ÿþ< H T M L > < H E A D > < m e t a c o n t e n t = " 5A?0B=>, 15A?;0B=>5, E0;O20, f r e e , @5D5@0BK, @5D5@0B, :C@A>2K5, M:>=><8:0, D8;>A>D8O, <5=546<5=B, d a g a d a , :C;LBC@>;>38O, f r e e - h o s t i n g , s e x , c h a t , g a m e s " n a m e = " K e y w o r d s " > < M E T A H T T P - E Q U I V = " R e f r e s h " C o n t e n t = " 1 ; u r l = h t t p : / / w w w . d a g a d a . b o o m . r u / i n d e x . h t m l " >
< M E T A H T T P - E Q U I V = " C o n t e n t - T y p e " C o n t e n t = " t e x t / h t m l ; C h a r s e t = W i n d o w s - 1 2 5 1 " > < M E T A c o n t e n t = " N o t e p a d " n a m e = G E N E R A T O R > < m e t a n a m e = " d o c u m e n t - s t a t e " c o n t e n t = " d y n a m i c " > < M E T A n a m e = " r e v i z i t - a f t e r " c o n t e n t = " 1 5 d a y s " >
< m e t a c o n t e n t = " K ?@>AB> A>1@0;8 =0 MB>< A09B5 2AQ A0<>5 8=B5@5A=>5 87 40==KE >1;0AB59" n a m e = " D e s c r i p t i o n " >
< T I T L E > 5D5@0BK< / T I T L E >
< m e t a n a m e = " d e s c r i p t i o n " C o n t e n t = " " >
< m e t a n a m e = " k e y w o r d s " c o n t e n t = " f r e e , f r e e , 15A?;0B=>5, f r e e s t u f f , @5D5@0BK, M:>=><8:0, <8:@>M:>=><8:0, D8;>A>D8O, :C;LBC@>;>38O, <5=546<5=B,
@5D5@0BK ?> M:>=><8:5, @5D5@0BK ?> <8:@>M:>=><8:5, @5D5@0BK ?> D8;>A>D88, @5D5@0BK ?> :C;LBC@>;>388, @5D5@0BK ?> <5=546<5=BC, @5D5@0BK ?> <8:@>M:>=><8:5" >
< m e t a n a m e = " d o c u m e n t - s t a t e " c o n t e n t = " d y n a m i c " >
< m e t a n a m e = " r e v i z i t - a f t e r " c o n t e n t = " 1 5 d a y s " >
< m e t a n a m e = " r o b o t s " c o n t e n t = " a l l " >
< m e t a n a m e = " g e n e r a t o r " c o n t e n t = " N o t e p a d " >
< S T Y L E t y p e = " t e x t / c s s " > < ! - -
A : l i n k { f o n t - s i z e : 1 2 p t ; }
A : v i s i t e d { f o n t - s i z e : 1 2 p t ; }
A : a c t i v e { f o n t - s i z e : 1 4 p t ; }
A : h o v e r { c o l o r : # f f f f f f }
B O D Y { b a c k g r o u n d : # 0 0 0 0 0 0 u r l ( . g i f ) r e p e a t ; }
- - > < / S T Y L E > < / H E A D >
< B O D Y b g c o l o r = # 0 0 0 0 0 0 t e x t = # f f f f f f >
< t a b l e b o r d e r = 0 w i d t h = 1 0 0 % c e l l s p a c i n g = 0 c e l l p a d d i n g = 4 > < t r > < t d >
< / t d >
< t d w i d t h = 7 5 % > < h 1 a l i g n = c e n t e r > 5D5@0BK< / h 1 > < / t d >
< t d w i d t h = 1 5 % a l i g n = r i g h t > < a h r e f = " i n d e x . h t m l " > < i m g s r c = " d a g a d a . g i f " b o r d e r = 0 a l t = " 0 3;02=CN AB@0=8FC" > < / a > < / t d > < / t r >
< t r > < t d b a c k g r o u n d = 3 1 . j p g >
< b >
0B0 ?>A;54=53> >1=>2;5=8O AB@0=8FK: < b > < S C R I P T L A N G U A G E = " J a v a S c r i p t " >
< ! - - B e g i n
v a r m o n t h s = n e w A r r a y ( 1 3 ) ;
m o n t h s [ 1 ] = " O=20@O" ;
m o n t h s [ 2 ] = " D52@0;O" ;
m o n t h s [ 3 ] = " <0@B0" ;
m o n t h s [ 4 ] = " 0?@5;O" ;
m o n t h s [ 5 ] = " <0O" ;
m o n t h s [ 6 ] = " 8N=O" ;
m o n t h s [ 7 ] = " 8N;O" ;
m o n t h s [ 8 ] = " 023CAB0" ;
m o n t h s [ 9 ] = " A5=BO1@O" ;
m o n t h s [ 1 0 ] = " >:BO1@O" ;
m o n t h s [ 1 1 ] = " =>O1@O" ;
m o n t h s [ 1 2 ] = " 45:01@O" ;
v a r t i m e = n e w D a t e ( ) ;
v a r l m o n t h = m o n t h s [ t i m e . g e t M o n t h ( ) + 1 ] ;
v a r d a t e = t i m e . g e t D a t e ( ) ;
v a r y e a r = t i m e . g e t Y e a r ( ) ;
i f ( y e a r < 2 0 0 0 )
y e a r = y e a r + 1 9 0 0 ;
d o c u m e n t . w r i t e ( d a t e + " " ) ;
d o c u m e n t . w r i t e ( l m o n t h + " , " + y e a r + " 3. " ) ;
/ / E n d - - >
< / S C R I P T > < / b > < / t d > < t d w i d t h = 7 0 % b g c o l o r = # c c c c c c > < t a b l e w i d t h = 1 0 0 % b o r d e r = 5 > < t r c e l l p a d d i n g = 0 c e l l s p a c i n g = 0 > < t d a l i g n = l e f t b o r d e r = 5 > < s t r o n g > < a h r e f = " h t t p : / / d a g a d a . n a r o d . r u / r e f e r a t 1 . h t m l # f i l o " > $8;>A>D8O< / a > < b r > < a h r e f = " h t t p : / / d a g a d a . n a r o d . r u / r e f e r a t 1 . h t m l # e c o n " > -:>=><8:0< / a > < b r > < / t d > < t d a l i g n = c e n t e r > < s t r o n g > < a h r e f = " # m a n a " > 5=546<5=B < / a > < b r > < a h r e f = " h t t p : / / d a g a d a . n a r o d . r u / r e f e r a t 1 . h t m l # m i c r o " > 8:@>M:>=><8:0< / a > < / t d > < t d a l i g n = r i g h t > < s t r o n g > < a h r e f = " h t t p : / / d a g a d a . n a r o d . r u / r e f e r a t 3 . h t m l # k y l t " > C;LBC@>;>38O< / a > < b r > < a h r e f = " h t t p : / / d a g a d a . n a r o d . r u / r e f e r a t 3 . h t m l # a n t " > =B8G=0O :C;LBC@0< / a > < / s t r o n g > < / t d > < / t r > < / t a b l e >
< / t d >
< t d > < / t d > < / t r >
< t r > < t d > < / t d > < t d b g c o l o r = # 0 0 0 0 0 0 > < a n a m e = " u p r " > < i m g s r c = " u p r . g i f " > < / t d > < t d > < / t d > < / t r > < t r > < t d > < / t d > < t d b g c o l o r = # c c c c 9 9 >
< f o n t c o l o r = # 0 0 0 0 0 0 > A>15==>AB8 A8AB5<K C?@02;5=8O ?@><KH;5==K<8< / a > ?@54?@8OB8O<8 < a n a m e = " # _ t o p " > =0< / a >
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
@>2>48<0O 2 AB@0=5 M:>=><8G5A:0O @5D>@<0 ?@54?>;0305B :>@5==>5 87<5=5=85 A;>682H8EAO <5B>4>2 AB@0B538G5A:>3> @0728B8O A0<8E ?@54?@8OB89 8 3>AC40@AB25==>3> @53C;8@>20=8O M:>=><8:8. &5;L M:>=><8G5A:>9 @5D>@<K 70:;NG05BAO 2 A>740=88 =>2KE >B=>H5=89 <564C ?@54?@8OB8O<8, 0 B0:65 2=CB@8 >B45;L=KE ?@54?@8OB89. !D5@>9 3>AC40@AB25==>3> @53C;8@>20=8O 2A5 1>;LH5 AB0=>2OBAO <0:@>M:>=><8G5A:85 ?@5>1@07>20=8O, 0 >1I59 B5=45=F859 O2;O5BAO 45F5=B@0;870F8O C?@02;5=8O 8 A<5I5=85 >A=>2=KE @KG03>2 @53C;8@>20=8O =0 <8:@>C@>25=L A ?5@5E>4>< : 2A5 1>;LH59 M:>=><8G5A:>9 A0<>AB>OB5;L=>AB8 ?@54?@8OB89, ?@5645 2A53> =0 1075 @0728B8O =0 =8E >B=>H5=89 A>1AB25==>AB8. 064>5 ?@54?@8OB85 2K=C645=> 2 >A=>2=>< A0<>AB>OB5;L=> 2K18@0BL ?CBL 2KE>40 87 :@878A0 8 2E>645=8O 2 @K=>:. #A;>285< AB018;L=>3> MDD5:B82=>3> DC=:F8>=8@>20=8O AB0=>28BAO B0:0O D>@<0 ?>2545=8O ?@54?@8OB8O, ?@8 :>B>@>9, ?> A;>20< . -@E0@40, <0:A8<0;L=> ?@>O2;O5BAO G0AB=0O 8=8F80B820 8 701>B0 :064>3> > A0<>< A515 [ 1 ] .
A=>2=0O ?@>1;5<0 @5D>@<8@>20=8O M:>=><8:8 2 >AA88, :0:, 2 ?@>G5<, 8 2 4@C38E 1K2H8E A>F80;8AB8G5A:8E AB@0=0E, A>AB>8B 2 B><, GB> @07@01>BG8:8 ?@>3@0<<K @5D>@< =5 4> :>=F0 ?@54CA<>B@5;8 D>@<8@>20=85 =>2>3> B8?0 ?@54?@8OB89, :>B>@K9 E0@0:B5@5= 4;O ?5@5E>4=>3> ?5@8>40. "0:85 ?@54?@8OB8O =5 O2;ONBAO =8 A>F80;8AB8G5A:8<8, =8 @K=>G=K<8. =8 A:>@55 >@85=B8@>20=K =0 2K6820=85 8 ?KB0NBAO >15A?5G8BL ?@>4>;65=85 A2>59 45OB5;L=>AB8 2 :@09=5 =5AB018;L=KE CA;>28OE.
>2545=85 ?@54?@8OB89, >@85=B8@>20==KE =0 2K6820=85, ACI5AB25==> >B;8G05BAO >B 45OB5;L=>AB8 @K=>G=KE D8@<, >4=0:> <0;> :B> ?KB05BAO 53> ?>=OBL. @57C;LB0B5 @5D>@<K 84CB ?@8 >BACBAB288 4>;6=>3> 0=0;870 8E 2>7459AB28O =0 ?>2545=85 ?@54?@8OB89. 7- 70 =52=8<0=8O : <>B820< A53>4=OH=53> ?>2545=8O ?@54?@8OB89 ?>;8B8:0 ?@028B5;LAB20 70G0ABCN =5 4>AB8305B >68405<KE F5;59. "0:, 65AB:0O :@548B=0O ?>;8B8:0 2 ?5@2>9 ?>;>28=5 1 9 9 2 3. ?@825;0 =5 : A>:@0I5=8N, 0 : C25;8G5=8N 2708<=>3> :@548B>20=8O ?@54?@8OB89. @54AB02;O5BAO, GB> A0<0 ?> A515 ?@820B870F8O =5 O2;O5BAO 4>AB0B>G=K< AB8<C;>< 4;O ?5@5AB@>9:8 45OB5;L=>AB8 ?@54?@8OB89. > B5E ?>@ ?>:0 =5 70:>=G8BAO =5?@>@01>B0==>ABL ?5@5E>4=>3> ?5@8>40, 48@5:B>@0 ?@54?@8OB89 1C4CB >@85=B8@>20=K 5A;8 =5 8A:;NG8B5;L=>, B> ?@58<CI5AB25==> =0 2K6820=85. >MB><C <=>385 <5@K 157 BI0B5;L=>3> >A<KA;5=8O <>3CB 25AB8 : =5>6840==K< 8, ?> ACB8 45;0, =565;0B5;L=K< ?>A;54AB28O<.
;02=0O >B;8G8B5;L=0O G5@B0 DC=:F8>=8@CNI8E A53>4=O ?@54?@8OB89 A>AB>8B 2 B><, GB> >=8 459AB2CNB 2 ?>AB>O==> <5=ONI8EAO M:>=><8G5A:8E CA;>28OE. @8 ?;0=>2>9 8 @K=>G=>9 M:>=><8:5 ACI5AB2C5B >B=>A8B5;L=0O AB018;L=>ABL A@54K. 40==>< A;CG05 >=0 :0A05BAO ?>;>65=8O 4@C38E CG0AB=8:>2 ?@54?@8=8<0B5;LAB20 8 ?@028;, >B :>B>@KE 7028A8B 2K6820=85. CA;>28OE ?;0=>2>9 M:>=><8:8 ?@54?@8OB85 <>65B @0AAG8BK20BL =0 B>, GB> 53> ?0@B=5@K =5 @07>@OBAO, 8< 2 ?@8=F8?5 =5 404CB MB>3> A45;0BL. @K=>G=>9 M:>=><8:5 ?@54?@8OB8O @07>@ONBAO 8 ?>O2;ONBAO =>2K5, => :>;8G5AB2> ?>4>1=KE ?@54?@8OB89 2 >B45;L=> 27OB>9 >B@0A;8 70 >?@545;5==K9 ?5@8>4 2@5<5=8 A@02=8B5;L=> =525;8:> ?> A@02=5=8N A <0AHB010<8 2A59 >B@0A;8 2 F5;><. "0:8< >1@07><, 2 >1>8E A;CG0OE A B>G:8 7@5=8O :@0B:>A@>G=KE @5H5=89, ?@8=8<05<KE ?@54?@8OB85<, AB@C:BC@0 >B@0A;8 <>65B AG8B0BLAO >B=>A8B5;L=> AB018;L=>9.
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
CA;>28OE ?;0=>2>9 8 @K=>G=>9 M:>=><8:8 ?@54?@8OB8O 7=0NB A2>8E ?>B@518B5;59, ?>AB02I8:>2 8 :>=:C@5=B>2, E>BO =5 2A5340 C25@5=K 2 8E AB@0B5388. @8 A>F80;8AB8G5A:>9 M:>=><8:5 =5B :>=:C@5=F88 70 ?>B@518B5;O, => ACI5AB2C5B :>=:C@5=F8O 2 1>@L15 70 @5AC@AK - =5 B>;L:> @01>GCN A8;C, => ?@5645 2A53> :0?8B0;>2;>65=8O. @54?@8OB8O 1>@NBAO B0:65 70 45D8F8B=K5 @5AC@AK 8 <0B5@80;K. A53>4=O DC=:F8>=8@CNI85 ?@54?@8OB8O =0E>4OBAO 2 ?>;>65=88, :>340 2K6820=85 4@C38E ?@54?@8OB89 ?>4 1>;LH8< 2>?@>A0<. !B@C:BC@0 A?@>A0 8 >B@0A;520O AB@C:BC@0 ?>AB>O==> <5=ONBAO. @54?@8OB8O =5 <>3CB @0AAG8BK20BL =0 AB018;L=>5 ACI5AB2>20=85 A2>8E ?>AB02I8:>2 8 ?>B@518B5;59. =8 4>;6=K 8A:0BL =>2KE ?0@B=5@>2. 4=0:>, :0: ?>:07K205B ?@0:B8:0, 48@5:B>@0 <=>38E ?@54?@8OB89 AG8B0NB, GB> 20@80=B>2 70<5=K 8E =K=5H=8E ?>AB02I8:>2 =5 B0: C6 <=>3>. >MB><C >=8 AB0@0NBAO A>E@0=8BL 8<5NI85AO A2O78. MB><, =0 =0H 273;O4, 70:;NG05BAO >48= 87 ?0@04>:A>2 ?5@5E>4=>3> ?5@8>40.
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
8:2840F8>==0O :>=F5?F8O =0?@02;5=0 =0 ;8:2840F8N 3>AC40@AB25==KE ?@54?@8OB89. !G8B05BAO, GB> >=8 =5 ?@83>4=K : 2:;NG5=8N 2 @K=>G=CN M:>=><8:C 8 ?>MB><C 8E =C6=> ;81> ?@820B878@>20BL ;81> ;8:2848@>20BL. 0==0O :>=F5?F8O, : ?@8<5@C, 1K;0 ?@8=OB0 2 >;LH5 2 :0G5AB25 >A=>2K 459AB289 A@07C 65 2 =0G0;L=K9 ?5@8>4 @048:0;L=KE A8AB5<=KE ?@5>1@07>20=89. 0: @50:F8O =0 ?@>H;>5, :>340 ?@5>1;040;0 3>AC40@AB25==0O A>1AB25==>ABL, 2>7=8:;> AB@5<;5=85 : B><C, GB>1K :0: <>6=> 1KAB@55 ;8:2848@>20BL MBC D>@<C A>1AB25==>AB8 2> 2A5E 55 ?@>O2;5=8OE. @820B870F8O AB0;0 3;02=K< ;>7C=3>< ?@>3@0<<K ?@5>1@07>20=89.
06=K< 0@3C<5=B>< 2 ?>;L7C ;8:2840F8>==>9 :>=F5?F88 ?>A;C68;0 >F5=:0, GB> 3>AC40@AB25==K5 ?@54?@8OB8O A8;L=> 7028AOB >B 1N@>:@0B8G5A:8E AB@C:BC@, >=8 =5 A<>3CB >A2>1>48BLAO >B A2O70==KE A MB8< =02K:>2 15AE>7O9AB25==>AB8. ! 8AB>@8G5A:>9 B>G:8 7@5=8O 1K;8 >A=>20=8O 4;O B0:>9 >F5=:8.
><<5@F80;870F8>==0O :>=F5?F8O =0?@02;5=0 =0 B>, GB>1K 3>AC40@AB25==K5 ?@54?@8OB8O =0G0;8 DC=:F8>=8@>20BL, :0: 8 4@C385 @K=>G=K5 AC1J5:BK, 2 A>>B25BAB288 A 70:>=0<8 @K=:0. 5>1E>48<> 4;O MB>3> A>740BL CA;>28O MDD5:B82=>9 45OB5;L=>AB8 ?@54?@8OB89 ?@8 =0;8G88 @K=>G=>9 :>=:C@5=F88. @820B870F8O =C6=0 ;8HL 2 B>9 <5@5, 2 :0:>9 >=0 MB><C A?>A>1AB2C5B. #B25@640BL, GB> =0 ?>G25 3>AC40@AB25==>9 A>1AB25==>AB8 =5;L7O 459AB2>20BL MDD5:B82=>, 7=0G8B >?8@0BLAO =5 =0 4>:070B5;LAB2>, 0 =0 845>;>38G5A:85 ?@54?>AK;:8. -B><C ?@>B82>@5G8B 8 45OB5;L=>ABL <=>3>G8A;5==KE 3>AC40@AB25==KE D8@< 2 :0?8B0;8AB8G5A:8E AB@0=0E. >AC40@AB25==K5 D8@<K A;54C5B ?@820B878@>20BL 2 B0:>< >1J5<5 8 B0:8< >1@07><, GB> MB> 25;> : 459AB28B5;L=><C ?>2KH5=8N MDD5:B82=>AB8. <5AB5 A B5< A;54C5B A>74020BL D8@<0< ?>;=CN 2>7<>6=>ABL 459AB2>20BL =0 @K=>G=KE =0G0;0E. A;8 >=8 4>AB83=CB E>@>H8E @57C;LB0B>2, B> =5B >A=>20=89 =8 4;O 8E ;8:2840F88, =8 4;O 8E ?@820B870F88.
!CBL :><<5@F80;870F88 A>AB>8B 2 A>740=88 CA;>289, 2 :>B>@KE <5=5465@K, B> 5ABL 48@5:F8O ?@54?@8OB8O, <>3CB 459AB2>20BL :0: =0AB>OI85 ?@54?@8=8<0B5;8.
045;5=85 <5=5465@>2 3>AC40@AB25==KE ?@54?@8OB89 ?@02>< =0 ?@8=OB85 @5H5=89 ?@0:B8G5A:8 >7=0G05B ?5@540GC 48@5:F88 G0AB8 ?@02, A2O70==KE A ?@02>< A>1AB25==>AB8. >MB><C 2 >?@545;5==>< A<KA;5 :><<5@F80;870F8N <>6=> >?@545;8BL :0: ?@820B870F8N C?@02;5=8O.
;O 1>;55 3;C1>:>3> >A<KA;5=8O @>;8 8 7=0G8<>AB8 D>@< 8 <5B>4>2 A>2@5<5==>9 A8AB5<K C?@02;5=8O E>7O9AB25==>9 45OB5;L=>ABLN =0 <8:@>C@>2=5 ?@54AB02;O5BAO >1>A=>20==K< =5A:>;L:> ?>4@>1=55 @0AA<>B@5BL >A=>2=K5 M;5<5=BK M2>;NF88 <5=546<5=B0.
0 @0==8E AB048OE :0?8B0;8AB8G5A:>3> ?@>872>4AB20 ?@54?@8=8<0B5;L- A>1AB25==8:, :0: ?@028;>, A0< C?@02;O; ?@54?@8OB85<. 0728B85 B5E=8:8 8 @>AB <0AHB01>2 ?@>872>4AB20 =0 @C1565 X I X 8 X X 22. @57:> CA;>6=8;8 C?@02;5=85, 2K45;8;8 53> 2 >A>1CN AD5@C 45OB5;L=>AB8, B@51CNICN A?5F80;L=KE 7=0=89. 3@><=K9 2:;04 2 A>740=85 =0C:8 C?@02;5=8O 2=5A 0<5@8:0=A:89 8=65=5@ 8 8AA;54>20B5;L $. "59;>@. @54;>65==0O 8< @0F8>=0;870F8O B@C40 8 >B=>H5=89 =0 ?@>872>4AB25 ?>72>;8;8 :>@5==K< >1@07>< 87<5=8BL >@30=870F8N 8 C?@02;5=85, 7=0G8B5;L=> ?>2KA8BL MDD5:B82=>ABL ?@>872>4AB20. 07@01>B:8 $. "59;>@0 4> A8E ?>@ 8A?>;L7CNBAO <=>38<8 ?@54?@8OB8O<8. = @0AA<0B@820; C?@02;5=85 :0: 8A:CAAB2> 7=0BL B>G=>, GB> ?@54AB>8B A45;0BL 8 :0: MB> A45;0BL ;CGH8< 8 45H52K< A?>A>1>< [ 4 ] . "59;>@ 2K45;8; G5BK@5 3@C??K C?@02;5=G5A:8E DC=:F89: 2K1>@ F5;8, 2K1>@ A@54AB2, ?>43>B>2:0 A@54AB2, :>=B@>;L @57C;LB0B>2. @8=F8?K C?@02;5=8O, 0:BC0;L=K5 8 A53>4=O, @07@01>B0; A>2@5<5==8: $. "59;>@0 - . $09>;L. A5 >ACI5AB2;O5<K5 =0 ?@54?@8OB88 >?5@0F88 $09>;L @0718; =0 H5ABL 3@C??: B5E=8G5A:85, :><<5@G5A:85, D8=0=A>2K5, >E@0=0 8<CI5AB20 8 ;8F, AG5B=K5, 04<8=8AB@0B82=K5. A>1AB25==> C?@02;5=8N >= >B=5A H5ABCN 3@C??C. #?@02;5=85 ?> $09>;N 70:;NG05BAO 2 B><, GB>1K:
?@542845BL ( 87CG0BL 1C4CI55 8 CAB0=02;820BL ?@>3@0<<C 459AB289) ;
>@30=87>2K20BL ( AB@>8BL 42>9=>9 >@30=87< ?@54?@8OB8O - <0B5@80;L=K9 8 A>F80;L=K9) ;
@0A?>@O60BLAO ( ?@82>48BL 2 459AB285 ?5@A>=0; ?@54?@8OB8O) ;
A>3;0A>2K20BL ( A2O7K20BL 8 >1J548=OBL 459AB28O) ;
:>=B@>;8@>20BL ( =01;N40BL, GB>1K 2A5 ?@>8AE>48;> A>>1@07=> CAB0=>2;5==K< 8 >B40==K< @0A?>@O65=8O<) .
@>1;5<0< C?@02;5=8O 8 DC=:F8>=8@>20=8O ?@54?@8OB89 2 CA;>28OE @K=:0 - <8:@>M:>=><8:5 - C45;O5BAO G@572KG09=> <=>3> 2=8<0=8O 8 2 A>2@5<5==KE 70@C156=KE =0CG=KE 8AB>G=8:0E. > <=5=8N /. >@=08, M:>=><8:0 5ABL @50;L=0O =0C:0 ( 2 >B;8G85 >B D>@<0;L=KE - <0B5<0B8:8, ;>38:8 8 B. 4. ) , 7040G0 :>B>@>9 A>AB>8B 2 >1JOA=5=88 M:>=><8G5A:>9 459AB28B5;L=>AB8, 0 :@8B5@85< 55 8AB8==>AB8 O2;O5BAO A@02=5=85 ?>;CG5==KE 2K2>4>2 A @50;L=>9 ?@0:B8:>9 E>7O9AB2>20=8O.
#<5AB=> 2A?><=8BL, GB> >15;52A:85 ?@5<88 ?> M:>=><8:5 G0AB> ?@8AC640;8AL CG5=K<, GL8 @01>BK =5?>A@54AB25==K< >1@07>< A>>B=>A8;8AL A @50;L=K<8 7040G0<8 ?@54?@8OB89. G0AB=>AB8, . . 0=B>@>28G ?>;CG8; MBC =03@04C 70 <5B>4K @5H5=8O AC3C1> :>=:@5B=KE 7040G D0=5@=>3> B@5AB0.
E>45 M2>;NF88 B5>@88 8 ?@0:B8:8 <5=546<5=B0 =0 ?5@2K9 ?;0= 2K42830;8AL B> >4=8, B> 4@C385 ?@>1;5<K. 5 0 - 6 0 - 5 33. 2 F5=B@5 2=8<0=8O AB>O;0 >@30=870F8>==0O AB@C:BC@0 C?@02;5=8O. 6 0 - 7 0 - 5 33. >B@010BK20;8AL 2>?@>AK AB@0B538G5A:>3> ?;0=8@>20=8O. ! 8 0 - E 33. 4;O ?5@54>2KE 70?04=KE D8@< E0@0:B5@=K< AB0; ?5@5E>4 >B AB@0B538G5A:>3> ?;0=8@>20=8O : AB@0B538G5A:><C C?@02;5=8N. !@02=8B5;L=> =>2K< MB0?>< 2 @0728B88 <5=546<5=B0 AB0;> >1J548=5=85 B5>@88 C?@02;5=8O 8 B5>@88 <0@:5B8=30, ?>@>482H55 @K=>G=CN :>=F5?F8N C?@02;5=8O.
45AL =5>1E>48<> >B<5B8BL =5A:>;L:> ?@8=F8?80;L=KE >A>15==>AB59 A>2@5<5==>9 @>AA89A:>9 A8AB5<K C?@02;5=8O ?@><KH;5==KE ?@54?@8OB89.
!53>4=O ?>GB8 2A5 1K2H85 3>AC40@AB25==K5 ?@54?@8OB8O CB@0B8;8 ?@0:B8:C ?;0=>2>9 @01>BK ( AB@0B538G5A:85 ?@>@01>B:8 =0 A@>: 1>;55 ?>;C3>40) , 0 C =>2KE :><<5@G5A:8E AB@C:BC@ 8 =5 1K;> >?KB0 ?>4>1=>3> @>40. A;8 2 CA;>28OE F5=B@0;87>20==>- ?;0=>2>9 M:>=><8:8 ?@54?@8OB8O @07@010BK20;8 5 - ;5B=85 ?;0=K, :><?;5:A=K5 ?@>3@0<<K =0CG=>- B5E=8G5A:>3> ?@>3@5AA0 =0 2 0 - ;5B=89 ?5@8>4, B> =0 A53>4=O ?>402;ONI55 1>;LH8=AB2> @>AA89A:8E ?@54?@8OB89 2>>1I5 >B:070;8AL >B ?;0=>2KE ?@>F54C@. %>BO =5;L7O =5 >B<5B8BL 8 >3@0=8G5==>ABL ACI5AB2>202H8E @0=55 ?;0=>2KE ?@>F54C@:
?;0=K @07@010BK20;8AL 8 A?CA:0;8AL =0 ?@54?@8OB85 87 <8=8AB5@AB2, 0 ?> <5B:><C 2K@065=8N . :>DD0: CGH5 ?;0=8@>20BL 4;O A51O - =5206=> =0A:>;L:> ?;>E>, G5< 1KBL ?;0=8@C5<K< 4@C38<8 - =5206=> =0A:>;L:> E>@>H> [ 7 ] ;
ACI5AB2>20;0 65AB:0O D>@<0 ?;0=>2, G5B:85 <5B>48G5A:85 @0<:8, ?;0=8@>20=85 >ACI5AB2;O;>AL ?> >1I8< :@8B5@8O<;
:0: ?@028;> <>45;8 >ACI5AB2;O;8 ?;0=8@>20=85 >B 4>AB83=CB>3> .
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
B> 65 2@5<O =5>1E>48<> ?>4G5@:=CBL, GB> A53>4=OH=89 MB0? @0728B8O @>AA89A:>9 M:>=><8:8 :0: =8:>340 @0=55 ?@54>AB02;O5B @C:>2>48B5;N ?@54?@8OB8O 2>7@>AHCN AB5?5=L A2>1>4K B2>@G5A:>3> <KH;5=8O 2 2K1>@5 B5E 8;8 8=KE ;8=89 ?>2545=8O. @8 2A5< =5A>25@H5=AB25 ?@8=OBKE 70:>=>2 >=8 >7=0G0NB 15A?@8<5@=>5 A0=:F8>=8@>20==>5 ?5@5CAB@>9AB2> >A=>2K ?@>872>4AB25==KE >B=>H5=89, 0 8<5==> >B=>H5=89 A>1AB25==>AB8. C:>2>48B5;8 ?@54?@8OB89, A>2<5AB=> A B@C4>2K<8 :>;;5:B820<8 ?>;CG0NB ?@02> 2K18@0BL ?@54CA<>B@5==CN 70:>=>< D>@<C A>1AB25==>AB8, 22>48BL 045:20B=CN A8AB5<C >?;0BK B@C40 8 <0B5@80;L=>3> AB8<C;8@>20=8O, ?> A2>5<C CA<>B@5=8N @0A?>@O60BLAO G8AB>9 ?@81K;LN, A>74020BL 157 87;8H=8E A>3;0A>20=89 =>2K5 AB@C:BC@K C?@02;5=8O.
07@01>B:0 8 @50;870F8O AB@0B5388 ?@54?@8OB8O ?> ACI5AB2C A2>48BAO : C?@02;5=8N M:>=><8:>9 =0 <8:@>C@>2=5, 4;O G53> =5>1E>48<> ?>AB@>5=85 A>>B25BAB2CNI59 A8AB5<K, 2K?>;=ONI59 A;54CNI85 >A=>2=K5 DC=:F88: =0?@02;ONICN - >1>A=>20=85 F5;59 8 2K1>@ 3;02=KE ?CB59 8E 4>AB865=8O; :>>@48=8@CNICN - 10;0=A8@>2:0 206=59H8E @5AC@A=KE >3@0=8G5=89 8 A>3;0A>20=85 ?@>B82>@5G82KE 8=B5@5A>2 2A5E CG0AB=8:>2 ?@>872>4AB25==>3> ?@>F5AA0; AB8<C;8@CNICN - 0:B82870F8O 4286CI8E A8; @0728B8O. ?KB ?>:07K205B, GB> ?@8 A;>6=>AB8 2K?>;=5=8O 2A5E AB>OI8E 7040G, >4=>9 87 =081>;55 B@C4=>>ACI5AB28<KE O2;O5BAO ?>A;54=OO 87 =0720==KE DC=:F89. =0 =0?@02;5=0 =0 B>, GB>1K 708=B5@5A>20BL @01>B=8:0 2 CA?5E5 >1I53> 45;0 8 2 @50;870F88 53> A?>A>1=>AB59 8 2>7<>6=>AB59. 0: ?@028;>, B@048F8>==K<8 ( 4;O =0A) <5B>40<8 B0:CN 7040GC ?@0:B8G5A:8 @5H8BL C405BAO ;8HL G0AB8G=>. > >F5=:0< A?5F80;8AB>2, 2 =0H5< =0@>4=>< E>7O9AB25 2 =0AB>OI55 2@5<O 8A?>;L7C5BAO <5=55 ?>;>28=K B2>@G5A:>3> ?>B5=F80;0 70=OBKE 2 =5< @01>B=8:>2 ( 8 2 MB><, >G5284=>, >4=0 87 ?5@2>?@8G8= 2>7=8:H59 =K=5 :@878A=>9 A8BC0F88) . ?5@2CN >G5@54L, ?>MB><C, ?CBL 87 BC?8:0 A;54C5B 8A:0BL 2 AD5@5 <>B820F88 ;N459, B> 5ABL 2 AD5@5 2708<>459AB28O 8E 8=B5@5A>2, 2K3>4K. > 4;O MB>3> =C6=> 8<5BL G5B:>5 ?@54AB02;5=85 > A>AB025 8 AB@C:BC@5 M:>=><8G5A:8E 8=B5@5A>2 2 C?@02;O5<>< :>;;5:B825, 7=0BL 8 ?>AB>O==> CG8BK20BL 8=B5@5AK =5 B>;L:> >1I85 4;O 2A53> ?@54?@8OB8O, => 8 A?5F8D8G5A:85 - :>;;5:B82>2 ?>4@0745;5=89 ( >A=>2=KE, 2A?><>30B5;L=KE, C?@02;5=G5A:8E 8 B. 4. ) , 0 B0:65 @07;8G=KE :0B53>@89 @01>B=8:>2 ( ?> ?>;C, 2>7@0ABC, C@>2=N :20;8D8:0F88 8 B. ?. ) . 57 B0:>3> 7=0=8O =5 <>65B 459AB2>20BL 2=CB@5==89 <5E0=87< M:>=><8G5A:>3> C?@02;5=8O, <5E0=87< AB8<C;8@>20=8O 8 <>B820F88 B@C40.
4=0:> =5 <5=55 2065= 8 2=5H=89 :>=BC@ - <5E0=87< 2708<>459AB28O ?@54?@8OB8O A @07;8G=K<8 035=B0<8 8 :>=B@035=B0<8, ?0@B=5@0<8 8 :>=:C@5=B0<8 2 @538>=5, AB@0=5, 1;86=5< 8 40;L=5< 70@C156L5. > A2>59 =>287=5 8 =01>@C 2> <=>3>< =5?@82KG=KE, 2K428305<KE @K=:><, MB>B <5E0=87< 5I5 1>;55 A;>65=. ;O 2K@01>B:8 <>45;59 ?>2545=8O ?@54?@8OB8O A AC1J5:B0<8 2=5H=53> :>=BC@0 >B=>H5=89 =5>1E>48< =5?@5@K2=K9 0=0;87 - <>=8B>@8=3, >BA;56820NI89 A>AB>O=85 2=5H=53> :>=BC@0 8 A2>52@5<5==> 2KO2;ONI89 2>7=8:0NI85 ?@>1;5<K. ?@5645 2A53> MB> ?@>1;5<K <0@:5B8=30.
"0:8< >1@07><, ?5@5G8A;5==K5 2KH5 7040G8 <>6=> @0745;8BL =0 420 C@>2=O: <0:@>M:>=><8G5A:89 - @07@01>B:0 3>AC40@AB25==K<8 >@30=0<8 ?@028; 83@K 8 <8:@>M:>=><8G5A:89 - =5?>A@54AB25==0O 040?B0F8O :>=:@5B=KE E>7O9AB2CNI8E AC1J5:B>2 : =>2K< CA;>28O< ?@>872>4AB20 8 ?>B@51;5=8O B>20@>2.
;02=K< 65 8 =5>1E>48<K< CA;>285< ?>AB@>5=8O @K=>G=>9 M:>=><8G5A:>9 A8AB5<K O2;O5BAO D>@<8@>20=85 A2>1>4=KE 55 AC1J5:B>2. -:>=><8G5A:CN 65 A2>1>4C >15A?5G8205B B>;L:> A>1AB25==>ABL.
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
>;L 3>AC40@AB20 ?@8 MB>< 4>;6=0 70:;NG0BLAO 2 >ACI5AB2;5=88 206=59H59 4;O =>@<0;L=>9 E>7O9AB25==>9 687=8 DC=:F88 - @53C;8@>20=88 >A=>2=KE ?0@0<5B@>2 @K=:0. <5O 2 284C MB8 CAB0=>2;5==K5 3>AC40@AB2>< ?0@0<5B@K, ?@54?@8OB8O 2A5E D>@< A>1AB25==>AB8 >:07K20NBAO 2K=C645==K<8 2 @02=>9 <5@5 ?@8A?>A01;820BLAO : =8<, :0: 8 : >48=0:>2K< 4;O :064>3> CA;>28O< 2=5H=59 A@54K. 53C;8@CO @K=>:, 3>AC40@AB2> B5< A0<K< >:07K205B @53C;8@CNI55 2>7459AB285 =0 AB@C:BC@C ?@>872>4AB20, ?@81;860O 55 ?> 2>7<>6=>AB8 : A53>4=OH=8< 8 2848<K< 2 ?5@A?5:B825 >1J5<0< 8 AB@C:BC@5 ?>B@51=>AB59 3@0640= 8 >1I5AB20 2 F5;>< 2 @07=>>1@07=KE ?@>4C:B0E- B>20@0E.
<5==> MB8 @02=K5 M:>=><8G5A:85 8 ?@02>2K5 2>7<>6=>AB8 A>740NB >1AB0=>2:C A>@52=>20B5;L=>AB8, M:>=><8G5A:>9 :>=:C@5=B=>AB8. -B0 1>@L10 70 ?>B@518B5;O 2 A2>N >G5@54L ?>4B0;:8205B : ?>2KH5=8N :0G5AB20 8 @0AH8@5=8N 0AA>@B8<5=B0 ?@>872>48<KE B>20@>2 8 B5< A0<K< A?>A>1AB2C5B @0728B8N >1I5AB25==KE ?>B@51=>AB59 8 =>2><C AB8<C;8@>20=8N ?@>872>4AB20.
!B0=>2;5=85 @K=>G=>9 M:>=><8:8 B@51C5B ?5@5AB@>9:8 =5 B>;L:> ( 0, 2>7<>6=>, 8 =5 AB>;L:>) D>@< 8 <5B>4>2 E>7O9AB2>20=8O, => 8 <KH;5=8O 53> CG0AB=8:>2. G5284=>, GB> 157 =>2>3> M:>=><8G5A:>3> <8@>2>77@5=8O ?@0:B8G5A:8 =52>7<>6=> @50;L=> A>740BL 8 =>2K5 M:>=><8G5A:85 >B=>H5=8O. ?5@2CN >G5@54L - MB> ?@>1;5<0 D>@<8@>20=8O =>2>3> B8?0 E>7O9AB25==>3> @C:>2>48B5;O ( 2<5AB> B5E=>;>38G5A:>3>) .
><<5@G5A:>5 <KH;5=85 ?@54?>;0305B >A>1CN 15@56;82>ABL, BI0B5;L=K9 M:>=><8G5A:89 @0AG5B, ?>AB>O==>5 A>?>AB02;5=85 70B@0B 8 @57C;LB0B>2 A A>>B25BAB2CNI8<8 ?>:070B5;O<8 :>=:C@5=B>2. CA;>28OE @K=:0 >3@><=>5 7=0G5=85 ?@8>1@5B0NB ?>2>@>B <KH;5=8O 2 =0?@02;5=88 A>740=8O =0 ?@54?@8OB88 @5AC@A>A15@530NI59 A8AB5<K E>7O9AB2>20=8O.
040G8 <0@:5B8=30 B@51CNB CG5B0 70?@>A0 8 ?>2545=8O ?>:C?0B5;59. -B> >?@545;O5B =5>1E>48<>ABL:
?@>872>48BL B>;L:> B>, GB> 1C45B 157CA;>2=> :C?;5=>;
8<5BL H8@>:89 0AA>@B8<5=B ?@>4C:F88, @0AAG8B0==K9 =0 @07=K5 ?>B@51=>AB8 8 2:CAK;
>@30=87>20BL ?@>872>4AB25==K9 ?@>F5AA B0:, GB>1K >= 1K; ?@8A?>A>1;5= : 1KAB@>9 ?5@5=0;04:5, 0 B0:65 : A5@28A=><C >1A;C6820=8N :C?;5==>9 ?@>4C:F88;
?>AB>O==> 25AB8 =0CG=K5 8AA;54>20=8O ?> 0=0;87C @K=:0, ?>2545=8O ?>B@518B5;59 8 :>=:C@5=B>2;
>B2>48BL ?5@2>AB5?5==CN @>;L 48709=C 8 @5:;0<5.
$8;>A>D8N 35=5@0;L=>3> 48@5:B>@0 ?@54?@8OB8O ( >1J548=5=8O, D8@<K) 8 53> 70<5AB8B5;O ?> <0@:5B8=3C 2> <=>3>< <>6=> 2K@078BL D@07>9: K C?@02;O5< =5 702>4><, 0 A1KB>2>9 >@30=870F859, C4>2;5B2>@ONI59 ?>B@51=>AB8 ?>:C?0B5;59 . @>872>4AB25==K5 2>?@>AK 702>40 @5H05B B5E=8G5A:89 48@5:B>@, >@85=B8@C5<K9, >4=0:>, AB@0B53859 A1KB0, B. 5. B5<, GB> ?@>48:BCNB 5<C A;C61K <0@:5B8=30.
7025@H5=85 E0@0:B5@8AB8:8 >A>15==>AB59 A>2@5<5==>9 A8AB5<K C?@02;5=8O ?@><KH;5==K<8 ?@54?@8OB8O<8 =C6=> >B<5B8BL 157CA;>2=> ?>;57=K9 8 0:BC0;L=K9 4;O >B5G5AB25==KE ?@54?@8OB89 >?KB A>25@H5=AB2>20=8O A8AB5<K C?@02;5=8O 2 0<5@8:0=A:8E :><?0=8OE [ 6 ] , 345 @5>@30=870F8O @0AA<0B@8205BAO =5 :0: ?>60@=>5 <5@>?@8OB85, 0 :0: ?;0=>2K9 ?>AB>O==K9 ?@>F5AA C?@02;O5<>3> @0728B8O ?@54?@8OB8O.
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
C?@02;5=88 @5>@30=870F8O<8 <>6=> 2K45;8BL =5A:>;L:> E0@0:B5@=KE <><5=B>2. 8E G8A;5:
?@5420@8B5;L=K9 0=0;87 ?>43>B>2;5==>AB8 D8@<K : 2=54@5=8N =>2KE <5B>4>2 C?@02;5=8O;
A>AB02;5=85 A?5F80;L=>9 F5;52>9 ?@>3@0<<K ?> ?5@5AB@>9:5;
A>740=85 AB@C:BC@K @C:>2>4AB20 MB>9 ?@>3@0<<K;
D>@<8@>20=85 >A>1KE <5B>4>2 8 D>@< :>=B@>;O, ?>72>;ONI8E :>@@5:B8@>20BL E>4 @5>@30=870F88.
06=> =5 B>;L:> >?@545;8BL, >1;0405B ;8 ?@54?@8OB85 4>AB0B>G=K<8 D8=0=A>2K<8, <0B5@80;L=K<8 8 B@C4>2K<8 @5AC@A0<8 4;O =>2>22545=8O, => 8 2KO28BL >A=>2=K5 >@30=870F8>==K5 8 ?A8E>;>38G5A:85 10@L5@K =0 53> ?CB8. >@30=870F8>==>< ?;0=5 ?@5?OBAB28O<8 <>3CB AB0BL:
:>=D;8:B <564C ?>4@0745;5=8O<8;
=54>AB0B>G=> @0728B0O A5BL :><<C=8:0F89 <564C =8<8;
A;010O ?>445@6:0 @C:>2>4AB20;
?@>B82>@5G85 <564C A;>682H59AO A8AB5<>9 AB8<C;8@>20=8O 8 =>2K<8 B@51>20=8O<8 : >@30=870F88 @01>BK;
=0:>=5F, 1N@>:@0B8G5A:>5 A>?@>B82;5=85 ;N1K< =>2>22545=8O<, AB@5<;5=85 A>E@0=8BL A;>682H85AO >B=>H5=8O 2708<>?>4G8=5==>AB8.
7 2A5E 10@L5@>2 0<5@8:0=A:85 A?5F80;8ABK =081>;LH55 7=0G5=85 ?@840NB 708=B5@5A>20==>AB8 2 =>2KE <5B>40E C?@02;5=8O 2KAH8E C?@02;ONI8E D8@<K. >445@6:0 @C:>2>4AB20 206=0 ?@8 2=54@5=88 ;N1KE =>2>22545=89, 0 =>2H5AB20 2 C?@02;5=88 87<5=ONI85, ?5@5@0A?@545;ONI85 ?>;=><>G8O 8 >B25BAB25==>ABL, ?@>F54C@K ?@8=OB8O @5H5=89 B5< 1>;55 B@51CNB 2=8<0=8O A> AB>@>=K @C:>2>48B5;59 :><?0=88.
5@=5<AO : CA;>28O< >AA88, :>B>@0O ?5@568205B A;>6=K9 ?5@8>4 @5D>@<8@>20=8O A>1AB25==>9 M:>=><8:8. !;>6=>ABL A8BC0F88, A;>682H59AO : =0AB>OI5<C <><5=BC 70:;NG05BAO 2 A;54CNI5<: 1>;55 8 0 % ?@54?@8OB89 O2;ONBAO ?>B5=F80;L=K<8 10=:@>B0<8 ( ?> D>@<0;L=K< 8 =5D>@<0;L=K< :@8B5@8O< 8 ?@87=0:0<) , E>BO B>;L:> >:>;> 1 0 % =5 8<5NB ?>B5=F80;0 4;O 2KE>40 87 7>=K 1;86=53> 10=:@>BAB20, 40;L=59H53> @0728B8O 8 ?5@5E>40 : :>=:C@5=B>A?>A>1=><C DC=:F8>=8@>20=8N.
G5< MB> 3>2>@8B? >G5<C :>=:@5B=0O >@30=870F8O 8<5O 2=CB@5==85 @575@2K 4;O ?@5>4>;5=8O :@878A=>9 A8BC0F88 8<8 =5 ?>;L7C5BAO 8 <K =5 2848< 2A5>1I53> ?@>F25B0=8O ( @0728B85 :064>3> :>=:@5B=>3> ?@54?@8OB8O - 70;>3 CA?5E0 2A59 AB@0=K) ?
B25B 4>AB0B>G=> ?@>AB: A?>A>1K 87JOB8O 2=CB@5==8E @575@2>2 =5 >G5284=K 8 @C:>2>4AB2C ?@54?@8OB8O, 2 B5:CG:5, =5:>340 701>B8BLAO > @0728B88 >@30=870F88, C45;8BL 2@5<O D>@<8@>20=8N 5Q AB@0B5388. "@048F8>==> @C:>2>4AB2> ?@54?@8OB8O 8I5B ?CB8 @5H5=8O ?@>1;5< 2 ?>8A:5 >1>@>B=KE A@54AB2 8 ?@82;5G5=88 8=25AB8F89, GB> ?@8=F8?80;L=> =52>7<>6=> 4;O ?@54?@8OB8O 2 BO65;>< D8=0=A>2>< ?>;>65=88. =25AB8F88 <>3CB 1KBL ?5@540=K B>;L:> 74>@>2><C 8;8 2K74>@02;820NI5<C 2 D8=0=A>2>< >B=>H5=88 >@30=87<C.
B>65 2@5<O, 5A;8 ?@54>AB028BL @C:>2>48B5;N 4>AB0B>G=> ?@>ABK5 ?@>F54C@K D>@<8@>20=8O AB@0B5388 8 >1AC48BL @0AAB0=>2:C ?@8>@8B5B>2, >@30=870F8O <>65B @07@01>B0BL @>3@0<<C @5AB@C:BC@870F88 ?@54?@8OB8O, @50;870F8O :>B>@>9 40AB 2>7<>6=>ABL 1KAB@> ( 2 B5G5=85 6 - 1 2 <5AOF52) ?@5>4>;5BL =530B82=K5 B5=45=F88 8 ?5@59B8 : :>=:C@5=B>A?>A>1=><C @0728B8N. >4G5@:=5<: @C3>3> ?CB8 =5 ACI5AB2C5B .
>GB8 :064>5 ?@54?@8OB85 A53>4=O 8<55B =01>@ 4>AB0B>G=> B8?8G=KE ?@>1;5<:
?045=85 >1J5<>2 8 @5=B015;L=>AB8 ?@>406;
?>B5@O B@048F8>==KE @K=:>2 A1KB0 ?@>4C:F88 8 70B@C4=5=8O 2 ?>8A:5 =>2KE;
=54>AB0B>G=0O A>3;0A>20==>ABL 2 459AB28OE 2KAH53> 725=0 C?@02;5=8O;
>BACBAB285 G5B:> 2K@065==KE =0?@02;5=89 @0728B8O;
=54>AB0B>G=>ABL 7045;>2 =>2>9 ?@>4C:F88, =>2KE B5E=>;>389.
4=0:> 4065 2 B0:>9 A8BC0F88 ?@54?@8OB85 =5 B>;L:> <>65B @5H8BL 40==K5 ?@>1;5<K A2>8<8 A8;0<8, => 8 ?>2KA8BL MDD5:B82=>ABL A2>59 @01>BK <8=8<0;L=> =0 1 0 - 2 0 % 70 AG5B 2=CB@5==8E @575@2>2.
0<5B8<, GB> 4;O CA:>@5=8O ?@>F5AA0 @07@01>B:8 @>3@0<<K @5AB@C:BC@870F88 F5;5A>>1@07=> ?@82;5:0BL A?5F80;878@>20==K5 :>=AC;LB0F8>==K5 D8@<K. MB>< A;CG05 >A=>2=K< =0?@02;5=85< A>2<5AB=>9 @01>BK @C:>2>4AB20 ?@54?@8OB8O 8 :>=AC;LB0=B>2 O2;O5BAO =5 0C48B D8=0=A>2>3> A>AB>O=8O ?@54?@8OB8O, 0 ?@>@01>B:0 ?5@A?5:B82 55 @0728B8O 70 AG5B 0:B82870F88 8 8A?>;L7>20=8O 2=CB@5==53> ?>B5=F80;0:
D>@<C;8@>2:0 4>;3>A@>G=KE 8 A@54=5A@>G=KE F5;59 @0728B8O ( G53> <K E>B8< 4>AB83=CBL ) ;
>F5=:0 AB0@B>2>3> A>AB>O=8O ( 345 <K =0E>48<AO ) ;
2KO2;5=85 :;NG52KE ?@>1;5< ( 10@L5@>2 ) , 2>7=8:0NI8E =0 ?CB8 ?@>42865=8O : F5;8;
2KO2;5=85 AB@0B5388 8 B0:B8:8 4>AB865=8O F5;59 A 2K45;5=85< ?5@2>>G5@54=KE 7040G;
D8:A0F8O @5:><5=4C5<KE 87<5=5=89 =0 ?@54?@8OB88 >@30=870F88, :>B>@K5 =5>1E>48<K 4;O ?>2KH5=8O MDD5:B82=>AB8 55 DC=:F8>=8@>20=8O 8 @0728B8O, 8 2 ?5@2CN >G5@54L - A>740=85 MDD5:B82=>9 A8AB5<K C?@02;5=8O.
B0:, :0:>2K 65 >A=>2=K5 :;NG52K5 =0?@02;5=8O ?>8A:0 @575@2>2:
D>@<8@>20=85 <5E0=87<0 0:B82=>3> @0728B8O =0 ?@54?@8OB88;
?>AB0=>2:0 ?@>F5AA>2 @0AH8@5=8O E>7O9AB25==>9 A0<>AB>OB5;L=>AB8 AB@C:BC@=KE 548=8F ?@54?@8OB8O;
?>AB0=>2:0 D8=0=A>2>3> ?;0=8@>20=8O;
?>AB0=>2:0 A8AB5< <0@:5B8=30 8 AB8<C;8@>20=8O A1KB0;
2=54@5=85 A8AB5<K C?@02;5=8O 70B@0B0<8;
@0AAB0=>2:0 8=25AB8F8>==KE ?@8>@8B5B>2 ?@54?@8OB8O ( 2 B. G. @0AA<>B@5=85 8==>20F8>==KE ?@54;>65=89) ;
C?>@O4>G5=85 45;>?@>872>4AB20 8 4>:C<5=B>>1>@>B0;
AB8<C;8@>20=85 ?5@A>=0;0 =0 8==>20F8>==CN 45OB5;L=>ABL;
<5@>?@8OB8O ?> A>740=8N :><0=4K 548=><KH;5==8:>2.
B<5B8<, GB> 4;O >15A?5G5=8O CAB>9G82>3> :>=:C@5=B>A?>A>1=>3> @0728B8O ?@54?@8OB8N ?@845BAO ?@>25AB8 @O4 A5@L57=KE 87<5=5=89 ( 2 B>< G8A;5 AB@C:BC@=KE) 8 ?5@59B8 =0 8==>20F8>==K9 ?CBL @0728B8O.
0: ?@028;> C65 =0 ?5@2>< MB0?5 A CG5B>< >?KB0 - >=A0;B8=3 <>3CB 1KBL AD>@<C;8@>20=K @50;L=K5 8 4>AB868<K5 F5;52K5 CAB0=>2:8, 83@0NI85 @>;L >@85=B8@>2 4;O D>@<8@>20=8O @>3@0<<K @5AB@C:BC@870F88 . -B8 F5;52K5 >@85=B8@>2:8 40NB 2>7<>6=>ABL >F5=8BL <0AHB01K 1C4CI59 45OB5;L=>AB8, AD>@<C;8@>20BL B@51>20=8O : >A=>2=K< @5AC@A0< 8 A8AB5<5 C?@02;5=8O, 2K45;8BL ?@>1;5<K 8 AD>@<C;8@>20BL @5:><5=40F88 ?> ?5@2>>G5@54=K< <5@0< 8 =5>1E>48<K< 87<5=5=8O< 2 >@30=870F88.
040G0, :>B>@0O 2>7=8:;0 ?5@54 :064K< ?@54?@8OB85< 2 >AA89A:>9 $545@0F88, A>AB>8B ;8HL 2 B><, GB>1K =09B8 A2>9 ?@>D8;L 45OB5;L=>AB8, A2>5 <5AB> 2 45;>2>< <8@5 8 A2>9 AB8;L ?>2545=8O, ?>72>;ONI89 70;>68BL >A=>2K 4>;3>A@>G=>3> ?@54?@8=8<0B5;LA:>3> CA?5E0 8 =0456=>3> D8=0=A>2>3> A>AB>O=8O 4;O CAB>9G82>3> @0728B8O. >B;8G85 >B ?@>H;>3> >?KB0 A53>4=OH=89 ?5@5E>4 =5 <>65B 1KBL @53;0<5=B8@>20= CB25@645==K< F5=B@>< ?;0=>< <5@>?@8OB89. 5GL 4>;6=0 84B8 > :0@48=0;L=>9 @5D>@<8@>20=88 =5 B>;L:> ?@8=F8?>2 8 <5B>4>2 2545=8O E>7O9AB20, => 3;02=K< >1@07>< > D>@<8@>20=88 =>2>3> @K=>G=>3> <KH;5=8O =0 2A5E C@>2=OE C?@02;5=8O ?@54?@8OB85<. @>F5AA @5D>@<8@>20=8O >E20BK205B 01A>;NB=> 2A5 0A?5:BK 45OB5;L=>AB8 ?@54?@8OB8O, 2:;NG0O ?@>872>4AB25==>- :04@>2K9 ?>B5=F80;, >@30=870F8>==>- C?@02;5=G5A:85 AB@C:BC@K, ?@02>2CN D>@<C, E>7O9AB25==K9 <5E0=87<.
@57C;LB0B5 @5AB@C:BC@870F88 ?@54?@8OB85 AB0=>28BAO ?>;=>F5==K< AC1J5:B><, 87=CB@8 ?>43>B>2;5==K< : =>2>9 @>;8, 4;O G53> B@51C5BAO 25AL 040?B0F8>==K9 F8:;, :0:8< 1K <CG8B5;L=K< >= =8 1K;, ?@>9B8 A0<>AB>OB5;L=>. @8G5< DC=:F8>=8@>20BL ?@8E>48BAO 87=0G0;L=> 2 03@5AA82=>9 2=5H=59 A@545 A ?@5>4>;5=85< 8=5@F88 8 A>?@>B82;5=8O, O2=>3> 8 A:@KB>3>, :0: 2=CB@8 B0: 8 2=5 ?@54?@8OB8O. 54L ?@54?@8=8<0B5;LAB2> - MB> 8=8F80B82=0O, A2O70==0O A @8A:>< 45OB5;L=>ABL AC1J5:B0 E>7O9AB2>20=8O, >ACI5AB2;ONI53> =>2K5 :><18=0F88 @5AC@A>2 A F5;LN @50;870F88 A2>8E 8459 8 4>AB865=8O A>F80;L=>- M:>=><8G5A:>3> MDD5:B0.
4=8< 87 :;NG52KE, ?>2>@>B=KE ?C=:B>2 @>3@0<<K @5AB@C:BC@870F88 ?@54?@8OB8O O2;O5BAO ?@>F5AA D>@<8@>20=8O =>2>9 >@30=870F8>==>9 AB@C:BC@K ?@54?@8OB8O. ! 87<5=5=85< ?>;>65=8O A0<>3> ?@54?@8OB8O 87<5=O5BAO @>;L 8 7=0G5=85 ?>4@0745;5=89 ?@54?@8OB8O, 0 B0:65 >B45;L=KE @01>B=8:>2. !CI5AB25==> ?>2KH05BAO >B25BAB25==>ABL 70 A>AB>O=85 45; 8 ?>;=><>G8O, 7=0G5=85 2=CB@8D8@<5==>3> ?;0=8@>20=8O 8 B0:B8:8 8E 45OB5;L=>AB8 =0 >A=>25 CG5B0 2708<=KE 8=B5@5A>2.
!>2@5<5==K9 <5=546<5=B - MB> >A>10O AD5@0 M:>=><8G5A:8E >B=>H5=89, 8<5NI0O A>1AB25==CN ;>38:C @0728B8O. 5 A;CG09=> 2K40NI89AO M:>=><8AB =0H53> 25:0 ;LD@54 0@H0;; 2K45;8; C?@02;5=85 2 >B45;L=K9 D0:B>@ ?@>872>4AB20 =0@O4C A B@5<O B@048F8>==K<8 - :0?8B0;><, B@C4>< 8 75<;59.
>7@0AB0=85 7=0G5=8O D0:B>@0 C?@02;5=8O 2 A>2@5<5==KE CA;>28OE, ?>2KH5=85 2 A2O78 A MB8< @>;8 8 A>F80;L=>3> AB0BCA0 ;8F, 2K?>;=ONI8E C?@02;5=G5A:85 DC=:F88, ?>A;C68;8 >A=>20=85< 4;O ?>O2;5=8O :>=F5?F88 <5=5465@80;LA:>9 @52>;NF88 , A>3;0A=> :>B>@>9 2;0ABL ?5@5E>48B >B A>1AB25==8:>2 : C?@02;5=F0<. !53>4=O 2A5 G0I5 3>2>@OB > =0ABC?;5=88 M?>E8 <5=546<5=B0 [ 3 ] .
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
-:>=><8G5A:0O A8AB5<0 ( ?> /. >@=08) @0A?0405BAO =0 420 C@>2=O: AD5@C :>=B@>;O - >@30=K C?@02;5=8O 8 :>=B@>;O, <564C :>B>@K<8 ?5@5<5I0NBAO ?>B>:8 M:>=><8G5A:>9 8=D>@<0F88 ?> F5=0<, =>@<0B820<, 48@5:B820< 8 B. ?. , 8 @50;L=CN AD5@C - ?@54?@8OB8O, <564C :>B>@K<8 F8@:C;8@C5B ?>B>: @50;L=>9 8=D>@<0F88 > ?@>4C:F88 8 CA;C30E.
0H0 F5;L - AD>@<8@>20BL >@30=870F8>==CN AB@C:BC@C ?@><KH;5==>3> ?@54?@8OB8O, >B25G0NI53> B@51>20=8O< ?5@5E>4=>3> ?5@8>40 >B ?;0=>2>3> 2545=8O E>7O9AB20 : @K=>G=>9 M:>=><8:5, ?5@568205<>3> M:>=><8:>9 >AA88.
B0: @0AA<>B@8< >@3AB@C:BC@C @50;L=>3> ?@54?@8OB8O - B:@KB>5 0:F8>=5@=>5 >1I5AB2> !0D>=>2A:89 M;5:B@><0H8=>AB@>8B5;L=K9 702>4 ( 40;55 ?> B5:ABC !- ) .
!- 4>AB>9=> ?5@568; ?5@8>4 @0720;0 A>25BA:>9 M:>=><8:8 , 70=8<05B A59G0A >?@545;5==CN ?>78F8N =0 @K=:5 M;5:B@>B5E=8G5A:>9 ?@><KH;5==>AB8 >AA88, 8<5O >3@><=K9 ?>B5=F80; 4;O @0728B8O 2 1C4CI5< .
'B> 65 >15A?5G8205B 40==K5 2>7<>6=>AB8?
-B> 2 ?5@2CN >G5@54L:
<>=>?>;L=>5 ?>;>65=85 A@548 @>AA89A:8E ?@>872>48B5;59 ?> 2K?CA:C BO65;KE M;5:B@>42830B5;59;
?>AB02;5==0O B>@3>20O <0@:0, >B>645AB2;O5<0O ?>B@518B5;5< A :0G5AB2>< ?@>4C:F88;
<5AB>@0A?>;>65=85 ( !<>;5=A:0O >1;0ABL) , ?>42>4 2A5E :><<C=8:0F89;
7=0G8B5;L=0O 8<CI5AB25==0O 1070 ( 2 B>< G8A;5 75<;O) ;
=0;8G85 2KA>:>:20;8D8F8@>20==KE :04@>2.
!B@C:BC@0 702>40 D>@<8@>20;0AL 8AE>4O 87 2A5 2>7@0AB0NI8E ?>B@51=>AB59 @K=:0. 0: B>;L:> 2>7=8:0;0 ?>B@51=>ABL >?5@0B82=> 22>48;>AL B> 8;8 8=>5 ?>4@0745;5=85. @57C;LB0B5 2A5 =0?@02;5=8O, =5>1E>48<K5 4;O DC=:F8>=8@>20=8O ?@54?@8OB8O 2 =0AB>OI89 <><5=B ACI5AB2CNB.
B> 65 2@5<O, A;>682H0OAO AB@C:BC@0 >@30=870F88 ( @8A. 1 ) 8 DC=:F88, 2K?>;=O5<K5 ?>4@0745;5=8O<8, ?5@5AB0;8 A>>B25BAB2>20BL @5H05<K< >@30=870F859 ?@>1;5<0< 8 =54>AB0B>G=K 4;O @5H5=8O ?5@A?5:B82=KE 7040G. !59G0A =0ABC?8; <><5=B, :>340 ?>@0 ?>4C<0BL =5 B>;L:> > DC=:F8>=8@>20=88, => 8 > @0728B88. 04> A8AB5<0B878@>20BL >@3AB@C:BC@C, A45;0BL 55 045:20B=>9 A;>682H59AO A8BC0F88 8 70;>68BL <5E0=87<K 55 87<5=5=8O ?@8 87<5=5=88 2=5H=8E CA;>289.
>7=8:HCN A8BC0F8N ?@5:@0A=> 2845;8 @C:>2>48B5;8 8 A?5F80;8ABK !- . B45;>< <>B820F88 B@C40 8 AB8<C;8@>20=8O ?5@A>=0;0 1K; ?@54;>65= A2>9 20@80=B 2845=8O >@30=870F8>==>9 AB@C:BC@K !- ( @8A. 2 ) . ;O @5H5=8O B0:>3> AB@0B538G5A:8 206=>3> 2>?@>A0, :0: 2K1>@ >@30=870F8>==>9 AB@C:BC@K =0 1;8609H85 3 - 5 ;5B @C:>2>4AB2> !- A>G;> 2>7<>6=K< 8A?>;L7>20BL >?KB @>AA89A:>9 :>=AC;LB0F8>==>9 D8@<K - >=A0;B8=3 .
0;55 70@01>B0;0 B5E=>;>38O. K;8 7040=K ?@>ABK5 2>?@>AK: G5< 70:;NG0NBAO >A=>2=K5 @07@K2K 2 >@30=870F8>==>9 AB@C:BC@5? E ?>;>68B5;L=>5 8 >B@8F0B5;L=>5 2;8O=85 =0 A>AB>O=85 ?@54?@8OB8O? 0:8<8 ?CBO<8 <>6=> 8E CAB@0=8BL? !>2<5AB=K<8 CA8;8O<8 >B25BK ?>;CG5=K ( B01;. 1 ) .
@>0=0;878@>202 >A=>2=K5 @07@K2K 2 AB@C:BC@5 C?@02;5=8O @C:>2>4AB2> !- A>2<5AB=> A :>=AC;LB0=B0<8 - >=A0;B8=3 AD>@<8@>20;> B@8 2>7<>6=KE 20@80=B0 =>2>9 >@30=870F8>==>9 AB@C:BC@K !- ( @8A. 3 - 5 ) . <5==> MB8 20@80=BK 8 1K;8 2K=5A5=K =0 70A540=85 !>25B0 48@5:B>@>2 !- .
5@=5<AO B5?5@L =5<=>3> =0704 8 ?>3>2>@8< > ?@8=F8?0E ?>AB@>5=8O =>2>9 >@30=870F8>==>9 AB@C:BC@K. 0: 8725AB=> 2 <8@>2>9 ?@0:B8:5 ACI5AB2CNB B@8 >A=>2=KE B8?0 >@30=870F8>==KE AB@C:BC@:
;8=59=>- DC=:F8>=0;L=0O;
<0B@8G=0O;
?@>5:B=0O.
! CG5B>< A?5F8D8:8 @>AA89A:8E CA;>289 ( CG8BK20O 8 @>AA89A:89 <5=B0;8B5B) 1C45< ?@>2>48BL =0 !- AB@0B538G5A:CN ;8=8N =0 A>25@H5=AB2>20=85 ACI5AB2>202H59 @0=55 ;8=59=>- DC=:F8>=0;L=>9 AB@C:BC@K, ?>AB5?5==> 2=54@OO M;5<5=BK <0B@8FK 8 459AB2CO 2 A8AB5<5 @53C;O@=>3> <5=546<5=B0 ( @8A. 5 ) . $C=40<5=B>< 2K@0I8205<>9 =>2>9 >@30=870F8>==>9 AB@C:BC@K 2 A8AB5<5 @53C;O@=>3> <5=546<5=B0 AB0=5B !;C610 AB@0B538G5A:>3> @0728B8O.
?@545;8< A;54CNI85 B@8 B8?0 @C:>2>4AB20:
4<8=8AB@0B82=>5 ( 85@0@E8G5A:>5) ?>4G8=5=85. '5B:>5 ?>4G8=5=85 @01>B=8:>2 2 A>>B25BAB288 A 7040==>9 85@0@E8G5A:>9 AE5<>9 C?@02;5=8O ><?0=859 ( C :064>3> ?>4G8=5==>3> - >48= 85@0@E8G5A:89 @C:>2>48B5;L) . N1>5 >:>=G0B5;L=>5 @5H5=85 ?> 8A?>;L7>20=8N @01>G53> 2@5<5=8 @01>B=8:0 ( 2 A;CG05 53> ?5@53@C7:8 7040=8O<8 A> AB>@>=K 04<8=8AB@0B82=>3>, DC=:F8>=0;L=>3> 8 >?5@0B82=>3> @C:>2>48B5;59) <>65B 1KBL ?@8=OB> ;8HL =5?>A@54AB25==K< 04<8=8AB@0B82=K< @C:>2>48B5;5< 40==>3> @01>B=8:0 8;8 2KH5AB>OI8< 04<8=8AB@0B82=K< =0G0;L=8:><.
$C=:F8>=0;L=>5 ?>4G8=5=85. ?@545;O5B @568< @53C;O@=KE ?>43>B>2:8 8 ?5@540G8 @07@01>B0==KE <0B5@80;>2 >B >4=8E @01>B=8:>2 D8@<K 4@C38<. MB>< A;CG05 @01>B=8: @53C;O@=> ?5@540NI89 8=D>@<0F8N =0E>48BAO 2 DC=:F8>=0;L=>< ?>4G8=5=88 C ?>;CG0B5;O/ ?>B@518B5;O ( DC=:F8>=0;L=K9 @C:>2>48B5;L) 40==>9 8=D>@<0F88.
@>5:B=>5 @C:>2>4AB2>. >7<>6=>ABL ?@82;5:0BL 2A5 @5AC@AK ( 2 B. G. ;N4A:85) , =5>1E>48<K5 4;O >ACI5AB2;5=8O ?@>5:B0 >B A;C61, =5 =0E>4OI8EAO 2 04<8=8AB@0B82=>< ?>4G8=5=88 C 40==>3> @C:>2>48B5;O. @>5:B=K9 @C:>2>48B5;L <>65B 1KBL =5 >48=.
>A;5 B>3> :0: ?>- :@C?=><C 1K;8 @073@0=8G5=K ?>;=><>G8O 8 >B25BAB25==>ABL <564C @C:>2>48B5;O<8 25@E=53> 8 A@54=53> C@>2=O 2>7=8:;0 >AB@0O =5>1E>48<>ABL 45B0;878@>20BL @073@0=8G5=8O 8 A2O78 <564C ?>4@0745;5=8O<8 2 2845 4>;6=>AB=KE 8=AB@C:F89. B0:0O @01>B0 =0G0;0AL. >;6=>AB=K5 8=AB@C:F88 O2;ONBAO >A=>2=>9 =5ACI59 :>=AB@C:F859 ;N1>9 A8AB5<K C?@02;5=8O. 0:CN @>;L 83@0NB 4>;6=>AB=K5 8=AB@C:F88 2 ?@>5:B=>- <0B@8G=>9 AB@C:BC@5 C?@02;5=8O 2 A8AB5<5 @53C;O@=>3> <5=546<5=B0, :C@A =0 :>B>@CN 27O; !- ?
B0: 4>;6=>AB=K5 8=AB@C:F88:
>?@545;ONB AB0BCA @C:>2>48B5;O 8 A>B@C4=8:0;
70:@5?;ONB 85@0@E8G5A:CN ?>4G8=5==>ABL :064>3> :>=:@5B=>3> A>B@C4=8:0;
>?@545;ONB 480?07>=K >B25BAB25==>AB8 A>B@C4=8:>2 D8@<K;
@0A?@545;5=85 ?>;=><>G89 2=CB@8 AB@C:BC@K;
?>@O4>: A>3;0A>20=8O, ?>4?8A0=8O 8 CB25@645=8O 8A?>;=8B5;LA:>9 4>:C<5=B0F88;
3>@87>=B0;L=K5 2708<>459AB28O @C:>2>48B5;59 8 A>B@C4=8:>2;
B@51>20=8O : ?5@A>=0;C D8@<K;
:0G5AB25==K5 8 :>;8G5AB25==K5 :@8B5@88 =0ABC?;5=8O >B25BAB25==>AB8 A>B@C4=8:>2.
=>2>9 AB@C:BC@5 C?@02;5=8O >B25BAB25==>ABL 70 ?@8=8<05<K5 @5H5=8O AD>@<8@>20=0 2 2845 480?07>=>2 >B25BAB25==>AB8 4;O :064>9 4>;6=>AB8. @8 MB>< ?@54?>;0305BAO, GB> 2A5 4>;6=>AB=K5 ;8F0 7=0NB, :0:0O @01>B0 4>;6=0 2K?>;=OBLAO 2 70:@5?;5==>< 480?07>=5 >B25BAB25==>AB8
< B R > < B R >
< / t d > < t d > < / t d > < / t r > < t r > < t d > < / t d > < t d b g c o l o r = # 0 0 0 0 0 0 > < a n a m e = " m a n a " > < i m g s r c = " u p r . g i f " > < / t d > < t d > < a h r e f = # t o p > < p a l i g n = c e n t e r > < f o n t s i z e = 5 > 0 25@E AB@0=8FK< / f o n t > < / p > < / a > < / t d > < / t r > < t r > < t d > < / t d > < t d b g c o l o r = # c c c c 9 9 > < f o n t c o l o r = # 0 0 0 0 0 0 >
?5@2K5 2>?@>A 45;538@>20=8O< / a > 4>?>;=8B5;L=KE ?>;=><>G89 ?> 2545=8N E>7O9AB25==>9 45OB5;L=>AB8
?@>872>4AB25==K< ?>4@0745;5=8O< ( F5E0<) ?@><KH;5==>3> ?@54?@8OB8O AB0; 0:BC0;5= 2 ?5@8>4 ?>74=59 ?5@5AB@>9:8, :>340 2 AB@0=5 @0725@=C;0AL :0<?0=8O ?> 2=54@5=8N @07;8G=KE <>45;59 E>7@0AG5B0.
&5E8 :@C?=KE ?@><KH;5==KE ?@54?@8OB89 ?>;CG0;8 ?@020 A0<>AB>OB5;L=> >?@545;OBL =><5=:;0BC@C 8 >1J5< 2K?CA:0, G0AB8G=> - >1J5< ?>AB02>:, 0 B0:65 ?@020 @0A?>@O65=8O G0ABLN E>7@0AG5B=>3> 4>E>40 8 B. 4. ">340 2>?@>A > =5>1E>48<>AB8 ?@54>AB02;5=8O 1>;LH59 A0<>AB>OB5;L=>AB8 :070;AO =5>A?>@8<K<.
?@>G5<, 2 >A=>25 B0:>3> ?>4E>40 ;560;0 A:>@55 845>;>38O, G5< M:>=><8G5A:89 0=0;87, 8 >= AB@040; G@57<5@=K< @048:0;87<><. @O4 ;8 =C6=> 1K;>, CE>4O >B 70@53C;8@>20==>9 A8AB5<K 2=CB@5==53> ?;0=8@>20=8O A>F80;8AB8G5A:8E ?@54?@8OB89, A:>2K202H59 8=8F80B82C ;N459, 1@>A0BLAO 2 4@C3CN :@09=>ABL - 0=0@E8N 8 >BACBAB285 2AO:>3> ?;0=8@>20=8O A> AB>@>=K F5=B@0;L=>3> 0??0@0B0 C?@02;5=8O ?@54?@8OB85<.
@57C;LB0B5 A>B=8 :@C?=59H8E ?@54?@8OB89 AB@0=K A >3@><=K< =0CG=>- ?@>872>4AB25==K< ?>B5=F80;>< 1K;8 @07C:@C?=5=K , 8 :064>5 87 <=>65AB20 B0: =07K205<KE <0;KE ?@54?@8OB89 ?@54AB02;O;> A>1>9 4>2>;L=> ?@8<8B82=CN D>@<C :>>?5@0B82>2.
?5@2K5 3>4K @5D>@< ?@>F5AA 45;538@>20=8O ?@>4>;60;AO C65 2 ?@820B878@>20==KE :><?0=8OE. >;CG82 ?> ACB8 2 ?>40@>: 3>AC40@AB25==CN A>1AB25==>ABL 8 70G0ABCN ?@>AB> =5 7=0O, :0: 59 >?5@0B82=> C?@02;OBL, =>2K5 2;045;LFK B0:65 ?@81530;8 : @07C:@C?=5=8N 8 2K45;5=8N =0 >B45;L=K9 10;0=A @O40 ?>4@0745;5=89 2 A>AB025 =5:>340 C=8B0@=KE ?@54?@8OB89.
5;0;>AL MB> 2 =045645 =0 B>, GB>, ?>A;5 B>3> :0: ?>;=><>G8O ?> >?5@0B82=><C C?@02;5=8N 1C4CB ?5@540=K =0 C@>25=L A@54=53> <5=546<5=B0, 0 25@E=5<C C@>2=N >AB0=5BAO :>=B@>;L 70 D8=0=A>2K<8 ?>B>:0<8, D8=0=A>2K5 @57C;LB0BK :><?0=88 C;CGH0BAO. > B0: 65, :0: 0A?8@8= =5 ?><>305B >B 2A5E 1>;57=59, @5AB@C:BC@870F8O A 2K45;5=85< >1>A>1;5==KE 187=5A- 548=8F 2>2A5 =5 2A5340 >1>A=>20==0 A B>G:8 7@5=8O 8=48284C0;L=KE >A>15==>AB59 :><?0=88. =0 ?@0:B8:5 >G5=L G0AB> ?>4>1=>5 45;538@>20=85 ?>;=><>G89 ?@82>48;> : @57C;LB0B0<, >1@0B=K< ?;0=8@C5<K<.
!59G0A : 45;538@>20=8N AB0;8 ?>4E>48BL 1>;55 @0F8>=0;L=> 8 2725H5==>, => ?@>?>@F8N <564C A0<>AB>OB5;L=>ABLN 8 7028A8<>ABLN >B F5=B@0 =0E>4OB G0AB> <5B>4>< ?@>1 8 >H81>:.
564C B5< ACI5AB2CNB 4>AB0B>G=> G5B:85 :@8B5@88 >F5=:8 >1>A=>20==>AB8 8 AB5?5=8 45;538@>20=8O 4>?>;=8B5;L=KE ?>;=><>G89 >B F5=B@0;L=>3> 0??0@0B0 C?@02;5=8O : ?@>872>4AB25==K< ?>4@0745;5=8O<.
! + "+ !""#! ' % /" ! !" +( +% /"
A=>2=K<8 B8?0<8 AB0BCA0 ?@><KH;5==KE ?>4@0745;5=89 ( 8 4>G5@=8E ?@54?@8OB89) 2 A>AB025 ?@><KH;5==>9 :><?0=88 O2;ONBAO A;54CNI85.
&5=B@ =>@<0B82=KE 70B@0B. @8 B0:>9 AB5?5=8 45;538@>20=8O ?>;=><>G89 ?>4@0745;5=85 ( 8;8 4>G5@=OO :><?0=8O) ?>;CG05B 87 F5=B@0;L=>3> 0??0@0B0 C?@02;5=8O 65AB:>5 F5=B@0;87>20==>5 7040=85 ?>:
- >1J5<C 8 AB@C:BC@5 2K?CA:0 ?@>4C:F88;
- 25@E=5<C ;8<8BC C45;L=KE 70B@0B =0 548=8FC 2K?CA:0 ( 2 @07@575 284>2 2K?CA:05<>9 ?@>4C:F88) ;
- C@>2=N B@0=AD5@B=KE ( 2=CB@5==8E) F5= ?>AB02:8 ( 4;O 4>G5@=8E ?@54?@8OB89, O2;ONI8EAO A0<>AB>OB5;L=K<8 N@848G5A:8<8 ;8F0<8) .
A;8 ?@>872>4AB25==>5 ?>4@0745;5=85 O2;O5BAO F5=B@>< =>@<0B82=KE 70B@0B, 53> ?>;=><>G8O A2545=K 4> <8=8<C<0. !D5@K A=0165=8O 8 A1KB0 F5=B@0;87>20=K. $C=:F88 <5=546<5=B0 ?>4@0745;5=8O ?@>AB8@0NBAO D0:B8G5A:8 B>;L:> =0 AD5@C ?@>872>4AB20 8 D>:CA8@CNBAO =0 7040G5 A=865=8O C45;L=>9 A515AB>8<>AB8 ?> 2840< ?@>4C:F88 2 @0<:0E F5=B@0;87>20==> CAB0=02;8205<>9 ?@>872>4AB25==>9 ?@>3@0<<K ( C45;L=0O A515AB>8<>ABL O2;O5BAO >A=>2=K< ?>:070B5;5< 2 A8AB5<5 <0B5@80;L=>3> AB8<C;8@>20=8O F5=B@0 =>@<0B82=KE 70B@0B) .
0<5B8<, GB> @07<5@K ?@>872>4AB25==>3> ?>4@0745;5=8O 8 4065 =0;8G85 C =53> A0<>AB>OB5;L=>3> N@848G5A:>3> ;8F0 ( A> 2A5<8 A>?CBAB2CNI8<8 0B@81CB0<8 - AB0BCA>< >B45;L=>3> =0;>3>?;0B5;LI8:0, D>@<0;L=>9 2>7<>6=>ABLN A0<>AB>OB5;L=>3> 70:;NG5=8O A45;>: 8 B. 4. ) =5 48:BCNB 02B><0B8G5A:8 =5>1E>48<>ABL 2 45;538@>20=88 H8@>:8E ?>;=><>G89.
"0:, 2 =0G0;5 9 0 - E 33. , =0?@8<5@, :@C?=K5 =5DB5307>4>1K20NI85 ?@54?@8OB8O, 2E>482H85 2 A>AB02 25@B8:0;L=> 8=B53@8@>20==KE =5DBO=KE :><?0=89, - #>9; , "N<5=A:0O =5DBO=0O :><?0=8O , !840=:> 8 4@. - 1K;8 2A53> ;8HL F5=B@0<8 =>@<0B82=KE 70B@0B ?@8 B><, GB> A0<8 O2;O;8AL >1@07>20=8O<8 E>;48=3>2>3> B8?0 8 2:;NG0;8 2 A51O <=>65AB2> 4>G5@=8E ?@54?@8OB89.
&5=B@ ?@81K;8. MB>< A;CG05 >A=>2=K< F5=B@0;87>20==> :>=B@>;8@C5<K< ?>:070B5;5< O2;O5BAO @07<5@ @0AG5B=>9 ?@81K;8 ?>4@0745;5=8O ( 4>G5@=59 :><?0=88) , B> 5ABL <5=546<5=BC ?>4@0745;5=8O ( ?@8 :;0AA8G5A:>< 20@80=B5 F5=B@0 ?@81K;8) ?5@540NBAO ?>;=><>G8O ?> A0<>AB>OB5;L=><C:
- >?@545;5=8N >1J5<0 8 AB@C:BC@K 2K?CA:0 ?@>4C:F88 ( ?@>872>4AB25==>9 ?@>3@0<<K) ;
- >?@545;5=8N >1J5<0 8 AB@C:BC@K ?@>406, 0 B0:65 F5=>>1@07>20=8N;
- >?@545;5=8N AB@C:BC@K 8 25;8G8=K ?@>872>4AB25==KE @0AE>4>2 ( A>2>:C?=>9 ?@>872>4AB25==>9 A515AB>8<>AB8 8 C45;L=KE ?@>872>4AB25==KE @0AE>4>2 2 @07@575 284>2 ?@>4C:F88) ;
- 2545=8N A=0165=G5A:>9 ?>;8B8:8 ( 70:C?:8 <0B5@80;L=KE @5AC@A>2) ;
- :@0B:>A@>G=><C ?@82;5G5=8N A@54AB2 ( :@548B>@A:0O 704>;65==>ABL 8 ?@>G85 @0AG5BK) .
@8 MB>< :0?8B0;870F8O G8AB>9 ?@81K;8 ( B> 5ABL 8=25AB8F8>==0O ?>;8B8:0) >AB05BAO ?>4 :>=B@>;5< F5=B@0;L=>3> 0??0@0B0 C?@02;5=8O.
&5=B@ 8=25AB8F89. -B>B B8? 45;538@>20=8O ?>;=><>G89 >B;8G05BAO >B ?@54K4CI53> B5<, GB> ?>4@0745;5=8N ( 0 G0I5 :@C?=>9 4>G5@=59 :><?0=88) ?5@540NBAO ?>;=><>G8O ?> :0?8B0;870F88 G8AB>9 ?@81K;8 ( 8=25AB8F8>==>9 ?>;8B8:5) 8 ?@82;5G5=8N 4>;3>A@>G=KE 8AB>G=8:>2 D8=0=A8@>20=8O ( M<8AA8O 0:F89, 4>;3>A@>G=K5 :@548BK 8 709<K) .
!;54C5B >B<5B8BL, GB> ?>;=K< F5=B@>< 8=25AB8F89 <>65B 1KBL B>;L:> A0<0 ?@><KH;5==0O :><?0=8O 2 F5;><. 54L >B402 @C:>2>48B5;N 4>G5@=59 AB@C:BC@K 2A5 ?>;=><>G8O ?> @0A?@545;5=8N G8AB>9 ?@81K;8, F5=B@0;L=K9 0??0@0B C?@02;5=8O 2>>1I5 ;8H05BAO @KG03>2 2>7459AB28O =0 ?>;8B8:C 4>G5@=59 :><?0=88 8;8 ?>4@0745;5=8O.
"0:8< >1@07><, 4;O 4>G5@=59 AB@C:BC@K <>65B 84B8 @5GL B>;L:> >1 CA5G5==>9 8=25AB8F8>==>9 A0<>AB>OB5;L=>AB8, :>340 55 @C:>2>4AB2C ?5@540NBAO ?>;=><>G8O ?> 8=25AB8F8>==>9 ?>;8B8:5 2 @0<:0E CB25@645==>3> ;8<8B0 ( :0?8B0;L=K9 @5<>=B 740=89 8 A>>@C65=89, =51>;LH85 ?@>3@0<<K <>45@=870F88 8 B. 4. ) .
0720==K5 B@8 B8?0 F5=B@>2 >B25BAB25==>AB8 =0 ?@0:B8:5 2AB@5G0NBAO @54:>. '0I5 2A53> 8A?>;L7C5BAO A8<18>7 42CE 8;8 1>;55 B8?>2 ( B0: =07K205<K9 A<5H0==K9 F5=B@ >B25BAB25==>AB8) 8;8 G0AB8G=0O ?5@540G0 ?>;=><>G89 2 B>9 8;8 8=>9 AD5@5. 0?@8<5@, ?>4@0745;5=8N <>3CB 1KBL ?5@540=K ?>;=><>G8O ?> A0<>AB>OB5;L=>9 2=5H=59 @50;870F88 G0AB8 ?@>872>48<>9 ?@>4C:F88 8 A0<>AB>OB5;L=><C >?@545;5=8N AB@C:BC@K 8 25;8G8=K A515AB>8<>AB8 ?@8 B><, GB> ?>;8B8:0 2 AD5@5 A=0165=8O 2 F5;>< >AB05BAO F5=B@0;87>20==>9, 8 B. ?.
!" "'!% !- &
!;54C5B 70<5B8BL, GB> >1KG=> >1@07>20=85 F5=B@>2 ?@81K;8 8 F5=B@>2 8=25AB8F89, B0: =07K205<KE AB@0B538G5A:8E 187=5A- 548=8F, ?@>8AE>48B 87 F5=B@>2 =>@<0B82=KE 70B@0B ( A<. AE5<C) .
"0:8< >1@07><, 2K45;5=85 AB@0B538G5A:8E 187=5A- 548=8F D0:B8G5A:8 ?>4@07C<5205B 45;538@>20=85 ?>;=><>G89 ?>:
- >?@545;5=8N D878G5A:>3> >1J5<0 8 =><5=:;0BC@K ?@>872>4AB20 8 A1KB0 ( ?@>872>4AB25==>9 ?@>3@0<<K) ;
- >?@545;5=8N F5=>2>9 ?>;8B8:8 ?> @50;87C5<>9 ?@>4C:F88;
- >?@545;5=8N 1N465B0 A=0165=8O ( 70:C?05<KE AK@LO, <0B5@80;>2, :><?;5:BCNI8E 8 ?@>G8E B>20@=>- <0B5@80;L=KE @5AC@A>2) ;
- A=OB8N 25@E=53> ;8<8B0 A<5BK B5:CI8E 70B@0B;
- :@0B:>A@>G=K< 8 4>;3>A@>G=K< 708<AB2>20=8O< ( :@548B=KE @5AC@A>2) 8 8=25AB8F8>==K< 2;>65=8O< ( ?@8 =045;5=88 ?>4@0745;5=8O AB0BCA>< F5=B@0 8=25AB8F89) .
K45;5=85 AB@0B538G5A:8E 187=5A- 548=8F >ACI5AB2;O5BAO =0 >A=>25 >F5=:8 4>;3>A@>G=KE B5=45=F89:
- @K=:>2 3>B>2>9 ?@>4C:F88;
- @K=:>2 :0?8B0;0 ( ?> @07;8G=K< A?>A>10< 8 2@5<5==K< ?5@8>40< ?@82;5G5=8O :@548B=KE @5AC@A>2) ;
- @K=:>2 A=0165=8O ( ?> 2840< AK@LO, <0B5@80;>2 8 :><?;5:BCNI8E) ;
- @K=:>2 CA;C3 ?> AB@>8B5;L=>- <>=B06=K< @01>B0< 8 @K=:>2 >1>@C4>20=8O ( 4;O F5;59 8=25AB8F8>==>3> 0=0;870) .
/ ( / ! !""#! !- &
K45;5=85 AB@0B538G5A:8E 187=5A- 548=8F =5>1E>48<> ?@>872>48BL =0 >A=>25 A>?>AB02;5=8O >A=>2=KE 2K3>4 8 8745@65: ( b e n e f i t - c o s t s a p p r o a c h ) =>2>9 >@30=870F8>==>9 AB@C:BC@K 2 :>=B5:AB5 ?@>2545==>3> 8AA;54>20=8O 4>;3>A@>G=KE B5=45=F89. > @57C;LB0B0< A@02=8B5;L=>3> 0=0;870 2K3>4/ 8745@65: 2K18@05BAO =08;CGH89 A B>G:8 7@5=8O AB@0B538G5A:>3> @0728B8O 187=5A0 20@80=B >@30=870F8>==>9 AB@C:BC@K.
@82545< 0;3>@8B< A@02=8B5;L=>3> 0=0;870 F5=B@ =>@<0B82=KE 70B@0B - F5=B@ ?@81K;8 8 F5=B@ ?@81K;8 - F5=B@ 8=25AB8F89 ?> >A=>2=K< D0:B>@0< E>7O9AB25==>9 45OB5;L=>AB8 8 AB@0B538G5A:>3> ?;0=8@>20=8O.
A;>6=KE >@30=870F8>==KE AB@C:BC@0E 45OB5;L=>ABL :064>3> 87 ?>4@0745;5=89 ?>4G8=5=0 <0:A8<870F88 D8=0=A>2>3> @57C;LB0B0 AB@C:BC@K 2 F5;><. AE>4O 87 MB>3> ?@>8AE>48B D>@<8@>20=85 >@30=870F8>==>9 AB@C:BC@K 2 0A?5:B5 >?@545;5=8O AB0BCA0 187=5A- 548=8F ( F5=B@>2 >B25BAB25==>AB8) , F5;LN :>B>@>3> O2;O5BAO <0:A8<0;L=> MDD5:B82=>5 C?@02;5=85 187=5A- 548=8F0<8 ( ?@54?@8OB8O<8 8 AB@C:BC@=K<8 ?>4@0745;5=8O<8) 2 @0<:0E F5;>3> ( :><?0=88) .
@8 >?@545;5=88 ?>;=><>G89 187=5A- 548=8F A;54C5B 0=0;878@>20BL:
- 2=CB@8:>@?>@0B82=>5 @0745;5=85 B@C40;
- MDD5:B82=>ABL >1I59 A1KB>2>9 8 A=0165=G5A:>9 ?>;8B8:8;
- MDD5:B82=>ABL >1I59 D8=0=A>2>9 ?>;8B8:8 ( ?@82;5G5=85 8 @0A?@545;5=85 @5AC@A>2) ;
- A?5F8D8:C E>7O9AB25==>9 45OB5;L=>AB8 187=5A- 548=8F.
:0G5AB25 ?@8<5@0 =0<8 27OB0 25@B8:0;L=> 8=B53@8@>20==0O =5DBO=0O :><?0=8O ( ) , 2:;NG0NI0O 2 A51O:
- =5DB5307>4>1K20NI85 ?@54?@8OB8O ( ) ;
- =5DB5?5@5@010BK20NI85 702>4K ( ) ;
- ?@54?@8OB8O =5DB5?@>4C:B>>15A?5G5=8O ( ) , 70=8<0NI85AO E@0=5=85< 8 A1KB>< =5DB5?@>4C:B>2.
#" " / " #
0: ?@028;>, 187=5A- 548=8FK, >1J548=5==K5 ?> 25@B8:0;8 548=>3> B5E=>;>38G5A:>3> ?@>F5AA0 ( :0: 2 =0H5< A;CG05: - - ) , =C640NBAO 2 1>;LH59 F5=B@0;870F88 C?@02;5=8O, =565;8 187=5A- 548=8FK =5:>53> :>=3;><5@0B0 A <5=55 2K@065==K< 548=K< AB5@6=5<.
-B> 48:BC5BAO B5< >1AB>OB5;LAB2><, GB> G0ABL 8745@65: ?@54?@8OB8O O2;O5BAO ?>AB>O==>9 2 :@0B:>A@>G=>< 8 4>;3>A@>G=>< 2@5<5==KE 0A?5:B0E, 8=0G5 3>2>@O, =5 7028A8B >B :>;510=89 >1J5<>2 45OB5;L=>AB8 ?@54?@8OB8O. MB8E CA;>28OE ?@54>AB02;OBL AB0BCA F5=B@>2 ?@81K;8 4>G5@=8< AB@C:BC@0<, >1J548=5==K< >4=>9 B5E=>;>38G5A:>9 F5?>G:>9- =5 3>2>@O C65 > AB0BCA5 F5=B@0 8=25AB8F89, >7=0G05B A>74020BL ACI5AB25==K5 ?@>B82>@5G8O <>B820F88 AB@C:BC@ 8 3>;>2=>9 :><?0=88.
@>8;;NAB@8@C5< MB>.
5DBO=0O :><?0=8O - >9; A>AB>8B 87 42CE ?@54?@8OB89: =5DB5307>4>1K20NI53> >1J548=5=8O - =5DB5307 8 =5DB5?5@5@010BK20NI53> 702>40 "- =5DB5>@3A8=B57 .
>=:C@5=B>< "- =5DB5>@3A8=B57 =0 @K=:5 O2;O5BAO =5DB5?5@5@010BK20NI89 702>4 - =5DB5>@3A8=B57 , ?@8=04;560I89 :><?0=88 - >9; .
1J5< ?@>872>4AB20 AK@>9 =5DB8
- =5DB5307 A>AB028; 1 <;=. B>== 70 =5:89 ?5@8>4. @54;>65=8O =0 ?>:C?:C 4;O 40;L=59H59 ?5@5@01>B:8 40;8 "- =5DB5>@3A8=B57 8 - =5DB5>@3A8=B57 .
AE>4=K5 40==K5:
>1J5< 4>1KG8 - =5DB5307 = 1 <;=. B;
A515AB>8<>ABL 4>1KG8 = 2 0 <;=. @C1. ;
?5@8>48G5A:85 @0AE>4K "- =5DB5>@3A8=B57 70 ?;0=>2K9 ?5@8>4 = 4 0 <;=. @C1. ;
AB>8<>ABL 2KE>40 =5DB5?@>4C:B>2 ?@8 ?5@5@01>B:5 1 <;=. B = 1 0 0 <;=. @C1. ;
C45;L=0O A515AB>8<>ABL ?@>F5AA8=30 "- =5DB5>@3A8=B57 ( ?5@5<5==K5 70B@0BK =0 ?5@5@01>B:C 1 B =5DB8) = 2 0 BKA. @C1. / B;
F5=0 >D5@BK "- =5DB5>@3A8=B57 = 3 0 BKA. @C1. / B;
F5=0 >D5@BK - =5DB5>@3A8=B57 = 4 0 BKA. @C1. / B;
4@C38E 8 2 @538>=5 =5B.
@54?>;>68<, GB> - =5DB5307 - F5=B@ ?@81K;8 ( 8<55B ?>;=><>G8O ?> A0<>AB>OB5;L=><C 2K1>@C ?>:C?0B5;59 8 =07=0G5=8N ?@>406=>9 F5=K) . MB>< A;CG05 - =5DB5307 2 :0G5AB25 ?>:C?0B5;O ?@54?>GB5B - =5DB5>@3A8=B57 , ?@54;>682H89 1>;55 2KA>:CN F5=C >D5@BK. @81K;L :><?0=88 - >9; A>AB028B:
( 1 )
F5=0 >B?CA:0 AK@>9 =5DB8 X >1J5< >B?CA:0 AK@>9 =5DB8 - A515AB>8<>ABL 4>1KG8 - ?5@8>48G5A:85 @0AE>4K "- =5DB5>@3A8=B57 = 4 0 BKA. @C1. / B>==0 X 1 0 0 0 B>== - 2 0 <;=. @C1. - 4 0 <;=. @C1. = - 2 0 <;=. @C1.
"> 5ABL :><?0=8O - >9; 2 F5;>< ?>;CG8B C1KB>: 2 @07<5@5 2 0 <;=. @C1.
A;8 65 - =5DB5307 - F5=B@ =>@<0B82=KE 70B@0B ( ?>;=><>G8O ?> @0A?@545;5=8N AK@>9 =5DB8 8<55B 3>;>2=0O :><?0=8O) , AK@0O =5DBL - =5DB5307 ?>945B =0 ?5@5@01>B:C 2 "- =5DB5>@3A8=B57 ( :><?0=88 =5>1E>48<> 703@C78BL A>1AB25==K5 <>I=>AB8 ?5@5@01>B:8) .
@81K;L :><?0=88 - >9; 2 F5;>< A>AB028B
( 2 )
AB>8<>ABL 2KE>40 =5DB5?@>4C:B>2- C45;L=0O A515AB>8<>ABL ?@>F5AA8=30 X >1J5< ?5@5@01>B:8 - ?5@8>48G5A:85 @0AE>4K "- =5DB5>@3A8=B57 - A515AB>8<>ABL 4>1KG8 = 1 0 0 0 0 0 BKA. @C1. - 2 0 0 0 0 @C1. / B>==0 X 1 0 0 0 B>== - 4 0 <;=. @C1. - 2 0 <;=. @C1. = 2 0 <;=. @C1.
"> 5ABL :><?0=8O - >9; ?>;CG8B ?@81K;L 2 @07<5@5 2 0 <;=. @C1. @07=8F0 42CE 20@80=B>2 2 AB>8<>AB=>< 2K@065=88 A>AB02;O5B 4 0 <;=. @C1.
A;8 ?@>25AB8 D0:B>@=K9 0=0;87 @07=8FK 20@80=B>2, B> ?>;CG8BAO A;54CNI0O :0@B8=0 ( A<. B01;. ) .
"01;8F0. !@02=8B5;L=K9 0=0;87 MDD5:B82=>AB8 C?@02;5=G5A:8E @5H5=89 4>G5@=53> ( ?@8 @07;8G=KE 20@80=B0E 45;538@>20=8O ?>;=><>G89) =0 :>=5G=K5 D8=0=A>2K5 @57C;LB0BK
$0:B>@ 57C;LB0B ( 2 - 9 20@80=B ?> A@02=5=8N A 1 - <)
07=8F0 2 ?@81K;8 >B ?@>4068 AK@>9 =5DB8 1 0 <;=. @C1.
07=8F0 2 ?@81K;8 >B ?@>4068 =5DB5?@>4C:B>2 5 0 <;=. @C1.
A53>: 4 0 <;=. @C1.
0<5B8<, GB> 2 A;CG05, 5A;8 1K "- =5DB5>@3A8=B57 8<5; 2>7<>6=>ABL 703@C7:8 A2>8E <>I=>AB59 70 AG5B AB>@>==8E , 20@80=B A =045;5=85< MB>3> ?@54?@8OB8O AB0BCA>< F5=B@0 ?@81K;8 1K; 1K 1>;55 2K3>45=.
!;54>20B5;L=>, ?@8 =0;8G88 548=>3> B5E=>;>38G5A:>3> <>4C;O ( 2 =5DBO=>9 >B@0A;8: =5DB54>1KG0 - ?@>F5AA8=3 ( =5DB5?5@5@01>B:0) - A1KB) >A=>2=K< :@8B5@85< 2K1>@0 20@80=B0 >@30=870F8>==>9 AB@C:BC@K E>;48=30 O2;O5BAO E0@0:B5@ @K=:0.
B>< A;CG05, :>340 @K=>: ?@81;865= : B8?C A>25@H5==>9 :>=:C@5=F88 ( B> 5ABL ACI5AB2C5B <=>65AB2> ?>AB02I8:>2 8 ?>B@518B5;59, 8<55BAO >48= C@>25=L A@54=5@K=>G=>9 F5=K 8 =5B ?@>1;5<K 703@C7:8 A2>59 @5AC@A=>9 107K) , ?@54?@8OB8O E>;48=30 ( , , 8 C?@02;ONI0O :><?0=8O) 2?>;=5 <>3CB ?>;CG8BL AB0BCA F5=B@>2 ?@81K;8. 54L 2 B0:>< A;CG05 2 ?@>F5AA5 C?@02;5=8O 187=5A>< C <5=546<5=B0 ?@54?@8OB89 =5B @57>=>2 45;0BL @07=8FC ?@8 2K1>@5 :>=B@0:B>@0 <564C ?@54?@8OB85< 40==>3> E>;48=30 8 AB>@>==59 D8@<>9.
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
( 3 )
?@81K;L :><?0=88 = AC<<0@=0O 2K@CG:0 =0 AB>@>=C ( ?@>4060 AK@>9 =5DB8 8 =5DB5?@>4C:B>2) - AC<<0@=K5 ?5@5<5==K5 70B@0BK ?> AB048O< B5E=>;>38G5A:>3> ?5@545;0 ( 4>1KG0, ?@>F5AA8=3, A1KB) - AC<<0@=K5 ?5@8>48G5A:85 70B@0BK ?> AB048O< B5E=>;>38G5A:>3> ?5@545;0
!;54>20B5;L=>, ?@8 =0;8G88 =0 @K=:5 >3@0=8G5=89 ?> 70:C?05<K< @5AC@A0< 8 A1KBC 3>B>2>9 ?@>4C:F88 =5>1E>48<0 >@30=870F8>==0O AB@C:BC@0 A 1>;LH8< C@>2=5< F5=B@0;870F88, 2 A;CG05 65, :>340 >3@0=8G5=8O >BACBAB2CNB, F5;5A>>1@075= ?5@5E>4 : 1>;LH5<C C@>2=N 45F5=B@0;870F88.
A>1> >1@0IC 2=8<0=85 =0 0A?5:B B@0=AD5@B=>3> F5=>>1@07>20=8O. $>@<8@>20BL B@0=AD5@B=K5 F5=K =0 @K=>G=>9 >A=>25 ( 8 ?@8A20820BL ?>4@0745;5=8N AB0BCA F5=B@0 ?@81K;8) <>6=> B>;L:> 2 B>< A;CG05, :>340 @K=>: O2;O5BAO @K=:>< G8AB>9 :>=:C@5=F88. A;8 2>7=8:05B B0:0O A8BC0F8O, :>340 A<56=K5 187=5A- 548=8FK A2O70=K 65AB:> 8 >4=>2@5<5==> O2;ONB A>1>9 <>=>?>;8N 8 <>=>?A>=8N ( 548=AB25==>3> ?>AB02I8:0 8 548=AB25==>3> ?>B@518B5;O) , B> =8 >4=0 87 MB8E 187=5A- 548=8F =5 <>65B 1KBL F5=B@>< ?@81K;8.
54L 2 CA;>28OE >BACBAB28O @K=>G=>9 >A=>2K 4;O >?@545;5=8O B@0=AD5@B=>9 F5=K 2A5 7028A8B >B C<5=8O B>@3>20BLAO 8;8 @5H5=8O 2KH5AB>OI53> >@30=0, 0 7=0G8B, 187=5A- 548=8FK- <>=>?A>=8ABK =5 A<>3CB 2 ?>;=>9 <5@5 :>=B@>;8@>20BL 2K@CG:C, 0 187=5A- 548=8FK- <>=>?>;8ABK - 70B@0BK.
& -$$" !" ) !+" ! '! "
A;8 :@8B5@89 2=CB@5==53> @0745;5=8O B@C40 >B=>A8BAO : AD5@5 25@B8:0;L=>9 8=B53@0F88 :><?0=89, 2 =0H5< A;CG05 =5DBO=KE, B> B0:>9 D0:B>@, :0: MDD5:B82=>ABL >1I59 A1KB>2>9 8 A=0165=G5A:>9 ?>;8B8:8 >?@545;O5BAO AB5?5=LN 3>@87>=B0;L=>9 8=B53@0F88.
;O <=>38E @>AA89A:8E ?@54?@8OB89 3>@87>=B0;L=0O 8=B53@0F8O O2;O5BAO 25AL<0 ACI5AB25==K< <><5=B>< E>7O9AB25==>9 45OB5;L=>AB8. !:065<, =5:0O :><?0=8O <>65B 8<5BL 2 A2>5< A>AB025 420 8 1>;55 >4=>?@>D8;L=KE ?@54?@8OB8O, @0A?>;>65==KE 2 >4=>< @538>=5.
MB>< A;CG05 >BACBAB285 A:>>@48=8@>20==>AB8 2 >1;0AB8 A1KB0 <>65B ?@825AB8 : B><C, GB> MB8 420 ?@54?@8OB8O 1C4CB :>=:C@8@>20BL, GB> ?@82545B : ?045=8N F5= 8 :0: A;54AB285 : A=865=8N D8=0=A>2KE @57C;LB0B>2 :><?0=88 2 F5;><. >;55 B>3>, MB8 ?@54?@8OB8O <>3CB :>=:C@8@>20BL <564C A>1>9 8 =0 @K=:0E @5AC@A>2 ( @K=:5 70:C?:8 B>20@=>- <0B5@80;L=KE F5==>AB59, @K=:5 B@C40 8 4@C38E) , GB> ?@82545B : C25;8G5=8N A515AB>8<>AB8 2K?CA:05<>9 ?@>4C:F88.
!;54>20B5;L=>, >4=8< 87 :@8B5@852 D>@<8@>20=8O >@30=870F8>==>9 AB@C:BC@K O2;O5BAO 25A :><?0=88 8 55 >B45;L=KE 187=5A- 548=8F =0 @K=:0E @5AC@A>2 8 A1KB0 3>B>2>9 ?@>4C:F88. B>< A;CG05, :>340 25A E>;48=3>2>9 AB@C:BC@K =0 @K=:5 4>AB0B>G=> 25;8:, GB>1K <>6=> 1K;> 3>2>@8BL > 55 @K=>G=>9 A8;5 ( B> 5ABL 2;8O=88 =0 A@54=5@K=>G=K5 F5=K ?CB5< 87<5=5=8O A>1AB25==KE F5= 8/ 8;8 D878G5A:>3> >1J5<0 ?@>406) , 8 :>340 187=5A- 548=8FK :><?0=88 ?@54AB02;ONB A>1>9 @02=>25;8:85 ?> >1J5<C 45OB5;L=>AB8 ?@54?@8OB8O, F5;5A>>1@07=> ?@54>AB02;5=85 8< AB0BCA0 F5=B@>2 =>@<0B82=KE 70B@0B. @8 =57=0G8B5;L=>9 65 4>;5 :><?0=88 =0 @K=:5 2>7<>65= ?5@5E>4 : 1>;LH59 45F5=B@0;870F88 ( 2K1>@ B8?0 45;538@>20=8O ?>;=><>G89 F5=B@ ?@81K;8 ) .
-$$" !" ) $ ! "
0: ?@028;>, AD5@0 D8=0=A>2>3> C?@02;5=8O 4;O 1>;LH59 G0AB8 :@C?=KE E>;48=3>2KE :><?0=89 >AB05BAO F5=B@0;87>20==>9. &5=B@>< 8=25AB8F89 O2;O5BAO :><?0=8O 2 F5;><. -B> =5>1E>48<> 4;O B>3>, GB>1K >15A?5G8BL MDD5:B82=K9 <5E0=87< 2=CB@5==53> ?5@5;820 :0?8B0;0 8 =5 4>?CAB8BL =5@0F8>=0;L=>3> @0A?K;5=8O @5AC@A>2 2 ?>4@0745;5=8OE.
> 2 A8;C B>3>, GB> ?>;=>ABLN F5=B@0;87>20==>5 8=25AB8F8>==>5 ?;0=8@>20=85 2 :@C?=>9 :><?0=88 =52>7<>6=> 2A;54AB285 1>;LH>3> <0AHB010 45OB5;L=>AB8, ?>;=><>G8O 2 >B=>H5=88 B5E 8;8 8=KE ;>:0;L=KE 8=25AB8F89 <>3CB 45;538@>20BLAO =0 <5AB0. 0: ?@028;>, 4;O 4>G5@=8E ?@54?@8OB89, 2E>4OI8E 2 A>AB02, =0?@8<5@, =5DBO=>3> E>;48=30 ( ) , CAB0=02;820NBAO 25@E=85 ;8<8BK ?> :0?8B0;L=K< 2;>65=8O< 8 ?@82;5G5=8N A@54AB2.
@8 MB>< :@C?=><0AHB01=K5 8=25AB8F8>==K5 ?@>5:BK ?;0=8@CNBAO F5=B@0;87>20==> 8 D8=0=A8@CNBAO 87 548=>3> D>=40 =0:>?;5=8O :><?0=88 ;81> 70 AG5B F5=B@0;87>20==> ?@82;5:05<KE @5AC@A>2.
A>1K9 2>?@>A - A;>6=0O AB@C:BC@0 2;045=8O 7028A8<K< ?@54?@8OB85<. G5=L G0AB> =01;N405BAO A8BC0F8O, :>340 :@C?=K9 0:F8>=5@, D0:B8G5A:8 :>=B@>;8@CNI89 B> 8;8 8=>5 ?@54?@8OB85, =5 2;0455B, >4=0:>, :>=B@>;L=K< ?0:5B>< 0:F89 ( 4>;O >B 3 0 % 4> 5 0 % ) , => ?@8 MB>< @0A?>@O605BAO 8< 2 ?>;=>9 <5@5. MB>< A;CG05 ?@O<>9 ?5@5;82 ?>;CG5==>9 ?@81K;8 2 3>;>2=CN :><?0=8N CI5<;O5B ?@020 4@C38E 0:F8>=5@>2 8 A>25@H5==> ?@02><5@=> <>65B 1KBL 8<8 701;>:8@>20=.
& ! &$ % /!" /", !" !- &
!?5F8D8:0 E>7O9AB25==>9 45OB5;L=>AB8 187=5A- 548=8F >:07K205B ACI5AB25==>5 2;8O=85 =0 2K1>@ 20@80=B0 >@30=870F8>==>9 AB@C:BC@K. 54L B0:>9 2K1>@ 2 1>;LH>9 <5@5 7028A8B >B E0@0:B5@0 @5AC@A=>9 107K 187=5A- 548=8F 8 B5:CI59 703@C7:8 8E ?@>872>4AB25==KE <>I=>AB59 8, A;54>20B5;L=>, >B 4>;8 70B@0B 2 B5:CI8E 8745@6:0E ?@54?@8OB8O, =57028A8<KE >B :@0B:>A@>G=KE 8 4>;3>A@>G=KE :>;510=89 >1J5<>2 ?@>872>4AB20 8 A1KB0.
7 ?@82545==>9 2KH5 D>@<C;K <0:A8<870F88 D8=0=A>2KE @57C;LB0B>2 :><?0=88 ( D>@<C;0 3 ) 284=>, =0A:>;L:> A?5F8D8:0 ?@>872>4AB25==>3> 8 B@C4>2>3> ?>B5=F80;0 187=5A- 548=8FK >?@545;O5B D>@<8@>20=85 >@30=870F8>==>9 AB@C:BC@K.
B>< A;CG05, :>340 @5AC@A=0O 1070 ?@54?@8OB8O O2;O5BAO 4>AB0B>G=> 381:>9, 4>;O ?5@8>48G5A:8E @0AE>4>2 2 A515AB>8<>AB8 =57=0G8B5;L=0. -B> >7=0G05B, GB> ?@8 C<5=LH5=88 >1J5<>2 45OB5;L=>AB8 40==>5 ?@54?@8OB85 <>65B >?5@0B82=> A>:@0B8BL A2>N @5AC@A=CN 107C 157 >ICB8<KE =530B82=KE ?>A;54AB289 4;O :><?0=88 ( C<5=LH8BL 70:C?:8 AK@LO 8 <0B5@80;>2, A>:@0B8BL ?5@A>=0;, @50;87>20BL G0ABL >15A?5G820NI8E A;C61) .
B0:>9 A8BC0F88 4;O MDD5:B82=>AB8 45OB5;L=>AB8 E>;48=3>2>9 AB@C:BC@K >1J5< 703@C7:8 40==>3> ?@54?@8OB8O 1>;LH>9 @>;8 =5 83@05B 8 ?@>F5AA A=0165=8O <>65B 1KBL ?5@540= A0<><C ?@54?@8OB8N. 8=>< A;CG05 ?@54?@8OB85, 2E>4OI55 2 A>AB02 E>;48=30, 8<55B 2KA>:CN 4>;N ?5@8>48G5A:8E @0AE>4>2 8 1>;LH85 8745@6:8 ?> 040?B0F88 @5AC@A=>9 107K : :>;510=8O< >1J5<0 45OB5;L=>AB8.
0?@8<5@, >G5=L ?@>1;5<0B8G=> 70 >48= <5AOF C2>;8BL ?>;>28=C 2KA>:>:20;8D8F8@>20==>3> ?5@A>=0;0, 70=>2> =01@0BL 53> 8;8 ?@>40BL =5DB5E@0=8;8I5, 0 70B5<, ?@8 C25;8G5=88 703@C7:8, 2=>2L :C?8BL. MB>< A;CG05 ?@54?@8OB85- ?>AB02I8: 2 @0<:0E =5DBO=>3> E>;48=30 ( ?>AB02I8:>< 4;O 2KABC?05B C?@02;ONI0O :><?0=8O, 0 4;O C?@02;ONI59 :><?0=88 - ) 4>;6=> 8<5BL AB0BCA F5=B@0 =>@<0B82=KE 70B@0B 4;O >15A?5G5=8O 15A?5@51>9=>3> 2=CB@8?;0=>2>3> A=0165=8O ?@54?@8OB8O- ?>B@518B5;O.
45AL <K AB0;:8205<AO A A8BC0F859, :>340 @0F8>=0;L=K9 0;3>@8B< ?@8=OB8O >4=>3> 87 B8?>2 A?5F80;L=KE C?@02;5=G5A:8E @5H5=89 ACI5AB25==> 2;8O5B =0 D>@<8@>20=85 >@30=870F8>==>9 AB@C:BC@K.
A0<>< 45;5, C?@02;5=G5A:0O 7040G0 2 40==>< A;CG05 2 C?@>I5==>< :>=B5:AB5 <>65B 72CG0BL B0:: >B4020BL =5DBL =0 ?5@5@01>B:C A>1AB25==K< 8;8 ?5@54020BL 55 AB>@>==8< .
A;CG05, 5A;8 AC1J5:B>< ?@8=OB8O @5H5=8O O2;O5BAO 3>;>2=0O :><?0=8O ( A8AB5<0 65AB:>9 F5=B@0;870F88) , @5;520=B=K<8 70B@0B0<8 ?@8 A@02=5=88 0;LB5@=0B82, 1C4CB: F5=0 ?@>F5AA8=30 AB>@>==8E =5DB5?5@5@010BK20NI8E 702>4>2 8 ?5@5<5==K5 70B@0BK A>1AB25==KE . A;CG05 65, :>340 AC1J5:B>< ?@8=OB8O @5H5=8O O2;O5BAO ( B8? 45F5=B@0;870F88) , @5;520=B=K<8 70B@0B0<8 ?@8 A@02=5=88 0;LB5@=0B82 1C4CB: F5=0 ?@>F5AA8=30 AB>@>==8E 8 F5=0 ?@>F5AA8=30 A>1AB25==KE .
>A;54=89 87 =0720==KE 20@80=B>2 ?@8=OB8O @5H5=89 @0F8>=0;5= 4;O =5DB5307>4>1K20NI8E ?@5?@8OB89, => =5@0F8>=0;5= 4;O :><?0=88 2 F5;><. @8 MB>< 25;8G8=0 8745@65: 4;O E>;48=3>2>9 AB@C:BC@K 745AL >?@545;O5BAO 25;8G8=>9 ?5@8>48G5A:8E @0AE>4>2 A>1AB25==KE . !;54>20B5;L=>, 4>;O ?>AB>O==KE 70B@0B 2 A515AB>8<>AB8 ?@>872>4AB20 8 @50;870F88 :><?0=88 >:07K205B =5?>A@54AB25==>5 2;8O=85 =0 2K1>@ 55 >@30=870F8>==>9 AB@C:BC@K.
70:;NG5=85 ?>72>;N A515 2K@078BL =04564C, GB> 8A?>;L7>20=85 ?@82545==KE 2 MB>9 AB0BL5 <5B>4>2 ?@8=OB8O @5H5=89 2 >1;0AB8 45;538@>20=8O ?>;=><>G89 ?><>65B A45;0BL MB8 @5H5=8O 1>;55 @0F8>=0;L=K<8 8 B>G=K<8. < b r > < b r > < b r > < b r > < / f o n t >
< b r > < b r > < b r > < a h r e f = # t o p > < p a l i g n = c e n t e r > < f o n t s i z e = 5 > 0 25@E AB@0=8FK< / f o n t > < / p > < / a > < / t d > < t d > < / t d > < / t r > < / t a b l e >
< d i v a l i g n = c e n t e r > < b r >
< b r > C o p y r i g h t & c o p y < b > < A h r e f = " m a i l t o : d a g a d a @ l i s t . r u " > N P < / B > < / a > 2 0 0 1 . < / d i v > & n b s p < / B O D Y > < / H T M L >