ࡱ>  bjbj= P2>>d<2T T T T T /!/!/!u2w2w2w2w2w2w24P7:w2-/!/!/!/!/!w2T T 2-2-2-2/!T T u2-2/!u2-2-2-2T pg'* -2a2202-27 2"7-27-24/!/!-2/!/!/!/!/!w2w2-2/!/!/!2/!/!/!/!7/!/!/!/!/!/!/!/!/!>( f:><<5=B0@89 : 0:>=C 5A?C1;8:8 #715:8AB0= " B@5B59A:8E AC40E" !>45@60=85 2545=85 ;020 1. 1I85 ?>;>65=8O (!B0BL8 1-8) ;020 2. !?>@K, @07@5H05<K5 B@5B59A:8<8 AC40<8. "@5B59A:>5 A>3;0H5=85 (!B0BL8 9-13) ;020 3. "@5B59A:85 AC4L8. !>AB02 B@5B59A:>3> AC40 (!B0BL8 14-19) ;020 4. 0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 (!B0BL8 20-23) ;020 5. "@5B59A:>5 @0718@0B5;LAB2> (!B0BL8 24-37) ;020 6. :BK B@5B59A:>3> AC40 (!B0BL8 38-45) ;020 7. A?0@820=85 @5H5=8O B@5B59A:>3> AC40 (!B0BL8 46-48) ;020 8. A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 (!B0BL8 49-54) ;020 9. 0:;NG8B5;L=K5 ?>;>65=8O (!B0BL8 55-59) 0:;NG5=85  0AB>OI89 :><<5=B0@89 8<55B A2>N >B;8G8B5;L=CN >A>15==>ABL: >= =0?8A0= A>B@C4=8:0<8 &5=B@0 87CG5=8O ?@02>2KE ?@>1;5< (3. "0H:5=B) (&), B. 5. B5<8, :B> =5?>A@54AB25==> 3>B>28; ?@>5:B 0:>=0   B@5B59A:8E AC40E , :B> >BAB0820; 53> >A=>2=K5 ?>;>65=8O =0 @07;8G=KE >1AC645=8OE, :B> 2 B5G5=85 1>;55 G5BK@5E ;5B =5CAB0==> ?@>?030=48@>20; 2 #715:8AB0=5 8458 B@5B59A:>3> @0718@0B5;LAB20, >@30=87>2K20O 8 ?@>2>4O @07;8G=K5 :>=D5@5=F88 8 A5<8=0@K ?> 3>@>40< #715:8AB0=0, 8 >B:@K; 2 2002 3>4C ?5@2K9 2 #715:8AB0=5 B@5B59A:89 AC4. > =0?8A0=8O =0AB>OI53> :><<5=B0@8O, 2 2004-2005 33. &5=B@>< 87CG5=8O ?@02>2KE ?@>1;5< 1K;8 ?>43>B>2;5=K 8 >?C1;8:>20=K B@8 :=838 > B@5B59A:8E AC40E, :>B>@K5 AB0;8 =0AB>OI8<8 15ABA5;;5@0<8 A@548 N@848G5A:>9 >1I5AB25==>AB8 8 ?@54?@8=8<0B5;59 #715:8AB0=0. ><<5=B8@C5<K9 0:>=   B@5B59A:8E AC40E 2ABC?8; 2 A8;C A 1 O=20@O 2007 3>40, 8 A MB>9 40BK =0G0;AO =>2K9 206=K9 MB0? AC451=>-?@02>2>9 @5D>@<K, =0@O4C A 3>AC40@AB25==K< (E>7O9AB25==K<, 3@0640=A:8<) AC4>?@>872>4AB2><, =0G0; DC=:F8>=8@>20BL >A>1K9, =53>AC40@AB25==K9 284 AC4>?@>872>4AB20, 7=0G5=85 :>B>@>3> ?@87=05BAO 120 3>AC40@AB20<8 <8@0, ?>4?8A02H8<8 LN->@:A:CN :>=25=F8N 1958 3. " ?@87=0=88 8 ?@82545=88 2 8A?>;=5=85 8=>AB@0==KE 0@18B@06=KE @5H5=89", 2 B.G. 8 #715:8AB0=><, :>B>@K9 ?@8A>548=8;AO : =59 2 1995 3>4C. <5AB5 A B5<, >1AC645=85 8 ?@8=OB85 0:>=0 2=>2L ?>:070;> >BACBAB285 548=AB20 273;O4>2 4065 A@548 ?@>D5AA8>=0;L=KE N@8AB>2 =0 ?@8@>4C B@5B59A:>3> AC40 8 B@5B59A:>3> @0718@0B5;LAB20. > A8E ?>@ <>6=> 2AB@5B8BL CB25@645=8O > B><, GB> >=> =5 O2;O5BAO D>@<>9 ?@02>AC48O, 0 ?@54AB02;O5B A>1>9 B> ;8 =5:CN "@07=>284=>ABL 4>AC451=>3> @0718@0B5;LAB20 8<CI5AB25==KE A?>@>2", B> ;8 "N@848G5A:CN CA;C3C", B> ;8 284 "0;LB5@=0B82=>3>" (AC451=><C) @0718@0B5;LAB20 A?>@>2. 564C B5<, A>3;0A=> G0AB8 ?5@2>9 AB. 10 @0640=A:>3> :>45:A0 #7, ?>A2OI5==>9 AC451=>9 70I8B5 3@0640=A:8E ?@02, 70I8BC =0@CH5==KE 8;8 >A?>@5==KE 3@0640=A:8E ?@02 >ACI5AB2;O5B AC4, E>7O9AB25==K9 8;8 B@5B59A:89.  A>>B25BAB288 A> AB. 50 0:>=0 " B@5B59A:8E AC40E", 4>1@>2>;L=> =58A?>;=5==>5 @5H5=85 B@5B59A:>3> AC40 ?>4;568B ?@8=C48B5;L=><C 8A?>;=5=8N =0 >A=>20=88 8A?>;=8B5;L=>3> ;8AB0, 2K40==>3> 3>AC40@AB25==K< AC4><. 0:>=5F, B@5B59A:89 AC4 ?> ?@028;0< AB. 32 C:070==>3> 0:>=0 2?@025 @0A?>@O48BLAO > ?@8=OB88 >15A?5G8B5;L=KE <5@ 2 >B=>H5=88 ?@54<5B0 A?>@0, 0 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 <>65B ?@8=OBL ?@8=C48B5;L=K5 <5@K ?> >15A?5G5=8N 8A:0, @0AA<0B@8205<>3> 2 B@5B59A:>< AC45. A5 MB8 ?@028;0 0:>=0 =5 >AB02;ONB A><=5=8O 2 N@8A48:F8>==>9 ?@8@>45 B@5B59A:>3> @0718@0B5;LAB20, 2 B><, GB> B@5B59A:89 AC4 D0:B8G5A:8 >ACI5AB2;O5B ?@02>AC485, @07C<55BAO, 2 B5E ?@545;0E, :>B>@K5 4>?CA:0NB 0:>= 8 2>;O A0<8E CG0AB=8:>2 A?>@0, 4>1@>2>;L=> ?@54CA<>B@52H8E 4;O A51O >B:07 >B 3>AC40@AB25==>3> ?@02>AC48O 8 >1@0I5=85 70 @07@5H5=85< A2>53> 8<CI5AB25==>3> A?>@0 : A>>B25BAB2CNI5<C B@5B59A:><C AC4C. 1O70B5;L=>ABL B@5B59A:>3> @0718@0B5;LAB20 4;O AB>@>= B@5B59A:>3> A>3;0H5=8O >B=N4L =5 O2;O5BAO >B:07>< 8< 2 ?@02>AC488 8;8 8E >B:07>< >B :>=AB8BCF8>==>3> ?@020 =0 AC451=CN 70I8BC A2>8E 8<CI5AB25==KE 8=B5@5A>2. <5AB5 A B5<, 15AA?>@=>, GB> AC451=0O 70I8B0 2 D>@<5 B@5B59A:>3> @0718@0B5;LAB20 >1;0405B 25AL<0 ACI5AB25==K<8 >A>15==>ABO<8. "@5B59A:85 AC4K =5 B>;L:> =5 O2;ONBAO 3>AC40@AB25==K<8 >@30=0<8 8 =5 2E>4OB 2 A8AB5<C 3>AC40@AB25==>3> ?@02>AC48O, => 8 2>>1I5 =5 O2;ONBAO >@30=870F8O<8 2 ?@O<>< A<KA;5 A;>20 8 =5 A>AB02;ONB :0:>9-;81> A8AB5<K, B5< 1>;55 - 85@0@E8G5A:>9 (F5=B@0;87>20==>9). >MB><C B@5B59A:85 AC4K =5 ?>4;560B 3>AC40@AB25==>9 @538AB@0F88 8 2>>1I5 ?@O<><C 3>AC40@AB25==><C :>=B@>;N, 5A;8 B>;L:> @5GL =5 845B >1 >A?0@820=88 8E @5H5=89 (?@8G5<, :0: ?>4G5@:8205BAO 2 ;8B5@0BC@5, =5 A;CG09=> 70:>=>40B5;L 8A?>;L7C5B 4;O MB>3> 8<5==> B5@<8= ">A?0@820=85", 0 =5 ">160;>20=85", ?@54?>;030NI55 ?5@5A<>B@ 45;0 2 :0AA0F8>==>9 8;8 0?5;;OF8>==>9 8=AB0=F8OE). "0:8< >1@07><, B@5B59A:85 AC4K (:0: ?>AB>O==> 459AB2CNI85, B0: 8 2@5<5==K5) O2;ONBAO >A>1K<8 N@8A48:F8>==K<8 >@30=0<8 70I8BK =0@CH5==KE 8;8 >A?0@8205<KE 8<CI5AB25==KE ?@02 N@848G5A:8E 8 D878G5A:8E ;8F, :><?5B5=F8O :>B>@KE >A=>2K205BAO =0 2>;5 A>7402H8E 8E AB>@>=. 4=>2@5<5==> MB0 :><?5B5=F8O >3@0=8G5=0 70:>=>< - 2 A>>B25BAB288 A> AB. 9 0:>=0 > B@5B59A:8E AC40E 2 =8E <>3CB @0AA<0B@820BLAO B>;L:> A?>@K, 2KB5:0NI85 87 3@0640=A:8E ?@02>>B=>H5=89. !;54C5B ?@87=0BL, GB> ?> A<KA;C 70:>=0 @5GL 845B > G0AB=>?@02>2KE, 3;02=K< >1@07>< - 4>3>2>@=KE A?>@0E <564C ?@54?@8=8<0B5;O<8, =5 70B@03820NI8<8 ?C1;8G=>-?@02>2KE >B=>H5=89. 1 MB>< ?@8E>48BAO A?5F80;L=> 3>2>@8BL, 81> 2 ?>A;54=85 3>4K <>6=> =01;N40BL ?>?KB:8 =5>1>A=>20==>3> @0AH8@5=8O :><?5B5=F88 B@5B59A:8E AC4>2 70 AG5B 2:;NG5=8O 2 =55 A?>@>2 > ?@020E =0 =542868<>5 8<CI5AB2>. "0:85 A?>@K >B=>AOBAO : 8A:;NG8B5;L=>9 ?>4AC4=>AB8 3>AC40@AB25==KE AC4>2, 2A;54AB285 B>3>, GB> A45;:8 8 ?@020 =0 =542868<>ABL ?>4;560B >1O70B5;L=>9 3>AC40@AB25==>9 @538AB@0F88, A>AB02;ONI59 ?C1;8G=>-?@02>2>9 M;5<5=B MB8E ?@02>>B=>H5=89. >MB><C A;CG08 ?@8=OB8O =5:>B>@K<8 B@5B59A:8<8 AC40<8 @5H5=89, >1O7K20NI8E 3>AC40@AB25==K5 >@30=K ?@>8725AB8 @538AB@0F8N ?@02 =0 =542868<>ABL, ;81> CAB0=02;820NI85 B0:85 ?@020 ?>A;5 >B:070 2 8E 3>AC40@AB25==>9 @538AB@0F88 :><?5B5=B=K<8 >@30=0<8 (B. 5. ?> ACB8 - 2 >1E>4 CAB0=>2;5==>3> ?>@O4:0 >160;>20=8O B0:8E @5H5=89 2 3>AC40@AB25==K9 AC4) A;54C5B ?@87=0BL =0@CH0NI8<8 8<?5@0B82=K5 B@51>20=8O 70:>=0. -B> 65 >B=>A8BAO : 8<52H8< <5AB> 2 ?@0:B8:5 A;CG0O< @0AA<>B@5=8O >B45;L=K<8 B@5B59A:8<8 AC40<8 A?>@>2 > ?@820B870F88 >1J5:B>2 =542868<>AB8, > ?5@52>45 68;KE ?><5I5=89 2 =568;K5 8 B. ?. 07C<55BAO, B@5B59A:8< AC40< ?>4254><AB25==K A?>@K AB>@>= 4>3>2>@>2 >1 >BGC645=88 8;8 8=>< @0A?>@O65=88 >1J5:B0<8 =542868<>AB8, 2:;NG0O, =0?@8<5@, B@51>20=8O >1 >1O70=88 >BGC640B5;O-?@>402F0 ?5@540BL ?>:C?0B5;N 4>:C<5=BK, =5>1E>48<K5 4;O 3>AC40@AB25==>9 @538AB@0F88 A45;:8. 5GL 845B > A?>@0E, 2KB5:0NI8E 87 >1O70B5;LAB25==>-?@02>2KE (>B=>A8B5;L=KE) >B=>H5=89, A2O7K20NI8E B>;L:> 8E :>=:@5B=KE CG0AB=8:>2. 5I=K5 65 ?@020, :0: 8725AB=>, 8<5NB 01A>;NB=>-?@02>2CN ?@8@>4C, B. 5. 2>7;030NB >1O70==>AB8 =0 2A5E B@5BL8E ;8F. >MB><C @5H0BL 2>?@>A >1 8E ACI5AB2>20=88 (?@87=0=88) B@5B59A:85 AC4K =5 2?@025, 81> "2A5 B@5BL8 ;8F0" =5 2K@060;8 A2>59 2>;8 =0 ?@87=0=85 N@8A48:F88 B@5B59A:>3> AC40 (=5 3>2>@O C65 > B><, GB> 2>7=8:=>25=85 ?@02 =0 =542868<>ABL 70:>= A2O7K205B A 8E 3>AC40@AB25==>9 @538AB@0F859, 0 =5 A AC451=K< @5H5=85<). >6=> 48A:CB8@>20BL ?> ?>2>4C A>45@60=8O 8 C40G=>AB8 B5E 8;8 8=KE 70:>=>40B5;L=KE D>@<C;8@>2>: 8 ?KB0BLAO =0 MB>9 >A=>25 B5< 8;8 8=K< >1@07>< @073@0=8G8BL 8;8 A>548=8BL G0AB=>?@02>2K5 8 ?C1;8G=>-?@02>2K5 M;5<5=BK :>=:@5B=KE 8<CI5AB25==KE ?@02>>B=>H5=89. >, 2 ;N1>< A;CG05, A;54C5B 8AE>48BL 87 B>3>, GB> @5H5=8O B@5B59A:8E AC4>2 O2;ONBAO >1O70B5;L=K<8 B>;L:> 4;O AB>@>= (CG0AB=8:>2) A>>B25BAB2CNI53> A?>@0 8 :0A0NBAO B>;L:> 8E 2708<=KE ?@02 8 >1O70==>AB59 (81> =0 8E 2>;5, ?> ACB8, 8 >A=>20=0 :><?5B5=F8O B@5B59A:>3> AC40), => =5 4>;6=K 2;5GL :0:8E-;81> >1O70B5;L=KE N@848G5A:8E ?>A;54AB289 4;O B@5BL8E ;8F, B5< 1>;55 - 4;O 3>AC40@AB25==KE >@30=>2. ! 4@C3>9 AB>@>=K, =5>1E>48<> B0:65 ?>A;54>20B5;L=> ?@>B82>AB>OBL =5>1>A=>20==K< ?>?KB:0< =5:>B>@KE 3>AC40@AB25==KE AC4>2 ?@O<> 8;8 :>A25==> >ACI5AB2;OBL :>=B@>;L 70 B@5B59A:8< @0718@0B5;LAB2><, ?@54AB02;OO A51O 2 2845 =5:>59 "=047>@=>9 8=AB0=F88", 2 B>< G8A;5 ?>425@30NI59 A><=5=8N CAB0=>2;5==K5 B@5B59A:8<8 AC40<8 D0:B8G5A:85 >1AB>OB5;LAB20 45;0, <5=ONI59 8E N@848G5A:CN :20;8D8:0F8N 8 2 F5;>< ?5@5A<0B@820NI59 ?> ACI5AB2C ?@8=OBK5 ?>A;54=8<8 @5H5=8O, B5< A0<K< ?@O<> =0@CH0O G0ABL ?5@2CN AB. 47 8 G0ABL ?5@2CN AB. 53 0:>=0 > B@5B59A:8E AC40E.  >@30=870F88 8 45OB5;L=>AB8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 8<55BAO 8 @O4 8=KE ?@>1;5<.  8E G8A;C A;54C5B 2 ?5@2CN >G5@54L >B=5AB8 =5>1E>48<>ABL ?>2KH5=8O :>;8G5AB20 8 :0G5AB20 @0718@05<KE A?>@>2, GB> 2 7=0G8B5;L=>9 <5@5 7028A8B >B @>AB0 :20;8D8:0F88 B@5B59A:8E AC459 8 H8@>:>9 ?@>?030=4K ?@58<CI5AB2 B@5B59A:>3> @0718@0B5;LAB20 8<CI5AB25==KE A?>@>2.  >1;0ABOE #715:8AB0=0 =01;N405BAO >?@545;5==K9 @>AB :>;8G5AB20 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, GB>, 157CA;>2=>, A;54C5B AG8B0BL ?>;>68B5;L=>9 B5=45=F859. <5AB5 A B5<, 2 @O45 A;CG052 B0:85 AC4K =C640NBAO 2 >@30=870F8>==>9 ?>445@6:5: :>=AC;LB0F8OE ?> A>45@60=8N @53;0<5=B>2 8 4@C38E 2=CB@5==8E 4>:C<5=B>2, >?@545;ONI8E A>45@60=85 8E 45OB5;L=>AB8; ?>2KH5=88 :20;8D8:0F88 AC459; >1<5=5 >?KB>< ?@0:B8G5A:>3> @0AA<>B@5=8O A?>@>2 8 B. ?. >AB0B59=>5 @07JOA=5=85 0:>=0 2 :><<5=B0@8OE >A=>2K205BAO =0 87CG5=88 =0CG=>-?@0:B8G5A:>9 ;8B5@0BC@K ?> @0AA<>B@5==K< 2>?@>A0<, ?@0:B8:5 45OB5;L=>AB8 <564C=0@>4=KE 0@18B@06=KE &5=B@>2 (2 >=4>=5, 0@865, !B>:3>;L<5 8 4@.), B@5B59A:8E AC4>2 >AA88, 070EAB0=0, #715:8AB0=0, 5@<0=88 8 845@;0=4>2, :C40 A>AB028B5;8 :><<5=B0@8O 2K5760;8 4;O >7=0:><;5=8O A 45OB5;L=>ABLN C:070==KE AC4>2, 0 B0:65 @5:><5=40F8OE 8725AB=KE <564C=0@>4=KE 0@18B@>2 3.3. =8?5@0 . 87 5@<0=88, ><0@>20 . 8 52OB:8=0 . 87 >AA88, !C;59<5=>20 . 87 070EAB0=0, 6>;825 -. 87 $@0=F88 8 4@. 0AB>OI89 :><<5=B0@89 <>65B >:070BLAO ?>;57=K< B@5B59A:8< AC4LO<, @C:>2>48B5;O< >@30=870F89, ?@54?@8=8<0B5;O< 8 N@8AB0<, AC4LO< 8 042>:0B0<, ?@0:B8G5A:8< 8 =0CG=K< @01>B=8:0< 2 AD5@5 N@8A?@C45=F88, ABC45=B0<, 2 ?>=8<0=88 8 B>;:>20=88 AB0B59 0:>=0. &5=B@ 87CG5=8O ?@02>2KE ?@>1;5< ?;0=8@C5B 8 2 40;L=59H5< 25AB8 @01>BC ?> >1>1I5=8N AC451=>9 ?@0:B8:8 B@5B59A:8E AC4>2 #715:8AB0=0, ?@>2545=8N A5<8=0@>2, :@C3;KE AB>;>2 8 :>=D5@5=F89 ?> >1AC645=8N =081>;55 206=KE 8 8=B5@5A=KE ?@>1;5< B@5B59A:>3> @0718@0B5;LAB20, 8 2 8B>35 - 2K@01>B:5 @5:><5=40F89 ?> C;CGH5=8N :0G5AB20 @0AA<>B@5=8O A?>@>2 2 B@5B59A:8E AC40E.  70:;NG5=85 O E>GC 2K@078BL >A>1CN 1;03>40@=>ABL @C:>2>48B5;N ?@>5:B0 "!>459AB285 2 @50;870F88 !>3;0H5=8O > ?0@B=5@AB25 8 A>B@C4=8G5AB25 <564C ! 8 #715:8AB0=><" (?@>5:B SIPCA - III) 3-=C %0=AC-.@35=C %5@8=3C, 53> 70<5AB8B5;N 3-=C ;0CAC >0E8<C (<8BFC 8 M:A?5@BC ?@>5:B0 3-65 K6:>2>9 A5=88, >>@48=0B>@C ?@>5:B>2 5@<0=A:>3> >1I5AB20 ?> B5E=8G5A:><C A>B@C4=8G5AB2C 3-=C 5=AC 5??5 70 >@30=870F8N 8 ?>445@6:C 2 ?>43>B>2:5 :><<5=B0@8O, 157 :>B>@KE =0AB>OI55 8740=85 =5 C40;>AL 1K >ACI5AB28BL. 8@5:B>@ &5=B@0 87CG5=8O ?@02>2KE ?@>1;5< (. . ALO=>2  1. ) / !B0BLO 1. &5;L =0AB>OI53> 0:>=0 !B0BLO 2. 0:>=>40B5;LAB2> > B@5B59A:8E AC40E !B0BLO 3. A=>2=K5 ?>=OB8O !B0BLO 4. A=>2=K5 ?@8=F8?K 45OB5;L=>AB8 B@5B59A:8E AC4>2 !B0BLO 5. 1@07>20=85 B@5B59A:8E AC4>2 !B0BLO 6. >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 !B0BLO 7. @5<5==K9 B@5B59A:89 AC4 !B0BLO 8. 545=85 CG5B0 B@5B59A:8E AC4>2 !B0BLO 1. &5;L =0AB>OI53> 0:>=0 &5;LN =0AB>OI53> 0:>=0 O2;O5BAO @53C;8@>20=85 >B=>H5=89 2 >1;0AB8 >1@07>20=8O 8 45OB5;L=>AB8 B@5B59A:8E AC4>2 2 5A?C1;8:5 #715:8AB0=. &5;LN :064>3> =>@<0B82=>-?@02>2>3> 0:B0 O2;O5BAO @53C;8@>20=85 >?@545;5==>3> :@C30 >1I5AB25==KE >B=>H5=89. &5;LN 0:>=0 " B@5B59A:8E AC40E" A>>B25BAB25==> O2;O5BAO @53C;8@>20=85 >B=>H5=89 2 >1;0AB8 >1@07>20=8O 8 45OB5;L=>AB8 B@5B59A:8E AC4>2 2 5A?C1;8:5 #715:8AB0=. -B> 3;02=0O 8 >1I0O F5;L 0:>=0, 87 :>B>@>9 A;54C5B =5>1E>48<>ABL 4>AB865=8O ?>A@54AB2>< 0:>=0 8 4@C38E, =5 >1>7=0G5==KE :>=:@5B=> F5;59, 8<5NI8E 206=>5 7=0G5=85 4;O @50;870F88 ?>;>65=89 =0AB>OI53> 0:>=0.  G0AB=>AB8, F5;LN 0:>=0 B0:65 A;54C5B AG8B0BL: - C?@>G5=85 8=B53@0F88 #715:8AB0=0 2 <8@>2CN M:>=><8:C; - ?@54>AB02;5=85 CG0AB=8:0< @K=:0 A>2@5<5==KE <5E0=87<>2 4;O @5H5=8O 2>7=8:0NI8E A?>@>2 A ?@8<5=5=85< ?@028; 8 ?>;>65=89, CAB0=>2;5==KE A0<8<8 AB>@>=0<8 A?>@0; - CA8;5=85 A2>1>4K 4>3>2>@0 8 2708<=>3> 4>25@8O >B5G5AB25==KE 8 8=>AB@0==KE CG0AB=8:>2 M:>=><8G5A:>3> >1>@>B0; - @0728B85 B@5B59A:>3> AC4>?@>872>4AB20 :0: =5>1E>48<>3> 4>?>;=5=8O : 3>AC40@AB25==><C AC4>?@>872>4AB2C. &5;LN 0:>=0 B0:65 A;54C5B ?@87=0BL ?@840=85 ?@02>2>9 D>@<K =>2K< A;>682H8<AO >1I5AB25==K< >B=>H5=8O<, GB> ?>72>;8B CA:>@8BL A>740=85 A8AB5<K B@5B59A:8E AC4>2 2 #715:8AB0=5 8 C;CGH8B @53C;8@>20=85 >B=>H5=89 2 AD5@5 ?@54?@8=8<0B5;LAB20. !B0BLO 2. 0:>=>40B5;LAB2> > B@5B59A:8E AC40E 0:>=>40B5;LAB2> > B@5B59A:8E AC40E A>AB>8B 87 =0AB>OI53> 0:>=0 8 8=KE 0:B>2 70:>=>40B5;LAB20. A;8 <564C=0@>4=K< 4>3>2>@>< 5A?C1;8:8 #715:8AB0= CAB0=>2;5=K 8=K5 ?@028;0, G5< B5, :>B>@K5 ?@54CA<>B@5=K 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0= > B@5B59A:8E AC40E, B> ?@8<5=ONBAO ?@028;0 <564C=0@>4=>3> 4>3>2>@0. 0:>= > B@5B59A:8E AC40E O2;O5BAO >A=>2=K< ?@02>2K< 0:B><, @53C;8@CNI8< ?>@O4>: >1@07>20=8O 8 45OB5;L=>AB8 B@5B59A:8E AC4>2 2 #715:8AB0=5.  B> 65 2@5<O 70:>=>40B5;LAB2> > B@5B59A:8E AC40E 8 B@5B59A:>< @0718@0B5;LAB25 A>AB>8B 8 87 8=KE 70:>=>2, @53C;8@CNI8E B5 8;8 8=K5 2>?@>AK B@5B59A:>3> @0718@0B5;LAB20 8 ?>@O4:0 8A?>;=5=8O @5H5=89, ?@8=8<05<KE B@5B59A:8<8 AC40<8 =0 B5@@8B>@88 5A?C1;8:8 #715:8AB0=. "0:, 2 A>>B25BAB288 A> AB. 9  #7, 3@0640=5 8 N@848G5A:85 ;8F0 ?> A2>5<C CA<>B@5=8N <>3CB @0A?>@O60BLAO ?@8=04;560I8<8 8< 3@0640=A:8<8 ?@020<8, 2 B>< G8A;5 ?@02>< =0 8E 70I8BC. AE>4O 87 MB>9 =>@<K :>45:A0, AC1J5:BK A?>@0 2?@025 A0<8 @5H0BL, 2 :0:>9 AC4 8< >1@0I0BLAO 70 70I8B>9 A2>8E 8=B5@5A>2 - 2 3>AC40@AB25==K9 8;8 B@5B59A:89. !B. 10  #7 CAB0=02;8205B ?>;>65=85 > B><, GB> 70I8B0 3@0640=A:8E ?@02 >ACI5AB2;O5BAO 2 A>>B25BAB288 A ?>4254><AB25==>ABLN 45;, CAB0=>2;5==>9 ?@>F5AAC0;L=K< 70:>=>40B5;LAB2>< 8;8 4>3>2>@><, AC4><, E>7O9AB25==K< AC4>< 8;8 B@5B59A:8< AC4><. A;8 AB>@>=K 70:;NG0NB A>3;0H5=85 (4>3>2>@) > ?5@540G5 A?>@0 =0 @0AA<>B@5=85 B@5B59A:>3> AC40, B> A>3;0A=> AB. 100  #7 AC4 ?> 3@0640=A:8< 45;0< ?@5:@0I05B ?@>872>4AB2> ?> 45;C 8;8, A>3;0A=> AB. 152  #7, >B:07K205B 2 ?@8=OB88 8A:>2>3> 70O2;5=8O. "0:85 65 =>@<K A>45@60BAO 2 AB.AB. 86, 88, 117 % #7, 0 AB. 25 % #7 ?@54CA<0B@8205B, GB> A?>@, ?>4254><AB25==K9 E>7O9AB25==><C AC4C, 4> ?@8=OB8O 8< @5H5=8O <>65B 1KBL ?> A>3;0H5=8N AB>@>= ?5@540= =0 @0AA<>B@5=85 B@5B59A:>3> AC40. 0 >A=>20=88 AB. 5 0:>=0 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2", @53C;8@CNI53> >B=>H5=8O, 2>7=8:0NI85 ?@8 ?@8=C48B5;L=>< 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2, ?>4;560B 8A?>;=5=8N @5H5=8O B@5B59A:8E AC4>2, 8=>AB@0==KE AC4>2 8 0@18B@0659. @><5 B>3>, A>3;0A=> AB. 7 C:070==>3> 0:>=0, : G8A;C 8A?>;=8B5;L=KE 4>:C<5=B>2 >B=>AOBAO 8A?>;=8B5;L=K5 ;8ABK, 2K40205<K5 AC40<8 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=89 B@5B59A:8E AC4>2. B45;L=K5 2>?@>AK B@5B59A:>3> @0718@0B5;LAB20 @5H0NBAO 2 0:>=5 " 3>AC40@AB25==>9 ?>H;8=5" 8 4@. 0:>= > B@5B59A:8E AC40E 2KABC?05B ?> >B=>H5=8N : 8=><C 70:>=>40B5;LAB2C, 2 :>B>@>< A>45@60BAO =>@<K, @53C;8@CNI85 2>?@>AK B@5B59A:>3> @0718@0B5;LAB20, :0: A?5F80;L=K9 70:>=. #:070==>5 >1AB>OB5;LAB2> ?@82>48B 2 459AB285 8725AB=K9 ?@02>2>9 ?@8=F8? - lex specialis derogat generali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ad hoc" - >B ;0B. "=0 40==K9 A;CG09"), :>B>@K9 2 ;8B5@0BC@5 5I5 8=>340 =07K20NB "@07>2K9 B@5B59A:89 AC4". 71@0==K9 70:>=>40B5;5< ?@85< >?@545;5=8O ?>=OB8O "B@5B59A:89 AC4" ?@54AB02;O5BAO =54>AB0B>G=K<, ?>A:>;L:C, 2>-?5@2KE, =5 405B >1I53> >?@545;5=8O B@5B59A:><C AC4C, 2>-2B>@KE, =5 2KO2;O5B 53> ?@02>2>9 ACB8, 2 B@5BL8E, =5 >B3@0=8G8205B B@5B59A:85 AC4K 5A?C1;8:8 #715:8AB0= >B <564C=0@>4=KE 8 8=>AB@0==KE B@5B59A:8E AC4>2 8, 2 G5B25@BKE, =5 >B45;O5B B@5B59A:85 AC4K :0: "G0AB=K5 AC4K" >B 3>AC40@AB25==KE AC4>2.  B> 65 2@5<O, A;54C5B >B<5B8BL, GB>, D>@<C;8@CO 40==>5 ?>=OB85, 70:>=>40B5;L ?>H5; ?> ?CB8, ?@54;>65==><C 2 >A=>2=KE ?>;>65=8OE "8?>2>3> 70:>=0 .!"  > <564C=0@>4=>< B>@3>2>< 0@18B@065. <5==> B0< "B@5B59A:89 AC4" >?@545;O5BAO 2 42CE 53> 2840E 157 >?@545;5=8O ACB8 40==>3> N@848G5A:>3> 8=AB8BCB0. ?@545;8BL ?@02>2>9 AB0BCA 8 ?@02>2CN ACBL B@5B59A:>3> AC40, ?> =0H5<C <=5=8N =52>7<>6=>, B.:. B@5B59A:89 AC4 =5 N@848G5A:>5 ;8F> 8 4065 =5 D8;80; N@848G5A:>3> ;8F0 8 2> <=>3>< =5 AB>;L:> 8=AB8BCF8>=0;L=0O AB@C:BC@0, A:>;L:> CA;>2=>5 >1@07>20=85, D8:F8O, => :>B>@0O 8<55B ?@02>2CN >A=>2C 8 <0B5@80;87C5BAO 2 ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20 8 ?@8 8A?>;=5=88 53> @5H5=89. 4=0:> >B3@0=8G8BL =0F8>=0;L=K5 AC4K >B <564C=0@>4=KE 8 8=>AB@0==KE 0@18B@0659 1K;> =5>1E>48<>, :0: 8 >?@545;8BL <5AB> B@5B59A:>3> AC40 2 AC451=>9 A8AB5<5 5A?C1;8:8 #715:8AB0=. K ?>;0305<, GB> B@5B59A:89 AC4, MB> >A>1>5 A>F80;L=>5 O2;5=85 8=AB8BC0;878@>20==>5 4;O @5H5=8O ?@0:B8G5A:8E 7040G, @07@5H5=8O :><<5@G5A:8E A?>@>2. -B> =5 AC451=0O AB@C:BC@0 2 A8AB5<5 3>AC40@AB25==KE AC4>2, 0 ?0@0;;5;L=0O 59 8 B0:0O 65 A>F80;L=> 7=0G8<0O =53>AC40@AB25==0O =5:><<5@G5A:0O A0<>45OB5;L=0O >@30=870F8O 187=5A0 8 3@0640=, =5 =C640NI0OAO 2 3>AC40@AB25==>9 @538AB@0F88, B.:. >A=>2K205BAO =0 4>1@>2>;L=>< A>3;0H5=88 CG0AB=8:>2 8 G0AB=>?@02>2KE >B=>H5=8OE. #=8:0;L=>ABL 8 >A>15==>ABL B@5B59A:>3> AC40 2 B><, GB> 53> @5H5=8O >15A?5G820NBAO A8;>9 8 02B>@8B5B>< 3>AC40@AB20, G5@57 2K40GC 8A?>;=8B5;L=KE ;8AB>2 3>AC40@AB25==K<8 AC40<8, GB> ?@8405B B@5B59A:><C AC4C 7=0G5=85 AC451=>9 2;0AB8.  >?@545;5=88 "B@5B59A:89 AC4LO" 405BAO >1I55 ?>=OB85 > ;8F5, >ACI5AB2;ONI5< B@5B59A:>5 @0718@0B5;LAB2>. 0==>5 >?@545;5=85 2K45;O5B A0<>5 3;02=>5 2 AB0BCA5 B@5B59A:>3> AC4L8 - =045;5=85 53> ?>;=><>G8O<8 8A:;NG8B5;L=> 2>;59 AB>@>=, ?@83;0H0NI8E 53> @0AA<>B@5BL A?>@ ?> ?@028;0< B@5B59A:>3> @0718@0B5;LAB20. @8G5< =045;5=85 ?>;=><>G8O<8 <>65B ?@>E>48BL 42C<O A?>A>10<8 - ;81> =5?>A@54AB25==>5 871@0=85 B@5B59A:8E AC459 AB>@>=0<8, ;81> =07=0G5=85 2 ?>@O4:5, :>B>@K9 A>3;0A>20= AB>@>=0<8, 8;8 CAB0=>2;5= =0AB>OI8< 0:>=>< (AB. 15). -B> G@572KG09=> 206=>5, ?@8=F8?80;L=>5 4;O B@5B59A:>3> AC4>?@>872>4AB20 ?>;>65=85, :>B>@>5 >B@0605B A2>1>4C 2>;587JO2;5=8O ;8F, ?5@540NI8E A2>9 A?>@ =0 @07@5H5=85 B@5B59A:>3> AC40. <5==> 2>7<>6=>ABL =07=0G0BL B@5B59A:8E AC459 A0<8<8 A?>@OI8<8 AB>@>=0<8 8 O2;O5BAO 3;02=>9 G5@B>9, :>B>@0O >B;8G05B B@5B59A:>5 @0718@0B5;LAB2> >B 3>AC40@AB25==>3> AC4>?@>872>4AB20, >ACI5AB2;O5<>5 ?@>D5AA8>=0;L=K<8 AC4LO<8. > <=5=8N A?5F80;8AB>2, A2>1>40 ?@>F5AAC0;L=>3> CA<>B@5=8O AB>@>= O2;O5BAO >A=>2>?>;030NI8< ?@8=F8?>< ?@>F5AA0 ?@8 @07@5H5=88 A?>@0 B@5B59A:8< AC4><. -B0 A2>1>40 CA<>B@5=8O ?@>O2;O5BAO, 2 G0AB=>AB8, 8 2 A2>1>45 >?@545;5=8O ?@>F54C@ 871@0=8O B@5B59A:8E AC459. "@5B59A:8< AC4L59 <>65B 1KBL D878G5A:>5 ;8F>.  0:>=5 > B@5B59A:8E AC40E A>45@60BAO >3@0=8G5=8O >B=>A8B5;L=> 3@0640=AB20 8 2>7@0AB0 B@5B59A:8E AC459. "@5B59A:8<8 AC4LO<8, >ACI5AB2;ONI8<8 B@5B59A:>5 @0718@0B5;LAB2> =0 B5@@8B>@88 #715:8AB0=0, <>3CB 1KBL B>;L:> 3@0640=5 5A?C1;8:8 #715:8AB0=, =5 <>;>65 25 ;5B. #:070==0O =>@<0 =>A8B A0<K9 >1I89 E0@0:B5@. "@51>20=8O 65 : B@5B59A:><C AC4L5 :>=:@5B878@CNBAO 2 AB. 14 0:>=0 > B@5B59A:8E AC40E. !B0BLO 4. A=>2=K5 ?@8=F8?K 45OB5;L=>AB8 B@5B59A:8E AC4>2 5OB5;L=>ABL B@5B59A:8E AC4>2 >ACI5AB2;O5BAO =0 >A=>25 70:>==>AB8, =57028A8<>AB8, :>=D845=F80;L=>AB8 A2545=89 B@5B59A:>3> @0718@0B5;LAB20, 15A?@8AB@0AB=>AB8 B@5B59A:8E AC459, 48A?>78B82=>AB8, A>ABO70B5;L=>AB8 8 @02=>?@028O AB>@>= B@5B59A:>3> @0718@0B5;LAB20. @8=F8?K 45OB5;L=>AB8 B@5B59A:8E AC4>2 70:@5?;5=K 2 :><<5=B8@C5<>9 AB0BL5, => <K B0:65 <>65< 3>2>@8BL > B><, GB> 8 4@C385 >1I85 ?@8=F8?K 3@0640=A:>3> (E>7O9AB25==>3>) AC4>?@>872>4AB20 @0A?@>AB@0=ONB A2>5 459AB285 8 =0 B@5B59A:>5 @0718@0B5;LAB2>. "@5B59A:>5 @0718@0B5;LAB2> O2;O5BAO >4=8< 87 459AB25==KE <5B>4>2 ?>445@6:8 ?@54?@8=8<0B5;LAB20, B.:. 53> ?@8=F8?K <0:A8<0;L=> >B25G0NB ?@8@>45 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8.  >A=>2C 45OB5;L=>AB8 B@5B59A:8E AC4>2 ?>;>65= ?@8=F8? 4>1@>2>;L=>AB8 8 4>25@8B5;L=>AB8 AB>@>= : >@30=C, 2K1@0==><C 8<8 4;O @0AA<>B@5=8O A?>@0 ?> ACI5AB2C. "@5B59A:>5 @0718@0B5;LAB2>, :0: >A=>2=0O 45OB5;L=>ABL B@5B59A:>3> AC40, 4>;6=> >ACI5AB2;OBLAO =0 >A=>25 ?@8=F8?>2 70:>==>AB8, =57028A8<>AB8 8 15A?@8AB@0AB=>AB8 B@5B59A:8E AC459, 48A?>78B82=>AB8, A>ABO70B5;L=>AB8 8 @02=>?@0288 AB>@>=.  ?@0:B8:5 45OB5;L=>AB8 B@5B59A:>3> AC40 2>?@>AK > ?@8=F8?0E B@5B59A:>3> @0718@0B5;LAB20 2>7=8:0NB, ?@5645 2A53>, 4;O >?@545;5=8O =0;8G8O D0:B>2 =0@CH5=8O ?@028; B@5B59A:>3> @0718@0B5;LAB20 2 ?@>F5AA5 @0AA<>B@5=8O A?>@>2. 5A><=5==>, B@5B59A:89 AC4 2?@025 @C:>2>4AB2>20BLAO ?@>F5AAC0;L=K<8 =>@<0<8, 70:@5?;5==K<8 A>>B25BAB25==> 2  #7 8 % #7. > MB> O2;O5BAO ?@02><, 0 =5 >1O70==>ABLN B@5B59A:>3> AC40, ?>A:>;L:C 53> @028;0 (2 A>>B25BAB288 A> AB. 25 0:>=0) CAB0=02;820NB, GB> AB>@>=K 2?@025 A0<>AB>OB5;L=> >?@545;OBL ?>@O4>: B@5B59A:>3> @0718@0B5;LAB20. "5< =5 <5=55, ?@8=F8? 70:>==>AB8 >1O7K205B B@5B59A:85 AC4K A>1;N40BL 548=K5 ?@8=F8?K AC4>?@>872>4AB20, 8AE>4O 87 >A=>2 459AB2CNI53> 70:>=>40B5;LAB20 8 >1I5?@8=OBKE ?@028; ?>2545=8O. "0:, ?@8=F8? =57028A8<>AB8 AC459 2 B@5B59A:>< @0718@0B5;LAB25, ?>60;C9, 206=55, G5< 2 AC40E >1I59 N@8A48:F88, B.:. AB>@>=K A0<8 2K18@0NB AC459, 8 5AB5AB25==> 708=B5@5A>20=K 2 B><, GB>1K 871@0==K9 AC4LO :0: <8=8<C< ?>=8<0; 8 ?>445@6820; 53> ?>78F8N 2 A?>@5. @8=F8? =57028A8<>AB8 745AL @50;87C5BAO 2 7028A8<>AB8 >B ;8G=KE :0G5AB2 AC4L8. !<>65B ;8 >= 1KBL 15A?@8AB@0AB=K< 8 =57028A8<K< >B ;8F0 871@02H53> 53> AC4L59, 0 ?@8 <0;59H5< A><=5=88 2 MB><, 70O28BL A0<>>B2>4. 5:>B>@K5 ?@8=F8?K, =5 70:@5?;5==K5 2 A?5F80;L=KE =>@<0B82=KE 0:B0E, B5< =5 <5=55, >1O70B5;L=K : ?@8<5=5=8N B@5B59A:8<8 AC40<8, ?>A:>;L:C 2KB5:0NB 87 >1I5>1O70B5;L=KE =>@< ?@020. 0?@8<5@, >1O70B5;L=>ABL ?@8=F8?0 @025=AB20 ?5@54 70:>=>< 8 AC4>< 2KB5:05B 87 :>=AB8BCF8>==KE =0G0;. 0?@>B82, 2>?@>AK A>1;N45=8O B0:8E ?@8=F8?>2, :0: 3;0A=>ABL B@5B59A:>3> @0718@0B5;LAB20, B@5B59A:85 AC4K <>3CB @5H0BL A0<>AB>OB5;L=>, 70:@5?82 MB8 CA;>28O 2 A2>8E @53;0<5=B8@CNI8E 4>:C<5=B0E, ?>A:>;L:C ?@>F54C@0 @0AA<>B@5=8O A?>@0 @53C;8@C5BAO A0<8<8 AB>@>=0<8, ;81> B@5B59A:8< AC4><. @87=0=85 :>=D845=F80;L=>AB8 ?@8=F8?>< B@5B59A:>3> @0718@0B5;LAB20 70:@5?;O5B ?@02> AB>@>= A0<>AB>OB5;L=> >?@545;OBL >B:@KBK< 8;8 70:@KBK< 4>;6=> 1KBL @0AA<>B@5=85 8E A?>@0. >?CAB8<>, =0?@8<5@, 2:;NG5=85 2 @53;0<5=B B@5B59A:>3> AC40 CA;>28O > B><, GB> @0AA<>B@5=85 A?>@>2 >ACI5AB2;O5BAO 2 70:@KBKE 70A540=8OE, 70 8A:;NG5=85< A;CG052, :>340 A>3;0H5=85< AB>@>= ?@54CA<>B@5=> >B:@KB>5 @0718@0B5;LAB2> A?>@0. 5A<>B@O =0 B>, GB> 22545=85 MB>3> ?@028;0 ?@>B82>@5G8B >1I53@0640=A:><C ?@8=F8?C 3;0A=>AB8 AC451=>3> @0718@0B5;LAB20, B@5B59A:85 AC4K <>3CB 22>48BL A0<>AB>OB5;L=K5 ?@8=F8?K 8 ?@028;0 4;O B@5B59A:>3> AC4>?@>872>4AB20. 073;0H5=85 A2545=89 > B@5B59A:>< @0718@0B5;LAB25 <>65B 8<5BL <5AB> B>;L:> A A>3;0A8O AB>@>=. "@5B59A:89 AC4 =5 2<5H8205BAO 2 ?>8A:8 4>:070B5;LAB2 8;8 8AB@51>20=8O 8E C :0:>9-;81> AB>@>=K, 81> MB> >7=0G0;> 1K =0@CH5=85 >1I5?@8=OB>3> ?@8=F8?0 A>ABO70B5;L=>AB8 AB>@>=. ! =0G0;>< 3;>10;L=KE ?@5>1@07>20=89 2 >1;0AB8 ?>;8B8:8 8 M:>=><8:8 2> 2A5< <8@5 =0G0;AO ?@>F5AA ?>AB5?5==>3> 2>72@0B0 : 8AB>@8G5A:8< B@048F8O< 8 >1I5?@87=0==K< ?@02>2K< AB0=40@B0<, 2 @57C;LB0B5 G53> ?>O28;0AL 2>7<>6=>ABL C@53C;8@>20=8O A?>@=KE ?@02>>B=>H5=89 =0 >A=>25 ?@8=F8?>2 G0AB=>3> ?@020. 4=8< 87 ?@>O2;5=89 MB>3> AB0;> A>1;N45=85 ?@8=F8?0 48A?>78B82=>AB8 2 AC4>?@>872>4AB25. -B>B ?@8=F8? ?@>O2;O5BAO 2 A2>1>45 >?@545;5=8O AC1J5:B0<8 ?@020 A>45@60=8O ?@02>>B=>H5=89, A?>A>1>2 8 A@54AB2 8E AC451=>9 70I8BK. 4=0:> 40==K9 ?@8=F8? =5 <>65B 2KE>48BL 70 ?@545;K G0AB=>?@02>2>9 02B>=><88, ?>MB><C ?@02> A2>1>4=>3> ?>2545=8O AB>@>= 2 ?@>F5AA5 >G5@G5=> AB@>3> >?@545;5==K<8 3@0=8F0<8. N10O 87 AB>@>= 2 ?@>F5AA5 <>65B >ACI5AB2;OBL :0:85-;81> A2>8 ?@020 B>;L:> 2 B>< A;CG05, 5A;8 B5< A0<K< =5 =0@CH0NBAO ?@020 4@C38E ;8F. A>15==>ABLN ?@8=F8?0 48A?>78B82=>AB8 2 B@5B59A:>< AC4>?@>872>4AB25 O2;O5BAO ?@54>AB02;5=85 AB>@>=0< =5>3@0=8G5==KE 2>7<>6=>AB59 ?> =045;5=8N A51O ?@020<8 8 >1O70==>ABO<8 8 @0A?>@O65=8N 8<8 ?> A2>5<C CA<>B@5=8N, >?@545;5=8N A?>A>10 70I8BK, CAB0=>2;5=8N <><5=B0 2>7=8:=>25=8O, 87<5=5=8O 8 ?@5:@0I5=8O ?@02>>B=>H5=8O 8 B.4.  B@5B59A:>< AC4>?@>872>4AB25 ?@8=F8? 48A?>78B82=>AB8 ?@>O2;O5BAO 4> 2>7=8:=>25=8O A?>@0 > ?@025. >340 AB>@>=K 3@0640=A:>3> ?@02>>B=>H5=8O ?@8 70:;NG5=88 4>3>2>@0 2:;NG0NB 2 53> B5:AB B@5B59A:CN >3>2>@:C, 2 MB>B <><5=B >=8 2 A>>B25BAB288 A ?@8=F8?>< 48A?>78B82=>AB8 2K18@0NB :>=:@5B=K9 B@5B59A:89 AC4 4;O @0AA<>B@5=8O 2>7=8:0NI8E <564C =8<8 A?>@>2. 0 MB0?5 ?>40G8 8A:>2>3> 70O2;5=8O 8AB5F 2?@025 >?@545;8BL :>=:@5B=KE >B25BG8:>2, ?@54<5B 8 4>:070B5;LAB20 8A:>2KE B@51>20=89, 70O28BL E>40B09AB2> >1 >15A?5G5=88 8A:0. "@5B59A:89 AC4 =5 8<55B ?@020 ?> A>1AB25==>9 8=8F80B825 2K9B8 70 ?@545;K B@51>20=89 AB>@>= 8 =0 MB>< MB0?5 @50;870F8O ?@8=F8?0 48A?>78B82=>AB8 2 B@5B59A:>< AC4>?@>872>4AB25 845=B8G=0 53> ?@>O2;5=8N 2 3@0640=A:>< ?@>F5AA5. B;8G85 65 A>AB>8B 2 B><, GB> ?@8 >1@0I5=88 2 B@5B59A:89 AC4 AB>@>=K, @50;87CO 2 ?>;=>< >1J5<5 ?@8=F8? 48A?>78B82=>AB8, >ACI5AB2;ONB A2>5 ?@02> =0 D>@<8@>20=85 A>AB020 B@5B59A:>3> AC40. @8 MB>< AB>@>=K 2K18@0NB :0=4840BC@K B@5B59A:8E AC459 87 A?8A:0 B@5B59A:8E AC459 MB>3> AC40, 0 B0:65 <>3CB ?5@540BL ?@54A540B5;N B@5B59A:>3> AC40 ?@02> =07=0G8BL B@5B59A:8E AC459.  ?@>O2;5=88 MB>3> ?@8=F8?0 ?@8 D>@<8@>20=88 A>AB020 B@5B59A:>3> AC40 A>45@68BAO ?>;>68B5;L=K9 D0:B>@, B0: :0: ?@8 A0<>AB>OB5;L=>< 2K1>@5 AC459 AB>@>=K ?>;=>ABLN 8< 4>25@ONB, 8, A;54>20B5;L=>, 70@0=55 A>3;0H0NBAO 8A?>;=8BL 2K=5A5==>5 8<8 @5H5=85. ;03>40@O ?@8=F8?C 48A?>78B82=>AB8 B@5B59A:>3> AC4>?@>872>4AB20 ?@>F54C@0 ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2 O2;O5BAO 8A:;NG8B5;L=> @54:8< O2;5=85<. @C3>9 >A=>2>?>;030NI89 ?@8=F8? AC4>?@>872>4AB20 - ?@8=F8? A>ABO70B5;L=>AB8 =081>;55 O@:> ?@>O2;O5BAO 8<5==> 2 B@5B59A:>< AC4>?@>872>4AB25.  >B;8G85 >B 3>AC40@AB25==>3> AC40, B@5B59A:89 AC4 =5 2?@025 8 =5 >1O70= CG0AB2>20BL 2 A1>@5 4>:070B5;LAB2, 8;8 AB>OBL =0 AB@065 3>AC40@AB25==KE 8=B5@5A>2. !>ABO70B5;L=>ABL 2K@0605BAO 2 B><, GB> AB>@>=K ?@54AB02;ONB, :0640O A2>8, 4>:070B5;LAB20 2 >1>A=>20=85 A2>59 ?>78F88 2 A?>@5.  AB>@>=0 ?@54AB0282H0O 1>;LH5 8 ;CGH5 >1>A=>20==KE 4>2>4>2 2 A2>N ?>;L7C 2K83@K205B 45;>. "> 5ABL 1@5<O 4>:07K20=8O ;568B =0 AB>@>=0E, AC4 =59B@0;5= 8 >1J5:B825=. !B0BLO 5. 1@07>20=85 B@5B59A:8E AC4>2  5A?C1;8:5 #715:8AB0= <>3CB >1@07>2K20BLAO ?>AB>O==> 459AB2CNI85 8 2@5<5==K5 B@5B59A:85 AC4K. @30=K 3>AC40@AB25==>9 2;0AB8 8 C?@02;5=8O =5 <>3CB >1@07>2K20BL B@5B59A:85 AC4K 8 1KBL AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O. "@5B59A:85 AC4K =5 O2;ONBAO N@848G5A:8<8 ;8F0<8.  G0AB8 ?5@2>9 :><<5=B8@C5<>9 AB0BL8 D0:B8G5A:8 4C1;8@C5BAO D>@<C;8@>2:0, A>45@60I0OAO 2 ?@54K4CI59 AB0BL5 (AB. 3) 8 >?@545;ONI0O ?>=OB85 "B@5B59A:89 AC4". 5GL 845B > B><, GB> 2 #715:8AB0=5 ?@54CA<>B@5=0 2>7<>6=>ABL >1@07>20=8O ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 8 2@5<5==KE B@5B59A:8E AC4>2 4;O @07@5H5=8O :>=:@5B=>3> A?>@0. 4=0:>, :0: ?@54AB02;O5BAO, 2 >B;8G85 >B ?@54K4CI59 AB0BL8 8<5==> 2 =0AB>OI5< ?C=:B5 F5;5A>>1@07=> A B>G:8 7@5=8O N@848G5A:>9 B5E=8:8 8 >?B8<870F88 @07<5I5=8O =>@<0B82=>3> <0B5@80;0 @0A:@KBL 284K, 2 :>B>@KE B@5B59A:85 AC4K <>3CB >ACI5AB2;OBL B@5B59A:>5 @0718@0B5;LAB2>.  0:>=5 > B@5B59A:8E AC40E 70D8:A8@>20=K B>;L:> 425 D>@<K, 2 :>B>@KE <>3CB ACI5AB2>20BL B@5B59A:85 AC4K 2 #715:8AB0=5. 564C B5<, ?@0:B8:0 <564C=0@>4=>3> :><<5@G5A:>3> 0@18B@060 7=05B 5I5 >4=C D>@<C ACI5AB2>20=8O B@5B59A:>3> @0718@0B5;LAB20 - B0: =07K205<K5, 04<8=8AB@8@C5<K5 B@5B59A:85 (0@18B@06=K5) AC4K. !CBL 8E 45OB5;L=>AB8 >A=>20=0 =0 B><, GB> =5:85 :><<5@G5A:85 >@30=870F88 ;81> ?>AB>O==> 459AB2CNI85 B@5B59A:85 AC4K >ACI5AB2;ONB 04<8=8AB@8@>20=85 45OB5;L=>AB8 2@5<5==>3> B@5B59A:>3> AC40 "ad hoc" (B.5. "?>418@0NB" AB>@>=0< AC4 8;8 AC459 4;O @0AA<>B@5=8O A?>@0). 0 A2>8 CA;C38 ?> >:070=8N ?><>I8 2 >@30=870F88 B@5B59A:>3> ?@>F5AA0 >=8 ?>;CG0NB :><8AA8>==K5 =0 CA;>28OE, >?@545;5==KE 2 A?5F80;L=KE @53;0<5=B0E. "0:8< >1@07><, C:070==0O D>@<0 B@5B59A:>3> AC4>?@>872>4AB20 O2;O5BAO ?@><56CB>G=>9 D>@<>9 <564C ?>AB>O==> 459AB2CNI8<8 B@5B59A:8<8 AC40<8 8 2@5<5==K<8 B@5B59A:8< AC40<8. 4<8=8AB@8@>20=85, CA;C38 "=07=0G0NI53> >@30=0" 4;O 2@5<5==>3> B@5B59A:>3> AC40 <>3CB 4>?CA:0BLAO 8 2 ?@0:B8G5A:>9 45OB5;L=>AB8 >B45;L=KE :@C?=KE B@5B59A:8E AC4>2  G0AB8 2B>@>9 =5 >?@545;5=K AC1J5:BK, :>B>@K5 <>3CB 2KABC?8BL 2 :0G5AB25 CG@548B5;59 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. > >1I5<C ?@028;C, B0:8< CG@548B5;5< <>65B 1KBL ;N1>5 N@848G5A:>5 ;8F>, A>740==>5 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0=, >1J548=5=85 N@848G5A:8E ;8F (0AA>F80F88, A>N7K). 7 A>45@60=8O AB0BL8 A;54C5B, GB> CG@548B5;O<8 B@5B59A:>3> AC40 =0 B5@@8B>@88 #715:8AB0=0 =5 <>3CB 2KABC?0BL D878G5A:85 ;8F0, 0 B0:65 8=>AB@0==K5 >@30=870F88, B> 5ABL N@848G5A:85 ;8F0, A>740==K5 2 A>>B25BAB288 A 70:>=>40B5;LAB2>< 8=>AB@0==>3> 3>AC40@AB20. 5 8<5NB ?@020 >1@07>2K20BL B@5B59A:85 AC4K >@30=K 3>AC40@AB25==>9 2;0AB8 8 C?@02;5=8O. "0:>5 >3@0=8G5=85 F5;5A>>1@07=>, B0: :0:, 5A;8 B@5B59A:89 AC4 >1@07>2K20BL ?@8 3>AC40@AB25==>< >@30=5, >= C65 =5 1C45B >1J5:B82=K< 8 =57028A8<K<, 2 A2O78 A =5>1E>48<>ABLN 70I8I0BL 8=B5@5AK 3>AC40@AB20, 3>AC40@AB25==>3> >@30=0, ?@8 :>B>@>< >= >1@07>20=. "0:65 3>AC40@AB25==K< >@30=0< 70?@5I5=> 2KABC?0BL 2 :0G5AB25 AB>@>=K B@5B59A:>3> A>3;0H5=8O, GB>, 157CA;>2=>, ?@028;L=>, B.:. 3>AC40@AB25==K9 >@30=, >1;040NI89 2;0AB=K<8 8 @0A?>@O48B5;L=K<8 ?>;=><>G8O<8, 8<55B 1>;LH85 2>7<>6=>AB8 ?>2;8OBL =0 AC459, ;81> G5@57 @5H5=8O B@5B59A:>3> AC40 15A:>=B@>;L=> A>25@H0BL 8 C70:>=820BL A><=8B5;L=K5 A45;:8 A 3>AC40@AB25==K< 8<CI5AB2><. '0ABL B@5BLO AB. 5 >?@545;O5B, GB> B@5B59A:89 AC4 =5 O2;O5BAO N@848G5A:8< ;8F><.  MB>9 A2O78 >AB05BAO =5>?@545;5==>9 ?@02>AC1J5:B=>ABL B@5B59A:>3> AC40 8, :0: A;54AB285, 2>7<>6=>ABL 53> CG0AB8O 2 3@0640=A:>< >1>@>B5, 2>7<>6=>ABL ?@8>1@5B0BL 3@0640=A:85 ?@020 8 =5AB8 3@0640=A:85 >1O70==>AB8, >B25BAB25==>ABL ?> 3@0640=A:>-?@02>2K< >1O70B5;LAB20<. 5 1C4CG8 N@848G5A:8< ;8F><, B@5B59A:89 AC4, B5< =5 <5=55, 8<55B 53> =5:>B>@K5 ?@87=0:8, B.5. ?@02> 8<5BL AG5B0 2 10=:5, ?5G0BL 8 B.4. > B@5B59A:89 AC4 =5 2?@025 1KBL 8ABF>< 8;8 >B25BG8:>< 2 AC45, >= =5 8<55B A0<>AB>OB5;L=>3> 10;0=A0. > ?@02>2><C AB0BCAC B@5B59A:89 AC4 1>;LH5 1;87>: : D8;80;C N@848G5A:>3> ;8F0, => 53> ?>;>65=85 8 AB0BCA 1>;55 A?5F8D8G=K 8 >B;8G0NBAO >A>1K<8 F5;O<8 8 7040G0<8 8, 3;02=>5, B@5B59A:89 AC4 ?@8 @0718@0B5;LAB25 45;0 8 2K=5A5=88 @5H5=8O 01A>;NB=> =57028A8< >B N@848G5A:>3> ;8F0, >1@07>202H53> 53>. -B0 =57028A8<>ABL, 2 ?5@2CN >G5@54L, >15A?5G8205BAO B5<, GB> AC4L8 B@5B59A:>3> AC40 8718@0NBAO AB>@>=0<8 =57028A8<K<8 >B N@848G5A:>3> ;8F0.  B> 65 2@5<O 206=> >B<5B8BL, GB>, =5A<>B@O =0 >BACBAB285 A>>B25BAB2CNI8E C:070=89 70:>=>40B5;O, 45OB5;L=>ABL B@5B59A:8E AC4>2 =5 <>65B @0AA<0B@820BLAO :0: :><<5@G5A:0O 45OB5;L=>ABL. -B> >A>15==> 206=> 4;O F5;59 =0;>3>>1;>65=8O.  ?@0:B8:5 =0;>3>2KE >@30=>2 8<5;8 <5AB> ?>?KB:8 @0AA<>B@5=8O 45OB5;L=>AB8 B@5B59A:8E AC4>2 :0: 45OB5;L=>AB8 ?> 2>7<574=><C >:070=8N CA;C3. @8 MB>< =0;>3>2K5 >@30=K 8AE>48;8 87 B>3>, GB> ?@54?@8=8<0B5;LA:0O 45OB5;L=>ABL ?> 2>7<574=><C >:070=8N CA;C3 ?>4;568B >1;>65=8N =0;>3>< =0 4>E>4K 8 =0 4>102;5==CN AB>8<>ABL A B@5B59A:8E A1>@>2, 278<05<KE 70 @0AA<>B@5=85 8<CI5AB25==KE A?>@>2. 4=0:> :0: A2845B5;LAB2C5B AC451=>-0@18B@06=0O ?@0:B8:0 5@<0=88, $@0=F88, 070EAB0=0, >AA88 8 4@C38E AB@0=, 0 B0:65 70:>=>40B5;LAB2> 8 ?@0:B8:0 =0;>3>2KE >@30=>2 MB8E AB@0=, >=8 =5 2>A?@8=O;8 ?>4>1=K9 ?>4E>4 : @0AA<>B@5=8N 45OB5;L=>AB8 B@5B59A:8E AC4>2.  G0AB=>AB8, 2 AC451=KE @5H5=8OE ?> ?>4>1=>9 :0B53>@88 A?>@>2 C:07K20;>AL, GB> @0AA<>B@5=85 A?>@>2 2 B@5B59A:>< AC45 =5;L7O >B=5AB8 : :><<5@G5A:>9 45OB5;L=>AB8, 2 B>< G8A;5 8 : 2>7<574=><C >:070=8N CA;C3, ?>=OB85 :>B>@KE 40=> 2 3;025 38 @0640=A:>3> :>45:A0 5A?C1;8:8 #715:8AB0=. 5=56=K5 A@54AB20, ?>ABC?0NI85 2 2845 B@5B59A:8E A1>@>2 B@5B59A:><C AC4C (8;8 N@848G5A:><C ;8FC, >1@07>202H5<C B@5B59A:89 AC4) =5 4>;6=K >1;030BLAO =0;>30<8. !B0BLO 6. >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 <>65B 1KBL >1@07>20= N@848G5A:8< ;8F>< 8 459AB2C5B ?@8 =5<. >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 AG8B05BAO >1@07>20==K<, :>340 N@848G5A:>5 ;8F> ?@8=O;> @5H5=85 >1 >1@07>20=88 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, CB25@48;> ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8 A?8A>: B@5B59A:8E AC459. .@848G5A:>5 ;8F>, >1@07>202H55 ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4, =0?@02;O5B :>?88 4>:C<5=B>2 > 53> >1@07>20=88 2 >@30=K NAB8F88 ?> <5ABC =0E>645=8O B@5B59A:>3> AC40. >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 <>65B 8<5BL 1;0=: 8 :@C3;CN ?5G0BL A> A2>8< =08<5=>20=85<, @0AG5B=K5, 20;NB=K5 8 4@C385 10=:>2A:85 AG5B0 =0 B5@@8B>@88 5A?C1;8:8 #715:8AB0=. >@O4>: ?@5:@0I5=8O 45OB5;L=>AB8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 >?@545;O5BAO ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. ><5=B >1@07>20=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 A2O7K205BAO A A>1;N45=85< CG@548B5;5< - N@848G5A:8< ;8F>< B@5E >1O70B5;L=KE CA;>289: 1) ?@8=OB85 @5H5=8O >1 >1@07>20=88 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40; 2) CB25@645=85 ?@028; (@53;0<5=B0, ?>;>65=8O), > ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45; 3) CB25@645=85 A?8A:0 B@5B59A:8E AC459. 5A>1;N45=85 >4=>3> 87 2KH5C:070==KE CA;>289 >7=0G05B, GB> ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4 =5 <>65B @0AA<0B@820BLAO :0: A>740==K9. >AB>O==> 459AB2CNI89 - >7=0G05B, GB> 40==K9 AC4 A>740= =0 =5>?@545;5==>5 2@5<O 8 4;O @0AA<>B@5=8O =5>3@0=8G5==>3> :>;8G5AB20 45;. 725AB=K5 2 2@>?5 8 788 B@5B59A:85 AC4K ACI5AB2CNB 45AOB:8 ;5B (>=4>=A:89, 0@86A:89, !B>:3>;L<A:89, AC4K 38?B0, =488 8 4@.). >AB>O==> 459AB2CNI89 B@5B59A:89 AC4, :0: ?@028;>, 8<55B ?>AB>O==K9 >D8A, HB0B A>B@C4=8:>2, ?5G0BL, AG5B0 2 10=:0E, @5:2878BK 8 @53C;O@=> @0AA<0B@8205B A?>@K, => N@848G5A:8< ;8F>< =5 O2;O5BAO. @54A540B5;L B@5B59A:>3> AC40 >1KG=> =07=0G05BAO N@848G5A:8< ;8F><, >1@07>202H8< B@5B59A:89 AC4, => 2 >;>65=88 > B@5B59A:>< AC45 <>6=> ?@54CA<>B@5BL 8 8=K5 A?>A>1K 2K1>@0 8;8 =07=0G5=8O @54A540B5;O AC40. 0?@8<5@, 871@0BL 53> =0 A>1@0=88 B@5B59A:8E AC459, 2:;NG5==KE 2 A?8A>:. '0ABL B@5BLO :><<5=B8@C5<>9 AB0BL8 ?@54?8AK205B CG@548B5;N ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 - N@848G5A:><C ;8FC =0?@028BL :>?88 4>:C<5=B>2 >1 >1@07>20=88 B@5B59A:>3> AC40 2 >@30=K NAB8F88, =0 B5@@8B>@88 :>B>@>3> @0A?>;>65= 2=>2L >1@07>20==K9 B@5B59A:89 AC4. ><<5=B8@C5<0O =>@<0 ?> ACI5AB2C CAB0=02;8205B C254><8B5;L=K9 ?>@O4>: CG@5645=8O B@5B59A:>3> AC40. #G@548B5;O< 4>AB0B>G=> =0?@028BL :>?88 A>>B25BAB2CNI8E 4>:C<5=B>2 2 >@30=K NAB8F88, ?@8G5< A>3;0A85 ;81> >4>1@5=85 ?>A;54=8E =0 CG@5645=85 B@5B59A:>3> AC40 =5 B@51C5BAO. 0:>= =5 CAB0=02;8205B :0:8E-;81> A0=:F89 70 =5A>1;N45=85 C:070==>3> ?@028;0.  A2O78 A MB8< 2>7=8:05B @O4 2>?@>A>2 > N@848G5A:>< 7=0G5=88 C:070==>9 =>@<K.  G0AB=>AB8, 2>7=8:05B B0:>9 =5<0;>206=K9 2>?@>A, :0: 2>?@>A > B><, <>6=> ;8 @0AA<0B@820BL =5C254><;5=85 >@30=0 NAB8F88 >1 >1@07>20=88 B@5B59A:>3> AC40 :0: =0@CH5=85 0:>=0 > ?>@O4:5 53> >1@07>20=8O? !>3;0A=> AB. 6 =0AB>OI53> 0:>=0 A>740=85 B@5B59A:>3> AC40 A2O7K205BAO 8A:;NG8B5;L=> A ?@8=OB85< > B>< @5H5=8O 708=B5@5A>20==K< N@848G5A:8< ;8F><.  A2O78 A MB8<, 2>7=8:05B A;54CNI89 2>?@>A: 0 :0:>20 4>;6=0 1KBL @50:F8O >@30=>2 NAB8F88 =0 70O2;5=85 > ?@8=C48B5;L=>< 8A?>;=5=88 @5H5=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, > A>740=88 :>B>@>3> >@30=K NAB8F88 =5 1K;8 C254><;5=K? >3CB ;8 >@30=K NAB8F88 2 MB>< A;CG05 ?>B@51>20BL >B<5=C @5H5=8O B@5B59A:>3> AC40, =5 A>AB>OI53> =0 CG5B5 2 >@30=0E NAB8F88, 0 B0:65 >B:070 2 ?@8=C48B5;L=>< 8A?>;=5=88 @5H5=8O B0:>3> B@5B59A:>3> AC40 8A:;NG8B5;L=> ?> <>B82C =5 C254><;5=8O > 53> A>740=88? B25B =0 MB8 2>?@>AK >4=>7=0G=K9 - @5H5=85 B@5B59A:>3> AC40, :>B>@K9 =5 C254><8; >@30=K NAB8F88 > A2>5< >1@07>20=88, 2 ;N1>< A;CG05 ?>4;568B 8A?>;=5=8N :><?5B5=B=K< AC4>< 2 A2O78 A B5<, GB> =5 C254><;5=85 =5 O2;O5BAO >A=>20=85< 4;O >B:070 2 8A?>;=5=88 @5H5=8O AC40, B0: :0: >A=>20=8O >B:070 ?@O<> C:070=K 2 =0AB>OI5< 0:>=5 (AB. AB. 47-53) 8 @0AH8@8B5;L=><C B>;:>20=8N =5 ?>4;560B. !B0BLO 7. @5<5==K9 B@5B59A:89 AC4 @5<5==K9 B@5B59A:89 AC4 >1@07C5BAO AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O 4;O @07@5H5=8O 2>7=8:H53> <564C =8<8 :>=:@5B=>3> A?>@0, ?>A;5 @0AA<>B@5=8O :>B>@>3> 2@5<5==K9 B@5B59A:89 AC4 ?@5:@0I05B A2>N 45OB5;L=>ABL. @54A540B5;LAB2CNI89 B@5B59A:>3> AC40 (?@8 :>;;5380;L=>< @0AA<>B@5=88 A?>@0) ;81> B@5B59A:89 AC4LO (?@8 548=>;8G=>< @0AA<>B@5=88 A?>@0) 4> =0G0;0 B@5B59A:>3> @0718@0B5;LAB20 =0?@02;O5B 2 >@30= NAB8F88 ?> <5ABC =0E>645=8O 2@5<5==>3> B@5B59A:>3> AC40 :>?8N B@5B59A:>3> A>3;0H5=8O 8 ?8AL<5==>5 C254><;5=85 >1 >1@07>20=88 2@5<5==>3> B@5B59A:>3> AC40. >@O4>: >1@07>20=8O 2@5<5==>3> B@5B59A:>3> AC40 >?@545;O5BAO AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O 2 A>>B25BAB288 A =0AB>OI8< 0:>=><. ><<5=B8@C5<0O AB0BLO 1078@C5BAO =0 8455 > B><, GB> 2> 2@5<5==>< B@5B59A:>< AC45 (53> 5I5 >1>7=0G0NB "ad hoc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ad hoc". 5B ?@5?OBAB289 : B><C, GB>1K A>45@60I85AO 2 =5< ?@028;0 <>3;8 1KBL 8A?>;L7>20=K 8 ?@8 ?>43>B>2:5 ?>;>65=89 4;O @0AA<>B@5=8O 2 B@5B59A:>< AC45 A?>@0, =5 =>AOI53> 2=5H=5M:>=><8G5A:>3> E0@0:B5@0. > ?>=OB=K< ?@8G8=0< AB>@>=K ?@8 ?>43>B>2:5 ?@028; B@5B59A:>3> @0718@0B5;LAB20 =5 2?@025 >BABC?0BL >B 8<?5@0B82=KE =>@< 459AB2CNI53> 70:>=>40B5;LAB20, @53C;8@CNI8E 45OB5;L=>ABL B@5B59A:8E AC4>2. @>F5AAC0;L=K5 2>?@>AK, =5 C@53C;8@>20==K5 0:>=>< 8 =5 A>3;0A>20==K5 AB>@>=0<8, @07@5H0NBAO B@5B59A:8< AC4>< ?> ?@028;0<, >?@545;O5<K< A>AB02>< 2@5<5==>3> B@5B59A:>3> AC40. @8 MB>< 2@5<5==K9 B@5B59A:89 AC4 <>65B @C:>2>4AB2>20BLAO ?> 0=0;>388 A A>>B25BAB2CNI8<8 =>@<0<8, A>45@60I8<8AO 2 % #7 8;8  #7. 0: <K C65 C:07K20;8 2 :><<5=B0@8OE : ?@54K4CI59 AB0BL5 0:>=0 (AB. 6), ?>A;5 >1@07>20=8O 2@5<5==>3> B@5B59A:>3> AC40, ?@54A540B5;LAB2CNI89 AC4LO =0?@02;O5B 2 B5@@8B>@80;L=K9 >@30= NAB8F88 :>?8N B@5B59A:>3> A>3;0H5=8O 8 ?8AL<5==>5 C254><;5=85 >1 >1@07>20=88 2@5<5==>3> B@5B59A:>3> AC40. @30= NAB8F88, ?>;CG82H89 C:070==K5 4>:C<5=BK, 2545B CG5B 2@5<5==KE B@5B59A:8E AC4>2 (G0ABL ?5@20O AB. 8 0:>=0). 0AA<>B@52 A?>@, 2@5<5==K9 B@5B59A:89 AC4 2K=>A8B @5H5=85, @C:>2>4AB2COAL AB. AB. 38-42 0:>=0, A A>1;N45=85< 2A5E ?@028;, CAB0=>2;5==KE 2 A>3;0H5=88 AB>@>=, 8 =0 MB>< ?@5:@0I05B A2>N 45OB5;L=>ABL. 4=0:> 2 A;CG0OE, :>340 1C45B =5>1E>48<> 2K=5AB8 4>?>;=8B5;L=>5 @5H5=85 ;81> @07JOA=8BL 53> 8;8 8A?@028BL >?8A:8 8 0@8D<5B8G5A:85 >H81:8, 2@5<5==K9 B@5B59A:89 AC4, ?> 70O2;5=8N AB>@>=K (5A;8 AB>@>=K 2 A>3;0H5=88 =5 4>3>2>@8;8AL >1 8=><) 2?@025 2K=5AB8 A>>B25BAB2CNI55 >?@545;5=85 8 ?@8ABC?8BL : @0AA<>B@5=8N 2>?@>A>2 A>3;0A=> AB. AB. 40-42 0:>=0. !B0BLO 8. 545=85 CG5B0 B@5B59A:8E AC4>2 8=8AB5@AB2> NAB8F88 5A?C1;8:8 0@0:0;?0:AB0=, C?@02;5=8O NAB8F88 >1;0AB59 8 3>@>40 "0H:5=B0 >ACI5AB2;ONB =0 A>>B25BAB2CNI8E B5@@8B>@8OE CG5B=CN @538AB@0F8N ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 8 CG5B 2@5<5==KE B@5B59A:8E AC4>2. =D>@<0F8O >1 >1@07>20=88 8 ?@5:@0I5=88 45OB5;L=>AB8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, >1@07>20=88 2@5<5==KE B@5B59A:8E AC4>2, 0 B0:65 > B@5B59A:8E AC4LOE, 2E>4OI8E 2 A>AB02 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, A8AB5<0B878@C5BAO 8=8AB5@AB2>< NAB8F88 5A?C1;8:8 #715:8AB0= 8 ?C1;8:C5BAO 2 "!>1@0=88 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0=". >@O4>: 2545=8O CG5B0 B@5B59A:8E AC4>2 >?@545;O5BAO >;>65=85<, CB25@6405<K< 018=5B>< 8=8AB@>2 5A?C1;8:8 #715:8AB0=. !>3;0A=> G0AB8 ?5@2>9 :><<5=B8@C5<>9 AB0BL8 >@30=K NAB8F88 >ACI5AB2;ONB CG5B=CN @538AB@0F8N ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2. 07=0G5=85 CG5B0 ?@>AB> 8 ?>=OB=>, B. :. >1@07>20==K5 B@5B59A:85 AC4K 4>;6=K CG8BK20BLAO 2 F5;OE: 0) >?@545;5=8O 8E :>;8G5AB20 ?> >1;0ABO< 8 2 F5;>< ?> @5A?C1;8:5; 1) 8E 845=B8D8:0F88, ?@8 >1@0I5=88 AB>@>= 2 :><?5B5=B=K5 AC4K A 70O2;5=8O<8 >1 >?@>B5AB>20=88 @5H5=89 B@5B59A:>3> AC40 ;81> > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40; 2) <>=8B>@8=30 8E 45OB5;L=>AB8 8 >?@545;5=8O MDD5:B82=>AB8 DC=:F8>=8@>20=8O A8AB5<K B@5B59A:8E AC4>2. 4=0:> A;>2>A>G5B0=85 "CG5B=0O @538AB@0F8O" 2K7K205B =54>C<5=85. !>3;0A=> AB. 6 0:>=0 B@5B59A:89 AC4 AG8B05BAO >1@07>20==K< A <><5=B0, :>340 N@848G5A:>5 ;8F> ?@8=O;> @5H5=85 >1 >1@07>20=88 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, CB25@48;> @028;0 MB>3> AC40 8 A?8A>: B@5B59A:8E AC459. 8:0:>9 @538AB@0F88 0:>=>< =5 ?@54CA<0B@8205BAO, 40 8 :0: <>6=> @538AB@8@>20BL B@5B59A:89 AC4, 5A;8 >= =5 O2;O5BAO N@848G5A:8< 8;8 D878G5A:8< ;8F><. '0ABL 2B>@0O AB0BL8 25AL<0 206=0, B0: :0: 8=D>@<0F8O > B@5B59A:8E AC40E, 2 A>>B25BAB288 A> AB. 8 0:>=0, 1C45B A8AB5<0B878@>20BLAO, >1>1I0BLAO 8 ?C1;8:>20BLAO, 8, 157CA;>2=>, 1C45B 2>AB@51>20=0 ?@54?@8=8<0B5;O<8, 8=>AB@0==K<8 8=25AB>@0<8 8 4@C38<8 708=B5@5A>20==K<8 ;8F0<8. > AG8B05< =5C40G=K< @07<5I5=85 MB>9 8=D>@<0F88 2 A1>@=8:5 "!>1@0=85 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0=", C :>B>@>3> 8=K5 7040G8, B5< 1>;55 GB> A?8A>: AC459 B@5B59A:8E AC4>2, 8=D>@<0F8O >1 MB8E AC4LOE =5 O2;O5BAO ?@54<5B>< @53C;8@>20=8O :0:>3>-;81> 70:>=>40B5;LAB20. !;54C5B B0:65 >B<5B8BL, GB> B@5B59A:85 AC4K =5 O2;ONBAO 3>AC40@AB25==K<8 >@30=0<8, 8 =5 2E>4OB 2 A8AB5<C 3>AC40@AB25==>3> ?@02>AC48O, 8 =5 A>AB02;ONB 85@0@E8G5A:>9 A8AB5<K. 064K9 B@5B59A:89 AC4 =57028A8< >B ;N1KE 4@C38E B@5B59A:8E AC4>2. A>1> A;54C5B >B<5B8BL, GB> 45OB5;L=>ABL B@5B59A:8E AC4>2 =5?>4:>=B@>;L=0 3>AC40@AB25==K< >@30=0< (>@30=0< ?@>:C@0BC@K, NAB8F88, =0;>3>2K< 8 4@.). >=B@>;8@CNI85 >@30=K 2?@025 ?@>25@OBL 45OB5;L=>ABL N@848G5A:>3> ;8F0, >1@07>202H53> B@5B59A:89 AC4 =0 ?@54<5B A>1;N45=8O 70:>=>40B5;LAB20 2 >15A?5G5=88 45OB5;L=>AB8 B@5B59A:>3> AC40 (@0AE>4>20=85 A@54AB2, ?>ABC?82H8E >B B@5B59A:>3> AC40, D8=0=A8@>20=85 45OB5;L=>AB8 B@5B59A:>3> AC40 8 B.4.).  2. ! +,  (+ " "! !#. " "! !( !B0BLO 9. !?>@K, @07@5H05<K5 B@5B59A:8<8 AC40<8 !B0BLO 10. >@<K, ?@8<5=O5<K5 B@5B59A:8< AC4>< ?@8 @07@5H5=88 A?>@>2 8 ?@8=OB88 @5H5=89 !B0BLO 11. 5@540G0 A?>@0 =0 @07@5H5=85 B@5B59A:>3> AC40 !B0BLO 12. $>@<0 B@5B59A:>3> A>3;0H5=8O !B0BLO 13. !>45@60=85 B@5B59A:>3> A>3;0H5=8O !B0BLO 9. !?>@K, @07@5H05<K5 B@5B59A:8<8 AC40<8 "@5B59A:85 AC4K @07@5H0NB A?>@K, 2KB5:0NI85 87 3@0640=A:8E ?@02>>B=>H5=89, 2 B>< G8A;5 E>7O9AB25==K5 A?>@K, 2>7=8:0NI85 <564C AC1J5:B0<8 ?@54?@8=8<0B5;LAB20. "@5B59A:85 AC4K =5 @07@5H0NB A?>@K, 2KB5:0NI85 87 04<8=8AB@0B82=KE, A5<59=KE 8 B@C4>2KE ?@02>>B=>H5=89, 0 B0:65 8=K5 A?>@K, ?@54CA<>B@5==K5 70:>=><. !B0BLO 9 CAB0=02;8205B >B=>A8<>ABL A?>@0 : :><?5B5=F88 B@5B59A:>3> AC40, B.5. >?@545;O5B ?>4254><AB25==>ABL A?>@>2 B@5B59A:><C AC4C. >?@>A > :><?5B5=F88 B@5B59A:>3> AC40 >48= 87 A0<KE A?>@=KE, <>6=> A:070BL "1>;57=5==KE", A@548 ?@>G8E 2>?@>A>2. 5@20O G0ABL AB0BL8 ?@54>AB02;O5B ?@02> B@5B59A:><C AC4C @07@5H0BL A?>@K, 2KB5:0NI85 87 3@0640=A:8E ?@02>>B=>H5=89. -B> >1I0O 8 =5:>=:@5B=0O CAB0=>2:0, B.:. :@C3 MB8E A?>@>2 25AL<0 25;8: 8, :>=5G=> 65, =5 2A5 A?>@K 87 3@0640=A:8E ?@02>>B=>H5=89 =0E>4OBAO 2 :><?5B5=F88 B@5B59A:>3> AC40. "0: >AB0NBAO ?@>1;5<=K<8 2>?@>AK ?@87=0=8O ?@020 A>1AB25==>AB8, CAB0=>2;5=8O ?@020 A5@28BCB>2, >A?0@820=85 A45;>: A =542868<>ABLN 8 8E @538AB@0F88 2 @538AB@8@CNI5< >@30=5, A?>@>2 > ?@820B870F88 3>AC40@AB25==>3> 8<CI5AB20, A?>@>2, ?@8 =0;8G88 3>AC40@AB25==>9 4>;8 2 A?>@=>< 8<CI5AB25 8 4@. 45AL <=5=8O CG5=KE 8 A?5F80;8AB>2 @0AE>4OBAO, 8 @5H8BL MB8 ?@>1;5<K <>65B B>;L:> ?@0:B8:0 =0F8>=0;L=KE AC4>2, >A=>20==0O =0 CG5B5 >?KB0 4@C38E AB@0=, 8 >D8F80;L=>3> B>;:>20=8O B5E 8;8 8=KE ?>;>65=89 70:>=>40B5;LAB20. 4=>7=0G=>, B@5B59A:89 AC4 =5 2?@025 @0AA<0B@820BL 45;0, >B=5A5==K5 8=K<8 70:>=0<8 #7 : 8A:;NG8B5;L=>9 :><?5B5=F88 E>7O9AB25==KE 8 3@0640=A:8E AC4>2 8;8 8=KE >@30=>2, 2 G0AB=>AB8: >1 CAK=>2;5=88 (C4>G5@5=88) @515=:0; >1 CAB0=>2;5=88 N@848G5A:>3> D0:B0; > 27KA:0=88 0;8<5=B>2; > ?@8=C48B5;L=>9 3>A?8B0;870F88 3@0640=8=0 2 ?A8E80B@8G5A:CN :;8=8:C 8;8 AB0F8>=0@; B@C4>2K5 A?>@K; 45;0 > =5A>AB>OB5;L=>AB8 (10=:@>BAB2>); 2KB5:0NI85 87 04<8=8AB@0B82=>-?@02>2KE >B=>H5=89; =0;>3>2KE >B=>H5=89 8 A?>@>2, A2O70==KE A 04<8=8AB@0B82=>9 45OB5;L=>ABLN 3>AC40@AB25==KE >@30=>2. > 2B>@>9 G0AB8 AB0BL8 70:>=>40B5;L 70?@5I05B B@5B59A:8< AC40< @0AA<0B@820BL "& 8=K5 A?>@K, ?@54CA<>B@5==K5 70:>=><& ". $>@<C;8@>2:0 =5 >G5=L C40G=0O, B0: :0: 8<5;8AL 2 284C A?>@K, @0AA<>B@5=85 :>B>@KE 0:>=>< >B=5A5=> : ?>4254><AB25==>AB8 8=>3> AC40, :0:, =0?@8<5@, 8A:8 > 2>7<5I5=88 CI5@10, =0=5A5==>3> >@30=>< 3>AC40@AB25==>9 2;0AB8. > =04> ?@87=0BL, GB> =5 2A5 A;CG08 >3@0=8G5=8O :><?5B5=F88 B@5B59A:>3> AC40 ?@54CA<>B@5=K 2 70:>=0E, GB> 2K7K205B A?>@K 8 <>65B 2?>A;54AB288 2K720BL >B<5=C @5H5=8O B@5B59A:>3> AC40. 0: <K C65 ?8A0;8, =5@5H5==K< >AB05BAO 2>?@>A > ?>4AC4=>AB8 B@5B59A:><C AC4C 45; ?> A?>@C >1 8<CI5AB25, 345 8<55BAO >?@545;5==0O 3>AC40@AB25==0O 4>;O. =0 <>65B 1KBL 5%, 20%, 50% 8;8 95%. @O<>3> 70?@5B0 =0 @0AA<>B@5=85 B@5B59A:8< AC4>< B0:8E A?>@>2, =5B. > ?>=OB=>, GB> 3>AC40@AB25==0O A>1AB25==>ABL - ?@54<5B 701>BK ?@>:C@>@>2, >@30=>2 2;0AB8 8 B. 4., GB> CA;>6=O5B ?@>F5AA @0AA<>B@5=8O B0:8E A?>@>2 2 B@5B59A:8E AC40E. !B0BLO 10. >@<K, ?@8<5=O5<K5 B@5B59A:8< AC4>< ?@8 @07@5H5=88 A?>@>2 8 ?@8=OB88 @5H5=89 "@5B59A:89 AC4 @07@5H05B A?>@K =0 >A=>20=88 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0=. "@5B59A:89 AC4 ?@8=8<05B @5H5=85 2 A>>B25BAB288 A CA;>28O<8 4>3>2>@0 8 A CG5B>< >1KG052 45;>2>3> >1>@>B0. A;8 >B=>H5=8O AB>@>= B@5B59A:>3> A>3;0H5=8O ?@O<> =5 C@53C;8@>20=K 70:>=>40B5;LAB2>< 8;8 A>3;0H5=85< AB>@>= B@5B59A:>3> A>3;0H5=8O 8 >BACBAB2C5B ?@8<5=8<K9 : MB8< >B=>H5=8O< >1KG09 45;>2>3> >1>@>B0, B> B@5B59A:89 AC4 ?@8<5=O5B =>@<K 70:>=>40B5;LAB20, @53C;8@CNI85 AE>4=K5 >B=>H5=8O (0=0;>38O 70:>=0), 0 ?@8 =52>7<>6=>AB8 8A?>;L7>20=8O 2 C:070==KE A;CG0OE 0=0;>388 70:>=0, ?@020 8 >1O70==>AB8 AB>@>= B@5B59A:>3> A>3;0H5=8O >?@545;ONBAO 8AE>4O 87 A<KA;0 70:>=>40B5;LAB20 (0=0;>388 ?@020) 8 B@51>20=89 4>1@>A>25AB=>AB8, @07C<=>AB8 8 A?@0254;82>AB8. "@5B59A:89 AC4 @07@5H05B A?>@K =0 >A=>20=88 >=AB8BCF88 8 70:>=>2 5A?C1;8:8 #715:8AB0=, C:07>2 @57845=B0 5A?C1;8:8 #715:8AB0= 8 ?>AB0=>2;5=89 @028B5;LAB20 5A?C1;8:8 #715:8AB0=, =>@<0B82=>-?@02>2KE 0:B>2 >@30=>2 8A?>;=8B5;L=>9 2;0AB8, <564C=0@>4=KE 4>3>2>@>2 5A?C1;8:8 #715:8AB0= 8 8=KE =>@<0B82=>-?@02>2KE 0:B>2, 459AB2CNI8E =0 B5@@8B>@88 5A?C1;8:8 #715:8AB0=.  0:>=5 " B@5B59A:8E AC40E" =5 3>2>@8BAO > 2>7<>6=>AB8 ?@8<5=5=8O AC4>< =>@< 8=>AB@0==>3> ?@020. 07C<55BAO, ?@8<5=5=85 8=>AB@0==>3> ?@020 3>@074> 1>;55 E0@0:B5@=> 4;O <564C=0@>4=>3> :><<5@G5A:>3> 0@18B@060, =0 :>B>@K9 459AB285 =0AB>OI53> 0:>=0 @0A?@>AB@0=O5BAO ;8HL G0AB8G=>, B0: :0: ACI5AB2CNI85 2 0:>=5 >3@0=8G5=8O ?> 3@0640=AB2C 8 2>7@0ABC B@5B59A:8E AC459, 2K1>@C ?@8<5=8<>3> ?@020, >3@0=8G820NB 2>7<>6=>AB8 B@5B59A:8E AC4>2 ?> @0AA<>B@5=8N A?>@>2 A 8=>AB@0==K< M;5<5=B><, => =5 ?@5?OBAB2CNB MB><C. "5< =5 <5=55, A8BC0F8O, :>340 "2=CB@5==89" B@5B59A:89 AC4 ?@8 @07@5H5=88 A?>@0 <564C 3@0640=0<8 8;8 N@848G5A:8<8 ;8F0<8 #715:8AB0=0, 157 8=>AB@0==>3> CG0AB8O, 4>;65= 1C45B ?@8<5=8BL =>@<K 8=>AB@0==>3> ?@020, 2 ?@8=F8?5 =5 8A:;NG5=0. @>1;5<0 ?@8<5=5=8O =>@< 8=>AB@0==>3> 3@0640=A:>3> ?@020 2>7=8:05B 2 A2O78 A 3@0640=A:>-?@02>2K<8 >B=>H5=8O<8 A 8=>AB@0==K< M;5<5=B><, :>B>@K9 <>65B 2K@060BLAO 2 @07;8G=>9 3>AC40@AB25==>9 ?@8=04;56=>AB8 AB>@>= 3@0640=A:>-?@02>2>3> >B=>H5=8O (G0ABL ?5@20O AB. 1158  #7). "0:, A>3;0A=> 0170FC 2B>@><C G0AB8 2B>@>9 AB. 1190  #7, ?@8 >BACBAB288 A>3;0H5=8O AB>@>= > ?>4;560I5< ?@8<5=5=8N ?@025 : 4>3>2>@C 2 >B=>H5=88 =542868<>3> 8<CI5AB20, ?@8<5=O5BAO ?@02> AB@0=K, 345 MB> 8<CI5AB2> =0E>48BAO. =K<8 A;>20<8, 2?>;=5 2>7<>6=K A;CG08, :>340 70:;NG5==K9 <564C 3@0640=0<8 8;8 N@848G5A:8<8 ;8F0<8 #715:8AB0=0 4>3>2>@ 2 >B=>H5=88 =542868<>3> 8<CI5AB20, =0E>4OI53>AO 70 3@0=8F59, 1C45B ?>4G8=5= 8=>AB@0==><C ?@02C. @54AB028< A515, GB> :><<5@G5A:0O >@30=870F8O #715:8AB0=0 (157 8=>AB@0==KE 8=25AB8F89) ?@8>1@5;0 2 CAB0=>2;5==>< ?>@O4:5 >D8A=>5 ?><5I5=85 4;O A2>53> ?@54AB028B5;LAB20 2 070EAB0=5. '5@57 =5A:>;L:> ;5B 2 A2O78 A ;8:2840F859 ?@54AB028B5;LAB20 MB> ?><5I5=85 ?@>405BAO 4@C3>9 :><<5@G5A:>9 >@30=870F88 #715:8AB0=0 (B0:65 157 8=>AB@0==>9 4>;8 2 55 CAB02=>< :0?8B0;5). >3>2>@ :C?;8-?@>4068 =5 70B@038205B 2>?@>A0 > ?@8<5=8<>< ?@025, => A>45@68B CA;>285 > ?5@540G5 A2O70==KE A 4>3>2>@>< A?>@>2 2 B@5B59A:89 AC4 4;O @07@5H5=8O M:>=><8G5A:8E A?>@>2 ?@8 ">@3>2>-?@><KH;5==>9 ?0;0B5 5A?C1;8:8 #715:8AB0=. @8 @0AA<>B@5=88 A?>@0 <564C ?@>402F>< 87 #715:8AB0=0 8 ?>:C?0B5;5< B>65 87 #715:8AB0=0 =542868<>3> 8<CI5AB20, @0A?>;>65==>3> 2 070EAB0=5, B@5B59A:89 AC4 2 A;>682H59AO A8BC0F88 8<55B 2A5 >A=>20=8O ?@8<5=8BL =>@<K 3@0640=A:>3> <0B5@80;L=>3> ?@020 5A?C1;8:8 070EAB0=. #AB0=>2;5=85 A>45@60=8O =>@< 8=>AB@0==>3> ?@020 >ACI5AB2;O5BAO ?> ?@028;0<, 87;>65==K< 2 AB. 1160  #7.  E>45 @0AA<>B@5=8O B@5B59A:8< AC4>< A?>@>2 4>3>2>@=>3> E0@0:B5@0 70:>= >1O7K205B B@5B59A:89 AC4 CG8BK20BL ?@8 2K=5A5=88 @5H5=8O CA;>28O 4>3>2>@0 8 >1KG08 45;>2>3> >1>@>B0. KOA=OO A>45@60=85 CA;>289 4>3>2>@0, AC4C (2 B>< G8A;5 8 B@5B59A:><C) A;54C5B @C:>2>4AB2>20BLAO ?>;>65=8O<8 AB. 363  #7, A>3;0A=> :>B>@>9 "?@8 B>;:>20=88 CA;>289 4>3>2>@0 AC4>< ?@8=8<05BAO 2> 2=8<0=85 1C:20;L=>5 7=0G5=85 A>45@60I8EAO 2 =5< A;>2 8 2K@065=89. C:20;L=>5 7=0G5=85 CA;>28O 4>3>2>@0 2 A;CG05 53> =5OA=>AB8 CAB0=02;8205BAO ?CB5< A>?>AB02;5=8O A 4@C38<8 CA;>28O<8 8 A<KA;>< 4>3>2>@0 2 F5;><". @8 =52>7<>6=>AB8 CAB0=>28BL A>45@60=85 4>3>2>@0 A ?><>ILN 87;>65==KE ?@028; "4>;6=0 1KBL 2KOA=5=0 459AB28B5;L=0O >1I0O 2>;O AB>@>= A CG5B>< F5;8 4>3>2>@0. @8 MB>< ?@8=8<0NBAO 2> 2=8<0=85 2A5 A>>B25BAB2CNI85 >1AB>OB5;LAB20, 2:;NG0O ?@54H5AB2CNI85 4>3>2>@C ?5@53>2>@K 8 ?5@5?8A:C, ?@0:B8:C, CAB>O2HCNAO 2> 2708<=KE >B=>H5=8OE AB>@>=, >1KG08 45;>2>3> >1>@>B0, ?>A;54CNI55 ?>2545=85 AB>@>=". 5>1E>48<> CG8BK20BL, GB> 2 A;CG05 ?@>B82>@5G8O CA;>289 70:;NG5==>3> <564C AB>@>=0<8 4>3>2>@0 8<?5@0B82=K< ?@02>2K< =>@<0< AC4 ?@8=8<05B @5H5=85 2 A>>B25BAB288 A ?>A;54=8<8. !:070==>5 >B=>A8BAO 8 : >1KG0O< 45;>2>3> >1>@>B0, ?@54AB02;ONI8< A>1>9 A;>682H85AO 8 H8@>:> ?@8<5=O5<K5 2 :0:>9-;81> >1;0AB8 ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 ?@028;0 ?>2545=8O, =5 ?@54CA<>B@5==K5 70:>=>40B5;LAB2><, =57028A8<> >B B>3>, 70D8:A8@>20=K ;8 >=8 2 :0:><-;81> 4>:C<5=B5 (A<. G0ABL ?5@2CN AB. 6  #7). @8 MB>< ">1KG08 45;>2>3> >1>@>B0, ?@>B82>@5G0I85 >1O70B5;L=K< 4;O CG0AB=8:>2 A>>B25BAB2CNI53> >B=>H5=8O =>@<0< 70:>=>40B5;LAB20 8;8 4>3>2>@C, =5 ?@8<5=ONBAO" (G0ABL B@5BLO AB. 6  #7). '0ABL B@5BLO AB. 10 0:>=0 > B@5B59A:8E AC40E ?> ACI5AB2C 2>A?@>872>48B ?@028;0 AB. 5  #7 > 2>7<>6=>AB8 2>A?>;=5=8O ?@>15;>2 2 ?@02>2>< @53C;8@>20=88 @0AA<0B@8205<KE >B=>H5=89 AB>@>= A ?><>ILN 0=0;>388 70:>=0 8 0=0;>388 ?@020. 4=0:> :><?5B5=F8O B@5B59A:8E AC4>2 >3@0=8G8205BAO @07@5H5=85< ;8HL A?>@>2 3@0640=A:>-?@02>2>3> E0@0:B5@0, 2 A2O78 A G5< B@5B59A:89 AC4 <>65B ?@81530BL : 0=0;>388 70:>=0 8;8 0=0;>388 ?@020 2 @0<:0E AB. 5  #7. >@<K G0AB8 B@5BL59 AB. 10 0:>=0 > B@5B59A:8E AC40E 3>2>@OB > ?@8<5=5=88 0=0;>388 4;O C@53C;8@>20=8O <0B5@80;L=>-?@02>2KE >B=>H5=89 A?>@OI8E AB>@>=.  A2O78 A MB8< 2>7=8:05B 2>?@>A > 2>7<>6=>AB8 4;O B@5B59A:>3> AC40 ?@8153=CBL : 0=0;>388 4;O C@53C;8@>20=8O ?@>F5AAC0;L=KE >B=>H5=89 ?@8 >BACBAB288 A>>B25BAB2CNI8E =>@< 2 =0AB>OI5< 0:>=5 8 @028;0E B@5B59A:>3> @0718@0B5;LAB20. B25B A>45@68BAO 2 G0AB8 G5B25@B>9 AB. 25 0:>=0, CAB0=02;820NI59, GB> "2 G0AB8, =5 A>3;0A>20==>9 AB>@>=0<8, =5 >?@545;5==>9 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8 =0AB>OI8< 0:>=><, ?@028;0 B@5B59A:>3> @0718@0B5;LAB20 >?@545;ONBAO B@5B59A:8< AC4><". BAN40 A;54C5B, GB> B@5B59A:89 AC4 ?@8 87;>65==KE >1AB>OB5;LAB20E ;538B8<8@>20= =0 ?@8<5=5=85 =>@< ?@020, @53C;8@CNI8E AE>4=K5 >B=>H5=8O 8 A>45@60I8EAO A>>B25BAB25==> 2 % #7 8;8  #7 (2 7028A8<>AB8 >B B>3>, :0:>9 AC4 - E>7O9AB25==K9 8;8 >1I59 N@8A48:F88 - O2;O5BAO :><?5B5=B=K< ?> >B=>H5=8N : 40==><C B@5B59A:><C AC4C). 0?@8<5@, G0ABL 2B>@0O AB. 35 0:>=0 ?@54CA<0B@8205B CG0AB85 2 70A540=88 B@5B59A:>3> AC40 "AB>@>= 8;8 8E ?@54AB028B5;59", => 2 =59 =5 3>2>@8BAO > ?>@O4:5 >D>@<;5=8O ?>;=><>G89 ?@54AB028B5;O. "@5B59A:89 AC4 <>65B ?@8 MB>< >@85=B8@>20BLAO =0 =>@<K > ?@54AB028B5;LAB25, A>45@60I85AO 2 % #7 (AB. AB. 49-53) 8;8 2  #7 (AB. AB. 50-55). !B0BLO 11. 5@540G0 A?>@0 =0 @07@5H5=85 B@5B59A:>3> AC40 !?>@ <>65B 1KBL ?5@540= =0 @07@5H5=85 B@5B59A:>3> AC40 ?@8 =0;8G88 B@5B59A:>3> A>3;0H5=8O. "@5B59A:>5 A>3;0H5=85 2 >B=>H5=88 A?>@0, :>B>@K9 =0E>48BAO =0 @07@5H5=88 :><?5B5=B=>3> AC40, <>65B 1KBL 70:;NG5=> 4> ?@8=OB8O :><?5B5=B=K< AC4>< @5H5=8O ?> A?>@C. A=>2=0O >A>15==>ABL B@5B59A:>3> AC40 A>AB>8B 2 B><, GB> >= @0AA<0B@8205B A?>@K 8A:;NG8B5;L=> =0 4>1@>2>;L=KE =0G0;0E. <5==> ?>MB><C ?5@540G0 A?>@0 =0 @07@5H5=85 B@5B59A:>3> AC40 4>?CAB8<0 =5 8=0G5 :0: ?> 4>3>2>@5==>AB8 ;8F, <564C :>B>@K<8 A?>@ 2>7=8: (8;8 <>65B 2>7=8:=CBL). >3>2>@5==>ABL > ?5@540G5 A?>@0 2 B@5B59A:89 AC4 8<5=C5BAO 2 0:>=5 B@5B59A:8< A>3;0H5=85<. > ?@O<><C C:070=8N 0:>=0 (G0ABL ?5@20O AB. 9) ?@54<5B>< B@5B59A:>3> A>3;0H5=8O <>65B 1KBL A?>@, 2KB5:0NI89 =5 87 ;N1KE, 0 ;8HL 87 3@0640=A:8E ?@02>>B=>H5=89. 0==0O =>@<0 8<55B 8<?5@0B82=K9 E0@0:B5@ 8 ?>MB><C =5 4>?CA:05B >BABC?;5=89. A;8 1K AB>@>=K A?>@0, 2>7=8:H53> 87 04<8=8AB@0B82=KE (=0?@8<5@, =0;>3>2KE) ?@02>>B=>H5=89, CA;>28;8AL > @07@5H5=88 A?>@0 2 B@5B59A:>< AC45, B0:>5 A>3;0H5=85 1K;> 1K =8GB>6=K< 2284C ?@>B82>@5G8O 8<?5@0B82=><C ?@028;C 0:>=0. "@5B59A:>5 A>3;0H5=85 <>65B ?@54CA<0B@820BL @07@5H5=85 A?>@>2, 2>7=8:H8E =5 B>;L:> 87 4>3>2>@=KE, => 8 87 2=54>3>2>@=KE >B=>H5=89 (45;8:B>2, >1O70B5;LAB2 87 =5>A=>20B5;L=>3> >1>30I5=8O 8 4@.).  ?>A;54=5< A;CG05 B@5B59A:>5 A>3;0H5=85 70:;NG05BAO >B45;L=> 4;O :064>3> 45;8:B=>3> (8;8 8=>3> 2=54>3>2>@=>3>) >1O70B5;LAB20 8, :0: ?@028;>, C65 ?>A;5 B>3>, :0: C?><O=CB>5 >1O70B5;LAB2> 2>7=8:;>. "@5B59A:>5 A>3;0H5=85 <>65B 1KBL 70:;NG5=> >B45;L=>, 8;8 2K@060BLAO 2 2845 CA;>28O A>>B25BAB2CNI53> (=07>25< 53> >A=>2=K<) 4>3>2>@0 (:C?;8-?@>4068, ?>4@O40, ?5@52>7:8 8 B.4.) 8 <>65B :0A0BLAO 2A5E 8;8 >?@545;5==KE A?>@>2, :>B>@K5 2>7=8:;8 8;8 <>3CB 2>7=8:=CBL 2 A2O78 A MB8< 4>3>2>@>< <564C 53> AB>@>=0<8 (0@18B@06=0O >3>2>@:0). 0:;NG82 B0:>9 4>3>2>@, AB>@>=K B5< A0<K< ?@87=0NB 4;O A51O >1O70B5;L=K< 8 53> CA;>285 > ?5@540G5 A>>B25BAB2CNI8E (2 B>< G8A;5 8 1C4CI8E) A?>@>2 =0 @07@5H5=85 B@5B59A:>3> AC40. "@5B59A:>5 A>3;0H5=85 <>65B 1KBL 70:;NG5=> =5 B>;L:> ?>A;5 2>7=8:=>25=8O A?>@0, => 8 ?>A;5 53> ?5@540G8 =0 @07@5H5=85 2 3>AC40@AB25==K9 AC4, B. 5. (A CG5B>< ?>4254><AB25==>AB8) 2 E>7O9AB25==K9 AC4 8;8 2 AC4 >1I59 N@8A48:F88. "0:0O 2>7<>6=>ABL A>E@0=O5BAO "4> ?@8=OB8O @5H5=8O ?> A?>@C :><?5B5=B=K< AC4>< @5H5=8O ?> A?>@C" (G0ABL 2B>@0O AB. 11 0:>=0). 5H5=85< 8<5=C5BAO ?@8=OBK9 AC4>< ?5@2>9 8=AB0=F88 AC451=K9 0:B, :>B>@K< 45;> @07@5H05BAO ?> ACI5AB2C. "@5B59A:>5 A>3;0H5=85 <>65B 1KBL 70:;NG5=> B>;L:> 2> 2@5<O @0AA<>B@5=8O A?>@0 2 3>AC40@AB25==>< AC45 ?5@2>9 8=AB0=F88 4> 2K=5A5=8O 8< @5H5=8O.  A;CG05 >160;>20=8O @5H5=8O 2 AC40E 2KH5AB>OI8E 8=AB0=F89 2 E>45 @0AA<>B@5=8O 45;0 2 MB8E AC40E 70:;NG5=85 B@5B59A:>3> A>3;0H5=8O 0:>=>< =5 ?@54CA<>B@5=>. @8 >B<5=5 @5H5=8O AC4>< 2KH5AB>OI59 8=AB0=F88 A 2>72@0I5=85< 45;0 2 AC4 ?5@2>9 8=AB0=F88 B@5B59A:>5 A>3;0H5=85 <>65B 1KBL 70:;NG5=> 4> 2K=5A5=8O AC4>< ?5@2>9 8=AB0=F88 @5H5=8O ?> 45;C. C4CG8 A>3;0H5=85< =5 3@0640=A:>3> <0B5@80;L=>3>, 0 3@0640=A:>3> ?@>F5AAC0;L=>3> E0@0:B5@0, B@5B59A:>5 A>3;0H5=85, 4065 ?@54AB02;ONI55 A>1>9 >4=> 87 CA;>289 >A=>2=>3> (<0B5@80;L=>-?@02>2>3>) 4>3>2>@0, >1;0405B 8725AB=>9 =57028A8<>ABLN >B 4@C38E 53> CA;>289.  2 A;CG05 ?@87=0=8O >A=>2=>3> (<0B5@80;L=>3>) 4>3>2>@0 =5459AB28B5;L=K<, B@5B59A:>5 A>3;0H5=85 A>E@0=O5B N@848G5A:CN A8;C (AB. 24 0:>=0).  A2O78 A MB8< 2>7=8:05B 2>?@>A >1 >1O70B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O 4;O ?@02>?@55<=8:>2 70:;NG82H8E 53> ;8F. >7@065=8O ?@>B82 ?@02>?@55<AB20 2 B@5B59A:>< A>3;0H5=88 <>3CB >A=>2K20BLAO =0 B><, GB> 70:;NG5=85 B0:>3> A>3;0H5=8O ?@54?>;0305B >?@545;5==CN AB5?5=L 4>25@8O AB>@>=. > 8725AB=0O AB5?5=L 4>25@8O =5>1E>48<0 4;O 70:;NG5=8O ;N1>3> 4>3>2>@0.  MB>< 0A?5:B5 7=0G5=85 ;8G=>3> D0:B>@0 2 B@5B59A:>< A>3;0H5=88 =5 A;54C5B ?5@5>F5=820BL. 5 405B >A=>20=89 4;O 2K2>40 > =5A>2<5AB8<>AB8 B@5B59A:>3> A>3;0H5=8O A ?@02>?@55<AB2>< 8 0:>= > B@5B59A:8E AC40E.  G8A;C A2O70==KE A AC1J5:B=K< A>AB02>< B@5B59A:>3> A>3;0H5=8O D0:B>@>2, 2;5:CI8E ?@5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 (8, A;54>20B5;L=>, =5 4>?CA:0NI8E ?@>F5AAC0;L=>3> ?@02>?@55<AB20 2 =5<) 0:>= >B=>A8B ;8:2840F8N N@848G5A:>3> ;8F0, O2;ONI53>AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, ;81> A<5@BL, >1JO2;5=85 C<5@H8< 8;8 ?@87=0=85 15725AB=> >BACBAB2CNI8< 8ABF0 8;8 >B25BG8:0 8 >BACBAB285 70O2;5=8O >B ?@02>?@55<=8:0 > ?@>4>;65=88 B@5B59A:>3> @0718@0B5;LAB20. A;8 1K 70:>=>40B5;L 8AE>48; 87 ?@8=F8?80;L=>9 =54>?CAB8<>AB8 ?@02>?@55<AB20 2 B@5B59A:>< A>3;0H5=88, 0 7=0G8B, - 8 2 B@5B59A:>< @0718@0B5;LAB25, ?>A;54=55 ?>4;560;> 1K ?@5:@0I5=8N 8 ?@8 @5>@30=870F88 N@848G5A:>3> ;8F0 - AB>@>=K B0:>3> @0718@0B5;LAB20, 81> ;N10O D>@<0 @5>@30=870F88 2;5G5B ?@5:@0I5=85 @0=55 ACI5AB2>202H8E 8 >1@07>20=85 =0 8E 1075 =>2KE N@848G5A:8E ;8F. 564C B5< @5>@30=870F8O N@848G5A:>3> ;8F0, CG0AB2CNI53> 2 :0G5AB25 AB>@>=K 2 B@5B59A:>< @0718@0B5;LAB25, =5 D83C@8@C5B 2 G8A;5 >A=>20=8O 4;O 53> ?@5:@0I5=8O. BAN40 A;54C5B, GB> N@848G5A:>5 ;8F>, : :>B>@><C 2 ?>@O4:5 C=825@A0;L=>3> ?@02>?@55<AB20 ?5@5H;> 3@0640=A:>5 ?@02>>B=>H5=85, A>?@>2>6405<>5 4>3>2>@5==>ABLN > @07@5H5=88 A2O70==KE A =8< A?>@>2 B@5B59A:8< AC4><, AB0=>28BAO ?@02>?@55<=8:>< =5 B>;L:> <0B5@80;L=KE, => 8 A>>B25BAB2CNI8E ?@>F5AAC0;L=KE ?@02 8 >1O70==>AB59, 2>7=8:H8E 87 B@5B59A:>3> A>3;0H5=8O. >@<0 0:>=0 > ?@5:@0I5=88 B@5B59A:>3> @0718@0B5;LAB20 2 A;CG05 A<5@B8, >1JO2;5=8O C<5@H8< 8;8 ?@87=0=8O 15725AB=> >BACBAB2CNI8< CG0AB2CNI53> 2 =5< 2 :0G5AB25 AB>@>=K 3@0640=8=0 >1CA;>2;5=0 =5 B5<, GB> ?@>F5AAC0;L=>5 ?@02>?@55<AB2> 2 40==>9 A8BC0F88 ?@8=F8?80;L=> =54>?CAB8<>, 0 AB@5<;5=85< 70:>=>40B5;O ?@54>AB028BL =0A;54=8:0< C<5@H53> 3@0640=8=0 2>7<>6=>ABL A0<8< 871@0BL ?@>F5AAC0;L=CN D>@<C 70I8BK 8E 3@0640=A:8E <0B5@80;L=KE ?@02. > A<KA;C 0170F0 A54L<>3> G0AB8 ?5@2>9 AB0BL8 44 =0AB>OI53> 0:>=0, 5A;8 ?@02>?@55<=8: 70O28B > A2>5< 65;0=88 ?@>4>;68BL B@5B59A:>5 @0718@0B5;LAB2>, B> >=> 4>;6=> 1KBL ?@>4>;65=>, B.:. 70:>= 2 MB>9 AB0BL5 @07@5H05B ?@02>?@55<AB2> D878G5A:8E ;8F, 5A;8 AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 (D878G5A:>5 ;8F>) C<5@;>, ;81> >1JO2;5=> C<5@H8<, 8;8 ?@87=0=> 15725AB=> >BACBAB2CNI8<. ?@>G5<, ?@8 8725AB=KE >1AB>OB5;LAB20E ?@02>?@55<AB2> 2 B@5B59A:>< A>3;0H5=88 =52>7<>6=>. 5GL 845B, 2 G0AB=>AB8, > A;CG0OE, :>340 B@5B59A:>5 A>3;0H5=85 >BAK;05B : B@5B59A:><C AC4C, ?@54=07=0G5==><C 4;O @0AA<>B@5=8O A?>@>2 ;8HL <564C ;8F0<8, C4>2;5B2>@ONI8<8 >?@545;5==K< CA;>28O< (=0?@8<5@, <564C G;5=0<8 18@68, ?@8 :>B>@>9 >1@07>20= B@5B59A:89 AC4). A;8 AB>@>=>9 4>3>2>@0, ?5@2>=0G0;L=> 70:;NG5==>3> <564C G;5=0<8 40==>9 18@68, 70B5< 2A;54AB285 ?@02>?@55<AB20 (2 G0AB=>AB8, AC1@>30F88) >:07K205BAO 4@C3>5 ;8F> (AB@0E>2I8:), =5 A>AB>OI55 2 G8A;5 G;5=>2 MB>9 18@68, C?><O=CB>5 B@5B59A:>5 A>3;0H5=85 =0 =53> @0A?@>AB@0=OBLAO =5 <>65B. '0ABL 2B>@0O :><<5=B8@C5<>9 AB0BL8 >?@545;O5B ?@02> AB>@>= 2 ;N1>5 2@5<O ?> A?>@C, =0E>4OI5<CAO =0 @0AA<>B@5=88 :><?5B5=B=>3> (3>AC40@AB25==>3>) AC40, 70:;NG8BL B@5B59A:>5 A>3;0H5=85 8 2K9B8 87 ?@>F5AA0 2 3>AC40@AB25==>< AC45, => ?@8 CA;>288, GB> B@5B59A:>5 A>3;0H5=85 1C45B 70:;NG5=> 4> ?@8=OB8O :><?5B5=B=K< AC4>< @5H5=8O ?> A?>@C. -B> 65 ?@02> AB>@>= 70:@5?;5=> 2 AB. 25 % #7 8 AB. 100  #7.  MB>< A;CG05 45;> 2 3>AC40@AB25==>< (E>7O9AB25==><, 3@0640=A:><) AC45 ?@5:@0I05BAO, 0 53> <0B5@80;K =0?@02;ONBAO ?> E>40B09AB2C AB>@>= 2 C:070==K9 8<8 B@5B59A:89 AC4. !B0BLO 12. $>@<0 B@5B59A:>3> A>3;0H5=8O "@5B59A:>5 A>3;0H5=85 70:;NG05BAO 2 ?8AL<5==>9 D>@<5. "@5B59A:>5 A>3;0H5=85 <>65B 1KBL >D>@<;5=> 2 2845 >3>2>@:8 2 4>3>2>@5, :>B>@0O O2;O5BAO A>AB02=>9 G0ABLN 4>3>2>@0, 8;8 2 2845 >B45;L=>3> A>3;0H5=8O. "@5B59A:>5 A>3;0H5=85 AG8B05BAO 70:;NG5==K< 2 ?8AL<5==>9 D>@<5, 5A;8 >=> A>45@68BAO 2 4>:C<5=B5, ?>4?8A0==>< AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O, ;81> 70:;NG5=> ?CB5< >1<5=0 ?8AL<0<8 8;8 A>>1I5=8O<8 A 8A?>;L7>20=85< A@54AB2 M;5:B@>==>9 8;8 8=>9 A2O78, >15A?5G820NI8E D8:A0F8N B0:>3> A>3;0H5=8O. @8 =5A>1;N45=88 B@51>20=89, ?@54CA<>B@5==KE G0ABO<8 ?5@2>9 8 2B>@>9 =0AB>OI59 AB0BL8, B@5B59A:>5 A>3;0H5=85 AG8B05BAO =5459AB28B5;L=K<. !B0BLO 13. !>45@60=85 B@5B59A:>3> A>3;0H5=8O "@5B59A:>5 A>3;0H5=85 4>;6=> A>45@60BL ?>;>65=85 > B><, GB> 2A5 8;8 >?@545;5==K5 A?>@K, :>B>@K5 2>7=8:;8 8;8 <>3CB 2>7=8:=CBL <564C AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O, ?>4;560B @0AA<>B@5=8N 2 B@5B59A:>< AC45, 0 B0:65 =08<5=>20=85 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 5A;8 A?>@ 1C45B ?5@540= =0 @07@5H5=85 40==>3> B@5B59A:>3> AC40.  B@5B59A:>< A>3;0H5=88 <>3CB A>45@60BLAO A2545=8O > G8A;5 B@5B59A:8E AC459, <5AB5 8 O7K:5 B@5B59A:>3> @0718@0B5;LAB20, ?@8<5=8<KE ?@028;0E B@5B59A:>3> @0718@0B5;LAB20, A@>:5 @0AA<>B@5=8O A?>@0. @8 =5A>1;N45=88 B@51>20=89, ?@54CA<>B@5==KE G0ABLN ?5@2>9 =0AB>OI59 AB0BL8, B@5B59A:>5 A>3;0H5=85 AG8B05BAO =5459AB28B5;L=K<.  :><<5=B0@88 >1J548=5=K AB0BL8 12 8 13, GB> 1>;55 F5;5A>>1@07=>, B. :. D>@<0 8 A>45@60=85 B@5B59A:>3> A>3;0H5=8O 8 ?>@O4>: 53> 70:;NG5=8O =5@07@K2=> A2O70=K, 8 ?>B><C 1>;55 ?@028;L=> @0AA<0B@820BL 8E 2<5AB5. "@5B59A:>5 @0718@0B5;LAB2> O2;O5BAO, ?> <=5=8N <=>38E CG0AB=8:>2 E>7O9AB25==>3> >1>@>B0, =081>;55 ?@85<;5<K< <5B>4>< @0AA<>B@5=8O A?>@>2, A?>A>1AB2CNI8< ?@8<8@5=8N AB>@>= 8 ?@54>B2@0I5=8N A?>@>2. >MB><C >A>15==> 206=K< 4;O ?@02>2>9 >15A?5G5==>AB8 A45;>: O2;O5BAO >?@545;5=85 ?>4AC4=>AB8 A?>@>2 2 ?>@O4:5 B@5B59A:>3> @0718@0B5;LAB20. 06=59H8< CA;>285< 4;O @0AA<>B@5=8O A?>@0 B@5B59A:8< AC4>< O2;O5BAO 8AA;54>20=85 8 ?>A;54CNI0O =0 53> >A=>25 ?@02>20O >F5=:0 A>AB02>< AC40 A>3;0H5=8O A?>@OI8E AB>@>= > B@5B59A:>< AC45, - B0: =07K205<>9 B@5B59A:>9 (0@18B@06=>9) >3>2>@:8 8;8 B@5B59A:>3> (0@18B@06=>3>) A>3;0H5=8O. 0:;NG5=85 B0:>3> A>3;0H5=8O >7=0G05B, GB> A?>@K <564C AB>@>=0<8, :>B>@K5 C65 2>7=8:;8 8;8 <>3CB 2>7=8:=CBL 2 1C4CI5<, 1C4CB ?5@540=K =0 @0AA<>B@5=85 2K1@0==>3> 8<8 B@5B59A:>3> AC40. -B> A>3;0H5=85 >1O70B5;L=> 4;O AB>@>= 8 :0:0O-B> 87 AB>@>= =5 2?@025 C:;>=8BLAO >B ?5@540G8 A?>@0 B@5B59A:><C AC4C. > >=8 2?@025 0==C;8@>20BL B@5B59A:>5 A>3;0H5=85, 5A;8 =0 MB> 5ABL A>3;0A85 >158E AB>@>=, 8 2K1@0BL 4@C3>9 >@30= 4;O @0AA<>B@5=8O A?>@0. >;LH>5 7=0G5=85 MB>3> A>3;0H5=8O 2 B><, GB> >=> O2;O5BAO >A=>2=K< 4>:C<5=B><, :>B>@K9 >?@545;O5B :><?5B5=F8N >?@545;5==>3> B@5B59A:>3> AC40 8 ?@>F54C@C AC451=>3> @0718@0B5;LAB20. 0AA<>B@5=85 A?>@0 B@5B59A:8< AC4>< =52>7<>6=> ?@8 >BACBAB288 B0:>3> A>3;0H5=8O. "@5B59A:>5 A>3;0H5=85 70:;NG05BAO 2 ?8AL<5==>9 D>@<5 2 2845 B@5B59A:>9 >3>2>@:8 2 4>3>2>@5 8;8 2 2845 >B45;L=>3> A>3;0H5=8O. ?@545;5==KE B@51>20=89 : A>45@60=8N A>3;0H5=8O =5B, => 2 53> B5:AB5 4>;6=> >B@060BLAO 2>;587JO2;5=85 AB>@>= > ?5@540G5 A?>@0 B@5B59A:><C AC4C. 8F0<, 708=B5@5A>20==K< 2 @07@5H5=88 A?>@0 2 "@5B59A:>< AC45, 4;O 2:;NG5=8O 2 CA;>28O 4>3>2>@>2 @5:><5=4C5BAO 2:;NG0BL B0: =07K205<CN "B@5B59A:CN >3>2>@:C" 2 70:;NG05<K5 8<8 4>3>2>@K 8 :>=B@0:BK. @8 MB>< B0:0O >3>2>@:0 ?>4;568B 2:;NG5=8N 2 B5:AB 4>3>2>@0 8;8 :>=B@0:B0 ?>;=>ABLN ;81> ?>A@54AB2>< :@0B:>9 AAK;:8 =0 >B45;L=> ?>4?8A0==CN "B@5B59A:CN >3>2>@:C" :0: G0ABL 4>3>2>@0 8;8 :>=B@0:B0. 5:><5=4C5< B5:AB B@5B59A:>9 >3>2>@:8 4;O 2:;NG5=8O 2 4>3>2>@K 8;8 :>=B@0:BK:  "N1>9 A?>@, @07=>3;0A85, ?@5B5=78O, 2KB5:0NI85 87 8;8 2 A2O78 A =0AB>OI8< 4>3>2>@><, :>=B@0:B>< ;81> 53> =0@CH5=85<, ?@5:@0I5=85< 8;8 ?@87=0=85< =5459AB28B5;L=K<, 0 B0:65 @07=>3;0A8O >B=>A8B5;L=> ?>@O4:0 8 CA;>289 A>25@H5=8O 8=KE N@848G5A:8 >1O70B5;L=KE 459AB289 !B>@>=, 1C4CB @07@5H5=K "@5B59A:8< AC4>< ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5<, @0A?>;>65==K< 2 3. "0H:5=B5, =0 CA;>28OE 8 2 ?>@O4:5, ?@54CA<>B@5==KE 53> >;>65=85<, 53;0<5=B>< 8 >;>65=85< > B@5B59A:8E A1>@0E, @0AE>40E 8 8745@6:0E AB>@>=".  A;8 AB>@>=K =5 2:;NG8;8 2 4>3>2>@ ?>4>1=>5 CA;>285, MB> =5 ;8H05B ?0@B=5@>2 ?@020 ?@8 2>7=8:=>25=88 A?>@0 70:;NG8BL >B45;L=>5 A>3;0H5=85 > ?5@540G5 45;0 2 B@5B59A:89 AC4. => <>65B 1KBL A>AB02;5=> 2 2845 2=5A5=8O 87<5=5=8O 2 A>>B25BAB2CNI89 ?C=:B 4>3>2>@0, ?> ?>2>4C :>B>@>3> 2>7=8: A?>@, ;81> 2 2845 >B45;L=>3> 4>:C<5=B0, D8:A8@CNI53> D0:B ?5@540G8 A?>@0 2 B@5B59A:89 AC4. > 2B>@>< A;CG05 65;0B5;L=> 70:@5?8BL =5 B>;L:> D0:B ?5@540G8 A?>@0 B@5B59A:><C AC4C, => B0:65 >?@545;8BL A>AB02 AC40 8 :0=4840BC@K AC459 >B :064>9 87 AB>@>=.  >A=>2=KE <=>3>AB>@>==8E :>=25=F8OE  ?> 2>?@>A0< 0@18B@060 (LN->@:A:>9 :>=25=F88 > ?@87=0=88 8 ?@82545=88 2 8A?>;=5=85 8=>AB@0==KE 0@18B@06=KE @5H5=89 1958 3>40 8 2@>?59A:>9 :>=25=F88 > 2=5H=5B>@3>2>< 0@18B@065 1961 3>40) ?>4 0@18B@06=K< A>3;0H5=85< ?>=8<0NBAO :0: >3>2>@:0 2 ?8AL<5==>< 4>3>2>@5, B0: 8 >B45;L=>5 A>3;0H5=85, ?>4?8A0==>5 AB>@>=0<8 8;8 A>45@60I55AO 2 >1<5=5 ?8AL<0<8, B5;53@0<<0<8, B.?. B=>A8B5;L=> D>@<K B@5B59A:>3> A>3;0H5=8O ?@5>1;0405B <=5=85 > ?@58<CI5AB25 ?8AL<5==>9 D>@<K, E>BO 70:>=>40B5;LAB2>< =5:>B>@KE AB@0= ?@87=0NBAO CAB=K5 A>3;0H5=8O. !B0BLO 12 0:>=0 CAB0=02;8205B >1O70B5;L=CN ?8AL<5==CN D>@<C A>3;0H5=8O. !>3;0A=> G0AB8 2B>@>9 AB. 12 0:>=0 A>3;0H5=85 ?@87=05BAO A>AB02;5==K< 2 ?8AL<5==>9 D>@<5, 5A;8 >=> A>45@68BAO 2 4>:C<5=B5, ?>4?8A0==>< AB>@>=0<8, ;81> 70:;NG5=> ?CB5< >1<5=0 ?8AL<0<8 8;8 A>>1I5=8O<8 A@54AB2 A2O78, >15A?5G820NI8E D8:A0F8N B0:>3> A>3;0H5=8O (MB> ?8AL<0, D0:AK, B5;53@0<<K 8 B.4.). "@5B59A:>5 A>3;0H5=85, >D>@<;5==>5 2 ?8AL<5==>9 D>@<5, O2;O5BAO 2 ?5@2CN >G5@54L 4>:070B5;LAB2>< B>3>, GB> AB>@>=K >B:07K20NBAO >B A2>53> :>=AB8BCF8>==>3> ?@020 =0 >1@0I5=85 2 3>AC40@AB25==K9 AC4. AE>4O 87 MB>3>, =57028A8<> >B 2K1>@0 AB>@>=0<8 C:070==KE 20@80=B>2, ?5@2>>G5@54=>9 7040G59 A>AB020 B@5B59A:>3> AC40 O2;O5BAO G5B:>5 C15645=85 2 ACI5AB2>20=88 70D8:A8@>20==>3> 2 ?8AL<5==>9 D>@<5 OA=>3> 2>;587JO2;5=8O :064>3> CG0AB=8:0 2 65;0=88 ?5@540G8 A?>@0 =0 @0AA<>B@5=85 B@5B59A:>3> AC40. @8ABC?0O : @0AA<>B@5=8N 45;0, A>AB02 B@5B59A:>3> AC40 2 ?5@2CN >G5@54L >1O70= @5H8BL 2>?@>A > A2>59 :><?5B5=F88 ?> MB><C 45;C. ! MB>9 F5;LN =5>1E>48<> >1@0B8BL 2=8<0=85, :0: =0 D>@<C B@5B59A:>3> A>3;0H5=8O, B0: 8 =0 53> A>45@60=85. 1O70B5;L=K< CA;>285< A>3;0H5=8O 4>;6=> 1KBL C:070=85 AB>@>= =0 :>=:@5B=K9 B@5B59A:89 AC4, GB> =045;O5B MB>B AC4 ?@02>< @0AA<>B@5BL 2>7=8:H89 <564C =8<8 A?>@. =>340 2 B@5B59A:8E A>3;0H5=8OE AB>@>=0<8 C:07K20NBAO =5B>G=K5 8;8 =5?>;=K5 =08<5=>20=8O B@5B59A:8E AC4>2, 345 4>;6=K @0AA<0B@820BLAO A?>@K, 8 AB>@>=K =5 2A5340 <>3CB ?>OA=8BL, :0:>9 65 2 459AB28B5;L=>AB8 B@5B59A:89 AC4 >=8 8<5;8 2 284C, 70:;NG0O A>3;0H5=85. 0?@8<5@, C:07K20NB >@30=>< @0AA<>B@5=8O A?>@0 "><<5@G5A:89 AC4 4;O ?@54?@8=8<0B5;59", 8;8 ""@5B59A:89 AC4 3. "0H:5=B0" (2 3. "0H:5=B5 =5A:>;L:> B@5B59A:8E AC4>2) 8;8 B><C ?>4>1=>5 =08<5=>20=85. !><=5=8O 2 B>G=>AB8 8 ?@028;L=>AB8 =08<5=>20=8O B@5B59A:>3> AC40 >1O7K205B A>AB02 AC40 2KOA=8BL, =0 GB> 2 459AB28B5;L=>AB8 ?@8 70:;NG5=88 A>3;0H5=8O 1K;0 =0?@02;5=0 2>;O AB>@>=. -B> <>6=> 2KOA=8BL 87 ?>OA=5=89 ?@54AB028B5;59 AB>@>=, 87 ?5@5?8A:8, ?@54H5AB2>202H59 70:;NG5=8N 4>3>2>@0, 8 4>AC451=>9 ?5@5?8A:8 ?> C@53C;8@>20=8N A?>@0. -B8 <0B5@80;K 2 A>2>:C?=>AB8 ?>72>;ONB A45;0BL 2K2>4 > B><, GB> AB>@>=K 8<5;8 2 284C 8<5==> B>B B@5B59A:89 AC4, 2 :>B>@>< @0AA<0B@8205BAO 2>7=8:H89 <564C =8<8 A?>@.  B0:>< A;CG05 AC4 <>65B A45;0BL 2K2>4 > B><, GB> 5A;8 <564C AB>@>=0<8 >BACBAB2CNB @07=>3;0A8O ?> 2>?@>AC :><?5B5=F88 B@5B59A:>3> AC40, >= 2?@025 @0AA<>B@5BL 2>7=8:H89 A?>@ ?> ACI5AB2C. A;8 65 ?>OA=5=8O AB>@>=, ?@544>3>2>@=K5 8 4>AC451=K5 <0B5@80;K =5 40NB >A=>20=89 4;O >1>A=>20==>3> 2K2>40 > B><, GB> A?>@ ?>4;568B @0AA<>B@5=8N 8<5==> 2 40==>< :>=:@5B=>< B@5B59A:>< AC45, A>AB02 AC40 4>;65= :>=AB0B8@>20BL >BACBAB285 <564C AB>@>=0<8 A>3;0H5=8O > B@5B59A:>< AC45 8 ?@87=0BL >BACBAB285 C =53> :><?5B5=F88 @0AA<>B@5BL B0:>9 A?>@. =>340 ?@8 70:;NG5=88 A>3;0H5=8O AB>@>=K ?@54CA<0B@820NB, GB> 2>7=8:0NI85 <564C =8<8 A?>@K 1C4CB @0AA<0B@820BLAO 2 E>7O9AB25==>< 8;8 3@0640=A:>< (3>AC40@AB25==><) AC45 ;81> 2 :>=:@5B=>< B@5B59A:>< AC45. "0:>9 20@80=B 2K1>@0 ?>4AC4=>AB8 =5 O2;O5BAO ?@8G8=>9, ?@5?OBAB2CNI59 @0AA<>B@5=8N B@5B59A:8< AC4>< A?>@0 ?> ACI5AB2C, 8 =5 <>65B ?>AB028BL ?>4 A><=5=85 459AB28B5;L=>ABL A>3;0H5=8O > B@5B59A:>< AC45, => ?@8 CA;>288, 5A;8 >15 AB>@>=K 1C4CB A>3;0A=K =0 @0AA<>B@5=85 A?>@0 2 B@5B59A:>< AC45. A;8 65 >4=0 87 AB>@>= 70O28B, GB> 8<5;>AL 2 284C 55 ?@02> 2K1>@0, 8 >=0 2K18@05B E>7O9AB25==K9 AC4, B>, 157CA;>2=>, 2 MB>< A;CG05 45;> =0?@02;O5BAO 2 E>7O9AB25==K9 AC4. @8 ?@85<5 8A:>2>3> 70O2;5=8O C?>;=><>G5==K< ;8F>< (?@54A540B5;5< B@5B59A:>3> AC40 8;8 8=K< ;8F><, =0 :>B>@>5 2>7;>65=> >ACI5AB2;5=85 =5>1E>48<KE DC=:F89 ?> ?@85<C 8 >1@01>B:5 ?>ABC?0NI8E 8A:>2KE <0B5@80;>2) A;54C5B >1@0B8BL 2=8<0=85 =0 >1>A=>20=85 8ABF>< :><?5B5=F88 B@5B59A:>3> AC40 ?> @0AA<>B@5=8N ?@54JO2;5==>3> 8A:0. A;8 2 8A:>2>< 70O2;5=88 MB>B 2>?@>A =5 >B@065=, =C6=> 8AA;54>20BL A>45@60=85 ?@8;>65==KE : 8A:C <0B5@80;>2, 0 2 A;CG05 =52>7<>6=>AB8 A45;0BL 2K2>4K > ?>4AC4=>AB8 45;0 MB><C AC4C, A;54C5B 70?@>A8BL C 8ABF0 ?>OA=5=8O ?> MB><C 2>?@>AC. 1KG=> 8AB5F 2 8A:>2>< 70O2;5=88 C:07K205B, :0:>5 8<5==> 8 2 :0:>9 D>@<5 A>3;0H5=85 > B@5B59A:>< AC45 1K;> 70:;NG5=> AB>@>=0<8. >MB><C A;54C5B C1548BLAO 2 B><, GB> CB25@645=85 8ABF0 A>>B25BAB2C5B 459AB28B5;L=>AB8, ;81> =0?@028BL 8ABFC A>>B25BAB2CNI89 70?@>A. >A;5 B>3>, :0: =0 >A=>20=88 ?>ABC?82H8E 8A:>2KE <0B5@80;>2 AC4 A45;05B 2K2>4 > ?@02><5@=>AB8 A>3;0H5=8O > B@5B59A:>< AC45 8 2K?>;=5=88 8ABF>< 2A5E =5>1E>48<KE B@51>20=89 @53;0<5=B0 40==>3> AC40, 8A:>2>5 70O2;5=85 A =5>1E>48<K<8 <0B5@80;0<8 =0?@02;O5BAO >B25BG8:C. 1KG=> >B25BG8:C ?@54;0305BAO ?@54AB028BL 2>7@065=8O ?> 8A:C 8 A>>1I8BL ?@54;>65=8O ?> D>@<8@>20=8N A>AB020 AC40. A;8 >B25BG8: >A?0@8205B :><?5B5=F8N 40==>3> B@5B59A:>3> AC40 ?> @0AA<>B@5=8N A?>@0, AC4 7=0:><8B 8ABF0 A MB8<8 2>7@065=8O<8. !@548 B0:8E 2>7@065=89 1K20NB AAK;:8 =0 =5459AB28B5;L=>ABL B@5B59A:>3> A>3;0H5=8O, =5?>4254><AB25==>ABL A?>@0 40==><C B@5B59A:><C AC4C 8 B. 4. 0: ?>:07K205B ?@0:B8:0, 8ABFK A B0:8<8 2>7@065=8O<8, :0: ?@028;>, =5 A>3;0H0NBAO 8 =0AB0820NB =0 =07=0G5=88 45;0 : A;CH0=8N. 0@O4C A 2>7@065=8O<8 >B25BG8:0 >B=>A8B5;L=> :><?5B5=F88 B@5B59A:>3> AC40, >B25BG8:, B5< =5 <5=55, 4>;65= 871@0BL :0=4840BC@K >A=>2=KE 8 70?0A=KE B@5B59A:8E AC459. -B> >1AB>OB5;LAB2> =8 2 :>5< A;CG05 =5;L7O @0AF5=820BL :0: >B:07 >B25BG8:0 >B A2>8E 2>7@065=89 ?> :><?5B5=F88 B@5B59A:>3> AC40. A;8 A>AB02 AC40, @0AA<>B@52 @07=>3;0A8O AB>@>= ?> MB><C 2>?@>AC, ?@87=05B A51O :><?5B5=B=K< @0AA<>B@5BL A?>@ 8 ?@8ABC?8BL : 53> @07@5H5=8N ?> ACI5AB2C, ?@54;>65=8O >B25BG8:0 ?> D>@<8@>20=8N A>AB020 AC40 1C4CB 4>AB0B>G=> A2>52@5<5==K<8. "0:8< >1@07><, =0 AB0488 ?@5420@8B5;L=>9 ?>43>B>2:8 45;0 : @0AA<>B@5=8N A5:@5B0@80BC B@5B59A:>3> AC40 =5>1E>48<> ?@>A;548BL, GB>1K :0640O 87 AB>@>= 2KA:070;0 A2>5 <=5=85 ?> 2>?@>AC B@5B59A:>3> A>3;0H5=8O 8 :><?5B5=F88 B@5B59A:>3> AC40. -B> =5>1E>48<> 4;O B>3>, GB>1K A>AB02 AC40, =0 @07@5H5=85 :>B>@>3> 1C45B ?5@540=> 45;>, >1;040; =5>1E>48<K<8 4>:070B5;LAB20<8 > <=5=88 :064>9 AB>@>=K ?> 2>?@>AC :><?5B5=F88 8 8<5; 2>7<>6=>ABL ?@8=OBL ?> =5<C >1>A=>20==>5 8 ?@02><5@=>5 @5H5=85. @02>2K5 8 D0:B8G5A:85 >1AB>OB5;LAB20 8 4>2>4K, 2 A8;C :>B>@KE B@5B59A:89 AC4 ?@87=05B A51O ?@02><>G=K< 8;8 =5?@02><>G=K< @0AA<>B@5BL :>=:@5B=K9 A?>@, 4>;6=K 1KBL >B@065=K 2 2K=5A5==>< B@5B59A:8< AC4>< 0:B5 (@5H5=88, >?@545;5=88). 865 ?@82>48BAO >1@075F A>3;0H5=8O > ?5@540G5 A?>@0 =0 @0AA<>B@5=85 B@5B59A:>3> AC40:  !( > ?5@540G5 A?>@0 =0 @0AA<>B@5=85 B@5B59A:>3> AC40 3. "0H:5=B 10 A5=BO1@O 2007 3>40 1I5AB2> A >3@0=8G5==>9 >B25BAB25==>ABLN ".;4C7", 2 ;8F5 48@5:B>@0 A0520 .., 459AB2CNI53> =0 >A=>20=88 #AB020, A >4=>9 AB>@>=K, 8 :F8>=5@=>5 >1I5AB2> 70:@KB>3> B8?0 "0B0=", 2 ;8F5 @54A540B5;O @02;5=8O A:0@>20 .!., 459AB2CNI53> =0 >A=>20=88 #AB020, A 4@C3>9 AB>@>=K, (8<5=C5<K5 40;55 ?> B5:ABC "!B>@>=K") 70:;NG8;8 =0AB>OI55 A>3;0H5=85 > =865A;54CNI5<: 1. !B>@>=K ?>4B25@640NB A2>5 =0<5@5=85 > B><, GB> 2A5 A?>@K 8 @07=>3;0A8O, :>B>@K5 <>3CB 2>7=8:=CBL 87 70:;NG5==>3> <564C =8<8 4>3>2>@0 :C?;8-?@>4068 >B 10 A5=BO1@O 2007 3>40 N 28/45 (8<5=C5<K9 40;55 ?> B5:ABC ">3>2>@") 8;8 2 A2O78 A =8<, @07@5H0BL ?CB5< ?5@53>2>@>2. 2. A5 =5 C@53C;8@>20==K5 !B>@>=0<8 ?CB5< ?5@53>2>@>2 A?>@K, @07=>3;0A8O 8;8 B@51>20=8O, 2>7=8:0NI85 87 >3>2>@0 8;8 2 A2O78 A =8<, 2 B>< G8A;5 :0A0NI85AO 53> =0@CH5=8O, ?@5:@0I5=8O ;81> =5459AB28B5;L=>AB8, ?>4;560B >:>=G0B5;L=><C @07@5H5=8N 2 "@5B59A:>< AC45 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< (3."0H:5=B) 2 A>>B25BAB288 A 53> 53;0<5=B><, 459AB2CNI8< =0 45=L ?>4?8A0=8O C:070==>3> >3>2>@0. 3. "@5B59A:>5 @0718@0B5;LAB2> 1C45B >ACI5AB2;OBLAO B@5<O B@5B59A:8<8 AC4LO<8. 5@A>=0;L=K9 A>AB02 "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< >?@545;O5BAO 2 ?>@O4:5, CAB0=>2;5==>< 53> 53;0<5=B><, 87 CB25@645==>3> &5=B@>< A?8A:0 B@5B59A:8E AC459. 4. 5AB> B@5B59A:>3> @0718@0B5;LAB20 2K18@05BAO 3. "0H:5=B, #715:8AB0=. 5. !>1;N45=85 ?@5420@8B5;L=>3> (?@5B5=78>==>3>) ?>@O4:0 @07@5H5=8O A?>@>2 ?5@54 >1@0I5=85< 2 "@5B59A:89 AC4 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< =5 O2;O5BAO 4;O !B>@>= >1O70B5;L=K<. 6. !B>@>=K ?@8=8<0NB 2> 2=8<0=85, GB> 45;>?@>872>4AB2> 2 "@5B59A:>< AC45 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< >ACI5AB2;O5BAO =0 C715:A:>< 8 @CAA:>< O7K:0E, 8 2K18@0NB C715:A:89 O7K: 2 :0G5AB25 O7K:0 B@5B59A:>3> @0718@0B5;LAB20. 7. !B>@>=K ?@87=0NB, GB> @5H5=85 "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< 1C45B O2;OBLAO 4;O =8E >:>=G0B5;L=K<, 8 >1O7CNBAO 2K?>;=8BL B0:>5 @5H5=85 4>1@>2>;L=>, 2 A@>:, C:070==K9 2 =5<, A A>1;N45=85< ?>@O4:0, >?@545;5==>3> @5H5=85< 8 53;0<5=B>< "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5<. 8. 0AB>OI55 A>3;0H5=85 > ?5@540G5 A?>@0 =0 @0AA<>B@5=85 "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< 70:;NG5=> !B>@>=0<8 4>1@>2>;L=>. => O2;O5BAO N@848G5A:8 A0<>AB>OB5;L=K< 8 =5 7028A8B >B 4@C38E CA;>289 >3>2>@0. @87=0=85 >3>2>@0 =5459AB28B5;L=K< (=8GB>6=K<) =5 2;5G5B 70 A>1>9 2 A8;C 70:>=0 =5459AB28B5;L=>AB8 =0AB>OI53> A>3;0H5=8O. 5G0B8 8 ?>4?8A8 AB>@>=   3. " "! !#,. !!" " "! !# !B0BLO 14. "@51>20=8O, ?@54JO2;O5<K5 : B@5B59A:><C AC4L5 !B0BLO 15. $>@<8@>20=85 A>AB020 B@5B59A:>3> AC40 !B0BLO 16. B2>4 B@5B59A:>3> AC4L8 !B0BLO 17. >@O4>: >B2>40 B@5B59A:>3> AC4L8 !B0BLO 18. @5:@0I5=85 ?>;=><>G89 B@5B59A:>3> AC4L8 !B0BLO 19. 0<5=0 B@5B59A:>3> AC4L8 !B0BLO 14. "@51>20=8O, ?@54JO2;O5<K5 : B@5B59A:><C AC4L5 "@5B59A:8< AC4L59 <>65B 1KBL 871@0= (=07=0G5=) 3@0640=8= 5A?C1;8:8 #715:8AB0= =5 <>;>65 4204F0B8 ?OB8 ;5B, A?>A>1=K9 >15A?5G8BL 15A?@8AB@0AB=>5 @07@5H5=85 A?>@0, ?@O<> 8;8 :>A25==> =5 708=B5@5A>20==K9 2 8AE>45 A?>@0, O2;ONI89AO =57028A8<K< >B AB>@>= B@5B59A:>3> A>3;0H5=8O 8 402H89 A>3;0A85 =0 8A?>;=5=85 >1O70==>AB59 B@5B59A:>3> AC4L8. "@5B59A:89 AC4LO, @07@5H0NI89 A?>@ 548=>;8G=>, 4>;65= 8<5BL 2KAH55 N@848G5A:>5 >1@07>20=85. @8 :>;;5380;L=>< @07@5H5=88 A?>@0 2KAH55 N@848G5A:>5 >1@07>20=85 4>;65= 8<5BL ?@54A540B5;L A>AB020 B@5B59A:>3> AC40. "@51>20=8O, ?@54JO2;O5<K5 : :20;8D8:0F88 B@5B59A:>3> AC4L8, <>3CB 1KBL A>3;0A>20=K AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O =5?>A@54AB25==> 8;8 >?@545;5=K ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. "@5B59A:8< AC4L59 =5 <>65B 1KBL: ;8F>, 2 >B=>H5=88 :>B>@>3> 8<55BAO 2ABC?82H55 2 70:>==CN A8;C @5H5=85 AC40 > ?@87=0=88 >3@0=8G5==> 455A?>A>1=K< 8;8 =5455A?>A>1=K<; ;8F>, 8<5NI55 =5?>30H5==CN ;81> =5A=OBCN AC48<>ABL 70 A>45O==>5 ?@5ABC?;5=85; ;8F>, ?>;=><>G8O :>B>@>3> 2 :0G5AB25 AC4L8, 042>:0B0, =>B0@8CA0, A;54>20B5;O, ?@>:C@>@0 8;8 4@C3>3> @01>B=8:0 ?@02>>E@0=8B5;L=KE >@30=>2 1K;8 ?@5:@0I5=K 2 CAB0=>2;5==>< 70:>=>< ?>@O4:5 70 A>25@H5=85 ?@>ABC?:>2, =5A>2<5AB8<KE A 53> ?@>D5AA8>=0;L=>9 45OB5;L=>ABLN; ;8F>, :>B>@>5 2 A>>B25BAB288 A 53> 4>;6=>AB=K< AB0BCA><, >?@545;5==K< 70:>=><, =5 <>65B 1KBL 871@0=> (=07=0G5=>) B@5B59A:8< AC4L59. ><<5=B8@C5<0O AB0BLO 0:>=0 A>45@68B B@51>20=8O, ?@54JO2;O5<K5 : :0=4840BC@5 B@5B59A:>3> AC4L8, 8 D0:B8G5A:8 A>AB>8B 87 42CE @0745;>2. 5@2K9 @0745; 2:;NG05B G0AB8 A ?5@2>9 ?> B@5BLN, 2 :>B>@KE =5?>A@54AB25==> 70:@5?;5=K B@51>20=8O, :>B>@K< 4>;6=0 >B25G0BL :0=4840BC@0 B@5B59A:>3> AC4L8. B>@>9 @0745;, 2:;NG0NI89 2 A51O G0AB8 A G5B25@B>9 ?> A54L<CN, A>45@68B CA;>28O, ?@5?OBAB2CNI85 8A?>;=5=8N >1O70==>AB59 B@5B59A:>3> AC4L8. @8 ?@8<5=5=88 =0 ?@0:B8:5 :><<5=B8@C5<>9 AB0BL8 A;54C5B 8<5BL 2 284C B> >1AB>OB5;LAB2>, GB> 2 =59 70:>=>40B5;L=> 70D8:A8@>20= 8AG5@?K20NI89 ?5@5G5=L B@51>20=89 : :0=4840BC@5 B@5B59A:>3> AC4L8. !B>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, ;81> ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC4><, <>3CB 1KBL 4>?>;=8B5;L=> 22545=K, 2 A>>B25BAB288 A G0ABLN B@5BL59, B>;L:> B@51>20=8O, ?@54JO2;O5<K5 : :20;8D8:0F88 B@5B59A:>3> AC4L8. A5 >AB0;L=K5 B@51>20=8O O2;ONBAO 8<?5@0B82=K<8, 8, =8 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, =8 A0<8< B@5B59A:8< AC4>< 87<5=5=K 1KBL =5 <>3CB.  A>>B25BAB288 A G0ABLN ?5@2>9 :><<5=B8@C5<>9 AB0BL8 B@5B59A:8<8 AC4LO<8 8718@0NBAO (0 2 A;CG0OE, ?@54CA<>B@5==KE AB. 15 8 @028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 - =07=0G0NBAO) B>;L:> 3@0640=5 5A?C1;8:8 #715:8AB0= =5 <>;>65 4204F0B8 ?OB8 ;5B, B.5. D878G5A:85 ;8F0. "0:8< >1@07><, 2 :0G5AB25 B@5B59A:>3> AC4L8 2 A>>B25BAB288 A 459AB2CNI8< 70:>=>40B5;LAB2>< =5 <>3CB 2KABC?0BL N@848G5A:85 ;8F0 ?CB5< ?@54>AB02;5=8O ?>4>1=KE ?>;=><>G89 A2>8< ?@54AB028B5;O<. 8F>, 8718@05<>5 8;8 =07=0G05<>5 B@5B59A:8< AC4L59, 4>;6=> 1KBL A?>A>1=> >15A?5G8BL 15A?@8AB@0AB=>5 @07@5H5=85 A?>@=>3> ?@02>>B=>H5=8O. "@5B59A:89 AC4LO =5 4>;65= 1KBL ?@O<> 8;8 :>A25==> 708=B5@5A>20= 2 8AE>45 @0AA<0B@8205<>3> 45;0, 4>;65= 1KBL =57028A8< 8 <0B5@80;L=>, 8 2 4>;6=>AB=>< >B=>H5=88 >B AB>@>= A?>@=>3> ?@02>>B=>H5=8O. @><5 B>3>, 2 :><<5=B8@C5<>9 G0AB8 A>45@68BAO 206=>5 B@51>20=85 > B><, GB> 3@0640=8=, 8718@05<K9 8;8 =07=0G05<K9 B@5B59A:8< AC4L59, 4>;65= 40BL A>3;0A85 =0 8A?>;=5=85 ?>4>1=KE >1O70==>AB59. 0: ?@54AB02;O5BAO, C:070==>5 A>3;0A85 4>;6=> 1KBL 2K@065=> 2 ?@>AB>9 ?8AL<5==>9 D>@<5 2 :064>< :>=:@5B=>< A;CG05 ?@8 871@0=88 (=07=0G5=88) 3@0640=8=0 B@5B59A:8< AC4L59 8 ?@8>1I0BLAO : <0B5@80;0< @0AA<0B@8205<>3> 45;0. >6=> 4>?CAB8BL, GB> 2 ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 ?@8 871@0=88 (=07=0G5=88) B@5B59A:>3> AC4L8 87 A?8A:0 B@5B59A:8E AC459 40==>3> B@5B59A:>3> AC40, 4>?>;=8B5;L=>3> ?8AL<5==>3> A>3;0A8O >B ?@5B5=45=B0 <>6=> 8 =5 B@51>20BL, B. :. >= 2 A2>5 2@5<O 4020; A>3;0A85 =0 2:;NG5=85 2 MB>B A?8A>:. 4=0:>, A0< ?> A515 D0:B A>3;0A8O =0 2:;NG5=85 2 A?8A>: B@5B59A:8E AC459 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, =0 =0H 273;O4, =5 <>65B B>;:>20BLAO @0AH8@8B5;L=> 8 =5 4>;65= ;8H0BL ?>4>1=>3> :0=4840B0 2 B@5B59A:85 AC4L8 2>7<>6=>AB8 >B:070BLAO >B 2K?>;=5=8O >1O70==>AB59 B@5B59A:>3> AC4L8 ?> :>=:@5B=><C 45;C. AB@51>20=85 ?8AL<5==>3> A>3;0A8O :0=4840B0 =0 @>;L B@5B59A:>3> AC4L8 405B 5<C 2>7<>6=>ABL >D8F80;L=> A>3;0A8BLAO, ;81> 70O28BL A0<>>B2>4 ?@8 =0;8G88 >A=>20=89, C:070==KE 2 :><<5=B8@C5<>9 AB0BL5.  G0AB8 2B>@>9 :><<5=B8@C5<>9 AB0BL8 A>45@68BAO ?@8=F8?80;L=> =>2>5 8 206=>5 B@51>20=85 : :0=4840BC@5 B@5B59A:>3> AC4L8 - =0;8G85 N@848G5A:>3> (8 =5 ?@>AB> N@848G5A:>3>, 0 8A:;NG8B5;L=> 2KAH53>) >1@07>20=8O. 2545=85 40==>3> :@8B5@8O, :0: ?@54AB02;O5BAO, >1CA;>2;5=> B5<, GB> >A=>20=8O<8 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40, 0 B0:65 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 53> 8A?>;=5=85 2 A>>B25BAB288 A> AB. AB. 47 8 53 0:>=0 O2;ONBAO A;CG08 =0@CH5=8O ?@>F54C@=KE ?@028;, 4;O ?@028;L=>3> A>1;N45=8O :>B>@KE B@51C5BAO A?5F80;L=>5 N@848G5A:>5 >1@07>20=85. "0:8< >1@07><, 2 A>>B25BAB288 A 459AB2CNI8< 70:>=>40B5;LAB2>< B@5B59A:89 AC4LO, @0AA<0B@820NI89 45;> 548=>;8G=>, 4>;65= 8<5BL 2KAH55 N@848G5A:>5 >1@07>20=85.  A;CG05 :>;;5380;L=>3> @0AA<>B@5=8O 45;0 ?>4>1=>5 B@51>20=85 2 >1O70B5;L=>< ?>@O4:5 @0A?@>AB@0=O5BAO =0 ?@54A540B5;O A>AB020 B@5B59A:>3> AC40.  0170F0E 2B>@><-G5B25@B>< G0AB8 G5B25@B>9 =0AB>OI59 AB0BL8 C:070=K >A=>20=8O, 70?@5I0NI85 2K18@0BL (=07=0G0BL) B@5B59A:8E AC459 87 G8A;0 =5455A?>A>1=KE, AC48<KE, 8;8 48A:@548B8@>202H8E A51O 1K2H8E A>B@C4=8:>2 ?@02>>E@0=8B5;L=KE >@30=>2, AC459 8 4@. -B8 >A=>20=8O >?@545;5=K G5B:> 8 ?>=OB=>, => A :0B53>@859 ;8F (0170F ?OBK9 G0AB8 G5B25@B>9), :>B>@K5 2 A>>B25BAB288 A 8E 4>;6=>AB=K< AB0BCA>< =5 <>3CB 1KBL B@5B59A:8<8 AC4LO<8 2>?@>A @5H05BAO 4>AB0B>G=> A;>6=>.  A>>B25BAB288 A 70:>=0<8 #7 45?CB0BK, AC4L8, ?@>:C@>@K, 4>;6=>AB=K5 ;8F0 3>AC40@AB25==KE >@30=>2 C?@02;5=8O =5 <>3CB 70=8<0BLAO ?@54?@8=8<0B5;LA:>9 8;8 :0:>9-;81> 4@C3>9 45OB5;L=>ABLN, 70 8A:;NG5=85< =0CG=>9 8 ?5403>38G5A:>9. !;>6=>ABL 2 B><, GB> 2 A2O78 A >BACBAB285< 2 @5A?C1;8:0=A:>< 70:>=>40B5;LAB25 0:>=0 > 3>AC40@AB25==KE A;C60I8E >G5=L B@C4=> >?@545;8BL AB0BCA 3>AG8=>2=8:0, :><C 70?@5I5=> 1KBL B@5B59A:8< AC4L59. >=OB=>, GB> <8=8AB@ 8 4@C385 :@C?=K5 G8=>2=8:8 =5 4>;6=K 2KABC?0BL 2 @>;8 B@5B59A:8E AC459 2 A8;C A2>53> ?>;>65=8O, => G8=>2=8:8 =52KA>:>3> @0=30 (45;>?@>872>48B5;L, A?5F80;8AB 8 B.4.) 2?>;=5 <>3CB 2KABC?0BL 2 @>;8 B@5B59A:8E AC459. > MB> ?> ;>38:5 A0<>3> 0:>=0. > 53> <>3CB B@0:B>20BL 8 ?>-4@C3><C, B.:. 0170F ?OBK9 G0AB8 G5B25@B>9 40==>9 AB0BL8 =5:>=:@5B5= 8 <>65B 2K720BL @07;8G=K5 :><<5=B0@88.  70:;NG5=85 A;54C5B >B<5B8BL, GB> =0 =0H 273;O4 ?@8 871@0=88 (=07=0G5=88) 3@0640=8=0 2 :0G5AB25 B@5B59A:>3> AC4L8, ?>A;54=89, ?@8 40G5 A>3;0A8O =0 8A?>;=5=85 >1O70==>AB59 ?> @07@5H5=8N A?>@=>3> ?@02>>B=>H5=8O, 4>;65= A>>1I8BL >1 >BACBAB288 C =53> >A=>20=89, ?@5?OBAB2CNI8E 2 A>>B25BAB288 A :><<5=B8@C5<K<8 ?C=:B0<8 >ACI5AB2;5=8N DC=:F89 B@5B59A:>3> AC4L8.  ?@8 =0;8G88 B0:8E >A=>20=89 ?@5B5=45=B 2 B@5B59A:85 AC4L8 >1O70= 70O28BL A0<>>B2>4. !B0BLO 15. $>@<8@>20=85 A>AB020 B@5B59A:>3> AC40 $>@<8@>20=85 A>AB020 B@5B59A:>3> AC40 ?@>872>48BAO ?CB5< 871@0=8O (=07=0G5=8O) B@5B59A:8E AC459 (B@5B59A:>3> AC4L8).  ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 B@5B59A:85 AC4L8 8718@0NBAO (=07=0G0NBAO) 87 G8A;0 AC459, 2:;NG5==KE 2 A?8A>: B@5B59A:8E AC459, CB25@645==K9 N@848G5A:8< ;8F><, >1@07>202H8< 40==K9 B@5B59A:89 AC4. A;8 AB>@>=0 B@5B59A:>3> A>3;0H5=8O =5 8718@05B B@5B59A:>3> AC4LN (B@5B59A:8E AC459) 2 B5G5=85 ?OB=04F0B8 4=59 A <><5=B0 ?>;CG5=8O ?@>AL1K >1 MB>< >B 4@C3>9 AB>@>=K B@5B59A:>3> A>3;0H5=8O, 8;8 5A;8 AB>@>=K B@5B59A:>3> A>3;0H5=8O =5 4>3>2>@OBAO > 2K1>@5 B@5B59A:>3> AC4L8 (?@8 @0718@0B5;LAB25 A?>@0 B@5B59A:8< AC4L59 548=>;8G=>), 8;8 5A;8 B@5B59A:85 AC4L8 2 B5G5=85 ?OB=04F0B8 4=59 A <><5=B0 8E 871@0=8O =5 4>3>2>@OBAO > =07=0G5=88 ?@54A540B5;LAB2CNI53> B@5B59A:>3> AC4L8, B> 8E =07=0G5=85 ?@>872>48BAO ?@54A540B5;5< ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 2 45AOB84=52=K9 A@>: ?> ?@>AL15 >4=>9 87 AB>@>= B@5B59A:>3> A>3;0H5=8O. > 2@5<5==>< B@5B59A:>< AC45 B@5B59A:85 AC4L8 8718@0NBAO AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O. A;8 AB>@>=0 B@5B59A:>3> A>3;0H5=8O =5 8718@05B B@5B59A:>3> AC4LN (B@5B59A:8E AC459) 2 B5G5=85 ?OB=04F0B8 4=59 A <><5=B0 ?>;CG5=8O ?@>AL1K >1 MB>< >B 4@C3>9 AB>@>=K B@5B59A:>3> A>3;0H5=8O, 8;8 5A;8 AB>@>=K B@5B59A:>3> A>3;0H5=8O =5 4>3>2>@OBAO > 2K1>@5 B@5B59A:>3> AC4L8 (?@8 @0718@0B5;LAB25 A?>@0 B@5B59A:8< AC4L59 548=>;8G=>), 8;8 5A;8 B@5B59A:85 AC4L8 2 B5G5=85 ?OB=04F0B8 4=59 A <><5=B0 8E 871@0=8O =5 4>3>2>@OBAO > =07=0G5=88 ?@54A540B5;LAB2CNI53> B@5B59A:>3> AC4L8, B> A?>@ ?5@5405BAO =0 @07@5H5=85 2 :><?5B5=B=K9 AC4. @8 MB>< 459AB285 B@5B59A:>3> A>3;0H5=8O ?@5:@0I05BAO. '8A;> B@5B59A:8E AC459 4>;6=> 1KBL =5G5B=K<. !B>@>=K B@5B59A:>3> A>3;0H5=8O <>3CB ?> A2>5<C CA<>B@5=8N >?@545;OBL G8A;> B@5B59A:8E AC459, A>3;0A>2K20BL ?>@O4>: D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40 ?@8 A>1;N45=88 ?>;>65=89 =0AB>OI59 AB0BL8. A;8 AB>@>=K B@5B59A:>3> A>3;0H5=8O =5 >?@545;OB G8A;> B@5B59A:8E AC459, B> A>AB02 B@5B59A:>3> AC40 D>@<8@C5BAO 87 B@5E B@5B59A:8E AC459. @8 B@5B59A:>< @0718@0B5;LAB25 :>;;5380;L=K< A>AB02>< B@5B59A:>3> AC40 :0640O AB>@>=0 B@5B59A:>3> A>3;0H5=8O 8718@05B @02=>5 :>;8G5AB2> B@5B59A:8E AC459, 8 871@0==K5 B0:8< >1@07>< B@5B59A:85 AC4L8 =07=0G0NB 4@C3>3> B@5B59A:>3> AC4LN - ?@54A540B5;LAB2CNI53>. ><<5=B8@C5<0O AB0BLO 8<55B >G5=L 206=>5 8 ?@8=F8?80;L=>5 7=0G5=85, >=0 >?@545;O5B ?>@O4>: D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40, GB> O2;O5BAO >A=>2>?>;030NI8< =0G0;>< B@5B59A:>3> @0718@0B5;LAB20.  G0AB8 ?5@2>9 :><<5=B8@C5<>9 AB0BL8 >?8A0= >A=>2=>9 :@8B5@89 D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40, :>B>@K9 70:;NG05BAO 2 B><, GB> B@5B59A:85 AC4L8 (AC4LO) 4;O @07@5H5=8O :>=:@5B=>3> A?>@0 8718@0NBAO (=07=0G0NBAO) A?>@OI8<8 AB>@>=0<8.  MB>< :@8B5@88 70:;NG05BAO 3;02=>5 4>AB>8=AB2> B@5B59A:>3> @0718@0B5;LAB20 - A2>1>40 2K1>@0, :>B>@0O ?>72>;O5B A?>@OI8< AB>@>=0< 2K1@0BL (=07=0G8BL) B@5B59A:>3> AC4LN, :>B>@><C >=8 4>25@ONB, 8AE>4O 87 ?@>D5AA8>=0;L=KE 8 8=KE :0G5AB2 B@5B59A:>3> AC4L8. '0ABL 2B>@0O AB0BL8 ?@O<> C:07K205B, GB> AB>@>=K <>3CB 871@0BL B@5B59A:8E AC459 B>;L:> 87 A?8A:0 B@5B59A:8E AC459, :>B>@K9 1K; CB25@645= N@848G5A:8< ;8F><, >1@07>202H8< AC4. -B> ?>;>65=85 0:>=0 #7 " B@5B59A:8E AC40E" :>@5==K< >1@07>< >B;8G05BAO >B ?>;>65=8O "8?>2>3> 0:>=0 .!" , 345 AB>@>=0< ?@54>AB02;O5BAO 2>7<>6=>ABL 2K1>@0 B@5B59A:8E AC459 ?> A2>5<C CA<>B@5=8N, ;81> 87 A?8A:0, ;81> 871@0BL ;N1>5 4@C3>5 ;8F>, :>B>@>3> =5B 2 A?8A:5 B@5B59A:8E AC459 MB>3> AC40. >MB><C ?@8 A>AB02;5=88 A?8A:0 B@5B59A:8E AC459, N@848G5A:>5 ;8F>, >1@07CNI55 B@5B59A:89 AC4, 4>;6=> 2:;NG8BL 2 =53> 1>;LH5 A?5F80;8AB>2 @07=>3> ?@>D8;O, CG8BK20O B> >1AB>OB5;LAB2>, GB> 2K1>@ AC459, A>3;0A=> :><<5=B8@C5<>9 AB0BL8, 1C45B >3@0=8G5= C:070==K< A?8A:><. @><5 B>3>, @5:><5=4C5< N@848G5A:><C ;8FC, >1@07>202H5<C B@5B59A:89 AC4 2@5<O >B 2@5<5=8 >1=>2;OBL 8;8 4>?>;=OBL A?8A:8 A C254><;5=85< >1 MB>< >@30=>2 NAB8F88. A;8 65 AB>@>=0 =5 8718@05B B@5B59A:>3> AC4LN (8<55BAO 2 284C 55 C:;>=5=85 >B 2K1>@0 AC4L8 ?> =5C2068B5;L=K< ?@8G8=0<, 5A;8 65 ?@8G8=K C2068B5;L=K5 - 1>;57=L, :><0=48@>2:0 8 B.4., B> AC4 2?@025 ?@54>AB028BL 4>?>;=8B5;L=K9 @07C<=K9 A@>: AB>@>=5 4;O 2K1>@0 AC4L8), B> ?> 8AB5G5=88 15 4=52=>3> A@>:0 B@5B59A:>3> AC4LN =07=0G8B 2 B5G5=85 10 4=59 @54A540B5;L ?>AB>O==> 459AB2CNI53> AC40. "0:0O 65 ?@>F54C@0 8 B5 65 A@>:8 ?@8<5=ONBAO 8 2 A;CG05, 5A;8 871@0==K5 AB>@>=0<8 AC4L8 =5 <>3CB 4>3>2>@8BLAO > =07=0G5=88 ?@54A540B5;LAB2CNI53> B@5B59A:>3> AC4L8. ><<5=B8@C5<K5 ?>;>65=8O O2;ONBAO =5A><=5==>9 C40G59 70:>=>40B5;O, B.:. 8A:;NG0NB 2>7<>6=>ABL 4;O =54>1@>A>25AB=>9 AB>@>=K C:;>=8BLAO >B @0AA<>B@5=8O A?>@0 2 B@5B59A:>< AC45. '0ABLN B@5BL59 :><<5=B8@C5<>9 AB0BL8 CAB0=>2;5=>, GB> D>@<8@>20=85 2@5<5==>3> B@5B59A:>3> AC40 4;O @07@5H5=8O :>=:@5B=>3> A?>@0 (B0: =07K205<>3> @07>2>3> B@5B59A:>3> AC40 ("ad hoc")), ?@>872>48BAO 2 B>< 65 ?>@O4:5, GB> 8 2 ?>AB>O==>< B@5B59A:>< AC45, 70 8A:;NG5=85< B>3>, GB> AB>@>=K =5 A2O70=K A?8A:>< B@5B59A:8E AC459, 8 2K18@0NB AC459 ?> A2>5<C CA<>B@5=8N. #G8BK20O 87;>65==>5, AB>@>=0<, >1@07CNI8< 2@5<5==K9 B@5B59A:89 AC4, =5>1E>48<> CG5ABL, GB> 2 B@5B59A:>9 >3>2>@:5 ;81> A>3;0H5=88 4>;6=K 1KBL G5B:> @0A?8A0=K: - ?@>F54C@0 @07@5H5=8O A?>@0; - <5AB> @07@5H5=8O A?>@0; - ?>@O4>: D>@<8@>20=8O AC40; - @07<5@K AC451=KE @0AE>4>2; - 04<8=8AB@8@CNI89 >@30= 8;8 >@30=870F8O, 0 B0:65 4@C385 CA;>28O, :>B>@K5 =5>1E>48<K 4;O =>@<0;L=>3> 2K?>;=5=8O DC=:F89 B@5B59A:>3> AC40. 0 ?@0:B8:5 AB>@>=K A>3;0A>2K20NB ?@>F54C@C D>@<8@>20=8O 2@5<5==>3> B@5B59A:>3> AC40, 2 A>>B25BAB288 A> AB. 15 0:>=0 " B@5B59A:8E AC40E". 4=0:>, 5A;8 AB>@>=K @5H8;8 A0<8 CAB0=>28BL ?>@O4>: D>@<8@>20=8O 2@5<5==>3> B@5B59A:>3> AC40, B> 2 B@5B59A:>< A>3;0H5=88 AB>@>=0< =5>1E>48<> >3>2>@8BL B0:>9 ?>@O4>: D>@<8@>20=8O A>AB020 2@5<5==>3> B@5B59A:>3> AC40 "ad hoc", :>B>@K9 1K ?>72>;8; @07@5H8BL A?>@ ?> ACI5AB2C 8<5==> 2 B@5B59A:>< AC45, B0: :0: ;N1>9 =54>G5B 2 MB>< ?>@O4:5 ?@82545B : =5459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O. A;8 65 AB>@>=K 2@5<5==>3> B@5B59A:>3> AC40 =5 <>3CB 871@0BL AC4LN (AC459), 8;8 871@0==K5 AC4L8 =5 A<>3CB 871@0BL ?@54A540B5;LAB2CNI53>, B> A?>@ ?5@5405BAO 2 :><?5B5=B=K9 (3>AC40@AB25==K9) AC4 (745AL >B;8G85 >B ?@>F54C@K ?>AB>O==> 459AB2CNI53> AC40, 345 AC459 2 B0:8E A;CG0OE =07=0G05B @54A540B5;L ?>AB>O==>3> B@5B59A:>3> AC40). "0:65 >G5=L 206=> A>3;0A>2K20BL 4> @0AA<>B@5=8O 45;0 2> 2@5<5==>< B@5B59A:>< AC45 2>?@>AK 04<8=8AB@8@>20=8O 2@5<5==>3> B@5B59A:>3> AC40, :>B>@K5 2:;NG0NB 2 A51O 2>?@>AK >15A?5G5=8O AC40 ?><5I5=85<, CA;C30<8 A5:@5B0@O, ?5@52>4G8:0 8 B. 4. '8A;> AC459 8 2 ?>AB>O==>< 8 2> 2@5<5==>< B@5B59A:>< AC45 4>;6=> 1KBL =5G5B=K<. -B> <>65B 1KBL >48= AC4LO, B@8, ?OBL 8 B0: 40;55. 0@C156=0O 8 >B5G5AB25==0O ?@0:B8:0 ?>:07K20NB, GB> 2 1>;LH8=AB25 A;CG052 8718@0NBAO B@>5 AC459. !B0BLO 16. B2>4 B@5B59A:>3> AC4L8 B2>4 B@5B59A:><C AC4L5 <>65B 1KBL 70O2;5= AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20 2 A;CG0OE =5A>1;N45=8O B@51>20=89, ?@54CA<>B@5==KE AB0BL59 14 =0AB>OI53> 0:>=0. 8F>, : :>B>@><C >1@0B8;8AL 2 A2O78 A 53> 2>7<>6=K< 871@0=85< (=07=0G5=85<) B@5B59A:8< AC4L59, 4>;6=> A>>1I8BL AB>@>=0< B@5B59A:>3> A>3;0H5=8O > =0;8G88 >1AB>OB5;LAB2, O2;ONI8EAO >A=>20=85< 4;O 53> >B2>40.  A;CG05 5A;8 MB8 >1AB>OB5;LAB20 2>7=8:;8 2> 2@5<O B@5B59A:>3> @0718@0B5;LAB20, B@5B59A:89 AC4LO 4>;65= 157 ?@><54;5=8O A>>1I8BL >1 MB>< AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 8 70O28BL A0<>>B2>4. !B>@>=K B@5B59A:>3> @0718@0B5;LAB20 <>3CB 70O28BL >B2>4 871@0==><C (=07=0G5==><C) B@5B59A:><C AC4L5 B>;L:> 2 A;CG05, 5A;8 >1AB>OB5;LAB20, O2;ONI85AO >A=>20=85< 4;O 53> >B2>40, AB0;8 8< 8725AB=K ?>A;5 871@0=8O (=07=0G5=8O) >B2>48<>3> B@5B59A:>3> AC4L8. '0ABL ?5@20O :><<5=B8@C5<>9 AB0BL8 =>A8B >BAK;>G=K9 E0@0:B5@, B.:. >A=>20=8O : >B2>4C >?@545;5=K AB. 14 0:>=0. "@51>20=8O : B@5B59A:><C AC4L5, C:070==K5 2 AB. 14 0:>=0, :0A0NBAO >1@07>20=8O 8 :20;8D8:0F88, CAB0=>2;5==KE A>3;0H5=85< AB>@>=, =57028A8<>AB8 AC459 >B AB>@>=, A?>A>1=>AB8 >15A?5G8BL 15A?@8AB@0AB=>5 @07@5H5=85 A?>@0, >BACBAB28O ?@O<>9 8;8 :>A25==>9 708=B5@5A>20==>AB8 2 8AE>45 45;0 8 B. 4. @8 MB>< A><=5=8O 2 A?>A>1=>AB8 >15A?5G8BL 15A?@8AB@0AB=>5 @07@5H5=85 A?>@0 <>3CB 2>7=8:=CBL, =0?@8<5@, 5A;8 B@5B59A:89 AC4LO O2;O5BAO @>4AB25==8:>< ;8F0, CG0AB2CNI53> 2 45;5 8;8 53> ?@54AB028B5;O. >4AB2> B@048F8>==> >?@545;O5BAO :0: A2O7L <564C ;N4L<8, >A=>20==0O =0 ?@>8AE>645=88 >4=>3> ;8F0 >B 4@C3>3> 8;8 @07=KE ;8F >B >1I53> ?@54:0 8 =0 1@0G=>-A5<59=KE >B=>H5=8OE.  @>4AB25==8:0< >B=>AOBAO 45B8, @>48B5;8, CAK=>28B5;8, CAK=>2;5==K5, @>4=K5 1@0BLO 8 A5AB@K, 454CH:8, 101CH:8, 2=C:8, AC?@C38, 4O48, B5B8, <0G5E0, >BG8<, 0 B0:65 2KH5C:070==K5 @>4AB25==8:8 AC?@C3>2. 5>1E>48<> >B<5B8BL, GB> A0< ?> A515 D0:B @>4AB20 =5 O2;O5BAO >A=>20=85< 4;O >B2>40. B2>4 ?> MB>9 ?@8G8=5 <>65B 8 4>;65= 1KBL C4>2;5B2>@5= B>;L:> B>340, :>340 @>4AB2> =5 ?>72>;O5B >15A?5G8BL 15A?@8AB@0AB=>5 @07@5H5=85 A?>@0, CAB0=02;8205B =0;8G85 ?@O<>9 8;8 :>A25==>9 708=B5@5A>20==>AB8 8;8 7028A8<>ABL >B >4=>9 87 AB>@>=. @O<0O 8;8 :>A25==0O 708=B5@5A>20==>ABL 8;8 =0;8G85 8=KE >1AB>OB5;LAB2, 2K7K20NI8E A><=5=85 2 15A?@8AB@0AB=>AB8 AC4L8, >7=0G0NB, =0?@8<5@, =0;8G85 B@C4>2>9, >@30=870F8>==>9 8;8 8=>9 7028A8<>AB8 AC4L8 >B AB>@>=K 2 A?>@5 8;8 55 ?@54AB028B5;O. #G8BK20O, GB> B@5B59A:>5 @0718@0B5;LAB2> >A=>20=> =0 4>25@88 AB>@>=, ;N1K5 A><=5=8O 2 15A?@8AB@0AB=>AB8 AC4L8 4>;6=K B@0:B>20BLAO 2 ?>;L7C 70O28B5;O >B2>40. I5 >4=8< >A=>20=85< 4;O >B2>40 AC4L8 O2;O5BAO =5A>1;N45=85 B@51>20=89 : 53> :20;8D8:0F88, CAB0=>2;5==KE =0AB>OI8< 0:>=><, ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8;8 A>3;0H5=85< AB>@>=. 0?@8<5@, ?@028;0<8 <=>38E B@5B59A:8E AC4>2 CAB0=>2;5=K 1>;55 65AB:85 B@51>20=8O : :20;8D8:0F88 B@5B59A:>3> AC4L8, G5< CAB0=>2;5==K5 0:>=><.  MB>< A;CG05 =5A>>B25BAB285 @028;0< B@5B59A:>3> AC40 8;8 B@51>20=8O< AB>@>= :20;8D8:0F88 B@5B59A:>3> AC4L8, 2 A8;C G0AB8 B@5BL59 AB. 14 405B >A=>20=85 4;O >B2>40 AC4L8. 0==>9 AB0BL59 >E20BK20NBAO ;8HL A;CG08, :>340 :0=4840BC@0 AC4L8 =5 A>>B25BAB2C5B B@51>20=8O< AB. 14 0:>=0, B.5. =0@CH5=K B@51>20=8O : A0<>9 :0=4840BC@5, => >=0 =5 >E20BK205B A;CG08, :>340 :0=4840BC@0 B@5B59A:>3> AC4L8 A>>B25BAB2C5B MB8< B@51>20=8O<, => 55 =07=0G5=85 (871@0=85) 1K;> ?@>872545=> A =0@CH5=85< 0:>=0 8;8 @53;0<5=B0 B@5B59A:>3> AC40. (0?@8<5@, 2A5 AC4L8 =07=0G5=K ?@54A540B5;5< B@5B59A:>3> AC40 157 A>3;0A8O AB>@>=). 0==0O =>@<0 O2;O5BAO 8<?5@0B82=>9, 0 ?>B><C =5 4>?CA:05B @0AH8@8B5;L=>3> B>;:>20=8O 8 22545=8O @53;0<5=B0<8 8=KE >A=>20=89 : >B2>4C, G5< B5, :>B>@K5 C:070=K 2 AB. 14 0:>=0. !;54>20B5;L=>, ?>;>65=8O @53;0<5=B>2, ?@54CA<0B@820NI85 8=K5 >A=>20=8O 4;O >B2>40, =5 ?@54CA<>B@5==K5 0:>=><, O2;ONBAO =5459AB28B5;L=K<8. @54>AB02;5=85 AB>@>=0< ?@020 >B2>40 AC4L8 2 7=0G8B5;L=>9 <5@5 ?@8720=> 30@0=B8@>20BL 15A?@8AB@0AB=>ABL B@5B59A:>3> @0718@0B5;LAB20 8 @02=>?@0285 AB>@>=. 1O70==>ABL >BA;56820=8O >A=>20=89 4;O >B2>40 0:>= 2>7;0305B :0: =0 A0<8E B@5B59A:8E AC459, B0: 8 =0 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20. >A:>;L:C AB. 16 CAB0=02;8205B >A=>20=8O 4;O >B2>40, AB>@>=0, 70O2;ONI0O >B2>4, >1O70=0 53> <>B828@>20BL. !;54>20B5;L=>, =5<>B828@>20==K9 >B2>4 8A:;NG05BAO. @8 MB><, A0<> ?> A515 =0;8G85 70O2;5=8O >1 >B2>45 8;8 A0<>>B2>45 =5 >7=0G05B >BAB@0=5=85 AC4L8 >B CG0AB8O 2 @07@5H5=88 A?>@0. 0: >B2>4, B0: 8 A0<>>B2>4 ?>4;560B C4>2;5B2>@5=8N (8;8 =5C4>2;5B2>@5=8N) ?> @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O >1 >B2>45 (A0<>>B2>45). >7=8:05B 2>?@>A: 5A;8 70O2;5=85 >1 >B2>45 (A0<>>B2>45) AC4L8 =5 1C45B C4>2;5B2>@5=>, O2;O5BAO ;8 MB> >A=>20=85< 4;O >B<5=K @5H5=8O 8;8 >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0? A;8 =5 A>1;N45=K B@51>20=8O AB. 14, B> =5 8<55B 7=0G5=8O, 1K; ;8 70O2;5= >B2>4 (A0<>>B2>4) 8;8 =5B. ;8 :>340 >= 1K; 70O2;5=, => >AB0;AO 157 C4>2;5B2>@5=8O, B> 2 A8;C AB. 47, MB> <>65B A;C68BL >A=>20=85< 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 (AB. 53 0:>=0), => ?@8 CA;>288, GB> AB>@>=0, >A?0@820NI0O @5H5=85 8;8 2>7@060NI0O ?@>B82 53> 2K40G8, 4>:065B =0;8G85 MB8E >1AB>OB5;LAB2. ">B D0:B, GB> >B2>4 =5 1K; 70O2;5= 8;8 GB> 2 C4>2;5B2>@5=88 >B2>40 (A0<>>B2>40) 1K;> >B:070=>, ?@8 MB>< =5 ACI5AB25=, ?>A:>;L:C AC4LO >1O70= 1K; 70O28BL A0<>>B2>4, 0 ;8F0, 53> @0AA<0B@820NI55, >1O70=K 1K;8 53> C4>2;5B2>@8BL. !>>B25BAB25==>, >15 AB>@>=K 8, 2 ?5@2CN >G5@54L, A0< B@5B59A:89 AC4, 4>;6=K 701>B8BLAO > B><, GB>1K A>AB02 B@5B59A:>3> AC40 ?>;=>ABLN A>>B25BAB2>20; B@51>20=8O< =0AB>OI53> 0:>=0 8 A>3;0H5=8N AB>@>= (2:;NG0O ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40). !;54C5B >B<5B8BL, GB> ?@8 D>@<8@>20=88 A>AB020 B@5B59A:>3> AC40 <>3CB 2>9B8 2 ?@>B82>@5G85 ?@02> =0 2K1>@ AC4L8 8 ?@02> =0 >B2>4. -B0 :>;;878O @07@5H5=0 2 G0AB8 B@5BL59 =0AB>OI59 AB0BL8. !B>@>=0, 871@02H0O B@5B59A:>3> AC4LN, 8<55B ?@02> =0 53> >B2>4, B>;L:> 5A;8 =5 7=0;0 >1 >1AB>OB5;LAB20E, A;C60I8E >A=>20=85< 4;O 53> >B2>40. 4=0:>, 5A;8 >=0 7=0;0 > =8E 2 <><5=B 2K1>@0, B> >=0 =5 8<55B ?@020 =0 >B2>4. %>BO, MB> 2@O4 ;8 871028B AC4 >B C3@>7K >B<5=K @5H5=8O B@5B59A:>3> AC40 ?> MB><C >A=>20=8N, ?>A:>;L:C AC4LO A0< 4>;65= 1K; 70O28BL A0<>>B2>4.  MB>< A;CG05, :><?5B5=B=K9 AC4 4>;65= 1C45B >F5=8BL, ?@825;> ;8 MB> =0@CH5=85 : ?@8=OB8N =570:>==>3> @5H5=8O 2 >B=>H5=88 AB>@>=K, :>B>@0O =5 2K18@0;0 MB>3> AC4LN. !B0BLO 17. >@O4>: >B2>40 B@5B59A:>3> AC4L8  ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 ?@>F54C@0 >B2>40 B@5B59A:>3> AC4L8 <>65B 1KBL >?@545;5=0 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. > 2@5<5==>< B@5B59A:>< AC45 ?@>F54C@0 >B2>40 B@5B59A:>3> AC4L8 <>65B 1KBL A>3;0A>20=0 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20. A;8 ?@>F54C@0 >B2>40 B@5B59A:>3> AC4L8 =5 >?@545;5=0 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8;8 =5 A>3;0A>20=0 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, B> ?8AL<5==>5 70O2;5=85 >1 >B2>45 B@5B59A:>3> AC4L8 A C:070=85< ?@8G8= >B2>40 4>;6=> 1KBL ?>40=> AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20 A>AB02C B@5B59A:>3> AC40. "@5B59A:89 AC4LO, :>B>@><C 70O2;5= >B2>4, 4> @0AA<>B@5=8O 2>?@>A0 >1 >B2>45 2?@025 40BL A2>8 >1JOA=5=8O. A;8 B@5B59A:89 AC4LO, :>B>@><C 70O2;5= >B2>4, =5 15@5B A0<>>B2>4 8;8 4@C30O AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 =5 A>3;0A=0 A >B2>4>< B@5B59A:>3> AC4L8, B> 2>?@>A >1 >B2>45 B@5B59A:>3> AC4L8 @07@5H05BAO 4@C38<8 B@5B59A:8<8 AC4LO<8, 2E>4OI8<8 2 A>AB02 B@5B59A:>3> AC40. @8 @02=>< G8A;5 3>;>A>2, ?>40==KE 70 >B2>4 8 ?@>B82 >B2>40, B@5B59A:89 AC4LO AG8B05BAO >B2545==K<. >?@>AK >1 >B2>45, 70O2;5==>< 2A5<C A>AB02C B@5B59A:>3> AC40, @07@5H0NBAO MB8< 65 A>AB02>< B@5B59A:>3> AC40 ?@>ABK< 1>;LH8=AB2>< 3>;>A>2, 0 >1 >B2>45 B@5B59A:>3> AC4L8, @0AA<0B@820NI53> A?>@ 548=>;8G=>, @07@5H0NBAO A0<8< B@5B59A:8< AC4L59. 0:>= ?@54>AB02;O5B AB>@>=0< 8 ?>AB>O==> 459AB2CNI5<C B@5B59A:><C AC4C ?>-A2>5<C CAB0=02;820BL ?@>F54C@C @0AA<>B@5=8O 70O2;5=8O >1 >B2>45 (A0<>>B2>45) (AB. 17). !>>B25BAB25==>, =5 8A:;NG5=K A;CG08, :>340 >B2>48<K9 AC4LO CG0AB2C5B 2 ?@8=OB88 @5H5=8O > A2>5< >B2>45 (2?;>BL 4> B>3>, GB> @5H05B 548=>;8G=>), 0 B0:65 :>340 @5H5=85 MB>3> 2>?@>A0 8A:;NG05BAO 87 :><?5B5=F88 B@5B59A:8E AC459 (=0?@8<5@, CAB0=02;8205BAO, GB> A>3;0A85 4@C3>9 AB>@>=K A 70O2;5==K< >B2>4>< >7=0G05B 53> C4>2;5B2>@5=85). ><<5=B8@C5<0O AB0BLO =5 A>45@68B :@09=5 206=>3> ?>;>65=8O > A@>:0E 70O2;5=8O >B2>40. >;0305<, GB> AB>@>=K 4>;6=K 1KBL C254><;5=K AC4>< > A>AB025 AC40 :0: <8=8<C< 70 10 4=59 4> ?5@2>3> AC451=>3> 70A540=8O, GB> 40AB 8< 2>7<>6=>ABL 2>A?>;L7>20BLAO ?@02>< >B2>40 4> ?5@2>3> AC451=>3> 70A540=8O.  ?@>B82=>< A;CG05 <>65B 1KBL =0@CH5=> 8E ?@02> =0 >B2>4 AC4L8.  A>60;5=8N, 70:>= =5 C@53C;8@>20; ?>A;54AB28O ?@>?CA:0 A@>:0 =0 70O2;5=85 >B2>40.  A;CG05 ?@>?CA:0 MB>3> A@>:0 B@5B59A:89 AC4 4>;65= 1C45B @C:>2>4AB2>20BLAO ?@8=F8?0<8 B@5B59A:>3> @0718@0B5;LAB20 8 >1I8<8 ?@8=F8?0<8 ?@>F5AAC0;L=>3> ?@020. ".5. ?@8 @07@5H5=88 >B2>40, 70O2;5==>3> A ?@>?CA:>< CAB0=>2;5==>3> A@>:0, AC4C A;54C5B 8AA;54>20BL ?@8G8=K MB>3> ?@>?CA:0 (C2068B5;L=K5, =5C2068B5;L=K5), 0 B0:65 =0A:>;L:> C:070==>5 =0@CH5=85 A@>:0 CI5<8B ?@020 AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 8, ?@8 =5>1E>48<>AB8, 2>AAB0=>28BL ?@>?CI5==K9 A@>:. !B0BLO 18. @5:@0I5=85 ?>;=><>G89 B@5B59A:>3> AC4L8 >;=><>G8O B@5B59A:>3> AC4L8 <>3CB 1KBL ?@5:@0I5=K ?> A>3;0H5=8N AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 2 A2O78 A A0<>>B2>4>< 8;8 >B2>4>< B@5B59A:>3> AC4L8 2 A>>B25BAB288 A> AB0BLO<8 14, 16 8 17 =0AB>OI53> 0:>=0, 0 B0:65 2 A;CG05 A<5@B8 B@5B59A:>3> AC4L8. >;=><>G8O B@5B59A:>3> AC4L8 ?@5:@0I0NBAO ?>A;5 ?@8=OB8O @5H5=8O ?> :>=:@5B=><C A?>@C.  A;CG0OE, ?@54CA<>B@5==KE AB0BLO<8 40, 41 8 42 =0AB>OI53> 0:>=0, ?>;=><>G8O B@5B59A:>3> AC4L8 2>7>1=>2;ONBAO, 0 70B5< ?@5:@0I0NBAO ?>A;5 A>25@H5=8O 459AB289, ?@54CA<>B@5==KE C:070==K<8 AB0BLO<8. >4 ?@5:@0I5=85< ?>;=><>G89 B@5B59A:>3> AC4L8 A;54C5B ?>=8<0BL =5 ;8H5=85 53> 2>7<>6=>AB8 1KBL 871@0==K< 2 :0G5AB25 B@5B59A:>3> AC4L8, 0 ;8HL ?@5:@0I5=85 ?>;=><>G89 ?> :>=:@5B=><C A?>@C. -B> 2?>;=5 A>3;0AC5BAO A >?@545;5=85< B@5B59A:>3> AC4L8, 40==K< 2 AB. 3 0:>=0, :>B>@0O >?@545;O5B ?>=OB85 "B@5B59A:89 AC4LO" :0: 3@0640=8=0, 871@0==>3> 8;8 =07=0G5==>3> 4;O @07@5H5=8O A?>@0. "0:8< >1@07><, ?>;=><>G8O AC4L8 ?@5:@0I0NBAO @07@5H5=85< A?>@0 ?> ACI5AB2C 8 <>3CB 1KBL 2>7>1=>2;5=K ;8HL ?@8 2K=5A5=88 4>?>;=8B5;L=>3> @5H5=8O, @07JOA=5=8O @5H5=8O 8;8 ?@8 8A?@02;5=88 >?8A>: 8 0@8D<5B8G5A:8E >H81>: 2K=5A5==>3> @5H5=8O. ><<5=B8@C5<0O AB0BLO 70:@5?;O5B ?@5:@0I5=85 ?>;=><>G89 B@5B59A:>3> AC4L8 B0:65 ?> >A=>20=8O<, A2O70==K< A 53> >B2>4>< (A0<>>B2>4><) 8 A>3;0H5=85< AB>@>=. "0:0O 2>7<>6=>ABL =5>1E>48<0 8 5AB5AB25==0 4;O B@5B59A:8E AC4>2, ?@02><>G8O :>B>@KE ?>;=>ABLN 2KB5:0NB 87 A>3;0H5=8O AB>@>=. 54L 4065 157 A?5F80;L=>3> 70:@5?;5=8O MB>3> ?@020 AB>@>=K 1K;8 2?@025 <5=OBL A2>5 B@5B59A:>5 A>3;0H5=85 (:0: 8 4>3>2>@ 2 F5;><) ;N1K< >1@07><, 2?;>BL 4> 8A:;NG5=8O B@5B59A:>9 >3>2>@:8. !B0BLO 19. 0<5=0 B@5B59A:>3> AC4L8  A;CG05 ?@5:@0I5=8O ?>;=><>G89 B@5B59A:>3> AC4L8 4@C3>9 B@5B59A:89 AC4LO 8718@05BAO (=07=0G05BAO) 2 A>>B25BAB288 A ?@028;0<8, :>B>@K5 ?@8<5=O;8AL ?@8 871@0=88 (=07=0G5=88) 70<5=O5<>3> B@5B59A:>3> AC4L8. 0AB>OI0O AB0BLO ?@8720=0 CAB@0=8BL A8BC0F8N, :>B>@0O 2>7=8:05B ?@8 ?@5:@0I5=88 ?>;=><>G89 AC4L8.  MB>< A;CG05 2K1K2H89 AC4LO 70<5=O5BAO =>2K< A A>1;N45=85< B5E ?@028;, :>B>@K5 ?@8<5=O;8AL ?@8 =07=0G5=88 ?5@2>3>. "> 5ABL, 5A;8 70<5=O5<K9 AC4LO 1K; =07=0G5= :0:>9-;81> AB>@>=>9, B> 8<5==> >=0 4>;6=0 2K1@0BL =>2>3> AC4LN, 5A;8 >= =07=0G5= AC4>< 8;8 871@0= AC4LO<8, B> =>2K9 AC4LO 8718@05BAO 2 B>< 65 ?>@O4:5. >4 ?@028;0<8, ":>B>@K5 ?@8<5=O;8AL ?@8 =07=0G5=88 70<5=O5<>3> AC4L8", A;54C5B ?>=8<0BL =5 B>;L:> (8 =5 AB>;L:>) A>1AB25==> ?@>F54C@C =07=0G5=8O 70<5=O5<>3> AC4L8, A:>;L:> ?@028;0 =07=0G5=8O B@5B59A:8E AC459, ACI5AB2CNI85 2 ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 8;8 CAB0=>2;5==K5 A>3;0H5=85< AB>@>= 2> 2@5<5==>< B@5B59A:>< AC45. !>>B25BAB25==>, MB8 ?@028;0 <>3CB ?@54CA<0B@820BL, =0?@8<5@, 871@0=85 70?0A=>3> AC4L8, :>B>@K9 2 A;CG05 ?@5:@0I5=8O ?>;=><>G89 >A=>2=>3> AC4L8 02B><0B8G5A:8 70<5=O5B 53>. A;8 B0:0O ?@>F54C@0 >BACBAB2C5B, B> ?@>F54C@0 D>@<8@>20=8O A>AB020 AC40 4>;6=0 1KBL ?@>2545=0 2=>2L A A>1;N45=85< 2A5E A@>:>2 8 ?@>F5AAC0;L=KE ?@028;, => A CG5B>< B>3> >1AB>OB5;LAB20, GB> G0AB8G=> AC451=K9 A>AB02 C65 AD>@<8@>20=. >MB><C, >1O70B5;L=K< CA;>285< B0:>9 70<5=K O2;O5BAO C254><;5=85 > =59 2A5E AB>@>= B@5B59A:>3> @0718@0B5;LAB20 4;O @50;870F88 8<8 ?@020 =0 >B2>4 B@5B59A:>3> AC4L8.  4. !%+, !/+ !  ( !   " "! !# !B0BLO 20. !>AB02 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 !B0BLO 21. 07<5@ 3>=>@0@0 B@5B59A:8E AC459 !B0BLO 22. 0A?@545;5=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 !B0BLO 23. 20=A8@>20=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 !B0BLO 20. !>AB02 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, 2:;NG0NB: 3>=>@0@ B@5B59A:8E AC459; @0AE>4K =0 >@30=870F8>==>5, <0B5@80;L=>5 8 8=>5 >15A?5G5=85 B@5B59A:>3> @0718@0B5;LAB20; @0AE>4K, ?>=5A5==K5 B@5B59A:8<8 AC4LO<8 2 A2O78 A CG0AB85< 2 B@5B59A:>< @0718@0B5;LAB25, 2 B>< G8A;5 @0AE>4K =0 >?;0BC ?@>5740 : <5ABC @0AA<>B@5=8O A?>@0; @0AE>4K, ?>=5A5==K5 B@5B59A:8<8 AC4LO<8 2 A2O78 A >A<>B@>< 8 8AA;54>20=85< ?8AL<5==KE 8 25I5AB25==KE 4>:070B5;LAB2 =0 <5AB5 8E =0E>645=8O; AC<<K, ?>4;560I85 2K?;0B5 M:A?5@B0< 8 ?5@52>4G8:0<; @0AE>4K, ?>=5A5==K5 A2845B5;O<8; @0AE>4K =0 >?;0BC CA;C3 ?@54AB028B5;O AB>@>=K B@5B59A:>3> @0718@0B5;LAB20, 2 ?>;L7C :>B>@>9 A>AB>O;>AL @5H5=85 B@5B59A:>3> AC40; 8=K5 @0AE>4K, >?@545;O5<K5 B@5B59A:8< AC4><. A;8 ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20 =5 >?@545;5=>, GB> AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5ACB @0AE>4K, C:070==K5 2 G0AB8 ?5@2>9 =0AB>OI59 AB0BL8, B> B0:85 @0AE>4K 2:;NG0NBAO 2 A>AB02 @0AE>4>2 B@5B59A:>3> AC40.  40==>9 AB0BL5 ?5@5G8A;5=K =081>;55 @0A?@>AB@0=5==K5 284K @0AE>4>2, => MB>B ?5@5G5=L >AB02;5= >B:@KBK< 4;O B@5B59A:>3> AC40 8 =5 O2;O5BAO 8AG5@?K20NI8<. "0:, : 2KH5C:070==K< @0AE>40< <>3CB 1KBL >B=5A5=K 2 :>=:@5B=>< A;CG05 @0AE>4K, A2O70==K5 A ?>;CG5=85< AB>@>=0<8 4>:070B5;LAB2, @0AE>4K, A2O70==K5 A ?@>2545=85< 2K574=>3> 70A540=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, @0AE>4K =0 873>B>2;5=85 AC4>< :>?89 @5H5=89 8 8=KE 4>:C<5=B>2, @0AE>4K ?> >?;0B5 CA;C3 =07=0G0NI53> >@30=0 4;O 2@5<5==KE B@5B59A:8E AC4>2, 4@C385 @0AE>4K, :>B>@K5 B@5B59A:89 AC4 8;8 AB>@>=K <>3CB ?@>8725AB8 2 A2O78 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45. 53C;8@>20=85 2>?@>A0 > @07<5@5 AC451=KE @0AE>4>2 ?>-@07=><C @5H05BAO 2 7028A8<>AB8 >B B>3>, ?>AB>O==> 459AB2CNI89 MB> B@5B59A:89 AC4 8;8 2@5<5==K9 B@5B59A:89 AC4. >A:>;L:C 2@5<5==K9 B@5B59A:89 AC4 =5 O2;O5BAO ?>AB>O==> 459AB2CNI59 AB@C:BC@>9, 0 ;8HL 3@C??>9 D878G5A:8E ;8F, :>B>@K5 A>1@0;8AL 4;O @07@5H5=8O >4=>3> 45;0 ?> 2>;5 AB>@>=, B> 5AB5AB25==>, GB> @5H5=85 2A5E 2>?@>A>2, A2O70==KE A 8E 45OB5;L=>ABLN ?> @07@5H5=8N A?>@0 2>7;0305BAO =0 AB>@>=K. A5 @0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2> 2@5<5==>< B@5B59A:>< AC45, <>3CB >3>20@820BLAO 2 B@5B59A:>< A>3;0H5=88. !>2A5< 8=>5 45;> - ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4. A;8 @028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 =5 >?@545;5=>, GB> AB>@>=K =5ACB @0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, B> B0:85 @0AE>4K 2:;NG0NBAO 2 AC<<C B@5B59A:>3> A1>@0. 57CA;>2=>, >@30=870B>@K ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 CAB0=02;820NB B@5B59A:89 A1>@ 70 @07@5H5=85 A?>@0. 4=0:> 2 AC<<5 C:070==>3> A1>@0 =5 <>3CB 1KBL ?@54CA<>B@5=K 2A5 2>7<>6=K5 @0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45.  A2O78 A G5<, 2 @028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 =5>1E>48<> C:07K20BL ?5@5G5=L @0AE>4>2, :>B>@K5 =5ACB AB>@>=K, =57028A8<> >B C?;0BK B@5B59A:>3> A1>@0. @><5 B>3>, 2 @028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 A;54C5B 4020BL >?@545;5=85 B@5B59A:>3> A1>@0 8 C:07K20BL ?5@5G5=L @0AE>4>2, :>B>@K5 2:;NG0NBAO 2 AC<<C B@5B59A:>3> A1>@0. 0: ?@028;>, 2 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC40E 2 AC<<C B@5B59A:>3> A1>@0 2:;NG0NBAO @0AE>4K ?> >?;0B5 3>=>@0@>2 B@5B59A:8< AC4LO< 8 @0AE>4K =0 >@30=870F8>==>5, <0B5@80;L=>5 8 8=>5 >15A?5G5=85 B@5B59A:>3> @0718@0B5;LAB20. AB0;L=K5 @0AE>4K, >?@545;O5<K5 B@5B59A:8< AC4><, AB>@>=K =5ACB 4>?>;=8B5;L=>. =0;87 ?@0:B8:8 459AB2CNI8E B@5B59A:8E AC4>2 (3. "0H:5=B0, !0<0@:0=40, =4860=0) ?>:070;, GB> AC4K B@51CNB, GB>1K B@5B59A:89 A1>@ 2=>A8;AO 8ABF>< ?@8 ?>40G5 8A:>2>3> 70O2;5=8O.  53;0<5=B0E C:070==KE B@5B59A:8E AC4>2 CAB0=>2;5=>, GB> 4>:C<5=BK, ?>4B25@640NI85 >?;0BC 8ABF>< B@5B59A:>3> A1>@0, 4>;6=K 1KBL ?@8;>65=K : 8A:>2><C 70O2;5=8N. 0AE>4K, A2O70==K5 A @07@5H5=85< A?>@>2 2 B@5B59A:8E AC40E 5A?C1;8:8 #715:8AB0= 278<0NBAO 2 AC<0E. @8 ?@54JO2;5=88 8A:>2KE B@51>20=89 2 @07=KE 20;NB0E B@5B59A:89 A1>@ B0:65 C?;0G8205BAO 2 AC<0E. 5@5@0AG5B 8=>AB@0==KE 20;NB 2 AC<K ?@>872>48BAO ?> :C@AC &5=B@0;L=>3> 10=:0 5A?C1;8:8 #715:8AB0=, 459AB2CNI5<C =0 <><5=B ?>40G8 8A:>2>3> 70O2;5=8O. @54;0305< B@5B59A:89 A1>@ A 70O2;5=89 =58<CI5AB25==>3> E0@0:B5@0 8AG8A;OBL 2 @07<5@5 50% >B A>>B25BAB2CNI59 AB02:8 3>AC40@AB25==>9 ?>H;8=K, CAB0=>2;5==>9 0:>=>< 5A?C1;8:8 #715:8AB0= " 3>AC40@AB25==>9 ?>H;8=5", 0 A 8A:>2KE 70O2;5=89 8<CI5AB25==>3> E0@0:B5@0 27KA:820BL ?> AB02:5 B@5B59A:8E A1>@>2 CB25@645==KE B@5B59A:8< AC4><. "0:0O AE5<0 @0AE>4>2 ?@54AB02;O5BAO =081>;55 >?B8<0;L=>9, A>>B25BAB2CNI59 ?@8=F8?0< B@5B59A:>3> @0718@0B5;LAB20 8 CG8BK20NI59 2A5 8=B5@5AK. >4 @0AE>40<8 =0 >@30=870F8>==K5, <0B5@80;L=K5 8 8=>5 >15A?5G5=85 B@5B59A:>3> @0718@0B5;LAB20, ?>=8<0NBAO @0AE>4K ?> >?;0B5 0@5=4K 8 A>45@60=8N ?><5I5=89 (>D8A0) AC40, 53> >E@0=K, C1>@:8, A>45@60=8N :><?LNB5@=>9 8 :>?8@>20;L=>9 B5E=8:8, @0AE>4K =0 :0=F5;O@A:85 ?@8=04;56=>AB8. 0@?;0B0 @54A540B5;O B@5B59A:>3> AC40, A5:@5B0@O 8 4@C38E B5E=8G5A:8E @01>B=8:>2 AC40 2 >?@545;5==>9 G0AB8 B0:65 2:;NG05BAO 2 C:070==K9 284 @0AE>4>2. A>1>5 <5AB> 70=8<0NB @0AE>4K, ?>=5A5==K5 AC4LO<8. -B> 2 >A=>2=>< @0AE>4K =0 4>@>3C 4;O AC459 87 4@C3>3> 3>@>40, 8E ?@>6820=85 2 3>AB8=8F5, ?8B0=85. !N40 65 2E>4OB @0AE>4K =0 2K574 87 >D8A0 4;O >A<>B@0 8 8AA;54>20=8O 4>:070B5;LAB2 =0 <5AB5 8E =0E>645=8O (=0?@8<5@, 2K574 =0 B>20@=K9 A:;04 4;O >A<>B@0 B>20@0). A;8 AC4 ?@82;5:0; : CG0AB8N 2 ?@>F5AA5 M:A?5@B>2, ?5@52>4G8:>2, A2845B5;59 8 4@C38E ;8F, B> >= 4>;65= >15A?5G8BL 2>7<5I5=85 8< ?>=5A5==KE @0AE>4>2 =0 4>@>3C, ?8B0=85 (3>AB8=8FC 4;O 8=>3>@>4=8E), A@54=NN 70@01>B=CN ?;0BC 70 4=8, ?@>2545==K5 2 AC45, 8 >B45;L=> >?;0BC M:A?5@B0< 8 ?5@52>4G8:0< ?> CAB0=>2;5==K< AB02:0< 8;8 70:;NG5==><C A =8<8 4>3>2>@C. >4 8=K<8 @0AE>40<8, :0: ?@028;>, ?>=8<0NBAO 4>?>;=8B5;L=K5, =5?@542845==K5 @0AE>4K, :0:, =0?@8<5@, =5>6840==0O 3>A?8B0;870F8O AC4L8 8 =5>1E>48<>ABL 2>7<5I5=8O G0AB8G=> @0AE>4>2 =0 53> ;5G5=85, 7045@6:0 @59A0 8 2 A2O78 A MB8< 4>?>;=8B5;L=K5 @0AE>4K =0 ?@8574 A2845B5;O 8 B.4. !>3;0A=> 53;0<5=B0< ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, B@5B59A:85 A1>@K, @0AE>4K 8 8745@6:8 B@5B59A:>3> AC40 >?;0G820NBAO AB>@>=0<8 =0 10=:>2A:89 AG5B B@5B59A:>3> AC40 8;8 N@848G5A:>3> ;8F0, ?@8 :>B>@>< >= 459AB2C5B. ?;0B0 AG8B05BAO ?@>872545==>9 A <><5=B0 ?>ABC?;5=8O 45=56=KE A@54AB2 =0 10=:>2A:89 AG5B. 0==K5 45=56=K5 A@54AB20 =5 O2;ONBAO A>1AB25==>ABLN N@848G5A:>3> ;8F0, >1@07>202H53> B@5B59A:89 AC4 8 >15A?5G820NI53> >@30=870F8>==K5 8 <0B5@80;L=K5 CA;>28O DC=:F8>=8@>20=8O B@5B59A:>3> AC40, 8 <>3CB 1KBL 8A?>;L7>20=K B>;L:> 4;O ?>:@KB8O >1I8E @0AE>4>2, A2O70==KE A 45OB5;L=>ABLN B@5B59A:>3> AC40. :>=G0B5;L=> AC<<0 2KH5C:070==KE @0AE>4>2 >?@545;O5BAO B@5B59A:8< AC4>< =0 >A=>20=88 4>:070B5;LAB2, ?@54AB02;5==KE AB>@>=0<8 8 C:07K205BAO ;81> 2 @5H5=88, ;81> 2 >?@545;5=88 B@5B59A:>3> AC40. AG8A;5=85 8 @0A?@545;5=85 A1>@>2, @0AE>4>2 8 8745@65: ?>AB>O==> 459AB2CNI53> AC40 >ACI5AB2;ONBAO 2 A>>B25BAB288 A >;>65=85< > B@5B59A:8E A1>@0E, @0AE>40E 8 8745@6:0E AB>@>=, CB25@645==K< N@848G5A:8< ;8F><, >1@07>202H8< B@5B59A:89 AC4 8;8 B@5B59A:8< AC4><. > =0G0;0 @0AA<>B@5=8O 45;0 B@5B59A:8< AC4>< AB>@>=K 4>;6=K 1KBL >7=0:><;5=K A MB8< >;>65=85<. >;0305< F5;5A>>1@07=K< 2=5AB8 2 >;>65=85 > B@5B59A:8E A1>@0E, 2 A>AB02 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, @0AE>4K =0 ?@8<8@8B5;L=CN ?@>F54C@C, :>340 ?@>8AE>48B ?@8<8@5=85 AB>@>= G5@57 ?>A@54=8G5AB2> B@5B59A:>3> AC40 4> =0G0;0 AC451=>3> @0718@0B5;LAB20 (>?@545;5==K9 ?@>F5=B, =0?@8<5@ 20%, >B AB02>: B@5B59A:8E A1>@>2 70 @0AA<>B@5=85 A?>@0). (>4@>1=55 > ?@8<8@8B5;L=KE ?@>F54C@0E 2 ?@8;>65=8OE : :><<5=B0@8N.) !B0BLO 21. 07<5@ 3>=>@0@0 B@5B59A:8E AC459 07<5@ 3>=>@0@0 B@5B59A:8E AC459 >?@545;O5BAO A CG5B>< F5=K 8A:0, A;>6=>AB8 A?>@0, 2@5<5=8, 70B@0G5==>3> B@5B59A:8<8 AC4LO<8 =0 B@5B59A:>5 @0718@0B5;LAB2>, 8 4@C38E >1AB>OB5;LAB2, 2;8ONI8E =0 @07<5@ 3>=>@0@0.  ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 @07<5@ 3>=>@0@0 B@5B59A:8E AC459 >?@545;O5BAO A>AB02>< B@5B59A:>3> AC40 2 A>>B25BAB288 A> H:0;>9 3>=>@0@>2 B@5B59A:8E AC459, ?@54CA<>B@5==>9 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 0 ?@8 >BACBAB288 B0:>2>9 - A CG5B>< B@51>20=89 G0AB8 ?5@2>9 =0AB>OI59 AB0BL8. > 2@5<5==>< B@5B59A:>< AC45 @07<5@ 3>=>@0@0 B@5B59A:8E AC459 >?@545;O5BAO ?> A>3;0H5=8N AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8 B@5B59A:8< AC4>< A CG5B>< ?>;>65=89 G0AB8 ?5@2>9 =0AB>OI59 AB0BL8. >=>@0@ B@5B59A:>3> AC4L8 >1;0305BAO =0;>3>< 2 A>>B25BAB288 A 70:>=>40B5;LAB2><. 07<5@ 3>=>@0@0 B@5B59A:8E AC459, :0: ?@028;>, >?@545;O5BAO 2 >;>65=88 > B@5B59A:8E A1>@0E, @0AE>40E 8 8745@6:0E B@5B59A:>3> AC40, :>B>@>5 CB25@6405BAO N@848G5A:8< ;8F><, >1@07>202H5< B@5B59A:89 AC4, 8;8 A0<8< B@5B59A:8< AC4><, 8 :0: ?@028;> 2 ?@>F5=B=>< >B=>H5=88 :> 2A59 AC<<5 B@5B59A:>3> A1>@0. K?;0B0 3>=>@0@>2 B@5B59A:8< AC4LO< ?@>872>48BAO 70 AG5B C?;0G5==>3> AB>@>=0<8 B@5B59A:>3> A1>@0. "@5B59A:89 A1>@ - AC<<0 45=56=KE A@54AB2, 278<05<0O ?> :064><C ?@8=OB><C : @0AA<>B@5=8N 45;C 8 8A?>;L7C5<0O 4;O ?>:@KB8O >@30=870F8>==KE, <0B5@80;L=KE @0AE>4>2 ?> >15A?5G5=8N B@5B59A:>3> @0718@0B5;LAB20 (3>=>@0@K B@5B59A:8< AC4LO<, 2>7=03@0645=85 >B25BAB25==><C A5:@5B0@N 8 B5E=8G5A:8< @01>B=8:0<, 0@5=40 ?><5I5=8O, :0=F5;O@A:85 @0AE>4K, CA;C38 A2O78 8 B.4.). K?;0B0 3>=>@0@>2 B@5B59A:8< AC4LO< ?@>872>48BAO B>;L:> 2 A;CG05, 5A;8 ?> 45;C A>AB>O;8AL 70A540=8O B@5B59A:>3> AC40, 2 B5G5=85 >?@545;5==>3> A@>:0 ?>A;5 2K=5A5=8O AC4>< 8B>3>2>3> AC451=>3> 0:B0 ?> 45;C. !@>:8 CAB0=02;820NBAO @028;0<8 ?>AB>O==> 459AB2CNI53> AC40. >=>@0@K B@5B59A:8E AC459 CAB0=02;820NBAO 8 >?@545;ONBAO ;81> ?> A>3;0H5=8N AB>@>=, ;81> ?> @5H5=8N B@5B59A:>3> AC40, ;81> 2 A>>B25BAB288 A> H:0;>9, CAB0=>2;5==>9 >;>65=85< > B@5B59A:8E A1>@0E. 07<5@ 3>=>@0@0 B@5B59A:8E AC459 4>;65= 1KBL @07C<=K<, A CG5B>< F5=K 8A:0, A;>6=>AB8 ?@54<5B0 A?>@0, 2@5<5=8, 70B@0G5==>3> 0@18B@0<8, 8 ;N1KE 4@C38E, >B=>AOI8EAO : 45;C >1AB>OB5;LAB2.  B0:8< >1AB>OB5;LAB20< <>3CB 1KBL >B=5A5=K ;N1K5 459AB28O B@5B59A:8E AC459, A2O70==K5 A @07@5H5=85< :>=:@5B=>3> A?>@0. "0: :0: 3>=>@0@ O2;O5BAO 4>E>4>< B@5B59A:8E AC459, B> AC<<0 3>=>@0@0 ?>4;568B 2:;NG5=8N 2 A>2>:C?=K9 3>4>2>9 4>E>4 D878G5A:8E ;8F 4;O F5;59 =0;>3>>1;>65=8O A>3;0A=> AB. AB. 44-59 0;>3>2>3> :>45:A0 #7. !>3;0A=> ?. 7 ">;>65=8O >1 8AG8A;5=88, C?;0B5 8 @0A?@545;5=88 548=>3> A>F80;L=>3> ?;0B560 8 >1O70B5;L=KE >BG8A;5=89 8 27=>A>2 =0 3>AC40@AB25==>5 A>F80;L=>5 AB@0E>20=85", 70@538AB@8@>20==>3> 8=8AB5@AB2>< NAB8F88 #7 06.04.2004 3. 70 N 1333, =0 AC<<C =0G8A;5==>3> 3>=>@0@0 =5>1E>48<> ?@>872>48BL 548=K9 A>F80;L=K9 ?;0B56 70 AG5B 8745@65: N@848G5A:>3> ;8F0. @><5 B>3>, A;54C5B ?@>872>48BL C45@60=85 A 3@0640= 2 @07<5@5 2,5% >B AC<<K =0G8A;5==>3> 3>=>@0@0. 4=0:>, ?@5420@8B5;L=>5, 4> @0AA<>B@5=8O 45;0, >?@545;5=85 @07<5@0 3>=>@0@>2 2 B@5B59A:>9 >3>2>@:5 2 >A=>2=>< ?@8ACI5 4;O 2@5<5==>3> B@5B59A:>3> AC40 8 O2;O5BAO 4>2>;L=> A;>6=K< ?@>F5AA><, ?>A:>;L:C B@51C5B A>3;0A8O A?>@OI8E AB>@>= 8 B@5B59A:8E AC459, B0: :0: 2 ?@>B82=>< A;CG05, B@5B59A:>5 A>3;0H5=85 <>65B 1KBL =5 70:;NG5=> ;81> 871@0==K5 AC4L8 <>3CB 70O28BL > A0<>>B2>45.  A2O78 A MB8<, ?@8 >?@545;5=88 @07<5@0 3>=>@0@>2 AB>@>=K 8 2@5<5==K5 B@5B59A:85 AC4K <>3CB 8A?>;L7>20BL @028;0 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, CAB0=02;820NI85 H:0;C 3>=>@0@>2 B@5B59A:8E AC459. 1KG=> B0:0O H:0;0 CAB0=02;8205BAO 2 2845 ?@>F5=B=>3> >B=>H5=8O : AC<<5 B@5B59A:>3> A1>@0. #:070==>5 ?@>F5=B=>5 >B=>H5=85 CAB0=02;8205BAO 2 @07=KE @07<5@0E 2 7028A8<>AB8 >B B>3>, :0:85 DC=:F88 2K?>;=O5B B@5B59A:89 AC4LO ?> ?@>F54C@5 @07@5H5=8O A?>@0, CAB0=>2;5==>9 @028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 0 B0:65 2 7028A8<>AB8 >B :>;8G5AB20 B@5B59A:8E AC459, @07@5H0NI8E A?>@. "0:, 2 =5:>B>@KE @028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 @07<5@ 3>=>@0@0 ?@54A540B5;LAB2CNI53> B@5B59A:>3> AC4L8 2KH5, G5< C 4@C38E AC459. >B><C GB>, A>3;0A=> CAB0=>2;5==>9 MB8<8 @028;0<8 ?@>F54C@5, ?@54A540B5;LAB2CNI89 B@5B59A:89 AC4LO 2545B AC451=>5 70A540=85, >1>1I05B 70:;NG5=8O ?> 45;C 4@C38E AC459, A>AB02;O5B ?@>5:B ?8AL<5==>3> @5H5=8O 8 A>3;0A>2K205B 53> A >AB0;L=K<8 AC4LO<8 8 B0: 40;55.  @028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 B0:65 <>65B 1KBL ?@54CA<>B@5=0 ?5@540G0 G0AB8 2KH5C:070==KE DC=:F89 4>:;04G8:0<.  G0AB=>AB8: 4>:;04 <0B5@80;>2 45;0 2 AC451=>< 70A540=88, ?>43>B>2:0 ?@>5:B0 8 A>3;0A>20=85 ?8AL<5==>3> @5H5=8O 8 4@.  MB>< A;CG05 @07<5@K 3>=>@0@>2 B@5B59A:8E AC459 :>@@5:B8@CNBAO A CG5B>< 2K?;0BK 3>=>@0@0 4>:;04G8:C. 0 ?@0:B8:5 ?@8<5=ONBAO >15 AE5<K >?@545;5=8O 3>=>@0@>2 B@5B59A:8E AC459 2 ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45. "0:65 H8@>:> @0A?@>AB@0=5=0 AE5<0 =07=0G5=8O 548=>;8G=>3> B@5B59A:>3> AC4L8, :>B>@0O 2K3>4=0 4;O AB>@>= B5<, GB> 3>=>@0@ 2K?;0G8205BAO >4=><C B@5B59A:><C AC4L5, ?>MB><C AC451=K5 @0AE>4K <>3CB 1KBL <5=LH5. @8 MB>< 3>=>@0@ 548=>;8G=>3> AC4L8 B0:65 CAB0=02;8205BAO 2 ?@>F5=B=>< >B=>H5=88 : AC<<5 B@5B59A:>3> A1>@0. >;>65=85< > B@5B59A:8E A1>@0E, @0AE>40E 8 8745@6:0E AB>@>= "@5B59A:>3> AC40 ?@8 & CAB0=02;8205BAO 3>=>@0@ B@5B59A:>3> AC4L8, :>B>@K9 2545B 45;> 2 548=>;8G=>< A>AB025 - 25% >B AC<<K B@5B59A:>3> A1>@0. >A:>;L:C ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 CB25@640NBAO N@848G5A:8< ;8F><, ?@8 :>B>@>< >= 459AB2C5B, B> 8 @07<5@K H:0;K 3>=>@0@>2 CB25@640NBAO MB8< 65 N@848G5A:8< ;8F><. !;54C5B >B<5B8BL, GB> AB>@>=K 2?@025 2 B@5B59A:>< A>3;0H5=88 CAB0=>28BL 8=K5 ?@>F54C@K, G5< ?@54CA<>B@5=> @028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 2 B>< G8A;5, 8 @07<5@K 3>=>@0@>2. 4=0:>, 2 ;N1>< A;CG05 MB8 ?@>F54C@K =5 <>3CB ?@>B82>@5G8BL ?>;>65=8O< 0:>=0 > B@5B59A:8E AC40E (AB. 25 :><<5=B8@C5<>3> 0:>=0). !;54C5B >A>1> >AB0=>28BLAO =0 A8BC0F88, :>340 @07<5@ 3>=>@0@>2 B@5B59A:8E AC459 =5 CAB0=>2;5= =8 2 @028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, =8 2 B@5B59A:>< A>3;0H5=88, 2 B>< G8A;5, 8 2 A>3;0H5=88 > 2@5<5==>< B@5B59A:>< AC45.  B0:8E A;CG0OE @07<5@ 3>=>@0@>2 B@5B59A:8E AC459 >?@545;O5BAO A>AB02>< B@5B59A:>3> AC40 A CG5B>< B@51>20=89 G0AB8 ?5@2>9 :><<5=B8@C5<>9 AB0BL8. @8 MB>< @5H5=85 B@5B59A:>3> AC40 ?> >?@545;5=8N @07<5@>2 3>=>@0@>2 B@5B59A:8E AC459 O2;O5BAO >:>=G0B5;L=K< 8 =5 >B=>A8BAO : @5H5=8N, ?@8=8<05<><C ?> :>=:@5B=><C A?>@C 8, ?>MB><C, =5 <>65B 1KBL >?@>B5AB>20=>. !B0BLO 22. 0A?@545;5=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 0A?@545;5=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 <564C AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, ?@>872>48BAO B@5B59A:8< AC4>< 2 A>>B25BAB288 A A>3;0H5=85< AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 0 ?@8 >BACBAB288 B0:>2>3> - ?@>?>@F8>=0;L=> C4>2;5B2>@5==K< 8 >B:;>=5==K< B@51>20=8O<. 0AE>4K ?> >?;0B5 CA;C3 ?@54AB028B5;O AB>@>=K B@5B59A:>3> @0718@0B5;LAB20, 2 ?>;L7C :>B>@>9 A>AB>O;>AL @5H5=85 B@5B59A:>3> AC40, 0 B0:65 8=K5 @0AE>4K, A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, <>3CB 1KBL ?> @5H5=8N B@5B59A:>3> AC40 >B=5A5=K =0 4@C3CN AB>@>=C B@5B59A:>3> @0718@0B5;LAB20, 5A;8 B@51>20=85 > 2>7<5I5=88 ?>=5A5==KE @0AE>4>2 1K;> 70O2;5=> 2 E>45 B@5B59A:>3> @0718@0B5;LAB20 8 C4>2;5B2>@5=> B@5B59A:8< AC4><. 0A?@545;5=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, C:07K205BAO 2 @5H5=88 8;8 >?@545;5=88 B@5B59A:>3> AC40. ><<5=B8@C5<0O AB0BLO CAB0=02;8205B 548=K9 ?>@O4>: @0A?@545;5=8O AC451=KE @0AE>4>2, :0: 4;O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, B0: 8 4;O 2@5<5==>3> B@5B59A:>3> AC40. !CBL 2KH5C:070==>3> ?>@O4:0 A>AB>8B 2 B><, GB> AC451=K5 @0AE>4K @0A?@545;ONBAO ?@>?>@F8>=0;L=> C4>2;5B2>@5==K< 8 >B:;>=5==K< B@51>20=8O<. 4=0:> 40==K9 ?>@O4>: @0A?@545;5=8O AC451=KE @0AE>4>2 ?@8<5=O5BAO B>;L:> 2 B>< A;CG05, 5A;8 AB>@>=K =5 4>3>2>@8;8AL >1 8=>< ?>@O4:5 @0A?@545;5=8O AC451=KE @0AE>4>2. 0:>= ?@54CA<0B@8205B ?@02> ;8F, CG0AB2CNI8E 2 45;5, @0A?@545;8BL AC451=K5 @0AE>4K ?> 4>AB83=CB><C 8<8 A>3;0H5=8N, :>B>@>5 <>65B ?@54CA<0B@820BL >B;8G=K5 >B CAB0=>2;5==KE B@5B59A:8< AC4>< ?@028;. @8 =0;8G88 B0:>3> A>3;0H5=8O B@5B59A:89 AC4 @0A?@545;O5B AC451=K5 @0AE>4K 2 A>>B25BAB288 A =8< 8 53> A>45@60=85 ?@82>48B 2 @5H5=88. 5:>B>@K5 ?@028;0 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 ?@54CA<0B@820NB 2>7<>6=>ABL 2>7;>65=8O =0 =58A?@02=CN AB>@>=C AC451=KE @0AE>4>2, 5A;8 45;> 2>7=8:;> 2 @57C;LB0B5 =5?@028;L=KE 8;8 =570:>==KE 459AB289 B0:>9 AB>@>=K, 8;8 5A;8 :0:0O-;81> AB>@>=0 =5 8A?>;=O5B >?@545;5=85 AC40 ;81> ?@>O2;O5B =5C2065=85 : AC4C 8 2 4@C38E A;CG0OE. "0:>9 65 ?@8=F8? @0A?@545;5=8O AC451=KE @0AE>4>2 <>65B 1KBL 8A?>;L7>20= ?@8 @07@5H5=88 A?>@0 2> 2@5<5==>< B@5B59A:>< AC45 2 B>< A;CG05, 5A;8 AB>@>=K 4>3>2>@8;8AL 8A?>;L7>20BL ?@>F54C@C @07@5H5=8O A?>@>2, CAB0=>2;5==CN 2 ?@028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 4;O 2@5<5==>3> B@5B59A:>3> AC40. <5AB5 A B5< AB>@>=K 2?@025 87<5=8BL ?> A2>5<C CA<>B@5=8N AE5<C @0A?@545;5=8O AC451=KE @0AE>4>2 2 B@5B59A:>< ;81> >B45;L=>< A>3;0H5=88, =5A<>B@O =0 B>, GB> ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 B0:0O AE5<0 C65 >3>2>@5=0. "0:>5 A>3;0H5=85 <>65B 1KBL 70:;NG5=> B>;L:> 4> ?@8=OB8O B@5B59A:8< AC4>< >:>=G0B5;L=>3> @5H5=8O 8;8 >?@545;5=8O. !>3;0H5=85, 70:;NG5==>5 ?>A;5 ?@8=OB8O >:>=G0B5;L=>3> @5H5=8O 8;8 >?@545;5=8O B@5B59A:8< AC4>< O2;O5BAO =5459AB28B5;L=K<.  ?@028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8;8 2 A>3;0H5=8OE AB>@>= @5H5=85 2>?@>A0 @0A?@545;5=8O AC451=KE @0AE>4>2 2 B@5B59A:>< AC45 <>65B 1KBL >B=5A5=> : 8A:;NG8B5;L=>9 :><?5B5=F88 A>AB020 B@5B59A:>3> AC40, @07@5H0NI53> A?>@. @8 MB>< 2 ?@028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8;8 2 A>3;0H5=8OE AB>@>= <>3CB 1KBL >3>2>@5=K >A>1K5 CA;>28O @0A?@545;5=8O AC451=KE @0AE>4>2 A>AB02>< AC40. 0A?@545;5=85 @0AE>4>2 ?> @07@5H5=8N A?>@0 2 B@5B59A:>< AC45 C:07K205BAO 2 >:>=G0B5;L=>< @5H5=88 8;8 2 >?@545;5=88 B@5B59A:>3> AC40. #:070==0O G0ABL @5H5=8O 8;8 >?@545;5=8O (> @0A?@545;5=88 @0AE>4>2) ?>4;568B 4>1@>2>;L=><C 8A?>;=5=8N AB>@>=>9, =0 :>B>@CN >B=5A5=K @0AE>4K.  A;CG05, 5A;8 2KH5C:070==0O G0ABL @5H5=8O 8;8 >?@545;5=8O B@5B59A:>3> AC40 =5 1C45B 8A?>;=5=0 4>1@>2>;L=> 2 A@>:, C:070==K9 2 @5H5=88 8;8 >?@545;5=88, B> >=0 ?>4;568B ?@8=C48B5;L=><C 8A?>;=5=8N 2 ?>@O4:5, CAB0=>2;5==>< AB. 50 0:>=0 > B@5B59A:8E AC40E. 57CA;>2=>, G0I5 2A53> ?@8=C48B5;L=> AC451=K5 @0AE>4K 2 2845 B@5B59A:>3> A1>@0 27KA:820NBAO A >B25BG8:>2, ?>A:>;L:C 8ABFK >?;0G820NB B@5B59A:89 A1>@ ?@5420@8B5;L=>. 4=0:> ?@028;0<8 =5:>B>@KE ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 ?@54CA<0B@8205BAO ?@>F54C@0 ?@54>AB02;5=8O >BA@>G:8 >?;0BK B@5B59A:>3> A1>@0 A ?>A;54CNI8< 27KA:0=85< MB>3> B@5B59A:>3> A1>@0. "0:>9 ?>4E>4 2 :>=:@5B=KE A;CG0OE @0F8>=0;5=, B0: :0: 2 ?@>B82=>< A;CG05 87-70 >BACBAB28O 45=56=KE A@54AB2, 8=>340 2@5<5==>3>, AB>@>=0, 70:;NG82H0O B@5B59A:>5 A>3;0H5=85, D0:B8G5A:8 <>65B 1KBL ;8H5=0 ?@020 =0 AC451=CN 70I8BC =0@CH5==KE 8;8 >A?>@5==KE 3@0640=A:8E ?@02. !;54C5B CG5ABL, GB> 2 AC<<C B@5B59A:>3> A1>@0 <>3CB 1KBL 2:;NG5=K ;81> 2A5 @0AE>4K, A2O70==K5 A B@5B59A:8< @0718@0B5;LAB2><, ;81> 8E G0ABL (A<. ><<5=B0@89 : AB. 20 0:>=0), ?>MB><C >BA@>G:0 C?;0BK ?@54>AB02;O5BAO ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC4>< B>;L:> ?> >?;0B5 B@5B59A:>3> A1>@0. '0ABLN 2B>@>9 :><<5=B8@C5<>9 AB0BL8 CAB0=>2;5=0 8<?5@0B82=0O =>@<0 > B><, GB> AC451=K5 @0AE>4K ?> @07@5H5=8N A?>@0 2 B@5B59A:>< AC45, 2 B>< G8A;5 8 @0AE>4K =0 >?;0BC CA;C3 ?@54AB028B5;O AB>@>=K, 2 ?>;L7C :>B>@>9 A>AB>O;>AL @5H5=85 B@5B59A:>3> AC40, <>3CB 1KBL >B=5A5=K =0 4@C3CN AB>@>=C, B>;L:> 2 B>< A;CG05, 5A;8 B@51>20=85 > 2>7<5I5=88 ?>=5A5==KE @0AE>4>2 70O2;5=> 2 E>45 B@5B59A:>3> @0718@0B5;LAB20 8 C4>2;5B2>@5=> AC4><. > ACI5AB2C, 70:>=>40B5;L CAB0=>28;, GB>, 5A;8 AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 =5 B@51C5B 2>7<5I5=8O @0AE>4>2, A2O70==KE A B@5B59A:8< @0718@0B5;LAB2>< 70 AG5B 28=>2=>9 AB>@>=K, MB8 @0AE>4K >B=>AOBAO =0 55 AG5B. #G8BK20O 87;>65==>5, 708=B5@5A>20==0O AB>@>=0 4>;6=0 ?@54JO28BL 2 B@5B59A:89 AC4 70O2;5=85 ;81> E>40B09AB2> > 27KA:0=88 @0AE>4>2, A2O70==KE A B@5B59A:8< @0718@0B5;LAB2><, 70 AG5B 28=>2=>9 AB>@>=K, 2 :>B>@>< 4>;6=0 1KBL C:070=0 >1>A=>20==0O AC<<0 ?@>872545==KE @0AE>4>2 A ?@8;>65=85< 8AG5@?K20NI8E 4>:070B5;LAB2. "0:>5 B@51>20=85 <>65B 1KBL 70O2;5=> =0 ;N1>9 AB0488 B@5B59A:>3> @0718@0B5;LAB20, => 4> ?@8=OB8O >:>=G0B5;L=>3> @5H5=8O 8;8 >?@545;5=8O B@5B59A:>3> AC40, 2 :>B>@>< C:07K205BAO > @0A?@545;5=88 MB8E @0AE>4>2. "0:8< >1@07><, 2 >A=>2C @0A?@545;5=8O AC451=KE @0AE>4>2 ?>;>65= ?@8=F8? 2>7<5I5=8O 8E ?@02>9 AB>@>=5 2 A?>@5 70 AG5B =5?@02>9. "0:, @0AE>4K, A2O70==K5 A @07@5H5=85< A?>@>2, >B=>AOBAO =0 AB>@>=C, :>B>@0O =5>1>A=>20==> C:;>=O5BAO >B ?@8=OB8O ?@54;>65=89 4@C3>9 AB>@>=K, 8;8 =0 >15 AB>@>=K, 5A;8 B@5B59A:8< AC4>< ?@8 @0AA<>B@5=88 A?>@0 2 B@5B59A:>< AC45 >B:;>=O5BAO G0ABL ?@54;>65=89 :064>9 87 AB>@>=. !;54>20B5;L=>, 5A;8 @07=>3;0A8O <564C AB>@>=0<8 G0AB8G=> @07@5H5=K 2 ?>;L7C >4=>9, 0 G0AB8G=> 2 ?>;L7C 4@C3>9 AB>@>=K, @0AE>4K A2O70==K5 A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 >B=>AOBAO =0 >15 AB>@>=K A CG5B>< :>;8G5AB20 8 A>45@60=8O ?@8=OBKE B@5B59A:8< AC4>< ?@54;>65=89 :064>9 87 AB>@>=. 5;> 2 B@5B59A:>< AC45 <>65B 2>7=8:=CBL 2A;54AB285 =0@CH5=8O ;8F><, CG0AB2CNI8< 2 45;5, 4>AC451=>3> (?@5B5=78>==>3>) ?>@O4:0 C@53C;8@>20=8O A?>@0 4> ?5@540G8 53> =0 @0AA<>B@5=85 B@5B59A:>3> AC40. -B>B ?>@O4>: <>65B 1KBL ?@54CA<>B@5= 70:>=>< 4;O 40==>9 :0B53>@88 A?>@>2 8;8 4>3>2>@><. >7=8:=>25=85 2 B@5B59A:>< AC45 45;0 2A;54AB285 =0@CH5=8O ;8F><, CG0AB2CNI8< 2 45;5, CAB0=>2;5==>3> 4>AC451=>3> (?@5B5=78>==>3>) ?>@O4:0 C@53C;8@>20=8O A?>@0 <>65B ?>2;5GL 70 A>1>9 >B=5A5=85 =0 =53> AC451=KE @0AE>4>2 =57028A8<> >B 8AE>40 A?>@0. "0:, 5A;8 2 A>>B25BAB288 A 70:>=>< 8;8 4>3>2>@>< 4>;6=8: >1O70= 40BL >B25B =0 70O2;5==CN 5<C ?@5B5=78N, => B0:>3> >B25B0 =5 40;, 0 ?> ?@54JO2;5==><C 5<C 8A:C ?@54AB02;O5B B@5B59A:><C AC4C >?@>25@30NI85 8A:>2K5 B@51>20=8O 4>:C<5=BK, :>B>@K5 =5 1K;8 8 =5 <>3;8 1KBL 8725AB=K 8ABFC, B> ?@8 >B:075 2 C4>2;5B2>@5=88 8A:0 @0AE>4K ?> B@5B59A:><C A1>@C <>3CB 1KBL >B=5A5=K =0 >B25BG8:0, ?> 28=5 :>B>@>3> 8AB5F >1@0B8;AO A 8A:><, 8 2>7=8:;> 45;> 2 B@5B59A:>< AC45.  MB>< A;CG05 >B=5A5=85 AC451=KE @0AE>4>2 =57028A8<> >B 8AE>40 A?>@0 =0 AB>@>=C, 28=>2=CN 2 4>2545=88 45;0 4> B@5B59A:>3> AC40, =0?@02;5=> ?@>B82 B5E ;8F, :>B>@K5 =0@CH0NB CAB0=>2;5==K9 70:>=>< 8;8 4>3>2>@>< 4>AC451=K9 (?@5B5=78>==K9) ?>@O4>: C@53C;8@>20=8O A?>@>2. @028;0 @0A?@545;5=8O <564C AB>@>=0<8 AC<<, ?>4;560I8E 2K?;0B5 70 ?@>2545=85 M:A?5@B87K, =07=0G5==>9 B@5B59A:8< AC4><, 70 2K7>2 A2845B5;O, ?@>872>4AB2> >A<>B@0 4>:070B5;LAB2 =0 <5AB5, 0 B0:65 @0AE>4>2, A2O70==KE A 8A?>;=5=85< AC451=>3> 0:B0, 0=0;>38G=K ?@028;0< @0A?@545;5=8O @0AE>4>2 ?> B@5B59A:><C A1>@C. 0:>= ?@54>AB02;O5B AB>@>=0< ?@02> @0A?@545;8BL AC451=K5 @0AE>4K ?> 4>AB83=CB><C 8<8 A>3;0H5=8N, :>B>@>5 <>65B ?@54CA<0B@820BL >B;8G8O >B >1I8E ?@028; @0A?@545;5=8O MB8E @0AE>4>2 <564C AB>@>=0<8. A;8 B0:>5 A>3;0H5=85 4>AB83=CB>, @5H5=85 > @0A?@545;5=88 AC451=KE @0AE>4>2 ?@8=8<05BAO B@5B59A:8< AC4>< 2 A>>B25BAB288 A MB8< A>3;0H5=85<. @0:B8:0 ?>:07K205B, GB> 2>?@>A > AC451=KE @0AE>40E =5 2A5340 1K205B @07@5H5= 2 @5H5=88 B@5B59A:>3> AC40.  B0:8E A8BC0F8OE B@5B59A:89 AC4 ?@8=8<05B 4>?>;=8B5;L=>5 @5H5=85 2 ?>@O4:5, CAB0=>2;5==>< AB. 40 :><<5=B8@C5<>3> 0:>=0. !B0BLO 23. 20=A8@>20=85 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 "@5B59A:89 AC4 2?@025 ?>B@51>20BL >B 8ABF0 4> @0AA<>B@5=8O A?>@0 2=5AB8 >?@545;5==CN AC<<C 2 :0G5AB25 020=A0 =0 ?>:@KB85 @0AE>4>2, C:070==KE 2 AB0BL5 20 =0AB>OI53> 0:>=0. A;8 MB>B ?;0B56 =5 1C45B ?@>872545= 2 B5G5=85 45AOB8 4=59 A> 4=O ?>40G8 8A:>2>3> 70O2;5=8O, B@5B59A:89 AC4 <>65B 2K=5AB8 >?@545;5=85 >1 >AB02;5=88 8A:0 157 @0AA<>B@5=8O. "@5B59A:89 AC4 <>65B ?>B@51>20BL >B 8ABF0 2=5AB8 >?@545;5==CN AC<<C 2 :0G5AB25 020=A0 =0 ?>:@KB85 8745@65:, A2O70==KE A B@5B59A:8< @0718@0B5;LAB2><. A;8 B@51C5<K9 020=A =5 1C45B C?;0G5= 2 B5G5=85 45AOB8 4=59 A> 4=O ?>40G8 8A:>2>3> 70O2;5=8O, B@5B59A:89 AC4 <>65B 2K=5AB8 >?@545;5=85 >1 >AB02;5=88 8A:0 157 @0AA<>B@5=8O.  :><<5=B0@8OE : ?@54K4CI8< AB0BLO< (20-22) <K C:07K20;8, GB>, :0: ?@028;>, B@5B59A:85 AC4K 2 #715:8AB0=5 >1O7K20NB 8ABF0 ?@>8725AB8 100% ?@54>?;0BC B@5B59A:8E @0AE>4>2, 8 =5 ?@8=8<0NB 8A:>2>3> 70O2;5=8O 157 4>:C<5=B0, ?>4B25@640NI53> D0:B C?;0BK B@5B59A:>3> A1>@0.  >B;8G85 >B 3>AC40@AB25==KE AC4>2, B@5B59A:89 AC4 2?@025 ?@8=OBL 8A:>2>5 70O2;5=85 8 @0AA<>B@5BL A?>@ 8 157 020=A8@>20=8O AB>@>=0<8 @0AE>4>2 =0 B@5B59A:>5 @0718@0B5;LAB2>, 5A;8 >= C25@5= 2 ?;0B565A?>A>1=>AB8 AB>@>=, =57028A8<> >B B>3>, =0 :>3> 1C4CB 2>7;>65=K AC451=K5 @0AE>4K.  A;CG05 >B:070 AB>@>=K 2 >?;0B5 AC451=KE @0AE>4>2, 2>7;>65==KE =0 =55 AC4><, 2>7<>6=> ?@8=C48B5;L=>5 27KA:0=85 G5@57 ?>;CG5=85 8A?>;=8B5;L=>3> ;8AB0 2 :><?5B5=B=>< AC45. 20=A8@>20=85 @0AE>4>2 AC40 A2O70=> B0:65 A ?@>1;5<>9, :>340 8AB5F, >1@0B82H89AO 2 B@5B59A:89 AC4, >B:07K205BAO >B CG0AB8O 2 @0718@0B5;LAB25 45;0 ?> :0:>9-;81> ?@8G8=5 =0 AB0488 ?>43>B>2:8 45;0 : @0718@0B5;LAB2C, 8;8 C65 =0 AB0488 @0718@0B5;LAB20, => 4> 2K=5A5=8O @5H5=8O AC4><.  MB8E A;CG0OE B@5B59A:85 AC4K, 2 A>>B25BAB288 A> A2>8< 53;0<5=B>< C45@6820NB >B 25% 4> 50% >B AC<<K 2=5A5==KE 020=A>2KE ?;0B5659, GB> ?>72>;O5B 2>7<5AB8BL C65 ?@>872545==K5 @0AE>4K AC40.  5. " "!  ",!" !B0BLO 24. ><?5B5=F8O B@5B59A:>3> AC40 !B0BLO 25. ?@545;5=85 ?@028; B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 26. 5AB> B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 27. /7K: B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 28. >=D845=F80;L=>ABL A2545=89 B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 29. A:>2>5 70O2;5=85 !B0BLO 30. B7K2 =0 8A:>2>5 70O2;5=85 !B0BLO 31. AB@5G=K9 8A: !B0BLO 32. @8=OB85 <5@ ?> >15A?5G5=8N 8A:0 !B0BLO 33. @54AB02;5=85 4>:070B5;LAB2 !B0BLO 34. 0?@02;5=85 4>:C<5=B>2 8 8=KE <0B5@80;>2 !B0BLO 35. #G0AB85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 2 70A540=88 B@5B59A:>3> AC40 !B0BLO 36. @>B>:>; 70A540=8O B@5B59A:>3> AC40 !B0BLO 37. >A;54AB28O =5?@54AB02;5=8O AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20 4>:C<5=B>2 8 8=KE <0B5@80;>2 8;8 =5O2:8 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 24. ><?5B5=F8O B@5B59A:>3> AC40 "@5B59A:89 AC4 A0<>AB>OB5;L=> @5H05B 2>?@>A > =0;8G88 8;8 >1 >BACBAB288 C =53> :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@, 2 B>< G8A;5 2 A;CG0OE, :>340 >4=0 87 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 2>7@0605B ?@>B82 B@5B59A:>3> @0718@0B5;LAB20 ?> <>B82C >BACBAB28O 8;8 =5459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O. ;O MB>9 F5;8 B@5B59A:>5 A>3;0H5=85, >D>@<;5==>5 2 2845 >3>2>@:8 2 4>3>2>@5, 4>;6=> @0AA<0B@820BLAO :0: =5 7028AOI55 >B 4@C38E CA;>289 4>3>2>@0. K2>4 B@5B59A:>3> AC40 > B><, GB> A>45@60I89 >3>2>@:C 4>3>2>@ =5459AB28B5;5=, =5 2;5G5B 70 A>1>9 2 A8;C 70:>=0 =5459AB28B5;L=>ABL =0AB>OI59 >3>2>@:8. !B>@>=0 B@5B59A:>3> @0718@0B5;LAB20 2?@025 70O28BL >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@ 4> =0G0;0 B@5B59A:>3> @0718@0B5;LAB20 A?>@0 ?> ACI5AB2C. !B>@>=0 B@5B59A:>3> @0718@0B5;LAB20 2?@025 70O28BL > ?@52KH5=88 B@5B59A:8< AC4>< 53> :><?5B5=F88, 5A;8 2 E>45 B@5B59A:>3> @0718@0B5;LAB20 ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 AB0=5B 2>?@>A, @0AA<>B@5=85 :>B>@>3> =5 ?@54CA<>B@5=> B@5B59A:8< A>3;0H5=85<, ;81> :>B>@K9 =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A 70:>=>< 8;8 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. "@5B59A:89 AC4 >1O70= @0AA<>B@5BL 70O2;5=85 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20, ?>40==>5 2 A>>B25BAB288 A G0ABO<8 2B>@>9 8 B@5BL59 =0AB>OI59 AB0BL8. > @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O 2K=>A8BAO >?@545;5=85. A;8 B@5B59A:89 AC4 ?@8 @0AA<>B@5=88 2>?@>A0 > A2>59 :><?5B5=F88 2K=>A8B >?@545;5=85 >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 2 @0AA<>B@5=88 A?>@0, B> B@5B59A:89 AC4 =5 <>65B @0AA<0B@820BL A?>@ ?> ACI5AB2C. 4=8< 87 ?5@2KE 2>?@>A>2, :>B>@K9 ?@8E>48BAO @5H0BL B@5B59A:><C AC4C, O2;O5BAO 2>?@>A > =0;8G88 8;8 >BACBAB288 C =53> :><?5B5=F88 4;O @07@5H5=8O 40==>3> A?>@0. -B>B 2>?@>A <>65B =5>4=>:@0B=> 2>7=8:0BL 2 ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20. ?5@2K5 MB0 ?@>1;5<0 2>7=8:05B =0 AB0488 ?@8=OB8O 2 AC45 8A:>2>3> 70O2;5=8O : ?@>872>4AB2C 8 @07@5H05BAO ?@8=OB85< A>>B25BAB2CNI53> @5H5=8O ?@54A540B5;5< (8;8 70<5AB8B5;5< ?@54A540B5;O) B@5B59A:>3> AC40, :>B>@K9 2?@025 C:070BL 8ABFC, GB> 53> 8A:>2>5 70O2;5=85 ?> ?@8G8=5 53> =5?>4254><AB25==>AB8 8;8 =5?>4AC4=>AB8 40==><C B@5B59A:><C AC4C =5 <>65B 1KBL @0AA<>B@5=>. A;8 65 AB>@>=0 =0AB08205B =0 ?@8=OB88 8A:>2>3> 70O2;5=8O B> @54A540B5;L AC40 >1O70= 53> ?@8=OBL, => ?@54C?@548BL AB>@>=C, GB> 2 A;CG05 =0G0;0 ?@>F5AA0 8 ?@87=0=8O B@5B59A:8< AC4>< >BACBAB28O C =53> :><?5B5=F88 @0AA<0B@820BL MB>B A?>@, AB>@>=0 >1O70=0 1C45B >?;0B8BL AC451=K5 @0AE>4K =0 ?>43>B>2:C 45;0 8 2K7>2K AC459 (A<. ><<5=B0@89 : AB. 23). ;O @5H5=8O MB>9 ?@>1;5<K 0:>= CAB0=02;8205B =5A:>;L:> ?@028;. >-?5@2KE, @5H5=85 2>?@>A0 > :><?5B5=F88 4>;6=> 1KBL @07@5H5=> A0<8< AC4><. >-2B>@KE, A2>5 @5H5=85 AC4 >D>@<;O5B AC451=K< 0:B><: >?@545;5=85<, 5A;8 >= @5H05B MB>B 2>?@>A 157 @0AA<>B@5=8O A?>@0 ?> ACI5AB2C, 8 @5H5=85<, 5A;8 >= @5H05BAO ?@8 2K=5A5=88 @5H5=8O. >6=> 2K45;8BL 420 A;CG0O, :>340 @5H05BAO 2>?@>A > :><?5B5=F88. -B> 55 ?>;=>5 >BACBAB285 8;8 ?@52KH5=85 55 ?@545;>2. BACBAB285 :><?5B5=F88 >7=0G05B, GB> B@5B59A:89 AC4 =5 2?@025 @0AA<0B@820BL 40==K9 A?>@ 2284C B>3>, GB> A?>@ 2>>1I5 =5 <>65B 1KBL @0AA<>B@5= 2 B@5B59A:>< AC45 8;8 65 =5 <>65B 1KBL @0AA<>B@5= 2 40==>< :>=:@5B=>< "@5B59A:>< AC45. @52KH5=85 ?@545;>2 :><?5B5=F88 >7=0G05B, GB> B@5B59A:>5 A>3;0H5=85 8<55BAO, => >=> =5 >E20BK205B 2A5 (8;8 G0ABL) CAB0=>2;5==K5 B@51>20=8O (=0?@8<5@, 2 A;CG05 A>3;0H5=8O > ?5@540G5 2 B@5B59A:89 AC4 A?>@0 > 27KA:0=88 704>;65==>AB8, B@51>20=85 ?> 2>?@>AC 27KA:0=8O =5CAB>9:8 1C45B 2KE>48BL 70 ?@545;K :><?5B5=F88 B@5B59A:>3> AC40). @><5 B>3>, >BACBAB285 :><?5B5=F88 <>65B A;54>20BL 87 B>3>, GB> @0AA<>B@5=85 B0:8E A?>@>2 (8;8 G0AB8 A?>@0) ?@O<> 70?@5I5=> 0:>=>< 8;8 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, E>BO A>3;0H5=85 AB>@>= 2 MB>< A;CG05 4>AB83=CB>. A>10O 0:BC0;L=>ABL ?@>1;5<K :><?5B5=F88 >1CA;>2;5=0 B5<, GB> >H81:0, 4>?CI5==0O B@5B59A:8< AC4>< ?@8 55 @07@5H5=88, <>65B ?>A;C68BL >A=>20=85< 4;O >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 8 53> >B<5=K :><?5B5=B=K< 3>AC40@AB25==K< AC4>< (AB. 47 0:>=0), 0 B0:65 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?> @5H5=8N B@5B59A:>3> AC40 (AB. 53 0:>=0).  E>45 87CG5=8O 8A:>2KE <0B5@80;>2 B@5B59A:89 AC4 4>;65= C1548BLAO: 1) 2 =0;8G88 70:;NG5==>3> <564C AB>@>=0<8 A?>@0 B@5B59A:>3> A>3;0H5=8O; 2) 2 N@848G5A:>9 459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O; 3) 2 B><, GB> B@5B59A:>5 A>3;0H5=85 @0A?@>AB@0=O5BAO =0 40==K9 A?>@. B@8F0B5;L=K9 >B25B =0 ;N1>9 87 ?5@5G8A;5==KE 2>?@>A>2 8A:;NG05B :><?5B5=F8N B@5B59A:>3> AC40 ?> @07@5H5=8N A?>@0.  A2O78 A ?5@2K< 2>?@>A>< =5>1E>48<>, 2 G0AB=>AB8, CAB0=>28BL, A>1;N45=K ;8 B@51>20=8O, ?@54JO2;O5<K5 =0AB>OI8< 70:>=>< (AB. 12) : ?8AL<5==>9 D>@<5 B@5B59A:>3> A>3;0H5=8O, 8 ?>72>;O5B ;8 53> B5:AB 845=B8D8F8@>20BL 40==K9 B@5B59A:89 AC4 2 :0G5AB25 A>3;0A>20==>3> AB>@>=0<8 D>@C<0 4;O @07@5H5=8O 40==>3> A?>@0. @8 @5H5=88 2>?@>A0 > N@848G5A:>9 459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O A;54C5B 2 ?5@2CN >G5@54L 2KOA=8BL, =5 >B=>A8BAO ;8 B@5B59A:>5 A>3;0H5=85 : B0:8< A?>@0<, :>B>@K5 A>3;0A=> 459AB2CNI5<C 70:>=>40B5;LAB2C =5 <>3CB 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20. 5>1E>48<> ?>4G5@:=CBL, GB> ?@8 @07@5H5=88 2>?@>A0 > A2>59 :><?5B5=F88 B@5B59A:89 AC4 4>;65= CAB0=>28BL N@848G5A:CN 459AB28B5;L=>ABL (8;8 =5459AB28B5;L=>ABL) B@5B59A:>3> A>3;0H5=8O, 0 =5 B>3> 4>3>2>@0, : :>B>@><C >=> >B=>A8BAO. 0:>= CAB0=02;8205B "02B>=><=>ABL B@5B59A:>3> A>3;0H5=8O", B> 5ABL >=> @0AA<0B@8205BAO :0: =5 7028AOI55 >B 4@C38E CA;>289 4>3>2>@0.  @57C;LB0B5, ?@87=0=85 4>3>2>@0 =5459AB28B5;L=K< =5 2;5G5B =5459AB28B5;L=>ABL B@5B59A:>9 >3>2>@:8 8 =5 ?@5?OBAB2C5B B@5B59A:><C AC4C 2K=>A8BL @5H5=85 (G0ABL ?5@20O AB.24). > MB> 2>2A5 =5 >7=0G05B, GB> B@5B59A:0O >3>2>@:0 =8:>340 =5 @0745;O5B N@848G5A:CN AC4L1C 4>3>2>@0, 2 :>B>@>< >=0 A>45@68BAO. 54L 70:>=>< CAB0=>2;5=K @07;8G=K5 >A=>20=8O =5459AB28B5;L=>AB8 A45;>:, 2 B>< G8A;5 8 B0:85, =0 >A=>20=88 :>B>@KE B@5B59A:0O >3>2>@:0 <>65B 1KBL ?@87=0=0 =5459AB28B5;L=>9 ?@8 A>E@0=5=88 459AB28B5;L=>AB8 4@C38E CA;>289 4>3>2>@0, =5459AB28B5;L=>9 2<5AB5 A 4>3>2>@><, 459AB28B5;L=>9, =5A<>B@O =0 =5459AB28B5;L=>ABL >AB0;L=>9 G0AB8 4>3>2>@0. AE>4O 87 <0B5@80;L=>-?@>F5AAC0;L=>9 ?@8@>4K B@5B59A:>3> A>3;0H5=8O, : =5<C A;54C5B ?@8<5=OBL =>@<K 3@0640=A:>3> ?@020, 2> 2AO:>< A;CG05, 2 G0AB8 >?@545;5=8O ?@02>2>3> AB0BCA0 ;8F, 70:;NG0NI8E B@5B59A:>5 A>3;0H5=85. !>>B25BAB25==>, ?> >A=>20=8O<, CAB0=>2;5==K< @0640=A:8< :>45:A>< 5A?C1;8:8 #715:8AB0= (=0?@8<5@, ?@8 >BACBAB288 C ;8F0, ?>4?8A02H53> B@5B59A:>5 A>3;0H5=85, ?@020 =0 ?5@540GC 45;0 2 B@5B59A:89 AC4), B@5B59A:>5 A>3;0H5=85 <>65B 1KBL ?@87=0=> =5459AB28B5;L=K< ?@8 459AB28B5;L=>AB8 4>3>2>@0. B45;L=> =5>1E>48<> >B<5B8BL A;CG09 =8GB>6=>AB8 B@5B59A:>9 >3>2>@:8 ?> >1I8< >A=>20=8O<.  MB>< A;CG05 B0:65 2>7<>6=0 =5459AB28B5;L=>ABL B@5B59A:>9 >3>2>@:8 ?@8 459AB28B5;L=>AB8 4>3>2>@0 2 F5;><.  A;CG0OE <=8<>9 A45;:8, A45;:8, A>25@H5==>9 =5455A?>A>1=K<, <0;>;5B=8< ( #7), B@5B59A:0O >3>2>@:0, A>45@60I0OAO 2 4>3>2>@5, =5459AB28B5;L=0 (=8GB>6=0) 2<5AB5 A 4>3>2>@><.  1>;LH8=AB25 8=KE A;CG052, =0?@8<5@ =5459AB28B5;L=>AB8 A45;>: ?> >A=>20=8O<, ?@54CA<>B@5==K<  #7, B@5B59A:CN >3>2>@:C 2848<> A;54C5B ?@87=0BL 459AB28B5;L=>9, =5A<>B@O =0 =5459AB28B5;L=>ABL 4>3>2>@0. "0:>5 ?>A;54AB285 2KB5:05B 87 B>3>, GB> AB0BL8  A>45@60B >A=>20=8O ?@87=0=8O =5459AB28B5;L=K<8 >A?>@8<KE A45;>:. , 2 A8;C  #7, 4> B5E ?>@, ?>:0 B0:0O A45;:0 =5 ?@87=0=0 =5459AB28B5;L=>9 AC4><, >=0 459AB28B5;L=0. ">B 65 2K2>4 A;54C5B 87 G0AB8 ?5@2>9 AB. 24 0:>=0, 345 CAB0=>2;5=>, GB> B@5B59A:89 AC4 A0<>AB>OB5;L=> @5H05B 2>?@>A > =0;8G88 8;8 459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O. AE>4O 87 1C:20;L=>3> B>;:>20=8O 8 A<KA;0 AB. AB. 12-13 0:>=0, 4;O B>3>, GB>1K B@5B59A:>5 A>3;0H5=85 AG8B0;>AL 70:;NG5==K< =5>1E>48<> A>1;N45=85 A;54CNI8E B@51>20=89 70:>=0: 1) 70:;NG5=85 B@5B59A:>3> A>3;0H5=8O 2 ?8AL<5==>9 D>@<5; 2) >?@545;5=85 2 A>3;0H5=88 :@C30 3@0640=A:>-?@02>2KE A?>@>2 ?5@540205<>3> =0 @07@5H5=85 B@5B59A:>3> AC40 8 C:070=85, A :0:8< :>=:@5B=K< ?@02>>B=>H5=85< AB>@>= >=8 A2O70=K; 3) C:070=85 2 A>3;0H5=88 =08<5=>20=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 5A;8 A?>@ 1C45B ?5@540= =0 @07@5H5=85 40==>3> AC40. '0ABL B@5BLO AB. 13 0:>=0 CAB0=02;8205B, GB> >BACBAB285 =08<5=>20=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, :C40 ?5@5405BAO A?>@, 2;5G5B =5459AB28B5;L=>ABL B@5B59A:>9 >3>2>@:8. >=:@5B=K9 ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4 157 A>1;N45=8O MB>3> CA;>28O =5 2?@025 ?@87=0BL A51O :><?5B5=B=K< @0AA<0B@820BL A?>@. !>>B25BAB25==>, 5A;8 AB>@>=K =5 >?@545;OB, 2 :0:>9 8<5==> ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4 8< A;54C5B >1@0I0BLAO, A;54C5B AG8B0BL, GB> 2>7<>6=>ABL >1@0I5=8O : B@5B59A:><C AC4C >BACBAB2C5B. "> 5ABL D0:B8G5A:8 B@5B59A:>5 A>3;0H5=85 =5 70:;NG5=>. B25B =0 2>?@>A > B><, @0A?@>AB@0=O5BAO ;8 B@5B59A:>5 A>3;0H5=85 =0 40==K9 A?>@, <>65B 1KBL ?>;CG5= 2 @57C;LB0B5 BI0B5;L=>3> 0=0;870 B5:AB0 8A:>2>3> 70O2;5=8O 2 A>?>AB02;5=88 A B@5B59A:8< A>3;0H5=85< 8 A>>B25BAB2CNI8< :>=B@0:B>< (5A;8 A?>@ 2>7=8: 87 4>3>2>@0). >?@>A > =0;8G88 8;8 >BACBAB288 :><?5B5=F88 ?> @0AA<>B@5=8N A?>@0 4>;65= 1KBL ?>AB02;5= 8 @07@5H5= B@5B59A:8< AC4>< =57028A8<> >B B>3>, 2KA:070=K ;8 :5<-;81> 87 CG0AB2CNI8E 2 45;5 ;8F 2>7@065=8O ?@>B82 B@5B59A:>3> @0718@0B5;LAB20 ?> <>B82C >BACBAB28O 8;8 =5459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O. !>3;0A=> G0AB8 2B>@>9 =0AB>OI59 AB0BL8 "AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 2?@025 70O28BL >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@ 4> =0G0;0 B@5B59A:>3> @0718@0B5;LAB20 A?>@0 ?> ACI5AB2C". BAN40 A;54C5B, GB> B@5B59A:89 AC4 2 ?@8=F8?5 <>65B >B:070BL 2 @0AA<>B@5=88 B0:>3> 70O2;5=8O, ?>40==>3> A ?@>?CA:>< C:070==>3> A@>:0. K 4C<05<, GB> B@5B59A:89 AC4 ?>ABC?8B ?@028;L=>, 5A;8 @0AA<>B@8B MB> 70O2;5=85, 4065 ?>40==>5 ?>A;5 B>3>, :0: 40==0O AB>@>=0 >B@5038@>20;0 ?> ACI5AB2C =0 8A:>2K5 <0B5@80;K. A;8 70O2;5=85, ?CABL 8 ?@>A@>G5==>5, >:065BAO ?@028;L=K<, ?@>83=>@8@>202H89 53> B@5B59A:89 AC4 @8A:C5B B5<, GB> 53> @5H5=85 <>65B 1KBL >A?>@5=> 2 :><?5B5=B=>< 3>AC40@AB25==>< AC45 8 >B<5=5=> 8< (AB. 47 0:>=0), ;81> >:065BAO =5@50;87>20==K< 2284C >B:070 :><?5B5=B=>3> AC40 >1@0B8BL 53> : ?@8=C48B5;L=><C 8A?>;=5=8N (AB. 53 0:>=0). > A<KA;C G0AB8 B@5BL59 AB. 24 ;N10O AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 ?@02><>G=0, B0:65, 70O28BL B@5B59A:><C AC4C > ?@52KH5=88 8< A2>8E ?>;=><>G89, 5A;8: 0) @0AA<>B@5=85 2>?@>A0 =5 ?@54CA<>B@5=> B@5B59A:8< A>3;0H5=85<; 1) ;81> B0:>5 @0718@0B5;LAB2> =5 <>65B 1KBL >ACI5AB2;5=> 2 A8;C 0:>=0 8;8 ?@028; ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40.  >B;8G85 >B =5459AB28B5;L=>AB8 8;8 >BACBAB288 B@5B59A:>3> A>3;0H5=8O, 2>?@>A > ?@52KH5=88 :><?5B5=F88 8;8 =52>7<>6=>AB8 @0AA<>B@5=8O 40==>3> A?>@0 2 B@5B59A:>< AC45 2>>1I5, <>65B 1KBL ?>AB02;5= ;N1>9 AB>@>=>9 =0 ;N1>9 AB0488 ?@>F5AA0 4> 2K=5A5=8O AC4>< @5H5=8O. >A:>;L:C 70:>= =5 >3@0=8G8205B ?>AB0=>2:C B0:>3> 2>?@>A0 @0<:0<8 =0G0;0 AC451=>3> @0718@0B5;LAB20 ?> ACI5AB2C, B@5B59A:89 AC4 >1O70= 8AA;54>20BL MB>B 2>?@>A 8 >B@078BL @57C;LB0BK 2 @5H5=88 8;8 >?@545;5=88 (G0ABL G5B25@B0O AB.24 =0AB>OI53> 0:>=0). > 2A5E A;CG0OE B@5B59A:89 AC4 >1O70= @0AA<>B@5BL 70O2;5=85, A45;0==>5 AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A G0ABO<8 2B>@>9 8 B@5BL59 AB. 24 0:>=0. > @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O 2K=>A8BAO >?@545;5=85. A;8 B@5B59A:89 AC4 ?@8 @0AA<>B@5=88 2>?@>A0 > A2>59 :><?5B5=F88 2K=>A8B >?@545;5=85 >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 2 @0AA<>B@5=88 A?>@0, B> MB>B B@5B59A:89 AC4 C65 =5 <>65B @0AA<0B@820BL A?>@ ?> ACI5AB2C. !B0BLO 25. ?@545;5=85 ?@028; B@5B59A:>3> @0718@0B5;LAB20 >AB>O==> 459AB2CNI89 B@5B59A:89 AC4 >ACI5AB2;O5B B@5B59A:>5 @0718@0B5;LAB2> 2 A>>B25BAB288 A ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, 5A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL > ?@8<5=5=88 8=KE ?@028; B@5B59A:>3> @0718@0B5;LAB20. @5<5==K9 B@5B59A:89 AC4 >ACI5AB2;O5B B@5B59A:>5 @0718@0B5;LAB2> 2 A>>B25BAB288 A ?@028;0<8, A>3;0A>20==K<8 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20. @028;0 B@5B59A:>3> @0718@0B5;LAB20, A>3;0A>20==K5 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A G0ABO<8 ?5@2>9 8 2B>@>9 =0AB>OI59 AB0BL8, 4>;6=K A>>B25BAB2>20BL ?>;>65=8O< =0AB>OI53> 0:>=0.  G0AB8, =5 A>3;0A>20==>9 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, =5 >?@545;5==>9 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8 =0AB>OI8< 0:>=><, ?@028;0 B@5B59A:>3> @0718@0B5;LAB20 >?@545;ONBAO B@5B59A:8< AC4><. ><<5=B8@C5<0O AB0BLO ?@54>AB02;O5B AB>@>=0< ?>;=><>G8O ?> >?@545;5=8N B5E ?@>F5AAC0;L=KE ?@028;, :>B>@K<8 B@5B59A:89 AC4 4>;65= 1C45B @C:>2>4AB2>20BLAO ?@8 @07@5H5=88 ?5@540==>3> 5<C A?>@0. -B> 2 ?>;=>9 <5@5 >B=>A8BAO :0: : ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC40<, B0: 8 : 2@5<5==K< B@5B59A:8< AC40< 4;O @07@5H5=8O :>=:@5B=>3> A?>@0. 0:>= 405B 2>7<>6=>ABL AB>@>=0< A0<>AB>OB5;L=> CAB0=02;820BL ?@>F54C@C @0AA<>B@5=8O A?>@0, =5 =0@CH0O 8<?5@0B82=K5 =>@<K 0:>=0. >7=8:05B 2>?@>A, G5< @C:>2>4AB2>20BLAO, 5A;8 AB>@>=K ?@54CA<>B@5;8 >4=>, 0 ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 ?@54CA<0B@820NB 8=>5. 07@5H8BL MBC :>;;878N <>6=> A ?><>ILN G0AB8 ?5@2>9 AB. 25 0:>=0, :>B>@0O 3>2>@8B, GB> ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4 4>;65= @C:>2>4AB2>20BLAO A2>8<8 ?@028;0<8, 5A;8 AB>@>=K =5 4>3>2>@8;8AL > ?@8<5=5=88 4@C38E ?@028;. A;8 ?@028;0, > :>B>@KE 4>3>2>@8;8AL AB>@>=K, =5 A>2?040NB A @028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, =0 @07@5H5=85 :>B>@>3> ?5@540= A?>@, B@5B59A:89 AC4 4>;65= @0AA<0B@820BL A?>@ 2 A>>B25BAB288 A B5<8 ?@028;0<8, :>B>@K5 CAB0=>2;5=K 2 A>3;0H5=88 AB>@>=. ;02=>5 B@51>20=85 0:>=0 4;O B0:8E A;CG052, GB>1K ?@028;0, A>3;0A>20==K5 AB>@>=0<8, A>>B25BAB2>20;8 ?>;>65=8O< 0:>=0 " B@5B59A:8E AC40E". '0ABL 2B>@0O :><<5=B8@C5<>9 AB0BL8 3>2>@8B > ?@028;0E, :>B>@K<8 @C:>2>4AB2C5BAO 2@5<5==K9 B@5B59A:89 AC4. >A:>;L:C B0:>9 B@5B59A:89 AC4 A>7405BAO 4;O @07@5H5=8O :>=:@5B=>3> A?>@0, C =53>, 2 >B;8G85 >B ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, =5 <>65B 1KBL 70@0=55 ?>43>B>2;5==>3> @53;0<5=B0. 4=0:> AB>@>=K ?@8 @07@01>B:5 8 A>3;0A>20=88 ?@028; B@5B59A:>3> @0718@0B5;LAB20 2> 2@5<5==>< B@5B59A:>< AC45 <>3CB, @07C<55BAO, 708<AB2>20BL =>@<K 87 @53;0<5=B>2 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, ;81> CAB0=>28BL A>3;0H5=85< AB>@>= A2>8 ?@028;0 @0AA<>B@5=8O A?>@0, => >?OBL 65 A CA;>285< 8E A>>B25BAB28O =0AB>OI5<C 0:>=C. > ?>=OB=K< ?@8G8=0< AB>@>=K ?@8 ?>43>B>2:5 ?@028; B@5B59A:>3> @0718@0B5;LAB20 =5 2?@025 >BABC?0BL >B 8<?5@0B82=KE =>@< 459AB2CNI53> 70:>=>40B5;LAB20, @53C;8@CNI8E 45OB5;L=>ABL B@5B59A:8E AC4>2.  =0AB>OI5< 0:>=5 B0:85 =>@<K =5<=>3>G8A;5==K, => >=8 5ABL. 5GL 845B, 2 G0AB=>AB8, > =>@<0E, A>45@60I8EAO 2 AB. AB. 14-16, 35, 38-40, 44, 47, 53, 54 0:>=0. 5>1E>48<> >1@0B8BL 2=8<0=85, GB> B@5B59A:>5 @0718@0B5;LAB2>, 2 ?>AB>O==> 459AB2CNI5< AC45 8<55B ?OBL C@>2=59 @53C;8@>20=8O, 87;>65==K5 =865 2 ?>@O4:5 C1K20=8O N@848G5A:>9 A8;K: 1) 8<?5@0B82=K5 =>@<K 70:>=0; 2) A>3;0H5=85 AB>@>=; 3) ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40; 4) 48A?>78B82=K5 =>@<K 70:>=0; 5) CA<>B@5=85 A>AB020 B@5B59A:>3> AC40 @0AA<0B@820NI53> A?>@. >=OB=> B0:65, GB> 4;O 2@5<5==>3> B@5B59A:>3> AC40 8<5NBAO B>;L:> G5BK@5 C@>2=O, ?>A:>;L:C ?@028; ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 2 MB>< A;CG05 =5B. @>F5AAC0;L=K5 2>?@>AK, =5 C@53C;8@>20==K5 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8 =5 A>3;0A>20==K5 AB>@>=0<8, @07@5H0NBAO B@5B59A:8< AC4>< ?> ?@028;0<, >?@545;O5<K< B@5B59A:8< AC4><. @8 MB>< >= <>65B @C:>2>4AB2>20BLAO ?> 0=0;>388 A>>B25BAB2CNI8<8 =>@<0<8, A>45@60I8<8AO 2 % #7 8;8  #7. A;8, =0?@8<5@, @53;0<5=B ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 4;O @07@5H5=8O M:>=><8G5A:8E A?>@>2 =5 A>45@68B ?@028; >B=>A8B5;L=> ?>@O4:0 >D>@<;5=8O ?>;=><>G89 ?@54AB028B5;O AB>@>=K, B@5B59A:89 AC4 2?@025 ?@8<5=8BL ?> 0=0;>388 =>@<K %>7O9AB25==>3> 8;8 @0640=A:>3> ?@>F5AAC0;L=KE :>45:A>2 5A?C1;8:8 #715:8AB0=. !B0BLO 26. 5AB> B@5B59A:>3> @0718@0B5;LAB20  ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 <5AB> B@5B59A:>3> @0718@0B5;LAB20 >?@545;O5BAO 2 A>>B25BAB288 A ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. > 2@5<5==>< B@5B59A:>< AC45 <5AB> B@5B59A:>3> @0718@0B5;LAB20 >?@545;O5BAO A>3;0H5=85< AB>@>= B@5B59A:>3> @0718@0B5;LAB20.  A;CG05 >BACBAB28O B0:>3> A>3;0H5=8O <5AB> B@5B59A:>3> @0718@0B5;LAB20 >?@545;O5BAO A0<8< B@5B59A:8< AC4><, 8AE>4O 87 >1AB>OB5;LAB2 A?>@0. 53;0<5=B0F8O 2>?@>A0 > <5AB5 B@5B59A:>3> @0718@0B5;LAB20 48DD5@5=F8@>20=0 2 7028A8<>AB8 >B B>3>, :0:>9 AC4 4>;65= >ACI5AB2;OBL B@5B59A:>5 @0718@0B5;LAB2>, 2@5<5==K9 B@5B59A:89 AC4 8;8 ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4. >?@>A > <5AB5 B@5B59A:>3> @0718@0B5;LAB20 8<55B F5;K9 @O4 ?@02>2KE ?>A;54AB289. >MB><C 2K1>@ <5AB0 B@5B59A:>3> @0718@0B5;LAB20 4>;65= 1KBL 2 G8A;5 2>?@>A>2, ?>4;560I8E >1AC645=8N ?@8 4>AB865=88 B@5B59A:>3> A>3;0H5=8O. @028;0 ?>402;ONI53> 1>;LH8=AB20 <564C=0@>4=KE :><<5@G5A:8E 0@18B@0659 ?@54CA<0B@820NB, GB> <5AB>< @0AA<>B@5=8O A?>@0 <>65B 1KBL ;N1>5 3>AC40@AB2>, 871@0==>5 AB>@>=0<8 ;81> C:070==>5 0@18B@06=K< CG@5645=85< 8;8 0@18B@0<8, @07@5H0NI8<8 A?>@. !>>B25BAB2CNI0O @5:><5=40F8O A>45@68BAO 2 "8?>2>< 70:>=5 .!" , G0ABL ?5@20O AB. 20 :>B>@>3> ?@54CA<0B@8205B, GB> AB>@>=K <>3CB ?> A2>5<C CA<>B@5=8N 4>3>2>@8BLAO > <5AB5 0@18B@060.  >BACBAB285 B0:>9 4>3>2>@5==>AB8 <5AB> 0@18B@060 >?@545;O5BAO 0@18B@06=K< AC4>< A CG5B>< >1AB>OB5;LAB2 45;0, 2:;NG0O D0:B>@ C4>1AB20 4;O AB>@>=. KH5A:070==>5 2 @02=>9 <5@5 >B=>A8BAO 8 : 2K1>@C <5AB0 @0AA<>B@5=8O A?>@0 B@5B59A:8<8 AC40<8. !B0BLO 26 0:>=0 =5 A>45@68B 8<?5@0B82=KE B@51>20=89 ?@>2>48BL B@5B59A:>5 @0718@0B5;LAB2> 2 <5AB5 =0E>645=8O A>>B25BAB2CNI53> B@5B59A:>3> AC40. "0:8< >1@07><, <5AB> B@5B59A:>3> @0718@0B5;LAB20, >ACI5AB2;O5<>3> ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC4><, <>65B >B;8G0BLAO >B <5AB0 =0E>645=8O MB>3> AC40.  MB>< 70:;NG05BAO >B;8G85 ?@028; >?@545;5=8O <5AB0 AC451=>3> @0718@0B5;LAB20 2 B@5B59A:>< AC45 >B =>@<, @53C;8@CNI8E AC451=>5 @0718@0B5;LAB2> 2 3>AC40@AB25==KE AC40E, :>B>@K5 ?> >1I5<C ?@028;C ?@54CA<0B@820NB @0AA<>B@5=85 45;0 ?> <5ABC =0E>645=8O A>>B25BAB2CNI53> AC40 >1I59 N@8A48:F88 8;8 E>7O9AB25==>3> AC40.  ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 >1I89 ?@8=F8? >?@545;5=8O <5AB0 B@5B59A:>3> @0718@0B5;LAB20 A2>48BAO : B><C, GB> A>>B25BAB2CNI85 =>@<K 4>;6=K CAB0=02;820BLAO ?@028;0<8 MB>3> AC40. ?@>G5<, MB> =5 8A:;NG05B B>3>, GB> ?@028;0 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 <>3CB A>45@60BL >BAK;>G=CN =>@<C, A>3;0A=> :>B>@>9 ?@028;0 >?@545;5=8O <5AB0 B@5B59A:>3> @0718@0B5;LAB20 <>3CB 1KBL >B40=K =0 CA<>B@5=85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20. > 2@5<5==>< B@5B59A:>< AC45 <5AB> B@5B59A:>3> @0718@0B5;LAB20 >?@545;O5BAO =0 >A=>20=88 4>3>2>@5==>AB8 AB>@>=. @5<5==K9 B@5B59A:89 AC4 ?> A2>59 ?@8@>45 =5 8<55B CAB0=>2;5==>3> <5AB0 @0A?>;>65=8O, ?>MB><C 4;O =53> >?@545;5=85 <5AB0 @0AA<>B@5=8O A?>@0 O2;O5BAO >4=8< 87 206=59H8E 2>?@>A>2. ><<5=B8@C5<0O =>@<0 ?@54?>;0305B, GB> >?@545;5=85 <5AB0 B@5B59A:>3> @0718@0B5;LAB20 >ACI5AB2;O5BAO, ?@5645 2A53>, A0<8<8 AB>@>=0<8. A;8 AB>@>=K =5 4>3>2>@8;8AL ?> MB><C 2>?@>AC, >?@545;5=85 <5AB0 B@5B59A:>3> @0718@0B5;LAB20 O2;O5BAO ?@5@>30B82>9 A>AB020 AC40 (2> 2@5<5==>< B@5B59A:>< AC45 ?>=OB8O "A>AB02 AC40" 8 "B@5B59A:89 AC4" ?> ACB8 A>2?040NB).  B>< A;CG05, 5A;8 AB>@>=K =5 >?@545;8;8 <5AB> B@5B59A:>3> @0718@0B5;LAB20, MB>B 2>?@>A @5H05BAO B@5B59A:8< AC4>< A CG5B>< 2A5E >1AB>OB5;LAB2 45;0, A@548 :>B>@KE ?5@2>AB5?5==>5 7=0G5=85 8<55B D0:B>@ C4>1AB20 4;O AB>@>=. @><5 B>3>, 2> 2B>@CN >G5@54L ?@8 2K1>@5 <5AB0 B@5B59A:>3> @0718@0B5;LAB20 4>;6=K CG8BK20BLAO D0:B>@K C4>1AB20 4;O B@5B59A:8E AC459, =0;8G85 8 AB>8<>ABL 2A?><>30B5;L=KE CA;C3, : :>B>@K< <>65B ?@8153=CBL B@5B59A:89 AC4 2 E>45 @0718@0B5;LAB20, 1;87>ABL <5AB>=0E>645=8O ?@54<5B0 A?>@0, 0 B0:65 <5AB>=0E>645=85 >A=>2=KE 4>:070B5;LAB2, :>B>@K5 <>3CB 1KBL 8A?>;L7>20=K 2 B@5B59A:>< @0718@0B5;LAB25. @8 2K1>@5 <5AB0 AC451=>3> 70A540=8O <>3CB CG8BK20BLAO 8 8=K5 >1AB>OB5;LAB20, 3;02=>5, GB>1K ?@8 MB>< 1K;> >15A?5G5=> <0:A8<0;L=> MDD5:B82=>5 8 M:>=><8G=>5 @0718@0B5;LAB2> A?>@0, ?5@540==>3> =0 @07@5H5=85 B@5B59A:>3> AC40. !B>8B >1@0B8BL 2=8<0=85 8 =0 =5>1E>48<>ABL CG5B0 =5 N@848G5A:8E D0:B>@>2, :>B>@K5 4>;6=K CG8BK20BLAO ?@8 2K1>@5 <5AB0 B@5B59A:>3> @0718@0B5;LAB20.  B0:8< D0:B>@0< >B=>AOBAO: =0;8G85 C4>1=>9 B@0=A?>@B=>9 AE5<K; B5E=8G5A:0O 2>7<>6=>ABL >15A?5G5=8O 0@18B@06=>3> (B@5B59A:>3>) ?@>F5AA0; =0;8G85 :20;8D8F8@>20==KE AC459; =0;8G85 :20;8D8F8@>20==KE N@8AB>2, :>B>@K5 <>3CB ?@54AB02;OBL 8=B5@5AK AB>@>= 2 B@5B59A:>< AC45; @07<5@ B5E=8G5A:8E @0AE>4>2 ?> ?@>2545=8N B@5B59A:>3> @0718@0B5;LAB20. 5AB> B@5B59A:>3> @0718@0B5;LAB20 - MB> ">1O70B5;L=K9 M;5<5=B @5H5=8O B@5B59A:>3> AC40". -B> AC645=85 >1CA;>2;5=> B5< >1AB>OB5;LAB2><, GB> <5AB> B@5B59A:>3> @0718@0B5;LAB20 2;8O5B =0 :>=B@>;8@CNICN N@8A48:F8N :><?5B5=B=>3> 3>AC40@AB25==>3> AC40. 0: 8725AB=>, 70O2;5=85 >1 >A?0@820=88 @5H5=8O B@5B59A:>3> AC40 ?>405BAO 2 AC4 ?> <5ABC =0E>645=8O A>>B25BAB2CNI53> B@5B59A:>3> AC40, @0AA<>B@52H53> A?>@. -B><C 65 AC4C ?5@540NBAO =0 E@0=5=85 <0B5@80;K 45;0 ?> B@5B59A:><C @0718@0B5;LAB2C A?>@0. 0@CH5=85 ?@028; > <5AB5 B@5B59A:>3> @0718@0B5;LAB20 =5 O2;O5BAO >A=>20=85< 4;O >B<5=K @5H5=8O 2 A;CG05 53> >A?0@820=8O 8;8 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O. "0: :0: =8 0:>= " B@5B59A:8E AC40E", =8 ?@>F5AAC0;L=>5 70:>=>40B5;LAB2> =5 A>45@60B B0:8E >A=>20=89 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40 8;8 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 53> ?@8=C48B5;L=>5 8A?>;=5=85. 'B> 65 :0A05BAO ?@>F5AAC0;L=KE ?>A;54AB289 =0@CH5=89 ?@028; > <5AB5 B@5B59A:>3> @0718@0B5;LAB20, B>, B0:>2K5 <>3CB ?>2;5GL >B<5=C @5H5=8O 8;8 >B:07 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 B>;L:> 2 B>< A;CG05, 5A;8 C:070==K5 =0@CH5=8O ?@825;8 : B><C, GB> AB>@>=0, ?@>B82 :>B>@>9 1K;> ?@8=OB> @5H5=85 B@5B59A:>3> AC40, =5 1K;0 4>;6=K< >1@07>< C254><;5=0 > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40, ;81> 2 A2O78 A =0@CH5=85< ?@028; > <5AB5 @0AA<>B@5=8O A?>@0 =5 A<>3;0 ?@54AB028BL B@5B59A:><C AC4C A2>8 >1JOA=5=8O.  8=>< A;CG05 =0@CH5=85 CAB0=>2;5==KE ?@028; > <5AB5 B@5B59A:>3> @0718@0B5;LAB20 =5 4>;6=> 2;5GL >B<5=C @5H5=8O B@5B59A:>3> AC40 8;8 >B:07 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 53> ?@8=C48B5;L=>5 8A?>;=5=85, ?>A:>;L:C MB> ?@>F5AAC0;L=>5 =0@CH5=85 =5 ?>2;5:;> 8 =5 <>3;> ?>2;5GL ?@8=OB85 B@5B59A:8< AC4>< =5?@028;L=>3> 8 =5A?@0254;82>3> @5H5=8O. !B0BLO 27. /7K: B@5B59A:>3> @0718@0B5;LAB20 A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> B@5B59A:>5 @0718@0B5;LAB2> 2545BAO =0 3>AC40@AB25==>< O7K:5. "@5B59A:89 AC4 <>65B ?>B@51>20BL >B AB>@>= B@5B59A:>3> @0718@0B5;LAB20 ?5@52>40 4>:C<5=B>2 8 8=KE <0B5@80;>2 =0 O7K: B@5B59A:>3> @0718@0B5;LAB20. !B>@>=0 B@5B59A:>3> @0718@0B5;LAB20, ?@54AB02;ONI0O 4>:C<5=BK 8 8=K5 <0B5@80;K =5 =0 O7K:5 B@5B59A:>3> @0718@0B5;LAB20, 4>;6=0 >15A?5G8BL 8E ?5@52>4.  A>>B25BAB288 A> AB.115 >=AB8BCF88 8 AB.27 =0AB>OI53> 0:>=0 AC4>?@>872>4AB2> 2 B@5B59A:>< AC45 2545BAO =0 3>AC40@AB25==>< O7K:5. #G0AB2CNI8< 2 45;5 ;8F0<, =5 2;045NI8< O7K:><, =0 :>B>@>< 2545BAO AC4>?@>872>4AB2>, >15A?5G8205BAO ?@02> ?>;=>ABLN >7=0:><8BLAO A <0B5@80;0<8 45;0, CG0AB2>20BL 2 AC451=KE 459AB28OE G5@57 ?5@52>4G8:0 8 2KABC?0BL 2 B@5B59A:>< AC45 =0 @>4=>< O7K:5. '0ABL ?5@20O AB0BL8 4 >=AB8BCF88 5A?C1;8:8 #715:8AB0= CAB0=02;8205B ?@028;>, A>3;0A=> :>B>@><C 3>AC40@AB25==K< O7K:>< 5A?C1;8:8 #715:8AB0= O2;O5BAO C715:A:89 O7K:. -B> 8 >1CA;>28;> >1ICN ?@57C<?F8N, A>3;0A=> :>B>@>9 ?@8 >BACBAB288 8=KE CAB0=>2;5=89 O7K:>< B@5B59A:>3> @0718@0B5;LAB20 O2;O5BAO C715:A:89 O7K:.  B> 65 2@5<O, C:070==>5 ?@028;> =5 O2;O5BAO 01A>;NB=K<.  A;CG05, 5A;8 AB>@>=K 4>3>2>@OBAO > B><, GB> B@5B59A:>5 @0718@0B5;LAB2> 4>;6=> 25AB8AL =0 8=>< O7K:5, MB> >B<5=O5B 459AB285 C:070==>9 =>@<K. "0:8< >1@07><, =>@<0 > O7K:5 B@5B59A:>3> @0718@0B5;LAB20 =>A8B 48A?>78B82=K9 E0@0:B5@, B.5. ?@54>AB02;O5B AB>@>=0< ?@02> 87<5=8BL =0 >A=>20=88 A>1AB25==>3> CA<>B@5=8O ?@028;> > O7K:5 B@5B59A:>3> @0718@0B5;LAB20. =>38<8 ?@02>2540<8 2KA:07K20;8AL :@8B8G5A:85 AC645=8O 2 04@5A C:070==>9 =>@<K, ?>A:>;L:C <=>385 A>2@5<5==K5 O7K:8 <>3CB 2K720BL C B@5B59A:>3> AC40 1>;LH85, 0 8=>340 8 =5?@5>4>;8<K5 B@C4=>AB8 A ?5@52>4><. @8 MB>< ?@82>4OB ?@8<5@K, :>340 B@5B59A:89 AC4 AB0;:8205BAO A B@C4=>ABO<8, >1CA;>2;5==K<8 ?>8A:>< :20;8D8F8@>20==>3> ?5@52>4G8:0, =0?@8<5@, A 40BA:>3> O7K:0. >4>1=>3> @>40 A;CG08, A2O70==K5 A ?>8A:>< :20;8D8F8@>20==KE ?5@52>4G8:>2 A @54:8E 4;O #715:8AB0=0 O7K:>2, E>BO 8 <>3CB 8<5BL <5AB> 2 ?@0:B8:5 B@5B59A:>3> @0718@0B5;LAB20, >4=0:> O2;ONBAO 8A:;NG5=8O<8. >MB><C, 2 F5;OE >?B8<0;L=>3> ?@02>2>3> @53C;8@>20=8O 8<8 <>6=> ?@5=51@5GL.  F5;>< 65 ?@54>AB02;5=85 AB>@>=0< ?@020 A0<>AB>OB5;L=> 8718@0BL O7K: B@5B59A:>3> @0718@0B5;LAB20 O2;O5BAO 45<>:@0B8G5A:8< ?@028;><, : B><C 65 CG8BK205B =C64K 708=B5@5A>20==KE ;8F. #:070==0O =>@<0 2>2A5 =5 >7=0G05B 70?@5B0 CG0AB=8:C B@5B59A:>3> @0718@0B5;LAB20 2KABC?0BL 2 70A540=88 B@5B59A:>3> AC40 =0 @>4=>< O7K:5, B0: 65 :0: 8 ?@54>AB02;OBL =5>1E>48<K5 <0B5@80;K =0 @>4=>< O7K:5. 1;040O ?@02>< 2KABC?8BL =0 ;N1>< O7K:5, AB>@>=0, ?@54AB02;ONI0O 4>:C<5=BK 8 4@C385 <0B5@80;K =5 =0 O7K:5 (O7K:0E) B@5B59A:>3> @0718@0B5;LAB20, >1O70=0 >15A?5G8BL ?5@52>4 MB8E 4>:C<5=B>2.  70:>=5 =5 CAB0=>2;5=>, :0:8< >1@07>< 7025@O5BAO ?@54AB02;5==K9 ?5@52>4. AB5AB25==>, GB> ?@54?>GB8B5;L=>9 D>@<>9 O2;O5BAO =>B0@80;L=0O D>@<0 C4>AB>25@5=8O ?5@52>40. 4=0:> MB>, 2848<>, =5 >7=0G05B =52>7<>6=>AB8 8=KE D>@< C4>AB>25@5=8O ?5@52>40. 0?@8<5@, ?@54AB02;O5BAO 4>?CAB8<K< 4;O B@5B59A:>3> ?@>F5AA0, GB> ?5@52>4 C4>AB>25@O5BAO ?5@52>4G8:><, :>B>@K9 7=0:>< B@5B59A:8< AC4LO<, >ACI5AB2;ONI8< AC451=>5 @0718@0B5;LAB2>, 8 2K7K205B 4>25@85 C =8E, :>B>@><C B0:65 4>25@ONB 8 CG0AB=8:8 ?@>F5AA0.  0:>=5 =5 C@53C;8@>20= ?>@O4>: ?@82;5G5=8O ?5@52>4G8:0 4;O >15A?5G5=8O ?@02 ;8F, =5 2;045NI8E O7K:>< B@5B59A:>3> @0718@0B5;LAB20. 4=0:> >G5284=>, GB> MB>B ?>@O4>: >ACI5AB2;O5BAO 2 :>=B5:AB5 =>@<K, CAB0=>2;5==>9 2 G0AB8 2B>@>9 AB. 27 0:>=0. <5==> =0 AB>@>=C, 708=B5@5A>20==CN 2 ?5@52>45, 2>7;0305BAO 1@5<O >15A?5G5=8O ?5@52>40 8 ?@82;5G5=8O ?5@52>4G8:0 4;O CG0AB8O 2 B@5B59A:>< @0718@0B5;LAB25. @8 >@30=870F88 CAB=>3> ?5@52>40 2 E>45 B@5B59A:>3> @0718@0B5;LAB20 1C45B ?>;57=K< >@85=B8@>20BLAO =0 ><<5=B0@89 .!"  ?> >@30=870F88 0@18B@06=>3> @0718@0B5;LAB20, 2 :>B>@><, ?><8<> ?@>G53> A>45@60BAO 8 @5:><5=40F88 >15A?5G5=8O 2>7<>6=KE ?>B@51=>AB59 2 ?5@52>45 CAB=KE 70O2;5=89.  G0AB=>AB8, 2 C:070==>< ><<5=B0@88 3>2>@8BAO > B><, GB> 5A;8 2 E>45 CAB=>3> @0718@0B5;LAB20 ?>B@51C5BAO CAB=K9 ?5@52>4, B> F5;5A>>1@07=> @0AA<>B@5BL 2>?@>A > B><, 4>;65= ;8 MB>B CAB=K9 ?5@52>4 1KBL A8=E@>==K< 8;8 ?>A;54>20B5;L=K< 8 4>;6=0 ;8 >B25BAB25==>ABL 70 53> >15A?5G5=85 2>7;030BLAO =0 :0:CN-;81> 87 AB>@>= 8;8 =0 B@5B59A:89 AC4. "@5B59A:85 AC4K 2>A?>;=ONB C:070==K9 ?@>15; 2 A>1AB25==KE @53;0<5=B0E. @02> AB>@>=K ?@54AB02;OBL <0B5@80;K 45;0 =0 O7K:5, :>B>@K9 =5 O2;O5BAO O7K:>< B@5B59A:>3> @0718@0B5;LAB20, :>@@5A?>=48@C5B >1O70==>ABL B@5B59A:>3> AC40 ?@8=OBL B0:85 <0B5@80;K. 4=0:> 2 MB>< A;CG05 C B@5B59A:>3> AC40 B0:65 8<55BAO ?@02> ?>B@51>20BL >B AB>@>=K, ?@54AB0282H59 B0:85 4>:C<5=BK, >15A?5G8BL 8E ?5@52>4 =0 O7K: B@5B59A:>3> @0718@0B5;LAB20. 0@CH5=85 ?@028; > O7K:5 B@5B59A:>3> @0718@0B5;LAB20 <>65B 1KBL ?@8G8=>9 >B<5=K :><?5B5=B=K< 3>AC40@AB25==K< AC4>< @5H5=8O B@5B59A:>3> AC40 ;81> >B:070 2 2K40G5 :><?5B5=B=K< 3>AC40@AB25==K< AC4>< 8A?>;=8B5;L=>3> ;8AB0 ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40. A=>20=85< 4;O MB>3> 1C45B =0@CH5=85 >A=>2>?>;030NI8E ?@>F5AAC0;L=KE ?@02 708=B5@5A>20==>9 AB>@>=K, 0 A;54>20B5;L=>, =0@CH5=85 55 ?@020 =0 AC451=CN 70I8BC, 2A;54AB285 G53> >=0 =5 <>3;0 ?@54AB028BL B@5B59A:><C AC4C A2>8 >1JOA=5=8O (0170F G5B25@BK9 G0AB8 2B>@>9 AB.47 0:>=0). @8 @50;870F88 ?@028; > O7K:5 B@5B59A:>3> @0718@0B5;LAB20 =52>7<>6=> 83=>@8@>20BL 8 =>@<K, @53C;8@CNI85 8A?>;L7>20=85 O7K:0 2 E>7O9AB25==>< 8 3@0640=A:>< ?@>F5AA5. -B> A2O70=> A B5<, GB> 2 A;CG05 >?@>B5AB>20=8O @5H5=8O B@5B59A:>3> AC40 ;81> 2 A;CG05 ?>40G8 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 A>>B25BAB2CNI85 ?@>F54C@K 2 :><?5B5=B=>< 3>AC40@AB25==>< AC45 1C4CB 25AB8AL A>3;0A=> MB8< ?@028;0<. 0 ?@0:B8:5 MB> >7=0G05B, GB> 4065 5A;8 B@5B59A:>5 @0718@0B5;LAB2> >ACI5AB2;O;>AL ?@8 8A?>;L7>20=88 4>:C<5=B>2 =5 =0 3>AC40@AB25==>< O7K:5, B> ?@8 ?>ABC?;5=88 A>>B25BAB2CNI8E 4>:C<5=B>2 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 >=8 4>;6=K 1KBL A>?@>2>645=K =>B0@80;L=> 7025@5==K< ?5@52>4>< =0 3>AC40@AB25==K9 O7K:. 0?@8<5@, B@5B59A:>5 A>3;0H5=85 1K;> A>AB02;5=> =0 :070EA:>< O7K:5 8 B@5B59A:89 AC4 2 A>AB025 AC459, 2;045NI8E :070EA:8< O7K:><, C4>2;5B2>@8;AO ?@54AB02;5==K< 4>:C<5=B><, >?@545;82 =0 53> >A=>20=88 A>1AB25==CN :><?5B5=F8N. !> AB>@>=K ;8F, CG0AB2CNI8E 2 45;5, B0:65 =5 1K;> E>40B09AB2 > ?5@52>45 C:070==>3> B@5B59A:>3> A>3;0H5=8O =0 3>AC40@AB25==K9 C715:A:89 O7K:. 4=0:> 2 B>< A;CG05, 5A;8 @5H5=85 B@5B59A:>3> AC40 1C45B >?@>B5AB>20=> 8;8 2>7=8:=5B =5>1E>48<>ABL 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 53> ?@8=C48B5;L=>5 8A?>;=5=85, A>>B25BAB2CNI55 B@5B59A:>5 A>3;0H5=85 4>;6=> 1KBL =0?@02;5=> 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 2<5AB5 A =>B0@80;L=> 7025@5==>9 :>?859 =0 3>AC40@AB25==>< O7K:5. -B>, 2 G0AB=>AB8, A;54C5B 8 87 =>@< 3@0640=A:>3> ?@>F5AAC0;L=>3> 8 E>7O9AB25==>3> ?@>F5AAC0;L=>3> 70:>=>40B5;LAB20, :>B>@K5 ?@54CA<0B@820NB, GB> : 70O2;5=8N >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 8 : 70O2;5=8N > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 ?><8<> ?@>G53> 4>;6=> 1KBL ?@8;>65=> ?>4;8==>5 A>3;0H5=85 > B@5B59A:>< @0718@0B5;LAB25 8;8 53> =04;560I8< >1@07>< 7025@5==0O :>?8O =0 3>AC40@AB25==>< O7K:5.  ?@>B82=>< A;CG05 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 =5 A<>65B 2K?>;=8BL 2>7;>65==K5 =0 =53> DC=:F88 8 >?@545;8BL :><?5B5=F8N B@5B59A:>3> AC40, @0AA<>B@52H53> 45;> =0 >A=>20=88 40==>3> B@5B59A:>3> A>3;0H5=8O. 52K?>;=5=85 C:070==>3> ?@028;0 O2;O5BAO >A=>20=85< 4;O >AB02;5=8O 70O2;5=8O 157 42865=8O 8;8 2>72@0I5=8O ;8FC, 53> ?>402H5<C. !B0BLO 28. >=D845=F80;L=>ABL A2545=89 B@5B59A:>3> @0718@0B5;LAB20 "@5B59A:89 AC4LO =5 2?@025 @073;0H0BL A2545=8O, AB02H85 8725AB=K<8 5<C 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, 157 A>3;0A8O AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8;8 8E ?@02>?@55<=8:>2. "@5B59A:89 AC4LO =5 <>65B 1KBL 4>?@>H5= 2 :0G5AB25 A2845B5;O > A2545=8OE, AB02H8E 5<C 8725AB=K<8 2 E>45 B@5B59A:>3> @0718@0B5;LAB20. @8=F8? 3;0A=>AB8 (>B:@KB>AB8, ?C1;8G=>AB8), A >4=>9 AB>@>=K, 8 ?@8=F8? :>=D845=F80;L=>AB8 (70:@KB>AB8), A 4@C3>9 AB>@>=K, O2;ONBAO ?@>B82>AB>OI8<8 ?@8=F8?0<8, =0 :>B>@KE <>65B >A=>2K20BLAO AC451=K9 ?@>F5AA. 0: A;54AB285, =0?@02;5==>ABL ?@02>2>3> @53C;8@>20=8O AC451=KE ?@>F54C@ 8 A0< B8? AC451=>3> ?@>F5AA0 2 7=0G8B5;L=>9 AB5?5=8 ?@54>?@545;ONBAO B5<, :0:>9 ?@8=F8? - 3;0A=>AB8 8;8 70:@KB>AB8 - ;568B 2 >A=>25 A>>B25BAB2CNI59 =>@<0B82=>9 A8AB5<K. "0:8< >1@07><, ?@8=F8? :>=D845=F80;L=>AB8, 70:@KB>ABL AC451=>3> ?@>F5AA0 O2;O5BAO 8A:;NG5=85< 87 >1I53> ?@028;0 > ?C1;8G=>AB8 AC451=KE ?@>F54C@.  B> 65 2@5<O, @53C;8@CO B@5B59A:>5 (0@18B@06=>5) @0718@0B5;LAB2>, B.5. AC4>?@>872>4AB2>, >ACI5AB2;O5<>5 G0AB=K<8 ;8F0<8, 70:>=>40B5;LAB2> ?@0:B8G5A:8 2A5E @0728BKE 3>AC40@AB2 D8:A8@C5B 2 :0G5AB25 >4=>3> 87 >A=>2>?>;030NI8E =0G0; 53> 45OB5;L=>AB8 ?@8=F8? :>=D845=F80;L=>AB8. "0:8< >1@07><, 70:>=>40B5;LAB2> #715:8AB0=0 > B@5B59A:8E AC40E, CAB0=02;820O 70:@KB>ABL B@5B59A:8E ?@>F54C@, 2 MB>< A<KA;5 =5 O2;O5BAO 8A:;NG5=85<. A;8 3>2>@8BL > ;5:A8G5A:>< 7=0G5=88 A;>20 ":>=D845=F80;L=K9", B> =5>1E>48<> >B<5B8BL 53> =5>4=>7=0G=>ABL. >340 <K 3>2>@8< > ?@8G8=0E, :>B>@K5 ?>1C640NB AB>@>=K 45;0BL @0718@0B5;LAB2> A2>8E A?>@>2 AB@>3> :>=D845=F80;L=K<, B> A@548 =8E 2K45;O5< 425 ?@8G8=K. ! >4=>9 AB>@>=K, ;8F> (3;02=K< >1@07>< MB> :><<5@A0=B, ?@54?@8=8<0B5;L) 708=B5@5A>20=> 2 A>E@0=5=88 A2>53> A?>@0 2 A5:@5B5, 70:@KB88 >B 4>ABC?0 B@5BL8E ;8F, 8 >A>15==> >B 27>@>2 H8@>:8E :@C3>2 >1I5AB25==>AB8. ! 4@C3>9 AB>@>=K, :>=D845=F80;L=>ABL B@5B59A:>3> @0718@0B5;LAB20 1078@C5BAO =0 >A>1>< 4>25@88 : 871@0==><C AB>@>=0<8 B@5B59A:><C AC4C, ?>A:>;L:C >B=>H5=8O :>=D845=F80;L=>AB8 <564C AB>@>=0<8 8 AC4L59 (AC4LO<8) A>740NB CA;>28O 4;O 1>;55 ?>;=>3> 8 2A5AB>@>==53> @07@5H5=8O AC451=>3> :>=D;8:B0. @8 MB><, :>=D845=F80;L=>ABL 2708<>>B=>H5=89 53> CG0AB=8:>2 83@05B @>;L F5<5=B8@CNI53> D0:B>@0 2A5E AB0489 B@5B59A:>3> @0718@0B5;LAB20. 20 MB8 D0:B>@0 8 O2;ONBAO ?@8G8=0<8, ?>1C640NI8<8 708=B5@5A>20==KE ;8F ?5@54020BL @07@5H5=85 A2>53> A?>@0 =0 @0718@0B5;LAB2> B@5B59A:><C AC4C. 50;870F8O ?@8=F8?0 :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20 =0 C@>2=5 53> =>@<0B82=>3> @53C;8@>20=8O 1K;0 >?@0240==>9 8 >68405<>9. @8=F8? :>=D845=F80;L=>AB8 @53C;8@C5BAO A>2>:C?=>ABLN =>@<, A>A@54>B>G5==KE 2 AB0BLOE 0:>=0: AB. 4, AB. 28 8 G0ABL G5B25@B0O AB. 35. <5AB5 A B5< >1I5@0A?@>AB@0=5==>5 A>45@60=85 ?@8=F8?0 :>=D845=F80;L=>AB8, :0: MB> 284=> 87 2KH587;>65==KE AC645=89, =5A:>;L:> H8@5, =565;8 B> ?>=OB85 :>=D845=F80;L=>AB8, :>B>@>5 A>45@68BAO 2 459AB2CNI5< 0:>=5. =0;87 ?@54AB02;5=89 > :>=D845=F80;L=>AB8 ?>72>;O5B A45;0BL 2K2>4 > B><, GB> MB>B ?@8=F8? ?>4@07C<5205B =5A:>;L:> 0A?5:B>2. >-?5@2KE, :>=D845=F80;L=>ABL B@5B59A:>3> @0718@0B5;LAB20 ?> >1I5<C ?@028;C 8A:;NG05B 3;0A=>ABL B@5B59A:>3> @0718@0B5;LAB20. -B> >7=0G05B, GB>, 5A;8 AB>@>=K =5 ?@54CA<>B@OB 8=>3>, B@5B59A:>5 @0718@0B5;LAB2> 2 A8;C 70:>=0 4>;6=> 1KBL 70:@KBK<. 8:0:85 B@5BL8 ;8F0 (2:;NG0O ?@>:C@>@0, E>:8<0, @01>B=8:>2 >@30=>2 NAB8F88, 6C@=0;8AB>2, ?@54AB028B5;59 >1I5AB25==>AB8 8 B.?.) =5 2?@025 B@51>20BL >15A?5G5=8O 8E ?@8ACBAB28O =0 70A540=88 B@5B59A:>3> AC40 8;8 4>ABC?0 : <0B5@80;0< @0718@05<>3> B@5B59A:8< AC4>< 45;0. 'B> :0A05BAO :@C30 ;8F, :>B>@K5 2?@025 ?@8ACBAB2>20BL =0 70A540=8OE B@5B59A:>3> AC40, B> : B0:>2K< >B=>AOBAO, :>=5G=> 65, A0<8 B@5B59A:85 AC4L8, 0 B0:65 CG0AB=8:8 B@5B59A:>3> @0718@0B5;LAB20.  =5:>B>@KE A;CG0OE @53;0<5=BK B@5B59A:8E AC4>2 ?@54CA<0B@820NB, GB> ?><8<> C:070==KE ;8F 2 70A540=88 B@5B59A:>3> AC40, 5A;8 8=>5 =5 ?@54CA<>B@5=> A>3;0H5=85< AB>@>=, <>3CB CG0AB2>20BL @01>B=8:8 B@5B59A:>3> AC40, =0?@8<5@ A5:@5B0@8, >15A?5G820NI85 ?@>B>:>;8@>20=85 AC451=>3> 70A540=8O. >4>1=>3> @>40 =>@<0 A>45@68BAO, : ?@8<5@C, 2 AB. 17 53;0<5=B0 "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5< (3. "0H:5=B). 0: C65 >B<5G0;>AL 2KH5, :>=D845=F80;L=>ABL B@5B59A:>3> ?@>F5AA0 >B@0605B ?@O<> ?@>B82>?>;>6=>5 =0G0;>, =565;8 ?@8=F8? 3;0A=>AB8 (>B:@KB>AB8, ?C1;8G=>AB8) AC4>?@>872>4AB20, >ACI5AB2;O5<>3> 3>AC40@AB25==K<8 AC40<8. @8=F8? :>=D845=F80;L=>AB8 B@5B59A:>3> AC4>?@>872>4AB20 48:BC5BAO >15A?5G5=85< ?@O<> ?@>B82>?>;>6=>9 F5;8 - A:@KBL >B >1I5AB25==>AB8 A?>@, ?5@540205<K9 =0 @07@5H5=85 B@5B59A:>3> AC40. !B@5<;5=85 ?@840BL E0@0:B5@ 70:@KB>AB8 AC451=><C 70A540=8N, 2 @0<:0E :>B>@>3> 1C45B @0718@0BLAO A?>@, <>65B 1KBL >1CA;>2;5=> 2 A2>N >G5@54L @07;8G=K<8 >1AB>OB5;LAB20<8. @8<5=8B5;L=> : ?@54?@8=8<0B5;LA:>9 45OB5;L=>AB8 B0:>5 AB@5<;5=85 48:BC5BAO 42C<O D0:B>@0<8: 2>-?5@2KE, A>>1@065=8O<8 A>E@0=5=8O :><<5@G5A:>9 B09=K 8, 2>-2B>@KE, =5>1E>48<>ABLN >15A?5G8BL 45;>2CN @5?CB0F8N ?@54?@8=8<0B5;O. A>15==> 1>;LH>5 7=0G5=85 4;O ?@54?@8=8<0B5;59 8<55B A>E@0==>ABL :><<5@G5A:>9 B09=K. 1CA;>2;5=> MB> B5<, GB> :><<5@G5A:0O B09=0 ?@54AB02;O5B B0:85 =0<5@5==> A:@K205<K5 >B B@5BL8E ;8F A2545=8O, :>B>@K5 <>3CB ;530;L=> 2KABC?0BL 2 :0G5AB25 B>20@0 8 B5< A0<K< CG0AB2>20BL 2 3@0640=A:>< >1>@>B5 =0@O4C A 4@C38<8 1;030<8, ?@87=0205<K<8 >1J5:B0<8 3@0640=A:8E ?@02.  A8;C :>=D845=F80;L=>AB8 B@5B59A:85 AC4L8 8 @01>B=8:8 B@5B59A:>3> AC40 =5 2?@025 @073;0H0BL A2545=8O, :>B>@K5 AB0;8 4>ABC?=K 8< 2 E>45 @0718@0B5;LAB20 A?>@0, ?5@540==>3> =0 @0AA<>B@5=85 B@5B59A:>3> AC40. !>AB02;ONI8<8 M;5<5=B0<8 MB>9 >1O70==>AB8 A>>B25BAB2CNI8E ;8F 8 @01>B=8:>2 B@5B59A:>3> AC40 O2;ONBAO >1O70==>ABL >15A?5G8BL 70:@KB>ABL 8=D>@<0F88, ?@54AB02;5==>9 2 B@5B59A:89 AC4, >1O70==>ABL >B:070BL ;N1><C ;8FC, =5 O2;ONI5<CAO CG0AB=8:>< B@5B59A:>3> ?@>F5AA0, 2 ?@54>AB02;5=88 B0:>9 8=D>@<0F88, >1O70==>ABL =5 @073;0H0BL 8=D>@<0F8N ?> A>1AB25==>9 8=8F80B825. =>340 2 @53;0<5=B5 B@5B59A:>3> AC40 ?@54CA<0B@8205BAO >1J5< 2>7<>6=KE ?>;=><>G89 B@5B59A:>3> AC40, 2 @0<:0E @50;870F88 :>B>@KE >15A?5G8205BAO :>=D845=F80;L=>ABL B@5B59A:>3> @0718@0B5;LAB20. !C4LO< B@5B59A:>3> AC40 A;54C5B >1@0I0BL 2=8<0=85, CB>G=OBL :0:85 8<5==> A2545=8O A;54C5B ?@87=0BL :>=D845=F80;L=K<8 8 2 G5< A>AB>8B @073;0H5=85 A2545=89 ?@8<5=8B5;L=> : B@5B59A:><C @0718@0B5;LAB2C. !>AB02=>9 G0ABLN >1O70==>AB8 =5 @073;0H0BL A2545=8O > B@5B59A:>< @0718@0B5;LAB25 O2;O5BAO >1O70==>ABL 2>745@6820BLAO >B ?C1;8:0F88 @5H5=89 B@5B59A:>3> AC40, 5A;8 8=>5 =5 4>72>;5=> CG0AB=8:0<8 B@5B59A:>3> ?@>F5AA0.  B> 65 2@5<O ?@0:B8:0 B@5B59A:>3> AC4>?@>872>4AB20 AD>@<C;8@>20;0 ?@54AB02;5=8O > 3@0=8F0E @50;870F88 MB>3> ?@8=F8?0.  G0AB=>AB8, 4>?CA:05BAO ?C1;8:0F8O 8=D>@<0F88 > @0AA<>B@5==KE 45;0E, >4=0:>, ?C1;8:C5<0O 8=D>@<0F8O 4>;6=0 8A:;NG0BL 2>7<>6=>ABL 845=B8D8:0F88 ;8F, CG0AB2>202H8E 2 B@5B59A:>< @0718@0B5;LAB25. @8 MB>< =5>1E>48<> >15A?5G820BL, GB>1K =5 1K;0 >?C1;8:>20=0 8=D>@<0F8O, A>45@60I0O C:070=85 D0<8;89, =08<5=>20=85 8ABF>2 8 >B25BG8:>2, B>20@>2 8 F5=. "0:8< >1@07><, C:070==0O =>@<0 =0?@02;5=0 =0 >15A?5G5=85 :>=D845=F80;L=>AB8 A2545=89 > B5E ;8F0E, G59 A?>@ 1K; @0AA<>B@5= B@5B59A:8< AC4><. C1;8:0F88 ?>4;568B ;8HL ?@02>20O D01C;0 @07@5H5==>3> A?>@0 157 C:070=89 B>9 8=D>@<0F88, :>B>@0O C:065B =0 ;8F, @07@5H02H8E A?>@ 2 MB>< B@5B59A:>< AC45. >7=8:05B 2>?@>A: =0A:>;L:> ?@8=F8? :>=D845=F80;L=>AB8 A2O7K205B A0<8E CG0AB=8:>2 B@5B59A:>3> @0718@0B5;LAB20? ?@025 ;8 >4=0 87 AB>@>= 157 A>3;0A>20=8O A 4@C3>9 AB>@>=>9 @073;0H0BL BC 8=D>@<0F8N, :>B>@0O ?@54AB02;O;0AL 2 B@5B59A:89 AC4 8 1K;0 ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20? 59AB2CNI55 70:>=>40B5;LAB2> =5 A>45@68B >B25B>2 =0 MB>B 2>?@>A. <5AB5 A B5< ?@0:B8:0 0;LB5@=0B82=KE A@54AB2 @07@5H5=8O A?>@>2, : G8A;C :>B>@KE >B=>A8BAO 8 B@5B59A:>5 @0718@0B5;LAB2>, A>@85=B8@>20=0 =0 B>, GB>1K ?@8=F8? :>=D845=F80;L=>AB8 @0A?@>AB@0=O;AO 8 =0 A0<8E CG0AB=8:>2 A?>@=KE ?@02>>B=>H5=89. >=5G=>, @50;870F8O MB>3> ?@028;0 ?@0:B8G5A:8 B@C4=>4>AB868<0. 0: 1KBL, 5A;8 >4=0 87 AB>@>= =0@CH8;0 ?@8=F8? :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20, ?@5402 >3;0A:5 BC 8;8 8=CN 8=D>@<0F8N? G5284=>, GB> 70I8B=K< <5E0=87<>< 4;O 4@C3>9 AB>@>=K 1C45B 55 ?@02> ?>B@51>20BL 2>7<5I5=8O C1KB:>2, :>B>@K5 2K720=K =0@CH5=85< ?@8=F8?0 :>=D845=F80;L=>AB8. ><<5=B8@C5<0O AB0BLO G5B:> >?@545;O5B, GB> B@5B59A:85 AC4L8 =5 <>3CB 1KBL 4>?@>H5=K >@30=0<8 A;54AB28O 8 AC4>< >B=>A8B5;L=> B>9 8=D>@<0F88, :>B>@0O AB0;0 8< 8725AB=0 2 E>45 B@5B59A:>3> @0718@0B5;LAB20. !2845B5;LA:89 8<<C=8B5B B@5B59A:>3> AC4L8 @0A?@>AB@0=O5BAO =0 2A5 284K AC4>?@>872>4AB20 (3@0640=A:>5, C3>;>2=>5, 04<8=8AB@0B82=>5, E>7O9AB25==>5), E>BO >1 MB>< ?@O<> 8 =5 3>2>@8BAO 2 70:>=5. 1CA;>2;5=> MB> B5<, GB> 40==CN =>@<C A;54C5B ?>=8<0BL :0: ?>;>65=85 >1I53> E0@0:B5@0, GB> 8 @0A?@>AB@0=O5B 55 459AB285 =0 >ACI5AB2;5=85 ?@02>AC48O 2 @0<:0E 2A5E 284>2 AC4>?@>872>4AB20 2 5A?C1;8:5 #715:8AB0=. "> 5ABL 70?@5B 4>?@0H820BL B@5B59A:8E AC459 >1 >1AB>OB5;LAB20E, AB02H8E 8725AB=K<8 8< 2> 2@5<O B@5B59A:>3> @0718@0B5;LAB20, <>6=> @0AA<0B@820BL :0: A>AB02=>9 M;5<5=B 8=AB8BCB0 A2845B5;LA:>3> 8<<C=8B5B0 >?@545;5==>3> :@C30 ;8F >B ?@82;5G5=8O 2 :0G5AB25 8AB>G=8:>2 ?>;CG5=8O 4>:070B5;LAB25==>9 8=D>@<0F88.  >A=>25 MB>9 70:>=>40B5;L=>9 =>@<K ;560B, ?@5645 2A53>, 3C<0=8AB8G5A:85 =0G0;0, :>B>@K5 >15A?5G820NB ACI5AB2>20=85 206=KE 4;O 45<>:@0B8G5A:>3> >1I5AB20 A>F80;L=KE 8=AB8BCB>2.  G8A;C B0:8E 7=0G8<KE A>F80;L=KE 8=AB8BCB>2 >B=>A8BAO 8 8=AB8BCB B@5B59A:>3> @0718@0B5;LAB20, CAB>9G82>ABL :>B>@>3> 2 7=0G8B5;L=>9 <5@5 ?>2KH05BAO A 22545=85< 70?@5B0 =0 4>?@>A B@5B59A:8E AC459. <5AB5 A B5<, 5A;8 3>2>@8BL AB@>3>, 01A>;NB870F8O :>=D845=F80;L=>AB8 2 :0G5AB25 ?@8=F8?0 B@5B59A:>3> AC4>?@>872>4AB20 B0:, :0: MB> AD>@<C;8@>20=> 2 459AB2CNI5< 70:>=5, 2@O4 ;8 >?@0240=0. 0 MB>, :AB0B8, N@8ABK >1@0I0;8 2=8<0=85 5I5 2 ?5@8>4 >1AC645=8O ?@>5:B0 0:>=0 5A?C1;8:8 #715:8AB0= " B@5B59A:8E AC40E". 5 A;CG09=>, GB> AB. 28 =0AB>OI53> 0:>=0 @53C;8@C5B B>;L:> 420 0A?5:B0 MB>3> ?>=OB8O - >1O70==>ABL B@5B59A:>3> AC4L8 2>745@6820BLAO >B @073;0H5=8O A2545=89, :>B>@K5 AB0;8 5<C 8725AB=K<8 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, 8 70?@5B =0 4>?@>A B@5B59A:>3> AC4L8 2 :0G5AB25 A2845B5;O > A2545=8OE, AB02H8E 5<C 8725AB=K<8 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, => >AB02;O5B 157 @53C;8@>20=8O 4@C385 0A?5:BK :>=D845=F80;L=>AB8. C6=> >B<5B8BL, GB> ?@54AB02;5=8O > :>=D845=F80;L=>AB8 0@18B@06=>3> (B@5B59A:>3>) @0718@0B5;LAB20 :0: > <=>3>0A?5:B=>< N@848G5A:>< O2;5=88 E0@0:B5@=K 8 4;O <564C=0@>4=>3> ?@02>?>@O4:0. -B> ?@>O28;>AL, 2 G0AB=>AB8, 8 ?@8 A>AB02;5=88 ><<5=B0@852 .!"  ?> >@30=870F88 0@18B@06=>3> @0718@0B5;LAB20.  ?@8<5@C, 2 ?. 31 C:070==KE ><<5=B0@852 70D8:A8@>20=>, GB> "CG0AB=8:8 0@18B@06=>3> @0718@0B5;LAB20 <>3CB ?@845@6820BLAO @07;8G=KE <=5=89 >B=>A8B5;L=> AB5?5=8 >68405<>9 :>=D845=F80;L=>AB8".  2 ?. 32 C:070=>, GB> "A>3;0H5=85 > :>=D845=F80;L=>AB8 <>65B >E20BK20BL, =0?@8<5@, >48= 8;8 1>;55 87 A;54CNI8E 2>?@>A>2: <0B5@80;K 8;8 8=D>@<0F8O, :>B>@K5 4>;6=K 8<5BL :>=D845=F80;L=K9 E0@0:B5@ (=0?@8<5@, 4>:070B5;LAB20, ?8AL<5==K5 8;8 CAB=K5 70O2;5=8O, D0:B ?@>2545=8O 0@18B@06=>3> @0718@0B5;LAB20, ;8G=>AB8 0@18B@>2, A>45@60=85 0@18B@06=>3> @5H5=8O); <5@K 4;O >15A?5G5=8O :>=D845=F80;L=>3> E0@0:B5@0 B0:>9 8=D>@<0F88 8 A;CH0=89; =5>1E>48<>ABL ?@8<5=5=8O A?5F80;L=KE ?@>F54C@ 4;O >15A?5G5=8O :>=D845=F80;L=>AB8 8=D>@<0F88, ?5@540205<>9 A ?><>ILN M;5:B@>==KE A@54AB2 (=0?@8<5@, ?>A:>;L:C A@54AB20 A2O78 M:A?;C0B8@CNBAO =5A:>;L:8<8 ?>;L7>20B5;O<8 8;8 ?>A:>;L:C A>>1I5=8O, >B?@02;O5<K5 M;5:B@>==>9 ?>GB>9 ?> ?C1;8G=K< A5BO<, AG8B0NBAO =54>AB0B>G=> 70I8I5==K<8 >B =5A0=:F8>=8@>20==>3> 4>ABC?0); >1AB>OB5;LAB20, ?@8 :>B>@KE :>=D845=F80;L=0O 8=D>@<0F8O <>65B @0A:@K20BLAO ?>;=>ABLN 8;8 G0AB8G=> (=0?@8<5@, 2 :>=B5:AB5 @0A:@KB8O 8=D>@<0F88, >B=>AOI59AO : ?C1;8G=>9 AD5@5, 8;8 5A;8 MB> B@51C5BAO ?> 70:>=C 8;8 :0:8<-;81> >@30=>< C?@02;5=8O)".  A>60;5=8N, 2 459AB2CNI5< 70:>=>40B5;LAB25 =5 ?>;CG8;8 A2>53> @07@5H5=8O 2>?@>AK :>@@5;OF88 >B25BAB25==>AB8 8 :>=D845=F80;L=>AB8. 71CG=>9 8AB8=>9 ?@02>2545=8O O2;O5BAO B>, GB> MDD5:B82=>ABL ;N1>9 ?@02>2>9 =>@<K (2 B>< G8A;5 8 =>@<K > :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20) >15A?5G8205BAO =0;8G85< A>>B25BAB2CNI8E A0=:F89, CAB0=02;820NI8E >B25BAB25==>ABL ;8F, :>B>@K5 =0@CH8;8 MBC =>@<C. 0:>= 5A?C1;8:8 #715:8AB0= " B@5B59A:8E AC40E" =5 A>45@68B ?>;>65=89, 2 :>B>@KE 1K >3>20@820;0AL >B25BAB25==>ABL ;8F (3;02=K< >1@07>< B@5B59A:8E AC459), =0@CH82H8E =>@<C-?@8=F8? > :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20. BACBAB2CNB ?>4>1=>3> @>40 =>@<K-A0=:F88 8 2 ?>402;ONI5< 1>;LH8=AB25 @53;0<5=B>2 8 ?>;>65=89 > 45OB5;L=>AB8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2. <5AB5 A B5<, =5A<>B@O =0 >BACBAB285 :>=:@5B=KE =>@< >1 >B25BAB25==>AB8 70 =0@CH5=85 ?@8=F8?0 :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20, <>6=> CB25@640BL, GB> B0:>20O =0ABC?05B 2 2845 CB@0BK 02B>@8B5B0, :>B>@K< >1;0405B B@5B59A:89 AC4 (B@5B59A:85 AC4L8), @0AA<0B@8202H89 3@0640=A:>-?@02>2>9 A?>@. "0:8< >1@07><, >B25BAB25==>ABL B@5B59A:8E AC459 8;8 4@C38E ;8F, ?@8G0AB=KE : >@30=870F88 B@5B59A:>3> AC4>?@>872>4AB20, 70 =0@CH5=85 ?@8=F8?0 :>=D845=F80;L=>AB8 ?> A2>5<C E0@0:B5@C 1C45B O2;OBLAO ?>78B82=>9 >B25BAB25==>ABLN. BACBAB285 A0=:F89 2 40==>< A;CG05 :><?5=A8@C5BAO A>F80;L=>9 >F5=:>9 45OB5;L=>AB8 B@5B59A:>3> AC40 8 :>=:@5B=KE B@5B59A:8E AC459. 530B82=0O >1I5AB25==0O >F5=:0 :0: @57C;LB0B ?>78B82=>9 >B25BAB25==>AB8 B@5B59A:>3> AC40 O2;O5BAO CB@0B>9 02B>@8B5B0 4;O B0:>3> B@5B59A:>3> AC40, ?>A:>;L:C :><<5@G5A:89 0@18B@06 <>65B ACI5AB2>20BL 8 DC=:F8>=8@>20BL 8A:;NG8B5;L=> 1;03>40@O >1I5AB25==><C 4>25@8N 8 B5E ;8F, :>B>@K5 >1@0I0NBAO : =5<C 70 @07@5H5=85< A?>@0. >=D845=F80;L=>ABL @0A?@>AB@0=O5BAO =0 2A5 AB0488 B@5B59A:>3> ?@>F5AA0 8 4065 2KE>48B 70 @0<:8 ?@>F54C@ A>1AB25==> B@5B59A:>3> @0718@0B5;LAB20. @028;0 :>=D845=F80;L=>AB8, B.5. 70:@KB>AB8, >1O70B5;L=K :0: 2 AB0488 ?>43>B>2:8 45;0, B0: 8 @0A?@>AB@0=ONBAO =0 A0<> 70A540=85 B@5B59A:>3> AC40. @><5 B>3>, ?@028;> :>=D845=F80;L=>AB8 @0A?@>AB@0=O5BAO 8 =0 >3;0H5=85 @5H5=8O B@5B59A:>3> AC40.  MB>< B0:65 ?@>O2;O5BAO ACI5AB25==0O @07=8F0 <564C 3>AC40@AB25==K< AC4>?@>872>4AB2>< 8 B@5B59A:8< @0718@0B5;LAB2><. ;O 3>AC40@AB25==>3> AC4>?@>872>4AB20 E0@0:B5@=> B>, GB> 4065 5A;8 70A540=85 O2;O5BAO 70:@KBK<, >3;0H5=85 AC451=>3> @5H5=8O 2 ;N1>< A;CG05 >1O70B5;L=> 4>;6=> 1KBL >B:@KBK<, 3;0A=K<. 0 B@5B59A:>5 AC4>?@>872>4AB2> MB> ?@028;> =5 @0A?@>AB@0=O5BAO. >=D845=F80;L=K< O2;O5BAO 8 <8@>2>5 A>3;0H5=85, 70:;NG5==>5 2 @0<:0E B@5B59A:>3> AC4>?@>872>4AB20, 5A;8 8=>5 =5 ?@54CA<>B@5=> A>3;0H5=85< AB>@>=. @><5 B>3>, ?@8=F8? :>=D845=F80;L=>AB8 B@5B59A:>3> AC4>?@>872>4AB20 ?@>O2;O5B A51O 8 70 @0<:0<8 B@5B59A:8E ?@>F54C@, B.5. C65 ?>A;5 B>3>, :0: 70:>=G5=> B@5B59A:>5 @0718@0B5;LAB2>, => @072820NBAO 8=K5 ?@>F54C@K ?> @50;870F88 @5H5=8O B@5B59A:>3> AC40. "0:, A>3;0A=> AB. 28 8 G0AB8 ?5@2>9 AB. 47 0:>=0 AC4LO AC40 >1I59 N@8A48:F88 8;8 E>7O9AB25==>3> AC40 =5 2?@025 8AB@51>20BL 87 B@5B59A:>3> AC40 <0B5@80;K 45;0, B.:. >= =5 2?@025 ?5@5A<0B@820BL @5H5=85 B@5B59A:>3> AC40 ?> ACI5AB2C A?>@0. #AB0=>2;5=85 MB>3> ?@028;0, :0: ?@54AB02;O5BAO, =0?@02;5=>, ?@5645 2A53>, =0 >15A?5G5=85 :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20, 2 @0<:0E :>B>@>3> ?@>87>H;> @07@5H5=85 A?>@0. 0@O4C A MB8< ?@>F5AAC0;L=>5 70:>=>40B5;LAB2>, @53;0<5=B8@CNI55 ?@>F54C@K >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 8 ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:>3> AC40 2 3>AC40@AB25==KE AC40E, =C6405BAO 2 A>25@H5=AB2>20=88. @>1;5<0 70:;NG05BAO 2 B><, GB> 5A;8 ?> >1I5<C ?@028;C ?@>F54C@K B@5B59A:>3> @0718@0B5;LAB20 70:@KBK5, B> @0718@0B5;LAB2> 45;0 2 3>AC40@AB25==>< AC45 ?> >1I5<C ?@028;C O2;O5BAO >B:@KBK<. 8?>B5B8G5A:8 MB> A>7405B C3@>7C @073;0H5=8O 2 ?@>F5AA5, ?@>2>48<>< 3>AC40@AB25==K< AC4><, B5E A2545=89, :>B>@K5 @0AA<0B@820;8AL 2 :>=D845=F80;L=>< @568<5 2 B@5B59A:>< AC45. !?>@, @0AA<>B@5==K9 2 B@5B59A:>< AC45, ?>?040O 2 3>AC40@AB25==K9 AC4, AB0=>28BAO ?C1;8G=> 4>ABC?=K<.  MB>9 A2O78 1K;> 1K F5;5A>>1@07=> 225AB8 2 ?@>F5AAC0;L=>5 70:>=>40B5;LAB2> #715:8AB0=0 ?@028;>, :>B>@>5 CAB0=02;820;> 1K >1O70==>ABL :><?5B5=B=KE 3>AC40@AB25==KE AC4>2 @0AA<0B@820BL 45;0 ?> >A?0@820=8N 8;8 8A?>;=5=8N @5H5=89 B@5B59A:>3> AC40 2 70:@KB>< @568<5, 5A;8 AB>@>=K =5 70O28;8 >1 8=><. !B0BLO 29. A:>2>5 70O2;5=85 AB5F 87;0305B A2>8 B@51>20=8O 2 8A:>2>< 70O2;5=88, :>B>@>5 ?>405BAO 2 B@5B59A:89 AC4 2 ?8AL<5==>9 D>@<5. >?8O 8A:>2>3> 70O2;5=8O =0?@02;O5BAO >B25BG8:C.  8A:>2>< 70O2;5=88 4>;6=K 1KBL C:070=K: 40B0 8A:>2>3> 70O2;5=8O; =08<5=>20=8O 8 <5AB0 =0E>645=8O (?>GB>2K5 04@5A0) N@848G5A:8E ;8F, D0<8;88, 8<5=0, >BG5AB20, <5AB0 68B5;LAB20 D878G5A:8E ;8F, O2;ONI8EAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20; B@51>20=8O 8ABF0; >1AB>OB5;LAB20, =0 :>B>@KE 8AB5F >A=>2K205B A2>8 B@51>20=8O; 4>:070B5;LAB20, ?>4B25@640NI85 >A=>20=8O 8A:>2KE B@51>20=89; F5=0 8A:0; ?5@5G5=L ?@8;0305<KE : 8A:>2><C 70O2;5=8N 4>:C<5=B>2. A:>2>5 70O2;5=85 4>;6=> 1KBL ?>4?8A0=> 8ABF>< 8;8 53> ?@54AB028B5;5<.  A;CG05 5A;8 8A:>2>5 70O2;5=85 ?>4?8A0=> ?@54AB028B5;5< 8ABF0, : 8A:>2><C 70O2;5=8N 4>;6=0 1KBL ?@8;>65=0 4>25@5==>ABL 8;8 8=>9 4>:C<5=B, C4>AB>25@ONI89 ?>;=><>G8O ?@54AB028B5;O. 0<8 C65 >B<5G0;>AL, GB> 2 B@5B59A:8E AC40E ?@>F54C@K <>3CB =0G8=0BLAO =5 A ?>40G8 8A:>2>3> 70O2;5=8O, 0 A 2K1>@0 AB>@>=0<8 B@5B59A:8E AC459. "0:8< >1@07><, 2 B@5B59A:>< AC4>?@>872>4AB25 ?>40G0 8A:>2>3> 70O2;5=8O =5 2A5340 >1O70B5;L=> O2;O5BAO 8AE>4=>9 B>G:>9 ?@>F5AA0. #:070==>5 >1AB>OB5;LAB2> 25AL<0 ACI5AB25==> >B;8G05B B@5B59A:>5 @0718@0B5;LAB2> >B 3@0640=A:>3> ?@>F5AA0. A:>2>5 70O2;5=85 O2;O5BAO 2=5H=59 D>@<>9 2K@065=8O A>45@60=8O 8A:0. 0:>= CAB0=02;8205B >?@545;5==K5 B@51>20=8O : 8A:>2><C 70O2;5=8N, :>B>@K5 2 >1O70B5;L=>< ?>@O4:5 4>;6=K 1KBL A>1;N45=K. $>@<0 8A:>2>3> 70O2;5=8O 4>;6=0 1KBL ?8AL<5==>9. A:>2>5 70O2;5=85 8 8A:>2>5 B@51>20=85 A>>B=>AOBAO :0: D>@<0 8 A>45@60=85.  A2O78 A MB8< A;54C5B ?>4G5@:=CBL, GB> ?@54=07=0G5=85 8A:>2>3> 70O2;5=8O :0: D>@<K 8A:0 A>AB>8B 2 B><, GB>1K 4>25AB8 4> A2545=8O AC40 8 >B25BG8:0 ACBL B@51>20=8O 8ABF0, >1@0I0NI53>AO 2 AC4 70 70I8B>9 ?@020 8;8 70:>==>3> 8=B5@5A0.  A2>N >G5@54L 8A:>2>5 B@51>20=85 A>AB>8B 87 A>2>:C?=>AB8 >?@545;5==KE N@848G5A:8 7=0G8<KE M;5<5=B>2, :>B>@K5 2 >1O70B5;L=>< ?>@O4:5 4>;6=K 1KBL >B@065=K 2 8A:>2>< 70O2;5=88. !>2>:C?=>ABL MB8E M;5<5=B>2 A>AB>8B 87 ?@54<5B0, >A=>20=8O 8A:>2>3> B@51>20=8O 8 C:070=8O =0 AB>@>=K ?> 8A:C. >?8O 8A:>2>3> 70O2;5=8O 4>;6=0 1KBL ?5@540=0 >B25BG8:C. 4=0:> 2>?@>A > B><, =0 :>< ;568B >1O70==>ABL =0?@028BL :>?8N 8A:>2>3> 70O2;5=8O >B25BG8:C, >AB02;5= 157 >B25B0. 0:>=>40B5;L ?@54>AB028; 2>7<>6=>ABL @5H8BL 53> 2 ?@028;0E B@5B59A:>3> @0718@0B5;LAB20. =0;87 @53;0<5=B>2 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 ?>:07K205B, GB> 2 B>< A;CG05, 5A;8 :>?8O 8A:>2>3> 70O2;5=8O =5 1K;0 >B>A;0=0 >B25BG8:C 8ABF><, 40==CN >1O70==>ABL 2K?>;=O5B >B25BAB25==K9 A5:@5B0@L AC40. 4=0:> 0:>= ?>72>;O5B 8<?5@0B82=> CAB0=>28BL 2 ?@028;0E B@5B59A:>3> @0718@0B5;LAB20 >1O70==>ABL 8ABF0 =0?@028BL :>?8N 8A:>2>3> 70O2;5=8O >B25BG8:C 8 ?@8;>68BL A>>B25BAB2CNI85 4>:070B5;LAB20 MB>3> : 8A:>2><C 70O2;5=8N, ?>40==><C 2 B@5B59A:89 AC4. 0?@8<5@, 53;0<5=B>< "@5B59A:>3> AC40 ?@8 & ?@54CA<>B@5=>, GB> 8AB5F 4>;65= ;81> A0< =0?@028BL >B25BG8:C :>?88 8A:>2>3> 70O2;5=8O 8 4>:C<5=B>2 ;81> ?5@540BL 5<C G5@57 A5:@5B0@80B "@5B59A:>3> AC40 (AB.22, AB. 26 53;0<5=B0 "@5B59A:>3> AC40 ?@8 &). =0;>38G=K< >1@07>< <>65B 1KBL @5H5= 40==K9 2>?@>A 8 2 ?@028;0E 2@5<5==>3> B@5B59A:>3> AC40. @8 >BACBAB288 A?5F80;L=KE ?@54?8A0=89 =0 MB>B AG5B >1O70==>ABL =0?@028BL :>?8N 8A:>2>3> 70O2;5=8O >B25BG8:C ;568B =0 B@5B59A:>< AC45. !>1;N45=85 40==>3> ?@028;0 O2;O5BAO >1O70B5;L=K<, ?>A:>;L:C ?>72>;O5B >15A?5G8BL ?@>F5AAC0;L=K5 ?@020 >B25BG8:0 8 40BL 5<C 2>7<>6=>ABL ?>43>B>28BLAO : B@5B59A:><C @0718@0B5;LAB2C.  >B=>H5=88 8A:>2>3> 70O2;5=8O CAB0=02;820NBAO B@51>20=8O : 53> >1O70B5;L=K< @5:2878B0<. -B8 B@51>20=8O ?>72>;ONB 8=48284C0;878@>20BL A?>@, ?5@540205<K9 =0 @07@5H5=85 B@5B59A:>3> AC40, >?@545;8BL 53> >B=>A8<>ABL : 45;C, ?>4;560I5<C @0AA<>B@5=8N =0 >A=>20=88 ?@54JO2;5==>3> 8A:0. >4?8A0=85 8A:>2>3> 70O2;5=8O >B=>A8BAO : G8A;C A?5F80;L=KE ?>;=><>G89. -B> >7=0G05B, GB> 8A:>2>5 70O2;5=85 4>;6=> 1KBL ?>4?8A0=> A0<8< 8ABF><, B.5. ;8F><, C?>;=><>G5==K< =0 53> ?>4?8A0=85 2 A8;C 70:>=0 8;8 CG@548B5;L=KE 4>:C<5=B>2. A;8 N@848G5A:>5 ;8F>, :>B>@>5 >1@0I05BAO 2 B@5B59A:89 AC4 A 8A:><, 2>73;02;O5BAO :>;;5380;L=K< >@30=><, B> : 8A:>2><C 70O2;5=8N 4>;65= 1KBL ?@8;>65= 4>:C<5=B, C4>AB>25@ONI89 ?>;=><>G8O ;8F0, ?>4?8A02H53> 8A:>2>5 70O2;5=85. "0:8< 4>:C<5=B>< <>65B 1KBL ?@>B>:>; 70A540=8O :>;;5380;L=>3> >@30=0, 2 :>B>@>< ?@8=OB> A>>B25BAB2CNI55 @5H5=85.  B>< A;CG05, 5A;8 8A:>2>5 70O2;5=85 ?>4?8AK205BAO ?@54AB028B5;5< 8ABF0, A>>B25BAB2CNI55 ?>;=><>G85 ?@54AB028B5;O 4>;6=> 1KBL >3>2>@5=> 2 4>25@5==>AB8, >D>@<;5==>9 =04;560I8< >1@07><. @8 MB>< 4>25@5==>ABL 4>;6=0 1KBL ?@8;>65=0 : 8A:>2><C 70O2;5=8N 2 :0G5AB25 >1O70B5;L=>3> 4>:C<5=B0.  8A:>2>< 70O2;5=88 4>;6=0 1KBL C:070=0 40B0 8A:>2>3> 70O2;5=8O. >4 MB8<, 2848<>, A;54C5B ?>=8<0BL 40BC ?>4?8A0=8O 8A:>2>3> 70O2;5=8O. 0==>5 B@51>20=85 : @5:2878B0< 8A:>2>3> 70O2;5=8O =5 AB>;L ?@8=F8?80;L=> ?> B>9 ?@8G8=5, GB> 4;O 8AG8A;5=8O ?@>F5AAC0;L=KE A@>:>2 8<55B 7=0G5=85 =5 40B0 ?>4?8A0=8O, 0 40B0 ?>40G8 A>>B25BAB2CNI53> 4>:C<5=B0 2 B@5B59A:89 AC4. 1O70B5;L=K< @5:2878B>< 8A:>2>3> 70O2;5=8O O2;O5BAO C:070=85 =08<5=>20=8O 8 <5AB0 =0E>645=8O >@30=870F89, O2;ONI8EAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20; D0<8;88, 8<5=0, >BG5AB20, 40BK 8 <5AB0 @>645=8O, <5AB0 68B5;LAB20, 0 B0:65 <5AB0 @01>BK 3@0640=-?@54?@8=8<0B5;59 8 3@0640=, :>B>@K5 O2;ONBAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20.  =08<5=>20=85 >@30=870F88 A;54C5B 2:;NG0BL 8 C:070=85 =0 55 >@30=870F8>==>-?@02>2CN D>@<C. 5AB> =0E>645=8O >@30=870F88 A;54C5B C:07K20BL 2 A>>B25BAB288 A 8=D>@<0F859, A>45@60I59AO 2 55 CG@548B5;L=KE 4>:C<5=B0E, 4>3>2>@0E, ?>4?8A0==KE A MB>9 >@30=870F859. ;O CA:>@5=8O ?@>F54C@K @0AA<>B@5=8O 8A:0 F5;5A>>1@07=> C:07K20BL 8 A2545=8O > D0:B8G5A:>< <5AB>=0E>645=88 >@30=870F88, :>B>@K<8 >1;0405B 8AB5F. A5 C:070==K5 A2545=8O ?>72>;ONB 8=48284C0;878@>20BL AB>@>=C :0: CG0AB=8:0 <0B5@80;L=>-?@02>2KE >B=>H5=89 A 8ABF>< 8, A;54>20B5;L=>, CG0AB=8:0 B@5B59A:>3> ?@>F5AA0 2 :0G5AB25 >B25BG8:0. 4=0:>, ?>?KB:0 >BKA:0=8O A2545=89 >1 >B25BG8:5 <>65B >:070BLAO 25AL<0 70B@C4=8B5;L=>9 4;O 8ABF0, GB> <>65B ?@5?OBAB2>20BL =0G0;C B@5B59A:>3> @0718@0B5;LAB20.  MB>9 A2O78 2@O4 ;8 ?@028;L=> >B:07K20BL 8ABFC 2 2>71C645=88 ?@>F54C@K B@5B59A:>3> @0718@0B5;LAB20 B>;L:> ?> B>9 ?@8G8=5, GB> 8< =5 1K;> CAB0=>2;5=>, =0?@8<5@, <5AB> @01>BK >B25BG8:0. !;54>20B5;L=>, =5C:070=85 2 8A:>2>< 70O2;5=88 A2545=89 > <5AB5, 40B5 @>645=8O 8 <5AB5 @01>BK >B25BG8:0-3@0640=8=0 =5 4>;6=> ?@5?OBAB2>20BL 2>71C645=8N B@5B59A:>3> @0718@0B5;LAB20. #:070==K5 A2545=8O, 2 A;CG05 =5>1E>48<>AB8, <>3CB 1KBL ?>;CG5=K 8 2 @0<:0E =0G02H53>AO B@5B59A:>3> @0718@0B5;LAB20.  8A:>2>< 70O2;5=88 4>;6=K 1KBL AD>@<C;8@>20=K B@51>20=8O 8ABF0, =07K205<K5 ?@54<5B>< 8A:0. "@51>20=8O 8ABF0 O2;ONBAO A5@4F528=>9 8A:>2>3> 70O2;5=8O. B B>3>, =0A:>;L:> B>G=> 8AB5F D>@<C;8@C5B B@51>20=8O, ?>4;560I85, ?> 53> <=5=8N, C4>2;5B2>@5=8N, 2> <=>3>< 7028A8B @0728B85 8 ?>A;54AB28O B@5B59A:>3> ?@>F5AA0.  8A:>2>< 70O2;5=88 8 4>;6=K 1KBL AD>@<C;8@>20=K B5 B@51>20=8O 8ABF0 : >B25BG8:C, :>B>@K5 >?@545;ONB, GB> 4>;6=> 1KBL A>25@H5=> >B25BG8:>< ;81> >B G53> B>B 4>;65= 2>745@60BLAO; 5A;8 65 >A?0@8205BAO =5:>5 ?@02> 8ABF0, B> 4>;6=K 1KBL AD>@<C;8@>20=K B@51>20=8O > B><, ?>4B25@645=8O :0:8E ?@02>>B=>H5=89 B@51C5B 8AB5F; 87<5=5=8O 8;8 ?@5:@0I5=8O :0:8E ?@02>>B=>H5=89 >= ?@>A8B. BACBAB285 2 8A:>2>< 70O2;5=88 :>=:@5B=>3> ?@8BO70=8O 8ABF0 : >B25BG8:C 45;05B =52>7<>6=K< @0AA<>B@5=85 45;0 8 @5H5=85 2>?@>A0 > :><?5B5=F88 B@5B59A:>3> AC40 8 4>;6=> 2;5GL >B:07 2 2>71C645=88 @0718@0B5;LAB20. 0:>= =5 CAB0=02;8205B ?@02>2KE ?>A;54AB289 4;O A;CG052, :>340 =5 A>1;N45=K B@51>20=8O, ?@54JO2;O5<K5 : 8A:>2><C 70O2;5=8N. 4=0:> B0:>2K5 <>3CB 1KBL CAB0=>2;5=K ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20. "0:, =0?@8<5@, @53;0<5=B ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 <>65B ?@54CA<>B@5BL, GB> ?@8 =0;8G88 =54>AB0B:>2 2 8A:>2>< 70O2;5=88 >B25BAB25==K9 A5:@5B0@L B@5B59A:>3> AC40 ?@54>AB02;O5B A@>: 4;O CAB@0=5=8O B0:8E =54>AB0B:>2. > B>3> <><5=B0, ?>:0 MB8 =54>AB0B:8 =5 CAB@0=5=K, 45;> >AB05BAO 157 42865=8O.  B>< A;CG05, 5A;8 =54>AB0B:8 2 CAB0=>2;5==K9 A@>: =5 CAB@0=ONBAO, 8A:>2>5 70O2;5=85 ?>4;568B 2>72@0BC 8ABFC.  8A:>2>< 70O2;5=88 4>;6=K 1KBL C:070=K >1AB>OB5;LAB20, =0 :>B>@KE 8AB5F >A=>2K205B A2>8 B@51>20=8O. 1AB>OB5;LAB20, =0 :>B>@K5 8AB5F AAK;05BAO 2 ?>4B25@645=85 8A:>2KE B@51>20=89 : >B25BG8:C, 2 ?@>F5AAC0;L=>9 =0C:5 ?@8=OB> 8<5=>20BL >A=>20=85< 8A:0. A=>20=85 8A:0 O2;O5BAO >4=8< 87 53> ACI5AB25==KE M;5<5=B>2. >4 >A=>20=85< 8A:0 ?>4@07C<5205BAO A>2>:C?=>ABL N@848G5A:8E D0:B>2, D0:B8G5A:8E >1AB>OB5;LAB2, A :>B>@K<8 8AB5F A2O7K205B 8A:>2>5 B@51>20=85; N@848G5A:>5 >A=>20=85 8A:>2>3> B@51>20=8O - MB> C:070=85 =0 70:>=K 8 8=K5 =>@<0B82=K5 0:BK, :>B>@K5 ?>;>65=K 2 >1>A=>20=85 B@51>20=89 8ABF0. ?@545;5=85 >1AB>OB5;LAB2, =0 :>B>@KE 8AB5F >A=>2K205B A2>8 B@51>20=8O, A2>48BAO : >?@545;5=8N :@C30 N@848G5A:8E D0:B>2, :>B>@K5 >?@545;ONB ?@54<5B 4>:07K20=8O. ?@545;5=85 ?@54<5B0 4>:07K20=8O 8<55B G@572KG09=> 206=>5 7=0G5=85 4;O =0?@02;5=8O @0728B8O ?@>F5AA0.  0:>=5 ?@O<> =5 @53C;8@C5BAO 2>?@>A > A>548=5=88 2 >4=>< 8A:>2>< 70O2;5=88, ?>40205<>< 2 B@5B59A:89 AC4, =5A:>;L:8E 8A:>2KE B@51>20=89. @0:B8:0 B@5B59A:>3> @0718@0B5;LAB20 2 AD5@5 <564C=0@>4=>3> :><<5@G5A:>3> 0@18B@060 2>A?@8=8<05B MB>B 8=AB8BCB 8 4>?CA:05B 53> 8A?>;L7>20=85 ?@8 @07@5H5=88 A?>@>2. .@8AB0<8 8 B@5B59A:8<8 AC4LO<8 #715:8AB0=0 2KA:07K20;8AL ?@54;>65=8O > =5>1E>48<>AB8 @53C;8@>20=8O >A=>2=KE ?@>F5AAC0;L=KE 2>?@>A>2, A2O70==KE A >1J548=5=85< 8 @07J548=5=85< 8A:>2KE B@51>20=89 2 @53;0<5=B0E ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, :>B>@K5 B0:65 =5 2A5340 C45;ONB 4>;6=>3> 2=8<0=8O 40==>9 ?@>1;5<5. 4=0:>, :0: ?@54AB02;O5BAO, 8AB5F 2?@025 A>548=8BL 2 >4=>< 8A:>2>< 70O2;5=8TV~" 2 [̸桉qZ@2h>`h>`5CJOJQJ\^J_HaJmHsH,heh>`CJOJQJ^J_HaJmHsH/heheCJOJQJ\^J_HaJmHsH/heh>`CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH&heCJOJQJ^J_HaJmHsH2h>`he5CJ OJQJ\^J_HaJ mHsH2h>`h>`5CJ OJQJ\^J_HaJ mHsH T  0 8 7d7$8$H$]`7gd>`$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`$d7$8$H$]a$gd>`d7$8$H$]gde  " 4 6 F^P ,%+/7r>CGJ NxRnT`$7d7$8$H$]`7a$gd>``$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`$7d7$8$H$]`7a$gd>`[r[t[[[[^^^_6iiiVjXjlnrFJ,0zx|26r4ܗ*.tX$&<C`h>`6CJOJQJ]^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH8h>`h>`56CJOJQJ\]^J_HaJmHsH<^Z^^^^^__ccjdefZg2i4i6iiiXjll$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>`lqsw{ 8prHJ.0z|46$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`6,.Z\^̮֨T8\tz$7d7$8$H$]`7a$gd>`x2\ht #$'*<-6R@$7d7$8$H$]`7a$gd>`R@BCCC>D@DHFJFJL[n_adufvzzzN{P{|}f}$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`FFzL{P{||}}d}XZj$(~vxh0fh^bfj.~JJJKKL̇·2h>`h>`6CJOJQJ]^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsHGf}h}VbVZln6&($d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`(,>.lPxjlt:b$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`b.l*,.0h~B`7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>``bX      0  X hj0$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`02 !"$&*//478<>H@tALEGzJ|J~JJJK$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`KLLtSVtZ4]adegl qs,z"·$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`@BދffhؔBPj(*8*$d$7$8$H$If]`a$gd>`d$7$8$H$Ifgd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`>B܋ދdfd*68(*<8<$&8ZϵϵϵϢϢϢόvvvϢϢϢϢϢϢϢϢϢϢvϢ*h>`h>`5OJQJ\^J_HmHsH*h>`h>`6OJQJ]^J_HmHsH$h>`h>`OJQJ^J_HmHsH2h>`h>`6CJOJQJ]^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsH.*>@BNlaHHHHH$7d7$8$H$]`7a$gd>`kd$$IflFM!@"a 0    4 lal$d$7$8$H$If]`a$gd>`l̶`n6t$7d$7$8$H$If]`7a$gd>`d$7$8$H$Ifgd>`$7d7$8$H$]`7a$gd>`:<$7d$7$8$H$If]`7a$gd>`$d$7$8$H$If]a$gd>`<&:<>Gkd$$IflFM!@"a 0    4 lal$d$7$8$H$If]a$gd>`$7d$7$8$H$If]`7a$gd>`>XZ44z|"VB7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`Zx| "TV@BPRZ*---z.|.r0t044<:>:::6=8=:?aaa2c4cVfXfPh 8:68V<ެZ<tϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵϵ2h>`h>`6CJOJQJ]^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsHGBR\^ J&-(-*---|.4>::8=?@DLHKN$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`NOFQTRUUUU6VJWj[]_aaaaa4cXfRhTh4iuy$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`y|h :8XZ48:<$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`VXZ>@rprtHN@7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`@Jlz4x|~$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>`lxz24vxz|><>.0142622244486889uuuBvFvxVZ24Ƒȑ6BF2h>`h>`6CJOJQJ]^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsHGpv:<>>0,  $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>` ZPdl!^$L)*@-/1116222468:9<9;?$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`?zDLF$HLKVLjOP6RPTVY[_nsuuuuDvFvxx"z$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`"z} Z΅(Ά@d̈87d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`8rЉ2XZ4ȑ8:4|T$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>`Tn|D""XbXNN$7d7$8$H$]`7a$gd>`DFHpZnH p@~6$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`FFHnprv 7889 9D:F:r;TrrrrrBtDtNu|DFxz|~~v::>8:,.D:lp"$BDϵϵϵϵϵϳϵϵU2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`6CJOJQJ]^J_HaJmHsHFtv  8 *-77788 9F:t;v;j>D$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`DJMnQhYY\`PrRrTrrrrDtPuRuxyH} ~f|&ڑ$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`ڑBBxz|Fz~$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`xzl|  \")f.0 359>X2\º$7d7$8$H$]`7a$gd>`8 =5A:>;L:> B@51>20=89. A=>20=85< 4;O B0:>3> 2K2>40 O2;ONBAO ?>;>65=8O G0AB8 B@5BL59 AB. 39 0:>=0, A>3;0A=> :>B>@K< @57>;NB82=0O G0ABL @5H5=8O 4>;6=0 A>45@60BL 2K2>4K B@5B59A:>3> AC40 >1 C4>2;5B2>@5=88 8;8 >B:075 2 C4>2;5B2>@5=88 :064>3> 70O2;5==>3> 8A:>2>3> B@51>20=8O. -B> 65 :>A25==> A;54C5B 8 87 A>45@60=8O AB. 40 0:>=0.  =59 ?@54CA<0B@8205BAO, GB> 4>?>;=8B5;L=>5 @5H5=85 <>65B 1KBL 2K=5A5=> B@5B59A:8< AC4>< 2 >B=>H5=88 B@51>20=89, :>B>@K5 1K;8 70O2;5=K 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, => =5 =0H;8 >B@065=8O 2 @5H5=88. "0:8< >1@07><, 87 A>45@60=8O ?@82545==KE =>@< A;54C5B, GB> 70:>=>40B5;L 4>?CA:05B 2>7<>6=>ABL @0AA<>B@5=8O =5A:>;L:8E 8A:>2KE B@51>20=89 2 E>45 >4=>3> B@5B59A:>3> ?@>F5AA0.  B> 65 2@5<O B0:>5 ?@02> <>65B 1KBL @50;87>20=> ?@8 =0;8G88 A;54CNI8E CA;>289. @5645 2A53>, 2>7<>6=>ABL >4=>2@5<5==>3> ?@54JO2;5=8O =5A:>;L:8E B@51>20=89 4>;6=0 1KBL >1CA;>2;5=0 B5<, GB> 2 >B=>H5=88 MB8E <0B5@80;L=>-?@02>2KE B@51>20=89 AB>@>=0<8 70:;NG5=> B@5B59A:>5 A>3;0H5=85. 0;55, A>548=5=85 =5A:>;L:8E B@51>20=89 2 >4=>< 8A:>2>< 70O2;5=88 4>;6=> 1KBL 2>7<>6=K< B>;L:> 2 B>< A;CG05, 5A;8 MB8 B@51>20=8O A2O70=K <564C A>1>9. -B> 7=0G8B, GB> 5A;8 <564C AB>@>=0<8 ACI5AB2C5B =5A:>;L:> @07=KE <0B5@80;L=>-?@02>2KE >B=>H5=89 (=0?@8<5@, 4>3>2>@=>5 8 45;8:B=>5), B> B0:85 >B=>H5=8O 4>;6=K 1KBL @0AA<>B@5=K 2 @0<:0E @07;8G=KE B@5B59A:8E ?@>F5AA>2, 4065 5A;8 AB>@>=0<8 8 4>AB83=CB> A>3;0H5=85 > ?5@540G5 A?>@>2 ?> ?>2>4C MB8E >B=>H5=89 2 >48= 8 B>B 65 B@5B59A:89 AC4. "0:8< >1@07><, ?@8=8<0O @07=>@>4=K5 8A:>2K5 B@51>20=8O, 70O2;O5<K5 >4=8< 8ABF>< : B><C 65 >B25BG8:C 2 @0<:0E >4=>3> 8 B>3> 65 8A:>2>3> 70O2;5=8O, B@5B59A:89 AC4 4>;65= @0AA<0B@820BL MB8 B@51>20=8O 2 @07;8G=KE ?@>872>4AB20E. A;8 65 25@=CBLAO : A>548=5=8N 2 >4=>< 8A:>2>< 70O2;5=88 =5A:>;L:8E B@51>20=89, B> A;54C5B >B<5B8BL, GB> F5;5A>>1@07=>ABL 8E @0AA<>B@5=8O 2 >4=>< ?@>872>4AB25 ?>72>;O5B @0AA<>B@5BL A?>@ <564C B5<8 65 ;8F0<8, 2>-?5@2KE, =081>;55 M:>=><8G=K< 8 A:>@K< A?>A>1><, 0 2>-2B>@KE, @5H8BL A?>@ 1>;55 ?@028;L=>, A CG5B>< 2A5E >1AB>OB5;LAB2, :>B>@K5 E0@0:B5@87CNB <0B5@80;L=>-?@02>2K5 2708<>>B=>H5=8O AB>@>=. 06=> >B<5B8BL, GB> E>7O9AB25==>5 ?@>F5AAC0;L=>5 8 3@0640=A:>5 ?@>F5AAC0;L=>5 70:>=>40B5;LAB2> 4>?CA:0NB 2>7<>6=>ABL 8 8AE>4OB 87 F5;5A>>1@07=>AB8 A>548=5=8O =5A:>;L:8E 8A:>2KE B@51>20=89 2 >4=>< ?@>872>4AB25. 57CA;>2=>, MB>B ?>4E>4 =5 <>65B =5 CG8BK20BLAO 8 2 AD5@5 B@5B59A:>3> @0718@0B5;LAB20.  B>< A;CG05, 5A;8 8ABF>< 70O2;5=> =5A:>;L:> 8A:>2KE B@51>20=89, A>548=5==KE 2 >4=>< 8A:>2>< 70O2;5=88, B@5B59A:89 AC4, @0AA<>B@52 2A5 C:070==K5 B@51>20=8O, 4>;65= ?@8=OBL @5H5=85 2 >B=>H5=88 :064>3> 87 ?@54JO2;5==KE B@51>20=89. -B> 4>;6=> 1KBL >B@065=> 2 @57>;NB82=>9 G0AB8 @5H5=8O B@5B59A:>3> AC40.  8A:>2>< 70O2;5=88 4>;6=K 1KBL C:070=K 8 4>:070B5;LAB20, :>B>@K5 ?>4B25@640NB >A=>20=8O 8A:>2KE B@51>20=89. 0==>5 B@51>20=85 >7=0G05B, GB> 8AB5F 4>;65= 4>:070BL B5 N@848G5A:85 D0:BK, :>B>@K5 O2;ONBAO D0:B8G5A:8< >A=>20=85< 53> 8A:>2KE B@51>20=89. @><5 B>3>, 8ABF>< 4>;6=K 1KBL ?@54AB02;5=K 4>:070B5;LAB20 B>3>, GB> 53> B@51>20=8O >A=>20=K =0 >?@545;5==KE =>@<0E. @8G5< ?>A;54=55 >B=>A8BAO 3;02=K< >1@07>< : B5< =>@<0<, :>B>@K5 CAB0=>2;5=K 53> 4>3>2>@=K<8 >B=>H5=8O<8 A >B25BG8:><. 'B> :0A05BAO 4>:070B5;LAB2 ACI5AB2>20=8O 70:>=>40B5;L=KE 8AB>G=8:>2, =0 :>B>@KE >A=>20=K B@51>20=8O 8ABF0, B> B0:>2K5 =5 >1O70B5;L=> 4>;6=K 4>:07K20BLAO 8<, ?>A:>;L:C 459AB2C5B ?@57C<?F8O 7=0=8O B@5B59A:8< AC4>< 70:>=0, E>BO AAK;:0 =0 70:>=>40B5;LAB2>, @53C;8@CNI55 A?>@=K5 2708<>>B=>H5=8O, 8 O2;O5BAO 65;0B5;L=>9. !;54C5B @07;8G0BL C:070=85 =0 4>:070B5;LAB20 2 8A:>2>< 70O2;5=88 8 8E ?@54AB02;5=85 (=0?@8<5@, ?@8;>65=85 ?8AL<5==KE 4>:070B5;LAB2 : 8A:>2><C 70O2;5=8N) ?@8 ?@54JO2;5=88 8A:0 2 B@5B59A:89 AC4.  A>>B25BAB288 A ?@8=F8?>< A>ABO70B5;L=>AB8 AB>@>=K A2>1>4=> @0A?>@O60NBAO 4>:070B5;LAB20<8 8 ?> A2>5<C CA<>B@5=8N @5H0NB 2>?@>A >1 8E ?@54AB02;5=88 AC4C ?>4 AB@0E>< =51;03>?@8OB=KE ?>A;54AB289, 2K720==KE =54>:070==>ABLN A2>59 ?>78F88 8;8 7;>C?>B@51;5=85< ?@8 @0A?>@O65=88 4>:070B5;LAB20<8 (AB. AB. 33, 37 0:>=0). > >1I5<C ?@028;C AB>@>=K 2?@025 ?@54AB02;OBL 4>:070B5;LAB20 4> 7025@H5=8O 70A540=8O AC40 8 C40;5=8O AC40 4;O 2K=5A5=8O @5H5=8O. >MB><C =5?@54AB02;5=85 4>:070B5;LAB2 ?@8 ?>40G5 8A:>2>3> 70O2;5=8O =5 O2;O5BAO >A=>20=85< 4;O >B:070 2 2>71C645=88 @0718@0B5;LAB20. "0:CN ?>78F8N 70=8<0NB 8 2KAH85 AC451=K5 >@30=K, @07JOA=OO ?>@O4>: ?@85<0 8A:>2KE 70O2;5=89 2 3>AC40@AB25==KE AC40E. 0:>= ?@54?8AK205B 8ABFC C:070BL 2 8A:>2>< 70O2;5=88 8 F5=C 8A:0. -B> =5>1E>48<> 2 B>< G8A;5 8 4;O >?@545;5=8O A>AB020 8 @07<5@0 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45.  B>< A;CG05, 5A;8 8A: ?>4;568B >F5=:5, ?>@O4>: >?@545;5=8O B0:>9 F5=K CAB0=02;8205BAO ?@028;0<8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 ;81> A>3;0H5=85< AB>@>= 2 A>>B25BAB288 A =>@<0<8, CAB0=>2;5==K<8 2 3;. 4 0:>=0. @><5 B>3>, 2 8A:>2>< 70O2;5=88 4>;65= 1KBL C:070= ?5@5G5=L 4>:C<5=B>2 8 8=KE <0B5@80;>2, ?@8;0305<KE : 8A:>2><C 70O2;5=8N. @8 MB><, 5A;8 8AB5F =5 ?5@540AB >B25BG8:C 4>:C<5=BK, C:070==K5 2 ?@8;>65=88 : 8A:>2><C 70O2;5=8N, B> 4;O =53> <>3CB 1KBL ?@8<5=5=K >?@545;5==>3> @>40 ?@>F5AAC0;L=K5 A0=:F88. "0:85, :0:, =0?@8<5@, >B:;>=5=85 70O2;5==>3> 2 AC451=>< 70A540=88 E>40B09AB20 > ?@8>1I5=88 : <0B5@80;0< 45;0 4>?>;=8B5;L=KE <0B5@80;>2. >;0305<, GB> 1K;> 1K F5;5A>>1@07=> C:07K20BL 2 8A:>2>< 70O2;5=88 >1>A=>20=85 :><?5B5=F88 B@5B59A:>3> AC40, 2 :>B>@K9 8AB5F >1@0I05BAO A B@51>20=85<.  MB>< >1>A=>20=88 >1O70B5;L=> 4>;6=> 1KBL C:070=85 =0 =08<5=>20=85 B@5B59A:>3> AC40, 2 :>B>@K9 8AB5F >1@0I05BAO A 8A:><.  MB>9 A2O78, 2848<>, =54>?CAB8<K A>:@0I5=8O 2 =08<5=>20=88 B@5B59A:>3> AC40, 4065 5A;8 MB8 A>:@0I5=8O 8 O2;ONBAO >1I5C?>B@518B5;L=K<8 2 N@848G5A:>9 A@545. @0:B8:0 A2845B5;LAB2C5B > B><, GB> ?CB0=8F0 A =08<5=>20=85< B@5B59A:>3> AC40, 2 :>B>@K9 >1@0I0NBAO 708=B5@5A>20==K5 ;8F0, 70G0ABCN 45;05B =52>7<>6=K< @0AA<>B@5=85 45;0 2 B@5B59A:>< AC45 ?> D>@<0;L=><C >A=>20=8N - >BACBAB28N 4>:070B5;LAB2, ?>4B25@640NI8E =0;8G85 :><?5B5=F88 40==>3> B@5B59A:>3> AC40. "0:65, 2 >1>A=>20=85 :><?5B5=F88 B@5B59A:>3> AC40 4>;6=0 1KBL AAK;:0 =0 B@5B59A:>5 A>3;0H5=85, 2 :>B>@>< AB>@>=K ?>4G8=8;8 A51O N@8A48:F88 40==>3> B@5B59A:>3> AC40. >;55 B>3>, ?@54AB02;O5BAO, GB>, E>BO MB> ?@O<> 8 =5 ?@54CA<>B@5=> 70:>=><, B@5B59A:>5 A>3;0H5=85 8;8 53> :>?8O 4>;6=K 1KBL ?@54AB02;5=K 2 B@5B59A:89 AC4 2 :0G5AB25 4>:070B5;LAB20, ?>4B25@640NI53> :><?5B5=F8N B@5B59A:>3> AC40. 0:>=>< =5 ?@54CA<0B@820NBAO 4@C385 B@51>20=8O : 8A:>2><C 70O2;5=8N. >, 2 53;0<5=B0E <=>38E B@5B59A:8E AC4>2 #715:8AB0=0 A>45@60BAO 8 4@C385 4>?>;=8B5;L=K5 B@51>20=8O : A>45@60=8N 8A:>2>3> 70O2;5=8O. 0?@8<5@, 53;0<5=B "@5B59A:>3> AC40 ?@8 AA>F80F88 042>:0B>2 !0<0@:0=4A:>9 >1;0AB8 ?@54CA<0B@8205B, GB> 2 8A:>2>< 70O2;5=88 ?><8<> 2KH5C:070==KE A2545=89 4>;6=K 1KBL C:070=K AC<<0 B@5B59A:>3> A1>@0, O7K: B@5B59A:>3> @0718@0B5;LAB20, 0 B0:65 8<O 8 D0<8;8O B@5B59A:>3> AC4L8, 871@0==>3> 8ABF><. @><5 B>3>, 8AB5F <>65B C:070BL 70?0A=>3> AC4LN (AB. AB. 23, 24). !B0BLO 30. B7K2 =0 8A:>2>5 70O2;5=85 B25BG8: 2?@025 ?@54AB028BL 8ABFC 8 2 B@5B59A:89 AC4 >B7K2 =0 8A:>2>5 70O2;5=85, 87;>682 2 =5< A2>8 2>7@065=8O. B7K2 =0 8A:>2>5 70O2;5=85 ?@54AB02;O5BAO 8ABFC 8 2 B@5B59A:89 AC4 2 ?>@O4:5 8 A@>:8, ?@54CA<>B@5==K5 ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20. B7K2 =0 8A:>2>5 70O2;5=85 ?>4?8AK205BAO >B25BG8:>< 8;8 53> ?@54AB028B5;5<.  >B7K2C, ?>4?8A0==><C ?@54AB028B5;5< >B25BG8:0, ?@8;0305BAO 4>25@5==>ABL 8;8 8=>9 4>:C<5=B, C4>AB>25@ONI89 53> ?>;=><>G8O. A;8 ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20 A@>: ?@54AB02;5=8O >B7K20 =0 8A:>2>5 70O2;5=85 =5 >?@545;5=, B> C:070==K9 >B7K2 ?@54AB02;O5BAO 4> =0G0;0 70A540=8O B@5B59A:>3> AC40.  E>45 B@5B59A:>3> @0718@0B5;LAB20 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 2?@025 87<5=8BL A2>8 8A:>2K5 B@51>20=8O 8;8 2>7@065=8O ?@>B82 8A:0. A=>2=K<8 A?>A>10<8 70I8BK >B25BG8:0 ?@>B82 8A:0 O2;ONBAO 2>7@065=8O 8 2AB@5G=K9 8A:. ><<5=B8@C5<0O AB0BLO >?@545;O5B ?>@O4>: 8A?>;L7>20=8O B0:>3> A@54AB20 70I8BK :0: 2>7@065=8O. =8 4>;6=K 1KBL >D>@<;5=K ?8AL<5==> 2 2845 >B7K20. !;54C5B ?>4G5@:=CBL, GB> ?@54>AB02;5=85 >B7K20 O2;O5BAO ?@02>< >B25BG8:0, 0 =5 53> >1O70==>ABLN. 5 8A?>;L7>20=85 >B25BG8:>< 53> ?@020 ?@54AB028BL >B7K2 =5 2;5G5B 4;O =53> :0:8E-;81> =51;03>?@8OB=KE ?>A;54AB289, 2 G0AB=>AB8, =5 ;8H05B 53> ?@020 =0 2>7@065=8O 2 70A540=88 B@5B59A:>3> AC40. A=>2=K< 2 @53C;8@>20=88 8A?>;L7>20=8O >B25BG8:>< B0:>3> A?>A>10 70I8BK :0: >B7K2 O2;O5BAO >?@545;5=85 A@>:>2 53> ?@54AB02;5=8O. 0: ?@028;>, B0:>9 A@>: CAB0=02;8205BAO ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20. ><<5=B8@C5<0O AB0BLO CAB0=02;8205B, GB> 5A;8 A@>: ?@54AB02;5=8O >B7K20 ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20 =5 >?@545;5=, B> C:070==K9 >B7K2 ?@54AB02;O5BAO 4> =0G0;0 70A540=8O AC40. 0@CH5=85 CAB0=>2;5==KE A@>:>2 2 ;N1>< A;CG05 =5 ;8H05B >B25BG8:0 ?@020 =0 CAB=>5 87;>65=85 A2>8E 2>7@065=89 2 70A540=88 B@5B59A:>3> AC40. @8 B0:8E >1AB>OB5;LAB20E A;54C5B ?@87=0BL, GB> B@5B59A:89 AC4 ?>A;5 70A;CH820=8O 2>7@065=89 >B25BG8:0 2 70A540=88 2?@025 ?@8>1I8BL ?8AL<5==>5 8E 87;>65=85 : <0B5@80;0< AC40 (5A;8 B0:>2>5 1C45B 8< ?@54AB02;5=>). >4>1=>5 ?>2545=85 >B25BG8:0 <>65B ?>2;5GL 8 >B;>65=85 A;CH0=8O 4;O ?@54>AB02;5=8O 8ABFC 2>7<>6=>AB8 >?@>25@3=CBL CB25@645=8O >B25BG8:0, 2?5@2K5 4;O 8ABF0 ?@>72CG02H85 2 E>45 CAB=>3> A;CH0=8O.  F5;OE 1>@L1K A> 7;>C?>B@51;5=8O<8 ?@02>< =0 70I8BC A;54C5B ?@87=0BL F5;5A>>1@07=K< CAB0=>2;5=85 2 ?@028;0E B@5B59A:>3> @0718@0B5;LAB20 ?>;>65=8O > B><, GB> =5?@54AB02;5=85 ?8AL<5==>3> >B7K20 405B B@5B59A:><C AC4C ?@02> 2>7;>68BL =0 >B25BG8:0 4>?>;=8B5;L=K5 @0AE>4K B@5B59A:>3> AC40 8 8745@6:8 8ABF0, 2K720==K5 =5?@54AB02;5=85< >B7K20 701;03>2@5<5==>. 7 1C:20;L=>3> A>45@60=8O :><<5=B8@C5<>9 AB0BL8 2KB5:05B, GB> >1O70==>ABL =0?@028BL :>?8N >B7K20 8ABFC 2>7;>65=0 =0 >B25BG8:0, :>B>@K9 4>;65= A45;0BL MB> >4=>2@5<5==> A =0?@02;5=85< >B7K20 2 AC4. AB5F 8<55B ?@02> 87<5=8BL 8;8 4>?>;=8BL 8A:, 0 >B25BG8: - 87<5=8BL 8;8 4>?>;=8BL 2>7@065=8O ?@>B82 8A:0 2 E>45 @0718@0B5;LAB20. #:070==K5 ?>;=><>G8O 2KB5:0NB 87 ?@8=F8?0 48A?>78B82=>AB8. ><<5=B8@C5<0O AB0BLO =8:0: =5 >3@0=8G8205B ?@02> 8ABF0 87<5=8BL 8A:. 7=0G05B ;8 MB>, GB> 2 B@5B59A:>< @0718@0B5;LAB25 8AB5F 2?@025 >4=>2@5<5==> 87<5=8BL 8 ?@54<5B, 8 >A=>20=8O 8A:0? @54AB02;O5BAO, GB> ?@8=F8?K 48A?>78B82=>AB8 8 @02=>?@028O AB>@>=, =0 :>B>@KE >A=>20=> B@5B59A:>5 @0718@0B5;LAB2>, 70AB02;ONB 40BL >B@8F0B5;L=K9 >B25B =0 MB>B 2>?@>A. 7<5=5=85 8A:0 =5 4>;6=> ?@82>48BL : B><C, GB> 2 E>45 @0718@0B5;LAB20 8AB5F 70<5=8B ?5@2>=0G0;L=> ?@54JO2;5==K9 8A: 4@C38<. >4 87<5=5=85< B@51>20=89 A;54C5B ?>=8<0BL C25;8G5=85 8;8 C<5=LH5=85 8A:>2KE B@51>20=89. 7<5=5=85 8A:>2KE B@51>20=89 =5 <>65B 2KE>48BL 70 @0<:8 B@5B59A:>3> A>3;0H5=8O 8;8 >3>2>@:8.  ?@>B82=>< A;CG05 B@5B59A:89 AC4 2K945B 70 ?@545;K A2>59 :><?5B5=F88, GB> =54>?CAB8<>. 7;>65==>5 ?>72>;O5B CB25@640BL, GB> B@5B59A:89 AC4 2?@025 >B:;>=8BL E>40B09AB2> >1 87<5=5=88 8;8 4>?>;=5=88 8A:>2KE B@51>20=89, 5A;8 53> C4>2;5B2>@5=85 ?@82545B : =0@CH5=8N :><?5B5=F88 AC40. !;54C5B 70<5B8BL, GB> 40==K5 ?>;=><>G8O 4>;6=K >ACI5AB2;OBLAO 8ABF>< 8 >B25BG8:>< 157 =5>?@0240==>9 7045@6:8. <5==> ?>MB><C, 2 "8?>2>< 0:>=5 .!"  > <564C=0@>4=>< 8 B>@3>2>< 0@18B@065 (?.2 AB.23) <>6=> 2AB@5B8BL ?>;>65=8O > ?@025 B@5B59A:>3> AC40 =5 @07@5H8BL 87<5=5=85 8;8 4>?>;=5=85 8A:>2KE B@51>20=89 8;8 2>7@065=89 ?> 8A:C A CG5B>< 4>?CI5==>9 7045@6:8.  E>45 B@5B59A:>3> @0718@0B5;LAB20 8=>340 2>7=8:05B 2>?@>A > B><, <>6=> ;8 @0AA<0B@820BL B@5B59A:>5 A>3;0H5=85 :0: 70:;NG5==>5, 5A;8 >4=0 AB>@>=0 ?>40;0 8A:>2>5 70O2;5=85 2 B@5B59A:89 AC4, 0 4@C30O 2 >B25B =0 MB> 8A:>2>5 70O2;5=85 ?@54AB028;0 2 B>B 65 B@5B59A:89 AC4 >B7K2, 2 :>B>@>< =5 2>7@0605B ?@>B82 @0AA<>B@5=8O 45;0 40==K< B@5B59A:8< AC4><. !D>@<8@>20==0O ?@0:B8:0 A2845B5;LAB2C5B > B><, GB> 0@18B@K ?@87=0NB B@5B59A:>5 A>3;0H5=85 2 MB>< A;CG05 70:;NG5==K<. @54AB02;O5BAO, GB> 8 A B>G:8 7@5=8O =0?@02;5==>AB8 =>@< :><<5=B8@C5<>3> 0:>=0 <>6=> 3>2>@8BL 2 40==>< A;CG05 > 70:;NG5==>AB8 B@5B59A:>3> A>3;0H5=8O. >A:>;L:C <564C AB>@>=0<8 ?@>8AE>48B >1<5= 4>:C<5=B0<8, ?>4?8A0==K<8 8<8 8 8<5NI8<8 ?8AL<5==CN D>@<C, B> A>2>:C?=>ABL C:070==KE >1AB>OB5;LAB2 8 A2845B5;LAB2C5B > A>3;0A88 AB>@>= ?>4G8=8BLAO N@8A48:F88 >?@545;5==>3> B@5B59A:>3> AC40. !B0BLO 31. AB@5G=K9 8A: A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> >B25BG8: 2?@025 4> ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O ?> A?>@C ?@54JO28BL 8ABFC 2AB@5G=K9 8A: 4;O @0AA<>B@5=8O 53> A>2<5AB=> A ?5@2>=0G0;L=K< 8A:><. @54JO2;5=85 2AB@5G=>3> 8A:0 8 2>7@065=89 ?> =5<C >ACI5AB2;O5BAO A A>1;N45=85< B@51>20=89, ?@54CA<>B@5==KE AB0BLO<8 29 8 30 =0AB>OI53> 0:>=0. AB@5G=K9 8A: <>65B 1KBL @0AA<>B@5= A>2<5AB=> A ?5@2>=0G0;L=K< 8A:>< 2 A;CG0OE, 5A;8: 1) 2AB@5G=K9 8A: =0?@02;5= : 70G5BC ?5@2>=0G0;L=>3> 8A:0; 2) C4>2;5B2>@5=85 2AB@5G=>3> 8A:0 8A:;NG05B ?>;=>ABLN 8;8 2 G0AB8 C4>2;5B2>@5=85 ?5@2>=0G0;L=>3> 8A:0; 3) <564C 2AB@5G=K< 8 ?5@2>=0G0;L=K< 8A:0<8 8<55BAO 2708<=0O A2O7L, 8 8E A>2<5AB=>5 @0AA<>B@5=85 ?@82545B : 1>;55 1KAB@><C 8 ?@028;L=><C @07@5H5=8N A?>@0. AB@5G=K9 8A: O2;O5BAO >4=8< 87 A@54AB2 70I8BK =0@CH5==>3> 8;8 >A?0@8205<>3> AC1J5:B82=>3> ?@020. 0@O4C A 2>7@065=8O<8, :>B>@K5 >B25BG8: 2?@025 ?@54AB028BL ?> 70O2;5==K< : =5<C 8A:>2K< B@51>20=8O<, >= >1;0405B 8 ?@02>< ?@54JO2;5=8O 2AB@5G=>3> 8A:0. AB@5G=>5 8A:>2>5 B@51>20=85 >A=>2K205BAO =0 <0B5@80;L=>-?@02>2>< B@51>20=88 >B25BG8:0, :>B>@K< B>B >1;0405B ?> >B=>H5=8N : 8ABFC. <5==> MB> <0B5@80;L=>-?@02>2>5 B@51>20=85 8 5ABL ?@>O2;5=85 ACI5AB2CNI59 A2O78 >B25BG8:0 A 8ABF><, ?@54JO282H8< ?5@2>=0G0;L=K9 8A:. @54JO2;5=85 2AB@5G=>3> 8A:>2>3> B@51>20=8O O2;O5BAO @50;870F859 ?@8=F8?0 M:>=><8G=>AB8 ?@>F5AA0. #AB0=02;820O 40==K9 8=AB8BCB, 70:>=>40B5;L, A >4=>9 AB>@>=K, >?B8<878@C5B ?@>F54C@C @07@5H5=8O <0B5@80;L=>-?@02>2>9 :>;;8788, ACI5AB2CNI59 <564C 8ABF>< 8 >B25BG8:><, 0 A 4@C3>9 AB>@>=K, AB@5<8BAO : 8A:;NG5=8N ?@>B82>@5G82KE AC451=KE @5H5=89, :>B>@K5 <>3CB 8<5BL <5AB> 2A;54AB285 @07;8G=KE AC451=KE 45; ?> >4=8< 8 B5< 65 ?@02>2K< >A=>20=8O<, A2O7K20NI8< AB>@>=K ?> 45;C. AB@5G=>5 8A:>2>5 B@51>20=85 >1;0405B 2A5<8 @>4>2K<8 E0@0:B5@8AB8:0<8 8A:0, ?>MB><C >=> 4>;6=> C4>2;5B2>@OBL 2A5< B5< B@51>20=8O<, :>B>@K5 ?@54JO2;ONBAO : >A=>2=><C 8A:C. > D>@<0;L=K< ?@87=0:0< 8A:>2>5 70O2;5=85 > ?@54JO2;5=88 2AB@5G=>3> 8A:0 4>;6=> A>>B25BAB2>20BL B5< B@51>20=8O<, :>B>@K5 ?@54JO2;ONBAO : 8A:>2><C 70O2;5=8N. -B> >7=0G05B, GB> >B25BG8:, ?>4020O 2AB@5G=K9 8A:, 2 8A:>2>< 70O2;5=88 4>;65= A>1;NAB8 2A5 =5>1E>48<K5 @5:2878BK, 0 B0:65 C?;0B8BL B@5B59A:89 A1>@.  B>< A;CG05, 5A;8 2AB@5G=>5 B@51>20=85 =5 A>>B25BAB2C5B C:070==K< :@8B5@8O<, B> >=> >AB02;O5BAO B@5B59A:8< AC4>< 157 @0AA<>B@5=8O. -B>3> 65 ?@845@68205BAO 8 ?@0:B8:0 B@5B59A:>3> @0718@0B5;LAB20. 0:>=>40B5;L ?>-@07=><C C@53C;8@>20; 2>7<>6=>ABL ?@54JO2;5=8O 2AB@5G=>3> 8A:0. >7=8:05B 2>?@>A: <>3CB ;8 AB>@>=K A2>8< A>3;0H5=85< 70?@5B8BL ?@54JO2;5=85 2AB@5G=>3> 8A:0 2 B>< 65 AC451=>< ?@>F5AA5? @54AB02;O5BAO, GB> >B25B =0 MB>B 2>?@>A 4>;65= 1KBL ?>;>68B5;L=K<, E>BO MB> ?@O<> 8 =5 ?@54CA<>B@5=> 70:>=>40B5;LAB2>< > B@5B59A:8E AC40E. -B> A;54C5B 87 =>@<K AB. 25 0:>=0, :>B>@0O ?@54>AB02;O5B AB>@>=0< 2>7<>6=>ABL A0<>AB>OB5;L=> >?@545;OBL ?@028;0 B@5B59A:>3> @0718@0B5;LAB20.  MB>9 A8BC0F88 4>AB83=CB0O AB>@>=0<8 4>3>2>@5==>ABL > 70?@5B5 =0 ?@54JO2;5=85 2AB@5G=>3> 8A:0 =5 1C45B >3@0=8G5=85< ?@020 =0 AC451=CN 70I8BC, ?>A:>;L:C >B25BG8: 2?@025 ?@54JO28BL A>>B25BAB2CNI89 8A:, E>BO 8 2 @0<:0E 4@C3>3> 45;0. 48=AB25==K< >3@0=8G820NI8< CA;>285< 2 40==>< A;CG05 O2;O5BAO CA;>285 > B><, GB>1K ?@028;0 B@5B59A:>3> @0718@0B5;LAB20, CAB0=>2;5==K5 AB>@>=0<8, =5 ?@>B82>@5G8;8 >1O70B5;L=K< ?>;>65=8O< 0:>=0. @028;> > 70?@5B5 ?@54JO2;5=8O 2AB@5G=>3> 8A:0 =5 ?@>B82>@5G8B B0:8< >1O70B5;L=K< ?>;>65=8O<. @18B@06=K9 @53;0<5=B .!"  A>45@68B =>@<K, @53C;8@CNI85 ?>@O4>: ?@54JO2;5=8O 2AB@5G=>3> 8A:0 8 70G5B0 2AB@5G=KE B@51>20=89. <5==> MB8 =>@<K 8 AB0;8 >A=>2>9 4;O B>3>, GB>1K A>>B25BAB2CNI85 ?>;>65=8O 2>A?@>872>48;8AL 2 @53;0<5=B0E B@5B59A:8E AC4>2, 459AB2CNI8E 2 5A?C1;8:5 #715:8AB0=. @8 MB>< ACI5AB25==K< >:07K20;>AL B> >1AB>OB5;LAB2>, GB> :0: @18B@06=K9 @53;0<5=B .!" , B0: 8 @53;0<5=BK B@5B59A:8E AC4>2 CAB0=02;820NB, GB> 8 2AB@5G=K9 8A:, 8 B@51>20=85 : 70G5BC 4>;6=K 2KB5:0BL 87 B>3> 65 4>3>2>@0, GB>, :>=5G=>, C?@>I05B 8 >1;53G05B @07@5H5=85 A?>@0, >4=0:> 65, >3@0=8G8205B 8 CA;>6=O5B 4;O >B25BG8:0 ?@>F5AAC0;L=CN 70I8BC 53> ?@02. AB@5G=K9 8A: <>65B 1KBL @50;87>20= B>;L:> 2 B>< A;CG05, 5A;8 C 708=B5@5A>20==>9 AB>@>=K 2>7=8:;> ?@02> =0 53> ?@54JO2;5=85. >7=8:=>25=85 65 ?@020 >1CA;>2;5=> B>;L:> =0ABC?;5=85< A@>:0 8A?>;=5=8O <0B5@80;L=>-?@02>2>3> >1O70B5;LAB20. A;8 A@>: 8A?>;=5=8O 2AB@5G=>3> >1O70B5;LAB20 =5 =0ABC?8;, B> AB>@>=0 =5 2?@025 ?@54JO2;OBL 2AB@5G=K9 8A:. AB@5G=K9 8A: A;54C5B >B;8G0BL >B 2>7@065=89 =0 8A:, ?@54AB02;O5<KE >B25BG8:><.  0:>=5 A>45@60BAO =5A:>;L:> CA;>289, ?@8 :>B>@KE <>65B 1KBL ?@54JO2;5= 2AB@5G=K9 8A:. 5@2>5 CA;>285 8<55B >1I5?@>F5AAC0;L=K9 E0@0:B5@: 2AB@5G=K9 8A: <>65B 1KBL ?@54JO2;5= ;8HL 2 B>< A;CG05, 5A;8 ACI5AB2C5B 2708<=0O A2O7L 2AB@5G=>3> B@51>20=8O A ?5@2>=0G0;L=K<8 B@51>20=8O<8, :>B>@K5 1K;8 ?@54JO2;5=K 8ABF>< 8 2AB@5G=K9 8A: =0?@02;5= : 70G5BC ?5@2>=0G0;L=>3> 8A:0 (?. ?. 1, 3 AB.31). "0:>5 65 CA;>285 ?@54JO2;5=8O 2AB@5G=>3> 8A:0 ACI5AB2C5B 2 E>7O9AB25==>< ?@>F5AAC0;L=>< ?@025 8 2 3@0640=A:>< ?@>F5AAC0;L=>< ?@025. -B> CA;>285 >B@0605B ?@>F5AAC0;L=> ?@02>2>9 0A?5:B 8=AB8BCB0 2AB@5G=>3> 8A:>2>3> B@51>20=8O. 0G5B - MB> >48= 87 284>2 ?@5:@0I5=8O >1O70B5;LAB2. #A;>28O, ?@8 :>B>@KE >= 2>7<>65=, >?@545;5=K 2 AB. AB. 343-345  #7. B>@>5 CA;>285, ?@8 :>B>@>< <>65B 1KBL ?@54JO2;5= 2AB@5G=K9 8A:, C4>2;5B2>@5=85 2AB@5G=>3> 8A:0 8A:;NG05B ?>;=>ABLN 8;8 2 G0AB8 C4>2;5B2>@5=85 ?5@2>=0G0;L=>3> 8A:0 (?. 2 AB. 31). "@5BL5 CA;>285, ?@8 :>B>@>< <>65B 1KBL ?@54JO2;5= 2AB@5G=K9 8A: 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, A>45@68BAO 2 G0AB8 ?5@2>9 AB. 31 0:>=0. "0:8< CA;>285< O2;O5BAO B@51>20=85 > B><, GB> 2AB@5G=K9 8A: <>65B 1KBL ?@54JO2;5= 4> ?@8=OB8O @5H5=8O B@5B59A:8< AC4><. 4=0:> 40==0O =>@<0 2 >?@545;5==KE ?@545;0E 48A?>78B82=0. =0 ?@54>AB02;O5B AB>@>=0< ?@02> 87<5=8BL A@>:8 4;O ?@54JO2;5=8O 2AB@5G=>3> 8A:0.  ?@8<5@C, A>3;0H5=85< AB>@>= <>65B 1KBL CAB0=>2;5=>, GB> 2AB@5G=K9 8A: <>65B 1KBL ?@54JO2;5= 4> =0G0;0 AC451=KE A;CH0=89 ?> 45;C.  B> 65 2@5<O 2 A>3;0H5=88 AB>@>= =5 <>65B 1KBL CAB0=>2;5=> ?@02> ?@54JO2;5=8O 2AB@5G=>3> 8A:0 ?>A;5 ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O ?> 45;C. I5 >4=8< CA;>285< ?@54JO2;5=8O 2AB@5G=>3> 8A:0 O2;O5BAO ?>;>65=85 B@5B59A:>3> A>3;0H5=8O, 4>?CA:0NI55 (=5 70?@5I0NI55) ?@54JO2;5=85 2AB@5G=>3> 8A:0 (G0ABL ?5@20O AB. 31). B<5B8<, GB> 2 70:>=>40B5;LAB25 4@C38E 3>AC40@AB2 2 =5:>B>@KE A;CG0OE ?@54CA<0B@820NBAO 8 8=K5 CA;>28O, >A;>6=ONI85 2>7<>6=>ABL @0AA<>B@5=8O 2AB@5G=>3> 8A:>2>3> B@51>20=8O. "0:, 2 A>>B25BAB288 A 53;0<5=B>< 5=A:>3> <564C=0@>4=>3> 0@18B@06=>3> AC40 $545@0;L=>9 ?0;0BK M:>=><8:8 2AB@88 0@18B@ (:>;;538O 0@18B@>2) 2?@025 2>72@0B8BL 2AB@5G=>5 8A:>2>5 70O2;5=85 A5:@5B0@80BC MB>3> 0@18B@06=>3> 8=AB8BCB0 4;O @0AA<>B@5=8O 2 >B45;L=>< @0718@0B5;LAB25, 5A;8 @0AA<>B@5=85 45;0 ?> 2AB@5G=><C 8A:C ?>2;5:;> 1K 70 A>1>9 7=0G8B5;L=CN 7045@6:C 3;02=>3> @0718@0B5;LAB20. >40G0 >B25BG8:>< 2AB@5G=>3> 8A:>2>3> B@51>20=8O 2;5G5B 2>7=8:=>25=85 C 8ABF0 ?@020 =0 2>7@065=8O ?@>B82 2AB@5G=>3> 8A:0. "0:85 2>7@065=8O 4>;6=K 1KBL ?@54AB02;5=K 2 ?>@O4:5 8 2 A@>:8, ?@54CA<>B@5==K5 ?@028;0<8 B@5B59A:>3> @0718@0B5;LAB20, =>, 5AB5AB25==>, 4> ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O ?> 45;C. -B8 ?@028;0, >1KG=>, 0=0;>38G=K ?@028;0< ?@54AB02;5=8O >B25BG8:>< 2>7@065=89 =0 >A=>2=>9 8A: (A<. ><<5=B0@89 : AB.30). !B0BLO 32. @8=OB85 <5@ ?> >15A?5G5=8N 8A:0 15A?5G5=85 8A:0 4>?CA:05BAO, 5A;8 =5?@8=OB85 <5@ ?> >15A?5G5=8N 8A:0 <>65B 70B@C4=8BL 8;8 A45;0BL =52>7<>6=K< 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> B@5B59A:89 AC4 <>65B ?> E>40B09AB2C AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 2K=5AB8 >?@545;5=85 > ?@8=OB88 <5@ ?> >15A?5G5=8N 8A:0. "@5B59A:89 AC4 <>65B ?>B@51>20BL >B AB>@>=K B@5B59A:>3> @0718@0B5;LAB20, 70O2;ONI59 A>>B25BAB2CNI55 E>40B09AB2>, ?@54>AB028BL >15A?5G5=85 2>7<5I5=8O 2>7<>6=KE 4;O 4@C3>9 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 C1KB:>2. 0O2;5=85 >1 >15A?5G5=88 8A:0, @0AA<0B@8205<>3> 2 B@5B59A:>< AC45, ?>405BAO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20 2 :><?5B5=B=K9 AC4 ?> <5ABC =0E>645=8O B@5B59A:>3> AC40, ;81> ?> <5ABC =0E>645=8O 8;8 <5ABC 68B5;LAB20 >B25BG8:0, ;81> <5ABC =0E>645=8O 8<CI5AB20 >B25BG8:0.  70O2;5=8N >1 >15A?5G5=88 8A:0 ?@8;030NBAO 4>:070B5;LAB20 ?@54JO2;5=8O 8A:0 2 B@5B59A:89 AC4, >?@545;5=85 B@5B59A:>3> AC40 > ?@8=OB88 <5@ ?> >15A?5G5=8N 8A:0. 0AA<>B@5=85 :><?5B5=B=K< AC4>< 70O2;5=8O >1 >15A?5G5=88 8A:0, @0AA<0B@8205<>3> 2 B@5B59A:>< AC45, 8 2K=5A5=85 8< >?@545;5=8O >1 >15A?5G5=88 8A:0 8;8 >1 >B:075 2 53> >15A?5G5=88 >ACI5AB2;ONBAO 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0= 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=. 5H5=85 B@5B59A:>3> AC40 >1 >B:075 2 C4>2;5B2>@5=88 8A:>2KE B@51>20=89 O2;O5BAO >A=>20=85< 4;O >B<5=K :><?5B5=B=K< AC4>< <5@ ?> >15A?5G5=8N 8A:0. >?@>A > 2>7<>6=>AB8 >15A?5G5=8O 8A:0 2 B@5B59A:>< @0718@0B5;LAB25 ?>-@07=><C @5H05BAO 2 @07=KE AB@0=0E. @8 MB>< ?>78F88 70:>=>40B5;59 AB@>OBAO =0 ?@O<> ?@>B82>?>;>6=KE 8AE>4=KE ?@54?>AK;:0E. "0:, >4=8 AG8B0NB B@5B59A:>5 @0718@0B5;LAB2> G0AB=K< 45;>< AB>@>= ?> 8E 2708<=><C A>3;0A8N 8 =5 4>?CA:0NB 2<5H0B5;LAB20 3>AC40@AB20 2 G0AB=K5 45;0 4> <><5=B0 ?@8=OB8O @5H5=8O AC4><. @C385 8AE>4OB 87 B>3>, GB> 8A?>;=8<>ABL @5H5=8O - 206=59H89 ?@8=F8? @0718@0B5;LAB20 8 AB>@>=K 70@0=55 3>B>2K ?>4G8=8BLAO 2K=>A8<K< AC4>< 0:B0<, 2 B>< G8A;5 8 >3@0=8G820NI8< 8E ?@020.  #715:8AB0=5 70:>=>40B5;L 2K1@0; 2B>@CN ;8=8N ?>2545=8O, ?@54>AB0282 B@5B59A:8< AC40< 2>7<>6=>ABL >15A?5G5=8O 8A:0. @8 MB><, A;CG08 :>340 B@5B59A:89 AC4 <>65B ?@8=OBL <5@K ?> >15A?5G5=8N 8A:0, 70:>= =5 >?@545;O5B, >AB02;OO @53C;8@>20=85 MB>3> 2>?@>A0 A>3;0H5=8N AB>@>= 8;8 ?@028;0< ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. "@048F8>==> 70:>=>40B5;LAB2> >?@545;O5B >48= :@8B5@89, :>340 <5@K ?> >15A?5G5=8N 8A:0 4>;6=K 1KBL ?@8=OBK. -B> - :>340 =5?@8=OB85 B0:8E <5@ 70B@C4=8B 8;8 A45;05B =52>7<>6=K< 8A?>;=5=85 @5H5=8O AC40. A;8 ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4 8;8 AB>@>=K =5 2K@01>B0;8 :@8B5@88, ?@8 :>B>@KE <5@K ?> >15A?5G5=8N 8A:0 4>;6=K 1KBL ?@8=OBK, 8 :0:85 8<5==> 4>;6=K 1KBL <5@K, @5H5=85 MB>3> 2>?@>A0 >AB05BAO =0 CA<>B@5=85 A>AB020 B@5B59A:>3> AC40, @0AA<0B@820NI53> 45;>. 15A?5G5=85 8A:0 ?@54AB02;O5B A>1>9 ?@8=OB85 <5@, ?@54?8A0==KE AC4><, 30@0=B8@CNI8E 2>7<>6=>ABL @50;870F88 8A:>2KE B@51>20=89 2 A;CG05 C4>2;5B2>@5=8O 8A:0. =0G5=85 >15A?5G5=8O 8A:0 A>AB>8B 2 B><, GB> 8< 70I8I0NBAO 70:>==K5 8=B5@5AK 8ABF0 =0 B>B A;CG09, :>340 >B25BG8: 1C45B 459AB2>20BL =54>1@>A>25AB=> 8;8 :>340 2>>1I5 =5?@8=OB85 <5@ <>65B ?>2;5GL =52>7<>6=>ABL 8A?>;=5=8O AC451=>3> @5H5=8O. "0:, <5@K ?> >15A?5G5=8N 8A:0 <>3CB >:070BLAO =5>1E>48<K<8, 5A;8 8<55BAO 4>AB0B>G=> >1>A=>20==>5 ?@54?>;>65=85, GB> 8<CI5AB2> >B25BG8:0 8AG57=5B : <><5=BC 27KA:0=8O 2A;54AB285 A>:@KB8O, C=8GB>65=8O, >BGC645=8O 8;8 ?>B@51;5=8O. @8=OB85 :><?5B5=B=K< AC4>< <5@, ?@54CA<>B@5==KE 2 % #7 8  #7 (A>3;0A=> G0AB8 ?OB>9 AB.32 0:>=0), 30@0=B8@CNI8E 2>7<>6=>ABL 8A?>;=5=8O @5H5=8O, =07K205BAO >15A?5G5=85< 8A:0. @8 =5>1E>48<>AB8, 8A: <>65B 1KBL >15A?5G5= G0AB8G=>. 0?@8<5@, :>340 >= A>AB>8B 87 =5A:>;L:8E B@51>20=89 8 2 >15A?5G5=88 =C6405BAO =5 25AL 8A:, 0 B>;L:> >B45;L=K5 53> B@51>20=8O. 15A?5G5=85 8A:0 4>?CA:05BAO, :0: ?> ?5@2>=0G0;L=><C, B0: 8 ?> 2AB@5G=><C 8A:C, ?@54JO2;5==><C 2 ?>@O4:5, CAB0=>2;5==>< AB.31 0:>=0. 15A?5G5=85 8A:0 4>?CA:05BAO B>;L:> ?> 70O2;5=8N AB>@>= B@5B59A:>3> @0718@0B5;LAB20. 15A?5G5=85 8A:0 ?> 8=8F80B825 B@5B59A:>3> AC40 0:>=>< =5 ?@54CA<>B@5=>. 15A?5G5=85 8A:0 2>7<>6=> A <><5=B0 ?@8=OB8O 45;0 : ?@>872>4AB2C 8 =0 ;N1>9 4@C3>9 AB0488 B@5B59A:>3> @0718@0B5;LAB20. 15A?5G5=8N ?>4;560B C65 ?@54JO2;5==K5 8A:8. >7<>6=>ABL >15A?5G5=8O B@51>20=8O, :>B>@>5 8<55BAO 2 284C ?@54JO28BL 2 1C4CI5< 2 :0G5AB25 8A:>2>3>, 0:>=>< =5 ?@54CA<>B@5=0. "> 5ABL, ?>:0 8A: =5 ?@54JO2;5=, >= =5 <>65B 1KBL >15A?5G5=. 5 ?>4;560B >15A?5G5=8N 8A:8, :>B>@K5 C65 @07@5H5=K 2K=5A5==K< AC451=K< @5H5=85<, 2ABC?82H8< 2 70:>==CN A8;C. @>AL10 >1 >15A?5G5=88 8A:0, 70O2;5==0O ?@8 ?@54JO2;5=88 8A:0, <>65B 1KBL 87;>65=0 :0: 2 8A:>2>< 70O2;5=88, B0: 8 2 A0<>AB>OB5;L=>< 70O2;5=88, ?@8;0305<>< : 8A:C, 8 4>;6=0 1KBL 0@3C<5=B8@>20=0 70O28B5;5<. 0:>= =5 ?@54CA<0B@8205B :>=:@5B=KE >1O70B5;L=KE >A=>20=89 4;O ?@8=OB8O <5@ ?> >15A?5G5=8N 8A:0.  G0AB=>AB8, =5 2K428305B CA;>285< >15A?5G5=8O 8A:0 53> >1>A=>20==>ABL ?@54AB02;5==K<8 4>:070B5;LAB20<8. > @57C;LB0B0< @0AA<>B@5=8O E>40B09AB20 B@5B59A:89 AC4 2K=>A8B >?@545;5=85, 2 :>B>@>< C:07K205BAO :>=:@5B=0O <5@0 ?> >15A?5G5=8N 8A:0. ?@545;5=85 B@5B59A:>3> AC40 > ?@8=OB88 <5@ ?> >15A?5G5=8N 8A:0 8;8 >B:075 2 ?@8=OB88 B0:8E <5@, >160;>20=8N =5 ?>4;568B. 0:>= =5 A>45@68B ?5@5G5=L <5@ ?> >15A?5G5=8N 8A:0 8 C:070=89 =0 B>, :0:0O :>=:@5B=> <5@0 8 ?> :0:><C 8A:>2><C B@51>20=8N <>65B ?@8<5=OBLAO. 15A?5G8B5;L=K5 <5@K 2 B@5B59A:8E AC40E <>3CB 1KBL A0<K<8 @07;8G=K<8, =0?@8<5@, ?@54CA<>B@5==K5 AB.77 % 8 AB.249  5A?C1;8:8 #715:8AB0=, => A CG5B>< A?5F8D8:8 B@5B59A:>3> @0718@0B5;LAB20. "0: B@5B59A:89 AC4 =5 <>65B ?@8<5=OBL B0:85 <5@K, :0: ?@8>AB0=>2;5=85 27KA:0=8O ?> 8A?>;=8B5;L=><C 4>:C<5=BC, ?>A:>;L:C B0:85 45;0 =5 ?>4254><AB25==K B@5B59A:8< AC40<. >MB><C AC4 4>;65= @C:>2>4AB2>20BLAO >1AB>OB5;LAB20<8 45;0, @5H0O 2>?@>A, :0:0O <5@0 2 40==>< A;CG05 ?>4;568B ?@8<5=5=8N. @><5 B>3>, >15A?5G8B5;L=K5 <5@K B@5B59A:>3> AC40 =5 <>3CB @0A?@>AB@0=OBLAO =0 ;8F, =5 O2;ONI8EAO CG0AB=8:0<8 B@5B59A:>3> @0718@0B5;LAB20, 2 A2O78 A G5<, B@5B59A:89 AC4 =5 <>65B 70?@5B8BL B@5BL8< ;8F0< 8A?>;=OBL A2>8 >1O70B5;LAB20 ?5@54 >4=>9 87 AB>@>=. >, 5A;8 @5H5=85 >B=>A8B5;L=> >15A?5G5=8O 8A:0 ?@8=8<05B :><?5B5=B=K9 AC4 (G0ABL ?OB0O AB.32), B> >= <>65B 70?@5B8BL >?@545;5==K5 459AB28O =5 B>;L:> >B25BG8:C, => 8 4@C38< ;8F0<, 5A;8 MB8 459AB28O :0A0NBAO ?@54<5B0 A?>@0. "0:, =0?@8<5@, :><?5B5=B=K9 AC4 <>65B 70?@5B8BL >?@545;5==K< ;8F0< ?5@54020BL >B25BG8:C 8<CI5AB2>, 2K?>;=OBL ?> >B=>H5=8N : =5<C :>=:@5B=K5 >1O70B5;LAB20 8 B.4. -B> ?@54CA<>B@5=> %>7O9AB25==K< ?@>F5AAC0;L=K< 8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A0<8 5A?C1;8:8 #715:8AB0=. '0ABLN 2B>@>9 :><<5=B8@C5<>9 AB0BL8 CAB0=>2;5=> ?@028;>, A>3;0A=> :>B>@><C B@5B59A:89 AC4, >15A?5G820O 8A:, <>65B ?>B@51>20BL >B AB>@>=K, 70O2;ONI59 A>>B25BAB2CNI55 E>40B09AB2> ?@54>AB028BL >15A?5G5=85 2>7<5I5=8O 2>7<>6=KE 4;O 4@C3>9 AB>@>=K C1KB:>2. "0:>5 B@51>20=85 ?@54JO2;O5BAO AB>@>=5, 70O282H59 E>40B09AB2> > ?@8=OB88 >15A?5G8B5;L=KE <5@ B@5B59A:8< AC4><, ?> E>40B09AB2C AB>@>=K, 2 >B=>H5=88 :>B>@>9 70?@0H820NBAO <5@K >15A?5G5=8O 8A:0. >?@>A >1 >15A?5G5=88 8A:0 2 B0:>< A;CG05 @5H05BAO 2 7028A8<>AB8 >B ?@54AB02;5=8O 70O2;ONI59 AB>@>=K >15A?5G5=8O 2>7<5I5=8O 2>7<>6=KE 4;O 4@C3>9 AB>@>=K C1KB:>2. A;8 2 @57C;LB0B5 =58A?>;=5=8O >?@545;5=8O :><?5B5=B=>3> AC40 >1 >15A?5G5=88 8A:0 C 8ABF0 2>7=8:=CB C1KB:8, >= 2?@025 8E 27KA:0BL A 28=>2=KE ;8F, A>3;0A=> 70:>=>40B5;LAB2C 5A?C1;8:8 #715:8AB0=. > 70O2;5=8N AB>@>= B@5B59A:89 AC4 <>65B 70<5=8BL >48= 284 >15A?5G5=8O 8A:0 4@C38<. @8 70<5=5 8A:0 A;54C5B 8A?>;L7>20BL B>;L:> B5 <5@K >15A?5G5=8O 8A:0, :>B>@K5 ?@54CA<>B@5=K %>7O9AB25==K< ?@>F5AAC0;L=K< 8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A0<8 5A?C1;8:8 #715:8AB0=. >?@>A > 70<5=5 >4=>9 <5@K ?> >15A?5G5=8N 8A:0 4@C3>9 2>7<>65= 2 B>< A;CG05, :>340 <5@0, :>B>@CN >?@545;8; ?5@2>=0G0;L=> AC4, =5 O2;O5BAO 4>AB0B>G=>9 8;8 65 >?@0240==>9. 0?@8<5@, :>340 8<CI5AB2>, =0 :>B>@>5 1K; =0;>65= 0@5AB, ?>B5@O;> A2>N ?5@2>=0G0;L=CN F5==>ABL 8 =5 <>65B A;C68BL 30@0=B859 8A?>;=5=8O AC451=>3> @5H5=8O 2 1C4CI5<. 0<5=0 <>65B ?@>87>9B8 =5 B>;L:> ?> 8=8F80B825 AB>@>=K 70O28B5;O, => 8 4@C3>9 AB>@>=K, ?@>B82 :>B>@>9 ?@8=OB0 >15A?5G8B5;L=0O <5@0, 5A;8 ?@8=OB0O <5@0 >15A?5G5=8O 8A:0 7=0G8B5;L=> CI5<;O5B 55 ?@020 8 >B@0605BAO =0 55 8<CI5AB25==>< ?>;>65=88.  70<5=5 >4=>3> 2840 >15A?5G5=8O 8A:0 4@C38< B@5B59A:8< AC4>< 2K=>A8BAO >?@545;5=85, :>B>@>5 ?>405BAO 708=B5@5A>20==>9 AB>@>=>9 2 :><?5B5=B=K9 AC4. >;CG82 >?@545;5=85 B@5B59A:>3> AC40 > ?@8=OB88 <5@ ?> >15A?5G5=8N 8A:0, AB>@>=0 ?>405B A>>B25BAB2CNI55 70O2;5=85 2 :><?5B5=B=K9 AC4, 2 :>B>@>< E>40B09AB2C5B > ?@8=OB88 >15A?5G8B5;L=KE <5@ A>3;0A=> 2K=5A5==><C B@5B59A:8< AC4>< >?@545;5=8N (: 70O2;5=8N ?@8;030NBAO 4>:C<5=BK 2 A>>B25BAB288 A G0ABLN G5B25@B>9 AB. 32 0:>=0). !B>@>=5 ?@54>AB02;O5BAO 2>7<>6=>ABL 2K1>@0 :><?5B5=B=>3> AC40: 0) ?> <5ABC =0E>645=8O B@5B59A:>3> AC40, 1) ?> <5ABC =0E>645=8O (<5ABC 68B5;LAB20) >B25BG8:0, 2) ?> <5ABC =0E>645=8O 8<CI5AB20 >B25BG8:0 (G0ABL B@5BLO AB. 32 0:>=0). ><?5B5=B=K9 AC4, ?>;CG82 70O2;5=85 AB>@>=K > ?@8=OB88 >15A?5G8B5;L=KE <5@ A ?@8;>65=85< 4>:070B5;LAB2 ?@54JO2;5=8O 8A:0 2 B@5B59A:89 AC4 8 >?@545;5=8O B@5B59A:>3> AC40 > ?@8=OB88 <5@ ?> >15A?5G5=8N 8A:0 @0AA<0B@8205B 53>. > @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O :><?5B5=B=K9 AC4 2K=>A8B >?@545;5=85, 2 :>B>@>< C:07K205BAO :>=:@5B=0O <5@0 (8;8 =5A:>;L:> <5@) ?> >15A?5G5=8N 8A:0 (>?@545;5=85 :><?5B5=B=>3> AC40 <>65B 1KBL >160;>20=>: AB.76 %, AB.249 ) ?@545;5=85 >1 >15A?5G5=88 8A:0 ?@82>48BAO 2 8A?>;=5=85 2 ?>@O4:5, CAB0=>2;5==>< ?@>F5AAC0;L=K< 70:>=>40B5;LAB2>< 8 0:>=>< "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2". -B> 7=0G8B, GB> 2> 8A?>;=5=85 >?@545;5=8O >1 >15A?5G5=88 8A:0 E>7O9AB25==K9 (3@0640=A:89) AC4 2K405B 8A?>;=8B5;L=K9 ;8AB. A?>;=8B5;L=K9 ;8AB >1 >15A?5G5=88 8A:0 O2;O5BAO 548=AB25==K< 4>:C<5=B><, =0 >A=>20=88 :>B>@>3> <>3CB 1KBL @50;87>20=K <5@K ?> >15A?5G5=8N 8A:0. "@5B59A:89 AC4, @0AA<0B@820NI89 45;>, 2?@025 ?5@5A<>B@5BL A2>5 @5H5=85 8 >B<5=8BL A2>5 >?@545;5=85 >1 >15A?5G5=88 8A:0 ?> E>40B09AB2C 708=B5@5A>20==>9 AB>@>=K, 2 G0AB=>AB8, 2 A;CG0OE, :>340 8AG57;8 >A=>20=8O, ?> :>B>@K< 1K;8 ?@8=OBK B0:85 <5@K. #:070==>5 >?@545;5=85 B@5B59A:>3> AC40 A 70O2;5=85< 708=B5@5A>20==>9 AB>@>=K ?>405BAO 2 :><?5B5=B=K9 AC4, :>B>@K9 >B<5=O5B A2>5 >?@545;5=85 >1 >15A?5G5=88 8A:0. @8>AB0=>2;5=85 ?@>872>4AB20 ?> 45;C 2 B@5B59A:>< AC45, =5 2;5G5B 70 A>1>9 >1O70B5;L=>9 >B<5=K >15A?5G5=8O 8A:0, ?>A:>;L:C B0:>9 >1O70==>AB8 70:>=>40B5;L =5 CAB0=02;8205B. 15A?5G5=85 8A:0 <>65B 1KBL A>E@0=5=>. @8 @5H5=88 MB>3> 2>?@>A0 B@5B59A:89 AC4 4>;65= B0:65 CG8BK20BL, GB> ?5@8>4, 2 B5G5=85 :>B>@>3> ?@>872>4AB2> ?> 45;C 1C45B ?@8>AB0=>2;5=>, <>65B 1KBL 4;8B5;L=K<, 0 MB> >3@0=8G8B ?@020 >B25BG8:0 =0 ?@>4>;68B5;L=K9 8 =5>?@545;5==K9 A@>:. >?@>A >1 >B<5=5 >15A?5G5=8O 8A:0 @0AA<0B@8205BAO 2 70A540=88 B@5B59A:>3>, 0 70B5< :><?5B5=B=>3> AC40, =5O2:0 =0 :>B>@K5 AB>@>= =5 ?@5?OBAB2C5B ?@>2545=8N 70A540=8O. ?@545;5=85 :><?5B5=B=>3> AC40 >1 >B<5=5 >15A?5G5=8O 8A:0 >160;C5BAO =0 >1I8E >A=>20=8OE, ?@54CA<>B@5==KE % 8 . "@5B59A:89 AC4 4>;65= >4=>2@5<5==> A @5H5=85< >1 >B:075 2 8A:5 2K=5AB8 >?@545;5=85 >1 >B<5=5 >15A?5G5=8O 8A:0, GB> O2;O5BAO >A=>20=85< 4;O >B<5=K :><?5B5=B=K< AC4>< <5@ ?> >15A?5G5=8N 8A:0. =0;>38G=> @5H0NBAO 2>?@>AK >1 >B<5=5 >15A?5G5=8O 8A:0 ?@8 ?@5:@0I5=88 ?@>872>4AB20 ?> 45;C 8 >AB02;5=88 8A:0 157 @0AA<>B@5=8O. @8 2ABC?;5=88 2 70:>==CN A8;C @5H5=8O >1 >B:075 2 8A:5, >?@545;5=8O > ?@5:@0I5=88 ?@>872>4AB20 ?> 45;C ;81> >AB02;5=88 8A:0 157 @0AA<>B@5=8O <5@K ?> >15A?5G5=8N 8A:0 >B<5=ONBAO, 5A;8 >=8 =5 1K;8 >B<5=5=K @0=55. @8=OB85 <5@ ?> >15A?5G5=8N 8A:0 <>65B >3@0=8G820BL ?@020 AB>@>=K 8 ?@8G8=8BL 59 C1KB:8. A;8 C1KB:8 AB>@>=K 2K720=K D0:B>< >15A?5G5=8O 8A:0, >= 2?@025 B@51>20BL >B 4@C3>9 AB>@>=K 8E 2>7<5I5=8O (G0ABL 2B>@0O AB.32 0:>=0). "0:>5 ?@02> 2>7=8:05B C AB>@>=K ?>A;5 2ABC?;5=8O @5H5=8O 2 70:>==CN A8;C, 5A;8 MB8< @5H5=85< 2 8A:5 >B:070=>. @8 >B:075 2 8A:5 G0AB8G=> >B25BG8: 2?@025 27KA:0BL A 8ABF0 C1KB:8, ?@8G8=5==K5 5<C >15A?5G5=85< B>;L:> B>9 G0AB8 8A:0, 2 :>B>@>9 8ABFC @5H5=85< B@5B59A:>3> AC40 >B:070=>. =0;>38G=> @5H0NBAO 2>?@>AK > 2>7<5I5=88 C1KB:>2 >B25BG8:0 ?@8 ?@5:@0I5=88 ?@>872>4AB20 ?> 45;C 8 >AB02;5=88 8A:0 157 @0AA<>B@5=8O. 'B>1K @0AA<>B@5BL 2>?@>A > 2>7<5I5=88 >B25BG8:C C1KB:>2, ?@8G8=5==KE 5<C >15A?5G5=85< 8A:0, 2>71C6405BAO =>2>5 45;> ?> 8A:>2><C 70O2;5=8N >B25BG8:0. -B>B 8A: <>65B @0AA<0B@820BLAO 2 B>< 65 B@5B59A:>< AC45, :>B>@K9 @07@5H0; ?5@2>=0G0;L=K9 A?>@. !B0BLO 33. @54AB02;5=85 4>:070B5;LAB2 0640O AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 4>;6=0 4>:070BL B5 >1AB>OB5;LAB20, =0 :>B>@K5 >=0 AAK;05BAO :0: =0 >1>A=>20=85 A2>8E 8A:>2KE B@51>20=89 8 2>7@065=89 ?@>B82 8A:0. "@5B59A:89 AC4 2?@025, 5A;8 A>GB5B ?@54AB02;5==K5 4>:070B5;LAB20 =54>AB0B>G=K<8, ?@54;>68BL AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 ?@54AB028BL 4>?>;=8B5;L=K5 4>:070B5;LAB20. @>F5AA 4>:07K20=8O O2;O5BAO A;>6=>9 ?@>F5AAC0;L=>9, 8AA;54>20B5;LA:>9 45OB5;L=>ABLN, @57C;LB0B0<8 :>B>@>9 O2;ONBAO 2>A?@>872545=85 >?@545;5==>3> D@03<5=B0 459AB28B5;L=>AB8, @5:>=AB@C:F8O 8AA;54C5<KE >1AB>OB5;LAB2 45;0. C4CG8 A;>6=>9 <=>3>725==>9 45OB5;L=>ABLN, 4>:07K20=85 2:;NG05B 2 A51O: 1) >?@545;5=85 :@C30 D0:B>2, ?>4;560I8E 4>:07K20=8N; 2) A>18@0=85 8 ?@>F5AAC0;L=>5 70:@5?;5=85 4>:070B5;LAB2; 3) 8AA;54>20=85 4>:070B5;LAB2, 2:;NG0NI55 8E ?@>25@:C; 4) >F5=:C 4>:070B5;LAB2. >:070B5;LAB20< 2 B@5B59A:>< ?@>F5AA5 ?>A2OI5=0 548=AB25==0O =>@<0 - AB. 33 0:>=0. 08<5=>20=85 AB0BL8 =5 A>2A5< A>>B25BAB2C5B 55 A>45@60=8N. ">G=55 1K;> 1K 40==CN AB0BLN 8<5=>20BL "1O70==>ABL 4>:07K20=8O", ?>A:>;L:C 2 =59 3>2>@8BAO > @0A?@545;5=88 1@5<5=8 4>:07K20=8O <564C BO6CI8<8AO AB>@>=0<8.  B> 65 2@5<O ?@>F5AA 4>:07K20=8O <>65B 1KBL >ACI5AB2;5= ?CB5< ?@54AB02;5=8O 4>:070B5;LAB2, :>B>@K5 8 O2;ONBAO >A=>2>9 4;O ?@8=OB8O AC451=>3> @5H5=8O.  >A=>25 =>@<K, 70:@5?;5==>9 2 C:070==>9 AB0BL5 ;568B >1I55 ?@028;> @0A?@545;5=8O 1@5<5=8 4>:07K20=8O, E0@0:B5@=>5 4;O 3@0640=A:>-?@>F5AAC0;L=>9 B5>@88 4>:07K20=8O: 708=B5@5A>20==>5 ;8F> >1O70=> 4>:070BL B5 D0:BK, =0 :>B>@K5 >?8@05BAO 53> ?@02>20O ?>78F8O. 0==>5 ?@028;> O2;O5BAO >B@065=85< ?@8=F8?0 A>ABO70B5;L=>AB8, :>B>@K9 B@048F8>==> 70:@5?;O5BAO 2 ?@>F5AAC0;L=>< ?@025.  B> 65 2@5<O, C:070==>5 >1I55 ?@028;> =5 O2;O5BAO 01A>;NB=K<. 7 ?@>F5AAC0;L=>9 B5>@88 8725AB=>, GB> >1O70==>AB8 ?> 4>:07K20=8N @0A?@545;ONBAO <564C AB>@>=0<8 =0 >A=>20=88 >1I53> ?@028;0, CAB0=>2;5==>3> 2 ?@>F5AAC0;L=>< 70:>=5, 8 G0AB=KE ?@028;, A>45@60I8EAO 2 =>@<0E <0B5@80;L=>3> ?@020. @0:B8:0 =5 B>;L:> B@5B59A:>3>, => 8 @0718@0B5;LAB20 A?>@>2 2 3>AC40@AB25==KE AC40E A2845B5;LAB2C5B >1 >?@545;5==KE ?@>1;5<0E, 2>7=8:0NI8E C AB>@>= ?@8 >?@545;5=88 ?@54<5B0 8 ?@545;>2 4>:07K20=8O. B B>3>, =0A:>;L:> ?@028;L=> 708=B5@5A>20==0O AB>@>=0 >?@545;8B ?@54<5B 4>:07K20=8O, 2 7=0G8B5;L=>9 AB5?5=8 7028A8B =0?@02;5=85 @0728B8O B@5B59A:>3> ?@>F5AA0. "> >1AB>OB5;LAB2>, GB> :0640O AB>@>=0 A0<>AB>OB5;L=> >?@545;O5B ?@54<5B 8 ?@545;K 4>:07K20=8O, 2>2A5 =5 >7=0G05B, GB> B@5B59A:89 AC4 4>;65= ?>;=>ABLN CAB@0=OBLAO >B ?@>F5AA0 >?@545;5=8O ?@54<5B0 4>:07K20=8O. ! F5;LN 70:@5?;5=8O B0:>3> ?>;>65=8O, ?@8 :>B>@>< B@5B59A:89 AC4 8<55B 2>7<>6=>ABL >:07K20BL 2;8O=85 =0 @0728B85 ?@>F5AA0, 70:>=>40B5;L ?@54CA<>B@5;, GB> AC4 2?@025 ?@54;>68BL AB>@>=0< ?@54AB028BL 4>?>;=8B5;L=K5 4>:070B5;LAB20, 5A;8 A>GB5B ?@54AB02;5==K5 4>:070B5;LAB20 =54>AB0B>G=K<8 4;O ?@028;L=>3> 8 A?@0254;82>3> @07@5H5=8O A?>@0. >4 ?@54<5B>< 4>:07K20=8O ?>=8<05BAO A>2>:C?=>ABL >1AB>OB5;LAB2 (N@848G5A:8E D0:B>2), CAB0=>2;5=85 :>B>@KE =5>1E>48<> 4;O 2K=5A5=8O AC4>< 8;8 8=K< >@30=>< 70:>==>3> 8 >1>A=>20==>3> @5H5=8O.  2840E 4>:070B5;LAB2 2 40==>< 0:>=5 C?><8=05BAO B>;L:> ;8HL 2 AB. 20, 2 :>B>@>9 3>2>@8BAO > @0AE>40E 2 A2O78 A >A<>B@>< 8 8AA;54>20=85< ?8AL<5==KE 8 25I5AB25==KE 4>:070B5;LAB2. "0:8< >1@07><, 0:>= =5 A>45@68B ?>;>65=89 > A8AB5<5 8 2840E 4>:070B5;LAB2, :>B>@K5 <>3CB 1KBL 8A?>;L7>20=K 2 ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20. !>>B25BAB2CNI85 ?@54AB02;5=8O > 4>:070B5;LAB20E :0: >A=>25, =0 :>B>@>9 ?@>8AE>48B B@5B59A:>5 @0718@0B5;LAB2>, <>3CB 1KBL ?>G5@?=CBK 87 >1I5?@>F5AAC0;L=>9 B5>@88 4>:070B5;LAB2. >;>65=8O > A8AB5<5 8 2840E 4>:070B5;LAB2 2 =>@<0B82=>< 2845, 70:@5?;5=K 2 @0640=A:>< ?@>F5AAC0;L=>< 8 %>7O9AB25==>< ?@>F5AAC0;L=>< :>45:A0E. >:070B5;LAB20<8 O2;ONBAO ?>;CG5==K5 2 ?@54CA<>B@5==>< ?@>F5AAC0;L=K<8 :>45:A0<8 8 8=K<8 70:>=0<8 ?>@O4:5 A2545=8O, =0 >A=>20=88 :>B>@KE AC4 CAB0=02;8205B =0;8G85 8;8 >BACBAB285 >1AB>OB5;LAB2, >1>A=>2K20NI8E B@51>20=8O 8 2>7@065=8O ;8F, CG0AB2CNI8E 2 45;5, 0 B0:65 8=K5 >1AB>OB5;LAB20, 8<5NI85 7=0G5=85 4;O ?@028;L=>3> @0AA<>B@5=8O 8 @07@5H5=8O A?>@0 (G0ABL ?5@20O AB. 54 % #7, AB. 56  #7).  C:070==>< 7=0G5=88 A;54C5B ?>=8<0BL B5@<8= "4>:070B5;LAB20" 8 ?@8 53> 8A?>;L7>20=88 2 B@5B59A:>< ?@>F5AA5. @54AB02;O5BAO, GB> :0: 8 2 E>7O9AB25==>< (3@0640=A:><) AC4>?@>872>4AB25 2 B@5B59A:>< @0718@0B5;LAB25 =54>?CAB8<> 8A?>;L7>20=85 4>:070B5;LAB2, ?>;CG5==KE A =0@CH5=85< 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0=. >A;54=55 ?@028;> 2KB5:05B 87 70:>=>40B5;L=>3> ?>;>65=8O > =54>?CAB8<>AB8 AC451=>3> @5H5=8O, >A=>20==>3> =0 4>:070B5;LAB20E, ?>;CG5==KE A =0@CH5=85< 70:>=0. !B0BLO 33 D>@<C;8@C5B >1I85 ?@028;0 @0A?@545;5=8O >1O70==>AB8 4>:07K20=8O 8 70:@5?;O5B 0:B82=CN @>;L AB>@>= 2 ?@>F5AA5 4>:07K20=8O. =0 2K@0605B A>ABO70B5;L=K9 E0@0:B5@ B@5B59A:>3> ?@>F5AA0. AB5F >1O70= 4>:070BL B5 >1AB>OB5;LAB20, :>B>@K5 O2;ONBAO >A=>20=85< 8A:0. -B> D0:BK, A :>B>@K<8 A2O70=> ACI5AB2>20=85 A?>@=>3> ?@02>>B=>H5=8O, 8 D0:BK, :>B>@K5 A2845B5;LAB2CNB > =0@CH5=88 8;8 >A?0@820=88 >B25BG8:>< ?@020 8ABF0. 0 >B25BG8:5 B>65 ;568B >1O70==>ABL 4>:070BL D0:BK, =0 :>B>@K5 >= AAK;05BAO, :0: =0 >A=>20=85 A2>8E 2>7@065=89 ?@>B82 8A:0. $0:BK, ?>4;560I85 4>:07K20=8N :064>9 87 AB>@>= 2 :>=:@5B=>< 45;5, >?@545;ONBAO A CG5B>< A>45@60=8O <0B5@80;L=>-?@02>2>9 =>@<K, @53C;8@CNI59 A?>@=>5 ?@02>>B=>H5=85. A;8 2 C65 =0G02H5<AO ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20 AB02OBAO =0 >1AC645=85 AC40 :0:85-;81> =>2K5 D0:BK, 8<5NI85 7=0G5=85 4;O ?@028;L=>3> @07@5H5=8O 45;0, B> >=8 >1O70=K ?>4B25@640BLAO A>>B25BAB2CNI8<8 4>:070B5;LAB20<8 AB>@>=>9, :>B>@0O ?@54AB028;0 MB8 D0:BK 4;O >1AC645=8O. !B>@>=K 8 4@C385 ;8F0, CG0AB2CNI85 2 45;5, ?>4B25@640NB D0:BK A ?><>ILN 8725AB=KE 8< 4>:070B5;LAB2. =8 ?@54AB02;ONB 2 AC4 ?8AL<5==K5 8 25I5AB25==K5 4>:070B5;LAB20, C:07K20NB A2845B5;59, E>40B09AB2CNB > =07=0G5=88 M:A?5@B87K, A0<8 40NB >1JOA=5=8O >1 >1AB>OB5;LAB20E 45;0.  ?@>F5AA5 4>:07K20=8O D0:B>2 AB>@>=>9, =0 :>B>@CN 2>7;>65=0 A>>B25BAB2CNI0O >1O70==>ABL, 4@C30O AB>@>=0 8 8=K5 708=B5@5A>20==K5 ;8F0 8<5NB ?@02> 0:B82=> CG0AB2>20BL 2 8AA;54>20=88 4>:070B5;LAB2. =8 <>3CB >?@>25@30BL ?@54AB02;5==K5 <0B5@80;K, ?@54;030BL AC4C A2>8 4>:070B5;LAB20, 2>7@060BL ?@>B82 4>2>4>2 8 A>>1@065=89, 2KA:07K205<KE 8E ?@>F5AAC0;L=K< >??>=5=B><. 1I55 ?@028;> @0A?@545;5=8O >1O70==>AB59 4>:07K20=8O :>=:@5B878@C5BAO 2 @O45 AB0B59 =0AB>OI53> 0:>=0, 53;0<5=B0E 8 >;>65=8OE B@5B59A:8E AC4>2. 0?@8<5@, AB. 29 0:>=0 CAB0=02;8205B, GB> 2 8A:>2>< 70O2;5=88 =C6=> C:070BL >1AB>OB5;LAB20, =0 :>B>@KE 8AB5F >A=>2K205B A2>5 B@51>20=85, 8 4>:070B5;LAB20, ?>4B25@640NI85 >A=>20=8O 8A:>2KE B@51>20=89, AB. 31 0:>=0 405B B0:>5 ?@02> 8 >B25BG8:C. !C451=>5 4>:07K20=85 ?@54AB02;O5B A>1>9 A;>6=K9 8 <=>3>3@0==K9 ?@>F5AA ?>7=0=8O AC4>< >1J5:B82=>9 8AB8=K ?> :>=:@5B=><C 45;C. 5>BJ5<;5<>9 G0ABLN AC451=>3> 4>:07K20=8O O2;O5BAO >F5=:0 4>:070B5;LAB2 AC4><. =>385 @53;0<5=BK B@5B59A:8E AC4>2 A>45@60B =>@<C, ?> :>B>@>9 >F5=:0 4>:070B5;LAB2 >ACI5AB2;O5BAO AC4LO<8 ?> 8E 2=CB@5==5<C C15645=8N, >A=>20==><C =0 ?>;=><, 2A5AB>@>==5< 8 >1J5:B82=>< 8E 8AA;54>20=88. 8:0:85 4>:070B5;LAB20 =5 8<5NB 4;O B@5B59A:>3> AC40 70@0=55 CAB0=>2;5==>9 A8;K. !C4 <>65B >B25@3=CBL ;N1K5 40==K5, ?@54AB02;5==K5 2 :0G5AB25 4>:070B5;LAB2, 5A;8 ?@845B : 2K2>4C, GB> >=8 ;>6=K 8;8 A><=8B5;L=K. F5=:0 4>:070B5;LAB2 B@5B59A:8< AC4>< >B@0605BAO 2 @5H5=88, 345 C:07K20NBAO 4>:070B5;LAB20, =0 :>B>@KE >A=>20=K 2K2>4K AC40 >1 >1AB>OB5;LAB20E 45;0, 8 4>2>4K, ?> :>B>@K< AC4 >B25@3 B5 8;8 8=K5 4>:070B5;LAB20 (AB. 39 0:>=0). A;8 ?>@O4>:, ?@>F54C@0 4>:07K20=8O, 284K 4>:070B5;LAB2, @0A?@545;5=85 1@5<5=8 4>:07K20=8O <>3CB 1KBL CAB0=>2;5=K A>3;0H5=85< AB>@>=, B> 2>?@>AK 4>?CAB8<>AB8, ACI5AB25==>AB8 8 7=0G8<>AB8 ;N1KE 4>:070B5;LAB2, >B=>AOBAO : :><?5B5=F88 A0<>3> B@5B59A:>3> AC40. "0:, 5A;8 AB>@>=K A2>8< A>3;0H5=85< ?@87=0NB >?@545;5==K5 D0:BK, 0 B@5B59A:89 AC4 2 @57C;LB0B5 0=0;870 8=KE 4>:070B5;LAB2 ?@845B : 2K2>4C > B><, GB> B0:>2K5 =5 ?>4B25@640NBAO, B> A>>B25BAB2CNI55 A>3;0H5=85 > ?@87=0=88 D0:B>2, 70:;NG5==>5 AB>@>=0<8, =5 1C45B >1O70B5;L=K< 4;O B@5B59A:>3> AC40. !B0BLO 34. 0?@02;5=85 4>:C<5=B>2 8 8=KE <0B5@80;>2 A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> :>?88 2A5E 4>:C<5=B>2 8 8=KE <0B5@80;>2, :>B>@K5 ?@54AB02;ONBAO B@5B59A:><C AC4C >4=>9 87 AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 4>;6=K 1KBL ?5@540=K B@5B59A:8< AC4>< 4@C3>9 AB>@>=5 B@5B59A:>3> @0718@0B5;LAB20. -:A?5@B=K5 70:;NG5=8O, =0 :>B>@KE B@5B59A:89 AC4 >A=>2K205B A2>5 @5H5=85, 4>;6=K 1KBL ?5@540=K B@5B59A:8< AC4>< AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20. A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> 4>:C<5=BK 8 8=K5 <0B5@80;K =0?@02;ONBAO ?> C:070==><C 8<8 ?>A;54=5<C 8725AB=><C <5ABC =0E>645=8O (?>GB>2><C 04@5AC) N@848G5A:>3> ;8F0 8;8 <5ABC 68B5;LAB20 D878G5A:>3> ;8F0, O2;ONI8EAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, 70:07=K< ?8AL<>< A C254><;5=85< > 2@CG5=88 ;81> 8=K< A?>A>1><, ?@54CA<0B@820NI8< D8:A0F8N 4>AB02:8 C:070==KE 4>:C<5=B>2 8 <0B5@80;>2. >:C<5=BK 8 8=K5 <0B5@80;K AG8B0NBAO ?>;CG5==K<8 2 45=L 8E 4>AB02:8. 0==0O AB0BLO 0:>=0 =5 =C6405BAO 2 ?>4@>1=>< :><<5=B8@>20=88, 2 55 B5:AB5 4>E>4G82> 87;>65= ?>@O4>: =0?@02;5=8O, ?>;CG5=8O 4>:C<5=B>2 8 8=KE <0B5@80;>2, 8AE>4OI8E >B B@5B59A:>3> AC40 4;O AB>@>=K B@5B59A:>3> @0718@0B5;LAB20. 0:>=>< CAB0=>2;5=>, GB> AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 ?>;CG0NB 4>:C<5=BK 8 8=K5 <0B5@80;K, ?@54AB02;O5<K5 AB>@>=0<8 4> AC451=>3> @0718@0B5;LAB20. @54CA<>B@5==K5 :><<5=B8@C5<>9 AB0BL59 ?@028;0 ?@54>AB02;5=8O 4>:C<5=B>2 8 <0B5@80;>2 4;O >7=0:><;5=8O A =8<8 ?@5A;54CNB F5;L 2>?;>I5=8O ?@8=F8?0 A>ABO70B5;L=>AB8, ?@54CA<0B@820NI53>, GB> AB>@>=K 2?@025 7=0BL >1 0@3C<5=B0E 4@C3 4@C30 4> =0G0;0 AC451=>3> @0718@0B5;LAB20. "0:8< >1@07><, AB>@>=K ?>;CG0NB 2>7<>6=>ABL =5 B>;L:> >7=0:><8BLAO A ?@54AB02;5==K<8 4@C38<8 ;8F0<8 4>:070B5;LAB20<8, => 8 ?@54AB028BL A2>8 2>7@065=8O, A:>@@5:B8@>20BL ?>78F8N ?> 45;C 4> =0G0;0 53> @0AA<>B@5=8O ?> ACI5AB2C, GB> ACI5AB25==> A>:@0I05B 2@5<O 53> @0AA<>B@5=8O. #:070==K5 =>@<K =5 >3@0=8G820NB ?@02> >7=0:><;5=8O A ?@54AB02;5==K<8 4>:070B5;LAB20<8 B>;L:> 2@5<5=5< 4> =0G0;0 AC451=>3> @0718@0B5;LAB20. !B>@>=K <>3CB 7=0:><8BLAO A ?@54AB02;5==K<8 4>:070B5;LAB20<8 2 B5G5=85 2A53> ?@>872>4AB20 ?> 45;C. 0: ?@028;>, 2 53;0<5=B0E B@5B59A:8E AC4>2 ?@54CA<0B@8205BAO, GB> >B25BAB25==K9 A5:@5B0@L B@5B59A:>3> AC40 >15A?5G8205B ?5@540GC AB>@>=0< 2A5E 4>:C<5=B>2 ?> 45;C, :>B>@K5 =0?@02;ONBAO ?> 04@5A0<, C:070==K< AB>@>=0<8.  =8E 65 A>45@60BAO C:070=8O, GB> 8A:>2K5 70O2;5=8O, 2>7@065=8O ?> 8A:0<, ?>25AB:8, @5H5=8O B@5B59A:>3> AC40 8 >?@545;5=8O =0?@02;ONBAO AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 70:07=K<8 ?8AL<0<8 A >1@0B=K< C254><;5=85< > 2@CG5=88. @C385 4>:C<5=BK <>3CB =0?@02;OBLAO :0: 70:07=K<8, B0: 8 >1KG=K<8 ?8AL<0<8. 725I5=8O 8 C254><;5=8O <>3CB B0:65 ?5@54020BLAO ?> B5;53@0DC, B5;5B09?C, D0:AC. N1K5 87 MB8E 4>:C<5=B>2 <>3CB 1KBL @02=K< >1@07>< 2@CG5=K :0: ;8G=> AB>@>=0<, B0: 8 8E ?@54AB028B5;O< ?>4 @0A?8A:C. !B>@>=0< 4>;6=> 1KBL 701;03>2@5<5==> =0?@02;5=> C254><;5=85 > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40.  53;0<5=B0E ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 CAB0=02;820NBAO @07;8G=K5 A@>:8, C4>2;5B2>@ONI85, A 8E B>G:8 7@5=8O, B@51>20=8N 701;03>2@5<5==>AB8. "0:, =0?@8<5@, 53;0<5=B>< "@5B59A:>3> AC40 ?@8 AA>F80F88 042>:0B>2 !0<0@:0=4A:>9 >1;0AB8 ?@54?8AK205BAO, GB> "> 2@5<5=8 8 <5AB5 ?@>2545=8O 70A540=8O ?> 45;C AB>@>=K 8725I0NBAO ?>25AB:0<8, :>B>@K5 4>;6=K 1KBL =0?@02;5=K 8< A B0:8< @0AG5B><, GB>1K :0640O 87 AB>@>= @0A?>;030;0 A@>:>< =5 <5=55 ?OB=04F0B8 4=59 4;O ?>43>B>2:8 : @0718@0B5;LAB2C 45;0 8 ?@81KB8O =0 70A540=85. > A>3;0H5=8N AB>@>= MB>B A@>: <>65B 1KBL A>:@0I5=" (AB. 31). "0:8< >1@07><, AB>@>=K <>3CB A0<>AB>OB5;L=> CB>G=8BL =5>1E>48<K9 A@>: 4;O 701;03>2@5<5==>3> 8725I5=8O ?CB5< 4>AB865=8O A>>B25BAB2CNI53> A>3;0H5=8O, =>, :0: ?@028;>, MB>B A@>: =5 4>;65= ?@52KH0BL CAB0=>2;5==K9 2 @53;0<5=B5 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. A;8 65 @5GL 845B > 2@5<5==>< B@5B59A:>< AC45, B> AB>@>=K 2?@025 A0<8 >?@545;8BL :0:>9 A@>: <>6=> AG8B0BL 4>AB0B>G=K< 4;O 701;03>2@5<5==>3> C254><;5=8O > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40. #254><;5=8O > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40, 4>:C<5=BK, 8 8=K5 <0B5@80;K =0?@02;ONBAO 8 2@CG0NBAO 2 ?>@O4:5, ?@54CA<>B@5==>< AB. 34 0:>=0 > B@5B59A:8E AC40E. "> 5ABL AB>@>=0< =0?@02;ONBAO 4>:C<5=BK ?> ?>A;54=5<C 8725AB=><C <5ABC =0E>645=8O (?>GB>2><C 04@5AC) N@848G5A:>3> ;8F0 8;8 <5ABC 68B5;LAB20 D878G5A:>3> ;8F0, O2;ONI8EAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20. 0:>= CAB0=02;8205B, GB> 5A;8 AB>@>=K =5 4>3>2>@8;8AL >1 8=><, B> :>?88 2A5E 4>:C<5=B>2 8 8=KE <0B5@80;>2, 0 B0:65 8=0O 8=D>@<0F8O, :>B>@K5 ?@54AB02;ONBAO B@5B59A:><C AC4C >4=>9 87 AB>@>=, 4>;6=K 1KBL ?5@540=K B@5B59A:8< AC4>< 4@C3>9 AB>@>=5. -:A?5@B=K5 70:;NG5=8O, =0 :>B>@KE B@5B59A:89 AC4 >A=>2K205B A2>5 @5H5=85, 4>;6=K 1KBL ?5@540=K B@5B59A:8< AC4>< AB>@>=0<. >@O4>: ?5@540G8 :>?89 4>:C<5=B>2 8 <0B5@80;>2 B0:65 CAB0=02;8205BAO @53;0<5=B0<8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 8;8 A>3;0H5=85< AB>@>= >1 >1@07>20=88 2@5<5==>3> B@5B59A:>3> AC40. 0@CH5=85 CAB0=>2;5==>3> ?>@O4:0 <>65B 8<5BL =51;03>?@8OB=K5 ?>A;54AB28O 4;O AB>@>=K, ?KB0NI59AO ?5@540BL 4>:C<5=BK 8=0G5, G5< MB> ?@54CA<>B@5=> @53;0<5=B>< ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. !C4 <>65B ?>AG8B0BL, GB> B@51>20=85 > ?5@540G5 4>:C<5=B>2 AB>@>=>9 =5 2K?>;=5=>, 8 >B:070BL 2 ?@8>1I5=88 8E : <0B5@80;0< 45;0.  ?>A;54=5< ?@54;>65=88 G0AB8 2B>@>9 AB. 34 70D8:A8@>20=>, GB> 4>:C<5=BK 8 8=K5 <0B5@80;K AG8B0NBAO ?>;CG5==K<8 2 45=L 8E 4>AB02:8. > A<KA;C MB>3> ?>;>65=8O =5 8<55B 7=0G5=8O, ?@>68205B ;8 (=0E>48BAO ;8) 04@5A0B ?> C:070==><C 8< ?>GB>2><C 04@5AC 8 345 >= =0E>48BAO 2 =0AB>OI55 2@5<O, B0: :0: D0:B 4>AB02:8 >7=0G05B 4>:070B5;LAB2> 2@CG5=8O 4>:C<5=B>2. !B0BLO 35. #G0AB85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 2 70A540=88 B@5B59A:>3> AC40 064>9 AB>@>=5 B@5B59A:>3> @0718@0B5;LAB20 4>;6=K 1KBL ?@54>AB02;5=K @02=K5 2>7<>6=>AB8 4;O 87;>65=8O A2>59 ?>78F88 8 70I8BK A2>8E ?@02 8 8=B5@5A>2. A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> B@5B59A:>5 @0718@0B5;LAB2> >ACI5AB2;O5BAO A CG0AB85< AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8;8 8E ?@54AB028B5;59. !B>@>=0< B@5B59A:>3> @0718@0B5;LAB20 4>;6=> 1KBL 701;03>2@5<5==> =0?@02;5=> ;81> 2@CG5=> C254><;5=85 > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40. #:070==>5 C254><;5=85 =0?@02;O5BAO 8 2@CG05BAO B@5B59A:8< AC4>< 2 ?>@O4:5, ?@54CA<>B@5==>< AB0BL59 34 =0AB>OI53> 0:>=0. A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> B@5B59A:89 AC4 @0AA<0B@8205B A?>@ 2 70:@KB>< 70A540=88. >A;54>20B5;L=> @50;87CO ?@8=F8? @025=AB20 AB>@>=, 70:>=>40B5;L, 2 G0AB8 ?5@2>9 AB. 35 0:>=0 :>=:@5B878@C5B 53>. 8 >4=0 87 AB>@>= =5 4>;6=0 1KBL ?>AB02;5=0 2 =52K3>4=K5 CA;>28O, AC4 >1O70= >15A?5G8BL @02=K5 2>7<>6=>AB8 4;O AB>@>=.  B> 65 2@5<O, 2 @0AA<0B@8205<>9 =>@<5 @50;87C5BAO =5 B>;L:> ?@8=F8? @025=AB20, => 8 ?@8=F8? A>ABO70B5;L=>AB8 ?@>F5AA0, 70:@5?;5==K9 2 AB. 4 0:>=0. -B> >1AB>OB5;LAB2> ?>4G5@:8205B ?@>F5AAC0;L=CN ?@8@>4C B@5B59A:>3> @0718@0B5;LAB20.  >B=>H5=88 B@5B59A:>3> AC40 ?@8=F8? 4>25@8B5;L=>AB8 ?@>O2;O5BAO =0 AB048OE 70:;NG5=8O B@5B59A:>3> A>3;0H5=8O (2:;NG5=8O 2 :>=B@0:B B@5B59A:>9 >3>2>@:8) 8 2K1>@0 AC459. @O<> ?@54CA<>B@52 2 AB. 4 0:>=0 > B@5B59A:8E AC40E ?@>F5AAC0;L=K5 ?@8=F8?K, 2 B>< G8A;5 ?@8=F8? A>ABO70B5;L=>AB8, 70:>=>40B5;L CAB@0=8; A><=5=8O 2 MB>< 2>?@>A5. '0ABL 2B>@0O AB. 35 0:>=0 >1J548=8;0 2 A515 420 7=0G8<KE <><5=B0 4;O B@5B59A:>3> @0718@0B5;LAB20. 5@2K9 87 =8E, MB> 2>7<>6=>ABL 70>G=>3> @0718@0B5;LAB20 A?>@0 B>;L:> ?> 4>:C<5=B0< 157 2K7>20 AB>@>= 8;8 8E ?@54AB028B5;59. 0: >1I55 ?@028;>, CAB0=02;8205BAO, GB> B@5B59A:>5 @0718@0B5;LAB2> ?@>2>48BAO A CG0AB85< AB>@>= 8;8 8E ?@54AB028B5;59. ">;L:> AB>@>=0< ?@54>AB02;5=> ?@02> 4>3>20@820BLAO > 70>G=>< @0AA<>B@5=88 A?>@0.  B> 65 2@5<O "8?>2>9 70:>= .!"  " <564C=0@>4=>< B>@3>2>< 0@18B@065" A>E@0=O5B ?@02> @5H0BL 2>?@>A > ?@>2545=88 CAB=>3> (>G=>3>) A;CH0=8O 8;8 @07@5H5=8O A?>@>2 B>;L:> =0 >A=>25 4>:C<5=B>2 8 4@C38E <0B5@80;>2 70 0@18B@06=K< AC4><, ?@8 >BACBAB288 8=>3> A>3;0H5=8O AB>@>= 8;8 ?@>AL1K ;N1>9 87 AB>@>= > ?@>2545=88 CAB=>3> A;CH0=8O (AB. 24). !0<0 2>7<>6=>ABL @0AA<>B@5=8O A?>@0 ?> <0B5@80;0< 45;0, 157 2K7>20 AB>@>= O2;O5BAO ACI5AB25==>9 >B;8G8B5;L=>9 >A>15==>ABLN B@5B59A:>3> @0718@0B5;LAB20 8 A2O70=0 A C?@>I5==>ABLN B@5B59A:>9 ?@>F54C@K. B>@>9 <><5=B, =0 :>B>@K9 A;54C5B >1@0B8BL 2=8<0=85, MB> ?@54AB028B5;LAB2> 2 B@5B59A:>< AC45. @54;>65==0O D>@<C;8@>2:0, 2 A>>B25BAB288 A :>B>@>9 B@5B59A:>5 @0718@0B5;LAB2> >ACI5AB2;O5BAO 2 70A540=88 B@5B59A:>3> AC40 A CG0AB85< AB>@>= 8;8 8E ?@54AB028B5;59 A>>B25BAB2C5B ?>;>65=8O< % # 8  #7.  B> 65 2@5<O =>@<K ?@>F5AAC0;L=KE :>45:A>2 ?@O<> ?@54CA<0B@820NB, GB> CG0AB85 2 45;5 ;8G=> =5 ;8H05B 3@0640=8=0 ?@020 8<5BL ?@54AB028B5;59 (AB.49 % #7 8 AB.50  #). "0:>5 65 ?@02> 405B CG0AB=8:0< B@5B59A:>3> @0718@0B5;LAB20 AB.4 @18B@06=>3> 53;0<5=B0 .!" , 345 C:070=>, GB> "AB>@>=K <>3CB 1KBL ?@54AB02;5=K ;8F0<8, :>B>@KE >=8 2K18@0NB A0<8, 8;8 ?>;L7>20BLAO ?><>ILN B0:8E ;8F". @54AB028B5;O<8 2 B@5B59A:>< AC45 ?@8 @0AA<>B@5=88 A?>@0 <>3CB 2KABC?0BL ;N1K5 ;8F0, 8A:;NG0O =5455A?>A>1=KE 8;8 A>AB>OI8E ?>4 >?5:>9 8;8 ?>?5G8B5;LAB2><, ?>A:>;L:C >=8 ;8H5=K 2>7<>6=>AB8 A0<>AB>OB5;L=> 2K?>;=OBL N@848G5A:8 7=0G8<K5 459AB28O. 0:85-;81> >3@0=8G5=8O 2 >B=>H5=88 ;8F, :>B>@K5 <>3CB 1KBL ?@54AB028B5;O<8, =5 <>3CB CAB0=02;820BLAO @53;0<5=B0<8 ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2 8;8 ?@028;0<8 B@5B59A:>3> AC40 4;O @0AA<>B@5=8O :>=:@5B=>3> A?>@0. A;8 ?>;=><>G8O ?@54AB028B5;O =04;560I5 >D>@<;5=K, B@5B59A:89 AC4 =5 8<55B >A=>20=89 AB028BL 2>?@>AK, A>AB>8B ;8 ?@54AB028B5;L 2 HB0B5 >@30=870F88, 2:;NG5=> 8;8 =5B :>=:@5B=>5 ;8F> 2 @55AB@ 042>:0B>2 5A?C1;8:8 #715:8AB0=, 4>AB0B>G=> ;8 >= ?>43>B>2;5= 4;O ?@54AB028B5;LA:>9 45OB5;L=>AB8. !B>@>=0, >1@0I0NI0OAO : ?><>I8 ?@54AB028B5;O 2 B@5B59A:>< ?@>F5AA5, 4>;6=0 A0<0 A;548BL 70 B5<, GB>1K 55 8=B5@5AK ?@54AB02;O; :20;8D8F8@>20==K9 A?5F80;8AB.  MB>< A>AB>8B ACI5AB25==>5 >B;8G85 B@5B59A:>3> @0718@0B5;LAB20 >B ?@>F5AA0 2 3>AC40@AB25==KE AC40E. B=>A8B5;L=> >D>@<;5=8O ?>;=><>G89 042>:0B0, :0: ?@54AB028B5;O AB>@>= 2 B@5B59A:>< @0718@0B5;LAB25, A;54C5B 8<5BL 2 284C A;54CNI55. 0:>= #7 " 30@0=B8OE 042>:0BA:>9 45OB5;L=>AB8 8 A>F80;L=>9 70I8B5 042>:0B>2" ?@54CA<0B@8205B, GB> ?>;=><>G8O 042>:0B0, CG0AB2CNI53> 2 :0G5AB25 ?@54AB028B5;O 4>25@8B5;O 2 :>=AB8BCF8>==><, 3@0640=A:>< 8 04<8=8AB@0B82=>< AC4>?@>872>4AB25, 0 B0:65 2 :0G5AB25 ?@54AB028B5;O 8;8 70I8B=8:0 4>25@8B5;O 2 C3>;>2=>< AC4>?@>872>4AB25 8 ?@>872>4AB25 ?> 45;0< >1 04<8=8AB@0B82=KE ?@02>=0@CH5=8OE, @53;0<5=B8@CNBAO A>>B25BAB2CNI8< ?@>F5AAC0;L=K< 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0=.  A;CG0OE, ?@54CA<>B@5==KE 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0=, 042>:0B 4>;65= 8<5BL >@45@ =0 8A?>;=5=85 ?>@CG5=8O, 2K40205<K9 A>>B25BAB2CNI8< 042>:0BA:8< >1@07>20=85<.  0:>=5 #7 " B@5B59A:8E AC40E" 8 "8?>2>< 0:>=5 .!"  " <564C=0@>4=>< B>@3>2>< 0@18B@065" =5B C?><8=0=8O > B0:>< A?>A>15 >D>@<;5=8O ?>;=><>G89 042>:0B0, :0: >@45@. >MB><C A?>A>1>< ?>4B25@645=8O ?>;=><>G89 042>:0B0 2 B@5B59A:>< AC45 <>65B O2;OBLAO 4>25@5==>ABL. 0:>=>40B5;LAB2> =5 A>45@68B A?5F80;L=KE B@51>20=89 >B=>A8B5;L=> A>45@60=8O 4>25@5==>AB8. >;0305BAO, GB> AC4 2?@025 A0< >?@545;8BL, 4>AB0B>G=K ;8 A2545=8O, C:070==K5 2 B5:AB5 4>25@5==>AB8, 4;O 2K?>;=5=8O DC=:F89 ?@54AB028B5;O AB>@>=K 2 B@5B59A:>< @0718@0B5;LAB25. >25@5==>ABL 4>;6=0 1KBL 2K?>;=5=0 2 ?8AL<5==>9 D>@<5 8 C4>AB>25@5=0 2 ?>@O4:5, >?@545;5==>< 2 AB. 135  #7. @8 MB><, ?>A:>;L:C @5GL 845B > @0AA<>B@5=88 M:>=><8G5A:8E A?>@>2, 459AB2C5B ?@028;>, CAB0=>2;5==>5 AB. 51 % #7 (AB.54  #7), A>3;0A=> :>B>@><C 4>25@5==>ABL >B 8<5=8 >@30=870F88 4>;6=0 1KBL ?>4?8A0=0 55 @C:>2>48B5;5< 8;8 8=K< C?>;=><>G5==K< =0 MB> 55 CG@548B5;L=K<8 4>:C<5=B0<8 ;8F>< 8 A:@5?;5=0 ?5G0BLN >@30=870F88. !@>: 4>25@5==>AB8 >?@545;O5BAO >1I8< ?@028;><, CAB0=>2;5==K< 2 AB. 139  #7. 0:A8<0;L=K9 A@>: 459AB28O 4>25@5==>AB8 =5 <>65B ?@52KH0BL B@5E ;5B. >25@5==>ABL 157 C:070=8O A@>:0 A>E@0=O5B A8;C 2 B5G5=85 3>40 A> 4=O 55 A>25@H5=8O. >25@5==>ABL, 2 :>B>@>9 =5 C:070=0 40B0 55 A>25@H5=8O, =8GB>6=0. 1J5< ?>;=><>G89 ?@54AB028B5;O 4>;65= 1KBL >?@545;5= 2 4>25@5==>AB8.  MB>9 G0AB8 ?@8<5=8<> ?@028;>, CAB0=>2;5==>5 AB. 52 % #7 (AB. 54  #7). @54AB028B5;L 2?@025 A>25@H0BL >B 8<5=8 ?@54AB02;O5<>3> 8< ;8F0 2A5 ?@>F5AAC0;L=K5 459AB28O. A;8 ?@54AB02;O5<>5 ;8F> =0<5@5=> >3@0=8G8BL ?@>F5AAC0;L=K5 2>7<>6=>AB8 ?@54AB028B5;O, 5<C A;54C5B C:070BL 2 4>25@5==>AB8, :0:8E 8<5==> ?>;=><>G89 >=> 53> ;8H05B. @8 MB>< % 8  5A?C1;8:8 #715:8AB0= ?@54CA<0B@8205BAO @O4 ?>;=><>G89, :>B>@K5 4>;6=K 1KBL >1O70B5;L=> >3>2>@5=K 2 4>25@5==>AB8. -B> ?@02> =0: ?>4?8A0=85 8A:>2>3> 70O2;5=8O 8 >B7K20 =0 8A:>2>5 70O2;5=85, 70O2;5=85 >1 >15A?5G5=88 8A:0, ?5@540GC 45;0 2 B@5B59A:89 AC4, ?>;=K9 8;8 G0AB8G=K9 >B:07 >B 8A:>2KE B@51>20=89 8 ?@87=0=85 8A:0, 87<5=5=85 >A=>20=8O 8;8 ?@54<5B0 8A:0, 70:;NG5=85 <8@>2>3> A>3;0H5=8O, ?5@540GC A2>8E ?>;=><>G89 ?@54AB028B5;O 4@C3><C ;8FC (?5@54>25@85), ?>;CG5=85 ?@8AC645==KE 45=56=KE A@54AB2 8;8 8=>3> 8<CI5AB20. @82545==>5 ?>;>65=85 >B=>A8BAO 8 : B@5B59A:><C ?@>F5AAC A 8725AB=K<8 CB>G=5=8O<8, :0A0NI8<8AO A0<>3> D0:B0 @0AA<>B@5=8O 45;0 2 B@5B59A:>< AC45 8 2>7<>6=>AB8 >A?0@820=8O @5H5=8O B@5B59A:>3> AC40. @54AB028B5;N 8=>AB@0==>3> ;8F0 2 B@5B59A:>< AC45 =C6=> CG8BK20BL, GB> 4>25@5==>ABL, 2K40205<0O 8=>AB@0==K< ;8F><, 5A;8 >=0 2K405BAO 2 8=>AB@0==>< 3>AC40@AB25, 4>;6=0 >B25G0BL B@51>20=8O<, ?@54JO2;O5<K< 70:>=>40B5;LAB2>< #715:8AB0=0 : >D>@<;5=8N 4>:C<5=B>2, ?@>8AE>4OI8E 87-70 @C1560. "> 5ABL >=0 4>;6=0 1KBL 2 =5>1E>48<KE A;CG0OE ;530;87>20=0 8;8 ?@87=0=0 ?CB5< ?@>AB02;5=8O A?5F80;L=>3> HB0<?0, 5A;8 8=>5 =5 ?@54CA<>B@5=> <564C=0@>4=K<8 4>3>2>@0<8, 2 :>B>@KE CG0AB2C5B 5A?C1;8:0 #715:8AB0=.  A;CG05 =5O2:8 AB>@>=K 8;8 AB>@>=, B@5B59A:89 AC4 ?@5645 G5< ?@8ABC?8BL : @0AA<>B@5=8N 45;0, 4>;65= C1548BLAO, GB> AB>@>=K C254><;5=K > 40B5, 2@5<5=8 8 <5AB5 @0AA<>B@5=8O A?>@0. !>>B25BAB25==> 4;O B>3>, GB>1K AB>@>=0 AG8B0;0AL C254><;5==>9 =04;560I8< >1@07><, 0 <0B5@80;K 8 4>:C<5=BK ?>;CG5==K<8 5N, B@5B59A:89 AC4 4>;65= =0?@028BL C254><;5=8O ?> 04@5A0<, C:070==K< AB>@>=0<8 8;8 ?>A;54=5<C, 8725AB=><C <5ABC =0E>645=8O AB>@>=K. "@5B59A:89 AC4 4>;65= B0:65 =0?@028BL C254><;5=85 ?> 8=K< 04@5A0< AB>@>=K, 8<5NI8<AO 2 <0B5@80;0E 45;0, B> 5ABL ?@8;>68BL 2A5 @07C<=K5 CA8;8O : B><C, GB>1K AB>@>=0 1K;0 8725I5=0 > 40B5, 2@5<5=8 8 <5AB5 AC451=>3> 70A540=8O 8 A>>B25BAB25==> 8<5;0 2>7<>6=>ABL ?@54AB028BL A2>8 ?>OA=5=8O. "@5B59A:>5 @0718@0B5;LAB2> - G0AB=>5 45;> AB>@>=. >MB><C ?> C<>;G0=8N ?@>F54C@0 @07@5H5=8O A?>@0 ?@>E>48B ?@8 70:@KBKE 425@OE, GB> >7=0G05B, GB> 2 70;5 AC451=>3> 70A540=8O <>3CB =0E>48BLAO B>;L:> AB>@>=K (?@54AB028B5;8 AB>@>=) 8 B@5B59A:85 AC4L8, @0AA<0B@820NI85 45;>. 0:>= CAB0=02;8205B :0: >1I55 ?@028;> 4;O B@5B59A:>3> @0718@0B5;LAB20 @0AA<>B@5=85 45;0 2 70:@KB>< 70A540=88.  MB>< 70:>=>?>;>65=88 2=>2L ?@>O2;O5BAO >A>15==>ABL B@5B59A:>3> @0718@0B5;LAB20, >A=>2K20NI53>AO =0 ?@8=F8?5 :>=D845=F80;L=>AB8. >=5G=>, AB>@>=K 2?@025 4>3>2>@8BLAO > @0AA<>B@5=88 A?>@0 2 >B:@KB>< 70A540=88, CG8BK20O ?@8=F8? 48A?>78B82=>AB8 @53C;8@>20=8O B@5B59A:>3> @0718@0B5;LAB20. >, CAB0=02;820O :0: >1I89 ?@8=F8? @0AA<>B@5=85 A?>@0 B@5B59A:8< AC4>< 2 70:@KB>< 70A540=88, 0:>= " B@5B59A:8E AC40E" ?@54?>;0305B, GB> =5 B>;L:> A>45@60I85AO 2 45;5 A2545=8O =5 ?>4;560B @073;0H5=8N. = ?@54?>;0305B, GB> ?@8ACBAB285 ?>AB>@>==8E ;8F =0 A0<>< AC451=>< 70A540=88 B0:65 2>7<>6=> 8A:;NG8B5;L=> ?@8 =0;8G88 A>>B25BAB2CNI53> A>3;0H5=8O AB>@>=. @8G5< 2>;587JO2;5=85 4>;6=> 1KBL 42CAB>@>==8< 8 >1J5:B82=> 2K@065==K<. 0 MB> >1AB>OB5;LAB2> A;54C5B >1@0I0BL 2=8<0=85 :0: ?>AB>O==> 459AB2CNI5<C B@5B59A:><C AC4C, B0: 8 AB>@>=0< ?@8 >1@07>20=88 2@5<5==>3> B@5B59A:>3> AC40 ?@8 2K1>@5 <5AB0 ?@>2545=8O B@5B59A:>3> @0718@0B5;LAB20. !;54C5B CG8BK20BL, B0:65, GB> 5A;8 AB>@>=K ?@84CB : A>3;0H5=8N > @0AA<>B@5=88 A?>@0 2 >B:@KB>< 70A540=88, >=8 B5< A0<K< A>3;0H0NBAO 8 =0 >B:@KB85 8=D>@<0F88, A>45@60I59AO 2 45;5. "@5B59A:>5 @0718@0B5;LAB2> 2 B0:>< A;CG05 ?5@5AB05B 1KBL :>=D845=F80;L=K<.  B> 65 2@5<O, ?@8=F8? :>=D845=F80;L=>AB8 =5 ?5@5AB05B 459AB2>20BL, ?>A:>;L:C G0ABL 2B>@0O AB. 28 0:>=0 CAB0=02;8205B :0: 8<?5@0B82=CN =>@<C =52>7<>6=>ABL 4>?@>A0 B@5B59A:>3> AC4L8 2 :0G5AB25 A2845B5;O > A2545=8OE, AB02H8E 5<C 8725AB=K<8 2 E>45 B@5B59A:>3> @0718@0B5;LAB20.  =5>1E>48<KE A;CG0OE 8 2 ?>@O4:5, CAB0=>2;5==>< @028;0<8 B@5B59A:>3> AC40 =0 70A540=88, ?@8ACBAB2CNB B0:65 M:A?5@BK, A2845B5;8 8 ?5@52>4G8:8. -B> ?5@5G5=L ;8F, :>B>@K5 <>3CB 1KBL 4>?CI5=K 2 70:@KB>5 70A540=85. !B0BLO 36. @>B>:>; 70A540=8O B@5B59A:>3> AC40 A;8 AB>@>=K B@5B59A:>3> A>3;0H5=8O =5 4>3>2>@8;8AL >1 8=><, B> 2 70A540=88 B@5B59A:>3> AC40 2545BAO ?@>B>:>;.  A>>B25BAB288 A ?@>F5AAC0;L=K<8 B@048F8O<8 ?@>B>:>; AC451=>3> 70A540=8O O2;O5BAO >4=8< 87 >A=>2=KE, =081>;55 7=0G8<KE ?@>F5AAC0;L=KE 4>:C<5=B>2. 4=0:> B5>@8O 8 ?@0:B8:0 B@5B59A:>3> @0718@0B5;LAB20 >BE>4OB >B MB>9 ?@>F5AAC0;L=>9 B@048F88. !>3;0A=> AB. 36 0:>=0 AB>@>=K 2?@025 4>3>2>@8BLAO > B><, GB> 2 70A540=88 B@5B59A:>3> @0718@0B5;LAB20 ?@>B>:>; 70A540=8O =5 2545BAO. -B> >1JOA=O5BAO, ?@5645 2A53>, B0:8<8 >A>15==>ABO<8 B@5B59A:>3> ?@>F5AA0, :0: 4><8=8@>20=85 ?@8=F8?0 CAB=>AB8 ?@>F5AA0 8 A2>1>4>9 AB>@>= 2 871@0=88 ?@028; B@5B59A:>3> @0718@0B5;LAB20. @>F54C@0 AC451=>3> @0718@0B5;LAB20 2 3>AC40@AB25==KE AC40E 25AL<0 ACI5AB25==> >B;8G05BAO >B ?@>F54C@K AC451=>3> @0718@0B5;LAB20 2 B@5B59A:>< AC45.  3>AC40@AB25==KE AC40E ?@>F54C@0 AC451=>3> @0718@0B5;LAB20 <>65B 1KBL <=>3>ABC?5=G0B>9, ?>A:>;L:C ?@54?>;0305B 2>7<>6=>ABL >160;>20=8O AC451=KE 0:B>2, ?@8=8<05<KE =865AB>OI8<8 AC40<8, 8, A;54>20B5;L=>, 2 MB>< A;CG05 @57C;LB0BK AC451=>3> @0718@0B5;LAB20 ?>4;560B D8:A0F88 A B5<, GB>1K 2KH5AB>OI89 AC4 <>3 C4>AB>25@8BLAO 2 B><, GB> 2KO2;5=> 2 @57C;LB0B5 AC451=>3> @0718@0B5;LAB20. >MB><C, ?@8 @0AA<>B@5=88 45; 2 3>AC40@AB25==KE AC40E ?@>B>:>; AC451=>3> 70A540=8O 8<55B, ?@5645 2A53>, 7=0G5=85 ?8AL<5==>3> 4>:070B5;LAB20.  B@5B59A:>< ?@>F5AA5 >BACBAB2C5B =5>1E>48<>ABL ?5@5?@>25@:8 D0:B>2, :>B>@K5 CAB0=02;820NBAO B@5B59A:8< AC4>< 2 E>45 AC451=>3> @0718@0B5;LAB20. 065 5A;8 @5H5=85 B@5B59A:>3> AC40 8 >A?0@8205BAO, B> ?5@5A<>B@5=> >=> <>65B 1KBL 8A:;NG8B5;L=> A ?>78F89 ?@020, => =5 A B>G:8 7@5=8O D0:B>2. "0:8< >1@07><, >BACBAB2C5B 8 =5>1E>48<>ABL 2545=8O 2 B@5B59A:>< AC45 ?@>B>:>;0, 2 :>B>@>< 1K D8:A8@>20;8AL 40==K5, ?>;CG5==K5 2 E>45 AC451=>3> @0718@0B5;LAB20.  B> 65 2@5<O, 5A;8 AB>@>=K A?5F80;L=> =5 >3>2>@8;8. GB> AC451=>5 @0718@0B5;LAB2> 2 B@5B59A:>< AC45 4>;6=> ?@>E>48BL 157 2545=8O ?@>B>:>;0, B> ?@>B>:>; 4>;65= 25AB8AL >1O70B5;L=>.  0:>=5 2 >B;8G85 >B 3@0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 8 >B E>7O9AB25==>3> ?@>F5AAC0;L=>3> :>45:A0 =5 45B0;878@CNBAO B@51>20=8O, ?@54JO2;O5<K5 : ?@>B>:>;C AC451=>3> 70A540=8O. > >G5284=>, GB> ?@>B>:>; 4>;65= A>45@60BL 8=D>@<0F8N, :>B>@0O ?>72>;O;0 1K 845=B8D8F8@>20BL 40==>5 B@5B59A:>5 @0718@0B5;LAB2>. !2545=8O, :>B>@K5 4>;6=K A>45@60BLAO 2 ?@>B>:>;5, >1KG=> >3>20@820NBAO 2 53;0<5=B0E B@5B59A:8E AC4>2.  =8< >B=>AOBAO: =08<5=>20=85 B@5B59A:>3> AC40, =><5@ 45;0; A>AB02 B@5B59A:>3> AC40; A2545=8O > ?@54A540B5;LAB2CNI5<; 40B0 8 <5AB> AC451=>3> 70A540=8O; =08<5=>20=85 45;0 8 AB>@>=, CG0AB2CNI8E 2 45;5; A2545=8O > ;8F0E, CG0AB2CNI8E 2 45;5, 8E ?@54AB028B5;59, A2845B5;59, M:A?5@B>2, ?5@52>4G8:>2. !N40 65 A;54C5B >B=5AB8 A2545=8O > A>45@60=88 AC451=KE ?@5=89 8 >1 >3;0H5=88 @5H5=8O, ?@8=OB>3> B@5B59A:8< AC4><. @><5 B>3>, A;54C5B >1@0B8BL >A>1>5 2=8<0=85 =0 B>, GB> ?@>B>:>; 2 B@5B59A:>< AC45 =5 8<55B 4>:070B5;LAB25==>3> 7=0G5=8O. "0: :0: AB>@>=K =5 <>3CB AAK;0BLAO =0 ?@>B>:>; 4;O >1>A=>20=8O 0?5;;OF8>==KE, :0AA0F8>==KE 60;>1, 2>7<>6=>ABL :>B>@KE >BACBAB2C5B 2 B@5B59A:>< ?@>F5AA5.  ?@>B>:>;5 4>;6=K 1KBL >B@065=K A>>B25BAB2CNI85 A2545=8O, :>B>@K5 ?>72>;O;8 1K A45;0BL 2K2>4 > ACI5AB25 8AA;54>20==KE AC4>< 4>:070B5;LAB2.  B0:8< A2545=8O< >B=>AOBAO 70O2;5=8O ;8F, CG0AB2CNI8E 2 45;5, 8E >1JOA=5=8O, ?>:070=8O A2845B5;59, CAB=K5 @07JOA=5=8O M:A?5@B>2, A2545=8O >1 >A<>B@5 ?8AL<5==KE 8 25I5AB25==KE 4>:070B5;LAB2. A>15==>5 7=0G5=85 8<55B D8:A0F8O 2 ?@>B>:>;5 >1JOA=5=89, :>B>@K5 40NB AB>@>=K 2 70A540=88 B@5B59A:>3> AC40. "0:65 1>;LH>5 7=0G5=85 8<55B A>45@60=85 CAB=KE >B25B>2, 40205<KE M:A?5@B0<8 2 E>45 AC451=>3> 70A540=8O. >MB><C 8 A>45@60=85 B0:8E >B25B>2 ?>4;568B ?@>B>:>;8@>20=8N. "> >1AB>OB5;LAB2>, GB> >1JOA=5=8O AB>@>= 8 CAB=K5 >B25BK M:A?5@B>2 8<5NB 7=0G5=85 4;O >1>A=>20=8O 2K2>4>2 AC40, 45;05B AB>;L 206=K< 8E D8:A0F8N 2 ?@>B>:>;5 AC451=>3> 70A540=8O. @><5 B>3>, 2 ?@>B>:>;5 4>;6=K 1KBL >B@065=K ?@>F5AAC0;L=> 7=0G8<K5 >1AB>OB5;LAB20 45;0. 0?@8<5@, 5A;8 2 E>45 AC451=>3> 70A540=8O B@5B59A:89 AC4 2K=>A8B >?@545;5=85, :>B>@K< @07@5H05BAO 2>?@>A, =5 70B@03820NI89 ACI5AB20 45;0, MB> 4>;6=> 1KBL >B@065=> 2 ?@>B>:>;5 AC451=>3> 70A540=8O. @>B>:>; AC451=>3> 70A540=8O B@5B59A:>3> AC40 4>;65= >1;040BL 4>AB>25@=>ABLN.  MB>9 A2O78 2>7=8:05B 2>?@>A > ?>;=>B5 ?@>B>:>;0.  G0AB=>AB8, :0:85 2>?@>AK 8 A :0:>9 AB5?5=LN >1AB>OB5;L=>AB8 4>;6=K 1KBL >B@065=K 2 ?@>B>:>;5? ! >4=>9 AB>@>=K, ?@>B>:>;, 1C4CG8 ?@>F5AAC0;L=K< 4>:C<5=B><, 4>;65= A>45@60BL <0:A8<C< 8=D>@<0F88. ! 4@C3>9 AB>@>=K, 2 B@5B59A:>< AC4>?@>872>4AB25 3>A?>4AB2C5B ?@8=F8? CAB=>AB8, GB> 2 ?@8=F8?80;L=>< ?;0=5 A=8605B C@>25=L B@51>20=89 : ?8AL<5==>9 D>@<5 2>>1I5 8 : ?@>B>:>;C AC451=>3> 70A540=8O 2 G0AB=>AB8.  =0AB>OI5< 0:>=5 =5 C@53C;8@>20=>, :B> 4>;65= 25AB8 ?@>B>:>; AC451=>3> @0718@0B5;LAB20. @54AB02;O5BAO, GB> B0:8<8 ;8F0<8 <>3CB 1KBL :0: ?@54A540B5;LAB2CNI89 2 AC451=>< 70A540=88, B0: 8 >48= 87 B@5B59A:8E AC459, 0 B0:65 8 A5:@5B0@L AC451=>3> 70A540=8O. 0==K9 2>?@>A @5H05BAO ;81> 2 53;0<5=B0E B@5B59A:8E AC4>2, ;81> 2 @028;0E ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2. 0: ?@028;>, ?@>B>:>; AC451=>3> 70A540=8O 2545B 53> A5:@5B0@L, =07=0G5==K9 @54A540B5;5< B@5B59A:>3> AC40 87 G8A;0 A>B@C4=8:>2 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40, ;81> >48= 87 AC459, @0AA<0B@820NI8E 45;>. !5:@5B0@L A2O70= A B@5B59A:8< AC4>< A;C651=K<8 >B=>H5=8O<8, 8 2 A8;C MB>3> =0 =53> @0A?@>AB@0=ONBAO ?@028;0 > A>1;N45=88 2 CAB0=>2;5==KE A;CG0OE :>=D845=F80;L=>AB8. 'B> :0A05BAO B5E=>;>388 2545=8O ?@>B>:>;0, B> 2 40==>< A;CG05 2>7<>6=K 420 ?@8=F8?80;L=> @07=KE ?>4E>40. >-?5@2KE, 2>7<>6=> ?@>B>:>;8@>20=85 8=D>@<0F88 ?CB5< D8:A0F88 >A=>2=>3> A<KA;0 >1AB>OB5;LAB2, 8AA;54>20==KE 2 E>45 B@5B59A:>3> @0718@0B5;LAB20. "0:0O 70?8AL =5 O2;O5BAO 045:20B=K< >B@065=85< CAB=KE @5G59, :>B>@K5 ?@>72CG0;8 2 E>45 AC451=>3> @0718@0B5;LAB20. B>@>9 ?>4E>4 : 2545=8N ?@>B>:>;0 70:;NG05BAO 2 AB5=>3@0D8@>20=88 A 8A?>;L7>20=85< A?5F80;L=>9 B5E=8:8 (48:B>D>=>2, <03=8B>D>=>2, :><?LNB5@>2) 8 ?>A;54CNI59 @0AH8D@>2:>9 70D8:A8@>20==KE 40==KE. @8 MB>< @0AE>4K, A2O70==K5 A 8A?>;L7>20=85< AB5=>3@0D8G5A:>9 B5E=8:8, 2>7;030NBAO =0 AB>@>=K, CG0AB2CNI85 2 45;5. 5:><5=40F88 ?> 2545=8N ?@>B>:>;0 B@5B59A:>3> @0718@0B5;LAB20 A>45@60BAO 2 ><<5=B0@8OE .!"  ?> >@30=870F88 0@18B@06=>3> @0718@0B5;LAB20.  G0AB=>AB8, B@5B59A:><C AC4C @5:><5=4C5BAO ?> 2>7<>6=>AB8, ?>A;5 ?@>2545=8O :>=AC;LB0F89 A> AB>@>=0<8, ?@8=OBL @5H5=85 2 >B=>H5=88 <5B>4>2 ?>43>B>2:8 ?@>B>:>;0 CAB=KE 70O2;5=89 8 ?>:070=89 2 E>45 A;CH0=89. 48= 87 2>7<>6=KE ?>4E>4>2 A>AB>8B 2 B><, GB>1K G;5=K B@5B59A:>3> AC40 25;8 ;8G=K5 70?8A8.  A>>B25BAB288 A 4@C38< ?>4E>4>< ?@54A540B5;LAB2CNI89 0@18B@ 48:BC5B <0H8=8AB:5 2 E>45 A;CH0=89 @57N<5 CAB=KE 70O2;5=89 8 ?>:070=89. I5 >48= <5B>4, :>B>@K9 <>6=> 8A?>;L7>20BL 2 A;CG05 =07=0G5=8O A5:@5B0@O B@5B59A:>3> AC40, A>AB>8B 2 B><, GB>1K ?>@CG8BL B0:><C ;8FC ?>43>B>2:C :@0B:8E ?@>B>:>;>2. 5AL<0 C4>1=K<, E>BO 8 4>@>3>AB>OI8<, <5B>4>< O2;O5BAO ?@82;5G5=85 ?@>D5AA8>=0;L=KE AB5=>3@0D8AB>2 4;O ?>43>B>2:8 AB5=>3@0D8G5A:8E >BG5B>2, :0: ?@028;>, 2 B5G5=85 A;54CNI53> 4=O 8;8 0=0;>38G=>3> =5?@>4>;68B5;L=>3> ?5@8>40 2@5<5=8. 8AL<5==K9 ?@>B>:>; <>65B 4>?>;=OBLAO <03=8B>D>==>9 70?8ALN, GB> ?>72>;O5B 45;0BL AAK;:8 =0 B0:CN 70?8AL 2 A;CG05 2>7=8:=>25=8O @07=>3;0A89 ?> B5:ABC ?8AL<5==>3> ?@>B>:>;0. 0:>= =5 @53;0<5=B8@C5B 8 2>?@>A > ?@025 AB>@>= 7=0:><8BLAO A A>45@60=85< ?@>B>:>;0, ?@54AB02;OBL 70<5G0=8O 8 2>7@065=8O >B=>A8B5;L=> ?>;=>BK 8 ?@028;L=>AB8 A>AB02;5=8O ?@>B>:>;0, > ?>@O4:5 @0AA<>B@5=8O B0:8E 70<5G0=89 8 > 459AB28OE B@5B59A:>3> AC40 2 MB>9 A2O78. @54AB02;O5BAO, GB> 40==0O ?@>F54C@0 4>;6=0 1KBL C@53C;8@>20=0 2 @028;0E 8 53;0<5=B0E ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2. 4=0:>, 2 40==>< A;CG05 2>7=8:05B 2>?@>A > ?@>F54C@5 2=5A5=8O B0:8E 87<5=5=89 8 4>?>;=5=89.  A>>B25BAB288 A G0ABLN 2B>@>9 AB. 18 0:>=0 ?>;=><>G8O B@5B59A:8E AC459 ?@5:@0I0NBAO ?>A;5 ?@8=OB8O @5H5=8O ?> :>=:@5B=><C 45;C.  >7=0:><;5=85 A ?@>B>:>;>< 8 ?@8=5A5=85 E>40B09AB20 > 2=5A5=88 87<5=5=89 8 4>?>;=5=89 2 =53>, :0: ?@028;>, 2>7<>6=K B>;L:> ?>A;5 >:>=G0=8O B@5B59A:>3> @0718@0B5;LAB20. >;0305<, GB>, ?@8<5=OO 0=0;>38N 70:>=0, <>6=> CB25@640BL, GB> AB. AB. 40, 41, 42 =0AB>OI53> 0:>=0 ?>72>;ONB 2>7>1=>28BL ?>;=><>G8O B@5B59A:8E AC459 4;O 2=5A5=8O 87<5=5=89 8 4>?>;=5=89 2 ?@>B>:>; AC451=>3> 70A540=8O. !B0BLO 37. >A;54AB28O =5?@54AB02;5=8O AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20 4>:C<5=B>2 8 8=KE <0B5@80;>2 8;8 =5O2:8 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 5?@54AB02;5=85 4>:C<5=B>2 8 8=KE <0B5@80;>2 8;8 =5O2:0 =0 70A540=85 B@5B59A:>3> AC40 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8;8 8E ?@54AB028B5;59, =04;560I8< >1@07>< C254><;5==KE > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40, =5 O2;O5BAO ?@5?OBAB285< 4;O B@5B59A:>3> @0718@0B5;LAB20 8 ?@8=OB8O @5H5=8O B@5B59A:8< AC4><, 5A;8 ?@8G8=0 =5?@54AB02;5=8O 4>:C<5=B>2 8 8=KE <0B5@80;>2 ;81> =5O2:8 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8;8 8E ?@54AB028B5;59 =0 70A540=85 B@5B59A:>3> AC40 ?@87=0=0 8< =5C2068B5;L=>9. 5?@54AB02;5=85 >B25BG8:>< 2>7@065=89 ?@>B82 8A:0 =5 <>65B @0AA<0B@820BLAO :0: ?@87=0=85 B@51>20=89 8ABF0. '0ABL ?5@20O AB0BL8 37 0:>=0 ?@54CA<0B@8205B 2>7<>6=>ABL @0AA<>B@5=8O 45;0 2 A;CG05 =5?@54AB02;5=8O 4>:C<5=B>2 8 8=KE <0B5@80;>2, 0 B0:65 =5O2:8 AB>@>=K 2 AC451=>5 70A540=85. -B0 =>@<0 :0A05BAO :0: >1O70==>AB8 AB>@>= ?> 4>:07K20=8N B5E >1AB>OB5;LAB2, =0 :>B>@K5 >=8 AAK;0NBAO, B0: 8 2K?>;=5=8O AB>@>=0<8 B@51>20=8O AC40 > ?@54>AB02;5=88 4>?>;=8B5;L=KE 4>:070B5;LAB2 2 A>>B25BAB288 A> AB. 33 0:>=0. 5AL<0 206=K<8 A B>G:8 7@5=8O >15A?5G5=8O @0AA<>B@5=8O 45;0 4>AB0B>G=>9 4>:070B5;LAB25==>9 107>9 O2;ONBAO ?>43>B>28B5;L=K5 459AB28O, A2O70==K5 A ?@54;>65=85< AB>@>=0< 2K?>;=8BL >?@545;5==K5 459AB28O, 2 B>< G8A;5 ?@54AB028BL 4>:C<5=BK 8 A2545=8O, 8<5NI85 7=0G5=85 4;O @07@5H5=8O A?>@0 2 B@5B59A:>< AC45 (AB.34 0:>=0). -B8 ?>43>B>28B5;L=K5 459AB28O 8 A@>:8 8E 2K?>;=5=8O >3>20@820NBAO 2 53;0<5=B0E B@5B59A:8E AC4>2. !C4 4>;65= @5H8BL 2>?@>A > 2>7<>6=>AB8 ?@87=0BL ?@8G8=K =5?@54AB02;5=8O 4>:C<5=B>2 8 <0B5@80;>2 8;8 =5O2:8 AB>@>= =5C2068B5;L=K<8. A;8 AC4 A>GB5B MB8 ?@8G8=K C2068B5;L=K<8 8;8 CAB0=>28B, GB> AB>@>=0 =5 1K;0 C254><;5=0 2 CAB0=>2;5==>< ?>@O4:5 > 2@5<5=8 8 <5AB5 AC451=>3> 70A540=8O, B> @0AA<>B@5=85 45;0 4>;6=> 1KBL >B;>65=>. K=5 459AB2CNI89 0:>= A>45@68B 8<?5@0B82=CN =>@<C, :>B>@0O 8A:;NG05B A>3;0H5=85 AB>@>= ?> MB><C 2>?@>AC. @54;>65==0O D>@<C;8@>2:0 ?@54AB02;O5BAO F5;5A>>1@07=>9, ?>A:>;L:C 8=0G5 @0AA<>B@5=85 45;0 <>65B 709B8 2 BC?8:. !B0BLO =5 A>45@68B ?>;>65=8O > ?@025 AB>@>=K ?> 45;C 8725AB8BL B@5B59A:89 AC4 > 2>7<>6=>AB8 @0AA<>B@5=8O 45;0 2 55 >BACBAB285, >4=0:>, ?@54AB02;O5BAO, GB> B0:>5 E>40B09AB2>, 70O2;5==>5 AB>@>=>9, O2;O5BAO >A=>20=85< 4;O @0AA<>B@5=8O 45;0 157 ;8G=>3> CG0AB8O AB>@>=K, 1C4L B> 8AB5F 8;8 >B25BG8:. !B0BLO 37 0:>=0 @53C;8@C5B 2>7<>6=>ABL @0AA<>B@5=8O 45;0 8 2K=5A5=8O @5H5=8O 2 >BACBAB285 AB>@>=, 0 B0:65 2 A;CG05 =5?@54AB02;5=8O 4>:C<5=B>2. 5O2:0 AB>@>=K 8;8 4065 >158E AB>@>=, >7=0G05B, GB> AB>@>=0 AG8B05B F5;5A>>1@07=K< B0:8< >1@07>< @50;87>20BL A2>5 ?@02> =0 AC451=CN 70I8BC. "@5B59A:89 AC4 @0AA<0B@8205B 3@0640=A:>-?@02>2K5 A?>@K, 0 3@0640=A:85 ?@020 A>3;0A=> AB. 1  #7 >ACI5AB2;ONBAO AC1J5:B0<8 3@0640=A:8E ?@02 A2>59 2>;59 8 2 A2>5< 8=B5@5A5. >MB><C, 5A;8 ?@8G8=0 =5?@54AB02;5=8O 4>:C<5=B>2 8;8 =5O2:8 AB>@>= 1C45B ?@87=0=0 B@5B59A:8< AC4>< =5C2068B5;L=>9, >= 2?@025 @0AA<>B@5BL A?>@ ?> 8<5NI8<AO 4>:C<5=B0<. AB05BAO >B:@KBK< 2>?@>A, :0:8< >1@07>< AC4 <>65B CAB0=>28BL - C2068B5;L=0O 8;8 =5B ?@8G8=0 =5O2:8 2 >BACBAB285 AB>@>=K, B5< 1>;55 GB> 8 :@8B5@88 C2068B5;L=>AB8 70:>= =5 >?@545;O5B. @54AB02;O5BAO, GB>, CAB0=02;820O :@8B5@88 C2068B5;L=>AB8 ?@8G8= =5O2:8 <>6=> @C:>2>4AB2>20BLAO ?@>F5AAC0;L=K< 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0=. 57CA;>2=>, GB> 2> 2A5E A;CG0OE, =5 =04;560I55 C254><;5=85 O2;O5BAO C2068B5;L=>9 ?@8G8=>9 =5O2:8. >MB><C, ?@5645 G5< ?@>2>48BL B@5B59A:>5 @0718@0B5;LAB2> 2 >BACBAB288 8ABF0 8;8 >B25BG8:0, AC4 4>;65= C1548BLAO, GB> 2 45;5 8<5NBAO 40==K5 > 2@CG5=88 5<C 4>:C<5=B>2 A 8725I5=85< > 2@5<5=8 8 <5AB5 @0718@0B5;LAB20 (2 A>>B25BAB288 A> AB.35 :><<5=B8@C5<>3> 0:>=0). @><5 B>3>, 2848<> C2068B5;L=K<8 ?@8G8=0<8 A;54C5B AG8B0BL 1>;57=L AB>@>=K - D878G5A:>3> ;8F0, 0 B0:65 53> =0E>645=85 2 A;C651=>9 :><0=48@>2:5. !B>8B >1@0B8BL 2=8<0=85 8 =0 B>, GB> 0:>=, 2 >B;8G85 >B ?@>F5AAC0;L=KE =>@< 3>AC40@AB25==KE AC4>2 =5 ?@54>AB02;O5B 2>7<>6=>AB8 AC4C >AB028BL 8A: 157 @0AA<>B@5=8O 2 A2O78 A =5O2:>9 8ABF0, =5 ?>?@>A82H53> @0AA<>B@5BL A?>@ 2 53> >BACBAB285. @028;>, CAB0=>2;5==>5 2 G0AB8 2B>@>9 AB. 37 > B><, GB> <>;G0=85 =5 O2;O5BAO 7=0:>< A>3;0A8O, O2;O5BAO B@048F8>==K<. -B8 65 ?@028;0 ?@8<5=ONBAO 2 E>7O9AB25==>< 8 3@0640=A:>< ?@>F5AA0E. "5< =5 <5=55, 2 A8;C ?@8=F8?0 A>ABO70B5;L=>AB8, =5?@54AB02;5=85 >B25BG8:>< 4>:070B5;LAB2, >?@>25@30NI8E 8A:>2K5 B@51>20=8O, D0:B8G5A:8 2;5G5B ?@>83@KH 8< 45;0, 0 >B25BAB25==>ABL 70 =51;03>?@8OB=K5 ?>A;54AB28O B0:>3> =5?@54AB02;5=8O ;>68BAO =0 A0<>3> >B25BG8:0.  A;CG05 5A;8 >B25BG8: =5 ?@54AB028; 2>7@065=8O ?@>B82 8A:0, MB> =5 <>65B AG8B0BLAO ?@87=0=85< B@51>20=89 8ABF0. B>@0O G0ABL AB. 37 0:>=0 >A=>20=0 =0 >1I59 4;O ;N1KE 284>2 3@0640=A:>3> ?@>F5AA0 ?@57C<?F88 =5>B25BAB25==>AB8. AB5F 4>;65= 4>:070BL D0:BK, A2845B5;LAB2CNI85 > B><, GB> >B25BG8:>< 4>?CI5=> =0@CH5=85 ?@02. >MB><C A0<> ?> A515 >BACBAB285 2>7@065=89 >B25BG8:0 =0 8A:>2K5 B@51>20=8O, 157 >F5=:8 8=KE, A>1@0==KE ?> 45;C 4>:070B5;LAB2, =5 <>65B 1KBL ?>;>65=> 2 >A=>2C ?>;>68B5;L=>3> 4;O 8ABF0 @5H5=8O B@5B59A:>3> AC40.  6. "+ " "! !# !B0BLO 38. @8=OB85 @5H5=8O B@5B59A:8< AC4>< !B0BLO 39. $>@<0 8 A>45@60=85 @5H5=8O B@5B59A:>3> AC40 !B0BLO 40. >?>;=8B5;L=>5 @5H5=85 !B0BLO 41. 07JOA=5=85 @5H5=8O !B0BLO 42. A?@02;5=85 >?8A>: 8 0@8D<5B8G5A:8E >H81>: !B0BLO 43. ?@545;5=85 B@5B59A:>3> AC40 !B0BLO 44. @5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 !B0BLO 45. %@0=5=85 45; ?> A?>@0< !B0BLO 38. @8=OB85 @5H5=8O B@5B59A:8< AC4>< >A;5 8AA;54>20=8O >1AB>OB5;LAB2 A?>@0 B@5B59A:89 AC4 1>;LH8=AB2>< 3>;>A>2 B@5B59A:8E AC459, 2E>4OI8E 2 A>AB02 B@5B59A:>3> AC40, ?@8=8<05B @5H5=85. 5H5=85 >1JO2;O5BAO 2 70A540=88 B@5B59A:>3> AC40. "@5B59A:89 AC4 2?@025 >1JO28BL B>;L:> @57>;NB82=CN G0ABL @5H5=8O.  MB>< A;CG05 <>B828@>20==>5 @5H5=85 4>;6=> 1KBL =0?@02;5=> AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 2 A@>:, =5 ?@52KH0NI89 45AOB8 4=59 A> 4=O >1JO2;5=8O @57>;NB82=>9 G0AB8 @5H5=8O. 5H5=85 B@5B59A:>3> AC40 2ABC?05B 2 A8;C A <><5=B0 53> ?@8=OB8O. "@5B59A:89 AC4 2?@025, 5A;8 ?@87=05B MB> =5>1E>48<K<, >B;>68BL ?@8=OB85 @5H5=8O 8 2>7>1=>28BL B@5B59A:>5 @0718@0B5;LAB2>, > G5< A>>1I05BAO AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 2 ?>@O4:5, CAB0=>2;5==>< AB0BL59 34 8 G0ABLN B@5BL59 AB0BL8 35 =0AB>OI53> 0:>=0. > E>40B09AB2C AB>@>= B@5B59A:>3> @0718@0B5;LAB20 B@5B59A:89 AC4 ?@8=8<05B @5H5=85 >1 CB25@645=88 <8@>2>3> A>3;0H5=8O, 5A;8 <8@>2>5 A>3;0H5=85 =5 ?@>B82>@5G8B 70:>=>40B5;LAB2C 8 =5 =0@CH05B ?@02 8 70:>==KE 8=B5@5A>2 4@C38E ;8F. !>45@60=85 <8@>2>3> A>3;0H5=8O 87;0305BAO 2 @5H5=88 B@5B59A:>3> AC40. !CI=>ABL @5H5=8O B@5B59A:>3> AC40 <>6=> 2K@078BL A;54CNI8< >?@545;5=85<: MB> AC451=K9 0:B, @07@5H0NI89 ?> ACI5AB2C 70O2;5==>5 B@51>20=85 8ABF0 : >B25BG8:C 8 2 F5;>< >ACI5AB2;ONI89 70I8BC =0@CH5==KE 8;8 >A?0@8205<KE ?@02 8 >E@0=O5<KE 8=B5@5A>2 AB>@>= B@5B59A:>3> @0718@0B5;LAB20.  ?;0=5 >ACI5AB2;5=8O 70I8BK =0@CH5==>3> ?@020 8 CAB@0=5=8O =5>?@545;5==>AB8 2 <0B5@80;L=KE ?@02>>B=>H5=8OE, @5H5=85 B@5B59A:>3> AC40 0=0;>38G=> @5H5=8N, ?@8=8<05<><C :><?5B5=B=K< 3>AC40@AB25==K< AC4><. @8=OB85< @5H5=8O 70:0=G8205BAO @0718@0B5;LAB2> 45;0 2 B@5B59A:>< AC45. "5< =5 <5=55, >B<5B8< >A=>2=K5 @07;8G8O 2 @5H5=8OE B@5B59A:8E AC4>2 8 AC4>2, 2E>4OI8E 2 3>AC40@AB25==CN AC451=CN A8AB5<C: 0) @5H5=85 B@5B59A:>3> AC40 =5 O2;O5BAO >1I5>1O70B5;L=K< 0:B><; 1) ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 =5 <>65B >ACI5AB2;OBLAO 157 ?@>F54C@K 53> ?@87=0=8O A> AB>@>=K 3>AC40@AB25==>3> AC40; 2) ?> ?@02>2K< ?@87=0:0< @5H5=85 B@5B59A:>3> AC40 =5 <>65B 1KBL ?5@5A<>B@5=> 2 0?5;;OF8>==><, :0AA0F8>==>< 8;8 =047>@=>< ?>@O4:5; 3) B@5B59A:89 AC4 @0AA<0B@8205B 45;> B>;L:> ?> 70O2;5==><C ?@54<5BC 8 >A=>20=8O< 8A:0, B>340 :0: 3>AC40@AB25==K9 AC4 <>65B ?> A2>59 8=8F80B825 2K9B8 70 ?@545;K 8A:>2KE B@51>20=89 A F5;LN 70I8BK ?@02 8 8=B5@5A>2 CG0AB=8:>2 ?@>F5AA0. >=OB85 AC451=>3> @5H5=8O, 87;>65==>5 2 ?C=:B5 2 ?>AB0=>2;5=8O ;5=C<0 KAH53> E>7O9AB25==>3> AC40 5A?C1;8:8 #715:8AB0= >B 1 <0@B0 1996 3>40 N 54 " AC451=>< @5H5=88", <>6=> 2 ?>;=>9 <5@5 ?@8<5=8BL : @5H5=8O< B@5B59A:8E AC4>2: " 5H5=85 O2;O5BAO 70:>==K< 2 B>< A;CG05, :>340 >=> 2K=5A5=> ?@8 B>G=>< A>1;N45=88 =>@< ?@>F5AAC0;L=>3> ?@020 8 2 ?>;=>< A>>B25BAB288 A =>@<0<8 <0B5@80;L=>3> ?@020, :>B>@K5 =04;568B ?@8<5=8BL : 40==><C A?>@=><C ?@02>>B=>H5=8N".  ?@>F5AA5 ?@8=OB8O @5H5=8O ?> 45;C B@5B59A:89 AC4 >1>1I05B 2A5 8<5NI85AO 2 45;5 2>?@>AK 8 >?@545;O5B A2>N ?>78F8N, A F5;LN G53>: 0) CAB0=02;8205B ?@020 8 >1O70==>AB8 CG0AB2CNI8E 2 45;5 AB>@>=; 1) >F5=8205B ?> 2=CB@5==5<C C15645=8N, >A=>20==><C =0 >1J5:B82=><, =5?@5427OB>< 8 2A5AB>@>==5< 8AA;54>20=88 <0B5@80;>2 45;0, ?@54AB02;5==K5 AB>@>=0<8 4>:070B5;LAB20, CG8BK20O >B=>H5=85 :064>9 87 AB>@>= : ?@54<5BC A?>@0 8 =0;8G85 ?>4B25@640NI8E >1AB>OB5;LAB2 45;0; 2) >?@545;O5B :@C3 N@848G5A:8E D0:B>2, :>B>@K5 8<5NB 7=0G5=85 4;O 45;0; 3) A CG5B>< ?@54AB02;5==KE AB>@>=0<8 <0B5@80;>2 8 4>2>4>2 >B=>A8B5;L=> ?@54<5B0 A?>@0, >A=>20=89 8A:>2KE B@51>20=89 8 2>7@065=89 ?> 8A:C, >?@545;O5B ?@02><5@=>ABL ?@8=OB8O =>@<0B82=>-?@02>2KE 0:B>2, =0 :>B>@K5 AAK;0NBAO AB>@>=K; 4) 405B ?@02>2CN :20;8D8:0F8N B5E >B=>H5=89, 2 :>B>@KE =0E>4OBAO AB>@>=K; 5) 45;05B 2K2>4 > 2>7<>6=>AB8 8;8 =52>7<>6=>AB8 C4>2;5B2>@5=8O 8A:0. @8 @0AA<>B@5=88 45;0 8 ?@8=OB88 @5H5=8O B@5B59A:89 AC4 4>;65= 8AE>48BL 87 ?@8=F8?>2 4>?CAB8<>AB8, >B=>A8<>AB8, 4>AB>25@=>AB8 8 4>AB0B>G=>AB8 4>:070B5;LAB2. 5H5=85 AC40 <>65B 1KBL >A=>20=> B>;L:> =0 B5E 4>:070B5;LAB20E, :>B>@K5 1K;8 8AA;54>20=K ?@8 @0AA<>B@5=88 45;0. "@5B59A:85 AC4L8 =5 <>3CB 2K=>A8BL @5H5=85, 8A?>;=5=85 :>B>@>3> AB028BAO 2 7028A8<>ABL >B =0ABC?;5=8O >?@545;5==>3> CA;>28O, 8 4>;6=K >F5=820BL 4>:070B5;LAB20 ?> A2>5<C 2=CB@5==5<C C15645=8N, >A=>20==><C =0 2A5AB>@>==5<, ?>;=>< 8 15A?@8AB@0AB=>< 8E @0AA<>B@5=88 =0 >A=>25 70:>=>40B5;LAB20.  A>>B25BAB288 A =>@<0<8 :><<5=B8@C5<>9 AB0BL8 0:>=0 B@5B59A:89 AC4 2?@025 >1JO28BL 2 70A540=88 B>;L:> @57>;NB82=CN G0ABL @5H5=8O, => 2 MB>< A;CG05 <>B828@>20==>5 @5H5=85 4>;6=> 1KBL =0?@02;5=> AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 2 A@>: =5 ?>74=55 45AOB8 4=59 A> 4=O >1JO2;5=8O @57>;NB82=>9 G0AB8 @5H5=8O. 0==0O =>@<0 >AB02;O5B =0 CA<>B@5=85 B@5B59A:>3> AC40 2>?@>A, >1JO28BL @5H5=85 ?>;=>ABLN 8;8 >3@0=8G8BLAO >1JO2;5=85< B>;L:> @57>;NB82=>9 G0AB8 @5H5=8O. 0:>=>40B5;L =5 >3@0=8G8205B B@5B59A:89 AC4 :0:8<8-;81> :@8B5@8O<8 ?@8 2K1>@5 D>@<K >1JO2;5=8O @5H5=8O 8 =5>1E>48<>ABLN >1JOA=5=8O ?@8G8=, B0:8<8, =0?@8<5@, :0: A;>6=>ABL 873>B>2;5=8O ?>;=>3> B5:AB0 @5H5=8O, >BACBAB285 =5>1E>48<KE 4>:070B5;LAB2 8 B.?. 5H5=85 B@5B59A:>3> AC40 ?@8=8<05BAO B@5B59A:8<8 AC4LO<8, @0AA<0B@820NI8<8 40==>5 45;> 2 >B45;L=>< ?><5I5=88, 87 :>B>@>3> C40;5=K 2A5 ?@8ACBAB2CNI85. @8=OB85 @5H5=8O ?@>8AE>48B 2 D>@<5 A>AB02;5=8O 8 ?>4?8A0=8O B@5B59A:8<8 AC4LO<8 ?>;=>3> B5:AB0 B@5B59A:>3> @5H5=8O, 8;8 B>;L:> 53> @57>;NB82=>9 G0AB8, ?>MB><C @5H5=85 B@5B59A:>3> AC40 2ABC?05B 2 A8;C 2 <><5=B 53> ?@8=OB8O 2 ;N1>9 87 =0720==KE D>@<. A;8 B@5B59A:>5 @0718@0B5;LAB2> ?@>2>48;>AL B@5B59A:8< AC4>< 2 :>;;5380;L=>< A>AB025, @5H5=85 4>;6=> 1KBL ?>4?8A0=> 1>;LH8=AB2>< B@5B59A:8E AC459, 2E>482H8E 2 A>AB02 B@5B59A:>3> AC40. @8 2>7=8:=>25=88 @07=>3;0A89 ?> ACI5AB2C ?@8=8<05<>3> 0:B0 ?@8 @0AA<>B@5=88 A?>@0 B@5B59A:8< AC4>< 2 :>;;5380;L=>< A>AB025, @5H5=85 ?@8=8<05BAO 1>;LH8=AB2>< 3>;>A>2 B@5B59A:8E AC459.  ;N1>< A;CG05, @5H5=85 B@5B59A:>3> AC40, ?>4?8A0==>5 1>;LH8=AB2><, => =5 2A5<8 B@5B59A:8<8 AC4LO<8, >1;0405B N@848G5A:>9 A8;>9 8 2 B>< A;CG05, 5A;8 >48= 87 ?>4?8A02H8E B@5B59A:8E AC459 8<5; >A>1>5 <=5=85 ?> ?@8=OB><C @5H5=8N. "@5B59A:><C AC4C ?@54>AB02;5=> ?@02>, 5A;8 >= ?@87=05B MB> =5>1E>48<K<, >B;>68BL ?@8=OB85 @5H5=8O 8 2K720BL AB>@>=K =0 4>?>;=8B5;L=>5 70A540=85. 5GL 2 40==>< A;CG05 845B > 2>7>1=>2;5=88 B@5B59A:>3> @0718@0B5;LAB20 4> ?@8=OB8O @5H5=8O B@5B59A:>3> AC40, => C65 ?>A;5 B>3>, :0: 70:>=G8;>AL 8AA;54>20=85 <0B5@80;>2 45;0 8 4>:070B5;LAB2, ?@54AB02;5==KE AB>@>=0<8. A;8 2 E>45 @0AA<>B@5=8O 45;0 B@5B59A:89 AC4 ?@845B : 2K2>4C > B><, GB> =5 2A5 >1AB>OB5;LAB20 >:070;8AL 8AA;54>20==K<8, >= ?>A;5 2>7>1=>2;5=8O B@5B59A:>3> @0718@0B5;LAB20 ?@>4>;605B 2KOA=5=85 >1AB>OB5;LAB2, 8<5NI8E 7=0G5=85 4;O ?@028;L=>3> 8 A?@0254;82>3> @07@5H5=8O A?>@0. 45AL 8A:;NG05BAO D>@<0;L=K9 ?>4E>4 : @07@5H5=8N A?>@0 8 ?>A:>;L:C ?@8 2K=5A5=88 @5H5=8O C B@5B59A:8E AC459 <>3CB 2>7=8:=CBL >?@545;5==K5 A><=5=8O 2 B5E 8;8 8=KE >1AB>OB5;LAB20E 45;0, 0:>= ?@54>AB02;O5B 8< ?@>F5AAC0;L=CN 2>7<>6=>ABL 2>72@0B0 : ?@>F54C@5 B@5B59A:>3> @0718@0B5;LAB20 A F5;LN @07@5H5=8O 2>7=8:H8E A><=5=89.  B>< A;CG05, 5A;8 B@5B59A:89 AC4 ?@845B : =5>1E>48<>AB8 2>7>1=>28BL AC451=>5 A;54AB285, AB>@>=0< 4>;6=> 1KBL 701;03>2@5<5==> =0?@02;5=> C254><;5=85 > 2@5<5=8 8 <5AB5 B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A =>@<0<8 AB. 35 0:>=0. 0:>=>40B5;L =5 >3@0=8G8; B@5B59A:89 AC4 2 :>;8G5AB25 ?5@5=>A>2 @0AA<>B@5=8O 45;0, ?>MB><C AC451=>5 70A540=85 <>65B ?5@5=>A8BLAO, 8AE>4O 87 =5>1E>48<>AB8 2A5AB>@>==53> 2KOA=5=8O 2A5E >1AB>OB5;LAB2 45;0. > B@5B59A:89 AC4 ?@8 >B;>65=88 @0AA<>B@5=8O 45;0 4>;65= 2A5340 CG8BK20BL @50;L=CN =5>1E>48<>ABL 2 B0:>< 459AB288. -B> 206=> 4;O M:>=><88 2@5<5=8 8 A@54AB2 CG0AB=8:>2 ?@>F5AA0, 8AE>4O 87 B>3>, GB> : ?@58<CI5AB20< B@5B59A:>3> @0718@0B5;LAB20 >B=>AOBAO 1KAB@>B0 8 M:>=><8G=>ABL @0AA<>B@5=8O A?>@0. '0ABL G5B25@B0O :><<5=B8@C5<>9 AB0BL8 0:>=0 >?@545;O5B 2>7<>6=>ABL ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O >1 CB25@645=88 <8@>2>3> A>3;0H5=8O ?> E>40B09AB2C AB>@>= B@5B59A:>3> @0718@0B5;LAB20. BAK;:0 : 70:;NG5=8N <8@>2>3> A>3;0H5=8O A>45@68BAO B0:65 2 0170F5 ?OB>< G0AB8 ?5@2>9 AB. 44 0:>=0, @53;0<5=B8@CNI59 >A=>20=8O ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20. 0:>= =5 A>45@68B ?>=OB8O <8@>2>3> A>3;0H5=8O, 2 A2O78 A G5< ?@54AB02;O5BAO =5>1E>48<K< =0?8A0BL ?>4@>1=55 >1 MB>< ?@02>2>< O2;5=88. !CI5AB2CNB @07;8G=K5 ?>4E>4K : ?>=8<0=8N MB>3> O2;5=8O, => 2 40==>< A;CG05 <8@>2>5 A>3;0H5=85 8=B5@5AC5B =0A ?@5645 2A53>, :0: 8=AB8BCB ?@>F5AAC0;L=>3> ?@020, ?@54AB02;5==K9 2 2845 A>3;0H5=8O AB>@>=, ?@5:@0I0NI53> AC451=K9 A?>@ =0 >A=>25 2708<=KE CABC?>: <0B5@80;L=>-?@02>2>3> E0@0:B5@0. >MB><C >G5284=>, GB> 745AL @5GL 845B > <8@>2>< A>3;0H5=88 :0: > A?>A>15 ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20 8 >:>=G0=8O ?@>F5AA0 2 B@5B59A:>< AC45 ?>A@54AB2>< C@53C;8@>20=8O A?>@0 8 4>AB865=8O >?@545;5==>AB8 2 ?@02>>B=>H5=8OE <564C AB>@>=0<8 =0 >A=>25 8E 4>1@>2>;L=>3> 2>;587JO2;5=8O. @8 70:;NG5=88 <8@>2>3> A>3;0H5=8O AB>@>=K 8AE>4OB 87 =0<5@5=8O A>E@0=8BL 8 @072820BL 2 ?>A;54CNI5< A;>682H85AO <564C =8<8 M:>=><8G5A:85 >B=>H5=8O. !B>@>=K <>3CB 70:;NG8BL <8@>2>5 A>3;0H5=85 2 ;N1>5 2@5<O 2 E>45 B@5B59A:>3> @0718@0B5;LAB20 4> 2K=5A5=8O B@5B59A:8< AC4>< @5H5=8O ?> ACI5AB2C A?>@0. 5>1E>48<>9 ?@54?>AK;:>9 70:;NG5=8O <8@>2>3> A>3;0H5=8O O2;O5BAO =0;8G85 <564C AB>@>=0<8 A?>@0, AC1J5:B82=>9 ?@02>2>9 8;8 D0:B8G5A:>9 =5>?@545;5==>AB8, =5A>2?045=8O 2 ?@02>2KE >F5=:0E 2708<=KE ?@02 8 >1O70==>AB59, @07=>3;0A8OE ?> ?>2>4C D0:B>2, 8<5NI8E 7=0G5=85 4;O >?@545;5=8O 2708<=KE ?@02 8 >1O70==>AB59 AB>@>=. 0:;NG5==>5 AB>@>=0<8 <8@>2>5 A>3;0H5=85 4>;6=> 1KBL >D>@<;5=> ?8AL<5==>, >B45;L=K< 4>:C<5=B>< 8 ?>4?8A0=> AB>@>=0<8. 1KG=> 2 <8@>2>< A>3;0H5=88 AB>@>=K >B@060NB >B:07 8ABF0 >B A2>8E B@51>20=89 8;8 8E G0AB8, ?>@O4>:, A@>:8 8 @07<5@ ?>4;560I59 C?;0B5 >B25BG8:>< AC<<K 704>;65==>AB8, @0A?@545;5=85 <564C AB>@>=0<8 @0AE>4>2, A2O70==KE A ?@54JO2;5=85< 8A:0 8 2545=85< 45;0 8 B.4.  ?@>F5AA5 70:;NG5=8O <8@>2>3> A>3;0H5=8O 8 >1@0I5=8O AB>@>= : B@5B59A:><C AC4C A ?@>AL1>9 > 53> CB25@645=88, B@5B59A:89 AC4 >1O70= ?@>25@8BL A;54CNI85 >1AB>OB5;LAB20: 0) A>>B25BAB285 <8@>2>3> A>3;0H5=8O ?@54<5BC 8 >A=>20=8O< 2>7=8:H53> A?>@0, @07@5H5=85 :>B>@>3> 2E>48;> 2 :><?5B5=F8N 40==>3> B@5B59A:>3> AC40; 1) =0;8G85 2 <8@>2>< A>3;0H5=88 459AB28B5;L=>9 2>;8 AB>@>=; 2) A>>B25BAB285 <8@>2>3> A>3;0H5=8O 70:>=>40B5;LAB2C 8 >BACBAB285 2 =5< =0@CH5=89 ?@02 B@5BL8E ;8F. >A;5 CAB0=>2;5=8O >BACBAB28O >A=>20=89, ?@5?OBAB2CNI8E ?@8=OB8N <8@>2>3> A>3;0H5=8O, B@5B59A:89 AC4 A2>8< @5H5=85< CB25@6405B MB>B 4>:C<5=B 8 2:;NG05B 53> A>45@60=85 2 B5:AB @5H5=8O ?> 45;C A ?@8;>65=85< : @5H5=8N AC40 B5:AB0 <8@>2>3> A>3;0H5=8O, ?>4?8A0==>3> AB>@>=0<8. 5A<>B@O =0 B>, GB> MB>B 2>?@>A B@0:BC5BAO =5>4=>7=0G=> 8 <=>385 CG5=K5 AG8B0NB F5;5A>>1@07=K< 2 40==>< A;CG05 ?@8=8<0BL 548=K9 AC451=K9 0:B 2 2845 >?@545;5=8O, 2 :>B>@>< B@5B59A:89 AC4 >4=>2@5<5==> C:07K205B =0 CB25@645=85 <8@>2>3> A>3;0H5=8O 8 =0 ?@5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20, =5>1E>48<> CG5ABL A;54CNI55. !>3;0A=> ?>;>65=8O< =>@<K AB. 5 0:>=0 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2", 8A?>;=5=8N ?>4;560B @5H5=8O B@5B59A:8E AC4>2, 8=>AB@0==KE AC4>2 8 0@18B@0659, ?>MB><C <8@>2>5 A>3;0H5=85 CG0AB=8:>2 B@5B59A:>3> @0718@0B5;LAB20 4>;6=> CB25@640BLAO @5H5=85< B@5B59A:>3> AC40 2> 871560=85 ?@>1;5<, :>B>@K5 <>3CB ?>O28BLAO 2 ?@>F5AA5 8A?>;=5=8O B0:>3> AC451=>3> 0:B0. #B25@645=85 B@5B59A:8< AC4>< <8@>2>3> A>3;0H5=8O 8<55B <0B5@80;L=>-?@02>2K5 ?>A;54AB28O 2 >B=>H5=88 >1O70B5;LAB2, ?@8=OBKE AB>@>=0<8 2 <8@>2>< A>3;0H5=88. A;8 MB8 >1O70B5;LAB20 >B;8G0NBAO >B @0=55 70D8:A8@>20==KE 4>3>2>@=KE >1O70B5;LAB2, ?> :>B>@K< @0AA<0B@820;AO A?>@ 2 B@5B59A:>< AC45, B> ?@>8AE>48B 8E A2>5>1@07=0O B@0=AD>@<0F8O 2 8=>5 <0B5@80;L=>-?@02>2>5 >B=>H5=85 A 8=K< >A=>20=85< 8 A 8=K< A>45@60=85<, =565;8 ACI5AB2>202H55 4> ?@8=OB8O <8@>2>3> A>3;0H5=8O. A=>2=K< ?@>F5AAC0;L=K< ?>A;54AB285< CB25@645=8O <8@>2>3> A>3;0H5=8O O2;O5BAO ?@5:@0I5=85 ?@>872>4AB20 ?> 45;C, @0AA<0B@8205<><C B@5B59A:8< AC4><. 4=>2@5<5==> ?@>F5AAC0;L=K9 MDD5:B, :>B>@K9 2>7=8:05B 2A;54AB285 CB25@645=8O <8@>2>3> A>3;0H5=8O B@5B59A:8< AC4><, @02=>A8;5= ?>A;54AB28O< @5H5=8O B@5B59A:>3> AC40, ?>A:>;L:C >=> =>A8B >1O70B5;L=K9 E0@0:B5@ 4;O >158E AB>@>=, 8 53> =58A?>;=5=85 >15A?5G8205BAO <5@0<8 ?@8=C48B5;L=>3> E0@0:B5@0. ;O @50;870F88 ?@02 ?> ?@8=C48B5;L=><C 8A?>;=5=8N AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 4>;6=0 >1@0B8BLAO 2 :><?5B5=B=K9 AC4 A >B45;L=K< 70O2;5=85<, >A=>20=85< 4;O :>B>@>3> 8 1C45B @5H5=85 B@5B59A:>3> AC40 >1 CB25@645=88 <8@>2>3> A>3;0H5=8O. @C38< ?@>F5AAC0;L=K< ?>A;54AB285< CB25@645==>3> <8@>2>3> A>3;0H5=8O O2;O5BAO B>, GB> CG0AB2>202H85 2 B@5B59A:>< @0718@0B5;LAB25 AB>@>=K =5 2?@025 >1@0I0BLAO 2 B@5B59A:89 8;8 3>AC40@AB25==K9 AC4 A 8A:>2K< B@51>20=85< > B>< 65 ?@54<5B5 8 ?> B><C 65 >A=>20=8N, ?> :>B>@K< 70:;NG5=> <8@>2>5 A>3;0H5=85 (>4=0:>, B0:>5 ?@>F5AAC0;L=>5 ?>A;54AB285 =5 @0A?@>AB@0=O5BAO =0 B>B A;CG09, :>340 0:B B@5B59A:>3> AC40 >1 CB25@645=88 <8@>2>3> A>3;0H5=8O >B<5=O5BAO 2 CAB0=>2;5==>< ?>@O4:5 :><?5B5=B=K< 3>AC40@AB25==K< AC4><). @0:B8:0 <564C=0@>4=>3> :><<5@G5A:>3> 0@18B@060 =5>4=>7=0G=> >B=>A8BAO : ?@>F54C@0< 70:;NG5=8O <8@>2>3> A>3;0H5=8O 2 ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20. "0:, 2 ><<5=B0@8OE : "8?>2><C 70:>=C .!"  ?> >@30=870F88 0@18B@06=>3> @0718@0B5;LAB20 >?@545;5=>: "!CI5AB2CNB @07;8G=K5 <=5=8O 2 >B=>H5=88 F5;5A>>1@07=>AB8 8A?>;L7>20=8O B@5B59A:8< AC4>< 2>7<>6=>AB59 <8@>2>3> A>3;0H5=8O. ! CG5B>< @07;8G89 2 ?@0:B8:5 2 MB>9 >1;0AB8 B@5B59A:><C AC4C A;54C5B ?@>O2;OBL >A<>B@8B5;L=>ABL, ?@54;030O ?@>25AB8 ?5@53>2>@K > <8@>2>< A>3;0H5=88. ;O B@5B59A:>3> AC40 <>65B >:070BLAO C4>1=K< ?;0=8@>20BL @0718@0B5;LAB2> B0:8< >1@07><, GB>1K >=> A?>A>1AB2>20;> ?@>4>;65=8N 8;8 =0G0;C ?5@53>2>@>2 > <8@>2>< A>3;0H5=88"(1). 8@>2>5 A>3;0H5=85 O2;O5BAO A?5F80;L=K< 8=AB8BCB><, ?@54=07=0G5==K< 4;O C@53C;8@>20=8O 8 ?@54>B2@0I5=8O G0AB=>?@02>2KE A?>@>2 ?CB5< 2=5A5=8O OA=>AB8 2 ?@02>>B=>H5=8O AB>@>=, ?>MB><C ?>A;5 53> 70:;NG5=8O AB>@>=K =5 2?@025 AAK;0BLAO =0 =0;8G85 ?@02>2>9 =5>?@545;5==>AB8 2 >B=>H5=8OE A 4@C3>9 AB>@>=>9. !B>@>=K ?@8 70:;NG5=88 <8@>2>3> A>3;0H5=8O, 0 B@5B59A:89 AC4 ?@8 53> CB25@645=88 4>;6=K CG8BK20BL 53> @50;L=CN 8A?>;=8<>ABL, :0: A0<C F5;L 53> 70:;NG5=8O. #A;>28O <8@>2>3> A>3;0H5=8O 4>;6=K 1KBL AD>@<C;8@>20=K ?@545;L=> B>G=>, A C:070=85< 2 =5< ?>@O4:0, A?>A>1>2, A@>:>2 8 <5AB0 53> 8A?>;=5=8O, E0@0:B5@ CAB@0=O5<>9 =5>?@545;5==>AB8 ?@02 8 4@C385 206=K5 0A?5:BK A B5<, GB>1K ?@8 53> @50;870F88 =5 1K;> =5OA=>AB59 8 A?>@>2 ?> ?>2>4C 53> A>45@60=8O. @5:@0I5=85 A?>@0 ?>A@54AB2>< <8@>2>3> A>3;0H5=8O <>65B 4>AB830BLAO ?@5:@0I5=85< >1O70B5;LAB2, 8E ?>4B25@645=85< 8;8 87<5=5=85<, ?>MB><C A?>A>1K ?@5:@0I5=8O >1O70B5;LAB2 (=>20F8O, >BABC?=>5 8 4@C385 ?@02>2K5 8=AB8BCBK) =5 <>3CB 2 ?>;=>9 <5@5 70<5=8BL <8@>2>5 A>3;0H5=85, :>B>@>5 @53C;8@C5B =5 B>;L:> A?>@K, 2KB5:0NI85 87 >1O70B5;LAB25==KE ?@02>>B=>H5=89, => B0:65 A?>@K 25I=>-?@02>2>3> E0@0:B5@0. @02>2>5 7=0G5=85 <8@>2>3> A>3;0H5=8O 70:;NG05BAO 2 53> >3@0=8G820NI5< 459AB288, :>B>@>5 8A:;NG05B 2>7<>6=>AB8 AB>@>= 2>72@0I0BLAO : @0AA<0B@8205<><C A?>@C. =0G5=85 <8@>2>3> A>3;0H5=8O :0: ?@02>2>3> 8=AB8BCB0 =5 >3@0=8G8205BAO ?@5:@0I5=85< 8;8 ?>4B25@645=85< ?@54H5AB2CNI8E ?@02>>B=>H5=89 AB>@>=, MB>B 0:B ?@5645 2A53> A2O70= A ?@5:@0I5=85< ?@02>2>3> A?>@0 =0 A>3;0A>20==KE CA;>28OE. !B0BLO 39. $>@<0 8 A>45@60=85 @5H5=8O B@5B59A:>3> AC40 5H5=85 B@5B59A:>3> AC40 87;0305BAO 2 ?8AL<5==>9 D>@<5 8 ?>4?8AK205BAO B@5B59A:8<8 AC4LO<8, 2E>4OI8<8 2 A>AB02 B@5B59A:>3> AC40, 2 B>< G8A;5 B@5B59A:8< AC4L59, 8<5NI8< >A>1>5 <=5=85. A>1>5 <=5=85 B@5B59A:>3> AC4L8 ?@8;0305BAO : @5H5=8N B@5B59A:>3> AC40.  @5H5=88 B@5B59A:>3> AC40 4>;6=K 1KBL C:070=K: 40B0 ?@8=OB8O @5H5=8O; <5AB> B@5B59A:>3> @0718@0B5;LAB20; A>AB02 B@5B59A:>3> AC40; =08<5=>20=8O 8 <5AB0 =0E>645=8O (?>GB>2K5 04@5A0) N@848G5A:8E ;8F, D0<8;88, 8<5=0, >BG5AB20, <5AB0 68B5;LAB20 D878G5A:8E ;8F, O2;ONI8EAO AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, D0<8;88, 8<5=0, >BG5AB20 ?@54AB028B5;59 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 A C:070=85< 8E ?>;=><>G89; >1>A=>20=85 :><?5B5=F88 B@5B59A:>3> AC40; B@51>20=8O 8ABF0 8 2>7@065=8O >B25BG8:0, 0 B0:65 8E E>40B09AB20; >1AB>OB5;LAB20 A?>@0, CAB0=>2;5==K5 B@5B59A:8< AC4><, 4>:070B5;LAB20, =0 :>B>@KE >A=>20=K 2K2>4K B@5B59A:>3> AC40 >1 MB8E >1AB>OB5;LAB20E, =>@<K, :>B>@K<8 @C:>2>4AB2>20;AO B@5B59A:89 AC4 ?@8 ?@8=OB88 @5H5=8O. 57>;NB82=0O G0ABL @5H5=8O 4>;6=0 A>45@60BL 2K2>4K B@5B59A:>3> AC40 >1 C4>2;5B2>@5=88 8;8 >B:075 2 C4>2;5B2>@5=88 :064>3> 70O2;5==>3> 8A:>2>3> B@51>20=8O.  @57>;NB82=>9 G0AB8 @5H5=8O C:07K205BAO AC<<0 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, @0A?@545;5=85 C:070==KE @0AE>4>2 <564C AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, 0 ?@8 =5>1E>48<>AB8 - A@>: 8 ?>@O4>: 8A?>;=5=8O ?@8=OB>3> @5H5=8O. >A;5 ?@8=OB8O @5H5=8O :064>9 AB>@>=5 B@5B59A:>3> @0718@0B5;LAB20 4>;6=> 1KBL 2@CG5=> ;81> =0?@02;5=> @5H5=85 2 B5G5=85 45AOB8 4=59. 0:>= ?@54JO2;O5B 420 >A=>2=KE B@51>20=8O : D>@<5 @5H5=8O B@5B59A:>3> AC40: 0) 87;>65=85 @5H5=8O 2 ?8AL<5==>9 D>@<5, GB> >1CA;>2;5=> 206=>ABLN ?@02>2KE ?>A;54AB289, =5>1E>48<>ABLN G5B:>9 D8:A0F88 CAB0=>2;5==KE B@5B59A:8< AC4>< D0:B>2 8 ?@840=8O 8< =04;560I59 N@848G5A:>9 >F5=:8; 1) ?>4?8A0=85 @5H5=8O B@5B59A:8<8 AC4LO<8, 2E>4OI8<8 2 A>AB02 B@5B59A:>3> AC40, @0AA<>B@52H53> A?>@, 2 B>< G8A;5 8 8<5NI8<8 >A>1>5 <=5=85 ?> 45;C. 0: C65 1K;> >B<5G5=>, 2 A;CG05 =5A>3;0A8O B@5B59A:>3> AC4L8 A @5H5=85< B@5B59A:>3> AC40, >= 2A5 @02=> 4>;65= 53> ?>4?8A0BL, 87;>682 2 >B45;L=>< 4>:C<5=B5 >A>1>5 <=5=85 A <>B820<8 A2>53> =5A>3;0A8O. 5A<>B@O =0 B>, GB> 2 0:>=5 >BACBAB2C5B B@51>20=85 > =0?@02;5=88 AB>@>=0< M:75<?;O@>2 >A>1>3> <=5=8O, 1K;> 1K F5;5A>>1@07=K< >B?@028BL 53> :>?88 AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 2<5AB5 A @5H5=85<.  F5;OE =54>?CI5=8O =5OA=>AB59 8 A?>@>2 ?@8 8A?>;=5=88 @5H5=8O B@5B59A:>3> AC40, =5>1E>48<> 8A?>;L7>20BL >?@545;5==K9 ;>38G5A:89 ?>4E>4 : =0?8A0=8N B5:AB0 @5H5=8O, ?@8=8<0O 2> 2=8<0=85 =>@<K AB. 206  #7 8 AB. 138 % #7, >?@545;ONI85, GB> AC451=>5 @5H5=85 A>AB>8B 87 22>4=>9, >?8A0B5;L=>9, <>B828@>2>G=>9 8 @57>;NB82=>9 G0AB59. 0:>= 4>?CA:05B ?@>872>;L=>5 87;>65=85 A>45@60=8O @5H5=8O B@5B59A:>3> AC40 157 >1I5?@8=OB>3> @0745;5=8O 53> =0 G0AB8 8 ?@54JO2;O5B B@51>20=8O B>;L:> : A>45@60=8N @57>;NB82=>9 G0AB8, =>, B5< =5 <5=55, 8AE>4O 87 ACI5AB2CNI59 ?@0:B8:8 =0?8A0=8O AC451=KE @5H5=89, ?@82545< ?5@5G5=L =5>1E>48<KE A2545=89, :>B>@K5 65;0B5;L=> 2:;NG8BL 2 @5H5=85 B@5B59A:>3> AC40. 2>4=0O G0ABL 2:;NG05B =08<5=>20=85 B@5B59A:>3> AC40, 40BC 8 <5AB> 2K=5A5=8O @5H5=8O, A>AB02 AC40, =08<5=>20=85 CG0AB2CNI8E 2 45;5 ;8F A C:070=85< 8E ?>;=><>G89, ?@54<5B A?>@0. 45AL =04> CG8BK20BL, GB> 40B>9 ?@8=OB8O @5H5=8O AG8B05BAO 45=L 53> >3;0H5=8O 2 AC451=>< 70A540=88, MB0 40B0 ?@>AB02;O5BAO 2 @5H5=88 4065 2 B>< A;CG05, :>340 2 AC451=>< 70A540=88 >1JO2;O5BAO B>;L:> @57>;NB82=0O G0ABL. ?8A0B5;L=0O G0ABL @5H5=8O A>45@68B :@0B:>5 87;>65=85 ACI5AB20 8A:>2>3> 70O2;5=8O, >B7K20 =0 =53>, 4@C38E >1JOA=5=89, 70O2;5=89 8 E>40B09AB2 ;8F, CG0AB2CNI8E 2 45;5. "0:8< >1@07><, >?8A0B5;L=0O G0ABL @5H5=8O B@5B59A:>3> AC40 A2845B5;LAB2C5B > 2K428305<KE AB>@>=0<8 B@51>20=8OE A C:070=85< >1AB>OB5;LAB2, ?@82545==KE 2 ?>4B25@645=85 A2>8E B@51>20=89 8;8 2>7@065=89. A=>2>9 @5H5=8O B@5B59A:>3> AC40 O2;O5BAO <>B828@>2>G=0O G0ABL, 2 :>B>@>9 A>45@68BAO D0:B8G5A:>5 8 ?@02>2>5 >1>A=>20=85 2K2>4>2 AC40. >B820F859 O2;ONBAO 0@3C<5=BK B@5B59A:>3> AC40, ?>MB><C 87;>65=85 <>B82>2 2 B5:AB5 @5H5=8O 4>;6=> ?@825AB8 : ?>=OB=K< 8 C1548B5;L=K< 2K2>40< B@5B59A:>3> AC40. 1>A=>20=85 @5H5=8O A>AB02;O5BAO =0 1075 AC645=89 AC40 > D0:B0E >A=>20=8O 8A:0 (2AB@5G=KE 8A:>2, 8A:>2 B@5BL8E ;8F, 70O2;ONI8E A0<>AB>OB5;L=K5 B@51>20=8O =0 ?@54<5B A?>@0), > D0:B0E, ?>;>65==KE 2 >A=>20=85 2>7@065=89 ?@>B82 8A:0 8 4@C38E D0:B0E, ?@87=0==KE B@5B59A:8< AC4>< ACI5AB25==K<8 4;O @07@5H5=8O 40==>3> 45;0.  <>B828@>2>G=>9 G0AB8 B@5B59A:89 AC4 405B ?@02>2>5 >1>A=>20=85 @5H5=8O, A C:070=85< =>@< ?@>F5AAC0;L=>3> ?@020, :>B>@K<8 >= @C:>2>4AB2>20;AO 8 ?@8<5=8<KE ?@8 @07@5H5=88 45;0 =>@< <0B5@80;L=>3> ?@020. >B828@>2>G=0O G0ABL 4>;6=0 A>45@60BL C:070=85 =0 D0:B8G5A:85 >1AB>OB5;LAB20, CAB0=>2;5==K5 B@5B59A:8< AC4><, 0=0;87 4>:070B5;LAB2, =0 :>B>@KE B@5B59A:89 AC4 >A=>2K205B =0;8G85 CAB0=>2;5==KE >1AB>OB5;LAB2, 0=0;87 4>2>4>2, ?> :>B>@K< =5 ?@8=OBK 4>:070B5;LAB20 CG0AB=8:>2 ?@>F5AA0, 0 B0:65 >?@545;5=85 ?@02>>B=>H5=89 AB>@>= 8 8E N@848G5A:CN :20;8D8:0F8N.  @57>;NB82=CN G0ABL @5H5=8O B@5B59A:>3> AC40 :><<5=B8@C5<0O AB0BLO 0:>=0 >1O7K205B 2:;NG8BL 2K2>4K B@5B59A:>3> AC40 >1 C4>2;5B2>@5=88 8;8 >B:075 2 C4>2;5B2>@5=88 :064>3> 70O2;5==>3> 8A:>2>3> B@51>20=8O, C:070BL AC<<C @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45, @0A?@545;5=85 C:070==KE @0AE>4>2 <564C AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, 0 ?@8 =5>1E>48<>AB8 - A@>: 8 ?>@O4>: 8A?>;=5=8O ?@8=OB>3> @5H5=8O. A;8 2 45;5 CG0AB2C5B =5A:>;L:> 8ABF>2 8 >B25BG8:>2, B> 2 @5H5=88 B@5B59A:>3> AC40 >B<5G05BAO, :0: @07@5H5= A?>@ 2 >B=>H5=88 :064>3> 87 =8E, => 2 B> 65 2@5<O B@5B59A:89 AC4 =5 2?@025 @5H0BL 2>?@>A > ?@020E 8 >1O70==>ABOE ;8F, =5 ?@82;5G5==KE : CG0AB8N 2 45;5. 5A:>;L:> 8=>5, =565;8 87;>65==>5 2 :><<5=B8@C5<>9 AB0BL5 0:>=0 ?>=OB85 @57>;NB82=>9 G0AB8 AC451=>3> @5H5=8O AD>@<C;8@>20=> 2 AB0BL5 206 @0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 5A?C1;8:8 #715:8AB0=: " 57>;NB82=0O G0ABL @5H5=8O AC40 4>;6=0 A>45@60BL 2K2>4 AC40 >1 C4>2;5B2>@5=88 8;8 >1 >B:075 2 C4>2;5B2>@5=88 70O2;5==KE B@51>20=89 ?>;=>ABLN 8;8 2 G0AB8, C:070=85 =0 @0A?@545;5=85 AC451=KE @0AE>4>2, A@>: 8 ?>@O4>: >160;>20=8O @5H5=8O". !CI5AB25==>9 @07=8F59 745AL O2;O5BAO B>, GB> 4;O @57>;NB82=>9 G0AB8 @5H5=8O B@5B59A:>3> AC40 O2;O5BAO >1O70B5;L=K< CA;>285< C:070=85 =0 A@>: 8 ?>@O4>: 53> 8A?>;=5=8O, => A@>: 8 ?>@O4>: 53> >160;>20=8O =5 C:07K20NBAO, B.:. @5H5=8O B@5B59A:>3> AC40 >160;>20=8N =5 ?>4;560B. "0:8< >1@07><, 2 :><<5=B8@C5<>9 AB0BL5 0:>=0 87;>65=K ;8HL >A=>2=K5 B@51>20=8O : D>@<5 8 A>45@60=8N @5H5=8O B@5B59A:>3> AC40, ?>MB><C 2 F5;OE 8A:;NG5=8O 2>7<>6=KE ?@>1;5< ?@54AB02;O5BAO, GB> MB8 2>?@>AK 1>;55 ?>4@>1=> 4>;6=K >B@060BLAO 2 ?@028;0E, @53;0<5=B8@CNI8E 45OB5;L=>ABL B@5B59A:8E AC4>2. 'B> :0A05BAO >B45;L=KE B@51>20=89 : A>45@60=8N @5H5=8O, 87;>65==KE 2 G0AB8 2B>@>9 :><<5=B8@C5<>9 AB0BL8 0:>=0, B> 2 >A=>2=>< >=8 70:;NG0NBAO 2 >1O70==>AB8 B@5B59A:>3> AC40 C:070BL >?@545;5==CN 8=D>@<0F8N, 2 G0AB=>AB8: 0) 40BC ?@8=OB8O @5H5=8O - A>3;0A=> AB. 38 0:>=0 MB>9 40B>9 AG8B05BAO 45=L ?@8=OB8O @5H5=8O B@5B59A:8< AC4><, @0AA<>B@52H8< 45;>; 1) <5AB> B@5B59A:>3> @0718@0B5;LAB20 - <>65B 1KBL >?@545;5=> ?> A>3;0H5=8N A?>@OI8E AB>@>= A0<8< B@5B59A:8< AC4><, ;81> 459AB2CNI8<8 2 =5< ?@028;0<8 (@53;0<5=B><), ?>MB><C <5AB>< ?@8=OB8O @5H5=8O AG8B05BAO <5AB>, 345 ?@>8AE>48; ?@>F5AA B@5B59A:>3> @0718@0B5;LAB20. !;54C5B >B<5B8BL, GB> >1AB>OB5;LAB20 40BK 8 <5AB0 ?@8=OB8O @5H5=8O 8<5NB 1>;LH>5 7=0G5=85 2 ?@>F54C@5 >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 8 2K40G8 ?> =5<C 8A?>;=8B5;L=>3> ;8AB0 2 ?>@O4:5, CAB0=>2;5==>< 459AB2CNI8< 70:>=>40B5;LAB2><; 2) A>AB02 B@5B59A:>3> AC40 - D>@<8@C5BAO A>3;0A=> AB. 15 0:>=0 8 4>;65= A>AB>OBL 87 =5G5B=>3> G8A;0 B@5B59A:8E AC459; 3) A2545=8O > AB>@>=0E B@5B59A:>3> @0718@0B5;LAB20 8 ?>;=><>G8OE 8E ?@54AB028B5;59 (C:07K20NBAO 2 @5H5=88 B@5B59A:>3> AC40 ?>;=>ABLN 157 A>:@0I5=89); 4) >1>A=>20=85 :><?5B5=F88 B@5B59A:>3> AC40 (?@>872>48BAO 2 A>>B25BAB288 A =>@<0<8 AB. 24 0:>=0); 5) B@51>20=8O 8ABF0 8 2>7@065=8O >B25BG8:0, 8 8E E>40B09AB20 - >B@060NBAO 2 >?8A0B5;L=>9 G0AB8 @5H5=8O, 2 :>B>@>9 :@0B:> 87;030NBAO ?@54<5B 8 >A=>20=8O 8A:0, 87<5=5=85 53> ?@54<5B0 8;8 >A=>20=8O, D0:B ?@87=0=8O 8A:0 >B25BG8:>< 8;8 2>7@065=8O ?@>B82 =53>, ?>78F8O B@5BL8E ;8F, 70O2;ONI8E A0<>AB>OB5;L=K5 B@51>20=8O =0 ?@54<5B A?>@0, >1JOA=5=8O 4@C38E ;8F, CG0AB=8:>2 ?@>F5AA0; 6) >1AB>OB5;LAB20 A?>@0, CAB0=>2;5==K5 B@5B59A:8< AC4><, 4>:070B5;LAB20, =0 :>B>@KE >A=>20=K 53> 2K2>4K >1 MB8E >1AB>OB5;LAB20E, =>@<K, :>B>@K<8 @C:>2>4AB2>20;AO B@5B59A:89 AC4 ?@8 ?@8=OB88 @5H5=8O. !;54C5B >1@0B8BL 2=8<0=85 =0 B>, GB> 70:>=>40B5;L =5 ?@54CA<0B@8205B ?@02>2K5 ?>A;54AB28O 2 B>< A;CG05, 5A;8 2 @5H5=88 B@5B59A:>3> AC40 >BACBAB2CNB :0:85-B> 87 C:070==KE A2545=89, 2> 2AO:>< A;CG05, AB. 47 0:>=0 =5 C:07K205B, GB> ?>4>1=K5 =0@CH5=8O <>3CB O28BLAO >A=>20=85< 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40. 4=0:>, A0<> ?> A515 =5A>1;N45=85 B@51>20=89 : D>@<5 8 A>45@60=8N @5H5=8O B@5B59A:>3> AC40 <>65B 2 >?@545;5==KE A;CG0OE A45;0BL 53> =58A?>;=8<K<. 0?@8<5@, 5A;8 2 @5H5=88 B@5B59A:>3> AC40 =5 C:070=K B>G=K5 @5:2878BK, ?>72>;ONI85 CAB0=>28BL >@30=870F8>==>-?@02>2CN D>@<C N@848G5A:>3> ;8F0, CG0AB2>202H53> 2 B@5B59A:>< @0718@0B5;LAB25, B> MB> 70B@C4=8B 8A?>;=5=85 B0:>3> @5H5=8O 2 ?@8=C48B5;L=>< ?>@O4:5. >A:>;L:C 2 A>>B25BAB288 A> AB. 49 0:>=0 AB>@>=K 8 B@5B59A:89 AC4 4>;6=K A?>A>1AB2>20BL B><C, GB>1K @5H5=85 B@5B59A:>3> AC40 1K;> N@848G5A:8 8A?>;=8<>, B> 2?>;=5 5AB5AB25==>, GB> 2A5 CG0AB=8:8 ?@>F5AA0 708=B5@5A>20=K 2 A>>B25BAB288 @5H5=8O B@5B59A:>3> AC40 =5>1E>48<K< B@51>20=8O< ?> D>@<5 8 A>45@60=8N. '0ABL G5B25@B0O :><<5=B8@C5<>9 AB0BL8 0:>=0 ?@54?8AK205B 2@CG8BL :064>9 CG0AB2CNI59 2 45;5 AB>@>=5 M:75<?;O@ @5H5=8O B@5B59A:>3> AC40 =5 ?>74=55 45AOB84=52=>3> A@>:0 A <><5=B0 53> ?@8=OB8O, GB> O2;O5BAO 206=>9 <5@>9, >15A?5G820NI59 ?@>F5AAC0;L=K5 ?@020 CG0AB2CNI8E 2 45;5 ;8F, :>B>@K5 2 A;CG05 =5>1E>48<>AB8 <>3CB >A?>@8BL @5H5=85 B@5B59A:>3> AC40 ;81> >1@0B8BLAO 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 A 70O2;5=85< > 53> ?@8=C48B5;L=>< 8A?>;=5=88. ;O 2K?>;=5=8O MB>3> CA;>28O 8718@05BAO ;N1>9 A?>A>1, >15A?5G820NI89 D8:A0F8N 2@CG5=8O @5H5=8O AB>@>=5 (=0?@8<5@, ?>GB>2>5 >B?@02;5=85 A C254><;5=85< > 2@CG5=88, 2@CG5=85 M:75<?;O@0 @5H5=8O ;8G=> ?>4 @>A?8AL ?>;=><>G=><C ?@54AB028B5;N AB>@>=K 2 B@5B59A:>< AC45 8 B.4.). !B0BLO 40. >?>;=8B5;L=>5 @5H5=85 A;8 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 =5 4>3>2>@8;8AL >1 8=><, B> >4=0 87 AB>@>=, C254><82 >1 MB>< 4@C3CN AB>@>=C, <>65B 2 B5G5=85 45AOB8 4=59 ?>A;5 ?>;CG5=8O @5H5=8O B@5B59A:>3> AC40 >1@0B8BLAO 2 B>B 65 B@5B59A:89 AC4 A 70O2;5=85< > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O 2 >B=>H5=88 8A:>2KE B@51>20=89, :>B>@K5 1K;8 70O2;5=K 8 @0AA<>B@5=K 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, >4=0:> =5 =0H;8 >B@065=8O 2 ?@8=OB>< @5H5=88. #:070==>5 70O2;5=85 ?>4;568B @0AA<>B@5=8N A>AB02>< B@5B59A:>3> AC40, @07@5H82H8< A?>@, 2 B5G5=85 45AOB8 4=59 ?>A;5 53> ?>;CG5=8O. 0AA<>B@5=85 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O >ACI5AB2;O5BAO 2 70A540=88 B@5B59A:>3> AC40 A A>1;N45=85< ?>;>65=89 AB0BL8 34 8 G0AB8 B@5BL59 AB0BL8 35 =0AB>OI53> 0:>=0. > @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O ?@8=8<05BAO 4>?>;=8B5;L=>5 @5H5=85, :>B>@>5 O2;O5BAO A>AB02=>9 G0ABLN @5H5=8O B@5B59A:>3> AC40, ;81> 2K=>A8BAO >?@545;5=85 >1 >B:075 2 C4>2;5B2>@5=88 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O.  A>>B25BAB288 A >1I8<8 B@51>20=8O<8 AB. 38 0:>=0, ?>A;5 8AA;54>20=8O >1AB>OB5;LAB2 A?>@0, B@5B59A:89 AC4 1>;LH8=AB2>< 3>;>A>2 ?@8=8<05B >:>=G0B5;L=>5 @5H5=85, =>, 2 B> 65 2@5<O 70:>=>40B5;5< ?@54CA<>B@5=K 8A:;NG5=8O, 2 A>>B25BAB288 A :>B>@K<8 B@5B59A:89 AC4 ?>A;5 ?@8=OB8O @5H5=8O <>65B 53> 4>?>;=8BL ?> 70O2;5=8N 708=B5@5A>20==>9 AB>@>=K. "@5B59A:89 AC4 ?@8=8<05B 4>?>;=8B5;L=>5 @5H5=85 2 A;CG05, :>340 2 ?@8=OB>< 8< >A=>2=>< @5H5=88 >BACBAB2C5B 2K2>4 B@5B59A:>3> AC40 ?> B><C 8;8 8=><C 2>?@>AC, 2E>482H5<C 2 G8A;> B@51>20=89 ?> 8A:C, 0 8<5==>: 0) =5 ?@8=OB> @5H5=85 ?> :0:><C-;81> B@51>20=8N, 2 >B=>H5=88 :>B>@>3> CG0AB2CNI85 2 45;5 ;8F0 ?@54AB028;8 4>:070B5;LAB20; 1) ?@8 @07@5H5=88 2>?@>A0 > ?@025 =5 C:070= @07<5@ ?@8AC645==>9 AC<<K ?>4;560I53> ?5@540G5 8<CI5AB20 8;8 =5 >?@545;5=K 459AB28O, :>B>@K5 >1O70=0 A>25@H8BL AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20; 2) =5 @07@5H5= 2>?@>A >1 C?;0B5 AC451=KE @0AE>4>2. 5>1E>48<>ABL 4>?>;=8B5;L=>3> @5H5=8O <>65B 2>7=8:=CBL, =0?@8<5@, 2 A;CG05, :>340 =0@O4C A ?@8=OB85< >A=>2=>3> @5H5=8O 2 G0AB8 2>72@0B0 45=56=KE A@54AB2 70 =54>?>AB02;5==K9 B>20@, B@5B59A:89 AC4 =5 @0AA<>B@5; B@51>20=85 8ABF0 > 27KA:0=88 ?@>F5=B>2 3>4>2KE 70 ?>;L7>20=85 A@54AB20<8 8 =5 A45;0; 2K2>40 >1 MB>< 2 >A=>2=>< @5H5=88, ;81> 5A;8 B@5B59A:89 AC4 2K=5A @5H5=85 > ?5@540G5 8ABFC 8<CI5AB20, => =5 C:070; :>=:@5B=> ?5@5G5=L MB>3> 8<CI5AB20. ! F5;LN 8A?@02;5=8O C?CI5=89 ?@8 2K=5A5=88 >A=>2=>3> @5H5=8O, =>@<K :><<5=B8@C5<>9 AB0BL8 ?@54>AB02;ONB 708=B5@5A>20==>9 AB>@>=5 ?@02> >1@0B8BLAO 2 B@5B59A:89 AC4 A 70O2;5=85< > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O. "0:0O ?@>AL10 <>65B 1KBL 70O2;5=0 B>;L:> 2 A;CG05 >BACBAB28O A>3;0H5=8O AB>@>=, =5 4>?CA:0NI53> =0?@02;5=8O ?>4>1=KE 70O2;5=89 8 ?@8 CA;>288 C254><;5=8O 4@C3>9 AB>@>=K > B0:>< >1@0I5=88 2 B@5B59A:89 AC4. 5?>;=>B0 ?@8=OB>3> B@5B59A:8< AC4>< @5H5=8O ?@8 @0718@0B5;LAB25 A?>@0 O2;O5BAO ACI5AB25==K< =54>AB0B:>< @5H5=8O, ?>MB><C 0:>= ?@54CA<0B@8205B 4;O B0:8E A;CG052 2>7<>6=>ABL 8A?>;L7>20=8O N@848G5A:>3> 8=AB@C<5=B0 4;O 8A?@02;5=8O ?>4>1=KE =54>AB0B:>2 B5< 65 AC4><, :>B>@K9 ?@8=O; MB> @5H5=85. "0:>9 A2>5>1@07=K9 8=AB8BCB :>=B@>;O A> AB>@>=K B@5B59A:>3> AC40 70 A2>8<8 @5H5=8O<8 >A>15==> 2065= 8<5==> 2 A8AB5<5 B@5B59A:>3> @0718@0B5;LAB20 ?> B>9 ?@8G8=5, GB> 2 >B;8G85 >B 3>AC40@AB25==>9 N@8A48:F88 2 B@5B59A:>< ?@>F5AA5 >BACBAB2CNB 0?5;;OF8>==K9, :0AA0F8>==K9 8;8 =047>@=K9 ?5@5A<>B@ AC451=KE 0:B>2. ! F5;LN >?@545;5=8O 3@0=8F 8=AB8BCB0 4>?>;=8B5;L=>3> @5H5=8O, 70:>=>40B5;L CAB0=>28; >?@545;5==K5 >A=>20=8O, ?> :>B>@K< B0:>5 @5H5=85 <>65B 1KBL ?@8=OB>: MB> 8A:>2K5 B@51>20=8O, 70O2;5==K5 8 @0AA<>B@5==K5 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, => =5 =0H54H85 >B@065=8O 2 @5H5=88 B@5B59A:>3> AC40. =8F80B>@>< 2K=5A5=8O 4>?>;=8B5;L=>3> @5H5=8O <>65B 1KBL B>;L:> AB>@>=0, ?@8=8<02H0O CG0AB85 2 B@5B59A:>< @0718@0B5;LAB25 2 :0G5AB25 8ABF0 8;8 >B25BG8:0, 4@C385 ;8F0 B0:>3> ?@020 =5 8<5NB, 2 B>< G8A;5 B@5BL8 ;8F0, ?@8=8<02H85 CG0AB85 2 B@5B59A:>< @0718@0B5;LAB25. !0< B@5B59A:89 AC4, @0AA<>B@52H89 45;>, B0:65 =5 8<55B ?@020 2>71C640BL ?@>F54C@C ?@8=OB8O 4>?>;=8B5;L=>3> @5H5=8O. ! <><5=B0, :>340 2 B@5B59A:89 AC4 ?>ABC?05B 70O2;5=85 > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O, ?>O2;ONBAO >A=>20=8O 4;O 2>7>1=>2;5=8O ?>;=><>G89 B@5B59A:8E AC459, :>B>@K5 2 A8;C G0AB8 2B>@>9 AB. 18 0:>=0 1K;8 ?@5:@0I5=K A ?@8=OB85< >A=>2=>3> @5H5=8O ?> 45;C. @54AB02;O5BAO, GB> 2>7>1=>2;5=85 ?>;=><>G89 B@5B59A:8E AC459 4>;6=> >ACI5AB2;OBLAO ?CB5< ?@8=OB8O B@5B59A:8< AC4>< A>>B25BAB2CNI53> >?@545;5=8O. '0ABL ?5@20O :><<5=B8@C5<>9 AB0BL8 >?@545;O5B CA;>28O, ?@8 :>B>@KE <>65B 1KBL A45;0=> 70O2;5=85 > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O: 0) 5A;8 AB>@>=K =5 4>3>2>@8;8AL >1 8=><, B.5. =5 >B:070;8AL >B A2>53> ?@020 B@51>20BL ?@8=OB8O 4>?>;=8B5;L=>3> @5H5=8O; 1) ?>40;8 70O2;5=85 2 B5G5=85 45AOB8 4=59 ?>A;5 ?>;CG5=8O @5H5=8O B@5B59A:>3> AC40; 2) C254><8;8 > A2>5< 70O2;5=88 4@C3CN AB>@>=C ?> 45;C, :>B>@>5 1K;> ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20. '0ABL ?5@20O AB0BL8 405B ?@02> AB>@>=0< 4>3>2>@8BLAO >1 >B:075 >B A2>53> ?@020 B@51>20BL 4>?>;=8B5;L=>3> @5H5=8O. >B820F8O B0:>3> A>3;0H5=8O AB>@>= <>65B 1KBL @07;8G=>9, :0: A?>A>1 M:>=><88 2@5<5=8, 8;8 ?@87=0=85 2KA>:>3> 02B>@8B5B0 AC40 8 B.4. 0:>=>< =5 CAB0=>2;5=0 ?@>F54C@0 ?@8=OB8O 4>?>;=8B5;L=>3> @5H5=8O B@5B59A:>3> AC40, => A F5;LN A>1;N45=8O ?@>F5AAC0;L=KE 30@0=B89 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 C:070=>, GB> >=8 4>;6=K 1KBL C254><;5=K > 2@5<5=8 8 <5AB5 ?@>2545=8O B0:>3> AC451=>3> 70A540=8O A A>1;N45=85< ?>;>65=89, ?@54CA<>B@5==KE AB. 34 8 G0ABLN B@5BL59 AB. 35 0:>=0. "0:8< >1@07><, AB>@>=0< 4>;6=> 1KBL ?@54>AB02;5=> ?@02> CG0AB8O 2 AC451=>< 70A540=88, B.5. ?@>F54C@0 2K=5A5=8O 4>?>;=8B5;L=>3> @5H5=8O 4>;6=0 1KBL ?>4G8=5=0 >1I8< ?@028;0< B@5B59A:>3> @0718@0B5;LAB20.  B>< A;CG05, 5A;8 AB>@>=K, 1C4CG8 C254><;5==K<8 > 2@5<5=8 8 <5AB5 B@5B59A:>3> @0718@0B5;LAB20, =5 O2;ONBAO 2 70A540=85 B@5B59A:>3> AC40 ?> 2K=5A5=8N 4>?>;=8B5;L=>3> @5H5=8O, MB> =5 4>;6=> 1KBL ?@5?OBAB285< 4;O ?@>2545=8O AC451=>3> 70A540=8O. A;8 AB>@>=0 2 B5G5=85 45AOB84=52=>3> A@>:0 ?>A;5 ?>;CG5=8O @5H5=8O B@5B59A:>3> AC40 =5 A45;05B 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O, B> ?> A<KA;C :><<5=B8@C5<>9 =>@<K MB> ;8H05B 55 ?@020 45;0BL A>>B25BAB2CNI55 70O2;5=85 2 40;L=59H5<. 564C B5< 2>7<>6=K A8BC0F88, :>340 A@>: ?>40G8 B0:>3> 70O2;5=8O <>65B >:070BLAO ?@>?CI5==K< ?> >1AB>OB5;LAB20<, =5 7028AOI8< >B 708=B5@5A>20==>3> ;8F0. 'B>1K 8A:;NG8BL =5=C6=K5 ?@>1;5<K, 2 @53;0<5=B0E B@5B59A:8E AC4>2 A;54C5B ?@54CA<>B@5BL 2>7<>6=>ABL 2>AAB0=>2;5=8O B@5B59A:8< AC4>< A@>:0 ?>40G8 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O, 5A;8 >= >:070;AO ?@>?CI5==K< ?> ?@8G8=0<, ?@87=0==K< B@5B59A:8< AC4>< C2068B5;L=K<8. -B> 2 1>;LH59 AB5?5=8 1C45B A>>B25BAB2>20BL ?@8=F8?0< A?@0254;82>AB8 B@5B59A:>3> @0718@0B5;LAB20. !;54C5B 8<5BL 2 284C, GB> ?>4 284>< 4>?>;=8B5;L=>3> @5H5=8O =5 <>65B 87<5=OBLAO ?5@2>=0G0;L=>5 @5H5=85 B@5B59A:>3> AC40, 8 =5 4>;6=K @5H0BLAO 2>?@>AK, :>B>@K5 =5 1K;8 ?@54<5B>< @0AA<>B@5=8O 2 70A540=88 B@5B59A:>3> AC40, :>B>@K9 2K=5A >A=>2=>5 @5H5=85. >?>;=8B5;L=>5 @5H5=85 4>;6=> 1KBL ?@8=OB> B@5B59A:8< AC4>< 2 B>< 65 A>AB025, :>B>@K9 ?@8=8<0; @5H5=85 ?> 45;C.  0:>=5 =5 A>45@68BAO =>@<, @53C;8@CNI8E ?>@O4>: ?@8=OB8O 4>?>;=8B5;L=>3> @5H5=8O 2 A;CG05 D878G5A:>9 =52>7<>6=>AB8 ?@8=OBL 53> 2 B>< 65 A>AB025 8 =04> ?>;030BL, GB> ?@8 >BACBAB288 @50;L=>9 2>7<>6=>AB8 2K?>;=8BL MB> CA;>285, 4>?>;=8B5;L=>5 @5H5=85 <>65B 1KBL ?@8=OB> B@5B59A:8< AC4>< 2 8=>< A>AB025. =AB8BCB 4>?>;=8B5;L=>3> @5H5=8O 3>@074> H8@5 C@53C;8@>20= 2 3@0640=A:>< ?@>F5AAC0;L=>< ?@025 8 2 E>7O9AB25==>< ?@>F5AAC0;L=>< ?@025, 8 MB> <>6=> >1JOA=8BL B5<, GB> 3>AC40@AB25==K5 AC4K A0<8 <>3CB 1KBL 8=8F80B>@0<8 AC451=>9 ?@>F54C@K ?> 2K=5A5=8N 4>?>;=8B5;L=>3> @5H5=8O. @><5 B>3>, 2 3>AC40@AB25==KE AC40E H8@5 :@C3 >A=>20=89, ?> :>B>@K< <>65B 1KBL 2K=5A5=> 4>?>;=8B5;L=>5 @5H5=85. 57C;LB0BK @0AA<>B@5=8O 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O >D>@<;ONBAO @07;8G=K<8 ?@>F5AAC0;L=K<8 0:B0<8 2 7028A8<>AB8 >B ACI5AB20 ?@8=OB>3> @5H5=8O. A;8 B@5B59A:89 AC4 C4>2;5B2>@O5B 70O2;5=85, B> >= ?@8=8<05B 4>?>;=8B5;L=>5 @5H5=85, :>B>@>5 @0AA<0B@8205BAO :0: A>AB02=0O G0ABL >A=>2=>3> @5H5=8O B@5B59A:>3> AC40, 0 2 B>< A;CG05, 5A;8 B@5B59A:89 AC4 =5 =0E>48B >A=>20=89 4;O C4>2;5B2>@5=8O 70O2;5=8O > ?@8=OB88 4>?>;=8B5;L=>3> @5H5=8O, ?@8=8<05BAO >?@545;5=85 >1 >B:075 2 C4>2;5B2>@5=88 70O2;5=8O. AE>4O 87 >1I53> A<KA;0 70:>=>40B5;LAB20, <>6=> :>=AB0B8@>20BL, GB> :><?5B5=B=K9 AC4 <>65B 2K40BL 8A?>;=8B5;L=K9 ;8AB =0 ?@8=C48B5;L=>5 8A?>;=5=85 4>?>;=8B5;L=>3> @5H5=8O, 2 B>< 65 ?>@O4:5, :0: 8 =0 ?@8=C48B5;L=>5 8A?>;=5=85 >A=>2=>3> @5H5=8O B@5B59A:>3> AC40. !B0BLO 41. 07JOA=5=85 @5H5=8O !B>@>=0 B@5B59A:>3> @0718@0B5;LAB20 2?@025, C254><82 >1 MB>< 4@C3CN AB>@>=C B@5B59A:>3> @0718@0B5;LAB20, 2 B5G5=85 45AOB8 4=59 ?>A;5 ?>;CG5=8O @5H5=8O B@5B59A:>3> AC40 >1@0B8BLAO 2 B>B 65 B@5B59A:89 AC4 A 70O2;5=85< > @07JOA=5=88 @5H5=8O. 0O2;5=85 > @07JOA=5=88 @5H5=8O ?>4;568B @0AA<>B@5=8N A>AB02>< B@5B59A:>3> AC40, @07@5H82H8< A?>@, 2 B5G5=85 45AOB8 4=59 ?>A;5 53> ?>;CG5=8O. "@5B59A:89 AC4 2?@025 @07JOA=8BL ?@8=OB>5 8< @5H5=85, =5 87<5=OO 53> A>45@60=8O. > @57C;LB0B0< @0AA<>B@5=8O A>>B25BAB2CNI53> 70O2;5=8O 2K=>A8BAO >?@545;5=85 > @07JOA=5=88 @5H5=8O, :>B>@>5 O2;O5BAO A>AB02=>9 G0ABLN @5H5=8O B@5B59A:>3> AC40.  A;CG0OE, :>340 @5H5=85 O2;O5BAO =54>AB0B>G=> OA=K< 8;8 ?>;=K<, <>65B 2>7=8:=CBL =5>1E>48<>ABL 2 ?>;CG5=88 A>>B25BAB2CNI53> @07JOA=5=8O > B><, :0: A;54C5B ?>=8<0BL B5 8;8 8=K5 2K2>4K B@5B59A:>3> AC40, :0A0NI85AO ?@02 8 >1O70==>AB59 AB>@>=, ACI5AB20 ?@02>>B=>H5=89, ;81> B5E 459AB289, :>B>@K5 =5>1E>48<> A>25@H8BL. "0:8< >1@07><, @07JOA=5=85 @5H5=8O B@5B59A:>3> AC40 - MB> >48= 87 A?>A>1>2 CAB@0=5=8O =54>AB0B:>2 AC451=>3> 0:B0, 2 ?@>F5AA5 :>B>@>3>, ?><8<> ?@8=OB8O 4>?>;=8B5;L=>3> @5H5=8O, ?>OA=O5BAO 53> A>45@60=85. '0ABL ?5@20O :><<5=B8@C5<>9 AB0BL8 0:>=0 >?@545;O5B CA;>28O, ?@8 :>B>@KE 2 B@5B59A:89 AC4 <>65B 1KBL ?>40=> 70O2;5=85 > @07JOA=5=88 @5H5=8O: 2>-?5@2KE, 70O2;5=85 A ?@>AL1>9 > @07JOA=5=88 @5H5=8O ?>405BAO 708=B5@5A>20==>9 AB>@>=>9 2 ?8AL<5==>< 2845, 2>-2B>@KE, ?>40G0 70O2;5=8O >3@0=8G5=0 45AOB84=52=K< A@>:><, 8AG8A;O5<K< A 40BK ?>;CG5=8O @5H5=8O, 2-B@5BL8E, 70O28B5;L >1O70= 8725AB8BL 4@C3CN AB>@>=C B@5B59A:>3> @0718@0B5;LAB20 > =0?@02;5=88 B0:>3> 70O2;5=8O 2 B@5B59A:89 AC4. !<KA; 459AB28O ?> @07JOA=5=8N @5H5=8O 70:;NG05BAO 2 B>;:>20=88 8 87;>65=88 2K2>4>2 B@5B59A:>3> AC40 2 8=>9 D>@<5, :>B>@0O 4>;6=0 1KBL 1>;55 ?>=OB=>9 4;O 2>A?@8OB8O 8 ?>=8<0=8O. !CI5AB25==K< <><5=B>< :><<5=B8@C5<>9 AB0BL8 0:>=0 O2;O5BAO B>, GB> ?@8 @07JOA=5=88 A2>53> @5H5=8O B@5B59A:89 AC4 =5 <>65B 87<5=OBL A>45@60=85, 2KA:07K20BLAO ?> ?>2>4C D0:B>2, :>B>@K5 =5 8AA;54>20;8AL 2 E>45 B@5B59A:>3> @0718@0B5;LAB20, ?5@5>F5=820BL D0:BK, O2;O2H85AO ?@54<5B>< 8AA;54>20=8O, 4020BL 8=CN ?@02>2CN >F5=:C CAB0=>2;5==K< 8 8AA;54>20==K< >1AB>OB5;LAB20< 45;0. "0:8< >1@07><, 2 ?@>F5AA5 @07JOA=5=8O ?@8=OB>3> @5H5=8O, B@5B59A:89 AC4 =5 2?@025 ?5@5A<>B@5BL A45;0==K9 8< 2K2>4 ?> ACI5AB2C A?>@0, =0?@8<5@, 1C45B =5?@02><5@=K< 459AB285< A> AB>@>=K B@5B59A:>3> AC40 ?@8=OB>5 @5H5=85 > 2>7<5I5=88 <0B5@80;L=>3> CI5@10 A >B25BG8:0 2 ?>;=>< @07<5@5 87<5=8BL =0 @5H5=85 > G0AB8G=>< 2>7<5I5=88 B0:>3> CI5@10.  A;CG05 C4>2;5B2>@5=8O 70O2;5=8O > @07JOA=5=88 @5H5=8O, B@5B59A:89 AC4 2K=>A8B >?@545;5=85 A @07JOA=5=85< =5OA=KE 2>?@>A>2, :>B>@>5 2 MB>< A;CG05 O2;O5BAO G0ABLN @0=55 ?@8=OB>3> @5H5=8O, 0 ?@8 >BACBAB288 >A=>20=89 : @07JOA=5=8N @5H5=8O - B0:65 2K=>A8B >?@545;5=85, 2 :>B>@>< C:07K20NBAO <>B82K >B:;>=5=8O ?>40==>3> AB>@>=>9 70O2;5=8O. 0: A2845B5;LAB2C5B ?@0:B8:0 45OB5;L=>AB8 B@5B59A:8E AC4>2 2 @07=KE AB@0=0E, A;>6=>9 4;O @07JOA=5=8O >:07K205BAO @57>;NB82=0O G0ABL @5H5=8O, :>B>@0O 2 B> 65 2@5<O O2;O5BAO =081>;55 206=>9 4;O AB>@>= A ?@02>2>9 B>G:8 7@5=8O. >A:>;L:C 8<5==> 2 @57>;NB82=>9 G0AB8 A>45@60BAO N@848G5A:8 7=0G8<K5 2K2>4K, B> 8<5==> =0 CAB@0=5=85 =5OA=>AB59 2 MB>9 G0AB8 >1KG=> =0?@02;5=K CAB@5<;5=8O 708=B5@5A>20==KE AB>@>= B@5B59A:>3> @0718@0B5;LAB20. @>F54C@0 @07JOA=5=8O @5H5=8O B@5B59A:>3> AC40 =5 <>65B 1KBL 8=8F88@>20=0 B@5B59A:8< AC4>< 8;8 B@5BL8<8 ;8F0<8, CG0AB2>202H8<8 2 B@5B59A:>< @0718@0B5;LAB25, ?@02> 2>71C645=8O B0:>9 ?@>F54C@K ?@54>AB02;5=> B>;L:> 8ABFC 8 >B25BG8:C. 0AA<>B@5=85 70O2;5=8O > @07JOA=5=88 @5H5=8O B@5B59A:>3> AC40 >ACI5AB2;O5BAO B5< 65 A>AB02>< B@5B59A:>3> AC40, :>B>@K9 ?@8=O; @5H5=85. > :0: A;54C5B 87 G0AB8 2B>@>9 AB. 18 0:>=0, ?>A;5 ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O ?>;=><>G8O B@5B59A:8E AC459 ?@5:@0I0NBAO, A;54>20B5;L=>, 4;O @07JOA=5=8O @5H5=8O =5>1E>48<> 8E 2>7>1=>2;5=85.  MB8E F5;OE 708=B5@5A>20==0O AB>@>=0 >1@0I05BAO 2 B@5B59A:89 AC4 A 70O2;5=85< > @07JOA=5=88 @5H5=8O, ?> 8B>30< @0AA<>B@5=8O :>B>@>3> B@5B59A:89 AC4 2K=>A8B >?@545;5=85, > 2>7>1=>2;5=88 ?>;=><>G89 B@5B59A:8E AC459 8 ?@8ABC?05B : @0AA<>B@5=8N 70O2;5=8O > @07JOA=5=88 @5H5=8O. 0:>= =5 CAB0=02;8205B ?>@O4>: ?@>2545=8O @07JOA=5=8O @5H5=8O B@5B59A:>3> AC40, ?>MB><C =04> ?>;030BL, GB> ?@>F5AA @07JOA=5=8O 2 A>>B25BAB288 A >1I5?@8=OBK<8 ?@>F5AAC0;L=K<8 ?@028;0<8 4>;65= ?@>E>48BL 2 AC451=>< 70A540=88 A C254><;5=85< AB>@>= B@5B59A:>3> @0718@0B5;LAB20. 4=0:> =5O2:0 AB>@>= =5 ?@5?OBAB2C5B @0AA<>B@5=8N 2>?@>A0 > @07JOA=5=88 @5H5=8O. > 8B>30< @07JOA=5=8O @5H5=8O B@5B59A:89 AC4 ?@8=8<05B >?@545;5=85, :>B>@>5 O2;O5BAO A>AB02=>9 G0ABLN MB>3> @5H5=8O. !B0BLO 42. A?@02;5=85 >?8A>: 8 0@8D<5B8G5A:8E >H81>: "@5B59A:89 AC4, ?@8=O2H89 @5H5=85 ?> A?>@C, 2?@025 ?> 70O2;5=8N AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 8A?@028BL 4>?CI5==K5 >?8A:8 8 0@8D<5B8G5A:85 >H81:8. 0O2;5=85 >1 8A?@02;5=88 4>?CI5==KE >?8A>: 8 0@8D<5B8G5A:8E >H81>: ?>4;568B @0AA<>B@5=8N A>AB02>< B@5B59A:>3> AC40, @07@5H82H8< A?>@, 2 B5G5=85 45AOB8 4=59 ?>A;5 53> ?>;CG5=8O. > @57C;LB0B0< @0AA<>B@5=8O A>>B25BAB2CNI53> 70O2;5=8O 2K=>A8BAO >?@545;5=85 >1 8A?@02;5=88 >?8A>: 8 0@8D<5B8G5A:8E >H81>:, :>B>@>5 O2;O5BAO A>AB02=>9 G0ABLN @5H5=8O B@5B59A:>3> AC40. ><<5=B8@C5<0O AB0BLO 0:>=0 ?@54>AB02;O5B ?@02> B@5B59A:><C AC4C ?> 70O2;5=8O< 708=B5@5A>20==KE AB>@>= 8A?@02;OBL 4>?CI5==K5 >?8A:8 8 0@8D<5B8G5A:85 >H81:8. >4 >?8A:>9 2 A>>B25BAB288 A >1I5C?>B@518B5;L=>9 ;5:A8:>9 ?>=8<05BAO >H81:0 ?> @0AA5O==>AB8 2 ?8AL<5==>< B5:AB5 (2). "> 65 A0<>5 <>6=> A:070BL >1 >?5G0B:5 - >H81:5 2 ?5G0B=>< B5:AB5, 4>?CI5==>9 ?@8 =01>@5, ?5G0B0=88 =0 B5E=8G5A:8E A@54AB20E. @8D<5B8G5A:0O >H81:0 - MB> =5?@028;L=>ABL, 4>?CI5==0O 2 :0:><-;81> 2KG8A;5=88 (3). "0:8< >1@07><, C:070==K5 B8?K >H81>: =5 O2;ONBAO ?@02>2K<8 >H81:0<8, A2O70==K<8 A ?@8<5=5=85< 70:>=>40B5;L=KE =>@<. 5 2A5 0@8D<5B8G5A:85 >H81:8 <>3CB 1KBL 8A?@02;5=K B@5B59A:8< AC4>< 2 ?>@O4:5, ?@54CA<>B@5==>< AB. 42 0:>=0. "0:, =0?@8<5@, 5A;8 0@8D<5B8G5A:0O >H81:0 4>?CI5=0 2A;54AB285 =5?@028;L=>3> ?@8<5=5=8O =>@<, CAB0=02;820NI8E ?>@O4>: 8AG8A;5=8O F5=K 8A:0, B> >=0, ?> ACB8, >B=>A8BAO : ?@02>2>9 8 =5 <>65B 1KBL 8A?@02;5=0 B@5B59A:8< AC4>< 2 ?>@O4:5, CAB0=>2;5==>< :><<5=B8@C5<>9 AB0BL59.  MB>< A;CG05 8A?@02;5=85 >H81:8 2>7<>6=> B>;L:> ?CB5< >1@0I5=8O AB>@>=K : B@5B59A:><C AC4C A ?@>AL1>9 > ?5@5A<>B@5 @5H5=8O 2 G0AB8 4>?CI5==>9 >H81:8 2 ?@8<5=5=88 ?@02>2KE =>@< 8 2K=5A5=88 4>?>;=8B5;L=>3> @5H5=8O >1 8A?@02;5=88 ?@02>2>9 >H81:8. 04> >1@0B8BL 2=8<0=85 =0 B>, GB> 8A?@02;5=85 ?>4;560I8E 27KA:0=8N, >B:070==KE 2> 27KA:0=88 45=56=KE AC<<, @07;8G=KE ?0@0<5B@>2 8 ?>:070B5;59 ?@8AC645==KE 25I59 4>?CAB8<> 2 B>< A;CG05, 5A;8 =525@=K9 @57C;LB0B O28;AO A;54AB285< >H81:8 ?@8 ?@>2545=88 0@8D<5B8G5A:8E 459AB289. >A:>;L:C 2 :><<5=B8@C5<>9 AB0BL5 0:>=0 =5 C:070= A?>A>1 @0AA<>B@5=8O 2>?@>A0 > 2=5A5=88 8A?@02;5=89 2 @5H5=85 8 2>7<>6=>AB8 CG0AB8O ?@54AB028B5;59 AB>@>= 2 70A540=88 B@5B59A:>3> AC40, ?>;0305<, GB> ?>4>1=K5 ?@>F54C@K 4>;6=K >?@545;OBLAO @53;0<5=B>< :064>3> :>=:@5B=>3> B@5B59A:>3> AC40. 0:>= =5 ?@54CA<0B@8205B ?@>F54C@C 8A?@02;5=8O >?8A>: 8 0@8D<5B8G5A:8E >H81>:. 0?@8<5@, =5OA=>, O2;O5BAO ;8 >1O70B5;L=K< ?@>2545=85 AC451=>3> 70A540=8O A C254><;5=85< AB>@>= 2 A;CG05 =5>1E>48<>AB8 8A?@02;5=8O B0:8E >H81>:. @54AB02;O5BAO, GB> 2>?@>A > 2=5A5=88 C:070==KE 87<5=5=89 4>;65= @5H0BLAO 2 AC451=>< 70A540=88, A 8725I5=85< AB>@>= > 2@5<5=8 8 <5AB5 ?@>2545=8O 70A540=8O. 4=0:> =5O2:0 AB>@>= =5 O2;O5BAO ?@5?OBAB285< 4;O @0AA<>B@5=8O 2>?@>A0 > 2=5A5=88 8A?@02;5=89 (A<. AB. 213 , AB. 150 %). 59AB2CNI89 0:>= CB>G=O5B 45AOB84=52=K9 A@>:, 2 B5G5=85 :>B>@>3> 708=B5@5A>20==0O AB>@>=0 2?@025 >1@0B8BLAO A 70O2;5=85< >1 8A?@02;5=88 >H81>: 8;8 0@8D<5B8G5A:8E >H81>:, GB> A?>A>1AB2C5B AB018;L=>AB8 8 ?@54A:07C5<>AB8 B@5B59A:>3> ?@>F5AA0, ?>=C640O AB>@>=K : 1>;55 >B25BAB25==><C >B=>H5=8N : A2>8< ?@020< 8 >1O70==>ABO<. 4=0:> 0:>= =5 CAB0=02;8205B A@>:0, 2 B5G5=85 :>B>@>3> AB>@>=K 2?@025 >1@0B8BLAO 2 B@5B59A:89 AC4 A 70O2;5=85< >1 8A?@02;5=88 >?8A>: 8 0@8D<5B8G5A:8E >H81>:. >;0305<, GB> 745AL =5>1E>48<> ?> 0=0;>388 @C:>2>4AB2>20BLAO ?@54K4CI59 AB0BL59 (AB. 41) 0:>=0, B.5. CAB0=>28BL 2 @53;0<5=B0E A@>: =0 ?>40GC 70O2;5=8O - 10 4=59, ?>A;5 ?>;CG5=8O AB>@>=>9 @5H5=8O B@5B59A:>3> AC40. A?@02;5=85 >?8A>: 8 0@8D<5B8G5A:8E >H81>: >D>@<;O5BAO >?@545;5=85<, :>B>@>5 @0AA<0B@8205BAO 2 :0G5AB25 A>AB02=>9 G0AB8 @5H5=8O B@5B59A:>3> AC40. !B0BLO 43. ?@545;5=85 B@5B59A:>3> AC40 > 2>?@>A0<, =5 70B@03820NI8< ACI5AB20 A?>@0, B@5B59A:89 AC4 2K=>A8B >?@545;5=85. ?@545;5=85 B@5B59A:>3> AC40 >160;>20=8N =5 ?>4;568B. "@5B59A:89 AC4 ?@8=8<05B 420 2840 0:B>2 - @5H5=85 8 >?@545;5=85. A;8 @5H5=85< B@5B59A:>3> AC40 O2;O5BAO 0:B, :>B>@K< 7025@H05BAO @07@5H5=85 45;0 ?> ACI5AB2C A?>@0, B> >?@545;5=85 B@5B59A:>3> AC40 - MB> AC451=K9 0:B, :>B>@K9 ?@8=8<05BAO 2 A;CG05, :>340 =5 2K=>A8BAO @5H5=85 ?> ACI5AB2C A?>@0 8 =5 45;05BAO 2K2>4 >B=>A8B5;L=> >1>A=>20==>AB8 8;8 =5>1>A=>20==>AB8 8A:>2KE B@51>20=89. "0:8< >1@07><, A;54C5B >B<5B8BL, GB> >?@545;5=8O =5 A>45@60B >B25B0 ?> ACI5AB2C 70O2;5==KE B@51>20=89. ?@545;5=8O B@5B59A:>3> AC40 <>3CB 1KBL 2K=5A5=K =0 ;N1>9 AB0488 B@5B59A:>3> @0718@0B5;LAB20 ?> @07=>>1@07=K< 2>?@>A0<, 2>7=8:0NI8< 2 ?@>F5AA5 @07@5H5=8O A?>@0, 2 G0AB=>AB8: 0) ?@8 @5H5=88 2>?@>A0 > @0A?@545;5=88 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 (AB. 22 0:>=0); 1) ?@8 >AB02;5=88 8A:0 157 @0AA<>B@5=8O 2 A;CG05 =58A?>;=5=88 B@51>20=8O >1 020=A8@>20=88 @0AE>4>2, A2O70==KE A @07@5H5=85< A?>@0 2 B@5B59A:>< AC45 (AB. 23 0:>=0); 2) ?> @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@, 0 B0:65 > ?@52KH5=88 B@5B59A:8< AC4>< :><?5B5=F88 (AB. 24 0:>=0); 3) ?@8 @0AA<>B@5=88 :><?5B5=B=K< AC4>< 70O2;5=8O >1 >15A?5G5=88 8A:0, O2;ONI53>AO ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 (AB. 32 0:>=0); 4) >1 >B:075 B@5B59A:>3> AC40 2 C4>2;5B2>@5=88 70O2;5=8O > 2K=5A5=88 4>?>;=8B5;L=>3> @5H5=8O (AB. 40 0:>=0); 5) ?> @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O > @07JOA=5=88 @5H5=8O (AB. 41 0:>=0); 6) >1 8A?@02;5=88 >?8A>: 8 0@8D<5B8G5A:8E >H81>: (AB. 42 0:>=0); 7) > ?@5:@0I5=88 B@5B59A:>3> @0718@0B5;LAB20 ?@8 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@ (AB. 44 0:>=0). 0:>= 2K45;O5B =081>;55 206=K5 2>?@>AK B@5B59A:>3> ?@>F5AA0, :>B>@K5 @07@5H0NBAO 2 D>@<5 2K=5A5=8O >?@545;5=8O, => =5 CAB0=02;820NB 8E 8AG5@?K20NI89 ?5@5G5=L, GB> 405B ?@02> B@5B59A:8< AC40< 2K=>A8BL >?@545;5=8O ?> 2>?@>A0<, =5 C:070==K< 2 0:>=5. %>BO 0:>= =5 @53;0<5=B8@C5B D>@<C >?@545;5=8O, => =0< ?@54AB02;O5BAO, GB> 2 A>>B25BAB288 A> A;>682H59AO 2 3>AC40@AB25==KE AC40E ?@0:B8:>9, >?@545;5=85 B@5B59A:>3> AC40 4>;6=> 1KBL 2K=5A5=> 2 ?8AL<5==>9 D>@<5, ;81> 2 2845 >B45;L=>3> AC451=>3> 0:B0, ;81> 2 2845 70?8A8 2 ?@>B>:>;5 AC451=>3> 70A540=8O. 0: 8 @5H5=85 B@5B59A:>3> AC40, >?@545;5=85 4>;6=> 1KBL ?>4?8A0=> 1>;LH8=AB2>< ?@8=O2H8<8 53> B@5B59A:8<8 AC4LO<8, >BACBAB285 ?>4?8A59 AC459 =0 >?@545;5=88 1C45B >7=0G0BL >BACBAB285 N@848G5A:>9 A8;K MB>3> 4>:C<5=B0. 'B> :0A05BAO B@51>20=89 : A>45@60=8N 8 @5:2878B0< >?@545;5=8O, ?@8=8<05<>3> B@5B59A:8< AC4><, B> 2?>;=5 5AB5AB25==>, GB> ?> 0=0;>388 : B@51>20=8O<, ?@54JO2;O5<K< : @5H5=8N B@5B59A:>3> AC40, 2 >?@545;5=88 4>;6=K ?@8ACBAB2>20BL :0: A2545=8O 8=D>@<0F8>==>3> E0@0:B5@0 (=08<5=>20=85 B@5B59A:>3> AC40, A>AB02 AC40, 40B0, 2@5<O 8 <5AB> 2K=5A5=8O >?@545;5=8O, =08<5=>20=85 8 =><5@ 45;0), B0: 8 40==K5 > ACI=>AB8 >1AB>OB5;LAB2, ?> :>B>@K< ?@8=8<05BAO >?@545;5=85 (@07@5H05<K5 2>?@>AK, <>B82K, :>B>@K<8 @C:>2>4AB2>20;AO B@5B59A:89 AC4, ?@8=8<0O B> 8;8 8=>5 @5H5=85, 2K2>4K AC40 8 B.4.). A;8 <K 3>2>@8< >1 >?@545;5=88 :0: >B45;L=>< AC451=>< 0:B5, B> A:>@55 2A53>, : 53> D>@<5 8 A>45@60=8N A;54C5B ?@8<5=OBL B0:85 65 B@51>20=8O, :0: 8 : @5H5=8N B@5B59A:>3> AC40, 8A?>;L7CO 22>4=CN, >?8A0B5;L=CN, <>B828@>2>G=CN 8 @57>;NB82=CN G0AB8. ;O 2K=5A5=8O B0:>3> 2840 >?@545;5=89 B@5B59A:89 AC4 4>;65= C40;8BLAO 2 >B45;L=CN :><=0BC, >1AC48BL 2 =59 2A5 8<5NI85AO ?> 40==><C >?@545;5=8N 2>?@>AK, 87;>68BL 53> 2 ?8AL<5==>< 2845, ?>4?8A0BL 2A5<8 AC4LO<8, CG0AB2CNI8<8 2 45;5 8 70B5< >3;0A8BL 53> 2 AC451=>< 70A540=88.  >B;8G85 >B MB>3>, CAB=K5 >?@545;5=8O 2K=>AOBAO B>;L:> ?> 2>?@>A0<, B@51CNI8< @07@5H5=8O 2 E>45 AC451=>3> @0718@0B5;LAB20, >1JO2;ONBAO 2 70;5 AC451=>3> 70A540=8O 157 C40;5=8O AC459 2 >B45;L=CN :><=0BC, 70=>AOBAO 2 ?@>B>:>; 70A540=8O AC40 8 >3@0=8G820NBAO >?8A0B5;L=>9, <>B828@>2>G=>9 8 @57>;NB82=>9 G0ABO<8, ?>A:>;L:C 8E 22>4=>9 G0ABLN O2;O5BAO 22>4=0O G0ABL ?@>B>:>;0 70A540=8O B@5B59A:>3> AC40. >A:>;L:C >?@545;5=8O B@5B59A:>3> AC40 =5 ?>4;560B >160;>20=8N 2 :><?5B5=B=KE AC40E, B> 2>7<>6=>ABL 2K=5A5=8O >?@545;5=8O 2 2845 >B45;L=>3> AC451=>3> 0:B0 <>65B ?@54CA<0B@820BLAO ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. A;8 MB>3> =5 A45;0=>, B> ?@8 @0AA<>B@5=88 A?>@>2 B@5B59A:89 AC4 A0< 2K18@05B D>@<C ?@8=8<05<>3> >?@545;5=8O, 8AE>4O 87 7=0G8<>AB8 2K=>A8<>3> 0:B0. !B0BLO 44. @5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 "@5B59A:89 AC4 ?@5:@0I05B B@5B59A:>5 @0718@0B5;LAB2>, 5A;8: B@5B59A:89 AC4 2K=5A >?@545;5=85 >1 >BACBAB288 C B@5B59A:>3> AC40 :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@; 8AB5F >B:070;AO >B A2>53> 8A:>2>3> B@51>20=8O 8 >B25BG8: =5 70O28; 2>7@065=8O ?@>B82 ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20; AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 4>AB83;8 A>3;0H5=8O > ?@5:@0I5=88 B@5B59A:>3> @0718@0B5;LAB20; AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 70:;NG8;8 <8@>2>5 A>3;0H5=85, 8 >=> CB25@645=> @5H5=85< B@5B59A:>3> AC40; N@848G5A:>5 ;8F>, O2;ONI55AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, ;8:2848@>20=> 2 CAB0=>2;5==>< 70:>=>40B5;LAB2>< ?>@O4:5; D878G5A:>5 ;8F>, O2;ONI55AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, C<5@;> ;81> >1JO2;5=> C<5@H8<, 8;8 ?@87=0=> 15725AB=> >BACBAB2CNI8< 8 =5B 70O2;5=8O >B ?@02>?@55<=8:0 > ?@>4>;65=88 B@5B59A:>3> @0718@0B5;LAB20; 8<55BAO 2ABC?82H55 2 70:>==CN A8;C, ?@8=OB>5 ?> A?>@C <564C B5<8 65 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, > B>< 65 ?@54<5B5 8 ?> B5< 65 >A=>20=8O< @5H5=85 :><?5B5=B=>3> AC40 8;8 B@5B59A:>3> AC40. !?>@, B@5B59A:>5 @0718@0B5;LAB2> ?> :>B>@><C ?@5:@0I5=> ?> >A=>20=8N, ?@54CA<>B@5==><C 2 0170F5 2B>@>< G0AB8 ?5@2>9 =0AB>OI59 AB0BL8, <>65B 1KBL ?5@540= >4=>9 87 AB>@>= ?@5:@0I5==>3> B@5B59A:>3> @0718@0B5;LAB20 2 :><?5B5=B=K9 AC4. @5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 O2;O5BAO D>@<>9 >:>=G0=8O B@5B59A:>3> @0718@0B5;LAB20, 2 ?@>F5AA5 :>B>@>3> 7025@H05BAO 45;>, => A?>@ =5 @07@5H05BAO ?> ACI5AB2C. @5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 <>65B 8<5BL <5AB> B>;L:> ?@8 =0;8G88 :0:8E-;81> >1AB>OB5;LAB2, ?@8 :>B>@KE @0AA<0B@820BL A?>@ =52>7<>6=> ;81> 15AA<KA;5==>. >MB><C B@5B59A:89 AC4 2?@025 8A?>;L7>20BL MB>B <5E0=87< B>;L:> ?> ?@54CA<>B@5==K< 0:>=>< >A=>20=8O<, ?5@5G5=L :>B>@KE O2;O5BAO 8AG5@?K20NI8<, 70:@KBK< 8 =5 ?>4;568B @0AH8@8B5;L=><C 8AB>;:>20=8N. A;8 >A=>20=8O : ?@5:@0I5=8N B@5B59A:>3> @0718@0B5;LAB20 >BACBAB2CNB, B@5B59A:89 AC4 4>;65= @0AA<>B@5BL A?>@ 8 2K=5AB8 @5H5=85 >1 C4>2;5B2>@5=88 8A:0 8;8 >B:075 2 53> C4>2;5B2>@5=88. 0AA<>B@8< 2 >B45;L=>AB8 :064>5 >A=>20=85 ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20, ?5@5G8A;5==K5 2 G0AB8 ?5@2>9 :><<5=B8@C5<>9 AB0BL8 0:>=0. 1. "@5B59A:89 AC4 2K=5A >?@545;5=85 >1 >BACBAB288 C =53> :><?5B5=F88 @0AA<0B@820BL ?5@540==K9 =0 53> @07@5H5=85 A?>@. 0 >A=>20=88 AB. 24 0:>=0 B@5B59A:89 AC4 A0<>AB>OB5;L=> @5H05B 2>?@>A > =0;8G88 8;8 >BACBAB288 C =53> :><?5B5=F88 @0AA<>B@5BL ?5@540==K9 =0 53> @07@5H5=85 A?>@, 2 F5;OE G53> 2KOA=O5B =0;8G85 C AB>@>= ?8AL<5==>3> A>3;0H5=8O A A>>B25BAB2CNI8< A>45@60=85<, CAB0=02;8205B ?@54<5B A?>@0 8 >1AB>OB5;LAB20, ?> :>B>@K< 70O2;5=K 8A:>2K5 B@51>20=8O.  G8A;C =081>;55 G0AB> 2AB@5G0NI8EAO ?@8G8=, ?> :>B>@K< B@5B59A:85 AC4K ?@87=0NB >BACBAB285 C =8E :><?5B5=F88 @0AA<0B@820BL 40==K9 A?>@ >B=>AOBAO: 0) >BACBAB285 2 B@5B59A:>< A>3;0H5=88 C:070=8O =0 :>=:@5B=K9 B@5B59A:89 AC4 8 =52>7<>6=>ABL CAB0=>28BL =0<5@5=8O AB>@>= >B=>A8B5;L=> B0:>3> AC40; 1) =5A>2?045=85 ?@54<5B0 A?>@0 8 >A=>20=89 ?@54JO2;5==>3> 8A:0 A B5<, :0: >=8 >?@545;5=K AB>@>=0<8 2 B@5B59A:>< A>3;0H5=88; 2) 45;> =5?>4254><AB25==> B@5B59A:><C AC4C 2 A8;C AB. 9 =0AB>OI53> 0:>=0, ;81> =5?>4AC4=> 40==><C B@5B59A:><C AC4C. 2. AB5F >B:070;AO >B A2>53> 8A:>2>3> B@51>20=8O 8 >B25BG8: =5 70O28; 2>7@065=8O ?@>B82 ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20. B:07 8ABF0 >B 8A:>2KE B@51>20=89 <>65B 8<5BL <5AB> 4> ?@8=OB8O B@5B59A:8< AC4>< @5H5=8O ?> ACI5AB2C A?>@0 8 4>;65= >D>@<;OBLAO 2 2845 CAB=>3> 8;8 ?8AL<5==>3> 70O2;5=8O 8ABF0 8;8 ?>;=><>G=>3> ;8F0 A> AB>@>=K 8ABF0. @8G8=K >B:070 8ABF0 >B 8A:0 <>3CB 1KBL A0<K<8 @07=K<8 - >B >A>7=0=8O 8ABF>< =5>1>A=>20==>AB8 8;8 =570:>==>AB8 8A:0 4> C4>2;5B2>@5=8O 8A:>2KE B@51>20=89 8ABF0 2> 2=5AC451=>< ?>@O4:5. B25BG8: 2?@025 2>7@078BL ?@>B82 ?@8=OB8O B@5B59A:8< AC4>< >B:070 >B 8A:0 8 <>65B =0AB0820BL =0 @0AA<>B@5=88 A?>@0 ?> ACI5AB2C, ?@8 MB>< >A=>20=85< 4;O B0:>9 ?>78F88 <>65B 1KBL =0;8G85 C >B25BG8:0 70:>==>3> 8=B5@5A0 2 @07@5H5=88 A?>@0, GB> >1KG=> >1JOA=O5BAO =5>1E>48<>ABLN ?>;CG5=8O >B25BG8:>< AC451=>3> @5H5=8O, ?>4B25@640NI53> D0:B A2>52@5<5==>3> 8 =04;560I53> 2K?>;=5=8O 8< 4>3>2>@=KE >1O70B5;LAB2, CAB0=>2;5=8O D0:B>2, 8<5NI8E 7=0G5=85 4;O @07@5H5=8O 4@C38E A?>@>2 8 B.4. ;O ?@5:@0I5=8O @0718@0B5;LAB20 ?> 45;C B@5B59A:89 AC4 >1O70= @07>1@0BLAO, O2;O5BAO ;8 >B:07 >B 8A:0 459AB28B5;L=K< 2K@065=85< 2>;8 8ABF0, 8 ?@>25@8BL, =5 =0AB08205B ;8 >B25BG8: =0 @0AA<>B@5=88 A?>@0 ?> ACI5AB2C. 3. !B>@>=K B@5B59A:>3> @0718@0B5;LAB20 4>AB83;8 A>3;0H5=8O > ?@5:@0I5=88 B@5B59A:>3> @0718@0B5;LAB20. 4=8< 87 >A=>20=89 ?@5:@0I5=8O B@5B59A:>3> @0718@0B5;LAB20 O2;O5BAO 4>AB865=85 AB>@>=0<8 A>3;0H5=8O, :>B>@>5 O2;O5BAO @57C;LB0B>< A>AB>O2H53>AO 8;8 ?@54AB>OI53> C@53C;8@>20=8O A?>@0. >A:>;L:C 2 :><<5=B8@C5<>9 AB0BL5 =8G53> =5 3>2>@8BAO > D>@<5 A>3;0H5=8O, ?@54AB02;O5BAO 4>AB0B>G=K< 4;O ?@5:@0I5=8O @0718@0B5;LAB20 CAB=KE 70O2;5=89 AB>@>=, A45;0==KE 2 70A540=88 B@5B59A:>3> AC40 8 70=5A5==KE 2 ?@>B>:>;. 4. !B>@>=K B@5B59A:>3> @0718@0B5;LAB20 70:;NG8;8 <8@>2>5 A>3;0H5=85 8 >=> CB25@645=> @5H5=85< B@5B59A:>3> AC40.  ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20 4> 2K=5A5=8O B@5B59A:8< AC4>< @5H5=8O ?> ACI5AB2C A?>@0 AB>@>=K <>3CB 70:;NG8BL <8@>2>5 A>3;0H5=85 8 >1@0B8BLAO : AC4C A ?@>AL1>9 > 53> CB25@645=88. "0:85 A>3;0H5=8O O2;ONBAO :><?@><8AA>< AB>@>= 8 D8:A8@CNB 2 ?8AL<5==>< 2845 4>3>2>@5==>ABL AB>@>= > ?>@O4:5 8 CA;>28OE C@53C;8@>20=8O A?>@0.  <8@>2>< A>3;0H5=88 <>3CB 1KBL 70D8:A8@>20=K A@>:8 8 @07<5@ ?>4;560I59 C?;0B5 >B25BG8:>< 704>;65==>AB8, >B:07 8ABF0 (?>;=K9 ;81> G0AB8G=K9) >B 27KA:0=8O HB@0D=KE A0=:F89, ?@>F5=B>2, @0A?@545;5=85 <564C AB>@>=0<8 @0AE>4>2, A2O70==KE A ?@54JO2;5=85< 8A:0 8 2545=85< 45;0. >A;5 ?@>25@:8 >BACBAB28O >A=>20=89, ?@5?OBAB2CNI8E ?@8=OB8N <8@>2>3> A>3;0H5=8O, B@5B59A:89 AC4 CB25@6405B 53> A2>8< @5H5=85< (A<. ><<5=B0@89 : G0AB8 G5B25@B>9 AB. 38 0:>=0). 5. .@848G5A:>5 ;8F>, O2;ONI55AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, ;8:2848@>20=> 2 CAB0=>2;5==>< 70:>=>40B5;LAB2>< ?>@O4:5. 8:2840F8O ?@54AB02;O5B A>1>9 ?@>F5AA, 2 @57C;LB0B5 :>B>@>3> ?@5:@0I05BAO 45OB5;L=>ABL N@848G5A:>3> ;8F0 157 ?5@5E>40 ?@02 8 >1O70==>AB59 ;8:2848@C5<>3>, : 4@C38< ;8F0<. !;54C5B 8<5BL 2 284C, GB> A>3;0A=> AB. 55  #7 ;8:2840F8O N@848G5A:>3> ;8F0 AG8B05BAO 7025@H5==>9, 0 N@848G5A:>5 ;8F> - ?@5:@0B82H8< ACI5AB2>20=85 ?>A;5 2=5A5=8O >1 MB>< 70?8A8 2 548=K9 3>AC40@AB25==K9 @55AB@ N@848G5A:8E ;8F, ?>MB><C, 5A;8 B@5B59A:89 AC4 @0A?>;0305B =5>1E>48<K<8 4>:070B5;LAB20<8, ?>4B25@640NI8<8 ;8:2840F8N 2 CAB0=>2;5==>< ?>@O4:5 N@848G5A:>3> ;8F0, O2;ONI53>AO AB>@>=>9 ?> A?>@C, 40;L=59H55 @0718@0B5;LAB2> =52>7<>6=> 8 >=> ?>4;568B ?@5:@0I5=8N, > G5< 2K=>A8BAO >?@545;5=85 B@5B59A:>3> AC40. 6. $878G5A:>5 ;8F>, O2;ONI55AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, C<5@;> ;81> >1JO2;5=> C<5@H8<, 8;8 ?@87=0=> 15725AB=> >BACBAB2CNI8< 8 =5B 70O2;5=8O >B ?@02>?@55<=8:0 > ?@>4>;65=88 B@5B59A:>3> @0718@0B5;LAB20. !<5@BL O2;ONI53>AO AB>@>=>9 2 ?@>F5AA5 3@0640=8=0 (D878G5A:>3> ;8F0), >1JO2;5=85 ;8F C<5@H8<8 ;81> ?@87=0=85 15725AB=> >BACBAB2CNI8<8 45;0NB =52>7<>6=K< ?@>F5AA B@5B59A:>3> @0718@0B5;LAB20. @87=0=85 3@0640= 15725AB=> >BACBAB2CNI8<8, C<5@H8<8 >ACI5AB2;O5BAO 2 A>>B25BAB288 A ?>;>65=8O<8 AB. 33 8 AB. 36  #7. @8 CA;>288 ?>4B25@645=8O MB8E >1AB>OB5;LAB2 2 ?>@O4:5, CAB0=>2;5==>< 459AB2CNI8< 70:>=>40B5;LAB2><, B@5B59A:89 AC4 ?@5:@0I05B @0718@0B5;LAB2>, > G5< 2K=>A8BAO >?@545;5=85. 7. <55BAO 2ABC?82H55 2 70:>==CN A8;C, ?@8=OB>5 ?> A?>@C <564C B5<8 65 AB>@>=0<8 B@5B59A:>3> @0718@0B5;LAB20, > B>< 65 ?@54<5B5 8 ?> B5< 65 >A=>20=8O< @5H5=85 :><?5B5=B=>3> AC40 8;8 B@5B59A:>3> AC40. "@5B59A:89 AC4 ?@5:@0I05B B@5B59A:>5 @0718@0B5;LAB2>, 5A;8 ?> B><C 65 ?@54<5BC 8 B5< 65 >A=>20=8O< 8A: <564C MB8<8 65 AB>@>=0<8 C65 1K; @0AA<>B@5= :><?5B5=B=K< 8;8 B@5B59A:8< AC4>< 8 8<55BAO 2ABC?82H55 2 70:>==CN A8;C @5H5=85. A;8 B0:>5 >1AB>OB5;LAB2> C65 8<5;> <5AB>, 708=B5@5A>20==0O AB>@>=0 AB028B >1 MB>< 2 8725AB=>ABL B@5B59A:89 AC4, @0AA<0B@820NI89 45;> 8 ?>4B25@6405B MB>B D0:B ?@54AB02;5=85< @5H5=8O :><?5B5=B=>3> 8;8 B@5B59A:>3> AC40 ?> @0=55 @0AA<>B@5==><C 45;C. 7=0:><;5=85 A A>45@60=85< @5H5=8O 8 A>?>AB02;5=85 ?>;CG5==KE 2 @57C;LB0B5 MB>3> 40==KE A <0B5@80;0<8 @0AA<0B@8205<>3> 45;0 ?>72>;O5B B@5B59A:><C AC4C 2KOA=8BL 8 CAB0=>28BL, 8<55B ;8 <5AB> A>2?045=85 8 B>645AB25==>ABL 8A:>2. A;8 0=0;87 ?>;CG5==KE A2545=89 ?>72>;O5B A45;0BL >1>A=>20==K9 2K2>4 > B>645AB25==>AB8 8A:>2, B> @0AA<>B@5=85 45;0 =5 <>65B 1KBL ?@>4>;65=>. @8 2KOA=5=88 2>?@>A0 > B><, 2ABC?8;> ;8 2 A8;C @5H5=85 AC40 >1I59 N@8A48:F88 8;8 E>7O9AB25==>3> AC40, A;54C5B 8AE>48BL 87 ?>;>65=89 ?@>F5AAC0;L=>3> 70:>=>40B5;LAB20. B=>A8B5;L=> @5H5=8O B@5B59A:>3> AC40 =5>1E>48<> 2KOA=8BL, =5 8<5;> ;8 <5AB> >A?0@820=85 MB>3> @5H5=8O 2 ?>@O4:5, ?@54CA<>B@5==>< AB. 46 :><<5=B8@C5<>3> 0:>=0, 8;8 >B:07 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?> >A=>20=8O<, ?@54CA<>B@5==K< 2 AB. 53 0:>=0. @5:@0I5=85 B@5B59A:>3> @0718@0B5;LAB20 =5>1E>48<> >B;8G0BL >B B0:8E =>@<, :0: ?@8>AB0=>2;5=85 ?@>872>4AB20 ?> 45;C, >B;>65=85 AC451=>3> @0718@0B5;LAB20, >AB02;5=85 8A:>2>3> 70O2;5=8O 157 @0AA<>B@5=8O, :>B>@K5 ?@8<5=ONBAO 2 3@0640=A:>< ?@>F5AAC0;L=>< 70:>=>40B5;LAB25 8 E>7O9AB25==>< ?@>F5AAC0;L=>< 70:>=>40B5;LAB25. 0AB>OI89 0:>= MB8 8=AB8BCBK =5 @53;0<5=B8@C5B, => 2 B> 65 2@5<O ?>B@51=>AB8 @0728B8O B@5B59A:>3> ?@>F5AA0 <>3CB ?@825AB8 : =5>1E>48<>AB8 ?@8<5=5=8O C:070==KE 8=AB8BCB>2, :>340, : ?@8<5@C, C B@5B59A:>3> AC40 2?>;=5 <>65B 2>7=8:=CBL =5>1E>48<>ABL >B;>68BL AC451=>5 @0718@0B5;LAB2> 2 A2O78 A =5>1E>48<>ABLN 2KOA=8BL ?@8G8=K =5O2:8 AB>@>= 2 AC451=>5 70A540=85. 5A><=5==>, GB> B@5B59A:89 AC4 4>;65= 8<5BL 2 MB>< A;CG05 ?@>F5AAC0;L=CN 2>7<>6=>ABL >B;>68BL AC451=>5 70A540=85, GB> B0:65 O2;O5BAO D>@<>9 ?@5@K20=8O B@5B59A:>3> @0718@0B5;LAB20. 0==K9 2>?@>A >1KG=> @53C;8@C5BAO A ?><>ILN @53;0<5=B>2 B@5B59A:8E AC4>2, B0:, =0?@8<5@, 2 A>>B25BAB288 A> AB. 39 53;0<5=B0 "@5B59A:>3> AC40 ?@8 &5=B@5 87CG5=8O ?@02>2KE ?@>1;5<, 2 A;CG05 =5>1E>48<>AB8 ?> 70O2;5=8N AB>@>= 8;8 ?> 8=8F80B825 B@5B59A:>3> AC40 @0AA<>B@5=85 45;0 <>65B 1KBL >B;>65=> 8;8 ?@8>AB0=>2;5=>, > G5< 2K=>A8BAO >?@545;5=85.  A>>B25BAB288 A ACI5AB2CNI8<8 2 ?@>F5AAC0;L=>< ?@025 ?@8=F8?0<8, 70:@5?;5==K<8 2 =>@<0E AB. 102  #7 8 AB. 215 % #7, 2 A;CG05 ?@5:@0I5=8O ?@>872>4AB20 ?> 45;C ?>2B>@=>5 >1@0I5=85 2 AC4 ?> A?>@C <564C B5<8 65 ;8F0<8, > B>< 65 ?@54<5B5 8 ?> B5< 65 >A=>20=8O< =5 4>?CA:05BAO. @54AB02;O5BAO, GB> C:070==K5 =>@<K 70:>=>40B5;LAB20 <>3CB 1KBL ?@8<5=5=K 2 45OB5;L=>AB8 B@5B59A:8E AC4>2 ?@8 @5H5=88 2>?@>A0 ?@5:@0I5=8O ?@>872>4AB20 ?> 45;C. !B0BLO 45. %@0=5=85 45; ?> A?>@0< 5;0, @0AA<>B@5==K5 2 ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45, E@0=OBAO 2 40==>< B@5B59A:>< AC45 2 B5G5=85 B@5E ;5B, 5A;8 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 =5 >?@545;5= 1>;55 4;8B5;L=K9 A@>:. 5;>, @0AA<>B@5==>5 2@5<5==K< B@5B59A:8< AC4><, 2 <5AOG=K9 A@>: ?>A;5 ?@8=OB8O @5H5=8O =0?@02;O5BAO 4;O E@0=5=8O 2 :><?5B5=B=K9 AC4. @028;0 :><<5=B8@C5<>9 AB0BLO ?>A2OI5=K 2>?@>AC, :>B>@K9 =0E>48BAO 70 ?@545;0<8 ?@>F54C@ B@5B59A:>3> @0718@0B5;LAB20, => 2<5AB5 A B5< 8<55B A5@L57=>5 ?@0:B8G5A:>5 7=0G5=85. 0B5@80;K 45;, @0AA<>B@5==KE ?>AB>O==> 459AB2CNI8<8 B@5B59A:8<8 AC40<8, E@0=OBAO 2 A0<8E B@5B59A:8E AC40E 2 B5G5=85 B@5E ;5B 8 2 MB8E F5;OE ?>AB>O==> 459AB2CNI85 B@5B59A:85 AC4K 4>;6=K 8<5BL A>1AB25==K5 0@E82K.  :><<5=B8@C5<>9 AB0BL5 ?@54CA<>B@5=>, GB> 45;> E@0=8BAO 2 ?>AB>O==> 459AB2CNI5< B@5B59A:>< AC45 2 B5G5=85 B@5E ;5B, 5A;8 ?@028;0<8 B@5B59A:>3> AC40 =5 CAB0=>2;5= 1>;55 4;8B5;L=K9 A@>:. "0:8< >1@07><, =5 <>65B 1KBL CAB0=>2;5= <5=55 ?@>4>;68B5;L=K9 A@>: E@0=5=8O <0B5@80;>2 @0AA<>B@5==KE 45; @028;0 > E@0=5=88 0:B>2 B@5B59A:8E AC4>2 8 @0AA<>B@5==KE 8< 45; O2;ONBAO 206=>9 <5@>9, >15A?5G820NI59 @50;870F8N @5H5=89 B@5B59A:8E AC4>2. %>BO MB0 <5@0 8 8<55B AC3C1> B5E=8G5A:89 E0@0:B5@, => >G5284=>, GB> 157 >@30=870F88 =04;560I53> ?>@O4:0 A>E@0==>AB8 45; 8 ?@8=OBKE B@5B59A:8< AC4>< @5H5=89 =5 <>65B 1KBL MDD5:B82=>3> 8 30@0=B8@>20==>3> @07@5H5=8O B5E :>;;8789, :>B>@K5 CAB@0=ONBAO 2 ?@>F5AA5 B@5B59A:>3> @0718@0B5;LAB20, 8 >A>15==> ?@8 ?@8=C48B5;L=>< 8A?>;=5=88 @5H5=89 B@5B59A:8E AC4>2. 5H5=85 2@5<5==>3> B@5B59A:>3> AC40 2<5AB5 A <0B5@80;0<8 45;0 2 <5AOG=K9 A@>: ?5@5405BAO 2 AC4, : :><?5B5=F88 :>B>@>3>, 8AE>4O 87 E0@0:B5@0 A?>@0 8 CG0AB2CNI8E 2 45;5 AB>@>=, >B=5A5=> @0AA<>B@5=85 70O2;5=89 >1 >A?0@820=88 @5H5=8O B@5B59A:>3> AC40 8 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. 0AB>OI0O AB0BLO =5 @53C;8@C5B B5E=8G5A:85 2>?@>AK ?5@540G8 <0B5@80;>2 45;0 ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC4>< :><?5B5=B=><C AC4C 2 A;CG0OE >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 8;8 >1@0I5=8O 2 :><?5B5=B=K9 AC4 A 70O2;5=85< > 2K40G5 8A?>;=8B5;L=>3> ;8AB0.  A2O78 A @0AA<>B@5=85< 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40, :><?5B5=B=K9 AC4 8<55B ?@02> 8AB@51>20BL <0B5@80;K AC451=>3> 45;0 87 MB>3> B@5B59A:>3> AC40, => B>;L:> B5, :>B>@K5 =5>1E>48<K :><?5B5=B=><C AC4C 4;O @0AA<>B@5=8O 2>?@>A>2 > =0;8G88 8;8 >BACBAB288 >A=>20=89 : >B<5=5 @5H5=8O B@5B59A:>3> AC40, ?@54CA<>B@5==KE AB. 47 0:>=0. !>3;0A=> MB>9 =>@<5 0:>=0, :><?5B5=B=K9 AC4 =5 2?@025 8AB@51>20BL <0B5@80;K 45;0, :0A0NI85AO ACI5AB20 A?>@0. >A;5 B>3>, :0: 70O2;5=85 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 8;8 70O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 @0AA<>B@5=> :><?5B5=B=K< AC4>< 8 53> >?@545;5=85 2ABC?8;> 2 70:>==CN A8;C, <0B5@80;K 45;0 4>;6=K 1KBL 2>72@0I5=K :><?5B5=B=K< AC4>< ?>AB>O==> 459AB2CNI5<C B@5B59A:><C AC4C.  0:>=5 =5B =>@<K, :>B>@0O >1O7K20;0 1K B@5B59A:89 AC4 @0A:@K20BL :0:CN-;81> 8=D>@<0F8N > E@0=8<KE 8< 45;0E. >;55 B>3>, 2 A8;C ?@8=F8?0 :>=D845=F80;L=>AB8 B@5B59A:>3> @0718@0B5;LAB20, CAB0=>2;5==>3> AB. 4 8 AB.28 0:>=0, =5 <>65B 4>?CA:0BLAO ?5@540G0 8=D>@<0F88, ?@54>AB02;5=85 A2545=89 8 A?@02>: > @0AA<>B@5==KE 45;0E :0:8<-;81> 8=K< ;8F0<, :@><5 AB>@>= A?>@0 8 3>AC40@AB25==KE >@30=>2, =045;5==KE ?>;=><>G8O<8 =0 4>ABC? : B0:>9 :>=D845=F80;L=>9 8=D>@<0F88 (4). !?5F80;8ABK B@5B59A:8E AC4>2 A @07@5H5=8O ?@54A540B5;O B@5B59A:>3> AC40 2?@025 ?@>2>48BL 87CG5=85 8 >1>1I5=85 ?@0:B8:8 45OB5;L=>AB8 B@5B59A:>3> AC40 =0 >A=>25 <0B5@80;>2 @0AA<>B@5==KE 45;, => @57C;LB0BK B0:8E 8AA;54>20=89 <>3CB 1KBL >?C1;8:>20=K 8;8 @0A?@>AB@0=5=K 8=K<8 A?>A>10<8 B>;L:> A A>1;N45=85< :>=D845=F80;L=>AB8, 157 C:070=8O :>=:@5B=KE A2545=89 >1 CG0AB=8:0E A?>@0 8 F5=K 8A:0.  7. !  (/ " "! !# !B0BLO 46. A?0@820=85 @5H5=8O B@5B59A:>3> AC40 2 :><?5B5=B=K9 AC4 !B0BLO 47. A=>20=8O : >B<5=5 @5H5=8O B@5B59A:>3> AC40 !B0BLO 48. >A;54AB28O >B<5=K @5H5=8O B@5B59A:>3> AC40 !B0BLO 46. A?0@820=85 @5H5=8O B@5B59A:>3> AC40 2 :><?5B5=B=K9 AC4 5H5=85 B@5B59A:>3> AC40 <>65B 1KBL >A?>@5=> AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20 ?CB5< ?>40G8 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 2 :><?5B5=B=K9 AC4 2 B5G5=85 B@84F0B8 4=59 A> 4=O 53> ?>;CG5=8O. >40G0 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 ?@8>AB0=02;8205B ?@>872>4AB2> ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40 4> >:>=G0=8O ?@>872>4AB20 ?> A?>@C :><?5B5=B=K< AC4><.  A>>B25BAB288 A G0ABLN ?5@2>9 :><<5=B8@C5<>9 AB0BL8 AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 40=> ?@02> >A?0@820BL @5H5=85 B@5B59A:>3> AC40. !CI5AB2C5B >?@545;5==0O @07=8F0 2 8=AB8BCB0E >A?0@820=8O 8 >160;>20=8O AC451=KE @5H5=89 8 =04> >B<5B8BL, GB> 2 :><<5=B8@C5<>9 AB0BL5 70:>=>40B5;L C?>B@51;O5B B5@<8= ">A?0@820BL", 0 =5 B5@<8= ">160;>20BL". !>3;0A=> @0745;C B@5BL5<C  #7 "160;>20=85 8 ?5@5A<>B@ AC451=KE ?>AB0=>2;5=89" 8 @0745;C B@5BL5<C % #7 "@>872>4AB2> ?> ?5@5A<>B@C @5H5=89" >160;>20=85 ?@54?>;0305B >1@0I5=85 CG0AB=8:0 ?> 45;C 2 AC4 2KH5AB>OI59 8=AB0=F88, =>2>5 @0AA<>B@5=85 45;0 2 0?5;;OF8>==>< AC45, ;81> ?@>25@:C @5H5=8O A B>G:8 7@5=8O 70:>==>AB8 8 >1>A=>20==>AB8 2 :0AA0F8>==>< AC45. 0: A;54C5B 87 CAB0=>2;5==KE ACI=>AB8 8 ?@8=F8?>2 B@5B59A:>3> @0718@0B5;LAB20, 3>AC40@AB25==K5 AC4K =5 2?@025 >ACI5AB2;OBL 0?5;;OF8>==K9, :0AA0F8>==K9 8;8 =047>@=K9 ?5@5A<>B@ @5H5=89, ?@8=8<05<KE B@5B59A:8<8 AC40<8. !;54C5B CB>G=8BL, GB> :><?5B5=B=K5 3>AC40@AB25==K5 AC4K =5 O2;ONBAO 2KH5AB>OI8<8 AC40<8 ?> >B=>H5=8N : B@5B59A:8< AC40<, >=8 ;8HL >ACI5AB2;ONB :>=B@>;L=K5 DC=:F88 2 >B=>H5=88 @5H5=89 B@5B59A:8E AC4>2, ?@8G5< 2K?>;=5=85 B0:8E DC=:F89 >3@0=8G5=> @0<:0<8 70:>=0 8 =5 <>65B 2KE>48BL 70 ?@545;K ?@>25@:8 ?@>F54C@K 45OB5;L=>AB8 B@5B59A:8E AC4>2. >MB><C 2 A>>B25BAB288 A G0ABLN ?5@2>9 AB. 47 0:>=0 :><?5B5=B=><C AC4C =5 ?@54>AB02;5=> ?@02> =0 8AA;54>20=85 >1AB>OB5;LAB2, CAB0=>2;5==KE B@5B59A:8< AC4><, ;81> =0 ?5@5A<>B@ @5H5=8O B@5B59A:>3> AC40 ?> ACI5AB2C. 160;>20=85 >7=0G05B ?@>25@:C ?@028;L=>AB8 AC451=>3> @5H5=8O A B>G:8 7@5=8O 53> 70:>==>AB8 8 >1>A=>20==>AB8, => B0:8< ?@02>< :><?5B5=B=K9 AC4 ?> >B=>H5=8N : B@5B59A:8< AC40< =5 =045;5=. <5==> ?>MB><C 70:>=>40B5;L ?@54>AB02;O5B CG0AB=8:0< B@5B59A:>3> @0718@0B5;LAB20 ?@02> >A?0@820BL A>AB>O2H55AO @5H5=85 B@5B59A:>3> AC40 B>;L:> A B>G:8 7@5=8O =5A>1;N45=8O C:070==KE 2 AB. 47 0:>=0 ?@>F5AAC0;L=KE ?@028;, => =5 A ?>78F89 ?5@5A<>B@0 @5H5=8O B@5B59A:>3> AC40 ?> ACI5AB2C A?>@0. @8 MB>< 206=> >B<5B8BL, GB> >B<5=0 @5H5=8O B@5B59A:>3> AC40 A>2A5< =5 >7=0G05B >B<5=K B@5B59A:>3> A>3;0H5=8O (5A;8 >1 MB>< =5 1C45B ?@O<> C:070=> 2 @5H5=88 3>AC40@AB25==>3> AC40), ?>A:>;L:C, =5A<>B@O =0 >B<5=C B@5B59A:>3> @5H5=8O, ?@>872>4AB2> ?> A?>@C <>65B 1KBL 2>7>1=>2;5=> 2 A>>B25BAB2CNI5< B@5B59A:>< AC45 =0 >A=>20=88 B@5B59A:>3> A>3;0H5=8O. ><<5=B8@C5<0O AB0BLO 0:>=0 ?@54>AB02;O5B 2>7<>6=>ABL AB>@>=5 >1@0B8BLAO 2 :><?5B5=B=K9 AC4 A 70O2;5=85< >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 2 B@84F0B84=52=K9 A@>: A> 4=O 53> ?>;CG5=8O. AE>4O 87 MB>3>, <=>385 8AA;54>20B5;8 AG8B0NB, GB> @5H5=85 B@5B59A:>3> AC40 2ABC?05B 2 70:>==CN A8;C ?> 8AB5G5=88 B@84F0B84=52=>3> A@>:0, ?@54>AB02;5==>3> 0:>=>< =0 53> >A?0@820=85. 4=0:>, MB> =525@=>, ?>A:>;L:C 2 B5G5=85 C:070==>3> A@>:0 <>65B 1KBL B>;L:> 2>71C645=0 ?@>F54C@0 2 :><?5B5=B=>< 3>AC40@AB25==>< AC45 ?> >B<5=5 MB>3> @5H5=8O. #AB0=>2;5==>5 AB. 49 0:>=0 CA;>285 =5<54;5==>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 2 A;CG05, 5A;8 A@>: 53> 8A?>;=5=8O =5 CAB0=>2;5=, :0: @07 A2845B5;LAB2C5B > B><, GB> @5H5=85 B@5B59A:>3> AC40 2ABC?05B 2 70:>==CN A8;C =5<54;5==>, GB> 8 >B;8G05B 53> >B @5H5=8O 3>AC40@AB25==>3> AC40 ?5@2>9 8=AB0=F88. @02>2>5 ?>A;54AB285 CAB0=>2;5=8O A@>:0 4;O 4>1@>2>;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 A>3;0A=> AB. 49 0:>=0 A>AB>8B 2 B><, GB> C 708=B5@5A>20==>9 AB>@>=K 5ABL ?@02> 4>1@>2>;L=> 8A?>;=8BL @5H5=85 B@5B59A:>3> AC40 2 CAB0=>2;5==K9 A@>:, ;81> >1@0B8BLAO 2 :><?5B5=B=K9 AC4 A 70O2;5=85< >1 >A?0@820=88 @5H5=8O B@5B59A:>3> AC40.  ;N1>< A;CG05, B@84F0B84=52=K9 A@>: 4;O >A?0@820=8O @5H5=8O B@5B59A:>3> AC40, C:070==K9 2 G0AB8 ?5@2>9 AB. 46 0:>=0, =0G8=05BAO A> 4=O ?>;CG5=8O B0:>3> @5H5=8O. <5==> B0:>9 ?>4E>4 70:@5?;O5BAO 2 ?@028;0E, @53;0<5=B8@CNI8E 45OB5;L=>ABL ?>AB>O==> 459AB2CNI8E B@5B59A:8E AC4>2, 2 :>B>@KE >1KG=> C:070=>, GB> @5H5=85 B@5B59A:>3> AC40 8A?>;=O5BAO AB>@>=0<8 4>1@>2>;L=> 2 ?>@O4:5 8 2 A@>:8, 8< CAB0=>2;5==K5. @8 ?5@540G5 A?>@0 2 ?>AB>O==> 459AB2CNI89 B@5B59A:89 AC4, 5A;8 AB>@>=K =5 4>3>2>@8;8AL >1 8=><, ?@028;0 C:070==>3> B@5B59A:>3> AC40 @0AA<0B@820NBAO 2 :0G5AB25 =5>BJ5<;5<>9 G0AB8 B@5B59A:>3> A>3;0H5=8O. <5AB5 A B5<, =0;8G85 2 ?@028;0E ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 ?>;>65=8O > B><, GB> ?@8=OB>5 8< @5H5=85 ?> A?>@C O2;O5BAO >:>=G0B5;L=K<, =5 <>65B A;C68BL >1AB>OB5;LAB2><, A2845B5;LAB2CNI8< >1 >BACBAB288 2>7<>6=>AB8 4;O >A?0@820=8O @5H5=8O 40==>3> B@5B59A:>3> AC40. A?0@820=85 @5H5=8O B@5B59A:>3> AC40 >ACI5AB2;O5BAO ?CB5< ?>40G8 AB>@>=>9 70O2;5=8O >1 >B<5=5 C:070==>3> @5H5=8O 2 :><?5B5=B=K9 AC4. 0O2;5=85 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 ?>405BAO 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 ?> ?>4254><AB25==>AB8 2 ?8AL<5==>9 D>@<5 8 ?>4?8AK205BAO AB>@>=>9 8;8 C?>;=><>G5==K< ?@54AB028B5;5< AB>@>=K, >A?0@820NI59 @5H5=85. A;8 AB>@>=0 =5 2>A?>;L7>20;0AL A2>8< ?@02>< >A?>@8BL @5H5=85 B@5B59A:>3> AC40 8 =5 >1@0B8;0AL 2 :><?5B5=B=K9 AC4 A 70O2;5=85< > 53> >B<5=5, >=0 CB@0G8205B ?@02> >A?>@8BL @5H5=85 B@5B59A:>3> AC40. 5A<>B@O =0 B>, GB> 2 =>@<0E 0:>=0 =5 C:070=K B@51>20=8O : =0?8A0=8N 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40, 8AE>4O 87 0=0;>388 ?>40G8 70O2;5=89 2 3>AC40@AB25==K5 AC4K, 2 =5< =5>1E>48<> C:070BL: 1) =08<5=>20=85 :><?5B5=B=>3> 3>AC40@AB25==>3> AC40, 2 :>B>@K9 ?>405BAO 70O2;5=85; 2) =08<5=>20=85 8 A>AB02 B@5B59A:>3> AC40, ?@8=O2H53> @5H5=85, <5AB> 53> =0E>645=8O; 3) =08<5=>20=85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 8E <5AB> =0E>645=8O 8;8 <5AB> 68B5;LAB20; 4) 40BC 8 <5AB> ?@8=OB8O @5H5=8O B@5B59A:>3> AC40, 53> =><5@; 5) 40BC ?>;CG5=8O >A?0@8205<>3> @5H5=8O B@5B59A:>3> AC40 AB>@>=>9, >1@0B82H59AO A 70O2;5=85< >1 >B<5=5 C:070==>3> @5H5=8O; 6) B@51>20=85 AB>@>=K >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40, >A=>20=8O, ?> :>B>@K< >=> >A?0@8205BAO.  70O2;5=8N >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 A;54C5B ?@8;>68BL >@838=0;K 8;8 =04;560I8< >1@07>< 7025@5==K5 :>?88 @5H5=8O B@5B59A:>3> AC40, A>3;0H5=8O > B@5B59A:>< @0718@0B5;LAB25, 4>:C<5=BK, ?@54AB02;O5<K5 2 >1>A=>20=85 B@51>20=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40, 4>:C<5=B >1 >?;0B5 3>AC40@AB25==>9 ?>H;8=K 2 ?>@O4:5 8 @07<5@5, CAB0=>2;5==>< 70:>=>40B5;LAB2><, C254><;5=85 > 2@CG5=88 8;8 8=>9 4>:C<5=B, ?>4B25@640NI89 =0?@02;5=85 :>?88 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 4@C3>9 AB>@>=5, 4>25@5==>ABL 8;8 8=>9 4>:C<5=B, ?>4B25@640NI89 ?>;=><>G8O ;8F0 =0 ?>4?8A0=85 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40. >@O4>: @0AA<>B@5=8O 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K< AC4>< ?@54CA<>B@5= AB. 46 8 AB. 47 0:>=0, 2 A>>B25BAB288 A :>B>@K<8 B0:>5 70O2;5=85 @0AA<0B@8205BAO AC4L59 548=>;8G=> 2 A@>:, =5 ?@52KH0NI89 <5AOF0 A> 4=O 53> ?>ABC?;5=8O 2 :><?5B5=B=K9 AC4, 2:;NG0O A@>: =0 ?>43>B>2:C 45;0 : AC451=><C @0718@0B5;LAB2C 8 2K=5A5=8O A>>B25BAB2CNI53> >?@545;5=8O. @8 ?>43>B>2:5 45;0 : AC451=><C @0718@0B5;LAB2C 2 :><?5B5=B=>< AC45 ?> E>40B09AB2C AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 AC4L59 <>3CB 1KBL 8AB@51>20=K 87 B@5B59A:>3> AC40 <0B5@80;K 45;0, => B>;L:> 2 B>9 G0AB8, :>B>@0O 2 A>>B25BAB288 A> AB. 47 0:>=0 >A?0@8205BAO 2 :><?5B5=B=>< AC45. %>BO AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 8725I0NBAO :><?5B5=B=K< AC4>< > 2@5<5=8 8 <5AB5 AC451=>3> 70A540=8O, => >BACBAB285 2 AC451=>< 70A540=88 AB>@>=, 8725I5==KE =04;560I8< >1@07><, =5 O2;O5BAO ?@5?OBAB285< 4;O @0AA<>B@5=8O 45;0. >40G0 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 2 :><?5B5=B=K9 AC4 ?@8>AB0=02;8205B ?@>872>4AB2> ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40.  MB>< A;CG05 :><?5B5=B=K9 AC4 2K=>A8B >?@545;5=85 > ?@8>AB0=>2;5=88 ?@>872>4AB20 ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40, :>B>@>5 4>;6=> A>45@60BL A;54CNI85 A2545=8O: 0) >1 >A?0@8205<>< @5H5=88 B@5B59A:>3> AC40 8 > <5AB5 53> ?@8=OB8O; 1) > =08<5=>20=88 8 A>AB025 B@5B59A:>3> AC40, ?@8=O2H53> >A?0@8205<>5 @5H5=85; 2) =08<5=>20=85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20; 3) C:070=85 =0 70O2;5=85 AB>@>=K, E>40B09AB2CNI59 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 ?>;=>ABLN 8;8 2 G0AB8; 4) @57>;NB82=CN G0ABL, >1JO2;ONICN > ?@8>AB0=>2;5=88 ?@>872>4AB20 ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40 A C:070=85< 40BK 2ABC?;5=8O >?@545;5=8O 2 A8;C. #AB0=>2;5==K9 A@>: 4;O ?>40G8 70O2;5=8O 2 :><?5B5=B=K9 AC4 O2;O5BAO ?@>F5AAC0;L=K< A@>:>< 8 ?@8 =0;8G88 C2068B5;L=KE ?@8G8= 53> ?@>?CA:0 <>65B 1KBL ?> E>40B09AB2C 708=B5@5A>20==>9 AB>@>=K 2>AAB0=>2;5= :><?5B5=B=K< AC4><. @8 MB>< E>40B09AB2> > 2>AAB0=>2;5=88 ?@>?CI5==>3> A@>:0 4>;6=> 1KBL ?>40=> 2 :><?5B5=B=K9 AC4 2<5AB5 A 70O2;5=85< >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40. ><?5B5=B=K9 AC4 ?@8 @0AA<>B@5=88 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 ?@>25@O5B =0;8G85 (>BACBAB285) >A=>20=89 : >B<5=5 @5H5=8O 2 A>>B25BAB288 A B5<8 4>2>40<8, :>B>@K5 ?@82545=K AB>@>=>9, >A?0@820NI59 @5H5=85 B@5B59A:>3> AC40. '0ABL 2B>@0O :><<5=B8@C5<>9 AB0BL8 ?@54CA<0B@8205B A;CG08, :>340 @5H5=85 B@5B59A:>3> AC40, 2ABC?82H55 2 70:>==CN A8;C, =0G8=05B 8A?>;=OBLAO AB>@>=>9, ;81> 4@C38<8 ;8F0<8, ?>;CG82H8<8 @5H5=85 AC40 (=0?@8<5@: :><<5@G5A:>9 >@30=870F859, B@5BL8< ;8F><, 8<5NI8< >1I55 8<CI5AB2> A >B25BG8:><).  745AL 206=K< <><5=B>< O2;O5BAO B>, GB> ?>40G0 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 ?@8>AB0=02;8205B ?@>872>4AB2> ?> 8A?>;=5=8N @5H5=8O 4> >:>=G0=8O @0AA<>B@5=8O C:070==>3> 70O2;5=8O :><?5B5=B=K< AC4>< 8 2K=5A5=8O A>>B25BAB2CNI53> >?@545;5=8O. @>F54C@0 >A?0@820=8O @5H5=89, ?@8=8<05<KE B@5B59A:8< AC4><, 2KE>48B 70 @0<:8 70:>=>40B5;LAB20 > B@5B59A:8E AC40E. "0:8< >1@07><, 70:>=>40B5;LAB2> @0745;O5B, A>1AB25==> B@5B59A:>5 @0718@0B5;LAB2>, :>B>@>5 70:0=G8205BAO 2 B>B <><5=B, :>340 @5H5=85 B@5B59A:>3> AC40 ?@8=8<05BAO, >3;0H05BAO 8 2ABC?05B 2 70:>==CN A8;C, 8 ?@>F54C@C ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2, :>B>@0O, E>BO 8 A2O70=0 A C:070==K< 70:>=>40B5;LAB2><, =>, 1C4CG8 >A=>20==>9 =0 <5E0=87<0E ?@8=C48B5;L=>3> E0@0:B5@0, 2KE>48B 70 @0<:8 B@5B59A:8E ?@>F54C@ 8 >AB05BAO 2 AD5@5 45OB5;L=>AB8 :><?5B5=B=KE 3>AC40@AB25==KE AC4>2, 0 B0:65 >@30=>2 ?@8=C48B5;L=>3> 8A?>;=5=8O AC451=KE @5H5=89.  :><<5=B8@C5<>9 AB0BL5 0:>=0 @5GL 845B 8A:;NG8B5;L=> >1 CAB0=>2;5=88 ?@>F5AAC0;L=>3> ?>@O4:0 >A?0@820=8O @5H5=8O, ?@8=OB>3> B@5B59A:8< AC4><, :>B>@K9 O2;O5BAO A2>5>1@07=>9 D>@<>9 :>=B@>;O 70 45OB5;L=>ABLN B@5B59A:8E AC4>2 A> AB>@>=K :><?5B5=B=KE AC4>2. 4=0:>, B0:>9 :>=B@>;L 4>;65= >ACI5AB2;OBLAO 8A:;NG8B5;L=> 2 B5E @0<:0E, :>B>@K5 >?@545;5=K 70:>=>40B5;LAB2>< 8 8<5BL <5AB> 2 :@09=8E A;CG0OE. !B0BLO 47. A=>20=8O : >B<5=5 @5H5=8O B@5B59A:>3> AC40 @8 @0AA<>B@5=88 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K9 AC4 =5 2?@025 8AA;54>20BL >1AB>OB5;LAB20, CAB0=>2;5==K5 B@5B59A:8< AC4><, ;81> ?5@5A<0B@820BL @5H5=85 B@5B59A:>3> AC40 ?> ACI5AB2C. 5H5=85 B@5B59A:>3> AC40 ?>4;568B >B<5=5 :><?5B5=B=K< AC4><, 5A;8 AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20, ?>402H0O 70O2;5=85 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40, ?@54AB028B 4>:070B5;LAB20 B>3>, GB>: B@5B59A:>5 A>3;0H5=85 O2;O5BAO =5459AB28B5;L=K< ?> >A=>20=8O<, ?@54CA<>B@5==K< 70:>=>40B5;L=K<8 0:B0<8; @5H5=85 B@5B59A:>3> AC40 2K=5A5=> ?> A?>@C, =5 ?@54CA<>B@5==><C B@5B59A:8< A>3;0H5=85< 8;8 =5 ?>4?040NI5<C ?>4 53> CA;>28O, ;81> A>45@68B 2K2>4K ?> 2>?@>A0<, 2KE>4OI8< 70 ?@545;K B@5B59A:>3> A>3;0H5=8O. A;8 2K2>4K B@5B59A:>3> AC40 ?> 2>?@>A0<, :>B>@K5 >E20BK20NBAO B@5B59A:8< A>3;0H5=85<, <>3CB 1KBL >B45;5=K >B 2K2>4>2 ?> 2>?@>A0<, :>B>@K5 =5 >E20BK20NBAO B0:8< A>3;0H5=85<, B> <>65B 1KBL >B<5=5=0 B>;L:> B0 G0ABL @5H5=8O B@5B59A:>3> AC40, :>B>@0O A>45@68B 2K2>4K ?> 2>?@>A0<, =5 >E20BK205<K< B@5B59A:8< A>3;0H5=85<; @5H5=85 B@5B59A:>3> AC40 2K=5A5=> A =0@CH5=85< B@51>20=89 G0AB59 ?5@2>9 8 B@5BL59 AB0BL8 10 =0AB>OI53> 0:>=0; A>AB02 B@5B59A:>3> AC40 8;8 B@5B59A:>5 @0718@0B5;LAB2> =5 A>>B25BAB2>20;8 ?>;>65=8O< AB0B59 14, 15, 16 8 25 =0AB>OI53> 0:>=0; AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20, ?@>B82 :>B>@>9 ?@8=OB> @5H5=85 B@5B59A:>3> AC40, =5 1K;0 =04;560I8< >1@07>< C254><;5=0 >1 871@0=88 (=07=0G5=88) B@5B59A:8E AC459 8;8 > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40 8 ?>B><C =5 <>3;0 ?@54AB028BL B@5B59A:><C AC4C A2>8 >1JOA=5=8O. 5H5=85 B@5B59A:>3> AC40 ?>4;568B >B<5=5 :><?5B5=B=K< AC4><, 5A;8 A?>@, @0AA<>B@5==K9 B@5B59A:8< AC4><, =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A 70:>=>40B5;L=K<8 0:B0<8. A=>20=8O : >B<5=5 @5H5=8O - MB> ?5@5G8A;5==K5 2 :><<5=B8@C5<>9 AB0BL5 >1AB>OB5;LAB20, ?@8 =0;8G88 :>B>@KE :><?5B5=B=K9 AC4 >1O70= >B<5=8BL 2K=5A5==>5 B@5B59A:8< AC4>< @5H5=85 ?> ACI5AB2C 45;0. '0ABL ?5@20O :><<5=B8@C5<>9 AB0BL8 CAB0=02;8205B 8<?5@0B82=K5 ?@028;0 ?> >3@0=8G5=8N N@8A48:F88 :><?5B5=B=KE AC4>2 ?> ?@>25@:5 @5H5=89 B@5B59A:>3> AC40, ?>MB><C >A=>20=8O 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40 =>AOB 8AG5@?K20NI89 E0@0:B5@ 8 =5 ?>4;560B @0AH8@8B5;L=><C B>;:>20=8N. BACBAB285 C :><?5B5=B=>3> AC40 ?@020 ?@>25@OBL ?@028;L=>ABL 8 70:>==>ABL @5H5=8O B@5B59A:>3> AC40 2KB5:05B 87 A>45@60=8O :><<5=B8@C5<>9 AB0BL8 0:>=0, CAB0=02;820NI59 >A=>20=8O 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40. ;O CAB0=>2;5=8O =0;8G8O 8;8 >BACBAB28O 2 @5H5=88 B@5B59A:>3> AC40 >A=>20=89 4;O >B<5=K, :><?5B5=B=><C AC4C 4>AB0B>G=> >7=0:><8BLAO A B5:AB>< @5H5=8O B@5B59A:>3> AC40 8 ;560I53> 2 53> >A=>25 B@5B59A:>3> A>3;0H5=8O, 0 B0:65 4>:C<5=B0<8 ?> 8725I5=8N AB>@>= >1 871@0=88 (=07=0G5=88) B@5B59A:8E AC459, > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40.  A>>B25BAB288 A G0ABLN ?5@2>9 AB. 25 0:>=0, ?@8 >BACBAB288 A>3;0A>20==KE AB>@>=0<8 ?@028; B@5B59A:>3> @0718@0B5;LAB20, B@5B59A:>5 @0718@0B5;LAB2> >ACI5AB2;O5BAO 2 A>>B25BAB288 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40. AE>4O 87 8<?5@0B82=>-48A?>78B82=>9 ?@8@>4K 0:>=0 " B@5B59A:8E AC40E", =5>1E>48<> A>>B25BAB2CNI8< >1@07>< >F5=820BL =0;8G85 >A=>20=89 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40. A;8 ?@>F54C@=0O =>@<0 0:>=0 =>A8B 8<?5@0B82=K9 E0@0:B5@, B> 2 MB>< A;CG05 :><?5B5=B=K9 AC4 4>;65= 55 =0@CH5=85 ?@87=0BL >A=>20=85< 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40, 0 ?@8 48A?>78B82=>< @53C;8@>20=88 2> 2=8<0=85 ?@8=8<0NBAO ?@028;0 (@53;0<5=B, ?>;>65=85) ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8 ?@028;0 @0718@0B5;LAB20, :>B>@K5 1K;8 >?@545;5=K B@5B59A:8< AC4><. @54CA<>B@5==K5 :><<5=B8@C5<>9 AB0BL59 0:>=0 >A=>20=8O : >B<5=5 @5H5=8O B@5B59A:>3> AC40 <>6=> CA;>2=> @0745;8BL =0 420 2840. 48= 87 284>2 B0:8E >A=>20=89 >E20BK205B A;CG08, :>340 @5H5=85 B@5B59A:>3> AC40 >A?0@8205BAO ?> <>B820< =0@CH5=8O ?@>F54C@K B@5B59A:>3> @0718@0B5;LAB20 8 >1O70==>ABL 4>:07K20BL =0;8G85 B0:8E =0@CH5=89 ;568B =0 AB>@>=5, ?>402H59 2 :><?5B5=B=K9 AC4 70O2;5=85 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40.  4@C3><C 284C >A=>20=89 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40 >B=>AOBAO A;CG08, :>340 =54>AB0B:8 @5H5=8O >1CA;>2;5=K B5<, GB> 45;> =5?>4254><AB25==> B@5B59A:><C AC4C 8 =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A 70:>=>40B5;LAB2><. A?0@820=85 @5H5=89 B@5B59A:8E AC4>2 ?> <>B820< =0@CH5=8O ?@>F54C@K B@5B59A:>3> @0718@0B5;LAB20 2>7<>6=> ?> A;54CNI8< >A=>20=8O<, ?@54CA<>B@5==K< G0ABLN 2B>@>9 :><<5=B8@C5<>9 AB0BL8.  =8<, 2 G0AB=>AB8, >B=>AOBAO: 0) =5459AB28B5;L=>ABL B@5B59A:>3> A>3;0H5=8O ?> >A=>20=8O<, ?@54CA<>B@5==K< 70:>=>40B5;L=K<8 0:B0<8. "0:>5 >A=>20=85 >B<5=K @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K< AC4>< <>65B 1KBL 2K720=> =0@CH5=85< B@51>20=89, ?@54JO2;O5<KE : B@5B59A:><C A>3;0H5=8N. A;8 AB>@>=0 ?@>A8B >B<5=8BL @5H5=85 B@5B59A:>3> AC40 ?> C:070==><C >A=>20=8N, :><?5B5=B=K9 AC4 4>;65= ?@>25@8BL A>>B25BAB285 B@5B59A:>3> A>3;0H5=8O AB. AB. 12-13 =0AB>OI53> 0:>=0. A=>2=K5 B@51>20=8O : D>@<5 8 A>45@60=8N B@5B59A:>3> A>3;0H5=8O ?@54?8A0=K C:070==K<8 AB0BLO<8 8 5A;8 AB>@>=K MB8E B@51>20=89 =5 2K?>;=8;8, =0?@8<5@, =5 C:070;8 B>G=>5 =08<5=>20=85 B@5B59A:>3> AC40, @0AA<0B@820NI53> A?>@, B> B@5B59A:>5 A>3;0H5=85 AG8B05BAO =570:;NG5==K< 8 A;54>20B5;L=>, MB> >1AB>OB5;LAB2> 1C45B >A=>20=85< 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40. ><?5B5=B=K9 AC4 >1O70= ?@8<5=OBL C:070==K5 =>@<K AB. AB. 12- 13 0:>=0, 8 =5 <>65B 2KE>48BL 70 8E ?@545;K. "0:, =0?@8<5@, B@5B59A:>5 A>3;0H5=85 =5 <>65B 1KBL ?@87=0=> =5459AB28B5;L=K< 2A;54AB285 ?@87=0=8O >A=>2=>3> 4>3>2>@0 =5459AB28B5;L=K<; 1) 2K=5A5=85 @5H5=8O B@5B59A:8< AC4>< ?> A?>@C, =5 ?@54CA<>B@5==><C B@5B59A:8< A>3;0H5=85< 8;8 =5 ?>4?040NI5<C ?>4 53> CA;>28O, ;81> A>45@60I55 2K2>4K ?> 2>?@>A0<, 2KE>4OI8< 70 ?@545;K B@5B59A:>3> A>3;0H5=8O. A;8 2K2>4K B@5B59A:>3> AC40 ?> 2>?@>A0<, :>B>@K5 >E20BK20NBAO B@5B59A:8< A>3;0H5=85<, <>3CB 1KBL >B45;5=K >B 2K2>4>2 ?> 2>?@>A0<, :>B>@K5 =5 >E20BK20NBAO B0:8< A>3;0H5=85<, B> <>65B 1KBL >B<5=5=0 B>;L:> B0 G0ABL @5H5=8O B@5B59A:>3> AC40, :>B>@0O A>45@68B 2K2>4K ?> 2>?@>A0<, =5 >E20BK205<K< B@5B59A:8< A>3;0H5=85<. KE>4 70 ?@545;K B@5B59A:>3> A>3;0H5=8O 2 @5H5=88 B@5B59A:8E AC4>2 <>65B 8<5BL <5AB> :0: 2 2845 @0AH8@8B5;L=>3>, B0: 8 >3@0=8G8B5;L=>3> 2KE>40 87 ?@545;>2 B@5B59A:>3> A>3;0H5=8O. 10 2840 B0:>3> 2KE>40 70 ?@545;K =54>?CAB8<K, 81> 2 MB>< A;CG05 B@5B59A:89 AC4 =0@CH05B 2>;N AB>@>= =0 @0AA<>B@5=85 :>=:@5B=>3> G0AB=>3> A?>@0 8 @0AA<0B@8205B 2>?@>AK, =5 ?5@540==K5 =0 @0718@0B5;LAB2>, 8;8, =0>1>@>B, =5 @0AA<0B@8205B B5 A?>@=K5 2>?@>AK, >B25BK =0 :>B>@K5 >6840NB ?>;CG8BL A?>@OI85 AB>@>=K. @8<5=5=85 =>@< > 2KE>45 70 ?@545;K B@5B59A:>3> A>3;0H5=8O :0: >A=>20=85 >B<5=K @5H5=8O B@5B59A:>3> AC40 <>65B 1KBL ?@8<5=5=> :><?5B5=B=K< AC4>< B>;L:> : B>9 G0AB8 @5H5=8O B@5B59A:>3> AC40, :>B>@0O 2KH;0 70 ?@545;K B@5B59A:>3> A>3;0H5=8O.  A;CG0OE, 5A;8 2K2>4K B@5B59A:>3> AC40 ?> 2>?@>A0<, >E20BK205<K< B@5B59A:8< A>3;0H5=85<, <>3CB 1KBL >B45;5=K >B B5E, :>B>@K5 =5 >E20BK20NBAO B0:8< A>3;0H5=85<, B> B0 G0ABL @5H5=8O B@5B59A:>3> AC40, :>B>@0O A>45@68B 2K2>4K ?> 2>?@>A0<, A>3;0A>20==K< 2 B@5B59A:>< A>3;0H5=88 2 4>3>2>@5 <564C AB>@>=0<8, <>65B 1KBL A>E@0=5=0. B<5=5 1C45B ?>4;560BL ;8HL B0 G0ABL @5H5=8O B@5B59A:>3> AC40, :>B>@0O =5 >E20BK205BAO B@5B59A:8< A>3;0H5=85<.  40==>< A;CG05 @5GL 845B =5 AB>;L:> > =5459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O, 0 > B><, GB> B@5B59A:89 AC4 2KH5; 70 53> ?@545;K 8 @07@5H8; 2>?@>AK, :>B>@K5 =5 >E20BK20NBAO A>3;0H5=85<. 0?@8<5@, A>3;0H5=85 >E20BK20;> @07@5H5=85 A?>@>2 > ?>@O4:5 87<5=5=8O CA;>289 4>3>2>@0, 0 B@5B59A:89 AC4 2K=5A @5H5=85 > @0AB>@65=88 4>3>2>@0. -B> <>65B 1KBL 2 A;CG05, :>340 =0?@8<5@, B@5B59A:89 AC4 @07@5H8; A?>@ > 27KA:0=88 C1KB:>2 8 > @0AB>@65=88 4>3>2>@0, 2 B> 2@5<O :0: B@5B59A:>5 A>3;0H5=85 >E20BK20;> B>;L:> @0AA<>B@5=85 A?>@>2 > 27KA:0=88 C1KB:>2; 2) 2K=5A5=85 @5H5=8O B@5B59A:>3> AC40 A =0@CH5=85< B@51>20=89 G0AB59 ?5@2>9 8 B@5BL59 AB. 10 =0AB>OI53> 0:>=0.  F5;>< C:070==K5 =>@<K AB. 10 0:>=0 ?@54CA<0B@820NB 420 >A=>20=8O 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40: =0@CH5=85 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0= 8 =0@CH5=8O 2 ?@8<5=5=88 0=0;>388 70:>=0, 0=0;>388 ?@020 8 B@51>20=89 4>1@>A>25AB=>AB8, @07C<=>AB8 8 A?@0254;82>AB8. 45AL ?@8<5=5= <5E0=87<, 70:@5?;ONI89 ?@8>@8B5B ?@020 8 70:>==>AB8 2 45OB5;L=>AB8 B@5B59A:>3> AC40. ;03>40@O MB8< =>@<0< 0:>=0 =5 <>65B ACI5AB2>20BL @5H5=85 B@5B59A:>3> AC40, 2 @57C;LB0B5 8A?>;=5=8O :>B>@>3> 1C4CB A>25@H5=K 459AB28O, :>B>@K5 70?@5I5=K 70:>=><, ;81> =0@CH0NB 8=B5@5AK 8 ?@020 B@5BL8E ;8F, ;81> O2;ONBAO =5A>2<5AB8<K<8 A :>=AB8BCF8>==K<8 ?@8=F8?0<8 =0H53> 3>AC40@AB20 8 >1I5AB20, ?@>B82>@5G0B >1I5?@8=OBK< ?@028;0< <>@0;8 8 =@02AB25==>AB8 2 =0H5< >1I5AB25. ?@545;5=85 >A=>20=8O, CAB0=>2;5==>3> G0ABLN B@5BL59 AB. 10 0:>=0 - A>1;N45=85 ?@028; ?@8<5=5=8O 0=0;>388 70:>=0 8 0=0;>388 ?@020, >1KG052 45;>2>3> >1>@>B0 - >4=0 87 A0<KE A;>6=KE DC=:F89 ?@0:B8:8 B@5B59A:>3> @0718@0B5;LAB20. ><?5B5=B=K9 AC4 4>;65= >F5=8BL, 2>-?5@2KE, ACI5AB2>20;0 ;8 =5>1E>48<>ABL ?@8<5=5=8O 0=0;>388 70:>=0, 0=0;>388 ?@020 ?@8 @07@5H5=88 45;0 B@5B59A:8< AC4><, 8, 5A;8 0=0;>38N A;54>20;> ?@8<5=8BL, =0A:>;L:> ?@028;L=> B@5B59A:89 AC4 C:070==CN 0=0;>38N ?@8<5=8;, 8 =5 ?@>87>H;> ;8 CI5<;5=85 70:>==KE ?@02 8 8=B5@5A>2 :0:>9-;81> 87 AB>@>=; 3) =5A>>B25BAB285 A>AB020 B@5B59A:>3> AC40 8;8 B@5B59A:>3> @0718@0B5;LAB20 ?>;>65=8O< AB.AB. 14, 15, 16 8 25 =0AB>OI53> 0:>=0. !>3;0A=> MB>9 =>@<5 0:>=0 @5H5=85 <>65B 1KBL >B<5=5=> 2 B>< A;CG05, 5A;8 A>AB02 B@5B59A:>3> AC40 8;8 ?@>F54C@0 B@5B59A:>3> @0718@0B5;LAB20 =5 A>>B25BAB2>20;8 A>3;0H5=8N AB>@>= 8;8 459AB2CNI5<C 70:>=>40B5;LAB2C. "0:, 2 AB. 14 0:>=0 @5GL 845B > B@51>20=8OE, ?@54JO2;O5<KE : B@5B59A:><C AC4L5, 2 AB. 15 0:>=0 - > ?>@O4:5 D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40, 2 AB. 16 0:>=0 - >1 >A=>20=8OE >B2>40 B@5B59A:>3> AC4L8, 0 2 AB. 25 0:>=0 - >1 >?@545;5=88 ?@028; B@5B59A:>3> @0718@0B5;LAB20. 0?@8<5@, AB. 15 0:>=0 CAB0=02;8205B >?@545;5==K9 ?>@O4>: D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40, :>B>@K9 ?@8<5=O5BAO ?>AB>O==> 459AB2CNI8< B@5B59A:8< AC4>< 2 B>< A;CG05, 5A;8 8=>5 =5 CAB0=>2;5=> ?@028;0<8, >?@545;5==K<8 A>3;0H5=85< AB>@>=. >MB><C :><?5B5=B=K9 AC4, >F5=820O CB25@645=8O >4=>9 87 AB>@>= > =0@CH5=88 ?>@O4:0 D>@<8@>20=8O A>AB020 B@5B59A:>3> AC40, 4>;65= 87CG8BL ?@028;0 B@5B59A:>3> AC40 2 A>>B=>H5=88 A =>@<0<8 =0AB>OI53> 0:>=0 (A<. ><<5=B0@89 : AB. 14-16, 25); 4) =5=04;560I55 C254><;5=85 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20. 5H5=85 B@5B59A:>3> AC40 <>65B 1KBL >B<5=5=> 2 B>< A;CG05, 5A;8 AB>@>=0, ?@>B82 :>B>@>9 ?@8=OB> @5H5=85 B@5B59A:>3> AC40, =5 1K;0 4>;6=K< >1@07>< C254><;5=0 >1 871@0=88 (=07=0G5=88) B@5B59A:8E AC459 8;8 > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40 ;81> ?> 4@C38< ?@8G8=0< =5 <>3;0 ?@54AB028BL B@5B59A:><C AC4C A2>8 >1JOA=5=8O.  40==>< A;CG05 @5GL 845B > =0@CH5=88 ?@>F54C@=>-?@>F5AAC0;L=KE =>@< 2 45OB5;L=>AB8 B@5B59A:>3> AC40.  A>>B25BAB288 A> AB. 34 0:>=0 4>:C<5=BK 8 8=K5 <0B5@80;K =0?@02;ONBAO AB>@>=0< 2 A>3;0A>20==>< 8<8 ?>@O4:5 8 ?> C:070==K< 8<8 04@5A0<. A;8 AB>@>=K =5 A>3;0A>20;8 8=>9 ?>@O4>:, B> 4>:C<5=BK 8 8=K5 <0B5@80;K =0?@02;ONBAO ?> C:070==><C 8<8 ?>A;54=5<C 8725AB=><C <5ABC =0E>645=8O >@30=870F88, O2;ONI59AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, 8;8 <5ABC 68B5;LAB20 D878G5A:>3> ;8F0, O2;ONI53>AO AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, 70:07=K< ?8AL<>< A C254><;5=85< > 2@CG5=88 8;8 8=K< A?>A>1><, ?@54CA<0B@820NI8< D8:A0F8N 4>AB02:8 C:070==KE 4>:C<5=B>2 8 <0B5@80;>2. @8 MB>< 4>:C<5=BK 8 8=K5 <0B5@80;K AG8B0NBAO ?>;CG5==K<8 2 45=L 8E 4>AB02:8, E>BO 04@5A0B ?> MB><C 04@5AC =5 =0E>48BAO 8;8 =5 ?@>68205B. @8 >B:075 >B25BG8:0, =04;560I8< >1@07>< 8725I5==>3> > 2@5<5=8 8 <5AB5 70A540=8O B@5B59A:>3> AC40 8 CG0AB88 2 @0AA<>B@5=88 45;0, B@5B59A:89 AC4 2?@025 @0AA<>B@5BL 45;>; 5) '0ABL B@5BLO :><<5=B8@C5<>9 AB0BL8 ?@54CA<0B@8205B >A=>20=8O >B<5=K @5H5=8O B@5B59A:>3> AC40 2 A2O78 A B5<, GB> A?>@ =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 2 A>>B25BAB288 A 70:>=>40B5;L=K<8 0:B0<8. "0:8< >1@07><, =5?>4254><AB25==>ABL 45;0 B@5B59A:><C AC4C 2K@0605BAO 2 B><, GB> @0AA<>B@5==K9 B@5B59A:8< AC4>< A?>@ =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20.  A>>B25BAB288 A> AB. 9 0:>=0 4>?CA:05BAO ?5@540G0 2 B@5B59A:89 AC4 ;N1KE A?>@>2, 2KB5:0NI8E 87 3@0640=A:8E ?@02>>B=>H5=89, 2 B>< G8A;5 E>7O9AB25==KE A?>@>2 <564C AC1J5:B0<8 ?@54?@8=8<0B5;LAB20. 0==CN =>@<C A;54C5B >B=>A8BL : G8A;C 8<?5@0B82=KE 8 B0:8< >1@07>< A?>@, 2>7=8:H89 87 04<8=8AB@0B82=KE 8 8=KE ?C1;8G=KE ?@02>>B=>H5=89, =5 ?>4;568B B@5B59A:><C @0718@0B5;LAB2C =8 ?@8 :0:8E >1AB>OB5;LAB20E. 0?@8<5@, =5 1C45B AG8B0BLAO ?@02><5@=K< B@5B59A:>5 A>3;0H5=85, 70:;NG5==>5 <564C =0;>3>?;0B5;LI8:>< 8 =0;>3>2K< >@30=>< > ?5@540G5 2>7=8:H53> <564C =8<8 A?>@0, A2O70==>3> A C?;0B>9 =0;>30, =0 @0AA<>B@5=85 B@5B59A:>3> AC40. 065 2 A;CG05, 5A;8 B@5B59A:89 AC4 @0AA<>B@8B B0:>5 70O2;5=85 ?> ACI5AB2C, @5H5=85 B@5B59A:>3> AC40 ?>4;568B >B<5=5. AG5@?K20NI89 ?5@5G5=L >A=>20=89 4;O >A?0@820=8O 8 >B<5=K @5H5=8O B@5B59A:>3> AC40 ?@54?>;0305B, GB> 4065 5A;8 B@5B59A:89 AC4 4>?CAB8; >H81:C 2 ?@8<5=5=88 ?@020 8;8 =5?@028;L=> >F5=8; ?@54AB02;5==K5 4>:070B5;LAB20, C :><?5B5=B=>3> AC40 =5B ?@020 >B<5=8BL 53> @5H5=85. !B0BLO 48. >A;54AB28O >B<5=K @5H5=8O B@5B59A:>3> AC40  A;CG05 >B<5=K @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K< AC4>< AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 2?@025 2 A>>B25BAB288 A B@5B59A:8< A>3;0H5=85< 2=>2L >1@0B8BLAO 2 B@5B59A:89 AC4.  A;CG05 5A;8 @5H5=85 B@5B59A:>3> AC40 >B<5=5=> ?>;=>ABLN 8;8 G0AB8G=> 2A;54AB285 =5459AB28B5;L=>AB8 B@5B59A:>3> A>3;0H5=8O 8;8 2A;54AB285 B>3>, GB> @5H5=85 2K=5A5=> ?> A?>@C, =5 ?@54CA<>B@5==><C B@5B59A:8< A>3;0H5=85< 8;8 =5 ?>4?040NI5<C ?>4 53> CA;>28O, ;81> A>45@68B @5H5=8O ?> 2>?@>A0<, =5 >E20BK205<K< B@5B59A:8< A>3;0H5=85<, ;81> A?>@ =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20, A>>B25BAB2CNI89 A?>@ 40;L=59H5<C @0AA<>B@5=8N 2 B@5B59A:>< AC45 =5 ?>4;568B. > >1I5<C ?@028;C >B<5=0 @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K< AC4>< =5 ?@5?OBAB2C5B AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20 ?>2B>@=> >1@0B8BLAO 2 B@5B59A:89 AC4, 5A;8 2>7<>6=>ABL B0:>3> ?>2B>@=>3> >1@0I5=8O =5 CB@0G5=0. A;8 65 @5H5=85 B@5B59A:>3> AC40 >B<5=5=> ?> >A=>20=8O<, C:070==K< 2 G0AB8 2B>@>9 :><<5=B8@C5<>9 AB0BL8, B> A?>@ C65 =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20, 8 B>340 ;N10O AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20 2?@025 ?5@540BL A2>9 A?>@ =0 @0AA<>B@5=85 2 E>7O9AB25==K9 AC4 8;8 AC4 >1I59 N@8A48:F88 2 ?>@O4:5, ?@54CA<>B@5==>< 70:>=>40B5;LAB2><. G5284=>, GB> B0:>9 N@848G5A:8 7=0G8<K9 0:B, :0: >B<5=0 @5H5=8O B@5B59A:>3> AC40, 2;5G5B >?@545;5==K5 N@848G5A:85 ?>A;54AB28O. -B8 ?>A;54AB28O 8<5NB :0: <0B5@80;L=>-?@02>2>9 E0@0:B5@ (=52>7<>6=>ABL @50;87>20BL AC1J5:B82=>5 3@0640=A:>5 ?@02>, ?>=C48BL ?@>B82=8:0 : A>25@H5=8N N@848G5A:8 7=0G8<KE 459AB289), B0: 8 ?@>F5AAC0;L=K9 E0@0:B5@ (=52>7<>6=>ABL ?@8153=CBL : ?@>F54C@0< 3>AC40@AB25==>3> ?@8=C645=8O, 0 B0:65 2>7=8:=>25=85 =>2KE ?@>F5AAC0;L=KE ?@02 - 2>71C48BL =>2K9 ?@>F5AA 2 B@5B59A:>< AC45). B<5=0 @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K< AC4>< =5 2;5G5B 02B><0B8G5A:>3> =0?@02;5=8O 45;0 2 B@5B59A:89 AC4 4;O =>2>3> @0AA<>B@5=8O.  MB>< A;CG05 =>2>5 B@5B59A:>5 @0718@0B5;LAB2> 2>7<>6=> =0 >A=>20=88 =>2>3> >1@0I5=8O 708=B5@5A>20==>9 AB>@>=K 2 B@5B59A:89 AC4, ?@8G5< B0:>5 >1@0I5=85 2>7<>6=> =0 >A=>20=88 B@5B59A:>3> A>3;0H5=8O, :>B>@K< A2O70=K AB>@>=K. 4=> 87 ?@02>2KE ?>A;54AB289 >B<5=K @5H5=8O B@5B59A:>3> AC40 70:;NG05BAO 2 B><, GB> 708=B5@5A>20==0O AB>@>=0 =5 2?@025 >1@0I0BLAO 2 :><?5B5=B=K9 AC4 A 70O2;5=85< > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40, :>B>@>5 >B<5=5=> :><?5B5=B=K< AC4><. @8 MB>< ;N10O 87 AB>@>= 2?@025 2=>2L >1@0B8BLAO 2 B@5B59A:89 AC4 2 A>>B25BAB288 A B@5B59A:8< A>3;0H5=85< A B@51>20=85< > @07@5H5=88 A?>@0. 4=0:> 87 MB>3> ?@028;0 8<5NBAO 8A:;NG5=8O, :>B>@K5 A2>4OBAO : B><C, GB> 708=B5@5A>20==>5 ;8F> =5 2?@025 8=8F88@>20BL ?@>F54C@C B@5B59A:>3> @0718@0B5;LAB20, 5A;8 :><?5B5=B=K< AC4>< CAB0=>2;5=>, GB>: 1) B@5B59A:>5 A>3;0H5=85 O2;O5BAO =5459AB28B5;L=K<; 2) @5H5=85 B@5B59A:>3> AC40 ?@8=OB> ?> A?>@C, =5 ?@54CA<>B@5==><C B@5B59A:8< A>3;0H5=85< 8;8 =5 ?>4?040NI5<C ?>4 53> CA;>28O, ;81> A>45@68B @5H5=8O ?> 2>?@>A0<, =5 >E20BK205<K< B@5B59A:8< A>3;0H5=85<; 3) A?>@ =5 <>65B 1KBL ?@54<5B>< B@5B59A:>3> @0718@0B5;LAB20 8 =5 ?>4;568B 40;L=59H5<C @0AA<>B@5=8N 2 B@5B59A:>< AC45.  8. ! (/ " "! !# !B0BLO 49. >1@>2>;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 !B0BLO 50. @8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 !B0BLO 51. 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 !B0BLO 52. >@O4>: @0AA<>B@5=8O 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 !B0BLO 53. A=>20=8O 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 !B0BLO 54. >2>@>B 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 !B0BLO 49. >1@>2>;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 5H5=85 B@5B59A:>3> AC40 8A?>;=O5BAO 4>1@>2>;L=> 2 ?>@O4:5 8 A@>:8, :>B>@K5 CAB0=>2;5=K 2 40==>< @5H5=88. A;8 2 @5H5=88 B@5B59A:>3> AC40 A@>: 8A?>;=5=8O =5 CAB0=>2;5=, B> >=> ?>4;568B =5<54;5==><C 8A?>;=5=8N. @8 70:;NG5=88 B@5B59A:>3> A>3;0H5=8O AB>@>=K ?@8=8<0NB =0 A51O >1O70==>ABL 4>1@>2>;L=> ?>4G8=8BLAO @5H5=8N, :>B>@>5 1C45B ?@8=OB> B@5B59A:8< AC4>< ?> 40==><C A?>@C 8 4>1@>2>;L=> 8A?>;=8BL @5H5=85 B@5B59A:>3> AC40. 0: ?@028;>, 708=B5@5A>20==0O AB>@>=0 ?>A;5 ?>;CG5=8O ?>;=>3> B5:AB0 @5H5=8O B@5B59A:>3> AC40, =0?@02;O5B 4@C3>9 AB>@>=5 ?8AL<5==>5 ?@54;>65=85 8A?>;=8BL @5H5=85 2 4>1@>2>;L=>< ?>@O4:5 8 2 A@>:8, CAB0=>2;5==K5 40==K< @5H5=85<.  A;CG05 ?>;CG5=8O >B 4@C3>9 AB>@>=K >B:070 8;8 =5?>;CG5=8O >B25B0 2 ?@545;0E @07C<=>3> A@>:0, 708=B5@5A>20==0O AB>@>=0 <>65B >1@0B8BLAO 2 :><?5B5=B=K9 AC4 A 70O2;5=85< > 2K40G5 8A?>;=8B5;L=>3> ;8AB0. 07C<=K9 A@>: 4;O ?>;CG5=8O >B25B0 A;54C5B 8AG8A;OBL A CG5B>< ?5@8>40 2@5<5=8, =5>1E>48<>3> 4;O ?@>E>645=8O ?>GB>2>9 :>@@5A?>=45=F88 2 >10 :>=F0, GB> 7028A8B >B 8A?>;L7C5<KE AB>@>=0<8 A@54AB2 A2O78 (?>GB>20O ?5@5?8A:0 A 8A?>;L7>20=85< >1KG=>9 8;8 :C@L5@A:>9 A2O78, =0?@02;5=85 A>>1I5=89 ?> D0:AC, ?5@540G0 8=D>@<0F88 ?> M;5:B@>==>9 ?>GB5 8 B.4.). > 871560=85 2>7<>6=KE =54>@07C<5=89 ?@54;>65=85 > 4>1@>2>;L=>< 8A?>;=5=88 @5H5=8O B@5B59A:>3> AC40 AB>8B =0?@028BL 4@C3>9 AB>@>=5 70:07=K< ?8AL<>< A C254><;5=85< > 2@CG5=88 8 A C:070=85< 2 ?8AL<5 A@>:0 >6840=8O >B25B0. @54CA<>B@5==>5 2 G0AB8 2B>@>9 :><<5=B8@C5<>9 AB0BL8 =5<54;5==>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 >7=0G05B A>25@H5=85 ?@54CA<>B@5==KE 2 =5< 459AB289 2 @07C<=K9 A@>: ?>A;5 ?>;CG5=8O A>>B25BAB2CNI59 AB>@>=>9 ?>;=>3> B5:AB0 @5H5=8O. @54?>;>68<, B@5B59A:89 AC4 >1O70; >B25BG8:0 ?>AB028BL 8ABFC 7045@60==K9 B>20@, B> A@>: 4;O 8A?>;=5=8O 1C45B 8AG8A;OBLAO A CG5B>< 2@5<5=8, =5>1E>48<>3> 4;O >D>@<;5=8O 8 >B3@C7:8 (>B?@02;5=8O) B>20@0 2 04@5A 8ABF0. @54?8A0=85 B@5B59A:>3> AC40 > =5<54;5==>< 8A?>;=5=88 53> @5H5=8O 1C45B 2K?>;=5=> 2 <><5=B >B?@02:8 B>20@0 8ABFC 2 ?@545;0E C:070==>3> ?5@8>40 2@5<5=8.  AB0BL5 49 0:>=0 D8:A8@C5BAO >4=0 87 =081>;55 206=KE >A>15==>AB59 B@5B59A:>3> AC4>?@>872>4AB20 - ?@8=F8? 4>1@>2>;L=>3> 8A?>;=5=8O @5H5=8O, ?@8=OB>3> B@5B59A:8< AC4><. -B> 8 ?>=OB=>, 81> ?@8=F8? 4>1@>2>;L=>AB8 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 2KB5:05B 87 A0<>9 ACI=>AB8 B@5B59A:>3> @0718@0B5;LAB20. 1@0I0OAL 2 B@5B59A:89 AC4 ?> 2708<=><C A>3;0A8N 8, 4>25@OO 871@0==K< 8<8 B@5B59A:8< AC4LO<, A?>@OI85 AB>@>=K ?@>2>73;0H0NB B5< A0<K< A2>5 ?>;=>5 4>25@85 B@5B59A:><C @0718@0B5;LAB2C 8 70O2;ONB > A2>8E >1O70B5;LAB20E 8A?>;=8BL ?@8=8<05<>5 AC4>< @5H5=85, 2 GLN 1K ?>;L7C >=> =8 1K;> 2K=5A5=>, 4>1@>2>;L=>, 157 :0:>3>-;81> ?@8=C645=8O. !;54C5B >B<5B8BL, GB> 48A?>78F8O C?><O=CB>9 =>@<K =5A:>;L:> ?@>B82>@5G820: ?@8=F8? 4>1@>2>;L=>3> 8A?>;=5=8O @0AA<0B@8205BAO :0: >1O70==>ABL, >4=0:> >1O70==>ABL =5 <>65B >A=>2K20BLAO 8A:;NG8B5;L=> =0 4>1@>2>;L=>< CA<>B@5=88 AB>@>=K.  8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 ?>4:@5?;O5BAO A0=:F859 - 2>7<>6=>ABLN ?@8=C48B5;L=> 8A?>;=8BL 53>, ?@8153=C2 : ?><>I8 :><?5B5=B=KE AC4>2. "0:8< >1@07><, 45:;0@8@>20=85 ?@8=F8?0 4>1@>2>;L=>3> 8A?>;=5=8O 2 :0G5AB25 >1O70==>AB8 AB>@>= =5 A>2A5< 25@=>, 1K;> 1K ?@028;L=K< 3>2>@8BL 2 40==>< A;CG05 > <>@0;L=>< >1O70B5;LAB25, 0 =5 > N@848G5A:>9 >1O70==>AB8 4>1@>2>;L=> 8A?>;=OBL @5H5=85 B@5B59A:>3> AC40. !CI=>ABLN N@848G5A:>9 >1O70==>AB8 ;8F0 8A?>;=OBL @5H5=85 B@5B59A:>3> AC40 O2;O5BAO 53> >1O70==>ABL 8 >4=>2@5<5==> 2>7<>6=>ABL ?@8153=CBL : <5@0< 3>AC40@AB25==>3> ?@8=C645=8O ?@8 8A?>;=5=88 @5H5=8O B@5B59A:>3> AC40 2 B>< A;CG05, 5A;8 ?@>83@02H0O AB>@>=0 >B:07K205BAO 45;0BL MB> 4>1@>2>;L=>. !B8<C;8@>20=85 4>1@>2>;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2 O2;O5BAO 206=K< ?@87=0:>< 2KA>:>9 ?@02>2>9 :C;LBC@K >1I5AB20 8 7=0G8B5;L=>3> C:@5?;5=8O 8=AB8BCB0 B@5B59A:>3> @0718@0B5;LAB20. "0:8< >1@07><, =5>1E>48<> >B;8G0BL <>@0;L=CN >1O70==>ABL ?> 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40, >A=>20==CN =0 ?@8=F8?5 4>1@>2>;L=>AB8 8A?>;=5=8O 8 N@848G5A:CN >1O70==>ABL 8A?>;=5=8O A>>B25BAB2CNI53> 0:B0, >15A?5G5==CN =0;8G85< <5E0=87<>2 ?@8=C48B5;L=>3> 8A?>;=5=8O.  ACI=>AB8, ?> 4>1@>2>;L=><C 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40 A>45@68BAO 5I5 8 ?A8E>;>38G5A:89 0A?5:B, :>340 AB>@>=K 45<>=AB@8@CNB 3>B>2=>ABL ?@8=OBL MBC >1O70==>ABL, 2K@060O B5< A0<K< C2065=85 : AC4C. 0: AB>@>=K, B0: 8 B@5B59A:89 AC4 4>;6=K ?@8;030BL 2A5 CA8;8O : N@848G5A:>9 8A?>;=8<>AB8 @5H5=8O, :0: ?@8 4>1@>2>;L=>< 53> 8A?>;=5=88, B0: 8 2 B>< A;CG05, 5A;8 708=B5@5A>20==0O AB>@>=0 1K;0 2K=C645=0 >1@0B8BLAO 70 53> ?@8=C48B5;L=K< 8A?>;=5=85< 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4. @54AB02;O5BAO 206=K< >B<5B8BL 8 B> >1AB>OB5;LAB2>, GB> @5H5=85 B@5B59A:>3> AC40 O2;O5BAO ?@02>?@8<5=8B5;L=K< 0:B><, :>B>@K9 A>45@68B ?@54?8A0=85, 04@5A>20==>5 AB>@>=0< B@5B59A:>3> @0718@0B5;LAB20. -B>B 2K2>4 >A=>20= =0 E0@0:B5@8AB8:5 ?@02>2>9 ?@8@>4K B@5B59A:>3> AC40 :0: N@8A48:F8>==>3> >@30=0, >ACI5AB2;ONI53> 2 B>9 8;8 8=>9 AB5?5=8 2;0AB=K5 ?>;=><>G8O ?> 70I8B5 3@0640=A:8E ?@02. <5AB5 A B5< 0:>= =5 ?@54CA<0B@8205B ?>;>65=89 >1 >1O70B5;L=>AB8 @5H5=8O B@5B59A:>3> AC40 8 >B25BAB25==>AB8 70 53> =58A?>;=5=85, >= ;8HL A>45@68B ?>;>65=8O > ?@8=OB88 70:;NG82H8<8 B@5B59A:>5 A>3;0H5=85 AB>@>=0<8 =0 A51O >1O70==>AB8 ?> 4>1@>2>;L=><C 8A?>;=5=8N @5H5=8O B@5B59A:>3> AC40. 5H5=85 B@5B59A:>3> AC40 =5 <>65B @0AA<0B@820BLAO 2 :0G5AB25 0:B0, >1O70B5;L=>3> 4;O 8A?>;=5=8O ;8F0<8, =5 O2;ONI8<8AO AB>@>=0<8 B@5B59A:>3> A>3;0H5=8O, => 2 B> 65 2@5<O @5H5=85 B@5B59A:>3> AC40 O2;O5BAO >A=>20=85< 4;O ?@5:@0I5=8O ?@>872>4AB20 ?> 45;C, =0E>4OI5<CAO =0 @0AA<>B@5=88 :><?5B5=B=>3> AC40 (AB. 100 , AB. 86 %). 0:;NG0O B@5B59A:>5 A>3;0H5=85, AB>@>=K =045;ONB >?@545;5==K9 8<8 B@5B59A:89 AC4 ?@02>< @0AA<>B@5BL 2>7=8:H89 <564C =8<8 A?>@ 8 ?@8=OBL @5H5=85, :0A0NI55AO 53> ACI5AB20. @87=020O N@8A48:F8N B@5B59A:>3> AC40, AB>@>=K A>3;0H0NBAO ?@8=8<0BL 8 8A?>;=OBL 8AE>4OI85 >B =53> C:070=8O 8 @5H5=8O, A2O70==K5 :0: A ?@>F54C@>9 @0718@0B5;LAB20 (2@5<O, <5AB> 70A540=8O, ?@54AB02;5=85 4>:070B5;LAB2 8 B.?.), B0: 8 A 2K2>4>< ?> ACI5AB2C A?>@0 (?>;=>5 8;8 G0AB8G=>5 C4>2;5B2>@5=85 8A:0 ;81> >B:07 2 8A:5).  A>>B25BAB288 A @5H5=85< B@5B59A:>3> AC40 >1O70==0O AB>@>=0 4>;6=0 4>1@>2>;L=> 2>AAB0=>28BL =0@CH5==K5 5N ?@020 4@C3>9 AB>@>=K, >4=0:> =5;L7O 8A:;NG8BL 25@>OB=>ABL B>3>, GB> >B25BG8: >B:065BAO 53> 2K?>;=8BL, GB> <>65B 1KBL 2K720=> :0: >BACBAB285< <0B5@80;L=KE 2>7<>6=>AB59 4>;6=8:0, B0: 8 53> =5A>3;0A85< A @5H5=85< B@5B59A:>3> AC40. > 2 A;CG05 2>7=8:=>25=8O B0:8E A8BC0F89, 2:;NG05BAO ?@54CA<>B@5==K9 70:>=>40B5;5< <5E0=87< ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:>3> AC40. "0:8< >1@07><, 4;O CG0AB=8:>2 3@0640=A:8E ?@02>>B=>H5=89, >1@0B82H8EAO 2 B@5B59A:89 AC4 70 70I8B>9 =0@CH5==KE 8;8 >A?>@5==KE ?@02, 70:>=>40B5;LAB2>< CAB0=>2;5= >?@545;5==K9 <5E0=87< ?@8=C48B5;L=>9 @50;870F88 ?@8=OB>3> B@5B59A:8< AC4>< @5H5=8O. ;O 53> >ACI5AB2;5=8O =5>1E>48<>, GB>1K @5H5=85 >B25G0;> >?@545;5==K< B@51>20=8O< 0:>=0, =0 >A=>20=88 G53> :><?5B5=B=K9 AC4 2K405B 8A?>;=8B5;L=K9 ;8AB =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. !B0BLO 50. @8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 A;8 @5H5=85 B@5B59A:>3> AC40 =5 8A?>;=5=> 4>1@>2>;L=> 2 CAB0=>2;5==K9 @5H5=85< B@5B59A:>3> AC40 A@>:, B> >=> ?>4;568B ?@8=C48B5;L=><C 8A?>;=5=8N. @8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 >ACI5AB2;O5BAO 2 A>>B25BAB288 A 0:>=>< 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2" =0 >A=>25 2K40==>3> :><?5B5=B=K< AC4>< 8A?>;=8B5;L=>3> ;8AB0. 0: C65 1K;> >B<5G5=> 2KH5, 8AE>4O 87 >1I8E ?@8=F8?>2 B@5B59A:>3> AC4>?@>872>4AB20, @5H5=85 B@5B59A:>3> AC40 4>;6=> 8A?>;=OBLAO 4>1@>2>;L=>. 4=0:> 2 B>< A;CG05, 5A;8 @5H5=85 B@5B59A:>3> AC40 =5 8A?>;=O5BAO 4>1@>2>;L=> 2 CAB0=>2;5==K5 A@>:8, >=> <>65B 1KBL 8A?>;=5=> 2 ?@8=C48B5;L=>< ?>@O4:5. ><<5=B8@C5<0O AB0BLO 0:>=0 CAB0=02;8205B :>=:@5B=K9 70:>=>40B5;L=K9 0:B, 2 A>>B25BAB288 A :>B>@K< >ACI5AB2;O5BAO ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 =0 >A=>25 2K40==>3> :><?5B5=B=K< AC4>< 8A?>;=8B5;L=>3> ;8AB0. "0:8< 0:B>< O2;O5BAO 0:>= 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2", AB. 5 :>B>@>3> CAB0=02;8205B, GB> ?@8=C48B5;L=><C 8A?>;=5=8N ?>4;560B @5H5=8O B@5B59A:8E AC4>2, @5H5=8O 8=>AB@0==KE AC4>2 8 0@18B@0659 2 A;CG0OE, ?@54CA<>B@5==KE 70:>=>40B5;LAB2>< 8;8 <564C=0@>4=K< 4>3>2>@>< 5A?C1;8:8 #715:8AB0=, 0 A>3;0A=> AB. 3 MB>3> 0:>=0 ?@8=C48B5;L=>5 8A?>;=5=85 AC451=KE 0:B>2 >ACI5AB2;ONB AC451=K5 8A?>;=8B5;8 A?5F80;L=> C?>;=><>G5==>3> >@30=0 - 5?0@B0<5=B0 ?> 8A?>;=5=8N AC451=KE @5H5=89, <0B5@80;L=>-B5E=8G5A:><C 8 D8=0=A>2><C >15A?5G5=8N 45OB5;L=>AB8 AC4>2 ?@8 8=8AB5@AB25 NAB8F88 5A?C1;8:8 #715:8AB0= (5). @><5 B>3>, 2 ?@54CA<>B@5==KE 70:>=>40B5;LAB2>< A;CG0OE 8A?>;=5=85 B@51>20=89 AC451=KE 0:B>2 > 27KA:0=88 45=56=KE A@54AB2 >ACI5AB2;O5BAO =0;>3>2K<8 >@30=0<8, 10=:0<8 8 4@C38<8 :@548B=K<8 >@30=870F8O<8, 8=K<8 D878G5A:8<8 8;8 N@848G5A:8<8 ;8F0<8, => 2A5 >=8, 2 >B;8G85 >B A?5F80;L=> C?>;=><>G5==>3> >@30=0, =5 AG8B0NBAO >@30=0<8 ?@8=C48B5;L=>3> 8A?>;=5=8O. "0:, 8A?>;=8B5;L=K9 4>:C<5=B A B@51>20=85< AC451=>3> 0:B0 > 27KA:0=88 45=56=KE A@54AB2, <>65B 1KBL =0?@02;5= 27KA:0B5;5< =5?>A@54AB25==> 2 10=: 8;8 8=CN :@548B=CN >@30=870F8N, :>B>@K9 2 B@5E4=52=K9 A@>: 8A?>;=O5B MB>B 4>:C<5=B ;81> 45;05B >B<5B:C > =58A?>;=5=88 C:070==KE B@51>20=89 2284C >BACBAB28O 45=56=KE A@54AB2 =0 AG5B5 4>;6=8:0. >?@>AK ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2 G0AB8G=> >B@060NBAO 8 2 4@C38E 70:>=0E, 2 G0AB=>AB8, 2 A>>B25BAB288 A> AB. 371  #7 ?@8=C48B5;L=>5 8A?>;=5=85 AC451=>3> ?>AB0=>2;5=8O ?@>872>48BAO =0 >A=>20=88 8A?>;=8B5;L=>3> ;8AB0, 2K40205<>3> AC4><, ?@8=O2H8< MB> ?>AB0=>2;5=85. "0:8< 65 >1@07>< AB. 210 % #7 >?@545;O5B, GB> ?@8=C48B5;L=>5 8A?>;=5=85 AC451=>3> 0:B0 ?@>872>48BAO =0 >A=>20=88 8A?>;=8B5;L=>3> ;8AB0, 2K40205<>3> E>7O9AB25==K< AC4><, ?@8=O2H8< MB>B 0:B.  8AB>G=8:0< ?@02>2>3> @53C;8@>20=8O ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2 >B=>AOBAO B0:85 <564C=0@>4=>-?@02>2K5 0:BK, :0: LN->@:A:0O >=25=F8O > ?@87=0=88 8 ?@82545=88 2 8A?>;=5=85 8=>AB@0==KE 0@18B@06=KE @5H5=89 >B 10 8N=O 1958 3>40 (6), >=25=F8O > ?>@O4:5 @07@5H5=8O 8=25AB8F8>==KE A?>@>2 <564C 3>AC40@AB20<8 8 8=>AB@0==K<8 ;8F0<8, ?@8=OB0O 2 0H8=3B>=5 18 <0@B0 1965 3>40 (7), >=25=F8O > ?@02>2>9 ?><>I8 8 ?@02>2KE >B=>H5=8OE ?> 3@0640=A:8<, A5<59=K< 8 C3>;>2=K< 45;0< <564C CG0AB=8:0<8 !>4@C65AB20 57028A8<KE >AC40@AB2, ?@8=OB0O 2 3. 8=A:5 22 O=20@O 1993 3>40 (8), !>3;0H5=85 > ?>@O4:5 @07@5H5=8O A?>@>2, A2O70==KE A >ACI5AB2;5=85< E>7O9AB25==>9 45OB5;L=>AB8 <564C AB@0=0<8 !>4@C65AB20 57028A8<KE >AC40@AB2, ?>4?8A0==>5 20 <0@B0 1992 2 3. 8525 (9), 0 B0:65 ?>4?8A0==K5 #715:8AB0=>< 42CAB>@>==85 4>3>2>@K > ?@02>2>9 ?><>I8, ?@54CA<0B@820NI85 2708<=>5 ?@87=0=85 8 8A?>;=5=85 AC451=KE @5H5=89 A 75@109460=><, @C7859, 070EAB0=><, 8B05<, K@3K7AB0=><, 0B2859, 8B2>9, "C@:<5=8AB0=><, "C@F859, #:@08=>9 8 4@C385. 0: AB. 2 0:>=0, B0: 8 AB. 2 0:>=0 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2" ?@54CA<0B@820NB, GB> 5A;8 <564C=0@>4=K< 4>3>2>@>< 5A?C1;8:8 #715:8AB0= CAB0=>2;5=K 8=K5 ?@028;0, G5< B5, :>B>@K5 ?@54CA<>B@5=K 70:>=>40B5;LAB2>< 5A?C1;8:8 #715:8AB0= >1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2, B> ?@8<5=ONBAO ?@028;0 <564C=0@>4=>3> 4>3>2>@0. AE>4O 87 MB>3>, =0720==K5 <564C=0@>4=>-?@02>2K5 0:BK 8<5NB ?@8>@8B5B=>5 7=0G5=85 ?> 2>?@>A0< 8A?>;=5=8O @5H5=89 B@5B59A:8E AC4>2 2 >B=>H5=8OE <564C AC1J5:B0<8 C:070==KE 3>AC40@AB2. 5>1E>48<> >B<5B8BL, GB> 8=AB8BCB ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 2> <=>3>< A>>B25BAB2C5B ACI=>AB8 8=AB8BCB0 >A?0@820=8O @5H5=8O B@5B59A:>3> AC40. 5@5G5=L >A=>20=89 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40 (AB. 47 0:>=0) 8 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 (AB. 53 0:>=0) >48= 8 B>B 65, ?>A:>;L:C 2 >1>8E A;CG0OE AC4, @0AA<0B@820NI89 B0:>3> @>40 E>40B09AB20, 4>;65= >B<5=8BL ;81> =5 ?@87=0BL @5H5=85 :><?5B5=B=>3> AC40. =AB8BCB >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 8 8=AB8BCB ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 O2;ONBAO D>@<0<8 :>=B@>;O A> AB>@>=K :><?5B5=B=>3> 3>AC40@AB25==>3> AC40 2 CAB0=>2;5==KE 70:>=>< ?@545;0E 70 45OB5;L=>ABLN 8 @5H5=8O<8 B@5B59A:>3> AC40. > CAB0=>2;5==K< 0:>=>< ?@028;0<, ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=89 B@5B59A:>3> AC40 >ACI5AB2;O5BAO :><?5B5=B=K< AC4><, => 2 ?@0:B8:5 B@5B59A:>3> @0718@0B5;LAB20 2AB@5G0NBAO 8 8=K5 <5E0=87<K ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=89 B@5B59A:>3> AC40, :>340 ?@028;0<8 0AA>F80B82=KE >1J548=5=89 (18@68, 0AA>F80F88 8 B.4.), ?@54CA<0B@8205BAO >B25BAB25==>ABL 2 2845 A0=:F89 70 =58A?>;=5=85 @5H5=89 B@5B59A:8E AC4>2, 2E>4OI8E 2 MB8 >1J548=5=8O. >4>1=K5 O2;5=8O >B=>AOBAO : <5@0< >1I5AB25==>3>, 0 =5 3>AC40@AB25==>3> ?@8=C645=8O 8 >A=>20=K =0 4>1@>2>;L=>< G;5=AB25 2 A0<>@53C;8@C5<KE >@30=870F8OE. "0:8< >1@07><, ?><8<> ?@54CA<>B@5==KE 70:>=>40B5;LAB2>< <5@ 3>AC40@AB25==>3> ?@8=C645=8O, ACI5AB2CNB 8 8=K5, >1I5AB25==>-?@8=C48B5;L=K5 <5E0=87<K >15A?5G5=8O 45OB5;L=>AB8 B@5B59A:8E AC4>2. >A:>;L:C A0< B@5B59A:89 AC4 =5 >1;0405B ?>;=><>G8O<8 ?> >ACI5AB2;5=8N ?@8=C48B5;L=>3> 8A?>;=5=8O ?@8=OB>3> 8< @5H5=8O, B> ?@02>2>9 >A=>2>9 ?@8=C48B5;L=>3> 8A?>;=5=8O O2;O5BAO 2K40G0 :><?5B5=B=K< AC4>< 8A?>;=8B5;L=>3> ;8AB0 =0 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. !B0BLO 51. 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?>405BAO 2 :><?5B5=B=K9 AC4 AB>@>=>9 B@5B59A:>3> @0718@0B5;LAB20, 2 ?>;L7C :>B>@>9 1K;> 2K=5A5=> @5H5=85.  70O2;5=8N > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?@8;030NBAO: 7025@5==0O :>?8O @5H5=8O B@5B59A:>3> AC40. >?8O @5H5=8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 7025@O5BAO ?@54A540B5;5< MB>3> B@5B59A:>3> AC40, ?>4?8AL B@5B59A:>3> AC4L8 =0 :>?88 @5H5=8O 2@5<5==>3> B@5B59A:>3> AC40 4>;6=0 1KBL =>B0@80;L=> C4>AB>25@5==>9; :>?8O B@5B59A:>3> A>3;0H5=8O, 70:;NG5==>3> 2 A>>B25BAB288 A ?>;>65=8O<8 AB0B59 12 8 13 =0AB>OI53> 0:>=0; 4>:C<5=BK, ?>4B25@640NI85 C?;0BC 3>AC40@AB25==>9 ?>H;8=K 2 CAB0=>2;5==>< ?>@O4:5 8 @07<5@5, 0 B0:65 2@CG5=85 :>?88 70O2;5=8O 4@C38< CG0AB=8:0< B@5B59A:>3> @0718@0B5;LAB20. 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 <>65B 1KBL ?>40=> =5 ?>74=55 H5AB8 <5AOF52 A> 4=O >:>=G0=8O A@>:0 4;O 4>1@>2>;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40. @8 ?@>?CA:5 C:070==>3> A@>:0 ?> ?@8G8=0<, ?@87=0==K< :><?5B5=B=K< AC4>< C2068B5;L=K<8, ?@>?CI5==K9 A@>: <>65B 1KBL 2>AAB0=>2;5=. 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0, :>B>@>5 1K;> ?>40=> A ?@>?CA:>< CAB0=>2;5==>3> A@>:0 ;81> : :>B>@><C =5 1K;8 ?@8;>65=K =5>1E>48<K5 4>:C<5=BK, 2>72@0I05BAO :><?5B5=B=K< AC4>< 157 @0AA<>B@5=8O, > G5< 2K=>A8BAO >?@545;5=85, :>B>@>5 <>65B 1KBL >160;>20=> 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0= 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=. 0:>=>40B5;LAB2> >?@545;O5B, GB> AB>@>=0<8 2 8A?>;=8B5;L=>< ?@>872>4AB25 O2;ONBAO 27KA:0B5;L 8 4>;6=8:, ?@8G5< 2 8A?>;=8B5;L=>< ?@>872>4AB25 <>3CB CG0AB2>20BL =5A:>;L:> 27KA:0B5;59 8;8 4>;6=8:>2. 064K9 87 =8E ?> >B=>H5=8N : 4@C3>9 AB>@>=5 CG0AB2C5B 2 8A?>;=8B5;L=>< ?@>872>4AB25 A0<>AB>OB5;L=> 8;8 <>65B ?>@CG8BL CG0AB85 2 8A?>;=8B5;L=KE 459AB28OE >4=><C 87 A>CG0AB=8:>2. AE>4O 87 MB>3>, 8=K5 ;8F0 =5 2?@025 >1@0I0BLAO A 70O2;5=85< > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40, 2 B>< G8A;5 8 A0< B@5B59A:89 AC4 =5 <>65B 2KABC?0BL 2 :0G5AB25 AC1J5:B0, 8=8F88@CNI53> ?@8=C48B5;L=>5 8A?>;=5=85 ?@8=OB>3> 8< @5H5=8O. @><5 B>3>, A;54C5B >B<5B8BL, GB> E>BO ?@02>< >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 >1;040NB >15 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20, B> ?@02>< ?>40G8 70O2;5=8O =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 >1;0405B B>;L:> B0 AB>@>=0 B@5B59A:>3> @0718@0B5;LAB20, 2 ?>;L7C :>B>@>9 1K;> 2K=5A5=> @5H5=85. 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 ?>405BAO 2 ?8AL<5==>9 D>@<5 8 4>;6=> 1KBL ?>4?8A0=> ;8F><, 2 ?>;L7C :>B>@>3> ?@8=OB> @5H5=85, 8;8 53> ?@54AB028B5;5<. 5A<>B@O =0 B>, GB> 70:>=>40B5;L =5 CAB0=02;8205B B@51>20=89 : A0<>9 D>@<5 B0:>3> 70O2;5=8O, ;>38G5A:8 <>6=> >?@545;8BL, GB> 2 =5< 4>;6=K A>45@60BLAO >?@545;5==K5 A2545=8O, 2 G0AB=>AB8: 0) =08<5=>20=85 :><?5B5=B=>3> AC40, 2 :>B>@K9 ?>405BAO 70O2;5=85; 1) =08<5=>20=85 8 A>AB02 B@5B59A:>3> AC40, ?@8=O2H53> @5H5=85, <5AB> 53> =0E>645=8O; 2) =08<5=>20=85 AB>@>= B@5B59A:>3> @0718@0B5;LAB20, 8E <5AB> =0E>645=8O 8;8 <5AB> 68B5;LAB20; 3) 40B0 8 <5AB> ?@8=OB8O @5H5=8O B@5B59A:>3> AC40; 4) B@51>20=85 70O28B5;O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. A5 C:070==K5 @5:2878BK, ?@5645 2A53>, 2K?>;=ONB DC=:F8N 8=48284C0;870F88 4>:C<5=B0, :>B>@K5 ?>72>;ONB A>>B25BAB2CNI5<C :><?5B5=B=><C AC4C 2KOA=8BL 2>?@>A ?>4AC4=>AB8 @0AA<>B@5=8O ?>ABC?82H53> 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 @5H5=85 B@5B59A:>3> AC40. 'B> :0A05BAO ?@8;>65=89 : 70O2;5=8N > 2K40G5 8A?>;=8B5;L=>3> ;8AB0, B> G0ABL 2B>@0O :><<5=B8@C5<>9 AB0BL8 0:>=0 ?@54CA<0B@8205B, GB> 708=B5@5A>20==0O AB>@>=0 ?>405B 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 70O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0, : :>B>@><C 2 >1O70B5;L=>< ?>@O4:5 4>;6=K 1KBL ?@8;>65=K 4>:C<5=BK, ?>4B25@640NI85 53> ?@02> =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40. A=>2=>9 ?@8;0305<K9 : 70O2;5=8N 4>:C<5=B - :>?8O @5H5=8O B@5B59A:>3> AC40, ?@8G5< CAB0=>2;5= @07;8G=K9 ?>@O4>: C4>AB>25@5=8O B0:8E 4>:C<5=B>2. >?8O ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 <>65B 1KBL C4>AB>25@5=0 ?@54A540B5;5< A>>B25BAB2CNI53> B@5B59A:>3> AC40, 0 :>?8O @5H5=8O B@5B59A:>3> AC40 4;O @07@5H5=8O :>=:@5B=>3> A?>@0 4>;6=0 1KBL 7025@5=0 =>B0@80;L=>. B>@>9, =5 <5=55 206=K9 4>:C<5=B, ?@8;0305<K9 : 70O2;5=8N > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 - B@5B59A:>5 A>3;0H5=85. 0:>=>< B0:65 4>?CA:05BAO 2>7<>6=>ABL ?@8;>65=8O : 70O2;5=8N >@838=0;0, ;81> :>?88 B@5B59A:>3> A>3;0H5=8O. @8 MB>< B@5B59A:>5 A>3;0H5=85 4>;6=> A>>B25BAB2>20BL B@51>20=8O<, CAB0=>2;5==K< AB. 12 8 AB. 13 0:>=0. , =0:>=5F, : 70O2;5=8N > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 4>;6=K 1KBL ?@8;>65=K 4>:C<5=BK, :>B>@K5 ?>4B25@640NB C?;0BC 3>AC40@AB25==>9 ?>H;8=K 2 ?>@O4:5 8 @07<5@5, CAB0=>2;5==>< 70:>=>40B5;LAB2><, 0 B0:65 4>:070B5;LAB20 2@CG5=8O :>?88 70O2;5=8O 4@C38< CG0AB=8:0< B@5B59A:>3> @0718@0B5;LAB20. '0ABL B@5BLO :><<5=B8@C5<>9 AB0BL8 >?@545;O5B A@>: 4;O ?>40G8 2 :><?5B5=B=K9 AC4 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0: H5ABL <5AOF52 A> 4=O >:>=G0=8O A@>:0 4;O 4>1@>2>;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40, ?@8G5< 5A;8 >?@545;5==K9 A@>: C:070= 2 @5H5=88 B@5B59A:>3> AC40, B> H5AB8<5AOG=K9 A@>: A;54C5B 8AG8A;OBL A> A;54CNI53> 4=O ?>A;5 8AB5G5=8O C:070==>3> 2 @5H5=88 A@>:0. >340 A@>: 8A?>;=5=8O 2 @5H5=88 B@5B59A:>3> AC40 =5 C:070= 8 A>3;0A=> AB. 49 0:>=0 >=> ?>4;568B =5<54;5==><C 8A?>;=5=8N, B> =04> ?>;030BL, A@>: 4;O ?>40G8 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0G8=05BAO =0 A;54CNI89 45=L ?>A;5 >:>=G0=8O ?5@8>40 2@5<5=8, @07C<=> =5>1E>48<>3> 4;O =5<54;5==>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40. !;54C5B 8<5BL 2 284C, GB> 70O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 <>65B 1KBL ?>4?8A0=> =5 B>;L:> A0<8< ;8F><, 2 ?>;L7C :>B>@>3> ?@8=OB> @5H5=85, => 8 53> ?@54AB028B5;5<. 4=0:> 4>25@5==>ABL, =0 >A=>20=88 :>B>@>9 ?@54AB028B5;L ?>4?8AK205B B0:>5 70O2;5=85, 4>;6=0 A>45@60BL A?5F80;L=>5 C:070=85 =0 40==>5 ?>;=><>G85. "0:8< >1@07><, 70:>=>40B5;L ?@54>AB02;O5B ?@02> 2>71C645=8O ?@>F54C@K ?@8=C48B5;L=>3> 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 2 :><?5B5=B=>< AC45 A0<><C CG0AB=8:C B@5B59A:>3> ?@>F5AA0, => =5 B@5B59A:><C AC4C, :>B>@K9 >BAB@0=5= >B MB>9 ?@>F54C@K, GB> 2?>;=5 >?@0240=> A ?>78F89 ?@8=F8?>2 48A?>78B82=>AB8 8 ?@>F5AAC0;L=>9 M:>=><88. 0@CH5=85 A@>:0 ?>40G8 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 O2;O5BAO >A=>20=85< 4;O 53> 2>72@0I5=8O AC4>< 70O28B5;N 157 @0AA<>B@5=8O, => 5A;8 70O28B5;L E>40B09AB2>20; > 2>AAB0=>2;5=88 ?@>?CI5==>3> A@>:0, B> :><?5B5=B=K9 AC4 2?@025 2>AAB0=>28BL A@>:, ?@87=02 ?@8G8=K ?@>?CA:0 C2068B5;L=K<8 (AB. 215 %, AB. 379  #7). ?@545;5=85 > 2>72@0I5=88 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0, :>B>@>5 1K;> ?>40=> A ?@>?CA:>< CAB0=>2;5==>3> A@>:0 ;81> : :>B>@><C =5 1K;8 ?@8;>65=K =5>1E>48<K5 4>:C<5=BK, <>65B 1KBL >160;>20=> 2 2KH5AB>OICN 8=AB0=F8N :><?5B5=B=>3> AC40 2 ?>@O4:5, CAB0=>2;5==>< 70:>=>40B5;LAB2><.  B>< A;CG05, 5A;8 2KH5AB>OI0O 8=AB0=F8O :><?5B5=B=>3> AC40 >B<5=8B C:070==>5 >?@545;5=85, 45;> ?>4;568B @0AA<>B@5=8N :><?5B5=B=K< AC4>< 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=.  ?@>F5AAC0;L=>< ?;0=5 @5H5=85 > @57C;LB0B0E @0AA<>B@5=8O 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 >D>@<;O5BAO 2 2845 >?@545;5=8O, =57028A8<> >B ACI5AB20 @5H5=8O, ?@8=OB>3> :><?5B5=B=K< AC4><, ?@8G5< MB> >?@545;5=85 ?>4;568B =5<54;5==><C 8A?>;=5=8N. @8 2K=5A5=88 >?@545;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 :><?5B5=B=K9 AC4 =5 2?@025 87<5=OBL @57>;NB82=CN G0ABL @5H5=8O B@5B59A:>3> AC40, 87<5=OO B5< A0<K< ACI=>ABL ?@8=OB>3> @5H5=8O. ?@545;5=85 :><?5B5=B=>3> 3>AC40@AB25==>3> AC40 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 8;8 >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 <>65B 1KBL >160;>20=> 2 ?>@O4:5, CAB0=>2;5==>< ?@>F5AAC0;L=K< 70:>=>40B5;LAB2><, ?> >1I8< ?@028;0<, CAB0=>2;5==K< 4;O >160;>20=8O >?@545;5=89 E>7O9AB25==KE AC4>2 8 AC4>2 >1I59 N@8A48:F88. >40G0 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 A =0@CH5=85< ?@028;, CAB0=>2;5==KE ?@>F5AAC0;L=K< 70:>=>40B5;LAB2><, O2;O5BAO >A=>20=85< 4;O 53> >AB02;5=8O 157 42865=8O ;81> 4;O 2>72@0I5=8O 53> ;8FC, ?>402H5<C B0:>5 70O2;5=85, 4;O CAB@0=5=8O 2 CAB0=>2;5==K9 :><?5B5=B=K< AC4>< A@>: =54>AB0B:>2, ?>A;C682H8E >A=>20=8O<8 4;O >AB02;5=8O 70O2;5=8O 157 42865=8O. !B0BLO 52. >@O4>: @0AA<>B@5=8O 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 0O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 @0AA<0B@8205BAO AC4L59 :><?5B5=B=>3> AC40 548=>;8G=> 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0= 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=.  2@5<5=8 8 <5AB5 @0AA<>B@5=8O C:070==>3> 70O2;5=8O C254><;ONBAO AB>@>=K B@5B59A:>3> @0718@0B5;LAB20. 5O2:0 AB>@>= B@5B59A:>3> @0718@0B5;LAB20 8;8 8E ?@54AB028B5;59 =0 70A540=85 :><?5B5=B=>3> AC40 =5 O2;O5BAO ?@5?OBAB285< : @0AA<>B@5=8N 70O2;5=8O. > @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 :><?5B5=B=K9 AC4 2K=>A8B >?@545;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ;81> >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0. ?@545;5=85 :><?5B5=B=>3> AC40 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?>4;568B =5<54;5==><C 8A?>;=5=8N. ?@545;5=85 :><?5B5=B=>3> AC40 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 8;8 >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 <>65B 1KBL >160;>20=> 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0= 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=.  A>>B25BAB288 A G0ABLN ?5@2>9 :><<5=B8@C5<>9 AB0BL8 70O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 @0AA<0B@8205BAO AC4L59 548=>;8G=> 2 A@>:, =5 ?@52KH0NI89 <5AOF0 A> 4=O 53> ?>ABC?;5=8O 2 :><?5B5=B=K9 AC4 (AB. 125 % 8 AB. 131  #7).  B@84F0B84=52=K9 A@>: 2:;NG05BAO 8 2@5<O, =5>1E>48<>5 4;O ?>43>B>2:8 45;0 : AC451=><C @0718@0B5;LAB2C. !;54C5B >B<5B8BL, GB> 2 ?@>F5AA5 ?>43>B>2:8 45;0 : @0718@0B5;LAB2C AC4LO :><?5B5=B=>3> AC40 2?@025 8AB@51>20BL 87 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 <0B5@80;K 45;0, ?> :>B>@><C 8A?@0H8205BAO 8A?>;=8B5;L=K9 ;8AB, => B>;L:> B5, :>B>@K5 =5>1E>48<K 4;O @07@5H5=8O 2>?@>A>2 >?@545;5=8O >A=>20=89 4;O 2K40G8 8A?>;=8B5;L=>3> ;8AB0 8 157 ?@020 8AB@51>20BL <0B5@80;K, >B=>AOI85AO : ACI5AB2C A?>@0, 4>:07K20=8N 8 ?@02>2>9 >F5=:5 >1AB>OB5;LAB2 45;0. %>40B09AB2> >4=>3> 87 CG0AB=8:>2 ?@>F5AA0 >1 8AB@51>20=88 <0B5@80;>2 B@5B59A:>3> @0718@0B5;LAB20 B0:65 <>65B @0AA<0B@820BLAO :0: 4>AB0B>G=>5 >A=>20=85 4;O 8AB@51>20=8O :><?5B5=B=K< AC4>< C:070==KE 2KH5 A>>B25BAB2CNI8E <0B5@80;>2, ?>A:>;L:C ?@>25@:0 <0B5@80;>2 B@5B59A:>3> AC40 2 CAB0=>2;5==KE 0:>=>< ?@545;0E <>65B >ACI5AB2;OBLAO 3>AC40@AB25==K< AC4>< 157 >1>N4=>3> A>3;0A8O CG0AB=8:>2 B@5B59A:>3> @0718@0B5;LAB20. @>F54C@0 @0AA<>B@5=8O 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40, :0: ?@028;>, >7=0G05B, GB> AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 4>;6=K 1KBL 8725I5=K > 2@5<5=8 8 <5AB5 AC451=>3> 70A540=8O 2 A>>B25BAB288 A> AB. 52 0:>=0, => 8E =5O2:0 2 AC451=>5 70A540=85 ?@8 CA;>288 8E =04;560I53> C254><;5=8O =5 O2;O5BAO ?@5?OBAB285< 4;O @0AA<>B@5=8O 70O2;5=8O. 0AA<>B@5=85 70O2;5=8O ?@>8AE>48B ?CB5< 8AA;54>20=8O 4>:C<5=B>2, ?@54AB02;5==KE 2 A>>B25BAB288 A> AB. 51 0:>=0 2 :><?5B5=B=K9 AC4 8 ?>4B25@640NI8E 87;>65==K5 2 70O2;5=88 B@51>20=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0. ><<5=B8@C5<0O AB0BLO 0:>=0 70:@5?;O5B CA;>285 > B><, GB> >?@545;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?>4;568B =5<54;5==><C 8A?>;=5=8N, GB> >7=0G05B 2ABC?;5=85 2 A8;C >?@545;5=8O A <><5=B0 53> >1JO2;5=8O. "@51>20=8O : A>45@60=8N 8A?>;=8B5;L=>3> ;8AB0 :><?5B5=B=>3> AC40 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 CAB0=>2;5=K 2 AB. 212 % 8 AB. 375  #7: 0) =08<5=>20=85 E>7O9AB25==>3> AC40, 2K402H53> 8A?>;=8B5;L=K9 ;8AB; 1) 45;>, ?> :>B>@><C 2K40= 8A?>;=8B5;L=K9 ;8AB, 8 53> =><5@; 2) 40B0 ?@8=OB8O AC451=>3> 0:B0, ?>4;560I53> 8A?>;=5=8N; 3) =08<5=>20=85 27KA:0B5;O 8 4>;6=8:0, 8E 04@5A0; 4) @57>;NB82=0O G0ABL AC451=>3> 0:B0; 5) 40B0 2ABC?;5=8O AC451=>3> 0:B0 2 70:>==CN A8;C; 6) 40B0 2K40G8 8A?>;=8B5;L=>3> ;8AB0 8 A@>: 53> 459AB28O. ?@545;5=85 :><?5B5=B=>3> AC40 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 8;8 >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 <>65B 1KBL >160;>20=> 2 ?>@O4:5, CAB0=>2;5==>< %>7O9AB25==K< ?@>F5AAC0;L=K< :>45:A>< 8;8 @0640=A:8< ?@>F5AAC0;L=K< :>45:A>< 5A?C1;8:8 #715:8AB0=. !B0BLO 53. A=>20=8O 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 @8 @0AA<>B@5=88 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 :><?5B5=B=K9 AC4 =5 2?@025 8AA;54>20BL >1AB>OB5;LAB20, CAB0=>2;5==K5 B@5B59A:8< AC4><, ;81> ?5@5A<0B@820BL @5H5=85 B@5B59A:>3> AC40 ?> ACI5AB2C. ><?5B5=B=K9 AC4 2K=>A8B >?@545;5=85 >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?> >A=>20=8O<, ?@54CA<>B@5==K< AB0BL59 47 =0AB>OI53> 0:>=0.  A;CG05 2K=5A5=8O :><?5B5=B=K< AC4>< >?@545;5=8O >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 AB>@>=K B@5B59A:>3> @0718@0B5;LAB20 2?@025 2 A>>B25BAB288 A B@5B59A:8< A>3;0H5=85< 2=>2L >1@0B8BLAO 2 B@5B59A:89 AC4 ;81> :><?5B5=B=K9 AC4 A A>1;N45=85< ?@028; ?>4254><AB25==>AB8 8 ?>4AC4=>AB8, 70 8A:;NG5=85< A;CG052, ?@54CA<>B@5==KE G0ABLN 2B>@>9 AB0BL8 48 =0AB>OI53> 0:>=0.  G0AB8 ?5@2>9 AB. 53 0:>=0 CAB0=>2;5=K ?@545;K ?>;=><>G89 :><?5B5=B=>3> AC40 ?@8 @0AA<>B@5=88 70O2;5=8O > 2K40G5 8A?>;=8B5;L=>3> ;8AB0, :>B>@K5 >3@0=8G5=K B5<, GB> :><?5B5=B=K9 AC4 =5 2?@025 8AA;54>20BL >1AB>OB5;LAB20, CAB0=>2;5==K5 B@5B59A:8< AC4><, ;81> ?5@5A<0B@820BL @5H5=85 B@5B59A:>3> AC40 ?> ACI5AB2C. "0:8< >1@07><, :><?5B5=B=K9 3>AC40@AB25==K9 AC4, @0AA<0B@820O 70O2;5=85 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40, =5 2?@025 ?>425@30BL A><=5=8N 8 ?5@5>F5=820BL D0:BK, CAB0=>2;5==K5 B@5B59A:8< AC4><, B0: 65 :0: =5 2?@025 4020BL =>2CN ?@02>2CN >F5=:C B5< A?>@=K< <0B5@80;L=>-?@02>2K< >B=>H5=8O<, ?> ?>2>4C :>B>@KE 8 ?@>8AE>48;> B@5B59A:>5 @0718@0B5;LAB2>. 0==0O =>@<0 25AL<0 7=0G8<0 A B>G:8 7@5=8O B>3>, GB> CAB0=02;8205B 2 #715:8AB0=5 B0:CN A8AB5<C 2708<>>B=>H5=89 3>AC40@AB25==KE AC4>2 8 B@5B59A:8E AC4>2, :>B>@0O AD>@<8@>20;0AL 2 @57C;LB0B5 4;8B5;L=>9 <564C=0@>4=>9 ?@0:B8:8 :><<5@G5A:>3> 0@18B@060 8 459AB28O "8?>2>3> 0:>=0 .!" . ><?5B5=B=K9 AC4 ?@8 2K40G5 8A?>;=8B5;L=>3> ;8AB0 2?@025 ?@>25@OBL B>;L:> D>@<0;L=K5 ?@>F5AAC0;L=K5 0A?5:BK 45OB5;L=>AB8 B@5B59A:>3> AC40.  8E G8A;C >1KG=> >B=>AOBAO ?@028;0, 30@0=B8@CNI85 >?@545;5==K9 <8=8<0;L=K9 AB0=40@B A>1;N45=8O ?@02 CG0AB=8:>2 ?@>F5AA0 (?@02> CG0AB2>20BL 2 70A540=88 AC40, ?@02> 1KBL 2KA;CH0==K<, ?@02> 8718@0BL AC459 2 A>>B25BAB288 A 70:>=>< 8 ?@.). "0:>5 ?>;>65=85 A2845B5;LAB2C5B > B><, GB> B@5B59A:>5 @0718@0B5;LAB2> O2;O5BAO 459AB28B5;L=> =57028A8<K< >B A8AB5<K 3>AC40@AB25==>3> AC4>?@>872>4AB20 8 30@0=B8@C5B AB018;L=>ABL @5H5=89, ?@8=8<05<KE ?@8 @07@5H5=88 A?>@>2 2 B@5B59A:>< AC45. 5A<>B@O =0 B>, GB> A N@848G5A:>-B5E=8G5A:>9 B>G:8 7@5=8O 8=AB8BCB >A=>20=89 4;O >B<5=K @5H5=8O B@5B59A:>3> AC40 A>2?0405B A 8=AB8BCB>< >A=>20=89 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40, @07=8F0 C:070==KE ?@02>2KE 8=AB8BCB>2 70:;NG05BAO 2 ?@02>2KE ?>A;54AB28OE. @8 >B<5=5 @5H5=8O B@5B59A:>3> AC40, ?> A<KA;C AB. 48 0:>=0, MB>B 0:B N@848G5A:8 0==C;8@C5BAO, 0 ?@8 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 B0:>3> 2K2>40 =5?>A@54AB25==> 87 B5:AB0 0:>=0 =5 A;54C5B. >A:>;L:C MB0 @07=8F0 D0:B8G5A:8 O2;O5BAO 45:;0@0B82=>9, B> AB0=>28BAO >G5284=K< 2A;54AB285 B>3>, GB> :0: ?@8 >B<5=5 @5H5=8O B@5B59A:>3> AC40, B0: 8 ?@8 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ;N10O 87 AB>@>= 2?@025 2=>2L >1@0B8BLAO 2 B@5B59A:89 AC4 2 A>>B25BAB288 A B@5B59A:8< A>3;0H5=85<, 70 8A:;NG5=85< 87JOB89, CAB0=>2;5==KE 2 0:>=5. 070;>AL 1K, ?@54CA<>B@5==K9 0:>=>< ?5@5G5=L >A=>20=89 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 4>;65= 1KBL 8AG5@?K20NI8<. 4=0:> A0< 0:>= =5 ?@54CA<0B@8205B, GB> B0:>9 ?5@5G5=L O2;O5BAO 8AG5@?K20NI8<. 564C B5< :><?5B5=B=K9 3>AC40@AB25==K9 AC4 2?@025 >B:070BL 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 8 ?> >A=>20=8O<, :>B>@K5 =5 ?@54CA<>B@5=K 2 AB. 47 0:>=0. > >1I8< ?@028;0<, @5H5=85 B@5B59A:>3> AC40 2ABC?05B 2 70:>==CN A8;C =5<54;5==> 8 O2;O5BAO >1O70B5;L=K< 4;O CG0AB=8:>2 B@5B59A:>3> @0718@0B5;LAB20. <5AB5 A B5< MB> =5 8A:;NG05B A8BC0F89, :>340 2ABC?;5=85 @5H5=8O B@5B59A:>3> AC40 2 A8;C >BA@>G5=> 8;8 ?>AB02;5=> 2 7028A8<>ABL >B :0:>3>-;81> CA;>28O. -B> <>65B 1KBL ?@54CA<>B@5=> :0: A>3;0H5=85< AB>@>=, B0: 8 ?@028;0<8 ?>AB>O==> 459AB2CNI53> B@5B59A:>3> AC40 8;8 @5H5=85< B@5B59A:>3> AC40 ?> 45;C. "0:8< >1@07><, =5 8A:;NG5=K A8BC0F88, :>340 708=B5@5A>20==0O AB>@>=0 >1@0I05BAO 2 :><?5B5=B=K9 3>AC40@AB25==K9 AC4 A 70O2;5=85< > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 4> 2ABC?;5=8O @5H5=8O B@5B59A:>3> AC40 2 70:>==CN A8;C.  MB>< A;CG05 3>AC40@AB25==K9 AC4 >1O70= >B:070BL 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 ?> C:070==><C >A=>20=8N. @><5 B>3>, ?@8<5=5=85 C:070==>3> >A=>20=8O 4;O >B:070 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 2 >B=>H5=88 @5H5=89 B@5B59A:8E AC4>2 2>7<>6=> 2 A2O78 A ?@028;0<8 > @07;8G=>9 ?>4AC4=>AB8 70O2;5=89 > 2K40G5 8A?>;=8B5;L=>3> ;8AB0 8 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40. -B8 ?@028;0 A>740NB 2>7<>6=>ABL A8BC0F89, :>340 2 ?5@8>4 >A?0@820=8O @5H5=8O B@5B59A:>3> AC40 (@0AA<>B@5=8O :><?5B5=B=K< 3>AC40@AB25==K< AC4>< 70O2;5=8O >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40) >=> =5 <>65B 1KBL 8A?>;=5=> 2 ?@8=C48B5;L=>< ?>@O4:5. @8 @0AA<>B@5=88 A>>B25BAB2CNI53> 70O2;5=8O :><?5B5=B=K9 AC4 >1O70= >15A?5G8BL 2>7<>6=>ABL CG0AB8O AB>@>= 2 AC451=>< 70A540=88. 5A>1;N45=85 MB>3> ?@028;0 @0AA<0B@8205BAO :0: =0@CH5=85 ?@020 AB>@>= =0 CG0AB85 2 ?@>F5AA5, GB> O2;O5BAO >A=>20=85< 4;O >B<5=K >?@545;5=8O, ?@8=OB>3> ?> @57C;LB0B0< @0AA<>B@5=8O 70O2;5=8O.  0:>=5 CAB0=>2;5=K ?@>F5AAC0;L=K5 ?>A;54AB28O 2K=5A5=8O :><?5B5=B=K< 3>AC40@AB25==K< AC4>< >?@545;5=8O >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0. !;54C5B >B<5B8BL, GB> >B:07 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 :><?5B5=B=K< AC4>< D0:B8G5A:8 ?@8@02=8205BAO : >B<5=5 @5H5=8O B@5B59A:>3> AC40 8 O2;O5BAO >A=>20=85< 4;O >1@0I5=8O 708=B5@5A>20==>9 AB>@>=K 2 B@5B59A:89 8;8 3>AC40@AB25==K9 AC4 A ?>2B>@=K< 8A:>2K< 70O2;5=85< A A>1;N45=85< ?@028; ?>4254><AB25==>AB8 8 ?>4AC4=>AB8. 4=0:>, 708=B5@5A>20==0O AB>@>=0 ;8H5=0 ?@020 ?>2B>@=>3> >1@0I5=8O 70 70I8B>9 A2>53> ?@020 2 B@5B59A:89 AC4 2 A;CG05, 5A;8 >B:07 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 =0 ?@8=C48B5;L=>5 8A?>;=5=85 @5H5=8O B@5B59A:>3> AC40 >1CA;>2;5= =5459AB28B5;L=>ABLN B@5B59A:>3> A>3;0H5=8O 8;8 ?>B><C, GB> @5H5=85 ?@8=OB> B@5B59A:8< AC4>< ?> A?>@C, :>B>@K9 =5 ?>4?0405B ?>4 53> CA;>28O, 8;8 A>45@68B ?>AB0=>2;5=8O ?> 2>?@>A0<, :>B>@K5 =5 >E20BK20NBAO B@5B59A:8< A>3;0H5=85<. ?@545;5=85 :><?5B5=B=>3> AC40 >1 >B:075 2 2K40G5 8A?>;=8B5;L=>3> ;8AB0 <>65B 1KBL >160;>20=> AB>@>=>9 2 ?>@O4:5, CAB0=>2;5==>< E>7O9AB25==K< ?@>F5AAC0;L=K< 8;8 3@0640=A:8< ?@>F5AAC0;L=K< 70:>=>40B5;LAB2><. !B0BLO 54. >2>@>B 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 A;8 @5H5=85 B@5B59A:>3> AC40 : <><5=BC 53> >B<5=K ?@82545=> 2 8A?>;=5=85, B> >B25BG8:C 2>72@0I05BAO 2A5 B>, GB> 1K;> 27KA:0=> A =53> 2 ?>;L7C 8ABF0 ?> >B<5=5==><C @5H5=8N B@5B59A:>3> AC40. @>F5AAC0;L=K9 8=AB8BCB ?>2>@>B0 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40 ?@54AB02;O5B A>1>9 2>AAB0=>2;5=85 G5@57 :><?5B5=B=K9 AC4 ?@02 AB>@>=K, =0@CH5==KE 8A?>;=5=85< AC451=>3> @5H5=8O, :>B>@>5 2?>A;54AB288 1K;> >B<5=5=>. ><<5=B8@C5<0O AB0BLO =5 A>2A5< C40G=0, B0: :0: ?@57N<8@C5B >B25BG8:0 :0: ?@>83@02HCN AB>@>=C, B>340 :0: 2 ?@0:B8:5 8 :><?5B5=B=KE AC4>2 8 B@5B59A:8E AC4>2 G0AB> 1K205B, GB> 45;> @5H05BAO 2 ?>;L7C >B25BG8:0, 8 A 8ABF0 27KA:820NBAO 8<CI5AB2>, 45=56=K5 A@54AB20 8 ?@.  MB8E A;CG0OE ?>2>@>B 8A?>;=5=8O @5H5=8O 1C45B 2 ?>;L7C 8ABF0, 0 =5 >B25BG8:0. @028;L=> 1C45B 3>2>@8BL > AB>@>=5 , 0 =5 >1 >B25BG8:5. ;O @5H5=8O 2>?@>A0 > ?>2>@>B5 8A?>;=5=8O @5H5=8O =5>1E>48<> =0;8G85 A;54CNI8E CA;>289: 0) @5H5=85 B@5B59A:>3> AC40 1K;> 8A?>;=5=>, 1) @5H5=85 B@5B59A:>3> AC40 >B<5=5=>, 2) 2K=5A5= =>2K9 AC451=K9 0:B, 2 :>B>@>< 2 8A:5 >B:070=> ?>;=>ABLN 8;8 2 G0AB8, ?@5:@0I5=> ?@>872>4AB2> ?> 45;C 8;8 8A: >AB02;5= 157 @0AA<>B@5=8O, C4>2;5B2>@5= 2AB@5G=K9 8A:. >@<0 =0AB>OI59 AB0BL8 0:>=0 :>@@5A?>=48@C5BAO A> AB. 382  #7, >?@545;ONI59, GB> 2 A;CG05 >B<5=K ?@82545==>3> 2 8A?>;=5=85 @5H5=8O AC40 >1I59 N@8A48:F88 >B25BG8:C 2>72@0I05BAO 2A5, GB> 1K;> A =53> 27KA:0=> 2 ?>;L7C 8ABF0 ?> >B<5=5==><C @5H5=8N. "0:8< 65 >1@07><, AB. 219 % #7 ?@54CA<0B@8205B 2>72@0I5=85 >B25BG8:C 2A53> B>3>, GB> 1K;> 27KA:0=> A =53> 2 ?>;L7C 8ABF0 2 A;CG0OE, :>340 ?@82545==K9 2 8A?>;=5=85 AC451=K9 0:B 87<5=5=, >B<5=5=, ?@8=OB =>2K9 AC451=K9 0:B > ?>;=>< 8;8 G0AB8G=>< >B:075 2 8A:5, ?@>872>4AB2> ?> 45;C ?@5:@0I5=> ;81> 8A: >AB02;5= 157 @0AA<>B@5=8O.  ?>@O4:5 ?>2>@>B0 8A?>;=5=8O AB>@>=5 4>;6=> 1KBL 2>72@0I5=> 2A5 B>, GB> 1K;> 27KA:0=> A =55 2 ?>;L7C 4@C3>9 AB>@>=K ?> >B<5=5==><C AC451=><C @5H5=8N, ?@82545==><C 2 8A?>;=5=85 (=542868<>ABL, 45=56=K5 A@54AB20, 8=K5 F5==>AB8 8 8<CI5AB2>), 0 5A;8 2>72@0B8BL 8<CI5AB2> 2 =0BC@5 =52>7<>6=>, B> 2>72@0I05BAO 53> AB>8<>ABL. A;8 @5H5=85 B@5B59A:>3> AC40 >B<5=5=> :><?5B5=B=K< AC4><, 2>?@>A > ?>2>@>B5 8A?>;=5=8O @07@5H05BAO ?> A>1AB25==>9 8=8F80B825 B@5B59A:8< AC4><, :>B>@K9 ?@8=8<05B =>2>5 AC451=>5 @5H5=85 > ?>2>@>B5 8A?>;=5=8O. A;8 B@5B59A:89 AC4 MB>3> =5 A45;0;, 708=B5@5A>20==>5 ;8F> 2?@025 >1@0B8BLAO A 70O2;5=85< 2 B@5B59A:89 AC4 > 2K=5A5=88 @5H5=8O > ?@5:@0I5=88 27KA:0=8O ?> @5H5=8N, :>B>@>5 >B<5=5=> 8 ?>2>@>B5 8A?>;=5=8O. A;8 @5H5=85 B@5B59A:>3> AC40 8A?>;=O5BAO ?> 8A?>;=8B5;L=><C ;8ABC, 2K40==><C :><?5B5=B=K< AC4><, B> ?>2>@>B 8A?>;=5=8O 2>7<>65= B>;L:> =0 >A=>20=88 >?@545;5=8O :><?5B5=B=>3> AC40 > ?>2>@>B5 8A?>;=5=8O @5H5=8O B@5B59A:>3> AC40. ?@545;5=85 :><?5B5=B=>3> AC40 >1 >B<5=5 @5H5=8O B@5B59A:>3> AC40 <>65B A>45@60BL 8 @0A?>@O65=85 > ?>2>@>B5 8A?>;=5=8O >B<5=5==>3> @5H5=8O. ;O F5;59 ?>2>@>B0 8A?>;=5=8O =0 2>72@0B 45=56=KE A@54AB2 8;8 8<CI5AB20 2ABC?05B 2 A8;C 8A?>;=8B5;L=>5 ?@>872>4AB2> 2 A>>B25BAB288 A =>@<0<8 0:>=0 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2".  9. .'",+ / !B0BLO 55. 07@5H5=85 A?>@>2 !B0BLO 56. B25BAB25==>ABL 70 =0@CH5=85 70:>=>40B5;LAB20 > B@5B59A:8E AC40E !B0BLO 57. @87=0=85 CB@0B82H8< A8;C ?@8;>65=8O N 3 @0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 5A?C1;8:8 #715:8AB0=, CB25@645==>3> 0:>=>< 5A?C1;8:8 #715:8AB0= >B 23 <0@B0 1963 3>40 !B0BLO 58. @82545=85 70:>=>40B5;LAB20 2 A>>B25BAB285 A =0AB>OI8< 0:>=>< !B0BLO 59. ABC?;5=85 2 A8;C =0AB>OI53> 0:>=0 !B0BLO 55. 07@5H5=85 A?>@>2 !?>@K, 2>7=8:0NI85 2 >1;0AB8 >1@07>20=8O 8 45OB5;L=>AB8 B@5B59A:8E AC4>2, @07@5H0NBAO 2 ?>@O4:5, CAB0=>2;5==>< 70:>=>40B5;LAB2><. 5 8A:;NG05BAO 2>7<>6=>ABL 2>7=8:=>25=8O A?>@>2 ?@8 >1@07>20=88 8 45OB5;L=>AB8 B@5B59A:>3> AC40.  =0H8E :><<5=B0@8OE : AB. 5-8 =0AB>OI53> 70:>=0 >1@0I0;>AL 2=8<0=85 =0 @O4 :>;;8789, :>B>@K5 <>3CB 2>7=8:=CBL ?@8 ?>AB0=>2:5 =0 CG5B B@5B59A:8E AC4>2, B.:. D>@<C;8@>2:0 G0AB8 ?5@2>9 AB.8 0:>=0 ?> CAB0=>2;5=8N "CG5B=>9 @538AB@0F88" B@5B59A:8E AC4>2 :@09=5 =5C40G=0 8 <>65B 2K720BL 1>;LH>5 65;0=85 C >@30=>2 NAB8F88 =0G0BL =0AB>OICN @538AB@0F8N B@5B59A:8E AC4>2, 0=0;>38G=CN @538AB@0F88 =53>AC40@AB25==KE =5:><<5@G5A:8E >@30=870F89.  MB>< A;CG05 B@5B59A:85 AC4K ?>B5@ONB 3;02=>5 2 A2>5< AB0BCA5 - =57028A8<>ABL, B. :. @538AB@0F8O ?@54?>;0305B 8 A>>B25BAB2CNI89 :>=B@>;L @538AB@8@CNI53> >@30=0. "0:65 <=>3> 1C45B A?>@>2 ?@8 >ACI5AB2;5=88 45OB5;L=>AB8 B@5B59A:>3> AC40 <564C @C:>2>4AB2>< N@848G5A:>3> ;8F0, >1@07>202H5< B@5B59A:89 AC4, 8 B@5B59A:8< AC4><. >-?5@2KE, MB> A?>@K > @0A?@545;5=88 45=56=KE A@54AB2, ?>ABC?0NI8E 2 2845 B@5B59A:8E A1>@>2 =0 AG5B N@848G5A:>3> ;8F0 8;8 B@5B59A:>3> AC40, 8, 2>-2B>@KE, =5 8A:;NG0NBAO ?>?KB:8 @C:>2>4AB20 N@848G5A:>3> ;8F0, :>=B@>;8@>20BL 45OB5;L=>ABL B@5B59A:>3> AC40 8 >:07K20BL 2;8O=85 =0 2K=5A5=85 @5H5=89 B@5B59A:>3> AC40. >7<>6=K B0:65 A?>@K ?> ?>2>4C 8<CI5AB20 B@5B59A:>3> AC40, =0;>3>>1;>65=8O 8 4@. A?>@K 3@0640=A:>-?@02>2>3> 8 04<8=8AB@0B82=>-?@02>2>3> E0@0:B5@0. 4=0:> A;54C5B CG8BK20BL, GB> B@5B59A:89 AC4 =5 O2;O5BAO N@848G5A:8< ;8F><, 8 ?>B><C 2A5 04<8=8AB@0B82=K5 8 3@0640=A:>-?@02>2K5 A?>@K, A>3;0A=> 70:>=>40B5;LAB2C 5A?C1;8:8 #715:8AB0=, 1C4CB @0AA<0B@820BLAO 2 A>>B25BAB2CNI8E >@30=0E 8 :><?5B5=B=KE AC40E A CG0AB85< N@848G5A:>3> ;8F0, >1@07>202H53> B@5B59A:89 AC4, :>B>@K9 8 1C45B ?@54AB02;OBL 8=B5@5AK B@5B59A:>3> AC40. =B5@5AK 2@5<5==>3> B@5B59A:>3> AC40 2 B0:8E A?>@0E 1C4CB 70I8I0BL D878G5A:85 ;8F0, AC4L8 2@5<5==>3> B@5B59A:>3> AC40 ?> :>=:@5B=><C 45;C. !B0BLO 56. B25BAB25==>ABL 70 =0@CH5=85 70:>=>40B5;LAB20 > B@5B59A:8E AC40E 8F0, 28=>2=K5 2 =0@CH5=88 70:>=>40B5;LAB20 > B@5B59A:8E AC40E, =5ACB >B25BAB25==>ABL 2 CAB0=>2;5==>< ?>@O4:5. >@<0 :><<5=B8@C5<>9 AB0BL8 >BAK;05B : @07;8G=K< =>@<0B82=K< ?@02>2K< 0:B0< 5A?C1;8:8 #715:8AB0=, CAB0=02;820NI8< 3@0640=A:>-?@02>2CN, 04<8=8AB@0B82=CN 8 C3>;>2=CN >B25BAB25==>ABL N@848G5A:8E 8 D878G5A:8E ;8F 70 =0@CH5=85 70:>=>40B5;LAB20 > B@5B59A:8E AC40E. "0:, 2 A>>B25BAB288 A> AB.AB. 81-82 0:>=0 5A?C1;8:8 #715:8AB0= "1 8A?>;=5=88 AC451=KE 0:B>2 8 0:B>2 8=KE >@30=>2", 70 =58A?>;=5=85 8A?>;=8B5;L=>3> 4>:C<5=B0 B@5B59A:>3> AC40 10=:>< 8;8 8=>9 :@548B=>9 >@30=870F859 =0 =8E =0;0305BAO AC4>< HB@0D 2 @07<5@5 4> ?OB845AOB8 ?@>F5=B>2 AC<<K, ?>4;560I59 27KA:0=8N, 0 ?@8 =58A?>;=5=88 8A?>;=8B5;L=>3> 4>:C<5=B0 157 C2068B5;L=KE ?@8G8= 2 >?@545;5==K9 A@>: AC451=K9 8A?>;=8B5;L 2>7;0305B =0 D878G5A:8E ;8F HB@0D 2 @07<5@5 4> 45AOB8 <8=8<0;L=KE @07<5@>2 70@01>B=>9 ?;0BK, =0 4>;6=>AB=KE ;8F - 4> ?OB=04F0B8 <8=8<0;L=KE @07<5@>2 70@01>B=>9 ?;0BK. 8F0, ?@5?OBAB2CNI85 45OB5;L=>AB8 B@5B59A:>3> AC40, ?CB5< 70?@5I5=8O 53> 45OB5;L=>AB8 8;8 >3@0=8G5=8O ?@02 8 B.4. ?@82;5:0NBAO : >B25BAB25==>AB8 70 ?@52KH5=85 4>;6=>AB=KE ?>;=><>G89 2?;>BL 4> C3>;>2=>9 >B25BAB25==>AB8. 8F0, =0@CH0NI85 ?@8=F8?K :>=D845=F80;L=>AB8 8 =57028A8<>AB8 B@5B59A:>3> AC40 =5ACB 04<8=8AB@0B82=CN, C3>;>2=CN 8;8 3@0640=A:>-?@02>2CN >B25BAB25==>ABL 2 7028A8<>AB8 >B ?>A;54AB289 =0@CH5=8O. !C4L8 :><?5B5=B=>3> AC40 8 >@30=>2 8A?>;=5=8O AC451=KE 0:B>2, 70 =0@CH5=8O ?>;>65=89 =0AB>OI53> 0:>=0 8 8=>3> 70:>=>40B5;LAB20, @53;0<5=B8@CNI53> 8E 45OB5;L=>ABL, A2O70==CN A 45OB5;L=>ABLN B@5B59A:8E AC4>2, =5ACB CAB0=>2;5==CN 70:>=>40B5;LAB2>< 48AF8?;8=0@=CN, 04<8=8AB@0B82=CN 8;8 3@0640=A:>-?@02>2CN >B25BAB25==>ABL. !B0BLO 57. @87=0=85 CB@0B82H8< A8;C ?@8;>65=8O N 3 @0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 5A?C1;8:8 #715:8AB0=, CB25@645==>3> 0:>=>< 5A?C1;8:8 #715:8AB0= >B 23 <0@B0 1963 3>40 @87=0BL CB@0B82H8< A8;C ?@8;>65=85 N 3 @0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 5A?C1;8:8 #715:8AB0=, CB25@645==>3> 0:>=>< 5A?C1;8:8 #715:8AB0= >B 23 <0@B0 1963 3>40 (54><>AB8 5@E>2=>3> !>25B0 5A?C1;8:8 #715:8AB0=, 1963 3., N 9, AB. 31). @87=0=> CB@0B82H8< A8;C >;>65=85 > B@5B59A:>< AC45, 459AB2>202H55 2 :0G5AB25 ?@8;>65=8O N 3 : @0640=A:><C ?@>F5AAC0;L=><C :>45:AC 5A?C1;8:8 #715:8AB0= 1963 3>40 8 @0A?@>AB@0=O2H55 A2>5 459AB285 =0 A>>B25BAB2CNI85 3@0640=A:>-?@02>2K5 A?>@K A CG0AB85< 3@0640=. "0:8< >1@07><, A <><5=B0 22545=8O 2 459AB285 :><<5=B8@C5<>3> 0:>=0 B@5B59A:85 AC4K, @0AA<0B@820NI85 A>>B25BAB2CNI85 3@0640=A:>-?@02>2K5 A?>@K, ?>;CG8;8 548=CN =>@<0B82=>-?@02>2CN >A=>2C A2>59 45OB5;L=>AB8, =5 7028AOICN >B AC1J5:B=>3> A>AB020 A?>@=KE ?@02>>B=>H5=89.  A;CG05 ?@>B82>@5G89 <564C =>@<0<8 =0AB>OI53> 0:>=0 8 ?@028;0<8 459AB2CNI8E ?>470:>==KE =>@<0B82=KE ?@02>2KE 0:B>2, ?>4;560B ?@8<5=5=8N =>@<K 0:>=0. !B0BLO 58. @82545=85 70:>=>40B5;LAB20 2 A>>B25BAB285 A =0AB>OI8< 0:>=>< 018=5BC 8=8AB@>2 5A?C1;8:8 #715:8AB0=: ?@825AB8 @5H5=8O ?@028B5;LAB20 2 A>>B25BAB285 A =0AB>OI8< 0:>=><; >15A?5G8BL ?5@5A<>B@ 8 >B<5=C >@30=0<8 3>AC40@AB25==>3> C?@02;5=8O 8E =>@<0B82=>-?@02>2KE 0:B>2, ?@>B82>@5G0I8E =0AB>OI5<C 0:>=C. &5=B@0;L=><C 10=:C 5A?C1;8:8 #715:8AB0= ?@825AB8 A2>8 =>@<0B82=>-?@02>2K5 0:BK 2 A>>B25BAB285 A =0AB>OI8< 0:>=><. 0@O4C A C:070=85< 2 AB. 57 0:>=0 > ?@5:@0I5=88 459AB28O ?@8;>65=8O N 3 @0640=A:>3> ?@>F5AAC0;L=>3> :>45:A0 5A?C1;8:8 #715:8AB0=, CB25@645==>3> 0:>=>< 5A?C1;8:8 #715:8AB0= >B 23 <0@B0 1963 3>40 2 A2O78 A ?@8=OB85< =>2>3> 0:>=0, 70:>=>40B5;L C:070; =0 =5>1E>48<>ABL ?5@5A<>B@0, >B<5=K 8 ?@82545=8O 8=KE =>@<0B82=KE 0:B>2 2 A>>B25BAB285 A ?>;>65=8O<8 2=>2L ?@8=OB>3> 0:B0.  A2O78 A MB8<, C:070==K< 3>AC40@AB25==K< AB@C:BC@0< ?>@CG5=> ?@825AB8 70:>=>40B5;LAB2> 2 A>>B25BAB285 A =0AB>OI8< 0:>=><. !B0BLO 59. ABC?;5=85 2 A8;C =0AB>OI53> 0:>=0 0AB>OI89 0:>= 2ABC?05B 2 A8;C A 1 O=20@O 2007 3>40. 0:>= 2ABC?8; 2 A8;C =5 A <><5=B0 53> ?>4?8A0=8O @57845=B>< 5A?C1;8:8 #715:8AB0=, 0 A <><5=B0, C:070==>3> 2 :><<5=B8@C5<>9 AB0BL5 - 1 O=20@O 2007 3>40. D8F80;L=>5 >?C1;8:>20=85 0:>=0 2 A1>@=8:5 "!>1@0=85 70:>=>40B5;LAB20 5A?C1;8:8 #715:8AB0=" N 42 70 2006 3>4 8 2 3075B5 "0@>4=>5 A;>2>" 17 >:BO1@O 2006 3>40 A B>G:8 7@5=8O 2ABC?;5=8O 2 A8;C 7=0G5=8O =5 8<55B. 7 MB>3> A;54C5B, GB> ?>@O4>: >1@07>20=8O 8 45OB5;L=>AB8 B@5B59A:8E AC4>2 =0 B5@@8B>@88 #715:8AB0=0 A 1 O=20@O 2007 3>40 4>;6=K ?>;=>ABLN A>>B25BAB2>20BL ?>;>65=8O< 0:>=0 " B@5B59A:8E AC40E". .' 025@H0O :><<5=B0@89, 02B>@K >1@0I0NB 2=8<0=85 G8B0B5;O =0 B>, GB> 8<8 =5 @0AA<0B@820;AO 2>?@>A > :><?5B5=F88 B@5B59A:>3> AC40 =0 @0AA<>B@5=85 A?>@>2 A 8=>AB@0==K< M;5<5=B><. =>AB@0==K9 M;5<5=B >7=0G05B CG0AB85 2 :0G5AB25 AB>@>=K 3@0640=8=0 8;8 N@848G5A:>3> ;8F0 4@C3>3> 3>AC40@AB20.  A2O78 A B5<, GB> 70:>=>40B5;L 5A?C1;8:8 #715:8AB0= 2K1@0; D>@<C >@30=870F88 0@18B@060 2 2845 42CE AC4>?@>872>4AB2: 1) =0F8>=0;L=>3> B@5B59A:>3> AC4>?@>872>4AB20 (4;O 3@0640= 8 N@848G5A:8E ;8F #715:8AB0=0) 8 2) <564C=0@>4=>3> :><<5@G5A:>3> 0@18B@060 ?> @0AA<>B@5=8N A?>@>2 A 8=>AB@0==K< M;5<5=B>< 8 A 4>?CA:>< : @0718@0B5;LAB2C 0@18B@>2 (AC459) 3@0640= 4@C38E 3>AC40@AB2, 8, CG8BK20O, GB> 0:>= " <564C=0@>4=>< :><<5@G5A:>< 0@18B@065" 2 #715:8AB0=5 ?>:0 =5 ?@8=OB 8 =0E>48BAO =0 @0AA<>B@5=88, ?>;0305<, GB> 459AB2CNI85 B@5B59A:85 AC4K #715:8AB0=0 A A>1;N45=85< ?>;>65=89 :><<5=B8@C5<>3> 0:>=0 2?@025 @0AA<0B@820BL A?>@ A 8=>AB@0==K< M;5<5=B><, @C:>2>4AB2COAL B8?>2K< 0:>=>< .!"  " <564C=0@>4=>< B>@3>2>< 0@18B@065". > 2AO:>< A;CG05, 0:>= 5A?C1;8:8 #715:8AB0= " B@5B59A:8E AC40E" MB> =5 70?@5I05B. _______________________________________ 1) C=:B 47 ><<5=B0@852 .!"  ?> >@30=870F88 0@18B@06=>3> @0718@0B5;LAB20. , 5=0, 1966. !. 23. 2) 653>2 !.. !;>20@L @CAA:>3> O7K:0. >4 @540:F859 ...(254>2>9. ., CAA:89 O7K:. 1989. !. 452. 3) "0< 65. 4) 0?@8<5@, AB0BL8 8-14 0:>=0 5A?C1;8:8 #715:8AB0= " 10=:>2A:>9 B09=5" >?@545;ONB :@C3 AC1J5:B>2, :>B>@K< ?@54>AB02;ONBAO A2545=8O, A>AB02;ONI85 10=:>2A:CN B09=C. 5) 5OB5;L=>ABL AC451=KE 8A?>;=8B5;59 @53;0<5=B8@C5BAO >;>65=85< > ?>@O4:5 2545=8O 8A?>;=8B5;L=>3> ?@>872>4AB20 8 >@30=870F88 45OB5;L=>AB8 AC451=KE 8A?>;=8B5;59, 0 B0:65 0:B>2 8=KE >@30=>2, CB25@645==K< @8:07>< <8=8AB@0 NAB8F88 #7 >B 29 45:01@O 2001 3>40 N 209-<E, 70@538AB@8@>20==K< 8=NAB>< #7 29 45:01@O 2001 3>40 N 1091 (A 87<5=5=8O<8, 2=5A5==K<8 @8:07>< <8=8AB@0 NAB8F88 #7, 70@538AB@8@>20==K< 8=NAB>< #7 5 D52@0;O 2007 3>40 N 1091-1). 6) ABC?8;0 2 A8;C 4;O 5A?C1;8:8 #715:8AB0= 7 D52@0;O 1996 3>40, @0B8D8F8@>20=0 >AB0=>2;5=85< ;89 06;8A0 #7 >B 22 45:01@O 1995 3>40 N 184-I. 7) ABC?8;0 2 A8;C 4;O 5A?C1;8:8 #715:8AB0= 25 023CAB0 1995 3>40, @0B8D8F8@>20=0 >AB0=>2;5=85< 5@E>2=>3> !>25B0 #7 >B 6 <0O 1994 3>40 N 1077-XII. 8) ABC?8;0 2 A8;C 4;O 5A?C1;8:8 #715:8AB0= A 19 <0O 1994 3>40, @0B8D8F8@>20=0 >AB0=>2;5=85< 5@E>2=>3> !>25B0 #7 >B 6 <0O 1993 3>40 N 825-XII. #G0AB=8:0<8 O2;ONBAO 2A5 AB@0=K !. 9) ?C1;8:>20=> 2 8740=88 "!>4@C65AB2>. =D>@<0F8>==K9 25AB=8: !>25B0 3;02 3>AC40@AB2 8 !>25B0 3;02 ?@028B5;LAB2 !". K?CA: 4. 8=A:, 1992. #G0AB=8:0<8 !>3;0H5=8O O2;ONBAO: 75@109460=, @<5=8O, 5;0@CAL, 070EAB0=, K@3K7AB0=, >AA89A:0O $545@0F8O, "0468:8AB0=, "C@:<5=8AB0=, #715:8AB0=, #:@08=0. º<>:.FHZln$68:n$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`np$Dh8npt\, :J@F!%(((($7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`Dfh68l(P)T)|*~*--//11334*x|.tvTJNxz\HHHIZ\̉Ή*.̰DHnp<>@B) :* ϵϵϵϵϵϵϵϵϵϵϵϵ2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`6CJOJQJ]^J_HaJmHsHG(R)T)~*-/1344J9p?BfITJMN2P4RW\a(cj:o$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`:or@vly| D>&(*z|02zx> T$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`ƵνdvVXj $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`LNz8.BT  &.2`8X;XHZH\HHH$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`HII4SV~^:cfhk mr8x"\Ή,.$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`Tޛ*J(ưȰʰ̰  fԱV²xƳ7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`ƳFHp>Bƾ^d|Pdt$7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>`b(Lr|:bF f   $7d7$8$H$]`7a$gd>`  F ^  t T P  * # & ) ) ) <* >* <, , , - B- n/ / D0 $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`:* >* :, <, , , , , - - @- B- l/ n/ / / B0 D0 1 1 5 5 6 y z z b~ d~   ޿ * . 0   X! \! ! ! " " # # $ $ n% p% f& h& ( ( ) ) d+ br r r 2h>`h>`5CJOJQJ\^J_HaJmHsH2h>`h>`6CJOJQJ]^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsHGD0 1 5 6 6 6 N8 t9 < 0? A E G 8J L FN Q VT ^V Y [ :^ _ ` d e f $7d7$8$H$]`7a$gd>`f g j `$7d7$8$H$]`7a$gd>` | Ȗ X D j l d : $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>` " P  , . 2 4 p . " $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`"     B & r    R B  L  $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`    Z! \! ! " # $ p% h& ( ) f+ h+ , / 0 2 2 3 $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>` 3 5 9 9 : < > A hC jC 6D E `G bG BH L VN XN VO T T ZV "Z $Z [ h_ ,a $7d7$8$H$]`7a$gd>`,a Fb e e h :l n q ^r `r br r r Dt Nu Pu v Px z r~   ̈ n $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`r Bt Dt Lu ~ ؏ h * 6 8 x z v x 0 I jJ nJ K K ~O zb b b b b b e Pf Tf &g (g g " &   d f  ϵϵϵϵϵϵϵϵϵϵϵϵ2h>`h>`5CJOJQJ\^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`6CJOJQJ]^J_HaJmHsHGn x z | ~ ڏ ܏  b Ԑ B V h n 7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`n t ` Ω h H . 6  & ( * $7d7$8$H$]`7a$gd>`* 8 z x 2 4 D  H   <  V p  $7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`  ! # $ r' :) + , . 0 l4 4 ~7 = ? B G I I I lJ nJ K $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`K O O S W Z \ tb vb xb zb b b b Pc c 4d d d De e e 7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`e e Rf Tf (g g g i m nq t v { R X  $7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>` $ &   ` ( * \ t . h z $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>` f  8 : $ n  > J " l  $7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`  6 :            x- - - - - / / 0 0 3 _ ` ` a w `h>`5CJOJQJ\^J_HaJmHsH2h>`h>`6CJOJQJ]^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsHC   6 8 :         @ # % 0' v+ t- v- x- - $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`- - - / 0 3 3 9 J; :> @ B F I LT V rZ _ _ _ ` ` a a @c $7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`@c df i m p Ts 4v w w w w >x @x zx x "y y y Pz z z 4{ 7d7$8$H$]`7gd>`$d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`4{ { { { { { | | `  6  . 2 4 ΋ Ћ $7d7$8$H$]`7a$gd>`$d7$8$H$]a$gd>`7d7$8$H$]`7gd>` N    p D p r T V d z B D  $ $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`   \ ^ ʩ ̩  . 0 2 4 J L r * 2 ܶ ޶ $d7$8$H$]a$gd>`$7d7$8$H$]`7a$gd>`4 H 0 ¸ ĸ ظ ڸ * , ھ ܾ   x z  ϵϵϵϵϵϵϵϵϵϪhehTPmHsH2h>`h>`6CJOJQJ]^J_HaJmHsH,h>`h>`CJOJQJ^J_HaJmHsH2h>`h>`5CJOJQJ\^J_HaJmHsH 0 ĸ ڸ , ܾ  z $7d7$8$H$]`7a$gd>`              $d7$8$H$]a$gde$7d7$8$H$]`7a$gd>`;0P:pP/ =!"R#n$n% Dp$$Ifl!vh55a 5#v#va #v:V l055a 5/  / / 4al$$Ifl!vh55a 5#v#va #v:V l055a 5/  / / 4alj* 666666666vvvvvvvvv66666666666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ OJPJQJ_HmHnHsHtHL`L 8ll1KG=K9 dCJ_H aJmH sH tH PP 8ll 03>;>2>: 1@&m$:@CJ$aJ$PP 8ll 03>;>2>: 2d@& :CJaJZZ 8ll 03>;>2>: 3d@&6:@CJ]aJRR 8ll 03>;>2>: 4d@&5@CJ\aJNN 8ll 03>;>2>: 5d@&6CJ]aJ`` 8ll 03>;>2>: 6d@&M 5@B*\phYYYXX 8ll 03>;>2>: 7 @&56B*CJ\]aJphZZZRR 8ll 03>;>2>: 8 @&5B*CJ\aJph^ ^ 8ll 03>;>2>: 9 d@&56B*CJ\]aJphBA B A=>2=>9 H@8DB 0170F0Xi@X 01KG=0O B01;8F04 l4a .k . 0 5B A?8A:0 HH 8ll03>;>2>: 1 =0::@CJ$aJ$DD 8ll03>;>2>: 2 =0: :CJaJNN 8ll03>;>2>: 3 =0:6:@CJ]aJJ!J 8ll03>;>2>: 4 =0:5@CJ\aJF1F 8ll03>;>2>: 5 =0:6CJ]aJXAX 8ll03>;>2>: 6 =0: 5@B*\phYYYq VQV 8ll03>;>2>: 7 =0:56B*CJ\]aJphZZZPaP 8ll03>;>2>: 8 =0:5B*CJ\aJphVqV  8ll03>;>2>: 9 =0:56B*CJ\]aJphF>F 8ll0720=85d,m$ :CJ4aJ4>> 8ll 0720=85 =0: :CJ4aJ4JJJ 8ll >4703>;>2>:6:@ CJ]aJPP 8ll>4703>;>2>: =0:6:@ CJ]aJ,W , 8ll`!B@>3895\:X : 8ll@ K45;5=8556@ \]@@ 8ll 57 8=B5@20;0 d<< 8ll  170F A?8A:0 ^m$22 !8ll&8B0B0 2 6]88 8ll &8B0B0 2 =0:6]tt #8llK45;5==0O F8B0B01"d,N P ]^a$6]J1J "8llK45;5==0O F8B0B0 =0:6]>!A> 8ll0!;01>5 2K45;5=856]F!QF 8llP!8;L=>5 2K45;5=85 56\]6a6 8ll !;010O AAK;:0:>!q> 8ll!8;L=0O AAK;:0 5:\BB 8ll0720=85 :=838 6:@]H H 8llp03>;>2>: >3;02;5=8O)@& PK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!Ƶtheme/theme/theme1.xmlYnE#;8U i-qN3'JH DA\8 R>CW]{'ސ{g?x݈]"$q+_,y>8{7 K }xLވHe 2{Rܜaˋ??<ߟdžSr$L].<İT̟72S"ѵ_JwL&BJ05kZVyVy|xC OO|x>+<>@(:??/>5{yxFDdm 3^q5'=q6nib-$RB}}YGq=xK@;)^qbha79g . pUʹ;bbmc[$c'a}5KKfH5HL!ݦ&|mK{N6M6hq v|y 58+zH  *~ HHy\K*t@G>{sA}"))y sGfۡqǾ'w E1 [8>ܤ4Aбt׎~ls14_>,Ȭ7TT GqME=w-i>mo[oiBszbP:j5if F 9Pɉ* k\ A ;!N`.{I SցD p3˅5veU}AbvyA/g 氚 Z N+lR~aeԩj9&&CLgMʼn7a A0ƀHEA3~{q q1vƨl効9)>൜fN1N FIrdq8Y^:_73.|3 f%Jش?MOY s 3;} Rc0`d[鯠$ÿ - έhǴ"P 6T{TUٴ+9E28Y*MOt0O9Bݍqg7Ŕ9O)z?7#]u rBIHAאTpl>՟,SpT4@~BA%}'0+{eRF&rĪ#uu\{BHuM6`pG}N+!'_oN콶3a3dXZzCyCUɪ嶂ZZZ۱f,fAg-@`g v6V?Dhf6t=M&ʺ6ײ'݉#֚>d8s9xN=ڮjAv11;u2%M2oN1uo%տPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Ƶtheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] P2  [FFZFD:* r  4 "(06<Deox BNy@ ?"z8TDڑºn(:oHƳ D0 f  "  3 ,a n n *  K e   - @c 4{  !#$%&')*+,-./12345789:;=>?@ABCEFGHcdfghijklmnpqrstuvwyz{|}~8@0(  B S  ? W e $$ %'%[(g(h(o((((())))))3344Q6T666 7 777:::;;; ;;>>^^ zzbhmops"*,-0 JMy|#&dg"SV_b ! !(!+!&& === =Pede!l&lllPRSV  }!J5J\\r]u]=^F^\^_^}}}}.4cq*1 ; (1LGYGoZZ\\rrrr'9WZgjeh]`HKWZfia'r''8(89$9VoYohoko-0+.wz99vjwjpp+:˨Ψ{~wzhibx =.@.......z/~/////!0$000R2s( 7 !!#$'r)--44==r> ?@xB,H3HLNRRY[e^l^@yAAAAREFVVXYTjVjkkln)vw||~8;>{VWTYnFG*t%ú[5H3g\^  C P a5B"@$U)C+M+V+V-/\/j///001(2R2DP{uuR2PTP Q8ll>`eP2R2@(w@P2XXXUnknownG* Times New Roman5Symbol3. * Arial[Virtec Times New Roman Uz7K@Cambria7.{ @CalibriA BCambria Math"qhFE*? E*? !n20d&/&/2HP $P>`2!xxUserUserOh+'0l  ( 4 @LT\dUser Normal.dotmUser3Microsoft Office Word@0@(f@E՜.+,0 hp|  Gr? *&/     !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FҔData 1Table7WordDocument= SummaryInformation(DocumentSummaryInformation8CompObjy  F' Microsoft Office Word 97-2003 MSWordDocWord.Document.89q