ÐÏࡱá>þÿ ÔÖþÿÿÿÆÇÈÉÊËÌÍÎÏÐÑÒÓÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿì¥Á@ð¿l3 bjbjîFîF4r Œ,Œ,Ïöÿÿÿÿÿÿˆþþþþþþþö°ö°ö°ö°LB±œ>ôîê²Ê´³´³´³´³´jù´\Uµ0uówówówówówówó,õR~÷BwóþŸÅ´´ŸÅŸÅwóþþ´³´³Ûøó-ó-ó-óŸÅî þ´³þ´³uó-óŸÅuó-ó-óþþ-ó´³Þ² €g@e CÈö°Ï>#-óuóô0>ô-óÀ÷ËòXÀ÷-óþþþþ-óÀ÷þAó4…µ°5¹¢-ó׻󽬅µ…µ…µwówóä­ö°#ó ö°A:CAAB2> A:0CB0-@07254G8:0 C:>2>4AB2> ?> A:0CB8=3C, ?5@5@01>B0==>5 .. C:>2K< 740=85 "-20 .. 5@57>2A:>3>. 1918 3>4. !>45@60=85  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "foreword#foreword" @548A;>285 : 4-<C 8740=8N  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch1#ch1" ;020 I. A:CAAB2> A:0CB0-@07254G8:0  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch2#ch2" ;020 II. KA;56820=85  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch3#ch3" ;020 III. 7=0:><;5=85 A ?@8@>4>9 8 682>B=K<8  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch4#ch4" ;020 IV. 87=L 2 ;035@5  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch5#ch5" ;020 V. >E>4=0O 687=L  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch6#ch6" ;020 VI. 0728B85 2K=>A;82>AB8 C A:0CB>2  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch7#ch7" ;020 VII. ;03>@>4AB2> @KF0@59  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch8#ch8" ;020 VIII. 0: ?>ABC?0BL ?@8 =5AG0AB=KE A;CG0OE  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "ch9#ch9" ;020 IX. !>25BK @C:>2>48B5;O<  HYPERLINK "file:///G:\\Documents%20and%20Settings\\;L30\\Local%20Settings\\Temp\\Rar$EX02.688\\sfb_1918_4ru.htm" \l "app#app" @8;>65=8O     !  4-# . B> B0:85 N=K5 @07254G8:8, 1>9 8 35@;-A:0CBK? 0 MB>B 2>?@>A <>6=> >B25B8BL B0:8<8 A;>20<8: N=K5 @07254G8:8 (A:0CBK) - <0;LG8:8, N=>H8, 452>G:8 8 452CH:8, >1J548=82H85AO 2> 2A5E AB@0=0E <8@0 2 548=>5 @KF0@A:>5 1@0BAB2>, 8<5NI55 A2>8 70:>=K 8 >1KG08. !;>2> "A:0CB"-@07254G8: A;54C5B ?>=8<0BL 2 A<KA;5: "?8>=5@ :C;LBC@K", "@07254G8: 4>1@>3> 45;0", "N=K9 @KF0@L", "<0;5=L:89 4@C3 2A53> <8@0". BAN40 284=>, GB> >@30=870F8O A:0CB>2 =5 2>5==0O 8 =5 ?@5A;54C5B :0:8E-;81> ?0@B89=>-?>;8B8G5A:8E F5;59, :0: MB> 8=>340 4C<0NB C =0A 2 >AA88 ;N48 <0;> >A254><;5==K5. >7=8:=C2 2?5@2K5 2 =3;88 2 1907 3>4C, >B@O4K A:0CB>2 1KAB@> @0A?@>AB@0=8;8AL ?> 2A5< AB@0=0< <8@0: A:0CB8=3 >B25B8; =0 <=>3>>1@07=K5 70?@>AK N=>9 4CH8.  >4=>9 B>;L:> =3;88 =0AG8BK205BAO (2 1918 3. 54.) >:>;> <8;;8>=0 A:0CB>2, 45AOB:8 BKAOG 8E 2> $@0=F88, 2 (25F88, 2 B0;88, 2 A?0=88 8 4@C38E AB@0=0E 0?04=>9 2@>?K. G5=L <=>3> 8E 2 <5@8:5 8 2 2AB@0;88. ABL >=8 8 2 /?>=88, 8 2 8B05, 8 2 .6=>9 D@8:5, 345 >=8 ?>O28;8AL @0=LH5 2A53>, B0: :0: ">BF><" A:0CB>2 1K; 02B>@ MB>9 :=838 045=-0CM;;, 0=3;89A:89 35=5@0;, A;C682H89 2 D@8:5 2> 2@5<O 0=3;>-1C@A:>9 2>9=K. # =0A ?5@2K< >@30=870B>@>< >B@O4>2 1K; .. 0=BNE>2, 02B>@ :=86:8 "!?CB=8: A:0CB0". > 2A5E AB@0=0E <8@0 3>AC40@AB25==K5 8 2K40NI85AO >1I5AB25==K5 45OB5;8 >F5=8;8 >3@><=>5 7=0G5=85 A8AB5<K 045=-0CM;;0 2 45;5 >1I5AB25==>3> 2=5H:>;L=>3> 2>A?8B0=8O 8 2AB0;8 2> 3;025 ?0B@>=8@CNI8E :><8B5B>2 8 >1I5AB2.  A>AB025 0=3;89A:>3> A>25I0B5;L=>3> A>1@0=8O (Advisory Council) <K 2AB@5G05< 8<5=0 ;>@40-<M@0 >=4>=0, ;>@4>2 >715@@8, 8BG5=5@0, 0@E85?8A:>?>2 5=B5@15@89A:>3>, >@:A:>3> 8 4@. >;LH0O ;>=4>=A:0O 3075B0 "Daily Telegraph" >15A?5G8;0 A:0CBA:>5 42865=85 5653>4=>9 AC1A84859 2 4000 DC=B>2 AB5@;8=3>2. ( 1918 3.) > $@0=F88 2 :><8B5B5 ?0B@>=060 7=0G0BAO 8<5=0: >;O 5H0=5;O - 1K2H53> @57845=B0 ?0;0BK 45?CB0B>2, A5=0B>@0 >;O C<5@0, 01@8M;O 0=>B>, 0:045<8:0 -@=5AB0 028AA0, ?>G5B=>3> ?@57845=B0 ;8B5@0BC@=>3> >1I5AB20 >@60 5:>=B0 8 F5;>3> @O40 4@C38E 2K40NI8EAO >1I5AB25==KE 45OB5;59. "> 65 A0<>5 2 >@BC30;88, A?0=88, (259F0@88, B0;88, C<K=88.  !>548=5==KE (B0B0E =0 :064>< A:0CBA:>< 18;5B5 ?>4?8A8 =0AB>OI53> 8 1K2H8E ?@57845=B>2 AB@0=K: C725;LB0, "0DB0 8 8;LA>=0, 2E>4OI8E 2 A>AB02 ?0B@>=8@CNI53> A>25B0. 0:0O MB> 6820O 8 :@0A=>@5G820O A2O7L N=KE 3@0640= A 8E 25;8:>9 @>48=>9. !:0CBA:>5 42865=85 =5>1KG09=> 1KAB@> @0728205BAO 2> 2A5E AB@0=0E. >B F8D@K, :0A0NI85AO !>548=5==KE (B0B>2:  1916 3>4C 1K;> 198356 A:0CB>2 8 18112 A:0CB<0AB5@>2.  1917 3>4C C65 257008 A:0CB>2 8 24389 A:0CB<0AB5@>2. # =0A 2 >AA88 >@30=870F8O >B@O4>2 =0G0;0AL 70 420 3>40 4> 5;8:>9 2@>?59A:>9 2>9=K (1914 3. 54.) 8 =0G0;0AL ?@8 A0<KE =51;03>?@8OB=KE CA;>28OE. >O282H0OAO =0 @CAA:>< O7K:5 ;8B5@0BC@0 =5 ?>;=>, 0 G0AB> 8 ?@52@0B=>, 87;030;0 ACI=>ABL 8459, ;560I8E 2 >A=>25 MB>3> 3@0=48>7=>3> 42865=8O <>;>4568.  B>;L:> 2 1915 3>4C 5@2K9 AJ574 A:0CB<0AB5@>2 8 45OB5;59 ?> A:0CB8=3C =0<5B8; ?CB8 8 ?>;>68; ?@>G=>5 >A=>20=85 4;O 40;L=59H53> @0728B8O A:0CBA:>3> 42865=8O 2 >AA88. 57C;LB0B>< MB>3> AJ5740 ?>O28;0AL :=86:0 "!:0CB87< 2 >AA88. "@C4K 5@2>3> AJ5740". >O282H85AO 3075B=K5 8 6C@=0;L=K5 70<5B:8 CA8;8;8 8=B5@5A : 42865=8N, 8 >B@O4K A:0CB>2 =0G0;8 >@30=87>2K20BLAO 2> <=>38E 3>@>40E. =8F80B820 >@30=870F88 8E ?>GB8 2A5340 8AE>48;0 >B A0<>9 <>;>4568.  :>=F5 1917 3>40 >B@O4K A:0CB>2 1K;8 C65 >@30=87>20=K 2 143 3>@>40E >AA88.  A>60;5=8N, =54>AB0B>: ;8B5@0BC@K ?> A:0CB8=3C A8;L=> B>@<>78B 40;L=59H55 @0728B85 8 C3;C1;5=85 A:0CBA:>3> 42865=8O. 0AB>OI55, 4-5 8740=85 :=838 045=-0CM;;0 "Scouting for boys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  ;020 V. %/ , !! # !"  N14 %/ , 87=L ?>4 >B:@KBK< =51>< 064K9 N=>H0 87 ?;5<5=8 C;CA>2 8 !2078 ?@5645, G5< 1KBL ?@87=0==K< 27@>A;K<, 4>;65= 4>:070BL, GB> >= E>@>H89 >E>B=8:. -B> 45;05BAO A;54CNI8< >1@07><: :>340 N=>H0 4>AB8305B ?OB=04F0B8 8;8 H5AB=04F0B8 ;5B, 53> @074520NB 4>3>;0 8 A 3>;>2K 4> =>3 >:@0H820NB 2 15;K9 F25B. 0B5< 5<C 40NB I8B 8 >4=> :>@>B:>5 :>?L5 8 >1JO2;ONB, GB> >= 1C45B C18B, 5A;8 :B>-=81C4L 87 53> 45@52=8 53> ?>9<05B, ?>:0 >= 5I5 2K:@0H5=. 0;LG8: CE>48B 2 46C=3;8 8 2 3>@K 8 ?@OG5BAO >B ;N459, ?>:0 :@0A:0 =5 A>945B, GB> ?@>8AE>48B =5 @0=55, :0: G5@57 <5AOF.  B5G5=85 2A53> 2@5<5=8 5<C ?@8E>48BAO >BKA:820BL 8 C1820BL 48GL A2>8< 548=AB25==K< :>?L5<; B@5=85< ?0;>: 4@C3 > 4@C6:C 4>1K20BL >3>=L, GB>1K ?@83>B>28BL A515 ?8IC; 45;0BL A515 >4564C 87 H:C@ C18BKE 8< 682>B=KE, 8 >= 4>;65= 7=0BL, :0:85 48:85 :>@=8, O3>4K 8 ;8ABLO ?@83>4=K 2 ?8IC. A;8 >= =5 1C45B 2 A>AB>O=88 A45;0BL MB>3>, >= 8;8 C<@5B A 3>;>4C, ;81> ?>381=5B, 1C4CG8 @0AB5@70= 48:8<8 725@O<8. A;8 65 5<C C40ABAO A>E@0=8BL A2>N 687=L 8 70B5< =09B8 4>@>3C >1@0B=> 2 @>4=CN 45@52=N, 53> @>4AB25==8:8 8 4@C7LO CAB@0820NB 5<C @04>AB=K9 ?@85<, 8 >= ?>;CG05B 720=85 2>8=0, B0: :0: 4>:070;, GB> A0< <>65B 701>B8BLAO > A515. 0;L, GB> 2A5 N=>H8 ?@5645, G5< AG8B0BLAO 27@>A;K<8, =5 >1O70=K ?@>9B8 G5@57 ?>4>1=>5 65 8A?KB0=85. ">, GB> <K B5?5@L 45;05<, :0: A:0CBK, A;C68B 2 8725AB=>9 AB5?5=8 4;O ?>?>;=5=8O MB>3> =54>AB0B:0. A;8 :064K9 A:0CB ?>AB0@05BAO >A=>20B5;L=> CA2>8BL B>, GB> <K 5<C ?@5?>405<, B> ?> >:>=G0=88 70=OB89 >= 1C45B <C65AB25==K<, A<5;K< 8 A0<>AB>OB5;L=K<.  0=045 4> A8E ?>@ 6825B 8 ?@>4>;605B >E>B8BLAO AB0@K9, 2>AL<845AOB8;5B=89, 725@>;>2, 8;L 0<8;LB>=, =5402=> =0?8A02H89 :=83C "(5ABL45AOB ;5B 2 ?@5@8OE", 2 :>B>@>9 >= >?8AK205B >?0A=>AB8 MB>3> @>40 687=8, ?>;=>9 ?@8:;NG5=89. >;55 2A53> 5<C ?@8E>48;>AL >?0A0BLAO ?>?0ABL 2 @C:8 :@0A=>:>68E. >B GB> >= 3>2>@8B: ">?0ABL : =8< 2 ?;5= 7=0G8;> 8A?KB0BL C60A=CN A<5@BL. KB:0 4> A<5@B8 =0 <54;5==>< >3=5 5I5 =081>;55 <8;>A5@4=0O 87 2A5E 65AB>:>AB59, ?@8<5=O5<KE 8=459F0<8. >340 <5=O A?@0H820;8, ?>G5<C O A51O ?>425@30; >?0A=>AB8, O >B25G0;, GB> 687=L @07254G8:0 =0 >B:@KB>< 2>74CE5 B0: >10OB5;L=0 4;O G5;>25:0, @07 2:CA82H53> 55, GB> =5B B0:>9 A8;K, :>B>@0O <>3;0 1K ?@>B82>AB>OBL MB><C 2;5G5=8N. 09B5 <=5 G5;>25:0, 2K@>AH53> A@548 25;8:8E O2;5=89 ?@8@>4K, B0:>9 G5;>25: C20605B ?@024C 8 =57028A8<>ABL; 53> ?>@K2K 1;03>@>4=K; >= 25@5= A2>8< 4@C7LO< 8 7=0<5=8 A2>53> >B5G5AB20". B 2A53> A5@4F0 ?>4?8AK20NAL ?>4 A;>20<8 AB0@>3> 725@>1>O 8 A> A2>59 AB>@>=K <>3C ?@8A>2>:C?8BL 5I5 A;54CNI55: ?> <>5<C <=5=8N, ;N48, ?@8E>4OI85 : =0< A 40;5:8E =0H8E >:@08=, ?>A;5 687=8, :>B>@CN <K >1K:=>25==> ?@82K:;8 =07K20BL 48:>9, 3@C1>9, G0I5 2A53> ?@8=04;560B : A0<K< 25;8:>4CH=K< 8 =081>;55 1;03>@>4=K< ?@54AB028B5;O< G5;>25G5AB20, 2 >A>15==>AB8 2 8E >B=>H5=8OE : 65=I8=0< 8 : 45BK<. ;87>ABL : ?@8@>45 >1;03>@068205B 8E. K2H89 ?@57845=B !>548=5==KE (B0B>2 <5@8:8, C725;LB, B>65 ?@8=04;568B : G8A;C ;N459, 25@OI8E 2 ?>;L7C 687=8 =0 2>74CE5, =0A;0640OAL 5N A0< ?@8 :064>9 2>7<>6=>AB8. >B, GB> >= ?8H5B: "/ AB>@>==8: 83@ =0 2>74CE5 8 <5=O 2>2A5 =5 15A?>:>8B, GB> =5:>B>@K5 83@K A>?@O65=K A >?0A=>ABLN 4;O 83@0NI8E. / A>25@H5==> =5 A>GC2AB2CN =55AB5AB25==><C C15645=8N, 1C4B> N=>HC =04> 45@60BL 7025@=CBK< 2 20BC.  687=5==>< 8A?KB0=88 4>AB>9=59H8< 2A5340 >:065BAO B>B G5;>25:, :>B>@K9 ?@82K: ?@>2>48BL <=>3> 2@5<5=8 =0 2>74CE5. >340 2K 83@05B5 - 83@09B5 2> 2AN <>GL; :>340 2K @01>B05B5 - @01>B09B5 2> 2AN <>GL. > =5 A;54C5B 4>?CA:0BL, GB>1K 20H8 83@K 8;8 20H A?>@B <5H0;8 20H8< C<AB25==K< 70=OB8O<". / 7=0N AB0@>3> 1C@0, :>B>@K9 ?> >:>=G0=88 2>9=K A:070;, GB> =5 <>65B 1>;55 >AB020BLAO 2 AB@0=5 87-70 =0E>4OI8EAO B0< 0=3;8G0=, 8 >B?@028;AO : =5<F0<, 2>5202H8< 2 MB> 2@5<O ?> A>A54AB2C 2 .3>-0?04=>9 D@8:5. > G5@57 =5A:>;L:> <5AOF52 >= A:070;, GB> 2A5-B0:8 A 0=3;8G0=0<8 ;CGH5. = <=5 A>7=0;AO, GB> >4=0 87 ?@8G8=, ?>G5<C >= =527;N18; 0=3;8G0=, 70:;NG0;0AL 2 B><, GB> >=8 1K;8 4> B0:>9 AB5?5=8 "AB><", :0: >= 2K@060;AO, B.5. B0: 15A:>=5G=> 3;C?K 8 15A?><>I=K, 682O =0 "25;L4" (N6=>-0D@8:0=A:85 AB5?8), GB> =5 C<5;8 CAB@>8BLAO ?>C4>1=55 2 ;035@5 8 4>1KBL A515 ?@>?8B0=85, 3>B>28BL A2>N ?8IC. > ?> ?@>H5AB288 H5AB8 <5AOF52 >=8 =0CG8;8AL A?@02;OBLAO A> 2A5< MB8< 4>2>;L=> ?>@O4>G=>. >340 65 >= ?@8H5; : =5<F0<, B> A >B2@0I5=85< C2845;, GB> >=8 5I5 1>;55 "AB><", G5< 0=3;8G0=5, 8 =8A:>;L:> =5 A>25@H5=AB2CNBAO. = C25@O; <5=O, GB> >=8 >AB0NBAO "AB><" 4> A0<>9 A<5@B8, 0 ?@8G8=>9 ?>A;54=59 1K;> G0I5 2A53>, GB> >=8 =5 A B>9 AB>@>=K ?>4E>48;8 : <C;C. 5;> 2 B><, GB>, @>482H8AL 8 2K@>AH8 2 F828;87>20==>9 AB@0=5, 1>;LH8=AB2> ;N459 =5 8<5NB A;CG0O ?>43>B>28BLAO : 687=8 =0 "25;LB" 8;8 2 452AB25==KE ;5A0E, ?>A;54AB285< G53> 8 O2;O5BAO, GB>, :>340 >=8 ?@85760NB 2 :>;>=88, B> 2 B5G5=85 4>;3>3> 2@5<5=8 >:07K20NBAO A>25@H5==> 15A?><>I=K<8 8 B5@?OB <0AAC ;8H5=89 8 154AB289, :>B>@KE <>3;8 1K ;53:> 871560BL, 5A;8 1K 2 N=>H5A:8E 3>40E =0CG8;8AL "?@><KH;OBL 4;O A51O". =8 ?@>AB> =>28G:8-=565=:8. < =8:>340 =5 ?@8E>48;>AL @0725AB8 >3>=L 8 ?@83>B>28BL A515 ?8IC; MB> 70 =8E 2A5340 45;0;8 4@C385. ><0, :>340 8< =C6=> 1K;> 2>4K, 8< AB>8;> B>;L:> ?>25@=CBL :@0=. =8, :>=5G=>, =5 8<5;8 <0;59H53> ?@54AB02;5=8O > B><, :0: ?@8ABC?8BL : >BKA:0=8N 2>4K 2 ?CABK=5, :>340, =0?@8<5@, 55 ?@8E>48BAO 8A:0BL ?> 284C B@02K 8;8 :CAB0@=8:0, 8;8 @073@510BL ?5A>:, ?>:0 =5 =0G8=0NB ?>:07K20BLAO ?@87=0:8 2;038. A;8 >=8 =5 7=0;8 4>@>38 8;8 E>B5;8 C7=0BL, :>B>@K9 G0A, 8< AB>8;> B>;L:> A?@>A8BL ?>;8F59A:>3>, 8 45;> 1K;> 2 H;O?5. # =8E 2A5340 1K;0 2>7<>6=>ABL C:@K20BLAO >B =5?>3>4K 2 4><0E 8 A?0BL =0 :@>20B8. < =8:>340 =5 =C6=> 1K;> 873>B02;820BL A2>N A>1AB25==CN >4564C 8;8 >1C2L. >MB><C "=565=:0" 3>2>@8B > AC@>2>AB8 ;035@=>9 687=8, => A:0CB, ?>=8<0NI89 45;>, =8:0:>9 AC@>2>AB8 2 MB>9 687=8 =5 CA<0B@8205B. = C<55B CAB@>8BAO 8 8A?>;L7>20BL BKAOGC <5;>G59, C25;8G820NI8E 53> C4>1AB20; 70B>, :>340 >= 2>72@0I05BAO : F828;870F88, B> >= F5=8B 55 5I5 1>;LH5. 0 8 BCB >= 2 A>AB>O=88 3>@074> 1>;LH5 A45;0BL, G5< >1K:=>25==K9 A<5@B=K9, =8:>340 =5 CG82H89AO @01>B0BL =0 A51O. '5;>25:, :>B>@><C ?@8E>48;>AL 8A?>;=OBL 2A52>7<>6=K5 @01>BK, =0E>48B, GB> 25@=C2H8AL : :C;LBC@=>9 >1AB0=>2:5, 5<C ;53G5 >BKA:0BL 70=OB8O 4;O A51O, B0: :0: >= <>65B 27OBLAO 70 2AO:CN @01>BC, :0:0O 1K =8 ?>425@=C;0AL. -:A:C@A88   A>15==> 2K3>4=> 70=8<0BLAO A> A:0CB0<8, >@30=87CO M:A:C@A88 (?>E>4K. 54.) ?> AB@0=5, F5;K<8 ?0B@C;O<8 8;8 242>5<. 5B>< MB> <>6=> ?@>45;K20BL =0 25;>A8?540E, 0 78<>9 - =0 ;K60E. > 2@5<O B0:>9 M:A:C@A88 A:0CBK 4>;6=K, ?> 2>7<>6=>AB8, 871530BL A?0BL 2 68;KE 4><0E, ?>4 :@KH59, B.5. 4>;6=K 2 E>@>HCN ?>3>4C A?0BL ?>4 >B:@KBK< =51><, 0 2 4C@=CN - =>G520BL 2 A0@05 8;8 =0 A5=>20;5. !;54C5B 2A5340 8<5BL A A>1>9 :0@BC <5AB=>AB8 8 ?> =59 >BKA:820BL 4>@>3C, 0 =5 A?@0H820BL ?@>E>68E. @><5 5654=52=>9 >1O70B5;L=>9 CA;C38 (:0: ?> 70:>=C), >:07K205<>9, 345 ?@54AB028BAO A;CG09, =5>1E>48<> >:07K20BL CA;C38, ?><>30O G5< <>6=> ;8F0<, ?@54>AB0282H8< =>G;53 2 A2>5< A0@05. 1K:=>25==> 4;O M:A:C@A88 =0<5G05BAO :0:0O-=81C4L F5;L 8;8 :>=5G=K9 ?C=:B, =0?@8<5@, >A<>B@ :0:>9-=81C4L 8=B5@5A=>9 <5AB=>AB8. >6=> B0:65 A45;0BL ?5@5E>4, GB>1K ?@8A>548=8BLAO : :0:>9- ;81> 3@C??5, @0A?>;>65==>9 2 4@C3>< <5AB5. A;8 65 ?0B@C;L A>AB>8B 87 45@525=A:8E 68B5;59, <>6=> =0?@028BLAO 2 AB>;8FC 8;8 :0:>9-=81C4L 7=0G8B5;L=K9 3>@>4 A B5<, GB>1K >A<>B@5BL 53> 4>AB>?@8<5G0B5;L=>AB8, 7>>;>38G5A:89 A04, <C758, F8@:8 8 ?@>G55. > 4>@>35 =04>, =0A:>;L:> MB> 2>7<>6=>, 70?><=8BL 2A5 :0A0NI55AO ?CB5H5AB28O, GB>1K 1KBL 2 A>AB>O=88 40BL =C6=K5 C:070=8O :><C-=81C4L, 65;0NI5<C A>25@H8BL B>B 65 ?CBL. CGH5 2A53> =0G5@B8BL :0@BC ?@>945==>3> ?CB8. C6=> 25AB8 4=52=8: 8;8 6C@=0; ?CB5H5AB28O, ?@8;030O : =5<C =01@>A:8 8;8 A=8<:8 2A53>, GB> ?>:070;>AL 8=B5@5A=K<. CB5H5AB285 2>4>9 8 =0 ;K60E <5AB> B>3>, GB>1K 84B8 ?5H:>< 8;8 5E0BL =0 25;>A8?540E, <>6=>, A 1>;LH59 ?>;L7>9 4;O 45;0, A>25@H8BL M:A:C@A8N =0 ;>4:5. 5 C<5NI8E E>@>H> ?;020BL, >4=0:>, 4>?CA:0BL 2 ;>4:C =5;L7O, B0: :0: ?>GB8 =025@=>5 ?@>87>94CB A;CG09=>AB8, :>B>@K5, 5A;8 2A5 C<5NB E>@>H> ?;020BL, =5 B>;L:> =5 2@54=K, => 4065 65;0B5;L=K, :0: ?>;57=K9 >?KB. / @07 A>25@H8; B0:CN M:A:C@A8N A <>8<8 42C<O 1@0BLO<8. K 27O;8 <0;5=L:CN ?0@CA=CN ;>4:C 8 ?>5E0;8 225@E ?> "5<75 4> 55 8AB>:0, 345 >=0 ?@54AB02;O5B A>1>9 <0;5=L:89 C75=L:89 @CG55:, 8 =0< ?>AB>O==> ?@8E>48;>AL 2K;570BL 8 2>;>G8BL =0HC ;>4:C G5@57 A20;82H85AO 45@52LO 8 70?@C4K. >340 40;LH5 C65 5E0BL =5;L7O 1K;>, <K ?5@51@0;8AL =0 @5:C 2>=, =0G8=0NICNAO C 8AB>:>2 "5<7K, => B5:CICN =0 70?04. =0G0;5 =0 =59 1K;> B>65 >G5=L C7:>, =>, 2 ?@>B82>?>;>6=>ABL =0H5<C ?;020=8N ?> "5<75, <K ?;K;8 ?> B5G5=8N, @5:0 2A5 @0AH8@O;0AL 8, B0:8< >1@07><, <K 1KAB@> ?@>?;K;8 G5@57 0B 8 @8AB>;L 8 2K1@0;8AL =0 !525@=, 0 G5@57 !525@= - 225@E ?> #0975, =0 #M;LA. ! =0<8 1K;0 ?0;0B:0, ?@8?0AK 8 ?@8=04;56=>AB8 4;O AB@O?=8, B0: GB> <K 2A5 2@5<O <>3;8 68BL =0 2>74CE5. >;LH53> C4>2>;LAB28O B@C4=> A515 ?@54AB028BL, B5< 1>;55, GB> ?@8 MB>< @0AE>4K 1K;8 A0<K5 =57=0G8B5;L=K5. 8<>N M:A:C@A88 ?@8OB=55 2A53> A>25@H0BL =0 ;K60E, B0: :0: ?@8 =02K:5 <>6=> 157 >A>1>3> CB><;5=8O 1KAB@> ?@>E>48BL 1>;LH85 @0AAB>O=8O, =5 ?@845@6820OAL 4>@>3, 8 2845BL ?@8@>4C 2 55 2>;H51=>< 78<=5< C1>@5. 4=0:>, GB>1K E>48BL =0 ;K60E 2 B5G5=85 4>;3>3> 2@5<5=8, =5>1E>48< =02K:, :>B>@K9 405BAO ?@0:B8:>9. >>1I5 65 ;K6=K9 A?>@B >48= 87 ;CGH8E 4;O A:0CB>2. >4=>9 A?>@B !:0CBC >G5=L 206=> C<5BL ?;020BL, B0: :0: >= =5 <>65B 7=0BL, =5 ?@845BAO ;8 ?5@5?@02;OBLAO G5@57 @5:C, A?0A0BLAO 2?;02L 8;8 1@>A8BLAO 2 2>4C, GB>1K A?0AB8 CB>?0NI53>. >MB><C B5 87 20A, :>B>@K5 5I5 =5 C<5NB ?;020BL, 4>;6=K =5<54;5==> =0G0BL CG8BLAO; MB> =5 >G5=L B@C4=>. !:0CB, :@><5 B>3>, 4>;65= C<5BL C?@02;OBL ;>4:>9, :>B>@CN 5<C, =0?@8<5@, =04> ?>425AB8 : ?@8AB0=8 8;8 AC4=C. = 4>;65= ?>4J5E0BL, >?8A02 4C3C B0:8< >1@07><, GB>1K ;>4:0 ?>4>H;0 2?;>B=CN 8 1K;0 >1@0I5=0 =>A>< 2 BC AB>@>=C, :0: 8 AC4=>, 8;8 ?@>B82 B5G5=8O, 5A;8 ?@8AB0NB : ?@8AB0=8. K 4>;6=K C<5BL 3@5AB8 >4=8< @0A?0H=K< 25A;>< 2 B0:B A 4@C38<8 3@51F0<8, 8;8 42C<O 25A;0<8, 8;8 >4=8<, 25@BO 70 ;>4:>9 =0 :>@<5. >340 3@51CB, ?>2>@0G820NB 25A;> ?;0H<O =04 ?>25@E=>ABLN 2>4K, GB>1K <5=LH5 >:07K20BL A>?@>B82;5=8O 25B@C. 0< A;54C5B C<5BL 1@>A0BL A25@=CBK9 2 :>;LF> :>=5F 25@52:8 4;O B>3>, GB>1K ?@8 =C645 1KBL 2 A>AB>O=88 ?5@51@>A8BL 53> 4@C3>9 ;>4:5 8;8 =0 ?@8AB0=L, 0 B0:65 =04> C<5BL ;>28BL B0:>5 :>;LF>, 1@>H5==>5 20<. 04> C<5BL ?>AB@>8BL ?;>B 87 B>3> <0B5@80;0, :>B>@K9 >:065BAO ?>4 @C:>9 - 4>A>:, 1@525=, :C;59 A A>;><>9 8 B><C ?>4>1=>3>.  687=8 <>65B 2AB@5B8BLAO =04>1=>ABL ?5@51@0BLAO G5@57 @5:C 2 B0:>< <5AB5, 345 =5B ;>4>:, 8;8 2K <>65B5 >:070BLAO >4=8< 87 ?>B5@?52H8E ?@8 :>@01;5:@CH5=88, 8, <>65B 1KBL, =8:B> 87 ?@8ACBAB2CNI8E =5 AC<55B ?>AB@>8BL ?;>B, =5>1E>48<K9 4;O A?0A5=8O 687=8. 0CG8B5AL B0:65 1@>A0BL CB>?0NI5<C A?0A0B5;L=K9 :@C3. A5 MB> ?>7=05BAO B>;L:> 87 ?@0:B8:8, ?>AB>O==K< C?@06=5=85<. !:0CB 4>;65= C<5BL C48BL @K1C, 8=0G5 <>65B A;CG8BLAO, GB>, =0E>4OAL =0 15@53C @K1=>9 @5:8, >= 1C45B 15A?><>I=> 3>;>40BL, :>340 AG0ABL5 B0: 1;87:>. >AE>645=85 2 3>@K >AE>645=85 2 3>@K ?@54AB02;O5B ?@5:@0A=59H89 A?>@B 8 405B A;CG09 2>A?>;L7>20BLAO 2A5<8 B5<8 A=>@>2:0<8, :>B>@K5 2K ?@8>1@5;8. 07C<55BAO, =0?@02;5=85 2A5 2@5<O B5@O5HL, B0: :0: C7:85 8 3;C1>:85 >2@038 ?> A:;>=0< 3>@, ?> :>B>@K< :0@01:05HLAO, =5 40NB 2>7<>6=>AB8 ?@845@6820BLAO :0:>3>-=81C4L =0?@02;5=8O, 8 4;O >?@545;5=8O ?>A;54=53> ?@8E>48BAO >@85=B8@>20BLAO ?> A>;=FC, 8;8 :><?0AC. 0B5< 20A <>65B 70AB83=CBL 2 ?CB8 BC<0=, 0 MB> A>1L5B A B>;:C 2AO:>3>, :0: 1K >= E>@>H> =8 7=0; :064CN ?O4L 75<;8. !> <=>9 A;CG8;>AL B0:>5 ?@8:;NG5=85 2 (>B;0=488, :>340 O 701;C48;AO 2 BC<0=5, E>BO 8 =0E>48;AO 2 >1I5AB25 3>@F0-H>B;0=4F0, E>@>H> 7=02H53> <5AB=>ABL. / 2?>;=5 ?>;>68;AO =0 53> @C:>2>4AB2>, =>, ?@>94O =5:>B>@>5 @0AAB>O=85, ?@8=C645= 1K; C:070BL 5<C, GB>, ?>-<>5<C <=5=8N, 25B5@ AB0; 4CBL 2 4@C3>< =0?@02;5=88, B0: :0: >= ?@8E>48;AO =0< A;520, :>340 <K 2KH;8, 0 B5?5@L 4C; A?@020. 4=0:> >= =8A:>;L:> =5 A<CB8;AO 8 ?@>4>;60; 25AB8 <5=O 2?5@54. 0:>=5F, O ?>GC2AB2>20;, GB> 25B5@ 4C5B =0< 2 A?8=C, 87 G53> O 70:;NG8;, GB> 8;8 25B5@, 8;8 3>@0, 8;8 <K A0<8 :@C68<.  :>=F5 :>=F>2 >:070;>AL, GB> O 1K; ?@02; :@C68;8 =5 25B5@ 8 3>@0, 0 <K A0<8 >?8A0;8 ?>;=K9 :@C3 8 25@=C;8AL ?>GB8 =0 B> A0<>5 <5AB>, >B:C40 2KH;8 G0A B><C =0704. 0B5< A:0CB0< 2 3>@0E =5>1E>48<> C?@06=OBLAO ?@82O7K20BL A51O 4@C3 : 4@C3C, :0: MB> 45;0NB, GB>1K ?@8 2>AE>645=88 =0 2KA>:85 3>@K, ?>:@KBK5 A=53>< 8 ;54=8:0<8, =5 C?0ABL 2 ?@>?0ABL. >340 >48= 87 3@C??K A2O70==KE B0:8< >1@07>< ;N459 C?045B, BO65ABL >AB0;L=KE C45@60B 53> >B 3815;8. @8 A2O7K20=88 4@C3 A 4@C3>< >AB02;ONB >:>;> 2 O@4>2 25@52:8 <564C :064K<. 5@52:0 702O7K205BAO ?5B;59 2>:@C3 B0;88 B0:, GB>1K C75; ?5B;8 ?@>E>48;AO A ;52>9 AB>@>=K. @8 42865=88 :064K9 >1O70= A;548BL 70 B5<, GB>1K 25@52:0, A>548=ONI0O 53> A ?@54K4CI8<, 1K;0 =0BO=CB0. A;8 :B>-=81C4L C?045B 8;8 ?>A:>;L7=5BAO, >AB0;L=K5 =5<54;5==> =0BO3820NB 25@52:C 2 >1@0B=>< =0?@02;5=88 8 B5< 40NB 5<C 2>7<>6=>ABL >?OBL 2AB0BL =0 =>38. 0 ?5B;N 845B 4 DCB0 6 4N9<>2 25@52:8. 2865=85 ?0B@C;O !:0CBK >1K:=>25==> ?@>2>4OB @07254:8 242>5<, 0 8=>340 8 ?>>48=>G:5. @8 42865=8OE A:0CBK ?>GB8 =8:>340 =5 45@60BAO 1;87:> >48= >B 4@C3>3>, 0 >AB02;ONB =5:>B>@>5 @0AAB>O=85 <564C A>1>N. >-?5@2KE, ?>B><C, GB> 42830OAL B0:8< >1@07><, <>6=> 8AA;54>20BL 1>;LHCN ?;>I04L, 0, 2>-2B>@KE, GB>1K, =0B:=C2H8AL =0 70A04C, CAB@>5==CN =5?@8OB5;5<, =5 2A5 1K;8 8< 70E20G5=K >4=>2@5<5==>, 0 E>BL 1K G0ABL <>3;0 25@=CBLAO : A2>8< 8 C254><8BL > A;CG82H5<AO. 0B@C;L, A>AB>OI89 87 H5AB8 G5;>25:, >1K:=>25==> ?5@5428305BAO ?@8 @07254:0E 2 >B:@KB>< <5AB5, 2 D>@<5 7<58, A 2>60BK< 2 A5@548=5. A;8 ?0B@C;L 845B ?> C;8F5 8;8 4>@>35, B> 42865BAO ?>4>1=K< 65 >1@07><, =>, =5 @0AAB@0820O D83C@K, 45@68BAO 21;878 AB5= 8;8 873>@>459, B>;L:> ;845@ 845B ?>A5@548=5. @>E>4O >B:@KB>5 <5AB>, =0 :>B>@>< ?0B@C;L <>6=> C2845BL, A;54C5B AB0@0BLAO 42830BLAO :0: <>6=> A:>@55, B.5. ?>?5@5<5==>, H03>< 8 153>< >B >4=>3> 70I8I5==>3> <5AB0 4> 4@C3>3>. >94O 4> C:@KB8O, <>6=> >B4>E=CBL 8 >A<>B@5BLAO ?@5645, G5< 42830BLAO 40;LH5. A;8 A:0CB, 84CI89 2?5@548, A:@K205BAO 87 2840, B> >= 4>;65=, ?@>E>4O G5@57 3CAB>9 :CAB0@=8:, B@>AB=8: 8 ?@>G55, >1;0<K20BL 25B:8 8;8 AB51;8 B@>AB=8:0, >1@0I0O 25@ECH:8 >1;><0==KE G0AB59 2 AB>@>=C A2>53> A;54>20=8O; B0:8< >1@07><, 2>-?5@2KE, >= A0< 8<55B 2>7<>6=>ABL =09B8 4>@>3C >1@0B=>, 0 70B5< >AB0;L=K5, A;54CNI85 70 =8<, ;53:> <>3CB 53> >BKA:0BL, >?@545;OO 2@5<O 53> ?@>E>40 ?> A2565AB8 A;540 =0 B@025. >;57=> B0:65 45;0BL >B<5B:8 =0 45@52LOE B>?>@>< 8;8 =>6><, A=8<0O =5<=>3> :>@K, 45;0BL <5;>< >B<5B:8 =0 AB5=0E, 7=0:8 =0 ?5A:5, :;0ABL :0<5H:8 2 >?@545;5==>< ?>@O4:5 8;8 C:07K20BL ?CBL, ?> :>B>@><C ?@>H5;, 7=0:0<8, :>B>@K5 O ?5@5G8A;8; 2KH5. >G=0O @01>B0 !:0CBK 4>;6=K B0: 65 E>@>H> C<5BL >BKA:820BL 4>@>3C =>GLN, :0: 8 4=5<.  ACI=>AB8 A:0CBK, GB>1K =5 1KBL 70<5G5==K<8, @01>B0NB ?@58<CI5AB25==> =>GLN, 0 4=5< A:@K20NBAO. > 5A;8 2 MB>< =5 C?@06=OBLAO, B> =>GLN ;53:> 701;C48BLAO, B0: :0: @0AAB>O=8O :06CBAO 1>;LH5 8 B@C4=> @07;8G0BL ?CB52>4=K5 7=0:8. A;8 2K 2KA;568205B5 =5?@8OB5;O =>GLN, 20< ?@8E>48BAO 1>;LH5 ?>;030BLAO =0 A;CE 8 >1>=O=85, G5< =0 7@5=85, B0: :0: A:0CB, =5 ?@8BC?82H89 A2>53> >1>=O=8O :C@5=85<, G0AB> GC5B =5?@8OB5;O =>A>< 8740;5:0. =5 A0<><C G0AB> ?@8E>48;>AL MB> 45;0BL, 8 =5 @07 <>5 >1>=O=85 A>A;C68;> <=5 E>@>HCN A;C61C. >GLN A:0CBK 45@60BAO 1;865 4@C3 : 4@C3C, G5< 4=5<, 0 2 >G5=L B5<=KE <5AB0E, 2@>45 ;5A0 8 ?@>G. 8< A;54C5B CAB@>8BL A2O7L <564C A>1>9, 0 8<5==> - :064K9 A:0CB 4>;65= 45@60BLAO 70 :>=5F ?>A>E0 A2>53> A>A540. >340 @01>B05HL ?>>48=>G:5, ?>A>E 2 B5<=>B5 =570<5=8<: 8< H0@8HL, >BKA:820O 4>@>3C, >BAB@0=O5HL ACE85 25B:8 8 ?@>G. !:0CBK, @01>B0O ?>>48=>G:5, 2 B5<=>B5 ?>445@6820NB A2O7L <564C A>1>N, ?5@5:;8:0OAL 2@5<O >B 2@5<5=8 ?0B@C;L=K< :;8G5<. 5?@8OB5;L =8G53> =5 <>65B 70?>4>7@8BL, CA;KH02 MB>B 72C:, 5A;8, :>=5G=>, A:0CBK E>@>H> ?>4@060NB 725@N. A5 A:0CBK 4>;6=K =>GLN >@85=B8@>20BLAO ?> 725740<. @54A:070=85 ?>3>4K 064K9 A:0CB 4>;65= C<5BL ?@54A:07K20BL ?>3>4C ?> 8725AB=K< ?@87=0:0< 8 @0718@0BLAO 2 ?>:070=8OE 10@><5B@0. A>15==> MB> =5>1E>48<> 2> 2@5<O M:A:C@A89 =0 ;>4:5 8;8 2 3>@0E. >B =5:>B>@K5 =0@>4=K5 ?@8<5BK, :>B>@K5 A;54C5B 7=0BL: @0A=> A 25G5@0 - =0 @04>ABL ?0ABCEC (1C45B E>@>H0O ?>3>40 =0 A;54CNI89 45=L). @0A=> A CB@0 - ?0ABCEC ?@54>AB5@565=85 (4>64L). @0A=K9 70:0B >7=0G05B, GB> 1C45B 25B5@. ;54=>-65;BK9 70:0B >7=0G05B, GB> 1C45B 4>64L. >A0 8 BC<0= @0=> CB@>< ?@5425I0NB E>@>HCN ?>3>4C. /A=0O 40;L (?@>7@0G=K9 2>74CE) >7=0G05B, GB> 4>64L 8;8 1C45B, 8;8 B>;L:> GB> 1K;. @0A=0O 8;8 =87:0O CB@5==OO 70@O - : E>@>H59 ?>3>45. O3:85 >1;0:0 - : E>@>H59 ?>3>45. 1;0:0 A @57:> >G5@G5==K<8 :@0O<8 - : 25B@C. A;8 =0 25G5@=59 70@5 40;5:> A;KH=> - : 4>64N. A;8 >BE>685 <5AB0 A8;L=> ?0E=CB - : 4>64N. 025@=CBK5 >1;0:0 8;8 >1;0:0 A @07>@20==K<8 :@0O<8 - A8;L=K9 25B5@. A;8 25B5@ ?@54H5AB2C5B 4>64N - <>65B5 A<5;> =0BO3820BL ?0@CA. !"+ #"/ #?@06=5=8O #?@06=O9B5AL 2 A2O7K20=88 A:0CB>2 25@52:>9 4;O E>645=8O ?> 3>@0<. #?@06=O9B5AL, 5A;8 8<55B5 ;>4:8, :0: =C6=> ?>4E>48BL : ;>4:5, 70:@5?;OBL 55, 3@5AB8, B>;:0BL H5AB0<8, 2K=8<0BL 25A;0 8 C:;04K20BL 2 ;>4:C, A25@BK20BL 25@52:8, :0=0BK. #G8B5 A;548BL 70 ?>:070=8O<8 10@><5B@0.  +     " +" #% >G=>9 ?0B@C;L #?@06=O9B5 A:0CB>2 2 @0728B88 A;CE0 8 7@5=8O =>GLN A;54CNI8< >1@07><: @0AAB02LB5 =5A:>;L:> G0A>2KE, ?@8G5< =5:>B>@K5 4>;6=K AB>OBL =0 <5AB5, 4@C385 65 <>3CB E>48BL 2704 8 2?5@54. E 2>>@C60NB 28=B>2:0<8, 70@O65==K<8 E>;>ABK<8 ?0B@>=0<8, 8;8 A=0160NB A28AB:0<8; G0ABL A:0CB>2 87>1@0605B =5?@8OB5;O, :>B>@K9 4>;65= ?>4:@0ABLAO : ?5@2K<. A;8 G0A>2>9 @0AA;KH8B :0:>9-=81C4L HC<, >= AB@5;O5B 8;8 405B A28AB>:. ">340 ?>4:@04K20NI85AO 4>;6=K >AB0BLAO =0 A2>8E <5AB0E, ?>:0 =0 ?>40==K9 A83=0; =5 ?@845B B@5B59A:89 AC4LO, :>B>@K9 A?@0H8205B G0A>2>3>, >B:C40 @07405BAO HC<. A;8 G0A>2>9 C:065B =0?@02;5=85 ?@028;L=> - >= 2K83@K205B. A;8 "=5?@8OB5;N" C40ABAO ?>4:@0ABLAO : G0A>2><C =0 @0AAB>O=85 ?OB=04F0B8 H03>2, =5 1C4CG8 CA;KH0==K<, >= >AB02;O5B =0 75<;5 :0:CN-=81C4L 25IL, =0?@8<5@ - =>A>2>9 ?;0B>:, 8 CE>48B. >340 >= >B>945B =0 =5:>B>@>5 @0AAB>O=85, B> C<KH;5==> ?@>872>48B :0:>9-=81C4L HC<; G0A>2>9 AB@5;O5B; ?@8E>48B AC4LO, 8 "=5?@8OB5;L" >1JOA=O5B, GB> >= A45;0;, 8 2K83@K205B. E>B0 =0 :8B0 8B 45;05BAO 87 1>;LH>9 :>;>4K, 3@C1> >B5A0==>9 A >4=>3> :>=F0 2 2845 3>;>2K, 0 A 4@C3>9 2 2845 E2>AB0. 3@C MBC >1K:=>25==> @07K3@K20NB 2 42CE ;>4:0E, @07<5I0O 2 :064>9 87 =8E ?> >4=><C ?0B@C;N, ?@8G5< ;845@ A048BAO 70 @C;L. 0B@C;L=K9 AB0=>28BAO =0 =>A 8 459AB2C5B 2 :0G5AB25 30@?C=I8:0, 0 A:0CBK - =0 25A;0. 0640O ;>4:0 2KE>48B 87 >B45;L=>9 1CEBK, ?@8G5< 1CEBK MB8 4>;6=K ;560BL ?@8<5@=> =0 @0AAB>O=88 >4=>9 <8;8 >B 4@C3>9. !C4LO 2K2>48B :8B0 8 >B?CA:05B 53>, ?@81;878B5;L=> =0 ?>;?CB8 <564C >158<8 1CEB0<8. > 40==><C A83=0;C >15 ;>4:8 CAB@5<;ONBAO =0 :8B0, 8 :0640O AB0@05BAO 87> 2A5E A8; ?5@2>9 4>AB83=CBL F5;8. 0@?C=I8: ;>4:8, ?@81K2H59 =0 <5AB> ?5@2>9, 2>=705B A2>9 30@?C= 2 :8B0, 8 ;>4:0 B>BG0A 65 702>@0G8205B 8 3@515B ?> =0?@02;5=8N : A2>59 1CEB5, 2>;>G0 4>1KGC =0 1C:A8@5. 0@?C=I8: 2B>@>9 ;>4:8 B0:65 ?KB05BAO 2>=78BL A2>9 30@?C= 2 :8B0; 5A;8 MB> 5<C C40ABAO, B> >10 M:8?060 =0G8=0NB BO=CBL :8B0, ?>:0, =0:>=5F, >48= 87 =8E =5 >A8;8B 8 =5 ?@82>;>G5B :8B0, 0 =5@54:> 8 =5?@8OB5;LA:CN ;>4:C, 2 A2>N 1CEBC. ;02=K9 70;>3 CA?5E0 2 MB>9 83@5 - 48AF8?;8=0, ?>;=>5 <>;G0=85 8 2=8<0=85 : ?@8:070=8O< ;845@0.  MB>9 83@5 >A>15==> @5;L5D=> 2KABC?05B 206=>5 7=0G5=85 48AF8?;8=K. 07254:0 2 3>@0E -B0 83@0 @07K3@K205BAO 2 E>;<8AB>9 <5AB=>AB8 8 >G5=L ?>E>60 =0 83@C "0C:8 8 <CE8". 0 @0AA25B5 2KAK;0NB B@5E "709F52", :>B>@K5 ?@OGCBAO A@548 E>;<>2; ?>A;5 CB@5==53> G0O ?0B@C;L "3>=G8E" 2KABC?05B 70 =8<8 =0 ?>8A:8, ?@8G5< 709FK 4>;6=K 1KBL =0945=K =5 ?>74=55 :0:>3>-=81C4L 7040==>3> G0A0, =0?@8<5@, 4 G0A0 ?>A;5 ?>;C4=O. >=G85 <>3CB ?>;L7>20BLAO 4065 18=>:;O<8, => C28452H89 709F0 4>;65= C<5BL C:070BL, :>3> 8<5==> >= C2845;, 8=0G5 MB> =5 2 AG5B. C6=> CAB0=>28BL 8725AB=K5 3@0=8FK, 70 ?@545;K :>B>@KE 83@0NI85 =5 8<5NB ?@020 2KE>48BL, 8=0G5 >=8 8A:;NG0NBAO 87 83@K. !>ABO70=85 =0 A:>@>ABL 0 @0AAB>O=88 >B 300 4> 1200 H03>2 >B 8725AB=>3> ?C=:B0 @C:>2>48B5;L @0AAB02;O5B B@5E ;8F 8;8 B@8 >B45;L=K5 3@C??K ;8F, >45BKE ?> 2>7<>6=>AB8 2 @07;8G=K5 :>ABN<K 8 45@60I8E 2 @C:0E @07=K5 ?@54<5BK. A;8 2 MB>9 <5AB=>AB8 2AB@5G0NBAO 8;8 @073C;820NB ?>AB>@>==85, B> =0720==K5 3@C??K 4>;6=K ?@8=OBL :0:85-=81C4L <5@K (=0?@8<5@, AB0BL =0 >4=> :>;5=>) GB>1K 8E <>6=> 1K;> A@07C >B;8G8BL >B =5 CG0AB2CNI8E 2 83@5. 0B5< @C:>2>48B5;L C:07K205B CG0AB=8:0< 83@K <0@H@CB A B@5<O >AB0=>2:0<8, ?@8G5< 2 =53> 65;0B5;L=> 2:;NG8BL :0:85-=81C4L ?@5?OBAB28O, :0=02K 8;8 873>@>48. #G0AB=8:8 83@K >B?@02;ONBAO 87 8AE>4=>3> ?C=:B0 8 153CB 4> ?5@2>9 >AB0=>2:8. 45AL AC4LO C:07K205B, 2 :0:>< =0?@02;5=88 ?> :><?0AC =0E>48BAO B0 3@C??0, > :>B>@>9 >=8 4>;6=K 4>=5AB8. 064K9 87 CG0AB=8:>2, C28452 MBC 3@C??C, >B<5G05B =0 ;8AB:5 A;54CNI55: 1) 7 A:>;L:8E G5;>25: A>AB>8B 3@C??0. 2) 0: >45BK 8;8 :0:85 >B;8G8B5;L=K5 ?@87=0:8. 3) >;>65=85 3@C??K ?> >B=>H5=8N : :0:><C-=81C4L 2K40NI5<CAO ?@54<5BC, =0E>4OI5<CAO ?> A>A54AB2C. 4) 0AAB>O=85 3@C??K >B B>3> <5AB0, 345 =0E>48BAO 4>=>AOI89. A?>;=82 A:070==>5 2KH5, >= 1568B : A;54CNI5<C ?C=:BC 8 745AL ?@>45;K205B B> 65 A0<>5 >B=>A8B5;L=> 4@C3>9 3@C??K, 8 B.4.; 70:>=G82 >17>@, >= 1568B A 4>:;04>< : AB>;1C. 0;;K: 5 10;;>2 AB02OB 70 ?@028;L=>5 8 B>G=>5 >?8A0=85 :064>9 3@C??K, B.5. 15 10;;>2 70 25AL ?@>153. 0 :064K5 10 A5:C=4 >?>740=8O, ?>A;5 2@CG5=8O ?5@2K< 153C=>< 4>:;040, A:84K205BAO ?> >4=><C 10;;C. &5;K9 10;; 8;8 ?>;10;;0 A:84K205BAO 70 :064CN >H81:C 8;8 ?@>?CA: 2 4>:;040E. !! # !"  N15 BKA:0=85 ?CB8 !@548 :@0A=>:>68E 8=459F52 G5;>25:, :>B>@K9 >A>15==> 8A:CA=> >@85=B8@C5BAO 8 =0E>48B 4>@>3C 2 =57=0:><>9 <5AB=>AB8, =07K205BAO "A;54>?KB><". -B> ?@>728I5 AG8B05BAO >G5=L ?>G5B=K<, B0: :0: A:0CB, =5 C<5NI89 =0E>48BL 4>@>3C, <0;> G53> AB>8B. 5 >48= =>28G>: 8;8 =565=:0 A1820;AO A 4>@>38 2 N6=>-0D@8:0=A:8E @02=8=0E 8 ;5A0E, 8 ?@>?040; 157 25AB8 8<5==> ?>B><C, GB> 2 45BAB25 5<C =5 4>25;>AL :>5-G5<C ?>4CG8BLAO ?> A:0CBA:>9 G0AB8. / 7=0N <=>3> B0:8E ?@8<5@>2.  >4=>< A;CG05 G5;>25: A>H5; 2 ;5AC, 2 >B015;5;M=45, =0 =5A:>;L:> <8=CB A 48;860=A0, ?>:0 ?5@5?@O30;8 <C;>2. =, ?>-2848<><C, C3;C18;AO 2 ;5A =0 =5A:>;L:> H03>2; :>340 65 :0@5B0 1K;0 3>B>20, 53> AB0;8 720BL, => >= =5 O2;O;AO; B>340 >1KA:0;8 1;8609H85 >:@5AB=>AB8, => 157@57C;LB0B=>; =0:>=5F, 48;860=A =5 <>3 1>;55 4>640BLAO, 8 ?0AA068@K C5E0;8, >B402 @0A?>@O65=85 > @>7KA:5 >BACBAB2CNI53>. 1KA:0;8 A0<K< BI0B5;L=K< >1@07>< 2AN >:@C3C, ?@>A;548;8 53> A;54K =0 >G5=L 1>;LH>< @0AAB>O=88, => 2 :>=F5 :>=F>2 >=8 70B5@O;8AL. =>3> =545;L A?CABO B@C? MB>3> =5AG0AB=>3> 1K; =0945= =0 @0AAB>O=88 4204F0B8 25@AB >B B>3> <5AB0, 345 >= A;57 A 48;860=A0, 8 ?@8 MB>< A>2A5< =540;5:> >B 4>@>38. 5@54:> A;CG05BAO, GB>, 84O 157 >A>1>9 F5;8 ?> ;5AC, 2K ?>AB5?5==> ?5@5AB0=5B5 2=8<0B5;L=> A;548BL 70 B5< =0?@02;5=85<, ?> :>B>@><C H;8, 8=0G5 3>2>@O, 2K 53> 87<5=O5B5 4;O B>3>, GB>1K >1>9B8, =0?@8<5@, ?>20;82H55AO 45@52> 8;8 1>;LH85 :0<=8 8 B.?.; >1>94O ?@53@04C, 2K C65 =5 A;54C5B5 2 B>G=>AB8 ?> ?@56=5<C =0?@02;5=8N. @><5 B>3>, :0: MB> =8 AB@0==>, C G5;>25:0 8<55BAO A:;>==>ABL 7018@0BL =5A:>;L:> 2?@02>; 2 @57C;LB0B5 MB>3> ?>;CG05BAO, GB> 2 B> 2@5<O, :0: 2K 4C<05B5, GB> 845B5 ?> ?@O<>9, 2K =0 A0<>< 45;5 E>48B5 ?> :@C3C. >MB><C 20< A;54C5B 2A5 2@5<O 2K?@02;OBL A2>9 :C@A ;81> ?> :><?0AC, ;81> ?> A>;=FC, ;81> ?> :0:8<-=81C4L 2K40NI8<AO ?@54<5B0<. >28G>: ?>AB>O==> ?>?0405BAO =0 MB><, 8 :0: B>;L:> 70<5B8B, GB> A18;AO A ?CB8, 8 C1548;AO 2 B><, GB> 701;C48;AO, B> A59G0A 65 B5@O5B 3>;>2C, =0G8=05B 2>;=>20BLAO 8;8, GB> 5I5 EC65 2A53>, ?CA:05BAO 1560BL.  B0:8E A;CG0OE =C6=> A@07C 27OBL A51O 2 @C:8 8 =5 B5@OBL ?@8ACBAB28O 4CE0; =C6=> ?>?KB0BLAO ?@>A;548BL A2>9 A;54 >1@0B=>, 8;8, 5A;8 MB> A>2A5< =5 C40ABAO, @0725AB8 A83=0;L=K9 >3>=L, GB>1K ?>:070BL A2>5 <5AB>=0E>645=85 B>20@8I0<, >BKA:820NI8< 20A. ;02=>5 - =5 B5@OBL A@07C ?@8ACBAB28O 4CE0. 064K9 1K20;K9 A:0CB, 2KE>4O CB@><, 70<5G05B =0?@02;5=85 25B@0. KE>4O =0 ?@>3C;:C, A;54C5B ?> :><?0AC 70<5B8BL B> =0?@02;5=85, ?> :>B>@><C 2K H;8, 0 B0:65, 2 :0:>< =0?@02;5=88 4C5B 25B5@, ?>A;54=55 >A>15==> 206=> 2 B5E A;CG0OE, :>340 =5B A A>1>9 :><?0A0, 8;8 :>340 A>;=F5 A:@KB> 70 BCG0<8. @><5 B>3>, =C6=> >1@0I0BL 2=8<0=85 =0 2K40NI85AO ?@54<5BK, B.5. 70<5G0BL, :0:85 2AB@5G0NBAO =0 ?CB8 3>@K, 2KA>:85 10H=8 8 :>;>:>;L=8, =5>1KG09=>9 D>@<K 45@52LO, E>;<K 8 B.4., A;>2><, 2A5 B>, GB> <>65B ?>:070BLAO ?>;57=K< ?@8 >BKA:820=88 >1@0B=>3> ?CB8 8;8 =0 B>B A;CG09, 5A;8 20< ?>=04>18BLAO @0AB>;:>20BL 4@C3><C ?CBL, ?> :>B>@><C 2K A;54>20;8. A;8, 84O 2?5@54, 2K 70<5B8;8 E0@0:B5@=K5 <5AB=K5 ?@54<5BK, B> 2A5340 A<>65B5 =09B8 ?> =8< >1@0B=K9 ?CBL, => B5< =5 <5=55, ?@>94O >48= 87 B0:8E ?@54<5B>2, A;54C5B >15@=CBLAO 8 ?>A<>B@5BL, :0:>9 >= 8<55B 284 A MB>3> ?C=:B0, GB>1K A@07C ?@87=0BL 53> =0 >1@0B=>< ?CB8. !:070==>5 A;54C5B B0:65 ?@8<5=OBL, >GCB82H8AL 2 =57=0:><>< 3>@>45, 8, A>94O A ?>5740, B>BG0A 65 70<5B8BL ?>;>65=85 A>;=F0 8 =0?@02;5=85 25B@0. 0<5BLB5 E0@0:B5@=K5 ?@54<5BK, 2@>45 70<5G0B5;L=KE 740=89, F5@:259, D01@8G=KE B@C1, =0720=89 C;8F, 2K25A>: 8 ?@>G., 8, B0:8< >1@07><, >B>94O =0 1>;LH>5 @0AAB>O=85 >B 2>:70;0 8 ?@>94O <=>3> C;8F, 2K A<>65B5 157 B@C40 =09B8 4>@>3C : 2>:70;C. @8 =51>;LH>< =02K:5 MB> 45;05BAO C4828B5;L=> ?@>AB>, 0 <564C B5< 1>;LH8=AB2> ;N459, ?@>94O B@8-G5BK@5 :20@B0;0 2 3>@>45, A>25@H5==> CB@0G820NB A?>A>1=>ABL >@85=B8@>20BLAO. ;O B>3>, GB>1K >?@545;8BL =0?@02;5=85 25B@0, ?@8 GCBL 70<5B=>< 42865=88 2>74CE0, A;54C5B ?>41@>A8BL 3>@ABL <5;:>9 ?K;8 8;8 ACE8E ;8ABL52 8 =01;N40BL, 2 :0:CN AB>@>=C 8E :;>=8B ?@8 ?045=88, 8;8 65 A<>G8BL A> 2A5E AB>@>= ?0;5F 8 ?>4=OBL 53> 225@E: B0 AB>@>=0, A :>B>@>9 2K ?>GC2AB2C5B5 E>;>4, 8 1C45B C:07K20BL =0?@02;5=85 25B@0. >340 2K 459AB2C5B5 2 :0G5AB25 @07254G8:0 8 20< ?>@CG5=> ?@>25AB8 ?> =57=0:><>9 4>@>35 F5;CN ?0@B8N ;8F, 20< A;54C5B 45@60BLAO =5A:>;L:> 2?5@548 8 2A5F5;> A>A@54>B>G8BLAO =0 A2>59 7040G5, B0: :0: 20< ?@845BAO @C:>2>4AB2>20BLAO <5;LG09H8<8 ?@54<5B0<8; 5A;8 65 2K 1C45B5 45@60BLAO 2<5AB5 A >AB0;L=K<8, B> ?>=52>;5 2BO=5B5AL 2 @073>2>@ A =8<8, 1C45B5 4C<0BL > 4@C3><, 8 2 @57C;LB0B5 <=>385 ACI5AB25==K5 ?>4@>1=>AB8 CA:>;L7=CB >B 20H53> 2=8<0=8O. !B0@K5 @07254G8:8, ?> 1>;LH59 G0AB8, >G5=L <>;G0;82K9 =0@>4 8<5==> 2A;54AB285 MB>9 ?@82KG:8 A>A@54>B>G820BLAO =0 B><, GB> 2 40==CN <8=CBC 8E 70=8<05B. 5@54:> ?@8E>48BAO 2845BL, :0: =>28G>:, =0E>4OAL 2 ?0B@C;5, :>B>@K9 2545B >?KB=K9 A:0CB, 8 284O, GB> B>B 845B 2 >48=>G5AB25 8 =8 A :5< =5 @073>20@8205B, @5H05B, GB> MB> ?@>8AE>48B 2A;54AB285 53> 70AB5=G82>AB8, 8, 65;0O ?>41>4@8BL 8 @072;5GL 53>, 2ABC?05B A =8< 2 15A54C, ?>:0 ?@>2>4=8:, =0:>=5F, =5 ?>:065B 5<C B0: 8;8 8=0G5, GB> 53> >1I5AB2> 5<C B>;L:> 2 BO3>ABL. 0 ?0@>E>40E ?>AB>O==> 2848HL =04?8AL :"5 @073>20@8209B5 A @C;52K<"; B> 65 =5>1E>48<> 8 ?@>2>4=8:C, 254CI5<C ?0@B8N ;N459. !;>2><, 8A?>;=OO >1O70==>AB8 ?@>2>4=8:0, 2K 4>;6=K A>A@54>B>G8BL 2A5 20H8 <KA;8 =0 >4=>< ?@54<5B5. ?@545;5=85 @0AAB>O=89 8 2KA>B 064K9 A:0CB 4>;65= C<5BL >?@545;OBL @07<5@K ?@54<5B>2, =0G8=0O >B 4N9<0 (1 4N9< = 2,54 A<. 54.), 8 @0AAB>O=8O >B <8;8 (1 <8;O = 1,609 :<. 54.) 8 1>;55. @5645 2A53> =5>1E>48<> 2 B>G=>AB8 7=0BL, A:>;L:> 4N9<>2, A0=B8<5B@>2 <564C :>=F0<8 20H53> <878=F0 8 1>;LH>3> ?0;LF0 ?@8 @0A?@>AB5@B>9 ;04>=8, H8@8=C 20H53> 1>;LH>3> ?0;LF0 8 4;8=C 20H59 ;>:B52>9 :>AB8, >B ;>:BO 4> 70?OABLO, @0AAB>O=85 <564C :>=F0<8 20H8E 2KBO=CBKE @C:, 0 B0:65 4;8=C 20H59 ABC?=8. A;8 2K B>G=> 70?><=8B5 MB8 87<5@5=8O, B> MB> 20< >:065B 1>;LHCN ?><>IL ?@8 >?@545;5=88 @07<5@>2 ?@54<5B>2. G5=L ?>;57=> A45;0BL =0 ?>A>E5 =5A:>;L:> 70@C1>:, ?>:07K20NI8E 4;8=C 4N9<0, H5AB8 4N9<>2, DCB0 (1 DCB = 30,48 A<. 54.), O@40 (1 O@4 = 91,44 A<. 54.). ?@545;5=85 @0AAB>O=89 <564C ?@54<5B0<8 ?@8>1@5B05BAO B>;L:> ?CB5< C?@06=5=89, 0 >?@545;5=85 4;8=K ?@>945==>3> ?CB8 >1K:=>25==> ?@>872>48BAO ?CB5< ?>4AG5B0 4;8B5;L=>AB8 53>, ?@8=8<0O 2 @0AG5B A:>@>ABL; 8=K<8 A;>20<8, 5A;8 2K 845B5 A> A:>@>ABLN ?OBL <8;L 2 G0A 8 H;8 2 B5G5=85 ?>;CB>@0 G0A>2, B> 2K 7=05B5, GB> ?@>H;8 ?@81;878B5;L=> 7,5 <8;L. 0AAB>O=85 <>6=> B0:65 >?@545;8BL ?> A:>@>AB8 72C:0: B0:, =0?@8<5@, 5A;8 2K 2848B5 2KAB@5; 8 A>AG8B05B5, A:>;L:> A5:C=4 ?@>H;> <564C <><5=B><, :>340 2K C2845;8 >3>=L, 8 <><5=B><, :>340 4> 20A 4>=5AAO 72C: 2KAB@5;0, B> 1C45B5 2 A>AB>O=88 >?@545;8BL, =0 :0:>< @0AAB>O=88 >B 20A >= 1K; ?@>872545=, B0: :0: 72C: ?@>E>48B 1095 DCB>2 (=5A:>;L:> <5=LH5 B@5B8 <8;8) 2 A5:C=4C. !:0CB 4>;65= C<5BL >?@545;OBL 2KA>BC ?@54<5B>2 >B =5A:>;L:8E 4N9<>2 4> 42CE 8;8 B@5E BKAOG DCB>2 8 1>;55, =0?@., 2KA>BC 701>@0, 3;C18=C :0=02K, 2KA>BC 4><0, AB5=K, 45@520, 10H=8, 3>@K 8 B.?. -B> ;53:> C405BAO, 5A;8 =5<=>3> ?>C?@06=O5B5AL, => >1CG8BL MB><C =0 A;>20E B@C4=>. K 4>;6=K C<5BL >?@545;OBL 25A @07;8G=KE ?@54<5B>2, =0?@8<5@, @K1K, :C;O >2A0, 2>70 4@>2; =C6=> B0:65 C<5BL >?@545;OBL 25A G5;>25:0 8;8 682>B=>3>. A5 MB> B0:65 ?@8>1@5B05BAO ?CB5< C?@06=5=89, => 2K 4>;6=K A0<8 ?>AB0@0BLAO =0CG8BLAO 2A5< MB8< ?@5<C4@>ABO<. @><5 B>3> A;54C5B C<5BL >?@545;OBL =0 3;07 ?@81;878B5;L=>, 87 A:>;L:8E ;N459 A>AB>8B 40==0O 3@C??0 ;N459 8;8 4065 1>;LH0O B>;?0; A:>;L:> ?0AA068@>2 A84OB 2 ?@>5760NI5< 203>=5 B@0<20O; 87 A:>;L:8E >25F A>AB>8B ?0ACI55AO ?5@54 3;070<8 AB04>; A:>;L:> ?@54<5B>2 ;568B =0 AB>;5 8 B.4.  MB>< 2K <>65B5 ?>AB5?5==> C?@06=OBLAO :0: =0 C;8F5, B0: 8 2 3>@>45 8;8 45@52=5. @8 >?@545;5=88 @0AAB>O=89 =0 3;07 A;54C5B 8<5BL 2 284C A;54CNI55: =0 @0AAB>O=88 50 H03>2 <>6=> OA=> @07;8G0BL 3;070 8 @>B; =0 @0AAB>O=88 100 H03>2 3;070 :06CBAO B>G:0<8; =0 200 H03>2 2A5 5I5 <>6=> @07;8G8BL ?C3>28FK 8 ?>4@>1=>AB8 >4564K; =0 300 H03>2 284=> ;8F>; =0 400 - 284=> 42865=85 =>3, =0 500 - 2845= F25B ?;0BLO. ;O 1>;55 40;5:8E @0AAB>O=89 ?>AB0@09B5AL 2K1@0BL ?@54<5B, ;560I89 =0 ?>;>28=5 @0AAB>O=8O <564C 20<8 8 40==K< ?@54<5B><. ?@545;8B5 MB> ?>;>28==>5 @0AAB>O=85, C42>9B5 53> 8 ?>;CG8B5 8A:><>5. A;8 A45;0BL MB> =5 C405BAO, B> 5ABL 4@C3>9 A?>A>1: >?@545;8B5 A0<>5 1>;LH>5 @0AAB>O=85, =0 :>B>@>< 40==K9 ?@54<5B <>65B >B 20A =0E>48BLAO, 70B5< A0<>5 1;87:>5, 8 2K2548B5 A@54=55. > 2AO:>< A;CG05 A;54C5B 8<5BL 2 284C, GB> :06CI89AO @07<5@ ?@54<5B>2 8 @0AAB>O=89 C<5=LH05BAO ?> <5@5 C40;5=8O >B =01;N40B5;O; =0?@8<5@, @0AAB>O=85 <564C ?@54<5B0<8, =0E>4OI8<8AO =0 200 8 300 H03>2, :065BAO 1>;LH5, G5< <564C @0A?>;>65==K<8 =0 600 8 700 H03>2, E>BO 8 BCB 8 B0< @0AAB>O=85 MB> 100 H03>2. 'B> ?@54<5BK 8 ;N48, 1>;55 C40;5==K5, 284=K <5=55 OA=>, G5< 1;87:85; >4=0:> 2848<>ABL MB0, :@><5 @0AAB>O=8O 8 >AB@>BK 7@5=8O, 7028A8B >B @07;8G=KE CA;>289, :0:-B> - ?@54<5BK O@:8E F25B>2 (15;>3>, 65;B>3>, :@0A=>3>) 284=K OA=55, G5< B5<=KE (G5@=>3>, A8=53>, A5@>3>, 70I8B=>3>), 8 ?>B><C :06CBAO 1;865. @54<5BK <0;K5 (;560I89 G5;>25:, :CAB, =51>;LH>9 4><) :06CBAO 40;LH5, G5< :@C?=K5 (;5A, 2>9A:>20O G0ABL, 1>;LH>5 AB@>5=85). >2=0O 8 >4=>F25B=0O <5AB=>ABL (;C3, ?0H=O, 2>40, A=53) 2K45;O5B =0E>4OI89AO =0 =59 ?@54<5BK (5A;8 >=8 4@C3>3> F25B0, G5< <5AB=>ABL) 8 ?>MB><C :0: 1K ?@81;8605B 8E; =0 E>;<8AB>9 65 8 ?5AB@>9, ?> >:@0A:5, <5AB=>AB8 2A5 @0AAB>O=8O :06CBAO 1>;LH8<8. 01;N40O A 3>@K 2=87, 0 B0:65 2 BC<0==K9 8 4>64;82K9 45=L, ;53:> >H818BLAO ?@8 87<5@5=88 @0AAB>O=8O 2 1>;LHCN AB>@>=C; 2 ?@>B82>?>;>6=KE 65 CA;>28OE - >1@0B=>. ?@545;5=85 AB>@>= A25B0 064K9 N=30 =0 :>@01;5 7=05B =087CABL @C<1K :><?0A0, B> 65 A0<>5 =04;568B 7=0BL :064><C A:0CBC. / C65 <=>3> @07 C?><8=0; > A525@5, 8 2K, O =045NAL, CA2>8;8 A515, =0A:>;L:> ?@8 >BKA:0=88 ?CB8 206=> C<5BL >?@545;8BL A525@=>5 =0?@02;5=85. A;8 C 20A =5B A A>1>N :><?0A0, 2K <>65B5 >?@545;8BL, 345 A525@, 4=5< ?> A>;=FC, 0 =>GLN ?> C;8F5 8 725740<.  H5ABL G0A>2 CB@0 A>;=F5 =0E>48BAO ?@81;878B5;L=> =0 2>AB>:5, 2 452OBL - =0 N3>-2>AB>:5, 2 ?>;45=L - =0 N35, 2 ?>;45=L =0 N35, 2 B@8 G0A0 ?>?>;C4=8 - =0 N3>-70?045, 0 2 H5ABL ?>?>;C4=8 - =0 70?045. 8<>N A>;=F5 A048BAO @0=55 H5AB8 G0A>2, 0 ?>B><C =5 4>E>48B 4> 70?040. $8=8:89FK, A>25@H02H85 ?;020=85 2>:@C3 2A53> 0D@8:0=A:>3> <0B5@8:0, 70<5B8;8, GB> 2 =0G0;5 ?;020=8O A>;=F5 2>AE>48;> C =8E A ;52>9 AB>@>=K - >=8 45@60;8 ?CBL =0 N3. >74=55 >=8 4>:07K20;8, GB> 4>?;K;8 4> =5254><>9 75<;8, 345 A>;=F5 2AB020;> =5 A B>3> C3;0, A :>B>@>3> A;54C5B, 0 8<5==> A ?@02>9 AB>@>=K. 0 A0<>< 65 45;5 >=8 >1>3=C;8 <KA >1@>9 04564K 8 45@60;8 ?CBL =0 A525@, 24>;L 2>AB>G=>3> 15@530 D@8:8. ;O B>3>, GB>1K 2> 2AO:>5 2@5<O 4=O >?@545;8BL ?> A>;=FC, 345 =0E>48BAO A525@, =C6=> 45@60BL A2>8 G0AK ?;0H<O, F8D5@1;0B>< 225@E B0:, GB>1K =0 =53> A25B8;> A>;=F5. 0B5< 2@0I0BL G0AK, 45@60 8E ?;0H<O, 4> B5E ?>@, ?>:0 G0A>20O AB@5;:0 =5 1C45B C:07K20BL ?> =0?@02;5=8N A>;=F0. >A;5 MB>3>, 45@60 G0AK =5?>4286=>, =0;>68BL ?>?5@5: F8D5@1;0B0 :0@0=40H B0:, GB>1K >= ;53 =0 F5=B@5 F8D5@1;0B0, 0 :>=FK - =0 ?>;>28==>< @0AAB>O=88 <564C F8D@>9 12 8 :>=F>< G0A>2>9 AB@5;:8; =0?@02;5=85 :0@0=40H0 8 1C45B C:07K20BL A525@ 8 N3. >GLN =0< :065BAO, GB> 72574K 4286CBAO 2>:@C3 75<;8. -B> ?@>8AE>48B >BB>3>, GB> 75<;O 2@0I05BAO ?>4 MB8<8 725740<8. 2574K >1@07CNB =0 =515 @07;8G=K5 3@C??K 8;8, 8=0G5 3>2>@O, A>725748O; :064>9 B0:>9 3@C??5 ?@8A2>5=> B> 8;8 4@C3>5 =0720=85, 2 7028A8<>AB8 >B AE>4AB20 >G5@B0=89 3@C??K A >G5@B0=8O<8 :0:>3>- =81C4L ?@54<5B0, G5;>25:0 8;8 682>B=>3>. !>7257485 ";C30" =5B@C4=> >BKA:0BL 1;03>40@O 53> AE>4AB2C A =0AB>OI8< ?;C3><. 3> >G5=L ?>;57=> 7=0BL, 81> 2 A525@=>< ?>;CH0@88 >=> C:07K205B, 345 =0E>48BAO A525@. -B> A>7257485 8=0G5 =07K20NB ">;LH>9 542548F59". 0A:>;L:> <=5 8725AB=>, MB> 548=AB25==0O <542548F0, 8<5NI0O 4;8==K9 E2>AB!  ">;LH>9 542548F5" 5ABL 425 72574K, :>B>@K5 ?@O<> C:07K20NB, 345 =0E>48BAO "!525@=0O", 8;8 ">;O@=0O" 725740. 0: O C65 C:070;, 2A5 72574K 8 A>725748O 4286CBAO 2 B5G5=85 =>G8, => ">;O@=0O" 725740 2A5340 >AB05BAO =5?>4286=>9 =0 A525@5. 1;878 ">;LH>9 542548FK" =0E>48BAO A>7257485 "0;>9 542548FK", ?@8G5< ?>A;54=OO 725740 2 MB>9 3@C??5 8 5ABL "!525@=0O", 8;8 8=0G5 - ">;O@=0O" 725740. 515A=K9 A2>4 <>6=> A@02=8BL A 7>=B8:><, @0A:@KB>9 =04 =0H59 3>;>2>9. ">;O@=0O" 65 725740 =0E>48BAO 2 B>< <5AB5, 345 ?@>E>48B ?0;:0 7>=B0.  ?>4>1=K9 7>=B8: 1K; =0 A0<>< 45;5 A45;0= 2A5<8 725740<8, @07<5I5==K<8 2 =04;560I8E <5AB0E. !B02 ?>4 B0:>9 7>=B8: 8 2@0I0O <54;5==> @CG:C, 2K ?>;CG8B5 B>G=CN :0@B8=C 42865=8O =515A=KE A25B8;, ?@8G5< 2A5 72574K 1C4CB 42830BLAO, :@><5 >;O@=>9, ;560I59 2 F5=B@5. @C3>5 A>7257485 =0?><8=05B ?> A2>8< >G5@B0=8O< G5;>25:0, C :>B>@>3> =0 ?>OA5 <5G. -B> A>7257485 =07K205BAO "@8>=". 3> ;53:> @0A?>7=0BL ?> B@5< 725740< 2 ;8=8N, >1@07CNI8< ?>OA, 8 ?> 4@C38< B@5< 2 ;8=8N 2 4@C3>< =0?@02;5=88, >1@07CNI8< <5G. 25 72574K 2?@02> 8 2;52> >B <5G0 >1@07CNB =>38, 4@C385 425 2KH5 ?>OA0 >1@07CNB @C:8, 0 <564C MB>9 ?0@>9 :CG:0 87 B@5E =51>;LH8E 72574 >1@07C5B 3>;>2C. =0BL MB> A>7257485 >G5=L 206=> ?>B><C, GB> ?@8 53> ?><>I8 2K 2A5340 A<>65B5 >?@545;8BL, 345 A525@ 8 345 N3, 8, :@><5 B>3>, A>7257485 MB> 284=> >48=0:>2> :0: 2 A525@=>< B0: 8 2 N6=>< ?>;CH0@88, 2 B> 2@5<O, :0: ">;LHCN 542548FC" 284=> B>;L:> 2 A525@=><, 0 ".6=K9 @5AB" B>;L:> 2 N6=>< ?>;CH0@88. A;8 2K ?>4=8<8B5 20H ?>A>E 3>@87>=B0;L=> =04 3>;>2>9 B0:, GB>1K >= ?@>H5; G5@57 A@54=NN 72574C "@8>=0" 8 G5@57 A@54=NN 72574C 3>;>2=>9 3@C??K, 8 70B5< ?@>4>;68B5 MBC ;8=8N G5@57 425 1;8609H85 :@C?=K5 72574K 4> B@5BL59, B> MB0 B@5BLO :@C?=0O 725740 8 1C45B "!525@=0O", 8;8 >;O@=0O 725740. A;8 2K ?@>2545B5 ;8=8N 2 ?@>B82>?>;>6=>< =0?@02;5=88, =0G8=0O >?OBL A> A@54=59 72574K ?>OA0 "@8>=0", 8 70B5< G5@57 A@54=NN 72574C 53> <5G0, B> ?@>4>;65=85 MB>9 ;8=88 ?@>945B G5@57 A>7257485, 8<5NI55 D>@<C L; 5A;8 65 ?@>4>;68B5 MBC ;8=8N 2 B>< 65 =0?@02;5=88 5I5 =0 B0:>5 65 @0AAB>O=85, B> :>=5F 55 C:065B BC B>G:C, 345 =0E>48BAO N6=K9 ?>;NA, :>B>@K9, : A>60;5=8N, =5 >B<5G5= =8:0:>9 72574>9. 5G @8>=0 ?@81;878B5;L=> C:07K205B =0?@02;5=85 A A525@0 =0 N3, E>BO =5 2?>;=5 B>G=>. C;CAK =07K20NB ?>OA 8 <5G @8>=0 "=3>;N 1N", GB> 7=0G8B: B@8 :010=0, 70 :>B>@K<8 3>=OBAO B@8 A>10:8. 0A08 2 >AB>G=>9 D@8:5 3>2>@OB, GB> B@8 72574K ?>OA0 - MB> B@8 E>;>ABO:0, 70 :>B>@K<8 84CB B@8 AB0@K5 452K (B@8 72574K <5G0). K 2848B5 - 2A5 @07254G8:8 7=0NB A>7257485 "@8>=0", E>BO 8 ?>4 @07;8G=K<8 =0720=8O<8.  N6=>< ?>;CH0@88, B.5. 2 .6=>9 D@8:5, .6=>9 <5@8:5 8 2AB@0;88, ">;LH>9 542548FK" =5 284=>, => 70B> 284=> A>7257485 ".6=>3> @5AB0". !525@ <>6=> >?@545;8BL 5I5 8 ?> 4@C38< ?@87=0:0<, 0 8<5==>: C >B45;L=> AB>OI8E 45@52L52 A A525@=>9 AB>@>=K ACGLO @565, G5< A N6=>9, >A>15==> @57:> MB> 70<5B=> C 5;>:. !B2>;K 45@52L52 A A525@=>9 AB>@>=K G0AB> >1@0AB0NB <E><. ;B0@8 F5@:259 2A5340 >1@0I5=K =0 2>AB>:, 0, A;54>20B5;L=>, 5A;8 AB0BL B0:, GB>1K 0;B0@L 1K; A?@020, B> ;8F> 1C45B >1@0I5=> =0 A525@. !"/ #"/ #?@06=5=8O 8ø  $ & Z \ ^ ` ` b ª ¬ ® ° ° ² Þ à â ä ä æ BDFHHJz|~€€‚°²´¶¶¸  PRTVVX¸º¼¾¾ÀüþóæÙǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯǺǺǯhªKhÑ%Ê0JaJhªKhÑ%ÊB*aJph"jhªKhÑ%ÊB*UaJphhªKh|ÌCJ$OJQJhªKh|ÌCJOJQJhªKh|ÌCJ(OJQJC8ø ^ ® â F~´T¼$Z¶NfŒÚ Œ"ü$ö(`,úõ‹$¥õ‹$Ôóó‹$¬ó‹$¬ó‹$¬ó‹$¬óó‹$¬ó‹$¬óó‹$¬óñ‹$¬ì‹$¬õ‹$¥ä‹$¬ä‹$¬ä‹$¬ä‹$¬ä‹$¬ä‹$¬ä‹$¬ä‹$¬ä‹$¬$a$gdÑ%Êgd|Ìgd|Ìgd|Ìl3 þ$Z–4¦4ª4¬4æ4F6N6:?¸?ÔKüK¤W¦WêW mLm´Ñ Ò(ØVØVàvàèîï¬ Æ TbzšÎ(ê(Â-..:0:|:G^GÊjæjnooÌràrpu˜uõãÖÍÀͱͤÀÍ›ÍÀÍÀͤÀÍÀÍÀÍÀÍÀÍÀÍÀÍÀÍÀÍÀÍÀÍŽÀÍÀÍÀÍÀÍÀÍÀhªKhÑ%ÊCJOJQJhªKhéøaJhªKhÑ%ÊCJ$OJQJhªKh|Ì56\]aJhªKh|ÌCJOJQJhªKh|ÌaJhªKhÑ%ÊB*aJph"jhªKhÑ%ÊB*UaJphhªKhÑ%Ê0JCJ$4`,1–2¢3–4ª4æ406$8~9|;L=:?„?¸?¦CúEÔKüKM¸NÖOvQØRèSV¤WÎW÷‹$¬÷‹$¬÷‹$¬÷‹$¬ï‹$¬ê÷‹$¬÷÷‹$¬÷‹$¬÷‹$¬÷‹$¬ê‹$¥ê‹$¥÷‹$¬÷‹$¬÷ ‹$¬ê‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬êgd|Ì$a$gdÑ%Ê$a$gdÑ%ÊÎWêW˜^aPg mLmxpÂp qNqîtxzø}L‚f‡äŠÎ.˜(¡Š¯¦µ¾½¾Ã|Ê´ÑÜÑ Òú‹$¥ò ‹$¬ò‹$¬ò ‹$¬ò ‹$¬í‹$¥ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò ‹$¬ò‹$¬òò‹$¬ò‹$¬ò ‹$¬ò ‹$¬ò‹$¬ò‹$¬ò ‹$¬ò ‹$¬ò ‹$¬ò ‹$¬ò ‹$¬è‹$¥ú‹$¥gdÑ%Êgd|Ì$a$gdÑ%Êgd|Ì Ò(ØVØÙÂÙðÙnÜݬÝhÞ¢ßêßVàvà$â¤ä^å@æÚæ|çèç>è"éØêÊëâíèîï&ñ÷ ‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬gd|Ì$a$gdÑ%Ê&ñRó ôÚôº÷ úú<ünþ&ÿòÿƪþ^x¬ Æ @ :TbÈzš˜ n&Î(÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷ ‹$¬÷‹$¬gd|Ì$a$gdÑ%ÊÎ(ê(”+Â-.r1²12Z2z2¼207.:|:Â:;`;¤;ð;><Š<=L=„=Ð=>H>>ú‹$¥ò‹$¬ò‹$¬íò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬íè‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬gd|Ìgd|Ì$a$gdÑ%ÊgdÑ%Ê>Ü>$?l?¾?@N@†@À@ATA®AøANBÌBCjC¤CþCdDÀDEXE®E FZF¾FG@Gú‹$¬ú‹$¬ú‹$¬ú‹$¬úú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥gd|Ìgd|Ì@G^G~LN`RVW¨X:Zè\úaúcZgÊjæj‚mnooÌràrpu˜u²uÒuüyzN}n}ú‹$¥ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ú‹$¥ò‹$¬ò‹$¬ú‹$¥ò‹$¬ú‹$¥ò‹$¬í‹$¥ú‹$¬ú‹$¥ò‹$¬ú‹$¥ò‹$¬è‹$¥ò‹$¬gdÑ%Êgd|Ì$a$gdÑ%Êgd|̘u²uÒuüyzN}n}4F…r…`ŠtŠ8R°’Ø’˜™Þ™£Ä£â£Ž¤ê¤­<­$¯4¯ÈlÈ^׆×ðÜÝŒâ¢â²âBéVéNðöðÄôèô<ýdýf‚"4 R ¼þ*"APAÒ_4`Nh°h\k|k>mXm4srsÂ{ì{$‚óæÝæÝæÝæÝæÝæÝæÝæÝæÝÐæÝæÝÃÝæݹÝæÝæÝæ¹Ý¹ÝæÝæÝæÝæÝæÝæÝæóÝæÝæÝæÝæÝæÝæÝæÝhªKh|Ì>*aJhªKh|ÌCJ$OJQJhªKhÑ%ÊCJOJQJhªKh|ÌaJhªKh|ÌCJOJQJhªKh|ÌCJOJQJD4F…r…`ŠtŠ8R°’Ø’ê–˜™Þ™£â£Ž¤¼¤ê¤§­<­x­è­h®¸®$¯4¯·ú‹$¥ò‹$¬ú‹$¥ò‹$¬ú‹$¥ò ‹$¬ú‹$¥ò‹$¬ú‹$¥ò‹$¬ò‹$¬ú‹$¥ò‹$¬úò‹$¬í‹$¥í‹$¥ò‹$¬ò ‹$¬í‹$Ôè‹$¬è‹$¬è‹$¬è‹$¬è‹$¬ú‹$¥ò ‹$¬gd|Ìgd|Ì$a$gdÑ%Êgd|Ì·,¿îÁÈlÈàÊìÐ^׆×øÙðÜÝâŒâ¢â€æBéìíNð¬ðöðÄôèôÞù<ýdýf‚÷ ‹$¬÷‹$¬÷ ‹$¬÷‹$¬÷‹$¬÷ ‹$¬÷ ‹$¬ò‹$¥÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥ò‹$¥÷‹$¬ò‹$¥÷‹$¬÷‹$¬ò‹$¥÷‹$¬ò‹$¥÷gd|Ì$a$gdÑ%Ê"4 R  ¦ì6fÌ4TŒ¼äþ*vÖøâ Â#ˆ*(/4Î;"Aú‹$¥ò‹$¬ú‹$¥ò‹$¬ò‹$¬í‹$¬í‹$¬í‹$¬í‹$¬í‹$¬í‹$¬í‹$¬í‹$¬í‹$¬è‹$¥ú‹$¥ú‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò ‹$¬ò‹$¬ò‹$¬ò ‹$¬ò ‹$¬gd|Ìgd|Ì$a$gdÑ%Êgd|Ì"APAàDîL‚RŽZÒ_`4`Œc fNhh°h\k|k>mXm4srsÂ{ì{$‚L‚¶‚…l‰ú‹$¥ò‹$¬ò ‹$¬ò ‹$¬ò ‹$¬ò ‹$¬ú‹$¥ú‹$¥ò‹$¬ò‹$¬ò‹$¬ú‹$¥ú‹$¥ò‹$¬ú‹$¥ò‹$¬ú‹$¥ò ‹$¬ú‹$¥ò ‹$¬ú‹$¥ò ‹$¬í‹$¼ú‹$¥å‹$¬å‹$¬$a$gdØ'Fgd|Ì$a$gdÑ%Êgd|Ì$‚L‚¶‚Þ¤à¤f¥”¥Ì¥„â†ââ´âå0åîçèâíînõ’õVþpþ46R¨â"i.i ‰"‰:‰j¨~¨ð°±t¸ĸº¾ü¾~ƲÆöÈhɺÖÞÖ:æXæÌéðé¼ðñ"ó0óàõözþÄþ,`h~T~ Þ45Q0Q¬XÂXaPaóæÝÐæóæÝöæÝæÝæÝæÝæÝæÝÐæÝæÝæÝÐæÝæÝæÝæÝæÝæÝæÝæÝæÝæÝæݶÝæÝæÝæÝæݶæÝæÝæÝæݶhªKh|ÌCJ$OJQJhªKhØ'FCJ$OJQJhªKhØ'FCJOJQJhªKh|ÌaJhªKh|ÌCJOJQJhªKh|ÌCJ OJQJHl‰Ø“z™Ì›.£Þ¤>¥f¥”¥Ì¥4ªĪ`¯¶²ôµ"¶v¸ιôº,¾R–ÈÌzÐ*Õ<Ú6Ý÷ ‹$¬÷‹$¬÷ ‹$¬÷‹$¬÷ ‹$¬÷‹$¬òò‹$¥ò‹$¼í‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷ ‹$¬÷‹$¬÷‹$¬÷‹$¬÷ ‹$¬÷‹$¬gd|Ìgd|Ì$a$gdØ'F6ÝtÝ„ââ´âå0åîçèâíî(ònõ’õVþpþº4RÜüð ” –"¨Ð÷‹$¬÷ ‹$¬òí‹$¥÷‹$¬í‹$¥÷‹$¬í‹$¥÷ ‹$¬í‹$¥÷‹$¬÷‹$¬í‹$¥÷‹$¬í‹$¥÷‹$¬÷‹$¬í÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥gd|Ìgd|Ì$a$gdØ'FÐâ¤Ì"$ä&”)¦.‚1P5†:v?`CºI&M O WB]2b"i.i^qîv¼}¾‚ ‰:‰ú‹$¥ò ‹$¬ò ‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò‹$¬ò ‹$¬ò‹$¬ò‹$¬ò ‹$¬ò‹$¬ò‹$¬ò ‹$¬ò‹$¬ò‹$¬ò ‹$¬ò ‹$¬ò‹$¬ò ‹$¬ú‹$¥ò ‹$¬ò ‹$¬ò ‹$¬ò‹$¬ò ‹$¬ú$a$gdØ'Fgd|Ì:‰ž¢“ЗV›^ j¨~¨ø­ð°±t¸ž¸ĸº¾æ¾ü¾~ƈƲÆòÈöÈ(ÉRÉhÉ<ÊZÐNÔ÷‹$¬÷ ‹$¬÷‹$¬÷‹$¬÷‹$¬÷ ‹$¬ò‹$¥÷ ‹$¬÷‹$¬ò‹$¥÷ ‹$¬í‹$¥ò‹$¥÷ ‹$¬í‹$¥ò‹$¥÷ ‹$¬í‹$¥ò‹$¥÷‹$¬è‹$¬í‹$¥í‹$¥ò‹$¥÷‹$¬÷ ‹$¬÷‹$¬gd|Ìgd|Ìgd|Ì$a$gdØ'FNÔºÖÞÖÚÚ,ß–â:æXæÌéðé’ì¼ðñ"ó0ó¦ôõàõözþÄþÚÿ| ¶´@÷‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬ò‹$¥÷‹$¬÷‹$¬ò‹$¥÷‹$¬í‹$Ô÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷‹$¬ò‹$¥÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬gd|Ìgd|Ì$a$gdØ'F@Ò”Â,`h~T~ ô,Ü#ª'\+ê.f1Þ45¦:t=šDœGÔLQ0Q÷‹$¬÷‹$¬÷‹$¬÷‹$¬÷‹$¬ò‹$¥÷ ‹$¬í‹$¥è ‹$¬ò‹$Ôí‹$¥è ‹$¬è‹$¬è ‹$¬è‹$¬è‹$¬è‹$¬è‹$¬è‹$¬í‹$¥è ‹$¬è‹$¬è ‹$¬è‹$¬è ‹$¬è‹$¬í‹$¥gd|Ìgd|Ìgd|Ì$a$gdØ'F0Q¬XÂXî\aPavaežgÆkìköq r x*zTzrz˜zØh…JŠ°ŒLâ“>™\™ˆž¤ž„£ú ‹$¬õ‹$¥ú‹$¬ú‹$¬ð‹$Ôõ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú ‹$¬õ‹$¥ú ‹$¬ú‹$¬ð‹$Ôð‹$Ôõ‹$¥ú ‹$¬ú ‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú ‹$¬õ‹$¥ú ‹$¬õ‹$¥ú‹$¬gd|Ìgd|Ìgd|ÌPavaÆkìköq r*zrz˜z>™\™ˆž¤ž²¨Ö¨ê­®dµŒµ*ÃHÃ4Ê>ʦÒÐÒrÖŽÖrØŽØ(átáÐãHäz䊞Àú, ,Þ89bH„HXUtUÂ^ê^JftfŠf¬hòhi´pÐpz0z ŠÊŠèŠ´B´¬ÔÞÔèý2þ<¢L¬L@QbQÆRôRNYpY¨\Ò\r]Œ]vf–fZm|m`‘z‘ŸóêóêóêÝóêóêóêóêóêóêóêóêÝêóêóêóêÝóêÝêóêóêóêóêóêóêÝóêÝóêóêóêÝóêóêóêÝÛêÝêóêóêóêÝêóêóêóêóêUhªKh|ÌCJ$OJQJhªKh|ÌaJhªKh|ÌCJOJQJV„£Z¥²¨Ö¨ê­® ±N³dµŒµ·º¸´¿*ÃHþÆ4Ê>ÊÒϦÒÐÒrÖŽÖrØŽØÀÜ(átáÌãú‹$¬ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú ‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú ‹$¬ú‹$¬ð‹$Ôú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú‹$¬gd|Ìgd|Ìgd|ÌÌãÐãä*äHäzätíòñ÷dú¸ÿ"Ίž¢š˜ÀúŽ">), ,>.J2¸7Þ89ú‹$¬õ‹$Ôõ‹$Ôõ‹$Ôð‹$¥ú‹$¬ú‹$¬ú ‹$¬ú‹$¬ú ‹$¬ú ‹$¬ú‹$¬ú‹$¬õ‹$Ôú‹$¬ú‹$¬ú‹$¬ú‹$¬ð‹$¥ú‹$¬ú ‹$¬ú‹$¬ð‹$¥ú‹$¬ú‹$¬ú ‹$¬ú‹$¬ð‹$¥gd|Ìgd|Ìgd|Ì9<’BbH„HFNXUtUÈW²[Â^ê^´`Ta¸a blbÔbzcæc,dˆdèdBeÌeJftfŠf¬hú‹$¬ú ‹$¬ú ‹$¬õ‹$¥ú ‹$¬ú ‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ð‹$Ôõ‹$¥ú‹$¬gd|Ìgd|Ìgd|̬hòhi´pÐpz0z¤~Ò~4…„…ä…t†¬†&‡ ŠÊŠèŠ|ŽГì˜ÎœŸÞ£Ȫl¯´B´عú‹$Ôõ‹$¥ð ‹$¬õ‹$¥ð‹$¬õ‹$¥ð‹$¬ð‹$¬ð ‹$¬ð‹$¬ð‹$¬ð‹$¬ð‹$¬ð‹$¬ð‹$¬ú‹$Ôõ‹$¥ð‹$¬ð ‹$¬ð‹$¬ð‹$¬ð‹$¬ð‹$¬ð ‹$¬ð‹$¬ðõ‹$¥ð ‹$¬gd|Ìgd|Ìgd|Ìع„¼ŠÁbÆäÈ,άÔÞÔ¬ÙàÜìà¢ãèåúèì4ï†ñÌóàöZùûèýþ2þ”B„G¢L¬L@Qú‹$¬ú‹$¬ú‹$¬ú‹$¬ú ‹$¬ú ‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ð‹$Ôð‹$Ôúú‹$¬ú ‹$¬ð‹$Ôú‹$¬gd|Ìgd|Ìgd|Ì1CG8B5 A:0CB>2 >BKA:820BL ">;LHCN 542548FC", ">;O@=CN" 72574C 8 A>7257485 "@8>=0"; >?@545;OBL 2@5<O ?> A>;=FC; >?@545;OBL N3 ?@8 ?><>I8 G0A>2. #?@06=O9B5 8E 2 GB5=88 :0@B 8 =0E>645=88 4>@>3 ?> :0@B0<; >B<5B:5 4>@>3, >1;0<K20O 25B28 8 ?>;L7COAL 7=0:0<8, =0G5@G5==K<8 =0 75<;5. #?@06=O9B5 8E 2 >?@545;5=88 @0AAB>O=89, 2KA>B, 25A0 8 G8A5;. ;O B>3>, GB>1K >?@545;8BL H8@8=C @5:8, =C6=> 2K1@0BL =0 ?@>B82>?>;>6=>< 15@53C :0:>9-=81C4L ?@54<5B %, =0?@8<5@, 45@52>, 8;8 A:0;C; >B B>G:8 , ?>4 ?@O<K< C3;>< : %, ?@>9B8 24>;L 15@530 H03>2 H5ABL45AOB, 745AL ()2>B:=8B5 ?0;:C 8;8 ?>;>68B5 :@C?=K9 :0<5=L 8 ?@>4>;68B5 BC 65 ;8=8N 5I5 =0 B@84F0BL H03>2; 2 MB>< ?C=:B5 (!) A25@=8B5 ?>4 ?@O<K< C3;>< 8 848B5 >B @5:8 4> B5E ?>@, ?>:0 B>G:8  8 % =5 A>2?04CB. '8A;> H03>2, ?@>945==KE >B ! 4> D, 1C45B @02=> ?>;>28=5 @0AAB>O=8O >B @0AAB>O=8O >B  4> %. ;O B>3>, GB>1K >?@545;8BL 2KA>BC % :0:>3>-=81C4L ?@54<5B0, =0?@8<5@, 45@520 8;8 4><0, =C6=> >B<5@8BL >B =53> =5A:>;L:> H03>2, =0?@8<5@, 2>A5<L, 8 B0< () 2>B:=CBL ?0;:C DCB>2 2 H5ABL 2KA>B>N, 70B5< ?@>4>;60BL >B<5@OBL H038 2 B>< 65 =0?@02;5=88, ?>:0 25@E ?0;:8 8 <0:CH:0 45@520 =5 A>2?04CB ?> ;8=88 %D. KA>B0 45@520 % 1C45B 2> AB>;L:> @07 1>;LH5 2KA>BK ?0;:8, 2> A:>;L:> @07 2A5 @0AAB>O=85 >B  4> ! 1>;LH5 @0AAB>O=8O >B  4> !, 8=0G5 3>2>@O, 5A;8 2A5 @0AAB>O=85 ! - 33 DCB0, 0 @0AAB>O=85 ! - 9 DCB>2 (?@8 2KA>B5 ?0;:8 6 DCB>2), B> 2KA>B0 45@520 1C45B 33E68, 198:9". ;O >?@545;5=8O @0AAB>O=8O ?@0:B8:C5BAO 5I5 B0:>9 A?>A>1: !>AB02;O5BAO B01;8F0, 2 :>B>@>9 C:070=K @07<5@K @07;8G=KE C;8F, 4><>2 8 AB@>5=89 2 @09>=5, E>@>H> 8725AB=>< A:0CB0<. 7=0:><82 A:0CB>2 A MB8<8 40==K<8, 8E 2K2>4OB 8 ?@54;030NB >?@545;8BL @07<5@K 8 @0AAB>O=8O @07;8G=KE 4@C38E ?@54<5B>2, @C:>2>4AB2COAL 4;O A@02=5=8O B5<8 40==K<8, :>B>@K5 C:070=K 2 B01;8F0E. @8 MB>< @C:>2>48B5;L 4>;65= B5< 8;8 8=K< ?CB5< C7=0BL B>G=K5 40==K5 > B5E ?@54<5B0E, :>B>@K5 >= ?@54;0305B A:0CB0< 4;O 87<5@5=8O. =>340 1K205B ?>;57=> 87<5@8BL =5A:>;L:> @0AAB>O=89 ?@8 ?><>I8 25;>A8?540, B.5. ?@>5E0BL 8E, >BAG8BK20O G8A;> >1>@>B>2 :>;5A0. >A;5 MB>3> <>6=> ?@54;>68BL A:0CB0< C3040BL 4;8=C MB8E @0AAB>O=89 8 ?@>25@8BL 8E >B25BK. 3@K C:>2>48B5;L, 8<5O ?@8 A515 ?>4@>1=CN :0@BC, 2K2>48B ?0B@C;L 2 :0:CN-=81C4L =57=0:><CN <5AB=>ABL. 0B5< >= C:07K205B B>B ?C=:B, :C40 65;05B, GB>1K 53> ?@825;8, 8 70AB02;O5B A:0CB>2 ?>>G5@54=> 25AB8 ?0B@C;L, ?>;L7COAL 8A:;NG8B5;L=> ?;0=><. @8G5<, 70 C<5=85 G8B0BL ?;0= AB02OB >B<5B:8, 0 8<5==>: :064K9 A:0CB =0G8=05B 83@C, 8<5O C65 10 10;;>2, 0 70B5< 70 :064CN A45;0==CN >H81:C A102;O5BAO ?> 10;;C. A;8 65 >= =5 A45;05B 2 B5G5=85 2A59 M:A:C@A88 =8 >4=>9 >H81:8, B> ?5@2>=0G0;L=K5 10 10;;>2 70AG8BK20NBAO 5<C >4=>9 >B<5B:>9, ?@81;860O 53> B0:8< >1@07>< : ?>;CG5=8N 7=0G:0 "70 70A;C38". 01;N45=85 72574  OA=CN =>GL 2K2548B5 ?0B@C;L 8 @0AAB02LB5 A:0CB>2 ?>>48=>G:5 A B5<, GB>1K :064K9 87 =8E >BKA:0; ">;O@=CN" 72574C, A>7257485 "@8>=0" 8 ?@>G., 8 C:070; 20< 8E ?@8 20H5< >1E>45. ?@545;5=85 @0AAB>O=89 0AAB02LB5 A:0CB>2 2 @07;8G=KE ?C=:B0E, 2K18@0O ?@8 MB>< D>= A>>1@07=> F25BC 8E ?;0BLO; 70B5< ?@54;>68B5 A:0CB0< >?@545;8BL @0AAB>O=85 <564C C?><O=CBK<8 ?C=:B0<8. 20 A>@52=CNI8EAO >B?@02;ONBAO ?> >G5@548 : B@5< @07;8G=K< ?C=:B0<.  ?5@2>< ?C=:B5 8< A>>1I0NB B>;L:>, 2 :0:>< =0?@02;5=88 ?> :><?0AC =0E>48BAO A;54CNI89 ?C=:B, >BAB>OI89 >B ?5@2>3>, A:065<, =0 300 H03>2, 2B>@K< ?> >G5@548.  :064>< ?C=:B5 A:0CBK 4>;6=K 70<5B8BL A;54CNI55: 2>-?5@2KE, A:>;L:> ;8F 284=>; 2>-2B>@KE - =0 :0:>< @0AAB>O=88; 2-B@5BL8E - 2 :0:>< >=8 =0?@02;5=88 ?> :><?0AC; 2-G5B25@BKE - :0: >=8 >45BK. K83@K205B B>B, :B> 2 B5G5=85 40==>3> ?@><56CB:0 2@5<5=8 40AB =081>;55 ?>;=K9 8 >1AB>OB5;L=K9 >B25B. @5<O MB> 4>;6=> 1KBL CAB0=>2;5=> A;54CNI8< >1@07><: >4=0 <8=CB0 4;O =01;N45=89 2 :064>< ?C=:B5 8 ?>;<8=CBK =0 ?@>153 <564C ?C=:B0<8. BKA:0=85 A525@0 0AAB02LB5 A:0CB>2 ?>>48=>G:5, A ?@><56CB:>< <564C =8<8 2 B@84F0BL H03>2, 8 ?CABL :064K9 87 =8E ?>;>68B =0 75<;N A2>9 ?>A>E B0:, GB>1K 53> :>=FK 1K;8 =0?@02;5=K =0 A525@ 8 N3. A?>;L7>20=85 ?@8 MB>< :0:8E-;81> 8=AB@C<5=B>2 =5 4>?CA:05BAO. C:>2>48B5;L >1E>48B 2A5E 8 >?@545;O5B =0?@02;5=85 ?>A>E0 ?> :><?0AC. -BC 83@C >G5=L ?>;57=> @07K3@K20BL :0: 4=5<, ?@8 O@:>< A>;=F5, B0: 8 =>GLN, 0 B0:65 2 ?0A<C@=K5 4=8.  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riscema Dracontium), :>B>@K5 <>3CB 4;O MB>3> ?>A;C68BL >1@07F0<8. 3@K 4;O @0728B8O A8;K >:A, 1>@L10, 3@51;O, ?@K30=L5, "?5BCH8=K9 1>9", 1>@L10 - 2A5 MB> 4@03>F5==K5 ?>4A?>@LO 4;O @0728B8O A8;K. "OB=8AB>5 ;8F>"(4;O @0728B8O 7@5=8O) 03>B>2LB5 :0@B>==K5 :204@0BK, @073@0D;5==K5 =0 425=04F0BL <5=LH8E :204@0B>2. 064K9 A:0CB 15@5B B0:CN :0@B>=:C 8 :0@0=40H, 8 CE>48B =0 425AB8- B@8AB0 H03>2 8;8, 5A;8 8A?KB0=85 ?@>8AE>48B 2=CB@8 740=8O, =0A:>;L:> ?>72>;O5B ?@>AB@0=AB2>. 0B5< AC4LO 15@5B 1>;LH>9 :0@B>==K9 :>=25@B A :204@0B0<8 4N9<0 ?> B@8 2 :064>9 AB>@>=5, 5A;8 =0 2>74CE5, 8;8 ?> ?>;B>@0-420 4N9<0, 5A;8 2 70:@KB>< ?><5I5=88, 8 ?@8:0;K205B : =5<C 1C;02:0<8 ?OBL 8;8 H5ABL G5@=KE 48A:>2, 345 ?>?0;>. >B>< >= ?>4=8<05B :0@B>=:C A G5@=K<8 ?OB=0<8 (48A:0<8) B0:, GB>1K A:0CBK <>3;8 55 2845BL. =8 B>340 =0G8=0NB ?@81;860BLAO, AB0@0OAL @073;O45BL @0A?>;>65=85 ?OB5= A 2>7<>6=> 1>;55 40;5:>3> @0AAB>O=8O 8 >B<5B8BL =0 A2>59 ?0?:5 >1@07>202H89AO @8AC=>: :0@0=40H><. ">B, :B>, AB>O 40;LH5 >AB0;L=KE, =0@8A>20; 25@=> - 2K83@0;. >6=> AB028BL 10;;K B0:8< >1@07><: AB028B ?OBL 70 :064>5 25@=> ?>:070==>5 ?OB=> 8 2KG8B0BL >48= 10;; 70 :064K5 420 4N9<0 @0AAB>O=8O 1;865 B>3>, :>B>@K9 C2840; 40;LH5 2A5E. -B> @0728205B 7>@:>ABL 7@5=8O. "KAB@><C 7@5=8N" >1CG0NB A;54CNI8< >1@07><: A:0CB>2 ?>4?CA:0NB A>2A5< 1;87:>, 70B5< ?>:07K20NB 8< @8AC=>: A ?OB=0<8 2 ?@>4>;65=88 ?OB8 A5:C=4; >B<5G0BL 65 2 A2>8 ;8AB>G:8 >=8 4>;6=K =0 ?0<OBL. 081>;55 ?@81;8782H89AO 2 A2>5< @8AC=:5 : >@838=0;C - 2K83@K205B. ">@L10" 2>5 83@0NI8E, AB>O 4@C3 ?@>B82 4@C30, =0 @0AAB>O=88 >:>;> H030 8 45@60 @C:8 @0A?@>AB5@BK<8 ?> >15 AB>@>=K B5;0, ?@868<0NBAO ;04>=O<8 4@C3 : 4@C3C, ?@8G5< ?0;LFK A<K:0NBAO. 0:;>=OOAL 2?5@54 BC;>28I5<, >=8 ?@868<0NBAO 3@C4LN 8 ?KB0NBAO A428=CBL 4@C3 4@C30 A <5AB0 8;8 ?@860BL : AB5=5, 8;8 703=0BL 70 =0<5G5==CN G5@BC. =0G0;5 4>AB0B>G=> >G5=L :>@>B:>9 1>@L1K 4;O B>3>, GB>1K 2K720BL CA8;5==>5 185=85 A5@4F0, => ?>A;5 =5A:>;L:8E 4=59 C?@06=5=8O <>6=> ?@>4>;68BL 1>@L1C 4>;LH5. "">;:0=85 :8ABO<8 @C:" >4=8< G5;>25:>< !B>OBL A >158<8 @C:0<8 =0 C@>2=5 ?>OA0. !60BL :C;0:8 8 =0;>68BL :8ABL >4=>9 @C:8 =>3BO<8 2=87 =0 :8ABL 4@C3>9, ?>25@=CB>9 =>3BO<8 225@E. 068<0BL 25@E=59 @C:>9 2=87, 0 =86=59 225@E :0: <>6=> A8;L=55, A?5@20 A >48=0:>2>9 A8;>9, 70B5< =86=5N A8;L=55, 2A5 2@5<O, >4=0:>, A>?@>B82;OOAL 25@E=5N 8 B>;L:> <54;5==> CABC?0O, ?>:0 @C:8 =5 >:06CBAO =0 C@>2=5 ;10. 0B5< >1@0B=> - 25@E=OO @C:0 =0:;>=O5B =86=NN, ?>:0 @C:8 >?OBL =5 >:06CBAO =0 C@>2=5 ?>OA0. -B8 420 C?@06=5=8O, E>BO 8 :06CBAO =8GB>6=K<8 8 ?@>ABK<8, @072820NB ?>GB8 2A5 <CA:C;K B5;0 8 2 >A>15==>AB8 <CA:C;K, >:@C60NI85 A5@4F5, 5A;8 45;0BL 87> 2A59 A8;K. >MB><C 70=8<0BLAO 8<8 ?>4>;3C =5 A;54C5B. CGH5 ?@>45;K20BL 8E ?> =5A:>;L:> @07 2 45=L 2 ?@>4>;65=85 <8=CBK 8;8 =5<=>3> 4>;LH5. "">;:0=85 :8ABO<8 @C:" <>6=> 45;0BL 242>5<, AB>O 1>:>< 4@C3 : 4@C3C 8 459AB2CO B>9 @C:>9, :>B>@0O >1@0I5=0 : ?@>B82=8:C, ?KB0OAL 2 B> 65 2@5<O, =068<0O A60B>9 2 :C;0: :8ABLN =0 :8ABL ?@>B82=8:0, 70AB0282 53> ?>25@=CBL =0704. C:8 4>;6=K 1KBL 2KBO=CBK. #?@06=5=8O A ?>A>E>< - ?>4 <C7K:C, 5A;8 <>6=>. "$83C@=>5 E>645=85 3CAL:>< 70 ?@542>48B5;5< " @8 1>;LH>< G8A;5 CG0AB2CNI8E MB> 2KE>48B >G5=L :@0A82> 8 >G5=L ;53:> 2K?>;=8<>, >1K:=>25==> ?>4 0::><?0=5<5=B <C7K:8. >6=> MB> 45;0BL 8 =>GLN, B>340 =0 ?>A>E :064>3> N=>H8 ?@8:@5?;O5BAO :8B09A:89 D>=0@L, ?@8G5< 2 4><5 BCH0BAO 2A5 >3=8. 1KG=0O >H81:0, 2 :>B>@CN ?@8 MB>< >G5=L G0AB> 2?040NB, - MB> ?@>4>;68B5;L=>ABL C?@06=5=8O, CB><;ONI0O :0: 459AB2CNI8E ;8F, B0: 8 7@8B5;59.   !! # !"  N18 0: A>E@0=8BL A>1AB25==>5 74>@>2L5 A5 25;8:85 <8@=K5 @07254G8:8, >7=0<5=>202H85 A51O M:A?548F8O<8 8;8 >E>B=8GL8<8 M:A:C@A8O<8 2 48:8E AB@0=0E, >BG0AB8 >1O70=K A2>8<8 CA?5E0<8 B><C, GB> 8<5;8 ?>=OB85 > <548F8=5; 8< ?@8E>48;>AL >:07K20BL <548F8=A:CN ?><>IL ?@8 @0=5=8OE 8;8 =5AG0AB=KE A;CG0OE. >MB><C @07254G8:, =8G53> =5 ?>=8<0NI89 2 8A:CAAB25 2@0G520=8O, =5 <>65B =045OBLAO =0 CA?5E.  A<KA;5 ?>;L7K 45;C >= A >48=0:>2K< CA?5E>< <>65B >AB0BLAO 4><0. >MB><C ?@8CG09B5AL >E@0=OBL A>1AB25==>5 74>@>2L5, 8 B>340 2K <>65B5 C:070BL 4@C38<, :0: MB> 45;0BL. @><5 B>3>, 5A;8 15@5GL A2>5 74>@>2L5, =5 =C6=> ?;0B8BL 70 ;5:0@AB20. 5;8:89 0=3;89A:89 ?>MB @0945= 2 A2>59 ?>M<5 "8<>= 8 D835=8O" 3>2>@8B, GB> ;CGH5 ?>;>68BLAO =0 A25689 2>74CE 8 42865=85, G5< @0AAG8BK20BL A>E@0=8BL A2>5 74>@>2L5, ?;0BO 4>:B>@0< 8 0?B5:0<: "CGH5 8A:0BL 74>@>2L5 40@>< 2 ;C30E, '5< ?;0B8BL 4>:B>@C 70 >B2@0B8B5;L=CN <8:ABC@C. C4@K5, GB>1K 8AF5;8BLAO, ?@81530NB : 42865=8N - >3 A>B2>@8; =5 4;O B>3>, GB>1K G5;>25: ?>?@02;O;". !>1;N409B5 G8AB>BC > 2@5<O 2>9=K 2 .6=>9 D@8:5 0=3;8G0=5 ?>B5@O;8 >3@><=>5 G8A;> ;N459, ?>381H8E >B 1>;57=59 8 C<5@H8E >B @0=. 564C B5< O?>=FK 2> 2@5<O 2>9=K 1904-1905 33. ?>GB8 =5 AB@040;8 >B 1>;57=59, 8 ?@>F5=B A<5@B=>AB8 >B @0= 1K; =8GB>6=K9. >G5<C B0:0O @07=8F0? 5@>OB=>, 1K;> <=>3> ?@8G8=. >- ?5@2KE, 0=3;8G0=5 =5 1K;8 >A>15==> @071>@G82K, :>340 ?8;8 2>4C, 0 O?>=FK =8:>340 =5 ?8;8 4C@=>9 2>4K. 0B5< ?5@2K5 C?>B@51;O;8 1>;LH5 <OA0 2 ?8IC, G5< O?>=FK, 0 B0:65 >=8 =5 >A>15==> A>1;N40;8 G8AB>BC, G0AB> =5 <K;8 =8 15;LO, =8 A51O, B0: :0: =5 2A5340 ;53:> 1K;> =09B8 2>4C. /?>=FK, =0?@>B82, >B;8G0NBAO >A>15==>9 G8AB>?;>B=>ABLN 8 A>1;N40;8 55 4065 =0 2>9=5, 5654=52=> :C?0OAL 8;8 C<K20OAL. A;8 ?>@570BL ?0;5F, :>340 >= 3@O75=, 25AL<0 25@>OB=>, GB> @0=0 703=>8BAO 8 AB0=5B >G5=L 1>;57=5==>9; => 5A;8 @C:0 ?5@54 ?>@57>< 1K;0 G8AB0 8 =5402=> 2K<KB0, =8:0:>3> 2@540 >B @0=K =5 1C45B, 8 >=0 1KAB@> 706825B. '8AB>B>9 :>68 4>AB8305BAO G8AB>B0 :@>28. /?>=FK 3>2>@OB, GB> ?>;>28=0 ?>;L7K >B 42865=8O ?@>?0405B, 5A;8 =5 ?@8=OBL 20==K =5<54;5==> ?> A>25@H5=88 53>. 5 2A5340 2>7<>6=> 5654=52=> ?@8=8<0BL 20==C, => <>6=>, ?> :@09=59 <5@5, 2KB5@5BLAO <>:@K< ?>;>B5=F5< 8;8 4065 @0AB5@5BLAO ACE8<. -B>, 2> 2AO:>< A;CG05, A;54C5B 45;0BL :064K9 45=L, 5A;8 E>B8B5 A>E@0=8BL 74>@>2L5 8 1>4@>ABL. 5>1E>48<> A>1;N40BL G8AB>BC B0:65 2 =86=5< 15;L5 8 2 ?;0BL5, 4;O MB>3> ;CGH5 2K:>;0G820BL B> 8 4@C3>5 ?0;:>9 ?5@54 B5<, :0: >45BLAO. 'B>1K 1KBL A8;L=K< 8 74>@>2K<, =04>, GB>1K 20H0 :@>2L 1K;0 74>@>20 8 G8AB0. -B> 4>AB8305BAO, 2>- ?5@2KE, 24KE0=85< 2 A51O :0: <>6=> 1>;LH53> :>;8G5AB20 G8AB>3>, A25653> 2>74CE0 8, 2>-2B>@KE, C40;5=85< 87 A2>53> >@30=87<0 2A5E =5G8AB>B A ?><>ILN ?@028;L=>3> 5654=52=>3> "ABC;0"; <=>385 4065 GC2AB2CNB A51O ;CGH5, 5A;8 8<5NB 53> 420 @070 2 45=L. A;8 2AB@5G05BAO 70B@C4=5=85, AB>8B B>;L:> 2K?8BL =0B>I0: 4>2>;L=> 1>;LH>5 :>;8G5AB2> 2>4K 8 25G5@>< ?5@54 A=>< C?@06=OBLAO 2> 2@0I5=88 BC;>28I0, 8 2A5 >?OBL =0;048BAO. 8:>340 =5 A;54C5B =0G8=0BL @01>B0BL A>25@H5==> =0B>I0:, =5>1E>48<> GB>-=81C4L ?@>3;>B8BL, E>BO 1K G0H:C E>;>4=>9 2>4K. !>25@H5==> =5 =C6=> ?@8=8<0BL =8:0:8E ?8;N;L 8 ?@>G8E ;5:0@AB2, ?@>G8B02 70<0=G82K5 >1JO2;5=8O, :>B>@K5 2848HL ?>2AN4C. B =8E, 2 :>=F5 :>=F>2, >48= B>;L:> 2@54. 5 :C?09B5AL A;8H:>< A:>@> ?>A;5 54K; >B MB>3> G0AB> ?@>8AE>4OB AC4>@>38, 8 G5;>25: <>65B ?>B>=CBL, :>340 >= =0 3;C1>:>< <5AB5. C@5=85 !:0CB =5 :C@8B. AO:89 <0;LG8: <>65B :C@8BL; 2 MB>< =5B =8G53> B@C4=>3>. > A:0CB =5 =0AB>;L:> 3;C?, GB>1K :C@8BL. = 7=05B, GB> 5A;8 =0G0BL :C@8BL ?@5645, G5< 4>AB83=CBL 2>7<C60;>AB8, B> A5@4F5 =5<8=C5<> ?>AB@0405B 8 >A;0155B. 564C B5<, A5@4F5 - A0<K9 206=K9 >@30= 2 B5;5; >=> =0:0G8205B :@>2L 8 @0AAK;05B 55 ?> 2A5<C B5;C 4;O >1@07>20=8O <OA0, :>AB59, <CA:C;>2. A;8 A5@4F5 =5 8A?>;=O5B A2>59 @01>BK, B5;> =5 <>65B >AB020BLAO 74>@>2K<, =5 3>2>@O C65 > 53> @0728B88. 064K9 A:0CB, :@><5 B>3>, 5I5 7=05B, GB> :C@5=85 2@548B 74>@>2LN 8 >1>=O=8N; B> 8 4@C3>5 - :@09=5 206=> 4;O A:0CB0. =>385 8725AB=K5 A?>@BA<5=K 8 2K40NI85AO 45OB5;8 2 @07;8G=KE ?@>D5AA8OE 1@>A8;8 :C@8BL, =0E>4O, GB> =5 :C@O >=8 <>3CB 4>AB83=CBL 1>;LH53>.  <5@8:5 ?>GB>2K5 8 65;57=>4>@>6=K5 CG@5645=8O =5 ?@8=8<0NB =0 A;C61C :C@OI8EAO <0;LG8:>2. / A0< ;8G=> 7=0N >4=>3> :@C?=>3> ?@><KH;5==8:0, :>B>@K9 A0< =5 :C@8B 8 =5 ?@8=8<05B : A515 =0 A;C61C <0;LG8:>2, :>B>@K5 :C@OB.  /?>=88 70:>=>< 70?@5I05BAO :C@8BL 4> 4204F0B8;5B=53> 2>7@0AB0.  A;CG05 =0@CH5=8O MB>3> 70:>=0 =0:07K20NBAO HB@0D>< @>48B5;8 ?@>28=82H53>AO. @>D5AA>@ A;5@, 3>2>@O > 2@545 :C@5=8O, 70<5B8;, GB> 1K;> 1K >G5=L E>@>H>, 5A;8 1K 2 >48= ?@5:@0A=K9 <><5=B 2A5 A?8@B=K5 =0?8B:8 8 2A5 ?82>, =0E>4OI55AO 2 =3;88, 2K;8;8 2 <>@5, 0 2 A;54CNI89 - >B?@028;8 1K BC40 65 8 25AL B010:. -B> 1K;> 1K 459AB28B5;L=> ?@5:@0A=> 4;O 2A5E 2 =3;88, E>BO 8 2@54=> 4;O @K1. 8 >48= <0;LG8: =8:>340 =5 =0G8=0; :C@8BL ?>B><C, GB> 5<C =@028BAO 2:CA B010G=>3> 4K<0, => 45;0; MB> >1K:=>25==> 87 1>O7=8 =0A<5H5: B>20@8I59 8;8 2>>1@060O, GB> :C@O >= 1>;55 1C45B ?>E>48BL =0 27@>A;>3>, 0 =0 A0<>< 45;5 >= 1>;55 ?>E>48B =0 >157LO=C (87 3;C?KE). >MB><C <>9 A>25B 20<: 1C4LB5 <C65AB25==K 8 @5H8B5, GB> =5 1C45B5 :C@8BL, ?>:0 =5 AB0=5B5 27@>A;K<, 8 B25@4> 45@68B5AL A2>53> @5H5=8O. -B> ?>A;C68B 3>@074> ;CGH8< 4>:070B5;LAB2>< B>3>, GB> 2K <C6G8=0, G5< 3C;OBL A =0?>;>28=C 2K:C@5==>9 ?0?8@>A:>9 2 7C10E. 0H8 B>20@8I8 =025@=> 1C4CB 20A 3>@074> 1>;55 C2060BL 70 MB> 8, 25@>OB=>, <=>385 87 =8E B09=> ?>A;54CNB 20H5<C ?@8<5@C. A;8 MB> A;CG8BAO, B> 2K C65 MB8< A45;05B5 4>1@>5 45;>, E>BO 2K 5I5 B>;L:> <0;LG8:. >G8= 1C45B A45;0=, 8 :>340 2K 2K@0AB8B5, B> =5A><=5==> C65 1C45B5 45;0BL :@C?=K5 4>1@K5 45;0. #?>B@51;5=85 A?8@B=KE =0?8B:>2 !2OI5==8: >4=>3> 87 ?@8E>4>2, =0A5;5==>3> 154=K< @01>G8< ;N4><, 70O28;, GB> 87 BKAOG8 8725AB=KE 5<C A;CG052 3>@O 8 =5AG0ABLO A@548 53> ?@8E>60= B>;L:> 420 =5 1K;8 2K720=K ?LO=AB2><. 4=064K :> <=5 ?@8H5; G5;>25: A A>;40BA:>9 2K?@02:>9 8 ?>:070; C2>;L=8B5;L=>5 A2845B5;LAB2>, C4>AB>25@O2H55, GB> >= A;C68; A> <=>9 2 .6=>9 D@8:5. = 60;>20;AO =0 B>, GB> 3>;>405B 8 =5 <>65B =09B8 @01>BK, 1C4B> 1K ?>B><C, GB> 2A5 ?@>B82 =53> 2>AAB0=>2;5=K, B0: :0: >= >BAB02=>9 A>;40B. > <>8 3;070 8 =>A @0AA:070;8 <=5 4@C3CN 8AB>@8N, :>B>@0O 8 1K;0 8AB8==>9 ?@8G8=>9 53> 154AB25==>3> ?>;>65=8O. 5AL >= 1K; ?@>?8B0= 70BE;K< 70?0E>< B010:0 8 ?820, 0 :>=FK 53> ?0;LF52 ?>65;B5;8 >B B010G=>3> 4K<0; 2 B> 65 2@5<O >=, ?>-2848<><C, ?@>3;>B8; :0:CN-B> ?0ECGCN ;5?5H:C, GB>1K 703;CH8BL 70?0E 28A:8 87> @B0. 5 C4828B5;L=>, GB> =8:B> =5 E>B5; 1@0BL 53> =0 A;C61C 8;8 4020BL 5<C 45=53 =0 ?LO=AB2>, B0: :0: MB> 1K;> 548=AB25==>5 ?@8<5=5=85, :>B>@>5 >= 8< 4020;. # =0A 7=0G8B5;L=0O G0ABL =8I5BK 8 154AB289 ?@>8AE>48B >B B>3>, GB> <C6G8=K @0AB>G0NB A2>5 2@5<O 8 45=L38 =0 ?LO=AB2>. 0;> B>3>, 7=0G8B5;L=0O 4>;O ?@5ABC?;5=89 8 1>;57=59, 8 4065 C<>?><5H0B5;LAB2> ?@>8AE>4OB >B B>3> 65 ?>@>:0 - ?LO=AB20. !?8@B=K5 =0?8B:8 A>25@H5==> =5 =C6=K 4;O C:@5?;5=8O B5;0. 0>1>@>B, AB0@0O ?>A;>28F0 A?@0254;82> 3>2>@8B, GB> ":@5?:85 =0?8B:8 ?>@>640NB A;01KE ;N459". LNI89 G5;>25: D0:B8G5A:8 =5 <>65B 1KBL @07254G8:><. ! A0<>3> =0G0;0 >B:068B5AL >B A?8@B=>3> 8 B25@4> @5H8B5 =8:>340 =5 ?@8:0A0BLAO : =5<C. >4K, G0O 8 :>D5 A>25@H5==> 4>AB0B>G=> 4;O CB>;5=8O 6064K 8 ?@840=8O 1>4@>AB8; 5A;8 65 >G5=L 60@:>, B> 2K?59B5 ;8<>=04C 8;8 2K4028B5 ;8<>= 2 2>4C. %>@>H89 A:0CB C<55B >G5=L 4>;3> >1E>48BLAO 157 ?8BLO. A5 MB> 45;> ?@82KG:8. A;8 ?@8 E>4L15 8;8 1535 2K 1C45B5 45@60BL @>B 70:@KBK< 8;8 65 ?5@5652K20BL :0<5H5: (GB> B>65 A?>A>1AB2C5B 45@60=8N @B0 70:@KBK<), B> 2K =5 B0: A:>@> =0G=5B5 >ICI0BL 6064C, :0: 5A;8 1C45B5 45@60BL @>B >B:@KBK<, 2BO3820O 2 A51O 2>74CE 8 ACECN ?K;L. @><5 B>3>, =C6=> 1KBL B@5=8@>20==K<. A;8, 2A;54AB285 =54>AB0B:0 42865=8O, C 20A =0:>?8;>AL <=>3> 68@0, 2K >G5=L A:>@> =0G=5B5 >ICI0BL 6064C 8, ?@>94O <8;N, 70E>B8B5 ?8BL. A;8 2K A51O ?5@5A8;8B5 8 2>745@68B5AL >B ?8BLO, 60640 ?>AB5?5==> ?@>?0405B A0<0 A>1>N. A;8 65 2K 1C45B5 ?>AB>O==> ?8BL 2>4C 2> 2@5<O <0@H0 8;8 83@K, B> MB> 1C45B A?>A>1AB2>20BL CB><;5=8N 8 ?><5H05B 20< A>A@54>B>G8BLAO. >4G0A 1K205B >G5=L B@C4=> 871560BL 2K?82:8 ?@8 2AB@5G5 A 4@C7LO<8, :>B>@K5 65;0NB 20A C3>AB8BL, 2 1>;LH8=AB25 A;CG052 >=8 1C4CB >G5=L 4>2>;L=K, 5A;8 2K A:065B5, GB> =5 ?L5B5, B0: :0: 8< =5 ?@845BAO 70 20A ?;0B8BL. A;8 65 >=8 1C4CB >G5=L =0AB0820BL, B> 2K <>65B5 ?>B@51>20BL A515 G53>- =81C4L 1572@54=>3>. >, ?> ACI5AB2C, >1KG09 4>:07K20BL A2>N 4@C61C, 70AB02;OO 4@C3 4@C30 ?8BL, >G5=L 3;C?K9 >1KG09.  AG0ABLN, >= <0;>-?><0;C 2K<8@05B; ?5@54>2K5 ;N48 MB>3> =5 45;0NB, 81> 7=0NB, GB> :@><5 2@540 MB> 8< =8G53> =5 ?@8=5A5B. (0;>?08 >G5=L ;N1OB AB>OBL C AB5=:8, @073>20@820O 8 ?>BO3820O 87 AB0:0=>2 (?> 1>;LH59 G0AB8 =0 GC6>9 AG5B), => 254L 70B> >=8 8 H0;>?08, 8 2AO:89, :B> E>G5B 4>18BLAO G53>-=81C4L 8 68BL E>@>H>, 4>;65= 871530BL 8E >1I5AB20. 0==55 2AB020=85 0==8< CB@>< A:0CB <>65B ?@>O28BL =081>;LHCN 45OB5;L=>ABL, B0: :0: 2 MB> 2@5<O 48:85 682>B=K5 84CB =0 68@>2:C. <5O MB> 2 284C, A:0CB @0728205B 2 A515 ?@82KG:C 2AB020BL >G5=L @0=>. 07 MB> C65 2>H;> 2 ?@82KG:C, 5<C =8:0:>3> B@C40 =5 AB>8B 2AB020BL 4> @0AA25B0, 2 B> 2@5<O, :0: :0:>9-=81C4L B>;ABO: 20;O5BAO 2 :@>20B8 8 =5 <>65B @0A:0G0BLAO, 2K;57BL 87 ?>AB5;8, :>340 A>;=F5 C65 402=> 2AB0;>. 5@F>3 5;;8=3B>=, :>B>@K9, :0: 8 0?>;5>= >=0?0@B, ?@54?>G8B0; A?0BL =0 <0;5=L:>9 ?>E>4=>9 :@>20B8, 3>2>@8;: ">340 =0ABC?05B 2@5<O ?>2>@0G820BLAO 2 :@>20B8 - ?@8H;> 2@5<O 87 =55 2K2>@0G820BLAO". =>385 87 B5E, :>B>@K5 2 B5G5=85 4=O CA?520NB A45;0BL 1>;LH5 @01>BK, G5< 4@C385, 2AB0NB =0 G0A 8;8 420 @0=LH5 8E.  B> 2@5<O, :0: ?>A;54=85 8<5NB 2A53> 425=04F0BL <5AOF52 2 3>4C, C ?5@2KE ?>;CG05BAO ;8H=8E 365 G0A>2, 8;8 B@84F0BL ;8H=8E 4=59; 8=0G5 3>2>@O, ?5@2K5 8<5NB B@8=04F0BL <5AOF52, 2 B> 2@5<O, :0: ?>A;54=85 B>;L:> 425=04F0BL. #;K1:0 >;L=K5 ;N48 @54:> A<5NBAO. !<59B5AL 22>;N - 8 2K 1C45B5 A51O ;CGH5 GC2AB2>20BL; ?>MB><C, :0: 20< ?@54AB028BAO A;CG09 ?>A<5OBLAO, - =5?@5<5==> 2>A?>;L7C9B5AL 8<. 45 <>65B5, 70AB02;O9B5 8 4@C38E A<5OBLAO, MB> 8< ?>;57=>. >340 2K 8A?KBK205B5 1>;L 8;8 >701>G5=K G5<-=81C4L - 70AB02LB5 A51O C;K1=CBLAO. A;8 2K >1 MB>< 2A?><=8B5 8 ?5@5A8;8B5 A51O, 2K C1548B5AL, :0: 1;03>B2>@=> MB> 459AB2C5B. '8B0O @0AA:07K 7=0<5=8BKE @07254G8:>2 2@>45 :0?8B0=0 !<8B0, !;54>?KB0 8 4@C38E, 2K 70<5B8B5, GB> 2A5 >=8 1K;8 4>2>;L=> 25A5;K5 ;N48. 1K:=>25==> <0;LG8:8 A:;>==K E<C@8BLAO, :>340 8< ?@8E>48BAO 45;0BL CA8;5==K5 D878G5A:85 C?@06=5=8O; >B A:0CB0 65 B@51C5BAO, GB>1K >= ?@>45;K20; 8E A C;K1:>9; >= B5@O5B >48= 10;; :064K9 @07, :0: 53> 70AB0=CB E<C@K<. 0: ?>445@6820BL A2>5 74>@>2L5 # / ;C1>:>5 4KE0=85 ;C1>:>5 4KE0=85 8<55B >3@><=>5 7=0G5=85, B0: :0: B0:8< ?CB5< 2 ;53:85 22>48BAO A25689 2>74CE, :>B>@K9 >BBC40 ?5@5405BAO ?> :@>28, 0 B0:65 @0728205BAO 3@C4=0O :;5B:0. > ?@>45;K20BL MB> A;54C5B >AB>@>6=>, B0: :0: 8=0G5 2K @8A:C5B5 =0B@C48BL A5@4F5. /?>=FK C?@06=ONBAO 2 3;C1>:>< 4KE0=88 2 B5G5=85 =5A:>;L:8E <8=CB, :0: B>;L:> 2AB0NB A ?>AB5;8, 8 45;0NB MB> 2A5340 =0 >B:@KB>< 2>74CE5. #?@06=5=85 A>AB>8B 2 B><, GB>1K 2BO3820BL 2 A51O 2>74CE G5@57 =>A 4> B5E ?>@, ?>:0 >= =5 @07428=5B @51@0 4> :@09=8E ?@545;>2, 70B5<, ?>A;5 =51>;LH>9 ?0C7K, <54;5==> 2K?CA:0BL ?>=5<=>3C 2>74CE G5@57 @>B. 5=85, ?> E>@>H59 A8AB5<5, @0728205B >4=>2@5<5==> ?@028;L=>5 4KE0=85, 45OB5;L=>ABL A5@4F0, ;53:85, 3@C4L 8 3>@;>.   !! # !"  N19  #  A:CAAB2> 2@0G520BL 5A:>;L:> ;5B B><C =0704, 2> 2@5<O <>53> ?CB5H5AB28O ?> 0H<8@C, 2 !525@=>9 =488, :> <=5 ?>4>H;8 B@8 BC75<F0 8 ?@8=5A;8 =0 =>A8;:0E <>;>4>3> G5;>25:0, C?02H53>, :0: >=8 3>2>@8;8, A 2KA>:>9 A:0;K 8 A;><02H53> A515 A?8==>9 E@515B; ?> 8E A;>20<, >= C<8@0;. A<>B@52 53>, O C1548;AO, GB> 45;> >1AB>8B 3>@074> ?@>I5: >= B>;L:> 2K28E=C; A515 ?;5G> 8 2 =5A:>;L:8E <5AB0E CH81 B5;>, =>, ?>-2848<><C, C =53> 70A5;0 2 3>;>25 <KA;L, GB> >= 4>;65= C<5@5BL. !=O2 10H<0:, O A5; A 1>;L=K<, 70?CAB8; A2>N ?OB:C 5<C 2 ?>4<KH:C 8, CE20B82H8AL 70 1>;L=CN @C:C, AB0; BO=CBL 55 87> 2A5E A8;, ?>:0 :>ABL =5 2A:>G8;0 =0 <5AB>. 5AG0AB=K9 >B 1>;8 ;8H8;AO A>7=0=8O, 8 53> 4@C7LO =5 =0 HCB:C ?5@5B@CA8;8, ?>;030O, GB> O C18; 53>. > G5@57 =5A:>;L:> <8=CB >= >?@028;AO 8 C1548;AO, GB> @C:0 2 8A?@02=>AB8. ">340 >=8 @5H8;8, GB> O 25;8:89 2@0G, 8 AB0;8 A>18@0BL 1>;L=KE A> 2A59 >:@C38 8 ?@82>78BL 8E :> <=5 =0 ;5G5=85; ?@87=0NAL, 2 B5G5=85 A;54CNI8E 42CE 4=59 O A>2A5< A18;AO A =>3. > <=5 =5A;8 ;N459 A> 2A52>7<>6=K<8 1>;57=O<8, 8 C <5=O =5 E20B0;> ;5:0@AB2 4;O ;5G5=8O, => O A45;0; 2A5, GB> <>3, 8 A5@L57=> 4C<0N, GB> <=>385 87 MB8E =5AG0AB=KE 2K74>@02;820;8, ?@>AB> C25@>202, GB> O 8E 87;5G8;. >;LH8=AB2> 65 87 =8E 1K;8 1>;L=K ?@>AB> >B =5G8AB>?;>B=>AB8 8 >BB>3>, GB> 70?CAB8;8 8 >B@028;8 @0=K 3@O7LN 8 B.?. A5 MB> O @0AB>;:>2K20; AB0@H8< 8E 45@52=8 8 =045NAL, GB> MB8< A?>A>1AB2>20; >74>@>2;5=8N <5AB=>AB8. 0: 1K B> =8 1K;>, => >=8 1K;8 <=5 157<5@=> 1;03>40@=K 8 2?>A;54AB288 2A5340 ?><>30;8 @07KA:820BL E>@>HCN <54256LN >E>BC, 4>AB02;O;8 ?8IC 8 ?@>G. A;8 1K 2 A2>5 2@5<O O =5 ?>;CG8; 1K =5<=>3> 7=0=89 ?> <548F8=A:>9 G0AB8, O 1K =8G53> =5 A<>3 A45;0BL 4;O MB8E =5AG0AB=KE. 8:@>1K 8 :0: A =8<8 1>@>BLAO >;LH8=AB2> 1>;57=59 @0A?@>AB@0=O5BAO 2 2>74CE5 8 2>45 ?@8 ?>A@54AB25 :@>H5G=KE, =52848<KE ACI5AB2, =07K205<KE <8:@>10<8 8 10F8;;0<8. -B8E <8:@>1>2 <K 24KE05< G5@57 @>B 8;8 ?@>3;0BK205< 2 2>45, 0 ?>?02 2 =0H5 B5;>, >=8 ?;>4OBAO, <=>60BAO 8 @07=>AOB 1>;57=L. A;8 20H0 :@>2L =0E>48BAO 2 E>@>H5< A>AB>O=88, B> 2 1>;LH8=AB25 A;CG052 ?@8ACBAB285 MB8E <8:@>1>2 ?@>E>48B 4;O 20A 15AA;54=> 8 2K >AB05B5AL 74>@>2K<; => 5A;8 20H0 :@>2L =5 =0E>48BAO 2 E>@>H5< A>AB>O=88 >B @0AAB@>9AB20 65;C4:0, B> 25AL<0 25@>OB=>, GB> ?@8ACBAB285 2 20H5< B5;5 <8:@>1>2 2K7>25B C 20A BC 8;8 8=CN 1>;57=L. >MB><C >G5=L 206=>, ?> <5@5 2>7<>6=>AB8, C=8GB>60BL MB8E <8:@>1>2. -B8 ACI5AB20 ;N1OB 68BL 2 AK@KE, B5<=KE 8 3@O7=KE <5AB0E. =8 @07<=>60NBAO 2 70?CI5==KE <CA>@=KE O<0E, @07;030NI5<AO <OA5 8 ?@>G., A;>2><, 2> 2AO:>9 2>=NG59 A@545. >MB><C A>45@68B5 20HC :><=0BC, 20H ;035@L 8 20H5 ?;0BL5 2 G8AB>B5 8 ACE>AB8, 8 >B:@>9B5 :0: <>6=> 1>;LH5 4>ABC?0 A>;=FC 8 2>74CEC; 8715309B5 2>=NG8E <5AB. 5@54 54>9 A;54C5B =5?@5<5==> <KBL @C:8 8 G8AB8BL =>3B8, B0: :0: 2 =8E ?>AB>O==> =01;N40NBAO <8:@>1K, ?>?040NI85 BC40 A @07;8G=KE ?@54<5B>2, :>B>@K5 20< ?@8E>48BAO 1@0BL 2 @C:8 2 B5G5=85 4=O. >AB>O==> 2848HL =04?8A8 2 B@0<20OE 8 >1I5AB25==KE <5AB0E A ?@>AL1>9 =5 ?;520BL. -B> 45;05BAO ?>B><C, GB> =0@O4C A 4@C38<8 ?;NNB 8 ;N48, AB@040NI85 8 ;53>G=K<8 1>;57=O<8; A?;N=CB0O 8<8 A;N=0 ?5@5AKE05B 8 ?@52@0I05BAO 2 ?K;L, :>B>@0O, 2<5AB5 A =0E>4OI8<8AO 2 =59 <8:@>10<8 1>;L=>3>, @07=>A8BAO ?> 2>74CEC 8, ?>?040O 2 ;53:85 74>@>2KE ;N459, 70@0605B 8E. 5@54:> 1K205B, GB> 2K 2 B5G5=85 =5A:>;L:8E ;5B =>A8B5 2 A515 BC 8;8 4@C3CN 1>;57=L, =5 ?>4>7@520O >1 55 ?@8ACBAB288, => 5A;8 1C45B5 ?;520BL :C40 ?>?0;>, B> <>65B5 70@078BL 74>@>2KE ;N459, ?>MB><C @048 =8E 20< =5 A;54C5B MB>3> 45;0BL. A;8 2K 4KH8B5 G5@57 =>A 8 A>45@68B5 :@>2L 2 ?>@O4:5, 20< =5B =04>1=>AB8 1>OBLAO :0:8E 1K B> =8 1K;> 1>;57=59. G5=L ?>;57=>, 2K94O 87 <=>3>;N4=>3> B50B@0, F5@:28 8 B.?., ?@>:0H;OBLAO 8 2KA<>@:0BLAO, GB>1K >A2>1>48BLAO >B <8:@>1>2, :>B>@K5 <>3;8 A;CG09=> ?5@59B8 : 20< >B 4@C38E ;8F 2 B>;?5. 0 :064KE B@84F0BL 68B5;59 >48= 70@065= G0E>B:>9, 0 >=0 >G5=L ?@8;8?G820. =0 >G5=L G0AB> 2K7K205BAO 687=LN 2 4><0E, 345 =5 >B:@K20NB >:>=. CGH55 A@54AB2> >B45;0BLAO >B =55 - MB> 2A5340 A?0BL =0 >B:@KB>< 2>74CE5. !:0CBC ?>AB>O==> ?@8E>48BAO A?0BL =0 >B:@KB>< 2>74CE5; ?>MB><C, :>340 5<C 4>2>48BAO A?0BL 2 :><=0B5, >= AB0@05BAO :0: <>6=> H8@5 >B:@KBL >:=0, 8=0G5 5<C 4CH=>; :@><5 B>3>, 5A;8 >= ?@8@CG8B A51O A?0BL 2 B5?;5, B>, 25@=C2H8AL 2 ;035@L, >= =025@=> ?@>ABC48BAO, 8, ?@87=0NAL, =8G53> =5 <>65B 1KBL A<5H=55 2845BL A:0CB0 A =0A<>@:><. @82K:0O 65 A?0BL A >B:@KBK< >:=><, >= C65 =8:>340 =5 ?@>ABC48BAO. 8B0=85 G5=L <=>385 1>;57=8 ?@>8AE>4OB >B ?5@5540=8O 8;8 >B C?>B@51;5=8O =5A25659 ?8I8. !:0CB 4>;65= C<5BL 15@5GL A51O, 8=0G5 >= =8:>340 =5 3>48BAO. = 4>;65= 1KBL ;53:8< 8 ?>4286=K<. 07 >= @0728; 2 A515 =04;560I85 <CA:C;K, >= 8 157 >A>15==>9 B@5=8@>2:8 1C45B 2A5340 2 "D>@<5", => ?@8 CA;>288 C?>B@51;5=8O B>;L:> 74>@>2>9 ?8I8. 2AB0D89 09=A, G5<?8>= ?> ;0C=-B5==8AC, =5 B@5=8@C5BAO ?5@54 A>ABO70=85<; >= 7=05B, GB> 53> <KHFK ?@028;L=> AD>@<8@>20=K, B0: :0: >= 2A5340 ?8B05BAO ?@>AB>9 8 ;53:>9 ?8I59, ?>MB><C 2A5340 3>B>2 83@0BL A5@L57=CN 83@C. = =8:>340 =5 5AB <OA0. >340 2> 2@5<O >A04K MD5:8=30 =0< ?@8H;>AL A>:@0B8BL 4=52=K5 ?>@F88, B> B5 87 30@=87>=0, :>B>@K5 ?@82K:;8 : C<5@5==><C AB>;C, =8:0:8E >A>15==KE ;8H5=89 =5 8A?KBK20;8, B>340 :0: B5, :>B>@K5 2 <8@=>5 2@5<O ?@82K:;8 : >18;L=>9 ?8I5, >G5=L AB@040;8, >A;015;8 8 AB0;8 @074@068B5;L=K<8.  :>=FC >A04K =0H0 4=52=0O ?>@F8O A>AB>O;0 B>;L:> 87 >2AO=>9 ;5?5H:8, 25;8G8=>9 A B@5E:>?55G=CN 1C;:C, DC=B0 <OA0 8 :@C6:8 ?>9;0, =0?><8=02H53> 684:89 :;59AB5@. >>1I5 3>2>@O, 0=3;8G0=5 54OB 3>@074> 1>;LH5 <OA0, G5< A;54C5B; 2 ACI=>AB8 >B =53> <>6=> 1K;> 1K 2>2A5 >B:070BLAO 157 2AO:>3> 4;O A51O CI5@10. -B> 4>@>30O @>A:>HL. /?>=FK =5 A;0155 4@C38E =0@>4>2, 0 2>2A5 =5 54OB <OA0, 40 8 4@C3CN ?8IC ?>B@51;ONB 2 >G5=L C<5@5==>< :>;8G5AB25. !0<0O 45H520O 8 ;CGH0O ?8I0 MB>: 3>@>E, <C:0, >2AO=:0, :0@B>D5;L, AK@. 7 4@C38E 45H52KE ?@>4C:B>2 >G5=L ?>;57=K: D@C:BK, >2>I8, @K10, O9F0, >@5E8, @8A 8 <>;>:>; =0 MB>< <>6=> >B;8G=> 68BL 157 <OA0. A;8 2K <=>3> 1K205B5 =0 A2565< 2>74CE5, 20< =5 =C6=> <=>3> 5ABL; A 4@C3>9 65 AB>@>=K, 5A;8 2K 25AL 45=L A848B5 2 :><=0B0E, B> >B >18;L=>9 ?8I8 2K ?>;=55B5 8 AB0=>28B5AL A>==K<; 87 MB>3> A;54C5B, GB> 8 2 B><, 8 2 4@C3>< A;CG05 ;CGH5 5ABL C<5@5==>; :>=5G=>, @0ABCI8< <0;LG8:0< =5 A;54C5B <>@8BL A51O 3>;>4><, => 8 2 B> 65 2@5<O =5B =04>1=>AB8 1@0BL ?@8<5@ A B>3> <0;5=L:>3> ?>@>A5=:0, :>B>@K9, A84O 2 ?H5=8G=>9 :CG5, =0 2>?@>A: "5 E>G5HL ;8 BK 5I5 ?>:CH0BL?" >B25B8;: "%>B5;>AL 1K, 40 1>;LH5 =5B <5AB0 2 682>B5".  =0H5 2@5<O <=>385 1>;5NB >BB>3>, GB> ?@8=8<0NB A;8H:>< <=>3> ;5:0@AB2 2 B5E A;CG0OE, :>340 =8:0:8E <548:0<5=B>2 ?@8=8<0BL =5 =04>. CGH55 ;5:0@AB2> - MB> A25689 2>74CE 8 42865=85; 5A;8 C 20A 70?>@ - 2K?59B5 @0=> CB@>< G0H:C 2>4K, 0 25G5@>< ?5@54 A=>< :8?OB:0. 45640 45640 A:0CB0 4>;6=0 1KBL ?> 2>7<>6=>AB8 D;0=5;52>9 8;8 H5@ABO=>9, ?>B><C GB> MB8 <0B5@88 A:>@55 2KAKE0NB. >;>B=O=K5 1C<06=K5 25I8 =5 @5:><5=4C5BAO >4520BL ?@O<> =0 3>;>5 B5;>, 5A;8 2K =5 8<55B5 2>7<>6=>AB8 8E <5=OBL, :0: B>;L:> >=8 >BAK@520NB, ?>B><C GB> ?@8 B0:>9 >45645 ;53:> ?@>ABC48BLAO, 0 70E2>@02H89 A:0CB O2;O5BAO B>;L:> >1C7>9. !:0CB 4>;65= >A>15==> 701>B8BLAO > @0728B88 2 A515 2K=>A;82>AB8 8 1KBL 2 A>AB>O=88 45;0BL 1>;LH85 ?5@5E>4K, =5 A=8<0O >1C28. !:0CB, :>B>@K9 @0718205B A515 =>38 >B 4>;3>9 E>4L1K, =8:C40 =5 3>45=. >MB><C 2K 4>;6=K >4520BL >1C2L, :>B>@K5 20< A>25@H5==> 2?>@C; >=8 4>;6=K 1KBL ?@>AB>@=K<8, :@5?:8<8 8 :0: <>6=> 1;865 A>>B25BAB2>20BL ?@8@>4=>9 D>@<5 20H59 1>A>9 =>38; C =8E 4>;65= 1KBL ?@O<>9 2=CB@5==89 :@09, G5< B>B, :>B>@K9 A0?>6=8:8 ;N1OB ?@84020BL <>4=K< A0?>30<. !:0CBC <>4=KE A0?>3 =5 =C6=>. >38 =C6=> 45@60BL ?> 2>7<>6=>AB8 ACE8<8; 5A;8 2K =5 405B5 =>30< ?@>A>E=CBL, B> >B MB>3> :>60 =0 =8E 45;05BAO <O3:>9 8 >G5=L A:>@> =0B8@05BAO =0 B5E <5AB0E, 345 =0 =55 4028B >1C2L. >=5G=>, =>38 AK@5NB >B ?>B0 B0: 65, :0: 8 >B =0@C6=>9 AK@>AB8; ?>MB><C, GB>1K 2?8BK20BL ?>B, A;54C5B =>A8BL H5@ABO=K5 =>A:8. A;8 G5;>25: =>A8B B>=:85 1C<06=K5 8;8 H5;:>2K5 =>A:8, B> 87 MB>3> C65 A@07C 284=>, GB> >= =5 ?@82K: <=>3> E>48BL. G5=L ?>;57=> ?@5645, G5< =04520BL =>A:8, A<07K20BL =>38 <K;>< 8;8 68@><. A;8 C 20A =>38 ?>AB>O==> ?>B5NB, >G5=L ?>;57=> ?C4@8BL 8E ?>@>H:><, A>AB>OI8< 87 1>@=>9 :8A;>BK, :@0E<0;0 8 >:8A8 F8=:0, 27OBKE 2 @02=KE G0ABOE. -B>B ?>@>H>: A;54C5B 2B8@0BL <564C ?0;LF0<8, GB> ?@5?OBAB2C5B >1@07>20=8N B0< <O3:8E <>7>;59. >38 <>6=> 4> =5:>B>@>9 AB5?5=8 70:0;8BL, >:C=0O 8E 2 @0AB2>@ :20AF>2 8;8 A>;8. 1C2L 4>;6=0 1KBL 2A5340 <O3:>9; 4;O MB>3> =C6=> 55 >18;L=> A<07K20BL 68@><, 10@0=L8< A0;>< 8;8 :0AB>@>2K< <0A;><, 2 >A>15==>AB8 65 ?>A;5 B>3>, :0: >=8 ?@><>:;8 8 ?@>G. KBL =>38 =C6=> 5654=52=>. # / !B@>52K5 70=OB8O !:0CBK 4>;6=K 70=8<0BLAO AB@>5<, GB>1K C<5BL 1KAB@> 8 2 ?>@O4:5 ?5@542830BLAO 87 >4=>3> <5AB0 2 4@C3>5. !B@>52K5 70=OB8O, :@><5 B>3>, 40NB 2K?@02:C 8 45;0NB G5;>25:0 ?>4286=K<. =8 @072820NB <CA:C;K, ?>445@6820NB B5;>, 0 45@60 B5;> ?@O<>, 2K 405B5 ?@>AB>@ @01>B5 ;53:8E 8 A5@4F0, :@><5 B>3>, 2=CB@5==85 >@30=K =0E>4OBAO 2 ?@028;L=>< ?>;>65=88. ! 4@C3>9 AB>@>=K, A3>@1;5==>5 8 ACBC;>5 ?>;>65=85 B5;0 A402;8205B 2A5 2=CB@5==85 >@30=K 8 ?@5?OBAB2C5B 8E ?@028;L=><C DC=:F8>=8@>20=8N. >MB><C G5;>25:, :>B>@K9 3>@18BAO, A;0155B 8 G0AB> 1>;55B. I5 =5AD>@<8@>20==K5 N=>H8 >G5=L A:;>==K @0A?CA:0BLAO 8 45@60BLAO A3>@1;5==K<8; ?>MB><C 8< >A>15==> A;54C5B >1@0B8BL 2=8<0=85 =0 B>, GB>1K :0: <>6=> 1>;LH5 70=8<0BLAO D878G5A:8<8 C?@06=5=8O<8 8 AB@>5<. >340 2K AB>8B5, B> AB>9B5 ?@O<>, 0 :>340 AO45B5, B> A848B5 ?@O<>, 2?;>B=CN C?5@H8AL 2 A?8=:C ABC;0. >4BO=CB>ABL B5;0 :0: 2> 2@5<O 42865=8O, B0: 8 2 A?>:>9=>< A>AB>O=88, A2845B5;LAB2C5B > 1>4@>AB8 4CE0. @8CG0BL A51O 45@60BLAO ?@O<> - 2K3>4=0O 25IL, 81> 2AO:89 =0=8<0B5;L ?@54?>GB5B 8<5BL C A51O 1>4@>3> 8 ?>4BO=CB>3> <0;LG8:0 @0A?CI5==><C 8 @0728=G5==><C 20E;0:C... A;8 20< ?@8E>48BAO =0:;>=OBLAO =04 ?8AL<5==K< AB>;>< 8;8 4065 ?@8 702O7K20=88 10H<0:0, B> =5 ?5@538109B5 A?8=C 2 B@8 ?>3815;8, 0 B>;L:> ?>4BO=8B5 ?>OA=8FC: MB> C:@5?;O5B A?8=C. !B@>9 > :><0=45 "!<8@=>!" A:0CB AB0=>28BAO ?@O<>, ?OB:8 2<5AB5, @C:8 ?> H20<, A<>B@8B ?@O<> ?5@54 A>1>9. > :><0=45 ">;L=>, >?@028BLAO!" A:0CB >BAB02;O5B ?@02CN =>3C =0 ?>;DCB0 2?@02> 8 70:;04K205B @C:8 70 A?8=C, ?@8 MB>< <>65B ?>2>@0G820BL 3>;>2C, 5A;8 E>G5B. @8 :><0=45 "!848 2>;L=>!" >= A048BAO =0 75<;N, 2 :0:>9 C3>4=> ?>75. -BC :><0=4C A;54C5B ?>4020BL ?> ?@58<CI5AB2C B>340, :>340 2K =5 E>B8B5, GB>1K A:0CBK AB>O;8 "A<8@=>", => 5A;8 B>;L:> 75<;O ACE0O. > :><0=45 "!:>@K< H03><!" A:0CBK 2KABC?0NB A ;52>9 =>38 8 84CB A:>@K< H03><, A2>1>4=> @07<0E820O @C:0<8; MB> A;C68B >B;8G=K< C?@06=5=85< 4;O B5;0, <CA:C;>2 8 2=CB@5==8E >@30=>2. > :><0=45 "53><!" A:0CBK 153CB, 45;0O :>@>B:85 H038 8 A2>1>4=> @07<0E820O @C:0<8, 0 =5 45@60 8E =0 154@0E. > :><0=45 "!:0CBA:89 H03!" A:0CBK 84CB A:>@K< H03>< 8 153>< ?>?5@5<5==>, ?> ?OB845AOB8 H03>2, 4> B5E ?>@, ?>:0 =5 A:><0=4CNB "!:>@K< H03><!" 8;8 "!B>9!". "0?@02>!" - :064K9 ?>2>@0G8205B =0?@02>. "!B>9 D@>=B!" - :B> 845B ?>7048, ?>415305B 2?5@54 8 2K@02=8205BAO 2 >4=C ;8=8N A ;845@><, 2;52> >B =53>. 8<=0AB8:0 AB@>5< "@0I0B5;L=>5 42865=85" - AB>O A<8@=>, ?>4=8<8B5 >15 @C:8 =04 3>;>2>9 :0: <>6=> 2KH5 8 A><:=8B5 ?0;LFK. B:;>=O9B5AL =0704, 70B5< A45;09B5 <54;5==> :@C3>>1@07=>5 42865=85 B5;0. -B> C?@06=5=85 @0728205B <CA:C;K ?>OA=8FK 8 682>B0, 8 53> A;54C5B 8A?>;=OBL ?OBL 8;8 H5ABL @07 2 :064CN AB>@>=C. ;070<8 65 2K 4>;6=K AB0@0BLAO 2845BL 2A5, GB> 45;05BAO ?>7048 20A 2> 2@5<O 42865=89. "@8:0A0BLAO : =>A:0<" - 87 ?>;>65=8O "!<8@=>" ?>4=8<8B5 @C:8 =04 3>;>2>9, <54;5==> =0:;>=8B5AL 8 ?@8:>A=8B5AL ?0;LF0<8 : =>A:0<, 70B5< <54;5==> 2K?@O<8B5AL 2 ?5@2>=0G0;L=>5 ?>;>65=85 8, =5 A3810O ?@8 MB>< :>;5=, ?>2B>@8B5 C?@06=5=85 @07 425=04F0BL. -B> C?@06=5=85 ?@8405B 381:>ABL B5;C 8 C:@5?;O5B =>38. "@8A540=85" - AB>O 2 ?>;>65=85 "A<8@=>", A>3=8B5 :>;5=8 8 <54;5==> >?CAB8B5AL =0 :>@B>G:8, 45@60 ?@8 MB>< A?8=C A>25@H5==> ?@O<>; ?>A;5 <8=CB=>9 ?0C7K <54;5==> 2K?@O<LB5AL 2 ?5@2>=0G0;L=>5 ?>;>65=85; ?>2B>@8B5 C?@06=5=85 425=04F0BL @07, AB>O ?@8 MB>< 2A5 2@5<O =0 =>A:0E. C:8 <>6=> 45@60BL ;81> =0 154@0E, ;81> 2KBO=CBL 8E 2?5@54 =0 C@>2=5 ?;5G. -B> C?@06=5=85 C:@5?;O5B <CA:C;K =>3 8 ABC?=8. ">4=8<0=85 =>3" - ;>68B5AL =0 A?8=C 8 <54;5==> ?>4=8<09B5 =>38 4> 25@B8:0;L=>3> ?>;>65=8O, 70B5< B0: 65 <54;5==> >?CAB8B5 8E ?>GB8 4> A>?@8:>A=>25=8O A 75<;59 8 A=>20 <54;5==> ?>4=8<8B5 8 ?>2B>@8B5 MB> =5A:>;L:> @07 ?>4@O4. -B> C:@5?;O5B <CA:C;K 682>B0. 3@K "68C-68BFC" A>AB>8B 87 @O40 >G5=L 8=B5@5A=KE 83@, >1CG0NI8E 1>@L15 8 @072820NI8E <CA:C;K. "548F8=A:0O ?><>IL" - :064K9 A:0CB ?> >G5@548 87>1@0605B 87 A51O <8AA8>=5@0, 8<5NI53> ?>4 @C:>9 =51>;LH>5 :>;8G5AB2> ?@>AB59H8E ;5:0@AB25==KE A@54AB2.  =5<C =0 87;5G5=85 ?@82>4OB ?>4@O4 B@5E 1>;L=KE, ?@8G5< C 2A5E B@5E @07;8G=K5 1>;57=8. = 4>;65= :064><C 40BL A>25B 8 ?>:070BL, :0: ;5G8BLAO. AO:0O 83@0, 2 :>B>@>9 2A5 CG0AB2CNB 8 =8:B> =5 75205B ?> AB>@>=0<, ?>;57=0 4;O 74>@>2LO, A?>A>1AB2C5B @0728B8N 25A5;>AB8, =0?@8<5@: "'5E0@40", "OB=0H:8", "5@5BO3820=85 :0=0B0" 8 B.?.   ;020 VII.  !" +&  !"/ #"/ 4=>9 87 7040G >@30=870F88 A:0CB>2 O2;O5BAO 2>7@>645=85, 5A;8 MB> 5I5 2>7<>6=>, =5:>B>@K5 87 7025B>2 AB0@8==>3> @KF0@AB20, >:0702H8E AB>;L >1;03>@06820NI55 2;8O=85 =0 =@02AB25==K9 A:;04 52@>?59F52, B0: 65 :0: >1KG09 CH8 > 4@52=8E !0<C@052 ?>2;8O;, 40 8 4> A8E ?>@ 2;8O5B, =0 =@02AB25==K9 A:;04 O?>=F52.  A>60;5=8N, <K =54>AB0B>G=> >E@0=O;8 MB8 7025BK, 8 @KF0@AB2> AB0;> ?>AB5?5==> 2K<8@0BL, 2 B> 2@5<O, :0: 2 /?>=88 ?@028;0 MB8 2=54@ONBAO N=>H5AB2C A @0==8E ;5B 8, B0:8< >1@07><, 2E>4OB B0< 2 ?;>BL 8 :@>2. 0H8 CA8;8O 4>;6=K 1KBL =0?@02;5=K =5 AB>;L:> =0 B>, GB>1K 48AF8?;8=8@>20BL N=>H59, A:>;L:> =0 B>, GB>1K =0CG8BL 8E 48AF8?;8=8@>20BL A0<8E A51O. 3@0=8G5==>ABL <5AB0, :>B>@K< O @0A?>;030N, 405B <=5 2>7<>6=>ABL :0A0BLAO @07;8G=KE 2>?@>A>2 ;8HL 2A:>;L7L, => @C:>2>48B5;O<8 <>3CB A0<8 >A<KA;8BL 8 @0728BL MB8 2>?@>AK. A5 B@51>202H55AO KF0@A:8< CAB02>< <>6=> ?>425AB8 ?>4 =865A;54CNI55: 1) ;03>@>4AB2> <KA;59 8 ?>ABC?:>2 ?> >B=>H5=8N : 4@C38<. 2) !0<>48AF8?;8=0. 3) !0<>A>25@H5=AB2>20=85. !! # !"  N20 5;8:>;5?=CN, 4>;6=> 1KBL, :0@B8=C ?@54AB02;O; A>1>9 70:>20==K9 2 65;57> 2A04=8:, 54CI89 2 A25@:0NI8E ;0B0E A:2>7L 3CABCN 75;5=L ;5A0 A :>?L5< 8 I8B><, A @072520NI8<8AO ?5@LO<8 =0 H;5<5, 25@E>< =0 1>52>< :>=5, <>3CG89 8 3>@OI89 65;0=85< A@078BLAO A 2@03><. 0 =8< 545B N=>H0 >@C65=>A5F, 53> ?><>I=8: 8 B>20@8I. !> 2@5<5=5< >= AB0=5B @KF0@5<. 0 =8< 545B :CG:0 ;N459 - :@5?:8E, <C65AB25==KE 2>8=>2, 3>B>2KE A;54>20BL 70 A2>8< @KF0@5< =0 :@09 A25B0 8 2 A0<CN ?0ABL A<5@B8. -B> 4N685 E;51>?0HFK 1K;KE 2@5<5=, :>B>@K< <K >1O70=K =5 >4=>9 ?>154>9, >45@60==>9 1;03>40@O 8E >B2035 8 1577025B=>9 ?@540==>AB8 A2>5<C ?@542>48B5;N.  <8@=>5 2@5<O, :>340 2>520BL 1K;> =5 A :5<, @KF0@L 5654=52=> 2K5760; 8 8A:0; A;CG09 >:070BL 4>1@CN CA;C3C 2AO:><C, :B> =C640;AO 2 53> ?><>I8, 2 >A>15==>AB8 65 65=I8=0< 8 45BO<. "0:>3> @KF0@O =07K20;8 AB@0=AB2CNI8<. 3> ?0B@C;L, :>=5G=>, ?>ABC?0; B0: 65, :0: >= A0<, 8 ;0B=8: 2A5340 1K; 3>B>2 70I8B8BL A2>59 A8;L=>9 @C:>9 2AO:>3> ?@8B5A=5==>3>. KF0@8 1K;KE 2@5<5= 1K;8 2>60BK<8 ?0B@C;59, 0 ;0B=8:8 - A:0CB0<8. K 2A5, 2>60BK5 8 A:0CBK, 8<55B5 <=>3> >1I53> A @KF0@O<8 8 8E ?>A;54>20B5;O<8, 2 >A>15==>AB8 65 5A;8 2K, :0: 8 >=8, 2K428=5B5 G5ABL =0 ?5@2>5 <5AB> 8 =5 1C45B5 60;5BL A8; 4;O >:070=8O ?><>I8 8 ?>445@6:8 2AO:><C, :B> 2 =5< =C6405BAO. ><=8B5, GB> 2K "@07254G8:8 4>1@>3> 45;0".  =3;88 @KF0@AB2> 2>7=8:;> 15 25:>2 B><C =0704 ?@8 :>@>;5 @BC@5.  ?>A;54=85 4=8 687=8 A2>53> >BF0, :>@>;O .BM@0 &5=4@03>=0, @BC@ 68; A> A2>8< 4O459, 8 =8:B> =5 7=0;, :B> AB0=5B :>@>;5<. @BC@ 8 A0< =5 7=0;, GB> >= AK= :>@>;O.  MB> 2@5<O =0 >4=>< :;0418I5 1K; =0945= >3@><=K9 :0<5=L A B>@G0I8< 2 =5< <5G><. 0 :0<=5 1K;0 =04?8AL: "">B, :B> 2KB0I8B MB>B <5G, 8 5ABL 70:>==K9 :>@>;L 2A59 =3;88". A5 25;L<>68 ?>?KB0;8 A2>N A8;C, => =8:B> =5 <>3 2KB0I8BL <5G0.  B>B 45=L 1K; =07=0G5= BC@=8@, =0 :>B>@>< 4>;65= 1K; CG0AB2>20BL 42>N@>4=K9 1@0B @BC@0, =>, ?@85E02 : =07=0G5==><C <5ABC, >= A 4>A04>9 C2845;, GB> 701K; 4><0 A2>9 <5G. = ?>A;0; @BC@0 70 <5G><. !:>;L:> =5 8A:0; @BC@ <5G0, =8345 =09B8 53> =5 <>3, B>340 >= 2A?><=8; > :0<=5 =0 :;0418I5 8, CE20B82H8AL 70 B>@G0I89 <5G, @07>< 2KB0I8; 53> 8 >B=5A : 1@0BC. > >:>=G0=88 BC@=8@0 >= A=>20 2>=78; <5G 2 :0<5=L, 8 A=>20 25;L<>68 AB0;8 53> BO=CBL, => <5G =5 42830;AO. >340 65 @BC@ 45@=C; 70 @C:>OB:C, <5G 2KA:>;L7=C; 87 :0<=O, :0: 87 =>65=. >A;5 MB>3> 53> ?@>2>73;0A8;8 :>@>;5<. >74=55 >= A>1@0; 4@C68=C @KF0@59 8 G0AB> A845; A =8<8 2>:@C3 >3@><=>3> :@C3;>3> AB>;0, ?>MB><C 8 4@C68=0 53> =07K20;0AL " KF0@8 @C3;>3> !B>;0". !B>; MB>B <>6=> 2845BL 4> A8E ?>@ 2 8=G5AB5@5. KF0@A:89 CAB02 025BK @KF0@A:>3> CAB020 1K;8 A;54CNI85: "C4L 2A5340 =03>B>25, 2 4>A?5E0E 8 ;0B0E, 70 8A:;NG5=85< B>3> 2@5<5=8, :>340 A?8HL =>GLN". "0I8I09 154=KE 8 ?><>309 B5<, :>B>@K5 =5 <>3CB A0<8 A51O 70I8I0BL". "5 45;09 =8G53> B0:>3>, GB> <>3;> 1K ?@8G8=8BL 4@C3><C >184C 8;8 1>;L". "0I8I0O A2>N >48=C, 1C4L 3>B>2 18BLAO 4> :>=F0". "0 2AO:>< ?>?@8I5 ?>AB0@09AO 70A;C68BL A515 G5AB=>5 8<O 8 4>1@CN A;02C". "5@68 A2>5 A;>2> 2> GB> 1K B> =8 AB0;>". ">445@68209 G5ABL A2>59 >48=K, E>BO 1K F5=>N A2>59 687=8". "CGH5 G5AB=0O A<5@BL, G5< ?>7>@=0O 687=L". KF0@AB2> B@51C5B, GB>1K N=>H8 @04>AB=> 8 A 4>1@>9 2>;59 2K?>;=O;8 A0<CN BO65;CN 8 G5@=CN @01>BC, 8 GB>1K >=8 45;0;8 4>1@> 4@C38<. -B> B5 >A=>2=K5 ?@028;0, :>B>@KE 45@60;8AL @KF0@8 1K;KE 2@5<5= 8 :>B>@K5 A>AB02;ONB 70:>= =K=5H=8E A:0CB>2 2A53> <8@0. AO:89 @KF0@L (8;8 A:0CB) ?@5645 2A53> 8 2> 2AO:>5 2@5<O 4>;65= 1KBL 465=B;L<5=><. =>385 4C<0NB, GB> 4;O MB>3> =C6=> 8<5BL <=>3> 45=53, => MB> 701;C645=85 - 45=L38 =5 45;0NB 465=B;L<5=0. 65=B;L<5= - MB> 2AO:89, A>1;N40NI89 CAB02 @KF0@AB20. %>@>H89 ?>;8A<5= 2?>;=5 70A;C68205B =0720=85 465=B;L<5= - >= E>@>H> 48AF8?;8=8@>20=, ?@540= 4>;3C, >1E>48B5;5=, 4>1@>4CH5= 8 >:07K205B ?><>IL 45BO< 8 65=I8=0<. 5A:>@KAB85 0?8B0= 6>= !<8B, AB0@K9 8A:0B5;L ?@8:;NG5=89, 682H89 B@8AB0 ;5B B><C =0704, <=>3> 8A?KB0; =0 A2>5< 25:C 8 A =8< =5 B0:-B> ;53:> 1K;> A?@028BLAO, B0: :0: 2 A2>5 2@5<O >= ?>2>520; 2> 2A5E AB@0=0E A25B0 8 1K; 25AL ?>:@KB @0=0<8, => 2 B> 65 2@5<O 2 =5< 18;>AL 4>1@>5 A5@4F5. = O2;O5BAO A>25@H5==59H8< >1@07F>< A:0CB0. 4=>9 87 53> ;N18<59H8E ?>3>2>@>: 1K;>: "K @>645=K =5 4;O A51O, 0 4;O B>3>, GB>1K 45;0BL 4>1@> 4@C38<"; MB> ?@028;> >= ?@>2>48; 2 687=L. -B> 1K; >48= 87 A0<KE 15A:>@KAB=KE ;N459 =0 A25B5. !0<>?>65@B2>20=85 >@>;L 8G0@4 I, >48= 87 ?5@2KE @KF0@59 =3;88, 1@>A8; A2>5 :>@>;52AB2>, A2>N A5<LN 8 2A5, GB> C =53> 1K;>, 4;O B>3>, GB>1K 84B8 2 !2OBCN 75<;N 18BLAO A 2@030<8 E@8AB80=AB20. 7-70 MB>3> 1;03>@>4=>3> ?>@K20 >= GCBL 1K;> =5 ;8H8;AO :>@>;52AB20, B0: :0: 2> 2@5<O 53> 4>;3>3> >BACBAB28O 53> ?@540B5;LA:89 1@0B 45;0; 2A5, GB>1K 70E20B8BL B@>= 2 A2>8 @C:8. 0 >1@0B=>< ?CB8 87 0;5AB8=K >= ?>?0; 2 @C:8 A2>53> 2@030, 35@F>30 2AB@89A:>3>, 70:;NG82H53> 53> 2 BN@L<C, 345 >= ?@>B><8;AO 425=04F0BL <5AOF52. 5AB> 53> 70:;NG5=8O 1K;> >1=0@C65=> B@C104C@>< ;>=45;5<. ;>=45;L 7=0;, GB> 8G0@40 AE20B8;8 8 70:;NG8;8 2 BN@L<C 345-B> 2 2@>?5, => 345 8<5==> - >= =5 7=0;, ?>MB><C >= >1>H5; 2A5 3;02=K5 BN@L<K 2@>?K 8 ?5; ?>4 8E AB5=0<8 ;N18<K5 ?5A=8 8G0@40 2 =045645, GB> B>B CA;KH8B 53> ?5=85 8 ?>40AB 7=0:. >?KB:8 53> C25=G0;8AL CA?5E><. "0:8< >1@07><, >= C7=0; <5AB>?@51K20=85 A2>53> ?>:@>28B5;O, 8 5<C C40;>AL 2KE;>?>B0BL 5<C A2>1>4C. >42838 A0<>?>65@B2>20=8O <>6=> =01;N40BL 8 2 =0H8 4=8. 5402=> >48= 2>A5<=04F0B8;5B=89 N=>H0 C2845; 452>G:C, A8452HCN =0 65;57=>4>@>6=>< ?CB8 2 B> 2@5<O, :>340 ?> @5;LA0< <G0;AO ?>574. = A45;0; 35@>9A:CN ?>?KB:C 55 A?0AB8, =>, E@><0O >B C40@0, :>B>@K9 =5704>;3> 4> MB>3> ?>;CG8; 2 =>3C, >= =5 <>3 AB0I8BL @515=:0 A @5;LA A 4>AB0B>G=>9 ?>A?5H=>ABLN. >574 =0A:>G8; =0 =8E 8 @074028; >1>8E =0A<5@BL. >1;5AB=K9 ?>@K2 MB>3> N=>H8 4>;65= A;C68BL 4;O :064>3> A:0CB0 ?@8<5@>< @KF0@A:8E GC2AB2. >?KB:0 A?0AB8 @515=:0 >B 3815;8 O28;0AL ?>4283>< A0<>?>65@B2>20=8O. >1@>B0 >1@>B0 8 >1E>48B5;L=>ABL - 425 25;8:85 4>1@>45B5;8, 3>2>@8B 8A?0=A:0O ?>A;>28F0; 4@C30O 3;0A8B: ":07K209 CA;C3C, =5 >1@0I0O 2=8<0=85 =0 B>, :><C BK 55 >:07K205HL"; MB> 7=0G8B, 1C4L 4>1@ 8 2=8<0B5;5= :> 2AO:><C: 25;8:><C 8 <0;><C, 154=><C 8 1>30B><C. 5;8:>9 G5@B>9 2 E0@0:B5@5 :064>3> =0AB>OI53> @KF0@O 1K;> B>, GB> >= ?>AB>O==> 45;0; 4>1@> 8 ?><>30; 2AO:><C. >= 7=0;, GB> :064K9 4>;65= @0=> 8;8 ?>74=> C<5@5BL, => ?>;030;, GB> ?@5645, G5< =0ABC?8B MB>B G0A, :064K9 87 =0A 4>;65= A45;0BL 4>1@>5 45;>. >MB><C =5 >B:;04K209B5 2K?>;=5=85 MB>3> 45;0, B0: :0: =8:B> =5 7=05B, :>340 =0ABC?8B G0A 53> A<5@B8. <5O MB> 2 284C, 2 CAB02 A:0CB>2 2:;NG5=0 >1O70==>ABL :064K9 45=L 45;0BL 4>1@>5 45;>. 07<5@ B0:>3> 4>1@>3> 45;0 =5 8<55B =8:0:>3> 7=0G5=8O: ?CABL MB> 1C45B E>BL A0<0O ?CABOG=0O CA;C30, =0?@8<5@, ?><>GL AB0@CE5 ?>4=OBL =0 A?8=C :>@78=C, ?5@525AB8 @515=:0 G5@57 <=>3>;N4=CN C;8FC, ?>;>68BL :>?59:C 2 :@C6:C 4;O 154=KE. 0:0O-=81C4L CA;C30 4>;6=0 1KBL >:070=0 5654=52=>, 8, =5 >B:;04K20O 2 4>;389 OI8:, 20< A;54C5B A@07C 65 ?@8ABC?8BL : ?@8<5=5=8N MB>3> ?@028;0 8 ?@845@6820BLAO 53> 2 B5G5=85 2A59 20H59 687=8. 0?><=8B5, GB> C75; =0 20H5< 30;ABC:5 8 20H 7=0G>: A:0CB0 - >10 >=8 4>;6=K =0?><=8BL 20< > =5>1E>48<>AB8 A45;0BL 4>1@>5 45;>. :07K209B5 CA;C3C =5 B>;L:> 20H8< 4@C7LO< 8 1;87:8<, => B0:65 ?>AB>@>==8< 8 4065 2@030<. > 2@5<O >A04K >@B-@BC@0, 2 1905 3>4C, O?>=FK ?@81;878;8AL : @CAA:8< C:@5?;5=8O< ?@8 ?><>I8 3;C1>:8E B@0=H59, :>B>@KE >A06405<K5 =5 8<5;8 2>7<>6=>AB8 >1AB@5;820BL.  >4=>< <5AB5 >=8 B0: 1;87:> ?>425;8 B@0=H5N, GB> >4=><C @CAA:><C A>;40BC C40;>AL 1@>A8BL 2 =55 ?8AL<>.  ?8AL<5 >= A>>1I0;, GB> 5<C >G5=L E>B5;>AL 1K 40BL > A515 25ABL A2>59 <0B5@8, :>B>@0O >G5=L > =5< 15A?>:>8;0AL, => B0: :0: >@B-@BC@ 1K; >B@570=, B> >= ?@>A8; O?>=F52 ?5@5A;0BL 53> ?8AL<> <0B5@8.  ?8AL<> >= 2;>68; <>=5B:C 4;O ?>:@KB8O @0AE>4>2 ?> ?5@5AK;:5. /?>=A:89 A>;40B, =0H54H89 70?8A:C, =5 >BH2K@=C; 55 2 AB>@>=C 8 =5 ?>;>68; 45=L38 A515 2 :0@<0=, => ?>ABC?8; B0:, :0: =04;560;> ?>ABC?8BL 2AO:><C 8AB8==><C @KF0@N - >= ?5@540; =0E>4:C A2>5<C =0G0;L=8:C, 0 B>B ?@>B5;53@0D8@>20; ?>A;0=85 @CAA:>3> A>;40B0 53> <0B5@8 8 70B5< 1@>A8; >B25B=CN 70?8A:C 2 @CAA:89 D>@B, A>>1I0O >1 8A?>;=5==>< ?>@CG5=88. 5;8:>4CH85 ABL ;N48, C :>B>@KE - AB@0ABL :>?8BL 45=L38 8 =8:>340 8E =5 @0AE>4>20BL. 5@56;82>ABL - ?>E20;L=>5 :0G5AB2>, => =5 <5=55 ?>E20;L=> @0AE>4>20BL 45=L38 B>340, :>340 MB> ?>;57=>. 4=0:>, ?>4020O <8;>ABK=N, =C6=> MB> 45;0BL @07C<=>. -B8< O E>GC A:070BL, GB> >G5=L =5B@C4=> ?>40BL :>?59:C =8I5<C =0 C;8F5, => MB>3> 45;0BL =5 A;54C5B. 52O=>AB> 452OBL 87 AB0 MB8E =8I8E O2;O5BAO =8G5< 8=K<, :0: 70:>@5=5;K<8 2K<>30B5;O<8 8 BC=5O4F0<8, 8, ?>4020O 8< :>?59:C, 2K MB8< A0<K< B>;L:> ?>>I@O5B5 8E 2@54=>5 70=OB85. ABL A>B=8 459AB28B5;L=> =C640NI8EAO 8 =5AG0AB=KE ;N459, NBOI8EAO 2 @07=KE ?>420;0E 8 G5@40G=KE ?><5I5=8OE, > :>B>@KE 2K =8G53> =5 7=05B5, 8 20H0 :>?59:0, ?>?02H0O 8< 2 @C:8, 1K;0 1K 459AB28B5;L=>9 8 1>;LH>9 ?><>ILN. >?5G8B5;LAB2> > 154=KE 7=05B, 345 MB8 =5AG0AB=K5 NBOBAO, ?>MB><C, 2=5AO A2>N ;5?BC 2 MB> ?>?5G8B5;LAB2>, 2K 459AB28B5;L=> A45;05B5 4>1@>5 45;>. 'B>1K 45;0BL 4>1@>, =5 =04> 1KBL 1>30BK<. =>385 @KF0@8 1K;8 154=K<8 ;N4L<8. 48= >@45= MB8E @KF0@59 8<5; 2 A2>5< 35@15 42CE @KF0@59, A84OI8E =0 >4=>9 ;>H048, ?>:07K20O MB8<, GB> >=8 1K;8 A;8H:>< 154=K, GB>1K 8<5BL ?> ;>H048 =0 :064>3>. "0 G09" 020BL "=0 G09" ?@5A:25@=K9 >1KG09. C40 1K 2K =8 ?>H;8, ;N48 >6840NB >B 20A "=0 G09". '0AB> 1K205B =5C4>1=> >B:070BLAO >B "G052KE", >:07K20O :><C-=81C4L CA;C3C, => A:0CBC MB> ;53:>. = ?@>AB> 4>;65= A:070BL: ";03>40@N 20A, => O A:0CB, 8 =0H8 ?@028;0 =0< =5 ?>72>;ONB 1@0BL GB>-;81> 70 >:070==CN CA;C3C". "0 G09" AB028B 20A 2 ;>6=>5 ?>;>65=85 >B=>A8B5;L=> 2A5E. 5;L7O ?>-B>20@8I5A:8 @01>B0BL A G5;>25:><, 5A;8 4C<05HL > B><, A:>;L:> ?>;CG8HL, 8;8 5A;8 >= 4C<05B, A:>;L:> >= 4>;65= 40BL "=0 G09". 0?@>B82, @01>B0 :064>3> A:0CB0 4>;6=0 =>A8BL E0@0:B5@ B>20@8I5A:>9 ?><>I8. >=OB=>, GB> =0AB>OI55 2>7=03@0645=85 70 B@C4 A>2A5< 4@C3>5 45;>, 8 2K 2?@025 53> ?@8=8<0BL. @C65A:85 >B=>H5=8O ;02=0O @07=8F0 <564C >18B0B5;5< :>;>=89 8 4><>A54><-1@8B0=F5< B0, GB> ?5@2K9 2 @C10H:5, 0 2B>@>9 2 =03;CE> 70AB53=CB>< AN@BC:5, 8 8E E0@0:B5@K =>AOB B0:>9 65 >B?5G0B>:. 18B0B5;L :>;>=89 @04CH5= 8 ?@825B;82 A> 2AO:8<, 0 1@8B0=5F A:;>=5= G>?>@=> AB>@>=8BLAO >B A2>8E A>A5459. ">;L:> ?>A;5 4>;38E CA8;89 >= AB0=>28BAO =5<=>3> 4>ABC?5=. !2>1>4=K9, >B:@KBK9, =0@0A?0H:C, E0@0:B5@ 68B5;O :>;>=89 =5 B@51C5B MB8E CA8;89, 0 687=L A =8< <=>3> ?@8OB=55. 4=0:> >B=N4L =5 A;54C5B 2?040BL ?@8 MB>< 2 :@09=>ABL, :>340 ?>4 284>< "4@C65A:8E >B=>H5=89" ?>4@07C<520NB C3>I5=85 A2>8E 4@C759 G0AB> =0 ?>A;54=85, A B@C4>< 70@01>B0==K5 45=L38. 56;82>ABL @8<5@>< 256;82>AB8 2> 2@5<O 2>9=K <>65B A;C68BL 18B20 ?@8 $>=B5=C0, :>340 0=3;8G0=5 A@060;8AL ?@>B82 D@0=FC7>2. !;CG8;>AL, GB> ?@8 ?5@5E>45 G5@57 3>@C 0=3;89A:0O 320@48O =0B:=C;0AL =0 D@0=FC7A:CN 320@48N. 10 >B@O40 1K;8 >7040G5=K, 8 <8=CBC 8;8 425 =8:B> =5 AB@5;O;.  B5 2@5<5=0, :>340 1;03>@>4=K5 ;N48 AA>@8;8AL, >=8 @5H0;8 A?>@ ?>A@54AB2>< 4CM;8 =0 ?8AB>;5B0E. > 2@5<O 4CM;8 ?@54?>;030;>AL, GB> >10 A@060NI8EAO AB@5;ONB >4=>2@5<5==>, ?> 40==><C A83=0;C. 4=0:>, G0AB> A;CG0;>AL, >48= 87 =8E, GB>1K ?@>45<>=AB@8@>20BL A2>N E@01@>ABL, ?@54;030; A2>5<C A>?5@=8:C AB@5;OBL ?5@2K<. "0: 8 2 40==>< A;CG05. >340 >10 >B@O40 ?@83>B>28;8AL AB@5;OBL, >D8F5@, :><0=4CNI89 0=3;89A:>9 320@4859, A:070; D@0=FC7A:><C :><0=48@C A ?>:;>=><: "!B@5;O9B5 2K A=0G0;0". >340 D@0=FC7K ?@8F5;8;8AL, A>18@0OAL 2KAB@5;8BL, >48= 87 0=3;89A:8E A>;40B 2>A:;8:=C;: "!45;09 =0A, >65, 8AB8==> 1;03>40@=K< 70 2A5, GB> =0< ?@54AB>8B ?>;CG8BL". >A;54>20; 70;?, >B :>B>@>3> <=>385 0=3;8G0=5 ?0;8, => >AB02H85AO 2 682KE >B25B8;8 70;?>< =5 <5=55 A<5@B>=>A=K<, 2A;54 70 :>B>@K< 1@>A8;8AL 2 0B0:C 8 2KB5A=8;8 D@0=FC7>2 A ?>78F88. >B A;CG09 87 687=8 .;8O &570@O, ?@82>48<K9 @KF0@O<8 :0: ?@8<5@ 256;82>AB8. C4CG8 3>AB5< 154=>3> ?>A5;O=8=0, C3>I02H53> 53> C68=><, &570@L 1K; =0AB>;L:> 256;82 8 45;8:0B5=, GB>, :>340 ?>A5;O=8=, 4C<0O, GB> 53> ?8I0 4>;6=0 ?>=@028BLAO 2KA>:>?>AB02;5==><C 3>ABN, ?>AB028; ?5@54 =8< 1;N4> A >AB@K< A>;5=L5<, A;C60I8< >1K:=>25==> ?@8?@02>9, &570@L AJ5; 2A5 A>45@68<>5 1;N40, 2K@060O ?@8 MB>< A2>5 C4>2>;LAB285, E>BO >1653 A515 25AL @>B 8 GC2AB2>20; A8;L=K5 1>;8 2 65;C4:5.  A?0=88, :>340 2K A?@0H8205B5 4>@>3C, 20< =5 ?@>AB> 55 C:06CB, 0 A=8<CB H;O?C 8, ?@825B;82> ?>:;>=82H8AL, =5 B>;L:> =0 A;>20E >1JOA=OB 4>@>3C, => ?@>94CB A 20<8 =5:>B>@>5 @0AAB>O=85, ?>:0 ?@028;L=> =5 =0?@02OB 20A, =8:>340 =5 ?@8=8<0O >B 20A =8:0:>3> 2>7=03@0645=8O. $@0=FC7, >1@0I0OAL : =57=0:><><C, A=8<05B H;O?C. 0: 20<, 25@>OB=>, A;CG0;>AL 2845BL, >= 45;05B B> 65 A0<>5 8 A?@0H820O 4>@>3C C ?>;8A<5=0. >;LH85, 3@><>74:85 3>;;0=4A:85 @K10:8, 84O ?> C7:>9 4>@>35 8 70=8<0O 55 2AN, ?@8 2AB@5G5 A 8=>AB@0=F5< >AB0=02;820NBAO, AB>@>=OBAO, A=8<0NB H0?:8 8 A C;K1:>9 ?@>?CA:0NB 53>. 4=0 40<0 <=5 @0AA:07K20;0, GB> =0E>4OAL 2 >B40;5==>< 3>@>45 70?04=>9 0=04K, >=0 @07 2AB@5B8;0 B>;?C >48G0;KE ?>3>=I8:>2 A:>B0 8 >G5=L 8A?C30;0AL. > ?@81;8782H8AL, >=8 ?>AB>@>=8;8AL 8 ?@>?CAB8;8 55 A 25;8G09H8< ?>GB5=85<, A=O2 H;O?K. >GB8B5;L=>ABL : 65=I8=0<  AB0@8=C @KF0@8 >B;8G0;8AL >A>15==>9 ?>GB8B5;L=>ABLN 8 256;82>ABLN A 65=I8=0<8. !M@ 0935;L >@8=3 2 "5;>< >B@O45" O2;O5BAO >1@07F>< 4>1;5AB=>3> @KF0@O AB0@KE 2@5<5=. %>BO >= 1K; G@572KG09=> <0;>3> @>AB0 8 ?>;CA;5?K< >B 8725AB8, 1@>H5==>9 2@03>< 5<C 2 3;070 2 @0==59 <>;>4>AB8, >= 1K; =5>1KG09=> E@01@, 8 : B><C 65 >G5=L A:@><5= 8 >1O70B5;5= ?> >B=>H5=8N : 4@C38<. >;55 2A53> >= C2060; 65=I8=. 3> 65=0 1K;0 1>;L=0O, =5:@0A820O 65=I8=0, => >= 2A5340 ?@52>7=>A8; 55 :@0A>BC 8 4>1@>45B5;L, 8 2ABC?0; 2 1>9 A> 2AO:8<, =5 @0745;O2H8< 53> <=5=8O. ! 154=K<8 65=I8=0<8, AB0@K<8 8;8 <>;>4K<8, >= 1K; =587<5==> ?>GB8B5;5= 8 CA;C6;82. "0: A;54C5B ?>ABC?0BL 8 A:0CBC. >@>;L @BC@, A>7402H89 ?@028;0 @KF0@AB20, A0< 2A5340 ?>-@KF0@A:8 ?>ABC?0; A 65=I8=0<8, 157 @07;8G8O 8E A>A;>28O. 07 : =5<C 2 70<>: ?@81560;0 452CH:0, 27K20O > ?><>I8. >;>AK 55 1K;8 @0A?CI5=K 8 ?>:@KBK 3@O7LN, @C:8 87>4@0=K :>;NG8<8 @0AB5=8O<8, 0 ?;0BL5 2 ;>E<>BLOE. 5 8ABO70;0 H09:0 @071>9=8:>2, 3@0182H0O ;N459 8 =02>482H0O AB@0E =0 2AN <5AB=>ABL. #A;KH02 55 @0AA:07, :>@>;L @BC@ 2A:>G8; =0 :>=O 8 >B?@028;AO A0< 2 ?5I5@C @071>9=8:>2. ! >?0A=>ABLN 4;O 687=8 >= 2ABC?8; A =8<8 2 1>9 8 @0718; 8E, >A2>1>482 MB8< A2>9 =0@>4 >B ?@8B5A=5=89. > 2@5<O ?@>3C;>: A 40<>9 8;8 @515=:>< A:0CBC =C6=> 84B8 B0:, GB>1K 53> ?@020O @C:0 1K;0 A2>1>4=0 4;O 70I8BK 8E 2 A;CG05 =C64K. @8 ?@>3C;:0E ?> C;8F0< 3>@>40 MB> ?@028;> 87<5=O5BAO. 04> 84B8 A> AB>@>=K, 1;8609H59 : <>AB>2>9, GB>1K >3@048BL 40<C >B =5AG0AB=KE A;CG052, 3@O78, ;5BOI59 >B M:8?0659. @8 2AB@5G5 A 65=I8=>9 8;8 @515=:>< <C6G8=5, :>=5G=>, A;54C5B CABC?8BL 59 4>@>3C, 4065 5A;8 5<C ?@845BAO 4;O MB>3> A>9B8 A B@>BC0@0 2 3@O7L. ">G=> B0:65 ?@8 5745 2 203>=0E B@0<20OE 8;8 65;57=>9 4>@>38 =8 >48= <C6G8=0, 4>AB>9=K9 MB>3> =0720=8O, =5 >AB020BLAO A845BL, 5A;8 65=I8=5 8;8 @515=:C ?@8E>48BAO AB>OBL. = B>BG0A 65 CABC?8B A2>5 <5AB> 65=I8=5, 0 A0< 1C45B AB>OBL. !:0CBC A;54C5B ?>:070BL ?@8<5@ 8 1KBL ?5@2K< 87 <C6G8=, CABC?0NI8E A2>5 <5AB>. 5;0BL MB> A;54C5B ;N157=>, A C;K1:>9, GB>1K 65=I8=0 =5 <>3;0 ?>4C<0BL, GB> 20< =5?@8OB=>. 0 C;8F0E 2A5340 =04> 7>@:> A<>B@5BL, =5;L7O ;8 345-=81C4L ?><>GL 65=I8=0< 8 45BO<. !0<K5 4;O MB>3> 1;03>?@8OB=K5 A;CG08 - MB> ?@8 ?5@5E>45 G5@57 C;8FC 8;8 :>340 =04> C:070BL 4>@>3C, ?>720BL 872>7G8:0, >AB0=>28BL ><=81CA. A;8 2K 70<5B8B5, GB> <>6=> ?><>GL, 848B5 B>BG0A 65 8 ?><>38B5, 8 =8 2 :>5< A;CG05 =5 ?@8=8<09B5 2>7=03@0645=8O. 0 4=OE O 2845; <0;LG8:0, ?><>3H53> 40<5 2K9B8 87 :0@5BK. >:0 >= 70B2>@O; 70 =59 425@FC, >=0 >15@=C;0AL, GB>1K 40BL 5<C 45=53. = ?@8?>4=O; DC@06:C 8 A:070;, C;K10OAL: "5B, 1;03>40@N 20A, MB> <>O >1O70==>ABL", 8 C40;8;AO. / ?>4>H5; : =5<C 8 ?>60; 5<C @C:C, GC2AB2CO, GB> E>BO >= 8 =5 >1CG5==K9, => C65 >B ?@8@>4K 3>B>2K9 A:0CB. "0:CN CGB82>ABL E>B5;>AL 1K G0I5 2845BL A@548 =K=5H=8E <0;LG8:>2. >=5G=>, 2> 2@5<O =5AG0AB=KE A;CG052 <C6G8=K 8 <0;LG8:8 2A5340 >1O70=K 701>B8BLAO > A?0A5=88 65=I8= @0=55, G5< 4C<0BL > A515. > 2@5<O 42CE :>@01;5:@CH5=89 C N6=>3> 15@530 =3;88 2 1907 3., AC4>2 "6511K" 8 "!25283", A;54C5B >A>15==> 70<5B8BL 70<5G0B5;L=CN 701>B;82>ABL, A :>B>@>9 M:8?06 >B=5AAO : A?0A5=8N 65=I8=, 45B59 8 AB0@8:>2 ?@5645, G5< ?>4C<0BL > A?0A5=88 <C6G8=. 04> 1KBL 2A5340 256;82K< A 40<0<8. A;8 2 :><=0BC 2E>48B 40<0, :>340 2K A848B5, B> 2AB0=LB5 8 ?>A<>B@8B5, =5 <>65B5 ;8 2K >:070BL 59 :0:CN-=81C4L CA;C3C ?@5645, G5< >?OBL A5ABL. 5 7=0:><LB5AL A 452CH:>9, A :>B>@>9 2K 1K =5 65;0;8, GB>1K 20A 2845;0 20H0 <0BL 8;8 A5AB@0. 5 CE068209B5 70 452CH:>9, 5A;8 =5 A>18@05B5AL =0 =59 65=8BLAO. 5 65=8B5AL =0 452CH:5, 5A;8 2K =5 2 A>AB>O=88 >15A?5G8BL 55 8 45B59. #A;C38 :07K20BL CA;C38 <>6=> 2 A;54CNI8E <5;>G0E: ?>AK?0BL ?5A:>< >1;545=5;CN 4>@>3C, =0 :>B>@>9 ;>H048 <>3CB ?>A:>;L7=CBLAO; A1@0AK20BL :>@:8 0?5;LA8=>2 8;8 10=0=>2 A B@>BC0@>2, GB>1K ?@>E>685 =5 ?040;8, =0ABC?0O =0 =8E; =5 >AB02;OBL >B:@KBK<8 :0;8B>:, =5 ?>@B8BL 873>@>459 8 =5 E>48BL ?> 70A5O==K< ?>;O<; ?><>30BL AB0@8:0< B0A:0BL 2>4C, 4@>20 8 B.?. 2 8E 68;8I5; A?>A>1AB2>20BL G8AB>B5 C;8F, C18@0O 20;ONI85AO :CA:8 1C<065:. !"+ #"/ 0: C?@06=OBLAO 2 @KF0@AB25 0AB02LB5 A:0CB>2 :064>5 CB@> 702O7K20BL C75; =0 A2>8E 30;ABC:0E 2 2845 =0?><8=0=8O > B><, GB> 8< A;54C5B 5654=52=> >:07K20BL :><C-=81C4L CA;C3C, ?>:0 MB> =5 2>945B C =8E 2 ?@82KG:C. !2548B5 20H8E N=>H59 2 0@A5=0; 8 <C759, ?>:068B5 8 >1JOA=8B5 8< 2>>@C65=85 8 ;0BK @KF0@59. "@51C9B5, GB>1K A:0CB ?@825; 25G5@>< A>25@H5==> =57=0:><>3> <0;LG8:0 2 >B@O4 4;O CG0AB8O, 2 :0G5AB25 3>ABO, 2 >1I8E 83@0E, @072;5G5=8OE 8 ?@.  + "!B@0=AB2CNI55 @KF0@AB2>" !:0CBK 2KE>4OB ?>>48=>G:5, ?0@0<8 8;8 2A59 ?0@B859.  3>@>45 >=8 >1O70=K =09B8 65=I8= 8;8 45B59, =C640NI8EAO 2 8E ?><>I8, 8 25@=C2H8AL 4>;>68BL, ?> A>25AB8, :0: >=8 ?>ABC?8;8. 0 3>@>4>< ?>A5I0BL D5@<K 8;8 4><0 ?>A5;O=, 8 ?@54;030BL 8< 1572>7<574=> A2>8 CA;C38. "> 65 <>6=> ?@>45;0BL 2 2845 A>@52=>20=8O ?>4 =0720=85<: "!:0G:8 A CA;C30<8".   !!% # !"  N21 !0<>>1;040=85 > <=5=8N 0=3;89A:>3> ?>MB0 @0C=8=30, G5;>25:C, 2K@01>B02H5<C 2 A515 A0<>>1;040=85, ?@8ACI8 A;54CNI85 :0G5AB20: "= =8:>340 =5 >BABC?05B, 0 845B ?@O<> : F5;8". "5 A><=5205BAO, GB> BCG8, :0: 1K <@0G=K >=8 =5 1K;8, @0AA5NBAO". "8 >4=>9 <8=CBK =5 4>?CA:05B, GB>1K ?@0240 =5 2>AB>@65AB2>20;0". "!G8B05B, GB> <K ?0405<, 401K 2KH5 ?>4=OBLAO; ?>@065=K, 401K ;CGH5 A@060BLAO..." "!?8<, 401K ?@>A=CBLAO". 8:C@3 A:070;, GB> 1>30BAB2> AB@0=K 70:;NG05BAO =5 AB>;L:> 2 45=L30E, A:>;L:> 2 ;N4OE, :@5?:8E B5;>< 8 4CE><, A?>A>1=KE : B@C4C, 3>B>2KE ?5@5=5AB8 8A?KB0=8O, 48AF8?;8=8@>20==KE 8 284OI8E O2;5=8O 2 8E 8AB8==>< A25B5. '5ABL AB8==K9 @KF0@L AB028B A2>N G5ABL 2KH5 2A53> >AB0;L=>3>; >=0 4;O =53> A2OI5==0; >= =8:>340 =5 A>25@H8B 15AG5AB=>3> ?>ABC?:0, =8:><C =5 A>;65B, =8:>340 =5 >1<0=5B A2>53> =0G0;L=8:0 8;8 =0=8<0B5;O. 0 G5;>25:0 G5AB8 2A5340 <>6=> ?>;>68BLAO, 8 >= 2A5340 ?>;L7C5BAO C2065=85< A2>8E 1;86=8E. 3> G5ABL @C:>2>48B 8< 2> 2A5<, GB>1K >= =8 45;0;. @8 2A5E :>@01;5:@CH5=8OE, > :>B>@KE :>340-;81> ?@8E>48;>AL A;KH0BL, :0?8B0= AC4=0 2A5340 >AB02;O; AC4=> ?>A;54=8<. 54L AC4=> ;8HL 45@52>, 65;57>, 0 53> A>1AB25==0O 687=L, :070;>AL 1K, 4>;6=0 1KBL 5<C 4>@>65, G5< 687=L =0E>4OI8EAO =0 AC4=5 GC68E 65=I8= 8 45B59. 564C B5< >= 701>B8BAO > A?0A5=88 2A5E 4@C38E ?@5645, G5< ?>4C<0BL > A2>59, 1>;55 4@03>F5==>9 4;O =53>, 687=8. >G5<C 65? >B><C, GB> AC4=> MB> 1K;> 5<C 225@5=>, 8 >= ?@82K: AG8B0BL, GB> 4>;3 25;8B >AB020BLAO 5<C =0 AC4=5 ?>A;54=8< 8 4C<0BL > A515 ;8HL B>340, :>340 2A5 >AB0;L=K5 2 157>?0A=>AB8; >= AG8B05B 15AG5AB=K< ?>ABC?0BL 8=0G5 8, A;54>20B5;L=>, AB028BL A2>N G5ABL 2KH5 ;8G=>9 157>?0A=>AB8. "0:65 8 A:0CB 4>;65= F5=8BL A2>N G5ABL 2KH5 2A53>.   !?@0254;82>ABL A;8 2K 2848B5 1>;LH>3> <0;LG8:0, =0?040NI53> =0 <0;5=L:>3>, 2K 53> >AB0=>28B5 ?>B><C, GB> >= ?>ABC?05B =5A?@0254;82>. A;8 2 4@0:5 >48= 87 45@CI8EAO C?045B, B> 4@C3>9 =5 8<55B ?@020 C40@8BL 53>, ?>:0 >= ;568B; 2A5 A>G;8 1K MB> 70 C60A=CN =87>ABL, <564C B5<, =5B 70:>=0, 70?@5I0NI53> MB>. 5;> 2 B><, GB> ?>=OB85 > A?@0254;82>AB8 2 1>@L15 ?@54AB02;ONB A>1>9 ?>=OB85 @KF0@A:>5, 4>H54H55 4> =0A >B AB0@KE 2@5<5=, 8 =0< A;54C5B 2A5340 ?@845@6820BLAO 53>. 4=0:> 70:>=K A?@0254;82>AB8 A>1;N40NBAO 40;5:> =5 2A5<8. '5AB=>ABL '5AB=>ABL 5ABL >4=> 87 ?@>O2;5=89 G5AB8. '5;>25:C G5AB8 <>6=> 4>25@8BL :0:CN C3>4=> AC<<C 8;8 :0:85 C3>4=> F5==>AB8 A ?>;=>9 C25@5==>ABLN, GB> >= =8G53> =5 C:@045B. 04C20=85, >1<0= ?@54AB02;O5B A>1>9 2A5340 =87<5==K9, ?@57@5==K9 ?>ABC?>:. >340 C 20A ?>O2;O5BAO 8A:CH5=85 >1<0=CBL, GB>1K 2K83@0BL :0:CN-=81C4L 83@C, 8;8 :>340 2K GC2AB2C5B5 >A>1>5 >3>@G5=85, 284O, GB> 83@0, 2 :>B>@>9 2K CG0AB2C5B5, A:;04K205BAO =5 2 20HC ?>;L7C, AB>8B B>;L:> A:070BL A515: "54L MB> B>;L:> 83@0. / =5 C<@C, 5A;8 ?@>83@0N. 5;L7O :064K9 @07 2K83@K20BL; 2A5-B0:8 O =5 A40<AO 8 1C4C ?@>4>;60BL 55 4> :>=F0: 0 24@C3 <=5 ?>AG0AB;828BAO". A;8 B0:8< >1@07>< CB5H0BL A51O, A>E@0=OO A?>:>9AB285, >G5=L G0AB> 2KE>48B, GB> 2K 2 :>=F5 :>=F>2 2A5-B0:8 2K83@05B5, 1;03>40@O B><C, GB> =5 2>;=>20;8AL 8 =5 2?0;8 2 >BG0O=85.  =5 701C4LB5, GB> 5A;8 2K 8AB8==K9 A:0CB, 2K ?@8 ?@>83@KH5 =5<54;5==> ?@8A>548=8B5AL : 0?;>48A<5=B0< >4>1@5=8O 2 G5ABL ?>1548B5;59, 5A;8 83@0;8 :><?0=8O<8; 8;8 ?>6<5B5 @C:C ?>15482H5<C 20A, 5A;8 A>ABO70=85 1K;> >48= =0 >48=. -B> ?@028;> 4>;6=> 1KBL A>1;N405<> 2> 2A5E 83@0E 8 A>@52=>20=8OE, ?@>8AE>4OI8E A@548 A:0CB>2. @540==>ABL @540==>ABLN >A>15==> >B;8G0;8AL @KF0@8. =8 1K;8 1577025B=> ?@540=K A2>5<C :>@>;N 8 A2>59 >48=5, 2A5340 1K;8 3>B>2K A @04>ABLN ?>;>68BL A2>N 687=L =0 8E 70I8BC.  AB0@8=C 1K20;8 1;5ABOI85 ?@8<5@K ?@540==>AB8 4>;3C. 078B5;L=K9 ?@8<5@ ?@540==>AB8 4>;3C ?@54AB02;O5B A>1>9 A;CG09 A @8<A:8< A>;40B><, :>B>@K9 AB>O; =0 G0A0E 2 ><?55 2> 2@5<O 8725@65=8O 57C28O, :>340 ><?5O 1K;0 70AK?0=0 ?5?;>< 8 70;8B0 ;02>9. 3> >AB0=:8 A>E@0=8;8AL 4> A8E ?>@, 8 284=>, :0: >= ?KB0;AO @C:>9 70:@KBL =>A 8 @>B, GB>1K ?@54>B2@0B8BL C4CHL5, >B :>B>@>3> 2 :>=F5 :>=F>2 8 ?>381. "0:CN 65 ?@540==>ABL 4>;3C A;C61K ?@>O28;8 B5 <=>3>G8A;5==K5 G0A>2K5, :>B>@KE ?>G5<C-;81> =5 A<5=O;8 2> 2@5<O ?>60@>2 8;8 =02>4=5=89. 8AF8?;8=0 8AF8?;8=0 B0: 65 =5>1E>48<0 @07254G8:0< 8 A>;40B0<, :0: 8 <C65AB2>. "8@:5=E54" 1K;> B@0=A?>@B=>5 AC4=>, =0 :>B>@>< ?5@52>78;8AL 2>9A:0. 0 =5< =0E>48;>AL 630 G5;>25: 8 A>;40B A 8E A5<LO<8 8 130 <>@O:>2. ;87 <KA0 >1@>9 04564K >=> =>GLN =0A:>G8;> =0 A:0;K 8 AB0;> B>=CBL, 1C4CG8 @07@570=> ?>?>;0<. !>;40B 2KAB@>8;8 =0 ?0;C15. 4=C G0ABL :><0=48@>20;8 A?CA:0BL A?0A0B5;L=K5 ;>4:8 8 ?><5AB8BL 2 =8E 65=I8= 8 45B59, 4@C3CN 65 ?>A;0;8 70 ;>H04L<8, ?@8:0702 A?CAB8BL 8E 2 2>4C 2 =045645, GB> E>BL =5:>B>@K5 87 =8E 4>?;K2CB 4> 15@530. KOA=8;>AL, GB> 4;O A?0A5=8O <C6G8= ;>4>: =5 E20B8B, 0 ?>B><C A>;40B >AB028;8 AB>OBL 2 AB@>N. >340 AC4=> AB0;> ?>3@C60BLAO 2 2>4C, :0?8B0= :@8:=C;, GB>1K ;N48 1@>A0;8AL 2 2>4C 70 1>@B, => ?>;:>2=8: !8B>= A:><0=4>20;, GB>1K >=8 >AB020;8AL 2 AB@>N, B0: :0: >= 7=0;, GB> 5A;8 >=8 1@>AOBAO 2?;02L : 5I5 =5 >B>H54H8< ;>4:0<, B>, =025@=>, ?>B>?OB 2A5E 8 A0<8 =5 A?0ACBAO. >MB><C 2A5 >AB0;8AL 2 AB@>N 8, :>340 AC4=> >?@>:8=C;>AL 8 ?>H;> :> 4=C, B> ?@>:@8G0;8 "C@0" 8 ?>381;8 A AC4=>< 2 ?CG8=5. 7 760 G5;>25:, =0E>482H8EAO =0 AC4=5, A?0A;>AL B>;L:> 192, 8 B> ;8HL 1;03>40@O 48AF8?;8=5 8 A0<>>B25@65==>AB8 >AB0;L=KE. 5 B0: 402=> 2 CG51=>5 AC4=> "$>@B 60:A>=", =0?>;=5==>5 <>@A:8<8 :045B0<8, 2@570;AO :0:>9-B> ?0@>E>4, => A>25@H5==> B0: 65, :0: =0 "8@:5=E54", 2A5 A>E@0=8;8 ?@8ACBAB285 4CE0 8 =5 1K;> =8 ?0=8:8, =8 :@8:>2. 045BK 1KAB@> 2K1560;8, :0: =0 A<>B@C, =045;8 A2>8 A?0A0B5;L=K5 ?>OA0 8 2AB@5B8;8 >?0A=>ABL A?>:>9=> 8 <C65AB25==>.  MB>< A;CG05 =5 ?>381;> =8 >4=>3> G5;>25:0. !<8@5=85 !<8@5=85 (8;8 A:@><=>ABL) B0:65 2E>48;> 2 G8A;> >15B>2, 40205<KE @KF0@O<8; ?>MB><C, E>BO >=8 >1K:=>25==> 8 ?@52>AE>48;8 4@C38E 2 @0B=>< 45;5, >=8 =8:>340 =5 ?>72>;O;8 A515 E20AB0BLAO MB8<. >MB><C 8 2K =5 E20AB09B5AL 8 =5 2>725;8G8209B5AL. 5 2>>1@0609B5, GB> 2K 8<55B5 ?@02> =0 GB>-=81C4L, G53> 2K A0<8 =5 4>AB83;8. K, =0?@8<5@, 8<55B5 ?@02> B@51>20BL 4>25@8O : A515, 5A;8 2A5340 ?@02482K, 8, A 4@C3>9 AB>@>=K, <>65B5 ?>?0ABL 2 BN@L<C, 5A;8 2>@C5B5. 564C B5< ACI5AB2C5B <=>3> ;N459, :@8G0I8E ?>2AN4C > A2>8E ?@020E, 0 =0 A0<>< 45;5 =5 8<5NI8E @5H8B5;L=> =8:0:8E, B0: :0: >=8 =8G53> =5 A45;0;8 4;O ?@8>1@5B5=8O 8E. !?5@20 8A?>;=8B5 20H 4>;3, 0 ?>B>< C65 ?@54JO2;O9B5 B@51>20=8O. %@01@>ABL G5=L =5<=>385 ;N48 @>4OBAO E@01@K<8, => 2AO:89 <>65B A45;0BLAO E@01@K<, 5A;8 1C45B : MB><C AB@5<8BLAO - 2 >A>15==>AB8 A N=>H5A:8E ;5B. %@01@K9 157 <0;59H53> :>;510=8O 1@>A05BAO 2 >?0A=>ABL, B>340 :0: <5=55 E@01@K9 6<5BAO 8 =5 A@07C @5H05BAO. -B> ?>E>65 =0 :C?0=85. A;8 27OBL 3@C??C :C?0NI8EAO <0;LG8:>2, A@548 =8E 2A5340 1C45B =5A:>;L:>, :>B>@K5 4> ?>3@C65=8O 2 @5:C 6<CBAO =0 15@53C, 4@>60 >B E>;>40, 2KA:07K20O 4>304:8 > B><, 3;C1>:0 ;8 @5:0 8 E>;>4=0 ;8 2>40; <564C B5< A@548 =8E 1C45B 8 B0:>9, :>B>@K9, =5 @07<KH;OO, A @07153C 1@>A8BAO 2 2>4C 8 1C45B C65 ?;020BL ?@5645, G5< >AB0;L=K5 @5H0BAO =0 GB>-=81C4L. A;8 2K 2AB@5G05B5AL A >?0A=>ABLN, =5 >AB0=02;8209B5AL, GB>1K @073;O45BL 55, B0: :0:, G5< 1>;LH5 2K 1C45B5 A<>B@5BL =0 =55, B5< <5=LH5 >=0 20< =@028BAO; 1@>A09B5AL 2?5@54 A<5;>, 8 2K C2848B5, GB> >?0A=>ABL 2>2A5 =5 B0: 25;8:0, :0: :070;>AL. 0AB>9G82>ABL B;8G8B5;L=>9 G5@B>9 @KF0@59 1K;>, GB> >=8 =8:>340 =5 CABC?0;8, ?>:0 1K;8 2 A>AB>O=88 1>@>BLAO; 87 ;N459 65 =K=5H=53> ?>:>;5=8O <=>385 ?@540NBAO >BG0O=8N 8 AB@0EC @0=LH5, G5< A;54C5B. =8 G0AB> 1@>A0NB @01>BC ?>B><C, GB> =5 4>18;8AL A@07C CA?5E0, 0 <564C B5<, ?@>@01>B09 >=8 5I5 =5<=>3>, CA?5E, 25@>OB=>, 1K; 1K 4>AB83=CB. 5:>B>@K5 87 20A, <>65B 1KBL, 7=0NB 8AB>@8N 42CE ;O3CH5:. 0 2AO:89 A;CG09 @0AA:06C 20< 5I5 @07: "25 ;O3CH:8 >B?@028;8AL >4=064K ?>3C;OBL 8 =0B:=C;8AL =0 >3@><=CN <8A:C A> A;82:0<8. !B0@0OAL 703;O=CBL 2 =55, >=8 >15 2 =55 C?0;8. 4=0 87 =8E 3>2>@8B: "-B> 4;O <5=O A>25@H5==> =>2K9 284 2>4K. 0: 65 <>6=> ?;020BL 2 MB>9 304>AB8? 5 AB>8B 8 ?@>1>20BL". =0 >?CAB8;0AL =0 4=> 8 87-70 >BACBAB28O =0AB>9G82>AB8 ?>B>=C;0. > 4@C30O ;O3CH:0 >B;8G0;0AL 1>;LH8< <C65AB2>< 8 >AB0;0AL ?;020BL, @07<0E820O 87> 2A5E A8; A2>8<8 ;0?:0<8, GB>1K C45@60BLAO =0 ?>25@E=>AB8, 0 :>340 >=0 =5<=>3> ?>3@C60;0AL, B> 1>@>;0AL A C42>5==K< AB0@0=85< 8 =5 B5@O;0 =04564K. 0:>=5F, :>340 >=0 C65 =0G0;0 2K1820BLAO 87 A8; 8 C =55 ?@><5;L:=C;0 <KA;L, GB> 59 ?@845BAO CABC?8BL, A;CG8;0AL AB@0==0O 25IL: A2>8< ?>AB>O==K< @07<0E820=85< ;0?:0<8 ;O3CH:0 A18;0 A;82:8 2 <0A;>, =0 :CA:5 :>B>@>3> 24@C3 8 >GCB8;0AL 2 ?>;=>9 157>?0A=>AB8. >MB><C, :>340 45;0 ?@8=8<0NB 4C@=>9 >1>@>B, =5 C=K209B5, =5 2KBO38209B5 ;8F0, 0 C;K109B5AL 8 ?@>?>9B5 ?5A=N 4@>740 "=5 A40209AO, =5 A40209AO", 8 2K 1;03>?>;CG=> 2K15@8B5AL 87 154K. %>@>H55 @0A?>;>65=85 4CE0 8 ?@825B;82>ABL KF0@8 ?@84020;8 >G5=L 1>;LH>5 7=0G5=85 E>@>H5<C @0A?>;>65=8N 4CE0: B5@OBL A0<>>1;040=85 8 2K:07K20BL 3=52 AG8B0;>AL C =8E ?@87=0:>< 4C@=>3> B>=0. 0?8B0= 6>= !<8B, > :>B>@>< O C65 3>2>@8;, 1K; 70<5G0B5;L=> 687=5@04>AB=K<, 25A5;K< G5;>25:><. @> =53> @0AA:07K20NB A;54CNI55: =0 A:;>=5 53> ;5B 42>5 <0;LG8:>2 (0 >= >G5=L ;N18; 45B59), :>B>@K< >= @0AA:07K20; A2>8 ?@8:;NG5=8O, =0?8A0;8 :=83C, A>45@60ICN >?8A0=85 53> 687=8. =8 3>2>@8;8, GB> A 1>;LH8< B@C4>< <>3;8 ?>=OBL 2A5, GB> >= 8< @0AA:07K20;, ?>B><C GB> >= AB@0H=> E>E>B0; =04 A>1AB25==K< >?8A0=85< A2>8E =5273>4. 5A><=5==>, GB> 5A;8 1K >= =5 1K; B0:8< 687=5@04>AB=K< G5;>25:><, >= =5 ?@52>7<>3 1K 8 ?>;>28=K B5E >?0A=>AB59, :>B>@K5 2AB@5G0;8AL 5<C =0 ?CB8 2 @07=K5 ?5@8>4K 53> 687=8, ?>;=>9 ?@8:;NG5=89. !:>;L:> @07 53> 2@038 1@0;8 53> 2 ?;5= - G0AB> MB> 1K;8 A28@5?K5 48:0@8, =>, 1;03>40@O 53> ?@825B;82><C >1E>645=8N, 5<C 2A5340 C4020;>AL @0A?>;>68BL 8E : A515 8 ?>4@C68BLAO A =8<8 =0AB>;L:>, GB> >=8 8;8 >B?CA:0;8 53> =0 2>;N, 8;8 =5 ?@5A;54>20;8 53>, :>340 >= C1530; >B =8E. A;8 2K @01>B05B5 25A5;>, 20H B@C4 ?@52@0I05BAO 2 C4>2>;LAB285 4;O 20A; :@><5 B>3>, 20H5 25A5;L5 @0A?>;0305B 4@C38E : 25A5;LN, 0 MB> >B=>A8BAO : G8A;C 20H8E >1O70==>AB59 :0: A:0CB0. 6..0@@8 ?8H5B: ""5, :>B>@K5 2=>AOB A>;=5G=K9 A25B 2 687=L 4@C38E ;N459, =5 <>3CB MB8< 65 =5 2=5AB8 AG0ABLO 8 2 A2>N A>1AB25==CN", 4@C38<8 A;>20<8, 5A;8 2K A?>A>1AB2C5B5 AG0ABLN 4@C38E, B> A>7405B5 A2>5 A>1AB25==>5. A;8 2K @01>B05B5 2 A515 ?@82KG:C >B=>A8BLAO :> 2A5<C, GB> 1K =8 A;CG8;>AL, A 687=5@04>AB=>ABLN, 2K >G5=L @54:> >:065B5AL 2 A5@L57=>9 1545, B0: :0: 5A;8 ?@5?OBAB285, >3>@G5=85 8;8 >?0A=>ABL 1C4CB :070BLAO 20< >G5=L 1>;LH8<8, B> ?>AB0@09B5AL, 5A;8 2K =5 3;C?K9 G5;>25:, ?>A<5OBLAO =04 40==K<8 >1AB>OB5;LAB2><, E>BO O 4>?CA:0N, GB> 45;0BL MB> 2 =0G0;5 G@572KG09=> B@C4=>. 4=0:> A B>9 <8=CBK, :>340 20< C40ABAO @0AA<5OBLAO, 1>;LH0O G0ABL 70B@C4=5=89 :0: 1C4B> 8AG57=5B 8 >:065BAO, GB> =5B =8G53> ;53G5, :0: A?@028BLAO A 45;><. 064K9 N=>H0 <>65B ?@8 65;0=88 ?@828BL A515 E>@>H55 @0A?>;>65=85 4CE0. => =570<5=8<> 2> 2A5E 83@0E 8 A;C68B 3@><04=K< ?>4A?>@L5< 2 <8=CBK >?0A=>AB8. @><5 B>3>, 1;03>40@O 5<C <>6=> A>E@0=8BL 4>;6=>ABL, A :>B>@>9 C2>;8;8 1K G5;>25:0 A 4C@=K< E0@0:B5@><, 8;8 5<C A0<><C 1K ?@8H;>AL C9B8, >18452H8AL =0 GB>-=81C4L. !:25@=>A;>28N, :0: 8 :C@5=8N, >1K:=>25==> ?@540NBAO N=>H8, :>B>@K5 E>BOB >:070BLAO 27@>A;K<, 0 <564C B5< MB8< >=8 B>;L:> 4>:07K20NB A2>N 3;C?>ABL. !:25@=>A;>28B >1K:=>25==> B>B, :B> ;53:> 2KE>48B 87 A51O, B5@O5B 3>;>2C 2 B@C4=CN <8=CBC 8 =0 :>B>@>3>, A;54>20B5;L=>, =5;L7O ?>;>68BLAO. 0< 65 =04> C<5BL A>E@0=8BL 2 <8=CBK A0<>9 1>;LH>9 >?0A=>AB8 ?>;=>5 A?>:>9AB285; ?>MB><C :>340 2K GC2AB2C5B5 A51O >A>15==> >701>G5==K<, 272>;=>20==K< 8;8 @073=520==K< - =5 A:25@=>A;>2LB5, 0 70AB02LB5 A51O C;K1=CBLAO, 8 2K A@07C ?>GC2AB2C5B5 >1;53G5=85. 0?8B0= 6>= !<8B, =5 :C@82H89 8 =8:>340 =5 A:25@=>A;>282H89, C?>B@51;O; A@54AB2> ?@>B82 A:25@=>A;>28O, :>B>@>5 2 E>4C 8 C =0H8E A:0CB>2. = 3>2>@8B 2 A2>5< 4=52=8:5, GB> 53> ;N48, =5 ?@82K:H85 : B>?>@C, @C1O >4=064K ;5A 8 <>7>;O A2>8 =56=K5 @C:8, GCBL ;8 =5 G5@57 420 C40@0 =0 B@5B89 @07@060;8AL @C30B5;LAB20<8, 703;CH0NI8<8 C40@K B>?>@0. ">340 >= 87>1@5; A@54AB2> ?@>B82 A:25@=>A;>28O, 70:;NG0NI55AO 2 B><, GB> :064K9 @07, :>340 G5;>25: ?@>87=>A8; @C30B5;LAB2>, 45;0;0AL >B<5B:0 8 25G5@>< 5<C 2;820;0AL 2 @C:020 :@C6:0 2>4K 70 :064>5 @C30B5;LAB2>. !@54AB2> MB> B0: ">G8I0;>" ?@>28=82H8EAO, GB> 2A:>@5 =545;O<8 =5 1K;> A;KH=> =8 >4=>3> A:25@=>3> A;>20. 3@K K7K20NBAO 65;0NI85 ?@8=OBL CG0AB85 2 :0:><-=81C4L >?0A=>< ?@54?@8OB88, 2@>45 "530 A 45?5H59" 8;8 :0:>9-;81> 4@C3>9 83@K; >?0A=>ABL ?@8 MB>< 4>;6=0 70:;NG0BLAO 2 ?>B5@5 "687=8", 5A;8 A:0CB, 27O2H89AO 70 B@C4=CN 7040GC, =5 2K?>;=8B 55. >4 ?>B5@59 687=8 ?>4@07C<5205BAO ;8H5=85 =02A5340 7=0G:0 A:0CB0. A;8 5<C C405BAO 8A?>;=8BL 2>7;>65==>5 =0 =53> ?>@CG5=85, B> >= <>65B ?>;CG8BL 4> 15 10;;>2, 84CI8E 2 AG5B 4;O ?>;CG5=8O 7=0G:0 "70 >B;8G85". @C385 83@K, :0: DCB1>;, :>@78=:0 (10A:5B1>;. 54.) 8 ?@>G., C :>B>@KE ACI5AB2CNB AB@>385 >1O70B5;L=K5 ?@028;0, B0:65 E>@>H8 4;O C:@5?;5=8O 2>;8, 48AF8?;8=K 8 4;O @0728B8O A:@><=>AB8. "68C-68BFC" B0:65 8<55B 3@><04=>5 7=0G5=85 2 MB>< >B=>H5=88. !B@5;L10 87 A0<>AB@5;0. @8 MB>< 65;0B5;L=>. GB>1K A:0CBK <>3;8 A0<8 873>B>2;OBL A2>8 A0<>AB@5;K. "!B@5;L10 87 ;C:0", @0A?@>AB@0=5==0O 2 A@54=85 25:0. $5EB>20=85 =0 ?0;:0E, C?>B@51;OO 4;O MB>3> ?>A>E8 A:0CB>2. "0: 2 AB0@K5 2@5<5=0 A@060;8AL >A2>1>645==K5 :@5ABLO=5-A>1AB25==8:8 8 ?>4<0AB5@LO.   !! # !"  N22 !0<>A>25@H5=AB2>20=85 >;LH>5 :>;8G5AB2> 157@01>B=KE 8 =8I8E O2;O5BAO A;54AB285< B>3>, GB> 2=5 H:>;K <0;LG8:0< ?@54>AB02;O5BAO ?>;=0O A2>1>40 A;>=OBLAO 8 45;0BL, GB> 8< C3>4=>; >=8 ?@82K:0NB >:07K20BL 70 45=L38 <5;:85 CA;C38, 8A?>;=OBL ?>@CG5=8O 8 B.4.  :>=F5 :>=F>2 >=8 =5 ?@8>1@5B0NB =8:0:>3> @5<5A;0 8 =5 C<5NB =8 : G5<C ?@8;>68BL @C:. =8 15A?><>I=K 8 =5 =C6=K. >B BCB-B> 8 >B:@K205BAO ?>;5 4;O 45OB5;L=>AB8 @C:>2>48B5;O, :>B>@K9 <>65B >:070BL N=>H0< =570<5=8<CN CA;C3C, ?@54>AB02;OO :064><C 2 >B45;L=>AB8 2K8A:820BL ?CBL, ?> :>B>@><C >= <>3 1K 84B8, 8 C:0702 5<C <5@K, :>B>@K5 >= 4>;65= ?@8=OBL, GB>1K ?>43>B>28BLAO : 871@0==>9 45OB5;L=>AB8. >>I@O9B5 8E ?@8 MB>< 70=OBLAO :0:8<-=81C4L @CG=K< B@C4><. #:070=8O 8 A>25BK, ?@82545==K5 =865, >B;8G0NBAO A60B>ABLN, => 20H A>1AB25==K9 >?KB 8 20H5 2>>1@065=85, @07C<55BAO, =094CB <=>3>5, GB> ?@81028BL : A:070==><C. >;3 ?5@54 >3>< @52=85 @KF0@8 1K;8 25AL<0 =01>6=K. =8 AB0@0B5;L=> ?>A5I0;8 F5@:28, >A>15==> ?5@54 B5<, :0: >B?@02;O;8AL 2 1>9 8;8 ?@54?@8=8<0;8 B@C4=K9 ?>4283. =8 AG8B0;8 =5>1E>48<K< 1KBL 2A5340 ?>43>B>2;5==K<8 : A<5@B8. 0 >AB@>25 0;LB0 4>=K=5 A>E@0=8;0AL F5@:>2L, 345 <>;8;8AL 4@52=85 @KF0@8 8 345 2> 2@5<O GB5=8O "!8<2>;0 5@K" 2A5 >=8, AB>O, 2KB0A:820;8 <5G8 87 =>65= 2 7=0: B>3>, GB> 3>B>2K 70I8I0BL A2>N 25@C <5G>< 8 687=LN. KF0@8 =5 B>;L:> ?>:;>=O;8AL >3C 2 F5@:28, => 8 2845;8 53> 2 682>B=KE, @0AB5=8OE 8 2 :@0A>B5 ?@8@>4K. ">G=> B0:65 8 =K=5H=85 A:0CBK, 345 1K >=8 =8 1K;8, 4>;6=K A ;N1>2LN 3;O45BL =0 >:@C60NI89 8E <8@, ;N18BL =01;N40BL 70 682>B=K<8, >18B0NI8<8 2 =5<, 8 87CG0BL GC45A0 2 >:@C60NI8E 8E F25B0E 8 @0AB5=8OE. '5;>25:, =5 25@CNI89 2 >30, 8 =5 8A?>;=ONI89 3> 70?>25459, <0;> =0 GB> ?@83>45=. !CI5AB2C5B <=>3> @07;8G=KE @5;8389, :0:-B>: E@8AB80=A:0O, 8C459A:0O, <03><5B0=A:0O 8 B.4., => 2 =8E 2> 2A5E >A=>2=0O G5@B0 - ?>:;>=5=85 >3C, E>BO 8 @07;8G=K<8 A?>A>10<8. >MB><C, :>340 20< ?>?0405BAO N=>H0, 8A?>254CNI89 4@C3CN @5;838N, G5< 2K, =5 A;54C5B 2@06451=> >B=>A8BAO : =5<C, 0 =C6=> AG8B0BL, GB> >= A>;40B B>3> 65 ?>;:>2>4F0 2 B>< 65 2>9A:5, 2 :>B>@>< A;C68B5 8 2K, => GB> C =53> 4@C3>9 <C=48@. A?>;=OO A2>9 4>;3 ?5@54 >3><, 1C4LB5 2A5340 1;03>40@=K <C. >340 2K 8A?KBK205B5 :0:>5-=81C4L C4>2>;LAB285, CG0AB2C5B5 2 8=B5@5A=>9 83@5, A45;05B5 GB>-=81C4L E>@>H55 8;8 E>@>H> 8A?>;=8B5 GB>- =81C4L, ?>1;03>40@8B5 3> 70 MB>, E>BO 1K =5A:>;L:8<8 A;>20<8. %>@>H> B>65 1;03>A;>2;OBL 4@C38E. 0?@8<5@, ?@8 >BE>45 ?>5740 8A?@>A8B5 >6L5 1;03>A;>25=85 =0 2A5E, =0E>4OI8EAO 2 ?>5745, 8 B.4. A?>;=OO A2>9 4>;3 ?5@54 ;N4L<8, 1C4LB5 CA;C6;82K 8 25;8:>4CH=K, 1C4LB5 2A5340 1;03>40@=K 70 2AO:89 4>1@K9 ?>ABC?>:, >:070==K9 20<, 8 A;548B5 70 B5<, GB>1K =5 B>;L:> >ICI0BL 1;03>40@=>ABL, => 8 2K:07K20BL 55. ><=8B5, GB> ?>40@>:, A45;0==K9 20<, 5I5 =5 ?@8=04;568B 20<, ?>:0 2K =5 ?>1;03>40@8B5 70 =53>. >AB0@09B5AL, ?>:0 2K 5I5 682K, A>25@H8BL GB>-=81C4L E>@>H55, GB> >AB0=5BAO ?>A;5 20A. 48= ?8A0B5;L 3>2>@8B: "=5 G0AB> :065BAO, GB>, :>340 A>;=F5 70E>48B, <8@ =0:@K205BAO 1>;LH8< >45O;><, G5@57 :>B>@>5 =515A=K9 A25B =5 <>65B ?@>=8:=CBL. K;> 1K A>2A5< B5<=>, 5A;8 1K =5 72574K, ?@54AB02;ONI85AO <=5 <0;5=L:8<8 >B25@AB8O<8, ?@>45;0==K<8 2 >45O;5 B5<8 ;N4L<8, :>B>@K5 A>25@H8;8 4>1@K5 45;0 =0 MB>< A25B5. 2574K =5 2A5 >4=>9 25;8G8=K; =5:>B>@K5 ?>1>;LH5, 4@C385 ?><5=LH5, 40 254L 8 ?>ABC?:8 ;N459 @07;8G0NBAO <564C A>1>N: >4=8 A>25@H8;8 25;8:85 45;0, 4@C385 - <0;5=L:85, => >=8 A45;0;8 A2>N 4K@>G:C 2 >45O;5, A>25@H82 ?5@54 A<5@BLN 4>1@>5 45;>". >AB0@09B5AL 8 2K, 2 A2>N >G5@54L, ?@>A25@;8BL 4K@>G:C 2 >45O;5, ?>:0 2K =0 75<;5. >=5G=>, E>@>H> =5 45;0BL 4C@=>3>, => 3>@074> ;CGH5 45;0BL 4>1@>. >;3 ?@5645 2A53> A5 2K A;KH0;8 ?@> 70:>= 8=G0, ?>4 :>B>@K< ?>4@07C<5205BAO AC@>2>5 ?@02>AC485. !>AB>O2H55 2 ?>25H5=88 ?@>28=82H53>AO. 0720=85 MB> ?@>8AE>48B 87 >;25O, 2 @;0=488, 345 4> A8E ?>@ AB>8B ?0<OB=8:, ?>AB02;5==K9 2 ?0<OBL ?>ABC?:0 8=G0, 3;02=>3> AC4L8 MB>3> 3>@>40, :>B>@K9 2 1493 3>4C =0AB>O; =0 :07=8 G5@57 ?>25H5=85 A2>53> A>1AB25==>3> AK=0, 0;LB5@0, 70 C189AB2> <>;>4>3> 8A?0=F0. #189FC AC48;8 ?> 2A5< ?@028;0< 8 ?@83>2>@8;8 : :07=8. > <0BL C189FK C3>2>@8;0 3@0640= >A2>1>48BL 55 ?@83>2>@5==>3> AK=0, :>340 53> 2K254CB =0 :07=L 87 BN@L<K. B5F, ?@54284O MB>, ?@8:070; 8A?>;=8BL ?@83>2>@ =04 A2>8< AK=>< 2 AB5=0E BN@L<K, 8 <>;>4>3> 8=G0 ?>25A8;8 2 BN@5<=>< >:=5. # AB0@H53> 8=G0 GC2AB2> 4>;30, 25@>OB=>, 1K;> >G5=L A8;L=> @0728B>, 8=0G5 >=> =5 A<>3;> 1K 703;CH8BL >BF>2A:CN ;N1>2L. 5=5@0; >@4>= ?>65@B2>20; A2>59 687=LN ?>=OB8N > 4>;35. >340 >= 1K; >A0645= 2 %0@BC<5, >= A0< 8<5; 2>7<>6=>ABL C9B8, 5A;8 1K 70E>B5;, => AG8B0;, GB> >1O70= >AB0BLAO 8 @0745;8BL CG0ABL 538?BO=, :>B>@KE >= BC40 ?@825;, E>BO 8<5; <0;> ?@8G8= 2>AB>@30BLAO 8<8. >MB><C >= >AB0;AO A =8<8 8 1K; C18B, :>340 %0@BC< 1K; 27OB. "@572>ABL ><=8B5, GB> A?8@B=K5 =0?8B:8 5I5 =8:>340 =5 ?><>3;8 =8 2 >4=>9 1545. 0?@>B82, G5< 1>;LH5 2K 8< ?@5405B5AL, B5< 1>;LH5 1C45B 1540. @0240, 1;03>40@O 8<, G5;>25: =0 =5A:>;L:> G0A>2 701K205B, 2 G5< A>1AB25==> A>AB>8B 53> 3>@5, => >= ?@8 MB>< 701K205B 8 2A5 >AB0;L=>5. A;8 C =53> 65=0 8 45B8, >= 701K205B, =0?@8<5@, GB> >1O70= @01>B0BL, GB>1K ?><>GL 8< 2K9B8 87 154K, 8 >= =5 A<55B 2A;54AB285 ?LO=AB20 A45;0BLAO 5I5 <5=55 ?@83>4=K< : B@C4C. LNI89 G5;>25: - >1K:=>25==> B@CA. 5:>B>@K5 ;N48 ?LNB ?>B><C, GB> 8< =@028BAO >ICI5=85 >?LO=5=8O 8;8 ?>;C 848>BAB20, =>, 3;C?K5, >=8 =5 A>7=0NB, GB> A ?>4>1=K< ?>@>:>< =8:0:>9 =0=8<0B5;L =5 >B=5A5BAO : =8< A 4>25@85<, 8 5420 ;8 AB0=5B 45@60BL. =8 ?>AB5?5==> ?@52@0I0NBAO 2 157@01>B=KE, ;53:> 701>;520NB 8, =0:>=5F, C<8@0NB 2 =8I5B5. '5;>25:, ?@540NI89AO ?LO=AB2C. 07@CH05B A2>5 74>@>2L5, AG0ABL5 8 1C4CI=>ABL A2>59 A5<L8. 48=AB25==>5 A@54AB2> ?@>B82 ?LO=AB20 - MB> =8:>340 =5 ?@54020BLAO 5<C. 5@56;82>ABL KF0@O< 2 AB0@8=C 1K;> 2<5=5=> 2 >1O70==>ABL 1KBL @0AG5B;82K<8 8 15@56;82K<8, B.5. 15@5GL 45=L38 =0A:>;L:> 2>7<>6=>, =5 B@0BO 1>;LH8E AC<< =0 A2>8 C4>2>;LAB28O, 8 :>?8BL 45=L38, GB>1K, 2>-?5@2KE, 4>AB83=C2 AB0@>AB8, 1KBL 2 A>AB>O=88 A>45@60BL A51O 8 =5 1KBL 2 BO3>ABL 4@C38<, 0, 2>-2B>@KE, GB>1K 8<5BL 1>;LH5 45=53 4;O @0740G8 <8;>ABK=8. A;8 C =8E 25AL 70?0A 45=53 8AB>I0;AO, >=8 =5 8<5;8 ?@020 ?@>A8BL 8E C 4@C38E, 0 4>;6=K 1K;8 @01>B0BL. "0:8< >1@07><, ?@8>1@5B5=85 45=53 845B @C:0 >1 @C:C A <C65AB2><, BO65;K< B@C4>< 8 B@572>ABLN. >A?>48= "><0A %>;<A, <8AA8>=5@ ?>;8F59A:>3> AC40, >?8AK205B, :0: A>B=8 154=KE <0;LG8:>2 >=4>=0 70@010BK20NB A2>9 E;51, ?@>4>;60O ?@8 MB>< E>48BL 2 H:>;C. =8 2AB0NB >G5=L @0=>, 2 G5BK@5 A ?>;>28=>9 G0A0 CB@0, 8 4> 2>AL<8 @072>7OB B5;56:8 1C;>G=8:>2 8;8 <>;>G=8:>2, 0 ?>B>< 84CB 2 H:>;C. >A;5 H:>;K >?OBL =0 A;C61C 2 ;02:C G8AB8BL <>;>G=CN ?>AC4C. 5=L38 A2>8 >=8 8;8 ?5@540NB <0B5@8, 5A;8 >=0 C =8E 5ABL, 8;8 65, 5A;8 =5B, >B:;04K20NB 8 2=>AOB 2 A15@530B5;L=K9 10=:. =8 45;0NBAO A0<>AB>OB5;L=K<8 ;N4L<8 ?@5645, G5< 4>AB830NB 425=04F0B8;5B=53> 2>7@0AB0, 8 ?@54AB02;ONB >B;8G=K9 ?@8<5@ :064><C N=>H5. 0: 70@010BK20BL 45=L38 # A:0CB0 8;8 C F5;>3> ?0B@C;O ACI5AB2C5B <=>3> A?>A>1>2 70@010BK20BL 45=L38; 2>B =5:>B>@K5 87 =8E: 73>B>2;5=85 ?;5B5=KE :@5A5;, A<5=0 >182:8 =0 AB0@>9 <515;8, 8 ?@>G. - >G5=L 4>E>4=>5 @5<5A;>. K?8;820=85 8 2K@570=85, 873>B>2;5=85 @0<, ?B8GL8E :;5B>:, H:0BC;>:, 2K@570=85 B@C1>:. -B8 8745;8O <>6=> ?@>4020BL G5@57 <03078=. >1C4LB5 @07@5H5=85 @570BL 2 :0:><-=81C4L ;5AC ?0;:8 8 45;09B5 87 =8E B@>AB>G:8, ?>425H820O 8E A BO65ABLN =0 :>=F5, 4;O 2K?@O<;5=8O 8 ACH:8. 072545=85 :0=0@55:. &K?;OB, :@>;8:>2 8;8 A>10: - >G5=L 4>E>4=>5 45;>. G5;>2>4AB2> ?@8=>A8B >B 10 4> 20 DC=B>2 4>E>40 2 3>4 A C;LO. >6=> 45;0BL =>2K9 A>@B ?C3>28F 87 H=C@:>2 4;O 1>B8=>:. !>18@09B5 AB0@K5 =5=C6=K5 OI8:8 8 @C18B5 8E =0 4@>20. ;5B8B5 A5B:8 4;O A04>2=8:>2 ( 4;O 70I8BK D@C:B>2KE 45@52L52), 45;09B5 <5B5;:8 8 ?@>G.  =5:>B>@KE <5AB0E >G5=L 2K3>4=> 45@60BL :>7 8 ?@>4020BL 8E <>;>:>. ;5B5=85 :>@78=, 2K45;:0 3>@H:>2 8 ?@>G 87 3;8=K, ?5@5?;5B=>5 45;>. A5 MB> <>65B ?@8=>A8BL 4>E>4. 0@B8O, @01>B0NI0O 0@B5;LN, <>65B, =0?@8<5@, 27OBL =0 A51O >1O70==>AB8 ?>AK;L=KE 2 :0:><-=81C4L 3>@>4:5; 0@5=4>20BL >3>@>4 8;8 F25B>G=K9 A04; >=0 <>65B >@30=87>20BL E>@ 1@>4OG8E <C7K:0=B>2 8;8 AB028BL 682K5 :0@B8=:8 =0 B5<K 87 687=8 A:0CB>2, 8 278<0BL =51>;LHCN ?;0BC 70 2E>4. 8:>340 =5 701K209B5, GB> 2AO:89 G5AB=K9 B@C4 ?>G5B5=, 0 ?>B><C =5 3=CH09B5AL 53>. 'B>1K 8<5BL 45=L38, =C6=> ?>43>B>28BLAO : @01>B5. :B5@ "54 59= 3>2>@8B 2 >4=>9 87 A2>8E ?L5A: "5 7=0N, GB> A> <=>9. / E>@>H> 5<, E>@>H> ?LN 8 E>@>H> A?;N, => :0: B>;L:> :B>-=81C4L ?@>87=>A8B 2 <>5< ?@8ACBAB288 "@01>B0" - C <5=O ?> 2A5<C B5;C ?@>15305B E>;>4=0O 4@>6L". "> 65 A0<>5. =5 :065BAO, : A>60;5=8N, ?@>8AE>48B A >G5=L <=>38<8 <C6G8=0<8. !CI5AB2C5B <0AA0 =@02AB25==KE B@CA>2, C :>B>@KE, :0: B>;L:> 8< ?@54AB>8B :0:0O-=81C4L @01>B0, "4@>6L ?@>15305B ?> 2A5<C B5;C", 8;8, :>340 =04 =8< AB@OA5BAO 1540, >=8 A?820NBAO 2<5AB> B>3>, GB>1K ?>1>@>BL 55. 02548B5 :>?8;:C. ?CA:09B5 2 =5 2A5, GB> 70@01>B05B5. , :>340 2 =59 =0:>?8BAO =5:>B>@0O AC<<0, ?5@5409B5 55 2 10=: 8 >B:@>9B5 A515 AG5B. !:0CB =5 <>65B ?>;CG8BL 7=0:0, 5A;8 C =53> =5B =5:>B>@>9 AC<<K 2 10=:5. 0@010BK20O 45=L38 ?><=8B5, GB> >=8 =C6=K 20< ;8HL 4;O B>3>, GB>1K @0AE>4>20BL 8E A 2>7<>6=> 1>;LH59 ?>;L7>9 4;O 4@C38E. 5=L38, :0: 8 2K A0<8, 4>;6=K A;C68BL ;N4O<. 0: 4>AB83=CBL CA?5E0 2 687=8 5A:>;L:> ;5B B><C =0704 (1900-5 3>4K) !52. <5@8:0=A:>5 ?@028B5;LAB2> 2>520;> A ?>2AB0=F0<8 =0 >AB@>25 C10. !52. <5@8:0=A:85 (B0BK, :0: 20< 4>;6=> 1KBL 8725AB=>, C?@02;ONBAO ?@57845=B><, 0 =5 3>AC40@AB2><. K2H89 ?@57845=B 0:-8=;59 E>B5; ?>A;0BL ?8AL<> 0@A88, ?@542>48B5;N ?>2AB0=F52 =0 C15, => =5 7=0;, :0: 53> 5<C 4>AB028BL, B0: :0: ?>2AB0=FK 1K;8 4>2>;L=> >?0A=K<8 ;N4L<8, >18B02H8<8 2 48:>9 8 B@C4=> ?@>E>48<>9 <5AB=>AB8. >340 >= >1AC640; MB> >1AB>OB5;LAB2> A> A2>8<8 A>25B=8:0<8, :B>-B> A:070;: ""CB 5ABL <>;>4>9 G5;>25:, ?> 8<5=8 C0=, :>B>@><C C405BAO A45;0BL 2A5, > G5< 1K 53> =8 ?>?@>A8;8. >G5<C 1K MB> =5 ?>@CG8BL 5<C?" >A;0;8 70 C0=><, :>B>@><C ?@57845=B >1JOA=8;, GB> =C6=> A45;0BL, 8, >B4020O ?8AL<>, A:070;: ">B MB> ?8AL<> =04> ?5@540BL 0@A88". .=>H0 C;K1=C;AO, >B25B8; "?>=8<0N" 8, =5 A:0702 1>;LH5 =8 A;>20, 2KH5; 87 :><=0BK. @>H;> =5A:>;L:> =545;L 8, =0:>=5F, C0= >?OBL ?>O28;AO ?5@54 ?@57845=B><. !:0702: "/ ?5@540; 0H5 ?8AL<> 0@A88", E>B5; C9B8, => 0:-8=;59 2>@>B8; 53> 8 70AB028; >1JOA=8BL, :0: >= 8A?>;=8; 40==>5 5<C ?>@CG5=85. :070;>AL, GB> >= >B?@028;AO BC40 =0 ?0@CA=>9 ;>4:5 8, 4>AB83=C2 G5@57 =5A:>;L:> 4=59 15@53>2 C1K, 428=C;AO ?5H:>< G5@57 46C=3;8. '5@57 B@8 =545;8, ?@>94O A:2>7L @0A?>;>65=85 =5?@8OB5;O. = 2KH5; 4@C3><C 15@53C >AB@>20, >BKA:0; 0@A8N 8 2@CG8; 5<C ?8AL<>. "0: :064K9 A:0CB 4>;65= 2K?>;=OBL 2>7;>65==>5 =0 =53> ?>@CG5=85. = 4>;65=, =5 278@0O =0 :06CICNAO B@C4=>ABL 53> 8A?>;=5=8O, 27OBLAO 70 45;> A C;K1:>9, B0: :0: G5< B@C4=55 ?>@CG5=85, B5< 8=B5@5A=55 53> 8A?>;=OBL. >;LH8=AB2> ;N459 =0 53> <5AB5 =0G0;8 1K A 15AG8A;5==KE @0AA?@>A>2: 2>- ?5@2KE, :0:8< >1@07>< 8< 4>1@0BLAO 4> <5AB0; 70B5<, :0: 8< 4>1K20BL A515 ?@>?8B0=85 2 ?CB8 8 B.4. > C0= ?>ABC?8; =5 B0:: C7=02, 2 G5< 70:;NG0;>AL 2>7;>65==>5 =0 =53> ?>@CG5=85, >= 8A?>;=8; 53>, =5 A:0702 =8 A;>20. AO:89, ?>ABC?0NI89 B0:, =025@=> 1C45B 8<5BL CA?5E 2 687=8. !@548 CG0AB:>2KE <0;LG8:>2-?>AK;L=KE 2 >=4>=5 =5<0;> >B;8G=KE A:0CB>2. -B8 N=>H8, :>B>@K< G0AB> 40NBAO ?>@CG5=8O, >G5=L B@C4=> 2K?>;=8<K5, 15@CBAO 70 =8E A ?>;=>9 C25@5==>ABLN 2 A51O 8, 157 ;8H=8E 8 3;C?KE 2>?@>A>2, ?@8=8<0NBAO 1>4@> 70 45;>, ?>MB><C >=8 CA?5H=> 4>2>4OB 53> 4> :>=F0. -B> A0<K9 ;CGH89 >1@07 459AB28O 2 70B@C4=8B5;L=KE A;CG0OE 687=8. A;8 ?@54AB>OI89 20< B@C4 8;8 ?>AB83H0O 20A 1540 20< :06CBAO =5 ?> A8;0<, =5 AB0@09B5AL C:;>=8BLAO, 0 C;K1=8B5AL 8 ?>?@>1C9B5 ?@84C<0BL A?>A>1, :>B>@K9 40; 1K 20< 2>7<>6=>ABL A?@028BLAO A 45;><, 8 B>340 A<5;> ?@8ABC?09B5 : =5<C. ><=8B5, GB> 70B@C4=5=85 ?5@5AB05B 1KBL B0:>2K<, 5A;8 =0G0BL A<5OBLAO =04 =8< 8 2ABC?8BL A =8< 2 1>@L1C. 5 1>9B5AL >H81>:. 0?>;5>= A:070;: "">;L:> B>B =5 >H8105BAO, :B> =8G53> =5 45;05B". 0<OBL. #?@06=O9B5AL 2 70?><8=0=88 '5;>25: A E>@>H59 ?0<OBLN ;53G5 4>1L5BAO CA?5E0 2 687=8, ?>B><C GB> C <=>38E ;N459 ?;>E0O ?0<OBL. 0254CNI5<C >4=8< 87 B50B@>2 ?@8H;>AL 7025AB8 >A>1CN :><=0BC 8 :=838 4;O 25I59, ?>701KBKE ?C1;8:>9 2 B50B@5 ?>A;5 :064>3> ?@54AB02;5=8O, =0?@8<5@: ?C7K@L:8 A ;5:0@AB2><, 2AB02=K5 7C1K 8 ?@>G., 0 >48= @07 =0H;8 G5: =0 50 DC=B. AB5@;. 0:>=5F, 5<C ?@8H;0 2 3>;>2C AG0AB;820O <KA;L: ?5@54 A0<K< :>=F>< A?5:B0:;O A ?><>ILN ?@>65:B>@0 45;0;>AL =0 70=025A5 A;54CNI55 ?@54>AB5@565=85: ">60;C9AB0, ?5@54 CE>4>< ?>A<>B@8B5 ?>4 A845=L5<". 07=8F0 ?>;CG8;0AL >3@><=0O. @><04=K9 :>@0;;>2K9 >AB@>2 A>7405BAO 1;03>40@O B><C, GB> :@>H5G=K5 <>@A:85 >@30=87<K A?;0G820NBAO 2 >4=> F5;>5; B>G=> B0:65 3;C1>:85 ?>7=0=8O 2 G5;>25:5 >1@07CNBAO 87 2AO:8E <5;:8E =01;N45=89, A45;0==KE 8< 8 A>1@0==KE 2 >4=> 1;03>40@O B><C, GB> >= 8E 70?><8=05B. "575=85" - A;8 2K E>B8B5 ?>?0ABL 2 B@0<209 =5 =0 >AB0=>2:5, 0 2A:>G8BL =0 E>4C, 2K 254L =5 AO45B5 345-=81C4L 240;8 >B =53>, 4020O 5<C ?@>9B8 <8<>, 0 ?>B>< =5 AB0=5B5 60;>20BLAO: "0: <=5 =5 2575B"; 25@>OB=>, 2K ?>1568B5 8 2A:>G8B5 2 B@0<209. "> 65 A0<>5 ?@>8AE>48B A =5:>B>@K<8 ;N4L<8, A 8E B0: =07K205<K< "2575=85<". =8 60;CNBAO, GB> 8< 2A5340 "=5 2575B". 5;> 2 B><, GB> "2575=85" 7=0G8B 2>7<>6=>ABL 4>1KBL A515 GB>-=81C4L E>@>H55 8;8 A>25@H8BL GB>-=81C4L 25;8:>5; => =04> ?>;L7>20BLAO :064K< ?@54>AB02;ONI8<AO A;CG05<, AE20BK20BL 53> =0 ;5BC - 1560BL =02AB@5GC 8 2A:0:820BL =0 E>4C, 0 =5 A048BLAO 8 640BL, A;>60 @C:8. >:0 =5 1C45B ?>74=>, B0: :0: 687=L 2A5 @02=>, GB> B@0<209 A >G5=L @54:8<8 >AB0=>2:0<8. K1>@ 45OB5;L=>AB8 "C4LB5 3>B>2K : B><C, GB> >68405B 20A 2 1C4CI5<. A;8 2K =0E>48B5AL =0 <5AB5, 345 2K N=>H59 70@010BK205B5 GB>-=81C4L, 2K 4>;6=K A?@>A8BL A51O, GB> 2K 1C45B5 45;0BL ?>B><. 04> ?>MB><C CG8BLAO :0:><C-=81C4L @5<5A;C 8 >B:;04K20BL 70@01>B0==K5 45=L38, GB>1K 8<5BL A@54AB20, =0 GB> ACI5AB2>20BL, ?>:0 =5 =0945BAO @01>B0 ?> =>2>9 A?5F80;L=>AB8. >?@>1C9B5 ?>;CG8BL 8 2B>@CN A?5F80;L=>ABL =0 A;CG09, 5A;8 ?5@20O ?>G5<C B> >:065BAO =5C4>2;5B2>@8B5;L=>9, GB> >G5=L G0AB> A;CG05BAO. 48= =0=8<0B5;L <=5 >4=064K A>7=0;AO, GB> >= =8:>340 =5 405B @01>BK N=>H0< A 65;BK<8 :>=G8:0<8 ?0;LF52 (>B :C@5=8O) 8;8 A >B:@KBK< @B>< (N=>H8, 4KH0I85 G5@57 @>B, ?> 1>;LH59 G0AB8 3;C?K5). AO:89 G5;>25:, C :>B>@>3> 5ABL A15@565=8O, :>B>@K9 01A>;NB=> =5 ?L5B A?8@B=KE =0?8B:>2 8 C :>B>@>3> E>@>H89, 25A5;K9 =@02, <>65B 1KBL C25@5= 2 70@01>B:5. ( C:>2>48B5;L ?>4>1=K< 65 >1@07>< 4>;65= ?>A2OB8BL N=>H59 8 2 4@C385 A?>A>1K A;C65=8O 8 70@01>B:0, 2 >A>15==>AB8 B5E, :>B>@K5 =0E>4OBAO ?> A>A54AB2C). # /  !#! (!" @><KH;5==>5 A04>2>4AB2> 0B@C;L 8;8 4065 4@C68=0 <>65B 27OBL 2 0@5=4C A04 8;8 ?>;L7>20BLAO A04>< =0 4@C3>< :0:><-=81C4L >A=>20=88 8 ?@>4020BL >2>I8 8 ?;>4K 2 ?>;L7C :0AAK 4@C68=K. ;O 4@C68=K 8;8 =5A:>;L:8E 4@C68=. @54;>68B5 E>@>H89 ?@87 70 ;CGH55 8745;85, A45;0==>5 A:0CB>< 87 <0B5@80;0, AB>8<>ABL :>B>@>3> =52KA>:0. @54AB02;5==K5 =0 ?@87 ?@>872545=8O 2KAB02;ONBAO, ?@8G5< A:0CBK CAB@0820NB ?@54AB02;5=8O: 682K5 :0@B8=K, AF5=:8 8 ?@>G., A >?;0B>9 70 2E>4. > >:>=G0=88 2KAB02:8 ?@54<5BK ?@>40NBAO A 0C:F8>==KE B>@3>2. @>872545=85, :C?;5==>5 70 2KAHCN AC<<C, AG8B05BAO ;CGH8<, 8 A:0CB, A45;02H89 53>, ?>;CG05B ?5@2K9 ?@87. 064K9 A:0CB 4>;65= 8<5BL :>?8;:C, 2 :>B>@CN >= 4>;65= >?CA:0BL :064CN A2>1>4=CN :>?59:C 8 ?> <5@5 =0:>?;5=8O =5:>B>@>9 AC<<K 2=>A8BL 55 2 10=:. ;0AAK 4;O 87CG5=8O 1CE30;B5@88, <5E0=8:8, M;5:B@8G5AB20 8, 2 >A>15==>AB8, AB5=>3@0D88. 0?><8=0=85. @>G8B09B5 GB>-=81C4L N=>H0< 2 A;CE, AB@>G:C 8;8 4065 425 ?>4@O4, 70B5< ?CABL >=8 ?>2B>@OB ?@>G8B0==>5 =0 ?0<OBL. -B> @0728205B A?>A>1=>ABL A>A@54>B>G8BLAO 8 C:@5?;O5B ?0<OBL. >6=> 4>AB83=CBL >G5=L 1>;LH>3> @0728B8O C<AB25==KE A?>A>1=>AB59 A@548 N=>H59. A;8 1@0BL 8E A A>1>9 =0 @07=K5 702>4K 8 D01@8:8. 064K9 87 =8E >1O70= A45;0BL 70<5B:8, >?8AK20BL 8 70@8A>2K20BL B>, GB> 53> >A>15==> ?>@0605B. 0 A;54CNI5< A>1@0=88 >=8 >1O70=K A45;0BL A>>1I5=85 > 2845==>< 8 ?@54AB028BL @8AC=:8 8;8 G5@B568. 0: B>;L:> O28BAO 2>7<>6=>ABL, CG@548B5 035=BAB2> 4;O =09<0 A;C60I8E, GB>1K 157 ?>A@54=8:>2 =0E>48BL @01>BC. 5A?@87>@=K5 N=>H8, ?@>H54H85 @O4K A:0CB>2, =5A><=5==> 1C4CB >B;8G=K<8 @01>B=8:0<8. !:0CB8=3 8 ?>;8B8:0 %>BO AB0@H85 A:0CBK 8 <>3CB :064K9 2 >B45;L=>AB8 ?@8=04;560BL : B>9 8;8 8=>9 ?>;8B8G5A:>9 ?0@B88. > :0: >@30=870F8O A:0CB8=3 GC64 ?0@B89=>9 ?>;8B8:5. 0@B89=K< >= =5 <>65B 1KBL C65 ?> >4=><C B><C, GB> @>48B5;8 A:0CB>2 ?@8=04;560B : @07;8G=K< ?>;8B8G5A:8< ?0@B8O<, 40 8 7040G8 A:0CB8=30 2=5 ?0@B89=>9 ?>;8B8:8. >B ?>G5<C >B@O4K A:0CB>2 4>;6=K 2>745@6820BLAO >B ?><>I8 B>9 8;8 8=>9 ?0@B88. E 7040G8 - ?><>30BL >1I5AB25==K< 8 3>AC40@AB25==K< >@30=870F8O< 8 1KBL ?>;57=K<8 @>4=><C 3>@>4C. ;020 VIII.  !"#",   !'!"+% !#'/% !! # !"  N23 !"+ #"/ !>45@60=85 MB>9 3;02K A;54C5B =5 B>;L:> >1JOA=OBL A:0CB0<, =>, 345 B>;L:> 2>7<>6=>, ?@8<5=OBL ?@0:B8G5A:8, ?@8G5< 2A5< N=>H0< A;54C5B CG0AB2>20BL ?> >G5@548. "5>@5B8G5A:85 ?>7=0=8O 157 ?@0:B8G5A:>3> ?@8<5=5=8O 8E =8G53> =5 AB>OB. C4LB5 ?>43>B>2;5=K : =5AG0AB=K< A;CG0O<. CB5H5AB25==8:8, 8AA;54>20B5;8, >E>B=8:8 8 @07254G8:8, =0E>4OI85AO 2 @07=KE >B40;5==KE G0ABOE A25B0 8 3;CE8E <5AB0E, 4>;6=K 7=0BL, GB> 45;0BL 2 A;CG05 =5AG0ABLO 8;8 1>;57=8 A2>59 A>1AB25==>9 8;8 A2>8E A?CB=8:>2, B0: :0: G0AB> >=8 =0E>4OBAO 240;8 >B :0:>3> B> =8 1K;> 4>:B>@0. >MB><C A:0CB0< =5>1E>48<> 2>7<>6=> ;CGH5 =0CG8BLAO CE>4C 70 1>;L=K<8 8 >:070=8N ?><>I8 ?@8 =5AG0AB=KE A;CG0OE. 4=064K 2 2AB@0;88 <>5<C 1@0BC A >4=8< 87 53> 4@C759 ?@8H;>AL @0A?>;>68BLAO ;035@5<. B:C?>@820O 1CBK;:C, 4@C3 <>53> 1@0B0 45@60; 55, 4;O 1>;LH53> C4>1AB20, <564C :>;5=O<8. CBK;:C @07>@20;>, 8 >AB@K9 >A:>;>: AB5:;0 3;C1>:> 2@570;AO 5<C 2 154@>, ?@>@5702 0@B5@8N. @0B <>9 682> 4>AB0; :0<5H5:, 7025@=C; 53> 2 ?;0B>: 2 2845 B0<?>=0 8 702O70; ?;0B>: 2>:@C3 =>38 2KH5 @0=K, B0: GB> :0<5=L 4028; =0 0@B5@8N. 0B5<, 27O2 ?0;:C, >= ?@>45; 55 A:2>7L ?5B;N ?;0B:0 8 A:@CB8; 5N ?5@52O7:C B0: BC3>, GB> :@>2>B5G5=85 ?@8>AB0=>28;>AL. 5 7=09 >=, :0: ?>ABC?8BL 2 40==>< A;CG05, 53> 4@C3 G5@57 =5A:>;L:> <8=CB 8AB5: 1K :@>2LN, 1;03>40@O 65 =0E>4G82>AB8 8 >?KB=>AB8, >= A?0A 5<C 687=L. 5AG0AB=K5 A;CG08 ?@>8AE>4OB ?>AB>O==>, 8 A:0CB0< G0AB> <>65B ?@54AB028BLAO 2>7<>6=>ABL >:070BL ?5@2CN ?><>IL.  >4=>< >=4>=5 2 ?@>H;>< (1907) 3>4C ?>381;> 212 8 87C25G5=> 14000 G5;>25: ?@8 C;8G=KE =5AG0ABLOE. K 2A5 >G5=L 2>AE8I05<AO G5;>25:><, A?0AH8< 687=L 4@C3><C, @8A:CO A2>5N A>1AB25==>N, 8 AG8B05< 53> 35@>5<.  >A>15==>AB8 <0;LG8:8 AG8B0NB 53> B0:>2K<. = ?@54AB02;O5BAO 8< ACI5AB2>< A>25@H5==> >B;8G=K< >B =8E. > MB> =5 B0:: :064K9 <0;LG8: 8<55B 2>7<>6=>ABL 1KBL 35@>5<-A?0A8B5;5<, 5A;8 B>;L:> ?>65;05B : MB><C ?>43>B>28BLAO. 5@>OB=>, ?>GB8 :064><C 87 20A, A:0CB>2, ?@845BAO :>340-=81C4L 1KBL A2845B5;5< =5AG0AB=>3> A;CG0O. A;8 2K 1C45B5 7=0BL, GB> A;54C5B 45;0BL 2 40==>< A;CG05, 8 8A?>;=8B5 MB> 1KAB@>, B> =0 2AN 687=L ?>;CG8B5 @04>AB=>5 A>7=0=85, GB> A?0A;8 687=L 8;8 ?><>3;8 1;86=5<C. ><=8B5 20H ;>7C=3 "C4L ?>43>B>2;5=" ("C4L 3>B>2"). C4LB5 ?>43>B>2;5=K ?><>GL 2 =5AG0AB=KE A;CG0OE, 87CG82 70@0=55, :0: 459AB2>20BL ?@8 @07;8G=KE >1AB>OB5;LAB20E. C4LB5 ?>43>B>2;5=K ?@8;>68BL 20H8 ?>7=0=8O 2 BC 65 <8=CBC, :0: ?@>87>945B =5AG0ABL5. / 20< >1JOA=N, :0: =04> ?>ABC?0BL ?@8 @07=KE =5AG0AB=KE A;CG0OE. ;02=>5 4;O 20A, A:0CB>2, 345 1K 2K =8 1K;8 8 GB> 1K 2K =8 45;0;8, 4C<0BL ?@> A51O: "'B> <>65B 745AL A;CG8BLAO?" 8 "2 G5< 1C45B A>AB>OBL <>O >1O70==>ABL, 5A;8 A;CG8BAO B>-B> 8 B>-B>"? ">340 2K 1C45B5 ?>43>B>2;5=K 459AB2>20BL. >340 A;CG05BAO =5AG0ABL5, ?><=8B5, GB> 20<, :0: A:0CB0<, =04> 1KBL ?5@2K<8 ?@8 >:070=88 ?><>I8, =5 4020O ?>AB>@>==5<C >?5@548BL 20A. @54AB02LB5 A515, =0?@8<5@, GB> 2K AB>8B5 =0 65;57=>4>@>6=>9 ?;0BD>@<5, >6840O ?>5740, 8 GB> =0 =59 >G5=L <=>3> =0@>4C. K 4C<05B5 ?@> A51O: "@54?>;>68<, GB> :B>-=81C4L A20;8BAO A ?;0BD>@<K =0 @5;LAK 2 BC 8<5==> <8=CBC, :>340 ?>574 1C45B ?>4E>48BL, :0: <=5 ?>ABC?8BL? / 4>;65= A>A:>G8BL 2=87 8 AB0I8BL 53> A ?CB8 2 ?@><56CB>: <564C @5;LA0<8, B0: :0: 2B0I8BL 53> >1@0B=> =0 ?;0BD>@<C =5 CA?5N. ;8 5A;8 ?>574 A>2A5< C65 428=C;AO, B> 548=AB25==K< A@54AB2>< 1K;> 1K - ;5GL ?;0H<O <564C @5;LA0<8 8 70AB028BL C?02H53> B0:65 ;560BL, 8 40BL ?>574C ?@>5E0BL =04 >1>8<8". A;8 ?>4>1=K9 A;CG09 ?@>87>945B, 2K B>BG0A 65 A>A:>G8B5 8 2K?>;=8B5 20HC <KA;L, ?>:0 2A5 >AB0;L=K5 1C4CB <5B0BLAO, :@8G0, 2>;=COAL 8 =5 7=0O, GB> 45;0BL. 5GB> ?>4>1=>5 2 459AB28B5;L=>AB8 ?@>87>H;> 2 ?@>H;>< (1907) 3>4C. 0 AB0=F88 40<0 C?0;0 A ?;0BD>@<K :0: @07 2 B> 2@5<O, :>340 ?>4E>48; ?>574. '5;>25:, ?> 8<5=8 ;L15@B %0@28=3, A?@K3=C; 2=87 8 ;53 ?;0H<O, 70AB0282 8 55 ;560BL <564C @5;LA0<8, ?>:0 ?>574 =5 ?@>H5; =04 =8<8, =5 70452 8E. >@>;L ?>60;>20; 5<C <540;L. >340 2>:@C3 20A ?@>8AE>48B ?0=8:0 8 20<8 B>65 >2;045205B <8=CB=>5 65;0=85 ?>ABC?8BL ?> ?@8<5@C 2A5E >AB0;L=KE, 8=>340 - 1560BL, 8=>340 AB>OBL 8 :@8G0BL "", 20< =5>1E>48<> B>BG0A 65 ?>1>@>BL MB> 65;0=85. 5 ?>440209B5AL ?0=8:5, A>E@0=8B5 ?@8ACBAB285 4CE0, ?>4C<09B5, GB> =04> 45;0BL, 8 459AB2C9B5 =5<54;5==>.  ?@>H;>< (1907. 54.) 3>4C ?@>87>H5; 2>7<CB8B5;L=K9 A;CG09: =0 3;070E <=>65AB20 ;N459 65=I8=0 CB>=C;0 2 <5;:>< ?@C4C. 8 C :>3> =5 E20B8;> <C65AB20 1@>A8BLAO 2 2>4C 2KB0I8BL 55, =5A<>B@O =0 B>, GB> >=0 10@0EB0;0AL 2 B5G5=85 ?>;CG0A0. "@C4=> 4065 ?>25@8BL, GB>1K AB>O2H85 =0 15@53C <>3;8 B>;L:> @07<0E820BL @C:0<8, =>, : 8E 25;8:><C ABK4C, B0: =0 A0<>< 45;5 8 1K;>.  MB>< >?OBL B0:8 28=>20B0 ?0=8:0. 5@2K9 G5;>25:, O282H89AO =0 <5AB> ?@>8AH5AB28O, =5 65;0; 2>9B8 2 2>4C 8 >3@0=8G8;AO B5<, GB> ?>720; 4@C3>3>. @81560;> 5I5 =5A:>;L:> G5;>25:, =>, 284O, GB> ?5@2K5 =5 2;57;8 2 2>4C, 8<8 >2;045; 157>BG5B=K9 AB@0E, 8 B0:8< >1@07>< 40;8 =5AG0AB=>9 65=I8=5 CB>=CBL =0 8E 3;070E. / =045NAL, GB>, A;CG8AL =0 <5AB5 ?@>8AH5AB28O A:0CB, 2A5 A;>68;>AL 1K A>25@H5==> 8=0G5. -B> 8<5==> 1K; 1K A;CG09 A:0CBC >B;8G8BLAO. = <>3 1K BCB ?@8?><=8BL 2A5 ?@56=85 C@>:8. A?>;=O9B5 A2>9 4>;3. ><>309B5 1;86=5<C, 2 >A>15==>AB8 65=I8=0<. 5 >1@0I09B5 2=8<0=85 =0 B>, GB> 4@C385 1>OBAO. 8409B5AL A<5;> 8 A<>B@8B5 =0 B>B ?@54<5B, :>B>@>3> 2K E>B8B5 4>AB83=CBL, =5 4C<09B5 > A>1AB25==>9 >?0A=>AB8. 0;LG8:8 G0AB> 2>>1@060NB, GB> >=8 A;8H:>< <>;>4K 8 <0;K, GB>1K ?@8=OBL 45OB5;L=>5 CG0AB85 2 A?0A5=88 687=8. -B> 1>;LH0O >H81:0.  ?@>H;>< 3>4C (1907. 54.) 452OBL <0;LG8:>2 87 >@30=870F88 "@83040 <0;LG8:>2" ?>;CG8;8 <540;L "0 A?0A5=85 CB>?0NI8E". A5 >=8 1K;8 2 2>7@0AB5 >B 13 4> 16 ;5B.  ?@>H;>< 3>4C (1907. 54.) 420 <0;LG8:0 A?0A;8 CB>?02H8E ;N459, 0 <0;5=L:89 452OB8;5B=89 @515=>: ?>;CG8; A5@51@O=K5 G0AK 70 A?0A5=85 @515=:0 2> 2@5<O ?>60@0. 5;L7O =5 C?><O=CBL > A;54CNI5< A;CG05: "@8 <0;LG8:0 ;078;8 ?> A:0;0< 21;878 <>@O; >48= 87 =8E A>@20;AO 8 C?0;, ?@8G5< A8;L=> @0AH81AO. @C3>9 ?>;57 =025@E 8 C1560; 4><>9, =>, 1>OAL =0:070=8O, =8G53> =8:><C =5 A:070;. "@5B89 65 A;57 >?OBL 2=87 =0 ?><>IL C?02H5<C 8 70AB0; 53> ;560I8< 3>;>2>9 2=87 <564C 42C<O A:0;0<8. >60 A G5@5?0 C =53> 1K;0 ?>GB8 A>@20=0 8 =>30 A;><0=0. = AB0I8; 53> A B>3> <5AB0, =0 :>B>@>5 B>B C?0; 8 345 ?>425@30;AO >?0A=>AB8 CB>=CBL 2> 2@5<O ?@8;820. 0B5< =0BO=C; 5<C A>@20==CN :>6C =0 3>;>2C 8 ?5@52O70; 55 8, =0A:>;L:> 2>7<>6=> 1K;>, 2?@028; =>3C, A2O702 55 2 ;C1:8. >A;5 2A53> MB>3> >= 2;57 =0 A:0;C, =0@20; ?0?>@>B=8:>2 8 A45;0; 87 =8E ?>AB5;L 4;O 87C25G5==>3> <0;LG8:0. = ?@>1K; A =8< 25AL 45=L; :>340 =0ABC?8;0 =>GL, >= 2A5 65 >AB0;AO ?@8 =5<, 8 4065 1>;LH>9 BN;5=L, 2;57H89 =0 A:0;C @O4>< A =8<8 8 4>2>;L=> =54@C65;N1=> : =5<C >B=>A82H89AO, =5 8A?C30; 53>. = ?@>3=0; BN;5=O, 1@>A0O 2 =53> :0<=8. "5< 2@5<5=5< 8E E20B8;8AL, ?>H;8 @07KA:820BL 8 A?0A;8 >1>8E <0;LG8:>2. 4=0:>, =5A<>B@O =0 2A5 AB0@0=8O, ?@8;>65==K5 : A?0A5=8N B@02<8@>20==>3> <0;LG8:0, >= 2A:>@5 C<5@. #?><8=0O > <0;LG8:0E, O 4>;65= 70<5B8BL, GB> 2A5 A:070==>5 > =8E >B=>A8BAO B0:65 : 65=I8=0< 8 452>G:0<. =8 =5 B>;L:> A?>A>1=K ?@8=5AB8 >G5=L 1>;LHCN ?>;L7C, => 8 4>:070;8 MB> <=>3> 8 <=>3> @07. 0?@8<5@, <0;5=L:0O 452>G:0, 45AOB8 ;5B, AB0@0;0AL A?0AB8 42CE :@>H5G=KE 45B59, =0E>482H8EAO 2 ?>2>7:5, :>B>@CN =5A;8 ;>H048. 9 MB> C40;>AL, => A0<0 >=0 ?>?0;0 ?>4 ?>2>7:C 8 A8;L=> ?>AB@040;0. 5@>OB=>, :>340-=81C4L 2 20H5< ?@8ACBAB288 ?@>87>945B =5AG0AB=K9 A;CG09, ?@8 :>B>@>< 20< C40ABAO >B;8G8BLAO. A;8 2K 701;03>2@5<5==> >1CG5=K B><C, GB> =04> 45;0BL, 2K B>BG0A 65 2KABC?8B5 2?5@54, A45;05B5 GB> B@51C5BAO, 8 <>65B5 ?>;CG8BL <540;L 70 A?0A5=85 ?>3810NI8E. > 2AO:>< A;CG05 2K ?>;CG8B5 B>, GB> 4>@>65 ?@>AB>9 <540;8 - 2K 1C45B5 8<5BL A>7=0=85, GB>, @8A:CO A>1AB25==>9 687=LN, ?><>3;8 1;86=5<C. #?@06=5=8O @>A0=85 "!:2>;5@0". !:2>;5@>< =07K205BAO ?0;:0 4;8=>9 19 4N9<>2, : >4=><C :>=FC :>B>@>9 ?@845;0= A28=F>2K9 =0:>=5G=8: 25A>< 2 1.75 DC=B0, 0 : 4@C3><C A?0A0B5;L=0O 25@52:0. &5;LN 4>;6=0 A;C68BL ?0;:0 A ?5@5:;048=>9, 87>1@060NI0O 3>;>2C 8 @C:8 B>=CI53> G5;>25:0. 5 2BK:0NB 2 75<;N =0 @0AAB>O=88 30 H03>2 >B <5AB0 1@>A0=8O. 064K9 A>ABO70NI89AO 1@>A05B ?> >G5@548, AB>O 70 G5@B>9, ?@>2545==>9 =0 75<;5. @>A0BL <>6=> A <5AB0 8;8 A @071530. K83@K205B B>B, :B> 40;LH5 1@>A8B, A CA;>285<, GB> 25@52:0 C?0;0 =0 GCG5;>. -B> <>6=> 45;0BL 8 ?> 42>5, GB>1K C7=0BL, :B> EC65 1@>A05B. #?@06=O9B5AL ?>4>1=K< 65 >1@07>< 2 1@>A0=88 A?0A0B5;L=>3> :@C30. #?@06=O9B5AL, >1@07CO 425 F5?8 4;O ?5@540G8 ?CABKE 2545@ 8 =0?>;=5==KE 2>4>9. #?@06=O9B5AL 2 ?5@5=>A:5, @0725@BK20=88 8 A25@BK20=88 ?>60@=>3> H;0=30, 2 CAB0=>2:5 =0A>A>2, :0G0=88 2>4K 8 =0?@02;5=88 55 AB@C8. #?@06=O9B5AL 2 ?@8<5=5=88 ;5AB=8F, H5AB>2, 25@52>:, >?CA:0=88 ;N459 87 >:>= =0 25@52:0E 8;8 >45O;0E, 2 ?@K6:0E =0 A?5F80;L=K5 ?>60@=K5 ?@>ABK=8, 2 A?CA:5 A ?><>ILN A?0A0B5;L=KE @C:02>2; CG8B5AL, :0: CAB0=02;820BL 8 45@60BL 8E.     !! # !"  N24  !"#",   / !'!"+% !#' 0=8:0 653>4=> ?>38105B =5A:>;L:> G5;>25G5A:8E 687=59 2A;54AB285 ?0=8:8, >E20BK20NI59 ;N459 8 :>B>@CN <>6=> 1K;> 1K ;53:> ?@54>B2@0B8BL, 5A;8 1K >48= 8;8 420 G5;>25:0 A>E@0=8;8 ?@8ACBAB285 4CE0. 4=064K 25G5@><, 420 3>40 B><C =0704 (2 1905 3>4C. 54.), =0 ?0@>E>45, A;54CNI8< 2 LN->@: >48= G5;>25: ;>28; :@01>2. = 2 2845 HCB:8 1@>A8; >4=>3> 87 =8E =0 ?0;C1C. @01 2F5?8;AO 2 =0E>482HCNAO B0< :>H:C. =0 70?8I0;0 8 ?@K3=C;0 2 A5@548=C B>;?K CG5=8F. 52>G:8 B>BG0A 65 A :@8:>< 1@>A8;8AL 2 @07=K5 AB>@>=K. -B> 2K720;> ?0=8:C A@548 A>B5= ?0AA068@>2, =0E>482H8EAO =0 ?0@>E>45. =8 AB0;8 <5B0BLAO ?> ?0;C15, =04028;8 =0 ?5@8;0, :>B>@K5 A;><0;8AL, 8 >:>;> 2>AL<8 G5;>25: C?0;> 2 2>4C; ?@5645 G5< <>6=> 1K;> ?@8ABC?8BL : A?0A5=8N, 8E ?>4E20B8;> B5G5=85< 8 >=8 ?>B>=C;8. 4=064K >4=0 452CH:0, :C?0OAL, A45;0;0 284, GB> B>=5B. "@>5 <C6G8= ?@K3=C;8 2 @5:C, GB>1K A?0A0BL 55, => >48= 87 =8E ?>H5; :> 4=C, 4@C3>9 AB0; B0I8BL 53>, 8 >10 CB>=C;8. 5402=> ?@>87>H;0 ?0=8:0 2 B50B@5, ?5@5?>;=5==>< ?C1;8:>9. >A5<L 45B59 1K;> @07402;5=> =0A<5@BL. >381;> 1K 5I5 1>;LH5, 5A;8 1K C 42CE <C6G8= =5 >:070;>AL ?@8ACBAB28O 4CE0. 48= 87 =8E 1>4@K< 3>;>A>< A:><0=4>20; 45BO< A;54>20BL 70 =8< 2 4@C3>< =0?@02;5=88; B5< 2@5<5=5< 2B>@>9, ?>:07K202H89 2>;H51=K9 D>=0@L, 2AB028; =>2CN :0@B8=C 8 MB8< >B2;5: 2=8<0=85 >AB0;L=KE. "5< A0<K< ?@5:@0B8; ?0=8:C. ;02=>5 CA;>285 - =0E>4G82>ABL 2 =C6=K9 <><5=B 8 ?@8ACBAB285 4CE0. 2>5 ;N459, B0:8< >1@07><, <>3CB CA?>:>8BL =5A:>;L:> A>B5= 8 A?0AB8 8E >B 3815;8. ;O A:0CB0 MB> ?@5:@0A=K9 A;CG09 >B;8G8BLAO. 0AB02LB5 A51O 1KBL A?>:>9=K< 8 =5 B5@OBL ?@8ACBAB28O 4CE0. C<09B5 > B><, GB> =C6=> 45;0BL, 8 B>BG0A 65 8A?>;=O9B5 MB>. 0: A?0A0BL ;N459 2> 2@5<O ?>60@0 @8<5@K A?0A5=8O ;N459 2> 2@5<O ?>60@>2 2AB@5G0NBAO G0AB>.  =8E <>6=> 5654=52=> G8B0BL 2 3075B0E. !:0CB0< A;54C5B 87CG0BL MB8 A;CG08 8 ?@54AB028BL A515, :0: 459AB2>20BL 2 @07=KE A;CG0OE. 0 4=OE, =0?@8<5@, <>;>4>9 <>@O: H5; ?> C;8F5 8 24@C3 C2845; 3>@OI89 4><, 87 2B>@>3> MB060 :>B>@>3> :@8G0;0 65=I8=0, GB> BCB 55 45B8 8 >=8 =5 <>3CB 2K1@0BLAO. >@O: 1@>A8;AO : 4><C, :>5-:0: 5<C C40;>AL 27>1@0BLAO ?> AB5=5 ?5@2>3> MB060. = 2K;><0; >:=> 8, B0:8< >1@07><, <>3 AB0BL =0 ?>4>:>==8:5. 5=I8=0 87 >:=0 2B>@>3> MB060 <>3;0 B>340 >?CAB8BL : =5<C @515=:0, :>B>@>3> >= ?>9<0; =0 ;5BC 8 >?CAB8; =0 75<;N. "0: ?5@54020;8 5<C @515=:0 70 @515=:><, ?>:0 >= H5AB5@KE =5 >?CAB8; =0 75<;N, 8, =0:>=5F, 42CE 65=I8=. 04KE0OAL >B 4K<0, >= A0< C?0;, ;8H82H8AL A>7=0=8O, 8 53> ?>4E20B8;8 AB>O2H85 2=87C ;N48. 3> ?>ABC?>: <>65B 20< ?>A;C68BL ?@8<5@><, :0: A;54C5B 459AB2>20BL, =5 <54;O =8 <8=CBK, 8 =5 704C<K20OAL =04 >?0A=>ABO<8 8 B@C4=>ABO<8.  O=20@5 1906 3>40 2 -=D8;14A:>< 3>A?8B0;5 =>GLN 703>@5;>AL 45BA:>5 >B45;5=85, 8, 25@>OB=>, <=>3> ?>381;> 1K 45BA:8E 687=59, 5A;8 1K =5 ?@8ACBAB285 4CE0 8 =0E>4G82>ABL A<>B@8B5;L=8FK. =0 ?@81560;0 87 A2>53> 4><0, >BKA:0;0 8 >B:@K;0 ?>60@=K9 :@0=, ?@8;048;0 :8H:C 8 AB0;0 ?>;820BL >3>=L, ?>:0 425 456C@=K5 A845;:8 2KB0A:820;8 45B59 87 3>@OI53> ?><5I5=8O, 8 A?0A;0 B0:8< >1@07>< 20 G5;>25:. >B =5:>B>@K5 C:070=8O, :0: A;54C5B ?>ABC?0BL 2> 2@5<O ?>60@0: 1. !>>1I8BL ;N4O<, =0E>4OI8<AO 2 740=88, > 3@>7OI59 8< >?0A=>AB8. 2. !>>1I8BL > ?>60@5 1;8609H5<C ?>;8F59A:><C 8;8 ?>60@=><C 45?>. 3. 0AB028BL A>A5459 ?@8=5AB8 ;5AB=8FK, <0B@0FK, :>2@K, GB>1K ?>4E20BK20BL ;N459, ?@K30NI8E 87 >:>=. > ?@81KB88 ?>60@=KE A:0CBK 1>;LH5 2A53> <>3CB ?><>GL, A45@6820O B>;?C, GB>1K >=0 =5 <5H0;0 @01>B5 ?>60@=KE 8 B.4. =8 2KAB@0820NBAO 2 >4=C 8;8 425 H5@5=38, 15@CB 4@C3 4@C30 70 B0;8N, =042830NBAO =0 B>;?C, >?CAB82 2=87 3>;>2C, 8, B0:8< >1@07><, >BB5A=ONB 55. >340 ?@8E>48BAO 2E>48BL 2 4><, @07KA:820O >A;0152H8E 8 ?>B5@O2H8E A>7=0=85, =C4=> ?>;>68BL A515 =0 =>A 8 @>B <>:@K9 ?;0B>: 8;8 GC;>:, 8 ?@>42830BLAO 2 A>3=CB>< ?>;>65=88 8;8 ?>;7:>< :0: <>6=> 1;865 : ?>;C, B0: :0: B0< <5=LH5 2A53> 4K<0 8 C30@0. ;O B>3>, GB>1K ?@>9B8 A:2>7L >3>=L 8 8A:@K, ?>AB0@09B5AL, 5A;8 2>7<>6=>, 4>AB0BL >45O;>, =0<>G8B5 53> 8 ?@>@56LB5 ?>A@548=5 4K@C, G5@57 :>B>@CN <>6=> ?@>AC=CBL 3>;>2C. "0:8< >1@07>< ?>;CG05BAO =5GB> 2@>45 >3=5C?>@=>3> ?;0I0, 2 :>B>@>< <>6=> ?@>1@0BLAO A:2>7L ?;0<O 8 8A:@K. >340 345-=81C4L 21;878 2A?KE8205B ?>60@, A:0CB0< A;54C5B :0: <>6=> A:>@55 =0?@028BLAO A:0CBA:8< H03>< : <5ABC ?>60@0, @C:>2>4AB2COAL ?@8 MB>< 70@52>< 8;8 4K<><. 0B5< ;845@ ?0@B88 4>;65= >1@0B8BLAO : ?>;8F88 8;8 ?>60@=K<, 8 ?@54;>68BL CA;C38 A2>53> ?0B@C;O. A;8 2K C2848B5 G5;>25:0, =0 :>B>@>< 3>@8B >45640, ?>20;8B5 53> =0 ?>;, B0: :0: >3>=L 2A5340 3>@8B 225@E, 70B5< 70:CB09B5 53> 2 :>25@, ?0;LB> 8;8 >45O;>, B>;L:> 15@538B5AL ?@8 MB><, GB>1K A0<><C =5 703>@5BLAO. 04> ?>ABC?0BL B0:8< >1@07>< ?>B><C, GB> >3>=L =5 <>65B 3>@5BL 157 2>74CE0. >A;5 2A53> MB>3> >1;59B5 53> 2>4>9, GB>1K 7030A8BL 8A:@K. A;8 20< A;CG8BLAO =09B8 G5;>25:0 2 15AA>7=0B5;L=>< A>AB>O=88 (G0AB> >B AB@0E0 >=8 ?@OGCBAO ?>4 :@>20B8, AB>;K 8 B.?.), B> 20< A;54C5B 2K=5AB8 53> =0 ?;5G0E 8;8 65, 2 A;CG05 3CAB>3> 4K<0 8 C30@0, C4>1=55 ?@82O70BL 53> : A515 ?>A@54AB2>< ?@>ABK=L 8;8 25@52>:, 8 ?>;7:>< =0 G5B25@5=L:0E 2KB0I8BL 53> ?> ?>;C 87 :><=0BK. #?@06=O9B5AL 2 MB><, >12O7K20O <=8<>-?>AB@0402H53> 25@52:>9 2>:@C3 B0;88, 2>:@C3 I8:>;>B>:. >25@=8B5AL : =5<C A?8=>9 8 B0I8B5 53> =0 G5B25@5=L:0E. #?@06=O9B5AL B>65 2 ?>4=8<0=88 =0 ?;5G8 G5;>25:0, =0E>4OI53>AO 157 A>7=0=8O. 0: A?0A0BL CB>?0NI8E !?8A>: 35@>52 A:0CB>2, A?0AH8E CB>?0NI8E, 4>:07K205B, :0: G0AB> ?@>8AE>4OB =5AG0AB=K5 A;CG08 2A;54AB285 =5C<5=8O ?;020BL. >MB><C :@09=5 206=> 2A5< C<5BL ?;020BL 8 =0CG8BLAO A?0A0BL B>=CI8E. >;L159=, 7=0<5=8BK9 ?;>25F G5@57 0-0=H, ?8H5B 2 "C@=0;5 4;O N=>H59", GB> :064><C <0;LG8:C, CG0I5<CAO ?;020BL, ?@5645 2A53> =04> C<5BL 2;570BL 87 2>4K 2 ;>4:C, 8 =0>1>@>B: 87 ;>4:8 2 2>4C. 0B5< 45@60BLAO =0 ?>25@E=>AB8 - AE20B82H8AL 70 25A;> 8;8 4>A:C, A84O =0 =8E 25@E><, 8;8 ?;KBL 2 2>45, 45@60AL 70 >48= :>=5F.  B@5BL8E, 2;570BL 2 ?;K2CI89 A?0A0B5;L=K9 :@C3, B.5. ?>3@C78BL 1;8609HCN 53> AB>@>=C 2 2>4C, 2;57BL 2 >B25@AB85 3>;>2>9 8 ?;5G0<8 B0:, GB>1K =0E>48BLAO 2=CB@8 :@C30, :>340 >= ?;K25B. 0:>=5F, :0: A?0A0BL 687=L 4@C38<. #?@06=O9B5AL 2 MB>< 2 :C?0;L=OE. >A@54AB25==K9 ?;>25F <>65B A?0AB8 CB>?0NI53>, 5A;8 7=05B A>>B25BAB2CNI85 ?@85<K 8 C?@06=O;AO 2 =8E A> A2>8<8 4@C7LO<8. 5AL<0 @0A?@>AB@0=5==>5 <=5=85, 1C4B> 1K CB>?0NI89 ?@5645, G5< >:>=G0B5;L=> ?>9B8 :> 4=C, B@8 @070 ?>4K<05BAO, A>25@H5==K9 274>@. '0AB> >= B>BG0A 65 B>=5B, 5A;8 :B>-=81C4L =5 ?>4>A?55B 5<C =0 ?><>IL. ;02=>5 =5 4020BL B>=CI5<C AE20B8BLAO 70 20A, 0 B> >=, 25AL<0 25@>OB=>, ?>B>?8B 8 20A. A5340 AB0@09B5AL ?>4?;KBL A7048. A;8 20A AE20BOB 70 :8AB8 @C:, ?@83=8B5 20HC :8ABL : 53> 1>;LH><C ?0;LFC 8 >A2>1>48B5 20HC @C:C. CGH89 A?>A>1 ?><>GL CB>?0NI5<C - 45@60AL ?>7048 =53>, AE20B8BL 53> 70 2>;>AK, 70 H82>@>B 8;8 ?>4<KH:8, 8 C3>20@820BL 45@60BLAO A?>:>9=> 8 =5 >B1820BLAO. A;8 >= ?>A;CH05BAO, 53> ;53:> ?>445@6820BL =0 ?>25@E=>AB8 2>4K; 2 ?@>B82=>< A;CG05 =04> 1KBL >AB>@>6=K<: >157C<52 >B AB@0E0, >= <>65B ?>25@=CBLAO 8 AE20B8BL 20A. A;8 >= 20A AE20B8B 70 3>@;>, >;L159= A>25BC5B: "4=>9 @C:>9 >1E20B8BL 53> 70 B0;8N, 0 4@C3>9, ;04>=LN 225@E, AE20B8BL ?>4 ?>41>@>4>:, ?@868<0O :>=FK ?0;LF52 : 53> =>AC. @8BO38209B5 8 >BB0;:8209B5 ?>?5@5<5==> 53> 70 B0;8N : A515, 0 4@C3>9 @C:>9 >B A51O 87> 2A59 A8;K; >= ?>=52>;5 4>;65= 1C45B 20A 2K?CAB8BL". > 2K =8:>340 =5 70?><=8B5 MB>3>, 5A;8 =5 1C45B5 C?@06=OBLAO A 4@C38<8 N=>H0<8, ?> >G5@548 87>1@060O CB>?0NI53> 8 A?0A0NI53>. #?@06=O9B5AL 2 MB><. 5:B> 3>A?>48= !:C;;8>= 1@>A8;AO 2 2>4C, GB>1K A?0AB8 <0;LG8:0, C?02H53> <564C ?@8AB0=LN 8 :>@01;5<. >340 5<C C40;>AL AE20B8BL <0;LG8:0, >:070;>AL, GB> 2 MB>< C7:>< ?@>AB@0=AB25 =5;L7O 1K;> ?;KBL, 0 B5G5=85 1K;> >G5=L A8;L=>5. = B>340 =K@=C; ?>4 4=> :>@01;O, 2<5AB5 A <0;LG8:><, ?>4=O;AO ?> 4@C3CN AB>@>=C 8 BCB, A2>1>4=> ?;K2O, 4>AB83 ;>4:8, :>B>@0O 8E ?>4>1@0;0. 5 8<59 >= ?@8ACBAB28O 4CE0 8 =5 =K@=8 >= ?>4 :>@01;L, >=8, 25AL<0 25@>OB=>, CB>=C;8 1K >10. "5< 87 =0A, :>B>@K5 =5 C<5NB ?;020BL 8 ?>?04CB 2 2>4C, A;54C5B 7=0BL, GB> >=8 =5 ?>94CB :> 4=C, 5A;8 B>;L:> 2A?><=OB A;54CNI55: 2>-?5@2KE, 45@68B5 @>B 225@E, 70:8=C2 3>;>2C =0704; 2>-2B>@KE, =0?>;=O9B5 ;53:85 2>74CE><, 24KE0O 3;C1>:> 8 2K4KE0O >G5=L <0;>; 2 B@5BL8E, 45@68B5 20H8 @C:8 ?>4 2>4>9. K =5 4>;6=K :@8G0BL - MB8< 2K >?>@>6=O5B5 ;53:85, 8 =5 4>;6=K @07<0E820BL @C:0<8, ?@87K20O =0 ?><>IL, 0 B> 2K ?>945B5 :> 4=C. A;8 2K, =5 C<5O ?;020BL, 2848B5 B>=CI53> G5;>25:0, 1@>ALB5 5<C 25@52:C, 25A;> 8;8 4>A:C, A B0:8< @0AG5B><, GB>1K >=0 ?@8H;0AL :0: @07 =04 =8< 8 GB>1K, :>340 >= >?OBL ?>O28BAO =0 ?>25@E=>AB8, <>3 70 =8E CF5?8BLAO. A;8 :B>-=81C4L ?@>20;8BAO A:2>7L ;54, 8 =5 <>65B 2K1@0BLAO, ?>B><C GB> :@0O ;L40 ?>4;0<K20NBAO - 1@>ALB5 5<C 25@52:C 8 C3>2>@8B5 =5 10@0EB0BLAO. -B> ?@840AB 1>4@>AB8 8 40AB 20< 2@5<O 4>AB0BL 4;8==CN ;5AB=8FC 8;8 H5AB, A ?><>ILN :>B>@KE >= <>65B 2K1@0BLAO, 8;8 2K A0<8 A<>65B5 : =5<C ?>4?>;7B8, GB>1K CE20B8BL 53>. 0: ?>ABC?0BL, 5A;8 ;>H04L ?>=5A5B 064><C ?>;57=> 7=0BL, :0: <>6=> >AB0=>28BL =5ACICN ;>H04L 8 MB8< ?@54C?@548BL <=>3>G8A;5==K5 =5AG0ABLO 8 C25GLO. 4=><C @O4>2><C 1K;0 ?@8AC645=0 <540;L 70 >AB0=>2:C ?>=5AH8E ;>H0459, 70?@O65==KE 2 0@B8;;5@89A:89 DC@3>=. !>;40B, C?@02;O2H89 70?@O6:>9 8 5E02H89 25@E>< =0 >4=>9 87 ;>H0459, 1K; A1@>H5=. >H048 ?>=5A;8 2=87 ?>4 3>@C : ;035@N, 345 =0 2>74CE5 83@0;> <=>65AB2> 45B59. O4>2>9, C28452 >?0A=>ABL, 3@>782HCN 45BO<, 1@>A8;AO : ;>H04O<, AE20B8; >4=C 87 =8E ?@02>9 @C:>9 8, ;52>9 C?8@0OAL 2 4KH;>, ?KB0;AO >AB0=>28BL DC@3>=. 3> ?@>B0I8;> B0:8< >1@07>< =0 @0AAB>O=88 =5A:>;L:8E H03>2, => BCB ?>@20;8AL F5?8, ?@8:@5?;ONI85 4KH;> : DC@3>=C. O4>2>9 2<5AB5 A 4KH;>< C?0;8 =0 75<;N. $C@3>= ?5@55E0; ?> =>30< 8 A8;L=> ?>@0=8; 8E. %>BO >= 8 =5 >:>=G0B5;L=> >AB0=>28; ;>H0459, => >= =0AB>;L:> >B:;>=8; 8E >B ?5@2>=0G0;L=>3> ?CB8, GB> 40; 2>7<>6=>ABL 45BO< A?0AB8AL. 5402=> >4=C 40<C ?>=5A;0 ;>H04L. 157C<52H55 682>B=>5 <G0;>AL 87> 2A59 <>G8, 8, E>BO 40<0 1K;0 >B;8G=>9 =0574=8F59, >=0 =5 <>3;0 1>;55 C?@02;OBL ;>H04LN. ?0A=>ABL A>AB>O;0 2 B><, GB> 4>@>30, ?> :>B>@>9 A:0:0;0 ;>H04L, =5<=>3> H;0 ?@O<>, => 2 :>=F5 :@CB> 702>@0G820;0 8 :>=G0;0AL 2KA>:>9 65;57=>9 @5H5B:>9. >340 ;>H04L ?>=5A5B, >=0, ?>-2848<><C, B5@O5B 7@5=85 8 @0AAC4>:, 8 3>B>20 1@>A8BLAO A> A:0;K 8;8 =0A:>G8BL =0 AB5=C.  40==>< A;CG05 :070;>AL, GB> >=0 C40@8BAO > 2KA>:CN GC3C==CN @5H5B:C, 8 B>340 ?>A;54AB28O 4;O 5E02H59 =0 =59 452CH:8 1K;8 1K C60A=K. @O<> ?5@54 =59 5E0;8 25@E>< 42>5 <C6G8=, A?>:>9=> @073>20@820O 8 45@60 ?CBL 2 B>< 65 =0?@02;5=88. 48= 87 =8E ?>25@=C; 3>;>2C 8 2 >4=> <3=>25=85 A>>1@078;, 2 G5< 45;>. = C2845;, GB> 452CH:0 >1@5G5=0 =0 =5<8=C5<CN A<5@BL, 5A;8 =5 A45;0BL G53>-=81C4L, GB>1K >AB0=>28BL >157C<52HCN ;>H04L, 8;8 =5 70AB028BL 55 A25@=CBL 2 4@C3CN AB>@>=C. C GB> 1K :064K9 87 20A A45;0; =0 <5AB5 MB>3> 3>A?>48=0? = <>3 1K ?>AB028BL A2>N ;>H04L ?>?5@5: 4>@>38, =>, ?>ABC?82 B0:8< >1@07><, >15 ;>H048 AB>;:=C;8AL 1K, 1K;8 1K >?@>:8=CBK 8, 25@>OB=>, >10 =0574=8:0 ?>381;8. >ABC?8; 65 >= A;54CNI8< >1@07><: ?CAB8; A2>N ;>H04L :0@L5@>< 2?5@54, 8 2 >4=C <8=CBC :070;>AL, 1C4B> >= C15305B, 0 40<0 53> ?@5A;54C5B 2> 25AL >?>@. 020O ?>AB5?5==> ;>H048, =5AH59 40<C, A51O =03=0BL, >= AB0; ?>2>@0G820BL A2>N ;>H04L 2 AB>@>=C 8, =042830OAL, =0?8@0; =0 ?;5G> 4@C3>9 ;>H048 4> B5E ?>@, ?>:0 >=0 =5 A25@=C;0 A >?0A=>3> ?CB8. ?0A=>ABL =0;5B5BL =0 @5H5B:C <8=>20;0. "CB, >?5@5482 55 =5<=>3>, >= AE20B8; 55 ?>4 C74FK, 8 2A:>@5 5<C C40;>AL >AB0=>28BL 55 8 40BL 59 >?><=8BLAO. -B> =03;O4=K9 C@>: B><C, GB> =04> 2A5340, 4065 2> 2@5<O A0<>9 >1K:=>25==>9 ?@>3C;:8 8 @073>2>@0 A ?@8OB5;5<, 1KBL =03>B>25 =5<54;O 1@>A8BLAO =0 ?><>IL 1;86=5<C, =0E>4OI5<CAO 2 >?0A=>AB8. ;O B>3>, GB>1K >AB0=>28BL ?>=5AHCN ;>H04L, =5 A;54C5B 1@>A0BLAO ?5@54 =5N 8 @07<0E820BL @C:0<8, :0: 45;0NB >G5=L <=>385 ;N48. 04> 1560BL @O4>< A =59 8 AB0@0BLAO >4=>9 @C:>9 AE20B8BLAO 70 >3;>1;N, GB>1K =5 C?0ABL, 0 4@C3>9 @C:>9 70 2>668, 8 8<8 ?>2>@0G820BL 3>;>2C ;>H048 =0 A51O, ?>:0 =5 C40ABAO ?>25@=CBL : AB5=5, 4><C 8 >AB0=>28BL. >, :>=5G=>, 4;O <0;LG8:0, ?@8 53> ;53:>< 25A5, MB> >G5=L B@C4=>. 3> @>;L 2 ?>4>1=>< A;CG05, 25@>OB=>, 1C45B 70:;NG0BLAO 2 B><, GB>1K ?><>30BL ;N4O<, 87C25G5==K< ;>H04LN. 07=K5 A;CG08 52>7<>6=> ?5@5G8A;8BL 2A5 B5 A;CG09=>AB8, =0 :>B>@K5 <>65HL =0B>;:=CBLAO; => 4;O A:0CB0 206=> ?><=8BL, GB> 2A5340 A;54C5B A>E@0=OBL ?@8ACBAB285 4CE0 8 7=0BL, :0: =04> ?>ABC?0BL 2 :064>< A;CG05, 8 8A?>;=OBL B>BG0A 65 A2>5 =0<5@5=85, 4065 ?@8 A0<KE =5>6840==KE >1AB>OB5;LAB20E. 5A:>;L:> ;5B B><C =0704 <540;L 70 A?0A5=85 ?>3810NI8E 1K;0 2@CG5=0 >4=><C ?>;8F59A:><C 70 B>, GB> >=, =094O 48=0<8B=CN 1><1C, 2K=5A 55. =0 1K;0 ?@83>B>2;5=0 : 27@K2C, => 2<5AB> B>3>, GB>1K C1560BL 8 A?@OB0BLAO, >= 1@>A8;AO : =59, AE20B8; 55 8, 2K15602 =0@C6C, H2K@=C; 55 ?@>GL, ?@8G5< A0< GCBL =5 ?>381 ?@8 27@K25. A;8 1K >= 704C<0;AO, :0: =04> 459AB2>20BL, B>, 25@>OB=>, ?>381 1K A0< 8 2A5 740=85 1K;> 1K @07@CH5=>.  4@C3>9 @07 1K;0 2@CG5=0 <540;L 70 A;54CNI55: >4=064K @01>G85 <5B0;;C@38G5A:>3> 702>40 2K=8<0;8 87 =03@520B5;L=>9 ?5G8 1>;LH>9 4>:@0A=0 @0A:0;5==K9 1@CA 25A>< 2 1600 ?C4>2 (25,6 B>==. 54.). 4@C3 >48= 87 @01>G8E ?>A:>;L7=C;AO 8 C?0; A 2KA>BK 15 DCB>2 <564C 1@CA>< 8 AB5=>9, 345 ?@>AB@0=AB2> 1K;> =5 1>;55 2-E DCB>2. @C3>9 @01>G89 =5<54;5==> 4>AB0; ;5AB=8FC 8 ?>1560; : A;54CNI59 ?5G8, :>B>@0O A>>1I0;0AL ?@>E>4>< A ?5@2>9 ?5GLN. "0:8< >1@07>< 5<C C40;>AL ?@>=8:=CBL : =86=59 G0AB8 ?5G8 8 2B0I8BL A2>53> B>20@8I0 2 A>A54=NN ?CABCN ?5GL. 5H5==0O A>10:0 5H5=0O A>10:0 =0 A2>5< ?CB8 1@>A05BAO =0 2A5E 2AB@5G=KE. 064><C A:0CBC =5>1E>48<> 7=0BL, :0: =04> ?>ABC?0BL ?@8 2AB@5G5 A 15H5=>9 A>10:>9. 4=064K =5:89 3>A?>48= >B?@028;AO 25@E>< 2 A>?@>2>645=88 A2>59 A>10:8. > 2=570?=> >=0 2715A8;0AL 8 1@>A8;0AL 1560BL ?> 3>@>4C. 5 E>7O8= AB0; >BB5A=OBL 55 >B 4>@>38 8 703=0; 55 2 A04. 0B5< >= A>A:>G8; A :>=O, 1@>A8;AO : A>10:5 8 5<C C40;>AL AE20B8BL 55 70 H5N, =5 1C4CG8 C:CH5==K<. 02O70;0AL AB@0H=0O 1>@L10 <564C G5;>25:>< 8 A>10:>9. 0:>=5F ?>O28;AO A04>2=8: 8 ?@8=5A F5?L, :>B>@CN 3>A?>48= ?@8AB53=C; : >H59=8:C, 8 B>;L:> B>340, :>340 4@C3>9 :>=5F 1K; =0456=> ?@8:@5?;5= : 45@52C, >= >B?CAB8; A>10:C. =0 1K;0 B>340 2 ?>;=>< 15H5=AB25 8 B0: A8;L=> @20;0AL, GB> F5?L 5;5 2K45@6820;0. ">340 E>7O8= A>10:8 ?>4>H5; : =59 A 4@C3>9, 1>;55 :@5?:>9 F5?LN 8, ?@832>7482 A>10:C 70 H5N : 75<;5 28;0<8, 70:@5?8; 8 MBC F5?L. >340 MB> 1K;> A45;0=> 8 28;K 2K=CBK, A>10:0 A B0:>9 O@>ABLN :8=C;0AL =0 =53>, GB> ?5@20O F5?L ;>?=C;0.  AG0ABLN, =>20O F5?L 2K45@60;0 =0?>@, 8 2A:>@5 A>10:0 >:>;5;0. 'B>1K >3@048BL A51O >B 15H5==>9 A>10:8, =04> 45@60BL >158<8 @C:0<8 ?5@54 A>1>9 ?0;:C 8;8 4065 ?;0B>:. 1K:=>25==> A>10:0 1C45B AB0@0BLAO C40@8BL ;0?0<8 ?@5?OBAB285 ?@5645, G5< C:CA8BL. -B> 40AB 20< 2>7<>6=>ABL C40@8BL 55 =>3>9 ?>4 <>@4C.   # /  !!  #?@06=O9B5AL 2 A45@6820=88 B>;?K 2> 2@5<O ?>60@0. #?@06=O9B5AL 2 ?@85<0E, ?@8<5=O5<KE ?@8 A?0A5=88 CB>?0NI8E. 0: ?><5H0BL G5;>25:C 70AB@5;8BL 4@C3>3> 87 ?8AB>;5B0? 5;09B5 ;5AB=8FK 87 H5AB>2, 15G52:8 8 ?5@5:;048=. 1CG09B5 A:0CB>2 C7=020BL <5AB>=0E>645=85 2>4>?@>2>4=KE :@0=>2, ?>;8F59A:8E ?>AB>2, ?>60@=KE 45?>, 0<1C;0B>@89, 1>;L=8F, 8 B.?., =0E>4OI8EAO ?>1;87>AB8.     !! # !"  N25 ), # :070=85 ?5@2>9 ?><>I8 >340 ?@8 =5AG0AB=>< A;CG05 =0E>48HLAO >48= A ?>AB@0402H8<, 8 >= 2 15AA>7=0B5;L=>< A>AB>O=88, B> 53> A;54C5B ?>;>68BL =0 A?8=C, A;53:0 ?@8?>4=OBL 5<C 3>;>2C 8 ?>25@=CBL 55 2 AB>@>=C, GB>1K @2>B0 8;8 2>40 <>3;8 2KB5:0BL 87> @B0, =5 704CH82 53>. 04> @0AAB53=CBL >4564C C 3>@;0 8 =0 3@C48. 0B5< =04> >A<>B@5BL, 2 G5< 45;>, 8 ?>ABC?0BL, :0: C:070=> =865. A;8 2K =0H;8 G5;>25:0, ;560I53> 157 A>7=0=8O, B> 4>;6=K BI0B5;L=> 8AA;54>20BL >:@C60NICN <5AB=>ABL, 401K C4>AB>25@8BLAO, =5B ;8 :0:8E-;81> ?>4>7@8B5;L=KE A;54>2, 8 5A;8 B0:>2K5 >:06CBAO, B> >B<5B8BL, 345, GB>, =0 :0:>< @0AAB>O=88 =0E>48BAO 8 B.4. -B> =C6=> =0 B>B A;CG09, 5A;8 2?>A;54AB288 >1=0@C68BAO, GB> =0 ?>AB@0402H53> 1K;> ?@>872545=> =0?045=85. #?@06=O9B5AL 2 MB><; >48= 87 N=>H59 87>1@0605B ?>AB@0402H53>, 4@C3>9 4>;65= 53> =09B8. #AB@>9B5 "A;54" 2>:@C3 ?>AB@0402H53>. !;CG8AL :0:>5-=81C4L ?@>8AH5AB285 2 B> 2@5<O, :>340 2K ?@>E>48B5 A ?0B@C;5<, 8;8 2K =0B0;:8205B5AL =0 ?>AB@0402H53> G5;>25:0, A:0CB;845@ 4>;65= ?>A;0BL >4=>3> A:0CB0 70 4>:B>@><. !0< >= A 4@C38< A:0CB>< 4>;65= >AB0BLAO A ?>AB@0402H8< 8 70=OBLAO 8<. !:0CB;845@ 4>;65= ?>A;0BL >AB0;L=KE A:0CB>2 4>AB0BL 2A5, GB> =C6=>: 2>4C, >45O;>, =>A8;:8 8 B.4. 5;0B5;L=> 2=0G0;5, ?>:0 ?>AB@0402H89 =5<=>3> =5 >?@028BAO, >AB028BL 53> A>25@H5==> 2 ?>:>5, =5 AB0@0BLAO 157 =5>1E>48<>AB8 53> 42830BL 8 =5 B@52>68BL A @0AA?@>A0<8. A:CAAB25==>5 4KE0=85 01K ?@825AB8 2 GC2AB2> CB>=C2H53> G5;>25:0, =5>1E>48<> =5<54;5==> >A2>1>48BL 53> ;53:85 >B 2>4K. ;O MB>3> =C6=> ?>25@=CBL 53> ;8F>< 2=87, GB>1K 2>40 <>3;0 2KB5:0BL 87> @B0. ;O 4>AB865=8O MB>3> A;54C5B >B:@KBL 5<C @>B 8 2KB0I8BL 2?5@54 O7K:. !=8<8B5 A =53> <>:@CN >4564C, 7025@=8B5, 5A;8 2>7<>6=>, 2 >45O;>, @0AB8@09B5 8 A38109B5 53> G;5=K :0: <>6=> A8;L=55, GB>1K 2>AAB0=>28BL :@>2>>1@0I5=85. A2>1>482 53> >B 2>4K, ?>;>68B5 ?>AB@0402H53> =0 1>:. 0:;>=8B5 53> B5;> =5<=>3> 2?5@54, 0 O7K: >AB02LB5 2A5 5I5 2KAC=CBK< 87> @B0. A;8 >= 4KH8B, 409B5 5<C 274>E=CBL; 5A;8 65 =5 4KH8B, =04> =5<54;5==> ?@8=OBLAO 70 8A:CAAB25==>5 4KE0=85. >;>68B5 53> ?;0H<O, ;8F>< : 75<;5, => ?>4 ;>1 ?>;>68B5 53> A>3=CBCN @C:C, GB>1K =>A 8 @>B =5 ?@8:0A0;8AL : 75<;5. >4 53> 3@C4L ?>4;>68B5 A;>65==>5 ?0;LB> 8;8 ?>4CH:C, 0 3>;>20 ?CABL 28A8B =865 BC;>28I0. "0:8< >1@07>< 53> O7K: =5 1C45B 70:@K20BL 53> 3>@;0, 8 2>40 8;8 A;87L <>65B A2>1>4=> 2KB5:0BL. 0B5<, AB>O 2>7;5 =53>, ?>;>68B5 >15 20H8 @C:8 =0 =86=NN G0ABL 53> @515@, 8 2 B5G5=85 B@5E-G5BK@5E A5:C=4 4028B5 2=CB@L 8 225@E, ?> 2>7<>6=>AB8 @02=><5@=>, GB>1K 40BL 2>74CEC 2K9B8 87=CB@8. AB0=>28B5AL =5<=>3>, GB>1K 40BL 2>74CEC ?@>=8:=CBL G5@57 3>@;>, 8 >?OBL =04028B5 2=CB@L. @>4>;609B5 4028BL 8 >AB0=02;820BLAO, AG8B0O 4> G5BK@5E ?@8 :064>< 42865=88, 4> B5E ?>@, ?>:0 =5 25@=5BAO 4KE0=85. =>340 MB>3> ?@8E>48BAO 4>1820BLAO G0A 8;8 4065 1>;55. -B>B ?@85< =07K205BAO A?>A>1>< (5D5@0, 8 >48=0:>2> ?@8<5=8< :0: : CB>?;5==8:0<, B0: 8 704>E=C2H8<AO >B 4K<0 8;8 C3>@52H8<8. 0AB02LB5 A:0CB>2 ?>?0@=> C?@06=OBLAO 2 MB><. K< 8 307K >AB>O==> ?@>8AE>4OB =5AG0AB=K5 A;CG08 >B 2K45;5=8O 2@54=KE 307>2 2 :>?OE, 2K3@51=KE O<0E 8 4><0E. !B0@0OAL A?0AB8 C3>@52H53> G5;>25:0, =04> BI0B5;L=> 70:@KBL A515 =>A 8 @>B <>:@K<8 B@O?:0<8, ?@83=CBLAO :0: <>6=> 1;865 : ?>;C, 2KB0A:820BL G5;>25:0, =0E>4OI53>AO 157 A>7=0=8O, A?>A>1><, C:070==K< 2KH5 ?@8 ?>60@0E. KB0A:8209B5 ?>B5@?52H53> :0: <>6=> 1KAB@55 =0 A25689 2>74CE (O 3>2>@N :0: <>6=> 1KAB@55, B0: :0: 5A;8 2K 70<54;8B5, B> A0<8 ?>425@3=5B5AL >?0A=>AB8 704>E=CBLAO >B 2@54=KE 307>2). 0B5< @0AAB53=8B5 53> >4564C 2>:@C3 3>@;0 8 =0 3@C48, ?@KA=8B5 5<C 2 ;8F> E>;>4=>9 2>4>9 8 409B5 ?>=NE0BL 665=K5 ?5@LO, 45@60 8E ?>4 53> =>A><. A;8 >= =5 4KH8B, B> ?@815309B5 : ?@85<0<, ?@8<5=O5<K< : CB>?;5==8:0<, 8 ?>AB0@09B5AL 25@=CBL 5<C 4KE0=85. 6>38 #E06820O 70 >1>665==K< G5;>25:><, =5 A;54C5B A=8<0BL A =53> >4564C, 55 =04> A@570BL >AB@K< =>6>< 8;8 =>6=8F0<8.  B5E A;CG0OE, :>340 G0ABL ?;0BLO ?@8;8?;0 : B5;C ?>B><C, GB> ?@83>@5;0, =5 =04> 55 >B48@0BL, =>, >1@5702 :@C3>< <0B5@8N, 70:@KBL >13>@5;>5 <5AB> :0: <>6=> A:>@55 >B 4>ABC?0 2>74CE0. @8:>A=>25=85 2>74CE0 : >1>665==><C <5ABC ?@8G8=O5B =5AB5@?8<CN 1>;L. CGH55 A@54AB2> ?@54>E@0=8BL @0=C - ?>AK?0BL 55 <5;:> 8AB>;G5==K< <5;>< 8;8 <C:>9. %>@>H> B0:65 ?@8;>68BL B@O?>G:C, ?@>?8B0==CN ?@>20=A:8< 8;8 ;L=O=K< <0A;><, 8 2A5 ?@8:@KBL 20B>9. >AB@0402H53> A;54C5B 45@60BL 2 B5?;5, 4020BL 5<C B5?;>5 ?8BL5, =0?@8<5@, 3>@OG89 G09, 3>@OG55 <>;>:>, 8;8 @>< A 2>4>9. >:B>@ 6>= 0@@>259 >G5=L A>25BC5B 2<5AB> <C:8 8;8 <0A;0 ?;>B=> ?@8;>68BL : @0=5 :CA>: 1C<038: 1>;L ?@>945B 2 =5A:>;L:> A5:C=4. 6>38 :8A;>B0<8 4=064K >4=0 65=I8=0 >1;8;0 A5@=>9 :8A;>B>9 ;8F> >4=><C <C6G8=5. -B0 AB@0H=0O 54:0O :8A;>B0 >168305B 8 ?@>5405B 2A5, =0 GB> ?>?0405B.  AG0ABLN, BCB 65 =0E>48;AO ?>;8F59A:89, 7=02H89, GB> =04> 45;0BL 2 ?>4>1=KE A;CG0OE. = B>BG0A 65 A<K; :8A;>BC 2>4>9 8 ?>AK?0; @0=C <C:>9 4;O ?@54>E@0=5=8O 55 >B 2>74CE0 8 >1;53G5=8O 1>;8. 5@5;><K :>=5G=>AB59 @8E>48BAO B0:65 8<5BL 45;> A ;N4L<8, C :>B>@KE A;><0=K :>=5G=>AB8.  MB>< A;CG05 2K 4>;6=K 7=0BL, :0: ?>ABC?0BL, ?@>94O :C@A ?5@52O7>:, :>B>@K9 4;O :064>3> 2?>;=5 >1CG5==>3> A:0CB0 4>;65= 1KBL >1O70B5;L=K<. K B0< C7=05B5, :0: >B;8G8BL ?5@5;>< 8 :0: =0;>68BL ;C1:8, A45;0==K5 87 :CA:>2 45@520, A25@B:>2 3075B, A2O7>: 25B259, B@>AB>G5: 8;8 G53> 1K B> =8 1K;>, <>3CI53> A;C68BL ?>4?>@>9 4;O ?5@5;><;5==>9 :>=5G=>AB8.   @>2>B5G5=85 @8 A8;L=>< :@>2>B5G5=88 87 @0= A;54C5B A8;L=> A60BL :@0O @0=K 8;8 <5AB> :0: @07 =04 =59, B. 5. =0E>4OI55AO <564C @0=>9 8 A5@4F5<, A8;L=> =04028BL =0 =53> 1>;LH8< ?0;LF5<, AB0@0OAL >AB0=>28BL B5G5=85 :@>28 2 0@B5@88. !45;09B5 =5GB> 2@>45 B0<?>=0 87 ?;>A:>3>, :@C3;>3> :0<5H:0 8 ?@8:@CB8B5 53> : @0=5. A;8 :@>2>B5G5=85 >G5=L A8;L=>5, >12O68B5 A2>1>4=>5 <5AB> =04 @0=>9 8 :@5?:> 70:@CB8B5 ?@>AC=CB>9 A:2>7L ?;0B>: ?0;:>9. !B0@09B5AL ?@840BL @0=5=>9 G0AB8 B5;0 B0:>5 ?>;>65=85, GB>1K : =59 =5 ?@8;820;0 :@>2L 87 4@C38E >@30=>2. @8:;04K209B5 E>;>4=CN 2>4C, 5A;8 2>7<>6=> - ;54, <>:@K5 B@O?:8 8 B.?. 1<>@>:8.- A;8 ?@8 >1<>@>:5 G5;>25: 1;545=, - >1<>@>: ?@>8AE>48B >B =54>AB0B:0 ?@8;820 :@>28 : 3>;>25. ">340 ?>;>68B5 53> =027=8GL 3>;>2>9 =0 75<;N. A;8 ;8F> :@0A=>5 - ?@8?>4=8<8B5 3>;>2C: 7=0G8B C =53> ?@8;82 :@>28 : 3>;>25, :0: ?@8 0?>?;5:A8G5A:>< 8;8 A>;=5G=>< C40@5. @8?04:8 '5;>25: 2A:@8:8205B, ?0405B, :>@G8BAO, 45@305B 2A5<8 G;5=0<8, C =53> ?>O2;O5BAO ?5=0 87> @B0 - 2 MB>< A;CG05 A =8< =8G53> =5;L7O A45;0BL, @0725 GB> 2B8A=CBL 5<C <564C 7C10<8 :CA>: 45@520 8;8 ?@>1:8, GB>1K >= =5 ?@8:CA8; A515 O7K:. >A;5 ?@8?04:0 5<C =04> 40BL E>@>H5=L:> 2KA?0BLAO. B@02;5=85 A;8 G5;>25: 2=570?=> 701>;5; ?>A;5 ?@8=OB8O ?8I8 8;8 5A;8 8725AB=>, GB> >= >B@028;AO, ?5@2K< 45;>< =04> 70AB028BL ?@>3;>B8BL <>;>:0 8;8 AK@KE O8F. -B8 ?@>4C:BK, ?>- 2848<><C, >1;040NB 2?8BK20BL 2 A51O O4, <5H0O 5<C @0A?@>AB@0=OBLAO. 0B5<, 5A;8 @>B =5 >1>665= O4><, AB0@09B5AL 2K720BL @2>BC, 4020O B5?;CN 2>4C A A>;LN 8;8 I5:>G0 2=CB@8 3>@;0 ?5@><. >B>< 409B5 5I5 O8F, <>;>:0 8 A;01>3> G0N. A;8 O4 - :8A;>B0, :>B>@0O >1>63;0 @>B ?>AB@0402H53>, =5 A;54C5B 2K7K20BL @2>BC, 0 =04> 4020BL <>;>:> 8 ?@>20=A:>5 <0A;>. A;8 >= 1C45B ?@>O2;OBL A>=;82>ABL, =5 =04> 4020BL 5<C 70A=CBL. 0@065=85 :@>28 @>8AE>48B MB> >B 703@O7=5=8O @0=K. >O2;ONBAO >?CE>;8, 1>;8 8 :@0A=K5 68;K. @8?0@:8 3>@OG59 2>4>9 1>;55 2A53> >1;53G0NB AB@040=85. A;8 G5;>25: ?>4028;AO  MB>< A;CG05 @0AAB53=8B5 5<C 2>@>B, 2>7L<8B5 ?>AB@0402H53> >4=>9 @C:>9 70 =>A, 0 C:070B5;L=K< ?0;LF5< 4@C3>9 8;8 @CG:>9 ;>6:8 AB0@09B5AL 2KB0I8BL 70AB@O2H89 ?@54<5B 87 3>@;0. @840282 704=89 :>=5F O7K:0, <>65B 2K720BL @2>BC 8 MB8< C40;8BL ?@5?OBAB285. @8 =5A5@L57=>< A;CG05 =04> 70:8=CBL ?>AB@0402H5<C 3>;>2C =0704 8 4020BL 3;>B0BL <0;5=L:85 H0@8:8 E;510 8 70?820BL 8E 3;>B:0<8 2>4K. =>340 ?><>305B, 5A;8 ?>AB@0402H53> E>@>H5=L:> E;>?=CBL ?> A?8=5. #:CAK 7<59 # =0A, : AG0ABLN, 25AL<0 @54:> 2AB@5G0NBAO O4>28BK5 7<58, => 2 60@:8E AB@0=0E =0 =8E =5<8=C5<> =0B:=5HLAO, 8 =04> 7=0BL, :0: ?>ABC?0BL, 5A;8 >=8 C60;OB. ><=8B5, GB> O4 ?@>=8:=5B 2 :@>2L 8 G5@57 =5A:>;L:> 185=89 A5@4F0 @0A?@>AB@0=O5BAO ?> 2A5<C B5;C. >MB><C =5>1E>48<> 459AB2>20BL, =5 <54;O =8 <3=>25=8O; 3;02=>5 - =5 4>?CAB8BL, GB>1K O4 @0A?@>AB@0=O;AO ?> 2A5<C B5;C. ;O MB>3> A;54C5B >12O70BL 25@52:>9 8;8 ?;0B:>< <5AB> =04 C:CA><, =5 4020O MB8< :@>28 A O4>< ?@8;820BL : A5@4FC. 0B5< ?>AB0@09B5AL 2KA>A0BL O4 87 @0=K 8, 5A;8 <>6=>, @0AH8@LB5 @0=C, GB>1K A :@>2LN 2KB5: 8 O4. KA0AK20BL O4 @B>< 157>?0A=>, 5A;8 B>;L:> =5B @0=:8 2> @BC. @><5 B>3>, ?>AB@0402H5<C A;54C5B 4020BL 2>71C640NI55 A@54AB20, :>D5, :@5?:85 =0?8B:8 2 >G5=L 1>;LH>< :>;8G5AB25. 5;L7O 5<C ?>72>;OBL 70AK?0BL, =04> 53> B5@518BL, :>;>BL 8 A;548BL 70 B5<, GB>1K >= B5 B5@O; A>7=0=8O. ">G=> B0: 65, :0: ?@8 C:CA5 7<58, ?>ABC?0NB ?@8 ?>@065=88 >B@02;5==K<8 AB@5;0<8, C:CA5 15H5==K<8 682>B=K<8 8 B.4. #?@06=O9B5AL 2 MB><, 87>1@060O <=8<K9 C:CA. 5AG8=:0, ?>?02H0O 2 3;07 5 ?>72>;O9B5 B5@5BL 3;07: MB> B>;L:> 2K7K205B 2>A?0;5=85 8 >?CE>;L, 8 70B@C4=8B C40;5=85 ?5AG8=:8. A;8 ?5AG8=:0 =0E>48BAO 2 =86=5< 25:5 3;070, >BBO=8B5 ?>A;54=55 =0AB>;L:>, =0A:>;L:> MB> 2>7<>6=>, 8 =0<>G5==K< C3>;:>< ?;0B:0, :8AB>G:>9 8;8 ?5@KH:>< >AB>@>6=> 2K=LB5 55. A;8 65 >=0 ?>?0;0 ?>4 25@E=55 25:>, B>, ?@8?>4=O2 53>, ?>4AC=LB5 ?>4 =53> =86=55 25:>. 5A=8FK =86=53> 25:0 A0<8 2KG8ABOB 2=CB@5==>ABL 25@E=53> 25:0. ABL 5I5 A?>A>1, 2 :>B>@>< A;54C5B C?@06=OBLAO :064><C A:0CBC - MB> ?>A048BL ?>B5@?52H53>, A0<><C AB0BL ?>7048 =53>, ?@8A;>=82 53> 3>;>2C : A515 =0 3@C4L. 0B5< ?>;>68BL :0@BC, A?8G:C 8;8 ;N1>9 ?;>A:89 ?@54<5B A515 ?>4 1>;LH>9 ?0;5F =0 25@E=NN G0ABL 25@E=53> 25:0; 27OBL :@09 MB>3> 25:0 8 ?>25@=CBL 53> =0704 G5@57 A?8G:C B0:, GB>1K >=> ?>25@=C;>AL =0@C6C. AB>@>6=> C40;8BL ?5AG8=:C ?5@KH:>< 8;8 <>:@K< ?;0B:><, 8 70B5< >?CAB8BL 25:>. @8 A8;L=>< 2>A?0;5=88 3;070 ?@><K209B5 53> A;01K<, GCBL B5?;K<, G05<. A;8 ?5AG8=:0 2@570;0AL 2 3;07, :0?=8B5 =5<=>3> <0A;0 (>;82:>2>3> 8;8 :0AB>@>2>3>) 2 =86=55 25:>; 70:@>9B5 3;07 8 ?5@52O68B5 53> <O3:8< <>:@K< :><?@5AA>< 8;8 18=B>< 8 ?>:068B5 4>:B>@C. >B :0: A;54C5B A45;0BL 3;07=K5 I8?FK 4;O C40;5=8O ?5AG8=:8 87 3;070: A;>68B5 242>5 :CA>: <0B5@88, 1C<038, >AB@K< =>6>< A@56LB5 ?>4 C3;>< 2 30 3@04CA>2 8 A;53:0 =0<>G8B5 >AB@85. ?CAB8B5 ?@O<> =04 3;07=K< O1;>:>< ?>B5@?52H53> B0:, GB>1K <>6=> 1K;> C4>1=> 70F5?8BL A>@8=:C. -B> >1K:=>25==> C405BAO A ?5@2>3> 65 @070. !0<>C189AB2> =5 >4=064K ?@8H;>AL ?CB5H5AB2>20BL 2 ?>574:5 ?> ;68@C. -B> G0ABL !525@=>9 D@8:8, ?@8=04;560I0O $@0=F88 (:>;>=8O $@0=F88 2 B> 2@5<O. 54.). A> <=>9 2 203>=5 =0E>48;AO B>;L:> >48= ?0AA068@, D@0=FC7A:89 D5;L4H5@, A :>B>@K< O @073>20@820;. = AB0; >G5=L >1I8B5;5= 8 A:070; <=5, GB>, 5A;8 1K O =5 2>H5; 2 203>=. 3> C65 =5 1K;> 1K 2 682KE, B0: :0: >= A5; 2 ?>574 A B25@4K< =0<5@5=85< ?>:>=G8BL A A>1>9. > <5@5 B>3>, :0: >= A>>1I0; <=5 ?@8G8=K, ?>1C482H85 53> ?@8=OBL B0:>5 @5H5=85, <=5 C40;>AL C:070BL 5<C =0 @07=K5 A@54AB20, <>3CI85 5<C >15A?5G8BL CA?5E 2 1C4CI5<, B0: :0: >= 3;02=K< >1@07>< 1K; @0AAB@>5= >1@CH82H8<8AO =0 =53> =5C40G0<8 ?> A5;LA:><C E>7O9AB2C. '5@57 =51>;LH>9 ?@><56CB>: 2@5<5=8 >= A>25@H5==> CA?>:>8;AO 8 >1JO28; <=5, GB> =0 A;54CNI59 65 AB0=F88 2K945B, 25@=5BAO >1@0B=> 8 ?@8<5BAO @01>B0BL ?> C:070==><C <=>9 A?>A>1C. >65B 1KBL, 20< B0:65 ?@54AB028BAO A;CG09 A?0AB8 G5;>25:0, ?><KH;ONI53> > A0<>C189AB25. > 2A5E 3075B0E ?>GB8 5654=52=> G8B05HL > A;CG0OE A0<>C189AB20, 0 B0: :0: 8725AB=>, GB> C <=>38E ;N459 ACI5AB2C5B =5@07C<=0O AB@0ABL : GB5=8N 2AO:8E C60A>2, B> A>>1I0NBAO @07=K5 ?>4@>1=>AB8. # 1>;LH8=AB20 ;N459 2 :0:CN-=81C4L <8=CBC 8E 687=8 O2;O5BAO 65;0=85 A51O C18BL. 1K:=>25==> G5@57 45=L 8;8 420 MB> ?@>E>48B, 8 >:07K205BAO, GB> ?@8G8=0 ;560;0 2 =5A20@5=88 65;C4:0, 1>;8 2 ?5G5=8, :0:><-=81C4L @07>G0@>20=88 8;8 G@57<5@=>9 B@52>35. > 1K20NB B0:65 ;N48 A;01>E0@0:B5@=K5, :>B>@K5, G8B0O 3075BC, C2;5:0NBAO 8 =5>BABC?=> > =8E 4C<0NB. =8 >1 MB>< =8:><C =5 3>2>@OB 8 ?@82>4OB A51O 2 A>AB>O=85 ?0=8G5A:>3> AB@0E0, 4C<0O 8A:;NG8B5;L=> > A515, A2>8E =5273>40E 8 =5 >1@0I0O 2=8<0=85 =0 B>, :0: 6825BAO 4@C38<.  MB8 <8=CBK AB>8B B>;L:> ?@84B8 A>GC2AB2CNI5<C 4@C3C, 702;045BL <KA;O<8 A0<>C189FK, 8 40BL 4@C3>5 =0?@02;5=85 53> <KA;O<, 8 2A5 ?@>945B. >6=> MB>3> 4>AB83=CBL, C:07K20O =0 B>, GB> A0<>C189AB2> =8:><C ?>;L7K =5 ?@8=>A8B; GB> >=> >1K:=>25==> O2;O5BAO ?>A;54AB285< ?;>E>3> A>AB>O=8O 74>@>2LO, @0AAB@>9AB20 =5@2>2 8 B.?.; GB> A;54C5B B>;L:> >2;045BL A2>8<8 <KA;O<8, 8 ?@8?04>: >BG0O=8O ?@>945B. A;8 G5;>25: 4>H5; 4> B>3>, GB> A>25@H8; A0<>C189AB2>, A:0CBC =5>1E>48<> 7=0BL, :0: A =8< ?>ABC?8BL. A;8 >= ?5@5@570; A515 3>@;>, B> 3;02=0O 7040G0 - >AB0=>28BL :@>2>B5G5=85 87 0@B5@88, 5A;8 >=0 70B@>=CB0. @B5@8O ?@>E>48B 2 B>< <5AB5, 345 A>548=O5BAO :;NG8F0 A 3@C4=>9 :;5B:>9, 8 4>E>48B 4> C3;0 =86=59 G5;NAB8. ;O B>3>, GB>1K >AB0=>28BL :@>2>B5G5=85, =5>1E>48<> A8;L=> ?@84028BL 1>;LH8< ?0;LF5< 0@B5@8N A B>9 AB>@>=K @0=K, :>B>@0O 1;865 : A5@4FC; =068<0BL A;54C5B 4> B5E ?>@, ?>:0 =5 ?>4>A?55B ?><>IL. A;8 A0<>C189F0 ?@8=O; O4, 409B5 5<C <>;>:0 8 2K7>28B5 @2>BC I5:>B0=85< 2=CB@5==59 G0AB8 53> 3>@;0 ?5@>< 8;8 ?0;LF5<, 2;59B5 5<C 2 @>B AB0:0= 2>4K, ?@5420@8B5;L=> 2AK?02 BC40 AB>;>2CN ;>6:C A>;8 8;8 3>@G8FK. 0H;8 2K ?>25H5==>3> - B>BG0A 65 >1@56LB5 25@52:C, ?>445@6820O B5;>. 07@56LB5 ?5B;N, >A2>1>48B5 BC3> ?@8;530NICN >4564C 2>:@C3 H58 8 3@C48. @K7309B5 E>;>4=>9 2>4>9 2 ;8F> 8 3@C4L 8;8 65 ?>?5@5<5==> B> E>;>4=>9, B> 3>@OG59 2>4>9. @8<5=8B5 8A:CAAB25==>5 4KE0=85, :0: A;CG05 A CB>=C2H8<. '@572KG09=> 206=> CAB@>8BL ?@8B>: 2>7<>6=> 1>;LH53> :>;8G5AB20 A25653> 2>74CE0. 565=:8-=>28G:8 G0AB> 1>OBAO ?@8:>A=CBLAO : G5;>25:C <5@B2><C, 8;8 =0E>4OI5<CAO 2 15AA>7=0B5;L=>< A>AB>O=88; >=8 65 1>OBAO 2840 :@>28. ">;:0 >B B0:>3> G5;>25:0 =5 1C45B, ?>:0 >= =5 >A2>1>48BAO >B MB8E 3;C?>AB59 - =5AG0AB=K9 G5;>25:, ;560I89 157 GC2AB2, 53> >1845BL =5 <>65B. 565=:0-=>28G>: >1O70= 70AB028BL A51O ?>4=OBL 53>; @07 A45;02 MB>, 53> 1>O7=L 8AG57=5B.  ?>A5I0O 3>@>4A:85 1>9=8, >= A:>@> ?@82K:=5B : 284C :@>28. 5 B0: 402=> 2 >4=>< 3>@>45 A;54>20B5;L A45;0; AB@>3>5 70<5G0=85 42C< <C6G8=0<, :>B>@K5 ?>1>O;8AL 2K=CBL ?>25H5==>3> 87 ?5B;8. =8 >3@0=8G8;8AL ;8HL B5<, GB> ?>1560;8 720BL 4@C38E =0 ?><>IL, 0 B5< 2@5<5=5< ?>25A82H89AO C<5@. 'B> 1K 2K A45;0;8 =0 <5AB5 MB8E ;N459? 0: ?5@5=>A8BL ;N459 5@5=5A5=85 >4=8< G5;>25:>< 4@C3>3>, =0E>4OI53>AO 2 15AA>7=0B5;L=>< A>AB>O=88. - 5@525@=8B5 ?>AB@0402H53> =0 682>B. @8?>4=8<8B5 53> =0AB>;L:>, GB>1K 2K <>3;8 ?@>AC=CBL 20HC 3>;>2C 8 ?@02>5 ?;5G> ?>4 682>B. 1E20B8B5 ?@02>5 154@> ?>AB@0402H53> 20H59 ?@02>9 @C:>9. 52>9 @C:>9 ?@8BO=8B5 53> ;52CN @C:C 8 AE20B8B5 55 C :8AB8 20H59 ?@02>9 @C:>9, 70B5< ?>4=8<8B5AL 8 2K?@O<8B5AL. 0AB02LB5 A:0CB>2 C?@06=OBLAO 2 MB>< ?>?0@=>. 5@5=5A5=85 A 42C<O ?><>I=8:0<8 G5;>25:0, =0E>4OI53>AO 2 A>7=0=88.- >A8;:8 <>6=> CAB@0820BL A;54CNI8< >1@07><: 0) 87 ?;5B=O, AB02=O, 425@8 8;8 2>@>B, E>@>H> ?>:@KBKE A>;><>9, A5=><, >4564>9 8;8 <5H:0<8; 1) 87 :CA:0 :>2@0, >45O;0, E>;AB0, 1@575=B0, 2KBO=C2 8E 8 ?@>AC=C2 420 :@5?:8E H5AB0 A 42CE AB>@>=. !;>68B5 >4564C 2<5AB> ?>4CH:8 ?>4 3>;>2C; 2) 87 42CE ?8460:>2 2 2K25@=CBK<8 =087=0=:C @C:020<8; ?@>AC=LB5 420 H5AB0 2 @C:020; 70AB53=8B5 A25@EC ?8460:8; 3) 87 42CE H5AB>2, ?@>AC=CBKE, A:2>7L 420 <5H:0, C :>B>@KE 2 =86=5< :@05 ?@>45;0=K 4K@K. @5645 G5< ?@8ABC?8BL : ?5@5=>A:5 ?>AB@0402H53> =0 =>A8;:0E, A;54C5B C4>AB>25@8BLAO - C4>1=> ;8 5<C ;560BL. 10 =5ACI85 4>;6=K ?>4=OBLAO >4=>2@5<5==>; >=8 4>;6=K 84B8 =5 2 =>3C 8 45;0BL :>@>B:85 H038. 1O70==>ABL B>3>, :>B>@K9 =5A5B =>A8;:8 A7048, BI0B5;L=> =01;N40BL 70 ?>AB@0402H8<. 0: =C6=> C?@06=OBLAO @8 C?@06=5=88 2 ?>40G5 ?5@2>9 ?><>I8 >G5=L 206=> >1@K730BL <=8<> ?>AB@0402H53> :@>2LN, GB>1K ?@8CG8BL : 55 284C, 0 B> MB> <>65B @0AAB@>8BL =5@2K ?@8 =5AG0AB=>< A;CG05. >6=> 4;O MB>3> 4>AB0BL C <OA=8:0 :@>2L 10@0=0. > 2@5<O ;5:F88 2 :;C1=>9 :><=0B5 25;8B5 @0725AB8 >3>=L 2 A>A54=59 :><=0B5 8;8 740=88 (?> 2>7<>6=>AB8 =0 ?5@2>< MB065). 0@0=55 ?> A5:@5BC C3>2>@8B5AL A =5A:>;L:8<8 <0;LG8:0<8, GB>, :>340 ?>4=8<CB ?>60@=CN B@52>3C, >=8 4>;6=K ?>AB0@0BLAO CAB@>8BL ?0=8:C. "@52>3C <>6=> CAB@>8BL 8;8 B5<, GB> :B>-=81C4L 2>@25BAO 2 :><=0BC A :@8:>< "?>60@", 8;8 65 27@K2>< ?5B0@4. 0B5<, ?CABL ?0B@C;L 8;8 420 ?@8ABC?OB : BCH5=8N ?>60@0 ?>4 @C:>2>4AB2>< A2>8E ;845@>2. =8 4>;6=K 70B2>@8BL >:=0 8 425@8. 07>H;8B5 A:0CB>2 2 @07=K5 G0AB8 740=8O ?>A<>B@5BL, =5 @0A?@>AB@0=O5BAO ;8 >3>=L 8 =5B ;8 ;N459, =C640NI8EAO 2 A?0A5=88. -B8 A:0CBK 4>;6=K ?>;>68BL A515 <>:@K5 ?;0B:8 =0 @>B 8 =>A. "N48 2 15AA>7=0B5;L=>< A>AB>O=88" (8;8 :C:;K, A45;0==K5 87 <5H:>2) 4>;6=K 1KBL A?@OB0=K ?>4 AB>;0<8 8 B.?. !:0CBK 4>;6=K A?0A0BL 8E, ?>4K<0O A515 =0 ?;5G8, 2>;>G0 ?> ?>;C 8;8 ?5@54020O 87 >:>= =0 75<;N. @8<5=8B5 A?5F80;L=K5 ?@8A?>A>1;5=8O, ?@>ABK=8, <5H:8 8 B.?. @C3>9 >B@O4 ?@828=G8205B ?>60@=K5 @C:020 : :@0=0< 8;8 CAB@08205B F5?L 4;O ?5@540G8 2545@ A 2>4>9. "@5B89 >B@O4 70=8<05BAO A?0A5==K<8, ?@82>4O 8E 2 GC2AB2>. @><5 MB>3>, =04> =07=0G0BL A:0CB>2 4;O >1@07>20=8O F5?8 2 ?>4<>3C ?>;8F88 8 ?>60@=K<, 4;O >3@0=8G5=8O >B =0?>@0 B>;?K.  + 5@5B0A:820=85 ;N459 =0 A:>@>ABL ;04CB 2 @O4 <=8<> ?>AB@0402H8E =0 @0AAB>O=88 AB0 H03>2 >B <5AB0 AB0@B0. 0@B8O, A=0165==0O 25@52:0<8, 1568B BC40, >12O7K205B ?>AB@0402H53> 25@52:>9 8 ?5@5B0A:8205B >1@0B=>. 0<5G0NB 2@5<O 2>72@0I5=8O ?>A;54=53>. 0@B88 <5=ONB <5AB0<8. "0, :>B>@0O 2A5 MB> 8A?>;=8B 2 A0<K9 :>@>B:89 A@>:, 2K83@K205B. #7;K 4>;6=K 1KBL 702O70=K ?> ?@028;0<, 8 >4564K ?>AB@0402H8E ?>;>65=K 8< ?>4 3>;>2K.  !"/ 5A:>;L:> 682KE :0@B8=, 8<5NI8E A2>8< AN65B>< A?0A5=85 687=8. -B8 :0@B8=K >G5=L >E>B=> A<>B@OBAO 8 CG0AB=8:>< 25A5;>. 5AG0AB=K9 A;CG09 A 25;>A8?548AB>< .=>H8 2>72@0I0NBAO 87 ;035@O. 5>AB>@>6=K9 25;>A8?548AB. 5AG0ABL5. >2@5645=8O >A2845B5;LAB2CNBAO, ?>405BAO ?5@20O ?><>IL, ?>AB@0402H53> C=>AOB =0 8<?@>2878@>20==KE =>A8;:0E.  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   ' / !   ;02=0O ?@8G8=0 @0A?040 @8<A:>9 8<?5@88 B0 65, :0: 8 ?045=8O 25;8:8E 8<?5@89: 028;>=0, 38?B0, @5F88, A?0=88 8 >;;0=488, 8 2 42CE A;>20E 70:;NG05BAO 2 >BACBAB288 45OB5;L=>3> ?0B@8>B87<0. 0640O 87 MB8E 45@602, 4>AB83=C2 75=8B0 A2>53> <>3CI5AB20, ?@>872>48;0 B0:>5 2?5G0B;5=85, 1C4B> >=0 8AB>I8;0AL. =0 :0: 1K 8A:0;0 24>E=>25=8O, ?@54020OAL 15745;LN 8 :0: 1K =5 70<5G0O, GB> 4@C385 45@602K 8A:0;8 A;CG08 C=8GB>68BL 55. >=5G=>, ;53:> ?@5C25;8G8BL 7=0G5=85 8AB>@8G5A:8E ?0@0;;5;59, =>, ?@5C25;8G5==K5 8;8 =5B, MB8 ?0@0;;5;8, =5A><=5==>, 40NB 1>30BCN ?8IC 4;O @07<KH;5=8O. @8 MB>< 3;02=0O F5;L 4>;6=0 70:;NG0BLAO 2 B><, GB>1K ?@8=OBL C@>: :0: <>6=> 1;865 : A5@4FC, 401K ?@54C?@548BL ?>O2;5=85 2 A2>5< >B5G5AB25 B0:8E 65 =54>AB0B:>2, :>B>@K5 ?>2;5:;8 1K 70 A>1>N ?045=85 8<0. / =5 ?@8=04;56C : G8A;C B5E ?5AA8<8AB8G5A:8 =0AB@>5==KE ;N459, :>B>@K5 4C<0NB, GB> =0H5 ?>;>65=85 C65 157=0456=>. 0>1>@>B, O AG8B0N, GB> <K B>;L:> C @0A?CBLO; ?>MB><C >A>15==> 206=>, GB>1K :064K9 87 =0A, A>E@0=82H89 E>BO 1K 8A:@C ?0B@8>B87<0, ?@8H5; =0 ?><>IL A2>59 @>48=5 2 45;5 >1@0I5=8O ?>4@0AB0NI53> ?>:>;5=8O =0 =04;560I89 ?CBL. &5;L MB0 <>65B ?>:070BLAO =54>AO305<>9, => =5 A;54C5B 701K20BL, GB> :@C?=K5 @57C;LB0BK 4>AB830NBAO A>2>:C?=>ABLN CA8;89 4065 <5;:8E 548=8F. >@0;;>2K9 >AB@>2 2>7428305BAO B@C4>< <8@804 <>@A:8E ACI5AB2; ?8@0<84K 38?B0 1K;8 @57C;LB0B>< A>2<5AB=>3> B@C40 BKAOG @01>G8E. $CB1>; 4=>9 87 ?@8G8= ?045=8O 8<0 1K;> B>, GB> =0@>4, :>@<82H89AO 2 @07<5@5 B@5E G5B25@B59 =0A5;5=8O 70 AG5B 3>AC40@AB20, CB@0B8; 2AO:>5 GC2AB2> >B25BAB25==>AB8 70 A51O 8 A2>8E 45B59 8, A;54>20B5;L=>, ?@52@0B8;AO 2 157@01>B=KE 40@<>54>2. 0B> >= >G5=L >E>B=> ?>A5I0; F8@:8, 2 :>B>@KE ?@>D5AA8>=0;K 70 ?;0BC 4020;8 ?@54AB02;5=8O, 2@>45 B5E, :>B>@K5 <K 2848< B5?5@L, :>340 >3@><=K5 B>;?K AB5:0NBAO A<>B@5BL =0 83@C ?;0B=KE DCB1>;8AB>2. $CB1>; - ?@5:@0A=0O 83@0 4;O @0728B8O N=>H8 D878G5A:8 8 4065 =@02AB25==>, B0: :0: >=0 ?@8CG05B 53> >B@5H0BLAO >B M3>87<0, 45@60BLAO =0 A2>5< <5AB5 8 2<5AB5 A B5< =5 1KBL ?@074=K< 7@8B5;5<, 0 MB8 :0G5AB20 A;C60B 70;>3>< CA?5E0 2> 2AO:>9 687=5==>9 83@5. > DCB1>; ?@52@0I05BAO 2 ?>@>G=CN 83@C, :>340 B>;?K N=>H59 2<5AB> B>3>, GB>1K A0<8< ?@8=8<0BL CG0AB85 2 83@5, AB5:0NBAO, GB>1K ?>3;075BL =0 83@C =5A:>;L:8E ?;0B=KE 8A?>;=8B5;59. # <5=O A5@4F5 A68<05BAO, :>340 O 286C BKAOG8 154=KE, C7:>3@C4KE, 3>@10BKE, 60;:8E ?@54AB028B5;59 G5;>25G5AB20, :C@OI8E ?0?8@>AC 70 ?0?8@>A>9, 45@60I8E ?0@8, ?@8CG0NI8EAO : 8AB5@8:5, : AB>=0< 8 38:0=LN 2 C=8A>= A B>;?>9, ?@8G5< A0<K< A:25@=K< ?@87=0:>< O2;O5BAO 8AB5@8G5A:89 272873 A<5E0, A>?@>2>640NI89 :064>5 A0<>5 =8GB>6=>5 ?045=85 >4=>3> 87 83@0NI8E. 0AB02LB5 N=>H59 1@>A8BL MB8 7@5;8I0 8 ?@8CG8B5 8E : <C65AB25==>AB8, ?CABL >=8 A0<8 83@0NB 2 :0:CN 1K B> =8 1K;> 83@C, ?CABL >=8 ?5@5AB0=CB 1KBL ;8HL 7@8B5;O<8 8 15745;L=8:0<8. 8@=K5 @07254:8 / AG8B0N, GB> ?>4 D;03>< "A:0CB>2" 1>;LH>5 :>;8G5AB2> N=>H59 <>3;> 1KBL ?@81@0=> : @C:0< ?@0:B8G5A:8 8 157 B@C40 ;N1K< <>;>4K< G5;>25:><, ?@8G5< =5 ?>B@51>20;>AL 1K =8 :@C?=KE 70B@0B, =8 B@0BK 2@5<5=8. >4 "@07254:0<8" O =5 ?>4@07C<520N B>, GB> 45;05BAO =0 2>9=5, 0 =5GB> A>25@H5==> 8=>5: 0 8<5==> "<8@=K5 @07254:8". "0: <>6=> =0720BL, =0?@8<5@, B>, GB> ?@>45;K20NB ?8>=5@K F828;870F88 2 F5=B@0;L=>9 D@8:5; "@0=G5@K", ":>21>8" 8 725@>1>8 0?040; ?>3>=I8:8 8 1CH<5=K 2AB@0;88; 8AA;54>20B5;8 ?>;O@=KE 8 0780BA:8E AB@0=; >E>B=8:8 70 725@O<8; <8AA8>=5@K 2> 2A5E G0ABOE =5F828;87>20==>3> <8@0 8.B.4. A5 >=8 ?@54AB02;ONB A>1>9 <8@=KE "@07254G8:>2", B.5. ;N459, ?@82K:H8E @0AAG8BK20BL B>;L:> =0 A0<8E A51O 8 =0 A2>8 A>1AB25==K5 A8;K, ?>AB>O==> >:@C65==KE >?0A=>ABLN 8 ?>B><C <C65AB25==KE, ?@825B;82KE, CA;C6;82KE 2 >B=>H5=8OE 4@C3 A 4@C3>< 8 =0456=KE; >4=8< A;>2>< - <C6G8= 2 A0<>< 2KA>:>< 7=0G5=88 MB>3> A;>20. A5 MB> - <8@=K5 @07254:8 3>AC40@AB20, 8 =5B =8:0:>9 ?@8G8=K, ?>G5<C 1K =0< =5 =0CG8BL :0: <>6=> 1>;LH5 N=>H59 A;54>20BL ?@8<5@C ?5@2>?@>E>4F52 2 B><, GB> :0A05BAO E0@0:B5@0 8 <C65AB25==>AB8. @><5 B>3> A:0CB>2, "@07254G8:>2 4>1@>3> 45;0", <>6=> =0720BL 5I5 "<0;5=L:8<8 4@C7LO<8 2A53> <8@0". E ?>O2;5=85 2> 2A5E AB@0=0E <8@0 A2845B5;LAB2C5B :@0A=>@5G82> > 3@O4CI5< 1@0BAB25 2A5E ?;5<5= 8 =0@>4>2. 0: >1CG0BL "@07254:0<" 5@2K< 4>;3>< A;54C5B =09B8 ;N459, <>3CI8E 27OBL =0 A51O >1CG5=85 N=>H59 8A:CAAB2C "<8@=KE @07254>:". / AG8B0N =081>;55 ?>4E>4OI8<8 8 A?>A>1=K<8 =0 MB> H:>;L=KE CG8B5;59, >D8F5@>2 459AB28B5;L=>9 A;C61K 8 >BAB02=KE, G;5=>2 AB@5;:>2KE >1I5AB2, A5;LA:8E E>7O9AB2 8 B.?. -B8 3>A?>40 <>3;8 1K :064K9 27OBL =0 A51O >1CG5=85 =5A:>;L:8E N=>H59 A >G5=L =8GB>6=>9 ?>B5@59 2@5<5=8 8 45=56=>9 70B@0B>9, ?>A2OI0O MB><C, A:065<, AC11>BC ?>A;5 >1540 8 2>A:@5A5=L5, 8 O <>3C 8E 7025@8BL, GB> 70=OB85 MB> =5 B>;L:> =5 1C45B 8< 2 BO3>ABL, 0 A:>@55 4>AB028B 8< C4>2>;LAB285. / 1K ?@54;>68; 8< A;54CNI89 ?;0= 459AB289: CABL :064K9 =015@5B A515 ?0B@C;L, A>AB>OI89 87 H5AB8 8;8 2>AL<8 N=>H59 8;8 A<KH;5=KE <0;LG8:>2, 8 BI0B5;L=> >1CG8B 8E 2A5< ?>4@>1=>ABO< "<8@=KE @07254>:". -B8 N=>H8 <>3CB ?>B>< A45;0BLAO ?><>I=8:0<8 8=AB@C:B>@>2 8;8 ;845@0<8, >1CG0O :064K9 5I5 ?OB5@KE 8;8 H5AB5@KE, A;54CO B><C ?>@O4:C ?>AB5?5==>AB8, :>B>@>3> ?@845@68205BAO MB> @C:>2>4AB2>. 1CG5=85 MB> ?@54=07=0G05BAO 4;O N=>H59, ?@8=04;560I8E :> 2AO:8< A;>O< >1I5AB20. @8=04;560I8E : =87H8< A;>O< - GB>1K ?@54>E@0=8BL 8E >B EC;830=AB20 8 GB>1K C:@5?8BL 8E 74>@>2L5, E0@0:B5@ 8 2=CH8BL 8< =5>1E>48<K5 8450;K. !@54=5<C :;0AAC - GB>1K >1CG8BL 8E E>@>H> @01>B0BL 8 2K@01>B0BL 2 =8E =0AB>OI89 ?0B@8>B87<. >;55 A>AB>OB5;L=KE - GB>1K 2K720BL 2 =8E GC2AB2> @KF0@AB20 8 A>GC2AB28O : 8E <5=55 >1;0A:0==K< AC4L1>9 A>1@0BLO< 8 GB>1K >=8 2?>A;54AB288 A>459AB2>20;8 @0A?@>AB@0=5=8N >1CG5=8O. @09=5 65;0B5;L=> 1K;> 1K 2845BL 1>;LH5 >1I5=8O <564C :;0AA0<8, C=8GB>68BL ACI5AB2CNI85 8A:CAAB25==K5 10@L5@K 8 =0CG8BL 2A5E AB@5<8BLAO : >4=>9 F5;8 2<5AB> B>3>, GB>1K =0E>48BLAO 2> 2@06451=KE >B=>H5=8OE 8 3@K7BLAO <564C A>1>9, GB> O2;O5BAO =8G5< 8=K<, :0: A=>187<><. 1CG5=85 2?>;=5 2>7<>6=> :0: 2 3>@>45, B0: 8 2 45@52=5, :0: 2 70:@KB>< ?><5I5=88, B0: 8 =0 >B:@KB>< 2>74CE5. 5 A;54C5B 84B8 2@07@57 A ACI5AB2CNI8<8 >@30=870F8O<8 4;O <0;LG8:>2. 5;> =8 2 :>5< A;CG05 =5 4>;6=> 84B8 2@07@57 A ACI5AB2CNI8<8 >@30=870F8O<8. 0>1>@>B, =0< =C6=0 4@C6=0O, A>2<5AB=0O @01>B0, 8 "A:0CB8=3" ?@54=07=0G0NBAO 4;O B>3>, GB>1K 4>?>;=8BL MB8 >@30=870F88. A;8 =5:>B>@K5 87 =8E 2>A?>;L7CNBAO "A:0CB8=3><", B> MB> <>65B ?>A;C68BL 725=><, A>548=ONI8< 8E <564C A>1>9. "0< 65, 345 =8:0:8E ?>4>1=KE >@30=870F89 =5 ACI5AB2C5B, CG@5645=85< >B@O4>2 A:0CB>2 <>6=> 4>AB83=CBL 25AL<0 1>;LH>3> CA?5E0, ?@82;5:0O 8 >1J548=OO 1>;LH>5 G8A;> N=>H59, :>B>@K5 8=0G5 >AB0;8AL 1K 157 =04;560I53> @C:>2>4AB20. ?KB=K9 ;035@L / ?@>8725; ?@5420@8B5;L=K9 >?KB A N=>H0<8 2A5E A>A;>289, :0: >1CG02H8EAO 2 >4=>< 87 ?@828;538@>20==KE CG51=KE 702545=89, B0: 8 27OBKE A C;8FK, 8 4>AB83=CBK5 @57C;LB0BK 1K;8 B0:>2K, GB> O =5 A><=520NAL 2 CA?5E5 45;0, 5A;8 53> @0AH8@8BL. 1H8@=K9 >AB@>2 1K; ?@54>AB02;5= 4;O MB>9 F5;8 ?>:>9=K< 3-=>< '0@;L7>< 0= 00;LB5 (AB@>2 @0C=A8, 1;87 C;O). 0B@C;L=0O A8AB5<0 B@O4 N=>H59 1K; @0745;5= =0 ?0B@C;8, ?> 2>AL<8 G5;>25: 2 :064><, ?@8G5< AB0@H89 =07K20;AO ";845@><". ;03>40@O MB>9 >@30=870F88 <K 8 8<5;8 CA?5E: :064K9 ;845@ 1K; >B25BAB25=5= 70 ?>2545=85 2A5E G;5=>2 225@5==>3> 5<C ?0B@C;O 2> 2AO:>5 2@5<O, :0: 2 ;035@5, B0: 8 2 ?>;5. 064K9 ?0B@C;L ?@54AB02;O; A>1>9 >B45;L=CN 548=8FC 2 @01>B5 8 83@0E, 8 8<5; 2 ;035@5 A2>N >B45;L=CN ?;>I04:C. A?>;=5=85 ?@8:070=89 ?@54?>;030;>AL "2>?@>A>< G5AB8" :064>3> N=>H8, 8 B0:8< >1@07>< 4>AB830;8AL >B25BAB25==>ABL 8 ?>;57=>5 A>@52=>20=85, GB> >15A?5G820;> 25AL<0 C4>2;5B2>@8B5;L=K9 >1I89 C@>25=L ?>AB5?5==>3> @0728B8O 2A53> >B@O40. B@O4 ?>AB5?5==> >1CG0;AO 45;C "A:0CB8=30", :0: 1K;> @0AA:070=> 2KH5. 064CN =>GL >48= 87 ?0B@C;59 87 ?0B@C;59 =07=0G0;AO 2 =>G=>9 ?8:5B, B.5. ?>;CG0; A2>N ?>@F8N <C:8, <OA0, >2>I59, G0N 8 B.4. 8 >B?@02;O;AO =0 70@0=55 =07=0G5==>5 <5AB>, 345 @0A?>;030;AO =0 =>GL 1820:><. 064K9 N=>H0 1@0; A A>1>N A2>5 ?0;LB>, >45O;>, :>B5;>: 4;O 20@:8 ?8I8 8 A?8G:8. > ?@81KB88 =0 <5AB> @0A:;04K20;8AL :>AB@K 8 20@8;AO C68=, ?>A;5 G53> @0AAB02;O;8AL G0A>2K5. :>;> >48==04F0B8 G0A>2 25G5@0 ;845@K 4@C38E ?0B@C;59 8 O ?@>25@O;8 148B5;L=>ABL G0A>2KE, ?>A;5 G53> >=8 A=8<0;8AL 8 ?8:5B CAB@0820;AO =0 =>GL. 5B>4 ?@5?>4020=8O K ?@8H;8 : 70:;NG5=8N, GB> B5>@5B8G5A:85 A2545=8O ;53G5 2A53> CA20820NBAO, :>340 >=8 87;030NBAO 2:@0BF5, A >1H8@=K<8 ?>OA=5=8O<8, A84O C :>AB@0, 8;8 2>>1I5 2> 2@5<O >B4KE0, 0 ?>OA=5=8O : =8< 40NBAO ?5@54 702B@0:><, 2> 2@5<O C?@06=5=89. $>@<0;L=K5 ;5:F88 >1K:=>25==> A:>@> =04>540NB N=>H0<. 0B5< ?@54;030;8AL ?@0:B8G5A:85 7040G8 =0 MB8 65 B5<K. >7L<5<, =0?@8<5@, 2KA;56820=85, :>B>@>5 O2;O5BAO >4=>9 87 A>AB02=KE G0AB59 =01;N45=89 2>>1I5. 1. 0:0=C=5, 70 25G5@=59 15A54>9 C :>AB@0. K @0AA:07K20;8 N=>H0< :0:>9-=81C4L 8=B5@5A=K9 A;CG09, @8ACNI89 206=>5 7=0G5=85 C<5=8O 2KA;56820BL 4;O @0728B8O =01;N40B5;L=>AB8 8 =0E>4G82>AB8. 2. 0 A;54CNI55 CB@>, ?5@54 702B@0:><, <K >1CG0;8 8E @0718@0BL A;54K, 45;0O >B?5G0B:8 =>3 2 @07=KE <5AB0E 8 >1JOA=OO, :0: G8B0BL 8E 8 ?>=8<0BL 8E 7=0G5=85. 3. >A;5 >1540 <K >1K:=>25==> CAB@0820;8 83@C, =0?@8<5@, "B@02;N >;5=O", 2 :>B>@>9 >48= 87 83@0NI8E >B?@02;O;AO 2?5@54 A 425=04F0BLN <OG0<8 4;O B5==8A0 2 <5H:5. 204F0BL <8=CB A?CABO ?> 53> A;540< >B?@02;O;8AL =5A:>;L:> >E>B=8:>2", 8<5O :064K9 ?> >4=><C <OGC. ;5=L, ?@>94O <8;N 8;8 425, >1K:=>25==> ?@OB0;AO, AB0@0OAL 702;5GL >E>B=8:>2 2 70A04C, GB>1K 1KBL 2 A>AB>O=88 ?>?0ABL 2 =8E, B0: :0: :064K9 >E>B=8:.  :>B>@>3> >= ?>?040; <OG><, AG8B0;AO 701>40==K< =0A<5@BL; 5A;8 65 2 >;5=O ?>?040;8 B@8 @070, B> >= AG8B0;AO C18BK<. "0:8< >1@07>< <K >1CG0;8 1>;LH8=AB2C ?C=:B>2 =0H59 ?@>3@0<<K. 8AF8?;8=0 1K;0 157CA;>2=> 25AL<0 C4>2;5B2>@8B5;L=0. %>BO 8 1K; CG@5645= "AC4 G5AB8", => : =5<C =8 @07C =5 ?@8H;>AL ?@8153=CBL. >-?5@2KE, :064K9 >1O70;AO "G5ABLN" AB0@0BLAO :0: <>6=> ;CGH5 45;0BL 2A5. 'B> 5<C ?>@CG0;>AL, 0, 2>-2B>@KE, AB0@H85, B.5. ;845@K, O2;O;8AL >B25BAB25==K<8 70 ?>2545=85 ?0B@C;59.  45;> H;> >B;8G=>. 57C;LB0BK ;035@=>3> >?KB0 ! B5E ?>@, :0: O CG@548; >?KB=K9 ;035@L, O 1>;55 G5< :>340-;81> C1548;AO 2 B><, GB> >1CG5=85 A:0CB0 A>?@O65=> A 8725AB=K<8 >A>15==>ABO<8 8 8<55B 3@><04=>5 2>A?8B0B5;L=>5 7=0G5=85 4;O N=>H59 2A5E :;0AA>2. %>BO O 8 >6840; 2>>4CH52;5=8O A> AB>@>=K CG0AB2CNI8E N=>H59, >4=0:> O =5 <>3 A515 ?@54AB028BL B>3> 2;8O=8O, :>B>@>5 >=> >:070;> =0 8E E0@0:B5@, - 2;8O=8O, 2K@0782H53>AO C65 ?> 8AB5G5=88 =5A:>;L:8E 4=59, 2 ?@>4>;65=85 :>B>@KE <K 70=8<0;8AL. !C6C =5 B>;L:> =0 >A=>20=88 A>1AB25==KE =01;N45=89, => B0:65 =0 >A=>20=88 >B7K2>2 @>48B5;59, ?>4B25@640NI8E MB> <=5=85 8 70:;NG0NI8E 2 A515, <564C ?@>G8<, >G5=L F5==K5 A>>1@065=8O A @>48B5;LA:>9 B>G:8 7@5=8O. 'B> N=>H8 ?@8 MB>< ?>;CG8;8 ?>;L7C 8 C4>2>;LAB285 - 4>:07K20NB <=>3>G8A;5==K5 ?8AL<0, :>B>@K5 O ?>;CG8; >B =8E A0<8E, 0 =5:>B>@K5 87 N=>H59 ?> :@09=59 <5@5 70?><=8;8 B>, G5<C 8E CG8;8. 48= 87 =8E ?8H5B: "!0<>5 206=>5, G5<C =C6=> 1>;LH8=AB2C N=>H59 =0CG8BLAO, MB> A<>B@5BL =0 E>@>HCN AB>@>=C 25I59. / ;8G=> =0H5; MB>B C@>: >G5=L ?>;57=K< 8 =5 <>3C =09B8 A;>2 4;O 2K@065=8O <>59 ?@87=0B5;L=>AB8 70 =53>. / C65 872;5: 87 =53> <=>3> ?>;L7K 4065 2 5654=52=>9 687=8". ;020 IX. !"+ #"/  A2>8E A>25B0E O A>25@H5==> =5 65;0N CG8BL CG5=KE. =8 ?@54=07=0G0NBAO 4;O ;8F, =5 8<52H8E @0=55 A;CG0O >1CG0BL N=>H5AB2>, 8 ?@54AB02;ONB A>1>9 ;8HL 2K2>4K 87 A>1AB25==>3> >?KB0 8 4>;6=K A;C68BL B>;L:> 4;O ?>OA=5=8O =5:>B>@KE ?>4@>1=>AB59. !B0@0OAL, GB>1K N=>H8 ?>?0;8 ?>4 20H5 2;8O=85, 2K C?>4>1;O5B5AL @K10:C, AB@5<OI5<CAO ?>9<0BL ?>1>;LH5 @K1K. A;8 2K =0A048B5 =0 :@NG>: 2 2845 ?@8<0=:8 GB>-=81C4L 87 ?8I8, :>B>@CN ;N18B5 A0<8, B>, 25@>OB=>, ?>9<05B5 =5<=>3>. > 2AO:>< A;CG05 MB> 1C45B =5 ?C3;820O 8 25AL<0 =5 F5==0O @K10. C<0N, GB> ;CGH59 ?@8<0=:>9 1C45B A;C68BL B0 ?8I0, :>B>@CN ;N18B @K10. "> 65 A0<>5 ?@>8AE>48B 8 A <0;LG8:0<8. A;8 2K =0G=5B5 3>2>@8BL 8< > ?@54<5B0E, ?> 20H5<C <=5=8N 2>72KH5==KE, 20< =5 C40ABAO 8E ?@82;5GL. AO:85 O2=> 1;03>=0<5@5==K5 =@02>CG5=8O B>;L:> >BB>;:=CB 1>;55 1>9:8E, 0 8<5==> MB8E-B> 8 =C6=> AB0@0BLAO 70?>;CG8BL. 48=AB25==K9 A?>A>1 70:;NG05BAO 2 C?>B@51;5=88 ?@8<0=:8, :>B>@0O <>65B 459AB28B5;L=> ?@82;5GL 8 708=B5@5A>20BL 8E. "0:>2>9 ?@8<0=:>9, <=5 :065BAO, <>65B >:070BLAO "A:0CB8=3". 0B5< C65 : =8< <>6=> 1C45B ?@8<5=OBL B>, GB> 2K AG8B05B5 =C6=K< 225AB8. ;O 4>AB865=8O 2;8O=8O =0 N=>H59 =5>1E>48<> A45;0BLAO 8E 4@C3><. 5 A;54C5B, >4=0:>, A;8H:>< 1KAB@> : MB><C AB@5<8BLAO. 09B5 8< A?5@20 A?@028BLAO A 8E @>1>ABLN 8 70AB5=G82>ABLN ?5@54 20<8. >A?>48= $.. %0C 2 A2>59 :=835 " @515=:5" 405B 25;8:>;5?=K9 ?@8<5@, @8ACNI89 ?CBL, :>B>@>3> =04;568B 45@60BLAO 2 MB>< >B=>H5=88: "'5;>25:, ?@>E>482H89 ?> >4=>9 8 B>9 65 C;8F5, C2845; <0;5=L:>3> <0;LG8:0 A 8A?0G:0==K< ;8F>< 8 ?;>E> @0728BK<8 @C:0<8 8 =>30<8, 83@02H53> 10=0=>2>9 :>@:>9. '5;>25: :82=C; 5<C, => @515=>: 2 C60A5 AJ568;AO. 0 A;54CNI89 45=L G5;>25: >?OBL :82=C; 5<C. 0;LG8:, @5H82, GB> 5<C =5G53> 1>OBLAO, ?;N=C; 2 =53>. 0 A;54CNI89 45=L >= B>;L:> ?@8AB0;L=> ?>A<>B@5; =0 G5;>25:0, 0 G5@57 45=L C65 <0;LGC30= :@8:=C; 5<C "030", :>340 C2845; 53>. !> 2@5<5=5< >= =0G0; C;K10BLAO =0 ?@825BAB285, ?>AB>O==> ?>2B>@O5<>5 G5;>25:><, :>B>@>3> @515=>:, ?>-2848<><C, =0G0; ?>46840BL. 0:>=5F, =0ABC?8; 45=L ?>;=>3> B>@65AB20 MB>3> G5;>25:0, :>340 ?@8 53> ?@81;865=88 <0;NB:0, AB>O2H89 =0 C3;C 8 ?>468402H89 53>, ?>41560; : =5<C 8 A2>8<8 3@O7=K<8 ?0;LG8:0<8 AE20B8; 53> 70 @C:C. #;8F0, 345 2A5 MB> ?@>8AE>48;>, 1K;0 <@0G=0O, => >=0 AB0;0 A0<K< A25B;K< <5AB>< 2 687=8 MB>3> G5;>25:0". "C4LB5 3>B>2K"  MB>9 :=835 O ?@54;030N 2 2845 ?@54<5B>2 4;O >1CG5=8O N=>H59 =01;N45=85 ?>4@>1=>AB59 8 2KB5:0NI55 87 MB>3> C<5=85 @0A?>7=020BL E0@0:B5@K; >3@><=>5 7=0G5=85 B5@?5=8O 8 ?@825B;82>3> 25A5;>3> @0A?>;>65=8O 4CE0; >1O70==>ABL ?>A2OI0BL G0ABL A2>53> 2@5<5=8 8 C4>1AB20 =0 A;C65=85 >48=5 8 1;86=5<C 8, =0:>=5F, 2=CB@5==89 A<KA; 20H53> ;>7C=30 "C4LB5 3>B>2K", :0: ?@>O2;5=85 0:B82=>3> 0;LB@C87<0. >, :>340 2K ?@8<5B5AL 70 ?@5?>4020=85 2A53> MB>3>, 2K 70<5B8B5 (@0725, GB> 2K A>25@H5=AB2> - 0=35;, A>H54H89 =0 75<;N), GB> ?@5645, G5< CA?5H=> ?@5?>4020BL 2A5 MB> N=>H0<, 20< A0<><C =5>1E>48<> ?@8>1@5AB8 MB8 :0G5AB20 8 A2>9AB20, 8 B>;L:> ?>A;5 MB>3>, :0: 2K MB>3> 4>AB83=5B5, =0G=CBAO CA?5H=K5 8 :@09=5 8=B5@5A=K5 70=OB8O. K A0<8 4>;6=K 2=0G0;5 "1KBL 3>B>2K<" : @07>G0@>20=8O<; >4=0:>, ?> 1>;LH59 G0AB8 2K 1C45B5 1>;55 G5< 2>7=03@0645=K =5>6840==K<8 CA?5E0<8. @83>B>2LB5AL 70@0=55 : ?@5>1;040NI5<C =54>AB0B:C 2 N=>H0E, 70:;NG0NI5<CAO 2 >BACBAB288 A>A@54>B>G5==>AB8, 0 A;54>20B5;L=>, 5A;8 2K 1C45B5 CAB@0820BL 70=OB8O, A>>1@07COAL A MB8< >1AB>OB5;LAB2><, O 4C<0N, GB> 2K =5 8A?KB05B5 <=>3> @07>G0@>20=89. 5 >68409B5 >B N=>H59, GB> >=8 A>A@54>B>G0B 2A5 A2>5 2=8<0=85 =0 >4=>< :0:><-=81C4L ?@54<5B5; : MB><C 8E =C6=> ?@8CG8BL ?>AB5?5==>. >948B5 8< =02AB@5GC 2 MB>< 45;5 8 =5 40209B5 A@07C 1>;LH>9 4>7K G53>-=81C4L >4=>3> - ;CGH5 ?> <0;5=L:8< 2:CA=K< 3;>B:0< - A?5@20 >4=>3>, ?>B>< 4@C3>3> 8 B. 4., ?>AB5?5==> C25;8G820O 4>7K. 0AB>OI0O ;5:F8O =0 :0:CN-=81C4L B5<C >G5=L A:>@> =04>5405B 8<, 8E <KA;8 =0G8=0NB 1;C640BL, 8 8< 45;05BAO A:CG=>, ?>B><C GB> >=8 =5 C<5NB 5I5 =0?@028BL A2>8 <KA;8 =0 65;05<K9 ?@54<5B 8 A>A@54>B>G8BL 8E =0 =5<. -B> ?>4G8=5=85 <KA;8 A2>59 2>;5 A>AB02;O5B >48= 87 3;02=KE ?C=:B>2 <>59 A8AB5<K.  284C MB>3> ?>;57=> 5654=52=> 70@0=55 ?@>4C<0BL B>, GB> 2K A>18@05B5AL A:070BL ?> 40==><C ?@54<5BC, 0 70B5< A>>1I0BL A2545=8O ?>=5<=>6:C, ?>;L7COAL A;CG05< - C :>AB@0, 8;8 2 ?5@5@K2K <564C 83@>9 8 C?@06=5=8O<8, => =5 2 >48= ?@85<, 2 2845 4;8==>9 @5G8. !?5F80;L=> 4;O MB>9 F5;8 2 :=835 ;5:F88 @0718BK =0 G0AB8. '0ABK5 C?@06=5=8O =0 ?@0:B8:5 8 C?@06=5=8O 2 ?@5?>40205<>< ?@54<5B5 A;54C5B 2AB02;OBL <564C G0ABO<8 ;5:F89, 4;O A>A@54>B>G5=8O 2=8<0=8O N=>H59 8 4;O ?>4B25@645=8O 20H59 B5>@88. (B01-:20@B8@0 (B01-:20@B8@0, <5AB> 4;O 70=OB89 >B@O40, <>65B A>2<5I0BL 2 A515 5I5 8 A:0CB-:;C1. >;>28=0 ?>154K 1C45B C65 >45@60=0, 5A;8 1C45B =0945=0 :><=0B0, :>B>@>9 <>6=> ?>;L7>20BLAO 565=545;L=> =0 >?@545;5==K5 25G5@0. =>340 55 :B>-=81C4L ?@54>AB02;O5B 1572>7<574=>, 8=>340 65 55 ?@8E>48BAO 0@5=4>20BL ?>4 HB01-:20@B8@C 4;O A:0CB>2, E>BO 1K >=8 A>AB02;O;8 2A53> ;8HL >48= ?0B@C;L. ><=0B0 MB0 4>;6=0 1KBL E>@>H> >A25I5=0 8 E>@>H> ?@>25B@820BLAO, 4;O ?@54C?@5645=8O C?04:0 4CE0 8 A:C:8. 0 AB5=0E B01;8FK 70:>=>2 8 :0@B8=K, 87>1@060NI85 A>1KB8O 87 A:0CBA:>9 687=8. 8<>9 O@:89 >3>=L 2 :0<8=5 C25;8G8205B ?@82;5:0B5;L=>ABL. 5;0B5;L=K 8=B5@5A=K5 :=838 8 6C@=0;K. ;O 181;8>B5:8 >A>15==> @5:><5=4CNBAO A>G8=5=8O !5B>=-"><?A>=0 8 . 8?;8=30. '0ABL 25I59 ?@8E>48BAO 702>48BL A0<8<, G0ABL 65, 25@>OB=>, 1C45B ?>65@B2>20=0 4>1@>65;0B5;O<8, A>GC2AB2CNI8<8 45;C. '09=K9 1CD5B, A?5@20 =0 A0<KE A:@><=KE >A=>20=8OE, >1K:=>25==> 8<55B CA?5E, 8 5A;8 25AB8 53> 0::C@0B=>, B> >= <>65B 4065 ?@8=>A8BL =5:>B>@K9 4>E>4, :>B>@K9 ?>945B =0 ?>445@60=85 :;C1=>9 :><=0BK. !:0CBK 4>;6=K A0<8 701>B8BLAO > G8AB>B5 8 C:@0H5=88 :><=0BK, A0<8 45;0BL <515;L. 8AF8?;8=0 8 ?>@O4>: 4>;6=K A>1;N40BLAO 2 :><=0B5 >G5=L AB@>3>, 8 ;845@K 4>;6=K >B25G0BL 70 <0;59H55 >BABC?;5=85. 064K9 ?0B@C;L 15@5B =0 A51O 2545=85 E>7O9AB20 =0 =545;N, ?> >G5@548, 8 >B25G05B 70 ?>@O4>:. A;8 ?@8 MB>< ACI5AB2C5B :;>G>: 75<;8, E>BO 1K =5C4>159, 8;8 42>@8:, :>B>@K9 <>6=> ?@52@0B8BL 2 :;C1=CN 75<;N, B5< ;CGH5, B0: :0: 65;0B5;L=> 8<5BL <5AB>, 345 A:0CB0< <>6=> 1K;> 1K 706830BL :>AB@K, AB@>8BL H0;0H8, 45;0BL A;54K 8 B.4. CABL N=>H8 ?> 2>7<>6=>AB8 A0<8 2540NB 45;0<8 A:0CB-:;C10, >1@07CO :><8B5BK 8 45;0O 8E >B25BAB25==K<8 70 :><=0BC, >1AB0=>2:C, 3075BK 8 ?@>G. AB0209B5AL 2 AB>@>=5 8 =5 <5H09B5 8< 45;0BL =587156=K5 2=0G0;5 >H81:8, 401K >=8 =0CG8;8AL 45;C 8 >B25BAB25==>AB8. ><8B5BK, 3>4>2K5 >1I85 A>1@0=8O >G5=L ?>;57=K 4;O N=>H59, 2K@010BK20O 2 1>;LH8=AB25 87 =8E A0<>C2065=85 8 >B25BAB25==>ABL.  <5@8:5 <0;5=L:85 A0<>C?@02;O5<K5 :;C1K 4;O N=>H5AB20 @0A?@>AB@0=ONBAO >G5=L 1KAB@> :0: : 3>@>40E, B0: 8 2 A5;LA:>9 <5AB=>AB8, 8 ;8F0, 70254CNI85 >1I5AB25==K< >1@07>20=85<, 2AOG5A:8 >:07K20NB 8< A>459AB285, ?@54>AB02;OO ?> 25G5@0< 2 8E @0A?>@O65=85 H:>;L=K5 ?><5I5=8O. ! 4@C3>9 AB>@>=K, @07C<55BAO, 5A;8 5ABL 2>7<>6=>ABL 4>1KBL A2>5 A>1AB25==>5 ?><5I5=85, B> MB><C =04> >B40BL ?@54?>GB5=85, B0: :0: B>340 2K@010BK205BAO 2 N=>H0E GC2AB2> A>1AB25==>AB8 8 >B25BAB25==>AB8, 2 >A>15==>AB8, 5A;8 >=8 A0<8 ?@8=8<0;8 CG0AB85 2 873>B>2;5=88 <515;8. 0725H820=8O :0@B8= 8 B.4. 5 A;54C5B ?@84020BL :><=0B5 CNB=>ABL 40<A:>3> 1C4C0@0, B0: :0: 65;0B5;L=>, GB>1K N=>H8 <>3;8 2 =59 8=>340 2>78BLAO, 83@0BL 2 <OG 8;8 2 4@C385 83@K. >MB><C <515;L 4>;6=0 1KBL B0:0O, :>B>@CN ;53:> <>6=> A428=CBL 2 C3>;, =0?@8<5@, A:;04=K5 45@52O==K5 ABC;LO, =51>;LH85 AB>;8:8 8 H:0D, 2 :>B>@K9 <>6=> A?@OB0BL :=838, 83@K 8 ?@>G., :>340 =0G8=05BAO 2>7=O. 450;L=K9 :;C1 2 MB>< >B=>H5=88 A>AB>O; 1K 87 42CE :><=0B - >4=0 4;O A?>:>9=KE 83@, GB5=8O 8 15A54, 4@C30O 4;O 2>7=8, 38<=0AB8:8 8 ?@>G. .=>H8 4>;6=K =5?@5<5==> ?;0B8BL 27=>AK 4;O ?>:@KB8O E>BO 1K G0AB8 70 =05< 8 >A25I5=85 ?><5I5=8O, <515;L 8 ?@>G., 3;02=K9 65 @0AE>4 ?>:@K205BAO 87 A>2<5AB=>3> B@C40 70 ?;0BC, :0:, =0?@8<5@, A04>2>4AB20, ?@54AB02;5=89, 1070@0 8 B.?. ';5=A:89 27=>A =5 4>;65= 1KBL >1@5<5=8B5;L=K< 4;O A5<L8, 565<5AOG=K< 8 2=>A8BLAO 0::C@0B=> 2?5@54. !15@530B5;L=0O :0AA0, >B:@KB0O ?@8 :;C15 4;O ?@85<0 =0 E@0=5=85 AC<<, 4>;6=0 A;C68BL 4;O A15@565=8O N=>H0< 45=53, 2>-5@2KE - =0 @0AE>4K ?> :;C1C (?8:=8:8, ?>574:8 8 ?@>G.), 2>-2B>@KE, 4;O @0728B8O 15@56;82>AB8. >;LH8< ?>4A?>@L5< :;C1C A;C68B ?80=8=>, 5A;8 5ABL :><C 83@0BL, 2> 2@5<O ?5=8O, A>:>;LA:>9 38<=0AB8:8 8 ?@>G. C:>2>4AB2> C:>2>4AB20 ?@8 MB>< =5 A;54C5B ?@845@6820BLAO 1C:20;L=>; =0 87;>65==>5 2 =5< A;54C5B A<>B@5BL ;8HL :0: =0 A>25BK. A;54AB285 >3@0=8G5==>AB8 >1J5<0 2 =5< <>6=> 1K;> A;53:0 :>A=CBLAO ?@54<5B0, 2K 65 :0: @C:>2>48B5;8, 4>;6=K A0<8 @0728BL ?>4@>1=>AB8, A>>1@07COAL A <5AB=K<8 >1AB>OB5;LAB20<8. =AB@C:B>@0< ?@54>AB02;O5BAO A2>1>4=K9 2K1>@ A>>B25BAB2CNI89 2K1>@ ?> 8AB>@88, 38385=5 8 B.?., <>3CI8E A ?>;L7>9 ?@8<5=5==K<8 2 4>?>;=5=85 : A>25B0< 02B>@0. C@A >1CG5=8O @54;030N 20< A;54CNI89 ?@>5:B. >B>@K9 2 7028A8<>AB8 >B <5AB=KE CA;>289, @07C<55BAO, ?>4;568B 87<5=5=8O<. " >A2OB8B5 =545;N =0 :064CN 3;02C :=838. " > AC11>B0< CAB@08209B5 ;5:F8N A ?@0:B8G5A:8<8 ?>OA=5=8O<8 8, 345 <>6=>, A 2>;H51=K< D>=0@5<, =0 B5<C, ?@54AB>OICN : ?@>E>645=8N =0 1C4CI59 =545;5. !@548 =87H8E :;0AA>2 2>A:@5A5=L5, : A>60;5=8N, ?@54AB02;O5B =08<5=55 A2OI5==K9 45=L 87 2A59 =545;8, ?>MB><C, ?>A2OI0O 53> =0 ?@54;0305<K5 70=OB8O, O =045NAL A?0AB8 E>BL =5:>B>@KE N=>H59 >B ?@82KG:8 15AF5;L=> A;>=OBLAO ?> C;8F5 8 ?>@>:>2, A>?@O65==KE 4;O =8E A MB8< 4=5<, 0 B0:65 C:070BL ?CBL : 1>;55 4>AB>9=>9 687=8. "0:8E N=>H59 O ?@54;030N 2 2>A:@5A5=L5 CB@>< >1CG0BL <5;:8< C?@06=5=8O<, 0 ?>A;5 >1540 - 2KB5:0NI8< 87 C?@06=5=89 A:0CBA:8< @01>B0<. " @5?>4020=85, B0:8< >1@07><, 2:@0BF5 4>;6=> 1KBL 2 B5G5=85 =545;8 @07@01>B0=> 8 CA2>5=> N=>H0<8; :064K9 4>;65= C?@06=OBLAO C A51O 4><0 8;8 =0 4>AC35, 8;8 2@5<O >B 2@5<5=8 ?>4 =0G0;>< A2>53> ;845@0.  A;54CNICN AC11>BC. >A;5 >1540, CAB@08205BAO >:>=G0B5;L=>5 A>@52=>20=85, 8;8 >@30=87CNBAO 83@K ?> ?@>945==><C ?@54<5BC, A B0:8< @0AG5B><, GB>1K 70:>=G8BL 8E 4> 25G5@0, :>340 ?@8ABC?0NB : =>2>9 3;025. " -B> >B=>A8BAO : B><C A;CG0N, :>340 2K 8 20H8 N=>H8 2AN =545;N 70=OBK :0:>9-=81C4L @01>B>9 8;8 CG51>9, 8 8<55BAO B>;L:> A2>1>4=K<8 ?>;AC11>BK 8 2A5 2>A:@5A5=L5 =0 MB> 45;>. A;8 2K ?>A2OB8B5 2>A5<L AC11>B 8 2>A:@5A5=89 =0 MB> 45;>, 2K 4>2545B5 4> :>=F0 :C@A >1CG5=8O, :>B>@K9 =0 2AN 687=L ?>A;C68B @C:>2>4AB2>< <=>38< N=>H0< 8 C45@68B 8E >B B>3> 15745;LO, :>B>@>5 : =0H5<C ABK4C, <>6=> 2845BL ?> 2>A:@5A5=LO< ?>A;5 >1540. " A;8 70B5< 8<5NI85AO C N=>H59 A@54AB20 B0:>2K, GB> <>6=> >B?@028BLAO 2 ;035@L =0 =545;N 8;8 =0 45AOBL 4=59, 8;8 =0 420-B@8 2>A:@5A5=LO 2> 2@5<O ;5B0, CG5=85 =5 B>;L:> 1K;> 1K 70:>=G5=> 8 ?>425@3=CB> ?@0:B8G5A:><C 8A?KB0=8N, => ?>O28;0AL 1K 4065 2>7<>6=>ABL E>@>H> 2>7=03@048BL N=>H59 70 CA5@4=CN ?@5420@8B5;L=CN @01>BC. -B> =5 4>;6=> >A>15==> 4>@>3> AB>8BL, 5A;8 4;O MB>9 F5;8 N=>H8 @01>B0;8 8 >B:;04K20;8, :0: MB> C:070=> 2 3;025 IV. 0: C65 A:070=>, A?>A>1 >1CG5=8O, >?8A0==K9 2 MB>9 :=835, O2;O5BAO B>;L:> ?@8<5@=K<. C:>2>48B5;N ?@54>AB02;O5BAO 2>7<>6=>ABL ?>;L7>20BLAO A>1AB25==K<8 7=0=8O<8 8 A2>8< 2>>1@065=85< 4;O 53> 4>?>;=5=8O. !CI5AB2C5B <=>3> ?>;57=KE ?>7=0=89, :>B>@K5 @C:>2>48B5;L <>65B ?5@540BL ?@8 A;CG05 A2>8< <0;LG8:0< ;8G=>, 8;8 ?@83;0H0O 4@C759.  MB8< ?>7=0=8O< <>6=> >B=5AB8, =0?@., ?@8=F8?K CAB@>9AB20 ?0@>2KE 8;8 15=78=>2KE 42830B5;59, M;5:B@8G5AB2>, A;C61C <0B@>A>2, A>;40B, ?>60@=KE, ?>;8F59A:8E 8 B.?.; ?8>=5@8=3 - ?>AB@>9:C <>AB>2 A <>45;O<8, ?@>2545=85 4>@>3, A>>@C65=85 740=89 8 B.?.; =0:>=5F, AB>;O@=>5 45;>, ;5?:C, 2>4>?@>2>4=>5 45;>, A04>2>4AB2> 8 B.4. >574:8 70 3>@>4 4;O >7=0:><;5=8O A A5;LA:>9 687=LN, A @C4=8:0<8, @K1=K<8 ?@><KA;0<8 8 B.?., 8;8 - 87 45@52=8 2 3>@>4 4;O ?>A5I5=8O 7>>;>38G5A:>3> A040, 8=B5@5A=KE >B45;>2 <C7552, :0@B8==KE 30;5@59, 0@A5=0;>2 8 ?@>G., 8<5;8 1K 3@><04=>5 7=0G5=85 8 >G5=L 1>;LH>9 CA?5E. @8 BI0B5;L=> A>AB02;5==>9 ?@>3@0<<5 >1@07>20=85 A:0CB0 <>6=> ?@>4>;68BL 157 >?@545;5==>3> A@>:0 A 8=B5@5A>< 8 ?>;L7>9 4;O =53>, :0:>2> 1K =8 1K;> ?>?@8I5, :>B>@>5 >= A0< A515 8715@5B. / 4065 AB>@>==8: B>3>, GB>1K N=>H59 1@0;8 2 B50B@ =0 459AB28B5;L=> E>@>H85 ?@54AB02;5=8O, B0: :0: MB> O28BAO =081>;55 ?>1C48B5;L=>9 ?@8G8=>9 4;O A15@565=8O 45=53, =5>1E>48<KE =0 C?;0BC 70 18;5B, 0 15@56;82>ABL, =0G0B0O B0:8< ?CB5<, <>65B ?@825AB8 : 1;03>A>AB>O=8N. !?>A>1 >1CG5=8O >340 =0G8=05HL ?@5?>4020BL :0:>9-=81C4L =>2K9 O7K:, ;CGH5 2A53> =5 >1@5<5=OBL CG5=8:0 ACE8<8 3@0<<0B8G5A:8<8 ?@028;0<8, 0 A@07C =0G8=0BL A D@07 8 @073>2>@0, B>340 3@0<<0B8:0 ?>=5<=>3C ?@845B A0<0 A>1>9. "> 65 A0<>5 A?@0254;82> 8 >B=>A8B5;L=> 4@C38E ?@54<5B>2, 2:;NG0O AN40 8 A:0CB8=3. >7L<8B5, =0?@8<5@, 2KA;56820=85. >43>B>282 C<K N=>H59 =5A:>;L:8<8 E>@>H8<8 @0AA:070<8 > 2KA;56820=88, ?>:0702 8< =5A:>;L:> =0AB>OI8E A;54>2 8 >1JOA=82 8E 7=0G5=85, =5 648B5, ?>:0 N=>H0< =04>5AB 87CG5=85 B5>@88, 0 2>7L<8B5 8E =0 =0AB>OI55 2KA;56820=85. >340 >=8 C284OB =0 45;5, :0: >=8 5I5 A;01K 2 MB><, 409B5 8< 5I5 =5A:>;L:> "3;>B:>2" B5>@88. ;02=0O F5;L 2KA;56820=8O - MB> @0728B85 2 <>;>4568 =0E>4G82>AB8, A>>1@078B5;L=>AB8 8 >B25BAB25==>AB8 70 45;>, :>B>@>5 ?>@CG5=>. >>1@065=85 .=>H8 >1;040NB 1>30B>9 D0=B07859 8 ;N1OB A>G8=OBL 2K<KH;5==K5 ?>;>65=8O - 83@0BL 2 @07=KE ;N459 8 ?@>G., 2 3>@074> 1>;LH59 AB5?5=8, G5< MB> >A>7=05BAO 8<8. 0<, A;54>20B5;L=>, >AB05BAO B>;L:> "?>4K3@K20BL" 8< 8 4020BL 2>;N 20H5<C 2>>1@065=8N, 4;O C4>2;5B2>@5=8O 8E ?>B@51=>AB8. 06=> >4=0:> 2> GB> 1K B> =8 AB0;> C<5BL A>E@0=OBL A5@L57=>ABL, :0: 1K =5:>B>@K5 ?>;>65=8O =8 :070;8AL 70102=K<8. 0: B>;L:> 2K @0AA<55B5AL, N=>H8 A59G0A 65 ?>GC2AB2CNB, GB> MB> 2A5 2K4C<:8, 8 =5<54;5==> =02A5340 CB@0BOB 25@C. 0?@8<5@, ?@8 >1CG5=88 ?0B@C;O ?>4@060BL :@8:C 725@O-?>:@>28B5;O 2=5H=5 ?>;>65=85 3@0=8G8B A 01AC@4><, => 5A;8 @C:>2>48B5;L A>E@0=O5B ?>;=CN A5@L57=>ABL, N=>H8 @01>B0NB B>G=> 45;0NB A5@L57=>5 45;>, 0 @07 >=8 >A8;OB 53>, :@8: MB>B ?@52@0I05BAO 2 A8<2>;, 2 7=0: A>;840@=>AB8 <564C G;5=0<8 >4=>3> ?0B@C;O. =3;89A:89 D8;>A>D M:>= A:070;, GB> B50B@0;L=0O 83@0 A;C68B >4=8< 87 ;CGH8E A?>A>1>2 4;O >1@07>20=8O N=>H5AB20, 8 O 5<C >E>B=> 25@N. =0 @0728205B 2 =8E 5AB5AB25==K5 A?>A>1=>AB8 : ?5@5=8<0=8N, >AB@>C<85 8 2>>1@065=85, 0 2A5 MB> A8;L=> A>459AB2C5B >1@07>20=8N E0@0:B5@0. 564C B5< C@>:8 8AB>@88 8 =@02AB25==>AB8 3>@074> ?@>G=55 70?5G0B;520NBAO 2 8E ?0<OB8, 5A;8 >=8 A0<8 87>1@060NB 459AB2CNI8E ;8F 8 ?5@56820NB =0 AF5=5 A>1KB8O, G5< 5A;8 8< G8B0BL :0:85 1K B> =8 1K;> ;5:F88. 5402=55 C2;5G5=85 8AB>@8G5A:8<8 ?@>F5AA8O<8, 2 ACI=>AB8, >4=0 87 A0<KE C40G=KE 8459, O282H8EAO 2 ?>A;54=85 3>4K.  <5AB0E, 345 MB8 8AB>@8G5A:85 ?@>F5AA88-?0@04K 8<5;8 <5AB>, 2A5, :0: AB0@K5, B0: 8 <>;>4K5 ;N48, 70?><8=0;8 C65 =0 2AN 687=L =5GB>, >B=>AOI55AO : 8AB>@88 8E ?@54:>2, 8E 3>@>40, >48=K. >4>1=K< 65 >1@07>< @C:>2>48B5;8 =094CB :@09=5 ?>;57=K< C?@06=5=85< 70AB02;OBL A:0CB>2 87>1@060BL AF5=K 87 8AB>@88 8;8 > A>1KB8OE, =0 :>B>@KE 65;0B5;L=> >AB0=>28BL 8E 2=8<0=85. 5B@C4=> B0:65 CAB@0820BL =0AB>OI85 A?5:B0:;8, @5?5B8F88 :>B>@KE O2;ONBAO E>@>H8<8 ?>;57=K<8 C?@06=5=8O<8, 2 >A>15==>AB8 2 4>;385 78<=85 25G5@0. >340 ?@54AB02;5=8O 4>E>4OB 4> =5:>B>@>9 AB5?5=8 A>25@H5=AB20, 8E <>6=> ?>:07K20BL 70 ?;0BC 4;O ?>?>;=5=8O :;C1=KE A@54AB2.  ACI=>AB8 8 2>A?8B0B5;L=0O A8AB5<0, :>B>@CN <K ?@54;0305<, O2;O5BAO B>65 83@>9 2 @KF0@59 8 ?8>=5@>2-?5@2>?@>E>4F52, => 83@>9 4;8B5;L=>9, A5@L57=>9, A;820NI59AO A A0<>9 687=LN.  MB>< 55 A<KA; 8 7=0G5=85. B25BAB25==>ABL 70 ?>4G8=5==KE ;02=>5 2 MB>< 45;5 70:;NG05BAO 2 2>7;>65=88 >B25BAB25==>AB8 ?@58<CI5AB25==> =0 ;845@>2. 5;0B5;L=>, GB>1K C 20A 1K; E>@>H89 ?><>I=8:, <>3CI89 70<5=OBL 20A 2 20H5 >BACBAB285 8 8A?>;=OBL 20H8 >1O70==>AB8 2 <5;:8E 04<8=8AB@0B82=KE 45;0E. >7;0309B5 ?>;=CN >B25BAB25==>ABL =0 20H8E ;845@>2 8 >:07K209B5 8< ?>;=>5 4>25@85. "@51C9B5 >G5=L <=>3>3> >B =8E - 8 2K 4>AB83=5B5 >G5=L <=>3>3>.  MB>< :@>5BAO A5:@5B >1CG5=8O A:0CB>2. >445@68209B5 4CE B>20@8I5AB20 <564C G;5=0<8 ?0B@C;59 8 4@C65AB25==>5 A>@52=>20=85 <564C ?0B@C;O<8, 8 2K =5<54;5==> 4>AB83=5B5 E>@>H8E @57C;LB0B>2. 5 2?0409B5 2 >H81:C - 2A5 A0<><C 45;0BL: B>340 N=>H8 1C4CB B>;L:> A<>B@5BL =0 20A 8 45;> 70E@><05B. 8AF8?;8=0 0AB08209B5 =0 ?>445@60=88 48AF8?;8=K 8 =0 AB@>609H5< ?>28=>25=88 8 8A?>;=5=88 C:070=89; ?CABL 45B8 2>7OBAO 8 H0;OB <564C A>1>9 (MB> 8=>340 >G5=L ?>;57=>) B>;L:> B>340, :>340 2K 8< 405B5 =0 MB> @07@5H5=85. 'B>1K =0@>4 AB0; <>3CI5AB25==K< 8 1>30BK<, >= 4>;65= 1KBL 48AF8?;8=8@>20==K<, 0 48AF8?;8=0 2 <0AA5 4>AB8305BAO 48AF8?;8=8@>20=85< A8;L=KE ;8G=>AB59. >4 48AF8?;8=>9 O ?>4@07C<520N B5@?5;82>5 ?>28=>25=85 B@51>20=8O< 4>;30. >AB83=CBL MB>3> @5?@5AA82=K<8 <5B>40<8 =5;L7O. @5645 2A53> =04> 2>A?8B0BL 2 N=>H5 A0<>>1C740=85 8 ?>4G8=5=85 A51O 8 A2>8E =0:;>==>AB59 =0 ?>;L7C 4@C38E. -B> CG5=85 ;CGH5 2A53> ?@828205BAO ?@8<5@>< 8 =0AB>O=85< =0 8A?>;=5=88 :064K< B>3>, GB> A;54C5B.  MB>< A>AB>8B =0H0 @01>B0. 0:070=85< @515=:0 70 4C@=CN ?@82KG:C =5 ?>445@68205BAO 48AF8?;8=0. 04> AC<5BL ?>4KA:0BL 2<5AB> 4C@=>3> 70=OB8O E>@>H55, :>B>@>5 708=B5@5A>20;> 1K 53>, <>3;> 1K >B2;5GL 53> 2=8<0=85 8 B5< ?>AB5?5==> >BCG8;> 1K 53> >B 4C@=>9 ?@82KG:8. K@01>B:0 E0@0:B5@0 @8 2A5E 20H8E 70=OB8OE A N=>H0<8 8<59B5 2A5340 2 284C, GB> 3;02=>9, :>=5G=>9 F5;LN 2A5E C:070==KE 2 :=835 C?@06=5=89 O2;O5BAO 2K@01>B:0 E0@0:B5@0 C <0;LG8:>2, A B5<, GB>1K A45;0BL 87 =8E <C65AB25==KE, E>@>H8E 3@0640=. ;O >?@545;5==KE ;8F ?>;57=>, ?@8 >?8A0=88 :0:>3>-=81C4L ?>;>65=8O, ?@5@20BL A2>9 @0AA:07 8 A?@>A8BL N=>HC, :0: 1K >= ?>ABC?8; 2 40==>< A;CG05. -B> @0728205B 1KAB@CN A>>1@078B5;L=>ABL 8 B.?. > 2@5<O 83@ G@572KG09=> 206=> A>740BL B0:CN >1AB0=>2:C, GB>1K N=>H0 2>>1@060;, GB>, 2K?>;=OO 2>7;>65==>5 =0 =53> ?>@CG5=85, >= 459AB28B5;L=> ?>425@305BAO 1>;LH>9 >?0A=>AB8. ;03>40@O MB><C, >= ?@8CG8BAO ?@8=8<0BL 1KAB@K5 @5H5=8O, B.5. @8A:>20BL. >;57=K< C?@06=5=85< 4;O <0AAK A;C60B G0ABK5 B@52>38, 2> 2@5<O :>B>@KE <>6=> 2845BL, GB> >=0 1C45B 45;0BL, 8 ?@8CG0BL 2A5E AB0=>28BAO ;8F>< : ;8FC : >?0A=K< ?>;>65=8O<. ;O ?@>872>4AB20 B0:8E B@52>3, =0?@8<5@, ?CAB8BL 2 :><=0BC 4K<0, >1JO282, GB> A;CG8;AO ?>60@, 8;8 ?>@CG8BL :><C-=81C4L 1560BL 8 >1JO28BL, 70?KE02H8AL, GB> B0:>9-B> <0;LG8: A;5B5; A 45@520 8 @0AH81AO. 48=AB25==K< CA?5H=K< ?>CG5=85< O AG8B0N >1CG5=85 8=48284C0;L=>5, B.5. >B45;L=> :064>3> G5;>25:0. @8CG0O 20H53> CG5=8:0 1KBL =0AB>@>65, =01;N40B5;L=K< 8 M=5@38G=K<, 2K =0CG8B5 53> B0:65 1KBL A?>:>9=K< 8 =5 AC5B8BLAO. K 4>;6=K 4>AB830BL 2 N=>H0E C@>2=O D878G5A:>3> @0728B8O, 1;87:>3> : 45BO< ?@8@>4K - 48:0@O<, B.5. 8<5BL ?>;=CN 30@<>=8N :0: C<AB25==CN, B0: 8 B5;5A=CN. 48=AB25==K< A>AB>O=85< =>@<0;L=>3> G5;>25:0 4>;6=> 1KBL - =5?@8=C645==>ABL 2A53> B5;0, => A 3;070<8 8 CH0<8 =0AB>@>65, GB>1K 8<5BL 2>7<>6=>ABL 2 >4=> <3=>25=85, A ;53:>ABLN 48:>9 :>H:8, ?5@59B8 >B :06CI59AO 8=5@B=>AB8 : =0?@O65=8N AB0;L=>9 ?@C68=K. 7CG8B5 2>7<>6=>AB8 8 =0:;>==>AB8 :064>3> N=>H8 2 >B45;L=>AB8 8 ?>>I@O9B5 53> : @0728B8N B>9 8;8 8=>9 A?>A>1=>AB8, 70<5G5==>9 20<8 2 =5<. @><5 B>3>, :>340 ?@845B 2@5<O N=>H5 8718@0BL A515 687=5==CN :0@L5@C, 2K 1C45B5 2 A>AB>O=88, =0 >A=>20=88 20H8E =01;N45=89, =0?@028BL 53> A2>8< A>25B>< 2 =081>;55 ?>4E>4OICN AB>@>=C, @0A?@545;OO N=>H59 B0:8< >1@07><, GB>1K ":@C3;K5" ?>?040;8 2 :@C3;K5 >B25@AB8O, 0 ":204@0B=K5" - 2 :204@0B=K5, 0 =5 =0>1>@>B, :0: ?>AB>O==> A;CG05BAO 2 687=8. 5 ?>>I@O9B5 N=>HC, :0: MB> 45;0NB <=>385 1;03><KA;OI85 ;N48, AB@5<8BLAO : =5A2>9AB25==>9 5<C F5;8, :0: 1K 20H0 F5;L A0<0 ?> A515 =5 1K;0 4>AB>9=0. CABL 20H0 F5;L 1C45B 70:;NG0BLAO 2 B><, GB>1K ?@52@0B8BL :064>3> N=>HC 2 ?>;57=>3> G;5=0 >1I5AB20, 8 B>340 A0< A>1>9 ?>4=8<5BAO >1I5AB25==K9 C@>25=L. 4=0 87 A0<KE 206=KE ?@8G8= 157@01>B8FK - =0 2A5E ?>?@8I0E 2 =3;88 - ;568B 2 =5A?>A>1=>AB8 0=3;89A:8E @01>G8E 70=OBLAO 8=K< B@C4><, G5< B>B, :>B>@K< >=8 70=8<0;8AL ?@5645. K A 2>AE8I5=85< =07K205< <0B@>A>2 "<0AB5@0<8 =0 2A5 @C:8", B0: :0: >4=8 B>;L:> <0B@>AK, ?>-2848<><C, C<5NB 27OBLAO 70 2AO:>5 45;>. 564C B5<, B0:CN 65 A?>A>1=>ABL <>65B ?@8>1@5AB8 2AO:89, 5A;8 B>;L:> =0B>;:=CBL 53> =0 MB> 8 5A;8 >= ?@8;>68B 2=0G0;5 =5<=>3> AB0@0=8O. "0:8< >1@07>< F5;LN @C:>2>48B5;O 4>;6=> 1KBL ?@52@0I5=85 N=>H59 2 "<0AB5@>2 =0 2A5 @C:8". > ?@5645 2A53> =0< =04> ?>4=OBL B5E, :>B>@K5 =0E>4OBAO =0 "4=5". "%20B09 EC4H8E!" - 2>B ;>7C=3 @<88 !?0A5=8O 2 55 25;8:>< 45;5. "0H0 <8AA8O - ?><>GL A0<><C ?>A;54=5<C 1@>4O35", 3>2>@8B ?>;:>2=8: MAB>=, <M@ 3>@>40 8=:>;L=0. =3;8G0=8= >A>=, 2 A2>8E B0;0=B;82KE AB0BLOE 2 "5G5@=5< !B0=40@B5", ?@5:@0A=> >1JOA=8; 2>?@>A >B=>A8B5;L=> ?@074=>H0B0NI8EAO, =5 65;0NI8E @01>B0BL. = C:07K20; =0 B>B D0:B, GB>, 1;03>40@O 45OB5;L=>AB8 ?>;8F88, 2>@K ?@5:@0B8;8 A2>8 >?5@0F88 2 1>;LH8E 3>@>40E, => 70B> 2>7=8: F5;K9 :;0AA ?@074=>H0B0NI8EAO A ?@5ABC?=K<8 =0:;>==>ABO<8. "A;8 1K 2 ?@5@8OE, 2 0=045", 3>2>@8B >=, "74>@>2K9, A8;L=K9 <C6G8=0, =5 8<5NI89 A@54AB2 : ACI5AB2>20=8N, A>25@H5==> 2>745@60;AO =0 =5:>B>@>5 2@5<O >B @01>BK, B> >= C<5@ 1K 8 ?5@5AB0; 1K >1@5<5=OBL A>1>9 75<;N".  >=4>=5 65 45;> >1AB>8B 8=0G5. "0< G5;>25: <>65B <5AOF0<8, 4065 3>40<8, =8G53> =5 45;0BL, H0B0OAL ?> :010:0<.  MB> 4065 45;0NB A>B=8 ;N459. = ?@82>48B 425 ?@8G8=K, ?>@>482H85 MB> 7;>: 1. BACBAB285 48AF8?;8=K 2 687=8 B0:8E ;N459, :>B>@K5 =5 ?@8=04;560B : @07@O4C 01A>;NB=KE ?@5ABC?=8:>2. 2. 5@071>@G82>ABL 2 @0740G5 <8;>ABK=8. K E>B8< A?0AB8 N=>H59 >B >?0A=>AB8 ?>?0ABL 2 @07@O4 ?@074=>H0B0NI8EAO, C25;8G820NI8E G8A;> 157@01>B=KE. 7 0=04K 4> =0A 4>H;> A;54CNI55 70O2;5=85: "=3;8G0=5 <>3CB =5 15A?>:>8BLAO 8 =5 O2;OBLAO 4;O =09<0". 1JOA=5=85, 40==>5 =0< =0 70?@>A > ?@8G8=5, ?>1C482H59 :0=04F52 8A:;NG8BL 0=3;8G0= 87 A?8A:0 @01>G8E, 70:;NG0;>AL 2 A;54CNI5<: "=3;8G0=5 =5 48AF8?;8=8@>20=K, 3@C1K 8 ?>AB>O==> 60;CNBAO =0 BO3>ABL @01>BK. 0 0=3;8G0=8=0 =8:>340 =5;L7O ?>;>68BLAO, 8 :0: B>;L:> 45;> 5<C =04>5AB, >= A?>A>15= 53> 1@>A8BL". -B8 =54>AB0B:8 ?@>8AE>4OB 2A;54AB285 >BACBAB28O B0:>3> 2>A?8B0=8O, :0:>5 ?@54?>;0305BAO 40BL A:0CB0<. =8 >1JOA=ONBAO B5<, GB> ;N48 4C<0NB B>;L:> > A515, =5 ?@87=020O =8:0:8E >1O70==>AB59 70 A>1>9 8 :0:8E-;81> ?@02 70 4@C38<8 ;8F0<8. 0:;NG5=85 >NAL, GB> <>8 A>25BK @C:>2>48B5;O< =0AB>;L:> 70BO=C;8AL, 8 ?@8=O;8 B0:>9 2=CH8B5;L=K9 284, GB> @>;L MB8E ;8F <>65B ?>:070BLAO A;8H:>< A;>6=>9 8 >B25BAB25==>9. 0 A0<>< 45;5 MB> 2>2A5 =5 B0:, 2 G5< ;53:> C1548BLAO, 5A;8 =0G0BL ?@8<5=OBL <>8 A>25BK =0 ?@0:B8:5. >8 A>25BK <>6=> A@02=8BL A 02B><0B8G5A:8< A<07G8:>< =0 :>;5A0E 02B><>18;O: =0 284 >= >G5=L A;>65= 8 70<KA;>20B, 0 =0 A0<>< 45;5 B0: CAB@>5=, GB> A0< 2K?CA:05B <0A;>, 40NI55 2>7<>6=>ABL :>;5A0< ;53G5 25@B5BLAO. / ?@54;030N A2>9 <5B>4 ;8HL 2 2845 >1@07G8:0, :0: <>6=> ?@89B8 =0 ?><>IL ?>4@0AB0NI5<C ?>:>;5=8N, 8 ?>;030N, GB> 87 GC2AB20 4>;30 :064K9 G5;>25: >1O70= ?@8=OBL CG0AB85 2 MB>< 45;5. <5==> MB> 8 8<55B 2 284C <>9 <5B>4, ?@54>AB02;OO :064><C 2>7<>6=>ABL CG0AB2>20BL, B0: :0: =0 >ACI5AB2;5=85 53> ?>B@51C5BAO >G5=L =5 <=>3> 2@5<5=8, @0AE>4>2 8 7=0=8O; >= :@><5 B>3>, 8<55B B> ?@58<CI5AB2>, GB>, 2>-?5@2KE, =@028BAO <0;LG8:0< 8 ?@82;5:0B5;5= 4;O =8E, 0 70B5< =5 ;8H5= 8=B5@5A0 8 ?>;L7K 4;O A0<>3> @C:>2>48B5;O. A;8 K, <>9 G8B0B5;L, 70284C5B5 N=>H0<, :0:8< B> =8 1K;> >1@07><, 8;8 2K 4> A8E ?>@ =5 8<5;8 A =8<8 =8:0:>3> 45;0, => ?@8=04;568B5 : G8A;C ;N459, 65;0NI8E, GB>1K 0H0 >48=0 A>E@0=8;0 A2>5 <5AB> A@548 4@C38E =0@>4>2, 8 A>3;0A8B5AL 27OBL =0 A51O "B@5=8@>2:C" ?>;4N68=K N=>H59, B> ?@8=5A5B5 1>;LHCN ?>;L7C 0H5<C B5G5AB2C, 0H8< <5=LH8< 1@0BLO< 8 A0<><C A515."  / 3@K, :>B>@K5 ?>;57=> CAB@0820BL 2 :;C15 8;8 2 ;035@5. ">74CH=K9 :>@01;L" 20 ?0B@C;O A04OBAO =0 A:0<59:8 >48= ?@>B82 4@C3>3> =0 @0AAB>O=88 >:>;> ?>;C<5B@0 >48= >B 4@C3>3>, AG8B0O <564C :>;5=O<8. 564C =8<8 ?CA:05BAO <0;5=L:89 2>74CH=K9 H0@8:, 8 >15 AB>@>=K ?KB0NBAO, =5 2AB020O A <5AB0, 703=0BL 53> G5@57 3>;>2K A2>8E ?@>B82=8:>2 B0:8< >1@07><, GB>1K >= C?0; 70 8E A?8=0<8. 064>5 ?045=85 AG8B05BAO ?>B5@59 B>9 AB>@>=K, =0 :>B>@>9 H0@ >?CAB8;AO. 1K:=>25==> 83@0NB 4> B@5E: AB>@>=0, =0 :>B>@>9 H0@ C?0; 3 @070 - ?@>83@0;0. "%C4>6=8:8" 3@0NI85 A84OB 2>:@C3 AB>;0, 8<5O :064K9 1C<03C 8 :0@0=40H. 48= =0G8=05B @8A>20BL GB>-=81C4L >B45;L=K<8 B25@4K<8 HB@8E0<8, 45;0O 8E =5 ?> ?>@O4:C, B0: GB> 4>;3> =5;L7O C7=0BL, GB> >= @8AC5B. 064K9 87 83@0NI8E A<>B@8B =0 @8AC=>: A2>53> A>A540 A?@020 8 AB0@05BAO =0@8A>20BL B> 65 A0<>5, A@8A>2K20O HB@8E 70 HB@8E><. >340 ?5@2K9 =0G02H89 @8A>20BL 70:>=G8B A2>9 @8AC=>:, A@02=8B5 A =8< B>, GB> ?>;CG8;>AL C 4@C38E. "&5;L 8 <OG" @8:5B 2 :><=0B5 A B5==8A=K< <OG><, <0;5=L:>9 45@52O==>9 ;>?0B:>9, 8 48A:>< 8;8 <0;5=L:>9 F5;LN 2<5AB> :@8:5B=KE "2>@>B."    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  "@C??0 87 G8A5;" 064K9 87 83@0NI8E ?>;CG05B :0@B>G:C A :0:8<-=81C4L OA=> =0 =59 =0?8A0==K< G8A;>< >B 10 4> 24. A;8 83@0NI8E 1>;LH5 ?OB=04F0B8, =5:>B>@K5 ?>;CG0NB >48=0:>2K5 =><5@0. C:>2>48B5;L 83@K 3@><:8< 3>;>A>< ?@>2>73;0H05B :0:>5-=81C4L B@5E7=0G=>5 G8A;>, 4>?CAB8< 180. 3@0NI85 AB0@0NBAO, :0: <>6=> A:>@55, >1J548=8BLAO <564C A>1>9 2 3@C??K A B0:8< @0AG5B>2, GB>1K AC<<0 8E =><5@>2 A>AB028;0 180. 0: B>;L:> 3@C??0, >1@07CNI0O 180, O28BAO : @C:>2>48B5;N 8 G;5=K 55 ?>;CG0B ?> 1C<06:5, >AB0;L=K5 3@C??K, 5I5 =5 2?>;=5 AD>@<8@>202H85AO, @0A?CA:0NBAO 8 ?@54;0305BAO =>2>5 G8A;>. 0B5<, ?@>45;02 MB> =5:>B>@>5 2@5<O, AG8B0NB 18;5B8:8 C :064>3> 83@02H53>, 8 B>B, C :>3> 8E 1>;LH5, 2K83@0;. A;8 E>B8B5 A45;0BL 83@C B@C4=55, 15@8B5 1>;55 :@C?=K5 G8A;0. "?@545;5=85 25A0" -B> A>ABO70=85 <>65B 4>AB028BL ?@8OB=>5 @072;5G5=85 2 ?@><56CB:0E <564C 4@C38<8 ?@54AB02;5=8O<8. CABL :><8B5B C25A5;5=89 70@0=55 ?@83>B>28B H5ABL ?@54<5B>2, :0: <>6=> <5=55 ?>E>68E 4@C3 =0 4@C30 ?> D>@<5, 25;8G8=5 8 <0B5@80;C, 87 :>B>@>3> >=8 A45;0=K, => 2A5 25AOI85 @>2=> >48= DC=B (453,6 3@. 54.). >7L<8B5, =0?@8<5@, 45@52O==>5 254@>, 65ABO=CN ?>AC48=C, :CA>: A28=F0 8 B.?. K7>28B5 ?> >G5@548 =5A:>;L:> G5;>25:, ?@54;030O 8< @07<5AB8BL MB8 ?@54<5BK 2 >48= @O4 ?> 8E 25AC. 07C<55BAO, ?>GB8 2A5 >=8 1C4CB AG8B0BL, GB> 1>;55 :@C?=K5 ?@54<5BK BO65;55. ">@78=:0" -B0 83@0 >BG0AB8 =0?><8=05B DCB1>;, => 8<55B B> ?@58<CI5AB2>, GB> 2 =55 <>6=> 83@0BL 2 :><=0B5 8;8 =0 >G5=L >3@0=8G5==>< ?@>AB@0=AB25. $CB1>;L=K9 <OG <0;5=L:>3> @07<5@0 A;C68B =5 4;O =>3, 0 4;O @C:, 8 =5 4;O C40@>2, 0 A:>@55 4;O <5;:8E B>;G:>2 > ?>; 8 1@>A:>2. #40@OBL <OG 8;8 >AB0=02;820BL 53> =>3>9 =5 @07@5H05BAO. 5@60BL <OG 2 @C:0E <>6=>, => ?@868<0BL 53> : BC;>28IC, >1E20BK20BL @C:>9 8;8 @C:0<8 =5;L7O. 0 8 2 @C:0E =5AB8 53> =5;L7O 40;55 42CE H03>2. .... !5B:0 ?>425H8205BAO =0 2KA>B5 10 DCB>2 (3,5 <5B@0. 54.) >B 75<;8 =0 H5AB5, 45@525 8;8 AB5=5 B0:8< >1@07><, GB>1K <>6=> 1K;> 2 =55 1@>A0BL <OG. " /  -!#" @30=870F8O >B@O4>2 452>G5:-A:0CB>2, "35@;-A:0CB>2", ?@5A;54C5B B5 65 7040G8, GB> 8 >@30=870F8O 1>9-A:0CB>2. "0:>2K 65 8 2=5H=85 D>@<K >@30=870F88. 'B> 65 :0A05BAO ?@>3@0<<K 70=OB89 8 8A?KB0=89, B> 2 =8E <>3CB 1KBL 4>?CI5=K 87<5=5=8O 8 4>?>;=5=8O, A>>B25BAB2CNI85 ?>;C, 2>7@0ABC 8 CA;>28O< 687=8. C:>2>4AB2>< 4;O 70=OB89 <>65B A;C68BL, : A>60;5=8N, =5 ?5@52545==0O 5I5 =0 @CAA:89 O7K: :=830 3=5AAK 045=-0CM;; "How Girls can Help, the Handbook for girlguides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omn...Dob!" (GB> 7=0G8B: "4>1@K9 2>;G>=>: ?>4@0605B 4>1@><C 2>;:C") 8 >B25B>< "Tabn!.. Tab!" (""0:><C 65 2>;:C ?>4@060N B0:65 8 O"). !0;NB 2>;G0B0 45;0NB, "?>:07K20O 2>;GL8 CH8", B.5. ?>4=8<0O 420 @07428=CBKE ?0;LF0, 1>;LH>9 8 C:070B5;L=K9. A>15==>ABLN D>@<K 8E O2;O5BAO B>, GB> 2<5AB> H8@>:>?>;KE H;O? >=8 =>AOB :5?:8. C:>2>4AB2>: 0=3;89A:0O :=830 Wolf Cabs - James Brown. . 045=-0CM;; @QbQÆRôRüUNYpY¤\¨\Ò\r]Œ]Î`vf–fŽjZm|m‚q„t\x|è}¢„ȇh`‘z‘Ø“ú‹$¥õ‹$¬ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬ð‹$Ôõ‹$¬ú‹$¥õ‹$¬õ ‹$¬ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ ‹$¬õ‹$¬õ ‹$¬õ‹$¬ú‹$¥õ‹$¬gd|Ìgd|Ìgd|ÌØ“˜—²—â—˜,˜R˜`˜’˜˜Ò˜æ˜™@™^™z™œ™È™ì™š&š8šfš’šÀšìš›J›r›†›ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬gd|̆›š›Ì›&œ6œ@œLœZœjœzœŠœ˜œ¤œ®œ´œŸ*Ÿ*¤&¨®ª<«†«,¬¶¬­­Æ­<®®®ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$Ôú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬gd|Ìgd|ÌŸ*Ÿ®®â®ˆ°²°Ú²ä²³‚¿¿2ÉZÉÍ:Í^јÑFÔÈÔÄâã2ãXû‚û„ŒÌÔlxê-ô-ˆ9²9 :Ú@AÞA*BòKL¼O P"X~Xv[ [æ[zc cÈuØu‡\‡hŸŠŸĦҦ֬쬭Ž²æ²³ú¿6ÀäÔôÔ˜æ¦æõ&õHõVÿbÿŽ²" äæ23d<|<p@óêÝêóêóÝêÝêÝêÝêóêóêóÝêóêÝêÝêÝêÝêóÝêóêÝêÝêÝêÝêóÝêÝêÝêÝêÝêÝêóÝêóÝêÝêÝêÝêóÝêÝêÝêóêóêóêÝêÝêhªKh|ÌCJOJQJhªKh|ÌaJhªKh|ÌCJ$OJQJW®®â®ˆ°²°Ú²ä²³¸‚¿¿„ÂnÆ2ÉZÉ`ÌÍ:Í^јÑFÔšÔÈ԰جÜ\ߤàÄâîâãú‹$¥õ‹$¬ð‹$Ôõ‹$¬ð‹$Ôú‹$¥õ ‹$¬õ ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬ð‹$Ôõ‹$¬ð‹$Ôð‹$Ôõ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$Ôð‹$Ôgd|Ìgd|Ìgd|Ìã2ãèäé’ìÂï„ò&öh÷Xû‚ûÀþ ò¬~.V D„Œ:ÌÔlxú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$Ôõ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬ú‹$¥gd|Ìgd|Ìgd|ÌxÖ#ø'ê-ô-j26ˆ9²9ì9 :„?Ú@AÞA*BêIòKL¼O P†SÌU"X~Xr[v[ [æ[ú‹$¬ú‹$¬ú ‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ð‹$Ôõ‹$¥õ‹$¥ú ‹$¬ú‹$¬ð‹$Ôú‹$¬õ‹$¥ú ‹$¬ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ð‹$Ôõ‹$¥gd|Ìgd|Ìgd|Ìæ[ò_þaLb®bczc cìh’n„sÈuØu€{¼€Öƒ‡\‡â‹¸‘”™hŸŠŸ&¤ĦҦ੘¬Ö¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú ‹$¬ú ‹$¬ú‹$¬ú‹$¬õ‹$¥ú ‹$¬ú ‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú ‹$¬ú ‹$¬ú ‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬gd|Ìgd|Ì֬쬭Š²Ž²¸²æ²³Š¶0¼ú¿6ÀºÄBÉÚÍÎÑäÔôÔx×\ÙüÞŠàŒä˜æ¦æJéŽïõ&õú‹$Ôõ‹$¥ð ‹$¬ð‹$¬ú‹$Ôú‹$Ôõ‹$¥ð‹$¬ð ‹$¬ð‹$¬õ‹$¥ð‹$¬ð‹$¬ð‹$¬ð‹$¬ð‹$¬õ‹$¥ð‹$¬ð‹$¬ð ‹$¬ð‹$¬ð‹$¬ð‹$¬õ‹$¥ð‹$¬ð ‹$¬ð ‹$¬ú‹$Ôgd|Ìgd|Ìgd|Ì&õHõ~ùVÿbÿ*òX2h¼Ž²¢  "Ú(œ à2ˆ°äú‹$¥õ‹$¬õ ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$Ôõ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$Ôð‹$Ôõ ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬gd|Ìgd|Ìgd|Ìäº!'+ä,æ23X34š4,5’5&6z6ô6L7@9d<|<p@”@ØG6LFL>NQúT¨Vú‹$Ôõ‹$¬õ ‹$¬õ‹$¬õ‹$¬õ ‹$¬ð‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$¥õ‹$¬ð‹$¥õ ‹$¬õ‹$¬ð‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬gd|Ìgd|Ìgd|Ìp@”@6LFL€]˜]6fHf€k¨kŠp pHƒ|ƒ:ŸHŸ’¢¼¢ô¢4¦>¦r¦©H©d©2®>®t¶’¶Žº¢ºVÃnÃÚÈðÈÀÔÒÔ$Ú8ÚæàáüëPìf p $ N z  4 B+ f+ 4 4 r; Œ; pD  D @V |V ¦r¦©©H©d©Fª¦ª*«®«P¬‚¬2®>®p¶t¶’¶Žº¢ºv¿VÃnÃÚÈðÈJËÞÑÀÔú‹$¬õ‹$Ôð‹$¥ú‹$¬ú‹$¬õ‹$Ôð‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ð‹$¥ú ‹$¬ú‹$¬ð‹$¥ú‹$¬ð‹$¥ú‹$¬ú‹$¬ð‹$¥ú ‹$¬ð‹$¥ú‹$¬ú ‹$¬ú‹$¬gd|Ìgd|Ìgd|ÌÀÔÒÔ²Ö$Ú8ÚÜæàáˆãÊæêüëPìjôŠ÷þJ f p è Ö  $ N z  4 Ø ¦ ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ ‹$¬õ‹$¬õ ‹$¬õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬ð‹$Ôú‹$¥õ ‹$¬ú‹$¥õ ‹$¬õ‹$¬gd|Ìgd|Ìgd|̦ N$ B+ f+ d. Œ1 4 4 7 r; Œ; º? pD  D LI $L NS @V |V z[ Ô^ Ö` 8e l Æn ðn 4r Nr y ,y `{ v{ ü € & T Ü„ ò„ àŒ  B˜ \˜ ¶ 0¶ ü¿ (À JË TË –Ë ˜Î ´Î  Ï æÏ JÑ „Ñ Ö &Ö |Ú ¼Ú ˆå –å rð ’ð Æú öú Ê è   Æ & L ' Æ' €0 ¾0 ”B ´B âS þS ˆp  p t :t ¢Ž ÂŽ ¶” Δ D¦ ‚¦ À« Ö« 4³ \³ òØ Ù ~ã ”ã ä *ä ®ç Æç ë ë ì óêóêóêóêóêóêóêóêóêóêóêóêóêóêóêÝóêÝêóêóêóêóêóêóêóêóêóêóêóêÝêóêóêóêóêóêóêóêóêóêóêÝêóêóêóêhªKh|ÌCJ$OJQJhªKh|ÌaJhªKh|ÌCJOJQJWèe Âh k l >l Æn ðn 0r 4r Nr y ,y `{ v{ ü € & T Ü„ ò„ z‰ ˆŒ àŒ  b Ê“ Ê• B˜ \˜ ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú ‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥gd|Ìgd|Ì\˜ èž "¥ 4¨ (¬ È­ ¨° ö³ ¶ 0¶ "¹ ~¹ ^º » 2¼ ½ ½ ü¿ (À Øà æÇ JË TË –Ë ˜Î ´Î  Ï æÏ FÑ ú ‹$¬ú ‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ð‹$Ôõ‹$¥ú‹$¬ð‹$Ôú‹$¬õ‹$¥ú‹$¬gd|Ìgd|Ìgd|ÌFÑ JÑ „Ñ Ö &Ö xÚ |Ú ¼Ú Òà pã ˆå –å ðè ï rð ’ð &ò ª÷ Æú öú Nÿ ¤ÿ R * B  Ê è   ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú ‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú ‹$¬ú‹$¬õ‹$¥ú‹$¬ú ‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬gd|Ìgd|Ì  Æ  & L  ¾ 6 n Š$ % ' Æ' T. €0 ¾0  2 n5 ^9 ”B ´B ÂE `I pO âS þS æV ÈX \ ú‹$¥õ ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ ‹$¬õ‹$¬ð‹$Ôõ‹$¬õ‹$¬õ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ ‹$¬õ‹$¬ú‹$¥õ‹$¬õ‹$¬õ‹$¬gd|Ìgd|Ìgd|Ì \ 2` 2b He `j rk ˆp  p t :t u du v z 8} †€ ðƒ „… ‹ ¢Ž ÂŽ ¶” Δ À˜ < .¡ ª¤ D¦ ‚¦ ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú ‹$¬ú‹$¬õ‹$¥ú ‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥gd|Ìgd|Ì‚¦ Ω À« Ö« .¯ 4³ \³ ¶ ~¸ `» F¾ :À PÆ vÊ jÍ þÑ ÎÒ Ó × òØ Ù ¸Ü ¬à ~ã ”ã ä *ä ®ç Æç ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú ‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ð‹$Ôú‹$¬õ‹$¥ú‹$¬õ‹$¥gd|Ìgd|Ìgd|ÌÆç ë ë ì ì ì 2ì fî ~î Èð øð Àô âô ü÷ *ø „ú bý ÿ ÿ (ÿ  0 p ®  z ð Œ . ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú ‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬gd|Ìgd|Ìì 2ì fî ~î Èð øð Àô âô ü÷ *ø ÿ (ÿ œ ¬ ¦ Ê Ž ´   Þ# $ ¤' Ò' J3 h3 l3 óêóêóêóêóêóêóêóêóêóêÝêÝêÎêhªKh|Ì56\]aJhªKh|ÌCJ$OJQJhªKh|ÌaJhªKh|ÌCJOJQJ. î Ö Ž œ ¬ z ¢ ¦ Ê Ž ´   Þ# $ ¤' Ò' ) Î+ *, |, ®, ü, ¨- . d. –. / ú‹$¬ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú‹$¬ú‹$¬ú‹$¬õ‹$¥ú ‹$¬õ‹$¥ú‹$¬õ‹$¥ú‹$¬ð‹$Ôú‹$¬ð‹$Ôú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬ú‹$¬gd|Ìgd|Ìgd|Ì/ j/ þ/ d1 J3 l3 ú‹$¬ú‹$¬ú‹$¬ú‹$¬úgd|Ì21h:péø°‚. °ÆA!°n"°7#7$7%°°Å°Å ÄœB@ñÿB 1KG=K9CJ_HaJmHsHtHn@n |Ì 03>;>2>: 1$¤d¤d@&[$\$a$#5B*CJKH$OJQJ\aJphLLCb@"b |Ì 03>;>2>: 2$¤d¤d@&[$\$a$5B*OJQJ\phLLCj@2j |Ì 03>;>2>: 3$¤d¤d@&[$\$a$5B* CJOJQJ\aJph€BA@òÿ¡B A=>2=>9 H@8DB 0170F0Xióÿ³X 1KG=0O B01;8F0ö4Ö l4Öaö .kôÿÁ. 5B A?8A:0DU@¢ñD |Ì 8?5@AAK;:05€6€>*\€]€phÀ>^@> |Ì 1KG=K9 (251) „à`„àÏör ÿÿÿÿ|‡/×q#¿Zª^’­Û§3 F m F ~{0ˆKÑKUs¿¾¦ÂÜÓýê!þ!È"\#ë#»$l%ô% 'Ò'ç'õ'L+,¨/†2¦2<4a4†4§4w6<9ü:&=³?rAgDH”LÅSÓVßZß]>aÚdîdeh+h‡háhøh7jŽjÖj4kÑkõk+l;lmRn¯n omo¾oôop‘plqåqñrtsŠs“t©uvmvÝwyHyz7{“{ù{c|U}}¯}¼Öã ‚ˆƒ…ª‡±‡äˆ½ŠÍŠLŒ7guÊ‘á’“¹”Ù”•-•=•^•˜—™>™a™ˆ™°™Ò™ø™šEšš¦šÂšèš›$›H›n›’›¶›ß›œ'œCœ`œ‰œªœ×œüœ'fµÒÿ2ž`žž¬ž×žŸ-Ÿ_ŸŒŸ Ÿ¯Ÿ?¢£0¥«§T¨©tªý¬ý­­¯e±s±Á²·³È³fµpµ¸¶Ì¶Ù¶é¶þ¸¹§º·ºƒ¼š¼£¾¹¾0Á:ÁÄ)ÄXÅlÅuÇÌÈïÈáÍñÍGÎ^ÎuΈϊҞҼÒôÒ4Ó\ӒӚӉזÛ÷Üà6àpávä¯çÃçüèxê‹êíFíQí@ï¡ðöò'ôVô{ôbötöïøžú²ú³üÁüÿÿ)€Sv›³æ*F^r•»k| q á D”瑨pw"A%G)é+,,Æ-/'0H0X0®1¾1Ÿ2¬2š5¹5á9ö9=&=[=ƒ>¶@ƒCìE½HæI—MoNŸN³NÊNæNQbQ°S[UúVW;XçXzY[)]K`b=d•fi›jºjBmHmZmƒn˜n÷opñrsu·vÉv+{8{Ý|š~©~n~xÊ‚ƒKƒ‘ƒÔƒèƒñƒˆ†R‰f‹ HŽrÊS“Á”¨–C™»›°Ý “¢УЧ¡ª­‘°—°¯´w·Þº_½ÀÀÏÂÑÅèÇ«É/Ì5Ð?ÐüÒxÔ‰Ô:ØOØbØ]ÛsÛ~Û?ßDßYßyà{à”à©à´àá-ä'æ]çoçmé–ëKíï,ïæðøðIò^ô‡ô‘õ˜õSööðö÷=ûbûíû>üüÛüýZý ýþiþÊþáþ04?*?Pú î Õ®u³oŒSºMÎj"‰$˜$V(a(w*Ž,¨,»,‚.Ï/ã1ö1û4589*999L9ì;´>%AXB¦CñEŸH®HDKRKÂM­NYPkPõR S…T§U²VÆVáW]XÚ[•]¤]__aaécSehe9gGg9hGh`j”lºlæmèmnn$n=nºrùt„w2yÜ{‘çƒE†O†Q†͇̉à‹ý‹GŸ’’“%•Ü—o˜‚˜šI1 B #£¬¦º¦ä§Ù©a«u«Z¬ª¬ܬ­6­j­½­ó­®D®t®¡®æ®%¯:¯E¯V°y°ˆ°Z´h´¹¹R»i»š¾¾ò¾:¿V¿“¿PÁeÁtÁ>ÃèÅvÈgÊŠËïÍdѶÓÖ!ÖìØBÚÅÜ1ßràãVæoæÖèpêvìÑíôî}ðòšóÃôæõp÷­øŽùôúûûcþÛjo¹Ê|“À Ñ k m ‚ Ò ß € Td`Æ×Ú[G% jý Í#É%Ö%'å(ò( ))/)B)I)b)z)‚)Œ)¢)¹)È)Ö)ç)ý)*!*,*5*L*b*y**¦*¾*Ò*Ü*æ*ÿ*,+4+9+?+F+N+V+^+e+k+p+s+œ,®,./,1p2·2Ü2/3t3 3á3ü374p4Š4]5r5†6‹6™6'9Ú<ú<[>P@²AÆAIC¨C¶CÈEåEÐ>†A‘A¾BFyG‚GrH+J5J(KŒMšMÝN~PaRSASNWÞX$\>^Ì`Ñ`b„c©d«dÀdÖd"h3hkìl@oºrÌrKtßuw)wáxÒzßzö|Qi¿+ƒÀ†9ˆWˆÖŠƒŒ„µ·’Ú’•טê˜?š´œØœñœ¤žÜŸ2¢ó¢£ï¤ ¥5¥J¥è¥Z¦Þ§ªR«˜¬¡­Þ®F°³P´†µô¶*¸º¹ݺ|»¤»:¾Ê¿ÀäÂïÂ.ÅoŽÅ?Æ"Ç$Ç&Ç;ÇeÇlÇcʘÌÓÍõÍ•ÑÓZÓÓßÓ+ÔEÔHÕTØ­ÙëÚÌÛâÛaݺÞÛÞõàçãüãÈåoç€é£éêPìŸí4ï„ð[ñDóûõ öÂøÝúíúÌüÞÿàÿüÿ.j¡Ólnp…•¬ n¬ëEë§ å   œ z§(8|‘13@¦¯ÉÔ'¬Ã‡’Ö!]#‰#£#J%þ&þ':)G),ª/31-3ý3m57818ª9Ø9H:¤:2;¡;ú;=-=? A¾BÃBäBeDsDéD E¼E¾EÛE&H,HUJWJwJ‚MÑNÝOäO‘Q¡TRUbU,VîX|Z”ZÀ\ë\B^.`:a¨aþc die|e%h,j?j™køk´lPm^oœoápüpCtYuxuivÐwÈyc~s~úÉÑ„ ‡‡Œˆ}‰)‹22Ž½I’Ò’]•i•(—6—¡—Ë—a˜#šµ›\ŸÛŸ¨¢j¤z¤t§€§y©·«°­n¯;°Z°²ù²³°´³¶Ƕa¸X¹ɺ<¼6½AÀTÂÎÃƀƨƨȒÉÉuËoÍØÎãÎÏ.ÏðÐüКҧÒ!Ó#Ó%Ó2ÓLÔXÔ}Õ•Õy׊×Ù.Ù[ÚÊÛ›ÜÜ­Ü ß±ßÑßðß&àVà‘àßà0ááâ`âgãoãÖåjçlç~ç`êsêžì©ìïïëðñšñó.óWópó—óíó!ôKôdô¦ôÎôõËõ¾öÑö0€€0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€0˜0€€˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x0€€x˜0€€˜0€€˜0€€ €˜0€€˜0€€˜0€€ €˜0€€ €˜0€€\>0€\>0€\>0€\>0€\>0€\>0€0€€˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x0€€0€€0˜0€€˜0€€0˜0€€0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€00€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€8˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€H˜0€€x˜0€€P˜0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€h˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€p(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€x˜0€€(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€(0€€˜0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€ €˜0€€0˜0€€ €˜0€€0˜0€€ €˜0€€0˜0€€˜0€€0˜0€€x˜0€€˜0€€˜0€€ €˜0€€ €˜0€€˜0€€(˜0€€ €˜0€€˜0€€ €˜0€€ ˜0€€0˜0€€ €˜0€€˜0€€ €˜0€€0€€((0€€˜˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0˜0€€˜0€€˜0€€¨˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€(0€€x˜0€€x0€€x(0€€x(0€€x˜0€€x(0€€˜0€€(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x0€€x0€€x˜0€€x˜0€€x0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€à(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€(0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€x0€€0(0€€(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€0€€8(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x0€€x0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x0€€x(0€€x˜0€€x0€€x(0€€x˜0€€x0€€x(0€€x˜0€€x˜0€€x0€€x0€€x(0€€˜0€€˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€(0€€˜0€€ð˜0€€x(0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€x0€€˜0€€x(0€€x˜0€€x0€€x(0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€(˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€˜0€€x0€€x0€€x(0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€X(0€€x˜0€€x˜0€€x0€€x˜0€€x(0€€˜0€€`(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x0€€x0€€x0€€(0€€x˜0€€x˜0€€h˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€¨˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€(0€€x˜0€€x0€€x(0€€˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x0€€¸(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€à(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x0€€x0€€x˜0€€x˜0€€˜0€€x0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€˜0€€x(0€€x˜0€€x˜0€€x0€€x˜0€€x(0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0˜0€€˜0€€˜0€€x˜0€€x˜0€€x˜0€€(˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0€€˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€0˜0€€x(0€€x˜0€€x0€€x˜0€€x0€€x(0€€˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€˜0€€x0€€x˜0€€x0€€x0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€x0€€x0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€˜0€€(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x0€€x(0€€x(0€€x˜0€€x˜0€€0€€x˜0€€(0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€x(0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€0˜0€€x˜0€€˜0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€°˜0€€x˜0€€x0€€x(0€€x˜0€€x˜0€€0€€x0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€È(0€€x˜0€€x˜0€€x˜0€€x0€€x(0€€ø˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€˜0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x(0€€ð˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€˜0€€x(0€€x˜0€€(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x0€€x(0€€˜0€€x0€€((0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€P˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x0€€x(0€€˜0€€(0€€x˜0€€h˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x0€€(0€€˜˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€0€€x0€€x0€€x˜0€€ ˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€¸˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€À˜0€€x˜0€€x˜0€€x0€€x0€€x(0€€x˜0€€˜0€€x˜0€€(0€€˜0€€È˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€Ø˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€x˜0€€x0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€˜0€€˜0€€x0€€x0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€(0€€˜0€€˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x(0€€˜0€€x(0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€0˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€8(0€€x˜0€€x˜0€€x˜0€€x0€€x(0€€x˜0€€0€€x˜0€€@(0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€˜0€€x˜0€€P(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€(0€€x˜0€€h˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€x0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€ˆ˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€x(0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€x˜0€€x˜0€€˜0€€x0€€˜0€€x(0€€x˜0€€È(0€€x˜0€€x(0€€x˜0€€x˜0€€x˜0€€(0€€˜0€€x(0€€x˜0€€x(0€€˜0€€x(0€€Ð˜0€€x(0€€x˜0€€x˜0€€x˜0€€x˜0€€x(0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€(0€€x˜0€€x˜0€€˜0€€x(0€€x˜0€€à(0€€x˜0€€x(0€€x˜0€€x0€€x˜0€€0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€x˜0€€x˜0€€x˜0€€x˜0€€˜0€€˜0€€x˜0€€x˜0€€x˜0€€˜u$‚PaŸp@¤S ì l3  %.6`,ÎW Ò&ñÎ(>@G·"Al‰6ÝÐ:‰NÔ@0Q„£Ìã9¬hع@QØ“†›®®ãxæ[Ö¬&õä¨Vô¢ÀÔ¦ Lz ˆ» Xî ¨; èe \˜ FÑ   \ ‚¦ Æç . / l3      !"#$&'()*+,-/01234578l3 ‡-/°Õ×Xoqò!#¤½¿@XZÛˆ¨ª+\^ßþÏöXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒXÿŒð8ð@ñÿÿÿ€€€÷ð’ðð0ð( ð ððB ðS ð¿Ëÿ ?ðÿÿ foreword#ch1ch2ch3ch4ch5ch6ch7ch8ch9app’GÎoN{àèm§‘äø?§‘Lù@§‘ôöA§‘dõB§‘´ôC§‘ôD§‘|°E§‘<°F§‘Ü °G§‘, °H§‘Ì°I§‘Ü°J§‘|°K§‘Ì°L§‘°M§‘Ì°N§‘¤øO§‘¤P§‘ä÷Q§‘¤öR§‘¤óS§‘óT§‘üñU§‘,°V§‘ì °W§‘\ °X§‘Ì °Y§‘Œ °Z§‘ü °[§‘l °\§‘l°]§‘\°^§‘\ _§‘¤`§‘ìa§‘<b§‘„c§‘Ôd§‘4e§‘„f§‘Ôg§‘h§‘Œi§‘ìj§‘D$k§‘Ä$l§‘´xm§‘t ²n§‘ô ²o§‘,p§‘¬q§‘, r§‘¬ s§‘ä/t§‘d0u§‘ 1› ZuóŸtìv©(þ÷/÷=÷O÷q÷qøøŽø ø*ü2ü|ü†üÇüÑüúüýEýPý‹ý–ý„þþ>yw ø !F!ì"ü"a55ž  kÖtִ֣֚ؼØÓØÛØ8ÚÛ;Vpï`a* ”&Ãnöù–î îÑö      !"#$%&'()*+,-./0123456789:;<=>?@AB¡ e{ù§tòv°.'÷4÷F÷T÷v÷wø„ø—ø¥ø0ü9ü„ü‹üÏüÖüý ýNýUý”ý›ýþ”þE| ý  !K!ñ"#i5”5—ž ' qÖ{Ö Ö«Ö¹ØÄØØØãØ@Ú‰ÛB]wö`g*©”/Ãxþùžî©îÑö  !"#$%&'()*+,-./0123456789:;<=>?@ABCCC*€urn:schemas-microsoft-com:office:smarttags€metricconverter€ ;1 4N9<1 <5B@1 <8;O1 ?8=B01 DCB1 O@41,2 <1,5 <1,609 :< 1.75 DC=B0 10 4N9<>210 DCB>2 1095 DCB>212 DCB>215 DCB>2150 <8;L 17 4N9<>2 18 4N9<>2 19 4N9<>21907 31914 31918 32 4N9<02 <5B@02 DCB02 O@4>22,5 A<2,54 A< 2.5 DCB0<2.54 A< 20 4N9<>220 A< 20 DC=B>223 A<25 A< 3,5 <5B@03,6 <30,48 A<33 DCB04 DCB04,4 < 4000 DC=B>243 A<45 A<5 <8;L50 A<50 DC=B50 O@4>26 4N9<>26 DCB>260 A<7 DCB>27,5 <8;L75 A<8 4N9<>29 4N9<>29 DCB>291,44 A< €ProductIDC:C:)C:C:C:/C:,C:C:C:C: C:$C:C:-C:C:C:2C: C:"C:C:C:6C:C:7C:!C: C:"C:C:*C:C:+C:C:5C:C:C:C:(C:"C:C:C:C:0C:3C:C:'C:0C:C:C:C:C:C:%C:C:9C:4C: C:&C:8C:1C:C:C: C:.C:C: C:C: C:#Z^ÎÙÅ Ñ D L Ö ã u } ~ … µ ½ ¿ È $³»ñ÷ù#W^XeŽ›èõhuw€ƒ„ˆ<Iž©E/G/Y/n/DePe€€€€v€‚€—€¢€À€Ì€<„H„G—T—G™K™l™o™”™š™»™Â™Xš^šŒš‘š®š´šÍšÑšòšüš››,›1›T›X›y››Â›Æ›é›ì› œœ3œ6œMœRœjœtœ“œ™œàœåœ py™œÜæ@žGžqžzžž ž¸ž¿žàžîžŸŸ7ŸGŸoŸuŸa©m©ÁÔÈÔþè雧ª´‚+ˆ+; ;épópR‰Y‰‚šˆšcÀiÀ‹Ó”Ó_ndnmtqti}m}Ð~Ô~)- €€˜ŽœŽ›¡«±½ÂeÃrèí®íé÷ï÷ð÷ò÷-ø2ø+ /=0)1)c)d)ƒ)„)É)Ê)è)é)þ)ÿ)6*7*M*N*c*d**‘*§*¨*¿*À*Ó*Ô*ç*è*é*ê*ÆJÔJFRPR›R¡RbShSÕSÛSQXWX'Y-YÍcØc¯dºdÖeÞe ffffg“g[x`xC}K}L}V}pw‡Œ—MœRœ««ÕÈÝÈÞÈãÈÜÉåÉ+æ6æ)ò.ò/ò9ò†ÿÿ‘ÿ™ÿ¤¬,34:q*w*|*‚*×AàAlDqD+F2FF–FXXFcQc®m´m^sdsë‚ï‚Ë„΄Ï„Ó„9‰C‰0Œ:Œ”#”½³ijùÂÃÃ ÃªÑµÑ ääisäîˆ Ž ³»ûVWDeKeTe[e”z—zxŒ€Œ`kŽ”–”?•I•ÿ ¡A´S´µµÃ ÃCÃHÃ;Ö=Öå‡å‰åå‚æˆæAïMï{ï†ï«ð·ð¹ð¼ð½ðÂðÃðÆðÇðËðÍðÐðÑðÙðÚðÝðÞðèðŽò‘òó#óEõIõLõOõ•õ™õõ õ¥ö©öªö®ö±ö¶ö·ö¼öÁöÍöÑöÎÙ³µš ¤ Úܱ³‹•¿½$"("×"Þ"ô%¥&·&Ä&ö(þ(Ç-ü-o2…2}4„4þ6ÿ677 ;%;K<ä<³?ý@7AAAùAŒCDDŸE¨EðFûF[G“G”GHHÖH×HíHéJòJ·QÁQ7TfUgUéUVVpW–W—WWµXòXaYÈY__DePeÁegêiëi“kÄkÅkÐkÝmQn?q@q’s“s.t†t‡t’t¬u±uv{{}}E~Œ~~“~Ž‡¢‡£‡©‡ˆ+ˆ5‰I‰xŠ»Š &Òf·»Y‘v‘þ‘ ’=•G•Ö•ù–V™W™Æ™Ï™ã™è™šš;š<šœššÝšÞšîšðšd›e››†›¢›¤›È›Ê›ø›ù›œœ:œ@œxœ~œÍœÎœñœòœ…Œ ©ÊÏêô)ž/žUž]ž„ž…ž™ž›žÍžÎžŸ"ŸUŸ\ŸóŸõŸ ¢+¢—¢Ó¢¤¤¤¤o©ã©E«M« ®®Š®¦®°°s±*²N¹U¹w¼x¼·¼½ï¿ÀwÀ}À–À›ÀÄÁÅÁÆÁÇÁ›ÃÃ:Ç@Ç=ÉBÉbÌü̵ͿÍIÏRÏâÐêДѫњӲÔÑÚÝÚàÛùÛ¾ÞÄÞ6àoápá‘âÕâOãeäuä¡ä¬äSå¨æ»êÅê¾î¿î@ï ð­ð ò õõx÷œ÷‘ù›ù™ÿ£ÿ~‰ˆ‰& , H ë ® µ +0¹ÍÊÓ3=$w"¾#|'§'G)d*»+½+T,],?-Å-Æ-k.0 0Þ2ä2F3P3õ3þ3¹6Ã6Ú7á7Ê=Ó=ª@´@7C>CšE¤EwG¼HßHäHI III@LPL¯L´LÌOŸP[UÁVèVïV¶[¸[“^^Ù_é_É`Ê`b·bâgågöhiàkék.lAmOoeoÒoÛo/p6ppsrsatmt&uAuÀvÈvYw[w(x)xk|v|«­¸Àm†t†ʇÓ‡RˆWˆ‰‰ÈŠe‹ÆÌ—–Ÿ–—™˜™LœPœ& ' ( ) Ÿ£¤£à£â£¤„¤?¦G¦ͧϧªªuª|ª«’«̯°Ʊʱ6²_²ü³þ³?µ@µصòµýµð¶M¸u¸!¹,¹‘À•À5Â9Â3Ã>ÃÙÄÐÅÑÅiÆøÆÇXÈ\ÈùɧÊÌÍpÏzϾÐÃÐüÖý֮ݺÝÊãóã4èÞèÊíÝí"ð$ð/ð5ð÷÷÷÷ù÷ÁøÃø(û*û˜þÉþOb?P?ALRÒÙ6 8 ¿  î F§ëðÑ-aeÉÏ(2UV !!§!®!t#v##Š#¦)¾)Q+,É4Ë4Ì4×4Ž666•6 7'7Z9a9¡;§;<<<$<¥<¦<‹?”?@@ä@è@XB¥C—FMGºGÓG{HHðHøHŸI©IKK³KºK!L&LäLûLKMaMO#OcPjPÎQ€RRŸR…T¦UJVVV–VœV0X7X[ [_[`[d\g\__JdTdøeùeúeûeGhi.u9u„w yKzNz¯|´|ô|,~‘!8Gðƒ÷ƒp„y„³…¶…Q†–†—†Ć6ˆMˆ²ŠµŠŒ Œ¼ŒÁŒmnr‘s‘’ ’’¶’j”q”t›|›®œ´œ¡¡!¤¸¥§ §“ªŸª,±0±Jµžµ"¸,¸ë¸ú¸:¿U¿ˆ¿‘¿xÂÂtÃvÃÆìÃÄÄ%Å'ÅèÅ'ǮǯÇvÈBÉŠËäÌOÍQÍ#Ð$ÐÇÒÈÒÉÒÏÒéÔìÔIÕKÕ!Ö¬Ö­Ö»ÖÃÖÈÖìØAÚBÚ²ÛÌÝÐÝ1ßqàðáöáãBäCä¾äÈçŽèxêyê¹ëÃëôîdï}ðÂðíñòñ:ôBô{õŒõŽù4úEýGýóýõý!þ#þ‘ÿ’ÿïÿñÿ†‰¢ ¨ [\!+×Þ<Þõijðè(ê( )))%)0)1)E)G)R)X)d)k)}))Ž)”)¥)§)À)Æ)Ï)Ô)è)é)þ)ÿ)/*1*6*7*N*U*d*k*¨*¯*À*Ç*Õ*×*ß*á*ç*é*A-J-ž-§-Þ-?.g.i.//ü/»0m6n6[7h7Ã7T8þ89@:‘;8<?<@@BBÐCÙC"E-EôEöEùHIÎJÐJPöP`UaU}]]u`aa/affsgµhiišm›m[n^n£o©oæqs~~DKÛá‚‚Ù‚ç‚æ…ì…§†­†pŽvŽ¿”Á”ˆ–š–®š±šžžs u ×£n¤¥¤±¤ªª·¬¿¬í­î­ˆ®®¨¯©¯«²´²;¹F¹d¹i¹¢º©º ¼½ö½÷½6¾u¿OÀVÀìÀóÀÃÄ@ÄVÄhÅrÅÆÅÐÅhÆqÆ\ËaËÄËÌË^ÍUΥι΢ϪÏҎӘؙØÛÛùÛܙߚßÿßàééêê{î€îñ@ñmôxô–÷÷8ø=øWûgü¯Â¤¥¦§ÛáAJ€ Ø ä ò ‡ ‘ ãî::;[mÿˆ«¶íðegD+Ò+½,#.H5M5¾:Ã:È:Í:‘<—<$=&=2>=>ß@ç@DEFÁFëIñI½JÄJ?KšL›L‹MËNÛN~PaQaRS;VMWXXXÝXÞXOZ[–[—[š[’]™]_#_bºb»bDc¯c°c±c²cNeWeÅeËeífîfPlkl\qdq’r™rºr¾rÓrärs&sváv­w3xLyUyßz0|J‚L‚ë‚ï‚Ÿ‡¥‡Œ‚ŒÄŒÉŒÔŒØŒÐÜŽŸŽYl‘ø‘””””––‘———zš€š‚›œС1¢Ë¢Õ¢@§d§í©ñ©„«‹«¬¬—­Ÿ­!¯0¯†¯‹¯Á°Ñ°?²G²†µ–µ—µüµQ¶\¶¶•¶ú¸¹¹1¹V¹[¹;ºPºQº³ºݺòºóº{»ú»¼¼ ¼z¼‚¼OÂYÂeÂkÂ)È[È\ÈŸÈ¥ÉbÊÛÌåÌ1Ï5ÏúÒÓFÖGÖíÖôÖ+Ù4Ù­ÙêÚ ÛۘܟÜÝÝßÝèÝÛÞéÞ¶ßÀß-à5àá1âÈåïæEèÖè×èéºëÃëñðùð_òfò±óÐóôô ö÷$ø+ø•øøÂøzù{ùùÇúÖúÝúåúMülüÿÿ×ÿÜÿj Œ”N U BJÑÙX_ÌÔ³½h½isO T _ e €)Í)Ó)Ô)Õ)Ö)­*´*Ý+Œ,{/Ž/u2v255m5|5€66Ø6Ù6â7î7F;G;H;S;"@A@&A-A$B.BBˆBvFGÛKìKÂPËP SS?S TõTU=YDYŸ[¿\{_-`ž`µ`]eaeciiij"jclrlénênënóndoko§o«ofpÌpttÆvÎvSwYw*x0xIzOzs~ùú>½ƒÃ­…¶…½ˆˈtŠzŠ`k •!•¦•°•,–.–²–·–V—]—a˜™\ž[ š¡œ¨¢¨ª.ªn¬p¬p¯x¯ç´ì´¿ºǺɺÞº6½Ù¾Ú¾¿ÂÂTÂVž¤ÂÜÄäÄÃÅÊÅÑÌÓÌoÍ×ÎBÏÏüÐÑÆÑÎÑÓ Ó‘ÓšÓ!Ô,Ô´ÖµÖ×׵ܶÜEÝhݤݭÝß!ßhàoà¸à¼àëáöá6ç@çˆçç‚èé.é:éÐëØëCîªî«îïïïAïMïÑör/8Ž­ÚdîdGÎQÎ’ÓšÓÑöÑöÙ'ã)å Ø'FªKöJÁÑ%Ê|Ìéøÿ@|“œÿÖûÏö@@ @@@@.@@@@´@<ÿÿUnknownÿÿÿÿÿÿÿÿÿÿÿÿĠz €ÿTimes New Roman5€Symbol3&Ì ‡z €ÿArial7&Ì ‡ ŸVerdana"qˆðÄhU‚ºF¤¼†2«»f*áãî Ó áãî Ó !ðn7´´24ÃóÃó3ƒðHX(ðÿ?ãÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿ|Ìÿÿ;L30Natashaþÿà…ŸòùOh«‘+'³Ù0d˜¤°ÀÌÜ ìø   , 8DLT\ãssÎëüãàfëüãNormalNatasha6taMicrosoft Word 10.0@| Þ@T’á#,È@.G¸¼È@ CM CÈáãîþÿÕÍÕœ.“—+,ù®DÕÍÕœ.“—+,ù®8ô hp„Œ”œ ¤¬´¼ Ä Ñã ÄîìàøíèéfÓ  Ãóâ   Íàçâàíèå,  8@ _PID_HLINKSãAä BMjRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmapp#appjRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch9#ch9jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch8#ch8 jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch7#ch7 jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch6#ch6jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch5#ch5 j RG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch4#ch4j RG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch3#ch3jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch2#ch2 jRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmch1#ch1jYRG:\Documents and Settings\;L30\Local Settings\Temp\Rar$EX02.688\sfb_1918_4ru.htmforeword#foreword  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µ¶·¸¹º»¼½¾¿ÀÁÂÃÄÅÆÇÈÉÊËÌÍÎÏÐÑÒÓÔÕÖ×ØÙÚÛÜÝÞßàáâãäåæçèéêëìíîïðñòóôõö÷øùúûüýþÿ      !"#$%&'()*+,-./0123456789þÿÿÿ;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€‚ƒ„…†‡ˆ‰Š‹ŒŽ‘’“”•–—˜™š›œžŸ ¡¢£¤¥¦§¨©ª«¬­®¯°±²³´µþÿÿÿ·¸¹º»¼½þÿÿÿ¿ÀÁÂÃÄÅþÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿýÿÿÿÕþÿÿÿþÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿRoot Entryÿÿÿÿÿÿÿÿ ÀFåte CÈ×€1Tableÿÿÿÿÿÿÿÿ:À÷WordDocumentÿÿÿÿÿÿÿÿ4r SummaryInformation(ÿÿÿÿ¶DocumentSummaryInformation8ÿÿÿÿÿÿÿÿÿÿÿÿ¾CompObjÿÿÿÿÿÿÿÿÿÿÿÿjÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿÿþÿ ÿÿÿÿ ÀFÄîêóìåíò Microsoft Word MSWordDocWord.Document.8ô9²q