Attention and probabilistic sequence learning

Abstract

Limitations of using fixed sequences of events in studies of learning in the sequential reaction-time task led us to develop
a probabilistic version of the task. When sequences occur probabilistically, transitions usually follow a sequence, but with
some small probability, events occur out of sequence. This variation on the paradigm provides new evidence associated with
manipulations of attentional load. Most notably, single-task learning leads to particularly high error rates on improbable
transitions, suggesting anticipation of the sequence. Dual-task learning shows sensitivity to the sequence (by reaction-time
differences to probable and improbable transitions), but without inflated errors on improbable transitions. Sensitivity to
the sequence and anticipatory errors disappeared when participants transferred from single-task learning to dual-task conditions,
suggesting that what is learned with single-task practice cannot be applied under conditions of limited attention. When learners
transferred from dual- to single-task conditions, sensitivity of RT to the sequence increased but anticipation errors remained
the same, suggesting that attentional load limits performance, but not learning. Qualitative differences in performance result
from variations in attentional resources, which may reflect different learning processes.

Full text

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48 -/+?<-D8-?E <J+ 457-? 75+7C -?.BI.+/ -? C-?EI+K 7?/
/67IK<7CL I+75?-?EM )B?<5758 <B <J+ 7?7I8C+C BT+5+/ 48
)6557? 7?/ [++I+ S199\UO PJB ;5B;BC+ <J7< 7<<+?<-B?7I
7?/ ?B?7<<+?<-B?7I I+75?-?E B,,65 -? ;757II+IO 7?/ <B
35+?C,J +< 7IM S-? ;5+CCUO PJB ;5B;BC+ <J7< 7<<+?<-B?7I
7?/ ?B?7<<+?<-B?7I I+75?-?E 75+ ?B< /-T+5+?<O /-C<-?,<
75+7C BD <J+ 457-? 7;;+75 <B 4+ -?.BI.+/ -? /-T+5+?<
,B?/-<-B?C BD 7<<+?<-B? 7?/ -? ;75<-,-;7?<C P-<J /-T+5+?<
/+E5++C BD 7P75+?+CC BD <J+ C+H6+?,+M W6,J F?/-?EC
C6EE+C< <J7< H67I-<7<-.+ /-T+5+?,+C A78 +G-C< 4+<P++?
7<<+?<-B?7I 7?/ ?B?7<<+?<-B?7I I+75?-?EM `BP+.+5O <J+5+
-C C<-II A6,J <B 4+ I+75?+/ 74B6< <J+ ;5B;+5 -?<+5;5K
+<7<-B? BD <J+ ?+65BIBE-,7I F?/-?ECM #< -C ?B< 7< 7II ,I+75O
DB5 +G7A;I+O k6C< PJ7< +T+,<C ;+5DB5A-?E <J+ C+,B?/758
<7CL PB6I/ J7.+ B? 457-? 7,<-.-<8 7?/ JBPO -? <65?O <J7<
7,<-.-<8 PB6I/ -?<+57,< P-<J <J+ 75+7C BD <J+ 457-? -?K
.BI.+/ -? <J+ W"( <7CL 7IB?+M 3B5 <J+ ;65;BC+ BD 7/K
.7?,-?E <J+B58O -< PB6I/ 4+ 6C+D6I <B /+.+IB; 7//-<-B?7I
4+J7.-B57I A+7C65+C DB5 7CC+CC-?E H67I-<7<-.+ /-T+5+?,+C
-? I+75?-?EM N+ ;5B;BC+ <J7< 7 ;5B474-I-C<-, A+<JB/ DB5
;5+C+?<-?E <J+ C+H6+?,+C ,7? ;5B.-/+ 6C+D6I ?+P -?DB5K
A7<-B? 74B6< <J+ I+75?-?E BD C+H6+?<-7I C<56,<65+ 6?/+5
/-T+5+?< 7<<+?<-B?7I ,B?/-<-B?CM &I<JB6EJ <J+ A7kB5-<8
BD C<6/-+C J7.+ 6C+/ /+<+5A-?-C<-, C+H6+?,+C -? <J+ W"(
;757/-EAO )I++5+A7?C 7?/ Q,)I+II7?/ S1991U 7?/ W<7K
/I+5 S199cU +A;IB8+/ ;5B474-I-C<-, C+H6+?,+C -? <J+-5
+G;+5-A+?<CM N+ ;5B;BC+ <B +G<+?/ <J+ 6C+ BD ;5B474-K
I-C<-, C+H6+?,+C <B <J+ C<6/8 BD .75-7<-B?C -? 7<<+?<-B?7I
IB7/ -? <J+ W"( <7CLM
#? 7//-<-B? <B ;5+C+?<-?E +.+?<C -? FG+/ C+H6+?,+CO
C+H6+?<-7I C<56,<65+ ,7? 4+ -A;BC+/ 48 A7?-;6I7<-?E <J+
,B?/-<-B?7I ;5B474-I-<-+C BD <57?C-<-B?CM #< J7C 4++?
L?BP? C-?,+ <J+ +75I8 PB5L 7;;I8-?E -?DB5A7<-B? <J+B58
<B "( <7CLC S`-,LO 19=cZ `8A7?O 19=\U <J7< 5+7,<-B?C
75+ D7C<+5 <B AB5+ ;5B474I+ +.+?<C 7?/ 7ICB +.+?< <57?K
C-<-B?C P-<J J-EJ+5 ,B?/-<-B?7I ;5B474-I-<-+CM g-+P+/
D5BA <J-C ;+5C;+,<-.+O FG+/ C+H6+?,+C J7.+ .+58 J-EJ
S'!1M]U ,B?/-<-B?7I ;5B474-I-<-+CM (J+5+ 75+ CBA+
-A;B5<7?< /-T+5+?,+C 4+<P++? ,+5<7-?-<8 7?/ J-EJ
;5B474-I-<-+CO 46< <J+5+ 75+ 5+7CB?C <B ;5+D+5 C+H6+?,+C
P-<J CBA+ 6?,+5<7-?-<8M 3B5 -?C<7?,+O I+75?-?E P-<J
;5B474-I-C<-, C+H6+?,+C ,7? 4+ 7CC+CC+/ 48 ,BA;75-?E
;+5DB5A7?,+ B? ;5B474I+ 7?/ -A;5B474I+ +.+?< <57?C-K
<-B?CM #? ,B?<57C<O <+C<-?E DB5 I+75?-?E P-<J FG+/ C+K
H6+?,+C 5+H6-5+C +-<J+50 S7U ,BA;75-?E -A;5B.+A+?< B?
C<56,<65+/ .+5C6C 57?/BA C+H6+?,+CO B5 S4U 7CC+CC-?E
/-C56;<-B? -? ;+5DB5A7?,+ ,76C+/ 48 CP-<,J-?E <B 7
57?/BA SB5 ;C+6/BK57?/BAU C+H6+?,+M #A;5B.+A+?< -?
;+5DB5A7?,+ A78 4+ ;75<-,6I75I8 -?C+?C-<-.+ 4+,76C+
J-EJI8 ,BA;7<-4I+ ,JB-,+K"( <7CLC BD<+? CJBP CA7II
-A;5B.+A+?<C P-<J ;57,<-,+O +.+? P-<J ,BA;I+<+I8 57?K
/BA C+H6+?,+C S3-<<C Y W++E+5O 19=\UM 365<J+5AB5+O <J+
,BA;75-CB? 6C67II8 -?.BI.+C /-T+5+?< E5B6;CO 5+C6I<-?E
-? +.+? I+CC C+?C-<-.-<8 <J7? 7 P-<J-?KC64k+,< ,BA;75-CB?M
(J+ /-C56;<-B? B4C+5.+/ B? CP-<,J-?E <B 7 ;C+6/BK57?K
/BA C+H6+?,+ -C ;5B474I8 AB5+ C+?C-<-.+ <J7? 57<+ BD
-A;5B.+A+?< P-<J ;57,<-,+O 46< CP-<,J-?E C+H6+?,+C BDK
D+5C I-A-<+/ B;;B5<6?-<8 <B B4C+5.+ /-T+5+?,+C S?7A+I8O
B?I8 7D<+5 7 C+5-+C BD C<56,<65+/ 4IB,LCUO 7?/ <J+5+ 75+
7ICB H6+C<-B?C 74B6< k6C< PJ7< -C <+C<+/ PJ+? 57?/BA
C+H6+?,+C 75+ 6C+/ S,DM "++/ Y >BJ?CB?O 199_UM #?
,B?<57C<O <J+ /-T+5+?,+ -? ;+5DB5A7?,+ B? ;5B474I+ 7?/
-A;5B474I+ <57?C-<-B?C -C ,B?<-?6B6CI8 7.7-I74I+ 7?/
5+H6-5+C ?B ,J7?E+ -? <J+ C<56,<65+ BD <J+ ;57,<-,+/ C+K
H6+?,+M 36<J+5AB5+O <J+ B5E7?-a7<-B? BD ;5B474I+ 7?/
-A;5B474I+ <57?C-<-B?C ,7? 4+ A7?-;6I7<+/ <B +?C65+
<J7< <J+8 /-T+5 B?I8 -? <J+ C<56,<657I ,BA;B?+?< BD -?K
<+5+C< S+MEMO F5C<K B5 C+,B?/KB5/+5 ,B?/-<-B?7I ,B?K
C<57-?<CUM & ;5B474-I-C<-, C+H6+?,+ 7ICB J7C <J+
7/.7?<7E+ BD 7//-?E 7 /+E5++ BD /-CE6-C+ <B <J+ C+K
H6+?,+M '+CC B4.-B6C C+H6+?,+C CJB6I/ J+I; A-?-A-a+
+G;I-,-< I+75?-?E BD <J+ C+H6+?<-7I C<56,<65+M
(J+5+ 75+ CBA+ 5+7CB?C <B 4+ ,B?,+5?+/ 74B6< -?K
<5B/6,-?E ;5B474-I-C<-, C+H6+?,+C -?<B <J+ C<6/8 BD
I+75?-?E -? W"( <7CLCM 3B5 +G7A;I+O 5+C;B?C+C A6C< 4+
47C+/ B? <J+ -A;+57<-.+ C<-A6I- 7?/ ?B< C-A;I8 B?
L?BPI+/E+ BD <J+ C+H6+?,+O 4+,76C+ -A;5B474I+ <57?C-K
<-B?C /B ?B< DBIIBP <J+ ;5+/BA-?7?< C+H6+?,+M (J-C
,J7?E+ ,B6I/ I+7/ <B /-T+5+?,+C -? PJ7< -C I+75?+/ -? <J+
<7CLM &ICBO <J+ ;5+C+?,+ BD -A;5B474I+ <57?C-<-B?C A78
/-C56;< <J+ 7CCB,-7<-B?C DB5A+/ 4+<P++? C6,,+CC-.+
+.+?<CO PJ-,J A78 ;5+.+?< I+75?-?E B5 ,J7?E+ <J+
C<56,<65+ BD I+75?-?EM (J6CO PJ-I+ P+ ,7? C<6/8 <J+ -CC6+C
BD I+75?-?E 7?/ 7<<+?<-B? P-<J ;5B474-I-C<-, C+H6+?,+CO
<J+ F?/-?EC P-II ?B< ?+,+CC75-I8 E+?+57I-a+ <B I+75?-?E
7?/ ;+5DB5A7?,+ P-<J /+<+5A-?-C<-, C+H6+?,+CM `BPK
+.+5O B65 EB7IC 75+ <B -?.+C<-E7<+ E+?+57I -CC6+C BD 7<K
<+?<-B? 7?/ I+75?-?EO ?B< C-A;I8 <B -?.+C<-E7<+ <J+
C<7?/75/ W"( ;757/-EAM
b+5J7;C <J+ E5+7<+C< 7/.7?<7E+ BD 6C-?E ;5B474-I-C<-,
C+H6+?,+C I-+C -? <J+-5 ;B<+?<-7I DB5 ;5B.-/-?E ?+P -?K
DB5A7<-B? 74B6< CBA+ BD <J+ <J+B5+<-,7I -CC6+C -? <J+
C<6/8 BD C+H6+?,+ I+75?-?EM N-<J FG+/ C+H6+?,+CO B?+
,7? B?I8 /+<+5A-?+ PJ+<J+5 I+75?-?E BD <J+ C+H6+?,+ J7C
B,,655+/ 7?/ JBP A6,J "( -C -?V6+?,+/ 48 ;5+C+?<-?E
C<-A6I- -? <J+ C+H6+?,+ ,BA;75+/ <B 57?/BA B5 ,B?<5BI
C+H6+?,+CM #? 7//-<-B? <B ;5B.-/-?E AB5+ ,B?<-?6B6C
-?DB5A7<-B? 74B6< "( DB5 ;5B474I+ .+5C6C -A;5B474I+
<57?C-<-B?CO ;5B474-I-C<-, C+H6+?,+C 7ICB BT+5 <J+ ;BCC-K
4-I-<8 BD +G7A-?-?E +55B5C BD .75-B6C L-?/CM &?<-,-;7<-B?
+55B5CO B;+57<-B?7II8 /+F?+/ 7C PJ+? 7 5+C;B?C+ 7;K
;5B;5-7<+ DB5 7 ;5B474I+ <57?C-<-B? B,,65C <B 7? -AK
;5B474I+ <57?C-<-B?O A78 4+ ;75<-,6I75I8 -?DB5A7<-.+
74B6< <J+ ?7<65+ BD PJ7< -C I+75?+/M QB5+ E+?+57II8O
+55B5C A78 ;5B.-/+ 7? 7//-<-B?7I 47C-C DB5 /+,-/-?E
PJ+<J+5 7<<+?<-B? ;5B/6,+C H67I-<7<-.+ /-T+5+?,+C -?
I+75?-?E C+H6+?<-7I C<56,<65+M N-II-?EJ7A +< 7IM S19@9U
E5B6;+/ ;75<-,-;7?<C 7,,B5/-?E <B /+E5++ BD 7P75+?+CC
BD <J+ C+H6+?,+ 7?/ <J+? +G7A-?+/ D5+H6+?,8 BD 7?<-,-K
;7<B58 5+C;B?C+ <-A+C S/+F?+/ 7C I+CC <J7? 1]] ACUM
&?<-,-;7<B58 5+C;B?C+ <-A+C -? <J+-5 C<6/8 P+5+ A75LK
+/I8 AB5+ D5+H6+?< DB5 ;75<-,-;7?<C P-<J D6II L?BPI+/E+
BD <J+ C+H6+?,+ S5+7,J-?E 7IABC< =]l BD 5+C;B?C+C 7D<+5
_]] <5-7ICUO ,BA;75+/ <B ;75<-,-;7?<C P-<J ?B L?BPI+/E+
B5 B?I8 ;75<-7I L?BPI+/E+ BD <J+ C+H6+?,+M (J+ F?/-?EC
BD N-II-?EJ7A +< 7IM I+7/ 6C <B ;5+/-,< <J7< AB5+ 7?<-,K
122

-;7<B58 +55B5C P-II B,,65 6?/+5 ,B?/-<-B?C BD IBP+5 7<K
<+?<-B?7I IB7/ P-<J ;5B474-I-C<-, C+H6+?,+C B5O ,B?K
.+5C+I8O <J7< -?,5+7C-?E 7<<+?<-B?7I IB7/ CJB6I/ I+7/ <B 7
5+/6,<-B? -? 7?<-,-;7<-B? +55B5CM
N+ /+C-E?+/ <J+ ;5+C+?< +G;+5-A+?<C <B +G7A-?+ <J+
5BI+ BD 7<<+?<-B?7I IB7/ -? W"( I+75?-?EM &C P+ P-II
CJBPO <J+ 6C+ BD ;5B474-I-C<-, C+H6+?,+C BT+5C 6C+D6I
?+P +.-/+?,+ 74B6< <J+ ;5B,+CC+C -?.BI.+/ -? W"(
I+75?-?E 7?/ 5+.+7IC H67I-<7<-.+ /-T+5+?,+C -? <JBC+
;5B,+CC+C 6?/+5 /-T+5+?< ,B?/-<-B?C BD IB7/M (J+ ;5-K
A758 B4k+,<-.+ BD *G;CM 1 7?/ c P7C <B +G;IB5+ <J+ 6C+ BD
<J-C A+<JB/BIBE8M #? <J+ ;5B474-I-C<-, ;757/-EA P+
A-EJ< +G;+,< <B F?/ 7 E5+7<+5 ;+5,+?<7E+ BD 7?<-,-;7<-B?
+55B5C -? C-?EI+K <J7? -? /67IK<7CL ,B?/-<-B?CO 4+,76C+
C-?EI+K<7CL ;57,<-,+ BT+5C AB5+ B;;B5<6?-<8 <B 7<<+?/ <B
<J+ C+H6+?,+ 7?/ <B /+.+IB; +G;+,<7<-B?C 74B6< <J+ C+K
H6+?,+M *G;+5-A+?< 1 -?.+C<-E7<+/ <J+ 5BI+ BD 7<<+?<-B?
-? I+75?-?E F5C<KB5/+5 ;5B474-I-C<-, C+H6+?,+C P-<J 7? @]:
c] 57<-B BD ;5B474I+ <B -A;5B474I+ <57?C-<-B?CM ^+,76C+
7 J-EJ+5 57<-B P7C 5+H6-5+/ <B ;5B/6,+ 5+I-74I+ I+75?-?E
P-<J C+,B?/KB5/+5 C+H6+?,+CO *G;M c 6C+/ 7 9]:1] 57<-B
BD ;5B474I+ <B -A;5B474I+ <57?C-<-B?C <B -?.+C<-E7<+ <J+
5BI+ BD 7<<+?<-B? -? I+75?-?E C+,B?/KB5/+5 ;5B474-I-C<-,
C+H6+?,+CM *G;+5-A+?< \ 7//5+CC+/ <J+ -CC6+ BD PJ+<J+5
C-?EI+K<7CL 7?/ /67IK<7CL I+75?-?E 75+ H67I-<7<-.+I8 /-DK
D+5+?< 7?/ PJ+<J+5 7<<+?<-B?7I IB7/ 7T+,<C I+75?-?EO <J+
+G;5+CC-B? BD PJ7< -C I+75?+/O B5 4B<J S,DM 35+?C,J +< 7IMO
-? ;5+CCUM b75<-,-;7?<C -? <J-C +G;+5-A+?< 5+,+-.+/ 7 9]:1]
57<-B BD ;5B474I+ <B -A;5B474I+ <57?C-<-B?C P-<J C+,B?/K
B5/+5 ,B?/-<-B?7I C+H6+?,+CO 46< -? 7//-<-B?O P+5+
<57?CD+55+/ D5BA C-?EI+K <B /67IK<7CL ,B?/-<-B?C B5 D5BA
/67IK <B C-?EI+K<7CL ,B?/-<-B?CM #D 7<<+?<-B?7I IB7/
A+5+I8 /-C56;<C <J+ +G;5+CC-B? BD I+75?-?EO <J+? 4B<J "(
7?/ +55B5C CJB6I/ CJBP C-A-I75 ;7<<+5?C BD <57?CD+5M
`BP+.+5O -D 7<<+?<-B?7I IB7/ 5+C6I<C -? 7 /-T+5+?< DB5A BD
I+75?-?E ,BA;75+/ <B I+75?-?E P-<JB6< 7<<+?<-B?7I IB7/O
<J+? P+ PB6I/ +G;+,< <B C++ /-C<-?,< ;7<<+5?C BD <57?CD+5
5+V+,<+/ -? B65 A+7C65+5C BD "( 7?/ +55B5CM
34)#*%5#$" 6
Q+<JB/
()*+,-,').+/0 W-G<8 6?/+5E57/67<+C 7< %+P Q+G-,B W<7<+ h?-.+5C-<8
;75<-,-;7<+/ -? ;75<-7I D6IFIIA+?< BD 5+H6-5+A+?<C DB5 7? -?<5B/6,K
<B58 ;C8,JBIBE8 ,B65C+M b75<-,-;7?<C P+5+ 57?/BAI8 7CC-E?+/ <B
B?+ BD <PB ,B?/-<-B?C0 W"( <7CL 7IB?+ B5 W"( <7CL ;I6C <B?+K
,B6?<-?EM
!'')*)+1/0 W<-A6I- P+5+ ;5+C+?<+/ B? b) ,BA;6<+5C +H6-;;+/ P-<J
C<7?/75/ L+84B75/CM W<-A6I- P+5+ /-C;I78+/ -? PJ-<+ B? 7 4I7,L
47,LE5B6?/M (J+ C<-A6I6C P7C 7 ,65CB5O ]M_] "]M2= ,AO ,+?<+5+/
B.+5 B?+ BD DB65 ]M1= "]M2= ,A .+5<-,7I 475C C;7,+/ 1M= ,A 7;75<
-? <J+ IBP+5 I+D<KJ7?/ ,B5?+5 BD <J+ .-/+B C,5++?M (J+ <75E+< IB,7K
<-B?C 75+ 5+D+55+/ <B 7C 'B,7<-B?C 1 <J5B6EJ _M (J+ ;75<-,-;7?<C
A7/+ 5+C;B?C+C P-<J <J+ DB65 F?E+5C BD <J+-5 I+D< J7?/ 6C-?E <J+
mmgeeO mm)eeO mmneeO 7?/ mmjee L+8C B? <J+ L+84B75/M (J+ L+8C ,B55+K
C;B?/+/ <B 'B,7<-B?C 1 <J5B6EJ _ D5BA 5-EJ< <B I+D<M & C7A;I+ BD
<J+ C<-A6I6C /-C;I78 -C CJBP? -? 3-EM 1M
2)+3*,)4/0 (PB F5C<KB5/+5 ,B?/-<-B?7I C+H6+?,+C P+5+ 6C+/ -? *G;M
1M W+H6+?,+ & P7C 1KcK_K\ 7?/ W+H6+?,+ ^ P7C 1K\K_KcM *7,J C+K
H6+?,+ J7/ B?+ B,,655+?,+ BD +7,J BD <J+ DB65 IB,7<-B?CO 7?/ +7,J
IB,7<-B? P7C ,BA;I+<+I8 /+<+5A-?+/ 48 <J+ -AA+/-7<+I8 ;5+,+/-?E
IB,7<-B?M !?+ C+H6+?,+ B,,655+/ P-<J 7 ;5B474-I-<8 BD ]M@] 7?/ <J+
B<J+5 B,,655+/ P-<J 7 ;5B474-I-<8 BD ]Mc]O /+;+?/-?E B? PJ-,J P7C
/+C-E?7<+/ 7C ;5B474I+ 7?/ PJ-,J P7C /+C-E?7<+/ -A;5B474I+ DB5
+7,J ;75<-,-;7?<M (J+ ;5B474-I-C<-, C+H6+?,+C P+5+ -A;I+A+?<+/ 48
6C-?E <J+ ABC< 5+,+?< +.+?< <B C+I+,< <J+ ?+G< +.+?<M N-<J ;5B47K
4-I-<8 ]M@]O <J+ ?+G< +.+?< PB6I/ 4+ <J+ +.+?< -? <J+ '*56)643 C+K
H6+?,+ DBIIBP-?E <J+ k6C< ;5+,+/-?E +.+?<O 7?/ P-<J ;5B474-I-<8
]Mc]O <J+ ?+G< +.+?< PB6I/ 4+ <J+ +.+?< -? <J+ ,7'*56)643 C+H6+?,+
DBIIBP-?E <J+ k6C< ;5+,+/-?E +.+?<M *7,J 4IB,L BD <5-7IC P7C C<75<+/
48 57?/BAI8 C+I+,<-?E B?+ BD <J+ DB65 +.+?<C <B ;5+C+?< 7C <J+ F5C<
<5-7IM
(*5-381*30 `7ID BD <J+ ;75<-,-;7?<C P+5+ 7CC-E?+/ <B <J+ C-?EI+K<7CL
,B?/-<-B? 7?/ J7ID P+5+ 7CC-E?+/ <B <J+ /67IK<7CL ,B?/-<-B?M (J+
;5B474I+ C+H6+?,+ P7C ,B6?<+547I7?,+/O CB <J7< DB5 J7ID BD <J+
;75<-,-;7?<C W+H6+?,+ & P7C <J+ ;5B474I+ C+H6+?,+ 7?/ DB5 <J+
B<J+5 J7IDO W+H6+?,+ ^ P7C <J+ ;5B474I+ C+H6+?,+M #? <J+ C-?EI+K
<7CLO B5 ?BK<B?+O ,B?/-<-B? +7,J <5-7I 4+E7? P-<J <J+ 7;;+757?,+ BD
<J+ ,65CB5 B? B?+ BD <J+ DB65 .+5<-,7I 475CM (J+ ;75<-,-;7?<eC <7CL
P7C <B ;5+CC <J+ L+8 ,B55+C;B?/-?E <B <J+ IB,7<-B? BD <J+ ,65CB5M
(J+ ,65CB5 5+A7-?+/ B? <J+ .+5<-,7I I-?+ 6?<-I <J+ ;75<-,-;7?<
;5+CC+/ <J+ ,B55+,< L+8O 7< PJ-,J ;B-?< <J+ ,65CB5 /-C7;;+75+/M (J+
B?C+< BD <J+ ?+G< ,65CB5 B,,655+/ _12 AC 7D<+5 <J+ ,B55+,<
5+C;B?C+M
(J+ /67IK<7CLO B5 <B?+O ,B?/-<-B? P7C -/+?<-,7I <B <J+ ?BK<B?+
,B?/-<-B?O P-<J <J+ 7//-<-B? BD 7 <B?+K,B6?<-?E <7CLM & J-EJK B5
IBPK;-<,J+/ <B?+ B,,655+/ 12 AC 7D<+5 <J+ 5+C;B?C+M (J+ ;-<,J BD
<J+ <B?+ P7C @]] B5 1c]] `aM 3B5 +7,J 4IB,L BD <5-7ICO <J+ ;5B47K
4-I-<8 BD 7 J-EJK;-<,J+/ <B?+ P7C 57?/BAI8 C+< -? <J+ 57?E+ BD ]M_]
<B ]Md]M (J+ ;75<-,-;7?<eC <7CL P7C <B ,B6?< <J+ ?6A4+5 BD J-EJK
;-<,J+/ <B?+C -? <J+ 4IB,L BD <5-7IC 7?/ 5+;B5< <J+ ?6A4+5 7< <J+ +?/
BD <J+ 4IB,LM
b75<-,-;7?<C ,BA;I+<+/ c ;57,<-,+ 4IB,LC ,B?<7-?-?E @ <5-7IC
+7,JM R65-?E ;57,<-,+O ;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C B,K
,655+/ P-<J +H67I I-L+I-JBB/M (J6CO <J+ ?+G< <5-7I -? C+H6+?,+ P7C
+H67II8 I-L+I8 <B 4+ /+<+5A-?+/ 48 W+H6+?,+ & 7C 48 W+H6+?,+ ^M
b75<-,-;7?<C <J+? ,BA;I+<+/ \c 4IB,LC -? PJ-,J <57?C-<-B?C P+5+
E+?+57<+/ D5BA <J+ ;5B474I+ C+H6+?,+ @]l BD <J+ <-A+ 7?/ D5BA
<J+ -A;5B474I+ C+H6+?,+ B? c]l BD <J+ <5-7ICM b75<-,-;7?<C ,BAK
;I+<+/ =] <5-7IC -? +7,J 4IB,LM
"+C6I<C 7?/ /-C,6CC-B?
(J+ /+;+?/+?< .75-74I+C P+5+ "( 7?/ +55B5 57<+C -? <J+
L+8K;5+CC-?E <7CLM Q+7? "(C 7?/ +55B5 57<+C P+5+ ,7IK
,6I7<+/ DB5 +7,J 4IB,L BD <5-7ICM (J+ /7<7 P+5+ ,BAK
4-?+/ B.+5 7/k7,+?< 4IB,LC DB5 7?7I8C-CM (J6CO -?C<+7/
BD 5+;B5<-?E 5+C6I<C -? <+5AC BD \c 4IB,LC BD =] <5-7ICO
<J+ 5+C6I<C 75+ 5+;B5<+/ -? <+5AC BD 1d 4IB,LC BD 1]]
<5-7ICM
#? ;5+.-B6C C<6/-+CO ;75<-,-;7?<Ce /7<7 J7.+ BD<+?
+I-A-?7<+/ DB5 ;BB5 <B?+K,B6?<-?E ;+5DB5A7?,+M bBB5
89#' : & C7A;I+ C<-A6I6C /-C;I78 CJBP-?E <J+ ,65CB5 -? <J+ <J-5/
;BC-<-B? D5BA <J+ I+D<O PJ-,J ,7IIC DB5 ;5+CC-?E <J+ <J-5/ L+8 D5BA <J+
I+D<
12@

<B?+K,B6?<+5C A78 4+ 7IIB,7<-?E I+CC 7<<+?<-B? <B <J+
<B?+K,B6?<-?E <7CL 7?/ ,B?C+H6+?<I8 A78 C;+?/ AB5+
5+CB65,+C ;5B,+CC-?E <J+ C+H6+?<-7I C<56,<65+M #< PB6I/
4+ 6C+D6I <B L?BP JBP <B?+K,B6?<-?E 7,,657,8 7T+,<+/
;+5DB5A7?,+M (J6CO <B?+K,B6?<-?E ;+5DB5A7?,+ P7C
<5+7<+/ 7C 7 D7,<B5 -? CBA+ 7?7I8C+CM (B?+K,B6?<-?E
C,B5+C P+5+ B4<7-?+/ 48 <7L-?E <J+ 74CBI6<+ .7I6+ BD <J+
/-T+5+?,+ 4+<P++? <J+ <B?+ ,B6?< 5+;B5<+/ 48 ;75<-,-K
;7?<C 7?/ <J+ 7,<67I ?6A4+5 BD J-EJK;-<,J+/ <B?+CM
b75<-,-;7?<C P+5+ B5/+5+/ 7,,B5/-?E <B <J+-5 <B?+K
,B6?<-?E C,B5+C 7?/ P+5+ <J+? /-.-/+/ -?<B <PB E5B6;C
SEBB/ 7?/ ;BB5 <B?+K,B6?<+5CUO 6C-?E 7 A+/-7? C;I-<M
(J+ ,B6?<+547I7?,-?E BD ;5B474I+ 7?/ -A;5B474I+
C+H6+?,+C P7C -?,I6/+/ <B ,B?<5BI DB5 ;+,6I-75-<-+C BD
C;+,-F, C+H6+?,+C 7?/ P7C BD I-<<I+ -?<+5+C< +G;+5-A+?K
<7II8M `BP+.+5O -? B5/+5 <B +G7A-?+ <J+ ;BCC-4-I-<8 <J7<
/-T+5+?< ;7<<+5?C BD I+75?-?E B,,655+/ DB5 <J+ <PB C+K
H6+?,+CO ;5+I-A-?758 7?7I8C+C P+5+ ,B?/6,<+/ 6C-?E <J+
C;+,-F, ;5B474I+ C+H6+?,+ 7C 7 D7,<B5M WBA+ A-?B5
/-T+5+?,+C +A+5E+/ 7C 7 D6?,<-B? BD C+H6+?,+O 46< <J+
C7A+ ;7<<+5? BD 5+C6I<C P7C B4<7-?+/ P-<J 4B<J 7CC-E?K
A+?<C BD ;5B474I+ 7?/ -A;5B474I+ C+H6+?,+CM (J6CO -?
<J+ -?<+5+C< BD DB,6C-?E B? <J+ +T+,<C BD ;5-A758 -AK
;B5<7?,+O <J+ /7<7 P+5+ ,BA4-?+/ 7,5BCC <J+ <PB 7CK
C-E?A+?<CM
#? 5+;B5<-?E <J+ 5+C6I<CO P+ ;5+C+?< FE65+C CJBP-?E
A+7?C 5+I+.7?< <B <J+ 7?7I8C+C 7?/ <74I+C I-C<-?E <J+ +DK
D+,<C <+C<+/ -? 7?7I8C+C BD .75-7?,+ S&%!g&CUM N+ B?I8
/-C,6CC <J+ +T+,<C BD ;75<-,6I75 -?<+5+C< P-<J <J+ 7-A BD
DB,6C-?E <J+ ;5+C+?<7<-B?M
89#' ; *G;M 10 )B55+,< 5+7,<-B? <-A+
DB5 <57?C-<-B?C -? F5C<KB5/+5 ,B?/-K
<-B?7I C+H6+?,+ C<56,<65+ S@]:c] 57K
<-B BD ;5B474I+ <B -A;5B474I+
<57?C-<-B?CU
129

93/'5./3"+,73 ).)4:/3/
3-E65+ c CJBPC A+7? "(C DB5 ,B55+,< 5+C;B?C+C <B
;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C DB5 <J+ ?BK<B?+
E5B6;O <J+ EBB/ <B?+K,B6?<+5CO 7?/ <J+ ;BB5 <B?+K
,B6?<+5CM #< CJB6I/ 4+ ?B<+/ <J7< P-<J <J+ +G,+;<-B?C BD
B.+57II /-T+5+?,+C -? C;++/ 7AB?E <J+ C-?EI+K 7?/ /67IK
<7CL ,B?/-<-B? 7?/ E5+7<+5 B.+57II -A;5B.+A+?< 7,5BCC
4IB,LC DB5 /67IK<7CL ,BA;75+/ <B C-?EI+K<7CL I+75?+5CO
<J+ ;7<<+5?C BD I+75?-?E S7C -?/+G+/ 48 /-T+5+?,+C -? "(
DB5 ;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?CU IBBL .+58
C-A-I75 7AB?E <J+ <J5++ E5B6;CM &//-<-B?7II8O I+75?-?E
P7C -AA+/-7<+ 7?/ 57;-/M 3B5 -?C<7?,+O ;75<-,-;7?<C -?
<J+ C-?EI+K<7CL ,B?/-<-B? CJBP+/ 7 C-E?-F,7?< /-T+5+?,+
-? "( <B ;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C -? <J+ F5C<
=] <5-7ICO \@\ .+5C6C _c1 AC +Sc9U !_M1@O 'o M]]1M
#? B5/+5 <B DB,6C AB5+ ,I+75I8 B? <J+ B.+57II +T+,<C BD
;57,<-,+O <J+ ^IB,LC D7,<B5 -? <J+ 5+;B5<+/ &%!g&C
5+;5+C+?<C 7 ,B?<57C< 4+<P++? <J+ F5C< c]] <5-7IC 7?/ <J+
I7C< c]] <5-7ICM (J+ &%!g& B? "( -C CJBP? -? (74I+ 1O
"( ,BI6A?M !D ABC< -A;B5<7?,+ -C <J+ b5B474-IK
-<8 "^IB,LC -?<+57,<-B?O PJ-,J /+AB?C<57<+/ I+75?-?E BD
<J+ C+H6+?,+ -? <+5AC BD E5+7<+5 ;5B474-I-<8 +T+,<C I7<+5
-? ;57,<-,+ S1\] ACU <J7? +75I-+5 -? ;57,<-,+ S_d ACUM (J+
74C+?,+ BD 7 b5B474-I-<8 "(7CLC -?<+57,<-B? C6EE+C<C
<J7< C-?EI+K 7?/ /67IK<7CL ;57,<-,+ I+7/C <B ,BA;7574I+
I+75?-?EO 7C -?/+G+/ 48 "( /-T+5+?,+C <B ;5B474I+ 7?/
-A;5B474I+ <57?C-<-B?CM
%+G<O "(C P+5+ 7?7I8a+/ DB5 EBB/ 7?/ ;BB5 <B?+K
,B6?<+5C SC++ (74I+ c "( ,BI6A?UM (J+ -?<+57,<-B? BD
^IB,LC 7?/ b5B474-I-<8 5+V+,<C I+75?-?E BD <J+ C+H6+?,+O
4+,76C+ <J+5+ P7C 7 CA7II+5 +T+,< BD ;5B474-I-<8 -? <J+
F5C< c]] <5-7IC S\= ACU <J7? -? <J+ I7C< c]] <5-7IC
S1c\ ACUM &I<JB6EJ EBB/ <B?+K,B6?<+5C P+5+ CI-EJ<I8
CIBP+5 <J7? ;BB5 <B?+K,B6?<+5CO <J+5+ P+5+ ?B C-E?-FK
,7?< +T+,<C -?.BI.-?E <B?+K,B6?<-?E ;+5DB5A7?,+O
CJBP-?E <J7< "(C BD EBB/ 7?/ ;BB5 <B?+K,B6?<+5C P+5+
+H67II8 -?V6+?,+/ 48 <57?C-<-B? ;5B474-I-<8M
#**5* ).)4:/3/
3-E65+ \ CJBPC A+7? +55B5 57<+C DB5 ;5B474I+ 7?/ -AK
;5B474I+ <57?C-<-B?C DB5 <J+ ?BK<B?+ E5B6;O <J+ EBB/
<B?+K,B6?<+5CO 7?/ <J+ ;BB5 <B?+K,B6?<+5CM #? ,B?<57C<
<B <J+ "( /7<7O -? PJ-,J EBB/ 7?/ ;BB5 <B?+K,B6?<+5C
<,1.$ : &?7I8C+C BD .75-7?,+
DB5 *G;M 1 SF5C<KB5/+5 ,B?/-K
<-B?7ICUM ;,B?<57C<C C-?EI+K<7CL
P-<J /67IK<7CL ,B?/-<-B?CM $
,B?<57C<C <J+ F5C< c]] P-<J <J+
I7C< c]] <5-7ICM (,B?<57C<C
;5B474I+ P-<J -A;5B474I+
<57?C-<-B?CM g7I6+C +?,IBC+/ -?
;75+?<J+C+C 75+ A+7? CH675+
+55B5C DB5 <J+ ;5+,+/-?E <C
WB65,+ 8= <
"( &II +55B5C N5B?E C+H6+?,+
^+<P++? C64k+,<C
(7CLC S(U 1 c@Mccppp ]M]_ ]Md]
W:( S+55B5U =d S21O]@@U S112U Sd\U
N-<J-? W64k+,<C
^IB,LC S^U 1 \9M1=ppp c2M]_ppp \2M2@ppp
^"( 1 cdM22ppp 1M\\ cM@_
^W:( S+55B5U =d S1@O1ccU S1]]U S=dU
b5B474-I-<8 SbU 1 cd_M1dppp @_Mc_ppp =@M9dppp
b"( 1 cM=\ cM]d cM@=
bW:( S+55B5U =d S1O2_@U S=]U S_cU
b"^ 1 @cM\\ppp _2M2]ppp _=M1@ppp
b"^"( 1 ]M\_ 1M_\ \M]@
b^W:( S+55B5U =d S1Oc92U S\9U S\=U
p'o M]=O pp'o M]1O ppp'o M]]1
<,1.$ ; &?7I8C+C BD .75-7?,+
DB5 EBB/ .C ;BB5 <B?+K,B6?<+5C
-? *G; 1M &,B?<57C<C EBB/ P-<J
;BB5 <B?+K,B6?<+5CM $,B?<57C<C
<J+ F5C< c]] P-<J <J+ I7C< c]]
<5-7ICM (,B?<57C<C ;5B474I+ P-<J
-A;5B474I+ <57?C-<-B?CM g7I6+C
+?,IBC+/ -? ;75+?<J+C+C 75+
A+7? CH675+ +55B5C DB5 <J+ ;5+K
,+/-?E <C
WB65,+ 8= <
"( &II +55B5C N5B?E C+H6+?,+
^+<P++? C64k+,<C
)B6?<-?E S)U 1 1M12 dM91p \M]@
W:) S+55B5U c_ S9@O2]\U S92U S_@U
N-<J-? C64k+,<C
^IB,LC S^U 1 \=Md1ppp 1_M=_ppp 1dM2@ppp
^") 1 1Mc1 _Md@p =M\_p
^W:) S+55B5U c_ S\cO__2U SddU S\@U
b5B474-I-<8 SbU 1 @1Mc]ppp c@M_9ppp 19Mccppp
b") 1 1M\] dM\9p \M1]
bW:) S+55B5U c_ ScO1d1U S_cU S\2U
b"^ 1 \1Mc@ppp 1=M9@ppp 12M\9ppp
b"^") 1 ]M19 _M]c _Mc]
b^W:) S+55B5U c_ S1O2\]U S_1U S\1U
p'o M]=O pp'o M]1O ppp'o M]]1
1@]

7;;+75+/ <B I+75? F5C<KB5/+5 ,B?/-<-B?7I C<56,<65+
+H67II8 P+IIO <J+ +55B5 57<+C CJBP+/ 7 /-T+5+?< ;7<<+5? BD
5+C6I<CM #? ;75<-,6I75O C-?EI+K<7CL ;75<-,-;7?<C 7?/ ;BB5
<B?+K,B6?<+5C CJBP+/ /57A7<-, -?,5+7C+C -? 7?<-,-;7<-B?
+55B5CM $BB/ <B?+K,B6?<+5CO B? <J+ B<J+5 J7?/O CJBP+/
D75 D+P+5 7?<-,-;7<-B? +55B5CM (J+C+ ;5+I-A-?758 B4C+5K
.7<-B?C P+5+ C6;;B5<+/ 48 C<7<-C<-,7I 7?7I8C+C BD <J+
/7<7M
&? &%!g& -C CJBP? -? (74I+ 1O &II +55B5C ,BI6A?M
(J+ b5B474-I-<8 "^IB,LC -?<+57,<-B? 5+V+,<+/ 7? -?K
,5+7C+ -? <J+ +T+,< BD <57?C-<-B? ;5B474-I-<8 D5BA cM@l -?
<J+ F5C< c]] <5-7IC <B 1_M]l -? <J+ I7C< c]] <5-7ICM
(J+ B4C+5.7<-B? <J7< ,B?C-/+574I8 AB5+ +55B5C B,,65
B? -A;5B474I+ <57?C-<-B?C C<5B?EI8 C6EE+C<C <J7< ;75<-,K
-;7?<C D5+H6+?<I8 A7L+ ;5B474I+ 5+C;B?C+C <B -A;5B47K
4I+ <57?C-<-B?CO 7?/ 7? 7//-<-B?7I +55B5 7?7I8C-C ,B?F5AC
<J-C -?D+5+?,+M N+ ,B?/6,<+/ 7? 7?7I8C-C BD <J+ C64C+< BD
+55B5C P+ ,7II mmP5B?EKC+H6+?,+ee +55B5CM ^+,76C+ <J+5+
P+5+ <PB C+H6+?,+C D5BA PJ-,J <57?C-<-B?C P+5+ C+I+,<K
+/O P5B?EKC+H6+?,+ +55B5C ,B?C-C<C BD <JBC+ 5+C;B?C+C
,B55+C;B?/-?E <B <J+ <57?C-<-B? <J7< PB6I/ J7.+ B,K
,655+/ -D <J+ B<J+5 C+H6+?,+ J7/ 4++? C+I+,<+/ DB5 <J7<
<5-7IM #? <J+ ,7C+ BD -A;5B474I+ <57?C-<-B?CO <J+ P5B?EK
C+H6+?,+ +55B5 ,B?C-C<C BD <J+ ;5B474I+ 5+C;B?C+ 4+-?E
A7/+ <B <J+ -A;5B474I+ <57?C-<-B?M 3B5 ;5B474I+ <57?K
C-<-B?CO 7 P5B?EKC+H6+?,+ +55B5 ,B?C-C<C BD <J+ -A;5B4K
74I+ 5+C;B?C+ 4+-?E A7/+ <B <J+ ;5B474I+ C<-A6I6CM #D
;75<-,-;7?<C I+75? <B 7?<-,-;7<+ <J+ C+H6+?,+O <J+?
;5B474I+ 5+C;B?C+C <B -A;5B474I+ <57?C-<-B?C CJB6I/
-?,5+7C+ B.+5 4IB,LCM &? &%!g& DB5 <J+ P5B?EK
89#' = *G;M 10 *55B5 57<+ DB5
<57?C-<-B?C -? F5C<KB5/+5 ,B?/-K
<-B?7I C+H6+?,+ C<56,<65+ S@]:c]
57<-B BD ;5B474I+ <B -A;5B474I+
<57?C-<-B?CU
1@1

C+H6+?,+ +55B5C SC++ (74I+ 1O N5B?E C+H6+?,+ ,BI6A?U
5+.+7I+/ <J+ C7A+ ;7<<+5? BD F?/-?EC B4C+5.+/ DB5 7II
+55B5CO ,B?F5A-?E <J7< P5B?EKC+H6+?,+ +55B5C 75+ 7
A7kB5 CB65,+ BD <J+ +55B5 +T+,<CM !.+57IIO P5B?EKC+K
H6+?,+ +55B5C 7,,B6?<+/ DB5 _]M]l BD <J+ <B<7I +55B5C B?
;5B474I+ <57?C-<-B?C 7?/ DB5 d=M9l BD <J+ <B<7I +55B5C B?
-A;5B474I+ <57?C-<-B?CM
%+G<O +55B5 57<+C DB5 EBB/ 7?/ ;BB5 <B?+K,B6?<+5C
P+5+ ,BA;75+/ SC++ (74I+ cO &II +55B5C ,BI6A?UM (J+ \K
P78 -?<+57,<-B? CJBPC <J7< <J+ -?,5+7C+ -? +55B5C P-<J
<57-?-?E /+;+?/C 4B<J B? <J+ <57?C-<-B? ;5B474-I-<8 7?/
<J+ <7CLC 4+-?E ;+5DB5A+/M N-<J ;5B474I+ <57?C-<-B?CO
<J+ -?,5+7C+C 75+ B?I8 1fclM N-<J -A;5B474I+ <57?C-K
<-B?CO <J+ -?,5+7C+ -C \M@l DB5 EBB/ <B?+K,B6?<+5CO 46<
k6A;C <B 1@M@l DB5 ;BB5 <B?+K,B6?<+5CM (J+ &%!g&
DB5 <J+ P5B?EKC+H6+?,+ +55B5C SC++ (74I+ cO N5B?E C+K
H6+?,+ ,BI6A?U 5+.+7I+/ 7 C-A-I75 ;7<<+5? BD 5+C6I<CO
;75<-,6I75I8 DB5 <J+ \KP78 -?<+57,<-B?M bBB5 <B?+K,B6?K
<+5C A7/+ 1=M_l +55B5C <B -A;5B474I+ <57?C-<-B?C ,BAK
;75+/ <B dM\l DB5 EBB/ <B?+K,B6?<+5CO /+AB?C<57<-?E
<J7< ;BB5 <B?+K,B6?<+5C P+5+ -?/++/ A7L-?E D5+H6+?<
7?<-,-;7<-B? +55B5CM
(J+ ;65;BC+ BD *G;M 1 P7C <B +G7A-?+ <J+ 6C+ BD
;5B474-I-C<-, C+H6+?,+C -? 7? W"( <7CL 6C-?E 7 C+H6+?,+
P-<J F5C<KB5/+5 ,B?/-<-B?7I C<56,<65+M (J+ ;7<<+5?C BD
I+75?-?E 5+V+,<+/ -? <J+ "( 5+C6I<C P+5+ I75E+I8 ,B?K
.+5E+?<O 5+E75/I+CC BD PJ+<J+5 ;75<-,-;7?<C P+5+ -? <J+
C-?EI+K<7CL B5 /67IK<7CL ,B?/-<-B? 7?/ 5+E75/I+CC BD
<B?+K,B6?<-?E 7,,657,8M *G7A-?7<-B? BD <J+ "( 5+C6I<C
CJBPC D+P /-T+5+?,+C -? <J+ A7E?-<6/+ BD I+75?-?EO +.+?
6?/+5 ,B?/-<-B?C BD 7<<+?<-B?7I IB7/M (J+ +55B5 /7<7O
JBP+.+5O C6EE+C< E5+7<+5 /-T+5+?,+C -? I+75?-?E <J7?
<JBC+ B4C+5.+/ -? <J+ "( /7<7M %7A+I8O +55B5C B? -AK
;5B474I+ <57?C-<-B?C P+5+ A6,J AB5+ D5+H6+?< PJ+?
;75<-,-;7?<C P+5+ ?B< 5+H6-5+/ <B ,B6?< <B?+C 7?/ PJ+?
<J+8 P+5+ ?B< .+58 7,,657<+ 7< ,B6?<-?EM NJ+? ;75<-,-K
;7?<C ;+5DB5A+/ P+II B? <B?+K,B6?<-?EO <J+8 J7/ IBP+5
+55B5 57<+C B? <J+ -A;5B474I+ <57?C-<-B?CO 46< C<-II
CJBP+/ C+?C-<-.-<8 <B <J+ ;5B474-I-<-+C -? <J+-5 "( ;+5K
DB5A7?,+M
(J+ 6C+ BD ;5B474-I-C<-, C+H6+?,+C J7C 7? -A;B5<7?<
7/.7?<7E+ B.+5 C<6/-+C 6C-?E FG+/ C+H6+?,+CM #? FG+/
C+H6+?,+ C<6/-+CO +55B5 57<+C 75+ ?B< -?DB5A7<-.+ 4+,76C+
+55B5 57<+C B? FG+/ C+H6+?,+C 75+ .+58 IBP 7?/ <+?/
,B.758 P-<J "(M *55B5C 75+ -?DB5A7<-.+ -? <J+ ;5+C+?<
;757/-EAO JBP+.+5O 4+,76C+ <J+8 7;;+75 <B 4+ 7? -?/+G
BD JBP A6,J ;75<-,-;7?<C 75+ 7?<-,-;7<-?E <J+ C+H6+?,+M
*G7A-?7<-B? BD <J+ ;75<-,6I75 +55B5C CJBPC <J7< +55B5C
B? -A;5B474I+ <57?C-<-B?C ;5+/BA-?7?<I8 ,B?C-C< BD <J+
B,,655+?,+ BD <J+ ;5B474I+ 5+C;B?C+ <B <J+ -A;5B474I+
C<-A6I6CM (J6CO <J+ +55B5 57<+ B? -A;5B474I+ <57?C-<-B?C
5+V+,<C <J+ +G<+?< <B PJ-,J ;75<-,-;7?<C P+5+ 7?<-,-;7<K
-?E <J+ C+H6+?,+ IB,7<-B?C /+<+5A-?+/ 48 <J+ AB5+
;5B474I+ C+H6+?,+M
& H6+C<-B? 5+C6I<-?E D5BA *G;M 1 -C PJ+<J+5 <J+ C7A+
;7<<+5? BD 5+C6I<C PB6I/ +A+5E+ -? ,7C+C BD AB5+ ,BAK
;I+G I+75?-?EO C6,J 7C <J7< -?.BI.+/ -? I+75?-?E C+,B?/K
B5/+5 ,B?/-<-B?7I C<56,<65+M b5+.-B6C 5+C6I<C 75+ A-G+/
P-<J 5+E75/ <B <J-C -CC6+ S+MEMO )BJ+? +< 7IMO 199]Z %-CC+?
Y ^6II+A+5O 19@2Z "++/ Y >BJ?CB?O 199_UO CB -< PB6I/
4+ -?DB5A7<-.+ <B +G7A-?+ JBP A7?-;6I7<-B?C BD 7<<+?K
<-B? 7T+,< <J+ I+75?-?E BD ;5B474-I-C<-, C+H6+?,+C P-<J
B?I8 C+,B?/KB5/+5 ,B?C<57-?<CM (J-C -C <J+ B4k+,<-.+ BD
*G;M cM
34)#*%5#$" 7
Q+<JB/
()*+,-,').+/0 W-G<8KDB65 6?/+5E57/67<+C 7< %+P Q+G-,B W<7<+
h?-.+5C-<8 ;75<-,-;7<+/ -? ;75<-7I D6IFIIA+?< BD 5+H6-5+A+?<C DB5 7?
-?<5B/6,<B58 ;C8,JBIBE8 ,B65C+M b75<-,-;7?<C P+5+ 57?/BAI8
7CC-E?+/ <B B?+ BD <PB ,B?/-<-B?CM
!'')*)+1/0 (J+ 7;;757<6C P7C -/+?<-,7I <B <J7< 6C+/ -? *G;M 1M
2)+3*,)4/0 (PB C+,B?/KB5/+5 ,B?/-<-B?7I C+H6+?,+C P+5+ <7L+?
D5BA "++/ 7?/ >BJ?CB? S199_U DB5 *G;M cM W+H6+?,+ &O 7 1cK-<+A
C+H6+?,+O P7C 1KcK1K\K_KcK\K1K_K\KcK_M W+H6+?,+ ^ P7C 1KcK\K_K1K\K
cK1K_KcK_K\M (J+C+ C+H6+?,+C 75+ +H67<+/ P-<J 5+C;+,< <B D5+H6+?,8
BD IB,7<-B? S+7,J IB,7<-B? B,,655+/ <J5++ <-A+CUO ?6A4+5 BD 5+.+5K
C7IC SB?+O +MEMO 1KcK1O DB5 +7,J C+H6+?,+UO F5C<KB5/+5 <57?C-<-B?C
S+7,J IB,7<-B?C P7C ;5+,+/+/ B?,+ 48 +7,J BD <J+ B<J+5 <J5++
IB,7<-B?CUO 7?/ 5+;+<-<-B?C S?B 5+;+<-<-B?C -? +-<J+5 C+H6+?,+UM (J+
B?I8 /-T+5+?,+ 4+<P++? C+H6+?,+C P7C -? C+,B?/KB5/+5 ,B?/-<-B?7I
C<56,<65+M #?C<+7/ BD 6C-?E 7? @]:c] ;5B474-I-<8 57<-B 7C -? *G;M 1O
B?+ C+H6+?,+ B,,655+/ P-<J 7 ;5B474-I-<8 BD ]M9] 7?/ <J+ B<J+5
B,,655+/ P-<J 7 ]M1] ;5B474-I-<8M
1
(J+ ;5B474-I-C<-, C+H6+?,+C P+5+
-A;I+A+?<+/ 48 6C-?E <J+ <PB ABC< 5+,+?< +.+?<C <B C+I+,< <J+ ?+G<
+.+?<M (J6C P-<J ;5B474-I-<8 ]M9]O <J+ ?+G< +.+?< PB6I/ 4+ <J+ +.+?<
-? <J+ '*56)643 C+H6+?,+ DBIIBP-?E <J+ <PB k6C< ;5+,+/-?E +.+?<CO
7?/ P-<J ;5B474-I-<8 ]M1]O <J+ ?+G< +.+?< PB6I/ 4+ <J+ +.+?< -? <J+
,7'*56)643 C+H6+?,+ PJ-,J DBIIBP+/ <J+ <PB ;5+,+/-?E +.+?<CM
*7,J 4IB,L BD <5-7IC P7C C<75<+/ 48 57?/BAI8 C+I+,<-?E <PB BD <J+
DB65 +.+?<C DB5 <J+ F5C< <PB <5-7IC -? <J+ 4IB,LM
(*5-381*30 &C -? *G;M 1O J7ID BD <J+ ;75<-,-;7?<C P+5+ 7CC-E?+/ <B
<J+ C-?EI+K<7CL ,B?/-<-B? 7?/ J7ID P+5+ 7CC-E?+/ <B <J+ /67IK<7CL
,B?/-<-B?M &//-<-B?7II8O <J+ ;5B474I+ C+H6+?,+ P7C ,B6?<+547IK
7?,+/O CB <J7< DB5 J7ID BD <J+ ;75<-,-;7?<C W+H6+?,+ & P7C <J+
;5B474I+ C+H6+?,+O 7?/ DB5 <J+ B<J+5 J7ID W+H6+?,+ ^ P7C <J+
;5B474I+ C+H6+?,+M &C -? *G;M 1O <J+ \c +G;+5-A+?<7I 4IB,LC P+5+
;5+,+/+/ 48 c ;57,<-,+ 4IB,LC S-? PJ-,J ;5B474I+ 7?/ -A;5B474I+
<57?C-<-B?C B,,655+/ P-<J +H67I I-L+I-JBB/UM b75<-,-;7?<C ,BA;I+<+/
=] <5-7IC -? +7,J +G;+5-A+?<7I 4IB,LM
"+C6I<C 7?/ /-C,6CC-B?
Q+7? "( 7?/ +55B5 57<+C P+5+ ,7I,6I7<+/ DB5 +7,J 4IB,L
BD <5-7ICM (J+ /7<7 P+5+ ,BA4-?+/ B.+5 7/k7,+?< 4IB,LC
DB5 <J+ ;65;BC+ BD ;5+C+?<7<-B?M (J6CO <J+ 5+C6I<C 75+
7?7I8a+/ 6C-?E 1d 4IB,LC BD 1]] <5-7IC 57<J+5 <J7?
1
N+ F5C< <5-+/ 6C-?E 7? @]:c] ;5B474-I-<8 57<-B P-<J <J+ C+,B?/K
B5/+5 C+H6+?,+CM (J+ +T+,<C BD <57?C-<-B? ;5B474-I-<8 P+5+ ;5+C+?<
46< CA7II -? A7E?-<6/+O 7?/ <J+5+ P+5+ ?B /-T+5+?,+C -? <J+
;5B474-I-<8 +T+,<C 7C 7 D6?,<-B? BD 7<<+?<-B?7I IB7/M #? ;75<-,6I75O
<J+5+ P7C ?B C-E? BD <J+ J-EJ 57<+ BD 7?<-,-;7<-B? +55B5C B4C+5.+/ -?
*G;M1M b+5J7;C 7? @]:c] ;5B474-I-<8 57<-B P-<J C+,B?/KB5/+5 ,B?K
/-<-B?7I C<56,<65+ -C ?B< C6q,-+?<I8 C7I-+?<M &C CJBP? -? *G;McO 7
9]:1] ;5B474-I-<8 57<-B ;5B/6,+C A75L+/I8 /-T+5+?< 5+C6I<CM
1@c

\c 4IB,LC BD =] <5-7ICM $BB/ 7?/ ;BB5 <B?+K,B6?<+5C
P+5+ C+;757<+/ -? <J+ C7A+ A7??+5 7C -? *G;M 1O 46<O -?
,B?<57C< P-<J <J7< +G;+5-A+?<O <J+5+ P+5+ B?I8 A-?B5
+T+,<C 7CCB,-7<+/ P-<J <B?+K,B6?<-?E ;+5DB5A7?,+M &;K
;75+?<I8O C-A;I8 ,B6?<-?E <B?+C -C C6q,-+?<I8 /-C<57,<-?E
P-<J C+,B?/KB5/+5 C+H6+?,+C CB <J7< ,B6?<-?E 7,,657,8
/B+C ?B< ,BA+ -?<B ;I78M (J+C+ 7?7I8C+C 75+ ?B< 5+K
;B5<+/O -? 7? +TB5< <B C<5+7AI-?+ <J+ ;5+C+?<7<-B?M b5+K
I-A-?758 7?7I8C+C 7ICB CJBP+/ C-A-I75 ;7<<+5?C BD +T+,<C
DB5 4B<J C+H6+?,+ & 7?/ ^ 7C <J+ ;5B474I+ C+H6+?,+Z
<J+5+DB5+O /7<7 P+5+ ,BA4-?+/ 7,5BCC C+H6+?,+ <8;+O
+I-A-?7<-?E <J-C 7C 7 D7,<B5M
93/'5./3 +,73 ).)4:/3/
3-E65+ _ CJBPC A+7? "(C DB5 ,B55+,< 5+C;B?C+C <B
;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C DB5 <J+ C-?EI+K 7?/
<J+ /67IK<7CL E5B6;CM #? ,B?<57C< <B *G;M 1O PJ+5+ C-?EI+K
<7CL ;75<-,-;7?<C CJBP+/ 7 C-E?-F,7?< /-T+5+?,+ -? "( <B
;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C -? <J+ F5C< =] <5-7ICO
"(C <B ;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C -? *G;M c
/-/ ?B< /-.+5E+ A75L+/I8 6?<-I A6,J I7<+5 -? <57-?-?EM
`BP+.+5O 48 <J+ +?/ BD <57-?-?EO <J+ A7E?-<6/+ BD
;5B474-I-<8 +T+,<C 7;;+75+/ C-A-I75 -? <J+ <PB ,B?/-K
<-B?CM W<7<-C<-,7I 7?7I8C+C ,B?F5A+/ <J+C+ B4C+5.7<-B?CM
&? &%!g& -C CJBP? -? (74I+ \O "( ,BI6A?M (J+
^IB,LC "(7CLC -?<+57,<-B? 5+V+,<+/ <J+ D7,< <J7< "(C -?
<J+ /67IK<7CL ,B?/-<-B? -A;5B.+/ A6,J AB5+ B.+5
<57-?-?E SA+7? -A;5B.+A+?< !1cc ACU <J7? "(C -?
<J+ C-?EI+ <7CL SA+7? -A;5B.+A+?< !\\ ACUM (J+
b5B474-I-<8 "^IB,LC -?<+57,<-B? 5+V+,<+/ <J+ F?/-?E
<J7< <J+5+ P7C ?B ;5B474-I-<8 +T+,< +75I8 -? <57-?-?EO 46<
<J+5+ P7C 7 _=KAC +T+,< I7<+5 -? <57-?-?EM
#**5* ).)4:/3/
3-E65+ _ CJBPC A+7? +55B5 57<+C DB5 ;5B474I+ 7?/ -AK
;5B474I+ <5-7IC DB5 <J+ C-?EI+K<7CL E5B6; 7?/ DB5 <J+
/67IK<7CL E5B6;M #? ,B?<57C< <B <J+ 5+C6I<C BD <J+ "(
/7<7O PJ-,J C6EE+C<+/ C-A-I75 A7E?-<6/+C BD I+75?-?E DB5
4B<J E5B6;CO <J+ +55B5 /7<7 CJBP /-T+5+?,+C 4+<P++? <J+
E5B6;CM &? -?,5+7C+ -? 7?<-,-;7<-B? +55B5C <B -A;5B474I+
<57?C-<-B?C -C ;75<-,6I75I8 +.-/+?< DB5 C-?EI+K<7CL I+75?K
+5CM
&? &%!g& SC++ (74I+ \O &II +55B5C ,BI6A?U
5+.+7I+/ C+.+57I C-E?-F,7?< +T+,<CM (J+ ^IB,LC "b5B4K
74-I-<8 -?<+57,<-B? -C BD ;75<-,6I75 -?<+5+C<M (J+ +T+,< BD
<57?C-<-B? ;5B474-I-<8 P7C E5+7<+5 I7<+5 -? <57-?-?E <J7?
+75I-+5 S_M9l I7<+5 .C ]M@l +75I-+5UO CJBP-?E I+75?-?E BD
<J+ C+H6+?<-7I ,B?C<57-?<C P-<J ;57,<-,+M
89#' > *G;M c0 )B55+,< 5+7,<-B?
<-A+ 7?/ +55B5 57<+ DB5 <57?C-<-B?C
-? C+,B?/KB5/+5 ,B?/-<-B?7I C+K
H6+?,+ C<56,<65+ S9]:1] 57<-B BD
;5B474I+ <B -A;5B474I+ <57?C-K
<-B?CU
1@\

(J+ P5B?EKC+H6+?,+ +55B5C SC++ (74I+ \O N5B?E C+K
H6+?,+ ,BI6A?U CJBP ;75<-,6I75I8 ,I+75 +T+,<CM (J+ \K
P78 -?<+57,<-B? BD b5B474-I-<8 "^IB,LC "(7CLC 5+V+,<C
<J+ F?/-?E <J7< C-?EI+K<7CL I+75?+5C A7/+ -?,5+7C-?EI8
AB5+ +55B5C <B -A;5B474I+ <J7? <B ;5B474I+ <57?C-<-B?C
SA+7? /-T+5+?,+ 4+<P++? +75I8 7?/ I7<+ <5-7IC !11Mcl
DB5 -A;5B474I+ <57?C-<-B?C 7?/ \M=l DB5 ;5B474I+
<57?C-<-B?CUO PJ+5+7C /67IK<7CL I+75?+5C CJBP+/ A6,J
CA7II+5 /-T+5+?,+C SA+7? /-T+5+?,+ 4+<P++? +75I8 7?/
I7<+ <5-7IC !cMdl DB5 -A;5B474I+ <57?C-<-B?C 7?/ 1M1l
DB5 ;5B474I+ <57?C-<-B?CUM &C -? *G;M 1O P+ C++ 7 C-E?-DK
-,7?<I8 E5+7<+5 -?,5+7C+ -? 7?<-,-;7<-B? +55B5C -? <J+
C-?EI+K<7CL ,B?/-<-B?M !.+57IIO P5B?EKC+H6+?,+ +55B5C
7,,B6?< DB5 =\Mdl BD <J+ +55B5C B? ;5B474I+ <57?C-<-B?C
7?/ DB5 d=M=l BD <J+ +55B5C B? -A;5B474I+ <57?C-<-B?CM
&,,B5/-?E <B <J+ "( 5+C6I<C -? *G;M cO /67IK<7CL
I+75?+5C 75+ CBA+PJ7< CIBP+5 <J7? C-?EI+K<7CL I+75?+5CO
46< <J+5+ P+5+ ?B -?<+57,<-B?C -?.BI.-?E b5B474-I-<8 7?/
(7CLC C6EE+C<-?E C-A-I75 /+E5++C BD C+H6+?,+ I+75?-?E -?
C-?EI+K 7?/ /67IK<7CL ,B?/-<-B?CM (7L+? 7IB?+O <J+ 5+K
C6I<C BD <J+ "( 7?7I8C+C ,B6I/ 4+ <7L+? <B C6EE+C< <J7<
<J+5+ 75+ ?B /-T+5+?,+C -? C+H6+?,+ I+75?-?E 7C 7 D6?,K
<-B? BD 7<<+?<-B?7I IB7/M `BP+.+5O <J+ +55B5 /7<7 57-C+
<J+ ;BCC-4-I-<8 BD 7 /-T+5+?< -?<+5;5+<7<-B?M &,,B5/-?E <B
<J+C+ /7<7O C-?EI+K<7CL I+75?+5C A7L+ C64C<7?<-7II8 AB5+
7?<-,-;7<-B? +55B5C <J7? /B <J+ /67IK<7CL I+75?+5CM (J6CO
E5B6; /-T+5+?,+C B,,655+/ -? <J+ +55B5 /7<7 /+C;-<+ <J+
D7,< <J7< I+75?-?E P7C ,BA;7574I+ 7C A+7C65+/ 48 "(M
(J+ 5+C6I<C BD B65 F5C< <PB +G;+5-A+?<C C6EE+C< /-DK
D+5+?,+C -? I+75?-?E 7CCB,-7<+/ P-<J 7<<+?<-B?M `BP+.+5O
-< -C C<-II ?B< ,I+75 PJ+<J+5 C-?EI+K 7?/ /67IK<7CL ;57,<-,+
I+7/ <B <J+ C7A+ L-?/ BD I+75?-?E P-<J CBA+ 7CCB,-7<+/
;+5DB5A7?,+ /-T+5+?,+CO B5 PJ+<J+5 <J+5+ 75+ A6I<-;I+
AB/+C BD W"( I+75?-?EO S+MEMO )6557? Y [++I+O 199\Z
Q785O 199dZ %-CC+? Y ^6II+A+5O 19@2UM !?+ A+<JB/ DB5
-?.+C<-E7<-?E <J+ C-A-I75-<8 BD I+75?-?E 6?/+5 <J+C+ /-DK
D+5+?< ;57,<-,+ ,B?/-<-B?C -C <B <57?CD+5 ;75<-,-;7?<C 4+K
<P++? C-?EI+K 7?/ /67IK<7CL ,B?/-<-B?C <B /+<+5A-?+ <J+
+G<+?< <B PJ-,J I+75?-?E 6?/+5 B?+ I+75?-?E ,B?/-<-B? -C
+G;5+CC+/ 6?/+5 <J+ B<J+5M #D 7<<+?<-B?7I IB7/ ;5B/6,+C
/-C<-?,< I+75?-?E AB/+CO <J+? /67IK<7CL ;75<-,-;7?<C
CJB6I/ 4+ D7C<+5 B? <57?CD+5 <B <J+ C-?EI+ <7CLO 46< CJB6I/
?B< +?E7E+ -? <J+ 7?<-,-;7<B58 4+J7.-B5 ,J757,<+5-C<-, BD
C-?EI+K<7CL ;75<-,-;7?<CM `BP+.+5O -D <J+ /67I <7CL -C
A+5+I8 I-A-<-?E <J+ I+75?+5Ce 5+CB65,+CO <J+? +55B5 57<+C
B? -A;5B474I+ <57?C-<-B?C CJB6I/ -?,5+7C+ P-<J <J+ 5+K
AB.7I BD <J+ /67I <7CLM &I<+5?7<+I8O C-?EI+K<7CL ;75<-,-K
;7?<C CJB6I/ CJBP CBA+ /-C56;<-B? B? <57?CD+5 <B <J+
/67I <7CLO 46< <J+ /-C56;<-B? CJB6I/ B?I8 4+ A-?B5 7?/
CJB6I/ 4+ <+A;B5758O -? <J+ ,7C+ BD 7 6?-<758 I+75?-?E
AB/+ 5+V+,<-?E 5+CB65,+ I-A-<7<-B?CM Q7kB5O IB?EK<+5A
/-C56;<-B? -? "( /-T+5+?,+C 7?/ +55B5 57<+ ;7<<+5?C B?
<57?CD+5 <B <J+ /67I <7CL PB6I/ 4+ +.-/+?,+ DB5 C+;757<+O
,BA;+<-?E I+75?-?E AB/+CM #? CJB5<O -D /-T+5+?< I+75?-?E
B,,65C P-<J 7?/ P-<JB6< 7 /-C<57,<-?E <7CLO <J+? <J+5+
CJB6I/ 4+ /-T+5+?<-7I ;7<<+5?C BD <57?CD+5M
34)#*%5#$" 8
Q+<JB/
()*+,-,').+/0 W-G<8K+-EJ< 6?/+5E57/67<+C 7< %+P Q+G-,B W<7<+
h?-.+5C-<8 ;75<-,-;7<+/ -? ;75<-7I D6IFIIA+?< BD 5+H6-5+A+?<C DB5 7?
-?<5B/6,<B58 ;C8,JBIBE8 ,B65C+M
!'')*)+1/0 (J+ 7;;757<6C P7C -/+?<-,7I <B <J7< 6C+/ -? *G;CM 1
7?/ cM
2)+3*,)4/0 (J+ C7A+ <PB C+,B?/KB5/+5 ,B?/-<-B?7I C+H6+?,+C 7?/
C7A+ ;5B474-I-<8 57<-B S9]:1]U 6C+/ -? *G;M c P7C 6C+/ -? *G;M \M
(*5-381*30 `7ID BD <J+ ;75<-,-;7?<C P+5+ 7CC-E?+/ <B <J+ C-?EI+K<BK
/67I <57?CD+5 ,B?/-<-B?O 7?/ J7ID P+5+ 7CC-E?+/ <B <J+ /67IK<BKC-?EI+
<57?CD+5 ,B?/-<-B?M (J+ ;5B474I+ C+H6+?,+ P7C 7ICB ,B6?<+547IK
7?,+/O CB <J7< DB5 J7ID BD <J+ ;75<-,-;7?<C W+H6+?,+ & P7C <J+
;5B474I+ C+H6+?,+O 7?/ DB5 <J+ B<J+5 J7IDO W+H6+?,+ ^ P7C <J+
;5B474I+ C+H6+?,+M b75<-,-;7?<C 5+,+-.+/ c ;57,<-,+ 4IB,LC SB?+ DB5
<J+ /67IK<7CL ,B?/-<-B? 7?/ <J+ B<J+5 DB5 <J+ C-?EI+K<7CL ,B?/-<-B?UO
,B?<7-?-?E 1] <5-7IC +7,JM b5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C
B,,655+/ P-<J +H67I I-L+I-JBB/ /65-?E ;57,<-,+M (J+ ;57,<-,+ 4IB,LC
<,1.$ = &?7I8C+C BD .75-7?,+
DB5 *G;M c SC+,B?/KB5/+5 ,B?K
/-<-B?7ICUM ;,B?<57C<C C-?EI+K
<7CL P-<J /67I <7CL ,B?/-<-B?CM
$,B?<57C<C <J+ F5C< c]] P-<J <J+
I7C< c]] <5-7ICM (,B?<57C<C
;5B474I+ P-<J -A;5B474I+
<57?C-<-B?CM g7I6+C +?,IBC+/ -?
;75+?<J+C+C 75+ A+7? CH675+
+55B5C DB5 <J+ ;5+,+/-?E <C
WB65,+ 8= <
"( &II +55B5C N5B?E C+H6+?,+C
^+<P++? C64k+,<C
(7CLC S(U 1 c@Mdcppp 11Mc1pp @M99pp
W:(S+55B5U d] S\@O=1@U S1_]U S2]U
N-<J-? C64k+,<C
^IB,LC S^U 1 _9M]9ppp _dMc\ppp _=M2@ppp
^"( 1 1dM1@ppp 1\Md]pp 1dM2@ppp
^W:( S+55B5U d] S2O29@U S\2U Sc9U
b5B474-I-<8 SbU 1 19M=1ppp 1_Mc]ppp 1@M12ppp
b"( 1 ]M]\ \M]@ _M2d9p
bW:( S+55B5U d] S1O=11U S\dU Sc\U
b"^ 1 \cM2c_ppp 9Mccpp 1dMc@ppp
b"^"( 1 ]M]c cM2c 2M\9
b^W:( S+55B5U d] S1O]c2U Sc9U Sc1U
p'o M]=O pp'o M]1O ppp'o M]]1
1@_

P+5+ DBIIBP+/ 48 c_ I+75?-?E 4IB,LC SC-?EI+ B5 /67IUO <J+? 1]
<57?CD+5 4IB,LC S/67I B5 C-?EI+ 5+C;+,<-.+I8UM (57?C-<-B?C -? <J+
I+75?-?E 7?/ <57?CD+5 4IB,LC P+5+ E+?+57<+/ D5BA <J+ ;5-A758 C+K
H6+?,+ B? 9]l BD <J+ <5-7IC 7?/ D5BA <J+ C+,B?/758 C+H6+?,+ B?
1]l BD <J+ <5-7ICM (J+ F5C< c <5-7IC -? +7,J 4IB,L P+5+ ,JBC+?
57?/BAI8O 46< <J+ 5+A7-?-?E <5-7IC P+5+ /+<+5A-?+/ 48 <J+ ;5+.-B6C
c <5-7ICM b75<-,-;7?<C ,BA;I+<+/ =] <5-7IC -? +7,J 4IB,LM
"+C6I<C 7?/ /-C,6CC-B?
&C -? <J+ ;5+.-B6C +G;+5-A+?<CO <J+ /+;+?/+?< .75-74I+C
P+5+ "(C 7?/ +55B5 57<+C -? <J+ L+8K;5+CC-?E <7CLM Q+7?
"( 7?/ +55B5 57<+C P+5+ ,7I,6I7<+/ DB5 +7,J 4IB,L BD
<5-7ICM R7<7 P+5+ 7ICB ,BA4-?+/ B.+5 7/k7,+?< 4IB,LCM
(J6CO <J+ 5+C6I<C 75+ 7?7I8a+/ 6C-?E 12 4IB,LC BD 1]]
<5-7IC 57<J+5 <J7? \_ 4IB,LC BD =] <5-7ICM &ICBO 4+,76C+ <J+
;7<<+5? BD 5+C6I<C P7C C-A-I75 DB5 W+H6+?,+C & 7?/ ^O
/7<7 P+5+ ,BA4-?+/ 7,5BCC C+H6+?,+ <8;+M
93/'5./3 +,73 ).)4:/3/
3-E65+ = CJBPC A+7? ,B55+,< "(C DB5 ;5B474I+ 7?/
-A;5B474I+ <57?C-<-B?C DB5 C-?EI+K<BK/67I 7?/ /67IK<BK
C-?EI+ <57?CD+5 ;75<-,-;7?<CM (J+ FE65+ CJBPC 7II c_
4IB,LCO 46< <J+ ;5-A758 7?7I8C-C P7C ;+5DB5A+/ B? <J+
I7C< = 4IB,LC 4+DB5+ <57?CD+5 7?/ <J+ = 4IB,LC 7D<+5
<57?CD+5M
&? &%!g& -C CJBP? -? (74I+ _O "( ,BI6A?M (J+
!5/+5 "(-A+ "^IB,LC -?<+57,<-B? 5+.+7I+/ <J7< C-?EI+K
<BK/67I <7CL ;75<-,-;7?<C -A;5B.+/ AB5+ 7D<+5 <57?CD+5
<B <J+ /67I <7CL <J7? PJ+? <J+8 P+5+ -? <J+ C-?EI+ <7CL
SA+7? -A;5B.+A+?< P7C 7;;5BG-A7<+I8 1 AC 4+DB5+ 7?/
9= AC 7D<+5 <57?CD+5UO PJ+5+7C /67IK<BKC-?EI+ <7CL ;75K
<-,-;7?<C -A;5B.+/ AB5+ 4+DB5+ <57?CD+5 <B <J+ C-?EI+
<7CL <J7? 7D<+5 <57?CD+5 SA+7? -A;5B.+A+?< P7C 7;K
;5BG-A7<+I8 =] AC 4+DB5+ 7?/ = AC 7D<+5 <57?CD+5UM (J+
!5/+5 "(-A+ "b5B474-I-<8 -?<+57,<-B? S7ICB CJBP? -?
(74I+ =U 5+V+,<C <J+ D7,< <J7< -? <J+ C-?EI+K<BK/67I ,B?K
/-<-B?O <J+5+ P7C 7 E5+7<+5 +T+,< BD <57?C-<-B? ;5B474-I-<8
4+DB5+ <J7? 7D<+5 <57?CD+5 SA+7? /+,5+7C+ !__ ACUO
PJ+5+7C -? <J+ /67IK<BKC-?EI+ ,B?/-<-B? <J+ +T+,< BD
<57?C-<-B? ;5B474-I-<8 P7C E5+7<+5 7D<+5 <J7? 4+DB5+
<57?CD+5 SA+7? -?,5+7C+ !c= ACUM
W+I+,<+/ <+C<C ,B?/6,<+/ B? ;+5DB5A7?,+ DBIIBP-?E
<57?CD+5 ,B?F5A <J+ -A;5+CC-B? ,B?.+8+/ 48 <J+ A+7?CM
3-5C<O -? B5/+5 <B .+5-D8 <J7< <J+ ;5B474-I-<8 +T+,< DB6?/
DB5 <J+ /67IK<BKC-?EI+ <7CL ;75<-,-;7?<C P7C ?B< A+5+I8
<J+ 5+C6I< BD I+75?-?E 7D<+5 <57?CD+5 <B <J+ C-?EI+ <7CLO 7?
7?7I8C-C BD <J+ +T+,< BD ;5B474-I-<8 P7C ,B?/6,<+/ B? <J+
89#' ? *G;M \0 )B55+,< 5+7,<-B?
<-A+ 7?/ +55B5 57<+ DB5 <57?C-<-B?C
-? C+,B?/KB5/+5 ,B?/-<-B?7I
C+H6+?,+ C<56,<65+ 4+DB5+ 7?/
7D<+5 <57?CD+5 4+<P++? /67IK<B
C-?EI+ 7?/ C-?EI+K<BK/67I <7CL
,B?/-<-B?C S9]:1] ;5B474-I-<8
57<-BU
1@=

F5C< =] <5-7IC BD C-?EI+K<7CL ;+5DB5A7?,+ DBIIBP-?E
<57?CD+5M "+C;B?C+C P+5+ C-E?-F,7?<I8 D7C<+5 <B ;5B474I+
S\2@ ACU <J7? <B -A;5B474I+ S_c= ACU <57?C-<-B?CO <S1O
\cU !2M1\O 2># !=OcddO '!M]1cM W+,B?/O <J+ /67IK
<7CL ;+5DB5A7?,+ DB5 <J+ C-?EI+K<BK/67I <7CL ;75<-,-;7?<C
P7C +G7A-?+/ C+;757<+I8 -? B5/+5 <B .+5-D8 <J7< ?B
;5B474-I-<8 +T+,<C +A+5E+/ 7D<+5 <57?CD+5M & =
S4IB,LCU "c S;5B474I+ .C -A;5B474I+U &%!g& DB5 <J+
/67IK<7CL ;+5DB5A7?,+ BD <J+ C-?EI+K<BK/67I <7CL ;75<-,K
-;7?<C 5+.+7I+/ 7? +T+,< BD ^IB,LCO <S_O 1c@U !9M2@O
2># !2Od_\O 'o ]M]]1 SA+7? -A;5B.+A+?< !@= ACUO
46< ?B +T+,<C BD b5B474-I-<8 7?/ ?B -?<+57,<-B? -?.BI.-?E
b5B474-I-<8O +.+? B.+5 <J+ ,B65C+ BD =]] <5-7ICM (J+C+
7?7I8C+C BD <57?CD+5 ,B?F5A <J7< <J+5+ -C ?B C-E?-F,7?<
<57?CD+5 D5BA C-?EI+K<BK/67I <7CL ;+5DB5A7?,+ -? <J+ =]]
<5-7IC DBIIBP-?E <57?CD+5O 46< <J+ /67IK<BKC-?EI+ <7CL
<57?CD+5 B,,65C -AA+/-7<+I8M
#**5* ).)4:/,/
3-E65+ = CJBPC A+7? +55B5 57<+C DB5 ;5B474I+ 7?/ -AK
;5B474I+ <57?C-<-B?C DB5 C-?EI+K<BK/67I 7?/ /67IK<BKC-?K
EI+ <57?CD+5 ;75<-,-;7?<CM &? &%!g& SC++ (74I+ _O &II
+55B5C ,BI6A?U CJBP+/ C+.+57I C-E?-F,7?< +T+,<CM (J+
!5/+5 "(-A+ "^IB,LC -?<+57,<-B? 5+V+,<C <J+ F?/-?E
<J7< C-?EI+K<BK/67I ;75<-,-;7?<C A7/+ -?,5+7C-?EI8 AB5+
+55B5C B.+5 4IB,LC 4+DB5+ <57?CD+5 <B <J+ /67I <7CL <J7?
7D<+5 <57?CD+5 SA+7? -?,5+7C+ -? +55B5C P7C 7;;5BG-K
A7<+I8 =M@l -? <J+ C-?EI+ <7CLO 7?/ <J+5+ P7C .-5<67II8
?B ,J7?E+ 7D<+5 <57?CD+5UO PJ+5+7C /67IK<BKC-?EI+ <7CL
;75<-,-;7?<C CJBP+/ ?B ,J7?E+C -? +55B5 57<+ B.+5
4IB,LCM #A;B5<7?<I8O <J+ !5/+5 "(-A+ "b5B474-I-<8
-?<+57,<-B? SC++ (74I+ =U CJBP+/ <J7< /-T+5+?,+C -? +5K
5B5C <B -A;5B474I+ 7?/ ;5B474I+ <57?C-<-B?C DB5 C-?EI+K
<BK/67I <7CL ;75<-,-;7?<C P+5+ A6,J E5+7<+5 4+DB5+
S=M=lU <J7? 7D<+5 <57?CD+5 S1M\lUO PJ+5+7C /-T+5+?,+C -?
+55B5C <B -A;5B474I+ 7?/ ;5B474I+ <57?C-<-B?C DB5 /67IK
<BKC-?EI+ ;75<-,-;7?<C P7C .-5<67II8 <J+ C7A+ 4+DB5+ 7?/
7D<+5 <57?CD+5 ScM1l 7?/ cM\lO 5+C;+,<-.+I8UM
&C -? <J+ ;5+.-B6C <PB +G;+5-A+?<CO P+ ,B?/6,<+/ 7?
7?7I8C-C B? <J+ P5B?EKC+H6+?,+ +55B5C -? B5/+5 <B ,B?K
F5A <J7< ;75<-,-;7?<C P+5+ A7L-?E ;5B474I+ 5+C;B?C+C
<B -A;5B474I+ <57?C-<-B?CO J+?,+ +?E7E-?E -? 7?<-,-;7K
<B58 4+J7.-B5M &? &%!g& 5+.+7I+/ 7 ;7<<+5? BD 5+C6I<C
C-A-I75 <B <J7< DB6?/ P-<J 7II +55B5C SC++ (74I+ _O
N5B?E C+H6+?,+ ,BI6A?UM QBC< -A;B5<7?<I8O <J+ !5K
/+5 "(-A+ "b5B474-I-<8 -?<+57,<-B? A-55B5+/ <J7<
<,1.$ > &?7I8C+C BD .75-7?,+
DB5 = 4IB,LC 4+DB5+ 7?/ 7D<+5
<57?CD+5 -? *G;M \M ?,B?<57C<C
C-?EI+K/67I P-<J /67IKC-?EI+M ;
,B?<57C<C 4+DB5+ P-<J 7D<+5
<57?CD+5M $5+;5+C+?<C 4IB,LC BD
1]] <5-7ICM (,B?<57C<C ;5B474I+
P-<J -A;5B474I+ <57?C-<-B?CM
g7I6+C +?,IBC+/ -? ;75+?<J+C+C
75+ A+7? CH675+ +55B5C DB5 <J+
;5+,+/-?E <C
WB65,+ 8= <
"( &II +55B5C N5B?E C+H6+?,+
^+<P++? C64k+,<C
!5/+5 S!U 1 1M]] dM_1p cM_2
W:! S+55B5U d_ S1]1O\]dU Sc@_U S1d_U
N-<J-? C64k+,<C
(-A+ S(U 1 2M1]pp 9M1]pp =M@\p
!"( 1 1d\M_]ppp \2M29ppp c]M2]ppp
(W:! S+55B5U d_ SccO]9=U S=9U S_@U
^IB,LC S^U _ 1]M12ppp ]M\1 cM=cp
!"^ _ 1M@= ]M]@ ]M29
^W:! S+55B5U c=d S_O1@dU S_\U S\9U
("^ _ cM19 cM]9 1M=2
!"("^ _ 1]M_cppp cM=]p ]M=\
^(W:! S+55B5U c=d S_O\]dU S_]U S\_U
b5B474-I-<8 SbU 1 9=M_@ppp \_M@2ppp \]M]=ppp
!"b 1 \M@_ 1Md\ ]M\_
bW:! S+55B5U d] S_O21_U S22U S9cU
("b 1 \M2\ @M29pp dM@@p
!"("b 1 __M]_ppp 9M92pp 11M]_ppp
b(W:! d_ ScO\d=U S_]U S\@U
^"b _ 1M92 ]M@d cM=\p
!"^"b _ ]Mc\ ]Mc9 ]M2d
^bW:! S+55B5U c=d S1O9]@U S_\U S\@U
("^"b _ ]M2c ]M2d ]M@]
!"("^"b _ 1M]= 1Md2 ]M_9
(^bW:! S+55B5U c=d ScO]d\U S_]U S\dU
p'o M]=@pp'o M]1O ppp'o M]]1
<,1.$ ? #A;5B474I+ A-?6C ;5B474I+ <57?C-<-B? ;+5DB5A7?,+ -?
*G;M \
!5/+5 (-A+
^+DB5+ <57?CD+5 &D<+5 <57?CD+5
Q+7? "( /-T+5+?,+ SACU
W-?EI+K<BK/67I =1 2
R67IK<BKC-?EI+ \1 =d
Q+7? +55B5 57<+ /-T+5+?,+ SlU
W-?EI+K<BK/67I =M= 1M\
R67IK<BKC-?EI+ cM1 cM\
1@d

DB6?/ -? <J+ B.+57II +55B5 7?7I8C-CO /+AB?C<57<-?E <J7<
P5B?EKC+H6+?,+ +55B5C 75+ 7 A7kB5 CB65,+ BD <J+ -?<+5K
7,<-B? DB6?/ P-<J 7II +55B5CM !.+57IIO P5B?EKC+H6+?,+
+55B5C 7,,B6?< DB5 =1M1l BD <J+ +55B5C B? ;5B474I+
<57?C-<-B?C 7?/ DB5 d9M9l BD <J+ +55B5C B? -A;5B474I+
<57?C-<-B?CM
&E7-?O C+I+,<+/ <+C<C ,B?/6,<+/ B? ;+5DB5A7?,+ DBIK
IBP-?E <57?CD+5 ,B?F5A <J+ -A;5+CC-B? ,B?.+8+/ 48 <J+
A+7?CM 3-5C<O 7 = S4IB,LCU "c S;5B474I+ .C -A;5B474I+U
&%!g& DB5 <J+ /67IK<7CL ;+5DB5A7?,+ BD <J+ C-?EI+K<BK
/67I ;75<-,-;7?<C CJBP+/ ?B C-E?-F,7?< +T+,<C -? <J+ =]]
<5-7IC DBIIBP-?E <57?CD+5M (J-C 5+C6I< 7?/ 5+C6I< BD <J+ "(
7?7I8C-C C6EE+C< <J7< <J+5+ -C ?B 5+I-74I+ <57?CD+5 D5BA
C-?EI+ <B /67I <7CL ,B?/-<-B?CM W+,B?/O 7? 7?7I8C-C BD <J+
+T+,< BD ;5B474-I-<8 P7C ,B?/6,<+/ B? <J+ F5C< =] <5-7IC
BD C-?EI+K<7CL ;+5DB5A7?,+ DBIIBP-?E <57?CD+5 D5BA <J+
/67I <B <J+ C-?EI+ <7CLM *.+? <JB6EJ <J+ "( 7?7I8C+C
CJBP+/ <J7< /67IK<BKC-?EI+ <7CL ;75<-,-;7?<C 5+C;B?/+/
D7C<+5 <B ;5B474I+ <J7? -A;5B474I+ <57?C-<-B?C -? <J+
F5C< =] <5-7IC -AA+/-7<+I8 DBIIBP-?E <57?CD+5 S_2 ACUO
+55B5 57<+C <B ;5B474I+ S_M@lU .+5C6C -A;5B474I+ S=M_lU
<57?C-<-B?C P+5+ ?B< C-E?-F,7?<I8 /-T+5+?<O <S1O \cU o 1M
N+ J8;B<J+C-a+/ <J7< -D <J+ /67I <7CL P+5+ A+5+I8
C6;;5+CC-?E <J+ +G;5+CC-B? BD I+75?-?E S35+?C,J +< 7IMO -?
;5+CCUO <J+? ;7<<+5?C BD <57?CD+5 <B <J+ C-?EI+ <7CL CJB6I/
4+ C-A-I75 DB5 "( 7?/ +55B5CM `BP+.+5O -D /-T+5+?<
I+75?-?E AB/+C B,,65 P-<J 7?/ P-<JB6< 7 /-C<57,<-?E
<7CLO <J+? <J+5+ CJB6I/ 4+ /-T+5+?<-7I ;7<<+5?C BD
<57?CD+5M )B?C-C<+?< P-<J <J+ I7<<+5 J8;B<J+C-CO /67IK<7CL
;75<-,-;7?<C 4+,7A+ D7C<+5 6;B? <57?CD+5 <B <J+ C-?EI+
<7CLO 7?/ <J+ /-T+5+?,+ -? "( <B -A;5B474I+ 7?/
;5B474I+ <57?C-<-B?C -?,5+7C+/M &< <J+ C7A+ <-A+O <J+5+
P7C ?B ,BC< BD -?,5+7C+/ +55B5 57<+C B? -A;5B474I+
<57?C-<-B?CO 7 ,BC< PJ-,J 7;;+75C <B 4+ ,J757,<+5-C<-, BD
<J+ I+75?-?E 7,H6-5+/ 6?/+5 C-?EI+K<7CL ;57,<-,+M #?
,B?<57C<O ;75<-,-;7?<C -? <J+ C-?EI+K<BK/67I <7CL ,B?/-K
<-B? CJBP+/ C64C<7?<-7I /-C56;<-B? -? "(O 7?/ <J+ /-DK
D+5+?,+ -? ;+5DB5A7?,+ B? -A;5B474I+ 7?/ ;5B474I+
<57?C-<-B?C /-C7;;+75+/M (J+ D7,< <J7< ;5B474-I-<8 +T+,<C
D7-I+/ <B 7;;+75 -? <J+ =]] <57?CD+5 <5-7IC C6EE+C<C <J7<
;75<-,-;7?<C P+5+ 6?74I+ <B 7;;I8 <J+ L?BPI+/E+ 7,K
H6-5+/ -? C-?EI+K<7CL ;57,<-,+ PJ+? <J+ C+,B?/758 <7CL
P7C 7//+/M
9#$#*', (%-.0--%&$
N+ /+.+IB;+/ 7 ;5B474-I-C<-, .+5C-B? BD C+H6+?,+
I+75?-?E <B ;5B.-/+ 7//-<-B?7I -?DB5A7<-B? 74B6< <J+
I+75?-?E BD C+H6+?<-7I C<56,<65+ 6?/+5 .758-?E ,B?/-<-B?C
BD 7<<+?<-B?7I IB7/M &C P+ +G;+,<+/ B? <J+ 47C-C BD
+75I-+5 5+C+75,JO ;+B;I+ I+75? 74B6< <J+ ;5B474-I-C<-,
C<56,<65+ BD C+H6+?,+CO 7C +.-/+?,+/ 48 D7C<+5 "(C 7?/
IBP+5 +55B5 57<+C <B ;5B474I+ 7C ,BA;75+/ <B -A;5B474I+
C+H6+?<-7I <57?C-<-B?CM &I<JB6EJ ;5B474-I-C<-, C+H6+?,+C
P-<J B?I8 F5C<KB5/+5 ,B?/-<-B?7I ,B?C<57-?<C 75+ I+75?+/
AB5+ H6-,LI8 7?/ <J+ +T+,<C BD <57?C-<-B? ;5B474-I-<8 75+
I75E+5O C+H6+?,+C P-<J C+,B?/KB5/+5 ,B?C<57-?<C 75+ 7ICB
I+75?+/ 4B<J P-<J 7?/ P-<JB6< 7 C+,B?/758 <7CLM !65
F?/-?EC 75+ -? 7E5++A+?< P-<J <JBC+ BD )6557? 7?/
[++I+ S199\UO "++/ 7?/ >BJ?CB? S199_UO 7?/ 35+?C,J
+< 7IM S-? ;5+CCUO PJB DB6?/ <J7< <J+ AB5+ ,BA;I+G C+K
H6+?,+C 75+ I+75?+/ +.+? -? <J+ ;5+C+?,+ BD 7 C+,B?/758
<7CLM (J+ +.-/+?,+ ?BP ,I+75I8 D7.B5C <J-C ,B?,I6C-B?O -?
,B?<57C< <B <J+ C6EE+C<-B? D5BA +75I-+5 C<6/-+C S%-CC+? Y
^6II+A+5O 19@2O 7?/ )BJ+? +< 7IMO 199]U -? PJ-,J <J+5+
P7C ?B I+75?-?E BD C+,B?/KB5/+5 C+H6+?,+C 6?/+5 /67IK
<7CL I+75?-?E ,B?/-<-B?CM
N-<J B65 ;5B474-I-C<-, C+H6+?,+CO <J+5+ 75+ CBA+ ?BK
<74I+ /-T+5+?,+C -? <J+ I+75?-?E <J7< 5+C6I<C D5BA ;57,<-,+
B? <J+ W"( <7CL 7IB?+O ,BA;75+/ P-<J ;57,<-,+ B? <J+
W"( <7CL PJ-I+ 7 C+,B?/758 <B?+K,B6?<-?E <7CL -C 7ICB
4+-?E ;+5DB5A+/M W-?EI+K<7CL ;57,<-,+ I+7/C <B ;75<-,6K
I75I8 J-EJ +55B5 57<+C B? -A;5B474I+ <57?C-<-B?CM W-?EI+K
<7CL I+75?+5C D5+H6+?<I8 E-.+ <J+ ;5B474I+ 5+C;B?C+ <B
-A;5B474I+ <57?C-<-B?CO -?/-,7<-?E B.+5< 7?<-,-;7<-B?C BD
<J+ ;5B474I+ <57?C-<-B?CM b5B474-I-C<-, C+H6+?,+C 75+
;75<-,6I75I8 -?DB5A7<-.+ 4+,76C+ <J+ "( /7<7 7IB?+ /B
?B< CJBP C64C<7?<-7I /-T+5+?,+C 4+<P++? C-?EI+K7?/ /6K
7IK<7CL ;57,<-,+ ,B?/-<-B?CM (J+ /-T+5+?,+ -? "( <B
;5B474I+ 7?/ -A;5B474I+ <57?C-<-B?C -C I75E+5 6?/+5
C-?EI+K<7CL ,B?/-<-B?C P-<J C+,B?/KB5/+5 ,B?/-<-B?7I C+K
H6+?,+CO 46< <J+ /-T+5+?,+ -C ;5+C+?< 6?/+5 4B<J /67IK
7?/ C-?EI+K<7CL ;57,<-,+ ,B?/-<-B?CM (J+ +55B5 /7<7 E-.+ 7
,I+75+5 -?/-,7<-B? <J7< <J+5+ 75+ /-T+5+?,+C -? <J+ I+75?K
-?E <J7< B,,65C 6?/+5 C-?EI+K 7?/ /67IK<7CL ,B?/-<-B?CM
b+5J7;C <J+ ABC< ;+5C67C-.+ +.-/+?,+ BD /-T+5+?<
I+75?-?E AB/+C 6?/+5 C-?EI+K 7?/ /67IK<7CL ;57,<-,+
,BA+C D5BA *G;M \O PJ+5+ <J+ ;57,<-,+ ,B?/-<-B?C P+5+
CP-<,J+/ 7D<+5 +G<+?C-.+ ;57,<-,+M (J+ <57?CD+5 /7<7
C6EE+C< <J7< <J+ CA7II+5 +T+,< BD <57?C-<-B? ;5B474-I-<8
B? "( 6?/+5 /67IK<7CL ,B?/-<-B?C -C /6+ <B I-A-<7<-B?C -?
;+5DB5A7?,+ -?C<+7/ BD I+75?-?EO 4+,76C+ <J+ +T+,< BD
<57?C-<-B? ;5B474-I-<8 B? "( -AA+/-7<+I8 -?,5+7C+C <B
?+75 <J+ I+.+I BD C-?EI+K<7CL ,B?/-<-B?C PJ+? <J+ C+,K
B?/758 <7CL -C 5+AB.+/M (J-C ,B?,I6C-B? -C ,B?C-C<+?<
P-<J <J7< BD 35+?C,J +< 7IM S-? ;5+CCUO PJB ;5+C+?<+/
+.-/+?,+ <J7< /67IK<7CL ,B?/-<-B?C 7T+,< <J+ +G;5+CC-B?
BD I+75?-?E A6,J AB5+ <J7? <J+ A7E?-<6/+ BD <J+
I+75?-?EM (J+8 75E6+ <J7< <J+ ;75<-,-;7?<C <J+8 7?7I8C+/
-? 4B<J /67IK7?/ C-?EI+K<7CL I+75?-?E ,B?/-<-B?C P+5+
-A;I-,-< I+75?+5CO 4+,76C+ ;75<-,-;7?<C P-<J +G;I-,-<
L?BPI+/E+ P+5+ /-C,75/+/M (J6CO <J+-5 F?/-?EC I+7/
<J+A <B <J+ ,B?,I6C-B? <J7< <J+5+ -C B?I8 B?+ AB/+ BD
,7'4,-,+ I+75?-?E 6?/+5 /67IK 7?/ C-?EI+K<7CL ;57,<-,+
,B?/-<-B?CM #? <J+-5 <+C<C BD +G;I-,-< L?BPI+/E+O 35+?C,J
+< 7IM /-/ F?/ <J7< <57-?-?E 6?/+5 C-?EI+ <7CL ,B?/-<-B?C
I+/ <B E5+7<+5 7AB6?<C BD +G;I-,-< L?BPI+/E+M
#? B65 C<6/-+CO P+ /-/ ?B< <+C< ;75<-,-;7?<C DB5 +G;I-,-<
L?BPI+/E+ DB5 5+7CB?C P+ /-C,6CC I7<+5O 46< P-<J B65
A+<JB/C P+ F?/ <J7< /-C<-?,< AB/+C BD I+75?-?E 5+C6I<
D5BA C-?EI+K .+5C6C /67IK<7CL ;57,<-,+M (J+5+ 75+ <PB
CB65,+C BD +.-/+?,+ DB5 <J-C ,I7-AM 3-5C< C-?EI+K 7?/ /67IK
<7CL ;57,<-,+ I+7/ <B ,I+75I8 /-T+5+?< +T+,<C B? +55B5
57<+CO ;75<-,6I75I8 <J+ D5+H6+?,8 BD 7?<-,-;7<B58 +55B5CM
'+75?-?E 6?/+5 /67IK<7CL ,B?/-<-B?C ;5B/6,+C I75E+5
+T+,<C BD <57?C-<-B? ;5B474-I-<8 B? "( 6;B? <57?CD+5 <B
C-?EI+K<7CL ,B?/-<-B?CO 46< <J-C +T+,< B? "( -C ?B< C++?
1@2

-? <J+ +55B5 57<+CM #? B<J+5 PB5/CO <J+ ;75<-,-;7?<C PJB
I+75?+/ 6?/+5 /67IK<7CL ,B?/-<-B?C /B ?B< CJBP 7? -?K
,5+7C+ -? 7?<-,-;7<B58 +55B5C PJ+? <J+8 75+ <57?CD+55+/ <B
C-?EI+K<7CL ,B?/-<-B?CO /+C;-<+ <J+ +?J7?,+/ +T+,< BD
<57?C-<-B? ;5B474-I-<8 B? "(M (J6CO +.+? <JB6EJ C-?EI+K
<7CL 7?/ /67IK<7CL I+75?+5C CJBP C-A-I75 "( ;+5DB5K
A7?,+ 6?/+5 C-?EI+K<7CL ,B?/-<-B?CO <J+ "( C-A-I75-<8 -C
,B6?<+5+/ 48 /-T+5+?,+C -? <J+ +T+,< BD <57?C-<-B?
;5B474-I-<8 B? +55B5 57<+CM (J-C ;7<<+5? BD F?/-?EC CJBPC
7 ,I+75 7/.7?<7E+ DB5 <J+ 6C+ BD ;5B474-I-C<-, C+H6+?,+CO
4+,76C+ <J+ +55B5 /7<7 75+ ,5-<-,7I <B C++-?E /-T+5+?,+C
4+<P++? C-?EI+K 7?/ /67IK<7CL ;57,<-,+M
(J+ C+,B?/ CB65,+ BD +.-/+?,+ DB5 /-C<-?,< I+75?-?E
AB/+C ,BA+C D5BA <J+ 7C8AA+<58 -? <57?CD+5M (57-?-?E
6?/+5 C-?EI+K<7CL ,B?/-<-B?C I+7/C <B 7 DB5A BD I+75?-?E
<J7< 7;;75+?<I8 ,7??B< 4+ 7;;I-+/ 6?/+5 /67IK<7CL ,B?K
/-<-B?CM #< 7;;+75C <J7< 7<<+?<-B?7I 5+CB65,+C 75+ 5+K
H6-5+/ <B 7;;I8 PJ7< -C I+75?+/ 6?/+5 C-?EI+K<7CL
,B?/-<-B?CO 7?/ B65 ;75<-,-;7?<C D7-I+/ <B CJBP 7?8 +T+,<
BD <57?C-<-B? ;5B474-I-<8 B? +-<J+5 "( B5 +55B5 57<+C B.+5
<J+ PJBI+ =]] <5-7IC BD <57?CD+5 <B <J+ /67IK<7CL ,B?/-K
<-B?M #? D7,<O <J+-5 /7<7 IBBL .+58 A6,J I-L+ <J7< BD <J+
;75<-,-;7?<C <57-?+/ 6?/+5 /67IK<7CL ,B?/-<-B?C 7< <J+
.+58 4+E-??-?E BD ;57,<-,+M
(J+ 5+C6I< BD *G;M \ 75+ -?,B?C-C<+?< P-<J <J+ .75-B6C
;5B;BC7IC ,7II-?E B? -?<+5D+5+?,+ 7C 7? +G;I7?7<-B? BD
<J+ +T+,<C BD 7 C+,B?/758 <7CL B? I+75?-?E C+H6+?<-7I
C<56,<65+ S)I++5+A7?C Y Q,)I+II7?/O 1991Z 35+?C,J
+< 7IMO 199_Z W<7/I+5O 199=UM QBC< /-5+,<I8 5+I+.7?< <B
-?<+5D+5+?,+ J8;B<J+C+C -C B65 ,B?,I6C-B? <J7< /67IK<7CL
;57,<-,+ /B+C ?B<O -? D7,<O -?<+5D+5+ P-<J I+75?-?E 46<
-?C<+7/ ;5B/6,+C ;+5DB5A7?,+ I-A-<7<-B?C PJ-,J A78
5+/6,+ <J+ -?V6+?,+ BD <J+ C+H6+?,+ B? "(M 35+?C,J
+< 7IM S-? ;5+CCU 5+7,J <J+ C7A+ ,B?,I6C-B? 6C-?E /+<+5K
A-?-C<-, C+H6+?,+CM
&,,B5/-?E <B 8+< 7?B<J+5 .-+PO )6557? 7?/ [++I+
S199\U C6EE+C< <J7< 7<<+?<-B?7I 7?/ ?B?7<<+?<-B?7I DB5AC
BD I+75?-?E B,,65 -?/+;+?/+?<I8 7?/ -? ;757II+IM (J+8
75E6+ <J7< ?B?7<<+?<-B?7I I+75?-?E CJB6I/ B,,65 PJ+<J+5
7<<+?<-B? -C /+.B<+/ <B <J+ I+75?-?E B5 ?B<O 4+,76C+ ?B?
7<<+?<-B?7I I+75?-?E -C I75E+I8 76<BA7<-, -? ?7<65+M &IK
<JB6EJ B65 5+C6I<C C6;;B5< <J+ ,I7-A BD -?/+;+?/+?,+O
<J+8 C6EE+C< <J7< 57<J+5 <J7? B;+57<-?E -? ;757II+IO <J+
<PB AB/+C BD I+75?-?E ,BA;+<+ P-<J B?+ 7?B<J+5M #?
;75<-,6I75O <J+5+ -C ?B <57?CD+5 BD <57?C-<-B? ;5B474-I-<8
+T+,<C -? <J+ C-?EI+K<B /67I <57?CD+5 ,B?/-<-B?O -A;I8-?E
<J7< <J+ I+75?-?E B4C+5.+/ P-<J C-?EI+K<7CL <57-?-?E
,7??B< 4+ 7;;I-+/ 6?/+5 7<<+?<-B?7I IB7/M #D 7 ?B?7<K
<+?<-B?7I DB5A BD I+75?-?E B,,655+/ 76<BA7<-,7II8 /65K
-?E <J+ C-?EI+K<7CL ;57,<-,+O <J-C DB5A BD I+75?-?E CJB6I/
J7.+ I+/ <B CBA+ C+?C-<-.-<8 <B <J+ C+H6+?<-7I C<56,<65+
PJ+? 7 C+,B?/758 <7CL P7C 7//+/O 46< B65 /7<7 CJBP ?B
5+I-74I+ +T+,<C BD <57?C-<-B? ;5B474-I-<8 /65-?E <J+ =]]
<5-7IC DBIIBP-?E <J+ <57?CD+5M 365<J+5O <J+ +T+,<C BD +.+?<
;5B474-I-<-+C <J7< 75+ <57?CD+55+/ -? /67IK<BKC-?EI+ <7CL
<57?CD+5 75+ /+AB?C<574I8 /-T+5+?< <J7? <J+ +T+,<C B4K
C+5.+/ 6?/+5 C-?EI+K<7CL I+75?-?EM #? ;75<-,6I75O DBIIBPK
-?E /67IK<7CL I+75?-?EO C-?EI+K<7CL ;+5DB5A7?,+ /B+C ?B<
+GJ-4-< <J+ -?V7<+/ +55B5 57<+ B? -A;5B474I+ <57?C-<-B?C
<J7< 5+E6I75I8 B,,65C DBIIBP-?E C-?EI+K<7CL I+75?-?EM
(J6CO B65 F?/-?EC C6EE+C< <J7< H6-<+ /-C<-?,< AB/+C BD
I+75?-?E B,,65 6?/+5 C-?EI+K 7?/ /67IK;57,<-,+M
#D CBA+ I+75?-?E B,,65C 76<BA7<-,7II8O 7C A7?8 J7.+
C6EE+C<+/O -< A78 C++A ;6aaI-?E <J7< <J+ I+75?-?E B,K
,655-?E 6?/+5 C-?EI+K<7CL ,B?/-<-B?C /B+C ?B< ;5B/6,+
CBA+ mm76<BA7<-,ee +T+,<C -? 7//-<-B? <B <JBC+ B4C+5.+/
P-<J AB5+ mm-?<+?<-B?7Iee I+75?-?EM #?<+5+C<-?EI8O <J+
7.7-I74I+ /7<7 D5BA ?+65BK-A7E-?E C<6/-+C 7;;+75 <B
CJBP <J7< H6-<+ /-C<-?,< 75+7C BD <J+ 457-? 75+ ABC< 7,K
<-.+ 6?/+5 C-?EI+K 7?/ /67IK<7CL ,B?/-<-B?C S$57D<B?
+< 7IMO 199=UM W6,J F?/-?EC 75+ ,B?C-C<+?< P-<J /-C<-?,<
DB5AC BD I+75?-?EO 46< <J+ ;5B;BC7IC 75+ C<-II H6-<+
C;+,6I7<-.+O 7C AB5+ PB5L ?++/ <B 4+ ,B?/6,<+/ -? B5/+5
<B -?<+5;5+< 457-? 7,<-.-<8 -? C-<67<-B?C 7C ,BA;I+G 7C
<JBC+ -?.BI.-?E /67IK<7CL ;57,<-,+M
!?+ -?<+5;5+<7<-B? BD B65 5+C6I<C -C <J7< C-?EI+K<7CL
I+75?-?E +?,B657E+C -?<+?<-B?7I ,B?<5BI BD 5+C;B?/-?EM
#?<+?<-B?7I ,B?<5BI 5+H6-5+C 7<<+?<-B? DB5 +C<74I-CJ-?E
<J+ C;+,-F, -?<+?<-B?C 7?/ DB5 7;;I8-?E <J+A -? ;+5DB5K
A7?,+M (J+ 4+?+F< BD -?<+?<-B?7I ,B?<5BI -C 5+7I-a+/ -?
<J+ 74-I-<8 <B 5+C;B?/ H6-,LI8 <B 7?<-,-;7<+/ +.+?<CM (J+
,BC< BD C6,J 7?<-,-;7<-B? -C <J+ J-EJ +55B5 57<+ B? 6?K
+G;+,<+/ S-A;5B474I+U +.+?<CO 46< <J+?O <J+C+ +.+?<C
575+I8 B,,65M #? ,B?<57C<O /67IK<7CL I+75?-?E ;5BAB<+C
<J+ /+.+IB;A+?< BD ;+5,+;<67IKAB<B5 CL-IIO PJ-,J 5+V+,<C
<J+ C<56,<65+ BD <J+ <7CL 7?/ C-<67<-B?O -?,I6/-?E <J+
C<56,<65+ BD <J+ C+H6+?,+M W6,J CL-II -C /+.+IB;+/
<J5B6EJ ;57,<-,+ 7?/ /B+C ?B< 5+H6-5+ D6II 7<<+?<-B?7I
5+CB65,+CM (J-C ;+5,+;<67IKAB<B5 CL-II ,BA+C <B -?,B5K
;B57<+ <J+ C<56,<65+ BD <J+ C+H6+?,+O 46< -< -C AB5+
C<-A6I6C /5-.+?O I+7/-?E <B I+CC B.+5< 7?<-,-;7<-B? <J7?
/B+C -?<+?<-B?7I ,B?<5BIM
&I<JB6EJ -< -C 6?/+5C<7?/74I+ <J7< C6q,-+?< 7<<+?<K
-B?7I IB7/ A-EJ< 4IB,L -?<+?<-B?7I ,B?<5BIO -< -C I+CC B4K
.-B6C PJ8O -? <J+ 74C+?,+ BD 7<<+?<-B?7I IB7/O -?<+?<-B?7I
,B?<5BI 7?/ <J+ ;+5,+;<67IKAB<B5 CL-II /B ?B< 4B<J /+K
.+IB;M #? B65 <57?CD+5 C<6/8O <J+5+ P7C ?B C+?C-<-.-<8 <B
<J+ C+H6+?<-7I C<56,<65+ B? <57?D+5-?E D5BA C-?EI+K <B
/67IK<7CL ,B?/-<-B?CM NJ8 CJB6I/ ;+5,+;<67IKAB<B5
,B?<5BI D7-I <B /+.+IB; 7< <J+ C7A+ <-A+ 7C -?<+?<-B?7I
,B?<5BIr 35BA B?+ ;+5C;+,<-.+O <J+ C7A+ W"( <7CL -C
4+-?E ;+5DB5A+/O CB <J+ B;;B5<6?-<8 DB5 /+.+IB;-?E <J+
C7A+ ;+5,+;<67IKAB<B5 CL-II PB6I/ C++A <B 4+ ;5+C+?<M &
;BCC-4I+ +G;I7?7<-B? -C <J7< -?<+?<-B?7I ,B?<5BI BD 4+K
J7.-B5 48;7CC+C <J+ CB65,+ BD ,B?<5BI -? 7 ;+5,+;<67IK
AB<B5 CL-IIM &,,B5/-?E <B <J-C .-+PO ;+5,+;<67IKAB<B5
,B?<5BI PB6I/ ?B< /+.+IB; PJ+? 5+C;B?C+C 75+ 6?/+5
-?<+?<-B?7I ,B?<5BI 4+,76C+ ;+5,+;<67IKAB<B5 I+75?-?E
B,,65C -? <J+ ,B?<5BI BD 5+C;B?C+CM b5+C6A74I8O ,B?K
<-?6-?E <B ;57,<-,+ PB6I/ +.+?<67II8 I+7/ <B /+.+IB;A+?<
BD ;+5,+;<67IKAB<B5 CL-IIO 46< ;+5J7;C B?I8 7D<+5 -?<+?K
<-B?7I ,B?<5BI /5B;C B6<M (J-C -C ,I+75I8 7 C;+,6I7<-.+
J8;B<J+C-C 7< <J-C ;B-?<O 7?/ D65<J+5 5+C+75,J -C ?++/+/
<B <+C< 7?/ +G<+?/ <J+ ;5B;BC7IM N+ A-EJ< 7ICB IBBL <B
CBA+ BD <J+ B?EB-?E PB5L B? <J+ ?+657I 47C-C BD C+K
H6+?,+ I+75?-?E -? ,BE?-<-.+ ?+65BC,-+?,+ S)6557?O 1992Z
$57D<B? +< 7IMO 199=Z [++I+ Y )6557?O -? ;5+CCU <B J+I;
+.7I67<+ <J-C J8;B<J+C-CM )BA;75-?E 7,<-.+ 457-? 75+7C
1@@

DB5 ;75<-,-;7?<C <57-?+/ 6?/+5 C-?EI+K.+5C6C /67IK<7CL
,B?/-<-B?C 7?/ <+C<+/ 6?/+5 C-?EI+K<7CL ,B?/-<-B?C
PB6I/ 4+ ;75<-,6I75I8 -?DB5A7<-.+ 6C-?E ;5B474-I-C<-,
C+H6+?,+C 4+,76C+ <J+ <+C<-?E ,B?/-<-B?C 75+ -/+?<-,7IO
8+< B65 F?/-?EC CJBP ,I+75 /-T+5+?,+C -? +55B5 57<+C B?
-A;5B474I+ <57?C-<-B?CM
&< <J-C C<7E+ BD <J+ 5+C+75,JO <J+5+ 75+ ,+5<7-?I8
A7?8 B<J+5 ;BCC-4I+ +G;I7?7<-B?C DB5 <J+ ;7<<+5? BD
/7<7 P+ B4C+5.+/M (PB ;75<-,6I75 7I<+5?7<-.+C CJB6I/ 4+
,B?C-/+5+/M 3-5C<O -< -C ;BCC-4I+ <J7< C-?EI+K 7?/ /67IK
<7CL I+75?-?E I+7/ <B /-T+5+?< ,5-<+5-7 DB5 5+C;B?/-?E -?
<J+ <7CLM W-?EI+K<7CL I+75?-?E I+7/C <B D7C<+5 5+C;B?C+C
7< <J+ ,BC< BD AB5+ +55B5CM (J-C 7I<+5?7<-.+ ,B6I/ +GK
;I7-? PJ8 AB5+ +55B5C B.+57II 7?/ AB5+ +55B5C B? -AK
;5B474I+ +.+?<C B,,65 6?/+5 C-?EI+K<7CL <57-?-?EM
`BP+.+5O <J+ ,5-<+5-B? +G;I7?7<-B? 7IB?+ /B+C ?B<
J7?/I+ <J+ <57?CD+5 /7<7 ;75<-,6I75I8 P+IIO 4+,76C+ /67IK
<7CL <57-?-?E I+7/C <B 5+C;B?C+C k6C< 7C D7C< 7C C-?EI+K
<7CL <57-?-?E P-<JB6< -?,5+7C+/ +55B5 57<+C PJ+? <J+
<B?+K,B6?<-?E <7CL -C 5+AB.+/M #< 7ICB D7-IC <B +G;I7-?
PJ8 <J+5+ -C ?B <57?CD+5 BD C+H6+?,+ ;5B474-I-<8 +T+,<C
D5BA C-?EI+K<7CL <57-?-?E <B /67IK<7CL ;+5DB5A7?,+M &
C+,B?/ J8;B<J+C-C A-EJ< J+I; P-<J <J+ <57?CD+5 F?/-?ECM
W6;;BC+ <J7< /67IK<7CL ;+5DB5A7?,+ -?<+5D+5+C P-<J <J+
+G;5+CC-B? BD C+H6+?,+ L?BPI+/E+ 4+,76C+ I+75?-?E <B
,B;+ P-<J <PB <7CLC <7L+C <-A+ 7?/ -?<+5D+5+?,+ 5+C6I<C
6?<-I <J+?M #D <J-C J8;B<J+C-C -C <56+O B65 /7<7 C6EE+C<
<J7< -< <7L+C 7 IB< BD <-A+ SB.+5 =]] <5-7ICU <B 7/7;< <B
<J+ /67I <7CLO 4+,76C+ ?B +.-/+?,+ BD C+?C-<-.-<8 <B <J+
C+H6+?,+ -C 5+.+7I+/ B.+5 <J7< A7?8 <5-7IC 7D<+5 <57?CK
D+55-?E <B <J+ /67IK<7CL ,B?/-<-B?C DBIIBP-?E C-?EI+K<7CL
I+75?-?EM #? B?+ C+?C+O B65 J8;B<J+C-C 74B6< -?<+?<-B?7I
,B?<5BI .+5C6C ;+5,+;<67IKAB<B5 ,B?<5BI 7CC+5<C <J7<
<J+5+ -C -?<+5D+5+?,+ -? 7;;I8-?E <J+ L?BPI+/E+ 7,H6-5+/
6?/+5 C-?EI+K<7CL I+75?-?E <B /67IK<7CL ;+5DB5A7?,+M
N+ C;+,6I7<+ <J7< <J+ L-?/ BD L?BPI+/E+ 7,H6-5+/
6?/+5 C-?EI+K<7CL <57-?-?E ,7??B< 4+ 7;;I-+/ 6?/+5 /6K
7IK<7CL ,B?/-<-B?CM W<-IIO 7//-<-B?7I 5+C+75,J P-II 4+
5+H6-5+/ <B +G7A-?+ <J+C+ S7?/ B<J+5U 7I<+5?7<-.+C 7C
B65 5+C+75,J ;5BE5+CC+CM
#< -C -A;B5<7?< <B +A;J7C-a+ <J7< P+ C6C;+,< 7 57<J+5
,BA;I+G 5+I7<-B?CJ-; 7AB?E 7<<+?<-B?7I 5+CB65,+CO <7CL
,BA;I+G-<8O 7?/ AB/+C BD I+75?-?EM 3B5 7<<+?<-B?7I 5+K
CB65,+C <B A7<<+5O <J+ <7CL <B 4+ I+75?+/ A6C< 4+ 7< 7?
7;;5B;5-7<+ I+.+I BD ,BA;I+G-<8M #D <J+ C+H6+?,+ -C <BB
+7C8 S*G;M 1UO I-A-<+/ /-C<57,<-B? /B+C ?B< 4IB,L 7IIBK
,7<-B? BD C6q,-+?< 7<<+?<-B? <B ;5+.+?< <J+ /+.+IB;A+?<
BD -?<+?<-B?7I ,B?<5BI S7C P-<J ;BB5 <B?+K,B6?<+5C PJB
J7/ 7 J-EJ 57<+ BD 7?<-,-;7<B58 +55B5CUM #D <J+ C+H6+?,+ -C
<BB /-q,6I< S7C PJ+? P+ <+C<+/ C+,B?/KB5/+5 ,B?/-<-B?7I
C+H6+?,+C P-<J 7? @]:c] ;5B474-I-<8 57<-B 7?/ DB6?/
I-A-<+/ I+75?-?E 7?/ D+P 7?<-,-;7<-B? +55B5CUO <J+ D6II
5+CB65,+C BD 7<<+?<-B? A78 ?B< 4+ C6q,-+?< <B /+.+IB;
-?<+?<-B?7I ,B?<5BI BD 4+J7.-B5M (J+ ,BA;I+G-<8 BD
;5B474-I-C<-, C+H6+?,+C -C 7ICB I-L+I8 <B 4+ -A;B5<7?< -?
/+<+5A-?-?E <J+ ?7<65+ BD I+75?-?E S7C -? <J+ C+H6+?,+C
E+?+57<+/ D5BA 75<-F,-7I E57AA75C 7C 6C+/ 48 )I++5+K
A7?C Y Q,,I+II7?/O 1991UM !?I8 P-<J 7? 7;;5B;5-7<+
I+.+I BD <7CL 7?/ C+H6+?,+ /-q,6I<8 /B+C <J+ 5+I7<-B?CJ-;
4+<P++? 7.7-I74-I-<8 BD 7<<+?<-B?7I 5+CB65,+C 7?/ AB/+C
BD I+75?-?E 4+,BA+ ,I+75M
!65 /7<7 7ICB CJBP ,I+75I8 <J7< <J+ 7AB6?< BD ;57,K
<-,+ 5+H6-5+/ <B I+75? 74B6< C+H6+?<-7I C<56,<65+ .75-+C
4B<J P-<J <J+ ,BA;I+G-<8 BD <J+ C+H6+?,+ 7?/ <J+ 7<K
<+?<-B?7I IB7/M 3B5 <J+ C-A;I+5O F5C<KB5/+5 C+H6+?,+C
6C+/ -? *G;M 1O C+?C-<-.-<8 <B <57?C-<-B? ;5B474-I-<8
+A+5E+/ P-<J-? <J+ F5C< 1]]fc]] <5-7ICO 5+E75/I+CC BD
7<<+?<-B?7I IB7/M N-<J <J+ AB5+ ,BA;I+GO C+,B?/KB5/+5
C+H6+?,+CO -< P7C ?+,+CC758 <B -?,5+7C+ <J+ ;5B474-I-<8
57<-B <B 9]:1] <B B4<7-? A75L+/ +T+,<C BD <57?C-<-B?
;5B474-I-<8 +.+? P-<J ?B C+,B?/758 <7CLO 7?/ P-<J <J+
9]:1] 57<-B -< A78 <7L+ AB5+ <J7? =]] <5-7IC BD ;57,<-,+
4+DB5+ <J+ ;5B474-I-<8 +T+,< -C ,I+75I8 +C<74I-CJ+/M #< -C
/-q,6I< <B E+?+57I-a+ <J+C+ +C<-A7<+C <B I+75?-?E FG+/
C+H6+?,+CO 46< ;+5J7;C CBA+ BD <J+ -?,B?C-C<+?,-+C
7AB?E ;5+.-B6C C<6/-+C 75+ /6+ <B /-T+5-?E 7AB6?<C BD
;57,<-,+M 3B5 +G7A;I+O %-CC+? 7?/ ^6II+A+5 S19@2U
<57-?+/ ;+B;I+ DB5 _]] <5-7IC 7?/ DB6?/ ?B I+75?-?E BD <J+
AB5+ ,BA;I+G C+H6+?,+C P-<J /67IK<7CL ;57,<-,+M
!?+ F?7I -CC6+ ,B?,+5?C <J+ +G<+?< <B PJ-,J <J+ J-EJ
57<+C BD 7?<-,-;7<B58 +55B5C B4C+5.+/ -? B65 C<6/-+C 5+K
V+,< +G;I-,-< I+75?-?E BD <J+ C+H6+?,+M &?<-,-;7<B58 4+K
J7.-B5 -? <J+ ;5+C+?< +G;+5-A+?<C A78 5+V+,< 7P75+?+CCO
46< P+ J7.+ ?B +.-/+?,+ PJ-,J /-5+,<I8 7//5+CC+C <J-C
H6+C<-B?M N+ ,JBC+ ?B< <B 6C+ /-5+,< <+C<C BD +G;I-,-<
I+75?-?E DB5 C+.+57I 5+7CB?CM 3-5C<O <J+5+ 75+ C+5-B6C
/-q,6I<-+C 7CCB,-7<+/ P-<J /+.-C-?E A+7C65+C PJ-,J A++<
4B<J -?DB5A7<-B? S7 <+C< BD <J+ 7;;5B;5-7<+ L?BPI+/E+U
7?/ C+?C-<-.-<8 S7 <+C< P-<J C+?C-<-.-<8 ,BA;7574I+ <B <J+
-?/-5+,< <+C<CU ,5-<+5-7 SWJ7?LC Y W<M >BJ?O 199_UM W+,B?/O
-< -C +.+? AB5+ /-q,6I< <B ,J757,<+5-a+ <J+ 7;;5B;5-7<+
L?BPI+/E+ P-<J ;5B474-I-C<-, C+H6+?,+C 4+,76C+ <J+5+ -C
A6,J E5+7<+5 .75-+<8 -? <J+ A7<+5-7I C++? 48 ;75<-,-;7?<CM
(J-5/O ,B?,I6/-?E <J7< CBA+ ;75<-,-;7?<C J7.+ ?B +GK
;I-,-< L?BPI+/E+ -?.BI.+C 7,,+;<-?E <J+ ?6II J8;B<J+C-CO
PJ-,J -C 7 5-CL8 +G;+5-A+?<7I ;57,<-,+O 7?/ -< ,B6I/ +7C-I8
5+C6I< -? +55B?+B6CI8 -/+?<-D8-?E +G;I-,-< I+75?-?E 7C -AK
;I-,-<M 3B65<JO 6C-?E /-T+5+?< <7CLC <B ;5+C6A74I8 5+V+,<
-A;I-,-< 7C B;;BC+/ <B +G;I-,-< I+75?-?E -C C6C;+,<O 4+K
,76C+ ;+5DB5A7?,+ -? ABC< <7CLC -C ;5B474I8 -?V6+?,+/
48 4B<J -A;I-,-< 7?/ +G;I-,-< ;5B,+CC+CM 3B5 +G7A;I+O
>7,B48 S1991U J7C ;5B;BC+/ A+<JB/C DB5 /-CCB,-7<-?E <J+
,B?<5-46<-B?C BD -A;I-,-< 7?/ +G;I-,-< ;5B,+CC+C -?
A+AB58 <7CLCM #? 7//-<-B? ^6,J?+5O W<+T+?CO *5/D+I/+5O
Y "B<JL+E+I S1992U J7.+ 7ICB ;5B;BC+/ 7 AB/+I <B 7CK
C+CC <J+ ,B?<5-46<-B?C BD C6,J ;5B,+CC+C -? C+H6+?,+
I+75?-?E <7CLCM h?DB5<6?7<+I8O <J+ ;5B,+CC /-CCB,-7<-B?
7;;5B7,J 7ICB J7C -<C I-A-<7<-B?C S,DM )6557? Y `-?<aK
A7?O 199=O 1992Z RB/CB? Y >BJ?CB? 199dUM N-<J 7II <J+
/-q,6I<-+C -? 7CC+CC-?E +G;I-,-< L?BPI+/E+O 6C-?E <+C<C BD
+G;I-,-< L?BPI+/E+ 56?C <J+ 5-CL BD +?,B657E-?E V7P+/
-?D+5+?,+CM #? B65 5+C+75,J ;5BE57AO P+ ;5+D+5 <B 6C+
+G;+5-A+?<7I A+<JB/C <B A7?-;6I7<+ <J+ /+E5++ <B PJ-,J
;75<-,-;7?<C ,7? 4+ ,B?C,-B6C BD ;75<-,6I75 7C;+,<C BD 7
<7CL 7?/ <B IBBL DB5 H67I-<7<-.+ ,J7?E+C -? ;+5DB5A7?,+
<J7< A78 5+V+,< /-T+5+?,+C -? 7P75+?+CC S,DM )J++CA7?
Y Q+5-LI+O 19@=Z Q75,+IO 19@\UM #? <J+ ;5+C+?< C<6/-+CO
P+ A7?-;6I7<+/ <J+ 7<<+?<-B?7I 5+CB65,+C 7.7-I74I+ DB5
1@9

I+75?-?E 74B6< C+H6+?<-7I C<56,<65+ 7?/ DB6?/ -?<+5+C<K
-?E H67I-<7<-.+ /-T+5+?,+C -? ;+5DB5A7?,+M #? D6<65+
C<6/-+C P+ ;I7? <B 7//5+CC JBP A7?-;6I7<-B?C BD +G;I-,-<
<57-?-?E 7T+,< I+75?-?E 7?/ ;+5DB5A7?,+ -? <J+ ;5B47K
4-I-C<-, .+5C-B? BD <J+ W"( <7CL <B +G<+?/ <J+ A7?-;6K
I7<-B? BD 7<<+?<-B?7I IB7/ -? <J+ C<6/-+C 5+;B5<+/ J+5+M
6)A-"B.$/#$4$-07 (J-C 5+C+75,J P7C C6;;B5<+/ 48 $57?<
%BM 3_1dc_K9dK1K]]]\ D5BA <J+ &5AC<5B?E '74B57<B58 BD <J+
h?-<+/ W<7<+C &-5 3B5,+ 7?/ 48 <J+ )BA;6<-?E "+C+75,J '74BK
57<B58 7< %+P Q+G-,B W<7<+ h?-.+5C-<8M
N+ <J7?L &G+I ^6,J?+5O &CJ+5 )BJ+?O (-A )6557?O b+<+5
35+?C,JO b+/+5 >BJ?CB?O W<+.+? [++I+O >7A+C %++I8O 7?/ Q-,J7+I
W<7/I+5 DB5 J+I;D6I ,BAA+?<C 7?/ C6EE+C<-B?C B? .75-B6C /57D<C BD
<J-C 75<-,I+M
:#;#*#$.#-
^6,J?+5O &MO W<+T+?CO QM )MO *5/D+I/+5O *MO Y "B<JL+E+IO "M S1992UM
& A6I<-?BA-7I AB/+I <B 7CC+CC V6+?,8 7?/ 5+,BII+,<-B? -? 7
C+H6+?,+ I+75?-?E <7CLM ;@3 A1)*+3*4: B51*.)4 5= #C'3*,73.+)4
(/:-@545D:E FGO d\1fdd\M
)J++CA7?O >MO Y Q+5-LI+O bM QM S19@=UM NB5/ 5+,BE?-<-B? 7?/
,B?C,-B6C?+CCM #? RM ^+C?+5O (M N7II+5O Y $M Q7,L-??B?
S*/CMUO 93)8,.D *3/3)*-@H !8I).-3/ ,. +@35*: ).8 '*)-+,-3
SgBIM=UM %+P sB5L0 &,7/+A-, b5+CCM
)I++5+A7?CO &MO Y Q,)I+II7?/O >M 'M S1991UM '+75?-?E <J+ C<56,<65+
BD +.+?< C+H6+?,+CM B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H J3."
3*)4E KLGO c\=fc=\M
)BJ+?O &MO #.58O "M #MO Y [++I+O WM NM S199]UM &<<+?<-B? 7?/
C<56,<65+ -? C+H6+?,+ I+75?-?EM B51*.)4 5= #C'3*,73.+)4 (/:"
-@545D:H M3)*.,.DE 2375*:E ).8 &5D.,+,5.E KNO 12f\]M
)6557?O (M S1992UM #A;I-,-< C+H6+?,+ I+75?-?E D5BA 7 ,BE?-<-.+
?+65BC,-+?,+ ;+5C;+,<-.+0 NJ7<O JBPO 7?/ PJ+5+r #? QM W<7/I+5
Y bM 35+?C,J S*/CMUO O).8655P 5= ,7'4,-,+ 43)*.,.D0 ^+.+5I8
`-IICO )&0 W7E+M
)6557?O (MO Y [++I+O WM NM S199\UM &<<+?<-B?7I 7?/ ?B?7<<+?<-B?7I
DB5AC BD C+H6+?,+ I+75?-?EM B51*.)4 5= #C'3*,73.+)4 (/:-@545"
D:H M3)*.,.DE 2375*:E ).8 &5D.,+,5.E KQO 1@9fc]cM
)6557?O (MO Y `-?<aA7?O RM 'M S199=UM g-BI7<-B?C BD <J+ -?/+;+?K
/+?,+ 7CC6A;<-B? -? ;5B,+CC /-CCB,-7<-B?M B51*.)4 5= #C'3*,"
73.+)4 (/:-@545D:H M3)*.,.D 2375*:E ).8 &5D.,+,5. LKO =\1f
=_2M
)6557?O (MO Y `-?<aA7?O RM 'M S1992UM )B?C+H6+?,+C 7?/ ,76C+C BD
,B55+I7<-B?C -? ;5B,+CC /-CCB,-7<-B?M B51*.)4 5= #C'3*,73.+)4
(/:-@545D:H M3)*.,.DE 2375*:E ).8 &5D.,+,5.E LRO _9df=]_M
RB/CB?O )M WMO Y >BJ?CB?O QM [M S199dUM WBA+ ;5B4I+AC P-<J <J+
;5B,+CCK/-CCB,-7<-B? 7;;5B7,J <B A+AB58M B51*.)4 5= #C'3*,"
73.+)4 (/:-@545D:H J3.3*)4E KLFO 1@9fc]cM
3-<<CO bM QMO Y W++E+5O )MQM S19=\UM WK" ,BA;7<-4-I-<80 W;7<-7I
,J757,<+5-C<-,C BD C<-A6I6C 7?/ 5+C;B?C+ ,B/+CM B51*.)4 5= #C"
'3*,73.+)4 (/:-@545D:E SNO 199fc1]M
35+?C,JO bM &MO ^6,J?+5O &MO Y '-?O >M S199_UM #A;I-,-< I+75?-?E BD
6?-H6+ 7?/ 7A4-E6B6C C+5-7I <57?C-<-B?C -? <J+ ;5+C+?,+ 7?/
74C+?,+ BD 7 /-C<57,<B5 <7CLM B51*.)4 5= #C'3*,73.+)4 (/:-@54"
5D:H M3)*.,.DE 2375*:E ).8 &5D.,+,5.E LGO =d2f=@_M
35+?C,JO bM &MO '-?O >MO Y ^6,J?+5O &M S-? ;5+CCUM '+75?-?E .+5C6C
4+J7.-B57I +G;5+CC-B? BD <J+ I+75?+/0 (J+ +T+,<C BD 7 C+,B?/758
<B?+K,B6?<-?E <7CL B? -A;I-,-< I+75?-?E -? <J+ C+5-7I 5+7,<-B?
<7CLM (/:-@545D,-)4 93/3)*-@0
$57D<B?O WM (MO `7a+I<-?+O *MO Y #.58O "M S199=UM 36?,<-B?7I A7;K
;-?E BD C+H6+?,+ I+75?-?E -? ?B5A7I J6A7?CM B51*.)4 5= &5D"
.,+,I3 T31*5/-,3.-3E UO _92f=1]M
`-,LO NM *M S19=cUM !? <J+ 57<+ BD E7-? BD -?DB5A7<-B?M A1)*+3*4:
B51*.)4 5= #C'3*,73.+)4 (/:-@545D:E SO 11fcdM
`8A7?O "M S19=\UM W<-A6I6C -?DB5A7<-B? 7C 7 /+<+5A-?7?< BD 5+K
7,<-B? <-A+M B51*.)4 5= #C'3*,73.+)4 (/:-@545D:E SFO 1@@f19dM
>7,B48O 'M 'M S1991UM & ;5B,+CC /-CCB,-7<-B? D57A+PB5L0 W+;757<-?E
76<BA7<-, D5BA -?<+?<-B?7I 6C+ BD A+AB58M B51*.)4 5= 2375*:
).8 M).D1)D3E RGO =1\f=_1M
[++I+O WM NMO Y )6557?O (M S-? ;5+CCUM !? <J+ AB/6I75-<8 BD C+K
H6+?,+ I+75?-?E C8C<+AC -? J6A7?CM #? *M )B.+8 S*/MUO T31*)4
*3'*3/3.+)+,5. 5= +37'5*)4 ')++3*./0 %+P sB5L0 bI+?6AM
'+P-,L-O bMO `-IIO (MO Y ^-aB<O *M S19@@UM &,H6-C-<-B? BD ;5B,+/657I
L?BPI+/E+ 74B6< 7 ;7<<+5? BD C<-A6I- <J7< ,7??B< 4+ 75<-,6I7<+/M
&5D.,+,I3 (/:-@545D:E LGO c_f\2M
Q75,+IO &M >M S19@\UM )B?C,-B6C 7?/ 6?,B?C,-B6C ;+5,+;<-B?0 *GK
;+5-A+?<C B? .-C67I A7CL-?E 7?/ PB5/ 5+,BE?-<-B?M &5D.,+,I3
(/:-@545D:E KFO 192fc\2M
Q785O hM S199dUM W;7<-7I 7<<+?<-B? 7?/ -A;I-,-< C+H6+?,+ I+75?-?E0
*.-/+?,+ DB5 -?/+;+?/+?< I+75?-?E BD C;7<-7I 7?/ ?B?C;7<-7I
C+H6+?,+CM B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE
2375*:E ).8 &5D.,+,5.E LLO \=]f\d_M
%-CC+?O QM >MO Y ^6II+A+5O bM S19@2UM &<<+?<-B?7I 5+H6-5+A+?<C BD
I+75?-?E0 *.-/+?,+ D5BA ;+5DB5A7?,+ A+7C65+CM &5D.,+,I3
(/:-@545D:E KQO 1f\cM
b+556,J+<O bMO Y &AB5-AO QM &M S199cUM )B?C,-B6C L?BPI+/E+ 7?/
,J7?E+C -? ;+5DB5A7?,+ -? C+H6+?,+ I+75?-?E0 *.-/+?,+ 7E7-?C<
/-CCB,-7<-B?M B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE
2375*:E ).8 &5D.,+,5.E KV 2@=f@]]M
b+556,J+<O bMO $7II+EBO >MO Y W7.8O #M S199]UM & ,5-<-,7I 5+7;;57-C7I
BD <J+ +.-/+?,+ DB5 6?,B?C,-B6C 74C<57,<-B? BD /+<+5A-?-C<-,
56I+C -? ,BA;I+G +G;+5-A+?<7I C-<67<-B?CM &5D.,+,I3 (/:-@545D:E
LLO _9\f=1dM
"+4+5O bM >MO Y WH6-5+O 'M "M S199_UM b757II+I 457-? C8C<+AC DB5
I+75?-?E P-<J 7?/ P-<JB6< 7P75+?+CCM M3)*.,.D W 2375*:E KO
c12fcc9M
"++/O >MO Y >BJ?CB?O bM S199_UM &CC+CC-?E -A;I-,-< I+75?-?E P-<J
-?/-5+,< <+C<C0 R+<+5A-?-?E PJ7< -C I+75?+/ 74B6< C+H6+?,+
C<56,<65+M B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE
2375*:E ).8 &5D.,+,5.E LGO =@=f=9_M
W,J.7?+.+I/<O "M NMO Y $BA+aO "M 'M S199dO %B.+A4+5UM !++3.+,5.
).8 7583/ 5= 43)*.,.DH #I,83.-3 =*57 '*56)6,4,/+,- /3X13.-3/0
b7;+5 ;5+C+?<+/ 7< <J+ \2<J 7??67I A++<-?E BD <J+ bC8,JB?BA-,
WB,-+<8O )J-,7EBO #'M
WJ7?LCO RM "MO Y W<M >BJ?O QM 3M S199_UM )J757,<+5-C<-,C BD /-CCBK
,-74I+ J6A7? I+75?-?E C8C<+ACM $3@)I,5*)4 ).8 $*),. >-,3.-3/E
KUO \d2f__2M
W<7/I+5O QM &M S19@9UM !? I+75?-?E ,BA;I+G ;5B,+/657I L?BPI+/E+M
B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE 2375*:E W
&5D.,+,5.E KGO =@1f=9@M
W<7/I+5 QM &M S199cUM W<7<-C<-,7I C<56,<65+ 7?/ -A;I-,-< C+5-7I
I+75?-?EM B51*.)4 5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE 237"
5*:E ).8 &5D.,+,5.E KVO \1@f\c2M
W<7/I+5 QM &M S199\UM #A;I-,-< C+5-7I I+75?-?E0 X6+C<-B?C -?C;-5+/ 48
`+44 S19d1UM 2375*: W &5D.,+,5.E LKO @19f@c2M
W<7/I+5 QM &M S199=UM "BI+ BD 7<<+?<-B? -? -A;I-,-< I+75?-?EM B51*.)4
5= #C'3*,73.+)4 (/:-@545D:H M3)*.,.DE 2375*:E ).8 &5D.,+,5.E
LKO d2_fd@=M
N-II-?EJ7AO RM ^MO %-CC+?O QM >MO Y ^6II+A+5O bM S19@9UM !? <J+
/+.+IB;A+?< BD ;5B,+/657I L?BPI+/E+M B51*.)4 5= #C'3*,73.+)4
(/:-@545D:H M3)*.,.DE 2375*:E W &5D.,+,5.E KFO 1]_2f1]d]M
19]