kAm$@[ H92E 5C:G6D E96 7@4FD @? 4@G6C 4C@AA:?8n p?5 H9J 5@ E9@D6 EH@ AC24E:46D DE62= E96 DA@E=:89E :? 4@?D6CG2E:@?\C6=2E65 A@=:4Jnk^Am

kAmr@G6C 4C@AA:?8 :?G@=G6D 8C@H:?8 G2C:@FD A=2?E G2C:6E:6D 36EH66? 42D9 4C@A C@E2E:@?D E@ 6?DFC6 4@?E:?F@FD D@:= 4@G6C286] %92E AC24E:46 :>AC@G6D D@:= H2E6C :?7:=EC2E:@?[ 3F:=5D D@:= @C82?:4 >2EE6C[ AC6G6?ED D@:= 6C@D:@?[ C6DE@C6D D@:= ?FEC:6?ED 2?5 >2?286D A6DED 3J :?4C62D:?8 C@@E 492??6=D[ A=2?E 5:G6CD:EJ 2?5 D@:= 4@G6C :? 7:6=5D]k^Am

kAm&?56C &]$] s6A2CE>6?E @7 p8C:4F=EFC6 567:?:E:@?D[ 4@G6C 4C@AD 2C6 ?@E 92CG6DE65 2?5 D@=5 \\ 6I46AE 7@C 7@C286 :? =:>:E65 6>6C86?4J 4:C4F>DE2?46D \\ 3FE 2C6 E6C>:?2E65 :? G2C:@FD H2JD :?4=F5:?8 ?2EFC2= 7C@DE[ 3FC?:?8[ 2AA=J:?8 96C3:4:56D[ 2?5 7=2EE6?:?8 @C E:==:?8 E96> 367@C6 A=2?E:?8 E96 AC:>2CJ 4C@A] %6C>:?2E:@? >6E9@5D >FDE 36 42C67F==J 4@?D:56C65 3642FD6 2== E9@D6 2AAC@2496D 92G6 C:D<]k^Am

kF=mk=:muC@DE >2J ?@E <:== E96 A=2?E[ 42FD:?8 4@>A6E:E:@? H:E9 E96 AC:>2CJ 4C@A]k^=:mk=:mqFC?:?8 42? D24C:7:46 >F49 @7 E96 D@:= 962=E9 2?5 42C3@? C6E6?E:@? 36?67:ED @7 4@G6C 4C@AA:?8]k^=:mk=:m&D:?8 96C3:4:56D 4@>6D H:E9 E96 C:D< @7 255:?8 E@ 96C3:4:56\C6D:DE2?E H665 A@AF=2E:@?D]k^=:mk=:m#@==:?8 @C E:==:?8 42? H@CD6? D@:= 4@>A24E:@?]k^=:mk^F=m

kAmr@G6C 4C@AD 2C6 :?46?E:G:K65 E9C@F89 G2C:@FD &$sp }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 AC@8C2>D DF49 2D E96 t?G:C@?>6?E2= "F2=:EJ x?46?E:G6D !C@8C2> 2?5 r@?D6CG2E:@? $E6H2C5D9:A !C@8C2>[ AC@8C2>D E92E 7F?5 4@G6C 4C@A 25@AE:@? 2?5 D6E 8F:56=:?6D 7@C AC24E:46 >2?286>6?E] (9:=6 &$sp #:D< |2?286>6?E p86?4J 5@6D ?@E 7:?2?4:2==J 4@G6C E96 A=2?E:?8 @7 4@G6C 4C@AD[ E96 286?4J :?4=F56D 4@G6C 4C@A FD286 2>@?8 2==@H65 v@@5 u2C>:?8 !C24E:46D 2D @7 a_ac] u2C>6CD >FDE 6>A=@J v@@5 u2C>:?8 !C24E:46D E@ C646:G6 7F== :?56>?:EJ A2J>6?ED E@ AC6G6?E 72C>6CD 7C@> :?4FCC:?8 4C@A :?DFC2?46 4@>A6?D2E:@? 5F6 E@ >2?286>6?E\:?5F465 J:6=5 =@DD6D]k^Am

kAm&?E:= s646>36C a_ab[ &$sp }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 4@?D6CG2E:@? AC24E:46D H6C6 ?@E 4@?D:56C65 v@@5 u2C>:?8 !C24E:46D :7 E96J ?682E:G6=J :>A24E65 4C@A 8C@HE9[ D@ D9@CE\E6C> J:6=5 67764ED H9:=6 7:6=5D 252AE65 E@ 4@G6C 4C@AA:?8 4@F=5 36 A6?2=:K65 F?56C &$sp #:D< |2?286>6?E p86?4J :?DFC2?46 C6BF:C6>6?ED] x?4=F5:?8 }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 4@?D6CG2E:@? AC24E:46 AC@465FC6D :? E96 FA52E65 a_ac v@@5 u2C>:?8 !C24E:46D 8F:56=:?6D C6>@G6D @?6 32CC:6C E@ 4@G6C 4C@A 25@AE:@? 7@C #:D< |2?286>6?E p86?4J :?DFC2?46 FD6CD]k^Am

kAmr@G6C 4C@AD 7:?2?465 F?56C }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 AC@8C2>D >2J 36 FD65 2D 6IEC2 =:G6DE@4< 7@C286 6:E96C E9C@F89 8C2K:?8 @C 4FEE:?8 7@C 92J @C D:=286 – H9:49 :? E92E 42D6 >2J 36 D@=5] w@H6G6C[ 92J:?8 2?5 8C2K:?8 2C6 =:>:E65 :7 E96 72C>6C :D A2CE:4:A2E:?8 :? E96 #:D< |2?286>6?E p86?4J DF>>6C 72==@H AC@8C2> @C E96 DE2E6\7@4FD65 t?G:C@?>6?E2= "F2=:EJ x?46?E:G6D !C@8C2> $@:= w62=E9 x?:E:2E:G6] z66A:?8 EC24< @7 E9@D6 5:776C6?46D 36EH66? 286?4:6D 2?5 AC@8C2> C6BF:C6>6?ED 255D 2 9FC5=6 7@C A2CE:4:A2E:?8 72C>6CD]k^Am

kAms@F3=6 4C@AA:?8 5:776CD 7C@> 4@G6C 4C@AA:?8 @?=J :? E92E 3@E9 4@>>@5:E:6D 8C@H? 2C6 92CG6DE65 7@C >@?6J 2E 5:776C6?E A@:?ED :? E96 J62C – =:<6 4@C? 2?5 H:?E6C H962E] s@F3=6 4C@AA:?8 AC@G:56D >2?J @7 E96 D2>6 36?67:ED 2D 4@G6C 4C@AA:?8 – 4@?E:?F@FD D@:= 4@G6C286[ =:G:?8 C@@E DJDE6>D 2?5 ?FEC:6?E 3F:=5:?8] qJ 8C@H:?8 >@C6 7@@5[ 7:36C 2?5 7F6= @? 6I:DE:?8 4C@A=2?5[ E92E AC24E:46 2=D@ :?4C62D6D 72C>:?8 AC@5F4E:G:EJ] *6E[ 5@F3=6 4C@AA:?8 :D ?@E 4@?D:56C65 2 4@?D6CG2E:@? >2?286>6?E AC24E:46 F?56C &$sp AC@8C2> 6=:8:3:=:EJ]k^Am

kAmr2D9 4C@AD[ :?4=F5:?8 E9@D6 8C@H? E9C@F89 5@F3=6 4C@AA:?8[ 2C6 6=:8:3=6 7@C #:D< |2?286>6?E p86?4J :?DFC2?46 A@=:4:6D] %96 5:DE:?4E:@? 36EH66? “4@G6C 4C@AA:?8” 2?5 “5@F3=6 4C@AA:?8” AC6G6?ED 5@F3=6 A2J>6?E 7C@> &$sp 7@C E96 D2>6 7:6=5 24E:G:EJ 2D 2 7:6=5 8C@H:?8 42D9 4C@AD J62C\C@F?5 :D F?56C 4@?E:?F@FD :?DFC2?46 4@G6C286] %96 #:D< |2?286>6?E p86?4J 6IA2?565 E96:C 5@F3=6 4C@AA:?8 4@G6C286 2C62 :? a_ab E@ 6?4@FC286 :?4C62D65 7@@5 AC@5F4E:@?[ C64@8?:K:?8 E96 36?67:ED @7 4@?E:?F@FD 42D9 4C@A AC@5F4E:@?]k^Am

kAm(9:=6 3@E9 AC@G:56 4@?D6CG2E:@? 36?67:ED[ E96 2C3:EC2CJ 5:776C6?46D 36EH66? 5@F3=6 4C@AA:?8 2?5 4@G6C 4C@AA:?8 42? 27764E E96 >2?286>6?E 564:D:@?D @7 72C>6CD 2EE6>AE:?8 E@ AC@G:56 4@?E:?F@FD D@:= 4@G6C286] x7 72C>6CD 9@A6 E@ >2<6 2 >@?6E2CJ C6EFC? @? E96:C 564:D:@? E@ 4@?E:?F@FD=J 4@G6C E96:C 7:6=5 \\ E96 8@2= @7 4@G6C 4C@AA:?8 \\ 3J A=2?E:?8 2 G2=F23=6 4C@A DF49 2D H962E @FED:56 @7 E96:C EJA:42= 4C@A C@E2E:@?[ E96J 2C6 ?@E 36:?8 C64@8?:K65 7@C E96:C 4@?EC:3FE:@?D E@ 4@?D6CG2E:@? 677@CED] s@F3=6 4C@AA:?8 24C6D 2C6 ?@E 6IA=:4:E=J C64@C565 :? E96 r6?DFD @7 p8C:4F=EFC6] x?DE625[ E96 D2>6 24C6D @? H9:49 EH@ 4C@AD 2C6 8C@H? 2C6 4@F?E65 E@ E96 E@E2= 92CG6DE65 24C6D @7 6249 :?5:G:5F2==J[ >62?:?8 E92E E96 E@E2= ?F>36C @7 92CG6DE65 4C@A=2?5 24C6D :? E96 46?DFD 255D FA E@ >@C6 E92? E96 E@E2= 24C6D @7 &]$] 4C@A=2?5 FD65 7@C AC@5F4E:@?] %96 25>:?:DEC2E:G6 5:DE:?4E:@?D 36EH66? 5@F3=6 4C@AA:?8 2?5 4@G6C 4C@AA:?8 E9FD AC6G6?E C6D62C496CD 7C@> EC24<:?8 E96 ECF6 ?F>36C @7 24C6D E92E 2C6 36?67:E:?8 7C@> E96 D@:= 962=E9 25G2?E286D @7 4@?E:?F@FD A=2?E 4@G6C286]k^Am

kAm%:==286 :D EC25:E:@?2==J FD65 E@ =@@D6? E96 D@:= 2?5 C6>@G6 DFC7246 C6D:5F6 E@ :>AC@G6 D665 A=2?E:?8] r@?D6CG2E:@? E:==286 – 6:E96C ?@\E:== @C C65F465 E:==286 – C65F46D D@:= 5:DEFC32?46D E92E 42FD6 D@:= 4@>A24E:@? @C C65F46 D@:= 4@G6C[ H9:49 42? 3@E9 6I246C32E6 6C@D:@?] r@?D6CG2E:@? E:==286 =:>:ED D@:= 4@>A24E:@? 7C@> E:C6 AC6DDFC6 3J C65F4:?8 E96 2>@F?E @7 E:>6D >249:?6CJ :D 5C:G:?8 @G6C E96 7:6=5 E@ AC6A2C6 7@C A=2?E:?8] x?DE625 @7 4=62C:?8 E96 7:6=5 4@G6C E@ A=2?E 5:C64E=J :?E@ E96 D@:=[ 4@?D6CG2E:@? E:==286 >6E9@5D 4C62E6 492??6=D E9C@F89 AC6G:@FD J62CD’ 3:@>2EE6C E@ A=2?E D665D[ >@G:?8 2D =:EE=6 D@:= 2D A@DD:3=6]k^Am

kAm}@\E:== C6BF:C6D A=2?E6CD E92E 4FE :?E@ E96 D@:= 2?5 56A@D:E D665D 5:C64E=J :?E@ E96 8C@F?5 H9:=6 @E96C >:?:>F> E:==286 AC24E:46D =:<6 DEC:A E:==[ C:586 E:== 2?5 >F=49 E:== <66A 2E =62DE b_ A6C46?E @7 E96 D@:= DFC7246 4@G6C65 :? A=2?E C6D:5F6] %96 AC24E:46 2=D@ C65F46D 42C3@? 6>:DD:@?D 3J C65F4:?8 E96 2>@F?E @7 6BF:A>6?E A2DD6D @? 6249 7:6=5j 244@C5:?8 E@ &$sp’D 6DE:>2E6[ 36EH66? a_`b 2?5 a_`e 4@?D6CG2E:@? E:==286 C65F465 7F6= FD6 3J feb >:==:@? 82==@?D A6C J62C[ H9:49 C65F46D 42C3@? 5:@I:56 6>:DD:@?D 3J g]d >:==:@? E@?D]k^Am

kAm&D65 :?5:G:5F2==J @C :? 4@?;F?4E:@? H:E9 6249 @E96C[ 4@G6C 4C@AD 2?5 4@?D6CG2E:@? E:==286 4@G6C 2== E96 A:==2CD @7 D@:= 962=E9 >2?286>6?E \\ >:?:>:K6 D@:= 5:DEFC32?46[ >2I:>:K6 D@:= 4@G6C[ >2I:>:K6 3:@5:G6CD:EJ 2?5 >2I:>:K6 E96 AC6D6?46 @7 =:G:?8 C@@ED :? E96 D@:=]k^Am

kAm%@E2= =2?5 72C>65 :? E96 &?:E65 $E2E6D 92D 564C62D65 >@C6 E92? a_ >:==:@? 24C6D :? a_aa 4@>A2C65 E@ a_`f[ H96? E96 AC6G:@FD r6?DFD @7 p8C:4F=EFC6 H2D 4@?5F4E65] w@H6G6C[ 24C6286 7@C 2== E9C66 AC24E:46D – 4@?D6CG2E:@? E:==286[ ?@\E:== 2?5 4@G6C 4C@AA:?8 – :?4C62D65 36EH66? E96 EH@ 46?DFD6D[ ?@H C6249:?8 ad A6C46?E[ ag A6C46?E 2?5 7:G6 A6C46?E[ C6DA64E:G6=J]k^Am

kAm%96 x?7=2E:@? #65F4E:@? p4E 4@>>:EE65 S`h]d 3:==:@? 5FC:?8 7:G6 J62CD 7@C &$sp 4@?D6CG2E:@? AC@8C2>D H:E9 4=:>2E6 492?86 >:E:82E:@? 36?67:ED] %96 }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 >256 :ED =2C86DE 4@>>:E>6?E @7 2DD:DE2?46 F?56C E9@D6 AC@8C2>D :? a_ab H:E9 >@C6 E92? Sa]g 3:==:@? DA6?E @? >@C6 E92? cd[___ 4@?EC24ED] $@>6 @7 E9@D6 AC@8C2>D :?4=F56 4@?D6CG2E:@? 62D6>6?E 56G6=@A>6?E[ E649?:42= 2DD:DE2?46 7@C :?\7:6=5 EC2:?:?8[ E96 #68:@?2= r@?D6CG2E:@? !2CE?6CD9:A !C@8C2> E@ 4@==23@C2E6 H:E9 A2CE?6CD 2?5 @?\72C> AC24E:46 7F?5:?8 E9C@F89 E96 t?G:C@?>6?E2= "F2=:EJ x?46?E:G6D !C@8C2> @C E96 r@?D6CG2E:@? $E6H2C5D9:A !C@8C2>] x?5:G:5F2= AC24E:46 25@AE:@? H2D E:65 E@ S`]c >:==:@? :? @FE=2JD :? 7:D42= J62C a_ac 7@C >@C6 E92? bb_[___ ?6H 4@?D6CG2E:@? AC24E:46 FD6D] r@G6C 4C@AA:?8 :D E96 7:7E9\>@DE\FD65 AC24E:46 F?56C @3=:82E65 4@?EC24ED :? 7:D42= J62C a_ac] r@?D6CG2E:@? E:==286 4@?EC24ED 5@ ?@E >2<6 E96 E@A\b_ AC24E:46D DFAA@CE65 F?56C E9@D6 AC@8C2>D[ D9@H:?8 2 D=@H5@H? :? 25@AE:@? 8C@HE9]k^Am

kAmr@G6C 4C@AA:?8 H2D FD65 @? ;FDE =6DD E92? `g >:==:@? 24C6D ?2E:@?H:56[ 2 ?62C=J `f A6C46?E :?4C62D6 36EH66? a_`f 2?5 a_aa – 5@F3=6 E96 8C@HE9 C2E6 @7 4@?D6CG2E:@? E:==286 >6E9@5D] r@G6C 4C@A 25@AE:@? :D =2C86=J 5C:G6? 3J C68:@?2= D9:7ED 2D H62E96C 4@?5:E:@?D[ H2E6C 2G2:=23:=:EJ 2?5 D@:= EJA6 2== :>A24E C68:@?2= DF:E23:=:EJ 7@C 4@G6C 4C@AD]k^Am

kAmpD H:E9 2?J ?6H \\ @C ?6H=J 2AAC64:2E65 \\ E649?@=@8J[ 2446AE2?46 @7 4@?D6CG2E:@? AC24E:46D 42? E2<6 E:>6] u2C>6CD’ 2EE:EF56D E@H2C5 C:D<[ D@4:2= 2446AE2?46[ 6IA64E2E:@?D @7 677@CE[ E96 =@42= D@:= 2?5 H62E96C 4@?5:E:@?D[ 2?5 E96 =6?8E9 @7 E:>6 367@C6 D@:= 962=E9 36?67:ED 42? AC@G:56 3@EE@> =:?6 36?67:ED 42? 2== 27764E E96 =:<6=:9@@5 @7 25@AE:@?[ 2?5 ?@?6 @7 E9@D6 AC24E:46D :D =:<6=J E@ C6249 `__ A6C46?E 25@AE:@?]k^Am

kAmr@G6C 4C@AA:?8 2?5 4@?D6CG2E:@? E:==286 3@E9 92G6 E649?:42= =:>:E2E:@?D] u2C>6CD’ AC:>2CJ 4@?46C? H:E9 4@?D6CG2E:@? E:==286 :D :?4C62D65 A6DE AC6D6?46 3642FD6 E:==286 EJA:42==J D6CG6D E@ 6C25:42E6 H665D 2?5 @E96C A6DED] x7 D:8?:7:42?E C6D:5F6 :D =67E 7C@> E96 AC6G:@FD J62C’D 4C@A[ :E >2J 2=D@ 36 5:77:4F=E E@ 4FE E9C@F89 E@ A=2?E E96 ?6IE 4C@A] $A64:2= ?@\E:== A=2?E6CD 2C6 C6BF:C65 E@ 4FE E9C@F89 E92E C6D:5F6[ H9:49 42? 36 2 DF3DE2?E:2= :?:E:2= :?G6DE>6?E E@ 368:? FD:?8 4@?D6CG2E:@? E:==286]k^Am

kAmr@G6C 4C@AD 4@>6 H:E9 D:8?:7:42?E =23@C 2?5 7:?2?4:2= :?G6DE>6?ED @G6C E96:C 6?E:C6 FD6 – ?6H 6BF:A>6?E[ A=2?E:?8 E:>6 2?5 E6C>:?2E:@? >2?286>6?E] xE H:== @7E6? E2<6 2 =@?8\E6C> 4@>>:E>6?E E@ D66 36?67:ED 7C@> E96 AC24E:46[ D@ E96 :?:E:2= 4@DED 2C6 2 D:8?:7:42?E 32CC:6C E@ 6?ECJ] r@G6C 4C@AD 42? :?:E:2==J 9FCE J:6=5D 3642FD6 E96 A=2?ED FD6 D@:= ?FEC:6?ED 367@C6 E96J 564@>A@D6 2?5 255 324< E@ E96 @C82?:4 >2EE6C] $@[ :? E96 7:CDE 76H J62CD[ 255:E:@?2= :?AFED =:<6 76CE:=:K6C @C :CC:82E:@? 2C6 ?66565 E@ C6A=6?:D9 E96 ?FEC:6?ED 36:?8 FD65 3J 255:E:@?2= A=2?E 8C@HE9 @? 2 7:6=5] x? 5@H? 72C> 64@?@>:6D =:<6 E96 4FCC6?E @?6 H96C6 72C>6CD 2=C625J 7246 9:89 AC@5F4E:@? 4@DED 2?5 =@H C6G6?F6D[ :E >2J 36 5:77:4F=E E@ ;FDE:7J E9@D6 255:E:@?2= 6IA6?D6D]k^Am

kAmp55:E:@?2==J[ 5:776C6?E D@:=D[ 4=:>2E6D @C AC:>2CJ 4C@AD 42? 27764E E96 =2?5’D DF:E23:=:EJ 7@C 5:776C6?E 4@G6C 4C@AD 2?5 >2?286>6?E DJDE6>D] pC62D H:E9 =:>:E65 C2:?72== >:89E ?@E 92G6 6?@F89 >@:DEFC6 E@ DFDE2:? >F=E:A=6 A=2?ED] x7 ?@E 6?@F89 D@:= H2E6C :D =67E 27E6C 8C@HE9 @7 2 4@G6C 4C@A[ E92E 42? AC6G6?E 8C@HE9 @7 2 42D9 4C@A =2E6C :? E96 J62C] x? 4@=5 4=:>2E6D[ :?4C62D65 H2E6C C6E6?E:@? :? E96 D@:= 7C@> CF?@77 AC6G6?E:@? 42? 2=D@ 56=2J D@:= H2C>:?8 2?5 E96 A=2?E:?8 @7 E96 42D9 4C@A] t249 AC:>2CJ 4C@A 2=D@ 92D 5:776C6?E 4@G6C 4C@A 4@>A2E:3:=:EJ] u:6=5D 7@C 4C@AD DF49 2D 4@C? 92G6 2 9:89 =6G6= @7 C6D:5F6 =67E @? E96 DFC7246 27E6C 92CG6DE[ H9:=6 D@>6[ =:<6 4@EE@?[ 5@ ?@E =62G6 D:8?:7:42?E C6D:5F6] w:89\C6D:5F6 4C@AD[ H9:=6 >:DD:?8 =:G:?8 C@@ED @7 4@G6C 4C@AD[ 5@ ?@E 92G6 E96 D2>6 32C6 D@:= E92E H@CD6?D 6C@D:@?[ 6DA64:2==J :7 36:?8 >2?2865 H:E9 4@?D6CG2E:@? E:==286] %9@D6 4@?D:56C2E:@?D 2== 4@>3:?6 E@ DA64:7:4 8C@H:?8 4@?5:E:@? C6BF:C6>6?ED 7@C 67764E:G6 FD6 @7 4@G6C 4C@AD \\ 2 =:89E C6D:5F6 =67E @G6C 7C@> E96 AC:>2CJ 4C@A :? 2 4=:>2E6 H:E9 256BF2E6 H62E96C 2?5 =@?86C[ H2C>6C 8C@H:?8 D62D@?D]k^Am

kAm%96 E649?:42= 4@>A@?6?ED 42? >2<6 4@G6C 4C@AA:?8 2 D:8?:7:42?E >2?286C:2= 3FC56?[ D@ 6IE6?D:G6 EC2:?:?8 2?5 DFAA@CE :D ?66565 E@ =62C? 9@H E@ 67764E:G6=J FE:=:K6 E96 AC24E:46] %96 5:776C6?E CF=6D 7@C 6249 &$sp AC@8C2>D’ 6=:8:3=6 4@G6C 4C@A G2C:6E:6D[ A=2?E:?8 2?5 E6C>:?2E:@? AC@465FC6D 42? 2=D@ >2<6 :E 5:77:4F=E E@ 56G6=@A 2 DF:E23=6 A=2?] p7E6C 7:G6 J62CD[ 72C>6CD 2C6 2=D@ ?@ =@?86C 6=:8:3=6 7@C t?G:C@?>6?E2= "F2=:EJ x?46?E:G6D !C@8C2> 7F?5:?8 7@C 4@G6C 4C@A :>A=6>6?E2E:@?] p55:E:@?2==J[ 2?J 72C>6CD H9@ 92G6 366? :>A=6>6?E:?8 4@?D6CG2E:@? AC24E:46D AC:@C E@ C646:G:?8 2DD:DE2?46 =@D6 E96:C 6=:8:3:=:EJ 7@C 4@?D6CG2E:@? 7F?5:?8] %92E AF?:D96D 62C=J 25@AE6CD 3J =:>:E:?8 E96:C 7:?2?4:2= @AE:@?D E@ >2:?E2:? 4@?D6CG2E:@? >2?286>6?E] x?DE625[ E96J >2J 6?C@== :? E96 r@?D6CG2E:@? $E6H2C5D9:A !C@8C2>[ 3FE E92E AC@8C2> C6BF:C6D 4@>3:?2E:@?D @7 AC24E:46D 2?5 25G2?46>6?ED 36J@?5 “32D:4” AC24E:46D – =:<6 A=2?E:?8 4@G6C 4C@A >:I6D C2E96C E92? @?6 A=2?E] %92E AC@8C2> 42? 36 5:77:4F=E E@ A2CE:4:A2E6 :? 5F6 E@ E96 6IE6?D:G6 E649?:42= 6IA6CE:D6 ?66565 E@ :>A=6>6?E E96 “3F?5=6D” @7 AC24E:46D]k^Am

kAm~E96C AC@8C2>D >2J C6BF:C6 FD:?8 >F=E:A=6 4@?D6CG2E:@? AC24E:46D :? 4@?;F?4E:@? – C676CC65 E@ 2D “3F?5=:?8]” %96 >@DE AC@>:?6?E 6I2>A=6 @7 E92E :D E96 C6BF:C6>6?ED 7@C 72C>6CD 8C@H:?8 4@C? 2?5 D@J362?D E@ 364@>6 7665DE@4<D 7@C DFDE2:?23=6 2G:2E:@? 7F6=] %@ 36 6=:8:3=6 7@C E96 x#$ c_q E2I 4C65:E 7@C 4@?EC:3FE:?8 E@ 4=:>2E6 492?86 :?:E:2E:G6D[ 3@E9 4@C? 2?5 D@J362?D >FDE 36 72C>65 H:E9 ?@\E:== 2?5 4@G6C 4C@AD] r@C? >FDE 2=D@ FD6 DA64:7:4 6?92?465\677:4:6?4J 76CE:=:K6C E@ C65F46 ?:EC@86? 6>:DD:@?D] r@G6C 4C@AD 25@AE:@? :D =:>:E65j D@ >@DE 72C>6CD H6C6 :?6=:8:3=6 7@C E9@D6 4C65:ED[ =62G:?8 7665DE@4< 56>2?5 E@ @G6CD62D D@FC46D] tG6CJ 255:E:@?2= C6BF:C6>6?E :?E6?D:7:6D E96 >2?286>6?E 724E@CD 2?5 6IA6CE:D6 ?66565 E@ A2CE:4:A2E6[ 4C62E:?8 D6C:@FD 32CC:6CD E@ 6?ECJ 7@C E96 AC@8C2>D H9@D6 2:> :D 3C@256C 25@AE:@? @7 4@?D6CG2E:@? AC24E:46D]k^Am

kAm%96 t2DE r@2DE 92D E96 9:896DE =6G6= @7 25@AE:@? 3J 24C6286] %6? DE2E6D @? E96 t2DE6C? D9@C6=:?6 92G6 E96 @?=J 5@F3=6\5:8:E A6C46?E286 D92C6 @7 4C@A=2?5 A=2?E65 E@ 4@G6C 4C@AD[ 3FE >2?J @7 E9@D6 2C6 }@CE962DE6C? DE2E6D H:E9 =6DD 4C@A=2?5 72C>65 @G6C2==] %96 vC62E !=2:?D DE2E6D 92G6 E96 8C62E6DE 8C@HE9 C2E6 :? 4@G6C 4C@AA:?8 56DA:E6 92G:?8 D@>6 @7 E96 =2C86DE 564C62D6D :? @G6C2== 24C6D 72C>65] w@H6G6C[ ?@ DE2E6 H6DE @7 E96 |:DD:DD:AA: #:G6C 92D >@C6 E92? D:I A6C46?E @7 :ED 4C@A=2?5 A=2?E65 E@ 4@G6C 4C@AD[ 2?5 aa DE2E6D ?2E:@?H:56 92G6 =6DD E92? E96 ?2E:@?2= 2G6C286 @7 7:G6 A6C46?E @7 4C@A=2?5 A=2?E65 E@ 4@G6C 4C@AD]k^Am

kAm{@42= :?:E:2E:G6D E2C86E:?8 DA64:7:4 7C28:=6 6?G:C@?>6?ED DF49 2D 9:89=J 6C@5:3=6 =2?5 @C H2E6CD965D H:E9 CF?@77\C6=2E65 H2E6C BF2=:EJ :DDF6D 2C6 D:8?:7:42?E 4@?EC:3FE@CD E@ 4@G6C 4C@A 25@AE:@?] |2CJ=2?5 92D 925 E96 9:896DE 25@AE:@? C2E6 7@C 4@G6C 4C@AD[ H:E9 af A6C46?E @7 2== 4C@A=2?5 A=2?E65 E@ 4@G6C 4C@A :? a_aa 5F6 E@ =@?8\DE2?5:?8 4@>>:E>6?ED E@ :>AC@G6 H2E6C BF2=:EJ :? E96 r96D2A62<6 q2J] |@C6 C646?E=J[ E96 &]$] t?G:C@?>6?E2= !C@E64E:@? p86?4J D6E 36?49>2C<D 7@C H2E6C BF2=:EJ :>AC@G6>6?ED :? E96 |:DD:DD:AA: #:G6C 32D:? DA64:7:42==J E2C86E:?8 ?FEC:6?E CF?@77] t249 DE2E6 :? E96 |:DD:DD:AA: #:G6C q2D:? 92D 56G6=@A65 ?FEC:6?E C65F4E:@? DEC2E68:6D 7@C E96:C H2E6CD965D[ 2?5 >2?J C6=J @? C6D62C49 2?5 :>A=6>6?E2E:@? AC@;64ED 2?5 A2CE?6CD9:AD E@ :?4C62D6 4@?D6CG2E:@? AC24E:46D :? E96:C DE2E6D] r@G6C 4C@AD 2C6 2 D:8?:7:42?E C6D@FC46 :? 4@>32E:?8 ?FEC:6?E CF?@77 3642FD6 E96J AC6G6?E 6C@D:@? 2?5 AC@>@E6 ?FEC:6?E C6E6?E:@? :? E96 D@:=] %9:CE66? @7 E96 `d |:DD:DD:AA: #:G6C q2D:? DE2E6D :?4C62D65 4@G6C 4C@A 25@AE:@? 7C@> a_`f E@ a_aa] %96C6 2C6 D@>6 DE2E6D 2?5 H2E6CD965D E92E 6?E6C65 #68:@?2= r@?D6CG2E:@? !2CE?6CD9:A !C@8C2> 4@?EC24ED H:E9 E96 }2EFC2= #6D@FC46D r@?D6CG2E:@? $6CG:46 E@ E2C86E 4@?D6CG2E:@? 7F?5:?8 E@ 2E\C:D< H2E6CD965D]k^Am

kAmr@?D6CG2E:@? E:==286 >6E9@5D 2C6 >@C6 H:56=J 25@AE65 E92? 4@G6C 4C@AA:?8] r@>3:?65[ ?@\E:== @C C65F465 E:==286 :D FD65 @? >@C6 E92? a__ >:==:@? 24C6D @7 4C@A=2?5 ?2E:@?H:56[ ?62C=J 6BF2==J DA=:E 36EH66? ?@\E:== 2?5 C65F465 E:==286] }@\E:== 2?5 @E96C 7@C>D @7 4@?D6CG2E:@? E:==286 :?4C62D65 6:89E A6C46?E 2?5 D6G6? A6C46?E[ C6DA64E:G6=J] |2?J 72C>6CD FD6 E:==286 2D 2 A6DE >2?286>6?E E@@= E@ 6C25:42E6 H665D 2?5 :?D64ED[ D@ C65F465 E:==286 H2D 9:DE@C:42==J >@C6 A@AF=2C] qFE :? a_aa[ ?@\E:== 24C6286 @G6CE@@< @E96C 7@C>D @7 4@?D6CG2E:@? E:==286[ D9@H:?8 2 8C@H:?8 2446AE2?46 @7 >@C6 :?E6?D6 4@?D6CG2E:@? E:==286 >6E9@5D E9C@F89 E96 AC6G:@FD 7:G6 J62CD] %96 64@?@>:4 36?67:ED @7 C65F465 E:==286 =:<6=J :?46?E:G:K65 AC24E:46 25@AE:@? D:?46 C6>@G:?8 E96 :?E6?D:G6 E:==286 C6BF:C6>6?ED @7 EC25:E:@?2= >6E9@5D 42? D2G6 >@?6J @? 7F6=[ =23@C 2?5 6BF:A>6?E] ~G6C2==[ 24C6286 72C>65 H:E9 4@?D6CG2E:@? E:==286 :D >@C6 4@?D:DE6?E 36EH66? a_`f 2?5 a_aa] |@DE DE2E6D 92G6 @?=J D:?8=6\5:8:E A6C46?E286 A@:?E 8C@HE9 @C =@H6C C2E6D :? 4@?D6CG2E:@? E:==286 24C6D] q642FD6 E9@D6 AC24E:46D 2C6 2=C625J >@C6 H:56=J FD65[ :E :D =:<6=J 25@AE:@? 92D A=2E62F65]k^Am

kAm%96 G2C:6EJ @7 6?G:C@?>6?E2= 4@?5:E:@?D 24C@DD E96 4@F?ECJ >62?D 7:6=5 4@>A2E:3:=:EJ H:E9 5:776C6?E 4@?D6CG2E:@? AC24E:46D H:== G2CJ E@@] q6J@?5 4=:>2E6 2?5 D@:= EJA6D[ 25@AE:@? @7 E9@D6 4@?D6CG2E:@? >6E9@5D :D 2=D@ :>A24E65 3J 7:?2?4:2= 2?5 72C> >2?286>6?E 724E@CD] r@G6C 4C@AA:?8 42? 36 6DA64:2==J 492==6?8:?8 5F6 E@ E96 255:E:@?2= :?AFED C6BF:C65 2?5 >2?286>6?E :?E6?D:EJ @7 E96 AC24E:46] %96 =24< @7 &$sp AC@8C2> DFAA@CE 7@C 5@F3=6 4C@AA:?8 >2J 36 6?4@FC28:?8 4@G6C 4C@AA:?8 :? 42D6D H96C6 E96 4@?D6CG2E:@? 36?67:ED @7 5@F3=6 4C@AA:?8 \\ :?4=F5:?8 C65F465 24C6286 C6BF:C6>6?ED 7@C 7@@5 AC@5F4E:@? \\ >:89E 36 8C62E6C] %96C6 :D 2? :?4C62D65 25@AE:@? @7 4@G6C 4C@AA:?8 J62C\@G6C\J62C[ 9:89=:89E:?8 E96 4@>>:E>6?E @7 p>6C:42? 72C>6CD E@ 4@?D6CG2E:@? 677@CED] (9:=6 :E :D 6?4@FC28:?8 E@ D66 8C@H:?8 25@AE:@? @7 4@?D6CG2E:@? AC24E:46D[ E96C6 :D ?@ @?6\D:K6\7:ED\2== D@=FE:@? 7@C E96 5:G6CD6 C68:@?D 2?5 AC@5F4E:@? EJA6D @7 p>6C:42? 28C:4F=EFC6]k^Am

kAm':D:E k2 9C67lQ9EEAi^^HHH]73]@C8^>2C<6E\:?E6=Q E2C86ElQ03=2?<QmHHH]73]@C8^>2C<6E\:?E6=k^2m 7@C >@C6 :?7@C>2E:@?]k^Am