Their World is Our World Annual Review 2010
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'SRXIRXW &SEVH SJ (MVIGXSVW 1IWWEKI JVSQ XLI 'LEMVQER SJ XLI &SEVH 1IWWEKI JVSQ XLI 2EXMSREP (MVIGXSV 4VSKVEQQI 0SGEXMSRW 3YV ;SVO 6IFYMPHMRK 0MZIW 7IGXSV 6IZMI[ )HYGEXMSR )GSRSQMG (IZIPSTQIRX ;EXIV ERH 7ERMXEXMSR ,IEPXL ERH 2YXVMXMSR 'VSWW GYXXMRK 8LIQIW 7TIGMEP -RMXMEXMZIW *MRERGMEP 6IZMI[ -RHITIRHIRX %YHMXSV´W 6ITSVX 7XEXIQIRX SJ *MRERGMEP %GXMZMXMIW &EPERGI 7LIIX *MRERGMEP ,MKLPMKLXW /I] 7XEXMWXMGW )\IGYXMZI 7YQQEV] 7MRLEPE )\IGYXMZI 7YQQEV] 8EQMP 1ET 3YV 'SQQMXQIRX ERH %GGSYRXEFMPMX]
&SEVH 'LEMVQER 6EZMRHVE %PKEQE
%XXSVRI]¯EX¯0E[ &SEVH (MVIGXSVW 7YRMP ;MNIWMRKLI 6IZ (LMPSVEN 'EREKEWEFI] (V 7]PZERXLM %VMEHYVEM 7Y^IXXI (I %P[MW 1EVMRE 8LEVQEVEXREQ 6EZMRHVE *IVRERHS 6SWLER 4IVIVE /IZMR .IROMRW ;EXX 7ERXEXM[EX 7YVIWL &EVXPIXX
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-R EPP EVIEW [LIVI ;SVPH :MWMSR MW IRKEKIH [I GSRXMRYI XS JSGYW SR GSVI WIGXSVW SJ IHYGEXMSR IGSRSQMG HIZIPSTQIRX LIEPXL ERH RYXVMXMSR [EXIV ERH WERMXEXMSR [LMGL VIQEMR ZMXEP XS XLI [IPP FIMRK ERH YTPMJXQIRX SJ EPP [LSWI PMZIW [I XSYGL
1IWWEKI JVSQ XLI 'LEMVQER SJ XLI &SEVH %W - PSSO FEGO SR XLI WLIIV QEKRMXYHI SJ [SVO HSRI XLVSYKLSYX XLI GSYRXV] VIWSREXIW [MXL NYWXM½EFPI TVMHI - KMZI TVEMWI ERH XLEROW XS +SH JSV LMW IRHYVMRK FPIWWMRKW [LMGL IREFPI YW XS GSRXMRYI SYV [SVO HIWTMXI RYQIVSYW GLEPPIRKIW ERH EX XMQIW [MXLWXERHMRK HMJ½GYPX WMXYEXMSRW -R EPP EVIEW [LIVI ;SVPH :MWMSR MW IRKEKIH [I GSRXMRYI XS JSGYW SR GSVI WIGXSVW SJ IHYGEXMSR IGSRSQMG HIZIPSTQIRX LIEPXL ERH RYXVMXMSR [EXIV ERH WERMXEXMSR [LMGL VIQEMR ZMXEP XS XLI [IPP FIMRK ERH YTPMJXQIRX SJ EPP [LSWI PMZIW [I XSYGL
8S SYV 2EXMSREP (MVIGXSV 7YVIWL &EVXPIXX ERH LMW [SRHIVJYP XIEQ - SJJIV Q] LYQFPI XLEROW ERH EHQMVEXMSR EX XLIMV WXIEHJEWX IJJSVXW -X MW XLVSYKL XLIMV IJJSVXW ERH PEFSYV XLEX ;SVPH :MWMSR TIVWIZIVIW MR MXW GSVI FIPMIJW 8VYI XS ;SVPH :MWMSR XVEHMXMSR SR SYV ORIIW [I LEZI GSQQIRGIH E RI[ ]IEV SJ HIZSXIH WIVZMGI XS SYV TISTPI ERH [I TVE] XLEX ,MW GSRXMRYIH TVIWIRGI ERH TVSZMWMSR [SYPH VIWX ERH EFMHI [MXL YW SYV HIHMGEXIH WXEJJ ERH XLI GSQQYRMXMIW [I WIVZI
'LMPHVIR VIQEMR XLI OI] TVMSVMX] MR SYV IRHIEZSYVW ERH LIIHMRK XLIMV RIIHW ERH GEXIVMRK XS XLIMV FEWMG VIUYMVIQIRXW GSRXMRYIW XS OIIT YW TEWWMSREXI EFSYX SYV [SVO ;I LEZI RSX RIKPIGXIH XLSWI JVEGXYVIH GSQQYRMXMIW [LS XSMP EX VIFYMPHMRK XLIMV PMZIW EJXIV HIGEHIW SJ [EV ERH XIVVSV - EQ MRHIIH LIEVXIRIH F] XLI QER] TSMKRERX WXSVMIW XLEX EVI [MXRIWWIH EW E VIWYPX SJ SYV MRXIVZIRXMSR MR XLI GSQQYRMXMIW (YVMRK Q] FVMIJ ZMWMXW - XSS LEZI KPMQTWIH YTSR MRWXERGIW [LMGL TSVXVE] ;SVPH :MWMSR´W HIIT GSQQMXQIRX ERH XLIWI LEZI LIPTIH VI IRIVKMWI SYV VIWSPZI - EQ MRHIFXIH XS SYV &SEVH 1IQFIVW [LSWI GSRXVMFYXMSR SJ XMQI ERH IJJSVX SJXIR VIQEMRW YRWIIR FYX MW E ZMXEP MRKVIHMIRX XS[EVHW IRGSYVEKMRK ERH VIMRJSVGMRK SYV GSYRXV] WXVEXIK]
6EZMRHVE %PKEQE &SEVH 'LEMV
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FIX[IIR MWSPEXIH GSQQYRMXMIW ERH XLSWI VIWTSRWMFPI JSV TVSZMHMRK WIVZMGIW 3YV %VIE (IZIPSTQIRX 4VSKVEQQIW %(4W [LMGL EVI XLI LEPPQEVO SJ SYV ETTVSEGL XS[EVHW EPPIZMEXMRK TSZIVX] IRWYVMRK XLI [IPP FIMRK SJ GLMPHVIR ERH GSQQYRMXMIW ERH XLIMV GSRXMRYIH WYWXEMREFMPMX] LEZI EPP HIQSRWXVEXIH GSQQIRHEFPI IJJSVXW MR XLI PEWX ]IEV ;I EPWS I\TIVMIRGIH WMKRM½GERX KVS[XL MRWTMXI SJ XLI ½RERGMEP QIPX HS[R MR XLI RYQFIV SJ RI[ TVSKVEQQIW EGVSWW XLI GSYRXV]
1IWWEKI JVSQ XLI 2EXMSREP (MVIGXSV
%W [I TEYWI XS VI¾IGX SR [I EVI TPIEWIH XS RSXI XLI GSQTPIXMSR SJ ]IX ERSXLIV ]IEV [LMGL WE[ RSXEFPI EGLMIZIQIRXW EGVSWW EPP SYV TVSKVEQQIW XLVSYKLSYX XLI GSYRXV] 3RI SJ SYV QEMR ERH GSRWXERX JSGYWIW [EW XLI WYTTSVX SJ XLI VIXYVRIIW MR XLI [EV VEZEKIH EVIEW ,IPTMRK XLIWI JEQMPMIW ERH GSQQYRMXMIW MR VIFYMPHMRK XLIMV PMZIW LEW FIIR SJ SRI SJ XLI OI] TVMSVMXMIW HYVMRK XLI ]IEV 8SKIXLIV [MXL SYV TEVXRIVW ERH HSRSVW [I LEZI WXVMZIH XS WYTTSVX XLIQ MR VIZMZMRK XLIMV PMZIPMLSSHW ERH VIWXSVMRK XLIMV HMKRMX] 'LMPHVIR [LS LEZI EPWS FIIR EJJIGXIH F] XLMW HMWTPEGIQIRX LEZI FIIR KMZIR VIEWSR XS WQMPI ERH IRKEKI MR X]TMGEP GLMPHPMOI EGXMZMXMIW SRGI EKEMR MRGPYHMRK XLI VIWYQTXMSR SJ XLIMV IHYGEXMSR - EQ IWTIGMEPP] TPIEWIH XS RSXI XLI GSQQIRHEFPI TVSKVIWW ;SVPH :MWMSR LEW EGLMIZIH MR MXW %VIE 6ILEFMPMXEXMSR 4VSKVEQQIW %64W [LMGL EVI PSGEXIH MR XLI JSVQIV [EV VEZEKIH VIKMSRW SJ XLI GSYRXV] 7TIGM½GEPP] MQTPIQIRXIH XS VIEGL SYX XS XLSWI [LSWI RIIH JSV XLI FEWMG RIGIWWMXMIW SJ [EXIV LIEPXL IHYGEXMSR ERH PMZIPMLSSHW VIQEMR ZMXEP MR VIWXSVMRK XLIMV WYFWMWXIRGI 3YV GSQQMXQIRX MW VIWSPYXI [MXL IRXIVTVMWIW SJ GEWL JSV [SVO ERH XLI TVSZMWMSR SJ PMZIPMLSSH EWWIXW JSV VIXYVRIH GSQQYRMXMIW EW XLI] FIKMR XLI EVHYSYW XEWO SJ VIFYMPHMRK XLIMV PMZIW ;I EPWS GSQQIRGIH XLI MQTPIQIRXEXMSR SJ E VYVEP MRXIKVEXIH [EXIV WERMXEXMSR ERH L]KMIRI TVSNIGX 6-;%7, MR XLI LMPP GSYRXV] ¯ SRI SJ XLI TSSVIWX VIKMSRW % WTIGMEP MQTEGX SJ XLI TVSNIGX MW RSX SRP] XS IRWYVI WYWXEMREFPI [EXIV ERH WERMXEXMSR WIVZMGIW FYX XLI JSVKMRK SJ VIPEXMSRWLMTW
8LIWI TVSKVEQQIW LEZI VIEGLIH XLI TSSVIWX WIKQIRXW SJ SYV TISTPI IRIVKM^MRK XLIMV JEQMPMIW ERH GSQQYRMXMIW XLVSYKL XLI ZEVMSYW WIGXSV MRXIVZIRXMSRW ,IEPXL ERH RYXVMXMSR [EXIV ERH WERMXEXMSR IHYGEXMSR ERH IGSRSQMG HIZIPSTQIRX EVI XLI JSYRHEXMSRW XLEX HVMZI SYV TVSKVEQQIW &MJYVGEXMRK XLIWI WIGXSVW EVI XLIQEXMG GVSWW GYXXMRK MWWYIW WYGL EW KIRHIV TVSXIGXMSR HMWEFMPMX] IRZMVSRQIRX ERH GPMQEXI GLERKI GSR¾MGX WIRWMXMZMX] ERH TIEGI FYMPHMRK ERH HMWEWXIV VMWO VIHYGXMSR 3YV HSRSVW WTSRWSVW PSGEP ERH MRXIVREXMSREP TEVXRIVW +SZIVRQIRX 1MRMWXVMIW PSGEP EYXLSVMXMIW ERH SXLIV WXEOILSPHIVW MRGPYHMRK SYV S[R KPSFEP ERH VIKMSREP SJ½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¾YIRGI ERH WXVIRKXL EVI MRZEPYEFPI MR SYV NSYVRI]
7YVIWL &EVXPIXX 2EXMSREP (MVIGXSV
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3YV ;SVO 'EVMRK 6IFYMPHMRK 0MZIW %GXMRK EW ER MRXIVQIHMEV] ;SVPH :MWMSR´W TVSZMHIW XIGLRMGEP WYTTSVX JYRHMRK ERH I\TIVXMWI JSV XLIWI TVSKVEQQIW JSGYWMRK SR OI] WIGXSVW SJ IHYGEXMSR IGSRSQMG HIZIPSTQIRX LIEPXL ERH RYXVMXMSR ERH [EXIV ERH WERMXEXMSR -RXIV[SZIR MRXS XLIWI [SVO TPERW EVI GVSWW GYXXMRK XLIQEXMG MWWYIW SJ KIRHIV IRZMVSRQIRX HMWEFMPMX] GLMPH TVSXIGXMSR ERH GSR¾MGX WIRWMXMZMX] [LMGL EHH ZEPYI ERH IRLERGI XLI IJJIGXMZIRIWW SJ SYV ZSGEXMSR 8LI WXVSRK VIPEXMSRWLMTW FYMPX XLVSYKL XLI KVEWW VSSX GSQQYRMX] TVSKVEQQMRK JEGMPMXEXIW SYV %(4 XIEQW XS IRKEKI MR IJJIGXMZI GSEPMXMSRW [MXL GSQQYRMX] FEWIH SVKERM^EXMSRW GMZMP WSGMIX] KSZIVRQIRX ERH SXLIV RSR KSZIVRQIRX HIZIPSTQIRX SVKERM^EXMSRW 3ZIVXMQI WSQI SJ XLIWI WSGMIXMIW LEZI QEXYVIH MRXS LSQIKVS[R PIKEP IRXMXMIW SJXIR MRZIWXMRK MR GSQQYREP VIPEXMSRWLMTW
% JIEXYVI XLEX WIXW ;SVPH :MWMSR ETEVX JVSQ SXLIV EKIRGMIW MW MXW PSRK XIVQ ETTVSEGL XS[EVHW WYWXEMREFPI HIZIPSTQIRX ;SVPH :MWMSR WIPIGXW XLI QSWX YRHIV HIZIPSTIH ERH TSSVIWX VIKMSRW MR XLI GSYRXV] ERH IWXEFPMWLIW MXW %VIE (IZIPSTQIRX 4VSKVEQQIW %(4W MR XLIWI PSGEXMSRW ;SVPH :MWMSR´W %VIE (IZIPSTQIRX 4VSKVEQQIW %(4W EVI E LEPPQEVO SJ MXW WXVEXIKMG TPER XS[EVHW WYWXEMREFPI HIZIPSTQIRX MR XLI GSYRXV] ,EZMRK E PMJI WTER SJ SZIV ]IEVW XLI PSGEXMSRW WIPIGXIH EW %(4W EVI JVSQ EQSRK XLI QSWX YRHIV HIZIPSTIH ERH TSSVIWX VIKMSRW MR XLI GSYRXV] [MXL GPIEVP] HI½RIH KISKVETLMGEP GPYWXIVW SJ VYVEP SV YVFER GSQQYRMXMIW 8LI TVMQEV] SFNIGXMZI SJ XLI %(4W MW XS EHHVIWW PSRK XIVQ QMGVS ERH QEGVS XVMKKIVW IUYMTTMRK XLI GSQQYRMXMIW XS ERXMGMTEXI TPER MQTPIQIRX QSRMXSV ERH IZEPYEXI TVSKVEQQIW XLVSYKL MRXIVHITIRHIRX VIPEXMSRWLMTW [MXL PSGEP KSZIVRQIRXW ERH SXLIV WXEOILSPHIVW
;SVPH :MWMSR GYVVIRXP] STIVEXIW MR %(4W EGGSYRXMRK JSV [SVO MR SZIV ZMPPEKIW MR (MWXVMGXW EGVSWW XLI GSYRXV] ;SVPH :MWMSR´W IXLSW LEW EP[E]W FIIR XS[EVHW XLI [IPP FIMRK ERH IQTS[IVQIRX SJ GLMPHVIR XLIMV JEQMPMIW ERH XLI GSQQYRMXMIW XLI] PMZI MR %W ER SVKERM^EXMSR [LIVI GLMPHVIR EVI EX XLI LIEVX SJ SYV [SVO [I ½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QEOMRK XLIMV [SVPH SYV [SVPH (MWEWXIV GER MRWXERXP] HIWXVS] PMZIPMLSSHW RIKEXMZIP] MQTEGX LIEPXL ERH [IPP FIMRK ERH HVEWXMGEPP] HIGVIEWI EGGIWW XS WEJI HVMROMRK [EXIV ERH TVSTIV WERMXEXMSR JEGMPMXMIW -R XLIWI GSRHMXMSRW XLI XLVIEX SJ HMWIEWI LYRKIV ERH HMWTPEGIQIRX MW KVIEX 7VM 0EROE XSS MW TVSRI XS ¾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´W PMZIW ERH EHHVIWW XLI VSSX GEYWIW SJ TSZIVX] 3JXIR XLIWI EGXMSRW MRZSPZI GLERKMRK XLI LIEVXW ERH QMRHW SJ TISTPI JVSQ XLI TSPMG] QEOIVW XS QIQFIVW SJ XLI GSQQYRMX] 3YV %HZSGEG] MRXIVZIRXMSRW EVI MRGPYHI [SVOMRK XLVSYKL GSEPMXMSRW ERH RIX[SVOW [MXLMR XLI LYQERMXEVMER WIGXSV XS PSFF] JSV E VERKI SJ MWWYIW JVSQ XLI RIIH JSV LYQERMXEVMER EGGIWW XS GLMPH VMKLXW ERH GLMPH TVSXIGXMSR -(4W ERH XLIMV VMKLXW ERH LYQERMXEVMER TVSXIGXMSR MWWYIW
7MRGI ;SVPH :MWMSR LEW FIIR VIWTSRHMRK XS IQIVKIRGMIW MR 7VM 0EROE XLVSYKL XLI WYTTSVX SJ PMZIPMLSSHW IRWYVMRK WEJI HVMROMRK [EXIV ERH TVSTIV WERMXEXMSR JEGMPMXMIW EWWMWXMRK XLSWI HMWTPEGIH TVIZIRXMRK LYRKIV ERH XLI XLVIEX SJ HMWIEWI
6IFYMPHMRK 0MZIW ,IPTMRK JVEGXYVIH GSQQYRMXMIW XS WXEVX ERI[
;360( :-7-32 76- 0%2/% %229%0 6):-);
6IFYMPHMRK 0MZIW ;SVPH :MWMSR´W %VIE 6ILEFMPMXEXMSR 4VSKVEQQIW %64W EVI WTIGM½GEPP] HIWMKRIH JSV GSQQYRMXMIW XLEX LEZI FIIR EHZIVWIP] EJJIGXIH F] GSR¾MGX ERH HMWEWXIV 8LI %64 QSHIP JSGYWIW QEMRP] SR VIFYMPHMRK PMZIPMLSSHW [EXIV VIWSYVGIW LIEPXL ERH IHYGEXMSR
(YVMRK XLI PEWX ]IEV ;SVPH :MWMSR LEW FIIR [SVOMRK MR EPP HMWXVMGXW MR XLI 2SVXL [LIVI VIWIXXPIQIRXW EVI XEOMRK TPEGI ERH WYTTSVXMRK XLI VIXYVRMRK GSQQYRMXMIW XLVSYKL PMZIPMLSSH EWWIX VIGSZIV] TVSKVEQQIW ;LIR XLI ]IEV PSRK [EV [MXL XLI 088) [EW ½REPP] SZIV 7VM 0EROE JEGIH XLI IRSVQSYW GLEPPIRKI SJ LIEPMRK JVEGXYVIH GSQQYRMXMIW ERH LIPTMRK XLIQ XS VIFYMPH XLIMV PMZIW SRGI EKEMR 8LI 2SVXL SJ 7VM 0EROE FSVI XLI WGEVW SJ RIEVP] XLVII HIGEHIW SJ IXLRMG GSR¾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½REP WXEKIW SJ XLI [EV HMWTPEGIH RIEVP] TISTPI [LS EVI MR XLI TVSGIWW SJ FIMRK VIXYVRIH XS XLIMV TPEGIW SJ SVMKMR EJXIV IRHYVMRK QYPXMTPI HMWTPEGIQIRXW [LMPWX XLI [EV VEKIH ERH XLIR WIZIVEP QSRXLW MR HMWTPEGIQIRX GEQTW 1ER] JEQMPMIW [IVI PIJX WITEVEXIH ERH ZYPRIVEFPI (MWTPEGIQIRX LEW MRGVIEWIH TSZIVX] ERH IVSHIH WSGMEP WXVYGXYVIW [MXLMR XLI HMWTPEGIH TSTYPEXMSR EW [IPP 3RI SJ XLI WEHHIWX EWTIGXW SJ XLI [EV LEW FIIR XLI TVSJSYRH MQTEGX MX LEW LEH SR XLI PMZIW SJ GLMPHVIR %TTVS\MQEXIP] SJ XLI RSVXLIVR -(4W EVI GLMPHVIR ERH SYX SJ XLIQ EVI IWXMQEXIH XS FI FIPS[ XIR ]IEVW 9TSR VIXYVR GSQQYRMXMIW LEZI XS VIEHNYWX XS E RI[ IRZMVSRQIRX SV XS ER I\MWXMRK IRZMVSRQIRX
XVERWJSVQIH F] [EV ERH GSR¾MGX [LMGL GSYPH FI E WXVIWWJYP XMQI JSV GSQQYRMXMIW IEKIV XS VIFYMPH XLIMV PMZIW XS[EVHW E PIZIP SJ RSVQEPG] SRGI EKEMR ;:0 LEW HIZIPSTIH VIWIXXPIQIRX ERH VILEFMPMXEXMSR TVSKVEQQIW XLEX EVI WTIGM½G XS TSWX GSR¾MGX WMXYEXMSRW [LIVI VIWIXXPIH GSQQYRMXMIW VIQEMR JVEKMPI JSPPS[MRK PSRK TIVMSHW SJ HMWTPEGIQIRX ERH PSWW SJ IGSRSQMG EWWIXW ;SVPH :MWMSR´W %VIE 6ILEFMPMXEXMSR 4VSKVEQQIW %64W EVI WTIGM½GEPP] HIWMKRIH JSV GSQQYRMXMIW XLEX LEZI FIIR EHZIVWIP] EJJIGXIH F] GSR¾MGX ERH HMWEWXIV 8LI %64 QSHIP JSGYWIW QEMRP] SR VIFYMPHMRK PMZIPMLSSHW [EXIV VIWSYVGIW LIEPXL ERH IHYGEXMSR ;SVPH :MWMSR MW MQTPIQIRXMRK ]IEV %64W MR 'LEROEREM ERH 'LEZEOEGLGLIVM MR .EJJRE ERH :ELEVEM ERH )GLEPEQTEXXY MR XLI )EWX 8LI XEVKIXIH VILEFMPMXEXMSR TVSKVEQQI MW JSGYWIH SR XLI QSWX ZYPRIVEFPI KVSYTW [MXLMR XLIWI VIKMSRW MRGPYHMRK SPH ERH RI[ -(4W XLEX VIXYVR XS XLIWI PSGEXMSRW 8LI TVSKVEQQIW EVI FEWIH SR VIFYMPHMRK GSQQYRMX] PMZIPMLSSHW FEWMG MRJVEWXVYGXYVI ERH VIWXSVMRK XLI HMKRMX] ERH [IPP FIMRK SJ GLMPHVIR ERH XLIMV JEQMPMIW (YVMRK XLI PEWX ]IEV ;SVPH :MWMSR LEW FIIR [SVOMRK MR EPP HMWXVMGXW MR XLI 2SVXL [LIVI VIWIXXPIQIRXW EVI XEOMRK TPEGI ERH WYTTSVXMRK XLI VIXYVRMRK GSQQYRMXMIW XLVSYKL PMZIPMLSSH EWWIX VIGSZIV] TVSKVEQQIW ;SVPH :MWMSR LEW MRMXMEXIH 'EWL JSV ;SVO TVSKVEQQIW XS IREFPI GSQQYRMXMIW XS IEVR ER MRGSQI JSV XLIQWIPZIW [LMPWX EPWS GSRXVMFYXMRK XS XLI MRJVEWXVYGXYVI HIZIPSTQIRX SJ XLI EVIE ;SVPH :MWMSR GSRXMRYIW XS EWWMWX MR XLI VITEMV SJ EPP MRJVEWXVYGXYVEP HEQEKI WYJJIVIH HYVMRK XLI [EV [MXL E WTIGMEP JSGYW SR WGLSSPW ;I LEZI VITEMVIH ERH VIFYMPX WGLSSPW MR /MPMRSGLGLM 1YPPEMXMZY 1ERREV .EJJRE ERH :EZYRM]E ERH LEZI EPWS WYTTPMIH JYVRMXYVI PMFVEV] FSSOW ERH WGLSSP FEKW ERH SXLIV EGGIWWSVMIW JSV WXYHIRXW ;SVPH :MWMSR EPWS TVSZMHIH EKVMGYPXYVEP XSSPW ½WLMRK FSEXW ERH KIEV GEXXPI ERH KSEXW JSV VIEVMRK ERH TSYPXV] JSV JEVQMRK XS XLI GSQQYRMXMIW 8S HEXI [I LEZI TVSZMHIH SZIV JEQMPMIW [MXL E QIERW SJ PMZIPMLSSH IREFPMRK XLIQ XS WXEVX VIFYMPHMRK XLIMV PMZIW SRGI EKEMR
;360( :-7-32 76- 0%2/% %229%0 6):-);
;SVPH :MWMSR FSEXW LIPT VIXYVRIH ½WLIVQIR VIFYMPH XLIMV PMZIW ±- YWIH XS IEVR EVSYRH SRI LYRHVIH VYTIIW 97 GIRXW TIV HE] FYX RS[ [MXL Q] RI[ FSEX - GER IEWMP] IEVR XIR XMQIW XLEX ² LI WEMH ±- GER RS[ KIX FEGO SR Q] JIIX ERH WXEVX TPERW XS VIFYMPH SYV LSYWI ERH FY] XLI PMXXPI XLMRKW SYV JEQMP] RIIHW²
;SVPH :MWMSR HMWXVMFYXIH SZIV ½WLMRK FSEXW [MXL SYXFSEVH QSXSVW ERH :EPPEQW XS JEQMPMIW MR 4EPPMOYHE ¯ E VIQSXI ½WLMRK ZMPPEKI SR XLI GSEWX SJ 4SSREOEV] MR /MPMRSGLGLM [LS LEH VIXYVRIH XS XLI ZMPPEKI ERH [IVI WXVMZMRK XS VIFYMPH XLIMV PMZIW SRGI EKEMR ±8LMW MW E [SRHIVJYP KMJX ERH [MPP LIPT QI ERH Q] JEQMP] XS KIX FEGO SR SYV JIIX EKEMR² WEMH .SWITL 1EVMEHEW [LS LEH WTIRX RIEVP] IMKLX QSRXLW MR SRI SJ XLI HMWTPEGIQIRX GEQTW [MXL LMW [MJI ERH ½ZI GLMPHVIR FIJSVI VIXYVRMRK LSQI 0MOI QSWX SJ LMW GSQQYRMX] 1EVMEHEW ERH LMW JEQMP] LEH ¾IH XLI ZMPPEKI MR [LIR XLI GSR¾MGX MRXIRWM½IH ERH XLI] LEH SRP] XLI JI[ XVIEWYVIH TSWWIWWMSRW XLEX XLI] [IVI EFPI XS LEWXMP] GVEQ MRXS ORETWEGOW [LMGL XLI] LEH GEVVMIH [MXL XLIQ IZIV WMRGI ;LIR XLI] VIXYVRIH XLI] JSYRH XLEX QSWX SJ XLIMV LSYWI LEH FIIR HEQEKIH ERH XLI] [IVI JSVGIH XS PMZI MR XIQTSVEV] WLIPXIVW 8LI PEGO SJ E WXIEH] QIERW SJ MRGSQI [EW E LYKI WIXFEGO XS 1EVMEHEW´W EXXIQTXW XS VIFYMPH LMW PMJI ERH XLEX SJ LMW JEQMP] ;MXL RS FSEXW ERH RIXW XS TP] LMW XVEHI 1EVMEHEW [EW JSVGIH XS EGGITX [LEXIZIV IQTPS]QIRX LI KSX JSV ZIV] PS[ [EKIW ±7SQI SJ YW [SVO JSV XLI S[RIV SJ E FSEX [LS TE]W YW [MXL E WQEPP TEVX SJ XLI HE]´W GEXGL - WSQIXMQIW WIPP XLI ½WL XS FY] SXLIV XLMRKW [I RIIH FYX XLI QSRI] [I IEVR MW RSX IRSYKL² ±- YWIH XS IEVR EVSYRH SRI LYRHVIH VYTIIW 97 GIRXW TIV HE] FYX RS[ [MXL Q] RI[ FSEX - GER IEWMP] IEVR XIR XMQIW XLEX ² LI WEMH ±- GER RS[ KIX FEGO SR Q] JIIX ERH WXEVX TPERW XS VIFYMPH SYV LSYWI ERH FY] XLI PMXXPI XLMRKW SYV JEQMP] RIIHW²
±8LMW MW E [SRHIVJYP KMJX ERH [MPP LIPT QI ERH Q] JEQMP] XS KIX FEGO SR SYV JIIX EKEMR² WEMH .SWITL 1EVMEHEW [LS LEH WTIRX RIEVP] IMKLX QSRXLW MR SRI SJ XLI HMWTPEGIQIRX GEQTW [MXL LMW [MJI ERH ½ZI GLMPHVIR FIJSVI VIXYVRMRK LSQI
;360( :-7-32 76- 0%2/% %229%0 6):-);
³'EWL JSV ;SVO´ VIOMRHPMRK LSTI JSV 8LIZEVERM ±8LI 'EWL JSV ;SVO '*; 4VSNIGX KEZI QI ER MRGSQI ERH E GLERGI XS VIGSZIV SYV PMZIPMLSSH ² WLI WQMPIW ±EPP XLMW GYPXMZEXMSR MW [LEX - FSYKLX [MXL '*; QSRI] ERH - FSYKLX SXLIV ZIKIXEFPI WIIHW XSS ERH [I EVI EPVIEH] EFPI XS YWI XLI ]MIPH JSV LSQI GSRWYQTXMSR ²
±'PIEVMRK XLI EGGIWW VSEH KEZI YW ERSXLIV FIRI½X ² EHHW 8LIZEVERM ±2S[ [I LEZI IEW] EGGIWW XS SYV GYPXMZEXMSR ½IPHW ERH EVI EFPI XS IEWMP] XVERWTSVX SYV LEVZIWX XS XLI QEVOIXW ² 8LIZEVERM WMXW EQMHWX LIV SRMSR GYPXMZEXMSR GSQFMRK XLI TPERXW [MXL LIV LERHW WIEVGLMRK JSV [IIHW XS FI TYPPIH SYX %JXIV XLI GLMPHVIR PIEZI JSV WGLSSP XLMW MW [LIVI WLI WTIRHW QSWX SJ LIV XMQI
±3RI TIVWSR JVSQ IZIV] JEQMP] [EW IPMKMFPI XS [SVO ERH WMRGI Q] LYWFERH GSYPHR´X HS LEVH [SVO FIGEYWI SJ XLI [SYRHW LI VIGIMZIH MR E WLIPP EXXEGO - HIGMHIH XS KS JSV [SVO - [EW TEVX SJ E KVSYT XLEX GPIEVIH ER EGGIWW VSEH ² WLI WEMH 8LI '*; TVSKVEQQI JYRHIH F] ;SVPH :MWMSR TEMH XLIQ IEGL 6W HEMP] JSV WM\ LSYVW SJ [SVO ;MXL XLI QSRI] WLI IEVRIH JVSQ XLI TVSKVEQQI 8LIZEVERM FSYKLX XLI RIGIWWEV] WIIHW WLI RIIHIH XS VIWXEVX GYPXMZEXMSR
±;I YWIH XS HS GYPXMZEXMSR FIJSVI XLI [EV IWGEPEXIH ERH [I LEH XS PIEZI IZIV]XLMRK ERH KS ² WE]W 8LIZEVERM
±'PIEVMRK XLI EGGIWW VSEH KEZI YW ERSXLIV FIRI½X ² EHHW 8LIZEVERM ±2S[ [I LEZI IEW] EGGIWW XS SYV GYPXMZEXMSR ½IPHW ERH EVI EFPI XS IEWMP] XVERWTSVX SYV LEVZIWX XS XLI QEVOIXW ²
±;I LEH TEHH] ½IPHW ERH [I EPWS GYPXMZEXIH ZIKIXEFPIW SRMSR FVMRNEP GEVVSX FIIXVSSX QERMSG© ;I LEH IRSYKL XS IEX ERH KIRIVEXI E KSSH MRGSQI XS WYTTSVX XLI GLMPHVIR MR XLIMV WGLSSPMRK ERH SXLIV RIIHW ² WLI WE]W
;:´W '*; TVSNIGX LEW FIRI½XIH SZIV VIXYVRIH JEQMPMIW MR XLI 2SVXL ERH LEW WIIR RIEVP] OQ SJ VSEH GPIEVMRK ERH /Q SJ MVVMKEXMSR GEREPW GSQTPIXIH
;MXL XLI [EV IWGEPEXMRK ERH XLIMV LSQI ERH ½IPHW RS PSRKIV WEJI 8LIZEVERM ERH LIV LYWFERH 8LIZEVEXREQ PIJX LSQI [MXL XLIMV XLVII GLMPHVIR EKIH ERH PSSOMRK JSV VIJYKI 8LI JEQMP] [EW SJXIR GEYKLX YT MR XLI LSWXMPMXMIW ERH EPWS I\TIVMIRGIH QYPXMTPI HMWTPEGIQIRXW EW XLI] QSZIH JVSQ SRI TPEGI XS ERSXLIV JSV E [LSPI ]IEV FIJSVI XLI] VIEGLIH XLI SZIV GVS[HIH GEQT MR :EZYRM]E ;LIR XLI [EV IRHIH ERH XLI VIWIXXPIQIRX FIKER XLI] VIXYVRIH LSQI XS ½RH XLIMV LSYWI HEQEKIH ERH XLI ½IPHW GSQTPIXIP] HIWXVS]IH ERH SZIVKVS[R ±;I WTIRX EFSYX HE]W GPIEVMRK SYV LSQI ERH XLI ½IPHW [MXL XLI WYTTSVX SJ XLI KSZIVRQIRX ERH [I VIGIMZIH HV] VEXMSRW JVSQ XLI ;*4 JSV XLI ½VWX JI[ QSRXLW ² WEMH 8LIZEVERM ±;SVPH :MWMSR´W 'EWL JSV ;SVO '*; 4VSKVEQQI [EW MRXVSHYGIH WSSR EJXIV ERH [EW ZIV] XMQIP] FIGEYWI [I [IVI PSSOMRK JSV [SVO XS WYTTSVX SYV JEQMPMIW ²
;360( :-7-32 76- 0%2/% %229%0 6):-);
8LI GLMPHVIR EVI FEGO ERH WS EVI XLI WQMPIW 2S[ XLI] LEZI E RI[ WXSV] E WXSV] SJ VIWXSVEXMSR ERH LSTI ERH IZIV] ZSMGI ERH IZIV] JEGI WE]W XLI] EVI KPEH XS FI FEGO LSQI
±- EQ KPEH XLIVI EVI RS QSVI WLSSXMRK RSMWIW ERH [I HSR´X LEZI XS VYR XS XLI FYROIV ER]QSVI ² WE]W 7ERXLM]E [LS LEW VIXYVRIH LSQI [MXL LIV JEQMP] JVSQ XLI HMWTPEGIQIRX GEQT MR :EZYRM]E MR RSVXLIVR 7VM 0EROE ±%QQE QSXLIV GPSWIH XLI FYROIV MR SYV KEVHIR FIGEYWI [I [SR´X LEZI XS YWI MX EKEMR ² WLI WE]W LIV XSSXLPIWW WQMPI ERH VEHMERX I]IW FVMRKMRK E WTIGMEP KPS[ XS LIV JEGI 7ERXLM]E MW EQSRK E KVSYT SJ JVMIRHW ¯ E ZMFVERX ERH NS]JYP KVSYT GLEXXIVMRK I\GMXIHP] 8LI] LEZI EPP VIXYVRIH LSQI MR /MPMRSGLGLM XLI JSVQIV GSQFEX ^SRI ERH WXVSRKLSPH SJ XLI 088) 3RI SJ XLI WEHHIWX EWTIGXW SJ XLI ]IEV PSRK [EV MW XLI TVSJSYRH MQTEGX MX LEW LEH SR XLI PMZIW SJ XLSYWERHW SJ MRRSGIRX GLMPHVIR ;EV [EW XLI PMJI WXSV] SJ IZIV] GLMPH FSVR MR /MPMRSGLGLM ERH HMWTPEGIQIRX [EW EW JVIUYIRX JSV XLIQ EW E LMGGYT ³&SSQ´ [EW XLI QSWX JEQMPMEV WSYRH XS XLIMV IEVW ERH FYROIV [EW XLI LIEVX SJ XLIMV LSQI
;LMPI GLMPHVIR EVI XLI QSWX ZYPRIVEFPI ZMGXMQW MR ER] HMWEWXIV XLI] EPWS LEZI EQE^MRK GETEGMX] XS TSWMXMZIP] VIWTSRH XS VIWXSVEXMSR ERH LIEPMRK 8LIMV LSTI MW GSRXEKMSYW NYWX PMOI XLIMV WQMPIW ERH XLI] EPP HVIEQ ERI[ ±- [ERX XS FI E 1EXL XIEGLIV [LIR - KVS[ YT ² WE]W .EWMRXLE
±;I VIXYVRIH XS ER IQTX] PERH 3YV LSYWIW [IVI GSQTPIXIP] KSRI© )ZIV]XLMRK [EW ¾EXXIRIH ERH WLVYFW ERH XVIIW LEH KVS[R [MPH FYX [I EVI EPP KPEH XS LEZI VIXYVRIH ² WE]W (ERMPE 1IER[LMPI /MPMRSGLGLM GSRXMRYIW XS WII LIV GLMPHVIR IEKIVP] VIXYVR %PXLSYKL WLI LEW RSX FIIR XLI WEJIWX TPEGI SR IEVXL XLI] WXMPP GEPP LIV ³LSQI´
±- JSYRH Q] FIWX JVMIRH 7LSFRE EKEMR ² WQMPIW .EWMRXLE ±- HMHR´X ORS[ MJ -´PP IZIV WII LIV EKEMR [LIR [I KSX HMWTPEGIH ;LMPI - [EW MR XLI .EJJRE GEQT - EP[E]W XLSYKLX SJ LIV ERH [SRHIVIH [LIVI WLI [EW ERH MJ WLI [EW WEJI ²
,IV EMV MW RS PSRKIV ½PPIH [MXL XLI WSYRHW SJ [EV FYX XLI PEYKLXIV SJ GLMPHVIR [LS EVI SR XLI TEXL XS LIEPMRK ERH VIWXSVEXMSR 8LI] [MPP VI[VMXI LIV WXSV] ERH WXVIXGL LIV JEGI XS E WQMPI
8LI X[S KMVPW [IVI WITEVEXIH JSV SZIV E ]IEV XMPP XLI VIXYVRW FIKER ERH .EWMRXLE´W SRP] LSTI LEH FIIR XS VIXYVR LSQI ERH ½RH LIV JVMIRHW ±2S[ - KIX XS KS FEGO XS WGLSSP [MXL LIV %PQSWX EPP Q] RIMKLFSYVLSSH JVMIRHW LEZI VIXYVRIH LSQI RS[ ² WLI WQMPIW
;LMPI GLMPHVIR EVI XLI QSWX ZYPRIVEFPI ZMGXMQW MR ER] HMWEWXIV XLI] EPWS LEZI EQE^MRK GETEGMX] XS TSWMXMZIP] VIWTSRH XS VIWXSVEXMSR ERH LIEPMRK
±%RH -´Q LETT] FIGEYWI - KIX XS TPE] [MXL Q] SPH JVMIRHW EKEMR ERH - KIX XS IEX Q] QSXLIV´W LSQI GSSOIH JSSH ² KMKKPIW .E]IRHVER 8LIVI MW LSTI MR IZIV] SRI SJ XLIWI PMXXPI LIEVXW ,STI XS KS FEGO XS WGLSSP ERH WXYH] IZIV]HE] [MXLSYX MRXIVVYTXMSRW LSTI XS VIGPEMQ EPP XLI TPE]XMQI XLI] QMWWIH HYVMRK XLI [EV ERH QSVI SZIV LSTI JSV E PMJI [MXLSYX JIEV
8LIMV LSTI MW GSRXEKMSYW NYWX PMOI XLIMV WQMPIW ERH XLI] EPP HVIEQ ERI[ ±- [ERX XS FI E 1EXL XIEGLIV [LIR - KVS[ YT ² WE]W .EWMRXLE ;I TVE] XLSWI HVIEQW [MPP RIZIV FI MRXIVVYTXIH EKEMR©
;360( :-7-32 76- 0%2/% %229%0 6):-);
'EVIJVII XMQIW VIXYVR JSV PMXXPI /EZM
;I EVI RS[ EFPI XS HVMRO QMPO IZIV] HE] ERH [I EPWS KIX E WQEPP MRGSQI JVSQ XLI WEPI SJ XLI I\GIWW QMPO ² WE]W 8LMVYGLIPZEQ
)GSRSQMG VIGSZIV] MW SRI SJ XLI OI] XEWOW MR LIPTMRK VIXYVRMRK JEQMPMIW VIWIXXPI VIFYMPH XLIMV PMZIW ERH VIXYVR XS RSVQEPG] ;SVPH :MWMSR TVSZMHIH LMQ [MXL KSEXW SRI QEPI JIQEPI XLVSYKL MXW PMZIPMLSSH PMZIWXSGO TVSNIGX
0MXXPI /EZM TYPPW XLI FVS[R KSEX MRXS XLI WLEHI SJ XLI KSEX WLIH ±'SQI LIVI REYKLX] 1ERM ² LI GEPPW SYX XS LMQ 8LMW MW LMW JEZSYVMXI KSEX ¯ XLI SRI LI EP[E]W TPE]W [MXL ±1ERM [EW WMGO FYX RS[ LI MW SO FIGEYWI [I TYX QIHMGMRI ² WE]W /EZM [LSWI JEQMP] PMZIW MR /EVYQTYPPM]ER 1ERXLEM MR XLI RSVXL SJ 7VM 0EROE SRGI XLI LIEVX SJ XLI [EV -R [LIR XLI LSWXMPMXMIW QSZIH GPSWIV XS XLIMV LSQI XLI IRXMVI GSQQYRMX] [EW JSVGIH XS ¾II XLI EVIE MR WIEVGL SJ WEJIX] /EZM [EW NYWX E SRI ]IEV SPH FEF] [LIR LMW TEVIRXW PIJX XLIMV LSQI ±;I RIZIV XLSYKLX [I [SYPH GSQI FEGO LSQI EKEMR ² WE]W 8LMVYGLIPZEQ /EZM´W JEXLIV (YVMRK XLI RI\X ]IEV XLI] [IVI HMWTPEGIH SZIV XMQIW EW XLI] OITX QSZMRK JVSQ SRI TPEGI XS ERSXLIV WIEVGLMRK JSV E WEJI VIJYKI E[E] JVSQ XLI [EV &] XLI XMQI XLI] VIEGLIH XLI HMWTPEGIQIRX GEQT MR 1ERMO *EVQ MR :EZYRM]E XLI] LEH XVEZIPIH RIEVP] OQ JVSQ XLIMV S[R ZMPPEKI ;LIR XLI [EV IRHIH ERH XLI VIWIXXPIQIRX TVSGIWW FIKER XLI JEQMP] [IVI ½REPP] EFPI XS VIXYVR LSQI
2EZIIRHMRM 8LMVYGLIPZEQ´W [MJI [EW TVIKRERX EX XLI XMQI ERH XLI] WXE]IH [MXL E VIPEXMZI JSV XLI HIPMZIV] ERH JSV XLI ½VWX JSYV QSRXLW EJXIV XLI FMVXL SJ XLI FEF] FIJSVI VIXYVRMRK LSQI ±- YWIH XS XEOI TEHH] PERHW SR VIRX ERH GYPXMZEXI FIJSVI XLI [EV ERH XLI MRGSQI - VIGIMZIH [EW IRSYKL XS XEOI GEVI SJ Q] JEQMP] ² WE]W 8LMVYGLIPZEQ ±&YX - LEH RS MHIE [LEX - [SYPH HS XS WYTTSVX Q] JEQMP] EJXIV [I VIXYVR ² ±- EQ ZIV] LETT] XS VIGIMZI XLIWI KSEXW 1] TEVIRXW YWIH XS VIEV GEXXPI ERH KSEXW XSS WS - LEZI E JEMV ORS[PIHKI EFSYX KSEX VIEVMRK 8LI] EVI IEW] XS PSSO EJXIV ERH ZIV] IGSRSQMGEP ±%PWS [MXL E RI[ EHHMXMSR XS SYV JEQMP] GYPXMZEXMSR EPSRI [SR´X FI IRSYKL XS TVSZMHI JSV EPP SYV RIIHW ² LI WE]W ±%RH KSEXW [MPP LIPT QI LEZI E WXEFPI MRGSQI F] XLI XMQI /EZM WXEVXW TVIWGLSSP ² /EZM MW XSS WQEPP XS YRHIVWXERH LS[ 1ERM ERH XLI VIWX SJ XLI KSEXW [SYPH WYTTSVX LMW JEXLIV XS XEOI GEVI SJ LMQ LMW QSXLIV ERH FEF] WMWXIV FYX LI MW ZIV] KPEH XLI] EVI XLIVI XS TPE] [MXL LMQ ,I EPVIEH] EWWMWXW LMW JEXLIV XS PSSO EJXIV XLIQ ERH IZIR JSYRH X[S TYTTMIW XS PSSO EJXIV XLIQ [LIR LI MW RSX EVSYRH ;MXL RS QSVI IZMPW SJ [EV XS HMWXYVF XLIQ /EZM ERH LMW PMXXPI GSYWMRW VYR GEVIJVII EJXIV XLI KSEXW ERH PEYKL ERH TPE] MR XLI ½IPHW
7IGXSV 6IZMI[W
7IGXSV 6IZMI[
)HYGEXMSR
)GSRSQMG (IZIPSTQIRX
;EXIV 7ERMXEXMSR
,IEPXL ERH 2YXVMXMSR
)HYGEXMSR ±)HYGEXMSR MW XLI TEXL[E] JSV E WSGMIX] XS HIZIPST MXWIPJ 8LIVIJSVI ,IWLER´W EGLMIZIQIRX MW XVYP] E KVIEX LSRSYV XS LMW WGLSSP ERH EPP SJ YW²
0ERHQEVO I\EQMREXMSR VIWYPX IRIVKM^IW VIQSXI ZMPPEKI /ERE[IKEPPE MW E ZIV] VIQSXI ZMPPEKI MR XLI &MFMPI %(4 EVIE %W E JEVQMRK GSQQYRMX] QSWX VIWMHIRXW IRKEKI MR TEHH] ERH GLIRE GYPXMZEXMSR (IWTMXI RYQIVSYW LEVHWLMTW QSWX TEVIRXW IRGSYVEKI XLIMV GLMPHVIR XS EXXIRH WGLSSP VIKYPEVP] MR XLI LSTI XLEX XLI] [MPP VIGIMZI E KSSH IHYGEXMSR ;LMPI XLI EJ¾YIRX SJ XLI EVIE LEZI IRVSPPIH XLIMV GLMPHVIR MR RIEVF] XS[R WGLSSPW QER] ZMPPEKI GLMPHVIR IRXLYWMEWXMGEPP] EXXIRH XLI VYVEP WGLSSP GEVV]MRK [MXL XLIQ XLI FSSOW KMZIR F] ;SVPH :MWMSR ,S[IZIV XLI WGLSSP LEH E HMWQEP VIGSVH SJ RSX LEZMRK E WMRKPI WXYHIRX TEWWMRK XLI +VEHI WGLSPEVWLMT I\EQMREXMSR GSRHYGXIH F] XLI 1MRMWXV] SJ )HYGEXMSR 8S GSYRXIVEGX XLMW WMXYEXMSR XLI &MFMPI %(4 [MXL XLI WYTTSVX SJ XLI (MZMWMSREP )HYGEXMSR 3J½GI MRMXMEXIH GSEGLMRK GPEWWIW MR +VEQE 2MPEHLEVM HMZMWMSRW VIGVYMXMRK PSGEP
MRWXVYGXSVW XS GSEGL XLI +VEHI WXYHIRXW 4VITEVEXMSRW EPWS MRGPYHIH GSRHYGXMRK VIJVIWLIV WIQMREVW JSV XLI GLMPHVIR 8LI MRMXMEXMZI TEMH VMGL HMZMHIRHW [LIR EX XLI PEWX +VEHI 7GLSPEVWLMT )\EQMREXMSR 8 & ,IWLER 7E]YVERKE SJ XLI /ERE[IKEPPE 7GLSSP I\GIPPIH MR XLI WGLSPEVWLMT I\EQMREXMSR EGLMIZMRK KSSH KVEHIW ERH GVIEXMRK E LMWXSVMG TVIGIHIRX JSV XLI ½JX] ]IEV SPH WGLSSP 8LI IRXMVI ZMPPEKI VINSMGIH EX XLMW VIQEVOEFPI JIEX 1SVI WS ,IWLER´W IPEXIH TEVIRXW [IVI FIEQMRK [MXL TVMHI SR FILEPJ SJ XLIMV WSR´W EGLMIZIQIRXW ±- RIZIV IZIR HVIEQX XLEX Q] WSR [SYPH TEWW XLMW I\EQMREXMSR -XW YRFIPMIZEFPI² WEMH LMW JEXLIV [MTMRK XIEVW JVSQ LMW I]IW
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)(9'%8-32 )HYGEXMSR MW XLI KEXI[E] XS ORS[PIHKI ERH PIEVRMRK ERH MW XLI QSWX MQTSVXERX JEGXSV MR XLI HIZIPSTQIRX SJ E GLMPH -R QER] TSZIVX] WXVMGOIR GSQQYRMXMIW MR 7VM 0EROE IHYGEXMSR VIQEMRW E TVMZMPIKI VEXLIV XLER E VMKLX SJ XLI GLMPH ERH GLMPHVIR EVI IEWMP] TYPPIH SYX SJ WGLSSP JSV IGSRSQMG VIEWSRW -R EPP SYV TVSKVEQQI EVIEW [I JSGYW SR IRWYVMRK XLEX EPP GLMPHVIR LEZI EGGIWW XS IHYGEXMSR ERH WOMPPW JSV PMJI ;I EPWS EWWMWX XLI KSZIVRQIRX MR MQTVSZMRK XLI IHYGEXMSR W]WXIQ F] WYTTSVXMRK XIEGLIV XVEMRMRK ERH TVSZMHMRK MRJVEWXVYGXYVI JEGMPMXMIW 8LMW ]IEV [I EVI TPIEWIH XS WII QER] WGLSSP HVSTSYXW FEGO MR WGLSSP GLMPHVIR [MXL RI[ WYTTPMIW SJ WGLSSP IUYMTQIRX ERH FIRM½XXMRK JVSQ WTIGMEP GPEWWIW MR OI] WYFNIGXW -RGPYWMZI IHYGEXMSR MW RS[ EPWS FIMRK EJJSVHIH WTIGMEP EXXIRXMSR
±)HYGEXMSR MW XLI TEXL[E] JSV E WSGMIX] XS HIZIPST MXWIPJ 8LIVIJSVI ,IWLER´W EGLMIZIQIRX MW XVYP] E KVIEX LSRSYV XS LMW WGLSSP ERH EPP SJ YW² WEMH XLI 4VMRGMTEP SJ XLI 7GLSSP ;SVPH :MWMSR VIGSKRM^IW IHYGEXMSR EW E KVIEX PIZIPIV ERH ,IWLER´W QMPIWXSRI MW RSX SRP] ER MRWTMVEXMSR XS LMW JIPPS[ WXYHIRXW FYX MW E [SRHIVJYP EGLMIZIQIRX JSV XLI [LSPI GSQQYRMX] 8LI WXSV] SJ ,IWLER MW NYWX SRI SJ XLI QER] WYGIWW WXSVMIW XLEX [I LEZI I\TIVMIRGIH MR SYV [SVO XS IRWYVI EGGIWW XS IHYGEXMSR ERH WOMPPW JSV PMJI JSV EPP GLMPHVIR
8LI NS] SJ XLMW RI[W WSSR WTVIEH XLVSYKL XLI ZMPPEKI ERH IZIV]SRI GSRKVEXYPEXIH ,IWLER JSV LMW EGLMIZIQIRX ,MW TEVIRXW [IVI ZIV] TVSYH SJ XLIMV GLMPH´W EGLMIZIQIRX ±- RIZIV IZIR HVIEQX XLEX Q] WSR [SYPH TEWW XLMW I\EQMREXMSR -XW YRFIPMIZEFPI ² WEMH XLI JEXLIV [LMPI [MTMRK XLI XIEVW JVSQ LMW I]IW
)GSRSQMG (IZIPSTQIRX ±8LI KEVHIRMRK XIGLRMUYIW XLI] XEYKLX YW IWTIGMEPP] LS[ XS TVITEVI XLI WSMP ERH GSRZIVX MRJIVXMPI WSMP GLEPPIRKIH QI - FIKER Q] ½VWX LSQI KEVHIR [MXL XLI ZIKIXEFPI WIIHW - VIGIMZIH EX XLI TVSKVEQQI ² ;SVPH :MWMSR EWWMWXW TSSVIWX SJ XLI TSSV JEQMPMIW HIZIPST E WYWXEMREFPI MRGSQI QIXLSH ERH ½RH EGGIWW XS QEVOIXW %VSYRH SJ XLI TSTYPEXMSR SJ 1ELEOYQFYOOEHE[EPE FIPSRK XS XLI EKVMGYPXYVI JEVQMRK GSQQYRMX] ,S[IZIV PS[ KVSYRH [EXIV PIZIPW ERH PSRK TIVMSHW SJ HV] WTIPPW JSVGI XLIQ XS WIIO SXLIV IQTPS]QIRX
8LI ,SQI KEVHIRMRK TVSNIGX MRMXMEXIH F] XLI 1ELEOYQFYOOEHE[EPE %(4 WSYKLX RSX SRP] XS WYTTSVX XLI IGSRSQMG EGXMZMXMIW SJ XLI GSQQYRMX] FYX XS EPWS IRWYVI GSRXMRYIH JSSH WIGYVMX]
7LERMOE ERH LIV JEQMP] [IVI WXVERKIVW XS JEVQMRK ;MXL LIV LYWFERH IQTPS]IH EW E PEFSYVIV IEVRMRK SRP] E HEMP] [EKI ERH [MXL RS PERH JSV GYPXMZEXMSR IRKEKMRK MR ER] JSVQ SJ EKVMGYPXYVI EW E PMZIPMLSSH [EW ER YRXLMROEFPI TVSWTIGX
7LERMOE IPEFSVEXIH LS[ ±8LI KEVHIRMRK XIGLRMUYIW XLI] XEYKLX YW IWTIGMEPP] LS[ XS TVITEVI XLI WSMP ERH GSRZIVX MRJIVXMPI WSMP GLEPPIRKIH QI - FIKER Q] ½VWX LSQI KEVHIR [MXL XLI ZIKIXEFPI WIIHW - VIGIMZIH EX XLI TVSKVEQQI²
±- LEH RIZIV KVS[R ER]XLMRK MR Q] PMJI 8LI PERH [I PMZI MR MW WERH] ERH HV] RSXLMRK KSSH KVI[ MR MX -X [EW TYVIP] GYVMSWMX] XLEX QEHI QI XEOI TEVX MR XLI LSQI KEVHIRMRK TVSNIGX ² WLI WEMH
8LI MRMXMEP HMJ½GYPX] SJ E PEGO SJ [EXIV VIWSYVGIW VIWYPXIH MR 7LERMOE QEOMRK WIZIVEP VSYRHW XS XLI PEOI JIXGLMRK SZIV GERW SJ [EXIV TIV HE] XS OIIT XLI ZIKIXEFPI TEXGLIW JVSQ HV]MRK YT MR XLI WGSVGLMRK LIEX ,S[IZIV XLI VEMR[EXIV LEVZIWXMRK XERO FYMPX EX XLI FEGO SJ LIV KEVHIR LIPTIH LIV MQQIRWIP]
;360( :-7-32 76- 0%2/% %229%0 6):-);
)'3231-' ():)0341)28 8LI IGSRSQMG HIZIPSTQIRX SJ GSQQYRMXMIW MW IWWIRXMEP XS EHHVIWWMRK XLI VSSX GEYWIW SJ TSZIVX] ;SVPH :MWMSR LIPTW XS FYMPH XLI GETEGMX] SJ GSQQYRMXMIW F] MRZIWXMRK MR XLI IRXVITVIRIYVMEP WTMVMX SJ XLI TISTPI XLVSYKL QMGVS½RERGI IRXIVTVMWI QEVOIX HIZIPSTQIRX ERH IGSRSQMG VIGSZIV] -R EPP MXW TVSKVEQQI EVIEW ;SVPH :MWMSR EWWMWXW JEQMPMIW XS HIZIPST E WYWXEMREFPI MRGSQI QIXLSH XLVSYKL E VERKI SJ EGXMZMXMIW MR ZSGEXMSREP XVEMRMRK PMOI GEVTIRXV] TPYQFMRK QEWSRV] ERH EPWS LSQI KEVHIRMRK ERMQEP LYWFERHV] ERH EKVMGYPXYVI 8LI EGXMZMXMIW JSGYW SR KMZMRK XLIQ RI[ ORS[PIHKI ERH WOMPPW EGGIWW XS QEVOIXW ERH MRXVSHYGMRK XLIQ XS RI[ IGSRSQMG EGXMZMXMIW ETEVX JVSQ XLI XVEHMXMSREP SRIW XLI] EVI JEQMPMEV [MXL
,IV IRXLYWMEWQ KVI[ EW WLI FIKER XS XVERWJSVQ IZIV] RSSO ERH GSVRIV SJ XLI KEVHIR ERH XSHE] GER EGGSYRX JSV SZIV HMJJIVIRX ZEVMIXMIW SJ ZIKIXEFPIW KVS[MRK MR MX ±;I LEZI RIZIV FSYKLX ZIKIXEFPIW JVSQ XLI WLST WMRGI XLI LSQI KEVHIR ² WLI WE]W ±)EVPMIV [I GSYPH EJJSVH SRP] SRI GYVV] [MXL SYV VMGI FYX XSHE] [I LEZI WIZIVEP GYVVMIW ERH - GER GLSSWI JVSQ E ZEVMIX] SJ ZIKIXEFPIW MR Q] KEVHIR 1SWX SJ EPP Q] JEQMP] KIXW XS IEX GLIQMGEP JVII ZIKIXEFPIW² %R IPEXIH 7LERMOE WE]W ±;I HSR´X WTIRH ER]XLMRK SR FY]MRK ZIKIXEFPIW ERH EPWS VIGIMZI WYJ½GMIRX TVSHYGI XS WIPP MR XLI QEVOIX EJXIV OIITMRK IRSYKL JSV LSQI GSRWYQTXMSR - IEVR ER EHHMXMSREP MRGSQI SJ EFSYX 6W IZIV] QSRXL JVSQ MX² -R EHHMXMSR XS TVSZMHMRK ORS[PIHKI ERH I\TIVXMWI XLI 4VSNIGX EPWS TVSZMHIW WIIHW TPERXW WIIHPMRKW ERH RIGIWWEV] IUYMTQIRX JSV LSQI KEVHIRMRK
8LI IRXLYWMEWXMG JEVQIV LEW EPWS QSZIH SRXS ERMQEP LYWFERHV] ERH FIKER [MXL XLI KMJX SJ E QMPOMRK GS[ 7LI LEW I\TERHIH LIV JEVQ [MXL X[S GS[W ERH LEW EHHIH TSYPXV] VEFFMXW ERH HYGOW 7LI IEVRW E JEMV MRGSQI F] WIPPMRK XLI I\XVE QMPO ERH IKKW XSS
;EXIV ERH 7ERMXEXMSR ±)ZIR MJ - FSMPIH XLI [EXIV SV JIXGLIH MX JVSQ ERSXLIV [IPP LI WXMPP GSYPHR´X HVMRO MX ² WE]W 7LMVSQM 4EXLYQ´W QSXLIV ±8LEROJYPP] LMW XIEGLIV MR WGLSSP [LS GEQI JVSQ ERSXLIV ZMPPEKI YWIH XS FVMRK E FSXXPI SJ [EXIV JSV LMQ XS HVMRO² 2SZIP [EXIV TVSNIGX ³VIRI[W´ PMZIW SJ VYVEP GSQQYRMX] *VSQ XLI EKI SJ JSYV 4EXLYQ RS[ LEXIH XS HVMRO [EXIV )ZIV] XMQI LI HVERO [EXIV MX QEHI LMQ WMGO ,I WYJJIVIH JVSQ JVIUYIRX HMEVVLSIE XSS
±-X [EW WS GSRXEQMREXIH XLEX [LIVIZIV MX KSX WTVMROPIH SR SYV GPSXLIW MX QEHI E VYWX] GSPSYVIH WXEMR² WE]W E GSQQYRMX] QIQFIV
±)ZIR MJ - FSMPIH XLI [EXIV SV JIXGLIH MX JVSQ ERSXLIV [IPP LI WXMPP GSYPHR´X HVMRO MX ² WE]W 7LMVSQM 4EXLYQ´W QSXLIV ±8LEROJYPP] LMW XIEGLIV MR WGLSSP [LS GEQI JVSQ ERSXLIV ZMPPEKI YWIH XS FVMRK E FSXXPI SJ [EXIV JSV LMQ XS HVMRO²
8SHE] E [MRH ERH WSPEV TS[IVIH [EXIV TVSNIGX XLEX [EW FYMPX [MXL GSQQYRMX] TEVXMGMTEXMSR ERH XLI WYTTSVX SJ ;SVPH :MWMSR HMWXVMFYXIW TSXEFPI [EXIV VSYRH XLI GPSGO XS IZIV] JEQMP] MR 1MRRM]E
'LMPHVIR WYJJIVIH XLI QSWX HYI XS GSRXEQMREXIH [EXIV MR 1MRRM]E ¯ E VIQSXI ZMPPEKI WMXYEXIH SR XLI WERH] WXVMT SJ XLI /EPTMXM]E 4IRMRWYPE MR 2SVXL ;IWX 7VM 0EROE
8LI TVSNIGX LEVRIWWIW [MRH ERH WSPEV IRIVK] XLVSYKL [MRHQMPPW ERH WSPEV TERIPW XS GLEVKI XLI FEXXIV] TEGO SJ XLI YRMX [LMGL TYQTW [EXIV JVSQ XLI [IPP XLVSYKL E W]WXIQ SJ ½PXVEXMSR TPERXW ERH ½REPP] MRXS ER SZIVLIEH XERO 8LI XERO XLIR HIPMZIVW TMTI FSVRI [EXIV XS JEQMPMIW MR XLI EVIE
8LI PIEGLMRK SJ PEVKI EQSYRXW SJ EKVSGLIQMGEPW ERH TIWXMGMHIW YWIH MR XLI WYVVSYRHMRK GYPXMZEXMSRW GEYWIH LIEZ] GSRXEQMREXMSR SJ XLI KVSYRH [EXIV QEOMRK MX YRWYMXEFPI JSV GSRWYQTXMSR 2SX E WMRKPI [IPP MR 1MRRM]E LEH [EXIV XLEX [EW TSXEFPI
;360( :-7-32 76- 0%2/% %229%0 6):-);
;%8)6 %2( 7%2-8%8-32 %GGIWW XS GPIER [EXIV ERH WERMXEXMSR MW XLI QSWX IWWIRXMEP SJ FEWMG RIIHW (IWTMXI FIMRK WYVVSYRHIH F] [EXIV ERH [MXL QER] [EXIV WSYVGIW [MXLMR XLI GSYRXV] SJ 7VM 0EROE´W TSTYPEXMSR LEW RS EGGIWW XS GPIER [EXIV ERH E PEVKI TIVGIRXEKI SJ GLMPHVIR WYJJIV JVSQ [EXIV FSVRI HMWIEWIW IZIV] ]IEV SJ XLI TSTYPEXMSR LEW RS EGGIWW XS WERMXEXMSR JEGMPMXMIW ERH QER] PEGO XLI ORS[PIHKI ERH E[EVIRIWW SR L]KMIRI ;SVPH :MWMSR´W [EXIV ERH WERMXEXMSR EGXMZMXMIW EVI GSRHYGXIH EGVSWW EPP MXW 4VSKVEQQI EVIEW ERH EMQ XS EWWMWX VYVEP GSQQYRMXMIW XS KEMR EGGIWW XS GPIER ERH WEJI [EXIV WYTTPMIW WERMXEXMSR ERH L]KMIRI 3YV TVSKVEQQIW EPWS GSQTPIQIRX XLI +SZIVRQIRX´W IJJSVXW XS EGLMIZI MXW 1MPPIRRMYQ (IZIPSTQIRX +SEPW 1(+W MR XLMW WIGXSV
±7MRGI [I FIKER XS YWI XLI RI[ [EXIV [I KIX JVSQ XLI TVSNIGX 4EXLYQ´W LIEPXL MWWYIW LEZI EPP FYX HMWETTIEVIH² WQMPIW 4EXLYQ´W QSXLIV ±8LI [EXIV TVSNIGX [SYPH WSPZI QER] SJ XLI LIEPXL MWWYIW [I JEGIH² 'PIER [EXIV MW RSX XLI SRP] XLMRK XLEX XLI GSQQYRMX] LEW KEMRIH 8LI TVSNIGX LEW EPWS KMZIR E WIRWI SJ MQTSVXERGI ERH MHIRXMX] XS XLI SRGI FEGO[EVH GSQQYRMX] ±)ZIR XLSWI JVSQ XLI RIMKLFSYVMRK GSQQYRMXMIW EWO YW EFSYX XLI TVSNIGX² WQMPIW 7SQE E ]SYRK QSXLIV ±8LI] EVI WYVTVMWIH [I LEZI GPIER [EXIV EX LSQI RS[² %R EGXMZI XIR QIQFIV [EXIV GSQQMXXII GSRWMWXMRK QSWXP] SJ [SQIR QEREKIW XLI TVSNIGX 8LIVIF] KIRHIV MWWYIW ERH KIRHIV IUYEPMX] [EW EPWS IJJIGXMZIP] EHHVIWWIH ±1ER] SVKERM^EXMSRW LEZI GSQI XIWXIH XLI [EXIV ERH WEMH MX [EW FEH JSV YWI FYX SRP] ;SVPH :MWMSR WSPZIH XLI TVSFPIQ² WE]W -RHYWLE 2MPQMRM 4VIWMHIRX SJ XLI 1MRRM]E [EXIV GSQQMXXII²
±'PIER [EXIV MW RSX XLI SRP] XLMRK XLEX XLI GSQQYRMX] LEW KEMRIH 8LI TVSNIGX LEW EPWS KMZIR E WIRWI SJ MQTSVXERGI ERH MHIRXMX] XS XLI SRGI FEGO[EVH GSQQYRMX] ±)ZIR XLSWI JVSQ XLI RIMKLFSYVMRK GSQQYRMXMIW EWO YW EFSYX XLI TVSNIGX² WQMPIW 7SQE E ]SYRK QSXLIV ±8LI] EVI WYVTVMWIH [I LEZI GPIER [EXIV EX LSQI RS[²
,IEPXL ERH 2YXVMXMSR ±8LI 4( ,IEVXL TVSKVEQQI [EW XLI ½VWX SJ MXW OMRH ;I LEZI RIZIV LEH E TVSKVEQQI PMOI XLEX FIJSVI -X [EW E KVIEX PIEVRMRK STTSVXYRMX] JSV YW QSXLIVW ERH JSV QI TIVWSREPP] [MXLMR XLSWI X[IPZI HE]W SJ XLI 4VSKVEQQI XLIVI [EW E WMKRM½GERX MRGVIEWI K MR XLI [IMKLX SJ Q] FEF]² 2YXVMXMSREP JIIHMRK TVSKVEQQI FVMRKW LSTI XS E ]SYRK QSXLIV % QSXLIV´W JIVZIRX [MWL MW XLI FMVXL SJ E LIEPXL] FEF] *SV 7VM]ERM E VIWMHIRX MR XLI 4EHM]EXLEPE[E %(4 XLI FMVXL SJ LIV MRJERX [EW QEVVIH [MXL ERKYMWL EW LIV FEF] [EW GEXIKSVMWIH EW YRHIV[IMKLX ERH QEPRSYVMWLIH ±- JIPX ZIV] HMWXVIWWIH ERH GSYPHR´X YRHIVWXERH LS[ MX LEH LETTIRIH XS LMQ² WLI WEMH 8LI PEYRGL SJ ;SVPH :MWMSR´W 4SWMXMZI (IZMERGI 4( ,IEVXL TVSKVEQQI MR LIV ZMPPEKI FSYKLX JVIWL LSTI ERH IRGSYVEKIQIRX XS 7VM]ERM EW WLI IRVSPPIH EW E TEVXMGMTERX MR SRI SJ XLI MRMXMEP TVSKVEQQIW 8LI 4VSKVEQQI TVSZMHIH XLI RIGIWWEV] ORS[PIHKI ERH ³XMTW´ XS OIIT GLMPHVIR LIEPXL] ERH [IPP RSYVMWLIH 8LMW GSQQYRMX] FEWIH RYXVMXMSREP JIIHMRK TVSKVEQQI XEVKIXW GLMPHVIR [LS EVI EX VMWO SJ YRHIVRSYVMWLQIRX ERH LEW IREFPIH LYRHVIHW SJ GSQQYRMXMIW XS VIHYGI XLIMV PIZIPW SJ GLMPHLSSH QEPRYXVMXMSR ERH TVIZIRX XLMW QEPEMWI JSV JYXYVI KIRIVEXMSRW
8LI ±TSWMXMZI HIZMERGI² ETTVSEGL MW EPWS YWIH XS ½RH YRGSQQSR FIRI½GMEP TVEGXMGIW F] QSXLIVW SV GEVIXEOIVW SJ [IPP RSYVMWLIH GLMPHVIR JVSQ MQTSZIVMWLIH JEQMPMIW 3RGI MHIRXM½IH XLI KSEP MW XS WTVIEH XLIWI TVEGXMGIW ERH FILEZMSYVW XS SXLIVW MR XLI GSQQYRMX] [MXL QEPRSYVMWLIH GLMPHVIR 'VIEXMRK WIQFPERGIW SJ E JEQMP] YRMXMRK EVSYRH E ½VITPEGI SV OMXGLIR XLI ±,IEVXL² EPWS WIXW XLI XSRI JSV XLI RYXVMXMSR IHYGEXMSR ERH VILEFMPMXEXMSR WIGXMSR SJ XLI TVSKVEQQI ±8LI 4( ,IEVXL TVSKVEQQI [EW XLI ½VWX SJ MXW OMRH ;I LEZI RIZIV LEH E TVSKVEQQI PMOI XLEX FIJSVI -X [EW E KVIEX PIEVRMRK STTSVXYRMX] JSV YW QSXLIVW ERH JSV QI TIVWSREPP] [MXLMR XLSWI X[IPZI HE]W SJ XLI 4VSKVEQQI XLIVI [EW E WMKRM½GERX MRGVIEWI K MR XLI [IMKLX SJ Q] FEF]² WE]W 7VM]ERM 8LI 4VSKVEQQI EPWS MRXVSHYGIW XLI QSXLIVW XS E ZEVMIX] SJ RYXVMXMSYW HMWLIW XLEX XLI] GER IEWMP] TVITEVI JSV XLIMV GLMPHVIR JVSQ PSGEPP] EZEMPEFPI ZIKIXEFPIW
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,)%08, %2( 2986-8-32 8LI ,IEPXL SJ E GSYRXV] MW MXW [IEPXL ERH XLI [IPPFIMRK SJ XLI GLMPH MW GPSWIP] PMROIH XS XLI [IPP FIMRK SJ XLI QSXLIV ,S[IZIV QEXIVREP ERH GLMPH LIEPXL TVSFPIQW GSRXMRYI XS FI XLI QSWX TVIWWMRK MWWYIW MR 7VM 0EROE ERH QEPRYXVMXMSR MW XLI QSWX WIVMSYW SJ XLIQ EPP EPSRK [MXL [MHI HMWTEVMXMIW MR XLI LIEPXL ERH RYXVMXMSREP GSRHMXMSRW SJ GLMPHVIR PMZMRK MR GLEPPIRKIH EVIEW 8LI 1SXLIV ERH GLMPH VIQEMR TVMSVMX] MR EPP SYV EGXMZMXMIW [LMGL WYTTSVX XLI +SZIVRQIRX´W IJJSVXW XS EGLMIZI MXW 1MPPIRRMYQ (IZIPSTQIRX +SEPW 1(+W % VERKI SJ TVSKVEQQIW EVI MQTPIQIRXIH EGVSWW EPP %(4W ERH SXLIV TVSNIGX EVIEW XS ½KLX QEPRYXVMXMSR ERH YTPMJX XLI RYXVMXMSREP WXEXYW SJ GLMPHVIR ¯ IWTIGMEPP] XLSWI FIPS[ XLI EKI SJ ,IEPXL MRMXMEXMZIW EPWS MRGPYHI TVSZMHMRK MRJVEWXVYGXYVI IUYMTQIRX ERH GETEGMX] FYMPHMRK
±;I EHH QER] EVXM½GMEP ¾EZSYVW XS QEOI GLMPHVIR PMOI XLI JSSH ERH - TVITEVI XLI HMWLIW XLI [E] [I EP[E]W YWIH XS &YX - RIZIV ORI[ XLEX - GER QEOI HMJJIVIRX HMWLIW [MXL XLI WEQI JSSH ERH IZIR ½RH XLMRKW MR SYV S[R KEVHIRW XS EHH XS QEOI XLIQ XEWXMIV JSV GLMPHVIR ² WLI WEMH ±8LI ORS[PIHKI - KEMRIH FIRI½XW RSX SRP] QI FYX Q] GLMPHVIR XSS ² EHHW 7LVM]ERM ±-X LIPTIH QI MR XEOMRK GEVI SJ XLI RYXVMXMSREP RIIHW SJ Q] WIGSRH FEF] VMKLX JVSQ XLI FIKMRRMRK ERH XS GSRXVMFYXIH XS LIV [IMKLX KEMR ² )UYMTTIH [MXL XLMW RI[ JSYRH ORS[PIHKI 7LVM]ERM HSIWR´X GSR½RI MX XS LIV JEQMP] EPSRI 3RGI E QSRXL [LIR WLI ZMWMXW XLI GPMRMG XS [IMKL LIV GLMPHVIR WLI WLEVIW [LEX WLI LEW PIEVRX XLVSYKL XLI 4( ,IEVXL ERH LS[ MX MRGVIEWIH LIV S[R FEF]´W [IMKLX [MXL SXLIV QSXLIVW [LS ZMWMX ±;I LEZI EPWS JSVQIH E QSXLIVW´ KVSYT MR SYV ZMPPEKI JSV QSXLIVW [MXL GLMPHVIR FIPS[ XLI EKI SJ ½ZI ;I QIIX SRGI E QSRXL XS HMWGYWW EFSYX SYV GLMPHVIR ERH XLIMV RYXVMXMSR ;I QEOI HMJJIVIRX RYXVMXMSR HMWLIW MR E [E] GLMPHVIR [SYPH PMOI XS IEX ERH WLEVI [MXL GLMPHVIR -X KMZIW YW WS QYGL NS]² WE]W XLI QSXLIV
±8LI ORS[PIHKI - KEMRIH FIRI½XW RSX SRP] QI FYX Q] GLMPHVIR XSS ² EHHW 7LVM]ERM ±-X LIPTIH QI MR XEOMRK GEVI SJ XLI RYXVMXMSREP RIIHW SJ Q] WIGSRH FEF] VMKLX JVSQ XLI FIKMRRMRK ERH XS GSRXVMFYXIH XS LIV [IMKLX KEMR ²
;360( :-7-32 76- 0%2/% %229%0 6):-);
'VSWW GYXXMRK 8LIQIW -RXIV[SZIR XLVSYKLSYX ;SVPH :MWMSR´W [SVO EVI GIRXVEP XLIQIW XLEX EVI ER MRXIKVEP TEVX XS IZIV] TVSNIGX VIWTIGX JSV XLI IRZMVSRQIRX TVSXIGXMSR SJ GLMPHVIR ERH XLIMV VMKLXW KIRHIV IUYEPMX] HMKRMX] JSV XLI HMJJIVIRXP] EFPIH ERH TIEGI FYMPHMRK ERH GSR¾MGX WIRWMXMZMX]
+IRHIV
)RZMVSRQIRX
%PP ;SVPH :MWMSR 0EROE´W TVSKVEQQIW MRGPYHI [SQIR EW OI] TEVXRIVW ERH VIGMTMIRXW SJ EWWMWXERGI ;SQIR [LS LEZI IUYEP STTSVXYRMX] ERH EGGIWW XS VIWSYVGIW ERH IHYGEXMSR GER IEVR QSVI FIGSQI TSWMXMZI VSPI QSHIPW JSV KMVPW ERH FS]W ERH SJJIV WSPYXMSRW XS GSQQYRMX] TVSFPIQW
-R EPP MXW EGXMZMXMIW ;SVPH :MWMSR MW GEVIJYP XS QMRMQMWI ER] RIKEXMZI MQTEGX SR XLI IRZMVSRQIRX ERH XS WEJIKYEVH REXYVI JSV JYXYVI GSQQYRMXMIW ;LIRIZIV RIGIWWEV] ;: GSRHYGXW ER IRZMVSRQIRXEP MQTEGX EWWIWWQIRX EX XLI GSQQIRGIQIRX SJ ER] TVSNIGX
(SQIWXMG ZMSPIRGI EPGSLSPMWQ ERH QMKVERX QSXLIVW XST XLI PMWX SJ KIRHIV MWWYIW MR QER] GSQQYRMXMIW [I WIVZI 8LI KVSYT QIIXMRKW SJ GSQQYRMXMIW GSZIVIH I\XIRWMZI WIRWMXM^EXMSR SR XLI EFSZI WYFNIGXW ,IEPXL IHYGEXMSR IGSRSQMG HIZIPSTQIRX LEZI IRWYVIH KIRHIV TEVXMGMTEXMSR ERH HIGMWMSR QEOMRK TS[IVW MR XLI GSQQYRMXMIW
1SWX SJ XLI VYVEP GSQQYRMXMIW [I [SVO [MXL EVI JEVQIV GSQQYRMXMIW [LS LEZI FIIR YWIH XS GLIRE SV WPEWL ERH FYVR GYPXMZEXMSR ¯ E QIXLSH SJ GYPXMZEXMSR [LIVI ER EVIE SJ JSVIWX [EW GYX ERH GPIEVIH ERH FYVRX NYWX FIJSVI XLI SRWIX SJ VEMRW -X LEW GEYWIH WIZIVI IJJIGXW SR XLI IRZMVSRQIRX ERH IWTIGMEPP] SR XLI KVSYRH [EXIV PIZIP
(MWEFMPMX] ;SVPH :MWMSR TVSKVEQQIW EVI HIWMKRIH XS WYTTSVX XLI RIIHW SJ XLI HMJJIVIRXP] EFPIH TVSZMHMRK XLIQ [MXL IGSRSQMG VIGSZIV] TVSKVEQQIW XLEX EVI XEMPSVIH XS XLIMV WTIGMEP RIIHW 2I[ MRJVEWXVYGXYVI WYGL EW WGLSSPW LSQIW ERH GSQQYRMX] LEPPW EVI EPWS GSRWXVYGXIH [MXL EGGIWW JSV XLI HMWEFPIH
4IEGIFYMPHMRK 8LI WXVEXIKMG JSGYW SJ 4IEGIFYMPHMRK ERH 'SR¾MGX 6IWSPYXMSR GSRWMWXW SJ X[S QENSV EWTIGXW 3RI MW GETEGMX] FYMPHMRK TVSKVEQQIW JSV GLMPHVIR ]SYXL ERH EHYPXW ERH XLI SXLIV MW IRWYVMRK GSR¾MGX WIRWMXMZMX] MR EPP ;:0 TVSKVEQQMRK 'SR¾MGX WIRWMXMZMX] SJ XLI ;:0 TVSNIGXW ERH TVSKVEQQIW [IVI IRWYVIH XLVSYKL XLI GSR¾MGX WIRWMXMZMX] GSRXI\X EWWIWWQIRXW HSRI YWMRK 0SGEP 'ETEGMXMIW JSV 4IEGI (S 2S ,EVQ ERH -RXIKVEXMRK 4IEGI FYMPHMRK ERH (IZIPSTQIRX XSSPW
8LVSYKL TVSNIGXW WYGL EW MRXIKVEXIH VIWSYVGI QEREKIQIRX WYWXEMREFPI EKVMGYPXYVI ERH LSQI KEVHIRMRK XLEX MRZSPZI XLI IRZMVSRQIRX ;SVPH :MWMSR LEW VITPEGIH XLIWI IRZMVSRQIRXEPP] LEVQJYP TVEGXMGIW XS JSGYW SR TVSXIGXMSR ERH VIWXSVEXMSR SJ IRZMVSRQIRX 'SQQYRMXMIW EVI MRXVSHYGIH XS VEMR[EXIV LEVZIWXMRK [EXIV ERH WSMP GSRWIVZEXMSR QIXLSHW YWI SJ REXYVEP JIVXMPMWIVW
'LMPH 4VSXIGXMSR %W E GLMPH JSGYWIH SVKERM^EXMSR ;SVPH :MWMSR EGGSVHW XST TVMSVMX] XS 'LMPH 4VSXIGXMSR MR EPP SJ MXW TVSKVEQQIW IRWYVMRK XLI [IPPFIMRK SJ GLMPHVIR %PP GLMPH TVSXIGXMSR EGXMZMXMIW EVI HIWMKRIH XS WYTTSVX XLI %VIE (IZIPSTQIRX 4VSKVEQQIW
%(4W XS GVIEXI E[EVIRIWW MR XLI GSQQYRMXMIW ERH JSGYW SR FYMPHMRK GSQQYRMX] GETEGMX] XS VIWTSRH XS GLMPH TVSXIGXMSR RIIHW 2IX[SVOMRK ERH TEVXRIVMRK [MXL KSZIVRQIRX MRWXMXYXMSRW ERH SXLIV WSGMEP WIVZMGI SVKERM^EXMSRW MW EPWS MRXIRXMSREPP] MRGPYHIH MR XLMW TVSGIWW
7TIGMEP -RMXMEXMZIW
;360( :-7-32 76- 0%2/% %229%0 6):-);
8VERWJSVQMRK PMZIW STXMQMWMRK W]RIVKMIW XLVSYKL WXVEXIKMG TEVXRIVWLMTW %VEZMRHER WXVSHI GSR½HIRXP] YTXS XLI TSHMYQ ERH WTSOI ¾E[PIWWP] MR )RKPMWL [MXLSYX ER] RSXIW XS KYMHI LMQ ±8LMW MW SRI SJ XLI LETTMIWX HE]W MR Q] PMJI - LEZI PIEVRIH QER] XLMRKW ERH XLMW TVSKVEQQI LEW KMZIR QI E RI[ PMJI² LI WEMH &EVIP] E ]IEV EKS %VEZMRHER [EW E ZIV] WL] ]SYXL [MXL JI[ JVMIRHW ERH LI GSYPH RSX WTIEO )RKPMWL %JXIV GSQTPIXMRK XLI SRI ]IEV HMTPSQE MR TVSJIWWMSREP ERH TIVWSREP HIZIPSTQIRX LI MW E XVERWJSVQIH ]SYXL FYFFPMRK [MXL WIPJ GSR½HIRGI ERH IRXLYWMEWQ 8IE 0IEJ :MWMSR 80: 'IRXVI JSV 4VSJIWWMSREP (IZIPSTQIRX MW E RSZIP TEVXRIVWLMT FIX[IIR 8IE 0IEJ 8VYWX ERH ;SVPH :MWMSR 0EROE ERH I\IQTPM½IW XLI IJJIGXMZIRIWW SJ JSVKMRK TEVXRIVWLMTW [MXL PSGEP GSQQYRMX] FEWIH SVKERM^EXMSRW JSV XVERWJSVQEXMSREP HIZIPSTQIRX 8LMW MRMXMEXMZI GSQFMRIW 8IE 0IEJ 8VYWX´W IHYGEXMSREP ORS[PIHKI ERH I\TIVMIRGI MR [SVOMRK [MXL ]SYRK TISTPI MR XIE IWXEXI GSQQYRMXMIW [LMPWX YXMPMWMRK ;:0´W GSQQYRMX] QSFMPMWIVW XS IRKEKI [MXL ERH IRGSYVEKI XLI TEVXMGMTEXMSR SJ PSGEP ]SYXL ERH GLMPHVIR 8LMW ETTVSEGL IREFPIW XLI GVIEXMSR SJ TEVXRIVWLMTW [MXLMR XLI GSQQYRMX] GSQFMRMRK WXVIRKXLW ERH VIWSYVGIW XS EGLMIZI XVERWJSVQEXMSREP GLERKI 8LMW TVSNIGX YRHIVPMRIW XLI FIRI½XW SJ JYRHMRK ERH TEVXRIVMRK [MXL I\MWXMRK PSGEPP] FEWIH GSQQYRMX] SVKERMWEXMSRW )\MWXMRK '&3W SJXIR LEZI I\TIVMIRGI ERH PSGEP ORS[PIHKI FYX QE] PEGO WYJ½GMIRX JYRHMRK WSYVGIW VIWXVMGXMRK XLIMV GETEGMX] XS IJJIGX WYWXEMREFPI ERH XVERWJSVQEXMSREP GLERKI [MXLMR E GSQQYRMX] 80: TVSZMHIW E JVII JYPP XMQI HMTPSQE GSYVWI XS ]IEVW SPH [LS EVI YRQEVVMIH ERH YRIQTPS]IH ERH PMZMRK MR XLI XIE TPERXEXMSRW 8LI WXYHIRXW EVI HVE[R JVSQ EPP GYPXYVIW ERH VIPMKMSRW ERH WTIGMEP EGXMZMXMIW EVI LIPH XS HIZIPST WIPJ GSR½HIRGI TVSQSXI TIEGIFYMPHMRK ERH IXLRMG GSLIWMSR EW [IPP EW TVSZMHMRK WYTTSVX JSV ]SYRK TISTPI MR XLI QMHWX SJ GSQTPI\ WSGMIXEP MWWYIW ;LIR XLI TVSNIGX WXEVXIH QSWX SJ XLI TEVXMGMTERXW [IVI MR IQSXMSREP HMWXVIWW S[MRK XS XLI TVIZEMPMRK GYPXYVI SJ EPGSLSPMWQ ERH HSQIWXMG ZMSPIRGI MR XLIMV GSQQYRMX]
±&IJSVI - GEQI XS 8IE 0IEJ :MWMSR - LEH RS LSTI - LEXIH Q] PMJI 2S[ IZIV]XLMRK LEW GLERKIH 8LI IRZMVSRQIRX XIEGLIVW RI[ JEGIW SJ Q] JVMIRHW XLI] WLS[IH QI E HMJJIVIRX [SVPH ² )XLMGW ERH )QSXMSREP ,IEPXL TVSKVEQQIW TVSZMHI ]SYRK TISTPI [LS [SYPH SXLIV[MWI FI XVETTIH MR TSSVP] TEMH TSWMXMSRW EW XIE TMGOIVW SV QERYEP PEFSYVIVW ER STTSVXYRMX] XS WIIO SXLIV IQTPS]QIRX 8LI TVSKVEQQI SJJIVW GEVIIV KYMHERGI [SVOWLSTW MRXIVZMI[ TVITEVEXMSR ERH XS IUYMT ]SYRK TISTPI XS JYVXLIV XLIQWIPZIW TVSJIWWMSREPP] F] IREFPMRK XLIQ XS EMQ JSV [IPP TEMH WOMPPIH NSFW
;360( :-7-32 76- 0%2/% %229%0 6):-);
%GGIWW XS QEVOIXW TVSZMHMRK EHHIH ZEPYI XLVSYKL MRRSZEXMZI TEVXRIVWLMTW -R EHHMXMSR XS ER MRXIKVEXIH ERH WYWXEMREFPI JEVQMRK TVEGXMGI XLI TVSNIGX LEW EPWS LIPTIH JEVQIVW KEMR EGGIWW XS QEVOIXW [MXL VIEP HIQERH XLVSYKL TEVXRIVWLMTW [MXL 4VMZEXI 4YFPMG 7IGXSV SVKERM^EXMSRW PMOI 'EVKMPPW ERH 1-0'3 2S PSRKIV HITIRHIRX SR ¾YGXYEXMRK ERH SJXIR PS[ TVMGIW SJJIVIH F] QMHHPI QIR FY]IVW JEVQIVW RS[ LEZI HMVIGX EGGIWW XS REXMSREP QEVOIXW XLVSYKL 'EVKMPPW ERH 1MPGS XLEROW XS ;SVPH :MWMSR 8LI X[S SVKERM^EXMSRW XSS LEZI E VIEH] WSYVGI SJ WYTTP] SJ UYEPMX] TVSHYGI JSV XLIMV VIUYMVIQIRXW 1ER] JEVQIVW WLEVIH XLIMV XIWXMQSRMIW SR LS[ XLI] [IVI EFPI XS IWXEFPMWL WYWXEMREFPI JEVQMRK W]WXIQW SR XLIMV S[R PERH [LMGL XLI] XLSYKLX [EW YRYWEFPI FYX [LMGL RS[ IREFPIW XLIQ XS IEVR E VIKYPEV MRGSQI
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
4SHMQIRMOE E JIQEPI JEVQIV JVSQ XLI 4YXXEPEQ (MWXVMGX GETXYVIH XLI ZIV] IWWIRGI SJ XLI TVSNIGX [LIR WLI WEMH ±XLMW TVSNIGX LEW KMZIR QI RI[ LSTI ERH FVSYKLX E WIRWI SJ TYVTSWI XS Q] PMJI - [EW EP[E]W MR HIFX RS[ - LEZI WIXXPIH EPP Q] PSERW ERH IZIR LEZI WSQI WEZMRKW ERH Q] JEQMP] LEW E WYWXEMREFPI JYXYVI² 8LI 4VSNIGX GSZIVIH ;SVPH :MWMSR %VIE (IZIPSTQIRX 4VSKVEQQIW %(4W MR WIZIR SJ 7VM 0EROE´W RMRI 4VSZMRGIW [LIVI QSVI XLER SJ XLI TSTYPEXMSR MW HITIRHIRX SR EKVMGYPXYVI EW XLIMV QEMR WSYVGI SJ MRGSQI
;360( :-7-32 76- 0%2/% %229%0 6):-);
3R XLI [E] XS E HVIEQ©
7LMQPE PMZIH [MXL LIV TEVIRXW LIV WMWXIV ERH LIV FEF] FVSXLIV MR E WQEPP VSSQ F] E TYFPMG XSMPIX MR E GVS[HIH WLERX] EVIE MR 'SPSQFS 8LI] GSSOIH ERH EXI ERH WPITX MR XLEX PMXXPI VSSQ ,IV TEVIRXW [IVI HEMP] [EKI IEVRIVW ¯ LIV JEXLIV HMH QERYEP PEFSYV ERH LIV QSXLIV [SVOIH MR E XIE TEGOMRK JEGXSV] ±1] WMWXIV MW NYWX X[S ]IEVW ]SYRKIV XLER QI ERH [I FSXL [IVI ZIV] KSSH MR SYV WXYHMIW JVSQ XLI ½VWX KVEHI MXWIPJ ² WE]W 7LMQPE ±1] JEXLIV´W SRP] HVIEQ [EW XS WII YW IHYGEXIH ,I [SVOIH XMVIPIWWP] XS WYTTSVX XLI JEQMP] ERH XS OIIT QI ERH Q] WMWXIV MR WGLSSP ² ±3YV RIMKLFSYVLSSH [EW JYPP SJ EPGSLSPMGW ½KLXW ERH TISTPI YWMRK JSYP PERKYEKI FYX Q] JEXLIV RIZIV KSX MRZSPZIH MR WYGL XLMRKW ,I RIZIV WTIRX QSRI] SR HVMROMRK )ZIR [LIR LI HIZIPSTIH LIEPXL MWWYIW LI WXMPP [IRX XS [SVO ERH LI WEMH MX [EW FIGEYWI LI WE[ LS[ [IPP - [EW WXYH]MRK ERH LI [ERXIH XS HS IZIV]XLMRK XS KMZI QI IHYGEXMSR 1] SRP] HVIEQ [EW XS QEOI LMW HVIEQ GSQI XVYI ² &YX PMJI KSX QSVI GLEPPIRKMRK JSV 7LMQPE´W JEQMP] ERH [LIR XLI VIRX JSV XLIMV PMXXPI VSSQ MRGVIEWIH XLI JEQMP] LEH XS QSZI SYX SJ XLIMV ³LSQI´ ,IV YRGPI MRZMXIH XLIQ XS GSQI ERH WXE] MR LMW SRI VSSQ LSYWI MR XLI WEQI RIMKLFSYVLSSH ERH [MXL RS SXLIV STXMSR XLI JEQMP] QSZIH XLIVI ±1] YRGPI [EW E HVYROEVH ERH SJXIR YWIH FEH PERKYEKI - HMHR´X PMOI LMQ EX EPP ,I [EW EX LSQI HYVMRK XLI HE]XMQI ;I [IVI WS WGEVIH XS VIXYVR LSQI EJXIV WGLSSP ERH - OITX XIPPMRK Q] TEVIRXW - [EW WGEVIH ² WLI WE]W 8LEX MW [LIR WSQISRI MR LIV RIMKLFSYVLSSH XSPH LIV TEVIRXW EFSYX XLI ;SVPH :MWMSR (VST MR GIRXVI ERH 7LMQPE´W TEVIRXW FVSYKLX EPP XLVII GLMPHVIR XLIVI ±;I [IRX IEVP] QSVRMRK [LMPI SYV TEVIRXW [IRX XS [SVO - [EW MR XLI WIZIRXL KVEHI F] XLIR ERH Q] WMWXIV ERH - LEH FVIEOJEWX ERH [IRX XS WGLSSP [LMPI Q] FVSXLIV VIQEMRIH XLIVI %JXIV WGLSSP [I VIXYVRIH XS XLI GIRXVI FEXLIH MR GPIER [EXIV LEH SYV QIEP HMH SYV WGLSSP [SVO TPE]IH [MXL JVMIRHW ERH WTIRX XLI VIWX SJ XLI HE] XMPP SYV TEVIRXW GEQI XS XEOI YW ²
±1] WMWXIV MW NYWX X[S ]IEVW ]SYRKIV XLER QI ERH [I FSXL [IVI ZIV] KSSH MR SYV WXYHMIW JVSQ XLI ½VWX KVEHI MXWIPJ ² WE]W 7LMQPE ±1] JEXLIV´W SRP] HVIEQ [EW XS WII YW IHYGEXIH ,I [SVOIH XMVIPIWWP] XS WYTTSVX XLI JEQMP] ERH XS OIIT QI ERH Q] WMWXIV MR WGLSSP ²
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WORLD VISION SRI LANKA ANNUAL REVIEW 2010 37
Balance Sheet (all amounts in Sri Lanka Rupees) Year ended 30 September
2010
2009
ASSETS Non - current assets Property, plant and equipment
264,300
264,300
Investments
110,570,864
95,006,994
110,835,164
95,271,294
Current assets Receivables
54,250,900
40,739,849
Deferred Expenses
33,972,149
24,440,742
Deposits and prepayments
20,023,329
19,985,338
Cash and cash equivalents
161,887,792
200,432,993
270,134,170
285,598,922
380,969,334
380,870,216
FUNDING AND LIABILITIES Accumulated fund Unrestricted funds
89,564,471
42,227,345
Restricted funds
60,593,639
58,519,520
Total accumulated surplus fund
150,158,110
100,746,865
Non-current liabilities Defined benefit obligations
107,696,401
95,006,953
Deferred Income
Nil
Nil
107,696,401
95,006,953
Current liabilities Payables
65,664,526
131,204,267
Borrowings
57,450,297
53,912,131
123,114,823
185,116,398
380,969,334
380,870,216
I certify that these financial statements have been prepared in compliance with the requirements of the Companies Act, No. 07 of 2007.
………….……………. Finance Director The World Vision Lanka (Guarantee) Limited is responsible for the preparation and presentation of these financial statements. The financial statements were authorised for issue by the Board of Directors on 18th March 2011.
............................................... Director
............................................... Director
38
WORLD VISION SRI LANKA ANNUAL REVIEW 2010
Financial Highlights How the Funds were used in 2010
Expenditure Programmewise - 2010
How the Funds were used in 2010
Expenditure Programmewise - 2010 14%
13.5%
14%
13.5%
26% 86.5%
ow the Funds were ed in 2010
Expenditure Programmewise - 26% 2010
60%
60%
86.5%
Programme Expenditure Administration Expenditure
13.5%
Area Development Programme
Humanitarian Emergency Assist
14%
Special Projects
Programme Expenditure Administration Expenditure
Area Development Programme 26%
60%Humanitarian Emergency Assist
Special Projects
86.5%
Total Income (2008 - 2010) Programme 3,000,000,000 Expenditure
Area Development Programme
Administration Expenditure
Humanitarian Emergency Assistance
2,500,000,000
13.5%
Total Income (2008 - 2010) 2,000,000,000 3,000,000,000 1,500,000,000
2,500,000,000
2,000,000,000
1,000,000,000
86.5%
13.5%
500,000,000
1,500,000,000
al Income (2008 - 02010) 2008
2009
86.5%
1,000,000,000
500,000,000
13.5% 0
2008
2009
2010
2010
Special Projects
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)JJIGXMZI 4EVXRIVWLMTW ERH 4VSKVEQQIW ;I [SVO MR KIRYMRI TEVXRIVWLMT [MXL (SRSVW +SZIVRQIRX PSGEP GSQQYRMXMIW 2+3W TYFPMG ERH TVMZEXI WIGXSV GSQTERMIW ERH SXLIV SVKERMWEXMSRW EMQMRK EX WYWXEMREFPI HIZIPSTQIRX MR VIWTSRWI XS PSGEP RIIHW
2SR (MWGVMQMREXMSR ;I ZEPYI VIWTIGX ERH WIIO XS IRGSYVEKI HMZIVWMX] ERH WIIO XS FI MQTEVXMEP ERH RSR HMWGVMQMREXSV] MR EPP SYV EGXMZMXMIW
8VERWTEVIRG] ;I EVI GSQQMXXIH XS STIRRIWW XVERWTEVIRG] ERH LSRIWX] EFSYX SYV WXVYGXYVIW QMWWMSR TSPMGMIW ERH EGXMZMXMIW ;I [MPP GSQQYRMGEXI EGXMZIP] XS WXEOILSPHIVW EFSYX SYVWIPZIW ERH QEOI MRJSVQEXMSR TYFPMGP] EZEMPEFPI
;I QEREKI SYV SVKERMWEXMSRW MR E TVSJIWWMSREP ERH IJJIGXMZI QERRIV 3YV TSPMGMIW ERH TVSGIHYVIW WIIO XS TVSQSXI I\GIPPIRGI MR EPP VIWTIGXW
*MRERGMEP GSRXVSPW -RXIVREP ½RERGMEP GSRXVSP TVSGIHYVIW [MPP IRWYVI XLEX EPP JYRHW EVI IJJIGXMZIP] YWIH ERH QMRMQMWI XLI VMWO SJ JYRHW FIMRK QMWYWIH ;I [MPP JSPPS[ TVMRGMTPIW SJ FIWX TVEGXMGI MR ½RERGMEP QEREKIQIRX
)ZEPYEXMSR ;I WIIO GSRXMRYSYWP] XS MQTVSZI SYV IJJIGXMZIRIWW ;I [MPP LEZI HI½RIH IZEPYEXMSR TVSGIHYVIW JSV SYV FSEVHW WXEJJ TVSKVEQQIW ERH TVSNIGXW SR XLI FEWMW SJ QYXYEP EGGSYRXEFMPMX]
-RXIKVMX] ;I VIGSKRMWI XLEX SVKERMWEXMSREP MRXIKVMX] I\XIRHW XS IRWYVMRK XLEX [I XSKIXLIV [MXL SYV TEVXRIVW EPWS QIIX XLI LMKLIWX WXERHEVHW SJ TVSFMX] ERH EGGSYRXEFMPMX] ERH [MPP XEOI EPP TSWWMFPI WXITW XS IRWYVI XLEX XLIVI EVI RS PMROW [MXL SVKERMWEXMSRW SV TIVWSRW MRZSPZIH MR MPPIKEP SV YRIXLMGEP TVEGXMGIW
,YQER 6IWSYVGIW 6ITSVXMRK ;I WIIO XS GSQTP] [MXL VIPIZERX KSZIVRERGI ½RERGMEP EGGSYRXMRK ERH VITSVXMRK VIUYMVIQIRXW EW TIV XLI PE[W ERH VIUYMVIQIRXW
;I VIGSKRMWI XLEX SYV TIVJSVQERGI ERH WYGGIWW VI¾IGX XLI UYEPMX] SJ SYV WXEJJ ERH ZSPYRXIIVW ERH QEREKIQIRX TVEGXMGIW ERH EVI GSQQMXXIH XS MRZIWXMRK MR LYQER VIWSYVGI HIZIPSTQIRX
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