
ÿş

                            @&/ 5



        @    ! !"  % !"!"  II-V %



    @ 1. A!@ A 

    @   A' A% !"!" A A " A A.



      @8B0=8N E@8AB80=AB2> 1K;>70=5A5=>@8=0<8,

:>B>@K5, =0G8=0O A .;8O &570@O, CB25@640;8AL 2 MB>9 AB@0=5.  >3-

40 ;5B>< 55 3. 4> =.M. &570@L 428=C; AN40 ?5@2K5 420 ;538>=0, 5:070; A8;L=>5 A>?@>B82;5=85 <5AB=K9 :8=8=3 [kyning]  0AA825;02=

(>:. 60-45), AK= C;LAB@>20. > C65 2 A;54CNI5<, 54-< 3>4C &570@L 2KA048;AO  A

G5BK@L=0<8. "5<70 1K;0 D>@A8@>20=0 8 AB>;8F0  0AA825;02-

=0 - 04C= - 27OB0 HBC@<><. @8B0=A:85 :5;LBK  1K;8  >1;>65=K

40=LN.

     4=0:>, <5AB=0O 48=0AB8O =5 1K;0 C=8GB>65=0. 7 =55 ?@>8AE>-

48; 2=CG0BK9 ?;515;8= (H5:A?8@>2-

A:89 ":>@>;L &8<15;8=" >:. 10 3. 4> =.M. - 40 3. =.M.)  -  25@=K9

A>N7=8: @8<;O= 8 A>2@5<5==8: 8ACA0 %@8AB0.

     !B. AK= C=>15;8=0 - :8=83 2845@89 (>:. 40-43) ?@>1>20; >B-

:070BLAO >B 2K?;0BK 40=8. -B> 2K720;> ?>E>4 8GB8 400-B ;5B=NN >::C?0F8N @8B0=88 @8=0<8.   >4

1@8B0=A:8E :>@>;59 ?@8 MB>< 1KAB@> 453@048@>20;. ;5< 28-

45@8O 1K; :>@>;L 0@: (:AB0B8 - 4O4NH:0 7=0<5=8B>3>  "@8AB0=0  87

;535=4K > "@8AB0=5 8 7>;L45. ?>A;54AB288 459AB285 1K;>  2:;NG5-

=> 2 :>=B5:AB "@BC@80=K" 8 ?5@5=5A5=> 2 VI 25:).

     @8 MB>< :>@>;5 0@:5 >:. 70 3. =.M. @8B0=8N ?>A5B8;  0?>A-

B>; !8<>= 8;>B (8;8 0=0=8B, B.:. >= 1K; B5<  A0<  87

0=K 0;8;59A:>9 =0 A204L15 :>B>@>3> >A?>4L ?@5B2>@8; 2>4C 2 28-

=>). > =5:>B>@K< 20@80=B0< ?@540=8O >= 8 ?>381  745AL:  "K;  >=

B0:65 8 2 @8B0=88. 45AL >=  ?@>A25B8;  25@>N  %@8AB>2>9  <=>38E

O7KG=8:>2, =525402H8E %@8AB0, 70 GB> 8 1K;  @0A?OB  =525@=K<8..."

("8B8O" A2B. <.  >AB>2A:>3>. = - IX (<09) AB@. 299).  0A?OB ?>

 81KG0N, A;54>20B5;L=>, @85==K<  B@81C=0;><,  C65

7=0:>=5=85< 5@>=0.  B>< :0:8<8 <5B>40<8 @8<;O=5  C:@5?-

;O;8 A2>5 2;04KG5AB2> 2 @8B0=88 ?8A0=8O  3@8-

:>;K (A 78 ?> 84 - :>=AC;LA:89 ;530B  2  @8B0=88), A>AB02;5==>3>

53> 7OB5< "0F8B><.

     >A;54=8< ?@54AB028B5;5< 48=0AB88 0AA825;02=0 1K; 2=C:  :>-

@>;O 0@:0 - CF89 (>:. 140-170 3.) - @8=5B:0,  =>AO-

I0O C65 2?>;=5 @85  8B5F  53>,  >8;,  "1K;  27@0I5=  2

 8<5"). > 8<5==> 53> 0;LD@84 >=@>;5<.

     0B0 E@8AB80=870F88, A>>1I05<0O 54>9 >AB>?>GB5==K< - 1673.

- :070;>AL 1K, ?>4B25@6405B MB>. BAN40 >1KG=> 45;0NB 2K2>4,  GB>

8<5==> :>@>;L CF89 >1@0I0;AO : 12-AL1>9 > E@8AB80=870F88  @8B0=88.  4=0:>,  2@5=B8D8:0B0

A2B. -;52B5@8O (174-189 33) =5 A>2?0405B =8 A 2@5<5=5<  ?@02;5=8O

CF8O, =8 A 40B>9 54K.

     >AB>25@=> ;L:>, GB> ?0?0  -;52B5@89  ?@8A;0;  =0

>AB@>2 42CE 5?8A:>?>2-<8AA8>=5@>2 - $030=0 8  C280=0  -  :>B>@K5

>B:@K;8 745AL  F5@:28  (0;LD@84  >=@8O  @8BB>2"

3;.72). K;> MB>, A;54>20B5;L=>, C65 2 :>=F5 II  25:0,  GB>  ?>4-

B25@6405BAO A2845B5;LAB2>< "5@BC;;80=0 (>;>B>2 "5:F." II, 297).

     >A;5 A<5@B8 :>@>;O CF8O (>:.170 3.) 48=0AB8O  0AA825;02=0

?@5@20;0AL 8 A@548 1@8BBA:8E  2>6459  2>7=8:;8  @0A?@8  (0;LD@84

>=. 3;.-73). -B8< 2>A?>;L7>20;AO @8 =0F8>=0;L=>AB8 - 30;;), :>B>@K9 >E@0=O; A525@=>5 ?>-

15@56L5 0;;88 >B D@0=:>2, => A3>2>@8;AO A =8<8, ?>4=O;  B?;K; 2 @8B0=8N A ?>4G8=5==K< 5B><. -B>  1K;>  2  A5

2@5F0@5=8O 8>:;5B80=0 A A>?@028B5;O<8.  ?>A;54CN-

I85 A5:0 70?04=K9  A>?@028B5;L  0:A8<80=

1K; 70=OB @59=A:>9 3@0=8F59, 0@0C789 ;8E>@04>G=>  A:>;0G820;  =0

15@530E 0-0=H0 A2>5 ?>;C-@85, ?>;C-20@20@A:>5 3>AC40@AB2>.

     >=5F MB>;>68;  =>2K9  A>?@028B5;L  8  =0<5AB=8:  0;-

;88-@8B0=88 >=AB0=F89 %;>@, :>B>@K9 >A048; 8 27O; 57>@80=.  >

2@5A;54CNI8E 2>5==KE 459AB289 0@0C789 1K; C18B.   >=AB0=-

F89 %;>@ 2A:>@5 65=8;AO =0 ;5=5 - 4>G5@8 1@8B0=A:>3> 2>64O  >5-

;O. ;5=0 1K;0 C65 E@8AB80=:>9. -B> 1C4CI0O A2. ;5=0,  <0BL  A2.

8=AB0=B8=0  5;8:>3>,  :>B>@0O  ?@>A;028B  A51O  >1@5B5=85<

@5AB0 >A?>4=O. >7<>6=> ?>4 55 2;8O=85< >=AB0=F89 B09=> A>GC2-

AB2>20; %@8AB80=0<. > 2AO:>< A;CG05 >= =5  ?>445@60;  C  A51O  2

@8B0=88 8 2 0;;88 2A5>1I55 3>=5=85 0:A8<80=0. 5@B2 745AL  1K-

;> >G5=L =5<=>3>. !@548 =8E -

     A2. ;L10= 5@C;09 &5@:28.  >

=5:>B>@K< A2545=8O< MB> 1K; >1@07>20==K9 G5;>25:, :>B>@K9  2  4=8

<>;>4>AB8 ?>A5B8;  8<, => 70B5< 2>72@0B8;AO 2 A2>9  @>4=>9  3>@>4

5@C;0<89. 45AL, A;C60 2 <5AB=>< 30@=87>=5, >= C:@K; C A51O 1@8-

B0=A:>3> A2OI5==8:0,  ?@5A;54C5<>3>  3>=8B5;O<8,  70B5<  ?>4  53>

2;8O=85< 8 A0< ?@8=O; E@8AB80=A:CN 25@C.  -B>  AB0;>  8725AB=>  2

30@=87>=5. >=8B5;8 >A048;8 4>< ;L10=0 8 >= A0<  ?@540;  A51O  2

@C:8 2@03>2, GB>1K A?0AB8 3>ABO 8 ?0ABK@O. > 25;8:>4CH=K9  >1<0=

1K; >1=0@C65=. 1>8E ?>25;8 =0 :07=L, >4=0:>, 25@0 8 B25@4>ABL 8E

>1@0B8;8 A0<>3> ?0;0G0,  B0:  GB>  :07=8BL  ?@8H;>AL  B@>8E.  !2.

;L10= 1K; ?5@2K< 87 =8E 8 0=3;8G0=5 GBCB 53> :0: A2>53> ?5@2>B>@>3> ?5@58<5=>20;8 3>@>4 5@C;0<89  2  !5=B-

;L10=A. 0 - 22 8N=O, 0  40B0  :07=8  ?>  =0H8<  A2OBF0<

303 3.(>4=0:> 540 >AB>?>GB5==K9 ?@82>48B 4@C3CN 40BC - 286 3.).

      C65 8<52H8@>40<: 5@C;0<89 (!5=B-;10=A),

04C= (>;LG5AB5@), >=48=89 (>=4>=) 8 4@., @8<;O=5 ?@81028-

;8 5I5 B@8: -1>@0: (>@:), 8=:>;L= 8 ;>AB5@. 725AB=>,  GB>  =0

@;LA:>< !>1>@5 314 3>40 (?> ?>2>4C >=0B8ABA:>3>  @0A:>;0)  ?@8-

ACBAB2>20;> 3 1@8B0=A:8E 5?8A:>?0: >@:A:89,  >=4>=A:89  8  8=-

:>;L=A:89. ".>. : :>=FC >=8:59A:>3> ?5@8>40 @8B0=8O  C65  8<5;0

<>I=K5 F5=B@K E@8AB80=870F88. 4=0:>, 2 A>A54=8E A =5N  (>B;0=488

8 @;0=488 E@8AB80=AB20 5I5 =5 1K;>. !>1AB25==> 0?>AB>;><  @;0=-

488 AB0=5B A2. 0B@8: (=> > =5< @5GL - 2?5@548).



     %@8AB80=870F8N 0;;88  ?@540=85  A2O7K205B  A  45OB5;L=>ABLN

AI=8A8O @5>?038B0, ?5@2>3> 5?8A:>?0  D8=A:>3>.  !>3;0A=>

?>74=59H8< A:070=8O<, >:. 95 3. (:>340 5 C65 >:.75  ;5B)

>= 1C4-B> 1K >AB028; D8=K 8 C5E0; 2  8< : A2. ?0?5 ;8<5=BC, :>-

B>@K9 ?>A;0; 53> 2 0;;8N 2> 3;025 <8AA88 A 5?. C:80=><, A2OI5=-

=8:><  CAB8:><, 480:>=>< ;52B5@85< 8 4@. 8AA8>=5@K 4>1@0;8AL 4>

30;;LA:>9 NB5F88 (0@860), 345  8E  =0AB83;>  3>=5=85  ><8F80=0

(95-96 33.). >A;5 4>;38E =8A89, ;52B5@89 8  CA-

B8: 1K;8 CA5G5=K <5G><, 0 AI?>254>20;  2

5;L388, 345 2A:>@5 B0:65 ?>381 (>1I. ?0:B.).

     2A5289 048B, >4=0:>, 1>;55 @0==NN 25@A8N (2  87-

;>65=88 5?. 8>=8A8O >@8=DA:>3> (II 25:), A>3;0A=> :>B>@>9 AI=8A89 @5>?038B ?>381 2 D8=0E; 8>=8A89 65 0@86A:89 (A>3;0A-

=> 4@52=59H5@8O  "C@A:>3>;  IV  25:)  -

A>2A5< 4@C3>5 ;8F>, ?@81K2H55 2 0;;8N ?@8 8@5 5:88  (>:.

250 3.).  IX 25:5 0110B 0;4C8= 87  !5=-5=8  >H81>G=>  >B>645A-

B28; >1>8E 8>=8A852.

     ".>., 1>;55 :@8B8G5A:85 8AB>@8:8 >B25@30NB MB>B ?>74=89  20-

@80=B ?@540=8O 8 2K45;ONB 2 8AB>G=8:0 E@8AB80=870F88 0;;88:

     1) 3@5G5A:85 :C?5G5A:85 :>@01;8, :>B>@K5  70E>48;8  2  CABL5

 >=K 8 ?>4=8<0;8AL 225@E ?> B5G5=8N 4> L5==0 8 8>=0;

     2) @8=K, AB>O2H85 2 0;;88 A>  2@5<5=  &570@O  (2

A@545 :>B>@KE : III 2. 1K;> C65 4>AB0B>G=> <=>3> E@8AB80=).

     L5==A:0O 8 8>=A:0O &5@:28, 15AA?>@=>, 4@52=59H85 2 0;;88,

2>7=8:;8, >G5284=>, 2 A5@548=5 II 25:0.  177 3. >=8  AB0;8  65@-

B2>9 3>=5=8O 8 G5< 8<55BAO  ?>4@>1=>5  A2845-

B5;LAB2> - ?>A;0=85 A0<>9 &5@:28. !<. C 2A528O 0

2@5381 5?.>D8=, =0 :0D54@C :>B>@>3> 70ABC?8; 5?. @8-

=59 8>=A:89 (177-202).

     =B5@5A=>, GB> C65 @8=59 ?8H5B (?@0240 >G5=L =5OA=>) >1 >A-

=>20=88 ?5@2KE E@8AB80=A:8E >1I8= 2  89  ?@>28=F88  5@<0=88.

>=B8=35=B>< 8E B0:65 <>3;8 1KBL ;538>=5@K,  AB>O2H85  2  :@C?=KE

:@5?>ABOE-3>@>40E  59=A:>9 3@0=8FK: >;>=88  3@8??8=K  (5;L=5),

>==5, 09=F5, >@E-

@8AB80=A:>3> 2@5<5=8 (A5@.II 25:0) 2 5;L=5.   :@5?>AB8  >==  2

3>=5=85 5:8O (>:.250 3.) 1K;8 70254=8:0. -B> 1K-

;8 @8=5@K. E ;0B8=A:85  8<5=0  Cassins  8  Florentius

(0AA8= 8 $;>@5=F89). E <>I8 4> A8E ?>@ E@0=OBAO 2 @0:5 ?>4  0;-

B0@5< >==A:>3> :0D54@0;L=>3> A>1>@0 (70;>65=  2  1160-E  33.  =0

<5AB5 AB0@>9 F5@:28 IV 25:0).

     K <>65< ?@54?>;>68BL, GB> 3>=5=85 5=8O, :0: MB> 2A5340 1K-

205B, 2K720;8 <>I=CN 2>;=C <8AA8>=5@AB20.  ?.  @83>@89  "C@A:89

?8H5B >1 MB><:

     "@8 8@5 5:88 3>=5=8O =0 E@8AB80= CA8;8;8AL...  MB>

65 2@5?0<8, 1K;8 ?>A;0=K 4;O  ?@>-

?>2548 2 0;;8N, :0: A2845B5;LAB2C5B  8AB>@8O  AB@040=89  A2OB>3>

A;0=K:

2 "C@     - 5?8A:>? 0B80=,

2 @;L    - 5?8A:>? "@>D8<,

2 0@1>== - 5?8A:>? 025;,

2 "C;C7C  - 5?8A:>? !0BC@=8=,

2 0@86   - 5?8A:>? 8>=8A89,

2 ;5@<>= - 5?8A:>? !B@8<>=89,

2 8<>6   - 5?8A:>? 0@F80;;.

     7 =8E 1;065==K9 8>=8A89, 5?8A:>? 0@86A:89, ?@5B5@?52 <=>-

65AB2> ?KB>: 2> 82>, :>=G8; 75<=CN 687=L >B <5G0...

     !0BC@=8= 65, ?@82O70==K9 : :>?KB0< @07JO@5==>3> 1K:0,  >:>=-

G8; A2>N 687=L, A1@>H5==K9 A :@5?>AB8...

      :B>-B> 87 CG5=8:>2 [#@A8=] =0720==KE  5?8A:>?>2  ?@8H5;  2

3>@>4 C@6 8 2>725AB8; =0@>4C > B><, GB> >A?>4L  %@8AB>A  -  =0H

!?0A8B5;L. 7 3>@>60= ;8HL =5<=>385 ?>25@8;8 5 8  2K1@0-

;8 4CE>2=K<8 ;8F0<8.  C:>?>;>65==K5 2 :;8@8:8, MB8 =5<=>385 ?5@5-

=O;8 >B =53> [#@A8=0] ?@028;>  ?A0;<>?5=8O,  C7=0;8  :0:  AB@>8BL

F5@:>2L  8  :0:  4>;6=>  A>25@H0BL  A;C65=85  A545@68B5;N  [B.5.

<5AAC]. > =5 8<5O 4>AB0B>G=> A@54AB2 4;O ?>AB@>9:8,  >=8  ?@>AOB

=5:>3> 3>@>60=8=0 >B40BL 8< A2>9 4>< ?>4 &5@:>2L...  5>:0489...

AB02 B5?5@L E@8AB80=8=><, 4>< A2>9  A45;0;  F5@:>2LN"   ("AB>@8O

$@0=:>2" I, 30-31).

     B0:, MB> 1K;0 <8AA8O  89 &5@:28 (> G5< 4>AB0B>G=> 2K@0-

78B5;L=> 3>2>@OB ;0B8=878@>20==K5 8<5=0), :>B>@0O  459AB2>20;0  2

A>25@H5==> 5I5 O7KG5A:>9 AB@0=5.  ?5@2>< 5?8A:>?5 A2>59  :0D54@K

A2. @83>@89 ?8H5B:

     " MB>< 3>@>45 2 B> 2@53>  O7KG=8:>2...  =5:>B>@KE  87

=8E 0B80= A2>59 ?@>?>254LN >1@0B8; :>  >A?>4C.  >  8=>340  548;>AL A:@K20BLAO >B ?@5A;54>20=8O 2;0AB59... 8  2 45=L >A-

?>4=89 [B.5. 2 2>A:@5A5=L5] >= B09=> >B?@02;O; ?@074=8G=CN  A;C6-

1C A =5<=>38<8... 2 ?>475<5;LOE 8 ?>B05==KE  <5AB0E.  K;  65  >=

25AL<0 1;03>G5AB82K< 8 1>3>1>O7=5==K< G5;>25:><; 0 5A;8 1K =5 1K;

B0:8<, B>, 25@>OB=>, =5 >AB028; 1K 87 ;N128 :> >A?>4C 4><, @>48-

B5;59 8 @>48=C.  MB>< 3>@>45 >= ?@>68; 2 B0:8E BO65;KE  CA;>28OE

?OBL45AOB ;5B 8 ?>G8; 2 <8@5...   5?8A:>?A:>5  <5AB>  >AB020;>AL

20:0=B=K< 37 ;5B." ("0< 65, X, 31).

     B>@K< 5?8A:>?>< "C@0 1K; 8B>@89 (A 337 3.),  0  B@5BL8<  -

A2. 0@B8= (373-397). "A;8 :B> A?@>A8B, ?>G5A;5 A<5@B8  5?.

0B80=0 8 4> A2. 0@B8=0 1K; B>;L:> >48= 5?8A:>?,  B.5.  8B>@89,

?CABL 7=05B, GB> 87-70 A>?@>B82;5=8O O7KG=8:>2 3>@>4 "C@ =0  4>;-

3>5 2@53> 1;03>A;>25=8O. 1> 2 B>  2@525@H0;8 1>3>A;C65=85 B09=>, 2  C:@><=KE  <5AB0E;  B5E

65, :>B>@KE O7KG=8:8 =0E>48;8, >=8  ;81>  8ABO70;8  18G0<8,  ;81>

C25G8;8 <5G><" ("0< 65 I, 48).

     B0:, 745AL =0720=> 7 4@52=59H8E 5?8A:>?A:8E :0D54@ (A A5@5-

48=K III 25:0), : :>B>@K< 4> 314 3. ?@81028;>AL 5I5  8:  0@A5;L,

8FF0, @0=6, >@4>,  C0=, !0=A 8  599 >1;0AB8 (B.5. C 35@<0=F52) 4@52=59H8<8 5?8A:>?-

A:8<8 3>@>40<8 (=0G. IV 2.) 1K;8 5;L= 8  "@8@,  345  ?@>A;028;AO

A2>59 A2OB>ABLN 5?. 0:A8<8=.

     >=5=85 8>:;5B80=0 ?>GB8 =5 70B@>=C;> 0;;8N  (A2. @83>@89

C?><8=05B B>;L:> 5?8A:>?0 28@8=0 87  !8A0:0,  :>B>@>3>  O7KG=8:8

CB>?8;8 2 @5G=>< >A;5 2>F0@5=8O >=AB0=B8=0 5-

;8:>3> E@8AB80=A:>=5@AB2C 745AL 1K; 40= =>2K9 <>I=K9 8<-

?C;LA.



            A% !"&/  # ( )   .

     >:0 E@8AB80=AB2> ?CA:0;> ?5@2K5 A;01K5  @>AB:8  =0  :@09=5<

0?045 (2 0;;88 8 @8B0=88), 2>AB>G=K5 >:@08=K ;=5 O7KG5A:8<8. 4=0:>, 2 >B;8G88 >B 0?040,

E@8AB80=870F8O 8E A2O70=0 A ?@>A25B8B5;LA:8< ?>4283>< 2?>;=5 :>=-

:@5B=KE ;8G=>AB59 - A2. 8=K @C78=A:>9 8 A2. @83>@8O. =8  459-

AB2>20;8 >4=>2@5<5==>, C<5@;8 2 >48= 3>4 (+335) 8,  E>BO  =8:>340

=5 2AB@5G0;8AL, => AC4L1K 8E AB@0==K<  >1@07><  ?5@5A5:0NBAO  ?@8

?>A@54AB25 A2. 452K  8?A8<88.  0AA<>B@8< MBC 8AB>@8N.

     C!2. @02=>0?>AB>;LA:0O 8=0 @>48;0AL >:. 280 3. 2  0??04>:88

(345 1K;> <=>3> 3@C78=A:8E ?>A5;5=89). 5 >B5F 02C;>=  1K;  @>4-

AB25==8:>< 2@38O (+303 3.,?0<. 23  0?@.).    2?>A;54AB288

A2. 8=0 CAB0=>28B 2 @C788 ("5>@388" - B.5. 4065 =0720==>9  B0:

2 G5ABL A2. 5>@38O!) >A>1K9 ?@074=8: 2  ?0  :>;5A>20=8O

(10/24 =>O1@O).

     5 <0BL, !CA0==0, 1K;0 A5AB@>9 85@CA0;83> ?0B@80@E0 .25-

=0;8O. >340 8=5 8A?>;=8;>AL 12 ;5B, >=0  AB0;0  480:>=8AA>N,  0

>B5F C548=8;AO 2 85@CA0;89 ?CABK=5. 8=C 2>A?8BK20;0  AB0@8F0

80=D>@0, @>4>< 87 25@88. =0 <=>3> @0AA:07K20;0  8=5  >  A2>59

@>48=5, 345 1K; A:@KB ... E8B>= >A?>45=L. 0: >= ?>?0; BC40?

     :07K205BAO, @0228= 9 52@59A:>9 >1I8=K -;5070@  ?>4-

45@6820; B5A=K5 >B=>H5=8O A 85@CA0;8A2OI5==8:>< ==>9.

-B>B-B> -;5070@ 8 1K; 2 5@CA0;8<5 :0: @07 2 B> A0<>5 2@53-

40 B0< A>25@H0;>AL  0A?OB85. = AB0; A2845B5;5< !B@0AB59  >A?>4-

=8E 8 <5B0=8O 6@518O > 3> >45645. , 2  :>=F5  :>=F>2,  ?@8>1@5;

=5H259=K9 E8B>= >A?>45=L (40@ >6859 0B5@8!) C 2>8=0,  :>B>@>= 4>AB0;AO ?> 6@518N. 5@=C2H8AL 2 FE5B, -;5070@ ?>:070;  48:>-

28=:C A2>59 A5AB@5 !84>=88, :>B>@0O 2AB@5B8;0 53> A>  A;570<8  =0

3;070E. :07K205BAO, 2 B> A0<>5 2@5340 @5G8AB>5 "5;> ?@83-

2>6405<> 1K;> :> @5ABC, <0BL  -;5070@0  8  !84>=88,  =0E>4OAL  2

FE5B5, CA;KH0;0 2 A2>5< A5@4F5 C40@K AB@0H=>3> <>;>B0 8  2>725A-

B82 4>G5@8 > 65@B25 >3>G5;>25:0, A:>=G0;0AL. #28452  GC4>B2>@=K9

E8B>= !84>=8O B0:65 C?0;0 1574KE0==>9. @8 MB>< @87C >A?>4=N >=0

B0: B5A=> ?@860;0 : A2>59 3@C48, GB> 8E ?@8H;>AL ?>E>@>=8BL 2<5A-

B5. ?>A;54AB288 =0 <>38;5 !84>=88 2K@>A >3@><=K9 :54@.

     0304>G=0O 8AB>@8O %8B>=0 >A?>4=O 2>>4CH528;0  A2.  8=C  8

>=0 <>;8;0AL B>;L:> > B><, GB>1K >1@5AB8 :>340-=81C4L MBC  A2OBK-

=N. >;8B2K 55 1K;8 CA;KH0=K. 4=064K, 2 B>=:>< A=5 !0<0  @5A2O-

B0O 520 O28;0AL 59 8 @0AA:070;0, GB> 8<5==> @C78O 4>AB0;0AL  9

2 C45;, :>340 =0 <5B0;0 2<5AB5 A 0?>AB>;0<8 6@5189 1C4CI53> A;C-

65=8O. 4=0:>, =35; >689, O282H8AL 9 ?@54@5:, GB> @C78O  AB0-

=5B 5 C45;>< ?>A;5 A<5@B8 (!), 0 2 =0AB>OI59 687=8 @>-

689 C3>B>28; 59 0?>AB>;LA:>5 A;C65=85 =0 D>=5.    ;8HL  B5?5@L,

:>340 8A?>;=8;8AL 2@5<5=0 8 A@>:8, >=0 ?>AK;05B  =0  ?@>?>254L  2

A2>9 C45; A2. 8=C.

     1 MB>< 70304>G=>< 7837035 @>3>@5F. > A0<>5 8=B5@5A=>5, GB>, >G=C2H8AL, 8=0  C2845-

;0 2 A2>8E @C:0E ?@>AB>9 :@5AB,  A2O70==K9  87  42CE  28=>3@04=KE

;>7. -B> 1K; 55 1>65AB25==K9 I8B =0 ?CB8 2 25@8N. ( >= 4>  A53>

4=O E@0=8BAO 2 !8>=A:>< :0D54@0;L=>< !>1>@5 3>@>40  "18;8A8).".>.

A2. 8=0 >:070;0AL :0: 1K 70<5AB8B5;L=8F59 8 G@572KG09=K<  ?>A;><

@C3>9 5?>@>G=>9 52K.

     !2. 8=5 H5; B>340 22-9 3>4 8 MB> 1K; G5@=K9 302-9 3>4, :>3-

40 =0 81@CH8;>AL ?>A;54=55 8 A0<>5 AB@0H=>5 3>=5=85 8>:-

;5B80=0. >AB>O==K5 ?@5A;54>20=8O 70AB02;ONB A2. 8=C  1560BL  87

3>@>40 2 3>@>4.  B0: >=0 >:07K205BAO 2 @<5=88, 345 =0E>48B C15-

68I5 C A2.  8?A8<88 8 55 ?>4@C3.

     C!2.  8?A8<8O (+ >:. 303-304 3.)

     @540=85 A45;0;> 87 =55 @8AB8  >=0

?@8=04;560;0 : <5AB=>9 =8:><5489A:>9 >1I8=5 452AB25==8F.   :>340

8>:;5B80= 70E>B5; A45;0BL 55 A2>59 =0;>6=8F59,  2AO  >1I8=0  (?>

@07=K< A2545=8O< >B 37-<8 4> 53-E 452) A=O;0AL A  <5AB0  8  ?KB0-

;0AL C:@KBLAO 2 A>A54=59 AB@0=5. >,  @07C<55BAO,  B0:0O  1>;LH0O

>1I8=0 =5 <>3;0 >AB0BLAO =570<5G5==>9 8 A;C38 8>:;5B80=0  ?@>=N-

E0;8 >1 55 C1568I5 2 28=>3@04=8:0E @<5=88. >3CI5AB25==K9  8@ ?8H5B A2>5  E@8AB80=5

>1>;LAB8;8 53> =525ABC, 8 25;8B AE20B8BL 2A5E.



     45AL 48< :  "8@840BC  @@8N

C@>A25B8B5;N (237-335), AC4L1K :>B>@KE ?5@5?;5;8AL A01@07><.

     @83>@89 1K; AK=>< ?5@A84A:>3> 25;L<>68 ?0:0, :>B>@K9,  4>-

<>30OAL 0@3> ?@5AB>;0, C18; A2>53> @>4AB25==8:0, F0@O  %>A-

@>20.  2>7=8:H59 <564>CA>18F5 ?>381;8 ?>GB8  2A5  55  CG0AB=8:8.

!?0A5=K 1K;8 ;8HL 420 <0;LG8:0 - A0< @83>@89 8 AK= C18B>3>  %>A-

@>20 - "8@840B. 10 1K;8 C2575=K 2  8< 8  2>A?8BK20;8AL  B0<.  >

"8@840B, :0: =0A;54=8: @3> ?@5AB>;0,  ?>3@O70;  2  ?>@>:0E

O7KG5AB20, 0 @83>@89 1K; C65 E@8AB80=8=><.

     =0O, > ?@5ABC?;5=88 >BF0, ?KB0OAL E>BL :0:-B> 8A:C?8BL 53>,

@83>@89 ?>ABC?8; =0 A;C61C : "8@840BC 8 CG0AB2>20;  2  2>9=5  70

53> =0A;5485, :>B>@0O 7025@H8;0AL 2 285 3>4C. "0:,  A  4>72>;5=8O

8>:;5B80=0 "8@840B AB0; 0@@89  ?>-?@56=5 A;C68; 5;L:> >B:07K20;AO ?@8=>A8BL  O7KG5A:85  65@B2K.

0 MB> >= 1K; ?>425@3=CB A=0G0;0 >A<5O=8N, 0 70B5<  8  ?>@C30=8N,

:>B>@>5 B5@?5;82> A=>A8;, 8A:C?0O 3@5E >BF0.

     0:>=5F, 2A5 1>;55 >65AB>G0NI89AO "8@840B ?@540; 4@C30 A2>59

N=>AB8 =0 A8BL 2 3>@>4A:>9 @>2. "0<, 2

7;>2>==>9 6865, A@548 >B1@>A>2 8 :@KA A2. @83>@89 ?@>1K; 14  <5-

AOF52 (>4=0 4>1@0O 65=I8=0 A?CA:0;0 5-B> 2@54OB  AE20G5==KE

A2OBKE 452. ;04K:0 @<5=88 A@07C 65 2;N1;O5BAO 2  A2.   8?A8<8N.

4=0:>, >= 1K;  >B25@3=CB.  @>G85  452K  B0:65  ?@54?>G;8  @C30=8N A2>59 G8AB>BK.  >A;54>20;8  157>1@07=K5

?KB:8 A 2K@K20=85< O7K:>2, >B@570=85< 3@C459, 2A?0@K20=85<  682>-

B>2 8 B.?.  :>=F5-:>=F>2 2A5 452K 1K;8 70

A;C38, >157C<52H85 >B A>1AB25=>9  65AB>:>AB8,  C?>4>18;8AL  48:8<

725@O<. 45@68=8 =>A8;8AL ?> ;5A0<, @0748@0O =0  A5-

15 >4564K.

     ">340-B> A5AB@5 F0@O, CA0@>4CEB5, 1K;> >B:@KB> 2> A=5,  GB>

>=8 8AF5;OBAO ;8HL B>340, :>340 1C45B 872545= 87 @20  A2.  @83>-

@89. CG5=8:0 872;5:;8 - 8AEC40;>3> 8 ?>G5@=52H53>,  =>  B25@4>3>

4CE><. = A@07C 65 25;5; A G5ABLN ?>E>@>=8BL >AB0=:8 A2. 452 8 =0

MB>< <5AB5 ?>AB@>8BL E@0<. 0: B>;L:> F0@O "8@840B0 ?@825;8 2 =5-

3>, >= ?@>A25B;5; @07C<>< 8 @0A:0O;AO 2 A2>5< 20@20@AB25. > C:0-

70=8N A2. @83>@8O, GB>1K A;65=  1K;

:@5AB8BLAO 8 >:@5AB8BL 25AL A2>9 =0@>4.

     #65 2 304 3. 1K; 2>74283=CB -G<80478=A:89 A>1>@ 2 G5ABL  A>-

H5AB28O !2.CE0.  2 305 3. A2B. @83>@89  >B?@028;AO  2  5A0@8N

0??04>:89A:CN 8 B0< 1K; ?>AB02;5= A2B. 5>=B85< 2> 5?8A:>?0 2A59

@<5=88. 0G0;>AL CAB@>5=85 @9 &5@:28.



     5@=5B>@0O GC45A=K< >1@07>< 871560-

;0 0@5AB0 2<5AB5 A >AB0;L=K<8 A22. 4520<8 (?> 2=CH5=8N >68N  >=0

A?@OB0;AL 2 @>7>2>< :CAB5 - A8<2>;5 @5A2OB>9 52K). 0B5<, ?>:8-

=C2 ?@545;K @<5=88, >=0 C:@K;0AL 2 25@88, 345 68;0 =0 28=>3@04-

=8:0E 8 70=8<0;0AL 2@0G520=85<, ?>:0 =5 70:>=G8;>AL 3>=5=85 8>:-

;5B80=0.

      309 3. >=0 ?5@5A5;O5BAO 2 FE5B - 4@52=59HCN AB>;8FC  25-

@88. 45AL >=0 8AF5;O5B >B  15A?;>48O  65=C  F0@A:>3>  A04>2=8:0.

5=I8=0 @>48;0, 0 A2. 8=C ?>A5;8;0 2 A04C, 2 =51>;LH>9  ?0;0B:5,

345 1K >=0 <>3;0 ?@54020BLAO <>;8B20< 8 ?>42830<.  MB> 2@5B:@KB> ?@>?>254>20;0 %@8AB0  0A?OB>3>.

     @C78=A:85 ;5B>?8A8 ?>25AB2CNB, GB> >4=8< 87 ?5@2KE >1@0I5=-

=KE 1K; 25@E>2=K9 @0228= 280D0@ (?>B><>: @0228=0 -;8>70).  =-B>

E>@>H> ?><=8; A2>5 A5<59=>5 ?@540=85 8 @0A:@K; A2. 8=5, GB> A>2-

A5< @O4>< A =59, 2 B>< 65 A04C =0E>48BAO AB0@8==K9  :54@,  2K@>A-

H89 =04 <>38;>9 !84>=88.  ?>4 =8< - %8B>= >A?>45=L. !  B5E  ?>@

A2. 8=0 ?>AB>O==> <>;8;0AL ?>4 25B2O<8  >3@><=>3>  :54@0.  "08=-

AB25==K5 2845=8O ?>A5I0;8 55. "> 24@C3 A;KH0;0 >=0 72C:8  =52848-

<>9 18B2K 8 2>?;8 >BABC?0NI8E 15A>2A:8E ?>;G8I. !B@0=0  A>7@520;0

4;O ?@8=OB8O :@5I5=8O.

     4=064K, 2 ?0;0B:C : 8=5 ?@8=5A;8 =0 =>A8;:0E  A0@065==CN :0:>9-B> 2=570?=>9 1>;57=LN. !2OB0O 8AF5;8;0  55

7=0<5=85< :@5AB0, 0 280D0@ C1548; :0: <>6=> A:>@55 ?@8=OBL  :@5-

I5=85. A;54 70 F0@8F59 >1@0B8;AO 8 55 AC?@C3 - 8@80= -  @>4>=0-

G0;L=8: 48=0AB88 !0AA0=84>2 2 @C788. 5B>< 319 3. >= ?@8=O; :@5-

I5=85 A> 2A59 A2>59 A28B>9.

     > 25;5=8N F0@O >3@><=K9 :54@ 1K;  A?8;5=,  GB>1K  8A?>;L7>-

20BL 53> AB2>; 4;O ?>445@60=8O :C?>;0 A>1>@=>3> E@0<0. 0 @0AA25-

B5 87 :>@=59 :54@0 8AB5:;> 1;03>2>==>5 <8@>, C:07CO <5AB>  E@0=5-

=8O %8B>=0. -B> A>1KB85 87>1@065=> =0 8:>=5 =@>A;02;5=85 @C78=-

A:>9 &5@:28=. 45AL 2848< =0G0;L=K9 45@52O==K9  A>1>@,  2

:>B>@K9 A2.@02=>0?.F0@L >=AB0=B8=  5;.  ?@8A;0;  A2B.  2AB0D8O

=B8>E89A:>3>, 2-E A2OI5==8:>2 8 480:>=>2. "0: =>2>@>645==0O @C-

78=A:0O &5@:>2L AB0;0 G0ABLN =B8>E89A:>9. ?>A;54AB288 =0  <5AB5

45@52O==>3> E@0<0 1K; 2>72545= 25;8G5AB25==K9 :0<5==K9 A>1>@ !25-

B8-&E>25;8, 8 682>B2>@OI89 AB>;? :54@0 >1@5; :0<5==>5 ?>:@KB85. 

G5ABL AB>;?0 682>B2>@OI53> 8 %8B>=0 >A?>4=O 2 @C788  CAB0=>2;5-

=>  ?@074=>20=85  1/14  >:BO1@O  (A>2?0405B  A  >:@>2><   >6859

0B5@8!).

     'B> :0A05BAO %8B>=0 >A?>4=O, B> >=  8  =K=5  ?@51K205B  ?>4

A?C4>< 2 >A=>20=88 FE5BA:>3> 0B@80@H53> A>1>@0 (!25B8-&E>25;8),

0 @870 >A?>4=O, :>B>@0O E@0=8;0AL 2 A>:@>28I=8F5 A>1>@0, 1K;0  2

1625 3>4C, ?@8 @07>@5=88 @C788 ?5@A0<8, 2K2575=0 H0E>< 110A>< I

2 5@A8N.  B>< 65 3>4C, GB>1K @0A?>;>68BL : A515 @CAA:>3>  F0@O,

H0E ?@5?>4=5A @87C >A?>4=N 2 40@ ?0B@80@EC $8;0@5BC  (1619-1633)

8 8E08;C $54>@>28GC.  870 E@0=8;0AL 2 #A?5=A:><  !>1>@5  >A:>2-

A:>3> @5<;O, 70B5< - 2 !0=:B-5B5@1C@3A:>< 5B@>?02;>2A:>< A>1>-

@5 8 8<=5< 42>@F5. !C4L10 MB>9 A2OBK=8 =K=5 =58725AB=0. > 2 ?0-

1KB89 4> A8E ?>@ ACI5AB2C5B ?@074=8:  >;>65=8O  '5A-

B=>9  87K >A?>40 =0H53> 8ACA0 %@8AB0 2 >A:25 2 1625. =  >B<5-

G05BAO 10/23 8N;O.



A*.FRML¤I»KA"D¤¤B,K$·%$W.PQ   C:\MDE\ALIMOV\MLA.WD A*.FRM|1 +Uu)6INJ!w0@A*.FRM