OO/◯ᗩIᗝI⚭◯⚪◯⚭I.../◯✤ᴥᗩ◯ⵙ◯ᗩᴥ.../◯❁✤❁ᑐᑕᗩНᗱ�.../◯IꕢIН✻◯ⵙ◯✻Н.../◯ꕢᗱᗴߦᗱᗴ⧲ЗԐ.../TXT.◯Ȋ̮IНᗱᗴ⚭Ⓞ�...

��# 615. 322

 42. 143

 95
E<54>2,  . .  

 95 =830 >B:@>25=89. > A;540< �4>;5=L-B@02K� /  8< E<54>2.   #D0: 8B0?, 2018. - 384 A. 

ISBN 987-5-295-06914-7

<O ?8A0B5;O  8<0 E<54>20 ?>;L7C5BAO 1>;LH>9 ?>?C;O@=>ABLN 2 =0H59 AB@0=5 8 70 @C156><. 3> :=838 �4>;5=L-B@020�, � 0AB5=8O   B2>8 4@C7LO 8 =54@C38� =5>4=>:@0B=> 874020;8AL <0AA>2K<8 B8@060<8, A?@>A =0 =8E =5 >A;015205B 8 A59G0A. @54;0305<0O G8B0B5;N :=830 C=8:0;L=0 B5<, GB>  8< E<54>2 7040;AO F5;LN ?>;=>ABLN @0A:@KBL A0<K5 A>:@>25==K5 B09=K B@02>;5G5-=8O, I54@>, 2> 2A5E ?>4@>1=>ABOE, ?>45;8;AO 1>30BK< >?KB>< 8A?>;L7>20=8O F5;51=KE B@02 2 A>1AB25==KE @07@01>B:0E ;5G51=KE :><?;5:A>2, 2>72@0I02H8E 74>@>2L5 <=>38< 1>;L=K<. 

# 615. 322

 42. 143

!-2018

ISBN 987-5-295-06914-7

� $54>B>20 .  ., 2018

� #    �8B0?� 8<. 09=01 88H52>9, >D>@<;5=85, 2018

"0: E>G5BAO ?>A;54=59 A?8G:>9 065GL 2KA>:85 :>AB@K! 

8E08; !25B;>2
 ! 

! >:@C60NI8< =0A 75;Q=K< <8@>< @0AB5=89 O 4@C6C A @0==53> 45BAB20, :>340 2?5@2K5 ?>=O;, GB> :@0?820 =5 B>;L:> A8;L=> 66QBAO, => 8 >G5=L 2:CA=0 2 ?5@2>< 25A5==5< AC?5. 01CH:0, :>340 0@5AB>20;8 8 AC48;8 :0: 2@030 =0@>40 <>53> 4540, 2K=C645=0 1K;0 ?5@51@0BLAO 87 45@52=8 : =0< 2 #DC. =0, ?> C:>@5=82H59AO :@5ABLO=A:>9 ?@82KG:5, 2K@>AH0O =0 2>;L=>9 ?@8@>45 8 B>A:CO ?> =59, A@07C ?>A;5 ?>O2;5=8O ?5@2KE B@02 CE>48;0 =0 703>@>4=K5 ;C30, 0 4> =8E 2 B5 402=85 3>4K @C:>9 1K;> ?>40BL. @82KG=> A>18@0;0 <>;>45=L:85, =56=K5 ;8ABLO 8;8 AB51;8 AJ54>1=KE @0AB5=89   1>@I528:0, A25@1838, 4O38;O, I025;O, 48:>3> ;C:0 (53> B>=:85 AB@5;:8 =5 >1;040;8 63CG5ABLN, 2 =0G0;5 <0O 4;O <5=O >=8 1K;8 A0<K< 65;0==K< ;0:><AB2><). 01CH:0 @54:> ?8;0 >1KG=K9 G09, 4;O A51O >=0 7020@820;0 4CH8FC, 725@>1>9, G01@5F, ?>;52CN <OBC, ?>-45@525=A:8 7015;820O 4CH8ABK9 B@02O=>9 =0?8B>: A;82:0<8 8;8 <>;>:><. !>18@0;0 >=0 8 ;5:0@AB25==K5 B@02K, 3>B>28;0 87 =8E =0AB>8, >B20@K >B ?@>ABC4K 8 4@C38E =54><>30=89, 70 2AN 687=L =5 ?@8=O;0 =8 >4=>9 0?B5G=>9 B01;5B:8, C1564Q==0O 2 B><, GB> 8E 2K?CA:0NB B>;L:> 4;O 3>@>60=. 0<0 =5 ?@>B828;0AL, :>340 101CH:0 ;5G8;0 >B ?@>ABC4K =0A, 45B59, 8;8 A>A5459. =5 A0<><C =0 2AN 687=L 70?><=8;AO 2:CA ?@83>B>2;5==>3> 5N ;5:0@AB20   C60A=> 3>@L:>3> >B20@0 ?>;K=8, :>@K >A8=K 8 :0:8E-B> 4@C38E B@02, 1KAB@> 8710282H8E <5=O >B 65AB>:8E ?@8ABC?>2 <0;O@88. 

0B> :0: 2K@CG0;8 A5<LN 101CH:8=K 7=0=8O B@02 2 A0<K5 AC@>2K5 3>4K 70BO6=>9 2>9=K A =5<5F:8<8 >::C?0=B0<8. A>15==> 3>;>4=> 1K20;> 25A=>9. 0G0;L=0O H:>;0 4;O <5=O, C65 4>AB0B>G=> 3@0<>B=>3>, 1K;0 >1C7>9, O G0AB5=L:> A1530; A 70=OB89, >B?@02;OOAL A 101CH:>9 =0 ?>8A:8 AJ54>1=KE 8 ;5:0@AB25==KE B@02.  >G5=L A:>@> 2 >:@C60NI59 <5AB=>AB8 =5 >AB0;>AL =57=0:><KE 4;O <5=O @0AB5=89. 

?>A;54AB288, ?@8 2K1>@5 ?@>D5AA88, O <>3 1K AB0BL, =025@=>5, 18>;>3>< 8;8 2@0G><-D0@<0F52B><   ?>A;5 45AOB8;5B:8 >48= 87 1;87:8E B>20@8I59 C?>@=> C3>20@820; <5=O ?>ABC?8BL 2<5AB5 A =8< 2 <548=AB8BCB. > O C65 A> H:>;L=>9 A:0<L8 =0G0; ?8A0BL AB8E8, 2 2>AL<>< :;0AA5 2KABC?8; A =8<8 ?> 0H:8@A:><C @048>, 0 A 45AOB>3> :;0AA0 =0G0; ?5G0B0BLAO 2 @5A?C1;8:0=A:>9 <>;>4Q6=>9 3075B5 �5=8=5F�. # <5=O 1K;0 >4=0 <5GB0   AB0BL =0AB>OI8< ?8A0B5;5<. 8 > :0:>9 4@C3>9 ?@>D5AA88 8 4C<0BL =5 E>B5;.  A2>N 7025B=CN <5GBC >ACI5AB28;. !B0; G;5=>< !>N70 ?8A0B5;59 !!! . 740; :=838 A ?>25ABO<8 8 @0AA:070<8, =0H54H8<8 682>9 >B:;8: 4065 C A0<KE 27KA:0B5;L=KE G8B0B5;59, ?5@52Q; =0 @CAA:89 O7K: =5<0;> :=83 10H:8@A:8E ?8A0B5;59.  4C<0BL =5 4C<0;, GB> :>340-=81C4L ?@8>1@5BC =5>6840==> 4;O A51O, =5 AB02O ?5@54 A>1>9 >A>7=0==>9 F5;8, 5IQ >4=C ?@>D5AA8N, 40;5:> =5 ;8B5@0BC@=CN, => 2 :0:>9-B> AB5?5=8 1;87:CN : 8A:CAAB2C, B>65 B2>@G5A:CN 8 =5 <5=55 1;03>@>4=CN, B>;L:> A2O70==CN =5 A 68B59A:8<8 ?@>1;5<0<8 G5;>25:0, 0 A 1>@L1>9 70 53> 74>@>2L5 8 687=L. 

@828BK9 2 45BAB25 101CH:>9 8=B5@5A : B@020< A 3>40<8 2> <=5 =5 C30A, 0 =570<5B=>, 157 :0:>9-;81> >?@545;Q==>9 =0?@02;5==>AB8 8 F5;8, :0: 1K A0< A>1>9, 2>7@0AB0; 8 157 >A>1KE CA8;89 >1>30I0;AO ?>G5@?=CBK<8 87 687=8 8 :=83 @5F5?B0<8. 5:>B>@K5 87 =8E, A0<K5 4>ABC?=K5, AB0; 8A?>;L7>20BL 2 1KBC: B> >BFC 8;8 <0<5 ?><>3C ?@8 =5>1E>48<>AB8, B> 4@C759 8 7=0:><KE ?@8 @07=KE =54><>30=8OE 2K@CGC, :>340 0?B5G=K5 ;5:0@AB20 8< =5 ?><>30;8. >AB5?5==> >4=>9 >1I59 B5B@048 4;O 70?8A8 @5F5?B>2 >:070;>AL <0;>, 702Q; 2B>@CN, ?>B>< 8 B@5BLN. 

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

>Q C2068B5;L=>5 >B=>H5=85 : F5;51=K< B@020< 8A?>42>;L, ?>AB5?5==> 2>7@0AB0;>, AB0=>28;>AL =0<=>3> A5@LQ7=59 8 3;C165, ?>:0 =5 ?>4=O;>AL 4> ?@>D5AA8>=0;L=>3> C@>2=O. >7<>6=>, <>Q 02B>@A:>5 2ABC?;5=85 ?>:065BAO G8B0B5;N 70BO=CBK<, E>BO <=5 G0AB> 704020;8 2>?@>A: :0:8< >1@07>< O, >1K:=>25==K9 ?8A0B5;L, AC3C1> 3>@>4A:>9 68B5;L, ?@>=8: 2 A>:@>25==K5 B09=K ?@8@>4K 8 >2;045; @54:8< 4;O >1KG=>3> G5;>25:0 8A:CAAB2>< =0@>4=>3> F5;8B5;O? >MB><C 8 @5H8; 40BL =0 2>?@>A ?>;=K9 >B25B. 8:0:>9 70304:8 =5B. #<5AB=> 2A?><=8BL =0@>4=CN ?>3>2>@:C: =5 1K;> 1K AG0ABLO, 40 =5AG0ABL5 ?><>3;>.  1991 3>4C 2 <5AB=>< 8740B5;LAB25 4>;6=0 1K;0 2K9B8 2 A25B <>O =>20O :=830 @0AA:07>2 �;0457L� (:=830 2KH;0 2 1992 3>4C). >;CG5==>3> 3>=>@0@0 E20B8;> 1K B>340 =0 3>4 ACI5AB2>20=8O   68; O, :0: 2A5 ?@>D5AA8>=0;L=K5 ?8A0B5;8, =0 >4=8 ;8B5@0BC@=K5 3>=>@0@K. 

> 2=570?=0O @5AB02@0F8O :0?8B0;87<0 2K720;0 2 AB@0=5 E0>A, @07@CEC, @0720; 2A59 ?@><KH;5==>AB8, A5;LA:>3> E>7O9AB20, 38?5@8=D;OF8N 8 2=570?=>5 >1=8I0=85 >1<0=CB>3> =0@>40. 0H:8@8O :0: =0F8>=0;L=0O @5A?C1;8:0 GC4>< AC<5;0 A>E@0=8BL A2>Q :=86=>5 8740B5;LAB2> =0 3>AC40@AB25==>< D8=0=A8@>20=88. >3>2>@ 1K; 70:;NGQ= 5IQ 2 3>4K A>25BA:>9 2;0AB8, <=5 8 2K?;0B8;8 =0G8A;5==K9 2 B> 2@5<O 3>=>@0@ 2 A>25BA:8E @C1;OE, E>BO 87-70 8=D;OF88 >= >:070;AO =865 <>59, B>65 >1=8I02H59, <5AOG=>9 ?5=A88. / ?>=8<0;, GB> 2 =0ABC?82H55 ;8E>;5BL5 =8:0:8E ?@56=8E ;L3>B =5 1C45B, GB> A5<L5, :0: 8 2A5<C ?@>AB><C ;N4C, ?@54AB>8B 65AB>:0O 1>@L10 70 2K6820=85.  B>340, >B>428=C2 2 AB>@>=C @01>BC =04 EC4>65AB25==K<8 ?@>872545=8O<8, CB@0B82H8<8 A?@>A, 2K=C645==> ?5@5HQ; : 4@C3><C 60=@C. ;O <5=O >= 1K; =5 GC64. IQ 2 1985 3>4C O =0?8A0; ?>25ABL �5;Q=0O >E>B0� 2 70I8BC =0@>4=>9 <548F8=K, :>340 AC48;8 =5 8<52H53> <548F8=A:>3> >1@07>20=8O 0;5@8O 0;KH520, 1K2H53> 7=0<5=8B>3> ?52F0, 70 =570:>==>5 2@0G520=85. # <5=O C65 B>340 2>7=8:;0 <KA;L >?C1;8:>20BL :=83C A A0<K<8 F5==K<8 @5F5?B0<8, => 70B5O 1K;0 >1@5G5=0 =0 ?@>20;, B0: :0: ?@8 A>25BA:>9 2;0AB8 =0@>4=0O <548F8=0 >:070;0AL 703=0==>9 2 ?>4?>;L5. 8A0BL > ;5:0@AB25==KE @0AB5=8OE ?>72>;O;8 B>;L:> 4>:B>@0< <548F8=A:8E =0C:, => 8E B>65 >3@0=8G8;8 AB@>38<8 @0<:0<8, 8 @5:><5=4C5<K5 8<8 >AB>@>6=K5 AB0=40@B=K5 ?@>?8A8 @54:> ?@52KH0;8 ?> C@>2=N ?@8=>A8<>9 ?>;L7K 459AB285 >1KG=KE 3>@G8G=8:>2. 0B> B5?5@L >B:@K;8AL H8@>G09H85 2>7<>6=>AB8 4;O ?@54?@8=8<0B5;LAB20.  #D5 ?>O28;>AL ?5@2>5 G0AB=>5 8740B5;LAB2>. "0< 682> >B:;8:=C;8AL =0 <>Q ?@54;>65=85, 2K?CAB8;8 2 1991 3>4C 425 A:@><=K5 1@>HN@K 

=830 >B:@>25=89. > A;540< �4>;5=L-B@02K�

� 0AB5=8O ?@>B82 @0:0� 8 � 0AB5=8O ?@8 ;Q3>G=KE 701>;520=8OE�. 0B5< =0 :><<5@G5A:8E CA;>28OE 2 >A:25, B>65 2 G0AB=>< 8740B5;LAB25, 8740; 2 1992-< 8 ?>2B>@=> 2 1994 3>4C B@8 =51>;LH8E A1>@=8:0 ?>4 >1I8< =0720=85< � @0AB5=8OE   F5;51=0O A8;0�. 0 :=86=>< @K=:5 >=8 >:070;8AL A2568=:>9 A@548 <0AAK 70?>;>=82H8E 2A5 ?@8;02:8 1>528:>2. >;CG82 =5?;>E>9 3>=>@0@, O A5; ?8A0BL =0 8E >A=>25 =>2CN, >A=>20B5;L=CN, =0 1>;55 1;87:>< <=5 EC4>65AB25==>< C@>2=5 :=83C > ;5G5=88 B@020<8, 402 59 >1>1I0NI55 =0720=85 �4>;5=L-B@020�. =0, 2K?CI5==0O @5A?C1;8:0=A:8< 3>AC40@AB25==K< 8740B5;LAB2>< �8B0O�, ?>O28;0AL 2 ?@>4065 2 1997 3>4C. 0 =545;N 45AOB8BKAOG=K9 B8@06 1K; @0A:C?;5=, 2K7202 A0<K5 ;5AB=K5 >B7K2K 4065 C ;8B5@0BC@=KE :@8B8:>2. 848<>, =5 B>;L:> A>45@60=85, => 8 A0<> =0720=85 :=838 >:070;>AL =0AB>;L:> C40G=K<, GB> 5Q, ?> 15AG8A;5==K< ?@>AL10< G8B0B5;59, 874020;8 :@C?=K<8 B8@060<8 A5<L @07. 7 #DK >=0 @07>H;0AL ?> 2A59  >AA88, A45;0;0AL 8725AB=>9 8 40;5:> 70 @C156><.  2002 3>4C 8 2008 3>4C C2845;0 A25B <>O =>20O :=830 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38�, 4> A8E ?>@ =5 8<5NI0O 0=0;>3>2. 5=0AKB=K9 @K=>: 2K?;5A=C; =0 A25B 1>689 BKAOG8 1@>HN@, :=865:, <>=>3@0D89 8 M=F8:;>?5489 > ;5G5=88 B@020<8. >@>3>287=0 8 >BACBAB285 =5>1E>48<KE ;5:0@AB2, 2@5<5==K9 C?04>: <548F8=A:>3> >1A;C6820=8O 2K=C48;8 <=>38E ;N459 70=OBLAO A0<>;5G5=85<. =8 E20B0;8AL 70 ;N1K5 ?>=@0282H85AO 8< B@02K, =5 704C<K20OAL > B><, GB> <=>385 87 =8E 8<5NB A5@LQ7=K5 ?@>B82>?>:070=8O. =83C O >1>30B8; =>2K<8 @5F5?B0<8 8 >?8A0; 1>;55 B@5EA>B A0<KE ?>?C;O@=KE @0AB5=89, C:0702, ?@8 :0:8E A;CG0OE >=8 <>3CB ?@8G8=8BL 2@54. 

A;8 2 A5@548=5 2>AL<845AOBKE 3>4>2 O 1@0;AO 70 ;5G5=85 87@54:0, ?> ?@>AL15 1;87:8E 4@C759, B> ?>A;5 :@0E0 !!!  =0G0; 25AB8 ?@8Q< 1>;L=KE. 87=L 70AB028;0. =>3> ;5B @01>B0; >48=, ?>B>< <=5 =0 ?><>IL ?@8H;8 4>GL 8;8O  8<>2=0 8 7OBL 3>@L .@L528G   2 >48=>G:C O C65 =5 A?@02;O;AO A> A1>@>< B@02, ?@83>B>2;5=85< ;5:0@AB2 8 A ?@8Q<>< 1>;L=KE, ?@85760NI8E 87 @07=KE :>=F>2  >AA88. >GL ?>;CG8;0 1;5ABOI55 <C7K:0;L=>5 >1@07>20=85, => >=> 2 @K=>G=KE CA;>28OE C@>4;82>3> @>AA89A:>3> :0?8B0;87<0 >:070;>AL =52>AB@51>20==K<. C7K:0;L=CN H:>;C, 345 >=0 ?@5?>4020;0, ?5@5AB0;8 D8=0=A8@>20BL, >=0 ?5@5AB0;0 ACI5AB2>20BL, :0: 8 4@C385 B0:85 65 H:>;K.  59 ?@8H;>AL A<5=8BL ?@>D5AA8N. <5AB5 A <C65< @01>B0;0 2 >4=>9 

8

?@>F25B0NI59 D8@<5, :>B>@CN 2 C?>@=>9 1>@L15 704CH8;8 :>=:C@5=BK 87 <8=8AB5@AB20 74@02>>E@0=5=8O. ">340 65 70 G5BK@5 3>40 C?>@=>9 CGQ1K 59 C40;>AL ?>;CG8BL <548F8=A:>5 >1@07>20=85, 2?>A;54AB288 >=> >G5=L ?@83>48;>AL. 

 A5<L45AOB 420 3>40 O 5IQ =5 GC2AB2>20; ?@81;865=8O AB0@>AB8, => ?@8Q< 1>;L=KE >3@0=8G8;, G0I5 ?@54>AB02;OO 4>G5@8 2>7<>6=>ABL @01>B0BL A0<>AB>OB5;L=>. 045O;AO =0 B>, GB> A:>@> >=0 ?>;=>ABLN 70<5=8B <5=O. !>18@0BL B@02K O 4>25@O; B>;L:> 3>@N. = 7=0; =5 B>;L:> 2A5 =0H8 7025B=K5, 157;N4=K5 C3>;:8 2 =5B@>=CBKE F828;870F859 ;5A0E 8 ;C30E, => 8 C<5; 1@0BL @0AB5=8O 15@56=>, A =56=>ABLN, ?@028;L=> ACH8; 8E, >B68<0; A>:, 20@8; 87 <09A:8E 75;Q=KE H8H5: A>A=K <Q4, 3>B>28; =0 78<C B@02O=>5 <0A;> 87 725@>1>O 8 4@C38E @0AB5=89, AB028; =0AB>9:8. / A A0<>3> =0G0;0 ?>GC2AB2>20;, GB> 53> @C:8 87;CG0NB A8;L=CN ?>;>68B5;L=CN M=5@35B8:C, 8 ;5:0@AB20, ?@83>B>2;5==K5 8< 87 B@02, >1;040;8 =5 <5=LH59, G5< C <5=O, 8AF5;ONI59 A8;>9. 

@>G=K9 BK; O A515 >15A?5G8; 8 2AQ G0I5 >1@0I0;AO : A2>59 >A=>2=>9 ?@>D5AA88. 8HCI0O <0H8=:0 =5C45@68<> BO=C;0 : A515.  2008 3>4C 2K?CAB8; :=83C ?>25AB59 8 @0AA:07>2 �>Q @07=>F25BL5�. 0?8A0; 1>;LHCN ?>25ABL �@><5;L:8� 2 B@QE G0ABOE. '8B0B5;L ?>;CG8; :=83C 2 :>=F5 2011 3>40. 5GB0; =0?8A0BL 8 3;02=CN :=83C > B@020E, A> 2A5<8 B>=:>ABO<8 8 B09=0<8 87 =0:>?;5==>3> 70 45AOB:8 ;5B >?KB0 ;5G5=8O 1>;L=KE.  0=LH5 O ?>;=>ABLN >B:@KBLAO =5 <>3, <5=O A @57>==K< C?@Q:>< >AB0=02;820;0 4>GL: �"K 8 ?@5645 2K40; AB>;L:> F5==KE A>25B>2, GB> 4;O <=>38E B2>O �4>;5=L-B@020� A45;0;0AL =0AB>;L=>9 :=83>9. =0 2KAB02;5=0 4;O 2A5E 65;0NI8E 2 =B5@=5B5, <=>385 A>B=8 1>;L=KE 87;5G8;8AL ?> B2>8< @5F5?B0<, 0 5A;8 BK @0A:@>5HL 2A5 3;02=K5 B09=K, : =0< A 3>@5< 8 >1@0I0BLAO =8:B> =5 AB0=5B. 5;> B2>Q, BK 70G8=0B5;L 8 8<55HL ?@02> ?8A0BL GB> E>G5HL, => 2AQ-B0:8 8 > =0A ?>4C<09, > =0H5< 1C4CI5<�. 04> >B40BL 4>;6=>5, >=8 8 157 <>53> ?@8ACBAB28O 1KAB@> >1@5;8 H8@>:CN 8725AB=>ABL. >O28;8AL C =8E 8 A>1AB25==K5 >@838=0;L=K5 @5F5?BK. N48 5E0;8 : =8< =0 ;5G5=85 87 !<>;5=A:0, 0;8=8=3@040, >A:2K, 070=8, <A:0, >2>A818@A:0 8 <=>38E 4@C38E 3>@>4>2. 

>, :0: 3>2>@OB, ?CB8 3>A?>4=8 =58A?>2548<K. !C4L15 C3>4=> 1K;> :@CB> 87<5=8BL 8E ?;0=K =0 1C4CI55. >GL >B:@>25==> ?@87=0;0AL <=5: �AQ, 70=8<0BLAO 1>;L=K<8 <K 1>;LH5 =5 A<>65<. 0: =8 60;L, : MB><C <K 2@O4 ;8 25@=Q<AO, 8 BK A G8AB>9 A>25ABLN <>65HL @0A:@K20BL >B=K=5 A2>8 A5:@5BK 8 B09=K�. 

/ ?>=O;, GB> =5 2@5<5==0O CAB0;>ABL O28;0AL ?@8G8=>9 8E @5H5=8O. N48 70<5B=> 87<5=8;8AL 70 ?>A;54=85 4204F0BL ;5B.  =5 2 ;CGHCN AB>@>=C. >7=8:0;8 8 :@5?;8 =>2K5 ?>@O4:8 ACI5AB2>20=8O 2 ?@>406=><, :@8<8=0;L=><, 15760;>AB=>< 8 1574CE>2=>< <8@5, =5 ?@5425I0NI5< 2?5@548 =8G53> A25B;>3> 8 A2OB>3>. >MB><C 2AQ B@C4=55 AB0=>28;>AL 2K6820BL B5<, :B> AC<5; A>E@0=8BL 2 G8AB>B5 A2>N 4CHC 8 5Q AB5@65=L   GC2AB2> A>1AB25==>3> 4>AB>8=AB20. "2Q@4>5 @5H5=85 A2>8E ?><>I=8:>2 70=OBLAO 4@C3>9 @01>B>9 O =5 >AC640;. =>340 8;O @0AA:07K20;0, :0: =5:>B>@K5 A;CG09=K5 ?>A5B8B5;8, 15AF5@5<>==> B>@3COAL, 1C4B> =0 @K=:5, =0G8=0;8 A@02=820BL F5=K =0 =0H8 ;5:0@AB20 A 0?B5G=K<8 B@020<8, <>;, B0< >=8 =0 ?>@O4>: 45H52;5. ;8 87 BI0B5;L=> @07@01>B0==>3> ?>;=>3> ;5G51=>3> F8:;0 2K?@0H820;8 ;8HL @54:85 B@02K 8;8 A:@KBK5 7025A>9 B09=K 02B>@A:85 @07@01>B:8 =0H8E =0AB>5: 8 10;L70<>2, ;8HL 1K <5=LH5 70?;0B8BL, <>;, 2AQ >AB0;L=>5 2 0?B5:5 ?@8>1@5BQ<. > =8E =5 4>E>48;>, GB> @07@CH05BAO A?5F80;L=K9, ?@>4C<0==K9 4;O 8E 65 ;5G5=8O :><?;5:A, GB> 2 @07@>7=5==>< 2845 ;5:0@AB20, ;8HQ==K5 2708<>459AB28O, >68405<>9 ?>;L7K =5 ?@8=5ACB. 5 >1JOA=OBL 65 :064><C @07=8FC <564C 0?B5G=K<, 703>B>2;5==K< =58725AB=> :>340, 345, :5< 8 :0: ?>?0;> @0AB8B5;L=K< AK@LQ< 8 =0H8<8 B@020<8, A>1@0==K<8 A2>8<8 @C:0<8 2 7025B=KE, 8A?KB0==KE <5AB0E, 2 >?@545;Q==K5 4=8 8 G0AK. CA:09 B0:85 A;CG08 1K20;8 :@09=5 @54:8<8, 548=8G=K<8, => 2AQ @02=> >AB02;O;8 ?>A;5 A51O =5?@8OB=K9 >A04>:. B>-=81C4L 7=05B, :0:0O MB> B@C4=0O, :0B>@6=0O 8 =51;03>40@=0O @01>B0, >A>15==> :>340 2:;04K205HL 2AN 4CHC 2 A?0A5=85 ;N459, 701K20O > ;8G=>9 687=8? �0 MB> A?>A>1=K B>;L:> B0:85 D0=0B8:8 8 0;LB@C8ABK 2@>45 B51O. 0 8 B>, 5A;8 >3 2 <0:CH:C ?>F5;>20; 8 1;03>A;>28; =0 1;03>@>4=K9, 0 2 ACI=>AB8, =51;03>40@=K9 B@C4�,   A:070;0 4>GL, ?>:840O >D8A, 0 ?@>I5 3>2>@O, 3>40<8 >168BCN, CNB=CN :20@B8@C, =0A:2>7L ?@>?0EHCN ?@O=K< 70?0E>< B@02. 

"0: O >AB0;AO 157 ?@>4>;60B5;59. ! =0:>?;5==K< 70 4>;3CN 687=L 10306><, :>B>@K9 =5:>B>@K5 ;N48 ?>AG8B0;8 1K 4;O A51O A>:@>28I5<. 7-70 2>7@0AB0 A0< C65 =5 <>3C A =0ABC?;5=85< 25A=K A CB@0 4> =>G8 E>48BL 2 >48=>G5AB25, :0: 2 <>;>4>AB8, ?> 48:8< ;5A0< 8 ;C30<, B>@>?OAL A>1@0BL 2 =5>1E>48<>< :>;8G5AB25 A>B=8 284>2 B@02, 3>B>28BL 87 =8E ;5:0@AB20 8 5IQ =0E>48BL 2@5<O 4;O ?@8Q<0 1>;L=KE.  ?5@540BL =0:>?;5==K9 >?KB =5:><C. AB0QBAO >4=0 8A?KB0==0O 2>7<>6=>ABL: 87;>68BL 2A5 B>=:>AB8 =0:>?;5==KE 7=0=89 2 :=835, @0A:@KBL 2A5 A5:@5BK, =5>1E>48<K5 4;O CA?5H=>3> ;5G5=8O. >B 8 @5H8; ?>9B8 ?> A;540< ?@8=5AH59 =5<0;CN ?>;L7C ;N4O< �4>;5=L-B@02K�. 5 ?>2B>@8BL 5Q, 0 >1>30B8BL =>2K<, 4@C38< A>45@60=85<.  GB>1K A>E@0=8BL @>4AB2> A ?5@2>9 :=83>9, >AB02;ON 2 B>< 65 ?>@O4:5 =0720=8O 3;02. 

-B0 :=830 <>3;0 8 =5 A>AB>OBLAO. 1AB>OB5;LAB20 A;>68;8AL B0:, GB> ?>A;54=OO G5@B0 5420 =5 ?>425;0 :>=5F <>5<C ACI5AB2>20=8N A@07C ?>A;5 B>3>, :0: O A5; 70 @01>BC.  O 1;03>40@5= AC4L15, 402H59 <=5 2>7<>6=>ABL >ACI5AB28BL 704C<0==>5. 5 2540N, A:>;L:> 5IQ 2@5<5=8 >B?CI5=> <=5 2?5@548, B5?5@L :064K9 =0ABC?82H89 45=L O 2>A?@8=8<0N A 1;03>40@=>ABLN, :0: ?>40@>:, =045OAL =0 B>, GB> CA?5N 7025@H8BL =0G0BK9 B@C4 8 ?>AB028BL 2 :>=F5 ?>A;54=NN B>G:C. 

/ : 3>@87>=BC 1;87:> ?>4>HQ;, #6 70 G5@BC ABC?8; >4=>9 =>3>9. 0 3>@87>=B>< >G5=L E>@>H>   "0< 687=L 4@C30O.  =0@>4 4@C3>9. 5254><K B0< ;8F5<5@85 8 ;>6L. 8:B> B51O =5 45@68B 70 A:>B8=C  ?>4;> =5 ?@540AB 70 <54=K9 3@>H, A?>4B8H:0 =8:B> =5 ?;N=5B 2 A?8=C. "0< =5B @01>2. 5B =8I8E. 5B 3>A?>4. 5B 7028AB8, ?@>406=>AB8 8 AB@0E0. 8:B> 15740@=>3> 4> 72Q74 =5 2>7=5AQB,  >40@Q==><C =5 C3>B>28B ?;0EC. 

0 3>@87>=B>< 64CB <5=O, 7>2CB. >GB8 25AL :@C3 4@C759 B0< >18B05B, 48= ;8HL O ?>47045@60;AO BCB   5<=0O 687=L <5=O =5 >B?CA:05B. 

515A=K9 7=0: A =0G5@B0==>9 AC4L1>9 @8@>40 2A5< 2@CG05B ?@8 @>645=L8.  5A;8 2 687=8 ?@>8AE>48B A1>9, 0 =5C40GC 20;8< =52575=L5. 

 5A;8 2 687=8 >G5=L ?>257QB, 

K =5 AC4L15   A515 CA?5E ?@8?8H5<, 

5 4C<0O > B><, GB> =0?5@Q4

 0A?8A0=   >B 8 4>   25AL ?CBL =0H A2KH5. 

/ 68; ?@82>;L=>, :0: 682QB @5:0,  :0: @5:0 157 CAB0;8 @01>B0;. >25@G82K<, 15A?5G=K< 1K;, ?>:0 =5 3>@87>=B =5 ?@8>B:@K; 2>@>B0. 

>9B8 BC40 ?>:0 O =5 3>B>2. 

@5E>2 70 <=>9 =5<0;>, : A>60;5=LN. >@O4:>< 2 687=8 =0;><0; O 4@>2,  2@5<O <=5 40=> 4;O 8A:C?;5=LO. 

IQ =5 2A5 ?@>HQ; O 8A?KB0=LO. @>IQ= =5 2A5<8. !0< =5 2A5E ?@>AB8;. 

/ 4>;65= 2K?>;=8BL ?>A;54=55 7040=L5: 5@=CBL =0@>4C 2AQ, GB> =0:>?8;. 

5B C <5=O =8 A5@51@0, =8 7;0B0, 03@04 8 ?@>G8E 1;03 =5 70A;C68;, 4=0 ;8HL 3>;>20 <>O 1>30B0, 5AL >?KB 687=8 O 2 =5Q 2;>68;. 

5B 2 <8@5 =8G53> 4>@>65 7=0=89. E C=5AB8 A A>1>9   25;8:89 3@5E. CA:09 >=8 ?>A;C60B A>7840=LN, 5 4;O A51O O 8E :>?8;   4;O 2A5E. 

 5A;8 <=5 A?0A81> A:06CB ;N48, E 1;03>40@=>ABL 1C45B CGB5=0. 

0 3>@87>=B>< <=5 >B:@KB0 1C45B @C30O, A?@0254;820O AB@0=0. 
 !% !!" #" 

�>6=> ;8 2K;5G8BL B@020<8 MBC AB@0H=CN 1>;57=L, ?5@54 :>B>@>9 ?>:0 B0: G0AB> >:07K205BAO 15AA8;L=>9 <548F8=0?�   B0:>9 =5?@>AB>9 2>?@>A O 704020; A515 1>;55 4204F0B8 ;5B =0704, =0G8=0O 8A:0BL >B25B =0 =53> 2 :=835 �4>;5=L-B@020�. @82Q; 2 =59 =5<0;> ?>;>68B5;L=KE ?@8<5@>2 8 40; :>=:@5B=K5 @5F5?BK, ?@8<5=O5<K5 2 =0@>45 ?@8 ?>?KB:0E ;5G5=8O 7;>:0G5AB25==KE >?CE>;59, ?>@060NI8E ;N1K5 >@30=K G5;>25:0. 4=0:> 8 A53>4=O, ?> ?@>H5AB288 <=>38E ;5B, O 2K=C645= ?@>F8B8@>20BL A;>20 87 B>9 :=838, =5 CB@0B82H85 0:BC0;L=>AB8 8 A53>4=O: �B25B8BL CB25@48B5;L=> =0 MB>B 2>?@>A 1K;> 1K 25@E>< ;53:><KA;8O, C2K   8=0G5 1K @0: 402=> 1K; ?>1564Q=. 4=0:>, ?CA:09 A =5:>B>@K<8 ?@54>AB>@>6=>ABO<8 8 >3>2>@:0<8, 8=>9 @07 <>6=> 1K;> 1K 40BL 8 ?>;>68B5;L=K9 >B25B. 725AB=> =5<0;> ?@8<5@>2 ?>;=>3> 87102;5=8O >B BO65;59H8E D>@< 7;>:0G5AB25==KE >?CE>;59 ?@8 ?><>I8 A0<KE @O4>2KE, @0ABCI8E C =0A ?>4 1>:><, >1I54>ABC?=KE ;5:0@AB25==KE @0AB5=89�. 

A;8 C6 O ?>HQ; ?> A;540< �4>;5=L-B@02K�, B>, :0: <=5 4C<05BAO, G8B0B5;N 1C45B 8=B5@5A=> C7=0BL > 40;L=59H59 AC4L15 =5:>B>@KE ?5@A>=0659. ><=8B5 4540, <>53> 1;87:>3> @>4AB25==8:0, C :>B>@>3> =0 A5<L45AOB H5AB>< 3>4C 687=8 2@0G8 A;CG09=> >1=0@C68;8 70?CI5==K9 @0: ;Q3:>3> 2 ?>A;54=59 AB0488, :>340 =5 B>;L:> >?5@8@>20BL, => 8 ;5G8BL 1K;> ?>74=>, ;CG52CN 8;8 E8<8>B5@0?8N >= =5 2K45@60; 1K? 3> 4>G5@8 A:070;8, GB> >= ?@>BO=5B =5 1>;55 42CE <5AOF52. =0 ?;0:0;0, C<>;OO 5A;8 =5 A?0AB8, B> E>BO 1K >1;53G8BL 53> A>AB>O=85. # =53> C65 =0G8=0;8AL 1>;8, 4CH8;8 BO6Q;0O >4KH:0, :0H5;L.  B5 3>4K O @54:> 1@0;AO 70 ;5G5=85 1>;L=KE @0:><, B@02K A>18@0; 2 =51>;LH>< :>;8G5AB25, 2 >A=>2=>< 4;O ?>445@6:8 A5@4F0, ?5G5=8, ?>G5:. 7 ?@>B82>>?CE>;52KE A@54AB2 C <5=O =5 >AB0;>AL =8G53>, :@><5 4C@=8H=8:0 8 :>@=59 :>?KB=O. E O 8 40; 454C, =0:0702 ?@8=8<0BL >B20@K 157 ?5@5@K20, @53C;O@=>. 0?><=N, GB> 4C@=8H=8: O 87<>;>; F5;8:><, A ;8ABLO<8, AB51;5< 8 :>@=O<8 4> A>AB>O=8O <0E>@:8, 25;5; 7020@820BL G09=CN ;>6:C 157 3>@:8, 2@>25=L A :@0O<8, 2 AB0:0=5 :8?OB:0 8 B><8BL, B5?;> C:@K2, ?>;G0A0. 0 45=L 2K?8BL 2 ?>;C3>@OG5< 2845 =5 <5=LH5 B@QE AB0:0=>2 ?>A;5 54K.  ?5@54 54>9 ?8BL ?> =51>;LH><C 3;>B:C >B20@ :>@=59 :>?KB=O. 3>, 87<5;LG82, ?>;>28=C G09=>9 ;>6:8 70;8BL AB0:0=>< :8?OB:0, ?0@8BL =0 :8?OI59 2>4O=>9 10=5 ?>;G0A0. @8=8<0BL 2 BQ?;>< 2845 =5 1>;LH5 ?>;>28=K AB0:0=0 2 45=L. ;O A5@LQ7=>3> ;5G5=8O @0:0 ;Q3:8E MB8E 42CE :><?>=5=B>2 =8GB>6=> <0;>, =5>1E>48<K BI0B5;L=> @07@01>B0==K5, ?>;=K5, ?>AB>O==> <5=ONI85AO :><?;5:AK, 8 =0 :0:85-=81C4L A42838 2 ?>;>68B5;L=CN AB>@>=C =5 ?@8E>48;>AL @0AAG8BK20BL. =5 >AB020;>AL B>;L:> ?>AB>O==> ?>4104@820BL AB0@8:0, 2=CH0O 5<C, GB> C65 G5@57 ?0@C =545;L =0ABC?8B C;CGH5=85, ?>O28BAO A8;0 2 =>30E 8 >= ?5@5AB0=5B F5;K<8 4=O<8 <OBL ?>AB5;L, =0G=QB G0I5 2KE>48BL =0 ?@>3C;:C, 0 70=C4;82K9 :0H5;L, >1@0B8 =0 MB> 2=8<0=85, ?>GB8 8AG57. = A>3;0H0;AO A B5<, GB> 2 B5;5 ?>O28;0AL 1>4@>ABL, 4KH0BL AB0;> ;53G5, ?@>A=C;AO 0??5B8B. AN 78<C >= 4>25@G82> 8 ?>A;CH=> ?8; =07=0G5==K5 >B20@K, >B=>AOAL : =8< A5@LQ7=>.  C482;5

5@=CBLAO : MB><C M?87>4C, C65 8725AB=><C ?> ?@56=59 :=835, <5=O 70AB028; 2>?@>A: 2 GQ< :@>5BAO A5:@5B 53> 8AF5;5=8O >B A>G5B0=8O 2A53> 42CE @0AB5=89, 87 :>B>@KE >48= 4C@=8H=8: <>6=> 1K;> AG8B0BL ?@>B82>>?CE>;52K<, 40 8 B> =5 2 52@>?59A:8E AB@0=0E, 0 B>;L:> 2 8B05? = ?>GB8 =5 =0E>48; ?@8<5=5=8O C =0A 2 A5@548=5 ?@>H;>3> AB>;5B8O 8, =0A:>;L:> <=5 8725AB=>, =5 ?>;L7>20;AO B>340 ?>?C;O@=>ABLN C B@02=8:>2, =8 2 >4=>9 0?B5:5 > =Q< ?>=OB8O =5 8<5;8.  <>=>3@0D88 . . >20;Q2>9 �5G5=85 @0AB5=8O<8� (., 1971) 2?5@2K5 C:07K20;8AL 70@C156=K5 AB@0=K, 345 B5 8;8 8=K5 B@02K, 2 >B;8G85 >B >B5G5AB25==>9 =0@>4=>9 <548F8=K, =0E>4OB 8=>340 A>2A5< 8=>5 ?@8<5=5=85.  :=835 :>@>B:>, 1C4=8G=> 3>2>@8;>AL >1 C7:>< 8A?>;L7>20=88 4C@=8H=8:0, ?><>30NI53> ?@8 7>15, 70B> 2 ?5@5G=5 4@C38E AB@0= 1K;> C?><O=CB> 2A:>;L7L, GB> 2 8B05 53> 8=>340 ?LNB ?@8 @0:5, ;5G0B ;5?@C   ?@>:07C.  2 ?>?C;O@=>9 :=835 . . >A0;O (�5:0@AB25==K5 @0AB5=8O 2 =0@>4=>9 <548F8=5�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�4>;5=L-B@025� ?>4@>1=>.  A59G0A 25@=C;AO : ?@8254Q==K< ?@8<5@0< B>;L:> ?>B><C, GB> 2 40;L=59H5< C1548;AO =0 @O45 0=0;>38G=KE A;CG052, :>340 MB8 420 @0AB5=8O, 4C@=8H=8: 8 :>?KB5=L 242>Q<, 157 2:;NG5=8O 4@C38E ?@>B82>>?CE>;52KE A@54AB2, A?@02;O;8AL A =587;5G8<>9 1>;57=LN. >340 ?>O28;8AL =0HC<52H85 :=838 ". /. !28IQ2>9, . . ;8A552>9 > ?0@078B0E, 3@81:0E, B@8E><>=040E, G0AB> 

10 @0AB5=8O 5IQ =5 @07 1C4CB C?><8=0BLAO 2 40;L=59H5< B5:AB5, 2 A>AB025 @07=KE :><?;5:A>2, ?@54=07=0G5==KE =5 B>;L:> 4;O ;5G5=8O 7;>:0G5AB25==KE >?CE>;59, => 8 4@C38E 1>;57=59. @8254Q==K5 87 ?@56=59 :=838 ?@8<5@K =5 ?@87K20NB ;5G8BLAO ;8HL MB8<8 42C<O :><?>=5=B0<8   B5?5@L O 7=0N, GB> B>340 <=5 ?@>AB> C;K1=C;0AL C40G0. >7<>6=>, 206=CN @>;L AK3@0;8, :@><5 <>53> AB@0AB=>3> 65;0=8O 8 C25@5==>AB8, A8;0 2;>65==>9 2 ?@54;>65==K5 B@02K A>1AB25==>9 M=5@35B8:8 8 A8;0 2=CH5=8O 2 A>G5B0=88 A 3;C1>:>9 25@>9 2 8AF5;5=85 A0<8E ?0F85=B>2, ?@82K:H8E : B><C, GB> O A;>20 =0 25B5@ =5 1@>A0N.  A0< >:>=G0B5;L=> ?@8HQ; : 2K2>4C, GB> :0640O 1>;57=L B@51C5B 3;C1>:> ?@>4C<0==>3>, 8=48284C0;L=>3> 4;O :064>3> G5;>25:0 :><?;5:A0 B@02 A CGQB>< ?>;L7K =5 B>;L:> >4=><C 1>;L=><C >@30=C, => 8 F5;8:>< 2A5<C >@30=87<C. 

 �4>;5=L-B@025� 2 >A=>2=>< O ?@54;030; >B45;L=K5 @5F5?BK 8 @54:> 3>2>@8; >1 8E 2:;NG5=88 2 B5 8;8 8=K5 ;5G51=K5 :><?;5:AK. -B8 @5F5?BK ?@54AB02;O;8 A>1>9 :0: 1K >B45;L=K5 @07=>F25B=K5 D@03<5=BK, 87 :>B>@KE >?KB=><C EC4>6=8:C >AB020;>AL ;8HL A;>68BL 70@0=55 ?@>4C<0==CN <>708G=CN :0@B8=C.  25AL A5:@5B 70:;NG0;AO 2 B><, GB>1K D@03<5=BK <>708:8, A:;04K20OAL 2 70:>=G5==CN :0@B8=C, B0: 65 >1O70B5;L=> A>G5B0;8 1K 2 A515 2708<>459AB285 A0<KE =5>1E>48<KE ;5:0@AB2, 4>?>;=ONI8E 8 CA8;820NI8E 459AB285 4@C3 4@C30. >MB><C, 4065 5A;8 40;L=59H85 <5;:85 ?>4@>1=>AB8 :><C-B> 24@C3 ?>:06CBAO =0 ?5@2K9 273;O4 >4=>>1@07=K<8 8 A:CG=K<8, O >1O70= 40BL ?>;=>5 >?8A0=85 A>AB02;5==KE <=>9 :>=:@5B=KE :><?;5:A>2 4;O ;5G5=8O @07=>3> @>40 1>;57=59 2> 2A5E <5;LG09H8E 45B0;OE. "0:, GB>1K ;N1>9 G5;>25:, 27O2 2 3>B>2>< 2845 @07@01>B0==CN <=>N <5B>48:C, <>3 1K =5 ;><0BL A515 3>;>2C =04 @07@>7=5==K<8 @5F5?B0<8 8 B5@?5;82>, 25@O <=5, ?>A;54>20B5;L=>, H03 70 H03>< ?@>HQ; =04Q6=K<, C65 8A?KB0==K< ?CBQ<, 8A?>;L7CO MB8 @5F5?BK, A>1@0==K5 2 548=K9 :C@A. 

 <>9 ?CBL =0@>4=>3> F5;8B5;O A;>68;AO B0:, GB> :0: <8=8<C< 2>A5<L45AOB ?@>F5=B>2 87 >1@0I02H8EAO :> <=5 ;N459 1>;5;8 @0:><. B;5602 2 1>;L=8F5 2A5 <KA;8<K5 A@>:8 8 2 8B>35 2K?8A0==K5 =0 A8<?B><0B8G5A:>5 ;5G5=85, >=8 ?@8E>48;8 C65 A ?>A;54=59 AB04859, :>340 2?>@C 1K;> 8A:0BL 8< =5 F5;8B5;O, 0 A2OI5==8:0. =>385 87 =8E ?KB0;8AL 70=8<0BLAO A0<>;5G5=85< ?> <5B>4C (52G5=:>, ?@8=8<0O 2>4:C A <0A;><. 8;8 =0AB>9:C 1>;83>;>20 ?> AE5<5, ?@54;0305<>9 "8I5=:>. 5G8;8AL ?> A8AB5<5 8H8. !;54>20;8 A>25B0< 098 >3C;0=. ABO70;8 A51O ;5G51=K< 3>;>40=85<. 5@8;8 2 !. !G8B0;8 ?0=0F559 ?5G5=L 0:C;K. %20B0;8AL 70 ?5@5:8AL 2>4>@>40. 5:>B>@K5, 2:>=5F >BG0O2H8AL, 8A:0;8 A?0A5=85 2 C@8=>B5@0?88 8 2K?8;8 =5 >4=> 254@> <>G8. !C48BL > @57C;LB0B0E =5 15@CAL. / =5 E20B0;AO 70 3@><:85 =>28=:8. AN 687=L 548=AB25==>9 <>59 ;N1>2LN 1K;8 8 >AB0NBAO B@02K. 

>?040;8 :> <=5 =0 ?@8Q< 548=8FK, 70 45=L B@8 8;8 G5BK@5 G5;>25:0. =>3> ;5B O @01>B0; >48=. A=>2=>5 2@5<O CE>48;> =0 A1>@ B@02 8 ?@83>B>2;5=85 87 =8E ;5:0@AB2, 0 =07=0G0BL 2AB@5G8 A 1>;L=K<8 ?@8E>48;>AL 4><0, 4@C3>3> <5AB0 =5 1K;>, 8 ?>:0 O 15A54>20; A ;N4L<8 C A51O 2 :018=5B5, A5<LO B8E> >BA86820;0AL 2 :><=0B0E, =5 A<5O 3@5<5BL ?>AC4>9 =0 :CE=5, 25AB8 3@><:85 @073>2>@K. @5:@0I0;0 HC<=K5 45BA:85 83@K <0;5=L:0O 2=CG:0. >A5B8B5;8 2 >A=>2=>< >1@0I0;8AL :> <=5 ?> @5:><5=40F88 7=0:><KE, => =5@54:> 72>=8;8 2 425@L ;N48, =0>1C<, 157 2AO:>3> ?@5420@8B5;L=>3> ?@54C?@5645=8O ?@85E02H85 87 40;L=8E 3>@>4>2 8 @07=KE >1;0AB59 AB@0=K. #<>;O;8 A?0AB8 8E @>48B5;59, 1;87:8E @>4AB25==8:>2 8;8 45B59, A2OB> 25@O A;CE0<, GB> O A?>A>15= A>25@H8BL GC45A0 8 GB> 8<5NBAO B><C 682K5 A2845B5;8, 2K;5G82H85AO C <5=O 8 2>72@0IQ==K5 1C:20;L=> A B>3> A25B0. 0, ;N4A:0O <>;20 1568B 1KAB@55 A>;=5G=>3> ;CG0 8 >A;5?;O5B C<8@0NI53> G5;>25:0 ?>A;54=59 =04564>9. 

/ @54:> :><C >B:07K20;. =0; 254L, GB> 1@0BLAO 70 ;5G5=85 C65 ?>74=>.  =8:B> 1K =5 C?@5:=C; <5=O, 5A;8 1 O <>3 ?@>87=5AB8 B2Q@4>: �5B, MB> =5 2 <>8E A8;0E!� > ?>:0 C G5;>25:0 1LQBAO A5@4F5 2 3@C48, ?>:0 53> <>73 A?>A>15= <KA;8BL, 0 >BG0O2H0OAO 4CH0 ?>;=0 ?5@56820=89 8 =04564, >=, :0: 1K 8 G5< 1K =8 1>;5;, >AB020;AO 4;O <5=O >1KG=K< ?0F85=B><, =5 CB@0B82H8< 25@K 2 687=L, ?@>4>;60NI8< 1>@L1C 70 =5Q.  A2>8< >B:07>< O =5 <>3 27OBL =0 A51O @>;L AC4L8, 2K=>AOI53> 5<C >:>=G0B5;L=K9 25@48:B, 254L 53> 40;L=59H0O AC4L10 =0E>48;0AL =5 2 <>8E, 0 2 1>6L8E @C:0E. 8:><C =5 40=> 7=0BL A2>53> ?>A;54=53> G0A0.  C B5E, :><C ?> :0:>9-;81> ?@8G8=5 >B:07K20; 8 =5 A<>3 ?><>GL, E>BO 8 =5B 2 B>< <>59 28=K, O ?@>A8;, ?@>HC, 4> :>=F0 687=8 1C4C ?@>A8BL ?@>I5=8O. 

>A5B8B5;59 O @0745;O; =0 425 :0B53>@88: B5E, C :>3> 5IQ 8<5;AO >AB0B>: 687=5==KE A8;, 4>AB0B>G=KE 4;O B>3>, GB>1K <>6=> 1K;> 70F5?8BLAO 70 =8E, ?>?KB0BLAO 2KB0I8BL 8E 87 154K, 8 ?>;=>ABLN 157=04Q6=KE, :>B>@K< ;8HL =0 C@>2=5 E>A?8A0 <>3 1K >1;53G8BL AB@040=8O, 0 5A;8 ?>257QB, 4065 =0 :0:>5-B> 2@5<O ?@>4;8BL ACI5AB2>20=85. 

 >4AB25==8:0< 2A5340 3>2>@8; 3>@L:CN ?@024C, GB>1K <>Q A>AB@040=85 =5 ?@8=8<0;8 70 >15I0=85 2K;5G8BL 1>;L=>3>.  >=8 ?>=8<0;8 <5=O. C<0N, =8:B> =5 >AC48B <5=O 70 MB>. >ABC?0; O >A>7=0==>, =8:>3> =5 >B?CA:0; A ?CABK<8 @C:0<8. 45AL 2065= B>=:89 ?A8E>;>38G5A:89 <><5=B: 2AN 687=L 1C45B5 C:>@OBL A51O, >B:0702 C<8@0NI5<C G5;>25:C 2 ?>A;54=59 ?@>AL15 40BL E>BL :0:>5-=81C4L >1;53G0NI55 ;5:0@AB2>. 

4=064K C40;>AL <=5 ?>4=OBL A ?>AB5;8 C<8@0NI53> <>;>4>3> <C6G8=C, A =8< C65 ?>?@>I0;8AL 2A5 @>4AB25==8:8, 4065 1K; ?@83;0HQ= A2OI5==8:. # <5=O ?>?@>A8;8 B>;L:> >1;53G8BL 53> <CG5=8O.  >= G5@57 <5AOF ?>4=O;AO =0 =>38. @>H;> ?>;3>40, :>340 ?@8H;0 :> <=5 2 B@0C@5, A 1CBK;:>9 28=0 8 4><0H=8<8 ?8@>30<8 53> 65=0 0;O, A:070;0 ?@>AB>: �><O=5< !5@Q6C�.  0AA:070;0 > B><, :0: 5IQ 25G5@>< >=8 4>;3> 3C;O;8 2 ?0@:5, ;N1COAL =0 B@>=CBK5 >A5==59 ?>7>;>B>9 15@Q7K. #B@>< >=, :0: >1KG=>, ?>702B@0:0;, A5; 2 :@5A;>, ?>3>2>@8; ?> B5;5D>=C A 4@C3><, 0 G5@57 ?>;G0A0 CB:=C;AO 3>;>2>9 2 A?8=:C :@5A;0, ?@8<>;:, 1C4B> 704@5<0;. 0;O, 1C4B> 2 A5@4F5 GB>-B> B>;:=C;> 5Q, ?>4>H;0 : <C6C, 4>B@>=C;0AL 4> =53> 8 ?>=O;0, GB> >= =0 A0<>< 45;5 CA=C; =02A5340. @>I0OAL, 0;O A:070;0: �K ?>40@8;8 <=5 A0<K5 AG0AB;82K5 25A=C 8 ;5B>. / =5 25@N 2 GC45A0, => B5?5@L ?>=8<0N, :0:>5 GC4> 2K A>25@H8;8, 8 A 1;03>40@=>ABLN 1C4C ?><=8BL >1 MB>< 2AN 687=L�. 

 !"/  "  
  % 

 023CAB5 1995 3>40 ?>72>=8; <=5 CB@>< 70254CNI89 M=4>A:>?8G5A:8< >B45;5=85<  5A?C1;8:0=A:>3> >=:>;>38G5A:>3> F5=B@0 5==0489 @0GQ2: �A;8 5ABL C B51O 2@5<O, 703;O=8 : =0< ?>?@>I0BLAO A 0=8;KG5<, B2>8< ;N18<K< EC4>6=8:><. >;LH5 42CE =545;L >= =5 ?@>BO=5B. K A45;0;8 2AQ, GB>1K A?0AB8 53>, => C =53> @0: ;Q3:8E A >1H8@=K<8 <5B0AB070<8 2 ?>G:8, 2 ?5G5=L. =0 8 ?@5645 1K;0 ?>@065=0 C =53> F8@@>7><.  B5?5@L >?CE>;L ?@>@>A;0 2 3>@;>. 420 HQ?>B>< <>65B ?@>87=5AB8 >B45;L=K5 A;>20. %>B5; A45;0BL 5<C B@0E5>B><8N, 40 >?0A0NAL, 2K45@68B ;8 >=. >74=>.  A53>4=O CB@>< >= ?@>H5?B0; B2>Q 8<O. 0A:>;L:> O ?>=O;, E>G5B ?>?@>I0BLAO A B>1>9�. 

! 70<5G0B5;L=K< EC4>6=8:>< C@7O=F52K<, >4=8< 87 A0<KE O@:8E 2 @5A?C1;8:5, O 1K; 7=0:>< 402=>, ?>A5I0; 53> 2KAB02:8, :0:-B> 2<5AB5 <K 2KABC?0;8 ?5@54 <>;>4Q6LN 2> 2>@F5 :C;LBC@K �.18;59=K9�. > ?>A;5 B>3> :0: 5<C 0<?CB8@>20;8 ?> :>;5=> =>3C, O =5 2845; 53>, >1KG=> =5C3><>==>3>, =5 @0AAB0NI53>AO A ?;>A:>9, ?@>?0EH59 :>=LO:>< :0@<0==>9 D;O6:>9 =8 2 <C755, =8 =0 A>1@0=8OE 8;8 2 :><?0=88 >1I8E 4@C759. 5ABL > 53> 1>;57=8 8 1;87:>< :>=F5 >3;CH8;0 <5=O. / B>BG0A ?><G0;AO 2 1>;L=8FC. 

%C4>6=8: ;560; 2 >B45;L=>9 ?0;0B5, ?>4 ?@>ABK=59 5420 C304K20;>AL 53> 8AEC402H55 B5;>. =5 A@07C 1@>A8;0AL 2 3;070 53> A8;L=> >?CEH0O H5O, >= 4065 3>;>2C ?>25@=CBL =5 <>3. 8F> >4CB;>20B>5, 402=> =5 1@8B>5, 70B> AG0AB;820O C;K1:0 8 ?>25A5;52H85 3>;C1K5 3;070 1C:20;L=> >A25B8;8 ?0;0BC, ?5@5:@K;8 5Q C1>3>ABL =58AB>I8<K< 687=5;N185<. = 2A5340 1K; B0:8< C;K1G82K<, =8:>340 =5 C=K20NI8<, 8AB>G0NI8< 2>:@C3 A51O A25B 157<5@=> 4>1@>9 4CH8, =8G5< =5 70?OB=0==>9, G8AB>9, :0: C @51Q=:0. = 5420 A;KH=> ?>74>@>20;AO, :82:>< C:070; =0 AB>O2H89 @O4>< A :@>20BLN ABC;, <>;, A048AL, @0AA:068, :0: 682QHL. �C45HL ;5G8BLAO, 5A;8 O 2>7L<CAL 70 B51O?�   A?@>A8; O. = >B25B8;: �0!� �0G=Q< ?@O<> A53>4=O, A>3;0A5=?� = A C;K1:>9 :82=C;: �0!� / A:070; 5<C, GB> A:>@> 25@=CAL 8 ?@8=5AC A2>8 ;5:0@AB20, =0?8HC, 2 :0:>< ?>@O4:5 8E ?@8=8<0BL.  ?>1560; 4><>9, 1;03> 68; ?>GB8 @O4><, =0 E>4C ?@8:84K20O, GB> 40BL 5<C 2 ?5@2CN >G5@54L, 4;O =0G0;0. 

�845; 1K BK, :0: >= >68; ?>A;5 B2>53> ?>A5I5=8O,   A:070; @0GQ2.   "K C6 =5 1@>A09 53>, 409 GB>-=81C4L ?>445@6820NI55 A8;K, A=8<0NI55 1>;L. 5 B0: C6 <=>3> B5@?5BL 5<C >AB0;>AL�. 

/ @07;>68; =0 BC<1>G:5 ?0:5BK A B@020<8 8 D;0:>=K A =0AB>9:0<8, =0G0; >1JOA=OBL, GB> 8 2 :0:>< ?>@O4:5 =04> ?@8=8<0BL: �#B@>< 2 ?5@2CN >G5@54L 2K?59 AB>;>2CN ;>6:C A>A=>2>3> <Q40. '5@57 45AOBL <8=CB ?@8<8 ?>;AB0:0=0 3>@OG53> =0AB>O >G8B:0 ?C@?C@=>3> 8 2 =53> ?@5420@8B5;L=> 2;59 G09=CN ;>6:C 10;L70<0 "#B@5==OO @>A0". '5@57 ?>;G0A0 <>6=> ?>702B@0:0BL. >B>< 2K?59 B@5BL AB0:0=0 =0AB>O F25B:>2 E<5;O.  =53> >?OBL 2;59 <>9 10;L70<, >4=C G09=CN ;>6:C. 5 274C<09 E;51=CBL 87 3>@;KH:0! =0N B2>N A;01>ABL, => ;N1>5 A?8@B=>5, 4065 ?82>, 70?@5I05BAO. %>BO 1K =0 2@5<O ;5G5=8O. 5@54 >154><   >?OBL ?>;AB0:0=0 >G8B:0, B>65 A 10;L70<><.  ?>A;5 >1540 G0A>: >B4>E=8 8 ?@8<8 B@5BL AB0:0=0 =0AB>O B@02K 1C4@K ?;NI5284=>9, => ?5@54 MB8< =0:0?09 2 =53> B@84F0BL :0?5;L A>:0 B>9 65 1C4@K.  ?@><56CB:5 <564C >154>< 8 C68=>< 2K?59 ?>;AB0:0=0 =0AB>O E2>I0, 0 2 =53> 2;59 G09=CN ;>6:C =0AB>9:8 @OA:8. 5@54 A=>< ?@8<8 5IQ @07 G09=CN ;>6:C @OA:8 =0 AB>;>2>9 ;>6:5 2>4K, 0 5IQ ;CGH5 2;59 2 >AB02HCNAO ?>;>28=C AB0:0=0 =0AB>O E2>I0. >:0 MB> B515 =0 =545;N, ?>B>< ?>A<>B@8<, GB> >AB028BL, 0 GB> 4>1028BL. 0AB>8 B@02 1C4C ?@8=>A8BL A0<, 745AL =5B ?>4E>4OI8E CA;>289 4;O 8E ?@83>B>2;5=8O. 0: 2K?8H5HLAO, =0AB0820BL B@02K 1C45B 65=0, O 5Q =0CGC�. @0GQ20 ?>?@>A8; ?@>A;548BL 70 ?@8Q<>< ;5:0@AB2, 70?8A0; =0 ;8AB:5 1C<038 8E G5@54>20=85 8 ?>;>68; =0 BC<1>G:C   GB>1K 2A5340 =0E>48;AO =0 284C 8 A;C68; ?>AB>O==K< =0?><8=0=85<. 

>G5<C O =5 =07=0G8; 5<C 4;O =0G0;0 �BO6Q;CN 0@B8;;5@8N� 87 1LNI8E ?> >?CE>;8 ?@O<>9 =02>4:>9 A0<KE A8;L=KE O4>2   1>;83>;>2, 0:>=8B, F8:CBC, <CE><>@, 4@C385, =5 <5=55 459AB25==K5, A@54AB20?  =5:>B>@KE A;CG0OE O A@07C =0G8=0; A =8E, GB>1K, :0: 3>2>@8BAO, 27OBL 1K:0 70 @>30. > 0=8;KG 1K; 4> :@09=>AB8 8AB>IQ=, : B><C 65 =0 4=OE ?>;CG8; 87@O4=CN 4>7C ;CG52>9 B5@0?88, 0 A@07C ?>A;5 =5Q >?0A=> ?@8=8<0BL O4K, >=8 <>3CB >:070BLAO 3C18B5;L=K<8 4;O >A;01;5==>3> >@30=87<0. ;O <5=O 206=> 1K;> =0G0BL ;5G5=85 A B0:8E ;5:0@AB2, :>B>@K5, A>1@0==K5 2 548=K9 :><?;5:A, >1;040NB 1>;55 <O3:>9, => =5 <5=LH59 ?@>B82>>?CE>;52>9 A8;>9, <=>3>3@0==K< ;5G51=K< 459AB285<. @8=OBK9 A CB@0 A>A=>2K9 <Q4 2>AAB0=02;8205B A8;K 1>;L=>3> G5;>25:0, ?>4=8<05B 687=5==K9 B>=CA. =, ?>402;OO @>AB @0:>2KE :;5B>:, >1;53G05B 4KE0=85, >G8I05B :@>2L >B B>:A8=>2, C;CGH05B >1<5==K5 ?@>F5AAK, 1;03>B2>@=> 2;8O5B =0 =5@2=CN A8AB5<C, A?0A05B >B 1>;8. @8E>48BAO ?><=8BL > B><, GB> >= A;53:0 ?>2KH05B 402;5=85, 8, =07=0G0O 38?5@B>=8:0<, >1O70B5;L=> C@02=>25H820N 53> A@54AB20<8, ?>=860NI8<8 402;5=85, 40 =5 :0:8<8-=81C4L ?>?02H8<8AO ?>4 @C:C, 0 ?>418@0N @0AB5=8O, :>B>@K5 4>?>;=O;8 8 >1>30I0;8 1K A>740205<K9 :><?;5:A, 459AB2CO 2 >4=>< =0?@02;5=88. 

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

F5=8; 4>AB>8=AB2> ?>=@0282H53>AO 5<C ;5:0@AB20 8 C@7O=F52. @8H;>AL C25;8G8BL 5<C ?@8Q< A>A=>2>3> <Q40 =5 B>;L:> CB@><, => 8 5IQ 420 @070 2 45=L. 

06=K<8 4;O =0G0;0 ;5G5=8O 1K;8 8 =0AB>9 B@02K >G8B:0 ?C@?C@=>3> 2 A>G5B0=88 A <>8< ?@>B82>>?CE>;52K< 10;L70<><. 5:0@AB2> 87 MB>3> 2840 >G8B:0 8<55B 4@52=55 ?@>8AE>645=85. !CI5AB2C5B ;535=40 >1 ;L5 C@><F5, ?@>A8452H5< =0 ?5G8 B@84F0BL ;5B 8 B@8 3>40, ?@8:>20==>< : =59 =5254><>9 1>;57=LN. >B ?@8H;8 : =5<C >4=064K :0;8:8 ?5@5E>685, ?@8=O;8AL ?>8BL 53> �682>9 2>4>9�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

 GB> :0A05BAO ?@>B82>>?CE>;52>3> 10;L70<0, O @07@01>B0; =5A:>;L:> 53> 284>2: >1I89 ?@8 2A5E >?CE>;OE, ;53>G=K9, A5@45G=K9, ?5GQ=>G=K9, ?>G5G=K9, ?@>B82 @0:0 65;C4:0, ?8I52>40, I8B>284=>9 65;57K, @0:0 <0B:8 8 <>;>G=>9 65;57K. 0 MB8:5B:0E >1KG=> >B:@KB> C:07K20;: �?@>B82>>?CE>;52K9, 0=B8<5B0AB0B8G5A:89�   4;O B5E, :B> 7=0; > A2>59 1>;57=8, MB> >:07K20;> 8 ?A8E>;>38G5A:>5 2>7459AB285. > >B C@7O=F520 @5H8; A:@KBL, >1;03>@>48; 10;L70< ?@8OB=K< =0 A;CE =0720=85<   2AQ-B0:8 40N EC4>6=8:C. 

564C ?@>G8<, : <>8< 10;L70<0< ?@>O28; 682>9 8=B5@5A 48@5:B>@ #D8<A:>3> A?8@B>2>4>G=>3> :><18=0B0, 2K?CA:0NI53> A =0ABC?;5=85< @K=>G=KE >B=>H5=89 10;L70<K �3845;L� 8 �@5<5;L�. = ?@54;>68; <=5 45;>2>5 A>B@C4=8G5AB2>: A>740BL =0 2K3>4=KE CA;>28OE >B5G5AB25==K5 ;5G51=K5 10;L70<K 270<5= @07@5:;0<8@>20==>3>, 70:C?05<>3> =0 20;NBC, => 15A?>;57=>3> 4;O 74>@>2LO 70@C156=>3> 10;L70<0 �8BB=5@�. A5<8@=0O >@30=870F8O 74@02>>E@0=5=8O ?>A;5 02B>@8B5B=KE 8AA;54>20=89 ?@87=0;0 53> ?@>AB> 0;:>3>;L=K< =0?8B:><, =5 8<5NI8< =8:0:>3> ;5G51=>3> 459AB28O. # =0A ?@8 CG0AB88 702>4A:8E <54@01>B=8:>2 8 D8=0=A8AB>2 A>AB>O;AO 45;>2>9, >1AB>OB5;L=K9 @073>2>@, 2A5 703>@5;8AL =>2>9 84559, AC;OI59 A5=A0F8N 8 ?@81K;L, =>, :>340 A5;8 70 @0AGQBK, A@07C ?@8C=K;8, ?>B><C GB> 2>?@>A C?Q@AO 2 =52>7<>6=>ABL >15A?5G8BL H8@>:>5 ?@>872>4AB2> <0AA>2K< :>;8G5AB2>< =5:>B>@KE =5>1E>48<KE @0AB5=89. >6=> 1K;> 1K 70:@KBL 3;070 =0 B>, GB> =5:>B>@K5 B@02K 2 =0H59 AB@0=5 AG8B0NBAO =5 D0@<0:>?59=K<8, E>BO >=8 ?@87=0=K 2> <=>38E 70@C156=KE 3>AC40@AB20E, => A0<K< A;>6=K< >:070;AO 2>?@>A > @O45 @5;8:B>2KE, @54:8E @0AB5=89, 70=5A5==KE 2 @0A=CN :=83C. #A;>6=O;8 ?@>F5AA 8 <5B>4K =0AB0820=8O B@02. E =5 ?>;>68HL 2<5AB5, A>1@02 2 >4=C :CGC. ;O :064>3> 87 @0AB5=89 ?>B@51C5BAO >B45;L=0O Q<:>ABL, ?>B><C GB> 2A5 :><?>=5=BK <>53> 10;L70<0 3>B>2OBAO >B45;L=>, 8<5NB @07;8G=K5 A@>:8 2K45@6:8, >B 42CE =545;L 4> <5AOF0, 8=>340 8 1>;LH5. 8HL ?>A;5 2K?>;=5=8O 2A5E CA;>289 =0AB>9:8   =5 A@07C, 0 A>1;N40O >G5@54=>ABL 8 =5>1E>48<>5 4;O 2K45@6:8 2@5<O   A>548=ONB 4@C3 A 4@C3><, 5IQ ACB:8 2KAB0820NB, GB>1K, :0: 2K@060NBAO B@02=8:8, >=8 �?5@565=8;8AL� <564C A>1>9, 8 B>;L:> B>340 >=8 ?@52@0I0NBAO 2 ?>;=>F5==>5 ;5:0@AB2>.  0AGQBK ?>:070;8, GB> A515AB>8<>ABL =5:>B>@KE ;5G51=KE 10;L70<>2 ?>A;5 ?@>E>645=8O 2A5E MB0?>2 8 ?> =0;8G8N =C6=KE B@02 ?@52>AE>48B F5=C <0@>G=>3> :>=LO:0. "0: GB> 2K?CA: <>53> ?>;=>F5==>3> ;5G51=>3> 10;L70<0 2 H8@>:CN B>@3>2;N A 5Q =0:@CB:0<8 8 =0;>30<8 =0 4>102;5==CN AB>8<>ABL 3@>78B <><5=B0;L=> @07>@8BL ;N1>3> ?@>872>48B5;O. !>AB>OB5;L=K5 ;N48 ?@54?>GBCB ?>:C?0BL 

!>AB02 >4=>3> 10;L70<0 O >?8A0; 5IQ 2 1991 3>4C 2 1@>HN@5 � 0AB5=8O ?@>B82 @0:0�. 3> B>BG0A 27O;8 =0 2>>@C65=85 0=8:>2, 07=52, 0;0E>2 8 <=>385 4@C385 8725AB=K5 F5;8B5;8, 0 <5=55 7=0<5=8BK5 0=>=8<=> ?C1;8:>20;8 A>AB02 10;L70<0 2AN4C :0: =5GB> =0@>4=>5, ;C:02> 2AB02;OO 2 A2>9 A>1AB25==K9 B5:AB. !@548 =8E, :065BAO, >48= 07=52 C:070; =0 <>Q 02B>@AB2> @O40 @5F5?B>2 8 10;L70<0 2 :=835 �0@>4=K5 A?>A>1K ;5G5=8O 1>;57=59� (., 1994).  40;L=59H5< O @5H8; >AB028BL 2A5 >AB0;L=K5, >?@02402H85 A51O =0 ?@0:B8:5 A>AB02K 10;L70<>2 2 =0A;54AB2> 4>G5@8.  ;8HL B5?5@L 8<5N 2>7<>6=>ABL @0A:@KBL 8E A5:@5BK. 

;O C@7O=F520 O ?@83>B>28; 10;L70< A CGQB>< 2A5E ?>@065==KE >@30=>2: A>548=8; 150 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 4C@=8H=8:0, 75 <; =0AB>9:8 <0@L8=>3> :>@=O, ?> 50 <; =0AB>5: A>D>@K O?>=A:>9 8 452OA8;0, 30 <; =0AB>9:8 :>@=O =>@8G=8:0, 25 <; =0AB>9:8 <0@0;L53> :>@=O, 20 <; M;5CB5@>:>::0, ?> 15 <; =0AB>5: 15;5=K 8 A2568E F25BCI8E 25@ECH5: :>=>?;8. >G:8 GQ@=>3> B>?>;O, 8725AB=>3> 2A5< >A>:>@O, 87402=0 ?LNB 2 >B20@0E 8;8 A?8@B>2KE =0AB>9:0E ?@8 @0:5 ;N1>9 ;>:0;870F88, => >A>15==> ?@8 701>;520=88 ;53:8E 8 ?>G5:. -D8@=K5 <0A;0, 3>@L:85 A<>;K, D8B>=F84K ?>G5: GQ@=>3> B>?>;O ?@8E>4OBAO =5 ?> =CB@C =0H54H8< ?@8NB 2 @0:>2KE :;5B:0E B@8E><>=040< 8 4@C38< ?@>AB59H8<. > 459AB28N ?>G:8 >A>:>@O 2 :0:>9-B> AB5?5=8 1;87:8 : ?@>?>;8AC. ;O ?>;CG5=8O =0AB>9:8 O 70?>;=ON 425 B@5B8 AB5:;O==>9 10=:8 A2568<8, ?@O=> ?0E=CI8<8 ?>G:0<8, 4>25@EC 70;820N 2>4:>9 8 =0AB0820N =5 <5=LH5 <5AOF0.  4C@=8H=8:5 O C65 3>2>@8;, :0:, 2?@>G5<, =5 B@51C5B >A>1KE @07JOA=5=89 8 @54:>AB=K9, @5;8:B>2K9 ?8>= C:;>=ONI89AO   ;535=40@=K9 <0@L8= :>@5=L, >1;040NI89 ?><8<> <=>38E ?>;57=KE A2>9AB2 8 A8;L=K< ?@>B82>@0:>2K< 459AB285<. B<5GC ;8HL, GB> =0H 10H:8@A:89 <0@L8= :>@5=L ?> A2>5<C A>AB02C 8 F5;51=>9 A8;5 7=0G8B5;L=> ?@52>AE>48B 0;B09A:>3> 1@0B0. @8E>48BAO B>;L:> A>60;5BL, GB> 2AB@5G05BAO >= :@09=5 @54:>, >B=>A8BAO : 8AG570NI8< @0AB5=8O<, 2=5AQ= 2 @0A=CN :=83C. 

-;5CB5@>:>:: O 2K@0I820N 2 A04C, => ?@8 =5>1E>48<>AB8 53> <>6=> ?@8>1@5AB8 2 0?B5:0E. ;8:>784K M;5CB5@>:>::0 459AB2CNB =5 EC65 65=LH5=O, 0 ?> =5:>B>@K< B5AB0< 4065 ?@52>AE>4OB 53>. -;5CB5@>:>:: C<5=LH05B B>:A8G5A:>5 2>7459AB285 F8:;>D>AD0=0, A0@:>;878=0 8 4@C38E ?@>B82>>?CE>;52KE ;5:0@AB2, C<5=LH05B �?@868205<>ABL� :;5B>: @0:>2>9 >?CE>;8 8 <5B0AB07>2. 0AB>9:C O ?@54?>G8B0N 3>B>28BL A0< 87 ?OB8 AB>;>2KE ;>65: :>@=59 =0 0, 5 ; 2>4:8, =0AB0820O =5 <5=LH5 <5AOF0. 5;5=C, :0: 8 A25685, F25BCI85 25@ECH:8 :>=>?;8, O >B=>HC : ?@>B82>>?CE>;52K< A@54AB20<. A;8 15;5=0 2:C?5 A ?>G:0<8 GQ@=>3> B>?>;O 8 =0AB>9:>9 <0@L8=>3> :>@=O 8<55B <=>65AB2> 4@C38E ?>;57=KE A2>9AB2, B> =0AB>9:0 F25B:>2 :>=>?;8 =0 2>4:5 A=8<05B A?07<K, :0H5;L, >1;53G05B 4KE0=85, ?>402;O5B @>AB >?CE>;52KE :;5B>:. 8B@>2CN 10=:C O 70?>;=O; 87<5;LGQ==K<8 ACE8<8 ;8ABLO<8 15;5=K 8 4>25@EC 70;820; 2>4:>9, =0AB0820; =5 <5=LH5 <5AOF0.  GB> :0A05BAO :>=>?;8, E20B0;> 42CE AB>;>2KE ;>65: F25BCI8E 25@ECH5: @0AB5=8O =0 AB0:0= 2>4:8 8 425 =545;8 =0AB0820=8O. AB0B8, B0:>9 =0AB>9:>9 2 AB0@8=C CA?5H=> ;5G8;8 0AB<C, ?@8=8<0O ?> B@8 :0?;8 =0 AB>;>2>9 ;>6:5 2>4K =5A:>;L:> @07 2 45=L. 0;L, A59G0A ?@8E>48BAO >B :>=>?;O=KE F25B:>2 >B:07K20BLAO.  ?@56=85 3>4K O 2AQ 65 CA?5; 2>A?>;L7>20BLAO MB8< 25745ACI8<, => F5;51=K< A>@=O:><. 4=0:> =0@:><0=K B5?5@L >:>=G0B5;L=> >B>1@0;8 53> C 1>;L=KE. >?@>1C9 A53>4=O ?@8 A1>@5 B@02 ?@8E20B8BL A A>1>9 E>BO 1K ?CG>: :>=>?;8! !@07C 703@5<8HL 70 @5HQB:C, =8:B> B2>8E 1;03>@>4=KE F5;59 =5 ?>9<QB. ?@>G5<, ?@>:;8=0O =0@:><0=>2, ;8H82H8E =0A F5==>3> ;5:0@AB20, O >4>1@ON ?@8=OBK5 A 70?>740=85< 70:>=K 8 2KE>6C 87 A>7402H53>AO ?>;>65=8O B5<, GB> =0E>6C A@548 4@C38E AE>68E B@02 70<5=C 70?@5IQ==><C 3>AC40@AB2>< @0AB5=8N. 5;L7O 701K20BL > B><, GB> ?@8 @0A:>?:0E A:8DA:8E :C@30=>2 G0AB> =0E>4OB 2KACH5==K5 ?CG:8 :>=>?;8. !:8DK ?>3>;>2=> 8A?>;L7>20;8 2 1KBC :>=>?;N, =5 2540O, GB> ?@52@0I0NBAO 2 =0@:><0=>2, 8 ?@8G8=C 2K<8@0=8O F5;>3> =0@>40 =5:>B>@K5 CGQ=K5 284OB 2 ?>AB>O==>< C?>B@51;5=88 8<8 MB>3> =0@:>B8:0.  254L GB> C4828B5;L=>: ?@>;5602H0O 2 :C@30=0

0, O C?CAB8;, =8 A;>20 =5 A:070; > =>@8G=8:5, 2 40==>< A;CG05 =5 C7;>20B>< 8 =5 0;B09A:><, 0 B5=52><. 5B A<KA;0 >AB0=02;820BLAO =0 53> 1>B0=8G5A:>< >?8A0=88, @O4>2>5 B@02O=8AB>5 @0AB5=85 A G5BK@QE3@0==K< AB51;5< 8 =52K@078B5;L=K<8 <5;:8<8 F25B>G:0<8, A>1@0==K<8 2 75;5=>20B>-:@0A=>-1C@CN <5BQ;:C. CGH5 703;O=CBL 2 0B;0A @0AB5=89 8;8 ?>?@>A8BL 7=0NI53> G5;>25:0 ?>:070BL 53> 8 70?><=8BL, :0: >= 2K3;O48B, ?>B><C GB> A;>25A=K9 ?>@B@5B =5 40AB ?>;=>3> ?@54AB02;5=8O > =Q<. B<5GC ;8HL, GB> >= O4>28B, 8A?>;L7C5BAO 2 <0;KE 4>70E. ;O ?@83>B>2;5=8O =0AB>O 2A53> ?>;>28=C G09=>9 ;>6:8 :>@=59 =0AB0820NB 420 G0A0 2 AB0:0=5 :8?OB:0 8 ?LNB ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L ?@8 8=D5:F8>==KE 701>;520=8OE, 7>15, :0: ?@>B82>>?CE>;52>5 A@54AB2>. '0I5 2A53> O ?@81530N : =0AB>9:5 87 :>@=59. >B>2;N 5Q 87 @0AGQB0 >4=0 ?>;=0O AB>;>20O ;>6:0 87<5;LGQ==>3> :>@=O =0 0, 5 ; 2>4:8 8 =0AB0820N B@8 =545;8. >6=> 8A?>;L7>20BL A0<>AB>OB5;L=>, ?@8=8<0O >B B@84F0B8 :0?5;L 4> >4=>9 G09=>9 ;>6:8 B@8 @070 2 45=L, >4=0:> O ?@54?>G8B0N 2:;NG0BL =>@8G=8: 2 A>AB02 10;L70<0. >@8G=8:8 ?>:0 =5 >1@5;8 H8@>:>9 ?>?C;O@=>AB8, : =8< >1@0I05BAO C7:89 :@C3 B@02=8:>2, ?@8<5=OO 8E ?@8 ;5G5=88 @0:>2KE >?CE>;59. / B>65 C1548;AO 2 B><, GB> =0AB>9:0 :>@=59 =>@8G=8:0 B5=52>3> O2;O5BAO =04Q6=K< :@>2>>G8AB8B5;L=K< A@54AB2><, ;5G0I8< C25;8G5==K5 ?@8 @0:5 8 4@C38E 1>;57=OE ;8<D0B8G5A:85 C7;K, >A>15==> 2 A>G5B0=88 A @OA:>9.  CG0AB85 =0AB>9:8 =>@8G=8:0 2 A>AB025 10;L70<0 2 >A=>2=>< =0?@02;5=> =0 <O3:>5 >G8I5=85 >@30=87<0 >B B>:A8=>2, =0 2>AAB0=>2;5=85 A8;. >@8G=8: <>18;87C5B =0 2>9=C A @0:>< D03>F8BK A ;59:>F8B0<8 8 <0:@>D030<8, >1O70==K<8 70I8I0BL >@30=87< >B 10:B5@89, ?@>AB59H8E, GC65@>4=KE :;5B>: 8 8E >AB0B:>2, 8 :0: 1K >B:@K205B 8< 3;070, 70AB02;OO >1=0@C68BL @O4>< A A>1>9 2@030, :>B>@>3> 70I8B=8:8 =5 C7=020;8 ?> B>9 ?@8G8=5, GB> @0: AE8B@8;, ?@8B2>@8;AO A2>8<, =0452 =0 A51O <0A:C, =5>B;8G8<CN ?> 2=5H=>AB8 >B 74>@>2>9 :;5B:8. @8 @0:5 B0: 65 MDD5:B82=K =>@8G=8: 0;B09A:89, >18B0NI89 2 0?04=>9 8 >AB>G=>9 !818@8, 8 =>@8G=8: ;4M<0, @0ABCI89 =0 0;L=5< >AB>:5 (@

C4@C ?;NI5284=CN =07K20NB �A>@>:0=54C6=>9� B@02>9. 1KG=0O =>@<0 4;O =0AB>O   >4=0 G09=0O ;>6:0 =0 AB0:0= :8?OB:0. B60BK9 87 B@02K A>: A?8@BCNB 8 40NB ?> B@84F0BL :0?5;L, 8=>340 4> G09=>9 ;>6:8 =0 ?@8Q<. C4@0 >1;0405B =5>1KG09=> H8@>:8< A?5:B@>< 459AB28O. 570<5=8<0 ?@8 ;5G5=88 ?5G5=8. 0?><=N B5<, :B> 701K; 8;8 =5 7=05B > ?@>254Q==>< CGQ=K<8 M:A?5@8<5=B5: C ?>4>?KB=KE :@KA C1@0;8 5420 ;8 =5 B@5BL ?5G5=8 8 ?>A;5 ?@>254Q==>9 >?5@0F88 =0G0;8 =01;N40BL 70 =8<8. @KAK 2 ?5@2K5 4=8 ?>GB8 =5 2AB020;8, ?@0:B8G5A:8 =8G53> =5 5;8, 0 2K94O 87 :;5B:8, <8=CO :>@< 8 ?>8;:8 A 2>4>9, A 604=>ABLN ?@8=8<0;8AL ;0:0BL 70A?8@B>20==K9 =0AB>9 1C4@K. '5@57 ?0@C <5AOF52 >=8 >:@5?;8, ?>25A5;5;8. >340 ?@>25@8;8 2A5 8E 2=CB@5==85 >@30=K, B> >G5=L C4828;8AL: ?5G5=L C 2A5E ?>;=>ABLN 2>AAB0=>28;0AL 2 ?@56=5< >1JQ<5. "0: =5>6840==>5 >B:@KB85 2KO28;>, GB> 1C4@0 A?>A>1AB2C5B @535=5@0F88 :;5B>: 206=59H53> >@30=0. >B ?>G5<C O ?>A>25B>20; :0?0BL 2 =0AB>9 B@02K 5IQ 8 70A?8@B>20==K9 A>: 1C4@K   ?@8<5=8 O 8E 2 >B45;L=>AB8, B> 459AB285 ;8HL >4=>3> =0AB>O, 157 4>102;5=8O =0AB>9:8, >:070;>AL 1K >4=>AB>@>==8<, B0: :0: 8E E8<8G5A:89 A>AB02 >B;8G05BAO 4@C3 >B 4@C30, 81> 2>40 872;5:05B 87 B@02K 25I5AB20, =5@0AB2>@8<K5 2 A?8@B5, 0 A?8@B, 2 A2>N >G5@54L, 7018@05B A515 B>, GB> =5 <>65B 2>40. 0B> :>340 O >1J548=8; >10 ;5:0@AB20, 8E A8;0 A@07C C42>8;0AL. 

@>H;0 =545;O. ! A0<>3> =0G0;0 : >A=>2=><C :><?;5:AC O 4>1028; ?@8<>G:8 =0 3>@;> 87 =0AB>O B@02K G8AB5F0 ;5A=>3>, >B20@0 :>@=59 :@>2>E;51:8. '8AB5F ;5A=>9, =07K205<K9 2 =0@>45 7<58=>9 B@02>9, <0;> 8725AB5=. 8HL 87@54:0, 2 548=8G=KE A;CG0OE, 2K=C645=K 1K;8 2A?><8=0BL > =Q< >?KB=K5 F5;8B5;8 4;O ;5G5=8O =5:>B>@KE 65=A:8E 8;8 :>6=KE 701>;520=89, 40 8 B> ?@8 >BACBAB288 =04Q6=KE, 8A?KB0==KE 8<8 4@C38E B@02. 8:0:8E 4@C38E ?>;57=KE A2545=89 > =Q< =5 =0H;>AL.  <=5 ?> AG0AB;82>9 A;CG09=>AB8 C40;>AL >1=0@C68BL 53> ?@>B82>>?CE>;52K5 A2>9AB20, >A>15==> ?@8 C25;8G5=88 ;8<D0B8G5A:8E 65;Q7. ;O =0@C6=>3> 8A?>;L7>20=8O O =0AB0820; 420 G0A0 AB>;>2CN ;>6:C ACE>9 B@02K 2 AB0:0=5 :8?OB:0. #65 ?>A;5 =5A:>;L:8E ?@8<>G5: >?CE>;L =0 H55 1>;L=>3>, : =0H59 25;8:>9 @04>AB8, AB0;0 8AG570BL, ?@>@570;AO 3>;>A, 8 A0< A>1>9 >B?0; 2>?@>A > B@0E5>B><88. 8:0:>3> ;5G5=8O C@7O=F52 C65 =5 ?>;CG0;, :@><5 >4=>3> 1>;5CB>;ONI53> C:>;0 =0 =>GL. 3> 65=0, M;8B0 0A8;L52=0, ?>A?5H8;0 701@0BL <C60 4><>9. 01>B0 > 53> 40;L=59H59 AC4L15 F5;8:>< ;53;0 =0 =0H8 ?;5G8. '5@57 ?0@C =545;L O ?5@58=0G8; :C@A ;5G5=8O. #B@>< C@7O=F52 =0G0; ?@8=8<0BL =0AB>9:C 1>;83>;>20 ?> <>59 AE5<5, =0G8=0O A >4=>9 :0?;8, 5654=52=> C25;8G820O 5IQ =0 :0?;N, B0: 4>254O 4> 4204F0B8.  MB0 =>@<0 >AB020;0AL ?>AB>O==>9 =0 ?@>BO65=88 2A53> ;5G5=8O. >?@5:8 <=5=8N <=>38E A?5F80;8AB>2, AG8B0NI8E 4;8B5;L=>5 ?@8<5=5=85 1>;83>;>20 4065 2 <0;KE 4>70E >?0A=K< 4;O >@30=87<0, O ?>AB5?5==> CB25@48;AO 2 <=5=88, GB> >= =5 B>;L:> 1572@545=, => 8 =5>1E>48< 4;O C:@5?;5=8O 8<<C==>9 A8AB5<K 8 70I8BK >@30=87<0 >B <=>38E 8=D5:F8>==KE 1>;57=59, 2 B>< G8A;5 =5 B>;L:> ;5G5=8O, => 8 ?@>D8;0:B8:8 @0:0. 5<0;> ;N459 ?> A>1AB25==><C 65;0=8N, 157 <>53> =07=0G5=8O, ?@8=8<0;8 B0:CN =0AB>9:C ?> 3>4C 8 1>;LH5 A >ICB8<>9 ?>;L7>9 4;O A51O. 45AL O 4>;65= A45;0BL 206=CN >3>2>@:C: >=8 8A?>;L7>20;8 =0AB>9:C B>;L:> <>53> ?@83>B>2;5=8O: 87 A2568E F25B:>2. E O A>18@0; 2 A0<>< =0G0;5 F25B5=8O, :>340 2 7>=B8:5 >4=0 B@5BL F25B:>2 5IQ >AB020;0AL 2 1CB>=0E.  KE;> =0?>;=O; 8<8 AB5:;O==CN 10=:C ?> A0<K5 ?;5G8:8 8 4>25@EC, ?> A0<>

0AB>9 >G8B:0 ?C@?C@=>3> O 70<5=8; =0AB>5< B@02K :=O68:0 A818@A:>3>. =O68: >G5=L F5=8BAO 2>AB>G=K<8, >A>15==> <>=3>;LA:8<8 8 B815BA:8<8 2@0G520B5;O<8, ?@8<5=ONI8<8 53> 8 ?>=K=5 ?@8 <=>38E 1>;57=OE: A5@45G=>9 A;01>AB8, ?0@0;8G5, M?8;5?A88, BC15@:C;Q75 ;Q3:8E, =0@CH5=88 >1<5=0 25I5AB2, 3>;>2=>9 1>;8, ?@8 65=A:8E 701>;520=8OE, <0;O@88, :0: >1I5C:@5?;ONI55 8 C;CGH0NI55 7@5=85, 0 3;02=>5   :0: >4=> 87 A8;L=KE, =04Q6=KE ?@>B82>>?CE>;52KE ;5:0@AB2, >A>15==> ?@8 @0:5 ;Q3:8E. =O68: A>45@68B 2 A515 =5>1E>48<K5 4;O ?>402;5=8O 8 C=8GB>65=8O @0:>2KE :;5B>: =5A:>;L:> 284>2 0;:0;>84>2, B@8B5@?5=>2K5 A>548=5=8O, D;02>=>84K, :@5<=89, :>10;LB, <03=89, =8:5;L, <0@30=5F 8 4@C385 <8:@>M;5<5=BK. AB@5G05BAO C =0A, 2 0H:8@88, @54:>, 2 B0Q6=KE 3>@=KE @09>=0E, >1KG=> 2 ?@81@56=>9 ?>;>A5, 2 A:0;8ABKE >1=065=8OE, A28A0O 87 70@>A;59 :CAB0@=8:>2 @>2=> ?> ;8=88 30;5G=>9 ?>;>AK 24>;L @5:8, =5 7018@0OAL 23;C1L @0ABCI53> =0 A:;>=0E 3>@K E2>9=>3> ;5A0. E>BOAL 70 =8<, O G0AB> ?CB0; 53> 8740;8 A <>;>45=L:>9 <0;8=>9, ;8ABLO C >1>8E AE>685, 8 @07;8G0; 8E, B>;L:> ?>BO=C2 87 70@>A;59 1>;55 4;8==K9 AB515;L :=O68:0   >= AG8B05BAO E>BO 8 :>@>B:>9, => =0AB>OI59 ;80=>9. 0B> 2 =0G0;5 ;5B0 =09B8 :=O68: ;53:> ?> 53> :@C?=K< 15;K< F25B:0<. =O68: O4>28B, =8 2 :>5< A;CG05 =5;L7O 8A?>;L7>20BL 53> 2 A2565< 2845. 065 =0AB>9:C O 3>B>28; 87 ACE>3> @0AB5=8O, 87 @0AGQB0 ?OBL AB>;>2KE ;>65: =0 AB0:0= 2>4:8.  8<5NI59AO ;8B5@0BC@5 @5F5?B 40QBAO >AB>@>6=K9: 4;O =0AB>O 4>?CA:05BAO ;8HL >4=0 G09=0O ;>6:0 ACHQ=>9 B@02K =0 420 AB0:0=0 :8?OB:0, 8 G5@57 G0A ?>A;5 =0AB0820=8O =07=0G0NB 53> ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L. > O ?>A>25B>20; G09=CN ;>6:C B@02K 7020@820BL 2 AB0:0=5 :8?OB:0 8 ?@8=8<0BL 2 BQ?;>< 2845 4> 54K ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, :064K9 @07 A G09=>9 ;>6:>9 <>53> 10;L70<0. / >1=>28; 53> A>AB02, >= AB0; 4@C38<: 150 <; =0AB>9:8 :0;5=4C;K, 100 <; =0AB>9:8 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 F25B:>2 ;>?CE0, 100 <; =0AB>9:8 :>@=O ;>?CE0, 50 <; =0AB>9:8 @OA:8, ?> 25 <; =0AB>9:8 15;5=K 8 =0AB>9:8 F25B:>2 :>=>?;8. A5 :><?>=5=BK >1;040NB ?@>B82>>?CE>;52K

>A;5 54K O =07=0G8; >B20@ B@02K @5?59=8G:0 0?B5G=>3>, 2 ?@>AB>@5G88 @5?5H:0. 3> 1>30BK9 E8<8G5A:89 A>AB02 ?>72>;O5B ;5G8BL @07=K5 701>;520=8O. 4=8E <8:@>M;5<5=B>2 2 =Q< 1>;LH5 45AOB8: <54L, F8=:, 65;57>, 20=0489, =8:5;L, E@><, B8B0=, <0@30=5F, A5@51@>, AB@>=F89, F8@:>=89, 8 4> 140 <3% 0A:>@18=>2>9 :8A;>BK. @5645 2A53>   MB> A8;L=K9 35?0B>?@>B5:B>@. @8=8<0BL =04> B@8 @070 2 45=L ?> ?>;AB0:0=0, 2A:8?OB82 425 AB>;>2K5 ;>6:8 B@02K 2 ?>;CB>@0 AB0:0=0E 2>4K. >;3> 20@8BL =5 A;54C5B, 2 40==>< A;CG05 B@QE <8=CB 4>AB0B>G=>, 8 ?>A;5 ?@>F56820=8O ?8BL 2 ?>;C3>@OG5< 2845, ?@8=O2 >4=>2@5<5==> G09=CN ;>6:C 87<5;LGQ==KE 2 :>D5<>;:5 A5<O= @0AB>@>?H8, ?><>30NI59 ?@8 2A5E 701>;520=8OE ?5G5=8. 

 =0@>45 ?@8 >=:>;>38G5A:8E 701>;520=8OE C<5;> 8A?>;L7CNB @0ABCI85 =0 A:;>=0E 3>@ "O=L-(0=O, 21;878 >75@0 AAK:-C;L 8 24>;L 3>@=KE @5: 0;L?89A:>3> ?>OA0 0:>=8B 46C=30@A:89 8 0:>=8B :0@0:>;LA:89. E :;C15=L:8 <>6=> :C?8BL C 703>B>2I8:>2 2<5AB5 A @5F5?B0<8 ?@83>B>2;5=8O. 5 A>AB02;O5B 1>;LH>3> B@C40 @074>1KBL A2545=8O > A?>A>10E ?@8<5=5=8O >AB0;L=KE 42CE 45AOB:>2 0:>=8B>2, ?@8<5=O5<KE ?@8 @52<0B87<5, BC15@:C;Q75, 48DB5@88, 701>;520=8OE =5@2>2 8;8 A5@4F0. > >48=>:8< 09A15@3><, A0<K< >?0A=K< 8 <>3CG8< A@548 =8E, 2K3;O48B 1>@5F 2KA>:89. A5 0:>=8BK >G5=L O4>28BK, 0 >= O4>28B G@572KG09=>. "@02=8:8 >1E>4OB 53> AB>@>=>9, E>BO 7=0NB ?> A;CE0<, GB> 87 0:>=8B>2 >= ?@>B82 @0:0 A0<K9 <>I=K9. !>1;07= 25;8:, => 5IQ 1>;55 25;8: @8A: 8<5BL A =8< 45;>.  254L =5B ?@>B82 =53> =8:0:>3> ?@>B82>O48O. >= A :0:>9 >?0A:>9 >B=>A8;AO : 1>@FC 2KA>:><C 28F5==0, ?@54C?@5640O, GB> �MB> A<5@B>=>A=K9 O4� 8 �>4=0 53> :0?;O C18205B�. > :0: E>B5;>AL ?>4>1@0BL :;NG8 : A<5@B5;L=><C 75;LN, > :>B>@>< 2 B815BA:>< B@0:B0B5 �'6C4-H8� A 1>;LH8< C2065=85< 3>2>@8BAO: �1>@5F   25;8:>5 ;5:0@AB2>�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

"5< 2@5<5=5< <>9 ?0F85=B, =0E>4OAL ?>4 AB@>38< =01;N45=85< 65=K, ?>82H59 53> ?> C:070==K< G0A0< C<5;> ?@83>B>2;5==K<8 B@02O=K<8 =0AB>O<8 8 >B20@0<8, A B>G=>ABLN 4> :0?;8 2K25@OO 4>78@>2:C =0AB>5:, ?@8:;04K20O B> : A?8=5, B> =0 >1;0ABL ?5G5=8 8;8 ?>G5: =07=0G5==K5 ?@8<>G:8 A =0AB>9:>9 1>@F0, ?>A;CH=> ?>4G8=OOAL 59, ?>A;5 B@5BL53> :C@A0 ;5G5=8O =5>6840==> ?>?@>A8; ?@8=5AB8 2 53> :><=0BC <>;L15@B, =0BO=CBK9 =0 @0<:C E>;AB, :8AB8 8 :@0A:8. !84O 2 ?>AB5;8, =0G0; @8A>20BL >B:@K20NI89AO 87 53> >:=0, A ?OB=04F0B>3> MB060, 284 =0 AB0@CN #DC A 1>;LH8< @0A:848ABK< 45@52>< 2=87C, A 75;Q=K<8 :C?>;0<8 AB0@8==>9 F5@:28, A G0ABLN @5:8 5;>9 8 06C@=K< <>AB>< =04 =59, A <0;5=L:8<8 G0AB=K<8 4><8:0<8, A <>=C<5=B>< @C61K 8 15;K<8 <=>3>MB06=K<8 4><0<8 2 40;L=59 G0AB8 3>@>40 8 ?0<OB=8:>< !0;020BC .;052C =0 3>@5, A B5;52878>==>9 2KH:>9 2 A8=5< <0@525 3>@87>=B0.  01>B0; ?> ?>;G0A0, ?> G0AC 2 45=L, A =5?@82KG:8 CAB020O 8 >B:84K20OAL =0 ?>4CH:C.

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�56=>ABL�.

>GB8 A> 2A5<8 @0AB5=8O<8 O ?>7=0:><8; G8B0B5;O. >65B 2K720BL C482;5=85 =0AB>9 ;02@0, => >= 87402=0 ?@87=0= 2 =0@>4=>9 <548F8=5. 28F5==0 C:07K20;, GB> ;02@>< ;5G0B >?CE>;8 ?5G5=8 8 A5;57Q=:8. !CI5AB2CNB @07=K5 @5F5?BK, => O, 87<5;LG82 A5<L :@C?=KE ;8ABL52, <5AOF =0AB0820; 2 0,5 ; 2>4:8. ;O 2>4=>3> =0AB>O 4>AB0B>G=> 1K;> B@QE ;8ABL52 =0 AB0:0= :8?OB:0.  2>;>4CH:5 7>;>B8AB>9 O ?>4@>1=> 8 <=>3> 3>2>@8; 2 �4>;5=L-B@025�, =0?><=N ;8HL, GB> MB> >4=> 87 A8;L=59H8E A@54AB2 ?@8 ;5G5=88 2A5E 1>;57=59 ?5G5=8. @><5 B>3>, >=0 >1;0405B, :0: @5:><5=4>20=> 8 8A?KB0=> =0 ?@0:B8:5, ?@>B82>>?CE>;52K< 459AB285<.  A5:@5B 02B>@A:>9 @07@01>B:8 10;L70<0 �56=>ABL� @0A:@K20N 745AL 2?5@2K5.

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�56=>AB8�. >418@0;, CG8BK20O A>2<5AB8<>ABL @0AB5=89, =5A:>;L:> =0AB>5:, 8 ?>;CG0; @07=>284=>ABL 10;L70<0, =5>1E>48<>3> 4;O :>=:@5B=>3> 1>;L=>3>.  A0<>< ?5@2>< 20@80=B5 A<5H0; 200 <; =0AB>9:8 <5;8AAK A> 150 <; =0AB>9:8 A8=NE8, 4>1028; ?> 50 <; =0AB>9:8 20;5@80=K, E<5;O, ?CABK@=8:0. "0:8< AB0; >A=>2=>9 A>AB02 A0<>3> ?>?C;O@=>3> 8 MDD5:B82=>3> 10;L70<0 �56=>ABL�. >765 ?@8 =5>1E>48<>AB8 O A;53:0 20@L8@>20; 53> A>AB02. A;8 3>B>28; 38?>B>=8:C, B> ?CABK@=8: 70<5=O; =0AB>9:>9 1>O@KH=8:0 8;8 A>=-B@02K. >;L=0 C G5;>25:0 ?5G5=L   A>=-B@02C 8A:;NG0;, >=0 ?@>B82>?>:070=0 ?@8 701>;520=8OE ?5G5=8. 0<5=O; 5Q 4CH8F59 8;8 :>B>2=8:><.  8=>340, ?@8 =5:>B>@KE ?>@065=8OE =5@2=>9 A8AB5<K, :>340 >@30=87< =C6405BAO 2 0=B845?@5AA0=B0E, 2<5AB> 4CH8FK 8 A>=-B@02K 2:;NG0; 820=-G09   CG8BK20; 53> A540B82=>5 459AB285, AE>4=>5 2 =5:>B>@>9 AB5?5=8 A 0<8=078=><. 564C ?@>G8<, 2 =0@>45 ?LNB ?@8 @0:5 E<5;L, 4CH8FC, 20;5@80=C 2 :0G5AB25 4>?>;=8B5;L=>3> A@54AB20.  10;L70< >?@0240; A2>Q =0720=85 ?>;=>ABLN 8 ?>;L7>20;AO 1>;LH8< A?@>A><. @8OB=K9 =0 2:CA, >= ?><>30; BO6Q;K< 1>;L=K< >1@5AB8 4CH52=>5 @02=>25A85, A?>:>

/ ?>:070; 5Q ?8AL<> C@7O=F52C. !:070;, GB> =540;Q: B>B 45=L, :>340 >=, 2K74>@>252, =0?8H5B 4;O <5=O ?CABL =51>;LHCN, => O@:CN, 687=5@04>AB=CN :0@B8=C. �1O70B5;L=> =0?8HC.  B2>9 ?>@B@5B B>65�,   @04>AB=> 70C;K10;AO >=. (>@B@5B C =53> =5 ?>;CG8;AO, :0:, 2?@>G5<, =5 <>3;8 =0?8A0BL 53> 8 4@C385 8<5=8BK5 EC4>6=8:8   ;5:A59 C7=5F>2, E<0B CBDC;;8=, A>A;02H8AL =0 B>, GB> =8:0: =5 <>3CB =09B8 >B?@02=CN B>G:C, >=0 CA:>;L705B >B =8E, 2AO:89 @07 =5 4020O 2>7<>6=>AB8 70F5?8BLAO 70 =5Q.)

07=0G0O G5B2Q@BK9 :C@A, O >AB028; ?@8<>G:8 87 1>@F0 =0 CA<>B@5=85 M;8BK 0A8;L52=K. =0 AB028;0 8E B>;L:> CB@>< 8;8 ?5@54 A=><, 0 2 8=K5 4=8 8 2>2A5 ?@>?CA:0;0. >A;5 1>;83>;>20 A A>A=>2K< <Q4><, ?>A;5 =51>;LH8E ?5@5@K2>2, HQ; A>: 4C@=8H=8:0, 2 B>9 65 4>78@>2:5, A BQ?;K< =0AB>5< B@02K :;525@0 ;C3>2>3>. ;O =0AB>O >1KG=> 7020@820NB AB>;>2CN ;>6:C F25B:>2 2 AB0:0=5 :8?OB:0. 3> ?LNB ?@8 ;Q3>G=KE 701>;520=8OE, =0AB>9 ?>;575= 8 4;O ?>G5:, ?5G5=8, ?@8 0B5@>A:;5@>75, @0:5. AB0B>: >ABK2H53> =0AB>O, 4>;820O :8?OB>:, <>6=> 4>?8BL ?@>872>;L=>, 2 B5G5=85 4=O, >A>15==> ?>A;5 ?@8ABC?>2 :0H;O. 7 B@02O=KE =0AB>52 O 25@=C;AO : :=O68:C A818@A:><C, A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0. 3> A>AB02 O =5 AB0; <5=OBL, B0< C40@=>9 A8;>9 >AB0;8AL A>D>@0 O?>=A:0O 8 <0@L8= :>@5=L, 0 A>G5B0=85 ?>G5: GQ@=>3> B>?>;O A 15@Q7>2K<8 ?>G:0<8 >1>30I0;> 8E <>I=>5, 15A?>I04=>5, 3C18B5;L=>5 459AB285 =0 @0:>2K5 :;5B:8. >A;5 :064>3> ?@8Q<0 ?8I8 O @5H8; 40BL 2 MB>< :><?;5:A5 >B20@ :>@=59 E<5;O 2 A>G5B0=88 A> A?8@B>2>9 =0AB>9:>9 F25B:>2 E<5;O. 7<5;LG5==KE :>@=59 E<5;O E20B05B >4=>9 G09=>9 ;>6:8 =0 AB0:0= 2>4K. 0@8BL =04> =0 A;01>< >3=5 ?OBL <8=CB 8;8 ?0@8BL =0 :8?OI59 2>4O=>9 10=5 B@84F0BL <8=CB, ?@8=8<0BL ?> G5B25@B8 AB0:0=0 2 ?>;C3>@OG5< 2845.  :064CN ?>@F8N :0?0BL ?> 4204F0BL :0?5;L =0AB>9:8 F25B:>2 E<5;O. %>BO :=O68: A E<5;5< AG8B0NBAO @>4AB25==8:0<8, => MB> @>4AB2>, :0: 2K@060NBAO 2 1KBC, A54L<0O 2>40 =0 :8A5;5. > E8<8G5A:><C A>AB02C, :AB0B8 <0;> 87CG5==><C, >A>15==> C :=O68:0, >=8 2=5 2AO:>3> A><=5=8O >B;8G0NBAO 4@C3 >B 4@C30, E>BO >10 <>3CB ?>A>ABO70BLAO, :B> 87 =8E A8;L=55 ?@8 @0:5. "815BA:85 F5;8B5;8 >B40NB ?@54?>GB5=85 :=O68:C, O C65 3>2>@8; >1 MB><, => 8 =0H8 =0@>4=K5 2@0G520B5;8 =5 ;K:>< H8BK. !G8B0NB, GB> =0H E<5;L 25AL F5;8:><, >B :>@=59 4> F25B:>2 8 H8H5:, =5 CABC?8B ?5@25=AB20 2 ;5G5=88 @0:0.  MB>< :><?;5:A5 O >AB028; 8 >B20@ :>@=59 :>?KB=O, =5 AB0; 45;0BL ?5@5@K20. <5AB> G0O ?>A>25B>20; ?8BL 2 ?>;C3>@OG5< 2845 7020@5==K5 2 :8?OB:5 4CH8FC A> 725@>1>5< 8 <Q4><.  2:CA=>, 8 ?>;57=59 2AO:>3> GQ@=>3> 8;8 75;Q=>3> G0O. AB02

654=52=K5 ?@8<>G:8 O >AB028; 8 4;O ?>A;54CNI8E 42CE :C@A>2. ! 1>;83>;>2>< 2<5AB5 >@30=87< AB0; ?>;CG0BL 420 A8;L=59H8E O40. @><5 =8E O 2K=C645= 1K; =07=0G0BL B@02K, B0:65 AG8B0NI85AO O4>28BK<8, => A 42C<O ?5@2K<8 >=8 =5 2K45@6820;8 =8:0:>3> A@02=5=8O, : B><C 65 C@02=>25H820;8AL 4@C38<8, C:@5?;ONI8<8 8<<C=8B5B, >1<5==K5 ?@>F5AAK, C;CGH0NI8<8 A>AB02 :@>28 8 >G8I0NI8<8 5Q >B H;0:>2 157 :0:8E-;81> ?@>B82>?>:070=89. OBK9 :C@A 2:;NG0; 2 A51O A>A=>2K9 <Q4, C65 8725AB=CN =0< 2>;>4CH:C A 10;L70<>< B0:>3> 65 A>AB020, :0: ?@8 2B>@>< :C@A5 ;5G5=8O. >A;5 54K HQ; =0AB>9 B@02K 1C:28FK 87 @0AGQB0 >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0. 0AB>O2 420 G0A0 8 ?@>F5482, ?@8=8<0BL 53> =04> ?> >4=>9 B@5B8 AB0:0=0 A G09=>9 ;>6:>9 =0AB>9:8 >G8B:0 ?C@?C@=>3>. 0: 1K =8 =04>5;0, => ?>AB>O==> =0?><8=0;0 > A515 =0AB>9:0 @OA:8 =0 ;>6:5 2>4K, =5 <5=LH5 G5BK@QE @07 A CB@0 4> 25G5@0. 5G5@><   7020@5==K9 ACE8<8 3>;>2:0<8 :@0A=>3> :;525@0 G09.  10;L70< �56=>ABL�. @><5 B>3>, O ?>A>25B>20; B@8 @070 2 45=L AJ540BL ?> H5ABL HBC: G5@=>A;820   MB> F5==>5 4>?>;=8B5;L=>5 ;5:0@AB2> ?@8 ;5G5=88 7;>:0G5AB25==KE >?CE>;59, >A>15==> ?@8 @0:5 ;Q3:8E. ( A0<>< =0G0;5 O ?>@5:><5=4>20; ?8BL A25:>;L=K9 A>: E>BO 1K ?> >4=><C 3;>B:C, => 4065 ?>A;5 4;8B5;L=>3> >BAB0820=8O >@30=87< =8:0: =5 E>B5; 2>A?@8=8<0BL 53>, >BB>@30O :0B53>@8G5A:8   87@54:0 =01;N405BAO B0:>5 8=48284C0;L=>5 =5?@8OB85 A2Q:;K.)

 A5@548=5 D52@0;O <K ?@8ABC?8;8 : H5AB><C :C@AC. C@7O=F52 2AQ @565 ?@>2>48; 2@5<O 2 ?>AB5;8. 0 :>ABK;OE ?@>E06820;AO ?> 2A5< :><=0B0<, 703;O4K20; =0 :CE=N, 8=B5@5ACOAL, A:>@> ;8 1C45B 3>B>2 >154. >?@>A8; ?@8=5AB8 87 <0AB5@A:>9 =5 <>;L15@B, 0 ?>@B0B82=K9 AB0=>: 4;O 70:@5?;5=8O =0 =C6=>9 2KA>B5 >45B>3> 2 ?@>ABCN 45@52O==CN @0<C E>;AB0, 703@C=B>20==>3> 4;O @01>BK =04 =>2>9 :0@B8=>9. = AB0; 1>4@55, 25A5;55, @073>2>@G8259, <=>3> HCB8;, => 1>;57=L =0;>68;0 A2>9 =5873;048<K9 >B?5G0B>:: ;8F> >AC=C2H55AO, 1;54=>5, ?@OGCI85AO 2 >B@>AH59 1>@>45 3C1K 15A:@>2=K5. 7 1>;L=8FK G0AB> ?@8E>48;8 ;01>@0=BK 1@0BL 0=0;87K. @>2L ?@0:B8G5A:8 >AB020;0AL AB018;L=>9 ?> 2A5< ?>:070B5;O<. 59:>F8BK, ;8<D>F8BK, B@><1>F8BK, M@8B@>F8BK >B25G0;8 =>@<5, A;53:0 ?>=865= 1K; 35<>3;>18=, !-   6. >@07<KA;82, O @5H8; 25@=CBLAO ?>;=>ABLN : :><?;5:AC G5B2Q@B>3> :C@A0, CA8;82 53> A>:>< <54C=8FK.  =59 O <=>3> 3>2>@8; 8 ?@5645, 8 A59G0A ?@>4>;60N 2>AE8I0BLAO 1>30BAB2>< 5Q :@>25B2>@=KE <8:@>- 8 <0:@>M;5<5=B>2, A?>A>1=KE CA8;8BL MDD5:B ?@>B82>>?CE>;52KE A@54AB2, >B@53C;8@>20BL I5;>G=>-:8A;>B=>5 @02=>25A85, 0 B0:65 1;03>B2>@=> ?>2;8OBL =0 ?5G5=L, ?>G:8, 1>;L=K5 ;Q3:85 (2 =0@>45 B0: 8 =07K20NB 5Q   ;Q3>G=8F59). >A>25B>20; =5 >B:07K20BLAO 8 >B G5@=>A;820, >= 1>30B 0=B8>:A840=B0<8.

 <0@B5 70:@5?8; ;5G5=85 27OBK<8 87 @07=KE :C@A>2 (?><8<> 1>;83>;>20, A>A=>2>3> <Q40, A>:0 4C@=8H=8:0 8 ?@8<>G5: 87 1>@F0) =0AB>5< B@02K >G8B:0 ?C@?C@=>3> 2<5AB5 A 10;L70<>< 87 100 <; =0AB>9:8 A>D>@K, 100 <; =0AB>9:8 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 50 <; =0AB>9:8 452OA8;0, 50 <; =0AB>9:8 :0;5=4C;K, 50 <; =0AB>9:8 725@>1>O, 25 <; =0AB>9:8 15;5=K 8 25 <; =0AB>9:8 F25B:>2 :>=>?;8.  G5@57 G0A ?>A;5 54K   >B20@ :>@=59 E<5;O A :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. @>872>;L=>, 2 B5G5=85 4=O 25;5; ?@8=8<0BL =0AB>9 :>@=59 :>?KB=O, 0 AB0:0= =0AB>O 87 >4=>9 G09=>9 ;>6:8 E2>I0 ?>;52>3> A>G5B0BL A 10;L70<>< �56=>ABL�. 5 701K;8 8 @OA:C. !B>;>2K<8 ;>6:0<8, 157 >3@0=8G5=8O, ?>HQ; 8 A>A=>2K9 <Q4 A F25B:0<8 A>A=K.

5A=>9 0=8;KG =0G0; B5@OBL B5@?5=85. #AB0;0 8 53> 65=0, C =5Q >A>15==> 1>;5;8 =>38, 8 42830;0AL >=0 <54;5==>, 2?5@520;>G:C. > 2>7<>6=>AB8 O 5Q B>65 ?>445@6820;, => 3>B>28BL B@02O=K5 =0AB>8 4;O A51O >=0 ;5=8;0AL, >1E>48;0AL ;8HL 2B8@0=8O<8 =0AB>5: A8@5=8, :>@=59 4O38;O, O3>4 1C78=K 8 2@5<5=0<8 ?8;0 <>N =0AB>9:C :>@=59 A015;L=8:0. 'B>1K ?@>25@8BL @57C;LB0BK ;5G5=8O, C@7O=F520 ?>257;8 2 ?@56=NN 1>;L=8FC. >A;5 :><?LNB5@=>9 B><>3@0D88 8 4@C38E 284>2 >1A;54>20=8O, =5 ?>25@82 @57C;LB0B0< 8 >?0A0OAL A;CG09=>9 >H81:8, ?>2B>@=>, 4>A:>=0;L=>, BI0B5;L=> A45;0;8 2A5 <KA;8<K5 0=0;87K, 8A?>;L7>20;8 2AN 8<5NICNAO 0??0@0BC@C, => =5 >1=0@C68;8 2 53> >@30=87<5 =8:0:8E A;54>2 >B ?@56=59 7;>:0G5AB25==>9 >?CE>;8 8 <5B0AB07>2, 2>>1I5 =5 =0H;8 =8 >4=>9 @0:>2>9 :;5B:8. 065 7=0<5=8BK9 E8@C@3  0H8B 0787>28G 04K:>2, ?@>D5AA>@, 4>:B>@ <548F8=A:8E =0C:, >48= 87 ;CGH8E A?5F80;8AB>2 ?> B0:B8:5 ;5G5=8O @0:0 ;Q3:>3>, 2 =54>C<5=88 @072Q; @C:0<8 8 2K<>;28;: �$0=B0AB8:0! 8:0: ?>25@8BL =5 <>3C, GB> 2A53> 70 ?>;3>40 :0:85-B> B@02K <>3;8 A>25@H8BL ?>4>1=>5 GC4>! / @5H8; 1K, GB> <5=O 22>4OB 2 >1<0=, 5A;8 1 =5 8<5; =0 @C:0E ?@56=NN 8AB>@8N 1>;57=8 =0H53> ?0F85=B0. 57=04Q6=>3>, >1@5GQ==>3> =0 ?5G0;L=K9 8AE>4�.

A;8 4> A8E ?>@ ?@8 A;CG09=>9 2AB@5G5 2 :>@84>@5, :>340 O =0254K20;AO : @0GQ2C ?> ?>2>4C ;5G5=8O 1>;L=>3> A @0:>< 3>@B0=8, 04K:>2 74>@>20;AO ;Q3:8< :82:><, 8=>340 4065 =5 3;O=C2 2 <>N AB>@>=C   <0;> ;8 :B> 87 A;CG09=KE ?>A5B8B5;59 2K@0605B 7=0: ?>GB5=8O : 7=0<5=8B>AB8, B> B5?5@L, C28452 <5=O, >= >1O70B5;L=> >AB0=02;820;AO, ?@>BO3820; @C:C 4;O ?>60B8O, 10@AB25==> ?>E;>?K20; ?> ?;5GC, 704020; @07=K5 2>?@>AK, 8=B5@5ACOAL <>8<8 CA?5E0<8. ;8;0AL B0:0O @0A?>;>65==>ABL =54>;3>, ?>:0 =5 2:@0;0AL 2 =0H8 >B=>H5=8O A;CG09=0O B5=L. @8HQ; :> <=5 A 1>;L=K< >BF>< <09>@ <548F8=A:>9 A;C61K 87 2>8=A:>3> 30@=87>=0, @0A?>;>65==>3> 2 >4=>< 87 @09>=>2 @5A?C1;8:8. # >BF0 1K; @0: ?8I52>40 A <5B0AB070<8 2 ;Q3:85, ;568B 2 1>;L=8F5 C 04K:>20. / >1@0B8; 2=8<0=85 =0 =5>1KG=>5 4KE0=85 1>;L=>3>, ?@5@K205<>5 2 3>@;5 AB@0==K< 72C:><, =0?><8=0NI8< >B@K6:C A =0BC6=K< E;N?0=L5<, :0: MB> 8=>340 =01;N405BAO C 54>:0 ?@8 ?@>3;0BK20=88 :@C?=>3> :CA:0. 4=064K <=5 ?@8H;>AL A;CG09=> AB>;:=CBLAO B>G=> A B0:8<8 65 =5?>=OB=K<8 72C:0<8 C 4@C3>3> 1>;L=>3>, => B>340 1K; 8725AB5= 53> 4803=>7: A28I 87 ?8I52>40 2 ?;52@0;L=CN >1;0ABL. 09>@C O ?>A>25B>20; ?>3>2>@8BL A 04K:>2K< 8 A45;0BL @5=B35=>2A:89 A=8<>:. #B@>< 04K:>2 A0< ?>72>=8; <=5, ?>?@>A8; 709B8 : =5<C, 5A;8 O =5 70=OB. '5@57 ?>;G0A0 O 1K; 2 1>;L=8F5. # 04K:>20 A845; B>B 2>5==K9 <548:. @>D5AA>@ >1JOA=8; =0<, GB> =0;8G85 A28I0   ?;>4 <>59 D0=B0788, GB> 1>;L=>9 ?@>HQ; @5=B35=>A:>?8N =545;N =0704, 70G5< >1;CG0BL 53> 5IQ @07?

B5F <09>@0 C<5@ G5@57 =545;N. A:@KB85 ?>:070;> =0;8G85 A28I0, G5@57 :>B>@K9 G0AB8FK ?8I8 ?>?040;8 2 ?;52@C 8 3=8;8 B0<. / B0: 1K 8 =5 C7=0; ?@8G8=K, => <09>@ ?@8HQ; :> <=5 4><>9 A 1CBK;:>9 2>4:8. �><O=5< <>53> >BF0,   3;CE> ?@>87=QA >= 8 24@C3, 2AB@5?5=C2H8AL, A?@>A8;:   0: 65 2K, =5 <548:, 0 ?8A0B5;L, G5;>25: 40;Q:89 >B B0:8E B>=:>AB59, 345 =5 2AO:89 2@0G @0715@QBAO, CAB0=>28;8 B>G=K9 4803=>7, :>340 <K, 420 A?5F80;8AB0   ;04=>, O =5 2 AGQB, ?@>AB>9 B5@0?52B, => 25;8:89 04K:>2 A 53> 1>30B59H8< >?KB><,   =5 A<>3;8 CAB0=>28BL ?@8G8=C?� >=OB=>, ?> 02B>@8B5BC 04K:>20 1K; =0=5AQ= >ICB8<K9 C40@, 8 >= ?@8 ?5@2>9 65 2AB@5G5 28=>20B> ?@>87=QA: �K 1K;8 ?@02K. !40NAL. !;CG05BAO, :>=L > G5BK@QE =>30E 40 A?>BK:05BAO. ">;L:> A>25BCN: =5 7048@09B5 =>A. 8H8B5 A2>8 :=838: A;KH0;, >=8 ?>;L7CNBAO CA?5E><. > =5 ;57LB5 2 =0HC <548F8=C, >=0 ?@54=07=0G5=0 =5 4;O ;N18B5;59�.

>74=59 >A5=LN 2 D>95  CAA:>3> 4@0<B50B@0 >B:@K;0AL 2KAB02:0 =>2KE :0@B8= C@7O=F520. @54AB02;5=> 1K;> 2>A5<=04F0BL 1>;LH8E :@0A>G=KE ?>;>B5=. !0<>3> 02B>@0 ?@8257;8 2 8=20;84=>9 :>;OA:5   :>ABK;59 >= AB5A=O;AO, B5< 1>;55 2 >D8F80;L=>9 B>@65AB25==>9 >1AB0=>2:5. 45B >= 1K; 2 =>2K9 GQ@=K9 :>ABN<, 2 15;>A=56=CN A>@>G:C A =5?@82KG=K<, <5H0NI8< 30;ABC:><   >= ?>AB>O==> B5@518; 53>, ?KB0OAL >A;018BL 8 A428=CBL 2 AB>@>=C. >GB8 25AL 25G5@ >= =5 2K?CA:0; <>N @C:C 87 A2>59, 45@60AL F5?:>, :0: 45@60BAO 45B8 70 @C:C @>48B5;59. , ?@8=8<0O ?>74@02;5=8O ?>A5B8B5;59 2KAB02:8, ?>;L7COAL :>@>B:8<8 ?0C70<8, A?5H8; B8E8< 3>;>A>< @0AA:070BL <=5 8AB>@8N A>740=8O :064>9 :0@B8=K. "5?5@L O @54:> 1K20; C =53>.  ?>A;54=89 @07, ?>60;C9, ;8HL =0 4=5 @>645=8O, :>340 A=8<0;8 > =Q< B5;52878>==K9 D8;L< �>NI85 :@0A:8 C@7O=F520�. / >AB028; 5<C B@02K, =5>1E>48<K5 4;O ?@>D8;0:B8:8.  AB5=K <>59 :20@B8@K C:@0A8;8 420 53> ?@56=8E ?@52>AE>4=KE MBN40 8 B0 A0<0O A2560O :0@B8=0 A 284>< AB0@>9 #DK, :>B>@CN >= =0G0; ?8A0BL 5IQ 2> 2@5<O 1>;57=8.

 25;8:><C A>60;5=8N, AC4L10 ?>A:C?8;0AL: 5<C =5 >B?CI5=0 1K;0 4>;30O 687=L. = 2>7;030; =0 1C4CI55 1>;LH85 =04564K, A CB@0 4> 25G5@0 ?@>A86820; 70 <>;L15@B><, =5 70<5G0O 2@5<5=8, AB@5<OAL =025@AB0BL C?CI5==>5, >A>15==> 78<>9, :>340 =5 2K945HL =0 C;8FC 157 ?>AB>@>==59 ?><>I8, 8 ?@>3C;OBLAO, ?>4KH0BL A2568< 2>74CE>< <>6=> 1K;> ;8HL =0 ;>4688. > A:>@>, A =0ABC?;5=85< 25A=K, 53> A0<>3> ;N18<>3> 2@5<5=8 3>40, 2 :>=F5 <0O, :>340 45@52LO >45;8AL 2 =56=CN ;8AB2C 8 ;C30 70?5AB@5;8 F25B0<8, 4> A;Q7 >184=K9, =5;5?K9 A;CG09 >B=O; 53> C =0A =02A5340.

* * *

>;65= >B<5B8BL A@07C, GB> C <5=O A 2@0G0<8 A A0<>3> =0G0;0 A;>68;8AL A0<K5 4>1@K5 >B=>H5=8O. / 2A5340 ?@87=020; 70 =8<8 ?@02> ?5@25=AB20, 8 B>;L:> 2 B5E A;CG0OE, :>340 >=8 >:>=G0B5;L=> AB028;8 =0 1>;L=>< :@5AB 8;8 ?@>A8;8 ?>;5G8BL :>3>-=81C4L: 4@C759 8;8 @>4AB25==8:>2,   <=5 ?@8E>48;>AL 2K:;04K20BLAO =0 ?>;=CN :0BCH:C. 1KG=> MB> 1K;8 B0:85 ?@>AL1K, :>340, :0: ?@82K: O 2K@060BLAO, ?@8E>48;>AL ?@K30BL =0 ?>4=>6:C ?>A;54=53> 203>=0 CE>4OI53> ?>5740.  A2>Q< ?>25AB2>20=88 O 1C4C >AB02;OBL 8<5=0 2@0G59 =587<5=Q==K<8, 2A5 >=8 70A;C6820NB 1>;LH>3> C2065=8O, 0 D0<8;88 1>;L=KE ?@84QBAO 70<5=8BL 2K<KH;5==K<8, B0: :0: ACI5AB2CNB ?@028;0 2@0G51=>9 B09=K. ><C >E>B0 1KBL 2KAB02;5==K< =0 2A5>1I55 >1>7@5=85, 5A;8 <=>385 A:@K20NB >B >:@C60NI8E E0@0:B5@ A2>59 1>;57=8 8;8 2>>1I5 =5 ;N1OB =8:0:8E ?5G0;L=KE =0?><8=0=89, AB0@0NBAO 701KBL > ?@>H;><.

=:>;>3 ;048<8@ 8B0;L528G >1>40, >1;040B5;L �7>;>B>3> A:0;L?5;O�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

0AB0820BL 157 @07<5H820=8O ?>;G0A0 8 ?@>F548BL. A;8 @07<5H820BL 8 =0AB0820BL 4>;LH5, ?>;CG05BAO <=>3> A;878. =0 E>@>H0 ?@8 O725 65;C4:0, => 2 =0H5< A;CG05 =5>1E>48< ;Q3:89 =0AB>9.  A>G5B0=88 A =0AB>9:>9 B@02K MD54@K, 4>==8: 8 ;Q= >G8I0NB ;Q3:85 >B O4>28B>9 A;878, =0:>?82H59AO ?>A;5 ;CG52>9 B5@0?88, C3;C1;ONB 4KE0=85.

!>;>4:0 =5 B>;L:> ;5G8B ;Q3:85, => 8 2;8O5B =0 2>4=>-A>;52>9 >1<5=, C;CGH05B @01>BC 65;C4:0, ?>G5: 8 =04?>G5G=8:>2, ?>445@68205B A5@4F5 8, GB> =5<0;>206=>, ;5G8B @0:.  54:> =0 MBC A?>A>1=>ABL >1@0I0NB 2=8<0=85, 0 =5 A;54>20;> 1K 701K20BL > A>;>4:5 ?@8 A>AB02;5=88 A1>@>2 8 4@C38E ;5G51=KE :><?;5:A>2. =0 >1;0405B 5IQ >4=8< =570<5=8<K< :0G5AB2><: CA8;8205B 459AB285 4@C38E ;5:0@AB2, ?>MB><C 5Q G0AB> 2:;NG0NB 2 B0:85 A>AB02K, 345, :070;>AL 1K, A>;>4:0 8 2>2A5 =5 =C6=0. 'B> :0A05BAO 4CH8FK, >=0 :0: 1K 70:;NG8B5;L=K< 0::>@4>< 70<K:05B 25AL :><?;5:A. <5NBAO @07=K5 @5F5?BK 8 F5;8 5Q ?@8<5=5=8O, => 2 ?@54;>65==>< 20@80=B5 4CH8F0 1K;0 =5>1E>48<0 4;O G8AB:8 :@>28   8<5==> B0:>9 =0AB>9 =5>1E>48< ?>A;5 >1;CG5=8O ?@8 >=:>;>38G5A:8E 701>;520=8OE. 4=C AB>;>2CN ;>6:C 2KACH5==>9 B@02K =04> =0 =>GL 70;8BL =5?>;=K< AB0:0=>< :8?OB:0, 70:@KBL :@KH:>9 8 =0AB0820BL 4> CB@0, 70B5< ?@>F548BL. 1KG=> 2K?820NB =0AB>9 CB@><, ;81> =5704>;3> 4> A=0. 'B>1K =0AB>9 2A5340 >AB020;AO 3>@OG8<, <>6=> 2>A?>;L7>20BLAO B5@<>A><. ;8 ?>4>3@5BL, => =5 =0 >3=5, 0 ?>AB0282 AB0:0= =0 :8?OICN 2>4O=CN 10=N.

0 2B>@>9 :C@A O ?@83>B>28; B0:>9 A>AB02: 4> 54K ?> B@5B8 AB0:0=0 =0AB>O F25B:>2 E<5;O A 8E ?K;LF>9 8 ?> G09=>9 ;>6:5 ?@>B82>>?CE>;52>3> 10;L70<0, A>AB02;5==>3> 87 200 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 150 <; =0AB>9:8 BKAOG5;8AB=8:0, 100 <; =0AB>9:8 ?>G5: 15@Q7K, 50 <; =0AB>9:8 F25B:>2 ;0107=8:0 2O7>;8AB=>3>. (>;83>;>2, A>A=>2K9 <Q4 8 A>: 4C@=8H=8:0 84CB, 70 @54:8< 8A:;NG5=85<, ?>AB>O==>, 8 O 1C4C 3>2>@8BL > =8E B>;L:> 2 A;CG05 :0:8E-B> ?5@5<5=.) >A;5 54K ?@8=OBL =0AB>9 B@02K G8=K ;C3>2>9 A G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K. 0AB>9 3>B>28BL 87 >4=>9 AB>;>2>9 ;>6:8 B@02K G8=K 2 AB0:0=5 :8?OB:0. >?8BL 3;>B:0<8 >AB02HCNAO ?>;>28=C AB0:0=0 >B20@0 :>@=59 :>?KB=O   ?@>872>;L=> 2 B5G5=85 4=O. "0: 65 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL ?> G09=>9 ;>6:5 =0AB>9:8 @OA:8 =0 AB>;>2>9 ;>6:5 2>4K. 0 ?0@C G0A>2 4> A=0 2K?8BL AB0:0= ?>;C3>@OG53> =0AB>O F25B:>2 :;525@0 ;C3>2>3>   AB>;>2CN ;>6:C 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL 4204F0BL <8=CB, ?@>F548BL. 8BL A >4=>9 G09=>9 ;>6:>9 4>==8:>2>3> <Q40, => ?@8 53> >BACBAB288 A>94QB 8 F25B>G=K9, =570A0E0@5=-=K9. 45AL O 2=QA :>5-:0:85 87<5=5=8O 2 A>AB02 10;L70<0. @5645 2A53> 2:;NG8; F25B:8 ;0107=8:0   >1KG=> ?@8 @0:5 ?LNB >B20@ 53> :>@=59.  =0@>4=>9 <548F8=5 C2060NB 8 B@02C, 0 > 4CH8ABKE 15;KE F25B:0E ;0107=8:0, A>1@0==KE 2 2>74CH=K5 3@>74LO, =5B :0:8E-;81> A2545=89. 8HL 2 ?>A;54=55 2@5<O =0C:0 >1@0B8;0 2=8<0=85 =0 8E A?>A>1=>ABL CA?5H=> 1>@>BLAO A F5;K< @O4>< >?0A=KE 28@CA>2, =0 MDD5:B82=>5 ;5G5=85 1>;57=59 2>A?0;8B5;L=>3> E0@0:B5@0, =0 A?>A>1=>ABL ?>2KH0BL 70I8B=K5 A8;K >@30=87<0. "KAOG5;8AB=8: B>65 70A;C68205B : A515 >A>1>5, C2068B5;L=>5 >B=>H5=85 E>BO 1K 87-70 1>30B>3> A>45@60=8O 2E>4OI53> 2 MD8@=>5 <0A;> @54:>3>, F5==59H53> E0<07C;5=0, :>B>@K< ?@5645 A;028;0AL >4=0 B>;L:> 0?B5G=0O @><0H:0, => 2 53> A>AB025 ?>;=K<-?>;=> 8 4@C38E F5==59H8E 25I5AB2, 8E ?5@5G8A;5=85 70=O;> 1K =5 <5=55 AB@0=8FK, 4065 157 CGQB0 =5>1E>48<KE >@30=87<C <8:@>M;5<5=B>2. ;O <5=O 1K;> 206=>, GB> BKAOG5;8AB=8: CAB@0=O5B B@><1>F8B>?5=8N, =0 :>B>@CN C:070; 2@0G.  C<5=LH5=85 G8A;0 B@><1>F8B>2 2 :

;5:A0=4@ ?@8E>48; ?C=:BC0;L=>, A5@LQ7=> >B=>AOAL : ;5G5=8N. = =5 60;>20;AO =0 A;01>ABL, =0 15AA8;85, => =0 ;8F5 ?@>3;O4K20;0 CAB0;>ABL. !2>59 <0H8=K >= =5 8<5;, 8 A5<L45AOB :8;><5B@>2 B@OAAO 2 02B>1CA5, E>482H5< 4> 53> 45@52=8 420 @070 2 45=L. >340 >= ;><0;AO, ?@8E>48;>AL ;>28BL ?>?CB:8. # =53> 8<5;0AL :20@B8@0 8 2 3>@>45, @01>B0; >= 2 :0:>9-B> A>;84=>9 >@30=870F88, =0E>4OAL 2 @0AF25B5 A8;, 5<C 254L =5 1K;> ?OB845AOB8, 0 2K3;O45; >= 8 B>3> <>;>65, ?>:0 24@C3 =5 >1=0@C68;0AL 1>;57=L. 5;:>:;5B>G=K9 @0: >1KG=> 2>7=8:05B C <>;>4KE ;N459 8 >B;8G05BAO >B 4@C38E 284>2 @0:0 B5<, GB> ?>GB8 A@07C ?>O2;ONBAO <5B0AB07K, 4;O :>B>@KE E0@0:B5@5= 1KAB@K9 @>AB. >30BK@Q2C BCB 65 40;8 ?5@2CN 3@C??C 8=20;84=>AB8, 68BL >= ?5@51@0;AO 2 @>4=CN 45@52=N A 40;Q:8< >B F828;870F88 G8ABK< 2>74CE><, 1;87:CN : @5:5, >:@C6Q==CN 25AQ;K<8 15@57=O:0<8 8 ?KH=K< @07=>B@02L5< 70;82=KE ;C3>2. 45AL <>6=> ?>A845BL C 2>4K A C4>G:>9 8;8 ?>;560BL =0 B@025, A;CH0O AB@Q:>B :C7=5G8:>2, I515B0=L5 ?B8F, 23;O4K20OAL 2 1574>==CN 3;C18=C 2KA>:>3> =510 A <54;5==> ?;K2CI8<8 :CG52K<8 >1;0:0<8, 8A?KBK20BL A;04>ABL 8AB><K >B =0A;0645=8O ?>;=K< ?>:>5<, =5 A@02=8<K< A 87=C@ONI59 3>@>4A:>9 AC5B>9. @0240, ?>:0 B>;L:> <0@B =0ABC?8;, => 25A=0 8 ;5B> =5 70 3>@0<8, 8 ;5:A0=4@ 70@0=55 ?@542:CH0; ?@54AB>OICN 848;;8N 45@525=A:>9 687=8. 0H8 2AB@5G8 1K;8 :>@>B:8<8, => >= CA?520; @0AA:070BL >1 8AB>@88 A5;0, > =5:>B>@KE 53> 68B5;OE   AB@0AB=KE @K10:0E 8 >E>B=8:0E. 5GB0; >= 8 > B><, GB>1K 7025AB8 ?GQ;, ?>AB028BL =0 7040E E>BO 1K B@8 8;8 G5BK@5 C;LO. !;CH0O 53>, O 2>A?@8=8<0; 53> @0AA:07K :0: 4>1@K9 7=0: B>3>, GB> >= 25@8B 2 A2>Q 2K74>@>2;5=85, 0 MB> C65 ?>;>28=0 CA?5E0 2 ;5G5=88.  AB0@0;AO ?>4>1@0BL : =5<C =C6=K5 :;NG8.

 B@5BL5< :C@A5 O 2@5<5==> C1@0; A>A=>2K9 <Q4 8 A>: 4C@=8H=8:0, 70<5=8; 8E A2568< :>@=5< 452OA8;0   87 @0AGQB0 A5<L AB>;>2KE ;>65: 87<5;LG5==>3> AK@LO =0 0,5 ; 2>4:8 A 42C<O =545;O<8 =0AB0820=8O. @8=8<0BL ?> AB>;>2>9 ;>6:5 G5@57 A>@>: <8=CB ?>A;5 :0?5;L 1>;83>;>20, 2 B@5B8 AB0:0=0 =0AB>O F25B:>2 :8?@5O. > 54K   B@8 @070 2 45=L   =0AB>9 >G8B:0 ?C@?C@=>3> A ?>;=>ABLN 87<5=Q==K< A>AB02>< 10;L70<0: 200 <; =0AB>9:8 F25B:>2 G5@B>?>;>E0 :C@G02>3>, 100 <; =0AB>9:8 F25B:>2 E<5;O, 100 <; =0AB>9:8 F25B:>2 :0;8=K, 100 <; =0AB>9:8 F25B:>2 48:>9 O1;>=8. >65B 2K720BL C482;5=85, GB> 2 10;L70<5 >4=8 ;8HL =0AB>9:8 F25B:>2   =5 A;01>20B> ;8?  =0@>4=>9 <548F8=5 8A?>;L7CNB :>@=8, B@02C 8 >A>15==> F25BCI85 25@ECH:8 G5@B>?>;>E0 :>;NG53>, :C@G02>3>, ?>=8:0NI53>.  =5:>B>@K5 F5;8B5;8 >B40NB ?@54?>GB5=85 B>;L:> F25B0<. 0CG=>9 <548F8=>9 ?@87=0=> ?@>B82>>?CE>;52>5 459AB285 F25B:>2 B0B0@=8:0. 5 >B@8F05BAO 8 ?@8<5=5=85 ?@>B82 @0:0 F25B:>2 =5:>B>@KE 284>2 1>4O:0.  F25B0E G5@B>?>;>E0 ?>:0 <>;G0B. > =5 A;CG09=> 65 G5@B>?>;>E :C@G02K9 2 =0@>45 =07K20NB 8 B0B0@=8:><, 8 1>4O:>< :@0A=>3>;>2K<, 8 4065 10AC@<0=A:>9 B@02>9 (4>H54H89 4> =0A >B72C: 8A?>;L7>20=8O 2 2>AB>G=>9 <548F8=5). 8:B> =5 70=8<0;AO A5@LQ7=K< 87CG5=85< G5@B>?>;>E0, A2545=8O > =Q< A0<K5 A:C4=K5. 0 B>, GB> O 2K1@0; ?@028;L=>5 =0?@02;5=85, =0B0;:8205B >AB>@>6=>5 2KA:07K20=85, GB> =0AB>9 A>F25B89 G5@B>?>;>E0 :C@G02>3> ?>2KH05B CAB>9G82>ABL >@30=87<0 : =5:>B>@K< =51;03>?@8OB=K< D0:B>@0< 2=5H=59 A@54K. 0;8=0 >G5=L ?>?C;O@=0, => >?OBL-B0:8 5Q F25BK >AB0;8AL 2 AB>@>=5, :0: 8 F25BK 48:>9 O1;>=8, E>BO 2 =0@>45 8E =5@54:> ?@8<5=ONB ?@8 ;5G5=88 @0:0. # <5=O ?> >B=>H5=8N : F25B0< 2K@01>B0;AO A2>9 273;O4. / AG8B0N, GB> 2 687=8 ;N1>3> @0AB5=8O 2KAH8< :C;L<8=0F8>==K< <><5=B>< O2;O5BAO @>645=85 F25B:0. ;O B>3> GB>1K >= ?>O28;AO =0 A25B, =0 ?>;=CN <>IL @01>B0NB :>@=8, 4>1K20O 87 75<;8 A>:8 A0<>3> 2KAH53> :0G5AB20. 04=> C;02;820O ;CG8 A>;=F0, 4065 A:@KB>3> 70 >1;0:0<8, <0B5@8=A:>9 A8;>9 =0;820NBAO ;8ABLO @0AB5=8O, >=8 AB0=>2OBAO :0: =8:>340 A>G=K<8, A2568<8, C?@C38<8. B>-=81C4L 704C<K20;A

!2>9AB20 452OA8;0 8 :8?@5O B5?5@L 8725AB=K 2A5<, :B> 1K; 2=8<0B5;5= A A0<>3> =0G0;0 @073>2>@0.  10;L70<K O A>7=0B5;L=> 45;0; @07=K<8. 5:>B>@K5 B@02K <>3;8 ?@>O28BL A2>N A8;C B>;L:> ?@8 4;8B5;L=><, =5?@5@K2=>< ?@8<5=5=88. ;>:0G5AB25==K5 :;5B:8 =5:>B>@KE D>@< @0:0 2?>;=5 <>3;8 ?>AB5?5==> 040?B8@>20BLAO : =8<, 871530O C3@>7K.  GB>1K ;8H8BL 8E B0:>9 2>7<>6=>AB8, :>340 >=8 1K;8 1K @04K >B4>E=CBL 8 2=>2L =0G0BL A2>9 @>AB, O ?>4:;NG0; 4@C385 @0AB5=8O, =5 <5=55 459AB25==K5, => A>2A5< 8=>3> ?;0=0. =8 =0=>A8;8 2=570?=K9 C40@ A =5>6840==>9 AB>@>=K, >B:C40 @0:>2K5 :;5B:8 =5 1K;8 3>B>2K : >B@065=8N =>2>9 0B0:8.  B0:0O <5=ONI0OAO B0:B8:0 ;5G5=8O G0AB> 1K20;0 CA?5H=>9.

48= 87 <=>3>G8A;5==KE 284>2 1>4O:0, 2 G8A;> :>B>@KE 2E>48B 8 B0B0@=8:, B0: =07K205<K9 1>4O: >2>I=>9, 402=> 2K7K20; C <5=O 8=B5@5A.  A@02=5=88 A 4@C38<8 >= 2K3;O45; 1>;55 ?@82;5:0B5;L=>, 8<5; 4065 45:>@0B82=K9 284.  >AB>< =525;8:, 5420 4>AB8305B :>;5=0. !B515;L C =53> 3>;K9, 25AL 2 1>@>74:0E. 0 :>=F0E AB51;O 8 @54:8E 25B259, >:@C6Q==KE 65;B>20B>-75;Q=K<8 :@C3;K<8 ;8AB>G:0<8, 425 8;8 B@8 =527@0G=K5, B0:85 65 65;B>20B>-75;Q=K5 :>@78=>G:8 F25B:>2. 8ABLO 7C1G0BK5. >6=> 8A?>;L7>20BL 2AN B@02C, => G0AB> O ?@8<5=O; B>;L:> F25B:8. @>94CAL ?> ;C3C, A>15@C 8E ?>;10=:8 8 ?>;=>ABLN 70;LN 2>4:>9. 0B5< =0AB0820N 425 =545;8 8 ?>;CG0N 2 @57C;LB0B5 F5;51=CN =0AB>9:C.  =0CG=>9 ;8B5@0BC@5 M:A?5@8<5=B0;L=> 4>:070=>, GB> =0AB>9 B@02K >:07K205B 1;03>?@8OB=>5 459AB285 =0 F5=B@0;L=CN =5@2=CN A8AB5<C, AB8<C;8@C5B M@8B@>?>M7, B> 5ABL 2;8O5B =0 ?@>F5AA >1@07>20=8O M@8B@>F8B>2, ?@>B5:0NI89 2 :@>25B2>@=>9 B:0=8 :>AB=>3> <>730, 8 >1;0405B 0=B828@CA=>9 0:B82=>ABLN, 0=B810:B5@80;L=K< 459AB285<. @87=0=> 8 B>, GB> @0AB5=85 ?@8<5=O5BAO ?@8 @0:5 ;Q3:8E 8 65;C4:0. >B ?>G5<C O ?>4@>1=> @0AA:07K20N >1 MB>< <0;>7=0:><>< @0AB5=88, E>BO 53> =09B8 <>65B :064K9, B0: :0: 1>4O: >2>I=>9 >B=>A8BAO : A>@=K< B@020< 8 =5 O2;O5BAO @54:>ABLN. ><8<> F25B:>2 1>4O:0, E<5;O, A>A=K, ;>?CE0 ?@>B82>>?CE>;52K< 459AB285< 2 @07=>9 AB5?5=8 >1;040NB 8 F25BK :0;8=K, 8 O1;>=8-48:0@:8.

'B> :0A05BAO F25B:>2 :0@B>D5;O   MB> 402=> ?@87=0==>5 2 =0@>45 A@54AB2> ?@8 ;N1>< @0:5. 020@820NB >4=C AB>;>2CN ;>6:C 2KACH5==KE F25B:>2 42C<O AB0:0=0<8 :8?OB:0, =0AB0820NB 2 3>@OG59 4CE>2:5 8;8 2 B5@<>A5 B@8 G0A0, ?@>F56820NB. @8 8A?>;L7>20=88 B5@<>A0 =04> ?><=8BL, GB> 53> =04> 45@60BL >B:@KBK< 4204F0BL <8=CB, ;8HL ?>A;5 MB>3> <>6=> 70:@KBL :@KH:C. @8=8<0NB =0AB>9 ?> ?>;AB0:0=0 B@8 @070 2 45=L. C@A ;5G5=8O B@8 8;8 G5BK@5 =545;8.  =5<C <>6=> 25@=CBLAO =5 @0=LH5 G5< G5@57 <5AOF. &25BK =04> 1@0BL A G8AB>3> :0@B>D5;O, =5 >1@01>B0==>3> A@54AB20<8 ?@>B82 :>;>@04A:>3> 6C:0. @>25@5=>, GB> MB> ;5G5=85 >G5=L MDD5:B82=>5.

0AB>9:C 4C4=8:0 ;5A=>3> O 2:;NG8; ?> B>9 ?@8G8=5, GB> 53> :>@=8 >1;040NB =5 B>;L:> A?07<>;8B8G5A:8<, => 8 ?@>B82>>?CE>;52K< 459AB285<. >;575= 4C4=8: 8 4;O ?5G5=8, ?>G5:, ?@8 =52@>70E, 15AA>==8F5, 1>;57=OE 65;C4:0. 'B>1K =5 2>7=8:0;8 2>?@>AK, A:06C, GB> 4C4=8: ;5A=>9 G0AB> ?CB0NB A 4O38;5< ;5:0@AB25==K< 8 1>@I528:><. @8 2A59 2=5H=59 AE>65AB8, @0AB5=8O MB8 @07=K5, :064><C 40=> A>1AB25==>5 ;0B8=A:>5 =0720=85.  2 E8<8G5A:>< A>AB025 8<5NBAO =5:>B>@K5 @07;8G8O, E>BO =5ACI5AB25==K5, => 8<5NI85 A2>Q ;5G51=>5 =07=0G5=85. >MB><C ?@8 =5>1E>48<>AB8 O G5@54>20; 8E.

AA>? B5?5@L B>65 H8@>:> 8725AB5=, @54:85 A04>2>4K =5 ?@>O2;ONB : =5<C 8=B5@5A, 2KA06820NB 2 F25B=8:8 4;O :@0A>BK. 3> AB@5;:8 A A8=8<8 8;8 15;K<8 4CH8ABK<8 F25B:0<8 8 =5 C2O40NI0O A 25A=K 4> ?>74=59 >A5=8 2A5340 A2560O ;8AB20 ;0A:0NB 27>@. = CA?5H=> 8A?>;L7C5BAO ?@8 E@>=8G5A:>< 1@>=E8B5, 1@>=E80;L=>9 0AB<5, 8<55B ?>:070=8O ?@8 45AOB:5 4@C38E 1>;57=59, >1;040O 0=B8A5?B8G5A:8<, >1571>;820NI8<, ?@>B82>2>A?0;8B5;L=K<, ;Q3:8< 2>71C640NI8<, ?@>B82>:0H;52K< 459AB285<. !B>;>2CN ;>6:C B@02K =0 G0A 7020@820NB 2 AB0:0=5 :8?OB:0. 0: 7=0BL, 2?>;=5 2>7<>6=>, GB> B@8B5@?5=>2K5 A>548=5=8O, D;02>=>84K, :5B>=, ?83<5=BK 8 ?@>G85 25I5AB20 83@0NB E>BO 1K 2A?><>30B5;L=CN @>;L ?@8 ;5G5=88 @0:0 ;Q3:8E.

>30BK@Q2 1K; B>G5=, =5 70AB028; A51O 640BL.  0?@5;5 ?@8ABC?8;8 : G5B2Q@B><C :C@AC ;5G5=8O. >A;5 1>;83>;>20 >= ?@8=8<0; 70:>=A5@28@>20==K9 A>: <54C=8FK. 5 1K; 701KB 8 A>A=>2K9 <Q4. >A;5 78<=8E <5AOF52 =5>1E>48<> 1K;> ?>445@60BL 2 ?>@O4:5 A>AB02 :@>28. 0 C:@5?;5=85 >@30=87<0 8 ?>4JQ< 687=5==>3> B>=CA0 1K;8 2:;NG5=K 2 :><?;5:A 8 4@C385 @0AB5=8O. > 54K O =07=0G8; C65 7=0:><CN 1C:28FC, 2 @0AGQB5 >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, ?@8=8<0BL ?> >4=>9 B@5B8 AB0:0=0. !G8B05BAO, GB> 5Q =0AB>9 A=8<05B 25A5==NN CAB0;>ABL 8 =0?@02;5= =0 2>AAB0=>2;5=85 A8;.  1C:28F5 O >1@0I0NAL 4>2>;L=> G0AB>, B5< 1>;55 GB> >=0 >B=>A8BAO : G8A;C @0AB5=89, =0?@02;5==KE ?@>B82 =>2>>1@07>20=89.  :064CN ?>@F8N ?>A>25B>20; 2;820BL >4=C G09=CN ;>6:C =0AB>9:8 ME8=0F58 ?C@?C@=>9   5N O 70<5=8; A;>6=K9 10;L70<.  0AB5=85 =0G0;> 2E>48BL 2 <>4C =5402=>, 2 >A=>2=>< :0: >1I5C:@5?;ONI55 ?@8 8=D5:F8OE, 0;;5@388, 0 B0:65 AB8<C;8@CNI55 =5@2=CN A8AB5<C. >:0 5IQ B>;L:> =0G0;8 2KO2;OBL C =53> A:@KBK5 2>7<>6=>AB8. >340 H8@5 AB0=CB 87CG0BL 2E>4OI85 2 53> A>AB02 E8<8G5A:85 25I5AB20, 2=5 A><=5=8O, >B:@>NB =>2K5, 2?>;=5 25@>OB=>, =5>6840==K5 2>7<>6=>AB8. &25BK ME8=0F58 O =0AB0820; 2<5AB5 A :>@=O<8 (?OBL AB>;>2KE ;>65: =0 0,5 ; 2>4:8), ?>B><C GB> :>@=8 70<5B=> >B;8G0NBAO ?> ;5G51=><C 459AB28N 8 2 A>2>:C?=>AB8 A F25B0<8 4>?>;=ONB 4@C3 4@C30 ?@8 8=D5:F8>==KE 8 A5?B8G5A:8E A>AB>O=8OE, CB>;OO 1>;L, AB8<C;8@CO 3@0=C;OF8N B:0=59 8 ?>2KH0O, GB> 206=> 4;O 2A53> :><?;5:A0, 0:B82=>ABL D03>F8B>2 2 1>@L15 A 8E 3;02=K< 2@03><   A> A2>1>4=K<8 @048:0;0<8. '5@57 G0A ?>A;5 54K ?@54AB>O;> 2K?8BL =0AB>9 ;8ABL52 4C@=8H=8:0 (>4=0 AB>;>20O ;>6:0 =0 >48= AB0:0= :8?OB:0, =0AB>OBL 420 G0A0, ?@8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L), 2 :064CN ?>@F8N 2;820BL G09=CN ;>6:C =0AB>9:8 :>@=59 ?@CBL5284=>3> <>;>G0O. 7 45AOB:0 284>2 <>;>G052, ?@8<5=O5<KE ?@8 @0:5, O 2K1@0; 8<5==> 53>, B0: :0:, ?> <>5<C <=5=8N, >= A8;L=55 >AB0;L=KE ?>4E>48; 2 40==K9 <><5=B 8<5==> : MB><C :><?;5:AC. 0AB>5< <>;>G0O ?>A>25B>20; 70?820BL :064K9 @07 ?> G09=>9 ;>6:5 ?>@>H>: A5<O= ?>4>@>6=8:0, 0 70 G0A 4> A=0

>;>G09 ?@CBL5284=K9 8<55B >B;8G8B5;L=CN >A>15==>ABL: 53> F25B:8 157 G0H5G:8 8 25=G8:0. "KG8=:8 8 ?5AB8:8 >:@C65=K ;8AB>G:0<8, >1@07CO 2>:@C3 :0: 1K G0H5G:C. IQ >4=0 >B;8G8B5;L=0O >A>15==>ABL   ?5AB8G=K5 8 BKG8=>G=K5 F25B:8 A:@CG5=K 2<5AB5, 8 2>:@C3 >4=>3> ?5AB8:0 @0A?>;030NBAO 4> 425=04F0B8 BKG8=>:. :>;> F25B>2 ;8AB>G:8 6Q;BK5. 8ABLO >G5@54=K5, ?@8 >A=>20=88 @57:> AC65==K5. 09B8 53> ;53:>: @0ABQB 24>;L 4>@>3, ?> 70;560<, ?>;O<, 70;82=K< ;C30<. >;>G05< ?@CBL5284=K< <>6=> ;5G8BL 35<>@@>9, :>;8BK, =0@CH5=85 >1<5=0 25I5AB2. ;5G=K9 A>: 8A?>;L7C5BAO =0@C6=> ?@8 M:75<0E, 3=>9=KE @0=0E.  3;02=>5 53> 4>AB>8=AB2>   ;5G5=85 @0:>2KE >?CE>;59. / ?@8<5=O; ?@8 7;>:0G5AB25==KE >?CE>;OE @07=KE >@30=>2 8 4@C385 284K <>;>G052. >;>B=K9   ?@8 @0:5 <>G52>3> ?C7K@O, ?>G5:, ?@>AB0BK. >;>G09 0;;0A0, 8725AB=K9 2 =0@>45 :0: �<C68: :>@5=L�, 8<55B B>=878@CNI55 8 AB8<C;8@CNI55 459AB285, ?> E0@0:B5@C 4>2>;L=> 1;87:>5 : 65=LH5=N. = B>65 8A?>;L7C5BAO ?@8 @0:5 65;C4:0, ;Q3:8E, 0 2K60BK9 A>: ?@8 =0@C6=>< @0:5.  B5E 65 F5;OE >?KB=K5 B@02=8:8 >E>BOBAO 70 <>;>G05< 2KA>:8<, <>;>G05< :8?0@8A>2K<, ?@82;5:05B 8E 2=8<0=85 8 <>;>G09 A>;=F53;O4, 0 <>;>G09 <8=40;5284=K9 >G5=L MDD5:B825= ?@8 ;5G5=88 A0@:><K 8 4@C38E @0:>2KE 701>;520=89. / ?@82Q; 2 ?@8<5@ =5 25AL ?5@5G5=L <>;>G09=>3> A5<59AB20, 0 GB>1K =03;O4=> ?>:070BL, :0:>9 C B@02=8:>2 8<55BAO H8@>:89 2K1>@ 4;O ;5G5=8O 7;>:0G5AB25==KE >?CE>;59. ">;L:> ?><=8BL =04>, GB> 2A5 284K <>;>G052 B@51CNB : A515 C2068B5;L=>3> >1@0I5=8O =0 �2K�, B0: :0: >G5=L O4>28BK, <>3CB ;53:> ?@825AB8 1>;L=>3> : ;5B0;L=><C 8AE>4C, 5A;8 =5 A>1;N40BL AB@>3CN 4>78@>2:C. / >1I0NAL A =8<8 ?> =5>1E>48<>AB8, 2:;NG0N 2 ;5G51=K9 :><?;5:A ;8HL B>340, :>340 157 =8E =5 >1>9B8AL.  A?>A>1K ?@8<5=5=8O 1C4C C:07K20BL B>;L:> A2>8, =5 548=>64K 8A?KB0==K5.  40==>< A;CG05 4;O ?@83>B>2;5=8O =0AB>9:8 87 <>;>G0O ?@CBL5284=>3> O ?>;>68; 2A53> >4=C =5?>;=CN AB>;>2CN ;>6:C :>@=59 =0 0,5 ; 2>4:8, =0AB0820; A5<L 4=59, ?@>F548;. 0 1CBK;:C =0:;58; ?@54C?@548B5;L=CN O@:CN MB8:5B:C A =0720=85< 8 C:070=85< B>G=>9 >4=>@07>2>9 4>7K.

>30BK@Q2 @07 2 <5AOF ?@>E>48; ?@>25@:C C 2@0G0. >1>40 1K; 4>2>;5=. =5 A:070;, GB> >?CE>;L ?>A;5 ?@>254Q==KE G5BK@QE :C@A>2 ?>GB8 =5 ?@>3;O4K205BAO 8 2A5 0=0;87K 2 =>@<5. A;8 ;5G5=85 ?@>4>;68BL 2 B>< 65 4CE5, B> : >A5=8 <>6=> @0AAG8BK20BL =0 CA?5E. / @5H8; =5 <C4@AB2CO ;C:02> ?>2B>@8BL A A0<>3> =0G0;0 B5 65 :C@AK, ;8HL 8=>340 2=>AO 2 >1I89 :><?;5:A =5:>B>@K5, A0<K5 =5>1E>48<K5, 87<5=5=8O. "0: GB> 25@=C;8AL : B><C, A G53> =0G8=0;8. > 5A;8 1>;83>;>2 >= ?@8=8<0; >48= @07, B5?5@L >AB028;8 8 25G5@=89, ?> 4204F0BL :0?5;L. !>A=>2K9 <Q4 ?>HQ;, :0: 8 4C@=8H=8:, ?> AB>;>2>9 ;>6:5 B@8 @070 2 45=L. 57 87<5=5=89 >AB0;AO 10;L70<, 0 1C:28FC, ?@8=OBCN 2 G5B2Q@B>< :C@A5, 70<5=8; =0AB>5< >G8B:0 ?C@?C@=>3>. 5@=C;8AL <K 8 : >B20@C :>@=59 E<5;O A =0AB>9:>9 F25B:>2 E<5;O. !5<O ;L=0 70<5=8; G09=K<8 ;>6:0<8 ?>@>H:0 87 2KACH5==KE 3@81>2 ;8A8G5:   >=8 MDD5:B82=K ?@8 @0:5 ;N1KE >@30=>2. AB0;8AL :>?KB5=L 8 G09 87 4CH8FK.

0B5< 25@=C;8AL ?>;=>ABLN :> 2B>@><C :C@AC (@07C<55BAO, A ?>AB>O==K< >B=K=5 25G5@=8< 1>;83>;>2><). 0; =0AB>9:C :>@=59 154@5=F0 :0<=5;><:>2>3>, =5 4;O :C@A>2>3> ;5G5=8O, 0 ;8HL 4;O M?87>48G5A:>3> ?@8<5=5=8O. >30BK@Q20, ?>3@52H53>AO ?>4 >1<0=G82K< 25A5==8< A>;=KH:><, ?>-2848<><C, ?@>4C;>, ?>O28;AO :0H5;L. 04> 1K;> 871028BLAO >B =53> A A0<KE ?5@2KE ?@87=0:>2 ?@>ABC4K.  <>59 4><0H=59 0?B5:5 2A5340 AB>8B =0 ?>;:5 154@5=5F :0<=5;><:>2K9. -B> =52KA>:>5 7>=B8G=>5 @0AB5=85 A ?@8OB=K< =56=K< 70?0E><, A B>=:8<, :0: A>;><8=:0, AB51;5< 8 =51>;LH8< AB5@6=52K< :>@=5< ?>GB8 =5 ?@82;5:05B 2=8<0=8O A@548 1>;55 ?KH=>9 8 ?@54AB028B5;L=>9 @0AB8B5;L=>9 ?C1;8:8. =5 4065 A45;0;8 A?5F80;L=CN C7:CN :>?0;:C, GB>1K =5 2K2>@0G820BL ;>?0B>9 ?;0AB 75<;8 =0 ;C3C, ?>2@5640O :>@=8 4@C38E @0ABCI8E @O4>< @0AB5=89 @048 <5;:>3> :>@=O. K=CBK9 87 75<;8, >= B>65 ?@8OB=> ?0E=5B, 0 2:CA>< =0?><8=05B :0:CN-B> ?@O=>ABL. >340 B0:>9 :>@5H>: 2KA>E=5B, >= AB0=>28BAO ?>E>68< ?> @07<5@0< 8 F25BC =0 <KH8=K9 E2>AB8:. #<05HLAO, ?>:0 =0:>?05HL 4;O =0AB>9:8 MB8 �<KH8=K5 E2>AB8:8�, B@51C5BAO =5 <5=LH5 45AOB8 AB>;>2KE ;>65: =0 0,5 ; 2>4:8 ?@8 B@QE=545;L=>< =0AB0820=88. 0B> =5 =0@04C5HLAO, :>340 ?@8 ;N1>< A8;L=>< :0H;5 53> >AB0=02;8205B >4=0 :>D59=0O ;>65G:0 =0AB>9:8.  =5A:>;L:> B0:8E ;>65G5: G5@57 ?0@C 4=59 70AB02;ONB 701KBL > :0H;5, ?@8GQ<, ?>402;OO 53>, 154@5=5F =5 2;8O5B =0 >BE0@:820=85 <>:@>BK, =0?@>B82, =56=> A<O3G05B 53>.  ?>B>< 2A?><8=05HL > 154@5=F5 ;8HL B>340, 5A;8 24@C3 >A5=LN 8;8 78<>9 >?OBL =0?><=8B > A515 :0H5;L. >9 ?0F85=B 1K; G@572KG09=> 4>2>;5=, :>340 =0 A515 >ICB8; C4828B5;L=>5 A2>9AB2> 154@5=F0.

(5AB>9 :C@A ;5G5=8O B0: 65 ?>;=>ABLN ?>2B>@8; 2B>@>9 :><?;5:A A =0AB>5< F25B:>2 E<5;O 8 10;L70<0, =0AB>5< G8=K ;C3>2>9 A =0AB>9:>9 :0;5=4C;K.  OA:0 H;0 ?>AB>O==> =0 ?@>BO65=88 4=O, :0: 8 :>?KB5=L. "0:8< 65, A :;525@=>9 7020@:>9, 1K; ;5G51=K9 G09.

!54L<>9 :C@A B>65 ?>;=>ABLN ?>2B>@8; B@5B89, ;8HL ?> ?@>AL15 ?0F85=B0 4>1028; A>A=>2K9 <Q4. 'B>1K =5 ?>2B>@OBLAO, O 2AO:89 @07 8<5N 2 284C 4>102;5==CN : =5<C 2 B0:>9 65 ?@>?>@F88 =0AB>9:C 87 F25B:>2 A>A=K.

5 1K;> 87<5=5=89 8 2 2>AL<>< :C@A5, ?>2B>@82H5< G5B2Q@BK9. @0240, 2> 2A5E A;CG0OE =587<5==> O =07=0G0; G5@=>A;82. 587<5==>9 >AB020;0AL 8 =0AB>9:0 @OA:8.

7@54:0, =0 >4=C 8;8 ?0@C =545;L, 4>?>;=8B5;L=> 4>102;O; ?>@>H>: 87 ;8A8G5:. / =5 7=0N, :0:85 E8<8G5A:85 25I5AB20 2 =8E 0:B82=K, 2 ;8B5@0BC@5 G0AB> @0AE20;820NBAO 70<>@A:85 3@81K H88B0:5, O:>1K CA?5H=> ?@8<5=O5<K5 2 2>AB>G=>9 <548F8=5, => C =0A, =0 #@0;5, >=8 =5 @0ABCB, ?@8E>48BAO ?>;L7>20BLAO B5<, GB> 8<55< ?>4 @C:>9.  >?KB=K5 45@525=A:85 AB0@8:8, :>B>@K< O 25@N, ?@82>48;8 C1548B5;L=K5 ?@8<5@K > 25;8:>9 ?>;L75 ;8A8G5: ?@>B82 @0:0. > 2AO:>< A;CG05 MB8 A8<?0B8G=K5 3@81>G:8 =8:0:>3> 2@540 =5 =0=>AOB, 8E <>6=> 5ABL A2568<8, 157 :C;8=0@=>9 >1@01>B:8. =8 >4=064K 2K@CG8;8 <5=O, <0;LG8H:C, :0: 8 15;K5 AK@>56:8, :>340 CB>;O; 3>;>4, 701;C482H8AL 2 B0935 =0 0;L=5< >AB>:5.

0ABC?8; A5=BO1@L, 452OBK9 <5AOF =0H53> 7=0:><AB20. �5 =04>5;8 <>8 15A:>=5G=K5 B@02K?�   ?>8=B5@5A>20;AO O. �5B, O ?@82O70;AO : =8< B0:, GB> =5 ?@54AB02;ON A515 157 =8E 40;L=59H59 687=8�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

A;8 2 8AB>@88 1>;57=8, 4065 ?@8 4;8B5;L=>9 @5<8AA88, C:070=> =0 8<52HCNAO >=:>;>38N, >1KG=> =5 A?5H0B >:>=G0B5;L=> A=OBL A 8=20;84=>AB8. "@5BLO 3@C??0 AG8B05BAO @01>G59. >30BK@Q2 78<>9 25@=C;AO =0 ?@56=NN 4>;6=>ABL, GB>1K 4> H5AB845AOB8 ;5B 2K@01>B0BL @01>G89 AB06 8 8<5BL ?@8;8G=CN ?5=A8N.  B0: 65 C?>@=> ?@>4>;60; :064K9 <5AOF ?@8E>48BL :> <=5 70 =>2K< :C@A>< ;5G5=8O. / ?@82Q; ?>;=>5 >?8A0=85 ?5@2KE 2>AL<8 :><?;5:A>2, 0 2 <>8E 70?8AOE 8E   4204F0BL G5BK@5! (1KG=> =0 ;5G5=85 @0:0 CE>48B C <5=O 2 A@54=5< H5ABL :C@A>2, @54:> 2>A5<L 8;8 452OBL.) > 5A;8 >?8A0BL 2A5 4204F0BL G5BK@5   ;>?=5B B5@?5=85 C ;N1>3> G8B0B5;O.  O =5 286C =8:0:>9 =5>1E>48<>AB8 2 45B0;L=>< ?5@5G=5 2A5E >AB0;L=KE @07@01>B>:, B5< 1>;55 GB> :>=5G=K9 @57C;LB0B 1K; 4>AB83=CB. 5G0I89 2@0G >1>40 ?>:07K20; <=5 @5=B35=>2A:85 A=8<:8 (?5@2K9, G5B2Q@BK9 8 A0<K9 ?>A;54=89), 345 GQB:> ?@>3;O4K20;>AL 2 ?@02>< ;Q3:>< 15;>5, ?>GB8 :@C3;>5 ?OB=> A @07<KBK<8 :@0O<8, 1>;55 ?OB8 A0=B8<5B@>2 2 480<5B@5, A 84CI8<8 >B =53> 42C<O 15AD>@<5==K<8 >B@>AB:0<8   MB> 1K;8 <5B0AB07K, ?@>@>AH85 2 ?;52@C. 0 2B>@>< A=8<:5 15;K9 :@C3 A60;AO 4> 25;8G8=K ?OB8:>?55G=>9 <>=5BK, 4065 <5=LH5, ?@>AB> ?OB=KH:> 157 ?@56=8E >B@>AB:>2.  =0 ?>A;54=5< A=8<:5 548=AB25==K< :@C?=K< ?OB=>< 2 A0<>< =87C :>AK< 15;K< A@57>< 2K3;O45;> <5AB>, 345 =0E>48BAO A5@4F5. =5 >AB020;>AL B>;L:> 4>304K20BLAO >1 MB><.  >1>40 C2;5G5==> ?>:07K20; <=5 25B28AB>5 1@>=E80;L=>5 45@52>, >1JOA=OO, 345 <>3CB =0E>48BLAO M=4>1@>=E80;L=K5, ?5@81@>=E80;L-=K5 C7;>2K5 8 @0725B2;Q==K5 D>@<K F5=B@0;L=>3> @0:0, ?=52<>?>4>1=K9 ?5@8D5@8G5A:89 @0:, 8AE>4OI89 87 1@>=E>2 <5=LH53> :0;81@0. = 4>AB020; 87 H:0D0 ?>?02H85 ?>4 @C:C GC685 @5=B35=>2A:85 A=8<:8, ?>CG0O, :0: =04> >B;8G0BL ?=52<>=8N, ?;52@8B 8 4@C385 ;Q3>G=K5 1>;57=8 A 8E 70B5<=5=8O<8 (=0 =530B825 >=8 B>65 2K3;O4OB 15;K<8 ?OB=0<8) >B @0:>2KE BO659, C7;>2, :;8=8G5A:8E :;0AA8D8:0F89. �"5?5@L 8<55HL ?@54AB02;5=85 > B><, :0: 2K3;O4OB >?CE>;8?�   A?@>A8; >=. �G5=L ?@81;878B5;L=>5, A<CB=>5�,   G5AB=> >B25B8; O. �0B> C<55HL @0A?@02;OBLAO A =8<8 =0 ?@0:B8:5�,   CB5H8; >= <5=

>30BK@Q2C O ?@>4>;60; 3>B>28BL <5AOG=K5 :C@AK ;5G5=8O, 2 @07=>9 >G5@Q4=>AB8 2:;NG0O 2A5 ?@56=85 B@02K 8 =0AB>9:8, ?@>B82>>?CE>;52K5 10;L70<K, 1>;83>;>2 >AB028; ;8HL =0 CB@5==89 ?@8Q<. C:28F0., 1C4@0, G8=0, E<5;L, 8AA>?, :>?KB5=L, 4C@=8H=8: 8 2AQ >AB0;L=>5 =5 1K20NB ;8H=8<8 4;O G5;>25:0, 1;87:>3> : ?5=A8>==><C 2>7@0ABC, :>340 C =53> =0G8=0NB ?>H0;820BL A5@4F5, ?5G5=L, ?>G:8, ?>465;C4>G=0O 65;570, 65;C4>:, ?@54AB0B5;L=0O 65;570. @>D8;0:B8:0 =8:>340 =5 1K205B 87;8H=59. ;5:A0=4@ >G5=L 1>O;AO @5F84820, 8<5O =03;O4=K5 ?@8<5@K, :>340 C =5:>B>@KE 1>;L=KE, 87;5GQ==KE >B @0:0, =5>6840==>, G5@57 420 8;8 B@8 3>40 A=>20 >1=0@C6820;0AL 7;>:0G5AB25==0O >?CE>;L, =5 >1O70B5;L=> 2 B>< 65 <5AB5, 0 ?>@060O 4@C385 >@30=K. 5@56Q=>3> >3 15@56QB.  >B B@02 =8:0:>3> =5B 2@540.  8E A8;5 >= C1548;AO.  :>=F5 :>=F>2, :0<5H:8 87 ?>G5: =5 A0<8 A>1>9 2KH;8   8E 157 A;540 @0AB2>@8; 4C@=8H=8:. 5=53 70 ;5:0@AB20 O 1@0; A =53> <5=LH5, G5< A 4@C38E, CG8BK20O 53> A:@><=K9 4>AB0B>: 8 4;8B5;L=>ABL ;5G5=8O.  ?>4 :>=5F 8 2>2A5 8=>340, ?@8 =5C:;>==>< @>AB5 8=D;OF88, ?@8E>48;>AL 53> ;5G8BL 2 C1KB>: A515. 5 >B I54@>AB8, 1>30BK< O =8:>340 =5 1K;, 0 87-70 2J52H8EAO 2 :@>2L 8 A>7=0=85 5IQ ?@56=8E ?@8=F8?>2 2>A?8B0=8O, GB> G5;>25: G5;>25:C 4@C3 8 1@0B, :>340 2 <>59 A5<L5 8 2 >:@C60NI59 A@545 548=><KH;5==8:>2 ?@5645 2A53> F5=8;8AL A>25ABL, G5AB=>ABL 8 15A:>@KAB85. >2>@N >1 MB>< =5 @048 :@0A=>3> A;>2F0, 0 M?>E0 1K;0 4@C30O, ?CA:09 >G5=L ?@>B82>@5G820O, => 3;025=AB2>20;8 2 =59 =5 4520;L28@>20==K5 :><<C=8AB8G5A:85, 0 2 ?@>B82>25A 8< 3@0640=A:85, O 1K A:070;, ?@>B5AB=K5 3C<0=8AB8G5A:85 8450;K.

;5:A0=4@ 4> ?>A;54=53> 2@5<5=8 70E06820; C65 =5 4><>9, 0 2 >D8A, 1@0BL B@02K =5 4;O A51O, 0 4;O 7=0:><KE. / =5 2845; 53> ;8HL A B>9 ?>@K, :0: ?5@5AB0; 25AB8 ?@8Q<, 0 <>8E ?@55<=8:>2, 8;N 8 3>@O, >= AB5A=O;AO.

02=> O =5 703;O4K20; 2 1>;L=8FC, =5 2845; >1>4C 8 =5 8<5; 2>7<>6=>AB8 A?@>A8BL, :0: ?>68205B 53> 4@C3. 045NAL, ?@8 53> ;N128 : ?@8@>45, 2 45@52=5 A 5Q G8ABK< 2>74CE>< 8 =0BC@0;L=K< E>7O9AB2><, :>340 O3>4K, O1;>:8, >2>I8 8 :0@B>H:0 A2>8, =5 =0?8G:0==K5 E8<859, A2>8 C;L8, A2>8 :C@K 8 3CA8, 0 2 @5:5 A2560O @K10, 2 ;5AC O3>4K, ?>415@57>28:8, ;8A8G:8, 4065 15;K5 3@81K, ;5:A0=4@ ?@51K205B 2 ?>;=>< 74@0288.  A>18@05B =0 >:@5AB=KE ;C30E =5:>B>@K5 C65 7=0:><K5 ;5G51=K5 B@02K   ?@> 70?0A, =0 2AO:89 A;CG09, 24@C3 2>7=8:=5B 2 =8E =5>1E>48<>ABL.

* * *

7 !B5@;8B0<0:0 ?@85E0; <>;>4>9, 687=5@04>AB=K9 <C6G8=0 ;5B A>@>:0, =8 >4=>3> A54>3> 2>;>A:0 2 ?KH=>9 H525;N@5, 2 :0@8E 3;070E @5H8B5;L=>ABL 8 ;N1>?KBAB2>. ! E>4C ?>AB028; =0 AB>; 0@<O=A:89 :>=LO: A ?>4>7@8B5;L=>9 MB8:5B:>9 ?>;C25:>2>9 402=>AB8, 7=0:><>9 <=5 5IQ A E@CIQ2A:>9 M?>E8, 8 :>@>1:C =5<5F:8E :>=D5B 2 ;C1>G=>-:@0A>G=>9 :>@>1:5, 2K?CI5==>9 :  >645AB2C. �-B> 20< :CABM=5G. "> 5ABL 3>AB8=5F, 5A;8 A:070BL ?>-=0H5<C�. = CA5;AO =0 ABC;, ?@54=07=0G5==K9 4;O ?0F85=B>2, ?@>BO=C; <=5 :;>G>: 1C<038   =0?@02;5=85 2 AB0F8>=0@  5A?C1;8:0=A:>9 >=:>;>38G5A:>9 :;8=8:8. �K >H81;8AL. -B> =5 AN40,   ACE> >B25B8; O.   >57609B5 =0 C;8FC (0D8520. =05B5 345, 8;8 >1JOA=8BL?� >ABL ABCH520;AO, C;K1:0 A?>;7;0 A ;8F0, >E20G5==>3> 2>;=5=85<. �5B, O =5 >H81AO.  @540:F88 04@5A 40;8 B>G=K9.  =0 (0D8520 =5 ?>94C. =5 39 ;5B, 8 O 5IQ E>GC ?>68BL.  B0< :>=G0NB <5=O, :0: <>53> @>4=>3> 4O4N. = ?>:@5?G5 <5=O 1K;.  C <5=O AK= <0;5=L:89, 8 65=0 >?OBL 15@5<5==0.  0725 >=8 ?@>682CB >4=8?  04@5A 40;8 <=5 >48=-548=AB25==K9   : 20<. A;8 =5 ?@8<5B5, B> >AB0=5BAO >B <5=O 2A53> >48= MB>B 04@5A. >A;54=89. !0<8 ?>=8<05B5 345...� = @57:> 87<5=8;AO 2 ;8F5, =0?CA:=CN 83@82>ABL 1C4B> 25B@>< A4C;>. 0<>;G0;, BO65;> 274KE0O, 5420 A45@6820O 4CH82H89 53> :0H5;L. KB0;AO ?@>3;>B8BL 53>, :04K: =0 EC4>9 H55 E>4C=>< 70E>48;. 5 2K45@60;. 7 :0@<0=0 2K=C; ?;0B>: 8 4>;3> :0H;O; 2 =53>. 5G0;L 8 =5<>9 2>?@>A 70ABK;8 2 >6840NI8E <>53> >B25B0 3;070E.  =0?@02;5=88 O ?@>G8B0;: �;0AB><0 =86=59 ;52>9 4>;8 ;52>3> 1@>=E0  AB0488 2 3@C??K. ;>A:>:;5B>G=0O :0@F8=><0 157 >@>3>25=8O�.

>ABL <>9, 2=5 2AO:>3> A><=5=8O, :C@8B A <0;>;5BAB20. �C@8BL =5 1@>A8;8?�   A@07C ?>8=B5@5A>20;AO O. �>GB8 =5 :C@N,   ?@87=0;AO >=.   5 1>;LH5 ?>;>28=K ?0G:8 2 45=L. > 5A;8 2>7L<QB5AL ;5G8BL <5=O, B> A53>4=O 65 1@>HC. >;=>ABLN. !;>2> 40N!�

/ 704C<0;AO, ?@8:84K20O, E20B8B ;8 C <5=O B@02 4;O =53>. �'B> 65 <=5 45;0BL A 20<8? 8<0 =5 :>=G8;0AL, 0 C <5=O 5IQ G5B25@> ;Q3>G=8:>2, B0:8E :0: 2K. / =5 <>3C 8E 1@>A8BL =0 ?>;?CB8. > 25A=K, 4> ?5@2KE B@02 40;5:>, 0 2@5<O B5@OBL =5;L7O. 8 >4=>9 <8=CBK 8 G0A0.   ><>;G0;, ?@>4C<K20O ?@81;878B5;L=K9 ?;0= ;5G5=8O 8 @C30O A51O 70 =5C<5=85 >B:07K20BL ?@>A8B5;O<, A5@48B> A:070;:   04=>, ?>?@>1C5< =0G0BL. >AB0@0NAL A45;0BL 2A5 =5>1E>48<K5 ;5:0@AB20, => C <5=O AB@>3>5 ?@028;>: =5C:>A=8B5;L=>, B>G=> A>1;N40BL 2 C:070==>5 2@5<O 2A5 =07=0G5=8O, =5 701K20O 8 =5 ?@>?CA:0O A0<>9 <0;>9 <0;>AB8. !;04:> ;8, 3>@L:> ;8   :><?;5:A A>AB02;5= :0: 548=K9 >@:5AB@. A;8 70<>;G8B A:@8?:0 8;8 D;59B0   ;N1>9 <C7K:5 :>=5F. >=OB=> 20<?� >ABL, =0?@O6Q==> 70ABK2H89 2 >6840=88 >B25B0, A@07C >6828;AO: �/ 2AQ 1C4C A>1;N40BL. >B><C GB> E>GC 68BL�.  70:;NG5=85 O 2K=C645= 1K; ?@54C?@548BL 53>: �5G5=85 C <5=O ?;0B=>5�. >ABL 2 >B25B @0AA<5O;AO: �!59G0A 2 BC0;5B 15A?;0B=> =5 ?CABOB.  @0: ;5G8BL... >2K5 @CAA:85 ?@CB 70 3@0=8FC, B@0BOB 15H5=K5 45=L38.  08AC 0:A8<>2=C, 65=C >@10GQ20, A0<K5 4>@>385 ;5:0@AB20 2 5@<0=88 =5 A?0A;8.  2K A<>3;8 1K 2K;5G8BL 5Q. =>385 ;N48 ?@> 20A B0: 3>2>@8;8. @82>48;8 ?@8<5@K. 0 3@0=8F59 2K 1K <>3;8 AB0BL <8;;8>=5@><.  BCB 87;5G8205B5 >B @0:0 70 =0H8 @C1;8, 45@52O==K5.  ?@> 20H8 @0AF5=:8 3>2>@8;8. 0 =8E 4065 18;5B =0 A0<>;QB =5 :C?8HL, GB>1K A;5B0BL =0 :>=AC;LB0F8N 2 >A:2C�.

 B5B@048 CGQB0 O 70?8A0;: 20 D52@0;O 1997 3., 0:8@ ., 39 ;5B.  =5>1E>48<K5 40==K5 > 4803=>75, > ?>O282H8EAO 1>;OE, >1 0@B5@80;L=>< 402;5=88, > ?>:070B5;OE :@>28. 0 ?5@2K9 :C@A, A :>B>@K< >= C5E0; 4><>9, O 40;: =0AB>9:C 1>;83>;>20 >B >4=>9 :0?;8 4> B@84F0B8, =0AB>9:C 4C@=8H=8:0. > 54K   B@8 @070 2 45=L   =0AB>9 >G8B:0 ?C@?C@=>3> A <>8< ;Q3>G=K< 10;L70<><.  =53> 2>H;8 200 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 150 <; =0AB>9:8 F25B>2 E<5;O, 100 <; =0AB>9:8 A>D>@K O?>=A:>9, ?> 25 <; =0AB>9:8 15;5=K 8 F25B:>2 :>=>?;8. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K 1C:28FK: 425 AB>;>2K5 ;>6:8 70;8BL ?>;CB>@0 AB0:0=0<8 :8?OB:0, 70:@KBL :@KH:>9 8 =>GL =0AB>OBL 2 B5?;5. 8BL ?> ?>;AB0:0=0, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 :0;5=4C;K. @>872>;L=>, B@8 @070 2 45=L, ?@8=8<0BL, 70?820O 2>4>9, ?> G09=>9 ;>6:5 =0AB>9:C @OA:8. "0: 65 A @02=K<8 ?@><56CB:0<8 2 B5G5=85 4=O ?8BL ?> 3;>B:C >B20@ :>@=59 :>?KB=O, => =5 1>;LH5 ?>;>28=K AB0:0=0 2 ACB:8. @8 :0H;5 =5 701K20BL > =0AB>9:5 154@5=F0: ?> >4=>9 G09=>9 ;>6:5 =0 ?@8Q<, => =5 ?>AB>O==>, 0 ;8HL ?@8 =5>1E>48<>AB8. 5275N ?@8=8<0BL ?> 4204F0BL ?OBL :0?5;L, 420 @070 2 ?5@2>9 ?>;>28=5 4=O. @8 >BACBAB288 1>;59 AB028BL ?@8<>G:8 A> AB>@>=K A?8=K 87 =0AB>9:8 1>@F0 2KA>:>3> =0 ?OBL <8=CB, 0 ?@8 E>@>H59 ?5@5=>A8<>AB8 420 @070 2 45=L, CB@>< 8 =0 =>GL. >340 2>7=8:0NB 1>;8, 2@5<O ?@>F54C@K C25;8G8BL, 45@60BL ?@8<>G:C ?> 45AOBL <8=CB, =5 C:CBK20O. !;548BL 70 A2>8<8 >ICI5=8O<8. A;8 24@C3 2>7=8:=5B ;Q3:>5 3>;>2>:@C65=85, ?>O28BAO B>H=>B0, ?@8<>G:C A@07C C1@0BL. ">340 O 70<5=N 1>@5F 4@C38< A@54AB2><. 45AL <>65B E>@>H> ?@>O28BL A2>Q ;5G51=>5 459AB285 =0AB>9:0 A>D>@K. =0, ?@>=8:0O 3;C1>:> A:2>7L :>6C, @0AA0AK205B 35<0B><K, 8=D8;LB@0BK, 70682;O5B O72K.  0: ?;>A:>:;5B>G=K9 157 >@>3>25=8O :0: @07 ?@54AB02;O5B A>1>9 87JO72;Q==K9 @0A?04 7;>:0G5AB25==>9 >?CE>;8. >MB><C 2 ?5@2CN >G5@54L O ?>4C<0; > A>D>@5. 0 2AO:89 A;CG09 40; 5<C ?@> 70?0A B@02C 4C@=8H=8:0 4;O 2>4=>3> =0AB>O 8 :>@=8 :>?KB=O, =0CG82, :0: 3>B>28BL 87 =8E >B20@. >A>25B>20; A5@LQ7=> >B=5AB8AL : GQ@=K< A;820<, AJ540BL ?> H5ABL HBC: B@8

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�4>;5=L-B@020� ?@82545=K A;CG08 2K74>@>2;5=8O >B ?@8<5=5=8O 8<5==> MB8E 42CE @0AB5=89.

 A5@548=5 8N;O 0:8@ ?>;CG8; =>2K9 :><?;5:A.  1>;83>;>2C 4>1028;AO A25689 <Q4 87 H8H5: 8 F25B:>2 A>A=K. !;54>< 70 =8<8   G09=0O ;>6:0 A>:0 <54C=8FK. Q ?8BL B@8 @070 2 45=L. "@8 @070 2 45=L 4> 54K ?@8=8<0BL =0AB>9 B@02K :=O68:0 ?> >4=>9 B@5B8 AB0:0=0 A ?@>B82>@0:>2K< 10;L70<><. 0;L70< 2:;NG0; 2 A51O 150 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 A2568E 15@Q7>2KE ?>G5:, 100 <; =0AB>9:8 :>@=59 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 F25B>2 ;>?CE0, 50 <; =0AB>9:8 :>@=59 35@0=8 :@>202>-:@0A=>9. A5 :><?>=5=BK C65 7=0:><K, :@><5 ?>A;54=53>. 5@0=L :@>202>-:@0A=0O, >1;040NI0O ?@>B82>2>A?0;8B5;L=K< 8 0=B8A5?B8G5A:8< 459AB285<, 8=>340 =0E>48B ?@8<5=5=85 ?@8 2>A?0;8B5;L=KE 1>;57=OE ;Q3:8E, BC15@:C;Q75 ;Q3:8E, 1@>=E8B0E, 701>;520=8OE 3>@;0, A;878AB>9 >1>;>G:8 @B0, ?@8 65=A:8E 1>;57=OE, >A>15==> A:;>==KE : :@>2>B5G5=8N. #G8BK205BAO 8 5Q >1571>;820NI55 459AB285. >@=8 :@>202>-:@0A=>9 35@0=8 AG8B0NBAO =5>1E>48<K<8 ?@8 =5:>B>@KE 2=CB@5==8E @0:>2KE >?CE>;OE. ;O =0AB>9:8 B@51CNBAO ?OBL AB>;>2KE ;>65: :>@=59 =0 0,5 ; 2>4:8. 0AB0820BL <5AOF. 7 2KACH5==>9 B@02K ?@54?>GB8B5;L=59 E>;>4=K9 =0AB>9: 425 G09=K5 ;>6:8 =0 AB0:0= :8?OGQ=>9 2>4K, G5@57 2>A5<L G0A>2 ?@>F548BL. =52=0O 4>70. -B>B 284 35@0=8 O G0I5 ?@8<5=ON ?@8 65=A:8E 701>;520=8OE, 8=>340 ?>;L7CNAL ?@8 BC15@:C;Q75 ;53:8E, 0 ?@8 @0:5 AG8B0N ?>;57=>9 8<5==> ?@8 ?;>A:>:;5B>G=>9 D>@<5 157 >@>3>25=8O.  >B45;L=>AB8 =5 40N, 0 2 B@02O=K5 A>AB02K 8 =0AB>9:8 ?@8 =5>1E>48<>AB8 2:;NG0N. AQ 7028A8B >B B>3>, ?@8=5AQB >=0 ?>;L7C 8;8 =5B.  C7=0BL >1 MB>< <>6=>, 5A;8 2>A?>;L7>20BLAO 18>;>:0F859. B>-B> C<5;> @01>B05B A <0OB=8:>< 8;8 305G:>9, 0 C <5=O GCB:> @5038@CNB =0 ?>;>68B5;L=CN 8;8 >B@8F0B5;L=CN M=5@35B8:C @0<:8 87 =5@6025NI59 AB0;8. =8 ?><>30NB 2 2K1>@5 >B45;L=KE B@02 8;8 2A53> ;5G51=>3> :><?;5:A0. ;045=8N @0<:0<8 =0CG8; <5=O 3>ABL 87 !0@0B>20, <564C ?@>G8<, 8=65=5@, :0=4840B B5E=8G5A:8E =0C:. =0:><8BLAO A> <=>9 >= ?@8HQ; =5 87-70 B@02, 0 87 8=B5@5A0 : ;8G=>AB8, > :>B>@>9 <=>3> 1K; =0A;KH0= >B 02B>@8B5B=KE ;N459. @>G8B02H89 >4=C 87 <>8E :=83, :0: G@572KG09=> ;N1>7=0B5;L=K9 

 0<:8 ?>4B25@48;8, GB> O A45;0; ?@028;L=K9 2K1>@, 2:;NG82 2 A>AB02 10;L70<0 :>@=8 :@>202>-:@0A=>9 35@0=8. E ?>4A:07:>9 O ?>;L7>20;AO @54:>, B0: :0: ?>GB8 2A5340 1K; C25@5= 2 ?>41>@5 B@02, => @0<:0<8 O ?>4AB@0E>2K20; A51O, 5A;8 2>7=8:0;8 A><=5=8O.

>A;5 54K O =07=0G8; 0:8@C =0AB>9 B@02K 1C4@K A B@84F0BLN :0?;O<8 A>:0 1C4@K. -B0 A>@>:0=54C6=0O B@020 B@51>20;0AL =5 B>;L:> ?@>B82 @0:0 8 G8AB:8 ?5G5=8. 06=> 1K;> ?>?CB=> ?>445@60BL I8B>284=CN 65;57C: @0:>20O >?CE>;L 2;8O5B =0 2K45;O5<K5 5N 3>@<>=K. ;O >B45;L=>3> ?@8Q<0, :0: 8 2 =5:>B>@KE ?@56=8E A;CG0OE, =07=0G8; =0AB>9:C ;02@0. 5 <>3 >1>9B8AL 8 157 =0AB>9:8 @OA:8   157 =5Q ;5G51=K9 :><?;5:A >:070;AO 1K =5 ?>;=K<. 5G5@>< ?>A>25B>20; ?>?8BL G09 A B@02>9 :8?@5O.

0: O 8 ?@54?>;030;, <>9 ?0F85=B >?OBL =04>;3> 8AG57. >72>=8; >= B>;L:> 2 A5@548=5 O=20@O, ?>?@>A8; A;54CNI89 :C@A ;5G5=8O. '5AB=> A:070BL, O 3>B>28; 53> 157 2AO:>3> M=BC7807<0. >;LH>3> B@C40 AB>8B A>1@0BL 2A5 =5>1E>48<K5 B@02K. -B> 254L 8 :>@0, 8 ?>G:8, 8 ;8ABLO, 8 F25BK, 8 B@020, 8 :>@=8. 0G8=0N 2KE>48BL 70 =8<8 @0==59 25A=>9, ?> ?>A;54=5<C A=53C, 8 70:0=G820N >A5=LN, ?> ?5@2><C A=53C. 0 >4=8< @0AB5=85< >E>GCAL 4> B>9 ?>@K, ?>:0 =5 C;>2;N =C6=K9 <><5=B. 4=064K 70 ;5?5AB:0<8 F25B>2 <0@L8=>3> :>@=O >B?@02;O;AO ?OBL @07. @>45 1K ?>@0 5<C F25AB8, 0 ?@854C   1CB>=K A?OB, =5 A?5H0B @0A?CAB8BLAO. %>;>40 7045@60;8.  5E0BL B>;L:> 2 >4=C AB>@>=C 425 A ?>;>28=>9 A>B=8 :8;><5B@>2.  4@C3>9 @07 4>64L ?><5H0;. 5AB0 48:85, =8:0:8E 4>@>3. > ;5AC, ?;CB0O <564C 45@52LO<8, : 7025B=>9 ?>;O=5, ?@OGCI59AO =0 >?CH:5, =5 ?@>1@0BLAO.  ;5?5AB:8 =C6=K <=5 ?>70@57, >A>15==> 42C< BO65;>1>;L=K< 452>G:0<, 4CH0 70 =8E 871>;5;0AL.  G5@57 B@8 8;8 G5BK@5 =545;8 A=>20 =04> ?>O28BLAO B0<, A>1@0BL GQ@=K5 3>@>H8=:8 A5<O=.  2 >6840=88, :>340 ;5?5AB:8 8;8 A5<5=0 4>94CB 4> :>=48F88, 2@5<O =5 B5@ON, AB0@0NAL 70?0AB8AL 4@C38<8 B@020<8 2 MB>< 1>30B><, ?>GB8 157;N4=>< 75;Q=>< F0@AB25 2 A0<>9 A525@=>9 B>G:5 0H:8@88.  2>>1I5, A:>;L:> =04> B5@?5=8O, GB>1K 2A5 =C6=K5 B@02K A>1@0BL, 2KACH8BL, >1@01>B0BL, 87<5;LG8BL, AB028BL =0AB>9:8 8 2>2@5<O ?@>F56820BL 8E, 45;0BL <0A;O=K5 2KBO6:8, 20@8BL <078 >B :>6=KE 701>;520=89   =5 >4=8< 65 ;5G5=85< >?CE>;59 O 70=8<0;AO.  1K20;> >G5=L : <>8< AB0@0=8O< =5:>B>@K5 ;N48 >B=>A8;8AL ;53:><KA;5==>, F5==K<8 ;5:0@AB20<8 ?>;L7>20;8AL ?> A2>5<C CA<>B@5=8N, :0: ?>?0;>, 4;O =8E MB> 1K;8 =5 ;5G51=K5 ?@5?0@0BK A 8E >D8F80;L=K< AB0BCA><, A ?>;=K< >?8A0=85< E8<8G5A:>3> A>AB020, A ?>4@>1=K<8 C:070=8O<8 ?>:070=89 8 ?@>B82>?>:070=89, 0 GB>-B> 2@>45 :CAB0@I8=K. / 8<5N 2 284C =5 B>;L:> 0:8@0. = >B=>A8;AO : B>9 :0B53>@88 @01>G8E, :>B>@KE 1@>A8;8 =0 ?@>872>; AC4L1K 2 4KH0I8E =0 ;040= ?@>872>4AB20E, :>340 >?CAB52H8<8 8 @07>@Q==K<8 AB>O;8 >AB0=>282H85 @01>BC >3@><=K5 702>4K, 0 D01@8:8, 2K?CA:02H85 >4564C 8 >1C2L, 2 >4=>G0AL5 ?@52

>A;5 ?>;C3>4>2>3> ?5@5@K20 B@C4=> 1K;> A>AB028BL ?@0:B8G5A:8 =>2K9 :><?;5:A, 2 =Q< >BACBAB2>20;0 =5?@5@K2=0O F5?>G:0 ?>A;54>20B5;L=>AB8 2 ?>41>@5 <5=ONI8E 4@C3 4@C30 B@02.  O @5H8; >AB0=>28BLAO =0 CA@54=Q==>< :C@A5, 2:;NG82 2 =53> B>;L:> 3;02=K5 ?@>B82>>?CE>;52K5 B@02K. AB5AB25==>, 2 ?5@2CN >G5@54L >AB020;AO 1>;83>;>2. / 4020; 53> A 70?0A><, B5< 1>;55 GB> C =53> 1K;0 4@C30O, B@84F0B8:0?5;L=0O AE5<0 A ?5@5@K20<8. 3> >= ?@8=8<0;, ?> <>8< ?>4AGQB0<, 2?;>BL 4> =0H59 =>2>9 2AB@5G8. !>A=>2K9 <Q4 =5 B@51C5B =5?@5@K2=>3> ?@8Q<0, 53> O 40N 2 :0G5AB25 4>?>;=8B5;L=>3> A@54AB20, >G5=L ?>;57=>3>, => =5 >1O70B5;L=>3> 4;O :064>3> :><?;5:A0. "0: GB> 53> >BACBAB285 206=>9 @>;8 =5 83@0;>.  A59G0A <>6=> 2:;NG8BL, ?CA:09 ?>10;C5BAO. > 54K 2065= =0AB>9 B@02K >G8B:0 ?C@?C@=>3>, :0: >1KG=>, B@8 @070 2 45=L, A G09=>9 ;>6:>9 CA8;5==>3> 10;L70<0.  =Q< O A>548=8; 150 <; =0AB>9:8 A>D>@K, 100 <; =0AB>9:8 :>@=59 <>;>G0O ?@CBL5284=>3>, 50 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O 8 50 <; =0AB>9:8 ?@>?>;8A0, 50 <; =0AB>9:8 =>@8G=8:0, 50 <; =0AB>9:8 A>;>4:8, 25 <; =0AB>9:8 MD54@K 8 25 <; =0AB>9:8 :>@=59 4C4=8:0 ;5A=>3>.

A5 :><?>=5=BK, :@><5 =0AB>9:8 ?@>?>;8A0, ?@8<5=O;8AL 2 4@C38E 10;L70<0E. / C65 3>2>@8; > AE>65< 459AB288 ?>G5: GQ@=>3> B>?>;O 8 ?@>?>;8A0. %8<8G5A:89 A>AB02 C =8E 70<5B=> >B;8G05BAO.  ?>;L75 ?@>?>;8A0 =0?8A0=> <=>3>, E>BO O 53> : ?@>B82>@0:>2K< A@54AB20< =5 >B=>HC, => 2 40==>< A;CG05 @5H8; 2>A?>;L7>20BLAO 53> A?>A>1=>ABLN 7=0G8B5;L=> CA8;820BL ?@>B82>@0:>2>5 459AB285 ?>G5: GQ@=>3> B>?>;O. ABL C <5=O 2 MB>< B2Q@40O C25@5==>ABL.

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

0 C482;5=85, 0:8@ >1JO28;AO ?>GB8 157 ?5@5@K20, 2 =0G0;5 <0@B0, ?>;=>ABLN ?@8=O2 25AL :C@A 8 ?>A;5 =53>   4C@=8H=8: A :>?KB=5<. 3> 8A?>;=8B5;L=>ABL <5=O ?>@04>20;0. / A@07C ?@8=O;AO 3>B>28BL >G5@54=>9 :><?;5:A. >;83>;>2 C =53> 5IQ >AB020;AO, => O 40; ?>;=CN =>@<C =0AB>9:8, ?@8A>2>:C?82 A>A=>2K9 <Q4, :><18=8@>20==K9 A =0AB>9:>9 F25B:>2 A>A=K. > 54K =07=0G8; >4=> 87 A0<KE =04Q6=KE A@54AB2   :=O68: A818@A:89 A 10;L70<><. = >G5=L ?>=@028;AO <>5<C ?0F85=BC, 8 O A>E@0=8; ?@56=89 A>AB02. >A;5 54K =07=0G8; >B20@ :>@=59 E<5;O A B@84F0BLN :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. '5@57 ?>;G0A0   5IQ ?> B@5B8 AB0:0=0 =0AB>O E2>I0 A B@84F0BLN :0?;O<8 =0AB>9:8 <0@L8=>3> :>@=O.  ;N1>5 2@5<O, ?@>872>;L=>, H;0 =0AB>9:0 @OA:8 A 3;>B:>< 2>4K. 5G5@><, =5704>;3> 4> A=0   G09, 7020@5==K9 4CH8F59 8 F25B:0<8 :;525@0, A G09=>9 ;>6:>9 <Q40.

"@02K 8 =0AB>9:8 O 2A5< 4020; A =5:>B>@K< 70?0A><. 0;> ;8 GB> <>65B A;CG8BLAO   >?@>:8=5BAO AB0:0= A ?@83>B>2;5==K< =0AB>5< 8 =04> 3>B>28BL 53> A=>20 8;8 =5G0O==> ?@>;LQBAO =0AB>9:0. >MB><C =0 A>@>: 4=59 @0ABO=C;AO :><?;5:A ;5:0@AB2 C 0:8@0.  >= C65 18 0?@5;O A=>20 1K; C <5=O   =5 >701>G5==K9, =5 E<C@K9, :0: 2 ?@54K4CI85 <5AOFK, 0 >?OBL 1@K76CI89 687=5;N185<, 4>2>;L=K9. �@>E>48; >1A;54>20=85 C 2@0G0, >= <=5 A:070;, GB> 2 ;Q3:8E G8AB>, =8:0:>9 1>;57=8 =5 =0E>48B. 065 A0<><C =5 25@8BAO�,   @04>AB=> A>>1I8; <>9 ?>4>?5G=K9. B:@>25==> 3>2>@O, =5 25@8;>AL 8 <=5. @8 B0:>< :>@>B:><, =5C?>@O4>G5==>< ;5G5=88 2 @20=>< @8B<5   8 ?>;CG8BL ?>;>68B5;L=K9 @57C;LB0B? 5 C:;04K20;>AL 2 3>;>25. 5 8A:;NG5=>, 2@0G <>3 4>?CAB8BL >H81:C. >:0 =5B @57>=0 ?@5@K20BL ;5G5=85. 0:8@, A;>2=> ?@>G8B02 <>8 <KA;8, A<0E=C; A ;8F0 C;K1:C 8 A:070;: �! <>59 AB>@>=K, :>=5G=>, MB> =0E0;LAB2>, => <=5 B0: E>G5BAO ?>;CG8BL 5IQ >48= :C@A 20H53> ;5G5=8O. 5 >B:068B5! 5=L30<8 =5 >186C 20A. / B5?5@L :>>?5@0B82 >1@07>20;.  071>30B5N   8 20A >7>;>GC.  0725 O =5 ?>=8<0N, :0: 2K 70 3@>H8 4;O ;N459 AB0@05B5AL? AN 4CHC 2 B@02K 2:;04K205B5, ?>MB><C >=8 C 20A >A>15==K5�.

@83>B>28; O 5<C 5IQ >48= :C@A. 5 A0<K9 A8;L=K9, => 4>AB0B>G=> ?>;=K9.  25A=5 70:0=G820;8AL <=>385 B@02K, => 4;O ?>AB>O==KE ?0F85=B>2 8<5;AO 8E =5?@8:>A=>25==K9 70?0A. >;83>;>2 40; >?OBL A 871KB:><   ?> <>5<C C15645=8N, 2>?@5:8 <=5=8N <=>38E A?5F80;8AB>2, >= =5 =C6405BAO 2 ?5@5@K20E, 4>;65= @01>B0BL >B =0G0;0 8 4> :>=F0 ;5G5=8O. = =5 :C<C;8@C5B, B> 5ABL =5 =0:0?;8205BAO 2 >@30=87<5, 2K2>48BAO 87 =53> C65 G5@57 2>A5<L G0A>2. 5 =0 >4=>9 A>B=5 ?@8<5@>2 O CB25@48;AO 2 53> B>;L:> ?>;>68B5;L=>9 AB>@>=5.  07C<55BAO, ?@8 AB@>3>< A>1;N45=88 =07=0G5==>9 4>78@>2:8 8 ?@028;L=>< ?@83>B>2;5=88 =0AB>9:8.  ACI=>AB8, 2:C?5 A =5:>B>@K<8 O4>28BK<8 B@020<8, =5 ?@8G8=OO =8:0:>3> 2@540, >= 70<5=O5B ?@8<5=O5<CN 2 1>;L=8F5 E8<8>B5@0?8N, 8A:;NG0O 5Q 2KA>:CN B>:A8G=>ABL. K20;>, C <5=O G0AB> A?@0H820;8, :0: ?>;L7>20BLAO :C?;5==K< 8;8 A0<8< ?@83>B>2;5==K< 1>;83>;>2><, 8 <=5 ?@8E>48;>AL G5AB=> >B25G0BL: �5 7=0N. / <>3C ?>@CG8BLAO B>;L:> 70 =0AB>9:C, :>B>@CN 3>B>28; A0<, A2>8<8 @C:0<8�. 7 B@02 4> 54K O >?OBL =07=0G8; >B20@ :>@=59 E<5;O, ?> B@5B8 AB0:0=0, 2A5 B@8 @070 2;820O ?> G09=>9 ;>6:5 =0AB>9:8 87 F25B:>2 E<5;O, =0 MB>B @07 C25;8G82 5Q 4>78@>2:C 4> ?@545;L=>9 =>@<K.

'5@57 G0A ?>A;5 54K ?8BL =0AB>9 ;8ABL52 4C@=8H=8:0 A <>8< 10;L70<>< (2 =5:>B>@KE A;CG0OE 10;L70< ?@8E>48;>AL =07=0G0BL ?>A;5 54K). 3> A>AB02 =5 >B;8G0;AO >@838=0;L=>ABLN, >4=0:> 2A5 =0AB>9:8 1K;8 ?@>B82>>?CE>;52K<8: ?> 100 <; ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, 725@>1>O, 452OA8;0 8 :0;5=4C;K. B45;L=> H;0 B@8 @070 2 45=L ?> AB>;>2>9 ;>6:5 =0AB>9:0 ;02@0. "0: 65 =587<5==>, 2 B5G5=85 4=O, =0AB>9:0 A25659 @OA:8. @8 4C@=8H=8:5 =5 >1>9B8AL 157 >B20@0 :>@=59 :>?KB=O. 5G5@><   G09 87 B@02K 8AA>?0 8 4CH8FK, A G09=>9 ;>6:>9 F25B>G=>3> <Q40. A;8 8<55BAO 2>7<>6=>ABL, :C?8BL G5@=>A;82 8 AJ540BL ?> H5ABL HBC: B@8 @070 2 45=L   >=, >A>15==> 53> :>68F0, ?@8BO38205B : A515, 1C4B> <03=8B><, >?0A=K5 4;O >@30=87<0 A2>1>4=K5 @048:0;K 8 C=8GB>605B 8E 2 =5A<5B=>< :>;8G5AB25.

@><5;L:=C;8 2 15A:>=5G=KE E;>?>B0E 3>@OG85 ;5B=85 <5AOFK.  023CAB5 ?>72>=8; 0:8@, 8728=8;AO, GB> =5 A>>1I8; A@07C > ?5@52>45 A ?5@2>9 3@C??K 8=20;84=>AB8 =0 B@5BLN. @87=0:>2 1>;57=8 C =53> =5 =0H;8, 4>;3> <C@K68;8, =>, CB25@482H8AL 2 B><, GB> >= 74>@>2, =0 @01>G59 3@C??5 2AQ-B0:8 >AB028;8. A;8 2 8AB>@88 1>;57=8 8<55BAO ?C30NI55 A;>2> �>=:>;>38O�, 2@0G8 =5 @5H0NBAO 2K?8A0BL 1>;L=>3> A@07C, 254CB 70 =8< =01;N45=85 =5A:>;L:> ;5B 8 B>;L:> B>340, C15482H8AL 2 >BACBAB288 @5F84820 8;8 =5>6840==>3> ?>O2;5=8O <5B0AB07>2 2 4@C38E >@30=0E, 5IQ @07 ?>425@3=C2 ?@>25@:5, >:>=G0B5;L=> A=8<0NB A 8=20;84=>AB8. 5=O B5?5@L =5 2>;=>20;8, =5 B@52>68;8 ?@56=85 701>BK > =5>1E>48<>AB8 4>25AB8 ;5G5=85 4> :>=F0. 4=> C482;O;>: :0: <=5 C40;>AL 4>18BLAO 53> 2K74>@>2;5=8O ?@8 ACI5AB25==KE @07@K20E <564C ?@8Q<0<8 ;5:0@AB2, 2 B> 2@5<O :0:, ?> <>5<C C15645=8N, ?@5@K20BLAO =5;L7O? @><56CB>: <564C ?5@2K< 8 2B>@K< :C@A>< G5BK@5 <5AOF0, >B 2B>@>3> :C@A0 4> B@5BL53>   ?OBL <5AOF52.  ACI=>AB8, >:070;8AL =5?@5@K2=K<8 B>;L:> B@8 :C@A0, GQB:> A;54CNI85 4@C3 70 4@C6:>9. 5C65;8 E20B8;> 8E, GB>1K @0A?@028BLAO A @0:><, ?@0:B8G5A:8 ?5@5H54H8< 2 G5B2Q@BCN AB048N? ;8 AK3@0;8 A2>N @>;L =0G0;L=K5 :C@AK, >:0702H85AO, =5278@0O =0 ?5@5@K2K <564C =8<8, =5 ?@>AB> ?>43>B>28B5;L=K<8, => 8 @01>B0NI8<8 2 ?>;=CN A8;C? > 2AO:>< A;CG05 MB>B @54:89 2 <>59 ?@0:B8:5 M?87>4 >AB0;AO 4;O <5=O =5@07@5H8<>9 70304:>9.

IQ @07, 6 =>O1@O 1998 3>40, 0:8@ ?>O28;AO C <5=O 157 ?@54C?@5645=8O, 157 >1KG=>9 ;CG570@=>9 C;K1:8, 157 25AQ;KE HCB>:. # <5=O A5@4F5 Q:=C;> >B <KA;8, GB> 70:;NG5=85 2@0G0 <>3;> >:070BLAO >H81>G=K< 8 5IQ 4>;3>, 1>3 7=05B A:>;L:>, ?@84QBAO ;5G8BL 53> =>2K<8 :><?;5:A0<8, 5A;8 ?@56=85 =5 A<>3;8 A?@028BLAO A =54C3><. �'B> A;CG8;>AL?�   >AB>@>6=> A?@>A8; O. �-0-0,   @07>G0@>20==> ?@>BO=C; >= 8 <0E=C; @C:>9 A B0:>9 >65AB>GQ==>ABLN, 1C4B> =5 2>74CE @C10=C;, 0 2@570; :><C-B> ?> H55.   / <5GB0; ?>-F0@A:8 >B1;03>40@8BL 20A, 40 =5 AC4L10. 0 ?0<OBL E>BO 1K MB> ?@8=QA.   = ?>AB028; =0 AB>; A8<?0B8G=CN ;0<?C A A5=A>@=K< 2:;NG5=85< 8 �3>2>@OI85� G0AK: <5E0=8G5A:89 3>;>A 48:B>@0 A :8B09A:8< 0:F5=B>< >1JO2;O; 2@5<O, 0 ?>AB028HL 1C48;L=8:   =0G8=0NB :C:0@5:0BL 8;8 72>=OB 2 :>;>:>;0.   >?=C; O A> A2>8< :>>?5@0B82><. @0B:8 =0;5B5;8, ?>B@51>20;8 ?>45;8BLAO A =8<8, 40 B0:85 CA;>28O <=5 ?>AB028;8, GB> =5 >=8, 0 O ?5@54 =8<8 4>;6=8:>< >AB0;AO. >;, 70 G5BK@5 <5AOF0 O 4>;65= >B40BL 8< BKAOGC. 5 @C1;59, 0 4>;;0@>2. 0 AGQBG8: ?>AB028;8. 04=>, 5IQ ?>257;>. AB@5B8; O >4=>3> :>@5H0, >4=064K 2K@CG8; 53> 87 154K, 0 >= <=5 745AL ?><>3. 5 7=0N, G5< >= 70=8<05BAO, :0:CN 4>;6=>ABL 2 <5=B>2:5 70=8<05B, B0: :0: =5 2 D>@<5 E>48B, 0 2 :8B09A:8E <OBKE 468=A0E 8 2 B0:>9 65 468=A>2>9 :C@B>G:5, :0: C <5=O, =0 284 GC20: GC20:><, 0 2AB@5B8;AO A >4=8< 87 B5E 1@0B:>2, GB>-B> A:070;, B0: >=8 A@07C >B;8?;8 >B <5=O.  B>@3>2CN ;02:C 2AQ 65 CA?5;8 A65GL, B0< C <5=O B>20@>2 1K;> =0 <8;;8>=. 5 A2>8E, 0 A :><?0=L>=0<8. >@>G5, =5 2KH5; 87 <5=O 187=5A<5=. 04=>, 4>3040;AO 4> MB>3> :>5-GB> ?@8?@OB0BL =0 GQ@=K9 45=L. >65B 1KBL, C40ABAO =>2>5 45;> >B:@KBL. 87=5A   >= :0: 1>;>B>, A 3>;>2>9 70A0AK205B...� KA;CH0; O 53> @0AA:07, ?>?KB0;AO CB5H8BL: �5 25H09 =>A. "K <>;>4, C B51O, A B2>59 =0ABK@=>ABLN, 2AQ ?>;CG8BAO�. �"0:-B> >=> B0:, => :0: 1K AB@5AA =5 ABC:=C; ?> ?@56=5<C 1>;L=><C <5ABC. !;KH0;, >B AB@5AA0 G0AB> 1K205B @5F8482. 09B5 <=5 E>@>H85 B@02K, GB>1K @0: 1>;LH5 =5 2>72@0I0;AO�. / ?>>15I0; 5<C A45;0BL 2AQ 2>7<>6=>5, GB> 7028A8B >B <5=O. 0; 4C@=8H=8:

!>AB028; E>@>H89 ;Q3>G=K9 10;L70< A 8725AB=K<8, =5 B@51CNI8<8 >A>1>3> @07JOA=5=8O =0AB>9:0<8, 0 87 =57=0:><KE 5<C ;5:0@AB2 2 ?5@2K9 @07 ?@54;>68; 10;L70< �56=>ABL�. 848<>, ?><>3 >= 5<C. IQ ?>?@>A8;.

0:8@, ?> <>8< 4>304:0<, A=>20 70=O;AO <5;:8< 187=5A><. !>>1I8;, GB> 545B 2 "C@F8N, 70>4=> 8 =>2K5 B>20@K ?@8257QB. >8=B5@5A>20;AO, 8<55BAO ;8 C <5=O :>60=0O :C@B:0, =5 =C6=K ;8 BQ?;K5 78<=85 1>B8=:8. >>15I0; A@07C 65 ?>A;5 2>72@0I5=8O 709B8 A 3>AB8=F0<8. , :0: MB> ?>E>65 =0 =53>, =04>;3> 8AG57.

1JO28;AO 0:8@ G5@57 A5<L ;5B. !=>20 701>;5;? 5B. > C 53> <;04H53> 1@0B0 >1=0@C68;8 �?;>A:>:;5B>G=K9 @0: 157 >@>3>25=8O,  AB048O, 2 3@C??0. ;0AB><0 =86=59 4>;8 ;52>3> 1@>=E0�. �">GL-2-B>GL :0: C <5=O.  402;5=85 B0:>5 65, 8 0=0;87K :@>28 >48=0:>2K5,   272>;=>20==> 3>2>@8; 0:8@, >?0A0OAL, =025@=>5, GB> O =5 2>7L<CAL 70 ;5G5=85.   !>AB02LB5 5<C B0:85 65 :><?;5:AK, :0: 4;O <5=O. E 254L A>2A5< =5<=>3> ?>B@51>20;>AL, :>340 O ?@8HQ; : 20< 2 =0G0;5 452O=>AB> A54L<>3>.  B5?5@L 425 BKAOG8 ?OBK9. 548F8=0 >B:070;0AL >B <5=O, 0 2K A?0A;8. 'C2AB2CN A51O :0: =8:>340 E>@>H>. 5@N, 8 1@0B8H:C <>53> A?0AQB5. ">;L:> 409B5 5<C B>G=> B0:85 65 ;5:0@AB20!�

"@C4=> >1JOA=8BL, => :0:>5-B> A><=5=85 70:@0;>AL 2 4CHC. 0, 4803=>7 8 0=0;87K :0: 2 75@:0;L=>< >B@065=88. > C <5=O 1K;> ?@028;>: 4065 ?@8 >48=0:>2> AE>68E 1>;57=OE 8A:0BL 8=48284C0;L=K9 ?>4E>4, ?>418@0BL B@02K, ?><>30NI85 8<5==> MB><C 1>;L=><C, 0 =5 A;54>20BL B@0D0@5BC. / 402=> ?>=O;, GB> ;5G8BL =04> ?@5645 2A53> A0<>3> G5;>25:0, 0 =5 53> 1>;57=L. ">;L:> 2 B0:8E A;CG0OE 1>;57=L >BABC?05B >B =53>. 4=0:> 0:8@ A B0:8< =0?>@>< =0A540; =0 <5=O, GB> O @0AB5@O;AO 8 2 53> ?@8ACBAB288 =0G0; 3>B>28BL B>B ?5@2K9 :C@A, A :>B>@>3> >= =0G8=0; ;5G5=85. 45AL O B>65 4>?CAB8; >H81:C   =8:>340 =5 A;54C5B 1@0BLAO 70 ?@83>B>2;5=85 ;5:0@AB2 2 ?@8ACBAB288 ?>AB>@>==53> G5;>25:0. 0:8@, 157 <5@K 4>2>;L=K9, C2Q7 7=0:><K9 5<C ?> 2A5< =0720=8O< ;5G51=K9 :><?;5:A A2>5<C 1@0BC 2 !B5@;8B0<0:. @>H;> =5 1>;LH5 <5AOF0, :>340 >= ?@85E0; 70 2B>@K< :C@A><, @04>AB=> A>>1I82, GB> C 1@0B8H:8 GC2AB2C5BAO ?5@5;>< 2 ;CGHCN AB>@>=C: ?>4=O;>AL =0AB@>5=85, ?>O28;AO 0??5B8B, 4065

AB0; 2KE>48BL =0 ?@>3C;:8.  4> MB>3> A>2A5< 1K;> 70G0E, ?>GB8 2A5 4=8 ?@>2>48; 2 ?>AB5;8, 4065 E>B5; ?@83;0A8BL <C;;C 4;O GB5=8O =5:>B>@KE AC@ 87 >@0=0.

(;> 2@5<O. "@5B89 :C@A ;5:0@AB2 C5E0; 2 !B5@;8B0<0:. 0:8@ ?> B5;5D>=C A>>1I8;, GB> 1@0B8H:0 :0?@87=8G05B, =5 E>G5B ?8BL =5:>B>@K5 B@02K. @8E>48BAO =0A540BL =0 =53>, C3>20@820BL. >B>< 4>;30O ?0C70. 5 1K;> =8:0:8E 25AB59. / 2AQ ?>=O;. >340 G5@57 <5AOF 0:8@ A>>1I8; > A<5@B8 1@0B0, O =5 C4828;AO, => =0 4CH5 ?>O28;>AL 3>@L:>5 GC2AB2> >B <KA;8, GB> :0:0O-B> 4>;O 28=K ;568B 8 =0 <=5, E>BO =8 @07C =5 2845; 1>;L=>3>, 4065 ?> B5;5D>=C =5 >1I0;AO A =8<. ?@>G5<, A<5@BL 8 =5:>B>@KE 4@C38E ;5G82H8EAO C <5=O ?0F85=B>2 >AB02;O;0 2 4CH5 =5873;048<K9 >B?5G0B>:, 15@54O 5Q 4>;385 3>4K, >AB020OAL 8=>340 =5<K< C:>@>< =0 2AN 687=L. 8:0:>9 <>59 28=K =5 1K;> 2 B><, GB> O ?@8 2AQ< AB0@0=88 >:070;AO =5 2 A8;0E A?0AB8 G5;>25:0, =5 <>3 ?>2;8OBL =0 87<5=5=85 53> AC4L1K.

20 >48=0:>2KE 4803=>70. 20 @>4=KE 1@0B0. 4=>3> C65 =5B =0 A25B5, 4@C3>9 E>48B ?> C;8F0< @>4=>3> 3>@>40 <8<> C3@N<>3>, @07>@Q==>3>, ?>:8=CB>3> ;N4L<8 702>40.  048 70@01>B:0, 4;O >15A?5G5=8O A5<L8 >=, :20;8D8F8@>20==K9 @01>G89, 70=8<05BAO <5;>G=>9 B>@3>2;59. = 2K68; ?>A;5 A<5@B5;L=>9 1>;57=8. 045NAL, 2K6825B 8 2 =>2>9 687=8, 2 AB@0=5, ?KB0NI59AO ?@5>4>;5BL @07>@, :>@@C?F8N, 45D>;BK 8 :@878AK, 0 2 ?>A;54=85 3>4K 70=OB>9 3@0=48>7=K<8 ?;0=0<8 =0 1C4CI55, 345, :0: >15I0NB, =0 =51K20;K5 2KA>BK ?>4=8<5BAO <548F8=0, 0 B@02=8:8 8 F5;8B5;8, ?>4>1=K5 <=5, :0=CB 2 =51KB85.

* * *

!@548 7;>:0G5AB25==KE >?CE>;59 @0: ;Q3:>3> 2KH5; =0 ?5@2>5 <5AB>, ?@52>AE>4O @0: <>;>G=>9 65;57K.  53> ;5G5=85 >4=> 87 A0<KE B@C4=KE.  <548F8=5 O ?@><>;GC, 0 GB> :0A05BAO B@02=8:>2   =5 ?@8?><=N A;CG0O, GB>1K :B>-=81C4L 27O; 1>;L=>3> 4065 A B@5BL59 AB04859, 0 > G5B2Q@B>9 8 3>2>@8BL =5 ?@8E>48BAO. >B ?>G5<C :> <=5 >1@0I0;8AL A >4=8<8 8 B5<8 65 A;>20<8: �45 B>;L:> <K =8 1K;8, 2AN4C >B:07K20NBAO. 065 A;KH0BL =5 E>BOB. K =0H0 ?>A;54=OO 8=AB0=F8O, 548=AB25==0O =045640 =0 20A, 20H5 <8;>A5@485�. 'B> >AB020;>AL 45;0BL <=5? / ?>=8<0;, GB> 15@CAL 70 157=0456=>5 45;>. >-?5@2KE, =5 <>3C 2845BL 65=A:8E A;Q7, 0 A <>;L1>9 ?@8E>48;8 2 >A=>2=>< 65=I8=K, ?KB0OAL A?0AB8 <C60 8;8 548=AB25==>3> AK=0. !:>;L:> B5@?5=8O B@51>20;>AL, GB>1K 2KA;CH0BL 8E 4> :>=F0! ;8 E>BO 1K 27OBL 87 8E @C: AB0=40@B=K5 A?@02:8 =0 =87:>A>@B=>9 1C<035, ?>E>685 =0 ?>E>@>=:8, >48=0:>2>3> D>@<0B0 A >48=0:>2K< B5:AB><: �4 AB. 4 3@. A <5B0AB070<8... K?8AK205BAO =0 A8<?B><0B8G5A:>5 ;5G5=85 ?> <5ABC 68B5;LAB20�. >-2B>@KE, <=5 ?@54AB>O;> ?@>87=5AB8 A0<K5 B@C4=K5 A;>20: �>74=>, >G5=L ?>74=>. !?0AB8 =52>7<>6=>. >574 CHQ;. 065 70F5?8BLAO =5 70 GB>. 45 65 2K 1K;8 @0=LH5?�  254L 1K;8 >=8 2 >=:>;>38G5A:8E :;8=8:0E, 345 1>;L=K5 ?@8=O;8 45AOB:8 :C@A>2 E8<88 8 >1;CG5=8O, 5A;8 >:07K20;8AL A?>A>1=K<8 2K45@60BL C189AB25==CN 0B0:C CAB0@52H8E F8B>AB0B8:>2, E>BO 2@0G8 ?>G8B0;8 70 AG0ABL5 ?>;CG8BL 8 8E 2 CA;>28OE >1=8I02H59 <548F8=K 2 =0G0;5 452O=>ABKE. 5 B>;L:> 2 =0H59  5A?C1;8:0=A:>9 >=:>;>38G5A:>9 :;8=8:5, => 8 2 4@C38E 3>@>40E, 4065 2 A0<>9 >A:25, G0AB> =5 8<5;8 2>7<>6=>AB8 ?><>GL @0:>2K< 1>;L=K< (0 1K20;>, 8 2>2A5 >B:07K20;8AL 1@0BL 8E 2 AB0F8>=0@   157=04Q6=KE, ?>3810NI8E >B ?>A;54=59, G5B2Q@B>9 AB0488), 8 B>340 =0G8=0;AO ?>E>4 : 7=0E0@O<, ;5:0@O<, M:AB@0A5=A0<, :>;4C=0<, H0<0=0<. 8HL 548=8F0< C4020;>AL ?@>@20BLAO : 0;0E>2C, 0=8:>2C, 0;KH52C, >@5?0=>2C 8 5IQ : =5A:>;L:8< 8725AB=K< B@02=8:0<. > <=5 B>65 @20;8AL 87 @07=KE :@0Q2 8 3>@>4>2, >B:C40-B> =0E>4O =><5@ B5;5D>=0 8 4><0H=89 04@5A, => O <>3 27OBL =0 ;5G5=85 548=8FK 87-70 >3@0=8G5==>3> :>;8G5AB20 B@

= ?@>A8; ?>;5G8BL A2>N <0<C >B @0:0 <0B:8. �>G5<C A0< =5 2>7L<QHLAO 70 =5Q? @C759 ?>?@>A8; 1K. 54L M:AB@0A5=AK ?>;L7CNBAO 1>;LH>9 ?>?C;O@=>ABLN, 8< ?>42;0AB5= =54>ABC?=K9 4;O =0A, A<5@B=KE, >A>1K9, B08=AB25==K9 <8@ M7>B5@8:8�,   A:070; O. �0?><=8, =8 >48= M:AB@0A5=A ?>:0 =5 2K;5G8; 8 =8:>340 =5 2K;5G8B @0:,   >B25B8; >= A5@LQ7=>, A 3>@5GLN 2 3>;>A5.   K <>65< A=OBL ;N1CN 1>;L, >1;53G8BL AB@040=8O C<8@0NI5<C, <K <>65< 2 :0:>9-B> AB5?5=8 ?@>4;8BL 5<C 687=L, => =0 >G5=L <0;>5 2@5<O, @>2=> =0 AB>;L:>, GB>1K >= CA?5; ?>4C<0BL > ?@>68B>9 687=8 8 ?@>AB8BLAO A 75<=K< ACI5AB2>20=85<�. 0@0B >G5=L =54>;3> 70=8<0;AO ?@8Q<>< 1>;L=KE 8 2A:>@5 C5E0; 2 =48N, : A2>5<C :C<8@C !08B1015, AB02 53> ;CGH8< CG5=8:><, 8 2 #DC 2>72@0I0;AO >G5=L @54:>, >:>=G0B5;L=> ?@52@0B82H8AL 2 8=4C8AB0, ?@8=O2 25@C 25;8:>3> C44K.  <=5 2 >48=>G:C ?@8H;>AL 4>1@>2>;L=> BO=CBL ;O<:C, :>B>@0O >:070;0AL =5 ?>4 A8;C =5 B>;L:> :>;4C=0< 8 <030<, => 8 M:AB@0A5=A0<.

O<:0   ?>BO65;55 1C@;0F:>9. !:>;L:> A8; ?@8H;>AL 2;>68BL, GB>1K 2KBO=CBL 87 1574=K <>;>4>3> 20=0 ., CE8B@82H53>AO : B@84F0B8 3>40< =068BL 425 �G5B2Q@:8� @0:0 ;53:8E. = ?@8HQ; 157 8AB>@88 1>;57=8, 4065 157 ?@>AB>3> 0=0;870 :@>28. KA>:89, ?;5G8ABK9, :@5?:>3> B5;>A;>65=8O, <>;G0;82K9 8 A;8H:>< A0<>C25@5==K9, >= <=5 =0?><8=0; >4=>3> B5;52878>==>3> 0:BQ@0, 8A?>;=O2H53> @>;L 2>60:0 ?@5ABC?=>9 3@C??K. > <=5 H525;L=C;>AL ?>4>7@5=85: 2>B >=, B8?8G=K9 >1@075F :@8<8=0;L=>3> <8@0. > O =5 A;54>20B5;L 8 =5 ?@>:C@>@, ?5@54> <=>9 AB>O; >1@5GQ==K9 1>;L=>9 A �?>E>@>=:>9�, >B?@02;5==K9 ?>4 =01;N45=85 CG0AB:>2>3> >=:>;>30 �=0 A8<?B><0B8G5A:>5 ;5G5=85�. > 53> A;>20<, A 1>;LH8< B@C4><, AG8B02H89AO 157=04Q6=K<, >= ?@>18;AO 2 >=:>;>38G5A:89 F5=B@, ?@8=O; B@8 A50=A0 ;CG52>9 B5@0?88, => ?>A;5 B>3> :0: ?@>28=8;AO, 2K?82 A 3>@O A 42C<O 1>;L=K<8 ?> 1CBK;:5 2>4:8 =0 :064>3>, 53> =0CB@> A@07C 2K?8A0;8 70 =0@CH5=85 @568<0, AC=C2 2 @C:8 :;>G>: 1C<038. �8:0:8E >15I0=89 40BL =5 <>3C, => ?><>GL ?>AB0@0NAL,   AB@>3>, 157 >1KG=>3> =0AB@>O 8 704CH52=>9 15A54K, ?>-45;>2><C A:070; O 5<C.   > ?@8 >4=>< CA;>288, GB> BK 1C45HL 2K?>;=OBL 2A5 <>8 CA;>28O. >@>G5 3>2>@O, ?><>65HL <=5, 0 242>Q< <K :0:-=81C4L A?@028<AO�. = ?>-A>;40BA:8 2KBO=C;AO, :>@>B:> ?@>87=QA: �ABL!� / =5 AB0=C >?8AK20BL 2A5 452OBL ?>;=KE :><?;5:A>2, B0: :0: 2 =8E ?@8ACBAB2>20; =5:>B>@>3> @>40 ?>2B>@ C65 C?><O=CBKE A@54AB2. >;83>;>2 2 ?5@2K9 :C@A 2:;NG0BL =5 AB0;. 565;0B5;L=> 8A?>;L7>20BL 53> A@07C ?>A;5 �;CG0�, => 40; =587<5==K5 :>?KB5=L A A>:>< 4C@=8H=8:0, 4> 54K   =0AB>9 B@02K G8=K A 10;L70<>< 87 =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=O ;>?CE0 8 F25B>2 :0;5=4C;K ?> 100 <;, ?> 50 <; =0AB>5: 4O38;O, 8AA>?0 8 :>@=59 ?@CBL5284=>3> <>;>G0O, ?> 25 <; 15;5=K 8 F25B:>2 :>=>?;8. >A;5 54K   >B20@ :>@=59 E<5;O A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   =0AB>9 F25BCI59 B@02K A8=O:0   >4=C G09=CN ;>6:C ACHQ=>9 B@02K =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL B@84F0BL <8=CB, A@07C ?@>F548BL. @8=8<0BL B@8 @070 ?> ?>;AB0:0=0, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C =0A

7 =>2KE @0AB5=89, >1@0B8B5 2=8<0=85, 2:;NG8; A8=O: >1K:=>25==K9. = :@09=5 @54:> C?><8=05BAO 2 ;5G51=8:0E, =0 =53> ?>GB8 =5 >1@0I0NB 2=8<0=8O 87-70 A8;L=>9 O4>28B>AB8 8 C7:>3> :@C30 1>;57=59, 345 >= <>65B ?@>O28BL A2>8 A?>A>1=>AB8. # =53> ?> 2A5<C AB51;N ?>4=8<0NBAO :25@EC =5:@C?=K5, => >G5=L :@0A82K5 O@:>-A8=85 F25B:8, >4=0:> 2 1C:5BK ?>;52KE B@02 53> ?>GB8 =5 15@CB 87-70 65AB:>3> 2>;>A8AB>3> AB51;O. !8=O: G0AB> <>6=> 2845BL 24>;L I51=8ABKE A5;LA:8E 4>@>3, ;N18B AB5?=K5 ?CABK@8 A ACE>9 ?>2@564Q==>9 ?>G2>9. !1>@ B@02K >G5=L 70B@C4=O5B 53> 70?K;Q==>ABL, A0<K9 =0AB>OI89 ?K;5A>A, 0 G8ABK9, =5703@O7=Q==K9 A8=O: 2AB@5B8HL @54:>. = ;N18B =0E>48BLAO =0 284C, :@0AC5BAO 2 >682;Q==KE <5AB0E, 0 2 =5E>60-;CN 3;CHL, 345 ?@8@>40 ?>:0 =5 8A?0G:0=0 ;N4L<8 8 B@0=A?>@B><, ?>GB8 =5 703;O4K205B. 3> E8<8G5A:89 A>AB02 ?>GB8 =5 87CG5=, 2KO2;5=K 2 =Q< A0?>=8=K 8 <=>65AB2> O4>28BKE 0;:0;>84>2. !8=O: F5=8BAO :0: A8;L=>5 >BE0@:820NI55, CA?>:0820NI55 :0H5;L (4065 ?@8 :>:;NH5).  ?@>B82>>?CE>;52K< A@54AB20< 53> =5 >B=>AOB, => O ?>4>7@520N, GB> >48= 87 53> 0;:0;>84>2, 0 <>65B 1KBL, 8 2A5 >=8 2 >1I59 <0AA5, >AB0=02;820NB @>AB @0:>2KE :;5B>:. > 2AO:>< A;CG05 O =5 @07 C15640;AO 2 53> ?>;L75, 22>4O 2 A>AB02 ;5G51=KE :><?;5:A>2. @8HQ;AO >= :> 42>@C 8 ?@8 ;5G5=88 20=0.

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�!:068B5 >B:@>25==>, 8<55B A<KA; ;5G8BLAO B@020<8, 5A;8 4065 >?KB=K5 2@0G8 =5 E>BOB 2>78BLAO A> <=>9?�   60;>1=> A?@>A8; 235=89 0A8;L528G. �A;8 E>B8B5 40;LH5 68BL, B> ;N1>5 ;5G5=85 8<55B A<KA;,   >B25B8; O.   "@020<8 ;N48 ?>15640NB 8 =5 B0:85 1>;57=8. 0< 2A53> ?OBL45AOB A5<L ;5B, 20< B>;L:> 68BL 8 68BL, 5A;8 A 25@>9 =0AB@>8BLAO =0 ?>;=>5 87;5G5=85. AQ 7028A8B >B 20H53> 65;0=8O 8 2>;8. / =5 C3>20@820N, 0 40N 20< 2K1>@�.

84 C 235=8O 0A8;L528G0 1K; =5@5H8B5;L=K9, :8A;K9. 0: >= >B;8G0;AO >B 20=0! B B>3> 8AE>48;0 2=CB@5==OO A8;0, F5;5CAB@5<;5==>ABL. = 1K; ?>E>6 =0 :@5?:> A60BK9 :C;0:.  C MB>3> 1572>;L=K5 @C:8 28A5;8 ?;5BLN, A 2O;K<8 ?0;LF0<8, ?>B5@O2H8<8 A?>A>1=>ABL : <C6A:><C :@5?:><C @C:>?>60B8N. <5NI89 ?><8<> @0:0 F5;K9 1C:5B 1>;57=59, >= A0< 1K; ?>E>6 =0 C2O40NI89 1C:5B. &25B>G=K9 1C:5B, 2>7<>6=>, 8 >682QB, 5A;8 =0;8BL 2 207C 2>4C, 0 8<55BAO ;8 6828B5;L=0O 2>40 4;O 235=8O 0A8;L528G0? �>65B 1KBL, =5 AB>8B B@0B8BL 45=L38 =0 :0:CN-B> B@02C?�   B8E> A?@>A8; >=, 2>?@>A8B5;L=> 3;O4O =0 65=C. �"@O?:0!   H5?=C;0 >=0 5<C 2 >B25B, 0 ?>25@=C2H8AL :> <=5, B2Q@4> ?@>87=5A;0:   C45B ;5G8BLAO :0: ?>;>65=>! =0G5 :0:>9 8<5;AO A<KA; C?@0H820BL !0<>9;5=:>, GB>1K >= ?>72>=8; AN40? 5 >= ;8 @0AA:07K20;, A:>;L:> 1K;> 745AL A?0A5=> 157=04Q6=KE 1>;L=KE? E =5 A@02=8BL A B>1>9. "K C <5=O 5IQ =0 A204L15 C 2=CG:8 ?>?;OH5HL!�

@8H;>AL 27OBL AB@>8B5;O =0 ;5G5=85, E>BO >A>1>3> M=BC7807<0 O =5 8A?KBK20;. 0G0; A A0<KE 459AB25==KE A@54AB2: 402=> 8A?KB0==>3> 2 45;5 1>;83>;>20 ?> A2>59 AE5<5, A>A=>2>3> <Q40, 4C@=8H=8:0 2 ?0@5 A ;8ABLO<8 :>?KB=O   2 53> ;8ABLOE 5ABL 3;8:>784, CA8;820NI89 A5@45G=K5 A>:@0I5=8O. > 54K   =0AB>9 B@02K 1C:28FK A 10;L70<><: A>548=8; ?> 150 <; =0AB>9:8 :>@=59 ;>?CE0 ?>?>;0< A =0AB>9:>9 53> 65 F25B:>2 8 =0AB>9:8 15@Q7>2KE ?>G5:, 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, ?> 50 <; =0AB>9:8 78<=53> E2>I0 8 =0AB>9:8 15;5=K. %2>I 78<CNI89 A8;L=> O4>28B. = =0E>48B @54:>5 ?@8<5=5=85 E>BO 1K ?>B><C, GB> 53> =5 7=0NB. = =5 ?>E>6 =0 >1KG=K5 E2>I8 ?>;=K< >BACBAB285< ;8ABL52. ">@G0B =0 >?CH:5 ;5A0 :0:85-B> 75;Q=K5, 3>;K5 :@C3;K5 AB51;8 8 =54>C<5205HL: >B:C40 27O;0AL 745AL @5G=0O :C30? =5H=5 >=8 ?@8 ?>25@E=>AB=>< 273;O45 >G5=L ?>E>68. 8HL ?>BO=C2 =5>1KG=K9 AB515;L 70 25@E, 0 2KB0A:8205BAO >= ;53:> 87 ?@>H;>3>4=53> :>6CE0, 2848HL E0@0:B5@=K5 4;O E2>I0 C7;K A>548=8B5;L=KE G;5=8:>2.  ?>;57=KE A2>9AB2 C E2>I0 78<CNI53>, ?@8 A>1;N45=88 157>?0A=>9 4>7K, 4>2>;L=> <=>3>. = =5>1E>48< 8 4;O ;5G5=8O ?5G5=8, ?>465;C4>G=>9 65;57K, 65;C4:0, =5@2=>9 A8AB5<K, 1@>=E8B0 8 ?=52<>=88.  3;02=>5   8<55BAO C =53> ?@>B82>>?CE>;520O A8;0. >A;5 54K, B@8 @070 2 45=L, O =07=0G8; =0AB>9 B@02K 1C4@K A B@84F0BLN :0?;O<8 A>:0 1C4@K. B 38?5@B>=88, 8 >A>15==> 4;O ?>445@6:8 A5@4F0, 2:;NG8; A<5H0==K5 ?>@>2=C =0AB>9:8 F25B>2 1>O@KH=8:0 8 :0;5=4C;K   ?> G09=>9 ;>6:5 B@8 @070 2 45=L ?>A;5 54K. >;57=> MB> 8 ?@8 @0:5. 7<>;>; 2 ?>@>H>: 2 :>D5<>;:5 A5<O ;L=0 8 =07=0G8; B@8 @070 2 45=L ?> G09=>9 ;>6:5. 0?8BL 2>4>9, 2 :>B>@>9 @072545=0 G09=0O ;>6:0 =0AB>9:8 F25B>2 1>O@KH=8:0 A :0;5=4C;>9. >;>BL A5<O ;L=0 65;0B5;L=> :064K9 45=L. '5@57 ACB:8 87 ?>@>H:0 =0G8=05B 2K45;OBLAO <0A;>, 0 2 B5?;5 >=> <>65B 1KAB@> ?@>3>@:=CBL. ?@>G5<, 8 2 E>;>48;L=8:5 ?>@>H>: 87 A5<O= ;L=0 B5@O5B G0ABL F5;51=KE :0G5AB2. > 2B>@>9 ?>;>28=5 4=O =07=0G8; >B20@ :>@=59 E<5;O A B@84F0BLN :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. >=8<0N, :C@A A;>6=K9, ?;>B=K9. -B> =5 B01;5B:8 3;>B0BL =0 E>4C, 40 5IQ ?> =5

 ?>4 :>=5F 704020; >48= 8 B>B 65 2>?@>A: =5;L7O ;8 =09B8 A@548 B@02 A0<K5 A8;L=K5, A?>A>1=K5 25@=CBL 5<C E>BL G0AB8FC 74>@>2LO? 04> =5 ?>;5=8BLAO, ?>8A:0BL 2 AB0@8==KE 8AB>G=8:0E >B25B, 3>2>@8;8 65 4@52=85 02B>@K > 2>;H51=KE 2>7<>6=>ABOE ;535=40@=>9 <0=4@03>@K. / >15I0; 5<C =09B8 <0=4@03>@C, 0 >= C65 8 A;KH0BL > =59 =5 E>B5;, =C4=>, A;57;82> =0G8=0; 60;>20BLAO, GB> =8:0:85 <0=4@03>@K B5?5@L 5<C =5 ?><>3CB, =K;, GB> 687=L ?@>68B0 =0?@0A=> 8 2?@54L =8G53> E>@>H53> >=0 =5 AC;8B, :@><5 <CG5=89 8 1>;8. !B>8B ;8 B@0B8BL 2@5<O =0 ?@83>B>2;5=85 =0AB>52 8 ?8BL AB>;L:> 3>@L:8E =0AB>5:? 7 =8E B>;L:> A>A=>2K9 <Q4 40QB =5<=>3> A8;K. >6=> ;8 ?8BL 53> =5 AB>;>2K<8 ;>6:0<8, 0 1>;LH5, A@07C ?> ?>;AB0:0=0? AQ >AB0;L=>5 8;8 3>@L:>5, 8;8 ?@5A=>5, A5=>< >B40QB, 0 >= =5 ;>H04L. 5:0@AB20 4>;6=K 4>AB02;OBL C4>2>;LAB285, 1KBL C3>4=K<8 4CH5.

"0:>3> =KB8:0 O 5IQ =8:>340 =5 2AB@5G0;. = ?@82>48; <5=O 2 B8E>5 15H5=AB2>, => O A45@6820; A51O, >1O70==K9 2=5H=5 >AB020BLAO 2=8<0B5;L=K<, 4>1@>65;0B5;L=K<, 8 C1548B5;L=K< B>=>< 2=CH0;, GB> 40N 5<C B@02K, A>1@0==K5 ;8G=> 4;O =53>, 70 =8<8 O 2K=C645= 8 2 3>@K 7018@0BLAO, 8 2 4@5<CG8E ;5A0E >BKA:820BL ;C609:8 A @54:>AB=K<8 B@020<8, 8 >= =5 4>;65= ?@5=51@530BL 8<8.  ACI=>AB8, O =8A:>;L:> =5 ?@5C25;8G820;, B0: >=> 8 1K;>. '0AB> O 1@0; @0AB5=8O 04@5A=>, 4;O :>=:@5B=>3> G5;>25:0, @0AA:07K20O > =Q< 2 A2>59 15A545 A B@020<8. ><C-B> ?>:065BAO MB> A<5H=K<, =>, F5;K9 45=L =0E>4OAL 2 >48=>G5AB25, O 8=>340 =0G8=0; @073>20@820BL 2A;CE, 0 548=AB25==K<8 A;CH0B5;O<8 C <5=O, @07C<55BAO, 1K;8 B@02K.

G5@54=K5 :C@AK A> 2A5<8 ?>OA=5=8O<8 O AB0@0;AO >B4020BL 65=5 235=8O. >2>@8;, GB> B>;L:> >B =5Q 7028A8B E>4 ;5G5=8O, >=0 >4=0 A?>A>1=0 ?>4028BL 2 =Q< C?04=8G5AB2>. � >= 2A5340 1K; B@CA>< 8 =KB8:><,   A?>:>9=> >B25G0;0 >=0.   @84C A @01>BK, 286C, ;5:0@AB20 AB>OB =5B@>=CBK<8 8;8, =0>1>@>B, 2K?8; 242>5 1>;LH5. A;8 =5 40; >3 C<0, B> A2>9 : =5<C =5 4>1028HL�.

* * *

 1K; C <5=O 2 B> 2@5<O B@5B89 ?0F85=B. "8E89 ?>68;>9 G5;>25:, =5402=> >B<5B82H89 A5<L45AOB 452OBK9 45=L @>645=8O. @8E>48; >= =5 >48=, 0 A 65=>9, ?@8<5@=> B0:>3> 65 ?@5:;>==>3> 2>7@0AB0. 10 A:@><=> >45BK5, =5AC5B=K5, =5C;>28<> ?>E>685 4@C3 =0 4@C30, A =5?>42;0AB=K< 2;8O=8N 2@5<5=8 2@>64Q==K< 1;03>@>4AB2><, 8=B5;;835=B=>ABLN. >@8A 8:>;0528G 8 A5=8O ;5:A552=0 @>4>< 87 5=8=3@040.  ?5@2K5 4=8 2>9=K 8E A5<L8 M20:C8@>20;8 2 #DC. >@8A A A5=859 745AL >:>=G8;8 H:>;C, ?>ABC?8;8 2 8=AB8BCB, 345 2?>A;54AB288 >AB0;8AL @01>B0BL.  @>48B5;8 C5E0;8 >1@0B=> 2 5=8=3@04.

A5=8O ;5:A552=0 ?@>BO=C;0 <=5 ?0:5B A 8AB>@859 1>;57=8 <C60. >340 >= >B2;Q:AO, @073;O4K20O =0 AB5=0E :0@B8=K <>8E 4@C759, 8725AB=KE EC4>6=8:>2, 53> AC?@C30 CA?5;0 H5?=CBL <=5: �>@8A =8G53> =5 4>;65= 7=0BL > A2>59 1>;57=8!�  2A;CE ?@>87=5A;0: �# <C60 ?=52<>=8O.  5IQ GB>-B>. @0G8 ?@>A8;8 ?5@540BL 20< ?0:5B, B0< 8 A=8<:8, 8 2A5 0=0;87K. K A0<8 2> 2AQ< @0715@QB5AL. >@8A, O 286C H:0DK A :=830<8, BK 7=05HL, :0: O =5@02=>4CH=0 : =8<, 8 E>BO 1K >4=8< 3;07:>< 273;O=C =0 =8E, 0 BK @0AA:068 4>:B>@C 2AQ 157 CB09:8�. >@8A 8:>;0528G ?@8428=C;AO :> <=5 8 B>65 B8E> ?@>H5?B0;: �5=5 2@0G8 > <>Q< >A=>2=>< 701>;520=88 =8G53> =5 A:070;8. # =5Q A5@4F5 A;01>5, =5 2K45@68B B0:>3> C40@0.  2K, ?>60;C9AB0, =5 ?@>3>2>@8B5AL!�

/ 2A:@K; 70?5G0B0==K9 :>=25@B, 4>AB0; 1C<038, @5=B35=>2A:85 A=8<:8.  :0:>< 1K >= 2>7@0AB5 =8 1K;, 4803=>7 ?5G0;L=K9: �0@F8=><0 ?@02>3> 25@E=54>;52>3> 1@>=E0.  0: ?;>A:>:;5B>G=K9 A >@>3>25=85<. 4 AB048O. 4 3@C??0. !>?CBAB2CNI55: 10:B5@80;L=0O :@C?. ?=52<>=8O ?@02>3> ;Q3:>3>, 70BO6=>5 B5G5=85�. 7 60;>1   A8;L=K9 :0H5;L 25G5@0<8, 2 3>@87>=B0;L=>< ?>;>65=88. !-   32. 5<>3;>18=   92. 5 1;8AB0;8 8 >AB0;L=K5 ?>:070B5;8   A:07K20;8AL, ?><8<> 1>;57=8, 8 2>7@0AB=K5 87<5=5=8O. AQ MB> 4> <5;>G59 ?@8E>48;>AL CG8BK20BL <=5 ?@8 A>AB02;5=88 ?5@2>3> :C@A0 ;5G5=8O.

B 1>;83>;>20 O @5H8; =5 >B:07K20BLAO, 0 =07=0G8; 53> I04OI59 �3>@:>9�, >B >4=>9 :0?;8 4> 4204F0B8, 70B5< C102;OBL ?> :0?;5 4> 8AE>4=>3> <><5=B0. >A;5 42CE=545;L=>3> ?5@5@K20 ?>2B>@8BL. !>A=>2K9 <Q4 >AB028; 2 G8AB>< 2845, B0: >1KG=> =07=0G0N 45BO<. C@=8H=8: 40; 2 A0<>9 A;01>9 :>=F5=B@0F88: 0,5 ; ?@0:B8G5A:8 G8AB>3> A>:0 A 4>102;5=85< 100 <; 2>4:8.  07C<55BAO, 2 A2O7:5 A :>?KB=5<. > >4=8<8 =56=K<8 A@54AB20<8 =5 >1>94QHLAO. 5>1E>48<> 8 C40@=CN A8;C ?>4:;NG8BL. #40@8BL <>I=>, => B0:, GB>1K 87=>H5==K9 >@30=87< >ICB8; MB> :0: ;Q3:89 I5;G>:. 0HQ; =04Q6=>5 @0AB5=85 ?@>B82 @0:0 8 >4=>2@5<5==> >B 10:B5@80;L=>9 ?=52<>=88   >B20@ 1>4O:0 AJ54>1=>3> 87 42CE AB>;>2KE ;>65: :>@=59 =0 ?>;B>@0 AB0:0=0 2>4K. 0 A;01>< >3=5 ?OBL <8=CB 20@8BL, >48= G0A =0AB0820BL 8 ?@8=8<0BL ?> ?>;AB0:0=0 2 BQ?;>< 2845 B@8 @070 2 45=L, 2;820O G09=CN ;>6:C :@5?:>9 =0AB>9:8 :>@=59 452OA8;0 (A5<L AB>;>2KE ;>65: :>@=59, =0AB>O==KE B@8 =545;8 2 0,5 ; 2>4:8) 2<5AB> 10;L70<0   A =8< O @5H8; ?>2@5<5=8BL. '09=CN ;>6:C ?>@>H:0 87 B@02K @5?5H:0 >1K:=>25==>3> 70?8BL MB8< =0AB>5< =5704>;3> 4> 54K. >A;5 54K ?8BL >B20@ 87 :>@=59 ;0107=8:0 2O7>;8AB=>3>   >4=C AB>;>2CN ;>6:C :>@=59 70;8BL AB0:0=>< :8?OB:0 8 ?>AB028BL =0 :8?OICN 2>4O=CN 10=N =0 ?>;G0A0. '5@57 45AOBL <8=CB ?@>F548BL 8 ?8BL 2 BQ?;>< 2845 ?> B@5B8 AB0:0=0, 2;820O G09=CN ;>6:C =0AB>9:8 ;02@0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL >B20@ :>@=59 :>?KB=O, =5 1>;LH5 ?>;>28=K AB0:0=0 2 45=L.  ?> G09=>9 ;>6:5 =0AB>9:8 @OA:8. "@8 @070 2 45=L AJ540BL ?> H5ABL HBC: G5@=>A;820.

>4O: AJ54>1=K9 >B;8G05BAO >B 1>4O:0 >2>I=>3>, E>BO 1K B5<, GB> F25B:8 C =53> :@0A=K5. -:A?5@8<5=B0<8 2KO2;5=>, GB> 2A5 D;02>=>84K 1>4O:0 2 AC<<5 >1;040NB A8;L=K< ?@>B82>2>A?0;8B5;L=K<, @0=>70682;ONI8< MDD5:B><, AB8<C;8@CNI8< >1@07>20=85 2 :@>25B2>@=>9 B:0=8 :>AB=>3> <>730 M@8B@>F8B>2. >@=8 ;0107=8:0 87402=0 ?@8<5=ONBAO ?@8 @07;8G=KE D>@<0E @0:0.  =0@>45 8E 4065 ?@>AB> 54OB ?>A;5 >B20@820=8O.

@8 :0H;5 ?@8=8<0BL >B ?>;>28=K 4> G09=>9 ;>6:8 =0AB>9:8 :>@=59 154@5=F0. 5G5@>< G09 87 >4=>9 AB>;>2>9 ;>6:8 F25B:>2 :0;8=K 2 AB0:0=5 :8?OB:0, =0AB>OBL 2 B5?;5 ?>;G0A0 8 2 ?>;C3>@OG5< 2845 2K?8BL A G09=>9 ;>6:>9 <Q40. ('09 87 F25B>2 :0;8=K B@8 @070 2 45=L ?> AB0:0=C =07=0G05BAO ?@8 @0:5 ;N1>9 ;>:0;870F88. =>340 O CA8;820N 7020@:C 4> 42CE AB>;>2KE ;>65: F25B:>2 =0 ?>;B>@0 AB0:0=0 :8?OB:0, @0745;OO =0 B@8 4=52=K5 ?>@F88, B. 5. ?> ?>;AB0:0=0 =0 ?@8Q<.)

0:85 65 2K2>4K O A45;0; 4;O A51O 2 ?@>F5AA5 ;5G5=8O MB>9 B@>8FK?

:>=G0B5;L=> 2K74>@>252H8< ?>A;5 452OB8 :C@A>2 1K; 20= . B>@>9 :><?;5:A ?>GB8 =8G5< =5 >B;8G0;AO >B ?5@2>3>. <5AB> G8=K 22Q; 4> 54K =0AB>9 B@02K 1C:28FK, A8=O: 70<5=8; B@02>9 >G8B:0 ?C@?C@=>3>. >=5G=>, 8<5;>AL @07;8G85 <564C :C@A0<8, 459AB285 >B 70<5=Q==KE B@02 @07=>5, => =5 ?@5@K20NI55 3;02=>3> =0?@02;5=8O.  B@5BL5< :><?;5:A5 B@02C >G8B:0 70<5=8; 53> =0AB>9:>9, 4>102;OO 2 =0AB>9 B@02K E2>I0 ?>;52>3> ?> G09=>9 ;>6:5, 0 =0 A<5=C >G8B:C ?@8HQ; =0AB>9 B@02K G5@=>1K;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 87 MB>9 65 B@02K.  G5@=>1K;L=8:5 C <5=O <=>3> @0AA:070=> 2 �4>;5=L-B@025�, 345 O =0720; 53> �7>;CH:>9 @0AB8B5;L=>3> F0@AB20�.  A0<>< 45;5, G5@=>1K;L=8: <>65B 70<5=8BL F5;CN 0?B5:C, 87;5G820O 45AOB:8 A5@LQ7=KE 1>;57=59, =0G8=0O >B 7C1=>9 1>;8 8 70:0=G820O ?0@0;8G><, M?8;5?A859, 2>A?0;5=85< 8 2>4O=:>9 <>730, 3>=>@559, A8D8;8A><. / =5 <KA;N ;5G5=85 @0:0 157 G5@=>1K;L=8:0.  G5B2Q@B>< :><?;5:A5 25@=C;AO : B@025 >G8B:0 8 :>@=O< E<5;O A =0AB>9:>9 53> F25B:>2. 5=O; 8 A>AB02 10;L70<0, => =5 =>2K<8 B@020<8, 0 B>;L:> A>548=OO =0AB>9:8 2 @07=KE 4>78@>2:0E, H8@>:> 8A?>;L7CO 8E 0@A5=0;. <5AB> =0AB>9:8 B@02K 8;8 F25B:>2 ;>?CE0 <>3;8 ?>O28BLAO =0AB>9:8 1C4@K 8;8 M2:0;8?B0.  2>AL<>< :><?;5:A5 2?5@2K5 ?>O28;AO =0AB>9 B@02K 8 :>@=59 A015;L=8:0. %0@0:B5@8AB8:C 5<C O 40< ?>765, 2 1>;55 ?>4E>4OI89 <><5=B. 2064K <5=O; 1>;83>;>2 =0AB>9:>9 F25BCI8E 25@ECH5: 1>@F0 2KA>:>3> 2 A0<>9 <0;5=L:>9 4>75, ?> >4=>9 :0?;5 B@8 @070 2 45=L, ?>AB5?5==> ?>4=8<0OAL 4> ?OB8 :0?5;L. #25;8G820BL 8E :>;8G5AB2> =5 1K;> =5>1E>48<>AB8. 20= =5 2A5340 1K20; 0::C@0B=K<, ?@><56CB:8 <564C :C@A0<8 =01;N40;8AL >B 42CE 4> G5BK@QE <5AOF52. / =8 @07C =5 6C@8; 53> 70 ?@>?CA:8, =8 > GQ< =5 A?@0H820;. @84QB >= : =07=0G5==><C G0AC, 7015@QB ;5:0@AB20 8, =8 =0 <8=CBC =5 7045@6820OAL, CE>48B. 1<5=820;8AL A =8< A0<K<8 :>@>B:8<8 @5?;8:0<8. �A5 ;5:0@AB20 ?5@5=>A8HL =>@<0;L=>?�   A?@>HC O. �0�,   :>@>B:> >B25B8B >=. �@>25@O5HLAO C 2@0G0? 'C2AB2C5HL ;8 :0:85-=81C4L 87<5=5=8O 2 ;CGHCN AB>@>=C?� = ?>4=8<5B 273;O4, C;K1=QBAO =5 H8@>:>9, 0 :0:>9-B> A45@60==>9 C;K1:>9, A:065B: 

 A ". A;>68;>AL 8=0G5. ! 8N;O ?> 45:01@L >= =5 ?@>?CAB8; =8 >4=>3> 87 G5BK@QE :C@A>2.  ?5@2KE B@QE =587<5==K<8 >AB020;8AL 1>;83>;>2, 4C@=8H=8:, 10;L70< A =57=0G8B5;L=K<8 87<5=5=8O<8 4>78@>2>:   2 =Q< ?@5>1;040;8 =0AB>9:8 ;>?CE0, E2>I0, 15@Q7>2KE ?>G5:, 15;5=K.  >4=>< A;CG05 >A>:>@L A<5=8; =0 :0;5=4C;C, 8AA>? A MD54@>9 =0 08@ A> 725@>1>5<. 7 B@02 G5@54>20;8AL >G8B>: A E<5;5<, ?>4@O4 H;0 B@020 1C4@K, 0 :>340 >= ?>60;>20;AO =0 1>;8 2 65;C4:5, ?>4:;NG8; B@02C G5@=>1K;L=8:0 A =0AB>9:>9 87 53> :>@=59, B@02C 1C:28FK.  G5B2Q@BK9 :C@A 22Q; A<5H0==K9 ?>?>;0< A F25B>G=K< <Q4>< ?>@>H>: 87 B@02K ?>4>@>6=8:0, A>1@0==>3> =>GLN, B@02C 4CH8FK 8 4>==8:0 A =0AB>9:>9 :>@=59 4O38;O. >;8=0 0A8;L52=0 A @04>ABLN A>>1I8;0, GB> >?CE>;L 2 ;Q3:8E 7=0G8B5;L=> C<5=LH8;0AL, 4> @07<5@>2 ;5A=>3> >@5E0, 8 !0<>9;5=:> ?@54;>68; >:>=G0B5;L=> 4>18BL 5Q >1;CG5=85<. # <5=O =52>;L=> 2K@20;>AL: �-E, =5 ?@5@K20BLAO 1K 8 ?@>25AB8 5IQ 420-B@8 :C@A0, B>340 @5H8;8 1K, 8<55BAO ;8 =5>1E>48<>ABL 2 >1;CG5=88�.

 :>=F5 45:01@O ". ?5@5HQ; : >=:>;>30<, 8 O >1;53GQ==> 274>E=C; ?@8 <KA;8, GB> =0:>=5F-B> ?@5:@0BOBAO 53> 4>:CG;82K5 2878BK. 4=0:> =0?@0A=K<8 >:070;8AL <>8 =04564K =0 53> ?>;=>5 8AF5;5=85. !0<8 >=:>;>38 ?@87=0NB, GB> ;CG520O B5@0?8O @54:> ?@82>48B : 87;5G5=8N 1>;L=KE. "0: >=> 8 >:070;>AL. >;L=>9 70 420 <5AOF0 ?>;CG8; B@84F0BL �;CG59�   :0: B>;L:> >= 8E 2K45@60;!  5A;8 1K >=8 ?@8=5A;8 @50;L=CN ?>;L7C! @>87>HQ; =5?@542845==K9, @54:>AB=K9 A;CG09. >;57=L =5>6840==> 2A?KE=C;0 A =>2>9 A8;>9. A:>@5 ?>A;5 ;CG52>9 B5@0?88 �;5A=>9 >@5E�, 2>?@5:8 2A5< >6840=8O<, =5 8AG57, 0 A=>20 =0G0; 1KAB@> @0AB8, 4>AB83=C2 @07<5@0 �3@5F:>3> >@5E0�. / 40N >1@07=>5 A@02=5=85 A >@5E0<8, 254L :><?LNB5@=CN B><>3@0D8N 8 @5=B35=>2A:89 A=8<>: =5 40HL 2 A;>25A=>< 87>1@065=88.  0AAB@>5==K5, A C18BK< 284><, "-2K 2K=C645=K 1K;8 25@=CBLAO :> <=5 A 70?8A:>9 >B 3;02=>3> >=:>;>30   157 =5Q =5 @5H8;8AL 1K A=>20 ?>?@>A8BL ;5G5=8O B@020<8. >;L=8G=>5 ;5G5=85 4>AB028;> <=5 B>;L:> 4>?>;=8B5;L=K5 E;>?>BK. =0;87K :@>28 =5 @04>20;8: >G5=L =87:85 ;59:>F8BK, !-   67 (0 1K;>   5,2). #EC4H8;8AL 8 4@C385 ?>:070B5;8. !?@OB02 :0: <>6=> 40;LH5 >1865==>5 A0<>;N185, O =0G0; ?@>4C<K20BL 40;L=59H89 E>4 ;5G5=8O.  07C<55BAO, 22Q; 2 :><?;5:A 4;O ?>2KH5=8O ;59:>F8B>2 6Q;BK9 4>==8:, A>: <54C=8FK, A5<O ;L=0, A>A=>2K9 <Q4 A F25B:0<8 A>A=K, =0AB>9 B@02K E2>I0 ?>;52>3>. 587<5==K<8 1K;8 ?@>B82>@0:>2K5 4C@=8H=8: A :>?KB=5<, >G8B>: 8 F25B:8 E<5;O, =0AB>9:0 @OA:8, 25G5@><   G09 87 F25B:>2 :0;8=K A F25B>G=K< <Q4><. 0AB>9:0 F25B>2 1>O@KH=8:0   4;O A5@4F0.

@>25;8 <K ?>A;5 >1;CG5=8O 2 >=:>;>388 5IQ G5BK@5 :C@A0, A G5@54>20=85< ?>GB8 2A5E 8725AB=KE, C65 C?><O=CBKE B@02. =8<0B5;L=K9, 708=B5@5A>20==K9 G5;>25: ;53:> A>AB028; 1K 87 =8E =5>1E>48<K5 :><?;5:AK 4;O ;5G5=8O @0:0 ;Q3:8E, ?>B><C GB> =>2K<8 4>102:0<8 1K;8 B>;L:> 20A8;8A=8: <0;K9, 274CB>-?;>4=8: A818@A:89, 35@0=L ;C3>20O, 1C78=0 :@0A=0O.  20A8;8A=8:5 <0;>< <=>3> A:070=> 2 �4>;5=L-B@025�, @0AB5=85 >G5=L @0A?@>AB@0=Q==>5. > 2A5E A?@02>G=8:0E >= ?8H5BAO :0: 20A8;8AB=8:, => O 2>A?@8=8<0N MB> :0: B8@068@>20=85 1573@0<>B=>AB8: >B:C40 27O;0AL 2 A5@548=5 A;>20 1C:20 �B�? 54L MB> @0AB5=85 874@52;5 A2O70=> C A;02O= A 8<5=5< 0A8;8AK @5<C4@>9, ?>MB><C 2 5Q G5ABL 8 B@020 ?>;CG8;0 =0720=85. "0: 65, :0: 2 1;03>40@=>ABL 0@L5-8A:CA=8F5 =0720;8 5Q 8<5=5< :>@5=L ?8>=0 C:;>=ONI53>AO.  :B> B0:>9 0AO?  >B:C40 27O;AO 0A8= ;8AB? AB0B8, B@020 O4>28B0O, B@51C5B : A515 >AB>@>6=>3> >1@0I5=8O. =5 ?@8E>48;>AL ?>;L7>20BLAO 5N ?@8 A0@:><5, => >=0 ?@8<5=8<0 8 ?@8 4@C38E 7;>:0G5AB25==KE >?CE>;OE. 0?><=N @5F5?B: >4=C G09=CN ;>6:C ACE>9 87<5;LG5==>9 B@02K 70;8BL AB0:0=>< :8?OB:0, =0 2>4O=>9 10=5 ?0@8BL ?OB=04F0BL <8=CB, ?@8:@K2 :@KH:>9. >A;5 >ABK20=8O ?@>F548BL 8 ?@8=8<0BL ?> G5B25@B8 AB0:0=0 B@8 @070 2 45=L 4> 54K. B20@>< B@02K 8=>340 45;0NB ?@8<>G:8 ?@8 @0:5 :>68. 74CB>?;>4=8: A818@A:89 C =0A 2AB@5G05BAO @54:>, A;CG09=>. &5=8BAO 2 <>=3>;LA:>9 <548F8=5 ?@8 ;5G5=88 >?CE>;59. @8<5=O5BAO >= 8 ?@8 BC15@:C;Q75, ?=52<>=88, 1>;OE 2 A5@4F5. = MDD5:B825= 8 ?@8 @0:5 ;Q3:8E. 25 G09=K5 ;>6:8 :>@=59 20@OB 2 AB0:0=5 2>4K ?OBL <8=CB, =0AB0820NB 420 G0A0. @8=8<0NB ?> 425 AB>;>2K5 ;>6:8 B@8 @070 2 45=L. 5@0=L ;C3>20O B>65 8A?>;L7C5BAO ?@8 2A5E 2840E @0:>2>9 >?CE>;8: >4=C AB>;>2CN ;>6:C B@02K =0AB0820NB =>GL (=5 <5=LH5 2>AL<8 G0A>2) 2 42CE AB0:0=0E E>;>4=>9 :8?OGQ=>9 2>4K 8 2K?820NB 2 B5G5=85 4=O.  :><?;5:A O 22>6C =5 2A5 B@8 @0AB5=8O, 0 >4=> 87 =8E, CAB@0820O <5AOG=K9 ?5@5@K2 B> 4;O >G8B:0, B> 4;O E<5;O ?>A;5 4;8B5;L=>3> 8E 8A?>;L7>20=8O.  1C78=0 :@0A=0O <0;> G5< CABC?8B GQ@=>9 1C78=5. >=5G=>, >=8 >B;8G0NBAO 4@C3 >B 4@C30, => :@0A=0O, ?

'5@57 <5AOF <>6=> ?>2B>@8BL. 564C ?@>G8<, MB>B 3CAB>9 M:AB@0:B O3>4 AB8<C;8@C5B >1@07>20=85 M@8B@>F8B>2.

">;L:>-B>;L:> 4>18;8AL <K ?>;>68B5;L=KE @57C;LB0B>2, :0: 235=89 0A8;L528G 70A>18@0;AO 2 4>@>3C. > =53> 4>HQ; A;CE, GB> 2 @:CBA: ?@85E0; 87 8B0O, 87 3>@=>3> 1C448ABA:>3> <>=0ABK@O B815BA:89 ;0<0, 8AF5;ONI89 70 B@8 A50=A0 ;N1K5 1>;57=8, 4065 70?CI5==K9 @0:. >G5<C 1K =5 8A?KB0BL AC4L1C? �C, ?@5@2C O 20H5 ;5G5=85. "@02K =8:C40 =5 45=CBAO, 0 <>=0E, 8;8 :0: B0< 53>, B815BA:89 ;0<0, 24@C3 >B?@028BAO =0704 2 A2>8 3>@K?�   @0AAC640; <>9 ?0F85=B. �5 A>25BCN, B>;L:> ?>B5@O5B5 F5==>5 2@5<O. 0< 2A53> >48= :C@A >AB0;AO 4;O 70:@5?;5=8O 4>AB83=CB>3>.  :@09=5< A;CG05 5IQ >48=, ?>A;54=89 :C@A   @048 ?>;=>9 C25@5==>AB8 2 ?>1545�,   A:070; O A A>60;5=85<, >?0A0OAL, GB> >?OBL ?>94QB =0A<0@:C 25AL =0H B@C4. 235=89 0A8;L528G A=>20 ?@8=O;AO =KBL, A;>2=> :0?@87=K9 @51Q=>:, 60;COAL =0 B>, GB> >= CAB0;, 8 6CBL >E20BK205B ?@8 >4=>9 <KA;8, GB> 8 2G5@0, 8 A53>4=O, 8 702B@0 >4=8 8 B5 65 >B20@K, =0AB>8, =0AB>9:8 A CB@0 4> 25G5@0, 157 ?5@54KH:8. �K ?>=0?@0A=C C3@>E05B5 1>;LH85 45=L38, H0@;0B0=K A59G0A 2K:0G820NB 8E 87 >BG0O2H8EAO ;N459 157 707@5=8O A>25AB8�,   ?>?KB0;AO O AK3@0BL =0 53> A:C?>AB8. �0, ;5G5=85 C 20A =54>@>3>5, => 70 3>4 B>65 =015305B 87@O4=0O AC<<0. &5;K9 3>4, 0 8=>340 8 1>;LH5 ?@8E>48BAO 7028A5BL >B 20A F5;8:><, 0 BCB <>6=> >1>9B8AL 2A53> B@5<O A50=A0<8,   B>@65AB2CNI5 2>7@078; >=.   / =8:>340 2 687=8 =5 ?@>IC A515, 5A;8 C?CIC B0:>9 @54:89 A;CG09�.

0 F5;K9 <5AOF 8AG57 235=89 0A8;L528G. 5@=C;AO :0: 2 2>4C >?CI5==K9. @8HQ; =5 A@07C, 0 2=0G0;5 ?@8A;0; >;8=C 0A8;L52=C. =0 =0 GQ< A25B AB>8B @C30;0 <C60, 87 :>B>@>3> =5 B815BA:89 ;0<0, 0 ?>4 53> ;8G8=>9 :0:>9-B> 1C@OB 8;8 O:CB, :B> 8E @0715@QB, 2K3@51 2AQ 4> ?>A;54=53> @C1;O. @8H;>AL 2KA;0BL 45=L38 =0 >1@0B=CN 4>@>3C.

! 1>;LH>9 =5>E>B>9 O 27O;AO 3>B>28BL >G5@54=>9 :><?;5:A, E>BO 70@0=55 7=0;, GB> =5B 2 =Q< =C64K.  ACI=>AB8, ;5G5=85 1K;> 70:>=G5=> 4> 53> ?>574:8 2 @:CBA:. "@51>20;>AL B>;L:> >D8F80;L=>5 ?>4B25@645=85 >=:>;>3>2. 5 ?@8=O2 8 ?>;>28=K :C@A0, ". =5>6840==> @5H8; ;5GL 2 :0@48>F5=B@, 2848<>, 5IQ =5 2KH5; 87 =53> AB@5AA, ?5@568BK9 ?>A;5 ?>574:8 : B815BA:><C ;0<5.  =0H :0@48>F5=B@ A;028BAO 8=B5=A82=>9 B5@0?859. > 425 :0?5;L=8FK AB028;8 235=8N 0A8;L528GC, =5 AG8B0O 2=CB@8<KH5G=KE C:>;>2 8 C9<K B01;5B>:. @>H;> GCBL 1>;LH5 =545;8, :>340 ?>72>=8;0 <=5 >;8=0 0A8;L52=0 8 A>>1I8;0 > A<5@B8 235=8O 0A8;L528G0 >B ?@8ABC?0 >AB@>9 A5@45G=>9 =54>AB0B>G=>AB8. !0<K< >184=K< 1K;> B>, GB> =0 <5AB5 ?@56=59 @0:>2>9 >?CE>;8 5420 ?@>A<0B@820;AO =570<5B=K9 @C15F, 0 >B 7;>:0G5AB25==KE :;5B>:, :0: 2KOA=8;>AL ?@8 2A:@KB88, 8 A;540 =5 >AB0;>AL.

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

 >:BO1@5, :>340 2 3>@>4 ?>60;>20; 3@8??, CB@>< ?>72>=8;0 A5=8O ;5:A552=0 8 A B@52>3>9 A>>1I8;0, GB> <C6 70H<K30;. A;8 >= 701>;55B 3@8??><   4> N18;59=>3> 4=O 2@O4 ;8 4>682QB.  C <5=O 70@0=55 1K;> ?@83>B>2;5=> >G5=L =04Q6=>5 ;5:0@AB2> >B 3@8??0   4;O A2>59 A5<L8 8 ;N1>3> 1>;L=>3>, :B> >1@0B8BAO 70 ?><>ILN. >;3><C E@0=5=8N >=> =5 ?>4;568B, => O 3>B>28; :064K5 ?OBL 4=59 A25689 =0AB>9, 4> B5E ?>@ ?>:0 =5 AE;K=5B ?8: @5A?8@0B>@=KE 701>;520=89. #65 G5@57 G0A ?>A;5 B5;5D>==>3> @073>2>@0 ?@8<G0;0AL 70 =0AB>5< 5@0 ;5:A552=0. 06=> =0G0BL ;5G5=85 ?@8 ?5@2KE ?@87=0:0E 701>;520=8O   B>340 >B ;N1>3> 3@8??0 =8 A;540 =5 >AB0QBAO, 8 =5B =8:0:>9 C3@>7K ?>2B>@=>9 8=D5:F88. ( A;54CNI59 3;025 O @0AA:06C, :0: 8 87 G53> =04> 3>B>28BL ;5:0@AB2>.)  C482;5=8N 8 25;8:>9 @04>AB8 A5ABQ@, >@8A C65 : 25G5@C ?5@5AB0; G8E0BL 8 E;N?0BL =>A><. >;3>40 A?CABO >= >B?@074=>20; A2>Q 2>AL<845AOB8;5B85.  5IQ ?>;3>40 ?@8E>48; 70 ;5:0@AB20<8. �0H8 B@02K A>25@H8;8 =52>7<>6=>5,   A:070;0 <=5 ?5@54 >BJ574>< 5@0 ;5:A552=0.   !5AB@0 A> 4=O =0 45=L 640;0 =587156=>3> :>=F0, 2@0G8 ?@54C?@548;8 5Q, GB> 687=L >@8A0 =0 8AE>45. # A5=88 2>;52>9 E0@0:B5@, >=0 70@0=55 ?>43>B>28;0 A51O : =587156=><C 8AE>4C, => 2AB@5B8BL 154C >4=>9 59 1K;> 1K =5 ?>4 A8;C. K720;0 <5=O. # =0A =8:>3> 87 @>4AB25==8:>2 =5B, 1;87:8E 4@C759 =5 >AB0;>AL   2>7@0AB 15@QB A2>Q.  =0 =0H5 AG0ABL5 >@8A ?>?0; : 20<. = B0: <5GB0; 4>68BL 4> 4=O @>645=8O, >B<5B8BL 53> A =0<8, 0 2 ?>40@>: ?>;CG8; 4>?>;=8B5;L=> 3>4 ?>;=>F5==>9 687=8 8 =8:>3> =5 >1@5<5=O;, 4> ?>A;54=8E 4=59 >AB020;AO =0 =>30E. 3> =5 15A?>:>8;8 1>;8, >= <=>3> G8B0;, E>48; =0 ?@>3C;:8, A<>B@5; ?> B5;5287>@C =>2>AB=K5 ?@>3@0<<K, ?KB0;AO ?@54AB028BL A515 1C4CI85 ?5@5<5=K 2 AB@0=5.  CHQ; >B =0A =570<5B=>. >A;5 702B@0:0 A845; 2 :@5A;5, G8B0; 3075BC. >B>< >=0 2K?0;0 87 @C:. !<>B@8<: >B:8=C; 2 AB>@>=C 3>;>2C, 3;070 70:@KBK. #A=C;. 5 A@07C ?>=O;8, GB> CA=C; =02A5340...�

 <>8E B5B@04:0E ;8HL 8<5=0 1>;L=KE A 8E 4803=>7><, A :>@>B:8<8 ?><5B:0<8 > B><, :0:85 :C@AK ;5G5=8O 4;O =8E A>AB02;O;8AL, 2 A?5H:5 8=>340 70?8AK20; ;8HL >B?@02=K5, 3;02=K5 <><5=BK, =5 AG8B0O >1O70B5;L=K< C?><8=0BL 4>?>;=8B5;L=K5 A@54AB20, >=8 2> 2A5E A;CG0OE =02A5340 >AB0NBAO 2 ?0<OB8. !>25@H5==> A;CG09=> ?>?0;8AL =0 3;070 B@8 D0<8;88 87 A>B5= 4@C38E, O =5 2K18@0; 8E A?5F80;L=>, @0725 GB> >=8 =0E>48;8AL 1;87:> 4@C3 >B 4@C30, 8 A@07C ?@54AB0;8 ?5@54 3;070<8 >1@07K @07=KE ?> E0@0:B5@C ;N459.  =52>;L=> =0?@0H820;8AL >?@545;Q==K5 2K2>4K. N48 A A8;L=>9 2>;59, :>B>@K5 =5 8A?C30;8AL, =5 ?0;8 4CE>< ?5@54 3@>7=K<, 15A?>I04=K< A;>2>< �@0:�, =0AB@>8;8AL =0 @5H8B5;L=CN 1>@L1C A =8<, F5;5=0?@02;5==> 8A:0;8 8 =0E>48;8 ;N1K5 2>7<>6=>AB8 4;O 87102;5=8O >B 1>;57=8, 4065 5A;8 8E A>AB>O=85 AG8B0;>AL 157=04Q6=K<. "0:8< >:070;AO 20= .  =5 B>;L:> >=. @>64Q==K< 4CE>< ?>1548B5;O >1;040;8 <=>385 1>;L=K5, 8 2 MB>< C15640NB <5=O A:C?K5 70?8A8 87 A>;84=>9 :8?K B5B@04>:. 4=8 87 =8E ?@>68;8 4>;3CN 687=L 8;8 ?@>4>;60NB 68BL 8 A59G0A. !;>6=55 >1AB>8B 45;> A ;N4L<8 B8?0 235=8O 0A8;L528G0.  ACI=>AB8, >= 871028;AO >B @0:0, => =8A:>;L:> =5 25@8; A2>5<C A?0A5=8N, <5B0;AO 2 AB>@>=K, 87<0BK20O A51O AB@0E>< ?5@54, :0: 5<C :070;>AL, =587156=K< :>=F><. A;8 1K <=5 C40;>AL C3>2>@8BL 53> 2>745@60BLAO >B ?>574:8 2 @:CBA:, =5 402H59 5<C =8G53>, :@><5 A8;L=>3> AB@5AA0 >B >1<0=0 �B815BA:>3> ;0<K�, >B AB0F8>=0@0 2 :0@48>F5=B@5, :C40 >= ;Q3 ?> A>25BC 65=K, CAB02H59 >B 53> =KBLO, B>, =5 A><=520NAL, >AB0;AO 1K 682.  ?>445@60BL A5@4F5 8 =5@2K <K <>3;8 1K A2>8<8, 1>;55 =04Q6=K<8, 8A?KB0==K<8 A@54AB20<8.

;C1>:CN A8<?0B8N 2K7K20;8 C <5=O ;5=8=3@04FK. >@8A 1K; ?>;=>ABLN >1@5GQ=, 157 2AO:8E ;>6=KE =04564 =0 2K74>@>2;5=85.  >B?CI5=K 5<C 1K;8 =5 <5AOFK, 0 =545;8, =5A:>;L:> =545;L, =5 1>;LH5. 48=AB25==K< AB8<C;><, ?>445@6820NI8< C30A0NI85 A8;K, 1K;0 <5GB0 4>1@0BLAO 4> 2KAH59 ?;0=:8   4> 2>AL<845AOB8 ;5B. A5=8O ;5:A552=0 A A5AB@>9 A45;0;8 2AQ, GB>1K 53> <5GB0 A1K;0AL.  =5=07>9;82K9, @07C<=K9 CE>4 70 =8<, >1@0I5=85 157 >E>2 8 274>E>2 =5 :0: : >G5=L 1>;L=><C, 0 ?@>AB> : ?>68;><C G5;>25:C, 2>2@5<O ?>40==K5 ;5:0@AB20 ?@>4;8;8 5<C 687=L 5IQ =0 3>4.

* * *

 <>Q< >1@07=>< ?@54AB02;5=88 87=L 8 !<5@BL 2A5340 E>4OB @O4KH:><, GCBL ;8 =5 2 >1=8<:C. < ?@8E>48BAO @01>B0BL 2<5AB5. 040G8 ?5@54 =8<8 AB>OB @07=K5, => >1<5=820NBAO >=8 <=5=8O<8 ?>AB>O==>. !<5@BL 3>2>@8B 87=8: �>= <>O 4>1KG0 ;568B. 848HL, C65 =0 ;040= 4KH8B. 54>;3> <=5 640BL >AB0;>AL. '5;>25: ?@8OB=K9, 2 F25B5 ;5B. # =53> A5<LO, 45B8. 48=AB25==K9 C =8E :>@<8;5F. ">;:>2K9, @01>BOI89. 5 :0:>9-=81C4L B8? 87 G8A;0 @0A?;>482H8EAO G8=>2=8:>2. E, G8=>2=8:>2, O B>65 15@C, => 157 0??5B8B0. 5 >AB0;>AL 2 =8E ?@56=53> G5;>25G5A:>3> 0@><0B0.  O, :0: 8725AB=> B515, B0: 8 >AB0;0AL 1>;LH>9 ;0:><:>9. >1@K5 8 G5AB=K5 ;N48 402=> A45;0;8AL @54:8<8, 2>B 1540, 0 5A;8 : B><C 65 AC<5;8 A>E@0=8;8 A>25ABL, B> >=8 2>2A5 8AG8A;ONBAO 548=8F0<8. "K 254L 7=05HL, G5< G8I5 8 2>72KH5==59 4CH0 G5;>25:0, B5< >= 65;0==59 4;O <5=O. >E>65, MB>B G5;>25: B>65 ;0:><K9 :CA>G5:. > 5A;8 ?>65;05HL, O CABC?;N 53> B515�. 87=L C4828;0AL: �! :0:>9 AB0B8 BK @074>1@8;0AL?� !<5@BL =5 AB0;0 ;30BL: �848HL, @O4>< A =8< B@02=8: A848B. !B0@05BAO >B>1@0BL C <5=O 4>1KGC.  ?>E>65 =0 B>, GB> C =53> MB> ?>;CG05BAO. AB0B8, B@02=8: B>65 :CA>G5: 65;0==K9, B>;L:> BK ?>:0 =5 >B40QHL 53> <=5, :@5?:> 70 =53> 45@68HLAO�. 87=L @0AF25;0 2 ;CG570@=>9 C;K1:5: �"0: 2>B ?>G5<C BK @074>1@8;0AL!  5H8;0 A2>Q 1;03>@>4AB2> ?@>O28BL, A I54@K< 284>< >B40BL B>, GB> 8 B0: ?> ?@02C ?@8=04;568B <=5?� !<5@BL :@82> CA<5E=C;0AL: �AQ @02=> ?@84QB 2@5<O, :>340 BK CABC?8HL 8E <=5!� 87=L 274>E=C;0 A O2=K< A>60;5=85<: �0:>=K <C4@>9 @8@>4K, C2K, >AB0NBAO 25G=K<8, :0: 8 <K A B>1>9.  MB8E 42>8E O ?>AB0@0NAL >15@530BL >B B51O AB>;L:>, A:>;L:> A<>3C�.

�0:><K< :CA>G:><� 1K; 048< ., 43 3>40. ;>A:>:;5B>G=K9 @0: A >@>3>25=85<, 3 AB048O. 5@8D5@8G5A:89, 2 ?@02>< ;Q3:><, A ?@>@0AB0=85< 2 ?@>A25B :@C?=>3> 1@>=E0.

 4@C38< �;0:><K< :CA>G:><� 1K; O. ><0; 3>;>2C =04 B5<, 87 :0:8E B@02 A>AB028BL :><?;5:A. 048<0 C65 ?KB0;AO ;5G8BL <>9 :>;;530 8E08; . = 2A53> 420 3>40 2Q; ?@8Q< 1>;L=KE. >;>4>9, =5B5@?5;82K9, 2 AB@5<;5=88 4>AB83=CBL 1KAB@KE @57C;LB0B>2 >= G0AB> =07=0G0; 702KH5==K5 4>7K, A<5;> M:A?5@8<5=B8@>20;, 4>AB830O 8=>340 @57:>3>, :@0B:>2@5<5==>3> C;CGH5=8O A>AB>O=8O 1>;L=>3>, GB> =0 45;5 G0AB> >1>@0G820;>AL B0:8< 65 @57:8<, => C65 AB>9:8< CEC4H5=85<. >MB><C O =8:>340 =5 1@0; 1>;L=KE, ;5G82H8EAO C 4@C38E B@02=8:>2.  A59G0A @C30; A51O 70 ?@>O2;5==CN A;01>ABL. =5 1K;8 8725AB=K 0AA>@B8<5=B B@02 8 <5B>4K @01>BK 8H8, O ?>=8<0;, :0:85 >H81:8 >= 4>?CAB8;, => 2AO B@C4=>ABL 70:;NG0;0AL 2 B><, GB> >= ;8H8; <5=O 2>7<>6=>AB8 8A?>;L7>20BL <=>385 ?@>B82>>?CE>;52K5 @0AB5=8O, ?5@5CA5@4AB2>202 A =8<8. / 1K; 2K=C645= 8A:;NG8BL 87 A2>53> 0@A5=0;0 4C@=8H=8: A :>?KB=5<, :0;5=4C;C, 8AA>?, 725@>1>9, 452OA8;, ?>G:8 GQ@=>3> B>?>;O 8 15@Q7K, 8 3;02=>5   1>;83>;>2. > O 7=0;, GB> C 8H8 =5B :=O68:0, F25B:>2 8 :>@=59 E<5;O, >G8B:0 ?C@?C@=>3>, A>A=>2>3> <Q40   53> >= ?> ;5=>AB8 =5 20@8;. >AB5?5==> A;>68;AO A2>9 ?;0=. <5AB> 1>;83>;>20 =07=0G8; 1>@5F 2KA>:89   =0AB>9:C F25BCI8E 25@ECH5: 87 @0AGQB0 B@8 AB>;>2K5 ;>6:8 =0 0,5 ; 2>4:8, =0AB0820; 425 =545;8. !B@>3> =0:070; ?@8=8<0BL B@8 @070 2 45=L, =0G8=0O A >4=>9 :0?;8, ?>AB5?5==> 4>25AB8 4> 45AOB8 :0?5;L, >AB020OAL =0 MB>< C@>2=5 >4=C =545;N, 70B5< 4>102;OBL 2 45=L ?> :0?;5, 8 2 8B>35 >AB0=>28BLAO =0 4204F0B8, B0: 65 B@8 @070 2 45=L. 4=>2@5<5==> ?@8=8<0BL ?> >4=>9 AB>;>2>9 ;>6:5 A>A=>2K9 <Q4 A =0AB>9:>9 F25B:>2 A>A=K, A<5H820O 8E 2 @02=>< :>;8G5AB25. > 54K B@8 @070 2 45=L ?@8=8<0BL ?> 425 AB>;>2K5 ;>6:8 >B20@0 :>@K 8 :>@=59 10@10@8A0. = 2A5< 8725AB5=, 2K@0I8205BAO 2 A040E.  ;5G51=KE F5;OE 8A?>;L7CNB O3>4K, ;8ABLO, :>@=8 =5 B>;L:> 2 >B5G5AB25==>9 =0@>4=>9 <548F8=5, => 8 2 =488, !(, 2> $@0=F88, 5@<0=88, 2AB@88, =3;88, >;LH5, >;30@88 8 4@C38E AB@0=0E. 5G0B 8< 1>;57=8 ?5G5=8, ?>G5: 8 <>G52>3> ?C7K@O, ;Q3:8E, 1@>=E>2, C25;8G5=85 A5;57Q=:8, 48015B, 2>A?0;8B5;L=K5 ?@>F5AAK <0B:8, @52<0B87

0: 2848B5, 2KE>4 87 ?>;>65=8O 2A5340 =094QBAO. "5< 1>;55 GB> =0 ?@>BO65=88 2A53> ;5G5=8O =587<5==K<8 >AB020;8AL ?>@>H:8 87 ;8A8G5:, ?> G09=>9 ;>6:5 B@8 @070 2 45=L, 8 =0AB>9:0 @OA:8. 5G5@0<8 G09   B> 87 F25B>2 :0;8=K, B> 87 F25B>2 48:>9 O1;>=8, ;C3>2>3> :;525@0 8;8 ?5@2>F25B0   A G09=>9 ;>6:>9 <Q40.  >AB0;L=KE B@QE :C@A0E >A=>2C A>AB02;O; B> A>N7 :=O68:0 8 >G8B:0, B> ACE8E F25B:>2 E<5;O, B> =0AB>8 87 1>4O:0 AJ54>1=>3>, 8;8 87 >2>I=>3>, 87 B0B0@=8:0, ;81> >B20@K 87 :>@=59 <>;>G0O 2KA>:>3> 8;8 <8=40;5284=>3>. 48= 87 =0AB>52   4> 54K, 4@C3>9   ?>A;5 54K. !>AB02 10;L70<0 =5 AB0; <5=OBL. ;02=0O @>;L 2K?0;0 =0 4>;N 1>@F0, 745AL >= >:070;AO ?>A8;L=55 1>;83>;>20. '5BK@5 :C@A0   A0<K9 <8=8<0;L=K9 A@>: 4;O ;5G5=8O @0:0, => B0:8E A;CG052 =015@QBAO C <5=O =5 1>;LH5 42CE 45AOB:>2.  8AB>@88 A 048<>< . A:070;0AL, ?>-2848<><C, =5>6840==0O A<5=0 A>2A5< 4@C38E B@02 8 8E ?>40G0 2 C40G=> ?>4>1@0==KE :><?;5:A0E.  1993 3>4C 048< CHQ; >B <5=O, :0: ?>:070;> <548F8=A:>5 >1A;54>20=85, 74>@>2K<.  8AG57. A;8 >B 1K2H53> ?0F85=B0 O =5 8<5N =8:0:>9 25AB>G:8, E>BO 1K 456C@=>3> 72>=:0 A ?>74@02;5=8O<8 2 :0:>9-=81C4L ?@074=8:, C <5=O 70:@04K20NBAO 2 3>;>2C 4C@=K5 <KA;8: >:>=G0B5;L=> ;8 O 2K;5G8; 53>, =5 2>7=8:;8 ;8 2=570?=K5 <5B0AB07K, 682 ;8 >=? 5B G5@57 ?OBL 8 2>2A5 > =Q< 2A?><8=05HL :0: > ?>:>9=8:5.  24@C3 O C7=0N >B ?@8OB5;O 048<0, GB> >=, :>340 >B =53> CH;0 65=0, C5E0; 2 :0B5@8=1C@3, B0< A=>20 65=8;AO, @01>B0; 8 2KH5; =0 ?5=A8N. >;, =5402=> A =8< ?5@5720=820;8AL. / ?@><>;G0;. A?><=8; (035=0 <10@FC<>28G0, 2 �4>;5=L-B@025� O ?8A0; > 53> AK=5, 87102;5==>< >B A0@:><K. !0H0 ;8HL ?0@C @07 @073>20@820; A> <=>9, 0 53> >B5F (035= 72>=8; ?>AB>O==>, ?>74@02;O; <5=O A :064K< ?@074=8:><, A 4=Q< @>645=8O, 8 B>;L:> 2 3>4>2I8=C >154K 2 2011 3>4C 53> 72>=:0 =5 1K;>.  O 2AQ ?>=O;, >= 254L 1K; =0<=>3> AB0@H5 <5=O.

* * *

><=N, 2 1988 3>4C ?@85E0;8 :> <=5 4><>9 420 :@5?:8E 45@525=A:8E ?0@=O, @>4=K5 1@0BLO 87 40;L=53> 10H:8@A:>3> A5;0, >10 H8@>:>;8FK5, 703>@5;K5, A:C;0ABK5, 2 :0@8E 3;070E 2K@065=85 3;C1>:>9 A:>@18. !=0G0;0 @>1:>, 70B5< 2AQ =0?>@8AB59 ?@8=O;8AL C?@0H820BL <5=O ?>5E0BL : =8< 4><>9, 345 ;568B 8E ;N18<K9 >B5F, C<8@0NI89 >B @0:0 ;Q3:8E.  0AA:07K20;8, ?5@51820O 4@C3 4@C30, :0:>9 >= @01>BOI89 1K;, A:>;L:> C =53> ?>GQB=KE 3@0<>B 8 ?5@5E>4OI8E 2K<?5;>2, ;CGH89 <5E0=870B>@ 2 :>;E>75. !>2A5< =5402=> 74>@>2K< 1K;, 75<;N ?0E0;, A5O; 8 C18@0; E;510, 70 A:>B8=>9 CE06820;, 8 24@C3 A20;8;AO, 701>;5; B0: :@5?:>, GB> ?>;>68;8 53> =5 2 A5;LA:CN 1>;L=8FC, 0 >B?@028;8 2 3>@>4A:CN, 40 =5 :0:CN-=81C4L, 0 A@07C 2 >=:>;>38G5A:CN. "0< 5<C 0=0;87K A45;0;8, G5@57 @5=B35= ?@>?CAB8;8, 0 ;5G8BL =5 AB0;8, A:070;8: ?>74=>, 8 40;8 1C<03C A ;04>H:C, 345 =0?8A0=>, GB> 2K?8AK205BAO =0 :0:>5-B> A8<?B><0B8G5A:>5 ;5G5=85.  =8:B> =5 >1JOA=8;, GB> 87 A51O ?@54AB02;O5B B0:>5 ;5G5=85, :>B>@>3> 4065 2 3;02=>9 ?@>B82>@0:>2>9 1>;L=8F5 =5B. B5F 5IQ A>2A5< <>;>4>9, 0 D5;L4H5@, :>B>@K9 :064K9 45=L ?@8E>48B 45;0BL C:>;K ?@>B82 1>;8, >B:@KB> 3>2>@8B, GB> 68BL 5<C >AB0;>AL A>2A5< =5<=>3>, GB> >= ?><8@05B. # <5=O =5?@>872>;L=>, 2>7<>6=> 3@C1>20B>, 2K@20;>AL: �K =5 ?> 04@5AC ?@8H;8, @51OB0. / =5 <C;;0 8 >BE>4=CN <>;8B2C G8B0BL =5 C<5N�. 48= 87 1@0BL52 @0760; :C;0: A> A:><:0==>9 1C<06:>9, @0725@=C; 5Q, 3>@OG> 2>7@060O: �17K9, <K =5 :0:-=81C4L, 0 ?> 04@5AC ?@8H;8, =0< 53> 2 !>N75 ?8A0B5;59 >4=0 :@0A820O 452CH:0 40;0, A:070;0, GB> B5?5@L 4;O =0A MB> 548=AB25==K9 04@5A�.  40;L=59H5<, :>340 O =0G0; 25AB8 ?@8Q<, 27O; 70 ?@028;> =0 4>< : 1>;L=K< =5 5748BL, B5< 1>;55 2 40;L=85 @09>=K, ?>ABC?0; B0: =5 87 ?@8E>B8, 0 87-70 45D8F8B0 2@5<5=8, C?;>B=Q==>3> 4> ?@545;0. 54L ?>A;5 =07=0G5==KE 2AB@5G A 1>;L=K<8 O A@07C ?@8=8<0;AO 3>B>28BL 4;O =8E ;5:0@AB20, GB>1K =5 7045@6820BL ;N459, ?@85760NI8E >1KG=> 8740;5:0, A?5H0I8E : 25G5@C 2 >1@0B=K9 ?CBL =0 ?>574 8;8 2 0M@>?>@B.  ?>:0 O 1K; 2>;L=K9 G5;>25:.

>;3> <K B@OA;8AL ?> @0718B>9 4>@>35 8 =0:>=5F 2J5E0;8 2 A5;>, >AB0=>28;8AL 2>7;5 :@5?:>9, C65 CA?52H59 ?>G5@=5BL >B 2@5<5=8 AB0@8==>9 :@5ABLO=A:>9 871K. 0 7=0:><K9 72C: <>B>@0 1K20;>3> �<>A:28G0� 2KH5; 2AB@5G0BL =0A, 5420 ?>4=O2H8AL A ?>AB5;8, A0< E>7O8=, =52KA>:89, 8AEC402H89 <C6G8=0 A E0@0:B5@=K< 4;O A2>59 1>;57=8 1;54=>-A5@K< ;8F><, A BQ<=K<8 ?OB=0<8 ?>4 3;070<8. �5=O 7>2CB CA0�,   A:070; >=, 74>@>20OAL ?> <CAC;L<0=A:><C >1KG0N, ?@>BO=C2 ;04>=8.

K CA5;8AL =0 :@K;5G:5, =5 ?@>E>4O 2 871C. / ?>=O;, GB> CA0 A53>4=O, 0 2>7<>6=> 8 70 ?>A;54=85 4=8, ?5@2K9 @07 2KH5; =0 C;8FC. 04=> 24KE0; >= 2 B5=QG:5 G8ABK9, ?@>E;04=K9 2>74CE, => B0: 8 =5 <>3 24>E=CBL 53> ?>;=>9 3@C4LN, <5H0;0 >4KH:0. > MB> =5 ?><5H0;> 5<C 4>AB0BL :8A5B A A0<>A04><. 7 :;>G:0 3075BK ;>2:> A25@=C; :>7LN =>6:C, ?@8:C@8; >B A?8G:8. / B>65 4>AB0; A2>9 �5;><>@:0=0;�, G8@:=C; 706830;:>9. !B0; @0AA?@0H820BL, 402=> ;8 >= ?>GC2AB2>20; A51O 1>;L=K<, =0 GB> 60;C5BAO. = >B25G0; <564C :>@>B:8<8 70BO6:0<8   GC2AB2>20;>AL, 5<C 2065= 1K; 2:CA B010G=>3> 4K<0, 0 24>E=CBL 5<C 3;C165 <5H0; B>BG0A 2>7=8:0NI89, BO65;K9, 84CI89 87 3;C18=K 3@C48 :0H5;L.

/ @07;>68; =0 :@K;5G:5 1C<06=K5 ?0:5B8:8 A B@020<8: G8=0, 1C:28F0, 87<5;LGQ==K9 4C@=8H=8:, :=O68:, >G8B>: ?C@?C@=K9. >AB028; @O4>< 1CBK;:8 A =0AB>9:0<8. E B>65 1K;> =5<0;>: 1>;83>;>2, :0;5=4C;0, 725@>1>9, <0@L8= :>@5=L A 4>102;5==>9 =0AB>9:>9 ;52758, @OA:0. 065 10;L70< 87 =0AB>5: ?>G5: GQ@=>3> B>?>;O, F25B:>2 8 H8H5: E<5;O, F25B:>2 :0;5=4C;K, B@02K <5;8AAK, @OA:8, :>@=59 :@>2>E;Q1:8, F25BCI8E 25@ECH5: :>=>?;8 (<>9 A0<K9 ?5@2K9 10;L70<, 53> A@07C 27O;8 =0 2>>@C65=85 <=>385 8725AB=K5 F5;8B5;8). 0 ?0:5B8:0E =0?8A0=>, :0: =0AB0820BL B@02K 8 :0: ?@8=8<0BL. 0 1CBK;:0E B>65 >B45;L=K5 =0:;59:8. 0 2AO:89 A;CG09 2 G8AB>9 CG5=8G5A:>9 B5B@04:5 =0?8A0; 25AL @0A?>@O4>:, >B =0G0;0 8 4> :>=F0. !:>;L:> =8 ?@83;0H0;8, O =5 70HQ; 2 871C, 345 1K; =0:@KB AB>; A 45D8F8B=>9 B>340 1CBK;:>9 2>4:8. #3>20@820;8 >B4>E=CBL E>BO 1K =5A:>;L:> 4=59, 702B@0 AE>48BL A 1@545H:>< =0 @K10;:C, ?0@=8 7=0NB, 2 :0:8E ><CB:0E <=>3> @K1K. > O :>5-:0: >B3>2>@8;AO, 8 1@0BLO ?>257;8 <5=O >1@0B=> 4><>9. 0 ;5B> 8 >A5=L >=8 @07 ?OBL ?@85760;8 70 ;5:0@AB20<8, @04>20;8AL B><C, GB> >B5F 2>A?@O=C; 4CE>< 8 AB0; GC2AB2>20BL A51O ;CGH5.

5@2K9 A=53 2K?0;. >2K9 3>4 ?>60;>20;. 5A=0 >B1C@;8;0 @CGLO<8. @0BLO 8AG57;8 2=570?=>. @8 ?>A;54=59 2AB@5G5 >15I0;8 A:>@> ?@85E0BL, => 1>;LH5 O 8E =5 2845;. =5 AB0;0 ?>=OB=0 ?@8G8=0: >B5F C<5@. 'B> ?>45;05HL, O =5 :C45A=8:. B:;8:=C;AO =0 ?@>AL1C 8 A45;0; GB> <>3.  4> MB>3>, 8 ?>A;5 1K;8 C <5=O =5 B>;L:> CA?5E8, => 8 ?5G0;L=K5 4=8 A CB@0B0<8. @5<O ABQ@;> C <5=O 87 ?0<OB8 8<5=0 1>;L=>3> 8 53> AK=>259.

 2005 3>4C C65 =5 4><>9, 0 2 >D8A 2>HQ; ?;>B=K9, :@5?:>3> B5;>A;>65=8O <C6G8=0 2 >2G8==>< ?>;CHC1:5 8 70OGL59 H0?:5. �5 C7=0QB5?�   C4828;AO >=. :070;>AL, MB> >48= 87 AK=>259 CAK, ?@85E0; A ?@>AL1>9 ?>;5G8BL @51Q=:0. �!:>;L:> ?@>45@60;AO 20H >B5F?�   A?@>A8; O, C;CG82 <><5=B. 5 ;N1>?KBAB2> 42830;> <=>9, 70G5< 2>@>H8BL ?5G0;L=>5 ?@>H;>5, 0 4;O <5=O 206=> 1K;> >B<5B8BL ?>4@>1=>AB8, GB>1K CAB0=>28BL, =5 A>25@H8; ;8 O :0:>9-=81C4L >H81:8, 401K =5 ?>2B>@OBL 5Q 2?@54L. �B5F?   C4828;AO <>9 3>ABL.    GB> A =8< A45;05BAO? @8=O; 2A5 20H8 ;5:0@AB20, :C@8BL 1@>A8;. 02=> =0 ?5=A88, ?> E>7O9AB2C 2>78BAO. "0:, ?> <5;>G0<. ! 2=C:>< 83@05B. N18B 53>...�

 B>340 4> <5=O >:>=G0B5;L=> 4>H;>, GB> O 1K; =5 ?@02, AG8B0O 1K2H8E ?0F85=B>2 =51;03>40@=K<8, 5A;8 >=8 A@07C 8AG570;8 87 ?>;O 7@5=8O 8 =8G5< =5 =0?><8=0;8 > A515. N48 ?>A;5 BO6Q;>9 1>;57=8 AB0@0NBAO A:>@55 701KBL > =59 8 2KGQ@:820NB 87 ?0<OB8 2AQ, GB> <>65B 2A:>;KE=CBL ?5G0;L=>5 ?@>H;>5.  MB>< ?@>H;><   ?CA:09 MB> 3@CAB=>, => A?@0254;82>   >AB0NAL 8 O.

* * *

0 2A5 3>4K @01>BK A B@020<8 O =8 @07C =5 C4>AC68;AO ?>4AG8B0BL, A:>;L:> 65 ;N459 >1@0I0;8AL :> <=5 70 ;5G5=85<. 4=0 70 4@C3>9 <5=O;8AL CG5=8G5A:85 8 >1I85 B5B@048, 1;>:=>BK, 5654=52=8:8   2AQ, GB> ?>4 @C:C ?>?04QB. 0?>;=N ?>A;54=NN AB@0=8FC 8 C15@C =0 ?>;:C A 4@C38<8 1C<030<8 8 ?0?:0<8, 87@54:0 4>AB020O ?@8 =5>1E>48<>AB8, GB>1K 273;O=CBL =0 GLN-=81C4L 402=NN 8AB>@8N 1>;57=8, GB>1K 2A?><=8BL, :0:85 :C@AK 5<C =07=0G0;, ?@8 0=0;>38G=>< A;CG05 4;O =>2>3> ?0F85=B0 A B0:8< 65 4803=>7><.  B>;L:> B5?5@L, ?@8=8<0OAL 70 =>2CN :=83C, <=5 ?@8H;>AL ?@>A<>B@5BL 2A5 70?8A8 8 2K1@0BL =5 >4=8 B>;L:> O@:85, GB>1K 1;5A=CBL, => 8 >1KG=K5, @O4>2K5 8AB>@88, =5>1E>48<K5 4;O F5;>AB=>AB8 AN65B0. 0>4=>, A 70?>740;K< ;N1>?KBAB2>< ?>4AG8B0;, GB> A @0:>< ;Q3:8E >1@0I0;8AL :> <=5 1>;LH5 AB0 G5;>25:. =>385 87 =8E ?@>68;8 >B B@QE 4> 45AOB8 ;5B 8 1>;LH5.  254L 1K;8 ?>3>;>2=> A B@5BL59 8 G5B2Q@B>9, >G5=L @54:>   A> 2B>@>9 AB04859. @>B82 =5:>B>@KE 8<Q= 2 70?8AOE AB>8B :>@>B:>5 A;>2>: C<5@. ;8 <8=CA A> 7=0:>< 2>?@>A0, :>340 2AO:0O A2O7L A 1>;L=K< ?@5@K20;0AL 8 =8:B> =5 A>>1I8; <=5 > @57C;LB0B5 ;5G5=8O. 0B> :0: O @04>20;AO 8 8A?KBK20; >:@K;ONI55 GC2AB2> >1;53G5=8O, :>340 =570<5B=> 8AG57=C2H89 G5;>25: (=5 ?>?@>I0;AO, 157 2AO:>3> ?@54C?@5645=8O ?5@5AB0; ?@8E>48BL 70 ;5:0@AB20<8 8 1K; 2KG5@:=CB <=>9 87 A?8A:0 682KE) =5>6840==> 2>AAB020; 87 ?5?;0 682>9 8 74>@>2K9, ?CA:09 4065 ;8G=> =5 >1JO2;OOAL, =5 4020O 7=0BL > A515, 0 C?><O=CBK9 2A:>;L7L :5<-=81C4L 2 A;CG09=>< @073>2>@5, GB>, <>;, =5B, >= =5 C<5@, 682QB-?>68205B 2 4>1@>< 74@0288, <>;, 2845;8 53> A>2A5< =5402=>.  O A C4>2>;LAB285< 2=>A8; 2 B5B@04L ?>?@02:C, <5=OO <8=CA =0 ?;NA.

/ ?@82Q; 2 ?@8<5@ =5A:>;L:> @07=KE 8AB>@89, A2O70==KE A ;5G5=85< @0:0 ;Q3:8E, A F5;LN ?>:070BL =5 B>;L:> <5B>4K ?>41>@0 @0AB5=89, >1J548=Q==KE 2 548=K9, ?>AB>O==> <5=ONI89AO :><?;5:A, => 8 E0@0:B5@K A0<8E 1>;L=KE A 8=48284C0;L=K< ?>4E>4>< : :064><C 87 =8E. A5 @0AB5=8O 2 B>9 8;8 8=>9 <5@5 ?@>B82>@0:>2K5.  @O45 A;CG052 2?>;=5 4>?CAB8<> >AB0=>28BLAO B>;L:> =0 >4=>< :><?;5:A5, >B =0G0;0 8 4> :>=F0 =5 <5=OO 53>. A>15==> 5A;8 2>7<>6=>AB8 2 2K1>@5 A@54AB2 >3@0=8G5=K, => 87 =8E :0: <8=8<C< B@8 B@02K, 0 ?OBL   5IQ ;CGH5, 4>;6=K 1KBL C40@=K<8. ! =8<8 8 A8;L=K5 O4K   1>;83>;>2 8;8 >48= 87 1>@F>2, <CE><>@, F8:CB0, 2KABC?0NI85 2 @>;8 @0AB8B5;L=>9 E8<8>B5@0?88. ! ?>;>68B5;L=>9 AB>@>=K 70@5:><5=4>20;8 A51O 4C@=8H=8: A :>?KB=5<, F25B:8 8 :>@=8 E<5;O, >G8B>: ?C@?C@=K9, :=O68: A818@A:89. A;8 :=O68: =5 2A5< 4>ABC?5=, B> ?@>I5 ?@>AB>3> >1>9B8AL E<5;5<, >A>15==> 53> F25B:0<8, ?> A8;5 >=8 =5 CABC?OB :=O68:C, 8;8 =09B8 >48= 87 1>4O:>2   >2>I=>9, ?>;52>9, @07=>;8AB=K9, : =8< >B=>A8BAO 8 B0B0@=8:.

06=> ?>4>1@0BL 8 4@C385 2A?><>30B5;L=K5 @0AB5=8O, ?><>30NI85 >@30=87<C C;CGH8BL >1<5= 25I5AB2, @01>BC A5@4F0, ;Q3:8E, ?5G5=8, ?>G5: 8 4@C38E >@30=>2, A?>A>1=KE >G8AB8BL 53> >B H;0:>2, >B ?@>AB59H8E, >B 2@540, =0=>A8<>3> A2>1>4=K<8 @048:0;0<8.  ?>AB>O==>, :0: <8=8<C< @07 2 <5AOF, 45;0BL E>BO 1K ?@>AB>9 0=0;87 :@>28, A;548BL 70 5Q A>AB02><, B0: :0: >=0 4>AB02;O5B 2> 2A5 CG0AB:8 B5;0 :><?;5:A ;5:0@AB2, <8:@>M;5<5=BK, 2:;NG0NI85 2 A51O =5>1E>48<K5 <8=5@0;K 8 8>=K 206=59H8E <5B0;;>2, A=01605B 872;5G5==K<8 87 @0AB5=89 28B0<8=0<8, A;C68B 25@=K< 8=48:0B>@>< A>AB>O=8O 74>@>2LO.

0:0=G820O @073>2>@ > ;5G5=88 @0:0 ;Q3:8E, O ?5@5G8A;N =5:>B>@K5 87 @0AB5=89, 2?>;=5 4>AB>9=KE 1KBL 2254Q==K<8 2 ;N1>9 ?@>B82>>?CE>;52K9 ;5G51=K9 :><?;5:A, :>B>@K9, ?>;L7COAL <>59 A8AB5<>9, <>65B A>AB028BL :064K9 65;0NI89.

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

@8 =5>?5@015;L=>< @0:5 G0AB> ?@8=>A8B ?>;L7C ?0A;Q= GQ@=K9. 3> 7@5;K5 O3>4K 1572@54=K, AJ54>1=K, 2 45BAB25 O G0AB> ;0:><8;AO 8<8, >A>15==> 2 3>4K 2>9=K. IQ B>340 O 7=0;, GB> =54>7@5;>9, 75;Q=>9 O3>4>9 <>6=> 65AB>:> >B@028BLAO. > ?@8H;> 2@5<O, :>340 ?0A;Q= >B:@K;AO <=5 A 4@C3>9, 1>;55 F5==>9 AB>@>=K, 8 O =0G0; 15@56=> A>18@0BL 75;Q=K5 O3>4K 2<5AB5 A B@02>9 4;O ?@83>B>2;5=8O ;5:0@AB20. >B>2OB 53> B0:: ACH0B, 87<5;LG0NB, 70B5< AB>;>2CN ;>6:C B@02K :8?OBOB 45AOBL <8=CB 2 ?>;CB>@0 AB0:0=0E 2>4K. 0NB >ABKBL, ?@>F56820NB 8 ?@8=8<0NB ?> 15 <; B@8 @070 2 45=L. AB0B>: 4>?820NB =0 =>GL ?5@54 A=><. @52KH0BL 4>78@>2:C =565;0B5;L=>.

&5;51=0 8 >1;5?8E0. 5 B>;L:> O3>4K, => 8 :>@0. 5A=>9 5Q =04> A=OBL A :CAB0, 40BL 2KA>E=CBL, ?>@570BL =0 <5;:85 :CA>G:8 8 ?OBL AB>;>2KE ;>65: 70;8BL 0,5 ; 2>4:8, =0AB>OBL B@8 =545;8. @8=8<0BL ?> B@84F0BL :0?5;L 2 ?>;>28=5 AB0:0=0 2>4K B@8 @070 2 45=L ?@8 @0:5 ;Q3:8E, 65;C4:0. 5 A>AB028B 1>;LH>3> B@C40 2:;NG8BL 8 =0AB>9:C :>@K 10@10@8A0 2 >48= 87 ;5G51=KE :><?;5:A>2.

7402=0 ?>?C;O@5= 2 =0@>45 2LN=>: ?>;52>9   8725AB=K9 2A5< A04>2>40< 7;>AB=K9 A>@=O:, =07K205<K9 15@Q7:>9.  A04C >B =53> 871028BLAO ?>GB8 =52>7<>6=>, :>@=8 CE>4OB 2 75<;N 3;C1>:>, =0 420 <5B@0 8 1>;LH5.  :0:>9 =56=K9 70?0E C 53> 15;>-@>7>2KE F25B:>2! ;O =0AB>O >4=C AB>;>2CN ;>6:C A25653> 87<5;LG5==>3> @0AB5=8O 70;820NB AB0:0=>< :8?OB:0, G5@57 G0A ?@>F56820NB. LNB ?> G5B25@B8 AB0:0=0 G5BK@5 @070 2 45=L. 5G5=85 A57>==>5, B>;L:> ;5B><.  ACHQ=>< 2845 2LN=>: B5@O5B A8;C.

 ?@>B82>@0:>2KE B@020E ?>94QB C =0A @073>2>@ 8 40;LH5, E>BO <=>385 87 =8E C65 1K;8 =0720=K, 8 ?@8<5=OBL 8E <>6=> =5 B>;L:> ?@8 @0:5 ;Q3:8E.

064>5 27OB>5 2 >B45;L=>AB8 @0AB5=85 A0<> ?> A515 C65 ?@54AB02;O5B =5 >4=>, 0 <=>65AB2> @07=KE ;5:0@AB2. >7L<Q< 4;O ?@8<5@0 E>BO 1K C65 7=0:><CN =0< 1C:28FC ;5:0@AB25==CN. @5645 2A53> >1@0B8< 2=8<0=85 =0 5Q A8;L=CN AB>@>=C ?@8 701>;520=8OE 4KE0B5;L=KE >@30=>2. Q =0AB>9 ?LNB ?@8 ?@>ABC45, :0H;5, B@0E58B5, A?0AB8G5A:>< 1@>=E8B5, 1@>=E80;L=>9 0AB<5, BC15@:C;Q75 ;Q3:8E A 2O7:>9 <>:@>B>9, ;Q3>G=KE :@>2>B5G5=8OE, 0 206=55 2A53>   ?@8 =>2>>1@07>20=8OE. C:28FC ?LNB :0: C:@5?;ONI55 A@54AB2> ?@8 =5@2=>< 8AB>I5=88, 25A5==59 CAB0;>AB8. =0 C:@5?;O5B A>AC4K 8 CA8;8205B :@>2>>1@0I5=85. !?0A05B >B 3>;>2=>9 1>;8, 3>;>2>:@C65=8O. 57 =5Q =5 >1>9B8AL ?@8 M?8;5?A88. 0AB>9 1C:28FK =5?;>E> ?@>O2;O5B A51O ?@8 30AB@8B0E A ?>2KH5==>9 :8A;>B=>ABLN, 876>35. @><5 B>3>, ?><>305B ?@8 65;BCE5, 2>A?0;5=88 ?>G5: 8 65;G=>3> ?C7K@O, ?@8 1>;OE 2 ACAB020E, @52<0B87<5, ?>403@5. >;57=0 >=0 ?@8 HC<5 2 CH0E, 0B5@>A:;5@>75, ?>2KH5==>< 402;5=88, 15AA>==8F5. / >AB028; 2 AB>@>=5 5IQ :>5-:0:85 =54C38. >3 1K =0?><=8BL 7=0<5=8B>5 87@5G5=85 !C2>@>20: �C:28F5N 1C45B 682 A>;40B� 8;8 =0@>4=>5: �@>409 ?0;LB>   :C?8 1C:28FC�.  5H09B5, >:065BAO ;8 F5;51=>9 1C:28F0 ?@8 @0:5 ;Q3:8E? >6=> =5 A><=520BLAO, B0: :0: C 1>;L=>3> 25AL >@30=87< 2K2545= 87 @02=>25A8O.  5A;8 ?@8=OBL =0AB>9 1C:28FK A <>8< ?@>B82>>?CE>;52K< 10;L70<><, A>AB02;5==K< :0: <8=8<C< 87 ?OB8 CA8;820NI8E 4@C3 4@C30 =0AB>5:, MB> C65 A0<> 2 4>AB0B>G=>9 AB5?5=8 A?>A>1=> 70<5=8BL <=>3>:><?>=5=B=K9 B@02O=>9 A>AB02. A;8 C6 =0 B> ?>H;>, >48=, ?>;=>ABLN A>AB02;5==K9 <=>9, A;>6=K9 :><?;5:A A>AB>8B 87 4N68=K @07;8G=KE B@02, B>;L:> O 40N 8E =5 2 :CG5, 0 2 >B45;L=>AB8, GB>1K >@30=87< CA?5; 27OBL 4;O A51O 87 :064>9 B@02K 2AQ =5>1E>48<>5.
" ,   

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

7402=0 <5=O =0AB>@06820;0 8 =5 4020;0 ?>:>O >4=0 70304:0: ?>  ?@028;0< 8 CA;>28O<, ?>  ?@87=0:0< >B18@0NBAO @0AB5=8O 2 4@C6=K9 548=K9 A>AB02? B25B 8A:0; O 4>;3>, C?>@=>.  =0HQ;. !;CG09=> =0HQ;, :0: 2 =0H8 4=8 24@C3 =0E>4OB 8=>340 ?@8 A=>A5 AB0@8==KE 740=89, ?>AB@>5==KE 5IQ 2 F0@A:85 2@5<5=0, B09=8:8 A :;040<8 7>;>BKE <>=5B 8 F5==>9 CB20@LN.  <>8< A>:@>28I5< AB0; 2=570?=K9 ?>2>@>B <KA;8, :>340 =0 4>;N <3=>25=8O, ?>4 4@C38<, =5>1KG=K< C3;>< 7@5=8O 273;O=C; O =0 402=> 7=0:><K5 A;>20 87 AB02H53> 4;O <5=O =0AB>;L=K< ?>A>185< �0=>=0 2@0G51=>9 =0C:8� 28F5==K.  =Q< O >1KG=> A@07C >1@0I0;AO : >?8A0=8N 459AB289 8 A2>9AB2 @0AB5=89, <8=CO ?5@2K5 AB@>G:8 A >1I8<8 A2545=8O<8 > =8E, :>B>@K5 :070;8AL A:CG=K<8, =5 8<5NI8<8 ?@0:B8G5A:>9 F5==>AB8.  7@O. <5==> 2 =8E, A0<KE :;NG52KE, >:07K205BAO, A:@K20;0AL >4=0 87 3;02=KE B09=...

. . .=0 <=>38< ?>:065BAO =525@>OB=>9, =>, =045NAL, 70AB028B 704C<0BLAO B5E, :B> >B=>A8BAO : B@020< A5@LQ7=>, C2068B5;L=>. 094CBAO, 2>7<>6=>, 8 A><=520NI85AO, 2>A?@8=8<0NI85 =>2>ABL A =54>25@85<, ?>:0 A0<8, :0: 3>2>@8BAO, =5 ?>IC?0NB 8 =5 ?>B@>30NB, ?@5645 G5< C154OBAO, GB> 8E =5 >1<0=K20NB.  :B>-B>, <>65B, A:5?B8G5A:8 CA<5E=QBAO: �!B0@LQ! 04> 65, ?8A0;8 ?> =082=>9 1573@0<>B=>AB8 2AO:CN G5?CEC, ;8HL 1K C<=K<8 ?>:070BLAO�.

><C A59G0A ?@84QB 2 3>;>2C <KA;L > B><, GB> B@02K 45;OBAO =0 3>@OG85 284K 8 =0 E>;>4=K5? @>45 1K 2A5 >=8 >48=0:>2K5. N1>5 @0AB5=85 2>7L<8 2 @C:8   =5 >1>66QHLAO 8 =5 >1<>@>78HLAO.  0725 GB> 3>@OG> AB@5:0=QB :@0?820. ;8 >AB0=5BAO ?@8OB=0O ?@>E;040 2> @BC ?>A;5 <OBK. "0: 2 GQ< 65 B09=0?

 8740==>9 2 1982 3>4C ?>;=>9 M=F8:;>?5488 �0=>= 2@0G51=>9 =0C:8� 28F5==K O ?5@2K< 45;>< AB0; 2K8A:820BL C =53> >@838=0;L=K5 @5F5?BK, ?@83>4=K5 4;O ?@8<5=5=8O. >765, =5A:>;L:> @07 2=8<0B5;L=> ?@>G8B02 2B>@>9 B><, O =52>;L=> >1@0B8; 2=8<0=85 =0 B>, GB> ?@8 >?8A0=88 :064>3> @0AB5=8O 25;8:89 2@0G520B5;L 2 ?5@2CN >G5@54L ?>4GQ@:820; 53> ACI=>ABL, B> 5ABL >?8AK20; 2=5H=89 >1;8:, C:07K20O, :0:85 53> G0AB8 8A?>;L7CNBAO 4;O ;5G5=8O: F25BK, ;8ABLO, :>@0, :>@=8, A5<5=0, :0<54L. 0;LH5 >= @0A:@K20; A0<>5 3;02=>5   53> 5AB5AB2>.

-B> 8 1K; :;NG : A>:@>25==>9 B09=5. @8GQ< A0<K9 =5>1E>48<K9 :;NG 4;O <548F8=K BKAOG5;5B=59 402=>AB8, 0 2 =0H8 4=8 157 2AO:>3> A>60;5=8O 701KBK9, CB5@O==K9 70 =5=04>1=>ABLN, >B=5AQ==K9 2 G8A;5 4@C38E ?>B5@L : =082=>9 B5@<8=>;>388 4@52=8E 2@0G520B5;59.

>B ?5@2>5 @0AB5=85, :>B>@>5 >B:@K205B :=83C: �>==8: ;5:0@AB25==K9. AB5AB2>. >@OG55 2 ?5@2>9 AB5?5=8, ACE>5 2 B>9 65 AB5?5=8; 2 >1I5<, >=> A;>6=>5, => B5?;>B0 2 =Q< A8;L=59, G5< E>;>4=>ABL�. 0;LH5 A;54CNB: �>;K=L 3>@L:0O. >@OG55 2 ?5@2>9 AB5?5=8, ACE>5 2 B@5BL59. K60BK9 A>: 5Q 2A53> 3>@OG55. 5:>B>@K5 65 2@0G8 ?>;030NB, GB> >=> ACE>5 2> 2B>@>9 AB5?5=8, 8 MB> 25@>OB=59 2A53>�. �@0?820 8 5Q A5<O   3>@OG55 2 =0G0;5 B@5BL59 AB5?5=8, ACE>5 2> 2B>@>9, A5<O 5Q <5=55 ACE>, G5< >=0 A0<0�. ;8: �0@10@8A. %>;>4=>5 8 ACE>5 C ?@545;0 B@5BL59 AB5?5=8�. �5I8=0. 5A:>;L:> 3>@OG55 8 A;53:0 ACE>5�. �'Q@=0O 15;5=0. %>;>4=0O 8 ACE0O C ?@545;0 B@5BL59 AB5?5=8�. �C: @5?G0BK9. >@OG55 2 B@5BL59 AB5?5=8�. �@>:. >@OG55 2 ?5@2>9 AB5?5=8�. 28F5==0, >1KG=> A45@60==K9 8 :@09=5 @54:> ?@>O2;ONI89 M<>F88, >1 0:>=8B5 ?8H5B: �G5=L 3>@OG55 2 G5B2Q@B>9 AB5?5=8�, C:07K20O =0 53> A<5@B5;L=CN O4>28B>ABL: �4=0 53> :0?;O C18205B�.  2>B B0: A ?5@2KE AB@>: 3>2>@8BAO > 5AB5AB25 ;N1>3> ;5:0@AB20.

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�3>@OG55, ACE>5 2 ?5@2>9 AB5?5=8�. ?>;=5 4>?CAB8<> 5Q 8A?>;L7>20=85 A D80;:>9 4CH8AB>9, >4C20=G8:><, ?K@55<, <0;L2>9 8 4@C38<8 B@020<8, E>;>4=K<8 =5 2KH5 ?5@2>9 AB5?5=8, B0: :0: >=0 A0<0O A;010O, 8=>340 CA;>2=0O. >;55 A8;L=K5 2B>@0O, B@5BLO AB5?5=8, 0 G5B2Q@B0O 2>>1I5 C?><8=05BAO @54:>, >1KG=> >=0 ?@8ACI0 >G5=L O4>28BK< @0AB5=8O<.  O =5 AB0; 1K A>2<5I0BL 2 >4=>< =0AB>5 �>G5=L 3>@OG89 0:>=8B� A �E>;>4=>9 2 G5B2Q@B>9 AB5?5=8 15;5=>9�! # <=>38E @0AB5=89 5AB5AB2> C@02=>25H5==>5, >48=0:>2> A:;>==>5 8 : B5?;C 8 : E>;>4C. E A>G5B0=85 2?>;=5 4>?CAB8<>. 5:>B>@K5 @0AB5=8O A>2<5I0NB 2 A515 B> 8 4@C3>5. >:070B5;L=K< <>6=> AG8B0BL 28=>3@04: �53> :>6C@0   E>;>4=0O 8 <54;5==> ?5@520@8205BAO; <O:>BL 53> 3>@OG0O, 2;06=0O, 0 :>AB>G:8   E>;>4=K5 8 ACE85�. -B> A>2<5I5=85 E>;>4=>3> 8 3>@OG53> C:07K205B 8 =0 F5;51=>5 ?@8<5=5=85 O3>4K. %>;>4=K5 �87N< A :>AB>G:0<8 E>@>H8 >B 1>;59 2 :8H:0E. 7N< ?>;575= 4;O ?>G5: 8 <>G52>3> ?C7K@O,   >B<5G05B 28F5==0,   0 A2565A>1@0==K9 28=>3@04 2K7K205B 42865=85 2 65;C4:5 8 ?CG8B. AO:89 28=>3@04 2@545= 4;O <>G52>3> ?C7K@O�.

"KAOG8 ;5B =0704 F5;8B5;8 ?@54AB02;5=8O =5 8<5;8 > E8<8G5A:>< A>AB025 @0AB5=89, =045;O;8 8E A2>59 B5@<8=>;>3859, 157>H81>G=> >?@545;OO 8E 5AB5AB2>. B>-B> <>65B CA<5E=CBLAO, AG8B0O <5=O GC40:><, <>;, 1>;LH5 =04> 2=8:0BL 2 ?>A;54=85 4>AB865=8O =0C:8 4204F0BL ?5@2>3> 25:0, G5< 8A:0BL >B25BK 2 =082=KE @0AAC645=8OE 8 A>25B0E AB0@F52, 682H8E BKAOG8 ;5B =0704 8 ?>CG0NI8E, :0: ;5G8BL >A>B>< 1>;57=8 65;G8 8;8 D80;:>9 70:@K20BL >B25@AB8O A>AC4>2.

 07C<55BAO, O 4>;65= =0720BL E>BO 1K >A=>2=K5, =081>;55 ?>?C;O@=K5 3>@OG85 8 E>;>4=K5 B@02K, 8 B>340 AB0=5B ?>=OB=K< ?@8=F8? A>740=8O 2A5E <>8E CA?5H=KE ;5G51=KE :><?;5:A>2.

 /': ;B59   C<5@5==> 3>@OG89. 0;5@80=0   A>3@520NI0O. LN=>: ?>;52>9   AB5?5=L C@02=>25H5==0O, =5A:>;L:> BQ?;0O. >==8:   2 ?5@2>9 AB5?5=8; >= A;>6=K9, B5?;>B0 2 =Q< A8;L=59, G5< E>;>4=>ABL. @>:   2 ?5@2>9 AB5?5=8. ;L   A;53:0 A>3@520NI0O. 20 :>7LO   C@02=>25H5==0O. ;525@ ;C3>2>9   A:;>==K9 : B5?;>B5. 0A0B8: 15;K9   2 ?5@2>9 AB5?5=8. 0?CAB0   2A5 G0AB8 2 ?5@2>9 AB5?5=8. 54@ A >@5H:0<8   2 =Q< =51>;LH0O B5?;>B0, AB5?5=L C@02=>25H5==0O. Q=   2 ?5@2>9 AB5?5=8, C@02=>25H5==K9. 5I8=0   1;865 : ?5@2>9 AB5?5=8. 0BL-8-<0G5E0   C<5@5==> 3>@OG0O. G=K9 F25B   2 ?5@2>9 AB5?5=8. 5701C4:0   2 ?5@2>9 AB5?5=8, 0 A ;07>@52K<8 F25B:0<8   1;865 : ?5@2>9 AB5?5=8. 5B@CH:0   2 ?5@2>9 AB5?5=8. >28;8:0   A;53:0 3>@OG0O, 2 =0G0;5 ?5@2>9 AB5?5=8. 8>= ;5:0@AB25==K9   3>@OG89, => =5 >G5=L.  ><0H:0 0?B5G=0O   2 ?5@2>9 AB5?5=8. !2Q:;0   A8;0 A;>6=0O. !>;>4:0   C@02=>25H5==0O, A:;>==0O : B5?;>B5.  54L:0   2 ?5@2>9, 0 A5<5=0 2 B@5BL59 AB5?5=8.  5?0   2 ?5@2>9 AB5?5=8.  8A   @07=K5 <=5=8O, E>BO AG8B0NB, GB> >= 3>@OG59 ?H5=8FK. "KAOG5;8AB=8:   F25B:8 2 ?5@2>9, ACE0O B@020   2 B@5BL59 AB5?5=8. '5@=>1K;L=8:   2 ?5@2>9 AB5?5=8.

8@   3>@OG89 2 =0G0;5 2B>@>9 AB5?5=8. ;>M   2> 2B>@>9 AB5?5=8. =8A   2> 2B>@>9 A ?5@5E>4>< 2 B@5BLN AB5?5=L. 0@10@8A   :>@=8 2> 2B>@>9, C ?@545;0 B@5BL59 AB5?5=8. 0:;060=   2> 2B>@>9 AB5?5=8. >;>28: :@0A8;L=K9   2> 2B>@>9 AB5?5=8. >4O=>9 ?5@5F   2> 2B>@>9 AB5?5=8. 2>748:0 ?@O=0O   2> 2B>@>9 AB5?5=8. C;O2=8:   2> 2B>@>9 AB5?5=8. 01@8F0 8728;8AB0O   2> 2B>@>9, 1;865 : B@5BL59 AB5?5=8, A5<5=0 B5?;>20BK5. @0?820  3>@OG0O 2 :>=F5 2B>@>9, =0G0;5 B@5BL59 AB5?5=8. 0;5=4C;0   2> 2B>@>9 AB5?5=8. 0<KH   2> 2B>@>9 AB5?5=8. >7;>1>@>4=8:   2> 2B>@>9 AB5?5=8. 0A0B8: A8=89   4> =0G0;0 2B>@>9 AB5?5=8. 8<>=   :>@:0 8 :>AB>G:8 3>@OG85 2> 2B>@>9 AB5?5=8. OB0   2> 2B>@>9 AB5?5=8. >@:>2L 48:0O   2> 2B>@>9 AB5?5=8. CA:0B=K9 >@5E   A8;L=> A>3@5205B. >;K=L 3>@L:0O   2> 2B>@>9 AB5?5=8, 0 A>:   2 B@5BL59. 0?>@>B=8: <C6A:>9   2> 2B>@>9. >;K=L F8B20@=0O   2> 2B>@>9, 1;865 : B@5BL59

AB5?5=8. !8=53>;>2=8:   1;865 :> 2B>@>9 AB5?5=8. "@>AB=8:   2> 2B>@>9 AB5?5=8. #:@>?   AB5?5=L <564C 2B>@>9 8 B@5BL59. $5=E5;L   AB5?5=L >B 2B>@>9 4> B@5BL59. %@5=   2> 2B>@>9, :>@5=L 1;865 : B@5BL59 AB5?5=8. '01@5F   2> 2B>@>9 AB5?5=8. '0ABCE0 ?>4>@>6=8:>20O   3>@OG0O 2> 2B>@>9 AB5?5=8. '8AB>B5;   3>@OG89 2 :>=F5 2B>@>9 AB5?5=8. (0;D59   2> 2B>@>9 AB5?5=8.

5H5=K9 >3C@5F   3>@OG89 2 B@5BL59 AB5?5=8. @5F:89 >@5E   3>@OG89 2 B@5BL59 AB5?5=8. >@5G02:0   2 B@5BL59 AB5?5=8. CH8F0   2 B@5BL59 AB5?5=8. 52OA8; 2KA>:89   2 B@5BL59 AB5?5=8. 5;B>D8>;L   2 B@5BL59 AB5?5=8. 25@>1>9   B@020 2 B@5BL59 AB5?5=8, => A5<5=0   B5?;>20BK5. AA>?   3>@OG89 2 B@5BL59 AB5?5=8. 8@:07>=   2 B@5BL59 AB5?5=8. >=>?;O   2 B@5BL59 AB5?5=8. 02@   3>@OG89 2 B@5BL59, => :>ABO=:8 2> 2B>@>9 AB5?5=8. C:   2 B@5BL59 AB5?5=8. N18AB>:   A5<5=0 2 B@5BL59 AB5?5=8, :>@5=L   A>3@5205B. 5;8AA0   3>@OG0O 2 B@5BL59 AB5?5=8. >@:>2L >3>@>4=0O   2 B@5BL59 AB5?5=8. >;>G09 (2A5 A5<L 284>2)   2 B@5BL59, 0 A>: 2 G5B2Q@B>9 AB5?5=8. >@>7=8:   2 B@5BL59 AB5?5=8. >@A:>9 ;C:   3>@OG 2 B@5BL59 AB5?5=8. >66525;L=8:   O3>4K 3>@OG85 2 B@5BL59 AB5?5=8. A>:>@L   2 B@5BL59 AB5?5=8, A8;L=> A>3@5205B. >3>B:8 (=5 :0;5=4C;0)   2 B@5BL59 AB5?5=8. 86<0   3>@OG0O 2 B@5BL59 AB5?5=8. 5@5ABC?5=L 15;K9, 1@8>=8O   3>@OG89 2 B@5BL59 AB5?5=8.  CB0  2 B@5BL59, 0 A5<5=0 2 G5B2Q@B>9 AB5?5=8. "8<LO=   2 B@5BL59 AB5?5=8, 0 A5<5=0 >G5=L 3>@OG85. '5@=CH:0 ?>A52=0O   3>@OG0O 2 B@5BL59 AB5?5=8. '5<5@8F0 15;0O   2 A5@548=5 B@5BL59 AB5?5=8.

:>=8B (1>@5F)   3>@OG89 2 G5B2Q@B>9 AB5?5=8. >;GL5 ;K:>   2 G5B2Q@B>9 AB5?5=8. >@G8F0   3>@OG0O 2 G5B2Q@B>9 AB5?5=8. '5A=>:   3>@OG89 2 G5B2Q@B>9 AB5?5=8 8 1>;LH5.

'Q@=K9 ?5@5F   3>@OG89 2 G5B2Q@B>9 AB5?5=8.

%+: AB@0   ?@8@>40 E>;>4=0 2 ?5@2>9 AB5?5=8. O7, ;C1   2 ?5@2>9 AB5?5=8. 52OA8; 1@8B0=A:89   2 ?5@2>9 AB5?5=8. K<O=:0   1;865 : ?5@2>9 AB5?5=8. C1, 6Q;C48   2 ?5@2>9 AB5?5=8. 6528:0   B@020 E>;>4=0 2 ?5@2>9 AB5?5=8, ?;>4K A:;>==K : B5?;>B5. >7;>1>@>4=8:, A>:   E>;>4=K9 2 ?5@2>9 AB5?5=8. 0?G0B:0 ?>;7CG0O   C<5@5==> E>;>4=0O. 0;L20   4> ?@545;0 ?5@2>9 AB5?5=8. 4C20=G8:   C<5@5==> E>;>4=K9, ACE>9 A>3@5205B. 20   E>;>4=0O 2 ?5@2>9 AB5?5=8. K@59   E>;>4 2 ?5@2>9 AB5?5=8.  >70   E>;>4=0 2 ?5@2>9 AB5?5=8.  45AB   AG8B05BAO E>;>4=K< 4> ?@545;0 ?5@2>9 AB5?5=8. "0B0@=8: :>;NG89   2 ?@545;0E ?5@2>9 AB5?5=8, F25B:8 1;865 : 3>@OG5<C. "@>AB=8:   E>;>4=K9 2 =0G0;5 ?5@2>9 AB5?5=8. $80;:0 4CH8AB0O   2 ?5@2>9 AB5?5=8. %2>I ?>;52>9   E>;>4=K9 2 ?5@2>9 AB5?5=8 8 ACE>ABL 2> 2B>@>9. %<5;L   ?@8@>40 E>;>4=0O 8 2;06=0O. &8:>@89   E>;>45= C ?@545;0 ?5@2>9 AB5?5=8. '5@=CH:0 48:>@0ABCI0O   1;865 : E>;>4=>9 ?@8@>45. (?8=0B   C =0G0;0 ?5@2>9 AB5?5=8. /G<5=L   2 ?5@2>9 AB5?5=8.

920   E>;>4=0O 2> 2B>@>9 AB5?5=8. C:28F0   A E>;>4=>9 ?@8@>4>9. 8=>3@04   :>6C@0 8 :>AB>G:8 E>;>4=K5, <O:>BL 3>@OG0O. 0;;K   E>;>4=K5 2> 2B>@>9 AB5?5=8. K=O   E>;>4 2 =0G0;L=>9 AB5?5=8. C2H8=:0   2> 2B>@>9 AB5?5=8. 0@L   E>;>4=0O 8 2;06=0O 2> 2B>@>9 AB5?5=8. 3C@5F   2> 2B>@>9 AB5?5=8. >4>@>6=8: 1;>H=K9   2> 2B>@>9 AB5?5=8. 0A;Q= GQ@=K9   E>;>4=K9 8 ACE>9 2> 2B>@>9 AB5?5=8. @>A>   2> 2B>@>9 AB5?5=8. 5@A8:   2> 2B>@>9 AB5?5=8.  525=L   E>;>4=K9 2> 2B>@>9 AB5?5=8. !;820   C ?@545;0 2B>@>9 AB5?5=8. "K:20   E>;>4=0O 2> 2B>@>9 AB5?5=8. $870;8A   2> 2B>@>9 AB5?5=8. )025;L   2> 2B>@>9 AB5?5=8.

0@10@8A, O3>4K   E>;>4=K5 2 B@5BL59 AB5?5=8. 5;5=0   E>;>4=0O C ?@545;0 B@5BL59 AB5?5=8. 82CG:0   2 B@5BL59 AB5?5=8. :>?=8:   E>;>4=K9 4> ?@545;0 B@5BL59 AB5?5=8. >4>@>6=8: 1>;LH>9   E>;>4=K9 8 ACE>9 2 B@5BL59 AB5?5=8.  OA:0   E>;>4=0O 2 B@5BL59 AB5?5=8.

>;83>;>2   E>;>4=K9 4> G5B2Q@B>9 AB5?5=8. 0: GQ@=K9   E>;>4=K9 <564C B@5BL59 8 G5B2Q@B>9 AB5?5=LN.

?@545;8BL 5AB5AB2> 2A5E >AB0;L=KE @0AB5=89 <>6=> 8 A0<><C, 5A;8 ?@8A;CH0BLAO : A>25BC 28F5==K: �...@0G8 4>;6=K 7=0BL ;8HL >4=C 25IL, 0 8<5==>, GB> A>;Q=K9, 3>@L:89 8;8 54:89 2:CA <>65B 1KBL B>;L:> ?@8 25I5AB25 3>@OG5<, 0 2O6CI89, :8A;K9 8 B5@?:89   B>;L:> ?@8 25I5AB25 E>;>4=><. "0:65 8 70?0E8 @57:85 8 >AB@K5 1K20NB B>;L:> ?@8 3>@OG5< 25I5AB25, 0 15;K9 F25B ?@8ACI B5;0< A3CAB82H8<AO, 2 :>B>@KE 5ABL 2;06=>ABL, 8<5NI0O <5AB> B>;L:> ?@8 E>;>4=>< 25I5AB25, 0 B0:65 B5;0<, :>B>@K< ?@8ACI0 ACE>ABL 8 A?>A>1=>ABL @0AB8@0BLAO, 8<5NI0O <5AB> B>;L:> ?@8 3>@OG5< 25I5AB25...�

>65B 2>7=8:=CBL @57>==K9 2>?@>A: ?>G5<C 2 >4=>< 8 B>< 65 <>Q< :><?;5:A5 ?@8ACBAB2CNB E>;>4=K5 8 3>@OG85 @0AB5=8O? 5 ?@>B82>@5GC ;8 O A515? 5B.  0725 O 40N 8E 345-=81C4L 2<5AB5, 2 >4=>9 A2O7:5? 564C =8<8 >1O70B5;L=> ACI5AB2C5B @07@K2, >?@545;Q==K9 ?@><56CB>: 2@5<5=8, 2?>;=5 4>AB0B>G=K9 4;O B>3>, GB>1K >=8 =8345 =5 A>?@8:>A=C;8AL, =5 ?><5H0;8 4@C3 4@C3C. <55BAO 5IQ >48= =5<0;>206=K9 =N0=A, =0 :>B>@K9 >?KB=K9 F5;8B5;L >1O70= >1@0B8BL 2=8<0=85: MB>, =0?><8=0N, @07=K5 AB5?5=8 E>;>4=>3> 8;8 3>@OG53>.  =0G0;L=>9, A0<>9 A;01>9 AB5?5=8 <=>385 @0AB5=8O <>3CB A?>:>9=> A>A54AB2>20BL.  B><C 65 @O4>< A =5A:>;L:8<8 3>@OG8<8 B@020<8 4>?CAB8<0 >4=0 C<5@5==0O, BQ?;0O, 2 <0;>9, 1;865 : ?5@2>9 AB5?5=8 E>;>4=0O, => 2 B0:>< A;CG05 B@51C5BAO 27OBL 2 @C:8 :0@0=40H 8 ?@>8725AB8 0@8D<5B8G5A:85 @0AGQBK, 8=>340 4>2>;L=> A;>6=K5   2 =8E =5 2AO:89 B@02=8: @0715@QBAO. !0<>5 4>ABC?=>5 8 ?>=OB=>5 >1JOA=5=85 B0:8< @0AGQB0< 40; ?OBLA>B ;5B =0704 0@<O=A:89 2@0G <8@4>2;0B <0A80F8 2 :=835 �5=C6=>5 4;O =5CG59�. 03;O=8B5 2 =5Q E>BO 1K 87 ;N1>?KBAB20. 5 ?>60;55B5. A>15==> ?>;57=K B0:85 @0745;K, :0: 8=D5:F8>==K5 8 0;;5@38G5A:85 1>;57=8, 1>;57=8 ?>G5: 8 <>G52>3> ?C7K@O, 3;07=K5 1>;57=8, =5@2=K5 8 ?A8E8G5A:85 1>;57=8, >=:>;>38G5A:85 701>;520=8O, 1>;57=8 AB0@G5A:>3> 2>7@0AB0, 1>;57=8, A2O70==K5 A =0@CH5=85< 3>@<>=0;L=>9 @53C;OF88. "@02K C:070=K C4828B5;L=> B>G=>, 1C4B> 27OBK >=8 87 A>2@5<5==KE, A0<KE ?>A;54=8E 8740=89 :=83 ?> ;5G5=8N B@020<8. > >=:>;>388, =0?@8<5@, C:07K205BAO: �8@   >?CE>;8 ?5G5=8 8 65;C4:0�, �0@10@8A >1K:=>25==K9   >?CE>;L ?5G5=8�, �%2>I ?>;52>9   >?CE>;8 ?5G5=8 8 65;C4:0�. <8@4>2;0B A>25BC5B 4065, :0:8<8 B@020<8 =04> ;5G8BL @07=K5 284K @0:0. 0?@8<5@: �5H5=K9 >3C@5F   A;878AB0O >?CE>;L�, �>==8: ;5:0@AB25==K9   ?;>B=0O >?CE>;L <>;>G=>9 65;57K, 65;C4:0, ?5G5=8, O8G5:�. >765, :>340 ?>4>94QB >G5@54L, O @0AA:06C, :0: 8<5==> 4>==8: ?><>3 <=5 2K;5G8BL <>;>4CN 65=I8=C >B @0:0 O8G=8:>2.  ?0A;Q= GQ@=K9 >G5=L ?@83>48;AO ?@8 ;5G5=88 @0:0 O7K:0 8 ?>;>AB8 @B0.

@52=85 <548:8 1K;8 <C4@K<8 ;N4L<8, 8 ?@8A;CH0BLAO : =8< =8:><C =5 ?><5H05B.  07C<=> ?>4>1@0==K5 B@02K >=8 =07K20;8 �2@0G520=85< =515A�.  5A;8 A;CG09=> ?5@5<5H820;8AL 3>@OG85 B@02K A E>;>4=K<8, >A>15==> =5A>2<5AB8<K5, B> 8 ;5G5=85 8<8 =>A8;> 4@C3>5 =0720=85: �C:CA 7<58 3@5<CG59�. >B ?>G5<C O A:5?B8G5A:8 A<>B@N =0 =5:>B>@K5 A>2@5<5==K5 <=>3>:><?>=5=B=K5 A1>@K, 4065 5A;8 >=8 1K;8 A>AB02;5=K 4>:B>@0<8 <548F8=A:8E =0C: 8;8 0:045<8:0<8, 8725AB=K<8 =0@>4=K<8 F5;8B5;O<8 8 B@02=8:0<8. 5:0@AB25==K9 A1>@ 4;O >G8I5=8O >@30=87<0 ?> ?@>?8A8 0:045<8:0 5@O18=0, @5:><5=4C5<K9 >=:>;>38G5A:8< 1>;L=K<, A>45@68B 4204F0BL ?OBL @0AB5=89. >7<>6=>, >= ?@8=>A8B :0:CN-B> ?>;L7C 1>;L=K<, B0< <=>3> 3>@OG8E B@02 2> 2B>@>9 8 4065 B@5BL59 AB5?5=8, 0 G0ABL E>;>4=KE, B0:85 :0: >4C20=G8: 8 <OB0, 2?>;=5 A>2<5AB8<K, B0: :0: >1;040NB 8 A>3@520NI8< 459AB285<. 4=0:> 2@O4 ;8 =094CB 2 MB>9 :><?0=88 >1I89 O7K: <564C A>1>9 ACE>9, 3>@OG89 2 B@5BL59 AB5?5=8 725@>1>9 A E>;>4=K< 2 B>9 65 2KA>:>9 B@5BL59 AB5?5=8 8 2;06=K< ?>4>@>6=8:><, 0 E>;>4=0O ACH5=8F0 B>?O=0O A 3>@OG8< 2 :>=F5 2B>@>9 AB5?5=8 G8AB>B5;><. =0;878@>20; O 8 =5:>340 >G5=L ?>?C;O@=K9 ?@>B82>>?CE>;52K9 A1>@ . . 4@5=:> 87 B@84F0B8 ?OB8 @0AB5=89.  =Q< B>65 :@5?:>, =54@C65;N1=> AB0;:820NBAO ;10<8 >G5=L 3>@OG85 :>@=8 10@10@8A0 A E>;>4=K<8 4> B@5BL59 AB5?5=8, 2;06=K<8 :>@=O<8 >:>?=8:0 ;5:0@AB25==>3> 8 E>;>4=0O 2 B@5BL59 AB5?5=8 B@020 682CG:8 0:A<0=0 A 3>@OG8<8 2 B0:>9 65 AB5?5=8 :@0?82>9 42C4><=>9 8 <>66525;L=8:><. 5 C25@5=, <>6=> ;8 2K;5G8BLAO >B @0:0 B0:8< A1>@><. >7<>6=>, G8AB> ?A8E>;>38G5A:8, 8A?KBK20O ?>;=>5 4>25@85 : 7=0<5=8B>AB8, 1>;L=>9 2 ?5@2>5 2@5<O 8 2 A0<>< 45;5 >ICB8B =5:>B>@K9 ?>4JQ<, 4065 ?>GC2AB2C5B C;CGH5=85, => :B> ?@54A:065B, :0:8<8 1C4CB >B40;Q==K5 ?>A;54AB28O?  B><C 65 A>1@0BL A>AB02 ?>;=>ABLN :@09=5 A;>6=>, =5:>B>@K5 @0AB5=8O, ?>4>1=K5 682CG:5 0:A<0=0, ;0?G0B:5 A5@51@8AB>9 8;8 H0;D5N MD8>?A:><C, 4=Q< A >3=Q< =5 >BKI5HL, =0AB>;L:> >=8 @54:8 8 ?@0:B8G5A:8 =54>ABC?=K. 5 8A:;NG5=>, O <>3C 8 >H818BLAO, =5 CG5ABL B>3>, GB> =0E>48BAO 2KH5 C@>2=O <>53> ?>=8<0=8O.  =5 ?>

4=064K >1@0B8;0AL :> <=5 70 A>25B>< 65=I8=0, ;5G82H0O 4>GL >B 1@>=E80;L=>9 0AB<K ?> @5F5?BC 8725AB=>3> ?>B><AB25==>3> 7=0E0@O ;5:A0=4@0 :AQ=>20. �>GL ?LQB =0AB>9 C65 G5BK@5 <5AOF0, 0 >1;53G5=8O =5B =8:0:>3>, =0>1>@>B, ?@8ABC?K CG0AB8;8AL,   ?>60;>20;0AL >=0.   >65B 1KBL, O 45;0N GB>-B> =5 B0:? "0< =5 C:070=>, :0:>9 2>4>9 70;820BL, E>;>4=>9 8;8 :8?OB:><. ;8 :0:0O-B> B@020 BCB =5 ?>4E>48B?� =0 ?>:070;0 <=5 A>;84=CN, ?@5:@0A=> >D>@<;5==CN :=83C . :AQ=>20 �"@02=8: =0E0@O� (., 2002). B<5GC A@07C, =0 <5=O >=0 ?@>8725;0 ?@8OB=>5 2?5G0B;5=85 =5 B>;L:> 2=5H=8< 284><, => 8 1>30BAB2>< A>45@60=8O, >A=>2=K<8 A2545=8O<8 > B@020E, <=>65AB2>< ?>;57=KE A>25B>2 ?> 8E A1>@C 8 ?@8<5=5=8N. ;02=K< 1K;> B>, GB> 02B>@ ?@54;>68; G8B0B5;N H5ABL BKAOG @5F5?B>2 (!) >B <=>65AB20 @07=KE 701>;520=89. A5 >=8 =0 ?5@2K9 273;O4 B@048F8>==K5, @5:><5=4C5<K5 ?>GB8 2 B0:8E 65 20@80=B0E 4@C38<8 F5;8B5;O<8. >A<>B@5; O 8 =0 A1>@ >B 0AB<K. 'B>1K 2K 8<5;8 ?@54AB02;5=85 > =Q<, F8B8@CN 53> ?>;=>ABLN: �1C4@0   2 G0AB8, :>@5=L 0;B5O   3 G0AB8, :>@5=L >:>?=8:0   3 G0AB8, :>@5=L A>;>4:8   3 G0AB8, 103C;L=8:   2 G0AB8, MD54@0   3 G0AB8, :>@5=L 452OA8;0   3 G0AB8, D80;:0   3 G0AB8, <OB0   2 G0AB8, :@0?820   3 G0AB8. "@8 AB>;>2K5 ;>6:8 MB>3> A1>@0 70;8BL B@5<O AB0:0=0<8 2>4K. 0AB0820BL =>GL 2 B5@<>A5. @8=8<0BL ?> 150 <; 4 @070 2 45=L 70 G0A 4> 54K�. 8 : >4=><C 87 C:070==KE @0AB5=89 =5B =8:0:8E ?@5B5=789, 2A5 >=8 H8@>:> ?@8<5=ONBAO ?@8 1@>=E80;L=>9 0AB<5. > AB0=5B ;8 �2@0G520=85< =515A� B0:>9 A1>@, 345 3>@OG0O <OB0 =5 ?>74>@>205BAO, @02=>4CH=> >B25@=QBAO >B E>;>4=>9 D80;:8, 3>@OG0O 4> B@5BL59 AB5?5=8 :@0?820 >B?CAB8B :>;:85 70<5G0=8O E>;>4=>9 1C4@5, 0 =5 2 <5@C, 4> ?@545;0 B@5BL59 AB5?5=8 @073>@OG5==K9 452OA8; A E>4C, 157 ?@54C?@5645=8O O@>AB=> 2ABC?8B 2 :C;0G=K9 1>9 A <>3CG8<, E;04=>:@>2=K< 4> B@5BL59 AB5?5=8 >:>?=8:><? 10 >=8 >G5=L A8;L=K5 1>9FK, :064K9 2 A2>59 >1;0AB8 G5<?8>=, 8 242>Q< ?><5I0BL 8E 2 >4=C ?>AC4C >?0A=>, <>6=> =0@20BLAO =0 �C:CA 7<58 3@5<CG59�.

CA:09 A 8??>:@0B><, 0;5=><, 8>A:>@84><, >@=5;85< &5;LA><, 28F5==>9, <8@4>2;0B><, 2?@0:A859   2=CG:>9 ;048<8@0 >=><0E0   <K 68;8 2 @07=K5 M?>E8, => 273;O4 =0 40@>20==CN >3>< >:@C60NICN =0A F0@AB25==> 25;8G02CN @8@>4C >AB0;AO C =0A >48=0:>2> ?KB;82K<, 24C<G82K<, =01;N40B5;L=K<, 1;03>40@=K< 70 5Q =58AB>I8<CN I54@>ABL. "0: 1K;>, B0: 1C45B 2A5340. 48= B>;L:> HB@8E : A:070==><C: >B:@K; 65 :B>-B> =5402=>, ?>:0 =5 7=0N 53> 8<5=8, GB> B@QE4=52=K5 @>AB:8 :0?CABK 1@>::>;8 C=8GB>60NB 95 % @0:>2KE :;5B>:, 4>AB0B>G=> AJ540BL 5Q 2 A2565< 2845 ?> G09=>9 ;>6:5 :064K9 45=L.

=8:0O 2 B09=C @0AB5=89, O >B:@K; 4;O A51O 8 4@C3>5, 1>;55 A>2@5<5==>5 8E @0745;5=85 =0 420 ?@>B82>?>;>6=KE ;035@O. 725AB=>, 2AQ 682>5 =0 75<;5 =5AQB 2 A515 8;8 65=A:>5, 8;8 <C6A:>5 =0G0;>   MB> CAB0=>2;5==K9 @8@>4>9 ?@8=F8? CAB@>9AB20 <8@0. 5 >1>HQ; >= AB>@>=>9 8 F0@AB2> @0AB5=89. 5@2K<8 C2845;8 3@0=L <564C =8<8 1>B0=8:8, @0745;82 @0AB5=8O =0 42C4><=K5 8 >4=>4><=K5. IQ 2 H:>;5 =0 C@>:0E 18>;>388 <K C?@>IQ==> ?@>E>48;8, GB> <C6A:85 F25BK 8<5NB BKG8=:8, 0 65=A:85   ?5AB8:8. K;LF0 A BKG8=>: ?>?0405B =0 ?5AB8:, B>340 70:;04K205BAO ?;>4.  0AB5=8O B>;L:> A <C6A:8<8 F25B:0<8 1K;8 =0720=K A>;=5G=K<8   F25B:8 E<5;O, :>=>?;8, :@0?82K, ;02@0, :>@>B:85 O@:>-6Q;BK5 A5@Q6:8 82K 15;>9.  0AB5=8O, CA5O==K5 B>;L:> 65=A:8<8 F25B:0<8,   ;C==K5, MB> H8H:8 E<5;O, ?07CH=K5 :>;>A>284=K5 A>F25B8O :>=>?;8, F25B:8 :@0?82K A >4=8< ?5AB8:>< 8 A84OG8< @K;LF5<, F25B:8 ;02@0 A >4=8< ?5AB8:>< 8 =54>@0728BK<8 BKG8=:0<8. > 2 B5E A;CG0OE, :>340 F25B:8 @0AB5=8O >1>5?>;K5, >=8 AB0=>2OBAO A>;=5G=>-;C==K<8   2 :C:C@C75 <C6A:85 F25B:8 =0E>4OBAO 2 <5BQ;:0E, 65=A:85   2 ?>G0B:0E. 0 AB51;OE >3C@F0 <C6A:85 F25B:8 A>1@0=K 2 ?CG:8 ?> B@8-?OBL HBC:, 65=A:85 F25B:8   >48=>G=K5. !>F25B8O GQ@=>9 :;59:>9 >;LE8, ?>E>685 =0 A5@56:8,   <C6A:85, 0 65=A:85   H8H5G:8, 45@525=5NI85 : >A5=8. / =0720; ;8HL =5A:>;L:> @0AB5=89 2 :0G5AB25 ?@8<5@0, 8E 254L BKAOG8. >340 =0 >4=>< @0AB5=88 2AB@5G0NBAO >B45;L=> <C6A:85 8 65=A:85 F25BK, B> 8 4;O ;5:0@AB20 8A?>;L7CNBAO >=8 >B45;L=>, => 2A5 >AB0;L=K5 G0AB8 @0AB5=8O   ;8ABLO, AB51;8, :>@=8, :>@0   B>65 =0E>4OB A2>Q ?@8<5=5=85, 459AB2CO >4=>2@5<5==> 8 :0: A>;=5G=K5 8 :0: ;C==K5, >4=0:> ;5G8BLAO 8<8 ?@8E>48BAO 4>;3>.

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

5@=K9 A?>A>1 ?>41>@0 =C6=KE ;5:0@AB25==KE @0AB5=89 ?>4A:07K20NB 7=0:8 7>480:0. ! 0AB@>;>3859 O 7=0:>< ?>25@E=>AB=>, ?>;L7CNAL B>;L:> B5<8 A>25B0<8, 2 :>B>@KE B2Q@4> C25@5=, ?>MB><C ?@81530N : ?><>I8 A>;=5G=KE 8;8 ;C==KE @0AB5=89 2K1>@>G=>, G0AB> >1@0I0OAL : >?8A0=8N 7=0:>2 7>480:0. G5=L E>@>HCN :=83C � 0AB5=8O-B0;8A<0=K 4;O 74>@>2LO 8 1;03>?>;CG8O� (., 2006) =0?8A0;0 0AB@>;>3 ;5=0 07>20. 7 =5Q <>6=> ?>G5@?=CBL ?>;57=K5 A2545=8O > @0AB5=8OE 2=0,  0:0, 5A>2, >75@>30 8 >AB0;L=KE 7=0:>2 7>480:0   O ?>708<AB2>20; =5:>B>@K5 A2545=8O 8<5==> 87 MB>9 :=838, E>BO A0< =0 ?@0:B8:5 8=>340 8A?>;L7CN @5:><5=40F88 87 AC3C1> =0CG=KE :=83 ?> 0AB@>;>388.

K18@0O A@548 @0AB5=89 A0<K5 =5>1E>48<K5 4;O A>AB02;5=8O ;5G51=KE :><?;5:A>2, O CG8BK20; =0:>?;5==K9 BKAOG5;5B8O<8 >?KB <C4@KE 2@0G520B5;59, 871530O :>=D;8:B0 <564C 3>@OG8<8 8 E>;>4=K<8 B@020<8, 27O; =0 2>>@C65=85 =5:>B>@K5 A>;=5G=K5 8 ;C==K5 @0AB5=8O, => =5 A;54>20; A>25B0< A;5?>, 0 2K8A:820; F5==K5 4;O A51O 7>;>BK5 :@C?8=:8, >1>30I0O 8<8 2AQ A0<>5 ?5@54>2>5 8 ?>;57=>5, ?>G5@?=CB>5 87 ?>A;54=8E 4>AB865=89 =0C:8.

@5645 2A53> O AB0@0;AO ?> 2>7<>6=>AB8 CG8BK20BL E8<8G5A:89 A>AB02 >4=>2@5<5==> ?@8<5=O5<KE @0AB5=89.  A>60;5=8N, >G5=L <=>385 B@02K =5 87CG5=K, 0 A>1AB25==>9 ;01>@0B>@88 C <5=O =5B. =>340 ?@8E>48;>AL A845BL A :0@0=40H8:>< 8 45;0BL @0AGQBK, GB>1K =5 4>?CAB8BL 87;8H=53> G8A;0 =5 B>;L:> O4>28BKE 0;:0;>84>2 >4=>3> @O40, => 8 >4=>B8?=>3> @O40 <8:@>M;5<5=B>2 8 4065 28B0<8=>2, GB>1K >=8 2 >1I59 AC<<5 =5 ?5@5:@K20;8 ?@545;L=>9 ACB>G=>9 ?>B@51=>AB8, 8=0G5 ?@8 4;8B5;L=>< :C@A>2>< ;5G5=88 3@C??>9 B@02, >G5=L 1;87:8E ?> E8<8G5A:><C A>AB02C, 8E ?>AB>O==>5, <=>3>:@0B=>5 ?@52KH5=85 2?>;=5 <>65B ?@825AB8 =5 : �2@0G520=8N =515A�, 0 : �C:CAC 7<58 3@5<CG59�.

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

A5340 =04> ?><=8BL 3;02=CN 70?>254L 8??>:@0B0: =5 =02@548! 0?@8<5@, 8A?KBK20N O >A>1CN =56=>ABL : <54C=8F5 ;5:0@AB25==>9.  =59 A>45@68BAO >G5=L <=>3> <0@30=F0   11,5 % >B 25A0 7>;K. > <0@30=F5< 1>30BK B0:65 GQ@=0O @O18=0, @>48>;0 @>7>20O, :=O68: A818@A:89, 725@>1>9, :@0?820, >1;5?8E0, F8:>@89 8 45AOB:8 4@C38E ?>?C;O@=KE B@02. !CB>G=0O ?>B@51=>ABL 2 <0@30=F5 5 10 <3, B0: GB> >4=>9 <54C=8FK =0 45=L 4>AB0B>G=>.  5A;8 ?>=04>18BAO 4>1028BL : =59 E>BO 1K @>48>;C @>7>2CN, B>65 1>30BCN <0@30=F5<, ?5@51>@ AB0=5B >ICB8<K<.  AG0ABLN, 53> 871KB>: 1>;LH>9 154>9 =5 3@>78B, ?@>AB> ?>O2OBAO 1>;8 2 <KHF0E, ?@>?04QB 0??5B8B 8 =0G=CB A;8?0BLAO 25:8 >B =0E;K=C2H59 A>=;82>AB8. > 8<5NBAO 1>;55 >?0A=K5 AB>@>=K =54>AB0B:0 8;8 871KB:0 3@C??K <8:@>M;5<5=B>2, =0=>AOI85 2@54 >@30=87<C, ?>@>640NI85 =>2K5 1>;57=8. 0?@8<5@, 2 B5;5 G5;>25:0 A>45@68BAO <=>3> 65;570   5 3. 3> =54>AB0B>: <>65B 2K720BL 0=5<8N, A1>9 2 A8=B575 3>@<>=>2 2 I8B>284=>9 65;575, >A;01;5=85 8<<C=8B5B0. >MB><C <C6G8=0< B@51C5BAO ?>;CG0BL 2 45=L 10 <3 65;570, 65=I8=0< 18 <3, => ?@8 ?@52KH5=88 =>@<K, >A>15==> ?@8 871KB:5 28B0<8=0 !, 2 ;CGH5< A;CG05 2>7=8:=CB 3>;>2=K5 1>;8, ?>B5@O 0??5B8B0, ?>=>A (8=>340 A :@>2LN), 8 GB> EC65   A8;L=>5 ?045=85 0@B5@80;L=>3> 402;5=8O, @2>B0, 2>A?0;5=85 ?>G5:.  4;O 45B59 4>70 2 900 <3 (MB> 4@065 A AC;LD0B>< 65;570, 53> ;53:> ?5@5?CB0BL A :>=D5B0<8) <>65B >:070BLAO A<5@B5;L=>9. 5;L7O 701K20BL 8 > B><, GB> =5 B>;L:> A B@020<8, => 8 A ?@>4C:B0<8 ?8B0=8O <K B>65 ?>;CG05< <8:@>M;5<5=BK 8 28B0<8=K, =5 704C<K20OAL =04 B5<, =5 =0=5ACB ;8 >=8 2 871KB:5 2@54. >MB><C 2A5340 ?@8E>48;>AL 2KOA=OBL, :0:>2 >1KG=K9 @0F8>= 1>;L=>3>, GB>1K ?@028;L=> ?>4>1@0BL 5<C ;5G51=K9 :C@A. @0240, =5 1K205B ?@028; 157 8A:;NG5=8O. 4=0 45@525=A:0O 65=I8=0, ;5G82H0O C <5=O <C60 >B @0:0 ;Q3:8E, 70?@8G8B0;0: �OA> A :0@B>H:>9 >= 2845BL =5 E>G5B, 70B> 68BL =5 <>65B 157 <>;>:0, 4> ?OB8 ;8B@>2 2 45=L 2K?8205B. 57 =53> 254L >= A 3>;>4C ?><@QB!� / CA?>:>8; 5Q: �CA:09 5AB B>, GB> >@30=87< 5<C ?>4A:07K205B�.  2A?><=8;0AL <=5 AB0@5=L:0O <0<8=0 @>4AB25==8F0, 4>682H0O 4> ?

 >B=>H5=88 ;5:0@AB2 B>65 =04> ?@>O28BL GCB:>ABL. 5 =@028BAO 1>;L=><C :0:>9-B> B@02O=>9 =0AB>9 8;8 =0AB>9:0, A=0G0;0 ?>?@>1C9B5 C3>2>@8BL 53> ?>B5@?5BL =5A:>;L:> 4=59, GB>1K ?>AB5?5==> ?@82K: : 2:CAC, : 70?0EC, 254L MB> ;5:0@AB2>, 53> ?@8=8<0NB =5 @048 C4>2>;LAB28O. > 5A;8 2KOA=8BAO, GB> 2 >A=>25 =5?@8OB8O ;568B =5 :0?@87, 0 ?>;=>5 >BB>@65=85, =04> B>BG0A >B<5=8BL 53> 8 =09B8 5<C 70<5=C. %>BO 8 >G5=L @54:>, => B0:85 A;CG08 =01;N40;8AL. 8:0: =5 <>3;0 >4=0 65=I8=0 ?@5>4>;5BL >B2@0I5=85 : =0AB>N B@02K 4C@=8H=8:0, E>BO =8:0:8E ?@>B82>?>:070=89 B@020 =5 8<55B. 0, =0AB>9 3>@L:89, ?@8OB=K< 53> =5 =07>2QHL. 0B> =8:0:8E ?@5B5=789 C =5Q =5 1K;> : A>:C 4C@=8H=8:0, :>340 2;820;8 >4=C G09=CN ;>6:C 2 AB0:0= =0AB>O ;8ABL52 GQ@=>9 >;LE8. 45AL AK3@0; A2>N @>;L ?A8E>;>38G5A:89 <><5=B. K; 548=AB25==K9 A;CG09, :>340 =5<>;>4>9 <C6G8=0 24@C3 >AB0=>28;AO =0 ?OB8 :0?;OE 1>;83>;>20. @81028B 2A53> >4=C :0?;N   =0G8=05BAO C =53> 3>;>2>:@C65=85, 0 A5<L :0?5;L 4065 2K7K20;8 @2>BC. / 70<5=8; 5<C 1>;83>;>2 1>;55 O4>28B>9 =0AB>9:>9 B@02K 1>@F0 2KA>:>3>   ;5G5=85 ?>H;> :0: ?> <0A;C. =5 ?@8E>48;>AL A;KH0BL > B><, GB> =5:>B>@K5 1>;L=K5 A>25@H5==> =5 ?5@5=>AOB 1>;83>;>2, 4065 >4=>9 53> :0?;8, 8 A:;>=5= 4C<0BL, GB> MB> ?@>O2;5=85 0;;5@38G5A:>9 @50:F88. !>2A5< 4@C3>5 45;>, 5A;8 A;CG09=> ?@54;>68HL 1>;L=><C B@02K, 8<5NI85 ?@>B82>?>:070=8O. 0?@8<5@, ?@8 @0:5 I8B>284=>9 65;57K 40; 1>;L=><C B@02C 4@>:0 :@0A8;L=>3>, 0 C =53> 24@C3 @0728;AO 38?5@B>=8G5A:89 :@87. >;L=>9 682QB 2 4@C3>< 3>@>45, 70 ;5:0@AB20<8 ?@85760; 53> AK=. / 2KA?@0H820; C <>;>4>3> G5;>25:0, :0:85 8<5NBAO C >BF0 A>?CBAB2CNI85 701>;520=8O, 0 >= C25@O;, GB> >B5F ;8HL 2 45BAB25 1>;5;, 25B@O=:C ?5@5=QA, 0 B0: 2AN 687=L 1K; :@5?:8<, :0: 4C1, ;8HL =5402=> @0: >1=0@C68;8. >765 2 B5;5D>==>< @073>2>@5 A 1>;L=K< O C7=0;, GB> G0AB5=L:> C =53> ?>4A:0:8205B 402;5=85, 2@0G8 AB02OB 8H5<8N A5@4F0. >B 8 ?@8G8=0 :@870: 4@>: =5;L7O ?@8=8<0BL ?@8 0B5@>A:;5@>75, 8H5<88, 38?5@B>=88.  07C<55BAO, 4@>: ?@8H;>AL C1@0BL 8 87<5=8BL AE5<C ;5G5=8O. # 2A5E 1>;L=KE O >1KG=> B@51>20; 8AB>@8N 1>;57=8, 0=0;87K

>7L<8B5 A515 70 ?@028;> 5IQ >48= <>9 A>25B.  ?@83>B>2;5=88 =0AB>52 8 >B20@>2 =5B =8G53> A;>6=>3>, => A2>8 B>=:>AB8 8<5NBAO. 8:>340 =5 ?>;L7C9B5AL 2>4>?@>2>4=>9 2>4>9. =0 CA;>2=> ?8BL520O, > ?>;=>9 5Q >G8AB:5 8 <5GB0BL =5 ?@8E>48BAO.  5Q E8<8G5A:>< A>AB025 G53> B>;L:> =5 >1=0@C68HL, 2:;NG0O >1O70B5;L=K5 4;O @602KE B@C1 >:8A8 65;570 8 >:8A8 F8=:0. ;O 4578=D5:F88 2>4K 87 2>4>?@>2>40 8A?>;L7CNB E;>@. 065 ?@8 A0<>9 A;01>9 53> :>=F5=B@0F88 ?@>8AE>48B =565;0B5;L=0O @50:F8O A 8<5NI8<8AO 2 @0AB5=8OE D5=>;0<8, 2 @57C;LB0B5 >1@07C5BAO 48>:A8=   >48= 87 >?0A=59H8E O4>2. CA:09 2 =8GB>6=>< :>;8G5AB25, 2 <8:@>4>70E, => =0:>?;5=85 53> 2 >@30=87<5 >?0A=>. >=5G=>, >B E;>@0 <>6=> 871028BLAO, >BAB0820O 2>4C 420-B@8 4=O 2 >B:@KB>9 ?>AC45, => G8I5 >B MB>3> >=0 =5 AB0=5B. >MB><C 4;O ?@83>B>2;5=8O =0AB>52 ?@>I5 8A?>;L7>20BL 1CB8;8@>20==CN 2>4C, 0 2 8450;5 ;CGH5 A0<><C ?@83>B>28BL B0;CN 2>4C, 70<>@06820O =0 10;:>=5 78<>9, 0 ;5B>< 2 E>;>48;L=8:5, 4;O G53> ?@83>4=0 2>40 4065 87 2>4>?@>2>40   206=> 2 ?@>F5AA5 >BB0820=8O ?>;CG8BL G8AB59HCN, F5;51=CN ?> A2>8< :0G5AB20< B0;CN 2>4C.

<59B5 2 284C, GB> 2>40 O2;O5BAO =>A8B5;5< 8=D>@<0F88. > B5;52845=8N ?>:07K20;8 <>;5:C;K 2>4K, 87<5=ONI85 A2>N D>@<C ?@8 @07=KE >1AB>OB5;LAB20E. >?CAB8<, 4><0 @07@078;AO A:0=40;, @0740;8AL @074@06Q==K5 :@8:8, ?>AK?0;8AL 3@O7=K5 @C30B5;LAB20   8 <>;5:C;0 2>4K 2K3;O48B C@>4;82>, 2K25@=CBK 8 >157>1@065=K 5Q 3@0=8. 065 5A;8 4><0 B8E>, A?>:>9=>, 0 87 B5;5287>@0 4>=>A8BAO @56CI0O A;CE @>:-<C7K:0 A @57:8<8, >@CI8<8 3>;>A0<8 ?52F>2, <>;5:C;0 2>4K 8A:0605BAO, 0 ?@8 ?>:075 :@8<8=0;L=KE ?5@540G A> AF5=0<8 4@0:, =0A8;8O 8 >A>15==> C189AB2, >=0 2K3;O48B 87;><0==>9, C60A=>9. > 4> G53> 65 :@0A82 :@C652=>9 C7>@ B>9 65 <>;5:C;K 2>4K ?@8 1;03>65;0B5;L=>9 >1AB0=>2:5, 2 0B<>AD5@5 4>1@0, ;N128, C;K1>:   MB> A0<>5 =0AB>OI55, =5?@527>94Q==>5 ?> :@0A>B5 ?@>872545=85 8A:CAAB20, A>740==>5 A0<>9 @8@>4>9. "0:0O 2>40 F5;51=0. 5 701K209B5, GB> <K A0<8 =0 2>A5<L45AOB ?@>F5=B>2 A>AB>8< 87 2>4K, @5038@CNI59 =0 >:@C60NI89 =0A <8@. B :0G5AB20 2>4K 1C45B 7028A5BL 8 F5;51=0O A8;0 B@02O=>3> =0AB>O. CABL MB> =5 ?>:065BAO <8AB8:>9, => 5A;8 >15@=QB5 AB0:0= A ;5:0@AB2>< ?>;>A:>9 1C<038 A ?@>AL1>9 ?><>GL 2K74>@>25BL, =0?8A02 :>@>B:>, => @071>@G82> 8 70@0=55 ?>1;03>40@82, <>;5:C;K ;5G51=>3> =0AB>O =5?@5<5==> ?>?@>AOB C 1>;L=KE :;5B>: 2K?>;=8BL 20HC ?@>AL1C.

!0< O =5 ?@8>1IQ= =8 : >4=>9 @5;8388, <>8< >3>< AB0;0 @8@>40, => 5A;8 24@C3 E@8AB80=8=, 8;8 <CAC;L<0=8=, 8;8 G5;>25:, 8A?>254CNI89 4@C3CN 25@C, ?@>87=5ACB <>;8B2C 2> 2@5<O ?@83>B>2;5=8O B@02O=>3> >B20@0, MB>, C25@5=, ?>94QB B>;L:> =0 ?>;L7C. 0;> B>3>, 5A;8 2 B@02O=>9 =0AB>9 2;8BL, A>?@>2>640O <>;8B2>9, G09=CN ;>6:C A2OB>9 2>4K, ;5:0@AB2> >1@5BQB 4>?>;=8B5;L=CN A8;C. =5 C1548B5;L=> 3>2>@8;8 >1 MB>< ;N48, 70A;C6820NI85 ?>;=>3> 4>25@8O.

=>3> ?8HCB >1 C=8:0;L=KE A2>9AB20E :@5<=852>9 2>4K. /:>1K ?@8 =0AB0820=88 =0 :0<5H:0E :@5<=O 2>40 <5=O5B A2>N AB@C:BC@C, ?@81;860OAL ?> A>AB02C : ?;07<5 :@>28 8 <56:;5B>G=>9 684:>AB8. =0 5IQ 2 1991 3>4C 87CG0;0AL 2> <=>38E =0CG=KE 8=AB8BCB0E =0 3>AC40@AB25==>< C@>2=5, ?> @0A?>@O65=8N !>25B0 8=8AB@>2  5A?C1;8:8 5;0@CAL.  @01>BC 2:;NG8;8AL 4>:B>@0 =0C:, 0:045<8:8.  A0<>< 45;5, 1K;> CAB0=>2;5=> =5<0;> 5Q ?>;57=KE AB>@>=. 5 AB0=C 8E ?5@5G8A;OBL, <=5 206=> 1K;> A:070BL, GB> ?@8 ;N1>9 @07=>284=>AB8 @0:0 > :@5<=852>9 2>45 ?@84QBAO 701KBL. "5< 1>;55 8A?>;L7>20BL 5Q 4;O B@02O=KE =0AB>52 =5;L7O.

A=>2=K<8 A2>8<8 B09=0<8 O ?>45;8;AO, => 8<5NBAO 5IQ @07=K5 �<5;>G8�, :>B>@K5 =5;L7O =5 CG8BK20BL. 725AB=>, GB> 2AN4C, 4065 2 =0H5< 68;8I5, 2 >B45;L=KE :><=0B0E, 8=>340 8<5NBAO 35>?0B>35==K5 7>=K. 52848<K5 4;O 3;070, >=8 =8G5< =5 2K40NB A2>53> @>:>2>3> ?@8ACBAB28O. 1KG=> @54:> :><C ?@8E>48B 2 3>;>2C <KA;L >1 8E ACI5AB2>20=88.

> @07<5@C MB8 7>=K =51>;LH85, =5 1>;LH5 <5B@0 2 >:@C6=>AB8, => 8=>340 >=8 BO=CBAO 4;8==>9 ?>;>A>9 87 >4=>3> ?><5I5=8O 2 4@C3>5, 8 =5 ACI5AB2C5B 4;O =8E ?@5?OBAB289 2 2845 AB5= 8;8 <0AA82=>9 <515;8. >;3> =0E>48BLAO 2 ?@545;0E 35>?0B>35==>9 7>=K =5 @5:><5=4C5BAO. !CI0O 1540, 5A;8 B0< AB>8B @01>G89 AB>;, 70 :>B>@K< A CB@0 4> 25G5@0 A848B 70=OBK9 45;0<8 G5;>25:, ;81> @51Q=>: 2K?>;=O5B 4><0H=85 7040=8O 8;8 =0 25AL 45=L A 3>;>2>9 CHQ; 2 :><?LNB5@   =5 C482;O9B5AL, 5A;8 53> =0G=CB ?@5A;54>20BL >4=0 70 4@C3>9 =525ABL >B:C40 27O2H85AO 1>;57=8, A5@LQ7=K5, E@>=8G5A:85, B@C4=>87;5G8<K5. -B8 >?0A=K5 7>=K =5@54:> O2;ONBAO ?@8G8=>9 2>7=8:=>25=8O @0:0. 1=0@C68BL 8E <>6=> B>;L:> A?5F80;L=K<8 ?@81>@0<8, ?>O28;8AL >=8 =5 B0: C6 402=>, => =8:B> =5 704C<0;AO >1 8E <0AA>2>< ?@>872>4AB25. AB0QBAO B>;L:> A0<><C 70=OBLAO 18>;>:0F859, => MB><C =04> =0CG8BLAO. 0;> :B> 8<55B ?@028;L=> 873>B>2;5==K5 18>;>:0F8>==K5 @0<:8 8 A?>A>15= ?@028;L=> ?>;L7>20BLAO 8<8. >=5G=>, <>6=> =0 EC4>9 :>=5F 27OBL >B@57>: ;N1>9 ?@>2>;>:8 8 A>3=CBL 5Q ?>4 ?@O<K< C3;>< 8;8 2>A?>;L7>20BLAO ?@8<8B82=>9 305G:>9 =0 =8B:5   >=8 B>65 A?>A>1=K >B@5038@>20BL =0 ?0B>35==CN 7>=C.

/ =5 A;CG09=> 70>AB@8; 2=8<0=85 =0 B0:>9 �<5;>G8�. IQ 2 1990 3>4C, :>340 87 @>44><0 ?@8=5A;8 =>2>@>645==CN   <>N ;N18<CN 2=CG:C, :>;OA:C, 345 >=0 =0E>48;0AL 25AL 45=L, ?>AB028;8 =0 @0AAB>O=88 2KBO=CB>9 @C:8 >B :@>20B8 @>48B5;59. 0?;0G5B <0;KH:0 =>GLN, <>6=> 4>BO=CBLAO 4> :>;OA:8 8 ?>:0G0BL, >AB020OAL 2 ?>;C4@Q<5, =5 >B:@K20O 3;07.  ?;0:0;0 >=0 15A?@8G8==> 8 >G5=L G0AB>, 87<CG8;8 @51Q=:0 480B57=K5 :>@>G:8, 2K7K20O =5AB5@?8<K9 7C4. 0:>5-B> ?@54GC2AB285 B>;:=C;> <5=O ?@>25@8BL @0<:0<8 <5AB>, 345 2A5340 AB>O;0 :>;OA:0, 8 O C60A=C;AO: :0: @07 B0< =0E>48;AO F5=B@ 35>?0B>35==>9 7>=K. 5@5AB028;8 :>;OA:C 2 4@C3>5 <5AB>   <0;KH:0 A45;0;0AL 1>;55 A?>:>9=>9, 0 A:>@> <=5 C40;>AL >G8AB8BL 5Q B5;LF5 >B 480B57=KE 2KAK?0=89   2?5@2K5 A20@8;, 2 1C:20;L=>< A<KA;5 87>1@Q; >B 1572KE>4=>AB8, A?5F80;L=CN A8;L=CN 8 2 B> 65 2@5<O A>25@H5==> 1572@54=CN <07L, :>B>@0O ?>B>< ?><>3;0 =5 >4=><C 45AOB:C <0;KH59.

 @0<:8 >G5=L ?@83>48;8AL ?@8 ;5G5=88 C >4=>9 65=I8=K @0:0 =>A>2>9 ?5@53>@>4:8.

>A;5 ?5@2>3> 65 :C@A0 O @0AAG8BK20; ?>;CG8BL E>BO 1K :0:85-B> 70<5B=K5 ?5@5<5=K 2 ;CGHCN AB>@>=C, => 5IQ <5AOF ?@>HQ;, 0 B>;:C =5B. !5<LO 1>;L=>9 ?>;CG8;0 15A?;0B=> @>A:>H=CN G5BK@QE:><=0B=CN :20@B8@C 2 =>2>< <8:@>@09>=5 (2;0ABL B>340 5IQ 1K;0 A>25BA:0O), 8 <5=O ?>?@>A8;8 ?@>25@8BL, =5B ;8 2 =59 35>?0B>35==KE 7>=.  :><=0B5, 345 2 F5=B@5 AB>O;0 :@0ACOAL 1>;LHCI0O 42CA?0;L=0O :@>20BL A 28B8520BK<8 BC<1>G:0<8 ?> :@0O<, 1K;> ?CAB>. 8HL C >4=>9 AB5=K 2KA8;>AL >3@><=>5 B@N<> 2 @57=>9 >?@025 =0 >20;L=>9, 4> 1;5A:0 >B?>;8@>20==>9 BC0;5B=>9 BC<15. / ?@>HQ; ?> A2>1>4=K< <5AB0<   2AQ A?>:>9=>. > AB>8;> ?@81;878BL @0<:8 : :@0N :@>20B8, :0: >=8 >68;8, ;8E>@04>G=> 70<5B0;8AL 2 @C:0E, A>94OAL ?>4 ?@O<K< C3;><. / >1>HQ; :@>20BL A @07=KE AB>@>=   @0<:8 ?>:07K20;8, GB> >=0 F5;8:>< =0E>48BAO 2 35>?0B>35==>9 7>=5.  07;53H0OAO =0 4>@>3>< ?>:@K20;5 :>H:0 2=8<0B5;L=> 8, :0: <=5 ?>:070;>AL, =5>4>1@8B5;L=>, A;548;0 70 :064K< <>8< 42865=85<. >340 O A:070;, GB> A53>4=O 65 =04> A45;0BL ?5@5AB0=>2:C, 70B5< C:070;, :C40 =04> ?5@5AB028BL :@>20BL, E>7O9:0 A A>60;5=85< 274>E=C;0   2AO ?;0=8@>2:0 >:070;0AL =0@CH5==>9. > 2AQ 65 A>3;0A8;0AL. %0@0:B5@=0O 45B0;L   :>H:8 >1>60NB MB8 >?0A=K5 7>=K, 0 A>?@>2>6402H0O =0A A>10G:0 2 :><=0BC =5 2>H;0, >AB0;0AL 640BL C 425@8. !>10:0 =8:>340 =5 AO45B 8 =5 ;O65B 2 35>?0B>35==>9 7>=5.  1>;L=0O, A45;02 2 :20@B8@5 ?5@5AB0=>2:C, 1KAB@> ?>H;0 =0 ?>?@02:C 8 ?@>68;0 4> AB0@>AB8.  0<:8, <564C ?@>G8<, ?>4A:070;8 <=5, :0:85 ?>4>1@0BL 4;O =5Q B@02K. -B> 1K; >48= 87 B5E A;CG052, :>340 2 <>59 B5B@04:5 ?>O28;AO 5IQ >48= ?;NA, >B<5G0NI89 ?>154C =04 1>;57=LN.
  # 

!>;=5G=K9 25A5==89 45=L 2K<0=8; <5=O =0 ;>468N. 0A845;AO 70 ?8HCI59 <0H8=:>9 1>;LH5 ?>;>65==>3>, =04> =5<=>6:> >B4>E=CBL, =5 A?5H0 ?>:C@8BL, ?>4AK?0BL A5<5G5: 2 :>@<CH:C 4;O A8=8G5:   70 78<C ?@8CG8; 8E, 8 >=8 A>1@0;8AL AB09:>9 =0 15@Q75, @0ABCI59 @O4>< A 4><><, :0: @07 =0 C@>2=5 B@5BL53> MB060, 8 ?>46840;8 <5=O. !2>Q 2@5<O E>@>H> 7=0;8, E>BL G0AK ?> =8< A25@O9.  B><C 65 E>B5;>AL <=5 C7=0BL, :0:8< 1C45B ;5B> 2 1997 3>4C, 254L A53>4=O 14 <0@B0, ?> =0@>4=K< ?@8<5B0<   45=L 24>:88: ?> =5<C ?@8:84K20NB, 4@C6=>9 ;8 1C45B 25A=0 8;8 70BO6=>9, E>;>4=>9, A;54C5B ;8 >6840BL 60@C 2 8N=5 8 8N;5 8;8 70@O4OB E>;>4=K5 4>648. >GLN AB>O; >1KG=K9 78<=89 <>@>75F, 0 A @0AA25B>< 24@C3 ?>25O;> A N30 B5?;><, 70725=5;0 :0?5;L, =0 4>@>30E ?>O28;8AL ;C68FK. !B0;> 1KBL, ?> ?@8<5B5 �:C@>G:0 2>4K =0?LQBAO�, 1C4CB ?@5>1;040BL N6=K5 25B@K, 8 =K=5H=85 ?>E>4K 70 B@020<8 >:06CBAO C40G=K<8.

KAC=C2H8AL 87 >:=0, O ?>4AB028; I5:C ;0A:>2><C A>;=5G=><C ;CGC, A C4>2>;LAB285< =01;N40O 70 >682;5==>9 AC5B>9 A8=8G5: 2>7;5 :>@<CH:8. C<0; >1 >6840NI59 <5=O ?8HCI59 <0H8=:5 A =570:>=G5==K< @0AA:07><, :>340 2 10;:>==>9 425@8 ?>:070;0AL 65=0 8 A>>1I8;0, GB> 2 :>@84>@5 >?OBL 64QB <5=O :0:>9-B> ?>A5B8B5;L, A CB@0 C65 B@5B89.

5 @5H0OAL 709B8 2 ?@8E>6CN, =0 ;5AB=8G=>9 ?;>I04:5 AB>O; 2KA>:89 EC4>I02K9 ?0@5=L, =5 ?> A57>=C ;53:> >45BK9, 157 :C@B:8, 2 3@C1>< A28B5@5 @CG=>9 @01>BK, 468=A0E 8 ;5B=8E BCD;OE. �>G5<C =5 ?@>E>48HL 2 4><? 0<5@7 254L!�   A:070; O 5<C A C:>@87=>9. �# =0A 2 HE01045 60@0,   >B25B8; >= A 28=>20BK< 284><.   #5E0BL ?@8H;>AL A@>G=>, > A515 ?>4C<0BL 1K;> =5:>340�. 728=OOAL GCBL ;8 =5 G5@57 :064>5 A;>2>, 2AQ A B5< 65 28=>20BK< 2K@065=85< ;8F0, >= @0AA:070;, GB> 53> 7>2CB  CH0=, ?@82Q7 87 "C@:<5=88 C<8@0NICN <0BL. # =5Q @0: 65;C4:0 ?>A;54=59 AB0488. @0G8 A:070;8, GB> >=0 5420 ;8 ?@>BO=5B =545;N. 0 8 =5B 2 HE01045 E>@>H8E A?5F80;8AB>2. =0 E>B5;0 B>;L:> >4=>3>   GB>1K ?>E>@>=8;8 5Q 2 0H:8@88, 2 @>4=>9 45@52=5.  CH0= 4>2Q7 <0BL 4> #DK 5;5 682CN, ?@O<> A ?>5740 4>AB028; =0 <0H8=5 A:>@>9 ?><>I8 2 >=:>;>38G5A:CN :;8=8:C. !0=8B0@K 2=5A;8 1>;L=CN 2 ?@8Q<=CN, ?5@5;>68;8 A :0B0;:8 =0 3>;CN :CH5B:C 8 CH;8.  2@0G8 ?@8=8<0BL 1>;L=CN >B:070;8AL: !0=8O X.   3@0640=:0 4@C3>3> AC25@5==>3> 3>AC40@AB20, 157 @>AA89A:>3> ?0A?>@B0 8 <548F8=A:>3> AB@0E>2>3> ?>;8A0. $>@<0;L=> >=8 ?@02K, !0=8O 4;O =8E, ?@5645 2A53>, 8=>AB@0=:0. N1>5 2<5H0B5;LAB2> C?8@05BAO 2 ?>;8B8:C. #<@8 >=0 =0 >?5@0F8>==>< AB>;5, 5A;8 2@0G8 87 <8;>A5@48O, =0 A2>9 AB@0E 8 @8A:, 2>7L<CBAO 70 =5Q,   28=0 =0 =8E ;O65B. E A@07C >128=OB 2 =0@CH5=88 <564C=0@>4=KE 70:>=>2, 0 MB> ?@>:C@>@>< 8 BN@L<>9 ?0E=5B. =8 ?@5645 2A53> >1O70=K 1K;8 A2O70BLAO A :>=AC;LAB2>< "C@:<5=8AB0=0, ?>;CG8BL C:070=8O, 0 B0< 8 BCB G8=>2=8:8 ?@56=85, >48=0:>2>9 A>25BA:>9 2KCG:8, =545;O<8, <5AOF0<8 =0G=CB �>BDCB1>;820BL� ?@>1;5<C, =5 @5H0OAL 27OBL =0 A51O E;>?>BK, ?>:0 =5 ?>;CG0B 4>1@> 87 2KAH8E 8=AB0=F89. 0BL AB>=5B >B =52K=>A8<>9 1>;8, :>@G8BAO >B A?07<>2, 157 :>=F0 @2QB :@>2LN, 0 =0  CH0=0 A 1@0=LN =0:8=C;8AL A0=8B0@:8: 745AL =5B ?@8A;C38, B@51CNB >B<KBL >B :@>28 ?>;. B:C40-B> ?>O28;>AL 254@> A 2>4>9 8 B@O?:>9. @8HQ; B>;ABK9 4>:B>@ 2 15;>A=56=>< E0;0B5, 2 7>;>GQ=KE >G:0E. = 4065 =5 ?>4>HQ; : :CH5B:5, 8740;8 1@>A8; <8<>;QB=K9 273;O4 =0 1>;L=CN 8 2=CH8B5;L=K< 10A>< ?@8:070; A0=8B0@:0<: �#15@8B

 O A40;AO. 5@54 3;070<8 2> 2A5E 4@0<0B8G5A:8E :@0A:0E 682> ?@54AB0;0 2AO :0@B8=0. >?@>A8; 53> ?@89B8 G0A0 G5@57 420. !@07C =0G0; E20B0BLAO 70 B@02K, A>>1@060O, GB> 40BL 2 ?5@2CN >G5@54L. !8;L=K5 1>;8, A?07<K, :@>2>B5G5=85... >6=>, :>=5G=>, >3@0=8G8BLAO, A0<K< <0;K<   4>?CAB8<, 4;O =0G0;0 2>4O=K< ?5@F5<. = 1KAB@> 87102;O5B >B 1>;8, =0 A515 8A?KB0=>. "0: 65 1KAB@> >AB0=02;8205B :@>2>B5G5=85. > 2E>4OI89 2 A>AB02 B@02K A5A:28B5@?5=>2K9 0;L45384, >1;040NI89 ?@>B82>>?CE>;52K< 459AB285<, ?@>O28B A51O =5 A:>@>. 4=>3> 2>4O=>3> ?5@F0 <0;>. -B> :0: >B 3>;>2=>9 1>;8 0=0;L38= ?@54;>68BL   40AB :@0B:>2@5<5==>5 >1;53G5=85, 0 <>65B, 8 2>2A5 =5 40AB. 5B, 745AL :0640O <8=CB0 4>@>30.  0:>2K5 :;5B:8, 2 >B;8G85 >B =>@<0;L=KE, @0ABCB 1KAB@>, 2 35><5B@8G5A:>9 ?@>3@5AA88. # <5=O 4065 <KA;8 =5 2>7=8:0;> >1 87;5G5=88 <0B5@8  CH0=0. >;LH8< 4>AB865=85< 4;O A51O O ?>AG8B0; 1K 4>18BLAO 2@5<5==>3> >1;53G5=8O, :>340 1>;L=0O A<>3;0 1K 2AB0BL A :CH5B:8, =01@0BLAO A8;, GB>1K ?@>5E0BL B@8AB0 :8;><5B@>2 4> @>4=>9 45@52=8.  4;O MB>3> >4=>9 B@028=:8 <0;>. 04> A>AB028BL ?>;=K9 :><?;5:A. @8GQ<, C40@=K9.

>4C<02, ?@8HQ; : 2K2>4C, GB> 1>;83>;>2 2 40==>< A;CG05 1C45B A;01>20B. C4L GB> 1C45B, @5H8; =07=0G8BL =0AB>9:C 87 F25BCI8E 25@ECH5: 1>@F0 2KA>:>3>.  ?@8=8<0BL =5 >48=, 0 B@8 @070 2 45=L, =0G8=0O A >4=>9 :0?;8 CB@><, 4=Q< 8 25G5@><, 4>254O 4> 45AOB8 8 2 40;L=59H5< =5 A102;OBL. !>A=>2K9 <Q4 A F25B:0<8 A>A=K C?>B@51;OBL ?> G09=>9 ;>6:5 B0: 65 B@8 @070 2 45=L. '5@57 ?>;G0A0   =0AB>9 ;8ABL52 GQ@=>9 >;LE8, 7020@820O >4=C AB>;>2CN ;>6:C 2 AB0:0=5 :8?OB:0. 8BL ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 65;C4>G=>3> 10;L70<0.  53> A>AB02 2>H;8 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 :@>2>E;51:8, 100 <; =0AB>9:8 :>@=59 A015;L=8:0, 100 <; =0AB>9:8 B@02K 2>4O=>3> ?5@F0, 50 <; :>@=O <>;>G0O ?@CBL5284=>3>, 30 <; =0AB>9:8 15;5=K, 20 <; =0AB>9:8 F25B:>2 :>=>?;8. >A;5 54K (E>BO 1K CA;>2=>, ?> 2@5<5=8) 2K?8BL =0AB>9 B@02K G5@=>1K;L=8:0 A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 B@02K 1C4@K. 5G5@><, 0 <>6=> 8 2 ;N1>5 2@5<O, :>340 70E>G5BAO, ?8BL G09 87 F25B:>2 :0;8=K A G09=>9 ;>65G:>9 <Q40.

 CH0= =5 >6840; C2845BL B0:>5 :>;8G5AB2> ;5:0@AB2. �# <5=O, =025@=>5, 45=53 =5 E20B8B =0 2AQ�,   @0AB5@O==> ?@>1>@<>B0; >= 8 4>AB0; 87 :0@<0=0 425 75;Q=K5 :C?N@K ?> AB> 4>;;0@>2.  B5 3>4K B>;L:> >=8 AG8B0;8AL =04Q6=K<8 45=L30<8. �# B51O <=>3> B0:8E 75;Q=5=L:8E?�   ?>8=B5@5A>20;AO O, 2A?><=82 :@0A>G=K5 B5;52878>==K5 :0@B8=:8 A @>A:>H=K< 42>@F>< ?5@2>3> ?@57845=B0 "C@:<5=88, >1JO282H53> A51O "C@:<5=-10H8, B> 5ABL >BF>< =0F88, 8 ?>AB02;5==K9 2 53> G5ABL 7>;>B>9 ?0<OB=8:. )54@>9 ?>7>;>B>9 A8O;> 2AQ, GB> =0E>48;>AL =0 ?;>I048 ?5@54 42>@F><,   >B45;:0 D>=B0=>2, A:0<59:8, 06C@=K5 A25B8;L=8:8 8 2A5 >AB0;L=K5, ?>-2>AB>G=><C 28B8520BK5, C:@0H5=8O =0 :0@=870E 42>@F0, 2?;>BL 4> :@KH8. �# <5=O MB> 2AQ, GB> >AB0;>AL ?>A;5 ?>574:8,   ?>:@0A=5;  CH0=, ?@>BO3820O <=5 4>;;0@K.   / 7=0N, MB>3> <0;>, => O ?>B>< @0A?;0GCAL A 20<8 ?>;=>ABLN, ?>25@LB5! 8:>3> 2 687=8 =5 >1<0=K20;�. ;O4O =0 =53> (C =0A =5:>B>@K5 1><68 ?@8;8G=59 2K3;O4OB), O >B:070;AO >B 45=53. !?@>A8;: � A59G0A =0 GB> 682QHL?� =, A B@C4>< ?@5>4>;520O 2@>64Q==CN 3>@4>ABL, 5IQ =5 ?@82K:H89 : ?;>E> =045B>9 <0A:5 A0<>C=8G865=8O (5Q B5?5@L 2K=C645==> ?@84QBAO =>A8BL 2 GC6><, =5?@825B;82>< <8@5, 345 =5B =8 >4=>3> 1;87:>3> G5;>25:0, :>B>@><C <>6=> 4>25@8BLAO 8 @0A:@KBL ?5@54 =8< 4CHC), =5>E>B=>, A182G82> @0AA:070;, GB> C =53> >AB0;>AL >B @07<5=0 4>;;0@>2 =5<=>3> @>AA89A:8E 45=53, ?>MB><C ?@8E>48BAO 15@5GL :064K9 @C1;L, 254L 2?5@548 =58725AB=>ABL, ?CAB>B0. !?8B >= 2 :>@84>@5, A84O =0 ?>;C, ?>;>682 3>;>2C =0 :@09 :CH5B:8 2 =>30E C <0B5@8. 5@=55, ?>GB8 =5 A?8B, :0@0C;O :064K9 5Q ?@8ABC?, ?>4020O 59 2>4C A<>G8BL 3C1K. =0 AB>=5B B8E>, >?0A0OAL =0@CH8BL =>G=CN B8H8=C, 0 2 <8=CBK 701KBLO 8 5<C 8=>340 C40QBAO 274@5<=CBL. !0=8B0@:8 B09:>< ?@8=>AOB 1>;L=8G=CN 54C. 0BL C65 ?OBK9 45=L =8G53> =5 5AB, ;8HL 8=>340 2K?L5B =5A:>;L:> 3;>B:>2 D@C:B>2>3> A>:0, => 65;C4>: 8 53> >BB>@305B.  >= ?@82K: 8 : ?CAB><C AC?C, 8 : A20@5==>9 =0 2>45 684:>9 :0H5. 0;5305B =0 7025@=CBK5 2 1C<06=CN A0;D5B:C ;><B8:8 E;510 87 1>;L=8G=>9 AB>;>2>9. @0G8 C65 =5 3>=OB, ?@>E>4OB <8<>, :0: 1K =5 70<5G0O 8E. 

/ >1JOA=8;  CH0=C ?>@O4>: ?@8Q<0 ;5:0@AB2. 065 5A;8 2K@25B, 40BL ;5:0@AB2> A=>20. 0AB>9G82>, E>BO 1K GB>-B> 4>;6=> ?>?0ABL 2 65;C4>:. !:070;, GB> G5@57 =5A:>;L:> 4=59 :@>2>B5G5=85 ?@5:@0B8BAO, <0BL =0G=QB ?>=5<=>6:C 5ABL. >=5G=>, =5 1>;L=8G=CN :0HC, 0 =04> :C?8BL 59 4;O =0G0;0 10=>G:8 A 45BA:8< ?8B0=85<. / 70@0=55 ?@8?0A 420 45AOB:0 B0:8E 10=>G5: A D@C:B>2K<8 ?N@5, A :0H0<8, A ?@>B5@BK<8 >2>I0<8. 0; 5<C 2<5AB5 A ;5:0@AB20<8. 0>4=> ?>40@8; �4>;5=L-B@02C� A 02B>3@0D><.

'5@57 =5A:>;L:> 4=59  CH0= ?@8<G0;AO A8ONI89. !>>1I8;, GB> 2 A0<>< 45;5 <0B5@8 AB0;> ;CGH5, :@>2>B5G5=8O ?@5:@0B8;8AL, 0 2G5@0 A<>3;0 AJ5ABL 425 10=>G:8 A >2>I0<8 8 :0H59. 5:0@AB20 ?@8=8<05B ?>A;CH=>. =>340 ?@8E>48BAO ?>2B>@OBL =5A:>;L:> @07, =5 2A5340 8 =5 2AQ 65;C4>: <>65B >A2>8BL, => 2@>45 1K =0G8=05B ?@82K:0BL. 5 ?@>B5ABC5B, >A>15==> :>340 2@5<5==> CB8E0NB 1>;8. / B>65 8A?KBK20; C4>2;5B2>@5=85. !B0;> 1KBL, =5 >H81AO ?@8 ?>41>@5 ;5:0@AB2. @5645 2A53> A 1>@F>< 2KA>:8<. =CB@L O =07=0G0; 53> >G5=L @54:>, A >?0A:>9. > AC<<5 O4>28BKE 0;:0;>84>2 >= @07 2 45AOBL A8;L=55 =0AB>9:8 1>;83>;>20. A>15==> O4>28BK :>@=8 8 AB51;8 ?@8 A>7@520=88 A5<O=. 5=LH5 2A53> O40 2 F25B:0E. "0: GB> ?@8<5=5=85 F25BCI8E 25@ECH5: 2 <8=8<0;L=KE 4>70E 2?>;=5 4>?CAB8<> 8 <>O =0AB>9:0 =8:0:>3> 2@540 >@30=87<C =5 ?@8G8=8B, 4065 ?@8 4;8B5;L=>< ?>;L7>20=88.  2>4O=>< ?5@F5 O C65 3>2>@8;. 0: 1>;5CB>;ONI55, :@>2>>AB0=02;820NI55 A@54AB2> >= =570<5=8< ?@8 <=>38E 65=A:8E 701>;520=8OE, E>BO =5<0;CN F5==>ABL ?@54AB02;O5B 8 4;O 65;C4:0 A :8H5G=8:><.  A015;L=8:5 <=>3> 1C45B A:070=> 2?5@548, >A>15==> 2 3;025 > ;5G5=88 ACAB02>2, => 2 ?>A;54=55 2@5<O ?>4B25@48;0AL 53> >3@><=0O ?>;L70 ?@8 @0:5 65;C4:0.  >A=>2=><C :><?;5:AC 2 ?5@2K5 65 4=8 O 4>1028; 10;L70< �56=>ABL�.  =53> 2>H;8 250 <; =0AB>9:8 A8=NE8, 200 <; =0AB>9:8 <5;8AAK 8 50 <; 20;5@80=K. >;8G5AB2> A8=NE8 O C25;8G8; =5 B>;L:> @048 53> CA?>:0820NI53> 459AB28O, => 8 4>?>;=8B5;L=> :0: A@54AB2> 4;O ;5G5=8O @0:0 65;C4:0. :07K205BAO, A8=NE0 B>65 A?>A>1=0 ?>402;OBL @>AB >?CE>;8.

 CH0= A <0B5@LN ?@>68;8 2 1>;L=8G=>< :>@84>@5 1>;LH5 <5AOF0. @8257;8 1>;L=>3> <C6G8=C 87 A:8=A:>3> @09>=0, 8 2>48B5;O, A>1@02H53>AO 2 >1@0B=K9 ?CBL, C3>2>@8;8 15A?;0B=> ?@8E20B8BL A A>1>9 =5?@>H5=KE BC@:<5=A:8E ?>AB>O;LF52. =5 ?@8H;>AL 2 A@>G=>< ?>@O4:5 ?@83>B>28BL A@07C B@8 <5AOG=KE ;5G51=KE :C@A0 ?@> 70?0A. 587<5==>9 >AB028; =0AB>9:C 1>@F0. B40; 2A5 4>682H85 4> 25A=K >AB0B:8 A>A=>2>3> <Q40 A F25B:0<8 A>A=K. 01@0;>AL 53> ?>GB8 ?>;B>@0 ;8B@0.  ?5@2>< :C@A5 =07=0G8; 4> 54K =0AB>9 F25BCI59 B@02K 25@>=8:8 ;5:0@AB25==>9 A 10;L70<>< ?@56=53> A>AB020, ?>A;5 54K   =0AB>9 B@02K E2>I0, >?0A0OAL <5B0AB07K 2 ?5G5=L. 5 701K; > 10;L70<5 �56=>ABL�. > 2B>@>9 :C@A 2>H;8 4> 54K 725@>1>9=>5 <0A;>, =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A <>8< ;5G51=K< ?@>B82>>?CE>;52K< 10;L70<>< 4;O 65;C4:0: 150 <; =0AB>9:8 4C@=8H=8:0, 100 <; =0AB>9:8 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 :0;5=4C;K, 100 <; =0AB>9:8 E<5;O, 50 <; =0AB>9:8 <>;>G0O ?@CBL5284=>3>, 50 <; =0AB>9:8 15;5=K. >A;5 54K   =0AB>9 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 G8AB>B5;0, B@8 @070 2 45=L.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?>;L7>20BLAO >B20@>< 87 A5<5=8 ;L=0. A;8 2>7=8:=5B =5>1E>48<>ABL 2 A;018B5;L=><   >B20@820BL 2 AB0:0=5 2>4K AB>;>2CN ;>6:C O3>4 6>AB5@0. 45AL 87 =>2KE 2:;NG5=89 1K;> 725@>1>9=>5 <0A;>. &25BCI8<8 25@ECH:0<8 725@>1>O O 70?>;=O; @KE;>, 4> 3>@;KH:0, AB5:;O==CN 10=:C, 70;820; :0G5AB25==K<, 873>B>2;5==K< 2 ?>A. '8H<K =5@0D8=8@>20==K< 4CH8ABK< ?>4A>;=5G=K< <0A;>< 8 =0AB0820; =5 <5=LH5 A>@>:0 4=59, 8=>340 <5AOF0 420 8;8 B@8, 701K20O ?@> =53>. >;CG0;>AL F5==59H55 ;5:0@AB2> :@0A=>3> F25B0, ?@8<5=O5<>5 8 2=CB@L 8 =0@C6=>, =570<5=8<>5 ?@8 >6>30E, 65;C4>G=KE 701>;520=8OE, 2 B>< G8A;5 ?@8 @0:5. / =0720; 53> �5@25=F5<�, ?>B><C GB> >= 3>B>28;AO 87 >4=>3> 725@>1>O. >765, ?@8 1>;55 C4>1=>< A;CG05, O @0AA:06C > 4@C38E A2>8E B@02O=KE <0A;0E.

'B> :0A05BAO G8AB>B5;0, >= 8725AB5= 874@52;5 :0: ;5:0@AB2> >B <=>38E 1>;57=59, 2 B>< G8A;5 8 >B @0:0. 5 =04> B>;L:> 701K20BL ?@> 53> O4>28B>ABL, 8725AB=K A<5@B5;L=K5 A;CG08 ?@8 >B@02;5=88 702KH5==K<8 4>70<8. / ?>A>25B>20; 7020@820BL 2 AB0:0=5 :8?OB:0 >4=C G09=CN ;>6:C B@02K, G5@57 G0A ?@>F548BL 8 4020BL <0B5@8 ?> B@5B8 AB0:0=0, 2;820O 2 =53> 70A?8@B>20==K9 A>:. / =5A:>;L:> ?5@58=0G8; ?@82KG=K9 @5F5?B, @5H8; ?@8<5=8BL >4=>2@5<5==> 8 =0AB>9 B@02K, 8 A?8@B>2CN 2KBO6:C 87 =5Q, B0: :0: =5:>B>@K5 ?>;57=K5 25I5AB20 =5@0AB2>@8<K 2 A?8@B5 8 872;5GL 8E <>6=> B>;L:> 2>4>9, 0 4@C385, =0>1>@>B, 872;5:0NBAO B>;L:> A?8@B><.  8B>35 ?>;CG05HL 1>;55 ?>;=>F5==>5 ;5:0@AB2>.  GQ@=K5 A>G=K5 O3>4K 6>AB5@0 >A5=LN O A>18@0N A :CAB>2 :@CH8=K A;018B5;L=>9 (=5 ?CB0BL A :@CH8=>9 ;><:>9, C :>B>@>9 15@CB B>;L:> :>@C). 0CG8;  CH0=0 3>B>28BL ;5:0@AB2> 87 ?>4>@>6=8:0. !>1@02 @0=> CB@>< 2 G8AB>< <5AB5 C<KBK5 @>A>9 ;8ABLO, A;>O<8 A:;04K20BL 2 10=:5 2<5AB5 A A0E0@><. !;>9 ;8ABL52 =0 B>;I8=C ?0;LF0, A25@EC B0:>9 65 A;>9 A0E0@=>3> ?5A:0, A=>20 ;8ABLO 8 >?OBL A0E0@. >340 10=:0 =0?>;=8BAO, ?>A;54=8< 4>;65= 1KBL A;>9 A0E0@0, ?>;=>ABLN 70:@K20NI89 ;8ABLO ?>4>@>6=8:0. 0AB0820BL 4> B5E ?>@, ?>:0 =5 @0AB2>@8BAO 25AL A0E0@, >1@07CO ?@>7@0G=K9 75;5=>20BK9 A>:. @8=8<0BL 53> =04> ?> AB>;>2>9 ;>6:5 B@8 @070 2 45=L. >340 70F25BCB 1C78=0, :0;8=0   2KACH8BL F25BK 8 7020@820BL 87 =8E G09.  A5;LA:>9 <5AB=>AB8  CH0= <>65B A0< 703>B>28BL <=>385 ;5:0@AB20.  O 40< 5<C 2AQ >AB0;L=>5, A0<>5 =5>1E>48<>5, 8 =0CGC ?@028;L=> A>AB02;OBL :><?;5:AK, GB>1K =5 20;8BL 2 >4=C :CGC 2A5 ?@>B82>>?CE>;52K5 B@02K: 8 3>@OG85, 8 E>;>4=K5.

>@>30 4> #DK =5 1;87:0O. 2B>1CA E>48B :064K9 45=L, =>  CH0=C > =Q< 8 <5GB0BL =5 ?@8E>48BAO. 8;5BK B0:85 4>@>385, GB> =0 45=L38 B>;L:> >B >4=>9 ?>574:8 >= <>65B ?>;<5AOF0 ?@>68BL.  2AQ-B0:8 2 A5@548=5 ;5B0 >= CE8B@8;AO ?@85E0BL =0 ?>?CB=KE <0H8=0E, ?5@5A06820OAL A >4=>9 =0 4@C3CN, 8=>340 ?5H:>< >B >4=>9 45@52=8 4> 4@C3>9.

> <=5 >= O28;AO 70 >G5@54=K<8 ;5G51=K<8 :><?;5:A0<8. 7 B5E, GB> >= C2>78; A A>1>9, 420 :C@A0 70:>=G8;8AL, ?5@5H;8 : B@5BL5<C. 58725AB=>, :>340 5IQ C40ABAO 5<C ?@85E0BL, =5 ?><5H0;> 1K 8<5BL 70?0A. 82CB >=8 A <0B5@LN C >48=>:>9 AB0@CH:8, >=0 ?@54>AB028;0 8< ?>;>28=C 871K. B A2>53> @>4=>3> 4><0 8 A;540 =5 >AB0;>AL, @0AB0I8;8 ?> 1@Q2=KH:C.  A5;LA:>9 04<8=8AB@0F88  CH0=C 2K45;8;8 ?CABCNI89, 701@>H5==K9 4>< A 70:>;>G5==K<8 >:=0<8.  01>BK 2 =Q< =5?>G0BK9 :@09. 04> 70=>2> A;>68BL ?5G:C, ?5@5AB5;8BL ?>;K, 70<5=82 ?>43=82H85 4>A:8, ?>4;0B0BL :@KHC, 2AB028BL 2 >:=0 ABQ:;0. 0 687=L <5;>G0<8 ?>4@010BK205B: :><C 873>@>4L ?>?@028B, :><C :>;>45F ?>G8AB8B. ;0BOB :0@B>H:>9, E;51><, <>;>:><. 5=L30<8   >G5=L @54:>, ;N48 A0<8 682CB =0 ?>A>18O 4;O 45B59, =0 AB0@8:>2A:85 ?5=A88. >;E>7, =0 C482;5=85, A>E@0=8;AO, => =8:0:>9 @01>BK 2 =Q< =5B. 0BL A59G0A ;53;0 2 1>;L=8FC. 5G8BL =5 ;5G0B, => :>@<OB. ;022@0G 87 60;>AB8 45@68B 5Q.  >G5=L 8=B5@5AC5BAO, :0:8<8 B@020<8 >=0 ;5G8BAO, C482;O5BAO B><C, :0: 59 C40;>AL 2K:0@01:0BLAO. AQ-B0:8 F5?;O5BAO 70 687=L, B5<?5@0BC@0 =>@<0;L=0O, 0=0;87K @07 >B @070 ;CGH5, 1>;8 402=> ?@>H;8. CH05B 2AQ GB> 40NB. @> <5=O 2@0G A;KH0;, E>B5; 1K ?>7=0:><8BLAO.

/ A>1@0;  CH0=C B@8 :><?;5:A0 87 B>3>, GB> 8<5;. 0; A 70?0A>< =0AB>9:C 1>@F0. Q4 A20@8; =>2K9, A>A=0 =5402=> F25;0. IQ >48= 284 ;5G51=>3> <Q40 ?@83>B>28;. 7<>;>; ;8ABLO :@0?82K 2 ?>@>H>:, A<5H0; A ?G5;8=K< <Q4>< ?>@>2=C, AB0:0= =0 AB0:0=. > B@8 @070 2 45=L ?@8=8<0BL AB>;>2K<8 ;>6:0<8, ?>:0 =5 AJ5AB 2AN ;8B@>2CN 10=:C. >;LH5 ?>:0 =5;L7O, =0 420 <5AOF0 A45;0BL ?5@5@K2. 5A=>9 >B60; A>: 87 <54C=8FK. 0ACH8; =5<0;> <09A:8E B@02. #A?5;8 =0AB>OBLAO 8 420 2840 <0A;0 ?>4 =0720=85< �"@8 1>30BK@O� 8 �OBL >;830@E>2�. �>30BK@O<8� AB0;8 27OBK5 2 @02=>< :>;8G5AB25 :>@=8 452OA8;0, F25B:8 :@0A=>9 1C78=K 8 B@020 2LN=:0 ?>;52>3>. 545;N =0AB0820; 2 B5<=>B5, 70B5< B@8 =545;8 =0 A25BC, 2KAB02;OO ?>4 3>@OG85 ;CG8 A>;=F0.  �?OBLN >;830@E0<8�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

>@>G5,  CH0= C5E0; =5 A ?CABK<8 @C:0<8. G5@54=>9 :C@A 2K3;O45; B0:. #B@> =0G0BL A =0AB>9:8 1>@F0, B@02O=>3> <0A;0, A>A=>2>3> <Q40 A F25B:0<8 A>A=K. > 702B@0:0 2K?8BL AB0:0= 3>@OG53> G0O, 7020@82 2 AB0:0=5 :@CB>3> :8?OB:0 =0 4204F0BL <8=CB >4=C AB>;>2CN ;>6:C B@02K 35@0=8 ;C3>2>9. ">G=> B0:>9 65 G09 2K?8BL 70 G0A 4> >1540, =5 ?>765.  ?>:0, 4> 702B@0:0, 2 B5G5=85 >4=>3> G0A0 7020@8205BAO B@020 3@028;0B0 3>@>4A:>3>. Q ?LNB ?>A;5 ?@>F56820=8O, B@5BL AB0:0=0 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0.  53> A>AB02 2E>4OB 150 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 1>4O:0 >2>I=>3>, 100 <; =0AB>9:8 F25B:>2 ;>?CE0 8 50 <; =0AB>9:8 2>4O=>3> ?5@F0. "> 65 A0<>5 ?@8=OBL ?5@54 >154>< 8 C68=><.  B5G5=85 4=O ?8BL G09 87 :;525@0 ;C3>2>3> A G09=>9 ;>6:>9 <Q40, A<5H0==>3> A ?>@>H:>< :@0?82K. @>872>;L=>, B0: 65 B@8 @070 2 45=L ?@8=8<0BL ?> G09=>9 ;>6:5 A>:0 <54C=8FK. 5@54 A=>< 2K?8BL G09=CN ;>6:C 10;L70<0 �56=>ABL� =0 @N<:C 2>4K.

!;54CNI89 :C@A, :0: >1KG=>, =0G0BL A :0?5;L 1>@F0, A>A=>2>3> <Q40 A F25B:0<8 A>A=K 8 G09=>9 ;>6:8 ?>@>H:0 ;8A8G5:. > 54K   =0AB>9 F25B:>2 E<5;O, :0: >1KG=>, A ;5G51=K< 10;L70<><.  53> A>AB025 B0:85 =0AB>9:8: 150 <; A>D>@K O?>=A:>9, 100 <; 15@Q7>2KE ?>G5:, 100 <; :>@=O 452OA8;0, 50 <; :>@K 10@10@8A0, 50 <; :>@=O <>;>G0O 0;;0A0.

>A;5 54K   =0AB>9 B@02K G5@=>1K;L=8:0 ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 A>:0 1C4@K. -B8< =0AB>5< (8;8 ?> 65;0=8N 2>4>9) 70?8BL ?>@>H>: 87 :>@=O 3@028;0B0 3>@>4A:>3>. 8BL A:>;L:> 70E>G5BAO, ?> 65;0=8N, G09 87 F25B>2 :0;8=K A ?>@>H:>< :>@=O ;>?CE0, A<5H0==>3> ?>?>;0< A ?G5;8=K< <Q4><. @>4>;68BL ?@8=8<0BL ?@>872>;L=> 2 B5G5=85 4=O ?> G09=>9 ;>6:5 A>: B@02K <54C=8FK B@8 @070 2 45=L. 5@54 A=>< ?@8=OBL 10;L70< �56=>ABL� =0 2>45.

0;L=59H89 :C@A =0G0BL A ?@>4>;65=8O =0AB>9:8 1>@F0 (=0?><=N: ?> 45AOBL :0?5;L B@8 @070 2 45=L ?>AB>O==>). 5<=>3> ?>3>4O   G09=CN ;>6:C 725@>1>9=>3> <0A;0, B@8 @070 2 45=L 4> 54K. >@>H>: 87 ;8A8G5: (3@81K <>6=> 8A?>;L7>20BL 4;8B5;L=>, 157 <0;59H53> 2@540 4;O >@30=87<0) 70?8BL 2>4>9. "0: 65 4> 54K =0AB>9 B@02K 1C:28FK: >4=C AB>;>2CN ;>6:C =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL 420 G0A0. 8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 10;L70<0.  =Q<: 150 <; =0AB>9:8 GQ@=>3> B>?>;O, 100 <; =0AB>9:8 A>D>@K O?>=A:>9, 100 <; =0AB>9:8 :0;5=4C;K, 100 <; =0AB>9:8 <0@0;L53> :>@=O, 50 <; =0AB>9:8 15;5=K. >A;5 54K   =0AB>9 B@02K 4C@=8H=8:0: >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, =0AB>OBL >48= G0A, ?8BL ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 10;L70<0. @>4>;68BL ?8BL G09 87 F25B>2 :0;8=K (8;8 :;525@0 ;C3>2>3>   ?> 65;0=8N) A G09=>9 ;>6:>9 ?>@>H:0 87 :>@=O 452OA8;0, A<5H0==>3> A ?G5;8=K< <Q4>< ?>?>;0<. @>872>;L=> B@8 @070 2 45=L   ?> G09=>9 ;>6:5 A>:0 <54C=8FK. 5@54 A=><   G09=0O ;>6:0 10;L70<0 �56=>ABL�.

7 =>2KE 2:;NG5=89 <>6=> >B<5B8BL 3@028;0B 3>@>4A:>9. >30BK9 4C18;L=K<8, A<>;8ABK<8 8 3>@L:8<8 25I5AB20<8, 2 MD8@=>< <0A;5 >= A>45@68B M235=>;, D;02>=>2K9 3;8:>784-358=, >1;040NI85 1>;5CB>;ONI8<, ?@>B82>2>A?0;8B5;L=K<, 70682;ONI8< 459AB285<. >@=8 8 :>@=528I0 3@028;0B0 3>@>4A:>3> ?@8<5=ONB ?@5645 2A53> ?@8 2>A?0;8B5;L=KE 701>;520=8OE 65;C4>G=>-:8H5G=>3> B@0:B0, =5 O2;O5BAO >= ;8H=8< 8 ?@8 @0:5 65;C4:0. AB0;L=K5 :><?>=5=BK :><?;5:A0 8725AB=K ?> ?@56=8< >?8A0=8O<.

><C-B> <>65B ?>:070BLAO, GB> O >3@0=8G820NAL 4>2>;L=> C7:8< ?>41>@>< @0AB5=89, ?> =5>1E>48<>AB8 G5@54CO 8E. 5=O A0<>3> 8=>340 ?>4<K20;> 1;5A=CBL @07=>>1@0785<, 254L 2K1>@ 1>;LH>9. >G5<C 1K =5 2:;NG8BL 2 @01>BC 15;>7>@ 1>;>B=K9, =07=0G05<K9 ?@8 @0:5 65;C4:0? > >= >1;0405B 8 4@C38<8 A2>9AB20<8, :>B>@K5 <=5 =5 =C6=K. = E>@>H ?@8 38?5@B>=88, 0 O 8<5N :0@B8=C >1@0B=CN   1>;L=0O :@09=5 8AB>I5=0, 402;5=85 C =5Q :@09=5 =87:>5. <55BAO C <5=O 8 2>@>=5F :>;>A>284=K9, >= B>65 =07=0G05BAO :>=:@5B=> ?@8 @0:5 65;C4:0. > B>65 ?>=8605B 402;5=85, =5 ?>4E>48B 2 40==>< A;CG05 8 ?> 4@C38< ?0@0<5B@0<. / 254L =5 =0720=85 1>;57=8 ;5GC, 0 G5;>25:0 A :0E5:A859, 0=5<859, A =87:8< 402;5=85<, ?>AB>O==K<8 1>;O<8 2 >1;0AB8 65;C4:0. 8:0:>9 8AB>@88 1>;57=8 =0 @C:0E =5B, 38AB>;>38O =58725AB=0, 4065 1>;L=CN O =5 2845;, 8 <>3C 45;0BL =5:>B>@K5 2K2>4K ;8HL A> A;>2 5Q AK=0. >B ?>G5<C O 3;02=K9 C?>@ A45;0; =0 =0AB>9:C 1>@F0, @8A:>20==> ?>ABC?8;, => 8=>3> 2KE>40 =5 1K;>. 3> C189AB25==CN <>IL A<O3G0; 8 :>@@5:B8@>20; 4@C38<8 B@020<8, 8 >=8 2A5 2<5AB5 :0: 1K A>74020;8 548=K9 0=A0<1;L. >8< 65;0=85< 1K;> >AB0=>28BL E>BO 1K =0 <83, :0: :>=O =0 A:0:C, AB@5<8B5;L=K9 153 35><5B@8G5A:8 C<=>60NI8EAO :;5B>: @0:0.  ?>B>< <5B>48G=> 4>1820BL >?CE>;L A @07=KE AB>@>=. ;O =5Q, 15A?@5?OBAB25==> @073C;O2H59AO 8 =5 2AB@5G0NI59 A>?@>B82;5=8O, 4065 157>184=0O =56=0O <54C=8F0 >:070;0AL =5>6840==K< C40@><, B0: :0: B@020, >1;040O ?>;=K< =01>@>< :@>25B2>@=KE <8:@>M;5<5=B>2, 2 A>G5B0=88 A 1>30B59H8< A>45@60=85< 0A:>@18=>2>9 :8A;>BK CA?5H=> 1>@>;0AL A 0=5<859, 2>AAB0=02;820O ?>A;5 65;C4>G=KE :@>2>B5G5=89 =5>1E>48<K9 35<>3;>18= 2 A>4@C65AB25 A B0:8< 65 =5>1E>48<K< ?@8 0=5<88 ?>@>H:>< :@0?82K, ?@8 ?>445@6:5 4@C38E B@02, B>65 2@06451=> =0AB@>5==KE ?@>B82 @0:0. !=0G0;0 C <5=O =5 1K;> 4065 <KA;8 > B><, GB> A<>3C A?0AB8 >B @0:0 C<8@0NICN 65=I8=C. %>B5; ?@>AB> E>BL :0:-B> ?><>GL ?>?02H8< 2 154C ;N4O<. >;LH8< A2>8< 4>AB865=85< AG8B0; 4065 B>, GB> AC<5; ?>4=OBL 5Q A ?>AB5;8, 40; 2>7<>6=>ABL ?>:8=CBL 1>;L=8G=K9 :>@84>@ 8 C5E0BL 2 @>4=CN 45@52=N. @87=0BLAO, B>;L:> 8AB>20O, A0

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

 07C<55BAO, O =5 >3@0=8G820;AO B>;L:> @0=55 C?><O=CBK<8 @0AB5=8O<8. 07=0G0; 4> 54K =0AB>9 B@02K 7>?=8:0 :;C1=5=>A=>3>.  0AB5=85 >1KG=>5 4;O @07=>B@02=KE ;C3>2. # =53> :@C?=K5 7C1G0BK5 ;8ABLO 8 ?>;K9 AB515;L A >B;8G8B5;L=K< D8>;5B>2K< F25B><   8740;8 2845=. &25B:8 @>7>2K5, A ;8;>2K< >BB5=:><, @0A?>;>65=K 2 :>=F5 4;8==>3> A>F25B8O. 1KG=> 7020@820NB >4=C AB>;>2CN ;>6:C 2 AB0:0=5 :8?OB:0, =0AB0820NB G5BK@5 G0A0. !0=85 =07=0G8; ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L A <>8< ?@>B82>>?CE>;52K< 10;L70<><. 5;0B5;L=> ?@8=8<0BL 420 <5AOF0 ?>4@O4, 157 ?5@5@K2>2. > 54K.  >4=>< 87 >G5@54=KE :C@A>2 2>A?>;L7>20;AO 4065 ?0ABCHL59 AC<:>9. =0 B>65 8<55B ?@O<>5 >B=>H5=85 : @0:C 65;C4:0. 020@820BL >4=C G09=CN ;>6:C 2 AB0:0=5 :8?OB:0, =0AB>OBL 420 G0A0, ?@8=8<0BL ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 10;L70<0 B@8 @070 2 45=L ?>A;5 54K. >B 20< 8 >A=>20 4;O >4=>3> :C@A0, 157 CG5B0 1>@F0 8 4@C38E 4>?>;=8B5;L=KE B@02. 5 AB>8B 701K20BL 8 ?@> F25B:8 :0@B>D5;O, E<5;O 8 2A5E >AB0;L=KE ?@>B82>@0:>2KE @0AB5=8OE.  =0G0;5 78<K O ?>A>25B>20;  CH0=C 4020BL <0B5@8 ?5@54 54>9 AB>;>2CN ;>6:C A>:0 :20H5=>9 :0?CABK, ?>B><C GB> ?@8 @0:5 65;C4:0 >1KG=> 1>;L=K5 AB@040NB >B =5E20B:8 65;C4>G=>3> A>:0. 1 >1O70B5;L=>< ?@8<5=5=88 >2>I=KE A>:>2 O =5 3>2>@8; B>;L:> 8AE>4O 87 B>3>, GB> =5 2A5 8 =5 2A5340 <>3CB ?>72>;8BL 8E A515. 5B A;>2, >=8 >G5=L ?>;57=K, => A;54C5B ?><=8BL, GB> ?@8 2K1>@5 A>:>2 A;54C5B 1KBL >G5=L >AB>@>6=K< 8 =07=0G0BL 8E B>;L:> 2 B5E A;CG0OE, :>340 1>;L=>9 >ICI05B >AB@CN ?>B@51=>ABL 2 =8E.

5B>4>2 ;5G5=8O @0:0 >G5=L <=>3>, 8 O =5 8<5N ?@020 C:07K20BL, :0:>9 87 =8E ;CGH5. 064K9 2>;5= 2K18@0BL A515 B>, GB> ?>:065BAO 5<C A0<K< ?>4E>4OI8<.  A2>8 <5B>4K O =8:><C =5 =02O7K20N. 4=> ;8HL E>GC A:070BL. >-?5@2KE, 2> 2A5E A;CG0OE =5>1E>48< E>@>H> ?@>4C<0==K9 :><?;5:A. 5 548=8G=K9, :0: 2>4:0 A <0A;><   ?> <5B>4C (52G5=:>, =5 C@8=0, =5 :5@>A8= 8 B5< 1>;55 =5 4;8B5;L=>5 3>;>40=85. >-2B>@KE, =5 701K209B5 ?@> 3>@OG85 8 E>;>4=K5 B@02K. @8 8E 2K1>@5 ?CB0=8F0 =5 8A:;NG5=0.  >4=>9 87 :=83 > 2>AB>G=>9 <548F8=5 ?>;K=L 1K;0 ?@8G8A;5=0 : E>;>4=K< B@020<, 2 4@C3>< 8AB>G=8:5, :>B>@><C 4>25@ON 1>;LH5, ?>;K=L >B=5A5=0 : 3>@OG8<, :0: 8 G5@=>1K;L=8:. >7<>6=>, 8<5;8AL 2 284C @07=K5 284K ?>;K=8. 5 AB0=C A>?>AB02;OBL ?@>B82>@5G8O 2 >B=>H5=88 4@C38E ?>?C;O@=KE @0AB5=89, >AB028< @5H0BL MBC ?@>1;5<C A?5F80;8AB0<, 0 A> A2>59 AB>@>=K O >?OBL ?>A>25BCN 3>B>28BL =0AB>8 B>;L:> 87 >B45;L=>9 B@02K.  5A;8 A;CG8BAO B0:, GB> 4> 54K 1C45B ?@8=OB =0AB>9 87 3>@OG59 B@02K, 0 ?>A;5 54K 87 E>;>4=>9   <564C =8<8 >AB0=5BAO 4>AB0B>G=K9 @07@K2 2> 2@5<5=8, =5 =0=>AOI89 >@30=87<C =8:0:>3> 2@540. 20 EC;830=0 A?>A>1=K CAB@>8BL 4@0:C B>;L:> 2 1;87:>< :>=B0:B5, E20B0O 4@C3 4@C30 70 3@C4:8, => ?@8 2AQ< 65;0=88 =5 A<>3CB >=8 ?>4@0BLAO, =0E>4OAL 2 @07=KE :>=F0E C;8FK. "0: ?@8E>48BAO @0745;OBL 8 B@02K.

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�=>3>C20605<K9 ;5:A0=4@ !5@35528G! ><=8B5 8AB5:0NICN :@>2LN, C<8@0NICN >B @0:0 65;C4:0 65=I8=C 87 "C@:<5=88? K :0B53>@8G5A:8 >B:070;8AL >:070BL 59 ?><>IL, =8 >4=>3> >1571>;820NI53> C:>;0 =5 A45;0;8, =8:0:>3> A=8AE>645=8O =5 ?@>O28;8, :@><5 C3@>7K 2K:8=CBL =0 C;8FC. "0: 2>B, 5Q 2K;5G8;8 =5 >=:>;>38, 0 ?@>AB> 4>1@K9 G5;>25:, 40;Q:89 >B <548F8=K, =5 40202H89 :;OB2C 8??>:@0B0. = 2K;5G8; 5IQ <=>3> 4@C38E 1>;L=KE, >B :>B>@KE >B:070;8AL 20H8 >?KB=K5 2@0G8.  MB>9 B5B@048 87;>65= 25AL :C@A ;5G5=8O. A;8 20< A0<><C =58=B5@5A=>, B0: 409B5 4@C38< 2@0G0<, ?CABL ?>CG0BAO. ">340, <>65B 1KBL, ?><5=LH5 AB0=5B ?>:>9=8:>2 C 20A. / =5 A C?@Q:0<8 ?@8HQ;. 0?@>B82, 2K@078BL A2>N 1;03>40@=>ABL 70 B>, GB> =5 2K720;8 <8;8F8N, GB>1K 2K:8=CBL <0<C =0 C;8FC. "5@?5;8 =0H5 ?@8ACBAB285. !?0A81> 70 2AQ. @>I09B5!�

@0G <>;G0 2KA;CH0; 4;8==CN B8@04C, =8 A;>20 =5 A:070; 2 >B25B 8 4065 =5 ?>?@>I0;AO, :>340  CH0=, =5 >3;O4K20OAL, 2KH5; 87 :018=5B0.

 A5@548=5 ;5B0, 70@0=55 ?@54C?@5482, >= ?@8257 A2>N <0BL : =0< 2 3>AB8.  O C2845; =52KA>:CN, <8=80BN@=CN 65=I8=C A <0;5=L:8<8 ?>:0BK<8 ?;5G8:0<8, A :@C3;K<, ?>;C45BA:8< ;8G8:><, A >B@06Q==K<8 2 :0@8E 3;070E @>1>ABLN, =5@5H8B5;L=>ABLN, 1C4B> 2>?@>H0NI8E, :0: 59 25AB8 A51O 40;LH5.  4065 2K1820NI85AO 87-?>4 15;>3> ?;0B>G:0 A54K5 2>;>AK =5 3>2>@8;8 > 2>7@0AB5, 2AQ @02=> 5Q >1I89 >1;8: >AB02;O; 2?5G0B;5=85 :0:>9-B> 45BA:>9 =570I8IQ==>AB8. 065 =5 25@8;>AL, GB> C =5Q B0:>9 27@>A;K9 AK=, AB0B=K9, GCBL ;8 =5 242>5 2KH5 @>AB><. =0 60;0AL : =5<C, 0 >=, 27O2 5Q 70 ?;5G8, ?>42Q; : =0:@KB><C AB>;C A 4K<OI8<8AO B0@5;:0<8 3>@OG53> AC?0 A 4><0H=59 ;0?H>9 8 10@0=8=>9, CA048; =0 ABC; 8 A0< A5; @O4><, ?>;>68; 87 A0;0B=8FK 2 5Q B0@5;>G:C >2>I8, ?@8428=C; AC?, ?>40; A0;D5B:C, ?@>4>;60O 157 C<>;:C @0AA:07K20BL B> > 687=8 2 45@52=5, B> > A0=8B0@:0E 87 >=:>;>38G5A:>9 1>;L=8FK, : :>B>@K< 70E>48; 2<5AB5 A <0B5@LN >B1;03>40@8BL 8E 70 ?@56=55 15A:>@KAB=>5 CG0AB85 8 4>1@>BC 2 A0<>5 B@C4=>5 2@5<O. >A;5 >1540 !0=8O @0725@=C;0 A2Q@B>: 8 ?@>BO=C;0 <=5 ?;>B=K9 A5@K9 A28B5@, A:0702: �/ A0<0 ?@O;0 8 2O70;0 53> 2AN 78<C 4;O 20A.  :064CN ABQ6:C 2:;04K20;0 A;>20 87 >@0=0 8 <>;8;0 ;;0E0 40BL 20< <=>3> 75<=>3> AG0ABLO 8 4>;38E ;5B 687=8 70 =5>F5=8<CN ?><>IL =0<, ?@>ABK< ;N4O<�.

A5=LN  CH0= C5E0; 2 HE0104. �'5@57 <5AOF 25@=CAL�,   ?>>15I0; >=.  HE01045 >AB0;0AL 157 ?@8A<>B@0 42CE:><=0B=0O :20@B8@0. = =5 CA?5; 4065 C2>;8BLAO A @01>BK. 5@=C;AO >= 2 #DC B>;L:> G5@57 3>4. 'B> 7045@60;> 53> B0<? 5 7=0N. >7<>6=>, 45;0 A5@45G=K5. / =8:>340 =5 A?@0H820; 53> > ;8G=>9 687=8. =5 A:070;, GB> 53> >E>B=> 27O;8 >1@0B=> =0 @01>BC. 5 A845BL 65 157 45=53, 40 8 =0:>?8BL 8E =04> 1K;> E>BO 1K =0 ?5@2K5 <5AOFK 687=8 ?>A;5 2>72@0I5=8O 2 45@52=N, : <0B5@8. =>3> 2@5<5=8 70=O;8 E;>?>BK A @0A?@>40659 25I59, :=83   8E C =53> 1K;> ?>GB8 425 BKAOG8. > B@C4=55 2A53> 1K;> ?@>40BL :20@B8@C, >E>B=8:>2 ?>A5;8BLAO @O4>< A 7>;>BK< ?0<OB=8:>< "C@:<5=-10H8 1K;> <0;>.

>A;5 ?@85740 =5 ?@>H;> 42CE 4=59, :0:  CH0= ?@8HQ; :> <=5 >?5G0;5==K9, ;8F0 =0 =Q< =5B. �0<0 1>;55B,   A>>1I8; >=.   @87=0NB @0: ?5G5=8. 54L 2AQ 1K;> E>@>H> 4> <>53> >BJ5740. / >AB028; 59 <=>3> ;5:0@AB2. IQ =5402=> ?8A0;0, GB> 2AQ C =5Q E>@>H>.  ;5:0@AB20 AB>OB =5B@>=CBK5. 57 <5=O =5 ?8;0 8E. 8:>340 A515 =5 ?@>IC, GB> >AB028; 5Q >4=C. "5?5@L >?OBL 2AO =045640 =0 20A 8 20H8 2>;H51=K5 B@02K. / 70 2AQ @0A?;0GCAL, B>;L:> A?0A8B5 5Q!�

5 AB0; O C?@5:0BL <>;>4>3> G5;>25:0 70 4>;3>5 >BACBAB285, 15A?>;57=>, B>;L:> A>;L =0 @0=C AK?0BL. %>BO ?@54C?@5640; 53>, GB> @0=> ?@074=>20BL ?>154C. ! @5F84820<8 @0:0 O =5 @07 AB0;:820;AO. B =53>, :0: 8 >B 3@8??0 A 0=38=>9, =0 2AN 687=L =5 70AB@0EC5HLAO.

>MB><C <>9 A>25B: 5A;8 G5;>25: E>BL @07, 701>;52 @0:><, 1;03>?>;CG=> 871028;AO >B =53>, B> 2A5340 4>;65= ?><=8BL   2AO 53> >AB0;L=0O 687=L =0E>48BAO ?>4 40<>:;>2K< <5G><. 065 ?> ?@>H5AB288 <=>38E ;5B =5 CA?>:08209B5AL, ?>AB>O==> A;548B5 70 A>1>9 8 ?@8=8<09B5 ?@>D8;0:B8G5A:85 <5@K, ?@>4>;609B5 ;5G5=85. 8HL ?@8 MB>< CA;>288 C 20A 8<55BAO H0=A 4>68BL 4> 3;C1>:>9 AB0@>AB8.

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

* * *

7 >AB@><K ?@85E0;0, ?@5420@8B5;L=> ?>72>=82, 65=I8=0 70 ;5:0@AB20<8 4;O A5AB@K, 701>;52H59 @0:>< 65;C4:0. AB>@8N 1>;57=8 2 1>;L=8F5 =0 @C:8 =5 40;8. B 1>;L=>9 4803=>7 A:@K;8, A>A;02H8AL =0 >1>AB@5=85 30AB@8B0, A:070;8 ?@024C B>;L:> 5Q @>4=>9 A5AB@5 0;8=5. # ;5=K !5@3552=K >?CE>;L 4=0 65;C4:0 B@5BL59 AB0488. ?5@0F8N ?> :0:8<-B> ?@8G8=0< >B<5=8;8, 0 B>;L:> >=0 <>3;0 1K A?0AB8 1>;L=CN. 8:0:>5 4@C3>5 ;5G5=85 2 40==>< A;CG05 =5 ?><>65B. CG520O 8 E8<8>B5@0?8O 745AL 15AA8;L=K. 5:0@AB2 =8:0:8E =5B, :@><5 1>;5CB>;ONI8E B01;5B>:.  1>;8 A8;L=K5, >A>15==> ?>A;5 54K 8 =>GLN. �@>2>B5G5=8O, : AG0ABLN, ?>:0 =5 1K;>. > ?>EC45;0: =5B 0??5B8B0 8 ?>GB8 =8G53> =5 5AB, :0?@87=8G05B,   @0AA:070;0 0;8=0 !5@3552=0.   !45;0;0AL 1;54=>9, 60;C5BAO =0 15AA8;85, ?>AB>O==>5 3>;>2>:@C65=85 >B =87:>3> 402;5=8O.  254L A>2A5< =5402=>, 3>4 =0704, 1K;0 74>@>2>9, :@0A82>9 65=I8=>9, A> A25B;>-:0@8<8 3;070<8 C4828B5;L=>9 G8AB>BK 8 ;CG570@=>9 C;K1:>9. 0 C;8F5 2A5 <C6G8=K >3;O4K20;8AL =0 =5Q, E>BO 59 70 A>@>:. >?KB0;0AL >=0 ?>;5G8BLAO C >4=>3> <>A:>2A:>3> F5;8B5;O, => 59 A@07C EC65 AB0;>. B>-B> ?>A>25B>20; ?>?8BL 2>4:C A <0A;><, => =5 A<>3;0 8 =545;8 ?@>45@60BLAO, A@07C @2>B0 >B:@K;0AL. 4=0 87 ?>4@C3 40;0 59 ?>G8B0BL 20H8 <>A:>2A:85 :=86:8, >=0 8 3>2>@8B: �04> A@>G=> >BKA:0BL 02B>@0. !5@4F5< GCN, B>;L:> MB>B G5;>25: A?>A>15= ?><>GL <=5�. 0H;8 ?@>AB>. >72>=8;8 2 #DC, 2 !>N7 ?8A0B5;59, 0 B0< 8 04@5A 8 =><5@ B5;5D>=0 40;8. ABL C =0A :0:0O-=81C4L =045640?�   A?@>A8;0 0;8=0 !5@3552=0. �8:>340 8 =8:><C =5 >15I0N,   G5AB=> >B25B8; O.    ?><>GL ?>?KB0NAL. @8 >4=>< CA;>288: 2A5 =07=0G5=8O 2K?>;=OBL ?C=:BC0;L=>. 2>=8B5 A5AB@5, A?@>A8B5, A<>65B ;8 >=0 =01@0BLAO B5@?5=8O =0 4>;385 <5AOFK CB><8B5;L=>9 5654=52=>9 @01>BK, 87 :>B>@>9 8 A>AB>8B <>9 <5B>4 ;5G5=8O�. �!<>65B, 0 5A;8 =0G=QB :0?@87=8G0BL   70AB02;N,   A:070;0 0;8=0 !5@3552=0.    0725 O =5 ?>=8<0N, GB> =5 70 ?CABO:0<8 5E0;0 2 B0:CN 40;L?  2 4>@>35, 8 745AL 2 #D5 AB>;L:> =0A;KH0;0AL > 20H59 4>1@>B5, > 20H8E B@020E. ! ?CABK<8 @C:0<8 O >B 20A =5 C54C!�

> >AB@><K 459AB28B5;L=> ?@O<>9 4>@>38 =5B, 5E0BL ?@8E>48BAO A ?5@5A04:0<8. =5 =5A:>;L:> @07 C4020;>AL ?@>3C;OBLAO ?> MB><C :@0A82><C 3>@>4C, ?>1K20BL 2 7=0<5=8B>< ?0BL52A:>< <>=0ABK@5.  :0:85 B>;L:> 3>@>40 =5 C2>78;8 <>8 ;5:0@AB20, B5?5@L 8E ?CBL ;568B 2 >AB@><C.

/ @5H8; A>AB028BL 548=K9 :><?;5:A A@07C =0 420 <5AOF0. 0 25AL ?5@8>4 ;5G5=8O ?>94QB 1>;83>;>2 ?> <>59 4204F0B8:0?5;L=>9 AE5<5, A=0G0;0 B>;L:> A CB@0, 0 ?>765   A ?>AB5?5==K< ?5@5E>4>< =0 25G5@=89 ?@8Q<. >A;5 =53> ?@8=OBL 2 =51>;LH>< :>;8G5AB25 2>4K G09=CN ;>6:C =0AB>9:8 ?>G5: GQ@=>3> B>?>;O 8 ;8HL G5@57 ?OB=04F0BL <8=CB >B20@ 87 :>@=59 ?8>=0 C:;>=ONI53>AO (<0@L8=>3> :>@=O). >B>28BL 53> 87 >4=>9 G09=>9 ;>6:8 =0 ?>;-;8B@0 E>;>4=>9 2>4K, =>GL =0AB>OBL (=5 <5=LH5 45AOB8 G0A>2), CB@>< =0 A;01>< >3=5 :8?OB8BL ?OBL <8=CB, G5@57 45AOBL <8=CB ?@>F548BL. 8BL ?> ?>;>28=5 AB0:0=0, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 A>D>@K O?>=A:>9. '5@57 G0A ?>A;5 54K ?@8=OBL =0AB>9 25@>=8:8 ;5:0@AB25==>9, 7020@820O 425 G09=K5 ;>6:8 2 42CE AB0:0=0E :8?OB:0, 420 G0A0 =0AB0820BL 8 ?@8=8<0BL ?> ?>;AB0:0=0, 2;820O G09=CN ;>6:C =0AB>9:8 15@Q7>2KE ?>G5:. '5@57 G0A ?>A;5 ?@8Q<0 =0AB>O 25@>=8:8 2K?8BL =0AB>9 G5@=>3>;>2:8, 7020@820O 2 >4=>< AB0:0=5 :8?OB:0 >4=C G09=CN ;>6:C B@02K. 0AB0820BL 420 G0A0, ?8BL ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L A A>@>:0 :0?;O<8 =0AB>9:8 4K<O=:8 0?B5G=>9.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@>872>;L=>, 2 ;N1>9 C4>1=K9 <><5=B ?@8=OBL B@8 @070 2 45=L ?> AB>;>2>9 ;>6:5 A>:0 <54C=8FK. 5G5@><, 70 420 G0A0 4> A=0, 2K?8BL G09 87 F25B:>2 :0;8=K 8;8 3>;>2>: :;525@0 ;C3>2>3> A G09=>9 ;>6:>9 F25B>G=>3> <Q40. @8 A8;L=>< C?04:5 A8; 8;8 =87:>< 402;5=88 =5 :C@A>2>9, 0 @07>2K9 ?@8Q< A>@>:0 :0?5;L =0AB>9:8 M;5CB5@>:>::0 8;8 ;52758. >102>G=>, ?@8 =5>1E>48<>AB8, >B@53C;8@>20BL ABC;: O3>4K 6>AB5@0 ?@8 70?>@5, >B20@ :>@=O :@>2>E;51:8 ?@8 480@55. 10 A@54AB20 8A?>;L7CNB 8=48284C0;L=>, >B >4=>9 G09=>9 4> AB>;>2>9 ;>6:8 =0 AB0:0= 2>4K, :8?OB8BL B@8-G5BK@5 <8=CBK.  MB>< :><?;5:A5 O @5H8; >1>9B8AL 157 ?@>B82>>?CE>;52>3> 10;L70<0. >;L=0O =5 7=05B > E0@0:B5@5 A2>53> 701>;520=8O, 0 10;L70< <>65B =0AB>@>68BL   :=86:C >=0 G8B0;0, A@07C 2AQ ?>9<QB.  B><C 65 87<5=Q= A0< ?@8=F8? ;5G5=8O.

>GB8 > 2A5E B@020E 3>2>@8;>AL, GB> >=8 ?@>B82>>?CE>;52K5, 2?;>BL 4> M;5CB5@>:>::0 (>= 2E>48B A0<>AB>OB5;L=> 2 8725AB=K9 ?@>B82>@0:>2K9 :><?;5:A . . >;N:0). > =5;L7O 701K20BL 8 > <=>3>AB>@>==5< 459AB288 >4=>3> 8 B>3> 65 @0AB5=8O. # 1>;L=>9 A8;L=K5 3>;>2>:@C65=8O   >B =8E 871028B 25@>=8:0. 0@L8= :>@5=L =5 B>;L:> 2>A?>;=8B 45D8F8B A>;O=>9 :8A;>BK, => 8 =5@2K CA?>:>8B, ?><>65B ?@8 15AA>==8F5, 70I8B8B >B <5B0AB07>2 ?5G5=L, ?><>65B 59 ?@8 8=B>:A8:0F88. '5@=>3>;>2:0, ?><8<> 2A53>, CB>;8B 1>;L.  =59 E>B5;>AL 1K A:070BL, GB> 5Q A8;0 >G5=L 7028A8B >B <5AB=>AB8, 345 >=0 ?@>87@0AB05B. 8:>340 =5 15@C 5Q B0<, 345 3>=ONB A:>B8=C, 0 '5@=>3>;>2:0, :0: =07;>, G0I5 2A53> 2AB@5G05BAO =0 2K?0A0E, =0 >1>G8=0E 4>@>3 8 2>>1I5 2 B5E <5AB0E, 345 B@020 2K18B0O, GB> ?>72>;O5B 59, <0;5=L:>9 @>AB>G:><, ?>GC2AB2>20BL A51O 2>;L3>B=>.  O 402=> >1;N1>20; >4=> <5AB>, >G5=L 40;5:> >B #DK, @O4>< A :C@>@B>< /=30=-B0C. 0 A:;>=5 3>@K, A?CA:0NI59AO : @5:5 .@N70=L, A ?@>H;KE 25:>2 >AB0;8AL =5?@8<5B=K5 O<:8, :C40 4> ?>O2;5=8O ?5@2>3> A0=0B>@=>3> :>@?CA0 ;N48 ?@8E>48;8 ;5G8BLAO 8AE>4OI8< 87 75<;8 F5;51=K< B5?;>< 8 ?0@>< 7=0<5=8B>9 5IQ 2 A@54=85 25:0 �3>@5;>9 3>@K�, >B:C40 8 ?@>87>H;> =0720=85 :C@>@B0.  O 2 AB>@>=5 >B A0=0B>@=KE :>@?CA>2, @O4>< A 1K2H8<8 �O<:0<8� >1=0@C68; '5@=>3>;>2:C 7=0G8B5;L=> 2KH5 8 A>G=55 >1KG=>9. 0B5< C1548;AO, GB> 5Q ;5G51=K5 A2>9AB20 7=0G8B5;L=> ?@52>AE>4OB BC 65 A0<CN G5@=>3>;>2:C, 27OBCN 2 4@C38E <5AB0E.

K<O=:C 0?B5G=CN =0?@O<CN : ?@>B82>@0:>2K< @0AB5=8O< =5 >B=>AOB, E>BO 5Q A ?>;L7>9 ?@8<5=ONB ?@8 O725 65;C4:0. >;=>ABLN E8<8G5A:89 A>AB02 =5 87CG5=, => 2?>;=5 2>7<>6=>, GB> =5:>B>@K5 0;:0;>84K, >@30=8G5A:85 :8A;>BK 8 4@C385 2E>4OI85 2 5Q A>AB02 25I5AB20 8<5NB :0:>5-B> 2>7459AB285 =0 @0:>2K5 :;5B:8. > 2AO:>< A;CG05 >=0 2 >1I5< :><?;5:A5 >:070;0AL =5;8H=59, B0: :0: ?>2KH05B >1I89 B>=CA >@30=87<0 C >A;01;5==KE 1>;L=KE, C:@5?;O5B A5@4F5, 2K7K205B 0??5B8B, C:@5?;O5B =5@2K.  A>D>@C O?>=A:CN O 40; >B45;L=>. =0 A?>A>1=0 @0AA0AK20BL ;N1K5 35<0B><K, =5 B>;L:> 25@E=85, =0@C6=K5, => 8 2=CB@5==85, 2 B>< G8A;5 8 >?CE>;8.

><?;5:A 1K; @0AAG8B0= =0 8N=L 8 8N;L (1995 3.), 0 C65 2 023CAB5 ;5=0 !5@3552=0 70?@>A8;0 ?@>4>;65=85. G5=L ?>=@028;0AL 59 25@>=8:0 0?B5G=0O, ?>?@>A8;0, =5;L7O ;8 ?@>4>;68BL 5Q 40;LH5. "@020 =5 >B=>A8BAO : O4>28BK<, =5 =0:0?;8205BAO 2 >@30=87<5, B0: GB> =5B ?@8G8= >B:07K20BL 1>;L=>9 2 5Q 65;0=88. 0?@>B82, : ?@>AL10< >@30=87<0 =04> >B=>A8BLAO 2=8<0B5;L=>. >340 ACI5AB2C5B ?>2KH5==0O ?>B@51=>ABL 2 B>< 8;8 8=>< @0AB5=88, >=> <>65B >:070BL 1>;LH5 ?>;L7K, G5< B@02K, AB>OI85 =0 =5A:>;L:> ABC?5=5: 2KH5 =53>. 0@L8= :>@5=L >B?@028; C65 2 2845 =0AB>9:8. AQ >AB0;L=>5 >=0 ?>?@>A8;0 =5 <5=OBL.

OBL <5AOF52 4;8;>AL ;5G5=85, 4> :>=F0 >:BO1@O, ?>:0 =5 :>=G8;8AL B@02K. 0B5< 4> A5@548=K D52@0;O 1998 3>40 2>7=8:;0 4;8B5;L=0O ?0C70. ;5=0 !5@3552=0 =5 8AG57;0. =0 72>=8;0 GCBL ;8 =5 :064CN =545;N, A>25BCOAL, GB> 87 4>ABC?=KE B@02 59 ?>?8BL @048 ?@>D8;0:B8:8. >;83>;>2 O ?>A;0; 59 A 1>;LH8< 70?0A><, 1>;LH5 ;8B@0. 3> =04>;3> 4>;6=> E20B8BL. =0 2AQ-B0:8 C7=0;0, G5< 1>;5;0, :>340 ?>A;5 =0H53> ;5G5=8O ?@>E>48;0 ?@>25@:C 2 >=:>;>388.  ?@8=F8?5, O 1K; 4>2>;5=, GB> C;>68;AO 2 <8=8<0;L=K5 A@>:8. 1KG=> =0 ;5G5=85 @0:0 C <5=O CE>48;> 2 A@54=5< >B G5BK@5E 4> H5AB8 <5AOF52. "5?5@L, ?>A;5 B@QE ;5B ;5G5=8O, >=0, ?> <>5<C A>25BC, @5H8;0 ?>2B>@8BL :C@A. 3> A>AB02 O GCBL 87<5=8;, C1@0; 4K<O=:C 8 E2>I, =0AB>9:C ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:   4>;3> ?@8=8<0BL 5Q =8:><C =5 A>25BCN, 70B> 2:;NG8; ?@>B82>>?CE>;52K9 65;C4>G=K9 10;L70<, A>AB02;5==K9 87 150 <; =0AB>9:8 G5@=>1K;L=8:0, 100 <; =0AB>9:8 F25B:>2 ;>?CE0, 100 <; =0AB>9:8 A>D>@K O?>=A:>9, 50 <; =0AB>9:8 :>@=59 08@0, 50 <; =0AB>9:8 B@02K ACH5=8FK 1>;>B=>9, 50 <; =0AB>9:8 :>@=59 A8=NE8 ;07C@=>9. @8=8<0BL ?> G09=>9 ;>6:5 B@8 @070 2 45=L =0 ?@>BO65=88 B@QE =545;L, 425 =545;8 >B4KE0BL, 70B5< ?>2B>@8BL 2 B>< 65 ?>@O4:5 420 @070.

0 MB>< =0H5 >1I5=85 70:>=G8;>AL. Q 04@5A0 8 =><5@0 B5;5D>=0 C <5=O =5 1K;>, =5 4>3040;AO 70?8A0BL ?@8 ?5@2>< 7=0:><AB25, B5< 1>;55 GB> >=0 A0<0 72>=8;0 G0AB>. "5?5@L A2O7L ?@5@20;0AL.  B>;L:> 45AOBL ;5B A?CABO, 2 >:BO1@5 2008 3>40, @0740;AO =5>6840==K9 72>=>: 87 >AB@><K. ;5=0 !5@3552=0 ?>74@028;0 <5=O A 75-;5B85<, 2KA:0702 <=>65AB2> 4>1@KE ?>65;0=89. Q 3>;>A 70 ?@>H54H85 3>4K =8A:>;L:> =5 87<5=8;AO, >AB0;AO 2AQ B0:8< 65 <>;>4K<, <O3:8<, ?@8OB=> ;0A:0NI8< A;CE.

* * *

01;N40;>AL =5<0;> 0=0;>38G=KE A;CG052 =5?@>4>;68B5;L=>3> ;5G5=8O @0:0 65;C4:0 C 1>;L=KE 87 >30;K<0, >2>A818@A:0, 5DB5N30=A:0, '5;O18=A:0, 070=8, 2 B>< G8A;5 8 <5AB=KE, 87 #DK 8 =5:>B>@KE @09>=>2 @5A?C1;8:8. 5 286C =5>1E>48<>AB8 2 ?>4@>1=KE 45B0;OE >?8AK20BL 2A5 ;5G51=K5 :><?;5:AK, B0: :0: =5 1K;> 2 =8E :0@48=0;L=> =>2KE @07@01>B>:, :>B>@K5 70A;C6820;8 1K >B45;L=>3> @073>2>@0. -B> =5 4>;6=> C482;OBL. ;O :064>9 1>;57=8 ACI5AB2C5B A2>9 >?@545;Q==K9, 8A?KB0==K9, =04Q6=K9 =01>@ @0AB5=89, 8 @0AH8@OBL 53> 70 AGQB A>2A5< 4@C38E B@02 @8A:>20==>. # <5=O 402=> 8 ?@>G=> A;>68;0AL A2>O MB8:0 2 ;5G51=>9 ?@0:B8:5, =5 4>?CA:0NI0O 2>;L=>AB59 2 >B=>H5=88 : 1>;L=K<. / AG8B0N =54>?CAB8<K<, 0=B83C<0==K< ?@>2>48BL =0 =8E 8A?KB0=85 =57=0:><KE A@54AB2, :0:8<8 1K 70<0=G82K<8 >=8 =8 ?@54AB02;O;8AL. "O=5B 8A?@>1>20BL GB>-B> =>25=L:>5, B0: ?@5645 2A53> 8A?KB09 =0 A515, 40 8 B> =5 87 ;N1>?KBAB20, 0 ?@5645 2A53> 2A5AB>@>==5 ?@>4C<02 25@>OB=>ABL =565;0B5;L=KE ?>A;54AB289, 70@0=55 ?@54CA<>B@52 2>7<>6=>AB8 =04Q6=>9 70I8BK.

>=5G=>, =5 1K205B ?@028; 157 8A:;NG5=8O.  1994 3>4C ?@85E0;0 87 3>@>40 !8109 N=0O 452CH:0 5;O, ?>4@>AB>: 5IQ, ?OB=04F0BL ;5B =5402=> 8A?>;=8;>AL. # 5Q 101CH:8 >1=0@C68;8 @0: 65;C4:0, >?5@8@>20BL =5;L7O, 8 ;5G5=8O =5B =8:0:>3>. 7 !810O C <5=O ?5@51K20;> =5 <5=LH5 45AOB:0 1>;L=KE, 3>@>4 =51>;LH>9, <>Q 8<O =0 A;CEC, GCBL ;8 =5 A:07:8 A:07K20NB, ?@5C25;8G820O <>8 2>7<>6=>AB8. >B 8 101CH:0 MB0 2>A?@O=C;0 4CE><, A@07C >B?@028;0 2=CG:C :> <=5. AB>@88 1>;57=8 =5B, >AB0;0AL 2 1>;L=8F5, 0 =0 @C:8 40;8 �?>E>@>=:C�: �C@8O A;0<>2=0 (., 64 3>40. 01>;520=85 65;C4:0 4 AB0488. K?8AK205BAO =0 A8<?B><0B8G5A:>5 ;5G5=85�. B 452>G:8 =8G53> B>;:>< =5 4>1LQHLAO, :@><5 B>3>, GB> 101CH:0 G0AB> AB>=5B, ?>GB8 =8G53> =5 5AB, :@><5 :0H8 87 ?0@5=>9 BK:2K 8 ?CABKE I59 87 :20H5=>9 :0?CABK.  2>B0 G0AB0O, => :@>2>B5G5=8O =5B. @C68BAO 3>;>20, 2AQ 2@5<O E>G5B ;560BL, => ?5@5A8;8205B A51O, =04> 8 54C 20@8BL, 8 ?>AB8@0BL, ?>:0 2=CG:0 2 H:>;5. 42>Q< >=8 682CB, <0BL A >BF>< C5E0;8 =0 70@01>B:8 2 04K< 8 8AG57;8, 87@54:0 >B <0B5@8 ?@8E>4OB 45=56=K5 ?5@52>4K, => ?>G5<C-B> 87 @07=KE A525@=KE 3>@>4>2. 0: >=8 B0< ACI5AB2CNB, A>18@0NBAO ;8 25@=CBLAO >1@0B=>   =58725AB=>. 8A5< =5B. �01CH:0 C <5=O E>@>H0O, 4>1@0O. G5=L ;N18B <5=O, ?>MB><C G0AB> ?;0G5B. K C6 ?><>38B5 59!�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

!>AB02;O; 5IQ 420 @070 :><?;5:AK, <5=OO =0AB>9 F25B:>2 E<5;O =0 =0AB>9 >G8B:0 ?C@?C@=>3>, 2:;NG0O =0AB>8 F25B:>2 :0@B>D5;O, B@02K 1C:28FK, 25@>=8:8 ;5:0@AB25==>9. / <>3 1K 40BL A>AB02K :064>3> :><?;5:A0 ?>4@>1=55, => ?@>87>H;> =5>6840==>5 O2;5=85. 7 !810O :0:-B> 25G5@>< ?>72>=8;0 5;O 8 272>;=>20==K<, 8A?C30==K< 3>;>A:>< A>>1I8;0: �01CH:0 <5=O =5 A;CH05BAO, =0AB>9:C 1>@F0 ?LQB =5 :0?;O<8, 0 A@07C ?> G09=>9 ;>6:5, 8=>340 ?> 420 8 B@8 @070 2 45=L! -B> 254L O4! 5C65;8 >=0 E>G5B ?>:>=G8BL A A>1>9?!�

/ =5 =0 HCB:C ?5@5?C30;AO. IQ 1K! 0QHL ;5:0@AB2> 87 1;038E ?>65;0=89, 0 BCB =0 4CHC B0:>9 3@5E ;O65B! 5 <5=55 272>;=>20==> 8 B@52>6=> A?@>A8;: �01CH:C ?>A;5 1>@F0 =5 @2QB? 5B :>=2C;LA89, ?5=K 87> @B0, >=5<5=8O O7K:0, ?>B5@8 A>7=0=8O?!� 5;O A:070;0: �5B =8G53>. LQB 8 =0E20;8205B. >2>@8B, GB> 65;C4>: A@07C 1>;5BL ?5@5AB0QB. > MB>3> <0A;> 2K?L5B, 0 ?>A;5 1>@F0 A@07C ?@8=8<05BAO 70 3>@OG89 G09 87 F25B:>2 :0;8=K�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�56=>ABL�. > 8 2A5 4@C385 ;5:0@AB20 ?@8=8<05B 0::C@0B=>. '8B05B <>;8B2K, :>340 7020@8205B B@02K.

0AB>9:C 1>@F0 O 40;, => ?@54C?@548; 5;N, GB> 1>;LH5 =5 1C45B. >?0BL :>@=8 ?>94C B>;L:> ?>74=59 >A5=LN.  101CH:5 8 MB>3> 4>AB0B>G=>, ;8H=55 <>65B =02@548BL.

>;LH5 >B =8E =8:0:8E 25AB59 =5 1K;>. >40 B@8 8;8 G5BK@5 ?@>H;>, :>340 A 701>;520=85< I8B>284=>9 65;57K >1@0B8;0AL 65=I8=0 87 !810O.  ?5@540;0 ?@825B >B C@88 A;0<>2=K. =0-B> 8 40;0 <>9 04@5A. IQ G5@57 =5A:>;L:> ;5B O 2AB@5B8; 2 B>@3>2>< F5=B@5 5;N, 2K18@0NICN 45BA:CN >4564C. =0 2KH;0 70<C6, @>48;0 <0;LG8:0. @>4>;605B 68BL A 101CH:>9, :>B>@0O =5 =0@04C5BAO =0 ?@02=C:0 8 ?>AB>O==> =O=G8BAO A =8<.

>340 O 703>B02;820N :>@=8 1>@F0, G0AB> 2A?><8=0N MBC =5>1KG=CN 8AB>@8N. 5C65;8 >1>AB@Q==>5 GCBLQ ?>4A:070;> ?>68;>9 65=I8=5, GB> 5Q A?0AQB 1>@5F? =0 8=BC8B82=> 2K1@0;0 A515 =C6=CN 4>7C, ?@5:@0A=> 7=0O, GB> 1>@5F A<5@B5;L=> O4>28B, 8;8 2 A0<>< 45;5 E>B5;0 ?>:>=G8BL A A>1>9? @O4 ;8. =0 >G5=L ;N18;0 2=CG:C. "0: 8 >AB0;>AL 4;O <5=O 70304:>9, :0:85 2KAH85 A8;K >1@0B8;8AL : 1>@FC A ?@>AL1>9 ?>I048BL 1>;L=CN 65=I8=C, =5 C18BL 5Q A2>8< O4><, 0 2K;5G8BL? > 2AO:>< A;CG05 O =8:><C =5 A>25BCN B0: 2>;L=> >1@0I0BLAO A 1>@F>< 2KA>:8<, > :>B>@>< BKAOGC ;5B =0704 <C4@K9 28F5==0 A:070;: �-B> A<5@B5;L=K9 O4. /4, 3C1OI89 B>3>, :B> 53> 2K?L5B�.

* * *

">;L:> =0AB>OI85 2@0G8 8;8 1>;L=K5, GC4>< 8715602H85 =5<8=C5<>9 A<5@B8, <>3CB ?>=OBL <>Q ;8:>20=85, :>340 2 B5B@04:5 CGQB0 ?0F85=B>2 O @O4>< A D0<8;859 G5;>25:0, 157=0456=> 1>;52H53> @0:>< 8 ?>;CG82H53> ;5G5=85 C <5=O, AB02;N ?;NA, AG0AB;82K9 7=0:, >?@024K20NI89 2KAH89 4CE>2=K9 A<KA; <>53> 75<=>3> ACI5AB2>20=8O.

�17.08.1999 3. @5=1C@3. .@89 8:>;0528G !., 69 ;5B.  0: 65;C4:0 (>?5@8@>20= ?> 8;L@>B 3/4). 45=>:0@F8=><0 A =87:>9 48DD5@5=F80F859 :;5B>: (A?;5=M:B><8O).  M?830AB@88 C25;8G5=K ;8<D>C7;K 4> 33x12 <<.  ;8<D>C7;0E :0@B8=0 ;8<D>F8B0@=>9 ;8<D><K (;8<D>A0@:><0).  A5;57Q=:5 ?@8<5AL 1;0AB=KE :;5B>:�.

 ?5@2>< :><?;5:A5: A>A=>2K9 <Q4 A F25B:0<8 A>A=K, 4> 54K   =0AB>9 ;8ABL52 GQ@=>9 >;LE8 ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 <>53> 10;L70<0, 2 =Q< ?> 50 <; =0AB>5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, :>@=59 ;>?CE0, 4O38;O, 2>4O=>3> ?5@F0, :0;5=4C;K, E2>I0 ?>;52>3>, 15;5=K. >A;5 54K   =0AB>9 B@02K G5@=>1K;L=8:0 ?> B@5B8 AB0:0=0 A 10;L70<>< 8 >B45;L=> B@84F0BL :0?5;L <0@L8=>3> :>@=O =0 @N<:C 2>4K. !;54><, G5@57 ?>;G0A0, =0AB>9 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K. IQ G5@57 ?>;G0A0   =0AB>9 :>@=O ?5@5ABC?=O 15;>3>   >4=C G09=CN ;>6:C :>@=O 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. @8=8<0BL ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L.  ;N1>9 ?@><56CB>: ?@8=OBL ?>;>28=C G09=>9 ;>6:8 =0AB>9:8 A>D>@K O?>=A:>9.

G5=L =0AKI5==K9 :><?;5:A. 45AL 2?5@2K5 C?><8=05BAO ?5@5ABC?5=L 15;K9. / >G5=L F5=N MB> 2LNI55AO @0AB5=85 A =51>;LH8<8 B@5C3>;L=K<8 ;8ABLO<8, <5;:8<8 A25B;K<8, A;53:0 65;B>20BK<8 F25B:0<8 8 C4828B5;L=> :@C?=K< :>@=5<, ?@8=8<0NI8< @07;8G=K5 D>@<K 2 7028A8<>AB8 >B ?;>B=>AB8 ?>G2K   B> :@C3;K5, :0: A2Q:;0, 25A>< 4> :8;>3@0<<0 8 1>;LH5, B> 4;8==K5, :0: A01;O. A?>;L7C5BAO 2AQ @0AB5=85: >B :>@=O 4> AB51;O A ;8ABLO<8 8 F25B:0<8 4> A?5;KE GQ@=KE O3>4>: A <5;:8<8 A5<5=0<8.  48:>< 2845 =5 2AB@5G0;, O 2K@0I820N 53> 2 A04C. A;8 ?@8=OB> 3>2>@8BL, GB> C 452OA8;0 452OBL A8;, B> C ?5@5ABC?=O 8E =5 <5=LH5 B@84F0B8.  >4=0 87 3;02=KE   ?@>B82>@0:>20O. 0 MB> :>=:@5B=> C:07K20; ?OBLA>B ;5B =0704 0@<O=A:89 ?@>A25B8B5;L 8 2@0G <8@4>2;0B 2 :=835 �5=C6=>5 4;O =5CG59�.

B>@>9 :><?;5:A 1K; =5 <5=55 =0AKI5==K<, 4065 157 A>A=>2>3> <Q40 >= =0AG8BK20; 452OBL :><?>=5=B>2. 45AL ?>O28;8AL =0AB>9 B@02K 20A8;8A=8:0, A>: 4C@=8H=8:0 ?> G09=>9 ;>6:5 B@8 @070 2 45=L, F25B:8 E<5;O 8 >G8B>: ?C@?C@=K9. AB028; G5@=>1K;L=8:, ?5@5ABC?5=L 15;K9, ;8ABLO GQ@=>9 >;LE8, <0@L8= :>@5=L, 2 B>< 65 A>AB025 10;L70<.

 B@5BL5< :><?;5:A5 ?>O28;AO 1>;83>;>2 ?> <>59 4204F0B8:0?5;L=>9 AE5<5, =0AB>9 B@02K A015;L=8:0 4> 54K A B0:8< 65 10;L70<><, ?>A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 5Q A>:0. 45AL 65 >AB0;8AL ?5@5ABC?5=L, <0@L8= :>@5=L, =0AB>9:8 F25B:>2 E<5;O 8 B@02K >G8B:0 ?> ?>;>28=5 G09=>9 ;>6:8.

7 G5B2Q@B>3> :C@A0 2K?0;8 1C4@0 8 A015;L=8:, 2<5AB> =8E O 22Q; =0AB>9 ;8ABL52 GQ@=>9 >;LE8 4> 54K 8 =0AB>9 25@>=8:8 ;5:0@AB25==>9 ?>A;5 54K, 4>1028;AO 4C@=8H=8:.

 42CE ?>A;54=8E :><?;5:A0E =>2KE @0AB5=89 =5 1K;>, G5@54>20;8AL C65 7=0:><K5 =0< A>A=>2K9 <Q4, G5@=>1K;L=8: 8 1C4@0, =0AB>9 B@02K >4=>2@5<5==> A A>:><, A >G5=L =57=0G8B5;L=K<8 2:;NG5=8O<8   ?@>B82>>?CE>;52K9 10;L70<.

5A<>B@O =0 B> GB> 1>;L=><C 1K;0 A45;0=0 >?5@0F8O, 2K@570;8 ?>GB8 25AL 65;C4>:, 53> 687=L 28A5;0 =0 2>;>A:5. ! ;8<D>A0@:><>9 =5 HCBOB. =0 ?@0:B8G5A:8 =5 ?>440QBAO ;5G5=8N.  B><C 65 7045B0 A5;57Q=:0. Q B>65 4>;6=K 1K;8 C1@0BL, => =5 @5H8;8AL 87-70 ;8<D>A0@:><K 5IQ =0 >4=C >?5@0F8N. %8@C@38 ?>?0;8 2 BC?8:>2CN A8BC0F8N, =5 A<>3;8 2K?>;=8BL 8 ?>;>28=C ?>AB02;5==>9 7040G8. 0B> >1;53G8;8 @01>BC <=5. >A;5 >?5@0F88, :>340 A:0;L?5;L 2K@5705B >A=>2=CN >?CE>;L, A :>B>@>9 =5 2A5340 A?@02;ONBAO B@02K, ;53G5 1K205B 1>@>BLAO A <5B0AB070<8. >B ?>G5<C O 2A5340 C3>20@820N 1>;L=KE ;5GL =0 >?5@0F8N, 5A;8 8<55BAO E>BL <0;59H0O 2>7<>6=>ABL A45;0BL 5Q. A5340 2 ?5@2CN >G5@54L =04> ?>;CG8BL ?><>IL 2@0G51=CN, 8 ;8HL :>340 <548F8=0 15AA8;L=0, >1@0B8BLAO A@07C, =5 B5@OO 2@5<5=8, : =0@>4=K< A@54AB20<. "0:>2> <>Q B2Q@4>5 C15645=85, ?>MB><C O ?@825; 2 ?@8<5@ 8AB>@8N A !. =5 C40;>AL 4>25AB8 53> ;5G5=85 4> :>=F0, => 5A;8 1 O 27O; 53> 4> E8@C@38G5A:>3> C40;5=8O >A=>2=>9 >?CE>;8, B> 4;O 5Q ?>;=>3> @0AA0AK20=8O ?>B@51>20;>AL 1K <=>3> 2@5<5=8   =5 <5=LH5 3>40. -B> 2 ;CGH5< A;CG05, 8, A:>@55 2A53>, 8B>3 >:070;AO 1K ?5G0;L=K<. 0B> A59G0A @O4>< A D0<8;859 !. AB>8B 7=0: �?;NA�. 0, ?>B@C48BLAO 5<C ?@8H;>AL, 5654=52=> ?@8=8<0O ;5:0@AB20 >4=> 70 4@C38<, A CB@0 4> 25G5@0, ?>:>@=>, =5 AG8B0OAL A B5<, E>G5BAO 8;8 =5 E>G5BAO.

5 A:@>N, : A>AB02;5=8N :064>3> :><?;5:A0 O ?>4E>48; =5>1KG=>, =5 B>;L:> ?>A;5 BI0B5;L=>3> >14C<K20=8O, => 8 ?@>25@OO A2>Q @5H5=85 18>;>:0F8>==K<8 @0<:0<8. %>B5;>AL, =0?@8<5@, =07=0G8BL :>@=8 ;0107=8:0 2O7>;8AB=>3>   <>8 @0<:8 4065 =5 H5;>E=C;8AL. 0B> GCB:> A@5038@>20;8 =0 ?5@5ABC?5=L, A@07C 70?;OA0;8 2 @C:0E. <8@4>2;0B <0A80F8, 0@<O=A:89 ?@>A25B8B5;L A@54=525:>2LO, >B=>A8; ?5@5ABC?5=L 15;K9 : A8;L=K< ?@>B82>@0:>2K< A@54AB20<, >A>15==> ?>;57=K< ?@8 @0:5 A5;57Q=:8.

 0<:8 =5 >H81;8AL, E>BO O A><=520;AO, 2:;NG0BL :>@5=L @0AB5=8O 8;8 2>745@60BLAO, B0: :0: :><?;5:A 8 157 =53> 1K; ?5@53@C65=.  ?5@5ABC?5=L, 2 ACI=>AB8, AK3@0; 2 ;5G5=88 GCBL ;8 =5 3;02=CN @>;L. ! B>9 ?>@K, :>340 <5=O =0G8=0;8 >4>;520BL A><=5=8O, O AB0; ?@81530BL : ?>4A:07:0< @0<>: A ?>;=K< 4>25@85<, 8 >=8 =8 @07C =5 ?>42>48;8 <5=O. B>-B> <>65B >B=5AB8AL : MB><C A:5?B8G5A:8, AG8B0O B0:>9 <5B>4, <O3:> 3>2>@O, =5=0CG=K<, 7=0E0@A:8<, => 8 745AL :@>5BAO >48= 87 <>8E A5:@5B>2 4>AB865=8O ?>;>68B5;L=KE @57C;LB0B>2 2 ;5G5=88, :070;>AL 1K, =587;5G8<KE 1>;57=59.

* * *

 A>60;5=8N, =5 >1E>48;>AL 8 157 <8=CA>2.  >48= 87 B0:8E <8=CA>2 ?> A59 45=L =5 40QB <=5 ?>:>O.

 O=20@5 1998 3>40 ?@8H;0 :> <=5 @5A?5:B015;L=0O ?0@0: <C6 A 65=>9, 0<8@ !C;B0=>28G 8  0<8;O 0@8<>2=0. / A=0G0;0 ?>4C<0;, GB> ?5@54> <=>9 >B5F A 4>G5@LN, A@07C 1@>A0;0AL 2 3;070 @07=8F0 2 2>7@0AB5. 0<8@ !C;B0=>28G   A>;84=K9, ?>;=K9 <C6G8=0 A :@C3;K< 1@NH:><. = 2K3;O45; AB0@H5 A2>53> 2>7@0AB0, E>BO 5<C, >:07K205BAO, 5IQ 8 ?OB845AOB8 ;5B =5 1K;>.  0<8;O 0@8<>2=0, =0?@>B82, 2 A2>8 4204F0BL A5<L ;5B :070;0AL >G0@>20B5;L=>9 N=>9 452CH:>9, A O@:8<8 A8=8<8 3;070<8 2 >?@025 4;8==KE G5@=KE @5A=8F 8 :@0A82> 87>3=CBKE 1@>259, A =56=>9 15;87=>9 IQ:, A O@:8<8, A>G=K<8 3C10<8, => 157 2AO:8E A;54>2 :>A<5B8:8 =0 ;8F5. !B>;L:> 2 =59 1K;> >4CE>B2>@Q==>9 =56=>AB8, GB> E>B5;>AL A<>B@5BL 8 A<>B@5BL =0 =5Q. 065 =5 25@8;>AL 2 B>, GB> C =5Q ?5@AB=5284=>-:;5B>G=K9 @0: 65;C4:0, =87:>48DD5@5=F8@>20==K9, 4 AB0488, 4 3@C??K. >;3>40 =0704 ?5@5=5A;0 ?>;>AB=CN >?5@0F8N A C40;5=85< 65;C4:0 8 1>;55 ?>;>28=K ?8I52>40. #40;8;8 ;52K9 O8G=8:.  <0;>< B07C 1C3@8AB>5 >1@07>20=85 8,8 A<, 0B@>D8O ?>465;C4>G=>9 65;57K. !8;L=> C25;8G5=> B5;> <0B:8, A A>;84=K< >1@07>20=85< 7,8 A<. 5@5?8A0; O MB> 87 8AB>@88 1>;57=8, 0 A0< A<>B@N =0 =5Q, 8 =5 E>G5BAO 25@8BL. "0: 8 :065BAO, GB> @5GL 84QB A>2A5< > 4@C3>< G5;>25:5. �>7L<QB5AL 70 =5Q?�   A?@>A8; 0<8@ !C;B0=>28G.  3>;>A5 =8:0:8E ?5@56820=89, A>GC2AB28O, 0 2 3;070E   ;N1>?KBAB2>. AQ OA=>, >= 402=> ?>AB028; =0 =59 :@5AB 8 B5?5@L 64QB B>;L:> A:>@59H53> 8AE>40. =5 4065 =5 ?> A515 A45;0;>AL, E>;>4>: ?> B5;C ?@>1560;. �>AB0@0NAL A45;0BL 2AQ, GB> 2 <>8E A8;0E�,   >B25B8; O, =5 A2>4O 3;07 A  0<8;8. =0 A<>B@5;0 =0 <5=O A 70B0Q==>9 =04564>9. �>O 65=0 1C45B 68BL?�   A B5< 65 ;N1>?KBAB2>< A?@>A8; 0<8@ !C;B0=>28G. �-B> =5 <=5 @5H0BL. 15I0BL O =5 8<5N ?@020.  ?><>GL ?>AB0@0NAL�,   A45@60==> >B25B8; O.

>74=> 25G5@><, :>340 2A5 ;53;8 A?0BL, O 4>;3> A845; C A51O 2 :018=5B5, 2K:;NG82 =0AB>;L=CN ;0<?C, 8 ?@8 A25B5 A25G8 4>;3> A<>B@5; 2 OA=K5 3;070 A2OB>3> 0=B5;59<>=0, ;>2O 53> >B25B=K9 273;O4 A =54>@>3>9, => ?@5:@0A=> >D>@<;5==>9 8:>=K, 4>AB02H59AO <=5 2 ?0<OBL >B ?>:>9=>9 BQI8.  3;070E ?>:@>28B5;O 2A5E =0@>4=KE F5;8B5;59 O 8A:0; ?>445@6:C, ?@>4C<K20O ;5G51=K9 :><?;5:A 4;O 70?02H59 2 4CHC 15770I8B=>9, 5IQ =5 ?>7=02H59 2:CA 687=8  0<8;8. 'B> <=5 <>3 ?>A>25B>20BL A2OB>9 0=B5;59<>=? = 7=0; 2AQ, => =5 <>3 A:070BL > =0AB>OI59 ?@8G8=5 >6840NI53> <5=O ?>@065=8O.

/ A>AB028; :><?;5:A A CGQB>< 2A53>, 2 GQ< =C6405BAO A59G0A >@30=87< 1>;L=>9.  =53> 2>H;8 8 1>;83>;>2, 8 4C@=8H=8:.

0@L8= :>@5=L   >B45;L=>, ?> G09=>9 ;>6:5 B@8 @070 2 45=L. 0AB>9 B@02K G5@=>1K;L=8:0 A =0AB>9:>9 53> :>@=59. 0AB>9 F25B:>2 E<5;O A <>8< 10;L70<><, :C40 2>H;8 A>D>@0 O?>=A:0O, 2>4O=>9 ?5@5F, GQ@=K9 B>?>;L, B0B0@=8:, 15;K9 4>==8:. ;O A?@8=F520=89 A45;0; A1>@ 87 1>@>2>9 <0B:8, :0;5=4C;K, A015;L=8:0, 3>@F0 ?5@5G=>3>, BKAOG5;8AB=8:0.  =0AB>9 87 MB8E B@02 2;820BL 50 <; =0AB>9:8 1040=0. 0B5< 225AB8 =0 =>GL B0<?>= A B@02O=K< <0A;><. >@5F 2KA>:89   =0 ?@8<>G:8. 0 2AO:89 A;CG09 4>1028; 5IQ =0AB>9 B@02K E2>I0 ?>;52>3>.

0 ;5:0@AB20<8  0<8;O ?@85E0;0 A ?OB8;5B=59 4>G:>9, A0<0 A845;0 70 @C;Q< 4>@>3>9 8=><0@:8 28H=Q2>3> F25B0. 0;5=L:0O ;8=0 701@0;0AL 2 :@5A;> A =>6:0<8, >1E20B8;0 8E @CG>=:0<8 8 =5 >B@K20;0 >B <5=O 3;07. =0 <>;G0 A;CH0;0 <>8 >1JOA=5=8O > B><, :0: 3>B>28BL =0AB>8 B@02, ?>;L7>20BLAO =0AB>9:0<8, 45;0BL A?@8=F520=8O. ;070 A5@LQ7=K5, ?5G0;L=K5. 73;O4 27@>A;>3> G5;>25:0, ?>=8<0NI53> 01A>;NB=CN 15AA<KA;5==>ABL 2A5E MB8E B@02 8 =0AB>5:. # <5=O A5@4F5 70=K;> ?@8 <KA;8, GB> 5Q >68405B A8@>BAB2>, 8 >=0, ?@54GC2AB2CO MB>, A C60A>< >68405B 53> ?@81;865=8O. 0 2AN 687=L >AB0;8AL 2 ?0<OB8 MB8 =545BA:85 ?5G0;L=K5 3;070.

5 AB0=C ?5@5G8A;OBL A>AB02 2B>@>3> 8 B@5BL53> :><?;5:A>2, ?>B><C GB> <>8 =04564K >=8 =5 >?@0240;8.  0<8;O =0 :0:>9-B> <><5=B ?>GC2AB2>20;0 A51O 1>4@55, => ?>A;5 B@5BL53> :C@A0 A=>20 =0ABC?8;0 A;01>ABL. 0 @C;L >=0 1>;LH5 =5 A048;0AL, 5Q ?@82>78; 0<8@ !C;B0=>28G, =54>2>;L=K9 B5<, GB> 65=0 =5 84QB =0 ?>?@02:C.  :>=F5 <0@B0 ?>72>=8; <=5 8 A>>1I8;, GB> 70 ;5G5=85 65=K 27O;0AL 8725AB=0O 7=0E0@:0, @5:;0<0 > 5Q GC45A0E 2> 2A5E 3075B0E. 5B>< O A;CG09=> 2AB@5B8;AO A =8<. = >1<0B5@8; 7=0E0@:C, C :>B>@>9 2A5 GC45A0 70:0=G820;8AL 2KA>:8<8 3>=>@0@0<8, A:070;, GB> G5@57 =5A:>;L:> 4=59 A 42C<O 27@>A;K<8 AK=>2LO<8 >B ?5@2>9 65=K E>G5B >B257B8  0<8;N 2 !0<0@C, 345 5<C ?>@5:><5=4>20;8 F5;8B5;O, ?@85E02H53> 87 8B0O.  =Q< ?8H5B 4065 703@0=8G=0O ?@5AA0.

 A5=BO1@5, :>340 O HQ; 2AB@5G0BL 87 H:>;K 2=CG:C, 24@C3 >AB0=>28;0 <5=O AB@0==0O ?>68;0O 65=I8=0. !?@>A8;0, :B> O, 2848<>, 4;O CB>G=5=8O, 8 B>@>?;82> =0G0;0 3>2>@8BL, A ?>4>7@5=85< >3;O4K20OAL ?> AB>@>=0<: �9, =0?@0A=> 2K 27O;8AL ;5G8BL  0<8;N. Q >G5=L 60;:>, => =8:B> =8:>340 =5 A<>65B 2K;5G8BL 154=O6:C. @56=OO 65=0 0<8@0 !C;B0=>28G0, :>340 >= 1@>A8; 5Q @048 <>;>45=L:>9, ?@>:;O;0 8E >1>8E. 748;0 2 45@52=N : <0@89F0<, B0< =0H;0 :>;4C=LN. "0: 2>B, :>;4C=LO MB0 =0A;0;0 =0  0<8;N AB@0H=CN ?>@GC. -B0 ?>@G0 =0 A<5@BL, =8:B> 2 <8@5 =5 A<>65B A=OBL 5Q. 4=8< A;>2><   GQ@=0O <038O. "K ?>15@538AL, :0: 1K 1540 =5 ?5@5:8=C;0AL =0 B51O�.   =0 >1JOA=8;0, GB> 682QB 2 >4=>< ?>4J5745 A 1K2H59 65=>9 0<8@0. �54>1@K9 >= G5;>25:, A>1;07=8; 452G>=:C, 0 :0: >=0 701>;5;0, =0G0; 3C;OBL A 4@C3>9, B>65 <>;>45=L:>9 8 3;C?>9.  0<8;O C7=0;0 >1 87<5=5 8 A>2A5< ?0;0 4CE><�.   57=0:><:0 3>2>@8;0 B8E>, 2?>;3>;>A0, A;>2=> 1>O;0AL, GB> :B>-=81C4L C2848B, ?>4A;CH05B 5Q, => ?>AG8B0;0 A2>8< 4>;3>< ?@54C?@548BL > 2>7<>6=>9 >?0A=>AB8, B0: :0: ?@> <5=O <=>3> E>@>H53> A;KH0;0, 4065 :=86:C :C?8;0, ?>MB><C =5 E>B5;0 1K, GB>1K 53> ?@56=OO 65=0 8 <=5 ?@8G8=8;0 2@54.

/ E>B5; 2KOA=8BL =5:>B>@K5 ?>4@>1=>AB8, => 65=I8=0 8AG57;0 B0: 65 2=570?=>, :0: 8 ?>O28;0AL.

>@G0! 8:>340 =5 ?@8E>48;>AL <=5 AB0;:820BLAO =8 A 15;>9, =8 A GQ@=>9 <03859. =0N, GB> =5:>B>@K5, A28E=C2H85AO =0 ?>G25 <8AB8:8, ;N48 A :@82>9 4CH>9, 70=8<0NBAO ?>4>1=>9 G5@B>2I8=>9, >4=0:> 2A5 A2O70==K5 A =59 8AB>@88 ACI5AB2>20;8 40;5:> 2 AB>@>=5, :0: 1K >B3>@>65==K5 AB5=>9 @50;L=>9 687=8, 74@02>3> @07C<0.  BCB =5>6840==0O 2AB@5G0 A C1548B5;L=K< @0AA:07>< > G5;>25:5, :>B>@>3> ;5G8HL! CA:09 ?>@G0, => 8 =0 =5Q 4>;6=0 =09B8AL :0:0O-B> C?@020.  5A;8 =5B? A;8 270?@024C GQ@=0O <038O @50;L=> ACI5AB2C5B 8 A<5@B5;L=0O ?>@G0 <>65B 1KBL =0A;0=0 =0 ;N1>3> G5;>25:0, :0:>9 1K 2KA>:89 ?>AB >= =8 70=8<0;?

!>2A5< 4@C38<8 3;070<8 A<>B@5; O =0  0<8;N, :>340 G5@57 ?>;3>40 0<8@ !C;B0=>28G =5>6840==> ?@82Q7 5Q :> <=5.  >A:>H=0O =>@:>20O HC10 28A5;0 =0 =59, :0: =0 25H0;:5. B >G0@>20B5;L=>9 <>;>4>9 65=I8=K >AB0;8AL B>;L:> :>60 40 :>AB8. �> :0:8< B>;L:> 7=0E0@O< <K =5 <>B0;8AL, 2AQ 157 B>;:C,   >701>G5==> A:070; <C6.   8HL >4=0 OA=>284OI0O A:070;0 =0<, GB> =0  0<8;5 A8;L=0O ?>@G0. >7<>6=>, 8 =0 <=5. K C6 =5 >B:07K209B5AL >B =0A, 1>;LH5 >1@0B8BLAO =5 : :><C�. / C?@5:=C; 53>: �K AB>;L:> 2@5<5=8 ?>B5@O;8, O =5 A<>3C =025@AB0BL C?CI5==>3>. >?KB0NAL >1;53G8BL AB@040=8O, =5 1>;LH5�. ?5@2K5 <=5 ?@8H;>AL AB>;:=CBLAO =5 ?@>AB> A 1>;57=LN, 0 A ?>@G59, =0254Q==>9 =0 G5;>25:0 G5@57 1>;57=L. 7102;OBL >B ?>@G8 O =5 C<5N, 40 8 =5 E>GC. !G8B0N =54>?CAB8<K< 8 3@5E>2=K< 45;>< ?@82;5:0BL @0AB5=8O : >1I5=8N, ?CABL 8 ;5G51=><C, A GQ@=>9 <03859   =5 4;O MB>3> ?@8@>40 A>740;0 8E. '5@57 G5BK@5 <5AOF0 @O4>< A 8<5=5<  0<8;8 ?>O28;AO ?5G0;L=K9 7=0:   <8=CA.  =0 4CH5 >AB0;AO 1>;57=5==K9 @C15F.
  (' 

!<5@B5;L=0O :8H:0   B0:>5 CAB@0H0NI55 =0720=85 40;8 2 <548F8=5 B>;AB>9 :8H:5.  5IQ 2?>;=5 70A;C65==> =07K20NB 5Q :8H:>9-C189F59. 725AB=K9 @CAA:89 D878>;>3 8 <8:@>18>;>3 ;LO ;L8G 5G=8:>2 <=>3> ;5B 70=8<0;AO 87CG5=85< ?@>1;5< AB0@5=8O >@30=87<0 8 ?@8HQ; : 2K2>4C, GB> 53> ?@56452@5<5==> AB0@8B B>;AB0O :8H:0.  687=L 7=0G8B5;L=> A>:@0I05BAO 2 @57C;LB0B5 A0<>>B@02;5=8O 3=8;>AB=K<8 25I5AB20<8, :>B>@K5 3>40<8 A:0?;820NBAO 2 5Q A0<>9 1>;LH>9 8 Q<:>9 G0AB8, 4>AB830NI59 42CE <5B@>2 4;8=K 8 2>AL<8 A0=B8<5B@>2 2 480<5B@5,   B0< ?>AB5?5==> >A540NB, C?;>B=ONBAO =0;8?H85 =0 AB5=:8 :8H:8 ?8I52K5 >BE>4K, >1@07CO A>;84=K5 70;568 B0: =07K205<KE :0;>2KE :0<=59. =8-B>, =0:0?;820OAL 3>40<8, ?@8 @07;>65=88 2K45;ONB O4K, >B@02;OO =0A, 8 B5< A0<K< 7=0G8B5;L=> C:>@0G820NB 687=L. 5G=8:>2 ?@82>48B B0:85 ?@8<5@K. # ?B8F =5B ?@O<>9 :8H:8, >=8 ;53:> >A2>1>640NBAO >B ?>;C?5@520@5==>9 ?8I8 =0 ;5BC, 8 ?>MB><C >@Q;, 1;03>40@O ?>AB>O==><C A0<>>G8I5=8N, 682QB 2 B@8 @070 4>;LH5 A;>=0 A >3@><=>9 B>;AB>9 :8H:>9   3830=BC >B?CI5=> 2A53> B@84F0BL ;5B 687=8. 1KG=0O <KHL 682QB 420 3>40, 0 ;5BCG85 <KH8, =5 8<5NI85 B>;AB>9 :8H:8, 2 45AOBL @07 4>;LH5, B> 5ABL 4204F0BL ;5B.

'5;>25:, ?>=8<0O 3@>7OICN 5<C >?0A=>ABL, 402=> 2K@01>B0; 45AOB:8 A0<KE @07=KE A?>A>1>2 >G8I5=8O >@30=87<0, =0G8=0O ?@5645 2A53> A ?@028;L=>3> ?8B0=8O. 8??>:@0B 3>2>@8;: �A;8 B5;> =5 >G8I5=>, B> G5< 1>;LH5 1C45HL 53> ?8B0BL, B5< 1>;LH5 1C45HL 5<C 2@548BL�. !53>4=O >A>15==> ?>?C;O@=K <5B>48:8 >G8I5=8O ?> . . !5<Q=>2>9, . . >340=>2>9. AB0B8, ?> 8E A>25BC >G8I5=85 =04> =0G8=0BL A B>;AB>3> :8H5G=8:0, 70B5< ?5@5E>48BL : ?5G5=8, :> 2A5< 4@C38< >@30=0<, : >G8AB:5 A>AC4>2, :@>28, ;8<DK. @>F5AA ?@>4>;68B5;L=K9, 70B> ?><>30NI89 A>E@0=8BL 74>@>2L5, 87102;ONI89 >B <=>38E 701>;520=89. 5B A5:@5B0 2 B><, GB> C =0A 2 AB@0=5 1>;55B 5420 ;8 =5 ?>;>28=0 =0A5;5=8O, 0 ?@8G8=0, 2 >A=>2=><, :@>5BAO 2 =0H5< =52565AB25 8 ;5=8, 0 =5 2 >BACBAB288 �E>@>H53> 2@0G0�.

 :=835 �8B0=85 8 >G8I5=85 >@30=87<0 ?> >340=>2>9� >4=0 87 3;02 =0720=0: �57 >G8I5=8O =5B 8AF5;5=8O�.  :0: 4>;65= ?>ABC?8BL O, :>340 70 ?><>ILN :> <=5 >1@0I05BAO 1>;L=0O A ?>A;54=59 AB04859 @0:0 B>;AB>9 :8H:8? 45 27OBL 2@5<O =0 >G8I5=85, 5A;8 68BL 59 >AB0;>AL =5 1>;LH5 <5AOF0? "0: A:070; <=5 2@0G >?KB=K9, 2 ?@>3=>70E >= @54:> >H8105BAO. / 1K <>3 >B:070BLAO A@07C, 81> A0< 286C, 4065 ?@8 2AQ< 65;0=88 C45@60BL CE>4OI53> 87 687=8 G5;>25:0 <=5 70F5?8BLAO =5 70 GB>. >8E A;01KE A8; E20B8B B>;L:> =0 B>, GB>1K ?> 2>7<>6=>AB8 871028BL 1>;L=CN >B =0ABC?82H8E ?@54A<5@B=KE <CG5=89, =5AB5@?8<>9 1>;8, 2 :>=F5 :>=F>2, >B B5@70NI53> 4CHC AB@0E0 ?5@54 1;87:8< :>=F><. >;L=0O 045640 <>;>40, 59 2A53> 45 ;5B.  4803=>7 59 ?>AB028;8 15A?>I04=K9   @0: A83<>284=>9 :8H:8 4 3@., 4 AB., A <5B0AB070<8 2 ?5G5=L, O8G=8:8, <0B:C, ?@O<CN :8H:C, @538>=0@=K5 ;8<D0B8G5A:85 C7;K.  8AB>@88 5Q 1>;57=8 >B<5G5=K >?CE>;520O 8=B>:A8:0F8O, E@>=8G5A:89 1>;52>9 A8=4@><.  023CAB5 1993 3>40 04564C ?@>>?5@8@>20;8 G0AB8G=>, >3@0=8G8;8AL >1E>4=K< 0=0AB><>7><. CG52CN B5@0?8N =07=0G0BL =5 AB0;8   15A?>;57=>. @>25;8 E8<8>B5@0?8N, => 045640 2K45@60;0 ;8HL 420 :C@A0. 1@0B8;0AL :> <=5 A <>;L1>9 > ?><>I8 5Q <0BL 5@0 !5@3552=0, ?>68;0O 65=I8=0 A >?CEH8<8 >B A;Q7 3;070<8. =0 A>3;0A=> :820;0 3>;>2>9, 2KA;CH820O <>8 =5CB5H8B5;L=K5 A;>20 > B><, GB> A;8H:>< ?>74=> >1@0I0BLAO : B@020<, =>, A>3;0H0OAL A> <=>9 @07C<><, =5 <>3;0 A>2;040BL A >A;5?H8< >B 3>@O <0B5@8=A:8< A5@4F5<, ?>2B>@O;0: �"5?5@L B>;L:> 2K A<>65B5 ?><>GL <>59 548=AB25==>9 4>G5=L:5! >;LH5 =5:><C!�

>7<>6=>, :B>-B> >AC48B <5=O 70 <O3:>B5;>ABL, => B0: C6 O CAB@>5=, GB> =5 <>3C >AB028BL G5;>25:0 2 >48=>G5AB25, =0548=5 A> A20;82H8<AO =0 =53> 15A?@>A25B=K< 3>@5<. CA:09 8=>340 @0A:0820;AO, A5@48;AO, @C30; A51O 70 CABC?G82>ABL, ?>=8<0O, GB> =8:B> =5 ?@8=C6405B <5=O 2720;820BL =0 ?;5G8 BO6Q;>5 1@5<O GC6>9 154K, >4=0:> =8G53> A A>1>9 ?>45;0BL =5 <>3. A>15==> =5 <>3 O >AB020BLAO @02=>4CH=K< ?@8 2845 =5?>A;CH=KE, 157<>;2=KE, 2K720==KE 157KAE>4=>ABLN B8E8E 65=A:8E A;Q7.

5G5=85 04564K <K =0G0;8 7 023CAB0 1994 3>40.  ?5@2CN >G5@54L, CG8BK20O >1I55 A>AB>O=85 1>;L=>9, B@51>20;8AL 1>;5CB>;ONI85 8 A8;L=K5 ?@>B82>>?CE>;52K5 B@02K. 45AL 2K1>@ =525;8: 8 >4=>>1@075=, :0: ?5@2K9 E>4 2 451NB5 H0E<0B=>9 83@K. >;83>;>2 A CB@0, ?> <>59 >1KG=>9 AE5<5. 5A:>;L:> <8=CB A?CABO, CG8BK20O 7045@6:C ABC;0, ?@8=OBL AB>;>2CN ;>6:C B@02O=>3> <0A;0, 2:;NG0NI53> 2 A51O, :@><5 725@>1>9=>3>, @02=>5 :>;8G5AB2> <0A;0 87 :>@=59 I025;O :C@G02>3> 8 ?OBCN G0ABL <0A;0 2>4O=>3> ?5@F0. >A;5 B>3> :0: ABC; =>@<0;87C5BAO, C<5=LH8BL 4>78@>2:C 4> >4=>9 G09=>9 ;>6:8, ?@8=8<0O B@8 @070 2 45=L 4> 54K. 1KG=> O =0AB0820N A256CN B@02C 2>4O=>3> ?5@F0 =5 <5=LH5 <5AOF0, 87 @0AGQB0 ?OBL AB>;>2KE ;>65: =0 ?>;-;8B@0 @0AB8B5;L=>3> <0A;0.  ?@54;>65==>9 B@>9G0B:5 2>4O=>9 ?5@5F =5 B>;L:> CA8;8205B 459AB285 725@>1>O 8 I025;O :C@G02>3> :0: ?@>B82>>?CE>;52KE A@54AB2, => 8 CB>;O5B 1>;L 2 65;C4:5, 2 :8H5G=8:5, ?@8 701>;520=8OE 65=A:8E >@30=>2. > 54K B@8 @070 2 45=L =07=0G8; 2>4=K9 =0AB>9 F25B:>2 :0@B>D5;O A G09=>9 ;>6:>9 <>53> ?@>B82>>?CE>;52>3> 65;C4>G=>-:8H5G=>3> 10;L70<0, A>AB02;5==>3> 87 200 <; =0AB>9:8 <0@L8=>3> :>@=O, 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 O3>4 1C78=K >1K:=>25==>9, 50 <; =0AB>9:8 15;>3> 4>==8:0 8 50 <; =0AB>9:8 B@02K 15;5=K. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K 1C4@K ?;NI5284=>9 A G09=>9 ;>6:>9 A>:0 87 1C4@K.  ?5@5@K20E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL 420 @070 2 45=L 2 50 <; 2>4K G09=CN ;>6:C A>:0 <54C=8FK. 5G5@><   G09 87 F25B:>2 :0;8=K. 4=>3> 1>;83>;>20 2 40==>< A;CG05 <=5 ?>:070;>AL <0;>. 5@54 A=>< =07=0G8; =0AB>9:C F25B:>2 1>@F0 2KA>:>3>   =0G0BL A >4=>9 :0?;8 2 45=L 8 4>25AB8 4> 45AOB8 :0?5;L, ?@8=8<0O 2 G5B25@B8 AB0:0=0 =0AB>O ;8ABL52 :8?@5O.  4>?>;=5=85 :> 2A5<C, =0 =>GL A45;0BL <8:@>:;87<C 87 BQ?;>3> =0AB>O B@02O=>3> A1>@0: A<5H0BL ?> >4=>9 AB>;>2>9 ;>6:5 F25B:>2 ;0107=8:0, :0;5=4C;K, ;>?CE0, B0B0@=8:0, ;5?5AB:>2 48:>9 O1;>=8 8 =0AB>OBL 2 AB0:0=5 :8?OB:0 420 G0A0. 25AB8 <0;5=L:>9, 45BA:>9 3@CH59 30 50 <; 2 ?@O<CN :8H:C 8 7045@60BL ?>4>;LH5. 7 =0@C6=KE A@54AB2   AB028BL 2 @07=KE B>G:0E

0G02 ;5G5=85, 045640 C65 G5@57 ?0@C =545;L ?>GC2AB2>20;0 =5:>B>@>5 >1;53G5=85. 5AB5@?8<K5 =>NI85 1>;8 ?@8BC?8;8AL, ?>O28;AO 0??5B8B, =0;048;AO ABC;, A45;0;AO 1>;55 A?>:>9=K< A>=. A5 B@02K ?@>B82>>?CE>;52K5, => :0640O 87 =8E 2K?>;=O;0 8 A2>8 4>?>;=8B5;L=K5 DC=:F88: F25BK :0@B>D5;O, ;0107=8:0, ;>?CE0, :0;8=K 8 O3>4K 1C78=K @01>B0;8 =0 :8H5G=8:. C4@0 A@07C ?@8=O;0AL G8AB8BL ?5G5=L 8 ?@>O2;OBL A2>8 A8;K 2 1>@L15 A <5B0AB070<8. @><5 B>3>, >=0 A=8<05B :8H5G=K5 :>;8:8, C;CGH05B 0??5B8B, ?8I520@5=85 8 >1I55 A>AB>O=85. 0@L8= :>@5=L, ;5?5AB:8 48:>9 O1;>=8, 2>4O=>9 ?5@5F =0G0;8 ?@82>48BL 2 ?>@O4>: <0B:C, 0 15;K9 4>==8:   O8G=8:8. 54C=8F0 27O;0AL A2>8< 1>30BAB2>< <8:@>M;5<5=B>2 C;CGH0BL A>AB02 :@>28. A5 2>H54H85 2 ?5@2K9 :><?;5:A B@02K, >1J548=82H8AL 2<5AB5, 2:;NG8;8AL 2 =5@02=CN 1>@L1C A @0:><, ?>@0782H8<, : A>60;5=8N, 25AL >@30=87<.

> 2B>@>< :C@A5 F25B:8 :0@B>D5;O O 70<5=8; ?>4<0@5==8:>< F5?:8<: G5BK@5 G09=K5 ;>6:8 B@02K 70;8BL 300 <; :8?OB:0, 70:@KBL :@KH:>9 8 =0AB>OBL G5BK@5 G0A0. @8=8<0BL ?> ?>;AB0:0=0 B@8 @070 2 45=L 4> 54K 2 BQ?;>< 2845, A G09=>9 ;>6:>9 <>53> 10;L70<0. 3> A>AB02 <5=OBL =5 AB0;. >A;5 54K 2<5AB> 1C4@K =07=0G8; =0AB>9 B@02K G5@=>1K;L=8:0: >4=C AB>;>2CN ;>6:C B@02K =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL 420 G0A0, ?@8=8<0BL ?> ?>;AB0:0=0 A G09=>9 ;>6:>9 10;L70<0. >?>;=8B5;L=> 40; 10;L70< �56=>ABL�, >A=>2C :>B>@>3> A>AB028;0 =0AB>9:0 <5;8AAK   250 <;, 4>1028; 200 <; =0AB>O A8=NE8 8 50 <; =0AB>9:8 H8H5: E<5;O. @8 >=:>;>38G5A:8E 701>;520=8OE O 2A5340 2:;NG0N CA?>:0820NI85 B@02K, 0 2 40==>< A>G5B0=88 >=8 =5A;8 4>?>;=8B5;L=K5 =03@C7:8. 5;8AA0 =5>1E>48<0 ?@8 1>;OE 2 65;C4:5 8 :8H5G=8:5, E@>=8G5A:>< 70?>@5, <0;>:@>288. !8=NE0, >1;040NI0O A8;L=K< A540B82=K< 459AB285<, A?>A>1AB2C5B 1KAB@><C A2>@0G820=8N :@>28 (2 40;L=59H5< C 1>;L=>9 =8 @07C =5 1K;> :@>2>B5G5=8O). !>AB02 4;O <8:@>:;87< GCBL 87<5=8;: B@02K >AB028; B5 65, => 2 AB0:0= =0AB>O ?>A>25B>20; 2;8BL ?> >4=>9 G09=>9 ;>6:5 =0AB>5: :0;5=4C;K 8 :@>2>E;Q1:8.

"@5B89 :C@A A>AB028;8: =0AB>9 B@02K 1C:28FK   7020@820BL AB>;>2CN ;>6:C B@02K 2 ?>;CB>@0 AB0:0=0E :8?OB:0 8 ?@8=8<0BL ?> ?>;AB0:0=0 B@8 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 <>53> 10;L70<0. 3> A>AB02 O 87<5=8;: A>548=8; ?> 100 <; =0AB>5: ?>G5: GQ@=>9 >;LE8, F25B:>2 1>4O:0 >2>I=>3>, :>@=59 <>;>G0O ?@CBL5284=>3>, :>@=O 4C4=8:0 ;5A=>3>, B@02K 2>4O=>3> ?5@F0. >A;5 54K =07=0G8; =0AB>9 B@02K E2>I0 87 @0AGQB0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0. 8BL ?> B@5B8 AB0:0=0, 4>102;OO 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 B0B0@=8:0 :>;NG53>. !>: <54C=8FK 70<5=8; =0AB>9:>9 A25659 B@02K >G8B:0 ?C@?C@=>3>. (5AOBL AB>;>2KE ;>65: <5;:> ?>@570==>3> >G8B:0 =0 0,5 ; 2>4:8, ACB:8 =0AB>OBL 8 ?@>F548BL, 4>ACE0 >B602 B@02C.) @8=8<0BL B0: 65 ?> G09=>9 ;>6:5 =0 2>45. AQ >AB0;L=>5 ?@>4>;68BL :0: C:070=>.  5H8; 87<5=8BL B@02O=>9 A>AB02 4;O <8:@>:;87<: ?> >4=>9 AB>;>2>9 ;>6:5 A5<O= O@CB:8 ?>;52>9, B@02K <0=65B:8, 35@0=8 ;C3>2>9 8 2KACH5==KE :@052KE ;5?5AB:>2 ?>4A>;=CE0 =0 >48= AB0:0= :8?OB:0. >A>25B>20; ?@>2>48BL ?@>F54C@C 420 @070 2 45=L, CB@>< 8 =0 =>GL.

5G5=85 H;> A ?5@5<5==K< CA?5E><. 045640 B> ?>25A5;55B, 4065 AB0;0 2KE>48BL =0 5654=52=K5 ?@>3C;:8, B> 701LQBAO 2 ?>AB5;L, 60;COAL =0 15AA8;85, 8 ;568B 25AL 45=L, >A>15==> 2 =5?>3>4C. @8E>48;>AL ?>4:;NG0BL 4;O B>=CA0 M;5CB5@>:>:: 8;8 <0@0;89 :>@5=L. @8 70?>@0E 4020; 6>AB5@, @525=L, ;L=O=:C. @8 1>;OE CG0AB8;8AL 4> B@QE 8 4065 G5BK@QE @07 ?@8<>G:8 87 =0AB>9:8 1>@F0 2KA>:>3>, 0 GB>1K =5 1K;> ?@82K:0=8O, 2@5<O >B 2@5<5=8 <5=O;8 1>@5F =0 2KBO6:8 87 4O38;O, A015;L=8:0, 1@8>=88, 2>4O=>3> ?5@F0.

=5H=5 1>;57=L 2@>45 1K ?@8CB8E;0. 5@0 !5@3552=0 =5 <>3;0 =0@04>20BLAO, 59 :070;>AL, GB> 4>GL ?>AB5?5==> 84QB =0 2K74>@>2;5=85. > O-B> 7=0;, GB> 5IQ 3>4 =0704 =01@02H89 ?>;=CN A8;C @0:, >?;5BO <5B0AB070<8 2A5 A>A54=85 >@30=K, ?@>4>;605B B2>@8BL A2>Q GQ@=>5 45;>.  <>8 A0<K5 =04Q6=K5 B@02K 1>;LH5 ?>E>68 A59G0A =0 AB09:C A>10:, >1;5?82H8E A> 2A5E AB>@>= <54254O. =8 ;0NB 2> 2AN <>GL 8 AB0@0NBAO :CA=CBL 53>, => B>BG0A >B;5B0NB ?@>GL >B 27<0E0 ;0?K 8 3@>7=>3> @K:0 <0BQ@>3> 725@O.  C <5=O =5B @C6LO, GB>1K ?@8AB@5;8BL 53>. 5 =0E>6C A<KA;0 2 B><, GB>1K ?>4@>1=> >?8A0BL >AB0;L=K5 452OBL =07=0G5==KE :C@A>2 ;5G5=8O. A;8 1K >=8 4>AB83;8 F5;8, B>340 45;> 4@C3>5. 4=>3> ;8HL O 4>18;AO   A<>3 =0 F5;K9 3>4 ?@>4;8BL 687=L 04564K. =0 C<5@;0 23 023CAB0 1995 3>40. #H;0 B8E>, 2> A=5, ?>4 CB@>. ! 5@>9 !5@3552=>9 5420 =5 A;CG8;AO C40@, :>340 >=0 ?>4>H;0 : ?>AB5;8 4>G5@8 ?>?@028BL >45O;> 8 >1=0@C68;0 5Q >ABK20NI55 B5;>. >B>< <=5 A@>G=> ?@8H;>AL 3>B>28BL 4;O ?>G5@=52H59 >B 3>@O <0B5@8 CA8;5==K9 A>AB02 10;L70<0 �56=>ABL�.

0?8A8 > E>45 ;5G5=8O 04564K O 2K=C645= 1K; >1>@20BL G5@B>9 8 A BO6Q;K< A5@4F5< ?>AB028; <8=CA. K;8, : A>60;5=8N, 5IQ B0:85 65 <8=CAK, :C40 >B =8E 45=5HLAO, 5A;8 ?@8E>48;>AL 1@0BL 1>;L=KE A �?>E>@>=:0<8�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

* * *

 :=835 �4>;5=L-B@020� O ?@82Q; 2 ?@8<5@ 8AB>@8N 1>;57=8 N4<8;K ;5:A552=K, C =5Q 1K; @0: A83<K 8 ?@O<>9 :8H:8 A <=>65AB25==K<8 <5B0AB070<8.  1992 3>4C O =5 <>3 27OBL 5Q =0 ?>;=>F5==>5 ;5G5=85. B> 68; 2 B> 2@5<O, B>B ?><=8B, :0:0O A<CB0 >E20B8;0  >AA8N, :0: 70E;5AB=C;8 AB@0=C 0=0@E8O, 38?5@8=D;OF8O, ?@5ABC?=>ABL, 2> 2AQ< 8 2AN4C F0@8;8 15770:>=85 8 15A?@545;. N4<8;0 ;5:A552=0 68;0 =0 A:C4=CN ?5=A8N, 0 C 4>G5@8 2A53> ?>;AB02:8 CG8B5;LA:>9 70@?;0BK.  C <5=O =5 1K;> A@54AB2, GB>1K 3>B>28BL ?>;=K5 <5AOG=K5 :><?;5:AK ;5G5=8O.  2AQ 65 O CE8B@O;AO AB028BL A0<K5 =5>1E>48<K5 A?8@B>2K5 =0AB>9:8, ?@>B82>>?CE>;52K5 10;L70<K, 8A?>;L7>20; ;N1CN 2>7<>6=>ABL 4;O 40;L=8E ?>574>: 70 F5==K<8 8 @54:8<8 B@020<8, >15A?5G820O 8<8 B5E, :B> <>3 >?;0B8BL <>8 @0AE>4K, >4=0:> 8 154AB2CNICN N4<8;C ;5:A552=C =5 701K20;, A=0160O 5Q ;8HL A0<K<8 A;>6=K<8 ;5:0@AB20<8.  >4C20=G8:, :>@=8 ;>?CE0, E2>I, G5@=>1K;L=8: 8 4@C385 4>ABC?=K5 B@02K >=0 A>18@0;0 A0<0 2 1;86=8E : 3>@>4C ;C30E 8 ;5A0E. / =0CG8;, :>340 ?>;>65=> 8E 1@0BL, :0: ?@028;L=> ACH8BL, ?@028;L=> 3>B>28BL =0AB>8 8 >B20@K, 2 :0:>5 2@5<O ?@8=8<0BL 8E. 5B 45AOBL ?@>H;>, =5 <5=LH5, :>340 O ?>74@028; 5Q A >G5@54=K< 4=Q< @>645=8O   59 8A?>;=8;>AL 2>A5<L45AOB 420 3>40. >8=B5@5A>20;AO, ?>:07K20;0AL ;8 >=0 2@0G0<. � 70G5<? / ?>:0 5IQ 68BL E>GC, 0 B@020< 25@N, 4> A0<>9 A<5@B8 ?8BL 1C4C�,   >B25B8;0 >=0. "0: 8 =5 C40;>AL <=5 C7=0BL > @57C;LB0B0E ;5G5=8O. =8, :>=5G=>, 70A;C68;8 ?>;>68B5;L=>9 >F5=:8, => @O4>< A ?;NA>< O 2AQ-B0:8 ?>AB028; <0;5=L:89 7=0: 2>?@>A0.

* * *

!;>6=55 1K;> @01>B0BL A 8=>3>@>4=8<8 68B5;O<8. 1KG=> 70 ;5:0@AB20<8 ?@85760;8 @>4AB25==8:8, 0 A A0<8< 1>;L=K< ?@8E>48;>AL >1I0BLAO ?> B5;5D>=C, 25AB8 ?5@5?8A:C.  2001 3>4C 87 652A:0 ?>72>=8;0 0;5=B8=0 8:B>@>2=0, ?@54C?@548;0, GB> :> <=5 2K5E0;0 5Q 4>GL 0ABO. 728=8;0AL, GB> 157 ?@54C?@5645=8O, >?0A0;8AL >B:070, 0 ?@8 ;8G=>9 2AB@5G5, <>65B 1KBL, 0AB5 C40ABAO C?@>A8BL <5=O ?@>O28BL <8;>A5@485.

 B>B 65 45=L, 1;865 : 25G5@C, 15;>:C@0O <>;>45=L:0O 65=I8=0 A :>@>B:>9 AB@86:>9, 2 468=A0E 8 :@>AA>2:0E 1>;LH5 ?>E>60O =0 ?0@=O, ?@8A52 =0 :@05H5: ABC;0, B>@>?;82> @0AA:07K20;0 > ?>AB83H59 A5<LN 1545. # <0B5@8, 59 =5402=> 8A?>;=8;>AL A>@>: 2>A5<L ;5B, >?5@8@>20==K9 @0: A83<>284=>9 :8H:8. <5NBAO <5B0AB07K 2 ?5G5=L, >G038 2 ?OB><, H5AB>< 8 A54L<>< A53<5=B0E ?@02>9 4>;8. >4 2>?@>A>< ?@>@0AB0=85 >?CE>;8 2 ?@O<CN :8H:C. 87:85 ;59:>F8BK 8 35<>3;>18=, 2KA>:>5 !-.

 048 M:>=><88 4>@>38E 4>@>6=KE @0AE>4>2 <K @5H8;8 ?@83>B>28BL ;5:0@AB20 A@07C =0 420 :C@A0. >;83>;>2 O 40; ;8HL =0 CB@5==89 ?@8Q<, 0 ?>A;5 54K 8 =0 =>GL   =0AB>9:C F25BCI8E 25@ECH5: 1>@F0 2KA>:>3> ?> AE5<5 >B >4=>9 :0?;8 4> 45AOB8.  B@02O=>< <0A;5 A =0720=85< �"@5=>6=8:� : A5<8 G0ABO< F25B:>2 725@>1>O 4>1028; 425 G0AB8 :>@=59 ;>?CE0 8 >4=C G0ABL B@02K 4CH8FK, B@8 @070 2 45=L 4> 54K >B G09=>9 4> AB>;>2>9 ;>6:8   4>70 ?>418@05BAO ?> AB5?5=8 2;8O=8O =0 @01>BC :8H5G=8:0. @8 ?>A;01;5=88 ABC;0, =0?@8<5@, G09=CN ;>6:C <0A;0 >AB02;O;8 B>;L:> =0 CB@5==89 ?@8Q<, 8;8 ?@8E>48;>AL 22>48BL 2 A>AB02 <0A;0 2O6CI85 B@02K   :>@=8 7<5528:0, :@>2>E;51:8 8;8 1040=0. '5@57 ?>;G0A0 ?>A;5 <0A;0, B>65 4> 54K, A>A=>2K9 <Q4 87 H8H5: ?>?>;0< A =0AB>9:>9 A2568E F25B:>2   MB> <>I=K9 8AB>G=8: M=5@388 ?@8 BO6Q;KE 701>;520=8OE. @>B82 @0:0 :0: ;5G51=>5 8 1>;5CB>;ONI55 A@54AB2> 4>;6=K =04Q6=> ?@>O28BL A51O 2 ?@8<>G:0E =0AB>9:0 :>@=59 1>@F0 2KA>:>3> 8 ?@8=OBK9 2=CB@L 65;C4>G=>-:8H5G=K9 10;L70<, ?@>B82>>?CE>;52K9, A>AB02;5==K9 87 =0AB>5: ?>G5: GQ@=>3> B>?>;O, 0@L8=>3> :>@=O, 08@0, F25B:>2 1>4O:0 >2>I=>3> ?> 100 <;, =0AB>9:8 2>4O=>3> ?5@F0 8 ;8ABL52 15;5=K ?> 50 <;.  ?5@2K9 <5AOF, 4> 54K, >= 2:C?5 A =0AB>5< F25B:>2 E<5;O ?>A;C68B C40@=>9 A8;>9. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K C40@8B ?> <5B0AB070< 2 ?5G5=8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@84QBAO ?@8=8<0BL =0 2>45 B@8 @070 2 45=L ?> G09=>9 ;>6:5 =0AB>9:8 :0;5=4C;K. =0 402=> 8 CA?5H=> 8A?>;L7C5BAO ?@8 ;5G5=88 @0:0 ;N1>9 ;>:0;870F88, G8AB8B :@>2L, ?>445@68205B =>@<0;L=CN @01>BC A5@4F0, CA?>:08205B =5@2K. @8 >B45;L=>< ?@8<5=5=88 :0;5=4C;0 A=8605B 402;5=85, >4=0:> 2 A>G5B0=88 A 4@C38<8 B@020<8 =5 =0=5AQB 2@540 8 38?>B>=8:0<. 5G5@>< 1>;L=0O AJ5AB B@8 G09=K5 ;>6:8 A<5A8 87 100 3 ?>@>H:0 F25B:>2 ?86<K 8 150 3 F25B>G=>3> <Q40, 70?820O G05<, 7020@5==K< 87 AB>;>2>9 ;>6:8 F25B:>2 :0;8=K 2 AB0:0=5 :8?OB:0. 5 @048 C4>2>;LAB28O, 0 :0: 7025@H0NI89 45=L 206=K9 M;5<5=B ;5G51=>3> :><?;5:A0.  5:B0;L=> ?@8 @0:5 ?@O<>9 :8H:8 1>;LHCN ?><>IL >:065B <8:@>:;87<0 87 =0AB>O G5@=

B>@>9 <5AOF =0G0BL A =0AB>O B@02K G5@=>1K;L=8:0 (425 AB>;>2K5 ;>6:8 =0AB>OBL G5BK@5 G0A0 2 AB0:0=5 :8?OB:0), @0745;82 =0 B@8 ?>@F88, A G09=>9 ;>6:>9 <>53> 10;L70<0 87 =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 A015;L=8:0, F25B:>2 ;>?CE0 ?> 100 <;, =0AB>5: :>@=59 <>;>G0O ?@CBL5284=>3>, B@02K 2>4O=>3> ?5@F0, :>@=59 3@028;0B0 3>@>4A:>3> ?> 50 <;, F25B:>2 :>=>?;8 8 ;8ABL52 15;5=K ?> 25 <;. >A;5 54K   =0AB>9 B@02K E2>I0 ?>;52>3>   87 >4=>9 AB>;>2>9 ;>6:8 =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0. 8BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. >6=> >4=>2@5<5==> A A>:>< 4C@=8H=8:0, B0: 65 B@8 @070 2 45=L ?> G09=>9 ;>6:5. 5G5@>< 2K?8BL AB0:0= G0O, 7020@820O AB>;>2CN ;>6:C F25B:>2 :;525@0 ;C3>2>3>. -B8< G05< ?>;57=> 70?8BL AB>;>2CN ;>6:C A<5A8 452OA8;0 A <Q4><. Q 3>B>2OB B0:: 87<>;>BL 2 ?>@>H>: 200 3 2KACH5==>3> :>@=O 8 A<5H0BL A 500 3 F25B>G=>3> <Q40, 70:@KBL :@KH:>9 8 =0AB>OBL ACB:8. 564C ?@>G8<, B0:CN A<5AL A G05< 87 F25B:>2 :;525@0 <>6=> ?@8=8<0BL ?@8 65;0=88 8 B@8 @070 2 45=L, >A>15==> 5A;8 CG5ABL, GB> 452OA8; MDD5:B825= ?@8 ;5G5=88 7;>:0G5AB25==KE >?CE>;59. AB0NBAO 2 MB>< :><?;5:A5 =587<5==K<8 1>;83>;>2, 1>@5F 2KA>:89, B@02O=>5 <0A;>, A>A=>2K9 <Q4. =8 4>;6=K @01>B0BL 8 40;LH5 =5?@5@K2=>, 157 ?5@54KH5:, 4> ?>154=>3> :>=F0. 5 701K20BL > <8:@>:;87<0E, =0AB>O==KE =0 ?@>B82>>?CE>;52KE, 70682;ONI8E B@020E 8 :>@5=LOE. 0 =>GL 22>48BL ?>1;865 : >?CE>;8 B0<?>= A> 725@>1>9=K< 8;8 4@C38< B@02O=K< <0A;><.

0;5=B8=0 8:B>@>2=0 2@5<O >B 2@5<5=8 72>=8;0, A>>1I0O > A2>Q< A0<>GC2AB288 8 E>45 ;5G5=8O. =>340 5Q 3>;>A 72CG0; ;8:CNI5, 59 :070;>AL, GB> 1>;57=L AB@5<8B5;L=> >BABC?05B. > 45=L =0 45=L =5 ?@8E>48BAO, C ;N1>3> G5;>25:0 1K20NB <><5=BK, :>340 >= =8 A B>3> =8 A A53> 24@C3 >ICI05B 48A:><D>@B, 2O;>ABL, 4065 C?04>: A8;.  C 1>;L=KE ;N459 @57:0O A<5=0 =0AB@>5=8O, C=K=85, =0?;K2 <@0G=KE <KA;59   2?>;=5 >?@0240==>5 O2;5=85.  <=5 ?@8E>48;>AL CA?>:0820BL 0;5=B8=C 8:B>@>2=C 2 B5E A;CG0OE, :>340 >=0 B5@O;0 25@C 2 2K74>@>2;5=85. / ?@>A8; 5Q =01@0BLAO B5@?5=8O, ?@>O28BL 2K45@6:C.  >AB 7;>:0G5AB25==KE :;5B>: >AB0=>2;5=, ?@5:@0I5=> 8E 1C@=>5 45;5=85. "@5B89 8 G5B2Q@BK9 ;5G51=K5 :C@AK 4>;6=K 1K;8 70:@5?8BL 4>AB83=CB>5, ?>AB5?5==> @07@CH0O 8 C=8GB>60O >?CE>;L A 5Q <5B0AB070<8.

 B@5BL5< :C@A5 O 87<5=8; A>AB02 B@02O=>3> <0A;0, ?@54;>682 � C:>?>60B85� 87 42CE :><?>=5=B>2: =0AB>52 :>@=59 1>@I528:0 A818@A:>3> 8 B@02K 4C@=8H=8:0. > 54K   >B20@ B@02K @5?5H:0 >1K:=>25==>3> 2 A;54CNI5< ?@83>B>2;5=88: B@8 AB>;>2K5 ;>6:8 B@02K 70;8BL 0,5 ; :@CB>3> :8?OB:0, =0AB>OBL G5BK@5 G0A0, ?@>F548BL. @8=8<0BL ?> ?>;>28=5 AB0:0=0 B@8 @070 2 45=L 4> 54K, :0: >1KG=>, A <>8< ?@>B82>>?CE>;52K< 10;L70<><, 70?820O >B20@>< G09=CN ;>6:C ?>@>H:0 87 ;8ABL52 B0B0@=8:0. '5@57 G0A ?>A;5 54K, B0: 65 B@8 @070 2 45=L, ?8BL 2 3>@OG5< 2845 ?> ?>;>28=5 AB0:0=0 >B20@0 :>@=59 4O38;O ;5:0@AB25==>3>. A?>;L7CNBAO :>@=8 B>;L:> ?5@2>3> 3>40 687=8. KACH8BL, 87<5;LG8BL, H5ABL AB>;>2KE ;>65: 70;8BL 42C<O AB0:0=0<8 2>4K, =0 A0<>< B8E>< >3=5 :8?OB8BL ?>;G0A0, ?>A;5 >ABK20=8O ?@>F548BL. 064K9 @07 70?820BL >B20@>< G09=CN ;>6:C ?>@>H:0 87 2KACH5==>9 B@02K ?>4<0@5==8:0 F5?:>3>.  ;N1KE ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 B@8 @070 2 45=L ?@8=8<0BL G09=CN ;>6:C 70A?8@B>20==>3> A>:0 <54C=8FK. 5G5@><   AB0:0= G0O, 7020@5==>3> =0 AB>;>2>9 ;>6:5 F25B:>2 :0;8=K. 5@54 A=>< 2K?8BL 2 @N<:5 2>4K G09=CN ;>6:C 10;L70<0 �56=>ABL�, A>AB02;5==>3> 87 200 <; =0AB>9:8 <5;8AAK, 200 <; =0AB>9:8 A8=NE8, 50 <; =0AB>9:8 20;5@80=K 8 50 <; =0AB>9:8 H8H5: E<5;O.

 5?5H>: >1;0405B H8@>G09H8< A?5:B@>< 459AB28O. 45AL >= ?>B@51>20;AO 2 :0G5AB25 ?@>B82>@0:>2>3> A@54AB20 4;O :8H5G=8:0 8 ?5G5=8, >1>30IQ==K9 =5 CABC?0NI8< 5<C 2 A8;5 ?>@>H:>< 87 B@02K B0B0@=8:0. O38;L, ?><8<> @O40 4@C38E 1>;57=59, >G5=L ?>;575= 4;O 65;C4:0, :8H5G=8:0, ?5G5=8. 3> =5 >B=>AOB =0?@O<CN : ?@>B82>>?CE>;52K< B@020<, >4=0:> O G0AB> 2:;NG0N 53> 2 A2>8 :><?;5:AK, ?@54?>;030O, GB> <=>3>G8A;5==K5 2 53> A>AB025 :C<0@8=K 8 8E ?@>872>4=K5 A?>A>1=K ?>402;OBL @>AB @0:>2KE :;5B>:. &5?:89 ?>4<0@5==8:, =07K205<K9 2 =0@>45 �;8?CG:>9�, E>@>H> A>G5B05BAO A 4O38;5<, >10 >=8 >B=>AOBAO : 3>@OG8< B@020<.  0AB5=85 A>@=>5, G0AB> 2AB@5G05BAO 2 >3>@>40E 8 A040E, 0 =0 :>;E>7=KE ?>;OE A?>A>1AB2C5B ?>;530=8N E;51>2. ! 3;C1>:>9 4@52=>AB8 ?>4<0@5==8: F5?:89 ?>;L7>20;AO C2065=85< C F5;8B5;59 ?@8 ;5G5=88 <=>38E 1>;57=59, 2 B>< G8A;5 8 7;>:0G5AB25==KE >?CE>;59. >Q 2=8<0=85 ?@82;5:;> 2 MB>< @0AB5=88 C40G=>5 A>G5B0=85 B0:8E <8:@>M;5<5=B>2, :0: <54L, 65;57>, <0@30=5F, F8=:, B8B0=, 1>@, AB@>=F89, 20=0489, B0;;89, =8:5;L, <>;8145=. 5:>B>@K5 87 =8E A?>A>1AB2CNB :@>25B2>@5=8N, ?>2KH0NB 8<<C=8B5B, => <0;> :><C 8725AB=>, GB> B>;L:> 2 1974 3>4C CAB0=>28;8 ?@>B82>@0:>2>5 459AB285 20=048O. >;8145= 2E>48B 2 :><?;5:A ?@>D8;0:B8:8 8 ;5G5=8O >=:>;>38G5A:8E 701>;520=89. 54L, :0;89 8 F8=: 83@0NB 70I8B=CN @>;L ?@8 @0:5 B>;AB>9 :8H:8.  :0;89 2 4>AB0B>G=>< :>;8G5AB25 8<55BAO 2 <54C=8F5, >1;040NI59 ?>;CB>@0 45AOB:0<8 F5==KE <0:@>- 8 <8:@>M;5<5=B>2. 5 A;CG09=> 65 O 2:;NG8; 5Q 2 ;5G51=K9 :><?;5:A.

 G5B2Q@B>< :C@A5 O 25@=C;AO : =0AB>N B@02K G5@=>1K;L=8:0 A 4>102;5=85< 2 :064CN ?>@F8N G09=>9 ;>6:8 =0AB>9:8 :>@=59 G5@=>1K;L=8:0 8, :0: 2A5340, A <>8< 10;L70<><.  10;L70<5 =0AB>9:C ;>?CE0 70<5=8; <0@L8=K< :>@=5<, 2<5AB> F25B:>2 :>=>?;8 8 15;5=K 2:;NG8; 25 <; =0AB>9:8 ?>G5: GQ@=>9 >;LE8 8 25 <; =0AB>9:8 H8H5: E<5;O. >A;5 54K   =0AB>9 87 >4=>9 G09=>9 ;>6:8 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 G8AB>B5;0 2 :064K5 B@5BL AB0:0=0. 0B5<, G5@57 G0A, =0AB>9 B@02K E2>I0 ?>;52>3> 2 B@8 ?@8Q<0 70 45=L, 2;820O :064K9 @07 G09=CN ;>6:C =0AB>9:8 ;8ABL52 E@5=0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 B@8 @070 2 45=L ?8BL ?> G09=>9 ;>6:5 A>: <54C=8FK 2 @N<:5 2>4K. 5G5@><   G09 87 F25B>2 :;525@0 ;C3>2>3> A> AB>;>2>9 ;>6:>9 A<5A8 452OA8;0 A <Q4><. 0 =>GL ?@8=OBL G09=CN ;>6:C 10;L70<0 �56=>ABL�. @>4>;68BL <8:@>:;87<K 8 <0A;O=K5 B0<?>=K.

 D52@0;5 2002 3>40 0ABO ?@85E0;0 70 >G5@54=>9 ?>@F859 ;5:0@AB2.  ?OB>< :C@A5 O A<5=8; B@02O=>5 <0A;> � C:>?>60B85� =0 <0A;> �!5<8F25B8:�, 2 =53> 2>H;8 2 @02=>< :>;8G5AB25 >4C20=G8: A :>@=5< 8 ;8ABLO<8, :>@5=L :@0?82K, BKAOG5;8AB=8:, ?>4>@>6=8:, :>@=8 08@0, >3C@5G=K5 ?;5B8 8 35@0=L ;C3>20O. > 54K =07=0G8; =0AB>9 B@02K 2>;>4CH:8 7>;>B8AB>9, >AB0282 ?@56=89 A>AB02 ?@>B82>>?CE>;52>3> 10;L70<0. 0AB>5< 70?8BL AB>;>2CN ;>6:C ?>@>H:0 87 @0AB>@>?H8 ?OB=8AB>9. "@8 @070 2 45=L 8 >1O70B5;L=> 4> 54K, =5 2K6840O ?>;G0A0, 0 2 ;N1>9 <><5=B, :0: B>;L:> =0G=QB 2K45;OBLAO 65;C4>G=K9 A>:. #6 B0:>9 ?@8GC4>9 >1;0405B 2>;>4CH:0 7>;>B8AB0O. 5=O 15A?>:>8; =51>;LH>9 >G06>:, 2AQ 5IQ >AB0NI89AO 2 A54L<>< A53<5=B5 ?5G5=8. B >AB0;L=KE, : AG0ABLN, 8 A;540 =5 >AB0;>AL. 7 45AOB:0 284>2 2>;>4CH:8 A0<>9 8A?KB0==>9 1K;0 7>;>B8AB0O. @8@>40 A>740;0 5Q :0: 1K A?5F80;L=> 4;O ;5G5=8O 2A5E 701>;520=89 ?5G5=8. C4@0, E2>I ?>;52>9, @5?5H>: 2 A>G5B0=88 A 4@C38<8 B@020<8 =570<5=8<K 2 1>@L15 A <5B0AB070<8 2 ?5G5=8, >4=0:> B@51>20;AO 7025@H0NI89 C40@, 8 745AL O @0AAG8BK20; =0 C=8:0;L=K5 A?>A>1=>AB8 2>;>4CH:8.  02=>9 59 ?> A8;5 O AG8B0N 8 A5<5=0 @0AB>@>?H8. 4=8E B>;L:> <0:@>- 8 <8:@>M;5<5=B>2 2 =8E 1>;LH5 ?OB=04F0B8: :0;89, :0;LF89, 0;N<8=89, 20=0489, <03=89, <0@30=5F, <54L, F8=:, E@><, A5;5=, AB@>=F89, A28=5F 8 4@. >;>28=0 87 =8E 2E>48B 2 G8A;> ?@>B82>>?CE>;52KE A@54AB2.

"@8 @070 2 45=L ?>A;5 54K ?>A>25B>20; ?8BL =0AB>9 F25B:>2 E<5;O, 7020@820O =0 420 G0A0 2 AB0:0=5 :8?OB:0 >4=C AB>;>2CN ;>6:C 8 2K?820O B@5BL AB0:0=0 A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 B@02K :=O68:0 A818@A:>3>. ! F25B:0<8 E<5;O 2AQ ?>=OB=>, 0 2 ?@83>B>2;5=88 =0AB>9:8 87 :=O68:0 8<55BAO =51>;LH>9 =N0=A: 87<5;LGQ==>9 B@02>9 =04> =018BL B@5BL 1CBK;:8, =5?@5<5==> 87 BQ<=>3> AB5:;0, 4>25@EC 70;8BL 2>4:>9 8 =0AB>OBL 425 =545;8. C@A   =5 <5=55 <5AOF0.

 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =5>1E>48<> C;CG8BL <><5=B 8 B@8 @070 2 45=L ?@8=OBL =0 2>45 8;8 70?82 3;>B:>< 2>4K G09=CN ;>6:C =0AB>9:8 B@02K 8 :>@=59 A015;L=8:0, 27OBKE 2 @02=>< :>;8G5AB25.  KE;> =018BL 10=:C ?>GB8 4> 3>@;KH:0, 70;8BL 2>4:>9, =0AB>OBL >48= <5AOF. 45AL O C:070; <8=8<0;L=CN 4>78@>2:C, => 4>2>;L=> G0AB>, ?@8 <0;59H8E ?>4>7@5=8OE =0 >AB5>?>@>7 8;8 ?@8 >AB5>E>=4@>75, O 40N ?> AB>;>2>9 ;>6:5.

5G5@>< G09, 7020@5==K9 =0 AB>;>2>9 ;>6:5 B@02K A F25B:0<8 35@0=8 ;C3>2>9, A G09=>9 ;>6:>9 <Q40.  <8:@>:;87<K 87 8<5NI8EAO ;5G51=KE B@02, <0A;O=K9 B0<?>=.

(5AB>9 :C@A. >A;5 =587<5==KE 8 ?>AB>O==KE :0?5;L 1>;83>;>20, B@02O=>3> <0A;0 8 A>A=>2>3> <Q40 A F25B:0<8 A>A=K ?@8=OBL =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A 10;L70<><. >A;5 54K ?8BL =0AB>9 ;8ABL52 >;LE8 GQ@=>9 ?> B@5B8 AB0:0=0 A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 3@028;0B0 3>@>4A:>3>. 3> :>@=8 =0AB0820NB 87 @0AGQB0 ?OBL AB>;>2KE ;>65: 2 0,5 ; 2>4:8 =5 <5=LH5 <5AOF0.  3@028;0B5 O C65 @0AA:07K20;, 0 > GQ@=>9 >;LE5 <0;> GB> 8725AB=>. =0 =5 A5;8BAO =8 2 ;8AB25==KE, =8 2 E2>9=KE ;5A0E, >1@07C5B >1>A>1;5==>5 A>>1I5AB2> 2 B0:8E 1>;>B8ABKE <5AB0E, 345 4065 =5?@8E>B;82>9 825 B@C4=> ?@868BLAO. >?C;O@=>ABLN ?>;L7CNBAO ;8HL A>?;>48O   >;LE>2K5 H8H:8, ?@8<5=O5<K5 :0: ?@>B82>2>A?0;8B5;L=>5, :@>2>>AB0=02;820NI55, 2O6CI55 A@54AB2> ?@8 M=B5@>:>;8B0E, M=B5@8B0E, ?@8 @52<0B87<5, ?>403@5, 4;O ?>;>A:0=89 3>@;0 ?@8 ?@>ABC45 8 C:@5?;5=8O 4QA5=.  ?@8<5=5=88 :>@K 2 B5E 65 A;CG0OE 87@54:0 ?8HCB, 0 2>B ;8ABL52 C >;LE8 1C4B> =5 ACI5AB2C5B, =5B > =8E =8 A;>20, =8:0:8E A2545=89, E8<8G5A:89 A>AB02 =5 8725AB5=.  B>;L:> 2 :=835 4>:B>@0 <548F8=A:8E =0C: . . 0ABCH5=:>20 �5:0@AB25==K5 @0AB5=8O�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

025@H05B :C@A 25G5@=89 AB0:0= G0O, 7020@5==K9 AB>;>2>9 ;>6:>9 25@ECH5: :8?@5O. < <>6=> 70?8BL G09=CN ;>6:C A<5A8 ?>@>H:0 87 0@1C7=KE :>@>: A <Q4><. A?>;L7C5BAO B>=:0O 1;5ABOI0O :>@:0 0@1C70, A@570==0O 157 <O:>B8, 2KACH5==0O 8 ?5@5<>;>B0O 2 <C:C. Q A<5H820NB A @02=K< :>;8G5AB2>< F25B>G=>3> <Q40. @O<>5 =07=0G5=85 0@1C7=KE :>@>: 2 =0AB>5 8;8 2 ?>@>H:5   2>A?0;5=85 B>;AB>3> :8H5G=8:0. ;O MB8E ;5G51=KE F5;59 8 703>B02;820NB 8E 7=0B>:8.

%@C?:0O <>;>40O 65=I8=0 A B@C4>< ?>4=O;0 BO65;CN AC<:C. (CB:0 ;8, >4=8E B>;L:> AB5:;O==KE 1CBK;>: A =0AB>9:0<8   4N68=0, MB> =5 AG8B0O D;0:>=>2, ?0:5B>2 A B@020<8. @8H;>AL 2K720BL B0:A8. �0<0 1K;0 2 C60A5, :>340 O 2 ?5@2K9 @07 ?@8257;0 ?>;=CN AC<:C A ;5:0@AB20<8, 0E=C;0: =5C65;8 O A<>3C >A8;8BL 2AQ MB>? !=0G0;0 70AB02;O;0 A51O A8;:>< A>1;N40BL @0A?8A0==K9 20<8 ?>@O4>: ?@8Q<0 ;5:0@AB2,   @0AA:07K20;0 0ABO, ?>:0 <K 640;8 <0H8=C.    ?> <5@5 B>3> :0: ?>GC2AB2>20;0 C;CGH5=85, =0G0;0 ?8BL =0AB>9:8 8 B@02K 157 =0?><8=0=8O. !>AB028;0 A515 @0A?8A0=85. !59G0A 2>>1I5 =5 <KA;8B 40;L=59H59 687=8 157 20H8E ;5:0@AB2. 4QB =5 4>64QBAO <>53> 2>72@0I5=8O�.

# 0;5=B8=K 8:B>@>2=K E20B8;> C<0 =5 ?@5@K20BL A2O78 A> A2>8< >=:>;>3><, 8 ?>A;5 ?@>254Q==KE 4;8B5;L=KE :C@A>2 <>53> ;5G5=8O B@020<8 >= =0HQ; 5Q A>AB>O=85 2?>;=5 C4>2;5B2>@8B5;L=K<. > >=0 =0AB>;L:> C2;5:;0AL =0@>4=>9 <548F8=>9, GB> A0<0 A>18@0;0 A 25A=K 4> >A5=8 <54C=8FC, ?5@2>F25B, 35@0=L ;C3>2CN, 725@>1>9, 4CH8FC, ?>4<0@5==8: 8 4@C385 4>ABC?=K5 @0AB5=8O, ?>;L7COAL 8<8 2 40;L=59H5< 4;O ?@>D8;0:B8:8 8 C:@5?;5=8O >@30=87<0. >B>< <=>3> ;5B ?>445@6820;0 A2O7L A> <=>9, :>=AC;LB8@COAL 2 A>AB02;5=88 @5F5?B>2.

* * *

@>A<0B@820O A2>8 <=>3>;5B=85 70?8A8 8 2K18@0O ?@8<5@K 4;O @073>2>@0 > ;5G5=88 @0:0 ?@O<>9 :8H:8, O 8A?KB0; =5:>B>@>5 70<5H0B5;LAB2>. %>B5;>AL 1K >AB0=>28BLAO =0 :064>< A;CG05, => 2K1>@ 1>;LH>9, ?@>F5AA ;5G5=8O 4;8B5;L=K9, 4> 3>40 8 1>;LH5, MB> =5 <5=LH5 425=04F0B8 :C@A>2, 8 4065 :@0B:>5 8E >?8A0=85 70=O;> 1K =5<0;> <5AB0. ?@>G5<, =5:>B>@K5 =07=0G5=8O <0;> >B;8G0;8AL 4@C3 >B 4@C30, 254L C40@=K5 B@02K 84CB >4=8 8 B5 65, A>AB02;OO 5420 ;8 =5 ?>;>28=C >A=>2=>3> :><?;5:A0.  >1>1IQ==>< 2845 >=8 ?>E>68 =0 B5 :><?;5:AK, :>B>@K5 O A>AB02;O; 4;O 0;5=B8=K 8:B>@>2=K, 8 <>6=> 8A?>;L7>20BL 8E A ?>;=>9 C25@5==>ABLN, B0: :0: >=8 @0AAG8B0=K 1K;8 8 =0 87102;5=85 >B >?CE>;8 ?@O<>9 :8H:8.  ?5@2CN >G5@54L 1>;83>;>2 ?> 4204F0B8:0?5;L=>9 AE5<5 ?>AB>O==>, B>;L:> CB@><. 'CBL ?>765   B@02O=>5 <0A;> 4;O ?@8Q<0 2=CB@L, ?> G09=>9 8;8 AB>;>2>9 ;>6:5   8=48284C0;L=>. 0A;> =0AB08205BAO =0 ?@>B82>>?CE>;52KE B@020E.  ?@8<5@C, 2 =53> 2E>48B ?OBL G0AB59 725@>1>9=>3> <0A;0, 425 G0AB8 <0A;0 87 :>@=528I0 G5@=>:>@=O, 425 G0AB8 <0A;0 87 B@02K 2>4O=>3> ?5@F0 8 >4=0 G0ABL <0A;0 87 :>@=O <>;>G0O ?@CBL5284=>3>. / =0AB0820N 2 <0A;5 :064>5 @0AB5=85 >B45;L=>. >4E>4OB 8 B5 <0A;0, C?><O=CBK5 2KH5 ?>4 ?@84C<0==K<8 <=>9 =0720=8O<8. 040G0 C?@>I05BAO, 5A;8 1@0BL B>;L:> >4=C 8;8 425 ?@>B82>>?CE>;52K5 B@02K 87 @0=55 ?5@5G8A;5==KE. !>A=>2K9 <Q4 A F25B:0<8 A>A=K ?@84QBAO 20@8BL, 8AE>4O 87 A2>8E 2>7<>6=>AB59. "@02K 4;O =0AB>52 65;0B5;L=> 2K18@0BL A CGQB>< A>?CBAB2CNI8E 701>;520=89, ;01>@0B>@=KE >1A;54>20=89.  :0G5AB25 >1@07F0 ?@8254C 2 ?@8<5@ 5IQ >4=C 8AB>@8N 1>;57=8, 345 O 40< B@8 =0G0;L=KE :C@A0 ;5G5=8O, 0 2>7<>6=>ABL A>AB028BL >AB0;L=K5 ?@54>AB02;N G8B0B5;N.

�0B0;LO, 46 ;5B, >30;K<.  0: ?@O<>9 :8H:8. KA>:>48DD5@5=F8@>20==0O 045=>:0@F8=><0 A C<5@5==>9 48DD5@5=F. :;5B>:. >@A8=G0B0O 045=><0. 59:>F8BK   2,8. !-   16. 5<>3;>18=   92. 1@0B8;8AL 2.04.03�.

K =5 AB0;8 87>1@5B0BL 25;>A8?54, =0G0;8 A B@048F8>==>3> 1>;83>;>20, B@02O=>3> <0A;0 (?@8<5=8;8 �!5<8F25B8:�), ?>A;5 ?0C7K   A>A=>2K9 <Q4. 0 4204F0BL <8=CB 4> 54K   B@8 @070 2 45=L 1>;L=0O ?@8=8<0;0 =0AB>9 87 A<5A8 B@02K 8 :>@=O G5@=>1K;L=8:0 A G09=>9 ;>6:>9 65;C4>G=>-:8H5G=>3> 10;L70<0 87 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 3@028;0B0 3>@>4A:>3>, 100 <; =0AB>9:8 6Q;B>3> 4>==8:0, 50 <; =0AB>9:8 :@0?82K, 50 <; =0AB>9:8 08@0, 50 <; =0AB>9:8 2>4O=>3> ?5@F0, 50 <; =0AB>9:8 15;5=K. -B8< =0AB>5< 70?820;0 G09=CN ;>6:C ?>@>H:0 87 A5<O= ;L=0. '5@57 G0A ?>A;5 54K   >B20@ :>@=59 E<5;O A G09=>9 ;>6:>9 F25B:>2 E<5;O, B0: 65 B@8 @070 2 45=L. (> 2A5E @5F5?B0E, ?@8 ;N1>< 701>;520=88, C:070=85 �4>� 8 �?>A;5� 54K   ?>=OB85 G8AB> CA;>2=>5. AQ 7028A8B >B 0??5B8B0 8;8 2>7<>6=>AB59 ?0F85=B0. B>-B> <>65B ?>5ABL ?;>B=>, 4@C3>9 5420 >A8;8B 1CB5@1@>4 8 AB0:0= A>:0, B@5BL5<C :CA>: 2 3>@;> =5 ;575B 2 ?>;>65==K5 4;O 702B@0:0 8;8 >1540 G0AK, 0 GC2AB2> 3>;>40 =5>6840==> ?@>A=QBAO 2 =Q< ?>A@548 =>G8.  5A;8 G5;>25: =5 A<>3 ?> :0:>9-;81> ?@8G8=5 ?>5ABL, >B ?@8Q<0 ;5:0@AB20 =5 A;54C5B >B:07K20BLAO, =04> ;8HL 2K45@60BL <564C �4>� 8 �?>A;5� =5 <5=LH5 42CE G0A>2 8 ?> 2>7<>6=>AB8 A>1;NAB8 ?>@O4>: ?@8Q<0 ;5:0@AB2.)  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 <54C=8FK, B@8 @070. 5G5@><   G09 87 F25B:>2 :;525@0 A >4=>9-42C<O G09=K<8 ;>6:0<8 A<5A8 ?>@>H:0 452OA8;0 A <Q4><. 5@54 A=><   10;L70< �56=>ABL�.

>?>;=8B5;L=> CB@>< 8 25G5@><   =0AB>9:0 87 @02=KE G0AB59 :>@=59 7<5528:0, 1040=0, :@>2>E;51:8, B@02K 4C@=8H=8:0 8 2>4O=>3> ?5@F0 @5:B0;L=>, 2;820O 2 B@02O=>9 =0AB>9 ?> 50 <; =0 :064CN <8:@>:;87<C. 0 =>GL 2AB028BL B0<?>= A <0A;>< G8AB>B5;0. >B>2OB 53> 87 ?OB8 AB>;>2KE ;>65: A25659 B@02K =0 0,5 ; @0AB8B5;L=>3> <0A;0. '5@57 =545;N A<5=8BL =0 B0<?>= A> 725@>1>9=K< <0A;><.  G5@54>20BL 8E B0: 2 40;L=59H5<.

B>@>9 :C@A A>AB028;8 =0AB>9 87 >4=>9 AB>;>2>9 ;>6:8 =0AB>O 4C@=8H=8:0 =0 AB0:0= :8?OB:0 A 10;L70<>< ?@56=53> A>AB020. >A;5 54K   =0AB>9 >4=>9 G09=>9 ;>6:8 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 G8AB>B5;0 B@8 @070 2 45=L.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 <54C=8FK.  B5G5=85 4=O 3;>B:0<8 2K?8BL AB0:0= >B20@0 A5<O= ;L=0 2<5AB5 A A5<5=0<8. 5G5@><   G09 87 >4=>9 AB>;>2>9 ;>6:8 ;8ABL52 75<;O=8:8 A> A<5ALN A>:0 :0;8=K A <Q4><. 8:@>:;87<K CB@>< 8 25G5@>< 87 ?@56=53> =0AB>O. 0 B0<?>=K 8A?>;L7>20BL <0A;> 87 A2568E :>@=59 >:>?=8:0 8 <0A;> 87 :@0A=KE F25B:>2 BKAOG5;8AB=8:0, G5@54CO :064CN =545;N.

0 B@5B89 :C@A O 40; ;8ABLO GQ@=>9 >;LE8 A ?@56=8< 10;L70<><, 70<5=82 2 =Q< B>;L:> 3@028;0B 3>@>4A:>9 =0 100 <; =0AB>O A>D>@K O?>=A:>9. >A;5 54K =07=0G8; >B20@ 87 >4=>9 AB>;>2>9 ;>6:8 B@02K A015;L=8:0: :8?OB8BL 53> >4=C <8=CBC 2 AB0:0=5 2>4K, =0AB>OBL 420 G0A0 8 2 :064CN B@5BL AB0:0=0 2;820BL AB>;>2CN ;>6:C =0AB>9:8 :>@=59 A015;L=8:0. =0G5 3>2>@O, A<5H0BL 2>4=K9 >B20@ A =0AB>9:>9, CA8;82 459AB285 ;5:0@AB20. 564C ?@8Q<0<8 ?8I8 ?@8=8<0BL ?> >4=>9 G09=>9 ;>6:5 =0AB>9:8 :0;5=4C;K =0 2>45 8;8 70?820O 3;>B:>< 2>4K. 5G5@><   G09 87 >4=>9 AB>;>2>9 ;>6:8 :8?@5O =0 AB0:0= :8?OB:0, 2 3>@OG5< 2845 2K?8BL A> A<5ALN ?>@>H:0 452OA8;0 A <Q4><. 0AB>9 4;O <8:@>:;87< GCBL 87<5=8BL, 70<5=82 4C@=8H=8: 3>@>4A:8< 3@028;0B><. 0A;O=K5 B0<?>=K   :0: 4;O ?5@2>3> :C@A0.

!0<>GC2AB285 0B0;L8 C;CGH8;>AL. 1 MB>< 3>2>@8;8 8 0=0;87K: ;59:>F8BK   5,5, 35<>3;>18=   120, !-   5. >==8: 8 A5<5=0 ;L=0 ?><>3;8 ?>4=OBL ;59:>F8BK, 0 35<>3;>18= C;CGH8;8 <54C=8F0, :;525@, :8?@59, >4C20=G8:, G5@=>1K;L=8:. AB0;L=K5 14 :C@A>2, 27O2 87 :=838 =0 2>>@C65=85 <>8 3>B>2K5 ?@>B82>>?CE>;52K5 :><?;5:AK 8 2A5 4@C385 C?><O=CBK5 @0AB5=8O, ;N1>9 708=B5@5A>20==K9 G8B0B5;L, GCBL ?>@0A:8=C2 <>730<8, <>3 1K 157>H81>G=> A>AB028BL A0<. K1>@ 4>2>;L=> 1>30B, 8 25745 O C:07K20; A2>8 <5B>4K ?@83>B>2;5=8O ;5G51=KE :><?;5:A>2   B>;L:> 15@8 8E 8 ?>;L7C9AO.  2 8B>35, A>AB02;OO 40;L=59H85 ?>;=K5 :><?;5:AK =5 <5E0=8G5A:8, 0 2:;04K20O 2 =8E 4CHC, =C640NI89AO 2 ;5G5=88 1>;L=>9 >1O70B5;L=> ?>;CG8B 65;05<K9 @57C;LB0B, 7025@H82 @01>BC A 2KAH59 4;O A51O =03@04>9   7=0:>< ?;NA.
  #' + 

5B, =025@=>5, GC2AB20 1>;55 >AB@>3> 8 >184=>3>, G5< >ICI5=85 A2>59 ?>;=>9 15A?><>I=>AB8 8 15AA8;8O. >4K ?@>H;8, 0 >=> 70=>7>9 A848B 2 4CH5 8 =5 ?>:8405B 4> A8E ?>@, :>340 O 2A?><8=0N ;5:A0=4@0 ., 8725AB=>3> ;8B5@0BC@=>3> :@8B8:0, A :>B>@K< AC4L10 A25;0 <5=O ?>A;5 2KE>40 2 A25B :=838 �4>;5=L-B@020�. 5AOB8BKAOG=K9 B8@06, : <>5<C 25;8:><C C482;5=8N, @07>HQ;AO <3=>25==>, C65 G5@57 ?0@C =545;L :=83C <>6=> 1K;> :C?8BL 2B@84>@>30 B>;L:> C A?5:C;O=B>2. ;02=K9 @540:B>@ 3075BK �5G5@=OO #D0� /240B %CA08=>2 ?>72>=8; <=5, A?@>A82 @07@5H5=85 =0?5G0B0BL =0 =5Q @5F5=78N. / =52>;L=> ?>Q68;AO, CA;KH02 D0<8;8N @5F5=75=B0. ! B0;0=B;82K< ;8B5@0BC@=K< :@8B8:>< ;5:A0=4@>< . O =5 1K; 7=0:><, E>BO A 8=B5@5A>< G8B0; 53> AB0BL8, 2>7<>6=>, A?@0254;82K5, => >G5=L C6 :>;:85, 54:85, A ?@5B5=7859 =0 >@838=0;L=>ABL. "0: GB> =5 640; =8:0:>3> ?>;>68B5;L=>3> >B7K20 > :=835, 60=@ :>B>@>9 8 A0< =5 <>3 >?@545;8BL. 4=0:> . C40;>AL 3;C1>:> ?@>=8:=CBL 2 ACBL ?@>872545=8O, >= 4065 27O; =0 A51O A<5;>ABL =0720BL 53> @><0=><, ?@54A:0702 5<C 2 1C4CI5< H8@>:>5 =0@>4=>5 ?@87=0=85.

# =0A A;>68;8AL BQ?;K5 ?@8OB5;LA:85 >B=>H5=8O, >4=0:> <K 2AB@5G0;8AL @54:>, 70=OBK5 A2>8<8 45;0<8.  >4=064K 7;>25I8< =010B>< ?@>72CG0; 4;O <5=O B5;5D>==K9 72>=>: 53> 65=K, ?>?@>A82H59 2K;5G8BL ;5:A0=4@0 >B @0:0 ?>465;C4>G=>9 65;57K. #7=02 04@5A, O 1KAB@> ?>E20B0; 2AQ, GB> 8<5;>AL 87 3>B>2KE ;5:0@AB2, 8 B>BG0A ?><G0;AO : =5<C 4><>9. 0 ?5@2>< MB065 ?0=5;L=>9 ?OB8MB06:8, 2 C1>3>9 >4=>:><=0B=>9 :20@B8@5 =0 =5?@81@0==>9 ?>AB5;8 ?>;C;560; ;5:A0=4@, EC4>9, >1@>AH89, A 157687=5==K< A5@K< ;8F><, ?@OG0 65AB>:CN 1>;L 2 :@5?:> AB8A=CBKE A:C;0E. >Q ?>O2;5=85 =0 :0:>5-B> 2@5<O, 2848<>, ?>;>68B5;L=> ?>2;8O;> =0 =53>. = 4065 C;K1=C;AO, A:0702, GB> E>B5; A53>4=O ?>@01>B0BL, 40 2>B �?@8E20B8;>� =5<=>6:>. / @07;>68; ?5@54 =8< ;5:0@AB20. = ?>>15I0; ?@8=8<0BL 8E 2 B>G=>AB8, :0: C:070=>. 4=0:> ?@8ABC?8BL : ;5G5=8N =5 CA?5;. 0 B@5B89 45=L ?>72>=8;0 53> 65=0, =0 C482;5=85 1C4=8G=K< 3>;>A>< A>>1I82: �!0H0 2G5@0 C<5@...� 5G0;L=0O 25ABL >3;CH8;0 <5=O. %>BO 8 3>2>@OB, E@5= @54L:8 =5 A;0I5, => ;8G=> C <5=O A;>68;>AL C15645=85, GB> 2 >=:>;>388 @0: ?>465;C4>G=>9 65;57K O2;O5BAO 5420 ;8 =5 A0<K< :>20@=K<. = B@C4=> ?>440QBAO 4803=>7C, ;>2:> ?@OG0AL 70 ?@87=0:0<8 >1KG=>9 65;BCE8, E>;5F8AB8B0 8;8 >AB5>E>=4@>70, 65;C4>G=KE 8 4@C38E 701>;520=89, 8 A;8H:>< ?>74=> 40QB 7=0BL > A515, :>340 >?5@0F8O 8;8 ;N1>9 4@C3>9 A?>A>1 ;5G5=8O B5@ONB A<KA;. >MB><C O 2A5340 A 1>;LH>9 =5>E>B>9 1@0;AO 70 ;5G5=85 B0:8E 1>;L=KE. #ABC?0O 8E >BG0O==K< ?@>AL10<, 2 3;C18=5 4CH8 B08;, :>=5G=>, =04564C =0 GC4>, 24@C3 >=> C;K1=QBAO 2 >B25B =0 <>Q AB@0AB=>5 65;0=85 4>18BLAO 53>.  ?5@2CN >G5@54L O, :0: 2A5340, AB028; 7040GC <0:A8<0;L=> >1;53G8BL A0<>GC2AB285 1>;L=>3>, 871028BL 53> >B 87<0BK20NI59 1>;8.  =8:0:8<8 A;>20<8 =5 ?5@540BL, :0:>5 AG0ABL5, :0:>9 ?@8;82 24>E=>25=8O O 8A?KBK20;, :>340 <>Q 65;0=85 A1K20;>AL 8 2>?@5:8 2A5< <548F8=A:8< ?@>3=>70< GC4> 2AQ-B0:8 A25@H0;>AL!  0725 MB> =5 GC4>, 5A;8 =5 ?>4=8<02H89AO A ?>AB5;8 QB@ ;L8G, 68B5;L 3>@>40 8@A:0, G5@57 ?>;B>@0 3>40 ?>A;5 ;5G5=8O 2AB0; =0 ;K68 8 ?> A2565<C A=53C >B?@028;AO =0 >E>BC ?>AB@5;OBL 709F52?!  2

# =5Q 1K; 65=8E, => A204L1C >B;>68;8 87-70 1>;57=8 >BF0. 8=0840 70O28;0, GB> 2K945B 70<C6 B>;L:> 2 B>< A;CG05, 5A;8 2K;5G8B 53>.  5A;8 =5B? !B0;> 1KBL, 8 5Q 40;L=59H0O AC4L10 2 :0:>9-B> AB5?5=8 7028A5;0 >B <5=O?! >3 <8;>20;. 5A=>9 1998 3>40 8=0840 ?@85E0;0 :> <=5 A <C65<, ?>60;>20;0AL, GB> 2 ?>A;54=55 2@5<O >B5F >A;015;, ?>B5@O; 0??5B8B, ?5@5AB0; E>48BL =0 ?@>3C;:8. 07=0G5==K5 2@0G>< B01;5B:8 8 <8:ABC@K ?LQB, => B>;:C =5B. #6 =5 25@=C;0AL ;8 : =5<C >1@0B=> ?@56=OO AB@0H=0O 1>;57=L? >2>@8B, GB> ?>:0 =8:0:>9 1>;8 =5 8A?KBK205B, => 15@56Q=>3> 1>3 15@56QB. >?@>A8;0 40BL >BFC ;5:0@AB20 4;O ?@>D8;0:B8:8. 5G5=85 ?>2B>@8;8 ?>;=>ABLN.

0: GC4> O @0AF5=820N 8AB>@8N 8 A ?@5?>4020B5;L=8F59 B5E=>;>38G5A:>3> 8=AB8BCB0 5@>9 0A8;L52=>9.  B5B@04:5 :>@>B:0O 70?8AL: �13 8N=O 2002 3. ;0AB><0 3>;>2:8 ?>465;C4>G=>9 65;57K. !B048O 3, 3@C??0 2. 1JQ<=>5 >1@07>20=85. K;0 <5E0=8G5A:0O 65;BCE0   A45;0;8 >?5@0F8N. #40;8;8 :0<5H:8 87 65;G=>3> ?C7K@O, => A0< ?C7K@L A>E@0=8;8. K;0 E8<8O. 0 :>=5F 8N=O =07=0G5=0 5IQ E8<8>B5@0?8O. 7 A>?CBAB2CNI8E 701>;520=89 ?85;>=5D@8B, 7>1�. 5G5=85 1K;> 4;8B5;L=K<, :><?;5:A=K<, >E20BK20NI8< 25AL >@30=87<.  A5@548=5 2003 3>40 5@0 0A8;L52=0 1K;0 ?@87=0=0 74>@>2>9. 4=0:> 2 =54@0E ;8<D0B8G5A:>9 A8AB5<K, ?>-2848<><C, 70B08;8AL 8 B;5;8 =5 C=8GB>65==K5 4> :>=F0 548=8G=K5 @0:>2K5 :;5B:8. =8 40;8 7=0BL > A515 2 =0G0;5 2004 3>40. / =07=0G8; 5IQ H5ABL :C@A>2 ;5G5=8O. >AB83=C2 :06CI53>AO 1;03>?>;CG8O, @5H8; =5 @8A:>20BL 8 2 2005 3>4C ?>2B>@8; 8E. :>=G0B5;L=CN B>G:C ?>AB028; 2 8N=5 2006 3>40, ?@>254O >48= 70:@5?;ONI89 :C@A. @>D8;0:B8:0 =8:>340 =5 ?><5H05B.

 <>8E B5B@04:0E 70D8:A8@>20=K 2A5 ?>4@>1=>AB8 ;5G5=8O 5B@0 ;L8G0 8 5@K 0A8;L52=K, =>, ?@54AB0282, A:>;L:> <5AB0 709<QB 2 :=835 ?>;=>5 >?8A0=85 =5A:>;L:8E 45AOB:>2 <5AOG=KE :C@A>2, 2 ACI=>AB8 >4=>B8?=KE, G0AB> ?>2B>@ONI8EAO, ?@8HQ; 2 70<5H0B5;LAB2>.  @5H8; 27OBL 70 >A=>2C >48= 87 1>;55 :><?0:B=KE, B0:8E 65 CA?5H=KE ;5G51=KE :><?;5:A>2, :>B>@><C 2?>;=5 <>65B 4>25@8BLAO ?>?02H89 2 154C G5;>25:.

29 45:01@O 1999 3>40 @>1:> ?>ABCG0;AO 2 425@L =5640==K9 3>ABL, G5@=>3;07K9 ?0@5=Q: "0;30B 87 40;Q:>9 10H:8@A:>9 45@52=8. >A;5 70BO6=KE 1C@0=>2 02B>1CAK =5 E>48;8. 20 4=O 4>18@0;AO >= 4> #DK =0 ?>?CB=KE 1C;L4>75@0E 8 A:@5?5@0E, >G8I0NI8E 4>@>3C >B AC3@>1>2, 5420 ;8 =5 ?>;>28=C ?CB8 ?@>HQ; ?5H:><. �B5F A8;L=> 1>;55B,   A:070; >=, A<CIQ==> ?5@5<8=0OAL A =>38 =0 =>3C.   5;5; =09B8 20A.  A>A54=59 45@52=5 >B 20H8E ;5:0@AB2 >4=0 C<8@02H0O 65=I8=0 2>A:@5A;0. >B >=0 8 40;0 04@5A. B5F A@07C 4CE>< 2>A?@O=C;, 3>2>@8B: A0< ;;0E ;8F>< :> <=5 ?>25@=C;AO. !59G0A 64QB <5=O. 8HL 1K 4>640;AO, =5 ?><5@. !>2A5< ?;>E> 5<C.  1>;L=8F5 2>B B0:CN 1C<06:C 40;8�. "0;30B ?@>BO=C; <=5 AB0=40@B=CN �?>E>@>=:C� A :>@>B:>9 70?8ALN: �!038B !., 43 3., ?;>A:>:;5B>G=K9 @0: ?>465;C4>G=>9 65;57K A <5B0AB070<8 2 ?5G5=L. K?8AK205BAO =0 A8<?B><0B8G5A:>5 ;5G5=85 ?> <5ABC 68B5;LAB20�.  ?> <5ABC 68B5;LAB20 45@525=A:89 D5;L4H5@ <>3 ?@54;>68BL 87 >1571>;820NI8E A@54AB2 B>;L:> 0=0;L38=, 4@C38E ;5:0@AB2 =5 8<5;>AL.

2@0= ;5:0@AB25==K9

4>=8A -3>@8F25B 25A5==89

040= B>;AB>;8AB=K9

5;>75@ 1>;>B=K9
>@5F A8=89

C:28F0 ;5:0@AB25==0O

5@>=8:0 4;8==>;8AB=0O

>;>4CH:0 7>;>B8AB0O

>;G5O3>4=8: >1K:=>25==K9 - 2>;G=8:

0;e3a ;5:0@AB25==0O -:>7;OB=8:
5@0=L :@>202>-:@0A=0O 

@CH0=:0 :0@?0BA:0O

52OA8; 1@8B0=A:89

>==8: 15;K9

C1@>2=8: >1K:=>25==K9

82>:>ABL ?>;520O

>;>B0@=8: >1K:=>25==K9 -7>;>B0O @>730

>;>B>BKAOG=8: >1K:=>25==K9

>?=8: :;C1=5=>A=K9

N7=8: 52@>?59A:89

@8A - :0A0B8:

0;C6=8F0 1>;>B=0O

0G8< ?CG:>20BK9

8A;8F0 >1K:=>25==0O
;525@ ;C3>2>9 

8?@59 C7:>;8AB=K9 -820=-G09

>=A:89 :0HB0=

>@>2O: <54256L5 CE>

>@>AB02=8: ;5A=>9
   
>H0GLO ;0?:0   

0107=8: 2O7>;8AB=K9

>:0 "0;30B >B>3@520;AO =0 :CE=5 8 C3>I0;AO ?@54;>65==K<8 <>59 3>AB5?@88<=>9 65=>9 ?8@>30<8, O >14C<K20; :C@A ;5G5=8O 53> >BFC.  3>;>25 A=0G0;0 B2>@8;AO E0>A, 15A?>@O4>G=> 2A?KE820;8 8 B>BG0A 30A;8 <KA;8, ;8E>@04>G=> ?5@518@0O 45AOB:8 @07=KE 20@80=B>2, B> ?@8=8<0O 8E, B> >B25@30O   B0:>5 A<OB5=85 O >1KG=> 8A?KBK20; 2 B5E A;CG0OE, :>340 > 1>;L=>< ?>GB8 =5 1K;> =8:0:>9 8=D>@<0F88, :@><5 A:C?>3> C:070=8O =0 4803=>7.  >4AB25==8:8 1>;L=>3>, : A>60;5=8N, @54:> 8<5;8 =0 @C:0E @072Q@=CBCN 8AB>@8N 53> 1>;57=8 A ;01>@0B>@=K<8 0=0;870<8, >?8A0=85< :0@48>3@0<<K, :><?LNB5@=>9 B><>3@0D88. >B 8 ?@8E>48;>AL >?8@0BLAO =0 A>1AB25==K5 C<>70:;NG5=8O, 8=BC8F8N.  <>Q< ?@54AB02;5=88 ?>AB5?5==> A;>68;0AL ?@81;878B5;L=0O :0@B8=0 >1I53> A>AB>O=8O >BF0 "0;30B0, @57:> ?>EC452H53>, >A;01;5==>3>, 8A?KBK20NI53> 15A:>=5G=K5 A8;L=K5 1>;8 2 682>B5 8 2 ?5G5=8, A <@0G=K<8 <KA;O<8 > A:>@>9 A<5@B8. 0 <5=O 24@C3 A=87>H;> =5 ?@>AB> A?>:>9AB285, 0 :0:>5-B> >70@5=85, 8 O =0G0; ;53:>, 1C4B> ?>4 GLN-B> 48:B>2:C, A>AB02;OBL ?5@2K5 ;5G51=K5 :C@AK. <5AB> 1>;83>;>20 8 =0AB>9:8 B@02K 1>@F0 C25@5==> >AB0=>28;AO =0 <CE><>@5. !G8B05BAO, GB> >= ?><>305B ?@8 2A5E 7;>:0G5AB25==KE >?CE>;OE 1;03>40@O 0=B818>B8G5A:><C :@0AOI5<C 25I5AB2C <CA:0DC@8=C, => O ?>;L7>20;AO 8< 2K1>@>G=>, AG8B0O 53> =081>;55 MDD5:B82=K< ?@8 @0:5 65;C4:0, ?>465;C4>G=>9 65;57K, I8B>284=>9 65;57K, @0:5 A;N==>9 65;57K, >?CE>;OE <>730, ;59:>70E, >A>15==> ?@8 =0;8G88 B0:8E A>?CBAB2CNI8E 701>;520=89, :0: A0E0@=K9 48015B, AB5=>:0@48O, 0AB<0, BO6Q;K9 :;8<0:A, :0B0@0:B0. > 2A5<C ?@>G5<C :@0A=K9 <CE><>@ >1;0405B A8;L=K< B>=878@CNI8< 8 1>;5CB>;ONI8< 459AB285<. =0;8 >1 MB>< 5IQ 2 4@52=85 2@5<5=0.  .6=>9 <5@8:5 8=459FK 8A?>;L7>20;8 53> =0@:>B8G5A:85 8 >?LO=ONI85 A2>9AB20 ?@8 @8BC0;L=KE B>@65AB20E. 5@54 1>5< 2>8=K ?@8=8<0;8 873>B>2;5==K5 6@5F0<8 ?;5<5=8 >A>1K5 =0AB>9:8 8 =0B8@0;8AL <07O<8 87 H;O?>: <CE><>@0, GB> C =8E 4>?>;=8B5;L=> ?>@>640;> =5>1KG09=K9 ?@8;82 A8;, >B203C, 703;CH0;> 1>;L >B ?>;CG5==KE 2 1>N @0=.

!038BC !. B>65 B@51>20;>AL 2>AAB0=>28BL C30A0NI85 687=5==K5 A8;K, E>BO 1K 2 :0:>9-B> AB5?5=8 871028BLAO >B ?>AB>O==>9 87<0BK20NI59 1>;8. ;O =0G0;0 =07=0G8; ?> ?OBL :0?5;L =0AB>9:8 =0 @N<:5 2>4K CB@><, >48= @07 2 45=L. '5@57 425 =545;8 4>1028; 5IQ ?> ?OBL :0?5;L =0 25G5@=89 ?@8Q<. 0?0BL 87 ?8?5B:8, =5 ?@52KH0O =07=0G5==>9 4>7K. 725AB=>, GB> <CE><>@ A>45@68B O4>28BK5 0;:0;>84K <CA:0@8= 8 <CA:0@848=   >=8 8 ?@82>4OB : A8;L=59H5<C >B@02;5=8N, 2K7K20O C4CHL5, AC4>@>38, ?>B5@N A>7=0=8O, E>BO A<5@B5;L=K5 A;CG08 >B<5G0NBAO :@09=5 @54:>. 0 ;5:0@AB2> 8A?>;L7CNB B>;L:> H;O?:8 <>;>45=L:8E O@:>-:@0A=KE 3@81>2, C:@0H5==KE 15;K<8 ?OB=KH:0<8, >1KG=> 157 =>65:. E =5 <>NB, B>;L:> >G8I0NB >B =0;8?H8E E2>8=>: 8;8 4@C3>3> ;5A=>3> <CA>@0. 20 4=O 45@60B 2 E>;>45   2 ?>3@515 8;8 2 E>;>48;L=8:5. ;O ?>;CG5=8O A>:0 A:;04K20NB A25685, ACE85 H;O?:8 2 AB5:;O==CN 10=:C A 35@<5B8G=>9 :@KH:>9, 70:0?K20NB 2 75<;N, 2K18@0O B5=52>9 CG0AB>:, :C40 =5 ?040NB ;CG8 A>;=F0, =0 3;C18=C =5 <5=LH5 <5B@0 2> 871560=85 B5<?5@0BC@=KE :>;510=89. '5@57 <5AOF 10=:C 4>AB0NB, >1@07>202H89AO A>: A;820NB 2 4@C3CN ?>AC4C, 0 A;8?HCNAO 15AD>@<5==CN 3@81=CN <0AAC 2K1@0AK20NB. >7<>6=>, :B>-B> 8 59 =0E>48B ?@8<5=5=85, => O >B4020; ?@54?>GB5=85 G8AB><C A>:C. 3> <>6=> E@0=8BL 3>40<8, 5A;8 A;53:0 70A?8@B>20BL (2 350 <; A>:0 2;8BL 150 <; 2>4:8). > G0I5 2A53> O 3>B>28; >1KG=CN =0AB>9:C: ?>;>28=C 10=:8 70?>;=O; >E;064Q==K<8 H;O?:0<8, ?>:@>H82 8E =0 <5;:85 :CA>G:8, ?> 3>@;KH:> 70;820; 2>4:>9 8 =0AB0820; 425 =545;8.

0 2B>@>9 <5AOG=K9 :C@A :>;8G5AB2> :0?5;L O C25;8G8;: ?> 45AOBL CB@>< 8 AB>;L:> 65 25G5@><. B=>H5=85 : <CE><>@C C ;N459 @07=>5: >4=8 8A?KBK20NB 1@573;82>ABL, 4@C385   AB@0E 8;8 ?@>AB> =5?@8O7=L. # 10H:8@ 2>>1I5 =5 ?@8=OB> 1K;> A>18@0BL 3@81K, 2A5 >=8 1K;8 4;O =8E �?>30=:0<8�. 'B>1K 871560BL 2>7<>6=>3> ?A8E>;>38G5A:>3> =5?@8OB8O, O 40; =0AB>9:5 87 <CE><>@0 A2>5 =0720=85: �F0@A:85 :0?;8�. 0 MB8:5B:5 >1O70B5;L=> C:07K20; =0 A8;L=CN O4>28B>ABL, A B@51>20=85< ?>;L7>20BLAO B>;L:> ?8?5B:>9, AB@>3> >BAG8BK20O C:070==>5 :>;8G5AB2> :0?5;L.

B?@02=0O B>G:0 1K;0 =0945=0. AB0;L=>5 A:;04K20;>AL :0: 1K A0<> A>1>9. >A;5 =0AB>9:8 <CE><>@0 =51>;LH0O ?0C70, 70B5< A;54>20;0 =0AB>9:0 A2568E 15@Q7>2KE ?>G5:: >4=0 G09=0O ;>6:0 =0 @N<:C 2>4K. 5<=>3> ?>3>4O   ?>;>28=C AB0:0=0 =0AB>9:8 ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 A>:0 2>;>4CH:8 7>;>B8AB>9 (2;820BL 53> 2 =0AB>9).  B0: B@8 @070 2 45=L, >1O70B5;L=> 4> 54K. 065 5A;8 =5B 0??5B8B0, =04> G5<-=81C4L 705ABL, B0: :0: 2>;>4CH:0 8=B5=A82=> 3>=8B 65;C4>G=K9 A>:. '5@57 A>@>: <8=CB ?>A;5 54K 2K?8BL B@5BL AB0:0=0 =0AB>O B@02K 1C4@K ?;NI5284=>9, ?@5420@8B5;L=> =0:0?02 2 =53> 87 ?8?5B:8 B@84F0BL :0?5;L A>:0 1C4@K. (> 2A5E A;CG0OE 8<55BAO 2 284C 70A?8@B>20==K9 A>:, 2 A2565< 2845 53> =5 A>E@0=8BL   1KAB@> 70:8A05B.) C4@C 7020@820BL 87 @0AGQB0 >4=0 G09=0O ;>6:0 B@02K =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0. @8=8<0BL B0: 65 B@8 @070 2 45=L, :0: C:070=>. !>: 87 ?@>2Q@=CB>9 G5@57 <OA>@C1:C A25659 B@02K >B60BL >G5=L B@C4=>, >= >G5=L 3CAB>9 8 ;8?:89, ?>MB><C : B@Q< AB0:0=0< 75;Q=>9 <0AAK 4>102;ON AB0:0= 2>4:8, =0AB0820N B@8-G5BK@5 G0A0, 70B5< >B68<0N G5@57 ?@5AA. >;CG5==K9 A>: =5 B5@O5B A8;K 420 3>40, 5A;8 E@0=8BL 53> 2 BQ<=>< ?@>E;04=>< <5AB5. 5G5=85 =0 MB>< =5 70:0=G8205BAO, >=> A@02=8<> A ?>AB>O==>9 >4=>>1@07=>9, =C4=>9 @01>B>9, B@51CNI59 ?C=:BC0;L=>AB8 8 B5@?5=8O. !;54>< 70 1C4@>9, >B4>E=C2 >B =5Q A G0A>:, ?@54AB>8B 2K?8BL, B>65 B@8 @070 2 45=L, B@5BL AB0:0=0 =0AB>O E2>I0 ?>;52>3>, 7020@82 >4=C AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0.  :064CN ?@8=8<05<CN ?>@F8N 2;8BL >4=C G09=CN ;>6:C ?@>B82>>?CE>;52>3> 10;L70<0.  40==>< A;CG05 2 53> A>AB02 2>H;8 150 <; =0AB>9:8 :0;5=4C;K, 100 <; =0AB>9:8 :>@=59 ;>?CE0, ?> 50 <; =0AB>5: :>@=59 4O38;O, B@02K 725@>1>O, G5@=>1K;L=8:0 8 15;5=K. @><5 B>3>, B@8 @070 2 45=L 2 ?@><56CB:0E <564C >A=>2=K< ;5G5=85<, 2 ;N1>5 C4>1=>5 2@5<O, => >B45;L=> 4@C3 >B 4@C30 ?@8=OBL B@84F0BL :0?5;L =0AB>9:8 F25B:>2 E<5;O 8 A>@>: :0?5;L A>:0 >G8B:0 ?C@?C@=>3>, :0?0O 87 ?8?5B:8 2 @N<:C 2>4K.  07C<55BAO, =5 1K; 701KB 8 1>@5F 2KA>:89. >2B>@OBLAO =5 AB0=C, =0AB>9:C 87 53> :>@=59 O =07=0G0; ?>GB8 2A5< >=:>;>38

B>@>9 :C@A, :>=5G=> 65, =0G8=0;AO A =0AB>9:8 <CE><>@0, ?> 45AOBL :0?5;L CB@>< 8 25G5@><. 5@Q7>2K5 ?>G:8 4>;3> ?@8=8<0BL =565;0B5;L=>, O 70<5=8; 8E =0AB>9:>9 F25B>2 :0;5=4C;K A 0=0;>38G=K< ?@8<5=5=85<: G09=0O ;>6:0 =0 @N<:C 2>4K. AB028; =0AB>9 ;8ABL52 GQ@=>9 >;LE8, B@8 @070 2 45=L 4> 54K, B>;L:> =0 MB>B @07 2;820BL 2 ?>;AB0:0=0 G09=CN ;>6:C ?@>B82>>?CE>;52>3> 10;L70<0. 3> A>AB02 O 87<5=8;, 2 =53> 2>H;8 150 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 100 <; =0AB>9:8 87 :>@=59 ;>?CE0, 100 <; =0AB>9:8 4O38;O, ?> 50 <; =0AB>9:8 B@02K E2>I0, F25B:>2 1>4O:0 >2>I=>3>, 25@ECH5: 15;5=K. -B8< 65 =0AB>5< 70?8BL G09=CN ;>6:C ?>@>H:0 87 :>@=59 >4C20=G8:0. '5@57 G0A ?>A;5 54K 2K?8BL =0AB>9 B@02K G8AB>B5;0, =0:0?02 2 :064CN ?>@F8N ?> B@84F0BL :0?5;L A>:0 G8AB>B5;0. '09=CN ;>6:C B@02K   157 3>@:8, @KE;>   420 G0A0 =0AB0820BL 2 AB0:0=5 :8?OB:0. ! G8AB>B5;>< ?@8E>48BAO >1@0I0BLAO >AB>@>6=>, >= >B=>A8BAO : O4>28BK< @0AB5=8O<.  =Q< =0AG8B0;8 1>;55 4204F0B8 0;:0;>84>2, 0 MB> 3>2>@8B C65 A0<> 70 A51O   2A5 0;:0;>84K 2 B>9 8;8 8=>9 AB5?5=8 O4>28BK. 0CG=> CAB0=>2;5=>, GB> B@8 87 =8E: E>;848=, 3><>E5;84>=8= 8 <5B>:A8E5;84>=8=   7045@6820NB @>AB >?CE>;59. #G8BK20O, GB> 5AB5AB2> B@02K G8AB>B5;0 3>@OG55, 2 :>=F5 2B>@>9 AB5?5=8, O ?@8<5=ON 53> >B45;L=>, =5 A<5H820O A 4@C38<8 B@020<8. 0?><=N, G8AB>B5; 65;0B5;L=> A>18@0BL 2 =0G0;5 F25B5=8O 2 @545=L:>< ;5AC =0 A525@=>< A:;>=5 E>;<0, :C40 =5 4>E>4OB A>;=5G=K5 ;CG8. # <5=O =0 ?@8<5B5 =5A:>;L:> B0:8E <5AB, 40;Q:8E >B 3>@>40, 4>18@0BLAO 4> =8E ?> 1574>@>6LN =5;53:>, => 70B>, :0: 3>2>@8BAO, >2G8=:0 AB>8B 2K45;:8   ;5G51=>5 459AB285 B@02K 2>7@0AB05B 2 @07K. 0;55 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, =5 70;?><, 0 2 >B45;L=>AB8, E>BO 1K A ?>;CG0A>2K< @07@K2><, ?@8=8<0BL B@8 @070 2 45=L ?> A>@>: :0?5;L A>:0 >G8B:0 ?C@?C@=>3>, ?> B@84F0BL :0?5;L =0AB>5: F25B:>2 E<5;O 8 <0@L8=>3> :>@=O, :0?0O 87 ?8?5B:8 2 @N<:C 2>4K. G8B>: B>=878@C5B 8 ?@54?>GB8B5;5= 4> 70E>40 A>;=F0, 0 E<5;L 2>A?@8=8<05BAO ;CGH5 2> 2B>@>9 ?>;>28=5 4=O. 0@L8= :>@5=L (2 B@5B89 @07) <>6=> 8A?>;L7>20BL 8 =5704>;3> 4> A=0, >= 459AB2C5B CA?>:0820

>:0 O 3>B>28; ;5:0@AB20, ?>?@>A8; "0;30B0 ?@>3C;OBLAO ?> 3>@>4C. >A5B82 =5A:>;L:> :@C?=KE B>@3>2KE F5=B@>2, >= 25@=C;AO ?>B@OAQ==K9 >18;85< 2A52>7<>6=KE B>20@>2 8 C<>?><@0G8B5;L=K<8 F5=0<8 =0 =8E.  :>340 C2845; ?@83>B>2;5==CN 4;O 53> >BF0 2=CH8B5;L=CN 10B0@5N 1CBK;>: 8 D;0:>=>2 A =0AB>9:0<8, ?0:5BK A B@020<8 8 <KA;5==> >F5=8; 8E 2>7<>6=CN AB>8<>ABL, 70<5@ >B =5>6840==>AB8, 70B5< B8E> ?@>87=QA: �/ =5 >6840;, GB> ;5:0@AB2 1C45B B0: <=>3>. # <5=O =5B B0:8E 45=53, GB>1K :C?8BL 2AQ MB>...�

 =0< >= ?@8HQ; =5 A ?CABK<8 @C:0<8   2@CG8; <>59 65=5 8=5 BI0B5;L=> >1@01>B0==CN, ;>A=OICNAO >B 68@0 :@C?=CN BCH:C 3CAO 4;O ?@074=8G=>3> AB>;0, ?>74@028; A =0ABC?0NI8< >2K< 3>4><. CAL C 10H:8@ B@048F8>==> AG8B05BAO >A>1K< 3>AB8=F5<, :>B>@K9 ?@5?>4=>AOB B>;L:> A0<K< C20605<K< ;N4O<.  A5<L5 !., 2>7<>6=>, @0AAG8BK20;8 ?>;CG8BL 2 >B25B @02=>F5==K9 3>AB8=5F 2 2845 =5A:>;L:8E ?CG:>2 <>8E 8AF5;ONI8E B@02. / A;>68; ;5:0@AB20 2 420 ?0:5B0, A:070; "0;30BC: �578 4><>9, 702B@0 65 =0G8=09B5 ;5G5=85, 0 A 45=L30<8 @0715@Q<AO ?>765, =5 2 ?>A;54=89 @07 2AB@5G05<AO. BFC A:068, GB>1K 2 B>G=>AB8 2K?>;=O; <>8 C:070=8O, 2 B>< ?>@O4:5, :0: O C:070;. >;=>ABLN, 0 =5 2K1>@>G=>.  =0G0;5 <0@B0 ?@8545HL 70 =>2K< :C@A>< ;5G5=8O, ?@5@K20BL 53> =565;0B5;L=>�.

&0@A:85 :0?;8   =0AB>9:0 <CE><>@0   >AB020;8AL =587<5==K<8 8 2 40;L=59H5<. @C385 ;5:0@AB20 ?@8E>48;>AL <5=OBL.  <0@B5 O =07=0G8; CB@>< 4> 54K 8 ?5@54 >154>< =0AB>9 ?>4<0@5==8:0 F5?:>3>   425 G09=K5 ;>6:8 B@02K 70;8BL 150 <; :@CB>3> :8?OB:0 2 B5@<>A5 8 =0AB>OBL G5BK@5 G0A0. 8BL 2 3>@OG5< 2845 ?> G5B25@B8 AB0:0=0 ?5@54 702B@0:>< 8 >154><, A G09=>9 ;>6:>9 <>53> 10;L70<0. 0AB>9 2A5340 4>;65= >AB020BLAO 3>@OG8<. = ;CGH5 2A53> ?@>O2;O5B A51O ?@8 @0:5 A <5B0AB070<8 2 ?5G5=L.  0AB5=85 A>;=5G=>5, A8;L=>5, ?>2KH0NI55 >1I89 B>=CA >@30=87<0.  53> A>AB02 2E>4OB B0:85 206=K5 <8:@>M;5<5=BK, :0: <0@30=5F, <54L, 65;57>, F8=:, B8B0=, AB@>=F89, 20=0489, B0;;89, =8:5;L, <>;8145=, 1>@.  :><?;5:A5 >=8 C;CGH0NB A>AB02 :@>28, @53C;8@CNB 2>4=>-A>;52>9 >1<5=, CA8;820NB 70I8B=K5 DC=:F88 >@30=87<0, 0 =5:>B>@K5 0:B82=> 1>@NBAO A @0:>2K<8 :;5B:0<8.

45AL O @0A:@>N >4=C 3;02=CN B09=C B@02K 8 A>25BCN 27OBL 5Q A515 =0 70<5B:C: =0AB>9 ?>4<0@5==8:0 F5?:>3> =04> ?8BL B>;L:> 2 3>@OG5< 2845 8 B>;L:> 2 ?5@2>9 ?>;>28=5 4=O. >A;5 ?>;C4=O 8 >A>15==> 25G5@>< ?@8=8<0BL 53> =565;0B5;L=>, >= B5@O5B ;5G51=CN A8;C 8 A?>A>15= =02@548BL, B0: :0: B>@<>78B 8 =0@CH05B ?@>F5AA >1<5=0 25I5AB2, A=8605B 0:B82=>ABL <=>38E >@30=>2. @87=0NAL, 2 40;Q:>< ?@>H;>< 1K; B0:>9 ?5@8>4, :>340 O =0 ?>;=>< 4>25@88 ?@8<5=O; ?>4<0@5==8: F5?:89 ?> >1I5?@8=OB><C @5F5?BC, =52>;L=> ;8H0; 53> 2>7<>6=>AB8 @01>B0BL 2 ?>;=CN A8;C, =07=0G0O =0AB>9 8 2> 2B>@>9 ?>;>28=5 4=O, 8 25G5@><, : AG0ABLN, 157 >B@8F0B5;L=KE ?>A;54AB289, => 254L =5 A@07C B@02K, :0: 1;87:><C 4@C3C, >B:@K20;8 <=5 A2>8 A>:@>25==K5 B09=K.  B5?5@L >BFC "0;30B0 =07=0G8; =0 25G5@, ?5@54 C68=><, 2<5AB> =0AB>O ?>4<0@5==8:0 F5?:>3> >B20@ :>@=59 E<5;O A 40 :0?;O<8 =0AB>9:8 F25B:>2 E<5;O.  5F5?B ?>2B>@OBL =5 AB0=C, >= 8<55BAO 2 ?@54K4CI8E 3;020E. >?>;=8B5;L=> CA8;8; :><?;5:A =0AB>5< B@02K >G8B:0 ?C@?C@=>3> ?>A;5 702B@0:0 8 >1540, A G09=>9 ;>6:>9 10;L70<0. !>AB02 10;L70<0 87<5=8;.  =53> 2>H;8 150 <; =0AB>9:8 :0;5=4C;K, 100 <; =0AB>9:8 ?>G5: GQ@=>9 >;LE8, ?> 50 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 4O38;O 8 <0@L8=>3> :>@=O. AB028; =0AB>9:C 87 :>@=59 1>@F0 2KA>:>3> =0 ?@8<>G:8.

 0?@5;5 @5H8; ?>;=>ABLN ?>2B>@8BL A>AB02 ?5@2>3> :C@A0.  =Q< >A=>2=>9 C40@=>9 A8;>9 4;O ?>465;C4>G=>9 65;57K 1K;0 ?@8=8<05<0O >B45;L=> =0AB>9:0 ?>G5: 15@Q7K. / 402=> >B<5B8; 5Q 1;03>B2>@=>5 ;5G51=>5 459AB285 ?@8 ?0=:@50B8B5. ><>3;0 A;CG09=>ABL. !>A54:0 ?> :20@B8@5 0;O >4=064K 25G5@>< >1@0B8;0AL :> <=5 A 2>?@>A><, =5B ;8 C <5=O B@02, ?><>30NI8E ?@8 2>A?0;5=88 ?>465;C4>G=>9 65;57K? Q @>4=CN A5AB@C C257;8 A53>4=O 2 1>;L=8FC A >AB@K< ?@8ABC?>< ?0=:@50B8B0, ;568B A59G0A 2 @50=8<0F88. >;3> =5 @074C<K20O, 2 ?>@K25 A>GC2AB28O, O 40; 59 D;0:>= A =0AB>9:>9 15@Q7>2KE ?>G5:. Q >G5=L 2KA>:> F5=8;0 8 2A5340 8<5;0 2 4><0H=59 0?B5G:5 <>O <0<0, AG8B0O MDD5:B82=K<, A0<K< =04Q6=K< A@54AB2>< ?@8 >?>OAK20NI8E 1>;OE. ><>3;0 =0AB>9:0 8 0;8=>9 A5AB@5.  4;O <5=O 15@Q7>2K5 ?>G:8 =5>6840==> ?@8>B:@K;8 5IQ >4=C 87 A2>8E B09=.

0 >G5@54=>9 ?>@F859 ;5:0@AB2 "0;30B ?@85E0; 2 ?@8?>4=OB>< =0AB@>5=88. # >BF0 ?@5:@0B8;8AL 15A:>=5G=K5, 87<0BK20NI85 1>;8, G0I5 AB0; C;K10BLAO, HCB8BL. 0G0; E>48BL ?> 4><C, 2KE>48BL =0 C;8FC, 0 254L 4> MB>3> A ?>AB5;8 =5 ?>4=8<0;AO. 5;8:> 65;0=85 27OBLAO 70 E>7O9AB25==K5 45;0, => ?>:0 5IQ =5B ?@56=59 A8;K, 1KAB@> CAB0QB. 8:>340 =5 1K; 25@CNI8<, 0 BCB ?>?@>A8; 4>AB0BL 5<C >@0=. 5:0@AB20 ?@8=8<05B A 1;03>3>25=85<, A>?@>2>640O 1;03>40@AB25==K<8 <>;8B20<8. 0BL =5 =0@04C5BAO, 3;O4O =0 =53>. >2>@8B: ?>A;54=NN :>@>2C ?@>40<, 0 53> ?>AB02;N =0 =>38. 5@5AB0;8 @C30BLAO 8 AA>@8BLAO <;04H85 1@0B8H:0 A A5AB@Q=:>9. #G8BLAO AB0;8 ;CGH5. !B0@0NBAO ?@8=5AB8 87 H:>;K E>@>H85 >F5=:8, GB>1K 4>AB028BL @04>ABL >BFC. "0;30B 7025@=C; 2 3075BK 2A5 1CBK;:8 A =0AB>9:0<8, GB>1K =5 ?>18;8AL 2 4>@>35, ?;>B=> C;>68; 2 ?0:5BK. >AB0; 87 2=CB@5==53> :0@<0=0 ?0G:C 45=53 8 ?>;>68; =0 :@09 AB>;0, ?>1;03>40@8; 70 ;5:0@AB20. �B:C40 AB>;L:> 45=53?   C4828;AO O.   5C65;8 2K=C645=K 1K;8 ?@>40BL A:>B8=C?� "0;30B ?@87=0;AO: �0, A>18@0;8AL ?@>40BL, B>;L:> 1>30BKE ?>:C?0B5;59 2 45@52=5 =5 =0H;>AL, 0 4> @09F5=B@0 ?>:0 4>1@0BLAO B@C4=>.  >4AB25==8:8 ?><>3;8, C =0A 8E ?>GB8 ?>;>28=0 45@52=8. @8E>48;8 ?>4 ?@54;>3>< ?@>2540BL >BF0 8 ?>B8E>=L:C A>20;8 <0<5 2 :0@<0= ?5@54=8:0 :0: E05@ 45=L38 =0 ;5:0@AB20. >=5<=>6:C, :B> A:>;L:> <>3.  @09>=5 >BFC B>65 A>F80;L=CN ?><>IL 2K45;8;8�.  ?CE;>9 ?0G:5 45=53 459AB28B5;L=> ?>GB8 2A5 :C?N@K 1K;8 <5;:>3> 4>AB>8=AB20. / >BAG8B0; AB>;L:>, A:>;L:> B@51>20;>AL =0 @0AE>4K, 0 >AB0;L=K5 45=L38 >B40; ?0@=N >1@0B=>, A:0702: �5 ?@>B5ABC9. 8H=53> <=5 =5 =04>. 0 GC6>9 1545 =5 @071>30B55HL.  >BF0 ?>?@>A8 ?@>9B8 E>BO 1K 2 20H59 1>;L=8F5 ?>;=CN ?@>25@:C�.

>AB83=CBK<8 ?>A;5 G5BK@QE <5AOF52 ;5G5=8O @57C;LB0B0<8 O >AB0;AO 4>2>;5=.  0=0;870E :@>28 2A5 ?>:070B5;8 1K;8 2 ?@545;0E =>@<K.  ?5G5=8 @09>==K5 2@0G8 =8:0:8E ?>4>7@8B5;L=KE >1@07>20=89 =5 C3;O45;8, B>;L:> 2 65;G=>< ?C7K@5 >1=0@C68;8 ?5A>: 8 <5;:85 :0<5H:8. 5A:>;L:> >BQG=K< >AB020;>AL B5;> ?>465;C4>G=>9 65;57K, => : ;8<D0B8G5A:8< C7;0< ?@5B5=789 =5 8<5;>AL.  ?>;=>< 2K74>@>2;5=88, :>=5G=>, 8 @5G8 =5 <>3;> 1KBL. 06=> B>, GB> =0<8 1K; 2K1@0= ?@028;L=K9 ?CBL, 8 53> =04> 1K;> ?@>9B8 4> :>=F0.  1>;L=8F5 !. ?@>25; B@8 =545;8.  ?OBK9 :C@A <K =0G0;8 ?>A;5 ?5@5@K20, 2 =0G0;5 8N=O.

#B@><, ?>A;5 F0@A:8E :0?5;L, O =07=0G8; ?>;AB0:0=0 >B20@0 B@02K @5?5H:0   @5?59=8G:0 >1K:=>25==>3> :0: C=825@A0;L=>3> A@54AB20 8 4;O ?>465;C4>G=>9 65;57K, 8 4;O ?5G5=8, 8 >B :0<5H:>2 2 65;G=>< ?C7K@5. 7 8<5NI8EAO @5F5?B>2 O 2K1@0; B0:>9: 7020@8BL >4=C AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :@CB>3> :8?OB:0. >A;5 42CE G0A>2 =0AB0820=8O ?8BL 2 ?>;C3>@OG5< 2845 ?5@54 702B@0:>< 8 >154><.  :064CN ?>@F8N 2;8BL G09=CN ;>6:C <>53> ?@>B82>>?CE>;52>3> 10;L70<0.  =53> O 2:;NG8; 150 <; =0AB>9:8 :>@=59 ;>?CE0, ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 4O38;O, <0@L8=>3> :>@=O, 50 <; =0AB>9:8 B@02K 2>4O=>3> ?5@F0. >A;5 702B@0:0 8 >1540 2K?8BL ?> ?>;AB0:0=0 ?>;C3>@OG53> =0AB>O >G8B:0 ?C@?C@=>3>, 4>10282 2 :064CN ?>@F8N A>@>: :0?5;L A>:0 >G8B:0. = =5B>:A8G5=, ?@52KH5=85 4>7K 2 @07C<=KE ?@545;0E 4>?CA:05BAO, 70B> ?>;L70 >B =53> 25;8:0O. 0 25G5@=89 ?@8Q<, 4> C68=0, >48= @07 2 45=L, =07=0G8; =0AB>9 B@02K G8AB>B5;0 A B@84F0BLN :0?;O<8 53> 65 A>:0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@54AB>O;> ?@8=OBL A ?5@5@K20<8, 2 C4>1=>5 4;O A51O 2@5<O, ?> G09=>9 ;>6:5 =0AB>9:8 :0;5=4C;K =0 @N<:5 2>4K 8 G09=CN ;>6:C ?>@>H:0 87 :>@=59 >4C20=G8:0.

04> ?@>O28BL 2K45@6:C 8 B5@?5=85, GB>1K ?>;=>ABLN 2K?>;=8BL 2A5 =07=0G5=8O 2 C:070==>9 ?>A;54>20B5;L=>AB8. # !. E20B8;> C<0 ?>=OBL, GB> 4@C3>3> 2KE>40 =5B 8 5A;8 E>G5HL 68BL, ?@84QBAO ?>AB>O==> 1KBL ?@82O70==K< : ;5:0@AB20< A CB@0 4> 25G5@0, 87> 4=O 2 45=L, =0 ?@>BO65=88 <=>38E <5AOF52, 157 2AO:>9 =04564K =0 ?5@54KH:C. 0B> 2 =03@04C 70 AB>9:>ABL G5@57 ?>;3>40 >= ?>GC2AB2>20; A51O >B=>A8B5;L=> 74>@>2K<.  <5@C A8; 2<5AB5 A 65=>9 8 AB0@H8< AK=>< "0;30B>< 70=8<0;AO 4><0H=8< E>7O9AB2><, 703>B02;820; =0 78<C 4@>20, A5=> 8 :><18:>@<0 4;O A:>B8=K; :0@B>H:C, A2Q:;C, <>@:>2L 8 4@C385 >2>I8 ?@> 70?0A 8 =0 ?@>406C. %>BO 8 =5 1K;> ?@56=59 A8;K ?>A;5 BO6Q;>9 1>;57=8, G0AB> CAB020;, A048;AO 2 B5=Q: ?5@525AB8 4CE, => 2AQ @02=> >B 2>AE>40 A>;=F0 4> ?>74=53> 25G5@0 >AB020;AO =0 =>30E.

 A5=BO1@5 <K 2AQ-B0:8 @5H8;8 ?@>25AB8 ?>445@6820NI55 ;5G5=85. >4C<02, O @5H8; ?>2B>@8BL ?>;=>ABLN =0H =0G0;L=K9, A0<K9 ?5@2K9 :C@A.  >:BO1@5 !. AJ5748; =0 >1A;54>20=85 2 #DC.  @09>==>9 1>;L=8F5 =5 1K;> :><?LNB5@=>9 B><>3@0D88, 40 8 ?@>D5AA8>=0;L=K9 C@>25=L <5AB=>3> >=:>;>30 =5 2K7K20; C <5=O 4>25@8O.  C =0A, 2 A?5F80;878@>20==>< F5=B@5, @01>B0NB >?KB=59H85 >=:>;>38, >1;040NI85 B0:8< GCBLQ<, GB> =8:0:0O <5;>GL >B =8E =5 CA:>;L7=QB.  57C;LB0BK >1A;54>20=8O 8E ?>@04>20;8, => >=8 ?>A>25B>20;8 =5 CA?>:0820BLAO, =5 701K20BL > ?@>D8;0:B8:5 8 E>BO 1K >48= @07 2 3>4 ?@>E>48BL ?@>25@:C.

!038B =0 2AO:89 A;CG09 C2Q7 A A>1>9 4>?>;=8B5;L=K9 :C@A ;5G5=8O. / =5 AB0; ;><0BL 3>;>2C, 40; 5<C A>AB02 =081>;55 C40@=>3> ?OB>3> :C@A0, 0 ?>A;5 =53> ?>A>25B>20; 4> 25A=K >48= @07 2 45=L ?@8=8<0BL CB@>< ?> ?OBL :0?5;L =0AB>9:8 :@0A=>3> <CE><>@0.

>B B0: C40G=> 7025@H8;0AL MB0 8AB>@8O. 0: A;>68;0AL 40;L=59H0O AC4L10 !038B0, ?@>AB>3> :@5ABLO=8=0 87 40;Q:>9 10H:8@A:>9 45@52=8, =5 7=0N. > 5A;8 1 A=>20 ?>ABCG0;0AL 2 53> 4>< 1540, B> A@07C ?@8<G0;AO 1K ?@8 ;N1>9 =5?>3>45 53> AK= "0;30B.

5 MB> 2>;=C5B <5=O A59G0A. / 4C<0N > B5E ;N4OE, :>B>@K5, 2?02 2 >BG0O=85 >B ?>AB02;5==>3> 8< AB@0H=>3> 4803=>70, AB@040O >B 157KAE>4=>AB8 8 =52K=>A8<>9 1>;8, <5GCBAO 2 ?>8A:0E A?0A5=8O 8 =5 =0E>4OB 53>.  ?5@2CN >G5@54L, :>=5G=>, =04> =09B8 A2>53> A?0A8B5;O 2 15;>< E0;0B5 2 ;8F5 >?KB=>3> 2@0G0, ?@8720==>3> 1>@>BLAO 70 687=L 1>;L=>3> 8AB>2>, F5;8:>< >B40NI53> 5<C 2A53> A51O, 2A5 A2>8 7=0=8O 8 <0AB5@AB2> 8 A>AB@040=85. 5@25=AB2> 2A5340 ?@8=04;568B 2@0GC.  2 B>< A;CG05, 5A;8, 8AG5@?02 2A5 8<5NI85AO 2>7<>6=>AB8, 2 15AA8;88 >BABC?05B <548F8=0, B> 2AQ @02=> =5 A;54C5B B5@OBL =04564K, ?040BL 4CE>< 8 ?>?KB0BLAO =09B8 <0B5@8=A:CN ?>445@6:C C @8@>4K   =5 701K209B5 > B><, GB> <K 5Q 45B8.  2>7<>6=>AB8 C =5Q ?>GB8 15A?@545;L=K5. >=OB=>, =5 2AO:89 <>65B @0AAG8BK20BL =0 5Q A=8AE>645=85 8 <8;>ABL. =0 >G5=L AB@>30O, A5@48B> >B2>@0G8205BAO >B ;N459 ?>4;KE, 7028AB;82KE, 7;>1=KE, 604=KE, 65AB>:8E, 42C;8G=KE, ?>@>G=KE, C :>B>@KE 8AB>G=8:>< 701>;520=8O O2;O5BAO 8<5==> 8E A:25@=K9 E0@0:B5@, 8 ?>B><C >=8 B@C4=> ?>440NBAO ;5G5=8N. 0B> 2=8<0=85< 8 701>B>9 >:@C605B >=0 B5E, :B> 4>1@ 8 G8AB 4CH>9. / 3>2>@N >1 MB>< =5 @048 :@0A=>3> A;>2F0. !:>;L:> @07 ?@8E>48;>AL <=5 AB0;:820BLAO A B0:8< O2;5=85<: ?>70@57 B@51CNBAO 682>:>ABL 2KA>:0O, 08@, 15;>7>@ 1>;>B=K9, ?0A;Q= A;04:>-3>@L:89 4;O ;5G5=8O =5 >G5=L ?@8OB=>3> G5;>25:0, 70 :>B>@>3> ?@>A8;8 C20605<K5 ;N48, 7=0O, GB> 8< O =5 >B:06C. 1>HQ; 2A5 <5AB0, 345 ?@5645 2 87>18;88 @>A;8 MB8 B@02K, => A59G0A 8E 1C4B> :>@>20 O7K:>< A;87=C;0   8 A;540 =5B, E>BL ?;0GL. 5B0;AO O ?> 4@C38< ;C30< 8 ;5A0<, => 25@=C;AO A ?CABK<8 @C:0<8. @8H;>AL >B>A;0BL ?0F85=B0 : 4@C3><C 7=0:><><C B@02=8:C. ! >B45;L=K<8 B@020<8, :0: O, >= =5 @01>B0;, 20;8; 8E 45AOB:0<8 2 >4=C :CGC, AG8B0O, GB> :0640O B@02:0 A2>N 4>@>3C =094QB. #2K, =8 >4=0 87 B@02>: 4>@>38 : B><C <C6G8=5 =5 =0H;0. 0B> :>340 O ;5G8; >B @0:0 >4=>3>, A;CG09=> =0?@>A82H53>AO <C6G8=C 87 5@<8, =5>1E>48<K5 4;O =53> B@02K =0 ;C3C GCBL ;8 =5 A0<8 ;57;8 2 @C:8.  =0 53> ;5G5=85 2@5<5=8 CH;> ?>GB8 242>5 <5=LH5, G5< O ?@54?>;030;. 10 MB8 ?0F85=B0 1K;8 4;O <5=O

/ 1K; 1K AG0AB;82, 5A;8 45B0;L=> @07@01>B0==K9 :><?;5:A A> 2A5<8 53> ?>4@>1=K<8 C:070=8O<8 8 B>=:>ABO<8 ?@8=QA 1K G5;>25:C ?>;=>5 2K74>@>2;5=85. ;O MB>3> 8 ?8HC O MBC :=83C A> 2A5<8 ?>4@>1=>ABO<8. 8:><C =5 =04> ;><0BL 3>;>2C =04 2K1>@>< A@54AB2. 5@8 3>B>2K9 :C@A 8 ?>;L7C9AO 8<, ?>25@82 2 B>, GB> 4@C3>3> ?CB8 >B=K=5 =5 40=>. "@02K C:070=K =5 48:>28==K5, =5 M:7>B8G=K5, 0 A0<K5 ?@>ABK5, <>6=> A>1@0BL 8E A0<><C, 8;8 :C?8BL C 7=0NI8E ;N459 =0 @K=:5, 8;8 2K?8A0BL ?> ?>GB5, 27O2 D0<8;88 8 04@5A0 2 �5G51=KE ?8AL<0E�, �0@>4=>< ;5:0@5�, �828F5� 8 4@C38E 6C@=0;0E, 3075B0E. !1>@I8:8 B@02, 70=8<0NI85AO 8E ?@>40659, ?@54;030NB >1KG=> :0G5AB25==>5 AK@L5, B0: :0: MB> 8E E;51 8 >=8 4>@>60B A2>8< 8<5=5<, 8=0G5 ?>B5@ONB ?>:C?0B5;59.
  ' 

! 3@CABLN A<>B@N O =0 G0ABK5 ?>;C?CABK5 AB@0=8FK 2 A2>8E B5B@04:0E. "0< G8A;> 8 3>4, D0<8;8O ?>A5B8B5;O A :@0B:>9 8AB>@859 1>;57=8 8 2A53> >48= =0G0;L=K9 :C@A, @54:> 420 :C@A0, =5 1>;LH5. @8G8=K <>3;8 1KBL @07=K<8. B>-B> GC2AB2>20; 1;87:89 :>=5F 8 AG8B0;, GB> =5B =8:0:>3> A<KA;0 ?@>4>;60BL ;5G5=85 40;LH5. @C3>9 ?@8:84K20;, E20B8B ;8 C =53> 45=53 =0 4;8B5;L=K9 :C@A ;5G5=8O, =5 <5=LH5 H5AB8 <5AOF52, 0 8=>340 8 242>5 1>;LH5   ?5=A88 8 A:@><=KE =0:>?;5=89, >B;>65==KE =0 ?>E>@>=K, =5 E20B8B, 45B8 8;8 1;87:85 @>4AB25==8:8 A0<8 5420 A2>4OB :>=FK A :>=F0<8. K;8 8 B0:85 1>;L=K5, :>B>@K5 B5@O;8AL ?5@54 3@>7=>9, 2=570?=> 2>7=8:H59 154>9 8 2 AB@0E5 <5B0;8AL 87 AB>@>=K 2 AB>@>=C, ;8E>@04>G=> 8A:0;8 A?0A5=85 2 ;N1KE �=04Q6=KE� @5:><5=40F8OE, ?@8=8<0O =0 25@C @>AA:07=8 > GC45A0E, B2>@8<KE :5@>A8=><, 2>4:>9 A <0A;><, ?5@5:8ALN 2>4>@>40, 3>;C1>9 3;8=>9, 46C=30@A:8< 1>@F><, 8AAK:-:C;LA:8< :>@5H:><, =5B5@?5;82> E20B0;8AL B> 70 >4=>, B> 70 4@C3>5. 5 AG8B0OAL A @0AE>40<8, 5E0;8 : 0@1C7>2C 2 !>G8 70 =0AB>OI8<, 53> @C:0<8 873>B>2;5==K< �">48:0<?><� 87 =54>7@5;KE 75;Q=KE 3@5F:8E >@5E>2 =0 0280F8>==>< :5@>A8=5. E0;8 2 40;Q:CN 0@5;8N, 2 5B@>702>4A:, : "0<0@5 >@>1LQ2>9 70 5Q GC4>459AB25==K< ?@5?0@0B>< �8BC@84�. 51;87:0O 4>@>30 ;568B 8 =0 ;B09, 2 :C@>@B=CN 5;>:C@8EC, 345 C 0;8=K >=G0@5=:> 8 5Q 4@C759 <>6=> 1K;> ?@8>1@5AB8 ?@>B82>@0:>2K5 �:0<5==>5 <0A;>� 8 �:@0A=CN IQB:C�.

>6=> ?>=OBL A<OB5=85 1>;L=KE 8 >?@0240BL 8E AB@5<;5=85 871028BLAO >B @0:0 :0: <>6=> =04Q6=55 8 1KAB@55. > O <>3 ?@54;>68BL ;8HL =01@0BLAO B5@?5=8O 8 2K?>;=OBL A CB@0 4> =>G8 =C4=CN, =5?@5@K2=CN @01>BC A =5?@>4>;68B5;L=K<8 ?5@5@K20<8 =0 >B4KE 2 ?@><56CB:0E <564C ?@8Q<>< ;5:0@AB2, : B><C 65 A0<><C 3>B>28BL =0AB>8 8 >B20@K.  B>;L:> ?@8 A>7=0B5;L=>< ?>4E>45 : B0:><C AB@>3><C B@51>20=8N 8 ?>;=>9 3>B>2=>AB8 : ?@5>4>;5=8N ?@5?OBAB289 ;560; ?CBL : 2>7<>6=><C 2K74>@>2;5=8N.  30@0=B8OE 8 @5G8 =5 <>3;> 1KBL. @8 A0<>< AB@0AB=>< 65;0=88 A45;0BL 2AQ 2>7<>6=>5 8 =52>7<>6=>5 4;O ?>;=>9 ?>154K, >=8, MB8 30@0=B88, :0: =8 60;L, =0E>48;8AL =5 2 <>59 2;0AB8 8 F5;8:>< 7028A5;8 B>;L:> >B B>9 7040G8, :>B>@CN ?>AB028; ?5@54 A>1>9 A0< 1>;L=>9, >B 3;C18=K 53> 25@K, A>72CG=>9 <>5<C 65;0=8N. "0: ?@8E>48BAO ;8 C482;OBLAO B><C, GB> 2 B5B@04OE <=>385 AB@0=8FK >AB020;8AL ?>;C?CABK<8?

> 8<5;8AL 8 4@C385 ?@8G8=K. / A C482;5=85< >1=0@C68;, GB> 70 2A5 MB8 3>4K :> <=5 >1@0I0;8AL A @0:>< ?5G5=8 2A53> G5BK@5 G5;>25:0. 7 =8E ;8HL 1>;L=0O ;O . >3@0=8G8;0AL >4=8< <5AOG=K< :C@A><. 803=>7: ?;>A:>:;5B>G=K9 @0: A >@>3>25=85< 3 AB0488.  =>O1@5 2003 3>40 ?@>>?5@8@>20;8.  2?>;=5 C40G=>. "@02K >=0 27O;0 C <5=O 2 D52@0;5 2004 3>40, >?0A0OAL @5F84820. %8<8>B5@0?8O ?@8 @0:5 ?5G5=8 15A?>;57=0, 8 O =5 AB0; ?@8<5=OBL 1>;83>;>2, 0 =0AB>9:C :>@=59 1>@F0 2KA>:>3> 40; =0 ?@8<>G:8 : >1;0AB8 ?5G5=8 B>;L:> =0 B>B A;CG09, 5A;8 ?>O2OBAO 1>;8.  >A=>2=>9 :C@A 1K; =0?@02;5= =0 ?>;=>5 >74>@>2;5=85 ?5G5=8, =C6402H59AO ?>A;5 >?5@0F88 2 CA8;5==>9 ?>445@6:5. ! CB@0 ?5@2K< 45;>< =07=0G8; A>A=>2K9 <Q4 A F25B:0<8 A>A=K. >A;5 =53>, 4> 54K, >B20@ B@02K @5?5H:0 B@8 @070 2 45=L, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C A>:0 2>;>4CH:8 7>;>B8AB>9. 5 >1>9B8AL 2 40==>< A;CG05 157 =0AB>O 1C4@K   G5@57 G0A ?>A;5 54K, 2;820O 2 =5Q ?> G09=>9 ;>6:5 A>:0 A25659 1C4@K,   4;O >74>@>2;5=8O ?5G5=8 ?>A;5 >?5@0F88. B45;L=>, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=OBL >B20@ :>@=59 E<5;O A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O, B@8 @070 2 45=L. @54AB>O;> =09B8 2@5<O 4;O @N<:8 2>4K A B@84F0BLN :0?;O<8 =0AB>9:8 1@8>=88   ?5@5ABC?=O 15;>3>, B@8 @070 2 45=L, A>1;N40O E>BO 1K ?>;CG0A>2>9 @07@K2 <564C 4@C38<8 ;5:0@AB20<8. -B8 B@51>20=8O >B=>A8;8AL 8 : >G8B:C ?C@?C@=><C   ?> G09=>9 ;>6:5 2 =51>;LH>< :>;8G5AB25 2>4K. @8 15AA>==8F5, 70 G0A 4> A=0, ?@8=OBL =0 2>45 A>@>: :0?5;L =0AB>9:8 A8=NE8 3>;C1>9. >A>25B>20; 59 25A=>9 ?>?8BL =0AB>9 >4C20=G8:0, 27OB>3> F5;8:><, A :>@=5<: 420-B@8 @0AB5=8O =0AB0820NB 2 ;8B@5 2>4K 8 ?LNB 157 =>@<K 2 B5G5=85 4=O. 4C20=G8: 4>;65= 1KBL A2568<, 0 =5 ;560;K< 8 C2O4H8<. !:070; 59, GB>1K =5 AB5A=O;0AL, 72>=8;0 <=5, 5A;8 2>7=8:=CB 2>?@>AK.

* * *

2C<O :C@A0<8 >3@0=8G8;AO 8:>;09 . 1931 3>40 @>645=8O.  1995 3>4C, ;5B><, 2 ?5G5=8 C =53> >1=0@C68;8 420 =>2>>1@07>20=8O @07<5@0<8 2 8 5 A<. A5=LN # ?>:070;> 40;L=59H89 @>AB >?CE>;59. ;O A51O O A45;0; ?><5B:C, GB> 65;BCH=>AB8 8 0AF8B0 =5B. 7 A>?CBAB2CNI8E 701>;520=89   ?5@5=QA 2 =0G0;5 3>40 ;52>AB>@>==89 8=AC;LB. 02;5=85 2 =>@<5. !BC; 684:89. >;8 2 1>:C ?>O28;8AL, => ?>:0 B5@?8<K5.

7 O4>28BKE B@02 O 2AQ-B0:8 40; . =0AB>9:C 1>@F0, => =5 :>@=59, 0 B@02K A F25B:0<8, 2 =0?>;>28=C >A;01;5==>< 20@80=B5   A >4=>9 :0?;8 4>25AB8 4> 4204F0B8. > 54K ?@8=OBL >B20@ @5?5H:0 2 B0:>< 8A?>;=5=88: >4=C AB>;>2CN ;>6:C B@02K 70;8BL ?>;=K< AB0:0=>< 2>4K, 4>25AB8 4> :8?5=8O 8 =0 A;01>< >3=5 20@8BL ?OBL <8=CB. 0 <8=CBC 4> A=OB8O A >3=O 2;8BL 2 >B20@ >4=C G09=CN ;>6:C =0AB>9:8 6Q;B>3> 4>==8:0. 'CBL ?>765, <8=CB G5@57 ?OBL, 4>1028BL 2 >B20@ AB>;>2CN ;>6:C <Q40. 0AB>OBL 420 G0A0. K?8BL 70 45=L 2 B@8 ?@8Q<0. !@07C ?>A;5 702B@0:0 ?@8=OBL >B 480@58 C40@=CN AB>;>2CN ;>6:C =0AB>9:8 :>@=59 :@>2>E;51:8, 0 ?>A;5 >1540 ;8HL >4=C G09=CN ;>6:C, @0AB2>@82 2 G5B25@B8 AB0:0=0 =0AB>O B@02K E2>I0 ?>;52>3>. 45AL ?>B@51CNBAO 425 AB>;>2K5 ;>6:8 E2>I0 =0 ?>;B>@0 AB0:0=0 :8?OB:0   7020@8BL <>6=> =0 =>GL, 0 CB@>< ?@>F548BL. >A;5 ?>O2;5=8O =>@<0;L=>3> ABC;0 :@>2>E;51:C >B<5=8BL 8 8A?>;L7>20BL 5Q B>;L:> ?@8 =5>1E>48<>AB8. '5@57 G0A ?>A;5 54K 2K?8BL B@5BL AB0:0=0 =0AB>O B@02K :=O68:0, 7020@82 >4=C G09=CN ;>6:C 2 AB0:0=5 :8?OB:0. 0AB0820BL =5 <5=LH5 G0A0.  ?@8=8<05<CN 4>7C 2;8BL G09=CN ;>6:C =0AB>9:8 A25659 B@02K 725@>1>O   8 B0: B@8 @070 2 45=L. 0B5<, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, 2K?8BL @07254Q==CN 2 G5B25@B8 AB0:0=0 =0AB>O ;8ABL52 >4C20=G8:0 G09=CN ;>6:C :0;5=4C;K, B>65 B@8 @070 2 45=L. 8ABLO >4C20=G8:0 7020@820BL 87 @0AGQB0 425 AB>;>2K5 ;>6:8 =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL ?0@C G0A>2. 8:>;09 . >B=QAAO : ;5G5=8N A5@LQ7=>, @07 2 =545;N A>>1I0; > <0;59H8E ?5@5<5=0E 2 A0<>GC2AB288. >O28;AO 0??5B8B, 8AG57;8 1>;8 8 BO65ABL 2 ?>4@515@L5, =0;048;AO ABC;, 8 =0AB@>5=85 ?>2KA8;>AL, ?@0240, AB0;> ?>=860BLAO 402;5=85. / B>BG0A >B>A;0; 5<C =0AB>9:C <0@0;L53> :>@=O   ;5275N A0D;>@>284=CN. Q O 2K@0I820; A0< 8 =0AB0820; ?> A2>5<C @5F5?BC   425 B@5B8 10=:8 :>@=59 70;820; 4>25@EC 2>4:>9 8 =0 <5AOF C18@0; 2 BQ<=>5 ?@>E;04=>5 <5AB> 4;O =0AB0820=8O. >78@>2:0 4;O :064>3> ?>418@0;0AL 8=48284C0;L=>, >B 45AOB8 :0?5;L 8 2KH5, 0 O 8 2>2A5 8=>340 C?>B@51;O; ?> G09=>9 ;>6:5, A?0A0OAL >B 38?>B>=88.

0AB>9:C B@02K 1>@F0 O >AB028; 8 =0 2B>@>9 :C@A. > 54K   B@8 @070 2 45=L =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 4;O ?5G5=8.  =53> 2>H;8 ?> 100 <; =0AB>5: ?>G5: 15@Q7K 8 GQ@=>3> B>?>;O, ?> 50 <; =0AB>5: :>@=59 <>;>G0O ?@CBL5284=>3>, :>@=59 452OA8;0, <0@L8=>3> :>@=O, :>@=59 ?5@5ABC?=O 15;>3> 8 3@028;0B0 3>@>4A:>3>, ?> 25 <; =0AB>9:8 B@02K 2>4O=>3> ?5@F0 8 H8H5: E<5;O. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 G8AB>B5;0 2 :064CN ?>@F8N.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, B0: 65 B@8 @070, ?>@>H>: 87 :>@=59 >4C20=G8:0 ?> >4=>9 G09=>9 ;>6:5 (A 3>@:>9), 70?82 =0AB>5< ;8ABL52 >4C20=G8:0.

"@5B89 :C@A . 1@0BL =5 AB0;. !:070;, GB> GC2AB2C5B A51O E>@>H>, B0:>3> 1>;LH>3> :>;8G5AB20 ;5:0@AB2 1>;LH5 =5 B@51C5BAO, 0 ?@8 =5>1E>48<>AB8 ?@>4>;68BL ;5G5=85 >= 1C45B ?@8=8<0BL :0:>9-B> >G5=L MDD5:B82=K9 ?@5?0@0B, ?@8257Q==K9 87 40;L=52>AB>G=>3> @8<>@LO. / ?>=O;, GB> C =53> =0ABC?8;0 2@5<5==0O @5<8AA8O. 5 <>3C 65 O =02O7K20BLAO A> A2>8<8 B@020<8, 2>;L=><C 2>;O. K @0AAB0;8AL. >40 420 ?@>H;>, :>340 >B >4=>3> >1I53> 7=0:><>3> O C7=0;, GB> >= 682, 2KE>48B =0 ?@>3C;:8. >B>< O 8 2>2A5 ?>B5@O; 53> 87 284C 8 =5 7=0N, :0: A;>68;0AL C =53> 40;L=59H0O AC4L10. > 4;O 4;8B5;L=>9 @5<8AA88 8;8 ?>;=>3> 2K74>@>2;5=8O 42CE ;5G51=KE :C@A>2 O2=> 1K;> <0;>.

?@>G5<, 687=L ?>@>9 ?@5?>4=>A8;0 =5>6840==K5 AN@?@87K. =>340, =0 C482;5=85, 8 42CE <5AOF52 E20B0;> =0 B>, GB>1K B@020<8 ?@825AB8 2 42865=85 A:@KBK5 2>7<>6=>AB8 >@30=87<0, 8 >=, ?>;CG82 =5>1E>48<K9 B>;G>:, A0< 2:;NG0;AO 2 ?@>F5AA C=8GB>65=8O @0:>2KE :;5B>:. 0 O7K:5 2@0G59 MB> =07K20;>AL A0<>87;5G5=85<, => 53> <5E0=87< >AB020;AO 4;O <5=O 8 4;O =8E 70304:>9.

* * *

0<OB5= 5IQ >48= A;CG09.  :>=F5 A5=BO1@O 1997 3>40 ?@8H;0, =5 2 >D8A, 0 4><>9, =5<>;>40O 65=I8=0 A D83C@>9 ?>4@>AB:0, A <5;:8<8, 3@C1>20BK<8 G5@B0<8 ;8F0, AB@0==K< ?>2545=85<.  :20@B8@C ?@>E>48BL =5 AB0;0, ?>4>H;0 : >:=C 2 :>@84>@5, ?>AB028;0 =0 ?>; 28402HCN 284K AC<:C, AH8BCN 87 :;5Q=:8 5IQ 2 4>?5@5AB@>5G=K5 2@5<5=0, A:070;0 B>@>?;82>: �/ "0=78;O. ! @K=:0 701560;0 : B515. >NAL =0 02B>1CA >?>740BL. "@02C C B51O E>GC 27OBL�. 45B0 2 AB0@5=L:89 BQ<=>-A8=89 ?;0I 87 3@C1>9 ?@>@578=5==>9 B:0=8 ?>25@E 20B=>9 4CH53@59:8, =0 3>;>25 A?;NA=CB0O 2 15AD>@<5==K9 1;8= B> ;8 H0?:0, B> ;8 15@5B:0 87 8A:CAAB25==>3> <5E0 BQ<=>3> F25B0, =0 =>30E AB>?B0==K5 A0?>38, B> ;8 :8@7>2K5, B> ;8 87 ?>B5@O2H59 284 A28=>9 :>68   =5 ?>9<5HL, 4> 3>;5=8I 701@K730=K >A5==59 3@O7LN. 1;8: 40;5:> =5 65=AB25==K9. 0?><8=05B G5@=>@01>GCN A :0:>9-=81C4L AB@>9:8. 065 3>;>A @57:89, E@8?;>20BK9. �0:CN 20< B@02C? B G53>?�   ?>8=B5@5A>20;AO O. �N1CN. ;O ?5G5=8 B>65,   >B@K28AB> A:070;0 >=0 8 ?>4=O;0 AC<:C, G5<-B> =018BCN B0:, GB> =5 70:@K20;0AL 4> :>=F0. 0?@028;0AL : 2KE>4C.   =5 =0 02B>1CA ?>A?5BL. 5 ?@>I0NAL, O 5IQ ?@84C�.  ?>B>?0;0 ?> ;5AB=8F5 2=87, =5 4>6840OAL ;8DB0. �@8=5A8B5 2K?8A:C 87 8AB>@88 1>;57=8�,   :@8:=C; O 59 2A;54.

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

>;83>;>2 O 2AQ 65 =07=0G8; A@07C, => ?> I04OI59 AE5<5: >B >4=>9 :0?;8 4> 4204F0B8 8 >1@0B=>   4> >4=>9 8AE>4=>9 :0?;8. >A;5 42CE=545;L=>3> >B4KE0 ?>2B>@8BL. !8;K 8 1>4@>ABL 4>;65= ?@840BL A>A=>2K9 <Q4 A F25B:0<8 A>A=K. > 54K ?@8=OBL =0AB>9 B@02K @5?5H:0   >4=C AB>;>2CN ;>6:C 70;8BL AB0:0=>< :8?OB:0, ?>B><8BL =0 A;01>< >3=5 ?OBL <8=CB, G0A =0AB>OBL.  >4=C B@5BL AB0:0=0 2;820BL ?> G09=>9 ;>6:5 A>:0 2>;>4CH:8 7>;>B8AB>9.  ?>A;5 54K =07=0G8; =0AB>9 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K 2 :064CN ?>@F8N, B@8 @070 2 45=L. > 54K   =09B8 2>7<>6=>ABL 4;O >B45;L=>3> ?@8Q<0 G09=>9 ;>6:8 =0AB>9:8 <0@L8=>3> :>@=O =0 @N<:C 2>4K, 0 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0. <5AB> 2>4K <>6=> 8A?>;L7>20BL =0AB>9 ;8ABL52 >4C20=G8:0. '09 70<5=8BL :@5?:8< =0AB>5< ?;>4>2 H8?>2=8:0, 87 @0AGQB0 AB>;>20O ;>6:0 =0 AB0:0= 2>4K. 5@60BL =0 A;01>< >3=5 4>;3>, ?>:0 =0 ?>25@E=>AB8 =0AB>O =5 ?>O2OBAO B>=:85 <0A;O=8ABK5 ?OB=0, => =5 :8?OB8BL!

B>@>9 :C@A O A;53:0 87<5=8;. <5AB> @5?5H:0 40; =0AB>9 682>:>AB8 ?>;52>9   >4=C G09=CN ;>6:C B@02K 70;8BL ?>;=K< AB0:0=>< :8?OB:0, =0 ?OB=04F0BL <8=CB ?>AB028BL =0 :8?OICN 2>4O=CN 10=N, G5@57 G0A ?@>F548BL. @8=8<0BL ?> B@5B8 AB0:0=0, :0?0O 2 :064CN ?>@F8N ?> A>@>: :0?5;L =0AB>9:8 A>D>@K O?>=A:>9. >A;5 54K >AB028; 2 B>< 65 ?@83>B>2;5=88 1C4@C. =5 ?>:070;>AL, GB> C "0=78;8 =0G8=05BAO 0AF8B. A;8 70?CAB8BL, B> 87102;OBLAO >B =53> >G5=L B@C4=>. K205B, GB> 2 >1;0AB8 682>B0 A:0?;8205BAO 4> ?OB=04F0B8 ;8B@>2 684:>AB8. / >B 0AF8B0 8=>340 ?@8<5=O; 02@0=, => A59G0A C <5=O 53> =5 1K;>. 0B> 8<5;8AL :>@=8 1C78=K :@0A=>9. 7<>;>; 8E 2 ?>@>H>:, ?@83>B>28; 45AOBL ?0:5B8:>2 8 2 :064K9 2AK?0; ?> 425 I5?>B:8 ?>@>H:0. 3> 7020@820NB 2 AB0:0=5 :8?OB:0 :0: G09. >;AB0:0=0 =04> 2K?8BL A@07C 2 3>@OG5< 2845, 0 >AB02H89AO =0AB>9 ?@8=OBL G5@57 ?OBL G0A>2. C@A @0AAG8B0= =0 45AOBL 4=59. 3> O 8 40; 2 :0G5AB25 4>?>;=8B5;L=>3> A@54AB20.

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

"0=78;5 O ?>A>25B>20; 7020@820BL B@02K 25G5@>< 8 1@0BL A A>1>9 ;5:0@AB20 =0 @01>BC, =5 ?@5@K20BL ;5G5=8O. =0 ?>>15I0;0 8... 8AG57;0. 1JO28;0AL "0=78;O B>;L:> 2 :>=F5 0?@5;O, B0: 65, :0: 2 ?5@2K9 @07, 2=570?=>, 2 B>< 65 ?;0I5 8 A0?>30E, A E>4C A?@>A8;0: �"@02K <=5 ?@83>B>28;?� 065 ?>74>@>20BLAO 701K;0. AB02 C >:=0 2 :>@84>@5, ?>AB0282 C =>3 BO6Q;CN AC<:C, >=0 :>@>B:> >B25G0;0 =0 <>8 2>?@>AK. 8<C ?5@568;0 :>5-:0:, >48= @07 A8;L=> ?@>ABC48;0AL, => =5 A;53;0 2 ?>AB5;L, ?@>4>;60;0 @01>B0BL. 8;0 B@02K, >=8 ?><>3;8. >B 8 A59G0A =04> 1K 25@=CBLAO : =8<.  2@0G0< =5 >1@0I0;0AL, =5:>340. >;OB =>38, :>340 A8;L=> CAB0=5B >B 153>B=8 ?> @K=:C, 2K?>;=OO ?>@CG5=8O ?@>402F>2. 5G5=L 15A?>:>8B @54:>, 5A;8 ?>5AB GB>-=81C4L =5?>4E>4OI55. ?OBL-B0:8 ?><>3;8 B@02K. =0 ?>?@>A8;0 E>BL GB>-=81C4L, : 25A=5 A8; A>2A5< <0;> >AB0;>AL. , A?>E20B82H8AL, >?OBL 70B>@>?8;0AL: =04> CA?5BL 4>1@0BLAO 4> 02B>2>:70;0. / 5420 CA?5; A:070BL 59, GB>1K 70 ;5:0@AB20<8 703;O=C;0 702B@0 2 >D8A, B0: :0: 4><0 =8G53> =5B. 0 C482;5=85, >=0 =5 70AB028;0 640BL A51O 4>;3>, >1JO28;0AL =0 4@C3>9 65 45=L.

>;83>;>2 40; ?> B>9 65 I04OI59 AE5<5. 0?0A A>A=>2>3> <Q40 A F25B:0<8 A>A=K : 25A=5 ?>GB8 70:>=G8;AO, => O 2<5AB> >4=>9 40; 425 1CBK;:8. 5 <>3C >1JOA=8BL ?>G5<C, =>, =5>BQA0==0O, 3@C1>20B0O, A>2A5< =5 4C<0NI0O > A515, =5 60;5NI0O A8; 8 74>@>2LO @048 1;03>?>;CG8O 2=C:0, "0=78;O 2K7K20;0 2 <>59 4CH5 A>GC2AB285, 8 O AB0@0;AO ?>4>1@0BL 59 ?>;=>25A=K9 :C@A, A H8@>:8< A?5:B@>< 459AB28O. ;O 25A=K ?@5:@0A=> ?>4E>48;0 B@020 1C:28FK   >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, A <>8< ?@>B82>>?CE>;52K< 10;L70<><. !>AB028; 53> 87 150 <; =0AB>9:8 :>@=O 1>@I528:0, 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, ?> 50 <; =0AB>5: F25B>2 :0;8=K, :0;5=4C;K, 1>4O:0 @07=>;8AB=>3>,

1C78=K :@0A=>9, ?> 25 <; A>:0 1C4@K 8 2LN=:0 ?>;52>3>. >A;5 54K   =0AB>9 B@02K G8AB>B5;0 A A>@>:0 :0?;O<8 A>:0 G8AB>B5;0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   G09=CN ;>6:C A>:0 4C@=8H=8:0, B0: 65 >B45;L=>   G09=CN ;>6:C =0AB>9:8 <0@L8=>3> :>@=O 2 G5B25@B8 AB0:0=0 =0AB>O ;8ABL52 >4C20=G8:0.

0 2AO:89 A;CG09 4>?>;=8B5;L=> 4>1028; 70A?8@B>20==K9 A>: F25B:>2 1>O@KH=8:0, ?@8=8<0BL ?> 40 :0?5;L 420-B@8 @070 2 45=L   ?>445@60BL A5@4F5. 5G5=85 =0G0BL ?> <5@5 =5>1E>48<>AB8, ;CGH5 ?>A;5 >:>=G0=8O >A=>2=>3> ;5G51=>3> :C@A0. / :0: 1K 70@0=55 ?@542845;, GB> "0=78;O >?OBL =0 :0:>5-B> 2@5<O 8AG57=5B. 59AB28B5;L=>, ?>O28;0AL >=0 2 A5=BO1@5 1999 3>40. >?@>A8;0 @5?5H>: 8 A>: 2>;>4CH:8, B>G=> B0:>9 65 10;L70<, :0:>9 1K; 2 ?>A;54=89 @07. <5AB> 1>;83>;>20 O 40; 59 =0AB>9 B@02K 1>@F0 1>;LH>3>, B>65 ?> I04OI59 AE5<5. !;54CNI0O 2AB@5G0 A>AB>O;0AL 2 45:01@5 2000 3>40. >?@>A8;0 B>;L:> :>@=8 A015;L=8:0 >B >AB5>E>=4@>70 8 A>: 2>;>4CH:8, =0<5@520OAL ?@8=8<0BL :0?;O<8. / ?>=O;, GB> >=0 ?5@5AB0;0 @01>B0BL =0 @K=:5.  >45B0 1K;0 A>2A5< 8=0G5   2 ?@8;8G=>9 4C1;Q=:5, =0 3>;>25 <5E>20O H0?:0. �0H 2=C: 70:>=G8; CGQ1C?�   ?>;N1>?KBAB2>20; O. �0, 5IQ 2 ?@>H;>< 3>4C,   A:070;0 "0=78;O =5E>BO, 157 >A>1>9 @04>AB8.    187=5A CHQ;. %>@>H> 70@010BK205B�. �02=> 53> 2845;0?� "0=78;O ?5@5<5=8;0AL 2 ;8F5, A:070;0 A =5A:@K205<>9 >184>9: �8 @07C =5 2AB@5B8;8AL ?>A;5 B>3>, :0: C5E0;.  0=LH5 A :064K< ?@074=8:>< ?>74@02;O;, 0 B5?5@L 70 ?>;3>40 =8 >4=>3> ?8AL<0. 840BL, @01>B0 B0:0O C =53>, ?8A0BL =5:>340�. / ?>A?5H8; ?5@525AB8 @073>2>@ =0 4@C3CN B5<C, A?@>A8;: �>2KE B@02 =5 =C6=>?� �5B,   >B25B8;0 >=0.   "5?5@L A0<0 8E A>18@0N. > B2>59 :=835 ;5GCAL�. / ?>65;0; 59 74>@>2LO, 8 <K @0AAB0;8AL.

* * *

/ ?@82Q; 87 A2>59 ?@0:B8:8 ?>GB8 2A5 20@80=BK ;5G5=8O @0:0 ?5G5=8, :064K9 <>65B 27OBL 8E 70 >A=>2C ?@8 =5>1E>48<>AB8. > G0I5 2A53> <=5 ?@8E>48;>AL AB0;:820BLAO A <5B0AB070<8 2 ?5G5=L ?@8 A0<KE @07;8G=KE 7;>:0G5AB25==KE >?CE>;OE. 7 >?8A0=89 B0:8E A;CG052 B>65 <>6=> 872;5GL =5<0;> ?>;57=>3>, 5A;8 >B=5AB8AL : <>8< =07=0G5=8O< 24C<G82>.
  '  ' #+ / 

 E<C@K9 >A5==89 45=L O ?@8HQ; 2 >D8A ?>@0=LH5, GB>1K CA?5BL ?@83>B>28BL :C@A ;5G5=8O 1>;L=><C : =07=0G5==><C 2@5<5=8. @8 A;>25 �>D8A� C G8B0B5;O <>65B A;>68BLAO >1<0=G82>5 ?@54AB02;5=85 > AB@>3>< :07Q==>< CG@5645=88, 2 B> 2@5<O :0: MB> 1K;0 ?@8;8G=0O >4=>:><=0B=0O :20@B8@0 =0 ?5@2>< MB065 >4=>3> 87 ?5@2KE M;8B=KE 740=89 2 3>@>45 4;O :@C?=KE G8=>2=8:>2 8 187=5A<5=>2, A ?@>AB>@=K< D>95 8 :5@0<8:>9 =0 ?>;C, A ?0@:5B>< 2 :20@B8@0E, 8<?>@B=>9 A0=B5E=8:>9. @8 2J5745 2 =51>;LH>9 42>@   H;0310C<, B0: :0: C 2A5E 68;LF>2 4>@>385 <0H8=K. 0;> A;>6=>3> :>4>2>3> 70<:0 =0 2E>4=>9 425@8, B0: 5IQ :@C3;>ACB>G=> 456C@8B >E@0=0, A?@0H820O C :064>3> GC60:0, : :><C >= 84QB 8 70G5<. 56C@=K5 >B=>A8;8AL :> <=5 1;03>65;0B5;L=>, E>BO 8 7=0;8, GB> O 254C =53;0A=K9 ?@8Q<, 8 AB>8;> ?>A5B8B5;N =0720BL <>Q 8<O, :0: 53> A@07C =0?@02;O;8 :> <=5.  70 45=L >1KG=> ?@8E>48;8 =5 1>;LH5 G5BK@QE-?OB8 G5;>25: : >?@545;Q==><C G0AC, 70@0=55 4>3>20@820OAL ?> B5;5D>=C. K20;8, :>=5G=>, 8 =5G0O==K5 3>AB8, >A>15==> 87 4@C38E @>AA89A:8E 3>@>4>2, 8E B>65 ?@>?CA:0;8 15A?@5?OBAB25==>. >94O 2 >D8A, ;N48, ?@82KG=K5 : >D8F80;L=>9 AB@>3>AB8 ?@8ACBAB25==KE <5AB, ?>?040;8 2 68;CN, BQ?;CN 4><0H=NN >1AB0=>2:C A ?>4>1@0==K<8 ?>4 F25B >1>52 :>2@0<8 =0 ?>;C, A ;N1>?KBAB2>< @073;O4K20;8 C:@0H0NI85 AB5=K :0@B8=K ;CGH8E 10H:8@A:8E EC4>6=8:>2. 52>;L=> 70<54;O;8 H03 2>7;5 @O40 A>;84=KE :=86=KE H:0D>2 2 :>@84>@5 8 2 A0<>9 :><=0B5, 70AB02;5==KE ;CGH8<8 ?@>872545=8O<8 >B5G5AB25==>9 8 <8@>2>9 :;0AA8:8. @82;5:0;> 8E 2=8<0=85 8 ?80=8=> �@0A=K9 :BO1@L�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

 B0:>< 2845 8 70AB0;8 <5=O =5640==> =03@O=C2H85 87 !B5@;8B0<0:0 3>AB8, <C6 A 65=>9, >10 =0 284 <>;>602K5, A8<?0B8G=K5, 70AB5=G82K5. 5=I8=0 ?>AB028;0 =0 AB>; ?@83>B>2;5==K9 A2>8<8 @C:0<8 8 I54@> ?>;8BK9 <Q4>< G0:-G0:, :>@>1:C H>:>;04=KE :>=D5B 8 D@0=FC7A:89 :>=LO: A >A>1K<8 =0:;59:0<8, ?>4B25@640NI8<8 =0BC@0;L=>ABL =0?8B:0. �5 >B:07K209B5AL, MB> 20< :CABM=5G,   A:070;0 >=0.   >AB8=5F�. "0:>2 C6 C =0A =0F8>=0;L=K9 >1KG09   2 3>AB8 A ?CABK<8 @C:0<8 =5 E>4OB, E>BL :0:>9-=81C4L 3>AB8=5F ?@8=5ACB ?@8 ?5@2>9 2AB@5G5.

 <>59 B5B@04:5 ?>O28;0AL >G5@54=0O 70?8AL: �18 =>O1@O 1996 3. . 018@, 43 3. (65=0 0;8:0). ;0AB><0 ?@02>9 ?>G:8, AB. " 3 4, 3@. 2 4. 5B0AB07K 2 ?0@0>@B0;L=K5 ;8<D>C7;K. A;>6=5=8O: ?5@8>48G5A:0O <0:@>35<0BC@8O.  ?@02>9 ?>4@515@=>9 >1;0AB8 ?;>B=0O =5?>4286=0O >?CE>;L 157 GQB:8E 3@0=8F. ?CE>;L 136x86 <<. 0 ;52>9 ?>G:5 GCBL ?><5=LH5   109x72 <<. #25;8G5=K (A;>2> =5@071>@G82>5) ;8<D>C7;K   35 8 36 <<. 02;5=85 2 =>@<5. '0AB>5 <>G58A?CA:0=85. >;8 A?@020. !BC; =>@<0;L=K9. =20;84=>ABL 1 3@C??K. (>DQ@.  01>B05B, ;8G=K9 2>48B5;L 48@5:B>@0 D8@<K�.

0 ?5@2K9 :C@A =07=0G8; 5<C A CB@0 1>;83>;>2 A >4=>9 :0?;8 4> 4204F0B8. > 54K   >B20@ B@02K G5@=>1K;L=8:0 A G0ABLN 53> A5<O=: 27OBL AB>;>2CN ;>6:C =0 ?>;=K9 AB0:0= 2>4K, =0 A;01>< >3=5 ?>:8?OB8BL ?OBL <8=CB, G0A =0AB>OBL, ?@>F548BL. @8=8<0BL ?> >4=>9 B@5B8 AB0:0=0, :064K9 @07 :0?0O 2 >B20@ ?> A>@>: :0?5;L =0AB>9:8 ;5A?545FK. >A;5 54K   =0AB>9 B@02K ?>4<0@5==8:0 =0AB>OI53> 87 @0AGQB0 425 G09=K5 ;>6:8 B@02K =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0. @8=8<0BL ?> B@5B8 AB0:0=0, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C A>:0 >G8B:0 ?C@?C@=>3>. >4>640BL G0A 8 2K?8BL =0AB>9 B@02K E2>I0 ?>;52>3>, 2;820O 2 :064K5 B@5BL AB0:0=0 G09=CN ;>6:C =0AB>9:8 78<>;N1:8 7>=B8G=>9. 1JOA=8;, :0: =04> 45;0BL ?@8<>G:8 =0 >1;0ABL ?>G:8 87 =0AB>9:8 :>@=59 1>@F0 2KA>:>3>. 0 ?5@2K9 A;CG09 ?@8<>G:8 AB028BL >48= @07 ?> ?OBL <8=CB 2 B5G5=85 45AOB8 4=59. OBL 4=59 >B4>E=CBL 8 A=>20 ?>2B>@8BL.

 42CE @0AB5=8OE ?>:0 =5 3>2>@8;>AL 2 :=835   MB> ;5A?545F0 8 78<>;N1:0 7>=B8G=0O. 5A?545F0 :@09=5 @54:> C?><8=05BAO 2 ;8B5@0BC@5 > ;5:0@AB25==KE @0AB5=8OE.  <>59 181;8>B5G:5 =0:>?8;>AL 1>;LH5 AB0 :=83 > B@020E, 8 B>;L:> 2 >4=>9 87 =8E 40=K >G5=L A:C?K5 A2545=8O > =59 (�5:0@AB25==K5 @0AB5=8O. !0<0O ?>;=0O M=F8:;>?548O�, ., 2004).  A59G0A 8 =5 ?@8?><=N, 345 O G8B0; > =59 ?@5645, ?>B><C GB> 8A?>;L7CN 5Q >G5=L 402=> 8 2KA>:> F5=N. @8 @07=KE 701>;520=8OE ?>G5: 1>;L=K5 1C:20;L=> B@51>20;8 5Q 8, ?>;CG0O :C@A ;5G5=8O, A@07C A?@0H820;8: �>G5<C =0 MB>B @07 =5B ;5A?545FK? 57 =5Q B0:>5 >ICI5=85, 1C4B> 701K;8 ?>A>;8BL AC?�.  C?><O=CB>9 M=F8:;>?5488 3>2>@8BAO ;8HL > ;5A?545F5 42CEF25B=>9, @0ABCI59 2 >AB>G=>9 !818@8, N3>-2>AB>:5 <C@A:>9 >1;0AB8, .6=>< !0E0;8=5. 8ABLO 8 F25B:8 A>45@60B 7=0G8B5;L=>5 :>;8G5AB2> @07=KE D;02>=>84>2   87 =8E 2K45;5=K 28B5:A8=, :25@F5B8=, 87>:25@F8B@8=, :5<?D5@>;, ;5A?548=, 3><>>@85=B8=, >@85=B8=, A0?>=0-@5B8=, B@8D>;88.  ;8ABLOE =0945=K A0?>=8=K 8 0;:0;>84K.  >D8F80;L=>9 <548F8=5 A>740=> ;5:0@AB2> ;5A?5D0=   2>4=>A?8@B>2K9 @0AB2>@ >G8I5==>3> M:AB@0:B0 ;5A?545FK. = C<5=LH05B A>45@60=85 ?@>4C:B>2 07>B=>3> >1<5=0 2 :@>28, CA8;8205B :;C1>G:>2CN D8;LB@0F8N, ?@>O2;O5B ?@>B82>2>A?0;8B5;L=>5 459AB285. 3> ?@8<5=ONB 4065 ?@8 E@>=8G5A:>9 ?>G5G=>9 =54>AB0B>G=>AB8. =>340 O A>25B>20; 1>;L=K< 2>A?>;L7>20BLAO ;5A?5D0=><, => >=8 :0B53>@8G5A:8 ?@>B828;8AL, >B<5G0O, GB> <>O =0AB>9:0 >B;8G05BAO >B ;5A?5D0=0 :0: =51> >B 75<;8. ?>;=5 2>7<>6=>, ?>B><C GB> O ?>;L7>20;AO 4@C38< 284>< ;5A?545FK. =5 A:070;8 53> =0720=85 =0 ;0BK=8, => O =5 70?8A0; 8 B>BG0A 701K;.  27O; O =5A:>;L:> 4@03>F5==KE :CAB8:>2 C 4@C759 2 >B0=8G5A:>< A04C 8 2K@0I820; C A51O =0 40G=>< CG0AB:5, 15@56=> C:@K20O =0 78<C :>@=8 >B 2K<5@70=8O. 07K20; 5Q =0 A2>9 ;04 ;5A?5457>9, B0: <=5 1>;LH5 =@028;>AL. 56=K<8 >20;L=K<8 ;8AB>G:0<8 8 15;>-@>7>2K<8 F25B>G:0<8 A D8>;5B>2K< :>=G8:><, 2KACH82, =0?>;=O; B@5BL 10=:8 8 70;820; :0G5AB25==>9 2>4:>9 4>25@EC, =0AB0820O =5 <5=LH5 <5AOF0.

8<>;N1:C 7>=B8G=CN O A>18@0; 2 A>A=>2>< 1>@C, :>B>@K9 ?@8 A>25BA:>9 2;0AB8 1K; >1JO2;5= 70:07=8:>< ;5:0@AB25==KE @0AB5=89. = =0E>48;AO >G5=L 40;5:> >B 3>@>40, >B >682;Q==KE B@0AA, 8 <0;> :B> 7=0; > 53> ACI5AB2>20=88. "0< @>A;8 OB@KH=8:8, ;N1:0 42C;8AB=0O, 25=5@8= 10H<0G>: 8 4@C385 >@E84=K5 @54:>AB8, 70=5AQ==K5 2 @0A=CN :=83C. E O =5 B@>30;, 70B> >15A?5G820; A51O 70?0A0<8 >@B8;88   1>@>2>9 <0B:8, 3@CH0=:8 >4=>1>:>9, 78<>;N1:8 7>=B8G=>9 8 4@C38E F5==KE B@02. ;O A1>@0 78<>;N1:8 =04> 1K;> =01@0BLAO B5@?5=8O   @0AB5=85 =87:>5, A @>75B:>9 BQ<=>-75;Q=KE ;8ABL52 A 15;>-@>7>2K<8 F25B:0<8 =0 :>=F5 B>=:>3> AB51;O. &5;K9 45=L C94QB, ?>:0 A>15@QHL =51>;LHCN :>@78=C. E>4OI85 2 5Q A>AB02 B@8B5@?5=>84K, D5=>;K, D;02>=>84K 028:C;O@8=, :25@F5B8=, 48384@>:25@F5B8= 8 4@C385 A>548=5=8O >1;040NB A8;L=K< ?@>B82>2>A?0;8B5;L=K<, 0 2>7<>6=>, 8 ?@>B82>>?CE>;52K< 459AB285<, ;5G0B 65 78<>;N1:>9 @07;8G=K5 B2Q@4K5 >?CE>;8 (C 018@0 B2Q@40O >?CE>;L), 4065 @0: <>;>G=>9 65;57K 87;5G820NB. =>3> C =5Q ?>;57=KE AB>@>=, => 4;O <5=O 206=K< 1K;> 5Q ?@8<5=5=85 ?@8 E@>=8G5A:8E, BO6Q;KE 701>;520=8OE ?>G5:, >A>15==> 4;O >AB0=>2:8 :@>2>B5G5=8O 2> 2@5<O <0:@>35<0BC@88, 4;O 2K2545=8O 87 >@30=87<0 07>B8ABKE 8 E;>@8ABKE A>;59. # 018@0 A;53:0 702KH5= A0E0@ 2 :@>28, 0 78<>;N1:0 ?>=8605B 53>. 5 ?><5H05B 8 B>, GB> >=0 >1;0405B B>=878@CNI8< 459AB285<, A=8<05B CAB0;>ABL ?@8 G@57<5@=>< D878G5A:>< =0?@O65=88. 0AB>9:C O 3>B>28; 87 ?OB8 AB>;>2KE ;>65: ACE>9 87<5;LGQ==>9 B@02K =0 0,5 ; 2>4:8, =0AB0820; 425-B@8 =545;8.

>@5F ?>:0 40; 2 >A;01;5==>< 20@80=B5, =0AB>O2 B@8 4=O G09=CN ;>6:C :>@=59 2 AB0:0=5 2>4:8. ?CE>;8, :>=5G=>, >3@><=K5. 5A?@>AB0 40;8 B0:CN 3@C??C 8=20;84=>AB8.  A @01>BK 018@ =8:0: =5 E>G5B CE>48BL. 3> 70@?;0B0 4;O A5<L8 =5 ;8H=OO, 4065 A CGQB>< 8=20;84=>9 ?5=A88. >GL ?>4@0AB05B. 5=0 2 0@B5;8 HLQB >1C2L, 70@01>B>: =5?;>E>9, => >=0 >4=0 2AN A5<LN ?>BO=CBL =5 A<>3;0 1K.  C 018@0 E>7O8= 87 402=8E H:>;L=KE 4@C759, 4>1@K9, >B7K2G82K9. AQ ?>=8<05B, 2>B 8 ?>4:84K205B :064K9 <5AOF E>@>HCN ?@5<8N.

B>@>9 :><?;5:A O CA;>6=8;. >A;5 1>;83>;>20 =07=0G8; 4> 54K =0AB>9 7>;>B>9 @>738 87 @0AGQB0 AB>;>20O ;>6:0 B@02K =0 AB0:0= :8?OB:0. 0AB0820BL 420-B@8 G0A0. @8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, B0: 65 A A>@>:0 :0?;O<8 =0AB>9:8 ;5A?5457K. > 2@5<O 54K ?@8=8<0BL ?> B@8 AB>;>2K5 ;>6:8 =0AB>O :=O68:0 A818@A:>3>, 3>B>2O 53> 87 >4=>9 G09=>9 ;>6:8 B@02K 2 ?>;>28=5 AB0:0=0 :8?OB:0. >A;5 54K ?8BL =0AB>9 ACE>9 B@02K G5@=>1K;L=8:0 ?> >4=>9 B@5B8 AB0:0=0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@>872>;L=>, => A ?>;CG0A>2K<8 ?5@5@K20<8 B@8 @070 2 45=L ?@8=8<0BL ?> 425 AB>;>2K5 ;>6:8 =0AB>9 >G8B:0 ?C@?C@=>3>, 7020@820O G09=CN ;>6:C B@02K 2 ?>;>28=5 AB0:0=0 :8?OB:0, 8 ?> 425 AB>;>2K5 ;>6:8 >B20@0 B@02K 8 F25B:>2 :C1KH:8 6Q;B>9, 7020@820O >4=C G09=CN ;>6:C ?>;>28=>9 AB0:0=0 :8?OB:0. 0@8BL =0 :8?OI59 2>4O=>9 10=5 4204F0BL <8=CB, G5@57 ?>;G0A0 ?@>F548BL.

018@ 2A5 ;5:0@AB20 ?@8=8<0; 8A?@02=>, E>BO 2 ?5@2K5 4=8 ?CB0;AO, 8 0;8:0, 27O2 =0 =545;N >B?CA: 157 A>45@60=8O, A0<0 =0AB0820;0 B@02K, AB@>3> A;54>20;0 ?>@O4:C 8E =07=0G5=8O. =0 CE06820;0 70 <C65<, :0: 70 <0;5=L:8< @51Q=:><, 8 GC2AB2>20;>AL, GB> >= 8710;>20= 5Q 2=8<0=85<. =8 ?@54AB02;O;8 A>1>9 @54:CN AG0AB;82CN ?0@C, :>340 <C6 8 65=0 157@0745;L=> A2O70=K <564C A>1>9 =56=K<, B@>30B5;L=K< >B=>H5=85< 4@C3 : 4@C3C =5 =0?>:07, 157 2AO:>3> ANAN:0=LO, 0 A;8BK 2 548=>5 F5;>5. / ?@8HQ; : MB><C 2K2>4C =5 B>;L:> ?>A;5 2?5G0B;5=8O >B ?5@2>9 2AB@5G8, => 8 =01;N40O 70 =8<8 =0 ?@>BO65=88 =5A:>;L:8E ;5B. !:06C A@07C, GB> 27O;8 >=8 C <5=O 39 (!) ?>;=KE <5AOG=KE :C@A>2, =5 AG8B0O 1>;55 ?>74=8E, 4>?>;=8B5;L=KE =51>;LH8E 4>102>:   B0:, =0 2AO:89 A;CG09, 4;O ?@>D8;0:B8:8.  07C<55BAO, 2>A?@>8725AB8 745AL 25AL MB>B <=>3>;5B=89 :><?;5:A =5 ?@54AB02;O5BAO 2>7<>6=K<, E>BL A048AL 8 ?8H8 >B45;L=CN :=83C. > =0 =5:>B>@KE 206=KE <><5=B0E O 2AQ-B0:8 >AB0=>2;NAL.

5@=Q<AO : =0G0;C. > 2B>@>9 :C@A O 2:;NG8; :C1KH:C 6Q;BCN 8 7>;>BCN @>73C. 10 @0AB5=8O =5 O2;ONBAO @54:>ABLN 8 7=0:><K <=>38<. C1KH:0 6Q;B0O 2AN4C C:@0H05B ?@C4K 8 >75@0, B8E85 <5;:>2>4=K5 702>48 @5:.  =0@>45 8A?>;L7CNB 2A5 G0AB8 @0AB5=8O   :>@=8, ;8ABLO, F25BK 8 ?;>4K. @8<5=ONB 8E ?@8 3>;>2=>9 1>;8, 701>;520=8OE 65;C4:0 8 :8H5G=8:0, @0AAB@>9AB20E ?>;>2>9 AD5@K, :>6=KE 1>;57=OE, ;8E>@04:5, :@>2>B5G5=8OE, BC15@:C;Q75 ;Q3:8E. B20@>< :>@=59 =0 ?825 <>NB 3>;>2C 4;O @>AB0 2>;>A. 'B>1K 4>1KBL :>@=8, ?@8E>48BAO 87@O4=> ?>B@C48BLAO: =04> =K@=CBL 2 2>4C A >AB@K< =>6>< 8 >1@570BL <=>3>G8A;5==K5, 2@>AH85 2 8;8AB>5 4=> <5;:85 15;K5 :>@5H:8, C45@6820NI85 B>;AB>5 <OA8AB>5 :>@=528I5, 4>AB830NI55 G5BK@QE <5B@>2 2 4;8=C. 3> =5 >B>@20BL >B 4=0 4065 A0<K< A8;L=K< @K2:><, 5A;8 =K@=QHL 157 =>60. # :>@=528I0 O >1=0@C68; C4828B5;L=>5 A2>9AB2>. !>@>: ;5B =0704 <K A A5<L59 ?5@51@0;8AL 2 E@CIQ2A:CN ?OB8MB06:C. , :0: A@07C 2KOA=8;>AL, 3;02=K<8 68;LF0<8 2 =59 1K;8 B0@0:0=K. 8:0:0O >B@020 =5 1@0;0 8E, A:>;L:> 8725;8 A?5F80;L=KE :8B09A:8E �:0@0=40H59�! ">;L:> 274>E=Q< >1;53GQ==>, 8710282H8AL >B CA0B>9 =5G8AB8, :0: 2A:>@5 =0 :CE=5 A=>20 E>7O9=8G0NB >=8.  ;5B>< <=5 ?>=04>18;8AL :>@=8 :C1KH:8. / ?>@570; 8E =0 :CA>G:8, =0=870; =0 B>=:CN =59;>=>2CN =8BL, :0: 3@81K, 8 ?>25A8; =0 :CE=5 ACH8BL. !;CG09=> >1@0B8; 2=8<0=85 =0 B>, GB> 2 :20@B8@5 =5 >AB0;>AL =8 >4=>3> B0@0:0=0.  1>;LH5 =8:>340 =5 ?>O2;O;8AL. =>340 ?> =0@C6=>9 AB5=5 4><0 ?KB0;8AL ?@>?>;7B8 87 A>A54=59 :20@B8@K : =0<   >4=064K, ?>74=> 25G5@>< ?@8 ;C==>< A25B5, <K A 65=>9 C482;Q==> =01;N40;8 A 10;:>=0 70 H5AB285< F5;>9 >@4K B0@0:0=>2, >=8 GQB:> 2K45;O;8AL =0 D>=5 A25B;>3> A8;8:0B=>3> :8@?8G0, >4=0:> ?5@54>2K5 >B@O4K 2=570?=> >AB0=>28;8AL 2 <5B@5 >B ?>4>:>==8:0, 70<5@;8, :0: ?> :><0=45, 8 1KAB@> ?>25@=C;8 2=87, 871@02 A515 4@C3>9 ?CBL, : >B:@KBK< >:=0< :20@B8@K, @0A?>;>65==>9 ?>4 =0<8.  :C1KH:0 =0 MB>B @07 ?>=04>18;0AL <=5 4;O ;5G5=8O 018@0. !<5AL E;>@8AB>2>4>@>4=KE A>;59 0;:0;>84>2 :C1KH:8 >1;0405B ?@8 ;5G5=88 701>;520=89 ?>G5: 0=B818>B8G5A:8< A2>9AB2><. @>B82><8:-@>1=K9 8 ?@

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

 B@5BL5< :C@A5 ?@54;>68; ?@>4>;68BL 1>;83>;>2. > 54K 25@=CBLAO : ?>4<0@5==8:C =0AB>OI5<C 2 B>< 65 20@80=B5, => =0 MB>B @07 2 :064CN ?>@F8N 2;820BL ?> G09=>9 ;>6:5 A>:0 B@02K 2>;>4CH:8. >A;5 54K 2K?8BL ?> ?>;AB0:0=0 =0AB>O 1C4@K ?;NI5284=>9 B@8 @070 2 45=L. ;O ?@83>B>2;5=8O =0AB>O B@8 G09=K5 ;>6:8 ACE>9 B@02K 70;8BL ?>;CB>@0 AB0:0=0<8 :8?OB:0, 70:@KBL :@KH:>9, ?@>F548BL G5@57 420 G0A0. '5@57 G0A ?>A;5 1C4@K ?@8=OBL >B20@ :>@=59 E<5;O A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 F25B>2 E<5;O.  ?5@2>9 ?>;>28=5 4=O 2K1@0BL 2@5<O 8 420 @070 ?@8=OBL =0 2>45 =0AB>9:C ;52758   <0@0;L53> :>@=O ?> 4204F0BL-B@84F0BL :0?5;L (4>7C A515 ?>4>1@0BL 8=48284C0;L=>). @>4>;68BL ?@8<>G:8 A =0AB>9:>9 :>@=59 1>@F0 2KA>:>3> (=0 MB>B @07 2 =>@<0;L=>9 :>=F5=B@0F88, B> 5ABL ?>;=CN AB>;>2CN ;>6:C =0 1CBK;:C 2>4:8).

 A0<>< =0G0;5 ;5G5=8O, ?@8<5@=> 2 A5@548=5 :C@A0, 018@ 8A?KB0; GC2AB28B5;L=>5 >1>AB@5=85, :>340 8 1>;8 CA8;8;8AL, 40 8 2> 2AQ< >@30=87<5 >ICI0;AO 48A10;0=A. / 53> 70@0=55 ?@54C?@548;, GB> B0:>5 <>65B A;CG8BLAO 8 1>OBLAO =5 A;54C5B: >@30=87< @5038@C5B =0 2B>@65=85 ;5:0@AB2 8 040?B0F8O : =8< =0ABC?8B A:>@>, B>340 8 A0<>GC2AB285 =0G=QB C;CGH0BLAO.  MB> E>@>H89 ?@87=0:, 7=0G8B, 40;L=59H55 ;5G5=85 ?>94QB =0 ?>;L7C. A;8 >1>AB@5=85 ?@>4>;605BAO 4;8B5;L=>5 2@5<O, 7=0G8B, =5>1E>48<> 2 :>@=5 <5=OBL ;5G5=85, ?>4KA:820O 4@C385 A@54AB20. > O 1K; C25@5=, GB> A;54CNI89 :C@A 1C45B 2>A?@8=OB A E>@>H8< =0AB@>5=85<. 018@ ?@87=0;AO, GB> B5?5@L 5<C 1C4B> G53>-B> =5 E20B05B, 5A;8 24@C3 87 ?>A;54>20B5;L=>9 F5?>G:8 ;5G5=8O ?> 701K2G82>AB8 2K?0405B E>BL >4=> 725=>. >MB><C B5@<>A A B@02O=K<8 =0AB>O<8 8 D;0:>=K A =0AB>9:0<8 >= 8=>340 1@0; A A>1>9, 5A;8 ?@8E>48;>AL 7045@6820BLAO =0 @01>B5. �/ 7=0N, GB> >68405B <5=O 2?5@548,   B8E>, A?>:>9=> A:070; >= ?@8 >G5@54=>9 2AB@5G5, :>340 0;8:0 2 AB>@>=:5 A:;04K20;0 2 AC<:C ;5:0@AB20, HC@H0 3075B0<8,   702>@0G820;0 2 =8E 1CBK;:8, GB>1K =5 ?>18;8AL 2 4>@>35, 8 =5 <>3;0 A;KH0BL =0A.   5 A:@>N, 4065 2>7=8:0;0 <KA;L A@07C, A0<><C ?>AB028BL B>G:C, GB>1K =5 1KBL 2 A5<L5 ?@8G8=>9 15A:>=5G=KE ?5@56820=89 8 ?>AB>O==>9 B@52>38 ?@8 2845 <>8E AB@040=89, :>340 O AB>=0; 8 >E0; =5 2 A8;0E A45@60BL ?@8ABC? >AB@>9 1>;8. >GL 70:0=G820;0 CG8;8I5, 8 O <>3 A>@20BL 59 CGQ1C.   018@, 3;O4O <=5 ?@O<> 2 3;070, :0: 1K >6840O CA;KH0BL <>Q @5H5=85, A?@>A8;:   !:068B5 ?@O<>, 8<55BAO ;8 C <5=O H0=A ?@>45@60BLAO 4> >A5=8? 0 023CAB =0<5G5=0 A204L10 4>G5@8. 5 A>@2C O 5Q, CAB@>82 2<5AB> B>@65AB20 B@0C@? =5 B0: E>B5;>AL 1K ?>A845BL 70 A20451=K< AB>;><, ?>65;0BL 4>G5@8 AG0ABLO, 0 ?>A;5 8 ?><5@5BL =5 60;:>. 'B> A:065B5?� >?@>A ?@>72CG0; B0:, 1C4B> <>9 >B25B 4>;65= 1K; AB0BL @5H0NI8<   40 8;8 =5B.  O C25@5==>, 157 B5=8 A><=5=8O, A:070;: �0, 2K A?>:>9=> <>65B5 3>B>28BLAO : A204L15 4>G5@8. 8G53> =5 8<5N ?@>B82, 5A;8, ?>74@0282 <>;>4KE, ?@8<5B5 1>:0; H0<?0=A:>3>. 0304K20BL =0?5@Q4 =5 1C45<, => 2?>;=5 2>7<>6=>, GB> : >A5=

/ ?@>A8; 018@0 E>BO 1K @07 2 <5AOF 45;0BL 0=0;87K :@>28, <>G8. >:0 ?>2KH5==K< >AB020;>AL !-   16.  25@E=8< 3@0=8F0< H03=C; 35<>3;>18=. 5;L7O 1K;> 4>?CAB8BL A3CI5=8O :@>28. >2KH5=K ;59:>F8BK   8,0, M@8B@>F8BK   5,12. ?@>G5<, ?>:070B5;8 :@>28 8 <>G8 C;CGH8;8AL 8 ?>:0 =5 2K7K20;8 B@52>38.  ?5@2CN >G5@54L =04> 1K;> ?@825AB8 2 ?>@O4>: C25;8G5==K5 ;8<D0B8G5A:85 C7;K. >MB><C 2 G5B2Q@BK9 :C@A O 2:;NG8; G8AB5F ;5A=>9   ?>;>28=C G09=>9 ;>6:8 B@02K =0AB>OBL >48= G0A 2 AB0:0=5 :8?OB:0. @8=8<0BL B@8 @070 2 45=L ?> G5B25@B8 AB0:0=0, 70?820O =0AB>5< =5?>;=CN G09=CN ;>6:C ?>@>H:0 87 :>@=O >4C20=G8:0. ;O ?>;CG5=8O ?>@>H:0 O ?>;L7>20;AO :>D5<>;:>9, ;><0; =0 :CA>G:8 ACE85 :>@=8 8 <>;>; 420 @070   E20B0;> :0: @07 =0 >48= 45=L. @8=8<0BL 70 4204F0BL <8=CB 4> 54K (2A:>@5 ?>A;5 1>;83>;>20). > 2@5<O 54K, B>65 B@8 @070 2 45=L, 2K?8BL ?> 425 AB>;>2K5 ;>6:8 >B20@0 :>@=59 :C1KH:8, ?@83>B>2;5==>3> B0:: >4=C G09=CN ;>6:C 87<5;LGQ==>3> :>@=O 70;8BL ?>;>28=>9 AB0:0=0 :8?OB:0, ?0@8BL =0 2>4O=>9 10=5 4204F0BL <8=CB, G0A =0AB>OBL. 5:>B>@>5 2@5<O A?CABO ?>A;5 54K ?8BL >B20@ 682>:>AB8 ?>;52>9 ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L (7020@820BL =5?>;=CN, 157 25@E0, AB>;>2CN ;>6:C B@02K AB0:0=>< :8?OB:0, ?0@8BL =0 2>4O=>9 10=5 ?OB=04F0BL <8=CB, G5@57 G0A ?@>F548BL).  ?@8=8<05<CN 4>7C 2;820BL G09=CN ;>6:C ?@>B82>>?CE>;52>3> ?>G5G=>3> 10;L70<0, A>AB02;5==>3> 87 =0AB>5: :>@=59 4O38;O, ?>G5: GQ@=>3> B>?>;O, B@02K E2>I0, F25B>2 :0;5=4C;K, ;8ABL52 :@0?82K   2A5E ?> 100 <;.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL ?> >4=>9 G09=>9 ;>6:5 =0AB>9:8 :>@=O 452OA8;0 =0 @N<:C 2>4K.

0B5< ?>A;54>20; ?OBK9 :C@A, ?>;=>ABLN ?>2B>@82H89 A2>8< A>AB02>< B@5B89.  =5<C O 4>1028; ;8HL ?@>B82>>?CE>;52K9 10;L70<, 2;8205<K9 ?> G09=>9 ;>6:5 2 =0AB>9 1C4@K.  MB>B 10;L70< 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 100 <; :>@K 10@10@8A0, 100 <; B@02K D80;:8 B@QEF25B=>9, ?> 50 <; =0AB>5: :>@=O ;>?CE0, <0@L8=>3> :>@=O, ?> 25 <; B@02K 8 :>@=O 1@8>=88   ?5@5ABC?=O 15;>3>, :>@=O <>;>G0O 1>;>B=>3>.

� MB>B @07 ;5A?5457K =5 1C45B, 40?�   >15A?>:>5==> A?@>A8;0 0;8:0. �018@C >B =5Q ;CGH5?�   >B25B8; O 2>?@>A>< =0 2>?@>A. �= 3>B>2 ?@8=8<0BL 5Q ?>AB>O==>,   A:070;0 0;8:0.   / 5Q, 3>2>@8B, ?>->A>15==><C, =5 B5;><, 0 4CH>N 2>A?@8=8<0N. >E>65, :0:CN-B> ?>B@51=>ABL 2 =59 8A?KBK205B�. / 5Q CA?>:>8;: �1O70B5;L=> 40< ;5A?5457C. / 2:;NGC 5Q 2 A;54CNI89 :C@A�. @8 @073>2>@5 018@ =5 ?@8ACBAB2>20;, 2KH5; =0 C;8FC : <0H8=5, 701K; 2 =59 AC<:C. �@0G B8E>=L:> ?@54C?@548; <5=O, GB>1K O 70@0=55 1K;0 3>B>20 : 53> CE>4C: 254L >?CE>;8 =0@0AB0;8 1KAB@>, 8 ?>G:8 <>3;8 >B:070BL 2 ;N1>9 <><5=B,   0;8:0 ?5@5H;0 =0 B8E89 3>@OG89 HQ?>B, AB0@0OAL A?@028BLAO A 1CHCNI59 2=CB@8 1C@59 GC2AB2.   @0G B>;L:> 3>;>2>9 ?>:0G0;, C7=02, GB> <K =0G0;8 ;5G8BLAO B@020<8. !:070;: =0?@0A=0O B@0B0 45=53.  <K 3>B>2K ;5G8BLAO 8 3>4, 8 420. 8HL 1K 2K =5 >B:070;8 =0<. K 254L =5 1@>A8B5 =0A?�

 H5AB>9 :C@A O, :0: >15I0;, 2:;NG8; ;5A?5457C.  25A=5 5Q 70?0AK ?>GB8 70:>=G8;8AL, 8 2AQ, GB> >AB0;>AL, O 45@60; B>;L:> 4;O 018@0. 0: 8 2> 2B>@>< :C@A5, =04> 1K;> :0?0BL ?> A>@>: :0?5;L ;5A?5457K 2 B0:>9 65 =0AB>9 B@02K 7>;>B>9 @>738, 0 2 ?@>F5AA5 54K ?@8=8<0BL ?> G5B25@B8 AB0:0=0 =0AB>O :=O68:0. 8HL ?>A;5 54K G5@=>1K;L=8: 70<5=8; G8AB>B5;><, ?> A2>5<C >1KG=><C @5F5?BC >4=>2@5<5==> A A>:>< A25659 B@02K G8AB>B5;0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =07=0G8; B0: 65 G5B25@BL AB0:0=0 =0AB>O >G8B:0 8 ?> 425 AB>;>2K5 ;>6:8 =0AB>O :>@=O :C1KH:8 6Q;B>9.

! 25A=K 4> >A5=8 O F5;5=0?@02;5==> A>18@0; 2A5 =5>1E>48<K5 4;O 018@0 B@02K. 065 E@0=8; 8E >B45;L=>, @0AAG8B02 ?@8<5@=>5 :>;8G5AB2>, =5>1E>48<>5 4> A;54CNI53> ;5B0. 5G5=85 ?>G5:, B5< 1>;55 ?>@06Q==KE 7;>:0G5AB25==K<8 >?CE>;O<8, 45;> 4;8B5;L=>5, 8, 5AB5AB25==>, :@C3 @0AB5=89 70<5B=> @0AH8@8;AO. =8 <=5 B@51>20;8AL =5 B>;L:> 4;O 8AF5;5=8O >B45;L=>3> >@30=0, 0 F5;8:>< 4;O 2A53> >@30=87<0.  B>;L:> ?@8 A>1;N45=88 MB>3> CA;>28O <>6=> 1K;> 42830BLAO 2?5@Q4.

@>HQ; 3>4. 018@ ?@85E0; 2 #DC =0 >A<>B@ 2  5A?C1;8:0=A:89 >=:>;>38G5A:89 F5=B@. @0G8 C@>;>38G5A:>3> >B45;5=8O =5 25@8;8 3;070<, A<>B@5;8 =0 =53>, :0: =0 2KE>4F0 A B>3> A25B0. @>25;8 2A5AB>@>==89 BI0B5;L=K9 >A<>B@. #4828;8AL B><C, GB> =0 ;52>9 ?>G:5 >?CE>;L 8AG57;0, 0 =0 ?@02>9 242>5 C<5=LH8;0AL 2 @07<5@0E. 5 >AB0;>AL A;540 >B <5B0AB07>2 2 ;8<D0B8G5A:85 C7;K. #7=02, GB> >= ;5G8;AO C <5=O, >=8 ?>A>25B>20;8 =8 2 :>5< A;CG05 =5 ?@5@K20BL ;5G5=8O. ! 8=20;84=>AB8 A=8<0BL =5 AB0;8, B0: 8 >AB028;8 ?5@2CN, 7=0O 87 >?KB0, GB> A @0:>< HCB:8 ?;>E8 8 @5<8AA8O <>65B >:070BLAO 2@5<5==>9.

AQ MB> ?@>8AE>48;> =0:0=C=5 2AB@5G8 >2>3> 1998 3>40. 5>6840==K< AN@?@87>< 4;O <5=O O28;0AL 2>AB>@65==0O ?>74@028B5;L=0O >B:@KB:0 >B 8725AB=>3>, >?KB=59H53> C@>;>30 5@<0=0 0A8;L528G0 >@6028=0. = @01>B0; 2  5A?C1;8:0=A:>9 :;8=8G5A:>9 1>;L=8F5 8<. C20B>20, 70254>20; :C@A>< C@>;>388 2 =0H5< <548=AB8BCB5 8 ?5@2K< >1=0@C68; C ?>ABC?82H53> 2 53> >B45;5=85 ?0F85=B0 018@0 . @0: ?>G5:. ! >@6028=K< C =0A 1K;> ;8HL =5A:>;L:> A;CG09=KE 2AB@5G, 4> MB>3> >= 7=0; >1> <=5 87 @073>2>@>2 1>;L=KE 8, :0: AB@0AB=K9 ;N18B5;L ?@8@>4K, 2KA>:> F5=8; :=83C �!;>2> > @5:0E, >7Q@0E 8 B@020E�.  BC <0;5=L:CN >B:@KB:C 2<5AB8;>AL AB>;L:> 2>72KH5==KE A;>2, GB> O =5 >A<5;820NAL >1=0@>4>20BL 8E 745AL, AG8B0O, GB> 2 ?@>F5AA5 ?8AL<0 >@6028= 2>AB>@65==> 3>2>@8; > :><-B> 4@C3><, 0 =5 >1> <=5, ?CA:09 2 :0:>9-B> AB5?5=8 8725AB=><, => 2AQ-B0:8 7=0NI5< A2>Q <5AB> =0 A>F80;L=>9 ;5AB=8F5 ?8A0B5;5 8 B@02=8:5. > =5 A:@>N, 53> ?@87=0=85 4>1028;> <=5 AB>;L:> M=BC7807<0, GB> O 5IQ B@51>20B5;L=55 =0G0; >B=>A8BLAO : A2>59 @01>B5.

@>B82>>?CE>;52KE @0AB5=89 4;O ?>G5: =5 B0: C6 <=>3>. >;LH8=AB2> 87 =8E 2>H;8 2 ?5@2K5 H5ABL :C@A>2 8 ?@>4>;60;8 ?@8<5=OBLAO 40;LH5 2 >?@545;Q==>9 >G5@Q4=>AB8.  =8< ?@81028;8AL =>2K5 <>8 ;5:0@AB20.  <05 ?>O28;AO C 018@0 A25689 A>A=>2K9 <Q4, A<5H0==K9 A =0AB>9:>9 F25B:>2 A>A=K   4;O 4;8B5;L=>3> 8A?>;L7>20=8O. = B5?5@L ?@8ACBAB2>20; ?>GB8 2 :064>< ;5G51=>< :C@A5: ?> AB>;>2>9 ;>6:5 2A:>@5 ?>A;5 1>;83>;>20, >48= @07 2 45=L 4> 702B@0:0.

 A0<CN ?5@2CN 2>;=C F25B5=8O O 27O; >4C20=G8: A ;8ABLO<8 8 :>@=O<8. @5<O >B 2@5<5=8 2:;NG0; 2 ;5G5=85 G09=CN ;>6:C ?>@>H:0 :>@=59 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, B@8 @070 2 45=L, @5:><5=4CO 70?820BL =0AB>5< ;8ABL52 >4C20=G8:0. B=>H5=85 : MB><C 25745ACI5<C A>@=O:C A;>68;>AL 2 1KBC, O 1K A:070;, ;53:><KA;5==>5, 70=865==>5 2 >B=>H5=88 ;5G51=KE A2>9AB2.  A8<D>=8G5A:>< >@:5AB@5 B@02 5<C =8:>340 =5 >B25;8 1K @>;L ?5@2>9 A:@8?:8. 0, ?@8<5=ONB 53> ?@8 45AOB:0E @07=KE 701>;520=89, => 2 >A=>2=>< 4;O =0B8@0=89 ?@8 @52<0B87<5, C;CGH5=8O >1I53> >1<5=0 25I5AB2, 0??5B8B0, CA8;5=8O ;0:B0F88 C :>@<OI8E <0B5@59, C40;5=8O <>7>;59 8 1>@>402>:. > 5A;8 273;O=CBL =0 1>30B59H89 E8<8G5A:89 A>AB02 >4C20=G8:0, 5IQ =5 4> :>=F0 87CG5==>3>, >B:@K20NBAO ?5@54 =8< A>2A5< 4@C385 ?5@A?5:B82K. =, 2=5 2AO:>3> A><=5=8O, >1;0405B 2>7<>6=>ABLN ?>402;OBL @>AB @0:>2KE :;5B>:. 57 =53> O =5 >1E>6CAL ?@8 2>A?0;5=88 ;8<D0B8G5A:8E C7;>2. / C1548;AO 2 53> =5>1E>48<>AB8 ?@8 :0E5:A88   @57:>< ?>EC40=88 >=:>;>38G5A:8E 1>;L=KE. C4@0O ?@8@>40 @0A?>@O48;0AL B0:, GB> 6<CBAO ?>1;865 : G5;>25G5A:><C 68;LN, :@><5 >4C20=G8:0, A0<K5 =5>1E>48<K5 ;5:0@AB20 2 >1;8:5 A>@=O:>2, B0:85 :0: ;>?CE, ?>4>@>6=8:, :@0?820, :;525@, ?0ABCHLO AC<:0, <0BL-8-<0G5E0, G5@=>1K;L=8:, A?>@KH, G8AB>B5;, ;51540. 5 @048 :@0A=>3> A;>2F0 2 2>AB>G=>9 ?>3>2>@:5 3>2>@8BAO: �5:0@AB2>, F5=>N 2 BKAOGC 7>;>BKE <>=5B, @0ABQB C ?;5B=O�.

5A:>;L:> @07 O 2:;NG0; 2 :><?;5:AK 8 A?>@KH   3>@5F ?B8G89, 2 45BAB25 <K 53> =07K20;8 3CA8=>9 B@02>9. @8OB=> =0 =59 20;OBLAO, 1530BL 1>A8:><, => =09B8 B0:>5 <5AB>, 345 1K 5Q =5 B>?B0;8 8 >AB020;0AL 1K >=0 G8AB>9, =58AE>65==>9, ?>GB8 =52>7<>6=>. =5 A;CG09=> C40;>AL >1=0@C68BL 5Q 240;8 >B 3>@>4>2 8 45@525=L =0 ACI5AB2>202H59 :>340-B> ?@>AQ;>G=>9 4>@>35, 254CI59 G5@57 ;5A : 402=> 8AG57=C2H5<C ECB>@C. K2H89 ?@>AQ;>: 5420 C304K20;AO 2 70@>A;OE <>;>4>3> >@5H=8:0, >= 8 A>E@0=8; 24>;L :>;58 A2>N 25G=CN A?CB=8FC   3CA8=CN B@02:C. @8E>48;>AL 5748BL 70 =59 70 B@8452OBL 75<5;L. 1KG=> 5Q 8A?>;L7CNB ?@8 :@>2>B5G5=8OE 8 >A>15==> 4;O 87102;5=8O >B :0<=59 2 ?>G:0E 8 <>G52>< ?C7K@5. 1;0405B >=0 8 >1571>;820NI8<, ?@>B82>2>A?0;8B5;L=K< 459AB285<. "@020 8 :>@=8 A?>@KH0 2A5340 1K;8 ?>4<>3>9 >A=>2=K< ;5:0@AB20<, :0: 1K ?@54AB02;OO A>1>9 BC A0<CN <KH:C, 157 :>B>@>9 454 2 8725AB=>9 A:07:5 =5 A<>3 1K 2KB0I8BL @5?:C.  5F5?B ?@>AB>9: AB>;>2CN ;>6:C B@02K A :>@=O<8 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. 8BL ?> ?>;>28=5 AB0:0=0 420 @070 2 45=L ?>A;5 54K. C@A   G5BK@5 =545;8.

@8H;>AL =0AB@>8BLAO 8 =0 >G5=L =C4=CN @01>BC   703>B>2:C ;5?5AB:>2 20A8;L:0 ;C3>2>3>. 0 @0A:848ABKE B>=:8E AB51;OE 8=>9 @07 =015@QBAO 4> 45AOB:0 =56=KE O@:>-A8=8E F25B:>2, 40 2>B 1540   @0ABQB 20A8;Q: HBCG=>, 3CABK5 :C@B8=K G@572KG09=> @54:8. 0<05HLAO 70 45=L, >1@K20O =56=K5 ;5?5AB:8 15@56=>, AB0@0OAL =5 ?><OBL, 0 2 8B>35 5420 703>B>28HL ?>;:>@78=K. !CH8; 8E 2 ?>;C<@0:5 ?>4 :@KH59 A0@0O, @0AAK?0O =0 G8AB>9 1C<035 B>=:8< A;>5< B0:, GB>1K =5 A;8?;8AL. >MB><C ;5?5AB:8 20A8;L:0 A>E@0=O;8 A2>9 5AB5AB25==K9 O@:>-A8=89 F25B, 8=0G5, ?CA:09 4065 2 B5=8, => 5A;8 ?0405B =0 =8E 4=52=>9 A25B, >=8 AB0=>28;8AL 15;QAK<8. / >G5=L F5=8; 20A8;Q: ?@8 ;5G5=88 ;N1KE 701>;520=89 ?>G5:. ;O ?@83>B>2;5=8O =0AB>O =04> >4=C G09=CN ;>6:C ;5?5AB:>2 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL. @8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L. C@A   =5 1>;LH5 >4=>3> <5AOF0. >A;5 ?5@5@K20 ?>2B>@8BL 2 ?>A;54CNI8E =07=0G5=8OE.

5 <5=55 B@C4>Q<:>9 1K;0 >E>B0 70 ;8:>?>485<   A?>@0<8 ?;0C=0 1C;02>284=>3>. / 4>6840;AO :>=F0 8N;O 8 ;>28; <><5=B, :>340 ?>E>685 =0 :>;>A:8 AB@>18;K =0 4;8==>9 ?;5B8 75;Q=>3> AB51;O ?;0C=0 =0G8=0NB 65;B5BL 8 2 A>7@52H8E A?>@0=38OE 2>B-2>B 4>;6=K >B:@KBLAO I5;8 4;O @0A?K;5=8O A?>@. !@570O :>;>A:8, A:;04K20; 8E 2 ?;>B=K5 1C<06=K5 ?0:5BK, 70B5< ?@8=8<0;AO 2KAK?0BL 87 =8E A?>@K. 03>B02;820; >1KG=> 425, 0 8=>340 4065 B@8 ;8B@>2K5 10=:8 ;8:>?>48O, =0 1>;LH55 =5 ?@8E>48;>AL @0AAG8BK20BL   @01>B0 >B=8<0;0 <0AAC 2@5<5=8. >340-B> ;8:>?>489 <>6=> 1K;> ?@8>1@5AB8 2 0?B5:0E, >= AG8B0;AO 8450;L=>9 45BA:>9 ?@8AK?:>9, => O C65 B>340, 2 A5@548=5 ?@>H;>3> 25:0, 8A?>;L7>20; A?>@K ?@8 701>;520=8OE ?>G5: 8 ?5G5=8.  5F5?B 8A?>;L7>20; A0<K9 ?@>AB>9: >4=C G09=CN ;>6:C A?>@ 2AK?0BL 2 AB0:0= E>;>4=>9 2>4K, =0AB>OBL 2>A5<L G0A>2 (2AN =>GL), ?@8=8<0BL 2<5AB5 A> A?>@0<8 ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L <564C ?@8Q<0<8 ?8I8. A5340 C482;O;AO B><C, GB> A?>@K =5 =0<>:0NB 2 2>45, =5 B>=CB, ?;020NB =0 ?>25@E=>AB8, =5 @0AB2>@ONBAO, =5 @0720@820NBAO, A:>;L:> 1K 8E =8 :8?OB8;8.  GQ< 65 8E ;5G51=>5 459AB285, 5A;8 >=8 =5 ?>440NBAO ;N1>9 >1@01>B:5?  ?85;8BK 8 ?85;>=5D@8BK B5< =5 <5=55 87;5G820;8AL >1KG=K< E>;>4=K< =0AB>5<.  ?@8 7;>:0G5AB25==>9 >?CE>;8 ?>G5: >=8 ?@>O2;O;8, 2>7<>6=>, =5 B>;L:> 1>;5CB>;ONI55 8 ?@>B82>2>A?0;8B5;L=>5 459AB285.

4C20=G8:, A?>@KH, 20A8;Q:, ;8:>?>489 O =5>4=>:@0B=> 22>48; 2 ;5G51=K5 :C@AK =5 @048 @07=>>1@078O, 0 ?@>4C<0==>, ?@8 =5>1E>48<>AB8 CA8;8BL 459AB285 4@C38E B@02.  >A=>2=K<8, O 1K =0720; 8E BO65;>9 0@B8;;5@859, >AB020;8AL 2A5 B5 65 ?@>B82>@0:>2K5 @0AB5=8O 87 G8A;0 3>@OG8E   >G8B>: ?C@?C@=K9, F25B:8 8 :>@=8 E<5;O, 682>:>ABL ?>;520O, 78<>;N1:0, 3@CH0=:0, 7>;>B0O @>730, B@020 8 A>: G8AB>B5;0, 1C4@0, ?5@5ABC?5=L 15;K9, ;5A?54570, 452OA8;, 2>;>4CH:0, ?>4<0@5==8: =0AB>OI89, B@020 8 :>@=8 G5@=>1K;L=8:0, :=O68: A818@A:89, 4C@=8H=8:, A5<O ;L=0, ;0107=8:, A?>@KH, G8AB5F ;5A=>9, ;5275O, =C 8, :>=5G=>, 1>@5F 2KA>:89.  A>AB02 10;L70<>2 2>H;8 ?>G:8 GQ@=>3> B>?>;O, ?>G:8 GQ@=>9 >;LE8, :0;5=4C;0, :@0?820, <0@L8= :>@5=L, :>@=8 452OA8;0, 4O38;O, <>;>G0O 1>;>B=>3>. 7 G8A;0 E>;>4=KE B@02 (157 =8E =5 >1>9B8AL) >B45;L=> ?@8<5=O;8AL 1>;83>;>2, :C1KH:0, 20A8;Q:, >4C20=G8:.  C@02=>25H5==K<, >48=0:>2> A:;>==K< : B5?;C 8 E>;>4C, >B=>AOBAO E2>I ?>;52>9, 1C:28F0, :>@0 10@10@8A0, ?>G:8 GQ@=>9 >;LE8.

5 A>AB028B 1>;LH>3> B@C40 ?@54AB028BL A515 >AB0;L=K5 ;5G51=K5 :C@AK, 345 2 @07=KE A>G5B0=8OE ?@54AB0NB ?5@5G8A;5==K5 B@02K.  >A=>2C 2E>4OB B@8 8;8 G5BK@5 @0AB5=8O, >1;040NI85 3;02=>9 ?@>B82>@0:>2>9 A8;>9. IQ AB>;L:> 65   2 2845 ?>@>H:>2, =0AB>5:, A>:>2   O2;ONBAO 2A?><>30B5;L=K<8, B>65 ?@>B82>>?CE>;52K<8, =07=0G0NBAO >B45;L=> 8;8 2 A>AB025 10;L70<>2. > <5@5 =5>1E>48<>AB8 4>102;ONBAO >1I5C:@5?;ONI85 B@02K, >=8 =5ACB A2>N =03@C7:C 2 :0G5AB25 >1571>;820NI8E, ?@>B82>2>A?0;8B5;L=KE, ?>2KH0NI8E B>=CA A@54AB2, MB> <>3CB 1KBL 8 1C:28F0, 8 A?>@KH, 8 A>A=>2K9 <Q4. 0 EC4>9 :>=5F 5ABL 8 B0:>9 2KE>4   ?>A;54>20B5;L=> G5@54>20BL A>AB02 ?5@2KE H5AB8 :C@A>2. K;8 1>;L=K5, :>B>@K< 4;O ?>;=>9 @5<8AA88 E20B0;> >B G5BK@QE 4> H5AB8 :C@A>2.  >48= ?0F85=B 27O; 2A53> 420 :C@A0. # =53> 1K;0 2B>@0O AB048O @0:0 ?>G:8. >7<>6=>, ?0@0;;5;L=> ?>;CG0; >=, :0: G8=>2=8: 2KA>:>3> @0=30, 8 4@C3>5 ;5G5=85. > 2AO:>< A;CG05, >=, =5 B>@>?OAL ?> 2>7@0ABC CE>48BL =0 ?5=A8N, ?@>4>;605B @01>B0BL, =5 60;COAL =0 74>@>2L5.

# 018@0 ?>A;5 42CE ;5B ;5G5=8O >AB020;0AL =0 ?@02>9 ?>G:5 =51>;LH0O >?CE>;L. =0 1>;LH5 =5 @>A;0 8 =5 C<5=LH0;0AL, :0: 1K 70:0<5=5;0. ! ?>4>1=K< O2;5=85< O AB0;:820;AO =5A:>;L:> @07 ?@8 ;5G5=88 7;>:0G5AB25==>9 >?CE>;8 4@C38E >@30=>2, :>340 =0 5Q <5AB5 >AB020;AO ><5@B252H89 :>=3;><5@0B, 2 :>B>@>< 18>?A8O =5 =0E>48;0 =8 >4=>9 @0:>2>9 :;5B:8. 4=0:> 018@ AG8B0;, GB> >:>=G0B5;L=> =5 C40;>AL 871028BLAO >B 1>;57=8. KA;8 > 1;87:>< :>=F5 =5 ?>:840;8 53>. = <>;G0 B08; 8E 2 A515, => >4=064K A B>A:>9 ?@>87=QA: �>GL A:>@> @>48BL 4>;6=0. -E, C40ABAO ;8 E>BL >4=8< 3;07:>< 273;O=CBL =0 2=C:0?!� "@8 <5AOF0 A?CABO 018@ A 0;8:>9 ?@85E0;8 A8ONI85, AG0AB;82K5: @>48;0AL 2=CG:0! �>B 8 AB0;8 <K 454>< 8 101CH:>9,   =5 A:@K20; @04>AB8 018@, E>BO <5GB0; >= > <0;LG8:5   ?@>4>;60B5;5 @>40.   52>G:0   B>65 74>@>2>! =0 B0: C;K105BAO, GB> A5@4F5 70<8@05B. 5C65;8 GB>-B> ?>=8<05B, :>340 @073>20@8205HL A =59? 9 254L 2A53> 425 =545;8! -E, 4>64CAL ;8 O B>3> 4=O, :>340 >=0 ?@>87=5AQB ?5@2K5 A;>20 8 =07>2QB <5=O 454CH:>9?� 3> 65;0=85 >:070;>AL =0AB>;L:> A8;L=K<, GB> >= 5IQ 1>;LH5 3>40 ?@>4>;60; ;5G5=85. #A?>:>8;AO B>;L:> ?>A;5 B>3>, :0: 53> >:>=G0B5;L=> A=O;8 A 8=20;84=>AB8.

* * *

@8 @0:5 <>G52>3> ?C7K@O 8A?>;L7CNBAO, 2 >A=>2=><, B5 65 @0AB5=8O, :0: 8 ?@8 @0:5 ?>G5:. AB0=>2;NAL =0 >4=>< ?@8<5@5.  8N=5 2000 3>40 ?@8HQ; :> <=5 =0 ?@8Q< <>;>4>9 G5;>25: A 70?8A:>9 >B 7=0:><>3> 2@0G0, ?>?@>A82H53> ?>445@60BL >A=>2=>5 ;5G5=85 ?0@=O B@020<8.  70?8A:5 1K; C:070= 4803=>7: �. <8B@89, 1977 3.  0: <>G52>3> ?C7K@O, 2KA>:>48DD5@5=F8@>20==K9, ?5@5E>4=>-:;5B>G=K9, AB. 2, 3@. 3.  <05 ?@>2545=0 M;5:B@>M:AF878O >?CE>;8.  <>G5 ;59:>F8BK 8 M@8B@>F8BK ?>:@K20NB 2AQ ?>;5 7@5=8O�.

0@=N 2A53> 4204F0BL B@8 3>40. 8<0 E>@>E>@8;AO, => GC2AB2>20;>AL, GB> >= =0?C30= 8 ?>;>= <@0G=KE <KA;59.  <>;>4>AB8 1K205B B0:. ;87>ABL :>=F0 2>A?@8=8<05BAO, ?> A515 7=0N, GC4>28I=>9 =5A?@0254;82>ABLN. -B> :0: >H81>G=>5, =5>B2@0B8<>5 @5H5=85 AC40, ?@83>2>@82H53> B51O, =528=>2=>3>, : A<5@B=>9 :07=8 157 ?@020 ?><8;>20=8O. > 3;C1>:> 2 4CH5 2AQ-B0:8 B08BAO 8A:>@:0 =04564K =0 GC4>. ! =54>25@85< A<>B@5; 8<0 =0 ?0:5B8:8 A B@020<8, 8 <=5 ?@8H;>AL @0AA:07K20BL > 682>B2>@=>9 A8;5 :064>3> @0AB5=8O, 2:;NGQ==>3> 2 ?@83>B>2;5==K9 4;O =53> ;5G51=K9 :><?;5:A.

5@2K9 :C@A A>45@60; 2 A515 C65 7=0:><K5 =0< 682>:>ABL ?>;52CN, 7>;>BCN @>73C, 78<>;N1:C, A>: 4C@=8H=8:0, =0AB>9:8 3@CH0=:8, F25B:>2 E<5;O 8 >G8B:0 ?C@?C@=>3>. 0: ?@8=8<0BL 8E? > 54K   =0AB>9 7>;>B>9 @>738 A G09=>9 ;>6:>9 =0AB>9:8 3@CH0=:8   >=8 >1>30I0NB 8 CA8;820NB 4@C3 4@C30. >A;5 54K   =0AB>9 682>:>AB8 A :0?;O<8 F25B:>2 E<5;O.  G5@57 G0A   =0AB>9 B@02K 78<>;N1:8 A G09=>9 ;>6:>9 >G8B:0. '09=CN ;>6:C 70A?8@B>20==>3> A>:0 4C@=8H=8:0 ?@8=8<0BL =0 @N<:5 2>4K 2 ;N1>9 C4>1=K9 <><5=B <564C ?@8Q<0<8 ?8I8 8 4@C38<8 ;5:0@AB20<8.

B>@>9 :C@A >B:@K20; 1>;83>;>2 ?> 4204F0B8:0?5;L=>9 AE5<5. > 54K   =0AB>9 B@02K 3@CH0=:8 A B@84F0BLN :0?;O<8 =0AB>9:8 :C1KH:8 (?OBL AB>;>2KE ;>65: =0 0,5 ; 2>4:8). >A;5 54K   >B20@ :>@=59 E<5;O A =0AB>9:>9 F25B:>2 E<5;O. 0AB>9:8 452OA8;0 8 >G8B:0 ?C@?C@=>3> (>B45;L=> 4@C3 >B 4@C30) ?@8=8<0BL 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =0 @N<:5 2>4K.

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� GQ< ?@8G8=0 B2>8E 4;8B5;L=KE ?5@5@K2>2? $8=0=A>2K5 ?@>1;5<K?� 8<0 A<CB8;AO: �5B. !:06C G5AB=>   CAB0N, :>340 25AL 45=L ?@82O70= : ;5:0@AB20<.  B><C 65, O MB> GC2AB2CN, <=5 E20B05B >4=>3> :C@A0 =0 420 8 4065 =0 B@8 <5AOF0. > O 1C4C ?@>4>;60BL ;5G5=85, 5A;8 =5 =04>5; 20<�. 'B> 6, 1C45< 40;LH5 ?@>4>;60BL, ?@8=>@02;820OAL : 2>7<>6=>ABO< ?0F85=B0.

 ?OB>< :C@A5 G5@54>20;8AL B5 65 ;5:0@AB20: 1>;83>;>2, 4> 54K   =0AB>9 7>;>B>9 @>738 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0, :0:>9 1K; 2 B@5BL5< :C@A5; ?>A;5 54K   >B20@ :>@=59 E<5;O A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O. '5@57 G0A   =0AB>9 78<>;N1:8 A G09=>9 ;>6:>9 =0AB>9:8 >G8B:0 ?C@?C@=>3>.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   G09=0O ;>6:0 =0AB>9:8 (70A?8@B>20==K9 A>:) 4C@=8H=8:0 =0 @N<:5 2>4K. 0 MB>B @07 8<0 =5 AB0; 45;0BL ?5@5@K2 8 70 H5ABK< :C@A>< ?@85E0; 2 =0G0;5 023CAB0. 45AL ?>A;5 1>;83>;>20 A;54>20; =0AB>9 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (2 =53> 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, :>@=59 ;>?CE0 8 :>@=59 4O38;O, :>@K >A8=K 8 50 <; =0AB>9:8 B@02K 2>4O=>3> ?5@F0). >A;5 54K   =0AB>9 B@02K 1C4@K A A>:>< 1C4@K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   >B45;L=>, A ?5@5@K20<8 =5 <5=LH5 B@84F0B8 <8=CB, ?> G09=>9 ;>6:5 =0AB>9:8 3@CH0=:8 8 A>:0 4C@=8H=8:0. >@0 >A8=K 2<5AB5 A :>@=O<8 ;>?CE0 2 A>AB025 10;L70<0, 2 A>G5B0=88 A =0AB>5< 682>:>AB8, A =0AB>9:>9 3@CH0=:8 8 452OA8;0, 4>;6=K 1K;8 ?>A;C68BL 70I8B>9, ?@5?OBAB2CNI59 2>A?0;5=8N ?@54AB0B5;L=>9 65;57K, B0: :0: C <C6G8= @0: <>G52>3> ?C7K@O =5@54:> A>?@>2>6405BAO ?@>AB0B8B><. -B> O CGQ; 8 2 A54L<>< :C@A5, :>B>@K9 8<0 701@0; 2 =0G0;5 >:BO1@O. >@C >A8=K O 70<5=8; ;8ABLO<8 ;5I8=K   AB>;>2CN ;>6:C =0AB>OBL 2 AB0:0=5 :8?OB:0 4> >ABK20=8O, ?@>F548BL, ?@8=8<0BL ?> ?>;AB0:0=0 420 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@K >A8=K, B@02K 3@CH0=:8, F25B:>2 :0;5=4C;K, :>@=59 ;>?CE0). >A;5 54K   =0AB>9 7>;>B>9 @>738 A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O. '5@57 G0A 8;8 <564C ?@8Q<0<8 ?8I8 2K?8BL =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0. 8<0 @04>AB=> A>>1I8;, GB> ?>A;5 =5402=53> >1A;54>20=8O =5 =0H;8 C =53> =8:0:8E A;54>2 >?CE>;8, =8 >4=>9 @0:>2>9 :;5B:8   2AQ G8AB>. =0;87K 8450;L=K5. 0 2AO:89 A;CG09 E>G5B ?@>25AB8 ?>A;54=89 :C@A ;5G5=8O 4;O ?@>D8;0:B8:8, GB>1K A?>:>9=> 1K;> =0 4CH5   MB> 254L =5 ?><5H05B? �5 ?><5H05B,   ?>4B

/ :0: 2 2>4C 3;O45;. 8<0 >1JO28;AO C65 2 0?@5;5 2002 3>40. 1<0=C2H8AL ?5@2K< 25A5==8< B5?;><, >=, ;53:> >45BK9, ?>HQ; =0 A2840=85 A 452CH:>9. =8 703;O=C;8 2 ?0@:, 345 ?> :@0O< >G8I5==KE 0AD0;LB>2KE 4>@>65: 4>B0820; 2 B5=8 45@52L52 A;5602H89AO A=53, A?CAB8;8AL : @5:5 ?>;N1>20BLAO ;54>E>4><, 345 ?> =015@56=>9 C <>AB0 @073C;820; A25689 25B5@. "0< 8 70ABC48; ?0@5=L <>G52>9 ?C7K@L. 8:0:85 B01;5B:8 8 ?@>F54C@K =5 ?><>30;8 >B >AB@>3> F8AB8B0. ">340 >= A@07C 2A?><=8; > B@020E. / =0CG8; 53>, :0: <>6=> >1KG=K< ?@>A>< 1KAB@> A=OBL @56CICN 1>;L, 70B5< 8 2>A?0;8B5;L=K9 ?@>F5AA.  40; =0 2AO:89 A;CG09 ?@>B82>>?CE>;52K9 ;5G51=K9 :C@A. 0=>2> =0G0BL 1>;83>;>2 ?> ?@56=59 AE5<5. > 54K, :0: 8 ?@5645, =0AB>9 B@02K 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 10;L70<0 (2 53> A>AB025 ?> 100 <; =0AB>5: 87 ?>G5: GQ@=>3> B>?>;O, ?>G5: GQ@=>9 >;LE8, :>@=O 08@0, F25B:>2 :0;5=4C;K, F25B:>2 82K). >A;5 54K   ?> B@5B8 AB0:0=0 =0AB>O G5@=>1K;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 B@02K 78<>;N1:8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 B@8 @070 2 45=L   G09=CN ;>6:C A>:0 4C@=8H=8:0, 70?820O =0AB>5< B@02K >G8B:0 ?C@?C@=>3> 8;8 2;820O 4C@=8H=8: 2 B@5BL AB0:0=0 MB>3> =0AB>O. 8<0 ?>72>=8; =0 4@C3>9 65 45=L, =5 A:@K20O C482;5=8O 8 @04>AB8, GB> >B ?@>A0 C =53> : CB@C ?@5:@0B8;8AL 1>;8. >AB>@65==> A:070;: �@5:;>=ONAL ?5@54 <C4@>ABLN =0@>4=>9 <548F8=K. !:068 :><C-=81C4L, GB> >1KG=>5 ?@>A> <>65B A>25@H8BL GC4>,   =5 ?>25@OB�.  A0<>< 45;5, ?@8H;> 65 :><C-B> 2 3>;>2C ?>;AB0:0=0 :@C?K 70;8BL AB0:0=>< 2>4K, ?><5H0BL ;>6:>9, GB>1K A;53:0 ?@><KBL >B ?K;8 8 A>@0, 2>4C 2K;8BL, ?@>A> ?5@5;>68BL 2 1>;55 Q<:CN ;8B@>2CN 10=:C 8 A=>20 =0;8BL AB0:0= 2>4K, AK@>9 8;8 :8?OGQ=>9   =5206=>, ;8HL 1K :><=0B=>9 B5<?5@0BC@K. 0B5< :@C?C <OBL ?0;LF0<8, M=5@38G=> 271820BL, ?>:0 2>40 =5 ?@8>1@5BQB 15;QAK9 F25B. @>F548BL 5Q 2 >B45;L=CN G0H:C 8 A@07C 2AN 2K?8BL. 3@0=8G5=89 =5B =8:0:8E, G5< 1>;LH5 2K?L5HL 70 45=L, B5< ;CGH5. >;8 2 <>G52>< ?C7K@5 8 <>G5B>G=8:0E 8AG570NB A@07C.  4;O ?>;=>3> 87;5G5=8O >B F8AB8B0 =04> ?>;5G8BLAO E>BO 1K ?0@C =545;L. @C?C <>6=> =5 2K1@0AK20BL, A20@8BL 87 =5Q :0H

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
  )" + 

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

0G=C A =51>;LH>3> >B@K2:0 87 :=838 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38� (#D0, 2008), GB>1K 42064K =5 87;030BL >4=C 8 BC 65 8AB>@8N: �>6=> 1K;> 1K ?@825AB8 =5 >48= 45AOB>: ?@8<5@>2 A 1;03>?>;CG=K< 8AE>4><, => >48= A;CG09 70?><=8;AO >A>15==>. <5AB5 A <0B5@LN ?@8HQ; <>;>4>9 :@0A82K9 <C6G8=0. 10 C18BK5 3>@5<. AB5AB25==>, A >4=>9-548=AB25==>9 ?@>AL1>9: A?0A8B5! >4@C30 <0B5@8   >?KB=K9 >=:>;>3 A 1>;LH8< AB065<. =0 2 B5;5D>==>< @073>2>@5 A:070;0 <=5: �5 B>;L:> C =0A, => 8 70 @C156>< =8 >48= 2@0G =5 27O;AO 1K 70 B0:>3> 1>;L=>3>. = A0< 28=>20B. B:070;AO >B >?5@0F88, :>340 5IQ <>6=> 1K;> A45;0BL.  A59G0A... A B0:>9 D>@<>9 @0:0... A B0:8<8 <5B0AB070<8... 5420 ;8 <5AOF0 420 ?@>BO=5B, 0 2K E>B8B5 =04564C 2A5;8BL...�  073>2>@ MB>B A>AB>O;AO C65 ?>A;5 2AB@5G8 A 1>;L=K<, :>340 O ?>>15I0; 27OBLAO 70 =53>. # =53> B>340 A;Q7K 1@K7=C;8 87 3;07. >=OBL <>6=>. 01@02 42CE;5B=53> <0;LG8H:C, ;N18<F0 >BF0, 2G5@0 CH;0 65=0, >AB0282 <C60 ?><8@0BL. �> O =07;> 2A5< 1C4C 68BL,   A 60@>< A:070; >= <=5.   ">;L:> =5 >B:07K209B5AL >B <5=O, 1C4C 2A5 20H8 C:070=8O 2K?>;=OBL�. 0 2A5 <>8 ?@56=85 3>4K O =8:>340 8 =8:>3> =5 >15I0; 2K;5G8BL, => 8 2 ?><>I8 >B:07K20; @54:>. 5;L7O =0 682>< G5;>25:5 AB028BL :@5AB.  2 <>59 B5B@04:5 ?>O28;0AL 70?8AL: �;8: ., 27 ;5B.  0: I8B>284=>9 65;57K, 4 AB., =87:>48DD5@5=F8@>20==K9, <54C;;O@=K9, A <5B0AB070<8 2 A@54>AB5=85, ;8<D>C7;K, 3>@;>�. (5O C ;8:0 1K;0 2AO 2 B2Q@4KE C7;0E, >?CEH0O =0AB>;L:>, GB> >= 4KH0; A B@C4>< 8 3>2>@8; E@8?;>, GCBL ;8 =5 HQ?>B><...�

!59G0A <>3C ?@87=0BLAO, GB> 2720;8; O =0 A2>8 ?;5G8 =5?@>AB>9 3@C7 >B25BAB25==>AB8. 5;> 2 B><, GB> ;5B B@84F0BL =0704 O @01>B0; A 018B>< ., 6C@=0;8AB>< =52KA>:>3> C@>2=O, => A 2KA>:8<8 0<18F8O<8 8 =5CB>;8<K< 4CE>< A>?5@=8G5AB20, 70B082H8< 2 4CH5 15A?@545;L=CN 7028ABL : <>8< B2>@G5A:8< CA?5E0<. K =0 @02=KE A845;8 A =8< 70 >4=8< AB>;><, => 2A:>@5 ?>;CG8;>AL B0:, GB> >1:>< !! ?>AB028; 53>, 25@=>?>440==>3> :><<C=8AB0, =0 2KA>:CN 48@5:B>@A:CN 4>;6=>ABL. =5H=5 <K ?>445@6820;8 4@C65A:85 >B=>H5=8O, >4=0:> ?@8 ;N1>< C4>1=>< A;CG05 >= AB0@0;AO 2K:070BL A2>Q ?@52>AE>4AB2>. 8:>20=85 8 B>@65AB2> >B@078;8AL =0 53> A0<>4>2>;L=>< ;8F5, :>340 O >4=064K :@C?=> ?@>HB@0D8;AO   ?@8HQ; =0 @01>BC ?>4 E<5;L:><. ><5=B0;L=> A>1@0; G;5=>2 <5AB:><0, =0?CAB8; =0 A51O A:>@1=K9 284, A:070; A B>=>< A>60;5=8O, GB>, =5A<>B@O =0 2A5 <>8 70A;C38, ?> 70:>=C 2K=C645= C2>;8BL <5=O ?> A>>B25BAB2CNI59 AB0BL5 A 70=5A5=85< 2 ;8G=>5 45;> (A0<0O ?>7>@=0O 2 B5 2@5<5=0 AB0BLO   70 ?LO=AB2> =0 @01>B5). 0 G8=0<8 O =5 3=0;AO, ?5@5HQ; =0 A2>1>4=CN B2>@G5A:CN @01>BC. ! 018B>< ?@>4>;60; >1I0BLAO B0:, 1C4B> =8G53> <564C =0<8 =5 ?@>87>H;>. A?KBK20; : =5<C 4065 =5:>B>@>5 A>GC2AB285 :0: : ?>B5@?52H5<C ?>@065=85 ?@>B82=8:C. A>15==> :>340 >= >24>25;. 3> ;8G=0O 687=L <5=O =5 8=B5@5A>20;0. !;KH0; :@05< CE0, GB> >= 65=8;AO =0 1K2H59 ;N1>2=8F5, >G0@>20B5;L=>9 <>;>45=L:>9 ?@>402I8F5, 8<52H59 >B ?5@2>3> <C60 <0;>;5B=53> AK=0. -B> 8 1K; ;8:. >340 O 8<5; =5>AB>@>6=>ABL A?@>A8BL 53> > 74>@>2L5 >BG8<0, >= E<C@> A:070;: �0 ?5=A88 A848B. 0<C :> 2A5< @52=C5B, @C:8 @0A?CA:05B. / 5<C MB>3> =8:>340 =5 ?@>IC�. / A@07C ?@54AB028; A515, GB> >68405B <5=O 2 A;CG05 =5C40G8. 0 2AN #DC <>Q 8<O >A;028B, :0: H0@;0B0=0, 2 C189AB25 >128=8B, A =53> MB> AB0=5BAO. > 1C4L GB> 1C45B. BABC?0BL <=5 =5:C40, >A>15==> ?>A;5 3>@L:8E <C6A:8E A;Q7 ;8:0, 0 > A515 O <5=LH5 2A53> 4C<0;...

5G5=85 <K =0G0;8 16 D52@0;O 1996 3>40.  ?5@2K9 :C@A O 2:;NG8; 8A?KB0==K5 B@02K. > 54K   >B20@ ;8ABL52 ?>4>@>6=8:0 1>;LH>3> 87 @0AGQB0 >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, 70:@KBL :@KH:>9 8 ?>AB028BL =0 A>@>: <8=CB =0 :8?OICN 2>4O=CN 10=N, AB>;L:> 65 2@5<5=8 =0AB>OBL, ?@>F548BL. 8BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L 4> 54K. 5=O 15A?>:>8;8 H5O 8 3>@;> ;8:0. >4>@>6=8: 70I8I05B 4KE0B5;L=K5 ?CB8 8, GB> 206=>, 2>AAB0=02;8205B DC=:F88 @5A=8BG0B>3> M?8B5;8O.  B><C 65 >1;0405B >= 8 ?@>B82>>?CE>;52K< 459AB285<, 2;8O5B =0 A8AB5<C <0:@>D03>2, CA8;8205B 8<<C=8B5B. #<5@5==> E>;>4=K9, >= 2 B> 65 2@5<O 8 A>;=5G=K9. >MB><C O @5H8; =5 A>G5B0BL 53> A 4@C38<8 B@020<8, 40; >B45;L=>, 0 ?@8=8<0BL >B20@ 65;0B5;L=> 2 ?>;C3>@OG5< 8;8 2 BQ?;>< 2845, A ?5@5@K2>< 2 >48= G0A ?>A;5 =0AB>9:8 1>@F0.

@5:@0A=> 70@5:><5=4>20;8 A51O ?@8 @0:5 I8B>284=>9 65;57K 4C@=8H=8: 2 A2O7:5 A :>?KB=5<. >MB><C ?>A;5 54K 1K; ?@54;>65= =0AB>9 B@02K 4C@=8H=8:0, ?>:0 2 ;Q3:>9 :>=F5=B@0F88: 425 G09=K5 ;>6:8 =0 420 AB0:0=0 :8?OB:0, =0AB>OBL 420 G0A0, ?8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L. B20@ :>@=59 :>?KB=O, :0: ?@8 @0:5 ;Q3:8E, ?@8=8<0BL ?> >4=><C 3;>B:C 2 B5G5=85 4=O, => =5 1>;LH5 ?>;>28=K AB0:0=0. 0AB>9:C @OA:8 B>65, :0: ?@8 @0:5 ;Q3:8E, 8A?>;L7>20BL 4;O =0G0;0 ?> ?>;>28=5 G09=>9 ;>6:8 B@8 @070 2 45=L. #B@>< 8 2 >154 =09B8 2@5<O 4;O @>48>;K @>7>2>9   7>;>B>3> :>@=O, ?@8=8<0O ?> ?OB=04F0BL :0?5;L 420 @070 2 45=L. 04> 1K;> ?>445@60BL =5@2=CN A8AB5<C ?0@=O ?>A;5 AB@5AA0, A2O70==>3> A CE>4>< 65=K. 0@C6=> =0 >?CEH85 ;8<D>C7;K O =07=0G8; ?@8<>G:8 87 =0AB>O G8AB5F0 ;5A=>3>   >4=C AB>;>2CN ;>6:C B@02K =0 AB0:0= :8?OB:0. @8<>G:8 AB028BL =0 2AN H5N, 45@60BL >B B@84F0B8 <8=CB 4> >4=>3> G0A0, 420-B@8 @070 2 45=L.

!> 2B>@>3> :C@A0 ?@8H;0 ?>@0 2:;NG0BL BO6Q;CN 0@B8;;5@8N, GB>1K >AB0=>28BL @>AB @0:>2KE :;5B>:,   1>;83>;>2, <CE><>@ 8;8 1>@5F 2KA>:89. 7 =8E 1>@5F A0<K9 A8;L=K9, => 40BL =0AB>9:C :>@=59 O =5 @5H8;AO   >@30=87< C ;8:0 >G5=L >A;01;5==K9.  2AQ-B0:8 2K1>@ >AB0;AO 70 1>@F><   70 =0AB>9:>9 B@02K. =0 <5=55 B>:A8G=0. 0AB08205BAO ?OBL AB>;>2KE ;>65: 2 0,5 ; 2>4:8. 07=0G05BAO ?> :0?5;L=>9 AE5<5, 2 40==>< A;CG05 ?> 425 :0?;8 =0 ?>;AB0:0=0 2>4K, 5654=52=> 4>102;OO AB>;L:> 65, 70B5< >AB0=>28BLAO =0 B@84F0B8 :0?;OE 2 45=L. > 54K   >B20@ ;8ABL52 ?>4>@>6=8:0, :0: 8 2 ?5@2>< :C@A5. >A;5 54K ?>2B>@8; =0AB>9 B@02K 4C@=8H=8:0, B0: 65 2 A>G5B0=88 A >B20@>< :>@=59 :>?KB=O, A =0AB>9:>9 @OA:8. >?>;=8B5;L=> 2:;NG8; =0AB>9:C ;02@>2>3> ;8AB0 ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L, @07102;OO 2 ?>;>28=5 AB0:0=0 2>4K. 0@>4=0O <548F8=0 ?@8<5=O5B ;02@ ?@8 @0:5 ;53:8E 8 3>@;0, 0 3>@;> ;8:0 15A?>:>8;> <5=O   H5O C =53> ?>:0 >AB020;0AL >?CEH59 4> ?@545;0, <5H0O ?>2>@0G820BL 3>;>2C 8 A402;820O 3>;>A>2K5 A2O7:8. 0 MB>B @07 4;O ?@8<>G5: =0 H5N O 40; 2<5AB> G8AB5F0 :>@C 4C10   87 =5Q 3>B>28BAO :@5?:89 >B20@ 87 42CE AB>;>2KE ;>65: =0 0,5 ; 2>4K, 20@8BL =0 A;01>< >3=5 B@84F0BL <8=CB. 20 8;8 B@8 @070 2 45=L AB028BL ?@8<>G:8 =0 H5N 8 =0 >1;0ABL I8B>284=>9 65;57K, 45@60BL =5 <5=LH5 G0A0. (>@C 4C10 O 703>B02;820; 25A=>9, A=8<0O B>=:85 ?>;>A:8 A <>;>45=L:8E 45@52L52, =5 AB0@H5 ?OB=04F0B8-4204F0B8 ;5B, B0: :0: 3@C10O :>@0 4;O ;5G5=8O =5?@83>4=0 87-70 =87:>3> A>45@60=8O 4C18;L=KE 25I5AB2.) @8 ;N1KE 701>;520=8OE I8B>284=>9 65;57K A8;L=> AB@0405B A5@4F5. >MB><C O 4>?>;=8; :C@A 04>=8A><   3>@8F25B>< 25A5==8<. = O4>28B, >BAN40 8 4>78@>2:0 AB@>30O: >4=0 G09=0O ;>6:0 2KACH5==>9 B@02K =0AB08205BAO >48= G0A 2 ?>;>28=5 AB0:0=0 :8?OB:0. @8=8<0NB =0AB>9 ?> AB>;>2>9 ;>6:5 B@8 @070 2 45=L.

>A;5 42CE <5AOF52 ;5G5=8O ;8: ?>25A5;5;. �/ A A0<>3> =0G0;0 =5 A><=520;AO 2 B><, GB> 2K:0@01:0NAL,   A:070; >= ?@8 >G5@54=>9 2AB@5G5.    B5?5@L C <5=O ?>O28;0AL ?>;=0O C25@5==>ABL, =0 2A5 AB> ?@>F5=B>2, 8 O 4>:06C 2A5<, :B> ?>A?5H8; 70@0=55 ?>E>@>=8BL <5=O, GB> E20B8B <>8E A8; CAB>OBL, =5 A20;8BLAO 2 ?@>?0ABL�. 3> ?>4ABQ3820;> 65;0=85 1KAB@59 871028BLAO >B 1>;57=8, 8 >= 3>B>2 1K; ?@8=8<0BL ;5:0@AB20 =5?@5@K2=>, ?@>A8; CA8;8BL A;54CNI89 :C@A, 4>1028BL 5IQ GB>-=81C4L 4>?>;=8B5;L=>.

 07C<55BAO, 8 157 53> =0AB>9G82KE ?@>AL1 O <5=O; >4=8 B@02K =0 4@C385 ?> 70@0=55 =0<5G5==><C ?;0=C. >640;8AL A2>59 >G5@548 4@>: :@0A8;L=K9 8 7N7=8: 52@>?59A:89.  =0@>4=>9 <548F8=5 4@>: 8A?>;L7C5BAO H8@>:> ?@8 1>;57=OE ?5G5=8, 2A5E 2840E 65;BCE8, 2>4O=:5, E@>=8G5A:8E 1@>=E8B0E 8 1@>=E>M:B0B8G5A:>9 1>;57=8, 3>;>2=>9 1>;8, :>6=KE 701>;520=8OE   DC@C=:C;0E, 480B575, 0;;5@38G5A:>< 45@<0B8B5. = C;CGH05B >1<5= 25I5AB2.  >A>15==> F5=8BAO 4@>: ?@8 2A5E 701>;520=8OE I8B>284=>9 65;57K, GB> ?@87=0=> 4065 =0CG=>9 <548F8=>9. 3> 459AB285 AE>4=> A 459AB285< B8@5>848=0. 57 7N7=8:0 B0:65 =5 >1>9B8AL. ;8=8G5A:85 8A?KB0=8O ?>:070;8, GB> >= =>@<0;87C5B 45OB5;L=>ABL I8B>284:8 ?@8 1C@=><, 87;8H=5< 2K1@>A5 3>@<>=>2, 254CI5< : @07;8G=K< D>@<0< B8@5>B>:A8:>70 8 A2O70==K< A =8<8 =0@CH5=8O< @8B<0 A5@4F0, ?@8 15AA>==8F5, 15A?>:>9AB25, GC2AB25 AB@0E0, 2>7=8:H53> >B ?5@52>71C64Q==>3> A>AB>O=8O.

"@5B89 :C@A 2K3;O45; B0:: ?>A;5 ?@>1C645=8O   =0AB>9:0 1>@F0 ?> ?@56=59 AE5<5, 70B5< ?5@5@K2 =0 ?>;G0A0. > 54K   =0AB>9 7N7=8:0 87 @0AGQB0 AB>;>20O ;>6:0 B@02K =0 AB0:0= :8?OB:0, ?>A;5 >ABK20=8O ?@>F548BL, ?@8=8<0BL B@8 @070 2 45=L ?> B@5B8 AB0:0=0. !@07C ?>A;5 54K   G5B25@BL AB0:0=0 =0AB>O 4@>:0   =0AB0820BL 420 G0A0 G09=CN ;>6:C B@02K 2 150 <; :8?OB:0. '5@57 G0A ?>A;5 54K 2K?8BL >B20@ :>@=59 E<5;O A G09=>9 ;>6:>9 70A?8@B>20==>3> A>:0 4C@=8H=8:0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, A @07@K20<8 2 ?>;G0A0, ?@8=OBL G09=CN ;>6:C 70A?8@B>20==>3> A>:0 4C@=8H=8:0 2 G5B25@B8 AB0:0=0 2>4K, B@8 @070 2 45=L 8, :0: >1KG=>, >B20@ :>@=59 :>?KB=O. ;O ?@8<>G5: 8A?>;L7>20BL >B20@ :>@=59 :@>2>E;51:8   AB>;>2CN ;>6:C =0 AB0:0= :8?OB:0, 40BL A;53:0 ?>:8?5BL 45AOBL <8=CB, G5@57 ?>;G0A0 ?@>F548BL.  45=L 425 ?@8<>G:8 =0 H5N 8 >1;0ABL I8B>284:8 87 >B20@0 :><=0B=>9 B5<?5@0BC@K (3>@OG89 8 4065 BQ?;K9 >B20@ ?@8 7;>:0G5AB25==KE >?CE>;OE 70?@5I05BAO, =5;L7O A8;L=> C:CBK20BL, 0 GB>1K =5 70ABC48BL, ?@8:@KBL A25@EC ?>;>B5=F5<   MB> ?@8<>G:0, 0 =5 :><?@5AA).

 G5B2Q@B>< :C@A5 >AB0;8AL =0AB>9:0 B@02K 1>@F0, 4@>:, A>: 4C@=8H=8:0, :>?KB5=L. 7 =>2KE ;5:0@AB2   4> 54K   =0AB>9 87 ?OB8 B@02 (A<5H0; ?> 4204F0BL G09=KE ;>65: <54C=8FC 8 B@02C 75<;O=8:8, ?> 45AOBL G09=KE ;>65: 35@0=L ;C3>2CN, G5@=>1K;L=8:, 4>==8: 6Q;BK9), 425 AB>;>2K5 ;>6:8 A1>@0 70;8BL ?>;CB>@0 AB0:0=0<8 :8?OB:0, =0AB>OBL >48= G0A, ?@8=8<0BL 2 BQ?;>< 2845 ?> ?>;AB0:0=0 B@8 @070 2 45=L.  :064CN ?>@F8N 2;8BL >4=C G09=CN ;>6:C =0AB>9:8 :>@=59 452OA8;0. AQ 2<5AB5 MB> 4>;6=> 1K;> C;CGH8BL A>AB02 :@>28, A=OBL 2 ;8<D0B8G5A:8E C7;0E 2>A?0;8B5;L=K5 ?@>F5AAK, 1;>:8@>20BL @>AB @0:>2KE :;5B>:.  2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 2K?8BL =0AB>9 A5<O= ;L=0   G09=CN ;>6:C =0 AB0:0= :@CB>3> :8?OB:0, =0AB>OBL >48= G0A 2 B5@<>A5, ?@>F548BL, ?@8=8<0BL ?> >4=>9 B@5B8 AB0:0=0. ;865 : 25G5@C 8 =0 =>GL, 420 @070 2 45=L, ?@8=OBL 10;L70< �56=>ABL� 2 G5B25@B8 AB0:0=0 2>4K. 0 ?@8<>G:8 40; 15;K9 4>==8:   =0AB0820BL >4=C AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0 420 G0A0. @8<>G:8 AB028BL =0 G0A 420 @070 2 45=L   =5?;>E> @0AA0AK205B >?CE>;8.

0:>=5F =0<5B8;AO A4283 2 ;CGHCN AB>@>=C: H5O C ;8:0 �?>EC45;0� 242>5, 2 3>;>A5 8AG57;0 E@8?>B0. �%>BL ?5A=8 ?>9!�   @04>20;AO ?0@5=L. > ?>:0 1K; ?@>945= ;8HL ?5@2K9 MB0? ;5G5=8O. �0, A?@8=B =0< C40;AO,   >4>1@8B5;L=> A:070; O.   > ?><=8, =0< ?@54AB>8B <0@0D>=. 5 ?>4:0G09�.

 ?OBK9 :C@A O 22Q; 7>?=8: :;C1=5=>A=K9   >4=C AB>;>2CN ;>6:C B@02K =0 AB0:0= :8?OB:0, =0AB>OBL G5BK@5 G0A0, ?@>F548BL. @8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, F25B:>2 :0;5=4C;K, B@02K 725@>1>O, :>@=59 452OA8;0, ?> 50 <; =0AB>5: B@02K ?5@5ABC?=O 15;>3>, :>@K :>@=59 10@10@8A0). >A;5 54K   =0AB>9 B@02K 1C4@K A A>@>:0 :0?;O<8 A>:0 1C4@K, ?> B@5B8 AB0:0=0 B@8 @070 2 45=L.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 B@8 @070 2 45=L 8 ?> G09=>9 ;>6:5 =0AB>9:8 @OA:8 2 G5B25@B8 AB0:0=0 2>4K. ;865 : 25G5@C 8 =0 =>GL   10;L70< �56=>ABL� (:0: 2 ?@54K4CI5< :C@A5, 2>H;8 2 =53> ?> 150 <; =0AB>5: A8=NE8 3>;C1>9, <5;8AAK, ?> 100 <; =0AB>5: :>B>2=8:0 :>H0GL53> 8 :>@=O 20;5@80=K). 0 ?@8<>G:8   :>@0 4C10, :0: 1K;> =07=0G5=> 2 A0<>< =0G0;5 ;5G5=8O.

 7>?=8:5 O @0AA:07K20; 2 3;025 ?@> @0: 65;C4:0.  =0@>45 @0AB5=85 =5@54:> =07K20NB 7>1=8:>< 8 ?@8<5=ONB ?@8 701>;520=8OE I8B>284=>9 65;57K.

0C:>9 ?>4B25@645=> 8 ?@>B82>>?CE>;52>5, ?@>B82><5B0A-B0B8G5A:>5 459AB285 1C4@K. (KG:>20 . . 5:>B>@K5 D0@<0:>-B5@0?52B8G5A:85 MDD5:BK 1C4@K ?;NI5284=>9, "><A:, 1986.) =0, ?>;CG82H0O 2 =0@>45 =0720=85 �A>@>:0=54C6=>9�, MDD5:B82=0 ?@8 <=>38E 701>;520=8OE, 0 2 40==>< A;CG05 1C4@0 ?>=04>18;0AL =5 B>;L:> 4;O I8B>284:8, => 8 2 ?><>IL >1=0@C65==>9 C ;8:0 B>:A8G5A:>9 ?5G5=8.

!@07C @0A:@>N 8 A>AB02 H5AB>3> :C@A0. 45AL O 70<5=8; =0AB>9:C B@02K 1>@F0 2KA>:>3> 1>;83>;>2><   >B >4=>9 :0?;8 4> 4204F0B8. 0; A>A=>2K9 <Q4 A F25B:0<8 A>A=K. > 54K =07=0G8; =0AB>9 ?8>=0 C:;>=ONI53>AO (<0@L8=>3> :>@=O), 4;O 7020@820=8O G09=>9 ;>6:8 B@02K 2 AB0:0=5 :8?OB:0. 0AB>O2 420 G0A0, ?@8=8<0BL ?> B@5B8 AB0:0=0 A A>@>:0 :0?;O<8 =0AB>9:8 :>@=59 ?8>=0.  <0@L8=>< :>@=5 <=>3> @07;8G=KE <8:@>M;5<5=B>2, >A>15==> E@><0 8 AB@>=F8O. >7<>6=>, GB> MB> A?>A>1AB2C5B 459AB28N F5==>3> @0AB5=8O ?@8 @0:5.  8B05 ?8>= 87402=0 ?>?C;O@5= :0: ?@>B82>>?CE>;52>5 A@54AB2>. = ?@8 38?5@B>=88 <O3:> A=8605B 402;5=85 (C ;8:0 130/ 90). 5:0@AB2> ?@8=8<0NB 2 B5G5=85 B@84F0B8 4=59 8 C65 ?>A;5 45AOB84=52=>3> ?5@5@K20 <>6=> ?>2B>@8BL. @8 4;8B5;L=>< ?@8<5=5=88 O 45;0; <5AOG=K9 ?5@5@K2. >A;5 54K 2?5@2K5 2:;NG8; G8AB>B5;   =0AB>9 G09=>9 ;>6:8 B@02K 2 AB0:0=5 :8?OB:0, ?8BL ?> B@5B8 AB0:0=0 A B@84F0BLN :0?;O<8 A>:0 G8AB>B5;0, B@8 @070 2 45=L (@5F5?B <>6=> =09B8 2 ?@54K4CI8E 3;020E). '8AB>B5;, =0?><=N, C3=5B05B @>AB 7;>:0G5AB25==KE >?CE>;59. ":0=L >?CE>;8 ?@8 MB>< >:@0H8205BAO 2 O@:>-:>@8G=52K9 F25B, D8:A8@C5BAO 2 =59, 0 ?@8;530NI0O : =59 74>@>20O B:0=L >AB0QBAO =5>:@0H5==>9.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   =0AB>9 B@02K >G8B:0 ?C@?C@=>3>, ?> B@5B8 AB0:0=0, A G09=>9 ;>6:>9 =0AB>9:8 A>D>@K O?>=A:>9. / >G5=L F5=8; A>D>@C =5 B>;L:> 4;O ;5G5=8O >AB@KE ;59:>7>2, => 8 ?@8 @0:5 @07;8G=>9 ;>:0;870F88, A0@:><5. >@5:><5=4>20; ?>A;5 54K 2<5AB> GQ@=>3> 8;8 75;Q=>3> >1KG=>3> G0O 8A?>;L7>20BL 7020@:C 87 4CH8FK 8 :;525@0 ;C3>2>3>, :064>3> ?> >4=>9 G09=>9 ;>6:5 =0 AB0:0=. :CA=K9, 4CH8ABK9 G09, >A>15==> A <Q4><.  2 A;54CNI5<, A54L<>< :C@A5, 25@=CBLAO : 7N7=8:C 8 4@>:C, : B@025 4C@=8H=8:0 A :>?KB=5<, : ?@>B82>>?CE>;52><C 10;L70<C 2 ?@56=5< A>AB025. >;83>;>2 >AB028BL 2 ?@56=59 4>78@>2:5 <8=8<C< =0 ?>;3>40.

A;8 1 O ?8A0; >B45;L=CN AB0BLN, B> ?>4@>1=> 87;>68; 1K :064K9 87 4204F0B8 B@QE :C@A>2, =07=0G5==KE ;8:C =0 ?@>BO65=88 42CE ;5B ?>GB8 =5?@5@K2=>3> ;5G5=8O. >2>@N ?>GB8 ?>B><C, GB> 1K; <5AOG=K9 ?5@5@K2, :>340 ?>4@C30 <0B5@8, 2@0G->=:>;>3, =0AB>O;0 =0 =5>1E>48<>AB8 ?@>9B8 ?0@=N ?>;=>5 >1A;54>20=85 8 E>BO 1K >48= :C@A E8<8>B5@0?88 2 1>;L=8F5. 5 B>;L:> M=4>:@8=>;>38, => 2@0G8 8 <54AQAB@K 87 4@C38E >B45;5=89 ?> ?>2>4C 8 157 703;O4K20;8 2 >4=><5AB=CN ?0;0BC, :C40 ?>;>68;8 ;8:0. =8 A<>B@5;8 =0 =53>, :0: =0 2KE>4F0 A B>3> A25B0, =5 A:@K20;8 C482;5=8O 8 708=B5@5A>20==> 2KA?@0H820;8, C :>3> 8 G5< >= ;5G8;AO. ;8: >B25G0; :>@>B:>, :0: O 53> =0CG8;, 70?@5B82 =07K20BL <>Q 8<O: �"@02K <=5 ?><>3;8. B> =0CG8;? 0H;8AL 4>1@K5 ;N48, ?>4A:070;8. B> :>=:@5B=>?  =5 2AQ ;8 @02=>, :B>? 5=O ?@>A8;8 =5 =07K20BL 8<O�. =>385 :>=5G=> 4>304K20;8AL, C?><8=0;8 <>N D0<8;8N, => ;8: >B@8F0B5;L=> <>B0; 3>;>2>9. <C =5 =04> 1K;> >1JOA=OBL, GB> 87;8H=OO @5:;0<0 <>65B B>;L:> >A;>6=8BL <>N 687=L.  157 B>3> A CB@0 4> =>G8 =5 C<>;:0; B5;5D>=. 0;5O <5=O, =0 72>=:8 >B25G0;8 65=0 8 4>GL, >=8 1K;8 2 :C@A5 2A5E <>8E 45; 8 ?5@54020;8 <=5 B@C1:C B>;L:> 2 =5>B;>6=KE A;CG0OE.

>;=>3> 2K74>@>2;5=8O <K ?>:0 =5 4>18;8AL, 2 ?@02>9 4>;5 65;57K >AB020;AO C75;>: 25;8G8=>9 A 3>@>H8=C, =5GB> A@54=55 <564C ?5@2>9 8 2B>@>9 AB04859. ;8:C =07=0G8;8 <>I=CN E8<8>B5@0?8N DB>@C@0F8;><, 28=:@8AB8=><, F8:;>D>AD0=><. @54;>68;8 5<C >?5@0F8N. 5 @048:0;L=CN, 0 G0AB8G=CN   A5:B>@0;L=CN. = :0B53>@8G5A:8 >B:070;AO, =5 ?>A>25B>202H8AL A> <=>9. / 1K, 2>7<>6=>, C3>2>@8; 53>, B0: :0: ?>A;5 E8@C@38G5A:>3> C40;5=8O >?CE>;8, 5A;8 A@07C ?>4:;NG8BL B@02K, 1KAB@55 =0ABC?05B ?>;=>5 87;5G5=85.  5<C ?@8H;>AL 5IQ 3>4 ?@8=8<0BL B@02K.

4=064K ?@>87>H;0 =5>6840==0O 2AB@5G0 A 018B><, >BG8<>< ;8:0. 02=> =5 2845; 53>, 4065 A@07C =5 C7=0;. ;O6C: 8740;8 ?@825BAB25==> <0H5B @C:>9 8 @0A?;K205BAO 2 C;K1:5 A>;84=K9 3>A?>48= 2 AB@>3>< 45;>2>< :>ABN<5 A BQ<=>-A8=8< 30;ABC:>< (0 60@0 =0 C;8F5 B0:0O, GB> =0 A>;=F5 0AD0;LB ?;028BAO). >AB0@5; 018B, >1;KA5;, =0 >128AH8E I5:0E 8 A<>@I5==>9 H55 =0<5B8;8AL 2>7@0AB=K5 ?83<5=B=K5 ?OB=0, => =587<5==K<8 >AB020;8AL 2 =Q< =0G0;LAB25==0O >A0=:0, ?@58A?>;=5==K9 1K;>3> 25;8G8O 273;O4. �0: O @04 B51O 2845BL!   2>A:;8:=C; >=, 87CG0NI5 >3;O452 A 3>;>2K 4> =>3.   04> 65, A>2A5< =5 87<5=8;AO! ?@>G5<, :><C :0: =5 B515 2;045BL B09=>9 B@02, ?@>4;ONI8E <>;>4>ABL. / 3>@6CAL B5<, GB> :>340-B> <K @01>B0;8 2<5AB5. / 5IQ B>340 ?>=O;, :0: BK B0;0=B;82. 57<5@=0 <>O 1;03>40@=>ABL 70 A?0A5=85 ;8:0.  ?@56=85 2@5<5=0 O 8A?>;L7>20; 1K 2A5 A2>8 A2O78, GB>1K B2>9 B@C4 1K; >B<5G5= 4>AB>9=>9 =03@04>9, 0 A59G0A <>3C ?@54;>68BL ;8HL 1>:0; H0<?0=A:>3> 8 ?@>87=5AB8 B>@65AB25==K9 B>AB 2 B2>N G5ABL.  5AB>@0= @O4><. 094Q<?� / >B:070;AO, A>A;02H8AL =0 =5>B;>6=K5 45;0.  0AA:070; > =0H59 A;CG09=>9 2AB@5G5 ;8:C. = ?@57@8B5;L=> A:@828; 3C1K, ?@>87=5AO >4=C D@07C: �8GB>65AB2>! AN =0HC A <0<>9 687=L >B@028;...�

 40;L=59H55 ;5G5=85 O =8:0:8E =>2H5AB2 =5 22>48;. '5@54>20;8AL 2 >?@545;Q==>< ?>@O4:5 >A=>2=K5 A@54AB20: 4@>: A 7N7=8:><, 4C@=8H=8: A :>?KB=5<, G8AB>B5;, 10@10@8A, F25B:8 8 :>@=8 E<5;O, >G8B>: ?C@?C@=K9, 1C4@0, 7>?=8:, :>@=8 452OA8;0 8 1>@I528:0, G5@=>1K;L=8:, @OA:0, <54C=8F0, ?>4>@>6=8:, B@020 75<;O=8:8, 35@0=L ;C3>20O, 4>==8:. >AB>O==K<8 >AB020;8AL 1>@5F A 1>;83>;>2><. 5 1K;8 701KBK 8 <0@L8= :>@5=L, A>D>@0, ?@8 =5>1E>48<>AB8 3>@8F25B, 7>;>B>9 :>@5=L, ;5275O 4;O B>=CA0. 5A:>;L:> @07 1@0; A A>1>9 ;8:0 =0 A1>@ ;5:0@AB25==KE B@02, GB>1K >= A0< =0CG8;AO 4>1K20BL 8E, ?@028;L=> A>AB02;OBL ?@>ABK5, ?>445@6820NI85 ;5G51=K5 :C@AK 87 B@QE-G5BK@QE :><?>=5=B>2, =5 1>;LH5, A;>6=K5 :><?;5:AK C65 =5 B@51>20;8AL. 20 3>40 O >15A?5G820; 53> 3>B>2K<8 ;5:0@AB20<8, 70B5< 5IQ =5A:>;L:> ;5B >= ;5G8;AO A0<>AB>OB5;L=>, >?0A0OAL @5F84820, 8 ?>AB>O==> A>25B>20;AO A> <=>9, 4065 @5H0O ?@>1;5<K ;8G=>9 687=8. ! 65=>9 =5 A>HQ;AO, E>BO >=0 C<>;O;0 ?@>AB8BL 5Q, >1JOA=OO A2>9 ?>ABC?>: B5<, GB> >?0A0;0AL 70 ?A8E8:C AK=0   =5;L7O 4>?CAB8BL, GB>1K @51Q=>: C2845;, :0: 2 AB@0H=KE <C:0E C<8@05B >B5F. � 1C45B =>@<0;L=>9 ?A8E8:0 C @51Q=:0, 2K@>AH53> 157 >BF0?�   A?@>A8; O C ;8:0. 0 MBC B5<C <K 1>;LH5 =5 @073>20@820;8, => ?>E>65 =0 B>, GB> A5<59=K5 =5C@O48FK 7025@H8;8AL 1;03>?>;CG=>. > 2AO:>< A;CG05 ;8: 2>71C64Q==>, :@0A>G=>, 2> 2A5E ?>4@>1=>ABOE @0AA:070; > B><, :0: >= ?@>2>48; AK=0 2 H:>;C, 2 ?5@2K9 :;0AA. >765, CAB@>82H8AL =0 E>@>HCN @01>BC A G0ABK<8 :><0=48@>2:0<8, >= AB0; 72>=8BL 2AQ @565 8 @565. >7<>6=>, ?5@55E0; 2 >A:2C 8;8 2 5B5@1C@3, :0: 5<C ?@54;030;8 4@C7LO ?>A;5 ?>2KH5=8O 2 4>;6=>AB8. 5 7=0N. >3C ;8HL A:070BL, GB> 87 =5A:>;L:8E 45AOB:>2 MB> 1K; A0<K9 A;>6=K9 8 ?@>4>;68B5;L=K9 A;CG09, A2O70==K9 A ;5G5=85< @0:0 I8B>284=>9 65;57K.

* * *

?@>G5<, =5<0;> 2@5<5=8 B@51C5BAO 8 =0 87;5G5=85, :070;>AL 1K, 1>;55 ;Q3:8E D>@< 8 =0G0;L=KE AB0489 @0:0 I8B>284=>9 65;57K.  A5=BO1@5 2003 3>40 =0?@>A8;0AL =0 2AB@5GC A5<LO 87 =51>;LH>3> 3>@>40 =0 A525@5 0H:8@88. AB@52>65==K5 @>48B5;8 ?@8257;8 548=AB25==CN 4>GL A >4=>9 ;8HL F5;LN   ?>A>25B>20BLAO, <>6=> ;8 >1>9B8AL ?@8 5Q 701>;520=88 157 >?5@0F88. 52CH:0 =5 70<C65<, >?5@0F8O >157>1@078B 5Q =56=CN H5N, >AB0282 @C15F =0 A0<>< 284=>< <5AB5, 8 MB>B 87JO= 1C45B A@07C 1@>A0BLAO 2 3;070, GB> <>65B 2 40;L=59H5< =530B82=> A:070BLAO ?@8 CAB@>9AB25 ;8G=>9 687=8. 1@0I0;8AL : <>A:>2A:8< 8 ?8B5@A:8< A25B8;0<, ?@>H;8 >1A;54>20=85 2 A0<>< ;CGH5< >=:>;>38G5A:>< F5=B@5 2 5@<0=88, 8 2AN4C 2@0G8, 1C4B> A3>2>@8;8AL, ?@54;030;8 B>;L:> E8@C@38G5A:>5 2<5H0B5;LAB2>. 5C65;8 =5B =8:0:>9 0;LB5@=0B82K?

 ?5@2K5 <8=CBK 7=0:><AB20 <K A ;N1>?KBAB2>< @073;O4K20;8 4@C3 4@C30. B> >=, MB>B <0;5=L:89, EC4>9 <C6G8=0, =07202H89 A51O 157 >BG5AB20, ?@>AB> 0<8@><, A =5A:;04=>9, :0: C ?>4@>AB:0, D83C@>9, A ?5G0BLN CAB0;>AB8 =0 ;8F5, A 68;8ABK<8 =0B@C65==K<8 ;04>=O<8 ?@>AB>3> @01>G53>? ">:0@L 8;8 D@575@>2I8:? 3> AC?@C30 8;OCH0 B>65 =5 10@K=O, =8:0:8E A;54>2 <0:8O60, 4065 3C1K =5 ?>4:@0H5=K, ?@8GQA:0 A0<0O ?@>AB0O, 4><0H=OO, 2>;>AK A>1@0=K A7048 2 >48= BC3>9 C75;. 0 284 B8?8G=0O 4><>E>7O9:0, ?@82K:H0O 2> 2AQ< C3>640BL <C6C, =8 @07C =5 ?5@518;0 53> 2> 2@5<O 15A54K A> <=>9, B>;L:> ?>440:820;0 8 :820;0 3>;>2>9. 0B> ;8=0, 8E 4>GL, =0 A:@><=>< D>=5 @>48B5;59 2K45;O;0AL @5A?5:B015;L=>ABLN, >45B0O <>4=>, => =5 :@8:;82>, A> 2:CA><, A =51@>A:8< <0=8:N@>< =0 CE>65==KE ?0;LG8:0E, A 87OI=K<8 A5@L30<8 8 ?5@AB=5<, 345 2 >:@C65=88 87C<@C4>2 :@0A>20;8AL >48=>G=K5 :0?5;L:8 1@8;;80=B>2.  E>;>4=KE 3>;C1KE 3;070E ?>;=>5 157@07;8G85 :> 2A5<C >:@C60NI5<C.

0<8@, 87;>682 8AB>@8N 1>;57=8 4>G5@8, 2=8<0B5;L=> 2KA;CH0; <>Q ?@54;>65=85 ?@>25AB8 ;5G5=85 B@020<8. 'C2AB2>20;>AL, GB> >= :>;51;5BAO, >4>;5205<K9 A><=5=8O<8, 70B5< A:070;: �/ <=>3> =0A;KH0= > 20A. @87=0NAL, C6 8728=8B5, O =0HQ; ?> =B5@=5BC 8 ?>3>2>@8; A 42C<O 20H8<8 1K2H8<8 ?0F85=B0<8. >B ?>G5<C <K >:070;8AL 745AL. 'B> 6, >B40N AC4L1C 4>G5@8 2 20H8 @C:8�. = E>B5; 5IQ GB>-B> A:070BL, => ?@5@20; =0HC 15A54C 72>=>: <>18;L=>3> B5;5D>=0. >-2848<><C, 0<8@C A>>1I8;8 > :0:>9-B> =5?@8OB=>AB8, >= =0E<C@8;AO, >B25B8;: �57 <5=O =8G53> =5 ?@54?@8=8<09B5. 4C, C65 54C!� 728=8;AO, GB> 2K=C645= ?>:8=CBL =0A, 8 153>< 2KA:>G8; =0 C;8FC : >68402H59 53> <0H8=5. 8;OCH0 ?>OA=8;0: �# =53> =0 702>45 70?CA:0NB 2B>@CN ;8=8N. 8@5:B>@>< 53> =07=0G8;8. @>?0405B B0< A CB@0 4> =>G8�. "5?5@L <=5 AB0;> ?>=OB=>, :0:85 8<5;8AL C =8E 2>7<>6=>AB8 4;O :>=AC;LB0F89 =5 B>;L:> 2  >AA88, => 8 2 5@<0=88. >=OB=> 8 B>, GB> 8< <>3;8 ?@54;>68BL B>;L:> >?5@0F8N   =8:B>, 1C4L >= E>BL B@864K 0:045<8:><, =5 27O;AO 1K 70 :>=A5@20B82=>5 ;5G5=85.

 <>59 B5B@048 ?>O28;0AL 70?8AL: �18.09.03. ;8=0 ., 26 ;5B. 8DDC7=K5 87<5=5=8O I8B>284=>9 65;57K (2:;NG5=8O 2 >158E 4>;OE 4> 3 <<). KH5 I8B>284:8   :>=3;><5@0B ;8<D>C7;>2 =0 ?@>BO65=88 50 <<. 48=>G=K5 <5;:85 =587<5=Q==K5 ;/C7;K   <5B0AB07K D>;;8:C;O@=>3> @0:0 I8B>284=>9 65;57K. !>?CBAB2CNI55: 35;L<8=B>7, ;O<1;8>7. !BC; =5CAB>9G82K9. 02;5=85   115/70�. 0 ;5G5=85 ?>?@>A8;0AL 8 8;OCH0   C =5Q <8><0 <0B:8 @07<5@>< >:>;> ?OB8 =545;L, 38?>DC=:F8O I8B>284:8, 1>;OB ?>G:8.

;8=5 40; 1>;83>;>2 >B >4=>9 4> 4204F0B8 :0?5;L. '5@57 ?>;G0A0   G09=0O ;>6:0 A>A=>2>3> <Q40 ?>?>;0< A =0AB>9:>9 F25B:>2 A>A=K. > 54K B@8 @070 2 45=L   =0AB>9 B@02K 7N7=8:0 ?> >4=>9 B@5B8 AB0:0=0, 2;820O :064K9 @07 G09=CN ;>6:C A>:0 <54C=8FK. >A;5 54K   =0AB>9 B@02K 4C@=8H=8:0   AB>;>2CN ;>6:C =0 AB0:0=, ?8BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. !?CABO ?>;G0A0 ?@8=OBL =0AB>9 B@02K 4@>:0. 5704>;3> 4> A=0 ?@8=OBL 2 G5B25@B8 AB0:0=0 2>4K 10;L70< �56=>ABL�. 0 >1;0ABL I8B>284=>9 65;57K AB028BL ?@8<>G:8 87 :>@K 4C10 CB@>< 8 A =0AB>5< 65;B>3> 4>==8:0 25G5@><. ( 5F5?BK B5 65, :0: C ;8:0.)

@83>B>28; ;5:0@AB20 8 8;OCH5. > 54K ?8BL =0AB>9 ?>4<0@5==8:0 F5?:>3> ?> B@5B8 AB0:0=0 2 ?>;C3>@OG5< 2845, 7020@820O 425 G09=K5 ;>6:8 B@02K 2 AB0:0=5 :8?OB:0 =0 420 G0A0.  :064CN ?>@F8N 4>102;OBL ?> B@84F0BL :0?5;L =0AB>9:8 <0@L8=>3> :>@=O. -B> >B <8><K, 701>;520=89 ?>G5:. >A;5 54K   =0AB>9 B@02K 25@>=8:8 ;5:0@AB25==>9 87 42CE G09=KE ;>65: =0 AB0:0= :8?OB:0. 0AB>O2 420 G0A0, ?8BL ?> >4=>9 B@5B8 AB0:0=0 A G09=>9 ;>6:>9 =0AB>9:8 1>@>2>9 <0B:8   @0<8H88 >4=>1>:>9. %>@>H> 4;O 65;C4:0, 4;O ?>G5: 8 <>G52>3> ?C7K@O, 70I8I0NB ?5G5=L, A5;57Q=:C, 0 2 >4=>9 A2O7:5 MB8 @0AB5=8O ;5G0B @07=K5 38=5:>;>38G5A:85 701>;520=8O   2>A?0;5=85 ?@840B:>2, O8G=8:>2 2?;>BL 4> 7C40 ?>;>2KE >@30=>2 8, @07C<55BAO, <8><C <0B:8. '5@57 G0A ?@8=OBL =0AB>9 B@02K 4@>:0 A G09=>9 ;>6:>9 A>:0 <54C=8FK   4;O I8B>284=>9 65;57K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =09B8 2@5<O 4;O A>:0 4C@=8H=8:0.  3;02=CN @>;L 4>;6=0 1K;0 AK3@0BL =0AB>9:0 :>@=59 :C?5=K ;5:0@AB25==>9   A>;><>=>2>9 ?5G0B8. =0 =570<5=8<0 ?@8 3>@<>=>7028A8<KE >?CE>;OE C <C6G8= 8 65=I8=. 0AB>9:C O 3>B>2;N 87 ?OB8 AB>;>2KE ;>65: 87<5;LGQ==KE ACE8E :>@=59 =0 0,5 ; 2>4:8, 2K45@6820O 2 BQ<=>< <5AB5 =5 <5=LH5 <5AOF0. A;8 5Q ?@8=8<0BL ?> ?OB=04F0BL :0?5;L 420 @070 2 45=L CB@>< 8 4=Q< ?>A;5 54K =0 AB>;>2>9 ;>6:5 2>4K, B> ?@8 ?OB8-A5<8=545;L=>< A@>:5 <8><K =0G8=05BAO >1@0B=K9 ?@>F5AA @0728B8O 8 ?@0:B8G5A:8 =0 2A5 AB> ?@>F5=B>2 =0ABC?05B 87;5G5=85. >;55 ?>4@>1=> O 25@=CAL : :C?5=5 ?>765, 0 745AL, ?>;L7COAL A;CG05<, 4>102;N, GB> 65=I8=0, ?5@8>48G5A:8 8A?>;L7CO =0AB>9:C, =8:>340 =5 701>;55B <0AB>?0B859, D81@>045=><0B>7>< <>;>G=KE 65;57, D81@><>9, D81@><8><>9 8 @0:>< <0B:8. 01530O 2?5@Q4 A:06C, GB> A?CABO B@8 <5AOF0 8;OCH0 A C482;5=85<, :0: 1K 25@O 8 =5 25@O 2 A;CG82H55AO, A>>1I8;0 >1 8AG57=>25=88 <8><K. 2064K ?@>25@O;0AL C ;5G82H8E 5Q 38=5:>;>3>2, >=8 B>65 >B C482;5=8O B>;L:> @072>48;8 @C:0<8 8 ?@>A8;8 ?>:070BL 8< GC4>B2>@=>5 @0AB5=85, > :>B>@>< 4> A8E ?>@ 4065 A;KH0BL =5 ?@8E>48;>AL.

@5:@0B8;0 >=0 ?@8=8<0BL 8 =07=0G5==K9 >B 38?>DC=:F88 I8B>284:8 3>@<>=0;L=K9 ?@5?0@0B M;L-B8@>:A8=, >B =53> 2@540 1>;LH5, G5< ?>;L7K. �@87=0NAL, 1K;8 C =0A A <C65< =5:>B>@K5 A><=5=8O, 0 B5?5@L O >:>=G0B5;L=> ?>25@8;0, GB> 2K >1O70B5;L=> 2K;5G8B5 ;8=C�,   A:070;0 8;OCH0.

 A ;8=>9 ?@8H;>AL 70=8<0BLAO 1>;LH5 3>40   G5BK@=04F0BL ?>;=KE :C@A>2. >6=> 1K;> 1K >3@0=8G8BLAO 8 H5ABLN, => 452CH:0 >:070;0AL =0AB>9G82>9, @5H8;0 4;O A51O, GB>, :0: >=0 2K@078;0AL A0<0, ;CGH5 ?5@5145BL, G5< =54>145BL. 840BL, 1K;0 87@O4=> =0?C30=0 AC@>2K<8 ?@>3=>70<8 AB>;8G=KE 8 =5<5F:8E A25B8;, 5A;8 >=0 >B:065BAO >B >?5@0F88. / >3@0=8GCAL 87;>65=85< >A=>2=KE ;5G51=KE :C@A>2. >A;5 ?5@2>3> ?>A;54>20; 2B>@>9.  =Q< >AB0;8AL 1>;83>;>2, A>A=>2K9 <Q4 8 4@>: A 4C@=8H=8:><. > 54K =07=0G8; =0AB>9 B@02K 7>?=8:0 A ?@>B82>>?CE>;52K< 10;L70<>< B@8 @070 2 45=L.  10;L70< 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 ;>?CE0 8 4O38;O, ?> 50 <; =0AB>5: :0;5=4C;K, 725@>1>O, ?86<K, :>@=59 :@>2>E;51:8. ;820BL G09=CN ;>6:C 2 :064CN ?>@F8N =0AB>O. >A;5 54K 2K?8BL =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 2>4>G=>9 =0AB>9:8 1C4@K, B@8 @070 2 45=L. 0A?8@B>20==K9 A>: 4C@=8H=8:0 ?> G09=>9 ;>6:5 2 G5B25@B8 AB0:0=0 2>4K   2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8. 5704>;3> 4> A=0 ?@8=OBL G09=CN ;>6:C =0AB>9:8 :>@=59 A8=NE8. :;NGQ==0O 2 10;L70< ?86<0 >1;0405B 3;8AB>3>==K< 459AB285<, :>@=8 :@>2>E;51:8 3C18B5;L=> 459AB2CNB =0 ;O<1;88. !015;L=8: 84QB ?@8 ;N1>< @0:5, 0 2<5AB5 A 1C4@>9   ?@8 >?CE>;OE 65;Q7. !8=NE0 CA?>:08205B 8 >15I05B 3;C1>:89 A>=. 0@C6=> =0 ?@8<>G:8   =0AB>9 G8AB5F0 ;5A=>3>, ?> >4=><C G0AC 420 @070 2 45=L.

 B@5BL5< :C@A5 >AB0;AO =0AB>9 7>?=8:0   53> ?>;>65=> 8A?>;L7>20BL 420 <5AOF0 157 ?5@5@K20. 5 1K;> =5>1E>48<>AB8 <5=OBL A>AB02 10;L70<0. >A;5 54K >AB0;AO 8 =0AB>9 B@02K A015;L=8:0 (=0?><=N: >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0), => =0 MB>B @07 A G09=>9 ;>6:>9 70A?8@B>20==>3> A>:0 <54C=8FK. 0AB>9 B@02K 4@>:0 8 A>: 4C@=8H=8:0 >1>30B8;8AL =0AB>5< 7N7=8:0. 86<0 ?>H;0 >B45;L=>   >4=0 G09=0O ;>6:0 F25B:>2 =0 420 AB0:0=0 :8?OB:0, =0AB>OBL =0 2>4O=>9 10=5 A>@>: <8=CB, ?@8=8<0BL ?> ?>;AB0:0=0 420 @070 2 45=L ?@>B82 3;8AB>2. #B@>< 8 4=Q< C;CG8BL <><5=B 4;O ?@8Q<0 =0AB>9:8 7>;>B>3> :>@=O   402;5=85 C ;8=K ?>=865==>5, A;01>ABL. > A8=NEC =0 =>GL >AB028;.  4;O ?@8<>G5: =0 >1;0ABL I8B>284:8 ?@8<5=8; =0AB>9:C A:>@;C?K :54@>2KE >@5E>2   MB> 8A?KB0==>5 A@54AB2>

>B <=>38E 701>;520=89, 2 B>< G8A;5 459AB25==>5 8 ?@8 =0G0;L=KE AB048OE @0:0 I8B>284=>9 65;57K. ;O ?@83>B>2;5=8O =0AB>9:8 O =0 B@8 G5B25@B8 70?>;=O; AB5:;O==CN 10=:C A:>@;C?>9 8 4>25@EC 70;820; 2>4:>9. 0AB0820; 4>;3>   420, 8=>340 B@8 <5AOF0. @8<5=O; 4>2>;L=> G0AB>, => 2 4@C38E A;CG0OE, ?>MB><C @073>2>@ > :54@5 5IQ ?@54AB>8B 2?5@548.

'5B2Q@BK9 :C@A O =5A:>;L:> 284>87<5=8;. >;83>;>2, A>A=>2K9 <Q4 A F25B:0<8 A>A=K, 4@>: >AB0;8AL. >O28;AO @5?5H>:   =0AB>9 AB>;>2>9 ;>6:8 B@02K 2 AB0:0=5 :8?OB:0, >48= G0A =0AB>OBL 8 ?@8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 10;L70<0, 345 >1J548=8;8 A2>8 A8;K =0AB>9:8 ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5: 8 :>@=59 ?8>=0 C:;>=ONI53>AO (?> 100 <;), :>@=59 :@>2>E;51:8, ;>?CE0, F25B:>2 E<5;O, BKAOG5;8AB=8:0, @O18=K :@0A=>9, B@02K G5@=>1K;L=8:0 (?> 50 <;).  =0@>4=>9 <548F8=5 G0AB> 8A?>;L7CNB :>@C, ?>G:8, F25B:8 8 ;8ABLO :@0A=>9 @O18=K :0: 0=B810:B5@80;L=>5 A@54AB2>, => <0;> :B> 7=05B, GB> F25B:8 A>45@60B =5>1E>48<K9 4;O I8B>284=>9 65;57K 3>@<>= B8@>=8=.  87 @5?5H:0 2K45;5=> =>2>5 25I5AB2>   03@8<>=8=, >1;040NI55 ?@>B82>>?CE>;52>9 0:B82=>ABLN. >A;5 54K ?8BL B@8 @070 2 45=L ?> B@5B8 AB0:0=0 =0AB>O B@02K <54C=8FK, 7020@82 2 AB0:0=5 :8?OB:0 =0 420 G0A0 AB>;>2CN ;>6:C 2KACH5==>3> @0AB5=8O.  :064CN ?>@F8N =0:0?0BL ?> 4204F0BL :0?5;L A>:0 1C4@K. AB0B8, 3>@<>= B8@>=8= A>45@68BAO 8 2 <54C=8F5.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, ?@8<5@=> G5@57 G0A ?>A;5 <54C=8FK, ?@8=OBL 5IQ A G09=>9 ;>6:>9 =0AB>9:8 7N7=8:0 8 =0AB>9 ;8ABL52 A015;L=8:0 1>;>B=>3>   425 AB>;>2K5 ;>6:8 ;8ABL52 70;8BL ?>;=K< AB0:0=>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL, C?>B@518BL 2 B@8 ?@8Q<0. ;O ;5G5=8O 7;>:0G5AB25==KE >?CE>;59 G0I5 84CB :>@=8, => >=8 1>;55 ?@8<5=8<K ?@8 @0:5 ;Q3:8E, 65;C4:0, <>;>G=>9 65;57K. 0@C6=>, =0 ?@8<>G:8, O =0 MB>B @07 =07=0G8; =0AB>9:C 1>@F0 2KA>:>3>.

> <>59 ?@8:84:5, ?5@2K5 H5ABL :C@A>2 4>;6=K 1K;8 40BL >B25B =0 2>?@>A: =0945= ;8 :;NG : 87102;5=8N ;8=K >B 1>;57=8. @8 >14C<K20=88 :064>3> =>2>3> H030 O ?> <5@5 2>7<>6=>AB8 CG8BK20; 2A5 B>=:>AB8 2708<>459AB28O @0AB5=89, 2K8A:820; >?B8<0;L=>5 @5H5=85 4;O 8E ?@028;L=>3> G5@54>20=8O (>1O70B5;L=> >BKA:820O :><?@><8AAK <564C 8E 3>@OG8< 8 E>;>4=K< 5AB5AB2><, B0: :0: 2 :064K9 A>AB02;O5<K9 :C@A >48=0:>2> 2E>48;8 B5 8 4@C385). >MB><C =8G53> =5B C4828B5;L=>3> 2 B><, GB> <=>385 @0AB5=8O <=>3>:@0B=> ?5@5E>48;8 87 >4=>3> :C@A0 2 4@C3>9, ?>;CG0O 2 =C6=K9 <><5=B ?>445@6:C A2568E A8; 87 70@0=55 ?>43>B>2;5==>3> @575@20.

>B 8 2 ?OB>< :C@A5, 345 ?> >1K:=>25=8N >AB0;8AL 1>;83>;>2, A>A=>2K9 <Q4 A F25B0<8 A>A=K 8 4C@=8H=8: A :>?KB=5<, 4> 54K ;8=5 ?@54AB>O;> ?@8=8<0BL =0AB>9 B@02K 1C4@K A B@84F0BLN :0?;O<8 A>:0 1C4@K. >A;5 54K   =0AB>9 7N7=8:0 A G09=>9 ;>6:>9 10;L70<0, B0:>3> 65, :0: 2 G5B2Q@B>< :C@A5. 'CBL ?>765   =0AB>9 B@02K 4@>:0   G09=0O ;>6:0 =0 AB0:0= :8?OB:0, ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, A G09=>9 ;>6:>9 A>:0 <54C=8FK. 0 MB>B @07 8 40;LH5 4@>: ?@8=8<0BL =5 5654=52=>, 0 B>;L:> G5@57 45=L. >?KB5=L ?> 3;>B:C 2 B5G5=85 4=O, =5 1>;LH5 ?>;>28=K AB0:0=0. @C3CN ?>;>28=C >B20@0 >AB028BL =0 702B@0.  A>: 4C@=8H=8:0 ?@8=8<0BL 5654=52=> ?> G09=>9 ;>6:5 B@8 @070 2 45=L 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8. 0 =>GL   G09=0O ;>6:0 A8=NE8   =5 10;L70<C �56=>ABL�, 0 59 >B40;0 A2>Q ?@54?>GB5=85 ;8=0.  >B=>H5=88 ?@8<>G5: 25@=C;8AL : >B20@C :>@=59 :@>2>E;51:8.

(5AB>9 :C@A 1K; C40@=K<. > 54K   =0AB>9 F25B:>2 E<5;O ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A A>@>:0 :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. >A;5 54K   =0AB>9 B@02K G8AB>B5;0 ?> B@5B8 AB0:0=0 (2284C O4>28B>AB8 =0?><=N: 7020@820BL G09=CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0). 064CN ?>@F8N CA8;820BL B@84F0BLN :0?;O<8 A>:0 G8AB>B5;0. @>4>;68BL =0AB>9 B@02K 4@>:0   G5@57 45=L.  G09=CN ;>6:C A>:0 <54C=8FK ?@8=8<0BL 5654=52=>. 5 1K;8 701KBK 8 >B20@ :>@=59 :>?KB=O A A>:>< 4C@=8H=8:0. > <>8< @0AGQB0<, ?@>B82>>?CE>;52K9 10;L70< >:070;AO 1K 745AL 87;8H=8<, B5< 1>;55 GB> =0 ?@8<>G:8 2 ?>A;54=89 @07 =07=0G8; =0AB>9:C :>@=59 1>@F0 2KA>:>3>.

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

5:>B>@K5 1>;L=K5 =0 MB>< MB0?5 ?@5:@0I0;8 ?@8Q< ;5:0@AB2, C4>2;5B2>@Q==K5 4>AB83=CBK< @57C;LB0B><. 5 ?>A;54=NN @>;L 83@0;8 745AL <0B5@80;L=K5 2>7<>6=>AB8. %>BO 8 =54>@>3> >1E>48;AO <>9 >48= <5AOG=K9 :C@A, :>340 ;8HL >4=0 0<?C;0 8<?>@B=>3> ?@>B82>@0:>2>3> ?@5?0@0B0 AB>8;0 2 A>B=8 @07 4>@>65, MB> 157 CGQB0 10A=>A;>2=KE @0AE>4>2 =0 4>@>3C, :>=AC;LB0F8N 2KA>:>>?;0G8205<KE A25B8;, >1A;54>20=85 8 ;5G5=85 2 ?@5AB86=KE :;8=8:0E, => 8 <>Q ;5G5=85 =5 >3@0=8G820;>AL >4=8< 8;8 42C<O <5AOF0<8, =5@54:> 70BO3820;>AL =0 3>4 8 1>;LH5, AB0=>2OAL ?>GB8 =54>ABC?=K< 4;O 154=KE A;>Q2 =0A5;5=8O. / AB0@0;AO <0:A8<0;L=> C45H528BL ;5G5=85, ?5@5AB0; AG8B0BLAO A ;8G=K< 2@5<5=5<, F5;8:>< >B40==><C A1>@C B@02, 8E >1@01>B:5, ?@83>B>2;5=8N ;5:0@AB2 8 =0 2AB@5G8 A ?>A5B8B5;O<8. > =5 2 <>8E A8;0E 1K;> ?@8>AB0=>28BL ?>AB>O==> @0ABCICN 8=D;OF8N, 2AQ 4>@>65 8 4>@>65 AB0=>28;8AL 2>4:0 8 4@C385 @0AE>4=K5 <0B5@80;K 2?;>BL 4> A0E0@0, <Q40, @0AB8B5;L=>3> <0A;0. ICB8<K<8 1K;8 @>AB :20@B?;0BK, M;5:B@>M=5@388, AB>8<>AB8 15=78=0   0 5748BL ?@8E>48;>AL =0 1>;LH85 @0AAB>O=8O.  @54:> MB8 ?>574:8 >1E>48;8AL 157 HB@0D0 A> AB>@>=K ?@OGCI8EAO 2 :CAB0E ?> >1>G8=0< B@0AA 308H=8:>2. 8:>3>   =8 3>AC40@AB2>, =8 1>30BK5 >@30=870F88, =8 A?>=A>@>2 87 G8A;0 A>;84=KE ?@54?@8=8<0B5;59   =5 8=B5@5A>20;> <>Q <0B5@80;L=>5 ?>;>65=85, 0 2K?@0H820BL :0:CN-=81C4L ?><>IL, ?CABL =5 4;O A51O, 0 4;O 45;0, =5 C<5;, =5 ?>72>;O; E0@0:B5@. / A>60;5N ;8HL > B><, GB> <>3 1K ?@8=5AB8 2 =5A:>;L:> @07 1>;LH5 ?>;L7K ;N4O<, 5A;8 1 <>9 B@C4 1K; >F5=Q= ?> 4>AB>8=AB2C.  C =0A 2A5340 1K;> ?@8=OB> F5=8BL ;N459 A>2A5< 70 4@C385 :0G5AB20.

;8=0 1K;0 =5 87 B5E, :B> 4>2>;LAB2C5BAO ?5@2K< 4>AB83=CBK< CA?5E><. 0, @0: ?>1564Q=, => MB> 5IQ =5 3>2>@8B > B><, GB> >=0 74>@>20 =0 2A5 AB> ?@>F5=B>2. >-?5@2KE, I8B>284=0O 65;570 ?>:0 =5 >:@5?;0 ?>A;5 B0:>3> A8;L=>3> ?>B@OA5=8O, B@51C5BAO 2@5<O, GB>1K C1548BLAO, =5 3@>78B ;8 59 @5F8482 >?CE>;8, =5 2>7=8:=CB ;8 :0:85-=81C4L 4@C385 =5?@8OB=>AB8. =0 >1O70=0 @01>B0BL 2 ?>;=CN A8;C, 4>;3> 8 =04Q6=> :0: G0AK. >-2B>@KE, :@><5 I8B>284=>9 65;57K ACI5AB2CNB 4@C385 >@30=K, :>B>@K5, 5A;8 AB@5<8HLAO 1KBL ?>;=>F5==K<, 74>@>2K< G5;>25:><, 4>;6=K DC=:F8>=8@>20BL A8=E@>==>, 157 A1>O.  0725 MB> 4>?CAB8<>, 5A;8 2=CB@8 B51O 682CB 8 @07<=>60NBAO :0:85-B> ?0@078BK? 0 87102;5=85 >B 35;L<8=B>70 O =5 1@0;AO, @0725 GB> ?>?CB=>, :0: ?@8;>65=85 : ;5G5=8N >A=>2=KE 701>;520=89. # ;8=K 8AG57;8 ;O<1;88, :@C3;K5 3;8ABK >B ?@8ACBAB28O 2 ;5G51=KE :C@A0E :@>2>E;51:8, ?86<K, G5@=>1K;L=8:0. > =0 MB>< >=0 =5 CA?>:>8;0AL. !?5F80;L=> AJ5748;0 2 >A:2C, : 2@0GC ;L35 ;8A552>9, 02B>@C B5>@88 ?0@078B0@=>3> ?@>8AE>645=8O @0:0, :>B>@0O 871028;0 5Q >B 1KGL53> F5?=O. # <5=O ;8=0 ?@>4>;60;0 1@0BL 4> A5@548=K 2005 3>40 ;5G51=K5 :C@AK =5 B>;L:> 4;O I8B>284=>9 65;57K, => 8 4;O 65;C4:0, ?5G5=8, ?>G5:, A5@4F0, ;Q3:8E, =5@2=>9 A8AB5<K, 4065 ?@>2>48;0 ?@>D8;0:B8:C 65=A:8E 701>;520=89. /@K9 AB>@>==8: 74>@>2>3> >1@070 687=8, >=0, =0?C30==0O ?5@2K< 3@>7=K< ?@54C?@5645=85<, B5?5@L ?@5A;54>20;0 F5;L ?>AB83=CBL 8 A>E@0=8BL 2 >@30=87<5 ?>;=CN 30@<>=8N. A5E, :><C MB> 8=B5@5A=>, >BAK;0N 2 ?>A;54CNI85 3;02K, 345 40N :>=:@5B=K5 @5F5?BK =5 2 E0>B8G=>9 @>AAK?8, =5 ?> ?@8=F8?C 15@8 GB> =@028BAO, 0 2 E>@>H> ?@>4C<0==><, 8A?KB0==>< :><?;5:A5, 345 3;02=CN C40@=CN A8;C ?@54AB02;O5B ?@028;L=>5 A>G5B0=85 B@02.
   !"", + 

0G=C A A0<>3> A;>6=>3> A;CG0O.

 1994 3>4C <K 2A59 A5<LQ9 ?5@55E0;8 2 ?@>AB>@=CN B@QE:><=0B=CN :20@B8@C A C;CGH5==>9 ?;0=8@>2:>9. @56=OO :20@B8@0 2 >4=>9 87 ?5@2KE E@CIQ2>: B>65 1K;0 B@QE:><=0B=>9, 4204F0BL ;5B =0704 <K 8 59 @04>20;8AL, 0 :>340 A5<LO 2K@>A;0 4> ?OB8 G5;>25:, =0G0;8 704KE0BLAO >B B5A=>BK. > 2>B 254L :0:0O :0@B8=0. 8B5;8 AB0 4204F0B8 :20@B8@ 2 E@CIQ2:5 7=0;8 4@C3 > 4@C35 2AQ 4> <5;>G59, :0: 2 45@52=5.  745AL, =0 =>2>< <5AB5, 2 B>G5G=>< 4><5, 345 =0 425=04F0B8 MB060E 68B5;59 1K;> 2 B@8 @070 <5=LH5, ;N48 68;8 B0: >1>A>1;5==>, 70<:=CB>, GB> ?@8 2AB@5G5 2 ;8DB5 ?>GB8 =5 74>@>20;8AL, <>;G0 A<>B@5;8 2 AB>@>=C, :0: GC685. / B>65 7=0; 2 ;8F> ;8HL =5A:>;L:8E 1;8609H8E A>A5459, =5 AB@5<OAL 7025AB8 7=0:><AB2>. >AB0B>G=> A:070BL, GB> ?5@51@02H8AL G5@57 45AOBL ;5B 87 MB>3> @5A?5:B015;L=>3> 4><0 2 4@C3>9, 24@C3 ?>;CG8; >B 04<8=8AB@0B>@0 D8;0@<>=88 ?@83;0H5=85 =0 :>=F5@B. 72>;=>20==K9 65=A:89 3>;>A 2 B5;5D>==>9 B@C1:5 2K@060; 8A:@5==55 C482;5=85: �/ AB>;L:> A;KH0;0 > 20A, <5GB0;0 ?>7=0:><8BLAO, 0 2K, :0: O B>;L:> GB> C7=0;0, 68;8 2 =0H5< 4><5, @O4><�. !?@>A8B5, : G5<C B0:0O ?@5;N48O? 'B>1K ?>:070BL @07=8FC <564C 687=LN ?@8 A>25BA:>9 2;0AB8, :>340 @02=K9 1KB A1;860; ;N459, 8 ?>A;5 @5AB02@0F88 :0?8B0;87<0, 6QAB:> C:0702H53> :064><C A2>Q <5AB> =0 A>F80;L=>9 ;5AB=8F5? 5B, =5 B>;L:> ?> MB><C ?>2>4C.

5G5@>< ?>72>=8;8 2 425@L. B:@K; =5 A?@0H820O   70 45=L 8=>340 1K20;> 4> 45AOB8 B0:8E 72>=:>2, =5 AG8B0O B5;5D>==KE. / ?5@5AB0; C482;OBLAO B><C, >B:C40 ;N48, G0AB> 8=>3>@>4=85, C7=0NB <>9 04@5A. !<>B@N: <>;>40O 65=I8=0 A 425=04F0B>3> MB060. !8<?0B8G=0O, 687=5@04>AB=0O, 2A5340 C;K105BAO. K 74>@>20;8AL, => O =5 7=0;, :B> >=0 8 :0: 7>2CB. �:07K205BAO, 2>B 2K :0:>9!   ?@>BO6=> ?@>87=5A;0 >=0, GCBL ;8 =5 =0@0A?52.   / A>2A5< 4@C38< ?@54AB02;O;0 20A, A>;84=K<, ?>68;K<, 2 >G:0E. 86C ?>GB8 :064K9 45=L, :>340 3C;O5B5 A 2=CG:>9. C<0;0, >1KG=K9 ?5=A8>=5@, 1K2H89 CG8B5;L. 20 3>40 8A:0;0 20A.  !>N75 ?8A0B5;59 8 2 @540:F8OE 20H 04@5A =5 40NB, 3>2>@OB, 2K 70?@5B8;8.  <K, >:07K205BAO, 2 >4=>< 4><5 682Q<. 'C45A0! / E>B5;0 ?>?@>A8BL, GB>1K 2K ?>;5G8;8 <>53> >BF0. # =53> @0: ?@>AB0BK. 5=O ;8A>9 7>2CB, O 45BA:89 2@0G. AB>@8N 1>;57=8 A59G0A ?@8=5AC. / 1KAB@> A1530N. 0 ;8DB5 BC40 8 >1@0B=> ?OBL <8=CB. !59G0A!� / =8 A;>20 =5 CA?5; A:070BL.  2A:>@5 2G8BK20;AO 2 1>;L=8G=CN 2K?8A:C, A B@C4>< @0718@0O :>@O2K9 ?>G5@: 2@0G0. ! A0<8< 1>;L=K< ?>3>2>@8BL =5 C40;>AL, >= A 65=>9 =0 2AQ ;5B> C5E0; 2 45@52=N. @8H;>AL >?8@0BLAO B>;L:> =0 A:C4=K5 A2545=8O 87 2K?8A:8.

�26.06.97. . 0=AC@, 1934 3. ;0AB><0 ?@54AB0B5;L=>9 65;57K AB. 3, 3@. 2. 5;570 C<5@5==> C25;8G5=0, =5>4=>@>4=0O, A>45@68B ?;>B=K5 2:;NG5=8O. (45=>:0@F8=><0 2KA>:>48DD5@5=F8@>20==0O.) $C=:F8O ?>G5: =5 =0@CH5=0. 10.06.97 A45;0=0 42CAB>@>==OO >@E84M:B><8O. 0G0; ?@8Q< D;CF8=><0 ?> 250 <3 E 3 (=0 3 <5AOF0). >AB8=D0@:B=K9 :0@48>A:;5@>7, E@>=8G5A:89 1@>=E8B, ?=52<>A:;5@>7, 38?5@B>=8O�.

5;53:> A>AB02;OBL ;5G51=K5 :><?;5:AK 4;O >=:>;>38G5A:8E 1>;L=KE, >1@5<5=Q==KE F5;K< 1C:5B>< E@>=8G5A:8E, A5@LQ7=KE A>?CBAB2CNI8E 701>;520=89. =8 A0<8 B@51CNB >B45;L=>3>, 4;8B5;L=>3> ;5G5=8O.

5@2K9 :C@A >:070;AO 2 =5:>B>@>9 AB5?5=8 =5>1KG=K<. 3> >A=>2C A>AB028;8 =0AB>9:8, 2>4=K9 B@02O=>9 =0AB>9 >:070;AO 548=AB25==K<. K3;O45;> MB> B0:. >A;5 ?@>1C645=8O   =0AB>9:0 B@02K 1>@F0 2KA>:>3> ?> 2>7@0AB0NI59 :0?5;L=>9 AE5<5, >B >4=>9 4> 4204F0B8 ?OB8 :0?5;L. '5@57 ?>;G0A0   G09=0O ;>6:0 2>4>G=>9 =0AB>9:8 ?>G5: >A8=K 2 G5B25@B8 AB0:0=0 2>4K. > 54K   >1KG=K9 =0AB>9 B@02K 1C4@K ?> B@5B8 AB0:0=0 A 4>102;5=85< >4=>9 G09=>9 ;>6:8 A>:0 1C4@K 2 :064CN ?>@F8N. >A;5 54K ?@8=OBL G09=CN ;>6:C =0AB>9:8 A2568E F25B:>2 1>O@KH=8:0 2 @N<:5 BQ?;>9 2>4K.  A2>1>4=K5 ?@><56CB:8 <564C ?@8Q<0<8 ?8I8, >1O70B5;L=> A ?>;CG0A>2K<8 ?5@5@K20<8, =5 <5=LH5, A;54CNB G09=0O ;>6:0 =0AB>9:8 :>@=59 452OA8;0 8 ?>;>28=0 G09=>9 ;>6:8 =0AB>9:8 B@02K 3@CH0=:8. AQ MB>, :@><5 =0AB>9:8 1>@F0, B@8 @070 2 45=L. 5704>;3> 4> A=0   G09=0O ;>6:0 =0AB>9:8 H8H5: E<5;O. (A5 =0AB>9:8 @0AB2>@OBL 2 B0:>< :>;8G5AB25 2>4K, ?>:0 =5 8AG57=5B 70?0E 8 ?@82:CA A?8@B0.)  >A8=5 O >1@0B8;AO ?>B><C, GB> 157 =5Q B@C4=> A515 ?@54AB028BL ;5G5=85 @0:0 ?@54AB0B5;L=>9 65;57K. -B0 1>;57=L G0AB> A>?@>2>6405BAO E@>=8G5A:8< 2>A?0;5=85< <>G52>3> ?C7K@O, 70B@C4=Q==K<, 1>;57=5==K< <>G58A?CA:0=85<, 8 >A8=0 2 >4=>9 A2O7:5 A 3@CH0=:>9 ?>AB5?5==> 871028B 1>;L=>3> >B B0:>3> ;8E0. @><5 B>3>, >=0 >:065B 1>;LHCN CA;C3C ;Q3:8< 2 A>G5B0=88 A 1C4@>9 8 =0AB>9:>9 :>@=O 452OA8;0 (?=52<>A:;5@>7).  A2>N >G5@54L 452OA8;, ?>;57=K9 ?@8 ;N1>< 2845 @0:>2>9 >?CE>;8, >1J548=82H8AL A =0AB>9:>9 F25B:>2 1>O@KH=8:0, ?@82545B 2 =>@<C 0@B5@80;L=>5 402;5=85 (C 1>;L=>3> 38?5@B>=8O). 04> B>;L:> =5 701K20BL, GB> ?@8=8<0BL 1>O@KH=8: =5;L7O =0B>I0:, ;CGH5 2A53> G5@57 ?>;G0A0-G0A ?>A;5 54K, 8=0G5 <>6=> 70?>;CG8BL A?07< A>AC4>2.  70?@5I05BAO ?>A;5 =53> ?8BL E>;>4=CN 2>4C   @072>48BL =0AB>9:C @5:><5=4C5BAO 2 BQ?;>9 2>45. >O@KH=8: 8<55B ?@O<>5 =07=0G5=85 8 ?@8 701>;520=8OE A5@4F0 (?>AB8=D0@:B=K9 :0@48>A:;5@>7). (8H:8 E<5;O O =07=0G8; =5 B>;L:> >B =5@2=>3> ?5@5CB><;5=8O 8 15AA>==8FK. >?CB=>, >1;040O 8 ?@>B82>>?CE>;52>9 A8;>9, >=8 C:@5?;ONB A5@45G=>-A>AC48ABCN A8AB5<C, >A>15==> ?@8 A;01>AB8 <8>:0@40, ?@8<5=ONBAO

B>@>9 :C@A ?@>4>;68; =0G0B>5 ;5G5=85. >A;5 1>@F0 O 22Q; A>A=>2K9 <Q4 A F25B:0<8 A>A=K, >4=C 45A5@B=CN ;>6:C. > 54K =07=0G8; =0AB>9 F25B:>2 E<5;O 87 @0AGQB0 >4=C G09=CN ;>6:C =0 AB0:0= :8?OB:0, ?>B><8BL =0 :8?OI59 2>4O=>9 10=5 ?OBL <8=CB, =0AB>OBL >48= G0A, ?@>F548BL. @8=8<0BL ?> G5B25@B8 AB0:0=0 B@8-G5BK@5 @070 2 45=L, 4>102;OO 2 :064CN ?>@F8N ?> A>@>: :0?5;L =0AB>9:8 78<>;N1:8. >A;5 54K   >B20@ :>@K ;5I8=K: >4=C AB>;>2CN ;>6:C =0 AB0:0= :8?OB:0, 40BL ?>:8?5BL ?OBL <8=CB =0 A;01>< >3=5, 420 G0A0 =0AB>OBL, ?@>F548BL. 8BL ?> >4=>9 B@5B8 AB0:0=0 2<5AB5 A G09=>9 ;>6:>9 =0AB>9:8 F25B>2 :0;5=4C;K B@8 @070 2 45=L. !?CABO ?>;G0A0 A @N<:>9 BQ?;>9 2>4K ?@8=OBL G09=CN ;>6:C 1>O@KH=8:0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   B@8 @070 2 45=L ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0, ?@>872>;L=>, 8 ?> 3;>B:C, 4> ?>;>28=K AB0:0=0, >B20@0 :>@=59 :>?KB=O   2 B5G5=85 4=O. 0 =>GL ?5@54 A=><   G09=0O ;>6:0 =0AB>9:8 A8=NE8 (70?0E0 20;5@80=K, :0: ?@54C?@548;0 ;8A0, >B5F =5 2K=>A8;; A <5;8AA>9 B>65 ?5@5CA5@4AB2>20;, 2K@0I820O 5Q 2 A04C, 8 ?>;L7>20;AO 4;8B5;L=>, 157 <5@K, ?>MB><C A@07C >B:070;AO >B ?@54;>65==>3> 5<C 10;L70<0 �56=>ABL�).

>=B0:B0 A 0=AC@>< O =5 8<5;, =5 A;KH0; 3>;>A0, 4065 53> 2=5H=89 >1;8: =5 <>3 ?@54AB028BL A515.  ACI=>AB8, @01>B0; 2A;5?CN, >?8@0OAL B>;L:> =0 A:C4=K5 A2545=8O 87 :>@>B:>9 1>;L=8G=>9 2K?8A:8. 065 A 1>;L=K<8, 682CI8<8 2 40;Q:8E :@0OE, O >1I0;AO ?> B5;5D>=C 8 >ICI0; =5?@5@K2=>5 42865=85, :0: 5A;8 1 45@60; @C:C =0 ?C;LA5, 0 BCB O =0?@02;O; A2>8 CA8;8O 2 3;CECN ?CAB>BC. =5 >AB020;>AL ;8HL =0?@O30BL 2>>1@065=85 8 =0IC?K20BL 2 =5?@>3;O4=>9 ?5;5=5 BC<0=0 7K1:85 >@85=B8@K, =5 7=0O, GB> >68405B =0A ?@8 >G5@54=>< H035 2?5@Q4, 3;C1>:89 >2@03, 1>;>B>, 4@5<CG89 ;5A 8;8 @>2=0O 4>@>30, 254CI0O =0A : 65;0==>9 F5;8. ;8A0 =0 2A5 <>8 2>?@>AK > A0<>GC2AB288 >BF0 >B25G0;0 A <8;>9 C;K1:>9: �>@<0;L=>!� >340 O 8=B5@5A>20;AO, :0: >= ?5@5=>A8B ;5:0@AB20, >B25B A;54>20; B0:>9 65: �>@<0;L=>!�

@8E>48;>AL D0=B078@>20BL 40;LH5, 3040O, :0:85 @0AB5=8O >:06CBAO ?@54?>GB8B5;L=59 4;O <>53> 70304>G=>3> ?0F85=B0. >A;5 >@E84M:B><88 =5>1E>48<K 3>@<>=K. "01;5B:8, =07=0G5==K5 5<C =0 B@8 <5AOF0, 70:>=G8;8AL. !B0;> 1KBL, 8< B@51C5BAO 70<5=0. @8@>40 ?@54CA<>B@5;0 4;O B0:8E A;CG052 @O4 @0AB5=89.  8E G8A;> 2E>48B A>;>4:0 3>;0O, A>;>4:0 C@0;LA:0O   >4=> 87 A0<KE 4@52=8E @0AB8B5;L=KE ;5:0@AB2, 8725AB=>5 =0< 5IQ 87 ?0?8@CA0 -15@A0.  0=B8G=>AB8 ?>AB02;O;8 3@5:0< A>;>4:>2K9 :>@5=L A:8DK, >1<5=820O =0 7>;>B>, 4>@>385 B:0=8, 28=>3@04=>5 28=>, >;82:>2>5 <0A;>.  2 =0H8 4=8 A>;>4:0 ?@8<5=O5BAO H8@>:>, 4065 >B, :070;>AL 1K, =587;5G8<KE 1>;57=59, =0?@8<5@ >B 1>;57=8 448A>=0.  2 <>Q< A;CG05 3;02=K< 1K;> B>, GB> 2E>4OI85 2 A>AB02 A>;>4:8 3;8F8@@878=>20O :8A;>B0 8 3;8F8@-@878=, AB8<C;8@CO 45OB5;L=>ABL :>@K =04?>G5G=8:>2, 40NB 2>7<>6=>ABL >B<5=8BL 3>@<>=0;L=K5 ?@5?0@0BK C 3>@<>=>7028A8<>3> 1>;L=>3>. #AB0=>2;5=>, GB> 0;:0;>84K, :C<0@8=K 8 @O4 4@C38E 18>;>38G5A:8 0:B82=KE 25I5AB2 ?@>O2;ONB ?@>B82>>?CE>;52CN 0:B82=>ABL. 045@6820NB @>AB >?CE>;59 8 0;:0;>84K ;>?CE0. >B 8 2>7L<Q< 8E 70 >A=>2C. 0G8=0O B@5B89 :C@A, ?@54;>68< >4=> 87 459AB25==KE ;5:0@AB2 4;O 1>@L1K A @0:>< ?@54AB0B5;L=>9 65;57K. !B>;>2CN ;>6:C 87<5;LGQ==KE :>@=59 A>;>4:8 =04> 70;8BL 0,5 ; 2>4K, 4>25AB8 4> :8?5=8O 8 =0 A0<>< A;01>< >3=5 40BL A;53:0 ?>:8?5BL 45AOBL <8=CB. @>F548BL ?>A;5 >ABK20=8O. @8=8<0BL 70 ?>;G0A0 4> 54K ?> 425 B@5B8 AB0:0=0 >B20@0 B@8 @070 2 45=L, =0 ?@>BO65=88 B@QE =545;L. 0B5< B@8 =545;8 ?8BL B>G=> B0:>9 65 >B20@ 87 :>@=O ;>?CE0 1>;LH>3>, B0: 65 87 >4=>9 AB>;>2>9 ;>6:8 =0 0,5 ; 2>4K, ?>:8?OB82 45AOBL <8=CB 8 ?@8=8<0O 4> 54K ?> 425 B@5B8 AB0:0=0.  A=>20 25@=CBLAO : A>;>4:5, G5@54CO A >B20@>< :>@=O ;>?CE0.  B0: 25AB8 ;5G5=85 ?>?5@5<5==> 4> B@QE @07. -B> A>AB028B A@07C B@8 :C@A0. 0AB>9:0 1>@F0 =0 25AL ?5@8>4 >AB0=5BAO, 0 >B A>A=>2>3> <Q40 ?@84QBAO >B:070BLAO.  >4=>9 A>;>4:5 AB>;L:> A;04>AB8, GB> G5@57 B@8 <5AOF0 =0 A0E0@ 8 <Q4 A<>B@5BL =5 70E>G5BAO. 0G8=0O >G5@54=>9, B@5B89 :C@A, =5>1E>48<> 1K;> 4>?>;=8BL 53> 2A?><>30B5;L=K<8 ;5:0@AB20<8. !

@8 @07@01>B:5 G5B2Q@B>3> 8 ?OB>3> :C@A>2 C <5=O >AB020;8AL B>;L:> ?>A;5>1545==K5 ?@>1;5<K.  G5B2Q@B>< O 25@=C;AO : >B20@C :>@K >A8=K, 2 B>< 65 8A?>;=5=88, =0 MB>B @07 A G09=>9 ;>6:>9 =0AB>9:8 3@CH0=:8.  ?OB>< =07=0G8; >B20@ :>@K ;5I8=K A =5?>;=>9 G09=>9 ;>6:>9 =0AB>9:8 78<>;N1:8. AB028; 1>O@KH=8:   53> <>6=> ?@8=8<0BL 4>;3>. CABK@=8: 70<5=8; G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K   >=0 B>65 A=8605B 402;5=85 8, :@><5 B>3>, >B=>A8BAO : ?@>B82>>?CE>;52K< A@54AB20<. >1028; ?>@>H>: 87 ;8ABL52 :8?@5O, ?> G09=>9 ;>6:5 420 @070 2 45=L, @0=> CB@>< 8 25G5@>< 70 ?>;G0A0 4> A=0. 3> 402=> 8 H8@>:> 8A?>;L7CNB ?@8 7;>:0G5AB25==KE >?CE>;OE ?>G5: 8 <>G52>3> ?C7K@O, ?>;>2KE >@30=>2. %>@>H B>B :8?@59, :>B>@K9 27OB ?>A;5 =>2>;C=8O, A =0@>645=85< A5@?0 <>;>45=L:>3> <5AOF0, 0 :>340 >= =0G8=05B B5@OBL D>@<C, ?@52@0I0OAL 2 ?>;>28=:C 1;8=0, B5@ON 8=B5@5A : :8?@5N 8 O.

(5AB>9 :C@A O 70<5B=> >1=>28;. 025@H8;AO 4;8B5;L=K9 F8:; A G5@54>20=85< :>@=O A>;>4:8 8 ;>?CE0. >MB><C ?>A;5 =587<5==>9 =0AB>9:8 1>@F0 O =07=0G8; >B20@ :>@=59 A?0@68 ?> A;54CNI5<C @5F5?BC: 425 AB>;>2K5 ;>6:8 ACE8E 87<5;LGQ==KE :>@=59 70;8BL 42C<O AB0:0=0<8 :8?OB:0, 70:@KBL :@KH:>9 8 =0 A0<>< A;01>< >3=5 20@8BL 45AOBL <8=CB, =0AB>OBL G5BK@5 G0A0, ?@>F548BL. @8=8<0BL ?> ?>;AB0:0=0 70 ?>;G0A0 4> 54K B@8 @070 2 45=L, :064K9 @07 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0.  10;L70< 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, :>@K >A8=K, ?> 50 <; =0AB>5: B@02K ><5;K 15;>9, 2>4O=>3> ?5@F0, F25B:>2 :@0A=>9 @O18=K 8 H8H5: E<5;O. >A;5 =0AB>9:8 F25B:>2 1>O@KH=8:0 A;54>20;> <5AOF >B4>E=CBL, 5Q O 70<5=8; =0AB>5< B@02K 0AB@030;0 H5@AB8AB>F25B:>2>3>, ?> ?>;AB0:0=0 B@8 @070 2 45=L 2> 2@5<O 54K. >A;5 54K @5H8; 225AB8 =0AB>9 D80;:8 4CH8AB>9: 425 AB>;>2K5 ;>6:8 B@02K =0AB>OBL 420 G0A0 2 ?>;CB>@0 AB0:0=0E :8?OB:0, ?@8=8<0BL ?> ?>;AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 ;8ABL52 56528:8. # D80;:8 A 56528:>9 >48=0:>2>5 E>;>4=>5 5AB5AB2>   O 2AO:89 @07 CG8BK20; A>2<5AB8<>ABL @0AB5=89 ?@8 =5>1E>48<>AB8 >1J548=8BL 8E 2 >4=> F5;>5.  4@C38E A;CG0OE E>;>4=K5 8 3>@OG85 B@02K 2K=C645= 1K; 4020BL >B45;L=>, A>1;N40O <564C =8<8 =5>1E>48<K5 ?5@5@K2K. >B ?>G5<C 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =0AB>9:C E2>I0 ?>;52>3>, E>;>4=>3> 2A53> ;8HL =0 C@>2=5 ?5@2>9 AB5?5=8, O =07=0G8; >B45;L=> >B ?>@>H:0 87 O3>4 :0;8=K, B> 8 4@C3>5 ?> G09=>9 ;>6:5 B@8 @070 2 45=L A @07@K2>< E>BO 1K 2 ?>;G0A0.  =0 =>GL, ?@8 =5>1E>48<>AB8, G09 A 7020@:>9 87 B@02K :>B>2=8:0.

7 =>2KE @0AB5=89 745AL 2?5@2K5 ?>O28;8AL D80;:0 8 56528:0. $80;:0 4CH8AB0O G0AB> 8A?>;L7C5BAO 2 =0@>4=>9 <548F8=5 ?@8 ;Q3>G=KE 701>;520=8OE, F8AB8B0E, <>G5:0<5==>9 8 65;G=>:0<5==>9 1>;57=8, ?@>AB0B8B5, =0@CH5=88 >1<5=0 25I5AB2, 3@81:5 =0 :>65. >Q 2=8<0=85 ?@82;5:;> 5Q ?@8<5=5=85 ?@8 @0:5 O7K:0, 3>@B0=8, 65;C4:0 8 4@C38E @0:>2KE >?CE>;OE. (8@>:8<8 2>7<>6=>ABO<8 >1;0405B 8 56528:0. # =5Q ?@>B82>>?CE>;52>5 459AB285 C<5@5==>5, => ?@5=51@530BL 5N =5 A;54C5B. 54L =5 7@O 3>2>@8BAO: A <8@C ?> =8B:5   3>;><C @C10E0.

0G8=0O A A54L<>3> :C@A0 =0AB>9:C 1>@F0 2KA>:>3> O 70<5=8; 1>;83>;>2><, ?> A2>59 ?@>25@5==>9 :0?5;L=>9 AE5<5. @8 @0:5 @07;8G=>9 ;>:0;870F88 ?@8<5=ONB 452OA8; A <Q4><. 0?><=N: 200 3 ACHQ=>3> :>@=O 87<>;>BL 2 ?>@>H>:, A<5H0BL A 500 3 A25653> <Q40, ACB:8 =0AB>OBL. @8=8<0BL ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L 4> 54K, 0 CB@><   G5@57 45AOBL-?OB=04F0BL <8=CB ?>A;5 1>;83>;>20. !45;02 B0:>9 65 ?5@5@K2, 2K?8BL 4> 54K G5B25@BL AB0:0=0 >B20@0 :>@=O :0;C6=8FK   =0 AB0:0= 2>4K :;04CB 2A53> ?>;>28=C G09=>9 ;>6:8 :>@=O 8 :8?OBOB ?OBL <8=CB, =0AB0820NB >48= G0A. 0;C6=8FC 1>;>B=CN G0I5 8A?>;L7CNB ?@8 >=:>;>38G5A:8E 701>;520=8OE 65;C4:0 8 <0B:8, => 2A?><8=0NB > =59 8 ?@8 >?CE>;OE 4@C38E 2=CB@5==8E >@30=>2. =0 =5 >B=>A8BAO : A8;L=K< A@54AB20<, 1>;LH5 83@05B 2A?><>30B5;L=CN @>;L, => O >1>30I0N 5Q ?@>B82>>?CE>;52K< 10;L70<><.  40==>< A;CG05 2?>;=5 ?>4E>48; A>AB02 10;L70<0 87 ?@54K4CI53> :C@A0   B0: 65 ?> G09=>9 ;>6:5 2 :064CN ?>@F8N >B20@0. >A;5 54K O 2:;NG8; 2 :><?;5:A >B20@ :>@=59 4O38;O ?> A;54CNI5<C @5F5?BC: ?OBL AB>;>2KE ;>65: ACE>3> 87<5;LG5==>3> :>@=O 70;8BL 42C<O AB0:0=0<8 2>4K, :8?OB8BL =0 A0<>< A;01>< >3=5 ?>;G0A0, 45AOBL <8=CB =0AB>OBL, ?@>F548BL. @8@>40 C 4O38;O C@02=>25H5==0O, <>6=> ?@8=8<0BL 2 BQ?;>< 2845 ?> ?>;AB0:0=0 B@8 @070 2 45=L G5@57 ?>;G0A0 ?>A;5 54K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?>A>25B>20; 25@=CBLAO : A>:C 4C@=8H=8:0 (?> G09=>9 ;>6:5 =0 @N<:5 2>4K) 8 : >B20@C :>@=59 :>?KB=O. -B>B :><?;5:A ?>:070;AO <=5 =5?>;=K<, G53>-B> 2 =Q< =5 E20B0;>. ">340 ?@8H;0 <=5 2 3>;>2C <KA;L >1>30B8BL 53> B>;>:=O=:>9 ?> A2>5<C @5F5?BC: 87<5;LG8BL 2 :>D5<>;:5 5Q ;8ABLO 2 ?>@>H>:, ?@>A5OBL. @8=8<0BL ?> >4=>9 G09=>9 ;>6:5 ?>@>H:0 420 @070 2 45=L: CB@>< =0B>I0: 8 25G5@>< ?5@54 A=><.

 =0@>45 B>;>:=O=:0, 8725AB=0O ?>4 =0720=85< <54256L5 CH:>, B@048F8>==> 8<55B C7:>5 ?@8<5=5=85, 2 >A=>2=>< ?@8 =5:>B>@KE 701>;520=8OE ?>G5: 8 <>G52>3> ?C7K@O. ! 402=8E ?>@ >=0 O2;O5BAO =570<5=8<K< A@54AB2>< 4;O ;5G5=8O F8AB8B0, >A>15==> C 45B59. A?>;L7C5BAO >=0 8 :0: <>G53>==>5 ?@8 >BQ:0E, 7045@6:5 ;8H=59 684:>AB8 2 >@30=87<5. E>4OI85 2 A>AB02 B>;>:=O=:8 3;8:>784 0@1CB8= 8 4C18;L=K5 25I5AB20 (4> 35%) ?@8 ?5@54>78@>2:5 <>3CB >1>AB@8BL 2>A?0;8B5;L=K5 ?@>F5AAK, ?>MB><C 5Q >1KG=> 22>4OB A 4@C38<8 @0AB5=8O<8 2 A>AB02 A1>@>2 8 G0Q2. 5=55 8725AB=K @5F5?BK >B 48015B0, ?@8 65=A:8E 701>;520=8OE 4;O A>:@0I5=8O <8><5B@8O, 0 B0:65 ;5G5=8O BC15@:C;Q70 ;Q3:8E, ?>403@K. 07=0G0NB B>;>:=O=:C 4065 >B A8;L=>9 CAB0;>AB8 8 AB@5AA0. > ?>G5<C-B> >AB0QBAO 157 2=8<0=8O 5Q 206=59H55 A2>9AB2>: A?>A>1=>ABL ;5G8BL BC15@:C;Q7 ?>G5:, 38?5@B@>D8N ?@54AB0B5;L=>9 65;57K, =5?@>872>;L=>5 8AB5G5=85 A?5@<K 8 3;02=>5   7;>:0G5AB25==K5 =>2>>1@07>20=8O, >A>15==> @0: <>G52>3> ?C7K@O, @0: ?@54AB0B5;L=>9 65;57K. "0: GB> B>;>:=O=:0 70=O;0 2 A>AB02;5==>< :C@A5 =5 A;CG09=>5, 0 2?>;=5 70:>==>5 <5AB>.

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

 <0@B5 2003 3>40 2>72@0I0;8AL <K A 65=>9 A ?@>3C;:8 8 2 425@OE 4><0 AB>;:=C;8AL A A>;84=>9 ?0@>9, ?@5:@0A=> �C?0:>20==>9�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�40BL =5 E>GC, C545< 2 :>=F5 <5AOF0�.  <>O 8=0, :>340 2>H;8 2 ?>4J574, A?@>A8;0 A 8@>=8G5A:>9 C;K1:>9: �"K C7=0; 53>?� >=5G=>, =5B.  ?5@2K9 @07 286C.  073;O45BL B>;:>< =5 CA?5;. !?@>A8;: �0:0O-=81C4L 7=0<5=8B>ABL?� 8=0 >B 4CH8 @0AA<5O;0AL: �0 254L MB> B>B A0<K9 0=AC@, :>B>@>3> BK 2K;5G8;!� >340 O @0AA:070; ;8A5 >1 MB><, >=0 ?>:@0A=5;0, 28=>20B> ?@>87=5A;0: �0: =5E>@>H> ?>;CG8;>AL! / 254L C?CAB8;0, B0: 8 =5 ?>7=0:><8;0 20A.  >48B5;8 ?>GB8 25AL 3>4 682CB =0 ?@8@>45, 2 45@52=5. ><0 ?>GB8 =5 1K20NB. B5F =5 ;N18B 3>@>4. = 1K2H89 48@5:B>@ A>2E>70. 5402=> =02540;8AL, A=O;8 A> A15@:=86:8 ?5=A8N 8 C5E0;8 >1@0B=>. K C6 =5 >18609B5AL =0 =53>. = :0:-B> 78<>9 E>B5; A?CAB8BLAO : 20<, ?>7=0:><8BLAO, ?>1;03>40@8BL, => ?>AB5A=O;AO. >2>@8;, GB> >1O70= A45;0BL 20< F0@A:89 ?>40@>:, B>;L:> >= 402=> =5 48@5:B>@, 0 A B0:>9 5@C=4>9, :0: 1CBK;:0 :>=LO:0 8 :>@>1:0 :>=D5B 8 ?>7>@8BLAO =5G53>. "0:>9 C6 >= 3>@4K9, 2K =5 >18609B5AL =0 =53>, ?>60;C9AB0!� 184K =5 1K;>, 0 =54>C<5=85 >AB0;>AL.  ?5@2K9 @07 O 8<5; 45;> A B0:8< AB@0==K< 1>;L=K<. ?@>G5<, 2K68; G5;>25:   GB> 5IQ B@51C5BAO?  687=L ;N18B ?@5?>4=>A8BL =5>6840==K5 AN@?@87K.  MB><C =5 ?@82K:0BL.

* * *

 :>=F5 2002 3>40 =0?@>A8;AO =0 2AB@5GC <>;>4>9 G5;>25:, =0720;AO ;048A;02><.  =07=0G5==>5 2@5<O ?@8HQ; 2 >D8A. 1I8B5;L=K9, 1KAB@>3;07K9, N@:89, >= 2 <3=>25=85 >:0 CA?5; 703;O=CBL =0 :CE=N, >1>@C4>20==CN ?>4 ;01>@0B>@8N 4;O @01>BK A B@020<8, =0 E>4C 2K@078; 2>AB>@3 ?> ?>2>4C 1>30B>9 181;8>B5:8, >:8=C2 <8<>;QB=K< 273;O4>< @O4 :=86=KE H:0D>2 2 :>@84>@5, >4=>2@5<5==> 2K@078; 2>AB>@3 ?@8 2845 C:@0H0NI8E AB5=K :0@B8=: �3>, C 20A F5;0O 30;5@5O ;CGH8E 10H:8@A:8E EC4>6=8:>2! '53> AB>8B B0:0O @54:>ABL, :0: =0BN@<>@B A @>70<8 E<0B0 CBDC;;8=0, >= 254L A>740QB B>;L:> M?8G5A:85 ?>;>B=0.  =0 ?80=8=> :B> 83@05B? @5:@0A=K9, @54:89 8=AB@C<5=B. 04> 65 A;CG8BLAO B0:><C: HQ; 2 >1KG=K9 45;>2>9 >D8A, 0 ?>?0; 2 EC4>65AB25==K9 A0;>=! 0, O =5 CGQ; B>3>, GB> 2K =5 B>;L:> =0@>4=K9 F5;8B5;L, => 8 ?8A0B5;L. '8B0; 20H8 ?>25AB8 8 @0AA:07K. @5:@0A=K9 O7K:.  2>>1I5 B5?5@L O ?>=8<0N, ?>G5<C =07K20NB 20A =5 ?@>AB> B@02=8:><, :0: 4@C38E, 0 ?@>D5AA>@>< =0@>4=>9 <548F8=K. / B0: 1;03>40@5= AC4L15 70 B>, GB> 2K =5 >B:070;8AL ?@8=OBL <5=O...� / =5 ?5@51820; 53>, A;CH0; <>;G0. 5=O 402=> =5 C482;O;8 M:70;LB8@>20==K5 N=>H8, ?>=01@02H85AO 25@ECH5: ?>:07=>9 8=B5;;835=B=>AB8.

;048A;02 ?@8HQ; A ?@>AL1>9 27OBL >BF0 =0 ;5G5=85   @0: ?@54AB0B5;L=>9 65;57K.  1>;L=8F5 ;5G8BL =5 15@CBAO, ?>74=>. ?5@0F8N =5 2K45@68B, <=>3> ?@>B82>?>:070=89.  2>7@0AB ?@5:;>==K9. !>3;0A5= =0 ;N1K5 CA;>28O, ;8HL 1K O =5 >B:070;AO. 0 4@C3>9 45=L >= ?@82Q; >BF0. KA>:89, AB0B=K9 <C6G8=0 A 1;03>@>4=>9 A548=>9 2 3CAB>9 H525;N@5, A 2;0AB=K< 2K@065=85< ;8F0, 1@>A8; =0 <5=O ?@8AB0;L=K9, 87CG0NI89 273;O4. / C7=0; 53> A@07C.  5IQ @07 C1548;AO 2 B><, =0A:>;L:> 687=L AN65B=0. 0G0B0O :>340-B> ;8=8O, 4065 402=> ?@5@202H8AL, =5 8AG5705B, =5?@5<5==> 2>7=8:05B 2=>2L, GB>1K 2 :0:>9-B> <><5=B 7025@H8BL 704C<0==K9 E>4. >@8A . ?>GB8 A>@>: ;5B =0704 1K; 2;8OB5;L=>9 D83C@>9 A@548 @C:>2>48B5;59 :@C?=>3> =><5@=>3> >1>@>==>3> 702>40, 2>73;02;O; >= 8 :><8B5B :><A><>;0. ">340, 25@=C2H8AL 87 >A:2K 2 1962 3>4C, O =8345 =5 <>3 =09B8 @01>BC, 0 2 <8;8F88 ?>;CG8; ?@54C?@5645=85, GB> <>3CB AB@>3> =0:070BL 70 BC=5O4AB2>, B0:85 1K;8 2@5<5=0.  O 2K=C645==> CAB@>8;AO (?> @5:><5=40F88!) =0 702>4. ., 87CG82 <>9 8=AB8BCBA:89 48?;>< A 2KA>:8<8 >F5=:0<8, ?>4>7@8B5;L=> ?>A<>B@5; =0 <5=O, A?@>A8;: �!C48<>ABL 8<55B5? 5B? 'B> 65 ?>1C48;> 20A, ;8B5@0B>@0, 2K?CA:=8:0 A0<>3> ?@5AB86=>3> 2C70 2 AB@0=5, CAB@>8BLAO : =0<, 2 A5:@5B=K9 F5E, =0 A0<CN GQ@=CN @01>BC? 0 20A ?@>A8B C20605<K9 G5;>25:. 04=>, ?@8ABC?09B5 702B@0 65, 0 O ?@>A;56C.   =, 5IQ @07 E>;>4=> 3;O=C2 =0 <5=O, ?@>87=QA 2 C?>@ A =>B:>9 ?@57@5=8O, C=8G868B5;L=>:   87=L ?>:065B, A>>B25BAB2C5B5 ;8 2K A2>5<C 48?;><C. AQ-B0:8 O AG8B0N, GB> 4K<0 157 >3=O =5 1K205B�...

#7=0; >= <5=O 8;8 =5B   =5 7=0N, => 273;O4 2 ?5@2>5 <3=>25=85 2K@078; C482;5=85, >AB020OAL ?@8AB0;L=K<, 87CG0NI8<. 848<>, 2 A8;C 1K2H59 ?@>D5AA88. 0B> G5@57 <83, :>340 >= =0G0; 60;>20BLAO =0 A2>8 1>;57=8, B> A@07C ?5@5<5=8;AO 2 ;8F5. ;070, ?>;=K5 >BG0O=8O, 2K@060;8 ;8HL <>;L1C 8 =04564C.  70B0Q==K9 AB@0E ?5@54 B5<, GB> <>3C >B:070BL 5<C 2 ?@>AL15. ">340 O ?>=O;: 40, 2A?><=8;, C7=0;!  ?@8<8@8;AO A B5<, GB> @>;8 ?5@5<5=8;8AL.

"0: 2 B5B@048 ?>O28;0AL 70?8AL: �25.02.02. >@8A 8E09;>28G ., 1924 3. 45=><0 ?@54AB0B5;L=>9 65;57K A 1998 3. ;0AB><0 ?@>AB0BK 3 AB., 2 3@. 5G5=85: A8=5AB@>; ?;>E> ?5@5=QA, 1@>A8;. @8=8<0; ><=8:, D;CF8=><, 38?>AB0B. !   38. =52<>A:;5@>7. >1 2 AB. %@>=8G5A:89 E>;5F8AB8B. 8ABK 2 ?5G5=8. 8DDC7=K5 87<5=5=8O 2 ?5G5=8, ?0=:@50B8B. 02;5=85 2 =>@<5.

0?G0B:0 3CA8=0O

0?G0B:0 ?@O<>AB>OG0O -:0;30=

5275O A0D;>@>284=0O

L=O=:0 >1K:=>25==0O

0=65B:0 ?0ABCHLO

>@8G=8: C7;>20BK9
A;8==8: 42C;5B=89 

G0=:0 ;5:0@AB25==0O

G8B>: 1>;LH>9

G8B>: 54:89

G8B>: ?C@?C@=K9 70OGLO :0?CAB0

0A;5= G5@=K9

5@2>F25B ;5:0@AB25==K9

86<0 >1K:=>25==0O

8>= C:;>=ONI89AO <0@L8= :>@5=L
;0C= 10@0=5F 
>4<0@5==8: =0AB>OI89 

>;K=L >1K:=>25==0O -G5@=>1K;L=8:

 >3>7 C7:>;8AB=K9 -:0<KH

!8=NE0 3>;C10O

!8=O: >1K:=>25==K9

!<>;52:0 >1K:=>25==0O

!B0;L=8: ?0H5==K9

!C@5?:0 >1K:=>25==0O

!CA0: 7>=B8G=K9

$80;:0 B@5EF25B=0O
'0ABCE0 ?>4>@>6=8:>20O

'5@=>3>;>2:0 >1K:=>25==0O

'8AB5F ;5A=>9

/@CB:0 ?>;520O

C;520O :8A;>B=>ABL. 0?>@K.  074@068B5;L=>ABL. ;>E>9 A>=. >GLN 3>=O5B ?>-<0;><C 5 6 @07�.

 ;5G5=88 O 8A?>;L7>20; >A=>2=K5, C65 8725AB=K5 @0AB5=8O, 8 =5B A<KA;0 ?>2B>@OBL A?>A>1K 8E ?@8<5=5=8O.  ?5@2K9 :C@A 2>H;8 1>;83>;>2, A>A=>2K9 <Q4 A F25B0<8 A>A=K, 4> 54K   >B20@ :>@K >A8=K A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (87 =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 ;>?CE0 8 4O38;O ?> 100 <;; ?>G5: GQ@=>9 >;LE8, 15@Q7K, <0@L8=>3> :>@=O, 2>4O=>3> ?5@F0 ?> 50 <;). >A;5 54K   =0AB>9 B@02K E2>I0 A G09=>9 ;>6:>9 3@CH0=:8, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0, >G8B:0 ?C@?C@=>3> 8 1C4@K. 0 =>GL   >B20@ O3>4 6>AB5@0   G09=CN ;>6:C =0 AB0:0= 2>4K, :8?OB8BL ?OBL <8=CB, G5@57 ?>;G0A0 ?@>F548BL. K?8BL 25AL >B20@   >B 70?>@0. > 2B>@>< :C@A5 >A8=C 70<5=8; :>@>9 ;5I8=K, 10;L70< >AB028; B>B 65, 0 ?5@54 =0G0;>< 54K ?>A>25B>20; :064K9 @07 ?@8=8<0BL AB>;>2CN ;>6:C :0?CAB=>3> @0AA>;0 (4;O ?>2KH5=8O :8A;>B=>AB8 65;C4>G=>3> A>:0). >A;5 54K 2:;NG8; =0AB>9 B@02K 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 =0AB>9:8 ;5A?5457K. !?CABO G0A ?>A;5 682>:>AB8   B@5BL AB0:0=0 =0AB>O B@02K 1C:28FK A A>@>:0 :0?;O<8 =0AB>9:8 ?0ABCHL59 AC<:8. =0 C?><8=05BAO 2 ?5@2K9 @07, ?>MB><C ?>3>2>@8< > 5Q ?@8<5=5=88 2 =0@>4=>9 <548F8=5. 0: 8 <=>385 A>@=O:8, ?0ABCHLO AC<:0 =045;5=0 =58AB>I8<>9 A8;>9 4;O 2K6820=8O, A>45@68B 2 A515 2=CH8B5;L=>5 :>;8G5AB2> C3;52>4>2, >@30=8G5A:8E :8A;>B, 0;:0;>84K, :C<0@8=K, D;02>=>84K, 28B0<8=K 8 <0AAC 4@C38E ?>;57=KE 25I5AB2. AAB0@8 3;02=K< =07=0G5=85< ?0ABCHL59 AC<:8 1K;0 >AB0=>2:0 2=CB@5==8E :@>2>B5G5=89. '0I5 2A53> ?@8<5=O;0AL >=0 ?@8 65=A:8E 701>;520=8OE, >A>15==> ?@8 D81@><5 8 0B>=88 <0B:8. 0E>48B >=0 ?@8<5=5=85 ?@8 BC15@:C;Q75 ;Q3:8E, <0;O@88, ?@8 >AB0;388   1>;8 2 :>ABOE, =5@2=>-?A8E8G5A:8E 701>;520=8OE, ?@>ABC45, 701>;520=8OE ?5G5=8 8 >A>15==> >AB@>< 8 E@>=8G5A:>< 2>A?0;5=88 ?>G5:.  G0AB=>AB8, 8A?>;L7C5BAO ?0ABCHLO AC<:0 ?@8 O725 8 @0:5 65;C4:0, @0:5 <0B:8, 4@C38E 7;>:0G5AB25==KE >?CE>;OE. <55BAO >48= >G5=L 206=K9 =N0=A. >2>;L=> G0AB> ?0ABCHLN AC<:C >4>;5205B B> ;8 3@81>:, B> ;8 <CG=8AB0O @>A0 ?>GB8 =570<5B=>3> 15;>3> F25B0. =>340 B>;L:> 7>@:89 3;07 A?>A>15= >1=0@C68BL =0, :070;

=>385 A1>@I8:8, 703>B02;820O ?0ABCHLN AC<:C, A0<8 =5 2540O B>3>, 2K?>;=ONB 15A?>;57=CN @01>BC, ?>B><C GB> 4065 A;53:0 ?>@06Q==>5 =5254><>9 1>;57=LN @0AB5=85 B5@O5B A2>N ;5G51=CN A8;C. >B ?>G5<C, :0:CN 1K >AB@CN =5>1E>48<>ABL =8 8A?KBK20;, O =8:>340 =5 :C?;N ?0ABCHLN AC<:C 2 0?B5:5 8;8 =0 @K=:5 C B@02=8:>2. >25@ON B>;L:> B>9 B@025, :>B>@CN A>1@0; A2>8<8 @C:0<8. AB5AB2> C ?0ABCHL59 AC<:8 8 1C:28FK ;5:0@AB25==>9 E>;>4=>5, ?@8 A<5H5=88 >=8 B>;L:> ?><>3CB 4@C3 4@C3C.  C:070==K9 :C@A O 7025@H8; A>:>< 4C@=8H=8:0 8 >B20@>< :>@=59 :>?KB=O. 0; ?>@>H>: ;8ABL52 :8?@5O, 4;O ?@8Q<0 CB@>< =0B>I0: 8 =0 =>GL ?> >4=>9 G09=>9 ;>6:5.

 B@5BL5< :C@A5 ?>A;5 1>;83>;>20 8 A>A=>2>3> <Q40, A<5H0==>3> A =0AB>9:>9 F25B>2 A>A=K, 2 :0G5AB25 A8;L=>3> ?@>B82>>?CE>;52>3> A@54AB20 ?>HQ; 4> 54K =0AB>9 >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 B>3> 65 ?@>B82>>?CE>;52>3> 10;L70<0. '5@57 ?>;G0A0 ?>A;5 54K   C65 7=0:><K9 =0< >B20@ 87 ?OB8 AB>;>2KE ;>65: :>@=59 4O38;O 2 0,5 ; 2>4K. '0A A?CABO, ?>A;5 4O38;O, =5 <5=55 A8;L=K9, G5< >G8B>: ?C@?C@=K9, >B20@ :>@=59 E<5;O A =5?>;=>9 G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O. A;8 ABC; =5 =>@<0;87>20;AO, =0 =>GL   >B20@ O3>4 6>AB5@0.  7025@H5=85   CB@>< =0B>I0: 8 ?5@54 A=>< ?> G09=>9 ;>6:5 ?>@>H:0 87 ;8ABL52 B>;>:=O=:8.

!;54CNI89 MB0?   ?>;=>5 8A?>;L7>20=85 :><?;5:A0 ;5:0@AB2 87 2B>@>3> :C@A0. "0:>9 ?>2B>@ 8=>340 ?@8=>A8; 1>;LH5 ?>;L7K, G5< A>AB02;5=85 =>2KE =07=0G5=89.

0 G5BK@5 <5AOF0 ?>:070B5;8 ! (D5@<5=B, 2K@010BK205<K9 65;578ABK< M?8B5;85< ?@54AB0B5;L=>9 65;57K   ?@8 871KB>G=>< :>;8G5AB25 ?@>8AE>48B C25;8G5=85 65;57K) A=878;8AL 4> 8,4 548=8F. >;L=>9 ?>25A5;5;. = C65 @50;L=> >ICB8; ?>;>68B5;L=K9 @57C;LB0B ;5G5=8O. 5@5AB0; 2AB020BL ?> =>G0<, 157 7045@65: >?>@>6=O;AO <>G52>9 ?C7K@L, 8AG57;8 BC?K5 1>;8 2 ?@><56=>AB8. >O28;AO 0??5B8B, @565 4020;0 7=0BL > A515 0B>=8O :8H5G=8:0. >O28;0AL 1>4@>ABL. = C65 ?@8E>48; :> <=5 >48=, 157 AK=0. !?@>A8;: �K <>65B5 A:070BL, A:>;L:> 2@5<5=8 ?@>4;8BAO <>Q ;5G5=85?� / =5 AB0; A:@K20BL: �>4, =5 <5=LH5, 0 5A;8 27OBL 25AL >@30=87< F5;8:><   ?>4;5G820BLAO 2AN 687=L�. = >?5H8;: �"0: 4>;3>?! =5 C65 A5<L45AOB 452OBL...� / ?>60; ?;5G0<8: �8:><C =5 40=> 2540BL, A:>;L:> ;5B 8 78< 5<C >B?CI5=>.  MB>< <C4@>ABL A52KH=53>. O4O, @>4=>9 1@0B <>59 <0<K, ?@>68; 94 3>40. B5F, : A>60;5=8N, CHQ; 2 86 ;5B, 687=L 1K;0 =5;Q3:0O.  B><C 65 4> ?>A;54=8E 4=59 :C@8;, =5 >B:07K20; A515 2 ?0@5 @N<>: 2>4:8.  2K, O MB> 286C, ?> A2>59 ?@8@>45 4>;3>68B5;L. K 1C45B5 @04>20BLAO 687=8 ;5B 45AOBL, :0: <8=8<C<, 0 5A;8 2>A?>;L7C5B5AL <>8< M;8:A8@>< 4>;3>;5B8O   !>;><>=>20 ?5G0BL , ?OB=04F0BL 8 1>;LH5�. ;048<8@ 8E09;>28G A:>@1=> 274>E=C;. 5@54> <=>9 A845; =5 ?@56=89 A54>2;0AK9 <C6G8=0 A 1;03>@>4=>9 >A0=:>9, A ?@8>1@5BQ==K< =0 25G=>5 ?>;L7>20=85 2;0AB=K< 2K@065=85< ;8F0 =><5=:;0BC@=>3> @01>B=8:0, 0 >1KG=K9 AB0@8:, 27K20NI89 : 60;>AB8 8 A>AB@040=8N. �5AOBL ;5B...   ?@>1>@<>B0; >=.   -B> 65 5IQ A:>;L:> 45=53 =04>...� = ?>3@C78; 2 AC<:C 1CBK;:8 A =0AB>9:0<8 8 1C<06=K5 ?0:5BK A B@020<8 >G5@54=>3> :C@A0, <0H8=0;L=> ?>?@>I0;AO 8 CHQ;, =5 >15@=C2H8AL, F5;8:>< ?>3@C6Q==K9 2 =525AQ;K5 <KA;8.  =04>;3> 8AG57. <5AB> =53> G5@57 B@8 <5AOF0 ?@8HQ; OG5A;02. 5;>2>9, 256;82K9, ;LAB82K9. 0G0; B>@3>20BLAO, @0AAK?0O :><?;8<5=BK ?> ?>2>4C <>53> A0<>>B25@65==>3>, 3C<0==>3>, 15A:>@KAB=>3> A;C65=8O ;N4O<. �/ 2>AE8I0NAL >1JQ<>< 20H59 @01>BK. AQ A2>8<8 @C:0<8, >B A>@20==>9 B@02:8 2?;>BL 4> 3>B>2>3> ;5:0@AB20, 0 8E =5 >48= 45AOB>:, 2AQ A>1AB25==>9 @07@01>B:8. 0:8< :@C3>7>@>< =04> >1

5 ?@>H;> 42CE =545;L, :0: ;048A;02 ?@85E0; 70 A54L<K< :C@A><. 1JOA=8; B5<, GB> 4>;3> 1C45B 2 >BJ5745, 24@C3 ;5G5=85 ?@5@2QBAO, 0 MB> =565;0B5;L=>. 0 MB>B @07 O >?OBL 40; 1>;83>;>2, A<5AL ?>@>H:0 87 :>@=O 452OA8;0 A <Q4><. > 54K   >B20@ :>@K ;5I8=K A 4>102;5=85< ?@>B82>>?CE>;52>3> 10;L70<0 (?> 100 <; =0AB>9:8 ?>G5: GQ@=>3> B>?>;O 8 15@Q7K, B@02K 2LN=:0 ?>;52>3>, ?> 50 <; =0AB>9:8 :>@=59 3@028;0B0 3>@>4A:>3>, 4O38;O, B@02K B0B0@=8:0, =0AB>9:8 A25659 @OA:8). >A;5 54K   =0AB>9 B@02K G8AB>B5;0 A B@84F0BLN :0?;O<8 A>:0 G8AB>B5;0. '5@57 G0A   =0AB>9 B@02K E2>I0 A G09=>9 ;>6:>9 =0AB>9:8 ;5A?5457K. 564C ?@85<0<8 ?8I8   ?> G09=>9 ;>6:5 4C@=8H=8:0 8 A>:0 <54C=8FK 2 @N<:5 2>4K, ?> >B45;L=>AB8.  =0B>I0: 8 =0 =>GL   ?> G09=>9 ;>6:5 ?>@>H:0 87 ;8ABL52 :8?@5O. >@C ;5I8=K 27O; 87 A2>8E 70?0A>2   ?@82KG:0 4>25@OBL B>;L:> A2>8< @C:0<. B 7;>:0G5AB25==KE :;5B>: <K C65 4>;6=K 1K;8 871028BLAO, => 045=><0 ?@>AB0BK ?>:0 >AB020;0AL, :0: 8 ?0=:@50B8B, 1>;L=K5 I8B>284:0, ?5G5=L, ?>G:8, <>G52>9 ?C7K@L. 5AL MB>B 1C:5B 5IQ ;5G8BL 8 ;5G8BL.

018@0O ;5:0@AB20, ;048A;02 70<O;AO, 8728=ONI8<AO B>=>< ?>?@>A8;: �>6=>, ?>:0 O 70?;0GC B>;L:> ?>;>28=C AC<<K? @868<05B 687=L, :C40 45=5HLAO?  4>;6>: O A:>@> 25@=C, =5 15A?>:>9B5AL�. >;>28=C >B B>9 AB>8<>AB8, :>B>@0O C65 @0=LH5 A45;0;0AL ?>;>28=>9... GB> 6, <5=O B5?5@L =8G5< =5 C4828HL. ;048A;02 ?>1;03>40@8;, 8 53> B>BG0A :0: 25B@>< A4C;>. / ?>4>H5; : >:=C 8 C2845;, :0: >= A<5B05B IQB>G:>9 A ;>1>2>3> AB5:;0 <0H8=K ?CH8ABK5 A=568=:8, A :0:>9 =56=>ABLN, A=O2 ?5@G0B:C, ?>3;048; :0?>B   B0: 3;04OB B>;L:> ;N18<CN A>10:C 8;8 :>H:C. #5E0; =5 A@07C, A=0G0;0 ?@>3@5; <>B>@, A <5AB0 B@>=C;AO =5 @K2:><, 0 B8E>, ?;02=>.

8@ B5A5=. C6 <>59 42>N@>4=>9 A5AB@K, @01>B02H89 2 0280F8>==>< C=825@A8B5B5, >:07K205BAO, 7=0; ;048A;020, 1K2H53> 2K?CA:=8:0.  C=825@A8B5B5 A>740;8 =5A:>;L:> :><<5@G5A:8E D8@<, 8 >= CA?5H=> 2>73;02;O; >4=C 87 =8E. 0;> B>3>, A>740; 2 AB>@>=5 5IQ >4=C D8@<C ?> 2K?CA:C >4=>@07>2>9 ?;0AB<0AA>2>9 ?>AC4K 8 <0;5=L:8E ?8I52KE :>=B59=5@>2.  45;>2>< <8@5 8725AB5= :0: A?>A>1=K9, ?@54?@88<G82K9 187=5A<5=. / =8:>340 =5 8=B5@5A>20;AO, :B> 8 :5< @01>B05B. ;O <5=O ACI5AB2>20;8 ;8HL 1>;L=K5 8 8E 1;87:85 @>4AB25==8:8, 2=5 2AO:>3> @0=30 8 AC3C1> ;8G=>9 687=8. @8>B:@>NBAO A0<8   ?@8<C : A2545=8N. 5 >B;8G0NBAO @073>2>@G82>ABLN, =C 8 ;04=>   4;O @01>BK <=5 4>AB0B>G=> >4=>9 8AB>@88 1>;57=8.

 A5@548=5 <0@B0 ;048A;02 ?@85E0; =0 B>9 65 <0H8=5. >@>30O O?>=A:0O :@0A028F0 A 2?5G0B;ONI59 @54:>9 >:@0A:>9. 5 7=0O, GB> O 2845; 53> 87 >:=0, >= A 284>< CAB02H53> G5;>25:0 2>HQ; 2 >D8A, ?@>87=QA, >B4KH02H8AL: �#D, 5420 4>1@0;AO. "@0=A?>@B 18B:>< =018B, :0: 2 G0AK ?8:. B5F ?@>A8; ?5@540BL 20< =87:89 ?>:;>=. 'B> =>2>3> ?@54;>68B5 =0< A53>4=O?� / @072Q; @C:8: �>:0 =8G53>�. ;048A;02 >?5H8;: �0: MB> =8G53>?� / >1JOA=8;, GB> : 25A=5 <>8 70?0AK B@02 ?>8AAO:;8. K;> <=>3> 1>;L=KE. 5 @0AAG8B0;. @84QBAO 640BL ;5B0. �0-0-0;L,   >15A:C@065==> ?@>BO=C; >=.   'CO;> A5@4F5, =04> 1K;> 1@0BL A 70?0A><. E, 40! 0 <=>9 >AB020;AO 4>;6>:,   >= ?>@K;AO 2 :0@<0=0E, A 4>A04>9 ?@>87=QA:   5C65;8 87 4><0 2KH5; 157 45=53? !B0; :0:>9-B> @0AA5O==K9. #6 =5 @C309B5 <5=O, 8728=8B5. / >1O70B5;L=> ?@8=5AC, ?>60;C9AB0, =5 >18609B5AL!�

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

0 3>4 =0H53> >1I5=8O 70<5B=> 2K@>A;8 F5=K   8=D;OF8O =5 4@5<0;0. ;048A;02C O A:070;, GB> 2K=C645= ?>2KA8BL AB>8<>ABL ;5G5=8O, 157 2AO:8E A:84>:. = ?>:>@=> :82=C; 2 7=0: A>3;0A8O. A>1>9 A8<?0B88 : . 8 53> >B?@KA:C O =5 8A?KBK20;, => 8 A2>N =0BC@C =5 2 A8;0E 1K; ?5@545;0BL. !>GC2AB285 : ?>?02H5<C 2 154C G5;>25:C, :B> 1K >= =8 1K;, AB@5<;5=85 <3=>25==> >B:;8:=CBLAO =0 ;N1>9 7>2 > ?><>I8, 4065 2>?@5:8 @0AAC4:C, 8=>340 A515 2> 2@54, ?@5>1;040;8 =04 2A5<8 4@C38<8 GC2AB20<8 -MB8 =0A;54AB25==K5 :0G5AB20, 84CI85 >B 4540, >B <0B5@8 8 >BF0, 1K;8 B>;L:> ?>4:@5?;5=K 2>A?8B0=85< 2 4CE5 2>72KH5==KE 8450;>2 A5@548=K 4204F0B>3> 25:0. AQ ;5B> 2?;>BL 4> 3;C1>:>9 >A5=8 ;048A;02 703>B02;820; B@02K, :0:85 O ?>:070; 5<C. 5A:>;L:> @07 2K5760; A =8< 2 B5 <5AB0, 345 8E <>6=> A>18@0BL. 3> >BFC B5?5@L, ?>A;5 >A=>2=>3> ;5G5=8O, B@51>20;0AL B>;L:> ?>AB>O==0O ?>445@6:0. >9 A>25B ?@83>48BAO 8 G8B0B5;O< MB>9 :=838.

0ABC?05B ?>@0, :>340 >B?0405B =5>1E>48<>ABL 2 8A?>;L7>20=88 A;>6=KE ;5G51=KE A>AB02>2, >B=8<0NI8E C 1>;L=>3> <0AAC 2@5<5=8 8 B5@?5=8O. > =565;0B5;L=> A@07C 65 >B:07K20BLAO >B B@02, E>BO 1K 2 F5;OE ?@>D8;0:B8:8. # ;N1>3> =094CBAO A:@KB=K5 8;8 2?>;=5 B5@?8<K5 CO728<K5 <5AB0, 8 5A;8 >B=5AB8AL : =8< A ?@5=51@565=85<, >=8 ?>765 <>3CB 3@><:> 70O28BL > A515. CGH5 MB>3> =5 4>?CA:0BL. >MB><C 2 ?5@2CN >G5@54L =04> C:@5?;OBL 8<<C=8B5B, >1I89 >1<5= 25I5AB2, >1@0B8BL 2=8<0=85 =0 A>AB>O=85 >@30=>2, ?>AB@0402H8E >B 1>;57=8, 8=D5:F89, ?@>ABC4 8;8 ?@>AB> >B =5?@028;L=>3> ?8B0=8O 8 >1@070 687=8. 0?0A0BL 5653>4=> 2 ;5B=89 A57>= E>BO 1K 420-B@8 45AOB:0 A0<KE ?@>ABKE, 7=0:><KE @0AB5=89.  ?@5645 2A53> MB> >B=>A8BAO : B5<, :B> ?5@5=QA >=:>701>;520=85.

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

1O70B5;L=> ?>AB0@09B5AL A>1@0BL 1C4@C ?;NI5284=CN. K60BL A>: B@C4=>, ?>MB><C ?>;=CN 10=:C 87<5;LGQ==>9 A25659 B@02K ?>;=>ABLN 70;59B5 2>4:>9 8 G5@57 =545;N ?@>F548B5, ?>GB8 4>ACE0 >B602 B@02C,   2 ACI=>AB8, ?>;CG8BAO 70A?8@B>20==K9 A>:.  G0ABL B@02K 2KACH8B5, A>1@02 2 <0;5=L:85 ?CG:8 8 2K25A82 2 B5=8,   B>340 ?>;CG8B5 AK@LQ 2KA>:>3> :0G5AB20. 0AB>9 87 G09=>9 ;>6:8 B@02K =0 AB0:0= :8?OB:0 65;0B5;L=> ?>?8BL @07 2 :20@B0; 2 B5G5=85 42CE-B@QE =545;L 2 :0G5AB25 ?@>D8;0:B8:8, >G8I5=8O >@30=87<0 >B 2@54=KE H;0:>2, C:@5?;5=8O 8<<C=8B5B0. @8 A5@LQ7=KE 701>;520=8OE ?5G5=8, ?>G5:, A5;57Q=:8, 65;C4:0, ;Q3:8E, I8B>284=>9 65;57K =0AB>9 B@02K CA8;820NB A>:>< B@02K. @8 7;>:0G5AB25==KE >?CE>;OE 1C4@0 =570<5=8<0 2 1>@L15 A <5B0AB070<8.

7 25A5==8E B@02 C 20A >1O70B5;L=> 4>;6=0 1KBL <54C=8F0 A 5Q 1>30BK< E8<8G5A:8< A>AB02><. 5 C?CAB8B5 >4C20=G8:   ;8ABLO, F25B:8 8 :>@=8.  A;>2C, >4C20=G8: >1;0405B =081>;LH59 F5;51=>9 A8;>9 B>;L:> 2 25A5==5< A1>@5, : A5@548=5 ;5B0 >= >1@5B05B 8=K5 :0G5AB20.  07C<55BAO, 25A=>9 70?0A8B5AL :>@>9 >A8=K 8 ;5I8=K. @54AB0B5;L=0O 65;570 4>;3> 1C45B =C640BLAO 2 =59. 0: 8 2 :8?@55   53> B>65 2:;NG8B5 2 A2>N 0?B5:C. ;525@ ;C3>2>9 15@8B5 B>;L:> 2 <0;>;N4=KE <5AB0E, ?@8 2KACH820=88 G0I5 2>@>H8B5. !5O=K9 =0 :>@< A:>BC :;525@ >1E>48B5 AB>@>=>9, =0 ;5:0@AB2> >= =5 3>48BAO, >A>15==> 5A;8 >= ?>425@30;AO E8<8G5A:>9 >1@01>B:5. 8AB :@0?82K 42C4><=>9 B>65 ;CGH5 1@0BL 25A=>9. @8 2>7<>6=>AB8 70?0A8B5AL F25B:0<8 :@0A=>9 1C78=K   >=0 =C6=0 ?@8 045=><5 ?@>AB0BK.  :=835 O 40; <=>3> @5F5?B>2, >A>15==> 2 A>AB025 :>=:@5B=KE :C@A>2. >;L7C9B5AL MB8<8 A>AB020<8 A?>:>9=>, => A0<8 =5 ?@>O2;O9B5 87;8H=59 A0<>AB>OB5;L=>AB8. !<5H820BL @0AB5=8O :0: ?>?0;> =5;L7O. 5 A>25BCN ?>;L7>20BLAO =0>1C< 27OBK<8 87 ;5G51=8:>2 B@02O=K<8 A1>@0<8, GB>1K =5 =0@20BLAO =0 �C:CA 7<58 3@5<CG59�. >G0I5 703;O4K209B5 2 3;02C �"5?5@L > 3;02=><�, 345 O 40; ?5@5G5=L <=>38E 3>@OG8E 8 E>;>4=KE B@02. >7=8:=CB 2>?@>AK   ?@8A;CH09B5AL : A>25BC 28F5==K, :0: <>6=> >B;8G8BL 8E 4@C3 >B 4@C30. / =0720; 745AL ;8HL =5:>B>@K5 B@02K, :>B>@K5 =5>1E>48<K ?>A;5 87;5G5=8O >B @0:0 ?@54AB0B5;L=>9 65;57K.  A0<>< :>=F5, ?>A;5 3;02, 7025@H0NI8E A>25BK ?> ;5G5=8N >=:>;>38G5A:8E 701>;520=89, O 40< >B45;L=K5 @5F5?BK @0AB5=89, 8A?>;L7>20==KE <=>9 2 4@C38E A;CG0OE, => =5 2>H54H8E 2 >?8A0=85 :>=:@5B=KE ;5G51=KE :C@A>2.

'B> :0A05BAO ;048A;020, >= 1@0; 4;O >BF0 420 ?>;=KE :C@A0 2 O=20@5 8 A5=BO1@5 2004 3>40 8 5IQ >48= :C@A 2 D52@0;5 2005 3>40, E>BO @5F84820 @0:0 =5 1K;>, 0 2 >AB0;L=>5 2@5<O A=0160; >BF0 B@020<8, A>1@0==K<8 ?> <>5<C C:070=8N.

/ <>3 1K 40BL ?>;=>5 >?8A0=85 >AB0;L=KE A5<8 :C@A>2 ;5G5=8O @0:0 ?@54AB0B5;L=>9 65;57K C 1>;L=KE 87 652A:0, 5@<8, '5;O18=A:0 8 4@C38E 3>@>4>2  >AA88 A =5?;>E8<8 >B40;Q==K<8 @57C;LB0B0<8, => =5 286C =5>1E>48<>AB8 4C1;8@>20BL ?>GB8 >4=>B8?=K5 =07=0G5=8O.
  ' + 

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�>6=> ;8 GB>-=81C4L A45;0BL A MB8<?�   B8E> A?@>A8;0 >=0. �04> ?>4C<0BL�,   C:;>=G82> >B25B8; O. K94O =0 C;8FC, O >B:@KB> A:070; 5Q ?>4@C35: �>74=>! '5@57 45AOBL 4=59 >=0 C<@QB�. "0: >=> 8 A;CG8;>AL, ?> A;CG09=><C A>2?045=8N >=0 A:>=G0;0AL 8<5==> G5@57 45AOBL 4=59.

> >4=064K O 2AQ-B0:8 27O;AO 70 >48= A>25@H5==> 157=04Q6=K9 A;CG09 A .;59 . ;O =0G0;0, GB>1K =5 ?>2B>@OBLAO, ?@8254C =51>;LH>9 >B@K2>: 87 A2>59 65 :=838 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38�: �>340 2 >:BO1@5 2002 3>40 <C6 ?@82Q; 5Q :> <=5 A ?>A;54=59 AB04859 @0:0 ;52>9 <>;>G=>9 65;57K 2 AB5?5=8 @0A?040 >?CE>;8 8 A <5B0AB070<8, O C60A=C;AO: :0: 65 B0:, ?>G5<C 2>2@5<O =5 A45;0;8 >?5@0F8N? 53:><KA;85 <>;>4>AB8? > 65=I8=5 C65 41 3>4 (E>BO 2K3;O45;0 >=0 ;5B =0 45AOBL <>;>65, 1K;0 A2560 8 B0: >G0@>20B5;L=0   3;07 =5 >B25AB8).  >1@0B8;0AL >=0 2 1>;L=8FC 2A53> B@8 <5AOF0 =0704. "0< 59 C40;8;8 O8G=8:8, ?@>25;8 >48= :C@A E8<8>B5@0?88, =5 AB0;8 A:@K20BL >B =5Q A5@LQ7=>AB8 ?>;>65=8O.  2K?8A:5 >B<5G5=>: "0 D>=5 3=>9=>-=5:@>B8G5A:8E <0AA :><?;5:AK :;5B>: 65;578AB>-A>;84=>3> @0:0 . 7 A>?CBAB2CNI8E 701>;520=89   =59@>-F8@:C;OB>@=0O 48AB>=8O. >=5G=>, 2?5@2K5 ?>?02 2 1>;L=8FC 8 =0A<>B@52H8AL B0< 2A53>, .;O, :0: C<=0O 65=I8=0, ?>=O;0, GB> H0=AK 5Q @02=K =C;N, ;CGH5 C6 =0 2AQ <0E=CBL @C:>9 8 ?>?@>1>20BL A?@028BLAO A 1>;57=LN A2>8<8 A8;0<8, A =0@>4=>9 <548F8=K. 1> <=5 >=0 1K;0 =0A;KH0=0 (>:07K205BAO, 3>40 420 B><C =0704 C <5=O 2K;5G8;0AL >B @0:0 O8G=8:>2 5Q 7=0:><0O).  .;O ?>;=>ABLN 4>25@8;0AL <=5, E>BO =8G53> >?@545;Q==>3> O 59 =5 >15I0;. 5;5; ?@O<> A53>4=O 65 =0G0BL >1:;04K20BL 3@C4L A:>1;Q=>9 <>@:>2LN, A>AB028; ;5G51=K9 :><?;5:A =0 ?5@2K9 <5AOF...�

 <>@:>28 O >1@0B8;AO A@07C =5A;CG09=>. <5;AO 4;O ?>4@060=8O >48= C1548B5;L=K9 ?@8<5@. IQ 2 1843 3>4C ?@>D5AA>@ . . 8@>3>2 =0 70A540=88 1I5AB20 @CAA:8E 2@0G59 A45;0; A>>1I5=85 >1 87;5G5=88 1>;L=>3> A @0:>< =86=59 3C1K 8A:;NG8B5;L=> B>;L:> ?@8:;04K20=85< : @0:>2>9 O725 A2565A:>1;Q=>9 <>@:>28. >G5<C 1K =5 4>25@8BLAO <>@:>28 8 <=5? > >3@0=8G8BLAO B>;L:> 5N @8A:>20==>. >@07<KA;82, 2725A82 2A5 70 8 ?@>B82, 2:;NG8; 2 ?5@2K9 ;5G51=K9 :C@A 2AQ A0<>5 =5>1E>48<>5. >@:>2L =5 AB0=5HL ?@8:;04K20BL :@C3;>ACB>G=>, ?>MB><C @5H8; G5@54>20BL 5Q ?@8<>G:0<8 87 >B20@0 :>@=59 :@>2>E;51:8 8 ?@8:;04K20=85< : 3@C48 B0<?>=>2 87 B@02O=>3> <0A;0. 7 :@>2>E;51:8 3>B>28BAO >B20@: AB>;>2CN ;>6:C 87<5;LGQ==KE :>@=59 70;820NB AB0:0=>< 2>4K, 4>2>4OB 4> :8?5=8O 8 =0 A;01>< >3=5 >B20@820NB 4204F0BL <8=CB. 0NB >ABKBL, ?@>F56820NB 8, =0<>G82 A0;D5B:C 87 ;L=O=>9 B:0=8, ?@8:;04K20NB : 1>;L=><C <5ABC, ?@8:@K20O A25@EC 20D5;L=K< ?>;>B5=F5<. 5@60B ?@8<>G:C 420 G0A0, =5 <5=LH5, 4>?>;=8B5;L=> C2;06=OO ?@8 2KAKE0=88 (>B20@ <>6=> ?@8=8<0BL 8 2=CB@L ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L). 0B5< >1;>68BL 3@C4L A0;D5B:>9 8;8 B>=:8< A;>5< 20BK, ?@>?8B02 8E B@02O=K< <0A;><   4>?CAB8<, 725@>1>9=K<. '5@57 420 G0A0 A=OBL 8, =5 2KB8@0O :>6C >B >AB0B:>2 <0A;0, A=>20 =0 G5BK@5 G0A0 (<>6=> 8 1>;LH5) 25@=CBLAO : A:>1;Q=>9 <>@:>28 (A;>9 B>;I8=>N A ?0;5F). >@:>2L ?@8E>48BAO =5A:>;L:> @07 <5=OBL, B0: :0: >=0, B5@OO F25B, =0G8=05B B5@OBL 8 A8;C. >A;5 A:>1;Q=>9 <>@:>28 A=>20 A45;0BL ?@8<>G:C, =0 MB>B @07 87 =0AB>O A015;L=8:0 1>;>B=>3>: 425 AB>;>2K5 ;>6:8 B@02K 70;8BL AB0:0=>< :8?OB:0, 420 G0A0 =0AB>OBL. 0<>G8BL A0;D5B:C 8 =0;>68BL =0 2AN 3@C4L, 65;0B5;L=> 2<5AB5 A B@02>9. (>6=> ?@8:;04K20BL >B45;L=> 8 >4=C 87<5;LGQ==CN A256CN B@02C A015;L=8:0   1KAB@> @0AA0AK205B >?CE>;L 8 70682;O5B @0=K, O72K, >4=0:> A015;L=8: @54:> @0ABQB ?>4 1>:><, 5748BL 70 =8< ?@8E>48BAO 40;5:>.) '5@57 420 G0A0 A=OBL 8 25@=CBLAO : B@02O=><C <0A;C 87 :0;5=4C;K. 1KG=> 2 MB8E A;CG0OE O 8A?>;L7CN B@8 2840 B@02O=>3> <0A;0: 725@>1>9=>5, 87 25@ECH5: F25BCI59 :0;5=4C;K 8 BKAOG5;8AB=8:0 A 15;K<

;O ?@8Q<0 2=CB@L O =07=0G8; .;5 B>65 C40@=K9 :C@A. ! CB@0 1>;83>;>2, >B >4=>9 :0?;8 4>25AB8 4> 4204F0B8 8 ?@8=8<0BL 5654=52=>, 4>;3>. !?CABO ?>;G0A0 ?@8=OBL >4=C AB>;>2CN ;>6:C A>A=>2>3> <Q40 A =0AB>9:>9 F25B:>2 A>A=K. > 54K ?@8=OBL B@5BL AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (53> A>AB02: ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, F25B:>2 ;>?CE0, B@02K 78<>;N1:8; ?> 50 <; =0AB>5: 15@Q7>2KE ?>G5:, :>@=59 4O38;O, 15;5=K). >A;5 54K, =5 A@07C, A ?0C7>9, =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 :0;5=4C;K. '5@57 G0A 84QB >B20@ :>@=59 E<5;O A A>@>:0 :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. AQ MB> B@8 @070 2 45=L.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 2 ?5@2>9 ?>;>28=5 4=O =09B8 2@5<O 4;O 45AOB8 :0?5;L =0AB>9:8 7>;>B>3> :>@=O   @>48>;K @>7>2>9; 2 B5G5=85 4=O, B@8 @070, ?> 45AOBL :0?5;L =0AB>9:8 :>@=O 1@8>=88   ?5@5ABC?=O 15;>3>. ;865 : 25G5@C 8 =0 =>GL ?@8=OBL ?> ?>;>28=5 G09=>9 ;>6:8 =0AB>9:8 :>@=59 A8=NE8 3>;C1>9 2 @N<:5 2>4K.  3;02=CN 7040GC :C@A0 2E>48; C40@ ?> @0:>2K< :;5B:0<. 5>1E>48<> 1K;> >AB0=>28BL, ?>4028BL 8E 1C@=K9 @>AB. 4=>2@5<5==>, :0: <>6=> H8@5 27OBL ?>4 :>=B@>;L 25AL >@30=87<, 2K25AB8 87 =53> H;0:8, C:@5?8BL 8<<C=8B5B, CA8;8BL 53> M=5@35B8:C, ?>445@60BL =5@2=CN A8AB5<C 8 4065 2>A?>;=8BL 4> =5>1E>48<>3> C@>2=O 65=A:85 3>@<>=K, 254L O8G=8:8 C40;5=K. E20B8BL 25AL MB>B H8@>:89 :@C3 <>3;> ;8HL A;065==>5 2708<>459AB285 2A5E :><?>=5=B>2 :C@A0.

.;5 =5 =04> 1K;> >1JOA=OBL, :0: 206=>, GB>1K 87 =07=0G5==>3> ;5G5=8O =5 2K?0;> =8 >4=> 725=>.  <C65AB20 8 B5@?5=8O 59 1K;> =5 70=8<0BL.

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

 B@5BL5< :C@A5 =587<5==K<8 >AB0;8AL 1>;83>;>2, A>A=>2K9 <Q4 A =0AB>9:>9 F25B:>2, <>@:>2L 4;O ?@8:;04K20=8O, 725@>1>9=>5 <0A;>, => =0 ?@8<>G:8 40; M2:0;8?B: AB>;>2CN ;>6:C ;8ABL52 2 AB0:0=5 2>4K :8?OB8BL =0 A;01>< >3=5 ?OBL <8=CB, >48= G0A =0AB0820BL. 0<>G5==K5 2 >B20@5 A0;D5B:8 <>6=> 45@60BL =0 1>;L=>< <5AB5 G5BK@5 G0A0 8 1>;LH5, C2;06=OO ?> <5@5 2KAKE0=8O.

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

>4<0@5==8: F5?:89 >B=>A8BAO : A>;=5G=K< @0AB5=8O<, ?>MB><C ?8BL 53> =0AB>9 =04> 3>@OG8<, B0: :0:, >ABK20O, >= B5@O5B A>;=5G=CN M=5@38N. 081>;LHCN ?>;L7C ?@8=>A8B >= 4> ?>;C4=O, ?5@54 702B@0:>< 8 >154><, 0 ?>A;5, >A>15==> 25G5@><, ?@8=8<0BL 53> >?0A=>, <>65B 70B>@<>78BL ?@>F5AA >1<5=0 25I5AB2, A=878BL 0:B82=>ABL <=>38E >@30=>2. >B ?5@54 20<8 >B:@K205BAO 5IQ >4=0 87 B09=, :0A0NI0OAO B>=:>AB59 8 ?@545;L=>3> 2=8<0=8O, >AB>@>6=>AB8 2 @01>B5 A F5;51=K<8 @0AB5=8O<8.

@5H5=, 2 �4>;5=L-B@025� O 40; =8 @07C =5 8A?KB0==K9 2 A2>59 ?@0:B8:5, 0 @0AE>689, H8@>:> @5:><5=4C5<K9 B@02=8:0<8, >?C1;8:>20==K9 2 @O45 ;5G51=8:>2 >1I5?@8=OBK9 @5F5?B 8A?>;L7>20=8O F5?:>3> ?>4<0@5==8:0. >MB><C ?@>HC ?@>I5=8O C G8B0B5;59 <>59 ?5@2>9 :=838, 5A;8 >=8 =5 ?>;CG8;8 ?>;L7K >B B>3> @5F5?B0.  :>=F5 :>=F>2, O 254L =5 A@07C, 0 ?>AB5?5==> ?>AB830; B09=K 2@0G520=8O, CG8;AO =0 A2>8E 8 GC68E >H81:0E.  B><C 65, >1@0B8B5 2=8<0=85, MB>B 8 5IQ ?0@0 @5F5?B>2 2 B>9 :=835 2K3;O4OB >157;8G5==>, =5 8<5NB <>59 @5:><5=40F88 > ?>;L75 8 ?>;CG5==KE @57C;LB0B>2 =0 :>=:@5B=>< ?@8<5@5 ;5G5=8O 1>;L=>3>.  .;5 ?5@54 C68=>< O ?@54;>68; >ABK2H89 4> :><=0B=>9 B5<?5@0BC@K 4@C3>9 =0AB>9 87 >4=>4><=>3>, ;C==>3> @0AB5=8O   87 ;8ABL52 C65 7=0:><>9 =0< GQ@=>9 >;LE8. C==K5 @0AB5=8O, =0?><=N, A>25@H0NB G8AB:C >@30=87<0, 2K2>4OB A;878, H;0:8, ;N1K5 2@54=K5 25I5AB20. =8 @0AA0AK20NB >?CE>;8, ?>445@6820NB =>@<0;L=K9 A>AB02 :@>28.  =0AB>9 >;LE8 O ?>A>25B>20; 2;8BL G09=CN ;>6:C =0AB>9:8 =54>7@5;KE, =56=>-75;Q=KE H8H5: E<5;O   >=8 B>65 ;C==>9 ?@8@>4K, >G5=L F5==K5 8<5==> ?@8 65=A:8E 701>;520=8OE. >30B E8<8G5A:89 A>AB02 H8H5: E<5;O. =8 A>45@60B 3>@L:85 25I5AB20, 2 :>B>@KE >1=0@C65=> >:>;> AB0 :><?>=5=B>2, 3;02=K9 87 =8E   ;C?C;8=.  2 MD8@=>< <0A;5 A>45@68BAO 4> 42CEA>B B@84F0B8 A>548=5=89 <>=>- 8 A5A:28B5@?5=>2>3> @O40, 2 8E G8A;5 <8@F5=, :0@8>D8;;5=, 3C<C;5=, >1;040NI85 A8;L=>9 10:B5@8F84=>9 0:B82=>ABLN. >6=> 1K;> 1K =0720BL 5IQ =5 <5=55 42CE 45AOB:>2 F5==KE B@8B5@?5=>2KE 8 4C18;L=KE 25I5AB2, ;8?84>2, A<>;, 0;:0;>84>2, :8A;>B, 28B0<8=>2   >=8 >?@545;ONB H8@>:85 2>7<>6=>AB8 ?@8<5=5=8O H8H5: E<5;O 4;O ;5G5=8O A0<KE @07=KE 701>;520=89: 65;C4:0, ?>G5: 8 <>G52>3> ?C7K@O, ?5G5=8 8 65;G=>3> ?C7K@O, BC15@:C;Q70 ;Q3:8E, ?@8 ?0@0;8G5, @52<0B87<5, ?>403@5, =52@>70E, A;01>AB8 <8>:0@40, 2 B>< G8A;5 8 ?@8 7;>:0G5AB25==KE >?CE>;OE. (8H:8 E<5;O >B=>AOBAO : G8A;C B5E @0AB5=89, :>B>@K5 A?>A>1=K A8=B578@>20BL 25I5AB20, 1;87:85 ?> 459AB28N : 3>@<>=0<.  048 MB>3> O 8 70B5O; @073>2>@. -:A?5@8<5=B0;L=> 4>:070=0 MAB@>35==0O 0:B82=>ABL H8H5: E<5;O ?> 459AB28

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

@8<>G:8 8 A:>1;Q=0O <>@:>2L ?>AB5?5==> 2KBO=C;8 2AN >?CE>;L =0@C6C, 2A:@K;8 5Q, >1@07>202 3;C1>:CN O72C, 87 :>B>@>9 G5@57 B@8 <5AOF0 2K?0; 1>;LH>9, 4C@=> ?0E=CI89 ?@>4C:B @0A?040. 5A<>B@O =0 ?>74=89 G0A, 8A?C30==0O .;O A@07C ?>72>=8;0 <=5, =5 7=0O GB> 45;0BL 40;LH5. / ?>A>25B>20; ?@><KBL @0=C :@5?:8< >B20@>< :>@=59 :@>2>E;51:8, 2;82 2 =53> ?0@C AB>;>2KE ;>65: =0AB>9:8 2>4O=>3> ?5@F0, 70B5< 2 ?>O282HCNAO �4K@C� 2AB028BL B0<?>= A B@02O=K< <0A;>< (A<5H02 ?>@>2=C <0A;> 87 725@>1>O, BKAOG5;8AB=8:0 8 :0;5=4C;K). !;CG8;>AL MB> 2 A5@548=5 O=20@O. 01530O 2?5@Q4 A:06C, GB> >1H8@=CN, 3;C1>:CN @0=C <K ?@>4>;60;8 ;5G8BL B>9 65 <>@:>2LN G5@57 >4=>A;>9=CN <0@;52CN ?>4:;04:C, GB>1K =5 =0;8?0;0 2=CB@8, B5<8 65 ?@8<>G:0<8 87 >B20@0 ;8ABL52 M2:0;8?B0, >B20@0 :>@=59 :@>2>E;Q1:8. >1028; =0AB>9 B@02K 2>4O=>3> ?5@F0, >1;040NI53> A8;L=K< 70682;ONI8< 459AB285<. =0N >1 MB>< =5 ?>=0A;KH:5. 0:-B> >A5=LN :>?0; O 2 ;5A>G:5 =0 A:;>=5 E>;<0 :>@=8 :>?KB=O. 5AL 45=L ;8; 4>64L. 0<>:H0O ?;0I-?0;0B:0 =0 <=5 AB>O;0 :>;><, <5H0O @01>B5. 5;>2:8< 42865=85<, A:>;L7=C2 >AB@>9 A0?Q@=>9 ;>?0B>9 ?> @0A:8AH59 75<;5, O @0AAQ: ;04>=L <564C 1>;LH8< 8 C:070B5;L=K< ?0;LF0<8. %;K=C;0 :@>2L. 'B>1K >AB0=>28BL 5Q, O A45;0; 45AOB>: 1KAB@KE, M=5@38G=KE ?@8A540=89   25@=K9 A?>A>1 >AB0=>28BL :@>2>B5G5=85.  0=0 >:070;0AL 4>AB0B>G=> 3;C1>:>9, 0 @C:8   2 ;8?:>9 3@O78. !:8=C2 A ?;5G ?;0I-?0;0B:C, =5 >1@0I0O 2=8<0=8O =0 4>64L, O A?CAB8;AO A E>;<0 2 =878=C, : =51>;LH><C :@C3;><C >75@C. B<K; >B 3@O78 @C:8, => :@>2L ?@>4>;60;0 B8E> A>G8BLAO. 3;O452H8AL ?> AB>@>=0<, C2845; @0ABCI85 =0 A0<>9 :@><:5 2>4K C2O40NI85 AB51;8 2>4O=>3> ?5@F0 A @545=L:8<8 B>=:8<8 ;8ABLO<8. 01@0; 2A53> =51>;LH>9 ?CG>:, => 53> E20B8;>, GB>1K @07<OBL 4> ?>O2;5=8O :;5B>G=>3> A>:0. 0:0?0; 53> 2 @0=C, A25@EC ?@8;>68; >AB02HCNAO B@02C. >4=O;AO >1@0B=> : 1@>H5==K< 25I0<, =0:8=C; =0 ?;5G8 704C152H89 ?;0I 8 @5H8; ?5@5:CA8BL, A>3@5BLAO 3>@OG8< G05< 87 B5@<>A0   2AQ @02=> =5 40;0 1K @01>B0BL @C:0. ! 4>A04>9 4C<0; > B><, GB> 45=L ?@>?0;, ?@84QBAO 2>72@0I0BLAO 4><>9. 0 >B4KE CH;> =5 1>;LH5 G0A0. #1@02 B@

 25A=5 @0=0 C .;8 ?>;=>ABLN 7068;0. 065 157 :>;;>84=>3> @C1F0. AB0;0AL 5420 70<5B=0O C7:0O ?>;>A:0.  8N;5 2<5AB5 A <C65< 8 1;87:8<8 4@C7LO<8 .;O, 70O4;0O BC@8AB:0, >B?@028;0AL 2 25@E>2LO @5:8 3845;L. =5 >=8 ?@8257;8 =0 ?0<OBL 1>;LHCN F25B=CN D>B>3@0D8N ;535=40@=>3> 2 B5E 70?>254=KE <5AB0E C9=0:-B0H0   'Q@B>20 ?0;LF0.

> 4> MB>3> C?>@=>5 ;5G5=85 ?@>4>;60;>AL.  D52@0;5 2003 3>40 .;O ?>;CG8;0 ;8HL G5B2Q@BK9 :C@A. B ?@56=8E >= ?>GB8 =5 >B;8G0;AO. "5 65 1>;83>;>2, A>A=>2K9 <Q4, B@02O=K5 <0A;0. 0 ?@8<>G:8 M2:0;8?B, B@020 A015;L=8:0, 87 =>2>3>   :>@0 4C10. ;O >B20@0 :;04CB G5BK@5 AB>;>2K5 ;>6:8 87<5;LG5==>9 :>@K =0 0,5 ; 2>4K, :8?OBOB 4204F0BL <8=CB, G5@57 ?>;G0A0 ?@>F56820NB   MB> 4;O =0@C6=>3> ?@8<5=5=8O, 45;0BL ?@8<>G:8. > 54K, B@8 @070 2 45=L   >1KG=K9 =0AB>9 >G8B:0 ?C@?C@=>3> ?> B@5B8 AB0:0=0, A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=59 ;>?CE0, 78<>;N1:8; ?> 50 <; =0AB>5: 15@Q7>2KE ?>G5:, :>@=59 G5@=>1K;L=8:0, 4O38;O, F25B:>2 :0;5=4C;K, B@02K 2>4O=>3> ?5@F0). >A;5 54K   =0AB>9 :>@=59 E<5;O A 4204F0BLN :0?;O<8 =0AB>9:8 F25B:>2 E<5;O.  ?@><56CB:0E CB@>< 8 4=Q< ?> B@84F0BL :0?5;L ;52758   =0AB>9:8 <0@0;L53> :>@=O, A>: 4C@=8H=8:0 ?> G09=>9 ;>6:5 B@8 @070 2 45=L 2 @N<:5 2>4K.

 <0@B5 2>7=8:;0 =5>1E>48<>ABL ?>43>B>28BL .;N : =07=0G5==>9 =0 A5@548=C <5AOF0 E8<8>B5@0?88. > 425 :0?;8 2 45=L =0G0;8 A=860BL 1>;83>;>2, GB>1K 4=59 70 ?OBL 4> =0G0;0 ?@>F54C@K >B4>E=CBL >B =53>. !>A=>2K9 <Q4 A F25B:0<8 >AB028;8 4;O ?>445@6:8 8<<C=8B5B0. 04> 1K;> ?@54>E@0=8BL >B ?>1>G=>3>, =530B82=>3> C40@0 E8<88 ?5G5=L, ?>G:8, :@>2L, =5 >A;01;OO ?@8 MB>< 1>@L1C A @0:><. > 54K .;O ?@8=8<0;0 =0AB>9 B@02K 1C:28FK ?> >4=>9 B@5B8 AB0:0=0 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0, B0:>3> 65, :0: 2 ?@54K4CI5< :C@A5. '5@57 ?>;G0A0 ?>A;5 702B@0:0 8 >1540 =0AB>9 E2>I0 87 >4=>9 G09=>9 ;>6:8 B@02K =0 AB0:0= :8?OB:0, ?> ?>;AB0:0=0 =0 ?@8Q<. '5@57 G0A   =0AB>9 B@02K G8AB>B5;0, 7020@820BL G09=CN ;>6:C 2 AB0:0=5 :8?OB:0 8 ?@8=8<0BL ?> B@5B8 AB0:0=0 420 @070 2 45=L, 4>102;OO ?> B@84F0BL :0?5;L 70A?8@B>20==>3> A>:0 G8AB>B5;0. 5@54 C68=><   ?>;AB0:0=0 =0AB>O I5?>B:8 ;8ABL52 GQ@=>9 >;LE8 (MB> <5=LH5 G09=>9 ;>6:8), A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, ?> >B45;L=>AB8, B@8 @070 2 45=L   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0, B0:65 ?> G09=>9 ;>6:5 A>:0 <54C=8FK. >@:>2L 8 ?@8<>G:8 >AB0;8AL ?@56=8<8.

>A;5 42CE =545;L, A =0G0;>< E8<8>B5@0?88, >AB028;8 A>A=>2K9 <Q4, A>: <54C=8FK. ;O B@02O=KE =0AB>52 8A?>;L7>20;8 1572@54=K5 AJ54>1=K5 @0AB5=8O, >4=>2@5<5==> >1;040NI85 8 ?@>B82>>?CE>;52K< 459AB285<. > 54K   >B20@ F25B:>2 1>4O:0 ?>;52>3> A 25@ECH5G=K<8 ;8ABLO<8: 425 G09=K5 ;>6:8 70;8BL AB0:0=>< 2>4K, =0 A;01>< >3=5 40BL A;53:0 ?>:8?5BL 45AOBL <8=CB, ?>A;5 >ABK20=8O ?@>F548BL. @8 ?@>E>645=88 BO6Q;>9 ?@>F54C@K, .;5 4>AB0B>G=K<8 1K;8 G5B25@BL AB0:0=0, B@8 @070 2 45=L. >A;5 54K >=0 ?8;0 ?> B@5B8 AB0:0=0 E>;>4=>3> =0AB>O F25B>2 ;0107=8:0 2O7>;8AB=>3>. (4=C G09=CN ;>6:C F25B>2 A ?@8<5ALN ;8ABL52 70;820NB E>;>4=>9 :8?OGQ=>9 2>4>9 8 >AB02;ONB =0 =>GL, 2K45@6820O =5 <5=LH5 2>AL<8 G0A>2.) 15 B@02K A=8<0;8 8=B>:A8:0F8N, B>H=>BC, ?><>30;8 ;53G5 ?5@5=>A8BL E8<8N, =8A:>;L:> =5 <5H0O 59, =0?@>B82, 459AB2>20;8 2 >4=>< =0?@02;5=88, 2 >A>15==>AB8   1>4O: ?>;52>9, 87402=0 ?@8<5=O5<K9 =5 B>;L:> ?@8 @0:5 65;C4:0 8 ;Q3:8E, => 8 <>;>G=>9 65;57K. 5 ?>AB>O==>, 0 >B A;CG0O : A;CG0N, 5A;8 2>7=8:0;> 65;0=85, H;8 2 E>4 =0AB>9 ?;>4>2 H8?>2=8:0, G09 87 :8?@5O, F25B:>2 :;525@0, @O18=K :@0A=>9, :0;8=K, B@02K 4CH8FK.

>A;5 E8<8>B5@0?88 5IQ =545;8 425 A;54>20; >1;53GQ==K9 :C@A, 157 1>;83>;>20 8 O4>28BKE B@02. 065 A>A=>2K9 <Q4 O 70<5=8; 452OA8;>2K< 28=><, 2>AAB0=02;820NI8< A8;K C >A;01;5==KE 1>;L=KE. 0 53> ?@83>B>2;5=85 B@51C5BAO M<0;8@>20==0O, 157 A:>;>2 :0AB@N;O, 87<5;LG5==K9 A25689 :>@5=L 87 @0AGQB0: ?>;=0O, A :@CB>9 3>@:>9 AB>;>20O ;>6:0 (7 3) =0 0,5 ; 15;>3> 28=>3@04=>3> ?>@B259=0. >254O 28=> 4> :8?5=8O, O >B20@820N :>@=8 4204F0BL <8=CB =0 A0<>< <0;>< >3=5, =5 >BE>4O >B ?;8BK, ?>B><C GB> 28==K5 ?0@K <>3CB 2=570?=> 2A?KE=CBL. >340 28=> >ABK=5B, ?@>F56820N 8 @07;820N ?> 1CBK;:0<. A;8 53> ?8BL ?> <0;5=L:>9 @N<:5 (30 <;) 8;8 ?> AB>;>2>9 ;>6:5 420 @070 2 45=L, =0G8=05HL >ICI0BL =5>1KG09=K9 ?@8;82 A8;. 5<>IL, 2O;>ABL, 2A5 >AB0B>G=K5 ?>A;54AB28O 1>;57=8 :0: @C:>9 A=8<05B. @><5 B>3>, O =07=0G8; .;5 G5@=>1K;L=8:   =0AB>9 87 >4=>9 G09=>9 ;>6:8 B@02K =0 AB0:0= :8?OB:0, ?8BL ?> ?>;AB0:0=0 4> 702B@0:0 8 >1540, 4>102;OO 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 :>@=59 G5@=>1K;L=8:0.  ?5@54 C68=><   =0AB>9 ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 =0AB>9:8 B@02K 682>:>AB8 ?>;52>9. >A;5 54K, B@8 @070 2 45=L   =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 4>==8:0 ;5:0@AB25==>3> (?>A;5 E8<8>B5@0?88 A8;L=> ?>=878;8AL ;59:>F8BK, 0 4>==8: ?><>305B ?>4=OBL 8E 4> =>@<K). >?>;=8B5;L=> 2:;NG8; 2 MB>B :C@A =0AB>9:C @>48>;K @>7>2>9 ?> 20 :0?5;L CB@>< 8 4=Q<, =5 B>;L:> 4;O C:@5?;5=8O 8<<C=8B5B0, => 8 :0: ?@>B82>>?CE>;52>5 A@54AB2>. >;>B>9 :>@5=L ?@5?OBAB2C5B 2>7=8:=>25=8N <5B0AB07>2, ?><>305B 2K2>48BL 87 >@30=87<0 A2>1>4=K5 @048>=C:;584K.  07C<55BAO, ?@>4>;68;8AL ?@8:;04K20=85 A:>1;Q=>9 <>@:>28, B@02O=>3> <0A;0, ?@8<>G5: 87 >B20@0 :@>2>E;51:8, M2:0;8?B0, :>@K 4C10.

 0?@5;5 @0=0 =0 <5AB5 8AG57=C2H59 >?CE>;8 <>;>G=>9 65;57K, : =0H5<C >1I5<C ;8:>20=8N, ?>;=>ABLN 7068;0.  =>@<C 2>H;8 ;8<D0B8G5A:85 C7;K. 8=5:>;>38 ?>4B25@48;8, GB> ?>:0 =5B =8:0:8E >?0A5=89 70 �=86=89 MB06�. K7K20;8 C4>2;5B2>@5=85 8 2A5 0=0;87K: ;59:>F8BK   6,2; 35<>3;>18=   115;  -   3. >;>B>9 A5@548=K ?@845@6820;8AL 8 >AB0;L=K5 ?>:070B5;8. > 7=0O, =0A:>;L:> :>20@=K< 1K205B 2@>45 1K ?>1564Q==K9 @0:, O ?@>4>;60; A>AB02;OBL ?>;=>F5==K5 ?@>B82>>?CE>;52K5 :C@AK.

 H5AB>< O 70<5=8; 1>;83>;>2 =0AB>9:>9 B@02K 1>@F0 2KA>:>3> (2 40==>< A;CG05 425 AB>;>2K5 ;>6:8 ACE8E F25B:>2 A 25@E=8<8 ;8AB>G:0<8 =0AB0820;8AL 2 0,5 ; 2>4:8 >4=C =545;N). =>385 1>;L=K5 ?@8=8<0;8 1>;83>;>2 4;8B5;L=>, 8 5A;8 O >B<5=O; 53> ?@56452@5<5==>, =0G8=0;8 >ICI0BL, GB> 8< G53>-B> =5 E20B05B, 0=0;>38G=> B><C, :0: 5A;8 1K 701K;8 ?>A>;8BL AC?. 4=0:> A;CG0;>AL, :>340 =5:>B>@K5 ;N48, B>=:> GC2AB2CO ?5@5<5=C 2> 2:CA5 8;8 70?0E5 =0AB>9:8, 24@C3 <5=O;8 >B=>H5=85 : =59, ?@8=8<0;8 A >ICI5=85< 2=CB@5==53> A>?@>B82;5=8O, :0: 5A;8 1 8E 70AB02;O;8 5ABL ?5@5A>;5==K9 AC?.  O =570<54;8B5;L=> C18@0; 1>;83>;>2, =07=0G0O, ?@8 =5>1E>48<>AB8, 4@C3>5 @0AB5=85 87 @07@O40 F8B>AB0B8:>2. # .;8 1;03>65;0B5;L=>5 >B=>H5=85 : 1>;83>;>2C 8AG57;> ?>A;5 ?@>254Q==>9 2 1>;L=8F5 E8<8>B5@0?88. IQ 4> A>AB02;5=8O :C@A0 >=0 ?@54C?@548;0 <5=O, GB> >4=0 B>;L:> <KA;L > =Q< =5?@8OB=0 59. 0B> 1>@5F ?>HQ; =0 C@0. =0 4065 2K1@0;0 2<5AB5 A <C65< (?@>25@82 305G:>9) A0<K9 A;>6=K9 87 =5A:>;L:8E <5B>4>2 ?@8<5=5=8O: =0G0BL A >4=>9 :0?;8 B@8 @070 2 45=L 8 C25;8G820BL 5654=52=> ?> :0?;5 4> 4204F0B8, >B<5@OO 87 ?8?5B:8, =0 G5B25@BL AB0:0=0 2>4K, B> 5ABL 4>25AB8 4> H5AB845AOB8 :0?5;L 2 ACB:8. #B@>< ?@8=OBL AB>;>2CN ;>6:C A>A=>2>3> <Q40 A F25B:0<8, 70B5< GCBL ?>765 AB>;>2CN ;>6:C 452OA8;>2>3> 28=0   ?5@54 702B@0:><. "@8 @070 2 45=L 4> 54K ?8BL =0AB>9 B@02K >G8B:0 ?C@?C@=>3>, ?> B@5B8 AB0:0=0 A 4>102;5=85< G09=>9 ;>6:8 <>53> ?@>B82>>?CE>;52>3> 10;L70<0 (2 =Q<: ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, <0@L8=>3> :>@=O, :>@=59 A015;L=8:0; ?> 50 <; B@02K 725@>1>O, 1C4@K, :@0?82K; ?> 25 <; =0AB>5: :>@K :>@=O 10@10@8A0, B@02K 15;5=K). >A;5 54K   ?> B@5B8 AB0:0=0 =0AB>O E2>I0 ?>;52>3> A B@84F0BLN :0?;O<8 =0AB>9:8 78<>;N1:8. !>: 4C@=8H=8:0   ?> G09=>9 ;>6:5 B@8 @070 2 45=L 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 8 =0AB>9:C :>@=59 452OA8;0, B>65 ?> G09=>9 ;>6:5. ;O ?@8<>G5: >AB028BL B>;L:> =0AB>9 B@02K A015;L=8:0.

! =0ABC?;5=85< ;5B0 .;O ?@5:@0B8;0 ;5G5=85. Q A0<>GC2AB285 =5 2=CH0;> >?0A5=89. >A;5 BO6Q;>9, B@52>6=>9, 15A:>=5G=> 4>;3>9 78<K <0=8; 4>;3>640==K9 >B4KE, 40 =5 345-=81C4L, =5 4><0 8;8 2 A0=0B>@88, 0 A 4@C7LO<8 =0 ?@8@>45, 2 ?0;0B:5 =0 15@53C @5:8, C :>AB@0 A 4@07=OI8< 70?0E>< @K10F:>9 CE8, A 25AQ;K<8 BC@8ABA:8<8 ?5A=O<8 ?>4 38B0@C. / ?@54;030; 59 27OBL A A>1>9 E>BO 1K =0AB>9:C 1>@F0, 254L =5B A =59 =8:0:>9 2>7=8, =5 701C4L ;8HL 2>2@5<O ?@8=OBL :0?5;L:8, => BO3>B8;0, 2848<>, 4065 MB0 B>=5=L:0O =8B>G:0, A2O70==0O A 1>;57=LN, > :>B>@>9 E>B5;>AL A:>@55 701KBL.

A5=LN, 2 =0G0;5 A5=BO1@O, .;O A  5=0B>< ?@8H;8 =5?@82KG=> B8E85, @0AAB@>5==K5. !>1@02H8AL 4CE><, =5 A@07C, .;O A>>1I8;0, GB> 2@0G8 >1=0@C68;8 <5B0AB07K 2 :>ABL. # =5Q A;53:0, =5 ?>AB>O==>, 0 2@5<5=0<8, =0G8=0;> ?>;0<K20BL 2 A?8=5 8 2 ?;5G52>< ACAB025 5IQ 25A=>9, ?@8<5@=> G5@57 <5AOF ?>A;5 E8<8>B5@0?88. @8G8=C A20;8;8 =0 @52<0B87<. >340 ?>O2;O;8AL 1>;8, >=0 ;53:> A=8<0;0 8E B01;5B:0<8. > 2 023CAB5, 2A:>@5 ?>A;5 ?>E>40 2 25@E>2LO 3845;8, ?@8H;>AL =0G0BL 8=J5:F88 :5B0=>20. @>25;8 A:0=8@>20=85, 8 B>340 2KO28;0AL 8AB8==0O ?@8G8=0. "5?5@L 2AO =045640 =0 <5=O.

=5 =5A:>;L:> @07 ?@8E>48;>AL 8<5BL 45;> A <5B0AB070<8 7;>:0G5AB25==KE >?CE>;59 2 :>ABL. =>340 8E >1=0@C6820;8 G5@57 3>4 8;8 420 ?>A;5 B>3>, :0: A A0<8< >G03>< @0:0, :070;>AL 1K, 2AQ ?>:>=G5=>.  ;5G8BL MB8 <5B0AB07K =525@>OB=> B@C4=>. 8HL >4=064K <=5 C40;>AL A?@028BLAO A ;>:0;L=K< ?>@065=85< :8AB8 ?@02>9 @C:8 C 65=I8=K 2A53> 70 ?>;3>40. 0 .;N C94QB, 2 ;CGH5< A;CG05, =5 <5=LH5 42CE ;5B. 8:C40 =5 45=5HLAO. 9 >B:070BL O =5 <>3.  =0G0;AO C =0A =0AB>OI89 <0@0D>=, 70=O2H89 ?>A;54=85 G5BK@5 <5AOF0 2003 3>40, ?>;=>ABLN 2004 8 2005 3>4K, 2?;>BL 4> 0?@5;O 2006 3>40. 5B@C4=> ?@54AB028BL A515, A:>;L:> <5AB0 70=O;> 1K >?8A0=85 :064>3> MB0?0 2A59 48AB0=F88. / <>3C >AB0=>28BLAO ;8HL =0 >A=>2=KE <><5=B0E, B5< 1>;55 GB> 2 =07=0G5==KE :C@A0E ?>AB>O==> G5@54>20;8AL, 2 >A=>2=><, B@8 45AOB:0 @0AB5=89, G0ABL :>B>@KE 7=0:><0 =0< ?> ?@56=8< =07=0G5=8O<.

#65 >4=8< A2>8< =0720=85< 3>2>@8B > ?@8<5=5=88 ?@8 701>;520=8OE :>AB8 682>:>ABL 2KA>:0O   6820O :>ABL. #4828B5;L=> :@0A82>5 @0AB5=85 2KA>B>N 4> 42CE <5B@>2 8 1>;LH5 A :8ABLN O@:8E BQ<=>-A8=8E F25B>2 =0 25@ECH:5 AB51;O. E 8 A>18@0NB 2<5AB5 A G0ABLN ;8ABL52 >?KB=K5 B@02=8:8, A>1;N40O ?@54>AB>@>6=>ABL: =5;L7O :0A0BLAO ;8F0, >A>15==> 2>7;5 3;07 8 3C1. >A;5 A1>@0 =04> A@07C BI0B5;L=> 2K<KBL @C:8. 5A<>B@O =0 A8;L=CN O4>28B>ABL, 682>:>ABL 2KA>:CN 8A?>;L7CNB ?@8 B@C4=>87;5G8<KE 1>;57=OE: 0AB<5, A>AC48ABKE 8 B@02<0B8G5A:8E =0@CH5=8OE 3>;>2=>3> <>730, ?>@065=8OE A?8==>3> <>730, A?0AB8G5A:8E ?0@0;8G0E, 0@0E=>848B5, 38?5@:8=570E, @0AA5O==>< A:;5@>75, ?5@5;><0E :>AB8, >AB5><85;8B5, 2>A?0;5=88 =04:>AB=8FK. A>1CN F5==>ABL ?@54AB02;O5B 682>:>ABL 2KA>:0O ?@8 >=:>;>38G5A:8E 701>;520=8OE, :>AB=>< @0:5 (4065 2 A;CG05 E8<8>B5@0?88).  A?@02>G=>9 ;8B5@0BC@5 @5F5?B 40QBAO >G5=L @54:>, => O =5 AB0=C 53> A:@K20BL, =045OAL =0 1;03>@07C<85 B5E, :B> @5H8B 2>A?>;L7>20BLAO 8<. 4=C AB>;>2CN ;>6:C B@02K 70;820NB 42C<O ?>;=K<8 AB0:0=0<8 :8?OB:0, 70:@K20NB ?>AC4C :@KH:>9 8 =0AB0820NB >48= G0A. >A;5 ?@>F56820=8O ?@8=8<0NB ?> ?>; AB0:0=0 4> B@QE-G5BK@QE @07 2 45=L ?@8 @0:5. ;O ?@8<>G5: =0 1>;L=K5 <5AB0 AB>;>2CN ;>6:C B@02K =0AB0820NB 2 AB0:0=5 :8?OB:0.

N1K5 701>;520=8O :>AB8 2 =0@>45 ;5G0B :>@=O<8 >:>?=8:0 ;5:0@AB25==>3>.  A2565< 2845 >=8 >A>15==> MDD5:B82=K, => 8 2KACH5==K5 =5 B5@ONB 0:B82=>AB8 B@8 3>40. 04> ?><=8BL, GB> >:>?=8: O4>28B, => ?@8 C2068B5;L=>< >B=>H5=88 : =5<C, 5A;8 =5 =0@CH0BL ?@028; ?>;L7>20=8O, =0AB>9 :>@=59 40NB 4065 45BO< 4;O C:@5?;5=8O :>AB59. :>?=8: F5=8BAO ?@8 ;N1KE >?CE>;OE 8 A0@:><5. = =570<5=8< ?@8 3>@<>=>7028A8<KE >?CE>;OE, B0: :0: 1;>:8@C5B 2K@01>B:C 3>@<>=>2, :>B>@K5 2K7K20NB @0728B85 >?CE>;8. >MB><C >= ?><>305B ;5G8BL @0: <>;>G=>9 65;57K.  MB>< A;CG05 ?>;L7CNBAO =5 B>;L:> :>@=O<8, => 8 =0AB>5< B@02K >:>?=8:0. / >E>B8;AO 70 =8< :064CN >A5=L   2?;>BL 4> 70<>@>7:>2. 8?:85 :><LO 3@O78 A<K20; 2 1;8609H5< ;5A=>< >75@5 8;8 2 AB0@8F5, =5278@0O =0 E>;>4 8 B>=:89 ;54>: =0 2>45. ;0AB8G=K5 GQ@=K5 :>@=8 H525;8;8AL, :0: 7<58. @>45 1K 381:85, >=8 2 B> 65 2@5<O >1;040;8 8 ?>2KH5==>9 E@C?:>ABLN, ;53:> >1;0<K20;8AL, :>=B@0AB=> >1=060O >A;5?8B5;L=> 15;CN ?;>BL. ?5G0B;ONI55 7@5;8I5! ><0, 2 B5?;5, O 5IQ @07 >B<K20; 8E 4>G8AB0 8 @570; 24>;L =0 ?;0ABK   8=0G5 1KAB@> =0G8=0NB ?;5A=525BL. =>3> 2>7=8, =>, :0: 3>2>@8BAO, >2G8=:0 AB>8B 2K45;:8. @8 @0:5 :>AB8 8;8 <5B0AB070E 2 =5Q =8GB> 4@C3>5 B0: 1KAB@> =5 CA8;8205B @535=5@0F8N 8E B:0=8, :0: >:>?=8:. .;5 O 40; A2>9 @5F5?B: >4=C G09=CN ;>6:C 87<5;LGQ==KE ACE8E :>@=59 70;8BL AB0:0=>< E>;>4=>9 2>4K 8 =0AB0820BL 2AN =>GL, =5 <5=LH5 2>AL<8 G0A>2. #B@>< ?@>F548BL, :>@=8 70;8BL ?>;>28=>9 AB0:0=0 :8?OB:0, =0AB>OBL >48= G0A. @>F548BL, A>548=8BL 2<5AB5 >10 =0AB>O. @8=8<0BL 4> 54K ?> ?>;AB0:0=0 B@8 @070 2 45=L.

ABL 5IQ >4=> >G5=L A8;L=>5 A@54AB2>: 1>@5F A8=89. 7 >1H8@=>3> A5<59AB20 0:>=8B>2 >= A0<K9 B08=AB25==K9. B:@>9B5 ;N1K5 A?@02>G=8:8 > ;5:0@AB25==KE @0AB5=8OE   8 =5 =094QB5 =8:0:>3> C?><8=0=8O > =Q<. >I=K< ?@>B82>@0:>2K< A@54AB2>< AG8B0NB 1>@5F 1>@>40BK9, 1>@5F 2KA>:89, 1>@5F 2LNI89AO, 1>@5F 46C=30@A:89, 1>@5F '5:0=>2A:>3> 8 45AOB>: 4@C38E 284>2, ?@>87@0AB0NI8E 2  >AA88. > ?@8G8=5 G@572KG09=>9 O4>28B>AB8 =5 40NBAO @5F5?BK, MB> ?>=OB=>, =8:B> =5 E>G5B 1@0BL =0 A51O >B25BAB25==>ABL 70 2>7<>6=K5 ?5G0;L=K5 ?>A;54AB28O, E>BO O >B=>HCAL : MB><C 2>?@>AC 8=0G5. 0A;KH0==K5 > GC45A0E, B2>@8<KE 1>@F><, => =5 8<5O =04Q6=>3> @5F5?B0, =5:>B>@K5 >BG0O2H85AO 1>;L=K5 =0 A2>9 @8A: 8 AB@0E <>3CB ?>9B8 =0 M:A?5@8<5=BK, A>G8=OO =0>1C< A2>8 ?@>?8A8 (=04> 7=0BL E0@0:B5@ =0H8E ;N459). >MB><C, @0AA:07K20O > 1>@F5 2KA>:><, O 40; B>G=K5, 157>?0A=K5 4;O >@30=87<0 A>25BK.  GB> :0A05BAO 1>@F0 A8=53>, > =Q< 3>2>@8BAO B>;L:> 2 4@52=5< B815BA:>< B@0:B0B5 �'6C4-H8�.  B><, :0: ?>?0;> :> <=5 MB> C=8:0;L=>5 @0AB5=85, O 4>AB0B>G=> ?>4@>1=> @0AA:070; 2 A2>59 :=835 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38�. 45AL O B>;L:> ?>2B>@N <5B>4 ?@83>B>2;5=8O ;5:0@AB20 87 =53>.  5F5?B: >48= AB0:0= ACHQ=>9 B@02K A F25B:0<8 1>@F0 A8=53> =0AB0820BL 2 B@QE ;8B@0E 2>4:8 =5 <5=LH5 452OB8 4=59. @8=8<0BL: 2 ?5@2K5 ?OBL 4=59 ?> ?OBL :0?5;L B@8 @070 2 45=L, 70B5< 2 ?>A;54CNI85 ?OBL 4=59 ?> 45AOBL :0?5;L B@8 @070 2 45=L, :064CN ?OB84=52:C ?@8102;OO 5IQ ?> ?OBL :0?5;L. >25AB8 ?@8Q< 4> ?OB845AOB8 :0?5;L B@8 @070 2 45=L, >1O70B5;L=> :0?0O 2 B@5BL AB0:0=0 B@02O=>3> =0AB>O. 0:>3>   C:06C GCBL ?>765. >78@>2:C =8 2 :>5< A;CG05 =5 ?@52KH0BL. "815BFK AG8B0;8 1>@5F A8=89 C=825@A0;L=K< A@54AB2>< 4;O >74>@>2;5=8O 8 ?>MB><C 40;8 5<C =0720=85 �5;8:>5 ;5:0@AB2>�.  B><, GB> >= A?>A>15= 87;5G820BL, :070;>AL 1K, =587;5G8<K5 1>;57=8, O 8A?KB0; =0 A515 4204F0BL G5BK@5 3>40 =0704. >MB><C 1K; C25@5=, GB> ?><>65B >= 8 .;5.

@8 @0:5 8 <5B0AB070E 2 :>ABL 2 ;5G51=K5 :><?;5:AK >1O70B5;L=> 2E>4OB :>@=8 8 B@020 A015;L=8:0 1>;>B=>3>, B@020 1C4@K ?;NI5284=>9, ;8ABLO GQ@=>9 >;LE8, :>@=8 4O38;O, F25B:8 8 :>@=8 E<5;O, H8H:8 E<5;O, B@020 >G8B:0 ?C@?C@=>3>, F25B:8 8 :>@=8 :@0A=>9 1C78=K, ?;>4K A>D>@K O?>=A:>9, B@020 4C@=8H=8:0, B@020 D80;:8 B@QEF25B=>9, F25B:8 B0B0@=8:0, B@020 682>:>AB8 ?>;52>9. >?>;=OB ;5G5=85 :0;5=4C;0, ?>G:8 GQ@=>3> B>?>;O, F25BK 8 :>@=8 <>;>G0O 1>;>B=>3>, B@020 ?>4<0@5==8:0 F5?:>3>, B@020 1C:28FK, F25B:8 8 B@020 1>4O:0 ?>;52>3>, F25B:8 8 :>@=8 ;>?CE0 1>;LH>3>, B@020 4>==8:0, B@020 @5?5H:0 -@5F5?BK 8E ?@8<5=5=8O ?>2B>@OBL =5 AB0=C, >=8 C65 8<5NBAO 2 :=835. 7 <8=5@0;L=KE 25I5AB2 65;0B5;L=> ?>4:;NG8BL <C<8Q. 1KG=> O @0AB2>@O; 2 G5B25@B8 AB0:0=0 2>4K :CA>G5: @07<5@>< A> A?8G5G=CN 3>;>2:C   0,2 3. >6=> ?>2B>@8BL ?>;=>ABLN C65 ?@>945==K5, >B45;L=K5 :C@AK.  87 ?5@5G8A;5==KE @0AB5=89 A0<><C A>AB02;OBL ?> 8E >1@07FC A>AB02K, =5 701K20O > B><, GB> <564C ?@8Q<0<8 ;5:0@AB2 =04> A>1;N40BL E>BO 1K ?>;CG0A>2K5 ?5@5@K2K. @8254C 2 ?@8<5@ :C@A, A :>B>@>3> =0G0;>AL ;5G5=85 .;8 ?>A;5 ;5B=53> ?5@5@K20, 2 A5=BO1@5 2004 3>40. 3> >B:@K20; 1>@5F A8=89, => 53> 2?>;=5 <>65B 70<5=8BL =0AB>9:0 B@02K 1>@F0 2KA>:>3> ?> C:070==>9 2KH5 :0?5;L=>9 AE5<5. 0B5< 4> 54K ?@8=OBL =0AB>9 87 :>@=O >:>?=8:0, B@8 @070 2 45=L. >A;5 54K 84QB =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 87 53> :>@=59.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 8 =0AB>9:8 A>D>@K O?>=A:>9, B@8 @070 2 45=L =0 @N<:5 2>4K. >A;5 C68=0 2K?8BL ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O.  1>;L=K< <5AB0<, 345 ?>@065=K :>AB8, AB028BL ?@8<>G:8 87 =0AB>9:8 :>@=59 1>@F0 2KA>:>3>, C2;06=82 =51>;LHCN, @07<5@>< A ;04>=L, A0;D5B:C 8 45@60BL =54>;3>, =5 1>;LH5 45AOB8 <8=CB, >48= @07 2 45=L. @82K:=C2, 4=59 G5@57 ?OBL, 2@5<O <>6=> C25;8G8BL 4> ?OB=04F0B8 <8=CB, ?>B>< 8 4> 4204F0B8, 0 A0<>5 ?@545;L=>5   4> ?>;CG0A0. A;8 :>60 =5 :@0A=55B, =0AB>9:0 =5 2K7K205B @074@065=8O, ?>?@>1C9B5 C25;8G8BL G8A;> ?@8<>G5: 4> 42CE @07 2 45=L. 5:0@AB2

/ 2K=C645= 745AL ;8HL C:070BL =0?@02;5=85 4;8==>3> ?CB8, ?> :>B>@><C ?>GB8 420 3>40 H;0 .;O.  5=0B A5@LQ7=> C2;5:AO B@020<8 8 <=>385 87 =8E A>18@0; A0<. / A=0160; 53> B>;L:> B5<8, :>B>@K5 >= =5 <>3 4>1KBL.  2006 3>4C O ?5@5AB0; ?@8=8<0BL 1>;L=KE, ?5@5402 45;0 4>G5@8 8 7OBN. .;O A <C65< 8=>340 ?@8E>48;8 : =8< 70 A>25B><. 0;LH5 >=8 @5H8;8 C4>2;5B2>@8BLAO 4>AB83=CBK< @57C;LB0B><.

* * *

IQ >4=C 8AB>@8N O =5 <>3C >1>9B8 AB>@>=>9.  A5=BO1@5 1997 3>40 >1@0B8;0AL :> <=5 2KA>:0O, AB0B=0O 65=I8=0, A ?@8OB=K<8, 4>1@K<8 G5@B0<8 ;8F0, 2K7K20NI0O A@07C, A ?5@2KE <8=CB 7=0:><AB20 A8<?0B8N. 0;8O X. =5402=>, 2 ?OBL45AOB ;5B, 2KH;0 =0 ?5=A8N, => 2K3;O45;0 >=0 ;5B =0 45AOBL <>;>65. 0 I5:0E ;Q3:89 @C<O=5F, =5B =8 >4=>9 <>@I8=K, :>60 10@E0B=0O, CE>65==0O. 8:0:8E A;54>2 <0:8O60, => GC2AB2>20;>AL, GB> 65=I8=0 A;548B 70 A>1>9. / C4828;AO, C7=02, GB> >=0 =8:>340 =5 2KE>48;0 70<C6, MB> 8 ?>72>;8;> 59 A>E@0=8BL D83C@C. 5 2 <>8E ?@028;0E ?@>2>48BL >A<>B@ 1>;L=KE, O =5 2@0G, => 0;8O A0<0 24@C3 @0AAB53=C;0 :>DB>G:C 8 >1=068;0 ?@02CN, 0::C@0B=CN, ?>-4528GL8 2KA>:CN BC3CN 3@C4L. !=0G0;0 =0IC?0;0 A0<0, ?>B>< 27O;0 @C:C, ?@8;>68;0 BC40, 345 2 3;C18=5 <>;>G=>9 65;57K =0E>48;0AL ?;>B=0O, 25;8G8=>9 A :C@8=>5 O9F>, >?CE>;L. �>65B 1KBL, D81@>045=><0?�   A?@>A8; O, AB0@0OAL >B25AB8 <KA;8 >B @0:>2>9 >?CE>;8. �5B,   A?>:>9=> >B25B8;0 0;8O.   5;0;8 ?C=:F8N, 38AB>;>38O ?>4B25@48;0   @0:. !59G0A 2 B@5BL59 AB0488.  40==K9 <><5=B ?@8=O;0 >48==04F0BL A50=A>2 ;CG52>9 B5@0?88, 0 2A53> =07=0G5=> 4204F0BL 420�. 5=O ?>@078;0 5Q =52>7<CB8<>ABL. :07K205BAO, 5IQ G5BK@5 3>40 =0704 2 >=:>;>388 59 C40;8;8 <0B:C. >765 2 <>;>G=>9 65;575 ?>O28;AO <0;5=L:89 C75;>:, =5 1>;LH5 3>@>H8=K. �>G5<C A@07C =5 ?>H;8 =0 >?5@0F8N?�   GCBL =5 70:@8G0; O =0 =5Q. � 570BL O =5 40<. ><@C, 0 ?>4 =>6 =5 ;O3C,   @5H8B5;L=>, B2Q@4>, A =52>7<CB8<K< A?>:>9AB285< >B25B8;0 >=0.   0 2AQ 2>;O ;;0E0. K ?@02>25@=K9, ?>9<QB5 <5=O. >MB><C 4>@>30 ?@825;0 <5=O : 20<�. / ?@54C?@548;, GB> =0 ;5G5=85 @0:0 B@020<8 B@51C5BAO <=>3> 2@5<5=8 8 B5@?5=8O. 0;8O 1K;0 A>3;0A=0 =0 2AQ.

01530O 2?5@54 A:06C, GB> =0< ?>B@51>20;>AL H5ABL :C@A>2. 5@2K9, :0: ?@>1=K9, 1K; A>:@0IQ==K<. 0; 1>;83>;>2 ?> :0?5;L=>9 AE5<5   4> 4204F0B8. > 54K   ?>4<0@5==8: F5?:89 (:0: C .;8), ?> ?>;AB0:0=0 =0AB>O 2 3>@OG5< 2845 4> 702B@0:0 8 >1540. '5@57 G0A ?>A;5 54K   =0AB>9 G8AB5F0 ;5A=>3>, 7020@820BL 0,5 G09=>9 ;>6:8 B@02K 2 AB0:0=5 2>4K. 0AB>O2 >48= G0A, ?@8=8<0BL ?> G5B25@B8 AB0:0=0 B@8 @070 2 45=L, 4>102;OO 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 <0@L8=>3> :>@=O. 0 3@C4L AB028BL ?@8<>G:C 87 A>D>@K O?>=A:>9, @0AB2>@82 AB>;>2CN ;>6:C =0AB>9:8 2 ?>;>28=5 AB0:0=0 2>4K :><=0B=>9 B5<?5@0BC@K.

B>@>9 :C@A 2K3;O45; ?>A>;84=59. >A;5 ?@>1C645=8O   1>;83>;>2 (>= >AB0;AO 4> :>=F0 ;5G5=8O). > 54K =07=0G8; =0AB>9 ;8ABL52 ?>4>@>6=8:0 1>;LH>3>, :;0AA8G5A:89 20@80=B   AB>;>20O ;>6:0 B@02K =0 AB0:0= :8?OB:0, =0AB>OBL >48= G0A 8 ?@8=8<0BL B@8 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. >A;5 54K   =0AB>9 B@02K 20A8;8A=8:0 2>=NG53>. 1 MB>< @0AB5=88 @073>2>@ C =0A 70E>48B 2?5@2K5, ?>@0 ?>7=0:><8BLAO 8 A =8<. 0: 8 >AB0;L=K5 53> A>1@0BLO, 20A8;8A=8: 0;L?89A:89, 6Q;BK9, <0;K9, ?@>AB>9 8 4@C385, 20A8;8A=8: 2>=NG89 A8;L=> O4>28B, 8 =04> C<5BL 8< ?>;L7>20BLAO. = A>45@68B 2 A515 >@30=8G5A:85 :8A;>BK, D;02>=>84K, B@8B5@?5=>2K5 A>548=5=8O, >G5=L <=>3> 0;:0;>84>2, :064K9 87 :>B>@KE >1;0405B @07;8G=K< 459AB285<. 0?0E C B@02K ?@8OB=K< =5 =07>25HL, => 2 =0@>45 53> H8@>:> 8A?>;L7CNB ?@8 A5@45G=>A>AC48ABKE 701>;520=8OE, 38?5@B>=88, M?8;5?A88, BC15@:C;Q75 ;Q3:8E, ?@8 =0@CH5=88 >1<5=0 25I5AB2 8 :@>2>>1@0I5=8O. 0: ?@>B82>>?CE>;52>5 A@54AB2> ?@8 A0@:><5 8 4@C38E 7;>:0G5AB25==KE >?CE>;OE ?@>O28;8 A51O B@8B5@?5=>2K5 A>548=5=8O.  =0< B>;L:> MB> 8 B@51>20;>AL.  5IQ ?>?CB=>   >B 38?5@B>=88. 02;5=85 C 0;88   160/100. ;O ?@83>B>2;5=8O B@5BL G09=>9 ;>6:8 B@02K =04> 7020@8BL 2 AB0:0=5 :8?OB:0, ?OB=04F0BL <8=CB ?0@8BL =0 :8?OI59 2>4O=>9 10=5, 40BL >ABKBL. @8=8<0BL ?> G5B25@B8 AB0:0=0 B@8 @070 2 45=L G5@57 G0A ?>A;5 54K. 5G5@>< 2K?8BL ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O.

0 ?@8<>G:8 8A?>;L7>20BL =0AB>9:C A>D>@K O?>=A:>9, =0 MB>B @07 @07254O 2>4>9 ?>?>;0<.

 =>O1@5, =0G8=0O B@5B89 :C@A, 4> 702B@0:0 8 >1540 25@=C;8AL : 3>@OG5<C =0AB>N B@02K ?>4<0@5==8:0 F5?:>3>. !?CABO ?>;G0A0 ?>A;5 54K 2<5AB> G0O ?8BL ?> ?>;AB0:0=0 =0AB>O 725@>1>O, 7020@820O 425 AB>;>2K5 ;>6:8 2 42CE AB0:0=0E :8?OB:0. 064K9 @07 A G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K. > 2B>@>9 ?>;>28=5 4=O 8 25G5@>< ?@8=OBL >B20@ :>@=59 E<5;O A B@84F0BLN :0?;O<8 =0AB>9:8 F25B:>2 E<5;O. 0 ?@8<>G:8 8A?>;L7>20BL >B20@ :>@=59 :@>2>E;51:8, G5@54CO A ?@8:;04K20=85< : 3@C48 B>=:>3> A;>O 20BK, ?@>?8B0==>9 725@>1>9=K< <0A;><, C:@K20O A25@EC ;L=O=>9 A0;D5B:>9 8;8 20D5;L=K< ?>;>B5=F5<.

 45:01@5 ?@8<>G:8 CA8;8;: =07=0G8; =0AB>9:C :>@=59 1>@F0 2KA>:>3>, 45@60BL >B 45AOB8 <8=CB, 70B5< ?> <5@5 ?5@5=>A8<>AB8   4> ?>;CG0A0, 2 ?5@2K5 4=8 >48= @07, ?>765 4> 42CE @07 2 45=L. @8<>G:8 87 >B20@0 :>@=59 :@>2>E;51:8 AB028BL =0 420 G0A0, 4=Q< ?0@C @07, ?@8 2>7<>6=>AB8 >AB02;OO =0 =>GL. > 54K CB@>< 8 4=Q< >AB028;8 ?>4<0@5==8:, 0 ?>A;5 54K   E>;>4=K9 =0AB>9 35@0=8 ;C3>2>9 A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. 5G5@>< ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O. -B> 1K; G5B2Q@BK9 :C@A. 0:>=G82 53>, 0;8O A:070;0, GB> >?CE>;L 8AG57;0, => =0 5Q <5AB5 >AB0;AO ?;>B=K9 C75;>: 25;8G8=>9 GCBL <5=LH5 ;5A=>3> >@5E0. 9 E>B5;>AL, GB>1K O A0< C1548;AO 2 ?@>8AH54H59 ?5@5<5=5, => O A:070;: �5@N. >AB0@05<AO 871028BLAO 8 >B =53>�.

 O=20@5 1998 3>40 @5H5=> 1K;> ?>4:;NG8BL 4> 54K =0AB>9 >G8B:0 ?C@?C@=>3>, A G09=>9 ;>6:>9 <0@L8=>3> :>@=O. >A;5 54K ?>HQ; =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 53> :>@=59. '5@57 G0A ?>A;5 A015;L=8:0   >B20@ :>@=59 E<5;O A 30 :0?;O<8 =0AB>9:8 53> F25B:>2. 0 ?@8<>G:8 >AB028;8 =0AB>9:C 1>@F0, G5@54CO A =0AB>5< B@02K G8AB5F0 ;5A=>3> 8 725@>1>9=>3> <0A;0.

(5AB>9 :C@A 70<5B=> >B;8G0;AO >B ?@54K4CI8E. ">B 65 1>;83>;>2, => 4> 54K   >B20@ :>@K >A8=K ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, ?>G5: 15@Q7K, B@02K 8 :>@=59 @5?5H:0; ?> 50 <; =0AB>5: F25B:>2 ;>?CE0, :>@=59 452OA8;0, ?;>4>2 A>D>@K O?>=A:>9, <0@L8=>3> :>@=O). >A;5 54K   =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 53> :>@=59, B0: 65 B@8 @070 2 45=L.  ?>;45=L 2K?8BL =0AB>9 A5<O= ;L=0 B0:>3> ?@83>B>2;5=8O: 425 G09=K5 ;>6:8 70;8BL >4=8< AB0:0=>< :8?OB:0, 45AOBL <8=CB =0AB>OBL 8 2K?8BL 25AL =0AB>9 2<5AB5 A A5<5=0<8. 564C ?@8Q<0<8 ?8I8 =09B8 2@5<O 8 ?@8=OBL B@8 @070 2 45=L ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 8 >B45;L=>   =0AB>9:C :0;5=4C;K 2 @N<:5 2>4K. 5G5@><   ?>;AB0:0=0 >E;064Q==>3> =0AB>O ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O.

#75;>: 2=CB@8 <>;>G=>9 65;57K >AB020;AO =587<5==K<, 1C4B> 70:0<5=5;. 'CBLQ <=5 ?>4A:07K20;>, GB> >= >AB0=5BAO B0:8< =02A5340, A:>;L:> 1K <K =8 ?@>4>;60;8 ;5G5=85. 0;85 O A:070; ?@O<>, 157 2AO:8E 48?;><0B8G5A:8E C;>2>:: �@>1;5<C <>65B @5H8BL B>;L:> >?5@0F8O. >4C<09B5. ?>;=5 2>7<>6=>, GB> A MB8< >AB0B>G=K< C7;>< 2K A<>65B5 ?@>68BL 4> 3;C1>:>9 AB0@>AB8.  5A;8 24@C3 2>7=8:=5B @5F8482? 87=L ?@52@0B8BAO 2 <C:C, 5A;8 <KA;L >1 MB>< 1C45B 3;>40BL 20A ?>AB>O==>�. 5:>B>@>5 2@5<O >=0 :>;510;0AL. >-2848<><C, A>25B>20;0AL A ?>4@C30<8, A 1;87:8<8 ;N4L<8. Q :840;> B> 2 >4=C, B> 2 4@C3CN AB>@>=C. �A;8 <=5 >B@56CB 3@C4L, O AB0=C C@>48=>9. 0< ;8 >1JOA=OBL, GB> MB> >7=0G05B 4;O 65=I8=K? CGH5 C<5@5BL!�   O@>AB=> 2A:8?0;0 >=0.  =0 A;54CNI89 45=L A?>:>9=> 8 @07C<=> @0AAC640;0: �59AB28B5;L=>, MB>B 87JO= ;53:> A:@KBL. B> AB0=5B 703;O4K20BL <=5 70 ?07CEC?  <>;>4>ABL 2AQ @02=> ?@>H;0...� / C15640; 5Q, GB> E>@>H89 E8@C@3 =5 @5H8BAO ;8H0BL 5Q :@0A>BK, 3@C4L >AB0=5BAO F5;>9, 0 C15@QB >= C75;>: G5@57 =51>;LH>9 @07@57, ?@8 N25;8@=>9 @01>B5 =8:0:>3> H@0<0 =5 >AB0=5BAO. � C =0A 8<5NBAO B0:85 E8@C@38?�   A?@>A8;0 >=0. �>AB0@09B5AL ?>?0ABL : 0@0BC 0;80:10@>28GC 0;552C   MB> 25;8:89 <0AB5@, :0:>3> 1>;LH5 =5 AKI5HL. ">;L:> : =5<C!�   ?>A>25B>20; O.

K 2AB@5B8;8AL G5@57 B@8 =545;8. 0;8O 157CB5H=> ?;0:0;0: �>G5<C O ?>A;CH0;0AL 20A... 5B, =0>1>@>B, =5 ?>A;CH0;0AL! 5 AB0;0 4>6840BLAO 0;5520. = 701>;5;, 8 =8:B> =5 7=0;, :>340 >= 2K945B =0 @01>BC.  O ?>?0;0 : 4@C3><C E8@C@3C. -B>B <OA=8: >BBO?0; <=5 2AN 3@C4L 4> @Q15@! 8:>340 A515 =5 ?@>IC!� / ?>?KB0;AO CA?>:>8BL 5Q, >?@0240BL E8@C@30: �= 459AB2>20; ?> ?@028;0<. 5;L7O 40BL 2>7<>6=>AB8 70B08BLAO 345-=81C4L =8 >4=>9 @0:>2>9 :;5B:5�.  =5 AB0; 3>2>@8BL > B><, GB> MB> =5 ?@028;0, 0 2K@01>B0==K5 3>40<8 2 >4=>>1@07=>9 B5:CG:5 AB5@5>B8? 8 @02=>4CH85 @C:>2>48;8 459AB28O<8 E8@C@30.  ?> C<C, 7=0O > ?@>254Q==>< ;5G5=88, >= <>3 1K 2=0G0;5 A45;0BL 38AB>;>38G5A:>5 >1A;54>20=85 8;8, 2 :>=F5 :>=F>2, 2K?>;=8BL I04OICN, A5:B>@0;L=CN >?5@0F8N.

>... :>340 ?>A;5 >?5@0F88 >B?@028;8 8AA5GQ==CN B:0=L =0 38AB>;>38N, B0< =5 =0H;8 =8 >4=>9 @0:>2>9 :;5B:8!  O 5IQ @07 C1548;AO 2 B><, GB> 4;O 87;5G5=8O =5:>B>@KE 284>2 @0:0 4>AB0B>G=> ?OB8 8;8 H5AB8 :C@A>2.

* * *

 1>@L15 A @0:>< ;N1KE >@30=>2 ?5@25=AB2> ?@8=04;568B E8@C@30<. -B> =5>A?>@8<0O 0:A8><0.  C<5;KE @C:0E A:0;L?5;L F5;8:>< C40;O5B >A=>2=CN <0AAC 7;>:0G5AB25==>9 >?CE>;8, GB> 7=0G8B5;L=> >1;53G05B 8 CA:>@O5B 40;L=59H55 ;5G5=85, B0: :0: >A=>2=>9 8AB>G=8: 7;0 ?5@5AB0QB ACI5AB2>20BL. >3CB >AB020BLAO =570<5G5==K<8 <5;:85 @0:>2K5 >G06:8, 70B> 2A5 CA8;8O <>6=> =0?@028BL =0 8E C=8GB>65=85 8 70I8BC >@30=87<0 >B ?>O2;5=8O 2>7<>6=KE <5B0AB07>2, @5F84820 1>;57=8. >B ?>G5<C O =0AB>OB5;L=> ?@>HC 2A5E, :><C ?@54;>65=0 >?5@0F8O, =8 2 :>5< A;CG05 =5 >B:07K20BLAO >B =5Q 8 A@07C =0G0BL :>=A5@20B82=>5 ;5G5=85. >B5@8 2>7<>6=K 8 745AL, >B =8E =8:B> =5 70AB@0E>20=. # <5=O A5@4F5 A68<05BAO, :>340 2A?><8=0N <>;>4CN G5@=>3;07CN 65=I8=C, ?@85E02HCN 06 87 !0E0;8=0. =0 >1@0B8;0AL :> <=5 A >?>740=85<, ?>=045O2H8AL ?>A;5 >?5@0F88 =0 ;CG 8 E8<8>B5@0?8N.  5F8482 >?CE>;8 ?>HQ; ?> @C1FC, B0< 65 C3@>60NI5 ?>?>;7 ?> B5;C :>6=K9 @0:, >1=0@C68;8AL <5B0AB07K 2 ?5G5=L. >A;5 452OB8 CA8;5==KE :C@A>2 ;5G5=8O <K 4>18;8AL 7=0G8B5;L=>3> C;CGH5=8O, => G5@57 ?>;3>40 2@0G8 2KO28;8 <5B0AB07K 2 ?>72>=>G=8: 8 B07>2K5 :>AB8. !?0AB8 5Q =5 C40;>AL.

0 2AN 687=L >AB0;0AL C <5=O 3>@5GL 5IQ >B @O40 ?@>83@0==KE A@065=89, =>, 2848B >3, O A51O =5 60;5;, 8AG5@?K20O 4> 4=0 2A5 >B?CI5==K5 <=5 2>7<>6=>AB8 8 A8;K. 0B>, 5A;8 2A5E ?>4AG8B0BL, A5<L 65=I8= 87 45AOB8, ;5G82H8EAO C <5=O ?>A;5 >?5@0F88 ?> ?>2>4C @0:0 <>;>G=>9 65;57K, >1@5;8 2B>@CN 687=L. !?0A81> B@020<!

* * *

>6=> 1K;> 1K ?@825AB8 <=>65AB2> ?@8<5@>2, => O 2K1@0; >48=, =5 87 A0<KE ;Q3:8E, => ?> 2K1>@C B@02 2?>;=5 4>ABC?=K9 2A5<, :B> 24@C3 70E>G5B 2>A?>;L7>20BLAO 8<8. >;L=CN O =5 2845;, 2 B5B@048 :>@>B:0O 70?8AL: �18 45:01@O 1998 3. 0=0 L2>2=0 ., 48 ;5B. >A:20.  0: <>;>G=>9 65;57K.  ?@>H;>< 3>4C ?@>2545=0 @048:0;L=0O >?5@0F8O. > >?5@0F88 >4=0 E8<8O, ?>A;5   A5<L.  4204F0BL 420 ;CG0. !59G0A @5F8482 >?CE>;8 ?>HQ; ?> @C1F0<. >6=K9 @0:. 8<D045=8B. #25;8G5=K H59=K5 ;8<D>C7;K. 5B0AB07K 2 ;8<D>C7;K. 3 AB048O. >;8 2 ;>?0B:5, H59=KE ;8<D>C7;0E. 59:>F8BK   4,3, B@><1>F8BK   223, !-   22�. B?@028; 59 A@07C 420 :C@A0, A 70?0A><. >;LH0O :0@B>==0O :>@>1:0 1K;0 18B:>< 7018B0 ;5:0@AB20<8. "0:CN ?>AK;:C =8 >4=0 ?>GB0 =5 ?@8<5B. ;03> 2 AB>;8FC 5654=52=> E>48; D8@<5==K9 ?>574 �0H:>@B>AB0=�. !CB:8 2 4>@>35, 8 70 :>@>1:>9 ?@84QB ?>AK;L=K9. 0G0;L=8:>< 2>:70;0 1K; <>9 402=89 7=0:><K9, >= 8 4020; ?@>2>4=8:0< =0:07 4>AB028BL ;5:0@AB20 2 F5;>AB8 8 A>E@0==>AB8. =>3> @07 >= 2K@CG0; <5=O, B0: :0: ?@>2>4=8:0< 2 B5 3>4K AB@>609H5 70?@5B8;8 >:07K20BL B0:85 CA;C38   2 '5G=5 H;0 2>9=0, @50;L=CN C3@>7C ?@54AB02;O;8 B5@@>@8ABK.

B<5GC A@07C, GB> ;5G51=K5 :C@AK 4;O 0=K <0;> G5< >B;8G0;8AL ?> A>AB02C >B 4@C38E, =07=0G05<KE ?@8 @0:5 <>;>G=>9 65;57K. 7 @0AB8B5;L=>9 �E8<8>B5@0?88� O >AB0=>28;AO =0 =0AB>9:5 B@02K 1>@F0 2KA>:>3>   ?@8=8<0BL >B >4=>9 :0?;8 4> 4204F0B8, B@8 @070 2 45=L.  B0: =0 ?@>BO65=88 2A53> ;5G5=8O. > 54K ?>@5:><5=4>20; ?@8=8<0BL =0AB>9 87 :>@=59 >:>?=8:0. >A;5 54K   =0AB>9 B@02K ?>4<0@5==8:0 =0AB>OI53> ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 ?@>B82>>?CE>;52>3> 10;L70<0 (53> A>AB02: ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, F25B:>2 :0;5=4C;K, B@02K E2>I0 ?>;52>3>; ?> 50 <; =0AB>5: B@02K 2>4O=>3> ?5@F0 8 F25B:>2 :>=>?;8). '5@57 G0A ?@8=OBL B@5BL AB0:0=0 =0AB>O B@02K 4>==8:0 ;5:0@AB25==>3>, B0: 65 B@8 @070 2 45=L (=0?><=N, :0: 3>B>28BL: AB>;>2CN ;>6:C ACE>9 B@02K A F25B:0<8 70;8BL AB0:0=>< E>;>4=>9 2>4K, =>GL =0AB>OBL, ?@>F548BL). @8 =87:8E ;59:>F8B0E 25@=59H55 A@54AB2>, GB>1K ?>4=OBL 8E 4> =5>1E>48<>3> C@>2=O, :0: 8 B@><1>F8BK. C@A 425 =545;8, G5@57 45AOBL 4=59 ?>2B>@8BL. '5@57 <5AOF 0=0 A<5=8;0 B@02K: 4> 54K   3>@OG89 =0AB>9 ?>4<0@5==8:0 F5?:>3> CB@>< 8 4=Q<, A ?@>B82>>?CE>;52K< 10;L70<>< (53> 2 B@5B89 @07 ?@8=OBL >B45;L=> 2 @N<:5 2>4K). >A;5 >1540   =0AB>9 B@02K A015;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 53> :>@=59, B@8 @070 2 45=L. 5G5@><   =0AB>9 ;8ABL52 GQ@=>9 >;LE8   ?>;AB0:0=0, A G09=>9 ;>6:>9 =0AB>9:8 75;Q=KE H8H5: E<5;O. 06=CN G0ABL 2 MB8 420 <5AOF0 A>AB02;O;8 ?@8<>G:8, >1<K20=8O, <078.  07C<55BAO, =5 >1>H;>AL 157 =0AB>9:8 :>@=59 1>@F0 2KA>:>3>   :@0B:>2@5<5==K5 ?@8<>G:8 A=0G0;0 >48= @07, 70B5< 420 @070 2 45=L. G5=L A8;L=>5 A@54AB2> ?@8 @5F84825 7;>:0G5AB25==>9 >?CE>;8, >A>15==> :>6=>< @0:5, <07L 87 G8AB>B5;0. @83>B>2;5=85 >G5=L ?@>AB>5: >4=C G0ABL ?>@>H:0 87 G8AB>B5;0 A<5H0BL A ?OBLN G0ABO<8 A;82>G=>3> <0A;0, A<5H0==>3> ?>?>;0< A ?G5;8=K< <Q4><. / ?>;L7>20;AO 45@525=A:8< <0A;><, ?>:C?0; =0 @K=:5. Q4>< <5=O A=0160;8 7=0:><K5 ?0A5G=8:8.  G8AB>B5; O 1@0; 25A=>9, 2 =0G0;5 F25B5=8O 2A5340 2 >4=>< <5AB5, C ?>4=>68O A525@=>3> A:;>=0 E>;<0 2 @545=L:>9 15@Q7>2>9 @>I8F5, :C40 A>;=F5 703;O4K205B ;8HL =0 ?>;G0A

OBK9 8 H5AB>9 :C@AK >:070;8AL 70:;NG8B5;L=K<8. > 54K 25@=C;8AL : ?>4<0@5==8:C F5?:><C. 5G51=K9 10;L70< ?@83>B>28; 4@C3>9: ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, ?>G5: GQ@=>9 >;LE8, ?>G5: >A8=K, ?>G5: 15@Q7K; ?> 50 <; =0AB>5: F25B:>2 ;>?CE0 1>;LH>3> 8 :>@=59 A8=NE8 3>;C1>9. @8=8<0BL 2 3>@OG5< 2845 CB@>< 8 ?5@54 >154><. 5G5@>< >48= @07 ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A =0AB>9:>9 75;Q=KE H8H5: E<5;O. >A;5 54K B@8 @070 2 45=L =0AB>9 B@02K A015;L=8:0 A =0AB>9:>9 53> :>@=59. '5@57 G0A ?>A;5 =53> 2K?8BL =0AB>9 B@02K E2>I0, B>65 B@8 @070 2 45=L (2K25AB8 B>:A8G5A:85 H;0:8, =0;048BL 2>4=>-A>;52>9 >1<5=). @>87>H;8 =5:>B>@K5 ?5@5<5=K 8 2 =0@C6=>< ;5G5=88. B?0;0 =5>1E>48<>ABL 2 A:>1;Q=>9 <>@:>28. > A;>20< 0=K L2>2=K, ?@8 >A<>B@5 >?CE>;L =5 ?@>IC?K205BAO, >AB02H85AO ?>A;5 >?5@0F88 @C1FK ?>A25B;5;8, CB@0B8;8 103@>2K9 F25B. BABC?8; 8 @0: :>68, ;8HL :>5-345 284=K 548=8G=K5 65;B>20BK5 C75;:8 25;8G8=>9 A> A?8G5G=CN 3>;>2:C. >MB><C ?@8<>G:8 A =0AB>9:>9 1>@F0 2KA>:>3> 8 >B20@ ?>@>H:0 87 B@02K G8AB>B5;0 @5H8;8 ?>:0 >AB028BL. >?>;=8B5;L=> O 40; >B20@ 0;B5O, B>65 >G5=L A8;L=>5 A@54AB2>, ?><>30NI55 ?@8 @0:5 <>;>G=>9 65;57K 8 @0:5 :>68. @8=OB> AG8B0BL, GB> 0;B59 8<55B C7:>5 ?@8<5=5=85, 2 >A=>2=>< :0: >BE0@:820NI55 A@54AB2> 8 G0I5 2A53> 2 45BA:>9 ?@0:B8:5. >MB><C <>9 @5F5?B <>65B C4828BL <=>38E, => O ?@>HC >B=5AB8AL : =5<C A5@LQ7=>. !B>;>2CN ;>6:C 87<5;LGQ==>3> :>@=O =04> A<5H0BL A> AB>;>2>9 ;>6:>9 F25B:>2 0;B5O 8 42C<O AB>;>2K<8 ;>6:0<8 F25B:>2 ?86<K, 70;8BL 0,5 ; :8?OB:0. 0 A;01>< >3=5 20@8BL ?OB=04F0BL <8=CB, 420 G0A0 =0AB>OBL. 7 ?@>F565==>3> >B20@0 45;0BL ?@8<>G:8 =0 ?>@06Q==K5 <5AB0, ?@54?>GB8B5;L=> CB@><, 4=Q< 8 25G5@><, 8 45@60BL =5 <5=LH5 42CE G0A>2. '5@57 ?>;G0A0 <5=OBL =0 4@C385 284K ?@8<>G5:, A<07K20BL <0A;>< 87 A2568E F25B:>2 725@>1>O.  @C1FK ?@5:@0A=> @0AA0AK205B =0AB>9:0 ?;>4>2 A>D>@K O?>=A:>9.

 70:;NG5=85 1K; ?@>254Q= C40@=K9 ?@>B82>>?CE>;52K9 :C@A, 459AB2CNI89 ?@8 2A5E 2840E @0:0. > 54K   =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A <>8< 10;L70<>< (40; ?>A;54=89 20@80=B). >A;5 54K   >B20@ :>@=59 E<5;O A =0AB>9:>9 53> F25B:>2. '5@57 G0A ?>A;5 =53>   =0AB>9 B@02K 1C4@K A B@84F0BLN :0?;O<8 70A?8@B>20==>3> A>:0 1C4@K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   B@864K 2 45=L G09=CN ;>6:C A>:0 4C@=8H=8:0 8 >B45;L=> A>: <54C=8FK 2 @N<:5 2>4K. -B> 157 CGQB0 ?@>4>;60NI8EAO :0?5;L =0AB>9:8 B@02K 1>@F0 2KA>:>3> 8 ?>@>H:0 87 :>@=59 >4C20=G8:0.

=0O, =0A:>;L:> :>20@5=, :070;>AL 1K, 87;5G5==K9 @0:, 4;O ?@>D8;0:B8:8 O >15A?5G8; 0=C L2>2=C 4>AB0B>G=K< :>;8G5AB2>< A2>59 =0AB>9:8 1>;83>;>20.  :>=F5 ;5G5=8O >=0 ?> 425 :0?;8 2 45=L C102;O;0 =0AB>9:C 1>@F0, 0 G5@57 <5AOF ?>A;5 =53> =0G0;0 ?@8=8<0BL 1>;83>;>2 ?> <>5<C C:070=8N: =0G02 A >4=>9 :0?;8 2 45=L, 4>25;0 4> 4204F0B8, 70B5< ?> :0?;5 A=860;0 4> >4=>9 8AE>4=>9. 0 3>4 ?@>25;0 G5BK@5 B0:8E :C@A0. 57 2AO:>3> 2@540 4;O A51O B0:CN ?@>D8;0:B8:C <>6=> ?>2B>@OBL =0 ?@>BO65=88 =5A:>;L:8E ;5B, ?>B><C GB> 0;:0;>84K 1>;83>;>20 1KAB@> 2K2>4OBAO 87 >@30=87<0, =5 ?@8G8=OO 2@540.

5B>< 0=0 L2>2=0 C5E0;0 >B4KE0BL 2> $@0=F8N. >B>< A2O7L ?@5@20;0AL. 5 7=0N, 2K?>;=O;0 >=0 <>8 C:070=8O 8;8 =5B, => MB> C6 5Q 701>B0. B> O 4;O =5Q, GB>1K 40;LH5 ?@>4>;60BL >1I5=85 E>BO 1K ?> B5;5D>=C? K 4065 =5 2845;8AL =8 @07C.  B><, GB> >=0 74>@>20 8 682QB ?@8?520NG8, O A;CG09=> 2 2006 3>4C C7=0; >B >1@0B82H59AO :> <=5 70 ?><>ILN <>A:28G:8, ?>;CG82H59 <>8 :>>@48=0BK =5 87 ?5@2KE @C:, 0 G5@57 7=0:><KE, >B :0:>9-B> . 0;> ;8 2 >A:25 ., 2>7<>6=>, MB> 1K;0 0=0 L2>2=0, 8 <=5 ?@8OB=> 1K;> 4C<0BL > B><, GB> >=0 6820 8 74>@>20.
  " 

8=CB ?OBL, =5 <5=LH5, O ?KB0;AO ?>=OBL, :0:0O 1540 ?@825;0 :> <=5 MBC <0;5=L:CN, 5IQ A>2A5< N=CN 65=I8=C, ?>E>6CN =0 A<C3;CN 45@525=A:CN 452G>=:C A :>@>B:8<8, AB@865==K<8 ?>4 <0;LG8H:C, :C@G02K<8 2>;>A0<8. C;L=0A, B0: 720;8 5Q, 3>2>@8;0 A> <=>9 =0 @>4=>< 10H:8@A:>< O7K:5 A:><:0==>9 A:>@>3>2>@:>9, 2 A?5H:5 703;0BK20O :>=5G=K5 A;>38, :C;0G:>< 2KB8@0O 3;070. 7 B>@>?;82>9, >1@K28AB>9 @5G8 O ?>=O; ;8HL, GB> 5Q, 1>;L=CN, 1@>A8; <C6, >AB0282 >4=C A <0;5=L:8< @51Q=:><. # @51Q=:0 :8AB0 2 3>;>25, A;CG0NBAO AC4>@>38, 0 ?><>I8 =8:0:>9, >B5F 0;8<5=BK =5 ?;0B8B, 8 >=0 A0<0 ?>;3>40 1>;55B, =5 8<55B 2>7<>6=>AB8 70@010BK20BL =0 687=L. #A?>:>82H8AL, ?5@5AB02 ?;0:0BL, B0: 65 703;0BK20O >B A?5H:8 :>=FK D@07 2 AB@5<8B5;L=>9 A:>@>3>2>@:5, >=0 ?@8=O;0AL C<>;OBL ?><>GL 59 @048 @51Q=:0, 8=0G5 >= ?>381=5B 157 <0B5@8, >AB02H8AL >48=, =8:><C =5 =C6=K9. # =5Q @0: <0B:8, >1=0@C68;8 A;CG09=>, ?>A;5 :@>2>B5G5=8O. ?5@8@>20BL ?>74=>, 2 1>;L=8F5 2@0G8 G5<-B> ?KB0NBAO ;5G8BL, => >4=0 60;>AB;820O =O=5G:0 ?5@540;0 CA;KH0==K5 >B 2@0G0 A;>20, GB> 68BL C;L=0A >AB0;>AL =54>;3>, 8 =04> 1K 59 ?>A:>@55 @5H8BL A =>B0@8CA>< 2A5 2>?@>AK, A2O70==K5 A AK=><, 70:@5?8BL 70 =8< :20@B8@C. "0:85 2>?@>AK 1KAB@> =5 @5H0NBAO. �>9 AB0@H89 1@0B @01>B05B =0 !525@5, >= >15I0; ?><>GL <0B5@80;L=>. =5 1K 5IQ ?>;3>40 ?@>45@60BLAO,   ?@>A8;0 C;L=0A, ?@>BO3820O :CFCN 1>;L=8G=CN A?@02:C A >1KG=K<8 AB0=40@B=K<8 A;>20<8: � 5:><5=4C5BAO ?> <5ABC 68B5;LAB20 A8<?B><0B8G5A:>5 ;5G5=85�.

 C <5=O 2 B5B@04:5 ?>O28;0AL >G5@54=0O :>@>B:0O 70?8AL: �18.04.1997. C;L=0A . 23 3>40. !B5@;810H52A:89 @-=.  0: H59:8 <0B:8, 3 AB048O. 5B0AB07K 2 ;8<D>C7;K B070�.  1>;LH5 =8 A;>20, :@><5 MB8E A:C4=KE A2545=89.

B <5=O C;L=0A CH;0 =5 A ?CABK<8 @C:0<8. ;O =0G0;0 40; 59 1>;83>;>2 ?> I04OI59 AE5<5: A >4=>9 :0?;8 4>25AB8 4> 4204F0B8 ?OB8, 70B5< >1@0B=> 4> 8AE>4=>9 :0?;8. 5 B0: 402=> >=0 ?@>E>48;0 E8<8>B5@0?8N (2>B >B:C40 5Q ?>4@>AB:>20O AB@86:0 -GCBL >B@>A;8 ?>;=>ABLN 2K?02H85 2>;>AK), 8 =04> 1K;> C1548BLAO, GB> 1>;83>;>2 =5 ?>94QB 59 2> 2@54. > 54K =07=0G8; >B20@ 87<5;LG5==KE :>@=59 ?8>=0 C:;>=ONI53>AO   <0@L8=>3> :>@=O: >4=C G09=CN ;>6:C 70;8BL AB0:0=>< :8?OB:0, ?>45@60BL =0 :8?OI59 2>4O=>9 10=5 ?OB=04F0BL <8=CB, G5@57 G0A ?@>F548BL 8 ?8BL ?> >4=>9 B@5B8 AB0:0=0.  :>@=OE @0AB5=8O =5 <5=LH5 4204F0B8 F5==59H8E <8:@>M;5<5=B>2: <0@30=5F, <03=89, =0B@89, :0;LF89, 65;57>, <54L, E@><, AC@L<0, 10@89, B8B0=, =8:5;L, A28=5F, 2>;LD@0<, 28A<CB, <>;8145=, AB@>=F89. AB0B8, B>;L:> AB@>=F8O A>45@68BAO 2 7>;5 :>@=59 1>;LH5 >4=>3> ?@>F5=B0, 0 >= ?@8 >?CE>;52KE 701>;520=8OE =5>1E>48<, :0: 8 <>;8145=, :>10;LB, <03=89. / C6 =5 3>2>@N >1 0;:0;>840E 8 4@C38E >@30=8G5A:8E ?@>B82>@0:>2KE 25I5AB20E 2 A>AB025 <0@L8=>3> :>@=O.  =8G53> A;CG09=>3> =5B 2 B><, GB> 8AAB0@8 =0  CA8 @0AB5=85 =0720;8 65=A:8< 8<5=5<   :>@5=L 0@L8. 5;L5<, 873>B>2;5==K< 87 :>@=O 48:>3> ?8>=0, 0@LO-8A:CA=8F0 ;5G8;0 ?04CGCN, ?0@0;8G8, A>B@OA5=85 <>730, ?5G5=L, 65;C4>:, ?>403@C 8 ?>GB8 2A5 65=A:85 1>;57=8. 8 >48= >?KB=K9 B@02=8: =5 2>7L<QBAO ;5G8BL @0: <0B:8 157 <0@L8=>3> :>@=O.

>?0;AO ?>4 @C:8 8 ?>4<0@5==8: =0AB>OI89   C65 87<5;LGQ==K9, C?0:>20==K9. 0; 8 53>. 5>1E>48<K9 ?@8 701>;520=8OE 65;C4:0, A5@4F0, ?>G5:, ?5G5=8, >= 0:B825= 8 ?@8 :><?;5:A=>< ;5G5=88 @0:0 @07;8G=>9 ;>:0;870F88.  5F5?B ?@>AB: >4=C AB>;>2CN ;>6:C ACE>9 87<5;LGQ==>9 B@02K 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL G5BK@5 G0A0. @8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L ?>A;5 54K, 2;820O 2 :064CN ?>@F8N G09=CN ;>6:C =0AB>9:8 F25B:>2 :0;5=4C;K.

@8 ;5G5=88 @0:0 <0B:8 206=CN @>;L 83@0NB A?@8=F520=8O. >:0 O >3@0=8G8;AO ;8HL >4=8< @0AB5=85<   :>@=5< 1040=0 B>;AB>;8AB=>3>.  =0@>4=>9 <548F8=5 >= ?>?C;O@5= ?@8 M@>788 H59:8 <0B:8, D81@><8><5, :@>2>B5G5=88. >@=8 1040=0 A>45@60B >G5=L <=>3> 4C18;L=KE 25I5AB2 (4> 27 %). E A8;L=>5 2O6CI55 A2>9AB2> 2K7K205B ?>25@E=>AB=>5 C?;>B=5=85 B:0=59, >3@0=8G820O A5:@5F8N 65;57 8 C<5=LH0O 2>A?0;8B5;L=CN @50:F8N. 5B =8:0:8E A2545=89 > 53> ?@>B82>>?CE>;52KE A2>9AB20E, E>BO A;54>20;> 1K CG5ABL, GB> 2 :>@=OE, :@><5 3;8:>784>2 15@35@8=0 8 0@1CB8=0, 8<5NBAO <8:@>M;5<5=BK: <0@30=5F, B8B0=, =8:5;L, <54L, 65;57>, F8=:, AB@>=F89, B>@<>7OI85 @>AB @0:>2KE :;5B>:. 848<>, =5 A;CG09=> 8725AB=K9 F5;8B5;L 87 @8<>@A:>3> :@0O . . >;N: 2:;NG8; 2 A2>N AE5<C ;5G5=8O >=:>;>38G5A:8E 701>;520=89, A>AB>OICN 87 ?OB8 @0AB5=89, 2 ?5@2CN >G5@54L 1040=. / 40; C;L=0A A2>9 @5F5?B: 3>B>28BL >B20@ 87 @0AGQB0 AB>;>20O ;>6:0 :>@=59 =0 AB0:0= :8?OB:0. 0 B8E>< >3=5 C?0@8BL =0?>;>28=C. @8=8<0BL 2=CB@L ?> >4=>9 G09=>9 ;>6:5 B@8 @070 2 45=L 4> 54K, 0 AB>;>2CN ;>6:C >B20@0 2;8BL 2 0,5 ; BQ?;>9 2>4K =0 >4=C ?@>F54C@C A?@8=F520=8O. !?@8=F520BLAO 420-B@8 @070 2 45=L =0 ?@>BO65=88 G5BK@QE =545;L. K?@>A8;0 C;L=0A E>BL GB>-=81C4L 4;O AK=8H:8. / @54:> 1@0;AO 70 ;5G5=85 45B59 <;04H5 ?OB8 ;5B, => 2K=C645= 1K; CABC?8BL ?5@54 A0<>70125==K< <0B5@8=A:8< =0?>@><. 07=0G8; 1572@54=K9 4;O @51Q=:0 =0AB>9 G8=K ;C3>2>9: 425 G09=K5 ;>6:8 B@02K =0 AB0:0= :8?OB:0, G5@57 G0A ?@>F548BL 8 4020BL 5<C G5BK@5 @070 2 45=L ?> AB>;>2>9 ;>6:5 =0AB>O, :0?0O :064K9 @07 ?> 425 :0?;8 >B20@0 <0@L8=>3> :>@=O.

5@2K9 :C@A 1K; ?@>1=K< 8 =5?@>4>;68B5;L=K<, ?>MB><C A;54CNI55 =07=0G5=85 O 2 =5:>B>@>9 AB5?5=8 CA;>6=8;. ! CB@0 1>;83>;>2 (:AB0B8, >= HQ; ?> >4=>9 8 B>9 65 AE5<5 4> :>=F0 ;5G5=8O). ;O <0@L8=>3> :>@=O 871@0; 4@C3>9 @5F5?B: >4=C G09=CN ;>6:C :>@=O 70;8BL 42C<O AB0:0=0<8 :8?OB:0, ?OBL <8=CB 20@8BL =0 A;01>< >3=5, G0A =0AB>OBL 8 ?8BL ?> ?>;AB0:0=0 4> 54K B@8 @070 2 45=L A G09=>9 ;>6:>9 2>4>G=>9 =0AB>9:8 <0@L8=>3> :>@=O. 45AL 206=> 1K;> 70459AB2>20BL 25AL E8<8G5A:89 A>AB02 @0AB5=8O, 0 0;:0;>84K, :0: 8725AB=>, @0AB2>@8<K B>;L:> 2 A?8@B5, 2 >B20@5 8E =5B. >A;5 >1540   B@8 @070 2 45=L ?@8=8<0BL ?> 150 <; =0AB>O G5@=>1K;L=8:0, =0AB0820O 425 AB>;>2K5 ;>6:8 B@02K 2 42CE AB0:0=0E :8?OB:0 420 G0A0, 2 :064CN ?>@F8N 2;820BL G09=CN ;>6:C =0AB>9:8 :0;5=4C;K. '5@57 G0A 8;8 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 B@8 @070 2 45=L ?8BL ?> G5B25@B8 AB0:0=0 =0AB>O O@CB:8 ?>;52>9. "@02C 87<5;LG0NB 2<5AB5 A 2KA>EH8<8 F25B:0<8, AB@CG:0<8 8 A5<5=0<8, 425 AB>;>2K5 ;>6:8 70;820NB AB0:0=>< :8?OB:0 8, 70:@K2 :@KH:>9, =0AB0820NB G5BK@5 G0A0.

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

 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 C;L=0A 4>;6=0 1K;0 ?@8=OBL >B45;L=>, B@8 @070 2 45=L, ?> AB>;>2>9 ;>6:5 =0AB>9:8 3>@F0 7<58=>3> A G03>9 2 B@5B8 AB0:0=0 2>4K. A?>;L7>20BL 5Q 65 4;O A?@8=F520=89, 2;82 B@8 AB>;>2K5 ;>6:8 =0AB>9:8 2 >48= ;8B@ 2>4K. 5;0BL G5@57 45=L. "0: 65 G5@57 45=L, G5@54CO, A?@8=F520BLAO >B20@>< :>@=59 G5@=>1K;L=8:0: 425 AB>;>2K5 ;>6:8 87<5;LGQ==KE :>@=59 70;8BL CB@>< AB0:0=>< 2>4K 8 :8?OB8BL =0 <0;>< >3=5 45AOBL <8=CB, 70:@K2 :@KH:>9. 0AB0820BL 25AL 45=L, 25G5@>< ?@>F548BL 8 2;8BL >B20@ 2 >48= ;8B@ 2>4K (>=0 4>;6=0 1KBL 4>AB0B>G=> BQ?;>9).  G5@=>1K;L=8:5 O C65 @0AA:07K20;, 0 @5F5?B ?@83>B>2;5=8O =0AB>9:8 3>@F0 7<58=>3> A G03>9 ?>;=>ABLN 40= 2 <>59 :=835 �4>;5=L-B@020�. 0 2AO:89 A;CG09 =0?><=N: B@8 AB>;>2K5 ;>6:8 :>@=O 3>@F0 7<58=>3> 8 B@8 AB>;>2K5 ;>6:8 87<5;LGQ==>3> 15@Q7>2>3> 3@810 70;820NB 0,5 ; 2>4:8, 45@60B 2 BQ<=>< <5AB5 425 =545;8. '030 ?>;L7C5BAO 1>;LH>9 8725AB=>ABLN 8 =5 B@51C5B >B45;L=>3> @073>2>@0, 0 3>@5F 7<58=K9, =07K205<K9 2 =0@>45 7<5528:>< 8;8 @0:>2K<8 H59:0<8, C?><8=05BAO 4>2>;L=> @54:>. 3> 87>3=CBK5, A;53:0 A?;NA=CBK5 1C@K5 :>@=8 >1;040NB A8;L=K< 2O6CI8<, ?@>B82>2>A?0;8B5;L=K<, 70682;ONI8<, :@>2>>AB0=02;820NI8< 459AB285<, G0AB> ?@8<5=ONB ?@8 @0:5 65;C4:0 8 :8H5G=8:0, => =5?;>E> ?@>O2;ONB A51O 8 ?@8 ;5G5=88 65=A:8E 701>;520=89, 2 B>< G8A;5 8 @0:5 <0B:8. B 1>;L=KE B@51C5BAO B>;L:> C?>@AB2> 8 ?>=8<0=85, GB> 157 <5AB=>3> ;5G5=8O =8:0: =5 >1>9B8AL. >?>;=8B5;L=> : A?@8=F520=8O< O 4>1028; B0<?>=K A B0:8< A>AB02><: 3>@ABL @60=>9 <C:8 BI0B5;L=> @07<5H0BL A> AB>;>2>9 ;>6:>9 <Q40 8 >4=8< O8G=K< 65;B:><. "0<?>= A ?>;CG5==>9 <07LN 225AB8 2> 2;030;8I5 8 >AB028BL =0 =>GL. 5;0BL G5@57 5=L, 2A53> G5BK@5 @070. 5AOBL 4=59 >B4>E=CBL 8 5IQ @07 ?>2B>@8BL. !@54AB2> AC3C1> =0@>4=>5 8 MDD5:B82=>5.

 B@5BL5< :C@A5, 4> 54K O =07=0G8; =0AB>9 F25B>2 E<5;O ?> CA8;5==><C @5F5?BC: >4=C AB>;>2CN ;>6:C 70;8BL AB0:0=>< :8?OB:0, 40BL ?>:8?5BL >4=C <8=CBC, =0AB>OBL 420 G0A0. @8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L, 4>102;OO G09=CN ;>6:C =0AB>9:8 F25B>2 :0;5=4C;K.  0AB5=8O A>2<5AB8<K5, C >1>8E 5AB5AB2> 3>@OG55, ?> E8<8G5A:><C A>AB02C @07=K5, 4>?>;=ONI85 8 CA8;820NI85 ?@>B82>>?CE>;52>5 459AB285 4@C3 4@C30. >A;5 54K   G8AB>B5;. '09=CN ;>6:C B@02K 70;8BL AB0:0=>< :8?OB:0, 40BL ?>:8?5BL =0 A0<>< A;01>< >3=5 ?OBL <8=CB, =0AB>OBL >48= G0A. @8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 B@02K G8AB>B5;0. %>BO G8AB>B5; O4>28B, => A>G5B0=85 2>4=>3> >B20@0 8 A?8@B>2>9 =0AB>9:8 ?> MB>9 @5F5?BC@5 =5 =0=5AQB >@30=87<C 2@540, 0 ?> @0:>2K< :;5B:0< C40@8B :@5?:>.

>4C<02, 2:;NG8; 2 MB>B :C@A 5IQ >4=> O4>28B>5 @0AB5=85   E2>I 78<CNI89.  =Q< O C65 @0AA:07K20;, ?>2B>@OBLAO =5 AB0=C. !:06C ;8HL, GB> >= >G5=L ?><>30; ?@8 ;5G5=88 <8><K, D81@><8><K, M:AAC40B82=>3> ?;52@8B0, @0:0 ;Q3:8E, 3>@;0. !2>9 @5F5?B 8<55BAO C E2>I0 78<CNI53> 8 >B @0:0 <0B:8: >4=C AB>;>2CN ;>6:C ACE>9 87<5;LGQ==>9 B@02K =04> 70;8BL AB0:0=>< :8?OB:0, 70:@KBL :@KH:>9 8 =0AB>OBL 420 G0A0. @>F548BL. >;AB0:0=0 2K?8BL CB@><, 2B>@CN ?>;>28=C   25G5@><, G0A0 70 420 4> A=0. >;3> =5 ?LNB. C@A 4> G5BK@QE =545;L. >A;5 <5AOG=>3> ?5@5@K20 <>6=> ?>2B>@8BL.

 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 =0 @N<:5 2>4K. @0D8: ?;>B=K9, => :C40 45=5HLAO? "0:8< C40@=K< 1K; ?@>4C<0= :C@A. 3> ?@8H;>AL ?>2B>@8BL 8 2 A;54CNI5< <5AOF5, 2 023CAB5.  G035 A> 7<5528:>< 4;O A?@8=F520=89 ?@81028;AO >B20@ B@02K ?>;K=8 1>6L5 45@52>: 425 AB>;>2K5 ;>6:8 B@02K =0 ;8B@ :8?OB:0, 20@8BL =0 A;01>< >3=5 ?OBL <8=CB, G0A =0AB>OBL. @>F54C@K G5@54>20BL G5@57 :064K5 425 =545;8. 0 =>GL AB028BL B0<?>=K A B@02O=K< <0A;>< (725@>1>9=>5 ?>?>;0< A <0A;>< 87 :0;5=4C;K).  ;5G51=>9 ;8B5@0BC@5 A2545=8O > ?>;K=8 1>6L5 45@52> 2AB@5G0NBAO :@09=5 @54:>. / 8 A0< CA;KH0; > =59 ;8HL >B >4=>3> ?>68;>3> 45@525=A:>3> B@02=8:0, 7=0=8O 2 53> A5<L5 ?5@54020;8AL >B >4=>3> ?>:>;5=8O : 4@C3><C. !0<>5 C4828B5;L=>5, GB> @0AB5=85 =5 >B=>A8BAO : @54:8<, O 2AB@5G0; 53> 8 =0 >?CH:5 15@Q7>2>3> ;5A0, 8 =0 ;C30E, 8=>340 8 2 :CAB0@=8:0E ?> 15@530< >7Q@, AB0@8F. 0 8 =0AB>OI55 ?>;=>5 =0720=85 C =53>   �?>;K=L ;5G51=0O, 1>6L5 45@52>�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

 A5=BO1@5 ?>;=>ABLN ?>2B>@8;8 2A5 =07=0G5=8O 87 2B>@>3> :C@A0. 5 ?>B><C GB> =5 1K;> 2 =0;8G88 4@C38E A@54AB2. >340 ;5G5=85 254QBAO 4;8B5;L=>, B0:85 ?>2B>@K =C6=K, >A>15==> ?@8 8=48284C0;L=>< ?>4E>45 : 1>;L=><C. / ?>GC2AB2>20;, GB> 2 MB>< A;CG05 >G5=L C40G=K< >:070;>AL A>G5B0=85 <0@L8=>3> :>@=O, G5@=>1K;L=8:0 8 O@CB:8 ?>;52>9, ?>445@60==>5 =0AB>9:0<8 :0;5=4C;K, G038 A 3>@F5< 7<58=K<, 1>;83>;>20.

5@54 2A5<8 1>;L=K<8 O AB028; CA;>285: =5 ?@5@K20BL :>=B0:B0 A ;5G0I8<8 2@0G0<8, @53C;O@=> ?@>E>48BL ;01>@0B>@=>5 >1A;54>20=85. =5 206=> 1K;> 45@60BL E>4 ;5G5=8O ?>4 :>=B@>;5<. > C?@O<0O C;L=0A :0B53>@8G5A:8 >B:07K20;0AL 84B8 2 1>;L=8FC.  =5 ?>H;0 1K, 5A;8 1 =5 ?>4>A?5;> 2@5<O ?@>9B8 :><8AA8N 4;O ?@>4;5=8O 8=20;84=>AB8.  1>;L=8F5, :>=5G=>, C4828;8AL 8 >1@04>20;8AL, C28452 5Q =5 C<8@0NICN, 0 F25BCICN, A ?KH=>9 ?@8GQA:>9, 25AQ;CN, C;K1G82CN. >A;5 BI0B5;L=>3> >A<>B@0 4065 =5 AB0;8 ?@54;030BL >?5@0F8N, => =0 2AO:89 A;CG09   =5 >AB020BLAO 65 2 AB>@>=5   =07=0G8;8 59 E8<8>B5@0?8N.

 >=:>48A?0=A5@5 =01>@ F8B>AB0B8:>2 1K; >G5=L A:C4=K<.  AB@0=5 ?>;=0O @07@CE0, M:>=><8:0 4KH8B =0 ;040=, A ;5:0@AB-20<8 2>>1I5 1540. 8:>340 =5 701C4C, :0: =0 ;5AB=8G=>9 ?;>I04:5 >=:>;>38G5A:>3> 48A?0=A5@0 O A;CG09=> 2AB@5B8;AO A 42C<O 8725AB=K<8 2@0G0<8, 3;02=K< >=:>;>3>< 8:>;05< !0<>9;5=:> 8 A:0@>< !5@>2K<. 8:>;09 ;5:A5528G 5IQ 8740;8 C28452 <5=O, =0G0; C;K10BLAO. !:070;: �04> 65, :0:>9 ;Q3:89 =0 ?><8=5! ">;L:> GB> C =0A A A:0@>< 0;5=B8=KG5< @073>2>@ HQ; > B515. 0: @07 BK 8 =C65= <=5. AB0B8, 2G5@0 ?@>G8B0; B2>N :=83C �;0457L� =0 >4=>< 4KE0=88, =5 >B@K20OAL. >A;5 0CAB>2A:>3>, ?>60;C9, =8:B>, :@><5 B51O, =5 ?8A0; > ?@8@>45 B0: O@:> 8 A>G=>. ?@>G5<, 25@=Q<AO : 45;C. !53>4=O O =0?@028; : B515 >4=>3> E>@>H53> G5;>25:0. A5 =0H8 @5AC@AK, AG8B09, 8AG5@?0=K. IQ >4=>3> :C@A0 E8<88 >= =5 2K=5A5B. >?@>1C9 BK, 2A5 53> 40==K5 O B515 A59G0A 40<. >65B 1KBL, =094QHL : =5<C :;NG8:?� / 2?5@2K5 =5 C45@60;AO, 2KA:070; A2>Q =54>C<5=85: �0: 65 B0: ?>;CG05BAO, GB> 2K, >=:>;>38, 5A;8 A0<8 =5 2 A8;0E A?@028BLAO, >B?@02;O5B5 =5:>B>@KE 1>;L=KE 87 G8A;0 4@C759 8 7=0:><KE :> <=5, 0 =5 2>A?>;L7C5B5AL =>259H8<8 ;5:0@AB20<8? CA:09 =5 4;O 2A5E, => E>BO 1K 4;O C7:>3> :@C30 871@0==KE?� ! 3>@L:>9 CA<5H:>9 <=5 >B25B8; !5@>2: � BK 7=05HL F5=C B>;L:> >4=>9 0<?C;K ?>A;54=53> ?>:>;5=8O 4;O E8<8>B5@0?88, ?@8<5=O5<>9 2 5@<0=88 8;8 2 7@08;5? >59 3>4>2>9 70@?;0BK =5 E20B8B, GB>1K :C?8BL 5Q. 0, =0H8 ;5:0@AB20 402=> CAB0@5;8, 0 A=0160NB =0A 8<8 ?> >AB0B>G=><C ?@8=F8?C, <K 8 8< @04K. !B0@05<AO ;5G8BL :064>3> 1>;L=>3> 1C:20;L=> =0 3>;>< M=BC7807<5.  1C45< 45@60BLAO B0:, A:>;L:> E20B8B A8;. 5 25G=> 1C45B B2>@8BLAO 2 AB@0=5 20:E0=0;8O�. 0 ;5AB=8G=>9 ?;>I04:5 =028A;0 BO6Q;0O B8H8=0. 0:0O =5G8AB0O A8;0 4Q@=C;0 <5=O 70 O7K:, 70AB0282 2KA:070BL C?@Q: 2@0G0<! A;8 =0 B> ?>H;>, B> @0725 8E 28=0, GB> =5 E20B05B ;5:0@AB2, GB> 1>;L=K5 ;>60BAO 2 AB0F8>=0@ A> A2>8<8 ?@>ABK=O<8 8 >45O;0<8, 27OBK<8 87 4><0 B0@5;:0<8 8 ;>6:0<8, ?>A;5 :07Q==KE 1;N4 2 AB>;>2>9 CB>;ONB 3>;>4 :C?;5==K<8 2 :><<5@G5A:>< 1CD5B5 ?@>4C:B0<8 8 A>:0<8. K6820;8 :B> :0: <>3,

C;L=0A ;5G8;8 >1I8< 4;O 2A5E >=:>1>;L=KE F8:;>D>A-D0=><. / 2K=C645= 1K; A@07C ?>4:;NG8BL M:AB@0:B :>@=59 4O38;O, >= A=8605B B>:A8G=>ABL E8<88 8 2 :><18=0F88 A =59 7=0G8B5;L=> C;CGH05B ;5G5=85. > 2AO:>< A;CG05 C;L=0A A>E@0=8;0 A2>8 :@0A82K5 :C@G02K5 2>;>AK. > : >A=>2=><C ;5G5=8N <K 1K;8 2K=C645=K 25@=CBLAO ;8HL G5@57 <5AOF. ?OBL =0G0;8 A 1>;83>;>20. > 54K   >B20@ <0@L8=>3> :>@=O A G09=>9 ;>6:>9 =0AB>9:8 87 53> :>@=59. >A;5 54K   =0AB>9 B@02K G5@=>1K;L=8:0 A G09=>9 ;>6:>9 =0AB>9:8 53> 65 :>@=59. '5@57 G0A   =0AB>9 B@02K O@CB:8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   A>: 4C@=8H=8:0 8 ?> G09=>9 ;>6:5 A>:0 <54C=8FK. 0 420 G0A0 4> A=0   ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 A =0AB>9:>9 H8H5: E<5;O. ;O A?@8=F520=89   >B20@ 35@0=8 :@>202>-:@0A=>9: G5BK@5 AB>;>2K5 ;>6:8 B@02K 70;8BL ;8B@>< :8?OB:0, ?>:8?OB8BL =0 <0;>< >3=5 ?OBL <8=CB, =0AB>OBL >48= G0A, ?@>F548BL. ;8BL 2 >B20@ >4=C AB>;>2CN ;>6:C =0AB>9:8 :0;5=4C;K. !?@8=F520BLAO CB@>< 8 25G5@>< 425 =545;8 ?>4@O4. IQ =0 425 =545;8: >B20@ :>@=59 1040=0. 0 =>GL   B0<?>= A B@02O=K< <0A;><.

> 2A5E >AB02H8EAO :C@A0E 8A?>;L7>20;8AL, G5@54COAL, >4=8 8 B5 65 B@02K 8 =0AB>9:8. E <>6=> A>AB028BL A0<><C, 5A;8 GCBL ?>@0A:8=CBL <>730<8.  70:;NG5=85 <>3C A:070BL, GB> G5@57 45AOBL <5AOF52 C;L=0A 1K;0 ?@87=0=0 74>@>2>9. C6 2 B>B 65 3>4 25@=C;AO : =59, 682CB 4@C6=>. !K= CG8BAO 2 H:>;5. =>3> ;8 G5;>25:C =C6=> 4;O AG0ABLO?..

* * *

0G8=0O ?@>A<0B@820BL A2>8 70?8A8 > ;5G5=88 @0:0 <0B:8, O @0AAG8BK20; >AB0=>28BLAO =0 42CE 8;8 B@QE ?@8<5@0E, => 8 ?@54?>;>68BL =5 <>3, GB> 2 1C:20;L=>< A<KA;5 CB>=C 2 =8E ?> A0<CN <0:CH:C. OBL, 45AOBL, ?OB=04F0BL 8AB>@89... !B>?! A;8 25AB8 AGQB 40;LH5, B> ?8A0BL =04> >B45;L=CN :=83C. 54L 70 :064>9 8AB>@859 AB>8B =5 ACE0O AB0B8AB8:0 A ?5@5G=5< 8A?>;L7>20==KE ;5:0@AB25==KE @0AB5=89, 0 @0A?0E=C2H89 ?5@54 B>1>9 4CHC G5;>25:, :064K9 A =5;Q3:>9 AC4L1>9, A> A2>8<8 273;O40<8, @074C<LO<8, ?5@56820=8O<8, =045640<8. @5:;>=ONAL ?5@54 AB>9:>ABLN 65=I8=. >AE8I0NAL 8E B5@?5=85<, A8;>9 2>;8, C<5=85< E>BO 1K 2=5H=5 A>E@0=8BL A?>:>9AB285. 0, 8=>340 2 ?5@2K5 <8=CBK =0H8 2AB@5G8 =5 >1E>48;8AL 157 8E 2AE;8?K20=89 8 A;Q7, => A;Q7K 1K;8, 2 >A=>2=><, >1KG=K< 65=A:8< >@C685<, A>?@>2>640NI8< ?@>AL1C =0 A;CG09 2>7<>6=>3> >B:070.  2KAKE0;8 <3=>25==>, 5A;8 =5>1E>48<>ABL 2 =8E >B?040;0 ?@8 4>AB865=88 F5;8. 8:><C =5 40=> 7=0BL, GB> ?@>8AE>48;> C =8E 2 =54@0E 4CH8, => >G5=L @54:> O 2845; 2 8E 3;070E 157C<=>5 >BG0O=L5, ?0=8:C. 0?@>B82, :0:8< 1K 65AB>:8< =8 1K; C40@ AC4L1K, 65=I8=K :0: 1K A68<0;8AL 2 AB0;L=CN ?@C68=C, C<5;8 1KAB@> 27OBL A51O 2 @C:8 8, =5 B5@OO 3>;>2K, =5 ?>72>;OO A515 @0AA;018BLAO, 1KAB@> ?@8=8<0;8 @07C<=>5 @5H5=85. A>15==> O@:> MB> ?@>O2;O;>AL, :>340 >=8 ?5@56820;8 =5 AB>;L:> 70 A51O, A:>;L:> 70 A0<KE 1;87:8E ;N459, 8 ?@5645 2A53> >?0A0OAL >AB028BL 45B59 A8@>B0<8.  O 402=> ?@8HQ; : 2K2>4C, GB> 8=AB8=:B A0<>A>E@0=5=8O C 65=I8= @0728B =0<=>3> A8;L=55, G5< C <C6G8=, G0I5 8A?KBK20NI8E @0AB5@O==>ABL 8 15A?><>I=>ABL ?5@54 2=570?=> >1@CH82H8<AO =0 8E ?;5G8 3>@5<. -B>B <0B5@8=A:89 8=AB8=:B 70;>65= 2 65=I8=5 A0<>9 @8@>4>9.

...�# <5=O 420 A>@20=F0 @0ABCB, <;04H5<C ?OBL, AB0@H5<C 2>A5<L,   3>2>@8B C10@60B, ?>:07K20O <=5 D>B>3@0D88 AK=>259 ?@8 =0H59 ?5@2>9 2AB@5G5.  A2>59 1>;57=8 >=0 C?><O=C;0 2A:>;L7L, ?@8=O;0AL @0AA:07K20BL > 45BOE, 8 O =5 >A<5;8;AO ?@5@20BL 5Q, =5 AB>;L:> A;CH0;, A:>;L:> ;N1>20;AO ?;5=ONI8< A>25@H5=AB2>< 2A53> 5Q >1;8:0.   10 2 >BF0 ?>H;8,   ?@>4>;60;0 >=0.   1>60NB 53>, E>BO 284OB @54:>, >= AB@>8B5;L, A CB@0 4> =>G8 =0 @01>B5. IQ 1K 452>G:0 1K;0 C =0A, 40 ?@8H;>AL 01>@B A45;0BL. > 8A;0<C   01>@BK 3@5E>2=K. 0?@5I5=K. ;;0E =0:070; <5=O, 2 B>B 65 3>4 701>;5;0�. C10@60B 2 ?5@52>45 A 10H:8@A:>3> O7K:0 >7=0G05B 87C<@C4. !<>B@N O =0 =5Q, ;N1CNAL: 40, B0:>9 G8AB>BK 87C<@C4C 40BL 1K A>>B25BAB2CNICN >?@02C! 52>;L=> 274>E=C2, O A 3@CABLN 70?8A0;: �6.06.2000 #D0. C10@60B ., B@84F0BL ?OBL ;5B. ;>A:>:;5B>G=K9 @0: H59:8 <0B:8 2 AB., A@54=59 AB5?5=8 7@5;>AB8. 8AB>;>38O 3741-42 >B 4.02.2000. CG520O B5@0?8O 21 8 ?OBL C:;04>:. 5;8. 0<5=L 2 <>G5B>G=8:5 3 <<, ?5A>: 2 ?>G:0E. 5;G=K9 ?C7K@L C40;Q= 2 1993 3. ! 1992 3. M@>782=K9 30AB@8B, A59G0A =5 15A?>:>8B. 59:>?5=8O   3,0�. 9 ?>@5:><5=4>20; >1@0B8BLAO :> <=5 ;5G0I89 2@0G 87 >=:>F5=B@0 0A8;89 ;5:A0=4@>28G CH:0@Q2.

'5@57 ?>;3>40 ?>O28;0AL 4@C30O 70?8AL: �14.01.01. >72>=8;0 C10@60B. 0 B@8 4=O ?@>H;0 2A5 >1A;54>20=8O.  0:>2KE :;5B>: =5 =0E>4OB. 0B:0 2 =>@<5. >7>1=>28;8AL <5AOG=K5.  ?>;=>< ?>@O4:5 65;C4>: 8 ?>G:8. 1I55 A>AB>O=85 E>@>H55. 0AB@>5=85 >B;8G=>5�.

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

�5 CAB0;8?�   A?@>A8; O ?@8 >G5@54=>9 2AB@5G5 C C10@60B. �5B,   >B25B8;0 >=0 A C;K1:>9.   / 254L =8:C40 =5 E>6C, 2@5<5=8 =0 2AQ E20B05B.  2 :20@B8@5 B0: 2:CA=> ?0E=5B B@020<8! 065 >B 8E 70?0E0 2K;5G8BLAO <>6=>. / 2 45@52=5 2K@>A;0, B@02K 7=0N 8 25@N 2 =8E. "0: GB> <>65B5 =07=0G8BL 5IQ 1>;LH5, E>G5BAO ?>A:>@55 2K74>@>25BL...�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

B>@>9 :C@A. 020@8BL 2 AB0:0=5 :8?OB:0 ?> G09=>9 ;>6:5 B@02K G5@=>1K;L=8:0 8 ;8ABL52 GQ@=>9 >;LE8 2<5AB5, 4>25AB8 4> :8?5=8O 8 A@07C A=OBL A >3=O. '0A =0AB>OBL. 8BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 10;L70<0 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, <0@L8=>3> :>@=O, A>D>@K O?>=A:>9, 1>@>2>9 <0B:8; ?> 50 <; =0AB>5: B@02K ?>;52>3> E2>I0, 15;5=K). >A;5 54K   B@8 @070 2 45=L   =0AB>9 F25B:>2 E<5;O A G09=>9 ;>6:>9 =0AB>9:8 >G8B:0 ?C@?C@=>3>. '5@57 G0A -=0AB>9 B@02K 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K, B0: 65 B@8 @070 2 45=L. B45;L=>: >4=C AB>;>2CN ;>6:C F25B:>2 4CH8FK 70;8BL ?>;CB>@0 AB0:0=0<8 2>4K, 4>25AB8 4> :8?5=8O, => =5 20@8BL, =>GL =0AB>OBL. @8=OBL ?>;AB0:0=0 CB@><, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O, 0 ?>A;54=NN ?>@F8N   =0 =>GL. @8 :0H;5 ?@8=8<0BL A 2>4>9 ?> 30 40 :0?5;L =0AB>9:8 :>@=59 154@5=F0, B@8-G5BK@5 @070 2 45=L 2=5 7028A8<>AB8 >B 54K (C10@60B ?@>ABC48;0AL, =8:0: =5 <>3;0 >B:0H;OBLAO). @83>B>28; 4;O A?@8=F520=89 A;>6=K9 A>AB02: A<5H0; ?> ?OBL AB>;>2KE ;>65: =0AB>5: 87 :>@=59 :@>2>E;51:8, :>@=59 G5@=>1K;L=8:0, :>@=59 3@028;0B0 3>@>4A:>3> 8 4O38;O, :>@K 4C10. ;820BL >4=C AB>;>2CN ;>6:C 2 B@02O=>9 =0AB>9 87 ?OB8 AB>;>2KE ;>65: ;8ABL52 :8?@5O, A015;L=8:0, GQ@=>9 >;LE8, M2:0;8?B0, F25B>2 :0;8=K. !B>;>2CN ;>6:C MB>3> A1>@0 70;8BL ;8B@>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. B45;L=> =0:0?0BL 87 ?8?5B:8 4204F0BL :0?5;L =0AB>9:8 :>@=59 1>@F0 2KA>:>3>. >A;5 425=04F0B8 ?@>F54C@ >B4>E=CBL ?OBL 4=59 8 ?>2B>@8BL. 064K9 @07 22>48BL =0 =>GL B0<?>= A B@02O=K< <0A;>< (<0A;> 87 F25B>2 ;0107=8:0 2O7>;8AB=>3> ?>?>;0< A 725@>1>9=K<).

"@5B89 :C@A. > 54K   >B20@ G09=>9 ;>6:8 <0@L8=>3> :>@=O 2 AB0:0=5 2>4K, B@8 @070 2 45=L A ?@>B82>>?CE>;52K< 10;L70<>< (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, ?>G5: GQ@=>9 >;LE8, F25B:>2 B0B0@=8:0, F25B:>2 ;>?CE0; ?> 50 <; 2>4O=>3> ?5@F0 8 3@CH0=:8). >A;5 54K   =0AB>9 B@02K E2>I0 ?>;52>3> A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0. '5@57 G0A   =0AB>9 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K, B@8 @070 2 45=L.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   A>: <54C=8FK 2 @N<:5 2>4K. @>4>;68BL A?@8=F520=8O, :0: 2> 2B>@>< :C@A5.

'5B2Q@BK9 :C@A. > 54K   =0AB>9 B@02K 1>@>2>9 <0B:8 8 O@CB:8 ?>;52>9, ?> G09=>9 ;>6:5 :064>3> =0 AB0:0= :8?OB:0, A <>8< 10;L70<>< (A>AB02 27OBL 87 ?5@2>3> :C@A0). >A;5 54K   =0AB>9 87 B@02K G8AB>B5;0 A B@84F0BLN :0?;O<8 A>:0 G8AB>B5;0. '5@57 G0A   =0AB>9 B@02K 1C4@K A B@84F0BLN :0?;O<8 A>:0 1C4@K. B45;L=>   A>: 4C@=8H=8:0, :0: >1KG=>. "@02K 8 =0AB>9:8 4;O A?@8=F520=89, B0<?>=K A B@02O=K< <0A;><   :0: 2 ?5@2>< :C@A5.

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

5A<>B@O =0 B> GB> G5@57 ?>;3>40 2@0G8 ?@87=0;8 C10@60B ?>;=>ABLN 74>@>2>9, O, =0 ?@0:B8:5 C15482H8AL 2 :>20@=>< E0@0:B5@5 @0:0, ?>A>25B>20; 59 E>BO 1K @07 2 ?>;3>40 ?@>2>48BL 4;O ?@>D8;0:B8:8 >1;53GQ==K9, >1I5C:@5?;ONI89 :C@A ;5G5=8O. =0 1@0;0 <>8 B@02K 4> 25A=K 2006 3>40, 70B5< ?5@5H;0 =0 A2>8, A>18@0O 8E ;5B>< =5 B>;L:> 4;O A51O, => 8 4;O 2A59 A5<L8 8 4@C759.
  /' 

7 >=:>;>38G5A:>3> 48A?0=A5@0 ?>72>=8; 2@0G CH:0@Q2 A =5>1KG=>9 ?@>AL1>9: �K =5 A<>3;8 1K ?>43>B>28BL : >?5@0F88 <>;>4CN 65=I8=C? 0@80==5 . B@84F0BL H5ABL ;5B, 65=0 <>53> 402=53> 7=0:><>3>. # =5Q 65;578AB>-A>A>G:>2K9 @0: O8G=8:>2 2B>@>9 AB0488, A ?5@5E>4>< 2 B@5BLN. 54;8BL =5;L7O, => 8 : >?5@0F88 >=0 =5 3>B>20, 2>7=8:;8 =5:>B>@K5 A;>6=>AB8. 57 20H53> 2<5H0B5;LAB20 =5 >1>9B8AL...�

! 0A8;85< ;5:A0=4@>28G5< C =0A AB0@0O 4@C610. 5 ;8G=0O, 0 B2>@G5A:0O. K A =8< ?>:0 =8 @07C =5 2AB@5G0;8AL, => B5;5D>==>5 >1I5=85 1K;> G0ABK<, 45;>2K<. 7 2A5E =0H8E >=:>;>3>2, ?>60;C9, >= >48= >B=>A8;AO :> <=5 =5 :0: : ;N18B5;N-B@02=8:C, 0 =07K20; :>;;53>9, =5 AG8B0O 4;O A51O 707>@=K< >1AC640BL B>=:>AB8 ;5G5=8O @0:0 H59:8 8;8 B5;0 <0B:8, F5@28:0;L=>3> :0=0;0, 2C;L2K, ?@840B:>2, O8G=8:>2, B0: :0: C <5=O ;5G8;8AL ?>GB8 2A5 65=I8=K, :>B>@K5 =0E>48;8AL ?>4 =01;N45=85< 2 53> >B45;5=88. >3 ;8 O >B:070BL 2 ?@>AL15 B0:><C G5;>25:C?

 073>2>@ A CH:0@Q2K< A>AB>O;AO 2 :>=F5 A5=BO1@O 1998 3>40. = ?>8=B5@5A>20;AO, 2 :0:85 A@>:8 O <>3C C;>68BLAO. 0 ;5G5=85 @0:0 >1KG=> <=5 B@51>20;>AL, :0: <8=8<C<, ?>;3>40, 40 8 B> ?@8 CA;>288, GB> >= =5 70?CI5==K9 4> :@09=>AB8, =5 8<55B <5B0AB07>2 2 687=5==> 206=K5 >@30=K. >;LH>5 7=0G5=85 8<5;> 8 :;5B>G=>5 AB@>5=85 >?CE>;8, 5Q @0A?>;>65=85, @O4 4@C38E 8=48284C0;L=KE ?>:070B5;59 2?;>BL 4> 70?0A0 687=5==KE A8; 1>;L=>3>. �40BL ?>;3>40 @8A:>20==>. / 1K E>BL A53>4=O ?@8ABC?8; : >?5@0F88, => MB> 5IQ @8A:>20==59,   C?02H8< 3>;>A>< ?@>87=QA CH:0@Q2.   / =5 >1 87;5G5=88 ?@>HC, <=5 1K B>;L:> 2=5AB8 =5>1E>48<K5 :>@@5:B82K 2 5Q 74>@>2L5. !:>;L:> 2@5<5=8 ?>B@51C5BAO 20< 4;O MB>3>?� 7 >AB>@>6=>AB8 O A:070;: �5AOF0 B@8, =5 <5=LH5�. B0:, 2 <>Q< @0A?>@O65=88 >:BO1@L, =>O1@L 8 45:01@L. CH:0@Q20 O ?>?@>A8; 8A:;NG8BL ;N1>5 <548:0<5=B>7=>5 2<5H0B5;LAB2>, ?@54C?@5482, GB> ?>?@>1CN ?@>25AB8 A2>Q ?>;=>F5==>5 ;5G5=85.

3@0=8G5==K9 :>@>B:8< A@>:><, O 70@0=55 ?@>4C<0; A>AB02 2A5E B@QE :C@A>2 B0:, GB>1K >=8 1K;8 =5 B>;L:> :><?0:B=K<8, => 8 A:>=F5=B@8@>20;8 2 A515 548=CN C40@=CN A8;C. 5@51@0; 2 C<5 45AOB:8 8A?KB0==KE A@54AB2, ?@8:84K20O, :0:85 87 =8E >:06CBAO 2 40==>< A;CG05 A0<K<8 459AB25==K<8, 8 ?>AB5?5==> :@C3 8E AC78;AO 4> B>3> ?@545;0, 157 :>B>@>3> =52>7<>6=> >1>9B8AL.  >:070;AO >= 4> >1KG=>3> ?@>AB. >6=> ;8 >B:070BLAO >B 1>;83>;>20, 70<5=82 53> 0:>=8B><, <CE><>@><, F8:CB>9, 2>;GL8< ;K:>< 8;8 2>@>=L8< 3;07><? 5B. :>=8B   1>@5F 1>;LH5 ?>4E>48B ?@8 ;5G5=88 @0:0 65;C4:0, B>;AB>9 8 ?@O<>9 :8H:8. CE><>@ ?@54?>GB8B5;5= ?@8 =5:>B>@KE 2840E @0:0 <>730, ;CG52KE O720E. &8:CB0 8=>340 1K205B MDD5:B82=>9 ?@8 @0:5 ?>465;C4>G=>9 65;57K. >@>G5, @5H5=>: 1>;83>;>2 ?> <>59 4204F0B8:0?5;L=>9 AE5<5 ?>;>68B =0G0;> 2A5< B@Q< :C@A0<. !;54>< 70 =8< B0: 65 B@8 <5AOF0 ?>4@O4 1>;L=0O 1C45B ?@8=8<0BL A>A=>2K9 <Q4 2 A>G5B0=88 A =0AB>9:>9 F25B:>2 A>A=K. !@54AB2> =5 B>;L:> >1I5C:@5?;ONI55, => 8 ?@>B82>>?CE>;52>5, B0: :0: ;5:0@AB20 87 A>A=K ?>:070=K ?>GB8 ?@8 2A5E 65=A:8E 701>;520=8OE. 564C ?@>G8<, 2 :>=F5 ?@>H;>3> AB>;5B8O 2 ?5G0B8 ?@><5;L:=C;> A>>1I5=85 > B><, GB> O?>=A:8< CGQ=K< C40;>AL 873>B>28BL 87 A>A=K >G5=L MDD5:B82=K9 ?@5?0@0B 4;O ;5G5=8O @0:>2KE >?CE>;59.  53> A>AB025, @07C<55BAO, =5 3>2>@8BAO =8 A;>20, => <=5 ?@8E>48;>AL =0 ;8G=>< >?KB5 C15640BLAO 2 C4828B5;L=>< F5;51=>< 459AB288 A25659 E2>8, F25B:>2 8 <>;>45=L:8E H8H5: A>A=K, O=B0@=>-A>;=5G=>9 6828FK, 2KB5:0NI59 87 @0AB8B5;L=KE :@>25=>A=KE A>AC4>2. @8 ;5G5=88 @0:0 O8G=8:>2 =5 >1>9B8AL 157 @0AB5=89 87 A5<L8 :@5AB>F25B=KE, >A>15==> B0:8E, :0: O@CB:0 ?>;520O 8 ?0ABCHLO AC<:0. >B 8 =0<5B8;AO ?5@2K9 :C@A: 1>;83>;>2, A>A=>2K9 <Q4 8 4> 54K -=0AB>9 B@02K O@CB:8 ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, A G09=>9 ;>6:>9 <>53> 38=5:>;>38G5A:>3> ?@>B82>>?CE>;52>3> 10;L70<0 (2 53> A>AB025 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@57>2KE ?>G5:, F25B:>2 B0B0@=8:0, ?> 50 <; B@02K 15;>3> 4>==8:0, >@B8;88 >4=>1>:>9   1>@>2>9 <0B:8, 2>4O=>3> ?5@F0 8 :>@=O I025;O :C@G02>3>). ;O ?@83>B>2;5=8O =0AB>O O@CB:8 =04>

>A;5 54K O @5H8; =07=0G8BL =0AB>9 F25B:>2 E<5;O, :0: >1KG=>, ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, CA8;82 :064CN ?>@F8N G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A, B0: 65 B@8 @070 2 45=L, ?8BL =0AB>9 B@02K :8?@5O, ?> ?>;AB0:0=0, A B@84F0BLN :0?;O<8 =0AB>9:8 :>@=O :C1KH:8 6Q;B>9. A;8 C :>3>-=81C4L 2>7=8:=5B 2>?@>A, ?>G5<C G5@57 G0A, 0 =5 A@07C, >B25B ?@>AB: F25BK E<5;O 8 <0@L8= :>@5=L >1;040NB 3>@OG8< 5AB5AB2>< 2B>@>9 8 B@5BL59 AB5?5=8, 0 :8?@59 8 :C1KH:0 6Q;B0O >B=>AOBAO : E>;>4=K< @0AB5=8O<, ?>MB><C 1;87:>5 8E A>A54AB2> ?>;L7K =5 ?@8=5AQB. 1O70B5;L=> =C6=> E>BO 1K =0 G0A @07>@20BL A2O7L <564C =8<8. @8E>48BAO 2A5 MB8 B>=:>AB8 CG8BK20BL ?@8 A>AB02;5=88 :064>3> :C@A0 ;5G5=8O =5 B>;L:> 745AL, => 8 2> 2A59 :=835. 065 ?>GB8 =59B@0;L=K9 4C@=8H=8:, A:;>==K9 2 @02=>9 AB5?5=8 : B5?;C 8 E>;>4C, O 40N >B45;L=>, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, ?> G09=>9 8;8 AB>;>2>9 ;>6:5 =5 A B@02O=K<8 =0AB>O<8, 0 2 @N<:5 2>4K. 025@H0;8 ;5G51=K9 :C@A A?@8=F520=8O. ;O ?@83>B>2;5=8O =0AB>O A<5H0BL B@02K ;0107=8:0 2O7>;8AB=>3>, 35@0=8 ;C3>2>9, 725@>1>O, BKAOG5;8AB=8:0, G8AB5F0 ;5A=>3>, <0=65B:8 A25@:0NI59   ?> 2>A5<L AB>;>2KE ;>65: :064>3>. 7OBL 87 A<5A8 G5BK@5 AB>;>2K5 ;>6:8 =0 ;8B@ :8?OB:0 8 =0AB0820BL 420 G0A0. @>F548BL. @83>B>28BL A;>6=K9 A>AB02 87 2>4>G=KE =0AB>5: :>@=59 :@>2>E;51:8, >:>?=8:0, A>;>4:8, B@02K 2>4O=>3> ?5@F0, :0;5=4C;K, :>@=O 1040=0   2A5E ?> G5BK@5 AB>;>2K5 ;>6:8.  ;8B@ B@02O=>3> =0AB>O 2;8BL 425 AB>;>2K5 ;>6:8 =0AB>9:8, @0745;8BL =0 425 ?@>F54C@K, ?@>254O 8E CB@>< 8 25G5@><.

> 2B>@>< :C@A5, 4> 54K, O 70<5=8; O@CB:C =0AB>5< ?0ABCHL59 AC<:8: AB>;>2CN ;>6:C ACE>9 B@02K 70;8BL AB0:0=>< :8?OB:0 8 =0AB>OBL >48= G0A, ?@8=8<0BL ?> B@5B8 AB0:0=0 A ?@>B82>>?CE>;52K< 10;L70<>< (A>AB02 >AB0;AO B>B 65). >A;5 54K @5H8; 40BL =0AB>9 G5@=>1K;L=8:0 2 >1KG=>9 4>78@>2:5, CA8;82 53> =0AB>9:>9 B@02K 78<>;N1:8 7>=B8G=>9   >=0 ?>2KH05B 2K45;5=85 87 >@30=87<0 2@54=KE E;>@8ABKE 8 07>B8ABKE A>;59, >1;0405B ?@>B82>>?CE>;52K< 459AB285<. 8<>;N1:C O 2A5340 8A?>;L7>20; ?@8 ;5G5=88 @0:0 ?@54AB0B5;L=>9 65;57K 8 4;O A51O A45;0; 2K2>4, GB> @0AB5=8O >B @0:0 ?@>AB0BK 8=>340 2 B>9 65 AB5?5=8 CA?5H=> ?@>O2;ONB A51O 8 ?@8 65=A:8E >?CE>;52KE 701>;520=8OE. D8F80;L=0O <548F8=0 @54:> ?@8A;CH8205BAO : <=5=8N B@02=8:>2, => 2 40==>< A;CG05 3>A?>60 0C:0 A=87>H;0 4> ?@87=0=8O =5>?@>25@68<KE, M:A?5@8<5=B0;L=> 4>:070==KE D0:B>2 87;5G5=8O @0:0 <>;>G=>9 65;57K 78<>;N1:>9 8 A0<0 ?>@5:><5=4>20;0 @5F5?B 5Q 8A?>;L7>20=8O (02@5=>2 . . 8 02@5=>20 . . >;=0O M=F8:;>?548O ;5:0@AB25==KE @0AB5=89, ". 2, AB@. 465. 1999). 0;LH5, G5@57 G0A ?>A;5 G5@=>1K;L=8:0, ?8BL C65 7=0:><K9 =0< =0AB>9 B@02K A015;L=8:0 ?> B@5B8 AB0:0=0, 4>102;OO G09=CN ;>6:C =0AB>9:8 <0@L8=>3> :>@=O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL A>: <54C=8FK ?> G09=>9 ;>6:5 2 @N<:5 2>4K. ;O A?@8=F520=89 >AB028; B>B 65 A>AB02 B@02O=>3> =0AB>O 8 =0AB>5: (?>A;5 425=04F0B8 ?@>F54C@ A45;0BL ?5@5@K2 =0 ?OBL 4=59 8 ?@>4>;60BL 40;LH5).

 B@5BL5< :C@A5 25@=C;AO : =0AB>N B@02K O@CB:8, ?@8=8<05<>9 4> 54K A 10;L70<>< (53> O ?>AG8B0; >?B8<0;L=K< 8 =5 AB0; 3>B>28BL 4@C3>9). >A;5 54K =07=0G8; ?> B@5B8 AB0:0=0 =0AB>O 682>:>AB8 ?>;52>9 A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A ?@8=OBL =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 =0AB>9:8 A>D>@K O?>=A:>9. B45;L=>, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, B@8 @070 2 45=L ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 2 @N<:5 2>4K. 5704>;3> 4> A=0 2K?8BL ?>;AB0:0=0 =0AB>O ;8ABL52 >;LE8 GQ@=>9 A G09=>9 ;>6:>9 =0AB>9:8 H8H5: E<5;O. ;O A?@8=F520=89 =07=0G8; 4@C385 @0AB5=8O. !<5H0BL ?> 2>A5<L AB>;>2KE ;>65: B@02K 725@>1>O, 4CH8FK, ?>4<0@5==8:0 =0AB>OI53>, 4>==8:0 6Q;B>3>, F25B>2 <0BL-8-<0G5E8, F25B>2 :0;8=K. '5BK@5 AB>;>2K5 ;>6:8 A<5A8 7020@8BL ;8B@>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. !>548=8BL ?> H5ABL AB>;>2KE ;>65: 2>4>G=KE =0AB>5: :>@=59 ;0107=8:0 2O7>;8AB=>3>, A>;>4:8 C@0;LA:>9, 08@0, 25B>G5: ><5;K 15;>9 A ;8AB>G:0<8. ;820BL >4=C AB>;>2CN ;>6:C 2 ;8B@ B@02O=>3> =0AB>O 8 4>1028BL 4204F0BL :0?5;L =0AB>9:8 B@02K 1>@F0 2KA>:>3>. @>F54C@K 65;0B5;L=> ?@>2>48BL 420 @070 2 45=L.

>;L=CN O =8 @07C =5 2845;. 0 ;5:0@AB20<8 ?@85760; =0 A25@:0NI5< GQ@=K< ;0:>< O?>=A:>< ;8<C78=5 5Q AC?@C3, <C6G8=0 A@54=8E ;5B A 15AF25B=K<, 2A5340 >701>G5==K< ;8F><, 2 AB@>3>< 45;>2>< :>ABN<5, =5@073>2>@G82K9. 0 <>8 2>?@>AK > B><, :0: 84QB ;5G5=85, =5B ;8 60;>1, 2A5 ;8 =07=0G5=8O 2K?>;=ONBAO, >B25G0; :>@>B:>: �0<5G5==K9 20<8 3@0D8: =8 @07C =5 =0@CH8;8. ;03>40@N 70 CG0AB85. AQ >AB0;L=>5 C7=05B5 >B 2@0G0. 728=8B5, O >G5=L A?5HC�. , 701@02 ?0:5B A ;5:0@AB20<8, 8AG570;, =5 7045@6820OAL =8 =0 <8=CBC.

CH:0@Q2 C65 2 A5@548=5 45:01@O ?>1;03>40@8; <5=O 8 @04>AB=> A>>1I8;, GB> 1>;L=0O : >?5@0F88 3>B>20.  B> 2@5<O ?> 3>@>4C ?@>:0B8;0AL 2>;=0  , =5 >1>H;0 >=0 AB>@>=>9 8 0@80==C. ?5@0F8N >B;>68;8 =0 ?OB>5 O=20@O 1999 3>40. 545;8 425 ?@>H;>, :>340 0A8;89 ;5:A0=4@>28G A =5A:@K205<K< C482;5=85< A>>1I8;, GB> ?>A;5 >?5@0F88 2 C40;Q==KE O8G=8:0E =5 >1=0@C68;8 =8 >4=>9 @0:>2>9 :;5B:8. 5A:>;L:> @07 ?@>25@8;8   G8AB>! >6=> 1K;> 1K A>A;0BLAO =0 >H81:C 8;8 A;CG09=>ABL, 5A;8 1 B@5<O <5AOF0<8 ?>765 =5 ?>2B>@8;0AL B0:0O 65 8AB>@8O.

* * *

>?@>A8;0AL =0 ?@8Q< ?>68;0O 65=I8=0, 68B5;L=8F0 =51>;LH>9 45@52=8 #D8<A:>3> @09>=0. =0 ?@>H;0 >1A;54>20=85 2 >=:>;>38G5A:>< 48A?0=A5@5, 345 38=5:>;>38 59 ?>AB028;8 4803=>7 8 ?@54;>68;8 A45;0BL >?5@0F8N. 4=0:> >=0, <CAC;L<0=:0, 3;C1>:> 25@CNI0O 2 :0=>=K H0@80B0, >B >?5@0B82=>3> 2<5H0B5;LAB20 >B:070;0AL, A>A;02H8AL =0 AB0@>ABL 8 >1I55 =574>@>2L5. =CG:0, CG0I0OAO <548F8=A:>3> :>;;5460, C3>2>@8;0 5Q ?>;5G8BLAO B@020<8 8 ?@825;0 :> <=5.

7 70?8A8: �4.12.98. C@8O ., 68 ;5B.  0: O8G=8:>2, AB. 2. -<D875<0 ;Q3:8E, ?=52<>A:;5@>7�.

5G5=85 =07=0G8; 1>;55 >1;53GQ==>5, G5< 2 ?@54K4CI5< A;CG05, A>E@0=82 ;8HL A0<K5 >A=>2=K5 ;5:0@AB20. >;83>;>2 ?> 4204F0B8:0?5;L=>9 AE5<5, A>A=>2K9 <Q4 A F25B:0<8 A>A=K   2 :064>< :C@A5. > 54K   ?> B@5B8 AB0:0=0 =0AB>O B@02K O@CB:8 ?>;52>9 A <>8< 10;L70<>< (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, :0;5=4C;K; ?> 50 <; 1>@>2>9 <0B:8, 2>4O=>3> ?5@F0, 15;>3> 4>==8:0, :>@=59 I025;O :C@G02>3>). >A;5 54K   =0AB>9 B@02K 78<>;N1:8 7>=B8G=>9   >4=0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. @8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A   =0AB>9 G8=K ;C3>2>9   >4=C AB>;>2CN ;>6:C B@02K 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL >48= G0A, ?>A;5 ?@>F56820=8O ?@8=8<0BL ?> G5B25@B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 8AA>?0 ;5:0@AB25==>3>.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL ?> G09=>9 ;>6:5 =0AB>9:8 452OA8;0 2 @N<:5 2>4K. !?@8=F520=8O, :0: =8 60;L, ?@8H;>AL >B<5=8BL: ?> C15645=8N C@88, H0@80B 4>72>;O5B B>;L:> >1<K20=8O 87 A?5F80;L=>3> :C2H8=0   :C<30=0, => : =0H5<C ;5G5=8N MB> =5 8<55B >B=>H5=8O.  G8=C A 8AA>?>< ?@8H;>AL 2:;NG8BL >B M<D875<K 8 ?=52<>A:;5@>70. 52OA8; B>65 =5 >:070;AO ;8H=8<.

B>@>9 :C@A. !<5H0BL ?>@>2=C 2KACH5==K5 F25BK 4>==8:0 ;5:0@AB25==>3> (6Q;B>3>) A F25B:0<8 <0BL-8-<0G5E8. !B>;>2CN ;>6:C A<5A8 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL. @8=8<0BL B@8 @070 2 45=L 4> 54K ?> B@5B8 AB0:0=0 A 10;L70<>< (53> A>AB02 <5=OBL =5 AB0;). >A;5 54K =07=0G8; =0AB>9 B@02K 682>:>AB8 ?>;52>9 ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A   =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 2 @N<:5 2>4K. @8 :0H;5 2 ;N1>5 2@5<O, => >B45;L=>, =5 A>2<5I0O A 4@C38<8 ;5:0@AB20<8, =5?>;=CN G09=CN ;>6:C (MB> 40 50 :0?5;L) =0AB>9:8 :>@=59 154@5=F0-:0<=5-;><:8. 564C ?@>G8<, 154@5=5F MDD5:B825= =5 B>;L:> ?@8 A8;L=>< :0H;5, =>, :0: 2KOA=8;>AL, 0:B825= ?@8 ;5G5=88 @0:0 8 A0@:><K.

"@5B89 :C@A. > 54K, :0: 2 A0<>< =0G0;5, B@8 @070 2 45=L =0AB>9 O@CB:8 ?>;52>9 A <>8< 10;L70<>< (A>AB02 B>B 65). >A;5 54K   =0AB>9 B@02K 78<>;N1:8 A G09=>9 ;>6:>9 =0AB>9:8 :0;5=4C;K. '5@57 G0A   ?> ?>;AB0:0=0 =0AB>O ;8ABL52 GQ@=>9 >;LE8 B@8 @070 2 45=L A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> G09=>9 ;>6:5 A>:0 87 <54C=8FK 2 @N<:5 2>4K.

0 ;5:0@AB20<8 ?@8E>48;0 ;L<8@0, 2=CG:0 C@88. > <>59 ?@>AL15 >=0 C3>2>@8;0 101CH:C ?@>9B8 ?>;=>5 >1A;54>20=85 2 >=:>;>38G5A:>< 48A?0=A5@5, <5=O 2>;=>20;>, 8<55BAO ;8 :0:>9-=81C4L ?@>: >B =0H53> ;5G5=8O. >;L=K< 8AB>@8N 1>;57=8 =0 @C:8 =5 40NB. >MB><C ?>72>=8; CH:0@Q2C, GB>1K >= ?@8=O; CG0AB85 2 >1A;54>20=88, A>>1I8; 2A5 ?>4@>1=>AB8. ">340 1K O 7=0;, 2 :0:>< =0?@02;5=88 @01>B0BL 40;LH5, 0 =5 459AB2>20BL 2A;5?CN. 0 C482;5=85, ?@87=0:>2 1>;57=8 C 1@038<>2>9 =5 >1=0@C68;8. 8 >4=>9 @0:>2>9 :;5B:8 =5 =0H;8. 0 2AO:89 A;CG09 <K ?@>25;8 5IQ >48= <5AOG=K9 :C@A, 345 >A=>2=>5 2=8<0=85 O C45;8; ;Q3:8<, ?5G5=8, ?>G:0<. AB5AB25==>, C C@88 =01;N40;8AL 2>7@0AB=K5 87<5=5=8O. 48=8G=K5 >1I5C:@5?;ONI85 :C@AK ;5G5=8O O 4020; 59 2?;>BL 4> 2002 3>40, ?>:0 70E>482H0O 70 ;5:0@AB20<8 ;L<8@0 =5 70:>=G8;0 CGQ1C 8 =5 C5E0;0 =0 @01>BC 2 A5;LA:89 D5;L4H5@A:89 ?C=:B.

* * *

K;8 8 >G5=L A;>6=K5 A;CG08. # 0;5=B8=K . 87 @5=1C@30 ?>A;5 >?5@0F88 ?> ?>2>4C @0:0 O8G=8:0 15.12.03 3., =5 A@07C, 2>A5<L <5AOF52 A?CABO, >1=0@C68;8 <5B0AB07K 2 ?@O<CN :8H:C. 0 8 A 38=5:>;>3859 =5 2AQ >:070;>AL 2 ?>@O4:5. 0 ;5G5=85 CH;> ?>;B>@0 3>40.

=>3> E;>?>B 4>AB028;0 8 "0BLO=0 . 87 ;0B>CAB0: 2 1997 3. A45;0;8 B>B0;L=CN >?5@0F8N (C1@0;8 O8G=8:8, B@C1K, <0B:C, A0;L=8:), 0 G5@57 ?>;B>@0 <5AOF0 ?>O28;8AL <5B0AB07K 2 <0;>< B075 8 1@NH8=5. A=>2=>5 ;5G5=85 4;8;>AL 1>;LH5 3>40. @8H;>AL =07=0G8BL A0<>5 A8;L=>5   =0AB>9:C 1>@F0 2KA>:>3> A >4=>9 :0?;8 4> 4204F0B8, ?@8GQ< B@8 @070 2 45=L, CB@><, 4=Q< 8 25G5@><, 157 ?5@5@K2>2.  B@02K <K 8A?>;L7>20;8, 2 ACI=>AB8, >4=8 8 B5 65: F25B:8 8 :>@=8 E<5;O, >G8B>: ?C@?C@=K9, <0@L8= :>@5=L, G5@=>1K;L=8:: B@02C 8 :>@=8, 682>:>ABL ?>;52CN, :0;5=4C;C, ;8ABLO GQ@=>9 >;LE8, 4C@=8H=8:, A015;L=8:, ;5I8=C, 3@CH0=:C, :>@=8 :C1KH:8, 08@0, 4O38;O, I025;O :C@G02>3>. ! G5B2Q@B>3> :C@A0 =0G0;8 ?>4:;NG0BL =0AB>9:C ;5A?5457K, A8=NEC, ?> >4=><C @07C B@02C 1C:28FK, 7>;>B>9 @>738, 725@>1>9. !>AB02;O; 87 =8E ?> C65 7=0:><><C >1@07FC <5AOG=K5 :C@AK, CG8BK20O 3>@OGCN 8;8 E>;>4=CN ACI=>ABL B@02. > B0:8< 65 >1@07F0< A>AB02;O; 10;L70<K 87 =0AB>52 ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, G5@54CO A 4@C38<8 ?@>B82>>?CE>;52K<8 =0AB>9:0<8, >1O70B5;L=> 2:;NG0O 2 =51>;LH>< :>;8G5AB25 =0AB>9:C 15;>3> 4>==8:0, B0: :0: 2 >A=>2=>< :C@A5 5<C =5 =0H;>AL <5AB0. >765 "0BLO=0 1@0;0 8=>340 B>;L:> 10;L70<K   4;O ?@>D8;0:B8:8. !:06C G5AB=>: 2=0G0;5 O AG8B0; "0BLO=C 157=0456=>9 ?0F85=B:>9 A2>53> E>A?8A0, E>BO AB@0AB=> 65;0; 59 2K74>@>2;5=8O. >Q 65;0=85, : AG0ABLN, A1K;>AL. (;8 3>4K. AO:89 @07, :>340 >=0 =5>6840==> 72>=8;0 87 A2>53> ;0B>CAB0, A?@0H820O A>25B0 8;8 ?>74@02;OO A ?@074=8:><, >B =0E;K=C2H8E GC2AB2 O D878G5A:8 >ICI0;, :0: AB0=>28;>AL A25B;55 C <5=O =0 4CH5, 1C4B> >B ?@8:>A=>25=8O : 1;03>40B=><C >3=N.

=>340 <=5 :065BAO, GB> MB0 :=830 ?>;CG05BAO >4=>>1@07=>9 8 A:CG=>9. 094QB ;8 >=0 A2>53> G8B0B5;O? 0@>4 =K=5 8710;>20= C2;5:0B5;L=K<8 45B5:B820<8. K;> 2@5<O, :>340 ;N48 70G8BK20;8AL 4065 <>59 �4>;5=L-B@02>9� 8 B@51>20;8 4>?>;=8B5;L=KE 8740=89. > A B>9 ?>@K ?@>H;> ?>GB8 4204F0BL ;5B. 548F8=0 AB@5<8B5;L=> H03=C;0 2?5@Q4. 5 A53>4=O B0: 702B@0 ?>O2OBAO @048:0;L=K5 A@54AB20 4;O ;5G5=8O @0:0. @0240, 8 F5=K =0 =8E 1C4CB =5?><5@=> 2KA>:8<8. !<>3CB ;8 :C?8BL 8E C;L-=0A, C10@60B, C@8O 8 4@C385 1>;L=K5 87 B5E A;>Q2 =0A5;5=8O, :>B>@K5 5420 A2>4OB :>=FK A :>=F0<8? 5 @0=> ;8 O 2>7<5GB0; > 2KA>G09H8E 4>AB865=8OE =0C:8, A?>A>1=>9 ?>:0 >1A;C68BL =5A:>;L:> BKAOG AG0AB;82G8:>2, => =5 8<5NI59 2>7<>6=>AB8 H03=CBL 2 H8@>:85 <0AAK AB@064CI8E? 7 ?@>3@0<<K =>2>AB59 O C7=0;, GB> 2 #D5 A:>@>, 2 2014 3>4C ?@54?>;>68B5;L=>, ?@8 >=:>;>38G5A:>< 48A?0=A5@5 1C45B ?>AB@>5=> A?5F80;L=>5 740=85 4;O E>A?8A0. 0:>=5F-B>!  <>A:>2A:>5 B5;52845=85 =5402=> ?>:070;> >3@><=>5 740=85 E>A?8A0 2 7@08;5 A 2>AE8B8B5;L=>9 >1AB0=>2:>9, A >4CE>B2>@Q==>9 @01>B>9 <548F8=A:>3> ?5@A>=0;0 8 2>;>=BQ@>2. !@02=82 420 MB8E D0:B0, O A 3>@5GLN 2 4CH5 274>E=C;.  ?>=O;, GB> O >1O70= 4>?8A0BL MBC :=83C, 25@>OB=>, ?>A;54=NN 2 A2>59 687=8.  1C45B 2KAH8< AG0ABL5< 4;O <5=O, 5A;8 :B>-B>, =5 8<5O 2>7<>6=>AB8 ?>;CG8BL 2@0G51=CN ?><>IL, ?>25@82 2 <C4@>ABL ?@8@>4K, 2 A8;C F5;51=KE B@02, 2K15@5B 4;O A51O ?>4E>4OI89, ?>;=>ABLN 3>B>2K9 :C@A ;5G5=8O 8 25@=QB CB@0G5==>5 74>@>2L5.

279

   

 =0G0;5 452O=>ABKE 3>4>2 ?@>H;>3> AB>;5B8O ACI8< =0:070=85< AB0;8 4;O =0H59 A5<L8 15A:>=5G=K5 B5;5D>==K5 72>=:8, B@572>=82H85 2 ;N1>5 2@5<O 4=O 8 =>G8.  >A:25 45AOBL 25G5@0, 0 C =0A 425=04F0BL, B>;L:> A?0BL ;53;8.  >2>A818@A:5 452OBL CB@0, @01>G89 45=L =0G0;AO, 0 2 =0H8 ?OBL   B>;L:> A25B0BL =0G8=05B, 2@5<O A0<>3> A;04:>3> A=0. N48 =8 A G5< =5 AG8B0NBAO, 8< 24@C3 A@>G=> ?>=04>18;>AL 8 B>BG0A 72>=OB, :0: 2 A;C61C A?0A5=8O, =8A:>;L:> =5 704C<K20OAL > B><, :0:>2> ?@8E>48BAO B515 A?@>A>=LO 2KA;CH820BL >BG0O==K9 A83=0; B@52>38. @> A25B;K9 ?5@8>4 4=O 8 A:070BL =5G53>   >B 45AOB:>2 =5C<>;:0NI8E 72>=:>2 B5;5D>==K9 0??0@0B 1C:20;L=> @0A:0;O5BAO, 2>B-2>B 27>@20BLAO 3>B>2.  254L >B:;NG8BL =5;L7O   <>3CB ?>72>=8BL @>48B5;8, 4@C7LO 8 45;>2KE 72>=:>2 =5<0;>. 5A:>@> C40;>AL =025AB8 >B=>A8B5;L=K9 ?>@O4>:. 5@2K<8 1@0;8 B@C1:C 65=0 8;8 4>GL, ?@54C?@5640O, GB> =0 72>=:8 O >B25G0N B>;L:> A >48==04F0B8 4> B@QE. >;;538 ?8A0B5;8 ?>A<5820;8AL: =C 8 AB@>385 C B51O A5:@5B0@H8, :0: C <8=8AB@0.

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�21 0?@5;O 2003 3. >;8=0 !., 34 3>40. ;>A:>:;5B>G=K9 A >@>3>25=85< @0: @>B>3;>B:8 AB. 3, 3@. 3 (<8=40;8=K). 02;5=85 ?>=865==>5. AB5>E>=4@>7. @C38E 60;>1 =5 8<55B�. 5==0489 548=5528G ?>72>=8; <=5 A@07C ?>A;5 2>72@0I5=8O 4><>9. !:070;, GB> >G5=L E>B5; 1K ?><>GL 65=5 1;87:>3> B>20@8I0, >?5@0F8N 45;0BL ?>74=>, ;CG520O 8 E8<8>B5@0?8O ?>GB8 15A?>;57=K ?@8 B0:>< 701>;520=88, 2 53> A8;0E A45;0BL B>;L:> B@0E5>B><8N   2K25AB8 B@C1>G:C, GB>1K >=0 <>3;0 ;53G5 4KH0BL 8 @073>20@820BL.  ?>>15I0; 25AB8 ?>AB>O==>5 =01;N45=85 70 E>4>< <>53> ;5G5=8O.

# <5=O C65 8<5;AO >?KB ;5G5=8O @0:0 A;N==>9 65;57K, ?>;>AB8 @B0, O7K:0, A0@:><K I5:8, @0:0 =>A>2>9 ?5@53>@>4:8, =5 2A5340 C40G=K9, => 2 GQ<-B> 8 ?>;>68B5;L=K9. ! A0@:><>9 I5:8, =0?@8<5@, <C6G8=0, >1@5GQ==K9 =0 A:>@CN A<5@BL, ?>;=>F5==> ?@>68; ?OBL ;5B, 2>48; <0H8=C, A0< AB@>8; :>BB546 8 <>3 1K A?>:>9=> 45@60BLAO =0 MB>< C@>2=5 40;LH5, 5A;8 1 =5 ?>?0; 2 02B>:0B0AB@>DC, ?>;CG82 >A=>2=>9 C40@ ?> 1>;L=><C <5ABC. = 70<5B=> A40; ?>A;5 A;>6=>9 >?5@0F88 =0 @074@>1;5==>9 G5;NAB8, 45@60;AO <C65AB25==>, => 2A5 <>8 40;L=59H85 CA8;8O >:070;8AL =0?@0A=K<8.

@8H;>AL ?>;><0BL 3>;>2C 8 ?@8 A>AB02;5=88 ;5G51=KE :C@A>2 4;O >;8=K. ! A0<>3> =0G0;0, A@07C ?>A;5 ?@>1C645=8O, ?@8=OBL G09=CN ;>6:C 725@>1>9=>3> <0A;0 B0:, GB>1K >=> A<070;> ?5@5A>EH89 @>B 8 <54;5==> ?@>H;> ?> 3>@;C. 0B5< <>6=> ?>4@5<0BL 8;8 70=OBLAO CB@5==8< BC0;5B><, 8 B>;L:> G5@57 G0A >1@0B8BLAO : 1>;83>;>2C (B@020 725@>1>O 3>@OG0O 2 B@5BL59 AB5?5=8, 0 1>;83>;>2 E>;>4=K9 4> G5B2Q@B>9 AB5?5=8   AC48B5 A0<8, GB> ?>;CG8BAO, 5A;8 8E A>548=8BL!) # <5=O A;>68;>AL <=5=85, GB> ?@8 ;5G5=88 ?>;>AB8 @B0 1>;55 ?@54?>GB8B5;5= 1>;83>;>2. 3> O 8 =07=0G8; ?> 4204F0B8:0?5;L=>9 AE5<5.  5H8;, GB> =5 ?><5H05B 8 A>A=>2K9 <Q4 2 A<5A8 A =0AB>9:>9 F25B:>2 A>A=K. 04> >B2;5GLAO =0 ?>;G0A0 >B 1>;83>;>20 8 ?>B>< =0A;048BLAO AB>;>2>9 ;>6:>9 <Q40. >4<0@5==8: F5?:89 1K; 8A?KB0= =5 B>;L:> ?@8 ;5G5=88 @0:0 <>;>G=>9 65;57K. = ?@83>48;AO <=5 8 A59G0A. 5@2K9 :C@A 8 =0G0;AO A =53>. 1KG=> =0AB>9 3>B>2OB =0 420 4=O, >4=0:> 5654=52=>5 ?@83>B>2;5=85 8<55B A2>8 ?@58<CI5AB20   =5B >?0A5=8O, GB> >= ?@8 E@0=5=88 <>65B A;53:0 70:8A=CBL. >MB><C ;CGH5 1C45B, 5A;8 7020@8BL 425 G09=K5 ;>6:8 2 AB0:0=5 :8?OB:0, 8A?>;L7CO B5@<>A. 0AB>OBL G5BK@5 G0A0 8 ?@8=8<0BL 2 3>@OG5< 2845 4> 702B@0:0 8 >1540 A 45A5@B=>9 ;>6:>9 =0AB>9:8 ;02@0 (2 :=835 8<55BAO @5F5?B 53> ?@83>B>2;5=8O). >A;5 54K 2K?8BL =0AB>9 ;8ABL52 GQ@=>9 >;LE8 A G09=>9 ;>6:>9 A>:0 <54C=8FK. '5@57 G0A 5IQ >48= =0AB>9 -G09=CN ;>6:C 1C:28FK 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL 420 G0A0 8 ?@8=8<0BL ?> B@5B8 AB0:0=0, <>6=> A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0. B45;L=> =09B8 ?@><56CB>: 4;O G09=>9 ;>6:8 =0AB>9:8 @OA:8 B@8 @070 2 45=L 8 A>@>:0 :0?5;L =0AB>9:8 154@5=-F0-:0<=5;><:8 (=5 AB>;L:> >B :0H;O, A:>;L:> :0: A@54AB2> >B >?CE>;8 2 3>@;5). "@8 @070 2 45=L, >1KG=> <564C ?@8Q<0<8 ?8I8 8 =0 =>GL 45;0BL ?>;>A:0=8O @B0 B@02O=K< =0AB>5<. ;O ?@83>B>2;5=8O =0AB>O A<5H0BL ?> 2>A5<L AB>;>2KE ;>65: B@02K @5?5H:0, 725@>1>O, BKAOG5;8AB=8:0, H0;D5O ;5:0@AB25==>3>, ;0107=8:0, 35@0=8 ;C3>2>9, ?>;K=8 1>6L53> 45@520, F25B>2 :0;8=K. 4=C AB>;>2CN ;>6:C A<5A8 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. 0 45=L 

>@O ;5:0@AB25==0O   @0AB5=85 N6=>5, >G5=L ?>?C;O@=>5 =0 #:@08=5. 3> 5IQ =07K20NB 3>@=K< A5;L45@55<, ;8ABLO 8A?>;L7CNB :0: ?@O=>ABL 2 A0;0B0E, AK@0E, 2 <OA=KE 8 @K1=KE 1;N40E, A>;5=8OE, 4>102;ONB 2 :>=D5BK 8 FC:0BK.  48:>< 2845 ;N18AB>: =5 2AB@5B8HL, 53> 2K@0I820NB 2 AB@0=0E 788, 2 AB@0=0E .6=>9 2@>?K.   >AA88 2>745;K205BAO C =5<=>3>G8A;5==KE >2>I52>4>2-;N18B5;59 8 5IQ @565 C F5;8B5;59, B0: :0: ?@>I5 =09B8 1>;55 MDD5:B82=K5 48:>@0ABCI85 B@02K, >1;040NI85 <>G53>==K<, 65;G53>==K< 8 >BE0@:820NI8< 459AB285<, C;CGH0NI8< ?8I520@5=85, @01>BC A5@4F0, ?><>30NI8< ?@8 <0;>:@>288.  8@0=A:>9 =0@>4=>9 <548F8=5 AG8B0NB, GB> ;N18AB>: >G8I05B >@30=87< >B H;0:>2 8 ><>;068205B. / 2K@0I820N MB> 2KA>:>5 7>=B8G=>5 @0AB5=85, >1=0@C682, GB> 53> :>@=8 MDD5:B82=K ?@8 ;5G5=88 @0:0 ?>;>AB8 @B0 8 3>@;0. K:0?K20N 53> ?@O=K5 :>@=8, ?0E=CI85 A5;L45@55<, =0 2B>@>9 8;8 B@5B89 3>4 8, 2KACH82, E@0=N 2 AB5:;O==>9 10=:5 A :@KH:>9. A?>;L7>20BL 8E <>6=> 8 2=CB@L 2 >B20@0E, 8 4;O ?>;>A:0=89, 8=>340 40N 2 2845 ?>@>H:0 8;8 :CA>G:0<8 4;O 6520=8O   459AB285 @02=>F5==>5.

5@2K9 :C@A ?@>4;8;AO ?>GB8 420 <5AOF0 (B@02K O 40; A 70?0A><). >;8=0 @04>20;0AL, GB> 2@5<5=0<8 C =5Q =0G0; ?@>@57K20BLAO 3>;>A. >60;>20;0AL B>;L:> =0 A>: 4C@=8H=8:0   ?>A;5 =53> 1@>A05B 2 60@. 'B> 6, ?@8 A>AB02;5=88 2B>@>3> :C@A0 <>6=> >1>9B8AL 8 157 4C@=8H=8:0.

"@02O=>5 <0A;>, 1>;83>;>2 8 A>A=>2K9 <Q4 2> 2B>@>< :C@A5 >AB0;8AL ?@56=8<8. > 54K =07=0G8; ?> G5B25@B8 AB0:0=0 >B20@0 ;N18AB>:0 B@8 @070 2 45=L. ;O >B20@0 G09=CN ;>6:C :>@=59 =04> 70;8BL AB0:0=>< :8?OB:0, ?>AB028BL =0 ?>;G0A0 =0 :8?OICN 2>4O=CN 10=N, G5@57 45AOBL <8=CB ?@>F548BL. 8BL A ?@>B82>>?CE>;52K< 10;L70<>< (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, :>@=O ;>?CE0, F25B>2 :0;5=4C;K; ?> 50 <; =0AB>5: F25B:>2 ;0107=8:0, ?>4<0@5==8:0 =0AB>OI53>, ;8ABL52 ;02@0, B@02K 78<>;N1:8). >A;5 54K   ?> B@5B8 AB0:0=0 =0AB>O B@02K A015;L=8:0 A> AB>;>2>9 ;>6:>9 =0AB>9:8 53> :>@=59. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K >G8B:0 ?C@?C@=>3> A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   >B45;L=> B@8 @070 2 45=L   ?@8=8<0BL ?> G09=>9 ;>6:5 @OA:8, ?> A>@>: :0?5;L 154@5=F0-:0<=5;><:8. >;>A:0=8O =07=0G8; 4@C385. B20@ :>@K 4C10   425 AB>;>2K5 ;>6:8 :>@K =0 ;8B@ 2>4K, =0 ;Q3:>< >3=5 :8?OB8BL 45AOBL <8=CB, G5@57 ?OB=04F0BL <8=CB ?@>F548BL. >;L7>20BLAO >B20@>< =545;N, 70B5< 70<5=8BL 53> >B20@>< :>@=59 :@>2>E;51:8   3>B>28BL 2 B5E 65 ?@>?>@F8OE. 0 A;54CNI59 =545;5 ?5@59B8 =0 ?>;>A:0=8O >B20@>< A015;L=8:0   B0: 65 >B20@8BL 425 AB>;>2K5 ;>6:8 2 ;8B@5 2>4K, 70B5< 25@=CBLAO : 4C1>2><C >B20@C 8 B0: G5@54>20BL ?>;>A:0=8O 4> :>=F0 :C@A0.

 B@5BL5< :C@A5, 4> 54K B@8 @070 2 45=L >;8=0 ?@8=8<0;0 ?> B@5B8 AB0:0=0 =0AB>O ?>4<0@5==8:0 =0AB>OI53>, 7020@820O >4=C AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0. >102;O;0 2 :064CN ?>@F8N G09=CN ;>6:C 10;L70<0 (2 53> A>AB025 ?> 100 <; =0AB>5: :>@=O ;>?CE0, :0;5=4C;K 8 B@02K 3@CH0=:8; ?> 50 <; =0AB>5: F25B:>2 1>4O:0, ;0107=8:0, BKAOG5;8AB=8:0, B@02K 2>4O=>3> ?5@F0). >A;5 54K   =0AB>9 B@02K 1C4@K A 45A5@B=>9 ;>6:>9 =0AB>9:8 ;02@0. '5@57 G0A   =0AB>9 B@02K 1C:28FK A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 B0B0@=8:0 (5AB5AB2> C >1>8E 2 ;Q3:>9 AB5?5=8 E>;>4=>5, 0 C ;02@0 A 1C4@>9 3>@OG55).  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   ?> ?>;>28=5 G09=>9 ;>6:8 ?>@>H:0 87 :>@=O ;N18AB>:0, >B45;L=> =0AB>9:0 154@5=F0-:0<=5;><:8. 5B> 2 @0730@5. >;L7COAL <><5=B><, 4;O ?>;>A:0=89 @5H8;8 ?@8<5=8BL >4=> 87 A0<KE MDD5:B82=KE A@54AB2   =0AB>9 A25659 B@02K ?>4<0@5==8:0 =0AB>OI53>. !>G=CN B@02C <5;:> ?>@570BL 8 >4=C G09=CN ;>6:C 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL 4204F0BL <8=CB, ?@>F548BL 8 BQ?;K< =0AB>5< 4>;3> ?>;>A:0BL @>B. 0 >48= 45=L ?>B@51C5BAO =5 <5=LH5 H5AB8 8 4065 2>AL<8 AB0:0=>2. 0, >G5=L E;>?>B=>, B@020 =5 4>;6=0 1KBL C2O4H59, 5654=52=> ?@8E>48BAO 2K5760BL 70 =59, =>, :0: 3>2>@8BAO, >2G8=:0 AB>8B 2K45;:8.

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

5 ?@5B5@?5; =8:0:8E 87<5=5=89 ?OBK9 :C@A, ?>;=>ABLN ?>2B>@82 ?@54K4CI89. 0 MB>< >A=>2=>5 ;5G5=85 70:>=G8;>AL. >9:0O, 3>2>@;820O >;8=0 2 1C:20;L=>< A<KA;5 B0@0B>@8;0 157 ?0C7, 70E;Q1K20OAL A;>20<8 (@0GQ2 2K@078;AO 8=0G5   70I515B0;0). =0 C60A=> 1>O;0AL 2>72@0B0 1>;57=8 8 =0 2AO:89 A;CG09 1@0;0 ?> >4=><C :C@AC 5IQ B@8 3>40 ?>4@O4, 2?;>BL 4> 2006 3>40.

* * *

5G5=85 >;8=K !. O =5 =0720; 1K 8=48284C0;L=K<. ">G=> B0:85 65 :C@AK, >48= : >4=><C, A G5@54>20=85< B5E 65 B@02, =0AB>5: (:AB0B8, 157 ?>;>A:0=89), ?>AB028;8 =0 =>38 0B0;LN  . 87 '5;O18=A:0. # =5Q 1K; ?;>A:>:;5B>G=K9 =5>@>3>2520NI89 @0: 3>@B0=8 AB. 2, 3@. 3, A >?CE>;52K< AB5=>7><, A =87:8< 35<>3;>18=>< (76) 8 2KA>:8< !- (56). 5G5=85 =0G0;8 2 023CAB5 2003 3>40. 8HL 2 >4=>< :C@A5 1K;0 4>102;5=0 G8=0 ;C3>20O, 2 4@C3><   7>;>B0O @>730, 8 ;8HL 8=>340 A A>:>< <54C=8FK H;0 8 A0<0 B@020.  1>;83>;>2, B@02O=>5 <0A;>, A>A=>2K9 <Q4, ;N18AB>:, F25B:8 E<5;O, @5?5H>: 8 >AB0;L=>5, 2?;>BL 4> 154@5=F0 8 @OA:8, 8A?>;L7>20;8AL 2 B5E 65 ?@>?>@F8OE. K;> A5<L >A=>2=KE :C@A>2. 20 4>?>;=8B5;L=KE :C@A0  . 27O;0 2 O=20@5 8 45:01@5 2005 3>40. 0 MB>< =0H5 >1I5=85 ?@5@20;>AL, > :>=5G=KE @57C;LB0B0E O =5 8<5; =8:0:8E A2545=89.  O4>< A 5Q D0<8;859 4>;3> AB>O; 7=0: 2>?@>A0.  A=OB >= 1K; A;CG09=>, :>340 =5A:>;L:> ;5B A?CABO 87 '5;O18=A:0 ?@8H;> <=5 >B 0B0;L8 ?>74@02;5=85 A 75-;5B=8< N18;55<. =0 A>>1I8;0 8 > B><, GB> > ?@56=59 1>;57=8 402=> 701K;0.

* * *

>;LH5 2@5<5=8 ?>B@51>20;>AL 8:8B5 . 87 >2>A818@A:0: C =53> 1K; @0: 3>@B0=8 3 AB0488. B?@02;O; 5<C ;5:0@AB20 A@07C =0 420 8 B@8 <5AOF0, 2 >1I59 A;>6=>AB8 =01@0;>AL 2>A5<=04F0BL ?>;=KE :C@A>2 8 ?OBL 4>?>;=8B5;L=KE. E >A=>2C A>AB028;8 2A5 =0720==K5 2KH5 B@02K, => 4>102;O;8AL 8 4>?>;=8B5;L=K5 A@54AB20. G5=L MDD5:B82=K<8 >:070;8AL 4;O =53> ?>;>A:0=8O >B20@>< B@02K E2>I0 78<CNI53>. ;O ?@83>B>2;5=8O >B20@0 B@8 AB>;>2K5 ;>6:8 B@02K =04> 70;8BL >4=8< ;8B@>< 2>4K, 4>25AB8 4> :8?5=8O 8 =0 A;01>< >3=5 20@8BL 45AOBL <8=CB. !=OBL A >3=O, ?@>F548BL, @07<5H0BL 2 >B20@5 G5BK@5 AB>;>2K5 ;>6:8 <Q40 8 >?OBL 4>25AB8 4> :8?5=8O, => =5 20@8BL. "Q?;K< >B20@>< 4> 45AOB8 @07 2 45=L ?>;>A:0BL 3>@;> B@8 =545;8, 70B5< 25@=CBLAO : ?>;>A:0=8O< >B20@>< :>@K 4C10, :>@=59 A015;L=8:0. 0AB>9:C ;02@0 >= ?@8=8<0; =5 ?> 45A5@B=>9, 0 ?> AB>;>2>9 ;>6:5 B@8 @070 2 45=L 70 ?>;G0A0 4> 54K. @8GQ< 2 0,5 ; 2>4:8 =0AB0820;AO B@8 =545;8 ?>;=K9 AB0:0= 87<5;LGQ==>3> ;02@>2>3> ;8AB0.  CA?5H=> G5@54>20;8AL >A=>2=K5 ?@>B82>>?CE>;52K5 :><?;5:AK.

4=>2@5<5==> ;5G8;0AL <>8<8 B@020<8 >B @0:0 I8B>284=>9 65;57K =0AB0A8O ., 68B5;L=8F0 >2>A818@A:0. Q A5AB@0 0;5=B8=0, >B:@K2H0O 2 #D5 A0;>= <>4=>9 >4564K 2 A525@=>9 G0AB8 3>@>40, =5@54:> 705760;0 : =0< 2 3>AB8 =0 ?@020E 402=8H=59 7=0:><>9, 0 :>340 701>;5;0 A5AB@0, A@07C >1@0B8;0AL :> <=5. 8:0:>3> B@C40 59 =5 A>AB028;> >BAK;0BL <=>3>G8A;5==K5 ?0:5BK A ;5:0@AB20<8 2 !818@L, 2 B>< G8A;5 8 8:8B5 ., MB8 E;>?>BK >=0 >E>B=> 27O;0 =0 A51O. '5BK@=04F0BL ;5B ?@>H;> A B>9 ?>@K. > 2@5<O >4=>9 87 =5402=8E 2AB@5G >=0 ?5@540;0 ?@825B >B A5AB@K, A:0702, GB> =0AB0A8O 8 8:8B0 4@C60B A5<LO<8, A 1;03>40@=>ABLN 2A?><8=0NB >1> <=5.
  . & 

=>340 <=5 ?@8E>48;>AL AB0;:820BLAO A =5>6840==K<8 ?@>O2;5=8O<8 7;>:0G5AB25==KE 701>;520=89.  >:BO1@5 1998 3>40 ?>74=8< 25G5@>< C4828; <5=O =5 ?>74=89 B5;5D>==K9 72>=>:, 0 4803=>7 45AOB8;5B=53> <0;LG8:0: <54C;;>1;0AB><0 G5@2O <>765G:0. 3> <0BL 72>=8;0 87 <>A:>2A:>9 1>;L=8FK, 345 157 <0;>3> 3>4 2KE06820;0 548=AB25==>3> AK=0. / ?>?@>A8; 5Q ?5@572>=8BL CB@><, 0 A0< CA5;AO 70 <548F8=A:85 A?@02>G=8:8, ?>B><C GB> 2?5@2K5 A;KH0; > B0:>9 1>;57=8. #7=0;, GB> <54C;;>1;0AB><0   >?CE>;L 3>;>2=>3> <>730, :>B>@0O >1KG=> @0728205BAO 2 45BA:>< 2>7@0AB5. =0 2>7=8:05B 87 :;5B>:, :>B>@K5 ?>B5=F80;L=> <>3CB A>7@5BL 4> B0:>9 AB5?5=8, GB> ?@52@0BOBAO 2 =59@>=K.  0728205BAO <54C;;>1;0AB><0 >1KG=> 2 G5@25 <>765G:0, ?@8<K:0NI5< : G5B2Q@B><C 65;C4>G:C <>730, 8 =0@CH5=85 >BB>:0 A?8==><>73>2>9 684:>AB8 ?@82>48B : @0728B8N 384@>F5D0;88. # @51Q=:0 ?>O2;O5BAO =5CAB>9G820O ?>E>4:0 8 B@OACI85AO 42865=8O :>=5G=>AB59. ?CE>;L C40;O5BAO E8@C@38G5A:8, ?>A;5 G53> =07=0G05BAO ;CG520O B5@0?8O. "0BLO=0 <8B@852=0, <0BL ;QH8, ?>72>=8;0 CB@><. >;>A =0?@O65==K9. 'C2AB2>20;>AL, >=0 >4=>2@5<5==> 3>2>@8B 8 ?;0G5B.  0AA:070;0, GB> 2 =>O1@5 ?@>H;>3> 3>40 AK=C A45;0;8 =5C40G=CN >?5@0F8N ?> G0AB8G=><C C40;5=8N >?CE>;8, >A;>6=Q==>9 <5=8=38B><. 3> 5420 A?0A;8. K=G5 ;5B>< >?OBL 27O;8AL 70 G0AB8G=CN >?5@0F8N, =07=0G8;8 E8<8N. B =5Q A>AB>O=85 ;QH8 CEC4H8;>AL. "5?5@L >= =5 <>3 =8 E>48BL, =8 @073>20@820BL. !0<8 2@0G8 =8G5< ;5G8BL =5 <>3CB, => 8 45@60BL 53> 2 ?0;0B5 40;LH5 =5B A<KA;0. >B>2OB : 2K?8A:5 A @5:><5=40F859 5E0BL 2 7@08;L 8;8 5@<0=8N. 5G5=85 >G5=L 4>@>3>5, =5 ?> :0@<0=C 4065 8=8AB5@AB2C 74@02>>E@0=5=8O. "@51C5BAO >A>10O 0=B810:B5@80;L=0O B5@0?8O A CGQB>< ;59:>-F8B>?5=88, A >1O70B5;L=K< 2:;NG5=85< 0=B8<8:>B8G5A:>3> :><?>=5=B0. @0G <>A:>2A:>9 1>;L=8FK >1@04>20;AO, C7=02, GB> ?>O28;0AL =045640 =0 ?><>IL >?KB=>3> B@02=8:0, 5A;8 >=, :>=5G=>, =5 >B:065BAO. �K 254L =5 >B:065B5AL?!   >=0 >1@0B8;0AL :> <=5 A B0:8< =0?>@><, =0 :0:>9 A?>A>1=0 B>;L:> >BG0O2H0OAO <0BL. �>?KB0NAL, => =8G53> A25@EJ5AB5AB25==>3> =5 <>3C >15I0BL,   2K=C645= 1K; >B25B8BL O.   

/ ?@54AB028; A515, :0:8E B@C4>2 AB>8;> <0B5@8 >B257B8 1>;L=>3>, 15A?><>I=>3> AK=0 4><>9, 2 5=7C. 0 4@C3>9 65 45=L A ?@>2>4=8:>< ?>5740 >B?@028; 59 ;5:0@AB20. @>H;> =5:>B>@>5 2@5<O, 8 "0BLO=0 <8B@852=0 A 2>AB>@3>< A>>1I8;0: �'C4>! ;QH0 703>2>@8;. = ?>4=O; @C:C, >=0 ?>;3>40 1K;0 =5?>4286=>9, C:070; =0 <5=O 8 A:070;: <0<0!� >B>< ?>AK?0;8AL ?8AL<0 (<564C3>@>4=K5 B5;5D>==K5 @073>2>@K AB>OB 4>@>3>).  2 ?8AL<0E "0BLO=0 87;030;0 2A5 ?>4@>1=>AB8.  5GL C <0;LG8:0 2>AAB0=02;820;0AL ?>AB5?5==>, >= 2K3>20@820; A=0G0;0 ;8HL @54:85 >B45;L=K5 A;>20, =5 A2O70==K5 2 ?@54;>65=8O. !0<K< 1>;LH8< 4>AB865=85< 1K;> B>, GB> ;QH0 AB0; 42830BLAO: A0< ?5@52>@0G820;AO, ?>;70; 2 ?>AB5;8. 5G0O==> A?>;7 =0 ?>;. B =5>6840==>AB8 8A?C30;AO 8 70?;0:0;. IQ 8 5IQ @07 >:07K20;AO =0 ?>;C. >=O;, GB> =8G53> AB@0H=>3> 2 MB>< =5B. 065 ?>=@028;>AL. @>?>;7 =5A:>;L:> <5B@>2. 0G0; ?>4=8<0BLAO =0 :>;5=8, F5?;OOAL 70 ABC;. 4=064K 2AB0; 8 A<>3 C45@60BLAO =5A:>;L:> <8=CB =0 =>30E, 2F5?82H8AL 2 A?8=:C ABC;0. "0BLO=0 2 >4=>< 87 ?8A5< @0AA:070;0, :0: 1K;0 ?>B@OA5=0, :>340 ;QH0 A0< >B:@K; 59 425@L. >8 B@02K >=0 =07K20;0 GC4>B2>@=K<8, E>BO O 8A?>;L7>20; A2>9 >1KG=K9 0@A5=0;. "@><1>F8B>?5=8N ;5G8;, 2 >A=>2=><, BKAOG5;8AB=8:>< 8 ?>4<0@5==8:>< =0AB>OI8<, ;59:>F8BK ?>4=8<0; 4>==8:>< 8 ?>4>@>6=8:><, 2:;NG0O 8E 2 A>AB02K A;>6=KE :><?;5:A>2. E>48;8 2 =8E F25B:8 E<5;O, >G8B>: ?C@?C@=K9, <0@L8= :>@5=L, A>D>@0 O?>=A:0O, 4C@=8H=8:, 1C:28F0, 08@, ?5@5ABC?5=L 15;K9, B@020 75<;O=8:8, A015;L=8:, ?>G:8 GQ@=>3> B>?>;O, <54C=8F0, =0AB>9:0 A:>@;C?K :54@>2KE >@5H:>2, 452OA8;, 725@>1>9, A>A=>2K9 <Q4, G5@B>?>;>E   87 =8E A>AB02;O;8AL 2 >?@545;Q==>< ?>@O4:5 <>8 >1KG=K5 >B45;L=K5 A1>@K. E <>6=> A>1@0BL A0<><C, 2A5 @5F5?BK 2 :=835 8<5NBAO.  >1O70B5;L=> =04> >B45;OBL 3>@OG85 B@02K >B E>;>4=KE. > 2A5E A1>@0E >1O70B5;L=> ?@8ACBAB2>20; =0AB>9 <CE><>@0   4;O @51Q=:0   ?> G8A;C ;5B, B> 5ABL ?> 45AOBL :0?5;L >48= @07 2 45=L. >?>;=8B5;L=> O =07=0G8; G01@5F   >4=C AB>;>2CN ;>6:C B@02K 70;8BL 42C<O AB0:0=0<8 2>4K, 4>25AB8 4> :8?5=8O, => =5 20@8BL, =0AB>OBL >48= G0A. B20@>< A<07

/ =5 AB0; ?@82>48BL 745AL ?>@O4>: G5@54>20=8O B@02 E>BO 1K 2 >A=>2=KE ;5G51=KE A>AB020E. <5;8AL =0 B> 25A:85 ?@8G8=K. >-?5@2KE, 2 :=835 4;O :064>9 3;02K O 2K18@0; 8AB>@88 1>;L=KE, 8<52H85 =5 <5=55 ?OB8 AB018;L=KE, ?>4B25@64Q==KE 4;8B5;L=K< 2@5<5=5< ?>;>68B5;L=KE @57C;LB0B>2. =8 4>:070;8 A2>N =04Q6=>ABL.  A;CG09 A ;QH59 >:070;AO 548=8G=K<. >-2B>@KE, 2 A8;C :0:8E-B> ?@8G8=, 2848<>, <0B5@80;L=KE, "0BLO=0 <8B@852=0 ?@>40;0 A2>N 1>;LHCN :20@B8@C 2 5=75 8 ?5@55E0;0 2 8?5F:. >AB02;OBL ;5:0@AB20 BC40 1K;> =58<>25@=> A;>6=>. 0 ?>GB5 ?5@5AK;:0 ?>4>7@8B5;L=KE 684:>AB59, B> 5ABL =0AB>5:, 1K;0 70?@5I5=0, 0 ?@O<>9 65;57=>4>@>6=>9 A2O78 A 3>@>4>< 8?5F:>< =5B.  A>60;5=8N, 40;L=59H55 ;5G5=85 ;QH8 ?@5:@0B8;>AL, B0: 8 >AB0;>AL =57025@HQ==K<, 8 O ;8HQ= 2>7<>6=>AB8 A45;0BL :0:85-;81> 2K2>4K.

* * *

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

!:>;L:> ACI5AB2C5B ?@>B82>>?CE>;52KE @0AB5=89, A:070BL B@C4=>   425AB8, B@8AB0 8;8 1>;LH5. 8:B> =5 7=05B. 5 ?>4;568B A><=5=8N ;8HL B>, GB> 8E G8A;> A :064K< 3>4>< 2>7@0AB05B 2 @57C;LB0B5 =5>6840==KE >B:@KB89, 254L ?>8A: ?@>4>;605BAO =5CAB0==>. > O ?@54?>G8B0N 8<5BL 45;> A B@020<8, ?@>H54H8<8 8A?KB0=85 2@5<5=5<. >MB><C =5 AB>8B C482;OBLAO, 5A;8 >4=8 8 B5 65 @0AB5=8O <>6=> 2AB@5B8BL 2 A>AB025 :C@A>2 >B @0:0 @07=KE >@30=>2.  2 ?@54;0305<KE 3>B>2KE ;5G51=KE :><?;5:A0E O A?5F80;L=> 1>;LH5 2=8<0=8O C45;ON A0<K< 4>ABC?=K< B@020<, <=>385 87 =8E AG8B0NBAO A>@=O:0<8  :>=F5 :>=F>2, >A=>2C ;N1>9 <C7K:8 A>AB02;ONB 2A53> A5<L =>B. >6=> 87 =8E A>740BL =5 B>;L:> ?5A5=:C �'868:-?K68:�, => 8 �>30BK@A:CN A8<D>=8N�. !:@8?8G=K< :;NG>< : <>8< =>B0<, @07C<55BAO, >AB020;8AL 1>;83>;>2, 1>@FK, <CE><>@. >;L7>20;AO O =5 B>;L:> C?><O=CBK<8 2 :=835 @0AB5=8O<8, 2K1>@ C <5=O 1K; 7=0G8B5;L=> H8@5.

 45BAB25 8A?KB0; O A<CB=>5 AC525@=>5 GC2AB2> ?@8 2845 A>=-B@02K. >7<>6=> ?>B><C, GB> 101CH:0 25;5;0 =5 B@>30BL 5Q, =0?C302, GB> >=0 >G5=L O4>28B0. 5@2>5 2?5G0B;5=85 >B =5Q CA8;820;>AL B5<, GB> E>;>4=0O 25A5==OO 75<;O 5IQ >AB020;0AL ?CAB>9, 3>;>9. 420 =0G8=0;0 ?@>1820BLAO ?5@20O B@02:0. 5=L AB>O; ?0A<C@=K9, E<C@K9. 8;>2K9, B>;L:> O282H89AO =0 A25B, 2KBO=CBK9 2 ?@>4>;3>20BK9 :>;>:>;, 4>2>;L=> :@C?=K9, 2>;>A8ABK9 F25B>: =0 B>=5=L:>< AB51;5 :;>=8;AO : 75<;5 ?>4 A8;L=K<8 ?>@K20<8 25B@0, <=5 4065 ?>GC48;AO 53> 3;CE>9, 5;5 C;>28<K9, ?@83;CH05<K9 25B@>< 72>=. 01CH:0, =5 :0A0OAL 53>, :>?=C;0 45@52O==>9 ;>?0B>G:>9 75<;N 8 ?>;>68;0 2 :>@78=C F25B>: 2<5AB5 A BQ<=>-:>@8G=52K< :>@=5<. �= 3;070< ?><>65B, >B BQ<=>9 2>4K�,   A:070;0 >=0. "Q<=0O 2>40, :0: C7=0; O ?>765, 3;0C:><0, 0 =0720=85 F25B:0   ?@>AB@5; @0A:@KBK9.  4CH5 =0 2AN 687=L B0: 8 >AB0;AO B> ;8 >B72C: ?5@2>3> 45BA:>3> 2?5G0B;5=8O, B> ;8 >ICI5=85 A:@KB>9 2 F25B:5 =5@073040==>9 B09=K.  >1;N1>20==KE <5AB0E, 345 A>18@0; O B@02K, A>=-B@020 2AB@5G0;0AL =5 G0AB>. @8E>48;>AL @0AE>4>20BL 5Q 15@56=>, ?> :@09=59 =5>1E>48<>AB8. > >4=064K ?5@54> <=>9 >B:@K;0AL 70 3@51=5< E>;<0 25A5;0O 15@Q7>20O @>I0, A?;>HL CAK?0==0O 6Q;BK<8 8 ;8;>2K<8 F25B0<8 ?@>AB@5;>2 (8E 1>;LH5 45AOB:0 @07=>284=>AB59, 0 C =0A 2 0H:>@B>AB0=5 B>;L:> 420   A>=-B@020, 8=0G5 ?@>AB@5; @0A:@KBK9, 8 ?@>AB@5; 65;B5NI89). "0: ?@820;8;> <=5 =5A<5B=>5 1>30BAB2>.

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

 H5AB845AOBK5 3>4K ?@>H;>3> AB>;5B8O ACI8< 154AB285< 4;O :C@8;LI8:>2 1K;8 ;5B=85 <5AOFK. ! 25A=K 4> >A5=8 2 <03078=0E 8AG570;8 B010G=K5 8745;8O. 0 @K=:0E AB0:0=0<8 ?@>4020;8 A0<>A04. 5?;>E>9 B010: 2K@0I820; <>9 >B5F. !CH8; :@C?=K5 4CH8ABK5 ;8ABLO, <5;LG8; 8E, 8 <K A2>@0G820;8 �:>7L8 =>6:8�, :C@8;8, =0E20;820O :@5?:89 B010G>:. 5=I8=0 87 A>A54=53> 4><0 2K?@>A8;0 C >BF0 >48= 2KACH5==K9 ;8AB 4;O ;5:0@AB20. >2>@8;8, GB> >=0 1>;55B @0:><, A:>@> ?><@QB, C65 8 2@0G8 >B:070;8AL >B =5Q, 8 =0@>4=0O <548F8=0 =5 ?><>305B. B>-B> ?>A>25B>20; 59 =0AB>OBL =0 A0<>3>=:5 8;8 2>4:5 :C@8B5;L=K9 B010: 8 ?@8=8<0BL :0?;O<8, @07102;OO 2 2>45. 5 7=0N, :0: =0AB0820;0 >=0 >BF>2A:89 A0<>A04, A:>;L:> 2@5<5=8 ?@8=8<0;0 B010G=CN =0AB>9:C. 5 ?@>O28; B>340 =8:0:>3> 8=B5@5A0.  3>;>2C =5 ?@8E>48;>, GB> B010: <>6=> >B=5AB8 : ;5:0@AB25==K< @0AB5=8O<. > ?@>H5AB288 <=>38E ;5B, :>340 <8=C;8 E@CIQ2A:85 8 1@56=52A:85 2@5<5=0, 0 >@10GQ2 3>@OG> ?@8=O;AO AB@>8BL �A>F80;87< A G5;>25G5A:8< ;8F><�, O 2 4;8==>9 >G5@548 70 45D8F8B=K<8 :C@0<8 24@C3 C2845; BC A0<CN 1K2HCN A>A54:C, ?>AB0@52HCN, => :@5?:CN 65=I8=C, 2KH54HCN A 1>;LH>9, ?>;C?CAB>9 E>7O9AB25==>9 AC<:>9 =0 >E>BC 70 ?@>287859. 5C65;8 5Q A?0A;0 >B @0:0 =0AB>9:0 87 B010G=>3> ;8AB0?

/ C65 2 ?>;=CN A8;C 70=8<0;AO 87CG5=85< ;5:0@AB25==KE @0AB5=89. @8=O;AO 8A:0BL A2545=8O > B010:5.  2 A:>@>< 2@5<5=8 ?>?>;=8; A2>9 10306 5IQ >4=8< F5==59H8< ;5:0@AB2><. #7=0;, GB> 2KACH5==K5 =0 >B:@KB>< 2>74CE5, =0 A>;=F5, =5>1@01>B0==K5 ;8ABLO B010:0 A>45@60B >G5=L O4>28BK9 684:89 15A:8A;>@>4=K9 0;:0;>84 =8:>B8= 8 4@C385 0;:0;>84K, >@30=8G5A:85 :8A;>BK, <0AAC ?@>G8E E8<8G5A:8E 25I5AB2 8 @07;8G=KE D5@<5=B>2, >1;040NI8E <>3CG59 F5;51=>9 A8;>9. @5?0@0B0<8 B010:0 87402=0 ;5G8;8 BC15@:C;Q7 ;8<D0B8G5A:8E C7;>2, ;8<D><C, >AB@K5 ACAB02=K5 1>;8, 2K?045=85 ?@O<>9 :8H:8, 45@<0B>7K, =5706820NI85 O72K 8 @0=K.  =0@>45 B010: 8A?>;L7>20;8 2 1>@L15 A B@C4=>87;5G8<K<8 >=:>;>38G5A:8<8 701>;520=8O<8. !> 2@5<5=5< MB> 1K;> ?@87=0=> 8 =5:>B>@K<8 CGQ=K<8. !?5F80;8AB 2KAH59 :20;8D8:0F88 0@: >;>=47, 2@0G->=:>;>3, 8<5NI89 1>30BK9 >?KB 2 <548F8=5, @5:><5=4C5B 3>B>28BL A?8@B>2CN =0AB>9:C 87 B010:0 2 A>>B=>H5=88 1:10 8 ?@8<5=OBL 5Q ?@8 ;N1>9 ;>:0;870F88 @0:0 ?> :0?5;L=>9 AE5<5: =0G8=0BL A >4=>9, 5654=52=> 4>102;OO ?> :0?;5, 4>25AB8 4> A>@>:0.  2 B>< 65 ?>@O4:5 A?CAB8BLAO 2=87 4> 8AE>4=>9 >4=>9 :0?;8. 5G5=85 65;0B5;L=> 25AB8 =0@O4C A =0AB>9:>9 1>;83>;>20. @8 =5>1E>48<>AB8 F8:; ?>2B>@8BL 4> B@QE @07. >78@>2:C =8 2 :>5< A;CG05 =5 ?@52KH0BL! -B> =5 ?0=0F5O, => 5A;8 =0AB>9:0 B010:0 A?0AQB >B =5>?5@015;L=>3> @0:0 E>BO 1K =5A:>;L:> A>B5= 8 BKAOG 687=59, 0 2>7<>6=>, 8 1>;LH5   AB0B8AB8:>9 ?>:0 =8:B> =5 70=8<0;AO   2 1572KE>4=>9 A8BC0F88 B0:>9 <5B>4 8<55B ?@02> =0 ACI5AB2>20=85.

5 ?@>E>48B5 <8<> A>@=O:>2. 4>;L 4>@>3, ?> <CA>@=K< <5AB0< @0ABQB =5?@8<5B=K9 ?07=8: AB5@6=5:>@=52>9 A >G5=L <5;:8<8 ;8AB>G:0<8 =0 ?@O<>< 3>;>< AB51;5 A 65;BK<8 F25B:0<8, A>1@0==K<8 2 :@C?=K5 :>@78=:8 A ?@>4>;3>20BK<8 7C1G8:0<8. 3> G0AB> <>3CB 2845BL 8 3>@>60=5, 8 45@525=A:85 68B5;8, 40 =5 >1@0I0NB 2=8<0=8O. = ?@8<5=O5BAO ?@8 873>B>2;5=88 AK@0 :0: 0@><0B870B>@, 0 A5<5=0 8A?>;L7CNB ?@8 2K?5G:5 E;510.  E8<8G5A:89 A>AB02 ?07=8:0 2E>4OB D;02>=>84K, B@8B5@?5=>84 A:20;5=, AB5@>84K, :0@>B8=>84K   2A5 >=8 8<5NB ?@>B82>>?CE>;52CN =0?@02;5==>ABL. N1>?KB=>, GB> MB> @0AB5=85 8A?>;L7CNB B>;L:> ?@8 @0:5. 020@820NB B@8 AB>;>2K5 ;>6:8 B@02K 2 42CE AB0:0=0E 2>4K, :8?OBOB B@8 <8=CBK, =0AB0820NB 2 BQ?;>< <5AB5 420 G0A0 8 ?LNB ?> B@5B8 AB0:0=0 B@8 @070 2 45=L.

!>@=O:>< AG8B05BAO 8 482>;0 <=>3>;5B=OO 87 A5<59AB20 32>748G=KE, G0AB> 2AB@5G05<0O =0 70;560E, C 4>@>3, =0 >B:@KBKE <5AB0E.  0AB5=85 =52KA>:>5, A8;L=> 25B28AB>5, >B G53> :065BAO @0A?@>ABQ@BK<, 5420 ?>4=8<0OAL =04 75<;Q9 =0 2KA>BC ?OBL A0=B8<5B@>2. !>AB02 =5 87CG5=, CAB0=>2;5=> ;8HL, GB> 8<5NBAO 2 =Q< :C<0@8=K, D;02>=>84K.  =0@>4=>9 <548F8=5 =5:>B>@KE AB@0= 482>;0 ?@8<5=O5BAO 2 >A=>2=>< ;8HL ?@8 @0:5. , 2848<>, =5157CA?5H=>.  5F5?B: 425 AB>;>2K5 ;>6:8 B@02K =0 0,5 ; 2>4K, :8?OB8BL ?OBL <8=CB, =0AB0820BL 420 G0A0. @>F548BL. @8=8<0BL ?> ?>;AB0:0=0 B@8 @070 2 45=L ?@8 @0:>2KE 701>;520=8OE.

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

 K68: ?>A52=>9   MB> =5 3@81K, 0 =52KA>:>5 A>@=>5 @0AB5=85 A 3>;K<8 @0A:848ABK<8 AB51;O<8 8 @54:8<8 ;8ABLO<8, 65;B>20BK<8 F25B:0<8. '0AB> 2AB@5G05BAO =0 70;560E, 2 ?>A520E. @8<5=O5BAO 2 >A=>2=>< ?@8 @0:5. "@8 AB>;>2K5 ;>6:8 2KACH5==>9 B@02K =0AB0820NB 2 42CE AB0:0=0E :8?OB:0 B@8 G0A0 2 BQ?;>< <5AB5 8 ?LNB ?> ?>;AB0:0=0 B@8 @070 2 45=L.

4>;L 4>@>3 2 ?>;5, =0 <CA>@=KE <5AB0E, 8=>340 =0 ;5A=KE ?>;O=0E @0ABQB ?C?02:0 ?>;520O. B20@ 5Q :>@=59 40NB ?8BL ?@8 M?8;5?A88, ?>@>H>: :>@=59 CA8;8205B ?>B5=F8N, 0 >B 7;>:0G5AB25==KE >?CE>;59 ?@8<5=O5BAO B>;L:> A>: 87 A25659 B@02K -53> ?@8=8<0NB ?> >4=>9 AB>;>2>9 ;>6:5 420 8;8 B@8 @070 2 45=L.

0 1>;>B0E, 2;06=KE ;C30E, ?> 15@530< @5: G0AB> <>6=> 2845BL =5701C4:C 1>;>B=CN. Q 87402=0 8A?>;L7CNB ?@8 ;5G5=88 @0:0 @>B>2>9 ?>;>AB8 8 ?>;>2KE >@30=>2. LNB A>: A25653> @0AB5=8O ?> AB>;>2>9 ;>6:5 B@8 @070 2 45=L 8;8 ?@8=8<0NB 2=CB@L B0: 65 B@8 @070 2 45=L ?> G09=>9 ;>6:5 ?>@>H:0 87 2KACH5==>9 B@02K. ">G=> B0:8< 65 459AB285< >1;0405B A>: (8;8 ?>@>H>:) B@02K =5701C4:8 ?>;52>9.

A5 ?5@5G8A;5==K5 @0AB5=8O 2 >?@545;Q==>9 >G5@Q4=>AB8 <>6=> 2:;NG0BL 2 ;5G51=K5 :C@AK >B 7;>:0G5AB25==KE >?CE>;59 ;N1>9 ;>:0;870F88. ><>3CB.

 !"/
  '+% /% 

 :=830E �4>;5=L-B@020� 8 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38� O ?@82Q; 4>AB0B>G=> <=>3> ?>;57=KE @5F5?B>2 4;O ;5G5=8O H8@>:>3> :@C30 1>;57=59 ;Q3:8E, 0 B0:65 A5@4F0, =5@2=>9 A8AB5<K, 65;C4>G=>-:8H5G=KE 701>;520=89, ?5G5=8, ?>G5:, ACAB02>2, :>6=KE, M=4>:@8==KE 8 F5;>3> @O40 4@C38E 1>;57=59. =8 A45;0;8AL =0AB>;L:> ?>?C;O@=K<8, GB> :B>-B> =5 ?>;5=8;AO, 2KAB028; 8E ?>;=>ABLN 2 =B5@=5B5. >;L7>20;8AL 8<8 2A5 :B> E>B5;. -B> 1K;8 2 >A=>2=>< >B45;L=K5 @5F5?BK, 0 A2>9 <5B>4 @01>BK ?> A>AB02;5=8N 87 =8E A?5F80;L=KE ;5G51=KE :C@A>2 O B>340 5IQ =5 >1>1I8;. 8HL B5?5@L ?@54AB028;0AL B0:0O 2>7<>6=>ABL.

/ C65 3>2>@8; > B><, GB> 2 ?>402;ONI5< 1>;LH8=AB25, :0: i <8=8<C< 2>A5<L G5;>25: 87 45AOB8, >1@0I0;8AL :> <=5 A >=:>;>3859. 4=0:> 8 >AB0;L=K5 A;CG08 =5@54:> 70AB02;O;8 ?>;><0BL 3>;>2C =04 A>AB02;5=85< 8=48284C0;L=>3> A;>6=>3> :C@A0 ;5G5=8O, ?>B><C GB> ?@8E>48;>AL ;5G8BL =5 >B45;L=> 27OBCN >A=>2=CN 1>;57=L, 0 25AL >@30=87< 2 F5;><. 0: >1KG=>, ?@8254C ?@8<5@K 87 <=>3>:@0B=> 8A?KB0==KE :><?;5:A>2, 0 =5 548=8G=KE C40G.

�14.02.99. E<04 ., 47 ;5B. %@>=8G5A:89 >1AB@C:B82=K9 1@>=E8B A 0AB<0B8G5A:8< :><?>=5=B><. !>?CBAB2CNI55: E@>=8G5A:89 ?0=:@50B8B A ?>=865==>9 A5:@5B>@=>ABLN ?>465;C4>G=>9 65;57K.  52<0B87<. @>AB0B8B�.

0 2=5H=89 284 <C6G8=0 :@5?:89, 74>@>2K9, A >1KG=K<8 4;O 2>7@0AB0, :0: 2K@078;AO A0<, �<5;>G0<8   8=>340 : =5?>3>45 ;><8B A?8=C 8 =>38, A;CG05BAO @0AAB@>9AB2> 65;C4:0 ?>A;5 68@=>9 10@0=8=K, 0 2 ?@56=85 2@5<5=0 <>3 70 >48= ?@8A5AB AJ5ABL ?>;10@0=0, 8 =8G53>, : 2@0G0< =5 >1@0I0;AO�. 1@0B8BLAO : 2@0GC ?@8H;>AL ?>A;5 B>3>, :0: ?>4 >2K9 3>4 AE>48; 2 A>A54=55 A5;> : @>4=5, 2A53>-B> :8;><5B@>2 H5ABL, => A8;L=> 2LN68;>, 25B5@ A =>3 20;8;. 84=>, 3@C4L 70ABC48;. "5?5@L 4KH0BL B@C4=>, :0H5;L 70<CG8;. "01;5B:8 =5 ?><>30NB. # A2>53> A5;LA:>3> 2@0G0 ?>?@>A8; 2K?8A:C 4;O <5=O.

'B> O <>3 ?@54;>68BL E<04C? @5645 2A53> 8A?KB0==K9 3>40<8 1@>=E>;Q3>G=K9 B@02O=>9 A1>@.  =53> 2>H;8: ?>;B>@K AB>;>2K5 ;>6:8 103C;L=8:0, B@8 G09=K5 ;>6:8 :@0?82K 63CG59, 425 G09=K5 ;>6:8 F25B:>2 0;B5O, 425 G09=K5 ;>6:8 B@02K :8?@5O, >4=0 =5?>;=0O G09=0O ;>6:0 87<5;LGQ==>3> 2 ?>@>H>: :>@=O A>;>4:8. 25 AB>;>2K5 ;>6:8 A1>@0 70;8BL 0,5 ; :8?OB:0, 70:@KBL :@KH:>9 8 ?0@8BL =0 :8?OI59 2>4O=>9 10=5 4204F0BL <8=CB. '5@57 G0A ?@>F548BL. 8BL 2 BQ?;>< 2845 ?> ?>;AB0:0=0 B@8 @070 2 45=L, 2 40==>< A;CG05   G5@57 G0A ?>A;5 54K.  70 G0A 4> 54K 2K?8BL BQ?;K9 =0AB>9 G8=K ;C3>2>9, 7020@820O >4=C AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0. 0AB>OBL >48= G0A, ?@>F548BL 8 ?8BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L A G09=>9 ;>6:>9 ;Q3>G=>3> 10;L70<0.  10;L70< 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, F25B:>2 A>A=K, B@02K 8AA>?0, :>@=59 452OA8;0 8 50 <; =0AB>9:8 MD54@K E2>I52>9.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL ?> B@8 :0?;8 =0AB>9:8 F25BCI8E 25@ECH5: :>=>?;8 =0 ;>6:5 2>4K. B45;L=> -=5A:>;L:> @07 2 45=L   ?> 3;>B:C >B20@ :>@=59 154@5=F0 (@5F5?B 2 ?5@2>9 3;025).

7 :0:8E A>>1@065=89 O 8AE>48;?  103C;L=8:5 A>45@60BAO MD8@=>5 <0A;> 8 ;54>;, CA8;820NI85 A5:@5F8N 1@>=E80;L=KE 65;57. 0AB>9 B@02K F5=8BAO ?@8 E@>=8G5A:8E 8 >AB@KE E@>=8G5A:8E 1@>=E8B0E A 1@>=E>A?0AB8G5A:8< :><?>=5=B><, ?@8 1@>=E80;L=>9 0AB<5 8 :>:;NH5, ?@54C?@56405B =565;0B5;L=K5 87<5=5=8O 2 A8AB5<5 :@>2>>1@0I5=8O. ;NA :> 2A5<C 103C;L=8: G0AB> =07=0G0NB ?@8 @52<0B87<5. = 3C18B5;L=> 459AB2C5B =0 7>;>B8ABK9 AB0D8;>:>:: 8 4@C385 <8:@>1K. @><5 B>3>, >1;0405B <>G53>==K< 459AB285<, GB> ?>B@51C5BAO 2 :><?;5:A5 A 4@C38<8 B@020<8 ?@8 ?@>AB0B8B5. 03C;L=8: O4>28B. "5 65 MD8@=>5 <0A;> 8 ;54>; 2 53> A>AB025 A?>A>1=K 2K720BL 2>A?0;5=85 A;878AB>9 >1>;>G:8 65;C4:0, 7045=CB >=8 8 ?>465;C4>G=CN 65;57C. #AB@0=OB 8E 2@54=>5 2>7459AB285 F25BK 0;B5O 8 :8?@59. 0;> B>3>, >=8 ?>?CB=> 1C4CB ;5G8BL 8 ?@>AB0B8B, E>BO >A=>2=0O 8E =0?@02;5==>ABL: CAB@0=5=85 1@>=E8B0. !>;>4:0 G0AB> ?@8<5=O5BAO ?@8 ;Q3>G=KE 701>;520=8OE :0: A@54AB2> >BE0@:820NI55, >12>;0:820NI55 8 ?@>B82>2>A?0;8B5;L=>5, => ;5G0B 5N 8 ?@>AB0B8B. >@>G5 3>2>@O, MB>B A1>@ 15@QB 2 :>;LF> 2A5 >A=>2=K5 =54C38 1>;L=>3>. 5 A;54C5B 701K20BL, GB> :><?;5:A=>5 ;5G5=85 CA8;820NB ;Q3>G=K9 10;L70<, 154@5=5F. '8=0 ?@8<5=O5BAO 4065 ?@8 01AF5AA0E ;Q3:8E. @>=E8B A 0AB<0B8G5A:8< :><?>=5=B>< 8 0AB<C 8AAB0@8 ;5G8;8 :0?;O<8 =0AB>9:8 :>=>?;8. !@54AB2> MDD5:B82=>5. / ?>;L7>20;AO 8< 4> B5E ?>@, ?>:0 =5 >1JO28;8 :>=>?;5 15A?>I04=CN 2>9=C 2?;>BL 4> AC@>2>3> C3>;>2=>3> ?@5A;54>20=8O 70 E@0=5=85 E>BO 1K I5?>B:8 F5==>9 ;5:0@AB25==>9 B@02K. >NAL, 87-70 =0@:><0=>2 =0G=CB 8AG570BL 8 4@C385 ;5G51=K5 B@02K. > ?>A;54=8< A2545=8O<   =8:0: ?>25@8BL 2 MB> =5 <>3C   : 8E G8A;C AB0;8 >B=>A8BL 8 75;5=L ?5B@CH:8. G5=L =045NAL, GB> A;CE8 >:06CBAO >H81>G=K<8.

@>=E>;Q3>G=K9 A1>@ 65;0B5;L=> ?@8=8<0BL B@8 <5AOF0 ?>4@O4. > 2B>@>< :C@A5 O 70<5=8; G8=C B@02>9 1C:28FK.  =59 C65 <=>3> 1K;> A:070=>.  B@5BL5< :C@A5 25@=C;8AL : G8=5. >1028; A>A=>2K9 <Q4 A F25B:0<8 A>A=K.  G5B2Q@B>< 8 ?OB>< G8=C A 1C:28F59 8 =0AB>9:C :>=>?;8 C1@0;, 2<5AB> =8E 2:;NG8; A=0G0;0 =0AB>9 B@02K G5@=>1K;L=8:0, 70B5< A015;L=8:. ;O CA8;5=8O ?>B5=F88 =07=0G8; =0AB>9 ?;>4>2 15@5A:;5B0   ?>;>28=C G09=>9 ;>6:8 ?;>4>2 =0AB>OBL 420 G0A0 2 42CE AB0:0=0E 2>4K, ?@>F548BL 8 ?@8=8<0BL ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L 420 <5AOF0. 5@5A:;5B O4>28B, >BAN40 8 4>78@>2:0 AB@>30O. = GC2AB28B5;L=> ?>=8605B 402;5=85, ?>MB><C O C@02=>25A8; 53> =0AB>9:>9 ;52758   <0@0;L53> :>@=O. 5275O ?>2KH05B 402;5=85, 0 2 >A=>2=>< 5N ;5G0B 8<?>B5=F8N. B20@ B@02K A;01>20B, ?>MB><C 3>B>2OB A?8@B>2CN =0AB>9:C: :;04CB 100 3 87<5;LG5==KE :>@=59 =0 0,5 ; 2>4:8, =0AB0820NB A>@>: ?OBL 4=59, ?@8=8<0NB >B 4204F0B8 :0?5;L 4> >4=>9 G09=>9 ;>6:8 B@8 @070 2 45=L 4> 54K 420 <5AOF0. 0 25G5@ =5 >AB02;OBL, 1>4@8B, ?>MB><C ?>A;54=89 @07 ?@8=8<0NB 70 G5BK@5-?OBL G0A>2 4> A=0. 5275O ?@840QB ;Q3:>ABL, =0;8205B B5;> M=5@3859.

E<04 C65 G5@57 420 <5AOF0 A>>1I8;, GB> GC2AB2C5B A51O E>@>H>. @8H;>AL >1JOA=OBL 5<C, GB> ;5G5=85 =04> 4>25AB8 4> :>=F0. K ?>4@C68;8AL A =8<. %>BO 8 40;5:>20B> 4> 53> 45@52=8, => O A>1;07=8;AO B5<, GB> @O4>< 5ABL =5A:>;L:> >7Q@, 345 ?>;=K<-?>;=> @K1K, 0 4;O <5=O 2KAH55 1;065=AB2> ?>45@60BL 2 @C:0E C4>G:C. @8E>48;>AL B>;L:> A>60;5BL, GB> A :064K< 3>4>< 2K574K =0 @K10;:C AB0=>28;8AL 2AQ @565 8 @565. "@02K >:070;8AL 206=55. #?CAB8HL 45=L   ?>B>< 25AL 3>4 A>60;5BL 1C45HL, GB> =5 CA?5; 27OBL =C6=K9 F25B>:, >1;5B5;8 53> ;5?5AB:8, ?>:0 BK A>18@0;AO 70 =8<.

 1>;L=K< 4> B2>8E 701>B 45;0 =5B. =8 84CB 8 54CB 2 =045645 ?>;CG8BL >15I0==K5 8< F5;51=K5 10H:8@A:85 B@02K.

* * *

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�K@CG09! (5D A53>4=O 70H<K30;, 0 5<C =0 4=OE ;5B5BL 2 (259F0@8N, =0 >G5=L 206=CN 2AB@5GC�. / 40; D;0:>= A ;5:0@AB2><, ?@54C?@5482: �CABL =0G8=05B ?8BL A53>4=O 65, ?> G09=>9 ;>6:5 G5@57 :064K5 420 G0A0 4> 25G5@0, 702B@0 G5BK@5 @070 2 45=L�.

@>H;> 420 4=O, ?>72>=8; ;LD@54: �!?0A81>, 4@C68I5, H5D C;5B5;, >B 3@8??0 =8:0:>3> A;540�.

 A5@548=5 ;5B0 ;N1;N O A>18@0BL 15;K5, C4828B5;L=> 4CH8ABK5 <5B5;LG0BK5 3@>74LO F25B>2 ;0107=8:0 2O7>;8AB=>3>. @8 2KACH820=88 >=8 ?0E=CB 5IQ A8;L=55, 8E F5;51=K9 0@><0B =5 B5@O5BAO 8 ?@8 40;L=59H5< E@0=5=88 2 70:@KB>9 ?>AC45. 0107=8: >1;0405B A8;L=K< 10:B5@8F84=K< 459AB285<, 0 =5?>2B>@8<K9 70?0E F25B:>2 >1CA;>2;5=, 2848<>, MD8@=K< <0A;><, A;540<8 35;8>B@>?8=0, 20=8;8=0 8 B5@?5=0, <5B8;>2>A0;8F8-;>2>3> MD8@0. ;O ?@83>B>2;5=8O ;5:0@AB20 O ?>;>28=C AB0:0=0 ACE8E F25B:>2 70;820N 200 <; E>;>4=>9 2>4K, =0AB0820N A 25G5@0 4> CB@0 (=5 <5=55 425=04F0B8 G0A>2) 8 2;820N BC40 50 <; A?8@B>2>9 =0AB>9:8 :0;5=4C;K (A2>59, 0 =5 0?B5G=>9   >B =5Q =5B ?>;L7K). 0AB>O2 5IQ 420 G0A0, ?@>F56820N, >B68<0N G5@57 =5A:>;L:> A;>Q2 <0@;8. 5:0@AB2> MDD5:B82=> 2 ?5@2K5 G0AK ?@87=0:0 =0G8=0NI53>AO 3@8??0 8;8 @5A?8@0B>@=>3> 701>;520=8O   >B =8E =0CB@> =5 >AB0QBAO =8:0:>3> A;540. 0G0; ;5G8BLAO =0 2B>@K5 ACB:8   ?5@51>;55HL 2 A0<>9 ;Q3:>9 D>@<5 45=L 8;8 420. ?>740;, ?@8=O; =0 B@5BL8 8;8 G5B2Q@BK5 ACB:8, 2A53> ;8HL =0?>;>28=C >1;53G8B A>AB>O=85. 0 A515 ?@>25@5=>. >MB><C A>25BCN =0G8=0BL ;5G5=85 A@07C, =5 4>6840OAL ?>@065=8O A;878AB>9 =>A0, >7=>10, :0H;O, ;><>BK 2 B5;5. ">340 <>6=> 2>>1I5 701KBL > B><, GB> =0 A25B5 ACI5AB2C5B 3@8??.

* * *

53:> A?@028BLAO A 1>;57=LN, 70AB83=CB>9 2 A0<>< =0G0;5. > 8 A 5Q ?>A;54AB28O<8 =04> 1>@>BLAO, GB>1K =5 ?5@5H;0 >=0 2 E@>=8G5A:CN D>@<C. 20 !. 87 '51>:A0@ (59 2A53> B@84F0BL G5BK@5 3>40), 1>O;0AL, GB> C<@QB, :>340 BO65;> 701>;5;0 ?=52<>=859.  1>;L=8F5 2@0G8 0=B818>B8:0<8 8 :0?5;L=8F0<8 703;CH8;8 >G03, 2K?8A0;8 2 ?>;>65==K5 4;O AB0F8>=0@0 A@>:8 4><>9, B> 5ABL G5@57 B@8 =545;8, A C;CGH5=85<. 4=0:> <>;>40O 65=I8=0 =8:0: =5 <>3;0 =01@0BLAO ?@56=8E A8;, AB@040;0 >B >4KH:8, 1KAB@> CAB020;0, =>GLN >1;820;0AL ?>B><, 0 4=Q< E>48;0 2AO @0718B0O. '5@57 7=0:><KE 2KH;0 =0 <5=O.

8 0?@5;O 1998 3>40 O >B?@028; 2 'C20H8N ;5:0@AB20 A@07C =0 420 <5AOF0. ! ;Q3:8<8 HCB:8 ?;>E8, =5;L7O >AB02;OBL 8E =54>;5G5==K<8 2> 871560=85 A5@LQ7=KE >A;>6=5=89.  4;O MB>3> ?@5645 2A53> B@51>20;>AL C:@5?8BL @0AH0B0==K9 8<<C=8B5B, =5 4>18BLAO CA?5E0, 5A;8 =5 ?@825AB8 53> 2 ?>@O4>:. >MB><C 2 ?5@2CN >G5@54L O =07=0G8; A>A=>2K9 <Q4 A F25B:0<8 A>A=K. 0B5< =0AB>9 B@02K 1C:28FK 4> 54K, ?> B@5B8 AB0:0=0 B@8 @070 2 45=L.  40==>< A;CG05 >=0 2K?>;=8B C =0A B@8 F5;8: =0G=QB ;5G8BL ;Q3:85, 2>AAB0=>28B 8AB>IQ==CN =5@2=CN A8AB5<C, C:@5?8B 8<<C=8B5B. >A;5 54K ?@54AB>8B ?8BL =0AB>9 B@02K G8=K ;C3>2>9. =0 ?>G8=8B ?>2@564Q==CN ;Q3>G=CN B:0=L, A3;048B 8;8 2>2A5 C15@QB >1@07>202H85AO @C1FK. :C?5 A 1C:28F59 8 G8=>9 =5 ?><5H0NB :>?KB5=L 8 A>: 4C@=8H=8:0, =0AB>9:0 :>@=59 154@5=F0.

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�28=C 28F5==K�   B0: =0720; O 2 G5ABL <C4@>3> 2@0G520B5;O 52OA8;>2>5 28=>. => >G5=L ?><>305B 2K74>@02;820NI8< 1>;L=K< 1KAB@55 2AB0BL =0 =>38.  2 A0<>< 45;5, A:>@> ?>;CG8; >B 2K 25AB>G:C A 1;03>40@=>ABLN 70 B@02K. �IQ =5402=> O 5420 2>;>G8;0 =>38, 0 B5?5@L ?>O28;>AL AB>;L:> M=5@388, GB> 3>B>20 ;5B0BL, :0: 2 <>;>4>AB8�,   =0?8A0;0 >=0, =5 A:@K20O @04>AB8.

* * *

�E, :0:>5 GC4>!   C<8;Q==> 2>A:;8F0;0 <>A:28G:0 ., @073;O4K20O <5;:> ?>@570==CN, 0::C@0B=> A;>65==CN 2 ?0:5B5 B@02C 7N7=8:0.   /@:0O, 6820O, :0: B>;L:> GB> A>@20==0O. 065 =5 25@8BAO, GB> >=0 ACE0O. # =0A 4065 2 >4<>A:>2L5 B0:CN A2565ABL =5 C2848HL, 2AO B@020 1;Q:;0O.  2 0?B5:5, 5A;8 A@02=8BL A 20H8<8 B@020<8, 8 2>2A5 >4=C B@CEC ?@>40NB�. =0 =8A:>;L:> =5 ?@5C25;8G820;0. / C?>@=> 4>1820;AO B>3>, GB>1K 2KACH5==K5 @0AB5=8O =8G5< =5 >B;8G0;8AL >B 682KE, =5 CAB020O ?>2B>@OBL, GB> ;5G8B =5 =0720=85 B@02K, 0 5Q :0G5AB2>. 5 A><=520NAL, MB> 2 :0:>9-B> <5@5 2>7459AB2>20;> 8 =0 ?A8E>;>38N 1>;L=KE, 2K7K20O C =8E 4>25@85 : =07=0G05<K< ;5:0@AB20<.

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

>@07<KA;82, O @07>1@0; �1C:5B� =0 >B45;L=K5 G0AB8. ! 0AB<>9 2AQ OA=>. !CAB02K B0:65 B@51CNB >B45;L=>3> ?>4E>40. 06=> >1@0B8BL 2=8<0=85 =0 I8B>284=CN 65;57C   >B =5Q 8AE>4OB <=>385 154K: 8 60;>1K =0 A5@4F5, =0 =5@2K 8 4@>60=85 @C:, 3>;>2=K5 1>;8 8 =0@CH5=85 A=0, ?;0:A82>ABL.  :0:>9-B> AB5?5=8 A2O70=K A I8B>284:>9 8 ?>G:8, 0 B>G=55   =04?>G5G=8:8. CABL =5 =0?@O<CN, 0 :>A25==> >:06CB B@02K ?>;>68B5;L=>5 2;8O=85 =0 >AB0;L=K5 >@30=K, 5A;8 8E ?@028;L=> >1J548=8BL 2 >1I5< ;5G51=>< :C@A5. >AB5?5==> A;>68;AO 2 3>;>25 25AL ?;0= ;5G5=8O.

AB5AB25==>, A ?5@2>3> 65 :C@A0 2 >A=>2C ;53;> A8;L=>5 A@54AB2> >B 0AB<K. ;O 53> ?@83>B>2;5=8O 3>@ABL B@02K 8AA>?0 =04> 70;8BL ;8B@>< :8?OB:0, ;CGH5 2A53> 2 B5@<>A5. @KH:C 70:@KBL =5 A@07C, <8=CB G5@57 ?OBL. 0AB>OBL >48= G0A. @>F548BL 8 =0AB>9 2;8BL >1@0B=> 2 B5@<>A. 8BL 2 3>@OG5< 2845, ?> >4=><C AB0:0=C B@8 @070 2 45=L 70 4204F0BL <8=CB 4> 54K. C@A >48= <5AOF. >A;5 54K ?@8=OBL =5A:>;L:> 3;>B:>2 =0AB>O 4@>:0   >4=C G09=CN ;>6:C B@02K =0AB>OBL 2A53> 2 ?>;>28=5 AB0:0=0 :8?OB:0, @0A?@545;82 53> =0 B@8 ?@8Q<0. <5AB5 A 4@>:>< ?@8=OBL B@8 @070 2 45=L ?> 4204F0BL :0?5;L =0AB>9:8 7N7=8:0. (1 MB8E B@020E 3>2>@8BAO 2 3;025 > @0:5 I8B>284=>9 65;57K.) '5@57 ?>;G0A0 8;8 G0A 5IQ >48= =0AB>9: AB>;>2CN ;>6:C B@02K 3>@F0 0;L?89A:>3> 70;8BL AB0:0=>< :8?OB:0, 70:@KBL :@KH:>9 8 =0AB>OBL 420 G0A0. >A;5 ?@>F56820=8O ?@8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L, 2;820O 2 :064CN ?>@F8N AB>;>2CN ;>6:C =0AB>9:8 :>@=59 A015;L=8:0.

>@5F 0;L?89A:89 C?><8=05BAO 2 :=835 2?5@2K5. !2545=8O > =Q< :@09=5 A:C4=K5. 065 2 A0<>9 ?>;=>9 M=F8:;>?5488 ;5:0@AB25==KE @0AB5=89 >= >BACBAB2C5B. 5 4>?CAB8;8 53> 2 :><?0=8N 42CE 45AOB:>2 4@C38E 3>@F52, E>BO 8 2E>48B >= 2 A5<59AB2> 3@5G8H=KE. / 4065 =0G0; A><=520BLAO, =5 ?@OG5BAO ;8 B08=AB25==K9 =57=0:><5F ?>4 4@C38< =0720=85<?

5B. 4=064K 703;O=C; 87 ;N1>?KBAB20 2 �?@545;8B5;L @0AB5=89 0H:8@A:>9 !! �, F8B8@CN ?>;=>5 >?8A0=85: �!B. ?@O<>AB>OG89, :>@>B:>25B28ABK9. . ;0=F5B>284=K5, 13  15 A< 4;. 8 1 5 A< H8@., A :;8=>284=K< >A=>20=85<, :>@>B:>G5@5H:>2K5.  0AB@C1K :>A> A@570==K5. &2. 15;K5, 2 157;8AB=>9 <5BQ;:5. . 0;L?89A:89. "0@0=. 0H:8@A:0O :0?CAB0�. 0H:8@K 8AAB0@8 8A?>;L7>20;8 MB> @0AB5=85 4;O ;5G5=8O 1>;L=KE ACAB02>2 ?@8 >B;>65=88 A>;59, B>340 =5 ACI5AB2>20;> B0:>3> B5@<8=0 :0: >AB5>E>=4@>7. 5G8;8 8< 8 4@C385 1>;57=8   ?@>ABC4C, ;Q3:85, 65;C4>:, E>;5F8AB8B, 65;BCEC, 7>1, <>G5:0<5==CN 1>;57=L, ?>403@C, 480@5N, 35<>@@>9, 65=A:85 1>;57=8, :@>2>B5G5=8O. 8ABLO AJ54>1=K5, 8<8 70?@02;O;8 1C;L>=   HC@?C, 18H10@<0:   <OA=>5 1;N4>. 025@=>5, ?>MB><C =0720;8 @0AB5=85 10H:8@A:>9 :0?CAB>9. %8<8G5A:89 A>AB02 =58725AB5=.

8:0:8E C:070=89 : ?@8<5=5=8N =5B. 5;L7O 65 ?>;L7>20BLAO @0AB5=85< 2A;5?CN, 8 O A2>8< ?@8<8B82=K< A?>A>1>< >?@545;O;, =0 GB> A?>A>15= 3>@5F 0;L?89A:89   A ?><>ILN 18>;>:0F8>==KE @0<>:. !?@0H820N C =8E: 1C45B 3>@5F ;5G8BL >AB5>E>=4@>7?  5038@CNB C25@5==>: 40! ><>65B ;8 ?@8 1>;57=OE I8B>284:8? 0! >;575= 3>@5F 0;L?89A:89 ?@8 35<>@@>5? 0! 040N ?@>2>:0F8>==K9 2>?@>A: A<>3C ;8 O 2K;5G8BL 3>@F5< AB5=>:0@48N? >;G0B @0<:8, 4065 =5 H5;>E=C;8AL.  5A;8 O ?@8<5=N B@02C ?@8 A0E0@=>< 48015B5? >;G>:. >340 <5=O >4>;520;8 A><=5=8O, 8=>340 O ?>=52>;5 >1@0I0;AO 70 A>25B>< : A2>8< @0<:0<, 8 >=8 =8 @07C <5=O =5 ?>42>48;8. >MB><C O 1K; C25@5=, GB> 3>@5F 0;L?89A:89 2 A2O7:5 A B@02>9 A015;L=8:0 >1O70B5;L=> ?><>65B .  MB>B ;5G51=K9 :C@A O 2:;NG8; =0AB>9:C F25B:>2 1>O@KH=8:0   ?> G09=>9 ;>6:5 G5@57 ?>;G0A0 ?>A;5 54K (?@8=8<0BL 5Q =0 ?CAB>9 65;C4>: =5;L7O). 5 701K; 8 > 4C@=8H=8:5 A :>?KB=5<.

B>@>9 :C@A 3=5AA0 @:04L52=0 =0G0;0 A =0AB>O B@02 ?@>B82 0AB<K. -B> 1K; 402=> 8A?KB0==K9 A>AB02: ?>;B>@K AB>;>2K5 ;>6:8 103C;L=8:0, =5?>;=0O AB>;>20O ;>6:0 <5;:>9 63CG59 :@0?82K, 425 G09=K5 ;>6:8 F25B:>2 0;B5O, ?> G09=>9 ;>6:5 B@02K G01@5F0 8 87<>;>B>3> :>@=O A>;>4:8. 25 AB>;>2K5 ;>6:8 A1>@0 70;8BL 0,5 ; :8?OB:0, 4204F0BL <8=CB ?0@8BL =0 2>4O=>9 10=5. 8BL 2 ?>;C3>@OG5< 2845 ?> ?>;AB0:0=0 B@8 @070 2 45=L 4> 54K.  :064CN ?>@F8N 2;820BL ?> G09=>9 ;>6:5 ;Q3>G=>3> 10;L70<0 (2 =53> 2>H;8 ?> 50 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, ?>G5: 15@Q7K, F25B:>2 A>A=K, :0;5=4C;K, B@02K 725@>1>O, 3@CH0=:8, ;5A?5457K, 25@>=8:8, ><5;K, E<5;O). AA>? =5 AB0; 4>102;OBL, 53> <=>3> 1K;> 2 ?5@2>< :C@A5. >A;5 54K =0ABC?8; G5@Q4 4@>:0 8 7N7=8:0 A :>D59=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A   >B20@ :>@=59 A015;L=8:0. B45;L=>, B@8 @070 2 45=L ?>A;5 54K, F25B:8 1>O@KH=8:0   ?> G09=>9 ;>6:5 =0AB>9:8.  ;N1K5 A2>1>4=K5 ?@><56CB:8   4C@=8H=8: A :>?KB=5<.

"@5B89 :C@A AB0; ?>2B>@5=85< ?5@2>3>, O B>;L:> CA8;8; 53> 1>;83>;>2><   A CB@0, 0 =0 =>GL =07=0G8; G09=CN ;>6:C 10;L70<0 �56=>ABL� (?> 300 <; <5;8AAK, A8=NE8, 200 <; 20;5@80=K, ?> 100 <; <OBK 8 H8H5: E<5;O   2A5 MB8 :><?>=5=BK ?>:070=K ?@8 0AB<5, 0 B0:65 A5@45G=>9 A;01>AB8, =5@2=>< 8AB>I5=88).

 ?>;=>< 2K74>@>2;5=88, :>=5G=>, 8 @5G8 =5 <>3;> 1KBL, => 3=5AA0 @:04L52=0, 701K2 > ?@56=8E 0AB<0B8G5A:8E ?@8ABC?0E, A5@45G=KE 8 ?@>G8E =54><>30=8OE, A>G;0, GB> >=0 2?>;=5 74>@>20, ;5B> ?@>254QB =0 40G5, >:>=G0B5;L=> >:@5?=CBL 59 ?><>65B ?@8@>40, 0 40;LH5 284=> 1C45B, ?@>4>;60BL 59 ;5G5=85 8;8 =5B. (0@0=55 A:06C, ?>765 >=0 B@864K ?>2B>@8;0 MB8 65 :><?;5:AK, ?> >4=><C @07C 2 3>4, >1KG=> ?>74=> >A5=LN 8;8 2 :>=F5 78<K.)

 ?>A;54CNI85 3>4K 1K;> =5A:>;L:> A;CG052, :>340 <>A:28G8 >1@0I0;8AL :> <=5 A =5?@5<5==>9 AAK;:>9 =0 3=5AAC @:04L52=C: �728=8B5 70 15A?>:>9AB2>. / 72>=N 20< ?> @5:><5=40F88 . =0 A:070;0, GB> 87 2A5E F5;8B5;59 B>;L:> 2K A?>A>1=K ?><>GL <=5...�

* * *

>B >48= 87 B0:8E 72>=:>2.

�11.08.1998. 0@LO !5<Q=>2=0 !., 47 ;5B. >A:20. 803=>7: A0@:084>7, ;Q3>G=0O D>@<0. !B. 2. %@>=. >1AB@C:B82=K9 1@>=E8B. Q3>G=>5 A5@4F5 2 AB0488 AC1:><?5=A0F88. !CAB02=>9 A8=4@><. @>=E>M:B07=K9 A8=4@><. =52<>A:;5@>7. -<D875<0�.

�>3>< ?@>HC, C<>;ON, =5 >B:068B5 <=5. !5@4F5< GCN, =8:B> =5 A?0AQB <5=O, :@><5 20A. "0: <=5 A:070=> 1K;>. B> A:070;? 3=5AA0 @:04L52=0, 0 59 O 25@N...� =5 =8G53> =5 >AB020;>AL, :0: ?@54C?@548BL, GB> =8:0:8E >15I0=89 O =5 <>3C 40BL, 2AQ 2 @C:0E 1>6L8E, 0 O ?>?KB0NAL A45;0BL B>, GB> 2 <>8E A8;0E.

040G0 A;>6=0O. !0@:084>7   E@>=8G5A:>5 701>;520=85 =58725AB=>9 ?@8G8=K, :>340 =5>6840==> C25;8G820NBAO ;8<D0B8G5A:85 C7;K 2 ;Q3:8E, 2 ?5G5=8, A5;57Q=:5 8 <=>38E 4@C38E G0ABOE B5;0, >1@07CO <OA8ABK5 C75;:8   3@0=C;Q<K. > A8<?B><0< 701>;520=85 2> <=>3>< =0?><8=05B B5G5=85 BC15@:C;Q70. 5 ?>40@>: 8 1@>=E>M:B07   @0AH8@5=85 1@>=E>2 8 M<D875<0   =0;8G85 2>74CE0 2 ?>@06Q==KE ;Q3>G=KE B:0=OE. > A8E ?>@ =5 2KOA=5= 4> :>=F0 <5E0=87< @0728B8O C G5;>25:0 M<D875<K 8 =8:0:>3> A?5F80;L=>3> ;5G5=8O 2 40==>< A;CG05 =5 ACI5AB2C5B. 0 <>Q< <5AB5 >?KB=K9 DB8780B@ B>;L:> A>:@CHQ==> ?>:0G0; 1K 3>;>2>9. > O =5 2@0G. 5B C <5=O =8 A:0;L?5;O, =8 <548:0<5=B>2, 0 2A53> ;8HL >1KG=K5 B@02K, 40@>20==K5 ?@8@>4>9 8 A?>A>1=K5 ?@8 @07C<=>< ?>41>@5 ?>?KB0BLAO 8A?@028BL =0=5AQ==K9 ?@8@>45 2@54, 2 B>< G8A;5 8 G5;>25:C   >= 254L B>65 ?>;=>ABLN O2;O5BAO ?@>4C:B>< ?@8@>4K.

%>BO 8 =5B C 0@L8 >=:>;>388, O @5H8; =07=0G8BL 59 1>;83>;>2. > A2>59 :0?5;L=>9 AE5<5. >;83>;>2 402=> 4>:070; A2>N A?>A>1=>ABL A?@02;OBLAO A A0<K<8 BO6Q;K<8 8 B@C4=>87;5G8<K<8 1>;57=O<8. = 8 2 >48=>G:C =02Q; 1K 4>;6=K9 ?>@O4>: 2 >?CEH8E ;8<D0B8G5A:8E C7;0E, C=8GB>68; 1K 3@0=C;Q<K, =5 >AB0282 >B =8E 8 A;540, 0 A B0:8<8 ?><>I=8:0<8, :0: A015;L=8:, 4C@=8H=8:, 1C:28F0, F25B:8 A>A=K, 8 4@C38<8 B@020<8 ;5G5=85 ?>H;> 1K 7=0G8B5;L=> 1KAB@55. 5@2K9 :C@A A;>68;AO 2 A0<>< 8A?KB0==>< 20@80=B5. >A;5 ?@>1C645=8O   1>;83>;>2. 0B5< 4> 54K   A>A=>2K9 <Q4 A F25B:0<8 A>A=K 8 =0AB>9 B@02K 1C:28FK A> AB>;>2>9 ;>6:>9 :>@=59 A015;L=8:0. >A;5 54K   =0AB>9 B@02K E2>I0 A G09=>9 ;>6:>9 =0AB>9:8 ?>G5: GQ@=>3> B>?>;O. '5@57 G0A =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 A>:0 <54C=8FK.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   A>: 4C@=8H=8:0, :>?KB5=L. A5 4>78@>2:8 >1KG=K5.

14 A5=BO1@O 2 <>59 B5B@04:5 ?>O28;0AL :>@>B:0O 70?8AL: �2>=8;0 0@LO !5<Q=>2=0. 5G5=85< >G5=L 4>2>;L=0. !0<>GC2AB285 C;CGH8;>AL. KH8B ;53:>, A2>1>4=>, => ?>:0 1>;OB ACAB02K�.

/ C65 CA?5; >B?@028BL 59 2B>@>9 :C@A. 0: A5@4F5 GC2AB2>20;>, ?>4A:070;> <=5, GB> =04> 1K 1>;LH5 >1@0B8BL 2=8<0=85 =0 ACAB02K. @56=8<8 >AB020;8AL 1>;83>;>2, <Q4 A F25B:0<8 A>A=K, 4C@=8H=8: A :>?KB=5<. > 54K =07=0G8; C65 7=0:><CN =0< G8=C, ?> B@5B8 AB0:0=0, => 70?8BL =0AB>5< ?@54AB>O;> >A>1>5 ;5:0@AB2> 87 <0BL-8-<0G5E8. => 3>B>28BAO B0:: 87 A2568E ;8ABL52 >B60BL A>: 8 A@07C A<5H0BL A A0E0@=>9 ?C4@>9. 0 420 AB0:0=0 A>:0   AB0:0= A0E0@=>9 ?C4@K.  07<5H0BL 45@52O==>9 ;>?0B>G:>9 4> ?>;CG5=8O 2O7:>9 >4=>@>4=>9 ?0ABK. @8=8<0BL 55 ?> >4=>9 G09=>9 ;>6:5 B@8 @070 2 45=L. 0;> :B> 7=05B > B0:>< 8A?>;L7>20=88 8725AB=>9 2A5< <0BL-8-<0G5E8, 0 ?>;CG5==0O 87 A>:0 ?0AB0 ;5G8B 1@>=E80;L=CN 0AB<C, BC15@:C;Q7, 01AF5AA ;Q3:8E 8 4065 30=3@5=C ;Q3:8E. 020; O 5Q 8 ?@8 ?=52<>A:;5@>75, M<D875<5, => >1O70B5;L=> 2 A>G5B0=88 A 1;87:8<8 ?> 4CEC 4@C38<8 @0AB5=8O<8. >A;5 54K, =5 C?CA:0O 87 284C >A=>2=>5 701>;520=85, @5H8; 40BL 8725AB=CN 2A5< D80;:C 4CH8ABCN.

0 284 157>184=0O, >=0 >B=>A8BAO : O4>28BK< @0AB5=8O<. !CH0B 5Q 2<5AB5 A F25B:0<8 8 :>@5H:0<8. 4=C G09=CN ;>6:C 87<5;LGQ==>9 B@02K =0AB0820NB 2 AB0:0=5 :8?OB:0 420 G0A0. @8=8<0NB =0AB>9 2A53> ?> >4=>9 AB>;>2>9 ;>6:5 B@8 @070 2 45=L. >70 =525;8:0 =5 AB>;L:> 87-70 O4>28B>AB8, A:>;L:> 87 2>7<>6=>AB8 70?>;CG8BL =5?@8OB=K5 ?>1>G=K5 ?@>O2;5=8O. $80;:>9 4CH8AB>9 8 >A>15==> D80;:>9 B@5EF25B=>9 ;5G0B =5 B>;L:> BC15@:C;Q7, 0AB<C, ?=52<>=8N 8 4@C385 701>;520=8O ;Q3:8E, => 8 B0:85 A5@LQ7=K5 1>;57=8, :0: @0: 3>@B0=8 8 O7K:0, M?8;5?A8N, 3;><5@C;>=5D@8B, >A;01;5=85 ?0<OB8, A?>=48;Q7, >AB5>E>=4@>7   2 A2O7:5 A 4@C38<8 @0AB5=8O<8. $80;:0 4CH8AB0O >G5=L 4@C68B A A015;L=8:><. >MB><C G5@57 G0A ?>A;5 =5Q :C@A ?@>4>;68;AO ?@8Q<>< >B20@0 :>@=59 A015;L=8:0 2 >1KG=>9 4>78@>2:5   AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0. 0@C6=>, 4;O 2B8@0=89 2 ACAB02K 8 >1;0ABL ?>72>=>G=8:0, 2:;NG5=K 1K;8 2 :C@A =0AB>9:0 :>@=59 4O38;O, O3>4 :@0A=>9 1C78=K.

15 >:BO1@O 2 B5B@04:5 =07=0G5=89 8 E>40 ;5G5=8O 5IQ =5A:>;L:> AB@>G5:: �2>=8;0 0@LO !5<Q=>2=0. 5G5=85< C4>2;5B2>@5=0. >2>@8B: =0:>=5F-B> =0G0;0 GC2AB2>20BL A51O ?>;=>F5==K< G5;>25:><. >;3> 8728=O;0AL 8 ?@>A8;0 ?@>I5=8O 70 B>, GB> =5 C45@60;0AL, 40;0 <>8 :>>@48=0BK A0<>9 1;87:>9 ?>4@C35, >=0 2AQ 2@5<O ?;0G5B 8 A0<0 @0AA:065B <=5 > A2>59 1>;57=8�.

>A;54>20;8 B@5B89, G5B2Q@BK9 8 ?OBK9 ;5G51=K5 :><?;5:AK.  =8E G5@54>20;8AL B5 65 B@02K 2 @07=>9 :><18=0F88, A =51>;LH8<8 87<5=5=8O<8, :>340 682>:>ABLN ?>;52>9 70<5=O; E2>I, 2<5AB> 1C:28FK 4020; F25B:8 E<5;O. >?>;=8B5;L=> =0 2A5 B@8 <5AOF0 =07=0G8; =0AB>9:C F25B:>2 1>O@KH=8:0 4;O A5@4F0.

>;5G820;0AL 0@LO !5<Q=>2=0 A0<0, ?> <>8< @5:><5=40F8O<, => A2>8<8 B@020<8. 0A:>;L:> O ?>=O;, 40;L=59H5<C :C@A>2><C ;5G5=8N ?><5H0;8 A5<59=K5 >1AB>OB5;LAB20.
 !"/ / ! & 

87=L @0A?>@O48;0AL B0:, GB> <=>385 1>;57=8 >=0 70AB028;0 <5=O 8A?KB0BL =0 A515. 5 4;O B>3> GB>1K 2KH818BL 87 A54;0, 0 40BL ?>GC2AB2>20BL, :0:85 ?5@56820=8O 8A?KBK205B 1>;L=>9 G5;>25: 8 :0: =5 A;><0BLAO, AC<5BL ?@5>4>;5BL ;N1>9 =54C3.  <05 1980 3>40 >1H8@=K9 8=D0@:B A20;8; <5=O B0:, GB> 2@0G8 =5 @5H8;8AL 257B8 2 1>;L=8FC, ?>1>O;8AL ?>B5@OBL 2 4>@>35. > =5 ?@>H;> 8 <5AOF0, :0: O A5; 70 ?8HCICN <0H8=:C 8 70 ?>;3>40 ?5@52Q; =0 @CAA:89 O7K: 402=> >68405<>5, ?5@2>5 2 10H:8@A:>9 ;8B5@0BC@5 M?8G5A:>5 ?@>872545=85   8AB>@8G5A:89 @><0= . 1@038<>20 �8=7O�.  01>B0;, :0: 3>2>@8BAO, >B 70@8 4> 70@8   ?>468<0;8 8740B5;LA:85 A@>:8. #A?5;. >B>2CN @C:>?8AL A40; 2 A5@548=5 45:01@O.  5 O=20@O 1981 3>40 ?@8E20B8; <5=O 8=AC;LB A<5H0==>3> B8?0. @8H;>AL G5BK@5 <5AOF0 ?@>25AB8 2 1>;L=8F5. 5G8;8 ;CGH85 2@0G8. K?8A0;8 A C;CGH5=85<, => 5IQ 4>;3> >AB020;>AL ?5@5:>H5==K< ;8F>. 0@57 ;8F52>3> =5@20 =5 4020; ?>;=>ABLN 70:@KBLAO ;52><C 3;07C, =5 A<K:0;8AL 3C1K 2 ;52>< C3;C @B0. @8E>48;>AL ?@845@6820BL 8E 2> 2@5<O 54K ?0;LF0<8, GB>1K AC? 8 G09 =5 2K;820;8AL. 5AL <09 O >AB020;AO =0 1>;L=8G=><, >D>@<;O; 4>:C<5=BK =0 8=20;84=>ABL.  :0: >A2>1>48;AO, 2 8N;5, A 65=>9 8 4>G5@LN C5E0; 2 A0<CN 3;CHL, =0 15@53 1C@=>9 @5:8 =75@, 345 2>:@C3 >4=8 3>@K 8 B0930. >4 @>A:>H=K<8 ?8EB0<8 ?>AB028;8 ?0;0B:C. > =>G0< : =59 ?>4E>48;8 <542548. ;C1>:89 ?;QA ?>A;5 ?5@5:0B0 :8H5; @K1>9. / G0A0<8 A845; 2 ;>4:5 ?>A@548 @5:8, 87 2K;>2;5==>9 @K1K 1@0; B>;L:> :@C?=CN, <5;:8E 5;LF>2 8 >:C=59 >B?CA:0; >1@0B=> 2 2>4C.  O4><, =0 A:;>=5 3>@K, A>18@0; 3@81K, F5;51=K5 B@02K. 0 ?5@5:0B5 ?>A@548 @5:8 2KA8;AO ;5A8ABK9 >AB@>2, 345 ?>;=K<-?>;=> 1K;> 48:>9 <0;8=K. 0 <5AOF O B0: >:@5?, > 2AO:>9 1>;57=8 701K;. !?0A;8 <5=O =5?>2B>@8<0O :@0A>B0 ?@8@>4K, @>4=8:>2>9 G8AB>BK 2>74CE, ;5G51=K5 B@02K. ">;L:> ?5@5:>H5==K< >AB020;>AL ;8F>, => 8 53> 70 78<C 2K?@028;0 83;>C:0;K20=85< >?KB=0O F5;8B5;L=8F0. / A@07C A5; 70 A2>N :=83C ?>25AB59 8 @0AA:07>2, =0G0; ?5@52>48BL 2B>@>9 B>< M?8G5A:>3> ?@>872545=8O �8=7O�. 4=> ?;>E>   15A?>:>8;> A5@4F5. / ;5G8; 53> 1>O@KH=8:><, 3>@8F25B><, 40

 5F5?B C=8:0;L=K9. 3> =5 =09B8 =8 2 >4=>9 ;5G51=>9 ;8B5@0BC@5. 0;KH52C >B:@K;0 A5:@5B 7=0<5=8B0O 8@:CBA:0O F5;8B5;L=8F0 ;5=0 0A8;L52=0 >EM 2 A5@548=5 ?@>H;>3> 25:0. >40@8;0 5<C 2K2575==K9 <C65< 87 "815B0 A8=89 1>@5F. 0;KH52 AC<5; 2K@0AB8BL 53> C A51O =0 40G5.  =5 A@07C, => 2A5-B0:8 >B:@K; B09=C <=5. 0;> B>3>, ;5B ?OB=04F0BL =0704 ?@8A;0; B@8 ?>AK;:8 A> A2568<8 :>@=O<8 1>@F0 A8=53> 8 A5:@5B ?@83>B>2;5=8O =0AB>9:8: >48= AB0:0= ACE8E 25@ECH5: A F25B:0<8 70;8BL B@5<O ;8B@0<8 2>4:8, =0AB>OBL =5 <5=LH5 452OB8 4=59. >;L7>20BLAO :0?;O<8, :0: C:070=> 2KH5. >7C =5 ?@52KH0BL.

/ B>65 2K?>;=8; A2>Q >15I0=85. ;5=0 >EM A?0A;0 0;KH520 >B >G5=L A;>6=>3> 701>;520=8O, => 2K;5G8BL >:>=G0B5;L=> =5 CA?5;0. 4=8< 87 >AB0B>G=KE ?@>O2;5=89 1>;57=8 1K;0 <8>?0B8O, A>?@>2>6405<0O 48M=F5D0;L=K<8 ?@8ABC?0<8. # <5=O C65 1K; >?KB ;5G5=8O 0@0E=>848B0 8 ?>AB3@8??>7=>3> M=F5D0;8B0. #40;>AL 871028BL 0;KH520 8 >B <8>?0B88. @54AB02;ON 53> @04>ABL, :>340 5<C @07@5H8;8 A5ABL 70 @C;L <0H8=K, 8 >= A0<>AB>OB5;L=> 5748; 87 5=8=3@040 2 A2>Q ;N18<>5 ><0@>25.

* * *

 A5=BO1@5 1998 3>40 ?>72>=8; <=5 =0@>4=K9 ?>MB CAB09 0@8<. � 04CNAL B2>8< CA?5E0<,   A:070; >=.   !;020 > B515 ?@>:0B8;0AL ?> 2A59  >AA88 8 4>=5A;0AL 4> 3>@=KE 25@H8= 02:070. >9 AB0@K9 4@C3  0AC; 0<70B>2 ?>?@>A8; ?>3>2>@8BL A B>1>9, C7=0BL, 2>7L<QHLAO ;8 BK ?><>GL 5<C. # =53> 1K; 8=D0@:B. >3C ;8 O 40BL  0AC;C B2>9 =><5@ B5;5D>=0? A;8 40, B> >= A0< A2O65BAO A B>1>9, ?>4@>1=> @0AA:065B >1> 2AQ<, GB> 53> 15A?>:>8B�. 8:0:>9 =083@0==>AB8 =5 1K;> 2 45;8:0B=>9 ?@>AL15 CAB0DK !0D8G0. 0 A>@>: ?OBL ;5B =0H53> 7=0:><AB20 >= E>@>H> 87CG8; <>9 E0@0:B5@. C4@K9 G5;>25:, >= 7=0;, :0: B@C4=> C =0A A>E@0=8BL =57028A8<>ABL, GC2AB2> A>1AB25==>3> 4>AB>8=AB20, 8 2KA>:> F5=8; <>9 ?@8=F8? ?@8 ;N1KE >1AB>OB5;LAB20E >AB020BLAO A0<8< A>1>9. -B> 2708<>C2065=85 2A5340 =57@8<> ?@8ACBAB2>20;> 2 =0H5< >1I5=88.

 B>B 65 25G5@ ?>72>=8; 87 035AB0=0  0AC; 0<70B>2. / A@07C C7=0; 53> 7=0:><K9 3>;>A A ?@8OB=K<, =5?>2B>@8<K< 0:F5=B><. = ?>HCB8; ?> ?>2>4C >1<0=C2H59 53> =5?@>H5==>9 3>ABL8 -AB0@>AB8, >15I02H59 >1E>48BL 53> 4>< AB>@>=>9 4> B5E ?>@, ?>:0 >= 1C45B 70=OB B2>@G5AB2><, A>?@>2>48; A2>N HCB:C ?@8BG59, ;8HL ?>B>< =5E>BO AB0; @0AA:07K20BL > B><, GB> 70<CG8;0 AB5=>:0@48O, A>2A5< =5402=> ?5@5=QA 8=D0@:B. !B0; 15A?>:>8BL <>G52>9 ?C7K@L (1K;0 >?5@8@>20=0 045=><0 ?@>AB0BK, A59G0A @5F8482). IQ >4=0 =0?0ABL   ?0@:8=A>=87<. !;KH0; > B><, GB> 10H:8@A:85 B@02K B2>@OB GC45A0, 8 >= 5IQ @07 E>G5B ?@85E0BL =0 A;54CNI89 3>4 2 ?>;N182H89AO 5<C 0H:>@B>AB0=, >B<5B8BL 2>AL<845AOB8;5B85 CAB0O.

5G51=K9 :><?;5:A O @5H8; A>AB028BL A@07C =0 =5A:>;L:> <5AOF52. 02:07 1C@;8B. ! 4>AB02:>9 ;5:0@AB2 <>3CB 2>7=8:=CBL A;>6=>AB8. 0 ?>AB>O==K9 ?@8Q< =07=0G8; G09 87 <OBK   G09=CN ;>6:C B@02K 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL 4204F0BL <8=CB 8 ?8BL 2 3>@OG5< 2845 >48= @07 CB@>< ?>A;5 ?@>1C645=8O, 70 G0A 4> 702B@0:0. 0 ?>;G0A0 4> 54K   B@8 @070 2 45=L ?@8=OBL =0AB>9 B@02O=>3> A1>@0, ?@54;>65==>3> <=5 0;KH52K<, :0?0O 2 G5B25@BL AB0:0=0 =0AB>9:C 1>@F0 A8=53> ?> B>9 65 AE5<5. 5G5=85 4;8B5;L=>5, =0 A515 8A?KB0;.  =5 A@07C ?@8=>A8B >1;53G5=85.   0AC; 0<70B>2 =5<>;>4, =04> A45;0BL B0:, GB>1K >= ?>GC2AB2>20; C;CGH5=85 A A0<KE ?5@2KE 4=59. >4C<02, O @5H8; 40BL 5<C ?5@54 54>9, B>65 B@8 @070 2 45=L, ?> AB>;>2>9 ;>6:5 =0AB>O==>9 =0 15;>< ACE>< 28=5 B@02C 0AB@030;0 H5@AB8AB>F25B:>2>3>. 7 <=>3>G8A;5==>3> @O40 0AB@030;>2 O >G5=L F5=N 8<5==> MB>, 4>2>;L=> @54:>5 @0AB5=85, MDD5:B82=>5 ?@8 A5@45G=>-A>AC48AB>9 =54>AB0B>G=>AB8, 48AB@>D88 <8>:0@40 A =0@CH5=85< :>@>=0@=>3> :@>2>>1@0I5=8O 8 ?@8ABC?0<8 AB5=>:0@488, ?>@>:0E A5@4F0, 4@C38E @0AAB@>9AB20E A5@45G=>9 45OB5;L=>AB8 8 >1I59 A;01>AB8 C ?>68;KE ;N459. AB@030; H5@AB8AB>F25B:>2K9 A>45@68B 2 A2>Q< A>AB025 C=8:0;L=K9 :><?;5:A A5;5=0 8 B>:>D5@>;>2   5AB5AB25==KE 0=B8>:A840=B>2. = 1>30B 18>;>38G5A:8 0:B82=K<8 25I5AB20<8, C40G=K< A>G5B0=85< B0:8E <8:@>M;5<5=B>2, :0: 65;57>, :0;LF89, 0;N<8=89, :@5<=89, <03=89, :>10;LB, <>;8145=, 20=0489, D>AD>@, F8=:, <54L, =0B@89. 'B>1K 871560BL 1>;LH>3> :>;8G5AB20 2>4=KE B@02O=KE =0AB>52 2 >4=>< :C@A5, O 70<5=ON 8E ?@8 =5>1E>48<>AB8 A?8@B>2K<8 =0AB>9:0<8.  40==>< A;CG05 1>;LH5 ?>;L7K ?@8=5AQB =0AB>9 0AB@030;0 =0 15;>< 28=>3@04=>< 28=5. ;O MB>3> 100 3 A25659 B@02K (>1O70B5;L=> A25659!) O 70;820N >4=8< ;8B@>< ACE>3> 28=0, =0AB0820N B@8 =545;8. K?82 53> ?> C:070==>9 4>78@>2:5, =04> A45;0BL 42CE=545;L=K9 ?5@5@K2, 70B5< <>6=> ?>2B>@8BL 5IQ @07. 5:0@AB2> 87 0AB@030;0 ?>;>65=> ?@8=8<0BL 2> 2@5<O 54K.  ?>A;5 54K O =07=0G8; >B20@ :C?5=K ;5:0@AB25==>9 87 @0AGQB0 >4=0 AB>;>20O ;>6:0 ACE>3> :>@=O =0 0,5 ; :8?OB:0. >AC4C 70:@KBL :@KH:>9, ?>45@60BL =

5G51=K9 :C@A ?>;CG8;AO =0AKI5==K<, => 2?>;=5 :><?0:B=K<, 5A;8 CG8BK20BL, GB> B@02O=K5 =0AB>8 >= 1C45B 3>B>28BL =5 A0<, 0 :B>-=81C4L 87 4><>G04F52, 8 =5 701C45B ?>4020BL A2>52@5<5==>, 2 C:070==>< ?>@O4:5.  ?8AL<5 O 40; ?>;=CN 8=AB@C:F8N.

CAB0D0 !0D8G 0E=C;, :>340 O ?@8=QA 5<C ?>;=CN AC<:C A ?0:5B0<8 B@02 8 10B0@559 1CBK;>:. �0-0, MB> B515 =5 B01;5B:0.  4065 =5 3>@ABL B01;5B>:,   C482;Q==> ?@>87=QA >= 8 4065 ?>?KB0;AO ?@8?>4=OBL AC<:C, => =5 @0AAG8B0; A8;K, =5 A<>3 >B ?>;0 >B>@20BL.   5C65;8 >48= G5;>25: A<>65B >A8;8BL AB>;L:>?!� / 2>7@078;: � 0AC; 0<70B>2 70 >48= ?@8A5AB, :>=5G=>, =5 >A8;8B, => =0 =5A:>;L:> <5AOF52 5<C <>65B =5 E20B8BL. ">340, 5A;8 ?>B@51C5BAO, O ?@83>B>2;N 5IQ�.

0<70B>2 ?>72>=8; <=5 2 :>=F5 45:01@O. >74@028; A =0ABC?0NI8< 1999 3>4><, 3>@OG> ?>1;03>40@8; 70 ;5:0@AB20. �# =0A =5?;>E0O <548F8=0, :0: =8:>340 O >:@C6Q= 2=8<0=85< 2@0G59, => @0725 A@02=8HL :07Q==CN :>B;5BC A 10H:8@A:8< 18H10@<0:>< 87 <>;>4>3> 10@0H:0?   A:070; >=.   / 1C4B> 6828B5;L=>9 2>4K 2K?8;, 2>A?@O=C; 4CE><, GC2AB2CN A51O ?@52>AE>4=>. >60;C9AB0, 15@538 A51O, <>9 4@C3, B2>9 B0;0=B =0@>4=>3> F5;8B5;O =C65= ;N4O<. 728=8, >10 B0;0=B0,   ?8A0B5;LA:89 B>65. CAB09 ?@8A;0; <=5 B2>N :=83C. @5:@0A=K9 O7K:, G8ABK9, @>4=8:>2K9. CAB09 @0AA:070; > B515. %20;8;. <C O 25@N. CABL 3>;>20 B2>O 2A5340 1C45B A25B;>9, 0 4>1@>B0 =58AAO:05<>9. >;3>9 687=8 B515 2 C65 1;87:><, 4204F0BL ?5@2>< 25:5�.

3> ?>65;0=8O A1K;8AL. AB0;>AL H03 H03=CBL 4> 2013 3>40, 2>AL<845AOB>3> 2 <>59 687=8, 0 O ?@>4>;60N A845BL 70 @01>G8< AB>;><, 8 3>;>20 ?>;=0 A25B;KE <KA;59...

* * *

!0< >4=064K ?>7=02H89 AB@0E ?5@54 1>;LN 2 A5@4F5, O A A>GC2AB285< 8 ?>=8<0=85< >B=>A8;AO :> 2A5<, :B> 70<8@0; >B ?@8ABC?0, AB@040;LG5A:8 ?@868<0O @C:C : 3@C48, =5 2 A8;0E A45;0BL 3;C1>:89 24>E.  ?> <5@5 2>7<>6=>AB8 AB0@0;AO ?><>GL :064><C, :B> =C640;AO 2 <>Q< CG0AB88.

 07=K<8 1K;8 4803=>7K. # D8<0 !., >1@0B82H53>AO :> <=5 2 0?@5;5 1999 3>40, AB5=>:0@48O, 42CEA>AC48AB>5 ?>@065=85 :>@>=0@=>3> @CA;0. @>2L A3CI5=0, :@50B8=8= 156.  07C<55BAO, 157 :><?;5:A0 =5 >1>9B8AL. / =5 AB0; >1@0I0BLAO : 1>@FC A8=5<C, @5H8; >1>9B8AL 4@C38<8 A@54AB20<8.

>O@KH=8:   E;51 4;O A5@4F0.  4><0H=89, 8A?5GQ==K9 =0 E>@>H59 >?0@5 45@525=A:89 E;51 ;CGH5 <03078==>3> ?@>4C:B0, B>65 =07K205<>3> E;51><. > 25A=5 O A>18@0N B>;L:> GB> @0A?CAB82H85AO F25B:8 1>O@KH=8:0 :@>202>-:@0A=>3>. = >B;8G05BAO >B 1>O@KH=8:0 :>;NG53>, 1>;LH5 ?@83>4=>3> ?@8 :;8<0:B5@8G5A:>< =52@>75, 38?5@B8@5>75 8 2 A0<>9 =0G0;L=>9 AB0488 38?5@B>=88. >;=CN 10=:C F25B:>2 4>25@EC 70;820N 2>4:>9, 40N =0AB>OBLAO   >1KG=> =5 ?> 2@5<5=8, 0 =0 3;07>:, 4> B5E ?>@, ?>:0 =0AB>9 =5 >1@5BQB A25B;>-A>;><5==K9 F25B, ?@>F56820N 8 ?>4 ?@5AA>< 4>ACE0 >B68<0N F25B:8. >;CG05BAO =5 AB>;L:> =0AB>9:0, A:>;L:> 70A?8@B>20==K9 A>: 87 A2568E F25B:>2. A5=LN B>G=> B0: 65 ?>ABC?0N A ?;>40<8. @8 =5>1E>48<>AB8 8A?>;L7CN 8E ?> >B45;L=>AB8. 5;> 2 B><, GB> A>: 8;8 =0AB>9:0 87 F25B:>2 ?@8 A?07<5 A>AC4>2 7=0G8B5;L=> MDD5:B82=55 =0AB>9:8 ?;>4>2. &25B:8 =570<5=8<K ?>A;5 8=D0@:B0 <8>:0@40.  4;8B5;L=K9 8 15A:>=B@>;L=K9 ?@8Q< ;8HL >4=8E ?;>4>2 <>65B ?@825AB8 : C3=5B5=8N A5@45G=>3> @8B<0. 0B> A>: 8 =0AB>9:0 ?;>4>2 A8;L=55 459AB2CNB ?@8 0@8B<88. A;8 =04> CA8;8BL :@>2>>1@0I5=85 2 A>AC40E A5@4F0 8 3>;>2=>3> <>730, 4>18BLAO C;CGH5=8O A>:@0B8<>AB8 A5@45G=>9 <KHFK, : 42C< G0ABO< A>:0 F25B:>2 =04> 4>1028BL >4=C G0ABL A>:0 ?;>4>2.  B0:>< A>G5B0=88 O =07=0G0N 1>O@KH=8: ?@8 AB5=>:0@488, <5@F0B5;L=>9 0@8B<88, A5@45G=>-A>AC48AB>9 =54>AB0B>G=>AB8, ?0@>:A87<0;L=>9 B0E8:0@488, M:AB@0A8AB>;88, ?>2KH5=88 402;5=8O, A3CI5=88 :@>28. 5;L7O 70?820BL ;5:0@AB2> E>;>4=>9 2>4>9, ?@8=8<0BL 4> 54K =0 ?CAB>9 65;C4>:, 8=0G5 <>65B 2K720BL :8H5G=K5 :>;8:8. ?B8<0;L=K9 :C@A ;5G5=8O   B@8 <5AOF0 ?>4@O4. 0 B0:>9 A@>: 8 =07=0G8; O 1>O@KH=8:, =5 >B45;L=>, 0 2 A>AB02;5==>< 4;O =53> :><?;5:A5.

064>5 CB@> =0G8=0BL A> AB0:0=0 3>@OG53> G0O, 7020@5==>3> >4=>9 G09=>9 ;>6:>9 <OBK ?5@5G=>9, =0AB>O==>9 4204F0BL <8=CB. '5@57 ?>;G0A0 ?@8=OBL 425 AB>;>2K5 ;>6:8 =0AB>O B@02K 3>@8F25B0 25A5==53>, 0 4> 54K 2K?8BL G5B25@BL AB0:0=0 >B20@0 B@02K 0AB@030;0 H5@AB8AB>F25B:>2>3>. >A;5 54K (G5@57 ?>;G0A0, A>@>: <8=CB 8;8 G0A   2 7028A8<>AB8 >B :>;8G5AB20 ?@8=OB>9 ?8I8) 2K?8BL ?>;AB0:0=0 =0AB>O 4>==8:0 6Q;B>3> A B@84F0BLN :0?;O<8 =0AB>9:8 20A8;8A=8:0 2>=NG53>.

OB0, ?@8ACBAB2CNI0O 2 2845 <5=B>;0 2 7C1=>9 ?0AB5, 6520B5;L=>9 @578=:5, :>=D5B0E 8 ?@O=8:0E, =0?8B:0E, 402=> A45;0;0AL 25745ACI59, ?@82KG=>9, >1K45==>9, A>E@0=82H59 ?@8=04;56=>ABL : ;5:0@AB20< @0725 GB> 2 20;84>;5 8 :>@20;>;5. =0 AB0;0 ?>E>659 =0 70C@O4=>3> ?5=A8>=5@0, ?@56=85 70A;C38 :>B>@>3> <0;> :>3> 8=B5@5ACNB, 8 >=8 402=> C65 ?@540=K 70125=8N.  254L <OB>9 <>6=> 8 A59G0A ;5G8BL B0:85 A5@LQ7=K5 1>;57=8, :0: ?0=:@50B8B, ;8<D045=8B, M@>78N H59:8 <0B:8, <83@5=L, ?5G5=L, 30AB@8BK A ?>2KH5==>9 :8A;>B=>ABLN. 1@0I0;8AL :> <=5 =5A:>;L:> 1>;L=KE, :>B>@K< 687=5==> =5>1E>48<> 1K;> :>@>=0@=>5 HC=B8@>20=85, => <5H0;8 MB><C @07=K5 ?@>B82>?>:070=8O.  B>340 >4=8< 87 206=KE M;5<5=B>2 8E ;5G5=8O AB0;0 <OB0. '09 A <OB>9 2 C:070==>< 2845 =04> ?8BL 2 B5G5=85 42CE ;5B.

>@8F25B 25A5==89, >= 65 04>=8A, A>45@68B 4204F0BL ?OBL 8=48284C0;L=KE A5@45G=KE 3;8:>784>2. 5 7@O 2@0G8 =07K20NB 53> A5@45G=>9 B@02>9. >@8F25B 25A5==89 70<54;O5B @8B< A5@4F0, CA8;8205B A8AB>;C 8 C4;8=O5B 480AB>;C, C25;8G8205B C40@=K9 >1JQ< A5@4F0, C<5@5==> B>@<>78B 2=CB@8A5@45G=CN ?@>2>48<>ABL, @0AH8@O5B 25=5G=K5 A>AC4K. &5=5= B5<, GB> =5 =0:0?;8205BAO 2 >@30=87<5, => 4>78@>2:C =04> A>1;N40BL B>G=CN, ;5:0@AB2> >G5=L A8;L=>5.  40==>< A;CG05 =5?>;=CN G09=CN ;>6:C B@02K 7020@8BL 2 ?>;>28=5 AB0:0=0 :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL. 0 >48= @07 ?@8=8<0BL =5 1>;LH5 42CE AB>;>2KE ;>65: =0AB>O.

AB@030; H5@AB8AB>F25B:>2K9 8A?>;L7C5BAO ?@8 A5@45G=>A>AC48AB>9 =54>AB0B>G=>AB8 8 ?>@>:0E A5@4F0, 48AB@>D8G5A:8E ?@>F5AA0E 2 <8>:0@45 A =0@CH5=85< :>@>=0@=>3> :@>2>>1@0I5=8O 8 ?@8ABC?0<8 AB5=>:0@488. 0 >@30=87< >= 459AB2C5B 7=0G8B5;L=> H8@5, G5< 3>@8F25B. =5 206=> 1K;> =5 B>;L:> ?>4;5G8BL C !. A5@4F5, => >E20B8BL 8 25AL >@30=87<. >MB><C =07=0G8; 5<C =0AB>9 87 42CE G09=KE ;>65: B@02K 0AB@030;0 =0 AB0:0= :8?OB:0, ?@8=8<0BL ?>A;5 42CE G0A>2 =0AB0820=8O ?> B@5B8 AB0:0=0.

>==8: C25@5==> ?@>O2;O5B A51O ?@8 8H5<8G5A:>9 1>;57=8 A5@4F0 A ?>2KH5==>9 A2Q@BK205<>ABLN :@>28, :0: 0=B8:>03C;O=B ?@O<>3> 459AB28O. >78@>2:C 4;O >1I53> :C@A0, CG8BK20O 2708<>459AB285 A 4@C38<8 B@020<8, 2K1@0; C<5@5==CN: B@8 G09=K5 ;>6:8 =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL >48= G0A 8 ?8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L, A :0?;O<8 =0AB>9:8 20A8;8A=8:0 2>=NG53>.

>@F0 A8=53> 2 B>B <><5=B C <5=O =5 1K;>, => O ?@8 A>AB02;5=88 2B>@>3> :C@A0 70<5=8; 53> 4@C38< MDD5:B82=K< A@54AB2>< A>1AB25==>3> 87>1@5B5=8O   �B@>9G0B:>9�. "0: =0720; O A<5AL B@02K 0AB@030;0, 32>748:8-B@02O=:8 8 3>@8F25B0, A>548=82 8E 2 @02=KE G0ABOE.  A>60;5=8N, A2545=8O > 32>748:5-B@02O=:5 >G5=L A:C4=K5.  4@C38E 2840E 32>748:8 C7=0BL <>6=> GCBL 1>;LH5. 0?@8<5@, 32>748:C 0<C@A:CN 2 8B05 C?>B@51;ONB 4;O ;5G5=8O 4>1@>:0G5AB25==KE 8 7;>:0G5AB25==KE >?CE>;59. # =0A =0 N35 0@<5@8>284=CN 32>748:C =07=0G0NB ;8HL ?@8 :8H5G=KE 701>;520=8OE 8 =52@0AB5=88. 2>748:0 >@10H0 >1;0405B ?@>B82>AC4>@>6=K< 459AB285<, > 4@C38E ?>:070=8OE =5 3>2>@8BAO. 2>748:C 1>@>40BCN =07=0G0NB ?@8 C:CA0E 15H5=K<8 682>B=K<8 8 :0: <>G53>==>5. 2>748:C 3>;>2G0BCN 40NB ?@8 ;8E>@04>G=KE A>AB>O=8OE 8 7C1=>9 1>;8. 0AB>9 F25B:>2 32>748:8 87<5=G82>9 ?LNB ?@8 :0H;5, ;><>B5, C4CHL5, :0: CA?>:0820NI55 ?@8 =5@2=KE 701>;520=8OE.  32>748:0 ?KH=0O, =0?@>B82, 2>71C6405B =5@2=CN A8AB5<C. Q ?@8<5=5=85 H8@5, G5< C >AB0;L=KE. >;55 H8@>:89 A?5:B@ 459AB28O C 32>748:8 @07=>F25B=>9   A5@45G=K5 8 =5@2=K5 701>;520=8O, 38?5@B>=8O, ;><>B0 ACAB02>2, :@>2>B5G5=8O, AC4>@>38 C 45B59, 3@K60, C4CHL5, :0H5;L.  4065 40NB :0: A@54AB2> >B >?LO=5=8O. 2>748:0-B@02O=:0 >AB0=02;8205B :@>2>B5G5=85 ?@8 35<>@@>5, 65=A:8E 701>;520=8OE 8 =51;03>?>;CG=KE @>40E. @8<5=O5BAO ?@8 1>;57=OE ?>G5: 8 <>G52>3> ?C7K@O, 1>;OE 2 A5@4F5, A:@>DC;Q75 (BC15@:C;Q7 ;8<D0B8G5A:8E C7;>2). / A?5F80;L=> 40; A2545=8O >1 >A=>2=KE @07=>284=>ABOE 32>748: 8 8E ?@8<5=5=88.  O4>< A =8<8, 1>;55 284=K<8 8 ?@54AB028B5;L=K<8, 32>748:C-B@02O=:C <>6=> 1K;> 1K =0720BL N9<>2>G:>9, B0: >=0 <0;0 -A:2>7L 1C9=>5 3CAB>5 @07=>B@02L5 ?@>18205BAO : A>;=FC B>=:89 AB515;Q:, =5 B>;I5 2O70;L=>9 A?8FK, A >AB@K<8 C75=L:8<8 ;8ABLO<8, A >48=>G=>9 ?C3>2:>9 BQ<=>-@>7>2>3> F25B:0 A ?OBLN =56=59H8<8 ;5?5AB:0<8. B =53> 8AE>48B B0:>9 A8;K ;8:CNI0O, 687=5@04>AB=0O M=5@38O, 70B<520NI0O A>1>9 1>;55 1@>A:CN :@0A>BC D80;>:, B8<LO=0, A<>;Q2:8, =82O=8:0 8 4@C38E F25B>2, GB> =52>;L=> >AB0=02;8205HLAO, >A>7=020O 24@C3, GB> 157 MB8E 2K3;O4K20N

>MB><C O 2:;NG8; 53> 8 2 ;5G51=K9 :C@A 4;O !. !=0G0;0, :0: ?>;>65=>, CB@>< G09 A <OB>9, 70B5< 4> 54K   =0AB>9 �B@>9G0B:8�: B@8 G09=K5 ;>6:8 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL 8 ?@8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. >A;5 54K @5H8; ?>4:;NG8BL G8AB>B5;: >4=C AB>;>2CN ;>6:C B@02K =0 AB0:0= :8?OB:0, G5@57 420 G0A0 ?@>F548BL. 8BL ?> G5B25@B8 AB0:0=0 B@8 @070 2 45=L. @>4>;68BL 1>O@KH=8:.

AQ MB> ?>2B>@8; 8 2 B@5BL5< :C@A5, B>;L:> 4>1028; 4>==8:, 87<5=82 4>78@>2:C: 425 G09=K5 ;>6:8 B@02K =0 ?>;B>@0 AB0:0=0 :8?OB:0, =0AB>OBL G5BK@5 G0A0, ?@8=8<0BL ?> ?>;>28=5 AB0:0=0 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8. 0 =>GL 40; �56=>ABL� (?> 300 <; A8=NE8 8 <5;8AAK, ?> 100 <; =0AB>5: 20;5@80=K, :>B>2=8:0 :>H0GL53> 8 H8H5: E<5;O).

>182H8AL AB018;L=>AB8, :>340 C 1>;L=>3> =>@<0;87>20;8AL ?C;LA, 0@B5@80;L=>5 402;5=85, 8AG57;8 A5@45G=K5 ?@8ABC?K 8 25@=C;0AL ?@56=OO @01>B>A?>A>1=>ABL, 87 2A53> :C@A0 <K >AB028;8 B>;L:> CB@5==89 G09 A <OB>9 8 =0 B@8 <5AOF0 <>N �B@>9G0B:C�. @>254Q==>3> ;5G5=8O E20B8;> =0 B@8 3>40, => :>340 AB0;> =0?><8=0BL > A515 A5@4F5, 402;5=85 8 70G0AB8; ?C;LA, !. A=>20 ?>;=>ABLN ?>2B>@8; ?@56=89 :C@A ;5G5=8O.

* * *

 A2>8E ?@56=8E :=830E O 40; =5<0;> =04Q6=KE @5F5?B>2 4;O ;5G5=8O A5@4F0. 45AL O ?@82Q; ;8HL =5A:>;L:> ?@8<5@>2, ?>4GQ@:820O 206=>ABL A>AB02;5=8O =51>;LH8E, => E>@>H> ?@>4C<0==KE :C@A>2 87 >B45;L=KE @5F5?B>2, A CGQB>< :>=:@5B=>3> 459AB28O B@02.  ?@8<5@C, ?CABK@=8: >1K:=>25==K9. @8 :0@48>A:;5@>75, AB5=>:0@488, :0@48>=52@>75, =52@0AB5=88, 38?5@B>=88 E>@>H> ?@>O2;O5B A51O =0AB>9 87 G5BK@QE G09=KE ;>65: B@02K =0 AB0:0= :8?OB:0, =0AB>OBL 420 G0A0 8 ?@8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L. 0AB>9 ?CABK@=8:0 O 8A?>;L7>20; 2 B5E A;CG0OE, :>340, :@><5 A5@4F0, ?@8E>48;>AL ;5G8BL 1>;57=8 65;C4:0, I8B>284=CN 65;57C, M?8;5?A8N, 65=A:85 1>;57=8, :;8<0:A, E>;>4>2CN 0;;5@38N, =59@>F8@:C;OB>@=CN 48AB>=8N, 8H5<8G5A:CN 1>;57=L <>730. <5AB> =0AB>O A B5< 65 CA?5E>< <>6=> 8A?>;L7>20BL A>: B@02K, A<5H02 ?>?>;0< A 2>4:>9, =07=0G0O ?> >4=>9 G09=>9 ;>6:5 B@8 @070 2 45=L 4> 54K.

0ABC@F8O 1>;LH0O C:@0H05B <=>385 A04K. Q <>;>4K5 ;8ABLO 8 F25B>G=K5 ?>G:8 :0: 28B0<8==CN 4>102:C 8A?>;L7CNB 2 A0;0B0E 8 ?@8?@020E.  2 B> 65 2@5<O >B<5G5=>, GB> >B20@ B@02K =0ABC@F88 CA8;8205B A>:@0I5=8O A5@4F0, C25;8G8205B :@>2>B>: 2 :>@>=0@=KE 0@B5@8OE ?@8 E@>=8G5A:>9 A5@45G=>9 =54>AB0B>G=>AB8, 8H5<8G5A:>9 1>;57=8 A5@4F0, ?@8 AB5=>:0@488, 38?5@B>=88. ><8<> MB>3> =0ABC@F8O ;5G8B >AB@K5 8 E@>=8G5A:85 1@>=E8BK, 1@>=E80;L=CN 0AB<C 8 M<D875<C ;Q3:8E, >AB@K5 8 E@>=8G5A:85 F8AB8BK, ?@8<5=O5BAO ?@8 ?85;>=5D@8B5. 4=C AB>;>2CN ;>6:C ACHQ=>9 B@02K 70;820NB AB0:0=>< :8?OB:0, ?0@OB =0 :8?OI59 2>4O=>9 10=5 4204F0BL <8=CB, 4>;820NB :8?OGQ=CN 2>4C 4> ?@56=53> >1J5<0 8 ?LNB ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L. >G5<C 1K =5 225AB8 2 ;5G51=K9 :C@A MB> 1572@54=>5 @0AB5=85?

 :=830E �4>;5=L-B@020� 8 � 0AB5=8O   B2>8 4@C7LO 8 =54@C38� O 40; >G5=L <=>3> F5==KE 8 4065 @54:8E @5F5?B>2 4;O ;5G5=8O A5@45G=>-A>AC48ABKE 701>;520=89, ?@8GQ< ?> B0:8< :>=:@5B=K< =54C30<, :0: @52<>:0@48B, <8>:0@48B, 1@048:0@48O, ?5@8:0@48B, A5@45G=0O 0AB<0. A5 >=8 ?@54AB02;5=K 2 =B5@=5B5 8, ?>;L7COAL <>8< <5B>4><, ;N1>9 G5;>25: <>65B ?@83>B>28BL =5>1E>48<K9 :C@A ;5G5=8O.
 !"/   /%   !!"+ 

>;>40O <0<0 2 B@52>35, 2@0G8 ?>AB028;8 5Q <0;5=L:><C AK=C 4803=>7: BC15@>7=K9 A:;5@>7. 01>;520=85 =0A;54AB25==>5, 53> >6840NB M?8;5?A8O 8 7045@6:0 C<AB25==>3> @0728B8O. B:C40 B0:0O =0?0ABL =0 @51Q=:0, 2 G5< >= ?@>28=8;AO?  @>4=5 =8 C :>3> =5 1K;> B0:>9 1>;57=8, =8 C 101CH5:, =8 C 454CH5: A 8E ?@0?@54:0<8. 0A;54AB25==>5, 7=0G8B, =587;5G8<>5?  @51Q=>: =0 2AN 687=L >AB0=5BAO 8=20;84><?

!?@0H820N: �0;LG8:C A:>;L:> ;5B?� 0<0, A0<0 5IQ ?>GB8 452>G:0, >B25G05B: �<C C65 45AOBL <5AOF52. >;LH>9 >=, 2AQ ?>=8<05B.  C;K105BAO B0:>9 AG0AB;82>9 C;K1:>9!  C <5=O A5@4F5 @07@K205BAO, :>340 O 286C 53> AC4>@>38. >A;5 =8E >= A<>B@8B =0 <5=O A :0:8<-B> =54>C<5=85< 8 3>@L:>, >G5=L 3>@L:> ?;0G5B...�

!B>N 2 @0AB5@O==>AB8, =5 7=0O, :0:>9 40BL >B25B N=>9 <0<5. 'B> O =8:>340 =5 15@CAL ;5G8BL 45B59 <;04H5 ?OB8 ;5B? CA:09, <>;, ?>4@0ABQB, 0 B0< ?>A<>B@8<? > : ?OB8 3>40< 1>;57=L 2@0ABQB 2 =53> B0:8<8 :>@=O<8, GB> 5Q C65 =8G5< =5 2K:>@G520BL.  ?>:0 >= B0:>9 <>;>G=K9, 2A5 B:0=8 =56=K5, ?>40B;82K5, 5IQ =5 CB@0B8;8 70;>65==CN A0<>9 @8@>4>9 >E@0==CN A8;C. >65B 1KBL, ?>?KB0BLAO 2ABC?8BL 2 :>=B0:B A =59, @8@>4>9, 871028BL A 5Q 1;03>A;>25=8O =528==>3> <;045=F0 >B C3>B>20==>9 5<C AC@>2>9 AC4L1K? #3>2>@8BL 5Q, @8@>4C, 2 A0<>< =0G0;5 2=5AB8 2 53> AC4L1C =51>;LHCN ?>?@02:C?

�0A :0: 7>2CB?�   A?@>A8; O, 4>AB020O B5B@04:C 4;O 70?8A8. �/=0,   >B25B8;0 >=0.  AK= >@8A. >@5=L:0�.

�04=>, ?>?KB0NAL O ?>4>1@0BL :;NG8 : 1>;57=8 20H53> AK=0�,   A:070; O, ?5@5E20B82 =0?@O6Q==K9, 2K6840NI89 273;O4 /=K.

@8 BC15@>7=>< A:;5@>75 ?>O2;O5BAO <=>65AB2> <5;:8E 1;OH5: 8;8 >?CE>;59 =0 :>65, 0 B0:65 2 3>;>2=>< <>735 8 4@C38E >@30=0E. @8G8=0 8E 2>7=8:=>25=8O =5 CAB0=>2;5=0, 0 >A=>2=K< ?@>O2;5=85< 1>;57=8 O2;O5BAO M?8;5?A8O.

;OH:8, =5?>=OB=K5 <5;:85 >?CE>;8, M?8;5?B8G5A:85 AC4>@>38... @5645 2A53> =04> ?>30A8BL >G03, 2K7K20NI89 AC4>@>38. ;O =0G0;0 @5H8; 8A?>;L7>20BL A8=53>;>2=8: ?;>A:>;8AB=K9.  =0@>45 87402=0 ?>;L7CNBAO 8< ?@8 M?8;5?A88, G0I5 2A53> 2 45BA:>9 ?@0:B8:5. 04> 1K;> B>;L:> >?@545;8BL 4>78@>2:C 4;O <;045=F0. / >AB0=>28;AO =0 A0<>< I04OI5< 20@80=B5: ?>;>28=0 G09=>9 ;>6:8 B@02K =0 ?>;AB0:0=0 :8?OB:0, :8?OB8BL =0 <0;>< >3=5 ?OBL <8=CB, =0AB>OBL >48= G0A. 020BL @51Q=:C ?> >4=>9 G09=>9 ;>6:5 BQ?;>3> >B20@0 G5BK@5 @070 2 45=L. AB02H89AO >B20@ 8A?>;L7>20BL 4;O >1<K20=89, B0: :0: =0@C6=>5 ?@8<5=5=85 MDD5:B82=> ?@8 2>A?0;8B5;L=KE ?@>F5AA0E :>68.  ?0@5 A A8=53>;>2=8:>< @5H8; 8A?>;L7>20BL B@02C ;0?G0B:8 3CA8=>9. =0 C<5=LH05B 8 ?@5:@0I05B AC4>@>38, 0 B0:65 =0@C6=> 8A?>;L7C5BAO 4;O >1<K20=89. B20@ 3>B>28BL 87 G09=>9 ;>6:8 B@02K 2 ?>;>28=5 AB0:0=0 :8?OB:0, A;53:0 ?@>:8?OB8BL 425 <8=CBK, G0A =0AB>OBL. ;045=FC 4>AB0B>G=> 42CE G09=KE ;>65: >B20@0 G5@57 ?>;G0A0 ?>A;5 ?@8Q<0 A8=53>;>2=8:0, B>65 G5BK@5 @070 2 45=L. >;=>9 C25@5==>AB8 =5 1K;>, => O @0AAG8BK20; =0 459AB285 8<5NI8EAO 2 E8<8G5A:>< A>AB025 >1>8E @0AB5=89 25I5AB2, 2 :0:>9-B> <5@5 @0AA0AK20NI8E =5:>B>@K5 >?CE>;8.

 2845 4>?>;=5=8O O 22Q; 2 ?5@2K9 :C@A >1KG=CN G5@54C 4;O C;CGH5=8O >1<5=0 25I5AB2 8 45OB5;L=>AB8 65;57 2=CB@5==59 A5:@5F88. @>?>@F88 4;O ?@83>B>2;5=8O >B20@0 B0:85 65: G09=0O ;>6:0 B@02K =0 ?>;AB0:0=0, 8 ?>8BL ?> G09=>9 ;>6:5, =5 A<5H820O A 4@C38<8 >B20@0<8. >:0 MB> 1K; =51>;LH>9, ?@>1=K9 :C@A. 06=> 1K;> C7=0BL, :0: 2>A?@8=8<05B <0;KH B@02K.

A:>@5 O @07@01>B0; 1>;55 ?@>4C<0==K9, CA8;5==K9 :C@A. 5>1E>48<> 1K;>, 4065 5A;8 MB> =0A;54AB25==>5 701>;520=85, @07>@20BL F5?>G:C ?>AK;05<KE :0:8<-B> CG0AB:>< <>730 =565;0B5;L=KE A83=0;>2 : >G03C 1>;57=8.  07C<55BAO, 3;C?> ?>;030BL, GB> O A<>3C @07>1@0BLAO 2 B>=:>ABOE MB>9 <5E0=8:8, 5A;8 15AA8;L=K<8 >:070;8AL 4065 <548F8=A:85 A25B8;0. / <>3 >?8@0BLAO B>;L:> =0 8=BC8F8N 8 =0 AG0AB;82K9 A;CG09.  :>=F5 :>=F>2, =0E>48; 65 :;NG8 : 87;5G5=8N ?>4@>AB:0 >B 8EB8>70 8 ?OB8;5B=53>, =5 2K;570NI53> 87 1>;L=8FK <0;LG8:0 >B <C:>28AF84>70   B>65 =587;5G8<KE =0A;54AB25==KE 701>;520=89. 10 402=> 2K@>A;8, 65=8;8AL 8 8<5NB A2>8E 74>@>2KE 45B59. >65B 1KBL, 8 =0 MB>B @07 C;K1=QBAO <=5 AG0ABL5?

B>@>9 :C@A O =0G0; A 1>@I528:0: ?>;>28=C G09=>9 ;>6:8 87<5;LGQ==>3> :>@=O =0 ?>;AB0:0=0 E>;>4=>9 :8?OGQ=>9 2>4K, =0AB>OBL 420 G0A0. 8BL ?> G09=>9 ;>6:5 G5BK@5 @070 2 45=L.  4> 54K   =0AB>9 B@02K 1C:28FK, ?>;G09=>9 ;>6:8 B@02K =0 ?>;AB0:0=0 :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. 0?=CBL 2 =0AB>9 B@8 :0?;8 =0AB>9:8 ACE8E ;5?5AB:>2 F25B:0 ?8>=0 C:;>=ONI53>AO (<0@L8=>3> :>@=O). 020BL 4> B@QE G09=KE ;>65: =0 >48= ?@8Q<, G5BK@5 @070 2 45=L 4> 54K. '5@57 45=L   :C?0=85 2 45BA:>9 20==5, 4>102;OO 2 2>4C AB>;>2CN ;>6:C =0AB>9:8 20;5@80=K.

>;LH85 =04564K O 2>7;030; =0 <0@L8= :>@5=L, B>G=55, =0 =0AB>9:C 87 53> ;5?5AB:>2. 1KG=> C MB>3> 70<5G0B5;L=>3> @0AB5=8O 8A?>;L7CNBAO :>@=8, @565 B@020, =5 B>;L:> ?@8 ;5G5=88 >=:>;>38G5A:8E 701>;520=89, => 8 ?>@065=8OE F5=B@0;L=>9 =5@2=>9 A8AB5<K, M?8;5?A88, H87>D@5=88. B45;L=> > F25B:0E =8:0:8E A2545=89 =5 =09B8, >4=0:> 157 =8E O =5 1@0;AO ;5G8BL M?8;5?A8N 8 701>;520=8O 206=59H8E >B45;>2 3>;>2=>3> <>730. 5=O =5 ?C30;> =0;8G85 2 ?8>=5 C:;>=ONI5<AO =5:>B>@KE @048>0:B82=KE M;5<5=B>2. >7<>6=>, 8<5==> 1;03>40@O 8< 2K74>@02;820;8 =587;5G8<K5 1>;L=K5. 7402=0 8725AB=> E>@>H55 459AB285 1>@I528:0 >1K:=>25==>3> ?@8 =5@2=KE 701>;520=8OE 8 =52@>70E, AC4>@>30E, M?8;5?A88. #=825@A0;L=0 8 1C:28F0. 0==K A 20;5@80=>9 B>65 459AB2CNB =5 B>;L:> CA?>:0820NI5, 0 >:07K20NB ?><>IL ?@8 AC4>@>30E, M?8;5?A88, =59@>45@<8B0E. AQ MB> 2<5AB5 27OB>5 4>;6=> 1K;> ?>;>68B5;L=> A:070BLAO =0 ;5G5=88 <0;KH0.

!>AB02;OO B@5B89 :C@A, O 25@=C;AO : A8=53>;>2=8:C, ;0?G0B:5 3CA8=>9. >1028; B@02C 4CH8FK   B@5BL G09=>9 ;>6:8 =0 ?>;AB0:0=0 :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL.  =0AB>9 2=5AB8 B@8 :0?;8 =0AB>9:8 ;5?5AB:>2 ?8>=0 C:;>=ONI53>AO. 020BL ?> >4=>9 G09=>9 ;>6:5 G5BK@5 @070 2 45=L.

CH8F0 40;5:> =5 ?@>ABCH:0. >=5G=>, B@C4=> A515 ?@54AB028BL 10H:8@A:CN 45@52=N, 345 AB0@5=L:0O 101CH:0 =5 4>1028;0 1K 2 G09=CN 7020@:C I5?>B:C ?@O=>9 �<0B@QH:8�   B0: =07K20NB C =0A 4CH8FC, => MB> 402=89 >1KG09, GB>1K A;04:> A?0;>AL, =5 1>;5;0 3>;>20, ;CGH5 @01>B0; 65;C4>:, =5 15A?>:>8;0 ?5G5=L. ;8 A0<0 4CH0 ?@>A8B, ?>4A:07K20O, GB> 4CH8F59 ;5G0B 35@80B@8N   AB0@>ABL. -B> 254L B>;L:> =5402=> 1K;> CAB0=>2;5=>, GB> 4CH8F0 A?>A>1=0 1>@>BLAO A @0AA5O==K< A:;5@>7><, 48M=F5D0;L=K<8 ?0@>:A87<0<8, M?8;5?A859. #AB@0=8B B@020 4CH8FK 8 2=CB@8G5@5?=>9 38?5@B5=78>==K9 A8=4@>< 2 45BA:>< 2>7@0AB5 (?>A;54AB28O 70:@KBKE G5@5?=>-<>73>2KE B@02<), ?@8 384@>F5D0;88 8 2535B0B82=KE ?0@>:A87<0E A ?>B5@59 A>7=0=8O M?8;5?B>84=>3> E0@0:B5@0. CH8F0 ?>:070=0 ?@8 8H5<8G5A:>9 1>;57=8 3>;>2=>3> <>730 A O2;5=8O<8 207>?0B88, ?>A;54AB28O<8 @0AAB@>9AB2 <>73>2>3> :@>2>>1@0I5=8O. > 2AO:>< A;CG05 =07=0G5=85 4CH8FK >:070;>AL =5 A;CG09=K<.

 G5B2Q@B>< :C@A5 ?>2B>@8; 1C:28FC A :0?;O<8 87 ;5?5AB:>2 ?8>=0, E>;>4=K9 =0AB>9 :>@=O 1>@I528:0. 7 =>2KE A@54AB2 1K;8 F25BK @O18=K: G09=CN ;>6:C ACE8E F25B:>2 70;8BL ?>;>28=>9 AB0:0=0 :8?OB:0, 40BL A;53:0 ?>:8?5BL =0 A;01>< >3=5 >4=C <8=CBC, G5@57 G0A ?@>F548BL. 020BL ?> >4=>9 45A5@B=>9 ;>6:5 4> G5BK@QE @07 2 45=L. 1KG=> 8A?>;L7C5BAO >B20@ :>@K @O18=K ?@8 F5@51@0;L=>< 0B5@>A:;5@>75 8 8H5<8G5A:>9 1>;57=8 3>;>2=>3> <>730. / 2:;NG0; 5Q 2 :><?;5:A ;5G5=8O @0AA5O==>3> A:;5@>70. > :B> A:070;, GB> 0=B8A:;5@>B8G5A:89 3;8:>784 0<8340;8= A>45@68BAO ;8HL 2 :>@5, O3>40E 8 A5<5=0E @O18=K?  E8<8G5A:>< A>AB025 F25B:>2 =5B =8 A;>20. ">340 ?>G5<C 2 AB0@8=C 7=0E0@8 2> 2B>@>9 ?>;>28=5 8N=O, :>340 70@O A 70@QN AE>4OBAO, 640;8, :0: ?@074=8:0, MB8 �@O18=>2K5� @0AA25BK, GB>1K =5 C?CAB8BL 2@5<O, A>1@0BL 15;K9 4CH8ABK9 F25B, 7=0O: >= A0<K9-A0<K9 ;5G51=K9 8 ?><>65B >B 2A5E =54C3>2? >B 8 O :0@0C;8; MB8 =5?>2B>@8<K5 �@O18=>2K5� @0AA25BK, 8A?>;L7CO F25BK ?@8 >G5=L <=>38E 701>;520=8OE.

/=0 A>>1I8;0, GB> C 5Q >@5=L:8 AC4>@>6=K5 ?@8?04:8 402=> ?@5:@0B8;8AL. 0;LG8: 74>@>2K9, HCAB@K9, A>>1@078B5;L=K9, A0< 2AB0QB =0 =>38 8 45;05B ?5@2K5 H038.

5G5=85 O <5=OBL =5 AB0;. >2B>@8;8 2B>@>9 :C@A, 70B5< ?> ?>@O4:C B@5B89, G5B2Q@BK9. 0 MB>< @5H8;8 >AB0=>28BLAO, O ?>?@>A8; B>;L:> E>BO 1K 5IQ ?>;3>40 4020BL AK=C =0AB>9 4CH8FK A :0?;O<8 =0AB>9:8 ;5?5AB:>2 ?8>=0 C:;>=ONI53>AO 2 B>9 65 4>78@>2:5.  G0I5 ?>:07K20BLAO 2@0GC.

(;8 3>4K.  51Q=>: @>A 8 @072820;AO =>@<0;L=>. >7<>6=>, =0< C40;>AL >AB0=>28BL @0728B85 1>;57=8 2 A0<K9 =0G0;L=K9 ?5@8>4, :>340 5IQ >AB020;AO ?>40B;82K< >@30=87< <;045=F0.

* * *

!?>:>9=55 O GC2AB2>20; A51O A 45BL<8 H:>;L=>3> 2>7@0AB0. >A:28GC !5@Q65 . 8A?>;=8;>AL 2>A5<L ;5B, :>340 2 2002 3>4C, 70:0=G820O CGQ1C 2 ?5@2>< :;0AA5, 2> 2@5<O 70=OB89 8A?KB0; ?5@2K9 ?@8ABC? M?8;5?A88 A :@0B:>2@5<5==>9 ?>B5@59 A>7=0=8O.

5=0, <0BL !5@Q68, ?@>G8B0;0 2 =B5@=5B5 �4>;5=L-B@02C� 8 A@07C, =5 @074C<K20O, >1@0B8;0AL :> <=5.

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

!5@Q65 A A0<>3> =0G0;0 O 40; =0AB>9 A8=53>;>2=8:0: >4=C G09=CN ;>6:C B@02K 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL 420 G0A0, ?@>F548BL. 0?=CBL 2 =0AB>9 87 ?8?5B:8 >4=C :0?;N =0AB>9:8 <CE><>@0. @8=8<0BL ?> 25 <; (A0<0O <0;5=L:0O @N<:0) G5BK@5 @070 2 45=L 4> 54K. '5@57 425 =545;8 =0G0BL ?@8Q< =0AB>9:8 <CE><>@0. 0?0BL 2 AB0:0= =0AB>O 425 :0?;8. >A;5 54K ?@8=OBL >B20@ :>@=59 1>@I528:0 >1K:=>25==>3>: AB>;>2CN ;>6:C 87<5;LGQ==KE :>@=59 70;8BL AB0:0=>< 2>4K, 4>25AB8 4> :8?5=8O 8, ?@8:@K2 ?>AC4C :@KH:>9, =0 A;01>< >3=5 C?0@8BL =0 >4=C B@5BL. @>F548BL. 8BL ?> >4=>9 AB>;>2>9 ;>6:5 G5BK@5 @070 2 45=L. '5@57 G0A 40BL =0AB>9 4CH8FK, 7020@82 G09=CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0. @>F548BL.  MB>B =0AB>9 =0:0?0BL 2>A5<L :0?5;L =0AB>9:8 ;5?5AB:>2 ?8>=0 C:;>=ONI53>AO. 8BL ?> 50 <; (G5B25@BL AB0:0=0).

-B>B 65 :C@A O >AB028; 157 87<5=5=89 =0 2B>@>9 8 B@5B89 <5AOFK. K;8 :0=8:C;K, 8 =5 A>AB02;O;> 1>;LH>3> B@C40 A>1;N40BL 3@0D8: ;5G5=8O.

 G5B2Q@BK9 :C@A O 2=5A 87<5=5=8O. #B@>< 4> 702B@0:0 =0AB>9 1C:28FK 87 G09=>9 ;>6:8 B@02K =0 AB0:0= :8?OB:0, G0A =0AB>OBL, ?@>F548BL. 0:0?0BL 2 AB0:0= =0AB>O 2>A5<L :0?5;L =0AB>9:8 <CE><>@0. K?8BL G5B25@BL AB0:0=0. >A;5 2>72@0I5=8O 87 H:>;K 40BL G5B25@BL AB0:0=0 =0AB>O B@02K G5@=>1K;L=8:0, =0AB>O2 G09=CN ;>6:C 2 AB0:0=5 :8?OB:0, 2;82 2 =53> ?>;>28=C G09=>9 =0AB>9:8 :>@=59 G5@=>1K;L=8:0.  ?>;4=8: 8 70 420 8;8 B@8 G0A0 4> A=0 40BL 2K?8BL G5B25@BL AB0:0=0 =0AB>O B@02K 4CH8FK, =0:0?02 =0 25AL AB0:0= 2>A5<L :0?5;L =0AB>9:8 ;5?5AB:>2 ?8>=0. "@02O=K5 =0AB>8 <>6=> >AB02;OBL =0 4@C3>9 45=L 2 E>;>48;L=8:5, ?@8 C?>B@51;5=88 A>3@520BL (=> =5 =0 307>2>9 ?;8B5!).

 A0<>< =0G0;5 ;5G5=8O C @51Q=:0 1K;8 420 =51>;LH8E ?@8ABC?0, 157 >B:;NG5=8O A>7=0=8O, B>;L:> :@0B:>2@5<5==K5 AC4>@>6=K5 ?@>O2;5=8O.  2AQ. # 5=K 5IQ 4>;3> 68; 2 4CH5 AB@0E ?5@54 2>7<>6=>ABLN @5F84820 1>;57=8, => 2 =0G0;5 78<K >=0 CA?>:>8;0AL. @>254O ?>;=KE G5BK@5 :C@A0, O 5I5 =0 ?OBL <5AOF52 >AB028; ?>445@6820NI55 ;5G5=85: CB@>< ?> 2>A5<L :0?5;L =0AB>9:8 <CE><>@0, 25G5@><   ?> 2>A5<L :0?5;L =0AB>9:8 F25B>2 ?8>=0 2 ?>@F88 =0AB>O 4CH8FK. #B@>< G5@54>20BL =0AB>9 B@02 A8=53>;>2=8:0, 1C:28FK, B@02K, 0 =5 :>@=59 1>@I528:0, B@02K ;0107=8:0 2O7>;8AB=>3> 2 45BA:>9 4>78@>2:5. >A>25B>20; 2A5340 8<5BL 2 70?0A5 4CH8FC. <5NBAO 4>AB>25@=K5 A2545=8O, GB> >4=>9 ;8HL 4CH8F59 <>6=> ?>;=>ABLN 87;5G8BLAO >B M?8;5?A88, 5A;8 ?@8=8<0BL 5Q =0AB>9 2 B5G5=85 B@QE ;5B. >;3>, => ?@8 =5>1E>48<>AB8 8 =0 B0:>9 A@>: A>3;0A8HLAO.  AG0ABLN, !5@Q65 1>;LH5 =8G53> =5 ?>=04>18;>AL, 0 =0AB>5< 4CH8FK O ?>A>25B>20; 5=5 <KBL 3>;>2C ?@8 3>;>2=>9 1>;8.

* * *

">G=> B0:85 65 B@02K A =0AB>9:0<8 <CE><>@0 8 ?8>=0 C:;>=ONI53>AO, 2 @0AGQB5 =0 27@>A;>3> G5;>25:0, O 4020; >B M?8;5?A88 A5<=04F0B8;5B=59 452CH:5 59AO=, >4=0:> 1>;57=L 4> :>=F0 =5 >B?CA:0;0 5Q. #A8;820; ;5G5=85 4@C38<8 @0AB5=8O<8   ?5@5ABC?=5< 15;K<, 682>:>ABLN ?>;52>9, 1>4O:>< @07=>;8AB=K<, =0AB>9:>9 20A8;8A=8:0 <0;>3>. # =5Q ?@8ABC?K 8AG57;8, 8 =0<Q:0 =0 =8E =5 1K;>, <K CA?>:>8;8AL, => >4=064K A>25@H5==> =5>6840==>, ?CA:09 8 2 A;01>9 D>@<5, 1>;57=L =0?><=8;0 > A515. / ;><0; 3>;>2C: GB> 5IQ ?>4:;NG8BL?  5A;8 ?@8<5=8BL G8AB> =0@>4=K9, ?@8<8B82=K9 =0 ?5@2K9 273;O4 A?>A>1: ?>25A8BL =0 H5N 59AO= 1CAK 87 A5<O= ?8>=0   <0@L8=>3> :>@=O. !5<5=0 GCBL <5;LG5 3>@>E0, GQ@=K5 8 1;5ABOI85, 1C4B> >B;0:8@>20==K5. BAG8B0BL, A:>;L:> ;5B G5;>25:C, =0=870BL =0 =8B:C   8 ?04CG0O 8AG57=5B, 5A;8 =>A8BL 8E 4=Q< 8 =>GLN =5 A=8<0O. !45;0; O 87 A5<=04F0B8 3>@>H8= 1CAK =0 ?@>G=>9 =8B:5. 59AO= =045;0 8E   :@0A82> A<>B@OBAO, 1CA8=:8 ?> 87OI5AB2C =5 CABC?OB 4@03>F5==><C GQ@=><C 3@0=0BC. > E20B8;> 8E 2A53> =0 =5A:>;L:> <5AOF52, =0G0;8 B5@OBL :@0A>BC 8 1;5A:. 848<>, :0: O ?>;030N, C;5BCG8;8AL 87 =8E :0:85-B> MD8@=K5 25I5AB20, 8 1CAK CB@0B8;8 F5;51=CN A8;C. @8H;>AL <=5 A45;0BL =>2K5 8 G0I5 <5=OBL 8E. 025@H82 :C@A ;5G5=8O B@020<8, 59AO= 5IQ ?>GB8 3>4 =>A8;0 ?>;N182H55AO C:@0H5=85. =0 1K 8 40;LH5 =5 @0AAB020;0AL A =8<, 40 =5>1E>48<>ABL >B?0;0. >;57=L 1>;LH5 =5 2>72@0I0;0AL : =59.

* * *

5 <>3C >AB020BLAO A?>:>9=K<, :>340 1>;5NB 45B8. A>15==>, 5A;8 >BABC?05BAO >B =8E <548F8=0.  0?@5;5 2000 3>40 ?@85E0;0 87 #;LO=>2A:0 65=I8=0 A ?@>AL1>9: =5 2>7L<CAL ;8 O 70 ;5G5=85 5Q AK=0, C =53> <8>?0B8O NH5==0. 8H5 B@8=04F0BL ;5B. > A;>20< $08=K, <0B5@8 @51Q=:0, >= 1>;55B A G5BK@QE ;5B. =0G0;5 =0 A?8=5 ?>O28;0AL >?CE>;L. @0G8 =07=0G0;8 D878>B5@0?8N, A?8=C 2K;5G8;8, => ?>B>< 2K@>A;8 >?CE>;8 =0 =>30E, 2 >1;0AB8 3>;>2K.  1>;L=8F5 A:070;8, GB> B0:0O 1>;57=L =5 87;5G8205BAO, >=0 =0A;54AB25==0O, A 45D5:B=K< 35=><,

8 >AB0QBAO =045640 B>;L:> =0 B>, GB> :>340-=81C4L C =0A ?>O28BAO 35==0O B5@0?8O. �>340-=81C4L 8 =0 0@A5 2K@0ABCB F25BK,   A 3>@L:>9 8@>=859 ?@>87=5A;0 $08=0.    =0 GB> =0< =045OBLAO A53>4=O? K >?0A05<AO ?>A;54AB289. 5C65;8 =5B B0:8E B@02, :>B>@K5 E>BO 1K 70B>@<>78;8 ?@>F5AA?� / >B@8F0B5;L=> ?>:0G0; 3>;>2>9: �8345 8 =8:0:8E @5:><5=40F89 ?> ;5G5=8N B@020<8 B0:>3> 701>;520=8O =5B. K A0<8 >B;8G=> ?>=8<05B5 MB>�. �0,   A>3;0A8;0AL >=0.   / >1@0I0;0AL :> <=>38< F5;8B5;O<, 7=0E0@O<, M:AB@0A5=A0<   =8 >48= 87 =8E =5 27O;AO. =5 ?>@5:><5=4>20;8 20A�. / >B25B8;, GB> 70 @57C;LB0B =5 <>3C ?>@CG8BLAO. >?KB0NAL CE20B8BLAO E>BO 1K 70 >48= H0=A 87 AB0, =5 >AB02;OBL 65 <0;LG8:0 =0 2AN 687=L 8=20;84><, => ?@5645 2A53> ?@54AB>8B >BKA:0BL MB>B 548=AB25==K9 H0=A, =0 ?>25@E=>AB8 >= =5 ;568B. > 2AO:>< A;CG05 B@02K, :>B>@K5 1C4C =07=0G0BL, 2@540 @51Q=:C =5 =0=5ACB. A5< =0< ?@84QBAO =01@0BLAO B5@?5=8O 8 640BL. 4@C3 =0H8< A>N7=8:>< >:065BAO ?5@5;><=K9 2>7@0AB <0;LG8:0.

8>?0B8O NH5==0   A2O70==K9 A ?>;>< @5F5AA82=K9 ?@87=0: 8 ?>@0605B B>;L:> <0;LG8:>2, ?@8<5@=> 2 2>7@0AB5 G5BK@QE ;5B. :@>=>6=K5 <KHFK, 0 ?>765 <KHFK @C: 8 ?;5G52>3> ?>OA0 AB0=>2OBAO 6QAB:8<8, C25;8G820NBAO 2 @07<5@0E. !>AB>O=85 1>;L=>3> 2 :0:>9-B> AB5?5=8 <>3CB >1;53G8BL ;8HL A?5F80;L=K5 >@B>?548G5A:85 ?@8A?>A>1;5=8O.

'B> O <>3 ?@54;>68BL? '5@54CNI85AO :><?;5:AK 87 4>2>;L=> C7:>3> :@CB0 B@02. ;O ?5@2>3>, =0G0;L=>3> :C@A0 40; A0<>5 8A?KB0==>5: =0AB>9:C A5<O= <>@4>2=8:0 B@8 @070 2 45=L ?> B@8=04F0BL :0?5;L   ?> G8A;C ;5B @51Q=:0.  2 B>9 65 4>78@>2:5 =0AB>9:C >G8B:0 ?C@?C@=>3>. -B> >B45;L=> =0 2>45, 2 B5G5=85 4=O. > 54K   =0AB>9 <0@L8=>3> :>@=O   >4=C G09=CN ;>6:C B@02K 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL 420 G0A0, ?@8=8<0BL ?> B@5B8 AB0:0=0 A B@8=04F0BLN :0?;O<8 2>4=>-A?8@B>2>9 =0AB>9:8 :>@=59 MB>3> 65 @0AB5=8O.  ?>A;5 54K   =0AB>9 ;L=O=:8 >1K:=>25==>9: 7020@820BL G09=CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0. 0AB0820BL >48= G0A, ?@8=8<0BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. 8:0:>3> >1;53G5=8O ?>A;5 ?5@2>3> :C@A0 =5 =01;N40;>AL: 15A?>:>8;8 7C4OI85 1;OH5G:8 ?> 2A5<C B5;C, A8;L=> G5A0;8AL H8H5G:8   =51>;LH85 >?CE>;8 =0 3>;>25, =0 A?8=5.

B>@>9 :C@A O CA8;8;. #B@>< 8 4=Q<   ?> G09=>9 ;>6:5 A>A=>2>3> <Q40. > 54K   =0AB>9 A8=53>;>2=8:0 87 42CE G09=KE ;>65: B@02K =0 AB0:0= :8?OB:0, ?8BL ?> B@5B8 AB0:0=0 A :0?;O<8 =0AB>9:8 <>@4>2=8:0. >A;5 54K   G09 A G5@54>9: 7020@820BL ?>;>28=C G09=>9 ;>6:8 B@02K 2 AB0:0=5 :8?OB:0 8 =0AB0820BL 4204F0BL <8=CB. 8BL =5 1>;LH5 ?>;>28=K AB0:0=0 B@8 @070 2 45=L. '5@57 G0A ?@8=OBL =0AB>9 B@02K BKAOG5;8AB=8:0 87 @0AGQB0 425 G09=K5 ;>6:8 =0 AB0:0= :8?OB:0, =0AB>OBL >48= G0A, ?@>F548BL.  :064K5 B@5BL AB0:0=0 2;820BL ?>;>28=C G09=>9 ;>6:8 A>:0 4C@=8H=8:0. 0@C6=>, 4;O 2B8@0=89 2 H8H5G:8 8 ?>@06Q==CN 1;OH5G:0<8 :>6C, 40; A?8@B>2CN =0AB>9:C 15@Q7>2KE ?>G5:, =0AB>9:C O3>4 :@0A=>9 1C78=K. 0 >?CEH85 ;8<D>C7;K ?>A>25B>20; =0:;04K20BL ?@8<>G:8 87 =0AB>O AB>;>2>9 ;>6:8 B@02K 4>==8:0 2 AB0:0=5 :8?OB:0.

5@2>9 ;0AB>G:>9 1K;> 8AG57=>25=85 <5;:8E >?CE>;59, ;8HL =0 A?8=5 >AB020;8AL 425 H8H5G:8, <5=LH5 AB0;8 15A?>:>8BL 2KAK?0=8O. 'B>1K A:>@55 871028BLAO >B =8E, 2 B@5B89 :C@A O 2:;NG8; 4;O =0B8@0=89 =0AB>9:C :>@=59 452OA8;0, 725@>1>9=>5 <0A;>, A20@8; A2>N A?5F80;L=CN <07L.  =59 ?>4@>1=> @0AA:070=> 2 �4>;5=L-B@025�, 2> 2A5E 45B0;OE >?8A0= ?@>F5AA ?@83>B>2;5=8O. ;O ?@8Q<0 2=CB@L ?>2B>@8; A>A=>2K9 <Q4, 4> 54K   =0AB>9 B@02K <0@L8=>3> :>@=O A :0?;O<8 =0AB>9:8 87 A0<>3> :>@=O. >A;5 54K   =0AB>9 B@02K ;L=O=:8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   =0 2>45, :0?;O<8 =0AB>9:C <>@4>2=8:0 8 A>: 4C@=8H=8:0.

 G5B2Q@B>< :C@A5 4> 54K =07=0G8; =0AB>9 F25B:>2 :0;8=K A :0?;O<8 >G8B:0. >A;5 54K   =0AB>9 B@02K :8?@5O, 7020@8BL G09=CN ;>6:C 2 AB0:0=5 :8?OB:0. 8BL ?> B@5B8 AB0:0=0 A B@8=04F0BLN :0?;O<8 =0AB>9:8 A>D>@K O?>=A:>9.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   =0 2>45, :0?;8 <>@4>2=8:0 8 A>: 4C@=8H=8:0. B8@0BL 2 :>6C =0AB>9:C O3>4 :@0A=>9 1C78=K, 0 2 >AB02H85AO >?CE>;8   A;01CN 2>4=>-A?8@B>2CN =0AB>9:C :>@=O <>;>G0O 1>;>B=>3> (>4=0 AB>;>20O ;>6:0 :>@=O =0 0,5 ; 2>4:8; 4;O 2B8@0=89 =0AB>9:C @07102;OBL ?>@>2=C 2>4>9).

02=> =5 4020; @51Q=:C =0AB>9 A8=53>;>2=8:0. 3> =0AB>9 O 2:;NG8; 2 ?OBK9 8 H5AB>9 :C@AK 2 B>9 65 4>78@>2:5.  ?OB>< @8A:=C; 40BL ?>A;5 54K =0AB>9 682>:>AB8 ?>;52>9 2 C<5=LH5==>9 4>78@>2:5: B@5BL G09=>9 ;>6:8 B@02K =0AB>OBL 420 G0A0 2 AB0:0=5 :8?OB:0, GB>1K <>6=> 1K;> ?8BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L.  2 H5AB><, ?>A;5 54K ?>2B>@8; =0AB>9 B@02K ;L=O=:8. "0:65 25@=C;AO 8 : =0AB>9:5 <>@4>2=8:0, >B4>E=C2 >B =53> 2 ?OB>< :C@A5. $08=0 A>>1I8;0, GB> >G5=L E>@>H> ?><>30NB B@02O=>5 <0A;> 8 =0AB>9:0 O3>4 1C78=K. / A@07C 27O; MB> A515 =0 70<5B:C, E>BO 2 ?>A;54CNI85 :C@AK 2:;NG0; 4;O =0@C6=>3> ?@8<5=5=8O =0AB>9:8 :>@=59 <>;>G0O, 4O38;O, 15@Q7>2KE ?>G5:. 7 B@02 ?5@8>48G5A:8 ?>2B>@O;8AL A8=53>;>2=8:, ;L=O=:0, G5@540, :8?@59, 682>:>ABL ?>;520O, B@020 <0@L8=>3> :>@=O 2<5AB5 A 5Q =0AB>9:>9, 87@54:0 ?>4:;NG0; 1C:28FC, 4@>:, ?CABK@=8:. >AB>O==> H;8 A>A=>2K9 <Q4, A =51>;LH8<8 ?5@5@K20<8   =0AB>9:8 A>D>@K O?>=A:>9, <>@4>2=8:0, >G8B:0 ?C@?C@=>3>. 5G51=K9 :><?;5:A A>AB02;O;AO ?> >1@07FC ?5@2KE H5AB8 :C@A>2.  ?>A;54=89 @07 $08=0 ?@85E0;0 70 ;5:0@AB20<8 2 0?@5;5 2002 3>40. 7O;0 8E =0 2AO:89 A;CG09, E>BO C65 2 ?@>H;>< 3>4C : >A5=8 C AK=0 =5 >AB020;>AL =8:0:8E ?@87=0:>2 1>;57=8. �> A8E ?>@ =5 25@8BAO, GB> >= A0<>AB>OB5;L=> =0G0; E>48BL 2 H:>;C,   A:070;0 >=0, AC525@=> ?>ABCG02 ?> 45@52O==>9 A?8=:5 ABC;0.   !3;078BL 1>NAL. #AB@>8;0AL =0 @01>BC, 0 A0<0 4C<0N, =5 @0=> ;8. "0: 8 B08BAO 2 4CH5 B@52>30. > 8 157 @01>BK =8:0: =5;L7O.  A;CG05 G53>, O A<>3C A=>20 >1@0B8BLAO : 20<?�

5 7=0N, @04>20BLAO 8;8 =5B   70 2A5 <8=C2H85 3>4K =8 @07C =5 >1@0I0;0AL.  A0< ?>72>=8BL 8 C7=0BL, :0: 59 682QBAO, =5 @5H0NAL. ">65 1>NAL A3;078BL.

* * *

�=20@ 0=AC@>28G /., 44 3>40, 3. C3C;L<0, "0B0@AB0=. 1@0B8;AO 19 O=20@O 1999 3. 80AB5=8O, 35=5@0;878@>20==0O D>@<0 A ?>@065=85< 3;07>42830B5;L=KE <KHF, :@0=80;L=>9 <CA:C;0BC@K <KHF H58, 25@E=53> ?;5G52>3> ?>OA0. 5@E=89 ?0@0?0@57 4> AB5?5=8 2K@065==>3> 2 ?@>:A8<0;L=KE >B45;0E @C:. -   @8B< A8=CA>2K9, '!!   83 2 <8=., ;Q3:85 48DDC7=K5 87<5=5=8O 2 <8>:0@45.  -   ?C;LA>2>5 :@>25=0?>;=5=85 A>AC4>2 C<5@5==> A=865=> A 42CE AB>@>=.  57N<5 8<<C=>;>30: =8B@>D8;L=>-;8<D>F8B0@=K9 B8? 8<<C=>3@0<<K.  8A: @0728B8O 8=D5:F8>==>-2>A?0;8B5;L=KE >A;>6=5=89 ?@>2>48<>9 3>@<>=>B5@0?88 (:0;8<8=, ?@54=87>;>= 5,0)�.

=20@   48@5:B>@ >4=>9 87 D8@<, B>@3CNI8E =5DB5?@>4C:B0<8, G5;>25: A45@60==K9, =5<=>3>A;>2=K9, <>;G0 640;, ?>:0 O A45;0N 2 A2>N B5B@04L 2K?8A:C 87 8AB>@88 1>;57=8, 70B5< A?@>A8;: �!<>3C O ?>@01>B0BL A MB>9 1>;57=LN E>BO 1K ;5B ?OBL? =5 2AQ B@C4=55 G8B0BL, ?8A0BL. A;8 C94C =0 3>;CN ?5=A8N A59G0A, MB> :>=5F, E>BL 25H09AO�. # =53> =0 A:C;0E 65;20:8 7083@0;8. �0G5< B0: <@0G=>?   2>7@078; O 15760;>AB=>, =5 157 C<KA;0   =5;L7O B0:8< ;N4O< 40BL @0A:8A=CBL.    AB@0=5 B@5BL =0A5;5=8O A848B =0 ?5=A88, ;N48 :0:-B> CE8B@ONBAO 2K68BL.  C 20A D8@<0, B0< ?5=A8O =5 G5B0 <>59. ;NA CG8B5;LA:0O 70@?;0B0 20H59 65=K. 5 =04> A B0:>9 157KAE>4=>ABLN A<>B@5BL =0 687=L�. =20@ 5420 ?@8>B:@K; =5?>A;CH=K5 25:8, 4065 ?>?@845@60; 8E ?0;LF0<8, A C482;5=85< 3;O4O =0 <5=O 8 =5 ?>=8<0O, HCGC O 8;8 3>2>@N A5@LQ7=>. �5:8 =5 A;CH0NBAO, E>BL A?8G:0<8 8E ?>4?8@09. !:>@> A>2A5< =5 A<>3C A<>B@5BL, =8 =0 20A, =8 =0 687=L,   A CA<5H:>9 >B25B8; >=.   >:0 2AO =045640 =0 20H8 B@02K. 8:0:>3> 2>;H51AB20 O =5 64C, => 5A;8 AC<55B5 >1;53G8BL <>Q A>AB>O=85, ?><>65B5 ?@>45@60BLAO =5A:>;L:> ;5B, 2 4>;3C =5 >AB0=CAL�.

/ 402=> A<8@8;AO A B5<, GB> ?@>B>?B0;8 :> <=5 4>@>6:C ;N48 A BO6Q;K<8, 8=>340 A =587;5G8<K<8 701>;520=8O<8, => =8:0: =5 <>3 ?@82K:=CBL : MB><C B> ;8 70304>G=><C O2;5=8N, B> ;8 A;CG09=><C A>2?045=8N. 4=0:> 2AO:89 @07 2>7=8:0;> >ICI5=85, GB> :B>-B> C<KH;5==> 703>=O5B <5=O 2 3;CE>9 BC?8:, ?@83>20@820O: ?>A<>B@8<, AC<55HL ;8 BK =0 MB>B @07 2K1@0BLAO 87 =53>? 8:0:>3> 7=0G5=8O =5 8<5;8 01A>;NB=> >48=0:>2K5 4803=>7K 254L >=8 1K;8 ?>AB02;5=K @07=K< ;N4O<.  :064K9 A;CG09, 4065 5A;8 >= ?@54AB02;O;AO AB0@K< 7=0:><K<, 2AQ @02=> AB0=>28;AO 4;O <5=O =>2>9 3>;>2>;><:>9, B@51CNI59 8=>3>, =5>@48=0@=>3> @5H5=8O.

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

 <0@L8= :>@5=L? %>BO 1K :0: B>=878@CNI55 8 C:@5?;ONI55 A@54AB2>, =5 3>2>@O > 4@C38E 53> 4>AB>8=AB20E. =5 <>3CB 2>7@078BL, GB> <0@L8= :>@5=L, =0>1>@>B, >1;0405B A8;L=K< A540B82=K< 459AB285<, 8 MB> 25@=>, =>, ?> <>5<C <=5=8N, >= CA?>:08205B ?@8 @07;8G=>3> @>40 =52@>70E =5 4;O B>3> GB>1K 3>;>20 :;>=8;0AL : ?>4CH:5 8 A;8?0;8AL 3;070, 0 873>=O5B C=K=85 8 E0=4@C, 2A5;O5B A?>:>9AB285, 2>AAB0=02;8205B =0@CH5==K5 A2O78 2 F5=B@0;L=>9 =5@2=>9 A8AB5<5. >MB><C 8 =07=0G0NB 53> ?@8 8?>E>=4@8G5A:8E 8 D>18G5A:8E A>AB>O=8OE, <0=80:0;L=>-45?@5AA82=>< ?A8E>75, H87>D@5=88, M?8;5?A88.

5>6840==> =07>9;82> ?>;57;0 2 3>;>2C <KA;L > 682>:>AB8 ?>;52>9. 070;>AL 1K, 2 40==>< A;CG05 8 1;87:> ?>4?CA:0BL 5Q =5;L7O. =0 A>45@68B 2 A2>Q< A>AB025 0;:0;>84K <5;;8:B8= 8 45;LA5<8=, 8E 8A?>;L7CNB 2 :0G5AB25 @5;0:A0=B0 ?@8 701>;520=8OE =5@2=>9 A8AB5<K, A>?@>2>640NI8EAO ?>2KH5=85< <KH5G=>3> B>=CA0, 4;O ?>;=>3> @0AA;01;5=8O <CA:C;0BC@K. 0< 65 B@51C5BAO >1@0B=>5: =5 @0AA;01;OBL, 0 CA8;820BL B>=CA <KHF. 5G0B 254L 682>:>ABLN ?>;52>9 @0AA5O==K9 A:;5@>7, M?8;5?A8N, 4@C385 701>;520=8O =5@2=>9 A8AB5<K. >?@>1C9B5-:0 @0AA;018BL <CA:C;0BC@C ?@8 @0AA5O==>< A:;5@>75!  BCB <5=O >A5=8;>: 2 682>:>AB8 <KH5G=K<8 @5;0:A0=B0<8 O2;ONBAO 0;:0;>84K, 872;5GL 8E 87 @0AB5=8O <>6=> B>;L:> A?8@B>< 8;8 MD8@><, 0 2 2>45 >=8 =5@0AB2>@8<K. >B ?>G5<C ?@8 @0AA5O==>< A:;5@>75 8A?>;L7C5BAO =5 A?8@B>20O =0AB>9:0, 0 2>4=K9 =0AB>9.  >= E>@>H> 4>?>;=8B =0H =0<5G05<K9 :><?;5:A.

45AL O A?5F80;L=> @5H8; ?>:070BL A 87=0=:8, :0: ?>418@0NBAO @0AB5=8O 2 ;5G51=K9 :><?;5:A. 5 A 1CEBK-10@0EBK, =5 87 A8<?0B88 : B><C 8;8 8=><C @0AB5=8N, 0 B>;L:> A CGQB>< 8E A2>9AB2, 2708<=>9 A>2<5AB8<>AB8 8 :>=5G=>9 :>=:@5B=>9 ?>;L7K.

5@2K9 :C@A 2K3;O45; B0:. > 54K   B@8 @070 2 45=L   =0AB>9 B@02K ?8>=0 C:;>=ONI53>AO, 7020@820O >4=C G09=CN ;>6:C 2 AB0:0=5 :8?OB:0. 0AB0820BL 420 G0A0, ?@>F548BL. 8BL ?> >4=>9 B@5B8 AB0:0=0, 4>102;OO 2 :064CN ?>@F8N B@84F0BL :0?5;L =0AB>9:8 :>@=O ?8>=0. >A;5 54K ?@8=OBL G5B25@BL AB0:0=0 =0AB>O 87 ;L=O=:8 >1K:=>25==>9.  :064CN ?>@F8N 2;8BL ?> ?OB=04F0BL :0?5;L =0AB>9:8 A5<O= <>@4>2=8:0. '5@57 G0A ?>A;5 ;L=O=:8 2K?8BL =0AB>9 682>:>AB8 ?>;52>9, B0: 65 ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. 020@820BL >4=C G09=CN ;>6:C B@02K 2 42CE AB0:0=0E :8?OB:0 8 =0AB0820BL 2>A5<L G0A>2 2 BQ?;>< <5AB5 (=> =5 2 B5@<>A5). @>F548BL.  :064CN ?>@F8N 4>102;OBL ?> 4204F0BL :0?5;L =0AB>9:8 >G8B:0 ?C@?C@=>3>. 0@C6=>: =5A:>;L:> @07 2 45=L 45;0BL ?@8<>G:8 : 3;070<, =0<>G82 <0@;52K5 B0<?>=K 2 >AB02H5<AO =0AB>5 ;L=O=:8.

0AB>9 B@02K <0@L8=>3> :>@=O A 53> 65 =0AB>9:>9 O >AB028; 157 87<5=5=89 8 =0 2B>@>9 :C@A, B@8 @070 2 45=L 4> 54K. >A;5 54K ?@8=OBL AB>;>2CN ;>6:C >B20@0 A>;>4:8. 4=C G09=CN ;>6:C 87<5;LGQ==>3> :>@=O :8?OB8BL 2 AB0:0=5 2>4K 45AOBL <8=CB, =0AB>OBL >48= G0A. # >B20@0 ?@8B>@=K9, >G5=L A;04:89 2:CA, ?>MB><C 53> <>6=> 70?8BL 2>4>9. '5@57 G0A 2K?8BL B0:>9 65, :0: 8 2 ?5@2>< :C@A5, =0AB>9 B@02K 682>:>AB8 ?>;52>9.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 =0 ;>6:5 2>4K, B@8 @070 2 45=L, ?@8=OBL ?> ?OB=04F0BL :0?5;L =0AB>9:8 <>@4>2=8:0.

! A5@548=K <0@B0 =20@ 1K; 2K=C645= =0 F5;K9 <5AOF A45;0BL ?5@5@K2, =0:>?8;>AL <=>3> @01>BK, A2O70==>9 A :><0=48@>2:0<8. !8<?B><K 1>;57=8 8AG57;8, ?>A;CH=K<8 AB0;8 25:8, 2> 2AQ< B5;5 >ICI0;0AL ?@56=OO A8;0, 8 >= 4065 =0<5:=C;, =5 ?>@0 ;8 =0< >AB0=>28BLAO, ?@5:@0B8BL ;5G5=85. > O >ABC48; 53> ?K;, ?@54C?@5482, GB> 5A;8 >= A 3>;>2>9 >:C=QBAO 2 @01>BC, =5 4>;5G82H8AL, B> 2 A:>@>< 2@5<5=8 2K=C645= 1C45B A=>20 8A:0BL A?0A5=85 C <5=O, 8 =5B =8:0:>9 C25@5==>AB8 2 B><, GB> ?><>3CB ?@56=85 B@02K, 0 4@C38E C <5=O =5B. =20@ >1@5GQ==> 274>E=C;, => A>3;0A8;AO =5 >AB0=02;820BLAO 4065 2 =>2KE CA;>28OE, 2 ?>574:0E, 2 3>AB8=8F0E, 345 A> A;>6=K< :><?;5:A><, :>=5G=>, =5 A?@028BLAO, >4=0:> 3>B>2 27OBL A A>1>9 E>BO 1K >4=> 87 =5>1E>48<KE ;5:0@AB2. / 40; 5<C 2 4>AB0B>G=>< :>;8G5AB25 =0AB>9:C :>@=59 A015;L=8:0 1>;>B=>3>   ?@8=8<0BL B@8 @070 2 45=L ?> >4=>9 AB>;>2>9 ;>6:5 2 ?>;>28=5 AB0:0=0 2>4K. !015;L=8: E>@>H =5 B>;L:> ?@8 >B;>65=88 A>;59 8 1>;L=KE ACAB020E. =, :0: 8 <>9 ;N18<K9 4C@=8H=8:, C=825@A0;5=.

> 2B>@>9 ?>;>28=5 0?@5;O <K ?@>4>;68;8 >A=>2=>9 :C@A ;5G5=8O. >28=:>9 745AL >:070;8AL 04>=8A 8 4@>:   ?> >4=>9 G09=>9 ;>6:5 :064>9 B@02K =0 AB0:0= :8?OB:0, >48= G0A =0AB>OBL, ?@>F548BL 8 ?@8=8<0BL ?> G5B25@B8 AB0:0=0 G5BK@5 @070 2 45=L, ;CGH5 4> 54K. >A;5 54K   B@8 @070 2 45=L   ?> G5B25@B8 AB0:0=0 =0AB>O B@02K ;L=O=:8 A ?OB=04F0BLN :0?;O<8 =0AB>9:8 <>@4>2=8:0. '5@57 G0A   =0AB>9 B@02K 682>:>AB8 ?>;52>9, 4>102;OO 2 G5B25@BL AB0:0=0 B@84F0BL :0?5;L =0AB>9:8 <0@L8=>3> :>@=O. > 2B>@>9 ?>;>28=5 4=O   =0 ;>6:5 2>4K   B@84F0BL :0?5;L =0AB>9:8 A8=NE8. "> 65 A0<>5 =0 =>GL, ?5@54 A=><.

K;8 87<5=5=8O 8 2 G5B2Q@B>< :C@A5. > 54K   =0AB>9 @5?5H:0 >1K:=>25==>3> 87 42CE AB>;>2KE ;>65: =0 0,5 ; :8?OB:0. 0AB>OBL 420 G0A0, ?@>F548BL. 8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L A B@84F0BLN :0?;O<8 =0AB>9:8 <0@L8=>3> :>@=O. '5@57 G0A ?>A;5 54K   =0AB>9 B@02K 682>:>AB8 A ?OB=04F0BLN :0?;O<8 =0AB>9:8 <>@4>2=8:0. B45;L=> =0 2>45   ?> B@84F0BL :0?5;L =0AB>9:8 ME8=0F58 ?C@?C@=>9 CB@>< 8 4=Q<. > 2B>@>9 ?>;>28=5 4=O 8 =0 =>GL   ?> B@84F0BL :0?5;L =0AB>9:8 A8=NE8.

0B5< ?>A;54>20;8 5IQ 420 <5AOG=KE :C@A0 A 8A?>;L7>20=85< B5E 65 >A=>2=KE B@02 8 =0AB>5:.  ?5@2>< A;CG05 ?>2B>@8;8 0?@5;LA:89 :C@A, 0 =0?>A;54>:   A0<K9 ?5@2K9.

�/ ?@>HQ; ?>;=>5 >1A;54>20=85, 2@0G8 =5 =0E>4OB =8:0:>9 1>;57=8. 065 =5 25@OB, GB> 1>;5;�,   C15640; <5=O =20@, @5H82 70:>=G8BL CB><8B5;L=>5 4;O =53> ;5G5=85. = 8 2 A0<>< 45;5 2K3;O45; ?@5:@0A=>, =8:0:>3> A@02=5=8O A B5< 2O;K<, C=K;K< <C6G8=>9, ?>4?8@0NI8< ?0;LF0<8 =5?>A;CH=K5 25:8, 15AA8;L=> A?>;70NI85 =0 3;070. =5 4065 =5 25@8;>AL 2 B>, GB> =02A5340 CH;0 >B =53> ?@0:B8G5A:8 =587;5G8<0O 1>;57=L. @54C?@548; 53> > =5>1E>48<>AB8 5653>4=>9 ?@>D8;0:B8:8.  2000 8 2001 3>40E >= ?>A;CH=>, =0 2AO:89 A;CG09, 1@0; ?> >4=><C <5AOG=><C :C@AC 8 8AG57. 8HL 2 2005 3>4C, ?@85E02 2 #DC ?> 45;0<, 2K45;8; 87 A2>53> ?;>B=>3> 3@0D8:0 GCBL ;8 =5 A>@>: <8=CB 8 703;O=C; :> <=5   @04COAL 2AB@5G5, A 1;5A:>< 2 3;070E, 157 60;>1 =0 74>@>2L5, 4>2>;L=K9 687=LN. >;LH5 <K =5 2AB@5G0;8AL, => O 1K; A?>:>5= 70 =53>, 7=0O, GB> ?@8 =5>1E>48<>AB8 >= A@07C 1K 2A?><=8; 4>@>3C, 254CICN 2 <>9 4><.

* * *

'5@57 CD8<A:8E 7=0:><KE 2KH;0 A> <=>9 =0 A2O7L <>A:28G:0 @8=0 $. Q AK=C <8B@8N 45AOBL ;5B, C =53> E>@5O. >;57=L CA8;8;0AL ?>A;5 B>3>, :0: 2 ?>5745, :@5?:> 70A=C2, >= C?0; A> 2B>@>9 ?>;:8, C40@8;AO 3>;>2>9, 70:@8G0; >B 8A?C30 8 4> CB@0 =5 <>3 CA?>:>8BLAO. # =53> G0AB>5 <>@30=85, =5?@>872>;L=> =0G8=05B B@OAB8AL 3>;>20, ?>4Q@3820NBAO IQ:8 8;8 3C1K.  H:>;C E>48B B>;L:> ?>4 C3@>7>9 =0:070=8O. 5B, @51OB0 =5 2KA<5820NB 53>. = 3>2>@8B, GB> 5<C ABK4=> ?5@54 452>G:0<8. @0G8 =07=0G8;8 B@0=:28;870B>@K, => >=8, ?>-2848<><C, A;01K5, B>;:C >B =8E =5B.

 A5@548=5 023CAB0 1999 3>40 O >B?@028; @8=5 4;O ;5G5=8O AK=0 C65 8A?KB0==K9 =0 45;5 :C@A ;5G5=8O. 5BO< O >G5=L @54:> 40N 1>;83>;>2, => 2 40==>< A;CG05 @5H8;AO. 57 =53> B@C4=> 1K;> 1K ?>459AB2>20BL =0 ?>@06Q==K5 1070;L=K5 30=3;88. >@>B:> ?>OA=N. 070;L=K5 30=3;88   MB> =5A:>;L:> :@C?=KE A:>?;5=89 A5@>3> 25I5AB20, =0E>4OI8EAO 2 B>;I5 15;>3> 25I5AB20 1>;LH>3> <>730. =8 8<5NB A;>6=K5 =5@2=K5 A2O78 :0: A :>@>9 3>;>2=>3> <>730, B0: 8 A B0;0<CA>< (?>4:>@:>2K9 F5=B@ 2A5E 284>2 GC2AB28B5;L=>AB8, ?>ABC?0NI8E 2 <>73). =8 CG0AB2CNB 2 @53C;OF88 <KH5G=>3> B>=CA0 8 C?@02;5=88 A0<>?@>872>;L=K<8 42865=8O<8 G5;>25:0 =0 ?>4A>7=0B5;L=>< C@>2=5. >;83>;>2 O 40; 2 <8=8<0;L=>9 4>75: ?> >4=>9 :0?;5 =0 ;>6:5 2>4K @0=> CB@>< 2 B5G5=85 A5<8 4=59, 70B5< 4>1028BL 5IQ >4=C :0?;N =0 25G5@=89 ?@8Q<.  B0: ?@>4>;60BL ?> 425 :0?;8 2 45=L 4> :>=F0 ;5G5=8O. > 54K, B@8 @070 2 45=L, 2K?8BL ?> G5B25@B8 AB0:0=0 =0AB>O 1C:28FK, 7020@820O G09=CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0. 0AB>OBL 420 G0A0, ?@>F548BL.  :064CN ?>@F8N :0?0BL 87 ?8?5B:8 ?OBL :0?5;L =0AB>9:8 <0@L8=>3> :>@=O. >A;5 54K, B@8 @070 2 45=L, ?@8=8<0BL ?> 425 AB>;>2K5 ;>6:8 =0AB>O 682>:>AB8 ?>;52>9. '09=CN ;>6:C B@02K 70;8BL AB0:0=>< :8?OB:0, =0AB0820BL B@8 G0A0. -B>B 65 =0AB>9 8A?>;L7>20BL =0 ?@8<>G:8 : 3;070<, C2;06=82 <0@;52K5 B0<?>=K. '5@57 ?>;G0A0 ?>A;5 682>:>AB8 ?8BL ?> 425 AB>;>2K5 ;>6:8 >B20@0 A8=53>;>2=8:0. B20@ 3>B>28BL 87 G09=>9 ;>6:8 B@02K =0 AB0:0= 2>4K, 4>25AB8 4> :8?5=8O 8 A@07C A=OBL A >3=O, =0AB>OBL 420 G0A0, ?@>F548BL.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@8=8<0BL B@8 @070 2 45=L, >B45;L=> 4@C3 >B 4@C30, ?> 45AOBL :0?5;L =0AB>9:8 B@02K 1C4@K 8 :>@=O 4O38;O.

B>@>9 :C@A <0;> G5< >B;8G0;AO >B ?5@2>3>. "5 65 A0<K5 1>;83>;>2, 4> 54K   =0AB>9 1C:28FK, ?>A;5 54K   =0AB>9 682>:>AB8 ?>;52>9, >B20@ A8=53>;>2=8:0. #1@0; =0AB>9:C 1C4@K, =0AB>9:C <0@L8=>3> :>@=O 70<5=8; =0AB>9:>9 ;5?5AB:>2, B0: 65 ?> 45AOBL :0?5;L. <5AB> =0AB>9:8 :>@=O 4O38;O 40; =0AB>9:C :>@=O 1>@I528:0, 2 B>9 65 4>78@>2:5.

#65 ?>A;5 2B>@>3> :C@A0 ?>72>=8;8, 2K@060O 1;03>40@=>ABL, =5 B>;L:> @8=0, => 8 5Q A25:@>2L. =0 2>AB>@65==> ?@52>7=>A8;0 C4828B5;L=K5 2>7<>6=>AB8 >1KG=KE B@02, A:070;0, GB> @040 ?>7=0:><8BLAO A> <=>9, A?0A8B5;5< 5Q ;N18<>3> 2=C:0. @8H;>AL A;53:0 >ABC48BL 5Q ?K;, >1JOA=82, GB> >BACBAB285 2=5H=8E ?@87=0:>2 1>;57=8 5IQ =5 A2845B5;LAB2C5B > ?>;=>< 2K74>@>2;5=88. @8=5 ?>A>25B>20; ?@>4>;68BL ;5G5=85 AK=0, ?>2B>@82 2 B>9 65 ?>A;54>20B5;L=>AB8 >10 :C@A0. > 70 40;L=59HCN AC4L1C 8H8 O C65 1K; A?>:>5=.
 !"/   #'-('+% /% 

@8 701>;520=8OE 65;C4:0 8 :8H5G=8:0 O ?>A>25B>20; 1K 2=8<0B5;L=> ?@>G8B0BL 3;02K > ;5G5=88 @0:0 MB8E >@30=>2 8 2K1@0BL 4;O A51O C65 3>B>2K5 :><?;5:AK, B0: :0: 2 =8E 40=K 2 >A=>2=>< B5 65 A0<K5 @0AB5=8O, :>B>@K<8 ?@8E>48BAO ;5G8BL 30AB@8BK, O72K 65;C4:0 8 425=04F0B8?5@AB=>9 :8H:8, :>;8BK, M=B5@>:>;8BK, O72K B>;AB>3> :8H5G=8:0, 1>;57=8 ?@O<>9 :8H:8, =5 ?@5=51@530O 8 B0:8<8 O4>28BK<8 B@020<8, :0: 1>;83>;>2 8;8 <CE><>@. AB0B8, MB> >B=>A8BAO 8 : 701>;520=8O< ?5G5=8, ?>G5:, ?>465;C4>G=>9 65;57K, I8B>284=>9 65;57K, ?@54AB0B5;L=>9 65;57K, 65=A:8E 701>;520=89. / AB0@0;AO 40BL <=>38< @0AB5=8O< 8AG5@?K20NICN E0@0:B5@8AB8:C. #G8BK20O 8E =0?@02;5==>ABL, <>6=> ?@83>B>28BL 1>;55 C?@>IQ==K5, =5>1@5<5=8B5;L=K5 :C@AK ;5G5=8O.

@8H;>AL >4=064K ;5G8BL ?5?B8G5A:CN O72C 425=04F0B8?5@AB=>9 :8H:8 C >4=>3> <>;>4>3> G5;>25:0. 20;8 53> >=AB0=B8=><, : B@84F0B8 42C< 3>40< 4>HQ;, :0: 3>2>@8BAO, 4> @CG:8   O72C 4>;3> ?KB0;8AL ;5G8BL, => >=0 =5 ?>44020;0AL 4065 A0<K< MDD5:B82=K< <548:0<5=B0<. @>>?5@8@>20;8, >4=0:> 8 MB> =5 ?><>3;>. 0G0;AO @5F8482. 0;5@8O 0;5=B8=>2=0, <0BL >=AB0=B8=0, >?0A0;0AL ?5@5@>645=8O O72K 2 @0:>2CN >?CE>;L 8 2 1C:20;L=>< A<KA;5 C<>;O;0 A?0AB8 5Q 548=AB25==>3> AK=0. / B>340 1K; >G5=L 703@C65=, 24@C3 >48= 70 4@C38< ?>20;8;8 :>AO:>< >=:>;>38G5A:85 1>;L=K5, 8 2A5 ?> ?@>AL15 4@C759 8 7=0:><KE.  B><C 65 =0G0;0AL 3>@OG0O ?>@0 703>B>2:8 :>@=59, ?;>4>2, A5<O=. #3>2>@8; 0;5@8N 0;5=B8=>2=C >1@0B8BLAO : 4@C3><C >?KB=><C B@02=8:C, : 078<C (0@0?>2C, 53> O >G5=L C2060;, => >= >B?@028;AO 2 ?>574:C ?> @09>=0<, 8 O 2K=C645= 1K; 2720;8BL 701>BC > >=AB0=B8=5 =0 A51O.  A5=BO1@5 2000 3>40 40; 5<C A@07C =0 420 <5AOF0 :C@A 2A53> 87 B@QE :><?>=5=B>2. > 54K, A=0G0;0 ?> G09=>9 ;>6:5 725@>1>9=>3> <0A;0 B@8 @070 2 45=L, 70B5< =0AB>9 B@02K 7>?=8:0 :;C1=5=>A=>3>   7020@820BL AB>;>2CN ;>6:C 2 AB0:0=5 :8?OB:0, ?8BL ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 65;C4>G=>3> 10;L70<0.  =Q< O A>548=8; ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, B@02K BKAOG5;8AB=8:0, :>@=O ;>?CE0, ?> 50 <; =0AB>9:8 B@02K 2>4O=>3> ?5@F0 8 B@02K 15;5=K.  =>O1@5 >=AB0=B8= ?>;CG8; 4@C3>9 :C@A.

25@>1>9=>5 <0A;> >AB028;, 0 4;O =0AB>O 40; ;8ABLO GQ@=>9 >;LE8, 87 @0AGQB0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, =0AB0820BL 420 G0A0 8 ?8BL A 65;C4>G=K< 10;L70<>< ?> B@5B8 AB0:0=0 B@8 @070 2 45=L. 7<5=8; A>AB02 10;L70<0: ?> 100 <; =0AB>5: :>@=59 4O38;O, <0@L8=>3> :>@=O, ?;>4>2 A>D>@K O?>=A:>9, F25B:>2 :0;5=4C;K 8 50 <; B@02K 2>4O=>3> ?5@F0. >A;5 54K ?@8=OBL AB>;>2CN ;>6:C =0AB>O B@02K :8?@5O, =0 AB0:0= :8?OB:0, 4>102;OO 2 :064CN B@5BL AB0:0=0 G09=CN ;>6:C =0AB>9:8 :>@=59 A8=NE8 3>;C1>9.  45:01@5 8 O=20@5 2001 3>40 ?>2B>@8;8 ?5@2K9 42CE<5AOG=K9 :C@A (=0AB>9 7>?=8:0 =04> ?8BL 420 <5AOF0 ?>4@O4, 8=0G5 B>;:C =5 1C45B).  2 7025@H5=85 25@=C;8AL : ?@56=5<C, 2B>@><C :C@AC.  @5F84820E O72K >=AB0=B8= 701K;. , 2>7<>6=>, =02A5340. > 2AO:>< A;CG05, :>340 2 2008 3>4C >B<5G0;8 <>Q 75-;5B85, ?>A;5 >D8F80;L=>9 G0AB8 8 :>=F5@B0, :>340 =0 AF5=C ?>4=O;0AL 25@5=8F0 1K2H8E <>8E ?0F85=B>2, B> A@548 =8E A >3@><=K< 1C:5B>< F25B>2 1K;0 8 0;5@8O 0;5=B8=>2=0.

* * *

 <05 1997 3>40 >1@0B8;0AL :> <=5 A >AB@K< M@>782=K< 30AB@8B>< 0@8O 8E09;>2=0 !., 65=I8=0 ;5B H5AB845AOB8, AB@040NI0O A8;L=K<8 1>;O<8, B>H=>B>9 8 G0ABK<8 65;C4>G=K<8 :@>2>B5G5=8O<8. 45AL =5 >1>9B8AL 157 725@>1>9=>3> <0A;0: ?> >4=>9 G09=>9 ;>6:5 B@8 8;8 G5BK@5 @070 2 45=L 4> 54K. B45;L=>, B>65 4> 54K, 2 :0G5AB25 >12>;0:820NI53>, ?@>B82>2>A?0;8B5;L=>3> 8 1>;5CB>;ONI53> A@54AB20   =0AB>9 A5<O= ;L=0: >4=C AB>;>2CN ;>6:C 70;8BL 42C<O AB0:0=0<8 :8?OB:0 8 =0AB>OBL 2 B5@<>A5 >48= G0A, ?@>F548BL 8 ?@8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L. C65= 8 65;C4>G=K9 10;L70<.  =53> 2>H;8 ?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, ?;>4>2 A>D>@K O?>=A:>9, B@02K 2>4O=>3> ?5@F0, ?> 50 <; :>@=O 08@0 8 B@02K 15;5=K. 4=>3> G5@=>1K;L=8:0 8;8 7>?=8:0 1K;> 1K <0;>, ?>MB><C A45;0; B@02O=>9 A>AB02, ?>4:;NG82 : =8< :@0?82C, BKAOG5;8AB=8:, @5?5H>:, 35@0=L ;C3>2CN 2 @02=>< :>;8G5AB25. ;O ?@83>B>2;5=8O =0AB>O B@8 AB>;>2K5 ;>6:8 A<5A8 70;8BL 42C<O AB0:0=0<8 :8?OB:0, =0AB>OBL 420 G0A0 8 ?@8=8<0BL G5BK@5 @070 2 45=L ?> ?>;AB0:0=0, A G09=>9 ;>6:>9 10;L70<0. >A;5 54K   =0AB>9 87<5;LGQ==KE :>@=59 >:>?=8:0: AB0:0=>< E>;>4=>9 :8?OGQ=>9 2>4K 70;8BL >4=C G09=CN ;>6:C, =0AB>OBL 2>A5<L G0A>2, ?@>F548BL. >@=8 =5 2K1@0AK20BL, 0 A=>20 70;8BL AB0:0=>< :8?OB:0, =0AB>OBL >48= G0A, 70B5< >10 =0AB>O A>548=8BL 2<5AB5. @8=8<0BL ?> G5B25@B8 AB0:0=0 G5BK@5 @070 2 45=L. @><5 B>3>, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, B@8 @070 2 45=L ?8BL =0AB>9 ;8ABL52 >4C20=G8:0, ?> >4=>9 B@5B8 AB0:0=0: 7020@820BL AB>;>2CN ;>6:C 87<5;LG5==KE ;8ABL52 ?>@>2=C A :>@=O<8 8 =0AB0820BL G5BK@5 G0A0.  :064CN ?>@F8N 2;820BL G09=CN ;>6:C 70A?8@B>20==>3> A>:0 <54C=8FK   MB> >B 0=5<88, 2K720==>9 G0ABK<8 :@>2>B5G5=8O<8.

> 2B>@>< :C@A5 >AB0;>AL 725@>1>9=>5 <0A;>, => B@02K A<5=8;8AL. > 54K H;0 1C:28F0   AB>;>20O ;>6:0 =0 420 AB0:0=0 :8?OB:0, ?>A;5 42CE G0A>2 =0AB0820=8O ?@>F548BL 8 ?8BL ?> ?>;>28=5 AB0:0=0 A 87<5=Q==K< 65;C4>G=K< 10;L70<><.  =Q< A>548=8;8AL ?> 100 <; =0AB>5: :>@=59 3>@F0 7<58=>3>, 4O38;O, <0@L8=>3> :>@=O, ?;>4>2 A>D>@K, ?> 50 <; B@02K 2>4O=>3> ?5@F0 8 F25B:>2 ;>?CE0. >A;5 54K   >B20@ :>@=59 A015;L=8:0, ?> B@5B8 AB0:0=0, A G09=>9 ;>6:>9 =0AB>9:8 F25B:>2 E<5;O. B45;L=> >B 4@C38E ;5:0@AB2 =07=0G8; A>: <54C=8FK: 2;820BL G09=CN ;>6:C 2 ?>;AB0:0=0 =0AB>O ?;>4>2 H8?>2=8:0.

 B><C 2@5<5=8 ?@83>B>28; O >A>1K9 A>: ?>4>@>6=8:0, 872;5GQ==K9 87 B@02K ?@8 ?><>I8 A0E0@0. !B0@8==K9 =0@>4=K9 @5F5?B: A25685 ;8ABLO ?>4>@>6=8:0 ?@>:@CB8BL 2 <OA>@C1:5, ?>;CG5==CN <0AAC A;>68BL A;>O<8 B>;I8=>9 A ?0;5F 2 AB5:;O==CN 10=:C, =0AK?0O <564C =8<8 B0:>9 65 A;>9 A0E0@=>3> ?5A:0. >A;54=89 A;>9 >1O70B5;L=> 4>;65= 1KBL 87 A0E0@0, GB>1K =5 >1@07>2K20;0AL ?;5A5=L. 0AB0820BL 425 =545;8 2 B5?;>< <5AB5, 4> ?>;=>3> @0AB2>@5=8O A0E0@0. @>F548BL, >B60BL. >;CG5==K9 A>: ?@8=8<0BL G5BK@5 @070 2 45=L ?> AB>;>2>9 ;>6:5 4> 54K. <5==> >= ?>A;C68; 2 :0G5AB25 7025@H0NI53> B@5BL53> :C@A0 ;5G5=8O.

0@8O 8E09;>2=0 >AB0;0AL 4>2>;L=0 ;5G5=85<.

* * *

�19.10.1999.  5=0B . 5A?5F8D8G5A:89 O725==K9 :>;8B.  ?@O<>9 :8H:5 ?>;8?, B@5I8=0. 5<>@@>9. '0ABK9 684:89 ABC;. @>2>B5G5=8O. =5<8O   35<>3;>18=   80. -@8B@>F8BK -2,6. "@><1>F8BK   160. 59:>F8BK   6,0. !-   11. ;N:>70 :@>28   3,5. 8;8@C18=   8,0. 5;>:   77 3/;. >G528=0   2,4 </;�. / 1K =5 C4828;AO, 5A;8 B0:>9 4803=>7 ?@8=04;560; ?>68;><C G5;>25:C, 0  5=0BC =5402=> 8A?>;=8;>AL 22 3>40. ;8A0 %0<8B>2=0 1K;0 =5 =0 HCB:C 2AB@52>65=0, >?0A0OAL EC4H53>   ?>O2;5=8O 7;>:0G5AB25==KE :;5B>:. Q >?0A5=8O >:070;8AL =515A?>G25==K<8, B@8 A0<KE 1;87:8E @>4AB25==8:0 C<5@;8 >B @0:0. �1@0B8B5 =0 MB> 2=8<0=85,   ?@>A8;0 >=0.   >60;C9AB0, 409B5  5=0BC A0<K5 A8;L=K5 ;5:0@AB20�.

/ A0< 2 <>;>4>AB8 ?5@5=QA >AB@K9 O725==K9 M=B5@>:>;8B, 2K?82 2 0M@>?>@BC ?5@54 >B;QB>< :@C6:C AB>O;>3>, 701@>482H53> :20A0. ! =5A:>;L:8<8 4@C7LO<8 <K 4>1@0;8AL 4> 3>@=>;5A=>9, ?>GB8 157;N4=>9 <5AB=>AB8, @5H82 A?;028BLAO A 25@E>2L52 @5:8 3845;8 ?> A0<><C 1C@=><C 5Q CG0AB:C.  2 ?5@2K9 65 45=L ?CB5H5AB28O 1>;57=L A:@CB8;0 <5=O. ! :@>2>B5G5=85<, 2KA>:>9 B5<?5@0BC@>9. 1@0B8BLAO 70 ?><>ILN =5:C40 8 =5 : :><C, @0725 GB> : <54254O<, ?>4E>482H8< ?> =>G0< : ?0;0B:5. @03C =5 ?>65;0N B>3>, GB> ?@8H;>AL 8A?KB0BL <=5. =0;, GB> ?@8 B0:>< 701>;520=88 =5@54:8 ;5B0;L=K5 8AE>4K. >Q AG0ABL5, O A@07C =0HQ; =C6=K5 B@02K, >B45;L=> 20@8; A515 CH8FC 87 E0@8CA>2, 8 B>;L:> =0 B@5B89 45=L A<>3 A5ABL : >1I5<C :>AB@C, E>BO 5IQ 425 =545;8 ?8; B@02O=K5 >B20@K.

"0: GB> =04 A>AB02;5=85< ;5G51=>3> :><?;5:A0  5=0BC =5 ?@8H;>AL ;><0BL 3>;>2C. 0 ?5@2K9 <5AOF O 40; 5<C A>A=>2K9 <Q4 A F25B:0<8 A>A=K, 725@>1>9=>5 <0A;> ?> G09=>9 ;>6:5 B@8 @070 2 45=L 4> 54K, :@>2>E;51:C   >B20@ AB>;>2>9 ;>6:8 :>@=59 2 ?>;CB>@0 AB0:0=0E 2>4K, 4>25AB8 4> :8?5=8O 8 20@8BL =0 A;01>< >3=5 ?OBL <8=CB, =0AB>OBL 420 G0A0, 4>;8BL 4> ?5@2>=0G0;L=>3> >1J5<0 :8?OGQ=>9 2>4K 8 ?8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L 4> 54K A G09=>9 ;>6:>9 65;C4>G=>3> 10;L70<0.  =Q< O A>548=8; ?> 100 <; =0AB>9:8 :>@=59 3>@F0 7<58=>3>, @>3>70 H8@>:>;8AB=>3>, 35@0=8 ;5A=>9, B@02K 2>4O=>3> ?5@F0, ?> 50 <; =0AB>5: :>@=59 0;B5O, B@02K <0=65B:8. A5 MB8 @0AB5=8O 8<5NB ?@O<>5 >B=>H5=85 : 70682;5=8N O725==>3> :>;8B0, >AB0=>2:5 :@>2>B5G5=8O 8 480@55, : ;5G5=8N 35<>@@>O, ?>;8?>2, B@5I8= 2 :8H:5. >A;5 54K, =5 A@07C, 0 =5<=>3> ?>3>4O, 2K?8BL >B20@ :>@=59 8 87<5;LGQ==KE 3@C1KE AB51;59, 157 ;8ABL52, @5?5H:0. !<5H0BL 8E ?>?>;0<, 20@8BL ?OBL <8=CB =0 A;01>< >3=5 2 AB0:0=5 2>4K ?>;=CN AB>;>2CN ;>6:C, >48= G0A =0AB>OBL, ?@>F548BL. > 8AE>4=>3> >1J5<0 4>;8BL :8?OGQ=>9 2>4K 8 ?8BL ?> >4=>9 B@5B8 AB0:0=0. B MB>3> >B20@0 8AG570;8 G5@57 420 <5AOF0 ?>;8?K 8 =5 B>;L:> 2=CB@5==85, => 8 =0@C6=K5 3@>74LO H8H5: 35<>@@>O. '5@57 G0A ?@8=OBL ?> B@5B8 AB0:0=0 =0AB>9 B@02K :8?@5O 87 @0AG5B0 2 AB>;>2K5 ;>6:8 =0 AB0:0= :8?OB:0, :0?0O 2 :064CN ?>@F8N ?> 45AOBL :0?5;L =0AB>9:8 ?5@5ABC?=O 15;>3> (1@8>=88). 0?><=N, =0AB>9:C O 3>B>28; 87 42CE AB>;>2KE ;>65: ACHQ=>3> :>@=O =0 0,5 ; 2>4:8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 1K; =07=0G5= A>: <54C=8FK, ?> G09=>9 ;>6:5 2 @N<:5 =0AB>O ;8ABL52 >4C20=G8:0. -B> 5IQ =5 2AQ.  5=0BC ?@54AB>O;> 45;0BL E>BO 1K @07 2 45=L, 0 ;CGH5 CB@>< 8 25G5@><, <8:@>:;87<K 87 =0AB>O B@02O=>3> A1>@0   A<5H0BL ?>@>2=C BKAOG5;8AB=8:, 725@>1>9, 35@0=L :@>2O=>-:@0A=CN, G5@=>1K;L=8: 8 ;8ABLO GQ@=>9 >;LE8. !B>;>2CN ;>6:C A1>@0 =0AB0820BL 420 G0A0 2 AB0:0=5 :8?OB:0. >A;5 ?@>F56820=8O, =0 >4=C ?@>F54C@C 2 =0AB>9 4>102;O;0AL G09=0O ;>6:0 <8:ABC@K, A>AB02;5==0O 87 A?8@B>2KE =0AB>5: :0;5=4C;K 8 M2:0;8?B0 ?> 4204F0BL G09=KE ;>65:, F25B>2 ;0107=8:0   ?OB=04

# ?0@=O ?@5:@0B8;8AL 1>;8 2=87C 682>B0, 8AG57;8 480@5O 8 :@>2>B5G5=8O, >= >68;, => <K ?@>H;8 B>;L:> ?5@2K9 MB0? ;5G5=8O, ?@83;CH8;8 A0<K5 O2=K5 A8<?B><K. A=>2=0O @01>B0 ?@54AB>O;0 2?5@548. #A;>6=8;8 B@02O=>5 <0A;>, A<5H02 ?>@>2=C 725@>1>9=>5 8 <0A;> 87 F25B>2 BKAOG5;8AB=8:0, ?@8=8<0BL, :0: 8 ?@5645, ?> G09=>9 ;>6:5 B@8 @070 4> 54K. > 54K =0 MB>B @07 O ?@54;>68; =0AB>9 :8?@5O: AB>;>20O ;>6:0 =0 ?>;B>@0 AB0:0=0 :8?OB:0, 8 ?8BL ?> ?>;AB0:0=0, 2;820O ?> G09=>9 ;>6:5 =0AB>9:8 ACE8E :>@=59 :@>2>E;51:8 8 B@02K 2>4O=>3> ?5@F0. >A;5 54K >AB028;8 157 87<5=5=89 >B20@ :>@=59 8 3@C1KE AB51;59 @5?5H:0 (53> =5>1E>48<> ?8BL =5 <5=LH5 42CE <5AOF52). '5@57 G0A ?>A;5 @5?5H:0   =>2>5 =07=0G5=85: =0AB>9 87 >4=>9 G09=>9 ;>6:8 B@02K G8AB>B5;0, B@8 @070 2 45=L ?> B@5B8 AB0:0=0, 2;820O :064K9 @07 ?> ?>;>28=5 G09=>9 ;>6:8 (B@84F0BL :0?5;L) A>:0 G8AB>B5;0.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?@>4>;68BL =0AB>9 B@02K >4C20=G8:0 A G09=>9 ;>6:>9 <54C=8FK. 0AB>9 4;O <8:@>:;87< >AB0;AO ?@56=8<, 0 2 <8:ABC@5 725@>1>9 70<5=8; =0AB>9:>9 :0;5=4C;K.

 B@5BL5< :C@A5 2>7>1=>28;8 A>A=>2K9 <Q4 A F25B:0<8 A>A=K, B5?5@L ?> AB>;>2>9 ;>6:5 =0 ?@8Q<. > 54K   >1KG=K9 =0AB>9 ;8ABL52 GQ@=>9 >;LE8 B@8 @070 2 45=L, 2;820O 2 :064CN ?>@F8N ?> G09=>9 ;>6:5 65;C4>G=>3> 10;L70<0: ?> 100 <; =0AB>5: :>@=59 ;0107=8:0, @>3>70, G5@=>1K;L=8:0, B@02K G5@=>1K;L=8:0, ?> 50 <; =0AB>5: 2>4O=>3> ?5@F0 8 ?;>4>2 A>D>@K. >A;5 54K ?>2B>@8BL =0AB>9 B@02K G8AB>B5;0 A :0?;O<8 A>:0 G8AB>B5;0. '5@57 G0A   =0AB>9 B@02K 3>@F0 0;L?89A:>3> (2<5AB> @5?5H:0) A B@84F0BLN :0?;O<8 =0AB>9:8 B@02K 78<>;N1:8.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 2 @N<:5 2>4K, B@8 @070 2 45=L, =0AB>9:C B@02K ?>;K=8 A5@51@8AB>9 8 >B45;L=> ?> G09=>9 ;>6:5 A>:0 <54C=8FK.

0 =>GL 22>48BL 2 ?@O<CN :8H:C B0<?>=K A <07LN 87 F25B:>2 @>3>70. 07L 4;O ;5G5=8O 35<>@@>O 8 B@5I8= AD8=:B5@0 ?@O<>9 :8H:8 3>B>28BAO 87 >4=>9 G0AB8 ?>@>H:0 F25B:>2 8 G5BK@QE G0AB59 A28=>3> 68@0.

'5B2Q@BK9 :C@A >:070;AO 7025@H0NI8<. @>4>;68;8 A>A=>2K9 <Q4 A F25B:0<8 A>A=K, B5?5@L ?> >4=>9 G09=>9 ;>6:5. > 54K   =0AB>9 ;8ABL52 GQ@=>9 >;LE8 A B5< 65 65;C4>G=K< 10;L70<><. >A;5 54K   >B20@ :>@=59 8 3@C1KE AB51;59 @5?5H:0, GB>1K =04Q6=> 70:@5?8BL 4>AB83=CB>5 2 ;5G5=88 B@5I8=, ?>;8?>2, 35<>@@>O.  >B45;L=>   A>: <54C=8FK 2 =0AB>5 ;8ABL52 >4C20=G8:0.

;8A0 %0<8B>2=0, C15482H8AL =0 ?@8<5@5 AK=0 2 H8@>G09H8E 2>7<>6=>ABOE ;5G5=8O B@020<8, 703>@5;0AL 65;0=85< ?@52@0B8BL <5=O 2 4><0H=53> 2@0G0 2A5E G;5=>2 >1H8@=>3> A5<59=>3> :;0=0, C?@0H820O 2K;5G8BL 5Q >B >AB5>E>=4@>70, <C60   >B 045=><K ?@>AB0BK, 0 <0BL A >BF><   >B 38?5@B>=88, 0B5@>A:;5@>70, A5@45G=>9 =54>AB0B>G=>AB8, E@>=8G5A:>3> 1@>=E8B0, ?0=:@50B8B0, 38?5@DC=:F88 I8B>284=>9 65;57K 8 <=>38E 4@C38E =068BKE : AB0@>AB8 E2>@>AB59. / B5@?5;82> 2KA;CH0; 5Q > 1>;57=OE A5ABQ@ 8 1@0BL52, 8E @>48B5;59 8 45B59 8 ?>A>25B>20; >1@0B8BLAO 2 D8@<C 8E08;0 >@45520 �"@02K 0H:8@88�   C =53> <=>3> B@02 8 ?><>I=8:>2, 157 >3@0=8G5=89 254QBAO ?@8Q< ;N1KE 1>;L=KE, 0 O, 2 >B;8G85 >B =53>, A8;L=> >3@0=8G5= 2 A2>8E 2>7<>6=>ABOE. �0A;KH0=K <K > >@45525, => E>B5;8 1K ;5G8BLAO B>;L:> C 20A�,   =5 >BABC?0;0AL ;8A0 %0<8B>2=0, 2;045;8F0 B>@3>2>9 D8@<K, 65=I8=0 =0AB>9G820O, 2;0AB=0O, =5 ?@82K:H0O, GB>1K 59 2 GQ<-;81> >B:07K20;8. @8H;>AL <=5 ?>>15I0BL, GB>, <>65B 1KBL, C40ABAO A>1@0BL ;5B>< =C6=K5 B@02K, 0 B0< 687=L ?>:065B, =5 ?@82K: =0?5@Q4 70304K20BL. �/ B5?5@L >B 20A =5 >BAB0=C�,   A <8;>9 C;K1:>9 A:070;0 >=0. #H;0, 0 C <5=O =0 4CH5 >AB0;AO =5?@8OB=K9 >A04>:. A?><=8; >1 MB>< A59G0A, GB>1K ?>:070BL, A :0:8<8 @07=K<8 ;N4L<8 ?@8E>48;>AL 8<5BL 45;>.
 !"/ / ' 

�21.02.1997. ;048<8@ 5B@>28G ., 50 ;5B. #D0. 2AB@0;89A:89 B8? 35?0B8B0 . 5G5=L C25;8G5=0 + 2 A<. 02;5=85 4> 140/100�. KA>:89, 3@C7=K9 <C6G8=0 A :@C?=K<8 ?@8OB=K<8 G5@B0<8 ;8F0, @073>20@8205B 10A><, AB0@0OAL A<O3G8BL 53>, A=878BL 4> HQ?>B0. �!0< =5 ?>=8<0N, 345 O <>3 ?>4E20B8BL 70@07C.  2AB@0;88 =5 1K20;. 0@:>B8:0<8 =5 10;CNAL. > 1>@45;O< =5 H;ONAL.  1>;L=8F5 :>;>;8 >4=>@07>2K<8 H?@8F0<8. #<0 =5 ?@8;>6C, >B:C40 B0:0O =0?0ABL�,   =54>C<520; >=. / B>65 =8:>340 =5 AB0;:820;AO A B0:8< B8?>< 35?0B8B0. /A=> B>;L:>, GB> 1>;57=L 2K720=0 :0:8<8-B> 28@CA0<8. 45-B> G8B0;, GB> A<5@B=>ABL >B MB>3> 701>;520=8O A>AB02;O5B >B ?OB8 4> 4204F0B8 ?@>F5=B>2. @>78B, 5A;8 =5 ;5G8BL, F8@@>7>< ?5G5=8 8 4065 35?0B><>9   7;>:0G5AB25==>9 >?CE>;LN.  3;02=0O <>O 7040G0   C=8GB>68BL 28@CA. 8HL 1K >= =5 1K; ?>E>6 =0 "-:;5B>G=K9. >60;C9, AB>8B >= 1;865 : =5:>B>@K< 28@CA0< 35@?5A0. 04> ?>?KB0BLAO ?>4>1@0BL : =5<C :;NG8. �04=>, ?>?KB0NAL 20< ?><>GL,   A:070;.   C45< =045OBLAO =0 C40GC�.

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

0G0;8 <K A =51>;LH>3>, => A10;0=A8@>20==>3> :><?;5:A0. !>A=>2K9 <Q4 A F25B:0<8 A>A=K   ?> AB>;>2>9 ;>6:5 CB@><. > 54K   B@8 @070 2 45=L   >B20@ B@02K @5?5H:0: AB>;>20O ;>6:0 =0 AB0:0= 2>4K, 4>25AB8 4> :8?5=8O 8 ?>45@60BL =0 A;01>< >3=5 B@8 <8=CBK, >48= G0A =0AB>OBL, ?@>F548BL. 8BL ?> B@5B8 AB0:0=0, 2;820O G09=CN ;>6:C A>:0 2>;>4CH:8. ;O ?>;CG5=8O A>:0 O ?@>?CA:0; G5@57 <OA>@C1:C A2565A>1@0==K5 ;8ABLO 8 F25B:8, 2 ?>;CG5==CN <0AAC 2;820; =5<=>3> 2>4:8, 4> >1@07>20=8O :0H8FK, 8 4> CB@0 =0AB0820;, ;8HL ?>A;5 B0:>9 D5@<5=B0F88 B@020 >B4020;0 A>:, 40 8 E@0=8BL 53> 2 70A?8@B>20==>< 2845 <>6=> 1K;> 4> A;54CNI53> C@>60O. >A;5 54K   =0AB>9 B@02K G8AB>B5;0   G09=0O ;>6:0 =0 AB0:0= :8?OB:0, G0A =0AB>OBL 8 ?8BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, 2;820O 2 =0AB>9 ?>;>28=C G09=>9 ;>6:8 A>:0 G8AB>B5;0. >B>28; 53> B0: 65, :0: 87 2>;>4CH:8. B45;L=>, G5@57 G0A, ?@8=OBL G09=CN ;>6:C A>:0 87 A2568E F25B:>2 1>O@KH=8:0, 2;820O 2 B@5BL AB0:0=0 =0AB>O ;8ABL52 >4C20=G8:0.

57 2>;>4CH:8 =5 >1>H;>AL 8 2> 2B>@>< :C@A5. #B@><, ?>A;5 A>A=>2>3> <Q40, =0 MB>B @07 =0AB>9 B@02K 2>;>4CH:8 87 @0AGQB0 AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0. 0AB>OBL 420 G0A0, ?8BL ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, >1O70B5;L=> ?5@54 54>9. >A;5 54K O @8A:=C; 40BL =0AB>9 :>@K 10@10@8A0 2 B0:>< 8A?>;=5=88: ?>;=CN AB>;>2CN ;>6:C 87<5;LGQ==>3> :>@=O 70;8BL 42C<O AB0:0=0<8 :8?OB:0 2 B5@<>A5. 0AB0820BL G5BK@5 G0A0. @8=8<0BL ?> ?>;AB0:0=0 G5BK@5 @070 2 45=L. >A;54=NN ?>@F8N   70 420 G0A0 4> A=0. >@=8 10@10@8A0 1>30BK 0;:0;>840<8, 15@15@8= 87 =8E   A0<K9 O4>28BK9. = 3C18B5;5= 4;O <=>38E 28@CA>2, => ?@8 ?5@54>78@>2:5 >?0A5= 8 4;O G5;>25:0. "5< =5 <5=55 2>4=K9 =0AB>9 :>@=59 >G5=L ?>?C;O@5= 2 =0@>4=>9 <548F8=5 =5 B>;L:> C =0A, => 8 C =0@>4>2 $@0=F88, 2AB@88, !(, =3;88, 5@<0=88, >;LH8, =488 ?@8 ;5G5=88 35?0B8B0, >A>15==> ?@8 =0;8G88 2>4O=:8 8 65;BCE8. A?>;L7CNB 53> 8 ?@8 <0;O@89=>< C25;8G5=88 A5;57Q=:8, 2>A?0;5=88 ?>G5: 8 <>G52>3> ?C7K@O. !?8@B>20O =0AB>9:0 :>@=59 >1;0405B 2K@065==K< ?@>B82>>?CE>;52K< 459AB285< ?@8 ;5G5=88 @0:0. AB028; 2 B>< 65 =07=0G5=88 A>: F25B:>2 1>O@KH=8:0, 53> =04> ?8BL =5 <5=LH5 B@QE <5AOF52, GB>1K C:@5?8BL A5@4F5 8 =>@<0;87>20BL 402;5=85.

;O B@5BL53> :C@A0 O A<5H0; ?> B@84F0BL AB>;>2KE ;>65: @5?5H:0 8 BKAOG5;8AB=8:0, 4>1028; 45AOBL AB>;>2KE ;>65: 87<5;LGQ==KE :>@=59 >4C20=G8:0. 4C20=G8: >B=>A8BAO : E>;>4=K< @0AB5=8O<, => E>;>4 2K@065= C =53> 2 A0<>9 A;01>9 AB5?5=8, AG8B0;>AL, GB> >= 4065 ACH8B 8 A>3@5205B, ?>MB><C O 2:;NG8; 53> 2 A<5AL 157 >?0A:8. 0AB>9 3>B>28BAO 87 42CE AB>;>2KE ;>65: B@02O=>9 A<5A8 2 42CE AB0:0=0E :8?OB:0. 0AB>OBL 420 G0A0, ?8BL ?> ?>;AB0:0=0 70 4204F0BL <8=CB 4> 702B@0:0, >1540 8 C68=0, 0 >AB0B>: ?@8=OBL 70 420 G0A0 4> A=0.  :064CN ?>@F8N ?5@54 C?>B@51;5=85< 2AK?0BL AB>;>2CN ;>6:C ?>@>H:0 87 A5<O= @0AB>@>?H8. !5<5=0 C =5Q <5;:85, =5 :@C?=55 7Q@=KH5: ?@>A0, => 2AQ @02=> =5>1E>48<> 87<5;LG8BL 8E 2 ABC?:5 8;8 2 :>D5<>;:5, GB>1K @07@CH8BL ?;>B=CN >1>;>G:C.  0AB5=85 >@838=0;L=>5, => 53> 2=5H=>ABL =5 2K7K205B >A>1>9 A8<?0B88. >7<>6=>, ?>B><C, GB> =0 :@C?=KE ;>A=OI8EAO ;8ABLOE 2K45;ONBAO <=>3>G8A;5==K5 15;K5 ?OB=0 8 15;K5 @072>4K <564C =8<8, =02>4O =0 <KA;L, 0 =5 AB@0405B ;8 @0AB>@>?H0 :0:8<-=81C4L @0AB8B5;L=K< 28B8;83>?  <0;>?@8OB=K >AB@K5 6Q;BK5 :>;NG:8 ?> :@0N ;8ABL52, >A>15==> 4;8==K5, B2Q@4K5 2 >1Q@B:0E :@C?=KE F25B>G=KE :>@78=>:. >MB><C =5 2>7=8:05B 65;0=8O A>@20BL B@C1G0BK5 ?C@?C@=K5 8;8 ;8;>2><0;8=>2K5 F25B:8.  0ABQB @0AB>@>?H0 =0 N35 AB@0=K ?> ACE8< ?CAB>H0<, 24>;L 4>@>3. %8<8G5A:89 A>AB02 @0AB5=8O 87CG5= =54>AB0B>G=>, E>BO CAB0=>2;5=>, GB> 8<5NBAO 2 =Q< D;02>=>84K, 38AB0<8=, B8@0<8=, 28B0<8= , <0:@>- 8 <8:@>M;5<5=BK: :0;89, :0;LF89, 0;N<8=89, 20=0489, <03=89, <0@30=5F, <54L, F8=:, E@><, A5;5=, AB@>=F89, A28=5F. !5<5=0 @0AB>@>?H8 87402=0 8A?>;L7>20;8 2 =0@>4=>9 <548F8=5 ?@8 701>;520=8OE ?5G5=8, 65;G=>3> ?C7K@O, A5;57Q=:8, 0 B0:65 E@>=8G5A:>< 1@>=E8B5, ACAB02=>< @52<0B87<5. A>15==> F5==> B>, GB> >=8 ?>2KH0NB 70I8B=K5 A2>9AB20 ?5G5=8 ?> >B=>H5=8N : 8=D5:F8O< 8 @07;8G=>3> @>40 >B@02;5=8O<. 0 MB>< 8 >A=>20=> ;5G5=85 >AB@KE 8 E@>=8G5A:8E 35?0B8B>2, F8@@>70 ?5G5=8, B>:A8G5A:8E ?>@065=89 ?5G5=8.

>A;5 54K @5H5=> 1K;> ?>2B>@8BL =0AB>9 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 MB>9 65 B@02K. @>4>;68;8 8 A>: 1>O@KH=8:0.

0;LH5 <K ?>H;8 2 >1@0B=>< ?>@O4:5. !=0G0;0 ?>;=>ABLN 8A?>;L7>20;8 2B>@>9 :C@A 8 7025@H8;8 ;5G5=85 =0G0;L=K<, A0<K< ?5@2K< :C@A><, =5 2=>AO =8:0:8E 87<5=5=89.

@>94O BI0B5;L=>5 >1A;54>20=85, ;048<8@ 5B@>28G @04>AB=> A>>1I8;, GB> >B=K=5 =5B C =53> =8:0:>3> 35?0B8B0.  B><, GB> ;5G5=85 ?>H;> 5<C =0 ?>;L7C, O =5 A><=520;AO, E>BO 8 >?0A0;AO, :0: 1K >=, =5A<>B@O =0 2K74>@>2;5=85, =5 >AB0;AO 28@CA>=>A8B5;5< 35?0B8B0 .  AG0ABLN, <>8 >?0A5=8O >:070;8AL =0?@0A=K<8. ;048<8@ 5B@>28G :064K9 3>4 ?@>E>48; ?@>25@:C C 2@0G59 8 2AO:89 @07 72>=8; <=5, A>>1I0O @57C;LB0BK. >A5<L ;5B >= A>AB>O; C <5=O =0 CGQB5 8 =5 8<5;>AL =8:0:8E >A=>20=89 4;O 15A?>:>9AB20.  ?>A;54=89 @07 <K A =8< 2AB@5G0;8AL 2 2008 3>4C, :>340 >= ?@8HQ; ?>74@028BL <5=O A N18;55<.

* * *

8:>;09 5B@>28G ?@85E0; 2 #DC =0 ?>E>@>=K 1@0B0. �!:>@> 8 <5=O ?@>2>48B5 BC40 65,   <@0G=> A:070; >= A5AB@5 =0 ?><8=:0E.   40BL =5<=>3> >AB0;>AL. -E, 1C4L GB> 1C45B, E>BO 8 =5;L7O <=5 ?8BL :0B53>@8G5A:8, => ?><O=C O !5@Q6C ?> =0H5<C, @CAA:><C >1KG0N. 0;59 <=5 ?>;=CN AB>?:C�.  2K?8; 70;?><, 4> 4=0.

>340 >= @0AA:070; A5AB@5 > B><, GB> C =53> F8@@>7 ?5G5=8, >=0 C60A=C;0AL: �C40 65 2@0G8 A<>B@OB?! 5C6B> 2K;5G8BL =5 <>3CB?� 8:>;09 5B@>28G CA<5E=C;AO: �5 <>3CB. >@>385 45=L38 15@CB, =5 =0H8<8. 5<5F:8<8 8 D@0=FC7A:8<8 ;5:0@AB20<8 ?8G:0NB, 0 <=5 2AQ EC65 45;05BAO. 5G5=L 2>= :C40 C65 2K?5@;0�. 5=I8=0 2 A;Q7K. �/ =094C B515 B0:>3> 2@0G0, :>B>@K9 ;N1>3> ?@>D5AA>@0 70 ?>OA 70B:=QB. 5 B0:8E, :0: BK, 1>;L=KE 2K;5G820;. 02B@0 65 ?>?KB0NAL ?@>18BLAO : =5<C!�   3>@OG> ?>>15I0;0 >=0.  =0 4@C3>9 45=L ?@825;0 1@0B0 :> <=5. �#65;L :0:0O-B> B@020-<C@020 A<>65B 25@=CBL <=5 74>@>2CN ?5G5=L?�   A:5?B8G5A:8, A =54>25@85< A?@>A8; >=. �">;L:> ?@8 CA;>288, 5A;8 >B=5AQB5AL : =8< A> 2A59 A5@LQ7=>ABLN, A C2065=85<.  1C45B5 2K?>;=OBL 2 B>G=>AB8 <>8 C:070=8O�,   A45@60==>, ACE>, 157 2AO:>3> M=BC7807<0 >B25B8; O. !:070BL G5AB=>, 2 B>B 45=L O 2K=C645= 1K; ?@8=OBL ?> 70?8A:0< 42CE BO6Q;KE >=:>;>38G5A:8E 1>;L=KE 8 =5 >G5=L-B> E>B5;>AL 2720;820BL =0 A51O 5IQ >4=C =5;Q3:CN >1C7C. > 25@E =04 <>8< =565;0=85< >45@60;> A>GC2AB285 : G5;>25:C, ?@85E02H5<C 8740;5:0 ?>?@>I0BLAO A 1@0B><, 8 O ?>=8<0;, :0:85 =525AQ;K5 <KA;8 > A2>59 A>1AB25==>9 AC4L15 2;045;8 8< =0 :@0N A25659 <>38;K. #B@><, :>340 8:>;09 5B@>28G A A5AB@>9 >;8=>9 ?@8H;8 70 ;5:0@AB20<8, >= 45@60;AO A> <=>9 A>2A5< 8=0G5, 604=> ;>28; :064>5 A;>2> 8 ?>A;CH=> :820; 3>;>2>9, 2KA;CH820O <>8 =0AB02;5=8O. >4 <KH:>9 45@60; >= :C?;5==CN ?> ?CB8 �4>;5=L-B@02C�, ?>?@>A8; =0 ?0<OBL >AB028BL 2 =59 02B>3@0D.

0?8AL 2 B5B@048. �19.02.1998. 8:>;09 5B@>28G ., 43 3>40, 3>@>4 @0A=>O@A:. &8@@>7 ?5G5=8 =5CB>G=Q==>3> 35=570, B5G5=85 C<5@5==> 0:B82=>5 A ?5GQ=>G=>-:;5B>G=>9 =54>AB0B>G=>ABLN, =0@CH5=85< ?>@B0;L=>3> :@>2>>1@0I5=8O A 20@8:>7>< 25= ?8I52>40, A 0AF8B><   AC1:><?5=A8@>20==>5 B5G5=85. !?;5=><530;8O. !5;57Q=:0 C25;8G5=0. %@>=8G. ?@>AB0B8B. >G5:0<5==0O. %@>=8G. E>;5F8AB8B. 0AB@>4C>45=8B. 0=:@50B8B. @50B8=8=   0,06. "8<>; ?@.   11,7. ;N:>70   4,5. %>;5AB5@8= >1I89   3,7. 8;8@C18=   14,1�.

 ?>;>28=5 A;CG052 CAB0=>28BL ?@8G8=C @0728B8O F8@@>70 =5 C40QBAO. 548F8=0 CB25@6405B, GB> F8@@>7 87;5G8BL =52>7<>6=>, => 5A;8 CAB@0=8BL ?@8G8=C 701>;520=8O, <>6=> >AB0=>28BL 53> 40;L=59H55 ?@>3@5AA8@>20=85. A>15==> MB> >B=>A8BAO : B5< A;CG0O<, :>340 F8@@>7 2K720= 0;:>3>;87<><, E@>=8G5A:8< 35?0B8B>< 8 4065 ?@8 A5@45G=>9 =54>AB0B>G=>AB8. &8@@>7 E0@0:B5@87C5BAO ?>@065=85< ?0@5=E8<K 8 AB@><K ?5G5=8 A 48AB@>D859 :;5B>:, C7;>2>9 @535=5@0F859 ?5GQ=>G=>9 B:0=8 8 CA8;5==K< @0728B85< A>548=8B5;L=>9 B:0=8.

> <>5<C ?@54?>;>65=8N, 8:>;09 5B@>28G 2 <>;>4>AB8 7;>C?>B@51;O; A?8@B=K<. 5?0B8B>< =5 1>;5;. 0 A5@4F5 =5 60;C5BAO. >7<>6=>, 8<5;8AL 8 4@C385 ?@8G8=K, => 4;O <5=O MB> C65 =5 8<5;> 7=0G5=8O. "0: 8;8 8=0G5, =04> 1K;> ?@82>48BL 2 ?>@O4>: =5 B>;L:> ?5G5=L 8 A5;57Q=:C, => 8 25AL >@30=87<. A=>2=>9 :><?;5:A ;5G5=8O O @5H8; 87;>68BL 745AL ?>;=>ABLN, GB>1K ;N1>9 G5;>25: <>3 24C<0BLAO 2 ?>A;54>20B5;L=>ABL >G5@54=KE :C@A>2 8 A45;0BL A2>8 2K2>4K, => ?@84QBAO 40BL 2AQ MB> A60B>, 157 87;8H=8E ?>OA=5=89, B5< 1>;55 GB>, 2 >A=>2=><, ?>GB8 > 2A5E @0AB5=8OE 8 8E 8A?>;L7>20=88 C65 3>2>@8;>AL 2 :=835. 45AL AG8B0N =5>1E>48<K< >AB0=>28BLAO =0 ?@8<5=5=88 =0AB>9:8 ;8ABL52 E@5=0.  A5@548=5 ;5B0 O A@570N <>;>4K5, O@:>-75;Q=K5, C65 =01@02H85 7@5;>ABL ;8ABLO A G0ABLN AB51;O   A>2A5< <>;>45=L:85 8;8 ?5@57@52H85, BQ<=>-75;Q=K5 A B@5I8=:0<8 =5 3>4OBAO. 5;:> @56C 8E, =0?>;=ON 425 B@5B8 10=:8 8 A@07C 70;820N 4>25@EC 2>4:>9.  B5<=>< <5AB5 =0AB0820N 4> 42CE =545;L 8 ?@>F56820N. > 2@5<O ;5G5=8O AB>;>2CN ;>6:C =0AB>9:8 @072>4OB 2 ?>;>28=5 AB0:0=0 2>4K 8;8, ?@8 =5>1E>48<>AB8, 2 B@02O=>< =0AB>5. 0AB>9:0 E@5=0, =0 C482;5=85, >G5=L ?><>305B ?@8 ;5G5=88 F8@@>70 ?5G5=8, ?>MB><C 5Q <>6=> 2845BL 2> <=>38E =07=0G5==KE :C@A0E.

1. !>A=>2K9 <Q4 A F25B:0<8 A>A=K. 5<=>3> ?>3>4O   AB>;>2CN ;>6:C =0AB>9:8 A2568E ;8ABL52 E@5=0 2 ?>;>28=5 AB0:0=0 2>4K, B@8 @070 2 45=L, 70B5<   =0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 A>:0 2>;>4CH:8. >A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K. 0 25AL 45=L 2K?8BL E>BO 1K >48= AB0:0= =0AB>O O3>4 H8?>2=8:0.

2. !>A=>2K9 <Q4 A F25B:0<8 A>A=K. !B>;>20O ;>6:0 =0AB>9:8 ;8ABL52 E@5=0. 0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 10;L70<0 4;O ?5G5=8 (?> 100 <; =0AB>5: ?>G5: GQ@=>3> B>?>;O, 15@Q7>2KE ?>G5:, A>:0 2>;>4CH:8, ?> 50 <; =0AB>5: 725@>1>O, BKAOG5;8AB=8:0, F25B>2 E<5;O). >A;5 54K   B@8 @070 2 45=L =0AB>9 B@02K ?>4<0@5==8:0 =0AB>OI53> A 4204F0BLN :0?;O<8 =0AB>9:8 F25B:>2 ?86<K. '5@57 G0A   =0AB>9 B@02K 1C4@K A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 A>D>@K O?>=A:>9. 0AB>9 O3>4 H8?>2=8:0.

3. > 54K, B@8 @070 2 45=L, =0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 A>:0 2>;>4CH:8. >A;5 54K   >B20@ :>@=59 >4C20=G8:0 A G09=>9 ;>6:>9 1C4@K. '5@57 G0A   =0AB>9 ;8ABL52 ;5I8=K A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 F25B:>2 :0HB0=0 :>=A:>3>. 0AB>9 H8?>2=8:0.

4. !>A=>2K9 <Q4 A F25B:0<8 A>A=K. > 54K   ?> AB>;>2>9 ;>6:5 =0AB>9:8 ;8ABL52 E@5=0 8 =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 10;L70<0 (53> A>AB02 2> 2B>@>< :C@A5). >A;5 54K   =0AB>9 B@02K E2>I0 ?>;52>3> A G09=>9 ;>6:>9 :0;5=4C;K. '5@57 G0A   =0AB>9 1C:28FK A ?>;>28=>9 G09=>9 ;>6:8 =0AB>9:8 F25B:>2 :0HB0=0. ><18=8@>20==K9 =0AB>9 :>@=O >:>?=8:0 (E>;>4=K9 =0AB>9, A>548=Q==K9 A 3>@OG8< =0AB>5<), ?> >4=>9 B@5B8 AB0:0=0 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8.

5. 0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 10;L70<0 (?> 200 <; A>:0 2>;>4CH:8, 100 <; =0AB>5: GQ@=>3> B>?>;O, A>D>@K O?>=A:>9, ?> 50 <; =0AB>5: G5@=>1K;L=8:0, F25B:>2 E<5;O). >A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K. '5@57 G0A   =0AB>9 ;8ABL52 ;5I8=K A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. 0AB>9 :>@=O >:>?=8:0.

6. 0AB>9 ;8ABL52 E@5=0 2 ?>;>28=5 AB0:0=0 2>4K. 0AB>9 B@02K 1C:28FK A G09=>9 ;>6:>9 10;L70<0 (?> 100 <; A>:0 2>;>4CH:8, <0@L8=>3> :>@=O, ?> 50 <; =0AB>5: 15@Q7>2KE ?>G5:, :>@=59 ;>?CE0, 4O38;O, F25B>2 ?86<K, :0;5=4C;K, E<5;O). >A;5 54K   =0AB>9 E2>I0 A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0. '5@57 G0A   =0AB>9 B@02K :8?@5O A G09=>9 ;>6:>9 =0AB>9:8 3@CH0=:8. 0AB>9 H8?>2=8:0.

7. > 54K   >B20@ :>@K >A8=K A 20 :0?;O<8 =0AB>9:8 ?>;K=8 3>@L:>9. >@5GL 2> @BC ?5@51L5B AB>;>20O ;>6:0 =0AB>9:8 ;8ABL52 E@5=0. 0B5<   =0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 10;L70<0 (A>AB02 2 ?OB>< :C@A5).  ?>;45=L   2 @N<:5 2>4K �A>;><>=>20 ?5G0BL�   20 :0?5;L =0AB>9:8 :>@=O :C?5=K. >A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 A>:0 1C4@K. '5@57 G0A   =0AB>9 F25B>2 :@0A=>9 1C78=K A =0AB>9:>9 78<>;N1:8. 0AB>9 H8?>2=8:0.

8. !>A=>2K9 <Q4. 0AB>9 B@02K 2>;>4CH:8 A G09=>9 ;>6:>9 A>:0 2>;>4CH:8. >A;5 54K   =0AB>9 B@02K G8AB>B5;0 A G09=>9 ;>6:>9 A>:0 G8AB>B5;0.  ?>;45=L   >B45;L=> 20 :0?5;L =0AB>9:8 :>@=O :C?5=K 2 @N<:5 2>4K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   2 B@5B8 AB0:0=0 =0AB>O E2>I0 ?@8=8<0BL ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0.

9. !>A=>2K9 <Q4. > AB>;>2>9 ;>6:5 =0AB>9:0 ;8ABL52 E@5=0 8 =0AB>9 1C:28FK A G09=>9 ;>6:>9 10;L70<0 (A>AB02 2 ?5@2>< :C@A5). >A;5 54K   =0AB>9 E2>I0 A G09=>9 ;>6:>9 =0AB>9:8 :>@=O >4C20=G8:0.  ?>;45=L   4204F0BL :0?5;L =0AB>9:8 :C?5=K. '5@57 G0A ?>A;5 E2>I0   >B20@ :>@K ;5I8=K A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0. 0AB>9 >:>?=8:0.

10. !>A=>2K9 <Q4. > AB>;>2>9 ;>6:5 =0AB>9:8 ;8ABL52 E@5=0 8 =0AB>9 B@02K @5?5H:0 A G09=>9 ;>6:>9 =0AB>9:8 <0@L8=>3> :>@=O. >A;5 54K   =0AB>9 B@02K 1C4@K A G09=>9 ;>6:>9 =0AB>9:8 ?;>4>2 A>D>@K O?>=A:>9.  ?>;45=L   4204F0BL :0?5;L =0AB>9:8 :C?5=K. '5@57 G0A ?>A;5 1C4@K   =0AB>9 B@02K :8?@5O A G09=>9 ;>6:>9 A>:0 4C@=8H=8:0.

0;LH5 >AB0QBAO B>;L:> �A>;><>=>20 ?5G0BL�   @07 2 45=L ?@8=8<0BL 4204F0BL :0?5;L :C?5=K 4;8B5;L=>, ?>:0 =5 70:>=G8BAO ?>;;8B@>20O =0AB>9:0. '5@57 3>4 <K A=>20 2AB@5B8;8AL A 8:>;05< 5B@>28G5<, :>340 >= ?@85E0; =0 ?><8=:8 1@0B0. -B> 1K; A>2A5< 4@C3>9 G5;>25:, AB@>9=K9, ?>4BO=CBK9. 5 1K;> >B28AH53> 682>B0 A 2K?8@0NI59 ?5G5=LN, ?>A2565;> ;8F>, =8 A;540 =5 >AB0;>AL >B 6Q;B>3> =0;QB0 =0 :>65. A5 ?>:070B5;8 0=0;87>2   2 =>@<5. !:0=8@>20=85 =5 >1=0@C68;> ?>2@564Q==KE CG0AB:>2 ?5G5=8. 5 1K;> 60;>1 =0 ?>465;C4>G=CN 65;57C, 871028;8AL >B :0<5H:>2 65;G=K9 8 <>G52>9 ?C7K@L, ?;NA 2>AAB0=>28;0AL <C6A:0O ?>B5=F8O. 5 7=0N, 1K; ;8 4> :>=F0 87;5G5= F8@@>7 ?5G5=8, 2> 2AO:>< A;CG05 4;O CB25@48B5;L=>3> >B25B0 8<5;8AL 2A5 >A=>20=8O.

 <>8E ?@56=8E :=830E <=>3> E>@>H8E A>25B>2 8 @5F5?B>2 4;O ;5G5=8O 0=38>E>;8B>2, E>;0=38B>2, 35?0B8B>2, F8@@>70. 5 8<55B A<KA;0 ?>2B>@OBL 8E, => 2A5340 A;54C5B ?><=8BL > B><, GB> ?>GB8 ?@8 2A5E 701>;520=8OE ?5G5=8 A0<K<8 =570<5=8<K<8 1K;8 8 >AB0NBAO 2>;>4CH:0 7>;>B8AB0O, @5?5H>: 8 1C4@0 ?;NI5284=0O. E 4>?>;=ONB 8 CA8;820NB :>@=8 >:>?=8:0, @0AB>@>?H0, >4C20=G8:, F8:>@89, 682>:>ABL ?>;520O, 10@10@8A.  @575@25 2A5340 65;0B5;L=> 8<5BL 15AA<5@B=8:, ?86<C, H8?>2=8:, 3>@L:CN ?>;K=L, ?>4<0@5==8:, E<5;L, E@5=, 1C:28FC, >G8B>: ?C@?C@=K9, E2>I, G8AB>B5;, 2>4O=>9 ?5@5F.  A ?><>ILN 4>?>;=8B5;L=>9 ?>4<>38 2 2845 :0;5=4C;K, 725@>1>O, 4CH8FK, 1>@I528:0, ;>?CE0, 452OA8;0, ;5I8=K, 1>4O:0, 1C78=K, A8=53>;>2=8:0, 4>==8:0, 4K<O=:8, A?>@KH0 <=5 C4020;>AL A?@028BLAO A B0:8<8 701>;520=8O<8, :0: 0<8;>84>7 ?5G5=8. (-BC @54:CN 1>;57=L 2K7K205B ?>@065=85 ?5G5=8 :@0E<0;>?>4>1=K< 25I5AB2><   0<8;>84><, >1KG=> ?@8 35=5B8G5A:>< =0@CH5=88.) C@A ;5G5=8O 4;8B5;L=K9, =5 <5=LH5 3>40, 0 4;O A>AB02;5=8O :><?;5:A0 ?> <>5<C <5B>4C 2A5 =5>1E>48<K5 B@02K O ?5@5G8A;8;.
 !"/ / '  ' #+ / 

0: MB> =8 C4828B5;L=>, => A =5:>B>@K<8 >=:>;>38G5A:8<8 701>;520=8O<8 O A?@02;O;AO 7=0G8B5;L=> 1KAB@55, G5< A 1>;57=O<8 ?>G5:. >7<>6=> ?>B><C, GB> >1@0I0;8AL :> <=5 B0:85 E@>=8G5A:85 1>;L=K5, C :>B>@KE =5D@>;>38O >:07K20;0AL =0AB>;L:> 70?CI5==>9, GB> 5420 ;8 =5 ?@8>1@5B0;0 =5>1@0B8<K5 ?@>F5AAK. E =5 B0: C6 <=>3> 1K;> C <5=O, => 8<5==> >=8 4>AB02;O;8 1>;LH5 2A53> E;>?>B.

�14.04.00. D0=0A89 8B0;L528G ., 43 3. %@>=8G5A:89 3;><5@C;>=5D@8B A <>G52K< A8=4@><>< 2 AB0488 >1>AB@5=8O %   E@>=8G5A:>9 ?>G5G=>9 =54>AB0B>G=>AB8 A@54=59 BO65AB8. >;5= A 1977 3. 02;5=85   130/90 2> 2@5<O 1>;57=8.    F. ?. 1012, 15;>:   0,165, :8A;0O, ;59:>F8BK   0 1, >:A0;0BK + M@8B@>F8BK   750 (4> 6.000)�.

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

"@02K ?@8E>48BAO ?>418@0BL A 1>;LH>9 >AB>@>6=>ABLN. @8 >AB@>< ?@>F5AA5 =04> >B;>68BL 2 AB>@>=C B>;>:=O=:C, 15@Q7>2K5 ?>G:8, B@02C E2>I0, :>@=8 08@0, 7>;>B0@=8:, 2>4O=>9 ?5@5F, ?;>4K <>66525;L=8:0   >=8 <>3CB @074@060BL ?0@5=E8<C ?>G5:.  =8< <>6=> 25@=CBLAO, 40 8 B> 2K1>@>G=>, ?@8 :@09=59 =5>1E>48<>AB8, : :>=FC ;5G5=8O.

0 ;5G5=85 . ?>B@51>20;>AL ?OB=04F0BL ?>;=KE :C@A>2   MB> ?>GB8 ?>;B>@0 3>40.  ?@8<5@ O ?@8254C 87 =8E ?5@2K5 H5ABL. ;O =0G0;0 A0<K<8 =5>1E>48<K<8 1K;8 B0:85 B@02K, :0: 0AB@030; H5@AB8AB>F25B:>2K9, ?>4<0@5==8:, 3@CH0=:0, ;5A?5-4570, 1>@5F A8=89. 0AB>9:C F25B:>2 1>@F0 A8=53> O =07=0G8; ?> >AB>@>6=>9 AE5<5: ?> >4=>9 :0?;5 B@8 @070 2 45=L, 5654=52=> ?@8102;OBL ?> :0?;5 8 4>25AB8 4> 4204F0B8 ?OB8, 2 8B>35   4> A5<845AOB8 ?OB8 :0?5;L 2 ACB:8. > 54K =07=0G8; =0AB>9 ?>4<0@5==8:0 =0AB>OI53> 87 @0AGQB0 >4=0 AB>;>20O ;>6:0 B@02K =0 420 AB0:0=0 :8?OB:0, =0AB>OBL 2 B5?;5 G5BK@5 G0A0. @8=8<0BL ?> ?>;AB0:0=0 B@8 @070 2 45=L, 2;820O 2 :064CN ?>@F8N ?> G09=>9 ;>6:5 =0AB>9:8 ;5A?5457K. -B8< 65 =0AB>5< 70?8BL G09=CN ;>6:C ?>@>H:0 87 2KACH5==>9 B@02K ?>4<0@5==8:0 F5?:>3> (?><>305B ?@8 0=C@88   =54>AB0B>G=>< >1@07>20=88 <>G8 ?>G:0<8). !@07C ?>A;5 54K 2K?8BL B@5BL AB0:0=0 =0AB>O B@02K 0AB@030;0 A B@84F0BLN :0?;O<8 =0AB>9:8 3@CH0=:8. @8 3;><5@C;>=5D@8B5 =0AB0820NB B@8 G0A0 AB>;>2CN ;>6:C B@02K 2 AB0:0=5 :8?OB:0.  :0G5AB25 4>?>;=8B5;L=>3> A@54AB20 ?>A>25B>20; ?8BL 2 B5G5=85 4=O 4> 42CE-B@QE AB0:0=>2 =0AB>O ?;>4>2 H8?>2=8:0.

B>@>9 :C@A =0G0;8 A 682>:>AB8 ?>;52>9. 'B> 1K =8 3>2>@8;8 >1 MB>< @0AB5=88, O =0 ?@0:B8:5 C1548;AO, GB> 8< <>6=> ;5G8BL ?@0:B8G5A:8 2A5 701>;520=8O ?>G5: 8 <>G52>3> ?C7K@O, 2?;>BL 4> @0:0. ;O ?@83>B>2;5=8O =0AB>O AB>;>2CN ;>6:C B@02K =04> 70;8BL 42C<O AB0:0=0<8 :8?OB:0, 70:@KBL ?>AC4C :@KH:>9 8 ?>AB028BL =0 :8?OICN 2>4O=CN 10=N =0 ?OB=04F0BL <8=CB. 0B5< =0AB>OBL >48= G0A, ?@>F548BL 8 ?8BL ?> >4=>9 B@5B8 AB0:0=0 B@8 @070 2 45=L 70 G0A 4> 54K.  :064CN ?>@F8N 2;8BL G09=CN ;>6:C =0AB>9:8 B@02K 78<>;N1:8 7>=B8G=>9 (F5=8BAO ?@8 0;L1C<8=C@88, 35<0BC@88, 7045@6:5 <>G58A?CA:0=8O). !@07C ?>A;5 54K ?@8=OBL =0AB>9 B@02K 0AB@030;0 A G09=>9 ;>6:>9 =0AB>9:8 ;5A?5457K.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8 ?8BL B@8 @070 2 45=L ?> G09=>9 ;>6:5 A>:0 4C@=8H=8:0 2 @N<:5 2>4K.

"@5B89 :C@A ?>;=>ABLN ?>2B>@8; ?@54K4CI89, 2B>@>9, A 548=AB25==>9 4>102:>9: B@8 @070 2 45=L ?@8=8<0BL ?> 0,5 3@ ?>@>H:0 87 :>@=O 4O38;O ?5@54 54>9, 70?820O 2>4>9 (4O38;L 2K2>48B O4K 87 :@>28 ?@8 8=B>:A8:0F88, 2 2845 ?>@>H:0 ?>;575= ?@8 1>;57=OE ?>G5:, <>G52>3> ?C7K@O).

 G5B2Q@B>< :C@A5 25@=C;8AL : ?>4<0@5==8:C =0AB>OI5<C 8 F5?:><C (2 ?>@>H:5), A =0AB>9:>9 ;5A?5457K. (>;65= ?@54C?@548BL, GB> ?>4<0@5==8:, ?>;57=K9 4;O ;5G5=8O ?>G5:, =5 A;54C5B G0AB> ?>4:;NG0BL 4;O 4;8B5;L=>3> ;5G5=8O 3;><5@C;>=5D@8B0.

0 2AQ< ?@>BO65=88 ;5G5=8O >= 1K; 8A?>;L7>20= B>;L:> B@8 @070.) !@07C ?>A;5 54K HQ; =0AB>9 B@02K 0AB@030;0 A G09=>9 ;>6:>9 =0AB>9:8 ?>G5: GQ@=>3> B>?>;O.  ?@><56CB:0E <564C ?@8Q<0<8 ?8I8   A>: 4C@=8H=8:0.

 54:> O ?>;L7CNAL B@02O=K<8 A>AB020<8, => 4;O ?OB>3> :C@A0 @5H8; >1J548=8BL A@07C =5A:>;L:> @0AB5=89 2 >4=C :><0=4C.  >B45;L=>AB8 :064>5 87 =8E =5 8<55B 4>AB0B>G=>9 A8;K 4;O ?@8<5=5=8O 2 1>@L15 A 3;><5@C;>=5D@8B><, 0 2<5AB5 27OBK5   1LNB 2 >4=C F5;L A @07=KE AB>@>=. 5@5<5H0; 4@C3 A 4@C3>< B@02C :@0?82K 42C4><=>9, ;8ABLO 1@CA=8:8, ?>4>@>6=8:0, :8?@5O, 56528:8   ?>@>2=C, ?> H5ABL AB>;>2KE ;>65:. !B>;>2CN ;>6:C A1>@0 B@51C5BAO 70;8BL AB0:0=>< :8?OB:0, 70:@KBL :@KH:>9 8 =0AB>OBL 420 G0A0. @8=8<0BL ?> >4=>9 B@5B8 AB0:0=0 A G09=>9 ;>6:>9 ?>G5G=>3> 10;L70<0, 2 :>B>@K9 2E>4OB: ?> 100 <; =0AB>5: :>@=59 ;>?CE0, 4O38;O, >4C20=G8:0, A?0@68; ?> 50 <; =0AB>5: :0;5=4C;K, 725@>1>O. >A;5 54K   =0AB>9 B@02K B02>;38 2O7>;8AB=>9 A G09=>9 ;>6:>9 =0AB>9:8 B@02K 3@CH0=:8. !>: <54C=8FK   B@8 @070 2 45=L ?> G09=>9 ;>6:5 2 @N<:5 2>4K.

 H5AB>< :C@A5 2 E>4 ?>H;0 OA=>B:0 15;0O.  54:> 2A?><8=0NB > =59.  O 3>2>@N > =59 2 ?5@2K9 @07, E>BO =5@54:> ?@81530; : 5Q CA;C30< ?@8 4@C38E 701>;520=8OE. %8<8G5A:89 A>AB02 @0AB5=8O 87CG5= =5?;>E>, >4=8E D;02>=>84>2 2 =Q< A5<L 284>2, 8<5NBAO 38AB0<8=, :0@>B8=, 0;:0;>84 ;0<88=, A0?>=8=K, 28B0<8= !, <8:@>M;5<5=BK: 0;N<8=89, E@><, <54L, <0@30=5F, 65;57>. ;03>40@O 8< OA=>B:0 >1;0405B ?@>B82>2>A?0;8B5;L=K<, A540B82=K<, B>=878@CNI8<, 38?>B5=782=K<, A?07<>;8B8G5A:8< 459AB285<, C;CGH0NI8< >1<5= 25I5AB2, 8 4@C38<8 ?>;57=K<8 A2>9AB20<8. 06=> B>, GB> OA=>B:0 ?@8=04;568B : B5< =5<=>38< @0AB5=8O<, :>B>@K5 ?@54=07=0G5=K 8<5==> 4;O ;5G5=8O 3;><5@C;>=5D@8B0. ;O ?@83>B>2;5=8O =0AB>O: 425 AB>;>2K5 ;>6:8 B@02K =0 0,5 ; :8?OB:0, 70:@KBL ?>AC4C :@KH:>9 8 G5@57 420 G0A0 ?@>F548BL. 8BL ?> ?>;AB0:0=0 B@8 @070 2 45=L 4> 54K, 0 >AB0B>: 4>?8BL 70 420 G0A0 4> A=0.  :064CN ?>@F8N 2;820BL G09=CN ;>6:C =0AB>9:8 ;5A?5457K. >A;5 54K ?@8=OBL =0AB>9 B@02K 0AB@030;0 A G09=>9 ;>6:>9 =0AB>9:8 B@02K 78<>;N1:8. B45;L=>, 2 ?@><56CB:0E <564C ?@8Q<0<8 ?8I8, ?@8=8<0BL B@8 @070 2 45=L A>: 4C@=8H=8:0 2 @N<:5 2>4K.

A5 >AB0;L=K5 <5AOG=K5 :C@AK ?>GB8 =5 >B;8G0;8AL >B ?@54AB02;5==KE 745AL H5AB8. 7 =>2KE @0AB5=89 B@8 @070 2:;NG0;8 =0AB>9 ;8ABL52 ;5I8=K, ?> 420 @070   =0AB>9 :>@=59 :C1KH:8 65;B>9 8 =0AB>9 F25B:>2 E<5;O. 5G5=85 1;03>?>;CG=> 70:>=G8;8 2 <05 2002 3>40.

* * *

@8OB=> >1I0BLAO A ?>68;K< G5;>25:><, :>B>@K9 =5 >E05B, =5 60;C5BAO A;57;82> =0 AB0@>ABL 8 1;87:89 :>=5F, =0 @0AH0B0==K9 45AOB:0<8 1>;57=59 >@30=87<: 2 =Q< 682>3> <5AB0 =5 >AB0;>AL, 0 E>B5;>AL 1K 5IQ GCB>: ?>68BL, :>340 2 A5<LN =0:>=5F-B> ?@8HQ; E>BL :0:>9-B> 4>AB0B>:, 8 =5 ?@84QBAO ?><8@0BL 2 =8I5B5. !0=85 14C;;>2=5 A5<L45AOB B@8 3>40. # =5Q C;K1G82K5 3;070 2 >:@C65=88 <=>65AB20 <5;:8E <>@I8=. > =8< <>6=> >?@545;8BL =5 B>;L:> 2>7@0AB, => 8 E0@0:B5@ G5;>25:0. # =54>1@>65;0B5;L=KE, 65;G=KE ;N459, A=5405<KE 7028ABLN, 7;>1>9 8 <AB8B5;L=>ABLN, ;8F> =0?><8=05B 70G5@AB25;K9, ?>B@5A:02H89AO, =5:0G5AB25==>9 2K?5G:8 E;51.  C :>3> 4CH0 >B ?@8@>4K 4>1@0O, <O3:0O, >B7K2G820O, C B>3> <>@I8=K @>2=K5, 157 87;><>2, A1530NBAO A25B;K<8 ;CG8:0<8 2 ?@82;5:0B5;L=K5 C7>@K 2>:@C3 3C1 8 3;07. !0=8O 14C;;>2=0 682QB 2 3>@>45 :BO1@LA:><, C =5Q =0 >:@08=5 A2>9 AB0@5=L:89 4><, 2 A5<L5   70<C6=OO 4>GL A B@5<O 45BL<8 8 AB0@H89 AK= 24>25F, C =53> =0 @C:0E >AB0;8AL 42>5 45B59. K@CG05B ?>4A>1=>5 E>7O9AB2>   425 :>@>2K, :>70, :C@K, 3CA8. 0@B>H:0 8 >2>I8 A2>8. �!;020 ;;0EC, 682Q< =5 EC65 4@C38E,   3>2>@8B !0=8O 14C;;>2=0.    07@5H8;8 : 4><C A45;0BL ?@8AB@>9, =0 ?@>406C ?>@>AQ=:0 >B:0@<;8205<. ">;L:> 2>B A E>7O9AB2>< B@C4=55 AB0;> C?@02;OBLAO. ;>E0O 87 <5=O ?><>I=8F0. >GL A 7OB5< 8 AK= 25AL 45=L @01>B0NB, 2=CG0B0 CG0BAO.  C <5=O ;><8B ?>OA=8FC, =87 682>B0 A8;L=> 1>;8B. "K 409 <=5 B0:85 B@02K, GB>1K O 420 3>40 >AB020;0AL 2 A8;5, 0 B0< >4=0 87 2=CG5: 70<5=8B <5=O�.

# !0=88 14C;;>2=K ?@87=0;8 E8=;0B5=B=K9 ?85;>=5D@8B   4803=>7 >=0 ?5@5?8A0;0 =0 :;>G>: 1C<06:8. � <>G5 15;>: (0,21). 59:>F8BK   6 8 10. :A0;0BK A>45@60B B@8 ?;NA0, 10:B5@88 G5BK@5 ?;NA0. 0;> 2K45;O5BAO <>G8 (400 <;).

5402=> 1K; F8AB8B. 5@5=5A;0 ?=52<>=8N, >AB0;0AL ?>B;82>ABL, => A59G0A AB0;> ;53G5. 02;5=85   130/80�.

5G5=85 <K =0G0;8 23.02.1999 3>40. !:06C G5AB=>, O B0: 8 =5 CAB0=>28;, GB> AB>8B 70 A;>2>< E8=;0B5=B=K9. A;8 1 70 =8< AB>O;> GB>-B> A5@LQ7=>5, C3@>60NI55, B> 2=5 2AO:>3> A><=5=8O =0 MB> 1K;> 1K C:070=>, => 2 A?5F80;L=>9 <548F8=A:>9 ;8B5@0BC@5 O B0:>3> >?@545;5=8O =5 =0HQ;.  ;N1>< A;CG05 OA=> 1K;> >4=>: ;0B5=B=K9   MB> A:@KBK9 ?5@8>4 @0728B8O 1>;57=8, 8 5A;8 =5 ?@8=OBL <5@K, >=0 2 ;N1>9 <><5=B <>65B ?5@59B8 2 >AB@CN D07C. 85;>=5D@8B   MB> 10:B5@80;L=>5 2>A?0;5=85 >4=>9 8;8 >158E ?>G5:. A=>2=>9 2>71C48B5;L 8=D5:F8>==KE ?>@065=89 :8H5G=0O ?0;>G:0, ?>AB>O==> >18B0NI0O 2 B>;AB>9 :8H:5. 1KG=> >=0 =5 ?5@5E>48B 87 <>G5B>G=8:>2 2 ?>G:8, ;8HL ?>G5G=K9 :0<5=L 8;8 >1@0B=K9 B>: <>G8 87 <>G52>3> ?C7K@O <>65B C25;8G8BL @8A: @0728B8O ?85;>=5D@8B0. 5 AB>8B A1@0AK20BL A> AGQB0 ?5@5=5AQ==K5 =5402=> F8AB8B 8 ?=52<>=8N. 5>1E>48<K 1C4CB A8;L=K5 ?@>B82>2>A?0;8B5;L=K5, 0=B810:B5@80;L=K5 A@54AB20. !@07C =0G0; A:;04K20BLAO ?@8<5@=K9 ?;0=.

@5645 2A53> ?>4C<0;>AL > 7>;>B>9 @>735. @8 ?85;>=5D@8B0E, 701>;520=8OE <>G52>3> ?C7K@O >=0 C=825@A0;L=0: :@><5 4578=D8=F8@CNI53> 459AB28O, 3>=8B <>GC ?@8 5Q 7045@6:5, >A>15==> C ?>68;KE ;N459, @0AB2>@O5B :0<=8 8 3>=8B ?5A>:, 0 >=8 =5 8A:;NG5=K ?@8 B0:>< :>;8G5AB25 >:A0;0B>2.  >4=>9 A2O7:5 A 7>;>B0@=8:>< =5 ?><5H05B ;8AB 15@Q7K   >= C25;8G8205B 48C@57 4065 2 B5E A;CG0OE, :>340 =5 ?><>30NB 4@C385 <>G53>==K5 A@54AB20, 8, :@><5 B>3>, A?>A>15= A?@028BLAO =5 B>;L:> A :8H5G=>9 ?0;>G:>9, => 8 A> AB0D8;>:>::><, 0 53> ?@8ACBAB285 B>65 8=>340 O2;O5BAO ?@8G8=>9 701>;520=8O. 5 >1>9B8AL 8 157 3@CH0=:8 7>=B8G=>9, >=0 =5 B>;L:> CAB@0=8B 7045@6:C <>G8, => 8 2K2545B 87 >@30=87<0 07>B8ABK5 8 E;>@8ABK5 A>;8, ?><>65B A?@028BLAO A >AB0B>G=K<8 O2;5=8O<8 ?>A;5 ?=52<>=88.  MB>9 4@C6=>9 :><?0=88 CNB=> ?>GC2AB2C5B A51O 8 0AB@030; H5@AB8AB>F25B:>2K9, A?>A>1=K9 @0AH8@OBL A>AC4K ?>G5:, : B><C 65 =5>1E>48<K9 4;O ?>445@6:8 =5@2>2 8 A5@4F0, 8 B0: =5>1E>48<K9 ?@8 >1I59 A;01>AB8 C ?>68;KE ;N459. >60;C9, MB>9 G5B25@:>9 <>6=> 8 >3@0=8G8BLAO.

5@2K9 :C@A 2K3;O45; B0:8<: 4> 54K   =0AB>9 7>;>B>9 @>738 ?> B@5B8 AB0:0=0 B@8 @070 2 45=L, 4>10282 2 :064CN ?>@F8N B@84F0BL :0?5;L =0AB>9:8 3@CH0=:8. 0AB>9 3>B>28BL 87 42CE G09=KE ;>65: B@02K 2 AB0:0=5 >ABC65==>9 :8?OGQ=>9 2>4K 8 >AB028BL =0 =>GL =5 <5=LH5 G5< =0 2>A5<L G0A>2. > 2@5<O 54K 2K?8BL 425 AB>;>2K5 ;>6:8 >B20@0 0AB@030;0. '09=CN ;>6:C B@02K 70;8BL ?>;>28=>9 AB0:0=0 :8?OB:0, ?>45@60BL ?OBL <8=CB =0 :8?OI59 2>4O=>9 10=5, >48= G0A =0AB>OBL. 5;0B5;L=> 8A?>;L7>20BL G5BK@5 @070 2 45=L. >A;5 54K 2K?8BL B@5BL AB0:0=0 =0AB>O 87 ;8ABL52 15@Q7K ?>28A;>9: 70;8BL AB>;>2CN ;>6:C ;8ABL52 AB0:0=>< :8?OB:0, 2AK?0BL 2 =0AB>9 <0;5=L:CN I5?>B:C G09=>9 A>4K (8;8 =0 :>=G8:5 =>60) 8 420 G0A0 ?>4>640BL. !>40 =59B@0;87C5B A>45@60I89AO 2 15@Q75 15BC;8=, B. :. >= @074@060NI5 459AB2C5B =0 ?>G:8.

 :>=F5 <0@B0 70 2B>@K< :C@A>< ?@85E0;0 2=CG:0 !0=88 14C;;>2=K. =0 A @04>ABLN A>>1I8;0, GB> 0=0;87K C 101CH:8 >B;8G=K5: 15;:0, ;59:>F8B>2, >:A0;0B>2 =5B. 0:B5@89 B>65 =5B, => ?>:0 5ABL A;87L. 8G53> 1>;LH5 O =5 AB0; 2K4C<K20BL, ?>2B>@8; 2 ?@56=5< 2845 ?5@2K9 :C@A, B>;L:> 3@CH0=:C 70<5=8; =0AB>9:>9 78<>;N1:8, 2 B>9 65 4>78@>2:5   ?> B@84F0BL :0?5;L.

8<>9 ?@85760; 2 #DC ?> A2>8< 45;0< AK= !0=88 14C;;>2=K, 703;O=C; :> <=5, GB>1K ?5@540BL >B <0B5@8 3>AB8=5F   BCH:C 3CAO : =>2>3>4=5<C ?@074=8:C. !:070;, GB> 2 A5<L5 =5 =0@04CNBAO =0 <0BL, 25@=C;8AL : =59 ?@56=85 A8;K 8 74>@>2L5, >?OBL 2AQ E>7O9AB2> 2 4><5 45@68BAO =0 =59. �K C6 15@538B5 5Q, >A>15==> >B ?@>ABC4K,   40; A>25B O 3>ABN.   CABL B5?;55 >45205BAO 8 ?><=8B, GB> A ?>G:0<8 HCB:8 ?;>E8, 5A;8 70ABC48B 8E, B>340 =8:0:>9 ;;0E =5 ?><>65B�.

* * *

">65 2A53> 42C<O :C@A0<8 >3@0=8G8;AO 5>=84 @>=>28G /., ?>68;>9 <C6G8=0, >1@0B82H89AO :> <=5 A 60;>10<8 =0 E@>=8G5A:89 F8AB8B. 1KG=> 1>;L=KE A =5A;>6=K<8 701>;520=8O<8 <>G52>3> ?C7K@O O 1@0; =0 ;5G5=85 @54:>. ! @O4>2K<8, =570?CI5==K<8 1>;57=O<8 <>G5?>;>2>3> B@0:B0 =5?;>E> A?@02;ONBAO 2 1>;L=8F0E C@>;>38, 8<5NBAO C =8E 8 =5>1E>48<0O <548F8=A:0O B5E=8:0, 8 ;5:0@AB25==K5 ?@5?0@0BK, 8 >B@01>B0==0O 3>40<8 <5B>48:0 ;5G5=8O.  <=5 E20B0;> 4@C38E 701>B. A>15==> ?0<OB=K 420 A;CG0O, :>340 ?@8H;>AL 4;8B5;L=>

>:07K20BL ?><>IL 42C< 1>;L=K<. # >4=>9 <>;>4>9 65=I8=K 384@>=5D@>7 A>?@>2>640;AO E@>=8G5A:>9 ?>G5G=>9 =54>AB0B>G=>ABLN =0 D>=5 4@C38E A>?CBAB2CNI8E 701>;520=89. 20 3>40 C?>@=>3> ;5G5=8O 2K25;8 5Q 87 :@8B8G5A:>3> A>AB>O=8O, => 5IQ 4>;3> >=0 >1@0I0;0AL 70 ?>445@6:>9, >?0A0OAL @5F84820. ! <0O

1998 3>40 >=0 2@5<O >B 2@5<5=8 ?@8E>48;0 70 B@020<8, >A>15==> 25A=>9 8 ?>74=59 >A5=LN, 4> 2007 3>40. IQ 1>;LH5 E;>?>B 4>AB028;0 <=5 <0;5=L:0O 452>G:0 0@8=0, C =5Q 2 420 A ?>;>28=>9 3>48:0 >1=0@C68;8 >1AB@C:B82=K9 ?85;>=5D@8B, >1<5==CN =5D@>?0B8N, 45D>@<0F8N '! 70 AGQB 45D>@<0F88 G0H5G5:, =5D@>?B>7 A;520, 8<<C=>45D8F8B. Q @>48B5;8 : A2>8< ?@>AL10< 27OBL 4>G:C =0 ;5G5=85 B@020<8 ?>4:;NG8;8 4065 3;022@0G0 1>;L=8FK. @8H;>AL <=5 ?>;><0BL 3>;>2C =04 :064K< >G5@54=K< :C@A><, 45;0O <564C =8<8 =5>1E>48<K5 ?5@54KH:8, GB>1K =5 4>?CAB8BL ?5@53@C7:8. 0 A5<L ;5B, A <0@B0

1999 3>40 4> 25A=K 2006 3>40, C40;>AL 4>18BLAO 7=0G8B5;L=KE ?5@5<5=, 4065 ?>4=O;0AL =0 A2>Q ?>;>65==>5 <5AB> ;520O ?>G:0, => 2>?@>A > ?>;=>< 87;5G5=88 C <5=O B0: 8 >AB0;AO ?>4 A><=5=85<. > 2AO:>< A;CG05, :>340 <=5 =0 A<5=C ?@8H;0 4>GL 8;8O  8<>2=0, 8<5NI0O 2 >B;8G85 >B <5=O <548F8=A:>5 >1@07>20=85 8 C=0A;54>20==K9 ?@8@>4=K9 40@ >1I5=8O A F5;51=K<8 B@020<8, @>48B5;8 0@8=K, C65 >G0@>20B5;L=>9 :0@53;07>9 H:>;L=8FK, 8=>340 ?@8E>48;8 70 ;5:0@AB25==K<8 B@020<8. >6=> 1K;> 1K, :>=5G=>, 40BL 2AN ?>4@>1=CN :0@B8=C ?@>254Q==>3> ;5G51=>3> :C@A0, E>BO 1K ?>B><C, GB> >= 87 G8A;0 @54:>AB=KE, => A;CG09 MB>B 2AQ-B0:8 G0AB=K9, AC3C1> 8=48284C0;L=K9, 8 @5:><5=4>20BL 53> 2A5< O =5 8<5N <>@0;L=>3> ?@020.

5A;>6=K5 701>;520=8O   ?>=OB85 B>65 CA;>2=>5.  ;N1>< >B:;>=5=88 >B 74>@>2LO <0;> ?@8OB=>3>. 5>=84 @>=>28G, <C6G8=0 2KA>:89, ?;5G8ABK9, =5 ?@>AB> :@C?=K9, 0, O 1K A:070;, <>3CG53> B5;>A;>65=8O, HC<=> 274KE0;, 60;COAL =0 1>;8 2 ?>G:0E 8 <>G52>< ?C7K@5. >A;5 >?5@0F88 =0 ?@54AB0B5;L=>9 65;575 53> 70<CG8; E@>=8G5A:89 F8AB8B. <C C65 ?>4 A5<L45AOB, => >= ?@>4>;60; B@C48BLAO 2 :0:>9-B> B>@3>2>9 D8@<5, A2O70==>9 A G0ABK<8 ?>574:0<8. �%>BL @01>BC 1@>A09, B5@?56C =5B,   >3>@GQ==> 3>2>@8; >=, AB0@0OAL 2K720BL C <5=O A>GC2AB285.    @0725 >4=0 3>;0O ?5=A8O ?@>:>@<8B <5=O, B0:>3> <54254O?�

01>@0B>@=K5 0=0;87K <>G8 =5 2=CH0;8 >?0A5=8O, ;8HL 2 7=0G8B5;L=>< :>;8G5AB25 =01;N40;8AL ;59:>F8BK. / 40; 5<C 7>;>BCN @>73C, B>;L:> =5 2 E>;>4=K< =0AB>5, 0 25;5; 70;8BL AB>;>2CN ;>6:C B@02K AB0:0=>< :8?OB:0, =0AB>OBL G5BK@5 G0A0 8 ?@8=8<0BL B@8 @070 2 45=L ?> B@5B8 AB0:0=0 A G09=>9 ;>6:>9 =0AB>9:8 ?>G5: GQ@=>3> B>?>;O 4> 54K. > 2@5<O 54K   ?> 425 AB>;>2K5 ;>6:8 =0AB>O 0AB@030;0. >A;5 54K, A CGQB>< ?>2KH5==>3> 402;5=8O, =0AB>9 :>@K 10@10@8A0 87 @0AGQB0 425 AB>;>2K5 ;>6:8 =0 420 AB0:0=0 :8?OB:0. 0AB>OBL 2 B5@<>A5 G5BK@5 G0A0 8 ?@8=8<0BL ?> ?>;AB0:0=0 A G09=>9 ;>6:>9 =0AB>9:8 3@CH0=:8 B@8 @070 2 45=L. -B8< =0AB>5< 70?8BL B@5BL G09=>9 ;>6:8 ?>@>H:0 87 4O38;O.

B>@>9 :C@A B>65 =0G8=0;AO A =0AB>O 7>;>B>9 @>738 A B@84F0BLN :0?;O<8 =0AB>9:8 3@CH0=:8 (2 420 @070 <5=LH5, G5< 2 ?5@2K9 @07   4>70 4>AB0B>G=0O, 70B> =5 ?>459AB2C5B @074@060NI5 =0 ?>G:8). AB028; 0AB@030; 2> 2@5<O 54K. >A;5 54K ?@54;>68; =0AB>9 ;8ABL52 ;5I8=K   >4=C AB>;>2CN ;>6:C 7020@8BL 2 AB0:0=5 :8?OB:0, =0AB>OBL 420 G0A0 8 ?8BL ?> B@5B8 AB0:0=0, 70?820O ?>;>28=C G09=>9 ;>6:8 ?>@>H:0 87 B@02K ?>4<0@5==8:0 F5?:>3>. 07=0G0O ;5I8=C, O CG8BK20; 8 =5?>;04:8 A ?@54AB0B5;L=>9 65;57>9. =5 <>3CB =0?><=8BL, GB> ?>4<0@5==8:   A>;=5G=>5 @0AB5=85 8 8A?>;L7CNB 53> B>;L:> 4> >1540, MB> 25@=>, E>BO 8<55BAO 2 284C 3>@OG89 =0AB>9, 0 ACE>9 ?>@>H>: 2 >B=>A8B5;L=>9 AB5?5=8 8<55B =59B@0;L=K9 E0@0:B5@.

5G5=85, =0G0B>5 2 D52@0;5 1999 3>40, ?@>4;8;>AL 2A53> 420 A ?>;>28=>9 <5AOF0. / ?@54;>68; ?@>25AB8 B@5B89 :C@A, GB>1K 871560BL 2>7<>6=>AB8 2>7=8:=>25=8O @5F84820, => 5>=84 @>=>28G ?>1;03>40@8; <5=O, C25@82, GB> B5?5@L >= GC2AB2C5B A51O 01A>;NB=> 74>@>2K<, MB> ?>4B25@645=> :>=B@>;L=K<8 0=0;870<8 8 70:;NG5=85< ;5G0I53> 2@0G0. 4=0:> G5@57 ?>;B>@0 3>40, 2 =>O1@5 2000 3>40, >= 2=>2L >1@0B8;AO :> <=5.  0AAB@>5==K9, A<CIQ==> ?5@5ABC?0O A =>38 =0 =>3C, >AB0=>28;AO 2 425@OE, 28=>20B> ?@>87=QA: � 048 1>30 =5 A5@48B5AL, A=>20 2K=C645= ?>15A?>:>8BL 20A�. �?OBL ?>G:8?�   A?@>A8; O. �5B, B5?5@L ?@860;> A 4@C3>9 AB>@>=K,   >B25B8; >=.    5A;8 1KBL B>G=55, B> A =5A:>;L:8E AB>@>=. AB@K9 ?@>AB0B8B. 1=0@C68;8 E;0<8488. %@>=8G5A:89 E>;5F8AB8B. #25;8G5=0 ?5G5=L. 8DDC7=K5 87<5=5=8O 2 ?>465;C4>G=>9 65;575. 0<5H:8 2 ?@02>9 ?>G:5. -E, AB0@>ABL =5 2 @04>ABL�. �>7@0AB BCB =8 ?@8 GQ<,   CA?>:>8; O 53>.   >;57=L 01A>;NB=> 157@07;8G=0 : B><C, A:>;L:> ;5B G5;>25:C. "0: GB> 20< 5IQ @0=> 70?8AK20BLAO 2 AB0@8:8. 0H8 =54><>30=8O 2?>;=5 CAB@0=8<K�.  O A?>:>9=> ?@8=O;AO A>AB02;OBL =5>1E>48<K9 ;5G51=K9 :><?;5:A.

 0AB2>@8BL :0<=8 2 65;G=>< ?C7K@5 <=5 C4020;>AL 8=>340 70 B@8-G5BK@5 =545;8. AQ 7028A5;> >B 8E A>AB020, D>AD0B=K5 >=8 8;8 >:A0;0B=K5, C@0B=K5. > 2AO:>< A;CG05 =04> 1K;> 87102;OBLAO >B =8E, 8=0G5 >AB0=CBAO ?>AB>O==K< 8AB>G=8:>< 2>A?0;8B5;L=>3> ?@>F5AA0. 45AL ?>B@51CNBAO 4C@=8H=8: 8 :>@=8 H8?>2=8:0. C@=8H=8: C25@5==> @0A?@02;O5BAO A E;0<848O<8. ;03>?@8OB=>5 459AB285 >:07K205B >= 8 =0 <C6A:85 ?>;>2K5 >@30=K. A;8 ?>4A>548=8BL :>@C >A8=K, B> <>6=> @5H8BL ?@>1;5<C 8 A ?@>AB0B8B><.  B><C 65 >A8=0 ;5G8B ?>465;C4>G=CN 65;57C 8 ?>:070=0 ?@8 ?0=:@50B8B5. 5 A;54C5B 701K20BL 8 >1 C=825@A0;L=KE 2>7<>6=>ABOE 1C4@K ?;NI5284=>9.

"0: A;>68;AO A>AB02 ?5@2>3> :C@A0. ! CB@0   >48= @07 2 45=L   =0AB>9:0 1>;83>;>20 ?> 4204F0B8:0?5;L=>9 AE5<5. > 54K   >B20@ :>@K >A8=K: >4=C AB>;>2CN ;>6:C 70;8BL AB0:0=>< :8?OB:0 8 ?>45@60BL ?OBL <8=CB =0 :8?OI59 2>4O=>9 10=5, >48= G0A =0AB>OBL, ?@>F548BL. 8BL ?> >4=>9 B@5B8 AB0:0=0 A G09=>9 ;>6:>9 ?@>B82>2>A?0;8B5;L=>3> 10;L70<0.  =53> 2>H;8: ?> 100 <; =0AB>5: 15@Q7>2KE ?>G5:, :>@=O ;>?CE0, :>@K 10@10@8A0 8 B@02K 1C4@K; ?> 50 <; =0AB>5: B@02K 3@CH0=:8 8 E2>I0 ?>;52>3>. >A;5 54K ?@8=OBL =0AB>9 ;8ABL52 ;5I8=K 87 @0AGQB0: AB>;>20O ;>6:0 =0 AB0:0= :8?OB:0, =0AB>OBL G5BK@5 G0A0. 8BL ?> >4=>9 B@5B8 AB0:0=0, 70?820O =0AB>5< G09=CN ;>6:C ?>@>H:0 :8?@5O. @>AB @5F5?B 4C@=8H=8:0: AB>;>2CN ;>6:C 87<5;LGQ==>9 B@02K 7020@8BL 2 AB0:0=5 :8?OB:0, ?>45@60BL =0 >3=5 >4=C <8=CBC 8 =0AB0820BL 4> CB@0. 8BL 420 @070 2 45=L ?> ?>;AB0:0=0 CB@>< 8 25G5@><. >@=59 H8?>2=8:0 B@51C5BAO <=>3>: H5ABL AB>;>2KE ;>65: =0 B@8 AB0:0=0 2>4K, :8?OB8BL =0 A;01>< >3=5 ?OB=04F0BL <8=CB. K?8BL ?> AB0:0=C G5@57 G0A ?>A;5 54K, B@8 @070 2 45=L.

C@=8H=8: 8 :>@=8 H8?>2=8:0 >AB0;8AL =0 2B>@>9 :C@A, :0: 8 1>;83>;>2. 0AB>9 ;8ABL52 ;5I8=K =0 MB>B @07 =07=0G8; 4> 54K A G09=>9 ;>6:>9 B0:>3> 65 10;L70<0. '5@57 A>@>: <8=CB ?>A;5 54K 40; =0AB>9 B@02K E2>I0 ?>;52>3>. B45;L=>, 2 ?5@5@K20E <564C ?@8Q<0<8 ?8I8, ?>A>25B>20; ?8BL ?> B@5B8 AB0:0=0 =0AB>O B@02K ;0107=8:0 2O7>;8AB=>3>   ?><>IL 8 ?5G5=8, 8 ?>G:0<, 8 ?>465;C4>G=>9 65;575, 8, :> 2A5<C ?@>G5<C, 871028B >B :0<5H:>2.

 <>5<C =5<0;><C C482;5=8N, 42CE :C@A>2 2?>;=5 E20B8;>, GB>1K 5>=84 @>=>28G 70O28;, GB> >= ?>;=>ABLN 2K74>@>25;. /:>1K B0:>2K 8B>38 ?@>25@>G=KE ;01>@0B>@=KE 0=0;87>2. > 2AO:>< A;CG05 2 65;G=>< ?C7K@5 =8 :0<=59, =8 ?5A:0   2AQ G8AB>. ??5B8B E>@>H89. 8345 =8G53> =5 1>;8B. =5 =8G53> =5 >AB020;>AL, :0: B>;L:> 2 =54>C<5=88 ?>60BL ?;5G0<8.  2AQ-B0:8 O ?>A>25B>20; 5<C =5 >B:07K20BLAO >B 1>;83>;>20, 53> 4>;6=> 1K;> E20B8BL 5IQ =0 B@8 8;8 G5BK@5 <5AOF0.  ?@8=8<0BL ?> 4204F0BL :0?5;L =0AB>9:C :>@=59 :C?5=K   �A>;><>=>2C ?5G0BL�, M;8:A8@ <>;>4>AB8.
 !"/ / !#!" 

5:>B>@K5 >B:@KB8O O >B=>HC : @07@O4C A;CG09=>AB59. 4=064K @5H8; =0 =545;N >B?@028BLAO 2 B0Q6=K9 3>@=>-;5A=>9 :@09 =0 ?>8A:8 @54:8E @0AB5=89 8 AB0; 8A:0BL A515 A?CB=8:0. @54;>68; A>AB028BL <=5 :><?0=8N >4=><C ?@8OB5;N, 5==048N, 1>;LH><C ;N18B5;N ?@8@>4K 8 @K10;:8. �>=5G=> A>3;0A5=, :0:>9 <>65B 1KBL @073>2>@! >B>2 C4@0BL 87 3>@>40 E>BL A59G0A!   >1@04>20;AO >=.  24@C3 70<O;AO, =5@5H8B5;L=> ?@>87=QA:   5B, =8G53> =5 ?>;CG8BAO. 5 <>3C >AB028BL <0BL >4=C. =0 ?>GB8 =5 2KE>48B 87 4><0. >;LH>9 ?0;5F =0 =>35 C =5Q B0: 2K25@=C;>, B0:0O H8H:0 >1@07>20;0AL =0 ACAB025, GB> =8:0:CN >1C2L =045BL =5 <>65B. C?8; 59 A0<K5 1>;LH85 H;Q?0=FK, 2 =8E 2K18@05BAO 8=>340 =0 C;8FC ?>A845BL =0 A:0<55G:5 C ?>4J5740�.

/ 2A?><=8;, GB> C <5=O 402=> AB>8B 157 45;0 ?>;=0O B@QE;8B@>20O 10=:0 =0AB>O==KE =0 2>4:5 O3>4 1C78=K A818@A:>9. @54=07=0G0;0AL >=0 1>;L=><C @0:>< ?>465;C4>G=>9 65;57K, =>, : A>60;5=8N, =04>1=>ABL 2 =0AB>9:5 >B?0;0.  >B40; 5Q 5==048N ?@>AB> B0:, 87 A>GC2AB28O, =8A:>;L:> =5 704C<K20OAL =04 B5<, ?><>65B 1C78=0 53> <0B5@8 8;8 =5B. @C38E ;5:0@AB2 4;O ;5G5=8O ACAB02>2 2 B>B <><5=B C <5=O =5 1K;>. �"K 3>2>@8;, C B2>59 <0<K A CB@0 4> 25G5@0 B>;L:> >4=> @072;5G5=85   B5;5287>@. CABL >=0, :>340 A<>B@8B ?5@540G8, ?;5A=QB 2 1;N4F5 ?0@C AB>;>2KE ;>65: =0AB>9:8 8 4>;3> 2B8@05B 2 ?>@06Q==K9 ACAB02,   ?>A>25B>20; O.   %>BO 1K ?> ?OBL-H5ABL @07 2 45=L, => ?>AB>O==>. 8:0:>3> 2@540 =5 ?@8G8=8B, 0 1>;L A=8<5B�.

! ?@8OB5;5< <K =5 2845;8AL 4> 25A=K.  :>340 2AB@5B8;8AL, >= A 2>AB>@3>< ?@8=O;AO @0AA:07K20BL, GB> 1C78=0 A>25@H8;0 GC4>: C@>4;820O H8H:0 =0 =>35 C <0B5@8 8AG57;0, =0 ?>;>65==>5 <5AB> 25@=C;AO ?0;5F. 0BL =0@04>20BLAO =5 <>65B, ?>;CG82 2>7<>6=>ABL =045BL ?@56=85 ;N18<K5 BCD;8.

02=> MB> 1K;>, 5IQ ?@8 A>25BA:>9 2;0AB8, :>340 F5=7C@0 2KE>;0I820;0 ;8B5@0BC@C > ;5:0@AB25==KE @0AB5=8OE, =5 ?>72>;OO 2KE>48BL 70 @0<:8 CAB0=>2;5==KE AB0=40@B>2, 0 =0@>4=0O <548F8=0 25;0 ?>4?>;L=>5 ACI5AB2>20=85 8 45@60;0AL =0 A0<>>B25@65==>AB8 8 M=BC7807<5 =5<=>3>G8A;5==KE F5;8B5;59. &5==K5 @5F5?BK ?@8E>48;>AL A>18@0BL ?> :@C?8F0<. !2545=8O > A818@A:>9 1C78=5, 2 >B;8G85 >B ?>?C;O@=>9 GQ@=>9 1C78=K,

1K;8 :@09=5 A:C4=K<8. KA>:> F5=8; O <>=>3@0D8N . . 8=052>9 �5:0@AB25==K5 @0AB5=8O !818@8�, >4=0:> 8 2 =59 > ?;>40E 1C78=K 3>2>@8;>AL ;8HL, GB> =52KAKE0NI55 <0A;> 87 =8E >1;0405B A;018B5;L=K< 459AB285<. >B ?>G5<C B0: A;CG09=> :@0A=0O 1C78=0 >B:@K;0AL ?5@54> <=>9 A =5>6840==>9 AB>@>=K. > MB>3> >=0 =04Q6=> ?><>30;0 <=5 ?@8 7;>:0G5AB25==KE >?CE>;OE, => =8345 4065 =0<Q:0 =5 2AB@5G0; =0 5Q A?>A>1=>ABL CAB@0=OBL 45D>@<0F8N ACAB02>2.

* * *

=0:><K9 65=A:89 3>;>A 2 B5;5D>==>9 B@C1:5 =0?><=8; <=5 ?@>H;K9 25:, A5@548=C ?OB845AOBKE, :>340 ?5@54 >B?@02:>9 2 @5745=A:CN 30;5@5N 2 >A:25 45<>=AB@8@>20;8 7=0<5=8BCN �!8:AB8=A:CN <04>==C�  0D0M;O. IQ B>340 O 2?5@2K5 C2845; N=CN  5754C, ABC45=B:C >4=>3> 87 <>A:>2A:8E 2C7>2, 8 1K; ?>@06Q= 5Q AE>4AB2>< A <04>==>9. 1I8<8 4;O =8E >158E 1K;8 =5 AB>;L:> ?;5=8B5;L=K5 G5@BK ;8F0, A:>;L:> 8AE>4OI85 >B >1;8:0 =5>1JOA=8<K5, =52848<K5 2>;=K 3;C1>G09H59 =56=>AB8. / =5 ?@54?@8=8<0; =8:0:8E ?>?KB>: ?>1;865 ?>7=0:><8BLAO A  5754>9. @8 A;CG09=KE, >G5=L @54:8E 2AB@5G0E <K, C;K1=C2H8AL, 74>@>20;8AL, 8=>340 >1<5=820;8AL ?0@>9 =8G53> =5 7=0G0I8E D@07. =0 2A5340 >AB020;0AL 4;O <5=O =575<=K< ACI5AB2><, 5Q 687=L =8A:>;L:> =5 8=B5@5A>20;0 <5=O   =5 ?@8=OB> ;57BL 2 4CHC 0=35;0<. 0: MB> =8 C4828B5;L=>, ?>A;5 2>72@0I5=8O 2 #DC, 70 <8=C2H85 A>@>: ;5B, O 2845; 5Q 2A53> B@8 8;8 G5BK@5 @070, 7=0G8B5;L=> @565, G5< 2 >A:25.  A59G0A, CA;KH02 5Q =8A:>;L:> =5 87<5=82H89AO 3>;>A, O =52>;L=> ?>9<0; A51O =0 B><, GB> 286C ?5@54 A>1>9 A@07C 2A?;K2H89 2 ?0<OB8 >1@07 <04>==K  0D0M;O.

564C B5<  57540 3>2>@8;0 > A0<KE >1KG=KE 75<=KE 45;0E. =0 60;>20;0AL =0 B>, GB> C =5Q =0 @C:0E B0: A:@CB8;> ?0;LFK, GB> =5B 2>7<>6=>AB8 C45@60BL 2 =8E G09=CN G0H:C 8;8 AB>;>2CN ;>6:C, 540 ?@52@0B8;0AL 2 <CG8B5;L=K9 ?@>F5AA, 8 A>2A5< A:>@> 5Q 1C4CB :>@<8BL, :0: @51Q=:0. !?@0H820;0, =5 <>3C ;8 O B@020<8 871028BL 5Q >B AB@040=89? 4@C3 4> <5=O 4>H;>, GB> =0 4@C3>< :>=F5 ?@>2>40 A848B =5 ?@56=89, CAB>O2H89AO 2 A>7=0=88 A8<2>; :@0A>BK 8 <>;>4>AB8, 0 >1KG=0O ?>68;0O 65=I8=0. �/ ?>AB0@0NAL A45;0BL 2AQ, GB> 2 <>8E A8;0E�,   >B25B8; O 59 8 2 B>B 65 45=L A>1@0; =5>1E>48<K9 ;5G51=K9 :C@A.

5G5=85 <K =0G0;8 2 O=20@5 1996 3>40. 0 =5?@5@K2=K9, 4;8B5;L=K9 A@>: @0AAG8B0=> ?@8<5=5=85 =0AB>9:8 ;8ABL52 A8@5=8 ?> <>5<C @5F5?BC, 8A?KB0==><C =0 A515. >4@>1=> @0AA:070; O > =Q< 2 �4>;5=L-B@025�, => :=83C =5 2A5 8<5NB, ?>MB><C ?>2B>@N >A=>2=K5 B@51>20=8O. 8ABLO A8@5=8 O A>18@0N G5@57 425-B@8 =545;8 ?>A;5 F25B5=8O, A>1;N40O B0:85 ?@028;0: 2 ACECN ?>3>4C 4>AB0B>G=> 42CE =545;L, 0 2 AK@CN, A G0ABK<8 4>64O<8, 2K6840N B@8 =545;8. B ?>3>4K 7028A8B 8E A>G=>ABL 8 A8;0. !8@5=L 4>;6=0 1KBL =5 A>@B>20O, 0 ?@>AB0O, ?>GB8 48:0O. 8ABLO ACHC 2 B5=8, 2>@>HC G0AB> 8, :0: 2KA>E=CB, =5 40N 70;Q6820BLAO, A@07C 70?>;=ON, 87<5;LG82, 425 B@5B8 AB5:;O==>9 10=:8 (?>AC4C 87 ?;0AB<0AAK 8;8 =5@6025NI59 AB0;8 8A:;NG8BL!). 0;820N 2>4:>9 ?> 3>@;KH:>. @>F56820N G5@57 B@8 =545;8, BI0B5;L=> >B68<0O @C:0<8 A:2>7L B@5EA;>9=CN <0@;N. !>:>2K68<0;:>9 8 ?@5AA>< =5 ?>;L7CNAL. A;8 A@>: A>2?0405B A =>2>;C=85< 8;8 ?>;=>;C=85<, >B:;04K20N =0 B@8 4=O   4> 8 ?>A;5 =8E.  ?@56=59 :=835 O C<>;G0; >1 MB><, >?0A0OAL >128=5=8O 2 AC525@88 8;8 <8AB8:5, => B5?5@L C65 =0CG=> 4>:070=>, :0:>5 A5@LQ7=>5 2;8O=85 >:07K205B C=0 =0 =0HC 75<=CN 687=L. >;CG5==K9 :@0A=>20B>-GQ@=K9 M:AB@0:B >1O70B5;L=> @07102;ON: : AB0:0=C M:AB@0:B0 4>102;ON ?>;B>@0 AB0:0=0 2>4:8. !8@5=L O4>28B0, >A>15==> ;8ABLO.  =8E >?0A=>3> D5=>;>3;8:>7840   A8=53@8=0 GCBL ;8 =5 242>5 1>;LH5, G5< 2 F25B0E.

0AB>9:C O =07=0G0N ?> A;54CNI59 AE5<5: 2 ?5@2CN =545;N   ?> 4204F0BL :0?5;L B@8 @070 2 45=L 70 4204F0BL <8=CB 4> 54K; 2> 2B>@CN =545;N   ?> B@84F0BL :0?5;L; 2 B@5BLN   ?> A>@>:, 0 A G5B2Q@B>9   ?> ?OBL45AOB. ;8B5;L=>, 4> ?>;=>3> 8A?>;L7>20=8O ?>;;8B@>2>9 1CBK;:8. 5 <5=LH5 42CE @07 2 45=L 2B8@0BL =0AB>9:C 2 1>;L=K5 ACAB02K ?> ?OBL <8=CB, 4>ACE0.

@C3>5 @048:0;L=>5 A@54AB2> ?@8 0@B@8B0E   :C7L<8GQ20 B@020.  @0AB5=88 C25:>25G5=> @50;L=>5 8<O G5;>25:0   A0<>@>4:0-F5;8B5;O, ?@>AB>3> :@5ABLO=8=0 $Q4>@0 C7L<8G0 CE02-=8:>20, 682H53> 2> 2B>@>9 ?>;>28=5 452OB=04F0B>3> AB>;5B8O ?> A>A54AB2C A =0H8< 10H:8@A:8< :@05<, 2 C7C;C:A:>< C5745 !0<0@A:>9 3C15@=88. = AB028; =0 =>38 ;N1KE 157=0456=KE @52<0B8:>2 A2>8< 45:>:B><   >B20@>< B@02K MD54@K 42C:>;>A:>2>9. !;020 > =Q< H03=C;0 40;5:> 70 ?@545;K  >AA88.  =5<C, 2 >1KG=>5 4;O 3;C18=:8 @CAA:>5 A5;> 8;>20B>2>, AJ5760;8AL 206=K5 3>A?>40 87 5@<0=88, $@0=F88, =3;88 8 ?@>G8E AB@0=. =5 ?>AG0AB;828;>AL AB0BL >1;040B5;5< 53> ?>GB8 CB@0G5==>3>, C=8:0;L=>3> @5F5?B0, 2 A?@02>G=>9 ;8B5@0BC@5 4;O =53> <5AB0 =5 =0H;>AL.  =0H5 2@5<O O 2?5@2K5 >?C1;8:>20; 53> ?>A;5 @0720;0 !!!  2 :=835 �4>;5=L-B@020� 2 B>< 2845, :0: >= 1K; 70?8A0= :>340-B> A0<8< C7L<8G5<. >2B>@ON 53> 8 745AL, GB>1K =8:B> 2 ?>8A:0E ?5@2>8AB>G=8:0 =5 B5@O; 2@5<O. ;O ?@83>B>2;5=8O 45:>:B0 B@8-G5BK@5 7>;>B=8:0 B@02K MD54@K 42C:>;>A:>2>9 (MB> 13 17 3) B>;:CB 2<5AB5 A :>@=O<8 2 ABC?5, 7020@820NB G5BK@L<O-?OBLN AB0:0=0<8 :8?OB:0, =0AB0820NB 425=04F0BL G0A>2. 0B5<, =5?;>B=> ?@8:@K2 :@KH:>9, :8?OBOB 2 G8AB>< 3;8=O=>< 3>@H:5 G5BK@5 G0A0 8 1>;LH5   2@5<O =5 8<55B >A>1>3> 7=0G5=8O, 206=> ?>;CG8BL B@8 8;8 B@8 A ?>;>28=>9 AB0:0=0 >B20@0 65;B>:@0A=>3> F25B0 (4>?CA: 2 =86=59 8;8 25@E=59 3@0=8F5 7028A8B >B :>;8G5AB20 27OB>9 B@02K 8 2>4K). B20@ A;8BL 2 1CBK;:C. >B>2OB 53> =5<=>3>, 2 B5?;5 >= 1KAB@> A:8A05B. %@0=8BL =04> 2 E>;>4=>< <5AB5, 0 GB>1K 45@60;AO 4>;LH5 8 4;O 2:CA0 65;0B5;L=> 4>1028BL B@8-G5BK@5 :0?;8 <OB=>3> <0A;0. 5@0 4;O 27@>A;KE ?> @N<:5 (30 <;) B@8-G5BK@5 @070 2 45=L 70 ?>;G0A0 4> 54K. ;O 45B59   ?> 45A5@B=>9 8;8 G09=>9 ;>6:5. >A;5 ?@8Q<0 45:>:B0 C7L<8G A>25B>20; ?@>3C;OBLAO =0 A2565< 2>74CE5. 5G5=85, 2 7028A8<>AB8 >B E0@0:B5@0 1>;57=8, 4;8BAO >B =545;8 4> 42CE 8;8 B@QE <5AOF52. AB@K5 701>;520=8O ?@>E>4OB 1KAB@>, 0 E@>=8G5A:85 B@51CNB 2@5<5=8. '5@57 425-B@8 =545;8 =5>1E>48<> =5A:>;L:> 4=59 >B4>E=CBL 8 ?@>4>;68BL A <5=LH59 4>7K   B@8 G5B25@B8 8;8 ?>;@N<:

>B>3>==>5 ;5G5=85 MD54@>9 ?@>872>48BAO 2 ?>AB5;8.  MB8E A;CG0OE 45:>:B 3>B>2OB 157 <OB=>3> <0A;0, >4=C @N<:C @072>4OB 2 42CE AB0:0=0E 3>@OG59 2>4K. 0AB>9 2K?820NB A@07C 8 1>;L=>3> 70:CBK20NB 2 >45O;>, GB>1K >= 1K; A>3@5B 8 =5 <>3 ?@>ABC48BLAO. -B>B ?>B>3>==K9 A?>A>1 ?@8<5=ONB ?@8 E@>=8G5A:>< @52<0B87<5 8 =52@0;388. >;L=K< A> A;01>ABLN ?8I520@5=8O A;54C5B >AB5@530BLAO BO6Q;>9 ?8I8. N1K5 A?8@B=K5 =0?8B:8 ?0@0;87CNB 459AB285 MD54@K.

-D54@C, :0: 8 :>=>?;N 8 <0:, 402=> ?@820B878@>20;8 =0@:><0=K, 2 0?B5:0E 8AG57;8 87 >B:@KB>9 ?@>4068 ;N1K5 ;5:0@AB20, 2:;NG0NI85 2 A51O ?@5?0@0BK MD54@K. 0@>4=K5 F5;8B5;8 ;8H8;8AL F5==>3> @0AB5=8O. < 3@>78B C3>;>2=0O >B25BAB25==>ABL, 5A;8 =094CB C =8E MD54@C. >, : AG0ABLN, =5 2AO:CN, 0 MD54@C E2>I52CN   MB> 2 =59 A>45@68BAO 2 >1I59 AC<<5 0;:0;>84>2 ?>GB8 H5ABL45AOB ?OBL ?@>F5=B>2 MD54@K, 0 42C:>;>A:>20O MD54@0 4;O 873>B>2;5=8O =0@:>B8G5A:>3> 75;LO =5?@83>4=0.

0 4;8B5;L=K9 ?5@8>4 ;5G5=8O O 40;  57545 =0AB>9:C ;8ABL52 A8@5=8. @><5 B>3>, ?>?@>A8; 5654=52=> 2B8@0BL 2 ;04>=8, 2 :064K9 ?0;5F =0AB>9:C O3>4 1C78=K A818@A:>9, ?> 4204F0BL <8=CB 8 =5 <5=LH5 G5BK@QE @07. 0 ;5G5=85 C7L<8G52>9 B@02>9 >B2Q; 420 <5AOF0. >?>;=8B5;L=> >=0 4>;6=0 1K;0 ?@8=8<0BL B@8 @070 2 45=L 4> 54K, 70 ?>;G0A0 4> MD54@K, A015;L=8:   >B20@ AB>;>2>9 ;>6:8 :>@=59 2 AB0:0=5 :8?OB:0, @0745;82 =0 B@8 ?>@F88, 0 G5@57 A>@>: <8=CB ?>A;5 54K   35@0=L ;C3>2CN, =0AB>O2 2>A5<L G0A>2 2 0,5 ; >ABC65==>9 :8?OGQ=>9 2>4K 425 AB>;>2K5 ;>6:8 B@02K, ?> ?>;AB0:0=0 B@8 @070 2 45=L. 5@0=L ;C3>20O 2 :><?;5:A5 A 4@C38<8 A@54AB20<8 E>@>H> ?><>305B @073@C60BL 70H;0:>20==K9 A>;O<8 >@30=87< ?@8 ?>;80@B@8B5, @52<0B87<5, >AB5>E>=4@>75, ?>403@5. :;NG8BL ?@8<>G:8 87 =0AB>9:8 1>@F0 2KA>:>3> ?>1>O;AO. 5 B>B A;CG09. "0: <>6=> ?5@5CA5@4AB2>20BL.  157 =53> :C@A >G5=L =0AKI5==K9, A8;L=K9.

 0?@5;5 <K ?@8ABC?8;8 :> 2B>@><C MB0?C. K;8 ?@>4>;65=K =0AB>9:8 A8@5=8 8 O3>4 1C78=K. AB020;8AL C <5=O 2 70?0A5 >A5==85 :>@=8 >4C20=G8:0. A?><=8; O > =8E >G5=L :AB0B8. 07=0G8; B0:>9 >B20@: AB>;>2CN ;>6:C 87<5;LGQ==KE :>@=59 70;8BL AB0:0=>< 3>@OG59 2>4K, ?@8:@KBL :@KH:>9, ?>AB028BL =0 :8?OICN 2>4O=CN 10=N =0 ?OB=04F0BL <8=CB, 70B5< >48= G0A =0AB>OBL, ?@>F548BL. >;8BL 4> ?@56=53> >1JQ<0 :8?OGQ=>9 2>4K. @8=8<0BL 2 BQ?;>< 2845 ?> B@5B8 AB0:0=0, B@8 @070 2 45=L 70 ?>;G0A0 4> 54K.  AG0ABLN, =5 CA?5; 87@0AE>4>20BL =0AB>9:C ?>4A>;=CE0. =0 C <5=O 2 1>;LH>< E>4C =5 B>;L:> ?@8 @0:5 65;C4:0, => 8 ?>G5G=>-:0<5==>9 1>;57=8, B@>D8G5A:>9 O725, 8H5<8G5A:>9 1>;57=8 3>;>2=>3> <>730, =52@0;388.  ?@83>B>2;5=88 =0AB>9:8 =5B =8:0:>9 A;>6=>AB8. K18@0N H5ABL :>@78=>: <>;>G=>9 A?5;>AB8, @07<5@>< A G09=>5 1;N4F5, :@>HC =0 <5;:85 :CA>G:8 8 70;820N ;8B@>< 2>4:8. 0AB0820N A>@>: 4=59, 2KAB02;OO =0 A>;=F5. @>F56820N. 0N ?> AB>;>2>9 ;>6:5 2 ?>;>28=5 AB0:0=0 2>4K B@8 @070 2 45=L, 65;0B5;L=> 70 4204F0BL <8=CB 4> 54K 8;8 G5@57 G0A ?>A;5 54K. !G8B0N, GB> MB> >4=> 87 ;CGH8E A@54AB2 2 ;5G5=88 0=:8;>70   =5?>4286=>AB8 ACAB02>2 87-70 8E ?0B>;>38G5A:>3> A@0I5=8O. 1KG=> ACAB02K =0G8=0NB >1@5B0BL ?>4286=>ABL G5@57 420-B@8 <5AOF0 8 5IQ AB>;L:> 65 2@5<5=8 CE>48B =0 ?>;=>5 2>AAB0=>2;5=85 8E DC=:F89. 4C20=G8: B>65 40;5:> =5 ?@>AB.  ?@54;>65==>< @5F5?B5 :>@=8 A?>A>1AB2CNB 2>AAB0=>2;5=8N E@OI52>9 B:0=8, @0AB2>@5=8N A>;59, 8 2 @57C;LB0B5 ?>4286=>ABL ACAB02>2 2>AAB0=02;8205BAO.

> 2AO:>< A;CG05  57540 ?>72>=8;0 <=5 452OB>3> <0O, ?>74@028;0 A ?@074=8:>< 8 :0: 1K <564C ?@>G8< A>>1I8;0, GB> E>48;0 =0 @K=>:, A0<0 2K18@0;0 D@C:BK 8 >2>I8, A0<0 =5A;0 4> 4><0 ?0:5B A ?>:C?:>9. -B> 1K; 5Q ?5@2K9 72>=>: ?>A;5 =0G0;0 ;5G5=8O.

B 701>;520=89 ACAB02>2 B>;L:> C <5=O 8<55BAO =5 <5=LH5 A>B=8 @07;8G=KE @5F5?B>2, <=>385 87 =8E O >?C1;8:>20; 2 ?@56=8E :=830E, 0 2A52>7<>6=K< =0@>4=K< A@54AB20<, =025@=>5, =5ABL G8A;0. > 4;O  5754K O 2K1@0; 4>2>;L=> C7:89, 70B> A0<K9 =04Q6=K9 :@C3 @0AB5=89. 0 B@5BL5< MB0?5 <K 25@=C;8AL : C7L<8GQ2>9 B@025 8 A015;L=8:C. >4>G=CN =0AB>9:C ?>4A>;=CE0 =0 2@5<O ;5G5=8O MD54@>9 42C:>;>A:>2>9 C1@0;, >4=0:> >B20@ :>@=59 >4C20=G8:0 >AB028; 8 ?@8A>548=8; 35@0=L ;C3>2CN. 0AB>9:8 ;8ABL52 A8@5=8 8 O3>4 1C78=K ?@>4>;60;8AL 157 ?5@5@K20. @><5 =8E =0@C6=>, 4;O 2B8@0=89, 4>1028; =0AB>9:C :>@=59 :C?5=K. >=F5=B@0F8N C25;8G820BL =5 AB0;, 70;8; ?OBL AB>;>2KE ;>65: :>@=59 0,5 ; 2>4:8 8 2K45@60; A>@>: 4=59. A5=LN, ?>A;5 C7L<8GQ2>9 B@02K >?OBL =07=0G8; =0AB>9:C ?>4A>;=CE0. 5@54 =>2>3>4=8<8 ?@074=8:0<8 ?>A;54>20; 5IQ >48= 72>=>: >B  5754K. �K A <C65< ?@83;0H05< B51O 2 3>AB8,   A:070;0 >=0.   / A20@8;0 AC? A ;0?H>9. >25@8HL ;8, @0A:0B0;0 B5AB> 8 ;0?HC =0@570;0 A0<0. %>GC, GB>1K BK A0< >F5=8; A2>N @01>BC. 0, 40, O =5 >H81;0AL, =5 <>N, 0 8<5==> A2>N @01>BC�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

0 4>;385 3>4K <K B0: 8 =5 2845;8AL. >7<>6=>, MB> 8 : ;CGH5<C   2 <>59 ?0<OB8 >=0 ?@>4>;605B 68BL =5C2O405<> N=>9 8 =56=>9, :0: <04>==0  0D0M;O. 0?>A;54>:, ?>A;5 7025@H82H53>AO ;5G5=8O, O >B?@028; 59 2A53> >4=> ;5:0@AB2>   �A>;><>=>2C ?5G0BL�, =0AB>9:C 87 :>@=59 :C?5=K ;5:0@AB25==>9, M;8:A8@ <>;>4>AB8 8 4>;3>;5B8O.  2008 3>4C, :>340 >B<5G0;8 <>Q 75-;5B85, ?>4>HQ; :> <=5 ?@54AB028B5;L=K9 <C6G8=0 A@54=8E ;5B, O =5 A@07C C7=0; 2 =Q< AK=0  5754K, >= 2@CG8; @>A:>H=K9 1C:5B 0;KE @>7, ?@>87=5AO >4=C D@07C: �!?0A81> 70 <0<C�. / =5 C45@60;AO, A?@>A8;: �0: >=0?� = H8@>:> C;K1=C;AO 2 >B25B, A:070;: �# =5Q 2AQ 2 ?>@O4:5. 'C2AB2C5B A51O ;5B =0 45AOBL <>;>65�.

* * *

0@20@0 0A8;L52=0 ?@8257;0 <C60 2 B0:>< 2=CH8B5;L=>< 468?5, :0:>3> O ?@5645 =5 2845; =0 CD8<A:8E C;8F0E. K:;NG8;0 706830=85, 2KH;0 87 <0H8=K 8, >B:@K2 4@C3CN 425@FC, ?><>3;0 5<C A?CAB8BLAO =0 75<;N. =, >?8@0OAL =0 5Q ?;5G>, A B@C4>< ?5@542830O =>38, 2>HQ; 2 >D8A 8 BCB 65 2 ?@8E>659 ?;NE=C;AO =0 ABC;. 0@20@0 0A8;L52=0 ?@8A5;0 =0 :>@B>G:8, @0AH=C@>20;0 <C6=8=K 1>B8=:8, 4>AB0;0 5<C 87 ?0:5B0 4><0H=85 B0?>G:8. �>B 20< <>9 "8<>D59 C:8G�,   A:070;0 >=0, ?@>BO=C2 <=5 ?0:5B A 8AB>@859 1>;57=8. >:0 O 7=0:><8;AO A 1>;L=8G=K<8 2K?8A:0<8, "8<>D59 C:8G 60;>20;AO: �>B :0:CN 7;CN HCB:C AK3@0; A> <=>9 !525@, ?@52@0B8; 2 @CE;O4L.  <=5 2A53> ?OBL45AOB 2>A5<L ;5B. 5 7@O 70 >;O@=K< :@C3>< 3>4 @01>BK 84QB 70 420. / 65 >B40; 07?@><C 2A5 A0<K5 ;CGH85 3>4K 687=8. 204F0BL ?OBL ;5B B@C48;AO, <>3 1K 8 40;LH5 ?@>4>;68BL, => 2K=C645= 1K; ?> A>AB>O=8N 74>@>2LO 2K9B8 =0 ?5=A8N. "5?5@L ?>=O;, GB> 74>@>2L5 =8 70 :0:85 45=L38 =5 :C?8HL�. "8<>D59 C:8G >B=>A8;AO : B>9 :0B53>@88 ;N459, :>B>@K5 2A5340 G5<-B> =54>2>;L=K. = 2 ?>;O@=K5 =>G8 =5 1C@8; A:2068=K, =5 BO=C; 2 25G=>9 <5@7;>B5 B@C1>?@>2>4K, 0 70=8<0; ?@8;8G=CN 4>;6=>ABL 2 0??0@0B5 :>=F5@=0.  3CAB>9 H525;N@5 =8 >4=>3> A54>3> 2>;>A0, =0 B5;> >= C?8B0==K9, E>;Q=K9, 0 2 ?@8>1@5BQ==>< A0=>2=>< >1;8:5 ?5G0BL 2KAH59 ?@>1K, E0@0:B5@=0O 4;O =><5=:;0BC@=KE @01>B=8:>2 2KA>:>3> @0=30. 07?@>< I54@> >?;0G8205B 8E B@C4 8 2KA>:>9 70@?;0B>9, 8 4>AB>9=>9 ?5=A859.  682>?8A=>< C548=Q==>< C3>;:5 =540;5:> >B #DK ?>AB@>5= ?>AQ;>: 4;O >B;8G82H8EAO 307?@><>2F52, 345 "8<>D59 C:8G ?>;CG8; 2 ?>40@>: ?@>AB>@=K9 :>BB546 A ?@8;8G=K< CG0AB:>< 75<;8. "0:85 87>;8@>20==K5, CNB=K5 ?>AQ;:8 1K;8 2KAB@>5=K 2 >4<>A:>2L5, 2 4@C38E ?>?C;O@=KE, C4>1=KE 4;O 687=8 <5AB0E, 4065 2 !818@8, >4=0:> "8<>D59 C:8G 2K1@0; 0H:8@8N. @5420@8B5;L=> >= A>18@0; A2545=8O >1 8725AB=KE =0@>4=KE F5;8B5;OE, >701>G5==K9 ?>H0B=C2H8<AO 74>@>2L5<, ?>=8<0O, GB> <548F8=0 B5?5@L 2@O4 ;8 5<C ?><>65B. AB0=>28;AO =0 =5A:>;L:8E 8<5=0E B@02=8:>2, 702>5202H8E H8@>:CN 8725AB=>ABL, => 68;8 >=8 40;5:> >B ?@54;>65==KE <5AB. 48= 87 4@C759 3>@OG> @5

 01>B0 =0 !525@5, :>=5G=>, =5 A0E0@, >4=0:> =5 >= O28;AO ?@8G8=>9 701>;520=8O. IQ 4> ?>574:8 2 04K<, 2 1969 3>4C, :0: >B<5G5=> 2 8AB>@88 1>;57=8, "8<>D5O C:8G0 ;5G8;8 2 >A:25 >B ?>;80@B@8B0, 0 >B =53>, 8725AB=>, B>340 =5 =0CG8;8AL 87102;OBL ?>;=>ABLN. >B 345 ;568B ?5@2>?@8G8=0. ;O A51O O :>@>B:> 70?8A0;: �21 8N=O 2001 3. @B@>7. @B@8B. AB5>E>=4@>7. 8?5@B>=8O (160/100), ?@>AB0B8B, ?0=:@50B8B, E>;0=38B, 30AB@8B, =5@2K. !59G0A ?>O28;0AL 480@5O�.

/ ?@8:8=C;, GB> ;5G5=85 ?>B@51C5BAO 4;8B5;L=>5. @54C?@548; >1 MB>< "8<>D5O C:8G0. = A>3;0A8;AO. !?@>A8; C =53>: :0: ?5@5=>A8B A?8@B=>5? B25B8;: =>@<0;L=>. 0G0BL O @5H8; A 2=570?=>3> C40@0: ?5@2K5 45AOBL 4=59 ?@8=8<0BL B@8 @070 ?5@54 54>9 ?> @N<:5 =0AB>9:8 A015;L=8:0 (50 <;), 70B5< 4>78@>2:C A=878BL 4> >4=>9 AB>;>2>9 ;>6:8, B0: 65 B@8 @070 2 45=L. �045NAL, =5 A>?LQB5AL,   A:070; O 8 ?>HCB8;:   ">;L:> =8 2 :>5< A;CG05 =5 70:CAK209B5 A>;Q=K< >3C@F><!�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

B>@>9 :C@A >:070;AO 1>;55 ?;>B=K<. ! CB@0   =0AB>9:0 1>;83>;>20 ?> >1KG=>9 AE5<5   >B >4=>9 4> 4204F0B8 :0?5;L. 57 53> A8;L=>3> ?@>B82>2>A?0;8B5;L=>3> 459AB28O 8=>340 =5 >1>9B8AL ?@8 B>B0;L=>< ?>@065=88 ACAB02>2, : B><C 65 >= 4>2>;L=> A:>@> 87102;O5B >B 1>;8. 0;> B>3>, ?>;57=> 2B8@0BL =0AB>9:C E>BO 1K >48= @07 2 45=L 2 :@C?=K5 ACAB02K. K45@602 ?0C7C ?>A;5 1>;83>;>20, ?@8=OBL ?> AE5<5 :0?;O<8 =0AB>9:C ;8ABL52 A8@5=8, 0 70 4204F0BL <8=CB 4> 54K, B@8 @070 2 45=L 2K?8BL >B20@ :>@K >A8=K ?> B@5B8 AB0:0=0, 2;820O 2 =53> G09=CN ;>6:C A<5A8 =0AB>5:, :0;5=4C;K 8 A>D>@K O?>=A:>9, 27OBKE 2 @02=>9 ?@>?>@F88. >A;5 54K >B4>E=CBL A>@>: <8=CB 8 ?@8=OBL >B20@, ?@83>B>2;5==K9 87 B@02K A015;L=8:0, 4>102;OO 2 B@5BL AB0:0=0 AB>;>2CN ;>6:C =0AB>9:8 53> :>@=59. '5@57 G0A 2K?8BL ?>;AB0:0=0 =0AB>O 3>@F0 0;L?89A:>3>, 7020@82 G5BK@5 AB>;>2K5 ;>6:8 B@02K 2 42CE AB0:0=0E :8?OB:0.

 A5@548=5 023CAB0 =0G0;8 B@5B89 :C@A. 45AL 4> 54K 25@=C;8AL : >B20@C >4C20=G8:0, 0 G5@57 A>@>: <8=CB ?>A;5 54K ?>O28;AO =0AB>9 B@02K E2>I0 ?>;52>3>. K ?><=8<, GB> >= @53C;8@C5B 2 >@30=87<5 2>4=>-A>;52>9 >1<5=, C40;O5B H;0:8, A?>A>1AB2C5B M?8B5;870F88 B:0=59 =5 B>;L:> ?@8 1>;57=OE ACAB02>2, => 8 ?5G5=8, <>G52>3> ?C7K@O, ?>G5:, ?@>AB0BK. !;54>< 70 E2>I>< 5<C =0 ?>4<>3C ?@8HQ; =0AB>9 1C4@K A B@84F0BLN :0?;O<8 =0AB>9:8 B@02K. Q C=825@A0;L=>ABL B@51>20;0AL ?>GB8 2A5< 1>;L=K< >@30=0<.  2B8@0=8O< 2 ACAB02K =0AB>5: A8@5=8 8 1C78=K B>65 ?@8H;> ?>4:@5?;5=85   ?@8<>G:8 87 =0AB>9:8 1>@F0 2KA>:>3>.  07C<55BAO, 2 @07C<=KE ?@545;0E.

 A5=BO1@5 "8<>D59 C:8G ?@85E0; 70 @C;Q< <0H8=K #25@5==>9, B2Q@4>9 1K;0 ?>E>4:0. �0=8<0NAL 70@O4:>9 2K?>;=ON A?5F80;L=K5 C?@06=5=8O. >;L7CNAL B@5=06Q@><,   A:070; >=.  654=52=K5 ?@>3C;:8.  ?5@2>5 2@5<O A8;L=> CAB020;, 65=0 A>?@>2>640;0. "5?5@L E>6C >48=, ?@82K:. 5402=> 2K1@0;AO 2 ;5A 70 3@810<8, A>1@0; ?>;=CN :>@78=C >?OB. %>@>H0O 70:CA:0 : =>2>3>4=5<C AB>;C. @83;0HC 20A, >B25405B5, >F5=8B5 <>9 ?>4283�. ;O=C2 =0 AB>; A ?@83>B>2;5==K<8 ;5:0@AB20<8, A?@>A8;: �!:>@> ;8 O A<>3C >1E>48BLAO 157 =8E?� �>4, =5 <5=LH5�,   >B25B8; O =5 A F5;LN =0?C30BL, 0 GB>1K >= A<>3 ?@54AB028BL A515 @50;L=CN :0@B8=C. �!B0;> 1KBL, 2AN 78<C 8 ;5B>, 4> A;54CNI59 >A5=8?   ?@8C=K; >=.    =5;L7O ;8 A>:@0B8BL 8E :>;8G5AB2> 4> <8=8<C<0? 74>E=CBL =5:>340, A CB@0 4> 25G5@0 ?@8:>20= : =8<�. �>6=>,   A>3;0A8;AO O.   / 254L B>65 A CB@0 4> =>G8, :0: ?>4=52>;L=K9 30AB0@109B5@, ?@82O70= : =8<, AB02O >4=8 284K =0AB>5:, >B68<0O 4@C385, C65 3>B>2K5.  07;820N ?> D;0:>=0<, 87<5;LG0N :>@=8, B@02K, >B<5@OO 2 ?0:5B8:8 =5>1E>48<>5 :>;8G5AB2> ;>65:.  B@02K 5IQ A>1@0BL =04>, 2KACH8BL 8 >1@01>B0BL. >25@8B5 ;8, B@5B89 3>4 <5GB0N A =545;L:C ?>68BL 2 ?0;0B:5 =0 15@53C ;N18<>3> >75@0 A;K:C;L, ?>A845BL A C4>G:>9, A20@8BL =0 :>AB@5 CEC. C40 B0<! @C759 =025AB8BL =5:>340. =5 ;8 =5 ?>=OBL 20A? %>B8B5, O A59G0A C15@C 2AQ MB> A 3;07 4>;>9?  >10 <K 274>E=Q< A?>:>9=>�. "8<>D59 C:8G ?5@5<5=8;AO 2 ;8F5, 8A?C30==> 2>A:;8:=C;: �5B-=5B! 728=8B5 <5=O, 3@5H=>3>, ?>440;AO <8=CB=>9 A;01>AB8. / 3>B>2 ;5G8BLAO 8 3>4, 8 420, A:>;L:> ?>B@51C5BAO, ;8HL 1K A=>20 ?>GC2AB2>20BL A51O ?>;=>F5==K< G5;>25:><�.

>A;54CNI85 B@8 :C@A0 B>65 >:070;8AL >G5=L =0AKI5==K<8. =0G5 =5;L7O. 5G5=85 B@020<8 B@51C5B C?>@AB20, B5@?5=8O, 8 G5< A;>6=55 1>;57=L, B5< 1>;LH5 2@5<5=8 CE>48B =0 5Q ?@5>4>;5=85.  A2>8E ?@56=8E :=830E O 40; <=>3> F5==KE @5F5?B>2 4;O ;5G5=8O ACAB02>2, ?@8GQ< =5 >1I53> E0@0:B5@0, 0 :>=:@5B=> >B 0@B@8B0 8 @52<0B>84=>3> 0@B@8B0, ?>;80@B@8B0 8 @52<0B>84=>3> ?>;80@B@8B0, 45D>@<8@CNI53> 0@B@>70, >AB5>E>=4@>70, A?>=48;Q70, 0@B@0;388, ?>403@K 8 2?;>BL 4> CH810 :>?G8:0. N1>9 65;0NI89 <>65B ?>4>1@0BL A515 =5>1E>48<K5 B@02K 8 A>AB028BL ;5G51=K9 :><?;5:A ?> B5< >1@07F0<, :>B>@K5 40=K 2 MB>9 :=835.  O 2 :064>9 3;025 ?@54;>68; B>;L:> A0<K5 =04Q6=K5, 8A?KB0==K5 2@5<5=5< <5AOG=K5 :C@AK, =04 :>B>@K<8 8 3>;>2C ;><0BL =5 B@51C5BAO, 15@8 8 ;5G8AL, 2=>AO ?@8 =5>1E>48<>AB8 A2>8 :>@@5:B82K. >MB><C AG8B0N, =5B =C64K 87;030BL 40;LH5 2A5 =07=0G5=8O, :>B>@K5 "8<>D59 C:8G ?>;CG0; =0 ?@>BO65=88 ?>;CB>@0 ;5B. B<5GC ;8HL, GB> A G5B2Q@B>3> ?> 2>AL<>9 :C@AK ?@8H;>AL ?@8<5=OBL ?>GB8 >4=8 8 B5 65 >A=>2=K5 ;5:0@AB20, B0:85 :0: 1>;83>;>2, =0AB>9:8 ;8ABL52 A8@5=8, ?;>4>2 1C78=K, B@02C 8 :>@=8 A015;L=8:0. 5 2 :064>< :C@A5, 0 A ?5@5@K20<8 H;8 >AB0;L=K5 B@02K. >@C >A8=K <5=O; =0 :>@C ;5I8=K 8;8 82K 15;>9, 1C4@C =0 @5?5H>: 8;8 ;0107=8:, >4C20=G8: =0 452OA8; A :>@=5< ;>?CE0 >4=>2@5<5==>, 35@0=L ;C3>2CN   =0 25@>=8:C, 20A8;8A=8:, E2>I, 2@5<5=0<8 2>72@0I0;AO : 3>@FC 0;L?89A:><C, ?>765 AB0; 2:;NG0BL 4C@=8H=8:, 3@CH0=:C, 0AB@030;. 0AB>9:C 1C78=K 4;O 2B8@0=89 87@54:0 70<5=O; =0AB>9:>9 :>@=59 1>@I528:0, <>;>G0O 0;;0A0 2 A;01>9 :>=F5=B@0F88 (425 G09=K5 ;>6:8 :>@=O =0 0,5 ; 2>4:8). AB0;8AL ?>AB>O==K<8 2B8@0=8O =0AB>9:0<8 A8@5=8 8 A015;L=8:0. >6=> 1K;> 1K, :>=5G=>, 27OBL 1>;55 H8@>:89 :@C3 @0AB5=89, => MB> CBO65;8;> 1K >1I89 ;5G51=K9 :><?;5:A.  =Q< 8 B0: E20B0;> B>3>, GB> B@51>20;>AL 1>;L=K< >@30=0< "8<>D5O C:8G0. 5A=>9 >= ?@54AB0; ?5@54> <=>9 A>25@H5==> 4@C38< G5;>25:><. 03>@52H89 =0 <0@B>2A:>9 ;K6=5, A:8=C2 ;8H=89 68@>:, >= >1@Q; A?>@B82=CN 2K?@02:C. > > ?>;=>< 2K74>@>2;5=88 @0=> 1K;> 3>2>@8BL.  40;L=59H5< >= 5IQ 4>;3> ?>445@6820; A51O B@020
"!/  ##) #   &+? 

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

?@>G5<...

A5< ;8 4>ABC?=K MB8 <548F8=A:85 =>28=:8? ><C 87 68B5;59 A@54=5@CAA:>9 45@52=8 @O78 4>AB0=CBAO >=8 ?@8 ?5@2>9 =5>1E>48<>AB8? >=5G=> 2;045;LFC 2=CH8B5;L=>3> H5AB8MB06=>3> 70<:0 A 7C1G0BK<8 10H=O<8, 1>9=8F0<8, :@5?>AB=K<8 AB5=0<8 8 @20<8, 0 :@5ABLO=8= $><0, A>A54 A>2@5<5==>3> @KF0@O, 682CI89 @O4>< 2 ?>:>A82H59AO 871CH:5, ?>94QB : 101:5 C:5@L5, 8 >=0 8725AB=K<8 59 B@020<8 2K;5G8B 53>. 01:0 C:5@LO ;5G8B 2A5E 8 >B 2A53> >B 4>1@>BK A5@4F0, =5 8<5O =8:0:>3> ?>=OB8O >1 8=489A:>9 �N@2545�, CB25@640NI59, GB> =5B =587;5G8<KE 1>;57=59. >H5?G5B =04 1>;L=K< <>;8B2K, =0?>8B =03>2>@5==K< 75;L5<, 0 B0< :0: >3 40AB, ?><>65B 8;8 C:>@87=5==> ?>:0G05B 3>;>2>9.

# =5Q =0 4=OE =5 @01>B0; B5;5287>@, 45@52=N G0AB> >B:;NG0NB >B M;5:B@8G5AB20 70 =5?;0B568, 8 >=0, : A>60;5=8N, =5 A<>3;0 ?>A<>B@5BL ?5@540GC A CG0AB85< 7=0<5=8B>3> ?@>D5AA>@0, 4>:B>@0 <548F8=A:8E =0C: ., :>B>@K9 A:070;: � =0H =>2K9 25: 8==>20F89 =0@>4=0O <548F8=0 >1@5G5=0 =0 2K<8@0=85. >4C<09B5 A0<8, MB> A<5H=> 8 ?5G0;L=>, :>340 A0<>720=5F, ?@8A2>82H89 A515 720=85 =0@>4=>3> F5;8B5;O, 2G5@0H=89 CG8B5;L =0G0;L=>9 H:>;K, A5;LA:89 25B5@8=0@ 8;8 1573@0<>B=0O 101:0, =5 8<5NI85 =8:0:>3> >B=>H5=8O : <548F8=5, 15@CBAO ;5G8BL 20A >B ;N1KE 1>;57=59! >=A5=A!  O C1564Q= 2 B><, GB> >=8 =8:>340, 4065 >1@5BO =5:>B>@K5 =02K:8, =5 2K;5G0B =8:>3>�. 0:8E B>;L:> 701>;520=89 =5 1K;> C ;N459, 84CI8E 8 54CI8E : 101:5 C:5@L5, 8<5NI59 2A53> A5<L :;0AA>2 >1@07>20=8O, ?>;CG5==>3> 2 A5;LA:>9 H:>;5 2 ?>A;52>5==K5 3>4K. 5 ?>B><C, GB> 40;LH5 =5 70E>B5;0 CG8BLAO, 0 ?>B><C GB> ?@8H;>AL ?><>30BL A5<L5, @01>B0BL 70 B@C4>4=8 2 :>;E>75, =0E>4O CB5H5=85 4CH5 ;8HL 2 >1I5=88 A B@020<8, C7=020O > B09=0E 8E =07=0G5=8O >B A2>59 101CH:8-7=0E0@:8, :>B>@CN 70 =58<5=85< 2 45@52=5 <54?C=:B0 C2068B5;L=> 8<5=>20;8 �D5@H0;><�. A;8 1 =5 >B:;NG8;8 M;5:B@8G5AB2> 8 C:5@LO ?>A<>B@5;0 MBC ?5@540GC, B> <>3;0 1K 7=0G8B5;L=> >1;53G8BL A515 687=L, >B:0702H8AL >B 7=0E0@AB20, 70=O;0AL 1K A2545=85< FK?>: 8 1>@>402>: C 45B8H5:, 0 2A5E >AB0;L=KE >B?@02;O;0 1K : B><C ?@>D5AA>@C   87 3;C1>:>3> C2065=8O : 53> CGQ=>AB8 8 70A;C65==>9 A;025. #6 >=-B> > 1>;57=OE 7=05B 2AQ.

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

 A>60;5=8N, 2 ?5@2CN >G5@54L 5420 ;8 =5 A<5@B5;L=K9 C40@ 1K; =0=5AQ= ?> A0<><C CO728<><C <5ABC   ?> ?@5AB86C =0@>4=>9 <548F8=K. 5C65;8 >=0 2 A0<>< 45;5 >1@5G5=0 =0 2K<8@0=85? 5 25@N. / A?5F80;L=> ?>4>1@0; =C6=>5 A;>2>   C40@ ?> 5Q ?@5AB86C. -B> E>BL 8 4>A04=>5, => 2@5<5==>5 O2;5=85.  =0@>4=0O <548F8=0 F5;0, =8:C40 =5 45;0AL 8 =5 45=5BAO.  >64Q==0O >4=>2@5<5==> A G5;>25:>< BKAOG5;5B8O =0704, >=0, :0:85 1K =8 A25@H0;8AL 2 1C4CI5< 25;8:85 >B:@KB8O, 1C45B A>?@>2>640BL G5;>25G5AB2> 2?;>BL 4> 53> ?>A;54=53> G0A0.

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

0 15@53C @5:8 AB>8B G5;>25: 8 2848B, GB> :B>-B> B>=5B. 5 @074C<K20O 1@>A05BAO >= =0 ?><>IL. "O=5B 53> :> 4=C >45640   =5 CA?5; A=OBL. 04KE05BAO, 70E;Q1K205BAO   ?;>25F >= =8:C4KH=K9.  2AQ 65 CA?5205B AE20B8BL 70 H5N B>=CI53>, 87 ?>A;54=8E A8; 3@51QB : 15@53C 8, =0 AG0ABL5, GC2AB2C5B ?>4 =>30<8 4=>.  87=5<>65=88 ?;NE05BAO ?;0H<O =0 ?@81@56=K9 ?5A>: @O4>< A> A?0AQ==K< 8 4>;3> =5 <>65B ?@825AB8 2 ?>@O4>: 4KE0=85. <C 8 2 3>;>2C =5 ?@84QB, GB> >= A0< 1K; =0 :@0N 3815;8. < 42830;0 >4=0 <KA;L: A?0AB8 CB>?0NI53>. !?0AB8! "0:>2 8 =0@>4=K9 F5;8B5;L. = =5 AB0=5B @074C<K20BL > B><, :0:CN ;8G=>ABL 1@>A8;AO A?0A0BL, ?@5CA?520NI53> G8=>2=8:0 8;8 1><60, GB> @8A:>20; 687=LN =5 @048 2K3>4K 8 =5 87 65;0=8O ?>;CG8BL ?>GQB=CN <540;L 70 A?0A5=85 CB>?0NI8E. < 42830; <3=>25==K9 4CH52=K9 ?>@K2, =5 >AB02;ONI89 <5AB0 4;O @0AAC645=89.

B25B>< =0 @5?;8:C 8<5=8B>3> ?@>D5AA>@0 O2;O5BAO 8 MB0 <>O ?>A;54=OO :=830. / =5 A<>3 >E20B8BL 2 =59 2A5 B5 701>;520=8O, A :>B>@K<8 <=5 ?@8E>48;>AL AB0;:820BLAO =0 ?@>BO65=88 ?>GB8 ?OB845AOB8 ;5B. 0 8 F5;L O ?>AB028; 4@C3CN: @0A:@KBL @07@01>B:C A>1AB25==>3> <5B>40 ;5G5=8O @O40 1>;57=59 BI0B5;L=> ?@>4C<0==K< :><?;5:A><, 345 8A?>;L7>20;8AL B>;L:> A>2<5AB8<K5 @0AB5=8O, CA8;820NI85 F5;51=CN A8;C 4@C3 4@C30, 8<5NI85 =5 ?@>AB> >1ICN =0?@02;5==>ABL, => 8 A?>A>1=>ABL B>G=>, A=09?5@A:8 ?>?040BL 2 C:070==CN F5;L. 0 MB8<, 5AB5AB25==>, A:@K20NBAO A2>8 B09=K 8 4065 B>=:85, A 153;>3>, ?>25@E=>AB=>3> 273;O40 =5C;>28<K5 =N0=AK, 83@0NI85 =5<0;>206=CN @>;L. / =8G53> =5 AB0; A:@K20BL. 045NAL, ?>4E20BOB <>8 @07<KH;5=8O 8 A>25BK ?>A;54>20B5;8 87 <>;>4>3> ?>:>;5=8O B@02=8:>2, 2>A?>;L7CNBAO 3>B>2K<8 ;5G51=K<8 :C@A0<8 1>;L=K5.

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�!;>2> > @5:0E, >7Q@0E 8 B@020E� AB>BKAOG=K< B8@06><, 2 B> 2@5<O :0: >A:2>9 1K; CB25@64Q= ?>B>;>: 5420 ;8 =5 2 45AOBL @07 <5=LH5. 0AA>2K5 B8@068 @07@5H0;8AL B>;L:> B@C40< :;0AA8:>2 <0@:A87<0-;5=8=87<0 8 :=830< ?8A0B5;59 A <8@>2K< 8<5=5<. 'CBL ?>765 2K;5G8; @0: ?8I52>40 C 65=K A2>53> :>;;538, 8725AB=>3> 10H:8@A:>3> ?8A0B5;O ., ?@>68;0 >=0 4> 3;C1>:>9 AB0@>AB8. > =8:>340 O A515 =5 ?@>IC, GB> =8:0:8E 70?8A59 =5 >AB028;, :>340 ?@8E>48;>AL 8<5BL 45;> A @54:8<8, =587;5G8<K<8 701>;520=8O<8.  048:, >48= 87 4@C759 <>53> 1@0B0, ?>?@>A8; ?>;5G8BL 42CE;5B=53> AK=0 (0<8;O >B <C:>28AF84>70 A ?>@065=85< ;Q3:8E 8 ?>465;C4>G=>9 65;57K. 3> ?@54C?@548;8, GB> 1>;57=L >B=>A8BAO : :0B53>@88 =587;5G8<KE.  >=, =5 2 A8;0E 2845BL ?>AB>O==K5 AB@040=8O @51Q=:0, C<>;O; E>BO 1K =5<=>3> >1;53G8BL 53> A>AB>O=85. >GB8 3>4 O 18;AO =04 B5<, GB>1K A<O3G8BL C <0;KH0 G0ABK5 <CG8B5;L=K5 1@>=E>A?07<K, C<5=LH8BL 1@>=E>M:B07K, 8A:0; B@02K 8 A @07=KE :>=F>2 ?>4ABC?0;AO : ?>465;C4>G=>9 65;575 8 @01>B5 :8H5G=8:0. 4=064K ?> :0:>9-B> =04>1=>AB8 O 70HQ; 2 45BA:CN 1>;L=8FC, 345 25;0 ?@8Q< -AD8@L A00:>2=0 -B:8=0, 4>:B>@ <548F8=A:8E =0C:, ?@>D5AA>@ :0D54@K 45BA:8E 1>;57=59 0H:8@A:>3> <548F8=A:>3> 8=AB8BCB0.  425@OE AB>;:=C;AO A 65=>9  048:0, 5Q 3;070 1K;8 ?>;=K A;Q7. 0H8=0;L=> :8

@0;AO O 8 70 4@C385 A;>6=K5 1>;57=8. B ?0@:8=A>=87<0, A 8H5<859 >1;0AB8 ?@02>3> >B45;0 <>765G:0 A ?5@5E>4>< 2 65;C4>G5:, 2K;5G8; <>;>4CN 65=I8=C 87 "0H:5=B0, 345 68; AB0@H89 1@0B <>53> >BF0. = 8 ?>A>25B>20; 59 >1@0B8BLAO :> <=5. ">340 2A5 A>N7=K5 @5A?C1;8:8 ?@54AB02;O;8 >4=C A?;>GQ==CN A5<LN, =8:0:8E <564C =8<8 3@0=8F =5 1K;>. B �@K1L59 G5HC8�   8EB8>70 871028; A5<8;5B=53> <0;LG8:0 87 !B5@;8B0<0:0. ;O =53> O 20@8; A2>N <07L, 4020; 4C@=8H=8:, :>@>AB02=8: 8 5IQ :0:85-B> B@02K, =07=0G0; 20==K A G5@54>9 8 4@C38E @0AB5=89, 0 A59G0A <>3C B>;L:> ?@54?>;030BL, :0:85 87 =8E <>3;8 >:070BLAO @5H0NI8<8.

/ ?@>4>;60N AG8B0BL, GB> =5 ACI5AB2C5B 2 <8@5 =5;5:0@AB25==KE @0AB5=89, 8<55BAO B>;L:> =0H5 =57=0=85 8E.  ACI=>AB8, =5 4>;6=> 1KBL 8 =587;5G8<KE 701>;520=89. @8@>40 70;>68;0 2 @0AB5=8O 8AF5;5=85 >B 1>;57=59 =5 B>;L:> 2A53> 682>B=>3> <8@0, => 8 A@54AB20 >B G8AB> 0=B@>?>35==KE 701>;520=89, B> 5ABL >B=>AOI8EAO 8A:;NG8B5;L=> : G5;>25:C.

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�>;=>9 M=F8:;>?5488 ;5:0@AB25==KE @0AB5=89� 02@5=>2KE E>BO 8 A:C?>, => A:070=>: �06=59H8< 87 0;:0;>84>2 G8AB>B5;0 O2;O5BAO E5;84>=8=, 1;87:89 : 0;:0;>840< <0:0, <>@D8=C 8 ?0?025@8=C, >1;040NI89 1>;5CB>;ONI8< 8 CA?>:0820NI8< 459AB285<. %5;84>=8= 2K7K205B B0:65 @0AA;01;5=85 3;04:>9 <CA:C;0BC@K, 70<54;5=85 ?C;LA0 8 A=865=85 :@>2O=>3> 402;5=8O. ><>E5;>4>=8=   AC4>@>6=K9 O4, A8;L=K9 0=B8A5?B8: <5AB=>3> 459AB28O. !0=328=0@8= ?@>O2;O5B =0@:>B8G5A:>5 459AB285, 2>71C6405B ?5@8AB0;LB8:C :8H5G=8:0 8 CA8;8205B A5:@5F8N A;N=K. %5;5;8B@8= >:07K205B <5AB=>5 @074@065=85. @>B>?8= C<5=LH05B @50:B82=>ABL 2535B0B82=>9 =5@2=>9 A8AB5<K, B>=878@C5B 3;04:CN <CA:C;0BC@C <0B:8. -;8B-@8= 8 A0=328=0@8= >1CA;02;820NB 10:B5@8F84=K9 8 0=B8E>;8=-MAB5@07=K9 MDD5:B. ;:0;>84K E>;848=, 3><>E5;84>=8= 8 <5B>:A8E5;84>=8= O2;ONBAO <8B>7=K<8 O40<8 8 A?>A>1=K 7045@6820BL @>AB >?CE>;59. ><?;5:A G5B25@B8G=KE ?@>B>15@-15@8@8=>2KE 0;:0;>84>2   15@15@8=0 8 :>?B878=0   ?@>O2;O5B 65;G53>==>5 459AB285. ;;>:@8?B>?8= 8 ?@>B>?8= C<5=LH0NB @50:B82=>ABL 2535B0B82=>9 =5@2=>9 A8AB5<K 8, 2 >B;8G85 >B E5;84>=8=0, ?>2KH0NB B>=CA 3;04:>9 <CA:C;0BC@K, 0 B0:65 >1;040NB 2K@065==>9 0=B80@8B<8G5A:>9 0:B82=>ABLN, ?@52>AE>4O 2 MB>< >B=>H5=88 B0:85 8725AB=K5 0=B80@8B<8:8, :0: F8=E>-=848= 8 =>2>:08=0<84�. 

 =0H5 2@5<O 1>;55 B@84F0B8 ?@>F5=B>2 ;5:0@AB2 873>B02;820NB =0 >A=>25 @0AB5=89.

'0I5 2A53> 872;5:0NB :0:>9-=81C4L 0;:0;>84, 3;8:>784 8;8 4@C3>9 E8<8G5A:89 M;5<5=B, >B1@0AK20O 2AQ >AB0;L=>5 :0: =5=C6=K9, 4065 B>:A8G5A:89 10;;0AB. !53>4=O >?@0240=> MB> =5>1E>48<>ABLN ?>;CG8BL G8AB>5 >B ?@8<5A59 ;5:0@AB2> :>=:@5B=> 4;O A5@4F0 8;8 4@C38E 1>;L=KE >@30=>2. >:0 C =0A B0:>2 C@>25=L 7=0=89. > O 704C<K20NAL > 1C4CI5<.

07>28B5 <=5 E>BO 1K >48= ;8H=89, A>25@H5==> 15A?>;57=K9 >@30= 2 G5;>25G5A:>< B5;5?  254L ?> B0:><C 65 ?@8=F8?C @8@>40 A>740;0 >@30=87< @0AB5=8O.  >= 4> A8E ?>@ ?>GB8 =5 87CG5=. 5 8A:;NG5=>, GB> 2 B>< 2K1@>H5==>< �10;;0AB5� A:@KB> >B =0H8E 3;07 B0:>5 A>:@>28I5, > :>B>@>< <K ?>:0 8 <5GB0BL =5 A<55<.

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