 4>;6=> 45;0BL =0A E>;>4=K<8, >BG0O2H8<8AO 8;8 >65AB>G82H8<8AO. 0>1>@>B, >=> A?>A>1=> >B:@KBL 2 =0A B5?;K9 N<>@, <O3:>5 8 A8;L=>5 A>AB@040=85, > ACI5AB2>20=88 :>B>@>3> <K 5420 ;8 7=0;8, 8, B0:8< >1@07><, ?>72>;8BL =0< ?@>O2;OBL 2A5 1>;LHCN 8 1>;LHCN I54@>ABL ?> >B=>H5=8N :> 2A5< 25I0< 8 ACI5AB20<. 5;8:89 B815BA:89 A2OB>9 8;0@5?0 A:070;: 78@0O =0 ?CAB>BC, 8<59 A>AB@040=85. >340 <K, ?>A@54AB2>< @07<KH;5=89, 459AB28B5;L=> C2845;8 ?CAB>BC 8 2708<>7028A8<>ABL 2A5E 25I59 8 =0A A0<8E, B> <8@ >B:@K205BAO =0< 2 1>;55 O@:><, =5?>A@54AB25==><, A25@:0NI5< A25B5, :0: B0 15A:>=5G=> ?5@5;820NI0OAO >B@065=8O<8 A5BL 4@03>F5==KE :0<=59, > :>B>@>9 3>2>@8; C440. 0< 1>;LH5 =5 ?@8E>48BAO =8 70I8I0BL A51O, =8 ?@8B2>@OBLAO, 8 2A5 ?@>I5 AB0=>28BAO 45;0BL B0:, :0: A>25B>20; >48= B815BA:89 <0AB5@: A5340 @0A?>7=0209 B5 :0G5AB20 687=8, GB> 45;0NB 55 ?>4>1=>9 A=>2845=8N, 8 A>:@0I09 ?@82O70==>ABL 8 0=B8?0B8N. @0:B8:C9 4>1@>A5@45G=>5 >B=>H5=85 :> 2A5< ACI5AB20<. C4L ;N1OI8< 8 A>GC2AB2CNI8<, =57028A8<> >B 459AB289 A2>8E 4@C759. ">, GB> >=8 1C4CB 45;0BL, =5 1C45B 8<5BL B0:>3> 1>;LH>3> 7=0G5=8O, :>340 BK 1C45HL @0AA<0B@820BL MB> :0: A=>2845=85. !CBL 2 B><, GB>1K 2> 2@5<O MB>3> A=>2845=8O 8<5BL ?>;>68B5;L=>5 =0<5@5=85. -B> ACI5AB25==> 206=>. -B>  8AB8==0O 4CE>2=>ABL. AB8==0O 4CE>2=>ABL A>AB>8B B0:65 2 B><, GB>1K A>7=020BL 2708<>7028A8<>ABL 2A53> 8 2A5E, ACI5AB2>20=85 @50;L=KE ?>A;54AB289 2> 2A59 2A5;5==>9, >B A0<>9 <0;59H59, =57=0G8B5;L=>9 =0H59 <KA;8, A;>20 8 459AB28O. (2K@=8B5 2 ?@C4 :0<5H5:. O1L ?@>1568B ?> ?>25@E=>AB8 2>4K. @C38 1C4CB A<5H820BLAO 4@C3 A 4@C3>< 8 ?>@>640BL =>2K5. A5 =587156=> 2708<>A2O70=>: <K =0G8=05< A>7=020BL, GB> <K >B25BAB25==K 70 2A5, GB> 45;05<, 3>2>@8< 8;8 4C<05<, D0:B8G5A:8, >B25BAB25==K 70 A0<8E A51O, 2A5E 4@C38E 8 2A5 4@C3>5, 8 70 2AN 2A5;5==CN. 0;09;0<0 A:070;:  A>2@5<5==><, :@09=5 2708<>7028A8<><, <8@5, :0: >B45;L=K5 ;N48, B0: 8 =0@>4K, 1>;LH5 =5 <>3CB A0<>AB>OB5;L=> @5H0BL <=>385 87 A2>8E ?@>1;5<. K =C6405<AO 4@C3 2 4@C35. >MB><C =0< =5>1E>48<> 2K@01>B0BL 2 A515 GC2AB2> 2A5>1I59 >B25BAB25==>AB8& 0H59 >1I59 8 8=48284C0;L=>9 >B25BAB25==>ABLN O2;O5BAO 70I8B0 =0H59 2A5?;0=5B=>9 A5<L8 8 701>B0 > =59, ?>445@6:0 55 1>;55 A;01KE G;5=>2, 0 B0:65 A>E@0=5=85 B>9 A@54K, 2 :>B>@>9 <K 2A5 6825<, 8 701>B0 > =59.  @5E>4OI0O ?@8@>40 2A53> ACI53> C65 >B:@K;0 =0< <=>3> 8AB8=, => 2 =59 5ABL 5I5 >4=> A>:@>28I5, 2 >A=>2=>< A>:@KB>5 >B =0A, > :>B>@>< <K 8 =5 ?>4>7@5205<, =5 @0A?>7=05< 53>, E>BO >=> A0<K< ACI5AB25==K< >1@07>< O2;O5BAO =0H8< 3;C18==K< 4>AB>O=85<. 0?04=K9 ?>MB 09=5@ 0@8O 8;L:5 A:070;, GB> =0H8 1574>==K5 AB@0E8 ?>4>1=K 4@0:>=0<, AB5@53CI8< 2 1574=5 =0H5 A:@KB>5 A>:@>28I5. !B@0E, ?@>1C6405<K9 2 =0A ?@5E>4OI5ABLN ?@8@>4K 2A53> ACI53>, 1>O7=L ?>=8<0=8O =5@50;L=>AB8 8 87<5=G82>AB8 2A53>, O2;O5BAO, :0: <K =0E>48<, =0H8< 25;8G09H8< 4@C3><, 81> >= ?@82>48B =0A : 2>?@>AC: 5A;8 2A5 C<8@05B 8 87<5=O5BAO, B> GB> B>340 459AB28B5;L=> 8AB8==>? ABL ;8 GB>B> ?>4 2=5H=8<, ?>4 :06CI8<AO, B> 1573@0=8G=>5 8 15A:>=5G=>5, 2 G5< ?@>8AE>48B MB>B B0=5F ?5@5<5= 8 =5?>AB>O=AB20? >3;8 1K <K 459AB28B5;L=> >?5@5BLAO =0 B>, GB> >AB05BAO ?>A;5 A<5@B8? A;8 <K ?>AB>O==> 1C45< 4C<0BL >1 MB><, B> ?>AB5?5==> 70<5B8<, GB> =0H 273;O4 =0 2A5 A8;L=> 87<5=O5BAO. @>4>;60O @07<KH;OBL 8 ?@0:B8:>20BLAO 2 >B?CA:0=88 B>3>, 70 GB> <K F5?;O5<AO, <K =0G8=05< >B:@K20BL 2 A515 GB>B>, GB> =5 <>65< =0720BL, 8;8 >?8A0BL, 8;8 2K@078BL :0: 845N, GB>B>, GB>, ?>=0H5<C ?>=8<0=8N, ;568B 3;C165 2A5E ?5@5<5= 8 A<5@B59 MB>3> <8@0. "5 <5;:85 65;0=8O 8 >B2;5G5=8O, =0 :>B>@K5 =0A >1@5:;> =0H5 =02O7G82>5 F5?;O=85 70 :06CI55AO ?>AB>O==>5, =0G=CB B0OBL 8 8AG570BL. -B>B ?@>F5AA 1C45B A>?@>2>640BLAO A8ONI8<8 ?@>1;5A:0<8 >3@><=>3> 7=0G5=8O, ;560I53> 70 8AB8=>9 > ?@5E>4OI5< E0@0:B5@5 2A53> ACI53>. !;>2=> <K 2AN 687=L ;5B5;8 =0 A0<>;5B5 2 B5<=KE >1;0:0E, A@548 2>74CH=KE B5G5=89, 8 2=570?=> A0<>;5B 27<K; 225@E 2 OA=>5, 1573@0=8G=>5 =51>. 4>E=>2;5==K5 8 2>72KH5==K5 MB8< ?@>@K2>< 2 =>2>5 87<5@5=85 A2>1>4K, <K >B:@K205< 3;C18=K 4CH52=>3> ?>:>O, @04>AB8 8 C25@5==>AB8 2 A515, =0?>;=ONI85 =0A 87C<;5=85< 8 ?>AB5?5==> A>740NI85 C =0A C25@5==>ABL, GB> 459AB28B5;L=> 2 =0A 5ABL GB>B>, GB> =8G5< =5C=8GB>68<>, =8G5< =587<5=O5<>, GB> =5 <>65B C<5@5BL. 8;0@5?0 ?8A0;:  C60A5 ?5@54 A<5@BLN, O CH5; 2 3>@K  =>2L 8 2=>2L O <548B8@>20; > =5C25@5==>AB8 2 G0A5 A<5@B8, >:>@OO :@5?>ABL 15AA<5@B=>9 =5A:>=G05<>9 ?@8@>4K C<0. K=5 A> 2A5< AB@0E>< A<5@B8 ?>:>=G5=>. "0:8< >1@07><, <K ?>AB5?5==> A>7=05< A?>:>9=>5 8 ?>4>1=>5 =515A0< ?@8ACBAB285 2 A515 B>3>, GB> 8;0@5?0 =07K205B 15AA<5@B=>9 8 =5A:>=G05<>9 ?@8@>4>9 C<0. >340 MB> =>2>5 A>7=020=85 =0G8=05B AB0=>28BLAO 682K< 8 ?>GB8 =5=0@CH8<K<, ?@>8AE>48B B>, GB> 2 #?0=8H040E =07K205BAO ?>2>@>B>< 2 A54;5 A>7=0=8O  ;8G=>5, A>25@H5==> =52K@078<>5 2 2845 8458 >B:@>25=85 > B><, G5< <K O2;O5<AO, ?>G5<C <K 745AL, 8 :0: <K 4>;6=K 459AB2>20BL, 40NI55 =0< =>2CN 687=L, =>2>5 @>645=85, <>6=> A:070BL, ?>GB8 2>7@>645=85. 0A:>;L:> ?@5:@0A=K<, =0A:>;L:> 8AF5;ONI8< B08=AB2>< O2;O5BAO B>, GB> >B ?>AB>O==>3> 8 15AAB@0H=>3> @07<KH;5=8O >1 8AB8=5 > ?@5E>4OI59 ?@8@>45 2A53> 8 > ?5@5<5=0E <K <54;5==> ?@8E>48<, 2 1;03>40@=>AB8 8 ;8:>20=88, : 8AB8=5 > B><, GB> =587<5==>, : 8AB8=5 > 15AA<5@B=>9, =5A:>=G05<>9 ?@8@>45 C<0! ;020 IV    # K 70B>G5=K 2 B5<=>9, A>740==>9 =0<8 C7:>9 :;5B:5, :>B>@CN <K ?@8=8<05< 70 2AN 2A5;5==CN, 8 ;8HL >G5=L =5<=>385 =0G8=0NB ?@54AB02;OBL 4@C3>5 87<5@5=85 @50;L=>AB8. 0B@C; 8=?>G5 @0AA:07K205B 8AB>@8N > AB0@>9 ;O3CH:5, 2AN 687=L ?@>682H59 2 3;C18=5 :>;>4F0. 4=064K 55 =025AB8;0 ;O3CH:0 A 15@530 <>@O. B:C40 BK?  A?@>A8;0 :>;>457=0O ;O3CH:0. B 25;8:>3> >:50=0, >B25B8;0 4@C30O. 0A:>;L:> 65 25;8: B2>9 >:50=? = >3@><5=. "K E>G5HL A:070BL, GB> >= ?@8<5@=> A G5B25@BL <>53> :>;>4F0? >;LH5. >;LH5? "> 5ABL A ?>;>28=C? 5B, 5I5 1>;LH5. "0: >=& AB>;L 65 25;8:, :0: MB>B :>;>45F? E =5;L7O A@02=8BL. -B> =52>7<>6=>! / 4>;6=0 A0<0 MB> C2845BL.  >=8 >B?@028;8AL 2 ?CBL. >340 :>;>457=0O ;O3CH:0 C2845;0 >:50=, MB> 1K;> B0:8< ?>B@OA5=85<, GB> 55 3>;>20 @07>@20;0AL =0 G0AB8. >;LH8=AB2> <>8E 45BA:8E 2>A?><8=0=89 > "815B5 ?>BCA:=5;8, => 420 87 =8E 2A5340 >AB0=CBAO A> <=>9. =8 A2O70=K A B5< 2@5<5=5<, :>340 <>9 <0AB5@ 60<LO=3 EL5=F5 ?>7=0:><8; <5=O A ACI=>AB=>9, 8AE>4=>9 8 A0<>9 3;C1>:>9 ?@8@>4>9 <>53> C<0. =0G0;5 O =5 E>B5; @0A:@K20BL MB8 ;8G=K5 ?5@56820=8O, ?>B><C GB> 2 "815B5 MB>3> =8:>340 =5 45;0NB; >4=0:> <>8 CG5=8:8 8 4@C7LO 1K;8 C15645=K, GB> >?8A0=85 MB8E ?5@56820=89 ?><>65B 4@C38<, 8 >=8 C3>20@820;8 <5=O 8 =0AB0820;8, GB>1K O =0?8A0; > =8E. >340 <=5 1K;> H5ABL 8;8 A5<L ;5B, O 8A?KB0; ?5@2>5 87 =8E 2 B>9 :><=0B5, 345 68; 60<LO=3 EL5=F5, ?5@54 1>;LH>9 AB0BC59, 87>1@060NI59 53> ?@54K4CI55 2>?;>I5=85, 60<LO=30 EL5=F5 0=3?>. -B> 1K;0 A5@L57=0O, 2K7K20NI0O 1;03>3>25=85 D83C@0, 5I5 1>;LHCN 2=CH8B5;L=>ABL :>B>@>9 ?@84020;> <5@F0=85 ?;0<5=8 <0A;O=>9 ;0<?K, AB>O2H59 ?5@54 =59 8 >A25I02H59 55 ;8F>. > B>3>, :0: O ?>=O; ?@>8AE>4OI55, <>9 <0AB5@ A>25@H8; >G5=L =5>1KG=K9 ?>ABC?>:. = 2=570?=> >1=O; 8 ?>4=O; <5=O. 0B5< :@5?:> ?>F5;>20; 2 I5:C. 0 4>;3>5 <3=>25=85 <>9 C< A>25@H5==> >B:;NG8;AO, O 1K; ?>3;>I5= 8 >E20G5= >3@><=>9 =56=>ABLN, B5?;><, C25@5==>ABLN 8 A8;>9. @C3>9 A;CG09, 1>;55 D>@<0;L=K9, ?@>87>H5; 2 >4@0: 0@GC, ?5I5@5, 345 <548B8@>20; 25;8:89 A2OB>9, >B5F B815BA:>3> 1C4487<0 04<0A0<1E020. K >AB0=>28;8AL B0< 2> 2@5<O ?0;><=8G5AB20 ?> !525@=><C "815BC. =5 B>340 1K;> >:>;> 452OB8 ;5B. >9 <0AB5@ ?>A;0; 70 <=>9, 8 25;5; <=5 A5ABL ?5@54 =8<. K 1K;8 >4=8. = A:070;: !59G0A O ?>7=0:><;N B51O A ACI=>AB=>9  ?@8@>4>9 C<0 . 7O2 A2>9 :>;>:>;LG8: 8 <0;5=L:89 @CG=>9 10@010=, >= ?@>?5; 70:;8=0=85, ?@87K20NI55 2A5E <0AB5@>2 53> ;8=88, >B 5@28G=>3> C44K 4> 53> A>1AB25==>3> <0AB5@0. 0B5< >= ?@>8725; >7=0:><;5=85. =570?=> >= 7040; <=5 2>?@>A, =0 :>B>@K9 C <5=O =5 <>3;> 1KBL >B25B0: 'B> 5ABL C<?  8 A A8;>9 CAB@5<8; A2>9 273;O4 2 3;C18=C <>8E 3;07. / 1K; ?>;=>ABLN 70E20G5= 2@0A?;>E. >9 C< @0A?0;AO. 5 1K;> =8 A;>2, =8 8<5=, =8 <KA;59  D0:B8G5A:8, =5 >AB0;>AL C<0 2>>1I5. 'B> ?@>87>H;> 2 MB>B ?>@078B5;L=K9 <><5=B? @>H;K5 <KA;8 C<5@;8, 1C4CI85 5I5 =5 2>7=8:;8; ?>B>: <>8E <KA;59 1K; @57:> ?@5@20=.  MB>< >H5;><;5=88 >B:@K;AO ?@>20;, 8 2 MB>< ?@>20;5 >1=068;>AL G8AB>5, =5?>A@54AB25==>5 A>7=020=85 =0AB>OI53>, A2>1>4=>5 >B ;N1>3> F5?;O=8O 70 GB>;81>. => 1K;> ?@>ABK<, >1=065==K< 8 >A=>2>?>;030NI8<.  2A5 65 MB0 >1=065==0O ?@>AB>B0 ?@8 MB>< ;CG8;0AL B5?;>< =52>>1@078<>3> A>GC2AB28O. 0: <=>3> <>3 1K O A:070BL >1 MB>< <><5=B5! > 2A59 2848<>AB8, <>9 <0AB5@ 7040; <=5 2>?@>A; => O 7=0;, GB> >= =5 645B >B <5=O >B25B0.  ?@5645, G5< O <>3 =0G0BL 8A:0BL >B25B, O >A>7=0;, GB> >B25B0 =5B. / A845;, ?>@065==K9, 2 87C<;5=88, => 2> <=5 @>A;0 B0:0O 3;C18==0O 8 A8ONI0O C25@5==>ABL, :0:>9 O =8:>340 @0=LH5 =5 7=0;. >9 <0AB5@ A?@>A8;: 'B> 5ABL C<?, 8 2 MB>B <83 O ?>GC2AB2>20;, 1C4B> 1K 2A5< C65 8725AB=>5, GB> B0:>9 25I8, :0: C<, =5 ACI5AB2C5B, 0 O >1=0@C68; MB> ?>A;54=8<. 0:8< AB@0==K< B>340 ?>:070;>AL <=5 2>>1I5 4065 ?@54AB02;5=85 >1 C<5. @>872545==>5 <>8< <0AB5@>< >7=0:><;5=85 70@>=8;> A5<O 3;C1>:> 2=CB@8 <5=O. >765 O ?>=O;, GB> B0:>9 <5B>4 >7=0:><;5=8O ?@8<5=O;AO 2 =0H59 ;8=88. 4=0:> =57=0=85 MB>3> B>340 A45;0;> ?@>8AH54H55 A>25@H5==> =5>6840==K< 8 ?>MB><C 5I5 1>;55 ?>@078B5;L=K< 8 <>I=K<.  =0H5< CG5=88 <K 3>2>@8<, GB> 4;O >7=0:><;5=8O A ?@8@>4>9 C<0 =C6=>, GB>1K ?@8ACBAB2>20;8 B@8 ?>4;8==KE: 1;03>A;>25=85 ?>4;8==>3> <0AB5@0, ?@540==>ABL ?>4;8==>3> CG5=8:0 8 ?>4;8==0O ;8=8O ?5@540G8 <5B>40 >7=0:><;5=8O. @57845=B !>548=5==KE (B0B>2 =5 <>65B >7=0:><8BL 20A A ?@8@>4>9 20H53> C<0, =5 <>65B MB>3> A45;0BL 20H >B5F 8;8 20H0 <0BL. 5 8<55B 7=0G5=8O, =0A:>;L:> <>3CI5AB25==K< <>65B 1KBL :B>B> 8;8 =0A:>;L:> >= 20A ;N18B. 7=0:><8BL 20A <>65B B>;L:> B>B, :B> A0< MB> ?>;=>ABLN >A>7=0; 8 =5A5B 2 A515 1;03>A;>25=85 8 >?KB ;8=88 ?5@540G8 CG5=8O.  2K, CG5=8:, 4>;6=K =09B8 2 A515 8 ?>AB>O==> ?>445@6820BL B5 :0G5AB20  >B:@KB>ABL, H8@>BC 2845=8O, 3>B>2=>ABL, M=BC7807< 8 ?>G8B0=85, :>B>@K5 87<5=OB 2A5 A>AB>O=85 20H53> C<0 8 A45;0NB 20A 2>A?@88<G82K< : MB><C >7=0:><;5=8N. >340 <K 3>2>@8< > ?@540==>AB8, B> 8<55< 2 284C, GB> ?@8 >BACBAB288 MB>3> :0G5AB20 <0AB5@ <>65B ?@>25AB8 >7=0:><;5=85, => CG5=8: =5 @0A?>7=05B 53>. 7=0:><;5=85 A ?@8@>4>9 C<0 2>7<>6=> B>;L:> B>340, :>340 8 <0AB5@, 8 CG5=8: 2<5AB5 2E>4OB 2 ?5@56820=85 MB>3>; B>;L:> ?@8 B0:>9 2AB@5G5 C<>2 8 A5@45F C CG5=8:0 ?@>87>945B ?>AB865=85. 5B>4 >7=0:><;5=8O B0:65 :@8B8G5A:8 2065=. <5==> MB>B <5B>4 ?@8<5=O;AO 8 8A?KBK20;AO 2 B5G5=85 BKAOG ;5B, ?>72>;OO A0<8< <0AB5@0< ?@>H;>3> 4>AB830BL ?>AB865=8O. >340 <>9 <0AB5@ B0: 2=570?=> ?@>25; A> <=>9 MB> >7=0:><;5=85 2 B0:>< @0==5< 2>7@0AB5, >= A8;L=> >B:;>=8;AO >B >1KG=>9 ?@0:B8:8. 0: ?@028;>, MB> 45;05BAO =0<=>3> ?>765, :>340 CG5=8: ?@>945B ?@5420@8B5;L=CN B@5=8@>2:C, A>AB>OICN 2 <548B0F8OE 8 >G8I5=88, GB> 3>B>28B 8 >B:@K205B C< 8 A5@4F5 CG5=8:0 : ?@O<><C ?>=8<0=8N 8AB8=K. ">340 2 <>I=K9 <><5=B >7=0:><;5=8O <0AB5@ <>65B =0?@028BL A2>5 A>7=020=85 ?@8@>4K C<0  B>, GB> <K =07K205< C<>< <C4@>AB8 <0AB5@0  2 C< CG5=8:0, :>B>@K9 ?@8 MB>< ?>4;8==> 2>A?@88<G82. @8 MB>< <0AB5@ 7=0:><8B CG5=8:0 A B5<, G5< 2 459AB28B5;L=>AB8 O2;O5BAO C440, 4@C38<8 A;>20<8, ?@>1C6405B 2 CG5=8:5 A>7=020=85 682>3> ?@8ACBAB28O ?@>A25B;5=8O 2 =5< A0<><. @8 MB>< C440, ?@8@>40 C<0 8 C< <C4@>AB8 <0AB5@0 2A5 A;820NBAO 2>548=> 8 ?@54AB0NB 2 548=AB25.  BCB CG5=8:, 2 A8O=88 1;03>40@=>AB8, A>7=05B, 157 B5=8 A><=5=8O, GB> =5B, =8:>340 =5 1K;> 8 =8:>340 =5 <>65B 1KBL =8:0:>3> @0745;5=8O: <564C CG5=8:>< 8 <0AB5@><, <564C C<>< <C4@>AB8 <0AB5@0 8 ?@8@>4>9 C<0 CG5=8:0. C46>< 8=?>G5 ?8A0; 2 A2>59 7=0<5=8B>9 45:;0@0F88 > A>7=020=88: >A:>;L:C G8AB>5 A>7=020=85 B>3>, GB> A59G0A, 8 5ABL =0AB>OI89 1C440, ! >B:@KB>ABLN 8 C4>2;5B2>@5=85< O =0H5; 0<C 2 A5@4F5 <>5<. >340 <K A>7=05<, GB> MB>B =5A:>=G05<K9 5AB5AB25==K9 C< 8 5ABL A0<0 ?@8@>40 0<K, "> B>340 8AG5705B =C640 2 <>;8B20E, ?@>87=>A8<KE A ?@82O70==>ABLN, F5?;O=85< 70 GB>;81> 8;8 ?;0G5<, 8 2 8A:CAAB25==KE 60;>10E, > ?@>AB> @0AA;0182H8AL 2 MB>< =58A:CAAB25==><, >B:@KB>< 8 5AB5AB25==>< A>AB>O=88, K 4>AB8305< 1;03>A;>25=8O 15AF5;L=>3> A0<>>A2>1>645=8O >B 2A53>, GB> 1K =8 2>7=8:0;>. >340 2K ?>;=>ABLN >A>7=0;8, GB> ?@8@>40 20H53> C<0 8 C<0 20H53> <0AB5@0 >4=0, A MB>3> <><5=B0 2K 8 <0AB5@ =5@0745;L=K, ?>A:>;L:C <0AB5@ 548= A ?@8@>4>9 20H53> C<0, 8, 5AB5AB25==>, ?>AB>O==> ?@8ACBAB2C5B. ><=8B5 0<C &5B5=0, C<8@0=85 :>B>@>3> O 2845; 2 45BAB25? >340 53> <0AB5@ D878G5A:8 =5 ?@8ACBAB2>20; >:>;> 53> A<5@B=>3> ;>60, >= A:070;: ;O <0AB5@0 =5 ACI5AB2C5B @0AAB>O=8O. >340, ?>4>1=> 0<5 &5B5=C, 2K A>7=05B5, GB> <0AB5@ 8 2K =5@0745;L=K, 2 20A 2>7=8:=5B >3@><=>5 GC2AB2> 1;03>40@=>AB8, 1;03>3>25=8O 8 ?>G8B0=8O. C46>< 8=?>G5 =07K205B MB> ?>G8B0=85< 1@070. -B> ?@540==>ABL, A?>=B0==> 2>7=8:0NI0O >B 2845=8O 1@070 ?@8@>4K C<0. ;O <5=O 1K;> 5I5 <=>3> <><5=B>2 >7=0:><;5=8O: 2 CG5=88 8 ?>A2OI5=8OE, 0 B0:65 ?>A;54CNI85 >7=0:><;5=8O, ?@>2545==K5 <>8<8 4@C38<8 <0AB5@0<8. >A;5 CE>40 87 687=8 60<LO=30 EL5=F5 <5=O E@0=8; 2 A2>59 ;N128 8 701>B8;AO >1> <=5 C46>< 8=?>G5, C :>B>@>3> O =5A:>;L:> ;5B 1K; ?5@52>4G8:><. -B> >B:@K;> 5I5 >48= ?5@8>4 2 <>59 687=8. C46>< 8=?>G5 1K; >4=8< 87 =081>;55 7=0<5=8BKE <0AB5@>2 8 <8AB8:>2 "815B0, ?@87=0==K< CG5=K< 8 ?8A0B5;5<. >9 <0AB5@ 60<LO=3 EL5=F5 2A5 2@5<O >B7K20;AO > C46><5 8=?>G5 :0: > 70<5G0B5;L=>< <0AB5@5, 682>< ?@54AB02;5=88 04<0A0<1E02K 2 MB>9 M?>E5. ;03>40@O MB><C O 2A5340 3;C1>:> C2060; 53>, E>BO =5 1K; A =8< ;8G=> A2O70= 8 =5 CG8;AO C =53>. >A;5 A<5@B8 <>53> <0AB5@0, :>340 <=5 1K;> GCBL 1>;LH5 4204F0B8, O >4=064K =0=5A 2878B 256;82>AB8 C46><C 8=?>G5, 2 53> 4><5 2 0;8<?>=35, 2 ?@543>@LOE 8<0;052. >340 O ?>O28;AO B0<, >= >1CG0; >4=C 87 A2>8E ?5@2KE CG5=8F 87 <5@8:8. =0 1K;0 >G5=L >7040G5=0 8770 >BACBAB28O ?5@52>4G8:0, :>B>@K9 2;045; 1K 0=3;89A:8< 4>AB0B>G=> E>@>H>, GB>1K ?5@52>48BL CG5=85 > ?@8@>45 C<0. >340 C46>< 8=?>G5 C2845;, GB> O 2E>6C, >= A:070;: ! K 745AL. %>@>H>! >65B5 ?5@52>48BL 4;O =55? / A5; 8 =0G0; ?5@52>48BL.  70 >48= C@>:, 4;82H89AO >:>;> G0A0, >= 40; 59 ?>@078B5;L=>5 ?@54AB02;5=85 CG5=8O, >E20B82H55 2A5. / 1K; =0AB>;L:> B@>=CB 8 24>E=>2;5=, GB> =0 3;070 C <5=O =025@=C;8AL A;57K. / >A>7=0;, GB> 8<5==> MB> 8<5; 2 284C 60<LO=3 EL5=F5, >B7K20OAL > =5<. !@07C 65 ?>A;5 MB>3> O ?>?@>A8; C46><0 8=?>G5 CG8BL <5=O. / :064K9 45=L ?@8E>48; : =5<C 8 ?@>2>48; A =8< =5A:>;L:> G0A>2. -B> 1K; G5;>25: =51>;LH>3> @>AB0, A :@0A82K< 8 =56=K< ;8F><, 87OI=K<8 @C:0<8 8 CB>=G5==K<8, ?>GB8 65=AB25==K<8 <0=5@0<8 ?>2545=8O. >;>AK C =53> 1K;8 4;8==K<8 8 >= 702O7K20; 8E 2 C75;, :0: 45;0NB 9>38.  53> 3;070E ?>AB>O==> A25@:0; >3>=5: A45@68205<>3> 25A5;LO. 3> <O3:89, GCBL E@8?;K9 3>;>A :070;AO 3>;>A>< A0<>3> A>AB@040=8O. 1KG=> C46>< 8=?>G5 A845; =0 =87:>< A845=88, ?>:@KB>< B815BA:8< :>2@><, 0 O A048;AO GCBL =865 53>. / 2A5340 1C4C ?><=8BL, :0: >= A845; B0:, 0 ;CG8 25G5@=53> A>;=F0 ;8;8AL 2 >:=> 70 53> A?8=>9.  2>B >4=064K, :>340 O 2>A?@8=8<0; 53> CG5=85 8 70=8<0;AO A =8< 4CE>2=>9 ?@0:B8:>9, ?@>87>H;> =5GB> A>25@H5==> ?>@078B5;L=>5. A5, > G5< O B>;L:> A;KH0; >B =53>, AB0;> ?@>8AE>48BL A> <=>9 A0<8<  2A5 <0B5@80;L=K5 O2;5=8O 2>:@C3 =0A AB0;8 @0AB2>@OBLAO  O ?@8H5; 2 A8;L=>5 2>AE8I5=85 8 5;5 2K3>2>@8;: 8=?>G5& 8=?>G5& MB> A25@H05BAO! 8:>340 =5 701C4C, :0:8< A>GC2AB285< A25B8;>AL 53> ;8F>, :>340 >= A:;>=8;AO :> <=5, CA?>:0820O: A5 2 ?>@O4:5& 2A5 2 ?>@O4:5. 5 2>;=C9AO A;8H:><.  :>=F5 :>=F>2, MB> 8 =5 E>@>H>, 8 =5 ?;>E>. ICI5=85 GC40 8 1;065=AB20 =0G8=0;> 70E20BK20BL <5=O, >4=0:> C46>< 8=?>G5 7=0;, GB> E>BO E>@>H85 >ICI5=8O <>3CB 1KBL ?>;57=K<8 25E0<8 =0 ?CB8 <548B0F88, => >=8 65 <>3CB >:070BLAO 8 ;>2CH:0<8, 5A;8 : MB><C ?@8<5H05BAO ?@82O70==>ABL. 5>1E>48<> 84B8 40;LH5 =8E, : 1>;55 3;C1>:><C 8 AB018;L=><C >A=>20=8N  8 8<5==> : MB><C >A=>20=8N 53> <C4@K5 A;>20 ?@825;8 <5=O. C46>< 8=?>G5, A;>20<8 40205<>3> 8< CG5=8O, 2=>2L 8 2=>2L ?@>1C640; A>7=020=85 ?@8@>4K C<0: A0<8 A;>20 1C48;8 <><5=BK 2845=8O 459AB28B5;L=>3> >?KB0.  B5G5=85 <=>38E ;5B >= 5654=52=> 4020; <=5 ?>CG5=8O > ?@8@>45 C<0, =07K205<K5 C:070=8O<8. %>BO 2A5 >A=>2=>5 >1CG5=85 O ?>;CG8; >B <>53> <0AB5@0 60<LO=30 EL5=F5, MB> 1K;> ?>4>1=> A5<5=8, 0 CG5=85 C46><0 8=?>G5 1K;> ?>4>1=> 2>45, ?8B02H59 53>, ?>:0 >=> =5 2K@>A;> 8 =5 @0AF25;>.  :>340 O A0< =0G0; CG8BL 4@C38E, <5=O 24>E=>2;O; 53> ?@8<5@. #     # @>7@5=85 1C4487<0, @52>;NF8>==>5 8 4>=K=5, A>AB>8B 2 B><, GB> 687=L 8 A<5@BL ACI5AB2CNB 2 C<5, 8 =8345 1>;55. -B> ?>:07K205B C< :0: 2A5>1ICN >A=>2C B>3>, GB> ?5@568205BAO =0 >?KB5  :0: B2>@F0 AG0ABLO 8 B2>@F0 AB@040=8O, B2>@F0 B>3>, GB> <K =07K205< 687=LN, 8 B>3>, GB> <K =07K205< A<5@BLN. # C<0 5ABL <=>65AB2> AB>@>=, => 425 87 =8E =081>;55 2K45;ONBAO. 5@20O  MB> >1KG=K9 C<, :>B>@K9 B815BFK =07K20NB A5<. 48= 87 <0AB5@>2 405B 5<C B0:>5 >?@545;5=85: ">, GB> >1;0405B @07=K< >A>7=0=85<, B>, GB> 8<55B GC2AB2> 4C0;8AB8G=>AB8  GB> F5?;O5BAO 70 GB>B> 2=5 A51O 8;8 >B25@305B 53>  MB> C<.  A2>59 >A=>25 MB> B>, GB> <>65B A2O7K20BLAO A  4@C38<  A ;N1K<  G5<B> , GB> 2>A?@8=8<05BAO :0: >B;8G0NI55AO >B B>3>, :B> 2>A?@8=8<05B. !5<  MB> ?5@5A:0:820NI89 A >4=>3> ?@54<5B0 =0 4@C3>9, 4C0;8AB8G=K9, 4C<0NI89 C<, :>B>@K9 <>65B 459AB2>20BL B>;L:> 2 >B=>H5=88 : ?@>5F8@C5<>9 8 ;>6=> 2>A?@8=8<05<>9 2=5H=59 B>G:5 >BAG5B0. B0:, A5<  MB> B>B C<, :>B>@K9 4C<05B, AB@>8B 70<KA;K, 65;05B, <0=8?C;8@C5B, :>B>@K9 2A?KE8205B 3=52><, :>B>@K9 A>7405B 2>;=K >B@8F0B5;L=KE M<>F89 8 <KA;59, ?>B0:0O A2>8< ?@8E>BO<, :>B>@><C =5>1E>48<> 2A5 ?@>4>;60BL 8 ?@>4>;60BL 45;0BL CB25@645=8O, >F5=:8, ?>4B25@640BL A>1AB25==>5 ACI5AB2>20=85, ?5@56820O =0 >?KB5 2K45;5=85 >B45;L=KE 45B0;59, A>740=85 8459 8 ?>=OB89. 1KG=K9 C< O2;O5BAO =5?@5AB0==> ?5@5<5=ONI59AO 8 =5 <>3CI59 ?5@5<5=8BLAO 65@B2>9 2=5H=8E 2;8O=88, ?@82KG=KE A:;>==>AB59 8 2>A?8B0=8O. 0AB5@0 A@02=820NB A5< A ?;0<5=5< A25G8, AB>OI59 =0 ?>@>35 >B:@KB>9 425@8, CO728<K< 2A5< 25B@0< >1AB>OB5;LAB2. A;8 @0AA<0B@820BL A5< A >4=>9 AB>@>=K, B> >= ?@54AB05B <5@F0NI8<, =5AB018;L=K<, 2A5 2@5<O 70 GB>B> F5?;ONI8<AO 8 15A:>=5G=> 70=OBK< =5 A2>8<8 45;0<8; 53> M=5@38O @0AE>4C5BAO =0 ?@>5F8@>20=85 2>2=5. =>340 O 4C<0N > =5<, :0: > <0@BKH:5, GB> =5?@5AB0==> ?5@5A:0:8205B A 25B:8 =0 25B:C. 4=0:>, 5A;8 @0AA<>B@5BL 53> A 4@C3>9 AB>@>=K, >1KG=K9 C< >B;8G05BAO D0;LH82>9, BC?>9 AB018;L=>ABLN, A0<>4>2>;L=>9 8 =0?@02;5==>9 =0 53> A>1AB25==CN 70I8BC 8=5@F859, :0<5==K< A?>:>9AB285< 3;C1>:> 2=54@82H8EAO 2 =53> ?@82KG5:. !5< AB>;L 65 E8B5@, :0: =5G5AB=K9 ?>;8B8:, A:5?B8G5=, =54>25@G82, >G5=L C<5;> >1<0=K205B 8 ?@8B2>@O5BAO. 60<LO=3 EL5=F5 ?8A0;, GB> >= G@572KG09=> 87>1@5B0B5;5= 2 6C;L=8G5A:8E 83@0E.  8<5==> 2 ?@545;0E ?5@568205<>3> =0 >?KB5 MB>3> E0>B8G=>3>, =0E>4OI53>AO 2 70<5H0B5;LAB25, =548AF8?;8=8@>20==>3> 8 ?>2B>@ONI53>AO A5<0, >1KG=>3> C<0, <K 2=>2L 8 2=>2L ?@5B5@?5205< 87<5=5=8O 8 A<5@BL. > 5ABL 5I5 A0<0 ?@8@>40 C<0, 53> 3;C18==59H0O ACI=>ABL, :>B>@0O 01A>;NB=> =5 70B@038205BAO =8 87<5=5=8O<8, =8 A<5@BLN. !59G0A >=0 A:@KB0 2=CB@8 =0H53> A>1AB25==>3> C<0, A5<0, >:@C65=0 8 70:@KB0 C<AB25==>9 ?>A?5H=>9 ?CB0=8F59 =0H8E <KA;59 8 M<>F89. > :0: >1;0:0 <>3CB 1KBL @0AA5O=K A8;L=K< ?>@K2>< 25B@0, >B:@K20O A8ONI55 A>;=F5 8 H8@>:>5 ?@>AB>@=>5 =51>, B0:65, ?@8 =5:>B>@KE >A>1KE CA;>28OE, 24>E=>25=85 <>65B >B:@KBL =0< ?@>1;5A:8 MB>9 ?@8@>4K C<0. -B8 ?@>1;5A:8 <>3CB 1KBL @07=>9 3;C18=K, @07=>9 AB5?5=8, => :064K9 87 =8E 40AB :0:>9B> A25B ?>=8<0=8O, A<KA;0 8 A2>1>4K. -B> ?@>8AE>48B 1;03>40@O B><C, GB> ?@8@>40 C<0 O2;O5BAO A0<K< :>@=5< ?>=8<0=8O. >B815BA:8 <K =07K205< MB> 83?0  ?5@28G=>5, G8AB>5, =570?OB=0==>5 A>7=020=85, :>B>@>5 >4=>2@5<5==> @07C<=>, ?>=8<0NI5, A25B;> 8 ?>AB>O==> 1>4@AB2C5B. 3> <>6=> =0720BL A0<8< 7=0=85< > 7=0=88. 5 45;09B5 >H81:C, 2>>1@060O, GB> ?@8@>40 C<0 >B=>A8BAO 8A:;NG8B5;L=> B>;L:> : =0H5<C C<C. $0:B8G5A:8 MB> ?@8@>40 2A53>. 5 1C45B A;8H:>< A8;L=K< CB25@645=85<, GB> A>7=020=85 ?@8@>4K C<0  MB> A>7=020=85 ?@8@>4K 2A53> ACI53>.  B5G5=85 2A59 8AB>@88 G5;>25G5AB20 A2OBK5 8 <8AB8:8 =07K20;8 A2>8 ?>AB865=8O <=>38<8 8<5=0<8, 87>1@060;8 8 8AB>;:>2K20;8 8E ?>@07=><C, => B>, GB> >=8 ?5@56820;8, MB> 2 A2>59 >A=>25 1K;0 ACI=>AB=0O ?@8@>40 C<0. %@8AB80=5 8 8C458 =07K20NB 55 >A?>4L, 8=4C8ABK =07K20NB 55 /, (820, @0E<0= 8 8H=C, ACD89A:85 <8AB8:8 =07K20;8 55 !>:@KB>9 !CI=>ABLN, 0 1C448ABK =07K20NB 55 ?@8@>4>9 C44K.  A5@4F5 :064>9 @5;8388 ;568B C25@5==>ABL 2 ACI5AB2>20=88 >A=>2>?>;030NI59 8AB8=K, 8 2 B><, GB> MB0 687=L ?@54AB02;O5B A>1>9 A2OI5==CN 2>7<>6=>ABL @0728BL 8 ?>AB8GL 55. >340 <K 3>2>@8< C440, B> 5AB5AB25==> 4C<05< >1 8=489A:>< ?@8=F5 0CB0<5 !844E0@BE5, :>B>@K9 4>AB83 ?@>A25B;5=8O 2 H5AB>< 25:5 4> =0H59 M@K, 8 GL5<C CG5=8N > 4CE>2=>< ?CB8, 8725AB=>< A59G0A :0: 1C4487<, A;54CNB <8;;8>=K ;N459 2> 2A59 788. 4=0:> C440 8<55B 1>;55 3;C1>:>5 7=0G5=85. -B> >7=0G05B G5;>25:0  ;N1>3> G5;>25:0  :>B>@K9 ?>;=>ABLN ?@>1C48;AO >B =52545=8O 8 @0A:@K; A2>9 >3@><=K9 ?>B5=F80; <C4@>AB8. C440  MB> B>B, :B> >:>=G0B5;L=> ?>:>=G8; A> AB@040=85< 8 BI5B=>ABLN, :B> >B:@K; 4;8B5;L=>5 8 15AA<5@B=>5 AG0ABL5 8 4CH52=K9 <8@. 4=0:> 2 =0H A:5?B8G5A:89 25: <=>38< 87 =0A MB> A>AB>O=85 <>65B ?>:070BLAO A:>@55 ?>E>68< =0 D0=B078N 8;8 <5GBC, 8;8 B>, GB> =0< A0<8< A>25@H5==> =54>ABC?=>. > 206=> 2A5340 ?><=8BL, GB> C440 1K; B0:8< 65 G5;>25:><, :0: 2K 8;8 O. = =8:>340 =5 ?@5B5=4>20; =0 1>65AB25==>ABL, >= ?@>AB> 7=0;, GB> >1;0405B ?@8@>4>9 1C44K, A5<5=5< ?@>A25B;5=8O, 8 GB> 2A5 >AB0;L=K5 B>65 MB8< 2;045NB. @8@>40 1C44K  MB> ?@>AB> ?@8@>645==>5 ?@02> :064>3> @07C<=>3> ACI5AB20, 8 O 2A5340 3>2>@N: 0H0 ?@8@>40 1C44K AB>;L 65 E>@>H0, :0: ?@8@>40 1C44K C ;N1>3> 1C44K. -B> 8 5ABL B0 1;030O 25ABL, :>B>@CN C440 ?@8=5A =0< 2 @57C;LB0B5 A2>53> ?@>A25B;5=8O 2 >4E3095 8 :>B>@0O >:070;0AL 24>E=>2;ONI59 4;O AB>;L <=>38E ;N459. 3> 25ABL  GB> ?@>A25B;5=85 4>AB868<> 4;O 2A5E  =5A5B >3@><=CN =04564C. 0=8<0OAL 4CE>2=>9 ?@0:B8:>9, <K 2A5 B>65 <>65< ?@>1C48BLAO. A;8 1K MB> =5 1K;> 8AB8==K<, B> 15AG8A;5==>5 <=>65AB2> ;N459, 2?;>BL 4> =0H8E 4=59, =5 A<>3;> 1K 4>AB8GL ?@>A25B;5=8O. >2>@8BAO, GB>, :>340 C440 4>AB83 ?@>A25B;5=8O, B> 2A5, G53> >= E>B5;, ?>:070BL 2A5< =0< ?@8@>4C C<0 8 ?>;=>ABLN @0745;8BL A =0<8 B>, GB> >= ?>AB83. > >= B0:65 C2845;, A ?5G0;LN 15A:>=5G=>3> A>AB@040=8O, =0A:>;L:> B@C4=> 1C45B =0< MB> ?>=OBL. >B><C GB>, E>BO <K 8 >1;0405< B>9 65 2=CB@5==59 ?@8@>4>9, GB> 8 C440, <K =5 @0A?>7=05< MB>3>, 81> >=0 B0: A8;L=> 70:@KB0 2 =0H8E >B45;L=KE >1KG=KE C<0E, B0: >:@C65=0 8<8. @>AB@0=AB2> 2=CB@8 B0:>5 65, GB> 8 ?@>AB@0=AB2> A=0@C68. ">;L:> E@C?:85 AB5=:8 A>AC40 >B45;ONB >4=> >B 4@C3>3>. 0H C< 1C44K 70:;NG5= 2 AB5=0E =0H53> >1KG=>3> C<0. > :>340 <K AB0=>28<AO ?@>A25B;5==K<8, MB>B A>AC4 A;>2=> @0718205BAO =0 :CA:8. @>AB@0=AB2> 2=CB@8 =5<54;5==> A;8205BAO A ?@>AB@0=AB2>< A=0@C68. =8 A;820NBAO 2>548=>, 8 <K A@07C 65 >A>7=05<, GB> >=8 =8:>340 =5 1K;8 >B45;L=K<8 8 >B;8G=K<8 4@C3 >B 4@C30  >=8 2A5 2@5<O 1K;8 >4=8< 8 B5< 65.    B0:, :0:8<8 1K =8 1K;8 =0H8 687=8, =0H0 ?@8@>40 1C44K 2A5340 2 =0A.  >=0 2A5340 A>25@H5==0. K 3>2>@8<, GB> 4065 C44K 2 A2>59 15A:>=5G=>9 <C4@>AB8 =5 <>3CB 55 C;CGH8BL, 8 @07C<=K5 ACI5AB20 =5 2 A>AB>O=88 ?>2@548BL 59 2 A2>5< :06CI5<AO 15A:>=5G=K< 70<5H0B5;LAB25. 0HC 8AB8==CN ?@8@>4C <>6=> A@02=8BL A =51><, 0 70<5H0B5;LAB2> >1KG=>3> C<0  A >1;0:0<8. K205B B0:, GB> =51> A>25@H5==> 70:@KB> >1;0:0<8. >340 <K A<>B@8< 22KAL A 75<;8, >G5=L B@C4=> ?>25@8BL, GB> B0< 5ABL GB>;81>, :@><5 >1;0:>2. > =C6=> B>;L:> ?>4=OBLAO =0 A0<>;5B5, GB>1K >1=0@C68BL =04 =8<8 1573@0=8G=CN H8@L OA=>3> A8=53> =510.  A25@EC >1;0:0, 1K2H85, ?> =0H5<C <=5=8N, 2A5<, 284OBAO B0:8<8 <5;:8<8, B0: 40;5:> 2=87C. K ?>AB>O==> 4>;6=K ?><=8BL: >1;0:0  MB> =5 =51>, 8 >=8 =5 ?@8=04;560B 5<C. =8 B>;L:> 28AOB 2 =5< 8 ?@>E>4OB ?> =5<C A2>8<8 GCBL =5;5?K<8 8 =57028A8<K<8 ?CBO<8.  >=8 =8:>340 =5 <>3CB 70?OB=0BL 8;8 :0:B> ?><5B8BL =51>. "0: 2 G5< B>G=> A>AB>8B MB0 ?@8@>40 1C44K?  ?>4>1=>9 =51C ?@8@>45 =0H53> C<0. >;=>ABLN >B:@KB0O, A2>1>4=0O 8 1573@0=8G=0O, >=0 2 A2>59 >A=>25 =0AB>;L:> ?@>AB0 8 5AB5AB25==0, GB> 55 2>>1I5 =5;L7O CA;>6=8BL, 8A?>@B8BL 8;8 70?OB=0BL, >=0 =0AB>;L:> G8AB0, GB> =0E>48BAO 4065 2=5 ?@54AB02;5=8O > G8AB>B5 8 3@O78. !@02=5=85 ?@8@>4K C<0 A =51><  MB>, :>=5G=>, <5B0D>@0, ?><>30NI0O =0< ?>4>9B8 : ?@54AB02;5=8N > 55 2A5>E20B=>9 1573@0=8G=>AB8, ?>A:>;L:C ?@8@>40 1C44K >1;0405B :0G5AB2><, :>B>@>3> =5 <>65B 8<5BL =51>  A8ONI59 OA=>ABLN A>7=020=8O. 0: A:070=> >1 MB><: -B> ?@>AB> 20H5 157C?@5G=>5 A>7=020=85 B>3>, GB> A59G0A, ?>=8<0NI55 8 ?CAB>5, =5?@8:@KB>5 8 1>4@AB2CNI55. C46>< 8=?>G5 ?8A0;: 8:0:85 A;>20 =5 <>3CB 53> >?8A0BL, 8:0:>9 ?@8<5@ =5 <>65B C:070BL =0 =53>, !0=A0@0 =5 45;05B 53> EC65, 8@20=0 =5 45;05B 53> ;CGH5, => =8:>340 =5 1K;> @>645=>, => =8:>340 =5 8AG570;>, => =8:>340 =5 1K;> >A2>1>645=>, => =8:>340 =5 1K;> >1<0=CB>, => =8:>340 =5 ACI5AB2>20;>, => =8:>340 =5 1K;> =5ACI5AB2CNI8<, => =5 8<55B =8:0:8E 3@0=8F, => =5 >B=>A8BAO =8 :0:8< :0B53>@8O<. L>HC; E5= 8=?>G5 A:070;: ;C1>:0O 8 ?>:>9=0O, A2>1>4=0O >B A;>6=>AB8, &5;L=0O A25B>=>A=0O OA=>ABL, 560I0O 70 ?@545;0<8 C<0 8459 8 ?@54AB02;5=89; "0:>20 3;C1L C<0 >15482H8E. "0< =5B =8G53>, GB> <>6=> 1K;> 1K C1@0BL,  =5B =8G53>, GB> =C6=> 1K;> 1K BC40 4>1028BL. -B> ?@>AB> 157C?@5G=>5, AB5AB25==> @0AA<0B@820NI55 A51O. '"+   /"!"/ >G5<C 65 ;N4O< B0: B@C4=> 4065 ?@54AB028BL 3;C18=C 8 25;8G85 MB>9 ?@8@>4K C<0? >G5<C <=>38< MB> :065BAO B0:>9 =5>1KG=>9 8 =52>7<>6=>9 84559? #G5=85 3>2>@8B > G5BK@5E ?@5?OBAB28OE, =5 40NI8E =0< A@07C >A>7=0BL MBC ?@8@>4C C<0: 1.@8@>40 C<0 ?@>AB> A;8H:>< 1;87:0, GB>1K @0A?>7=0BL 55. "0: 65, :0: <K =5A?>A>1=K 2845BL A>1AB25==>5 ;8F>, B0: 8 C<C B@C4=> ?>A<>B@5BL =0 A>1AB25==CN ?@8@>4C. 2.=0 A;8H:>< 3;C1>:0, GB>1K <K <>3;8 MB> ?@54AB028BL. # =0A =5B =8:0:>3> ?>=OB8O, =0A:>;L:> 3;C1>:>9 >=0 <>65B 1KBL; 0 5A;8 1K >=> 1K;>, B> <K 2 =5:>B>@>9 AB5?5=8 C65 A>7=020;8 1K 55. 3.0< A;8H:>< ;53:> 2 =55 ?>25@8BL.  459AB28B5;L=>AB8, 2A5, GB> =0< =C6=> 4;O MB>3>, ?@>AB> =0E>48BLAO 2 ?>:>5 2 >B:@KB><, G8AB>< A>7=020=88 ?@8@>4K C<0, :>B>@0O 2A5340 @O4><. 4.=0 A;8H:>< GC45A=0, GB>1K <K <>3;8 2<5AB8BL MB>. =0 =0AB>;L:> 25;8:0, GB> =5 2<5I05BAO 2 =0H C7:89 >1@07 <KH;5=8O. K ?@>AB> =5 <>65< 2 MB> ?>25@8BL. K =5 <>65< 4065 2>>1@078BL, GB> ?@>A25B;5=85 O2;O5BAO =0AB>OI59 ?@8@>4>9 =0H53> C<0. A;8 MB>B 0=0;87 G5BK@5E ?@5?OBAB289 1K; 8AB8==K< 4;O B815BA:>9 F828;870F88, ?>AB>O==> AB@5<82H59AO : 4>AB865=8N ?@>A25B;5=8O, B> >= 5I5 1>;55 0CB5=B8G5= 4;O A>2@5<5==>9 F828;870F88, ?>:;>=ONI59AO 8;;N78O<.  =59 =5B 4065 >1I8E A2545=89 > ?@8@>45 C<0.  =59 ?@0:B8G5A:8 =5 ?8HCB =8 ?8A0B5;8, =8 <KA;8B5;8; A>2@5<5==K5 D8;>A>DK ?@>AB> =5 C?><8=0NB > =59; 1>;LH8=AB2> CG5=KE >B@8F0NB, GB> >=0 2>>1I5 <>65B ACI5AB2>20BL. =0 =5 83@05B =8:0:>9 @>;8 2 <0AA>2>9 :C;LBC@5: > =59 =5B ?5A5=, ?>AB0=>2>:, B5;52878>==KE ?5@540G.  459AB28B5;L=>AB8 =0A CG0B B><C, GB> 70 ?@545;0<8 =0H8E >1KG=KE >@30=>2 GC2AB2 =5B =8G53> @50;L=>3>. > =5A<>B@O =0 MB> <0AA>2>5 8 ?>GB8 2A5?@>=8:0NI55 >B@8F0=85 ?@8@>4K C<0, =0A 2A5B0:8 8=>340 ?>A5I0NB ?@>1;5A:8 55 2845=8O, ?>@>9 :0: A;54AB28O :0:>9B> 2>72KH5==>9 <C7K:8 8;8 A?>:>9=>3> AG0ABLO, >ICI05<>3> =0<8 2 ?@8@>45, 8;8 A0<>9 >1KG=>9 ?>2A54=52=>9 A8BC0F88. =8 <>3CB O28BLAO, :>340 <K ?@>AB> A<>B@8<, :0: <54;5==> ?0405B A=53, 8;8 :0: A>;=F5 2AB05B 70 3>@0<8, 8;8 B@>30B5;L=> =01;N405< 70 ;CG>< A25B0, ?5@5A5:0NI8< ?CABCN :><=0BC. "0:85 <><5=BK ?@>A25B;5=8O, ?>:>O 8 1;065=AB20 A;CG0NBAO A> 2A5<8 8 ?>@078B5;L=> 70?><8=0NBAO =0<8. / 4C<0N, GB> 8=>340 <K =0?>;>28=C ?>=8<05< B0:85 ?@>1;5A:8, => A>2@5<5==0O :C;LBC@0 =5 405B =0< =8 >A=>2K, =8 AB@C:BC@K ?>=OB89 4;O 8E >A>7=0=8O.  A>60;5=8N, =0A =5 B>;L:> =5 ?>>I@ONB 3;C165 8AA;54>20BL B0:85 ?@>1;5A:8 8 8A:0BL, >B:C40 >=8 8AE>4OB, => 3>2>@OB, ?@O<> 8;8 :>A25==>, GB>1K <K >B =8E >B:070;8AL. K 7=05<, GB> =8:B> =5 2>A?@8<5B =0A A5@L57=>, 5A;8 <K ?>?KB05<AO ?>45;8BLAO MB8<8 ?5@56820=8O<8. >MB><C <K 83=>@8@C5< B>, GB> 2 459AB28B5;L=>AB8 <>3;> 1K 1KBL =081>;55 @0A:@K20NI8< 8AB8=C ?5@56820=85< 2 =0H59 687=8, 5A;8 1K <K B>;L:> 53> ?>=O;8. -B>, =025@=>5, A0<0O B5<=0O 8 2K7K20NI0O B@52>3C AB>@>=0 A>2@5<5==>9 F828;870F88  55 =52565AB2> 8 ?>402;5=85 B>3>, G5< <K 2 459AB28B5;L=>AB8 O2;O5<AO. !!"  ", '" #"  >?CAB8<, <K ?>;=>ABLN A<5=8< >@85=B0F8N  >B:065<AO A<>B@5BL B>;L:> 2 >4=C AB>@>=C. 0A CG0B ?@>2>48BL =0H8 687=8, ?@5A;54CO A>1AB25==K5 <KA;8 8 ?@>5:F88. 065 :>340 3>2>@OB >1 C<5, MB> >B=>A8BAO B>;L:> : 53> <KA;O< 8 M<>F8O<; 0 :>340 =0H8 8AA;54>20B5;8 87CG0NB B>, GB>, ?> 8E <=5=8N, O2;O5BAO C<><, B> @0AA<0B@820NB B>;L:> 53> ?@>5:F88. 8:B> =8:>340 2 459AB28B5;L=>AB8 =5 @0AA<0B@8205B A0< C<, >A=>2C, >B :>B>@>9 8AE>4OB 2A5 MB8 2K@065=8O; 8 MB> ?@82>48B : B@038G5A:8< ?>A;54AB28O<. 0: A:070; 04<0A0<1E020: 065 E>BO B>, GB> >1KG=> =07K20NB C<><, >G5=L C2060NB 8 H8@>:> >1AC640NB, > 2A5 65 53> =5 ?>=8<0NB, 8;8 ?>=8<0NB =5?@028;L=>, 8;8 ?>=8<0NB ;8HL >4=>1>:>.  ?>A:>;L:C 53> =5 ?>=8<0NB ?@028;L=>, B0:8<, :0:8< >=> ?@>AB> O2;O5BAO A0<> ?> A515, "> 2>7=8:05B =5?@54AB028<>5 <=>65AB2> D8;>A>DA:8E 8459 8 CB25@645=89. >;55 B>3>, ?>A:>;L:C >1KG=K5 ;N48 MB>3> =5 ?>=8<0NB, =8 =5 @0A?>7=0NB A2>59 A>1AB25==>9 ?@8@>4K,  ?@>4>;60NB 1;C640BL A@548 H5AB8 AC451 ?>2B>@=>3> @>645=8O 2 B@5E <8@0E, 8 ?>B><C 8A?KBK20NB AB@040=8O. B0:, =5?>=8<0=85 A2>53> A>1AB25==>3> C<0  MB> >G5=L ?@8A:>@1=K9 =54>AB0B>:. 0: 65 <K <>65< ?>;=>ABLN 87<5=8BL MBC A8BC0F8N? G5=L ?@>AB>. 0H8 C<K <>3CB =0E>48BLAO 2 42CE ?>;>65=8OE: @0AA<0B@820O B>, GB> A=0@C68, 8 @0AA<0B@820O B>, GB> 2=CB@8. 0209B5 65 ?>A<>B@8< 2=CB@L. -B> =51>;LH>5 87<5=5=85 >@85=B0F88 <>65B ?@825AB8 : >3@><=>9 ?5@5<5=5 8 4065 ?@54>B2@0B8BL =0?0AB8, 3@>7OI85 =0H5<C <8@C. >340 =081>;LH55 :>;8G5AB2> ;N459 ?>7=05B ?@8@>4C A2>53> C<0, >=8 B0:65 ?>9<CB 25;8G5AB25==CN ?@8@>4C 75<=>3> <8@0 8 1C4CB E@01@> 1>@>BLAO 70 53> A>E@0=5=85. =B5@5A=>, GB> =0 B815BA:>< O7K:5 A;>2>, >7=0G0NI55 1C448AB, =0=3?0. => 1C:20;L=> 7=0G8B B>B, :B> 2=CB@8, B>B, :B> 8I5B 8AB8=C =5 A=0@C68, => 2=CB@8 ?@8@>4K C<0. A5 CG5=85 1C4487<0, 2A5 70=OB8O =0F5;5=K =0 >4=>: C2845BL ?@8@>4C C<0 8 B5< >A2>1>48BL =0A >B AB@0E0 A<5@B8 8 ?><>GL >A>7=0BL 8AB8=C 687=8. 73;O4 2=CB@L ?>B@51C5B >B =0A 1>;LH>9 >AB>@>6=>AB8 8 1>;LH>9 A<5;>AB8  ?>GB8 ?>;=>3> 87<5=5=8O =0H53> >B=>H5=8O : 687=8 8 C<C. K =0AB>;L:> ?@8AB@0AB8;8AL A<>B@5BL =0@C6C, GB> ?>GB8 ?>;=>ABLN ;8H8;8AL 4>ABC?0 : =0H5<C 2=CB@5==5<C ACI5AB2C. K 1>8<AO 703;O=CBL 2=CB@L, ?>B><C GB> =0H0 :C;LBC@0 =5 40;0 =0< =8:0:>3> ?@54AB02;5=8O > B><, GB> <K B0< C2848<. !;>68;>AL <=5=85, GB> >B MB>3> <>6=> A>9B8 A C<0. -B> >4=0 87 ?>A;54=8E 8 =081>;55 A8;L=KE 2K4C<>: =0H53> M3>, 8A?>;L7C5<0O 4;O B>3>, GB>1K =5 40BL =0< >B:@KBL =0HC @50;L=CN ?@8@>4C. K 70?>;=O5< =0H8 687=8 15H5==K< @8B<>< 4;O B>3>, GB>1K =5 1K;> 2>7<>6=>AB8 703;O=CBL 2=CB@L A51O. N48 <>3CB 1>OBLAO 4065 8458 <548B0F88. !;KH0 B0:85 A;>20, :0: ;8H5==K9 M3> 8;8 A>AB>O=85 ?CAB>BK, >=8 4C<0NB, GB> ?5@56820=85 MB8E A>AB>O=89 ?>4>1=> 2K1@0AK20=8N 87 :>A<8G5A:>3> :>@01;O 2 >B:@KBK9 :>A<>A 8 25G=><C ?045=8N 2 B5<=>9 ;54O=>9 ?CAB>B5. > MB> >G5=L 40;5:> >B 8AB8=K. 4=0:> 2 <8@5, ?>A2OI5==>< >B2;5G5=8O<, <>;G0=85 8 ?>:>9 ?@82>4OB =0A 2 C60A; <K 70I8I05<AO >B =8E HC<>< 8 ;8E>@04>G=>9 45OB5;L=>ABLN. 0AA<>B@5=85 ?@8@>4K =0H53> C<0  MB> B>, =0 GB> <K >A<5;8205<AO <5=55 2A53>. =>340 O 4C<0N, GB> <K ?>=0AB>OI5<C =5 E>B8< 704020BL =8:0:8E 2>?@>A>2 > B><, :B> <K =0 A0<>< 45;5, ?>B><C GB> 1>8<AO >B:@KBL, GB> 5ABL :0:0OB> 4@C30O @50;L=>ABL, :@><5 MB>9. 0: 2 A25B5 MB>3> >B:@KB8O 1C4CB 2K3;O45BL =0H8 687=8? 0: =0H8 4@C7LO 8 :>;;538 >B@5038@CNB =0 B>, GB> <K C7=05<? 'B> <K 1C45< 45;0BL A MB8< =>2K< 7=0=85<? =0=85 ?@8=>A8B >B25BAB25==>ABL. K205B, GB> 4065 ?@8 >B:@KB>9 425@8 B5<=8FK, ?;5==8: ?@54?>G8B05B 70B>G5=85. "  !"/  A>2@5<5==>< <8@5 5ABL 2A53> =5A:>;L:> ;N459, :>B>@K5 2>?;>I0NB :0G5AB20, ?@>8AE>4OI85 >B >A>7=0=8O ?@8@>4K C<0. >MB><C =0< B@C4=> =5 B>;L:> ?@54AB028BL ?@>A25B;5=85 8;8 2>A?@8OB85 ?@>A25B;5==>3> G5;>25:0, => 8 ?>=OBL, GB> <K A0<8 <>65< AB0BL ?@>A25B;5==K<8. 5A<>B@O =0 B>, GB> 2 =0H5< >1I5AB25 ?>AB>O==> B25@4OB > F5==>AB8 G5;>25G5A:>9 687=8 8 A2>1>4K :064>3> G5;>25:0, D0:B8G5A:8 >1I5AB2> >1@0I05BAO A =0<8 :0: A >45@68<K<8 ;8HL 2;0ABLN, A5:A>< 8 45=L30<8, B@51CNI8<8 ?>AB>O==KE >B2;5G5=89 >B ;N1KE :>=B0:B>2 A> A<5@BLN 8;8 @50;L=>9 687=LN. A;8 =0< 3>2>@OB 8;8 <K A0<8 4>304K205<AO > =0H5< 3;C18==>< ?>B5=F80;5, B> =5 <>65< 2 MB> ?>25@8BL; 0 5A;8 <K 2>>1I5 8<55< :0:>5B> ?@54AB02;5=85 > 4CE>2=>< ?@5>1@065=88, B> AG8B05<, GB> MB> C45; B>;L:> 4;O 25;8:8E A2OBKE 8 4CE>2=KE <0AB5@>2 ?@>H;KE 2@5<5=. 0;09;0<0 G0AB> 3>2>@8B > B><, GB> C <=>38E ;N459 2 A>2@5<5==>< <8@5 =5 E20B05B =0AB>OI59 ;N128 : A515 8 A0<>C2065=8O. -B>B 273;O4 =0 687=L >B@0605B =52@>B8G5A:CN C15645==>ABL 2 =0H8E A>1AB25==KE =54>AB0B:0E. -B> ;8H05B =0A =04564K =0 ?@>1C645=85 8 B@038G5A:8 ?@>B82>@5G8B F5=B@0;L=>9 8AB8=5 CG5=8O C44K: GB> <K 2A5 C65 ?> A2>59 ACB8 A>25@H5==K.  5A;8 1K <K 4065 ?>4C<0;8 > 2>7<>6=>AB8 ?@>A25B;5=8O, B>, 273;O=C2 =0 A>AB02;ONI85 =0H53> >1KG=>3> C<0  3=52, 604=>ABL, @52=>ABL, <AB8B5;L=>ABL, 65AB>:>ABL, ?>E>BL, AB@0E, B@52>6=>ABL 8 ?>AB>O==>5 15A?>:>9AB2>  ?>B5@O;8 1K ;N1CN =04564C 53> 4>AB865=8O, 5A;8 1K =0< =5 A:070;8 > ?@8@>45 C<0 8 2>7<>6=>AB8 >A>7=0BL 55 8 ?>;=>ABLN C1548BLAO 2 55 @50;L=>AB8. 0, ?@>A25B;5=85 @50;L=>, 8 =0 MB>9 ?;0=5B5 ?>?@56=5<C 5ABL ?@>A25B;5==K5 <0AB5@0. >340 2K 459AB28B5;L=> 2AB@5B8B5 B0:>3>, B> 1C45B5 ?>B@OA5=K 8 B@>=CBK 2 3;C18=5 A2>53> A5@4F0, 8 >A>7=05B5, GB> B0:85 A;>20, :0: ?@>A25B;5=85 8 <C4@>ABL, :>B>@K5 2K @0=LH5 AG8B0;8 ?@>AB> 845O<8, =0 A0<>< 45;5 8AB8==K. !>2@5<5==K9 <8@, =5A<>B@O =0 2A5 53> >?0A=>AB8, :@09=5 2>AE8B8B5;5=. #< A>2@5<5==>3> G5;>25:0 <54;5==> >B:@K205BAO 4;O 8=KE ?@54AB02;5=89 > @50;L=>AB8. "0:85 25;8:85 CG8B5;O, :0: 0;09;0<0 8 0BL "5@570, >1@0I0NBAO : ;N4O< ?> B5;52845=8N; <=>385 <0AB5@0 >AB>:0 A59G0A ?@85760NB =0 0?04, GB>1K CG8BL; 2A5 1>;LH5 ;N459 G8B0NB :=838, >B=>AOI85AO :> 2A5< <8AB8G5A:8< CG5=8O<. BG0O==>5 ?>;>65=85 =0H59 ?;0=5BK <54;5==> ?@>1C6405B ;N459 : >A>7=0=8N =5>1E>48<>AB8 ?@5>1@07>20=89 2 3;>10;L=>< <0AHB015. @>A25B;5=85, :0: O C65 3>2>@8;, @50;L=>; :064K9 87 =0A, :5< 1K >= =8 1K;, <>65B 2 ?>4E>4OI8E >1AB>OB5;LAB20E 8 ?@8 ?@028;L=>< >1CG5=88 ?>AB8GL ?@8@>4C C<0 8 B5< A0<K< ?>7=0BL 2 A515 B>, GB> 15AA<5@B=> 8 25G=> G8AB>. "0:>2> >15B>20=85 2A5E <8AB8G5A:8E CG5=89 <8@0, 8 >=> 1K;> 8A?>;=5=> 8 8A?>;=O5BAO 2 =58AG8A;8<>< <=>65AB25 G5;>25G5A:8E 687=59. 'C4> MB>3> >15B>20=8O =5 O2;O5BAO G5<B> M:7>B8G5A:8< 8;8 D0=B0AB8G5A:8< 8 ?@54=07=0G5=> =5 4;O 871@0==KE, 0 4;O 2A53> G5;>25G5AB20; 8 MB> A>7=020=85 >:07K205BAO =5>6840==> >1KG=K<. CE>2=0O 8AB8=0 =5 O2;O5BAO G5<B> CA;>6=5==K< 8 M7>B5@8G5A:8<: =0 A0<>< 45;5 MB> ?> ACB8 A2>59 3;C1>:89 74@02K9 A<KA;. >340 2K A>7=05B5 ?@8@>4C C<0, B>, A;>9 70 A;>5<, CE>48B 70<5H0B5;LAB2>. K 2 459AB28B5;L=>AB8 =5 AB0=>28B5AL 1C44>9, 0 ?@>AB> =5?>A@54AB25==> >A2>1>6405B5AL >B 8;;N7>@=>3> >1<0=0.  1KBL 1C44>9 7=0G8B =5 1KBL :0:8<B> 2A5<>3CI8< 4CE>2=K< AC?5@<5=><, 0 AB0BL =0:>=5F 8AB8==K< G5;>25:><. 4=> 87 25;8G09H8E 1C4489A:8E CG5=89 =07K205B ?@8@>4C C<0 <C4@>ABLN >1KG=>AB8. / =5 <>3C A;8H:>< 4>;3> >AB0=02;820BLAO =0 B><, GB> =0H0 8AB8==0O ?@8@>40 8 ?@8@>40 2A5E ACI5AB2 =5 O2;O5BAO G5<B> =5>1KG=K<. @>=8O A>AB>8B 2 B><, GB> MB> =0H B0: =07K205<K9 >1KG=K9 <8@ O2;O5BAO =5>1KG=K<, D0=B0AB8G5A:>9 A;>6=>9 30;;NF8=0F859 >1<0=CB>3> 2845=8O A0=A0@K. <5==> MB> =5>1KG=>5 2845=85 =5 405B =0< ?>=OBL >1KG=CN, 5AB5AB25==CN, ACI=>AB=CN ?@8@>4C C<0. >A<>B@5;8 1K 1C44K =0 =0A A59G0A: :0: >=8, 2 ?5G0;8, C482;O;8AL 1K A<5@B>=>A=>9 87>1@5B0B5;L=>AB8 8 A;>6=>AB8 =0H53> 70<5H0B5;LAB20! <5==> 8770 =0H53> =5=C6=>3> CA;>6=5=8O ?@8@>40 C<0, A :>B>@>9 =0A 7=0:><8B <0AB5@, :065BAO =0< A;8H:>< ?@>AB>9, GB>1K 2 =55 ?>25@8BL. 0H >1KG=K9 C< B25@48B =0<, GB> MB>3> =5 <>65B 1KBL, GB> 2 MB>< 4>;6=> 1KBL GB>B> 1>;LH55. C :>=5G=>, 1K;> 1K :C40 1>;55 25;8G5AB25==>, 5A;8 1K 2>:@C3 =0A 2A?KE=C;8 >A;5?8B5;L=K5 >3=8, 0=35;K A @072520NI8<8AO 7>;>BK<8 ;>:>=0<8 A;5B5;8 1K : =0<, 8 >;H51=8: 7C<@C4=>3> >@>40 7KG=K< 3>;>A>< >1JO28;: K=5 BK >7=0:><;5= A ?@8@>4>9 B2>53> C<0! 5B, B0:8E ?@54AB02;5=89 =5 1K205B. 770 A;8H:>< 2KA>:>9 >F5=:8 8=B5;;5:B0 2 =0H59 :C;LBC@5, =0< <>65B :070BLAO, GB> 4;O B>3>, GB>1K AB0BL ?@>A25B;5==K<, =C6=> 1KBL >G5=L C<=K<. 4=0:> =0 45;5 <=>385 284K 8=B5;;5:BC0;L=>AB8 O2;ONBAO ?@>AB> 4>?>;=8B5;L=K<8 ?@5?OBAB28O<8. 4=0 B815BA:0O ?>A;>28F0 3>2>@8B: A;8 BK A;8H:>< C<=K9, B> <>65HL 2>>1I5 ?@>3;O45BL 25AL A<KA;. 0B@C; 8=?>G5 A:070;: >38G5A:89 C< :065BAO 8=B5@5A=K<, => O2;O5BAO A5<5=5< >1<0=0. N48 <>3CB AB0BL >45@68<K<8 A2>8<8 A>1AB25==K<8 B5>@8O<8 8 ?@>?CAB8BL A<KA; 2A53>.  "815B5 3>2>@OB: "5>@88 ?>4>1=K 70?;0B0< =0 HC15  >4=064K >=8 ?@>AB> 87=0H820NBAO 8 ?040NB. >72>;LB5 <=5 >1>4@8BL 20A B0:>9 8AB>@859:  ?@>H;>< 25:5 C >4=>3> 25;8:>3> <0AB5@0 1K; >G5=L BC?>9 CG5=8:. 0AB5@ 2=>2L 8 2=>2L 70=8<0;AO A =8<, ?KB0OAL >7=0:><8BL 53> A ?@8@>4>9 C<0, => >= 2A5 =5 <>3 4>AB8GL ?>=8<0=8O. 0:>=5F, <0AB5@ @0AA5@48;AO 8 A:070; 5<C: / E>GC, GB>1K BK >B=5A MB>B <5H>: OG<5=O =0 25@H8=C 2>= B>9 3>@K. > BK =5 4>;65= >AB0=02;820BLAO 8;8 >B4KE0BL. @>AB> 848 8 848, ?>:0 =5 1C45HL =0 25@H8=5. #G5=8: 1K; ?@>AB0:><, => =5?@5:;>==> ?@540==K< 8 25@OI8< 2 A2>53> <0AB5@0, 8 B>G=> 8A?>;=8; B>, GB> 1K;> 25;5=>. 5H>: 1K; BO65;. = 2720;8; 53> =0 A?8=C 8 ?>H5; 225@E ?> A:;>=C 3>@K, =5 A<5O >AB0=02;820BLAO. = ?@>AB> H5; 8 H5;. 5H>: AB0=>28;AO 2A5 BO65;55 8 BO65;55. = H5; 4>;3>. 0:>=5F, =0 25@H8=5, >= A1@>A8; <5H>: 8 A0< A5; =075<L, 87<CG5==K9, => 3;C1>:> @0AA;0182H89AO. = >ICB8; A25689 3>@=K9 2>74CE =0 A2>5< ;8F5. A5 53> A>?@>B82;5=85 @0AA5O;>AL, 0 2<5AB5 A =8< 8 53> >1KG=K9 C<.  2 MB>B <><5=B >= 2=570?=> ?>AB83 ?@8@>4C A2>53> C<0. ! "0: 2>B GB> <=5 2A5 2@5<O ?>:07K20; <>9 <0AB5@, ?>4C<0; >=. = A1560; A 3>@K 8, 2>?@5:8 2A5< ?@028;0<, 2>@20;AO 2 :><=0BC <0AB5@0. ><>5<C, O B5?5@L MB> ?>=O;& / 459AB28B5;L=> ?>=O; MB>! 3> <0AB5@ ?>=8<0NI5 C;K1=C;AO 5<C: =0G8B, ?@>3C;:0 =0 3>@C 1K;0 8=B5@5A=>9, ?@0240? 5< 1K 2K =8 1K;8, 2K B>65 <>65B5 ?5@568BL B> 65, GB> ?5@568; MB>B CG5=8: =0 3>@5, 8 8<5==> MB> ?5@56820=85 =045;8B 20A 15AAB@0H85<, =5>1E>48<K< 4;O ?@5>4>;5=8O 687=8 8 A<5@B8. > :0:>2 ;CGH89, 1KAB@59H89 8 =081>;55 MDD5:B82=K9 A?>A>1 MB> A45;0BL? 5@2K9 H03 A>AB>8B 2 70=OB8OE <548B0F859. <5==> <548B0F8O <54;5==> >G8I05B >1KG=K9 C<, @07>1;0G0O 8 8AB>I0O 53> ?@82KG:8 8 8;;N788, B0:, GB> <K AB0=>28<AO A?>A>1=K<8, 2 ?>4E>4OI89 <><5=B, @0A?>7=0BL, :5< <K 459AB28B5;L=> O2;O5<AO. ;020 V  ) #  >;55 42CE A ?>;>28=>9 BKAOG ;5B B><C =0704 >48= G5;>25:, <=>3> 687=59 8A:02H89 8AB8=C, ?@8H5; 2 B8ECN <5AB=>ABL =0 A525@5 =488 8 A5; ?>4 45@52><. A?>;=5==K9 @5H8<>AB8, >= ?>:;O;AO, GB> 1C45B A845BL ?>4 MB8< 45@52>< 4> B5E =>@, ?>:0 =5 =0945B 8AB8=C. >2>@OB, GB> 2 AC<5@:0E >= ?>1548; 2A5 B5<=K5 A8;K >1<0=G82>9 8;;N788, 0 =0 A;54CNI55 CB@>, :>340 725740 5=5@0 O28;0AL =0 ?@54@0AA25B=>< =515, MB>B G5;>25: 1K; 2>7=03@0645= 70 A2>5 25:>25G=>5 B5@?5=85, 48AF8?;8=C 8 157C?@5G=CN :>=F5=B@0F8N  >= 4>AB83 >:>=G0B5;L=>9 F5;8 G5;>25G5A:>3> ACI5AB2>20=8O, ?@>A25B;5=8O.  MB> A2OI5==>5 <3=>25=85 A0<0 75<;O 704@>60;0, :0: 1C4B> >?LO=5==0O 1;065=AB2><, 8, :0: 3>2>@OB =0< A2OI5==K5 B5:ABK, =8:B> =8345 =5 1K; 3=525=, 1>;5= 8;8 2 ?5G0;8; =8:B> =5 B2>@8; 7;0, =8:B> =5 1K; 3>@4; <8@ ?@58A?>;=8;AO ?>:>5<, :0: 1C4B> C65 4>AB83 ?>;=>3> A>25@H5=AB20. -B>B G5;>25: 8725AB5= :0: C440. >B 70<5G0B5;L=>5 >?8A0=85 ?@>A25B;5=8O C44K, A45;0==>5 2L5B=0<A:8< <0AB5@>< "8G 0B %0=><: 0CB0<0 ?>GC2AB2>20;, :0: 1C4B> BN@L<0, 2 :>B>@>9 >= B><8;AO 2 B5G5=85 BKAOG 687=59, 1K;0 @07@CH5=0. 3> BN@5<I8:>< 1K;> =52545=85. 52545=85 70B<8;> 53> C< ?>4>1=> B><C, :0: HB>@<>2K5 >1;0:0 70B<520NB ;C=C 8 72574K. -B>B C<, 70BC<0=5==K9 15A:>=5G=K<8 2>;=0<8 <KA;59, ?>42;0AB=KE 8;;N788, ;>6=> @0745;O; @50;L=>ABL =0 AC1J5:B82=CN 8 >1J5:B82=CN, ;8G=>ABL 8 2A5 >AB0;L=>5, ACI5AB2>20=85 8 =5ACI5AB2>20=85, @>645=85 8 A<5@BL, 8 87 MB>3> @0745;5=8O 2>7=8:0;8 ;>6=K5 B>G:8 7@5=8O  BN@L<K GC2AB2, 65;0=89, F5?;O=8O 70 GB>;81> 8 AB0=>2;5=8O G5<B>. !B@040=8O @>645=8O, AB0@>AB8, 1>;57=8 8 A<5@B8 B>;L:> C25;8G820;8 B>;I8=C AB5= MB>9 BN@L<K. 48=AB25==>5, GB> B@51>20;>AL A45;0BL  >2;045BL BN@5<I8:>< 8 C2845BL 53> 8AB8==>5 ;8F>. -B8< BN@5<I8:>< O2;O;>AL =52545=85&  A 53> 8AG57=>25=85< ?@>?040;0 =5 B>;L:> BN@L<0, => 8 A0<0 2>7<>6=>ABL 55 2>7=8:=>25=8O. C440 ?>AB83, GB> =52545=85 =0H59 8AB8==>9 ?@8@>4K 8 5ABL :>@5=L 2A5E <CG5=89 A0=A0@K, 0 :>@5=L A0<>3> =52545=8O ;568B 2 ?@82KG=>9 A:;>==>AB8 =0H53> C<0 : >B2;5G5=8N. >:>=G8BL A >B2;5G5=85< C<0  7=0G8B ?>:>=G8BL A A0<>9 A0=A0@>9; >= >A>7=0;, GB> :;NG>< : MB><C O2;O5BAO 2>72@0I5=85 C<0 : 53> 8AB8==>9 ?@8@>45 ?>A@54AB2>< ?@0:B8:8 <548B0F88.  A?>:>9=>< 8 A<8@5==>< 4>AB>8=AB25 A845; C440 =0 75<;5, >:@C65==K9 =51><, :0: 1K ?>:07K20O 2A5<, GB> ?@8 <548B0F88 =C6=> A845BL A >B:@KBK<, ?>4>1=> =51C, =0AB@>5< C<0, => >AB020OAL 2 =0AB>OI5< 2@5<5=8, =0 75<;5, A2O70==K< A 75<;59. -B> =51>  =0H0 01A>;NB=0O ?@8@>40, 2 :>B>@>9 =5B ?@5?OBAB289 8 3@0=8F, 0 75<;O  =0H0 @50;L=>ABL, =0H5 >B=>A8B5;L=>5, >1KG=>5 A>AB>O=85. >70, :>B>@CN <K 70=8<05< ?@8 <548B0F88, >7=0G05B, GB> <K A>548=O5< 01A>;NB=>5 8 >B=>A8B5;L=>5, =51> 8 75<;N, B25@4L =515A=CN 8 B25@4L 75<=CN, ?>4>1=K5 42C< :@K;LO< ?B8FK; <K A;8205< 2>548=> ?>4>1=CN =515A0< 15AA<5@B=CN ?@8@>4C C<0 8 75<;N =0H59 ?@5E>4OI59, A<5@B=>9 ?@8@>4K. 5;8G09H89 ?>40@>:, :0:>9 2K <>65B5 ?@5?>4=5AB8 A515 2 MB>9 687=8, MB> 40@ >2;045=8O <548B0F859. >B><C GB> B>;L:> ?>A@54AB2>< <548B0F88 2K <>65B5 ?CAB8BLAO 2 AB@0=AB285, GB>1K >B:@KBL A2>N 8AB8==CN ?@8@>4C 8 B5< =09B8 BC AB018;L=>ABL 8 C25@5==>ABL, :>B>@K5 =C6=K 20<, GB>1K E>@>H> 68BL 8 E>@>H> C<5@5BL. 548B0F8O  MB> 4>@>30 : ?@>A25B;5=8N. "   # !CI5AB2C5B >G5=L <=>3> A?>A>1>2 >1CG5=8O <548B0F88, 8 O, 4>;6=> 1KBL, BKAOG8 @07 >1CG0; 59, => :064K9 @07 ?>@07=><C 8 :064K9 @07 =5?>A@54AB25==> 8 70=>2>.  AG0ABLN, <K 6825< 2 B0:>5 2@5<O, :>340 <=>65AB2> ;N459 ?> 2A5<C <8@C 7=0:><OBAO A <548B0F859. =0 702>52K205B 2A5 2>7@0AB0NI55 ?@87=0=85 :0: ?@0:B8:0, :>B>@0O ?@>=8:05B G5@57 2A5 :C;LBC@=K5 8 @5;838>7=K5 10@L5@K, 2>A?0@OO =04 =8<8, 8 ?>72>;O5B B5<, :B> 70=8<05BAO 5N, CAB0=>28BL =5?>A@54AB25==K9 :>=B0:B A 8AB8=>9 A2>53> ACI5AB2>20=8O. -B> ?@0:B8:0, =5<54;5==> 2KE>4OI0O 70 ?@545;K @5;838>7=KE CG5=89, 8 ?@54AB02;ONI0O ACI=>ABL @5;8389. 1KG=> <K =0?@0A=> @0AB@0G8205< A2>N 687=L 2 15A:>=5G=>9 45OB5;L=>AB8, >B2;5G5==K5 >B A2>59 8AB8==>9 ACI=>AB8; A 4@C3>9 AB>@>=K, <548B0F8O 2>72@0I05B =0A : A0<8< A515, 345 <K <>65< 459AB28B5;L=> ?>7=0BL =0 >?KB5 8 ?>GC2AB2>20BL A2>5 ?>;=>5 ACI5AB2>20=85, 70 ?@545;0<8 2A5E ?@82KG5:. K ?@>68205< A2>8 687=8 2 =0?@O65==>9 B@52>6=>9 1>@L15, 2 28E@5 A?5H:8 8 03@5AA88, 2 A>ABO70=88, F5?;O=88, >1;040=88 8 4>AB865=88, 25G=> >BO3>I0O A51O 2=5H=8<8 45;0<8 8 70=OB8O<8. 548B0F8O ?@54AB02;O5B A>1>9 ?>;=CN ?@>B82>?>;>6=>ABL MB><C. 'B>1K <548B8@>20BL, =C6=> ?>;=>ABLN ?@5:@0B8BL =0H8 =>@<0;L=K5 459AB28O, ?>A:>;L:C MB> A>AB>O=85, A2>1>4=>5 >B 2A5E 701>B 8 7040G, 2 :>B>@>< =5B A>ABO70=8O, =5B 65;0=8O >1;040BL 8;8 F5?;OBLAO 70 GB>;81>, =5B =0?@O65==>9 8 B@52>6=>9 1>@L1K 8 =5B 6064K 4>AB865=8O; MB> A>AB>O=85, =5 8<5NI55 AB@5<;5=89, 345 =5B =8 ?@8=OB8O, =8 >B25@65=8O, =8 =04564K, =8 AB@0E0, B0:>5 A>AB>O=85, 2 :>B>@>< <K <54;5==> =0G8=05< >A2>1>640BL 2A5 M<>F88 8 8458, :>B>@K5 70B>G0;8 =0A 2 B5<=8F5 ?@8@>4=>9 ?@>AB>BK. C4489A:85 <0AB5@0 <548B0F88 7=0NB, =0A:>;L:> 381>: 8 A?>A>15= : @01>B5 MB>B C<. > ?@8 53> B@5=8@>2:5 <>6=> 4>AB8GL G53> C3>4=>. $0:B8G5A:8, <K C65 ?@52>AE>4=> =0B@5=8@>20=K A0=A0@>9 8 4;O A0=A0@K, =0B@5=8@>20=K 2 B><, :0: @52=>20BL, :0: F5?;OBLAO, :0: 8A?KBK20BL B@52>3C, ?5G0;L, >BG0O=85 8 604=>ABL, :0: >B25G0BL 3=52>< =0 2A5, GB> =0A ?@>2>F8@C5B. $0:B8G5A:8, <K =0AB>;L:> E>@>H> =0B@5=8@>20=K, GB> >B@8F0B5;L=K5 M<>F88 2>7=8:0NB A0<>?@>872>;L=>, <K 4065 =5 ?KB05<AO A>74020BL 8E. B0:, 2A5 45;> 2 B@5=8@>2:5 8 A8;5 ?@82KG:8. A;8 ?>A2OB8BL C< A<OB5=8N, B>, :0: <K A;8H:>< E>@>H> 7=05<, 5A;8 G5AB=> ?@87=0BLAO, >= AB0=5B B5<=K< <0AB5@>< A<OB5=8O, 2 A>25@H5=AB25 2;045NI8< 53> <5B>40<8 ?>4G8=5=8O, B>=:> 8 872@0I5==> 381:8< 2 A;C65=88 5<C. A;8 65 C< 2 <548B0F88 ?>A2OB8BL 7040G5 >A2>1>645=8O >B 8;;N788, B> <K >1=0@C68<, GB> A> 2@5<5=5< =0H C<, B5@?5=85<, 48AF8?;8=>9 8 ?@028;L=>9 B@5=8@>2:>9 =0G=5B 2K?CBK20BLAO 87 A<OB5=8O 8 ?>7=020BL A>1AB25==>5 25G=>5 A>AB>O=85 1;065=AB20 8 OA=>AB8. >4 B@5=8@>2:>9 C<0 =8 2 :>5< A;CG05 =5 ?>4@07C<5205BAO 53> =0A8;LAB25==>5 ?>4G8=5=85 8;8 ?@><K20=85 <>73>2.  ?5@2CN >G5@54L ?@8 B@5=8@>2:5 C<0 =C6=> =5?>A@54AB25==> 8 :>=:@5B=> C2845BL, :0: @01>B05B C<, 0 MB> 7=0=85 2K ?>;CG8B5 87 4CE>2=KE CG5=89 8 =0 ;8G=>< >?KB5 ?@8 ?@0:B8:5 <548B0F88. 0B5< 2K A<>65B5 ?@8<5=8BL MB> 7=0=85 4;O ?@8@CG5=8O C<0 8 C<5;>9 @01>BK A =8<, 45;0O 53> 2A5 1>;55 8 1>;55 ?>A;CH=K<, B0:, GB> A<>65B5 AB0BL E>7O8=>< A>1AB25==>3> C<0 8 ?@8<5=OBL 53> ?>;=>F5==K< 8 =081>;55 1;03>B2>@=K< >1@07><. C4489A:89 <0AB5@ 2>AL<>3> 25:0 (0=B84520 A:070;: A;8 MB>B A;>= C<0 A> 2A5E AB>@>= A2O70= ?CB0<8 2=8<0=8O, "> 25AL AB@0E 8AG5705B 8 ?@8E>48B ?>;=>5 AG0ABL5. A5 2@038: 2A5 B83@K, ;L2K, A;>=K, <542548, 7<58 [B.5. =0H8 M<>F88],  2A5 E@0=8B5;8 040, 2A5 45<>=K 8 C60AK, A5 >=8 A2O70=K 8 ?>42;0AB=K =0H5<C C<C,  ?>4G8=5=K ?>A@54AB2>< ?@8@CG5=8O MB>3> 548=>3> C<0, >B><C GB> >B MB>3> C<0 ?@>8AE>4OB 2A5 AB@0E8 8 =58AG8A;8<K5 ?5G0;8. >4>1=> B><C, :0: ?8A0B5;L >2;045205B =5?>A@54AB25==>9 A2>1>4>9 A0<>2K@065=8O B>;L:> ?>A;5 <=>38E ;5B ?@0:B8:8, G0AB> >G5=L CA5@4=>9, 8 ?>4>1=> B><C, :0: ?@>AB>B0 8 3@0F8>7=>ABL B0=F0 4>AB8305BAO B>;L:> 1;03>40@O >3@><=K< CA8;8O< 8 B5@?5=8N 10;5@8=K, B0:65 8 2K, :>340 =0G=5B5 ?>=8<0BL, :C40 2545B 20A <548B0F8O, 1C45B5 >B=>A8BLAO : =59 :0: : 25;8G09H5<C 45;C 20H59 687=8, B0:><C, :>B>@>5 ?>B@51C5B >B 20A 3;C1>G09H59 =0AB>9G82>AB8, M=BC7807<0, @07C<=>AB8 8 48AF8?;8=K. !#)!", "& &5;L <548B0F88  ?@>1C48BL 2 =0A ?>4>1=CN =515A0< ?@8@>4C C<0 8 ?>7=0:><8BL =0A A =0H59 ACI=>ABLN  =0H8< =587<5==K< G8ABK< A>7=020=85<, :>B>@>5 ;568B 2 >A=>25 2A59 687=8 8 A<5@B8.  =5?>4286=>AB8 8 <>;G0=88 <548B0F88 <K 2>72@0I05<AO : B>9 3;C18==>9 2=CB@5==59 ?@8@>45, :>B>@CN <K B0: 402=> CB@0B8;8 A@548 45;>28B>AB8 8 >B2;5G5=88 A2>53> C<0. 0725 =5 C4828B5;L=>, GB> =0H C< =5 <>65B >AB020BLAO 2 ?>:>5 4>;55 =5A:>;L:8E <3=>25=89 157 B>3>, GB>1K BCB 65 =5 CF5?8BLAO 70 :0:>5B> >B2;5G5=85; >= =0AB>;L:> =5?>AB>O=5= 8 >701>G5=, GB> 8=>340 O 4C<0N, GB> B5, :B> 6825B 2 A>2@5<5==>< 3>@>45, C65 ?>4>1=K ACI5AB20<, ?@5B5@?520NI8< <CG5=8O 2 ?@><56CB>G=>< ?>A<5@B=>< A>AB>O=88, 2 :>B>@><, :0: AG8B0NB, 8E A>7=0=85 <CG05BAO 15A?>:>9AB2><. 5:>B>@K5 02B>@8B5BK 70O2;ONB, GB> 4> 13 ?@>F5=B>2 68B5;59 !>548=5==KE (B0B>2 AB@040NB :0:8<8B> 4CH52=K<8 @0AAB@>9AB20<8. 'B> 65 MB> 3>2>@8B > B>< A>AB>O=88, 2 :>B>@>< <K 6825<? K @0745;5=K =0 B0:>5 <=>65AB2> @07;8G=KE 0A?5:B>2. K =5 7=05<, :B> <K 2 459AB28B5;L=>AB8, 8;8 A :0:8<8 0A?5:B0<8 A51O <K 4>;6=K >B>645AB2;OBL, 8;8 2 :0:85 87 =8E 25@8BL. !B>;L <=>3> ?@>B82>@5G0I8E 4@C3 4@C3C 3>;>A>2, 2;8O=89 8 GC2AB2 1>@NBAO 70 :>=B@>;L =04 =0H59 2=CB@5==59 687=LN, GB> <K >1=0@C68205< A51O @0AA5O==K<8 ?>2AN4C, ?> 2A5< =0?@02;5=8O<, 0 2=CB@8 =5 >AB05BAO =8:>3>. B0:, <548B0F8O  MB> 2>72@0I5=85 C<0 4><>9. K, 2 CG5=88 C44K, 3>2>@8<, GB> ACI5AB2C5B B@8 ?@8=F8?0, A>3;0A=> :>B>@K< 20H0 <548B0F8O 8;8 ?@>AB> O2;O5BAO A?>A>1>< 4>AB865=8O 2@5<5==>3> @0AA;01;5=8O, ?>:>O 8 1;065=AB20, 8;8 <>I=>9 ?@8G8=>9 20H53> ?@>A25B;5=8O 8 ?@>A25B;5=8O 4@C38E. K 2K@0605< MB> B0:: >1@> 2 =0G0;5, >1@> 2 A5@548=5 8 >1@> 2 :>=F5. >1@> 2 =0G0;5 2>7=8:05B 87 >A>7=0=8O, GB> <K, :0: 8 2A5 @07C<=K5 ACI5AB20, 8<55< 2 A2>59 >A=>25 ?@8@>4C 1C44K, :0: =0HC A0<CN 3;C18==CN ACI=>ABL, 8 GB> ?>AB8GL MB>  7=0G8B >A2>1>48BLAO >B =52545=8O 8, 2 :>=F5 :>=F>2, ?>:>=G8BL A> AB@040=85<. "0: GB> :064K9 @07, :>340 <K ?@8ABC?05< : ?@0:B8:5 <548B0F88, B> 24>E=>2;O5<AO MB8< ?>1C645=85< 8 ?>A2OI05< A2>5 70=OB85 8 A2>N 687=L ?@>A25B;5=8N 2A5E ACI5AB2, 2 4CE5 A;54CNI59 <>;8B2K, <>;8B2K 2A5E 1C44 ?@>H;>3>: !8;>9 8 8AB8=>9 MB>9 ?@0:B8:8: 0 1C45B C 2A5E ACI5AB2 AG0ABL5 8 ?@8G8=K AG0ABLO; 0 1C4CB 2A5 ACI5AB20 A2>1>4=K >B 3>@O 8 ?@8G8= 3>@O; 0 =5 1C45B =8:B> =8:>340 >B45;5= >B A2OI5==>3> AG0ABLO, =5 7=0NI53> 3>@O;  40 682CB 2A5 2 @02=>25A88, 157 A;8H:>< A8;L=>9 ?@82O70==>AB8 8 A;8H:>< A8;L=>3> >B25@65=8O; 82CB, 25@O 2 @025=AB2> 2A53>, GB> 6825B. >1@> 2 A5@548=5 O2;O5BAO A>AB>O=85< C<0, 2 :>B>@>< <K 2E>48< 2 ACBL MB>9 ?@0:B8:8, 8 :>B>@>5 24>E=>2;5=> >A>7=0=85< ?@8@>4K C<0, >B G53> 2>7=8:05B >B=>H5=85 =5 F5?;O=8O 70 GB>;81>, A2>1>4=>5 >B :0:>3> 1K B> =8 1K;> >B=>H5=8O : 845O<, 8 >A>7=0=85, GB> 2A5 ACI55 ?CAB> 2=CB@5==5, 8;;N7>@=> 8 ?>4>1=> A=>2845=8O<. >1@> 2 :>=F5  MB> B>, :0: <K 70:0=G8205< =0HC <548B0F8N, ?5@54020O 2AN 55 70A;C3C 2 <>;8B25, ?@>87=>A8<>9 A 8A:@5==8< @25=85<: CABL ;N10O 70A;C30, :>B>@0O ?@>8AE>48B >B MB>9 ?@0:B8:8, 1C45B =0?@02;5=0 =0 ?@>A25B;5=85 2A5E ACI5AB2; ?CABL >=0 AB0=5B :0?;59 2 >:50=5 45O=89 2A5E 1C44, A25@H05<KE 8<8 =5CAB0==> 4;O >A2>1>645=8O 2A5E ACI5AB2. 0A;C30  MB> B0 ?>78B82=0O A8;0 8 1;03>, ?>:>9 8 AG0ABL5, GB> 8AE>4OB >B 20H53> 70=OB8O <548B0F859. K ?5@5405B5 MBC 70A;C3C 4;O 4>;3>3>, >:>=G0B5;L=>3> 1;030 2A5E ACI5AB2, 4;O 8E ?@>A25B;5=8O. 0 1>;55 =5?>A@54AB25==>< C@>2=5 2K ?5@5405B5 55 4;O B>3>, GB>1K =0AB0; <8@ 2 MB>< <8@5, GB>1K 2A5 1K;8 A2>1>4=K >B =C64K 8 1>;57=59, 8 8A?KB0;8 ?>;=>5 1;03>?>;CG85 8 4;8B5;L=>5 AG0ABL5. 0B5<, A>7=020O 8;;N7>@=CN 8 ?>4>1=CN A=>2845=8N ?@8@>4C @50;L=>AB8, 2K A5@L57=> @07<KH;O5B5 > B><, GB> 8 2K, ?5@540NI89 A2>N ?@0:B8:C, 8 B5, :><C 2K 55 ?5@5405B5, 8 A0<> MB> 459AB285 ?5@540G8  2A5 ?> A2>59 ACB8 ?CABK 8 8;;N7>@=K. #G5=85 3>2>@8B, GB> MB> 70B2>@O5B 20HC <548B0F8N 8 >15A?5G8205B A>E@0=5=85 55 G8AB>9 A8;K, :>B>@0O =5 <>65B CB5GL 8;8 ?@>A>G8BLAO 8 1KBL CB5@O==>9, 8 GB> =8GB> 87 70A;C3 20H59 ?@0:B8:8 <548B0F88 =5 1C45B 7@O @0AB@0G5=>. -B8 B@8 A2OI5==KE ?@8=F8?0  C<5;0O <>B820F8O, B> >B=>H5=85 =5 F5?;O=8O 70 GB>;81>, :>B>@>5 >15A?5G8205B A0<C ?@0:B8:C, ?5@540G0, 70B2>@ONI0O 55, 8 O2;ONBAO B5<, GB> 45;05B 20HC <548B0F8N 8AB8==> <>I=>9 8 ?@>A25B;ONI59. 5;8:89 B815BA:89 <0AB5@ >=3G5=?0 ?@5:@0A=> =0720; 8E A5@4F5, 3;07 8 687=5==0O A8;0 8AB8==>9 ?@0:B8:8. 0: 3>2>@8B L>HC; E5=?>: 'B>1K 4>AB83=CBL ?>;=>3> ?@>A25B;5=8O, =5 =C6=> 1>;55 MB>3>; => <5=55 MB>3>  =54>AB0B>G=>.  " ",H!" 548B0F8O A>AB>8B 2 2>72@0I5=88 C<0 4><>9, 8 2 ?5@2CN >G5@54L MB> 4>AB8305BAO ?@0:B8:>9 2=8<0B5;L=>AB8. 4=064K AB0@0O 65=I8=0 ?@8H;0 : C445 8 A?@>A8;0 53>, :0: 59 <548B8@>20BL. = A:070; 59, GB>1K >=0 ?>AB>O==> A>7=020;0 :064>5 42865=85 A2>8E @C:, 4>AB020O 2>4C 87 :>;>4F0, 7=0O, GB> 5A;8 >=0 1C45B MB> 45;0BL, B> A:>@> >:065BAO 2 B>< A>AB>O=88 148B5;L=>3> 8 >1H8@=>3> ?>:>O, :>B>@>5 8 5ABL <548B0F859. @0:B8:0 2=8<0B5;L=>AB8, 2>72@0I5=8O @0AA5O==>3> C<0 4><>9, 8 ?@82545=8O B5< A0<K< @07;8G=KE 0A?5:B>2 =0H53> ACI5AB20 2 548=CN B>G:C, =07K205BAO @51K20=85< 2 >:>5 8;8 !>1;N45=85< >:>O. -B> ?@82>48B : B@5< @57C;LB0B0<. >?5@2KE, 2A5 D@03<5=BK0A?5:BK =0A A0<8E, 2@064>202H85 4@C3 A 4@C3><, CA?>:0820NBAO 8 @0AB2>@ONBAO, ?@8<8@OOAL 4@C3 A 4@C3><. @8 MB>< CA?>:>5=88 <K =0G8=05< ;CGH5 ?>=8<0BL A0<8E A51O, 0 8=>340 4065 =0G8=05< 2>A?@8=8<0BL ?@>1;5A:8 A8O=8O A2>59 >A=>2=>9 ?@8@>4K. >2B>@KE, ?@0:B8:0 2=8<0B5;L=>AB8 @07@O605B =0H5 >B@8F0=85, 03@5AA8N 8 1C@=K5 M<>F88, :>B>@K5 =018@0;8 A2>N A8;C 2 B5G5=85 <=>38E =0H8E 687=59. "CB 206=55 =5 ?>402;OBL M<>F88 8 =5 ?@54020BLAO 8<, 0 @0AA<0B@820BL 8E, 8 20H8 <KA;8, 8 2A5, GB> 1K =8 2>7=8:0;> ?@8 MB><, A ?@8=OB85< 8 25;8:>4CH85<, =0AB>;L:> >B:@KBK<8 8 >18;L=K<8, =0A:>;L:> MB> B>;L:> 2>7<>6=>. "815BA:85 <0AB5@0 3>2>@OB, GB> MB> <C4@>5 25;8:>4CH85 2K7K205B >ICI5=85 1573@0=8G=>3> ?@>AB@0=AB20, =0AB>;L:> B5?;>3> 8 ?@8OB=>3>, GB> 2K GC2AB2C5B5, GB> >=> >:@C605B 8 70I8I05B 20A, :0: >1>;>G:0 A>;=5G=>3> A25B0. > <5@5 B>3>, :0: 2K A>E@0=O5B5 >B:@KB>ABL 8 2=8<0=85 8 ?@8<5=O5B5 >48= 87 B5E <5B>4>2, :>B>@K5 O >1JOA=N 40;55, GB>1K 2A5 1>;55 8 1>;55 A2>48BL 2 >4=C B>G:C 20H C<, 20H5 >B@8F0=85 1C45B ?>AB5?5==>, <54;5==> @07@O60BLAO; 2K =0G=5B5 >ICI0BL A51O E>@>H> 2 20H5< ACI5AB2>20=88, 8;8, :0: 3>2>@OB D@0=FC7K, E>@>H> 2 A2>59 A>1AB25==>9 H:C@5. -B> ?@8=5A5B 20< >1;53G5=85 8 3;C1>:CN ;53:>ABL. / AG8B0N MBC ?@0:B8:C =081>;55 MDD5:B82=K< 284>< ;5G5=8O 8 A0<>8AF5;5=8O. B@5BL8E, MB0 ?@0:B8:0 @0A:@K205B 8 ?>:07K205B 20< 20H5 ACI=>AB=>5 >1@>5 !5@4F5, ?>B><C GB> >=0 @0AB2>@O5B 8 CAB@0=O5B BC =54>1@>BC 8;8 2@54, GB> 5ABL 2 20A. ">;L:> B>340, :>340 <K 87JO;8 87 A51O MB>B 2@54, <K AB0=>28<AO 8AB8==> ?>;57=K<8 4;O 4@C38E. "0:8< >1@07><, ?>A@54AB2>< MB>9 ?@0:B8:8, <54;5==> C40;OO 87 A51O =54>1@>BC 8 2@54, <K ?>72>;O5< A2>5<C 8AB8==><C >1@><C !5@4FC, B>9 >A=>2>?>;030NI59 4>1@>B5, GB> A>AB02;O5B =0HC =0AB>OICN ?@8@>4C, ?@>O28BL A2>5 A8O=85 8 AB0BL B5< B5?;K< >:@C65=85<, 2 :>B>@>< @0AF25B05B =0H5 8AB8==>5 ACI5AB2>. "5?5@L 2K ?>9<5B5, ?>G5<C O =07K20N <548B0F8N 8AB8==>9 ?@0:B8:>9 <8@0, 8AB8==>9 ?@0:B8:>9 =5=0A8;8O, >B@8F0=8O 03@5AA88, 8 8AB8==K< 8 25;8G09H8< @07>@C65=85<. !"!"+   1CG0O <548B0F88, O G0AB> =0G8=0N A B>3>, GB> 3>2>@N: 5@=8B5 A2>9 C< 4><>9.  >B?CAB8B5.  @0AA;01LB5AL. !CBL 2A59 ?@0:B8:8 <548B0F88 2 F5;>< <>6=> A25AB8 : MB8< B@5< :@8B8G5A:8< MB0?0<: 25@=CBL C< 4><>9, 8 >B?CAB8BL, 8 @0AA;018BLAO. 0640O 87 MB8E D@07 8<55B 7=0G5=8O, >B40NI85AO ME>< =0 <=>38E C@>2=OE. 5@=CBL A2>9 C< 4><>9  MB> 7=0G8B 25@=CBL C< 2 A>AB>O=85 !>1;N45=8O >:>O A ?><>ILN ?@0:B8:8 2=8<0=8O.  A2>5< 3;C1>G09H5< A<KA;5, 25@=CBL C< 4><>9  MB> >1@0B8BL 53> 2=CB@L A51O 8 >B4>E=CBL 2 ?>:>5 2 ?@8@>45 C<0. -B> A0<> ?> A515 O2;O5BAO 2KA>G09H59 <548B0F859. B?CAB8BL  >7=0G05B >A2>1>48BL C< 87 53> B5<=8FK, A>AB>OI59 2 AB@5<;5=88 CF5?8BLAO 70 GB>;81>, ?>A:>;L:C 2K A>7=05B5, GB> 2AO 1>;L, AB@0E 8 @0AAB@>9AB20 2>7=8:0NB >B 65;0=89 F5?;ONI53>AO C<0. 0 1>;55 3;C1>:>< C@>2=5 MB> A>7=020=85 8 B0 C25@5==>ABL, GB> 2>7=8:05B 87 20H53> 2>7@0AB0NI53> ?>=8<0=8O ?@8@>4K C<0, ?@>1C640NB 3;C1>:CN 8 5AB5AB25==CN I54@>ABL, :>B>@0O ?>72>;O5B 20< >B?CAB8BL 2A5 AB@5<;5=85 F5?;OBLAO 87 A2>53> A5@4F0, ?>72>;OO 5<C >A2>1>48BLAO 8 @0AB0OBL 2> 24>E=>25=88 <548B0F88. , =0:>=5F, @0AA;018BLAO  >7=0G05B 1KBL >1H8@=K< 8 >A2>1>48BL C< >B 53> =0?@O65=89. ;C165, 2K @0AA;01;O5B5AL, ?>3@C782H8AL 2 8AB8==CN ?@8@>4C A2>53> C<0, A>AB>O=85 83?0. "815BA:85 A;>20, ?@>1C640NI85 MB>B ?@>F5AA, =0<5:0NB 2 A2>5< A<KA;5 =0 @0AA;01;5=85 =0 83?5 . -B> ?>4>1=> B><C, :0: 1C4B> ?@83>@H=N ?5A:0 2KAK?0NB =0 ?;>A:CN ?>25@E=>ABL: :0640O ?5AG8=:0 A0<0 70=8<05B A2>5 A>1AB25==>5 <5AB>. "0:65 @0AA;01;O5B5AL 8 2K 2 A2>59 8AB8==>9 ?@8@>45, ?>72>;OO A2>8< <KA;O< 8 M<>F8O< 5AB5AB25==> >A5ABL 8 @0AB2>@8BLAO 2 A>AB>O=88 ?@8@>4K C<0. >340 O <548B8@CN, B> 2A5340 24>E=>2;ONAL AB8E>B2>@5=85< L>HC;0 E5=?>: CABL >B4>E=5B 2 5AB5AB25==>< 25;8:>< ?>:>5 -B>B 8AB>I5==K9 C<, 718BK9 4> 15A?><>I=>AB8 :0@<>9 8 =52@>B8G5A:8<8 <KA;O<8, >4>1=K<8 =5A:>=G05<>9 O@>AB8 =5CAB0==> 1LNI8E 2>;= 5A:>=5G=>3> >:50=0 A0=A0@K. B4>E=8B5 2 5AB5AB25==>< 25;8:>< ?>:>5. @5645 2A53>, 1C4LB5 @0AA;01;5==K, 1C4LB5 5AB5AB25==K 8 >1H8@=K =0AB>;L:>, =0A:>;L:> MB> B>;L:> 2>7<>6=>. "8E> 2KA:>;L7=8B5 87 ?5B;8 A2>59 ?@82KG=>9 B@52>6=>9 ;8G=>AB8, >B?CAB8B5 2A5, 70 GB> 2K F5?;O5B5AL 8 @0AA;01LB5AL 2 A2>59 8AB8==>9 ?@8@>45. >4C<09B5 > A2>59 >1KG=>9, M<>F8>=0;L=>9, >A06405<>9 <KA;O<8 ;8G=>AB8, :0: > :CA:5 ;L40 8;8 <0A;0, >AB02;5==>< =0 A>;=F5. A;8 2K >ICI05B5 A51O B25@4K< 8 E>;>4=K<, ?>72>;LB5 MB>9 03@5AA88 @0AB0OBL ?>4 A>;=5G=K< A8O=85< 20H59 <548B0F88. >72>;LB5 ?>:>N 2>7459AB2>20BL =0 20A 8 40BL 20< 2>7<>6=>ABL A>1@0BL 20H @0AA5O==K9 C< 2> 2=8<0=85 !>1;N45=8O >:>O 8 ?@>1C48BL 2 20A >A>7=0=85 8 ?@>=8:=>25=85 /A=>3> 845=8O.  2K >1=0@C68B5, GB> 2AO 20H0 =530B82=>ABL >157>@C65=0, 20H0 03@5AA8O  @0AB2>@5=0, 0 20H5 70<5H0B5;LAB2> <54;5==> 8A?0@O5BAO, :0: BC<0=, 2 >3@><=>< 8 =570?OB=0==>< =515 20H59 01A>;NB=>9 ?@8@>4K. !848B5 B8E>, <>;G0, B5;> 2 =5?>4286=>AB8, C< 2 ?>:>5, ?>72>;OO ?@8E>48BL 8 CE>48BL ;N1K< <KA;O< 8 M<>F8O<, :0:85 1K =8 2>7=8:0;8, =5 F5?;OOAL =8 70 GB>. 0: >ICI05BAO MB> A>AB>O=85? C46>< 8=?>G5 >1KG=> ?@54;030; ?@54AB028BL G5;>25:0, :>B>@K9 ?@8E>48B 4><>9 ?>A;5 4>;3>3> 4=O BO65;>9 @01>BK 2 ?>;5 8 A048BAO 2 A2>5 ;N18<>5 :@5A;> C >G030. = 25AL 45=L B@C48;AO 8 7=05B, GB> A45;0; 2A5, GB> A>18@0;AO A45;0BL; 5<C 1>;LH5 =5 > G5< 15A?>:>8BLAO, 81> =8G53> =5 >AB0;>AL =5A45;0==>3>, 8 >= <>65B A59G0A ?>;=>ABLN >AB028BL 2A5 A2>8 701>BK 8 B@52>38 8 1KBL C4>2;5B2>@5==K<. B0:, :>340 2K <548B8@C5B5, B> ACI5AB25==> 206=> A>740BL A>>B25BAB2CNI55 2=CB@5==55 >:@C65=85 C<0. A5 CA8;8O 8 1>@L10 ?@>8AE>4OB >B B>3>, GB> 2K A60BK 2=CB@5==5, =5 >1H8@=K, 8 ?>MB><C A>740=85 B0:>3> ?@028;L=>3> >:@C65=8O 687=5==> 206=> 4;O B>3>, GB>1K 20H0 <548B0F8O 459AB28B5;L=> ?@>87>H;0.  ?@8ACBAB288 N<>@0 8 >1H8@=>AB8 <548B0F8O 2>7=8:05B 157 CA8;89. =>340 O =5 8A?>;L7CN ?@8 <548B0F88 =8:0:>3> >?@545;5==>3> <5B>40. / ?@>AB> ?>72>;ON A2>5<C C<C >B4KE0BL 8 >1=0@C6820N, >A>15==> :>340 O GC2AB2CN 24>E=>25=85, GB> >G5=L 1KAB@> <>3C 25@=CBL A2>9 C< 4><>9 8 @0AA;018BLAO. / B8E> A86C 8 >B4KE0N 2 ?@8@>45 C<0. / =5 A?@0H820N, =0E>6CAL ;8 O 2 ?@028;L=>< A>AB>O=88, 8 =5 A><=520NAL.  MB>< =5B CA8;8O, 0 5ABL B>;L:> 8=B5=A82=>5 ?>=8<0=85, 1>4@AB2>20=85 8 =5?>:>;518<0O C25@5==>ABL. >340 O ?@51K20N 2 ?@8@>45 C<0, >1KG=>3> C<0 1>;LH5 =5B. 5B =5>1E>48<>AB8 ?>445@6820BL 8;8 ?>4B25@640BL GC2AB2> B>3>, GB> O 5ABL: O ?@>AB> 5ABL. @8ACBAB2C5B >A=>2>?>;030NI0O 8AB8=0. 8G53> >A>15==>3> 45;0BL =5 =C6=>. "+, !,#+   "& A;8 20H C< 5AB5AB25==>, A0< ?> A515, A?>A>15= 2>9B8 2 A>AB>O=85 ?>:>O, 8 5A;8 2K >1=0@C68205B5, GB> C 20A 5ABL 24>E=>25=85 ?@>AB> >B4KE0BL 2 53> G8AB>< A>7=020=88, B> 20< =5 =C6=K =8:0:85 <5B>4K <548B0F88. $0:B8G5A:8, 20A <>65B 4065 ?>AB8GL =5C40G0, 5A;8 2K ?>?@>1C5B5 ?@8<5=OBL :0:>9B> 87 MB8E <5B>4>2, =0E>4OAL 2 B0:>< A>AB>O=88. 4=0:> >G5=L <=>38< 87 =0A B@C4=> A@07C 2>9B8 2 MB> A>AB>O=85. K ?@>AB> =5 7=05<, :0: ?@>1C48BL 53>, 0 =0H8 C<K =0AB>;L:> 15A?>:>9=K 8 ?>425@65=K >B2;5G5=8O<, GB> 4;O 53> ?@>1C645=8O =0< B@51CNBAO A?5F80;L=K5 A@54AB20, B> 5ABL <5B>4. >4 MB8<8 A?5F80;L=K<8 A@54AB20<8 O 8<5N 2 284C C<5=85 A>1@0BL 2<5AB5 20H5 ?>=8<0=85 ACI=>AB=>9 ?@8@>4K A2>53> C<0, 20H5 7=0=85 A>1AB25==KE @07;8G=KE 8 <5=ONI8EAO =0AB@>5=89, 0 B0:65 @0728B>5 20<8 =0 ?@0:B8:5 8=BC8B82=>5 ?>=8<0=85 B>3>, :0: 20< 2 @07;8G=K5 <><5=BK @01>B0BL A A0<8< A>1>9. !>1@02 2A5 MB> 2>548=>, 2K >1CG8B5AL 8A:CAAB2C ?@8<5=5=8O 8<5==> B5E <5B>4>2, :>B>@K5 =C6=K 4;O >?@545;5==>9 A8BC0F88 8;8 ?@>1;5<K, GB>1K ?@5>1@078BL 2=CB@5==55 >:@C65=85 A2>53> C<0. 4=0:> =5>1E>48<> ?><=8BL: <5B>4 O2;O5BAO B>;L:> A@54AB2><, 0 =5 A0<>9 <548B0F859. >A@54AB2>< C<5;>3> 2K?>;=5=8O <5B>40 2K 4>AB8305B5 A>25@H5=AB20 B>3> G8AB>3> A>AB>O=8O ?>;=>3> ?@8ACBAB28O, :>B>@>5 8 O2;O5BAO =0AB>OI59 <548B0F859. ABL >4=0 B815BA:0O ?>A;>28F0, :>B>@0O ?><>305B <=>3>5 ?>=OBL: ><?0 <0 98=, :0<?0 98= . 5 1C:20;L=K9 ?5@52>4:  548B0F8O  MB> =5 B>,  ?@82K:0=85  MB> B>. =0 >7=0G05B, GB> <548B0F8O O2;O5BAO =5 1>;55, G5< ?@82K:0=85< : ?@0:B8:5 <548B0F88. 0: 3>2>@8BAO, 548B0F8O O2;O5BAO =5 AB@5<;5=85<, 0 5AB5AB25==K< ?@>F5AA><, :>340 2K ?>3;>I05B5AL 5N. K ?@>4>;605B5 ?@0:B8:>20BLAO 2 <5B>45, 8 <548B0F8O <54;5==> @>6405BAO. 548B0F8O =5 O2;O5BAO G5<B>, GB> <>6=> 45;0BL, >=0 4>;6=0 2>7=8:=CBL A0<>?@>872>;L=>, B>;L:> B>340 <K 2 A>25@H5=AB25 >2;045205< ?@0:B8:>9. 4=0:> 4;O B>3>, GB>1K <548B0F8O <>3;0 ?>O28BLAO, =C6=> A>740BL A?>:>9=K5 8 1;03>?@8OB=K5 CA;>28O. @5645, G5< <K >2;0455< A2>8< C<><, =C6=> 2 ?5@2CN >G5@54L A>740BL ?>:>9 2 53> >:@C65=88. !59G0A C< ?>4>15= ?;0<5=8 A25G8: >= =5AB018;5=, <5@F05B, ?>AB>O==> <5=O5BAO ?>4 459AB285< =5C?@02;O5<KE 2>74CH=KE ?>B>:>2 =0H8E <KA;59 8 M<>F89. -B> ?;0<O 1C45B 3>@5BL A?>:>9=> B>;L:> B>340, :>340 <K A<>65< CA?>:>8BL 2>74CE, >:@C60NI89 53>; ?>MB><C <K A?>A>1=K C2845BL ?@8@>4C C<0 8 >B4KE0BL 2 =59 B>;L:> B>340, :>340 CA?>:>8< 28E@L =0H8E <KA;59 8 M<>F89. ! 4@C3>9 AB>@>=K, :0: B>;L:> <K =0E>48< 2 A2>59 <548B0F88 AB018;L=>ABL, HC<K 8 2A52>7<>6=K5 15A?>:>9AB20 >:07K20NB =0 =0A 3>@074> <5=LH55 459AB285. N48 0?040 A:;>==K G5@5AGC@ 24020BLAO 2 B>, GB> O 1K =0720; B5E=>;>3859 <548B0F88. -B> ?>=OB=>, 254L 2 :>=F5 :>=F>2 A>2@5<5==K9 <8@ C2;5G5= <5E0=87<0<8 8 <0H8=0<8 8 A;8H:>< 7028A8B >B G8AB> ?@0:B8G5A:8E <5B>4>2. 4=0:> 3>@074> 1>;55 206=>9 >A>15==>ABLN <548B0F88 O2;O5BAO =5 55 B5E=8:0, => 4CE: B> C<5;>5, 24>E=>2;5==>5 8 B2>@G5A:>5 =0?@02;5=85 55 ?@0:B8:8, :>B>@>5 B0:65 <>6=> =0720BL ?>78F8O.  " 0AB5@0 3>2>@OB: A;8 2K A>74048B5 2 A2>5< B5;5 8 2 A2>5< >:@C65=88 1;03>?@8OB=K5 CA;>28O, B> B>340 <548B0F8O 8 A>7=020=85 2>7=8:=CB 02B><0B8G5A:8. >?@>A ?>78F88 =5 >B=>A8BAO : M7>B5@8G5A:>9 ?540=B8G=>AB8: F5;L A>1;N45=8O ?@028;L=>9 ?>7K A>AB>8B 2 A>740=88 1>;55 24>E=>2;ONI53> >:@C65=8O 4;O <548B0F88, 4;O ?@>1C645=8O 83?K. !CI5AB2C5B A2O7L <564C ?>7>9 B5;0 8 ?>78F859 C<0. #< 8 B5;> 2708<>A2O70=K, 8 <548B0F8O 5AB5AB25==> 2>7=8:05B B>;L:> B>340, :>340 20H0 ?>70 8 20H0 ?>78F8O O2;ONBAO 24>E=>2;5==K<8. A;8 2K A848B5 8 20H C< =5 ?>;=>ABLN =0AB@>5= 2 C=8A>= A 20H8< B5;><  5A;8, =0?@8<5@, 2K B@52>6=K 8 G5<B> >701>G5=K  B> B>340 20H5 B5;> 1C45B >ICI0BL D878G5A:>5 =5C4>1AB2>, 8 A:>@55 2>7=8:=CB 70B@C4=5=8O.  2 B>< A;CG05, :>340 20H C< =0E>48BAO 2 A?>:>9=><, 24>E=>2;5==>< A>AB>O=88, >= 1C45B 2;8OBL =0 20HC ?>7C, 8 2K 1C45B5 A845BL 3>@074> 1>;55 5AB5AB25==> 8 157 CA8;89. >MB><C >G5=L 206=> >1J548=OBL ?>7C 20H53> B5;0 8 BC C25@5==>ABL, :>B>@0O 2>7=8:05B 87 20H53> A>7=020=8O ?@8@>4K C<0. >70, :>B>@CN O A>18@0NAL >?8A0BL, <>65B A;53:0 >B;8G0BLAO >B B>9, : :>B>@>9 2K, =025@=>5, ?@82K:;8. =0 8AE>48B >B 4@52=8E CG5=89 7>3G5=0. <5==> 59 >1CG8;8 <5=O <>8 <0AB5@0, 8 O C1548;AO, GB> >=0 >G5=L 459AB25==0. #G5=8O 7>3G5=0 3>2>@OB, GB> 20H 273;O4 8 20H0 ?>78F8O 4>;6=K 1KBL ?>4>1=K 3>@5. 0H 273;O4, O2;O5BAO AC<<>9 2A53> 20H53> ?>=8<0=8O 8 ?>AB865=8O ?@8@>4K C<0, :>B>@CN 2K 2=>A8B5 2 A2>N <548B0F8N. "0:8< >1@07><, 20H 273;O4 ?5@5E>48B 2 20HC ?>78F8N B5;0 8 24>E=>2;O5B 55, 2K@060O A5@4F528=C 20H59 ACI=>AB8 2 B><, :0: 2K A848B5. B0:, A848B5 B0:8< >1@07><, :0: 1C4B> 2K  3>@0, A> 2A59 =5?>:>;518<>9, AB>9:>9 25;8G5AB25==>ABLN 3>@K. >@0 A>25@H5==> 5AB5AB25==0 8 A?>:>9=0, :0:85 1K A8;L=K5 25B@K =8 E;5AB0;8 55, :0: 1K =8 1K;8 B5<=K >1;0:0, 2728E@ONI85AO C 55 25@H8=K. !84O, ?>4>1=> 3>@5, ?>72>;LB5 A2>5<C C<C ?>4=OBLAO 8 27;5B5BL, 8 ?0@8BL 2 2KH8=5. 081>;55 ACI5AB25==0O >A>15==>ABL MB>9 ?>7K A>AB>8B 2 B><, GB> A?8=0 4>;6=0 1KBL ?@O<>9, :0: AB@5;0 8;8 AB>;18: 7>;>BKE <>=5B. ">340 2=CB@5==OO M=5@38O, 8;8 ?@0=0, ;53:> 1C45B B5GL ?> B>=:8< :0=0;0< B5;0, 8 20H C< =0945B A2>5 8AB8==>5 A>AB>O=85 ?>:>O. 5 =0?@O309B5 =8G53>. 86=OO G0ABL ?>72>=>G=8:0 8<55B 5AB5AB25==K9 87381, >=0 4>;6=0 1KBL =5=0?@O65==>9, => =0?@02;5==>9 225@E. 0H0 3>;>20 4>;6=0 :><D>@B=> =0E>48BLAO 2 @02=>25A88 =0 H55. !8;C 8 87OI5AB2> MB>9 ?>7K >?@545;ONB 20H8 ?;5G8 8 25@E=OO G0ABL BC;>28I0, 8 >=8 4>;6=K =0E>48BLAO 2 ?@028;L=>< ?>;>65=88, => 157 :0:>3>;81> =0?@O65=8O. >38 A:@5AB8B5. 0< =5 =C6=> A845BL 2 ?>;=>9 ?>75 ;>B>A0, =0 :>B>@>9 >A>15==> =0AB0820NB 2 ?@0:B8:5 ?@>428=CB>9 9>38. !:@5I5==K5 =>38 A8<2>;878@CNB 548=AB2> 687=8 8 A<5@B8, 4>1@0 8 7;0, C<5=8O 8 <C4@>AB8, <C6A:>3> 8 65=A:>3> ?@8=F8?>2, A0=A0@K 8 =8@20=K; A>AB>O=85 =542>9AB25==>AB8. K B0:65 <>65B5 2K1@0BL ?>7C A845=8O =0 ABC;5, => >1O70B5;L=> 45@68B5 A?8=C ?@O<>9. !>3;0A=> <>59 B@048F88 <548B0F88, 3;070 4>;6=K 1KBL >B:@KBK: MB> >G5=L 206=>. A;8 2K GC2AB28B5;L=K : 2=5H=8< @074@068B5;O<, B> 2 =0G0;5 ?@0:B8:8 2K <>65B5 =0 =5:>B>@>5 2>5<O 70:@K20BL 3;070 8 B8E> >1@0I0BLAO 2=CB@L A51O. 0: B>;L:> 2K ?>GC2AB2C5B5, GB> CB25@48;8AL 2 ?>:>5, ?>AB5?5==> >B:@>9B5 A2>8 3;070, 8 2K >1=0@C68B5, GB> 20H 273;O4 AB0; 1>;55 <8@=K< 8 A?>:>9=K<. "5?5@L ?>A<>B@8B5 2=87 ?5@54 A>1>9, 24>;L A2>53> =>A0, ?>4 C3;>< >:>;> 45 3@04CA>2. 1I89 A>25B, >B=>AOI89AO : ?@0:B8:5: :>340 20H C< 2 2>71C645==>< A>AB>O=88, ;CGH5 A<>B@5BL =865, 0 :>340 >= ?>402;5= 8 A>==K9, ?>4=8<0BL 273;O4. >340 20H C< AB0=5B A?>:>5= 8 =0G=5B ?>O2;OBLAO 2=CB@5==OO OA=>ABL, 2K ?>GC2AB2C5B5, GB> A2>1>4=> <>65B5 ?>4=OBL 3;070, 1>;LH5 >B:@K20O 8E 8 A<>B@O 2 ?@>AB@0=AB2> ?@O<> ?5@54 A>1>9. "0:>9 273;O4 @5:><5=4C5BAO 2 ?@0:B8:5 7>3G5=.  CG5=8OE 7>3G5= 3>2>@8BAO, GB> 20H0 <548B0F8O 8 20H 273;O4 4>;6=K 1KBL ?>4>1=K >3@><=>9 >1H8@=>AB8 >:50=0, 25745ACI59, >B:@KB>9 8 1573@0=8G=>9. "0: 65, :0: =5@0745;8<K 20H 273;O4 8 ?>70, B0: 8 20H0 <548B0F8O 24>E=>2;O5B 20H 273;O4, 8 >=8 A;820NBAO 2>548=>. @8 MB>< =5 D>:CA8@C9B5 A2>8 3;070 =0 G5<;81> >B45;L=><; 2<5AB> MB>3>, A;53:0 >1@0B8B5AL 2=CB@L A51O 8 ?>72>;LB5 A2>5<C 273;O4C @0AH8@8BLAO 8 AB0=>28BLAO 2A5 1>;55 8 1>;55 2A5>E20BK20NI8< 8 @0A?@>AB@0=5==K<. K >1=0@C68B5, GB> A0<> 20H5 7@5=85 AB0=>28BAO 1>;55 2A5>1J5<;NI8<, 8 GB> 2 20H5< 273;O45 AB0;> 1>;LH5 <8@0, 1>;LH5 A>AB@040=8O, 1>;LH5 15A?@8AB@0AB8O 8 1>;LH5 A0<>>1;040=8O. "815BA:>5 8<O C44K !>AB@040=8O  '5=@5783. '5=  >7=0G05B 3;07, @5  C3>; 3;070, 0 783  2845BL. -B> >7=0G05B, GB> A2>8<8 A>AB@040NI8<8 3;070<8 '5=@5783 2848B =C64K 2A5E ACI5AB2. O3:> 8 =56=> =0?@02;O9B5 B> A>AB@040=85, GB> 8AE>48B >B 20H59 <548B0F88, G5@57 A2>8 3;070, B0:, GB>1K 20H 273;O4 AB0=>28;AO A0<8< 273;O4>< A>AB@040=8O, 2A5?@>=8:0NI53> 8 ?>4>1=>3> >:50=C. ;070 4>;6=K 1KBL >B:@KBK ?> =5A:>;L:8< ?@8G8=0<. >340 >=8 =5 70:@KBK, 20< ;53G5 1>4@AB2>20BL. @><5 B>3>, <548B0F8O =5 O2;O5BAO A?>A>1>< 153AB20 >B <8@0 8;8 C:@KB8O >B =53> 2 ?>E>65< =0 B@0=A ?5@56820=88 87<5=5==>3> A>AB>O=8O A>7=0=8O. 0?@>B82, MB> ?@O<>9 ?CBL, ?><>30NI89 =0< 8AB8==> ?>=OBL A0<8E A51O 8 A>>B=5AB8 MB> A 687=LN 8 2A5< <8@><. >MB><C ?@8 <548B0F88 20H8 3;070 4>;6=K 1KBL >B:@KBK, 0 =5 70:@KBK. <5AB> B>3>, GB>1K >B2>@0G820BLAO >B 687=8, 2K >AB05B5AL >B:@KBK<8 8 2 <8@5 A> 2A5< ACI8<. K >AB02;O5B5 2A5 A2>8 >@30=K GC2AB2  A;CE, 7@5=85, >AO70=85  ?@>AB> >B:@KBK<8, 5AB5AB25==K<8, B0:8<8, :0:85 >=8 5ABL, =5 F5?;OOAL 70 8E 2>A?@8OB8O. 0: A:070; C46>< 8=?>G5: %>BO ?@>8AE>48B 2>A?@8OB85 @07;8G=KE D>@<, >=8 ?CABK; => 2 ?CAB>B5 2>A?@8=8<0NBAO D>@<K. %>BO A;KH0BAO @07=K5 72C:8, >=8 ?CABK; => 2 ?CAB>B5 2>A?@8=8<0NBAO 72C:8. "0:65 2>7=8:0NB @07;8G=K5 <KA;8; >=8 ?CABK, => 2 ?CAB>B5 2>A?@8=8<0NBAO <KA;8. 'B> 1K 2K =8 2845;8, GB> 1K 2K =8 A;KH0;8, >AB02;O9B5 MB> B0:8<, :0: >=> 5ABL, =5 F5?;OOAL. AB02LB5 B>, GB> A;KH8B5, 2 A;CE5, >AB02LB5 B>, GB> 2848B5, 2 7@5=88, =5 ?>72>;OO A2>59 ?@82O70==>AB8 2>9B8 2 MB> 2>A?@8OB85. !>>B25BAB25==> A?5F80;L=>9 4CE>2=>9 ?@0:B8:5 A25G5=8O 7>3G5=0, 25AL A25B =0H59 <C4@>AB8M=5@388 =0E>48BAO 2 F5=B@5 A5@4F0, A>548=5==>< :0=0;0<8 <C4@>AB8 A 3;070<8. ;070 O2;ONBAO 425@O<8 MB>3> A25G5=8O, ?>MB><C 45@68B5 8E >B:@KBK<8, GB>1K =5 1;>:8@>20BL MB8 :0=0;K <C4@>AB8. @8 <548B0F88 45@68B5 @>B GCBL ?@8>B:@KBK<, :0: 1C4B> 2K 2>B2>B ?@>87=5A5B5 3;C1>:89, @0AA;01;ONI89 72C: 000. >2>@8BAO, GB>, :>340 2K 45@68B5 @>B ?@8>B:@KBK< 8 4KH8B5 2 >A=>2=>< G5@57 =53>, ?@8 MB>< >1KG=> <5=LH5 2>7<>6=>AB8 2>7=8:=>25=8O :0@<8G5A:8E 25B@>2, A>740NI8E >B2;5:0NI85 <KA;8 8 ?@5?OBAB28O 2 20H5< C<5 8 <548B0F88. CABL 20H8 @C:8 C4>1=> 8 A?>:>9=> ;560B =0 :>;5=OE. -B0 ?>70 =07K205BAO ?>7>9 C<0 2 C4>1AB25 8 157 =0?@O65=8O.  MB>9 ?>75 5ABL 8A:@0 =04564K, =5:>B>@K9 83@82K9 N<>@, A>AB>OI89 2 B09=>< ?>=8<0=88, GB> 2A5 <K >1;0405< ?@8@>4>9 1C44K. "0: GB>, :>340 2K ?@8=8<05B5 MBC ?>7C, B> 83@82> ?>4@0605B5 1C445, ?>4B25@640O ACI5AB2>20=85 A>1AB25==>9 ?@8@>4K 1C44K 8 @50;L=> ?>>I@OO 55 ?@>O28BLAO. 0 45;5 2K =0G8=05B5 C2060BL A51O :0: ?>B5=F80;L=>3> 1C44C.  B> 65 A0<>5 2@5<O 2K ?>?@56=5<C @0A?>7=05B5 A2>5 >B=>A8B5;L=>5 A>AB>O=85. > 1;03>40@O B><C, GB> 2K ?>72>;8;8 A515 24>E=>28BLAO @04>AB=>9 25@>9 2 20HC A>1AB25==CN 8AB8==CN ?@8@>4C 1C44K, 20< ;53G5 ?@8=OBL A>1AB25==K5 =530B82=K5 AB>@>=K 8 A?@028BLAO A =8<8 A 1>;LH59 4>1@>B>9 8 N<>@><. >MB><C, :>340 2K <548B8@C5B5, B> ?@87>28B5 A51O ?>GC2AB2>20BL A0<>C2065=85, 4>AB>8=AB2> 8 A8;L=>5 A<8@5=85 1C44K, :>B>@K< 2K O2;O5B5AL. / G0AB> 3>2>@N, GB> 4>AB0B>G=>, 5A;8 2K ?@>AB> ?>72>;8B5 A515 24>E=>28BLAO MB>9 @04>AB=>9 25@>9: 87 MB>3> ?>=8<0=8O 8 C25@5==>AB8 5AB5AB25==> 2>7=8:=5B <548B0F8O. "  " "& C440 CG8; 2>AL<845AOB8 G5BK@5< BKAOG0< A?>A>1>2 ?@8@CG5=8O 8 CA<8@5=8O >B@8F0B5;L=KE M<>F89, 8 2 1C4487<5 ACI5AB2C5B 15AG8A;5==> <=>3> <5B>4>2 <548B0F88. / >1=0@C68;, GB> B@8 87 =8E >A>15==> MDD5:B82=K 2 A>2@5<5==>< <8@5, 8 8E <>65B A ?>;L7>9 ?@8<5=OBL :064K9. -B> =01;N45=85 70 4KE0=85<, ?@8<5=5=85 >1J5:B0 8 ?@>87=5A5=85 <0=B@K. 1.01;N45=85 70 4KE0=85< -B> ?5@2K9 >G5=L 4@52=89 <5B>4, ?@8<5=O5<K9 2A5<8 H:>;0<8 1C4487<0. = A>AB>8B 2 B><, GB> 2K ;53:> 8 2=8<0B5;L=> >AB0=02;8205B5 A2>5 2=8<0=85 =0 A>1AB25==>< 4KE0=88. KE0=85 5ABL 687=L, >A=>2=>5 8 =081>;55 >A=>2>?>;030NI55 2K@065=85 =0H59 687=8.  8C4087<5 @C0E, 4KE0=85, >7=0G05B 4CE >A?>40, ?@>=87K20NI89 B2>@5=85; 2 E@8AB80=AB25 B0:65 5ABL 3;C1>:0O A2O7L <564C !2OBK< CE><, 2=>AOI8< 687=L 2> 2A5, 8 4KE0=85<.  CG5=88 C44K 4KE0=85, 8;8 =0 A0=A:@8B5 ?@0=0, =07K205BAO :>;5A=8F59 C<0, ?>A:>;L:C 8<5==> ?@0=0 >15A?5G8205B 42865=85 =0H53> C<0. >MB><C, :>340 2K CA?>:08205B5 C< C<5;>9 @01>B>9 A 4KE0=85<, 2K >4=>2@5<5==> 8 02B><0B8G5A:8 ?@8@CG05B5 8 >1CG05B5 C<. 0725 2A5 <K =5 70<5G0;8, :0: A=8<05BAO =0?@O65=85, 2K720==>5 B@C4=>ABO<8 687=8, 5A;8 <K ?@>AB> <>65< ?>1KBL =5A:>;L:> <8=CB 2 >48=>G5AB25 8 ?@>AB> ?>4KH0BL, 45;0O 3;C1>:85 8 A?>:>9=K5 24>E8 8 2K4>E8? 065 B0:>5 ?@>AB>5 C?@06=5=85 <>65B A8;L=> ?><>GL. B0:, ?@8 <548B0F88 4KH8B5 5AB5AB25==>, B0: 65, :0: 2A5340. !;53:0 A>A@54>B>GLB5 20H5 2=8<0=85 =0 2K4>E5. >340 2K 2K4KE05B5, ?@>AB> 2KB5:09B5 =0@C6C 2<5AB5 A 2K4>E><. 064K9 @07, :>340 2K 2K4KE05B5, 2K >B?CA:05B5 8 >A2>1>6405B5 2A5, 70 GB> F5?;O5B5AL. @54AB02LB5, :0: 20H5 4KE0=85 @0AB2>@O5BAO, A;820OAL A 25745ACI59 8AB8=>9. K >1=0@C68B5, GB> <564C 2K4>E>< 8 24>E>< :064K9 @07 2>7=8:05B 5AB5AB25==K9 ?@><56CB>:, 2> 2@5<O :>B>@>3> 8 1C45B @0AB2>@OBLAO 20H5 F5?;O=85. B4KE09B5 2 MB>< ?@><56CB:5, 2 MB>< >B:@KB>< ?@>AB@0=AB25.  :>340 2K 5AB5AB25==> A45;05B5 24>E, =5 A>A@54>B0G8209B5AL A?5F80;L=> =0 =5<, => ?@>4>;609B5 >B4KE0BL C<>< 2 B>< >B:@K2H5<AO ?@><56CB:5. > 2@5<O 70=OB8O 206=> =5 2>2;5:0BLAO 2 C<AB25==K5 :><<5=B0@88, 0=0;87 8;8 2=CB@5==85 @073>2>@K. 5 45;09B5 >H81:C, ?>AB>O==> :><<5=B8@CO 2 C<5 (!59G0A O 24KE0N, A59G0A O 2K4KE0N), AB@5<OAL C45@60BL =0 MB>< A2>5 2=8<0=85; 206=> 20H5 G8AB>5 ?@8ACBAB285. 5 :>=F5=B@8@C9B5AL =0 4KE0=88 A;8H:>< A8;L=>. B40209B5 5<C >:>;> 25 ?@>F5=B>2 20H53> 2=8<0=8O, 0 >AB0;L=K5 75 ?CABL 1C4CB A?>:>9=> 8 A2>1>4=> @0AA;01;5=K. > <5@5 B>3>, :0: 2K 1C45B5 2A5 1>;55 ?>3@C60BLAO 2 A2>5 4KE0=85, 2K >1=0@C68B5, GB> AB0=>28B5AL 2A5 1>;55 8 1>;55 ?@8ACBAB2CNI8< 2 =0AB>OI5< <><5=B5, 2>72@0I0O 2 A51O 2A5 A2>8 @071@>A0==K5 8 @0745;5==K5 0A?5:BK 8 AB0=>2OAL F5;L=K<. <5AB> B>3>, GB>1K =01;N40BL 70 4KE0=85<, ?>72>;LB5 A515 ?>AB5?5==> >B>645AB28BLAO A =8<, :0: 1C4B> 2K 8< AB0=>28B5AL. 54;5==>5 4KE0=85, 4KH0I89 8 459AB285 4KE0=8O AB0=CB >4=8<; @0AB2>@OBAO 42>9AB25==>ABL 8 @0745;5=85. K >1=0@C68B5, GB> MB>B >G5=L ?@>AB>9 ?@>F5AA 2=8<0=8O >BA58205B 20H8 <KA;8 8 M<>F88. 0B5< GB>B> >B45;O5BAO, :0: 1C4B> 2K A1@0AK205B5 AB0@CN :>6C, 8 CE>48B. 4=0:> =5:>B>@K5 ;N48 =5 @0AA;01;ONBAO 8 =5 GC2AB2CNB A51O C4>1=>, A;54O 70 4KE0=85<; >=8 =0G8=0NB ?@8 MB>< GC2AB2>20BL GCBL ;8 =5 :;0CAB@>D>18N. ;O =8E 1>;55 ?>;57=K< <>65B 1KBL A;54CNI89 <5B>4. 2.@8<5=5=85 >1J5:B0 B>@>9 <5B>4, >:07K20NI89AO ?>;57=K< 4;O <=>38E, A>AB>8B 2 B><, GB>1K ;53:> >AB0=>28BL C< =0 :0:><B> >1J5:B5. K <>65B5 8A?>;L7>20BL ;N1>9 5AB5AB25==> :@0A82K9 >1J5:B, ?@>1C640NI89 2 20A >A>1>5 >ICI5=85 24>E=>25=8O, =0?@8<5@, F25B>: 8;8 :@8AB0;;. > =081>;55 A8;L=>5 2>?;>I5=85 8AB8=K  >1@07 C44K, 8;8 %@8AB0, 8;8, >A>15==>, 20H53> <0AB5@0. 0H <0AB5@  MB> 20H0 6820O A2O7L A 8AB8=>9; 1;03>40@O 20H59 ;8G=>9 A2O70==>AB8 A <0AB5@><, ?@>AB> 284 53> ;8F0 A>548=O5B 20A A 24>E=>25=85< 8 8AB8=>9 20H59 A>1AB25==>9 ?@8@>4K. =>385 >1=0@C68;8 A2>N >A>15==CN A2O7L A 87>1@065=85< AB0BC8 04<0A0<1E02K, =07K205<>9 >E>6 =0 <5=O. -B0 AB0BCO 1K;0 2K?>;=5=0 A =53> 8 1;03>A;>2;5=0 8< 2 2>AL<>< 25:5 2 "815B5. 04<0A0<1E020 ?@8=5A 8 @0A?@>AB@0=8; CG5=8O C44K 2 "815B5 1;03>40@O >3@><=>9 A8;5 A2>59 4CE>2=>9 ;8G=>AB8. = 8725AB5= :0: 2B>@>9 C440, 8 B815BFK A ;N1>2LN =07K20NB 53> C@C 8=?>G5, GB> >7=0G05B @03>F5==K9 0AB5@. 8;3> EL5=F5 8=?>G5 A:070;: 7 1;03>@>4=>9 75<;8 =488 8 "815B0, 5<;8 !=53>2, ?@>87>H;> <=>65AB2> =525@>OB=KE 8 =5A@02=5==KE <0AB5@>2, => 87 2A5E 8E B>B, :B> >1;0405B 25;8G09H8< A>AB@040=85< 8 >:07K205B 25;8G09H55 1;03>A;>25=85 ACI5AB20< MB>9 B@C4=>9 M@K, MB> 04<0A0<1E020, 2>?;>I0NI89 A>AB@040=85 8 <C4@>ABL 2A5E 1C44. 4=> 87 53> :0G5AB2  2;0ABL =5<54;5==> 1;03>A;>2;OBL B>3>, :B> <>;8BAO 5<C, 8 > G5< 1K <K 5<C =8 <>;8;8AL, >= 8<55B A8;C BCB 65 8A?>;=OBL =0H5 65;0=85. 4>E=>2;5==K5 MB8<, CAB0=>28B5 D>B>3@0D8N AB0BC8 04<0A0<1E02K =0 C@>2=5 3;07 8 ;53:> >AB0=>28B5 A2>5 2=8<0=85 =0 53> ;8F5, >A>15==> =0 273;O45 53> 3;07. -B>B 273;O4 ?>;>= 3;C1>:>3> ?>:>O, :>B>@K9 ?@0:B8G5A:8 87;8205BAO 87 MB>9 D>B>3@0D88, C=>AO 20A 2 A>AB>O=85 A>7=020=8O 157 ?>B@51=>AB8 70 GB>;81> F5?;OBLAO  2 A>AB>O=85 <548B0F88. CABL 2 =5< 20H C< A?>:>9=> ?@51K205B 2 <8@5, 2<5AB5 A 04<0A0<1E02>9. 3.@>87=5A5=85 <0=B@K "@5B89 A?>A>1, H8@>:> ?@8<5=O5<K9 2 B815BA:>< 1C4487<5 (0 B0:65 2 ACD87<5, ?@02>A;02=>< E@8AB80=AB25 8 8=4C87<5), A>AB>8B 2 A;8O=88 C<0 A> 72C:>< <0=B@K. 0=B@0, ?> >?@545;5=8N, B>, GB> 70I8I05B C<. ">, GB> 70I8I05B C< >B =530B82=>AB8, 8;8 B>, GB> 70I8I05B 20A >B 20H53> A>1AB25==>3> C<0, =07K205BAO <0=B@>9. >340 2K =5@2=K, @0AB5@O==K 8;8 M<>F8>=0;L=> CO728<K, B> 24>E=>25==>5 ?5=85 8;8 ?>2B>@5=85 <0=B@K <>65B ?>;=>ABLN 87<5=8BL A>AB>O=85 20H53> C<0, ?@5>1@07CO 53> M=5@38N 8 >:@C65=85. 0: MB> 2>7<>6=>? 0=B@0 O2;O5BAO ACI=>ABLN 72C:0 8 2>?;>I5=85< 8AB8=K 2 2845 72C:0. 064K9 55 A;>3 ?@>=870= 4CE>2=>9 A8;>9, :>=F5=B@8@C5B 2 A515 4CE>2=CN 8AB8=C 8 281@8@C5B 1;03>A;>25=85< @5G8 1C44. >2>@8BAO B0:65, GB> C< 42865BAO A8;>9 B>=:>9 M=5@388 4KE0=8O, ?@0=K, GB> ?@>E>48B ?> B>=:8< :0=0;0< B5;0 8 >G8I05B 8E. >MB><C, :>340 2K ?>5B5 <0=B@C, B> 70@O605B5 A2>5 4KE0=85 8 M=5@38N M=5@3859 MB>9 <0=B@K, =5?>A@54AB25==> @01>B0O A> A2>8< C<>< 8 B>=:8< B5;><. / @5:><5=4CN A2>8< CG5=8:0< <0=B@C   %#   # #  !% %# (B815BFK ?@>87=>AOB MB> :0: <  %C=3 5=70 C@C 5<0 !844E8 %C=3). -B> <0=B@0 04<0A0<1E02K, <0=B@0 2A5E 1C44, <0AB5@>2 8 ?>AB83H8E ACI5AB2, >=0 7=0G8B5;L=> A8;L=0 4;O 4>AB865=8O <8@0, 8AF5;5=8O, ?@5>1@065=8O 8 70I8BK 2 MB>B E0>B8G5A:89 25: =0A8;8O. @>87=>A8B5 MBC <0=B@C A?>:>9=>, A C3;C1;5==K< 2=8<0=85<, ?CABL 20H5 4KE0=85, MB0 <0=B@0 8 20H5 A>7=0=85 <54;5==> A;820NBAO 2>548=>. ;8 24>E=>25==> ?>9B5 55 8 ?>3@C609B5AL 2 3;C1>:>5 <>;G0=85, :>B>@>5 2@5<5=0<8 =0ABC?05B ?>A;5 MB>3>. 5A<>B@O =0 B>, GB> O 2AN 687=L 70=8<0NAL MB>9 ?@0:B8:>9, <5=O 8=>340 ?>?@56=5<C 87C<;O5B A8;0 <0=B@K. 5A:>;L:> ;5B B><C =0704 O ?@>2>48; 2 8>=5, 2> $@0=F88, 70=OB85 A B@5<O A>B=O<8 ;N459, 2 >A=>2=><, 4><>E>7O9:0<8 8 2@0G0<8. / CG8; 8E 25AL 45=L, 8 >=8 459AB28B5;L=> AB@5<8;8AL ?>;CG8BL 1>;LH5 7=0=89 8 =5CAB0==> 704020;8 2>?@>AK, >48= 70 4@C38<.  :>=FC MB>3> 4=O O 1K; A>25@H5==> >15AA8;5=, 8 2 70;5 CAB0=>28;0AL BO65;0O, 402OI0O >1AB0=>2:0.  BCB O ?@>?5; <0=B@C  BC A0<CN <0=B@C, :>B>@CN O 40; 20< 745AL. / 1K; 87C<;5= 55 459AB285<: 70 =5A:>;L:> A5:C=4 O ?>GC2AB2>20;, GB> 2AO <>O M=5@38O 2>AAB0=>28;0AL, 0B<>AD5@0 2 70;5 ?@5>1@078;0AL, 8 2AO 0C48B>@8O 2=>2L AB0;0 8=B5@5A=>9 8 >G0@>2K20NI59.  B0:85 A;CG08 ?@>8AE>48;8 A> <=>9 2=>2L 8 2=>2L, B0: GB> O 7=0N, GB> MB> =5 ?@>AB> A;CG09=>5 GC4>! #   "& "0: GB> 65 =0< 45;0BL A C<>< ?@8 <548B0F88? 8G53>. @>AB> >AB02LB5 53> B0:8<, :0:>9 >= 5ABL. 48= <0AB5@ >?8A0; <548B0F8N :0: C<, ?>425H5==K9 2 ?@>AB@0=AB25, 2 =8345. ABL B0:0O 7=0<5=8B0O ?>A;>28F0: >340 C< =5 8AE8B@O5BAO, B> >= A0<>?@>872>;L=> ?>;>= 1;065=AB20, B0: 65, :0: 2>40, :>340 >=0 =5 2710;0<CG5=0, ?> ?@8@>45 ?@>7@0G=0 8 G8AB0. / G0AB> A@02=820N C< ?@8 <548B0F88 A 10=:>9 <CB=>9 2>4K: G5< <5=LH5 <K 2710;BK205< MBC 2>4C, G5< <5=LH5 ?5@5<5H8205< 55, B5< 1>;LH5 G0AB8F 3@O78 >AO45B =0 4=>, B5< A8;L=55 1C45B A8OBL 5AB5AB25==0O ?@>7@0G=>ABL 2>4K. !0<0 ?@8@>40 C<0 B0:>20, GB> 5A;8 2K B>;L:> >AB028B5 53> 2 53> =587<5=5==><, 5AB5AB25==>< A>AB>O=88, >= A0< =0945B A2>N 8AB8==CN ?@8@>4C, A>AB>OICN 2 1;065=AB25 8 OA=>AB8. >MB><C AB0@09B5AL =5 =02O7K20BL C<C =8G53>, =5 ?@8=C640BL 53>. >340 2K <548B8@C5B5, =5 4>;6=> 1KBL =8:0:8E CA8;89 C?@02;OBL C<><, =8:0:>3> AB0@0=8O =0E>48BLAO 2 ?>:>5. 5 1C4LB5 A;8H:>< A5@L57=K, =5 >ICI09B5, GB> CG0AB2C5B5 2 :0:><B> >A>1>< @8BC0;5; >B?CAB8B5 4065 A0<C 845N <548B0F88. >72>;LB5 A2>5<C B5;C 1KBL B0:8<, :0: >=> 5ABL, 0 20H5<C 4KE0=8N  B0:8<, :0:8< >=> >:065BAO. C<09B5 > A515, :0: > =515, >1J5<;NI5< 2AN 2A5;5==CN. " !  <548B0F88, B0: 65, :0: 8 2> 2A5E 8A:CAAB20E, =C6=> A>1;N40BL B>=:>5 @02=>25A85 <564C @0AA;01;5=85< 8 148B5;L=>ABLN. 4=064K <>=0E, ?> 8<5=8 (@>=0, CG8;AO <548B0F88 C >4=>3> 87 1;8609H8E CG5=8:>2 C44K. <C 1K;> B@C4=> =09B8 ?@028;L=>5 A>AB>O=85 C<0. = >G5=L AB0@0;AO A:>=F5=B@8@>20BLAO 8 ?>;CG8; 3>;>2=CN 1>;L. >B>< >= @0AA;018; A2>9 C<, => =0AB>;L:>, GB> 70A=C;. 0:>=5F >= >1@0B8;AO : C445 70 ?><>ILN. =0O, GB> 4> B>3>, :0: AB0BL <>=0E><, (@>=0 1K; 7=0<5=8BK< <C7K:0=B><, C440 A?@>A8; 53>: "K 254L 83@0; =0 28=5 , :>340 68; 2 <8@C? (@>=0 :82=C;. 0: BK 4>1820;AO =08;CGH53> 72CG0=8O A2>59 28=K ? ;O MB>3> =C6=> 1K;> >G5=L A8;L=> =0BO=CBL AB@C=K 8;8 A>2A5< >A;018BL 8E? 8 B>, =8 4@C3>5. =8 4>;6=K 1K;8 1KBL =0BO=CBK :0: =04>, =5 A;8H:>< A8;L=> 8 =5 A;8H:>< A;01>. >B 8 A B2>8< C<>< 4>;6=> 1KBL B0: 65.  "815B5 1K;> <=>3> <0AB5@>265=I8=, 8 >4=>9 87 25;8G09H8E 1K;0 0 '8: 0? @>=. =0 3>2>@8;0: C4L 148B5;5=, 1>4@; => ?@8 MB>< @0AA;01LAO, @0AA;01LAO.  <548B0F88 MB> :@8B8G5A:8 206=> 4;O 273;O40. C4LB5 148B5;L=K 8 1>4@K, => >4=>2@5<5==> @0AA;01;5=K, =0AB>;L:> 459AB28B5;L=> @0AA;01;5=K, GB>1K 4065 =5 C45@6820BL A0<C 845N @0AA;01;5=8O. +!  -&: +   "5, :B> =0G8=05B <548B8@>20BL, G0AB> 3>2>@OB, GB> 8E <KA;8 1C=BCNB 8 AB0=>2OBAO =5?>A;CH=55, G5< :>340;81>. / >1>4@ON 8E 8 3>2>@N, GB> MB> E>@>H89 ?@87=0:. -B> 3>2>@8B =5 > B><, GB> 20H8 <KA;8 AB0=>2OBAO 15A?>:>9=55, 0 > B><, GB> 2K A0<8 AB0=>28B5AL A?>:>9=55, 8 =0:>=5F, A>7=05B5, =0A:>;L:> HC<=K<8 2A5340 1K;8 20H8 <KA;8. 5 @07>G0@>2K209B5AL 8 =5 A40209B5AL. 'B> 1K =8 2>7=8:0;>, ?@>AB> ?@>4>;609B5 ?@8ACBAB2>20BL, ?@>4>;609B5 2>72@0I0BLAO : A>1AB25==><C 4KE0=8N, 4065 ?>A@548 ?>;=>9 ?CB0=8FK.  4@52=8E C:070=8OE ?> <548B0F88 A:070=>, GB> 2 =0G0;5 <KA;8 1C4CB ?>O2;OBLAO >4=0 A@07C 70 4@C3>9, 157 ?5@5@K20, ?>4>1=> 3>@=><C 2>4>?04C, ?040NI5<C A >B25A=>9 A:0;K. >AB5?5==>, ?> <5@5 B>3>, :0: 2K 1C45B5 2A5 ;CGH5 2K?>;=OBL <548B0F8N, <KA;8 AB0=CB ?>4>1=K 2>45, B5:CI59 ?> 3;C1>:><C, C7:><C CI5;LN, 70B5<  1>;LH>9 @5:5, <54;5==> 8 8728;8AB> B5:CI59 : <>@N, 8 =0:>=5F C< AB0=5B ?>4>15= A?>:>9=><C 8 B8E><C >:50=C, GLO 3;04:0O ?>25@E=>ABL ;8HL 8=>340 =0@CH05BAO A;CG09=>9 @O1LN 8;8 2>;=>9. =>340 ;N48 AG8B0NB, GB> ?@8 <548B0F88 C =8E =5 4>;6=> 1KBL 2>>1I5 =8:0:8E <KA;59 8 M<>F89; 0 :>340 <KA;8 8 M<>F88 2>7=8:0NB, B> >=8 @074@060NBAO 8 >1860NBAO =0 A51O A0<8E, 4C<0O, GB> ?>B5@?5;8 =5C40GC. > =8GB> =5 <>65B 1KBL 40;LH5 >B 8AB8=K. ABL B0:0O B815BA:0O ?>A;>28F0: -B> A;8H:><  B@51>20BL, GB>1K <OA> 1K;> 157 :>AB59, 0 G09  157 G08=>:. >:0 C 20A 5ABL C<, 1C4CB 8 <KA;8, 8 M<>F88. "0: 65, :0: C >:50=0 5ABL 2>;=K, 0 C A>;=F0  ;CG8, B0: 8 A>1AB25==>5 A8O=85 C<0  MB> 53> <KA;8 8 M<>F88. # >:50=0 5ABL 2>;=K, => MB> =5 >A>15==> 15A?>:>8B >:50=. >;=K 2 A0<>9 ?@8@>45 >:50=0. >;=K 2>7=8:0NB, => :C40 >=8 8AG570NB? 1@0B=> 2 >:50=.  >B:C40 >=8 2>7=8:0NB? 7 >:50=0. ">G=> B0: 65 <KA;8 8 M<>F88 O2;ONBAO 2K@065=85< A0<>9 ?@8@>4K C<0. =8 2>7=8:0NB 87 C<0, => :C40 >=8 4520NBAO? =8 @0AB2>@ONBAO 2 B>< 65 C<5. 'B> 1K =8 2>7=8:0;>, =5 >B=>A8B5AL : MB><C :0: : >A>1>9 ?@>1;5<5. A;8 2K =5 1C45B5 @57:> @5038@>20BL =0 MB>, 5A;8 2K ?@>AB> 1C45B5 B5@?5;82K, MB> >?OBL C;O65BAO, @0AB2>@82H8AL 2 A2>59 ACI=>AB=>9 ?@8@>45. >340 C 20A 5ABL MB> ?>=8<0=85, B> ?>O2;5=85 <KA;59 B>;L:> C:@5?;O5B 20HC ?@0:B8:C. > :>340 2K =5 A>7=05B5, G5< =0 45;5 O2;ONBAO MB8 <KA;8  A8O=85< ?@8@>4K 20H53> C<0  B>340 >=8 AB0=>2OBAO A5<5=0<8 A<OB5=8O. >MB><C A>E@0=O9B5 =5AB5A=5==>5, >B:@KB>5 8 A>GC2AB25==>5 >B=>H5=85 : A2>8< <KA;O< 8 M<>F8O<, ?>B><C GB> D0:B8G5A:8 20H8 <KA;8 O2;ONBAO 20H59 A5<L59, A5<L59 20H53> C<0. 0: G0AB> 3>2>@8; C46>< 8=?>G5, @O4>< A =8<8 1C4LB5 :0: <C4@K9 AB0@8:, A<>B@OI89 =0 B>, :0: 70102;O5BAO @515=>:. K G0AB> =5 7=05<, GB> 45;0BL A =530B82=>ABLN 8;8 :0:8<8B> =5?@8OB=K<8 M<>F8O<8.  =5AB5A=5==>< ?@>AB@0=AB25 <548B0F88 2K A<>65B5 @0AA<0B@820BL A2>8 <KA;8 8 M<>F88 A ?>;=>ABLN 15A?@8AB@0AB=K< >B=>H5=85<. @8 87<5=5=88 20H53> >B=>H5=8O ?@5>1@0605BAO 2AO 0B<>AD5@0 20H53> C<0, 8 4065 A0<0 ?@8@>40 20H8E <KA;59 8 M<>F89. >340 2K AB0=>28B5AL 1>;55 A=8AE>48B5;L=K, B>340 8 >=8 AB0=>2OBAO B0:8<8 65; 5A;8 20< =5 B@C4=> A =8<8, B> 8 >=8 =5 1C4CB ?@54AB02;OBL 4;O 20A B@C4=>ABL. "0: GB>, :0:85 1K =8 2>7=8:0;8 <KA;8 8 M<>F88, ?>72>;O9B5 8< 2>7=8:0BL 8 8AG570BL, ?>4>1=> 2>;=0< 2 >:50=5.  G5< 1K 2K =8 AB0;8 4C<0BL, 409B5 MB>9 <KA;8 2>7=8:=CBL 8 8AG57=CBL, 157 :0:>3>;81> ?@8=C645=8O. 5 F5?;O9B5AL 70 =55, =5 ?>4:@5?;O9B5 55 8 =5 ?@540209B5AL 59; =5 C45@68209B5 55 8 =5 ?KB09B5AL 55 @0728BL. 5 =C6=> =8 A;54>20BL <KA;O<, =8 ?@87K20BL 8E: 1C4LB5 ?>4>1=K >:50=C, 278@0NI5<C =0 A>1AB25==K5 2>;=K, 8;8 =51C, 278@0NI5<C A 2KA>BK =0 >1;0:0, ?@>E>4OI85 ?> =5<C. K A:>@> >1=0@C68B5, GB> <KA;8 ?>4>1=K 25B@C: >=8 ?@8E>4OB 8 CE>4OB. "CB 206=> =5 4C<0BL > <KA;OE, => ?>72>;OBL 8< ?@>B5:0BL G5@57 C<, A>E@0=OO 53> ?@8 MB>< >A2>1>645==K< >B 4>4C<K20=8O MB8E <KA;59. K 2>A?@8=8<05< ?>B>: <KA;59 2 >1KG=>< C<5 =5?@5@K2=K<, => 2 459AB28B5;L=>AB8 MB> =5 B0:. K A0<8 >1=0@C68B5, GB> <KA;8 >1O70B5;L=> @0745;ONBAO ?@><56CB:0<8. >340 >4=0 <KA;L C65 AB0;0 ?@>H;K<, 0 A;54CNI0O 5I5 =5 2>7=8:;0, 2A5340 5ABL ?@><56CB>:, 2 :>B>@>< >B:@K205BAO 83?0, ?@8@>40 C<0. >MB><C @01>B0 <548B0F88 70:;NG05BAO 2 B><, GB>1K ?>72>;OBL <KA;O< 70<54;OBLAO 8 45;0BL MB>B ?@><56CB>: 2A5 1>;55 8 1>;55 70<5B=K<. # <>53> <0AB5@0 1K; CG5=8: ?> 8<5=8 ;0 0=B, 8725AB=K9 8=489A:89 48?;><0B 8 ?8A0B5;L, A;C682H89 ?>A;>< =488 2 @O45 <8@>2KE AB>;8F. = 1K; 4065 ?@54AB028B5;5< 8=489A:>3> ?@028B5;LAB20 2 "815B5, 2 E0A5, 8 B0:65 2 B5G5=85 =5:>B>@>3> 2@5<5=8 1K; 53> ?@54AB028B5;5< 2 !8::8<5. = 70=8<0;AO <548B0F859 8 9>3>9, 8 :064K9 @07, :>340 2AB@5G0;AO A <>8< <0AB5@><, A?@0H820; 53>, :0: =C6=> <548B8@>20BL.  MB>< >= A;54>20; 2>AB>G=>9 B@048F88, :>340 CG5=8: 2A5 2@5<O, A=>20 8 A=>20, 70405B <0AB5@C >48= 8 B>B 65 ?@>AB>9, >A=>2>?>;030NI89 2>?@>A. ;0 0=B @0AA:070; <=5 A;54CNICN 8AB>@8N. 4=064K =0H <0AB5@ 60<LO=3 EL5=F5 A<>B@5;, :0: 8A?>;=ONB "0=5F 0<K ?5@54 42>@F>2K< E@0<>< 2 AB>;8F5 !8::8<0 0=3B>:5, 8 :0: @07 A<5O;AO =04 HCB:0<8 0BA0@K, :;>C=0, 70?>;=ONI53> ?0C7K <564C 2KABC?;5=8O<8 B0=F>@>2. ;0 0=B ?@>4>;60; ?@8AB020BL : =5<C A> A2>8< 2>?@>A>< > B><, :0: <548B8@>20BL, 8 2 MB>B @07 <>9 <0AB5@ >B25B8; B0:, GB>1K 40BL 5<C ?>=OBL, GB> MB> >:>=G0B5;L=K9 8 ?>A;54=89 >B25B: !<>B@8, MB> B0:: :>340 >4=0 <KA;L :>=G8;0AL, 0 A;54CNI0O 5I5 =5 ?>O28;0AL, <564C =8<8 5ABL ?@><56CB>:, B0:? 0, >B25B8; ;0 0=B. "0: @0ABO=8 53>: MB> <548B0F8O. ", '" + !+"+" > <5@5 B>3>, :0: 2K ?@>4>;605B5 ?@0:B8:C <548B0F88, 2K <>65B5 8A?KBK20BL A0<K5 @07=K5 A>AB>O=8O, :0: E>@>H85, B0: 8 ?;>E85. >4>1=> B><C, :0: 2 :><=0BC A> <=>38<8 425@O<8 8 >:=0<8 2>74CE <>65B 2E>48BL A A0<KE @07=KE AB>@>=, B0: 8 :>340 20H C< AB0=>28BAO >B:@KBK<, 2 =53> <>3CB 2E>48BL A0<K5 @07=K5 ?5@56820=8O. K <>65B5 8A?KB0BL A>AB>O=8O 1;065=AB20, OA=>AB8 8;8 >BACBAB28O <KA;59. ! >4=>9 AB>@>=K, MB> >G5=L E>@>H85 ?5@56820=8O, 8 >=8 >7=0G0NB ?@>3@5AA 2 <548B0F88. >340 2K 8A?KBK205B5 1;065=AB2>, MB> ?@87=0: B>3>, GB> 65;0=85 =0 2@5<O @0AB2>@8;>AL. >340 2K 8A?KBK205B5 =0AB>OICN OA=>ABL, MB> 7=0G8B, GB> =0 2@5<O 8AG57;0 03@5AA8O. >340 2K 8A?KBK205B5 A>AB>O=85 >BACBAB28O <KA;59, MB> ?@87=0: B>3>, GB> 20H5 =52545=85 8AG57;> =0 2@5<O. !0<8 ?> A515 MB> >G5=L E>@>H85 ?5@56820=8O, => >=8 AB0=>2OBAO ?@5?OBAB28O<8, 5A;8 2K : =8< ?@82O7K205B5AL. ">, GB> 2K 8A?KBK205B5, A0<> ?> A515 =5 O2;O5BAO ?>AB865=85<; >4=0:>, 5A;8 >AB0BLAO A2>1>4=K< >B ?@82O70==>AB8 : =8<, >=8 AB0=>2OBAO B5<, G5< >=8 2 459AB28B5;L=>AB8 8 O2;ONBAO: <0B5@80;>< 4;O ?>AB865=8O. B@8F0B5;L=K5 ?5@56820=8O G0AB> =081>;55 >1<0=G82K, ?>B><C GB> <K @0AA<0B@8205< 8E :0: ?;>E>9 7=0:. 4=0:> 2 459AB28B5;L=>AB8 ?@8 =0H59 ?@0:B8:5 >B@8F0B5;L=K5 ?5@56820=8O O2;ONBAO A:@KBK< 1;03><. >?KB09B5AL =5 @5038@>20BL =0 =8E A >B2@0I5=85<, :0: 2K >1KG=> <>3;8 1K A45;0BL, => 2<5AB> MB>3> @0A?>7=09B5 8E :0: B>, G5< >=8 2 459AB28B5;L=>AB8 O2;ONBAO  ?@>AB> ?5@56820=8O, 8;;N7>@=K5 8 ?>4>1=K5 A=>2845=8O<. !>7=020=85 8AB8==>9 ?@8@>4K B0:>3> ?5@56820=8O >A2>1>6405B 20A >B 2@540 8;8 >?0A=>AB8 A0<>3> MB>3> ?5@56820=8O, 8 2 @57C;LB0B5 4065 >B@8F0B5;L=>5 ?5@56820=85 <>65B AB0BL 8AB>G=8:>< 25;8:>3> 1;065=AB20 8 A25@H5=8O. !CI5AB2C5B 15AG8A;5==>5 <=>65AB2> 8AB>@89 > B><, :0: <0AB5@0 @01>B0;8 B0:8< >1@07>< A >B@8F0B5;L=K<8 ?5@56820=8O<8 8 ?@5>1@060;8 8E 2 B>, GB> A?>A>1AB2>20;> ?>AB865=8N. "@048F8O 3>2>@8B, GB> 4;O B>3>, :B> ?>=0AB>OI5<C 70=8<05BAO <548B0F859, =5 >B@8F0B5;L=K5, 0 E>@>H85 ?5@56820=8O A>740NB ?@5?OBAB28O. >340 2A5 845B E>@>H>, 20< =C6=> 1KBL >A>15==> >AB>@>6=K< 8 2=8<0B5;L=K<, GB>1K =5 AB0BL A0<>4>2>;L=K< 8;8 G5@5AGC@ C25@5==K< 2 A515. ><=8B5, GB> A:070; <=5 C46>< 8=?>G5, :>340 O 1K; ?>3@C65= 2 >G5=L A8;L=>5 ?5@56820=85: 5 2>;=C9AO A;8H:><.  :>=F5 :>=F>2, MB> 8 =5 E>@>H>, 8 =5 ?;>E>. = 7=0;, GB> O AB0=>2;NAL ?@82O70==K< : MB><C ?5@56820=8N: 8 MB0 ?@82O70==>ABL, B0: 65, :0: ;N10O 4@C30O, 4>;6=0 1K;0 1KBL >1>@20=0. '5<C <K 4>;6=K =0CG8BLAO :0: 2 <548B0F88, B0: 8 2 687=8, B0: MB> B><C, GB>1K 1KBL A2>1>4=K<8 >B E>@>H8E ?5@56820=89, 8 A2>1>4=K<8 >B >B2@0I5=8O : B><C ?;>E><C, GB> <K 8A?KBK205<. C46>< 8=?>G5 ?@54C?@56405B =0A 5I5 >1 >4=>9 ;>2CH:5: ! 4@C3>9 AB>@>=K, ?@8 <548B0F88 2K <>65B5 8A?KB0BL 70BC<0=5==>5, ?>;CA>7=0B5;L=>5, BO3CG55 A>AB>O=85, ?>E>655 =0 B>, :0: 1C4B> C 20A =0 3>;>25 :>;?0:; :0:CNB> A>==CN BC?>ABL. -B> 2 459AB28B5;L=>AB8 =5 1>;55, G5< @>4 A<CB=>3>, 1574C<=>3> 70AB>O. 0: 20< 2K9B8 87 MB>3> A>AB>O=8O? 71>4@8B5AL, 2K?@O<8B5 A?8=C, 2K4>E=8B5 87 ;53:8E 70AB>O2H89AO B0< 2>74CE 8 =0?@02LB5 A2>5 A>7=020=85 2 G8AB>5 ?@>AB@0=AB2>, GB>1K >A2568BL A2>9 C<. A;8 2K >AB0=5B5AL 2 B0:>< 70AB>9=>< A>AB>O=88, B> =5 1C45B5 @072820BLAO, B0: GB>, :>340 1K =8 2>7=8:;0 ?>4>1=0O 7045@6:0, CAB@0=O9B5 55 A=>20 8 A=>20. 06=> 1KBL =0AB>;L:> 2=8<0B5;L=K<, =0A:>;L:> MB> 2>7<>6=>, 8 >AB020BLAO =0AB>;L:> 148B5;L=K<, =0A:>;L:> 2K MB> <>65B5. 0:>9 1K <5B>4 2K =8 8A?>;L7>20;8, ?@5:@0B8B5 53> ?@8<5=5=85 8;8 ?@>AB> 409B5 5<C A0<>?@>872>;L=> @0AB2>@8BLAO, :0: B>;L:> 2K >1=0@C68B5, GB> 5AB5AB25==> >:070;8AL 2 A>AB>O=88 1>4@>3>, =5AB5A=5==>3> 8 682>3> ?>:>O. @>4>;609B5 >AB020BLAO 2 =5< A?>:>9=>, 157 >B2;5G5=89, 157 >1O70B5;L=>3> 8A?>;L7>20=8O :0:>3>;81> <5B>40. 5B>4 C65 8A?>;=8; A2>5 =07=0G5=85. 4=0:>, 5A;8 2K >B2;5G5B5AL 8;8 20A >B2;5:CB, 2=>2L >1@0B8B5AL : B0:><C <5B>4C, :0:>9 =081>;55 ?>4E>48B 20< 4;O 2>72@0I5=8O 2 MB> A>AB>O=85. 0AB>OI55 25;8:>;5?85 <548B0F88 A>AB>8B =5 2 :0:><;81> <5B>45, => 2 55 ?>AB>O==>< 682>< ?5@56820=88 ?@8ACBAB28O, 2 55 1;065=AB25, OA=>AB8, ?>:>5 8, GB> 206=55 2A53>, ?>;=>< >BACBAB288 F5?;O=8O 70 GB>;81>. -B> >A;01;5=85 F5?;O=8O 2 20A ?@54AB02;O5B A>1>9 7=0:, GB> 2K AB0=>28B5AL 1>;55 A2>1>4=K< >B A51O A0<>3>.  G5< 1>;LH5 2K 8A?KBK205B5 MBC A2>1>4C, B5< >?@545;5==59 7=0: B>3>, GB> M3>, 2<5AB5 A B5<8 =045640<8 8 AB@0E0<8, :>B>@K<8 >=> 682>, @0AB2>@O5BAO, 8 B5< 1;865 2K ?>4E>48B5 : 15A:>=5G=> I54@>9 <C4@>AB8 >BACBAB28O M3>. >340 2K >1@5B05B5AL 2 MB>9 >18B5;8 <C4@>AB8, 2K 1>;55 =5 =0945B5 ?@53@04K <564C / 8 BK, MB> 8 B>, 2=CB@8 8 A=0@C68; 2K, =0:>=5F 25@=C;8AL 2 A2>9 8AB8==K9 4><, A>AB>O=85 =542>9AB25==>AB8.   ++ '0AB> A?@0H820NB: 0: 4>;3> <=5 =C6=> <548B8@>20BL?  :>340? @0:B8:>20BLAO 4204F0BL <8=CB CB@>< 8 25G5@><, 8;8 ;CGH5 =5A:>;L:> 1>;55 :>@>B:8E 70=OB89 2 B5G5=85 4=O? 0, <548B8@>20BL 4204F0BL <8=CB  MB> E>@>H>, E>BO O 8 =5 A:070; 1K, GB> 4204F0BL <8=CB ?@54AB02;ONB :0:>9B> :@09=89 ?@545;. 8345 2 A2OI5==KE B5:AB0E O =5 =0E>48; B0:>3> C:070=8O =0 4204F0BL <8=CB; ?><>5<C, ?>=OB85 >1 MB>< 2>7=8:;> =0 0?045, 8 O =07K20N 53> !B0=40@B=K< 0?04=K< 5@8>4>< 548B0F88. 5;> =5 2 B><, :0: 4>;3> 2K <548B8@C5B5; 45;> 2 B><, ?@82>48B ;8 20A MB0 ?@0:B8:0 459AB28B5;L=> 2 >?@545;5==>5 A>AB>O=85 2=8<0=8O 8 ?@8ACBAB28O, :>340 2K =5<=>3> >B:@K205B5AL 8 <>65B5 2ABC?8BL 2 :>=B0:B A ACI=>ABLN A2>53> A5@4F0.  ?OBL <8=CB ?@0:B8:8, ?@8 :>B>@KE 2K A848B5 2 1>4@>< 8 2=8<0B5;L=>< A>AB>O=88, 3>@074> F5==55, G5< 4204F0BL <8=CB 4@5<>BK! C46>< 8=?>G5 >1KG=> 3>2>@8;, GB> =0G8=0NI89 4>;65= 70=8<0BLAO :>@>B:8<8 ?5@8>40<8. 0=8<09B5AL G5BK@5?OBL <8=CB, 70B5< A45;09B5 :>@>B:89 ?5@5@K2 2A53> =0 >4=C <8=CBC. > 2@5<O MB>3> ?5@5@K20 ?@5:@0B8B5 8A?>;L7>20BL <5B>4, => =5 A>2A5< ?@5:@0I09B5 ?>445@6820BL A2>5 2=8<0=85. N1>?KB=>, GB> 8=>340, 2> 2@5<O CA5@4=KE 70=OB89, 2 B>B A0<K9 <><5=B, :0: B>;L:> 2K A45;05B5 ?5@5@K2 2 ?@8<5=5=88 <5B>40  5A;8 >AB05B5AL ?>?@56=5<C 2=8<0B5;L=K 8 ?@8ACBAB2C5B5  8<5==> 2 MB>B <><5=B 459AB28B5;L=> ?@>8AE>48B <548B0F8O. >B ?>G5<C ?5@5@K2 O2;O5BAO AB>;L 65 206=>9 G0ABLN <548B0F88, :0: 8 A0<> 70=OB85 5N. =>340 O A>25BCN CG5=8:0<, C :>B>@KE 5ABL ?@>1;5<K A 70=OB8O<8 <548B0F859, ?@0:B8:>20BLAO 2> 2@5<O ?5@5@K20 8 CAB@0820BL ?5@5@K2 2> 2@5<O A0<>9 <548B0F88! !848B5 2 B5G5=85 =51>;LH>3> ?5@8>40 2@5<5=8; 70B5< A45;09B5 ?5@5@K2, >G5=L :>@>B:89, =0 B@84F0BL A5:C=4 8;8 <8=CBC. > 1C4LB5 ?>AB>O==> 2=8<0B5;L=K, GB> 1K 2K =8 45;0;8, 8 =5 B5@O9B5 A2>53> ?@8ACBAB28O 8 53> 5AB5AB25==>9 ;53:>AB8. 0B5< 2=>2L AO4LB5 <548B8@>20BL 2 1>4@>< A>AB>O=88. A;8 2K ?@>45;05B5 <=>3> B0:8E :>@>B:8E A50=A>2, B> MB8 ?5@5@K2K 70G0ABCN 1C4CB 45;0BL 20HC <548B0F8N 1>;55 @50;L=>9 8 24>E=>2;ONI59; >=8 1C4CB ;8H0BL 20HC ?@0:B8:C =5C:;N659, @074@060NI59 65AB:>AB8 8 A5@L57=>AB8, =55AB5AB25==>AB8, 8 AB0=CB 4020BL 20< 2A5 1>;LH5 8 1>;LH5 A>A@54>B>G5=8O 8 ;53:>AB8. >AB5?5==> MB> G5@54>20=85 ?5@5@K2>2 8 A845=8O 2 <548B0F88 A;><05B ?@53@04C <564C <548B0F859 8 ?>2A54=52=>9 687=LN, @0AB2>@8B :>=B@0AB <564C =8<8, 8 2K 2A5 1>;55 1C45B5, =5 >B2;5:0OAL, =0E>48BLAO 2 A2>5< 5AB5AB25==>< G8AB>< ?@8ACBAB288. ">340, ?> A;>20< C46><0 8=?>G5, 4065 E>BO <548B8@CNI89 <>65B >AB028BL <548B0F8N, => <548B0F8O =5 >AB028B <548B8@CNI53>. !/: "&/  !" / >1=0@C68;, GB> A>2@5<5==K5 A?5F80;8ABK ?> 4CE>2=K< 70=OB8O< =5 7=0NB, :0: A;8BL A2>N ?@0:B8:C <548B0F88 A ?>2A54=52=>9 687=LN. / =5 <>3C =5 ?>4G5@:=CBL 4>AB0B>G=> A8;L=>: A;8O=85 <548B0F88 A 459AB285< 8 5ABL 2A5 >A=>20=85, F5;L 8 ?@54=07=0G5=85 <548B0F88. 0A8;85 8 =0?@O65=8O, B@51>20=8O 8 >B2;5G5=8O A>2@5<5==>9 687=8 45;0NB B0:>5 A;8O=85 5I5 1>;55 =0AB>OB5;L=> =5>1E>48<K<. =5 60;CNBAO: / <548B8@>20; 4204F0BL ;5B, => ?>G5<CB> =5 87<5=8;AO. / ?>?@56=5<C B0:>9 65, :0: 1K;. >G5<C? >B><C GB> <564C 4CE>2=>9 ?@0:B8:>9 B0:8E ;N459 8 8E ?>2A54=52=>9 687=LN  1574=0. 065BAO, 1C4B> >=8 ACI5AB2CNB 2 42CE >B45;L=KE <8@0E, A>25@H5==> =5 24>E=>2;ONI8E >48= 4@C3>3>. =5 MB> =0?><8=05B >4=>3> CG8B5;O, :>B>@>3> O 7=0;, :>340 E>48; 2 H:>;C 2 "815B5. = 1;5ABOI5 >1JOA=O; ?@028;0 3@0<<0B8:8 B815BA:>3> O7K:0, => 5420 ;8 <>3 =0?8A0BL E>BL >4=> ?@54;>65=85 157 >H81>:! 0: 65 =0< 4>AB8GL MB>3> A;8O=8O, GB>1K ?>2A54=52=0O 687=L 1K;0 ?@>=870=0 A?>:>9=K< N<>@>< 8 =5AB5A=5==>9 >BAB@0=5==>ABLN <548B0F88? 5;L7O =8G5< 70<5=8BL @53C;O@=K5 70=OB8O <548B0F859, ?>B><C GB> B>;L:> =0AB>OI0O ?@0:B8:0 ?>72>;O5B =0< =0G0BL F5;>AB=> 8A?KBK20BL ?>:>9 =0H59 ?@8@>4K C<0, GB>1K 70B5< ?>445@6820BL MB> ?5@56820=85 2 B5G5=85 =0H59 ?>2A54=52=>9 687=8. / 2A5340 A>25BCN <>8< CG5=8:0< =5 2KE>48BL 87 <548B0F88 A;8H:>< 1KAB@>, >B25AB8 =5A:>;L:> <8=CB =0 B>, GB>1K ?>:>9 70=OB8O <548B0F859 ?@>=8: 2 8E 687=L. 0: A:070; <>9 <0AB5@, C46>< 8=?>G5: 5 2A:0:8209, =5 1538, 0 A;59 A2>5 2=8<0=85 A ?>2A54=52=>9 687=LN. 548 A51O, ?>4>1=> B><C, C :>3> B@5I8=0 2 G5@5?5, :B> ?>AB>O==> >AB>@>65= 8 A;548B, GB>1K =8:B> 53> =5 :>A=C;AO. "0:8< >1@07><, ?>A;5 <548B0F88 206=> =5 ?>440BLAO =0H5<C AB@5<;5=8N C?;>B=8BL A2>5 2>A?@8OB85 >:@C60NI53>. >340 2K 2>72@0I05B5AL : ?>2A54=52=>9 687=8, ?CABL <C4@>ABL, 8=BC8F8O, A>AB@040=85, N<>@, 381:>ABL, =5AB5A=5==>ABL 8 >BAB@0=5==>ABL, 2A5, GB> 40;0 20< <548B0F8O, ?@>=8:=5B 2 20H8 5654=52=K5 ?5@56820=8O. 548B0F8O ?@>1C6405B 2 20A A>7=020=85 B>3>, :0: ?@8@>40 2A53> ACI53> 8;;N7>@=0 8 ?>E>60 =0 A=>2845=85; A>E@0=O9B5 MB> A>7=020=85 4065 2 A0<>9 B>;I5 A0=A0@K. 48= 25;8:89 <0AB5@ A:070;: >A;5 70=OB8O <548B0F859 =C6=> AB0BL @515=:>< 8;;N788. C46>< 8=?>G5 A>25B>20;:  =5:>B>@>< A<KA;5 2A5 ?>4>1=> A=>2845=8N 8 8;;N7>@=>, => 4065 B0: 2K A N<>@>< ?@>4>;609B5 70=8<0BLAO 45;0<8. 0?@8<5@, 5A;8 2K 845B5, B> 157 =565;0B5;L=>9 B>@65AB25==>AB8 8;8 2=8<0=8O : A>1AB25==>9 ?5@A>=5, A ;53:8< A5@4F5< 848B5 : >B:@KB><C ?@>AB@0=AB2C 8AB8=K. >340 2K A848B5, 1C4LB5 >?>@>9 8AB8=K. >340 548B5, A:0@<;8209B5 20H8 >B@8F0B5;L=K5 0A?5:BK 8 8;;N788 2 G@52> ?CAB>BK, @0AB2>@OO 8E 2> 2A5?@>=8:0NI5< ?@>AB@0=AB25.  :>340 2K E>48B5 2 BC0;5B, @0AA<0B@8209B5 MB>, :0: >A2>1>645=85 >B 2A5E A2>8E ?@5?OBAB289 8 ?@53@04, :>B>@K5 C=>AOBAO 2>4>9 8 8AG570NB. B0:, 459AB28B5;L=> 206=> =5 ?@>AB> A845=85 2 <548B0F88, => B> A>AB>O=85 C<0, 2 :>B>@>< 2K >:07K205B5AL ?>A;5 <548B0F88. <5==> MB> A?>:>9=>5 8 A>A@54>B>G5==>5 2 F5=B@5 A>AB>O=85 C<0 20< =C6=> ?@>4;520BL 2> 2A5<, GB> 1K 2K =8 45;0;8. =5 =@028BAO 475=1C4489A:0O 8AB>@8O, 2 :>B>@>9 CG5=8: A?@0H8205B A2>53> <0AB5@0: 0AB5@, :0: 225AB8 ?@>A25B;5=85 2 459AB285? 0: ?@0:B8:>20BL 53> 2 ?>2A54=52=>9 687=8? "5<, GB> BK 5HL 8 A?8HL, >B25B8; <0AB5@. >, 0AB5@, :064K9 G5;>25: 5AB, 8 :064K9  A?8B. > =5 :064K9 5AB, :>340 >= 5AB, 8 =5 :064K9 A?8B, :>340 >= A?8B. B MB>9 8AB>@88 ?@>8AE>48B 7=0<5=8B0O 475=A:0O ?>A;>28F0: >340 O 5<, O 5<; :>340 O A?;N, O A?;N. ABL, :>340 BK 5HL, 8 A?0BL, :>340 BK A?8HL, >7=0G05B ?>;=>ABLN ?@8ACBAB2>20BL 2> 2A5E A2>8E 459AB28OE, 157 :0:8E;81> >B2;5G5=88, A>740205<KE M3> 4;O B>3>, GB>1K =5 40BL B515 1KBL BCB. -B> 8 5ABL A;8O=85.  5A;8 2K 459AB28B5;L=> 65;05B5 MB>3> 4>AB8GL, B> 20< =C6=> =5 ?@>AB> 70=8<0BLAO <548B0F859, :0: 8=>340 ?@8<5=O5<K< ;5G51=K< A@54AB2>< 8;8 ?@>F54C@>9, => A45;0BL 55 B0:>9 65 =5>BJ5<;5<>9 G0ABLN 5654=52=>9 687=8, :0: 540. >B ?>G5<C ?@52>AE>4=K< A?>A>1>< @0728B8O MB>9 A8;K A;8O=8O O2;ONBAO 70=OB8O <548B0F859 2 C548=5=88, 240;5:5 >B =0?@O65=89 A>2@5<5==>9 3>@>4A:>9 687=8. !;8H:>< G0AB> ;N48 >1@0I0NBAO : <548B0F88 2 =045645 ?>;CG8BL :0:85B> =5>1KG09=K5 @57C;LB0BK, 2@>45 2845=89, A25G5=89 8;8 :0:8EB> A25@EJ5AB5AB25==KE GC45A. >340 65 ?>4>1=>3> =5 ?@>8AE>48B, >=8 GC2AB2CNB :@09=55 @07>G0@>20=85. > =0AB>OI55 GC4> <548B0F88 O2;O5BAO >1KG=K< 8 1>;55 ?>;57=K<. -B> B>=:>5 ?@5>1@065=85, 8 MB> ?@5>1@065=85 ?@>8AE>48B =5 B>;L:> 2 20H5< C<5 8 M<>F8OE, => 2 459AB28B5;L=>AB8 8 2 20H5< B5;5. -B> 8AF5;O5B. #G5=K5 8 2@0G8 >1=0@C68;8, GB>, :>340 2K 2 E>@>H5< =0AB@>5=88, B> 4065 :;5B:8 20H53> B5;0 @04CNBAO; 0 :>340 2K 2 1>;55 >B@8F0B5;L=>< A>AB>O=88, B> 20H8 :;5B:8 <>3CB AB0BL 7;>:0G5AB25==K<8. A5 A>AB>O=85 20H53> 74>@>2LO 2 F5;>< 8<55B 1>;LH>5 >B=>H5=85 : A>AB>O=8N 20H53> C<0 8 20H5<C >1@07C ACI5AB2>20=8O. % / C65 3>2>@8;, GB> <548B0F8O  MB> ?CBL : ?@>A25B;5=8N 8 25;8G09H55 ?@54?@8OB85 MB>9 687=8. >340 1K O =8 3>2>@8; > <548B0F88 A> A2>8<8 CG5=8:0<8, O ?>AB>O==> ?>4G5@:820N =5>1E>48<>ABL 70=8<0BLAO 5N A @5H8B5;L=>9 48AF8?;8=>9 8 F5;5=0?@02;5==>9 ?@540==>ABLN; >4=>2@5<5==> O 2A5340 ?>2B>@ON, :0: 206=> 45;0BL MB> :0: B>;L:> <>6=> 24>E=>25==> 8 B2>@G5A:8.  >4=>< A<KA;5 <548B0F8O  MB> 8A:CAAB2>, 8 2K 4>;6=K >1@0I0BLAO : =59 A 2>>4CH52;5=85< 8 ?;>4>28B>9 87>1@5B0B5;L=>ABLN EC4>6=8:0. !B0=LB5 =0AB>;L:> 65 87>1@5B0B5;L=K 2> 24>E=>25=88 ?>8A:0 A>1AB25==>3> 2=CB@5==53> ?>:>O, =0A:>;L:> 2K ?>4E>48B5 : B><C, :0: 25AB8 A51O =52@>B8G5A:8 8 A>ABO70B5;L=> 2 MB>< <8@5. !CI5AB2C5B B0: <=>3> A?>A>1>2 A45;0BL ?>4E>4 : <548B0F88 :0: <>6=> 1>;55 @04>AB=K<. K <>65B5 >BKA:0BL <C7K:C, ?@82>4OICN 20A 2 =081>;55 2>72KH5==>5 =0AB@>5=85, 8 A 55 ?><>ILN >B:@K20BL A2>5 A5@4F5 8 C<. K <>65B5 A>18@0BL AB8E>B2>@5=8O, 8;8 F8B0BK, 8;8 2K45@6:8 87 B2>@5=89 CG8B5;59 G5;>25G5AB20, :>B>@K5 2 B5G5=85 20H59 687=8 B@>30;8 20HC 4CHC, 8 >1@0I0BLAO : =8<, GB>1K 2>72KA8BL A2>9 4CE. / 2A5340 ;N18; B815BA:85 :0@B8=K B0=3:0 8 ?>;CG0; A8;C >B 8E :@0A>BK. K B>65 <>65B5 >BKA:0BL @5?@>4C:F88 :0@B8=, ?@>1C640NI8E 2 20A GC2AB2> A2OI5==>3> ?>4J5<0, 8 ?>25A8BL 8E =0 AB5=K A2>59 :><=0BK. @>A;CH8209B5 :0AA5BK A 70?8AO<8 ?>CG5=89 :0:>3>;81> 25;8:>3> <0AB5@0 8;8 ?5=8O A2OI5==KE 38<=>2. 5AB>, 2 :>B>@>< 2K <548B8@C5B5, 2K <>65B5 ?@52@0B8BL 2 ?@>AB>9 @09, ?><5AB82 B0< >48= F25B>:, >4=C ?0;>G:C :C@5=89, >4=C A25GC, >4=C D>B>3@0D8N :0:>3>;81> ?@>A25B;5==>3> <0AB5@0 ;81> >4=C AB0BCMB:C 1>65AB20 8;8 1C44K. !0<CN >1KG=CN :><=0BC 2K <>65B5 ?@5>1@078BL 2 20H5 ;8G=>5 A2OI5==>5 <5AB>, 2 >:@C65=85, 2 :>B>@>< 2K 5654=52=> 2AB@5G05B5AL A> A2>59 8AB8==>9 ACI=>ABLN 2 AG0AB;82>9 8 @04>AB=>9 F5@5<>=88 2708<=>3> ?@825BAB28O 42CE AB0@KE 8 25@=KE 4@C759. A;8 65 2K >1=0@C68B5, GB> <548B0F8O =5 2>7=8:05B ;53:> 2 20H5< 3>@>4A:>< 68;8I5, ?@>O28B5 87>1@5B0B5;L=>ABL 8 >1@0B8B5AL : ?@8@>45. @8@>40 2A5340 O2;O5BAO =0456=K< 8AB>G=8:>< 24>E=>25=8O. 'B>1K 225AB8 A2>9 C< 2 A>AB>O=85 ?>:>O, A>25@H8B5 =0 @0AA25B5 ?@>3C;:C 2 ?0@:5 8;8 ?>3@C78B5AL 2 A>75@F0=85 :0?5;L @>AK =0 @>75 2 A04C. 560 =0 75<;5, A<>B@8B5 2 =51>, ?CABL 20H C< @0AH8@O5BAO 2 53> ?@>AB>@5. CABL B> =51>, GB> A=0@C68, ?@>1C48B B> =51>, GB> 2=CB@8 20H53> C<0. !B>9B5 C @CGLO 8 A;8209B5 A2>9 C< A B>:>< 53> AB@C9; A;59B5AL 2>548=> A 8E =5CAB0==K< 72CG0=85<. !O4LB5 C 2>4>?040 8 ?CABL 53> F5;8B5;L=K9 A<5E >G8I05B 20H 4CE. C;O9B5 ?> 15@53C, 2A5< ;8F>< ?@8=8<0O A;04>ABL 8 =0?>@ <>@A:>3> 25B@0. >AE8I09B5AL :@0A>B>9 ;C==>3> A8O=8O 8 ?@8<5=O9B5 53> 4;O ?@82545=8O A2>53> C<0 2 =C6=>5 @02=>25A85. !848B5 C >75@0 8;8 2 A04C, 4KH8B5 A?>:>9=> 8 ?CABL 20H C< 70<@5B ?@8 <54;5==>< 8 25;8G5AB25==>< 2>AE>45 ;C=K 2 157>1;0G=>9 =>G8. A5, GB> C3>4=>, <>6=> 8A?>;L7>20BL :0: ?>1C645=85 : <548B0F88. #;K1:0, ;8F> 2 B>;?5, :@>H5G=K9 F25B>:, @0ABCI89 2 B@5I8=5 <>AB>2>9, =0AKI5==K9 F25B 4@0?8@>2:8 2 28B@8=5, >A25I5==K5 A>;=F5< 3>@H:8 A F25B0<8 =0 ?>4>:>==8:5. C4LB5 2=8<0B5;L=K : ;N1><C 7=0:C :@0A>BK 8;8 87OI5AB20. >72KH09B5AL 2 :064>9 @04>AB8, 1C4LB5 ?>AB>O==> ?@>1C645==K<8, GB>1K =5 ?@>?CAB8BL B5 25AB8, GB> ?>AB>O==> O2;ONBAO 87 <>;G0=8O. >AB5?5==>, <54;5==>, 2K AB0=5B5 E>7O8=>< A2>53> A>1AB25==>3> 1;065=AB20, B2>@F>< A2>59 @04>AB8, C 20A 2A5340 1C4CB =03>B>25 2A52>7<>6=K5 A?>A>1K 2>72KA8BL, 271>4@8BL, >A25B8BL 8 24>E=>28BL :064>5 20H5 4KE0=85 8 42865=85. '5< >B;8G05BAO B>B, :B> 4>AB83 25;8:8E CA?5E>2 2 4CE>2=>9 ?@0:B8:5? -B> B>B, :B> ?>AB>O==> 6825B 2 ?@8ACBAB288 A2>59 A>1AB25==>9 8AB8==>9 ACI=>AB8, B>B, :B> =0H5; 8AB>G=8:8 3;C18==>3> 24>E=>25=8O 8 ?>AB>O==> ?>;L7C5BAO 8<8. 0: ?8A0; A>2@5<5==K9 0=3;89A:89 02B>@ LN8A "><?A>=: %@8AB>A, 2KA>G09H89 ?>MB, AB>;L AB@0AB=> 68; AB8=>9, GB> :064>5 53> 42865=85, O2;OOAL >4=>2@5<5==> G8ABK< 59AB285< 8 A>25@H5==K< !8<2>;><, 2>?;>I05B 70?@545;L=>5. <5==> 70B5< <K 745AL  GB>1K 2>?;>B8BL 70?@545;L=>5. ;020 VI -.&/,   " + / !:070=>, GB> 2 BC =>GL, 206=59HCN 2 8AB>@88 G5;>25G5AB20, :>340 C440 4>AB83 ?@>A25B;5=8O, >= ?@>H5; G5@57 =5A:>;L:> @07;8G=KE MB0?>2 ?@>1C645=8O. 0 ?5@2>< 87 =8E, :>340 53> C< 1K; A>1@0= 8 >G8I5=, 157C?@5G5=, A2>1>45= >B A:25@=K 8 AB0; <O3:8<, ?>A;CH=K<, 70:@5?;5==K< 8 =542868<K<, >= >1@0B8; A2>5 2=8<0=85 =0 A2>8 ?@56=85 687=8. >B GB> >= @0AA:070; > B><, GB> 8A?KB0; ?@8 MB><: / 2A?><=8; <=>385, <=>385 ?@56=85 ACI5AB2>20=8O, G5@57 :>B>@K5 O ?@>E>48;: >4=>, 420 @>645=8O, B@8, G5BK@5, ?OBL& ?OBL45AOB, AB>& AB> BKAOG 2 @07=KE <8@>2KE ?5@8>40E. / 7=0; 2A5 >1 MB8E 35B5@>35==KE @>645=8OE: 345 >=8 ?@>8AE>48;8, :0:8< 1K;> <>5 8<O 2 :064><, 2 :0:>9 A5<L5 O @>640;AO 8 GB> O 45;0; 2 B>9 687=8. / 2=>2L ?@>68; C40G8 8 =5AG0ABLO :064>9 687=8 8 A2>N A<5@BL 2 :064>9 687=8, 8 @>640;AO 2=>2L 8 2=>2L. "0: O 2A?><=8; =58AG8A;8<K5 ?@>H;K5 ACI5AB2>20=8O A 8E B>G=K<8 >1AB>OB5;LAB20<8 8 A>1KB8O<8. -B> 7=0=85 O ?@8>1@5; 2 ?5@2>9 AB@065 B>9 =>G8. 58=:0@=0F8O 8 B25@40O 25@0 2 687=L ?>A;5 A<5@B8 70=8<0;8 206=>5 <5AB> ?>GB8 2> 2A5E <8@>2KE @5;838OE A =0G0;0 8AB>@88 G5;>25G5AB20. 5@0 E@8AB80= 2 @0==5E@8AB80=A:85 2@5<5=0 2 ?>2B>@=K5 @>645=8O A>E@0=8;0AL 2 @07=KE 2840E 8 2 ?5@8>4 ?>GB8 2A53> A@54=525:>2LO. @835=, >48= 87 =081>;55 2;8OB5;L=KE BF>2 F5@:28, 25@O 2 ?@54ACI5AB2>20=85 4CH, ?8A0; 2 B@5BL5< 25:5: 0640O 4CH0 O2;O5BAO 2 MB>B <8@ C:@5?;5==>9 ?>1540<8 8;8 >A;01;5==>9 ?>@065=8O<8 A2>8E ?@56=8E 687=59. %>BO E@8AB80=AB2> A> 2@5<5=5< >B25@3;> 25@C 2 @58=:0@=0F8N, 55 >B3>;>A:8 <>6=> >1=0@C68BL 2 <8@>2>77@5=88 >7@>645=8O, 2 B@C40E :@C?=KE ?>MB>2@><0=B8:>2, =0?@8<5@, ;59:0 8 (5;;8, 8 4065 2 B2>@G5AB25 B0:>9 2@>45 1K =5?>4E>4OI59 4;O MB>3> ;8G=>AB8, :0: 0;L70:. ! @>AB>< 8=B5@5A0 2 :>=F5 ?@>H;>3> 25:0 : 2>AB>G=K< @5;838O< C4828B5;L=> <=>3> ;N459 0?040 ?@8H;> : ?@8=OB8N 8=4C8ABA:>3> 8 1C4489A:>3> 7=0=8O > ?>2B>@=KE @>645=8OE. 48= 87 =8E, 25;8:89 0<5@8:0=A:89 ?@><KH;5==8: 8 D8;0=B@>? 5=@8 $>@4, ?8A0;: / AB0; ?@825@65=F5< B5>@88 @58=:0@=0F88, :>340 <=5 1K;> 4204F0BL H5ABL ;5B. 5;838O =5 <>3;0 ?@54;>68BL =8G53>, GB> 8<5;> 1K A<KA;. 065 @01>B0 =5 <>3;0 40BL <=5 ?>;=>3> C4>2;5B2>@5=8O. 5A?>;57=> @01>B0BL, 5A;8 >?KB, ?>;CG5==K9 2 >4=>9 687=8, <K =5 <>65< 8A?>;L7>20BL 2 A;54CNI59. >340 O >B:@K; 4;O A51O @58=:0@=0F8N& 2@5<O ?5@5AB0;> 1KBL >3@0=8G5==K<. / 1>;LH5 =5 1K; @01>< G0A>2KE AB@5;>:& / E>B5; 1K ?5@540BL 4@C38< B> A?>:>9AB285, GB> 405B =0< MB>B 273;O4 =0 4;8B5;L=>ABL 687=8. K =8:>340 =5 4>;6=K 701K20BL, GB> 8<5==> 2 =0H8E 459AB28OE, A;>20E 8 <KA;OE <K <>65< 45;0BL A2>9 2K1>@.  <K <>65<, 5A;8 <K 2K15@5< MB>, ?>;>68BL :>=5F AB@040=8N 8 ?@8G8=0< AB@040=8O, 8 ?><>GL =0H5<C ?>B5=F80;C, =0H59 8AB8==>9 ?@8@>45 1C44K ?@>1C48BLAO 2 =0A. >:0 MB0 ?@8@>40 1C44K =5 1C45B ?>;=>ABLN ?@>1C645=0, ?>:0 <K =5 1C45< >A2>1>645=K >B =0H53> =52565AB20, A;82H8AL A 15AA<5@B=K< ?@>A25B;5==K< C<><, =5 <>65B 7025@H8BLAO :@C3 687=59 8 A<5@B59. >MB><C, :0: 3>2>@8B =0< CG5=85, 5A;8 <K B5?5@L, 2 MB>9, =K=5H=59 687=8, =5 ?@8<5< ?>;=59H59 >B25BAB25==>AB8 70 A0<8E A51O, B> =0H8 AB@040=8O 1C4CB ?@>4>;60BLAO =5 B>;L:> 2 =5A:>;L:8E 1C4CI8E 687=OE, => 2 BKAOG0E 687=59. <5==> MB> >B@572;ONI55 7=0=85 70AB02;O5B 1C448AB0 AG8B0BL 1C4CI85 687=8 5I5 1>;55 206=K<8, G5< MB0, B5?5@5H=OO 687=L, ?>B><C GB> 2 1C4CI5< =0A >68405B >3@><=>5 8E <=>65AB2>. -B> A>7=020=85 4>;3>A@>G=>9 ?5@A?5:B82K @C:>2>48B B5<, :0: >=8 682CB A59G0A. =8 7=0NB, GB> ?>65@B2>20BL 2A59 25G=>ABLN @048 >4=>9 MB>9 687=8 1K;> 1K @02=>A8;L=> B><C, GB>1K ?>B@0B8BL A2>8 A15@565=8O, A:>?;5==K5 70 2AN 687=L, =0 AB0:0= 28=0, 157C<=> 83=>@8@CO ?>A;54AB28O. 4=0:> 5A;8 <K A>1;N405< 70:>= :0@<K 8 ?@>1C6405< 2 A515 4>1@>5 A5@4F5 ;N128 8 A>GC2AB28O, 5A;8 <K >G8I05< ?>B>: A2>8E <KA;59 8 ?>AB5?5==> ?@>1C6405< <C4@>ABL ?@8@>4K A2>53> C<0, B> <K <>65< AB0BL 8AB8==> G5;>25G5A:8< ACI5AB2>< 8 4>AB8GL 2KAH53> ?@>A25B;5=8O. ;L15@B -9=HB59= A:070;: '5;>25:  G0ABL B>3> F5;>3>, GB> <K =07K205< A5;5==>9, G0ABL, >3@0=8G5==0O 2@5<5=5< 8 ?@>AB@0=AB2><. = GC2AB2C5B A51O, A2>8 <KA;8 8 >ICI5=8O, :0: GB> B> >B45;L=>5 >B 2A53> >AB0;L=>3>  MB> A2>53> @>40 >?B8G5A:89 >1<0= 53> A>7=0=8O. -B>B >1<0= O2;O5BAO 4;O =0A G5<B> 2@>45 BN@L<K, >3@0=8G820O =0A =0H8<8 ;8G=K<8 65;0=8O<8 8 ?@8O7=LN : B5< =5<=>38<, :B> : =0< 1;87>:. 0H59 7040G59 4>;6=> 1KBL >A2>1>645=85 87 MB>9 BN@L<K, ?CB5< @0AH8@5=8O AD5@ A2>53> A>GC2AB28O B0:, GB>1K >E20B8BL 2A5 682K5 ACI5AB20 8 2AN ?@8@>4C 2> 2A59 55 :@0A5.  )H  "" "5, :B> >A208205B 70:>= :0@<K 8 4>AB8305B ?>AB865=8O, <>3CB ?> A>1AB25==><C 2K1>@C 25@=CBLAO 2 687=L, GB>1K ?><>30BL 4@C38<.  "815B5 >1KG09 @0A?>7=020=8O B0:8E ?5@52>?;>I5=F52 8;8 BC;:C, 2>7=8: 2 XIII 25:5 8 ACI5AB2C5B 4>=K=5. >340 C<8@05B ?>AB83H89 <0AB5@, >= (8;8 >=0) <>65B >AB028BL B>G=K5 C:070=8O, 345 >= @>48BAO 2=>2L. 0B5< C :>3>B> 87 53> 1;8609H8E CG5=8:>2 8;8 4CE>2=KE 4@C759 <>65B 1KBL 2845=85 8;8 A>=, 2>725I0NI89 > 53> ?>2B>@=>< @>645=88.  =5:>B>@KE A;CG0OE 53> 1K2H85 CG5=8:8 <>3CB >1@0B8BLAO : :0:><CB> <0AB5@C, :>B>@K9 8725AB5= 8 ?>G8B05< 70 A?>A>1=>ABL @0A?>7=020BL BC;:C, 8 C MB>3> <0AB5@0 <>65B 1KBL A>= 8;8 2845=85, :>B>@>5 ?>72>;8B 5<C =0?@028BL ?>8A:.  :>340 @515=>:BC;:C 1C45B =0945=, B> 8<5==> MB>B <0AB5@ ?>4B25@48B 53> ?>4;8==>ABL. AB8==0O F5;L MB>3> >1KG0O A>AB>8B 2 B><, GB> >= =5 405B ?>B5@OBL ?0<OBL <C4@>AB8 ?>AB83=C2H8E <0AB5@>2. 081>;55 206=K< 2 =>2>9 687=8 <0AB5@0 O2;O5BAO B>, GB> ?@8 >1CG5=88 ?@>1C6405BAO 53> 8;8 55 8AE>4=0O ?@8@>40  ?0<OBL <C4@>AB8, C=0A;54>20==0O MB8< 2>?;>I5=85<  8 MB> 8AB8==K9 ?@87=0: 53> 8;8 55 ?>4;8==>AB8. 0?@8<5@, 3> !2OB59H5AB2> 0;09;0<0 ?@87=05B, GB> 5I5 2 @0==5< 2>7@0AB5 <>3 157 >A>1KE 70B@C4=5=89 ?>=8<0BL =5:>B>@K5 0A?5:BK 1C4489A:>9 D8;>A>D88 8 CG5=89, :>B>@K5 B@C4=K 4;O CA2>5=8O 8 4;O >2;045=8O :>B>@K<8 >1KG=> =C6=K <=>385 3>4K. "C;:C @0ABOB A 1>;LH8< 2=8<0=85<. I5 4> =0G0;0 8E >1CG5=8O 8E @>48B5;O< 40NB >A>1K5 C:070=8O, :0: > =8E 701>B8BLAO. E >1CG0NB 3>@074> AB@>65 8 8=B5=A82=59, G5< >1KG=KE <>=0E>2, ?>B><C GB> >B =8E >6840NB =0<=>3> 1>;LH53>. =>340 >=8 2A?><8=0NB A2>8 ?@>H;K5 687=8 8;8 ?@>O2;ONB 70<5G0B5;L=K5 A?>A>1=>AB8. 0: 3>2>@8B 0;09;0<0: 0;KH8, :>B>@K5 O2;ONBAO 2>?;>I5=8O<8, >1KG=> 2A?><8=0NB 25I8 8 ;N459 87 A2>8E ?@>H;KE 687=59. 5:>B>@K5 87 =8E B0:65 <>3CB 5I5 4> >1CG5=8O F8B8@>20BL A2OI5==K5 B5:ABK. 5:>B>@K< 2>?;>I5=F0< B@51C5BAO B@5=8@>20BLAO 8;8 CG8BLAO <5=LH5, G5< >AB0;L=K<. "0: 1K;> A <>8< A>1AB25==K< <0AB5@>< 60<LO=3>< EL5=F5.  45BAB25 C =53> 1K; >G5=L B@51>20B5;L=K9 CG8B5;L. 60<LO=3 68; C =53>, 2 53> >BH5;L=8G5A:>< 68;8I5 =0 3>@5. 4=064K CB@>< 53> CG8B5;L ?>H5; 2 1;86=NN 45@52=N ?@>2>48BL @8BC0; 4;O B>;L:> GB> C<5@H53>. 5@54 CE>4>< >= 40; <>5<C <0AB5@C :=83C 5=85 8<5= 0=LG6CH@8, >:>;> ?OB845AOB8 AB@0=8F :@09=5 B@C4=>3> B5:AB0, =0 70?><8=0=85 :>B>@>3> >1KG=> CE>48B =5A:>;L:> <5AOF52. 3> ?@>I0;L=K<8 A;>20<8 1K;8: KCG8 2A5 : 25G5@C! 0;5=L:89 EL5=F5 1K; B0:8< 65, :0: ;N1>9 4@C3>9 @515=>:, 8 :>340 53> CG8B5;L CH5;, >= AB0; 83@0BL. = 83@0; 8 83@0;, ?>:0 A>A548 =5 =0G0;8 2A5 1>;LH5 B@52>68BLAO. =8 AB0;8 C3>20@820BL 53>: "K ;CGH5 =0G0; 1K CG8BLAO, 0 B> ?>;CG8HL B@5?:C. =8 7=0;8, =0A:>;L:> AB@>3 8 3=52;82 53> CG8B5;L. 065 B>340 >= =5 >1@0B8; =0 MB> =8:0:>3> 2=8<0=8O 8 ?@>4>;60; 83@0BL. 0:>=5F C65 ?5@54 70:0B><, 7=0O, GB> 4>;65= 1C45B 25@=CBLAO CG8B5;L, >= >48= @07 ?@>G8B0; MB>B B5:AB. >340 65 53> CG8B5;L 25@=C;AO 8 AB0; 53> A?@0H820BL, >= A<>3 ?>2B>@8BL 2AN :=83C =0 ?0<OBL, 4>A;>2=>. 1KG=> =8 >48= CG8B5;L, 5A;8 >= 2 A2>5< C<5, =5 40AB @515=:C B0:>3> 7040=8O. > 2 3;C18=5 A2>53> A5@4F0 MB>B CG8B5;L 7=0;, GB> EL5=F5 O2;O5BAO 2>?;>I5=85< 0=LG6CH@8, C44K C4@>AB8, ?>MB><C >= A45;0; B0:, 1C4B> 1K ?KB0;AO 2K<0=8BL 53>, 70AB028BL ?@>O28BL A51O. 0 8 A0< @515=>:, 157 ?@>B5AB0 ?@8=O2 AB>;L B@C4=>5 7040=85, :>A25==> ?>4B25@48;, :5< >= O2;O5BAO. >765 EL5=F5 =0?8A0; 2 A2>59 02B>18>3@0D88, GB> 53> CG8B5;L 1K; 25AL<0 ?>@065=, E>BO 8 ?>AB0@0;AO MB>3> =5 ?>:070BL. 'B> 65 ?@>4>;605B 68BL 2 BC;:C? @54AB02;O5B ;8 BC;:C B>G=> BC 65 ;8G=>ABL, GB> G5;>25:, ?5@52>?;>I5=85< :>B>@>3> >= O2;O5BAO?  40, 8 =5B. 3> ?>1C645=8O 8 B25@40O =0<5@5==>ABL ?><>30BL 4@C38< O2;ONBAO B5<8 65 A0<K<8, => >= 2 459AB28B5;L=>AB8 =5 O2;O5BAO B>9 65 ;8G=>ABLN. ">, GB> =5?@5@K2=> ?5@5E>48B 87 687=8 2 687=L, MB> 1;03>A;>25=85, B>, GB> E@8AB80=8= =0720; 1K 1;03>40BLN. -B0 ?5@540G0 1;03>A;>25=8O 8 1;03>40B8 B>G=> A>>B25BAB2C5B :064>9 A;54CNI59 M?>E5, 8 2>?;>I5=85 ?>O2;O5BAO B0:8< >1@07><, :>B>@K9 ?>B5=F80;L=> ;CGH5 2A53> ?>4E>48B 4;O :0@<K ;N459 MB>3> 2@5<5=8, GB>1K 8<5BL 2>7<>6=>ABL =081>;55 ?>;=> ?><>GL 8<. 025@=>5, =081>;55 B@>30NI8< ?@8<5@>< 1>30BAB20, MDD5:B82=>AB8 8 B>=:>AB8 MB>9 A8AB5<K O2;O5BAO 3> !2OB59H5AB2> 0;09;0<0. C448ABK ?>G8B0NB 53> :0: 2>?;>I5=85 20;>:8B5H20@K, C44K 5A:>=5G=>3> !>AB@040=8O. 0;09;0<0, 2K@>AH89 2 "815B5 :0: 53> 1>3F0@L, ?>;CG8; 2A5 B@048F8>==>5 >1CG5=85 8 2>A?@8=O; >A=>2=K5 CG5=8O 2A5E ;8=89 <0AB5@>2, AB02 >4=8< 87 =081>;55 25;8:8E <0AB5@>2 B815BA:>9 B@048F88, 682CI8E =K=5. 4=0:> 25AL <8@ 7=05B 53>, :0: G5;>25:0, >B;8G0NI53>AO =5?>A@54AB25==>9 ?@>AB>B>9 8 >G5=L ?@0:B8G5A:8< ?>4E>4>< :> 2A5<C. 0;09;0<0 682> 8=B5@5AC5BAO 2A5<8 0A?5:B0<8 A>2@5<5==>9 D878:8, =59@>18>;>388, ?A8E>;>388 8 ?>;8B8:8, 0 53> 273;O4K 8 ?@>?>254L 2A5>1I59 >B25BAB25==>AB8 @0745;ONB =5 B>;L:> 1C448ABK, => 8 ;N48 2A5E 25@>8A?>2540=89 2> 2A5< <8@5.  1989 3>4C >= 1K; =03@0645= >15;52A:>9 ?@5<859 2 7=0: 53> ?@825@65==>AB8 : =5=0A8;8N 2 A>@>:0;5B=59 <CG8B5;L=>9 1>@L15 B815BA:>3> =0@>40 70 =57028A8<>ABL >B 8B0O; 2 =0H5 >A>1> A:;>==>5 : =0A8;8N 2@5<O 53> ?@8<5@ 24>E=>28; ;N459 <=>38E AB@0= ?;0=5BK 2 8E 1>@L15 70 A2>1>4C. 0;09;0<0 AB0; >4=8< 87 ;845@>2, 2KABC?0NI8E 2 70I8BC >:@C60NI59 A@54K 2A53> <8@0, >= =5CAB0==> ?KB05BAO ?@>1C48BL 2 A2>8E A>1@0BLOE;N4OE >A>7=0=85 >?0A=>AB8 M3>8AB8G=>9, <0B5@80;8AB8G5A:>9 D8;>A>D88. 3> ?>2AN4C ?>G8B0NB 8=B5;;5:BC0;K 8 ?@028B5;8, => O 7=0N B0:65 8 A>B=8 @07=KE, A>2A5< >1KG=KE ;N459 @07=>9 =0F8>=0;L=>AB8, GLO 687=L 1K;0 ?@5>1@065=0 :@0A>B>9, N<>@>< 8 @04>ABLN 53> A2OB>3> ?@8ACBAB28O. / 25@N, GB> 0;09;0<0 ?@54AB02;O5B A>1>9 =5 <5=55, G5< ;8: C44K !>AB@040=8O, ?>25@=CBK9 : G5;>25G5AB2C, =0E>4OI5<CAO 2 >?0A=>AB8, 2>?;>I5=85< 20;>:8B5H20@K, O282H53>AO =5 B>;L:> @048 "815B0 8 =5 B>;L:> 4;O 1C448AB>2, => 4;O 2A53> <8@0  <8@0, :>B>@K9 :0: =8:>340 @0=55 =C6405BAO 2 53> F5;8B5;L=>< A>AB@040=88 8 2 53> ?@8<5@5 ?>;=>9 ?@540==>AB8 <8@=><C A>ACI5AB2>20=8N. N48 0?040 <>3CB ?>@078BLAO, C7=02, :0: <=>3> 2 "815B5 1K;> 2>?;>I5=89, 1>;LH8=AB2> 87 :>B>@KE O28;8AL 25;8:8<8 <0AB5@0<8, CG5=K<8, ?8A0B5;O<8, <8AB8:0<8 8 A2OBK<8, 2=5AH8<8 2K40NI89AO 2:;04 :0: 2 CG5=8O 1C4487<0, B0: 8 2 >1I5AB2>. =8 83@0;8 F5=B@0;L=CN @>;L 2 8AB>@88 "815B0. / 25@N, GB> MB>B ?@>F5AA ?5@52>?;>I5=8O =5 >3@0=8G5= "815B><, => <>65B ?@>8AE>48BL 2> 2A5E AB@0=0E 8 2> 2A5 2@5<5=0. > 2A5E ?5@8>40E 8AB>@88 1K;8 B0:85 ;N48, >1;040NI85 35=80;L=>ABLN 2 8A:CAAB25, 4CE>2=>9 A8;>9 8 3C<0=8B0@=K< <8@>2>77@5=85<, :>B>@K5 ?><>30;8 G5;>25G5AB2C 84B8 2?5@54. / 4C<0N > 0=48, -9=HB59=5, 2@00<5 8=:>;L=5, 0B5@8 "5@575, > (5:A?8@5, > !2. $@0=F8A:5, > 5BE>25=5, > 8:5;L0=465;>. >340 B815BFK C7=0NB > B0:8E ;N4OE, >=8 BCB 65 3>2>@OB, GB> MB> 1>4E8A0BB2K.  :>340 1K O =8 A;KH0; > =8E, >1 8E B@C40E 8 <8@>2>77@5=88, <5=O 2A5340 3;C1>:> B@>305B 25;8:>;5?85 >3@><=>3> M2>;NF8>==>3> ?@>F5AA0 ?>O2;5=8O MB8E 1C44 8 <0AB5@>2, >A2>1>640NI8E ACI5AB20 8 C;CGH0NI8E MB>B <8@. ;020 VII     # ,!" 0@4>  B815BA:>5 A;>2>, :>B>@>5 >7=0G05B ?@>AB> ?5@5E>4 8;8 ?@><56CB>: <564C 7025@H5=85< >4=>9 A8BC0F88 8 =0G0;>< 4@C3>9. 0@ ?5@52>48BAO <564C, 0 4>  ?>425H5==K9 8;8 1@>H5==K9. -B> A;>2> AB0;> 7=0<5=8BK< 1;03>40@O ?>?C;O@=>AB8 "815BA:>9 =838 5@B2KE. !> 2@5<5=8 55 ?5@2>3> ?5@52>40 =0 0=3;89A:89 O7K: 2 1927 3>4C >=0 2K7K205B >3@><=K9 8=B5@5A ?A8E>;>3>2, ?8A0B5;59 8 D8;>A>D>2 0?040, 8 @07>H;0AL <8;;8>==K<8 B8@060<8. 0720=85 "815BA:0O =830 5@B2KE 1K;> ?@84C<0=> 55 ?5@52>4G8:><, 0<5@8:0=A:8< CG5=K< #..-20=A5=F5<, 2 ?>4@060=85 7=0<5=8B>9 (8 B0:65 8725AB=>9 =5 ?>4 A2>8< ?>4;8==K< =0720=85<) 38?5BA:>9 =835 5@B2KE. 0AB>OI55 =0720=85 MB>9 :=838  0@4> "E>4>; '5=<>, GB> >7=0G05B 5;8:>5 A2>1>645=85 >A@54AB2>< !;CH0=8O 2 0@4>. #G5=8O > 10@4> G@572KG09=> 4@52=85 8 A>45@60BAO 2 B0: =07K205<KE 7>3G5= "0=B@0E. 7>3G5= "0=B@K ?@54AB02;ONB A>1>9 8AE>4=K5 CG5=8O 7>3G5=, :>B>@K5 A>1@0; 2>548=> ?5@2K9 G5;>25G5A:89 <0AB5@ 7>3G5= 0@01 >@465. AB>:8 MB8E CG5=89 >1=0@C6820NBAO =5 2> 2@5<5=0, 2 :>B>@KE ACI5AB2>20;8 <0AB5@0;N48, 0 84CB >B 5@28G=>3> C44K (:>B>@>3> =0 A0=A:@8B5 =07K20NB !0<0=B01E04@0, 0 ?>B815BA:8 C=BC70=3?>), ?@54AB02;ONI53> 01A>;NB=CN, =03CN, ?>4>1=CN =51C ?5@28G=CN G8AB>BC ?@8@>4K =0H53> C<0. 4=0:> A0<0 :=830 0@4> "E>4>; '5=<> O2;O5BAO G0ABLN 548=>3> 1>;LH>3> F8:;0 CG5=89, ?5@540==>3> >B <0AB5@0 04<0A0<1E02K, :>B>@CN B815BA:89 ?@>2845F 0@<0 8=3?0 >B:@K; ;N4O< 2 G5BK@=04F0B>< 25:5. 5;8:>5 A2>1>645=85 >A@54AB2>< !;CH0=8O 2 0@4> 8;8 "815BA:0O =830 5@B2KE , ?@54AB02;O5B A>1>9 548=AB25==K9 2 A2>5< @>45 A2>4 7=0=89. -B> A2>5>1@07=K9 ?CB52>48B5;L, 8;8 >?8A0=85 ?CB8 G5@57 ?>A<5@B=K5 A>AB>O=8O, ?@54=07=0G5==K9 4;O B>3>, GB>1K <0AB5@ 8;8 4CE>2=K9 4@C3 C<8@0NI53> G5;>25:0 G8B0; MB>B B5:AB 2A;CE 2> 2@5<O 53> C<8@0=8O 8 ?>A;5 A<5@B8.  "815B5 3>2>@OB, GB> ACI5AB2CNB OBL <5B>4>2 4>AB865=8O ?@>A25B;5=8O 157 <548B0F88: 2845BL 25;8:>3> <0AB5@0 8;8 A2OI5==K9 ?@54<5B; =>A8BL =0 A515 A?5F80;L=> 1;03>A;>2;5==K5 @8AC=:8 <0=40; A> A2OI5==K<8 <0=B@0<8; ?@>1>20BL =0 2:CA A2OI5==K5 =5:B0@K, >A2OI5==K5 <0AB5@0<8, ?>A@54AB2>< >A>1>9 =0?@O65==>9 ?@0:B8:8; 2A?><8=0BL ?5@5E>4 A>7=0=8O, ?E>20 , 2 <><5=B A<5@B8; 8 A;KH0BL >?@545;5==K5 3;C1>:85 CG5=8O, B0:85, :0: 5;8:>5 A2>1>645=85 >A@54AB2>< !;CH0=8O 2 0@4>. "815BA:0O =830 5@B2KE ?@54=07=0G5=0 4;O B>3>, :B> ?@0:B8:C5B MB8 CG5=8O 8;8 7=0:>< A =8<8. !>2@5<5==><C G8B0B5;N :@09=5 B@C4=> ?@>=8:=CBL 2 55 A<KA;, 8 C =53> =587156=> 2>7=8:05B <=>65AB2> 2>?@>A>2, =0 :>B>@K5 ?@>AB> =52>7<>6=> >B25B8BL B><C, :B> =57=0:>< A ?>@>482H59 55 B@048F859. -B> >A>15==> 206=> 5I5 8 ?>B><C, GB> MBC :=83C =5;L7O ?>;=>ABLN ?>=OBL, =5 7=0O =5?8A0=KE 8 ?5@540NI8EAO CAB=> C:070=89, :>B>@K5 <0AB5@ ?>25@O5B =5?>A@54AB25==> CG5=8:C, 8 :>B>@K5 O2;ONBAO :;NG>< : 55 ?@0:B8G5A:><C ?@8<5=5=8N. >MB><C 2 MB>9 :=835 O ?@54AB02;ON B5 CG5=8O, A :>B>@K<8 "815BA:0O =830 5@B2KE ?>7=0:><8;0 0?04, 2 3>@074> 1>;55 H8@>:>< 8 1>;55 ?>=OB=>< :>=B5:AB5. +   >?C;O@=>ABL "815BA:>9 =838 5@B2KE ?@825;0 : B><C, GB> >1KG=> A;>2> 10@4> 0AA>F88@C5BAO A> A<5@BLN. 5@=>, GB> B815BFK 2 ?>2A54=52=>9 @5G8 =07K20NB ?5@5E>4=>5 A>AB>O=85 <564C A<5@BLN 8 ?>2B>@=K< @>645=85< 10@4>, >4=0:> 7=0G5=85 MB>3> A;>20 3>@074> H8@5 8 3;C165. <5==> 2 CG5=8OE > 10@4>, 8, <>65B 1KBL, 1>;55, G5< 345;81> 5I5, <K <>65< C2845BL, =0A:>;L:> 3;C1>:> 8 2A5>E20B=> 7=0=85 1C44 > 687=8 8 A<5@B8, =0A:>;L:> 2>8AB8=C =5>B45;8<K B>, GB> <K =07K20;8 A<5@BLN, 8 B>, GB> <K =07K20;8 687=LN, :>340 8E OA=> 2848HL 8 ?>=8<05HL 2 ?5@A?5:B825 ?@>A25B;5=8O. 0H5 F5;>AB=>5 ACI5AB2>20=85 <K <>65< @0745;8BL =0 G5BK@5 @50;L=>AB8: 687=L, C<8@0=85 8 A<5@BL, ?>A<5@B=>5 A>AB>O=85 8 @>645=85 2=>2L. -B> 8 5ABL '5BK@5 0@4>: " 5AB5AB25==>5 10@4> MB>9 687=8 " 1>;57=5==>5 10@4> C<8@0=8O " A25B>=>A=>5 10@4> 4E0@<0BK " :0@<8G5A:>5 10@4> AB0=>2;5=8O 1.AB5AB25==>5 10@4> MB>9 687=8 >E20BK205B 25AL ?5@8>4 <564C @>645=85< 8 A<5@BLN. @8 =0H5< A>2@5<5==>< C@>2=5 7=0=89 MB> <>65B ?>:070BLAO G5<B> 1>;LH8<, =565;8 2A53> ;8HL 10@4>, ?5@5E>4=>5 A>AB>O=85. > 5A;8 <K ?>4C<05< >1 MB><, B> =0< AB0=5B OA=>, GB>, ?> A@02=5=8N A >3@><=>9 4;8B5;L=>ABLN =0H59 :0@<8G5A:>9 8AB>@88, B> 2@5<O, :>B>@>5 <K ?@>2>48< 2 MB>9 687=8, =0 45;5 >B=>A8B5;L=> =525;8:>. #G5=8O >A>1> ?>4G5@:820NB, GB> 10@4> MB>9 687=8 O2;O5BAO 548=AB25==K<, 8 ?>B><C ;CGH8< 2@5<5=5<, 2 :>B>@>5 <>6=> ?@83>B>28BLAO : A<5@B8: B> 5ABL ?>7=0:><8BLAO A 40==K< CG5=85< 8 ?>AB>O==> 53> ?@0:B8:>20BL. 2.>;57=5==>5 10@4> C<8@0=8O 4;8BAO >B =0G0;0 ?@>F5AA0 C<8@0=8O 4> B>3> <><5=B0, :>B>@K9 =07K205BAO 2=CB@5==8< 4KE0=85<; 2 A2>N >G5@54L, >=> 4>E>48B 4> 25@E=59 B>G:8 ?@8 >70@5=88, ?@>O2;5=88 ?@8@>4K C<0, B>3>, GB> <K =07K205< A=>2=>9 !25B>=>A=>ABLN, 2 <><5=B A<5@B8. 3.!25B>=>A=>5 10@4> 4E0@<0BK >E20BK205B ?>A<5@B=K5 2>A?@8OB8O A8O=8O ?@8@>4K C<0, A25B>=>A=>AB8 8;8 /A=>3> !25B0, :>B>@K9 ?@>O2;O5BAO :0: 72C:, F25B 8 A25B. 4.0@<8G5A:>5 10@4> AB0=>2;5=8O <K >1KG=> =07K205< 0@4> ?@><56CB>G=>3> A>AB>O=8O, 8 >=> 4;8BAO 4> B>3> <><5=B0, :>340 <K ?@8=8<05< =>2>5 @>645=85. 064>5 87 10@4> >B;8G05B 8 >?@545;O5B B>, GB> 2A5 >=8 5ABL ?@><56CB:8 8;8 ?5@8>4K, 2 :>B>@KE >A>1K< >1@07>< ?@8ACBAB2C5B 2>7<>6=>ABL ?@>1C645=8O. >7<>6=>AB8 4>AB865=8O >A2>1>645=8O ?>AB>O==> 8 =5?@5@K2=> 2>7=8:0NB 2 B5G5=85 2A59 687=8 8 A<5@B8, 8 CG5=8O > 10@4> O2;ONBAO B5< :;NG>< 8;8 >@C485<, GB> ?>72>;ONB =0< =09B8 8 @0A?>7=0BL 8E, 8 8A?>;L7>20BL 8E B0: ?>;=>, :0: MB> B>;L:> <>6=>. # !",  !", 4=>9 87 >A=>2=KE E0@0:B5@8AB8: 10@4> O2;O5BAO B>, GB> >=8  ?5@8>4K A8;L=>9 =5C25@5==>AB8. >7L<5< MBC 687=L 2 :0G5AB25 3;02=>3> ?@8<5@0. "0: 65, :0: <8@ 2>:@C3 =0A AB0=>28BAO 2A5 1>;55 1C@=K<, B0: 8 =0H8 687=8 AB0=>2OBAO 2A5 1>;55 D@03<5=B8@>20==K<8. K @07>1I5=K A A0<8<8 A>1>9, >B45;5=K >B A51O, B@52>6=K, 15A?>:>9=K 8 G0AB> ?0@0=>840;L=K. 5;:89 :@878A ?@>:0;K205B 2>74CH=K9 H0@ 70<KA;>2, 70 :>B>@K< <K ?KB05<AO A?@OB0BLAO. 48= <><5=B ?0=8:8 ?>:07K205B =0<, =0A:>;L:> 2A5 =5CAB>9G82> 8 =5=0456=>. 87=L 2 A>2@5<5==>< <8@5 O2;O5BAO :0: 1K >B@065=85< >1;0AB8 10@4>; =5 =C6=> C<8@0BL, GB>1K 8A?KB0BL MB>. -B0 >E20BK20NI0O 2A5 =5C25@5==>ABL AB0=>28BAO 5I5 1>;55 8=B5=A82=>9, 5I5 1>;55 45<>=AB@0B82=>9 ?>A;5 B>3>, :0: <K C<8@05<, :>340, :0: 3>2>@OB =0< <0AB5@0, =0H0 OA=>ABL 8;8 70?CB0==>ABL C<=>605BAO A5<8:@0B=>. N1>9, G5AB=> A<>B@OI89 =0 687=L, C2848B, GB> <K 6825< 2 ?>AB>O==>< =0?@O65=88 8 =5OA=>AB8. 0H8 C<K =5?@5AB0==> ?5@5:;NG0NBAO <564C 70?CB0==>ABLN 8 OA=>ABLN. A;8 1K B>;L:> <K 1K;8 2 ?CB0=8F5 ?>AB>O==>  MB>, ?> :@09=59 <5@5, A>H;> 1K 70 :0:CNB> OA=>ABL. 'B> 2 MB>9 687=8 459AB28B5;L=> >7040G8205B, B0: MB> B>, GB> 8=>340 <K, =5A<>B@O =0 2AN =0HC 70?CB0==>ABL, <>65< ?@>O2;OBL =0AB>OICN <C4@>ABL! -B> ?>:07K205B =0<, GB> B0:>5 10@4>: ?>AB>O==>5, =5@28@CNI55 <5B0=85 <564C OA=>ABLN 8 70<5H0B5;LAB2><, A<OB5=85< 8 ?@>7@5=85<, C25@5==>ABLN 8 =5C25@5==>ABLN, 74@02K< @0AAC4:>< 8 157C<85<. # =0A, B0:8E, :0:85 <K A59G0A, <C4@>ABL 8 70?CB0==>ABL 2>7=8:0NB 2 =0H8E C<0E >4=>2@5<5==>, 8;8, :0: <K 3>2>@8<, A>ACI5AB2CNB. -B> >7=0G05B, GB> ?5@54 =0<8 ?>AB>O==> AB>8B ?@>1;5<0 2K1>@0, 8 GB> 2A5 7028A8B >B B>3>, GB> <K 2K15@5<. -B0 ?>AB>O==0O =5C25@5==>ABL <>65B ?@825AB8 : B><C, GB> 2A5 1C45B 2K3;O45BL <@0G=K< 8 ?>GB8 157=0456=K<; => 5A;8 2K ;CGH5 55 @0AA<>B@8B5, B> C2848B5, GB> A0<0 55 ?@8@>40 A>7405B ?@><56CB:8, :C40 ?>AB>O==> 2B5:0NB 1>;LH85 2>7<>6=>AB8 4;O ?@5>1@065=8O, :>B>@>5 <>65B ?@>87>9B8, 5A;8 >=8 1C4CB 70<5G5=K 8 8A?>;L7>20=K. >A:>;L:C 687=L =5 GB> 8=>5, :0: 25G=0O A<5=0 @>645=8O, A<5@B8 8 ?5@5E>40, B> <K 8A?KBK205< 10@4> ?>AB>O==>, 8 MB8 ?5@56820=8O O2;ONBAO >A=>2>9 =0H53> ?A8E>;>38G5A:>3> A:;040. 4=0:> >1KG=> <K =5 70<5G05< 10@4> 8 ?@><56CB:>2 2 =8E, ?>A:>;L:C =0H C< ?5@5E>48B >B >4=>9 B0: =07K205<>9 B25@4>9 A8BC0F88 : A;54CNI59, ?@82KG=> 83=>@8@CO ?>AB>O==> ?@>8AE>4OI85 ?5@5E>4=K5 A>AB>O=8O. $0:B8G5A:8, :0: ?><>305B ?>=OBL =0< MB> CG5=85, :064K9 <><5=B =0H53> 2>A?@8OB8O ?@54AB02;O5B A>1>9 10@4>, ?>A:>;L:C :0640O <KA;L 8 :0640O M<>F8O 2>7=8:05B 87 ACI=>AB8 C<0 8 2 =59 65 70BCE05B. #G5=8O ?>72>;ONB =0< >A>7=0BL, GB> 8<5==> 2 <><5=BK A8;L=>9 ?5@5<5=K 8 ?5@5E>40 <>65B ?@>O28BLAO 8AB8==0O, ?>4>1=0O =51C, ?5@28G=0O ?@8@>40 =0H53> C<0. >72>;LB5 <=5 ?@825AB8 ?@8<5@. @54AB02LB5, GB> >4=064K 2K ?@8E>48B5 4><>9 A @01>BK 8 >1=0@C68205B5, GB> 20H0 425@L A>@20=0 8 28A8B =0 >4=>9 ?5B;5. 0A >3@018;8. K 2E>48B5 2=CB@L 8 2848B5, GB> 2A5, G5< 2K 2;045;8, 8AG57;>. 0 A5:C=4C 20A ?0@0;87C5B H>:, 8 2K 2 >BG0O=88 ;8E>@04>G=> ?KB05B5AL 2A?><=8BL B>, G53> 745AL C65 =5B. 0 20A >1@CH8205BAO >A>7=0=85: 2K ;8H8;8AL 2A53>. 0B5< 20H 15A?>:>9=K9, 2>71C645==K9 C< ?>@065==> 70<8@05B, 8 <KA;8 ?@5:@0I0NBAO.  BCB 2=570?=> =0ABC?05B 3;C1>:89 ?>:>9, 2>A?@8=8<05<K9 ?>GB8 :0: 1;065=AB2>. 5B 1>;LH5 1>@L1K, =5B CA8;89, ?>B><C GB> 2A5 MB> 15A?>;57=>. 0< ?@>AB> ?@8E>48BAO A40BLAO; C 20A =5B 2K1>@0. B0:, 2 >48= <><5=B 2K ;8H8;8AL G53>B> F5==>3>, 8 70B5<, 2 A;54CNI89 <><5=B, 2K >1=0@C68205B5, GB> 20H C< >B4KE05B 2 3;C1>:>< A>AB>O=88 ?>:>O. A;8 A 20<8 B0:>5 A;CG8BAO, =5 70AB02;O9B5 A51O A@07C 65 :840BLAO 8A:0BL ?CB8 @07@5H5=8O A8BC0F88. 5:>B>@>5 2@5<O ?>1C4LB5 2 MB>< A>AB>O=88 ?>:>O. >72>;LB5 5<C 1KBL ?@><56CB:><.  5A;8 2K 459AB28B5;L=> 7045@68B5AL 2 MB>< ?@><56CB:5, 3;O4O 2=CB@L A>1AB25==>3> C<0, B> 2K 70<5B8B5 ?@>1;5A: 15AA<5@B=>9 ?@8@>4K ?@>A25B;5==>3> C<0. '5< 3;C165 =0H0 GC2AB28B5;L=>ABL 8 G5< >AB@55 =0H0 3>B>2=>ABL CE20B8BLAO 70 ?>@078B5;L=K5 2>7<>6=>AB8 8A?KB0BL >A=>2>?>;030NI55 ?@>7@5=85, :>B>@K5 ?@54;030NB =0< B0:85 ?@><56CB:8 8 ?5@5E>4K, A;CG0NI85AO 2 =0H59 687=8, B5< 1>;55 <K 1C45< 2=CB@5==5 3>B>2K : =8<, :>340 >=8 ?@>87>94CB =081>;55 A8;L=> 8 =5C?@02;O5<>, ?>A;5 A<5@B8. -B> G@572KG09=> 206=>, ?>A:>;L:C CG5=8O > 10@4> 3>2>@OB =0<, GB> MB> B0:85 <><5=BK, :>340 C< =081>;55 A2>1>45=, <><5=BK, =081>;55 A8;L=K5, =5ACI85 =081>;55 <>I=K9 :0@<8G5A:89 70@O4 8 7=0G5=85. KAH8< 87 =8E O2;O5BAO <><5=B A<5@B8.  MB>B <><5=B B5;> >AB02;O5BAO, 8 =0< ?@54>AB02;O5BAO 25;8G09H0O 87 2>7<>6=>AB59 >A2>1>645=8O. 0:8< 1K 2KA>:8< =8 1K;> =0H5 4CE>2=>5 <0AB5@AB2>, <K >3@0=8G5=K B5;>< 8 53> :0@<>9. > 2<5AB5 A D878G5A:8< >A2>1>645=85< A<5@B8 ?@8E>48B A0<0O GC45A=0O 2>7<>6=>ABL 4>AB8GL 2A53>, : G5<C <K AB@5<8;8AL 2 A2>59 4CE>2=>9 ?@0:B8:5 8 A2>59 687=8. 065 4;O 2KA>G09H53> <0AB5@0, 4>AB83H53> 2KAH53> ?>AB865=8O, B0:>5 2KAH55 >A2>1>645=85, =07K205<>5 ?0@0=8@20=0, =0ABC?05B B>;L:> ?@8 A<5@B8. >MB><C 2 B815BA:>9 B@048F88 <K =5 >B<5G05< 4=59 @>645=8O <0AB5@>2: <K >B<5G05< 8E A<5@BL, <><5=B 8E >:>=G0B5;L=>3> ?@>A25B;5=8O. > 2@5<O <>53> 45BAB20 2 "815B5, 8 <=>3> ;5B A?CABO, O A;KH0; @0AA:07 70 @0AA:07>< > 25;8:8E 4CE>2=KE ?@0:B8:0E 8 4065 > 2=5H=5 >1KG=KE 9>30E 8;8 ?@>ABKE ;N4OE, :>B>@K5 C<8@0;8 ?>@078B5;L=K< 8 2?5G0B;ONI8< >1@07><. ">;L:> 2 MB>B A0<K9 ?>A;54=89 <><5=B >=8 =0:>=5F ?>:07K20;8 3;C18=C A2>53> ?>AB865=8O 8 A8;C CG5=89, 2>?;>I5=85< :>B>@KE >=8 AB0;8. "0=B@K 7>3G5=, B5 4@52=85 CG5=8O, >B :>B>@KE ?@>87>H;8 C:070=8O > 10@4>, 3>2>@OB > <8D8G5A:>9 ?B8F5 0@C45, :>B>@0O @>6405BAO ?>;=>ABLN 7@5;>9. -B>B >1@07 A8<2>;878@C5B =0HC ?5@28G=CN ?@8@>4C, :>B>@0O C65 F5;8:>< A>25@H5==0. A5 ?5@LO 2 :@K;LOE ?B5=F0 0@C4K 2K@0AB0NB 2=CB@8 O9F0, => >= =5 <>65B ?>;5B5BL 4> B>3>, :0: 2K;C?8BAO. ">;L:> 2 <><5=B, :>340 ;>?=5B A:>@;C?0, >= <>65B 2K@20BLAO =0@C6C 8 27<KBL 2 =51>. "0: 65, :0: 3>2>@OB =0< <0AB5@0, :0G5AB20 1C44K A:@KBK B5;><, 8 :0: B>;L:> B5;> >B1@>H5=>, >=8 A8ONI5 ?@>O2;ONBAO. ><5=B A<5@B8 ?@54>AB02;O5B AB>;L 1>;LHCN 2>7<>6=>ABL ?>B><C, GB> 8<5==> B>340 >A=>2=0O ?@8@>40 C<0, A=>2=0O !25B>=>A=>ABL 8;8 /A=K9 !25B, 5AB5AB25==> ?@>O2;O5BAO 8 ?@>O2;O5BAO 3@0=48>7=> 8 25;8G5AB25==>. #G5=8O 3>2>@OB =0<, GB> 5A;8 2 MB>B :@8B8G5A:89 <><5=B <K A<>65< C7=0BL MBC A=>2=CN !25B>=>A=>ABL, B> 4>AB83=5< >A2>1>645=8O. 4=0:> MB> =52>7<>6=>, 5A;8 2K =5 >7=0:><8B5AL A ?@8@>4>9 C<0 8 4>A:>=0;L=> =5 C7=05B5 55 2> 2@5<O 20H59 687=8, ?>A@54AB2>< 4CE>2=>9 ?@0:B8:8. >B ?>G5<C, E>BO MB> 8 4>2>;L=> C4828B5;L=>, 2 =0H59 B@048F88 3>2>@8BAO, GB> G5;>25:, >A2>1>645==K9 2 <><5=B A<5@B8, AG8B05BAO >A2>1>645==K< 2 MB>9 687=8, 0 =5 2 >4=>< 87 ?>A<5@B=KE A>AB>O=89 10@4>; ?>B><C GB> 8<5==> 2 B5G5=85 MB>9 687=8 ?@>87>H;> 8 1K;> C?@>G5=> ACI5AB25==> =5>1E>48<>5 C7=020=85 /A=>3> !25B0. -B> G@572KG09=> 206=>, 8 20< =5>1E>48<> MB> ?>=OBL.  # ,!" / A:070;, GB> 10@4> O2;ONBAO 2>7<>6=>ABO<8, => GB> 8<5==> 2 10@4> ?>72>;O5B =0< 8A?>;L7>20BL B5 2>7<>6=>AB8, :>B>@K5 =0< ?@54>AB02;ONBAO? B25B ?@>AB: 2A5 >=8 O2;ONBAO @07;8G=K<8 A>AB>O=8O<8 8 @07;8G=K<8 @50;L=>ABO<8 C<0. 1CG5=85 2 B@048F8OE 1C4487<0 ?>43>B02;8205B =0A : B>G=><C ?>7=0=8N, ?>A@54AB2>< <548B0F88, @07;8G=KE 2708<>A2O70==KE 0A?5:B>2 C<0, 8 CG8B C<5;> 2E>48BL 2 @07;8G=K5 C@>2=8 A>7=0=8O. !CI5AB2C5B >BG5B;82>5 8 B>G=>5 A>>B=>H5=85 <564C A>AB>O=8O<8 10@4> 8 B5<8 C@>2=O<8 A>7=0=8O, :>B>@K5 <K ?5@568205< 2 F8:;5 687=8 8 A<5@B8.  2 B> 2@5<O, :0: <K ?5@5<5I05<AO 87 >4=>3> 10@4> 2 4@C3>5, :0: 2 687=8, B0: 8 2 A<5@B8, ?@>8AE>48B A>>B25BAB2CNI55 87<5=5=85 A>7=0=8O, A :>B>@K< <K <>65<, ?>A@54AB2>< 4CE>2=>9 ?@0:B8:8, E>@>H> >7=0:><8BLAO 8, =0:>=5F, ?>;=>ABLN 53> ?>=OBL. >A:>;L:C B>B ?@>F5AA, GB> @072>@0G8205BAO 2 ?>A<5@B=KE 10@4>, >A=>20= 2 3;C18=0E =0H53> C<0, >= 8 2 687=8 ?@>O2;O5BAO =0 <=>38E C@>2=OE. 0?@8<5@, 5ABL >G5=L A8;L=>5 A>>B25BAB285 <564C AB5?5=O<8 B>=:>AB8 A>7=0=8O, G5@57 :>B>@K5 <K ?@>E>48< 2> A=5 8 ?@8 A=>2845=8OE, 8 B@5<O 10@4>, A2O70==K<8 A> A<5@BLN: " >3@C65=85 2 A>= AE>4=> A 10@4> C<8@0=8O, :>340 ?@>F5AAK 8 M;5<5=BK <KA;8 @0A?040NBAO, >B:@K20O ?5@56820=85 A=>2=>9 !25B>=>A=>AB8. " 845=85 A=>2845=89 AE>4=> A 10@4> AB0=>2;5=8O, ?@><56CB>G=K< A>AB>O=85<, 2 :>B>@>< 2K >1;0405B5 OA=>284OI8< 8 >G5=L ?>4286=K< <5=B0;L=K< B5;><, ?@5B5@?520NI8< 2A52>7<>6=K5 ?@>8AH5AB28O.  A>AB>O=88 2845=8O A=>2 <K B>65 >1;0405< AE>4=K< 284>< B5;0  B5;>< A=>2845=8O, =0E>4OAL 2 :>B>@>< 8 ?5@568205< 2A5 ?@>8AH5AB28O 687=8 2 A=>2845=88. " 564C 10@4> C<8@0=8O 8 10@4> AB0=>2;5=8O ;568B >G5=L >A>1>5 A>AB>O=85 A25B>=>A=>AB8 8;8/A=K9 !25B, :>B>@>5, :0: O C65 C?><8=0;, =07K205BAO 10@4> 4E0@<0BK. 5@56820=85 MB>3> ?@>8AE>48B A> 2A5<8, => ;8HL >G5=L =5<=>385 <>3CB 4065 70<5B8BL, =5 3>2>@O C65 > B><, GB>1K ?>;=>ABLN 2>A?@8=OBL 53>, ?>B><C GB> C7=0BL 53> <>65B B>;L:> B>B, :B> B@5=8@>20= 8 ?@0:B8:C5B CG5=85. -B> 10@4> 4E0@<0BK A>>B25BAB2C5B ?5@8>4C ?>A;5 70AK?0=8O 8 4> =0G0;0 A=>2845=89. >=5G=>, ?>A<5@B=K5 10@4> O2;ONBAO 3>@074> 1>;55 3;C1>:8<8 A>AB>O=8O<8 A>7=0=8O 8 =587<5@8<> 1>;55 A8;L=K<8 <><5=B0<8, G5< A>AB>O=8O 2> A=5 8 ?@8 A=>2845=8OE, => 8E >B=>A8B5;L=K5 C@>2=8 B>=:>AB8 A>>B25BAB2CNB 4@C3 4@C3C 8 ?>:07K20NB B5 A2O78 8 ?0@0;;5;8, GB> ACI5AB2CNB <564C 2A5<8 @07=K<8 C@>2=O<8 A>7=0=8O. 0AB5@0 G0AB> ?@81530NB : MB><C A@02=5=8N, GB>1K ?>:070BL, :0: B@C4=> ?>445@6820BL A>7=020=85 2 A>AB>O=8OE 10@4>. =>385 ;8 87 =0A A>7=0NB 87<5=5=85 A>7=0=8O, :>340 70AK?0NB? ;8 2 B>B <><5=B A=0, :>340 A=>2845=8O 5I5 =5 =0G0;8AL? =>385 ;8 87 =0A A>7=0NB, 284O A>=, GB> 284OB A>=? @54AB02LB5 65, =0A:>;L:> B@C4=> 1C45B >AB020BLAO A>7=0NI8< 2 1C@=>9 ?CB0=8F5 ?>A<5@B=KE 10@4>. ">, :0: 2545B A51O 20H C< 2 A>AB>O=88 A=0 8 2845=8O A=>2845=89, ?>:07K205B, :0: 20H C< ?>2545B A51O 2 A>>B25BAB2CNI8E A>AB>O=8OE 10@4>; =0?@8<5@, B>, :0: 2K @5038@C5B5 A59G0A 2 A2>8E A=>2845=8OE, ?@8 :>H<0@0E 8 :>340 20< A=OBAO ?@5?OBAB28O, ?>:07K205B, :0: 2K <>65B5 @5038@>20BL, :>340 C<@5B5. >MB><C 9>30 A=0 8 A=>2845=89 83@05B B0:CN 206=CN @>;L 2 ?>43>B>2:5 : A<5@B8. ">B, :B> ?>=0AB>OI5<C ?@0:B8:C5B 55, AB@5<8BAO ?>445@6820BL, ?>AB>O==> 8 =5?@5@K2=>, A2>5 A>7=020=85 ?@8@>4K C<0 2 B5G5=85 4=O 8 =>G8, 8 B0:8< >1@07>< =5?>A@54AB25==> 8A?>;L7>20BL @07;8G=K5 D07K A=0 8 A=>2845=89, GB>1K 7=0BL 8 C25@5==> C7=020BL B>, GB> 1C45B A =8<8 ?@>8AE>48BL 2 @07=KE 10@4> 2> 2@5<O A<5@B8 8 ?>A;5 =55. B0:, <K G0AB> >1=0@C68205< 420 4@C38E 10@4> 2=CB@8 5AB5AB25==>3> 10@4> MB>9 687=8: MB> 10@4> A=0 8 A=>2845=89, 8 10@4> <548B0F88. 548B0F8O  70=OB85 4=52=>5, 0 9>30 A=0 8 A=>2845=89  =>G=>5.  B@048F88, : :>B>@>9 ?@8=04;568B "815BA:0O =830 5@B2KE, MB8 420 4>102;ONBAO : '5BK@5< 0@4>, A>AB02;OO 2<5AB5 (5ABL 0@4>. ,  ! ",   ;O :064>3> 87 10@4> 5ABL A>1AB25==K9 =01>@ C:070=89 8 ?@0:B8: <548B0F88, :>B>@K5 B>G=> =0?@02;5=K =0 MB8 @50;L=>AB8 8 ?@8ACI85 8<5==> 8< A>AB>O=8O C<0. >MB><C MB8 4CE>2=K5 ?@0:B8:8 8 >1CG5=85, @07@01>B0==K5 4;O :064>3> 87 A>AB>O=89 10@4>, ?>72>;ONB =081>;55 ?>;=> 8A?>;L7>20BL 8E 8 ?@54>AB02;O5<K5 8<8 2>7<>6=>AB8 4;O >A2>1>645=8O. B=>A8B5;L=> 10@4> ACI5AB25==> 206=> ?>=OBL A;54CNI55: A;54CO >1CG5=8N 2 MB8E ?@0:B8:0E, 459AB28B5;L=> 2>7<>6=> A>7=020BL MB8 A>AB>O=8O C<0 5I5 ?@8 687=8 . K <>65< 459AB28B5;L=> ?5@568BL 8E 745AL 8 A59G0A. "0:>5 ?>;=>5 >2;045=85 @07;8G=K<8 87<5@5=8O<8 C<0 <>65B ?>:070BLAO >G5=L B@C4=K< G5;>25:C 0?040, >4=0:> 53> 2?>;=5 <>6=> 4>AB8GL. C=C 0<0 "5=78= LO;F5= 1K; ?@52>AE>4=K< <0AB5@><, C@>65=F5< 38<0;09A:>9 >1;0AB8 !525@=>9 =488.  <>;>4>AB8 >= 2AB@5B8; 2 !8::8<5 0<C, :>B>@K9 ?>A>25B>20; 5<C >B?@028BLAO 2 "815B, GB>1K 87CG0BL 1C4487<. "0: >= >B?@028;AO 2 E0<, 2 >AB>G=>< "815B5, 345 2>A?@8=8<0; CG5=8O =5:>B>@KE 87 25;8G09H8E 0<, 2:;NG0O <>53> <0AB5@0 60<LO=30 EL5=F5. =0=85 A0=A:@8B0 2K7K20;> C2065=85 : C=C 0<5 8 >B:@K;> ?5@54 =8< <=>3> 425@59. 0AB5@0 >E>B=> CG8;8 53>, =045OAL, GB> >= 25@=5B 8E CG5=8O 2 =48N, 345, :0: 7=0;8 <0AB5@0, >=8 ?>GB8 8AG57;8, 8 @0A?@>AB@0=8B 8E B0< 2=>2L. 0 2@5<O ?@51K20=8O C=C 0<K 2 "815B5, >= AB0; 2KA>:> CGQ=K< 8 >1@5; 2KA>:85 ?>AB865=8O. 0B5< >= 25@=C;AO 2 =48N 8 68; B0< :0: 8AB8==K9 0A:5B. >340 <>9 <0AB5@ 8 O ?>:8=C;8 "815B 8 >B?@028;8AL 2 ?0;><=8G5AB2> ?> =488, <K ?>2AN4C 8A:0;8 53> 8 =0:>=5F =0H;8 2 5=0@5A5. = 68; ?@8 8=4C8ABA:>< E@0<5. 8:B> =5 7=0;, :B> >= B0:>9, 8 4065, GB> >= 1C448AB, =5 3>2>@O C65 > B><, GB> >= <0AB5@. =8 7=0;8 53> :0: <O3:>3> 2 >1@0I5=88 9>30, 254CI53> A51O :0: A2OB>9, 8 ?>4=>A8;8 5<C ?8IC. >340 O 4C<0N > =5<, B> 2A5340 3>2>@N A515: 025@=>5, B0:8< 1K; !2. $@0=F8A: AA87A:89. >340 B815BA:85 <>=0E8 8 0<K 2?5@2K5 >:070;8AL 2 873=0=88, C=C 0<0 1K; 2K1@0= CG8B5;5< 3@0<<0B8:8 8 A0=A:@8B0 2 H:>;5, >A=>20==>9 4;O =8E 0;09;0<>9. =>385 2KA>:>CG5=K5 0<K CG8;8AL B0< C =53>, 8 2A5 >=8 AG8B0;8 53> ?@52>AE>4=K< ?@5?>4020B5;5< O7K:0. > >4=064K :B>B> 7040; 5<C 2>?@>A >1 CG5=8OE C44K. = 40; =0 =53> >G5=L 8AG5@?K20NI89 >B25B. "CB CG5=8:8 AB0;8 704020BL 5<C 5I5 2>?@>AK, 8 >1=0@C68;8, GB> >= 7=05B >B25BK =0 2A5, GB> 1K >=8 =8 A?@>A8;8. = D0:B8G5A:8 <>3 87;>68BL ;N1>5 CG5=85, > :>B>@>< 53> A?@0H820;8. "0:8< >1@07><, 53> A;020 @07=5A;0AL ?>2AN4C, 8 2A:>@5 >= C65 CG8; G;5=>2 :064>9 87 @07;8G=KE H:>; 1C4487<0 8E A>1AB25==K< 4>:B@8=0<. ">340 3> !2OB59H5AB2> 0;09;0<0 A45;0; 53> A2>8< 4CE>2=K< @C:>2>48B5;5<. = ?@87=05B, GB> C=C 0<0 24>E=>28; 53> =0 A>740=85 53> CG5=8O 8 ?@0:B8:8 A>AB@040=8O. $0:B8G5A:8, C=C 0<0 8 1K; 682K< ?@8<5@>< A>AB@040=8O. > 2A5 65 >= =5 87<5=8;AO, 4065 :>340 ?@>A;028;AO. = ?>?@56=5<C =>A8; BC 65 A0<CN AB0@CN >4564C 8 68; 2 <0;5=L:>9 :5;L5. >340 :B>;81> ?@8=>A8; 5<C ?>40@>:, >= 40@8; 53> A;54CNI5<C ?>A5B8B5;N.  5A;8 :B>=81C4L 3>B>28; 5<C ?8IC, >= 5;; 5A;8 65 =5B, >1E>48;AO 157 =55. 4=064K =5:89 <0AB5@, :>B>@>3> O E>@>H> 7=0;, ?>A5B8; C=C 0<C, GB>1K 7040BL 5<C =5A:>;L:> 2>?@>A>2 > 10@4>. -B>B <0AB5@  ?@>D5AA>@, ?@5:@0A=> @0718@0NI89AO 2 CG5=88 "815BA:>9 =838 5@B2KE 8 8<5NI89 1>;LH>9 >?KB 2 A2O70==KE A =59 ?@0:B8:0E. = @0AA:07K20; <=5, :0: 7040; A2>8 2>?@>AK 8 70B5<, 70B082 4KE0=85, A;CH0;, :0: >B25G05B C=C 0<0. = =8:>340 =5 A;KH0; =8G53> ?>4>1=>3>. >340 C=C 0<0 >?8AK20; 10@4>, B> MB> 1K;> =0AB>;L:> B>G=> 8 682>, 1C4B> ;>=4>=5F >?8AK20;, :0: 4>9B8 4> 5=A8=3B>= %09 !B@8B, 8;8 68B5;L LN>@:0  4> &5=B@0;L=>3> 0@:0, 8;8 ?0@860=8=  :0: ?@>9B8 =0 ;8A59A:85 >;O. -B> 2K3;O45;> B0:, 1C4B> >= 459AB28B5;L=> =0E>48;AO B0<. C=C 0<0 >?8AK20; 10@4>, 8AE>4O 87 A2>53> A>1AB25==>3> >?KB0. "0:>9 ?@0:B8:, :0: >=, ?@>H5; G5@57 2A5 87<5@5=8O @50;L=>AB8.  8<5==> ?>B><C, GB> 2A5 A>AB>O=8O 10@4> =0E>4OBAO 2 =0H8E C<0E, >=8 8 <>3CB 1KBL >B:@KBK 8 >A2>1>645=K ?>A@54AB2>< ?@0:B8: 10@4>. -B8 CG5=8O ?@>87>H;8 87 C<0 <C4@>AB8 1C44, :>B>@K5 <>3CB 2845BL 687=L 8 A<5@BL B0: 65, :0: A<>B@5BL =0 A2>N ;04>=L. K B>65 O2;O5<AO 1C440<8.  5A;8 <K A<>65< 2K?>;=OBL 4CE>2=CN ?@0:B8:C 2 10@4> MB>9 687=8 8 ?>3@C60BLAO 2A5 3;C165 8 3;C165 2 ?@8@>4C =0H53> C<0, B> A<>65< >B:@KBL 7=0=85 8 4@C38E 10@4>, 8 8AB8=0 MB8E CG5=89 A0<0 ?> A515 @0A:@>5BAO 2=CB@8 =0A. >B 2 G5< A>AB>8B G@572KG09=0O 206=>ABL 5AB5AB25==>3> 10@4> MB>9 687=8. 45AL 8 A59G0A ?@>8AE>48B 2AO ?>43>B>2:0 :> 2A5< 10@4>. !:070=>, GB> 2KAH89 A?>A>1 ?>43>B>2:8  A59G0A: AB0BL ?@>A25B;5==K< 2 B5G5=85 MB>9 687=8. ;020 VIII -" ,: !"!"  0209B5 8AA;54C5< ?5@2>5 87 '5BK@5E 0@4>, 5AB5AB25==>5 10@4> MB>9 687=8, 8 <=>65AB2> 53> 7=0G5=89; 0 70B5< 2 A>>B25BAB2CNI5< ?>@O4:5 @0AA<>B@8< 8 >AB0;L=K5 B@8 10@4>. AB5AB25==>5 10@4> MB>9 687=8 >E20BK205B 2AN =0HC 687=L, >B @>645=8O 4> A<5@B8. #G5=8O > =5< ?@>OA=ONB =0<, ?>G5<C MB> 10@4> O2;O5BAO AB>;L 4@03>F5==>9 2>7<>6=>ABLN, GB> B0:>5  459AB28B5;L=> 1KBL G5;>25:><, 8 GB> O2;O5BAO A0<K< 206=K< 8 548=AB25==> ?>=0AB>OI5<C ACI5AB25==K< 87 2A53>, GB> <K <>65< A45;0BL A 40@>< MB>9 G5;>25G5A:>9 687=8. 0AB5@0 3>2>@OB =0<, GB> C =0H8E C<>2 5ABL >48= 0A?5:B, :>B>@K9 O2;O5BAO 53> >A=>2>9, A>AB>O=85, =07K205<>5 >A=>2>9 >1KG=>3> C<0. >=3G5=?0, 2K40NI89AO B815BA:89 <0AB5@ G5BK@=04F0B>3> 25:0, B0: >?8AK205B 53>: -B> A>AB>O=85 =5?@>A25B;5=8O 8 =59B@0;L=>5 A>AB>O=85, >B=>AOI55AO : :0B53>@88 C<0 8 C<AB25==KE A>1KB89, 8 >=> AB0;> >A=>2>9 2A5E :0@< 8  A;54>2 A0=A0@K 8 =8@20=K. => 459AB2C5B :0: E@0=8;8I5, 2 :>B>@>< E@0=OBAO, :0: A5<5=0, >B?5G0B:8 2A5E =0H8E 459AB289 2 ?@>H;><, GB> 1K;8 2K720=K >B@8F0B5;L=K<8 M<>F8O<8. >340 2>7=8:0NB ?>4E>4OI85 CA;>28O, >=8 ?@>@0AB0NB 8 ?@>O2;ONBAO 2 =0H8E 687=OE :0: >1AB>OB5;LAB20 8 A8BC0F88. @54AB02LB5 MBC >A=>2C >1KG=>3> C<0 :0: 10=:, 2 :>B>@>< A>45@68BAO :0@<0 2 2845 >B?5G0B:>2 8 ?@82KG5: ?>2545=8O. A;8 <K ?@82KG=> 4C<05< >?@545;5==K< >1@07><, ?>;>68B5;L=K< 8;8 >B@8F0B5;L=K<, B> A>>B25BAB2CNI85 A:;>==>AB8 1C4CB >G5=L ;53:> A?@>2>F8@>20=K 8 ?@82545=K 2 459AB285, ?@>O2OBAO 8 ?>2B>@OBAO, 8 1C4CB 2=>2L ?>2B>@OBLAO. @8 ?>AB>O==>< ?>2B>@5=88 =0H8 ?@82KG:8 8 A:;>==>AB8 AB0=>2OBAO 2A5 1>;55 C:>@5=82H8<8AO 8 1C4CB ?>2B>@OBLAO, 2>7@0AB0O 8 AB0=>2OAL 2A5 A8;L=55, 4065 :>340 <K A?8<. "0:8< >1@07><, >=8 =0G8=0NB >?@545;OBL =0HC 687=L, =0HC A<5@BL 8 =0H5 =>2>5 @>645=85. K G0AB> A?@0H8205< A51O: 'B> A> <=>9 1C45B, :>340 O C<@C? B25B ?@>AB: 2 :0:>< A>AB>O=88 C<0 <K =0E>48<AO A59G0A , :0:>9 ;8G=>ABLN <K O2;O5<AO A59G0A , B0:8<8 <K 8 1C45< 2 <><5=B A<5@B8, 5A;8 =5 87<5=8<AO. >B ?>G5<C B0: 01A>;NB=> 206=> 8A?>;L7>20BL MBC 687=L, GB>1K >G8AB8BL =0H ?>B>: C<0, =0H5 >A=>2=>5 ACI5AB2> 8 E0@0:B5@, ?>:0 MB> 5I5 2>7<>6=>.  '!  0: <K 2>>1I5 AB0;8 682K<8 8 >1@5;8 D>@<C G5;>25G5A:8E ACI5AB2? # 2A5E ACI5AB2, 8<5NI8E ?>E>6CN :0@<C, 1C45B ?>E>655 2845=85 >:@C60NI53> 8E <8@0, 8 MB>B >1I89 4;O =8E =01>@ 2>A?@8OB89 =07K205BAO :0@<8G5A:8< 2845=85<. "0:>5 A>>B25BAB285 =0H59 :0@<K 8 B>3> <8@0, 2 :>B>@>< <K >:07K205<AO, B0:65 >1JOA=O5B 2>7=8:=>25=85 @07;8G=KE D>@<: =0?@8<5@, 2K 8 O O2;O5<AO ;N4L<8, ?>B><C GB> 8<55< >1ICN >A=>2=CN :0@<C. > 8 2 <8@5 ;N459 :064K9 87 =0A 8<55B A>1AB25==CN 8=48284C0;L=CN :0@<C. K @>645=K 2 @07;8G=KE AB@0=0E, 3>@>40E, A5<LOE; C :064>3> 87 =0A @07;8G=>5 2>A?8B0=85, >1@07>20=85, 25@0, <K ?>425@65=K @07;8G=K< 2;8O=8O<, 8 2A5 MB> A>AB02;O5B MBC :0@<C. 064K9 87 =0A ?@54AB02;O5B A>1>9 A;>6=CN AC<<C ?@82KG5: 8 ?@>H;KE 459AB289, 8 ?>MB><C <K =587156=> 2848< 2A5 ?>A2>5<C, A2>8< A>1AB25==K<, C=8:0;L=K< >1@07><. N48 2K3;O4OB >G5=L ?>E>65, => 2>A?@8=8<0NB >:@C60NI55 A>25@H5==> ?>@07=><C, 8 :064K9 87 =0A 6825B 2 A2>5< A>1AB25==><, C=8:0;L=>< 8 >B45;L=>< <8@5. 0: 3>2>@8B 0;C 8=?>G5: A;8 AB> G5;>25: 70A=CB 8 1C4CB 2845BL A=K, B> :064K9 87 =8E 1C45B 2 >B45;L=>< 4@C3>< <8@5 2 A2>5< A=5. >6=> A:070BL, GB> 8AB8=5= A>= :064>3>, => 1K;> 1K 15AA<KA;5==> 70O2;OBL, GB> A>= B>;L:> >4=>3> G5;>25:0 1K; 8AB8==K< <8@><, 0 >AB0;L=K5  ;>6=K<8. "CB 8AB8=0 5ABL 4;O :064>3> 87 2>A?@8=8<0NI8E, A>>B25BAB25==> :0@<8G5A:8< AB@C:BC@0<, C?@02;ONI8< 53> 2>A?@8OB8O<8. (!",   0H5 G5;>25G5A:>5 ACI5AB2>20=85 =5 O2;O5BAO 548=AB25==K< @>4>< :0@<8G5A:>3> 2845=8O. C4487< >?@545;O5B H5ABL <8@>2 ACI5AB2>20=8O: <8@K 1>3>2, ?>;C1>3>2, ;N459, 682>B=KE, 3>;>4=KE 4CE>2 8 040. 064K9 87 =8E O2;O5BAO @57C;LB0B>< >4=>9 87 H5AB8 3;02=KE >B@8F0B5;L=KE M<>F89: 3>@4>AB8, @52=>AB8, 65;0=8O, =52565AB20, 604=>AB8 8 3=520. 59AB28B5;L=> ;8 MB8 <8@K ACI5AB2CNB 2=5 =0A? =8 <>3CB, D0:B8G5A:8, ACI5AB2>20BL 70 ?@545;0<8 2>A?@8OB8O =0H53> :0@<8G5A:>3> 2845=8O. 0209B5 =8:>340 =5 701K20BL: ">, GB> <K 2848<, MB> B>, GB> ?>72>;O5B =0< 2845BL =0H5 :0@<8G5A:>5 2845=85, 8 =5 1>;55 B>3>. >4>1=> B><C, :0: <K, A> A2>8< B5?5@5H=8<, =5>G8I5==K< 8 =5@0728BK< A>AB>O=85< 2>A?@8OB8O <>65< A>7=020BL B>;L:> MBC 2A5;5==CN, B0: 8 =0A5:><>5 <>65B @0AA<0B@820BL ?0;5F G5;>25:0 :0: F5;K9 A0<>AB>OB5;L=K9 ;0=4H0DB. K =0AB>;L:> 70=>AG82K, GB> 25@8< 2 8AB8==>ABL ?>;>65=8O <>6=> 25@8BL ;8HL 2 B>, GB> 2848HL. 4=0:> 25;8:85 CG5=8O 1C4487<0 3>2>@OB > 15AG8A;5==KE <8@0E, ;560I8E 2 @07;8G=KE 87<5@5=8OE, A@548 =8E 4065 <>65B 1KBL <=>3> <8@>2, >G5=L ?>E>68E 8;8 ?>GB8 ?>E>68E =0 =0H  0 =5A:>;L:> A>2@5<5==KE 0AB@>D878:>2 @07@01>B0;8 B5>@88 > ACI5AB2>20=88 ?0@0;;5;L=KE 2A5;5==KE. 0: 65 <K <>65< >?@545;5==> CB25@640BL, GB> ACI5AB2C5B 8 GB> =5 ACI5AB2C5B 70 ?@545;0<8 =0H53> >3@0=8G5==>3> 2845=8O? 0AA<0B@820O >:@C60NI89 =0A <8@ 8 703;O4K20O 2 A>1AB25==K5 C<K, <K <>65< 2845BL, GB> MB8 H5ABL <8@>2 >?@545;5==> ACI5AB2CNB. =8 ACI5AB2CNB ?>B><C, GB> <K =5>A>7=0==> ?>72>;O5< =0H8< >B@8F0B5;L=K< M<>F8O< ?@>5F8@>20BLAO 2>2=5 8 :@8AB0;;87>20BL 2>:@C3 =0A F5;K5 <8@K, >?@545;OO AB8;L, D>@<C, 2:CA 8 70?0E, 8 >:@C65=85 =0H59 687=8 2 MB8E <8@0E.  >=8 65 ACI5AB2CNB 8 2=CB@8 =0A, :0: @07;8G=K5 70G0B:8 @07=>>1@07=KE =530B82=KE M<>F89, 8 A:;>==>AB8 : =8<, 2=CB@8 =0H59 ?A8E>D878G5A:>9 A8AB5<K, ?>AB>O==> 3>B>2K5 ?@>@0AB8 8 2K@0AB8, 2 7028A8<>AB8 >B B>3>, GB> =0 =8E ?>2;8O5B, 8 :0:>9 >1@07 687=8 8715@5< <K A0<8. 0209B5 B5?5@L @0AA<>B@8<, :0: =5:>B>@K5 87 MB8E <8@>2 ?@>5F8@CNBAO 2 >:@C60NI89 =0A <8@ 8 :@8AB0;;87CNBAO B0<. 0?@8<5@, >A=>2=>9 G5@B>9 <8@0 1>3>2 O2;O5BAO B>, GB> >= ;8H5= AB@040=8O, MB> <8@ =587<5==>9 :@0A>BK 8 GC2AB25==>3> M:AB070. >>1@078B5 MB8E 1>3>2: 2KA>:85, 15;>:C@K5 ;N48, 70=8<0NI85AO A5@D8=3><, 703>@0NI85 =0 ?;O60E 8 2 A040E, 70;8BKE O@:8< A>;=F5<, A;CH0NI85 ;N1CN <C7K:C, :0:0O 8< B>;L:> =@028BAO, >?LO=ONI85AO ;N1K< AB8<C;8@CNI8< A@54AB2><, >G5=L C2;5:0NI85AO <548B0F859, 9>3>9, :C;LBC@87<>< 8 ;N1K< 4@C38< A?>A>1>< C;CGH8BL A51O, => =8:>340 =5 =0?@O30NI85 A2>8E <>73>2, =8:>340 =5 2AB0NI85 ;8F>< =8 : :0:>9 A;>6=>9 8;8 1>;57=5==>9 A8BC0F88, =8:>340 =5 A>7=0NI85 A2>59 8AB8==>9 ?@8@>4K 8 =0AB>;L:> ;8H5==K5 GC2AB28B5;L=>AB8 8 1>;8, GB> >=8 =8:>340 =5 A>7=0NB, :0:8< =0 A0<>< 45;5 O2;O5BAO 8E A>AB>O=85. A;8 ?@8 >?8A0=88 <8@0 1>3>2 =0 C< A@07C ?@8E>4OB =5:>B>@K5 G0AB8 0;8D>@=88 8 2AB@0;88, B> <8@ ?>;C1>3>2, =025@=>5, <>6=> 2845BL 5654=52=> @07K3@K205<K< 2 8=B@830E 8 A>?5@=8G5AB25 #>;;AB@8B0, :>@84>@>2 0H8=3B>=0 8;8 #09BE>;;0.  <8@K 3>;>4=KE 4CE>2? =8 ACI5AB2CNB ?>2AN4C, 345 5ABL ;N48, E>BL 8 G@572KG09=> 1>30BK5, => =8:>340 =5 C4>2;5B2>@5==K5, 6064CI85 70E20B8BL MBC D8@<C 8;8 BC :><?0=8N, 8;8 15A:>=5G=> ?KB0NI85AO =0AKB8BL A2>N 604=>ABL, 70B520O AC451=K5 ?@>F5AAK. :;NG8B5 ;N1>9 :0=0; B5;5287>@0, 8 2K =5<54;5==> >:065B5AL 2 <8@0E ?>;C1>3>2 8 3>;>4=KE 4CE>2. 0G5AB2> 687=8 2 <8@5 1>3>2 <>65B ?>:070BLAO 1>;55 2KA>:8<, G5< 2 =0H5< <8@5, => <0AB5@0 3>2>@OB =0<, GB> G5;>25G5A:0O 687=L 3>@074> 1>;55 F5==0. >G5<C? ;03>40@O B><C D0:BC, GB> <K >1;0405< A>7=020=85< 8 @07C<><, :>B>@K5 O2;ONBAO =5>1E>48<K< <0B5@80;>< 4;O ?@>A25B;5=8O, 8 ?>B><C, GB> A0<> AB@040=85, GB> =0?>;=O5B MB>B <8@ ;N459, O2;O5BAO AB8<C;>< : 4CE>2=><C ?@5>1@065=8N. >;L, 3>@5, ?>B5@O 8 @07=>>1@07=K5 15A:>=5G=K5 =5C40G8, GB> ACI5AB2CNB 745AL, 8<5NB =0AB>OI55 8 2?5G0B;ONI55 ?@54=07=0G5=85: ?@>1C48BL =0A, ?>72>;8BL =0<  ?>GB8 GB> 70AB028BL =0A  2K@20BLAO 87 F8:;0 A0=A0@K 8 >A2>1>48BL 70B>G5==>5 2 =0A 25;8:>;5?85. 0640O 4CE>2=0O 4>:B@8=0 2A5340 ?>4G5@:820;0, GB> MB0 G5;>25G5A:0O 687=L C=8:0;L=0 8 >1;0405B B0:8< >3@><=K< ?>B5=F80;><, :>B>@K9 >1KG=> <K 4065 =5 <>65< ?@54AB028BL A515. A;8 <K C?CAB8< BC 2>7<>6=>ABL, :>B>@CN 405B =0< MB0 687=L 4;O ?@5>1@065=8O, B>, 25@>OB=55 2A53>, ?@845BAO A;8H:>< 4>;3> 640BL, ?@5645 G5< ?>;CG8< 4@C3CN. @54AB02LB5 A;5?CN G5@5?0EC, AB@0=AB2CNICN 2 3;C18=0E >:50=0 @07<5@>< A> 2A5;5==CN. > ?>25@E=>AB8 MB>3> >:50=0 2>;=K =>AOB 45@52O==>5 :>;LF>. '5@57 :064K5 AB> ;5B MB0 G5@5?0E0 >48= @07 ?>4=8<05BAO =0 ?>25@E=>ABL. C448ABK 3>2>@OB, GB> @>48BLAO G5;>25:>< B@C4=55 , G5< MB>9 G5@5?0E5 A;CG09=> 2A?;KBL B0:, GB>1K 55 3>;>20 ?@>AC=C;0AL 2 B> 45@52O==>5 :>;LF>.  5I5 3>2>@8BAO, GB> 4065 A@548 ?>;CG82H8E @>645=85 G5;>25:>< @54:> 2AB@5G0NBAO B0:85, :B> =045;O5BAO 25;8:8< AG0ABL5< 2AB@5B8BL MB8, 254CI85 : >A2>1>645=8N, CG5=8O; 0 B5, :B> 459AB28B5;L=> 218@05B 8E 2 A2>5 A5@4F5 8 2>?;>I05B 2 A2>8E 459AB28OE, 5I5 1>;55 @54:8, :0: 72574K ?@8 A25B5 4=O.   ! /"/ 0: O 3>2>@8;, B>, :0:8< >1@07>< <K 2>A?@8=8<05< <8@, ?>;=>ABLN 7028A8B >B =0H53> :0@<8G5A:>3> 2845=8O. 0AB5@0 ?@82>4OB B@048F8>==K9 ?@8<5@: H5ABL ACI5AB2 @07=>3> @>40 2AB@5G0NBAO =0 15@53C @5:8. 7 =8E G5;>25: 2848B MBC @5:C :0: 2>4C, 25I5AB2>, :>B>@K< <>6=> ?><KBLAO 8;8 CB>;8BL 53> 6064C; 4;O 682>B=>3>, B0:>3>, :0: @K10, MB0 @5:0  4><; 1>3 2848B =5:B0@, ?@8=>AOI89 1;065=AB2>; ?>;C1>3  >@C685; 3>;>4=K9 4CE  3=>9 8 3=8;CN :@>2L; 0 ACI5AB2> 87 <8@0 04>2  :8?OICN ;02C. >40 >4=0 8 B0 65, => >=0 2>A?@8=8<05BAO A>25@H5==> @07;8G=> 8 4065 ?@>B82>@5G82>. -B> @07=>>1@0785 2>A?@8OB89 ?>:07K205B =0<, GB> 2A5 :0@<8G5A:85 2845=8O O2;ONBAO 8;;N78O<8; ?>B><C GB>, 5A;8 >4=> 25I5AB2> <>65B 2>A?@8=8<0BLAO AB>;L <=>3>>1@07=>, :0: A?>A>1=> GB>;81> 8<5BL >4=C 8AB8==CN, ?@8ACICN ;8HL 5<C, @50;L=>ABL? -B> B0:65 ?>:07K205B =0<, ?>G5<C =5:>B>@K5 ;N48 <>3CB 2>A?@8=8<0BL MB>B <8@ :0: =515A0, 0 4@C385  :0: ?@58A?>4=NN. #G5=8O 3>2>@OB =0<, GB> ?> ACI5AB2C 5ABL B@8 @>40 2845=8O: =5G8AB>5 :0@<8G5A:>5 2845=85 >1KG=KE ACI5AB2; 2845=85 >?KB0, >B:@K20NI55AO B5<, :B> 70=8<05BAO <548B0F859 8 ?@54AB02;ONI55 A>1>9 ?CBL, 8;8 A@54AB2> B@0=AF5=48@>20=8O, 2KE>40 70 ?@545;K A51O; 8 G8AB>5 2845=85 ?>AB83=C2H8E ACI5AB2. >AB83=C2H55 ACI5AB2>, 8;8 1C440, 1C45B 2>A?@8=8<0BL <8@ :0: A?>=B0==> 8450;L=K9, ?>;=>ABLN 8 A;5?OI5 G8ABK9 <8@. >A:>;L:C >=8 >G8AB8;8AL >B 2A5E ?@8G8= :0@<8G5A:>3> 2845=8O, B> 284OB 2A5 =5?>A@54AB25==> 2 53> =03>9, ?5@28G=>9 A2OB>AB8. A5, GB> <K 2848< 2>:@C3 A51O, <K ?@54AB02;O5< 8<5==> B0:8<, :0: 2848<, ?>B><C GB> <K =5>4=>:@0B=>, 687=L 70 687=LN, C?;>B=O;8 A2>5 ?5@56820=85 2=CB@5==59 8 2=5H=59 @50;L=>AB8 >4=8< 8 B5< 65 >1@07><, 8 MB> ?@825;> : >H81>G=><C C15645=8N, GB> B>, GB> <K 2848<, O2;O5BAO >1J5:B82=> @50;L=K<. $0:B8G5A:8 65, A ?@>42865=85< ?> 4CE>2=><C ?CB8, <K >1CG05<AO =5?>A@54AB25==> @01>B0BL A> A2>8<8 D8:A8@>20==K<8 2>A?@8OB8O<8. A5 =0H8 AB0@K5 ?>=OB8O > <8@5 8;8 <0B5@88, 8;8 4065 > A0<8E A515, >G8I0NBAO 8 @0AB2>@ONBAO, 8 >B2>@O5BAO A>25@H5==> =>20O >1;0ABL 2845=8O 8 2>A?@8OB8O, :>B>@CN 2K <>3;8 1K =0720BL =515A=>9. 0: 3>2>@8B ;59:: A;8 1K 425@8 2>A?@8OB8O 1K;8 >B:@KBK, A5 O28;>AL 1K B0:8<, :0: >=> 5ABL, 15A:>=5G=K<. / =8:>340 =5 701C4C <><5=B0, :>340 C46>< 8=?>G5 A:;>=8;AO :> <=5 8 A:070; A2>8< <O3:8<, E@8?;K< 8 A;53:0 2KA>:8< 3>;>A><: "K 254L 7=05HL, ?@0240, GB> 2 459AB28B5;L=>AB8 2A5 MB>, GB> =0A >:@C605B, CE>48B, ?@>AB> CE>48B& 4=0:> C <=>38E 87 =0A :0@<0 8 >B@8F0B5;L=K5 M<>F88 70B<520NB A?>A>1=>ABL 2845BL =0HC A>1AB25==CN, ?@8ACICN =0< ?@8@>4C, 8 ?@8@>4C @50;L=>AB8.  @57C;LB0B5 MB>3> <K F5?;O5<AO 70 AG0ABL5 8 70 AB@040=85, :0: 70 B>, GB> @50;L=>, 8 A2>8<8 =5C<5;K<8 8 =52565AB25==K< 459AB28O<8 ?@>4>;605< A5OBL A5<5=0 A2>53> A;54CNI53> @>645=8O. 0H8 459AB28O 45@60B =0A ?@82O70==K<8 : ?>AB>O==><C F8:;C <8@A:8E ?5@56820=89, 15A:>=5G=><C :@C3C @>645=89 8 A<5@B59. >MB><C <K 2A5< @8A:C5< A59G0A, 2 MB>B A0<K9 <><5=B: B>, :0: <K 6825< A59G0A, <>65B AB>8BL =0< 2A53> =0H53> 1C4CI53>. >B @50;L=0O 8 157>B;030B5;L=0O ?@8G8=0 B>3>, ?>G5<C <K 4>;6=K A59G0A 3>B>28BLAO <C4@> 2AB@5B8BL A<5@BL, ?@5>1@07>20BL A2>5 :0@<8G5A:>5 1C4CI55 8 871560BL B@035488 2A5 =>2>3> 8 =>2>3> 2?040=8O 2 8;;N7>@=K9 >1<0=, ?>2B>@5=8O 1>;57=5==>3> :@C30 @>645=89 8 A<5@B59. -B0 687=L  2>B 548=AB25==>5 2@5<O 8 <5AB> 4;O =0H59 ?>43>B>2:8, 0 ?>43>B>28BLAO ?>=0AB>OI5<C <K <>65< B>;L:> ?>A@54AB2>< 4CE>2=>9 ?@0:B8:8: 2>B =587156=>5 7=0G5=85 5AB5AB25==>3> 10@4> MB>9 687=8. 0: 3>2>@8B 04<0A0<1E020: "5?5@L, :>340 10@4> MB>9 687=8 =0G8=05BAO 4;O <5=O, / >B1@>HC ;5=>ABL, 4;O :>B>@>9 2 687=8 =5B 2@5<5=8, ABC?;N, =5 >B2;5:0OAL =8 =0 GB>, =0 ?CBL A;CH0=8O 8 A;KH0=8O, @07<KH;5=8O 8 A>75@F0=8O, 8 <548B0F88 [& ] "5?5@L, :>340 O >?OBL >1;040N G5;>25G5A:8< B5;><, 5B 2@5<5=8 C<C >B:;>=OBLAO >B MB>3> ?CB8. # !", "!#"!"/ - / 8=>340 4C<0N, GB> 1K ?>GC2AB2>20; 68B5;L <0;5=L:>9 B815BA:>9 45@52CH:8, 5A;8 1K 24@C3 >:070;AO 2 A>2@5<5==>< B5E=>:@0B8G5A:>< 3>@>45. >7<>6=>, >= ?>4C<0;, GB> C65 C<5@ 8 =0E>48BAO 2 A>AB>O=88 0@4>.  87C<;5=88 >= 1K A<>B@5; =0 A0<>;5BK, ;5BOI85 2 =515 =04 53> 3>;>2>9, 8;8 =0 :>3>B>, 3>2>@OI53> ?> B5;5D>=C A G5;>25:>< =0 4@C3>< :>=F5 A25B0. A5 MB> 2>A?@8=8<0;>AL 1K 8< :0: GC45A0. > 2A5 MB> O2;O5BAO =>@<0;L=K< 4;O 68B5;O A>2@5<5==>3> <8@0, ?>;CG82H53> 70?04=>5 >1@07>20=85, :>B>@>5 ?>AB5?5==>, H03 70 H03><, >1JOA=8;> 5<C =0CG=CN >A=>2C 2A53> MB>3>. ">G=> B0: 65 2 B815BA:>< 1C4487<5 ACI5AB2C5B >A=>2=>5, =>@<0;L=>5 8 B0:>5 65 2A5>1I55, :0: =0G0;L=>5 >1@07>20=85 =0 0?045, 4CE>2=>5 >1@07>20=85, ?>;=>5 4CE>2=>5 >1CG5=85 4;O 5AB5AB25==>3> 10@4> MB>9 687=8, 40NI55 ACI5AB25==> =5>1E>48<K9 :@C3 ?>=OB89, 071C:C C<0. A=>20<8 MB>3> >1CG5=8O O2;ONBAO B0: =07K205<K5 B@8 >@C48O <C4@>AB8: <C4@>ABL A;CH0=8O 8 A;KH0=8O; <C4@>ABL A>75@F0=8O 8 @07<KH;5=8O; 8 <C4@>ABL <548B0F88. =8 ?>72>;ONB =0< 2=>2L ?@>1C48BLAO : A>7=020=8N =0H59 8AB8==>9 ?@8@>4K, A =8<8 <K @0A:@K205< 8 2>?;>I05< @04>ABL 8 A2>1>4C B>3>, G5< <K 8AB8==> O2;O5<AO, B>3>, GB> <K =07K205< <C4@>ABLN >BACBAB28O M3>. @54AB02LB5 G5;>25:0, :>B>@K9 2=570?=> ?@8E>48B 2 A51O 2 1>;L=8F5 ?>A;5 4>@>6=>9 020@88 8 >1=0@C68205B, GB> C =53> ?>;=0O 0<=578O. =5H=5 2A5 F5;>: C =53> B> 65 A0<>5 ;8F> 8 B5;>, >@30=K GC2AB2 8 C< =5 ?>2@5645=K, => >= 01A>;NB=> =5 ?><=8B, :B> >= B0:>9. ">G=> B0: 65 <K =5 <>65< 2A?><=8BL A2>N 8AB8==CN 845=B8G=>ABL, A2>N 8AE>4=CN ?@8@>4C. 8E>@04>G=>, A 8AB8==K< C60A><, <K :8405<AO 2> 2A5 AB>@>=K 8 8<?@>2878@C5< 4@C3CN 845=B8G=>ABL, 8 F5?;O5<AO 70 =55 A >BG0O=85< G5;>25:0, 25G=> ?040NI53> 2 1574=C. -B0 ;>6=0O 8 ?@8=OB0O 2 =52565AB25 845=B8G=>ABL 8 5ABL M3>. B0:, M3>  MB> >BACBAB285 8AB8==>3> 7=0=8O > B><, :5< <K 2 459AB28B5;L=>AB8 O2;O5<AO, 2<5AB5 A 53> @57C;LB0B><: >1@5G5==K< F5?;O=85<, 2> GB> 1K B> =8 AB0;>, 70 :>5:0: A;5?;5==K9 >1@07 =0A A0<8E, 70 ;8G=>ABL, :>B>@0O =587156=> 1C45B E0<5;5>=>< 8 >1<0=I8:><, 25G=> <5=ONI8<AO, GB>1K ?>445@6820BL ;>6L > A2>5< ACI5AB2>20=88. >B815BA:8, M3>  40: 478=, GB> >7=0G05B F5?;OOAL 70 A51O. -3> >?@545;ONB, :0: =5?@5AB0==>5 42865=85 F5?;O=8O 70 8;;N7>@=>5 ?@54AB02;5=85 > / 8 <>5, A0<>< A515 8 4@C3><, 8 2A5 ?>=OB8O, 8458, 65;0=8O 8 459AB28O, :>B>@K5 ?>445@6820NB MBC ;>6=CN AB@C:BC@C. "0:>5 F5?;O=85 A A0<>3> =0G0;0 BI5B=> 8 >1@5G5=> =0 =5C40GC, ?>A:>;L:C 2 =5< =5B =8 >A=>2K, =8 8AB8=K, 8 B>, 70 GB> <K F5?;O5<AO, ?> A2>59 ?@8@>45 =5 <>65B 1KBL AE20G5=>. ">, GB> <K 2>>1I5 =C6405<AO 2 B><, GB>1K F5?;OBLAO, 8 ?@>4>;605< F5?;OBLAO 2=>2L 8 2=>2L, ?>:07K205B, GB> 2 3;C18=5 A2>53> ACI5AB20 <K 7=05<, GB> MB>9 ;8G=>AB8 87=0G0;L=> =5 ACI5AB2C5B.  >B MB>3> B09=>3>, =5@28@CNI53> 7=0=8O ?@>8AE>4OB 2A5 =0H8 >A=>2=K5 =5C25@5==>AB8 8 AB@0E8. >:0 <K =5 @07>1;0G8< M3>, >=> ?@>4>;605B 2>48BL =0A 70 =>A, :0: =5G5AB=K9 ?>;8B8:, 15A:>=5G=> 2KAB02;ONI89 A2>8 ;>6=K5 >15I0=8O, 8;8 042>:0B, ?>AB>O==> 87>1@5B0NI89 2A5 =>2K5 C;>2:8 8 2K4C<:8 2 70I8BC A2>53> :;85=B0, 8;8 254CI89 B5;5?5@540G8, 15A:>=5G=> 3>2>@OI89 8 ?>445@6820NI89 ?>B>: 2:@04G82>9 8 ?CAB>9, => 2?5G0B;ONI59 1>;B>2=8, 2 459AB28B5;L=>AB8 =8G53> =5 A>>1I0O. &5;K5 687=8 =52565AB20 ?@825;8 =0A : B><C, GB> <K 2A5 A2>5 ACI5AB2> >B>645AB2;O5< A M3>. 3> 25;8G09H0O ?>1540  2 B><, GB> >=> >1<0=>< 70AB028;> =0A 25@8BL, GB> 53> 8=B5@5AK  MB> =0H8 8=B5@5AK. 0:0O 8@>=8O, 5A;8 ?>=OBL, GB> 2 459AB28B5;L=>AB8 8<5==> >B M3> 8 53> F5?;O=8O ?@>8AE>4OB 2A5 =0H8 AB@040=8O. > M3> AB>;L C1548B5;L=>, 0 <K B0: 4>;3> 25@8;8 2 53> >1<0=, GB> <KA;L > B><, GB> <K <>65< ;8H8BLAO M3>, =0A C60A05B. -3> =0H5?BK205B =0<, GB> ;8H8BLAO M3>  7=0G8B ?>B5@OBL 2AN ?@82;5:0B5;L=>ABL, :>B>@0O B>;L:> 5ABL 2 B><, GB>1K 1KBL G5;>25:><, 8 AB0BL 15AF25B=K< @>1>B>< 8;8 8=20;84>< A ?>2@5645=85< <>730, 254CI8< @0AB8B5;L=>5 ACI5AB2>20=85. -3> 1;5ABOI5 83@05B =0 =0H5< >A=>2=>< AB@0E5 ?>B5@8 C?@02;5=8O, AB@0E5 =58725AB=>AB8. K <>65< 3>2>@8BL A515: =5 459AB28B5;L=> =C6=> 1K;> 1K >B:070BLAO >B M3>, O B0: <CG0NAL; => 5A;8 O MB> A45;0N, GB> A> <=>9 1C45B?  BCB A;KH8BAO A;04:89 3>;>A>: M3>: / 7=0N, GB> 8=>340 O <5H0N, 8, ?>25@L <=5, O 2?>;=5 ?>9<C, 5A;8 BK 70E>G5HL 871028BLAO >B <5=O. > BK =0 A0<>< 45;5 MB>3> E>G5HL? >4C<09: 5A;8 O C94C, B> GB> A B>1>9 1C45B? B> 1C45B ?@8A<0B@820BL 70 B>1>9? B> 1C45B 70I8I0BL B51O 8 701>B8BLAO > B515 B0:, :0: O 45;0;> MB> 2A5 MB8 3>4K?  4065 5A;8 1K <K ?@545;L=> ?>=8<0;8 2A5 MB> 2@0=L5 M3>, <K ?@>AB> A;8H:>< 1>8<AO, GB>1K >B:070BLAO >B =53>: ?>B><C GB> 157 8AB8==>3> 7=0=8O ?@8@>4K =0H53> C<0, 8;8 =0H59 8AB8==>9 845=B8G=>AB8, C =0A ?@>AB> =5B 4@C3>3> 2K1>@0.  <K 2=>2L 8 2=>2L ?>4405<AO 53> B@51>20=8O< A B>9 65 =5=028ABLN : A515, A :0:>9 0;:>3>;8: BO=5BAO : 1CBK;:5, :>B>@0O, :0: >= 7=05B, C=8GB>605B 53>, 8;8 =0@:><0=:0 E20B05B =0@:>B8:, 7=0O, GB> ?>A;5 :@0B:>3> ?>4J5<0 =0ABC?8B ?045=85 8 >BG0O=85. -  #% #" 'B>1K ?>:>=G8BL A ?@>872>;>< 8 B8@0=859 M3>, <K 2ABC?05< =0 4CE>2=K9 ?CBL, >4=0:> 872>@>B;82>ABL M3> ?>GB8 15A:>=5G=0, 8 >=> A?>A>1=> =0 ;N1>< MB0?5 ?CB8 ?>4>@20BL 8 872@0B8BL =0H5 65;0=85 >A2>1>48BLAO >B =53>. AB8=0 ?@>AB0, 8 CG5=8O G@572KG09=> OA=K; >4=0:> <=5 2=>2L 8 2=>2L ?@8E>48;>AL A 25;8:>9 ?5G0;LN 2845BL, :0:, 5420 B>;L:> >=8 =0G8=0NB 70B@03820BL 8 ?>1C640BL =0A, M3> AB0@05BAO CA;>6=OBL 8E, ?>B><C GB> 7=05B, GB> >=8 C3@>60NB A0<>9 53> >A=>25. =0G0;5, :>340 <K 2?5@2K5 C2;5:05<AO 4CE>2=K< ?CB5< 8 2>7<>6=>ABO<8, :>B>@K5 >= >B:@K205B, M3> 4065 <>65B ?>>I@OBL =0A, 3>2>@O: -B> 459AB28B5;L=> GC45A=>. 0: @07 B>, GB> B515 =04>! -B> CG5=85 2A5 >1JOA=O5B! 0B5<, :>340 <K 3>2>@8<, GB> E>B8< ?>?@>1>20BL ?@0:B8:C <548B0F88 8;8 C40;8BLAO 2 C548=5=85, M3> <C@;KG5B: 'B> 70 GC45A=0O 845O! >G5<C 1K 8 <=5 =5 ?>9B8 A B>1>9. K >10 <>65< G5<CB> =0CG8BLAO.  2 B5G5=85 2A53> <54>2>3> <5AOF0 =0H53> 4CE>2=>3> @0728B8O M3> 1C45B ?>1C640BL =0A: -B> 70<5G0B5;L=>  MB> B0: ?>@078B5;L=>, B0: 24>E=>2;O5B& > :0: B>;L:> <K 2>945< 2 ?5@8>4 4CE>2=>3> ?CB8, :>B>@K9 O =07K20N :CE>==>9 @0:>28=>9 A 3@O7=>9 ?>AC4>9, 8 CG5=8O =0G=CB 3;C1>:> 70B@03820BL =0A, <K =587156=> AB>;:=5<AO A 8AB8=>9 > A515. @8 MB>< @07>1;0G5=88 M3> 1C4CB >B:@K20BLAO 53> 1>;57=5==K5 <5AB0 8 =0G=CB 2>7=8:0BL 2A52>7<>6=K5 ?@>1;5<K. -B>B <><5=B ?>4>15= ?>AB02;5==><C ?5@54 =0<8 75@:0;C, >B :>B>@>3> <K =5 A<>65< >B2>48BL 273;O4. -B> 75@:0;> A>25@H5==> OA=>, => 87 =53> =0 =0A 3;O48B C@>4;82>5, C3@>60NI55 ;8F>  =0H5 ;8F>.  <K =0G8=05< 2>AAB020BL ?@>B82 MB>3>, ?>B><C GB> =5=02848< B>, GB> 2848<; <K <>65< 2 3=525 C40@8BL ?> MB><C 75@:0;C, => >=> ;8HL @07>1L5BAO =0 A>B=8 C@>4;82KE @>6, 8 >=8 ?>?@56=5<C 1C4CB ?O;8BLAO =0 =0A. ">340 <K =0G8=05< 2>7<CI0BLAO 8 3>@L:> 60;>20BLAO; 0 345 65 =0H5 M3>? , >=> AB>9:> AB>8B @O4><, ?>445@6820O =0A: "K A>25@H5==> ?@02, MB> =52K=>A8<> 8 GC4>28I=>. 5 B5@?8 MB>3>!  ?>:0 <K 702>@>65==> A;CH05< 53>, >=> ?@>4>;605B ?>4:84K20BL =0< 2A52>7<>6=K5 A><=5=8O 8 @073>@OG5==K5 M<>F88, ?>4;820O <0A;0 2 >3>=L: 0725 BK =5 2848HL, GB> MB> =5 B> CG5=85, GB> B515 =C6=>? / 2A5 2@5<O B515 MB> 3>2>@8;>! 0725 BK =5 2848HL, GB> >=  =5 B2>9 CG8B5;L?  :>=F5 :>=F>2, BK B0:>9 C<=K9, A>2@5<5==K9, CB>=G5==K9 G5;>25: 0?040, 0 2AO:85 M:7>B8G5A:85 HBCG:8, 2@>45 475=1C4487<0, ACD87<0, <548B0F88, B815BA:>3> 1C4487<0, ?@8=04;560B GC64K<, 8=>AB@0==K<, 2>AB>G=K< :C;LBC@0<. C :0: :0:0OB> D8;>A>D8O, 2K4C<0==0O BKAOGC ;5B B><C =0704 2 8<0;0OE, <>65B 1KBL ?>;57=0 B515?  2 B> 2@5<O, :0: M3> @04>AB=> A;548B 70 B5<, :0: <K 2A5 1>;LH5 8 1>;LH5 70?CBK205<AO 2 53> A5B8, >=> 1C45B 4065 70 2AN 1>;L, GC2AB2> >48=>G5AB20 8 B@C4=>AB8, G5@57 :>B>@K5 <K ?@>E>48<, ?>7=020O A51O, 28=8BL CG5=85 8 4065 CG8B5;O: -B8< 3C@C 2>>1I5 =0?;520BL, G5@57 GB> BK ?@>E>48HL. =8 ?@>AB> B>1>9 ?>;L7CNBAO. =8 ?@>AB> 8A?>;L7CNB B0:85 A;>20, :0:  A>AB@040=85 8  ?@540==>ABL , GB>1K ?>4G8=8BL B51O& -3> =0AB>;L:> C<=>, GB> 4065 <>65B 872@0I0BL CG5=85 4;O A2>8E F5;59, 254L, 2 :>=F5 :>=F>2, LO2>; A?>A>15= F8B8@>20BL !2OI5==>5 8A0=85 4;O 4>AB865=8O A2>8E F5;59. 1A>;NB=>5 >@C685 M3>  C:070BL =0 CG8B5;O 8 53> ?>A;54>20B5;59, 8 70O28BL: >E>65, =8:B> 87 =8E =5 2>?;>I05B 2 687=L 8AB8=K MB>3> CG5=8O! "CB M3> 2KABC?05B :0: ?@0254=K9 AC4LO 2A5E >:@C60NI8E: A0<0O ;>2:0O ?>78F8O, A :>B>@>9 ;CGH5 2A53> C40ABAO ?>4>@20BL 20HC 25@C 8 @07@CH8BL 2AN BC ?@540==>ABL 8 =0<5@5=85 4>18BLAO 4CE>2=>3> 87<5=5=8O, GB> C 20A 5ABL. > :0: 1K A8;L=> =8 AB0@0;>AL M3> 1;>:8@>20BL 20H 4CE>2=K9 ?CBL, 5A;8 2K 459AB28B5;L=> 1C45B5 ?@>4>;60BL 84B8 ?> =5<C 8 C3;C1;5==> @01>B0BL =04 ?@0:B8:>9 <548B0F88, B> =0G=5B5 ?>AB5?5==> A>7=020BL, =0A:>;L:> 65 2K 1K;8 >1<0=CBK >15I0=8O<8 M3>: ;>6=K<8 =045640<8 8 ;>6=K<8 AB@0E0<8. >AB5?5==> 2K =0G=5B5 ?>=8<0BL, GB> :0: =04564K, B0: 8 AB@0E8 O2;ONBAO 2@030<8 20H53> ?>:>O C<0; =04564K >1<0=K20NB 20A, >AB02;OO ?CAB>BC 8 @07>G0@>20=85, 0 AB@0E8 ?0@0;87CNB 20A, 70B>G0O 2 C7:CN B5<=8FC 20H59 ;>6=>9 845=B8G=>AB8. K B0:65 =0G=5B5 2845BL, =0A:>;L:> 2A5>1J5<;NICN 2;0ABL 8<5;> M3> =04 20H8< C<><, 0 2 ?@>AB@0=AB25 A2>1>4K, @0A?0E820NI5<AO <548B0F859, :>340 2K =0 <3=>25=85 >A2>1>6405B5AL >B F5?;O=8O, 2K 273;O=5B5 =0 2>72KH5==>5 @074>;L5 20H59 8AB8==>9 ?@8@>4K. K >A>7=05B5, GB> 2 B5G5=85 <=>38E ;5B 20H5 M3>, :0: AC<0AH54H89 <>H5==8:, 7020;820;> 20A AE5<0<8, ?;0=0<8 8 >15I0=8O<8, :>B>@K5 =8:>340 =5 1K;8 @50;L=K 8 B>;L:> ?@825;8 20A : 2=CB@5==5<C >?CAB>H5=8N.  :>340, 2 15A?@8AB@0AB88 <548B0F88, 2K @0AA<>B@8B5 MB> 157 :0:>3>;81> CB5H5=8O 8;8 AB@5<;5=8O A:@KBL >B A51O B>, GB> 2K >1=0@C68;8, B> 2A5 MB8 AE5<K 8 ?;0=K >B:@>NBAO, :0: ?CABK5, 8 =0G=CB @0A?040BLAO. -B> =5 B>;L:> @07@CH0NI89 ?@>F5AA. 54L 2<5AB5 A :@09=5 B>G=K< 8 8=>340 1>;57=5==K< >ACI5AB2;5=85< <>H5==8G5A:>9 8, ?> ACI5AB2C, ?@5ABC?=>9 ?@8@>4K 20H53> M3> (:0: 8 M3> ;N1>3> 4@C3>3> G5;>25:0) 2>7@0AB05B GC2AB2> 2=CB@5==53> ?@>AB>@0, =5?>A@54AB25==>5 ?>7=0=85 >BACBAB28O M3> 8 2708<>7028A8<>AB8 2A53> ACI53>, 0 B0:65 B>B 682>9 8 I54@K9 N<>@, GB> O2;O5BAO ?@87=0:>< A2>1>4K. ;03>40@O B><C, GB> 2K ?@8 ?><>I8 48AF8?;8=K =0CG8;8AL C?@>I0BL A2>N 687=L, 8 B5< C<5=LH8;8 2>7<>6=>AB8 M3> A>2@0I0BL 20A, 8 1;03>40@O B><C, GB> 2K ?@0:B8:>20;8AL 2> 2=8<0=88 <548B0F88, 8 B5< >A;018;8 2;0ABL 03@5AA88, F5?;O=8O 8 >B@8F0B5;L=>AB8 =04 20H8< F5;>AB=K< ACI5AB2><, 4;O 20A <54;5==> A<>65B =0G0BL 2>7=8:0BL <C4@>ABL 20H53> 2=CB@5==53> 7@5=8O.  2> 2A5>B:@K20NI59 OA=>AB8 A2>53> A8O=8O MB> 2=CB@5==55 7@5=85 A<>65B >BG5B;82> 8 ?@O<> ?>:070BL 20< :0: B>=G09H85 ?@>F5AAK @01>BK 20H53> A>1AB25==>3> C<0, B0: 8 ?@8@>4C @50;L=>AB8. # + #", AN 20HC 687=L 2 20A 68;> 420 G5;>25:0. 48=  MB> M3>, 1>;B;82>5, B@51CNI55, 8AB5@8G5A:>5, 2K304K20NI55; 4@C3>9  A>:@KB>5 4CE>2=>5 ACI5AB2>, G59 B8E89 3>;>A <C4@>AB8 2K A;KH0;8 ;8HL 87@54:0 8 ?>GB8 =5 >1@0I0;8 =0 =53> 2=8<0=8O. > A> 2@5<5=5<, :>340 2K 2A5 1>;LH5 8 1>;LH5 ?@8A;CH8205B5AL : CG5=8O<, @07<KH;O5B5 > =8E 8 2:;NG05B5 8E 2 A2>N 687=L, 20H 2=CB@5==89 3>;>A, 20H0 2=CB@5==OO, ?@8ACI0O 20< <C4@>ABL @0A?>7=020=8O, :>B>@CN <K 2 1C4487<5 =07K205< @07;8G0NI8< A>7=020=85<, ?@>1C6405BAO 8 AB0=>28BAO 2A5 A8;L=55, 8 2K =0G8=05B5 >B;8G0BL 55 @C:>2>4AB2> >B @07;8G=KE =5>BABC?=KE 8 70<0=820NI8E 3>;>A>2 M3>.  : 20< =0G8=05B 2>72@0I0BLAO ?0<OBL > 20H59 =0AB>OI59 ?@8@>45, A> 2A5< 55 25;8:>;5?85< 8 C25@5==>ABLN. K D0:B8G5A:8 >1=0@C68B5, GB> =0H;8 2 A0<>< A515 A2>53> <C4@>3> @C:>2>48B5;O.  ?>B><C, GB> >= 7=05B 20A =0A:2>7L  254L >= O2;O5BAO 20<8  20H @C:>2>48B5;L 2 A>AB>O=88 ?><>GL 20<, A> 2A5 2>7@0AB0NI8<8 OA=>ABLN 8 N<>@><, ?@5>4>;520BL 2A5 70B@C4=5=8O, A>740205<K5 20H8<8 <KA;O<8 8 M<>F8O<8. 0H @C:>2>48B5;L B0:65 <>65B >:070BLAO ?>AB>O==> ?@8ACBAB2CNI8<, @04>AB=K<, =56=K<, 4065 8=>340 ?>44@07=820NI8< A?CB=8:><, :>B>@K9 2A5340 7=05B, GB> 4;O 20A ;CGH5 8 GB> ?><>65B 20< =0E>48BL 2A5 1>;LH5 8 1>;LH5 2KE>4>2 87 20H59 >45@68<>AB8 A2>8<8 ?@82KG=K<8 @50:F8O<8 8 70?CB0==K<8 M<>F8O<8.  2 B> 2@5<O, :0: 3>;>A 20H53> @07;8G0NI53> A>7=020=8O 1C45B AB0=>28BLAO 2A5 A8;L=55 8 OA=55, 2K =0G=5B5 >B;8G0BL 53> 8AB8=C >B @07;8G=KE >1<0=>2 M3>, 8 A<>65B5 A;CH0BL 53> A C7=020=85< 8 C25@5==>ABLN. '5< G0I5 1C45B5 2K ?@8A;CH820BLAO : MB><C <C4@><C @C:>2>48B5;N, B5< ;53G5 2K A<>65B5 A0<>AB>OB5;L=> 87<5=OBL A2>8 >B@8F0B5;L=K5 =0AB@>5=8O, 2845BL 8E =0A:2>7L 8 4065 A<5OBLAO =04 =8<8  =04 01AC@4=K<8 AF5=0<8 8 =5;5?K<8 8;;N78O<8, :>B>@K<8 >=8 O2;ONBAO. >AB5?5==> 2K >1=0@C68B5, GB> 2A5 1KAB@55 8 1KAB@55 <>65B5 >A2>1>640BLAO >B B5<=KE M<>F89, :>B>@K5 ?@028;8 20H59 687=LN; A?>A>1=>ABL : MB><C  A0<>5 25;8:>5 GC4> 87 2A5E >AB0;L=KE. "815BA:89 <8AB8: "5@B>= !>3LO; A:070;, GB> ?>=0AB>OI5<C 53> =5 >G5=L 2?5G0B;O5B :B>B>, :B> <>65B ?@52@0I0BL ?>; 2 ?>B>;>: 8;8 >3>=L 2 2>4C. 0AB>OI55 GC4>, A:070; >=, MB> 5A;8 :B>B> <>65B >A2>1>48BL E>BL >4=C >B@8F0B5;L=CN M<>F8N. B0:, 2<5AB> @57:>9 8 >B@K2>G=>9 1>;B>2=8, :>B>@CN 2K 2AN A2>N 687=L A;KH0;8 >B M3>, 2K 2A5 1>;55 8 1>;55 1C45B5 A;KH0BL 2 C<5 OA=K5 C:070=8O MB8E CG5=89, 24>E=>2;ONI85, ?@54>AB5@530NI85 8 =0?@02;ONI85 20A =0 :064>< ?>2>@>B5. '5< G0I5 2K 1C45B5 : =8< ?@8A;CH820BLAO, B5< 1>;LH5 20< 1C45B 40=> @C:>2>4AB20. A;8 2K 1C45B5 A;54>20BL MB><C 3>;>AC 20H53> <C4@>3> @C:>2>48B5;O, 3>;>AC 20H53> @07;8G0NI53> A>7=020=8O, 8 ?>72>;OBL M3> 2?040BL 2 <>;G0=85, B> =0G=5B5 >ICI0BL ?@8ACBAB285 <C4@>AB8, @04>AB8 8 1;065=AB20  B>3>, G5< 2K 2 459AB28B5;L=>AB8 O2;O5B5AL. >20O 687=L, A>25@H5==> >B;8G0NI0OAO >B B>9, 2 :>B>@>9 2K <0A:8@>20;8 A51O, :0: 20H5 M3>, =0G=5BAO 2 20A.  :>340 ?@845B A<5@BL, 2K C65 >2;0455B5 ?@8 687=8 C?@02;5=85< B5<8 M<>F8O<8 8 <KA;O<8, :>B>@K5 2 ?>A<5@B=KE A>AB>O=8OE 10@4> ?@8=O;8 1K 2 ?@>B82=>< A;CG05 >H5;><;ONICN @50;L=>ABL. >340 20H0 0<=578O, 70125=85 20H59 845=B8G=>AB8, =0G=5B 87;5G820BLAO, 2K =0:>=5F >:>=G0B5;L=> >A>7=05B5, GB> 40: 478= , F5?;O=85 70 A51O, O2;O5BAO >A=>2=>9 ?@8G8=>9 2A5E 20H8E AB@040=89. K =0:>=5FB> ?>9<5B5, :0: <=>3> 2@540 >=> ?@8G8=8;> :0: 20<, B0: 8 4@C38<, 8 >A>7=05B5, GB> 4>@>68BL 4@C38<8, 0 =5 A>1>9, =081>;55 1;03>@>4=> 8 =081>;55 <C4@> 4;O G5;>25:0. -B> ?@8=5A5B 8AF5;5=85 20H5<C A5@4FC, 8AF5;5=85 20H5<C C<C 8 8AF5;5=85 20H5<C 4CEC. 06=> 2A5340 ?><=8BL, GB> ?@8=F8? >BACBAB28O M3> =5 >7=0G05B, GB> A=0G0;0 M3> 1K;>, 0 70B5< 1C4487< A =8< ?>:>=G8;. 0?@>B82, MB> 7=0G8B, GB> 2 ?5@2CN >G5@54L =8:0:>3> M3> =8:>340 8 =5 1K;>. !>7=020=85 MB>3> 8 =07K205BAO >BACBAB285< M3>. "   #/ # !" 0AB5@0 A>25BCNB =0<, GB> ?CBL : >B:@KB8N A2>1>4K, 40205<>9 <C4@>ABLN >BACBAB28O M3>, ;568B G5@57 ?@>F5AA A;CH0=8O 8 A;KH0=8O, A>75@F0=8O 8 @07<KH;5=8O, 8 <548B0F88. =8 A>25BCNB =0G0BL A B>3>, GB>1K 2=>2L 8 2=>2L A;CH0BL MB8 4CE>2=K5 CG5=8O.  B> 2@5<O, :0: <K 1C45< 2=>2L 8 2=>2L 8E A;CH0BL, >=8 1C4CB ?>AB>O==> =0?><8=0BL =0< > =0H59 A>:@KB>9 ?@8@>45 <C4@>AB8. -B> @02=>A8;L=> B><C, :0: 5A;8 1K <K 1K;8 B5< G5;>25:><, :>B>@>3> O ?@>A8; 20A A515 ?@54AB028BL ;560I8< 2 1>;L=8F5 A 0<=57859, 8 @O4>< =0E>48;AO =5:B> ;N1OI89 8 701>BOI89AO > =0A, :>B>@K9 =0H5?BK20; =0< =0 CE> =0H5 =0AB>OI55 8<O 8 ?>:07K20; =0< D>B>3@0D88 =0H59 A5<L8 8 AB0@KE 4@C759, AB0@0OAL 25@=CBL =0< =0H5 7=0=85 CB@0G5==>9 845=B8G=>AB8.  2 B> 2@5<O, :0: <K 1C45< A;CH0BL CG5=8O, =5:>B>@K5 8E ?>;>65=8O 8 2KA:07K20=8O ?>AB5?5==> =0G=CB 70B@03820BL :0:85B> AB@0==K5 AB@C=K 2 =0A, AB0=CB ?>AB5?5==> ?@>A0G820BLAO 2>A?><8=0=8O > =0H59 8AB8==>9 ?@8@>45, 8 <54;5==> ?@>1C48BAO 3;C18==>5 GC2AB2> A>?@8:>A=>25=8O A G5<B> @>4=K< 8 =525@>OB=> 7=0:><K<. !;CH0=85 O2;O5BAO 3>@074> 1>;55 B@C4=K< ?@>F5AA><, G5< <>65B ?@54AB028BL 1>;LH8=AB2> ;N459; 459AB28B5;L=> A;CH0BL B0:, :0: MB> 8<5NB 2 284C <0AB5@0, 7=0G8B ?>;=>ABLN >B?CAB8BL A0<8E A51O, >B?CAB8BL 2AN 8=D>@<0F8N, 2A5 ?@54AB02;5=8O, 2A5 8458 8 2A5 ?@54@0AAC4:8, :>B>@K<8 =018BK =0H8 3>;>2K. A;8 2K 1C45B5 459AB28B5;L=> A;CH0BL CG5=8O, B> B5 ?@54AB02;5=8O, GB> A>AB02;ONB =0AB>OICN ?><5EC, 548=AB25==>5, GB> AB>8B <564C =0<8 8 =0H59 8AB8==>9 ?@8@>4>9, <>3CB 1KBL <54;5==> 8 C?>@=> AB5@BK. >340 O AB0@0;AO A;CH0BL ?>=0AB>OI5<C, <5=O 24>E=>2;O;> B>, GB> A:070; <0AB5@ 475=1C4487<0 !C7C:8@>H8: A;8 20H C< ?CAB, B> >= 2A5340 3>B>2 :> 2A5<C; >= >B:@KB 2A5<C.  C<5 =0G8=0NI53> ACI5AB2C5B <=>65AB2> 2>7<>6=>AB59; 2 C<5 A?5F80;8AB0 8E =5<=>3>. #< =0G8=0NI53>  MB> >B:@KBK9 C<, C< =03>B>25, 8 5A;8 <K 1C45< 459AB28B5;L=> A;CH0BL A C<>< =0G8=0NI53>, B> <>65< 459AB28B5;L=> =0G0BL A;KH0BL. 54L 5A;8 <K A;CH05< A <>;G0I8< C<><, :0: B>;L:> <>6=> 1>;55 A2>1>4=K< >B 320;B0 ?@5427OBKE 8459, B> 8AB8=5 CG5=89 ?@54AB028BAO 2>7<>6=>ABL ?@>=78BL =0A, 45;0O 2A5 1>;55 ?>@078B5;L=> OA=K< A<KA; 687=8 8 A<5@B8. >9 <0AB5@ 8;3> EL5=F5 8=?>G5 A:070;: '5< 1>;LH5 8 1>;LH5 2K A;CH05B5, B5< 1>;LH5 8 1>;LH5 2K A;KH8B5; G5< 1>;LH5 8 1>;LH5 2K A;KH8B5, B5< 3;C165 8 3;C165 AB0=>28BAO 20H5 ?>=8<0=85. B0:, C3;C1;5=85 ?>=8<0=8O ?@>8AE>48B ?>A@54AB2>< A>75@F0=8O 8 @07<KH;5=8O, 2B>@>3> >@C48O <C4@>AB8. >:0 <K @07<KH;O5< =04 B5<, GB> A;CH0;8, >=> ?>AB5?5==> =0G8=05B ?@>=8:0BL 2 =0H ?>B>: <KA;59 8 =0AKI0BL =0HC 2=CB@5==NN 687=L. > <5@5 B>3>, :0: @07<KH;5=85 1C45B <54;5==> @072>@0G820BL ?5@54 =0<8 8 45;0BL 2A5 ?>;=55 B>, GB> <K =0G8=05< ?>=8<0BL @07C<><, 8 4>=5A5B MB> ?>=8<0=85 >B =0H59 3>;>2K 4> =0H53> A5@4F0, A>1KB8O ?>2A54=52=>9 687=8 AB0=CB 2A5 1>;55 8 1>;55 B>=:> 8 =5?>A@54AB25==> ?>4B25@640BL 8AB8=K MB8E CG5=89. "@5BL5 >@C485 <C4@>AB8  <548B0F8O . >A;5 A;CH0=8O CG5=89 8 @07<KH;5=8O > =8E, <K 22>48< 2 459AB285 B5 >B:@>25=8O, :>B>@K<8 >2;045;8, 8 ?@8<5=O5< 8E, G5@57 ?@>F5AA <548B0F88, =5?>A@54AB25==> : =0H8< ?>B@51=>ABO< ?>2A54=52=>9 687=8. !/, !".)  #" 065BAO, 1K;> 402=K<402=> B0:>5 2@5<O, :>340 2K40NI89AO <0AB5@ <>3 >48= @07 40BL ?>CG5=85 2K40NI5<CAO CG5=8:C, 8 MB>B CG5=8: 4>AB830; ?@>A25B;5=8O. C46>< 8=?>G5 ;N18; @0AA:07K20BL 8AB>@8N >1 >4=>< 8=489A:>< @071>9=8:5, :>B>@K9, A>25@H82 15AG8A;5==>5 <=>65AB2> CA?5H=KE =0153>2, >A>7=0; =0:>=5F, :0:85 C60A=K5 AB@040=8O >= ?@8G8=O5B 4@C38<. = 2>760640; :0:B> 8A:C?8BL B>, GB> A45;0;, 8 ?@8H5; : 7=0<5=8B><C <0AB5@C. = >1@0B8;AO : <0AB5@C: /  3@5H=8:, O <CG0NAL. ABL ;8 4;O <5=O 2KE>4? 'B> O <>3C A45;0BL? 0AB5@ >3;O45; @071>9=8:0 A 3>;>2K 4> ?OB 8 A?@>A8; 53>, GB> >= E>@>H> <>65B 45;0BL. 8G53>, >B25B8; @071>9=8:. 8G53>? @O2:=C; <0AB5@. "K 4>;65= E>BL GB>B> C<5BL 45;0BL E>@>H>! 071>9=8: ?><>;G0; 8 =0:>=5F ?@87=0;AO: >>1I5B>, C <5=O 5ABL B0;0=B : >4=><C 45;C  2>@>2AB2C. 0AB5@ @0AA<5O;AO: %>@>H>. -B> 8<5==> B> C<5=85, :>B>@>5 B515 =C6=> A59G0A. B?@02;O9AO 2 C548=5==>5 <5AB> 8 >3@01L 2A5 A2>8 2>A?@8OB8O, 8 C:@048 2A5 72574K 8 ?;0=5BK A =515A, 8 @0AB2>@8 8E 2 G@525 ?CAB>BK, 2> 2A5>1J5<;NI5< ?@>AB@0=AB25 ?@8@>4K C<0. 0 4204F0BL >48= 45=L MB>B @071>9=8: ?>AB83 ?@8@>4C A2>53> C<0, 8 A> 2@5<5=5< >= AB0; AG8B0BLAO >4=8< 87 25;8:8E 8=489A:8E A2OBKE. B0:, 2 4@52=>AB8 ACI5AB2>20;8 2K40NI85AO <0AB5@0 8 CG5=8:8, AB>;L 2>A?@88<G82K5 8 A B0:8< B25@4K< =0<5@5=85<, :0: MB>B @071>9=8:, :>B>@K5 <>3;8 4>AB8GL >A2>1>645=8O, 2A53> ;8HL 2K?>;=OO A =5C:;>==>9 ?@540==>ABLN >4=> ?@>AB>5 C:070=85.  4065 B5?5@L C =0A 5ABL @50;L=0O 2>7<>6=>ABL AB0BL ?@>A25B;5==K<8, 5A;8 1K <K <>3;8 ?>;=>ABLN A:>=F5=B@8@>20BL A2>9 C< =0 >4=>< A8;L=>< <5B>45 <C4@>AB8 8 @01>B0BL =5?>A@54AB25==> A =8<. 4=0:> =0H8 C<K >1C@5205<K A><=5=8O<8, A>740NI8<8 2 =8E ?CB0=8FC. =>340 O 4C<0N, GB> A><=5=85 O2;O5BAO 5I5 1>;LH59 ?><5E>9 M2>;NF88 G5;>25:0, G5< 65;0=85 8 ?@82O70==>ABL. 0H5 >1I5AB2> @0728205B C<AB2>20=85 2<5AB> <C4@>AB8 8 2>72KH05B =081>;55 ?>25@E=>AB=K5, 3@C1K5 8 =08<5=55 ?>;57=K5 AB>@>=K =0H53> @07C<0. K AB0;8 AB>;L ;>6=> C<C4@5==K<8 8 =52@>B8G=K<8, GB> A0<> A><=5=85 ?@8=8<05< 70 8AB8=C, 0 B> A><=5=85, :>B>@>5 O2;O5BAO =5 1>;55 G5< >BG0O==>9 ?>?KB:>9 M3> 70I8B8BLAO >B <C4@>AB8, >1>65AB2;O5< :0: F5;L 8 ?;>4 8AB8==>3> 7=0=8O. -B>B 284 =87:>3> A><=5=8O O2;O5BAO ?>B@5?0==K< 8<?5@0B>@>< A0=A0@K, :>B>@><C A;C68B AB0O A?5F80;8AB>2, GB> CG0B =0A =5 B><C I54@><C A><=5=8N >B:@KB>9 4CH8, :>B>@>5, :0: CB25@640; C440, =5>1E>48<> 4;O 8A?KB0=8O 8 4>:070B5;LAB20 F5==>AB8 CG5=89, => @07@CH0NI5<C 284C A><=5=8O, GB> =5 >AB02;O5B =0< =8G53>, 2> GB> <>6=> 1K;> 1K 25@8BL, =8G53>, =0 GB> <>6=> 1K;> 1K =045OBLAO, 8 =8G53>, @048 G53> AB>8;> 1K 68BL. "0:8< >1@07><, =0H5 A>2@5<5==>5 >1@07>20=85 CG8B =0A ?@52>7=>A8BL A><=5=85, >=>, D0:B8G5A:8, A>740;> B>, GB> ?>GB8 <>6=> =0720BL @5;83859 8;8 B5>;>3859 A><=5=8O, A>3;0A=> :>B>@>9 <K, GB>1K :070BLAO @07C<=K<8, 4>;6=K A><=520BLAO 2> 2A5<, ?>AB>O==> C:07K20BL =0 B>, GB> =5?@028;L=>, 8 @54:> A?@0H820BL, GB> 65 ?@028;L=> 8;8 E>@>H>, F8=8G5A:8 ?@8=860BL 2A5 C=0A;54>20==K5 4CE>2=K5 8450;K 8 D8;>A>D88, 8;8 2>>1I5 2A5, GB> 45;05BAO 87 ?@>AB>9 4>1@>9 2>;8 8;8 2 A5@45G=>9 =528==>AB8. C440 65 ?@87K205B =0A A><=520BLAO ?>4@C3><C, :0: 8A?KBK20NB 7>;>B>, >16830O, =04@570O 8 ?>B8@0O 53>, GB>1K ?@>25@8BL 53> G8AB>BC. > 4;O B0:>3> A><=5=8O, :>B>@>5 459AB28B5;L=> ?@82545B =0A : 8AB8=5, 5A;8 84B8 4> :>=F0, C =0A =5B =8 ?@>=8F0B5;L=>AB8, =8 >B2038, =8 C<5=8O. 0A =0B0A:0;8, >1CG0O 15A?;>4=><C ?@8AB@0AB8N : ?@>B82>@5G8O<, :>B>@K5 2=>2L 8 2=>2L ;8H0;8 =0A 2A59 @50;L=>9 >B:@KB>AB8 ;N1>9 1>;55 H8@>:>9 8 1;03>@>4=>9 8AB8=5. >MB><C O ?>?@>A8; 1K 20A 70<5=8BL =0H5 A>2@5<5==>5 =838;8AB8G5A:>5 A><=5=85 =0 B>, GB> O =07K20N 1;03>@>4=K< A><=5=85<, B5< A><=5=85<, GB> O2;O5BAO =5>BJ5<;5<K< A>AB02;ONI8< ?CB8 : ?@>A25B;5=8N. 3@><=0O 8AB8=0 <8AB8G5A:8E CG5=89, ?5@540==KE =0<, O2;O5BAO =5 B5<, GB> =0H <8@, =0E>4OI89AO 2 >?0A=>AB8, <>65B ?>72>;8BL A515 >B1@>A8BL. >G5<C 1K =0<, 2<5AB> B>3>, GB>1K A><=520BLAO 2 =8E , =5 >ICB8BL A><=5=85 : A0<8< A515: : =0H5<C =52565AB2C, =0H5<C <=5=8N, GB> <K 2A5 C65 8 B0: ?>=8<05<, =0H5<C F5?;O=8N 8 C:;>=5=8N, =0H59 AB@0AB8 : B0: =07K205<K< >1JOA=5=8O< @50;L=>AB8, 2 :>B>@KE =5B =8G53> >B 2A5>1J5<;NI59 8 2K7K20NI59 1;03>3>25=85 <C4@>AB8 B>3>, GB> 3>2>@OB =0< <0AB5@0, ?>A;0=FK 50;L=>AB8. "0:>5 1;03>@>4=>5 A><=5=85 ?>1C6405B =0A 84B8 2?5@54, 24>E=>2;O5B =0A, 8A?KBK205B =0A, 45;05B =0A 2A5 1>;55 8 1>;55 ?>4;8==K<8, 405B =0< A8;K, 8 2A5 40;LH5 8 40;LH5 2BO38205B =0A 2 2>72KH0NI55 ?>;5 M=5@388 8AB8=K. >340 O =0E>6CAL 2 ?@8ACBAB288 <>8E <0AB5@>2, O A=>20 8 A=>20 7040N 8< 2>?@>AK, 2 >B25B0E =0 :>B>@K5 O =C640NAL. =>340 O =5 ?>;CG0N OA=KE >B25B>2, => O =5 A><=520NAL =8 2 =8E, =8 2 8AB8==>AB8 CG5=89. =>340 O <>3C A><=520BLAO 2 <>59 A>1AB25==>9 4CE>2=>9 7@5;>AB8 8;8 2 <>59 A?>A>1=>AB8 459AB28B5;L=> CA;KH0BL 8AB8=C B0:, GB>1K AC<5BL ?>;=>ABLN ?>=OBL 55, 0 G0I5 O C?>@=> ?@>4>;60N 704020BL 8 704020BL 2>?@>A, ?>:0 =5 ?>;CGC OA=K9 >B25B.  :>340 MB>B >B25B ?@8E>48B, 8 A8;L=> 8 G8AB> >B405BAO 2 <>5< C<5, 8 <>5 A5@4F5 >B25G05B =0 =53> B>;G:>< 1;03>40@=>AB8 8 C7=020=8O, B>340 2> <=5 2>7=8:05B B0:0O C15645==>ABL, :>B>@CN =5 2 A8;0E C=8GB>68BL =0A<5H:8 F5;>3> <8@0 A><=520NI8EAO. ><=N, :0: >4=064K OA=>9 8 ;C==>9 78<=59 =>GLN O 5E0; =0 <0H8=5 87 0@860 2 B0;8N 2<5AB5 A >4=>9 87 <>8E CG5=8F. =0 @01>B0;0 B5@0?52B>< 8 <=>3> 4;O MB>3> CG8;0AL. =0 @0AA:07K20;0 <=5, GB> >A>7=0;0  G5< 1>;LH5 C B51O 7=0=89, B5< 1>;LH5 2>7=8:05B >B MB>3> A><=5=89, 8 G5< 1>;55 3;C1>:> =0G8=05B 70B@03820BL B51O 8AB8=0, B5< CB>=G5==55 AB0=>2OBAO ?>2>4K 4;O A><=5=89. =0 3>2>@8;0, GB> <=>3> @07 ?KB0;0AL 871530BL 4CE>2=KE CG5=89, => =0:>=5F >A>7=0;0, GB> 1560BL 59 =5:C40, ?>A:>;L:C 2 459AB28B5;L=>AB8 >=0 ?KB0;0AL C1560BL >B A51O A0<>9. / A:070; 59, GB> A><=5=85  MB> =5 1>;57=L, 0 ?@>AB> A8<?B>< >BACBAB28O B>3>, GB> <K 2 =0H5< CG5=88 =07K205< 84, B> 5ABL A>7=020=8O ?@8@>4K C<0 8, B0:8< >1@07><, ?@8@>4K @50;L=>AB8. >340 MB>B 84 5ABL 2 ?>;=>9 <5@5, B> >BACBAB2CNB 2>>1I5 A><=5=8O, ?>B><C GB> BCB <K A<>B@8< =0 @50;L=>ABL 55 A>1AB25==K<8 3;070<8. >, A:070; O, ?>:0 <K =5 4>AB83;8 ?@>A25B;5=8O, C =0A =587156=> 1C4CB A><=5=8O, ?>A:>;L:C A><=5=85 O2;O5BAO >A=>2=>9 45OB5;L=>ABLN =5?@>A25B;5==>3> C<0, A =8<8 <>6=> A?@028BAO B>;L:> B0:: >4=>2@5<5==> =5 ?>402;OBL 8E 8 =5 ?@54020BLAO 8<. ;O B>3>, GB>1K @01>B0BL A A><=5=8O<8, =C6=> =0AB>OI55 C<5=85, 8 O 70<5G0N, GB> >G5=L =5<=>385 ;N48 ?>=8<0NB :0: @072820BL A><=5=8O 8 8A?>;L7>20BL 8E. 0725 =5 8@>=8O, GB> 2 F828;870F88, :>B>@0O B0: ?>:;>=O5BAO 2;0AB8 ?@8=865=8O 8 A><=5=8O, ?>GB8 =8 C :>3> =5B A<5;>AB8 ?@8=878BL ?@8BO70=8O A0<>3> A><=5=8O, A45;0BL B0:, :0: A:070; >48= 8=4C8ABA:89 <0AB5@: =0B@028BL A>10: A><=5=8O =0 A0<> A><=5=85, @07>1;0G8BL 53> F8=87< 8 >B:@KBL, 87 :0:>3> AB@0E0, >BG0O=8O, 157=0456=>AB8 8 CAB0;>AB8 >=> ?@>8AE>48B? ">340 A><=5=85 1>;55 =5 1C45B ?@5?OBAB285<, => AB0=5B 425@LN : A>7=020=8N, 8 2AO:89 @07, :>340 A><=5=85 1C45B ?>O2;OBLAO 2 C<5, 8ICI89 1C45B ?@825BAB2>20BL 53> :0: A@54AB2> 4;O 5I5 1>;LH53> C3;C1;5=8O 2 8AB8=C. / ;N1;N >4=C 8AB>@8N > <0AB5@5 475=1C4487<0. # MB>3> <0AB5@0 1K; 25@=K9, => >G5=L =082=K9 CG5=8:, :>B>@K9 AG8B0; 53> 682K< 1C44>9.  2>B >4=064K MB>B <0AB5@ A;CG09=> A5; =0 83>;:C. = 2A:@8:=C; 9! 8 ?>4A:>G8;. #G5=8: BCB 65 ;8H8;AO 2A59 A2>59 25@K 8 ?>:8=C; <0AB5@0, 3>2>@O, =0A:>;L:> >= @07>G0@>20= 8770 B>3>, GB> <0AB5@ =5 ?>;=>ABLN ?@>A25B;5=. 54L 8=0G5 :0: >= <>3 B0: ?>4?@K3=CBL 8 B0: 3@><:> 2A:@8:=CBL? 0AB5@ >?5G0;8;AO, :>340 C7=0; >1 CE>45 CG5=8:0, 8 A:070;: #2K, 154=O30! A;8 1K >= B>;L:> 7=0;, GB> 2 @50;L=>AB8 =8 <5=O, =8 83>;:8, =8  9! 459AB28B5;L=> =5 ACI5AB2>20;>. 0209B5 =5 ?>72>;8< A515 45;0BL B>9 65 >H81:8, GB> MB>B CG5=8:. 5 ?>72>;8< A515 ?@8=8<0BL A><=5=8O A;8H:>< 2A5@L57, 8;8 4020BL 8< =5?@>?>@F8>=0;L=> 2>7@0AB0BL, 8;8 AB0=>28BLAO :0B53>@8G=K<8, B8?0 15;>5 8;8 G5@=>5, 8 =5 1C45< D0=0B8:0<8 2 8E >B=>H5=88. '5<C =0< =C6=> =0CG8BLAO, B0: MB> B><C, :0: <54;5==> 70<5=OBL A2>N AB@0AB=CN ?@82O70==>ABL : A><=5=8N, =02O70==CN =0< =0H59 :C;LBC@>9, =0 A2>1>4=>5, N<>@8AB8G5A:>5 8 A>GC2AB25==>5 >B=>H5=85 : =5<C. -B> >7=0G05B, GB> =C6=> 4020BL A><=5=8N 2@5<O, 8 4020BL A515 2@5<O =0 B>, GB>1K =09B8 >B25BK =0 B0:85 =0H8 2>?@>AK, :>B>@K5 =5 ?@>AB> 8=B5;;5:BC0;L=K5 8;8 D8;>A>DA:85, => 682K5 8 @50;L=K5, ?>4;8==K5 8 ?>;57=K5. !><=5=8O =5 <>3CB =5<54;5==> @07@5H8BLAO; => 5A;8 <K B5@?5;82K, B> 2=CB@8 =0A <>65B 2>7=8:=CBL <5AB>, 2 :>B>@>< <>6=> 1C45B BI0B5;L=> 8 >1J5:B82=> 87CG8BL A><=5=8O, @0A:@KBL, @0AB2>@8BL 8 8AF5;8BL 8E. '53> =0<, >A>15==> 2 MB>9 :C;LBC@5, =5 E20B05B, B0: MB> ?@028;L=>9, ;8H5==>9 >B2;5G5=89 8 I54@> ?@>AB>@=>9 A@54K C<0, :>B>@0O <>65B 1KBL A>740=0 B>;L:> ?@8 ?>AB>O==> ?>445@68205<>9 ?@0:B8:5 <548B0F88, 2 :>B>@>9 8=BC8B82=K5 ?@>7@5=8O ?>;CG0NB 2>7<>6=>ABL <54;5==> A>7@520BL 8 ?@>1C640BLAO. 0209B5 =5 1C45< A?5H8BL A@07C @07@5H8BL 2A5 =0H8 A><=5=8O 8 ?@>1;5<K; :0: 3>2>@OB <0AB5@0, A?5H8 <54;5==>. / 2A5340 3>2>@N <>8< CG5=8:0<, GB>1K >=8 =5 ?8B0;8 =5@07C<=KE >6840=89, ?>B><C GB> 4;O 4CE>2=>3> @>AB0 =C6=> 2@5<O. C6=K 3>4K, GB>1K >2;045BL O?>=A:8< O7K:>< 8;8 2KCG8BLAO =0 2@0G0: <>65< ;8 <K 459AB28B5;L=> >6840BL, GB> ?>;CG8< 2A5 >B25BK, =5 3>2>@O C65 > B><, GB> AB0=5< ?@>A25B;5==K<8, 2 B5G5=85 =5A:>;L:8E =545;L? CE>2=K9 ?CBL A>AB>8B 2 ?>AB>O==>9 CG515 8 ?>AB>O==>< >G8I5=88. =0O MB>, AB0=>28HLAO A<8@5==K<. =0<5=8B0O B815BA:0O ?>A;>28F0 3>2>@8B: 5 ?@8=8<09B5 ?> >H81:5 ?>=8<0=85 70 A>7=020=85, 0 A>7=020=85  70 ?@>A25B;5=85.  8;0@5?0 A:070;: 5 ?8B09B5 =04564K =0 A>7=020=85, => 70=8<09B5AL 4CE>2=>9 ?@0:B8:>9 2AN 20HC 687=L. 'B> O 1>;55 2A53> AB0; F5=8BL 2 <>59 4>:B@8=5, B0: MB> 55 ?@0:B8G=>ABL, ?>4E>4, B@51CNI89 B25@4>3> AB>O=8O =0 A>1AB25==KE =>30E, 8 >A>7=0=85 B>3>, GB> 4;O 25;8G09H8E 4>AB865=89 =C6=> 3;C1>G09H55 B5@?5=85 8 A0<>5 4>;3>5 2@5<O. ;020 IX #%+ #",  0AB>;L=KE @073>2>@0E ACD89A:>3> <0AB5@0 C<8 5ABL A;54CNI85 ?@>=78B5;L=K5 8 AB@0AB=K5 AB@>:8: 0AB5@ A:070;, GB> 5ABL 2 MB>< <8@5 >4=>, G53> 701K20BL =5;L7O =8:>340. A;8 1K 2K 701K;8 2A5, => =5 701K;8 1K MB>3>, B> 20< =5 =C6=> 1K;> 1K B@52>68BLAO, 0 5A;8 1K 2K ?><=8;8 2A5 >AB0;L=>5, 45;0;8 2A5 >AB0;L=>5 8 2=8<0B5;L=> >B=>A8;8AL 1K :> 2A5<C 4@C3><C, => 701K;8 >4=> MB>, B> D0:B8G5A:8 1K;> 1K B0:, 1C4B> 2K =8G53> 2>>1I5 =5 A>25@H8;8. @54AB02LB5, GB> F0@L ?>A;0; 20A 2 :0:CNB> AB@0=C 8A?>;=8BL >4=> >A>1>5, B>G=> >?@545;5==>5 45;>.  2K >B?@028;8AL 2 MBC AB@0=C 8 A45;0;8 B0< A>B=8 4@C38E 45;; => 5A;8 2K =5 8A?>;=8;8 B>3> 45;0, @048 :>B>@>3> 20A BC40 ?>A;0;8, B> MB> B0: 65, :0: 5A;8 1K 2>>1I5 =5 A45;0;8 =8G53>. B0:, G5;>25: ?@8E>48B 2 MB>B <8@ @048 >A>1>3> 45;0, 8 2 MB>< 53> ?@54=07=0G5=85.  5A;8 >= =5 8A?>;=8; 53>, B> >= =5 A>25@H8; =8G53>. A5 4CE>2=K5 CG8B5;O G5;>25G5AB20 3>2>@8;8 =0< >1 >4=>< 8 B>< 65  F5;L 687=8 =0 MB>9 75<;5 A>AB>8B 2 4>AB865=88 548=AB20 A =0H59 >A=>2=>9 ?@>A25B;5==>9 ?@8@>4>9. "> 45;>, 4;O :>B>@>3> F0@L ?>A;0; =0A 2 MBC AB@0==CN <@0G=CN AB@0=C, A>AB>8B 2 ?>AB865=88 8 >ACI5AB2;5=88 =0H53> 8AB8==>3> ACI5AB20. ABL B>;L:> >48= A?>A>1 MB> A45;0BL  ?@>9B8 4CE>2=K9 ?CBL, A> 2A59 AB>9:>ABLN 8 @07C<=>ABLN, >B203>9 8 @5H8<>ABLN, :0:85 <K B>;L:> 2 A8;0E ?@>O28BL, A>25@H8BL ?@5>1@065=85. 0: 3>2>@8B !<5@BL, 2 0B0 #?0=8H045 , 0H8:5B0AC: ABL ?CBL <C4@>AB8 8 ?CBL =52565AB20. =8 40;5:> >BAB>OB 4@C3 >B 4@C30, 8 :>=FK C =8E @07=K5& >3@O7=C2 2 =52565AB25 8 ?>;030O A51O <C4@K<8 8 CG5=K<8, 3;C?FK 15AF5;L=> 1@>4OB BC40 8 AN40, 1C4B> A;5?>9 2545B A;5?>3>. ">, GB> =0E>48BAO 70 ?@545;0<8 687=8, A8O5B =5 4;O B5E, :B> =57@5;, 8;8 157701>B5=, 8;8 >1<0=CB 1>30BAB2><.  "+!", -"" #",  4@C385 2@5<5=0 8 2 4@C38E F828;870F8OE MB>B ?CBL 4CE>2=>3> ?@5>1@065=8O 1K; >B:@KB ;8HL >B=>A8B5;L=> =51>;LH><C G8A;C 871@0==KE; => A59G0A, GB>1K A>E@0=8BL =0H <8@ >B 2=CB@5==8E 8 2=5H=8E >?0A=>AB59, C3@>60NI8E 5<C, 8A:0BL MB>B ?CBL <C4@>AB8 4>;6=0 1>;LH0O G0ABL G5;>25G5AB20.  =0H5 2@5<O =0A8;8O 8 @0A?040 4CE>2=>5 2845=85 =5 O2;O5BAO M;8B0@=>9 @>A:>HLN, >=> 687=5==> 206=> 4;O =0H53> 2K6820=8O. 8:>340 5I5 =5 1K;> B0: 206=> 8 >4=>2@5<5==> B0: B@C4=> A;54>20BL ?> ?CB8 <C4@>AB8. 0H5 >1I5AB2>, A> 2A5<8 53> ?5G0;L=K<8 D0=B078O<8 >1 CA?5E5 8 2;0AB8, ?>GB8 2A5F5;> ?>A2OI5=> ?@52>7=>H5=8N M3> 8 A0<8E B5E A8; 604=>AB8 8 =52565AB20, :>B>@K5 C=8GB>60NB =0HC ?;0=5BC. 8:>340 5I5 =5 1K;> AB>;L B@C4=> CA;KH0BL AC@>2K9 3>;>A 8AB8=K, 8 =8:>340 5I5 =5 1K;> BO65;55, CA;KH02 53>, 5<C ?>A;54>20BL: 254L 2 <8@5 2>:@C3 =0A =5B =8G53>, GB> ?>445@60;> 1K =0A 2 =0H5< 2K1>@5, 0 2A5 >1I5AB2>, 2 :>B>@>< <K 6825<, ?>E>65, >B@8F05B ;N1CN 845N > A2OI5==>< 7=0G5=88 8;8 2=CB@5==5< A<KA;5. "0: GB>, 2> 2@5<O A0<>9 =5?>A@54AB25==>9 >?0A=>AB8, :>340 ?>4 A><=5=85 AB028BAO A0<> =0H5 1C4CI55, <K, :0: ;N48, >:07K205<AO 2 =081>;55 70?CB0==>< A>AB>O=88, ?>9<0==K5 2 :>H<0@, A>740==K9 =0<8 A0<8<8. > 2 MB>9 B@038G5A:>9 A8BC0F88 5ABL >48= =5<0;>206=K9 8AB>G=8: =04564K, 8 >= A>AB>8B 2 B><, GB> 4CE>2=K5 CG5=8O 2A5E 25;8:8E <8AB8G5A:8E 4>:B@8= =0< 2A5 5I5 4>ABC?=K. 4=0:>, : =5AG0ABLN, <0AB5@>2, A?>A>1=KE 8E 2>?;>B8BL, >G5=L <0;>, 0 87 B5E, :B> 8I5B 8AB8=C, =5 2A5 <>3CB C7=0BL 55. 0?04 AB0; 87;N1;5==K< ?@81568I5< 2A52>7<>6=KE 4CE>2=KE H0@;0B0=>2. >340 2K 8<55B5 45;> A CG5=K<8, B> <>65B5 ?@>25@8BL, :B> 87 =8E =0AB>OI89, 0 :B>  =5B, ?>A:>;L:C 4@C385 CG5=K5 <>3CB ?@>25@8BL 8E =0CG=CN 18>3@0D8N 8 8E >B:@KB8O. > =0 0?045, 345 =5B =8 @C:>2>4AB2CNI8E ?@8=F8?>2, =8 :@8B5@852 >F5=:8, B0:8E, :0:8<8 >1;0405B ?>;=>F5==0O 8 6820O :C;LBC@0 <C4@>AB8, ?>GB8 =52>7<>6=> CAB0=>28BL ?>4;8==>ABL B0: =07K205<KE <0AB5@>2. >E>65, :B> C3>4=> <>65B =0720BL A51O <0AB5@>< 8 ?@82;5GL ?>A;54>20B5;59. !>2A5< =5 B0: >1AB>O;> 45;> 2 "815B5, 345 2K1>@ >?@545;5==>3> ?CB8 8;8 <0AB5@0 1K; 3>@074> 157>?0A=55. N48, 2?5@2K5 >1@0I0NI85AO : B815BA:><C 1C4487<C, G0AB> C482;ONBAO, ?>G5<C B0:>5 1>;LH>5 7=0G5=85 ?@8405BAO B0< 4CE>2=>9 ;8=88, ?@55<AB25==>AB8, =5?@5@K2=>9 F5?8 ?5@540G8 CG5=8O >B <0AB5@0 : <0AB5@C. "0:0O ;8=8O O2;O5BAO :@8B8G5A:8 206=>9 30@0=B859: >=0 ?>445@68205B ?>4;8==>ABL 8 G8AB>BC CG5=8O. N48 7=0NB, :5< O2;O5BAO <0AB5@, ?> B><C, :B> O2;O5BAO 53> <0AB5@><. >?@>A =5 2 A>E@0=5=88 :0:>3>B> >:0<5=5;>3>, @8BC0;L=>3> 7=0=8O, 0 2 ?5@540G5, >B A5@4F0 : A5@4FC, >B C<0 : C<C, ACI=>AB=>9 8 682CI59 <C4@>AB8, =0@O4C A 55 8A:CA=K<8 8 <>I=K<8 <5B>40<8. 0A?>7=020=85 B>3>, :B> O2;O5BAO 8AB8==K< <0AB5@><, 0 :B>  =5B, MB> >G5=L B>=:>5 8 >B25BAB25==>5 45;>: 2 B0:>< 25:5, :0: =0H, ?@8AB@0AB82H5<AO : @072;5G5=8O<, ;53:> 4>AB0NI8<AO >B25B0< 8 1KAB@K< @5H5=8O<, B@572K5 8 =5 1LNI85 =0 B50B@0;L=K9 MDD5:B ?@87=0:8 4CE>2=>3> <0AB5@AB20 <>3CB 8 =5 1KBL 70<5G5=K. 0H8 A>1AB25==K5 ?@54AB02;5=8O > B><, :0: 2K3;O48B A2OB>ABL, B> 5ABL, GB> MB> =5GB> 1;03>G5AB82>5, A<8@5==>5 8 ?@5A=>5, <>3CB =5 ?>72>;8BL =0< @0A?>7=0BL ?@>A25B;5==K9 C< 2 53> 48=0<8G5A:><, 0 8=>340 8 1;5ABOI5 83@82>< ?@>O2;5=88. 0: ?8H5B 0B@C; 8=?>G5: 5>1KG09=K5 :0G5AB20 25;8:8E ACI5AB2, A:@K20NI8E A2>N ?@8@>4C, =5 ?>AB830NBAO >1KG=K<8 ;N4L<8 2@>45 =0A, =5A<>B@O =0 B>, GB> <K ?@8:;04K205< 2A5 A8;K, GB>1K 87CG8BL 8E. ! 4@C3>9 AB>@>=K, A0<K5 >1KG=K5 H0@;0B0=K <0AB5@A:8 >1<0=K20NB >:@C60NI8E, 87>1@060O 87 A51O A2OBKE. A;8 0B@C; 8=?>G5 <>3 MB> =0?8A0BL 2 "815B5, 2 ?@>H;>< 25:5, =0A:>;L:> 65 1>;55 8AB8==K< 4>;6=> MB> 1KBL 4;O E0>A0 =0H53> A>2@5<5==>3> 4CE>2=>3> AC?5@<0@:5B0? "0: :0: 65 =0< A59G0A, 2 :@09=5 =54>25@G82>< 25:5, =09B8 BC 8AB8=C, GB> AB>;L =5>1E>48<0 4;O A;54>20=8O ?> 4CE>2=><C ?CB8? 0:8<8 65 :@8B5@8O<8 <K <>65< 2>A?>;L7>20BLAO, GB>1K CAB0=>28BL, ?>4;8==K9 MB> <0AB5@ 8;8 =5B? @8ACBAB2CO C 8725AB=>3> <=5 <0AB5@0, E>@>H> ?><=N, :0: >= 7040; A2>8< CG5=8:0< 2>?@>A > B><, GB> ?@825;> 8E : =5<C 8 ?>G5<C >=8 5<C 225@8;8AL. 4=0 65=I8=0 A:070;0: / =0G0;0 2845BL, GB> 2K 459AB28B5;L=> E>B8B5 1>;LH5 4@C38E, GB>1K <K ?>=8<0;8 8 ?@8<5=O;8 CG5=8O, 8 >G5=L 8A:CA=> =0?@02;O5B5 A2>8 ?>CG5=8O, GB>1K ?><>GL =0< 2 MB><. C6G8=0, ?OB845AOB8 A G5<B> ;5B, A:070;: 5=O ?>1C6405B =5 B>, GB> 2K <=>3> 7=05B5, => 2 ?5@2CN >G5@54L B>, GB> C 20A 459AB28B5;L=> 0;LB@C8AB8G5A:>5 8 4>1@>5 A5@4F5. 5=I8=0, ?>4 B@84F0BL ;5B, A:070;0: / ?KB0;0AL ?@52@0I0BL 20A 2 <>N <0BL, <>53> >BF0, <>53> 2@0G0, <>53> <C60, <>53> ;N1>2=8:0: 2K A?>:>9=> B5@?5;8 4@0<K 2A5E MB8E ?@>5:F89 8 =8 @07C =5 >B25@=C;8AL >B <5=O. 204F0B8;5B=89 8=65=5@ A:070;: / C2845; 2 20A, GB> 2K ?>=0AB>OI5<C A<8@5==K, 2K 459AB28B5;L=> E>B8B5 4;O 2A5E =0A A0<>3> ;CGH53>, :@><5 B>3> 2K =5 B>;L:> CG8B5;L, => A0<8 =8:>340 =5 ?5@5AB020;8 1KBL CG5=8:>< 20H8E 25;8:8E <0AB5@>2. >;>4>9 042>:0B A:070;: ;O 20A =081>;55 206=> 8<5==> CG5=85. =5 4065 8=>340 :065BAO, GB> 20H 8450;  A0<><C AB0BL A>25@H5==> CAB@0=5==K<, ?@>AB> ?5@54020BL CG5=8O =081>;55 157;8G=>. @C30O CG5=8F0 70AB5=G82> A:070;0: !=0G0;0 O 1K;0 2 C60A5 >B <KA;8, GB>1K >B:@KBL A51O 20<. =5 B0: G0AB> ?@8G8=O;8 1>;L. > ?> <5@5 B>3>, :0: O =0G0;0 >B:@K20BLAO, O AB0;0 70<5G0BL 459AB28B5;L=K5 87<5=5=8O 2 A515 8 ?>AB5?5==> AB0=>28;0AL 2A5 1>;LH5 8 1>;LH5 1;03>40@=0 20<, ?>B><C GB> >A>7=0;0, :0: A8;L=> 2K <=5 ?><>305B5.  70B5< O >1=0@C68;0 2 A515 4>25@85 : 20<, B0:>5 3;C1>:>5, 3;C165, G5< O 2>>1I5 AG8B0;0 2>7<>6=K<. , =0:>=5F, 2KA:070;AO A>@>:0;5B=89 >?5@0B>@ :><?LNB5@0: K 1K;8 4;O <5=O B0:8< 70<5G0B5;L=K< 75@:0;>< 8 ?>:070;8 <=5 425 25I8: >B=>A8B5;L=CN AB>@>=C B>3>, :B> O 5ABL, 8 01A>;NB=CN AB>@>=C B>3>, :B> O 5ABL. / <>3C ?>A<>B@5BL =0 20A 8 C2845BL  =5 1;03>40@O B><C, :B> 2K 5ABL, => 1;03>40@O B><C, GB> 2K >B@0605B5 <=5 2AN <>N >B=>A8B5;L=CN 70?CB0==>ABL >G5=L OA=>. > O B0:65 <>3C ?>A<>B@5BL =0 20A 8 C2845BL >B@065==CN 2 20A ?@8@>4C C<0, 87 :>B>@>9 2>AAB05B 2A5, <><5=B 70 <><5=B><. -B8 >B25BK ?>:07K20NB =0<, GB> 8AB8==K5 CG8B5;O 4>1@K, A>AB@040B5;L=K, =5C:;>==K 2 A2>5< 65;0=88 @0745;8BL A 4@C38<8 BC <C4@>ABL, GB> ?@8>1@5;8 >B A2>8E A>1AB25==KE <0AB5@>2, =8:>340 =5 7;>C?>B@51;ONB 8 =5 <0=8?C;8@CNB A2>8<8 CG5=8:0<8 =8 ?@8 :0:8E >1AB>OB5;LAB20E, =8:>340 8 =8 ?@8 :0:8E >1AB>OB5;LAB20E =5 1@>A0NB 8E, A;C60B =5 A2>8< A>1AB25==K< F5;O<, 0 25;8G8N CG5=89, 8 2A5340 >AB0NBAO A<8@5==K<8. 0AB>OI55 4>25@85 <>65B 8 4>;6=> 2>7=8:0BL B>;L:> : B5<, :B>, :0: 2K C7=05B5 ?>AB5?5==> =0 >?KB5, 2>?;>I05B 2A5 MB8 :0G5AB20. K >1=0@C68B5, GB> MB> 4>25@85 AB0=>28BAO >A=>2>9 20H59 687=8 8 ?>AB>O==> A 20<8, ?>445@6820O 20A 2> 2A5E B@C4=>ABOE 687=8 8 A<5@B8.  1C4487<5 <K >?@545;O5<, O2;O5BAO ;8 CG8B5;L =0AB>OI8<, ?> B><C, A>3;0ACNBAO ;8 B5 C:070=8O, GB> >= 8;8 >=0 405B, A CG5=8O<8 C44K. 52>7<>6=> =5 ?>4G5@:=CBL 4>AB0B>G=> A8;L=>, GB> 206=0 ;8HL 8AB8=0 CG5=8O, 8 =8:>340 =5 206=0 ;8G=>ABL CG8B5;O. <5==> >1 MB>< C440 3>2>@8B =0< 2 '5BK@5E >?>@0E: ?8@09AO =0 B>, GB> ?5@5405B CG8B5;L, =5 =0 53> ;8G=>ABL; ?8@09AO =0 A<KA;, =5 ?@>AB> =0 A;>20; ?8@09AO =0 @50;L=K9 A<KA;, 0 =5 =0 2@5<5==K9; ?8@09AO =0 A2>9 C< <C4@>AB8, =5 =0 A2>9 >1KG=K9, 2K=>AOI89 AC645=8O, C<. B0:, 206=> ?><=8BL, GB> 8AB8==K9 CG8B5;L, :0: <K C 2848<, O2;O5BAO 3>2>@OI8< >B 8AB8=K: 55 A>AB@040NI8< 2K@078B5;5< <C4@>AB8. $0:B8G5A:8 2A5 1C44K, <0AB5@0 8 ?@>@>:8 O2;ONBAO 87;CG5=8O<8 MB>9 8AB8=K, ?>O2;ONI8<8AO ?>4 15AG8A;5==K<8 C<5;K<8, A>AB@040B5;L=K<8 ;8G8=0<8, GB>1K =0?@028BL =0A, ?>A@54AB2>< A2>8E CG5=89, =0704, : =0H59 8AB8==>9 ?@8@>45. >MB><C 1>;55 206=K< 2 =0G0;5, G5< =09B8 CG8B5;O, 1C45B =09B8 8AB8=C CG5=8O 8 A;54>20BL 59, ?>B><C GB> 8<5==> CAB0=>282 A2O7L A 8AB8=>9 CG5=8O, 2K >B:@>5B5 A2>N 682CN A2O7L A <0AB5@><.  !", #" # :064>3> 87 =0A 5ABL :0@<0 2AB@5B8BL B>B 8;8 8=>9 4CE>2=K9 ?CBL, 8 O, >B 2A53> A5@4F0, A>25BCN 20< A;54>20BL, A ?>;=59H59 8A:@5==>ABLN, B><C ?CB8, :>B>@K9 1>;55 2A53> 20A 24>E=>2;O5B. '8B09B5 25;8:85 4CE>2=K5 :=838 2A5E 4>:B@8=, ?@848B5 : =5:>B>@><C ?>=8<0=8N B>3>, GB> 8E <0AB5@0 <>3;8 ?>4@07C<520BL ?>4 ?>=OB8O<8 >A2>1>645=8O 8 ?@>A25B;5=8O, 8 2KOA=8B5, :0:>9 87 ?>4E>4>2 : 01A>;NB=>9 @50;L=>AB8 459AB28B5;L=> 1>;LH5 2A53> ?@82;5:05B 20A 8 1>;LH5 2A53> 20< ?>4E>48B.  A2>8E ?>8A:0E 1C4LB5 1>;55 @071>@G82K; 4CE>2=K9 ?CBL B@51C5B 1>;LH5 C<0, 1>;LH5 B@572>3> ?>=8<0=8O, 1>;LH5 B>=:>3> @07;8G5=8O, G5< ;N10O =0C:0, ?>A:>;L:C BCB =0 :0@BC ?>AB02;5=0 2KA>G09H0O 8AB8=0.  :064K9 <><5=B ?>;L7C9B5AL A2>8< 74@02K< A<KA;><. >4E>48B5 : @0AA<>B@5=8N MB>3> ?CB8 8 ?@8 MB><, :0: B>;L:> 2>7<>6=>, N<>@8AB8G5A:8 A>7=0209B5, A:>;L:> ;8H=53> 3@C70 2K 1C45B5 A A>1>9 B0I8BL: 20H8 =54>AB0B:8, D0=B0788, ?@>20;K 8 ?@>5:F88. !;59B5 2>548=> A 2>72KH5==K< A>7=020=85< B>3>, :0:>9 <>65B 1KBL 20H0 8AB8==0O ?@8@>40, ?@875<;5==>5 8 C@02=>25H5==>5 A<8@5=85 2<5AB5 A OA=>9 >F5=:>9 B>3>, 345 2K =0E>48B5AL =0 20H5< 4CE>2=>< ?CB8 8 GB> 20< 5I5 =C6=> ?>=OBL 8 8A?>;=8BL. 06=55 2A53> =5 ?>?0ABL 2 ;>2CH:C B>3>, GB> O 286C =0 0?045 ?>2AN4C: <03078==>3> AB8;O <KH;5=8O  <5B0=8O >B >4=>3> <0AB5@0 : 4@C3><C <0AB5@C, >B >4=>3> CG5=8O : 4@C3><C CG5=8N, 157 :0:>9;81> =5?@5@K2=>AB8 8;8 =0AB>OI59, ?>AB>O==>9 ?@540==>AB8 :0:>9B> >4=>9 48AF8?;8=5. >GB8 2A5 25;8:85 <0AB5@0 2A5E B@048F89 1K;8 548=>4CH=K 2 B><, GB> ACI5AB25==> 206=> >2;04520BL >4=8< ?CB5<, >4=>9 4>@>3>9 : 8AB8=5, A;54CO 2A5< A5@4F5< 8 C<>< >4=><C CG5=8N 4> :>=F0 MB>9 4CE>2=>9 4>@>38, >4=>2@5<5==> ?>445@6820O >B:@KB>5 8 C2068B5;L=>5 >B=>H5=85 : ?@>7@5=8O< 2A5E >AB0;L=KE. K 2 "815B5 3>2>@8;8: >7=02 >4=>, BK 4>AB83=5HL 2A53>. !>2@5<5==0O <>4=0O 845O, GB> <K 2A5340 <>65< A>E@0=OBL 2A5 =0H8 2>7<>6=>AB8 2K1>@0 8 ?>MB><C =0< =8:>340 =5 =C6=> >:>=G0B5;L=> >AB0=02;820BLAO =0 :0:>9B> >4=>9 87 =8E, >B=>A8BAO : 25;8G09H8< 8 >?0A=59H8< 8;;N78O< =0H59 :C;LBC@K 8 O2;O5BAO >4=8< 87 =081>;55 MDD5:B82=KE <5B>4>2, :0:8< M3> 1;>:8@C5B =0H8 4CE>2=K5 ?>8A:8. >340 2K ?>AB>O==> 2 ?>8A:5, B> A0< MB>B ?>8A: AB0=>28BAO 20H59 =02O7G82>9 84559 8 ?5@5E20BK205B C 20A 8=8F80B82C. K AB0=>28B5AL 4CE>2=K< BC@8AB><, A?5H0I8< ?>A?5BL ?>2AN4C 8 =8:C40 =5 ?>?040NI8<. 0: 3>2>@8B 0B@C; 8=?>G5: K >AB02;O5B5 A2>53> A;>=0 4><0 8 8I5B5 53> A;54K 2 ;5AC. !;54>20=85 >4=><C CG5=8N =5 >7=0G05B, GB> >=> 20A >3@0=8G8205B 8;8 @52=82> <>=>?>;878@C5B. -B> A>GC2AB2CNI89 8 8A:CA=K9 A?>A>1 E@0=8BL 20HC A>A@54>B>G5==>ABL =0 ?CB8 8 =5 4020BL 20< A =53> A25@=CBL, =5A<>B@O =0 2A5 ?@5?OBAB28O, :>B>@K5 =587156=> 1C4CB 2>74283=CBK =0 =5< :0: 20<8 A0<8<8, B0: 8 >:@C60NI8< <8@><. B0:, :>340 2K 8AA;54C5B5 <8AB8G5A:85 4>:B@8=K, 2K15@8B5 >4=>3> <0AB5@0 8 A;54C9B5 70 =8< 8;8 70 =59. 4=> 45;>  >B?@028BLAO 2 4CE>2=CN 4>@>3C, => A>2A5< 4@C3>5  =09B8 B5@?5=85 8 2K=>A;82>ABL, <C4@>ABL, >B203C 8 A<8@5=85, GB>1K ?@>9B8 55 4> :>=F0. K <>65B5 8<5BL :0@<C =09B8 CG8B5;O, => 70B5< 2K 4>;6=K A>740BL :0@<C A;54>20BL 5<C. 54L >G5=L =5<=>385 87 =0A 7=0NB, :0: 2>8AB8=C A;54>20BL CG8B5;N, GB> A0<> ?> A515 8A:CAAB2>. "0: GB>, :0: 1K =8 1K;> 25;8G5AB25==> CG5=85 8;8 <0AB5@, ACI5AB25==> 206=> B>, GB>1K 2K =0H;8 2 A515 ?@>7@5=85 8 C<5=85, =5>1E>48<K5, GB>1K =0CG8BLAO ;N18BL 8 A;54>20BL <0AB5@C 8 CG5=8N. -B> =5;53:>. 8GB> =8:>340 =5 1K205B A>25@H5==K<. 0 8 :0: >=> <>3;> 1K? K ?>?@56=5<C 2 A0=A0@5. 065 :>340 2K 871@0;8 A2>53> CG8B5;O 8 A;54C5B5 CG5=8O< B0: 8A:@5==>, :0: <>65B5, 2K G0AB> 2AB@5G05B5 B@C4=>AB8 8 =5C40G8, ?@>B82>@5G8O 8 =5A>25@H5=AB20. 5 A40209B5AL ?5@54 ?@5?OBAB28O<8 8 <5;:8<8 B@C4=>ABO<8. =8 G0AB> >:07K20NBAO ;8HL 45BA:8<8 M<>F8O<8 M3>. 5 ?>72>;O9B5 8< 70A;>=8BL 4;O 20A ACI=>AB=CN 8 25G=CN F5==>ABL B>3>, GB> 2K 871@0;8. 5 ?>72>;O9B5 A2>5<C =5B5@?5=8N >B2;5GL 20A >B 20H59 ?@540==>AB8 8AB8=5. =>2L 8 2=>2L O 1K20; >?5G0;5=, 284O, :0: <=>385 A M=BC7807<>< 8 >6840=8O<8 8718@0NB CG5=85 8;8 <0AB5@0, => BCB 65 B5@ONB A2>8 CAB@5<;5=8O, :0: B>;L:> 2>7=8:0NB <5;LG09H85, =587156=K5 ?@5?OBAB28O, 2?040NB 2=>2L 2 A0=A0@C 8 AB0@K5 ?@82KG:8 8 7@O @0AB@0G820NB 3>4K 8;8, 1KBL <>65B, 2AN 687=L. 0: A:070; C440 2 A2>5< ?5@2>< ?>CG5=88, 2 :>@=5 2A53> =0H53> AB@040=8O 2 A0=A0@5 ;568B =52565AB2>. 52565AB2>, ?>:0 <K >B =53> =5 >A2>1>48<AO, <>65B :070BLAO 15A:>=5G=K<, 8 >=> 70BC<0=8205B =0H ?>8A: 4065 B>340, :>340 <K C65 2KH;8 =0 4CE>2=K9 ?CBL. > 5A;8 2K >1 MB>< ?><=8B5 8 E@0=8B5 CG5=8O 2 A2>5< A5@4F5, B> C 20A ?>AB5?5==> @07>2L5BAO A?>A>1=>ABL @07;8G0BL, ?>72>;ONI0O C7=020BL 2 15AG8A;5==KE ?CB0=8F0E =52565AB20 8<5==> B>, G5< >=8 O2;ONBAO, 8, B0:8< >1@07><, =8:>340 =5 AB028BL ?>4 C3@>7C A2>N ?@540==>ABL 8 =5 B5@OBL ?5@A?5:B82K. 87=L, :0: A:070; =0< C440, :@0B:0, :0: 2A?KH:0 <>;=88; =>, :0: A:070; >@4A2>@B, MB>B <8@ A;8H:>< 25;8: 4;O =0A: 4>1K20O 8 B@0BO, <K =5 8A?>;L7C5< A2>8E A8; 8 >=8 ?@>?040NB 7@O. <5==> MB> =58A?>;L7>20=85 =0H8E A8;, :>B>@K5 ?@8 MB>< ?@>?040NB 7@O, MB> ?@540B5;LAB2> =0H59 ACI=>AB8, MB> =58A?>;L7>20=85 GC45A=>9 2>7<>6=>AB8, GB> ?@54>AB02;5=0 =0< MB>9 687=LN, MB8< 10@4>  2>7<>6=>AB8 ?>7=0BL 8 2>?;>B8BL =0HC ?@>A25B;5==CN ?@8@>4C  8 O2;O5BAO, =025@=>5, A0<>9 1>;LH>9 B@0354859 G5;>25G5A:>9 687=8. 0AB5@0, ?> ACI5AB2C, ?>AB>O==> 3>2>@OB =0<, GB>1K <K ?5@5AB0;8 A51O >1<0=K20BL: GB> 65 <K 2>>1I5 ?>7=0;8, 5A;8 2 <><5=B A<5@B8 <K =5 7=05<, :B> <K 2>8AB8=C B0:85? 0: A:070=> 2 "815BA:>9 =835 5@B2KE: "2>9 C< 40;5:>, =5 4C<05HL > ?@8E>45 A<5@B8, 0=8<05HLAO 2AO:8<8 15AA<KA;5==K<8 459AB28O<8, "2>5 2>72@0I5=85 A59G0A, A ?CABK<8 @C:0<8, 1C45B ?>;=>9 ?CB0=8F59; "515 =C6=> 1C45B C7=020=85, 4CE>2=K5 CG5=8O, "0: ?>G5<C 65 =5<54;5==> =5 ?>9B8 ?CB5< <C4@>AB8? -B8 A;>20 87>H;8 87 CAB A2OBKE: A;8 BK =5 E@0=8HL CG5=89 A2>53> <0AB5@0 2 A5@4F5 A2>5<, 0725 BK =5 AB0=>28HLAO >1<0=K20NI8< A0<>3> A51O? !"  C440 3>2>@8B 2 >4=>9 87 "0=B@: 7 2A5E 1C44, GB> :>340;81> 4>AB830;8 ?@>A25B;5=8O, =8 >48= =5 A>25@H8; MB>3>, =5 ?>;030OAL =0 <0AB5@0, 8 87 2A59 BKAOG8 1C44, GB> O2OBAO 2 MBC M?>EC, =8:B> =5 4>AB83=5B ?@>A25B;5=8O, =5 ?>;030OAL =0 <0AB5@0.  1987 3>4C, ?>A;5 B>3>, :0: <>9 2>7;N1;5==K9 <0AB5@ C46>< 8=?>G5 >B>H5; 87 MB>3> <8@0, O 2>72@0I0;AO ?>574>< 2 0@86 A N30 $@0=F88, 345 >= 68;. 1@07K 53> BKAOG ?>ABC?:>2, ?>;=KE I54@>AB8, =56=>AB8 8 A>AB@040=8O, ?@>=>A8;8AL 2 <>5< C<5; O A845; 2 A;570E, 2=>2L 8 2=>2L ?>2B>@OO ?@> A51O: A;8 1K =5 BK, :0: 1K O 2>>1I5 <>3 ?>=OBL? / >A>7=0;, B0: 3;C1>:> 8 >AB@>, :0: =8:>340 @0=LH5, ?>G5<C B0:>5 A2OI5==>5 7=0G5=85 ?@8405BAO 2 =0H59 B@048F88 2708<>>B=>H5=8O< <0AB5@0 8 CG5=8:0, 8 =0A:>;L:> ACI5AB25==> 206=K MB8 >B=>H5=8O 4;O 682>9 ?5@540G8 8AB8=K, >B C<0 : C<C, >B A5@4F0 : A5@4FC. 57 <>8E <0AB5@>2 C <5=O 2>>1I5 =5 1K;> 1K =8:0:>9 2>7<>6=>AB8 >A>7=0BL 8AB8=C CG5=89: O =5 <>3C 4065 ?@54AB028BL, :0: 1K O :>340;81> A<>3 4>AB8GL B>3> A:@><=>3> C@>2=O ?>=8<0=8O, :>B>@K9 C <5=O A59G0A 5ABL. 0 0?045 <=>385 >B=>AOBAO : <0AB5@0< A ?>4>7@8B5;L=>ABLN  8 G0AB>, : =5AG0ABLN, 2?>;=5 >?@0240==>. =5 =5 =C6=> BCB ?5@5G8A;OBL <=>385 C60A=K5 8 @07>G0@>2K20NI85 A;CG08 3;C?>AB8, 604=>AB8 8 H0@;0B0=AB20, ?@>8AE>482H85 2 A>2@5<5==>< <8@5 A B5E 2@5<5=, :>340 2 50E 8 60E 3>40E 2 =53> =0G0;0 ?@>=8:0BL 2>AB>G=0O <C4@>ABL. 4=0:> 2A5 25;8:85 B@048F88 <C4@>AB8, 1C4L B> E@8AB80=AB2>, ACD87<, 1C4487< 8;8 8=4C87<, 2 A2>59 A8;5 >?8@0NBAO =0 2708<>>B=>H5=8O <0AB5@0 8 CG5=8:0.  ?>MB><C <8@ A59G0A A@>G=> =C6405BAO 8<5==> 2 =081>;55 OA=>< ?>=8<0=88 B>3>, GB> B0:>5 =0AB>OI89 <0AB5@, 8 GB> B0:>5 =0AB>OI89 CG5=8: 8;8 ?>A;54>20B5;L, 8 :0:>20 8AB8==0O ?@8@>40 B>3> ?@5>1@065=8O, GB> ?@>8AE>48B ?>A@54AB2>< ?@540==>AB8 <0AB5@C, B>3>, GB> <>6=> 1K;> 1K =0720BL 0;E8<859 CG5=8G5AB20. 025@=>5, A0<>5 B@>30B5;L=>5 8 B>G=>5 >?@545;5=85 8AB8==>9 ?@8@>4K <0AB5@0, :0:>5 O :>340;81> 2AB@5G0;, O A;KH0; >B <>53> <0AB5@0 60<LO=30 EL5=F5. = A:070;, GB>, E>BO =0H0 8AB8==0O ?@8@>40  ?@8@>40 1C44K, => 55 A =570?0<OB=KE 2@5<5= 70:@K20;0 B5<=0O BCG0 =52565AB20 8 ?CB0=8FK. 4=0:> MB0 8AB8==0O ?@8@>40, =0H0 ?@8@>40 1C44K, =8:>340 ?>;=>ABLN =5 A4020;0AL B8@0=88 =52565AB20; >=0 2A5340 :0:8<B> >1@07>< 2>AAB05B ?@>B82 =55. "0:8< >1@07><, =0H0 ?@8@>40 1C44K 8<55B 0:B82=CN AB>@>=C, 8 MB> =0H 2=CB@5==89 CG8B5;L. -B>B 8AB8==K9 CG8B5;L A B>3> A0<>3> <><5=B0, :0: <K AB0;8 70:@KBK MB>9 BCG59, =5CAB0==> B@C48BAO 4;O =0A, ?>AB>O==> AB0@0OAL 25@=CBL =0A : A8O=8N 8 ?@>AB>@C =0H53> 8AB8==>3> ACI5AB20. 60<LO=3 EL5=F5 A:070;, GB> =8 =0 548=CN A5:C=4C MB>B 2=CB@5==89 CG8B5;L =5 >BG08205BAO 2 =0A.  A2>5< 15A:>=5G=>< A>AB@040=88, 548=>< A 15A:>=5G=K< A>AB@040=85< 2A5E 1C44 8 2A5E ?@>A25B;5==KE ACI5AB2, >= =5?@5AB0==> @01>B05B 4;O =0H59 M2>;NF88  =5 B>;L:> 2 MB>9 687=8, => 8 2> 2A5E =0H8E ?@>H;KE 687=OE  ?@8<5=OO 2A52>7<>6=K5 8A:CA=K5 A?>A>1K 8 2A52>7<>6=K5 A8BC0F88, GB>1K =0CG8BL 8 ?@>1C48BL =0A, 8 25@=CBL : 8AB8=5. >340 <K <>;8;8AL >1 8AB8=5, AB@5<8;8AL : =59 8 60640;8 55 >G5=L 4>;3>, 2 B5G5=85 <=>38E, <=>38E 687=59, 8 :>340 =0H0 :0@<0 AB0;0 4>AB0B>G=> >G8I5==>9, B> ?@>8AE>48B =5GB> 2@>45 GC40.  MB> GC4>, 5A;8 <K A?>A>1=K ?>=OBL 8 8A?>;L7>20BL 53>, <>65B ?@825AB8 : B><C, GB> <K A<>65< =025G=> ?>:>=G8BL A =52565AB2><: B>B 2=CB@5==89 CG8B5;L, :>B>@K9 2A5340 1K; A =0<8, ?@>O2;O5BAO 2 2845 2=5H=53> CG8B5;O, :>B>@>3> <K, :0: ?> 2>;H51AB2C, 8 2AB@5G05<. -B0 2AB@5G0 O2;O5BAO =081>;55 206=K< A>1KB85< 2A5E =0H8E 687=59. B> MB>B 2=5H=89 CG8B5;L? 8:B> 4@C3>9, :0: 2>?;>I5=85 8 3>;>A =0H53> 2=CB@5==53> CG8B5;O. ">B <0AB5@, G59 G5;>25G5A:89 284, G5;>25G5A:89 3>;>A 8 <C4@>ABL <K =0G8=05< ;N18BL B0:>9 ;N1>2LN, GB> 3;C165, G5< ;N10O 4@C30O ;N1>2L =0H8E 687=59  MB> =5 GB> 8=>5, :0: 2=5H=55 ?@>O2;5=85 B08=AB20 =0H59 A>1AB25==>9 2=CB@5==59 8AB8=K. 'B> 5I5 <>65B >1JOA=8BL, ?>G5<C <K GC2AB2C5< B0:CN A8;L=CN A2O7L A MB8< G5;>25:><? 0 A0<>< 3;C18==>< 8 2KAH5< C@>2=5 <0AB5@ 8 CG5=8: =5 O2;ONBAO, 8 =8:>340 =5 <>3CB 1KBL, =8:>8< >1@07>< @0745;5==K<8; 254L ?@54=07=0G5=85 <0AB5@0 2 B><, GB>1K =0CG8BL =0A 2>A?@8=8<0BL, 157 :0:>9 1K B> =8 1K;> ?><5E8, OA=>5 ?>A;0=85 =0H53> A>1AB25==>3> 2=CB@5==53> CG8B5;O 8 ?@825AB8 =0A : A>7=020=8N ?>AB>O==>3> ?@8ACBAB28O MB>3> 2KAH53> CG8B5;O 2 =0A. / 65;0N 2A5< 20< 8A?KB0BL 2 MB>9 687=8 @04>ABL MB>3> =081>;55 A>25@H5==>3> 2840 4@C61K. 0AB5@ =5 B>;L:> 3>2>@8B =5?>A@54AB25==> >B 20H53> A>1AB25==>3> 2=CB@5==53> CG8B5;O, >= 8;8 >=0 B0:65 ?@8=>A8B 8 ?5@5405B 20< 2A5 1;03>A;>25=8O 2A5E ?@>A25B;5==KE ACI5AB2. <5==> MB> 405B 20H5<C <0AB5@C =5>1KG09=CN A8;C ?@>A25B;5=8O 20H53> C<0 8 A5@4F0. = 8;8 >=0 5ABL G5;>25G5A:>5 ;8F> 01A>;NB=>3>, 5A;8 E>B8B5, B5;5D>=, ?> :>B>@><C ?>72>=8BL 20< <>3CB 2A5 1C44K 8 2A5 ?@>A25B;5==K5 ACI5AB20. = 8;8 >=0 ?@54AB02;O5B A>1>9 :@8AB0;;870F8N <C4@>AB8 2A5E 1C44 8 2>?;>I5=85 8E A>AB@040=8O, 2A5340 =0?@02;5==>3> =0 20A: ;CG8 8E 2A5;5=A:>3> A>;=5G=>3> A8O=8O =0?@02;5=K ?@O<> =0 20H5 A5@4F5 8 20H C<, GB>1K >A2>1>48BL 20A.  <>59 B@048F88 <K ?>G8B05< <0AB5@>2, :0: 5I5 1>;55 4>1@KE, G5< A0<8 1C44K. %>BO A>AB@040=85 8 A8;0 1C44 ?@8ACBAB2C5B 2A5340, => =0H8 70B<5=8O =5 40NB =0< 2AB@5B8BL 1C44 ;8F>< : ;8FC. 4=0:> <K <>65< 2AB@5B8BL <0AB5@0; >= 8;8 >=0 =0E>48BAO 745AL, 6825B, 4KH8B, 3>2>@8B, 459AB2C5B ?5@54 =0<8, GB>1K 2A5<8 2>7<>6=K<8 A?>A>10<8 ?>:070BL =0< ?CBL 1C44: ?CBL : >A2>1>645=8N. ;O <5=O <>8 <0AB5@0 O2;ONBAO 2>?;>I5=8O<8 682CI59 8AB8=K, =5>?@>25@68<K<8 7=0:0<8 B>3>, GB> ?@>A25B;5=85 2>7<>6=> 2 B5;5, 2 MB>9 687=8, 2 MB>< <8@5, 4065 745AL 8 4065 A59G0A; 2KAH8< 24>E=>25=85< 2 <>59 ?@0:B8:5, 2 <>59 @01>B5, 2 <>59 687=8 8 2 <>5< ?CB8 : >A2>1>645=8N. >8 <0AB5@0 2>?;>I0NB 4;O <5=O <>N A2OI5==CN @5H8<>ABL ?>AB>O==> A>E@0=OBL ?@>A25B;5=85 =0 ?5@2>< <5AB5 2 <>5< C<5, ?>:0 O 459AB28B5;L=> =5 4>AB83=C 53>. / 7=0N =5<0;>, GB>1K ?>=8<0BL, GB>, B>;L:> 4>AB83=C2 ?@>A25B;5=8O, O ?>;CGC ?>;=>5 ?>=8<0=85 B>3>, :5< >=8 2 459AB28B5;L=>AB8 O2;ONBAO, 8E 15A:>=5G=>9 I54@>AB8, ;N128 8 <C4@>AB8. / E>GC ?>45;8BLAO A 20<8 MB>9 ?@5:@0A=>9 <>;8B2>9, GB> 87;>68; A;>20<8 68:<5 8=3?0, <>;8B2>9, :>B>@CN <K 2 "815B5 ?@>87=>A8<, GB>1K ?@8720BL ?@8ACBAB285 <0AB5@0 2 A2>5< A5@4F5: 7 @0A?CA:0NI53>AO ;>B>A0 ?@540==>AB8, 2 F5=B@5 <>53> A5@4F0, >AAB0=L, > A>AB@040NI89 <0AB5@, <>5 548=AB25==>5 ?@81568I5! 5=O ?@5A;54CNB ?@>H;K5 459AB28O 8 1C@=K5 M<>F88: >;N B51O, GB>1K 70I8B8BL <5=O 2 <>5< 7;>AG0ABL5, @51K209 :0: 4@03>F5==>ABL 2 :>@>=5 =0 <0:CH:5 <>59 3>;>2K, <0=40;>9 25;8:>3> 1;065=AB20, @>1C640O 2A5 <>5 2=8<0=85 8 A>7=020=85! %/  !" "0<, 345 C440 A:070;, GB> 87 2A5E 1C44, GB> 4>AB83;8 ?@>A25B;5=8O, =8 >48= =5 4>AB83 53> =5 ?>;030OAL =0 <0AB5@0, >= B0:65 A:070;: ">;L:> ?>A@54AB2>< ?@540==>AB8, 8 >4=>9 ;8HL ?@540==>AB8, 2K A>7=05B5 01A>;NB=CN 8AB8=C. 1A>;NB=0O 8AB8=0 =5 <>65B 1KBL ?>7=0=0 2 ?@545;0E >1KG=>3> C<0.  ?CBL 70 ?@545;K >1KG=>3> C<0, :0: 3>2>@OB =0< 2A5 25;8:85 CG5=8O <C4@>AB8, 845B G5@57 A5@4F5. -B>B ?CBL A5@4F0 8 5ABL ?@540==>ABL. 8;3> EL5=F5 8=?>G5 ?8A0;: ABL ;8HL >48= ?CBL 4>AB8GL >A2>1>645=8O 8 ?>;CG8BL 2A57=0=85 ?@>A25B;5=8O: A;54>20=85 ?>4;8==><C 4CE>2=><C <0AB5@C. = O2;O5BAO B5< 384><, GB> ?><>65B 20< ?5@5A5GL >:50= A0=A0@K.  A>;=F5, 8 ;C=0 A@07C 65 >B@060NBAO 2 G8AB>9 8 A?>:>9=>9 2>45. >4>1=> B><C, 1;03>A;>25=85 2A5E 1C44 2A5340 5ABL 4;O B5E, :B> 8<55B : =8< ?>;=59H55 4>25@85. CG8 A>;=F0 ?040NB =0 2A5 >48=0:>2>, => ;8HL B0<, 345 A>1@0=K C25;8G8B5;L=K< AB5:;><, >=8 <>3CB ?>465GL ACECN B@02C. >340 2A5?@>=8:0NI85 ;CG8 A>AB@040=8O C44K A>18@0NBAO C25;8G8B5;L=K< AB5:;>< 20H59 25@K 8 ?@540==>AB8, B>340 ?;0<O 1;03>A;>25=89 2A?KE8205B 2 20H5< ACI5AB25. B0:, 206=> 7=0BL, GB> B0:>5 =0AB>OI0O ?@540==>ABL. -B> =5 15AA<KA;5==>5 >1>60=85; MB> 8 =5 >B:07 >B 20H59 >B25BAB25==>AB8 70 A51O A0<>3>, 8 =5 A;5?>5 A;54>20=85 70 ;8G=>ABLN 8;8 ?@8E>BO<8 4@C3>3>. 0AB>OI0O ?@540==>ABL  MB> ?>AB>O==0O 2>A?@88<G82>ABL : 8AB8=5. 0AB>OI0O ?@540==>ABL :>@5=8BAO 2 1;03>3>259=>9 8 ?>GB8B5;L=>9 1;03>40@=>AB8, => B0:>9, :>B>@0O OA=0, 8<55B B25@4K5 >A=>20=8O 8 @07C<=0. >340 <0AB5@ <>65B >B:@KBL 3;C18=K 20H53> A5@4F0 8 405B 20< =5>?@>25@68<> <>I=K9 273;O4 =0 ?@8@>4C 20H53> C<0, B> 2 20A ?>4=8<05BAO 2>;=>9 @04>AB=0O 1;03>40@=>ABL : B><C, :B> ?><>3 20< C2845BL, 8 : B>9 8AB8=5, :>B>@0O, :0: 2K B5?5@L A>7=05B5, 2>?;>I5=0 2 ACI5AB25, CG5=8OE 8 C<5 <C4@>AB8 20H53> <0AB5@0. -B> =5?>445;L=>5 8AB8==>5 GC2AB2> ?>AB>O==> :>@5=8BAO 2 ?>2B>@ONI5<AO 8 =5>B@8F05<>< 2=CB@5==5< ?5@56820=88  ?>2B>@ONI59AO OA=>AB8 =5?>A@54AB25==>3> C7=020=8O  8 2>B MB>, 8 B>;L:> MB>, 8 5ABL B>, GB> <K =07K205< ?@540==>ABLN, ?>B815BA:8 <>3C . >3C >7=0G05B AB@0AB=>5 65;0=85 8 C2065=85: C2065=85 : <0AB5@C, AB0=>2OI55AO 2A5 3;C165 8 3;C165 ?> <5@5 B>3>, :0: 2K 2A5 1>;55 8 1>;55 ?>=8<05B5, :5< >= 8;8 >=0 O2;O5BAO 2 459AB28B5;L=>AB8; 8 AB@0AB=>5 65;0=85 B>3>, GB> <0AB5@ <>65B ?@>1C48BL 2 20A, ?>B><C GB> 2K ?>=O;8, GB> <0AB5@ O2;O5BAO A2O7CNI8< 725=>< 20H53> A5@4F0 A 01A>;NB=>9 8AB8=>9 8 2>?;>I5=85< 8AB8==>9 ?@8@>4K 20H53> C<0. 8;3> EL5=F5 8=?>G5 3>2>@8B =0<: =0G0;5 MB0 ?@540==>ABL <>65B =5 1KBL 5AB5AB25==>9 8;8 =5?@>872>;L=>9, 8 ?>MB><C <K 4>;6=K ?@8<5=OBL @07;8G=K5 <5B>4K, ?><>30NI85 4>AB8GL F5;8.  >A=>2=>< <K 4>;6=K ?>AB>O==> ?><=8BL > ?@52>AE>4=KE :0G5AB20E CG8B5;O, >A>15==> > 53> 4>1@>B5 : =0<. > <5@5 B>3>, :0: <K 1C45< A=>20 8 A=>20 2K7K20BL 2 A515 4>25@85, 2KA>:CN >F5=:C A2>53> 3C@C, 8 ?@540==>ABL : =5<C, ?@845B 2@5<O, :>340 ?@>AB>5 ?@>87=5A5=85 53> 8<5=8 8;8 <KA;L > =5< 1C45B ?@5A5:0BL =0H8 >1KG=K5 2>A?@8OB8O, 8 <K 1C45< 2845BL 53>, :0: A0<>3> C44C. 845BL <0AB5@0 =5 :0: G5;>25:0, 0 :0: A0<>3> C44C, MB> 8AB>G=8: 2KA>G09H53> 1;03>A;>25=8O. 54L, :0: 3>2>@8B 04<0A0<1E020, ?>;=0O ?@540==>ABL ?@8=>A8B ?>;=>5 1;03>A;>25=85; >BACBAB285 A><=5=89 ?@8=>A8B ?>;=K9 CA?5E.  "815B5 7=0NB, GB> 5A;8 >B=>A8HLAO : A2>5<C CG8B5;N, :0: : 1C445, B> ?>;CG8HL 1;03>A;>25=85 1C44K, => 5A;8 >B=>A8HLAO : A2>5<C <0AB5@C :0: : G5;>25:C, B> 8 ?>;CG8HL ;8HL 1;03>A;>25=85 G5;>25:0. >MB><C, GB>1K ?>;CG8BL ?>;=CN ?@5>1@07CNICN A8;C 1;03>A;>25=8O >B 53> 8;8 55 CG5=8O, ?>;=>ABLN @0A:@KBL 25;8G85 MB>3> 1;03>A;>25=8O, 2K 4>;6=K AB0@0BLAO @0A:@KBL 2 A515 =081>;55 ?>;=CN 8 A8;L=CN ?@540==>ABL. ">;L:> 5A;8 2K =0G=5B5 2845BL A2>53> <0AB5@0, :0: 1C44C, A<>3CB CG5=8O 1C44 ?@89B8 : 20< 87 C<0 <C4@>AB8 20H53> <0AB5@0. A;8 65 2K =5 A<>65B5 @0A?>7=0BL 1C44K 2 20H5< <0AB5@5, => 1C45B5 2845BL 2 =5< 8;8 2 =59 G5;>25G5A:>5 ACI5AB2>, B>340 ?>;=>3> 1;03>A;>25=8O =8:>340 =5 1C45B, 8 4065 25;8G09H55 CG5=85 >AB028B 20A 2 G5<B> =52>A?@88<G82K<. '5< 1>;LH5 O @07<KH;ON > ?@540==>AB8 8 55 <5AB5 8 @>;8 2 >1I5< 2845=88 =0H53> CG5=8O, B5< 3;C165 O A>7=0N, GB> ?> A2>5<C ACI5AB2C MB> 8A:CA=>5 8 <>I=>5 A@54AB2> A45;0BL =0A 1>;55 2>A?@88<G82K<8 : 8AB8=5 B>3>, G5<C =0A CG8B <0AB5@. !0<8 <0AB5@0 =5 =C640NBAO 2 =0H5< >1>60=88, => :>340 <K @0AA<0B@8205< 8E :0: 682KE 1C44, MB> ?>72>;O5B =0< A =081>;LH59 25@>OB=>ABLN A;KH0BL 8 CA;KH0BL B>, GB> =0< A>>1I0NB, 8 A;54>20BL 8E C:070=8O<. >MB><C ?@540==>ABL, 2 >4=>< A<KA;5, O2;O5BAO =081>;55 ?@0:B8G5A:8< A?>A>1>< >15A?5G5=8O ?>;=>3> C2065=8O : CG5=8O<, 8 B5< A0<K< >B:@KB>ABL 8<, 2>?;>I05<K< <0AB5@>< 8 ?5@540NI8<AO G5@57 =53> 8;8 =55. '5< 1>;55 2K ?@540==K, B5< 1>;55 >B:@KBK CG5=8O<; G5< 1>;55 2K >B:@KBK CG5=8O<, B5< 1>;LH5 4;O =8E 2>7<>6=>AB8 ?@>=8:=CBL 2 20H5 A5@4F5 8 C<, 8 B5< ?@8=5AB8 ?>;=>5 4CE>2=>5 ?@5>1@065=85. >MB><C B>;L:> @0AA<0B@820O A2>53> <0AB5@0, :0: 682CI53> 1C44C, 2K 2>8AB8=C <>65B5 =0G0BL 8 2>8AB8=C 7025@H8BL ?@>F5AA ?@5>1@065=8O A51O A0<>3> 2 682CI53> 1C44C. >340 20H8 C< 8 A5@4F5 ?>;=>ABLN >B:@KBK, 2 @04>AB8 8 2>AE8I5=88, C7=020=88 8 1;03>40@=>AB8, B08=AB2C 682>3> ?@8ACBAB28O ?@>A25B;5=8O 2 <0AB5@5, B>340 <54;5==>, 2 B5G5=85 <=>38E ;5B, <>65B ?@>87>9B8 ?5@540G0 >B C<0 <C4@>AB8 8 A5@4F0 <0AB5@0 2 20H8 C< 8 A5@4F5, >B:@K20O 20< 2A5 25;8:>;5?85 20H59 A>1AB25==>9 ?@8@>4K 1C44K, 0 2<5AB5 A =8< 8 A>25@H5==>5 25;8:>;5?85 A0<>9 2A5;5==>9. -B> =081>;55 3;C1>:>5 2708<>>B=>H5=85 CG5=8:0 8 <0AB5@0 AB0=>28BAO >B@065=85<, 682>9 0=0;>3859 2708<>>B=>H5=89 CG5=8:0 A 687=LN 8 2>>1I5 A <8@><. 0AB5@ AB0=>28BAO F5=B@>< ?>AB>O==>9 ?@0:B8:8 G8AB>3> 2845=8O, :>B>@>5 4>AB8305B 2KAH59 B>G:8, :>340 CG5=8: 2848B, =5?>A@54AB25==> 8 157 B5=8 A><=5=8O: <0AB5@0  :0: 682CI53> 1C44C, 53> :064>5 A;>2>  :0: @5GL 1C44K, 53> C<  :0: C< <C4@>AB8 2A5E 1C44, 53> :064>5 459AB285  :0: 2K@065=85 45OB5;L=>AB8 1C44, <5AB>, 345 6825B <0AB5@  >18B5;L 1C44K, 8 4065 B5E, :B> >:@C605B <0AB5@0, :0: A25B>=>A=K5 ?@>O2;5=8O 53> <C4@>AB8. > <5@5 B>3>, :0: MB8 2>A?@8OB8O AB0=>2OBAO 2A5 1>;55 AB018;L=K<8 8 459AB28B5;L=K<8, <>65B ?>AB5?5==> >ACI5AB2;OBLAO B> 2=CB@5==55 GC4>, :>B>@>3> CG5=8:8 60640;8 2 B5G5=85 <=>38E 687=59: >=8 =0G=CB 5AB5AB25==> 2845BL, GB> >=8 A0<8  2A5;5==0O, 8 2A5 157 8A:;NG5=8O ACI5AB20 O2;ONBAO =5?>A@54AB25==> G8ABK<8 8 A>25@H5==K<8. =8 =0:>=5FB> A<>B@OB =0 @50;L=>ABL 55 A>1AB25==K<8 3;070<8. "0:8< >1@07><, <0AB5@ O2;O5BAO ?CB5<, 2>;H51=K< ?@>1=K< :0<=5<, 4;O ?>;=>3> ?@5>1@065=8O :064>3> 2>A?@8OB8O CG5=8:0. >:;>=5=85 >:07K205BAO =081>;55 G8ABK<, 1KAB@K< 8 ?@>ABK< A?>A>1>< >A>7=0=8O ?@8@>4K =0H53> C<0 8 2A53> ACI53>. > <5@5 B>3>, :0: <K 53> @0728205<, MB>B ?@>F5AA >B:@K205BAO =0< 2> 2A59 53> GC45A=>9 2708<>7028A8<>AB8: <K, A =0H59 AB>@>=K, ?>AB>O==> AB0@05<AO A>7840BL ?@540==>ABL; A0<0 MB0 ?@540==>ABL ?@>1C6405B 2845=85 ?@8@>4K C<0; 0 MB8 2845=8O CA8;820NB 8 C3;C1;ONB =0HC ?@540==>ABL : <0AB5@C, :>B>@K9 8E 24>E=>2;O5B. >MB><C, 2 :>=F5 :>=F>2, ?@540==>ABL 2>7=8:05B 87 <C4@>AB8: ?@540==>ABL 8 682>5 ?5@56820=85 ?@8@>4K C<0 AB0=>2OBAO =5@0745;L=K 8 24>E=>2;ONB 4@C3 4@C30. #G8B5;O 0B@C;0 8=?>G5 720;8 68:<5 LO;25 LN3C. = <=>3> ;5B ?@>25; 2 C548=5=88, 2 3>@=>9 ?5I5@5. 4=064K, :>340 >= 2KH5; =0@C6C, 2A5 1K;> 70;8B> A>;=F5<; >= ?>A<>B@5; 2 =51> 8 C2845; >1;0:>, ?;K2CI55 2 B>< =0?@02;5=88, 345 68; 53> <0AB5@ 68:<5 8=3?0. = ?>4C<0;: >= B0< 6825B <>9 <0AB5@, 8 A MB>9 <KA;LN =0 =53> =0E;K=C;> >3@><=>5 GC2AB2> AB@0AB=>3> 65;0=8O 8 ?@540==>AB8. -B> 1K;> =0AB>;L:> A8;L=>, =0AB>;L:> ?>B@OA0NI5, GB> >= ?>B5@O; A>7=0=85. >340 65 68:<5 LO;25 LN3C ?@8H5; 2 A51O, B> 2A5 1;03>A;>25=85 C<0 <C4@>AB8 53> <0AB5@0 >:070;>AL ?5@540==K< 5<C, 8 >= 4>AB83 2KA>G09H53> A>AB>O=8O ?>AB865=8O, :>B>@>5 <K =07K205< 8AG5@?0=85< D5=><5=0;L=>9 @50;L=>AB8. " ! "0:85 8AB>@88 > A8;5 ?@540==>AB8 8 1;03>A;>25=88 <0AB5@0 >B=>AOBAO =5 B>;L:> : ?@>H;K< 2@5<5=0<.  B0:>9 D83C@5, :0: E0=4@> &5@8=3 '>4@>=, 25;8G09H0O 65=I8=0<0AB5@ =0H53> 2@5<5=8, :>B>@0O 1K;0 65=>9 <>53> <0AB5@0 60<LO=30 EL5=F5, >G5=L OA=> 284=>, GB> <>3CB A>740BL 87 G5;>25G5A:>3> 4CE0 3>4K 3;C1>G09H59 ?@540==>AB8 8 4CE>2=>9 ?@0:B8:8. 5 A<8@5=85 8 :@0A>B0 A5@4F0, 55 A8ONI0O ?@>AB>B0, A:@><=>ABL 8 OA=0O, =56=0O <C4@>ABL 55 ?@8ACBAB28O ?>G8B0NBAO 2A5<8 B815BF0<8, E>BO >=0 A0<0 2A5340 AB0@0;0AL >AB020BLAO 2 B5=8, =5 AB@5<8;0AL : ?5@25=AB2C 8 68;0 A>:@KB>9 8 0A:5B8G5A:>9 687=LN 4@52=8E A>75@F0B5;59. 60<LO=3 EL5=F5 1K; 24>E=>25=85< 2A59 687=8 E0=4@>. <5==> 55 4CE>2=>5 70<C65AB2> A =8< ?@5>1@078;> 55 87 >G5=L :@0A82>9 8 A;53:0 1C=BCNI59 452CH:8 2 BC A8ONICN 40:8=8, : :>B>@>9 4@C385 25;8:85 <0AB5@0 >B=>AOBAO A 25;8G09H8< C2065=85<. 8;3> EL5=F5 8=?>G5 AG8B0; 55 A2>59 4CE>2=>9 <0B5@LN 8 2A5340 3>2>@8;, GB> GC2AB2C5B A51O >G5=L 2K45;5==K< B5<, GB> 53> 87 2A5E 0< >=0 ?>G8B05B 2KH5 2A5E 8 A8;L=55 2A5E ;N18B. AO:89 @07, :>340 >= 2AB@5G0;AO A E0=4@>, >= 1@0; 55 @C:C 8 =56=> 3;048;, 0 70B5< <54;5==> :;0; A515 =0 3>;>2C; >= 7=0;, GB> B>;L:> B0: >= <>65B 70AB028BL E0=4@> 1;03>A;>28BL 53>. 60<LO=3 EL5=F5 ?5@540; E0=4@> 2A5 CG5=8O, >= CG8; 55 8 24>E=>2;O; =0 70=OB8O ?@0:B8:>9. =0 ?5@54020;0 A2>8 2>?@>AK : =5<C 2 2845 ?5A5=, 0 >= ?8A0; 59 ?5A=8 A >B25B0<8, ?>GB8 83@82K5 8 ?>44@07=820NI85. E0=4@> ?>:070;0 A2>N =5C<8@0NICN ?@540==>ABL A2>5<C CG8B5;N B5<, GB> ?>A;5 53> A<5@B8 >AB0;0AL 68BL 2 B>< <5AB5 2 !8::8<5, 345 >= 68; 2 :>=F5 A2>59 687=8 8 C<5@, 8 345 2 A2OI5==>9 ABC?5 ;560B 53> >AB0=:8. 45AL, 21;878 =53>, >=0 ?@>4>;605B A2>N OA=CN, =57028A8<CN 687=L, ?>A2OI5==CN ?>AB>O==>9 <>;8B25. =0 ?@>G;0, <54;5==>, A;>2> 70 A;>2><, 2A5 !;>2> C44K 8 A>B=8 B><>2 :><<5=B0@852. 8;3> EL5=F5 8=?>G5 3>2>@8;, GB> :064K9 @07, :>340 >= 2>72@0I0;AO : ABC?5 60<LO=30 EL5=F5, >= GC2AB2>20;, GB> 2>72@0I05BAO 4><>9, B0:>9 B5?;>9 8 =0AKI5==>9 45;0;> 0B<>AD5@C MB>3> <5AB0 ?@8ACBAB285 E0=4@>. = =0<5:0;, GB> MB> 1K;> B0:, 1C4B> 53> <0AB5@ 60<LO=3 EL5=F5 1K; B0<, ?>?@56=5<C 682>9, 2 55 ?@540==>AB8 8 55 ACI5AB25. / 2=>2L 8 2=>2L A;KH0; >B E0=4@>, GB>, 5A;8 B2>O A2O7L A B2>8< <0AB5@>< A>E@0=O5BAO 459AB28B5;L=> G8AB>9, B> 2A5 2 B2>59 687=8 1C45B 84B8 E>@>H>. 5 A>1AB25==0O 687=L ?@54AB02;O5B A0<K9 B@>30B5;L=K9 8 CB>=G5==K9 ?@8<5@ MB>3>. 5 ?@540==>ABL ?>72>;8;0 59 2>?;>B8BL A5@4F5 CG5=89 8 87;CG0BL 8E B5?;> 4@C38<. E0=4@>, D0:B8G5A:8, =5 CG8B D>@<0;L=K< A?>A>1><, >=0 =5 3>2>@8B <=>3>; => B>, GB> >=0 3>2>@8B, G0AB> 1K205B =0AB>;L:> ?@>=78B5;L=> OA=K<, GB> AB0=>28BAO ?@>@>G5A:8<. !;CH0BL 55 ?K;:>5 8 ?>;=>5 1;065=AB20 ?5=85 8;8 70=8<0BLAO A =59 4CE>2=>9 ?@0:B8:>9  7=0G8B 1KBL 24>E=>2;5==K< 4> 3;C18= A2>53> ACI5AB20. 065 84B8 @O4>< A =59 8;8 45;0BL ?>:C?:8, 8;8 ?@>AB> A845BL @O4><  7=0G8B ?>3@C60BLAO 2 <>I=>5 B8E>5 AG0ABL5 55 ?@8ACBAB28O. 770 B>3>, GB> E0=4@> 2545B >G5=L C548=5==CN 687=L, 8 8770 B>3>, GB> 55 25;8G85 A>AB>8B 2 55 >1KG=>AB8, B>;L:> B5, :B> 8<55B =0AB>OI55 ?@>7@5=85, 284OB, :5< >=0 O2;O5BAO. K 6825< 2 B0:>5 2@5<O, :>340 70G0ABCN 1>;LH5 2A53> 2>AE8I0NBAO B5<8, :B> =0 284C, => 8AB8=0, 2 459AB28B5;L=>AB8, >18B05B 2 A<8@5==KE, B0:8E, :0: E0=4@>.  5A;8 1K E0=4@> :>340;81> AB0;0 CG8BL =0 0?045, B> >=0 1K;0 1K 8450;L=K< <0AB5@><; 65=I8=>9<0AB5@>< A0<>3> 25;8G09H53> 2840, B0:>9, :>B>@0O A <8AB8G5A:>9 ?>;=>B>9 2>?;>I05B ;N1>2L 8 8AF5;ONICN <C4@>ABL "0@K, ?@>A25B;5==>3> A>AB@040=8O 2 53> 65=A:>9 D>@<5. A;8 1K O C<8@0; 8 E0=4@> 1K;0 @O4>< A> <=>9, O GC2AB2>20; 1K 1>;LH5 C25@5==>AB8 8 1>;LH5 ?>:>O, G5< 2 ?@8ACBAB288 ;N1>3> 4@C3>3> <0AB5@0. A5, GB> <=5 C40;>AL ?>AB8GL, O ?>AB83 1;03>40@O ?@540==>AB8 <>8< CG8B5;O<.  2A5 1>;LH5, ?> <5@5 B>3>, :0: O A0< CGC, O >A>7=0N, 2 A<8@5=88 8 A =0AB>OI8< 1;03>3>25=85<, :0: 8E 1;03>A;>25=8O =0G8=0NB @01>B0BL G5@57 <5=O. 57 8E 1;03>A;>25=8O O  =8GB>, 8 5A;8 O GB>B> 8 <>3C, B0: MB> 1KBL <>AB>< <564C 20<8 8 8<8. / 2=>2L 8 2=>2L 70<5G0N, GB>, :>340 O CGC 8 3>2>@N > <>8E <0AB5@0E, B> <>O ?@540==>ABL 8< 24>E=>2;O5B 2845=85 ?@540==>AB8 C <>8E A;CH0B5;59; 8 2 MB8 GC45A=K5 <><5=BK O GC2AB2CN, GB> <>8 <0AB5@0 ?@8ACBAB2CNB 745AL, 1;03>A;>2;OO 8 >B:@K20O A5@4F0 <>8E CG5=8:>2 8AB8=5. / ?><=N, :0: 2 60E 3>40E 2 !8::8<5, 2A:>@5 ?>A;5 A<5@B8 <>53> <0AB5@0 60<LO=30 EL5=F5, 8;3> EL5=F5 8=?>G5 ?@>2>48; 4;8B5;L=CN A5@8N ?>A2OI5=89 2 ?@>284G5A:85 CG5=8O 04<0A0<1E02K, >2;045=85 :>B>@K<8 <>65B ?>B@51>20BL =5A:>;L:8E <5AOF52. "0<, 2 <>=0ABK@5 2 E>;<0E 70 0=3B>:><, AB>;8F59 !8::8<0, A>1@0;>AL <=>3> <0AB5@>2; O A845; @O4>< A E0=4@> &5@8=3 '>4@>= 8 0<>9 '>:45=><, ?><>I=8:>< 60<LO=30 EL5=F5, :>B>@K9 1K; B0< @0A?>@O48B5;5<. <5==> B>340 O A0< G@572KG09=> 682> >ICB8; 8AB8=C B>3>, :0: <0AB5@ <>65B ?5@540BL CG5=8:C 1;03>A;>25=85 A2>53> C<0 <C4@>AB8.  >48= 87 4=59 8;3> EL5=F5 8=?>G5 G@572KG09=> 2?5G0B;ONI5 CG8; > ?@540==>AB8 8 > =0H5< <0AB5@5 60<LO=35 EL5=F5; 53> A;>20 ;8;8AL ?>B>:>< :@0A=>@5G8O 8 G8AB59H59 4CE>2=>9 ?>M788.  2 B> 2@5<O, :0: O A;CH0; 8;3> EL5=F5 8=?>G5 8 A<>B@5; =0 =53>, O 2=>2L 8 2=>2L A0<K< B08=AB25==K< >1@07>< 2845; ?5@54 A>1>9 A0<>3> 60<LO=30 EL5=F5, :0: >= ?@>AB> 3>2>@8; 8 87 =53> 87;820;>AL, 1C4B> 87 A>:@KB>3> =58AB>I8<>3> 8AB>G=8:0, A0<>5 2>72KH5==>5 CG5=85.  <54;5==> O A 87C<;5=85< >A>7=0;, GB> ?@>8AE>48B: 1;03>A;>25=85 C<0 <C4@>AB8 60<LO=30 EL5=F5 1K;> ?>;=>ABLN ?5@540=> AK=C 53> A5@4F0 8;3> EL5=F5 8=?>G5 8 B5?5@L, ?5@54 2A5<8 =0<8, 157 CA8;89 87;820;>AL G5@57 =53>.  :>=F5 ?>CG5=8O O >15@=C;AO : E0=4@> 8 '>:45=C 8 C2845;, GB> C =8E ?> I5:0< ;LNBAO A;57K. K 7=0;8, GB> 8;3> EL5=F5  25;8:89 <0AB5@, A:070;8 >=8, 8 7=05<, GB> A:070=>, GB> <0AB5@ ?5@5405B 2A5 1;03>A;>25=85 A2>53> C<0 <C4@>AB8 AK=C A2>53> A5@4F0. > B>;L:> A59G0A, B>;L:> A53>4=O, <K >A>7=0;8, GB> MB> 2>8AB8=C >7=0G05B. >340 O 2A?><8=0N B>B GC45A=K9 45=L 2 !8::8<5 8 B5E 25;8:8E <0AB5@>2, GB> O 7=0;, <=5 =0 C< 2A5340 ?@8E>4OB A;>20 B815BA:>3> A2OB>3>, :>B>@K5 2A5340 24>E=>2;O;8 <5=O: >340 A>;=F5 ?;0<5==>9 ?@540==>AB8 A25B8B =0 A=56=CN 25@H8=C <0AB5@0, B> 2=87 ?@>;8205BAO ?>B>: 53> 1;03>A;>25=89, 8 O 2A?><8=0N B0:65 A;>20 A0<>3> 8;3> EL5=F5 8=?>G5, :>B>@K5, =025@=>5, 1>;55 :@0A=>@5G82>, G5< ;N1>9 87 8725AB=KE <=5 B5:AB>2, 2K@060NB 25;8:85 8 1;03>@>4=K5 :0G5AB20 <0AB5@0: = ?>4>15= 25;8:><C :>@01;N, GB> ?>72>;O5B ACI5AB20< ?5@5A5GL >?0A=K9 >:50= ACI5AB2>20=8O; >= :0?8B0=, GB> B25@4>9 @C:>9 157>H81>G=> ?@82>48B 8E : =0456=>9 ACH5 >A2>1>645=8O; B>B 4>64L, GB> 30A8B ?>60@ AB@0AB59; O@:>5 A>;=F5 8 ;C=0, GB> @0AA5820NB BL<C =52565AB20; B25@40O >A=>20, GB> <>65B 2K=5AB8 BO65ABL :0: 4>1@0, B0: 8 7;0; 45@52> 8A?>;=5=8O 65;0=89, 40NI55 2@5<5==>5 AG0ABL5 8 2KAH55 1;065=AB2>; A>:@>28I=8F0 >1H8@=KE 8 3;C1>:8E C:070=89; 4@03>F5==K9 :0<5=L 8A?>;=5=8O 65;0=89, =045;ONI89 2A5<8 :0G5AB20<8 ?>AB865=8O; >B5F 8 <0BL, @02=> 40NI85 A2>N ;N1>2L 2A5< @07C<=K< AC3F5AB20<; 25;8:0O @5:0 A>AB@040=8O; 3>@0, 2>72KH0NI0OAO =04 <8@A:8<8 701>B0<8, =5?>:>;518<0O 25B@0<8 M<>F89; 8 >3@><=>5 >1;0:>, ?>;=>5 4>645<, CA?>:0820NI8< 1C@=K5 ?>B>:8 AB@0AB59. >@>G5, >= @025= 2A5< 1C440<. N10O A2O7L A =8<, 157@07;8G=>, 2845=85 ;8 53>, A;KH0=85 53> 3>;>A0, 2A?><8=0=85 53> 8;8 65 ?@8:>A=>25=85 53> @C:8, 2545B =0A : >A2>1>645=8N. >;=>5 4>25@85 : =5<C  25@=K9 ?CBL : ?@>A25B;5=8N. "5?;> 53> <C4@>AB8 8 A>AB@040=8O @0AB>?8B @C4C =0H53> ACI5AB20 8 >A2>1>48B 7>;>B> B0OI59AO 2=CB@8 ?@8@>4K 1C44K. / >A>7=0;, GB> 1;03>A;>25=8O <>8E <0AB5@>2 ?>GB8 =570<5B=> 4;O <5=O A0<>3> ?@>A0G820NBAO 2 <5=O 8 ?@>A25I0NB <>9 C<. I5 A <><5=B0 A<5@B8 C46><0 8=?>G5, <>8 CG5=8:8 3>2>@OB <=5, GB> <>8 ?>CG5=8O AB0=>2OBAO 2A5 1>;55 =5?>A@54AB25==K<8 8 1>;55 OA=K<8. 5402=>, :>340 O A;KH0;, :0: 8;3> EL5=F5 8=?>G5 ?@>87=5A >A>15==> ?>@078B5;L=>5 ?>CG5=85, O 2KA:070; 5<C <>5 3;C1>:>5 2>AE8I5=85 8 A:070;: >GB8 GC4>, :0: ;53:> 8 =5?>A@54AB25==> MB8 CG5=8O 8AB5:0NB 87 20H53> C<0 <C4@>AB8. = A:;>=8;AO :> <=5, A =56=>ABLN 8 ?>44@07=820NI8< 1;5A:>< 2 3;070E, 8 >B25B8;:  ?CABL B2>8 ?>CG5=8O =0 0=3;89A:>< 8AB5:0NB B0: 65. ! MB>3> <><5=B0, E>BO O A0< =8G53> 4;O MB>3> =5 45;0;, O GC2AB2CN, :0: <>O A?>A>1=>ABL 2K@060BL CG5=8O AB0=>28BAO 2A5 1>;55 8 1>;55 5AB5AB25==>9. / AG8B0N MBC :=83C ?@>O2;5=85< 1;03>A;>25=8O <>8E <0AB5@>2, ?5@540==>3> G5@57 C< <C4@>AB8 2KAH53> <0AB5@0 8 @C:>2>48B5;O 04<0A0<1E02K. "0:8< >1@07><, MB0 :=830  8E 40@ 20<. <5==> <>O ?@540==>ABL <0AB5@0< 405B <=5 A8;K, GB>1K CG8BL, 0 B0:65 >B:@KB>ABL 8 2>A?@88<G82>ABL, GB>1K CG8BLAO A0<><C. !0< 8;3> EL5=F5 8=?>G5 =8:>340 =5 ?5@5AB020; A<8@5==> 2>A?@8=8<0BL CG5=85 >B 4@C38E <0AB5@>2, 8 G0AB> >B B5E, :>B>@K5 A0<8 1K;8 53> CG5=8:0<8. "0:8< >1@07><, B0 ?@540==>ABL, GB> 405B 24>E=>25=85 CG8BL, O2;O5BAO >4=>2@5<5==> 8 B>9 ?@540==>ABLN, GB> 405B A<8@5=85 ?@>4>;60BL CG8BLAO. 0<?>?0, 25;8G09H89 87 CG5=8:>2 8;0@5?K, A?@>A8; 53> 2 <><5=B 8E @0AAB020=8O: >340 O A<>3C =0G0BL CG8BL CG5=8:>2? 8;0@5?0 >B25B8;: >340 BK 1C45HL =5 B0:8<, :0:>2 BK A59G0A, :>340 2A5 B2>5 2>A?@8OB85 1C45B ?@5>1@065=>, 8 BK A<>65HL 2845BL, ?>=0AB>OI5<C 2845BL, 2>B MB>3> AB0@8:0 ?5@54 A>1>9, :0: =5 <5=55, G5< A0<>3> C44C. >340 ?@540==>ABL ?@82545B B51O : B0:><C <><5=BC C7=020=8O, B> MB>B <><5=B 1C45B B515 7=0:><, GB> B515 =0AB0;0 ?>@0 CG8BL. -B8 CG5=8O 1K;8 ?@8=5A5=K 20< 87 ?@>A25B;5==>3> A5@4F0 04<0A0<1E02K G5@57 25:0, 87 2@5<5=8, 1>;55 G5< =0 BKAOGC ;5B >BAB>OI53> >B =0A, =5?@5@K2=>9 ;8=859 <0AB5@>2, :064K9 87 :>B>@KE AB0; <0AB5@>< B>;L:> ?>B><C, GB> A<8@5==> =0CG8;AO 1KBL CG5=8:><, 8 2AN A2>N 687=L >AB020;AO, 2 A0<>< 3;C18==>< A<KA;5, CG5=8:>< A2>8E <0AB5@>2. 8;3> EL5=F5 8=?>G5, 4065 :>340 5<C 1K;> 2>A5<L45AOB 420 3>40, 3>2>@8; > A2>5< <0AB5@5 60<LO=35 EL5=F5 A> A;570<8 1;03>40@=>AB8 8 ?@540==>AB8 =0 3;070E. !2>5 ?>A;54=55 ?8AL<> :> <=5, =5704>;3> 4> A<5@B8, >= ?>4?8A0; EC4H89 87 CG5=8:>2. -B> ?>:070;> <=5, =0A:>;L:> 15A:>=5G=0 8AB8==0O ?@540==>ABL, 8 :0:, 2<5AB5 A 25;8G09H8< 2>7<>6=K< ?>AB865=85<, ?@8E>48B 25;8G09H0O ?@540==>ABL 8 =081>;55 ?>;=0O, ?>B><C GB> =081>;55 A<8@5==0O, 1;03>40@=>ABL. # #: !/ ! # # !" !"  A5 1C44K, 1>4E8A0BB2K 8 ?@>A25B;5==K5 ACI5AB20 2> 2A5 <><5=BK ?@8ACBAB2CNB, GB>1K ?><>30BL =0<, 8 8<5==> ?>A@54AB2>< ?@8ACBAB28O <0AB5@0 2A5 8E 1;03>A;>25=8O A>A@54>B0G820NBAO ?@O<> =0 =0A. "5, :B> 7=05B 04<0A0<1E02C, 7=0NB 682CN 8AB8=C B>3> >15I0=8O, :>B>@>5 >= A45;0; 1>;55 BKAOG8 ;5B B><C =0704: / =8:>340 =5 40;5: >B B5E, :B> 8<55B 25@C, 8 4065 >B B5E, :B> =5 8<55B 55, E>BO >=8 8 =5 284OB <5=O. 5B8 <>8 1C4CB 2A5340, 2A5340 70I8I5=K <>8< A>AB@040=85<. A5, GB> =0< =C6=> A45;0BL, GB>1K ?@O<> ?>;CG8BL ?><>IL, ?>?@>A8BL. 0725 %@8AB>A B>65 =5 3>2>@8;: @>A8B5, 8 40=> 1C45B 20<; 8I8B5, 8 =0945B5; ABCG8B5, 8 >B2>@OB 20<; 81> 2AO:89 ?@>AOI89 ?>;CG05B, 8 8ICI89 =0E>48B (0BD. 7:7). > ?@>A8BL =0< >:07K205BAO B@C4=55 2A53>. / GC2AB2CN, GB> <=>385 87 =0A 2@O4 ;8 7=0NB, :0: ?@>A8BL. >@>9, ?>B><C, GB> <K A0<>=045O==K, 8=>340  ?>B><C, GB> =5 E>B8< 8A:0BL ?><>I8, 8=>340  ?>B><C, GB> ;5=82K, 0 8=>340 =0H8 C<K =0AB>;L:> 70=OBK 2>?@>A0<8, >B2;5G5=8O<8 8 ?CB0=8F59, GB> A0<0 ?@>AB>B0 B>3>, GB>1K ?>?@>A8BL, =5 ?@8E>48B =0< =0 C<. >2>@>B=K9 <><5=B 2 ;N1>< ;5G5=88 0;:>3>;8:>2 8 =0@:><0=>2 =0ABC?05B B>340, :>340 >=8 ?@87=0NB A2>N 1>;57=L 8 >1@0I0NBAO 70 ?><>ILN. K 2A5 B0: 8;8 8=0G5 O2;O5<AO =574>@>2> ?@8AB@0AB82H8<8AO : A0=A0@5; B>B <><5=B, :>340 =0< <>65B 1KBL >:070=0 ?><>IL, =0ABC?05B, :>340 <K ?@87=05< =0H5 ?@8AB@0AB85 8 ?@>AB> ?@>A8< > =59. >;LH8=AB2> 87 =0A =C6405BAO 1>;LH5 2A53> 2 >B2035 8 A<8@5=88, GB> ?>72>;8;8 1K 459AB28B5;L=> ?>?@>A8BL > ?><>I8, 87 3;C18=K A5@4F0; ?>?@>A8BL > A>AB@040=88 ?@>A25B;5==KE ACI5AB2, ?>?@>A8BL >1 >G8I5=88 8 8AF5;5=88, ?>?@>A8BL > A?>A>1=>AB8 ?>=OBL A<KA; =0H8E AB@040=89 8 ?@5>1@07>20BL 8E; =0 >B=>A8B5;L=>< C@>2=5 ?>?@>A8BL > 2>7@0AB0=88 2 =0H8E 687=OE OA=>AB8, ?>:>O, A?>A>1=>AB8 : @07;8G5=8N, 8 ?>?@>A8BL > ?>AB865=88 01A>;NB=>9 ?@8@>4K C<0, :>B>@0O ?@>8AE>48B >B A;8O=8O A 15AA<5@B=K< C<>< <C4@>AB8 <0AB5@0. 5 ACI5AB2C5B 1>;55 1KAB@>9, 1>;55 B@>30NI59 4CHC 8;8 1>;55 A8;L=>9 4CE>2=>9 ?@0:B8:8 4;O ?@87K20=8O ?><>I8 ?@>A25B;5==KE ACI5AB2, 4;O ?@>1C645=8O ?@540==>AB8 8 A>7=020=8O ?@8@>4K C<0, G5< ?@0:B8:0 C@C9>38. 8;3> EL5=F5 8=?>G5 ?8A0;: !;>20  C@C9>30 >7=0G0NB  A;8O=85 A ?@8@>4>9 3C@C , 8 2 MB>9 4CE>2=>9 ?@0:B8:5 =0< 40NBAO <5B>4K, ?>A@54AB2>< :>B>@KE <K <>65< A;8BL A2>9 A>1AB25==K9 C< A ?@>A25B;5==K< C<>< <0AB5@0. ><=8B5, GB> <0AB5@3C@C 2>?;>I05B :@8AB0;;870F8N 1;03>A;>25=89 2A5E 1C44, <0AB5@>2 8 ?@>A25B;5==KE ACI5AB2. >MB><C ?@87K20BL 53> 8;8 55  ?@87K20BL 8E 2A5E; 0 A;820BL A2>9 C< 8 A5@4F5 A C<>< <C4@>AB8 20H53> <0AB5@0  7=0G8B A;820BL A2>9 C< A 8AB8=>9 8 A0<8< 2>?;>I5=85< ?@>A25B;5=8O. =5H=89 CG8B5;L =5?>A@54AB25==> 7=0:><8B 20A A 8AB8=>9 20H53> 2=CB@5==53> CG8B5;O. '5< 1>;LH5 20< >B:@K205BAO ?>A@54AB2>< 53> 8;8 55 CG5=89 8 24>E=>25=8O, B5< 1>;LH5 2K =0G8=05B5 A>7=020BL, GB> 2=5H=89 8 2=CB@5==89 CG8B5;O =5@0745;L=K.  2 B> 2@5<O, :0: 2K A0<8 ?>AB5?5==> >B:@K205B5 4;O A51O MBC 8AB8=C, ?@87K20O 55 2=>2L 8 2=>2L 2 ?@0:B8:5 C@C9>38, 2 20A @>6405BAO 2A5 C3;C1;ONI55AO 4>25@85, 1;03>40@=>ABL, @04>ABL 8 ?@540==>ABL, ?>A@54AB2>< :>B>@KE 20H C< 8 C< <C4@>AB8 <0AB5@0 459AB28B5;L=> AB0=>2OBAO =5@0745;8<K<8.  C:070=8OE ?> ?@0:B8:5 C@C9>38, A>AB02;5==KE 8< ?> <>59 ?@>AL15, 8;3> EL5=F5 8=?>G5 =0?8A0;: ">, G5< 4>AB8305BAO 25;8:0O G8AB>B0 2>A?@8OB8O,  5ABL ?@540==>ABL, :>B>@0O A8O=85 83?K& #7=020O 8 ?><=O, GB> <>O 83?0 8 5ABL <0AB5@  >A@54AB2>< MB>3>, ?CABL B2>9 C< 8 <>9 A>;LNBAO 2>548=>. >B ?>G5<C 2> 2A5E B815BA:8E CG5=8OE <C4@>AB8 ?>4G5@:820;0AL 206=>ABL ?@0:B8:8 C@C9>38, 8 2A5 25;8:85 B815BA:85 <0AB5@0 4>@>68;8 5N, :0: 3;C1>G09H59 ?@0:B8:>9 A5@4F0. C46>< 8=?>G5 ?8A0;: 87=5==> 206=> 2;>68BL 2AN 20HC M=5@38N 2 C@C9>3C, ?@845@6820OAL 8<5==> 55 :0: 687=8 8 A5@4F0 20H59 4CE>2=>9 ?@0:B8:8. A;8 2K =5 1C45B5 MB>3> 45;0BL, B> 20H8 <548B0F88 1C4CB >G5=L BCA:;K<8, 8, 5A;8 20< 4065 8 C40ABAO 4>18BLAO :0:>3>B> >G5=L <0;>3> ?@>3@5AA0, 2A5 65 :>=F0 =5 1C45B ?@5?OBAB28O<, 8 2 C<5 =5 2>7=8:=5B =8:0:>9 2>7<>6=>AB8 8AB8==>3>, ?>4;8==>3> A>7=020=8O. > 5A;8 2K 1C45B5 3>@OG> 8 A =5?>445;L=>9 ?@540==>ABLN <>;8BLAO, B> G5@57 =5:>B>@>5 2@5<O 20< 1C45B ?5@540=> ?@O<>5 1;03>A;>25=85 C<0 <C4@>AB8 <0AB5@0, =045;OO 20A C=8:0;L=K< A>7=020=85<, =5?5@540205<K< A;>20<8 8 @>482H8<AO 2 3;C18=0E 20H53> C<0. / E>GC 40BL 20< 745AL ?@>ABCN ?@0:B8:C C@C9>38, :>B>@CN <>65B 2K?>;=OBL :B> C3>4=>, :0:8<8 =8 1K;8 1K 53> @5;838>7=K5 8;8 4CE>2=K5 C15645=8O. -B0 70<5G0B5;L=0O ?@0:B8:0  <>O 3;02=0O ?@0:B8:0, A5@4F5 8 24>E=>25=85 2A59 <>59 687=8, 8 :>340 1K O =8 2K?>;=O; ?@0:B8:C C@C9>38, O A>A@54>B0G820NAL =0 04<0A0<1E025. >340 A0< C440 ?>:840; =0H <8@, >= ?@54@5:, GB> 2A:>@5 ?>A;5 53> A<5@B8 @>48BAO 04<0A0<1E020, GB>1K @0A?@>AB@0=OBL CG5=8O "0=B@. 0: O C65 3>2>@8;, 8<5==> 04<0A0<1E020 2 2>AL<>< 25:5 CB25@48; 2 "815B5 1C4487<. ;O =0A, B815BF52, 04<0A0<1E020 2>?;>I05B :>A<8G5A:89 25G=K9 ?@8=F8?; >=  2A5;5=A:89 <0AB5@. = 15AG8A;5==>5 <=>65AB2> @07 O2;O;AO B815BA:8< <0AB5@0<, 8 MB8 2AB@5G8 A =8< 8 2845=8O 1K;8 B>G=> >?8A0=K, A C:070=85< 8E 40BK, <5AB0 8 B>3>, :0: >=8 ?@>8AE>48;8, 0 B0:65 ?>CG5=89 8 ?@>@>G5AB2, :>B>@K5 ?@8 MB>< 40; 04<0A0<1E020. = >AB028; B0:65 BKAOG8 ?@>@>G5A:8E CG5=89 4;O 1C4CI8E 2@5<5=, :>B>@K5 2=>2L 8 2=>2L >B:@K20;8 =0< <=>385 25;8:85 <0AB5@0, 8AE>482H85 >B =53>; >4=8< 87 MB8E 4CE>2=KE A>:@>28I, 8;8 B5@<, 8 O2;O5BAO "815BA:0O =830 5@B2KE. / 2A5340 >1@0I0;AO : 04<0A0<1E025 2 ?5@8>4K B@C4=>AB59 8 :@878A>2, 8 53> 1;03>A;>25=85 8 A8;0 =8:>340 <5=O =5 ?>42>48;8. >340 O 4C<0N > =5<, >= 2>?;>I05B 4;O <5=O 2A5E <>8E <0AB5@>2. ;O <5=O >= ?>;=>ABLN 682 2 ;N1>9 <><5=B, 8 2AO 2A5;5==0O, 2 :064K9 87 <><5=B>2, A8O5B 53> :@0A>B>9, A8;>9 8 ?@8ACBAB285<.  C@C 8=?>G5, @03>F5==K9, "K 2>?;>I05HL A>AB@040=85  1;03>A;>25=85 2A5E 1C44, 48=AB25==K9 ?>:@>28B5;L ACI5AB2. >5 B5;>, 2A5, G5< 2;045N, <>8 A5@4F5 8 4CHC, 57 :>;510=89 O >B40N B515! ! MB>3> <><5=B0 4> B5E ?>@, ?>:0 O =5 4>AB83=C ?@>A25B;5=8O,  AG0AB88 8;8 3>@5, 2 E>@>H8E 8;8 ?;>E8E >1AB>OB5;LAB20E, 2 2KA>:8E 8;8 =87<5==KE A8BC0F8OE, / ?>;030NAL =0 B51O 2A5F5;>,  04<0A0<1E020, BK, :B> 7=05B <5=O: 4C<09 >1> <=5, 24>E=>2;O9 <5=O, =0?@02;O9 <5=O, A45;09 <5=O 548=K< A B>1>9! / @0AA<0B@820N 04<0A0<1E02C :0: 2>?;>I5=85 2A5E <>8E <0AB5@>2, 8 ?>MB><C, :>340 O A;820N A =8< A2>9 C< 2 C@C9>35, 2A5 >=8 ?@8ACBAB2CNB 2 =5<. K, >4=0:>, <>65B5 8A?>;L7>20BL >1@07 ;N1>3> ?@>A25B;5==>3> ACI5AB20, A2OB>3> 8;8 <0AB5@0 ;N1>9 @5;8388 8;8 <8AB8G5A:>9 B@048F88, :>B>@>9 2K ?@540=K, 157@07;8G=>, 682>9 MB> G5;>25: 8;8 65 =5B. # MB>9 ?@0:B8:8 C@C9>38 5ABL G5BK@5 >A=>2=KE MB0?0: " ?@87K20=85; " A;8O=85 20H53> C<0 A <0AB5@>< ?>A@54AB2>< 53> ACI=>AB8 A5@4F0, <0=B@K; " ?>;CG5=85 1;03>A;>25=8O 8;8 A8;K; " 8 >1J548=5=85 20H53> C<0 A <0AB5@>< 8 =0E>645=85 2 ?>:>5 ?@8@>4K 83?K. 1.@87K20=85 !848B5 A?>:>9=>. 7 3;C18= 20H53> A5@4F0 ?@87>28B5 2 =51> ?5@54 20<8 2>?;>I5=85 8AB8=K 2 2845 20H53> <0AB5@0, A2OB>3> 8;8 ?@>A25B;5==>3> ACI5AB20. !B0@09B5AL 2845BL MB>3> <0AB5@0 8;8 1C44C :0: 682>3>, 8 B0:8< A8ONI8< 8 ?>;C?@>7@0G=K<, :0: @04C30. 5@LB5, A ?>;=59H8< 4>25@85<, GB> 2A5 1;03>A;>25=8O 8 :0G5AB20 <C4@>AB8, A>AB@040=8O 8 A8;K 2A5E 1C44 8 ?@>A25B;5==KE ACI5AB2 2>?;>I5=K 2 =5< 8;8 2 =59. A;8 20< B@C4=> 7@8<> ?@54AB028BL <0AB5@0, 2>>1@078B5 MB> 2>?;>I5=85 8AB8=K ?@>AB> :0: ACI5AB2> A25B0, 8;8 ?>?KB09B5AL ?>GC2AB2>20BL 53> 8;8 55 A>25@H5==>5 ?@8ACBAB285 BCB, 2 =515, ?5@54 20<8: ?@8ACBAB285 2A5E 1C44 8 <0AB5@>2. CABL 2<5AB> 7@8<>3> ?@54AB02;5=8O 20A =0?>;=8B 2A5 B> 24>E=>25=85, @04>ABL 8 1;03>3>25=85, GB> 2K GC2AB2C5B5. @>AB> 25@LB5, GB> B> ?@8ACBAB285, :>B>@>5 2K ?@87K205B5, 459AB28B5;L=> 745AL. !0< C440 A:070;: B> 1K >1> <=5 =8 ?>4C<0;, O ?5@54 =8<. >9 <0AB5@ C46>< 8=?>G5 >1KG=> 3>2>@8;, GB> =5206=>, 5A;8 2 =0G0;5 2K =5 <>65B5 ?@54AB02;OBL 7@8<>; 206=> GC2AB2>20BL MB> ?@8ACBAB285 2 A2>5< A5@4F5 8 7=0BL, GB> MB> ?@8ACBAB285 2>?;>I05B 1;03>A;>25=8O, A>AB@040=85, M=5@38N 8 <C4@>ABL 2A5E 1C44. 0B5<, @0AA;0182H8AL 8 =0?>;=82 A2>5 A5@4F5 ?@8ACBAB285< <0AB5@0, ?@87>28B5 53> 8;8 55 >G5=L A8;L=>, 2A5< A2>8< A5@4F5< 8 C<><; 2>77>28B5 2=CB@5==5 : =5<C 8;8 : =59, A ?>;=K< 4>25@85<: ><>38 <=5, 24>E=>28 <5=O >G8AB8BL 2AN <>N :0@<C 8 >B@8F0B5;L=K5 M<>F88 8 >A>7=0BL 8AB8==CN ?@8@>4C <>53> C<0! 0B5<, A 3;C1>:>9 ?@540==>ABLN, A;59B5 A2>9 C< A <0AB5@>< 8 ?CABL 20H C< =0E>48BAO 2 ?>:>5 53> C<0 <C4@>AB8. 5;0O MB>, ?>;=>ABLN >B409B5AL <0AB5@C, 3>2>@O ?@> A51O =5GB> ?>4>1=>5: ><>38 <=5 A59G0A. >701>BLAO >1> <=5. 0?>;=8 <5=O B2>59 @04>ABLN 8 M=5@3859, B2>59 <C4@>ABLN 8 A>AB@040=85<. @8<8 <5=O 2 ;N1OI55 A5@4F5 B2>53> C<0 <C4@>AB8. ;03>A;>28 <>9 C<; 24>E=>28 <>5 ?>=8<0=85.  B>340, :0: A:070; 8;3> EL5=F5 8=?>G5, 2=5 2AO:8E A><=5=89, 1;03>A;>25=85 2>945B 2 20H5 A5@4F5. >340 <K 2K?>;=O5< MBC ?@0:B8:C, B> MB> ?@O<>9, 8A:CA=K9 8 A8;L=K9 A?>A>1, 2K=>AOI89 =0A 70 ?@545;K =0H53> C<0 2 G8ABK9 ?@545; <C4@>AB8 83?K. "CB, :0: <K C7=05<, >B:@K205< 8 ?>4B25@6405<, ?@8ACBAB2CNB 2A5 1C44K. B0:, >ICI5=85 682>3> ?@8ACBAB28O C44K, 04<0A0<1E02K, 20H53> <0AB5@0, 8 ?@>AB>5 >B:@K20=85 20H53> A5@4F0 8 C<0 MB><C 2>?;>I5=8N 8AB8=K, 459AB28B5;L=> 1;03>A;>2;O5B 8 ?@5>1@0605B 20H C<.  B> 2@5<O, :0: 2K ?@87K205B5 C44C, 20H0 A>1AB25==0O ?@8@>40 1C44K 24>E=>2;O5BAO ?@>1C48BLAO 8 @0AF25AB8 AB>;L 65 5AB5AB25==>, :0: F25B>: 2 ;CG0E A>;=F0. 2.!>7@520=85 8 C3;C1;5=85 1;03>A;>25=8O >340 O 4>E>6C 4> MB>3> MB0?0 ?@0:B8:8, A;8O=8O <>53> C<0 A <0AB5@>< ?>A@54AB2>< <0=B@K, O ?@>87=>HC <0=B@C   #   # #  !% # (B815BFK ?@>87=>AOB 55: <  #=3 5=70 C@C 5<0 !844E8 #=3 ), :>B>@0O, :0: O 4C<0N, 459AB28B5;L=> O2;O5BAO 04<0A0<1E02>9 8 1;03>A;>25=85< 2A5E <0AB5@>2, 2 2845 72C:0. / ?@54AB02;ON, GB> 2A5 <>5 ACI5AB2> =0?>;=O5BAO 8<, 8 GC2AB2CN, ?@>87=>AO MBC <0=B@C  :>B>@0O O2;O5BAO ACI=>ABLN 53> A5@4F0  :0: >=0 281@8@C5B 2> <=5 8 ?@>=87K205B <5=O, :0: 1C4B> A>B=8 :@>H5G=KE 04<0A0<1E02 2 2845 72C:0 F8@:C;8@CNB 2=CB@8 <5=O, ?@5>1@07CO 2A5 <>5 ACI5AB2>. B0:, ?@>87=>AO <0=B@C, ?>4=5A8B5 A2>5 A5@4F5 8 4CHC 2 ?;0<5==>9 8 >4=>=0?@02;5==>9 ?@540==>AB8, 8 A;59B5, A<5H09B5, A>548=8B5 A2>9 C< A 04<0A0<1E02>9 8;8 20H8< <0AB5@><. >AB5?5==> 2K ?>GC2AB2C5B5, :0: 2K A0<8 AB0=>28B5AL 1;865 : 04<0A0<1E025, A<K:0O ?@><56CB>: <564C 20<8 8 53> C<>< <C4@>AB8. 54;5==>, G5@57 1;03>A;>25=85 8 A8;C MB>9 ?@0:B8:8, 2K >1=0@C68B5, GB> 459AB28B5;L=> >ICI05B5, :0: 20H C< ?@5>1@0605BAO C<>< <C4@>AB8 04<0A0<1E02K 8 <0AB5@0: 2K =0G=5B5 @0A?>7=020BL 8E =5@0745;L=>ABL. >4>1=> B><C, :0: 20H ?0;5F, 5A;8 2K >?CAB8B5 53> 2 2>4C, 1C45B <>:@K<, 0 5A;8 AC=5B5 2 >3>=L  1C45B >1>665==K<, B0: 8 5A;8 2K 2;>68B5 A2>9 C< 2 C< <C4@>AB8 1C44, >= ?@5>1@07C5BAO 2 8E ?@8@>4C <C4@>AB8. >AB5?5==> 20H C< >:065BAO 2 A>AB>O=88 83?K, ?>A:>;L:C 2=CB@5==OO ?@8@>40 C<0 8 5ABL =8 GB> 8=>5, :0: C< <C4@>AB8 2A5E 1C44. -B> ?>4>1=> B><C, :0: 5A;8 1K 20H >1KG=K9 C< ?>AB5?5==> >B<8@0; 8 @0AB2>@O;AO, 8 >B:@K20;>AL 20H5 G8AB>5 A>7=020=85, 20H0 ?@8@>40 1C44K, 20H 2=CB@5==89 CG8B5;L. -B> 8 5ABL 8AB8==>5 7=0G5=85 1;03>A;>25=8O  ?@5>1@065=85, 2 :>B>@>< 20H C< 2KE>48B 70 A2>8 ?@545;K 2 A>AB>O=85 01A>;NB=>3>. -B> A>7@520=85 1;03>A;>25=8O O2;O5BAO A5@4F5< 8 >A=>2=>9 G0ABLN 40==>9 ?@0:B8:8, :>B>@>9 2K 4>;6=K ?>A2OI0BL 1>;LH5 2A53> 2@5<5=8 ?@8 2K?>;=5=88 ?@0:B8:8 C@C9>38. 3.045;5=85 A8;>9 "5?5@L ?@54AB02LB5, GB> BKAOG8 O@:8E ;CG59 A25B0 CAB@5<;ONBAO >B <0AB5@0 : 20<, 8 ?@>=8:0NB 2 20A, >G8I0O, 8AF5;OO, 1;03>A;>2;OO 20A, =045;OO A8;>9 8 =0?>;=OO 20A A5<5=0<8 ?@>A25B;5=8O. 'B>1K A45;0BL 20HC ?@0:B8:C =0AB>;L:> =0AKI5==>9 8 24>E=>2;ONI59, =0A:>;L:> MB> 2>7<>6=>, 2K <>65B5 ?@54AB02;OBL MB>B MB0? @072>@0G820NI8<AO 2 B@8 AB0488. 0 ?5@2>9 AB0488 >A;5?8B5;L=K9 A25B, G8AB> 15;>3> F25B0, 2K@K205BAO 87 ;10 <0AB5@0 8 2E>48B 2 M=5@35B8G5A:89 F5=B@ 20H53> ;10, =0?>;=OO 2A5 20H5 B5;>. -B>B 15;K9 A25B ?@54AB02;O5B 1;03>A;>25=85 B5;0 2A5E 1C44: >= >G8I05B 2AN >B@8F0B5;L=CN :0@<C, :>B>@CN 2K =0:>?8;8 8770 =530B82=KE 459AB289 B5;0; >= >G8I05B B>=:85 :0=0;K 20H59 ?A8E>D878G5A:>9 A8AB5<K; >= 405B 20< 1;03>A;>25=85 B5;0 1C44; >= 405B 20< A8;K 4;O ?@0:B8:8 2848<>3> ?@54AB02;5=8O; 8 >= >B:@K205B 20A : A>7=020=8N B>9 A>AB@040B5;L=>9 M=5@388 83?K, ?@8@>4K C<0, GB> ?@>O2;O5BAO 2> 2A5<. 0 2B>@>9 AB0488 ?>B>: @C18=>2>:@0A=>3> A25B0 A8O5B 87 3>@;0 <0AB5@0 2 M=5@35B8G5A:89 F5=B@ 20H53> 3>@;0, =0?>;=OO 2A5 20H5 B5;>. -B>B :@0A=K9 A25B ?@54AB02;O5B 1;03>A;>25=85 @5G8 2A5E 1C44: >= >G8I05B 2AN >B@8F0B5;L=CN :0@<C, GB> 2K =0:>?8;8 8770 ?@8=>A82H8E 2@54 @5G59; >= >G8I05B 2=CB@5==89 2>74CE 20H59 ?A8E>D878G5A:>9 A8AB5<K; >= =045;O5B 20A 1;03>A;>25=85< @5G8 1C44; >= 405B 20< A8;K 4;O ?@0:B8:8 <0=B@; 8 >= >B:@K205B 20A : A>7=020=8N A8O=8O ?@8@>4K 83?K. 0 B@5BL59 AB0488 87 A5@4F0 <0AB5@0 2K@K205BAO ?>B>: 1;8AB0NI5A8=53> A25B0, F25B0 ;O?8A;07C@8, 2;820OAL 2 M=5@35B8G5A:89 F5=B@ C 20H53> A5@4F0 8 =0?>;=OO 20H5 B5;>. -B>B A8=89 A25B ?@54AB02;O5B 1;03>A;>25=85 C<0 2A5E 1C44: >= >G8I05B 2AN >B@8F0B5;L=CN :0@<C, GB> 2K =0:>?8;8 8770 >B@8F0B5;L=KE 459AB289 20H53> C<0; >= >G8I05B B2>@G5A:CN ACI=>ABL, 8;8 M=5@38N, 20H59 ?A8E>D878G5A:>9 A8AB5<K; >= =045;O5B 20A 1;03>A;>25=85< C<0 1C44; >= 405B 20< A8;K 4;O ?@>428=CB>9 ?@0:B8:8 9>38; 8 >= >B:@K205B 20A : A>7=020=8N ?5@28G=>9 G8AB>BK ACI=>AB8 83?K. =09B5 8 GC2AB2C9B5, GB> B5?5@L 2K, G5@57 1;03>A;>25=85, =045;5=K 15AA<5@B=K< B5;><, @5GLN 8 C<>< 04<0A0<1E02K, 2A5E 1C44. 4.@51K20=85 2 ?>:>5 83?K "5?5@L ?>72>;LB5 <0AB5@C @0AB2>@8BLAO 2 A25B5 8 AB0BL 548=K< A 20<8 2 ?@8@>45 20H53> C<0. #7=09B5, 157 :0:>3>;81> A><=5=8O, 01A>;NB=>3> <0AB5@0 2 MB>9, ?>4>1=>9 =51C, ?@8@>45 20H53> C<0. 45 65 5I5 <>3CB 1KBL 2A5 ?@>A25B;5==K5 ACI5AB20, :0: =5 2 83?5, 2 ?@8@>45 20H53> C<0?  MB>< C25@5==>< A>7=020=88, 2 A>AB>O=88 >1H8@=>9 8 157701>B=>9 ;53:>AB8, 2K ?>:>8B5AL 2 B5?;5, A;025 8 1;03>A;>25=88 20H59 01A>;NB=>9 ?@8@>4K. K 4>1@0;8AL 4> 8AE>4=>9 >A=>2K  ?5@28G=>9 G8AB>BK 5AB5AB25==>9 ?@>AB>BK.  ?>:0 2K ?>:>8B5AL 2 MB>< A>AB>O=88 83?K, 2K A>7=05B5 8AB8==>ABL A;>2 04<0A0<1E02K: #< A0< ?> A515 5ABL 04<0A0<1E020; =5B 4CE>2=>9 ?@0:B8:8 8;8 <548B0F88 157 MB>3>. / ?@825; 745AL MBC ?@0:B8:C :0: G0ABL 5AB5AB25==>3> 10@4> MB>9 687=8 ?>B><C, GB> MB> =081>;55 206=0O 4CE>2=0O ?@0:B8:0 2 687=8, 8 ?>MB><C A0<0O 206=0O ?@0:B8:0 2 <><5=B A<5@B8. 0: 2K C2848B5 2 3;025 XIII CE>2=0O ?><>IL C<8@0NI5<C, C@C9>30 ;568B 2 >A=>25 ?@0:B8:8 ?E>20, ?5@5=>A0 A>7=0=8O 2 <><5=B A<5@B8. >B><C GB>, 5A;8 2K A<>65B5 2 <><5=B A<5@B8 C25@5==> >1J548=8BL 20H C< A C<>< <C4@>AB8 <0AB5@0 8 C<5@5BL 2 MB>< ?>:>5, B> B>340 2A5, O >15I0N 20< 8 7025@ON 20A, 2A5 1C45B E>@>H>. B0:, =0H59 7040G59 2 687=8 O2;O5BAO ?@0:B8:>20BL MB> A;8O=85 A C<>< <C4@>AB8 <0AB5@0 2=>2L 8 2=>2L, B0:, GB>1K >=> AB0;> AB>;L 5AB5AB25==K<, GB> :064>5 459AB285  A845=85, E>4L10, 540, ?8BL5, A>=, 2845=85 A=>2 8 ?@>1C645=85  =0G=5B 2A5 1>;55 =0?>;=OBLAO 682K< ?@8ACBAB285< <0AB5@0. 54;5==>, 2 B5G5=85 ;5B, ?>;=KE A>A@54>B>G5==>9 ?@540==>AB8, 2K =0G=5B5 ?>7=020BL 8 A>7=020BL, GB> 2A5 O2;5=8O  MB> ?@>O2;5=8O <C4@>AB8 <0AB5@0. A5 A8BC0F88 687=8, 4065 B5, GB> :>340B> :070;8AL B@038G5A:8<8, 15AA<KA;5==K<8 8;8 C60A=K<8, @0A:@>NBAO, 2A5 1>;55 8 1>;55 ?@>7@0G=>, :0: =5?>A@54AB25==K5 ?>CG5=8O 8 1;03>A;>25=8O <0AB5@0 8 2=CB@5==53> CG8B5;O. 0: 3>2>@8B 8;3> EL5=F5 8=?>G5: @540==>ABL 5ABL ACI=>ABL ?CB8, 8 5A;8 2 =0H5< C<5 =5B =8G53>, :@><5 3C@C, 8 <K =5 GC2AB2C5< =8G53>, :@><5 ?;0<5==>9 ?@540==>AB8, B> GB> 1K A =0<8 =8 ?@>8AE>48;>, 2A5 2>A?@8=8<05BAO :0: 53> 1;03>A;>25=85. A;8 <K 1C45< ?@>AB> ?@0:B8:>20BL MBC ?>AB>O==CN ?@540==>ABL, MB> A0<> ?> A515 1C45B <>;8B2>9. >340 2A5 <KA;8 ?@>=870=K ?@540==>ABLN 3C@C, ?@8ACBAB2C5B 5AB5AB25==0O C25@5==>ABL, GB> ?>4>1=>5 >B=>H5=85 ?><>65B ?@5>4>;5BL ;N1K5 A8BC0F88. A5 D>@<K  MB> 3C@C, 2A5 72C:8  <>;8B20, 8 2A5, 8 3@C1K5, 8 B>=:85, <KA;8 2>7=8:0NB :0: ?@540==>ABL. A5 A0<>?@>872>;L=> >A2>1>6405BAO 2 01A>;NB=>9 ?@8@>45, :0: C7;K, @072O7K205<K5 2 =515A0E. ;020 % #" // !#)!", 8:B> =5 <>65B C<5@5BL 157 AB@0E0 8 2 ?>;=>9 157>?0A=>AB8, ?>:0 =5 >A>7=05B 8AB8==CN ?@8@>4C C<0. 54L B>;L:> MB> >A>7=0=85, ?>AB865=85, C3;C1;5==>5 2 B5G5=85 <=>38E ;5B ?>AB>O==>9 ?@0:B8:8, <>65B ?>445@60BL AB018;L=>ABL C<0 2 :8?OI5< E0>A5 ?@>F5AA0 C<8@0=8O. 7 2A5E A?>A>1>2 ?><>GL ;N4O< >A>7=0BL ?@8@>4C C<0 =081>;55 OA=K<, =081>;55 MDD5:B82=K< 8 =081>;55 ?>4E>4OI8< : A@545 8 ?>B@51=>ABO< =0AB>OI53> 2@5<5=8 O2;O5BAO ?@0:B8:0 7>3G5=  A0<K9 4@52=89 8 =5?>A@54AB25==K9 ?>B>: <C4@>AB8 2 CG5=8OE 1C4487<0 8 8AB>G=8: A0<8E CG5=89 > 10@4>. AB>:8 7>3G5= ?@>A;56820NBAO 4> 5@28G=>3> C44K, !0<0=B01E04@K, >B :>3> MB> ?5@54020;>AL ?> =5?@5@K2=>9 ;8=88 25;8:8E <0AB5@>2 4> =0AB>OI53> 2@5<5=8. !>B=8 BKAOG ;N459 2 =488, 2 8<0;0OE 8 "815B5 4>AB83;8 ?>AB865=8O 8 ?@>A25B;5=8O ?>A@54AB2>< MB>9 ?@0:B8:8. ABL 70<5G0B5;L=>5 ?@>@>G5AB2>, GB> 2 B5<=>< 25:5 ACI=>ABL A5@4F0 !0<0=B01E04@K 2A?KE=5B, ?>4>1=> >3=N. >O 687=L, <>8 CG5=8O 8 MB0 :=830 ?>A2OI5=K B><C, GB>1K @0765GL MB>B >3>=L 2 A5@4F0E 8 C<0E =0H53> <8@0. >O ?>AB>O==0O >?>@0, 24>E=>25=85 8 @C:>2>48B5;L 2 MB><  2KAH89 <0AB5@ 04<0A0<1E020. = O2;O5BAO ACI=>ABLN 8 4CE>< 7>3G5=0, 53> 25;8G09H8< 8AB>;:>20B5;5< 8 G5;>25G5A:8< 2>?;>I5=85<, ?@>O2;ONI8< 53> 2K40NI85AO :0G5AB20  25;8G85 4CE0, GC45A=CN A8;C, ?@>@>G5A:>5 2845=85, ?@>1C645==CN M=5@38N 8 1573@0=8G=>5 A>AB@040=85. 7>3G5= =5 ?@5?>4020;AO 2 "815B5 H8@>:>, 8 2 B5G5=85 =5:>B>@>3> 2@5<5=8 <=>385 87 25;8G09H8E <0AB5@>2 =5 CG8;8 5<C 2 A>2@5<5==>< <8@5. >G5<C 65 O B5?5@L ?@5?>40N MB> CG5=85? 5:>B>@K5 87 <>8E <0AB5@>2 A:070;8 <=5, GB> =0AB0;> 2@5<O @0A?@>AB@0=OBL 7>3G5=, B> 2@5<O, > :>B>@>< 3>2>@8;>AL 2 ?@>@>G5AB25. / B>65 GC2AB2CN, GB> 1K;> 1K 15760;>AB=> =5 @0745;8BL A ;N4L<8 >?KB B0:>9 =5>1KG09=>9 <C4@>AB8. N48 4>H;8 2 A2>59 M2>;NF88 4> :@8B8G5A:>9 B>G:8, 8 MB>B 25: :@09=59 ?CB0=8FK B@51C5B A>>B25BAB2CNI53> 5<C A2>59 G@572KG09=>9 A8;>9 8 OA=>ABLN CG5=8O. / B0:65 >1=0@C68;, GB> A>2@5<5==K5 ;N48 =C640NBAO 2 ?CB8, A2>1>4=>< >B 4>3<, DC=40<5=B0;87<0, 8A:;NG8B5;L=>AB8, A;>6=>9 <5B0D878:8 8 :C;LBC@=> GC64KE M:7>B8G5A:8E 0B@81CB>2, 2 ?CB8, >4=>2@5<5==> ?@>AB>< 8 3;C18==><, ?CB8, :>B>@K9 =5 =C6=> ?@0:B8:>20BL 2 0H@0<0E 8;8 <>=0ABK@OE, :>B>@K9 <>65B 1KBL A;8B A ?>2A54=52=>9 687=LN 8 ?@0:B8:>20BLAO 345 C3>4=>. "0: GB> 65 B0:>5 7>3G5=? 7>3G5=  MB> =5 ?@>AB> CG5=85, =5 5I5 >4=0 D8;>A>D8O, =5 5I5 >4=0 A;>6=0O A8AB5<0 8 =5 A>1;07=8B5;L=0O <5H0=8=0 =045@30==KE >B>2AN4C B5E=>;>389. 7>3G5=  MB> A>AB>O=85, 8<5==> ?5@2>>A=>2=>5 A>AB>O=85, B> A>AB>O=85 ?>;=>9 ?@>1C 645==>AB8, :>B>@>5 O2;O5BAO ACI=>ABLN A5@4F0 2A5E 1C44 8 2A5E 4CE>2=KE ?CB59 8 25@H8=>9 4CE>2=>9 M2>;NF88 8=48284CC<0. 7>3G5= G0AB> ?5@52>48BAO, :0: 5;8:>5 !>25@H5=AB2>. / ?@54?>G8B0N =5 ?5@52>48BL 53>, ?>B><C GB> 2K@065=85 5;8:>5 !>25@H5=AB2> 8<55B A<KA;>2>9 >BB5=>:, 3>2>@OI89 > :0:><B> A>25@H5=AB25, : 4>AB865=8N :>B>@>3> =0< =04> AB@5<8BLAO, > F5;8, ;560I59 2 :>=F5 B@C4=>3> 8 4>;3>3> ?CB8. > =8GB> =5 <>65B 1KBL 40;LH5 >B 8AB8==>3> A<KA;0 7>3G5=: MB> C65 A0<>A>25@H5==>5 A>AB>O=85 =0H59 ?5@2>740==>9 ?@8@>4K, :>B>@>5 =5 =C6=> A>25@H5=AB2>20BL, ?>B><C GB> >=> 2A5340 1K;>, ?>4>1=> =51C, A>25@H5==K< A A0<>3> =0G0;0. A5 CG5=8O 1C4487<0 >1JOA=ONBAO A 8A?>;L7>20=85< B5@<8=>2 A=>20, CBL 8 ;>4K. A=>20 7>3G5=0 8 5ABL MB> 3;02=>5, ?5@28G=>5 A>AB>O=85, =0H0 01A>;NB=0O ?@8@>40, :>B>@0O C65 A>25@H5==0 8 2A5340 ?@8ACBAB2C5B. 0B@C; 8=?>G5 3>2>@8B: 5 =5 =C6=> 8A:0BL 2=5 A51O, 8 >=0 B0:65 8 =5 GB>B>, G53> C 20A @0=LH5 =5 1K;> 8 GB> B5?5@L =04> ?>@>640BL 2 20H5< C<5. B0:, A B>G:8 7@5=8O A=>2K  01A>;NB0  =0H0 ?@8@>40 O2;O5BAO B0:>9 65, :0: C 1C44, 8 =0 MB>< C@>2=5 =5B 2>?@>A0 > B><, GB>1K 2K?>;=OBL :0:>5B> >1CG5=85 8;8 ?@0:B8:C. 4=0:> =0< =C6=> ?>=OBL, GB> 1C44K ?>H;8 ?> >4=><C ?CB8, 0 <K  ?> 4@C3><C. C44K C7=0;8 A2>N 8AE>4=CN ?@8@>4C 8 AB0;8 ?@>A25B;5==K<8; <K =5 C7=0;8 MB>9 ?@8@>4K 8 2?0;8 2 ?CB0=8FC. #G5=8O =07K20NB B0:>5 ?>;>65=85 45; 4=0 A=>20, 20 CB8. 0H0 >B=>A8B5;L=0O 70?CB0==>ABL A>AB>8B 2 B><, GB> =0H0 ACI=>AB=0O ?@8@>40 >B =0A 459AB28B5;L=> 70:@KB0 8 =0< =C6=> A;54>20BL CG5=8O< 8 2K?>;=OBL ?@0:B8:C, GB>1K 25@=CBLAO : 8AB8=5: MB> CBL 7>3G5=.  :>=F5 :>=F>2, >A>7=0BL =0HC 8AE>4=CN ?@8@>4C 8 >7=0G05B 4>AB8GL ?>;=>3> >A2>1>645=8O 8 AB0BL 1C44>9. -B> ;>4 7>3G5=, 8 MB> 459AB28B5;L=> 2>7<>6=> 4>AB8GL 2 B5G5=85 >4=>9 687=8, 5A;8 8ICI89 ?>=0AB>OI5<C ?@8;0305B : MB><C A2>5 A5@4F5 8 A2>9 C<. 0AB5@0 7>3G5= >AB@> A>7=0NB >?0A=>AB8 A<5H820=8O 01A>;NB=>3> A >B=>A8B5;L=K<. N48, =5 ?>=8<0NI85 8E 2708<>>B=>H5=89, <>3CB =54>>F5=820BL >B=>A8B5;L=K5 AB>@>=K 4CE>2=>9 ?@0:B8:8 8 :0@<8G5A:89 70:>= ?@8G8= 8 A;54AB289 8;8 4065 ?@57@8B5;L=> >B=>A8BLAO : =8<. > 8AB8==> ?>=8<0NI85 A<KA; 7>3G5= >B=>AOBAO : :0@<5 =5 B>;L:> A 3;C1>:8< C2065=85<, => B0:65 3>@074> 2=8<0B5;L=55 8 >B25BAB25==55 : =5>1E>48<>AB8 >G8I5=8O 8 4CE>2=>9 ?@0:B8:8. -B> ?@>8AE>48B ?>B><C, GB> >=8 7=0G8B5;L=> ;CGH5 ?>=8<0NB, =0A:>;L:> >3@><=> B>, GB> 2 =8E A>:@KB>, 8 ?>MB><C B5<?5@0<5=B=59 2A5340 A =>2>9, 5AB5AB25==>9 48AF8?;8=8@>20==>ABLN @01>B0NB, GB>1K CAB@0=8BL 2A5 AB>OI55 <564C =8<8 8 8E 8AB8==>9 ?@8@>4>9. #G5=8O 7>3G5= ?>4>1=K 75@:0;C, >B@060NI5<C A=>2C =0H59 8AE>4=>9 ?@8@>4K A B0:>9 2>72KH0NI59 8 >A2>1>640NI59 G8AB>B>9, 8 B0:>9 157C?@5G=>9 OA=>ABLN, GB> >=8 2KABC?0NB 8 :0: 70I8B0 4;O =0A, =5 ?>72>;ONI0O =0< ?>?0ABL 2 ;>2CH:C :0:>9;81> @07=>284=>AB8 ?>=8<0=8O, >A=>20==>3> =0 ;>6=KE ?>=OB8OE, :0: 1K >=8 =8 1K;8 B>=:8, 8;8 C1548B5;L=K, 8;8 A>1;07=8B5;L=K.  G5< 4;O <5=O 70:;NG5=> GC4> 7>3G5=? A5 CG5=8O 254CB : ?@>A25B;5=8N, => C=8:0;L=>ABL 7>3G5= A>AB>8B 2 B><, GB>, 4065 2 >B=>A8B5;L=>< 87<5@5=88 4CE>2=KE CG5=89, O7K: 7>3G5= =8:>340 =5 703@O7=O5B 01A>;NB ?>=OB8O<8; >= >AB02;O5B 01A>;NB =570?OB=0==K<, 2> 2A59 53> =03>9, 48=0<8G5A:>9, 25;8G5AB25==>9 ?@>AB>B5, => ?@8 MB>< 3>2>@8B > =5< A :064K<, G59 C< >B:@KB, AB>;L 3@0D8G5A:8, AB>;L 2>;=CNI5, GB> 5I5 4> B>3>, :0: <K 4>AB8305< ?@>A25B;5=8O, <K C65 ?@8:0A05<AO : A8;L=59H5<C 2845=8N 25;8:>;5?8O ?@>1C645==>3> A>AB>O=8O.  @0:B8G5A:>5 >1CG5=85 CB8 7>3G5=0 B@048F8>==> 8 ?@>I5 2A53> >?8AK205BAO 2 B5@<8=0E 840, 548B0F88 8 59AB28O. 5?>A@54AB25==> 2845BL A>AB>O=85 01A>;NB0, A=>2C =0H53> ACI5AB20  MB> 84; A?>A>1 AB018;870F88 MB>3> 840 8 ?@52@0I5=8O 53> 2 =5?@5@K2=>5 ?5@56820=85  548B0F8O; 0 2:;NG5=85 840 2> 2AN =0HC @50;L=>ABL 8 687=L  MB> =07K205BAO 59AB285<. 'B> 65 B>340 B0:>5 84? -B> =5 <5=55, G5< 2845=85 459AB28B5;L=>3> A>AB>O=8O 2A53> ACI53> B0:8<, :0:>5 >=> 5ABL; MB> 7=0=85 , GB> 8AB8==0O ?@8@>40 C<0 O2;O5BAO 8AB8==>9 ?@8@>4>9 2A53>; 8 MB> A>7=020=85 B>3>, GB> 8AB8==0O ?@8@>40 =0H53> C<0 8 5ABL 01A>;NB=0O 8AB8=0. C46>< 8=?>G5 A:070;: 84  MB> @07C<5=85 =5?@8:@KB>3> A>7=020=8O, 2=CB@8 :>B>@>3> A>45@68BAO 2A5: GC2AB25==K5 2>A?@8OB8O 8 O2=>5 ACI5AB2>20=85, A0=A0@0 8 =8@20=0. -B> A>7=020=85 8<55B 425 AB>@>=K: ?CAB>BC, :0: 01A>;NB=CN, 8 2=5H=85 D>@<K, 8;8 2>A?@8OB8O, :0: >B=>A8B5;L=CN. -B> >7=0G05B, GB> 25AL 480?07>= 2A5E 2>7<>6=KE 2=5H=8E D>@< 8 2A5 2>7<>6=K5 O2;5=8O 2> 2A5E @07;8G=KE @50;L=>ABOE, 157@07;8G=>, A0=A0@0 MB> 8;8 =8@20=0, 2A5 >=8, 157 8A:;NG5=8O, :0: 2A5340 1K;8, B0: 8 2A5340 1C4CB A>25@H5==K 8 ?>;=K, 2=CB@8 >3@><=>3> 8 1573@0=8G=>3> ?@>AB>@0 ?@8@>4K C<0. > 4065 E>BO ACI=>ABL 2A53> ?CAB0 8 G8AB0 A A0<>3> =0G0;0, 55 ?@8@>40 1>30B0 1;03>@>4=K<8 :0G5AB20<8, =5A5B 2 A515 2A5 2>7<>6=>AB8 8 O2;O5BAO 1573@0=8G=K<, =5?@5AB0==> 8 48=0<8G5A:8 B2>@OI8< ?>;5<, :>B>@>5 2A5340 =5?>A@54AB25==> A>25@H5==>. K <>65B5 A?@>A8BL: A;8 A>7=020BL 84 >7=0G05B A>7=020BL ?@8@>4C C<0, =0 GB> B>340 ?>E>60 ?@8@>40 C<0? @54AB02LB5 =51>, ?CAB>5, ?@>AB>@=>5, 87=0G0;L=> G8AB>5; ACI=>ABL ?@8@>4K C<0 ?>4>1=0 MB><C =51C. @54AB02LB5 A>;=F5, A25B>=>A=>5, G8AB>5, =8G5< =5 70A;>=5==>5 8 A0<>?@>872>;L=> ?@8ACBAB2CNI55;?@8@>40 C<0 ?>4>1=0 MB><C A>;=FC. @54AB02LB5, GB> MB> A>;=F5 @02=> A25B8B =0 =0A 8 =0 2A5 ACI55, ?@>=8:0O 2> 2A5E =0?@02;5=8OE; M=5@38O ?@8@>4K C<0, 1C4CG8 ?@>O2;5=85< A>AB@040=8O, ?>4>1=0 MB><C A25BC: =8GB> =5 2 A8;0E 70B<8BL 55 8 >=0 ?@>=8:05B ?>2AN4C. K B0:65 <>65B5 4C<0BL > ?@8@>45 C<0, :0: > 75@:0;5, >1;040NI5< ?OBLN @07;8G=K<8 A8;0<8 8;8 <C4@>ABO<8. 3> >B:@KB>ABL 8 ?@>AB>@  MB> <C4@>ABL 2A5>E20BK20NI53> ?@>AB@0=AB20, G@52> A>AB@040=8O. 3> A?>A>1=>ABL B>G=> >B@060BL, 2 <5;LG09H8E 45B0;OE, 2A5, GB> 1K =8 >:070;>AL ?@54 =8<, MB> 75@:0;L=0O <C4@>ABL. 3> >A=>2>?>;030NI55 >BACBAB285 :0:>3> 1K B> =8 1K;> ?@54?>GB5=8O ;N1><C 87 >B@065=89  MB> C@02=820NI0O <C4@>ABL. 3> A?>A>1=>ABL G5B:>, =8:0: =5 ?CB0O, @07;8G0BL 2A52>7<>6=K5 @07;8G=K5 O2;5=8O  MB> <C4@>ABL @07;8G5=8O.  53> ?>B5=F80;, A>AB>OI89 2 B><, GB> 2A5 2 =5< C65 4>AB83=CB>, A>25@H5==> 8 A0<>?@>872>;L=> ?@8ACBAB2C5B, MB> 2A5A>25@H0NI0O <C4@>ABL.  7>3G5= <0AB5@ =5?>A@54AB25==> 7=0:><8B CG5=8:0 A 84><. <5==> =5?>A@54AB25==>ABL MB>3> ?@O<>3> ?>:070 O2;O5BAO C=8:0;L=>9 E0@0:B5@8AB8:>9 7>3G5=. @8 MB>< >7=0:><;5=88 CG5=8:C ?5@5405BAO =5?>A@54AB25==>5 ?5@56820=85 C<0 <C4@>AB8 1C44 G5@57 1;03>A;>25=85 <0AB5@0, 2>?;>I0NI53> 53> ?>;=>5 >A>7=0=85. 'B>1K >1CG0NI89AO A<>3 ?@8=OBL MB> >7=0:><;5=85, >= 4>;65= ?>4>9B8 : B0:><C MB0?C, =0 :>B>@><, 1;03>40@O A2>8< AB@5<;5=8O< 2 ?@>H;>< 8 >G8I5==>9 :0@<5, >= 1C45B 8<5BL :0: >B:@KB>ABL C<0, B0: 8 ?@540==>ABL, =5>1E>48<K5, GB>1K A45;0BL 53> 2>A?@88<G82K< : 8AB8==><C A<KA;C 7>3G5=0. 0: <>6=> >7=0:><8BL A C<>< <C4@>AB8 1C44? @54AB02LB5 ?@8@>4C C<0, :0: A2>5 A>1AB25==>5 ;8F>; >=> 2A5340 A 20<8, => 2K =5 <>65B5 C2845BL 53> 157 2=5H=59 ?><>I8. "5?5@L ?@54AB02LB5, GB> 2K =8:>340 @0=LH5 =5 2845;8 75@:0;0. 7=0:><;5=85, ?@>872>48<>5 <0AB5@><, 1C45B ?>E>65 =0 B>, GB> 20< 24@C3 ?>4=5ACB 75@:0;>, 2 :>B>@>< 2K 2 ?5@2K9 @07 C2848B5 >B@065==K< A2>5 A>1AB25==>5 ;8F>. ">G=> B0: 65, :0: 8 20H5 ;8F>, MB> G8AB>5 A>7=020=85 83?K =5 5ABL GB>B> =>2>5, GB> <0AB5@ 405B 20< 8 G53> C 20A 4> MB>3> =5 1K;>, 8 MB> B0:65 =5 5ABL GB>B>, GB> 2K <>3;8 1K =09B8 2=5 A51O. -B> 2A5340 1K;> 20H8< 8 2A5340 1K;> A 20<8, => 2K =8 @07C ?@O<> =5 2845;8 53>, 2?;>BL 4> MB>3> ?>@078B5;L=>3> <><5=B0. 0B@C; 8=?>G5 >1JOA=O5B, GB> A>3;0A=> >A>1>9 B@048F88 25;8:8E <0AB5@>2 ;8=88 MB>9 ?@0:B8:8, ?@8@>4C C<0, ;8: 83?K, ?>:07K20NB 2 <><5=B @0A?040 ?>=OB89=>3> C<0.  <><5=B >7=0:><;5=8O <0AB5@ @0AA5:05B ?>=OB89=K9 C< 4> >A=>20=8O, >1=060O 83?C 8 B>G=> ?>:07K20O 55 8AB8==CN ?@8@>4C.  MB>B <>I=K9 <><5=B ?@>8AE>48B A;8O=85 C<>2 8 A5@45F, 8 CG5=8: ?>;CG05B =5A><=5==>5 ?5@56820=85, 8;8 1KAB@K9 273;O4 =0 ?@8@>4C 83?K.  >48= 8 B>B 65 <><5=B <0AB5@ ?@>2>48B >7=0:><;5=85, 0 CG5=8: C7=05B.  B> 2@5<O, :0: <0AB5@ =0?@02;O5B A2>5 1;03>A;>25=85 87 <C4@>AB8 A2>59 83?K 2 A5@4F5 83?K A2>53> CG5=8:0, >= ?@O<> ?>:07K205B CG5=8:C ?5@2>740==K9 ;8: ?@8@>4K C<0. 4=0:> 4;O B>3>, GB>1K >7=0:><;5=85, ?@>2>48<>5 <0AB5@><, 1K;> ?>;=>ABLN 459AB25==K<, =C6=> A>740BL E>@>H85 CA;>28O 8;8 >:@C65=85.  8AB>@88 ;8HL =5A:>;L:> >A>1KE ;8F, 1;03>40@O A2>59 >G8I5==>9 :0@<5, 1K;8 A?>A>1=K C7=0BL 8 AB0BL ?@>A25B;5==K<8 2 >4=> <3=>25=85; 8 ?>MB><C >7=0:><;5=8N ?>GB8 2A5340 4>;6=K ?@54H5AB2>20BL >?8A0==K5 =865 ?@5420@8B5;L=K5 MB0?K. -B8 ?@83>B>2;5=8O >G8I0NB 8 CAB@0=ONB >1KG=K9 C<, 8 ?@82>4OB 20A : A>AB>O=8N, 2 :>B>@>< 20< <>65B 1KBL >B:@KB0 20H0 83?0. >?5@2KE, MB> <548B0F8O, 2KAH55 ?@>B82>O485 >B2;5G5=8O<, :>B>@0O ?@82>48B C< 4><>9 8 ?>72>;O5B 5<C CA?>:>8BLAO 2 53> ?@8@>4=>< A>AB>O=88. >2B>@KE, C3;C1;5==K5 ?@0:B8:8 >G8I5=8O, 0 B0:65 CA8;5=85 ?>;>68B5;L=>9 :0@<K =0:>?;5=85< 70A;C3 8 <C4@>AB8. @8 MB>< =0G8=0NB 8AB>=G0BLAO 8 @0AA5820BLAO B5 M<>F8>=0;L=K5 8 8=B5;;5:BC0;L=K5 7025AK, GB> 70A;>=ONB ?@8@>4C C<0. 0: ?8A0; <>9 <0AB5@ 60<LO=3 EL5=F5: A;8 C1@0BL B>, GB> 70A;>=O5B, 5AB5AB25==>, 70A8O5B <C4@>ABL A>1AB25==>9 83?K G5;>25:0. -B8 ?@0:B8:8 >G8I5=8O, ?>B815BA:8 =07K205<K5 3>=4@>, 1K;8 8A:CA=> @07@01>B0=K 4;O ?@>872545=8O ?>;=>3> 2=CB@5==53> ?@5>1@065=8O. =8 >E20BK20NB 2A5 ACI5AB2> G5;>25:0  B5;>, @5GL 8 C<  8 =0G8=0NBAO A @O40 C3;C1;5==KE @07<KH;5=89 =0 A;54CNI85 B5<K: " C=8:0;L=>ABL G5;>25G5A:>9 687=8; " 25745ACI=>ABL =5?>AB>O=AB20 8 A<5@B8; " =587156=>ABL ?@8G8=K 8 A;54AB289 =0H8E 459AB289; " ?>@>G=K9 :@C3 =5C40G 8 AB@040=89, :>B>@K< O2;O5BAO A0=A0@0. -B8 @07<KH;5=8O ?@>1C640NB A8;L=>5 GC2AB2> >B:070, >AB@>5 65;0=85 2K9B8 87 A0=A0@K 8 ?>A;54>20BL ?> ?CB8 : >A2>1>645=8N, :>B>@>5 >1@07C5B >A=>2C 4;O >?@545;5==KE ?@0:B8:, A>AB>OI8E 2 A;54CNI5<: " =09B8 C1568I5 2 C445, 8AB8=5 53> CG5=8O 8 ?@8<5@5 B5E, :B> 53> ?@0:B8:C5B, 8 B5< ?@>1C48BL C25@5==>ABL 8 25@C 2 =0HC A>1AB25==CN ?@8@>4C 1C44K; " ?>@>48BL A>AB@040=85 (>4E8G8BB0  A5@4F5 ?@>A25B;5==>3> C<0, :>B>@>5 O ?>4@>1=> >1JOA=N 2 3;025 XII), 8 =0CG8BL C< @01>B0BL A A0<8< A>1>9 8 4@C38<8, 8 A B@C4=>ABO<8 687=8; " C1@0BL B>, GB> 70A;>=O5B 8 703@O7=O5B, ?>A@54AB2>< 7@8<>3> ?@54AB02;5=8O 8 ?@0:B8:8 ?5=8O <0=B@ 4;O >G8I5=8O 8 8AF5;5=8O; " =0:0?;820BL 70A;C38 8 <C4@>ABL, @072820O C=825@A0;L=CN I54@>ABL 8 A>74020O 1;03>?@8OB=K5 >1AB>OB5;LAB20. A5 MB8 ?@0:B8:8 2 A>2>:C?=>AB8 A:;04K20NBAO 2 C@C9>3C 8 A>A@54>B0G820NBAO =0 =59, 0 A0<0 >=0 O2;O5BAO =081>;55 :@8B8G5A:8 206=>9, ?>1C640NI59 8 A8;L=>9 ?@0:B8:>9 87 2A5E, =570<5=8<>9 4;O @0A:@KB8O A5@4F0 8 C<0 : A>7=020=8N A>AB>O=8O 7>3G5=0. B@5BL8E, A?5F80;L=>5 <548B0B82=>5 8AA;54>20=85 ?@8@>4K C<0 8 O2;5=89 8AB>I05B =5CAB0==>5 AB@5<;5=85 C<0 : <KH;5=8N 8 8AA;54>20=8N 8 53> 7028A8<>ABL >B 15A:>=5G=>3> >?@545;5=8O ?>=OB89, 0=0;870 8 A@02=5=89, 8 ?@>1C6405B ;8G=>5 A>7=020=85 ?@8@>4K ?CAB>BK. / =5 <>3C =5 ?>4G5@:=CBL 4>AB0B>G=> A8;L=>, =0A:>;L:> 206=K MB8 ?@5420@8B5;L=K5 70=OB8O. =8 4>;6=K 459AB2>20BL A>3;0A>20==> 8 A8AB5<0B8G5A:8, 24>E=>2;OO CG5=8:0 ?@>1C640BL ?@8@>4C C<0 8 ?>72>;OO 5<C AB0BL 3>B>2K< : B><C <><5=BC, :>B>@K9 <0AB5@ 8715@5B 4;O B>3>, GB>1K ?>:070BL 5<C ?5@2>740==K9 ;8: 83?K. L>HC; C=3B>:, :>B>@K9 2?>A;54AB288, 2 =5402=55 2@5<O, AB0; >4=8< 87 25;8G09H8E <0AB5@>2 7>3G5=, A;54>20; A2>5<C CG8B5;N 0B@C;C 8=?>G5 >:>;> 2>A5<=04F0B8 ;5B. A5 MB> 2@5<O >=8 ?@0:B8G5A:8 =5 @07;CG0;8AL. L>HC; C=3B>: CG8;AO 8 70=8<0;AO >G5=L CA5@4=> 8 =0:>?8; >G5=L <=>3> >G8I5=8O, 70A;C3 8 ?@0:B8:8; >= 1K; 3>B>2 C7=0BL 83?C, => 5I5 =5 ?>;CG8; >:>=G0B5;L=>3> >7=0:><;5=8O.  2>B 2 >48= 70<5G0B5;L=K9 25G5@ 0B@C; 8=?>G5 40; 5<C >7=0:><;5=85. =8 B>340 1K;8 242>5< 2 >4=>< 87 >BH5;L=8G5A:8E C1568I 2KA>:> 2 3>@0E =04 <>=0ABK@5< 7>3G5=. -B> 1K;0 >G5=L :@0A820O =>GL. 2574K O@:> A8O;8 =0 G8AB>< B5<=>A8=5< =515. "8H8=0 C548=5=8O 2K45;O;0AL >B40;5==K< ;05< A>10:8, 4>=>A82H8<AO 87 <>=0ABK@O 2=87C. 0B@C; 8=?>G5 ;560;, 2KBO=C2H8AL =0 75<;5, 2K?>;=OO A?5F80;L=CN ?@0:B8:C 7>3G5=. = ?>4>720; L>HC;0 C=3B>:0 : A515 8 A?@>A8;: "K 3>2>@8;, GB> =5 7=05HL ACI=>AB8 C<0? L>HC; C=3B>: ?> 53> B>=C 4>3040;AO, GB> MB> >A>15==K9 <><5=B, 8 A >6840=85< :82=C;.  MB>< 2>>1I5B> =5B =8G53> B0:>3>, A:070; 0B@C; 8=?>G5 A>25@H5==> >1KG=K<, @073>2>@=K< B>=><, 8 4>1028;: >9 AK=, ?>4>948 AN40 8 ;O3, B0: 65, :0: B2>9 AB0@K9 >B5F. L>HC; C=3B>: 2KBO=C;AO =0 75<;5 @O4>< A =8<. 0B5< 0B@C; 8=?>G5 A?@>A8; 53>: 848HL 72574K B0<, 2 =515? 0. !;KH8HL, A>10:8 ;0NB 2 <>=0ABK@5 7>3G5=? 0. !;KH8HL, GB> O 3>2>@N B515? 0. "0: 2>B, ?@8@>40 7>3G5= B0:0O: ?@>AB> B0:0O. L>HC; C=3B>: @0AA:07K205B, GB> A;CG8;>AL ?@8 MB><:  MB> <3=>25=85 O >ICB8; GC2AB2> C25@5==>3> A>7=020=8O, ?@8H54H53> 87=CB@8 <5=O. / >:070;AO >A2>1>645==K< >B >:>2 MB> 5ABL 8 MB> =5 5ABL. / >A>7=0; ?5@2>740==CN <C4@>ABL, >1=065==K9 A>N7 ?CAB>BK 8 2=CB@5==5 ?@8ACI53> A>7=020=8O.  MB><C A>7=020=8N O 1K; ?>42545= 53> 1;03>A;>25=85<, :0: A:070; 25;8:89 8=489A:89 <0AB5@ !0@0E0: ">B, 2 GL5 A5@4F5 2>H;8 A;>20 <0AB5@0, A>75@F05B 8AB8=C :0: 4@03>F5==K9 :0<5=L =0 A2>59 ;04>=8.  MB>B <><5=B 2A5 2AB0;> =0 A2>8 <5AB0: @>48;AO ?;>4 2A5E ;5B, 2 B5G5=85 :>B>@KE L>HC; C=3B>: CG8;AO, 70=8<0;AO >G8I5=85< 8 ?@0:B8:>9. = 4>AB83 A>7=020=8O ?@8@>4K C<0.  B5E A;>20E, :>B>@K<8 2>A?>;L7>20;AO 0B@C; 8=?>G5, =5 1K;> =8G53> =5>1KG=>3>, M7>B5@8G5A:>3> 8;8 <8AB8G5A:>3>; >=8 2 459AB28B5;L=>AB8 1K;8 :@09=5 >1KG=K. > BCB 1K;> ?5@540=> =5GB> 5I5, :@><5 A;>2. ">, GB> >= @0A:@K;, 8 1K;> 2=CB@5==5 ?@8ACI59 ?@8@>4>9 2A53>, :>B>@0O 8 5ABL 8AB8==K9 A<KA; 7>3G5=.  MB>B <><5=B >= ?@825; L>HC;0 C=3B>:0 ?@O<> 2 MB> A>AB>O=85, ?@8 ?><>I8 A8;K 8 1;03>A;>25=8O A2>53> A>7=020=8O. 4=0:> <0AB5@0 >G5=L @07;8G=K 8 <>3CB 8A?>;L7>20BL 2A52>7<>6=K5 8A:CA=K5 A?>A>1K 4;O ?@>872545=8O B0:>3> A42830 A>7=0=8O. !0<>3> 0B@C;0 8=?>G5 >7=0:><8; A ?@8@>4>9 C<0 A>25@H5==> 8=K< A?>A>1>< >G5=L M:AF5=B@8G=K9 <0AB5@ ?> 8<5=8 > EL5=F5. >B CAB=>5 ?@540=85, :>B>@>5 O >1 MB>< A;KH0;. 0B@C; 8=?>G5 70=8<0;AO >G5=L ?@>428=CB>9 ?@0:B8:>9 9>38 8 7@8<>3> ?@54AB02;5=8O 8 70AB@O;: =8 >4=0 87 <0=40; 1>65AB2 =5 ?>O2;O;0AL 2 53> C<5 OA=>. 4=064K >= 2AB@5B8; > EL5=F5, :>B>@K9 @0725; ?>4 >B:@KBK< =51>< :>AB5@ 8 A845; ?5@54 =8<, ?>?820O G09.  "815B5, :>340 2848HL <0AB5@0, : :>B>@><C GC2AB2C5HL 3;C1>:CN ?@540==>ABL, ?@8=OB> 2 7=0: A2>53> C2065=8O BCB 65 =0G8=0BL ?@>AB8@0BLAO =0 75<;5. >340 0B@C; 8=?>G5 =0G0;, A =5:>B>@>3> @0AAB>O=8O, ?@>AB8@0BLAO =0 75<;5, > EL5=F5 70<5B8; 53> 8 C3@>60NI5 ?@>@KG0;: -9, BK, AB0@K9 ?5A! A;8 BK E@01@K9, B> 848 AN40! > EL5=F5 1K; >G5=L 2?5G0B;ONI8< <0AB5@><. = 1K; ?>E>6 =0 A0<C@0O, A 4;8==K<8 2>;>A0<8, I53>;LA:8 >45BK9 8 AB@0AB=K9 ;N18B5;L 5748BL 25@E>< =0 :@0A82KE ;>H04OE.  B> 2@5<O, :0: 0B@C; 8=?>G5 AB0; ?@81;860BLAO, ?@>4>;60O ?@>AB8@0BLAO =0 75<;5, > EL5=F5, 2A5 2@5<O >AK?0O 53> @C30B5;LAB20<8, ?@8=O;AO :840BL 2 =53> :0<5H:8, 0 ?>B>< 8 1>;55 :@C?=K5 :0<=8. >340 >= >:070;AO 2 ?@545;0E 4>AO305<>AB8, > EL5=F5 =0G0; 53> 18BL 8 C40@8; B0:, GB> >= ;8H8;AO A>7=0=8O. >340 0B@C; 8=?>G5 ?@8H5; 2 A51O, >= =0E>48;AO 2 A>25@H5==> 8=>< A>AB>O=88 A>7=0=8O. "5 <0=40;K, :>B>@K5 >= B0: AB0@0;AO 7@8<> 2>>1@078BL, A0<>?@>872>;L=> O28;8AL ?5@54 =8<. 064>5 87 ?@>:;OB89 8 >A:>@1;5=89 > EL5=F5 C=8GB>60;> ?>A;54=85 >AB0B:8 ?>=OB89=>3> C<0 0B@C;0 8=?>G5, 8 :064K9 87 :0<=59, GB> C40@O; 53>, >B:@K20; M=5@35B8G5A:85 F5=B@K 8 B>=:85 :0=0;K 53> B5;0. 845=8O <0=40; =5 >AB02;O;8 53> 2 B5G5=85 42CE GC45A=KE =545;L. "5?5@L O ?>?KB0NAL ?5@540BL 20<, 2 :0:>9B> AB5?5=8, =0 GB> ?>E>6 84 8 :0: >ICI05HL A51O, :>340 83?0 ?@O<> B515 >B:@K205BAO, E>BO 2A5 A;>20 8 ?>=OB8O =5A>25@H5==K, GB>1K ?>=0AB>OI5<C >?8A0BL MB>. C46>< 8=?>G5 3>2>@8B: 0 GB> MB>B <><5=B ?>E>6  1C4B> C 20A A 3>;>2K A=8<0NB :>;?0:. 'B> 70 1573@0=8G=K9 ?@>AB>@ 8 >1;53G5=85! -B> 2KAH55 2845=85: 2845=85 B>3>, GB> =5 1K;> 2848<> 4>A5;5. >340 2K 2848B5 B>, GB> =5 1K;> 2848<> 4>A5;5, 2A5 >B:@K205BAO, @0AH8@O5BAO, AB0=>28BAO @57:8<, OA=K<, :8?OI8< 687=LN, A GC45A=>9 8 O@:>9 A2565ABLN. 065BAO, 1C4B> A 20H53> C<0 A;5B05B :@KH:0, 1C4B> AB0O ?B8F 2=570?=> 27;5B05B A B5<=>3> 3=5740. A5 >3@0=8G5=8O @0AB2>@ONBAO 8 >B?040NB, :0: 1C4B>, :0: 3>2>@OB B815BFK, A@K205BAO ?5G0BL. @54AB02LB5, 1C4B> 2K 68;8 2 4><5 =0 25@H8=5 3>@K, :>B>@0O A0<0 1K;0 =0 25@H8=5 2A53> <8@0.  2>B 2=570?=> 2A5 740=85, >3@0=8G820NI55 20H 273;O4 =0 >:@C60NI55, 8AG57;>, 8 2K <>65B5 2845BL 2A5 2>:@C3, :0: B>, GB> 2=CB@8, B0: 8 2A5, GB> A=0@C68. > BCB =5B G53>B>, GB> <>6=> 1K;> 1K 2845BL; B>, GB> ?@>8AE>48B, 2>>1I5 =5 <>65B 1KBL A@02=5=> =8 A G5< >1KG=K<; MB> A>25@H5==> ?>;=>5, 15A?@5F545=B=>5, A>25@H5==>5 2845=85. C46>< 8=?>G5 3>2>@8B: 0H8 A0<K5 AB@0H=K5 2@038, B5, GB> 45@60;8 20A ?@82O70==K<8 : A0=A0@5 2 B5G5=85 15AG8A;5==KE 687=59, A 157=0G0;L=KE 2@5<5= 8 4>=K=5, MB> AB@5<;5=85 F5?;OBLAO 70 GB>;81> 8 B>, 70 GB> 2K CF5?8;8AL. >340 <0AB5@ ?@>2>48B 20< >7=0:><;5=85, 8 2K C7=05B5, B> MB8 420 2@030 A6830NBAO ?>;=>ABLN, :0: ?5@LO =0 >3=5, =5 >AB0282 8 A;540. 0: F5?;O=85, B0: 8 B>, 70 GB> G5;>25: CF5?8;AO, 8 B>, GB> F5?;O5BAO, ?>;=>ABLN >B45;ONBAO >B A0<>9 A2>59 >A=>2K. >@=8 =52565AB20 8 AB@040=89 ?>;=>ABLN >1@C10NBAO.  2A5 ACI55 O2;O5BAO :0: >B@065=85 2 75@:0;5, ?@>7@0G=>5, 1;8AB0NI55, 8;;N7>@=>5 8 ?>4>1=>5 A=>2845=8N. >340 2K, 24>E=>2;5==K5 84><, 5AB5AB25==> ?@8E>48B5 2 MB> A>AB>O=85 <548B0F88, 2K <>65B5 4>;3> >AB020BLAO 2 =5< 157 :0:8E;81> >A>1KE CA8;89 8 =5 >B2;5:0BLAO. "CB =5B =8G53>, =07K205<>3> <548B0F859, GB> B@51>20;>AL 1K A>E@0=OBL 8;8 ?>445@6820BL, ?>A:>;L:C 2K =0E>48B5AL 2 5AB5AB25==>< ?>B>:5 <C4@>AB8 83?K.  :>340 2K 2 =5<, B> 2K A>7=05B5, GB> B0:8< >= 2A5340 1K; 8 5ABL. >340 A8O5B <C4@>ABL 83?K, =5 <>65B >AB0BLAO =8 B5=8 A><=5=8O 8 2>7=8:05B, ?@O<> 8 157 CA8;89, 3;C1>:>5 8 ?>;=>5 ?>=8<0=85. K >1=0@C68B5, GB> 2A5 >1@07K, :>B>@K5 O ?@825;, 8 <5B0D>@K, :>B>@K5 O ?KB0;AO 8A?>;L7>20BL, A>;LNBAO 2 >4=> 2A5>E20B=>5 ?5@56820=85 8AB8=K.  MB>< A>AB>O=88 70:;NG05BAO 8 ?@540==>ABL, 8 A>AB@040=85, 8 2A5 <C4@>AB8, 8 1;065=AB2>, 8 OA=>ABL, 8 >BACBAB285 <KA;59, => 2A5 MB> =5 87>;8@>20==>, 0 A;8B> 8 =5@07@K2=> A2O70=> 2 >4=>< >ICI5=88. -B>B <><5=B 8 5ABL <><5=B ?@>1C645=8O. ;C1>:>5 GC2AB2> N<>@0 ?>4=8<05BAO 87=CB@8, 8 2K C;K105B5AL, 87C<;OOAL B><C, =0A:>;L:> =5 A>>B25BAB2>20;8 8AB8=5 2A5 20H8 ?@56=85 ?>=OB8O 8 8458 > ?@8@>45 C<0. 7 MB>3> 2>7=8:05B 8 @0AB5B GC2AB2> >3@><=>9 8 =5?>:>;518<>9 C25@5==>AB8 8 C15645==>AB8, GB> MB> >=>. >;LH5 =5G53> 8A:0BL, =5 =C6=> =8 =0 GB> 8=>5 =045OBLAO. -BC C25@5==>ABL 2 845 ?@8E>48BAO C3;C1;OBL ?@8 :064>< ?>A;54CNI5< 273;O45 =0 ?@8@>4C C<0 8 AB018;878@>20BL ?>A@54AB2>< ?>AB>O==KE 70=OB89 <548B0F859. "&/ 'B> 65 B>340 2 7>3G5=5 <548B0F8O? -B> ?@>AB> ?@51K20=85 2 ?>:>5, 157 >B2;5G5=89, 2 845, :0: B>;L:> A =8< >7=0:><;5=. C46>< 8=?>G5 >?8AK205B MB> B0:: 548B0F8O A>AB>8B 2 B><, GB>1K 1KBL 2=8<0B5;L=K< : B0:><C A>AB>O=8N 83?K, A2>1>4=K< >B 2A5E C<AB25==KE :>=AB@C:F89, 2 B> 65 2@5<O >AB020OAL ?>;=>ABLN @0AA;01;5==K<, 157 :0:>3>;81> >B2;5G5=8O 8;8 F5?;O=8O. 1> A:070=>: 548B0F8O =5 2 AB@5<;5=88, 0 2 ?>AB5?5==>< AB0=>2;5=88 ?@8=OBK< 2 =55. AO F5;L ?@0:B8:8 <548B0F88 7>3G5= A>AB>8B 2 B><, GB>1K C?@>G8BL 8 AB018;878@>20BL 83?C, 8 40BL 59 2K@0AB8 4> ?>;=>9 7@5;>AB8. 1KG=K9 C<, C< ?@82KG5:, A> A2>8<8 ?@>5:F8O<8, :@09=5 A8;5=. = ?@>4>;605B 2>72@0I0BLAO 8 ;53:> 702;045205B =0<8, :>340 <K =52=8<0B5;L=K 8;8 >B2;5G5=K. 0: >1KG=> 3>2>@8; C46>< 8=?>G5, A59G0A =0H0 83?0  :0: <;045=5F, 70B5@O==K9 =0 ?>;5 18B2K A8;L=KE <KA;59, 2>7=8:0NI8E 2 =0A. / ;N1;N 3>2>@8BL, GB> <K 4>;6=K 2=0G0;5 =O=G8BL A2>N 83?C, :0: <;045=F0, 2 157>?0A=>< >:@C65=88, ?@54>AB02;O5<>< <548B0F859. A;8 <548B0F8O A>AB>8B 2 ?@>AB>< ?@>4>;65=88 ?>B>:0 83?K ?>A;5 >7=0:><;5=8O A =59, B> :0: =0< C7=0BL, :>340 MB> 83?0, 0 :>340  =5B? / A?@>A8; >1 MB>< 8;3> EL5=F5 8=?>G5, 8 >= >B25B8; A E0@0:B5@=>9 4;O =53> ?@>AB>B>9: A;8 BK 2 =587<5==>< A>AB>O=88  MB> 83?0. A;8 <K =8G53> =5 ?@84C<K205< 8 =8:0: =5 <0=8?C;8@C5< A2>8< C<><, => ?@>AB> =0E>48<AO 2 ?>:>5 2 =587<5==>< A>AB>O=88 G8AB>3> 8 =570B@>=CB>3> A>7=020=8O, B>340 MB> 8 5ABL 83?0. A;8 65 A =0H59 AB>@>=K 5ABL :0:85B> 87<KH;5=8O, 8;8 ;N1>5 <0=8?C;8@>20=85, 8;8 F5?;O=85, B> MB> =5 >=0. 83?0  MB> A>AB>O=85, 2 :>B>@>< 1>;55 =5B =8:0:8E A><=5=89; 745AL 2 459AB28B5;L=>AB8 =5B C<0, GB>1K A><=520BLAO: 2K ?@O<> 2848B5. A;8 2K =0E>48B5AL 2 B0:>< A>AB>O=88, B> 2<5AB5 A A0<>9 83?>9 2 20A 2>7=8:05B ?>;=0O, 5AB5AB25==0O C25@5==>ABL 8 4>25@85, 8 ?>MB><C 2K 7=05B5. #G5=85 7>3G5= >B;8G05BAO :@09=59 B>G=>ABLN, ?>A:>;L:C G5< 3;C165 2K 70E>48B5, B5< B>=LH5 B5 >1<0=K, :>B>@K5 <>3CB 2>7=8:0BL, 0 254L =0 :0@BC BCB ?>AB02;5=> ?>7=0=85 01A>;NB=>9 @50;L=>AB8. 065 ?>A;5 >7=0:><;5=8O <0AB5@0 ?>4@>1=> >1JOA=ONB B5 A>AB>O=8O, :>B>@K5 =5 O2;ONBAO <548B0F859 7>3G5= 8 :>B>@K5 =5;L7O A =59 ?CB0BL.  >4=>< 87 B0:8E A>AB>O=89 2K C?;K205B5 2 =8G59=CN >1;0ABL C<0, 345 =5B =8 <KA;59, =8 2>A?><8=0=89; MB> B5<=>5, A:CG=>5, 157@07;8G=>5 A>AB>O=85, 2 :>B>@>< 2K ?>3@O705B5 2 >A=>25 >1KG=>3> C<0. > 2B>@>< B0:>< A>AB>O=88 5ABL =5:>B>@K9 ?>:>9 8 ;53:0O OA=>ABL, => MB> A>AB>O=85 ?>:>O 70AB>9=>, ?>?@56=5<C ?>3@C65=> 2 >1KG=K9 C<.  B@5BL5< 2K 8A?KBK205B5 >BACBAB285 <KA;59, => ?>425H5=K 2 ?CAB>< A>AB>O=88 C482;5=8O.  G5B25@B>< 20H C< >B2;5:05BAO, 8I0 <KA;59 8 ?@>5:F89. 8 >4=> 87 MB8E A>AB>O=89 =5 O2;O5BAO 8AB8==K< A>AB>O=85< <548B0F88, 8 ?@0:B8:CNI5<CAO ?@8E>48BAO 8A:CA=> A;548BL 70 B5<, GB>1K =5 1KBL >1<0=CBK< B0:8< >1@07><. !CI=>ABL ?@0:B8:8 <548B0F88 7>3G5= >E20BK205BAO A;54CNI8<8 G5BK@L<O C:070=8O<8: " >340 >4=0 <KA;L ?@5:@0B8;0AL, 0 A;54CNI0O 5I5 =5 2>7=8:;0, 2 MB>< ?@><56CB:5, ?>A5@548=5, @0725 =5 ?@8ACBAB2C5B A>7=0=85 B5:CI53> <><5=B0; A25655, 452AB25==>5, =5 87<5=5==>5 A:>;L:>=81C4L ?>=OB85<, A25B>=>A=>5, =5?@8:@KB>5 A>7=020=85? "0: 2>B MB> 8 5ABL 83?0! " > B0: =5 4;8BAO 25G=>, ?>B><C GB> 24@C3 2>7=8:05B 4@C30O <KA;L, =5 ?@0240 ;8? -B> A8O=85, 8A?CA:05<>5 A0<>9 MB>9 83?0. " > 5A;8 2K =5 C7=05B5 MB>9 <KA;8 :0: B>3>, G5< >=0 2 459AB28B5;L=>AB8 O2;O5BAO, 2 B>B A0<K9 <><5=B, :0: >=0 2>7=8:=5B, B> >=0 ?@52@0B8BAO 2 ?@>AB> 5I5 >4=C >1KG=CN <KA;L, :0: 2A5 ?@56=85. -B> =07K205BAO F5?LN 8;;N789 8 O2;O5BAO :>@=5< A0=A0@K. " A;8 65 2K A?>A>1=K @0A?>7=0BL 8AB8==CN ?@8@>4C MB>9 <KA;8, :0: B>;L:> >=0 2>7=8:=5B, 8 >AB028B5 55 2 ?>:>5, =8:0: 59 =5 A;54CO, B> B>340 ;N1K5 <KA;8, :0:85 1K =8 2>7=8:0;8, 1C4CB 02B><0B8G5A:8 @0AB2>@OBLAO, 2>72@0I0OAL 2 >1H8@=>5 ?@>AB@0=AB2> 83?K 8 >A2>1>640OAL. /A=>, GB> =C6=0 F5;0O 687=L ?@0:B8:8, GB>1K ?>=OBL 8 >A>7=0BL 2AN ?>;=>BC 8 25;8G85 MB8E G5BK@5E 3;C1>:8E, => 8 ?@>ABKE C:070=89, 8 745AL O <>3C B>;L:> 40BL 20< A;53:0 ?>GC2AB2>20BL, GB> B0:>5 <548B0F8O 2 7>3G5=. 025@=>5, A0<>5 206=>5 A>AB>8B 2 B><, GB> <548B0F8O 7>3G5= AB0=>28BAO =5?@5@K2=K< ?>B>:>< 83?K, :0: @5:0, ?>AB>O==> 4286CI0OAO 4=5< 8 =>GLN 15A?@5AB0==>. -B>, :>=5G=>, 8450;L=>5 A>AB>O=85, ?>B><C GB> B0:8< ?@51K20=85< 2 ?>:>5 8 157 >B2;5G5=89, 2 845, ?>A;5 B>3>, :0: A =8< ?@>2545=> >7=0:><;5=85 8 >= C7=0=, 2>7=03@0640NBAO 3>4K CA5@4=>9 ?@0:B8:8. 548B0F8O 7>3G5= >1;0405B B>=:>9 A8;>9, ?>72>;ONI59 59 A?@02;OBLAO A> 2A5<, GB> 2>7=8:05B 2 C<5, 8 405B ?@8ACI89 B>;L:> 59 273;O4 =0 MB>. A5, GB> 1K =8 2>7=8:0;>, @0AA<0B@8205BAO 2 A2>59 8AB8==>9 ?@8@>45, =5 :0: >B45;L=>5 >B 83?K, 8 =5 :0: 2@06451=>5 59, => 2 459AB28B5;L=>AB8 =5 GB> 8=>5  8 MB> >G5=L 206=>  :0: 55 A8O=85, 8A?CA:05<>5 5N A0<>9, ?@>O2;5=85 A0<>9 55 M=5@388. !:065<, 2K >:07K205B5AL 2 A>AB>O=88 3;C1>:>3> ?>:>O; G0AB> >=> =5 4;8BAO >G5=L 4>;3>, 8 2A5340 ?>O2;O5BAO <KA;L 8;8 42865=85, :0: 2>;=0 2 >:50=5. 5 >B25@309B5 MB> 42865=85 8 =5 >A>15==> F5?;O9B5AL 70 MB>B ?>:>9, => ?@>4>;609B5 4;8BL ?>B>: A2>53> G8AB>3> ?@8ACBAB28O. -B> 2A5?@>=8:0NI55 ?>:>9=>5 A>AB>O=85 20H59 <548B0F88 8 5ABL A0<0 83?0, 0 2A5, GB> 1K =8 2>7=8:;>, A8O=85, 8A?CA:05<>5 A0<>9 83?>9. -B> A5@4F528=0 8 >A=>20 ?@0:B8:8 7>3G5=. 48= 87 A?>A>1>2 ?@54AB028BL A515 MB>  2>>1@078BL, 1C4B> 2K 2>72@0I05B5AL ?> A>;=5G=K< ;CG0< : !>;=FC: 2K BCB 65 ?@>A;568205B5 B>, GB> 2>7=8:05B, >1@0B=> : A0<><C 53> :>@=N, : >A=>25 83?K.  ?>A:>;L:C 2K 2>?;>I05B5 AB>9:CN AB018;L=>ABL 73;O40, 2K 1>;LH5 =5 >1<0=K205B5AL 8 =5 >B2;5:05B5AL 2A5<, GB> 1K =8 2>7=8:0;>, 8 ?>MB><C =5 <>65B5 AB0BL 65@B2>9 8;;N788. >=5G=>, 2 >:50=5 2AB@5G0NBAO 8 1C@=K5, 0 =5 B>;L:> A;01K5 2>;=K: ?@8E>4OB 8 A8;L=K5 M<>F88, B0:85, :0: 3=52, 65;0=85, @52=>ABL. ">B, :B> ?@0:B8:C5B <548B0F8N ?>=0AB>OI5<C, C7=05B 2 =8E =5 15A?>:>9AB2> 8;8 ?@5?OBAB285, => 25;8:CN 2>7<>6=>ABL. ">B D0:B, GB> 2K @5038@C5B5 =0 B0:85 ?@>O2;5=8O ?@82KG=K<8 A:;>==>ABO<8 ?@82O70==>AB8 8;8 >B2@0I5=8O, O2;O5BAO 7=0:><, GB> 2K =5 B>;L:> >B2;5G5=K, => B0:65, GB> 2K C65 =5 8<55B5 C7=020=8O 8 ?>B5@O;8 >A=>2C 83?K. >340 <K @5038@C5< B0: =0 M<>F88, B> MB> =045;O5B 8E A8;>9 8 5I5 BC65 A2O7K205B =0A F5?O<8 8;;N788. 5;8:89 A5:@5B 7>3G5= A>AB>8B 2 B><, GB>1K, :0: B>;L:> >=8 2>7=8:=CB, A@07C OA=> C2845BL, G5< >=8 O2;ONBAO: 682K< 8 M;5:B@87CNI8< ?@>O2;5=85< M=5@388 A0<>9 83?K. > <5@5 B>3>, :0: 2K ?>AB5?5==> >1CG05B5AL MB><C, 4065 =081>;55 O@>AB=K< M<>F8O< =5 C405BAO 70E;5AB=CBL 20A, 8 >=8 @0AB2>@ONBAO, ?>4>1=> B><C, :0: 15H5=K5 2>;=K 274K<0NBAO 8 2=>2L >?040NB 2 ?>:>9 >:50=0. 548B8@CNI89 >B:@K205B  8 MB> A>25@H5==> =>2>5 ?@>7@5=85, GLN <>IL 8 B>=:>ABL =52>7<>6=> ?5@5>F5=8BL, GB> 1C@=K5 M<>F88 >B=N4L =5 >1O70B5;L=> A<5B0NB 20A 8 C2;5:0NB >1@0B=> 2 2>4>2>@>BK 20H8E A>1AB25==KE =52@>7>2, => GB> 8E 459AB28B5;L=> <>6=> 8A?>;L7>20BL 4;O B>3>, GB>1K C3;C18BL, C?@>G8BL, >6828BL 8 C:@5?8BL 83?C. E 1C@=0O M=5@38O ?8B05B ?@>1C645==CN M=5@38N 83?K. '5< A8;L=55 8 ?;0<5==59 M<>F8O, B5< 1>;LH5 C:@5?;O5BAO 83?0. / AG8B0N, GB> MB>B C=8:0;L=K9 <5B>4 7>3G5= >1;0405B =5>1KG09=>9 A8;>9 8 <>65B >A2>1>48BL 4065 =081>;55 2=54@82H85AO, 3;C1>:> C:>@5=82H85AO M<>F8>=0;L=K5 8 ?A8E>;>38G5A:85 ?@>1;5<K. >72>;LB5 <=5 B5?5@L >7=0:><8BL 20A, B0: ?@>AB>, :0: O MB> B>;L:> <>3C, A >1JOA=5=85< @01>BK MB>3> ?@>F5AA0. -B> 1C45B >G5=L F5==K< 2 40;L=59H5<, :>340 <K ?>4>945< : @0AA<>B@5=8N B>3>, GB> ?@>8AE>48B 2 <><5=B A<5@B8.  7>3G5=5 >A=>2=0O, 2=CB@5==5 ?@8ACI0O 2A5<C ?@8@>40 2A53> ACI53> =07K205BAO !25B>=>A=>ABL A=>2K, 8;8 0BL!25B>=>A=>ABL. =0 ?@>=8F05B 2A5, GB> <K 8A?KBK205<, 8 ?>B><C O2;O5BAO B0:65 8 2=CB@5==59, ?@8ACI59 ?@8@>4>9 B5E <KA;59 8 M<>F89, GB> 2>7=8:0NB 2 =0H5< C<5, E>BO <K MB>3> 8 =5 @0A?>7=05<. >340 <0AB5@ 7=0:><8B =0A A 8AB8==>9 ?@8@>4>9 C<0, A>AB>O=85< 83?0, B> MB> ?>4>1=> B><C, 1C4B> >= 2@CG05B =0< 3;02=K9 :;NG. K 2 7>3G5=5 =07K205< MB>B :;NG, :>B>@K9 >B:@>5B =0< 425@8 ?>;=>3> 7=0=8O, !25B>=>A=>ABL CB8, 8;8 8BO!25B>=>A=>ABL. !25B>=>A=>ABL A=>2K 8 !25B>=>A=>ABL CB8, :>=5G=>, 2 A2>59 >A=>25 O2;ONBAO >4=8< 8 B5< 65 8 @07;8G0NBAO B0:8< >1@07>< B>;L:> 4;O >1JOA=5=8O 8 ?@0:B8:8. > :0: B>;L:> <K, ?>A@54AB2>< >7=0:><;5=8O, ?@>2545==>3> <0AB5@><, ?>;CG05< :;NG !25B>=>A=>AB8 CB8, <K <>65< ?> A2>5<C 65;0=8N 8A?>;L7>20BL 53>, GB>1K >B:@KBL 425@L 2> 2=CB@5==NN, ?@8ACICN 59, ?@8@>4C @50;L=>AB8. -B> >B:@K20=85 425@8 =07K205BAO 2 7>3G5= 2AB@5G59 !25B>=>A=>AB8 A=>2K 8 !25B>=>A=>AB8 CB8, 8;8 2AB@5G59 0B5@8!25B>=>A=>AB8 A 8B5<!25B>=>A=>ABLN. >4@C3><C 2K@078BL MB> 65 <>6=>, 5A;8 A:070BL, GB> :0: B>;L:> 2>7=8:05B <KA;L 8;8 M<>F8O, B0: !25B>=>A=>ABL CB8 83?0 BCB 65 C7=05B 2 =59 B>, G5< >=0 O2;O5BAO, C7=05B ?@8ACICN 59 ?@8@>4C, !25B>=>A=>ABL A=>2K.  MB>B <><5=B C7=020=8O 425 !25B>=>A=>AB8 A;820NBAO 2>548=>, 8 <KA;8 A M<>F8O<8 >A2>1>640NBAO 2 A0<>9 A2>59 >A=>25. !CI5AB25==> 206=> ?@8 687=8 A>25@H5=AB2>20BL MBC ?@0:B8:C A;8O=8O 42CE A25B>=>A=>AB59 8 A0<>>A2>1>645=8O 2A53>, GB> 2>7=8:05B, ?>A:>;L:C 2 <><5=B A<5@B8, 4;O 2A5E 157 8A:;NG5=8O, ?@>8AE>48B A;54CNI55: !25B>=>A=>ABL A=>2K ?>:07K205BAO 2> 2A5< A2>5< 25;8:>;5?88 8 =5A5B A A>1>9 2>7<>6=>ABL ?>;=>3> >A2>1>645=8O, 5A;8, 8 B>;L:> 5A;8, 2K =0CG8;8AL C7=020BL 55. "5?5@L, =025@=>5, C65 OA=>, GB> MB> A;8O=85 A25B>=>A=>AB59 8 A0<>>A2>1>645=85 <KA;59 8 M<>F89 8 5ABL <548B0F8O =0 55 =081>;55 3;C18==>< C@>2=5. $0:B8G5A:8, B0:>9 B5@<8=, :0: <548B0F8O, =5 >G5=L ?>4E>48B 4;O ?@0:B8:8 7>3G5=, ?>A:>;L:C >=, 2 :>=5G=>< AG5B5, >7=0G05B <548B8@>20=85 =0 G5<B>, B>340 :0: 2 7>3G5= 2A5 O2;O5BAO B>;L:> 8 25G=> 83?>9. "0: GB> 745AL =5B 2>?@>A0 > <548B0F88 2=5 ?@>AB>3> ?@51K20=8O 2 G8AB>< ?@8ACBAB288 83?K. 48=AB25==>5 A;>2>, :>B>@>5, 2>7<>6=>, <>3;> 1K MB> >?8A0BL, MB> =5<548B0F8O. 0AB5@0 3>2>@OB, GB> 2 MB>< A>AB>O=88, 5A;8 4065 8I5HL 8;;N78N, 55 =5B. A;8 2K 1C45B5 8A:0BL >1KG=K5 :0<5H:8 =0 >AB@>25 87 7>;>B0 8 4@03>F5==KE :0<=59, 2K =5 A<>65B5 =09B8 8E B0<. >340 84 ?>AB>O=5=, 8 ?>B>: 83?K =58AAO:05<, 0 A;8O=85 42CE A25B>=>A=>AB59 =5?@5@K2=> 8 A0<>?@>872>;L=>, B> 2A5 2>7<>6=K5 8;;N788 >A2>1>640NBAO 2 A0<>< A2>5< :>@=5, 8 2A5 20H5 2>A?@8OB85 15A?@5@K2=> 2>7=8:05B :0: 83?0. 0AB5@0 ?>4G5@:820NB, GB> 4;O B>3>, GB>1K AB018;878@>20BL 84 2 <548B0F88, 2 ?5@2CN >G5@54L ACI5AB25==> 206=> 2K?>;=OBL MBC ?@0:B8:C 2 A?5F80;L=>< >:@C65=88 C548=5==>3> C1568I0, 345 5ABL 2A5 1;03>?@8OB=K5 CA;>28O; A@548 65 >B2;5G5=89 8 45; <8@0, :0: 1K 2K <=>3> =8 <548B8@>20;8, 8AB8==>5 ?5@56820=85 =5 @>48BAO 2 20H5< C<5. >2B>@KE, E>BO 2 7>3G5= =5 ?@>2>48BAO @07;8G8O <564C <548B0F859 8 ?>2A54=52=>9 687=LN, =>, ?>:0 2K =5 =0H;8 8AB8==>9 AB018;L=>AB8 ?>A@54AB2>< 2K?>;=5=8O MB>9 ?@0:B8:8 2 ?@028;L=KE A5AA8OE , 2K =5 A<>65B5 2:;NG8BL <C4@>ABL <548B0F88 2 ?5@56820=8O ?>2A54=52=>9 687=8. B@5BL8E, 4065 :>340 2K 2K?>;=O5B5 MBC ?@0:B8:C, 2K 4>;6=K 1KBL A?>A>1=K ?@845@6820BLAO =5?@5@K2=>3> ?>B>:0 83?K A C25@5==>ABLN 73;O40; =>, 5A;8 2K =5A?>A>1=K ?@>4>;60BL MB>B ?>B>: 2> 2A5 2@5<5=0 8 2> 2A5E A8BC0F8OE , A;820O A2>N ?@0:B8:C A ?>2A54=52=>9 687=LN, >=0 =5 ?>A;C68B 20<, :>340 2>7=8:=CB =51;03>?@8OB=K5 >1AB>OB5;LAB20, 8 2K 1C45B5 >1<0=CBK 8;;N78O<8 <KA;59 8 M<>F89. ABL >4=0 70<5G0B5;L=0O 8AB>@8O > 9>35, ?@0:B8:5 7>3G5=, :>B>@K9 68; A515 =570<5B=>, => 1K;, >4=0:>, >:@C65= <=>65AB2>< ?>A;54>20B5;59. 5:89 <>=0E, 8<52H89 ?@5C25;8G5==>5 ?@54AB02;5=85 > A>1AB25==>9 CG5=>AB8, ?@>=8:AO @52=>ABLN : MB><C 9>3C, > :>B>@>< >= 7=0;, GB> B>B 4>2>;L=> ?;>E> =0G8B0=. = ?>4C<0;: 0: MB>B ?@>AB>9, >1KG=K9 G5;>25: A<55B CG8BL? 0: >= A<55B ?@8:84K20BLAO <0AB5@><? / ?>94C 8 8A?KB0N 53> ?>7=0=8O, 8 ?>:06C, :0:>9 >= ?@8B2>@I8:, C=86C 53> ?5@54 53> ?>A;54>20B5;O<8 B0:, GB> >=8 >AB02OB 53> 8 ?>A;54CNB 70 <=>9.  2>B, >= >4=064K O28;AO : MB><C 9>3C 8 ?@57@8B5;L=> A:070;: K, 2 7>3G5=, GB>, B>;L:> <548B8@C5B5, 8 2A5? B25B 9>30 1K; 4;O =53> ?>;=>9 =5>6840==>ABLN:  > G5< BCB <548B8@>20BL? 30, B0: 2K 4065 8 =5 <548B8@C5B5!  ;8:CNI5 2>A:;8:=C; CG5=K9. > @0725 O :>340;81> >B2;5:0NAL?  A:070; 9>3. !" > <5@5 B>3>, :0: ?@51K20=85 2 ?>B>:5 83?K AB0=>28BAO @50;L=>ABLN, >=> =0G8=05B ?@>=8F0BL ?>2A54=52=CN 687=L 8 459AB28O ?@0:B8:CNI53> 8 2K7K205B 3;C1>:CN AB018;L=>ABL 8 C25@5==>ABL. C46>< 8=?>G5 3>2>@8B: 59AB285 A>AB>8B 2 B><, GB>1K 1KBL 8AB8==> =01;N40NI8< A2>8 A>1AB25==K5 <KA;8, E>@>H85 8;8 4C@=K5, A<>B@O 2 A0<CN ?@8@>4C ;N1KE <KA;59, :0:85 1K =8 2>7=8:;8, :0: =5 CE>4O 2 ?@>H;>5, B0: 8 =5 701530O 2 1C4CI55, :0: =5 ?>72>;OO =8:0:>3> F5?;O=8O 70 ?5@56820=8O @04>AB59, B0: 8 =5 ?>44020OAL ?5G0;L=K< A8BC0F8O<. 5;0O B0:, 2K AB0@05B5AL 4>AB8GL A>AB>O=8O 25;8:>3> @02=>25A8O 8 >AB020BLAO 2 =5<, B0<, 345 2A5 E>@>H55 8 ?;>E>5, ?>:>9 8 @0AAB@>9AB2>, ;8H5=K 8AB8==>9 845=B8G=>AB8. !>7=020=85 840 B>=:>, => ?>;=>ABLN ?@5>1@0605B 20H5 2845=85 2A53>. / 2A5 1>;LH5 8 1>;LH5 A>7=0N, GB> <KA;8 8 ?>=OB8O  MB> 2A5, GB> =5 405B =0< ?>AB>O==> 1KBL, ?@>AB> 1KBL, 2 01A>;NB=><. "5?5@L O OA=> 286C, ?>G5<C <0AB5@0 B0: G0AB> 3>2>@OB: #A5@4=> AB0@09B5AL =5 A>74020BL A;8H:>< <=>3> =04564K 8 AB@0E0  ?>B><C GB> >=8 B>;L:> ?>@>640NB 5I5 1>;LH5 C<AB25==>9 1>;B>2=8. >340 84 745AL, B> <KA;8 284=K B0:8<8, :0:8<8 >=8 8AB8==> O2;ONBAO: ?@5E>4OI8<8 8 ?@>7@0G=K<8, 8 ;8HL >B=>A8B5;L=K<8. K 2848B5 ?@O<> A:2>7L 2A5, 1C4B> C 20A @5=B35=>2A:85 3;070. K =5 F5?;O5B5AL 70 <KA;8 8 M<>F88 8 =5 >B25@305B5 8E, => ?@825BAB2C5B5 8E 2A5E 2 >1H8@=>< >1JOB88 83?K. ">, : G5<C 2K B0: A5@L57=> >B=>A8;8AL @0=LH5  70<KA;K, ?;0=K, >6840=8O, A><=5=8O 8 AB@0AB8  1>;LH5 =5 8<55B :0:>9;81> 3;C1>:>9 8 B@52>6=>9 2;0AB8 =04 20<8, ?>B><C GB> 84 ?><>3 20< C2845BL BI5B=>ABL 8 15AF5;L=>ABL 8E 2A5E 8 ?>@>48; 2 20A 4CE 8AB8==>3> >B@5G5=8O. @51K20=85 2 OA=>AB8 8 C25@5==>AB8 83?K ?>72>;O5B 2A5< 20H8< <KA;O< 8 M<>F8O< 5AB5AB25==> 8 157 CA8;89 >A2>1>48BLAO 2 55 >1H8@=>< ?@>AB>@5, ?>4>1=> =04?8A8 =0 2>45 8;8 @8AC=:C 2 =515. A;8 2K ?>=0AB>OI5<C CA>25@H5=AB2C5B5AL 2 MB>9 ?@0:B8:5, :0@<0 2>>1I5 =5 1C45B 8<5BL 2>7<>6=>AB8 =0:0?;820BLAO; 8 2 MB>< A>AB>O=88 15AF5;L=>9, 157701>B=>9 =5?@8=C645==>AB8, :>B>@>5 C46>< 8=?>G5 =07K205B =5?>402;5==>9, =03>9 ;53:>ABLN, :0@<8G5A:89 70:>= ?@8G8=K 8 A;54AB28O 1>;LH5 =8:0: =5 A<>65B 20A A2O7K20BL. > GB> 1K 2K =8 45;0;8, =5 ?>;0309B5, GB> MB> ;53:> 8;8 2>>1I5 <>65B 1KBL ;53:8<. '@572KG09=> B@C4=> =0E>48BLAO, =5 >B2;5:0OAL, 2 ?@8@>45 C<0, 4065 =0 <><5=B, =5 3>2>@O C6 > B><, GB>1K A0<>>A2>1>48BL >4=C548=AB25==CN <KA;L 8;8 M<>F8N ?@8 55 ?>O2;5=88. K G0AB> ?>;0305<, GB> ?@>AB> ?>B><C, GB> <K GB>B> ?>=8<05< 8=B5;;5:B><, 8;8 4C<05<, GB> ?>=8<05<, <K C65 MB> >A>7=0;8. -B> 25;8:0O 8;;N78O. "CB =5>1E>48<0 B0 7@5;>ABL, :>B>@CN <>3CB 40BL B>;L:> 3>4K A;CH0=8O, @07<KH;5=8O, A>75@F0=8O, <548B0F88 8 ?>AB>O==>9 ?@0:B8:8.  =52>7<>6=> A;8H:>< G0AB> ?>2B>@OBL, GB> ?@0:B8:0 7>3G5= 2A5340 B@51C5B @C:>2>4AB20 8 ?>CG5=89 :20;8D8F8@>20==>3> <0AB5@0.  ?@>B82=>< A;CG05 2>7=8:05B 25;8:0O >?0A=>ABL, :>B>@CN 2 CG5=8OE =07K20NB ?>B5@59 59AB28O 2> 73;O45. "0:>5 2KA>:>5 8 <>I=>5 CG5=85, :0: 7>3G5=, =5A5B 2 A515 8 :@09=89 @8A:. 1<0=K20OAL 8;;N7859, GB> 2K >A2>1>6405B5 <KA;8 8 M<>F88, :>340 =0 45;5 2K 8 1;87:> =5 ?>4>H;8 : A?>A>1=>AB8 MB> 45;0BL, 8 4C<0O, GB> 459AB2C5B5 A =5?@>872>;L=>ABLN 8AB8==>3> 9>30?@0:B8:0 7>3G5=, 2K =0 A0<>< 45;5 2A53> ;8HL =0:0?;8205B5 >3@><=K5 3>@K >B@8F0B5;L=>9 :0@<K. 0: 3>2>@8B 04<0A0<1E020  8 MB> >B=>H5=85, :>B>@>5 4>;6=> 1KBL C 2A5E =0A: %>BO <>9 84 B0: 65 >1H8@5=, :0: =51>, <>8 459AB28O 8 ?>G8B0=85 ?@8G8=K 8 A;54AB28O B0: 65 <5;:8, :0: ?K;8=:8 <C:8. 0AB5@0 CG5=8O 7>3G5= A=>20 8 A=>20 ?>4G5@:820;8, GB> 157 BI0B5;L=>3> 8 3;C1>:>3> >2;045=8O ACI=>ABLN 8 <5B>4>< A0<>>A2>1>645=8O ?>A@54AB2>< 4>;3>9 ?@0:B8:8, <548B0F8O B>;L:> 702>48B 2A5 40;LH5 ?> ?CB8 8;;N7>@=>3> >1<0=0. -B> <>65B ?>:070BLAO 87;8H=5 @57:8<, => MB> B0:, ?>B><C GB> B>;L:> ?>AB>O==>5 A0<>>A2>1>645=85 <KA;59 <>65B 459AB28B5;L=> ?>:>=G8BL A 2;0ABLN 8;;N789 8 459AB28B5;L=> 70I8B8BL 20A >B 2?040=8O 2 AB@040=8O 8 =52@>7K 2=>2L. 57 <5B>40 A0<>>A2>1>645=8O 2K =5 A<>65B5 2K=>A8BL =5AG0ABLO 8 ?;>E85 >1AB>OB5;LAB20, :>340 >=8 2>7=8:=CB, 8, =5A<>B@O =0 B>, GB> 2K 1C45B5 <548B8@>20BL, >1=0@C68B5, GB> B0:85 20H8 M<>F88, :0: 3=52 8 65;0=85, ?>?@56=5<C ?@>E>4OB B0: 65 1C@=>, :0: 8 2A5340. ?0A=>ABL 4@C38E 284>2 <548B0F89 A>AB>8B 2 B><, GB> >=8, AB0=>2OAL ?>4>1=K<8 <548B0F8O< 1>3>2, A;8H:>< ;53:> ?5@5E>4OB 2 25;8:>;5?85 A0<>?>3@C65==>AB8, 8;8 ?0AA82=K9 B@0=A, 8;8 ?CAB>5 A>AB>O=85 B>3> 8;8 8=>3> 2840, 8 =8 >4=> 87 =8E =5 0B0:C5B 8;;N78N 8 =5 C=8GB>605B 55 2 :>@=5. 5;8:89 <0AB5@ 7>3G5=, 8<0;0<8B0, >G5=L B>G=> >?8A0; AB5?5=8 ?>2KH5=8O 5AB5AB25==>AB8 2 MB>< >A2>1>645=88: :>340 2K =0G8=05B5 >2;04520BL MB>9 ?@0:B8:>9, >A2>1>645=85 ?@>8AE>48B >4=>2@5<5==> A C7=020=85<, ?>4>1=> B><C, :0: C7=05BAO 2 B>;?5 AB0@K9 4@C3. @8 A>25@H5=AB2>20=88 8 C3;C1;5=88 MB>9 ?@0:B8:8 >A2>1>645=85 =0G=5B ?@>8AE>48BL >4=>2@5<5==> A 2>7=8:=>25=85< <KA;8 8 M<>F88, ?>4>1=> 7<55, A2820NI59 8 @072820NI59 A2>8 :>;LF0.  ?@8 >:>=G0B5;L=>< >2;045=88 >A2>1>645=85 ?>4>1=> 2>@C, ?@>=8:0NI5<C 2 ?CAB>9 4><; GB> 1K =8 2>7=8:0;>, >=> =5 ?@8=>A8B =8 ?>;L7K, =8 2@540 8AB8==><C 9>3C, ?@0:B8:CNI5<C 7>3G5=. 065 8 2 25;8G09H5< 9>35 ?>?@56=5<C ?>O2;ONBAO ?5G0;L 8 @04>ABL, =045640 8 AB@0E. 07;8G85 <564C >1KG=K< G5;>25:>< 8 9>3>< 2 B><, :0: >=8 @0AA<0B@820NB A2>8 M<>F88 8 @5038@CNB =0 =8E. 1KG=K9 G5;>25: 8=AB8=:B82=> ?@8=8<05B 8;8 >B25@305B 8E, 8 B5< 2>71C6405B ?@82O70==>ABL 8;8 >B2@0I5=85, 2 @57C;LB0B5 G53> 2>7=8:05B >B@8F0B5;L=0O :0@<0. > 9>3 2>A?@8=8<05B 2A5, GB> 1K =8 2>7=8:;>, 2 53> 5AB5AB25==><, ?5@2>740==>< A>AB>O=88, =5 ?>72>;OO F5?;O=8N ?@>=8:=CBL 2 A2>5 2>A?@8OB85. 8;3> EL5=F5 8=?>G5 >?8AK205B 9>30, ?@>3C;820NI53>AO ?> A04C. = ?>;=>ABLN ?@>1C645= :> 2A5<C 25;8:>;5?8N 8 :@0A>B5 F25B>2 8 =0A;06405BAO 8E :@0A:0<8, D>@<0<8 8 70?0E0<8. > 2 53> C<5 =5B =8 A;540 F5?;O=8O, =8 :0:>9;81> >AB0B>G=>9 <KA;8. 0: 3>2>@8B C46>< 8=?>G5: 0:85 1K 2>A?@8OB8O =8 2>7=8:0;8, 2K 4>;6=K 1KBL ?>4>1=K <0;5=L:><C @515=:C, 2E>4OI5<C 2 ?@5:@0A=> C:@0H5==K9 E@0<: >= A<>B@8B, => 53> 2>A?@8OB85 A2>1>4=> >B F5?;O=8O. "0: 2K >AB02;O5B5 2A5 A2568<, 5AB5AB25==K<, 682K< 8 =58A?>@G5==K<. >340 2K >AB02;O5B5 :064CN 25IL 2 55 A>1AB25==>< A>AB>O=88, B>340 55 D>@<0 =5 <5=O5BAO, 55 F25B =5 1;5:=5B 8 55 A8O=85 =5 8AG5705B. 'B> 1K =8 O28;>AL, >=> =5 70?OB=0=> =8:0:8< F5?;O=85<, 8 B0: 2A5, GB> 2K 2>A?@8=8<05B5, O2;O5BAO :0: =030O <C4@>ABL 83?K, :>B>@0O 5ABL =5@0745;L=>ABL A25B>=>A=>AB8 8 ?CAB>BK. #25@5==>ABL, 4>2>;LAB2>, >1H8@=>5 A?>:>9AB285, A8;0, 3;C1>:89 N<>@ 8 C15645==>ABL, :>B>@K5 2>7=8:0NB 87 =5?>A@54AB25==>3> A>7=020=8O 840 83?K, O2;ONBAO 25;8G09H8< A>:@>28I5< 687=8, 2KAH8< AG0ABL5<, :>B>@>5 =8GB> =5 <>65B C=8GB>68BL, :>340 >=> 4>AB83=CB>, 4065 A<5@BL. 8;3> EL5=F5 8=?>G5 3>2>@8B: 420 B>;L:> C 20A 5ABL 84, 4065 E>BO 8;;N7>@=K5 >1<0=G82K5 2>A?@8OB8O A0=A0@K <>3CB 2>7=8:=CBL 2 20H5< C<5, 2K 1C45B5 ?>4>1=K =51C; :>340 @04C30 ?>O2;O5BAO 2 =5<, >=> =5 >G5=L ?>;LI5=> MB8<, 0 :>340 ?>O2;O5BAO >1;0:>, >=> 8 =5 >A>15==> MB8< @07>G0@>20=>. "CB ?@8ACBAB2C5B 3;C1>:>5 GC2AB2> 4>2>;LAB20. K 2=CB@5==5 ?>A<58205B5AL, :>340 278@05B5 =0 D0A04 A0=A0@K 8 =8@20=K; 84 ?>445@68205B 2 20A ?>AB>O==CN 25A5;CN 708=B5@5A>20==>ABL 8 <0;5=L:0O 2=CB@5==OO CA<5H:0 2A5 2@5<O B8E> 6C@G8B 2=CB@8 20A. 0: 3>2>@8B C46>< 8=?>G5: >A;5 B>3>, :0: 25;8:0O 8;;N78O, BL<0 2=CB@8 A5@4F0, >G8I5=0, ?>AB>O==> A8O5B ;CG8ABK9 A25B =8G5< =5 70A;>=5==>3> A>;=F0. / =045NAL, GB> :B>B>, ?@8=O2 : A5@4FC B>, G5<C CG8B MB0 :=830 > 7>3G5=, 8 B>, GB> 745AL 3>2>@8BAO >1 C<8@0=88, 1C45B 24>E=>2;5= 8A:0BL 8 =09B8 :20;8D8F8@>20==>3> <0AB5@0, 8 A;54>20BL 5<C, 8 >B40BLAO ?@>E>645=8N ?>;=>3> >1CG5=8O. !5@4F5< CG5=8O 7>3G5= O2;ONBAO 425 ?@0:B8:8, "@5:G> 8 ">30;, :>B>@K5 =5>1E>48<K 4;O 3;C1>:>3> ?>=8<0=8O B>3>, GB> ?@>8AE>48B 2> 2@5<O 10@4>. 45AL O <>3C 40BL B>;L:> A0<>5 :@0B:>5 22545=85 : =8<. >;=>5 >1JOA=5=85 405B B>;L:> <0AB5@ CG5=8:C, :>340 CG5=8: C65 2A5< A5@4F5< >B40;AO CG5=8N 8 4>AB83 >?@545;5==>9 AB0488 @0728B8O. ">, GB> O >1JOA=8; 2 MB>9 3;025, =CB@5==OO ACI=>ABL, MB> A5@4F528=0 ?@0:B8:8 "@5:G>. "@5:G> >7=0G05B @0AA5:0=85 >1<0=G82>9 8;;N788 A O@>AB=>9, ?@O<>9 BI0B5;L=>ABLN. > ACI5AB2C, 8;;N78O @0AA5:05BAO =0A:2>7L =5>4>;8<>9 A8;>9 2840 83?K, :0: =>6 @0720;8205B =042>5 :CA>: <0A;0, 8;8 :0: >?KB=K9 :0@0B8AB @07=>A8B ?>?>;0< AB>?:C :8@?8G59. 07@CH05BAO 2AO D0=B0AB8G5A:0O 0@:0 8;;N788, :0: 1C4B> 2K 27>@20;8 55 70<K:0NI89 :0<5=L. ;;N78O @0AA5G5=0 =0A:2>7L, 8 >1=0605BAO ?5@2>740==0O G8AB>B0 8 5AB5AB25==0O ?@>AB>B0 ?@8@>4K C<0. 0AB5@ >7=0:><8B 20A A ?@>428=CB>9 ?@0:B8:>9 ">30; ?@8 CA;>288, 5A;8 >= >?@545;8B, GB> 2K C65 E>@>H> CB25@48;8AL 2 ?@0:B8:5 "@5:G>. @0:B8:CO ">30;, @01>B05HL =5?>A@54AB25==> A /A=K< !25B><, :>B>@K9 >18B05B 2=CB@8, =5?>A@54AB25==> ?@8ACBAB2C5B, 2=CB@5==5 ?@8ACI 2A5< O2;5=8O<; ?@8 MB>< ?@8<5=ONBAO A?5F80;L=K5 8 :@09=5 <>I=K5 C?@06=5=8O, GB>1K @0A:@KBL 53> 2=CB@8 A51O. # ">30; 5ABL A2>9AB2> =5<54;5==>AB8, 8;8 =5<54;5==>3> >A>7=0=8O. >4E>4 ">30; <>6=> A@02=8BL A B5<, :0: 5A;8 1K 2<5AB> B>3>, GB>1K ?@>E>48BL ?> 3>@=>9 3@O45 : >B40;5==>9 25@H8=5, 2K ?5@5=5A;8AL BC40 >4=8< ?@K6:><. 59AB285 ">30; A>AB>8B 2 B><, GB>1K ?>72>;8BL G5;>25:C 2>?;>B8BL 2 459AB28B5;L=>ABL 2A5 @07;8G=K5 AB>@>=K ?@>A25B;5=8O 70 2@5<O >4=>9 687=8. >MB><C 53> AG8B0NB =5>1KG09=K<, C=8:0;L=K< <5B>4>< 7>3G5=; 2 B> 2@5<O, :0: "@5:G> O2;O5BAO 53> <C4@>ABLN, ">30; ?@54AB02;O5B A>1>9 53> 8A:CA=K5 A?>A>1K. = B@51C5B >3@><=>9 48AF8?;8=K 8 >1KG=> ?@0:B8:C5BAO 2 C548=5=88. 0AB>OB5;L=> ?>2B>@ON, GB> ?> ?CB8 7>3G5= <>6=> A;54>20BL B>;L:> ?>4 ?@O<K< @C:>2>4AB2>< :20;8D8F8@>20==>3> <0AB5@0. 0: 3>2>@8B 0;09;0<0: 48= D0:B, :>B>@K9 2K =5 4>;6=K C?CA:0BL 87 284C, MB> B>, GB> B0:85 ?@0:B8:8 7>3G5=, :0: "@5:G> 8 ">30;, <>3CB 1KBL 2K?>;=5=K B>;L:> ?>4 @C:>2>4AB2>< >?KB=>3> <0AB5@0, ?>A@54AB2>< ?>;CG5=8O 24>E=>25=8O 8 1;03>A;>25=8O 682CI53> G5;>25:0, :>B>@K9 4>AB83 B0:>3> A>7=020=8O. # " >A@54AB2>< MB8E ?@>428=CBKE ?@0:B8: 7>3G5=, B5, :B> 4>AB83 CA?5E0 2 8E 2K?>;=5=88, <>3CB ?@825AB8 A2>N 687=L : =5>1KG09=><C 8 B@8C<D0;L=><C :>=FC. >340 >=8 C<8@0NB, >=8 45;0NB A2>5 B5;> A?>A>1=K< 1KBL ?>3;>I5==K< >1@0B=> 2 A25B>2CN ACI=>ABL M;5<5=B>2, A>7402H8E 53>, 8 B>340 8E <0B5@80;L=>5 B5;> @0AB2>@O5BAO 2 A25B5 8 ?>;=>ABLN 8AG5705B. -B>B ?@>F5AA =07K205BAO @04C6=>5 B5;>, 8;8 A25B>2>5 B5;>, ?>B><C GB> B0:>5 @0AB2>@5=85 G0AB> A>?@>2>6405BAO ?>O2;5=85< A25B0 8 @04C3. @52=85 "0=B@K 7>3G5= 8 ?8A0=8O 25;8:8E <0AB5@>2 ?5@540NB @07;8G=K5 :0B53>@88 MB>3> ?>@078B5;L=>3> O2;5=8O 8=>3> <8@0, ?>B><C GB> :>340B> >=> 1K;>, 5A;8 8 =5 >1KG=K<, => 4>2>;L=> G0ABK<. 0: ?@028;>, G5;>25:, :>B>@K9 7=05B, GB> 2>B2>B 4>AB83=5B @04C6=>3> B5;0, ?@>A8B, GB>1K 53> >AB028;8 2 >48=>G5AB25 2 :><=0B5 8;8 ?0;0B:5, 8 =5 15A?>:>8;8 A5<L 4=59. 0 2>AL<>9 45=L B0< =0E>4OB B>;L:> 2>;>AK 8 =>3B8  =5G8ABK5 G0AB8 B5;0. !59G0A =0<, 2>7<>6=>, >G5=L B@C4=> ?>25@8BL 2 MB>, => D0:B>3@0D8G5A:0O 8AB>@8O ;8=88 7>3G5= ?>;=0 ?@8<5@>2 ;N459, 4>AB83H8E @04C6=>3> B5;0, 8, :0: C46>< 8=?>G5 G0AB> =0< C:07K20;, MB> =5 B>;L:> 4@52=OO 8AB>@8O. / E>B5; 1K ?@825AB8 >48= 87 <=>38E A;CG052  A>2A5< =5402=89, A :>B>@K< O ;8G=> A2O70=.  1952 3>4C =0 2>AB>:5 "815B0 ?@>87>H5; 7=0<5=8BK9 A;CG09 @04C6=>3> B5;0, 70A2845B5;LAB2>20==K9 <=>38<8 ;N4L<8. '5;>25:, 4>AB83H89 MB>3>, !>=0< 0<3LO;, 1K; >BF>< <>53> CG8B5;O 8 1@0B>< 0<K &5B5=0, GLN A<5@BL O >?8A0; 2 =0G0;5 MB>9 :=838. = 1K; >G5=L ?@>ABK<, A:@><=K< G5;>25:><, AB@0=AB2CNI8< @57G8:>< ?> :0<=N, 2K@5702H8< <0=B@K 8 A2OI5==K5 B5:ABK. >2>@8;8, GB> 2 <>;>4>AB8 >= 1K; >E>B=8:><, 8 GB> >= 2>A?@8=8<0; CG5=8O >B 25;8:>3> <0AB5@0. 8:B> 2 459AB28B5;L=>AB8 =5 7=0;, GB> >= ?@0:B8:C5B CG5=8O; >= 1K; 2>8AB8=C B5<, :>3> =07K20NB B09=K< 9>3><. 5704>;3> 4> 53> A<5@B8 2845;8, :0: >= CE>48; 2 3>@K 8 B0< ?@>AB> A845;, A<>B@O 2 ?@>AB@0=AB2>, 8 53> A8;CMB 284=5;AO =0 3>@87>=B5. = A0< A>G8=O; A2>8 A>1AB25==K5 ?5A=>?5=8O 8 ?5; 8E 2<5AB> B@048F8>==KE. 8:B> =5 7=0;, GB> >= 45;05B. >B>< >= 701>;5;, 8;8 B0: :070;>AL, =>, AB@0==>, AB0=>28;AO 2A5 AG0AB;8255. >340 53> A>AB>O=85 CEC4H8;>AL, 53> A5<LO ?@8720;0 <0AB5@>2 8 2@0G59. 3> AK= 703>2>@8; A =8< > B><, GB> 5<C A;54C5B 2A?><=8BL 2A5 CG5=8O, :>B>@K5 >= :>340;81> A;KH0;, 0 >= C;K1=C;AO 8 A:070;: / 2A5 8E 701K;, 8 2 ;N1>< A;CG05, BCB =5G53> 2A?><8=0BL. A5  8;;N78O, => O C25@5=, GB> 2A5 E>@>H>. = C<5@ 2 A5<L45AOB 452OBL ;5B 8 ?5@54 A<5@BLN A:070;: A5, > G5< O ?@>HC  :>340 C<@C, =545;N =5 B@>309B5 <>5 B5;>. >340 >= C<5@, 53> A5<LO 7025@=C;0 53> B5;> 8 ?@83;0A8;0 0< 8 <>=0E>2 ?@89B8 8 ?@>2>48BL 4;O =53> ?@0:B8:C. =8 ?>;>68;8 B5;> 2 <0;5=L:>9 :><=0B:5 53> 4><0 8 =5 <>3;8 =5 70<5B8BL ?@8 MB><, GB>, E>BO >= 1K; 2KA>:>3> @>AB0, 8< ;53:> C40;>AL ?><5AB8BL B5;> B0<, 1C4B> >=> C<5=LH8;>AL.  MB> 2@5<O 2>:@C3 4><0 1K;8 284=K =5>1KG09=K5 @04C6=K5 >3=8. >340 2 :><=0B:C 703;O=C;8 =0 H5AB>9 45=L, B> C2845;8, GB> B5;> 2A5 C<5=LH05BAO 8 C<5=LH05BAO. 0 2>AL<>9 45=L ?>A;5 53> A<5@B8, 2 CB@> :>B>@>3> 1K;8 =07=0G5=K ?>E>@>=K, O28;8AL <>38;LI8:8, GB>1K 701@0BL 53> B5;>. >340 >=8 @0725@=C;8 53> ?>:@K20;0, B> 2=CB@8 =5 =0H;8 =8G53>, :@><5 53> =>3B59 8 2>;>A. >9 <0AB5@ 60<LO=3 EL5=F5 ?>?@>A8;, GB>1K 8E 4>AB028;8 5<C, 8 ?>4B25@48;, GB> MB> 459AB28B5;L=> A;CG09 4>AB865=8O @04C6=>3> B5;0. ;020 XI ! '+ !"  ",  ", # .)  >4=>< E>A?8A5, :>B>@K9 O 7=0N, C<8@0;0 >B @0:0 3@C48 -<8;8, 65=I8=0 ?@8<5@=> A5<845AOB8 ;5B. 5 4>GL ?>A5I0;0 55 5654=52=>, 8 8E >B=>H5=8O :070;8AL >G5=L E>@>H8<8. > :>340 4>GL CE>48;0, -<8;8 ?>GB8 2A5340 C548=O;0AL 8 ?;0:0;0. !?CABO =5:>B>@>5 2@5<O AB0;> OA=>, GB> ?@8G8=>9 MB>3> 1K; ?>;=K9 >B:07 55 4>G5@8 ?@8=OBL =587156=>ABL 55 A<5@B8: >=0 2A5 2@5<O ?>1C640;0 A2>N <0BL <KA;8BL ?>78B82=>, =045OAL, GB> MB> 87;5G8B 55 @0:. =0 4>18;0AL B>;L:> B>3>, GB> -<8;8 ?@8E>48;>AL 45@60BL A2>8 <KA;8, 3;C1>:85 AB@0E8, ?0=8:C 8 3>@5 2 A515, 8 =5 1K;> =8:>3>, :B> ?><>30; 1K 59 8AA;54>20BL 8E, :B> ?><>3 1K 59 ?>=OBL 55 687=L, =8:>3>, :B> ?><>3 1K 59 =09B8 F5;8B5;L=K9 A<KA; 2 55 A<5@B8. !0<>5 ACI5AB25==>5 2 687=8  MB> CAB0=>28BL 15AAB@0H=>5, 8A:@5==55 >1I5=85 A 4@C38<8, 4;O C<8@0NI53> 65, :0: ?>:070;0 -<8;8, MB> O2;O5BAO =081>;55 206=K<. '0AB>, :>340 2K 2 ?5@2K9 @07 ?>A5I05B5 C<8@0NI53>, >= 70<K:05BAO, =5 GC2AB2C5B A51O 2 157>?0A=>AB8 8 =5 C25@5= 2 20H8E =0<5@5=8OE. >MB><C =5 >68409B5, GB> ?@>87>945B GB>B> =5>1KG=>5, ?@>AB> 1C4LB5 5AB5AB25==K 8 @0A:>20==K, 1C4LB5 A0<8 A>1>9. #<8@0NI85 G0AB> =5 3>2>@OB B>3>, GB> >=8 E>B5;8 1K A:070BL 8;8 2K@078BL, 0 8E 1;87:85 =5 7=0NB, GB> 8< 3>2>@8BL 8;8 45;0BL. "@C4=> 2KOA=8BL, > G5< >=8 E>B5;8 1K A:070BL, 8;8 4065 GB> >=8 A:@K20NB. =>340 4065 >=8 A0<8 MB>3> =5 7=0NB. >MB><C ?5@2>5, ACI5AB25==> 206=>5, MB> A=OBL ;N1>5 =0?@O65=85, ;N1K< A?>A>1><, :>B>@K9 =081>;55 ;53:> 8 5AB5AB25==> ?@8E>48B =0 C<. 0: B>;L:> 4>25@85 8 C25@5==>ABL CAB0=>2;5=K, >1AB0=>2:0 AB0=5B =5=0?@O65==>9, 8 MB> ?>72>;8B C<8@0NI5<C C?><O=CBL > B><, > G5< 5<C 459AB28B5;L=> E>G5BAO A:070BL. "5?;> ?>>I@O9B5 53> 2K@060BL <KA;8 :0: <>6=> A2>1>4=55, AB@0E8 8 M<>F88, >B=>AOI85AO : C<8@0=8N 8 A<5@B8. -B> G5AB=>5 8 ?@O<>5 >1=065=85 M<>F88 ;568B 2 F5=B@5 ;N1>3> ?@5>1@065=8O  ?@8<8@5=8O A 687=LN 8;8 C<8@0=8O E>@>H59 A<5@BLN, 8 2K 4>;6=K ?>72>;8BL MB><C G5;>25:C ?>;=CN A2>1>4C 2K@065=89 8 @07@5H0BL 5<C 3>2>@8BL 2A5, GB> >= E>G5B. >340 C<8@0NI89 =0:>=5F ?>25@O5B 20< A2>8 =081>;55 ;8G=K5 GC2AB20, =5 ?@5@K209B5 53>, =5 >B@8F09B5 8 =5 ?@5C<5=LH09B5 B>3>, GB> >= 3>2>@8B. !<5@B5;L=> 1>;L=>9 8;8 C<8@0NI89 G5;>25: =0E>48BAO 2 A0<>< CO728<>< ?>;>65=88 70 2AN A2>N 687=L, 8 20< ?>B@51C5BAO 2A5 20H5 C<5=85 8 70?0AK GC2AB28B5;L=>AB8, B5?;0 8 ;N1OI53> A>AB@040=8O, GB>1K ?>72>;8BL 5<C @0A:@KBLAO. 0CG8B5AL A;CH0BL 8 =0CG8B5AL <>;G0 2>A?@8=8<0BL: =0CG8B5AL >B:@KB><C, A?>:>9=><C <>;G0=8N, :>B>@>5 ?>:065B 4@C3><C G5;>25:C, GB> 53> ?@8=8<0NB. C4LB5 =081>;55 @0AA;01;5=K, =5=0?@O65==K: A848B5 A> A2>8< C<8@0NI8< 4@C3>< 8;8 @>4AB25==8:>< B0:, 1C4B> C 20A =5B =8:0:>3> 1>;55 206=>3> 8;8 ?@8OB=>3> 70=OB8O. / >1=0@C68;, GB> 2> 2A5E A5@L57=KE 687=5==KE A8BC0F8OE =081>;55 ?>;57=K 425 25I8: ?>4E>4 A B>G:8 7@5=8O 74@02>3> A<KA;0 8 GC2AB2> N<>@0. .<>@ GC45A=K< >1@07>< >1;53G05B >1AB0=>2:C, ?><>30O ?>3;O45BL =0 ?@>F5AA C<8@0=8O 2 53> 8AB8==>9 8 2A5>1I59 ?5@A?5:B825, @07@CH0O G@57<5@=CN A5@L57=>ABL 8 =0?@O65==>ABL MB>9 A8BC0F88. >MB><C 8A?>;L7C9B5 N<>@, :0: B>;L:> <>6=> 8A:CA=55 8 <O3G5. / B0:65 >1=0@C68;, =0 <>5< A>1AB25==>< >?KB5, GB> ACI5AB25==> 206=> =5 2>A?@8=8<0BL =8G53> A;8H:>< ;8G=>. #<8@0NI85 <>3CB, 2 <><5=B, :>340 2K MB>3> <5=LH5 2A53> >68405B5, A45;0BL 20A <8H5=LN A2>53> 3=520 8 >128=5=89. 0: 3>2>@8B -;87015B N1;5@ >AA, 3=52 8 28=C >=8 <>3CB A<5AB8BL 2 ;N1>< =0?@02;5=88 8 ?@>5F8@>20BL =0 A2>5 >:@C65=85, 8=>340 ?>GB8 A;CG09=K< >1@07><. 5 AG8B09B5, GB> MB0 O@>ABL 459AB28B5;L=> =0?@02;5=0 =0 20A: >A>7=0=85 B>3>, >B :0:>3> AB@0E0 8 3>@O >=0 ?@>8AE>48B, ?>72>;8B 20< =5 @5038@>20BL =0 =55 B0:8< >1@07><, GB>1K MB> <>3;> ?>2@548BL 20H8< >B=>H5=8O< A C<8@0NI8<. =>340 C 20A <>65B 2>7=8:=CBL 8A:CH5=85 ?@>?>254>20BL C<8@0NI8<, 8;8 87;030BL 8< B5 4CE>2=K5 CG5=8O, 2 :>B>@K5 2K A0<8 25@8B5. 8:>340 =5 ?>440209B5AL MB><C 8A:CH5=8N, >A>15==> B>340, :>340 2K ?>4>7@5205B5, GB> MB> =5 B>, G53> E>G5B C<8@0NI89! 8:B> =5 E>G5B 1KBL A?0A5==K< 25@>20=8O<8 :>3>B> 4@C3>3>. ><=8B5, GB> 20H0 7040G0 =5 2 B><, GB>1K >1@0I0BL :>3>;81> 2> GB>B>, => 2 B><, GB>1K ?><>GL MB><C G5;>25:C, =0E>4OI5<CAO ?5@54 20<8, A>?@8:>A=CBLAO A 53> A>1AB25==>9 A8;>9, C25@5==>ABLN, 25@>9 8 4CE>2=>ABLN, :0:8<8 1K >=8 =8 1K;8. >=5G=>, 5A;8 MB>B G5;>25: 459AB28B5;L=> >B:@KB> >B=>A8BAO : 4CE>2=K< 2>?@>A0< 8 459AB28B5;L=> E>G5B 7=0BL, GB> 2K > =8E 4C<05B5, =5 2>745@68209B5AL >B 8E >1AC645=8O. 5 648B5 >B A51O A;8H:>< <=>3>3>, =5 >68409B5, GB> 20H0 ?><>IL 40AB GC45A=K5 @57C;LB0BK 8;8 A?0A5B C<8@0NI53>. K B>;L:> @07>G0@C5B5AL. N48 1C4CB C<8@0BL B0: 65, :0: >=8 68;8, B5<8 65, :5< >=8 O2;ONBAO. 'B>1K CAB0=>28BL =0AB>OI55 >1I5=85, 2K 4>;6=K A45;0BL =0<5@5==>5 CA8;85 C2845BL MB>3> G5;>25:0 =5>B45;8<K< >B 53> 687=8, E0@0:B5@0, >:@C65=8O 8 8AB>@88, 8 ?@8=OBL 53> 157>3>2>@>G=>. "0:65 =5 @0AAB@08209B5AL, 5A;8 20< :065BAO, GB> 20H0 ?><>IL =5 >G5=L 459AB25==0, 8 C<8@0NI89 =5 @5038@C5B =0 =55. K =5 2 A>AB>O=88 7=0BL A0<K5 3;C1>:85 A;54AB28O =0H59 ;N128 8 701>BK.  +",  '#. ., #<8@0NI5<C =081>;55 =5>1E>48<K 2K@065=8O 157>3>2>@>G=>9 ;N128, A2>1>4=>9 >B :0:8E;81> B@51>20=89. 5 4C<09B5, GB> 20< =C6=> ?@>O2;OBL :0:85;81> >A>1K5 ?>7=0=8O. C4LB5 5AB5AB25==K, 1C4LB5 A0<8<8 A>1>9, 1C4LB5 8AB8==K< 4@C3><, 8 C<8@0NI89 1C45B >1>4@5= B5<, GB> 2K 459AB28B5;L=> A =8<, 8 >1I05B5AL A =8< ?@>AB> :0: @02=K9, :0: >48= G5;>25: A 4@C38<. / A:070;, 2K:07K209B5 C<8@0NI5<C 157>3>2>@>G=CN ;N1>2L, => 2 =5:>B>@KE A8BC0F8OE MB> =5 B0: ;53:>. # =0A <>65B 1KBL 4>;30O 8AB>@8O AB@040=89, A2O70==KE A MB8< G5;>25:><, <K <>65< GC2AB2>20BL 28=C 70 B>, GB> 2 ?@>H;>< ?@8G8=O;8 MB><C G5;>25:C, 8;8 3=52 8 2>7<CI5=85 ?> ?>2>4C B>3>, GB> MB>B G5;>25: A45;0; =0<. >MB><C ?>72>;LB5 <=5 ?@54;>68BL 420 >G5=L ?@>ABKE A?>A>10, :>B>@K<8 2K A<>65B5 2KA2>1>48BL ;N1>2L, :>B>@0O 5ABL 2=CB@8 20A, : MB><C C<8@0NI5<C.  O A0<, 8 <>8 CG5=8:8, @01>B02H85 A C<8@0NI8<8, >1=0@C68;8, GB> >10 MB8 A?>A>10 >G5=L A8;L=K. 5@2K9 A>AB>8B 2 B><, GB>1K A<>B@5BL =0 C<8@0NI53> 8 4C<0BL, GB> >= A>25@H5==> B0:>9 65, :0: 2K A0<8, A B5<8 65 =C640<8, A B5< 65 >A=>2>?>;030NI8< 65;0=85< 1KBL AG0AB;82K< 8 871530BL AB@040=8O, A B5< 65 >48=>G5AB2><, B5< 65 AB@0E>< =58725AB=>AB8, B5<8 65 B09=K<8 ?5G0;O<8, B5< 65 ?>;C>A>7=0==K< GC2AB2>< 15A?><>I=>AB8. K >1=0@C68B5, GB> 5A;8 2K 459AB28B5;L=> B0: A45;05B5, B> 20H5 A5@4F5 @0A:@>5BAO =02AB@5GC MB><C G5;>25:C 8 ;N1>2L 1C45B <56 20<8. B>@>9, 8, :0: O >1=0@C68;, 5I5 1>;55 A8;L=K9 A?>A>1, A>AB>8B 2 B><, GB>1K ?><5AB8BL A51O, ?@O<> 8 =5?>A@54AB25==>, =0 <5AB> C<8@0NI53>. @54AB02LB5, GB> MB> 2K A0<8 ;568B5 =0 MB>9 ?>AB5;8, AB>OI59 ?5@54 20<8, GB> MB> 2K C<8@05B5. @54AB02LB5, GB> MB> 2K 745AL, 2 1>;8 8 >48=>G5AB25. >B>< ?>=0AB>OI5<C A?@>A8B5 A51O:  G5< 2K 1>;55 2A53> =C6405B5AL? 'B> 20< 1>;LH5 2A53> A59G0A =C6=>? 'B> 2K =0 A0<>< 45;5 E>B8B5 >B 4@C30, =0E>4OI53>AO ?5@54 20<8? A;8 2K ?@>45;05B5 MB8 425 ?@0:B8:8, B>, ?><>5<C, 2K >1=0@C68B5, GB> B>, GB> =C6=> C<8@0NI5<C, MB> B> 65 A0<>5, G53> 1K 8 2K 1>;55 2A53> E>B5;8: 1KBL ?>=0AB>OI5<C ;N18<K< 8 ?@8=OBK<. / B0:65 G0AB> 2845;, GB> BO65;>1>;L=K5 6064CB, GB>1K : =8< ?@8:0A0;8AL, 6064CB, GB>1K A =8<8 >1@0I0;8AL :0: A 682K<8 ;N4L<8, 0 =5 A 2>?;>I5=8O<8 1>;57=8. G5=L 1>;LH>5 CB5H5=85 <>6=> 40BL BO65;>1>;L=K<, ?@>AB> :0A0OAL 8E @C:, 703;O4K20O 8< 2 3;070, 45;0O 8< ;53:89 <0AA06 8;8 >1=8<0O 8E, 8;8 B8E> 4KH0 2 >4=>< A =8<8 @8B<5. # B5;0 5ABL A>1AB25==K9 O7K: ;N128; 15AAB@0H=> ?@8<5=O9B5 53>, 8 2K >1=0@C68B5, GB> ?@8=>A8B5 C<8@0NI5<C CB5H5=85 8 C<8@>B2>@5=85. K G0AB> 701K205<, GB> C<8@0NI89 B5@O5B 25AL A2>9 <8@: A2>9 4><, A2>N @01>BC, A2>8 2708<>>B=>H5=8O, A2>5 B5;> 8 A2>9 C<, >= B5@O5B 2A5. A5 ?>B5@8, :0:85 B>;L:> <>6=> 8A?KB0BL 2 687=8, A;820NBAO 2 >4=C >H5;><;ONICN ?>B5@N, :>340 <K C<8@05<, B0: :0: 65 C<8@0NI5<C =5 GC2AB2>20BL 8=>340 ?5G0;L, 8=>340  ?0=8:C, 0 8=>340  3=52? -;87015B N1;5@ >AA AG8B05B, GB> ?@>F5AA A<8@5=8O A C<8@0=85< ?@>E>48B 2 ?OBL AB0489: >B@8F0=85, 3=52, A?>@, ?>402;5==>ABL 8 ?@8=OB85. >=5G=>, =5 2A5 ?@>E>4OB G5@57 2A5 MB8 AB0488, 8 =5 >1O70B5;L=> 8<5==> 2 B0:>< ?>@O4:5; 4;O >4=8E ;N459 ?CBL : ?@8=OB8N <>65B >:070BLAO :@09=5 4>;38< 8 B5@=8ABK<, 0 4@C385 <>3CB 2>>1I5 =5 4>AB8GL 53>. 0H0 :C;LBC@0 =5 405B ;N4O< >G5=L C6 <=>3> 8AB8==>9 ?5@A?5:B82K, 2 :>B>@>9 >=8 <>3;8 1K @0AA<0B@820BL A2>8 <KA;8, M<>F88 8 ?5@56820=8O, 8 <=>385, :B> AB0;:8205BAO A> A<5@BLN 8 55 >:>=G0B5;L=K< 2K7>2><, GC2AB2CNB, GB> >1<0=CBK A>1AB25==K< =52565AB2>< 8 8A?KBK20NB >ICI5=85 C60A=>9 =5C40G8 8 3=52, >A>15==> ?>B><C, GB>, ?>E>65, =8:B> =5 E>G5B ?>=8<0BL 8E, 8 B>, 2 G5< >=8 1>;55 2A53> =C640NBAO. 0: ?8H5B !5A8;8 !0C=45@A, 25;8:0O =0G8=0B5;L=8F0 42865=8O A>740=8O E>A?8A>2 2 5;8:>1@8B0=88: 4=064K O A?@>A8;0 G5;>25:0, :>B>@K9 7=0;, GB> C<8@05B, 2 G5< >= 1>;55 2A53> =C6405BAO >B B5E, :B> CE068205B 70 =8<. = A:070;: 'B>1K :B>=81C4L ?>:070;, GB> ?KB05BAO ?>=OBL <5=O. >8AB8=C, ?>;=>ABLN ?>=OBL 4@C3>3> G5;>25:0 =52>7<>6=>, => O =8:>340 =5 701C4C, GB> >= 8 =5 =045O;AO =0 CA?5E, 0 B>;L:> =0 B>, GB>1K :B>B> 1K; 1K 4>AB0B>G=> 708=B5@5A>20= 2 =5<, GB>1K AB0@0BLAO MB> A45;0BL. !CI5AB25==> 206=>, GB>1K <K 1K;8 4>AB0B>G=> 708=B5@5A>20=K AB0@0BLAO, 8 7025@O;8 C<8@0NI53> 2 B><, GB>, =5A<>B@O =0 B>, :0:8< 1K =8 1K;> 53> GC2AB2> =5C40G8 8 3=520, MB> =>@<0;L=>. #<8@0=85 2K?CA:05B =0@C6C <=>3> ?>402;5==KE M<>F89: ?5G0;L 8;8 >=5<5=85, 8;8 3=52, 8;8 4065 @52=>ABL : B5<, :B> 5I5 74>@>2. ><>38B5 5<C =5 ?>402;OBL MB8E M<>F89, :>340 >=8 2>7=8:=CB. C4LB5 A =8< 2 B> 2@5<O, :>340 ?>4=8<CBAO 2>;=K 1>;8 8 3>@O; 5A;8 1C45B ?@8=OB85, 2@5<O 8 B5@?5;82>5 ?>=8<0=85, B> MB8 M<>F88 <54;5==> CB8E=CB, 8 C<8@0NI89 25@=5BAO : B>9 >A=>25 ?>:>O, A?>:>9AB28O 8 74@02>3> @0AAC4:0, :>B>@0O =081>;55 3;C1>:> 8 8AB8==> 70;>65=0 2 =5<. 5 AB0@09B5AL 1KBL A;8H:>< <C4@K<: =5 B@0BLB5 2@5<O =0 B>, GB>1K A:070BL 3;C1>:>5. 0< =5 =C6=> GB>B> 45;0BL 8;8 3>2>@8BL, GB>1K C;CGH8BL A8BC0F8N. @>AB> ?@8ACBAB2C9B5 745AL =0AB>;L:> ?>;=>, =0A:>;L:> <>65B5.  5A;8 2K GC2AB2C5B5 A8;L=CN B@52>3C 8 AB@0E 8 =5 7=05B5, GB> 45;0BL, ?@O<> ?@87=09B5AL 2 MB>< C<8@0NI5<C 8 ?>?@>A8B5 53> > ?><>I8. "0:0O G5AB=>ABL A1;878B 20A 8 C<8@0NI53> 8 ?@82545B : 1>;55 A2>1>4=><C >1I5=8N. =>340 C<8@0NI85 3>@074> ;CGH5 =0A 7=0NB, :0: 8< <>6=> ?><>GL, 8 =0< =C6=> 7=0BL, :0: 2>A?>;L7>20BLAO 8E <C4@>ABLN 8 ?>72>;8BL 8< ?5@540BL =0< B>, GB> >=8 7=0NB. !5A8;8 !0C=45@A ?@>A8B =0A ?><=8BL, GB> :>340 <K =0E>48<AO A C<8@0NI8<, =5 B>;L:> <K 4>;6=K 4020BL. 0=LH5 8;8 ?>765, => 2A5, :B> @01>B05B A C<8@0NI8<8, >A>7=0NB, GB> ?>;CG0NB 1>;LH5, G5< 40NB, 2AB@5G0O 2K45@6:C, >B203C 8 G0AB> N<>@. 1 MB>< =C6=> A:070BL& >4B25@645=85 B>3>, GB> <K C7=05< 2 =8E >B203C, G0AB> <>65B 24>E=>28BL C<8@0NI8E. / B0:65 >1=0@C68;, GB> <=5 ?><>305B, :>340 O ?><=N > B><, GB> MB>B C<8@0NI89 G5;>25:, 2A5340, 345B> 2=CB@8 A0< ?> A515 E>@>H89. 0:85 1K =8 2>7=8:0;8 M<>F88 8 O@>ABL, :0:8< 1K H>:8@CNI8< 8;8 C60A0NI8< =8 1K;> 8E ?@>O2;5=85 2 40==K9 <><5=B, A>A@54>B>G5=85 =0 MB><  =0 B><, GB> >= 2=CB@5==5 E>@>H89  40AB 20< 2>7<>6=>ABL C?@02;OBL A>1>9 8 ?5@A?5:B82C, =5>1E>48<K5, GB>1K >:070BL 5<C 2AN ?><>IL, :0:CN 2K B>;L:> A<>65B5. "0: 65, :0: 8 ?@8 AA>@5 A E>@>H8< 4@C3><, 2K =5 701K205B5 > ;CGH8E AB>@>=0E MB>3> G5;>25:0, B> 65 A0<>5 45;09B5 8 ?> >B=>H5=8N : C<8@0NI5<C. 5 AC48B5 8E ?> M<>F8O<, :>B>@K5 2>7=8:0NB, :0:8<8 1K >=8 =8 1K;8. "0:>5 ?@8=OB85 A 20H59 AB>@>=K >A2>1>48B C<8@0NI53>, ?>72>;82 5<C =0AB>;L:> =5 ?>402;OBL A51O, =0A:>;L:> 5<C MB> <>65B 1KBL =C6=>. 1@0I09B5AL A C<8@0NI8< B0:, :0: 1C4B> >= 8 A59G0A B0:>9 65, :0:8< 8=>340 1K;: >B:@KBK9, ;N1OI89 8 I54@K9. 0 1>;55 3;C1>:><, 4CE>2=>< C@>2=5, <=5 >G5=L ?><>305B ?>=8<0=85 B>3>, GB> C<8@0NI89 8<55B 8AB8==CN ?@8@>4C 1C44K, =5206=>, A>7=05B MB> >= A0< 8;8 =5B, 8 ?>B5=F80;L=CN 2>7<>6=>ABL ?>;=>3> ?@>A25B;5=8O. > <5@5 B>3>, :0: C<8@0NI89 ?@81;8605BAO : A<5@B8, MB0 2>7<>6=>ABL 2> <=>38E 7=0G5=8OE 2A5 2>7@0AB05B. >MB><C >=8 70A;C6820NB 5I5 1>;LH5 ;N1OI59 701>BK 8 C2065=8O.  ",  # 5=O G0AB> A?@0H820NB: >2>@8BL ;8 ;N4O<, GB> >=8 C<8@0NB?  O 2A5340 >B25G0N: 0, A =081>;LH8< A?>:>9AB285<, 4>1@>B>9, GC2AB28B5;L=>ABLN 8 :0: B>;L:> 2>7<>6=> 1>;55 8A:CA=>. 0 >A=>25 <>53> <=>3>;5B=53> >?KB0 ?>A5I5=89 1>;L=KE 8 C<8@0NI8E, O A>3;0A5= A -;87015B N1;5@ >AA, :>B>@0O 2845;0, GB> 1>;LH8=AB2>, 5A;8 =5 2A5 87 MB8E ?0F85=B>2, 2A5 @02=> MB> 7=0NB. =8 GC2AB2CNB MB> 2 87<5=5=88 2=8<0=8O, >:07K205<>3> 8<, ?> B><C =>2><C, 8=><C ?>4E>4C, A :>B>@K< : =8< =0G8=0NB >B=>A8BLAO >:@C60NI85, ?> ?>=865=8N 8E 3>;>A>2 8;8 B><C, GB> >=8 >A>15==> AB0@0NBAO =5 HC<5BL, ?> 70?;0:0==><C ;8FC @>4AB25==8FK 8;8 7;>25I59 B5=8 =0 <@0G=>< ;8F5 @>4AB25==8:0, :>B>@K9 =5 <>65B A?@OB0BL A2>8E GC2AB2. / G0AB> >1=0@C6820;, GB> ;N48 8=AB8=:B82=> 7=0NB, GB> >=8 C<8@0NB, => ?>;030NBAO =0 B>, GB>1K 4@C385  8E 2@0G 8;8 ;N18<K5  ?>4B25@48;8 MB>. A;8 >=8 MB>3> =5 45;0NB, B> C<8@0NI89 <>65B ?>AG8B0BL, GB> 53> @>4=K5 =5 2 A>AB>O=88 A?@028BLAO A B0:>9 25ABLN.  B>340 C<8@0NI89 B5< 1>;55 A0< =5 A<>65B >A8;8BL MB>. "0:>5 C<0;G820=85, =5E20B:0 G5AB=>AB8 B>;L:> 70AB028B 53> GC2AB2>20BL A51O 5I5 1>;55 87>;8@>20==K< 8 B@52>6=K<. / AG8B0N, GB> ACI5AB25==> 206=> 3>2>@8BL C<8@0NI5<C ?@024C: >= :0: <8=8<C< MB>3> 70A;C68205B. A;8 C<8@0NI8< =5 3>2>@OB ?@024C, :0: >=8 <>3CB ?>43>B>28BLAO : A<5@B8? 0: >=8 A<>3CB ?@825AB8 2708<>>B=>H5=8O A2>59 687=8 : 8E 8AB8==><C 70:;NG5=8N? 0: >=8 <>3CB ?>701>B8BLAO > <=>65AB25 ?@0:B8G5A:8E 45;, :>B>@K5 >=8 4>;6=K @5H8BL? 0: >=8 <>3CB ?><>GL 68BL 40;LH5 B5<, :B> >AB05BAO 68BL? ! <>59 B>G:8 7@5=8O, :0: 70=8<0NI89AO 4CE>2=>9 ?@0:B8:>9, O 25@N, GB> C<8@0=85 ?@54>AB02;O5B ;N4O< 25;8G09HCN 2>7<>6=>ABL ?@8<8@8BLAO A> 2A59 A2>59 A>1AB25==>9 687=LN; 8 O 2845;, :0: <=>385 ;N48 8A?>;L7CNB MBC 2>7<>6=>ABL A0<K< 24>E=>2;ONI8< >1@07><, GB>1K ?@5>1@078BL A51O 8 ?@81;878BLAO : A2>59 A>1AB25==>9 3;C18==>9 8AB8=5. >MB><C, :>340 <K, A 4>1@>B>9 8 GC2AB28B5;L=>ABLN, :0: <>6=> @0=LH5 3>2>@8< ;N4O<, GB> >=8 C<8@0NB, <K 2 459AB28B5;L=>AB8 405< 8< 2>7<>6=>ABL ?>43>B>28BLAO, ?@>O28BL A2>8 A>1AB25==K5 A8;K 8 A<KA; A2>59 687=8. >72>;LB5 <=5 @0AA:070BL 20< 8AB>@8N, :>B>@CN ?>2540;0 <=5 A5AB@0 @8384, :0B>;8G5A:0O A845;:0, @01>B0NI0O 2 8@;0=4A:>< E>A?8A5. 8AB5@C C@D8 1K;> 70 H5ABL45AOB, 8 2@0G A:070; 5<C 8 53> 65=5, GB> 5<C >AB0;>AL =54>;3> 68BL. 0 A;54CNI89 45=L <8AA8A C@D8 ?@8H;0 : <C6C 2 E>A?8A, 8 >=8 25AL 45=L @073>20@820;8 8 ?;0:0;8. !5AB@0 @838B A<>B@5;0, :0: MB0 ?>68;0O ?0@0 15A54C5B 8 B> 8 45;> ?;0G5B, 8 :>340 MB> ?@>4>;60;>AL B@8 4=O, ?>4C<0;0, =5 =C6=> ;8 59 2<5H0BLAO. > =0 A;54CNI89 45=L AC?@C38 C@D8 24@C3 AB0;8 2K3;O45BL >G5=L =5?@8=C645==K<8 8 A?>:>9=K<8, >=8 A845;8, 45@60AL 70 @C:8 8 ?@>O2;OO 4@C3 : 4@C3C 1>;LHCN =56=>ABL. !5AB@0 @8384 >AB0=>28;0 <8AA8A C@D8 2 :>@84>@5 8 A?@>A8;0, GB> 65 B0:>5 ?@>87>H;> <564C =5N 8 <C65<, GB> ?@8=5A;> AB>;L 1>;LHCN ?5@5<5=C 2 8E ?>2545=88. 8AA8A C@D8 @0AA:070;0 59, GB> :>340 >=8 C7=0;8, GB> 55 <C6 C<8@05B, >=8 2<5AB5 2A?><=8;8 2A5 3>4K, ?@>2545==K5 242>5<, 8 : =8< 25@=C;>AL <=>65AB2> 2>A?><8=0=89. =8 1K;8 65=0BK ?>GB8 A>@>: ;5B, 8 5AB5AB25==>, GB> 8< 1K;> G@572KG09=> ?5G0;L=> 4C<0BL 8 3>2>@8BL > 2A5< B><, G53> >=8 C65 1>;LH5 =8:>340 =5 A<>3CB 45;0BL 2<5AB5. 0B5< <8AB5@ C@D8 =0?8A0; A2>5 7025I0=85 8 ?@>I0;L=K5 ?8AL<0 8E 27@>A;K< 45BO<. A5 MB> 1K;> C60A=> ?5G0;L=>, ?>B><C GB> 1K;> >G5=L B@C4=> A> 2A5< @0AAB020BLAO, => >=8 2K45@60;8 2A5 MB>, ?>B><C GB> <8AB5@ C@D8 E>B5; E>@>H> 70:>=G8BL A2>N 687=L. !5AB@0 @8384 @0AA:070;0 <=5, GB> A;54CNI85 B@8 =545;8, :>B>@K5 ?@>68; <8AB5@ C@D8, >B MB>9 ?0@K 8AE>48; ?>:>9 8 ?@>AB>5, GC45A=>5 >ICI5=85 ;N128. 065 ?>A;5 A<5@B8 <C60 <8AA8A C@D8 ?@>4>;60;0 =025I0BL ?0F85=B>2 E>A?8A0, 8 1K;0 4;O 2A5E =8E 8AB>G=8:>< 24>E=>25=8O. -B0 8AB>@8O ?>:07K205B, =0A:>;L:> 206=> ?@56452@5<5==> 3>2>@8BL ;N4O<, GB> >=8 C<8@0NB, 0 B0:65 =0A:>;L:> 25;8:>5 ?@58<CI5AB2> 405B 2>7<>6=>ABL 2AB0BL ;8F>< : ;8FC A 1>;LN ?>B5@8. !C?@C38 C@D8 7=0;8, GB> >=8 B5@ONB <=>3>5, => 2AB02 : MB8< ?>B5@O< ;8F>< 8 3>@NO 2<5AB5, >=8 =0H;8 B>, GB> >=8 =5 <>3;8 ?>B5@OBL  3;C1>:CN ;N1>2L <564C =8<8, :>B>@0O ?5@568;0 A<5@BL <8AB5@0 C@D8. !" % ! " / C25@5=, GB> A?>A>1=>ABL <8AA8A C@D8 2AB0BL ;8F>< : A:@KB><C 2 =59 A0<>9 55 A>1AB25==><C AB@0EC A<5@B8, ?><>3;0 59 ?>445@60BL 55 <C60. K =5 <>65B5 ?><>GL C<8@0NI5<C, ?>:0 =5 ?@87=05B5AL A515, =0A:>;L:> 8E AB@0E A<5@B8 20A 15A?>:>8B 8 2K7K205B 2 20A 20H8 A>1AB25==K5 =081>;55 B@52>6=K5 AB@0E8. 01>B0BL A C<8@0NI8<8  2A5 @02=>, GB> 45@60BL ?5@54 A>1>9 =5C<>;8<> B>G=>5 75@:0;>, >B@060NI55 20HC A>1AB25==CN @50;L=>ABL. K 2848B5 2 =5< >BG5B;82>5 ;8F> 20H59 A>1AB25==>9 ?0=8:8 8 20H53> A>1AB25==>3> C60A0 ?5@54 1>;LN. A;8 2K =5 A<>B@8B5 2 =53> 8 =5 ?@8=8<05B5 2 A515 MB> ;8F> ?0=8:8 8 AB@0E0, B> :0: 2K A<>65B5 2K=5AB8 MB> 2 B>< G5;>25:5, GB> =0E>48BAO ?5@54 20<8? >340 2K ?@8E>48B5 : C<8@0NI5<C, GB>1K ?>?KB0BLAO ?><>GL 5<C, 20< =C6=> 8AA;54>20BL :064CN 20HC @50:F8N, ?>A:>;L:C 2A5 >=8 1C4CB >B@060BLAO 2 @50:F8OE C<8@0NI53>, 8 2 7=0G8B5;L=>9 AB5?5=8 <>3CB ?><>GL 8;8 65 ?><5H0BL 8<. '5AB=>5 >B=>H5=85 : 20H8< A>1AB25==K< AB@0E0< B0:65 ?><>65B 8 20<, 2 20H5< A>1AB25==>< 42865=88 : 7@5;>AB8. =>340 O 4C<0N, GB> 2@O4 ;8 5ABL 1>;55 MDD5:B82=K9 ?CBL D>@A8@>20=8O =0H53> @>AB0 :0: G5;>25G5A:>3> ACI5AB20, G5< @01>B0 A C<8@0NI8<8. #E>4 70 C<8@0NI8< A0< ?> A515 O2;O5BAO 3;C1>:8< A>75@F0=85< 8 @07<KH;5=85< > =0H59 A>1AB25==>9 A<5@B8. -B> A?>A>1 2AB0BL : =59 ;8F>< 8 @01>B0BL A =59. >340 2K @01>B05B5 A C<8@0NI8<8, 2K <>65B5 ?@89B8 : =5:>B>@><C @5H5=8N, OA=><C ?>=8<0=8N B>3>, GB> O2;O5BAO =081>;55 206=K< 2 687=8. 0CG8BLAO 459AB28B5;L=> ?><>30BL C<8@0NI8<  7=0G8B =0G0BL AB0=>28BLAO 15AAB@0H=K< 8 >B25BAB25==K< 70 A>1AB25==>5 C<8@0=85, 8 =09B8 2 A0<>< A515 B0:85 =0G0;0 1573@0=8G=>3> A>AB@040=8O, > :>B>@KE <K <>3;8 1K =8:>340 8 =5 ?>4>7@520BL. A>7=0=85 A>1AB25==KE AB@0E>2 A<5@B8 =587<5@8<> ?><>65B 20< A>7=020BL AB@0E8 C<8@0NI53>. @>AB> ?>=0AB>OI5<C ?@54AB02LB5, :0:8<8 >=8 <>3CB 1KBL: AB@0E 2A5 2>7@0AB0NI59, =5C?@02;O5<>9 1>;8, AB@0E AB@040=8O, AB@0E ?>B5@8 A>1AB25==>3> 4>AB>8=AB20, AB@0E >:070BLAO 2 7028A8<>AB8, AB@0E B>3>, GB> ?@>68B0O 687=L 1K;0 15AA<KA;5==>9, AB@0E @07;C:8 A> 2A5<, GB> <K ;N18<, AB@0E ?>B5@8 C?@02;5=8O, AB@0E CB@0BK C2065=8O 4@C38E; 8, <>65B 1KBL, 25;8G09H89 87 2A5E =0H8E AB@0E>2  AB@0E A0<>3> AB@0E0, 2A5 1>;55 8 1>;55 2>7@0AB0NI89, G5< 1>;LH5 <K 53> 8715305<. 1KG=>, :>340 2K GC2AB2C5B5 AB@0E, B> >ICI05B5 A51O 87>;8@>20==K<, 2 >48=>G5AB25. > :>340 :B>B> =0E>48BAO 2<5AB5 A 20<8 8 3>2>@8B > A2>8E A>1AB25==KE AB@0E0E, B> 2K A>7=05B5, GB> AB@0E O2;O5BAO 2A5>1I8<, 8 B>340 87 =53> CE>48B 53> >AB@>B0, 20H0 ;8G=0O 1>;L. 0H8 AB@0E8 2>72@0I0NBAO 2> 2A5G5;>25G5A:>5 8 2A5>1I55 >:@C65=85. ">340 2K C65 A?>A>1=K ?>=8<0BL, GC2AB2>20BL 1>;LH5 A>AB@040=8O 8 A?@02;OBLAO A> A2>8<8 A>1AB25==K<8 AB@0E0<8 3>@074> 1>;55 ?>;>68B5;L=K< 8 24>E=>2;ONI8< >1@07><. > <5@5 B>3>, :0: 2K AB0=>28B5AL ;8F>< : ;8FC A> A2>8<8 A>1AB25==K<8 AB@0E0<8 8 ?@8=8<05B5 8E, 2K 45;05B5AL 2A5 1>;55 GC2AB28B5;L=K<8 : AB@0E0< G5;>25:0, =0E>4OI53>AO ?5@54 20<8, 8 >1=0@C68205B5, GB> 2 20A @0728205BAO C<5=85 8 ?@>7@5=85, =C6=K5, GB>1K ?><>GL MB><C G5;>25:C 2K25AB8 53> AB@0E8 =0@C6C, ?@>O28BL 8E, A?@028BLAO A =8<8 8 8A:CA=> =0G0BL 8E @0AA5820BL. K >1=0@C68B5, GB> :>340 2K 2AB0=5B5 ;8F>< : ;8FC A> A2>8<8 AB@0E0<8, MB> =5 B>;L:> A45;05B 20A 1>;55 A>AB@040NI8<, E@01@K< 8 C<=K<; MB> B0:65 A45;05B 20A 1>;55 8A:CA=K<, 8 MB0 8A:CA=>ABL >B:@>5B 20< 2A52>7<>6=K5 A?>A>1K ?><>I8 C<8@0NI8< ?>=OBL A0<8E A51O 8 2AB0BL ;8F>< : A0<8< A515. 4=8< 87 =081>;55 ;53:> @0AA58205<KE AB@0E>2 O2;O5BAO B@52>6=>ABL, :>B>@CN <K 2A5 8A?KBK205< ?> >B=>H5=8N : 1>;57=5==>AB8 ?@>F5AA0 A<5@B8. =5 E>B5;>AL 1K 4C<0BL, GB> A59G0A 2A5 2 <8@5 7=0NB, GB> 2 =0H5 2@5<O MB> A>2A5< =5 >1O70B5;L=>. AA;54>20=85 2 E>A?8A5 !2. %@8AB>D>@0 2 >=4>=5, :>B>@K9 E>@>H> <=5 8725AB5= 8 345 C<8@0;8 <>8 CG5=8:8, ?>:070;>, GB> ?@8 4>;6=>< CE>45 98 ?@>F5=B>2 ?0F85=B>2 <>3CB C<5@5BL A?>:>9=>9 A<5@BLN. 2865=85 E>A?8A>2 @07@01>B0;> @07=>>1@07=K5 A?>A>1K ?>15640BL 1>;L ?>A@54AB2>< @07;8G=KE A>G5B0=89 ;5:0@AB2, 8 =5 >1O70B5;L=> ?@>AB> =0@:>B8:>2. C4489A:85 <0AB5@0 3>2>@OB > =5>1E>48<>AB8 C<8@0BL 2 A>7=0=88, A =081>;55 OA=K<, =570<CB=5==K< 8 A?>:>9=K< C<AB25==K< :>=B@>;5<. 5@2>AB5?5==K< O2;O5BAO :>=B@>;8@>20=85 1>;8 157 70BC<0=820=8O A>7=0=8O C<8@0NI53>, 8 B5?5@L MB> <>6=> 45;0BL. 064K9 G5;>25: 8<55B ?@02> =0 AB>;L ?@>ABCN ?><>IL 2 MB>B =081>;55 B@C4=K9 <><5=B A2>53> CE>40.  (+  I5 >4=>9 B@52>3>9 C<8@0NI53> G0AB> O2;ONBAO =570:>=G5==K5 45;0. 0AB5@0 3>2>@OB =0<, GB> <K 4>;6=K C<8@0BL 2 ?>:>5, 157 F5?;O=8O, 65;0=8O 8 ?@82O70==>AB8. -B> =5 <>65B 1KBL ?>;=K<, 5A;8 =570:>=G5==K5 2 MB>9 687=8 45;0 =5 7025@H5=K B0:, =0A:>;L:> MB> 2>7<>6=>. =>340 2K >1=0@C68B5, GB> ;N48 F5?;ONBAO 70 687=L 8 1>OBAO >B?CAB8BL 55 8 C<5@5BL ?>B><C, GB> >=8 =5 ?@8<8@8;8AL A B5<, G5< >=8 1K;8 8 GB> 45;0;8.  :>340 G5;>25: C<8@05B, 8A?KBK20O ?> >B=>H5=8N : :><C;81> 28=C 8;8 ?;>E85 GC2AB20, B5, :B> >AB05BAO 68BL, 5I5 1>;LH5 AB@040NB >B 3>@O. =>340 <5=O A?@0H820NB: 0725 =5 A;8H:>< ?>74=> 703;06820BL 1>;L ?@>H;>3>? 5 A;8H:>< ;8 <=>3> AB@040=89 2AB0;> <564C <=>N 8 <>8< C<8@0NI8< 4@C3>< 8;8 @>4AB25==8:><, GB>1K 1K;> 2>7<>6=> 8E ?@>I5=85? / AG8B0N, 8 4>:070; MB> A515 =0 A>1AB25==>< >?KB5, GB> =8:>340 =5 1K205B A;8H:>< ?>74=>; 4065 ?>A;5 >3@><=>9 1>;8 8;8 7;>C?>B@51;5=89 ;N48 <>3CB =09B8 2>7<>6=>ABL ?@>AB8BL 4@C3 4@C30.  <><5=B5 A<5@B8 5ABL B0:>5 25;8G85, A5@L57=>ABL 8 >:>=G0B5;L=>ABL, :>B>@K5 <>3CB 70AB028BL ;N459 ?5@5A<>B@5BL 2A5 8E >B=>H5=8O, AB0BL 1>;55 >B:@KBK<8 8 3>B>2K<8 ?@>AB8BL, E>BO ?@5645 >=8, <>65B 1KBL, 8 =5 <>3;8 1K MB>3> 2K=5AB8. 065 2 A0<>< :>=F5 687=8 <>6=> 8A?@028BL >H81:8 MB>9 687=8. ABL >48= A?>A>1 ?><>GL 7025@H8BL =570:>=G5==K5 45;0, :>B>@K9 O 8 <>8 CG5=8:8, @01>B0NI85 A C<8@0NI8<8, =0H;8 >G5=L ?>;57=K<. = 1K; @07@01>B0= =0 >A=>25 1C4489A:>9 ?@0:B8:8 C@02=820=8O 8 >1<5=0 A2>59 ;8G=>AB8 A 4@C38<8, 8 =0 >A=>25 <5B>40 35HB0;LB?A8E>;>388, A>740==>3> @8AB8=>9 >=30:5@, >4=>9 87 <>8E A0<KE ?5@2KE CG5=8F, >1@0B82H59AO : >1;0AB8 A<5@B8 8 C<8@0=8O ?>A;5 A<5@B8 55 <C60 >B ;59:5<88. 1KG=> =570:>=G5==>5 45;> O2;O5BAO @57C;LB0B>< 1;>:8@>20==>3> >1I5=8O: :>340 <K CO72;5=K, B> >1KG=> ?@8<5=O5< 70I8BC, 2A5340 2KABC?0O A ?>78F88 B>3>, :B> ?@02, 8 A;5?> >B:07K20OAL C2845BL B>G:C 7@5=8O 4@C3>3> G5;>25:0. -B> =5 B>;L:> =8G5<C =5 ?><>305B, => 8 1;>:8@C5B ;N1CN 2>7<>6=>ABL =0AB>OI53> >1<5=0 <=5=8O<8. >MB><C :>340 2K 45;05B5 MB> C?@06=5=85, =0G=8B5 53> A A8;L=>3> ?>1C645=8O 2K720BL 2A5 A2>8 >B@8F0B5;L=K5 <KA;8 8 GC2AB20 4;O B>3>, GB>1K ?>?KB0BLAO ?>=OBL 8E, @01>B0BL A =8<8 8 @07@5H8BL 8E, 8 =0:>=5F >B?CAB8BL 8E. 0B5< ?@54AB02LB5 ?5@54 A>1>9 B>3> G5;>25:0, A :>B>@K< C 20A ?@>1;5<0. @8<> ?@54AB02LB5 MB>3> G5;>25:0 ?5@54 A2>8< 2=CB@5==8< 27>@><, B>G=> B0:8<, :0:8< 2K 2A5340 53> 2845;8. "5?5@L ?@54AB02LB5, GB> >= ?>=0AB>OI5<C ?5@5<5=8;AO, B0: GB> B5?5@L >= 3>@074> 1>;55 >B:@KB 8 2>A?@88<G82 : B><C, GB> 2K <>65B5 5<C A:070BL, 3>@074> 1>;LH5, G5< @0=LH5, 65;05B >B:@>25==> >1AC48BL 8 @07@5H8BL ?@>1;5<C, AB>OICN <564C 20<8. 82> 8 7@8<> ?@54AB02LB5 MB>3> G5;>25:0 2 B0:>< =>2>< A>AB>O=88 >B:@KB>AB8. -B> B0:65 ?>72>;8B 20< A0<><C GC2AB2>20BL A51O 1>;55 >B:@KBK< 5<C. 0B5< ?>=0AB>OI5<C, 2 3;C18=5 A2>53> A5@4F0, ?>GC2AB2C9B5, GB> 20< =5>1E>48<> ?>2540BL MB><C G5;>25:C. !:068B5 5<C, 2 G5< 2K 2848B5 MBC ?@>1;5<C, A:068B5 MB><C G5;>25:C 2A5 > A2>8E GC2AB20E, A2>8E 70B@C4=5=8OE, :0: 20< MB> =5?@8OB=>, :0: 2K A>60;55B5 >1 MB><. !:068B5 2A5, GB> 2K AG8B0;8 @8A:>20==K< 8;8 4>AB0B>G=> =5C4>1=K< A:070BL MB><C G5;>25:C @0=LH5. "5?5@L 2>7L<8B5 ;8AB>: 1C<038 8 =0?8H8B5 2A5 B>, GB> 2K A:070;8 1K 5<C. >A;5 MB>3> A@07C 65 =0G=8B5 ?8A0BL, GB> MB>B G5;>25: <>3 1K A:070BL 20< 2 >B25B. 5 >AB0=02;8209B5AL =0 2>A?><8=0=8OE > B><, GB> MB>B G5;>25: >1KG=> 3>2>@8;: ?><=8B5, GB> B5?5@L >=, :0: 2K 7@8<> ?@54AB028;8, ?>=0AB>OI5<C CA;KH0; 20A 8 3>@074> 1>;55 >B:@KB. "0: GB> ?@>AB> ?8H8B5 B>, GB> 2848B5, GB> ?@8E>48B A0<>?@>872>;L=>, 8 ?>72>;O9B5 MB><C G5;>25:C 2 20H5< C<5 ?>;=>ABLN 2K@078BL A2>9 273;O4 =0 ?@>1;5<C. >8I8B5 2=CB@8 A51O 8 =0948B5, GB> 5I5 20< =C6=> A:070BL MB><C G5;>25:C  > ;N1KE 4@C38E CO72;5==KE GC2AB20E 8;8 A>60;5=8OE 87 ?@>H;>3>, :>B>@K5 2K 45@60;8 2=CB@8 A51O 8;8 =8:>340 @0=LH5 =5 C?><8=0;8.  2=>2L, :064K9 @07 ?>A;5 B>3>, :0: 2K 2K@078B5 A2>8 GC2AB20, ?8H8B5 >B25B MB>3> 4@C3>3> G5;>25:0 B0:, :0: ?@8E>48B 20< =0 C<. @>4>;609B5 MB>B 480;>3, ?>:0 2K 459AB28B5;L=> =5 ?>GC2AB2C5B5, GB> 1>;LH5 =8G53> =5 A:@K205B5 2 A515 8;8 GB> 1>;LH5 =8G53> =5 =C6=> 3>2>@8BL. 'B>1K ?@>25@8BL, 459AB28B5;L=> ;8 2K 3>B>2K 70:>=G8BL MB>B 480;>3, A?@>A8B5 2 3;C18=5 A51O, <>65B5 ;8 2K B5?5@L >B 2A53> A5@4F0 >B?CAB8BL ?@>H;>5, C4>2;5B2>@5=K ;8 2K B5< ?@>7@5=85< 8 8AF5;5=85<, GB> ?@8=5A 20< MB>B =0?8A0==K9 480;>3, 8 A?>A>1=K ;8 2K ?>=0AB>OI5<C ?@>AB8BL MB>3> G5;>25:0, 8;8 GC2AB2C5B5 ;8 2K, GB> MB>B G5;>25: ?@>AB8; 1K 20A. A;8 2K GC2AB2C5B5, GB> 4>18;8AL MB>3>, =5 701C4LB5 2K@078BL ;N1>5 ?>A;54=55 GC2AB2> ;N128 8;8 >4>1@5=8O, :>B>@>5 2K <>3;8 1K 5I5 A45@6820BL, 8 ?@>AB8B5AL A =8<. "5?5@L 7@8<> ?@54AB02LB5, :0: MB>B G5;>25: ?>2>@0G8205BAO 8 CE>48B; 8 4065 E>BO 2K 4>;6=K 53> >B?CAB8BL, ?><=8B5, GB> 2K <>65B5 >AB028BL =02A5340 2 A2>5< A5@4F5 53> ;N1>2L 8 B5?;K5 2>A?><8=0=8O > ;CGH8E AB>@>=0E 20H8E 2708<>>B=>H5=89. 'B>1K ?@89B8 : 5I5 1>;55 OA=><C ?@8<8@5=8N A ?@>H;K<, >1@0B8B5AL : :0:><CB> 4@C3C, :>B>@><C 2K <>3;8 1K 2A;CE ?@>G8B0BL MB>B 70?8A0==K9 480;>3, 8;8 C A51O 4><0 3@><:> ?@>GB8B5 53> A0<><C A515 2A;CE. 0: B>;L:> 2K ?@>GB5B5 MB>B 480;>3 2A;CE, 2K ?>@078B5AL B>9 ?5@5<5=5, :>B>@0O ?@>87>945B A 20<8, :0: 1C4B> 2K 459AB28B5;L=> >1I0;8AL A MB8< 4@C38< G5;>25:><, 8 459AB28B5;L=> ?@>OA=8;8 A =8< 2A5 MB8 20H8 ?@>1;5<K. ?>A;54AB288 20< 1C45B 3>@074> ;53G5 A=OBL =0?@O65=85 8 ?@O<> 3>2>@8BL A MB8< G5;>25:>< > 20H8E 70B@C4=5=8OE.  :>340 2K 459AB28B5;L=> >B?CAB8B5 =0?@O65=85, B> ?@>87>945B B>=:89 A4283 2 =52KA:07K205<KE >B=>H5=8OE <564C 20<8 8 B5< 4@C38< G5;>25:><, 8 G0AB> ?@8 MB>< @0AB2>@O5BAO B> =0?@O65=85 2 20H8E >B=>H5=8OE, :>B>@>5 4;8;>AL B0: 4>;3>. >@078B5;L=>, => 8=>340 2K <>65B5 4065 AB0BL ;CGH8<8 4@C7LO<8. 8:>340 =5 701K209B5, GB>, :0: A:070; >4=064K 7=0<5=8BK9 B815BA:89 <0AB5@ &>=3E0?0, 4@C3 <>65B ?@52@0B8BLAO 2> 2@030, 8 ?>MB><C 2@03 <>65B ?@52@0B8BLAO 2 4@C30.   !"",!/ 0< =C6=> =0CG8BLAO >B?CA:0BL =5 B>;L:> =0?@O65=85, => 8 A0<>3> C<8@0NI53>. A;8 2K ?@82O70=K : C<8@0NI5<C 8 F5?;O5B5AL 70 =53>, 2K <>65B5 ?@8G8=8BL 5<C >G5=L <=>3> =5=C6=KE 4CH52=KE <C: 8 A8;L=> 70B@C4=8BL 5<C 53> A>1AB25==>5 >B?CA:0=85 =0?@O65=89 8 <8@=CN A<5@BL. =>340 C<8@0NI89 <>65B ?@>68BL =0 <=>3> <5AOF52 8 =545;L 4>;LH5, G5< >6840;8 2@0G8, 8A?KBK20O ?@8 MB>< >3@><=K5 D878G5A:85 AB@040=8O. 0: >1=0@C68;0 @8AB8=0 >=3M:5@, 4;O B>3>, GB>1K B0:>9 G5;>25: A<>3 >B?CAB8BL =0?@O65=85 8 A?>:>9=> C<5@5BL, 5<C =04> ?>;CG8BL 420 B>G=KE 7025@5=8O, 2KA:070==KE B5<8, :>3> >= ;N18B. >?5@2KE, >=8 4>;6=K 40BL MB><C G5;>25:C @07@5H5=85 C<5@5BL, 8 2>2B>@KE, 7025@8BL 53>, GB> A =8<8 1C45B 2A5 E>@>H> ?>A;5 53> CE>40, 8 5<C =5 =C6=> > =8E 15A?>:>8BLAO. >340 <5=O A?@0H820NB, :0: ;CGH5 40BL :><CB> @07@5H5=85 C<5@5BL, O 3>2>@N 8<, GB>1K >=8 ?@54AB028;8, :0: A0<8 AB>OB C ;>60 ;N18<>3> 8<8 G5;>25:0 8 3>2>@OB 5<C A A0<>9 3;C1>:>9 8 8A:@5==59 =56=>ABLN: / 745AL A B>1>9 8 O ;N1;N B51O. "K C<8@05HL, 8 MB> A>25@H5==> 5AB5AB25==>; MB> ?@>8AE>48B A> 2A5<8. / E>B5; 1K, GB>1K BK >AB020;AO 745AL, A> <=>9, => =5 E>GC, GB>1K BK 1>;LH5 AB@040;. ">3> 2@5<5=8, GB> <K 1K;8 2<5AB5, 1K;> 4>AB0B>G=>, 8 O 1C4C 2A5340 4>@>68BL 8<. >60;C9AB0, 1>;LH5 =5 F5?;O9AO 70 687=L. B?CAB8. / >B 2A53> <>53> A5@4F0 40N B515 <>5 ?>;=>5 @07@5H5=85 C<5@5BL. "K =5 >48= A59G0A, 8 =8:>340 =5 1C45HL >48=. ! B>1>9 2AO <>O ;N1>2L. 4=0 <>O CG5=8F0, @01>B02H0O 2 E>A?8A5, @0AA:070;0 <=5 > ?>68;>9 H>B;0=4:5 M338, :>B>@CN >=0 =025AB8;0 ?>A;5 B>3>, :0: 55 C<8@0NI89 <C6 C65 2?0; 2 15AA>7=0B5;L=>5 A>AB>O=85. M338 1K;0 157CB5H=0, ?>B><C GB> >=0 B0: 8 =5 ?>3>2>@8;0 A <C65< > A2>59 ;N128 : =5<C, 8 =5 ?@>AB8;0AL A =8<, 8 B5?5@L GC2AB2>20;0, GB> C65 ?>74=>. !>B@C4=8F0 E>A?8A0 >1>4@8;0 55 8 A:070;0, GB> E>BO >= 8 :065BAO =5 @5038@CNI8<, =>, <>65B 1KBL, 5I5 <>65B A;KH0BL 55. =0 G8B0;0, GB> <=>385 87 B5E, :B> ?@54AB02;O5BAO ?>;=>ABLN ;8H82H8<8AO A>7=0=8O, =0 A0<>< 45;5 <>3CB 2>A?@8=8<0BL B>, GB> ?@>8AE>48B @O4>< A =8<8. =0 ?>A>25B>20;0 65=5 ?>1KBL 5I5 A <C65<, 3>2>@O 5<C 2A5, GB> >=0 E>B5;0 A:070BL. M338 A0<0 >1 MB>< 8 =5 ?>4C<0;0 1K, => CE20B8;0AL 70 MBC 845N 8 AB0;0 3>2>@8BL 5<C >1> 2A5E E>@>H8E 2@5<5=0E, :>B>@K5 >=8 @0745;O;8, > B><, :0: 59 1C45B 53> =5 E20B0BL, 8 > B><, :0: A8;L=> >=0 53> ;N18B.  ?>4 :>=5F, ?>?@>I02H8AL A =8<, >=0 A:070;0: =5 1C45B B@C4=> 157 B51O, => O =5 E>GC 1>;LH5 2845BL, :0: BK AB@0405HL, ?>MB><C 2A5 2 ?>@O4:5, BK <>65HL >B?CAB8BL. 0: B>;L:> >=0 4>3>2>@8;0 MB>, 55 <C6 8A?CAB8; 4>;389 274>E 8 <8@=> C<5@. 5 B>;L:> B><C, :B> C<8@05B, => 8 2A59 53> A5<L5 =C6=> =0CG8BLAO >B?CA:0BL. 04> CG8BK20BL, GB> C :064>3> G;5=0 A5<L8 <>65B 1KBL A2>O AB5?5=L ?@8=OB8O. 4=8< 87 25;8G09H8E 4>AB865=89 42865=8O E>A?8A>2 1K;> >A>7=0=85 B>3>, :0: 206=> ?><>30BL 2A59 A5<L5 2AB0BL ;8F>< : A2>5<C 3>@N 8 =5C25@5==>AB8 2 1C4CI5<. 5:>B>@K5 A5<L8 A>?@>B82;ONBAO B><C, GB>1K >B?CAB8BL ;N18<>3> G5;>25:0, AG8B0O MB> ?@540B5;LAB2>< 8 ?@87=0:>< B>3>, GB> >=8 53> =54>AB0B>G=> ;N1OB. @8AB8=0 >=3M:5@ 3>2>@8B G;5=0< B0:8E A5<59, GB>1K >=8 2>>1@078;8 A51O =0 <5AB5 C<8@0NI53>. @54AB02LB5, GB> 2K AB>8B5 =0 ?0;C15 >:50=A:>3> ;09=5@0, 3>B>2>3> >BG0;8BL. K A<>B@8B5 =0 15@53 8 2848B5, GB> 2AO 20H0 A5<LO 8 4@C7LO ?@>2>60NB 20A, <0HCB @C:0<8. # 20A =5B 2>7<>6=>AB8 A45;0BL 2K1>@ 8 @5H8BL =5 C5760BL, 8 :>@01;L C65 >BE>48B. 0: 1K 2K E>B5;8, GB>1K B5, :>3> 2K ;N18B5, ?>?@>I0;8AL A 20<8? 'B> ;CGH5 ?><>3;> 1K 20< 2 20H5< ?CB5H5AB288? 065 B0:>5 ?@>AB>5 C?@06=5=85, :0: MB>, <>65B >G5=L ?><>GL, ?>72>;82 :064><C G;5=C A5<L8 ?>A2>5<C A?@028BLAO A ?5G0;LN ?@>I0=8O. =>340 <5=O A?@0H820NB: 'B> <=5 A:070BL <>5<C @515=:C > A<5@B8 @>4AB25==8:0? / 3>2>@N, GB> =C6=> 1KBL >AB>@>6=K<, => A:070BL ?@024C. 5 ?>72>;O9B5 @515=:C ?>4C<0BL, GB> A<5@BL O2;O5BAO G5<B> GC64K< 8;8 C60A0NI8<. >72>;LB5 5<C :0: <>6=> ?>;=55 ?@8:>A=CBLAO : 687=8 C<8@0NI53> 8 G5AB=> >B25G09B5 =0 ;N1K5 2>?@>AK, :>B>@K5 @515=>: <>65B 7040BL. @O<>B0 8 =528==>ABL @515=:0 <>65B 2 459AB28B5;L=>AB8 2=5AB8 <O3:>ABL, ?@>A25B;5=85, 8=>340 4065 N<>@, 2 1>;L C<8@0=8O. >>I@O9B5 @515=:0 <>;8BLAO 70 C<8@0NI53>, 8 MB8< GC2AB2>20BL, GB> >= 459AB28B5;L=> GB>B> 45;05B 4;O ?><>I8 5<C.  ?>A;5 B>3>, :0: A<5@BL A>25@H8;0AL, >1O70B5;L=> C45;O9B5 @515=:C >A>1>5 2=8<0=85 8 ?@8O7=L.    ! " >340 O 2A?><8=0N "815B 8 A<5@B8, A2845B5;5< :>B>@KE O B0< 1K;, <5=O ?>@0605B, 2 :0:>< <8@=>< 8 30@<>=8G=>< >:@C65=88 ?@>87>H;8 <=>385 87 =8E. #2K, B0:>3> >:@C65=8O G0AB> =5B =0 0?045, => <>9 >?KB 1>;55 G5< 4204F0B8 ?>A;54=8E ;5B ?>:070; <=5, GB> 53> <>6=> A>740BL, 5A;8 ?>4>9B8 : MB><C A 2>>1@065=85<. / AG8B0N, GB> 2A5340, :>340 MB> B>;L:> 2>7<>6=>, ;N48 4>;6=K C<8@0BL 4><0, ?>B><C GB> 1>;LH8=AB2> GC2AB2C5B A51O =081>;55 C4>1=> 8<5==> C A51O 4><0.  B>9 <8@=>9 A<5@B8, :>B>@CN @5:><5=4CNB 1C4489A:85 <0AB5@0, ;53G5 2A53> 4>AB8GL 2 7=0:><>< >:@C65=88. > 5A;8 :><CB> ?@8E>48BAO C<8@0BL 2 1>;L=8F5, B> 2K, B5, :>3> MB>B G5;>25: ;N18B, <>65B5 <=>3> A45;0BL 4;O B>3>, GB>1K MB0 A<5@BL 1K;0 :0: <>6=> 1>;55 ;53:>9 8 24>E=>25==>9. @8=5A8B5 :><=0B=K5 @0AB5=8O, F25BK, :0@B8=K, D>B>3@0D88 53> ;N18<KE ;N459, @8AC=:8 45B59 8 2=C:>2, 8;8 :0AA5B=K9 <03=8B>D>= A 70?8AO<8 53> ;N18<>9 <C7K:8, 8;8, 5A;8 MB> 2>7<>6=>, ?8IC 87 4><0. K <>65B5 4065 4>18BLAO @07@5H5=8O ?@825AB8 45B59 =025AB8BL 53> 8;8 >AB0BLAO =0 =>GL 53> ;N18<K< @>4AB25==8:0<. A;8 C<8@0NI89 ?@8=04;568B : 1C4489A:>9 8;8 ;N1>9 4@C3>9 25@5, B> 4@C7LO <>3CB A>>@C48BL 2 53> ?0;0B5 =51>;LH>9 0;B0@L A 24>E=>2;ONI8<8 87>1@065=8O<8. / 2A?><8=0N <>53> CG5=8:0 ?> 8<5=8 09=5@, :>B>@K9 C<8@0; 2 >B45;L=>9 ?0;0B5 <N=E5=A:>9 1>;L=8FK. ;O =53> A45;0;8 0;B0@L A 87>1@065=8O<8 53> <0AB5@>2. / 1K; MB8< >G5=L B@>=CB 8 >A>7=0;, =0A:>;L:> 3;C1>:> 09=5@C ?><>3;0 A>740==0O MB8< 0B<>AD5@0. #G5=8O 1C4487<0 25;OB =0< A>>@C60BL 0;B0@L A ?>4=>H5=8O<8, :>340 :B>B> C<8@05B. >340 O C2845; ?@540==>ABL 8 ?>:>9 C<0 09=5@0, MB> ?>72>;8;> <=5 ?>=OBL, =0A:>;L:> <>I=K< <>65B MB> 1KBL, 8 =0A:>;L:> >=> A?>A>1=> ?><>GL 24>E=>28BL G5;>25:0 ?@52@0B8BL A2>5 C<8@0=85 2 A2OI5==>459AB285. >340 G5;>25: >G5=L 1;87>: : A<5@B8, O A>25BCN 20< ?>B@51>20BL >B ?5@A>=0;0 1>;L=8FK =5 15A?>:>8BL 53> B0: G0AB> 8 ?5@5AB0BL 1@0BL C =53> 0=0;87K 8 B.?. 5=O G0AB> A?@0H820NB, :0: O >B=>HCAL : A<5@B8 2 ?0;0B5 8=B5=A82=>9 B5@0?88. @8E>48BAO 3>2>@8BL, GB> ?@51K20=85 B0< >G5=L 70B@C4=O5B <8@=CN A<5@BL, 8 2@O4 ;8 ?>72>;O5B :0:CNB> 4CE>2=CN ?@0:B8:C 2 <><5=B A<5@B8. ;O C<8@0NI8E B0< =5B C548=5=8O: >=8 ?>4:;NG5=K : <>=8B>@0<, 8 5A;8 C =8E ?@5@25BAO 4KE0=85 8;8 >AB0=>28BAO A5@4F5, B> 1C4CB 45;0BLAO ?>?KB:8 >682;OBL 8E. "CB =5 1C45B 2>7<>6=>AB8 >AB028BL B5;> ?>A;5 A<5@B8 2 ?>:>5 =0 =5:>B>@>5 2@5<O, :0: A>25BCNB <0AB5@0. A;8 MB> 2>7<>6=>, 20< A;54C5B 4>3>2>@8BLAO A 2@0G><, GB>1K 20< A:070;8, :>340 4;O 1>;L=>3> 1>;LH5 =5B H0=A>2 2K68BL, 0 70B5<, 5A;8 C<8@0NI89 MB>3> ?>65;05B, CAB@>8BL 53> ?5@52>4 2 >B45;L=CN ?0;0BC, 157 ?>4:;NG5=8O <>=8B>@>2. #1548B5AL, GB> 1>;L=8G=K9 ?5@A>=0; 7=05B > 65;0=8OE C<8@0NI53> 8 C20605B 8E, >A>15==> 5A;8 >= =5 E>G5B, GB>1K 53> >682;O;8, 8 C1548B5AL, GB> ?5@A>=0; B0:65 7=05B, GB> B5;> =C6=> =5 15A?>:>8BL :0: <>6=> 4>;LH5. >=5G=>, 2 A>2@5<5==>9 1>;L=8F5 =52>7<>6=> >AB028BL B5;> 2 >48=>G5AB25 =0 B@8 4=O, :0: 1K;> >1KG=> 2 "815B5, => 2AO ?>445@6:0, :0:CN 40NB B8H8=0 8 ?>:>9, 4>;6=0 1KBL >:070=0 C<5@H8<, GB>1K ?><>GL 8< =0G0BL 8E AB@0=AB285 ?>A;5 A<5@B8. >AB0@09B5AL B0:65 CAB@>8BL, GB>1K 2 B> 2@5<O, :>340 C<8@0NI89 D0:B8G5A:8 1C45B C65 =0 ?>A;54=8E AB048OE C<8@0=8O, 5<C =5 45;0;8 =8:0:8E 8=J5:F89 8;8 ;N1KE ?@>F54C@, A2O70==KE A 2B>@65=85< 2 B5;>. =8 <>3CB 2K720BL C =53> 3=52, @074@065=85 8 1>;L, 0 254L :@09=5 =5>1E>48<>, :0: O ?>4@>1=> >1JOA=N =865, GB>1K C< C<8@0NI53> 1K; :0: <>6=> 1>;55 A?>:>5= 2 <><5=BK, ?@54H5AB2CNI85 A<5@B8. >;LH8=AB2> ;N459 C<8@05B 2 15AA>7=0B5;L=>< A>AB>O=88. 7 ?5@56820=89 A>AB>O=89, 1;87:8E : A<5@B8, <K C7=0;8 B>B D0:B, GB> C<8@0NI85 8 ?0F85=BK 2 :><5 <>3CB 3>@074> 1>;LH5 >A>7=020BL >:@C60NI55, G5< <K AG8B05<. > <=>38E @0AA:070E > ?5@56820=8OE A>AB>O=89, 1;87:8E : A<5@B8, A>>1I05BAO > 2>A?@8OB8OE ?@8 2KE>45 87 B5;0, =0 >A=>25 :>B>@KE MB8 ;N48 A?>A>1=K C4828B5;L=> B>G=> 8 ?>4@>1=> >?8AK20BL B>, GB> 8E >:@C60;>, 0 8=>340 4065 8 4@C385 ?><5I5=8O 2 B>9 65 1>;L=8F5. -B> OA=> ?>:07K205B, :0: 206=> G0AB> 8 4>1@>A5@45G=> @073>20@820BL, >1@0I0OAL : C<8@0NI5<C 8;8 1>;L=><C 2 :><5. !>7=0B5;L=0O, 148B5;L=0O 8 0:B82=> ;N1OI0O 701>B0 >1 C<8@0NI5< 4>;6=0 ?@>4>;60BLAO 4> A0<KE ?>A;54=8E <><5=B>2 53> 687=8 8, :0: O ?>:06C =865, 4065 ?>A;5. 4=0 87 =04564, :>B>@K5 O 2>7;030N =0 MBC :=83C, A>AB>8B 2 B><, GB>1K 2@0G8 2> 2A5< <8@5 >G5=L A5@L57=> >B=5A;8AL : =5>1E>48<>AB8 ?>72>;OBL C<8@0NI5<C C<5@5BL 2 B8H8=5 8 ?>:>5. / E>GC 2>7720BL : 4>1@>9 2>;5 ?@>D5AA8>=0;L=KE <548:>2 8 =045NAL 24>E=>28BL 8E =09B8 A?>A>1K A45;0BL MB>B >G5=L B@C4=K9 ?5@5E>4 2 A<5@BL :0: <>6=> 1>;55 ;53:8<, 1571>;57=5==K< 8 <8@=K<.  459AB28B5;L=>AB8 <8@=0O A<5@BL  MB> ACI5AB25==>5 ?@02> G5;>25:0, =025@=>5, 1>;55 ACI5AB25==>5, G5< 4065 ?@02> 3>;>A0 8;8 ?@02> =0 ?@02>AC485; MB> ?@02>, >B :>B>@>3>, :0: 3>2>@OB =0< 2A5 @5;838>7=K5 CG5=8O, 7028A8B >G5=L <=>3>5 4;O >15A?5G5=8O 1;03>?>;CG8O 8 4CE>2=>3> 1C4CI53> C<8@0NI53> G5;>25:0. K =5 <>65B5 >:070BL G5;>25:C 1>;LH53> 1;03>45O=8O, G5< ?><>GL 5<C E>@>H> C<5@5BL. ;020 XII !!" :  &+ , !/ >340 2K CE068205B5 70 C<8@0NI8<8, B> =0G8=05B5 >AB@> A>7=020BL =5 B>;L:> 8E, => 8 A2>N A>1AB25==CN A<5@B=>ABL. "0: <=>3> 7025A 8 8;;N789 >B45;ONB =0A >B 65AB:>3> 7=0=8O B>3>, GB> <K C<8@05<; :>340 65 <K =0:>=5F 7=05<, GB> <K C<8@05<, 8 GB> 2A5 4@C385 @07C<=K5 ACI5AB20 B>65 C<8@0NB, B0: 65, :0: 8 <K, B> C =0A 2>7=8:05B 63CG55, ?>GB8 @2CI55 A5@4F5, >ICI5=85 E@C?:>AB8 8 F5==>AB8 :064>3> <><5=B0 8 :064>3> ACI5AB20, 0 87 =53> <>65B ?@>87@0AB8 3;C1>:>5, OA=>5, 1573@0=8G=>5 A>AB@040=85 :> 2A5< ACI5AB20<. / A;KH0;, GB> AM@ "><0A >@, ?5@54 B5<, :0: 53> >1573;028;8, =0?8A0; MB8 A;>20: K 2A5 545< =0 :07=L 2 >4=>9 8 B>9 65 B5;535: :0: O <>3C :>3>;81> =5=02845BL 8;8 :><CB> 65;0BL 7;0? >GC2AB2>20BL A2>N A>1AB25==CN A<5@B=>ABL 2 ?>;=CN A8;C 8 ?>;=>ABLN >B:@KBL 59 A5@4F5  7=0G8B ?>72>;8BL 2K@0AB8 2 A515 B><C 2A5>E20B=><C, 15AAB@0H=><C A>AB@040=8N, GB> ?8B05B 687=8 2A5E, :B> 8AB8==> 65;05B ?><>30BL 4@C38<. B0:, 2A5, GB> O 4> A8E ?>@ 3>2>@8; ?> ?>2>4C 701>BK >1 C<8@0NI8E, <>6=> A25AB8 : 42C< A;>20<: ;N1>2L 8 A>AB@040=85. 'B> 65 B0:>5 A>AB@040=85? -B> =5 ?@>AB> GC2AB2> A8<?0B88 8;8 65;0=85 701>B8BLAO > AB@040NI5< G5;>25:5, =5 ?@>AB> A5@45G=>5 B5?;>, =0?@02;5==>5 =0 G5;>25:0, =0E>4OI53>AO ?5@54 20<8, 8;8 >AB@0O OA=>ABL @0A?>7=020=8O 53> 1>;8 8 =C64, => MB> B0:65 ?>AB>O==> ?>445@68205<0O 8 ?@0:B8G5A:0O =0<5@5==>ABL 45;0BL 2A5, GB> 2>7<>6=> 8 =5>1E>48<>, 4;O >1;53G5=8O 53> AB@040=89. !>AB@040=85 =5 O2;O5BAO 8AB8==K< A>AB@040=85<, 5A;8 >=> =5 45OB5;L=>. 20;>:8B5H20@C, C44C !>AB@040=8O, 2 B815BA:>9 8:>=>3@0D88 G0AB> 87>1@060NB A BKAOG59 3;07, 284OI8E 1>;L 2> 2A5E C3>;:0E 2A5;5==>9, 8 BKAOG59 @C:, GB> 4>BO3820NBAO 2> 2A5 C3>;:8 2A5;5==>9, =5AO 53> ?><>IL.  !!" / A5 <K GC2AB2C5< 8 7=05< GB>B> > 1;030E A>AB@040=8O. > >A>15==0O A8;0 1C4489A:>3> CG5=8O A>AB>8B 2 B><, GB> >=> OA=> ?>:07K205B 20< ;>38:C A>AB@040=8O. -B0 ;>38:0, :0: B>;L:> 2K 55 CA2>8;8, BCB 65 45;05B 20HC ?@0:B8:C A>AB@040=8O 1>;55 1KAB@>9 8 2A5>E20B=>9, 8 1>;55 AB018;L=>9 8 >1>A=>20==>9, ?>B><C GB> >=0 >A=>20=0 =0 OA=>AB8 @0AAC645=8O, 8AB8==>ABL :>B>@>3> AB0=>28BAO 2A5 1>;55 >G5284=>9 ?> <5@5 B>3>, :0: 2K 8A?KBK205B5 53> =0 ?@0:B8:5. K <>65< 3>2>@8BL, 8 4065 =0?>;>28=C 25@8BL, GB> A>AB@040=85  87C<8B5;L=>, => =0 ?@0:B8:5 =0H8 459AB28O G0AB> 3;C1>:> =5A>AB@040B5;L=K 8 ?@8=>AOB =0< 8 4@C38< 2 >A=>2=>< =5C40G8 8 @0AAB@>9AB20, 0 =5 AG0ABL5, : :>B>@><C <K 2A5 AB@5<8<AO. C @0725 65 =5 01AC@4=>, GB> 2A5 <K AB@5<8<`bdfh55555566Pn$.~((((``Nxxybnʌ`؉FFXYH_h_aaʍHJX@F|>>$?,?ljh/3EHU h/35\ h/36]jޅh8U hf30h}% hf30hf30hf30 hf30h/3jh_Uh}%h/3H `bfh> @ f  8 : t  J n  $ & $a$gdf30$a$$`a$4N& J x  V X (jl"R:^`$a$gdf304Z VN"\rN$a$gdf30$LN4ZV2,n@$a$gdf30T6 l !J!!!""""#(#f###$V$$$ %$a$gdf30 % %:%%%&.&^&&&&'6'f'''''(l(((((V)))*@*$a$gdf30@*`*b****8+L+j+++++2,h,,-Z-- .:..../L///$0$a$gdf30$00001$1j11 2223>33344J4x444*5X5555555$a$$a$gdf30555555555555555555555556666:p?$a$$a$p?EXH QZagl n nn>n@nsw`z.*$8JҥX$a$J(hJhnp8H\|~7`7$a$: #%)/6 <*AEEEEEE&H\J6NFNHNdS@W$a$@W`[h_af kk*k,kkll$mmmmqhs~uz.̉ΉV\$a$l>4xn޷PR "hļ&(hj7`7$a$j(`HlZ\6X$a$7`702tnp~@:  :n7`7$a$npV"L#.)0)2)F)t)v)-013457&<7`7$a$&<8=:=Z=\=>RCTCFFGGJJZL\LNNQ T$VZ^`bbFbHbc7`7$a$ccffRilllllm0mRmmmmnDnlnnnToVoooo4pZp7`77`7$a$Zpxpppppq6qPqRqqqTt|z~DF` z|$a$7`7z"6x "DFh7`7$a$D&l~>J7`7$a$FHJ`bNr t  8    .02D\^`7`7$a$`<P 6n^J!'+-V/`135:\;&CCC6DDRE7`7$a$RERFFGGJLJODSW\cgggg@j*os{l*$a$7`7 ̡24 68ҧ D~.h68pr̪d7`7$a$PĬƬȬrڲ̽XZ6$a$7`7|DFnLbbJ$a$7`7JLN^&(!!)D,F,d,f,- 18@D:EHKKLL~M2S.VVX\\\4]]6^^F_H_aj|n~nnnoq$a$7`7qsu(z} JL\"6LL~7`7$a$TگHҼԼv6|.l$a$8NPz|TV0  HJLxzz$a$N!X&*00 1"1z26J:L:p:r:>>?@@CCCCGKN$a$NSpW"[^r`cg>lrlllll&uV{0tv$a$llBD~EEbJJK,L8LfLDҧ*8xCCDF,4<> Ԋ  N 6 B  "   V j V X F! H! ) ) P< R< `m bm  : ް   X jh/3EHUh/3 h/36]]|XD6b"r@v^`7`7$a$.xzz|xzFHFHz | ~   F7`7$a$F!v%b*,88@:@<@P@@@CEHK>R>VnWpWWW[<]>]]]]B^$a$B^D^be\fggjjjjo0qwzz Pr (*J$a$bH68jlDFH^$a$2R r\  ! !%n,V1X11 27`77`7$a$ 223.8;<h<<N==>\>^>`>>>BGBLXTBWX\^`HdJdtdvd7`7$a$7`7vdhiZlqwz"FHprfrRT|~pB|hj$a$P2\D>vb7`7$a$<>@np &,169l;Z?@HDGdKPRRZSSTTTX7`7$a$XXXXhZaPimr yZ}ނ:x܄*:7`7$a$: :|DJLNvx»J7`7$a$$B.$& T  Z  (! $ $ Z- \- 4 d; xA $a$7`7xA zA A A nE rL lP U Z Z 8[ [ [ \\ ^\ ] ] b b c "k m m m m 0n tn n o 7`7$a$o o

w 8y ~ 6  ^ ` b V $a$7`7V  ^ ` b 4 & p h j l Ϊ ڭ  0 7`7$a$0 2 j   z F \ ^ f h , p r p r L z | b & <  7`7$a$  B   t v   &   Z \ J! J# % 6+ , :- . p/ |/ / / 0 (0 0 0 3 3 3 J4 L4 8 (; HC F FH lL O T X \ $_ &_ :_ <_ n` b f dm t |u ~u w x vz | 7`7$a$| | <~ F V  <  Ը J κ 4 6 H J 7`7$a$X   z , - E h j  . 0 ` n z z ȵ ҵ & 0 4 6 | ~ z | \  jr;;ST\\\mm(frVn8$f$X0`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