ࡱ > w x y z { | } ~ B D
w u 5@ >i bjbj22 7 X X o Pp Pp Pp 8 p t l : " Ȁ Ȁ Ȁ Ȁ f . L z R T T T T T T $ R ; x o Ȁ Ȁ o o x Ȁ Ȁ o I Ȁ Ȁ R o R w Ȁ ` #t Pp { # N 0 s
0 8 γ " | _ " " " x x i L $545@0;L=0O A;C610 ?> M:>;>38G5A:>;>38G5A:>@C _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ 56@538>=0;L=>5 B5@@8B>@80;L=>5 C?@02;5=85 B5E=>;>38G5A:>3> 8 M:>;>38G5A:>3> =047>@0 >AB5E=047>@0 ?> #@0;LA:>:@C3C E M B E D W o r d . P i c t u r e . 8 /", !" # "% '! # - '! # # $ , !#+ - '! #, "% '! # " # # " " # ,! $ , # 2 0 0 5 # :0B5@8=1C@3 2 0 0 6 ! 2545=85& & & & & & & & & & & & & & & & & & & & & & & & & & & . 53C;8@CNI0O 45OB5;L=>ABL& & & & & & & & & & & & & & & & & . . 1 . 1 . >=B@>;L 8 =047>@, ;8F5=78>==0O 8 @07@5H8B5;L=0O 45OB5;L=>ABL& & & & & & & & & & & & & & & & . 1 . 1 . 1 1J5:BK 2545=8O 3>@=KE @01>B& & & & & & & & & & & & & & & 1 . 1 . 1 . 1 #3>;L=0O ?@>ABL& & & & & & & & & & & & & & & & . 1 . 1 . 1 . 2 >@=>@C4=0O 8 =5@C4=0O ?@>ABL& & & & & & & & & . . . 1 . 1 . 3 @>872>4AB2>, E@0=5=85 8 ?@8<5=5=85 27@K2G0BKE 2 ?@>3> =07=0G5=8O& & & & & . 1 . 1 . 4 E@0=0 =54@ 8 BK& & & & & & & & & & & 1 . 1 . 5 1J5:BK =5DB5307>4>1KG8 8 3> B@C1>?@>2>4=>3> B@0=A?>@B0& & & & & & & & & & & & & & & . . 1 . 1 . 6 1J5:BK 35>;>3>@07254>G=E @01>B 1 . 1 . 7 1J5:BK E89, =5DB5E89 8 =5DB5?5@5@010BK20NI59 ?@>AB8& & & & & & & & & 1 . 1 . 8 5B0;;C@38G5A:85 8 :>:A>E8872>4AB20 8 >1J5:BK& & & & & & & & & & & & & & & & & . 1 . 1 . 9 1J5:BK 307>@0A?@545;5=8O 8 307>?>B@51;5=8O& & & & & & & . 1 . 1 . 1 0 "@0=A?>@B8@>20=85 >?0A=KE 25I5AB2& & & & & & & & & & & . 1 . 1 . 1 1 7@K2>>?0A=K5 >1J5:BK E@0=5=8O 8 ?5@5@01>B:8 @0AB8B5;L=>3> AK@LO& & & & & & & & & & & & . . 1 . 1 . 1 2 1J5:BK :>B;>=047>@0 8 B5?;>2KE CAB0=>2>: 8 A5B59& & & & . 1 . 1 . 1 3 1J5:BK, =0 :>B>@KE 8A?>;L7C5BAO AB0F8>=0@=> CAB0=>2;5==K5 3@C7>?>4J5<=K5 <5E0=874J5>@C65=8O& & & & & & & & & & & & & & & & & 1 . 1 . 1 4 -;5:B@8G5A:85 AB0=F88 8 M;5:B@8G5A:85 A5B8, M;5:B@>CAB0=>2:8 ?>B@518B5;59& & & & & & & & & & & & & . . 1 . 1 . 1 5 84@>B5E=8G5A:85 A>>@C65=8O =0 >1J5:B0E ?@>AB8 8 M=5@35B8:8& & & & & & & & & & & & & & 1 . 2 3@0=8G5=85 =530B82=>3> B5E=>35==>3> 2>7459AB28O =0 >:@C60NICN A@54C. >AC40@AB25==0O M:>;>38G5A:0O M:A?5@B870& & & & & & & & & & . 1 . 3 -:A?5@B870 ?@>9 157>?0A=>AB8& & & & & & & & & & & 1 . 4 A=>2=K5 @57C;LB0BK ;8F5=78>==>9 45OB5;L=>AB8 8 2K40G8 @07@5H5=89 =0 ?@89AB2& & & & & & & 1 . 5 538AB@0F8O >1J5:B>2 2 3>AC40@AB25==>?0A=KE ?@>872>4AB25==KE >1J5:B>2& & & & & & & & & & & & & 1 . 6 5:;0@8@>20=85 ?@>9 157>?0A=>AB8& & & & & & & & & 1 . 7 !B@0E>20=85 @8A:0 >B25BAB25==>AB8 ?@8 M:A?;C0B0F88 >?0A=KE ?@>872>4AB25==KE >1J5:B>2& & & & & & & & & & & & . . . 0:;NG5=85. @54;>65=8O @8;>65=85: 8=D>@==K5 45OB5;L=>AB8 B5@@8B>@80;L=KE #?@02;5=89 ?> B5E=>;>38G5A:>;>38G5A:>@C =0AB>OI5:;045 ?@54AB02;5=0 8=D>@ 45OB5;L=>AB8 C?@02;5=89 ?> B5E=>;>38G5A:>;>38G5A:>@C $545@0;L=>9 A;C61K ?> B5E=>;>38G5A:>;>38G5A:>@C ( >AB5E=047>@) , @0A?>;>65==KE =0 B5@@8B>@88 #@0;LA:>3> D545@0;L=>3> >:@C30 ( !25@4;>2A:0O, "N1;0AB8, %0=BK- 0=A89A:89 02B>=>:@C3 .3@0, /- 5=5F:89 02B>=>:@C3) . =D>@AB>O=8O :>=B@>;L=>9, =047>@=>9, ;8F5=78>==>9 8 @07@5H8B5;L=>9 45OB5;L=>AB8 B5@@8B>@80;L=KE C?@02;5=89; 0=0;870 ( >F5=:8) 157>?0A=>AB8 8 ?@>B82>020@89=>9 CAB>9G82>AB8 ?>4=047>@=KE B5@@8B>@80;L=K< C?@02;5=8O872>4AB2 8 >1J5:B>2, 2 B>3> 2>7459AB28O =0 >:@C60NICN A@54C; @57C;LB0B>2 M:A?5@B=>9 45OB5;L=>AB8; A>AB>O=8O >?0A=KE ?@>872>4AB25==KE >1J5:B>2 8 45:;0@8@>20=8O ?@>9 157>?0A=>AB8. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ @8@80;L=K5 C?@02;5=8O >AB5E=047>@0, @0A?>;>65==K5 2 #@0;LA:>:@C35: #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> !25@4;>2A:>9 >1;0AB8. #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> "N9 >1;0AB8. #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> C@30=A:>9 >1;0AB8. #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> '5;O18=A:>9 >1;0AB8. #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> % .3@0. #?@02;5=85 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> / . # #.)/ /", !",. 1 . 1 . >=B@>;L 8 =047>@, ;8F5=78>==0O 8 @07@5H8B5;L=0O 45OB5;L=>ABL. 1 . 1 . 1 . 1J5:BK 2545=8O 3>@=KE @01>B #3>;L=0O ?@>ABL. 1I0O >F5=:0 2K?>;=5=8O ?;0=0 @01>BK ?> =047>@C 2 C3>;L=>9 ?@>AB8 70 >BG5B=K9 ?5@8>4. >=B@>;L=>- ?@>D8;0:B8G5A:0O @01>B0 C3>;L=>3> =047>@0 ?> !25@4;>2A:>9 8 '5;O18=A:>9 >1;0ABO2>48;0AL 2 A>>B25BAB288, A >B@0A;52KBK, ?;0=0< =0;L=>3> >B45;0 ?> =047>@C 2 C3>;L=>9 ?@>AB8, 3@0D8:01A;54>20=89 ?>4=047>@=KE C3>;L=KE ?@54?@8OB89 8 ?;0=023> >1A;54>20=8O A >@30=0<8 8 $!, <5AB E@0=5=8O 8 ?@8<5=5=8O 27@K2G0BKE 2. 0 >BG5B=K9 ?5@8>4 CB25@645==K5 ?;0=K @01>BK #?@02;5=89 ?> B5E=>;>38G5A:>;>38G5A:>@C >AB5E=047>@0 ?> !25@4;>2A:>9 8 '5;O18=A:>9 >1;0ABO =047>@C 2 C3>;L=>9 ?@>AB8 =0 2 0 0 5 3>4 2 F5;>;=5=K, ?@>2545=> 1 4 7 1 >1A;54>20=89 ?>4=047>@=KE ?@54?@8OB89, 87 =8E: 7 :>?5@0B82=KE. F5=:0 A>AB>O=8O ?@>9 157>?0A=>AB8 >?0A=KE ?@>872>4AB25==KE >1J5:B>2 ( ) . A=>2=K5 B5=45=F88. 04:>=B@>;L=KE ?@54?@8OB8OE ?@8OB8O ?> C;CGH5=8N 157>?0A=KE CA;>289 B@C40, 0 B0:65 <5@K ?@54?@8=8<05<K5 C?@02;5=8OBG5B=K9 ?5@8>4, 40;8 =5:>B>@K5 ?>;>68B5;L=K5 @57C;LB0BK. F5;>AB>O=85 ?@>9 157>?0A=>AB8 =0 C3>;L=>9 ?@>AB8 6=> >F5=8BL :0: C4>2;5B2>@8B5;L=>5. 0 1 2 3>40 =5 4>?CI5=> CB@0B , 020@89, ?@>87>H;> 1 2 8=F845=B>2, ?> '5;O18=A:>9 >1;0AB8 4>?CI5= 1 A;CG09 A> A<5@B5;L=K4>< 8 4 A;CG0O A BO65;K4> !25@4;>2A:>9 >1;0AB8 01>BK ?> AB@>8B5;LAB2C >4>A8=8=A:>3> @07@570 ?> 4>1KG5 :03> C3;O >@=O: 2@5 ?@8>AB0=>2;5=K 87- 70 >BACBAB28O D8=0=A8@>20=8O. 0 1 2 ;G0=A:89 C3>;L =5A:>;L:> C;CGH8;>AL ?>;>65=85 A - B5E=8G5A:815A?5G5=85872545=0 702 - 6 =0 / - 1 0 2 :>;8G5AB25 - 6 HB. , ?@8>1@5B5=> 2 2 0 0 3> 381:>3> A8;>2>3> :015;O =0?@O65=852 :>=B@>;O F5;>AB=>AB8 70759AB2 02B>3> >B:;NG5=8O =0?@O65=8O E>;>AB>3> E>40 #! ", CAB0=>2;5=K 40BG8:8 >B 1>:>2>3> AE>40 ;5=BK =0 :>=2595@0E ( !) 2 :>;8G5AB25 - 1 6 HB. , ?@>872545=K @01>BK ?> CAB0=>2:5 >3@0645=89 A> AB>@>=K ?@>E>40 4;O ;N459 ?> 2A59 4;8=5 :>=2595@>2 8 @>;8:>2 @01>G59 8 E>;>AB>9 25B259 ;5=B =0 6 :>=2595@0E, ?@8>1@5B5=> 1>;55 4 0 0 0 =2595@=>9 ;5=BK, C;CGH8;>AL A=0165=85 @07@570 H?0;>9, ?@>872545=0 >?;0B0 70 ?@>2545=85 M:A?5@B87K ?@>9 157>?0A=>AB8 M:A:020B>@>2 A 8AB5:H8:>9 >@30=870F859 =0 AC<, =0 ?@54?@8OB88 2 =0;8G88 8;LH>5 :>;8G5AB2> >A=>2=>3> B5E=>;>38G5A:>3> >1>@C4>20=8O ( M:A:020B>@>2, 1C@>2KE AB0=:>2, BO3>2KE 03@530B>2 8 B. 4. ) A 8AB5:H8@<0B82=K:>< M:A?;C0B0F88, 0 70 >1>@C4>20=8O =5 ?@>872>48BAO, >ICI05BAO =5E20B:0 :>G=KE :>=2595@>2, 02B>B@0:B>@=>3> 8 1C;L4>75@=>3> B@0=A?>@B0, AB@5;>G=KE ?5@52>4>2 8 B. 4. 87- 70 ACI5AB2CNI8E D8=0=A>2KE B@C4=>AB59. 081>;55 A;>6=K1;5<04:>=B@>;L=KE ?@54?@8OB8OE O2;ONBAO: - 2>?@>AK A2O70==K5 A >ACH5=85;G0=A:>3> 1C@>C3>;L=>3> @>645=8O, - 2>?@>AK A2O70==K5 A 020@89=KAB>O=85==>9 >1;8F>2:8 @CA;0 :0=0;0 @. "C@LO. - 2>?@>AK ;8:2840F88 0E@CH52C3>;L ; ?> '5;O18=A:>9 >1;0AB8 2 0 0 5 3>4C =0 ?@8OB8O ?> A>740=8N 157>?0A=KE CA;>289 2545=8O @01>B =0 C3>;L=KE ?@>872>4AB20E 87@0AE>4>20=> 1 0 7 2KH5=85 C@>2=O 157>?0A=>AB8 3>@=KE @01>B 2 C3>;L=KE H0EB0E - 5 7 4=0:> A>AB>O=85 ?@>9 157>?0A=>AB8 =0 >?0A=KE ?@>872>4AB25==KE >1J5:B0E ?> 4>1KG5 C3;O '5;O18=A:0O C3>;L=0O :>AB0QBAO =0 ?@56=52=5. @>254Q==K5 ?@>25@:8 2 '5;O18=A:0O C3>;L=0O :>?0A=KE ?@>872>4AB25==KE >1J5:B0E 87 2 9 B5E=8G5A:8E CAB@>9AB2 ( , ?>4JQ2:8 8 B. 4. ) =0E>4OI8EAO 2 M:A?;C0B0F88, 1 4 >B@01>B0;8 =>@:8 8 A8AB5E>4OB B5E=8G5A:>5 4803=>AB8@>20=85 M:A?5@B=K@30=870F8O4;5=85:>2 M:A?;C0B0F88, 709AB2 =5 ?;0=8@C5BAO; - 87 =0E>4OI8EAO 2 M:A?;C0B0F88 6 3 4 740=89 8 A>>@C65=89 C 2 4 =>@: M:A?;C0B0F88 8AB5:; - >BACBAB2C5B A8AB520==>5 >1=>2;5=85 3>@=>- H0EB=>3> >1>@C4>20=8O, GB> ?@82>48B : 2KA>:>9 020@89=>AB8 8 A=865=8N B52 ?@>42865=8O >G8AB=KE 8 ?>43>B>28B5;L=KE 701>52; - ?@>BO65==>ABL 3>@=KE 2K@01>B>: H0EB, =5 A>>B25BAB2CNI8E B@51>20=8O?0A=>AB8 A>AB02;O5B 1 9 . 7 % 8 8AB0B:0 HB0B0 @01>B=8:>2 4;O @5=B0. 0 C3>;L=KE @07@570E 8 >1>30B8B5;L=KE D01@8:0E ?> 4>1KG5 C3;O '5;O18=A:0O C3>;L=0O :>38G=K5 ?@>1;515A?5G5=859 157>?0A=>AB8. A=>2=K1;5<0;L=>9 >B@0A;8 @538>=0 O2;ONBAO: - 1>;LH>9 >BB>: :20;8D8F8@>20==KE :04@>2 87- 70 =87:>9 70@01>B=>9 ?;0BK; - =54>AB0B>G=K9 C@>25=L - B5E=8G5A:>3> >15A?5G5=8O; - =87:89 C@>25=L ?@>872>4AB25==>- B5E=>;>38G5A:>9 48AF8?;8=K, 2 @57C;LB0B5 G53> M:A?;C0B0F8O >1>@C4>20=8O =0 >?0A=KE ?@>872>4AB25==KE >1J5:B0E ?@>872>48BAO A 3>G8A;5==KBABC?;5=8OB B@51>20=89 @028; 157>?0A=>AB8, B5E=>;>38G5A:>9 8 =>@- B5E=8G5A:>9 4>:C?82H8EAO ?@>1;51E>48 ?5@2>>G5@54=>5 @5H5=85 2>?@>A>2 45@=870F88 >A=>2=KE D>=4>2 C3>;L=KE ?@54?@8OB89, C:>20=85 8E ?@>D5AA8>=0;L=K<8 :04@015A?5G5=8O B5E=>;>38G5A:8E ?@>F5AA>2 8 ?@>9 157>?0A=>AB8, 2=54@5=85 =081>;55 MDD5:B82=>9 H0EB=>9 3>DC=:F8>=0;L=>9 307>0=0;8B8G5A:>9 A8AB5= - 1 =0 H0EB0E ?> 4>1KG5 C3;O '5;O18=A:0O C3>;L=0O :>4:>=B@>;L=KE #?@02;5=8N ?@54?@8OB8OE >@30=87>20=0 @01>B0 ?> MDD5:B82=>9 >@30=870F88 A8AB59 157>?0A=>ABLN, 2 B> >ACI5AB2;5=8N ?@>872>4AB25==>3> :>=B@>;O. MB8E F5;OE =0 :064>;L=>740=K A;C61K . 5@54 ?>;CG5=85>?0A=KE >1J5:B>2, ?@54?@8OB8O A>3;0A=> ?8ALB 2 4 . 0 3 . 2 0 0 0 3. , @07@010BK20NB 8 A>3;0A>2K20NB 2 CAB0=>2;5==>@O4:5 ?@>3@0< ?>2KH5=8N MDD5:B82=>AB8 A8AB59 157>?0A=>ABLN, 4;O 4>AB865=8O CAB>9G82>3> A=865=8O B@02<0B87 48:5 #?@02;5=8O. 0 ?@54?@8OB8OE 4>?CAB82H8E =081>;LH55 G8A;> =0@CH5=89 B@51>20=89 ?@>9 157>?0A=>AB8 8 8<5NI8:89 B@02<0B872>48;AO 3>@=K9 0C48B A>AB>O=8O ?@>9 157>?0A=>AB8 A ?@82;5G5=85B=8:>2 0, @57C;LB0BK :>B>@>3> @0AA;;5:B820E ?@54?@8OB89 8 =0 >;;5388 C?@02;5=8O. =0;87 ?@8G8= 020@89=>AB8 8 B@02<0B874:>=B@>;L=KE ?@>872>4AB20E 8 >1J5:B0E. 0G5AB25==0O >F5=:0 CI5@10 >B 020@89. 2 0 0 5 3>4C =0 ?>4:>=B@>;L=KE ?@54?@8OB8OE 020@89 =5 4>?CI5=>. > '5;O18=A:>?CI5= 1 A;CG09 A> A<5@B5;L=K4>< 8 4 BO65;KE =5AG0AB=KE A;CG0O. 1I89 B@02<0B87 A@02=5=8N A 2 0 0 4 3. ( 6 9 A;CG052) 8 A>AB028; 6 2 =5AG0AB=KE A;CG0O. A=>2=K<8 ?@8G8=0ABL B5E=8G5A:8E CAB@>9AB2 1 A;CG09; @30=870F8>==K5 ?@8G8=K - 6 1 A;CG09, 87 =8E: - =0@CH5=85 B5E=>;>388 ?@>872>4AB20 @01>B; - =5?@028;L=0O >@30=870F8O ?@>872>4AB20 @01>B; - =54>AB0B>G=K9 C@>25=L ?@>872>4AB25==>3> :>=B@>;O; - C5 >B:;NG5=85 A@54AB2 70I8BK, A83=0;870F88 8;8 A2O78. @02>?@845:A0 $ >1 04=0@CH5=8OE. 0 >BG5B=K9 ?5@8>4 : 049 >B25BAB25==>AB8 ?> ;8=88 >AB5E=047>@0 =0 C3>;L=KE ?@54?@8OB8OE ?>4:>=B@>;L=KE #?@02;5=8O25:, >1I0O AC<2 A>AB028;0 2 1 8 , 4 BKA. @C1. F5=:0 A>AB>O=8O 45OB5;L=>AB8 2 >1;0AB8 >1>@>B0 27@K2G0BKE 2 ?@>3> =07=0G5=8O. >?@>AK A>E@0==>AB8 ?@>3> =07=0G5=8O. 2 0 0 5 3. A;CG052 CB@0B =5 2KO2;5=>, 2>?@>AK A>E@0==>AB8 ?@>3> =07=0G5=8O =0E>4OBAO ?>4 ?>AB>O==K=B@>;5@A:>3> A>AB020. !;CG052 ?>AB02:8 =5:0G5AB25==KE 8 >B:07>2 ?@8 ?@>872>4AB25 27@K2=KE @01>B =5 1K;>. @8 ?@>2545=88 ?@>25@>: >15A?5G5=8O A>E@0==>AB8 =0 872>4AB20 27@K2=KE @01>B =0@CH5=89 2 E@0=5=88 =5 2KO2;5=>. ;O >15A?5G5=8O A>E@0==>AB8 , ?5@52>7:0 8E A> A:;040 =0 872>4AB20 27@K2=KE @01>B, >ACI5AB2;O5BAO 2 A>?@>2>645=88 2=5254>9 2>>@C65==>9 >E@0=K. A=>2=K5 @57C;LB0BK @538AB@0F88 >1J5:B>2 2 3>AC40@AB25==>4=047>@=K5 C3>;L=K5 8 B>@D>4>1K20NI85 ?@54?@8OB8O 70@538AB@8@>20=K 2 3>AC40@AB25==>2=K5 @57C;LB0BK ;8F5=78>==>9 45OB5;L=>AB8, 0 B0:65 :>=B@>;O 70 2K?>;=5=85289 459AB28O ;8F5=789. >4:>=B@>;L=K5 ?@54?@8OB8O, M:A?;C0B8@CNI85 >?0A=K5 ?@>872>4AB25==K5 >1J5:BK, 81E>48 2840AB8. 8AB5:H54C ?@>2545=> 2 F5;52K5 ?@>25@:8 CA;>289 459AB28O ;8F5=789 =0 ?@83> =07=0G5=8O, 0 B0:65 ?@>2>48;8AL >?5@0B82=K5 >1A;54>20=8O ?>4=047>@=KE ?@54?@8OB89. !>AB>O=85 8 ?@54;>65=8O ?> @0728B8N AB@0E>20=8O 3@0640=A:>9 >B25BAB25==>AB8 >@30=870F89, M:A?;C0B8@CNI8E , 8 4@C38E 284>2 AB@0E>20=8O. =A?5:B>@A:8AB02>AB>O==K9 :>=B@>;L =0;8G8O 4>3>2>@>2 AB@0E>20=8O >B25BAB25==>AB8 =0 ?>4=047>@=KE ?@54?@8OB8OE. !;CG052 @01>BK =0 >?0A=KE ?@>872>4AB25==KE >1J5:B0E 157 70:;NG5==KE 4>3>2>@>2 =5 2KO2;5=>. =54@5=85 A8AB59 157>?0A=>ABLN. 0 2A5E ?>4:>=B@>;L=KE #?@02;5=8O;L=KE 8 B>@D>4>1K20NI8E ?@54?@8OB8OE @07@01>B0=K, A>3;0A>20=K 2 CAB0=>2;5==>@O4:5 8 22545=K 2 459AB285, ?@8:070 ?@54?@8OB8O;>65=8O > ?@>872>4AB25==>=B@>;5 . >;G0=A:89 C3>;L 2 2 0 0 4 3>4C 2=54@5=K A>3;0A>20==K5 A #@0;LA:8< C?@02;5=85A3>@B5E=047>@0 >AA88 !8AB5E@0=>9 B@C40 8 >;>65=85 > ?@>872>4AB25==>=B@>;5 , 2 0E@CH52C3>;L A 2 0 0 1 3>40 459AB2C5B !8AB5E@0=>9 B@C40 8 >;>65=85 > ?@>872>4AB25==>=B@>;5 70 A>1;N45=8520=89 =0 . 0 2A5E ?@54?@8OB8OE, M:A?;C0B8@CNI8E >?0A=K5 ?@>872>4AB25==K5 >1J5:BK, ?@8:070B25BAB25==K5 70 >ACI5AB2;5=85 ?@>872>4AB25==>3> :>=B@>;O. ;0=8@>20=85, @538AB@0F8O 8 CG5B ?@>2>489 @01>BK ?> >ACI5AB2;5=8N ?@>872>4AB25==>3> :>=B@>;O =0 ?@54?@8OB8OE 2545BAO 2 A>>B25BAB288 A 5B>48G5A:8<5=40F8O >@30=870F88 ?@>872>4AB25==>3> :>=B@>;O& 0 ?@54?@8OB8OE ?@>2>48BAO >?@545;5==0O @01>B0 ?> 2K?>;=5=8N B@51>20=89 >;>65=89 > ?@>872>4AB25==>=B@>;5 , @57C;LB0BK @01>BK @0AA =0 >?5@0B82=KE A>25I0=8OE ?@8 B5E=8G5A:8E @C:>2>48B5;OE ?@54?@8OB89 8 D8;80;>2. 1I55 :>;8G5AB2> @01>B=8:>2 ?>4=047>@=KE ?@54?@8OB89, >ACI5AB2;ONI8E DC=:F88 ?@>872>4AB25==>3> :>=B@>;O A>AB02;O5B 1 4 3 G5;>25:0. !;54C5B >B MDD5:B82=>ABL ?@>872>4AB25==>3> :>=B@>;O =0 ?>4:>=B@>;L=KE ?@54?@8OB8OE =87:0O, MB> A2O70=> A =87:>9 708=B5@5A>20==>ABLN ;8F >ACI5AB2;ONI8E ?@>872>4AB25==K9 :>=B@>;L 2 2KO2;5=88 =0@CH5=89 B@51>20=89 , >A>15==> =0 ?@54?@8OB8OE D8=0=A>2> =51;03>?>;CG=KE, A CAB0@52H59 B5E=8:>9 8 B5E=>;>3859, ?@8 >BACBAB288 A@54AB2 =0 B5E=8G5A:>5 ?5@52>>@C65=85 8 @5=BK >1>@C4>20=8O. #?@02;5=88 >AB5E=047>@0 ?> '5;O18=A:>9 >1;0AB8 ?@>2545=K A?5F80;L=K5 8AA;54>20=8O ( A ?>ILN >?@>A=KE ;8AB>2) A>AB>O=8O ?@>9 157>?0A=>AB8 =0 ?@54?@8OB8OE. =0;87 ACI5AB2>202H8E A8AB59 157>?0A=>ABLN ?>:070;, GB> 8E DC=:F88 ?@0:B8G5A:8 A2>4OBAO : @07@01>B:5 8 @50;870F88 ?@8OB89, =0?@02;5==KE =0 ;8:2840F8N ?>A;54AB289 B@027=8:=>25=8O 0=0;>38G=KE B@02BACBAB2>20;0 >F5=:0 MDD5:B82=>AB8 DC=:F8>=8@>20=8O A8AB59 157>?0A=>ABLN =0 ?@54?@8OB8OE. ;O 87202H59 A8BC0F88 ?>B@51>20;>AL ?@5>1@07>20BL A8AB59 157>?0A=>ABLN, ?@8402 59 C?@5640NI89 E0@0:B5@. ;O MB>3> 2 A8AB5<C 1K; 22545= M;5872>4AB25==K9 :>=B@>;L MDD5:B82=>AB8 DC=:F8>=8@>20=8O C?@02;5=8O ?@>9 157>?0A=>ABLN 2 ?@>F5AA5 M:A?;C0B0F88 >?0A=KE ?@>872>4AB25==KE >1J5:B>2. ! F5;LN D>@20=8O 687=5A?>A>1=>9 AB@C:BC@K ?@>872>4AB25==>3> :>=B@>;O A45;0=> A;54CNI55: - A;C610 ?@>872>4AB25==>3> :>=B@>;O AB0;0 >1J5:B>< ?@O3> C?@02;5=8O ?5@2>3> @C:>2>48B5;O; - =0 ?@54?@8OB8OE, 4>?CA:0NI8E =081>;LH55 G8A;> =0@CH5=89 B@51>20=89 ?@>9 157>?0A=>AB8 8 8<5NI8:89 B@02<0B872>48;AO 3>@=K9 0C48B A>AB>O=8O ?@>9 157>?0A=>AB8 A ?@82;5G5=85B=8:>2 0, 70=8AB>O=8O ?@>9 157>?0A=>AB8 8 A8AB5BK ?> C?@02;5=8N 157>?0A=>ABLN, 0 B0:65 2K@01>B:>9 :>=:@5B=KE @5H5=89 ?> A=865=8N 020@89=>AB8 8 B@02<0B87?>;=8B5;L=> 22545=K 8=B53@0;L=K9 :@8B5@89 >F5=:8 C@>2=O ?@>9 157>?0A=>AB8 8 ?>:070B5;8 >F5=:8 MDD5:B82=>AB8 DC=:F8>=8@>20=8O M;52 8 C@>2=59 A8AB59 157>?0A=>ABLN. F5=:0 MDD5:B82=>AB8 @01>BK ?> ?>43>B>2:5 8 0BB5AB0F88 @01>B=8:>2 >@30=870F89, >ACI5AB2;ONI8E 45OB5;L=>ABL 2 >1;0AB8 ?@>9 157>?0A=>AB8 =0AB>OI55 2@51@07>20B5;L=K<8 CG@5645=8O<8, 70=8<0NI8D5AA8>=0;L=>9 ?>43>B>2:>9 @01>G8E >A=>2=KE ?@>D5AA89 4;O 3>@=KE ?@54?@8OB89 3>@>4>2 0@?8=A: 8 >;G0=A: !25@4;>2A:>9 >1;0AB8 O2;O5BAO CG51=>- :C@A>2>9 :>;G0=A:89 C3>;L , 4;O ?> 4>1KG5 C3;O '5;O18=A:0O C3>;L=0O :>G8E >A=>2=KE ?@>D5AA89 3>B>2OB "# !3 3 3. >@:8=> 8 ! 3 4 3. >?59A:0. # >ACI5AB2;ONB ?>43>B>2:C, ?5@5?>43>B>2:C, >1CG5=85 2B>@K< ( A<56=KD5AA8O2KH5=85 :20;8D8:0F88 @01>G8E :04@>2, >1CG5=85 B@C4OI8EAO, ?>ABC?0NI8E =0 @01>BC =0 C3>;L=K5 ?@54?@8OB8O 157>?0A=K< 40< 8 ?@85<0;=5=8O @01>B. >43>B>2:0 @01>G8E >A=>2=KE ?@>D5AA89 ?@>2>48BAO ?> :C@A>2>9 8 8=48284C0;L=>9 D>@<01CG5=8O, ?> ?@>3@0<<03;0A>20==K< A #?@02;5=8O872>4AB25==>5 >1CG5=85 =0 @01>G8E 2>48BAO ?>4 @C:>2>4AB2>G8E- 8=AB@C:B>@>2, 8BK ?> ?@>D5AA88 =5 D5AA8>=0;L=>5 >1@07>20=85, ?> >:>=G0=88 >1CG5=8O ?@>2>4OBAO :20;8D8:0F8>==K5 M:70D>@<;5=85B>:>;>2 8 2K40NBAO A2845B5;LAB20 > ?@8A2>5=88 :20;8D8:0F88. 4=0:>, 8=A?5:B>@A:8AB02>25@:0E >?0A=KE ?@>872>4AB25==KE >1J5:B>2 ?>AB>O==> 2KO2;ONBAO A;CG08 =87:>3> C@>2=O 7=0=89 ?@>D5AA8>=0;L=>9 ?>43>B>2:8 ?@>3> ?5@A>=0;0 ?>4=047>@=KE ?@54?@8OB89. A=>2=K<8 B5=45=F8O2=O 7=0=89 ?@>3> ?5@A>=0;0 O2;ONBAO: - >BACBAB285 B@51>20=89 ?> ?@>25@:5 CG51=KE 702545=89 ( >@30=870F89) 70=843>B>2:>9 A?5F80;8AB>2 8 ?@>3> ?5@A>=0;0 4;O C3>;L=>9 >B@0A;8; - >BACBAB285 B@51>20=89 > ?>@O4:5 ?>43>B>2:8 8 ?@>25@:8 7=0=89 ?@>3> ?5@A>=0;0 ( >A=>2=KE ?@>D5AA89) ; - >BACBAB285 =>@9 4>:C<5=B0F88, @53;020=8O :> 2A5< MB0?0@<01CG5=8O, : =0;8G8N CG51=>- 9 107K; - >BACBAB285 B@51>20=89 : ?@5?>4020B5;LA:>AB02C ( ?>@O4>: ?>43>B>2:8, ?5@5?>43>B>2:8, 0BB5AB0F88, ?5@8>48G5A:>9 ?@>25@:8 7=0=89 ?@028;, =>@ 157>?0A=>AB8 2545=8O @01>B, AB060 ?@5?>4020=8O 8 B. 4. ) . BACBAB285 2KH5C:070==>9 =>@- ?@02>2>9 107K ?> >1CG5=8N =5 40QB 2>76=>AB8 8=A?5:B>@A:>AB02C :0G5AB25==> :>=B@>;8@>20BL ?@>F5AAK >1CG5=8O ?@>3> ?5@A>=0;0 8 ?@82>48B : ?>AB>O==>:@0I5=8N HB0B0 A?5F80;8AB>2 CG51=KE 702545=89 8 ;8:2840F88 CG51=>- 9 107K. @540BB5AB0F8>==0O ?>43>B>2:0 @C:>2>48B5;59 8 A?5F80;8AB>2 C3>;L=KE ?@54?@8OB89, ?@54AB028B5;59 020@89=>- A?0A0B5;L=KE A;C61 >ACI5AB2;O5BAO =0 1075 =AB8BCB 157>?0A=>AB8 ?@>872>4AB20 3. '5;O18=A: 8 D0:C;LB5B5 4>?>;=8B5;L=>3> >1@07>20=8O ?@8 #@0;LA:>AC40@AB25==>@=>A;54CNI59 8E 0BB5AB0F859 ?> ?@>9 157>?0A=>AB8 2 F5=B@0;L=>9 8 B5@@8B>@80;L=KE 0BB5AB0F8>==KE :><8AA8OE. 50;870F8O ?@8OB89, =0?@02;5==KE =0 >15A?5G5=85 D878G5A:>9 70I8BK 8 0=B8B5@@>@8AB8G5A:>9 CAB>9G82>AB8 . 0 2A5E ?>4:>=B@>;L=KE #?@02;5=8O;L=KE ?@54?@8OB8OE, 8B 2>76=KE B5@@>@8AB8G5A:8E 0:B>2 : ?@8:070?@545;5=K @C:>2>48B5;8 >B25BAB25==K5 70 ?@>2545=85 ?@>25@>: 70I8I5==>AB8 >?0A=KE ?@>872>4AB25==KE >1J5:B>2. "5@@8B>@88 ?@54?@8OB89 >1=5A5=K 873>@>4LN, :@C3;>ACB>G=> >E@0=ONBAO ' 0<8 8;8 A8;09 >E@0=K, B5@@8B>@8O @07@570 " >4>A8=8=A:89" 4>?>;=8B5;L=> >E@0=O5BAO A;C651=K10:0=B0:B <564C ?@54?@8OB8O@30=0?KB>: ?@>=8:=>25=8O =0 >E@0=O5@88 872=5 70 >BG5B=K9 ?5@8>4 =5 =01;N40;>AL. F5=:0 3>B>2=>AB8 >@30=870F89 : ;>:0;870F88 8 ;8:2840F88 020@89=KE A8BC0F89, =0;8G85 4>3>2>@>2 =0 >1A;C6820=85, =0;8G85 =5HB0B=KE D>@20=89. A>>B25BAB288 A $545@0;L=K=>9 157>?0A=>AB8 >?0A=KE ?@>872>4AB25==KE >1J5:B>2 , =0 ?@54?@8OB8OE ?>4:>=B@>;L=KE =047>@C 70 C3>;L=>9 ?@>ABLN, 254CI8E @07@01>B:C @>645=89 ?>;57=KE 8A:>?053>2>@0 =0 >1A;C6820=85 A ?@>D5AA8>=0;L=K- A?0A0B5;L=K@20=8O;G0=A:89 C3>;L 70:;NG5= 4>3>2>@ =0 >1A;C6820=85 A !525@>C@0;LA:82A:>9 >1;0AB8. >@=O: 70:;NG8; 4>3>2>@ =0 >1A;C6820=85 A >B@O4> !25@4;>2A:>9 >1;0AB8. #3>;L=K5 ?@54?@8OB8O ?>4:>=B@>;L=K5 #?@02;5=8N >AB5E=047>@0 ?> '5;O18=A:>9 >1;0AB8 >1A;C6820NBAO ?> 4>3>2>@C ?>4@0745;5=8O3;0A=> B@51>20=8O?0A=>AB8 =0 2A5E ?>4=047>@=KE #?@02;5=8OAB5E=047>@0 ?> !25@4;>2A:>9 8 '5;O18=A:>9 >1;0ABO;L=KE ?@54?@8OB8OE @07@010BK20NBAO 8 A>3;0A>2K20NBAO 2 CAB0=>2;5==>@O4:5 ?;0=K ;8:2840F88 020@89 8 3@0D8:8 ?@>2545=8O CG51=KE B@52>3, @01>B=8:8 ?@54?@8OB89 ?@>E>4OB >1CG5=85 8 ?@>25@:C 7=0=89 ?> 459AB28O@20=89 =0 ?>4:>=B@>;L=KE ?@54?@8OB8OE =5B. 1 . 1 . 1 . 2 . >@=>@C4=0O 8 =5@C4=0O ?@>ABL. 1I0O >F5=:0 2K?>;=5=8O ?;0=>2 @01>BK 3>@=>3> =047>@0 ?> #$ 70 2 0 0 5 3>4 01>B0 B5@@8B>@80;L=KE #?@02;5=89 ?> =047>@C 2 3>@=>@C4=>9 8 =5@C4=>9 ?@>AB8 2 2 0 0 5 3>4C ?@>2>48;0AL 2 A>>B25BAB288 A ><?;5:A=KBK $545@0;L=>9 A;C61K , ;0=0BK C?@02;5=89 =0 2 0 0 5 3>4 8 >?5@0B82=K<8 C:070=8O<8. A5 ?@54CAB@5==K5 ;0=0<8 ?@8OB8O 2K?>;=5=K . =A?5:B>@A:8AB02>2545=K F5;52K5 ?@>25@:8 3>B>2=>AB8 H0EB 8 :0@L5@>2 : ?@>?CA:C ?02>4:>2KE 2>4, ?@>25@:8 3>B>2=>AB8 ?@54?@8OB89 : @01>B5 2 >A5==5- 784 2 0 0 5 - 2 0 0 6 3>4>2, 2K?>;=5=8O ?@54?@8OB8O20=89 $ ?@>9 157>?0A=>AB8 >?0A=KE ?@>872>4AB25==KE >1J5:B>2 2 G0AB8 ?@54AB02;5=8O 45:;0@0F89 ?@>9 157>?0A=>AB8 , AB@0E>20=8O >B25BAB25==>AB8 70 ?@8G8=5=85 2@540 B@5BL8< ;8F01;N45=8O ;8F5=78>==KE B@51>20=89 8 CA;>289, @538AB@0F88 2 3>AC40@AB25==>2KE @01>B 3>@=K@>BG5B=>4C 2K?>;=5= 1>;LH>9 >1J52>9 @01>BK A>3;0A=> ?8A52 >AB5E=047>@0, #?@02;5=89, @028B5;LAB2 >1;0AB59, >;=>G=>3> ?@54AB028B5;O @57845=B0 2 #@0;LA:>:@C35, ?@>:C@0BC@K. =0;87 ?@8G8= 020@89=>AB8 8 B@02<0B874:>=B@>;L=KE ?@>872>4AB20E 8 >1J5:B0E. >;8G5AB25==0O >F5=:0 CI5@10 >B 020@89 2 0 0 5 3>4C =0 ?>4:>=B@>;L=KE ?@54?@8OB8OE 3>@=>@C4=>9 8 =5@C4=>9 ?@>AB8 ?> #$ 4>?CI5=> 1 3 =5AG0AB=KE A;CG052 A> A<5@B5;L=K4>B82 1 7 2 2 0 0 4 3>4C, 1 3@C??>2>9 =5AG0AB=K9 A;CG09 B0:65 :0: 8 2 2 0 0 4 3>4C. >AB G8A;0 AB@=>4>1K20NI8E ?@54?@8OB8OE '5;O18=A:>9 >1;0AB8 A 3 2 2 0 0 4 3. 4> 5 2 2 0 0 5 3. , A=865=85 A 1 3 2 2 0 0 4 3. 4> 8 2 2 0 0 5 3. =0 ?@54?@8OB8OE !25@4;>2A:>9 >1;0AB8. 0A?@545;5=85 =5AG0AB=KE A;CG052 A> A<5@B5;L=K4> #$ ?@82545=> 2 B01;8F5 1 . 7 >1I53> G8A;0 =5AG0AB=KE A;CG052 8 ?@>87>H;8 =0 ?>475@=KE @01>B0E, 3 =0 >B:@KBKE 3>@=KE @01>B0E, 2 =0 >1>30B8B5;L=KE 8 4@>18;L=>- A>@B8@>2>G=KE D01@8:0E. OBL A;>38G5A:>3> B@0=A?>@B0 =0 ?>475B:@KBKE 3>@=KE @01>B0E, 3 A >1@CH5=85@>4 2 3>@=KE 2K@01>B:0E, 3 A ?045=85BK, 2 A ?>@065=85< M;5:B@8G5A:8:>2>9 =5AG0AB=K9 A;CG09, 2 @57C;LB0B5 :>B>@>3> 420 @01>B=8:0 1K;8 A B@0220=K, 1K; 4>?CI5= =0 H0EB0E !# . ! ?/ ? 0820=85 B5@@8B>@80;L=KE #?@02;5=89 >;8G5AB2> =5AG0AB=KE A;CG052 2 0 0 4 3. 2 0 0 5 3. !<. @. ! !25@4;>2A:>9 >1;0AB8 1 3 1 8 1 2 . #"- ?> '5;O18=A:>9 >1;0AB8 3 " 5 " 3 . #"- ?> "N9 >1;0AB8 1 " " " 4 . #"- ?> C@30=A:>9 >1;0AB8 " " " " 5 . #"- ?> %0=BK- 0=A89A:> /- 5=5F:>3> ?> #$ 1 7 1 1 3 1 5AG0AB=K5 A;CG08 A> A<5@B5;L=K4>< 8<5;8 2 2 0 0 5 3. =0 ?@54?@8OB8OE ?>4:>=B@>;L=KE: #"- ?> !25@4;>2A:>9 >1;0AB8: 2 3 . 0 2 . 0 5 3. =0 @C4=>C@0;LA:>5 @C4>C?@02;5=85 =0 M:A:020B>@5 ! 3 1 =0 3>@. 2 5 0 872>4AB25 @01>B ?> 704J53> :0=0B0 M:A:020B>@0, ?>AB@0402H89 1K; 70BO=CB ?>4 ?@>G=K9 20; ;5154:8 8 ?>;CG8; 65AB25==K5 ?>2@5645=8O =5 A>2<5AB8?5AG0=A:0O ?@8 >1>@:5 70:>;>2 ?> :@>2;5 A:@5?5@=>3> >@B0 ! 5 6 3>@. - 3 0 7 AB@0402H89 1K; A B@0220= ?@8 ?045=88 A :@>2;8 :CA:0 @C4=>9 C?@02;5=8O 0G:0=0@A:89 0=0489 ?@8 42865=88 >B ?5@54286=>9 AB>;>2>9 : M:A:020B>@C ! 3 1 =0 3>@. + 1 7 5 AB@0402H89 ?>?0; ?>4 02B>A0A20;. 2 7 . 0 5 . 0 5 3. =0 H0EB5 .6=0O 5@57>2A:>5 @C4>C?@02;5=85 ?@8 ?>3@C7:5 3>@=>9 :0 1 0 4 409:8 ;L8=A:0O =0 3>@. - 3 1 4 3@C7>G=>9 9 - 1 ! ?@>87>H;0 ?>A04:0 7028A0=8O @C4K. K:0B82H8@=>9 AB@0402H89 1K; A B@0220=. 0 4 . 0 7 . 0 5 3. =0 H0EB5 0;L8=A:0O !# 87- 70 ?5@53@C7:8 ?>@>4>9 ?@54>E@0=8B5;L=>3> ?>;:0 2 =0:;>==>AAB0NI587>H;> 53> @07@CH5=85, 2 @57C;LB0B5 G53> 420 3>@=>@01>G8E, =0E>482H8EAO 2 MB> 2@5;:5, C?0;8 2 @C4>A?CA:. 0 5 . 0 8 . 0 5 3. =0 H0EB5 1 4 - 1 4 18A !# ?@8 A59A1@CH82H82;8 701>O 2K@01>B:8 :CA:0@=>9 AB@0402H89 1K; A B@0220=. 1 0 . 1 1 . 0 5 3. =0 H0EB5 ABN=8=A:0O ?@8 2K?>;=5=88 2KE @01>B =0 M;5:B@>2>75, 2 @09>=5 :@C3>2>3> >?@>:84K20B5;O 203>=>2 =0 3>@. - 2 4 0 AB@0402H89 ?>;CG8; AB@02 70:;NG5=8N AC4 '5;O18=A:>9 >1;0AB8: "C@3>O:A:>5 @C4>C?@02;5=85 =0 4@>18;L=>- A>@B8@>2>G=>9 D01@8:5 ?@8 A?CA:5 ?> B5E=>;>38G5A:>9 ;5AB=8F5, ?>AB@0402H89 =0E>4OAL 2 0;:>3>;L=>AB>O=88, ?5@520;8;AO G5@57 ?5@8;L=>5 >3@0645=85. .6C@0;7>;>B> =0 H0EB5 &5=B@0;L=0O ?@8 2K?>;=5=88 @5=B=KE @01>B 2 AB2>;5 M;5:B@>A20@I8: C?0; A ?>425A=>3> ?>;:0. 03=8B>3>@A:89 @=>- >1>30B8B5;L=>3> ?@>872>4AB20 ?@8 ?>4:;NG5=88 : :>=F52>9 >?>@5 2>74CH=>3> >B25B2;5=8O ! 3 / M;5:B@>A;5A0@L ?>?0; ?>4 =0?@O65=85 6 2. 8H=52>3>@A:89 3>@=>- >1>30B8B5;L=K9 :>1>30B8B5;L=>9 D01@8:5 ?@8 >G8AB:5 ;>B:0 ?@853> CAB@>9AB20 20:CC=2595@=>9 ;5=BK 8 1K;0 70BO=CB0 ?>4 =0BO6=>9 10@010=. >20O ?@8 >B:0G:5 2>4K M@;8DB>2>3> AB2>;0 ?>4A>1=K9 @01>G89 1K; ?@860B A:8?>A04>G=><C 2=K<8 ?@8G8=0<8 A<5@B5;L=KE B@021;N45=85 ?@028; 8 =>@9 157>?0A=>AB8 =5?>A@54AB25==K;=8B5;OB, A;01K9 :>=B@>;L A> AB>@>=K >B25BAB25==KE ;8F 70 B5E=>;>38G5A:8F5AA01;N45=85 ?@>872>4AB25==>9 8 B5E=>;>38G5A:>9 48AF8?;8=K =0 2A5E C@>2=OE 2K?>;=5=8O @01>B. 2 0 0 5 3>4C =0 ?>4:>=B@>;L=KE 3>@=>@C4=KE ?@54?@8OB8OE #$ 020@89 4>?CI5=> =5 1K;>,