Citation
Peacebuilding as global public policy

Material Information

Title:
Peacebuilding as global public policy multiple streams and global policy discourse in the creation of the United Nations Peacebuilding Commission
Creator:
McCann, Lisa Marie
Publication Date:
Language:
English
Physical Description:
1 electronic file : ;

Subjects

Subjects / Keywords:
Peace-building ( lcsh )
Peace-building ( fast )
Peacekeeping forces ( fast )
Genre:
bibliography ( marcgt )
theses ( marcgt )
non-fiction ( marcgt )

Notes

Review:
Global public policy is an unexplored field, despite many public problems extending beyond the national level. This dissertation applied multiple streams (MS), often used for explaining policy-making at the national and subnational levels, to the creation of the PBC in 2005, and examined the policy discourse surrounding this process using discursive institutionalism (DI). The dissertation illustrated how the problem, policy, and politics streams came together after policy windows opened with the 9/11 attacks, the Iraq crisis, and the World Summit. While the problem stream remained relatively constant, several policy ideas were advanced for creating peacebuilding facilities that were not implemented or did not take on central global role until the PBC was created. Several policy entrepreneurs were important in moving the idea forward, given their expertise in post-conflict issues and their strategic positions on the High-Level Panel and the UN Secretariat. MS was found to be useful for conceptualizing global policy processes, with adaptations to account for the possibility that there could be a lack of competing policy proposals, multiple policy windows, and multiple policy entrepreneurs as well as political groupings that affect the policy process, in addition to individual policy entrepreneurs. Ideas related to the peacebuilding discourse were outlined at three levels - policies, programs and philosophies - and cognitive and normative ideas were distinguished. Coordinative discourse between policy actors and communicative discourse between policy actors and the public were outlined. This study of the ideas and discourse using DI greatly enriched the problem and policy streams of MS, as well as identifying causal factors underlying the policy change, but could not explain the coupling of the three MS streams, given the different analytical constructs of the two frameworks. This study contributed to the policy approach by extending the level of analysis of MS to the global policy arena, and to the interpretive and discursive approaches in policy studies, by thoroughly investigating an important global policy discourse using DI. It also contributed to the literature on global policy processes and discourses and added to theory development in international relations by using policy theory to examine problem solving at the global level.
Bibliography:
Includes bibliographical references.
Statement of Responsibility:
by Lisa Marie McCann.

Record Information

Source Institution:
|University of Colorado Denver
Holding Location:
|Auraria Library
Rights Management:
All applicable rights reserved by the source institution and holding location.
Resource Identifier:
858280390 ( OCLC )
ocn858280390

Auraria Membership

Aggregations:
Auraria Library
University of Colorado Denver

Downloads

This item has the following downloads:


Full Text
PEACEBUILDING AS GLOBAL PUBLIC POLICY: MULTIPLE STREAMS AND GLOBAL POLICY
DISCOURSE IN THE CREATION OF THE UNITED NATIONS
PEACEBUILDING COMMISSION
by
Lisa Marie McCann
B.A., University of Michigan, Ann Arbor, 1986
M.A., Yarmouk University, 1991
M.S., Central Michigan University, 2004
A thesis submitted to the
University of Colorado Denver
in partial fulfillment
of the requirements for the degree of
Doctor of Philosophy
Public Affairs
2012


2012 by Lisa Marie McCann
All rights reserved.


This thesis for the Doctor of Philosophy
degree by
Lisa Marie McCann
has been approved
by
Peter deLeon
Donald Klingner
Christine Martell
Karen Feste
April 20, 2012
Date


McCann, Lisa Marie (Ph.D., Public Affairs]
Peacebuilding as Global Public Policy: Multiple Streams and Global Policy Discourse in the Creation of
the United Nations Peacebuilding Commission
Thesis directed by Professor Peter deLeon
ABSTRACT
Global public policy is an unexplored field, despite many public problems extending beyond
the national level. This dissertation applied multiple streams [MS], often used to explain policy-
making at the national and subnational levels, to the creation of the PBC in 2005, and examined the
policy discourse surrounding this process using discursive institutionalism (DI].
The dissertation illustrated how the problem, policy, and politics streams came together
after policy windows opened with the 9/11 attacks, the Iraq crisis, and the World Summit. While the
problem stream remained relatively constant, several policy ideas were advanced for creating
peacebuilding facilities that were not implemented or did not take on central global role until the
PBC was created. Several policy entrepreneurs were important in moving the idea forward, given
their expertise in post-conflict issues and their strategic positions on the High-Level Panel and the
UN Secretariat. MS was found to be useful for conceptualizing global policy processes, with
adaptations to account for the lack of competing policy proposals, multiple policy windows rather
than a single window, and multiple policy entrepreneurs as well as political groupings that affect the
policy process, rather than a single policy entrepreneur.
Ideas related to the peacebuilding discourse were outlined at three levels policies,
programs and philosophies and cognitive and normative ideas were distinguished. Coordinative
discourse between policy actors and communicative discourse between policy actors and the public
were outlined. This study of the ideas and discourse using DI greatly enriched the problem and
policy streams of MS, as well as identifying causal factors underlying the policy change, but could not
explain the coupling of the three MS streams, given the different analytical constructs of the two
frameworks.
This study contributed to the policy approach by extending the level of analysis of MS to the
global policy arena, and to the interpretive and discursive approaches in policy studies, by
thoroughly investigating an important global policy discourse using DI. It also contributed to the
literature on global policy processes and discourses and added to theory development in
international relations by using policy theory to examine problem solving at the global level.
This abstract accurately represents the content of the candidates thesis. I recommend its
publication.
Approved: Peter deLeon


DEDICATION
I dedicate this thesis to my sweet mother, Mary L. Dillon, who passed away before seeing me
complete it, for being a constant, loving support to me all of my life and a model of love, service, and
learning.
I also dedicate this work this to my wonderful husband, Jack Lile, in humble gratitude for
encouraging me, supporting me, and graciously taking on so much responsibility for our familys care
and well-being in the final months of this project.
Finally, I dedicate this work to my elder daughters Sophia and Amanie, for all the hours they
spent caring for their younger siblings, Tanya and Michael, in the early years of my PhD studies, and
to all of the children for providing loveliness and balance in my life.


ACKNOWLEDGEMENT
I would like to warmly thank my advisor, Dr. Peter deLeon, for his steady support to me and
his good humor in all the phases of my PhD program, and especially for his patient and wise guidance
of this research project. I am proud and grateful to be in his final cohort of PhD students and to have
benefitted from some of the deep wisdom of his long and distinguished career.
I would also like to thank all the members of my committee for taking time from their busy
schedules to read the dissertation and give their valuable feedback. I thank Dr. Christine Martell also
for being an excellent teacher, mentor and role model for me all through my PhD program, and Dr.
Donald Klingner for his kindness, excellent teaching, and moral support. I would like to thank Dr.
Karen Feste for contributing the much needed review from an international relations perspective,
and Dr. Frank Fischer for participating in the early phase of the project and providing support for the
interpretive methodology in the dissertation.
I would like to thank Senator Tim Wirth for providing a letter of support, and his staff at the
UN Foundation for their assistance in giving me contact information for several key persons involved
in the creation of the PBC. This assistance greatly helped me in gaining access to and establishing
credibility with the important policy actors I needed to interview. Special thanks also to Andre and
Sara Correa dAlmeida for hosting me while I was conducting the New-York based interviews.
Most importantly, I would like to thank all of the unnamed policy actors in this study, who
generously agreed to participate in interviews, and candidly shared their personal experiences in the
various phases of this policy process.
Finally, I would like to thank the faculty and staff of the University of Colorado School of
Public Affairs, for the wonderful and challenging opportunity to earn this degree, and for granting me
a scholarship and research assistantship that greatly facilitated my progress.


TABLE OF CONTENTS
Figures x
Tables xi
Acronyms xii
CHAPTER
1. INTRODUCTION 1
The Global Public Sector 2
Global Governance 4
Global Public Policy 5
The PBC and Global "Threats, Challenges and Change 7
Research Questions 9
2. LITERATURE REVIEW 11
The Multiple Streams Framework 11
Challenges to the Multiple Streams Framework 15
Multiple Streams Applied to Global Policy-Making 16
Policy Discourse 18
Global Policy Discourses 19
Discourse and Policy Change 23
Discursive Institutionalism 24
Applications of Discursive Institutionalism 26
Research Propositions 28
3. RESEARCH DESIGN 29
Qualitative Research 29
Interpretive Policy Analysis 30
Case Study Research 31
The PBC as a Case Study of Global Policy-Making 32
Operationalizing the Multiple Streams Framework 33
Investigating the Peacebuilding Policy Discourse 39
Reliability and Validity 40
4. CASE STUDY OF THE CREATION OF THE PBC 42
End of the Cold War 42
Peacebuilding in the "Agenda for Peace Reports 44
Proposal for a Peacebuilding Unit in the DPA 45
The Strategic Recovery Facility 48
The High-Level Panel on Threats, Challenges and Change 50
The High-Level Panel Report 55
The "In Larger Freedom Report 57
The World Summit 62
The Founding Resolutions 66
Early PBC Operations 69
The Peacebuilding Support Office 71
The First Country-Specific Configurations 72
The Peacebuilding Fund 73
vii


5. POLICY PROCESS ANALYSIS USING THE MULTIPLE STREAMS FRAMEWORK 76
The Problem Stream 76
The Policy Stream 80
The "Agenda for Peace Reports 80
Proposal for a Peacebuilding Unit in DPA 81
The Strategic Recovery Facility Proposal 81
The PBC Proposal in the HLP Report 83
The PBSO and PBF in the HLP Report 85
Lack of Competing Proposals on the HLP 86
Policy Changes in the 2005 Reform Process 86
Post-World Summit and the Founding Resolutions 88
Policy Developments through Early Implementation 90
Policy Innovations of the PBC 91
The Politics Stream 93
The Early Post-Cold War Period 93
Resistance to Preventive Functions 94
The Politics of the SRF and the BCPR 95
The Securitization of Development 98
The Iraq War and the HLP Formation 99
The Politics of the 2005 Reform Program 101
The PBC as a Proxy for Security Council Reform 106
Politics at the Establishment of the New Bodies 107
Lack of Support from the New Secretary-General 110
Optimism of the Founders 111
Policy Windows 111
Policy Entrepreneurs 115
The Strategic Recovery Facility 116
The High-Level Panel 118
The 2005 UN Reform Process 121
Summary and Discussion 122
6. DISCOURSE ANALYSIS USING DISCURSIVE INSTITUTIONALISM 132
Three Levels of Ideas 133
Policies 133
Programs 134
Philosophies 140
Cognitive and Normative Ideas 146
Coordinative Discourse Among Policy Actors 151
The Proposed DPA Peacebuilding Unit 151
The Strategic Recovery Facility 152
The High-Level Panel 154
The 2005 Reform Process within the UN 160
Negotiations after the World Summit 163
Setting up the New Bodies 164
Communicative Discourse 166
Institutional Context of the Peacebuilding Discourse 171
Summary and Discussion 174
viii


7. CONCLUSIONS 183
Early Performance of the PBC and Policy Formulation 183
The Added Value of Discursive Institutionalism 188
Limitations of the Research 194
Assessing the Research Propositions 196
Result for Proposition 1 199
Result for Proposition 2 202
Future Research 203
Policy Implications 204
APPENDIX
A. Members of the High-Level Panel on Threats, Challenges and Change 207
B. United Nations Organizational Chart 208
C. Letter of Support from the UN Foundation 209
D. Sample Introduction Letter 210
E. Abstract of Prospectus Sent to Participants 211
F. Sample Question Lists 212
G. Interview Record and Type of Employment for Respondents 214
H. Code List for Qualitative Data Analysis in hyperResearch 216
I. Sample Page of Coded Interview Notes 218
J. Timetable for the Creation of the PBC 219
REFERENCES 221
lx


LIST OF FIGURES
2.1. THE MULTIPLE STREAMS FRAMEWORK 13
2.2. DISCURSIVE INSTITUTIONALISM 25
5.1. THE MULTIPLE STREAMS FRAMEWORK 76
5.2. MULTIPLE STREAMS FOR THE PBC 123
6.1. DISCURSIVE INSTITUTIONALISM 133
7.1. OVERLAY OF MULTIPLE STREAMS AND DISCURSIVE INSTITUTIONALISM 189
x


LIST OF TABLES
3.1. Key UN documents related to the creation of the PBC 34
3.2. Type of employment of respondents 35
3.3. Current location of respondents 35
3.4. Number and method of interviews 35
4.1. Members ofthe first Organizational Committee of the PBC, 2006-2008 70
6.1 Ideational discourse for the PBC 175
6.2 Interactive discourse for the PBC 176
xi


LIST OF ACRONYMS
Acronym
ACABQ
ASG
BCPR
CCA
CIC
CSIS
DDA
DESA
DFID
DPA
DPKO
ECOSOC
ECPS
EISAS
EU
G77
GA
HIPC
HLP
HRC
ICG
ICISS
IDP
IFI
IFOR
IGO
IMF
INTERFET
IPBS
KFOR
MDGs
Acronym
NAM
NATO
NGO
OHCHR
OIC
OLA
P5
PBC
Full Name
Advisory Committee on Administrative and Budgetary Questions, UN General
Assembly
Assistant Secretary-General
Bureau for Crisis Prevention and Recovery, United Nations Development
Programme
Common Country Assessment
Center on International Cooperation, New York University
Center for Strategic International Studies
Department for Disarmament Affairs
Department of Economic and Social Affairs
UK Department for International Development
United Nations Department of Political Affairs
United Nations Department of Peacekeeping Operations
United Nations Economic and Social Council
Executive Committee on Peace and Security, United Nations Secretariat
Executive Committee on Peace and Security, Information and Strategic Analysis
Secretariat
European Union
Group of 77
General Assembly
Heavily Indebted Poor Country
High-Level Panel on Threats, Challenges, and Change
Human Rights Council
International Crisis Group
International Commission on Intervention and State Sovereignty
Internally displaced persons
International financial institution (World Bank and IMF]
Implementation Force (for the former Yugoslavia]
Inter-governmental organization
International Monetary Fund
International Force for East Timor
Integrated Peacebuilding Strategy
Kosovo Force
Millennium Development Goals
Full Name
Non-Aligned Movement
North Atlantic Treaty Organization
Non-governmental organization
Office of the High Commissioner for Human Rights
Organization of the Islamic Conference
Office of Legislative Affairs
Five permanent members of the Security Council
United Nations Peacebuilding Commission
Xll


Acronym
PBF
PBSO
PRSP
RTP
SFOR
SRF
SRSG
UK
UN
UNAMIR
UNDAF
UNDP
UNEF
UNFICYP
UNHCR
UNMIK
UNTSO
US
WFP
WMD
WTO
Full Name
United Nations Peacebuilding Fund
United Nations Peacebuilding Support Office
Poverty reduction strategy paper
Responsibility to protect
Stabilization Force in Bosnia and Herzegovina
Strategic Recovery Facility
Special Representative of the Secretary-General
United Kingdom
United Nations
United Nations Assistance Mission for Rwanda
United Nations Development Assistance Framework
United Nations Development Program
United Nations Emergency Force
United Nations Peacekeeping Force in Cyprus
United Nations High Commissioner for Refugees
United Nations Mission Interim Administration in Kosovo
United Nations Truce Supervision Organization
United States of America
United Nations World Food Programme
Weapons of Mass Destruction
World Trade Organization
xill


CHAPTER 1
INTRODUCTION
Global public policy is unquestionably an important but relatively unexplored and undefined
field of study (Hay 2006a; Majone 2006; Stone 2008], despite the preponderance of global problems
that increasingly extend beyond the borders of nation-states and would seem to require coordinated
international efforts to solve. These include climate change and environmental degradation, social
and health issues such as food, water and fuel scarcity, migration and pandemics, security issues such
as terrorism, weapons of mass destruction, organized crime, cyber crime, and conflicts between and
within states, and more recently, global economic and financial crises (UN 2004a; Deiss 2011; Thakur
2011; UN 2011], A globalized public sector or domain has been recognized and explored (Dryzek
1999; Ruggie 2004; Nanz and Steffek 2004; Stone 2008], Many theories and frameworks have been
developed to explain the public policy process in the national and sub-national arenas (Baumgartner
and Jones 1993; Kingdon 1984,1995; Sabatier and Jenkins-Smith 1993; Sabatier 1999, 2007],
However, public policy scholars have yet to apply these theories and frameworks widely in the global
arena to explain and hopefully improve policy-making at this level. Likewise, international relations
scholars have made scant use of these policy theories to explain global policy processes and
governance (Stone 2008; Thakur and Weiss 2009; Zahariadis 2003],
The current thesis has made an inroad on this endeavor of applying policy theory to global
public policy-making. It applied one prominent public policy framework multiple streams (Kingdon
1984,1995; Zahariadis 1999, 2003, 2007], more typically used to explain the domestic policy
process to examine a recent, important global policy event in the peace and security arena, namely
the creation in 2005 of the United Nations Peacebuilding Commission (PBC], In conjunction with this
analysis, the dissertation also examined the global policy discourse related to peacebuilding, to
determine whether a discourse approach helps to explain policy change, and whether it enhanced the
explanatory power of the multiple streams framework. John Dryzek (1999, 2006], a prominent
democratic theorist, has stressed the importance of examining transnational or global policy
1


discourses, given that he regards them as the principal, and currently most feasible, means of
exercising and promoting democracy at the global level.
This thesis contributes to a better means of understanding global policy processes and
discourses, and can help to guide future policy-making to address the numerous global policy
challenges facing the world today. This dissertation contributes to the public policy approach by
extending the level of analysis of the multiple streams framework beyond the conventional national
and sub-national policy arenas to the global policy arena to determine its applicability at this level
and possibly increase its usefulness. The thesis also makes an important contribution to the
international relations field by employing a policy perspective and using policy theory to examine
problem-solving at the global level. Applying policy theory at this level may shed light on, and in turn
help to address, many of the current, pressing global public problems. The dissertation contributes
to the argumentative, interpretive and "ideational perspective in policy sciences and political
science (Blyth 1997, 2002; Campbell 1998, 2002, 2004; Beland 2009; Beland and Cox 2011; Fischer
and Forester 1993; Hajer and Wagenaar 2003; Fischer 2003] by investigating an important policy
discourse and its effect on policy change. While many previous studies on the PBC examined various
aspects of the political process that gave rise to its creation (Chesterman 2005, 2006; Guicherd 2005;
Ponzio 2005,2007; Schneckener and Weinlich 2005; Cutillo 2006; IPI 2006; Berdal 2008; CIC and IPI
2008; Scott 2008], none specifically examined the policy process by which it was created, and none
used policy theory to frame and examine the event. This thesis therefore also makes a significant
new contribution to the literature on the creation of the PBC.
The Global Public Sector
To better understand the global policy process, it is important to examine the context or
environment in which it takes place, namely the global public sector or domain. Stone [2008]
described the contemporary international arena as a "global agora, a set of transnational public
spaces where global policies are now made beyond the reaches of national institutions and
structures, with the active involvement of non-state actors including international organizations, civil
2


society organizations, and private organizations and actors arrayed in policy networks. These spaces
are social and political, but are not territorial.
Nanz and Steffek [2004] spoke of a "transnational public sphere being created through
global public discourse, with civil society having an important role to play in interfacing between
international organizations and global citizens. Dryzek [1999] described a "global public sphere
becoming increasingly democratized through global discursive processes, with civil society playing a
leading role in initiating and sustaining the discourses. Whereas formal rules or institutional
"hardware in the international system are not well developed and are difficult to democratize,
public discourses constitute the institutional "software of the international system; these are
particularly important because of the lack of formal rules, and they are more amenable to
democratization (Dryzek 1999, 35],
Ruggie [2004] described the global public domain today as one that is no longer equated
with the traditional system of sovereign states and interstate relations. This three-century-old
system, he argues, is now embedded within a broader transnational arena that is becoming
increasingly institutionalized and concerned with the production of global public goods. Public
goods have been defined as goods that have the properties of non-rivalry in consumption and non-
excludability (Carbone 2007; Weimer and Vining 2004; Kaul, Grunberg, and Stern 1999], meaning
that they can be consumed by many without becoming depleted, and that no one can be barred from
their consumption (Weimer and Vining 2004], By extension, global public goods have been defined
as public goods with "strongly universal benefits across countries, population groups, and
generations (Kaul, Grunberg, and Stern 1999, 509], Ruggie defines the global public domain as
an institutionalized arena of discourse, contestation, and action organized around
the production of global public goods. It is constituted by interactions among non-
state actors as well as states. It permits the direct expression and pursuit of a variety
of human interests, not merely those mediated (filtered, interpreted, promoted] by
states. It "exists in transnational and non-territorial spatial formations, and is
anchored in norms and expectations as well as institutional networks and circuits
within, across, and beyond states (Ruggie 2004, 519],
Transnational corporations, civil society organizations, and intergovernmental bodies, in addition to
the historical nation-states, are all important players in this new global public domain.
3


Global Governance
The United Nations [UN] was established in 1945 by the victorious nations of World War II
"to save succeeding generations from the scourge of war (UN 1945, Preamble], Its primary goals
included the peaceful settlement of disputes and mobilizing the international community against acts
of aggression, the promotion of human rights, establishing respect for international law and treaties,
and working for social progress (UN 1945; Cooper 1995; Masci 2004; Kirkpatrick 2007], The UN
succeeded the failed League of Nations, the worlds first attempt to prevent war through an
international forum; the League was established in 1919 after the close of World War I but was
rendered helpless by the inter-war conflict and was largely defunct with the start of World War II in
1939 (Masci 2004], While the United Nations has been and continues to be criticized for its
performance against these lofty goals (e.g., Schaefer 2009], it and its numerous agencies, funds, and
programs remain the central organizations of global governance and global policy-making today
(Kennedy 2006; Weiss and Daws 2007; Thakur 2011],
Weiss and Daws (2007] describe global governance as a "faute de mieux (for lack of
anything better] for global government, acting as a surrogate for transnational authority and
enforcement at the global level. Unlike governance at the national level, which includes "government
plus additional non-governmental mechanisms that contribute to order and predictability in
problem-solving, (Weiss and Daws 2007,10] global governance involves "the sum of
nongovernmental mechanisms but minus an input from a central authority"(Wiess and Daws 2007a,
10]. The Commission on Global Governance defined global governance as
the sum of many ways individuals and institutions, public and private, manage their common
affairs. It is a continuing process through which conflicting or diverse interests may be
accommodated and co-operative action taken. It includes formal institutions and regimes
empowered to enforce compliance, as well as informal arrangements that people and
institutions either have agreed to or perceive to be in their interest (Commission on Global
Governance 1995],
The concept of global governance helps to explain many types of interaction and cooperation
at the global level, despite the absence of a central authority (Weiss and Daws 2007], While not
having a monopoly on global governance, the UN, with its universal membership (currently 193
countries] and huge scope of activities, has the strong advantages of legitimacy and inclusiveness;
4


thus, it is expected to continue to play a leading role in global governance (Weiss 2000; Weiss and
Daws 2007; Deiss 2011; Lamy 2011; Thakur 2011],
Global Public Policy
Although the global public sector or domain has been identified and described, and global
governance has been a commonly used concept in the international relations literature to describe
informal decision-making processes that take place through networks and partnerships between
governmental, intergovernmental, non-governmental, and private organizations (Stone 2008;
Reinicke etal. 2000; Weiss 2000], few scholars have attempted to define and investigate global-level
public policy, such that there is little agreement yet about what it is (Reinicke 1997,1998; Deacon
2007; Stone 2008],
Reinicke (1997,1998] was an early voice suggesting global public policy as a new field to
bridge the gap that has been created through globalization, between external sovereignty or inter-
state relations and internal sovereignty or the domestic realm. He asserted that globalization had
decoupled private sector economic activities from the territorial structure and authority of the
nation-state, such that neither traditional international relations approaches nor traditional policy
studies could address global public problems (Reinicke 1997,1998], Deacon (2007] examined how
social policies are developed, at both the national and supranational levels, in the context of
globalization, and made numerous recommendations for improving global governance in regard to
social policy, including reducing division and rivalry amongst the numerous international
institutional actors through inter-organizational cooperation and dialogue, and strengthening the
role of the UN in social and economic policy-making.
Stone (2008] identified three types of global policy problems: (1] transboundary problems
involving cross-border movement, such as money laundering, pollution, and drug trafficking; (2]
common property problems such as those relating to the oceans, Antarctica, and the atmosphere; and
(3] simultaneous problems that multiple nations face, such as those in the fields of health, welfare,
urbanization, and population growth. These three categories may not be comprehensive or mutually
exclusive. For example, the challenges of peacebuilding could be characterized as being both
5


simultaneous and cross-border, particularly in the recent period when conditions in post-conflict
countries are understood to pose a direct threat, not only to the peace and security of their
neighbors, but also of people in countries far removed from the immediate area of the conflict (UN
2004a], A prominent example of this is the rise of the Al-Qaeda terrorist network in Afghanistan
following the conclusion of the Afghan civil war in 1996, which was able to organize the devastating
9/11 attacks on the World Trade Center and the Pentagon in 2001.
Stone [2008] argued for considering global problem-solving through a public policy lens and
applying some of the tools developed in the domestic arena to the global policy domain. She begins
this process by applying the traditional "stages heuristic model of the policy process to global public
policy processes, going through the policy cycle beginning with problem definition and agenda-
setting and ending with monitoring and evaluation (Brewer and deLeon 1983; deLeon 1988,1999],
She finds greater pluralization of actors, more contestation amongst authority structures, and more
fluidity, fragmentation, disorder, and unpredictability in the policy process at the global level as
compared to the national level (Stone 2008],
Thakur and Weiss (2009] suggested a policy perspective in global governance studies,
sketching an outline for a particular type of global policy, "United Nations policy, which goes beyond
simply promoting global norms. They note that the UN is particularly well-placed for global policy-
making, given its universal membership, which lends it a high level of legitimacy in decision-making.
The policy-makers within the UN system are its principal organs the Security Council and the
General Assembly. The global policies come in the form of resolutions and actions with regulative,
distributive, and redistributive characteristics, while implementation rests primarily on the member
states themselves. Thakur and Weiss (2009] encouraged other scholars to take up this policy
perspective and further investigate UN policy-making in the various sectoral areas.
This dissertation takes up the suggestions of Stone (2008] and Thakur and Weiss (2009] to
further develop the use of policy perspectives and theoretical frameworks, in this case Kingdons
multiple streams framework and the discursive institutionalist framework, to investigate an
empirical global policy process, that is, the creation of the PBC in 2005. These two frameworks will
be outlined in the next chapter.
6


The PBC and Global "Threats, Challenges and Change
The PBC was initially conceived by the High-Level Panel (HLP] on Threats, Challenges, and
Change, an independent panel of experts appointed by UN Secretary-General Kofi Annan in
September 2003, whose charter was to identify threats and challenges to international peace and
security, to examine how collective action can address these challenges, and to recommend changes
in the United Nations organization to ensure effective collective action (see Appendix A for a list of
the Panel members] (Annan 2003], The HLP was formed in response to the considerable disarray
into which the United Nations was thrown after the Security Council was unable to reach consensus
on strategy in Iraq, when the US and UK took unilateral action to invade that country in March 2003,
and after the deadly attack on the UN compound in Baghdad in August 2003 which resulted in the
death of 22 staff members including the United Nations Special Representative in Iraq, Sergio Vieira
de Mello (Masci 2004], These events forced the organization to direct its attention to what its proper
role should be in post-conflict countries.
The panels report, A More Secure World: Our Shared Responsibility (UN 2004a], was
published in December 2004. The Panels report came after two major official reform waves in the
United Nations during UN Secretary-General Kofi Annans tenure, in 1997 (UN 1997] and 2002 (UN
2002], as well as a comprehensive, critical report on UN peace operations in 2000, commonly
referred to as the "Brahimi Report after its principal investigator (UN 2000b], The 1997 reforms
brought a new leadership and management structure to the United Nations Secretariat, consolidation
of UN operations at the country level, and changes in the human resources policies (UN 1997], The
2002 reforms that followed focused on more effective internal oversight and accountability.
Following repeated failures in UN peacekeeping efforts in Bosnia and Rwanda in the early
1990s (Bellamy, Williams, and Griffen 2004; Masci 2004], UN Secretary-General Annan in March
2000 ordered an extensive investigation into the way that UN peacekeeping operations were
mandated, constructed, and managed. The resulting report, published in August of the same year, just
in advance of the Millennium Summit, focused on the weak institutional capacity of the peacekeeping
institutions (UN 2000b; Bellamy, Williams, and Griffen 2004], Among the reports recommendations
7


was to close the gap between ambitious mandates and insufficient resource allocations, either by
reducing the scope of missions or providing large and capable forces for indefinite periods of time.
The report also developed the idea that peace support operations would concern themselves with
establishing liberal, democratic societies based on the rule of law in post-conflict countries, with
substantial non-military components to achieve this end (UN 200b; Bellamy, Williams, and Griffen
2004],
The HLP report in 2004 presented a new vision of collective security that recognized the
emerging phenomenon of interconnectedness, both of the threats and challenges to international
peace and security, and of the states of the world, given rapid globalization (UN 2004a], The report
classified threats and challenges under six clusters: (1] war between states; (2] violence within
states, including civil wars, large-scale human rights abuses and genocide; (3] poverty, infectious
disease and environmental degradation; (4] weapons of mass destruction, including nuclear,
radiological, chemical and biological weapons; (5] terrorism; and (6] transnational organized crime
(UN 2004a], Because of this new interconnectedness, the report argued, "erosion of State capacity
anywhere in the world weakens the protection of every state against transnational threats such as
terrorism and organized crime (UN 2004a, 1], The panels report reflected an assertion of the
globalized, border-less nature of security threats.
Among the reports 101 recommendations to deal with these threats and challenges was the
formation of the PBC. This new institution was envisioned to be made up of representatives from the
Security Council, the Economic and Social Council (ECOSOC], donor countries, and national
authorities, and to work closely with regional organizations and the international financial
institutions. It was intended to close a gap in the area of support to countries after conflict, to prevent
a return to violence and help countries transition to peaceful and stable states that would no longer
threaten regional or world order. Following on peacekeeping efforts, for which reforms were also
indicated, the HLP recommended to expand post-conflict peacebuilding through the PBC to include
demobilization and disarmament, rehabilitation and reintegration of combatants, reconstruction,
building state institutions and capacity, and supporting legal development. Peacebuilding, the report
recommended, was to become a core function of the United Nations (UN 2004a],
8


The HLP report spurred a third wave of organization-wide reform at the United Nations in
2005 under Secretary-General Annan that spelled out how the three main organizational priorities of
the UN development, security, and human rights were inter-dependent and must be pursued
simultaneously, with all being strongly underpinned by the rule of law (UN 2005c]. The 2005 reform
document, In Larger Freedom, called for sustained global cooperation among member states to deal
with the new world of inter-connected threats and opportunities that had been identified in the
report of the HLP (UN 2005c],
Many of the HLPs reform suggestions were included in the 2005 UN reform document,
including the suggestion to create the PBC to oversee assistance to countries emerging from conflict.
After months of intense negotiations among UN member states (Schnekener and Weinlich 2005],
world leaders agreed at the September 2005 World Summit to create the PBC. Its founding
resolutions from the UN Security Council and the UN General Assembly were passed in December
2005, also with a good deal of discussion and controversy about the details of its structure and
mandate (UN 2005i, 2205j, 2005k; Scott 2008], After nearly six months of further wrangling about
membership on the Commission and procedural issues, the PBC held its first session in June 2006,
and took the first two countries under its agenda, Burundi and Sierra Leone.
Research Questions
The following central research questions are investigated in this study:
(1] Does public policy process theory, and the multiple streams framework in particular, help to
explain policy change at the global level, in which the policy process has been described as having a
greater pluralization of actors, more contestation amongst authority structures, and more fluidity,
fragmentation, disorder and lack of predictability than at the national level (Stone 2008]?
(2] Does an understanding of the global policy discourse surrounding a global policy change improve
the ability of the multiple streams framework to explain policy change at this level? Does it explain
the dynamic of the three streams of the framework problems, policies, and politics?
The thesis uses the creation of the PBC as an important, recent case study of global public
policy-making, to test the multiple streams and discursive institutionalist frameworks at this level of
9


analysis. In the next chapter, the literature on multiple streams, policy discourses, and discursive
institutionalsim is reviewed. In Chapter 3, the research methodology is explained. In Chapter 4, a
detailed case study of the creation of the PBC is presented, in preparation for the analyses of the case
using the multiple streams framework in Chapter 5 and the discursive institutionalist framework in
Chapter 6. Chapter 7 presents the conclusions of the thesis.
10


CHAPTER 2
LITERATURE REVIEW
In this section, the theoretical literature pertinent to this study is reviewed, starting with the
multiple streams framework and how it has been used and challenged by other scholars. Next
literature is presented on policy discourse generally, global policy discourses, and discursive
institutionalism. The chapter concludes with the research propositions for this thesis.
The Multiple Streams Framework
The multiple streams framework has its origin in Cohen, March and Olsens [1972] "garbage
can theory of organization, formulated to explain decision-making in universities, which were
described as "organizational anarchies where a high level of ambiguity is prevalent. Organized
anarchies, the authors asserted, are characterized by problematic preferences, unclear terminology,
and fluid participation (Cohen, Marsh, and Olsen 1972], Problematic preferences are marked by
ambiguity in regard to problems and goals. Unclear technology is when organizational members are
uncertain of rules, structures, methods, and processes for making decisions. Fluid participation is
when the actors involved in decision-making shift and turn over regularly.
Given these organizational characteristics, Cohen, Marsh, and Olsen [1972] argued that
decision-making in organized anarchies follows distinctive patterns, centered around four
independent conditions: problems; solutions; participants; and choice opportunities. Problems are
issues that require attention. Under conditions of ambiguity, they are poorly defined. Solutions are
therefore also unclear and may be poorly matched to the problems, with solutions sometimes
searching for problems to which they can attach themselves. Participants involved in decision-
making vary over time. Choice opportunities, or occasions when an organization is expected to
produce decisions, can be a part of routine activities such as annual budgeting, or in response to
specific events or circumstances.
In the "garbage can metaphor, problems and solutions are independent of each other and
are "dumped by participants into a "garbage can of choice opportunities. Problems and solutions
11


are later matched up, based not as a function of rational decision-making, but rather on temporal
sorting, or the linking of problems and solutions during choice opportunities (Cohen, Marsh, and
Olsen 1972],
Kingdon (1984,1995] further developed the garbage can framework to explain agenda-
setting and policy change in the US government, reducing the four streams to three (problems,
policies, and politics], and adding the central concepts of policy windows and policy entrepreneurs
(see Figure 2.1]. Kingdon saw the policy stream as more of a "primeval soup of possible solutions
than a stream, with policies originating, mutating, and evolving within policy communities. The
political stream includes elections, interest groups, and the national mood, and combines the
participants and choice opportunities streams of the garbage can model. Kingdon argued that policy
change occurs only when a "policy window opens. This is when an opportunity for change arises,
when problems come up for decision-making by government and can be attached to solutions. They
are infrequent and fleeting, and can occur either due to a regular event such as an election, or a crisis
or major shift in political power. When a policy window opens, policy entrepreneurs, or advocates
for specific proposals, can push for their preferred solutions. Given that there are more solutions in
the policy soup than there are policy windows for using them, solutions or policies flock to the
window when it opens. Not all will be selected for attention and there may be overloading, which
can lead to failure of all the proposals or selection of only some for attention while others are
ignored. Policy entrepreneurs play an important role in which policies get chosen. They must be well
positioned, from both political and technical perspectives, to take advantage of a policy window
when it opens and attach their preferred policies to problems before the window closes (Kingdon
1984,1995],
Zahariadis (1999,2003, 2007] further developed Kingdons framework into the multiple
streams framework, and has tested it empirically in a number of different policy arenas, including US
foreign policy and European cases (Zahariadis 1996, 2002, 2003, 2004], He focused on policy
formation, or how agendas are set and policies are made under conditions of ambiguity and within a
temporal order where time is a scarce resource (Zahariadis 1999, 2007], Ambiguity is when there
are many ways to think about the same circumstances or phenomena. Decision-making is marked by
12


ambiguity, with unclear preferences and technology, fluid participation of decision-makers, and time
constraints that sometimes force decisions before precise preferences have been formulated
(Zahariadis 1999,2007],
Problem
Stream
Policy Stream
Politics Stream
>>>
>>>
>>>
Policy
Entrepreneurs
Policy
Windows
Policy
Outcome
FIGURE 2.1: THE MULTIPLE STREAMS FRAMEWORK
Zahariadis (1999,2007] uses the same three streams as Kingdon: problems, policies, and
politics. Problems are conditions that policy-makers and citizens want addressed (Zahariadis 2007],
The policy stream is a "soup of ideas that compete to win acceptance in policy networks of
bureaucrats, legislators, academics, and researchers (Zahariadis 2007, 72], The politics stream
consists of important political events, the national mood, pressure group campaigns, and
administrative or legislative turnover (Zahariadis 2007], When the three streams are coupled
together at critical moments in time, such as by compelling problems or events in the political
stream, policy windows, or opportunities for advocates to push for policies, open up (Zahariadis
2007], At these critical moments, policy entrepreneurs, or individuals or corporate actors who are
able to invest time, energy, reputation and resources, are able to push attention to their preferred
solutions (Zahariadis 1999, 2007], The best chance for success of a given policy is when all three
streams are coupled to create an open policy window, and when a strong policy entrepreneur takes
action during that time and before the policy window closes (Zahariadis 1999, 2007],
13


Zahariadis called the multiple streams framework a theory of manipulation (Zahariadis
2003, 2007], and applied it to decision-making in parliamentary systems and in Greek foreign policy
related to Macedonia, wherein policy choices were made under conditions of ambiguity in a temporal
context. He argued that manipulation is the key to understanding the dynamics of policymaking,
given that policies are the result of problems, solutions, and politics coupled together by policy
entrepreneurs during open windows of opportunity (Zahariadis 2003,2007], Manipulation, he
argues, is the effort by policy entrepreneurs to control ambiguity by providing meaning, clarification,
and identity (Zahariadis 2007],
He listed three guiding assumptions for the multiple streams framework: (1] that individual
attention is serial but systemic attention is parallel, such that organizations can attend to many issues
simultaneously, whereas individual policymakers can consider only a small number of issues at a
time; (2] that policymakers operate under significant time constraints; and (3] that the streams
flowing through the system problems, solutions, and politics are largely independent; problems
rise and fall, multiple solutions arise that fit the values and beliefs of the policymakers and can attach
to different problems, and changes in the political stream take place regularly (Zahariadis 2003,
2007],
Zahariadis (2003] applied the framework to parliamentary systems in Europe, with two
adaptations: (1] a shift in the unit of analysis from multiple issues and the entire political system as
one big receptacle of problems, solutions, and politics to consideration of one policy issue at a time as
a temporary receptacle; and (2] not differentiating between participants and processes.
In the process of applying the multiple streams framework, Zahariadis (2003] made two
adjustments to Kingdons original model. First, he found the assumption of problematic preferences
for all policy actors to be of some concern. Rather, he found that policy entrepreneurs have clear and
consistent goals, whereas most policymakers do not (Zahariadis 2003], Therefore he amended
Kingdons framework by characterizing organized anarchy as a situation in which most individuals
have problematic preferences, whereas the preferences of policy entrepreneurs are relatively clear
and these individuals help to clarify the problematic preferences of other policy makers (Zahariadis
2003, 2007], The second amendment was to stress the importance of manipulation by policy
14


entrepreneurs to open up windows of opportunities; this manipulation will be more or less
successful depending on the context (Zahariadis 2003], He gives the example of the ability in
parliamentary systems for the head of state to call elections at will as a clear advantage for a policy
entrepreneur in this type of political system (Zahariadis 2003], He offered multiple streams as a
robust framework that can be applied across the entire policy process and that can bridge the
traditional divide between how domestic and international policy-making are done and understood
(Zahariadis 2003,2007], He asserted thatthe model was equally applicable to both arenas, and
suggested further research in the international arena (Zahariadis 2003],
Challenges to the Multiple Streams Framework
The multiple streams framework has been criticized by scholars seeking rigorous,
demonstrated policy theories with a modicum of predictive power and whose elements can be
clearly operationalized and tested empirically (Mucciaroni 1992; Sabatier 1999, 2007; Bendor, Moe,
and Shotts 2001], Mucciaroni (1992] argued that the model is too indeterminate, with its
specification at too high a level of generalization and its focus on the situational level of analysis, to
the neglect of structural, historical, or institutional factors. Bendor, Moe, and Shotts (2001] similarly
criticize the framework for being more of a metaphor than a model.
Mucciaroni (1992], Bendor, Moe, and Shotts (2001], and Sabatier (1999] questioned one of
the key assumptions of the model, namely that the problem and solution streams are independent.
Sabatier (1999] asserted that this assumption of stream independence must be subject to empirical
investigation. Bendor, Moe, and Shotts (2001] argued strongly against stream independence,
claiming that it is logically impossible that problems and solutions can be independent of one
another, but they did not investigate empirically. Weiner (1976] tested stream independence in a
case study of San Francisco local policy-making, and found that problems, solutions, and participants
are indeed intertwined. Mucciaroni (1992] tested stream independence in case studies of tax reform
and deregulation, finding important linkages between problems, solutions, and the political
environment. However, he suggested thatthe model still has much utility with a focus on
interdependence rather than independence of the streams. Robinson and Eller (2010] tested
15


independence of streams and participants in a case of educational policy-making at the local
government level, and found no evidence that streams were independent, nor that the different
streams contained different sets of participants. Thus a number of empirical researchers have not
found evidence to support the assumption of stream independence, but this assumption may not be
essential for utility of the framework.
Mucciaroni [1992] suggested that the model be used as a general framework or starting
point, but that more mid-level propositions be developed to account for political and institutional
conditions that may be required for agenda-setting, and that there be more focus on structural
factors that constrain or facilitate the arrival of problems and solutions on the agenda. Bendor, Moe
and Shotts [2001] claim that the framework has never been systematically questioned in spite of its
broad popularity in explaining decision-making; they recommend a more systematic development of
the propositions of the framework if it is to move from being a metaphor to being a useful theoretical
model.
Multiple Streams Applied to Global Policy-Making
Several researchers have applied the multiple streams framework to policy-making at the
supra-national level (Keohane 2002; Lipson 2007; Zahariadis 2008; Ackrill and Kay 2011], Keohane
[2002] suggested that Cohen, March and Olsens "garbage can theory, the predecessor of the
multiple streams framework, might be usefully applied to the study of international organizations
such as the UN, the World Trade Organization and the European Union. These, he asserted, are good
examples of organized anarchies, which were characterized by March, Cohen and Olsen [1972] as
having a high level of ambiguity, problematic preferences, unclear terminology, and fluid
participation. The politics surrounding international organizations is notably more symbolic and
rhetorical than its domestic analogs, while many of the frequently used terms (such as human rights
and democracy] are abstract and surely value-laden, making the work of these organizations ripe for
interpretive analysis with a focus on the creation of meaning (Keohane 2002], Although Keohane
(2002] did not mention it, another feature of international organizations is that sanctions and
enforcement action are often ambiguous and uncertain. Among UN bodies, only the Security Council
16


is empowered by the UN Charter to enforce its decisions using military force once other means have
been exhausted, but even this requires that member states be willing to provide troops, assistance,
and facilities for enforcement action (UN 1945, Chapter VII).
Lipson (2007) applied the garbage can model and Kingdons framework to explain the UNs
shift from traditional to "second-generation or multi-dimensional peacekeeping after the Cold War,
arguing that theories of organization and the policy process can be fruitfully applied to multilateral
policy-making in the global arena. As such, he moved the framework beyond both domestic policy-
making and foreign policy to the global policy arena. Like Keohane (2002), he argued that the United
Nations fits well the definition of an organized anarchy, with problematic preferences, unclear
technology, and fluid participation, and that it also operates under conditions of ambiguity, such that
the garbage can model and Kingdons framework seem to apply (Lipson 2007). He adapted
Kingdons political stream for the multilateral policy-making arena, replacing the domestic factors
named by Kingdon with three levels of actors, interests, and ideas, namely the multilateral setting,
politics within UN member states, and politics and organizational culture within the UN (Lipson
2007). Applying Kingdons framework, Lipson (2007) argued that a policy window opened with the
end of the Cold War, during which policy entrepreneurs were able to link a new solution second-
generation peacekeeping to the old problem of intrastate conflicts. This solution had not been on
the agenda of the Security Council during the Cold War due to rivalries between the US and the USSR.
It was implemented incrementally after the end of the Cold War through the establishment of
successive, expanded peacekeeping missions. Different policy entrepreneurs were important in
adding new functions to the successive missions, such as election observation, disarmament and
demobilization, and peace enforcement (Lipson 2007).
Zahariadis (2008) used the multiple streams framework to examine multilateral policy-
making in the EU and to argue that policy outputs are neither exclusively rational nor only a function
of institutional design, but rather are the results of the coupling of problems, solutions, and politics
during open policy windows. He investigated in particular the importance of policy windows
because they frame the context in which the policy choice is made, and of policy entrepreneurs in the
coupling of the streams.
17


Ackrill and Kay [2011] applied the multiple streams framework to the 2005 reform in EU
sugar policy. They made some modifications to the framework, including interpreting ambiguity in
the EU context to mean institutional ambiguity, with overlapping institutions, the lack of a clear
hierarchy, and the existence of the same policy issues in multiple policy arenas (Ackrill and Kay
2001], This institutional ambiguity, they argued, creates different spillover affects that can affect the
opening and duration of policy windows, as well as the ability of policy entrepreneurs to promote
policy change (Ackrill and Kay 2011], In the case of the EU sugar policy reform, Ackrill and Kay
(2011] argued that EU institutional ambiguity and spillovers between the different policy arenas
dealing with sugar policy, namely agriculture and trade, created the conditions, such as an extended
open policy window, that enabled active policy entrepreneurs to reform a highly resilient policy.
Policy Discourse
In recent years, the study of ideas and discourses has become an important force across the
social sciences and includes constructivist approaches in international relations and ideational
perspectives in the various political science sub-fields, including comparative politics, American
politics, political economy, and policy analysis (Beland and Cox 2011], It has been a strong force in
policy studies, harkening back to the origins of the field that involved both understanding the world
and working to change it for the better (Lasswell 1951; Hajer 2002; Fischer 2003], Since the 1980s,
there has been an "argumentative, "interpretive and "discursive turn in the field, with scholars
examining the importance of ideas, language, narratives, meanings, values, frames, and
argumentation or discourse in the policy process (Dryzek 1982,1989,1990, 2001; Stone 1988,1997;
Majone 1989; Fischer 2003; Fischer and Forester 1987,1993; Schon and Rein 1994; Roe 1994; Hajer
1995, 2002, 2006; Yanow 1996; Hajer and Wagenaar 2003], With this emerging emphasis on
interpretation and discourse, scholars have striven to better explain policy processes and outcomes
by understanding their meaning to the policy actors involved and examining the exchange of ideas
amongst them.
18


Hajer has defined discourse as "an ensemble of ideas, concepts and categories through which
meaning is given to phenomena (Hajer 1993, 45], Meaning is produced and reproduced through an
identifiable set of practices (Hajer 2002], Discourses frame problems, or distinguish some aspects of
a situation rather than others, and provide policy-makers with a means of dealing with ambiguity
and structuring events (Hajer 1993, 2006], Fischer argued that "ideas and discourse have a force of
their own independently of particular actors (Fischer 2003, vii] and that discourse is not simply
reflective of social or political reality, but actually constitutes much of the reality that is under
investigation, given the productive effects of communicative power.
Global Policy Discourses
Moving to the global level, Hajer defined transnational policy discourses similarly, but
extending the arena in which they have meaning. Transnational policy discourses are
an ensemble of ideas, concepts, and categorizations that are produced,
reproduced, and transformed in a particular set of practices and through
which meaning is given to physical and social realities and which
permeates regional, national and supranational policy making
circuits (Hajer 2000,135],
He examined the policy discourse related to the development of Trans-European Networks (TENs] of
highways, waterways, rail links and energy and information networks. He argued that a policy
discourse, or shared conceptual language between policy makers, underlies and pre-structures what
actually shows up in EU policy related to spatial development. He described this discourse as a
"Europe of Flows, where an even distribution of investment and employment is sought among the
different regions of Europe.
Dryzek (1999] outlined a number of important transnational discourses that are indicative
of a "deliberative form of democracy that exists at the global level. This transnational democracy is
not territorial in the way that national democracies are, but rather discursive, given that it is through
public discourse or shared meanings between important global actors that cooperation, conflict
resolution, and joint problem solving occurs in many transnational issue arenas. He argues that
formal rules are "institutional hardware, whereas discourses are "institutional software (Dryzek
19


1999, 35], In the international system, because the institutional hardware of formal rules is not as
well developed as in states, the institutional software of discourses is even more important than at
the national and sub-national levels (Dryzek 1999],
Dryzek [1999] describes two popular transnational discourses, "market liberalism and
"sustainable development. In the discourse of market liberalism, relationships between economic
actors such as multi-national corporations, banks, and consumers are of key importance, while states
play a secondary role of facilitating the conditions for markets to operate. Competition is seen to be a
natural relationship that leads to positive-sum outcomes in which everyone gains. Sustainable
development is an imprecisely defined transnational discourse that contains contradictory elements
(e.g., the dual striving for both continued economic development and environmental conservation],
but nevertheless serves as a conceptual meeting place for many international actors.
Dryzek [2006] explored many other current global policy discourses, such as globalization,
anti-corporate globalization, human rights, and counter-terror. He discussed how discourses are
sometimes hegemonic and lack any rival discourses, such that they can become ingrained in the
understanding of all relevant actors in a certain policy-making environment. An example of a
hegemonic discourse is the internalization of the market liberal discourse in the World Bank, the
IMF, and the World Trade Organization [WTO] (Dryzek 2006], However, more often and
increasingly, global policy discourses are multiple and contested, indicative of a more decentralized,
reflective, and democratic control over the engagement of discourses. He identifies this form of
"discursive democracy at the global level as being more feasible and attractive than either the
neoconservative attempt to democratize all states, or the cosmopolitan democratic efforts to
democratize the formal international institutions (Dryzek 2006],
Pal (1995] examined international human rights policy discourse as expressed through
Canadian-based non-governmental organizations (NGOs] and Canadian government officials, both of
which are acknowledged leaders in international human rights networks and practice. She found
that, despite shared objectives and a common commitment to the international human rights
standards, NGO and government discourses differed sharply, leading to differentiated action
20


strategies and practices. She recommended better NGO-government collaboration to bring these
discourses and practices into alignment.
Risse [1999] investigated the importance of global discourses for changes in domestic
policies and practices in regard to respect for human rights. He argued that global deliberative or
argumentative processes, more than the imposition of norms by stronger states or
institutionalization of the norms locally, have been the key factor when states have actually improved
their human rights practices. When states have agreed to be drawn into deliberation over their
offending human rights practices, over time and in the course of deliberation or argumentation, they
begin to view their interests differently, perceive themselves as members of the international
community, and actually change their human rights practices. Risse [1999] gives an example of this
process in the positive changes in human rights rhetoric and practice in Morocco under King Hasan II
in the early 1990s. Risse argues that, due to the persuasive power of global human rights networks
and discourses, the King shifted from rejecting international human rights norms as not applicable to
Morocco and denying allegations of human rights violations in the country, to a more conciliatory
rhetoric that blended local and international human rights norms, greater openness to allowing
human rights monitoring in Morocco, and the creation of local governance structures to support
respect for human rights (Risse 1999],
Risse [2000], applying Habermas theory of communicative action (Habermas 1984,1987,
1996], further developed this argument that argumentation, deliberation, and persuasion constitute
a distinct mode of global social interaction with consequences that go beyond what can be achieved
through strategic bargaining and rule-guided behavior. While all three modes of social action are
important for affecting the behavior of individual states, he asserts that "argumentative rationality is
particularly important in international negotiations and public debates because it provides the
conditions under which actors can voluntarily change their interests (Risse 2000], In argumentative
rationality, actors try to challenge claims and seek a communicative consensus about their
understanding of a situation, and they are open to being persuaded by the better argument (Risse
2000], Following Habermas (1984,1987,1996], Risse asserts that argumentative rationality can
take place under several conditions, namely that the participants can empathize with each other, that
21


they have or can develop a "common lifeworld, or shared collective interpretation of the world and
of themselves, and that they are mutually recognized as equals in the deliberation (Risse 2000], He
argues that in international relations, such conditions do indeed prevail in many issue areas, and that
international institutions provide a normative framework for structuring interactions of this nature.
He gives two examples of argumentative rationality in practice, namely the international negotiations
leading to the end of the Cold War and the unification of Germany within NATO, and the
implementation of human rights norms in several developing states.
Risse [2004] discusses the importance of arguing or communicative action in global
governance, identifying it as an important tool of "soft steering for the non-hierarchical form of
governance found at the global level. Arguing and communicative action provides a means of
learning, information exchange, and self-evaluation for global actors, as well as assessing the validity
of global norms and standards and increasing the legitimacy of global governance.
Dubash [2009] studied deliberative processes in the case of the work of the Global
Commission on Dams [WCD], a tri-sectoral body with governmental, civil society, and private sector
members that was formed for a two-year period to undertake a global review of the effectiveness of
previous large dam projects and develop criteria, guidelines, and standards for future dam projects.
The WCD is regarded as a particularly good example of a global policy network, given that it was
truly tri-sectoral and was able to overcome widespread differences among its members through
deliberation of the many contested issues related to dam construction (Reinicke et al. 2000], Dubash
[2009] asserted that global deliberative processes such as those undertaken by the WCD are an
important strategy for forming and legitimating global norms.
Steffek [2003] examined the legitimation of international governance in the absence of
democratic participation and control, and found that it is established and challenged only through
rational discourse and argumentation. Since the "battle of Seattle in 1999, international
organizations such as the World Trade Organization [WTO], have come under increasing public
criticism and review, forcing them to become more transparent and inclusive, and to make better
arguments with the public and a variety of stakeholders for what they do. Institutionalization of
22


rational communication about means, ends, and values has therefore become the prevailing
mechanism by which international governance organizations legitimize themselves.
Discourse and Policy Change
Schmidt and Radaelli (Schmidt and Radaelli 2004; Radaelli and Schmidt 2004] have stressed
the importance of studying policy discourses in order to better understand policy change in the
European Union. While they are in line with the interpretive and argumentative approach in policy
studies, they also follow the ideational approach in political science, which looks at the role of ideas
as a primary source of political behavior and as causal variables in political change (Blyth 1997,
2002; Campbell 1998, 2002, 2004; Beland 2009; Beland and Cox 2011], Unlike many authors in this
ideational approach, Schmidt and Radaelli examine ideational variables in the context of institutional
and interest-based variables, emphasizing discourse rather than more general notions of ideas or
knowledge (Schmidt and Radaelli 2004], They define discourse as having both content, in the form
of policy ideas and values, as well as process, involving interaction and communication between
policy actors in the formulation of policy. They also situate policy discourse within an institutional
context, with a range of rules that affect policy-making, and they strive to take account of interests
and material conditions in situations of policy change. As such, discourse is offered as one of the
factors in policy-making, which may or may not have a causal influence on policy change, subject to
empirical investigation. They suggest that discourse may be a means of bridging the gap between
structure and agency, or between institutional and actor-centered analyses of policy change, which
has constituted a major divide in social and political research (Hay and Wincott 1998; Campbell
2004],
After examining a series of empirical studies investigating the role of policy discourse on
policy change in the European Union, Radaelli and Schmidt (2004] conclude that discourse does
indeed play an important role in policy change, but that other factors are also important.
Transformative discourse that leads to policy change requires arguments that are convincing and
introduce new evidence or emphasize different values, without necessarily being truthful or
23


coherent. On the other hand, a policy discourse will not be transformative if there are no "bright
ideas, if learning, defined as a change in actors preferences, and policy transfer between actors do
not take place, if key players with veto power are not convinced by the arguments, or if diplomatic
processes or legal resources are absent (Radaelli and Schmidt 2004],
Discursive Institutionalism
Schmidt (2002, 2008,2011] further developed an approach, which she named discursive
institutionalism, and distinguished it from the three previously established variants of
institutionalism: rational choice institutionalism, historical institutionalism, and sociological
institutionalism. "Ideational and "constructivist institutionalism are other terms used for to
describe this approach (Hay 2006b], Schmidt asserts that ideas, the substantive content of discourse,
exist at three levels policies, programs, and philosophies (Schmidt 2008,2011] (see Figure 2.2],
Policies refer to specific policy solutions proposed by policy-makers. Programs underlie policies and
are paradigms or frames of reference that reflect underlying assumptions or organizing principles.
These are analogous to other mid-range policy ideas identified by other scholars, such as Bermans
(1998] "programmatic beliefs and Sabatier and Jenkins-Smiths (1993] "policy core beliefs.
Philosophies undergird the policies and programs with organizing ideas, values, and principles of
knowledge and society, and are analogous to Sabatier and Jenkins-Smiths (1993] "deep core beliefs,
Campbells "public philosophies (1998] and "public sentiments (2004], and the general concept of a
"worldview or weltanshauung in German philosophy and epistemology (Kant 1790/2007; Hegel
1835/1975],
Schmidt (2008, 2011] also asserts that ideas come in two types, cognitive and normative.
Cognitive ideas refer to "what is and what to do (Schmidt 2008] whereas normative ideas attach
values to political action and serve to legitimate policies. She attempts to make headway on the
question that has plagued scholars of policy and political science for decades (Hall 1989,1993;
Kingdon 1984,1995; Sabatier and Jenkins-Smith 1993; Goldstein and Keohane 1993; Katzenstein
1996], namely why some ideas become policies, programs and philosophies that dominate political
24


reality, whereas other ideas do not. She expects that a study of discursive processes may be the key
to understanding why some policy ideas succeed and others fail.
Policies
Institutional Context
Levels
f
Programs
Policy Discourse (
Ideas ( \ N Philosophies
Cognitive Ideas
^ Types <
Interactions Coordinative / Discourse < x Normative Ideas
\ Communicative
Discourse
FIGURE 2.2: DISCURSIVE INSTITUTIONALISM
Schmidt (2008, 2011] asserts that two types of discursive processes are important to study:
[1] coordinative discourse, which takes place among the individuals and groups at the center of
policy-making who are involved in creating, elaborating, and justifying the policy, and [2]
communicative discourse, which involves the presentation, deliberation, and legitimation of policy
ideas to the general public. Depending on the political system in question, either coordinative or
communicative discourse maybe more prominent (Schmidt 2008, 2011],
Schmidt (2008, 2011] further elaborates on how a study of discourse can overcome the
dichotomy between structure and agency, because rather than over-focusing on one or the other, it
connects the two. Policy actors are situated within institutions but, through discourse, act as agents
of change within them. Ideas and discourse are therefore placed solidly within their institutional
contexts, but they are better able to explain policy and institutional change than any of the other
25


three institutionalisms can. All three of the other institutionalisms have trouble explaining change
because each posits basic premises about why institutions persist or stay in equilibrium; rational
institutionalism emphasizes fixed preferences among rational actors, historical institutionalism
emphasizes self-reinforcing path dependency within established institutions, and sociological
institutionalism emphasizes the importance and persistence of cultural norms (Schmidt 2008, 2011],
Schmidt (2002, 2008,2011] breaks with much of the "ideational literature in political
science, which focuses more on ideas themselves without enough attention to the interactive element
of discourse and the institutional and material context in which the discourse takes place. Similarly,
she distances herself from post-modernist and post-structuralist scholars (e.g. Roe 1994;
Czarniawska 1997], whom she believes focus too heavily on texts and narratives alone to explain
reality (Schmidt 2008], In addition to investigating ideas and texts, or "what is said, discursive
institutionalism also strives to account for the interactive processes and context of the exchange of
ideas, or the "where, when, how, and why it was said (Schmidt 2008, 305], As such, she shares this
discursive emphasis with many of the policy scholars in the discursive tradition (Dryzek 1982,1989,
2000; Majone 1989; Fischer and Forester 1987,1993; Hajer 1995, 2002, 2006; Hajer and Wagenaar
2003], but offers a more specific framework for studying the importance of ideas and discourse in
explaining policy change.
Applications of Discursive Institutionalism
Several recent studies claimed to be based on or framed by discursive institutionalism (Arts
and Buizer 2009; Cresby 2010; Palmer 2010; Stassen, Gislason and Leroy 2010; Capano and Piattoni
2011; Lauber and Schenner 2011], but only one (Cresby 2010] attempted to operationalize any of
the concepts of Schmidts framework. Arts and Buizer (2009] refer to their study of global forest
governance as a discursive institutional analysis, but they develop their own approach, the "policy
arrangement approach, building only generally on the work of Schmidt (2005, 2008] in the sense of
taking into account both discursive and institutional factors; thus they do not operationalize any of
Schmidts components of discursive insitutionalism.
26


Palmer [2010], although also calling his study of changes in British biofuel policy a
discursive institutionalist analysis, presents discursive institutionalism only very generally as an
approach to studying policy-making that takes the roles of ideas and discourse seriously, without
outlining or operationalizing any of the components of the framework. He also presents a number of
other approaches that he says are broadly in line with discursive institutionalism, in the sense that
they all recognize to some extent the importance of ideas and discourse in the policy process, and he
conflates discursive institutionalism with Halls [1993] work, which is a foundational work in
historical institutionalism. Given that he did not operationalize any of the concepts in the discursive
institutionalist framework, he did not greatly advance the understanding of the framework, and
could only conclude that there is a complex interaction between ideas and institutions.
Stassen, Gislason and Leroy [2010] reported that their study on environmental health policy
in two EU countries was inspired by discursive institutionalism, given the importance they attached
to discourses in influencing actors behavior and understanding policy stasis or change. They did not,
however, use discursive institutionalism in any way to frame their analysis. Similarly, Capano and
Piattoni [2011], in their study of higher education policy in the EU, noted briefly that they borrowed
from discursive institutionalism by incorporating a concern for both the important points in the
institutional structure that block policy change, as well as attention to the discursive elements, both
coordinative and communicative, that assisted in overcoming institutional resistance. But they too
did not develop any specific elements of the discursive institutionalist framework in their analysis.
Lauber and Schenner [2011] discussed discursive institutionalism in more detail as the
theoretical underpinning of their study of renewable energy policy in the EU. Citing Schmidt (2008,
2011] they viewed institutions as structures that can constrain the actors within them and constrain
policy change, but also as constructs that are produced from what these actors do. Discourse can be
the means through which policy and institutional change takes place, given that through discourse,
new ideas are introduced which change the actors perceptions and preferences (Lauber and
Schenner 2011], They mention Schmidts (2008] division of discourse into ideas and interactions,
but they do not operationalize these concepts in their study (Lauber and Schenner 2011],
27


Crespy [2010] in a specifically discursive-institutionalist account of the amendment of the
services liberalization policy in the EU in 2006, identified discourse as an independent variable that
can determine political change, given that discussion of ideas in specific institutional contexts can
determine the way actors perceive their interests. Citing Schmidt (2002, 2006; Schmidt and Radaelli
2004], she identifies discourse as consisting of both ideas and interactions, and as having both
communicative and coordinative aspects. She set out to operationalize ideas and interactions in the
case of services liberalization in the EU, through process tracing and frames analysis, but she did not
clearly delineate the ideas from the interactions in the analysis that followed. She identified bottom-
up, anti-liberal communicative discourse in France as having been important in the amendment of
the EU Services Directive in 2006 against the previous, top-down liberalization in 2004, without
having clearly delineated this communicative discourse out of the general narrative she provided of
the policy process; she did not discuss the coordinative discourse at ah in this policy process (Crespy
2010],
Ah of these studies failed to clearly and fully operationalize the concepts of the discursive
institutionalist framework. This dissertation undertakes a full examination of the concepts in the
framework in the empirical case of the creation of the PBC. As such, it will make a significant new
contribution to the literature on discursive institutionalism.
Research Propositions
The following propositions are tested in this dissertation:
Proposition 1: Given that global policy-making involves problematic sanctions, a high level of
ambiguity, fluid participation, and unclear problems, preferences, and terminology, multiple streams
is a viable framework for explaining global policy-making.
Proposition 2: A study of the policy discourse using discursive institutionalism enhances the
explanatory power of the multiple streams framework by identifying the causal factors involved in
the coupling of the problem, politics, and policy streams.
28


CHAPTER 3
RESEARCH DESIGN
This dissertation represents an application of the multiple streams framework at a new level
of analysis, global policy-making, to determine if the framework applies at this level, utilizing the case
of the creation of the PBC. It also investigates the policy discourse related to this event, to determine
whether a discourse approach enhances the explanatory power of the multiple streams framework.
The thesis is a qualitative and interpretive historical case study of the policy process surrounding the
creation of the PBC. It does not intend to evaluate the operational performance of the PBC after it
was established, but the analysis does extend into the first year of the PBCs operations, with a focus
on important policy developments in the in the early implementation phase.
In this section, qualitative, interpretive, and case study methods are first reviewed. Then the
decision to use the PBC as a case study is explained. Finally, the research methodology for this study
is detailed, including how the multiple streams framework is operationalized and how the policy
discourse surrounding the creation of the PBC is investigated.
Qualitative Research
Denzin and Lincoln [2005] defined qualitative research as follows:
Qualitative research is a situated activity that locates the observer in the world. It
consists of a set of interpretive, material practices that make the world visible.
These practices transform the world. They turn the world into a series of
representations, including field notes, interviews, conversations, photographs,
recordings, and memos to the self. At this level, qualitative research involves an
interpretive, naturalistic approach to the world (Denzin and Lincoln 2005, 3],
Qualitative research uses a variety of research methods, empirical materials, and
interpretive practices, with the purpose of getting a better understanding of the subject at hand
(Denzin and Lincoln 2005], The qualitative researcher deploys whatever strategies, methods and
materials are needed, without always being able to chose these in advance, and sometimes inventing
new ones in the course of the research (Denzin and Lincoln 2005], Some of the methods used by
qualitative researchers include case studies, interviews, personal experience, introspection, artifacts,
cultural texts and productions, and observational, historical, interactional and visual texts (Denzin
29


and Lincoln 2005], Among these, case study, interviews, and examination of texts were used in this
dissertation.
Interpretive Policy Analysis
Interpretive policy analysis (IPA] focuses on the meanings that policies have for a range of
policy-relevant actors, investigating their own conceptual boxes and how they "make sense of
various situations (Yanow 2000], It strives to discover the way that shared meanings are created in
different domains and at different levels of governance (Fischer 1998, 2003; Yanow 1996,2000],
Policy actors can include clients, potential clients, legislators, agencies, implementers, and voters. IPA
treats artifacts such as language, objects, and acts, as "texts that provide their creators as well as
their readers with a way of "understanding a policy situation (Yanow 2000], Artifacts are therefore
identified and studied in IPA as carriers of meaning for the various policy-relevant actors and
communities. Communities and discourses are also identified, with discourses being specific
meanings that are communicated through the artifacts. Finally, points of conflict are identified, given
that these represent different interpretations or sets of meaning held by the different policy-relevant
communities (Yanow 2000],
The three key interpretive research methods are participant observation, interviewing, and
the examination of texts (Yanow 2007], Given that this is a historical case study, participant
observation is not applicable, but interviewing and the examination of texts are central. Since much
of what took place in this policy process was not documented and is only known by the policy actors
involved, interviews with these actors are very important to supply information.
Hajer (2000] recommended the tools of IPA for the study of transnational policy discourses.
These methodological tools include analysis of policy documents, the study of policy narratives, story
lines, metaphors, and other literary aspects of the policy discourse, conducting in-depth interviews
with policy actors, and examining institutional practices in which policy discourses are reproduced
and transformed (Hajer 1995,2000], Schmidt (2008] warns against an over-focus on the literary
aspects of policy discourse or the "ideational or cognitive part of policy discourse, encouraging as
well a vigorous examination of the interactive part of discourse that takes place between policy
30


actors and their publics, and of the institutional environment in which the discourse takes place.
This study follows Schmidts advice and avoids a strong focus on the literary aspects of the discourse
surrounding the creation of the peacebuilding, and rather focuses on the exchange of ideas and the
interactions between policy actors, as well as the institutional environment in which the policy
change took place.
Case Study Research
Stake [2005] identified the principal value of the case study as what can be specially learned
from the single case, based on "experiential knowledge of the case and close attention to the
influence of its social, political, and other contexts (Stake 2005,444], The case study is driven by the
interest in the individual case and by the research questions and not by the methods of inquiry,
which may vary according to the specifics of the case (Stake 2005],
George and Bennett (2005] have defined the case study approach as "the detailed
examination of an aspect of a historical episode to develop or test historical explanations that may be
generalizable to other events (George and Bennett 2005, 5], They identified this approach as an
important tool for theory development. Process-tracing, or tracing the links between possible causes
and observed outcomes, is an important method for case study research. It involves the examination
of histories, documents, interview transcripts, and other sources to construct a narrative or story of
how the event proceeded. Process-tracing is particularly important for further developing theories
or frameworks that do not specify the causal process that leads from the independent variables to
the outcomes (George and Bennett 2005], The multiple streams framework fits this description, as it
does not posit a mechanism by which the confluence of the streams during an open policy window
leads to the adoption of a policy. By careful process-tracing in the study of this case of establishing
the PBC, this causal phenomenon may be better understood.
Gerring (2007] also emphasized the importance of case study research for making
inferences about a larger class of phenomena, particularly when one wishes to reach a causal
understanding of historical events. Flyvbjerg (2001, 2011] also asserted that case studies can
provide information about a broader class of phenomena, particularly if the case is strategically
31


selected as most likely to confirm or falsify propositions and hypotheses (Flyvbjerg 2001], He
pointed out that "the main strength of the case study is its depth detail, richness, completeness, and
within-case variance, (Flyvbjerg 2011, 314], whereas the advantage of research with large samples
is its breadth (Flyvbjerg 2001], He indicated that the case study approach is best used when one
wishes to have a thorough understanding of a phenomenon, including what causes it (Flyvbjerg
2011], He argued that there is a need in social science for "a large number of thoroughly executed
case studies (Flyvbjerg 2001,87] to provide exemplars and complement research with large
samples.
Lieberman (2002,2008] asserted thatthe case study approach is particularly helpful for
explaining institutional or other fundamental change in human systems, when the relationships
among variables change, new variables are introduced, and the world moves from one stable pattern
to another. Case-study research methods are particularly appropriate for these investigations, in
which historical events are a data source for inferring about more general propositions (Lieberman
2008], The establishment of the PBC was one such historical event, wherein a major change was
made in the global, institutional arrangements for peacebuilding. As such, the case study method is
appropriate for its study, and may identify more general propositions related to the global policy-
making process.
The PBC as a Case Study of Global Policy-Making
The PBC is a new intergovernmental organization within the United Nations system, created
as an advisory body reporting directly to both the Security Council and the General Assembly (UN
2005i, 2005j: 2005k; see also Appendix B for the UN Organization Chart], It has no predecessor
within the current system of international organizations, and was designed to fill a perceived gap in
the ability of donor nations to focus and coordinate their actions to support countries emerging from
conflict, as well as to sustain this coordinated assistance over a longer period of time to help these
countries avoid relapsing into conflict (UN 2005i, 2005j, 2005k; Eliasson 2005; Gasper Martins
2006],
32


The creation of the PBC was a relatively rapid case of new policy adoption at the global level,
following the recommendation of the Secretary-Generals HLP to establish it; the HLP was tasked
with identifying ways that the UN system could better meet the threats and challenges to world
peace and security (UN 2004a], This rapid adoption of global policy is certainly not typical in the UN
system, given the plethora of policy ideas regarding UN reform that have been issued by various
commissions, panels, and observers over the decades (Luck 2004, 2005, 2007; Drakulich 2005],
Given that rapid policy adoption is not the norm in the United Nations system, the policy process
leading to the creation of the PBC is especially worthy of an in-depth, case study investigation, to
determine which features of this particular global policy process led to its successful adoption.
A detailed case study outlining the major events leading to the creation of the PBC is
presented in Chapter 4, based on important UN reports and documents related to the process,
published accounts of various aspects of the process, and the authors interviews with policy actors.
Table 3.1 lists the principal UN reports and documents related to the creation of the PBC that were
used throughout this study. The case study commences from the early 1990s, just after the end of the
Cold War, and continues through the PBCs first year of operation. It provides the requisite historical
background for applying the multiple streams and discursive institutionalist frameworks in Chapters
5 and 6.
Operationalizing the Multiple Streams Framework
To operationalize the multiple streams framework, the various elements of the framework
are developed in Chapter 5 out of the narrative case study that was presented in Chapter 4, without
repeating the details of the case. The following questions were used to develop these elements of the
framework.
1. Problem stream-. What were the issues in need of attention that underlay the proposals for the
PBC?
2. Policy stream-. What were the proposed policies or solutions for meeting these problems? How
and when were they proposed? Were other policies proposed that were not adopted?
33


Table 3.1: Key UN documents related to the creation of the PBC
Documents Prior to the Formation of PBC
UN Department Date Title UN Document No.
UN General Assembly, UN Secretary-General 17-Jun-92 Report of the Secretary-General, "An agenda for peace: Preventive diplomacy, peacemaking and peacekeeping A/47/277-S/24111
UN General Assembly, UN Security Council, Panel on UN Peace Operations 21-Aug-00 Report of the Panel on UN Peace Operations ("Brahimi report") A/55/305- S/2000/809
Un General Assembly, High-Level Panel on Threats, Challenges and Change 2-Dec-04 A more secure world: our shared responsibility. Report of the High-Level Panel on Threats, Challenges and Change A/59/565
UN General Assembly, UN Secretary General 21-Mar-05 Report of the Secretary General. In larger freedom: towards development, security and human rights A/59/2005
UN General Assembly 16-Sep-05 2005 World Summit Outcome A/RES/60/1
Founding Documents and Early PBC Documents
UN Security Council 20-Dec-05 Resolution 1645 (establishing the Peacebuilding Commission and Peacebuilding Fund) S/RES/1645
UN General Assembly 20-Dec-05 Resolution establishing the Peacebuilding Commission A/RES/60/180
UN Secretary General 23-May-05 Explanatory Note by Secretary-General on the Peacebuilding Commission, Addendum to Report of the Secretary-General, In larger freedom: towards development, security and human rights for all A/59/2005/Add.2
UN General Assembly 21-Sep-06 Resolution establishing the Peacebuilding Fund A/RES/60/287
UN Peacebuilding Commission 21-Jun-06 Provisional rules of procedure of the Peacebuilding Commission PBC/l/OC/3
Un General Assembly, UN Security Council, UN Peacebuilding Commission 25-Jul-07 Report of the Peacebuilding Commission on its first session (June 2006 June 2007) A/62/137- S/2007/458
UN General Assembly, UN Secretary-General 26-Jul-07 The Peacebuilding Fund First Report of the Secretary-General A/62/138
3. Politics stream-. What were the important political events surrounding the creation of the PBC
and who were the important policy actors? How did political issues and events affect the
behavior of the policy actors?
4. Policy window-. Did any particular events in the politics stream move the policy process forward
or create important decision-making opportunities for creating the PBC?
5. Policy entrepreneurs-. Were there persons who were particularly active in moving the policy
forward and taking action at key moments? If so, how did they promote adoption of this policy?
Did they engage in manipulation to secure their proposed policies?
34


The primary data source for the multiple streams analysis in Chapter 5 was the researchers
interviews with policy actors, augmented as needed by UN reports and documents, published
accounts about the creation of the PBC and other political events, and media reports.
Important policy actors interviewed in this study included authors of peacebuilding
proposals prior to the PBC, HLP members, HLP research staff, diplomats, senior UN staff members in
important leadership roles, and UN staff who were involved in key processes such as the follow-up to
the HLP report, the World Summit process, the informal consultations leading to the PBC founding
resolutions, and the early PBC operations (see Table 3.2],
Table 3.2: Type of employment of respondents
Employment Type Number Percent
Senior UN Staff Member* 10 32
Mid-Level UN Staff Member 3 10
HLP Member 4 13
HLP Research Staff 4 13
Think Tank Staff Member/Consultant 7 23
Diplomat 3 10
Total Interviewed 31 100
*One of the senior UN Staff members was also a HLP Research Staff member.
Table 3.3: Current location of respondents
Location Number Percent
North America 21 68
South America 1 3
Europe 4 13
Africa 1 3
Asia and Australia 4 13
Total Interviewed 31 100
Table 3.4: Number and method of interviews
Method of Interview Number Percent
Phone 18 46
Skype 8 21
In-Person 8 21
Email only 5 13
Total Interviews 39 100
35


These persons were identified starting with the published list of the HLPs research staff in
the HLP report (UN 2004a], The researcher was given a number of other important initial contacts
by the office of the President of the UN Foundation, former US Senator Tim Wirth. Senator Wirth also
provided the researcher with a letter of support (see Appendix C], which was very helpful in
establishing credibility with potential respondents.
From these initial contacts, a snowball sample was generated (Denzin and Lincoln 2005],
whereby those interviewed identified and provided contact information for other important policy
actors to subsequently interview. The initial contact persons from the UN Foundation gave names
and contact details for important policy actors involved in the PBC creation. The members of the HLP
research team were interviewed early and identified the HLP members who were the most active in
working on the PBC recommendation, as well as other important policy actors to contact for
subsequent interviews. The HLP dealt with a multitude of issues and made numerous
recommendations other than to form the PBC. Moreover, HLP members were all highly
distinguished former diplomats and senior UN or government officials, who were not easy to locate
and establish contact with. As such, it was very helpful to have the guidance from the research team
about which HLP members were most important to seek an interview with. Four HLP members who
were the most active on the PBC issue were interviewed for this study, as well as five out of the seven
professional staff members on the research team (see Table 3.2; one HLP research staff member was
also a senior UN official and was counted as such].
Thirty-nine interviews were conducted with 31 policy actors between December 2010 and
March 2012; several key respondents were interviewed more than once, given that they had more
information to give about the PBC policy process than could be accommodated in one interview (see
Tables 3.2 3.4], Respondents were first contacted by email with a request for interview; they were
given a brief abstract of the research prospectus, the researchers CV, and the letter of introduction
from Senator Wirth (see Appendix D for a sample introduction letter and Appendix E for the
abstract].
Respondents were informed in advance that the interviews would not be recorded
and that they would not be quoted directly or named in the research, but that the researcher would
36


take notes. It was thought that respondents would be at greater ease during the interviews and more
forthcoming with sensitive political information if the interviews were not recorded and if they knew
in advance that they would not be quoted directly. This was indeed the case and respondents were
very frank and generous with information in the interviews. They were also informed that their
participation in the research and all questions they might be asked was voluntary, and they were
given the University of Colorado IRBs contact information, should they wish to inquire further about
the rights of subjects of a research study.
Before starting the interviews, the researcher would briefly inform the respondent of the
purpose of the research, as follows:
I am studying the policy process leading up to the PBC formation. This includes
tracing the policy problems, the policy ideas for forming the PBC, the political
climate and related events, and discussions and interactions between policy actors.
This was done to orient the respondents from the start of the interview to the type of information
that was being sought. The researcher would then briefly explain why the interview was requested
with that particular respondent, based on the position he or she held relative to the creation of the
PBC or its antecedent policy proposals, and the insight he or she was likely to have about a particular
stage in the policy process. The researcher would have a unique set of questions prepared in
advance for each respondent, based on the type of information it was expected the respondent would
know about the policy process, given the researchers prior information on his or her position and
role (see Appendix F for sample question lists for a HLP research team member, a HLP Panel
member, and a senior UN staff member]. However, before asking any questions, the researcher
would invite respondents to give their recollections about the part of the policy process in which
they were involved. When this process came to a natural conclusion, the researcher would go on to
the prepared set of questions. Those questions that had already been covered in the respondents
previous discourse or that had become irrelevant or unnecessary to ask, based on information given
up to that time in the interview, would be dropped. Other questions would be added that were not
prepared in advance, based on information that came up in the course of the interview.
Of the 31 persons interviewed, the largest number were UN Staff members [42%], followed
by HLP members and research staff [26%], think tank staff members and consultants [23%], and
37


diplomats (10%) (see Table 3.2], Appendix G contains a list of the positions held by respondents
during the creation of the PBC. Whereas nearly all of the respondents had resided in New York at the
time the PBC was created in 2005, most had moved on to other positions since then. At the time of
the interviews, they were scattered all over the globe, with the largest number in North America
[68%], followed by Europe [13%] and Asia and Australia [13%] (see Table 3.3],
Interviews were conducted by telephone (46%], Skype (21%), in-person (21%), and by
email (13%) (see Table 3.4). The in-person interviews were all conducted with respondents who
were working and residing in New York, during a research visit there for one week in February 2011.
The Skype interviews provided a means of having a face-to-face connection with respondents
without having to travel to their location. It was the preferred method of interview for respondents
not based in New York, but not all of these respondents were equipped with and able to use this
software. Each interview lasted typically 45 minutes to one hour, with the researcher taking notes
throughout. Upon completion of the interview, the researcher would transcribe the notes, usually
immediately following the interview; if that was not possible, the notes were transcribed later the
same day. These interview notes filled 416 pages of text and constitute the primary data source for
this dissertation.
The interview notes were entered into a database and extensively coded using
hyperResearch qualitative data analysis software. The researcher developed 123 codes that were
applied to the interview notes to assist in retrieving specific information from the interviews on a
variety of themes relevant to the study, including the constructs of the multiple streams and
discursive institutionalist frameworks. Appendix H provides a list of all the codes used in the study;
Appendix I shows a sample page of coded interview notes. A total of 3229 codes were applied to the
416 pages of interview data. The researcher used these codes extensively to retrieve data from the
interviews about a variety of topics, and to draft the sections on the component elements of the
multiple streams and discursive frameworks in Chapters 5 and 6, respectively.
38


Investigating the Peacebuilding Policy Discourse
The peacebuilding policy discourse surrounding the creation of the PBC was investigated
using Schmidts (2008, 2011] discursive institutionalism framework for policy discourses. This
involves investigating both the ideational and interactive components of the discourse, as well as
institutional factors affecting the progress of ideas. Following are the elements of the discursive
instutionalist framework and an explanation of how each was investigated.
1. On the ideational side-. What were the proposed policies for global peacebuilding? What programs
and philosophies underlay these policy ideas? What are the different cognitive and normative
ideas expressed in the discourse? On the normative side, what values underlay the proposed
policies, and how were they legitimated?
2. On the interactive side: How did the coordinative discourse proceed among policy actors? Was
there a communicative discourse between the policy actors and their publics?
3. Institutional factors-. Were there important institutional factors and structures that facilitated or
constrained the progress of the policy ideas in the policy process?
The policy ideas for peacebuilding were already discussed in the course of outlining the case
study and identifying the policy stream in the multiple streams analysis; as such, they were not
repeated in the discursive insitutionalist analysis. The interview data was investigated for possible
broader, underlying ideas at the programmatic and philosophical levels, using codes for these
constructs. Cognitive ideas were also well-covered in the case study and the problem and policy
streams sections of the multiple streams analysis, and were not specifically examined. However, the
interview data was examined carefully in the discursive insitutionalist analysis for normative ideas
that express values and legitimize the proposed actions, using codes for normative ideas, including
those related to problems and to proposed policies. The coordinative discourse between policy
actors, communicative discourse with the public, and important institutional factors affecting the
policy process were investigated in the same manner, using codes developed for these constructs in
the framework. The communicative discourse was also investigated through an examination of press
releases and speeches by Secretary-General Kofi Annan at important stages in the policy process, as
39


well as through interviews with HLP members about their actions to promote the reform proposals
in their home countries and at international meetings and conferences after HLP report was
published.
Reliability and Validity
Reliability and validity have been highly contested issues in qualitative and interpretive
research (Maxwell 1992; Lather 1993; Creswell and Miller 2000; Golafshani 2003; Fischer 2003], and
continue to be some of the central elements of the "methodologically contested present of
qualitative research (Denzin and Lincoln 2005,1116]. Both concepts are rooted in logical positivism,
the main tenets of which have been rejected by post-positivist and interpretivist scholars (Fischer
2003; Yanow 2006], and in quantitative research methods. Reliability signifies the extent to which
the research results are replicable or repeatable over time, while internal and external validity
signifies whether the research measures what it was intended to measure and is accurate or true
(Golafshani 2003], The two concepts are related, and reliability is considered a pre-condition for
validity in the logical positivist tradition.
Both concepts have been problematic when transferred to qualitative and interpretive
research, with many researchers rejecting them outright as inappropriate given the different
epistemological foundations of interpretive and qualitative research, or calling for modifications of
the concepts or the use of other concepts such as "credibility, or "trustworthiness (Creswell and
Miller 2000; Golafshani 2003; Fischer 2003; Yanow 2006], Creswell and Miller (2000] emphasized
the need for qualitative researchers to demonstrate the credibility of their studies in spite of the
difficulties of transferring the concept of validity from quantitative to qualitative research. Fischer
(2003] also focuses on credibility rather than validity as the standard for interpretive policy analysis.
Following Bozeman (1986, 528], he describes credibility as a situation where "another interested
party should be able to follow (not necessarily agree with] the decision procedures of the individual
providing the assessment (Fischer 2003,154],
Creswell and Miller (2000] showed that in qualitative research, validity or credibility is more
nuanced than in quantitative research. It refers not to the data itself but to the inferences drawn
40


from it, and it is viewed through multiple lenses or viewpoints of the different people associated with
the research the researchers themselves, those who participate in the research, and those who read
or review it. Validity conceptions are also affected by the paradigm assumptions or worldviews of
the researcher, given that different notions of validity will be recognized by different paradigms such
as post-positivism, constructivism, and critical theory. They suggest a number of methods for
establishing validity in qualitative studies, depending on the lens through which the validity is being
considered and the researchers paradigm assumptions (Creswell and Miller 2000], Several of
Creswell and Millers methods for establishing validity were used in this dissertation, including
triangulation among multiple sources of information, searching for disconfirming evidence, close
collaboration with participants throughout the process of the research, and thick, rich description of
the setting, participants and themes. An additional check on validity was the submission of the
research results to all of the policy actors interviewed, for their feedback.
41


CHAPTER 4
CASE STUDY OF THE CREATION OF THE PEACEBUILDING COMMISSION
In this chapter, a detailed case study of the creation of the Peacebuilding Commission (PBC]
is presented, from the early 1990s, just after the end of the Cold War, through the PBCs first year of
operation (see Appendix H for a summary list of the most important developments in the process].
The case study provides the requisite historical background for applying the multiple streams and
discursive institutionalist frameworks in the subsequent chapters.
End of the Cold War
The policy process leading to the creation of the PBC can be seen as having started with the
end of the Cold War at the end of the 1980s, with the improvement of relations among the five
permanent members of the Security Council. This shift was marked dramatically by the Councils
authorization of the use of force in 1991 by a coalition of member states to reverse Iraqs annexation
of Kuwait (Malone 2004], Peacekeeping had been an important activity of the UN for many decades
and included operations in Korea in the 1950s, the Suez Canal in 1956, Congo in 1962, India and
Pakistan in 1965, and later missions in Cyprus, Namibia and Sri Lanka (Masci 2004], However, until
the late 1980s, Cold war rivalries inhibited the proliferation and success of UN peacekeeping
missions, with the former Soviet Union repeatedly vetoing UN Security Council resolutions
authorizing peacekeeping interventions (Masci 2004],
From the end of the Cold War, because of the easing of tensions between the two
superpowers, a much more active and cooperative Security Council emerged that was no longer
deadlocked by threats of vetoes. As such, the Council started passing considerably more resolutions
than ever before 185 between March 1991 and October 1993, compared to one-fifth that number in
the preceding four decades (Cockayne and Malone 2005], In this new, more deliberative
environment, and with the magnitude of global conflicts having peaked in the mid-1980s to its
highest level since the end of World War II and remained high through the early post-cold years
(Marshall 2005], UN-mandated peacekeeping missions expanded rapidly. There were nearly as
42


many new missions [15] launched between 1991 and 1993 as had been launched in total up until
then [17] (Cockayne and Malone 2005],
The scope and types of mandates for these missions also expanded greatly at this time.
Traditional peacekeeping missions had been neutral and lightly armed, with limited mandates to
enforce ceasefire agreements between warring states, such as UNTSO in the Middle East in 1948,
UNEF I in Egypt in 1956, and UNFICYP Cyprus in 1964 (Bellamy, Williams, and Griffen 2004;
Cockayne and Malone 2005], Post-Cold War missions were much more complex, with multiple
mandates such as delivering humanitarian aid, making and enforcing peace, and aspects of state-
building, such as IFOR and SFOR in Bosnia in 1995, KFOR in Kosovo in 1999, and INTERFET in East
Timor the same year (Bellamy, Williams, and Griffen 2004; Cockayne and Malone 2005],
The rapid expansion in peacekeeping operations in the early 1990s came without a parallel
expansion in the UNs capacity to undertake such large and complex missions, which led to several
dramatic peacekeeping failures in Somalia, Rwanda, and Bosnia between 1993 and 1995. In Somalia,
US troops had been deployed alongside UN peacekeepers to secure the delivery of humanitarian aid,
without the necessary level of coordination between the two groups (Bellamy, Williams, and Griffen
2004], In 1993,23 Pakistani peacekeepers were killed by forces loyal to Somali warlord Mohamed
Aidid, leading the UN Security Council to authorize the use of force against Aidid (UN 1993], The US
troops began a campaign against Aidid, which ended in a disastrous mission in which 18 US Special
Forces and 500 Somalis were killed (Bellamy, Williams, and Griffen 2004], After the incident, the US
withdrew its troops from Somalia and adopted guidelines to limit future US participation in UN
peacekeeping operations (Bellamy, Williams, and Griffen 2004],
The US retreat from peacekeeping efforts after the Somali incident affected the UN response
when the Rwandan genocide erupted less than a year later in 1994 (Bellamy, Williams, and Griffen
2004], In Rwanda, 10 Belgian peacekeepers were killed, leading Belgium and Bangladesh to
withdraw their troops from the mission. The commander of the peacekeeping mission sought to
reinforce the mission, but the Security Council decided instead to reduce its size, which left it helpless
to prevent the genocide of 800,000 Rwandans in the next three months (Bellamy, Williams, and
Griffen 2004], In Bosnia in 1995, Serbs seized the UN-declared "safe area in Sebrenica, where Dutch
43


peacekeepers lacked a mandate and equipment to use force to protect the area, and so could not
preventthe expulsion of 23,000 Bosnian Muslim women and the murder of 7,600 Bosnian men and
boys (Bellamy, Williams, and Griffen 2004],
With the end of the Cold War also came the emergence of the US as the sole remaining
superpower. This was strongly demonstrated in the Dayton Accords for Bosnia and Herzegovina in
1995, which were conducted outside the UN and led by the US, and also by increasing US domination
ofthe Security Council's agenda and decision-making throughout the 1990s (Malone 2004], By the
late 1990s, tensions in the Security Council resurfaced as the permanent five members disagreed
about objectives and approaches in Kosovo and Iraq (Malone 2004], Activism in the Council from
the end of the Cold War, as well as unilateral action on the part of major member states, for example
in the NATO bombing campaigns in Kosovo in 1999, undermined traditional conceptions of state
sovereignty and led to disagreements about the legitimate use of force, which would come to a head
with the US-UK invasion of Iraq in 2003 (Malone 2004],
Peacebuilding in the "Agenda for Peace Reports
The rapid expansion of UN activity in the peace and security arena following the end ofthe
Cold War led the UN Security Council, in its first-time ever meeting at the heads of state level in
January 1992, to request the new Secretary-General, Boutros Boutros-Ghali, to provide an analysis
and recommendations on ways to strengthen UN capacity for preventive diplomacy, peacemaking,
and peacekeeping (UN 1992a], His response was the pivotal and optimistic "Agenda for Peace
report (UN 1992b], in which he defined the various phases of conflict and the responses and
interventions he deemed appropriate from the United Nations. In this report, he coined the term
"post-conflict peacebuilding for the first time, as "action to identify and support structures which
will tend to strengthen and solidify peace in order to avoid a relapse into conflict (UN 1992b,
paragraph 21]. It was listed after preventive diplomacy, peacemaking and peacekeeping in the
conflict continuum, and before the process of addressing the deepest causes of conflict (UN 1992b;
Tschirgi 1996], He enumerated multiple activities falling under the category of peacebuilding:
disarmament and destruction of weapons; repatriation of refugees; advising and training security
44


personnel; monitoring elections; supporting the protection of human rights; reforming or
strengthening governmental institutions; and promoting political participation (UN 1992b], He did
not, however, give specific recommendations regarding organizational structures or modalities for
peacebuilding, other than to note that it could come about through cooperative projects linking two
or more countries (UN 1992b],
Since this first official definition of peacebuilding as an activity of concern to the UN, it is
possible to trace the efforts to improve peacebuilding capacity, through various organizational
reforms at the UN, and eventually by the creation of the PBC. In the 1995 Supplement to the Agenda
for Peace (UN 1995a], which came after the peacekeeping disasters in Somalia, Rwanda, and Bosnia,
the Secretary-General addressed the problem of UN capacity in post-conflict peacebuilding, given the
expansion in the number and complexity in peace operations without sufficient resources and
political will to support the new demands. This concern was reiterated in the Brahimi report five
years later (UN 2000b],
The 1995 Supplement also discussed some ofthe problems of transition from peacekeeping
to peacebuilding activities, acknowledging that peacebuilding activities fall within the mandates of
other programs, agencies and funds in the United Nations system in addition to the Department of
Peacekeeping Operations (DPKO], even though they fall in the first instance to the peacekeeping
mission, if one is present in the country (UN 1995a], Following this recognition of the lack of
capacity for peacebuilding, there were efforts in the UN Secretariat to outline what peacebuilding
entailed, through the drawing up of compehensive lists of activities thought to constitute
peacebuilding (Author interviews; UN 1996],
Proposal for a Peacebuilding Unit in DPA
The PBC was not the first institution proposed to oversee post-conflict peacebuilding. Kofi
Annan took over from Boutros Boutros-Ghali as UN Secretary General at the start of 1997 and
launched his first of several reform proposals, "Reviewing the United Nations, in July of the same
year (UN 1997], In the proposal, he designated the Department of Political Affairs (DPA] as the focal
point for post-conflict peacebuilding within the UN, in its capacity as the convenor of the Executive
45


Committee on Peace and Security (ECPS]. The ECPS was also established during the 1997 reforms as
one of four sectoral executive committees designed to enhance coherence and coordinated
management within the UN system (UN 1997; UN 2000b; Cutillo 2006], Margaret Anstee, a veteran
UN senior staff member and later advisor to the UN on operational matters, had proposed in 1996, as
a follow-up to the International Colloquium on Post-Conflict Reconstruction Strategies in 1995 (UN
1995b], that DPA be the focal point for peacebuilding, given the essentially political nature of post-
conflict peacebuilding (Anstee 1998],
Following the official designation of DPA as the peacebuilding focal point in the 1997 reform
program, Anstee was commissioned to make recommendations about the necessary steps to
institutionalize this arrangement (Anstee 1998], Rather than having the DPA lead peacebuilding
efforts through the ECPS as indicated in Kofi Annans reform package (UN 1997], Anstee instead
recommended forming a small, dedicated peacebuilding unit in the DPA consisting of three
professional and two administrative staff members (Anstee 1998], Anstee argued that ECPS was not
an appropriate forum for taking action on peacebuilding because it was large, unwieldy, not action-
oriented, and did not include many of the key actors in peacebuilding (Anstee 1998], The
peacebuilding unit in the DPA would promote and coordinate post-conflict peacebuilding work in the
department, advise the Under-Secretary General (USG] for Political Affairs of peacebuilding matters
requiring presentation to ECPS, improve liaison and cooperation with other relevant departments in
the UN system, support peacebuilding field missions, and review current and past peacebuilding
experiences to inform future operations (Anstee 1998],
Following the Anstee report, DPA in 1999 sought funding for the new peacebuilding unit in
the UN regular budget, but was denied by the General Assemblys Advisory Committee on
Administrative and Budgetary Questions (ACABQ] (DPA 2003], The ACABQ reports to the General
Assemblys Administrative and Budgetary (5th] Committee, which is responsible for allocating the
UNs regular budget. DPA was then able to secure in 2000 promises of extra-budgetary funding of
some US $3 million for the unit from a number of donor countries including the UK, Canada,
Liechtenstein, and Norway, as well as promises of staff on secondment from UNDP (DPA 2003;
Author interviews]. However, the process became complicated when the recommendation for a
46


peacebuilding unit in DPA was reiterated the same year in the Brahimi report on UN peace
operations (UN 2000b], but linked to the simultaneously-proposed, but controversial, ECPS
Information and Strategic Analysis Secretariat [EISAS] (DPA 2003], The Brahimi report, like the
Secretary-Generals reform proposal of 1997 (UN 1997] recognized DPA as the most appropriate
institutional location for coordinating the various peacebuilding activities among the different parts
of the UN. The rationale was the same, namely that DPA was already convening the ECPS, on which
numerous UN agencies and programs dealing with peacebuilding activities were already represented
(UN 2000b], However, despite Anstees (1998] previous reservations about using the ECPS as the
forum for peacebuilding activities, the Brahimi report reiterated the proposal to put the ECPS, led by
DPA with its proposed pilot peacebuilding unit, in charge of the design and implementation of post-
conflict peacebuilding initiatives by the organizations of the UN (UN 2000b], Unlike Anstee, the
Brahimi report continued to see the ECPS as the ideal forum for formulating peacebuilding strategies,
with the USG for Political Affairs at its focal point, but it identified the UN Development Programme
(UNDP] as a more appropriate agency for implementing peacebuilding activities (UN 2000b],
The attachment of the DPA peacebuilding unit to the EISAS proposal led to further delay in
decision-making about its creation. The EISAS was to be an early warning unit that would
accumulate knowledge about conflict situations and generate policy analyses and long-term
strategies, by consolidating the various departmental units within the UN system that have policy
and information analysis roles related to peace and security; moreover, it would disseminate
knowledge widely throughout the system and provide support to ongoing field missions (UN 2000b],
However, the proposal was strongly rejected by developing countries in 2001, who feared that the
existence of such a unit would give the UN an avenue for prying into their internal affairs and a
means for justifying military interventions (Author interviews; DPA 2003; Dorn 2004; Zenko and
Friedman 2011], This resistance by member states to allow the UN any conflict prevention functions
is longstanding (Dorn 2004; Rubin and Jones 2007; Zenko and Friedman 2011], and would reappear
in the negotiations about forming the PBC in 2005. Given the strong resistance from developing
countries, the EISAS proposal was withdrawn by the Secretary-General in 2001, leaving the DPA
peacebuilding unit again in limbo (Author interviews; DPA 2003],
47


The Secretary-General revived a second proposal for a peacebuilding unit in DPA in 2001,
but in 2002 the proposal was again refused funding by the ACABQ (DPA 2003], given continuing
developing country concerns about the potentially intrusive nature of a peacebuilding unit, even
after it was delinked from EISAS (Author interviews]. Following this setback, the idea for forming a
peacebuilding unit was shelved. However, at the request of, and financially supported by donor
countries including the UK, which had noted the long delay in forming the unit as well as the
development of new capacities in other parts of the UN system, DPA undertook a year-long review of
its policy and capacity in peacebuilding, to decide how to proceed (Author interviews; DPA 2003],
The review came out in January 2005 (Call 2005], just after the HLP report was published
with its recommendations for forming the PBC. It recommended that DPA no longer serve as the
focal point for peacebuilding in the UN system, given that it had been repeatedly denied the
resources to do so, lacked the necessary support within the UN system, and lacked staff with the
requisite analytical and operational skills to perform this role (Author interviews, Call 2005], Rather,
the consultant recommended that DPA lend its support to the new PBC and PBSO, as proposed in the
HLP report and due to be included in the Secretary-Generals forthcoming reform proposal (Call
2005], Thus despite years of planning, no peacebuilding unit was ever created in DPA, and the ECPS
with DPA at its head never developed the central coordinating role in peacebuilding that had been
envisioned for it (Cutillo 2006],
The Strategic Recovery Facility
Another proposal for an international peacebuilding facility was the "Strategic Recovery
Facility (SRF] first proposed by the Center on International Cooperation (CIC] at New York
University (Forman, Patrick, and Salomons 2000; Forman and Patrick 2001a], and coming out of a
series of meetings on "relief-to-development, sponsored by the Brookings Institution and funded
through the World Bank (Author interviews]. The SRF was meant to be a central node in the
international system, formed as a public-private partnership and housed outside the UN under the
auspices of the World Bank, to bridge the gap between relief efforts immediately after conflict and
the longer-term development assistance that was not available until much later (Author interviews].
48


It would be a multi-stakeholder entity, open to UN organizations, international financial institutions,
regional organizations, donor governments, and NGO representatives, with dedicated funds for its
analytical and preparatory tasks and a standing trust fund for rapid recovery activities (Forman,
Patrick, and Salomons 2000; Forman and Patrick 2001a], The World Bank would be the fiduciary
agent for the trust fund and its board would be co-chaired by the President of the Bank and the UN
Secretary-General (Author interviews].
The purpose of the SRF would be to bring the key local and international actors together to
jump-start the recovery process, and to ensure that resources would be available to fund
peacebuilding activities in the first 12-18 months after the end of the conflict, until longer-term
development assistance became available (Forman, Patrick, and Salomons 2000; Forman and Patrick
2001a], It was to have a strong country-based approach, with active involvement by local leaders in
drawing up plans, to ensure local ownership and that activities were driven by the needs on the
ground. Funds would be reverted to the field after approval by the international board, and managed
by a local coordinator to apply to early recovery efforts (Author interviews],
Mark Malloch Brown, then the Vice-President for External Affairs at the World Bank, was a
strong proponent for the SRF. Sadako Ogata, then the UN High Commissioner for Refugees and later
a member of the HLP that recommended the formation of the PBC, was also an advocate. Her
organization, the United Nations High Commission for Refugees (UNHCR] was facing many
difficulties repatriating refugees to post-conflict countries in the 1990s due to poor conditions and
lack of early development assistance in these countries. It also had to frequently work outside its
official mandate for refugees, by assisting internally displaced persons (IDPs], who had not crossed
international borders but were in refugee-like situations in their own countries as a result of civil
wars. She argued for the SRFs location at the World Bank rather than the UN given the Banks strong
role in development assistance funding, and for its strong country-based focus, given her
observations that local governments and organizations, rather than New-York based organizations,
are most effective in implementing international programs (Author interviews].
The proposal received over US $6 million in pledges for funding from the UK ($5 million] and
Norway ($1.2 million], but the process lost momentum when donors disagreed about some of the
49


details of the proposed facility, such as where it should be physically located, how operational it
should be, and the level of funding it should have (Author interviews]. Some of the policy actors
interviewed reported that the UN, represented by DPA and DPKO, was not highly interested in the
idea although they were present in the planning meetings (Author interviews]. The process came to
a rapid halt when Mark Malloch Brown, up to then the main proponent of the SRF, took up the
position of Administrator of UNDP. He immediately initiated the formation of a new post-conflict
unit at UNDP, the Bureau for Crisis Prevention and Recovery (BCPR], effectively ending all discussion
about the SRF (Author interviews].
The BCPR did not, however, take off as a true replacement for the SRF. It was set up with the
same goal as the SRF, namely to bridge the gap that the international community was failing to
adequately address between peace settlement and long-term development assistance. Malloch
Brown brought in a high-profile person to lead the new Bureau, Julia Taft, until then a senior official
at the US Department of State, but she did not stay long, leaving the bureau in 2004 (Author
interviews]. The Bureau had problems operating in UNDP as a relief or crisis entity within a well-
established development organization, given different requirements for urgency of action between
relief and development operations (Author interviews]. It also faced difficulties coordinating with
UNDPs regional bureaus, which felt they had the upper hand in the countries BCPR was targeting for
its own activities (Author interviews]. In this context, the new Bureau delivered a lackluster
performance, and thus did not greatly alter the global institutional capacities for peacebuilding by
the time the HLP began its discussions at the end of 2003.
The High-Level Panel on Threats, Challenges and Change
Forming a peacebuilding entity came up again as a proposal of the HLP in 2004, in part
through the influence of Bruce Jones, the Assistant Research Director of the Panel, who came from
CIC and was well familiar with the SRF proposal and moved it forward with some important
modifications and a new name to avoid association with March Malloch Brown and the failed SRF
(Author interviews], Secretary-General Kofi Annan announced the formation of the HLP in his well-
known "Fork in the Road address to the General Assembly on 23 September 2003 (Annan 2003],
50


This speech came after a harrowing year for the UN in the lead-up to the US-UK invasion of Iraq in
March 2003, which proceeded without Security Council authorization in the absence of consensus on
strategy in Iraq, and after the deadly attack on the new UN office in Baghdad in August 2003 that left
22 killed, including the United Nations Special Representative in Iraq, Sergio Vieira de Mello
(Henneberger 2003; Spindle 2003], In his address, Kofi Annan expressed the gravity of the threat to
the viability of collective action in the UN at that time as a fork in the road, as important, Annan
suggested, as the moment of founding the UN in 1945 (Annan 2003], Given the new threats to
collective security including terrorism, weapons of mass destruction, and the unilateral and unlawful
use of force without Security Council authorization, it was time to reassess whether the countries of
the world would continue to honor the agreements of the UN Charter of 1945, or whether radical
changes were needed (Annan 2003], He charged the HLP to identify threats and challenges to
international peace and security, to examine how collective action can address these challenges, to
review the current functioning of the major organs of the UN and the relationship between them, and
to recommend reforms in the institutions and processes of the UN to ensure effective collective
action (Annan 2003], The Panel was to submit its report in August 2004, prior to the next session of
the General Assembly, but this deadline was subsequently extended to December 2004, in order not
to be politicized and possibly killed by the concurrent US presidential elections, while the publically
acknowledged reason for the postponement was the heavy workload of the Panel (NUPI 2006], HLP
members and research staff noted that one of the reasons for the delay was that the Panel had not
come to agreement on proposals for Security Council reform (Author interviews].
The Panels work was initially confined to the field of peace and security, broadly
interpreted, but it was to extend its analysis to economic and social issues and institutions, to the
extent that they had a direct bearing on threats to peace and security (UN 2003b; UN 2004a], This
economic and social agenda was subsequently expanded during the early deliberations of the Panel,
given the background and interests of some of the Panel members, such that the various "hard and
"soft threats came to be seen as intertwined (Author interviews; UN 2004a; NUPI 2006],
A stronger focus on institutional and management reform also came into play on the Panel
given that the Oil-for-Food scandal broke out in February 2004, just after the Panel started its work,
51


with allegations regarding the misuse of funds in this UN program that had been established in 1995
to allow Iraq to sell oil in exchange for food, medicines, and other humanitarian needs (Author
interviews; NUPI 2006; Traub 2006], In response to the allegations, the Secretary-General setup the
Independent Inquiry Committee [IIC] in April 2004 to make a full investigation. The Committee
issued several interim reports in 2005 (IIC 2005a, 2005b, 2005c, 2005d] before releasing its final
report on the management of the program on the eve of the World Summit in September 2005 (IIC
2005e]; this report criticized the overall management of the program but exonerated the Secretary-
General from personal responsibility (IIC 2005e], The outbreak of the Oil-for-Food scandal in 2004
was followed by revelations about sexual exploitation of refugee women and children by UN
peacekeepers in the Democratic Republic of Congo later thatyear (NUPI 2006; Traub 2006], These
events focused attention, particularly from the US government under President George W. Bush, on
management weaknesses in the UN, and forced the Panel to consider the necessary reforms in this
area (Author interviews; NUPI 2006],
UN Undersecretary-General for Political Affairs Kieran Prendergast, who was charged with
setting the terms of reference for the panel (Author Interviews; NUPI 2006], explained the rationale
for the Panels formation and its working methods in an interview in February 2004, as the panel was
just getting started with its work (Prendergast 2004], He noted that the panel was established to
address several interrelated sets of issues, including the preemptive use of force without Security
Council authorization, humanitarian intervention and human security, weapons of mass destruction,
and counter-terrorism. Controversy over the use of force had started with the NATO intervention in
Kosovo in 1999, which proceeded without Security Council endorsement, and ignited with the events
of 9/11 and the 2003 US-UK invasion of Iraq (Prendergast 2004], The relevance of the UN was
seriously questioned by these events, as well as other global changes and developments that had
taken place since the end of the Cold War, including the emergence of a single superpower and the
globalization of terror (Prendergast 2004], Given that the tasks assigned to the UN had greatly
expanded in the previous 15 years, Prendergast said that the Secretary-General felt it was time to
evaluate the current capacity and identify changes needed to ensure effective collective action
(Prendergast 2004],
52


The HLP was to conduct a thorough analysis of the new global threats and challenges, and to
make recommendations for institutional change once it had reviewed and assessed the existing
institutions (Prendergast 2004], Prendergast and his staff, in drawing up the Panels terms of
reference, deliberately used alternative, less charged words to avoid ideological debate and
skepticism about what the Panel was tasked with doing (Prendergast 2004; see also NUPI 2006], For
example, "collective was used instead of "multi-lateral, and "change was used instead of "reform
(Prendergast 2004], They also focused on having the panel examine specific issues rather than
overall UN reform, to prevent it being held hostage to political sensitivities (NUPI 2006], One of the
key staff members at DPA who was pivotal in drawing up the terms of reference for the Panel was
Thant Myint U, the head of DPA's Policy Planning Unit and later a member of the HLP research team
(Author interviews]. Also involved in drawing up the terms of reference was Bruce Jones, then the
Deputy Director of CIC and later the Deputy Research Director of the HLP (Author interviews].
The Panel consisted of 16 members, all of whom were highly distinguished as former heads
of state, foreign or other governmental ministers, military leaders, and heads of international
organizations and NGOs (see Appendix A for a list of Panel members]. Whereas the original plan was
to have a young, dynamic panel drawn from a variety of sectors including business, media, and
academia, the selection process and lobbying from member states led to a Panel made up almost
entirely of elderly statesman, mostly from a government background and many of whom had not
been active in public affairs for some time (Author interviews; NUPI 2006]; this led to the conception
by many that the panel was a "geriatric panel of old-timers (Author interviews], out of touch with
current global issues (NUPI 2006], The Panel was chaired by Anand Panyarachun, former foreign
minister of Thailand, who had not been involved in UN affairs since the 1970s (NUPI 2006],
The Panel exhibited balanced geographical distribution, with members originating from all
of the continents, and a Panel member from each of the permanent members of the Security Council
(USA, UK, France, China, and the Russian Federation], but it did not contain members from some of
the countries aspiring to places on an expanded Security Council, such as Germany and South Africa
(Author interviews; NUPI 2006], The Panel members were nonetheless expected to work
independently rather than as representatives of their countries of origin, but in practice they were
53


not entirely independent and several stayed in close contact with their national capitals (Author
interviews; Traub 2006; NUPI 2006], Although it had a diverse geographical distribution, the caliber
of panelists from developing countries was not as high, such that developing country concerns were
not fully represented (Author interviews; NUPI 2006], Moreover, the Panel did not have good gender
balance, with only four women out of the 16 members.
The panel was supported by a small team of seven researchers, including Research Director
Dr. Stephen Stedman of Stanford University and Deputy Research Director Dr. Bruce Jones of New
York Universitys CIC, four administrative support staff, and an informal resource network of some
30 scholars working closely with the research team (Author interviews; Prendergast 2004; UN
2004a; NUPI 2006], The fact that the Director was American was thought to be a confidence-building
measure with the US government, given the Panels purposes to respond to the challenge to UN
viability that was presented by US action in Iraq and to make proposals for reform to the
organization, which was strongly advocated by the US government (NUPI 2006], The research team
was to provide the Panel with ideas, working outside the UN headquarters in New York City, but in
close consultation with the UN Secretariat (NUPI 2006], Given that many of the Panel members were
not active and up-to-date with current affairs, the research team was central in supplying
information and drafting background papers and the report itself (Author interviews; NUPI 2006], In
spite of the unclear terms of reference for the research team, they were seen to be highly competent
and quickly gained the confidence of the Panel members (Author interviews; NUPI 2006], The
research team improved the already good geographical balance of the Panel, for example by
specifically including a German national given that the Panel itself did not have one and Germany was
very keen on participating (Author Interviews; NUPI 2006], However, the research team was not
representative of developing countries. Most of those associated with developing countries had been
brought up and educated, and were living in North America (NUPI 2006], The research team had no
gender balance at all, as all were men.
The Panel members met in private, plenary meetings on six three-day sessions, held in
different parts of the world, in the one-year period of its work (UN 2004a], The research staff,
supported by various foundations, organizations, universities and governments, also convened 40
54


regional consultations and issue workshops around the world to extend its deliberation to
academics, journalists, and other stakeholders (Author interviews; UN 2004a], Some of the Panel
members also attended various regional seminars in addition to their private meetings, particularly
when these were held in their own regions (Author interviews].
The High-Level Panel Report
The HLP issued its report in December 2004 (UN 2004a], in the midst of intense criticism of
the UN and of Kofi Annan by Republican US congressmen and right-wing media, over the Iraq Oil-for-
Food scandal (Traub 2006], Sir David Hannay, one of the Panel members, describes the report as
"the single most far-reaching official review of the UNs role, particularly in the fields of peace and
security, since the founding fathers met in San Francisco in 1945 and signed the UN Charter (Hannay
2005, 8],
The report presented a new vision of collective security that recognized the emerging
phenomenon of interconnectedness, both of the threats and challenges to international peace and
security, and of the states of the world, given rapid globalization (UN 2004a], Fulfilling its mandate
to analyze threats and challenges to collective security, it classified these under six clusters: (1] war
between states; (2] violence within states, including civil wars, large-scale human rights abuses and
genocide; (3] poverty, infectious disease and environmental degradation; (4] weapons of mass
destruction, including nuclear, radiological, chemical and biological weapons; (5] terrorism; and (6]
transnational organized crime (UN 2004a], Because of this new global condition of
interconnectedness, the report argued, "erosion of State capacity anywhere in the world weakens the
protection of every state against transnational threats such as terrorism and organized crime (UN
2004a, 1],
The report made numerous recommendations to deal with these threats and challenges,
only one of which was the formation of the PBC. Other significant recommendations were to expand
the Security Council to be more representative of the current political and economic realities in the
world, to revitalize the General Assembly and ECOSOC so they would better perform the roles
intended for them, to give the UN Secretary-General more latitude and resources to manage the
55


Secretariat, and to restore credibility to the Commission on Human Rights (UN 2004a], The report
endorsed the emerging norm of "responsibility to protect [RTP], which obliges the international
community, with Security Council sanction, to intervene when states are unwilling or unable to
protect their own citizens from genocide, war crimes, ethnic cleansing and crimes against humanity.
It suggested a definition for terrorism and measures to boost counter-terrorism efforts globally.
Finally, it stressed the importance of retaining Security Council authority over the use of force, and
suggested a set of criteria for legitimacy in international interventions, as well as measures to
promote disarmament and limit nuclear proliferation (UN 2004a],
The new PBC as proposed in the HLP was to be established by the Security Council after
consultation with ECOSOC, and to have representation from the Security Council, ECOSOC, national
authorities in the country under consideration, the IMF, the World Bank, regional development
banks, donor countries, and regional organizations (UN 2004a], ECOSOC is one of the six principal
organs of the UN, responsible for coordinating economic and social matters, as well as human rights,
among the multiple agencies, commissions and funds within the UN system that work in these areas
(Rosenthal 2007], However, given ECOSOCs chronic ineffectiveness, stemming in part from the
relative independence of these agencies, commissions and funds, as well as the fact that much of the
work in its areas of concern takes place outside the UN at the World Bank and through bi-lateral
agreements between governments, the HLP also made recommendations for reforming ECOSOC (UN
2004a; Rosenthal 2007],
The PBC was to be small and to meet in different configurations, for general policy issues as
well as country-specific issues. The authors envisioned a commission of some 15 participants, but
they did not specify the number of participants and the mode of participation in the HLP report
(Author interviews; UN 2004a], It was to have a preventive role in identifying countries under stress
and at risk of sliding into collapse, and in organizing proactive assistance in partnership with the
national government (UN 2004a], It was also designed to have a post-conflict role, to assist in
planning for transitions after conflicts and to marshal and sustain international efforts in post-
conflict peacebuilding (UN 2004a], The precise composition, procedures, and reporting lines of the
PBC were not specified in the HLP report (UN 2004a], These issues were left for later deliberations
56


by the member-states, as the HLP did not see it as its proper role to specify these organizational
details for the new bodies (Author interviews], A PBSO was to be set up in the Secretariat to provide
support to the PBC, to integrate peacebuilding policies and strategies in the UN system, to develop
best practices, and to provide support for field operations (UN 2004a], A standing fund for
peacebuilding was to be setup and funded with at least US $250 million to finance nascent
government expenditures as well as UN agency programs geared to rehabilitation and reintegration
of former combatants in post-conflict countries, given that these activities were under-funded in
peace operations up to that time (UN 2004a], The proposal for the PBF was not directly linked to
those for the PBC and the PBSO in the HLP report, nor were there any specifications for how the fund
would be overseen (UN 2004a], but the authors of the proposal envisioned a close linkage between
the PBCs work and what the PBF would fund (Author interviews]. These omissions would lead to
some debate and confusion about the relationships between the three bodies in the later discussions
about forming the PBC, and once the bodies were up and running.
The "In Larger Freedom Report
The HLP report of December 2004, together with the "Sachs Report of January 2005 (UN
2005a], the final report of the Millennium Project that was setup in 2002 to come up with a practical
plan for meeting the Millennium Development Goals (MDGs], provided the basis for Kofi Annans
major organization-wide UN reform effort in 2005. This effort was driven by the historic decision-
making opportunity ahead with the World Summit in September 2005, the largest-ever high-level
meeting of the General Assembly, where countries would be represented directly by their heads of
state rather than by their ambassadors or representatives, as is typical for General Assembly
meetings. At the Summit, decisions on reform could be taken directly by world leaders and would
thus carry more weight. This forthcoming opportunity encouraged Secretary-General Kofi Annan to
put together an ambitious package of reforms for the consideration of world leaders.
Soon after the HLP Report was issued, a reform team was setup in the Secretariat, formed in
large part by members of the former HLP research team, to transform the Panels recommendations
into a concrete plan of action for reform throughout the UN system, to be presented for decisions at
57


the World Summit (Author interviews]. Like the HLP research team, the reform team was dominated
by North Americans and westerners, such that the "southern voice was not strongly present in the
reform document that was subsequently produced (NUPI 2006; Berdal 2008], A second team, made
up largely of UN personnel, was tasked with translating the recommendations of the Sachs report
into the reform document (NUPI 2006],
This phase in the 2005 reform process was rushed and haphazard, given the pressing need
to get the reform proposals out in time for member-state negotiations in advance of the Summit
(NUPI 2006], As such, the two staffing teams did not consult widely with the UN membership in the
drafting of the report, leaving negotiations with member states until after the report was issued in
March (NUPI 2006], The report, entitled "In Larger Freedom, was offered as a means of reconciling
the security interests of wealthy countries with the development interests of poorer nations (Author
interviews; UN 2005b; Lynch 2005a], It synthesized both the HLP report and the Sachs report in a
practical plan of action that the Secretary-General believed could meet with agreement by the whole
membership of the UN (Author interviews; NUPI 2006; UN 2005b],
In the report, Secretary-General Annan spelled out how the three main organizational
priorities of the UN development, security, and human rights were interdependent and must be
pursued simultaneously, with all strongly underpinned by the rule of law (Author interviews; UN
2005b], Whereas the HLP had considered the "soft threats of poverty, disease and lack of
development but put more attention on "hard threats to peace and security, "In Larger Freedom
presented both development and security as more equally in need of attention, while at the same
time interlinked with and dependent on each other, with each also linked and dependent on securing
human rights globally (Author interviews; UN 2005b], The report called for sustained global
cooperation among member states to deal with the new world of inter-connected threats and
opportunities that had been identified in the HLP report (UN 2005b],
Many of the HLPs reform suggestions were included in the 2005 reform document,
including suggestions for improving the working of the General Assembly and ECOSOC, the proposal
with two options for reforming the Security Council, some of the management reforms to the
Secretariat, and the proposal to create the PBC (UN 2005b], Also included were the new norm of
58


"responsibility to protect, the definition of and measures to counter terrorism, and new rules on the
use of force by member states and the Security Council (UN 2005b], Instead of suggesting
improvements to the extant Commission on Human Rights as per the HLP report (UN 2004a], the "In
Larger Freedom report suggested to replace it with a smaller Human Rights Council as a principal
organ of the UN whose members would be elected directly by the General Assembly (UN 2005b],
The PBC proposal in "In Larger Freedom underwent some changes from that of the HLP
report. The Secretary-General described a "gaping hole in the UNs institutional machinery, with no
part of the system effectively addressing post-conflict transitions from war to peace (UN 2005b,
paragraph 114], In light of this oversight, the report prescribed the functions of the new PBC as
improving planning for recovery, focusing on early efforts to establish institutions, helping to ensure
financing for early recovery, improving coordination among UN programs and agencies, providing a
forum for sharing information among stakeholders in post-conflict countries, reviewing progress
against goals, and extending the period of attention to post-conflict recovery (UN 2005b, paragraph
115],
The biggest change from the PBC proposal in the HLP report was the removal of the PBCs
early warning or preventive functions, in response to strong protests from developing countries
delegates, who feared the PBC would become an avenue for surveillance of and intervention into
their domestic affairs if it were empowered with these preventive functions (Author interviews;
Chesterman 2005,2006; Berdal 2008], Eliminated were two of the four principal roles that had been
proposed for the PBC by the HLP, namely to identify countries under stress and proactively assist
them to prevent conflict before it had a chance to break out (UN 2004a; Chesterman 2005,2006],
The only remaining preventive function was a suggestion that member states could seek the PBCs
advice, as well as funding from the proposed, voluntary standing PBF, to strengthen their institutions
for reducing conflict (Author interviews; UN 2005b],
Moreover, governments from developing countries did not want the PBC to report solely to
the Security Council, as proposed by the HLP, given that they perceived that the Security Council was
already taking on too many roles that were outside the peace and security arena and therefore more
properly the business of ECOSOC (Author interviews; Berdal 2008], To address these concerns,
59


Annans report laid out a sequential reporting system for the PBC, from the Security Council to
ECOSOC according to the phase of conflict a given country was in (UN 2005b], Countries would move
from being of concern to the Council to that of ECOSOC as they moved from the immediate post-
conflict period toward longer-term recovery.
The "In Larger Freedom report suggested the following membership for the PBC: Security
Council members, ECOSOC members, troop contributors, and major donors (UN 2005b], Country-
specific operations would also include national or transitional authorities, regional actors or
organizations, troop contributors, and donors to those countries. The report did not list the
international financial institutions (IMF and the World Bank] as members of the PBC. It suggested
that they participate in the work of the PBC, but without specifying the nature and method of the
anticipated participation (UN 2005b], The Report suggested creating a voluntary, standing PBF, but
without details about who would be responsible for the fund or how it would relate to the PBC. Many
of the details of the PBC were deferred in "In Larger Freedom to a later report, to be issued in
advance of the World Summit (UN 2005b], These were included in an addendum to "In Larger
Freedom, offered to member states in May 2005 (UN 2005c],
In the Addendum to "In Larger Freedom, the Secretary-General claimed that roughly half of
all post-conflict countries relapsed into violence within five years, to illustrate the need for the new
body to ensure that peace agreements were sustained in the future (UN 2005c], This was an often-
discussed figure in the arguments for forming the PBC, both on the HLP and within the UN in 2005
(Author interviews; UN2005c; Eliasson 2005], It was based loosely on the scholarly work of Collier
and his colleagues, who claimed that post-conflict countries faced a 50% (Collier and Hoeffler 2002]
or 44% (Collier et al. 2003] risk of returning to conflict within five years. Policy participants,
however, tended to cite these figures not as rates of risk but rather as actual instances of relapse
(Author interviews; UN 2005c; Eliasson 2005], Moreover, these figures were revised sharply
downward by the same scholars in 2006, after the PBC was already in place, to only a 20-23% risk of
returning to conflict (Collier, Hoeffler, and Soderbom 2006a, 2006b], The frequent but improper use
of the figures by policy actors, followed by the revision of the figures after the PBCs formation, led to
questions about the proper use of research results in policy debates (Suhrke and Samset 2007],
60


The Addendum expanded on the proposal for the PBC in "In Larger Freedom, by presenting
more detailed purposes for the proposed new body and emphasizing that the country-specific
activities should be its core work (UN 2005c], It presented seven specific functions for the new body
to undertake:
1. In the immediate aftermath of war, provide necessary information to the Security
Council and focus attention on development and institution-building efforts
necessary for recovery
2. Help to ensure predictable financing for early recovery activities, in part by
providing an overview of assessed, voluntary, and standing funding mechanisms
3. Periodically review progress towards medium-term recovery goals
4. Ensure sustained financing of recovery and development activities and extend the
period of political attention to post-conflict recovery
5. Prevention
6. Develop best practice on cross-cutting peacebuilding issues
7. Improve the coordination of the United Nations funds, programmes and agencies
(UN 2005c, paragraphs 9-20],
The preventive function was limited to allowing member states to appeal to the PBC for
advice, or to the PBF for assistance, to reduce their risk of conflict (UN 2005c], The PBC was not to
have an early warning function, based on the claim that there were other mechanisms for doing this
in the UN system; however, these mechanisms were not specified (UN 2005c], The Addendum also
gave functions for the proposed PBSO to prepare inputs for meetings of the PBC, including
gathering and analyzing information, to provide inputs to planning for peacebuilding operations, and
to conduct best practice analysis and develop policy guidance (UN 2005c], The proposal for the PBF
was not greatly enlarged in the Addendum from that in the main report (UN 2005c],
Regarding membership, the Addendum was more specific about the size of the Commission.
It was to be small, with 15-20 members in total specified to be drawn from all the groups Security
Council members, ECOSOC members, major donors, and troop contributors (UN 2005c], The
Addendum clearly indicated that the PBC should be an advisory body, providing ideas and inputs to
the work of the Security Council and ECOSOC and interfacing with the Secretariat on peacebuilding
matters, arguing that even as an advisory body it would be likely to carry political authority and have
an important impact on operational work done by others (UN 2005c],
61


The World Summit
Following the publication of the "In Larger Freedom report and its Addendum, a negotiation
process was initiated in the General Assembly to prepare for decisions to be made by world leaders
at the September World Summit. The President of the General Assembly, Jean Ping of Gabon, led
these negotiations, with the help of a facilitating team of 14 ambassadors from countries around the
world (NUPI 2006; Shorr 2006; Traub 2006], The consultations took place in four clusters,
corresponding to the four sections of the "In Larger Freedom report Cluster I: Freedom from
Want; Cluster II: Freedom from Fear; Cluster III: Human Rights and Dignity; and Cluster IV:
Strengthening the UN to gauge where the various debates were going with the UN member states
(Author interviews; UN 2005b], The PBC was discussed within Cluster II on "Freedom from Fear,
whose debates were led by the permanent representatives of Australia, Thailand, and Tunisia
(Author interviews].
Due to the ongoing investigations of the Iraq Oil-for-Food program, led by former US Federal
Reserve Chairman Paul Volcker, which sparked vehement attacks against Secretary-General Kofi
Annan from Republican Congressman and the right-wing press in the US, the Secretary-General was
notin the forefront of these negotiations (NUPI 2006; Traub 2006], However, he was able to play a
more active role in the World Summit itself, which took place a week after the fourth Volcker Report
was published (IIC 2005e], largely absolving him of personal responsibility for the mismanagement
of the program (Economist 2005; Lynch 2005d; NUPI 2006],
This facilitating team submitted a first draft of the World Summit Outcome document in June
2005 for negotiation by UN member states, followed by second and third drafts in July and August
(NUPI 2006; Shorr 2006], Through these revisions, the major elements of the reform package had
remained intact, until the arrival of the new US ambassador to the UN, John Bolton, in early August.
Ambassador Bolton was well-known for his anti-UN rhetoric while working previously for a
conservative American think tank and in various positions during Republican administrations, as
well as for his abrasive leadership style (Author interviews; Lynch 2005b; NUPI 2006; Traub 2006],
U.S. President George W. Bush appointed him during the summer recess of the Senate in 2005, to
62


circumvent the strong opposition to his appointment by many senators during the preceding months
(Lynch 2005b; Traub 2006; Bolton 2007],
In these weeks just before the Summit, and in spite of months of member state negotiations
in which the former, acting US Ambassador, Anne Patterson, had actively participated, Ambassador
Bolton put forth more than 750 proposed changes to the Outcome document, including many that the
US had supported in the previous negotiations (Author interviews; Lynch 2005c; NUPI 2006; Shorr
2006; Traub 2006], These actions led to a highly contentious negotiation process in "the frenzied
and chaotic final weeks leading up to the Summit, (Shorr 2006,10] as General Assembly President
Ping and the facilitators tried to construct an outcome document that would meet agreement among
the whole UN membership (Author interviews; Schnekener and Weinlich 2005; Shorr 2006; Traub
2006], The final draft was produced the night before the summit opened, with GA President Ping and
Robert Orr, Head of Strategic Planning in the UN Secretariat, who had been the main author of the "In
Larger Freedom report, producing the final necessary compromises in the document that could not
be agreed upon up to then by the facilitating team, which had reached impasse on the eve of the
Summit; they presented it to the Summit for agreement the next day (NUPI 2006; Traub 2006], The
UN Secretariat communicated directly with the office of the US Secretary of State, Condoleezza Rice,
in the final hours to override Ambassador Boltons many remaining reservations, while other
countries also had to give concessions in the final document, for example G77 countries having to
accept language on management reform in exchange for gains in development (Author interviews;
Traub 2006], The rescued document was adopted by consensus at the Summit, with only one
reservation, from Venezuela (NUPI 2006; Traub 2006],
The US was not the only recalcitrant country in this negotiation process. A number of
developing countries also took every opportunity to block agreement, such that the US last-minute
obstruction facilitated their own efforts to do the same (Author interviews; UN 2005d; Wedgwood
2005; NUPI 2006; Shorr 2006; Traub 2006], The issues most in contention were details about the
new human rights body, the new management authorities for the Secretary-General, the definition of
terrorism, and measures to stem nuclear proliferation (Shorr 2005], The proposal for establishing
the PBC was one of the least contentious issues in the reform process and even had the support of the
63


US (Author interviews; Hoge 2005; Schneckener and Weinlich 2005; USIP 2005; Security Council
Report 2006], although even that threatened to break down in the final days with the impasse on the
facilitating team and before the rescue ofthe document by Ping and Orr (Traub 2006], The rescue
salvaged whatever agreements Ping and Orr felt could be achieved at the Summit, leaving many
issues for later decision by the General Assembly rather than by world leaders at the Summit.
The Summit participants did reach conclusions in principle on forming the PBC and the
Human Rights Council, but without specification of ownership and detailed institutional
arrangements for either (Author interviews; Shorr 2005; NUPI 2006], Much ofthe detail had been
sacrificed in the negotiation process leading up to the Summit (NUPI 2006], The Summit Outcome
document did not agree on a definition of terrorism, but nevertheless agreed to sign a new anti-
terrorism treaty. The Summit members endorsed the principle of "responsibility to protect,
establishing it for the first time as an official norm in the international community; this was arguably
the most significant achievement ofthe Summit (Author interviews; NUPI 2006], It confirmed the
goal at least in principle that donor countries should give 0.7 percent of their GDP in development
assistance, even though this was unlikely to be done in practice (Shorr 2005; NUPI 2006], The
Outcome document was silent on many of the key issues that had been central to the HLP report,
including Security Council reform, management reforms to strengthen the Secretary-Generals office,
disarmament, weapons of mass destruction, and measures to limit nuclear proliferation (NUPI 2006],
The Outcome document called for creating the PBC as an intergovernmental, advisory body
reporting annually to the General Assembly and acting on the basis of consensus among members
(UN 2005f). Its designation as an advisory body rather than an operational body and the
requirement that it act on the basis of consensus were both results of the contentious pre-Summit
negotiation process, and weakened the future body (Author interviews; Berdal 2008], The Outcome
document gave the PBCs purpose as follows, "to bring together all relevant actors to marshal
resources and to advise on and propose integrated strategies for post-conflict peacebuilding and
recovery (UN 2005f, para. 98], Its tasks would be to provide recommendations and information to
improve coordination among actors, develop best practices, help ensure predictable financing for
early recovery activities, and extend the period of attention to post-conflict recovery (UN 2005f).
64


These functions of the PBC in the World Summit Outcome document were diluted from those
in "In Larger Freedom, with the language expressing them reduced from being active and central to
more peripheral (Chesterman 2005], Whereas in "In Larger Freedom the PBC was to "plan for the
transition from conflict to post-conflict and for sustained recovery, in the World Summit Outcome
document, it was reduced to "advising on and proposing integrated strategies (Chesterman 2005,
170;2006,80],
In the Outcome document, membership in the PBC Organizational Committee was to consist
of members of the Security Council, including its five permanent members, members of the ECOSOC,
top donor countries to the UN, and countries providing the most military personnel and police to
peace operations (UN 2005f). Representatives from the World Bank, the IMF and other institutional
donors were invited to participate in PBC meetings, but they were not specified as members (UN
2005f). The number of members from each member group was still not specified, although a total of
15-20 members for the PBC had been given in "In Larger Freedom; the final decision on the size of
the Commission was therefore deferred to the negotiations after the Summit (Cutillo 2006],
Also unspecified in the Outcome document and deferred to the post-Summit negotiations
were the precise institutional location and reporting lines for the PBC, despite the previous
developments on this issue. The HLP had recommended that it be subsidiary to the Security Council
after consultation with ECOSOC, while "In Larger Freedom had subsequently recommended
sequential reporting to the Security Council and ECOSOC (Cutillo 2006], The Outcome document only
mentioned that the PBC would report annually to the General Assembly (UN 2005f).
The Outcome document indicated that country-specific configurations would also be formed
and would include members from the country under consideration, countries in the region engaged
in the post-conflict process, countries involved in relief efforts and political dialogue, major donors
and troop contributors to that country, the senior UN representative in the field, regional
organizations, and international financial organizations (UN 2005f). A standing PBF was to be set up,
funded by voluntary contributions, to ensure the immediate release of resources to launch
peacebuilding activities and funding for recovery (UN 2005f). A small PBSO was to be set up within
the Secretariat using existing resources, to assist the PBC (UN 2005f).
65


The Founding Resolutions
While the World Summit Outcome document had agreed in principle to form the PBC, it
lacked important details about the PBC, including the number of members from each group on the
Organizational Committee, the institutional location within the UN system, the reporting lines, and
relationships between the Organizational Committee, the country configurations, and the PBSO
(Author interviews; UN 2005f; Schneckener and Weinlich 2005; Cutillo 2006; Ponzio 2007; Traub
2006; Berdal 2008], These were all left to further negotiations in the General Assembly after the
World Summit, led by the incoming President of the General Assembly, Jan Eliasson of Sweden, who
was assisted by two principal facilitators, permanent representatives Ellen Loj of Denmark and
Augustine Mahiga of Tanzania. Given all these unresolved issues, principle among which were the
reporting lines and membership, these post-Summit negotiations were also lengthy and extremely
contentious (Author interviews; UN 2005m; Scott 2008],
The recalcitrant positions were represented by the US under Ambassador Bolton, who
continued to insist that the PBC report solely to the Security Council, and by Egypt and other
developing or southern countries, who wished to limit any further expansion of the Security Councils
mandate into economic and social arenas, which they deemed to be of proper concern to ECOSOC and
the General Assembly rather than the Security Council; these countries were strongly in favor of
General Assembly oversight to the new PBC (Author interviews; Guicherd 2005; Hoge 2005; Security
Council Report 2006; Traub 2006; Scott 2008], Negotiations focused on the number of members the
PBC would have from the various stakeholder groups identified in the World Summit Outcome
document the Security Council, ECOSOC, major troop contributors, and major financial contributors
to the UN and whether or not there should also be geographic representation within these groups
(Guicherd 2005], Also under contention were how much autonomy the PBSO would have in setting
the PBC agenda, and the PBF in making financial allocations (Guicherd 2005], Southern countries
argued for narrow autonomy for both of the ancillary bodies, and close oversight by the General
Assembly (Guicherd 2005],
66


These difficult negotiations led to the "muddled and convoluted paragraphs describing the
PBCs role (Scott 2008, 8], and a compromise on the reporting debate (Author interviews]. Two
measures were introduced in this phase to make the PBC accountable to the General Assembly that
had not been present in any of the previous proposals, namely the official subsidiary relationship of
the PBC to both the General Assembly and the Security Council, and the enlargement of the PBCs
Organizational Committee to include seven members from the General Assembly (Author interviews;
Security Council Report 2006; Hannay 2008], The PBC was the first UN organ ever to be set up as a
joint subsidiary body to both the General Assembly and the Security Council (Cutillo 2006; Ponzio
2007; see also the UN Organizational chart in Appendix B],
The founding resolutions for the PBC, issued concurrently by the Security Council and the
General Assembly, were passed on December 20, 2005 (UN 2005i, 2005j, 2005k], The three main
purposes of the PBC were specified as follows:
1. To bring together all the relevant actors to marshal resources and to advise on
and propose integrated strategies for post-conflict peacebuilding and recovery;
2. To focus attention on the reconstruction and institution-building efforts
necessary for recovery from conflict and to support the development of
integrated strategies in order to lay the foundation for sustainable
development;
3. To provide recommendations and information to improve the coordination of
all relevant actors within and outside the United Nations, to develop best
practices, to help to ensure predictable financing for early recovery activities,
and to extend the period of attention given by the international community to
post-conflict recovery (UN 2005i, para. 2; 2005k, para 2],
The PBC was to have a standing Organizational Committee of 31 members: seven from the
Security Council, including all five permanent members, seven from ECOSOC, five top financial
contributors to the United Nations, five top providers of military personnel and civilian police to UN
peacekeeping missions, and seven additional members from the General Assembly to assure
geographical balance and represent countries with experience in post-conflict recovery (UN 2005i,
2005k], All members would serve two-year terms. The World Bank and the IMF would not be
members of the Organizational Committee, but would be invited to attend meetings as observers.
The resolutions emphasized the need to work in cooperation with national or transitional authorities
in the country under consideration, as well as with regional organizations, important regional and
local actors, civil society groups and the private sector (UN 2005i, 2005k],
67


In addition to the standing Organizational Committee, country-specific meetings would be
held with participating countries invited by the Organizational Committee and including the country
under consideration, countries in the region, the major financial, troop and civilian police providers
in the recovery effort, the senior UN Representative in the field and other relevant UN
representatives, and the relevant regional and international financial institutions (UN 2005i, 2005k],
The reporting lines for the PBC in the founding documents are somewhat convoluted,
reflecting the debates on this issue up to the PBC founding. The PBC was to report annually to the
General Assembly, but it was to give advice to the Security Council for countries already on the
Councils agenda, given the Councils responsibilities for peacekeeping and other measures to assure
peace and security. It was also to give advice to ECOSOC for countries moving from transitional
recovery towards development, given ECOSOCs coordinating role in issues of economic and social
development (UN 2005i, 2005k], This arrangementis reminiscent of the sequential reportingto the
Security Council and ECOSOC proposed in "In Larger Freedom, but now overlayed with the formal
reporting to the General Assembly. However, a concurrent UN Security Council Resolution (1646]
added the additional requirement of reporting annually to the Security Council as well as to the
General Assembly, establishing the dual reporting status (2005j],
Countries were to be placed on the PBCs agenda by requests from the Security Council,
ECOSOC, the General Assembly, the Secretary-General, or member states themselves (UN 2005i,
2005k], The PBCs decisions were to be based on consensus, as per the World Summit proposal. A
small PBSO was to be set up within the Secretariat using existing resources, to assist and support the
PBC, and a standing PBF was to be set up using voluntary contributions (UN 2005i, 2005k], The
resolutions instructed the Secretary-General to proceed to establish the PBSO and the PBF, but only
briefly outlined their mandates and operational modalities, which led to a series of proposals in 2006
by the Secretary-General to define and work out the funding for these new entities (UN 2006a, 2006c,
2006d; Cutillo 2006],
General Assembly President Jan Eliasson hailed the new PBC as the mechanism that would
sustain the engagement of the international community in post-conflict countries and prevent them
from lapsing back into conflict, citing again the questionable figure that half of all post-conflict
68


countries relapsed into conflict within five years (Eliasson 2005; Collier and Hoeffler 2002; Suhrke
and Samset 2007], He noted that the UN was well-positioned to take a leading role in peacebuilding
given its global legitimacy and varied activities in this area, bringing them together under one
oversight mechanism, while allowing for the input of the international financial institutions, regional
organizations, and UN representatives in the countries concerned (Eliasson 2005], Secretary-
General Kofi Annan, in his endorsement of the PBC, noted that it addressed a critical institutional gap,
given the fractured peacebuilding operations that had taken place up to that time, with multiple
actors involved but no dedicated entity to bring the relevant actors together and oversee and sustain
the process (UN 20051],
Early PBC Operations
After the founding resolutions in December 2005, there were another six months of delay
and contention in deciding the rules of procedure for the new PBC and which countries would be on
the first Organizational Committee, given that countries were actively vying for the positions via
those groups that would elect their quota of members ECOSOC, the General Assembly, and the
Security Councils two seats for non-permanent Council members (Author interviews; Security
Council Report 2006; PBSO 2008], Even for the donor group, whose members were not to be elected
but rather determined by their levels of international development assistance, there was no existing
analytical procedure for deciding who the top donors were, which led to delay in selecting these
members as the necessary tools were being developed (Author interviews]. Table 4.1 lists the
countries that were finally selected for the first PBC Organizational Committee, which served from
2006-2008. Angola was elected as the first Chair of the Organizational Committee.
The Organizational Committee held its first session in June 2006, adopting its rules of
procedure and agenda, and taking on its first two post-conflict countries,
Burundi and Sierra Leone (Security Council Report 2006], The Committee continued
to work out procedural issues in its subsequent meetings (PBSO 2008], The first country-specific
meetings for Burundi and Sierra Leone started in October 2006, bringing together the various
stakeholders to develop integrated peacebuilding strategies for each country, to prioritize
69


approaches by international donors and agencies working in these countries and establish a compact
between the PBC and the local government in each country (Author interviews; UN 2007a; Security
Council Report 2007], A working group on lessons learned was formed in December 2006 to gather
best practices and lessons on peacebuilding issues to support the Burundi and Sierra Leone
discussions (UN 2007a],
Table 4.1: Members of the first Organizational Committee of the PBC, 2006-2008
Membership Basis Number of Countries Countries Selected
Members selected by the Security Council 7 China, France, Russian Federation, United Kingdom, United States, Panama, and South Africa
Members selected by the ECOSOC 7 Angola, Belgium, Brazil, Guinea-Bissau, Indonesia, Poland, and Sri Lanka
Top providers of assessed contributions to the UN budgets and voluntary contributions to the UN funds, programs and agencies, including a standing PBF 5 Germany, Italy, Japan, the Netherlands, and Norway
Top providers of military personnel and civilian police to United Nations Peacekeeping Missions 5 Bangladesh, Ghana, India, Nigeria, and Pakistan
Members Elected by the General Assembly 7 Burundi, Chile, Croatia, Egypt, El Salvador, Fiji and Jamaica
Total Countries 31
After about a year of debate between PBC members about how to allow for the participation
of institutional donors, standing invitations were extended to the International Monetary Fund, the
World Bank, The European Community, and the Organization of Islamic States to participate in all
meetings of the Commission; all of these organizations had lobbied for participation (Security Council
Report 2007], There was also a good deal of debate about how to include civil society organizations
in PBC activities, given that the founding resolutions had recognized the importance of civil society
organizations in peacebuilding and encouraged the PBC to consult with them, but many PBC
members were not keen on allowing civil society participation in all of its deliberations (Security
Council Report 2007], It also took a year before the PBC issued provisional guidelines on the
participation of civil society organizations; these severely restricted civil society participation by
70


setting unworkable conditions for this participation, much to the chagrin of prominent civil society
organizations active in peacebuilding activities worldwide (Security Council Report 2007; ActionAid,
CAFOD and Care 2007; IGP 2007; PBC 2007],
The Peacebuilding Support Office
Preparations for forming the PBSO were underway concomitantly with the drafting of the
founding resolutions for the PBC, with the Secretary-General in November 2005 trying to secure
resources for 21 professional posts to staff the new office (Author interviews; UN 2005g], However,
given the way negotiations were going late in 2005 and that the founding resolutions in December
were clear about having the PBSO established as a small office in the Secretariat using existing
resources, the Secretary-General was instructed by the ACABQ in December 2005 to revise his
proposal in such a way that it would require no additional appropriation under the subsequent years
budget (UN 2005h], Thus he was forced to greatly reduce the projected size of the PBSO in February
2006, to only 12 professional posts, 8 of which were to be either redeployed within the Secretariat or
seconded from other UN agencies (UN 2006a], The PBSO was to give support to the PBC in the areas
of analysis about peacebuilding financing, in-country planning, policy and analysis about best
practices in peacebuilding, management of the PBF, and servicing and reporting for the PBC (UN
2006a],
The PBSO was launched in May 2006 with the hiring of the first Assistant Secretary-General
for Peacebuilding as its head, Carolyn McAskie, a Canadian national and the former Special
Representative of the Secretary-General (SRSG] in Burundi. The new office had a very difficult time
starting up, given the lack of funding and that it did not receive the promised redeployment of posts
within the Secretariat, nor the secondments from other UN agencies, and so operated with only three
professional officers throughout 2006 (Author interviews; PBSO 2008], Given the meager resources
and the huge requirements of servicing the new PBC and getting the PBF up and running, at least in
part because the new members of the PBC had not included support for their participation on the
PBC in their own mission budgets, it was practically impossible for the new office to undertake any of
its more strategic and coordinative roles for peacebuilding throughout the UN system (Author
71


interviews; PBSO 2008], It was not until January 2008 that any new budget allocation was
established for the PBSO, which hampered its ability to operate in the early years (PBSO 2008],
The First Country-Specific Configurations
Burundi and Sierra Leone were the first two countries taken up by the PBC with its launch in
June 2006. Both were small countries well beyond the initial post-conflict phase, the civil wars
having ended in Sierra Leone in 2002 and in Burundi early in 2005. This engendered criticism from
many sides that these were not appropriate countries for the PBC to take on (Author interviews;
PBSO 2008], They were chosen because both had been the object of international action in their
peace negotiation processes and of UN peacekeeping efforts, both were fragile politically and
economically, both would benefit from more a more coordinated approach, both had legitimate
governments elected through internationally recognized processes, and both had requested the
assistance of the PBC (Author interviews; PBSO 2008], Although there were provisions in the
founding documents for countries to be referred to the PBC by the Security Council and the
Secretary-General without the countries consent (UN 2005i, 2005k], petition by post-conflict
countries became an important modus operandi for getting on the PBC agenda, and helped to
establish national ownership of the process (Author interviews; PBSO 2008],
The country-specific configurations, or series of meetings for specific countries on the PBC
agenda, also got off to a slow start. The configurations were established in September 2006 and
included the 31 countries of the Organizational Committee as well as additional donors, institutions,
member states from the region, and regional organizations (PBSO 2008], The first country-specific
meetings started in October 2006, focused on developing integrated peacebuilding strategies (IPBS]
in conjunction with the local government and the senior UN officials in the countries, to coordinate
and guide action by the various stakeholders toward agreed-upon priorities related to peacebuilding
(Author interviews]. They were better able than the Organizational Committee to include both civil
society actors and the international financial institutions in their meetings (Author interviews; PBSO
2008; Security Council Report 2007],
72


The Burundi configuration was able to conclude an IPBS in June 2007, and the Sierra Leone
configuration in November 2007; the latter was delayed both at the start by the late assignment of
the Chair to the process, and then by the elections in Sierra Leone in August 2007 (Author
interviews; PBSO 2008], The development of the first two IPBSs for Burundi and Sierra Leone was a
very labor-intensive process of meetings and consultations, largely field-based, as well as elaborate
monitoring mechanisms; the process was simplified for subsequent countries that came on the
agenda (Author interviews; PBSO 2008; CIC and IPI 2008; Otobo 2010],
The Peacebuilding Fund
The PBF was the last element of the new peacebuilding architecture to be created, by a
General Assembly resolution in September 2006 (UN 2006c, 2006d], It was formally launched in
October 2006 as a separate mechanism from the PBC, to support countries in the early stages of
recovery, when other financing mechanisms are not yet available, with interventions that are critical
to the peacebuilding process (UN 2006c, 2006d; UN 2007a; PBSO 2008], PBF funds were to be
available for allocation to post-conflict countries whether they were on the agenda of the PBC or not,
but the PBC was to provide guidance on the use of the funds in countries that were on its agenda (UN
2006c, UN 2006d; UN 2007a],
The Fund was to be setup on the basis of voluntary contributions, with an initial target of US
$250 million (UN 2006c, UN 2006d], It was to be managed by the head of the PBSO, financially
administered through UNDP, and to have an independent Advisory Group of eminent persons with
peacebuilding experience, selected by the Secretary-General, to give advice on the use of the Fund
and oversee its performance (UN 2006c, UN 2006d], Funds would be disbursed to UN agencies,
funds, and programs, which would implement projects through local partners (UN 2006c, UN 2006d],
An in-country steering committee co-chaired by local government and senior UN representatives in
each country receiving funds was to review projects and make decisions about the allocation of funds
(UN 2007b], The PBF was to report annually to the General Assembly on it operations and activities
(UN 2006c, UN 2006d],
73


The new PBF began operations in January 2007. It moved quickly toward collecting its
initial $250 million target, with more than 90% of this amount pledged or collected by the time of its
first report to the General Assembly in July 2007 (UN2007bJ. However, this sum was regarded by
many observers as being far too small given the enormous needs in post-conflict countries (Author
interviews; PBSO 2008], These criticisms stemmed in part from misunderstandings about what the
Fund was expected to do and what the PBC and the country-specific mechanisms could do to
stimulate resource mobilization from other sources, including bi-lateral donors, in support of
countries on the PBC agenda (Author interviews; UN 2007b; PBSO 2008; CIC and IPI 2008], The
small fund was meant for urgent, catalytic interventions in post-conflict countries, whereas the work
of the PBC Organizational Committee and country-specific mechanisms was to stimulate more
sustained donor interest to directly support the extensive requirements of these countries (Author
interviews; UN 2007b; PBSO 2008; ICI and IPI 2008],
There was great strain on the PBSO in the early period to set up and manage the PBF, given
that it was short of resources and staff for undertaking all of its assigned tasks, until funds were later
allocated from the PBF itself to cover the cost of its own management (Author interviews; PBSO
2008], There were also difficulties in establishing the PBF as a separate entity from the PBC as it was
meant to be in its terms of reference, given expectations from PBC members that the Fund would be
managed by the PBC and distribute funds mainly to countries on its agenda (Author interviews; PBSO
2008], Indeed, the first countries assisted by the fund were Burundi and Sierra Leone, the first
countries on the PBC agenda, although there were provisions in the PBF terms of reference for
assisting countries not on the PBC agenda and in emergency situations (UN 2007b], Funding in these
first two countries closely paralleled the priorities established through the PBCs country-specific
configurations, although the fund was designed to respond to early challenges in the peacebuilding
process, regardless of whether these were part of any priority framework (UN 2007b], Emergency
funds were first disbursed to countries noton the PBC agenda in the fall of 2007 (Security Council
Report 2007],
Given that both Burundi and Sierra Leone were well beyond the initial post-conflict phase
and already had development assistance frameworks in place, there was some difficulty in
74


distinguishing peacebuilding priorities from longer-term development priorities in the submissions
for funding, as well as more actors on the ground that had to be coordinated for disbursing PBF funds
(Author interviews; UN 2007a], This led to skepticism about the added value of PBF funds in these
countries and complaints about overlapping frameworks and activities (Author interviews; UN
2007a], Setting up the in-country steering committees for disbursement of PBF funds was
challenging and time-consuming, as these entities were newly created for this purpose in both
countries, causing criticism that they added an unnecessary additional layer of bureaucratization to
the disbursement process (Author interviews; UN 2007b],
The next chapters analyze the creation of the PBC through the multiple streams and
discursive institutionalist frameworks.
75


CHAPTER 5
POLICY PROCESS ANALYSIS USING THE MULTIPLE
STREAMS FRAMEWORK
In this chapter, the multiple streams framework is applied to the policy process of creating
the PBC, by outlining the major elements of the framework the problem, policy, and politics
streams, policy windows, and the roles of policy entrepreneurs (see Figure 5.1). Details of the major
historical developments in the creation of the PBC were presented in the case study of Chapter 4 and
are not repeated here. Rather, attention is focused on how well the various developments fit into the
elements of the framework. The primary data source for this analysis is the authors interviews with
policy actors between December 2010 and January 2012, which were extensively coded for the
elements of the multiple streams framework, using hyperResearch qualitative data analysis software.
Therefore, unless otherwise cited, the source information for the data presented in this chapter is the
authors interviews with policy actors.
Problem
Stream
Policy Stream
Politics Stream
>>>
>>>
>>>
Policy
Entrepreneurs
Policy
Windows
Policy
Outcome
FIGURE 5.1: THE MULTIPLE STREAMS FRAMEWORK
The Problem Stream
Problems in the multiple streams framework are issues or conditions that require attention
and that policy-makers and citizens want addressed (Kingdon 1984,1995; Zahariadis 2007). This
76


section presents the various problems noted by policy actors as being in need of solution in post-
conflict countries from the late 1990s when the first peacebuilding proposals were being formulated,
through the creation of the PBC in 2005.
Many of the problems identified as in need of remedy by the PBC and the preceding
peacebuilding proposals for a peacebuilding unit in DPA, the strategic recovery facility, and the
BCPR at UNDP were related to the poor or incomplete performance in peacekeeping operations
following their steep rise in number and complexity in the 1990s, after the end of the Cold War.
Peacekeeping operations were heavily focused on military aspects and security, but they lacked a
longer-term strategy and attention to the proper sequencing of activities in post-conflict countries.
The "Christmas tree missions, as described by one policy actor, were expected to do everything in
post-conflict countries, which was not feasible.
Disasters such as those in Somalia, Rwanda and Bosnia showed a need for better approaches
and institutional development within the UN, even though member-states were also to blame for
these failures given their lack of political will to undertake robust missions, and that they
insufficiently supported the large peacekeeping mandates they undertook in the 1990s. There was a
perceived need for a longer-term perspective and a more sustained commitment, given that in many
instances peacekeeping troops left and had to return again, such as in Liberia and Sierra Leone, or
they were repeatedly reformulated, such as in Haiti.
State failure and the lack of tools to deal with it in the UN were part of the problem that the
PBC was designed to solve, given that something more than peacekeeping was needed to return a
state to a semblance of stability. As one HLP member wryly described the situation before the PBC
was in place, there were only two options at that time, namely "either to stop war or give up on a
country. The HLP was specifically tasked with making recommendations for dealing better with
fragile and failed states, given the new threats these states posed even to distant, developed
countries, as demonstrated by the 9/11 terrorist attacks.
A related problem to the lack of international attention in post-conflict countries was that of
managing flows of displaced persons, both refugees who have crossed international borders, and
internally displaced persons [IDPs], who are in refugee-like situations, but displaced within the
77


boundaries of their own countries due to civil conflicts. Following the end of the Cold War, there was
an upsurge in civil conflicts, producing large refugee flows as well as IDP situations. The United
Nations High Commissioner for Refugees [UNHCR] has a mandate to assist refugees but not IDPs. It
faced difficulties repatriating refugees after conflicts given poor conditions in refugees home
countries, and had to engage in significant early recovery activities in these countries to support
large-scale repatriation operations. This type of activity was outside its usual range of activities as a
relief organization and caused it to draw criticism from the traditional development actors. It was
also frequently asked by the Secretary-General in the 1990s to assist IDPs outside its mandate, given
that it had emergency response capacity and already assisted refugees, whose needs were similar to
those of IDPs. However, the lack of a formal mandate and insufficient funding for its operations,
given that it was not supported by the regular UN budget but depended completely on contributions
from donor countries, put a great deal of stress on the agency and demonstrated the need for better
and more centralized international capacity to deal with problems in post-conflict countries.
Institutional gaps were also cited by policy actors as problems related to peacebuilding.
Within the UN Secretariat, there were gaps between the work of DPKO and DPA, which had once
been part of the same department, with no center of excellence, nor any dedicated staff to look at
peacebuilding challenges. DPA had a role in the prevention of conflicts, whereas DPKO deployed
troops and managed ceasefires. But the troops could not stay indefinitely, and a post-civil war
country could not manage on its own. As a result, there were calls for a peacebuilding unit in DPA
starting from Kofi Annans first reform effort [UN 1997], The Brahimi report [UN 2000b] and its
follow-up process had made many improvements in peacekeeping operations, but peacebuilding
functions were not the primary focus of these efforts. As such, peacebuilding activities were still not
being adequately covered by the time the HLP was formed at the end of 2003 and there was a large
institutional gap in managing the transition from war to peace. Thus more attention was necessary
on what to do with countries at the conclusion of wars.
Another problem related to the institutional gaps was the purported 50% rate of relapse into
conflict, a figure widely used by advocates for the PBC but based on a misunderstanding of research
by Collier et al. [2003], which was itself later discredited [see earlier discussion of the Collier
78


research in Chapter 4], The perceived problem of relapse into conflict was linked to a lack of capacity
for prevention in the UN system, given that the relapses might be prevented if better capacity were
present. As such, the HLP proposal included a preventive function for the PBC, which was
subsequently removed in the Secretary-Generals "In Larger Freedom report due to pressure from
developing countries wishing to block any new mechanism for intervention into their internal affairs.
This resistance to preventive functions had also complicated the implementation of the previously
proposed peacebuilding unit in DPA.
Another problem area underlying the PBC proposals was the lack of financing for
peacebuilding activities, or the gap between relief and development efforts in post-conflict countries.
This was an important ongoing discussion in the Brookings relief-to-development roundtables in the
late 1990s, leading to the proposal for the Strategic Recovery Facility proposal in 2000, and it
continued to fuel the later arguments for the PBC. Funding during crisis periods was arranged
through peacekeeping missions and ad hoc consolidated appeals among donor countries, but
pledging conferences took time, the funds were not always disbursed in the end, and post-conflict
countries had a limited capacity to receive and make use of the funding. Even with its shortcomings,
this funding tended to fall off when the crisis abated, and donors were not funding recurring needs in
post-conflict countries. As such, there was a gap in funding until formal development assistance
through the World Bank, UNDP, and major donor countries came through much later. Moreover, this
assistance was often dependent on the receiving government demonstrating a greater level of
capacity than is typically available in post-conflict countries.
Post-conflict countries were referred to by policy actors as "aid orphans, because they are
not on donor countries priority lists for development assistance. This gap in funding was
experienced by post-conflict countries when they were most vulnerable, needing assistance to move
out of the conflict-based economy and to boost their weak governing capacity after the conflict. In
addition to the loss of funding, these countries also lost the expertise of the international staff that
came with the peacekeeping and humanitarian missions, and the later development programs would
have to start fresh with new staff.
79


The Policy Stream
The policy stream in the multiple streams framework is a "soup of ideas that compete to
win acceptance in policy networks of bureaucrats, legislators, academics, and researchers
(Zahariadis 2007, 72], In this section, the policy ideas related to peacebuilding are traced, including
several that were antecedent to the PBC and were not adopted.
The "Agenda for Peace" Reports
Following the "Agenda for Peace report in 1992 (UN 1992b], in which peacebuilding was
first defined, and its Supplement in 1995 (UN 1995a], which pointed out the lack of UN capacity in
peacebuilding, there was an early effort within the UN Secretariat to outline what peacebuilding
entailed. An inter-agency task force was set up to identify tools for peacebuilding within the UN
system. The task force initially drew up a four-page, internal document, followed by a more
comprehensive document published in 1996 (UN 1996], listing all the activities that were thought to
constitute peacebuilding, without indicating who was to carry them out or how they would be
carried out. The lists were comprehensive, containing, according to one policy actor, "everything
anyone documented and put a UN name on and called it peacebuilding, but were not very helpful to
policy actors, either conceptually or operationally.
Through the 1990s, there were discussions within the UN system not only about what
peacebuilding was, but also how it should be funded. Discussions went back and forth about whether
the mandatory funds available for peacekeeping should be used for peacebuilding, or whether stand-
alone, voluntary funds should be used. There was much disagreement during this time about
whether peacebuilding was to be considered as development or as political activity, and thus
whether it should be undertaken by UNDP because of its development aspects, or DPA or DPKO
because of its political aspects. This tension between the development and political aspects of
peacebuilding would continue through the formation of the PBC a decade later.
80


Proposal for a Peacebuilding Unit in DPA
The idea of forming a small peacebuilding unit in DPA was under discussion for several years
but was never implemented (see details of these developments in Chapter 4], After DPA was
officially designated as the focal point for peacebuilding in the UN system in Kofi Annans 1997
reform document (UN 1997], a detailed proposal was drawn up by Margaret Anstee, an advisor to
DPA, in 1998 to form a small, dedicated peacebuilding unit of five staff members (Anstee 1998], In
the next four years, the unit was repeatedly refused funding by the General Assemblys budget
committee, in spite of getting pledges of outside funding from several major donors and agreement
from UNDP to temporarily transfer staff to start up the unit.
Some of the delay in establishing the unit, before the final General Assembly budget refusal
in 2002, was due to its linkage to the unpopular EISAS proposal in the Brahimi Report, which was to
be an early warning unit to accumulate knowledge about conflict situations and generate policy
analysis and strategy within the UN system about peace and security issues (UN 2000b], The EISAS,
and the peacebuilding unit along with it, was rejected by developing countries, which feared
interference in their internal affairs and a possible mechanism for justifying military interventions, a
phenomenon that would be consistently revisited in discussions about peacebuilding proposals.
The Strategic Recovery Facility Proposal
The SRF idea is the direct precursor idea to the PBC, as acknowledged by several important
policy actors interviewed who were involved with one or both proposals. It was discussed in 2000-
2001, mostly outside the UN, at the same time that developments with the DPA peacebuilding unit
were bogged down within the UN. Many of the SRFs proponents were skeptical at that time about
the viability of placing such a unit within the UN. The SRFs primary purpose was to serve as a
funding mechanism for countries after the relief period and before longer-term development
assistance became available, while the UN was known to be a poor source of development funding as
compared to the World Bank. Moreover, the SRF was to have a strong field orientation and active
participation by the countries assisted, which was also not a strength of the New-York based UN
81


agencies. The SRFs authors saw it as a viable, practical plan to secure reliable international funding
for post-conflict countries.
The SRF idea came out of a series of discussions in the late 1990s on the relief-to-
development gap, supported by the Brookings Institution. It was to be a neutral body housed outside
the UN, under the auspices of the World Bank, given the Banks pivotal role in international
development assistance and the growing recognition that something had to be done to support
countries that were out of conflict but not yet eligible for traditional development assistance. Several
key features of the proposed SRF were later taken forward to the PBC proposal, including its multi-
stakeholder composition, bringing together the key international and local actors involved in
peacebuilding activities, its field orientation and the active participation of the country being
assisted, its dedicated funding for analytical and preparatory tasks, and its standing trust fund for
rapid recovery activities and to provide a central locus for sustainable funding in post-conflict
countries (Forman, Patrick, and Salomons 2000; Forman and Patrick 2001a], Key differences
between the SRF proposal and the later PBC proposal were its location outside the UN with no link to
intergovernmental bodies such as the Security Council or the General Assembly, its stronger focus on
development assistance funding, and the integration of its planning, financing and operations
capacities.
Despite receiving over US$ 6 million in funding from the UK and Norway, the SRF idea was
never implemented, given disagreements between the donors over some of its details, and more
dramatically the sudden loss of interest by the World Bank when its main proponent, the Banks Vice-
President for External Affairs, Mark Malloch Brown, moved to UNDP and initiated plans for forming a
new Bureau for Crisis Prevention and Recovery [BCPR] there. This Bureau had many of the same
intents of the SRF, to cover the gap in early recovery that had been identified in the Brookings relief-
to-development discussions, but was located within the UNs main development agency, rather than
being set up as an independent agency as the SRF had been designed to be. However, the BCPR was
never able to take on the role of being a comprehensive international post-conflict unit, given
problems getting established as a cross-regional post-crisis unitin the development-oriented
environment of UNDP. By the time the HLP began its work at the end of 2003, UNDPs BCPR unit had
82


been in place for two years, but had not attracted much attention. Thus, it was not prominent in the
HLPs discussions when considering the need for a new international peacebuilding body.
The PBC Proposal in the HIP Report
The policy idea of forming the PBC was suggested by the research group supporting the HLP,
headed by Stephen Stedman as Research Director and Bruce Jones as Deputy Research Director.
Both were academics specialized in peace processes and conflict prevention (Stedman 1995,1997;
Stedman and Rothchild 1996; Stedman and Holloway 2002; Stedman, Rothchild, and Cousens 2002;
Jones 2001, 2002], so they were well versed in the problems associated with peace operations since
the end of the Cold War. There was a good deal of academic literature built up on peacebuilding and
statebuilding by that time (e.g. Tschirgi 1996, 2004; Doyle and Sambanis 2000; Cousens and Kumar
2001; Lederach 2002; Call 2004; Fukuyama 2004; Paris 2004], such that the work of the HLP
presented an opportunity to come up with a proposal for what one policy actor referred to as "the
right package of international assistance and support for peacebuilding at that time.
Jones was at the Center on International Cooperation [CIC] at New York University prior to
joining the HLP research staff, so was familiar with CICs proposal for the SRF that his colleagues had
worked on a few years earlier. He picked up this idea and took it into the HLP discussions as the PBC,
giving it a new name to avoid association with Mark Malloch Brown and the previous SRF idea.
However, in the post-9/11 and post-Iraq War global environment, where security rather than
development concerns had come to the forefront, Jones and others who had previously wanted the
facility outside the UN at the World Bank now argued that it would be more advantageous to house
such a facility inside the UN.
It is important to remember that the PBC was one among many ideas discussed on the HLP,
some of which were highly controversial and did not engender consensus, such as Security Council
Reform, rules for the use of force, and nuclear non-proliferation. Peacebuilding reform was
considerably less contentious, and there was good consensus on the Panel about the need to
recognize peacebuilding as a core UN activity. As such, discussion on the panel was more about what
measures would be needed to achieve it rather than whether or not it was necessary.
83


The PBC plan as outlined in the HLP report was a more streamlined version than was
eventually adopted. To several policy actors interviewed, this version was the last viable one before
the proposal underwent numerous cuts and compromises leading up to the PBCs creation. The PBC
in the HLP proposal was to consist only of those countries who were directly involved in
peacebuilding activities. The drafters of the proposal envisioned a small body of some 15 members,
but they did not specify a size in the HLP report, nor were they specific about how the
"representation of the different groups on the PBC would be defined (UN 2004a], The HLP did not
wish to focus on the specific institutional arrangements for the new PBC or any of their other
recommendations, as they implied that these details would be more appropriately decided later by
the member states themselves.
This lack of institutional detail in the HLP report proved to be a shortcoming in the
contentious negotiations between member states before and after the World Summit. In these
negotiations, "membership came to be distinguished from "participation on the PBC and the
number of formal members was repeatedly increased, while the method of participation of the non-
formal members was not specified. To some of the members of the HLP research team who moved to
the UN for the follow-up work leading up to the World Summit, these controversies and changes
showed that UN member states did not understand the intended purpose of the PBC. Nevertheless,
they were optimistic that the PBC would still be a useful body. They felt that it was important to get
it up and running even with a less optimal plan, and then see what it would do once it became
operational.
The PBC, as envisioned by the HLP, was to be a political body, the center of funding and
influence in peacebuilding activities. The Commission itself was not intended for the generation of
knowledge, which would be difficult for an inter-governmental body of member-states to do. This
would be the responsibility of the Peacebuilding Support Office [PBSO], Rather, the PBC would
generate resources for post-conflict countries on its agenda by galvanizing donor countries and
encouraging them to contribute bilateral funds, focusing their attention on these countries just when
it was beginning to fade in post-conflict situations. It was also to direct these resources to the right
places, through its strategizing and coordinating functions.
84


The PBC as outlined in the HLP report had clear preventive functions, largely through the
influence of panel member Gareth Evans, who while Australian Minister of Foreign Affairs had
written a book (Evans 1993] in which he defined peacebuilding as involving long-term prevention
strategies, anticipating conflict and crisis in the future and taking preventive measures to avoid it.
Peacebuilding in his view was both a pre-and post-conflict phenomenon, and the HLP version of the
PBC clearly reflected this viewpoint. However, the preventive function was quickly removed from
the PBC proposal in Kofi Annans "In Larger Freedom report, much to the disappointment of HLP
panel members and research staff.
The PBSO and PBF in the HLP Proposal
The PBSO, as envisioned by the HLP, was to be the right-hand team of the Secretary-General
for post-conflict countries, rather than leaving discussions to be fought out between the Secretariats
departments such as DPKO and DPA, as had been the case up until then. It was to be above these
departments that already have some operational peacebuilding duties, bringing them together for
strategic thinking about peacebuilding within the UN system. It was to have "the brightest and the
best staff, persons who were familiar with conditions on the ground, or at least in touch with people
on the ground in post-conflict countries, and who knew how to make good decisions about the
proper sequencing of activities in post-conflict countries.
These functions got watered down significantly when member states severely limited
funding to the PBSO, making it a very small office that was capable at the start of little more than
"conference servicing for the PBC, and effectively disallowing it from performing the higher-level
functions intended for it by the HLP. Member states did not want the Secretary-General to drive the
peacebuilding agenda. They ensured this by limiting the size and resources of the PBSO, right from
the outset in the founding documents. Once operational, the new office was then hampered by not
getting all the seconded staff from other agencies that had been promised in the founding
arrangements. Moreover, of the staff they did get, some were not highly qualified.
The Peacebuilding Fund [PBF], as foreseen by the HLP, was to be a microcosm, or small part,
of the global funds available for peacebuilding activities. The funds were to be used for catalytic
85


purposes in post-conflict countries, to fund gaps in key areas and ensure the proper sequencing of
peacebuilding activities. It was to be closely linked to the work of the PBC.
Lack of Competing Proposals on the HLP
Many of the HLP members and research staff interviewed confirmed that the PBC proposal
was the least controversial among the HLP proposals and the one that had the broadest support. As
such, there were no serious competing policy ideas to the PBC on the HLP for dealing with the
challenges of peacebuilding.
One variation that was discussed early on but quickly dismissed was to revamp the defunct
UN Trusteeship Council, one of the principal UN organs defined in the UN Charter (UN 1945], The
Trusteeship Council had been given the task of administering territories placed under the
Trusteeship System, which were to include existing mandated territories from the League of Nations
and territories detached from the defeated states of World War II (UN 1945, Wilde 2007], However,
the Trusteeship System was quickly repudiated as a form of colonial administration, such that few
countries ever came under its authority and the Council completely ceased to operate in 1994
following the independence of Palau, the last remaining trust territory (Wilde 2007],
Several of the HLP Panel members from developed countries were initially in favor of this
proposal, but given the Councils negative association with colonialism, the idea could not be
sustained in discussions among the HLP members and was rejected almost from the start. Ironically,
the PBC Organizational Committee since its inception has held its meetings in the unoccupied
Trusteeship Council chambers at the UN Headquarters in New York. ECOSOC, another of the original
UN bodies created in the Charter, was also rejected early as a possible home for peacebuilding
functions, due to its reputation as an ineffective and even moribund body.
Policy Changes in the 2005 Reform Process
Following the HLP report in 2004, the strategic planning team in the UN Secretariat went
through a process of deciding what to take forward from the Report to the Secretary-Generals own
package of proposals for reform. They used four criteria for selecting what they would advance -
86


intrinsic importance, political viability, appropriateness, and actionability. Many on this team were
veterans of previous policy debates, so they had a good sense of which of the HLP proposals had the
best chance of acceptance with the UN membership. According to policy actors close to this process,
the PBC proposal easily made it through this decision process.
The PBC proposal got its first and perhaps most significant "trimming in the transformation
of the HLP report into Secretary-Generals report "In Larger Freedom, (UN 2005b] with the removal
of nearly all its preventive functions. The HLP report had given the PBC a general mandate for
preventive action rather than only for post-conflict peacebuilding, along the lines of Gareth Evans
definition of peacebuilding (Evans 1993] as taking place both before and after conflict. However, this
aspect of the PBC proposal generated much resistance among developing countries, fearing that the
PBC would have a wide mandate for intervention into their internal affairs. As such, Kofi Annan and
his reform team opted to almost completely remove the preventive functions in the package they
presented to the UN membership, leaving only the option for countries to voluntarily seek the advice
of the Commission, or funding from the PBF, to strengthen their institutions for reducing conflict (UN
2005b],
Some policy actors criticized this decision to give up early on preventive functions without
submitting the full proposal to the UN membership for decision, seeing it as an act of "self-
censorship on the part of the Secretary-General. Several of the HLP members interviewed, who
were seasoned diplomats, reported that, even as they were developing this and other proposals in
their work on the Panel, they knew that many would not make it through the UN policy process.
They suspected that post-conflict activities would be prioritized given limited resources and
southern countries concerns, but nevertheless retained the preventive functions for the PBC, given
their conviction that these functions were of great importance for the PBC, as well as the general
focus on prevention they maintained throughout the HLP report (UN 2004a],
The PBC membership was expanded in "In Larger Freedom to include more development
actors and countries with recent peacebuilding experience, in order not to be, in the words of one
member of the policy team, "peacekeeping by another name. The team wanted a more inclusive set
of countries on the PBC in order to bring a broader set of institutional inputs to the new body. They
87


Full Text

PAGE 1

! ! ! "#$%#&'()*(+,!$-!,). &$)!"'&)(%!".)(%/0!1 ')2(")#!-23#$1-!$+*! ,).&$)!".)(%/! *(-%.'3-#!(+!24#!%3# $2(.+!.5!24#!'+(2#*! +$2(.+-! "#$%#&'()*(+,!%.11(-(.+ 67 )89:!1:;8> &?$?@!'>8A<;98B7!CD!18=E8F:>@!$>>!$;6C;@!GHIJ 1?$?@!/:;KCLM!'>8A<;98B7@!GHHG 1?-? @!%<>B;:N!18=E8F:>!'>8A<;98B7@!OPPQ ! ! $!BE<989!9L6K8BB8A<;98B7!CD!%CNC;:RC!*<>A<; 8>!S:;B8:N!DLND8NNK<>B! CD!BEB9!DC;!BE
PAGE 2

! ! ! OPGO! 67!)89:!1:;8> $NN!;8FEB9!;<9<;A
PAGE 3

! 2E89!BE<989!DC;!BE> E:9!6<<>!:SS;CA ! ! ! *C>:NR!UN8>F><; ! ! ! %E;89B8>!5<9B< ! ! ! ! ! ! $S;8N! OP @!OPGO *:B<

PAGE 4

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`9!BE<989?!!(!;<=CKK<>R!8B9! SL6N8=:B8C>? ! $SS;CA

PAGE 5

*#*(%$2(.+ ! (!R@![EC!S:99F!KF :!=C>9B:>B@!NCA8>F!9LSSC;B!BC!KR!:!KCRR! N<:;>8>F?! (!:N9C!RR<;DLN!EL96:>R@!a:=M!)8N<@!8>!ELK6N=CL;:F8>F!K<@!9LSSC;B8>F!K<@!:>R!F;:=8CL9N7!B:M8>F!C>!9C!KL=E!;<9SC>9 868N8B7!DC;!CL;!D:K8N7`9!=:;R![F!8>!BE:N!KC>BE9!CD!BE89!S;Cb<=B? 58>:NN7@!(!RR!$K:>8<@!DC;!:NN!BEB!=:;8>F!DC;!BE<8;!7CL>F<;!986N8>F9@!2:>7:!:>R!18=E:!BER! BC!:NN!CD!BE!DC;!S;CA8R8>F!NCA<99!:>R!6:N:>=!K7!N8D
PAGE 6

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`$NK<8R:!DC;!EC9B8>F! KRL=B8>F!BEB<;A8<[9? 1C9B!8KSC;B:>BN7@! (![CLNR!N8MM!:NN!CD!BE>:K!BE89!9BLR7@![EC! F<><;CL9N7!:F;<!8>B<;A8<[9 @ :>R!=:>R8RN7!9E:;:N!=<9!8>!BE:NN7@!(![CLNR!N8MM!BER!9B:DD!CD!BE8A<;98B7!CD!%CN C;:RC!-=ECCN!CD! "L6N8=!$DD:8;9 @! DC;!BER<;DLN!:>R!=E:NN<>F8>F!CSSC;BL>8B7!BC!<:;>!BE89!RR!DC;!F;:>B8>F!KR!;<9<:;=E!:9989B:>B9E8S! BE:B!F;<:BN7!D:=8N8B:B
PAGE 7

vii 2$&)#!.5!%.+2#+2! !!! 58FL;<9 X !!! 2:6N<9 X8 !!! $=;C>7K 9 X88 ! %4$"2#3 ! !!! G?! (+23.*'%2(.+ G 2E:>=< Q ,NC6:N!"L6N8=!"CN8=7 Z 2ER!,NC6:N!c2E;<:B9@!%E:NN<>F<9!:>R!%E:>F9 H ! !!! O?! )(2#3$2'3#!3#g(#] GG 2EF<9!BC!BEF GJ "CN8=7!*89=CL;9< GI ,NC6:N!"CN8=7!*89=CL;9<9 GH *89=CL;9R!"CN8=7!%E:>F< Oh *89=L;98A9B8BLB8C>:N89K OQ $SSN8=:B8C>9!CD!*89=L;98A9B8BLB8C> :N89K OJ 3<9<:;=E!";CSC98B8C>9 OI ! !!! h?! 3#-#$3%4!*#-(,+ OH fL:N8B:B8AB<;S;:N7989 hP %:9F hO .S<;:B8C>:N8^8>F!BEA<9 B8F:B8>F!BEF!"CN8=7!*89=CL;9< hH 3R!g:N8R8B7 QP ! !!! Q?!%$-#!-2'*/!.5!24#!%3#$2(.+!.5!24#!"&% QO !!!!!!!!!!!!!! #>R!CD!BEF!8>!BER:!DC;!"<:=F!'>8B!8>!BE!2E;<:B9@!%E:NN<>F<9!:>R!%E:>F< ZP !!!!!!!!!!!!!! 2E!):;F<;!5;<R8>F!3<9CNLB8C>9 JJ !!!!!!!!!!!!!! #:;N7!"&%!.S<;:B8C>9 JH !!!!!!!!!!!!!! 2EF!-LSSC;B!.DD8=< eG !!!!!!!!!!!!!! 2EB;7 Y -S<=8D8=!%C>D8FL;:B8C>9 eO !!!!!!!!!!!!!! 2EF!5L>R eh !

PAGE 8

viii !!! Z?!".)(%/!"3.%#--!$+$)/-(-!'-(+,!24#! 1')2(")#!-23#$1-!53$ 1#].3U eJ !!!!!!!!!!!!!! 2ER:!DC;!"<:=F!'>8B!8>!*"$ IG !!!!!!!!!!!!!!!!!!!! 2E!BER!"&5!8>!BEF!";CSC9:N9! C>!BEF<9!8>!BER!BER8>F!3<9CNLB8C>9 II !!!!!!!!!!!!!!!!!!!! "CN8=7!*B9!BE;CLFE!#:;N7!(KSNB:B8C> HP !!!!!!!!!!!!!!!!!!!! "CN8=7!(>>C A:B8C>9!CD!BE=B8A=B8C>9 HQ !!!!!!!!!!!!!!!!!!!! 2ER!BE!CD!*B HI !!!!!!!!!!!!!!!!!!!! 2ER!BE HH !!!!!!!!!!!!!!!!!!!! 2E=8N!3B!CD!BE<;:N GGP !!!!!!!!!!!!!!!!!!!! .SB8K89K!CD!BER<;9 GGG !!!!!!!!!!!!! "CN8=7!]8>RC[9 GGG !!!!!!!!!!!!! "CN8=7!#>B;R!*89=L998C> GOO !!! J?!*(-%.'3-#!$+$)/-(-!'-(+,! *(-%'3-(g#!(+-2(2'2( .+$)(-1 GhO !!!!!! !!!!!!!! 2E;<8B8AR!+C;K:B8A:B8AF!"CN8=7!$=BC;9 GZG !!!! !!!!!!!!!!!!!!!! 2EF!'>8B GZG !!!!!!!!!!!!!!!!!!!! 2E!BE9! :DB<;!BEF!LS!BE8=:B8A9B8BLB8C>:N!%C>BF!*89=CL;9< GeG !!!!!!!!!!!!!! -LKK:;7!:>R!*89=L998C> GeQ !

PAGE 9

ix !!! e?! %.+%)'-(.+! GIh ! !!!!!!!!!!!!! #:;N7!"<;DC;K:>=R!"CN8=7!5C;KLN:B8C> GIh !!!!!!!!!!!!!! 2E9B8BLB8C>:N89K GII !!!!!!!!!!!!!! )8K8B:B8C>9!CD!BEF!BE9 GHJ !!!!!!!!!!!!!!! !!!!! 3<9LNB!DC;!";CSC98B8C>!G GHH !!!!!!!!!!!!!!!!!!!! 3<9LNB!DC;!";CSC98B8C>!O OPO !!!!!!!!!!!!!! 5LBL;9 OPQ ! $""#+*(i ! !!! $?!1!2E;<:B9@!%E:NN<>F<9!:>R!%E:>F< OPe !!! &?!'> 8B9!.;F:>8^:B8C>:N!%E:;B OPI !!! %?!)R:B8C> OPH !!! *?!-:KSNB;CRL=B8C>!)B!BC!":;B8=8S:>B9 OGG !!! 5?!-:KSN!)89B9 OGO !!! ?!(>B<;A8<[!3<=C;R!:>R!27SB!DC;!3<9SC>R<>B9 OGQ !!! 4 ?!%CR:N7989!8>!E7S<;3<9<:;=E OGJ !!! ( ?! -:KSNB<;A8<[!+CB<9 OGI !!! a?!28K!CD!BE
PAGE 10

x )(-2!.5!5(,'3#! ! O?G?! 24#!1')2(")#!-23#$ 1-!53$1#].3U Gh ! O?O?! *(-%'3-(g#!(+-2(2'2( .+$)(-1 OZ Z?G?! 24#!1')2(")#!-23#$1! 53$1#].3U eJ Z?O?! 1')2(")#!-23#$1-!5.3 24#!"&% GOh J?G?!*(-%'3-(g#!(+-2(2'2(.+$)(-1 Ghh e?G?! .g#3)$/!.5!1')2(")#! -23#$1! $+*!*(-%'3-(g#!(+-2( 2'2(.+$)(-1 ! GIH ! ! ! ! ! ! ! ! ! ! ! !

PAGE 11

xi )(-2!.5!2$&)#! h?G?!U<7!'+!RC=LK<>B9!;!CD!BEB!CD!;<9SC>R<>B9 hZ h?h?!%L;;<>B!NC=:B8C>!CD!;<9SC>R<>B9 hZ h?Q?!+LK6<;!:>R!KB<;A8<[9 hZ Q?G?!18^: B8C>:N!%CKK8BB<:N!R89=CL;9B<;:=B8A
PAGE 12

xii )(-2!.5!$%3.+/1! ! $=;C>7K 5LNN!+:K< $%$&f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ee ,;CLS!CD!ee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

PAGE 13

xiii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

PAGE 14

1 %4$"2#3!G ! (+23.*'%2(.+ ! ,NC6:N!SL6N8=!SCN8=7!89!L>TL<9B8C>:6N7!:>!8KSC;B:>B!6LB!;R!L>RR<;:>==;<:98>FN7!R!6<7C>R!BE:B8C> Y 9B:B<9!:>R![CLNR!9<:BB<;>:B8C>:N!=NLRFR!<>A8;C>K<>B:N!R@!9C=8:N! :>R!E<:NBE!899L<9!9L=E!:9!DC CR@![:B<;!:>R!DL!:>R!S:>R9!CD!K:99!R<9B;L=B8C>@!C;F:>8^R!=C>DN8=B9!6!:>R! [8BE8>!9B:B<9@!:>R!KC;BN7@!FNC6:N!<=C>CK8=!:>R!D8>:>=8:N!=;89<9!V'+!OPPQ:j! *<899!OPGGj!2E:ML;! OPGGj!'+!OPGGW?!!$!FNC6:N8^!E:9!6<<>!;<=CF>8^R!^!:>R!-B7!BER!D;:K<[C;M9!E:A! R!BE!BE:B8C>:N!:>R!9L6 Y >:B8C>:N!:;<>:9!V&:LKF:;B><;! :>R!aC><9!GHHhj!U8>FRC>!GHIQ@!GHHZj!-:6:B8<;!:>R!a<>M8>9 Y -K8BE!GHHhj!-:6:B8<;!GHHH@!OPPeW?! 4C[R!D;:K<[C;M9![8R!BE:!BC!!:>R!ECSF!:B!BE89!NB<;>:B8C>:N!;9! 9=ECN:;9!E:AB!L9!FNC6:N!SCN8=7!S;C=<99<9!:>R! FCA<;>:>=R!]<899!OPPHj!k:E:;8:R89!OPPhW? 2EB!BE<989!E:9!K:R!8>;C:R!C>!BE89!<>R<:AC;!CD!:SSN78>F!SCN8=7!BEF?!(B!:SSN8<>B!SL6N8=!SCN8=7!D;:K<[C;M! Y KLNB8SNFRC>! GHIQ@!GHHZj!k:E:;8:R89!GHHH@!OPPh@!OPPeW@!KC;! BEB@!8KSC;B:>B!FNC6:N!SCN8=7!B!8>!BER!9<=L;8B7!:;<>:@!>:K!8>!OPPZ!CD!BE8B9!"<:=<6L8NR8>F!%CKK8998C>!V"&%W?!!(>!=C>bL>=B8C>![8BE!BE89! :>:N7989@!BE!:N9C!F@!BC! R!SCN8=7!=E:>F<@!:>R![EE:>=:BC;7!SC[<;!CD!BE!*;7^<>B! R =8>F!B;:>9>:B8C>:N!C;!FNC6:N!SCN8=7!

PAGE 15

2 R89=CL;9<9@!F8A<>!BE:B!E=8S:N@!:>R!=L;;<>BN7!KC9B!D<:986N<@!K<:>9!CD! F!:>R!S;CKCB8>F!RB;86LB<9!BC!:!69!CD!L>R<;9B:>R8>F!FNC6:N!SCN8=7!S;C=<99<9!:>R! R89=CL;9<9@!:>R!=:>!EF!BC!:RR;<99!BELK<;CL9!FNC6:N!SCN8=7! =E:NN<>F<9!D:=8>F!BE!=C>B;86LB<9!BC!BER8>F!BE:N7989!CD!BER!BEA<>B8C>:N!>:B8C>:N! :>R!9L6 Y >:B8C>:N!SCN8=7!:;<>:9!BC!BE:!BC!RR!SC9986N7!8>=;<:9<99?!2E< BE<989!:N9C!K:M<9!:>!8KSC;B:>B!=C>B;86LB8C>!BC!BEB<;>:B8C>:N!;9!D8F!:!SCN8=7!S<;9S<=B8AR!L98>F!SCN8=7!BEF!:B!BEF!SCN8=7!BE@!:>R!8>!BL;> E7!CD!BEB@!S;<998>F!FNC6:N!SL6N8=!S;C6N!=C>B;86LB<9! BC!BEB:B8A<@!8>B<;S;R!c8R<:B8C>:Nd!S<;9S<=B8A!SCN8=7!9=8<>=<9!:>R!SCN8B8=:N! 9=8<>=R!OPPHj!&R!:>R!%CX!OPGGj!589=E<;! :>R!5C;<9B<;!GHHhj!4:b<;!:>R!]:F<>::;!OPPhj!589=E<;!OPPhW!67!8>A<9B8F:B8>F!:>!8KSC;B:>B!SCN8=7! R89=CL;9R!8B9!!SCN8=7!=E:>F7!S;!BE!V%E<9B<;K:>!OPPZ@!OPPJj!,L8=E<;R!OPPZj! "C>^8C!OPPZ@!OPPej!-=E><=M<><;!:>R!]<8>N8=E!OPPZj!%LB8NNC!OPPJj!("(!OPPJj!&<;R:N!OPPIj!%(%!:>R!("(! OPPIj!-=CBB!OPPIW@!>C>R!>C>R!B?!!2E89!BE<989!BE<;8D8=:>B! ><[!=C>B;86LB8C>!BC!BE!BE!CD!BER<;9B:>R!BEB!BC!BA8;C>K<>B!8>![E8=E!8B!B:M<9!SN:=<@!>:K?!-BC>BB<;>:B8C>:N!:;<>:!:9!:!cFNC6:N!:FC;:@d!:!99>:B8C>:N!SL6N8=! 9S:=<9![E<;C[!K:RR!BE:B8C>:N!8>9B8BLB8C>9!:>R! 9B;L=BL;<9@![8BE!BEACNAB!CD!>C> Y 9B:B=NLR8>F!8>B<;>:B8C>:N!C;F:>8^:B8C>9@!=8A8N!

PAGE 16

3 9C=88^:B8C>9@!:>R!S;8A:B8^:B8C>9!:>R!:=BC;9!:;;:7!SCN8=7!>R!SCN8B8=:N@!6LB!:;CB!B<;;8BC;8:N? +:>^!:>R!-B9>:B8C>:N!SL6N8=!9SE<;F!=;<:BF!:>!8KSC;B:>B!;CN!8>B<;D:=8>F!6! 8>B<;>:B8C>:N!C;F:>8^:B8C>9!:>R!FNC6:N!=8B8^<>9?!!*;7^F!8>=;<:98>FN7!RF!:! N<:R8>F!;CN!8>8B8:B8>F!:>R!9L9B:8>8>F!BE9B8BLB8C>:N! cE:;R[:;!BEB<;>:B8C>:N!979BCB![R!:;9B8BLB9B8BLB8C>:N!c9CDB[:;B<;>:B8C>:N!979BB!6<=:L9R!BE<7!:;:6N!V*;7^!BCR:7!:9!C>C!NC>F<;!:N!979B!9B:B<9!:>R!8>B<;9B: B9?!2E89!BE;<< Y =<>BL;7 Y CNR! 979BC[!!:!6;C:R<;!B;:>9>:B8C>:N!:;<>:!BE:B!89!6<=CK8>F! 8>=;<:98>FN7!8>9B8BLB8C>:N8^R!=C>=<;>!CD!FNC6:N!SL6N8=!FCCR9?!!"L6N8=! FCCR9!E:A!RC> Y ;8A:N;7!8>!=C>9LKSB8C>!:>R!>C> Y R!g8>8>F!OPPQj!U:LN@!,;L>6<;F@!:>R!-B<;>!GHHHW@!K<:>8>F! BE:B!BE<7!=:>!69LK7![8BECLB!6<=CK8>F!RR!BE:B!>C!C>!69LKSB8C>!V]<8K<;!:>R!g8>8>F!OPPQW?!!&7!98C>@!FNC6:N!SL6N8=!FCCR9!E:A!RFN7!L>8A<;9:Nd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

PAGE 17

4 ,NC6:N!,CA<;>:>=< 2E8B9!V'+W![:9!<9B:6N89E!GHQZ!67!BE:B8C>9!CD!]C;NR!]:;!((! cB C!9:AF!F<><;:B8C>9!D;CK!BE=NLRB!CD!R8 9SLB<9!:>R!KC68N8^8>F!BEB<;>:B8C>:N!=CKKL>8B7!:F:8>9B!:=B9! CD!:FF;<998C>@!BE!CD!ELK:>!;8FEB9@!<9B:6N89E8>F!;<9S<=B!DC;!8>B<;>:B8C>:N!N:[!:>R!B;<:B8<9@! :>R![C;M8>F!DC;!9C=8:N!S;CF;<99!V'+!GHQZj!%CCS<;!GHHZj!1:9=8!OPPQj!U8;MS:B;8=M!OPPeW?!!!2E 9@!BEB![:;!BE;CLFE!:>! 8>B<;>:B8C>:N!DC;LKj!BE!GHGH!:DB<;!BER<;B<; Y [:;!=C>DN8=B!:>R [:9 N:;F=B![8BE!BE! GHhH!V1:9=8!OPPQW?!!]E8N8B9!E:9!6<<>!:>R!=C>B8>L<9!BC!6=9B!BE<9R!8B9!>LK<;CL9!:F<>=8<9@!DL>R9@!:>R! S;CF;:K9!;!BE B;:N!C;F:>8^:B8C>9!CD!FNC6:N!FCA<;>:>=R!FNC6:N!SCN8=7 Y K:M8>F!BCR:7! VU<>>R!*:[9!OPPej!2E:ML;!OPGGW? ]<899!:>R!*:[9!VOPPeW!R<9=;86:>=7BE8>F!6K<>B@!:=B8>F!:9!: 9L;;CF:B9>:B8C>:N!:LBEC;8B7!:>R! <>DC;=B!:B!BEN8M:>=:B8C>:N!N=NLR<9!cFCA<;>K<>B! SNL9!:RR8B8C>:N!>C> Y FCA<;>K<>B:N!K<=E:>89K9!BE:B!=C>B;86LBR!S;! S;C6NF@d!V] <899!:>R!*:[9!OPPe@!GPW!FNC6:N!FCA<;>:>=ACNA<9!cBEC>FCA<;>K<>B:N!K<=E:>89K9!6LB!K8>L9!:>!8>SLB!D;CK!:!=<>B;:N!:LBEC;8B7dV]8<99!:>R!*:[9!OPPe:@! GPW?!!2E!C>!,NC6:N!,CA<;>:>=:>=7![:79!8>R8A8 RL:N9!:>R!8>9B8BLB8C>9@!SL6N8=!:>R!S;8A:B<@!K:>:F! :DD:8;9?!(B!89!:!=C>B8>L8>F!S;C=<99!BE;CLFE![E8=E!=C>DN8=B8>F!C;!R8A<;9B<;<9B9!K:7!6R!=C Y CS<;:B8A!B:M<>?!(B!8>=NLR<9!DC;K:N!8>9B8BLB8C>9!:>R!;DC;==<@!:9![DC;K:N!:;;:>FB9!BE:B!SR! 8>9B8BLB8C>9!<8BE<;!E:A!BE<8;!8>B<;<9B!V%CKK8998C>!C>!,NC6:N! ,CA<;>:>==:>=!K:>7!B7S<9!CD!8>B<;:=B8C> :>R!=CCS<;:B8C>! :B!BE=B;:N!:LBEC;8B7!V]<899!:>R!*:[9!OPPeW?!]E8NCB! E:A8>F!:!KC>CSCN7!C>!FNC6:N!FCA<;>:>=<@!BE8A<;9:N!KBN7!GHh! =CL>B;8<9W!:>R!ELFF!:RA:>B:F<9!CD!NR!8>=NL98A<><99j!

PAGE 18

5 BEL9@!8B!89!B8>LF!;CN!FNC6:N!FCA<;>:>=R! *:[9!OPPej!*<899!OPGGj!):K7!OPGGj!2E:ML;!OPGGW?!! ! ,NC6:N!"L6N8=!"CN8=7 $NBECLFE!BE!E:9!6<<>!8R<>B8D8R!R<9=;86R!FNC6:N! FCA<;>:>=!:!=CKKC>N7!L9=!BEB<;>:B8C>:N!;9!N8B<;:BL;DC;K:N!R<=898C> Y K:M8>F!S;C=<99<9!BE:B!B:MR!S:;B><;9E8S9!6! FCA<;>K< >B:N@!8>B<;FCA<;>K<>B:N@!>C> Y FCA<;>K<>B:N@!:>R!S;8A:B8^:B8C>9!V-BC>8=MR!8>A<9B8F:BB!78=M! OPPej!-BC>8=M!<:;N7!AC8=F!FNC6:N!SL6N8=!SCN8=7!:9!:!><[!D8!=;<:B@!6!:N!9CA<;<8F>B7!C;!8>B<; Y 9B:B9!:> R!8>B<;>:N!9CA<;<8F>B7!C;!BE!E:R! R<=CLSNCK8=!:=B8A8B8<9!D;CK!BER!:LBEC;8B7!CD!BE:B8C> Y 9B:B<@!9L=E!BE:B!><8BE<;!B;:R8B8C>:N!8>B<;>:B8C>:N!;9!:SS;C:=E< 9!>C;!B;:R8B8C>:N!SCN8=7! 9BLR8<9!=CLNR!:RR;<99!FNC6:N!SL6N8=!S;C6N8=M!VOPPeW!:B8C>:N!:>R!9LS;:>:B8C>:N!N!BEB@!:>R!K:RLK<;CL9!;<=CKK <>R:B8C>9!DC;!8KS;CA8>F!FNC6:N!FCA<;>:>=!;=NLR8>F!;F!R8A898C>!:>R!;8A:N;7!:KC>F9B!BELK<;CL9!8>B<;>:B8C>:N! 8>9B8BLB8C>:N!:=BC;9!BE;CLFE!8>B<; Y C;F:>8^:B8C>:N!=CCS<;:B8C>!:>R!R8:NCFL<@!:>R!9B;<>FBE<>8>F!BE!9C=8:N!:>R!<=C>CK8=!SCN8=7 Y K:M8>F? -BC>B8D8ACNA8>F!=;C99 Y 6C;R<;!KCAB@!9L=E!:9!KC><7!N:L>R<;8>F@!SCNNLB8C>@!:>R!R;LF!B;:DD8=M8>Fj!VOW! 0(//(%!,#(,.#"+!,#('-./& 9L=E! :9!BEC9F!BC!BE9@!$>B:;=B8=:@!:>R!BER! VhW! &1/)-"$%.()&!,#('-./& BE:B!KLNB8SN:B8C>9!D:=<@!9L=E!:9!BEC9!BE8^:B8C>@!:>R!SCSLN:B8C>!F;C[BE?!!2E<9CB!698A< C;!KLBL:NN7! F<9!CD!S<:=<6L8NR8>F!=CLNR!6F!6CBE!

PAGE 19

6 98KLNB:>R!=;C99 Y 6C;R<;@!S:;B8=LN:;N7!8>!BEB!S<;8CR![E<>!=C>R8B8C>9!8>!SC9B Y =C>DN8=B! =CL>B;8<9!:;R<;9BCCR!BC!SC9 CB!C>N7!BC!BER!9<=L;8B7!CD!BE<8;! ><8FE6C;9@!6LB!:N9C!CD!S!=CL>B;8<9!D:;!;DN8=B!V'+! OPPQ:W?!!$!S;CK8><>B!!$DFE:>89B:>! DCNNC[8>F!BE=NL98C>!CD!BE!=8A8N![:;!8>!GHHJ@![E8=E![:9!:6N8^F! H\GG!:BB:=M9!C>!BEB<;!:>R!BEB:FC>!8>!OPPG? -BC>98R<;8>F!FNC6:N!S;C6NF!BE;CLFE!:!SL6N8=!SCN8=7!N<>9!:>R! :SSN78>F!9CK!BE:!BC!BE?!!-E9! BE89!S;C=<99!67!:SSN78>F!BE:N!c9B:F<9!EF!BE;CLFE!BE>8>F![8BE!S ;C6N8B8C>!:>R!:F<>R: Y 9F!:>R!<>R8>F![8BE!KC>8BC;8>F!:>R!!V&;<[<;!:>R!R<)!GHIhj!R<)!GHII@!GHHHW?!! -ER9!F;<:B<;!SNL;:N8^:B8C>!CD!:=BC;9@!KC;B<9B:B8C>!:KC>F9B!:LBEC;8B7!9B;L=BL;<9@!:>R!KC;B:B8C>@!R89C;R <;@!:>R!L>S;!BE:B8C>:N!NR!]<899!VOPPHW!9LFF<9B!FNC6:N!FCA<;>:>=F!:>!CLBN8>8B9!SCN8=7@d![E8=E!FC<9!6<7C>R! 98KSN7!S;CKCB8>F!FNC6:N!>C;K9?!!2E<7!>CBF@!F8A<>!8B9!L>8A<;9:N!KR9!8B!:!E8FE!N!R<=898C> Y K:M8>F?!! 2E< SCN8=7 Y K:M<;9![8BE8>!BE=8S:N!C;F:>9! BE=8N!:>R!BE<;:N!$99!BE9!:>R!:=B8C>9![8BE!;R!; B:B8C>!;<9B9!S;8K:;8N7!C>!BER!]<899!VOPPHW!<>=CL;:FR!DL;BE<;!8>A<9B8F:BF!8>!BE!B:M<9!LS!BE9 CD!-BC>R!2E:ML;!:>R!]<899!VOPPHW!BC! DL;BE<;!RR!BE!BE89!=:9FRC>`9! KLNB8SNR!BE9B8BLB8C>:N89B!D;:K<[C;M@!BC!8>A<9B8F:B! !CD!BE!OPPZ?!2E<9!BE
PAGE 20

7 2ER!,NC6:N!c2E;<:B9@!%E:NN<>F<9!:>R!%E:>F8B8:NN7!=C>=<8A!2E;<:B9@!%E:NN<>F<9@! :>R! %E:>F<@!:>!8>RR<>B!S:>B<;:N!UCD8!$>>:>!8>! -B8D7!BE;<:B9!:>R!=E:NN<>F<9!BC!8>B<;>:B8C>:N!S<:=R! 9<=L;8B7@!BC!!=:>!:RR;<99!BE<9 F<9@!:>R!BC!;<=CKK<>R!=E:>F<9! 8>!BE8B9!C;F:>8^:B8C>!BC!<>9L;!V9<R8X!$!DC;!:!N89B!CD! BE>:>!OPPhW?!2E!;<9SC>998R<;:6NBC![E8=E!BE8B9! [:9!BE;C[>!:DB<;!BE=8N![:9!L>:6N9<>9L9! C>!9B;:B!(;:T@![E<>!BER!'U!BCCM!L>8N:B<;:N!:=B8C>!BC!8>A:RB;7!8>!1:;=E!OPPh@! :>R!:DB<;!BE!BER!8>!&:FER:R!8>!$LFL9B!OPPh![E8=E!;<9LNB!BE=NLR8>F!BE8B9!-S<=8:N!3B:B8A!(;:T@!-<;F8C!g8<8;:! RB9!DC;=8^:B8C>!BC!R8;<=B!8B9!:BB<>B8C>!BC![E:B!8B9!S;CS<;! ;CN!SC9B Y =C>DN8=B!=CL>B;8<9?! ! 2E!*<=!BE8B9!RL;8>F!'+!-<=;<;:N!UCD8!$>>:>`9!B<>L;<@!8>!GHHe!V' +!GHHeW!:>R!OPPO!V'+! OPPOW@!:9![98A<@!=;8B8=:N!;!'+!S<:=9!8>!OPPP@!=CKKC>N7! ;=8S:N!8>A<9B8F:BC;!V'+!OPPP6W?!!2E<[!N<:R<;9E8S!:>R!K:>:FB!9B;L =BL;8B9!-<=;9CN8R:B8C>! CD!'+!CS<;:B8C>9!:B!BEB;7!NR!=E:>F<9!8>!BE!;<9CL;=<9!SCN8=8<9!V'+!GHHeW?!!2E!KC;B<;>:N!CA<;98FEB!:>R!:==CL>B:68N8B7? 5CNNC[8>F! ;!'+!S<:=F!!&C9>8:!:>R!3[:>R:!8>!BER!,;8DD<>!OPPQj!1:9=8!OPPQW@!'+!-<=;<;:N!$>>:>!8>!1:;=E! OPPP!C;R<;!98AA<9B8F:B8C>!8>BC!BEF!CS<;:B8C>9 [<;R:B9B;L=BR!K:>:FF!;!$LFL9B!CD!BE!:RA:>=>8LK!-LKK8B@!DC=L9!BE9B8BLB8C>:N!=:S:=8B7!CD!BEF! 8>9B8BLB8C>9!V'+!OPPP6j!&R!,; 8DD<>!OPPQW?!!$KC>F!BER:B8C>9!

PAGE 21

8 [:9!BC!=NC9!:K68B8CL9!K:>R:B<9!:>R!8>9LDD8=8<>B!;<9CL;=9@!<8BE<;!67! ;F!BE9!C;!S;CA8R8>F!N:;FR!=:S:6NR8B9![CLNR!=C>=<;>!BEF!N86<;:N@!R!BE!SC9B Y =C>DN8=B!=CL>B;8<9@![8BE! 9L69B:>B8:N!>C> Y K8N8B:;7!=CKSC><>B9!BC!:=E8R!V '+!OPP6j! &< NN:K7@!]8NN8:K9@!:>R!,;8DD<>! OPPQW? ! 2E!OPPQ!S;<9<>B<[!A898C>!CD!=CNN<=B8A8^F!SE<>CK<>C>!CD!8>B<;=C>><=B<99@!6CBE!CD!BER!=E:NN<>F<9!BC!8>B<;>:B8C>:N! S<:=R!9<=L;8B7@!:>R!CD!BE!;:S8R!FNC6:N8^:B8C>!V'+!OPPQ:W?!2ER!=E:NN<>F<9!L>R<;!98X!=NL9B<;90!VGW![:;!6!9B:B<9j!VOW!A8CN<>=! 9B:B<9@!8>=NLR8>F!=8A8N![:;9@!N:;F< Y 9=:N!;8FEB9!:6L9<9!:>R!F<>C=8RD <=B8CL9! R89<:9R!<>A8;C>K<>B:N!Rj!VQW![<:SC>9!CD!K:99!R<9B;L=B8C>@!8>=NLR8>F!>L=N<:;@! ;:R8CNCF8=:N@!=ER!68CNCF8=:N![<:SC>9j!VZW!B<;;C;89Kj!:>R!VJW!B;:>9>:B8C>:N!C;F:>8^<[!8>B<;=C>><=B<99@!BE!CD!-B:B7[E<;!BE9!BE!CD!9B!B;:>9>:B8C>:N!BE;<:B9!9L=E!:9! B<;;C;89K!:>R!C;F:>8^!:99<;B8C>!CD!BE:BL;F!BER:B8C>9!BC!R<:N![8BE!BE<9R!=E:NN<>F<9![:9!BE!CD!BE<[!8>9B8BLB8C>![:9!<>A898C>B:B8A<9!D;CK!BE=8N@!BECK8=!:> R!-C=8:N!%CL>=8N!V#%.-.%W@!RC>C;!=CL>B;8<9@!:>R!>:B8C>:N! :LBEC;8B8<9@!:>R!BC![C;M!=NC9:N!C;F:>8^:B8C>9!:>R!BEB<;>:B8C>:N!D8>:>=8:N! 8>9B8BLB8C>9?!(B![:9!8>B<>R!BEB;8<9!:DB<;!=C>DN8=B@!BC!S; B! :!;!BC!A8CN<>=R!EB;8<9!B;:>98B8C>!BC!S<:=R!9B:6NC!NC>F<;! BE;<:B<>!;:N!C;![C;NR!C;R<;?!!5CNNC[8>F!C>!S<:=F!R8=:BRR!SC9B Y =C>DN8=B S<:=<6L8NR8>F!BE;CLFE!BE=NLR!:>R!R89:;K:K<>B@!;!:>R!;<8>B!CD!=CK6:B:>B9@!;<=C>9B;L=B8C>@! 6L8NR8>F!9B:B9B8BLB8C>9!:>R!=:S:=8B7@!:>R!9LSSC;B8>F!NB?!!"<:=<6L8NR8>F@!BER=B8C>!CD!BE8B9!V'+!OPPQ:W?

PAGE 22

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aL>R!BCCM!BEB;8<9!L>R<;!8B9!:F<>R:@!&L;L>R8!:>R!-8<;;:!)9 2EF!=<>B;: N!;<9<:;=E!TL<9B8C>9!:;A<9B8F:B!BE89!9BLR70 VGW!*C<9!SL6N8=!SCN8=7!S;C=<99!BER!BE!S:;B8=LN:;@!E!SCN8=7!=E:>F![E8=E!BE!R<9=;86F!:! F;<: B<;!SNL;:N8^:B8C>!CD!:=BC;9@!KC;B<9B:B8C>!:KC>F9B!:LBEC;8B7!9B;L=BL;<9@!:>R!KC;B:B8C>@!R89C;R<;!:>R!N:=M!CD!S;!:B!BE:B8C>:N!N!L>R<;9B:>R8>F!CD!BER8>F :!FNC6:N!SCN8=7!=E:>F!SCN8=7!=E:>F! BE:K8=!CD!BER!SCN8B8=9l ! 2E!CD!BE< "&%!:9!:>!8KSC;B:>B@!;<=<>B!=:9F@!BC!B<9B!BER!R89=L;98A9B8BLB8C>:N89B!D;:K<[C;M9!:B!BE89!N
PAGE 23

10 :>:N7989?!!(>!BE!KLNB8SNR!R89= L;98A9B8BLB8C>:N98K!89!;!%E:SB<;!h@!BE!%E:SB<;!Q@!:! R!CD!BEB!S;!DC;!BE:N79<9!CD!BEF!BE!%E:S B<;!Z!:>R!BE9B8BLB8C>:N89B!D;:K<[C;M!8>! %E:SB<;!J?!!%E:SB<;!e!S;<9<>B9!BE=NL98C>9!CD!BE
PAGE 24

11 %4$"2#3!O )(2#3$2'3#!3#g(#] ! (>!BE89!9<=B8C>@!BE<>B!BC!BE89!9BLR7!89!;F![8BE!BER!EC[!8B!E:9!6<<>!L9R!=E:NN<>FB!SCN8=7!R89=CL;9<;:NN7@!FNC6:N!SCN8=7!R89=CL;9<9@!:>R!R89=L;98A9B8BLB8C>:N89K?!!2E=NLR<9![8BE!BE9!DC;!BE 89!BE<989?! ! 2E!8>!%CE<>@!1:;=E!:>R!.N9<>`9!VGHeOW!cF:;6:Fd!BE8^:B8C>@!DC;KLN:B!R<=898C> Y K:M8>F!8>!L>8A<;98B8<9@![E8=E![<;8^:B8C> :N!:>:;=E8<9d![E<;B?!!.;F:>8^:;=E8<9@!BE=<9@!L>=N<:;!B<;K8>CNCF7@! :>R!DNL8R!S:;B8=8S:B8C>!V%CE<>@!1:;9E@!:>R!.N9<>!GHeOW?!!";C6N=<9!:;!;R!FC:N9?!!'>=N<:;!B<=E>CNCF7!89![E<>!C;F:>8^:B8C>:N!K=<;B:8>!CD!;LN<9@!9B;L=BL;<9@!KR!S;C=<99<9!DC;!K:M8>F!R<=898C>9?!!5NL8R!S:;B8=8S:B8C>!89! [E<>!BEACNA!R<=898C> Y K:M8>F!9E8 DB!:>R!BL;>!CA<;!;!BE<98^:B8C>:N!=E:;:=B<;89B8=9@!%CE<>@!1:;9E@!:>R!.N9<>!VGHeOW!:;FL Y K:M8>F!8>!C;F:>8^:;=E8<9!DCNNC[9!R89B8>=B8A9@!=<>B<;R!DCL;! 8>RR<>B!=C>R8B8C>90!S;C6N9j!S:;B8 =8S:>B9j!:>R!=EC8=8B8<9?!!";C6NB8C>?!'>R<;!=C>R8B8C>9!CD!:K68FL8B7@!BE<7!:;9!:;=N<:;!:>R!K:7!69!9CKF!DC;! S;C6N!:BB:=E!BEB9!8>ACNA!R<=898C> Y K:M8>F!A:;7!CA<;!B8K8B8<9@!C;!C==:98C>9![E<>!:>!C;F:>8^:B8C>!89!9@!=:>!6>L:N!6LRFF@! C;!8>!;<9SC>9B9!C;!=8;=LK9B:>=<9?!! (>!BEd!KR!9CNLB8C>9!:;RR<>B!CD!<:=E!CBE<;!:>R! :;B9!8>BC!:!cF:;6:Fd!CD!=EC8=8B8<9?!!";C6NR!9CNLB8C>9!

PAGE 25

12 :;CB!:9!:!DL>=B8C>!CD!;:B8C>:N!R<=898C> Y K:M8>F@!6LB!;:BE<;!C>!BF@!C;!BEM8>F!CD!S;C6NR!9CNLB8C>9!RL;8>F!=EC8=8B8<9!V%CE<>@!1:;9E@!:>R! .N9<>!GHeOW? U8>FRC>!VGHIQ@!GHHZW!DL;BE<;!R!D;:K<[C; M!BC!!:F<>R: Y 9F!:>R!SCN8=7!=E:>F!BEK<>B@!;F!BER!SCN8B8=9W@!:>R!:RR8>F!BEB;:N!=C>=RC[9!:>R!SCN8=7!<>B;FRC>!9:[!BE9! BE:>!:!9B;<:K@![8BE!SCN8=8<9!C;8F8>:B8>F@!KLB:B8>F@!:>R!F![8BE8>!SCN8=7!=CKKL>8B8<9?!!2E=NLR<9!9@!8>B<;<9B!F;CLS9@!:>R!BE:B8C>:N!KCCR@!:>R!=CK68><9!BEB9!:>R!=EC8=8B8<9!9B;<:K9!CD!BE!KCRFRC>!:;FLFN7![E<>!:!cSCN8=7![8>RC[d!CS<>9?!!2E89!89![E<>!:>!CSSC;BL>8B7!DC;!=E:>F!S;C6N Y K:M8>F!67!FCA<;>K<>B!:>R!=:>!69?!!2E<7! :;D;B!:>R!DN<F@!:>R!=:>!C==L;!<8BE<;!RLB!9L=E!:9!:>!@!C;!:!=;8989! C;!K:bC;!9E8DB!8>!SCN8B8=:N!SC[<;?!!]E<>!:!SCN8=7![8>RC[!CS<>9@!SCN8=7!<>B;!SL9E!DC;!BE<8;!S;9?!,8A<>!BE:B!BE<;9!8>! BE!BE<;RC[9!DC;!L98>F!BE9!C;!SCN8=8<9!DNC=M!BC!BERC[![E<>!8B!CS<>9?!!+CB!:NN![8NN!6B8C>!:>R!BE<;F@![E8=E! =:>!N<:R!BC!D:8NL;!CD!C>N7!9CKB8C>![E8NC;B;!8KSC;B:>B!;CN![E8=E!SCN8=8<9!F?!!2E<7!KL9B!6R! B<=E>8=:N!S<;9S<=B8A<9@!BC!B:MB:FRC[! [E<>!8B!CS<>9!:>R!:BB:=E!BE<8;!S;RC[!=NC9<9!VU8>FRC>! GHIQ@!GHHZW?! k:E:;8:R89!VGHHH@!OPPh@!OPPeW!DL;BE<;!RFRC>`9!D;:K<[C;M!8>BC!BER!E:9!B<9B!:!>LK6<;!CD!R8DD<;<>B!SCN8=7!:;<>:9@!8>=NLR8>F!'-! DC;<8F>!SCN8=7!:>R!#L;CS<:>!=:9<9!Vk:E:;8:R89!GHHJ@!OPPO@!OPPh@!OPPQW?!!4!SCN8=7! DC;K:B8C>@!C;!EC[!:F<>R:9!:;R!SCN8=8<9!:;R< ;!=C>R8B8C>9!CD!:K68FL8B7!:>R![8BE8>!:! B!BE<;7![:79!BC!BE8>M!:6CLB!BE=<9!C;!SE<>CK<>:?!!*<=898C> Y K:M8>F!89!K:;M
PAGE 26

13 :K68FL8B7@![8BE!L>=N<:;! S;=<9!:>R!B<=E>CNCF7@!DNL8R!S:;B8=8S:B8C>!CD!R<=898C> Y K:M<;9@!:>R!B8K9B;:8>B9!BE:B!9CK9!6=<9!E:A!DC;KLN:BB;RC[9 mmm "CN8=7! .LB=CK< ! ! ! ! ! ! ! ! ! "CN8B8=9!-B;<:K mmm ! ! ! ! 5(,'3# O?G0! 24#!1')2(")#!-23#$1! 53$1#].3U ! k:E:;8:R89!VGHHH@!OPPeW!L9<9!BEFRC>0!S;C6NR! SCN8B8=9?!! ";C6NR8B8C>9!BE:B!SCN8=7 Y K:M<;9!:>R!=8B8^<>9![:>B!:RR;<99!:===!SCN8=7!>R!;<9<:;=E<;9!Vk:E:;8:R89!OPPe@!eO W?!!2E989B9!CD!8KSC;B:>B!SCN8B8=:N!B9@!BE:B8C>:N!KCCR@!S;<99L;9@!:>R! :RK8>89B;:B8ACA<;!Vk:E:;8:R89!OPPeW?!!]E<>!BEB9!8>!B8K<@!9L=E!:9!67! =CKSF!S;C6NB9!8>!BERC[9@!C;!CSSC;BL>8B8<9!DC;!:RAC=:B<9!BC!SL9E!DC;!SCN8=8<9@!CS<>!LS!Vk:E:;8:R89! OPPeW?!$B!BE<9B9@!SCN8=7!<>B;R8A8RL:N9!C;!=C;SC;:BA<9 B!B8K<@!<><;F7@!;!:>R!;<9CL;=<9@!:;B8C>!BC!BE<8;!S;9!Vk:E:;8:R89!GHHH@!OPPeW?!!2E=!SCN8=7!89![E<>!:NN!BE;<!CS<>!SCN8=7![8>RC[@!:>R![E<>!:!9B;C >F!SCN8=7!<>B;!RL;8>F!BE:B!B8KR!6RC[!=NC9<9!Vk:E:;8:R89!GHHH@!OPPeW?

PAGE 27

14 k:E:;8:R89!=:NN8SLN:B8C>!Vk:E:;8:R89! OPPh@!OPPeW@!:>R!:SSN8 Y K:M8>F!8>!S:;N8: K<>B:;7!979BR!8>!,;<!SCN8=7! ;8:@![E<;<8>!SCN8=7!=EC8=<9![<;R<;!=C>R8B8C>9!CD!:K68FL8B7!8>!:!BB8SLN:B8C>!89!BER<;9B:>R8>F!BE:K8=9!CD!SCN8=7K:M8>F@! F8A<>!BE:B!SCN8=8 <9!:;9@!:>R!SCN8B8=9!=CLSNB;F!CS<>![8>RC[9!CD!CSSC;BL>8B7!Vk:E:;8:R89!OPPh@!OPPeW?!!1:>8SLN:B8C>@!EB;B;CN!:K68FL8B7!67!S;CA8R8>F!K< :>8>F@!=N:;8D8=:B8C>@! :>R!8R<>B8B7!Vk:E:;8:R89!OPPeW?! 4F!:99LKSB8C>9!DC;!BER8A8RL:N! :BB<>B8C>!89!9<;8:N!6LB!979BB8C>!89!S:;:NN8^:B8C>9!=:>!:BB<>R!BC!K:>7!899L<9! 98K LNB:>R8A8RL:N!SCN8=7K:M<;9!=:>!=C>98R<;!C>N7!:!9K:NN!>LK6<;!CD!899L<9!:B!:! B8KR<;!98F>8D8=:>B!B8K9B;:8>B9j!:>R!VhW!BE:B!BEF!BE;CLFE!BE9@!:>R!SCN8B8=9! : ;RR<>Bj!S;C6NR!D:NN@!KLNB8SN9!:;89R!6R!=:>!:BB:=E! BC!R8DD<;<>B!S;C6NR!=E:>F<9!8>!BEB:;7!979B!#L;CS<@![8BE!B[C! :R:SB:B8C>90!VGW!:!9E8DB!8>!BE8B!CD!:>:N7989!D;CK!KLNB8SNR!BEB8;9@!:>R!SCN8B8=9!BC!=C>98R<;:B8C>!CD!C >R!VOW!>CB!R8DD<;<>B8:B8>F!6!S:;B8=8S:>B9!:>R!S;C=<99<9?!! (>!BEF!BEB9!BC!U8>FRC>`9!C;8F8>:N!KCRR!BE!CD!S;C6N=<9! DC;!:NN!SCN8=7!:=BC;9!BC!6=<;>?!!3:BE<;@!ER!BE:B!SCN8=7!<>B;R! =C>989B<>B!FC:N9@![E<;<:9!KC9B!SCN8=7K:M<;9!RC!>CB!Vk:E:;8:R89!OPPhW?!!2E<;RFRC>`9!D ;:K<[C;M!67!=E:;:=B<;8^8>F!C;F:>8^:;=E7!:9!:!98BL:B8C>!8>![E8=E!KC9B!8>R8A8RL:N9! E:A=<9@![E<;<:9!BE=<9!CD!SCN8=7!<>B;R!BE<9R8A8RL:N9!E=<9!CD!CB E<;!SCN8=7!K:M<;9!Vk:E:;8:R89! OPPh@!OPPeW?!!2ER!:K<>RK<>B![:9!BC!9B;<99!BE=8SLN:B8C>!67!SCN8=7!

PAGE 28

15 <>B;!LS![8>RC[9!CD!CSSC;BL>8B8<9j!BE89!K:>8SLN:B8C>![8NN!6R8>F!C>!BEB! S:;N8:K<>B:;7!979B9!:B![8NN!:9!:!=N<:;!:RA:>B:FB;!BE89!B7S!6B8;R!BE:B!=:>!6;8RF:N!R8A8R!EC[!RCK<9B8=!:>R!8>B<;>:B8C>:N!SCN8=7 Y K:M8>F!:;R!L>R<;9BCCR! Vk:E:;8:R89!OPPh@!OPPeW?!!4:9@!:>R! 9LFF<9B!BEB<;>:B8C>:N!:;<>:!Vk:E:;8:R89!OPPhW?! ! %E:NN<>F<9!BC!BE!=;8B8=8^F!;8FC;CL9@! R9B;:BR![EC9B9!=:>!6:N8^R!B<9B8!GHHOj!-:6:B8<;!GHHH@!OPPej!&<>RC;@!1C<@! :>R!-ECBB9!OPPGW?!!1L==8:;C>8!VGHHOW!:;FLR:B<@![8BE!8B9! 9S<=8D 8=:B8C>!:B!BCC!E8FE!:!N<;:N8^:B8C>!:>R!8B9!DC=L9!C>!BE:N!N:N7989@!BC! BE9B8BLB8C>:N!D:=BC;9?!!&<>RC;@!1C<@!:>R!-ECBB9!VOPPGW!98K8N:;N7! =;8B8=8^F!KC;!:!KCR8!VGHHOW@!&<>RC;@!1C<@!:>R!-ECBB9!VOPPGW@!:>R!-:6:B8<;!VGHHHW!TL<9B8C>9!CD!BE:KR!9CNLB8C>!9B;<:K9!:;RR<>B?!! -:6:B8<;!VGHHHW!:99<;B!CD! 9B;<:K!8>RR<>=A<9B8F:B8C>?!!&<>RC;@!1C<@!:>R!-ECBB9!VOPPGW!:;FLFN7!:F:8>9B!9B;<:K!8>RR<>=<@! =N:8K8>F!BE:B!8B!89!NCF8=:NN7!8KSC9986NR!9CNLB8C>9!=:>!6RR<>B!CD!C>CBE<;@!6LB!BE<7!R8 R!>CB!8>A<9B8F:B<;!VGHeJW!B<9BRR<>=!:! =:9!5;:>=89=C!NC=:N!SCN8=7 Y K:M8>F@!:>R!DCL>R!BE:B!S;C6N9@!:>R!S:;B8=8S:>B9! :;R<B<;B[8>8!VGHHOW!B<9BRR<>=!=:9 R!R<;@!D8>R8>F!8KSC;B:>B!N8>M:F<9!6!S;C6N9@!:>R!BEA8;C>K<>B?!!4C[! 8>B<;RR<>=!8>RR<>=9C>!:>R!#NN<;!VOPGPW!B<9B
PAGE 29

16 8>RR<>=R!S:;B8=8S:>B9!8>!:!=:9:N!SCN8=7 Y K:M8>F!:B!BEK<>B!NR!DCL>R!>C!=RR<>B@!>C;!BE:B!BEB! 9B;<:K9!=C>B:8>B! 9B9?!!2EL9!:!>LK6<;!CD!CB! DCL>R!=!CD!9B;<:K!8>RR<>=<@!6LB!BE89!:99LKSB8C>!K:7!>CB!6B8:N!DC;!LB8N8B7!CD!BE8!VGHHOW!9LFF<9B<;:N!D;:K<[C;M!C;!9B:;B8>F! SC8>B@!6LB!BE:B!KC;9!6B!DC;!SCN8B8=:N!:>R!8>9B8BLB8C>:N! =C>R8B8C>9!BE:B!K:7!6R: Y 9F@!:>R!BE:B!BE<;!9B;L=BL;:N! D:=BC;9!BE:B!=C>9B;:8>!C ;!D:=8N8B:BR!9CNLB8C>9!C>!BER:?!!&<>RC;@!1CR!-ECBB9!VOPPGW!=N:8K!BE:B!BE!979B!9S8B!8>F!R<=898C> Y K:M8>Fj!BE<7!;<=CKK<>R!:!KC;B!CD! BE9!CD!BEF!:!KF!:!L9F -F!:B!BE:B8C>:N!N!OPPej!k:E:;8:R89!OPPIj!$=M;8NN!:>R!U:7!OPGGW?!U@!1:;=E!:>R!.N9<>`9!cF:;6:F!BEB<;>:B8C>:N!C;F:>8^:B8C>9! 9L=E!:9!BE8^:B8C>!:>R!BE!'>8C>?!!2E<9<@!E8^:;=E8<9@![E8=E![<;!:>R!.N9<>!VGHeOW!:9! E:A8>F!:!E8FE!N=<9@!L>=N<:;!B<;K8>CNCF7@!:>R!DNL8R! S:;B8=8S:B8C>?!!2ER8>F!8>B<;>:B8C>:N!C;F:>8^:B8C>9!89!>CB:6N7!KC;R! ;E!8B9!RCK<9B8=!:>:NCF9@![E8N7!CD!BEBN7!L9!;8FEB9! :>R!RR!9L;@!K:M8>F!BE8^:B8C>9!;8SB<;S;:N7989![8BE!:!DC=L9!C>!BE!CD!K<:>8>F!VUCB!K<>B8C>!8B@!:>CBE<;!D<:BL;B <;>:B8C>:N!C;F:>8^:B8C>9!89!BE:B!9:>=B8C>9!:>R! <>DC;=B!:=B8C>!:;!:K68FLCL9!:>R!L>=<;B:8>?!!$KC>F!'+!6CR8<9@!C>N7!BE=8N!

PAGE 30

17 89!DC;=9!L98>F!K8N8B:;7!DC;==9!E:A!!BE89!;F!BC!S;CA8R=<@! :>R!D:=8N8B8<9!DC;!<>DC;=B!:=B8C>!V'+!GHQZ@!%E:SB<;!g((W?!! )8S9C>!VOPPeW!:SSN8!KCRR!U8>FRC>`9!D;:K<[C;M!BC!!BE:N!BC!c9<=C>R Y F<><;:B8C>d!C;!KLNB8 Y R8K<>98C>:N!S<:=F!:DB<;!BEF!BE:B!BE8^:B8C>!:>R!BE!6F!8>!BE:?!!$9!9L=E@!ER!6CBE!RCK<9B8=!SCN8=7 Y K:M8>F!:>R!DC;<8F>!SCN8=7!BC!BE:?!!)8M8B9!D8B9![8B8C>!CD!:>!C;F:>8^:;=E7@![8BE!S;C6N=<9@!L>=N<:;! B<=E>CNCF7@!:>R!DNL8R!S:;B8=8S: B8C>@!:>R!BE:B!8B!:N9C!CS<;:B<9!L>R<;!=C>R8B8C>9!CD!:K68FL8B7@!9L=E!BE:B! BE!KCRR!U8>FRC>`9!D;:K<[C;M!9<!OPPeW?!4FRC>`9!SCN8B8=:N!9B;<:K!DC;!BEF!:;<>:@!;F!BE:KFRC>![8BE!BE;<B<;<9B9@!:>R!8R<:9@!>:KF@! SCN8B8=9![8BE8>!'+!KR!SCN8B8=9!:>R!C;F:>8^:B8C>:N!=LNBL;!BE! OPPeW?!!$SSN78>F!U8>FRC>`9!D;:K<[C;M@!)8S9C>!VOPPeW!:;F LRC[!CS<>R!CD!BEF![E8=E!SCN8=7!<>B;M!:!><[!9CNLB8C>! 9<=C>R Y F<><;:B8C>!S<:=F! Y BC!BEB;:9B:BDN8=B9?!!2E89!9CNLB8C>!E:R!>CB!6<<>!C>! BER:!CD!BE< -<=L;8B7!%CL>=8N!RL;8>F!BE!BER!BEB=;B:NN7!:DB<;!BER!CD!BEB!CD! 9L==<998A<@!RF!K8998C>9?!*8DD<;<>B!SCN8=7!<>B;B!8>! :RR8>F!><[!DL>=B8C>9!BC!BE9@!9L=E!:9!!C69<;A:B8C>@!R89:;K:K<>B!:>R! R@!:>R!S<:=DC;=B!V)8S9C>!OPPeW? k:E:;8:R89!VOPPIW!L9F!8> BER!BC!:;FL<8BE<;!:N!>C;!C>N7!:!DL>=B8C>! CD!8>9B8BLB8C>:N!R<98F>@!6LB!;:BE<;!:;F!CD!S;C6N9@!:>R!SCN8B8=9! RL;8>F!CS<>!SCN8=7![8>RC[9?!!4A<9B8F:B!S:;B8=LN: ;!BE=RC[9! 6<=:L9B![E8=E!BER!CD!SCN8=7!<>B;!BEF!CD!BE
PAGE 31

18 $=M;8NN!:>R!U:7!VOPGGW!:SSN8!#'! 9LF:; SCN8=7?!!2E<7!K:R9!BC!BE=NLR8>F!8>B<;S;F!:K68FL8B7!8>! BEB!8>9B8BLB8C>:N!:K68FL8B7@![8BE!CA<;N:SS8>F!8>9B8BLB8C>9@!BER!BE=!KLNB8S N:9!V$=M;8NN!:>R!U:7! OPPGW?!2E89!8>9B8BLB8C>:N!:K68FL8B7@!BE<7!:;FLB!9S8NNCA<;!:DD<=B9!BE:B!=:>!:DD<=B!BE8>F!:>R!RL;:B8C>!CD!SCN8=7![8>RC[9@!:9![B;FR!U:7!OPGGW?!!(>!BER!U:7! VOPGGW!:;FL9B8BLB8C>:N!:K68FL8B7!:>R!9S8NNCA<;9!6!BEB!SCN8=7!:;<>:9! R<:N8>F![8BE!9LF:;!SCN8=7@!>:KR!B;:R<@!=;<:BR8B8C>9 @!9L=E!:9!:>!R!SCN8=7![8>RC[@!BE:B!<>:6NB;B!SCN8=7?!! ! "CN8=7!*89=CL;9< (>!;<=<>B!7<:;9@!BER!R89=CL;9<9!E:9!6<=CK!8KSC;B:>B!DC;==<9!:>R!8>=N LR<9!=C>9B;L=B8A89B!:SS;C:=E<9!8>!8>B<;>:B8C>:N!;9!:>R!8R<:B8C>:N! S<;9S<=B8A<9!8>!BE==NLR8>F!=CKS:;:B8A! SCN8B8=9@!SCN8B8=:N!<=C>CK7@!:>R!SCN8=7!:>:N7989!V&R!:>R!%CX!OPGGW?!!(B!E:9!6<<> :!9B;C>F!DC;=! SCN8=7!9BLR8<9@!E:;M<>8>F!6:=M!BC!BE9!CD!BEACNAR<;9B:>R8>F!BER![C;M8>F!BC!=E:>F=!:>!c:;FLK<>B:B8A<@d c8>B<;S;R!!cR89=L;98A!8>!BE8>F!BE=FL:F<@!>:;;:B8A<9@!K<:>8>F9@!A:NL<9@!D;:K<9@!:>R! :;FLK<>B:B8C>!C;!R89=CL;9!BER!5C;<9B<;!GHIe@!GHHhj!-=EC>!:>R!3<8>!GHHQj!3CC[!GHHJj!4:b<;!:>R!]:F<>::;!OPPhW?!!]8BE!BE89!F!! 8>B<;S;!:>R!R89=CL;9<@!9=ECN:;9!E:A!BC!6!SCN8 =7!S;C=<99<9!:>R!CLB=CK<9! 67!L>R<;9B:>R8>F!BE<8;!K<:>8>F!BC!BEACNAR!8>F!BEFF9B!BE
PAGE 32

19 4:b<;!E:9!R!<>9=R!=:B8>F!89!F8A<>!BC!SE<>CK <>:d!V4:b<;!GHHh@!QZW?!!1<:>8>F!89!S;CRL=R!;! 8R<>B8D8:6NFL89E!9CK!;:BE<;!BE:>!CBE<;9@!:>R!S;CA8R9!CD!R<:N8>F![ 8BE!:K68FL8B7! :>R!9B;L=BL;8>F!B9!V4:b<;!GHHh@!OPPJW?!589=E<;!:;FLR!R89=CL;9!8>RR<>BN7!CD!S:;B8=LN:;!:=BC;9d!V589=E<;!OPPh@!A88W!:>R!BE:B!R89=CL;9CB!98KSN7! ;9B8BLB<9!KL=E!CD!BER<;! 8>A<9B8F:B8C>@!F8A<>!BE8=:B8AF!BC!BE9>:B8C>:N!SCN8=7!R89=CL;9<9!98K8N:;N7@!6LB! R8>F!BE< :;<>:!8>![E8=E!BE<7!E:A8>F?!!2;:>9>:B8C>:N!SCN8=7!R89=CL;9<9!:;!<>9=R!=:B9!BE:B!:;R!B;:>9DC;K!:!S:;B8=LN:;!9R!BE;CLFE [E8=E!K<:>8>F!89!F8A<>!BC!SE798=:N!:>R! 9C=8:N!;<:N8B8<9!:>R![E8=E S<;K<:B<9!;:N@!>:B8C>:N!:>R!9LS;:>:B8C>:N!!SCN8=7!K:M8>F! =8;=L8B9!V4:b<;!OPPP@!GhZW? ! 4B!CD!2;:>9 Y #L;CS<:>!+M9!:>R!<><; F7!:>R!8>DC;K:B8C>!>=FL:F!SCN8=7!K:M<;9@!L>R<;N8<9!:>R!S;< Y 9B;L=BL;<9![E:B! :=BL:NN7!9EC[9!LS!8>!#'!SCN8=7!;B?!4!!R89B;86LB8C>!CD!8>A<9BK<>B!:>R!B!89!9CLFEB!:KC>F!BEB!;9!CD!#L;CSLK6<;!CD!8KSC;B:>B!B;:>9>:B8C>:N!R89=CL;9<9!BE:B!:;R8=:B8A9>:B8C>:N!RCB!B<;;8BC;8:N!8>!BE:B8C>:N!R!BE:B!8B!89!BE;CLFE! SL6N8=!R89=CL;98>F9!6!8KSC;B:>B!FNC6:N!:=BC;9!BE:B!=CCS<;:B8C>@!=C>DN8=B! ;<9CNLB8C>@!:>R!bC8>B!S;C6NF!C==L;9!8>!K:>7!B;:>9>:B8C>:N!899L:9?!!49B8BLB8C>:N!E:;R[:;<@d![E<;<:9!R89=CL;9<9!:;9B8BLB8C>:N!9CDB[:;
PAGE 33

20 GHHH@!hZW?!!(>!BEB<;>:B8C>:N!979B9B8BL B8C>:N!E:;R[:;CB!:9! [!9B:B<9@!BE9B8BLB8C>:N!9CDB[:;!KC;B!BE:>!:B! BE:B8C>:N!:>R!9L6 Y >:B8C>:N!N9>:B8C>:N!R89=CL;9< 9@!cK:;MR! c9L9B:8>:6NB?d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cR89=L;98AF!KC; R!:BB;:=B8A!<8BE<;!BE9<;A:B8A!RB<;>:B8C>:N!8>9B8BLB8C>9!V*;7^B<;>:B8C>:N!ELK:>!;8FEB9!SCN8=7!R89=CL;9:R8:> Y 6:9C> Y FCA<;>K<>B:N!C;F:>8^:B8C>9!V+,.9W!:>R!%:>:R8:>!FCA<;>K<>B!CDD8=8:N9@!6CBE!CD! [E8=E!:;C[N!8>B<;>:B8C>:N!ELK:>!;8FEB9!>R!S;:=B8=R! BE:B@!R<9S8BR!:!=CKKC>!=CK K8BK<>B!BC!BEB<;>:B8C>:N!ELK:>!;8FEB9! 9B:>R:;R9@!+,.!:>R!FCA<;>K<>B!R89=CL;9<9!R8DD<;F!BC!R8DD<;<>B8:B!

PAGE 34

21 9B;:BR!S;:=B8=<9?!!-ERK<>B!=CNN:6C;:B8C>!BC!6;8>F!BE<9R!S;:=B8=<9!8>B C!:N8F>K<>B? 3899A<9B8F:B=F<9!8>!RCK<9B8=! SCN8=8<9!:>R!S;:=B8=<9!8>!;!;8FEB9?!!4B:B8A!BE!CD!>C; K9!67!9B;C>F<;!9B:B<9!C;! 8>9B8BLB8C>:N8^:B8C>!CD!BEC;K9!NC=:NN7@!E:A!BE!9B:B<9!E:A!;8FEB9!S;:=B8=<9?!]E<>!9B:B<9!E:A!8>BC!R!CA<;!BE<8;! CDD<>R8>F!ELK:>!;8FEB9!S;:=B8=<9@ CA<;!B8KR!8>!BE!C;!:;FLK<>B:B8C>@!BE<7! 6!BC!A8<[!BE<8;!8>B<;<9B9!R8DD<;<>BN7@!S<;=<8AB<;>:B8C>:N! =CKKL>8B7@!:>R!:=BL:NN7!=E:>F!;8FEB9!S;:=B8=<9?!!3899!!BEF<9!8>!ELK:>!;8FEB9!;ER!S;:=B8=!1C;C==C!L>R<;!U8>F!4:9:>!((! 8>!BE!;8FEB9!>R!R89=CL;9<9@!BEF!9E8DBF!8 >B<;>:B8C>:N!ELK:>!;8FEB9!>C;K9!:9!>CB!:SSN8=:6NR!R<>78>F!:NN9!CD!ELK:>!;8FEB9!A8CN:B8C>9!8>!BEB;7@!BC!:!KC;=8N8:BC;7! ;ERR!8>B<;>:B8C>:N!ELK:>!;8FEB9!>C;K9@!F;<:B<;!CS<>><99!BC!:NNC[8>F! ELK:>!;8FE B9!KC>8BC;8>F!8>!1C;C==C@!:>R!BE!CD!NC=:N!FCA<;>:>=!;8FEB9!V3899F!4:6<;K:9`!BE8=:B8A!V4:6<;K:9!GHIQ@!GHIe@! GHHJW@!DL;BE<;!RB!BE:B!: ;FLK<>B:B8C>@!R@!:>R!S<;9L:98C>!=C>9B8BLB=B!KCRB<;:=B8C>![8BE!=C>9=<9!BE:B!FC!6<7C>R![E:B!=:>!68>F!:>R!;LN< Y FL8R!:;B!DC;!:DD<=B8>F!BER8A8RL:N!9B:B<9@!EB:B8A:N8B7d!89! S:;B8=LN:;N7!8KSC;B:>B!8>!8>B<;>:B8C>:N!>9!:>R!SL6N8=!R<6:B<9!6<=:L9R8B8C>9!L>R<;![E8=E!:=BC;9!=:>!ACNL>B:;8N7!=E:>FB<;<9B9!V3899!:;FLK<>B:B8A:N8B7@!:=BC;9!B;7!BC!=E:NN<>FR!9<8=:B8A9<>9L9!:6CLB!BE<8;! L>R<;9B:>R8>F!CD!:!98BL:B8C>@!:>R!BE<7!:;!BC!6<8>F!S<;9L:RB!V3899F!4:6<;K: 9!VGHIQ@!GHIe@!GHHJW@!3899B:B8A:N8B7!=:>! B:MR<;!9R8B8C>9@!>:KB9!=:>!
PAGE 35

22 BE<7!E:A!R!N8D<[C;NR@d!C;!9E:;B<;S;! CD!BER! CD!BER!BE:B!BE<7!:;8^!BE!V3899!8>B<;>:B8C>:N!;9@!9L=E!=C>R8B8C>9!RC!8>R<!K:>7!899LR!BE:B! 8>B<;>:B8C>:N!8>9B8BLB8C>9!S;CA8R< :!>C;K:B8AF!8>B<;:=B8C>9!CD!BE89!>:BL;B:B8A:N8B7!8>!S;:=B8=<@!>:KB<;>:B8C>:N!>9! N<:R8>F!BC!BER!CD!BER!BE8D8=:B8C>!CD!,<;K:>7![8BE8>!+$2.@!:>R!BE B:B8C>!CD!ELK:>!;8FEB9!>C;K9!8>!9F!9B:B<9?!! 3899=F!C;!=CKKL>8=:B8A!8>!FNC6:N! FCA<;>:>=<@!8R<>B8D78>F!8B!:9!:>!8KSC;B:>B!BCCN!CD!c9CDB!9B<<;8>Fd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

PAGE 36

23 ;:B8C>:N!=CKKL>8=:B8C>!:6CLB!K<:>9@!<>R9@!:>R!A:NL<9!E:9!BE<;F! K<=E:>89K!67![E8=E!8>B<;>:B8 C>:N!FCA<;>:>=8^:B8C>9!NR!"CN8=7!%E:>F< ! -=EK8RB!:>R!3:R:R!3:R:R!-=EK8RB!OPPQW!E:A=F!SCN8=7!R89=CL;9<9!8>!C;R<;!BC!6R<;9B:>R!SCN8=7 =E:>F!BE!'>8C>?!!]E8N!N8>B<;S;R!:;FLK<>B:B8A!SCN8=7! 9BLR8<9@!BE<7!:N9C!DCNNC[!BE:N!:SS;C:=E!8>!SCN8B8=:N!9=8<>=<@![E8=E!NCCM9!:B!BER!:9!=:L9:N!A:;8:6N<9!8>!SCN8B8=:N!=E:>FR!OPPHj!&R!:>R!%CX!OPGGW?!'>N8M7!:LBEC;9!8>!BE89! 8R<:B8C>:N!:SS;C:=E@!-=EK8RB!:>R!3:R::N!A:;8:6N<9!8>!BEB9B8BLB8 C>:N! :>R!8>B<;<9B Y 6:9F!R89=CL;9!KC;<;:N!>CB8C>9!CD!8R<:9!C;! M>C[NR!3:R:F!6CBE!=C>B<>B@!8>!BER!A:NL<9@!:9![ACNA8 >F!8>B<;:=B8C>!:>R!=CKKL>8=:B8C>!6! SCN8=7!:=BC;9!8>!BE!CD!SCN8=7?!!2E<7!:N9C!98BL:B!:>!8>9B8BLB8C>:N! =C>BFF@!:>R!BE<7!9B;8AB!CD!8>B<;<9B9! :>R!K:B< ;8:N!=C>R8B8C>9!8>!98BL:B8C>9!CD!SCN8=7!=E:>F!SCN8=7 Y K:M8>F@![E8=E!K:7!C;!K:7!>CB!E:ADNL<>=!SCN8=7!=E:>F<@!9L6b<=B!BC! A<9B8F:B8C>?!!2E<7!9LFF<9B!BE:B!R89=CL;99!CD!6;8RF8>F!BE! 9B;L=BL;R!:F<>=7@!C;!6!8>9B8BLB8C>:N!:>R!:=BC; Y =<>B<;:N79<9!CD!SCN8=7!=E:>F<@![E8=E! E:9!=C>9B8BLB!9C=8:N!:>R!SCN8B8=:N!;<9<:;=E!V4:7!:>R!]8>=CBB!GHHIj!%:KS68>F!:!9< ;8<9!CD!A<9B8F:B8>F!BE! SCN8=7!=E:>F!BE!'>8C>@!3:R:R!-=EK8RB!VOPPQW!=C>=NLRR<!8KSC;B:>B!;CN!SCN8=7!=E:>F<@!6LB!BE:B!CBE<;!D:=BC;9!:;B? !! 2;:>9DC;K:B8AFB9!BE:B!:;A8>=8>F!:>R! 8>B;CRL=<[!=B!A:NL<9@![8BECLB!><=<99:;8N7!6<8>F!B;LBEDLN!C;!

PAGE 37

24 =CE<;<>B?!.>!BER@!:!SCN8=7!R89=CL;9CB!69D C;K:B8AC!c6;8FEB! 8R<:9d@!8D!N<:;>8>F@!RF!:=BC;9`!S;=<9@!:>R!SCN8=7!B;:>9D<;!6!:=BC;9!RC! >CB!B:MCB!=C>A8>=B9@!C;!8D!R8SNCK:B8=! S;C=<99<9!C;!NB!V3:R:R!-=EK8RB!OPPQW?!! ! *89=L;98A9B8BLB8C>:N89K -=EK8RB!VOPPO@!OPPI@!OPGGW!DL;BE<;!R!:SS;C:=E@![E8=E!9E:K9B8BLB8C>:N89K@!:>R!R89B8>FL89EB9!CD! 8> 9B8BLB8C>:N89K0!;:B8C>:N!=EC8=9B8BLB8C>:N89K@!E89BC;8=:N!8>9B8BLB8C>:N89K@!:>R!9C=8CNCF8=:N! 8>9B8BLB8C>:N89K?!!c(R<:B8C>:Nd!:>R!c=C>9B;L=B8A89Bd!8>9B8BLB8C>:N89K!:;B8AB<>B!CD!R89=CL;9<@! R!SE8NC9CSE8<9!V-=EK8RB!OPPI@!OPGGW!V9<9!S;CSC9R<;N8R! :;=R<;N78>F!:99LKSB8C>9!C;!C;F:>8^8>F!S;8>=8SN<9?!! 2E<9:NCFCL9!BC!CBE<;!K8R Y ;:>FB8D8`9! VGHHIW!cS;CF;:KK:B8=!6R!-:6:B8<;!:>R!a<>M8>9 Y -K8BE`9!VGHHhW cSCN8=7!=C;R<;F8;R!BER!S;CF;:K9![8BE!C;F:>8^8>F!8R<:9@!A:NL<9@!:>R!S;8>=8SN<9!CD! M>C[NR!9C=8R!:;:NCFCL9!BC!-:6:B8<;!:>R!a<>M8>9 Y -K8BE`9!VGHHhW!cR<R!cSL6N8=!9<>B8K<>B9d!VOPPQW@!:>R!BE<;:N!=C>=!,<;K:>!SE8NC9CSE7!:>R!B!GeHP\OPPej!4!B[C!B7S<9@!=CF>8B8AR!>C;K:B8 A8B8AR![E:B!BC!RCd!V-=EK8RB!OPPIW![E<;<:9!>C;K:B8A!:>R!9<;A!BE!BE:B!E:9!SN:FLR!SCN8B8=:N 9=8<>=FRC>!GHIQ@!GHHZj!-:6:B8<;!:>R!a<>M8>9 Y -K8BE!GHHhj!,CNR9B<8>!:>R!U9B<8>! GHHJW@!>:KR!SE8NC9CSE8<9!BE:B!RCK8>:B
PAGE 38

25 ;<:N8B7@![E<;<:9!CBE<;!8R<:9 RC!>CB?!!-ER<;9B:>R8>F![E7!9CKR!CBE<;9!D:8N? ! ! 5(,'3# O?O 0! *(-%'3-(g#!(+-2(2'2( .+$)(-1 ! -=EK8RB!VOPPI@!OPGGW!:99<;B9!BE:B!B[C!B7S<9!CD!R89=L;98AB!BC!9BLR70! VGW!=CC;R8>:B8AF!BER8A8RL:N9!:>R!F;CLS9!:B!BEB<;!CD! SCN8=7 Y K:M8>F![EC!:;ACNA!=;<:B8>F@!F@!:>R!bL9B8D78>F!BER!VOW! =CKKL>8=:B8AACNA<9!BEB:B8C>@!R@!:>R!N!CD!SCN8=7! 8R<:9!BC!BE<;:N!SL6N8=?!*R8>F!C>!BE!TL<9B8C>@!<8BE<;!=CC;R8>:B8A8=:B8A<>B!V-=EK8RB!OPPI@!OPGGW? -=EK8RB!VOPPI@!OPGGW!DL;BE<;!!EC[!:!9BLR7!CD!R89=CL;9!CA<;=CK!9B;L=BL;R!:F<>=7@!6<=:L9!CA<; Y DC=L98>F!C>!C>><=B9!BE!8>9B8BLB8C>9!6LB@!BE;CLFE!R89=CL;9<@!:=B!:9!:F<>B9! CD!=E:>F !BER!R89=CL;9!BE<8;!8>9B8BLB8C>:N! =C>B!SCN8=7!:>R!8>9B8BLB8C>:N!=E:>F!:>7!CD!BE
PAGE 39

26 BE;<9B8BLB8C>:N89K9!=:>?!!$NN!BE;<9B8BLB8C> :N89K9!E:A8>F!=E:>F9B8BLB8C>9!S<;989B!C;!9B:7!8>!:N! 8>9B8BLB8C>:N89K!=<9!:KC>F!;:B8C>:N!:=BC;9@!E89BC;8=:N!8>9B8BLB8C>:N89K! DC ;=8>F!S:BE!RR<>=7![8BE8>!<9B:6N89E9B8BLB8C>9@!:>R!9C=8CNCF8=:N! 8>9B8BLB8C>:N89K!=R!S<;989B<>=C;K9!V-=EK8RB!OPPI@!OPGGW?!! -=EK8RB!VOPPO@!OPPI@!OPGGW!6;<:M9![8BE!KL=E!CD!BE:Nd!N8B<;:BL;!SCN8B 8=:N! 9=8<>=<@![E8=E!DC=L9<9!KC;!8R<:9!BECLFE!:BB<>B8C>!BC!BEB<;:=B8AB! CD!R89=CL;9R!BE9B8BLB8C>:N!:>R!K:B<;8:N!=C>B![E8=E!BE=<9!E<;989B!:>R!S C9B Y 9B;L=BL;:N89B!9=ECN:;9!V8:[9M:!GHHe W@![ECK!9E!BR!>:;;:B8A<9!:NC>! ;<:N8B7!V-=EK8RB!OPPIW?!!(>!:RR8B8C>!BC!8>A<9B8F:B8>F!8R<:9!:>R!B9B8BLB8C>:N89K :N9C!9B;8A<9!BC!:==CL>B!DC;!BEB<;:=B8AR!=C>BF@!EC[@!:>R![E7!8B![:9!9:8Rd!V-=EK8RB!OPPI@!hPZW?!!$9!9L=E@!9E7!CD!BE!BE!V*;7^R!5C;<9B<;!GHIe@!GHHhj!4:b<;!GHHZ@!OPPO@!OPPJj!4:b<;!:>R!]:F<>::;! OPPhW@!6LB!CDD<;9!:!KC;F!BE=R!R89=CL;9! 8>F!SCN8=7!=E:>F9!CD!*89=L;98A9B8BLB8C>:N89K ! -B!9BLR8<9!=N:8K!C;!D;:K9B8BLB8C>:N89K!V$;B9! :>R!&L8^<;!OPPHj!%;<967!OPGPj!":NK<;!OPGPj!-B:99<>@!,89N:9C>!:>R!)<;C7!OPGPj!%:S:>C!:>R!"8:BBC>8! OPGGj!):L6<;!:>R!-=E<>><; OPGGW@!6LB!C>N7!C>:N8^7!CD! BE=R!&L8^<;!VOPPHW!;:>=9B8BLB8C>:N!:>:N7989@!6LB!BE<7!R!:SS;C:=E@ BEFB!:SS;C:=E@d!6L8NR8>F!C>N7!F<><;:NN7!C>!BE!BE9F!8>BC!:==CL>B!6CBE!R89=L;98AR!8>9B8BLB8C>:N!D:=BC;9j!BEL9!BE<7!RC!>CB!CS<;:B8C>:N8^7!CD! -=EK8RB`9!=CKSC><>B9!CD!R89=L;98A98BLB 8C>:N89K?!!

PAGE 40

27 ":NK<;!VOPGPW@!:NBECLFE!:N9C!=:NN8>F!E89!9BLR7!CD!=E:>F<9!8>!&;8B89E!68CDL9B8BLB8C>:N89B!:>:N7989@!S;<9<>B9!R89=L;98A9B8BLB8C>:N89K!C>N7!A<;7!F<><;:NN7!:9!:>! :SS;C:=E!BC!9BLR78>F!SCN8=7 Y K:M8>F!BE:B!B:M<9!BER!R89=CL;98>F!C;!CS<;:B8C>:N8^8>F!:>7!CD!BE<>B9!CD!BEB9!:!>LK6<;!CD! CBE<;!:SS;C:=E<9!BE:B!E!N8>9B8BLB8C>:N89K@!8>!BE98^B!BE=R!R89=CL;9!BER!EDN:B<9!R89=L;98A9B8BLB8C>:N89K![8BE!4:NN`9!VGHHhW![C;M@![E8=E!89!:!DCL>R:B8C>:N![C;M!8>! E89BC;8=:N!8>9B8BLB8C>:N89K?!!,8A<>!BE:B!ECB!CS<;:B8C>:N8^7!CD BE=!BE9B8BLB8C>:N89B!D;:K<[C;M@!ECB!F;<:BN7!:RA:>=R<;9B:>R8>F!CD!BER! =CLNR!C>N7!=C>=NLRB<;:=B8C>!6!8R<:9!:>R!8>9B8BLB8C>9?! -B:99<>@!,89N:9C>!:>R!)<;C7!VOPGPW!;!<>A8;C>K<>B:N!E<:NBE!SCN8=7! 8>!B[C!#'!=CL>B;8<9![:9!8>9S8;9B8BLB8C>:N89K@!F8A<>!BE=!8>DNL<>=8>F!:=BC;9`!6R!L>R<;9B:>R8>F!SCN8=7!9B:989!C;!=E:>FCB@! EC[9B8BLB8C>:N89K!8>!:>7![:7!BC!D;:K:N7989?!!-8K8N:;N7@!%:S:>C!:>R! "8:BBC>8!VOPGGW@!8>!BE<8;!9BLR7!CD!E8FE<;!!SCN8=7!8>!BECB9B8BLB8C>:N89K!67!8>=C;SC;:B8>F!:!= C>=<;>!DC;!6CBE!BEB!SC8>B9!8>!BE9B8BLB8C>:N!9B;L=BL;F<@!:9![B8C>!BC!BEB9@!6CBE! =CC;R8>:B8AR!=CKKL>8=:B8A<@!BE:B!:9989B!CA<;=CK8>F!8>9B8BLB8C>:N!;<989B:>=CB! R7!9S<=8D8=!B9!CD!BE9B8BLB8C>:N89B!D;:K<[C;M!8>!BE<8;!:>:N7989? ):L6<;!:>R!-=E<>><;!VOPGGW!R89=L999B8BLB8C>:N89K!8>!KC;R<;S8>>8>F!CD!BE<8;!9BLR7!CD!;<><[:6N<;F7!SCN8=7!8>!BEF!-=EK8RB!VOPPI@! OPGGW!BE<7!A8<[9B8BLB8C>9!:9!9B;L=BL;<9!BE:B!=:>!=C>9B;:8>!BE!BER!=C>9B;:8>! SCN8=7!=E:>F<@!6LB!:N9C!:9!=C>9B;L=B9!BE:B!:;!69!BE;CLFE![E8=E!SCN8= 7!:>R!8>9B8BLB8C>:N!=E:>F!BE:B!BE;CLFE!R89=CL;9<@! ><[!8R<:9!:;B;CRL=F9!:>R!S;=<9!V):L6<;!:>R! -=E<>><;!OPGGW?!!2E<7!K<>B8C>!-=EK8RB`9!VOPPIW!R8A898C>!CD!R89=CL;9BC!8R<:9!:>R!8>B<;:=B8C>9 @! 6LB!BE<7!RC!>CB!CS<;:B8C>:N8^=!BE<8;!9BLR7!V):L6<;!:>R!-=E<>><;!OPGGW?!!

PAGE 41

28 %;<9S7!VOPGPW!8>!:!9S<=8D8=:NN7!R89=L;98A< Y 8>9B8BLB8C>:N89B!:==CL>B!CD!BERK<>B!CD!BE!SCN8=7!8>!BE!OPPJ@!8R<>B8D8!8>RR<>B!A:;8:6N!RF<@!F8A<>!BE:B!R89=L998C>!CD!8R<:9!8>!9S<=8D8=!8>9B8BLB8C>:N!=C>B! RB<;<9B9?!!%8B8>F!-=EK8RB!VOPPO@!OPPJj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

PAGE 42

29 %4$"2#3!h ! 3#-#$3%4!*#-(,+ ! 2E89!R899<;B:B8C>!;B9!:>!:SSN8=:B8C>!CD!BE<[!N:N7989@!FNC6:N!SCN8=7 Y K:M8>F@!BC!RF!BE!CD!BEA<9B8F:B<9!BEB@!BC!RE:>=<9!BE:BC;7!SC[<;!CD!BER!8>B<;S;R8>F!BE!CD!BECB!8>B<>R!BC!:N!S<;DC;K:>=:N7989!RC<9!R!8>BC!BE9@![8BE!:!DC=L9! C>!8KSC;B:>B!SCN8=7!RB9!8>!BE!BEB:B8C>!SE:9!BE89!9<=B8C>@!TL:N8B:B8A<@!8>B<;S;R!=:9!BE!BC!L9:NN7@!BE=NLR8>F!EC[!BE:N8^R!EC[!BER8>F!BE!CD!BEA<9B8F:B^8>!:>R!)8>=CN>!VOPPZW!R!BE989B9!CD!:!9B<;S;9DC;K!BE!BEBC!:!9<;8<9!CD! ;B:B8C>9@!8>=NLR8>F!D8CB<9@!8>B<;A8<[9@!=C>A<;9:B8C>9@!SECBCF ;:SE9@! ;<=C;R8>F9@!:>R!KACNA<9!:>! 8>B<;S;:BL;:N89B8=!:SS;C:=E!BC!BE^8>!:>R!)8>=CN>!OPPZ@!hW? ! fL:N8B:B8AR! 8>B< ;S;F!:!6R<;9B:>R8>F!CD!BER! V*<>^8>!:>R!)8>=CN>!OPPZW?!2ER! K:B<;8:N9!:;<F!:6N!: RA:>=<@!:>R!9CKA<>B8>F! ><[!C><9!8>!BE^8>!:>R!)8>=CN>!OPPZW?!!-CK=NLRB<;A8<[9@!S<;9C>:N!=<@!8>B;C9S<=B8C>@!:;B8D:=B9@! =LNBL;:N!BR!S;CRL =B8C>9@!:>R!C69<;A:B8C>:N@!E89BC;8=:N@!8>B<;:=B8C>:N!:>R!A89L:N!B^8>!

PAGE 43

30 :>R!)8>=CN>!OPPZW?!!$KC>F!BE<9<@!=:9B<;A8<[9@!:>R!:B8C>!CD!B!BE89! R899<;B:B8C>?! ! (>B<;S;:N7989 (>B<;S;:N7989!V("$ W!DC=L9<9!C>!BE8>F9!BE:B!SCN8=8<9!E:AFB!:=BC;9@!8>A<9B8F:B8>F!BE<8;!C[>!=C>=R!EC[!BE<7!cK:M99!V/:>C[!OPPPW?!!!(B!9B;8A<9!BC!R89=CA<;!BE8>F9!:;! R8DD<;<>B!RCK:8>9!:>R!:B!R8DD<;<>B!N:>=C[!GHHJ@!OPPPW?!! "CN8=7!:=BC;9!=:>!8>=NLRB9@!SCB<>B8:N!=N8<>B9@!N=8<9@!8KSNB<;9@!:>R!ACB<;9?!("$! B;<:B9!:;B8D:=B9!9L=E!:9!N:>FL:F<@!C6b<=B9@!:>R!:=B9 @!:9!cBR<;9B:>R8>Fd!:!SCN8=7!98BL:B8C>!V/:>C[!OPPPW?!!$;B8D:=B9!:;B8D8R!9BLR8!("$!:9!=:;;8<;9!CD!K<:>8>F!DC;!BEB!:=BC;9!:>R! =CKKL> 8B8<9?!%CKKL>8B8<9!:>R!R89=CL;9<9!:;B8D8F!9S<=8D8=! K<:>8>F9!BE:B!:;8=:B:NN7@!SC8>B9!CD!=C>DN8=B!:;B8D8! BE:B!BE<9B!R8DD<;<>B!8>B<;S;9!C;!98>F EB!SCN8=7 Y ;B! =CKKL>8B8<9!V/:>C[!OPPPW?! 2EB<;S;B!C69<;A:B8C>@!8>B<;A8<[8>F@!:>R! BE:B8C>!CD!BC[!OPPeW?!!,8A<>!BE:B!BE89!89!:!E89BC;8=:N!=:9B! C69 <;A:B8C>!89!>CB!:SSN8=:6N<@!6LB!8>B<;A8<[8>F!:>R!BE:B8C>!CD!BB;:N?!-8>=!BE89!SCN8=7!S;C=<99![:9!>CB!RC=LK<>BR!89!C>N7!M>C[>!67!BEACNAB<;A8<[9![8BE!BE<9B! BC!9LSSN7!8>DC;K:B8C>?!! 4:b<;!VOPPPW!;<=CKK<>R9>:B8C>:N!SCN8=7!R89=CL;9<9?!! 2E<9=NLR:N7989!CD!SCN8=7!RC=LK<>B9@!BE:;;:B8A<9@!9BC;7! N8><9@!KR!CBE<;!N8B<;:; 7!:9S<=B9!CD!BERL=B8>F!8> Y RB<;A8<[9! [8BE!SCN8=7!:=BC;9@!:>R!8>F!8>9B8BLB8C>:N!S;:=B8=<9!8>![E8=E!SCN8=7!R89=CL;9<9!:;R!B;:>9DC;K9!:F:8>9B!:>!CA<; Y DC=L9!C>!BE:Nd!C;!=CF>8B8A=CL;:F8>F!:9! [:B8C>!CD!BEB<;:=B8A!SCN8=7!

PAGE 44

31 :=BC;9!:>R!BE<8;!SL6N8=9@!:>R!CD!BE9B8BLB8C>:N <>A8;C>K<>B!8>![E8=E!BER!:AC8R9!:!9B;C>F!DC=L9!C>!BER8>F!BE!CD!BEF@!:>R!;:BE<;!DC=L9<9!C>!BEFR!BEB< ;:=B8C> 9 6!SCN8=7!:=BC;9 @!:9![9B8BLB8C>:N!<>A8;C>K<>B!8>![E8=E!BE < SCN8=7! =E:>FB8D8=8S:N!A:NL!6FN!cB8:N!M>C[NR!=NC9B8C>!BC!BEDNL<>=R!CBE<;!=C>B!67!BEB<;<9B!8>!BER8A8RL:N!=:9R!67!BE9!:>R!>CB!67!BETL8;7@! [E8=E!K:7!A:;7!:==C;R8>F!BC!BER!&<>>:B8C>!CD!:>!:9S<=B!CD!:!E89BC;8=:N!:B8C> 9!BE:B!K:7!6<;:N8^:6NB9d!V,R!&<>>B8D8! 8KSC;B:>B!BCCN!DC;!BEB?!";C=<99 Y B;:=8>F@!C;!B;:=8>F!BEM9!6!SC9986NR!C69<;A!8KSC;B:>B!KACNA<9!BE:B8C>! CD!E89BC;8<9@!RC=LK<>B9@!8>B<;A8<[!B;:>9=;8SB9@!:>R!CBE<;!9CL;=<9!BC!=C>9B;L=B!:!>:;;:B8AB!S;C=<F!89!S:;B8=LN:;N7!8KSC;B:>B!DC;!DL;BE<;!RF!BECB!9S<=8D7!BERR<>B!A:;8:6N<9!BC! BER!&<>>@!:9!8B! RC<9!>CB!SC98B!:!K<=E:>89K!67![E8=E!BEDNL<>=F!:>!CS<>!SCN8=7![8>RC[! N<:R9!BC!BE!CD!:!SCN8=7?!!&7!=:;F!8>!BEF! BECK<>C>! K:7!6R<;9BCCR?!! ! ,<;;8>F!VOPPeW!:N9C!=F! 8>D<;<>=<9!:6CLB!:!N:;F<;!=N:99!CD!SE<>CK<>:@!S:;B8=LN:;N7![E<>!C>R<;9B:>R8>F!CD!E89BC;8=:N!B9?!!5N7A6b<;F!VOPPG@!OPGGW!:N9C!:99<;B! S;CA8RDC;K:B8C>!:6CLB!:!6;C:R<;! =N:99!CD!SE<>CK<>:@!S:;B8=LN:;N7!8D!BE
PAGE 45

32 9D8;K!C;!D:N98D7!S;CSC98B8C>9!:>R!E7SCBE<9<9!V5N7A6b<;F!OPPGW?!!4B!9B;<>FBE!CD!BE<99@!=CKSN<9 9@!:>R! [8BE8> Y =:9=<@d!V5N7A6b<;F!OPGG@!hGQW@![E<;<:9!BEB:FR8=:B!C>R<;9B:>R8>F!CD!:!SE<>CK<> C>@!8>=NLR8>F![E:B!=:L9<9!8B!V5N7A6b<;F! OPGGW?!!!4<!9C=8:N!9=8<>=LK6<;!CD!BEC;CLFEN7!R!=CKSNB!;<9<:;=E![8BE!N:;F!VOPP O@!OPPIW!:99<;B8>F!8>9B8BLB8C>:N!C;!CBE<;!DL>R:K<>B:N!=E:>F!ELK:>!979B!BE9E8S9! :KC>F!A:;8:6N<9!=E:>F<@!><[!A:;8:6N<9!:;B;CRL=R!BE! BC!:>CBE<;?!!%:9< Y 9BLR7!;<9<:;=E!KA<9B8F:B8C>9@!8>! [E8=E!E89BC;8=:N!B9!:;D<;;8>F!:6CLB!KC;<;:N!S;CSC98B8C>9!V)8<6<;K:>! OPPIW?!!2EB!CD!BEB@![E<;<8>!:!K:bC;!=E:>F!BE9B8BLB8C>:N!:;;:>FB9!DC;!S<:=<6L8NR8>F?!!$9!9L=E@!BER!K:7!8R<>B8D7!KC;<;:N!S;CSC98B8C>9!;F!S ;C=<99? ! 2EF 2E<[!8>B<;FCA<;>K<>B:N!C;F:>8^:B8C>![8BE8>!BE8B9!979B!:RA89C;7!6CR7!;F!R8;<=BN7!BC!6CBE!BE=8N!:>R!BE<;:N!$99R8X!&!DC;!BE8^:B8C>!%E:;BW?!!(B!E:9!>C!S;!BEB!979BB<;>:B8C>:N!C;F:>8^:B8C>9@!:>R![:9!R<98F>! BEC;!>:B8C>9!BC!DC=L9!:>R!=CC;R8>:B9!BC! 9LSSC;B!=CL>B;8<9!F!D;CK! =C>DN8=B@!:9![!BE89!=CC;R8>:B=F<;!S<;8CR!CD!B8KB;8<9!:AC8R!;F!8>BC!=C>DN8=B!V'+!OPPZ8@!OPPZb@!OPPZMj!#N8:99C>!OPPZj!,:9S<;!1:;B8>9! OPPJW?!

PAGE 46

33 2E!CD!BE <[!SCN8=7!:RCSB8C>!:B!BEF!BER:B8C>!CD!BE<;:N`9!4)"!BC!<9B:6N89E!8Bj!BEB8D78>F![:79!BE:B!BER!=E:NN<> F<9!BC![C;NR! S<:=R!9<=L;8B7!V'+!OPPQ:W?!!2E89!;:S8R!:RCSB8C>!CD!FNC6:N!SCN8=7!89!=<;B:8>N7!>CB!B7S8=:N!8>!BE!BEF!'+!;!899L9@!S:>R!C69<;A<;9!CA<;!BE< R<=:R<9!V)L=M!OPPQ@!OPPZ@!OPPej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
PAGE 47

34 2:6NB9!;!CD!BEB9!";8C;!BC!BE!CD!"&% ! '+!*B *:B< 28BN< '+!*C=LK<>B!+C? '+!,<><;:N!$99<;:N Ge Y aL> Y HO 3<;:N@!c$>!:F<>R:!DC;! S<:=<0!";B8AF!:>R! S<:=Fd $\Qe\Oee Y -\OQGGG '+!,<><;:N!$99=8N@! ":>!'+!"<:=9 OG Y $LF Y PP 3!'+!"<:=9!! Vn&;:E8K8!;!,<><;:N!$99! 2E;<:B9@!%E:NN<>F<9!:>R! %E:>F< O Y *<= Y PQ $!KC;9868N8B7?! 3!2E;<:B9@! %E:NN<>F<9!:>R!%E:>F< $\ZH\ZJZ '+!,<><;:N!$99<;:N OG Y 1:; Y PZ 3<;:N?!(>!N:;F<;!D;<B@!9<=L;8B7!:>R!ELK:>!;8FEB9 $\ZH\OPPZ '+!,<><;:N!$99R8>F!*C=LK<>B9!:>R!#:;N7!"&%!*C=LK<>B9 ! '+!-<=L;8B7!%CL>=8N OP Y *<= Y PZ 3<9CNLB8C>!GJQZ!V<9B:6N89E8>F!BEF! % CKK8998C>!:>R!"<:=<6L8NR8>F!5L>RW -\3#-\GJQZ '+!,<><;:N!$99!<9B:6N89E8>F!BEF! %CKK8998C> $\3#-\JP\GIP '+!-<=;<;:N Oh Y 1:7 Y PZ #XSN:>:BC;7!+CB<;:N!C>!BEF!%CKK8998C>@!$RR<>RLK!BC 3<;:N@!(>!N:;F<;!D;<B@!9<=L;8B7!:>R!ELK:>!;8FEB9!DC;!:NN $\ZH\OPPZ\$RR?O '+!,<><;:N!$99!<9B:6N89E8>F!BEF!5L>R $\3#-\JP\OIe '+!"<:=<6L8NR8>F! %CKK8998C> OG Y aL> Y PJ "; CA898C>:N!;LN<9!CD!S;C=F! %CKK8998C> "&%\G\.%\h '>!,<><;:N!$99=8N@!'+! "<:=<6L8NR8>F! %CKK8998C> OZ Y aLN Y Pe 3F!%CKK8998C>!C>!8B9!D8;9B! 9<998C>!VaL><;:N!$99<;:N OJ Y aLN Y Pe 2EF!5L>R! Y 58;9B!3<;:N $\JO\GhI ! h? @(-1"10&! & "#.$/ 0!]E:B![<;B!SCN8B8=:N!B9!9L;;CL>R8>F!BE!CD!BER![EC![<;B!SCN8=7! :=BC;9l!!4C[!R8R!SCN8B8=:N!899L<9!:>R!B9!:DD<=B!BE7!S:;B8=LN:;!B9!8>!BEB!R<=898C> Y K:M8>F!CSSC;BL>8B8<9!DC;!=;<:B8>F!BE9![EC![<;!KCA8>F!BER!B:M8>F!:=B8C>!:B!M<7!KCK<>B9l! (D!9C@!EC[!R8R!BE<7!S;CKCB!CD!BE89!SCN8=7l! *8R!BE<7!<>F:F!K:>8SLN:B8C>!BC!9<=L;
PAGE 48

35 2E:N7989!8>!%E:SB<;!Z![:9!BEB<;A8<[9![8BE!SCN8=7!:=BC;9@!:LFK<>B<R!RC=LK<>B9@!SL6N89EB9!:6CLB!BE!CD!BER!CBE<;!SCN8B8=:N!B9@! :>R!K< R8:!;B!SCN8=7!:=BC;9!8>B<;A8<[!BE89!9BLR7!8>=NLRF! S;CSC9:N9!S;8C;!BC!BE8C;!'+!9B:DD!K! 8KSC;B:>B!N<:R<;9E8S!;CN<9@!:>R!'+!9B:DD![EC![<;ACNA!M<7!S;C=<99<9!9L=E!:9!BEDC;K:N!=C>9LNB:B8C>9!N<:R8>F!BC!BER8>F! ;<9CNLB8C>9@!:>R!BE9 V9<B!CD!;<9SC>R<>B9 #KSNC7K<>B!2 7S< +LK6<; "<;=<>B -<>8C;!'+!-B:DD!1M!2:>M!-B:DD!19LNB:>B e Oh *8SNCK:B h GP 2CB:N!(>B<;A8<[8C;!'+!-B:DD!KB!NC=:B8C>!CD!;<9SC>R<>B9 ! )C=:B8C> +LK6<; "<;=<>B +C;BE!$K<;8=: OG JI -CLBE!$K<;8=: G h #L;CS< Q Gh $D;8=: G h $98:!:>R!$L9B;:N8: Q Gh 2CB:N!(>B<;A8<[R!KB<;A8<[9 ! ! 1B<;A8<[ +LK6<; "<;=<>B "EC>< GI QJ -M7S< I OG (> Y "<;9C> I OG #K:8N!C>N7 Z Gh 2CB:N!(>B<;A8<[9 hH GPP

PAGE 49

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j!9R<>B9![<;B<;A8<[!C>=<@!F8A<>!BE:B!BE<7!E:R!KC;DC;K:B8C>!BC!F8A!=CLNR!6!C>B<;A8<[!V9<R<>B9![<;B:=BB<;A8<[ j!BE<7![<;!:!6;8R!B EB;CRL=B8C>! D;CK!-<>:BC;!]8;BE!V9<R8X!*!DC;!:!9:KSNB;CRL=B8C>!NR!$SS<>R8X!#!DC;!BER<>B9![<;DC;K!:RA:>=B<;A8<[9![CLNR!>CB!6R! BE:B! BE<7![CLNR!>CB!6:K!BE
PAGE 50

37 B:MCB<9?!!(B![:9!BECLFEB! BE:B! ;<9SC>R<>B9![CLNR!6F!BEB<;A8<[9!:>R!KC;F![8BE!9<>98B8ADC;K:B8C>!8D!BEB<;A8<[9![<;CB!;<=C;RR!8D!BE<7!M><[! 8>!:RA:>=CB!6R<R!;<9SC>R<>B9![<;M!:>R!F<><;CL9![8BE!8>DC;K:B8C>!8>!BEB<;A8<[9?!!2E<7![<;DC;K!8>!BER!:NN!TL<9B8C>9!BE<7!K8FEB!6B:;7@!:>R!BE<7![<;!BE8A<;98B7!CD!%CNC;:RC!(3&`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`9! S;B!C;! L>><=<99:; 7!BC!:9M@!6:9!8>DC;K:B8C>!F8A<>! LS!BC!BE:B!B8K< 8>!BEB<;A8<[@![CLNR!69![CLNR!6CB! S;!:RA:>=<@! 6:9!8>DC;K:B8C>!BE:B! =:K!BEB<;A8<[?! .D!BE9!8>B<;A8<[LK6<;![<;R!;<9<:;=E!9B:DD!VOJpW@!BE8>M!B:>M!9B:DD!KR!=C>9LNB:>B9!VOhpW@!:>R!

PAGE 51

38 R8SNCK:B9!VGPpW!V9<R8X!,!=C>B:8>9!:!N89B!CD!BE9!ER<>B9! RL;8>F!BE!CD!BE<:;N7!:NN!CD!BER<>B9!E:R!;<98R!+<[!/C;M!:B!BE!OPPZ@!KC9B!E:R!KCA!BC!CBE<;!SC98B8C>9!98>=?!!$B!BEB<;A8<[9@!BE<7![<;LK6<;!8>!+C;BE!$K<;8=:! VJIpW@!DCNNC[R!$98:!:>R!$L9B;:N8:!VGhpW!V9<B<;A8<[9 [<;RL=B Y S<;9C>!VOG pW@! :>R!67! Y S<;9C>!8>B<;A8<[9![<;RL=BR<>B9![EC! [<;F!:>R!;<98R8>F!8>!+<[!/C;M@!RL;8>F!:!;<9<:;=E!A898B!BE<;!5<6;L:;7!OPGG?!! 2EB<;A8<[9!S;CA8R9!CD!E:A8>F!:!D:=< Y BC Y D:=><=B8C>![8BE!;<9SC>R<>B9! [8BECLB!E:A8>F!BC!B;:A?!!(B![:9!BEB<;A8<[!DC;!;<9SC>R<>B9! >CB!6:9!+<[!/C;M@!6LB!>CB!:NN!CD!BE<9R<>B9![<;R!:6NB<;A8<[!N:9BLB<9!BC!C>F!>CB<9! BE;CLFECLB?!!'SC>!=CKSN CD!BEB<;A8<[ @!BE9=;86CB<9@!L9L:NN7! 8KKF! BEB<;A8<[ j! 8D!BE:B![:9!>CB!SC9986N<@! BECB<9![<;9=;86B<;A8<[!>CB<9!D8NNR!=C>9B8BLB?! 2EB<;A8<[! >CB<9![<;B<;BC!:!R:B:6:9R! 98AF! E7S<;3<9<:;=E!TL:N8B:B8A:N7989!9CDB[:;B<;A8<[!>CB<9!BC!:9989B!8>!;F!9S<=8D8=!8>DC;K:B8C>!D;CK!BEB<;A8<[9!C>!:! A:;8B!BC!BE=NLR8>F!BE9B;L=B9!CD!BER! R89=L;98A9B8BLB8C>:N89B!D;:K<[C;M9?!!$SS<>R8X!4!S;CA8R<9!:!N89B!CD! :NN!BE!BER8X!(!9EC[9!:!9:KSNB<;A8<[!>CB<9?!!$!BCB:N!CD! hOOH!=CR<9![<;B<;A8<[!R:B:?!!2E98AB<;A8<[9!:6CLB!:!A:;8 R!BC!R;:DB!BE9!C>!BE<>B!B9!CD!BER!R89=L;98A!%E:SB<;9!Z!:>R!J@!;<9S<=B8A
PAGE 52

39 (>A<9B8F:B8>F!BEF!"CN8=7!*89=CL;9< 2EF!SCN8=7!R89=CL;9R8>F!BE!CD!BEA<9B8F:BF!-=EK8RB`9!VOPPI@!OPGGW!R89=L;98A9B8BLB8C>:N89K!D;:K<[C;M!DC;!SCN8=7!R89=CL;9<9?!!2E89! 8>ACNA<9!8>A<9B8F:B8>F!6CBE!BE:N!:>R!8>B<;:=B8A<>B9!CD!BE9B8BLB8C>:N!D:=BC;9!:D D<=B8>F!BEF!:;B9!CD!BE9BLB8C>:N89B!D;:K<[C;M!:>R!:>!:B8C>!CD!EC[!<:=E![:9!8>A<9B8F:B!BEF l!]E:B! ,#(=#$/& :>R! ,81-(& (,81.& L>R<;N:7! BE<9B! 0(=%1"1A. $%* %(#/$"1A. 1*.$& !BE!BER<;N :7 BE< S;CSC9R!EC[![<;!BEF!SCN8=7!:=BC;9l!]:9! BE<;!BER!BE<8;!SL6N8=9l! h? ;%&"1")"1(%$-!B$0"(#& 0!!]<;B!8>9B8BLB8C>:N!D:=BC;9!:>R!9B;L=BL;<9!BE:B! D:=8N8B:B9B;:8>!BEF! [<;!BE8>F!BER! 8R<>B8D78>F!BE! BE:N7989j!:9!9L=E@!BE<7![<;CB! ;!BE98BLB8C>:N89B!:>:N7989 ?!! 2 EB<;A8<[!R:B:![:9!8>A<9B8F:BR<;N78>F!8R<:9!:B!BER!SE8NC9CSE8=:N!NF!=CR<9!DC;!BE<99B;L=B9 ?!!%CF>8B8A!BER!BER!SCN8=7! 9B;<:K9!9<=B8C>9!CD!BE:N7989 @!:>R![<;CB!9S<=8D8=:NN7!B<;A8<[!R:B:![:9!!BE98BLB8C>:N89B!:>:N7989! DC;!>C;K:B8AR!N9 @!L98>F!=CR<9!DC;!>C;K:B8A=NLR8>F! BEC9R!BC!S;CSC9:B8A! SCN8=7! :=BC;9 @!=CKKL>8=:B8AR!8KSC;B:>B!8>9B8BLB8C>:N!D:=BC;9!:DD<=B8>F!B EA<9B8F:B!BE><;@!L98>F!=CR<9!R9B;L=B9!8>! BE8=:B8AA<9B8F:B!:B8C>!CD!S;<99! ;R!9S<<=E<9!67!-<=;<;:N!UCD8!$>>:>!:B 8KSC;B:>B!9B:F<9!8>!BE
PAGE 53

40 [B<;A8<[9![8BE! 4)"!K9!BC!S;CKCB!BE<8;!ECKB;8<9!:>R!:B!8>B<;>:B8C>:N!K<F9!:>R!=C>D<;<>=<9!:DB<;!4)"!;R!g:N8R8B7 ! 3R!A:N8R8B7!E:A!E8FEN7!=C>B<9B!TL:N8B:B8AR!8>B<;S;R!18NN<;!OPPPj!,CN:D9E:>8!OPPhj!589=E<;!OPPhW@!:>R! =C>B8>LB;:N!B9!CD!BEB<9BBd!CD! TL:N8B:B8A^8>!:>R!)8>=CN>!OPPZ@!GGGJW?!!&CBE!=C>=!NCF8=:N!SC98B8A89K@! BE!B<>!;R!8>B<;S;C[!O PPJW@!:>R!8>!TL:>B8B:B8A8D8<9!BEB!BC![E8=E! BEB<;>:N!:>R!:N!A:N8R8B7! 98F>8D8<9![EB<>RR!89!:==L;:B8!OPPhW?!!2E=R!;98R<;R8B8C>!DC;! A:N8R8B7!8>!BE?! &CBE!=C>=!S;C6N!B;:>9D<;;R!8>B<;S;7!;<9<:;=E<;9!;F!BE:SS;CS;8:B!BEB! R:B8C>9!CD!8>B<;S;R!TL:N8B:B8AF!DC;!KCR8D8=:B8C>9!CD! BE==<99d!V%;<9[R! 18NN<;!OPPPj!,CN:D9E:>8!OPPhj!589=E<;!OPPhj!/:>C[!OPPJW?!!%;<9[R!18NN<;!VOPPPW!<9B;:B!9S8B 9D<;;8>F!BE=B8B:B8A!=;!A:N8R8B7!:9!BER:;R!DC;!8>B<;S;:N7989?!! 5CNNC[8>F!&C^!VGHIJ@!ZOIW@!E![E<;CBE<;!8>B<;<9BCB!><=<99:;8N7!:F;<!S;C=R8A8RL:N! S;CA8R8>F!BEBd!V589=E<;!OPPh@!GZQW?!! %;<9[R!18NN<;!VOPPPW!9EC[!TL:N8B:B8AL:>=!8>!TL:>B8B:B8ACB!BC!BED<;<>=<9!R;:[>!

PAGE 54

41 D;CK!8B@!:>R!8B!89!A8<[9<9!C;!A8<[SC8>B9!CD!BEB!S!BER!BEC9=9!:;9!C;![C;NRA8<[9!CD! BE!BE:B!R8DD<;<>B!>CB8C>9!CD!A:N8R8B7![8NN!68^B!S:;:R8FK9!9L=E! :9!SC9B Y SC98B8A89K@!=C>9B;L=B8A89K@!:>R!=;8B8=:N!BELK6<;!CD!KF!A:N8R8B7!8>!TL:N8B:B8AR8>F!C>!BE9!BE;CLFE![E8=E!BEF! =C>98R<;R!BE9!V%;<9[R!18NN<;!OPPPW?!!-R!18NN<;`9!KF!A:N8R8B7![<;!BE89!R899<;B:B8C>@!8>=NLR8>F! B;8:>FLN:B8C>!:KC>F!KLNB8SNDC;K:B8C>@!9<:;=E8>F!DC;!R89=C>D8;K8>F!=<@!=NC9![8BE!S:;B8=8S:>B9!BE;CLFECLB!BER!BE8=M@!;8=E!R<9=;8SB8C>!CD! BEF@!S:;B8=8S:>B9!:>R!BE!:RR8B8C>:N!=E<=M!C>!A:N8R8B7![:9!BE!CD!BEB<;A8<[
PAGE 55

42 %4$"2#3!Q %$-#!-2'*/!.5!24#!%3 #$2(.+!.5!24#!"#$%#& '()*(+,!%.11(--(.+ ! (>!BE89!=E:SB<;@!:!R!CD!BEF!%CKK8998C>!V"&%W! 89!S;<9<>BR!CD!BE!V9<R8X!4!DC;!:!9LKK:;7!N89B!CD!BEB!RB9!8>!BER!DC;!:SSN78>F!BER! R89=L;98A9B8BLB8C>:N89B! D;:K<[C;M9!8>!BEB!=E:SB<;9? ! #>R!CD!BEF!BC!BE!CD!BE!6!:9!E:A8>F!9B:;BR!CD!BER!CD!BEB!CD!;9!:KC>F!BE<> B!K=8N?!!2E89!9E8DB![:9!K:;M=8N`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h@!=CKS:;< Y D8DBE!BE:B!>LK6<;!8>! BEF!DCL;!R<=:R<9!V%C=M:7>R!1:NC>!BE89!><[@!KC;A8;C>K<>B@!:>R![8BE!BE8BLRDN8=B9!E:A8>F!S<:M!BE=R!CD!]C;NR!]:;!((!:>R!;R:BF!K8998C>9!R<:;N7!:9!

PAGE 56

43 K:>7!><[!K8998C>9!VGZW!N:L>=E!GHHG!:>R!GHHh!:9!E:R!6<<>!N:L>=E BCB:N!LS!L>B8N! BE<>!VGeW!V%C=M:7>R!1:NC>R!B7S<9!CD!K:>R:B<9!DC;!BE<99!:N9C!R:N!S<:=F!K8998C>9!E:R!6<<>!>R!N8FEBN7!:;KR:B<9!BC! <>DC;=B9!6![:;;8>F!9B:B<9@!9L=E!:9!'+2-.!8>!BE!GHQI@! '+#5!(!8>!#F7SB!8>!GHZJ@!:>R!'+5(%/"!%7S;L9!8>!GHJQ!V&R!,;8DD<>!OPPQj! %C=M:7>R!1:NC>9![<;R:B<9!9L=E!:9!RF!ELK:>8B:;8:>!:8R@!K:M8>F!:>R!<>DC;=8>F!S<:=<@!:>R!:9S<=B9!CD!9B:B< Y 6L8NR8>F@!9L=E!:9!(5.3!:>R!-5.3!8>!&C9>8:!8>!GHHZ@!U5.3!8>!UC9CAC!8>!GHHH@!:>R!(+2#35#2!8>!#:9B! 28KC;!BER!,;8DD<>!OPPQj!%C=M:7 >R!1:NC>98C>!8>!S<:=F!CS<;:B8C>9!8>!BE98C>!8>!BER<;B:MR!=CKSN9@![E8=E!NF!D:8NL;<9!8>!-CK:N8:@!3[ :>R:@!:>R!&C9>8:!6!GHHh!:>R!GHHZ?!(>!-CK:N8:@! '-!B;CCS9!E:R!6<<>!RF98R8B:;8:>!:8R@! [8BECLB!BE<=<99:;7!N:B8C>!6!BER!,;8DD<>! OPPQW?! (>!GHHh@!Oh!":M89B:>8!S<:=F!BE=8N!BC!:LBEC;8^9B!$8R8R!V'+!GHHh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
PAGE 57

44 S<:=R:BR!B!BC!L9R!9C!=CLNR!>CB! S;B!BE!CD!Oh@PPP!&C9>8:>!1L9N8K![CK<>!:>R!BE8:>!K<>!:>R! 6C79!V&R!,;8DD<>!OPPQW?! ]8BE!BER!CD!BE=8>F! 9LS<;SC[<;?!!2E89![:9!9B;C>FN7!R9B;:B!BE!$==C;R9!DC;!&C9>8:!:>R!4<;^:!8>! GHHZ@![E8=E![<;RL=BR!NR!:N9C!67!8>=;<:98>F!'-!RCK8>:B8C>! CD!BE=8N!q9!:F<>R:!:>R!R<=898C> Y K:M8>F!BE ;CLFECLB!BE98C>9!8>!BE=8N!;<9L;D:=<>B!D8AR!:SS;C:=E<9!8>!UC9CAC!:>R!(;:T!V1:NC>!BE=8N!D;CK! BER!CD!BE8N:B<;:N!:=B8C>!C>!BE!BEF!=:KS:8F>9!8>!UC9CAC!8>!GHHH@!L>R<;K8>:N!=C>=9!CD!9B:BB7!:>R!NB9!:6CLB!BEA:98C>!CD!(;:T!8>!OPPh!V1:NC>F!8>!BER:!DC;!"<:=98C>!CD!'+!:=B8A8B7!8>!BER!9<=L;8B7!:;<>:!DCNNC[8>F!BER!CD!BE=8N@!8>! 8B9!D8;9B Y B8KF!:B!BE! a:>L:;7!GHHO@!BC!;<[!-<=;<;:N@!&CLB;C9!&CLB;C9 Y ,E:N8@!BC!S;CA8R!:>:N7989! :>R!;<=CKK<>R:B8C>9!C>![:79!BC!9B;<>FBE<>!'+!=:S:=8B7!DC;!S;B8AF@! :>R!S< :=F!V'+!GHHO:W?!!489!;<9SC>9R!CSB8K89B8=!c$F<>R:!DC;!"<:=![E8=E!EDN8=B!:>R!BE9<9!:>R! 8>B<;A<>B8C>9!E8B9?!!(>!BE89!;DN8=B!S<:=<6L8NR8>Fd!DC;!BE!BC!8R<>B8D7!:>R!9LSSC;B!9B;L=BL;<9![E8=E! [8NN!B<>R!BC!9B;<>FBE<>!:>R!9CN8R8D7!S<:=!C;R<;!BC!:AC8R!:!;BC!=C>DN8=Bd!V'+!GHHO6@! S:;:F;:SE!OGW?!!!(B![:9!N89BB8AF!:>R!S<:=F!8>!BEDN8=B!=C>B8>LLK@!:>R!6F!BEDN8=B!V'+!GHHO6j! 29=E8;F8!GHHJW?!4LK<;:BF!L>R<; BEF0! R89: ;K:K<>B!:>R!R<9B;L=B8C>!CD![<:SC>9j!;!CD!;F!:>R!B;:8>8>F!9<=L;8B7!

PAGE 58

45 S<;9C>>8BC;8>F!9j!9LSSC;B8>F!BE!CD!ELK:>!;8FEB9j!;F!C;! 9B;<>FBE<>8>F!FCA<;>K<>B:N!8>9B8BLB8C>9j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j!'+!GHHJW?!! ! ";CSC9:N!DC;!:!"<:=<6L8NR8>F!'>8B!8>!*"$ ! 2ECB!BE9B8BLB8C>!S;CSC9DN8=B!S< :=<6L8NR8>F?!!UCD8! $>>:>!BCCM!CA<;!D;CK!&CLB;C9!&CLB;C9 Y ,E:N8!:9!'+!-<=;<;:N!:B!BER! N:L>=EF!BE8B9@d!8>!aLN7!CD!BE!BE:B B!CD!"CN8B8=:N!$DD:8;9!V*"$W!:9!BEB!DC;!SC9B Y =C>DN8=B!S<:=<6L8NR8>F![8BE8>!BE!8B9!=:S:=8B7!:9!BEA<>C;!CD!BE
PAGE 59

46 %CKK8BB<!"<:=R!-<=L;8B7!V#%"-W?!!2EF!BEE:>==R!=CC;R8>:B:FB![8BE8>!BE9B<<@!:!A! '+!9<>8C;!9B:DD!KR!N:B<;!:RA89C;!BC!BE!CS<;:B8C>:N!K:BB<; 9@!E:R!S;CSC9!GHHJ@!:9! :!DCNNC[ Y LS!BC!BEB<;>:B8C>:N!%CNNCTL8LK!C>!"C9B Y %C>DN8=B!3<=C>9B;L=B8C>!-B;:B!GHHZ!V'+! GHHZ6W@!BE:B!*"$!6B!DC;!S<:=<6L8NR8>F@!F8A<>!BEB8:NN7!SCN8B8=:N!>:BL;DN8=B!S<:=<6L8NR8>F!V$>9 B<F!BE:B8C>!CD!*"$!:9!BEF!DC=:N!SC8>B!8>!BE9B<R:B8C>9!:6CLB!BE<=<99:;7!9B9B8BLB8C>:N8^FB!V$>9B<!E :A8>F!BEF! R8=:B!UCD8!$>>:>`9!;9B<9B<:R! ;<=CKK<>RF!:!9K:NN@!RF!L>8B!8>!BE989B8>F!CD!BE;<:N!:>R!B[C!:RK8>89B;:B8A9B<9B<CB! :>!:SS;CS;8:BF!:=B8C>!C>!S<:=<6L8NR8>F!6<=:L9[8CB!:=B8C> Y C;8<>BR!R8R!>CB!8>=NLR7!CD!BE!S<:=<6L8NR8>F!V$>9B<F!L>8B!8>!BER!=CC;R8>:BDN8=B!S<:=<6L8NR8>F![C;M!8>!BEB@!:RA89R<; Y -<=;<;:N!V'-,W!DC;!"CN8B8=:N!$DD:8;9!CD!S<:=<6L8NR8>F!K:BB<;9! ;F!S;<9<>B:B8C>!BC!#%"-@!8KS;CA!:>R!=CCS<;:B8C>![8 BE!CBE<;!;B!RB9!8>! BEF!D89@!:>R!;B!:>R!S:9B!S<:=<6L8NR8>F! =<9!BC!8>DC;K!DLBL;9!V$>9B<F!BE9B<!GHHH!9CLFEB!DL>R8>F!DC;!BE<[!S<: =<6L8NR8>F!L>8B!8>! BE8<;:N!$99! $RK8>89B;:B8AR!&LRF9!V$%$&fW!V*"$!OPPhW?!!2E<;:N! $9989B;:B8AR!&LRF986NF!BE!:6N!OPPP!S;CK89<9!CD!R8>F!CD! 9CK!DC;!BE8B!D;CK!:!>LK6<;!CD!RC>C;!=CL>B;8<9!8>=NLR8>F!BE:R:@! )8<=EB<>9B<8>@!:>R!+C;[:7@!:9 [!9<=C>RK<>B!D;CK!'+*"!V*"$!OPPhj! $LBEC;!8>B<;A8<[9W?!!4C[!BER:B8C>!DC;!:!

PAGE 60

47 S<:=<6L8NR8>F!L>8B!8>!*"$![:9!;<8B<;:B!BE!'+!S<:=9!V'+ OPPP6W@!6LB!N8>MB;CA<;98:N@!#%"-! (>DC;K:B8C>!:>R!-B;:B:N7989!-<=;<;:N`9!;8^9B8BLB8C>:N!NC=:B8C>!DC;!=CC;R8>:B8>F!BEF!:=B8A8B8<9!:KC>F!BEB!S:;B9! CD!BE:N:KA<>8>F!BE![E8=E! >LK<;CL9!'+!:F<>=8<9!:>R!S;CF;:K9!R<:N8>F![8BE S<:=<6L8NR8>F!:=B8A8B8<9![<;B9B<<`9!VGHHIW!S;9!:6CLB!L98>F!BEF!:=B8A8B8<9@!BEF!L>8B@!8>!=E:;F!:>R!8KSNB:B8C>!CD!SC9B Y =C>DN8=B!S<:=<6L8NR8>F!8>8B8:B8A<9!67!BE8^:B8C>9!CD!BEN8M9B<<@!BEB8>LF!S<:=<6L8NR8>F!9B;:BB@!6LB!8B!8R<>B8D8B!";CF;:KK=7!DC;!8KSNB8>F!S<:=<6L8NR8>F!:=B8A8B8<9!V'+!OPPP6W?!! 2EB!CD!BEF!L>8B!BC!BE! R<=898C> Y K:M8>F!:6CLB!8B9!=;<:B8C>?!!2E!<:;N7![:;>8>F!L>8B!BE:B![CLNR! :==LKLN:BC[NDN8=B!98BL:B8C>9!:>R!F<><;:B:N79<9!:>R!NC>F Y B<;K! 9B;:B9CN8R:B8>F!BEB:N!L>8B9![8BE8>!BER!8>DC;K:B8C>!:>:N7989!;CN<9!;R!9<=L;8B7j!KC;:BC[NR!S;CA8RFC8>F!D89!V'+!OPPP6W?! 4C[FN7!;F!=CL>B;8<9!8>!OPPG@![EC!D<:;=8B![CLNR!F8A!:A<>LF!8>BC!BE<8;!8>B<;>:N!:DD:8;9!:>R!:! K<:>9!DC;!bL9B8D78>F!K8N8B:;7!8>B<;A<>B 8C>9!V $LBEC;!8>B<;A8<[9j! *"$!OPPhj!*C;>!OPPQj!k<>MC!:>R! 5;8!OPGGW?!!2E89!;<989B:>=7!=C>DN8=B!S;B8C>!DL>=B8C>9! 89!NC>F9B:>R8>F!V*C;>!OPPQj!3L68>!:>R!aC><9!OPPej!k<>MC!:>R!5;8!OPGGW@!:>R![CLNR!;<:SS<:;! 8>!BE 9!:6CLB!DC;K8>F!BE!OPPZ?!,8A<>!BEF!;<989B:>=F! =CL>B;8<9@!BE!67!BE<;:N!8>!OPPG@!N<:A8>F!BEF!L>8B!:F:8>!8>!N8K6C!V $LBEC;!8>B<;A8<[9j! *"$!OPPhW?!

PAGE 61

48 2E<;:N!;R!S;CSC9:N!DC;!:!S<:=<6L8NR8>F!L>8B!8>!*"$!8>!OPPG@! 6LB!8>!OPPO!BE!;R8>F!67!BE!=C>B8>L8>F! RF!=CL>B;7!=C>=<;>9!:6CLB!BEB8:NN7!8>B;L98A:BL;F!L>8B@!! :DB<;!8B![:9!RMB<;A8<[9W?!!5CNNC[8>F!BE89!9F!:! S<:=<6L8NR8>F!L>8B![:9!9ER!D8>:>=8:NN7!9LSSC;BC;! =CL>B;8<9!8>=NLR8>F!BECB F!R!DC;K8>F!BE8B!:9![B!CD!><[!=:S:=8B8<9!8>!CBE<;!S:;B9!CD!BER<;BCCM!:!7<:; Y NC>F!;R!=:S:=8B7!8>!S<:=<6L8NR8>F@!BC!R<=8RB<;A8<[9j!*"$!OPPhW?! 2E!a:>L:;7!OPPZ!V%:NN!OPPZW@!bL9B!:DB<;!BER:B8C>9!DC;!DC;K8>F!BERC!NC>F<;!9<;AB!DC;!S<:=<6L8NR8>F!8>!BE!BE:B!8B!E:R!6<<>!;8<=<99:;7!9LSSC;B![8BE8>!BER!N:=M:N7B8=:N!:>R!CS<;:B8C>:N!9M8NN9!BC!S<;DC;K!BE89!;CNB<;A8<[9@!%:NN!OPPZW?!!3:BE<;@! BE9LNB:>B!;<=CKK<>RR!8B9!9LSSC;B!BC!BE<[!"&%!:>R!"&-.@!:9!S;CSC9!BER!RL=NLR!BE<;:N`9!DC;BE=CK8>F!;>8>F@!>C!S<:=<6L8NR8>F!L>8B![:9!!*"$@!:>R!BEB;:N!=CC;R8>:B8>F!;CN!S<:=<6L8NR8>F!BE:B!E:R!6<<>! <>A898C>CBE<;!S;CSC9:N!DC;!:>!8>B<;>:B8C>:N!S<:=<6L8NR8>F!D:=8N8B7![:9!BEB<;!C>!(>B<;>:B8C>:N!%CCS<;:B8C>!V%(%W!:B!+<[!/C;M! '>8A<;98B7!V5C;K:>@!":B;8=M@!:>R!-:NCKC>9!OPPPj!5C;K:>!:>R!":B;8=M!OPPG:W@!:>R!=CK8>F!CLB!CD!:! 9<;8<9!CD!K<F9!C>!c;B@d!9SC>9C;F9!(>9B8BLB8C>!:>R!DL>RM!V$LBEC;!8>B<;A8<[9W?!!2EB!BC!6B;:N!>CR!BEB<;>:B8C>:N!979B<;9E8S!:>R! ECL9R<;!BEM@!BC!6;8RF!;DN8=B!:>R! BEF<; Y B<;K!RB!:9989B:>=CB!:A:8N:6NB8N!KL=E!N:B<;!V$LBEC;!8>B<;A8<[9W?!

PAGE 62

49 (B![CLNR!6B8B7@!CS<>!BC!'+!C;F:>8^:B8C>9@!8>B<;>:B8C>:N!D8>:>=8:N!8>9B8B LB8C>9@! ;:N!C;F:>8^:B8C>9@!RC>C;!FCA<;>K<>B9@!:>R!+,.!;B:B8A<9@![8BE!RR9!DC;!8B9! :>:N7B8=:N!:>R!S;R!:!9B:>R8>F!B;L9B!DL>R!DC;!;:S8R!;<=CA<;7!:=B8A8B8<9!V5C;K:>@! ":B;8=M@!:>R!-:NCKC>9!OPPPj!5C;K:>!:>R!":B;8=M!OPPG:W ?!!2EM![CLNR!6B!DC;!BER :>R!8B9!6C:;R![CLNR!6B!CD!BEM!:>R!BE<;:N!V$LBEC;!8>B<;A8<[9W ?!! 2EF!BER!8>B<;>:B8C>:N!:= BC;9!BCFR!BC!<>9L;R! S<:=<6L8NR8>F!:=B8A8B8<9!8>!BEBE9!:DB<;!BER!CD!BEDN8=B@!L>B8N!NC>F<; Y B<;K! RB!:9989B:>=@!" :B;8=M@!:>R!-:NCKC>9!OPPPj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`9!9B;C>F! ;CN!RB!:9989B:>=R8>F@!:>R!DC;!8B9!9B;C>F!=CL>B;7 Y 6:9!E<;! C69<;A:B8C>9!BE:B!NC=:N!FCA<;>K<>B9!:>R!C;F:>8^:B8C>9@!;:BE<;!BE:>!+<[ Y /C;M!6:98^:B8C>9@! :;!8KSNB8>F!8>B<;>:B8C>:N!S;CF;: K9!V$LBEC;!8>B<;A8<[9W? 2E!8>!SNR8>F!D;CK!BEW!:>R! +C;[:7!VrG?O!K8NN8C>W@!6LB!BEBLK![E<>!RC>C;9!R89:F;<
PAGE 63

50 R:N!8B! 9ECLNR!6<@!:>R!BER8>F!8B!9ECLNR!E:AB<;A8<[9W?!-CKB<;A8<[BR!*"U.@![:9!>CB!E8FEN7!8>B<;<9B!BEB!8>!BE>8>F!K<F9!V$LBEC;!8>B<;A8<[9W?!!2E!1:;M!1:NNC=E!&;C[>@!LS!BC!BE<>!BE!S;CSC><>B!CD!BE!CD!$RK8>89B;:BC;!CD!'+*"?!!48B8:B!CD!:!><[!SC9B Y =C>DN8=B! L>8B!:B!'+*"@!BEB8C>!:>R!3<=CA<;7!V&%"3W@!R8>F!:NN!R89=L998C>! :6CLB!BEB<;A8<[9W? 2ECB@!EC[B!DC;!BE:KB<;>:B8C>:N!=CKKL>8B7![:9!D:8N8>F!BC! :R!S<:=B!:>R!NC>F Y B<;K!RB!:9989B:>=!6;CLFEB!8>!:!E8FE Y S;CD8N!BC!N<:R!BE<[!&L;<:L@!aLN8:! 2:DB@!L>B8N!BE<>!:!9<>8C;!CDD8=8:N! :B!BEB!CD!-B:B<@!6LB!9ECB!9B:7!NC>F@!N<:A8>F!BE!OPPQ!V$LBEC;! 8>B<;A8<[9W?!!2EF!8>!'+*"!:9!:!;B8B7![8BE8>!:![B!C;F:> 8^:B8C>@!F8A<>!R8DD<;<>B!;B9!DC;!L;F<>=7!CD!:=B8C>!6! ;R!RB!CS<;:B8C>9!V$LBEC;!8>B<;A8<[9W?!!(B!:N9C!D:=:B8>F![8BE! '+*"`9!;:N!6L;<:L9@![E8=E!DR!8>!BEB;8<9!&%"3![:9!B :;FF!DC;! 8B9!C[>!:=B8A8B8<9!V$LBEC;!8>B<;A8<[9W?!(>!BE89!=C>B<[!&L;<:L!R=<@!:>R!BEL9!R8R!>CB! F;<:BN7 :NB<;!BE9B8BLB8C>:N!=:S:=8B8<9!DC;!S<:=<6L8NR8>F!67! BE!8B9!R89=L998C>9!:B!BER!CD!OPPh?! ! 2E!2E;<:B9@!%E:NN<>F<9!:>R!%E:>F< 5C;K8>F!:!S<:=<6L8NR8>F!<>B8B7!=:K!:9!:!S;CSC9:N!CD!BE!OPPQ@!8>!S:;B! BE;CLFE!BEDNL<>=<9@!BEB!3<9<:;=E!*8;<=BC;!CD!BER![:9![R!KCAB! KCR8D8=:B8C>9!:>R!:!><[!>:K![8BE!1:;=E!1:NNC=E!&;C[>!:>R!BEB<;A8<[9W?!!-<=;<;:N!UCD8!$>>:>!:>>CL>=! CD!BE!E89![C[>!c5C;M!8>!BE<;:N!$99!Oh!->:>!OPPhW?!!

PAGE 64

51 2E89!9S<<=E!=:KF!7<:;!DC;!BE!BEA:98C>!CD!(;:T!8>! 1:;=E!OPPh@![E8=E!S;C=<=8N!:LBEC;8^:B8C>!8>!BE=9<>9L9!C>! 9B;:B!(;:T@!:>R!:DB<;!BE!BE<[!'+!CDD8=!&:FER:R!8>!$LFL9B!OPPh!BE:B!N=NLR8>F!BE8B9!-S<=8:N!3B:B8A!(;:T@!-<;F8C!g8<8;:!R><6<;F<;!OPPhj!-S8>RN!E89!:RR;<99@!UCD8!$>>:>!!8>!BE!BEB@!$>>:>! 9LFF<9BB!CD!DCL>R8>F!BE!GHQZ!V$> >:>!OPPhW?!!,8A<>!BE<[!BE;<:B9!BC! =CNN<=B8A=NLR8>F!B<;;C;89K@![<:SC>9!CD!K:99!R<9B;L=B8C>@!:>R!BE8N:B<;:N!:>R!L>N:[DLN! L9=8N!:LBEC;8^:B8C>@!8B![:9!B8KB;8<9!CD! BEB8>LC;!BEB9!CD!BEF<9![<;<>:>!OPPhW?!4B8D7!BE;<:B9!:>R!=E:NN<>F<9!BC! 8>B<;>:B8C>:N!S<:=R!9<=L;8B7@!BC!!=:>!:RR;<99!BE<9F<9@!BC! ;B!DL>=B8C>8>F!CD!BE9!CD!BER!BE9E8S!6!BER! BC!;<=CKK<>R!;!BE9B8BLB8C>9!:>R!S;C=<99<9!CD!BE9L;!V$>>:>!OPPhW?!!2E!$LFL9B!OPPQ@!S;8C;!BC!BE!CD! BE<;:N!$99BN7!R!C;R<;!>CB! BC!6R!SC9986N7!M8NN=L;;<>B!'-!S;<98R<>B8:N!9@![E8NC[N!DC;!BEB![:9!BER!;<9<:;=E!9B:DD!>CB9!DC;!BECB! =CKB!C>!S;CSC9:N9!DC;!-<=L;8B7!%CL>=8N!;B<;A8<[9W?!! 2E8B8:NN7!=C>D8>R!9<=L;8B7@!6;C:RN7! 8>B<;S;R!8B9!:>:N7989!BC!<=C>CK8=!:>R!9C=8:N!899L<9!:>R!8>9B8BLB8C>9@!BC!BEB!BE:B!BE<7!E:R!:!R8;<=B!6<:;8>F!C>!BE;<:B9!B C!S<:=R!9<=L;8B7!V'+!OPPh6j!'+!OPPQ:W?!!2E89! <=C>CK8=!:>R!9C=8:N!:F<>R:![:9!9L69BN7!RF!BE9!CD!BE!BER!:>R!8>B<;<9B9!CD!9CKR! c9CDBd!BE;< :B9!=:K!:9!8>B<;B[8>B<;A8<[9j!'+!OPPQ:j!+'"(!OPPJW?! $!9B;C>F<;!DC=L9!C>!8>9B8BLB8C>:N!:>R!K:>:FB!;BC!SN:7!C>!BE!BE:B!BER:N!6;CM!5<6;L:;7!OPPQ@!bL9B!:DB<;!BE
PAGE 65

52 [8BE!:NN9!;F!BER9!8>!BE89!'+!S;CF;:K!BE:B!E:R!6<<>!<9B:6N89E!GHHZ! BC!:NNC[!(;:T!BC!9!F<9@!:>R!CBE<;!ELK:>8B:;8:>!><B<;A8<[9j!+'"(!OPPJj!2;:L6!OPPJW?!!(>!;<9SC> 99@!BE<;:N!9RR<>B!(>TL8;7!%CKK8BB<!$S;8N!OPPQ!BC!K:MA<9B8F:B8C>?!!2EB<;8K!;!OPPZ!V((%!OPPZ:@!OPPZ6@!OPPZ=@!OPPZRW!6F!8B9!D8>:N! ;!BE:FB!CD!BE!BE!-:FB!CD!BE<;:B<;:N!D;CK!S<;9C>:N!;<9SC>9868N8B7!V((%!OPPZR:N!8>!OPPQ! [:9!DCNNC[9!:6CLB!9!CD!;!:>R!=E8NR;<>!67!'+! S<:=!BEFC!N:B<;!BE:B!7<:;!V+'"(!OPPJj!2;:L6!OPPJW?!!2E<9B9!DC=L9B8C>@!S:;B8=LN:;N7! D;CK!BEK<>B!L>R<;!";<98R<>B!,! K:>:FB![<:M><99<9!8>!BER!DC;=98R<;!BE<=<99:;7!;!BE89! :;<:!V$LBEC;!8>B<;A8<[9j!+'"(!OPPJW?! '+!'>R<;9<=;<;:N!DC;!"CN8B8=:N!$DD:8;9!U8<;:>!";<>R<;F: 9B@![EC![:9!=E:;FF!BE=B<;A8<[9j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

PAGE 66

53 2ERL=B!:!BEC;CLFE!:>:N7989!CD!BE<[!FNC6:N!BE;<:B9!:>R!=E:NN<>F<9@!:>R!BC! K:MR:B8C>9!DC;!8>9B8BLB8C>:N!=E:>F=R!:99<99F! 8>9B8BLB8C>9!V";<>R<;F:9B!OPPQW ?!!";<>R<;F:9B!:>R!E89!9B:DD@!8>!R;:[8>F!LS!BE=<@!R:B8A<@!N<99!=E:;FR! 9MF!V";<>R<;F:9B!OPPQj!9<9B<:R!CD!cKLNB8 Y N:B<;:Nd@!:>R!c=E:>F9B<:R!CD!c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j! +'"(!OPPJWj!BE89!N=! 67!K:>7!BE:B!BEB<;A8<[9W@!CLB!CD!BCL=E![8BE! =L;;<>B!FNC6:N!899L<9!V+'"(!OPPJW?!!2E:>R!":>7:;:=EL>@!DC; K<;!DC;<8F>! K8>89B<;!CD!2E:8N:>R@![EC!E:R!>CB!6<<>!8>ACNA!'+!:DD:8;9!98>==@![8BE!K:B8>F!D;CK!:NN! CD!BEB8><>B9@!:>R!:!":> <>B!K=8N! V'-$@!'U@!5;:>=<@!%E8>:@!:>R!BE!5W@!6LB!8B!R8R!>CB!=C>B:8>!KB;8<9!:9S8;8>F!BC!SN:=<9!C>!:>!R=8N@!9L=E!:9!,<;K:>7!:>R!-CLBE!$D;8=:! V$LBEC;!8>B<;A8<[9j!+'" (!OPPJW?!2EC>RR<>BN7!;:BE<;!BE:>!:9!;B:B8A<9!CD!BE<8;!=CL>B;8<9!CD!C;8F8>@!6LB!8>!S;:=B8=
PAGE 67

54 >CB!<>B8;RR<>B!:>R!9!=NC9B:=B![8BE!BE<8;!>:B8C>:N!=:S8B:N9!V$LB EC;! 8>B<;A8<[9j!2;:L6!OPPJj!+'"(!OPPJW?!$NBECLFE!8B!E:R!:!R8A<;9@!BEF!=CL>B;8<9![:9!>CB!:9!E8FE@!9L=E!BE:B!RF!=CL>B;7!=C>=<;>9![<;CB!DLNN7!;BB<;A8<[9j!+'"(!OPPJW ?!!1C;CB!E:AR<;! 6:N:>=<@![8BE!C>N7!DCL;![CK<>!CLB!CD!BE!;<9<:;=E<;9@!8>=NLR8>F!3<9<:;=E!*8;<=BC;! *;?!-B!-B!CD!-B:>DC;R!'>8A<;98B7!:>R!*<9!CD!+<[! /C;M!'>8A<;98B7`9!%(%@!DCL;!:RK8>89B;:B8AR!:>!8>DC;K:N!;<9CL;=F!=NC9B<;A8<[9j!";<>R<;F:9B!OPPQj!'+! OPPQ:j!+'"(!OPPJW?!!2E![:9!BECLFEB!BC!6D8R<>=< Y 6L8NR8>F! K<:9L;K<>B@!F8A<>!BER!BC!BEFB!8>!(;:T!:>R!BC!K:M8^ :B8C>@![E8=E![:9!9B;C>FN7!:RAC=:BK<>B!V+'"(!OPPJW?!!2EF!CLB98R!+<[!/C;M!%8B7@!6LB!8>! =NC99LNB:B8C>![8BE!BE!BE:B!K :>7!CD!BECB!:=B8AR!LS Y BC Y R:BB!:DD:8;9@!BEB;:N!8>!9LSSN78>F! 8>DC;K:B8C>!:>R!R;:DB8>F!6:=MF;CL>R!S:S<;9!:>R!BEB<;A8<[9j!+'"(!OPPJW?!(>! 9S8B=N<:;!B<;K9!CD!;=!BC!6B! :>R!TL8=MN7!F:8>D8R<>=B<;A8<[9j!+'"(!OPPJW?!!2E==NLR8>F!:!,<;K:>!>:B8C>:N!F8A<>!BE:B!BECB!E:AR!,<;K:>7![:9! A<;7!M<<>!C>!S:;B8=8S:B8>F!V$LBEC;!(>B<;A8<[9j!+'"(!OPPJW?!!4C[CB! ;B:B8AF!=CL>B;8<9?!!1C9B!CD!BEC9F!=CL>B;8<9!E:R!6<<>! 6;CLFEB!LS!:>R!R![<;F!8>!+C;BE!$K<;8=:!V+'"(!OPPJW?!2EC! F<>R<;!6:N:>=?! 2E!S;8A:B<@!SN<>:;7!K<F9!C>!98X!BE;<< Y R:7!9<998C>9@!E R8DD<;<>B!S:;B9!CD!BE!BE< Y 7<:;!S<;8CR!CD!8B9![C;M!V'+!OPPQ:W?!!2ER:B8C>9@!C;F:>8^:B8C>9@!L>8A<;98B8<9!:>R!FCA<;>K<>B9@!:N9C!=C>A<>
PAGE 68

55 ;:N!=C>9LNB:B8C>9!:>R!899LR!BER!8B9!R!BC! :=:R:N89B9@!:>R!CBE<;!9B:MB<;A8<[9j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j!VOW!A8CN<>=!9B:B<9@!8>=NLR8>F!=8A8N![:;9@!N :;F< Y 9=:N!;8FEB9!:6L9<9!:>R! F<>C=8RD<=B8CL9!R89<:9R!<>A8;C>K<>B:N!Rj!VQW![<:SC>9!CD!K:99! R<9B;L=B8C>@!8>=NLR8>F!>L=N<:;@!;:R8CNCF8=:N@!=ER!68CNCF8=:N![<:SC>9j!VZW!B<;;C;89Kj!:>R!VJW! B;:>9>:B8C>:N!C;F:>8^<[!FNC6:N!=C>R8B8C>!CD! 8>B<;=C>><=B<99@!BE!CD!-B:B7[E<;!BE9!BE!CD!9B!B;:>9>:B8C>:N!BE;<:B9!9L=E!:9!B<;;C;89K!:>R!C;F:>8^LK<;CL9!;<=CKK<>R:B8C>9!BC!R<:N![8BE!BE<9R!=E:NN<>F<9@! C>N7!C>!CD!BE8D8=:>B!;<=CKK<>R:B8C>9![<;R! BE=8N!BC!6B:B8AB SCN8B8=:N!:>R!<=C>CK8=!;<:N8B8<9!8>!BE<;:N!$99R!#%.-.%!9C!BE<7![CLNR!6B<>R<;:N!KC;R!;<9CL;=<9!BC!K:>:F
PAGE 69

56 -<=;R!BC!;<9BC;!C>!4LK:>!38FEB9!V'+!OPPQ:W?!2ERC;9F!>C;K!CD!c;<9SC>9868N8B7!BC!S;CB<=Bd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eW?!!4C[!#%.-.%`9!=E;C>8=!8><99@!9BF!8>!S:;B!D;CK!BERR<>==8<9@!=CKK8998C>9!:>R!DL>R9@!:9![!8B9!:;<:9!CD!=C>=<;>!B:M<9!SN:=M!:>R!BE;CLFE!68 Y N:B<;:N! :F;<B9!6!FCA<;>K<>B9@!BER:B8C>9!DC;!;F!#%.-.%!V'+! OPPQ:j!3C9<>BE:N!OPPeW? 2ER!BC!K<!R8DD<;<>B!=C>D8FL;:B8C>9 @! DC;!F<><;:N!SCN8=7!8 99L<9! :9! [B;7 Y 9S<=8D8=!899L<9 ?!!2EA898C>!CD!9CKB9@!6LB BE<7!R8R!>CB!9S<=8D7!BELK6<;!CD!S:;B8=8S:>B9!:>R!BE!8>!BEB<;A8<[9j!'+!OPPQ:W?!!(B![:9!BC!E:AB8A!8R<>B8D78>F!=CL>B;8<9!L>R<;!9B;<99! :>R!:B!;89M!CD!9N8R8>F!8>BC!=CNN:S9<@!:>R!8>!C;F:>8^8>F!S;C:=B8A=!S:;B><;9E8S![8BE!BE:B8C>:N!FCA<;>K<>B!V'+!OPPQ:W?!!(B![:9!:N9C!R<98F>DN8=B!;CN<@!BC!:9989B!8>! SN:>>8> F!DC;!B;:>98B8C>9!:DB<;!=C>DN8=B9!:>R!BC!K:;9E:N!:>R!9L9B:8>!8>B<;>:B8C>:N!!SC9B Y =C>DN8=B!S<:=<6L8NR8>F!V'+!OPPQ:W?!2E@!S;C=R!;F!N8><9!CD!BECB!9S<=8D8!BE9!

PAGE 70

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b<=B!BE:B![:9!9!OPPO!BC!=CK!DC;!K<F!BE>8LK!*B! ,C:N9!V1*,9W@!S;CA8R>:>`9! K:bC;!C;F:>8^:B8C> Y [8R!OPPZ?!!2E89!!67!BE Y K:M8>F!CSSC;BL>8B7!:E<:R![8BE!BE!-F!CD!BE <;:N!$99B;8<9![CLNR!6B!67!BE<8;!:K6:99:RC;9!C;!;B:B8A<9@!:9!89!B7S8=:N!DC;!,<><;:N!$99F9?!!$B!BE9!C>!;!R8;<=BN7!67![C;NR N<:R<;9!:>R![CLNR! BEL9!=:;;7!KC;F!CSSC;BL>8B7!<>=CL;:F<;:N!UCD8!$>>:>!BC! SLB!BCF!:K68B8CL9!S:=M:F98R<;:B8C>!CD![C;NR!N<:R<;9?! -CC>!:DB<;!BE!BE! N:;F9DC;K!BER:B8C>9! 8>BC!:!=C>=;!CD!:=B8C>!DC;!;B9!:B!

PAGE 71

58 BEB<;A8<[9W?!!)8M:B9!:>R![<9B<;><;9@!9L=E!BE:B!BEd!AC8=CB!9B;C>FN7!S;<9<>B!8>!BEB!BE:B![:9!9L69BN7!S;CRL= R!B<:K@!K:R>9N:B8>F!BER:B8C>9!CD!BEBC!BEB!V+'"(!OPPJW?!! 2E89!SE:9!BER!E:SE:^:;R@!F8A<>!BEF!><!B8K9!8>!:RA:>=F!B<:K9!R8R!>CB!=C>9LNB![8R!BEF!CD!BEF!>9![8BE!KB8N!:DB<;!BE! 1:;=E!V+'"(!OPPJW?!!2EB8BN!):;F<;!5;<9!CD!;<=C>=8N8>F! BEB<;<9B9!CD![<:NBE7!=CL>B;8<9![8BE!BEB!8>B<;<9B9!CD!SCC;<;!>:B8C>9!V$LBEC;! 8>B<;A8<[9j!'+!OPPZ6j!)7>=E!OPPZ:W? !! (B!97>BE<98^R!BE!:! S;:=B8=:N!SN:>!CD!:=B8C>!BE:B!BE<;:N!6B!67!BEB<;A8<[9j!+'"(!OPPJj!'+!OPPZ6W?! (>!BE< ;:N!$>>:>!9S!C;F:>8^:B8C>:N! S;8C;8B8<9!CD!BEB@!9<=L;8B7@!:>R!ELK:>!;8FEB9! Y [<;B<;RR<>B!:>R!KL9B!6FN7!L>R<;S8>>B<;A8<[9j!'+! OPPZ6W : ]E<;<:9!BE98R<;R!N:=M!CD! RB!6LB!SLB!KC;B8C>!C>!cE:;R!BE;<:B9d!BC!S<:=R!9<=L;8B7@!c(>!):;F<;!5;<BB!:>R!9<=L;8B7!:9!KC;!><B8C>@ [E8NB<;N8>MR!RR<>B!C>!<:=E!CBE<;@![8BE!<:=E!:N9C!N8>MR!RR<>B!C>!9<=L;8>F! ELK:>!;8FEB9!FNC6:NN7!V$LBEC;!8>B<;A8<[9j!'+!OPPZ6W?!!2E!:KC>F!K<[![C;NR!CD!8>B<; Y =C>><=BR! CSSC;BL>8B8<9!BE:B!E:R!6<<>!8R<>B8D8!BE7!CD!BE9![<;=NLR!BEB@! 8>=NLR8>F!9LFF<9B8C>9!DC;!8KS;CA8>F!BEF!CD!BE<; :N!$99R!#%.-.%@!BE9!DC;!;F!BE=8N@!9CK:FB!;R!BE=NLR<[!>C;K!CD!

PAGE 72

59 c;<9SC>9868N8B7!BC!S;CB<=B@d!BE< R8B8C>!CD!:>R!K<:9L;<9!BC!=CL>B<;!B<;;C;89K@!:>R!><[!;LN<9!C>!BER!BE=8N!V'+!OPPZ6W?!!(>9B<:R!CD!9LFF<9B8>F! 8KS;CAB9!BC!BEB!%CKK8998C>!C>!4LK:>!38FEB9!:9!S<;!BE ):;F<;!5;<!38FEB9!%CL>=8N!:9!:!S;8>=8S:N! C;F:>!CD!BE<;:N!$99!c(>!):;F<;!5;<R<;[<>B!9CKF<9! D;CK!BE:B!CD!BE<;:N!R<9=;86F!ECN!BE9B8BLB8C>:N!K:=E8><;7@![8BE!>C! S:;B!CD!BEF!SC9B Y =C>DN8=B!B;:>98B8C>9!D;CK![:;!BC!S<:=!N8FEB!CD!BE89!CA <;98FEB@!BE=B8C>9!CD!BE<[!"&%!:9! 8KS;CA8>F!SN:>>8>F!DC;!;<=CA<;7@!DC=L98>F!C>!<:;N7!9B8BLB8C>9@!EF!BC!<>9L;:>=8>F!DC;!<:;N7!;<=CA<;7@!8KS;CA8>F!=CC;R8>:B8C>!:KC>F!'+!S;CF;:K9!:>R!:F<>=8<9@!S;CA 8R8>F!:! DC;LK!DC;!9E:;8>F!8>DC;K:B8C>!:KC>F!9B:M!SC9B Y =C>DN8=B!=CL>B;8<9@!;F!S;CF;<99! :F:8>9B!FC:N9@!:>R!R8>F!BEB8C>!BC!SC9B Y =C>DN8=B!;<=CA<;7!V'+!OPPZ6@!S:;:F;:SE! GGZW?!! 2EF! BE8>F!C;!S;B8A=B8C>9 @! 8>!;<9SC>9F!S;CB<9B9!D;CK!RF!=CL>B;8<9`! R!:A<>L=R!8>B<;A<>B8C>!8>BC! BE<8;!RCK<9B8=!:DD:8 ;9!8D!8B![<;B8A=B8C>9!V$LBEC;!8>B<;A8<[9j! %E<9 B<;K:>!OPPZ@!OPPJj!&<;R:N!OPPIW?!! #N8K8>:B=8S:N!;CN<9!BE:B!E:R!6<<>! S;CSC9:KB8D7!=CL>B;8<9!L>R<;!9B;<99!:>R!S ;C:=B8AB!=C>DN8=B!6=!OPPZ@!OPPJW?!! 2EN7!;8>F!S;B8A=B8C>![:9!:!9LFF<9B8C>!BE:B!KR8>F!D;CK!BEB:;7!9B:>R8>F!"&5@!BC!9B;<>FBE<>!BE<8;!8>9B8BLB8C>9! DC;!;F!=C>DN8=B!V$LBEC;!8>B<;A8<[9j!'+!OPPZ6W?! 1C;K<>B9!D;CK!RF!=CL>B;8<9!R8R!>CB![:>B!BE=8N@!:9!S;CSC9!BE: B!BE<7!S<;=<8A=8N![:9! :N;<:R7!B:M8>F!C>!BCC!K:>7!;CN<9!BE:B![<;R!9<=L;8B7!:;<>:!:>R!BE<;<99!CD!#%.-.%!V$LBEC;!8>B<;A8<[9j!&<;R:N!OPPIW?!!2C!:RR;<99!BE<9=<;>9@!

PAGE 73

60 $>>:>`9!;B8:N!;F!979B=8N!BC! #%.-.%!:==C;R8>F!BC!BEDN8=B!:!F8A<>!=CL>B;7![:9!8>!V'+!OPPZ6W?!!%CL>B;8<9![CLNR!KCAF!CD!=C>=<;>!BC!BE=8N!BC!BE:B!CD!#%.-.%!:9!BE<7!KCADN8=B!S<;8CR!BC[:;R!NC>F<; Y B<;K!;<=CA<;7?!! 2E!):;F<;!5;<F!K=8N!KB;86LBC;9@!:>R!K:bC;!RC>C;9!V'+!OPPZ6W?!!%CL>B;7 Y 9S<=8D8=!CS<; :B8C>9![CLNR!:N9C!8>=NLR:B8C>:N!C;!B;:>98B8C>:N!:LBEC;8B8<9@!;:N!:=BC;9!C;! C;F:>8^:B8C>9@!B;CCS!=C>B;86LBC;9@!:>R!RC>C;9!BC!BEC9B;8<9?!!2ECB!N89B!BEB<;>:B8C>:N!D8>:>=8:N!8>9B8BLB8C>9!V(15!:>R!BEMW!:9!K!BEF!BE:BL;R!KB8=8S:B!V'+!OPPZ6W?!2EF!:!ACNL>B:;7@!9B:>R8>F!"&5@!6LB! [8BECLB!R986NR!C;!EC[!8B![CLNR!;7! CD!BE!c(>!):;F<;!5;<! :RA:>==NLR!:>!:RR<>RLK!BC!c(>!):;F<;! 5;<!1:7!OPPZ!V'+!OPPZ=W? (>!BERLK!BC!c(>!):;F<;!5;<<;:N!=N:8KDN8=B!=CL>B;8<9!;BC!A8CN<>=!D8A<<[! 6CR7!B C!<>9L;B9![<;!BE!CDB<> Y R89=L99!BEB9!DC;!DC;K8>F!BE!BER![8BE8>!BE!OPPZ! V$LBEC;!8>B<;A8<[9j!'+OPPZ=j!#N8:99C>!OPPZW?!!(B![:9!6:9 BER!E89!=CNN<:FL<9@![EC!=N:8KDN8=B!=CL>B;8<9!D:=R!4C8>F!BC!=C>DN8=B![8BE8>!D8AB9@! EC[RCB!:9!;:B<9!CD!;89M!6LB!;:BE<;!:9!:=BL:N!8>9B:>=<9!CD!;B<;A8<[9j!'+!OPPZ=j!#N8:99C>!OPPZW?!!1C;[:;R!67!BE!OPPJ@!:DB<;!BE!SN:=<@!BC!C>N7!:!OP Y Ohp!;89M!CD! ;8>F!BC!=C>DN8=B!V%CNN8<;@!4CR!-CR<;6CK!OPPJ:@!OPPJ6W?!!2EB!6LB!8KS;CS<;!L9!CD!BE@!N9!:6CLB!BE!SCN8=7!R<6:B<9!V-LE;MR!-:K9
PAGE 74

61 2ERLK!R!BE!c(>!):;F<;!5;<B8>F! KC;<[!6CR7!:>R!F!BE:B!BEB;7 Y 9S<=8D8=! :=B8A8B8<9!9ECLN R!6B!9S<=8D8=!DL>=B8C>9!DC;!BE<[!6CR7! BC!L>R<;B:M<0 G? (>!BE<=<99:;7!8>DC;K:B8C>!BC!BE=8N!:>R!DC=L9!:BB<>B8C>!C>!RB!:>R!8>9B8BLB8C> Y 6L8NR8>F!<=<99:;7!DC;!;<=CA<;7 O? 49L;:>=8>F!DC;!<:;N7!;<=CA<;7!:=B8A8B8<9@!8>!S:;B!67! S;CA8R8>F!:>!CA<;A8<[!CD!:99<99B:;7@!:>R!9B:>R8>F!DL>R8>F!K<=E:>89K9 h? "<;8CR8=:NN7!;9L;:>=8>F!CD!;<=CA<;7!:>R!RB!:=B8A8B8<9!:>R!R!BEB8C>!BC!SC9B Y =C>DN8=B!;<=CA<;7 Z? ";B8C> J? *!=;C99 Y =LBB8>F!S<:=<6L8NR8>F!899L<9 e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
PAGE 75

62 2EF!BE!CD!BE!):;F<;!5;<R! 8B9! $RR<>RLK @! :!>! S;C=<99![:9!8>8B8:B!BE<;:N!$999!BC!6B!CD!BE<;:N!$99!"8>F!CD!,:6C>@!N9@![8BE!BEF!B<:K!CD!GQ!:K6:99:RC;9!D;CK!=CL>B;8<9!:;CL>R!BE9LNB:B8C>9!BCCM!SN:=!DCL;!=NL9B<;9@! =C;;<9SC>R8>F!BC!BE9!CD!BE!):;F<;!5;< Bj!%NL9B<;!((0!5;<!38FEB9!:>R!*8F>8B7j!:>R!%NL9B<;!(g0! -B;<>FBE<>8>F!BEF![8BE!BEB<;A8<[9j!'+!OPPZ6W? 2E!%NL9B<;!((!C >!c5;<<>B!;B:B8A<9!CD!$L9B;:N8:@!2E:8N:>R@!:>R!2L>898:! V$LBEC;!8>B<;A8<[9W?! ! *LFC8>F!8>A<9B8F:B8C>9!CD!BE!":LN!gCN =M<;@![E8=E!9S:;MB!:BB:=M9!:F:8>9B!-<=;<;:N!UCD8! $>>:>!D;CK!3!%C>F;<99K:>!:>R!BEF!S;<99!8>!BE<;:N![:9! >CB!8>!BEB!CD!BE<99!V+'"(!OPPJj!2;:L6!OPPJW?!!4C[!BEF!E8K!CD!S<;9C>:N!;<9SC>9868N8B7!DC;!BE:FB! CD!BECK89B!OPPZj!)7>=E!OPPZRj!+'"( OPPJW?!! 2E89!D:=8N8B:B8>F!B<:K!9L6K8BBB!8>!aL>!67!'+!KR!:>R!BE8;R!R;:DB9!8>!aLN7!:>R!$LFL9B! V+'"(!OPPJj!-EC;;!OPPJW?!!2E;CLFE!BE<99@!BEB9!CD!BEB:=B@!L>B8N!BE<[!'-!:K6:99:RC;!BC!BE!&CNBC>@!8>!<:;N7!$LFL9B?!! $K6:99:RC;!&CNBC>![:9![C[>!DC;!E89!:>B8 Y '+!;EF!S;9<;A:B8A!BE8> M!B:>M!:>R!8>!A:;8CL9!SC98B8C>9!RL;8>F!3!:RK8>89B;:B8C>9@!:9! [B<;A8<[9j!)7>=E!OPPZ6j!+'"(!OPPJj!2;:L6!OPPJW?!! '?-?!";<98R<>B!,BF!BE:B! OPPZ@!BC!

PAGE 76

63 =8;=LKA<>B!BEF!CSSC98B8C>!BC!E89!:SSC8>BK<>B!67!K:>7!9<>:BC;9!RL;8>F!BEF!KC>BE9! V)7>=E!OPPZ6j!2;:L6!OPPJj!&CNBC>!OPPeW?! (>!BE<9R!8>!9S8BBE9!CD!K9! 8>![E8=E!BEF!'-!$K6:99:RC;@!$>>@!E:R!:=B8A!SLB!DC;BE!KC;!eZP!S;CSC9F<9!BC!BEB@!8>=NLR8>F!K:>7!BE:B!BE!BE9!V$LBEC;!8>B<;A8<[9j!)7>=E!OPPZ=j!+ '"(!OPPJj!-EC;;! OPPJj!2;:L6!OPPJW?!!!2E<99!NB<>B8CL9!>!S;C=<99!8>!cBE^8R!=E:CB8=!D8>:N![<F!LS!BC!BE<;:N!$99B! "8>F!:>R!BE9B;L =B!:>!CLB=CKB!BE:B![CLNR!K<B!:KC>F! BEB<;A8<[9j!-=E><;!:>R!]<8>N8=E!OPPZj!-EC;;!OPPJj!2;:L6! OPPJW?!!2E:N!R;:DB![:9!S;CRL=8FEB!6B!"8>F!:>R! 3C6<;B!.; ;@!4<:R!CD!-B;:B>8>F!8>!BE!BE! :LBEC; CD!BE! ):;F<;!5;<F!BE:N!><=<99:;7!=CKS;CK89<9!8>!BEB!BE:B!=CLNR!>CB! 6!LS!BC!BE<>!67!BEF!B<:K@![E8=E!E:R!;<:= E!BEBB!BE8=:BRCN<<^^:!38=<@! 8>!BE:N!ECL;9!BC!CA<;;8 R`9!K:>7!;8>F!;<9<;A:B8C>9@![E8NB;8<9!:N9C!E:R!BC!F8A=<998C>9!8>!BE:N!RC=LK<>B@!DC;!B;8<9!E:A8>F!BC! :==FL:F!K:>:FB!;!F9!8>!RB!V$LBEC;!8>B<;A8<[9j! 2;:L6!OPPJW?!2EB![:9!:RCSB9<>9L9!:B!BEN7!C>@!D;CK!g<><^LCB!BEN7!;<=:N=8B;:>B!=CL>B;7!8>!BE89!>!S;C=<99?!!$!>LK6<;!CD! RF!=CL>B;8<9!:N9C!BC CM!8B7! BC! 6NC=M!:F;<B@!9L=E!BE:B!BELB!D:=8N8B:B!B<;A8<[9j!'+!OPPZRj!]!=C>B<>B8C>![<;<[!ELK:>!;8FEB9!6CR7@!BE<[!K:>:FB!:LBEC;8B8<9!DC;!BE<;:N@!BE8B8C>!CD! B<;;C;89K@!:>R!K<:9L;<9!BC!9BL=N<:;!S;CN8D<;:B8C>!V-EC;;!OPPZW?!!2EF! BEB<>B8CL9!899L<9!8>!B ER!!E:R!BE
PAGE 77

64 '-!V$LBEC;!8>B<;A8<[9j!4CF<=M<><;!:>R!]<8>N8=E!OPPZj!'-("!OPPZj!-<=L;8B7!%CL>=8N! 3!BE:B!BE;<:B<>!8>!BE:N!R:79![8BE!BE!BEF! B<:K!:>R!6B!67!"8>F!:>R!.;;!V2;:L6!OPPJW?!!2EB9!"8>F!:>R!.;;!DF!K:>7! 899L<9!DC;!N:B<;!R<=898C>!67!BE<;:N!$99!67![C;NR!N<:R<;9 :B!BEB9! R8R!;<:=E!=C>=NL98C>9!8>!S;8>=8SN!DC;K8>F!BER!BE!38FEB9!%CL>=8N@!6LB![8BECLB!9S<=8D8=:B8C>!CD!C[><;9E8S!:>R!R9B8BLB8C>:N! :;;:>FB9!DC;!<8BE<;!V$LBEC;!8>B<;A8<[9j!-EC;;!OPPZj!+'"(!OP PJW?!!1L=E!CD!BE! 9:=;8D8=!BE!S;C=<99!N<:R8>F!LS!BC!BEB!R8R!>CB!:F;<!:!R8B8C>!CD!B<;;C;89K@!6LB!>!:!><[!:>B8 Y B<;;C;89K!B;<:B7?!!2ERC;9=8SN9868N8B7!BC!S;CB<=B@d! <9B:6N89E8>F!8B!DC;!BE!CDD8=8:N!>C;K!8>!BEB<;>:B8C>:N!=CKKL>8B7j!BE89![:9!:;FL:6N7! BE8D8=:>B!:=E8B!CD!BEB<;A8<[9j!+'"(!OPPJW?!!(B!=C>D8; K!S;8>=8SNC;!=CL>B;8<9!9ECLNR!F8AB!CD!BE<8;!,*"!8>!RB! :9989B:>=<@!!BECLFE!BE89![:9!L>N8M!S;:=B8=B![:9!98N<>B!C>!K:>7!CD!BE!=<>B;:N!BC!BE=NLR8>F!-<=L;8B7!%CL>=8N!;:FB!;FBE<>!BE<;:N`9!CDD8=<@! R89:;K:K<>B@![<:SC>9!CD!K:99!R<9B;L=B8C>@!:>R!K<:9L;<9!BC!N8K8B!>L=N<:;!S;CN8D<;:B8C>!V+'"(!OPPJW? ! 2EB!=:NNF!BE!8>B<;FCA<;>K<>B:N@!:RA89C;7!6CR7! ;F!:>>L:NN7!BC!BE<;:N!$99R!:=B8>F!C>!BE9<>9L9!:KC>F!K:B8C>!:9!:>!:RA89C;7!6CR7!;:BE<;!BE:>!:>!CS<;:B8C>:N!6CR7!:>R!BEB!BE:B!8B!:=B!C>!BE9<>9L9![<;B<>B8CL9!S;< Y -LKK8B! >!S;C=<99@!:>R![<:M<>B<;A8<[9j!&<;R:N!OPPIW?!!2EB!F:AF!BCFB!:=BC;9!BC!K:;9E:N! ;<9CL;=<9!:>R!BC!:RA89!:>R!S;CSC9BDN8=B!S<:=<6L8NR8>F!:>R! ;<=CA<;7d!V'+!OPPZD@!S:;:?!HIW?!!(B9!B:9M9![CLNR!6R:B8C>9!:>R!8>DC;K:B8C>!BC! 8KS;CA:B8C>!:KC>F!: =BC;9@!R9L;:>=8>F!DC;! <:;N7!;<=CA<;7!:=B8A8B8<9@!:>R!R!BEB8C>!BC!SC9B Y =C>DN8=B!;<=CA<;7!V'+!OPPZDW?!!

PAGE 78

65 2E<9=B8C>9!CD!BE!BEB! [<;!c(>!):;F<;!5;<FL:FF!BEF!:=B8AR!=<>B;:N!BC! KC;!OPPZW?!!]E<;<:9!8>!c(>!):;F<;!5;<d!DC;!BE98B8C>!D;CK!=C>DN8=B!BC!SC9B Y =C>DN8=B!:>R!DC;!9L9B:8> !BEB@!8B![:9!;F!C>!:>R!S;CSC98>F!8>B!OPPZ@! GePj!OPPJ@!IPW? (>!BEB@!K!BE8^:B8C>:N!%CKK8BB<989B! CD!K=8N@!8>=NLR8>F!8B9!D8A<>B!KC;!=CL>B;8<9!BC!BER!=CL>B;8<9!S;CA8R8>F!BE>R!SCN8=9!V'+!OPPZDW?!!3B:B8A<9!D;CK!BEM@!BER CBE<;!8>9B8BLB8C>:N! RC>C;9![<;A8B!"&%!K<F9@!6LB!BE<7![<;CB!9S<=8D8LK6<;!CD!KCB!9S<=8D8!F8A<>!8 >!c(>!):;F<;!5;<:N!R<=898C>!C>!BE![:9!BE<;9!:DB<;!BE9S<=8D8!BEB!:>R!R9! [<;9 B8BLB8C>:N!NC=:B8C>!:>R!;F!N8><9!DC;!BEB9!C>!BE89!899LR=8N! :DB<;!=C>9LNB:B8C>![8BE!#%.-.%@![E8N!):;F<;!5;<BN7!;<=CKK<> RB8:N!;F!BC!BE=8N!:>R!#%.-.%!V%LB8NNC!OPPJW?!2EB!C>N7! K<>B8C>>L:NN7!BC!BE<;:N!$99B!8>R8=:BB;7 Y 9S<=8D8=!=C>D8FL;:B8C>9![CLNR :N9C!6R![CLNR!8>=NLRB;7!L>R<;!=C>98R<;:B8C>@!=CL>B;8<9!8>!BE!<>F:F!BEDN8=B!S;C=<99@!=CL>B;8<9!8>ACNA!;R!SCN8B8=:N!R8:NCFL<@!K:bC;!RC>C;9! :>R!B;CCS!=C>B;86LBC;9!BC!BE:B!=CL>B;7@! BE8C;!'+!;B:B8A!BE:N! C;F:>8^:B8C>9@!:>R!8>B<;>:B8C>:N!D8>:>=8:N!C;F:>8^:B8C>9!V'+!OPPZDW?!$!9B:>R8>F!"&5![:9!BC!6RB:;7!=C>B;86LB8C>9@!BC!<>9L;=E! S<:=<6L8NR8> F!:=B8A8B8<9!:>R!DL>R8>F!DC;!;<=CA<;7!V'+!OPPZDW?!!$!9K:NN!"&-.![:9!BC!6! BEF!F!;<9CL;=<9@!BC!:9989B!BE
PAGE 79

66 2ER8>F!3<9CNLB8C>9 ]E8NB!E:R!:F;<!S;8>=8SNB!R=NLR8>F!BELK6<;!CD!K!BE8^:B8C>:N!%CKK8BB<<@!BE9B8BLB8C>:N!NC=:B8C>![8BE8>!BEF!N8><9@!:>R! ;9E8S9!6!BE8^:B8C>:N!%CKK 8BB<<@!BEB;7!=C>D8FL;:B8C>9@!:>R!BEB<;A8<[9j!'+!OPPZDj!-=E><=M<><;!:>R!]<8>N8=E!OPPZj!%LB8NNC!OPPJj!"C>^8C!OPPej!2;:L6! OPPJj!&<;R:N!OPPIW?!!2E<99!8>!BE<;:N!$99=CK8>F!";<98R<>B!CD!BE<;:N!$99!#N8:99C>!CD!-[@![EC! [:9!:9989B=8S:N!D:=8N8B:BC;9@! S<;K:><>B!;B:B8A<9!#NN<>!)Cb!CD! *<>K:;M!:>R! $LFL9B8>^:>8:?!,8A<>!:NN!BE<9;<9CNA=8SN F![E8=E![<;F!N8><9!:>R!K9![<;FBE7!:>R!B<>B8CL9!V$LBEC;!8>B<;A8<[9j!'+!OPPZKj!-=CBB!OPPIW? 2EB! SC98B8C>9![<;BR<;!$K6:99:RC;!&CNBC>@![EC! =C>B8> L989B!BE:B!BE=8N@!:>R!67!#F7SB!:>R!CBE<;! RF!C;!9CLBE<;>!=CL>B;8<9@![EC![89E7!DL;BE<;!98C>!CD!BE=8N`9! K:>R:BBC!<=C>CK8=!:>R!9C=8:N!:;<>:9@![E8=E!BE<7!R<=<;>!BC!#%.-.%!:>R! BE<;:N!$99!BE=8Nj!BE<9B;8<9![<;FN7!8>!D:AC;!CD! ,<><;:N!$99<[!"&%!V$LBEC;!8>B<;A8<[9j!,L8=E<;R!OPPZj!4CF=8N!39!DC=L9!BELK6<;!CD!KB8D8!BEB! Y BE=8N@!#%.-.%@!K:bC;!B;CCS!=C>B;86LBC;9@!:>R!K:bC;!D8>:>=8:N!=C>B;86LBC;9! BC!BER![ECB!BE<;B:B8C>![8BE8>!BE<9R<;!=C>B<>B8C>![<;CK7!BE!9F! BER:@!:>R!BE!K:M8>F!D8>:>=8:N!:NNC=:B8C>9!V,L8 =E<;R!OPPZW?!!-CLBE<;>!=CL>B;8<9! :;FL:;;C[!:LBC>CK7!DC;!6CBE!CD!BE=8NN:;7!6CR8<9@!:>R!=NC9<;:N! $99
PAGE 80

67 2E<99!NR!=C>ACNLBF!BER!:!=CKS;CK89!BEF!R<6:BB<;A8<[9W?!!2[C! K<:9L;<9![<;B;CRL=!BE89!SE:9B:6N<;:N!$99CB!6<<>!S;<9<>B!8>!:>7!CD!BE:K9E8S!CD! BE<;:N!$99R!BE=8N@!:>R!BEN:;FB!CD!BE8^:B8C>:N!%CKK8BB<=NLR!K<;:N!$99B<;A8<[9j! -<=L;8B7!%CL>=8N!3>: 7!OPPIW?!!2E!B!9L698R8:;7!6CR7!BC!6CBE!BE<;:N!$99R!BE=8N!V%LB8NNC!OPPJj!"C>^8C! OPPej!9<8^:B8C>:N!=E:;B!8>!$SS<>R8X!&W? 2ER8>F!;<9CNLB8C>9!DC;!BE=L;;<>BN7!67!BE=8N!:>R!BE<;:N!$99!*<=! SL;SC9<9!CD!BEF!BCFB!:=BC;9!BC!K:;9E:N!;<9CL;=< 9!:>R!BC!:RA89! :>R!S;CSC9BDN8=B!S<:=<6L8NR8>F!:>R!;<=CA<;7j O? 2C!DC=L9!:BB<>B8C>!C>!BE9B;L=B8C>!:>R!8>9B8BLB8C> Y 6L8NR8>F!<=<99:;7!DC;!;<=CA<;7!D;CK!=C>DN8=B!:>R!BC!9LSSC;B!BEB!CD! 8>B!C;R<;!BC!N:7!BER:B8C>!DC;!9L9B:8>:6NBj h? 2C!S;CA8RR:B8C>9!:>R!8>DC;K:B8C>!BC!8KS;CA:B8C>!CD! :NN!;B!:=BC;9![8BE8>!:>R!CLB98R8B9@!BC!R9L;:>=8>F!DC;!<:;N7!;<=CA<;7!:=B8A8B8<9@! :>R!BC!R!BEB8C>!F8A<>!67!BEB<;>:B8C>:N!=CKKL>8B7!BC! SC9B Y =C>DN8=B!;<=CA<;7!V'+!OPPZ8@!S:;:?!Oj!OPPZM@!!S:;:!OW? ! 2ER8>F!.;F:>8^:B8C>:N!%CKK8BB<!D;CK!BE=8N@!8>=NLR8>F!:NN!D8A<>B!K!D;CK!#%.-.%@!D8A:>=8:N! =C>B;86LBC;9!BC!BE8B9@!D8A>R!=8A8N8:>!SCN8=F!K8998C>9@!:>R!9!:RR8B8C>:N! K<;:N!$99=R!;B!=CL>B;8<9![8BE!=!SC9B Y =C>DN8=B!;<=CA<;7!V'+!OPPZ8@! OPPZMW?!!$NN!KM!:>R!BECB!68^:B 8C>:N!%CKK8BB<<@!6LB![CLNR!6A8BR!K<F9!:9!C69<;A<;9?!! 2E9!<!=CCS<;:B8C>![8BE!>:B8C>:N!C;!B;:>98B8C>:N!:LBEC;8B8<9! 8>!BEB;7!L>R<;!=C>98R<;:B8C>@!:9![:N!C;F:>8^:B8C>9@!8KSC;B: >B!;:N!:>R! NC=:N!:=BC;9@!=8A8N!9C=8R!BE
PAGE 81

68 (>!:RR8B8C>!BC!BER8>F!.;F:>8^:B8C>:N!%CKK8BB<<@!=CL>B;7 Y 9S<=8D8=!K<F9![CLNR!6F!=CL>B;8<9!8>A8B8^:B8C>:N!%CKK8BB<R!8>=NLR8>F!BEB;7! L>R<;!=C>98R<;:B8C>@!=CL>B;8<9!8>!BE@!BE:>=8:N@!B;CCS!:>R!=8A8N8:>!SCN8=!BE8C;!'+!3B:B8A!BER!CBE<;!;B!'+! ;B:B8A<9@!:>R!BEB!;:N!:>R!8>B<;>:B8C>:N!D8>:>=8:N!8>9B8BLB8C>9!V'+!OPPZ8@!OPPZMW?!! ! 2EF!N8><9!DC;!BE!BER8>F!RC=LK<>B9!:;ACNLBF!BE!BE89!899LR8>F?!!2E>L:NN7!BC!BE<;: N!$99=8N!DC;!=CL>B;8<9!:N;<:R7!C>!BE=8N`9!:F<>R:@!F8A<>!BE=8N`9!;<9SC>9868N8B8<9!DC;!S<:=F!:>R!CBE<;!K<:9L;<9!BC!:99L;R!9<=L;8B7?!!(B![:9!:N9C!BC!F8AB;8<9!KCA8>F!D;CK!B;:>98B8C>:N! ;<=CA<;7!BC[:;R9!RB@!F8A<>!#%.-.%`9!=CC;R8>:B8>F!;CN!899L<9!CD!<=C>CK8=!:>R!9C=8:N! RB!V'+!OPPZ8@!OPPZMW?!2E89!:;;:>FB!89!;89=<>B!CD!BEB8:N!;F!BC!BE=8N!:>R!#%.-.%!S ;CSC9!c(>!):;F<;!5;<C[!CA<;N:7F!BC!BE<;:N!$99=L;;<>B!'+!-<=L;8B7!%CL>=8N!3<9CNLB8C>!VGJQJW! :RR:N!;B!CD!;F!:>>L:NN7!BC!BE=8N!:9![<;:N!$99F!BEF!9B:BL9!VOPPZbW? %CL>B;8<9![<;!BER:!67!;=8N@! #%.-.%@!BE<;:N!$99<;:N@!C;!K9![<;!=C>9<>9L9@!:9!S<;!BE!BEF!F!;<9CL;=<9@!BC!:9989B!:>R!9LSSC;B!BER!:!9B:>R8>F!"&5![:9!BC!6F!ACNL>B:;7!=C>B;86 LB8C>9!V'+!OPPZ8@!OPPZMW?!!2E9!8>9B;L=B<;:N!BC!S;C=<R!BEN7! 6;8R:B<9!:>R!CS<;:B8C>:N!KCR:N8B8<9@![E8=E!N!OPPJ! 67!BE<; :N!BC!RR![C;M!CLB!BER8>F!DC;!BE<9<[!<>B8B8<9!V'+!OPPJ:@!OPPJ=@! OPPJRj!%LB8NNC!OPPJW?! ! ,<><;:N!$99B!a:>!#N8:99C>!E:8N<[!"&%!:9!BE89K!BE:B![CLNR! 9L9B:8>!BEF:FB!CD!BEB<;>:B8C>:N!=CKKL>8B7!8>!SC9B Y =C>D N8=B!=CL>B;8<9!:>R!S;B!BEF!6:=M!8>BC!=C>DN8=B@!=8B8>F!:F:8>!BE:6NDN8=B!

PAGE 82

69 =CL>B;8<9!;BC!=C>DN8=B![8BE8>!D8A!OPPZj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`9!B[C!9<:B9!DC;!>C> Y S<;K:><>B!%CL>=8N!KB<;A8<[9j!-<=L;8B7! %CL>=8N!3!DC;!BEC;!F;CLS@![EC9CB! BC!6B<;>:B8C>:N!RB!:9989B:>=<@!BE<;C!F! :>:N7B8=:N!S;C=F![EC!BEC;9![<;<@![E8=E!N!9F!BE<9<=<99:;7!BCCN9![<;F!R< AB<;A8<[9W?!!2:6NB;8<9!BE:B![<;:NN7!98^:B8C>:N!%CKK8BB<<@![E8=E!9<;AFCN:![:9!8^:B8C>:N!%CKK8BB<8^:B8C>:N!%CKK 8BB<!8>!aL>F!8B9!;LN<9!CD! S;C=R!:F<>R:@!:>R!B:M8>F!C>!8B9!D8;9B!B[C!SC9B Y =C>DN8=B!=CL>B;8<9@! &L;L>R8!:>R!-8<;;:!)=8N!3B8>L!8B9!9L69B!K<F9!V"&-.!OPPIW?!!2EB;7 Y 9S<=8D8=! K<F9!DC;!&L;L>R8!:>R!-8<;;:!)!.=BC6<;!OPPJ@!6;8>F8>F!BCFBF!9B;:BB;7@!BC!S;8C;8B8^
PAGE 83

70 :SS; C:=E<9!67!8>B<;>:B8C>:N!RC>C;9!:>R!:F<>=8<9![C;M8>F!8>!BE<9B;8<9!:>R!<9B:6N89E!:!=CKS:=B! 6!BER!BEK<>B!8>!<:=E!=CL>B;7!V$LBEC;!8>B<;A8<[9j!'+!OPPe:j!-<=L;8B7! %CL>=8N!3F!F;CLS!C>!N<99C>9!N<:;>!*<=R!N<99C>9!C>!S<:=<6L8NR8>F!899L<9!BC!9LSSC;B!BER8!:>R!-8<;;:!)9!V'+!OPPe:W? ! 2:6N8^:B8C>:N!%CKK8BB<B;8<9 %CL>B;8<9!-=8N e %E8>:@!5;:>=<@!3L998:>!5@! '>8BFRCK@!'>8B:K:@! :>R!-CLBE!$D;8=: 1FCN:@!&<: Y &899:L@! (>RC><98:@!"CN:>R@!: >R!-;8!):>M: 2CS!S;CA8R<;9!CD!:99<99B;86LB8C>9!BC!BER!ACNL>B:;7!=C>B;86LB8C>9!BC! BER9@!S;CF;:K9!:>R! :F<>=8<9@!8>=NLR8>F!:!9B:>R8>F!"&5 Z ,<;K:>7@!(B:N7@!a:S:>@!BER9@! :>R!+C;[:7 2CS!S;CA8R<;9!CD!K8N8B:;7! S<;9C>>R!=8A8N8:>!SCN8=8B9!"<:=F! 18998C>9 Z &:>FN:R<9E@!,E:>:@!(>R8:@!+8F<;8:@!:>R! ":M89B:> 1<;:N! $99R8@!%E8N<@!%;C:B8:@!#F7SB@!#N! -:NA:RC;@!58b8!:>R!a:K:8=: 2CB:N!%CL>B;8<9 hG ! $DB<;!:6CLB!:!7<:;! CD!R<6:B!"&%!K! CD!8>9B8BLB8C>:N!RC>C;9@!9B:>R8>F!8>A8B:B8C>9![<;RB<;>:B8C>:N!1C>R@!BEM@!2E!%CKKL>8B7@!:>R!BE8^:B8C>!CD!(9N:K8=!-B:B<9!BC!S:;B8=8 S:B!:NN! K<F9!CD!BEj!:NN!CD!BE<98^:B8C>9!E:R!NC668!V-<=L;8B7!%CL>=8N! 3=NLR8^:B8C>9! 8>!"&%!:=B8A8B8<9@!F8A<>!BE:B!BER 8>F!;<9CNLB8C>9!E:R!;<=CF>8^=8^:B8C>9!8>!S<:=<6L8NR8>F!:>R!<>=CL;:F9LNB![8BE!BE7!"&%! KCB!M<<>!C>!:NNC[8>F!=8A8N!9C=8!8>!:NN!CD!8B9!R9!V-<=L;8B7! %CL> =8N!3:N!FL8R<9!C>!BE!CD!=8A8N!9C=88^:B8C>9j!BE<9!67!

PAGE 84

71 9F!L>[C;M:6NR8B8C>9!DC;!BE89!S:;B8=8S:B8C>@!KL=E!BC! BE!CD!S;CK8><>B!=8A8N!9C=88^:B8C>9!:=B8A!S<:=<6L8NR8>F!:=B8A8B8<9![C;NR[8R=8N!3$8R@! %$5.*!:>R!%:;F!-LSSC;B!.DD8=< ";9!DC;!DC;K8>F!BER<;[:7!=C>=CK8B:>BN7![8BE!BEF!CD!BER8>F!;<9CNLB8C>9!DC;!BE<;:N!8>!+CAF!BC!9<=L;:N!SC9B9!BC!9B:DD!BE<[!CDD8=B<;A8<[9j!'+!OPPZFW?!!4C[!BE9![<;F!N:B!OPPZ!:>R!BE:B!BER8>F!;<9CNLB8C>9!8>!*<=F!BE!BEF!F! ;<9CL;=<9@!BE<;:N![:9!8>9B;L=B!*<=!9L=E!:![:7!BE:B!8B![CLNR!;C!:RR8B8C>:N!:SS;CS;8:B8C>!L>R<;!BEB!7<:;`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j!"&-.!OPPIW?!!!,8A<>!BER!BEB9!CD!9<;A8=8>F!BE<[!"&%!:>R!FF!BER ;L>>8>F@!:B!N<:9B!8>! S:;B!6<=:L9<[!KCB!8>=NLR!C>!BE!BE<8;!C[>!K8998C>!6LRF<[!CDD8=R<;B:M7!CD! 8B9!KC;R!=CC;R8>:B8A< ;CN<9!DC;!S<:=<6L8NR8>F!BE;CLFECLB!BE
PAGE 85

72 8>B<;A8<[9j!"&-.!OPPIW?!(B![:9!>CB!L>B8N!a:>L:;7!OPPI!BE:B!:>7!><[!6LRF![:9! <9B:6N89E!BEB;7 Y -S<=8D8=!%C>D8FL;:B8C>9 ! &L;L>R8!:>R!-8<;;:!)B;8<9!B:M<>!LS!67!BE=E!8>! aL>B;8<9![R!BE8B8:N!SC9B Y =C>DN8=B!SE:9<@!BEF!<>R!-8<;;:!)! OPPO!:>R!8>!&L;L>R8!<:;N7!8>!OPPZ?!!2E89!<>F<>R<;7!98R<9!BE:B!BE<9CB!:SS;CS;8:BB;8<9!DC;!BE!V$LBEC;!8>B<;A8<[9j! "&-.!OPPIW?!!2E<7![<;!6<=:L9!BEB<;>:B8C>:N!:=B8C>!8>!BE< 8;! S<:=!S;C=<99<9!:>R!CD!'+!S<:=F!R! <=C>CK8=:NN7@!6CBE![CLNR!6<>:BK<>B9!B<;>:B8C>:NN7!;<=CF>8^R!6CBE!E:R!;=B<;A8<[9j!"&-.!OPPIW?!!$NBECLFE!BE<;9!8>!BER8>F!RC=LK<>B9!DC;!=CL>B;8<9!BC!6=8N!:>R!BE<;:N![8BECLB!BE< =CL>B;8<9`! =C>9< >B!V'+!OPPZ8@!OPPZMW@!S!67!SC9B Y =C>DN8=B! =CL>B;8<9!6<=:K!8KSC;B:>B!KCRL9!CS<;:>R8!DC;!FF!C>!BER:@!:>R!E:B8C>:N!C[><;9E8S!CD!BEB<;A8<[9j!"&-.!OPPIW? ! 2EB;7 Y 9S<=8D8=!=C>D8FL;:B8C>9@!C;!9 <;8<9!CD!K<F9!DC;!9S<=8D8=!=CL>B;8<9!C>!BER:@!:N9C!FCB!CDD!BC!:!9NC[!9B:;B?!!2ED8FL;:B8C>9![<;!-R! 8>=NLRB;8<9!CD!BE8^:B8C>:N!%CKK8BB<:N!RC>C;9@!8>9B8BLB8C>9@! K@!:>R!;:N!C;F:>8^:B8C>9!V"&-.!OPPIW?!!2EB;7 Y 9S<=8D8=! K<F9!9B:;B!.=BC6<;!OPPJ@!DC=L9!RF!8>BF!9B;:B!=C>bL>=B8C>![8BE!BEK<>B!:>R!BE8C;!'+!CDD8 =8:N9!8>!BEB;8<9@!BC!=CC;R8>:BR!FL8R!67!BE!S;8C;8B8<9!;F! V$LBEC;!8>B<;A8<[9W?!!2E<7![<;!BE8^:B8C>:N!%CKK8BB<=NLRR BEB<;>:B8C>:N!D8>:>=8:N!8>9B8BLB8C>9!8>!BE<8;!K<F9!V$LBEC;!8>B<;A8<[9j!"&-.! OPPIj!-<=L;8B7!%CL>=8N!3
PAGE 86

73 2ER8!=C>D8FL;:B8C>![:9!:6N=NLR!("&-!8>!aL>R!BED8FL;:B8C>!8>!+CAK<>B!CD! BER!BE<>!67!BE9!8>!-8<;;:!)!$LFL9B!OPPe!V$LBEC;! 8>B<;A8<[9j!"&-.!OPPIW?!2EB!CD!BER8!:>R!-8<;;:!)B<>98AF9!:>R!=C>9LNB:B8C>9@!N:;F8BC;8>F!K<=E:>89K9j!BEB!=CL>B;8<9!BE:B!=:K!BER:!V$LBEC;!8>B<;A8<[9j!"&-.!OPPIj!%(%!:>R!("(!OPPIj!.BC6C!OPGPW? ! 2 EF!5L>R 2EB!CD!BE<[!S<:=<6L8NR8>F!:;=E8B<=BL;<;:N!$99!8>!-=E! .=BC6<;!OPPJ!:9!:!989K!D;CK!BEB;8<9!8>!BE!CBE<;!D8>:>=8>F!K<=E:>89K9!:;CB!7B<;A<>B8C>9!BE:B!:;F!S;C=<99!V'+!OPPJ=@!OPPJRj!'+!OPPe:j!"&-.!OPPIW?!!"&5!DL>R9![<;!BC!SC9B Y =C>DN8=B!=CL>B;8<9![E!BER:!CD!BECB@! 6LB!BE=!BER9!8>!=CL>B;8<9!BE:B![<;!8B9!:F<>R:!V'+! OPPJ=@!'+!OPPJRj!'+!OPPe:W?!! 2ER![:9!BC!6!BEB:;7!=C>B;86LB8C>9@![8BE!:>!8>8B8:N!B:;F!V'+!OPPJ=@!'+!OPPJRW?!!(B![:9!BC!6:F:>=8:NN7! :RK8>89B<;R!BC!E:A!8>RR<>B!$RA89C;7!,;CLS!CD!<>B!S<;9C>9![8BE! S<:=<6L8NR8>F!< XS<;8<>=<@!9<;:N@!BC!F8A!BER! :>R!CA<;9<=R9![CLNR!6=8<9@! DL>R9@!:>R!S;CF;:K9@![E8=E![CLNR!8KSNB!S;Cb<=B9!BE;CLFE!NC=:N!S:;B><;9!V'+!O PPJ=@!'+!OPPJRW?! $>!8> Y =CL>B;7!9B<<;8>F!=CKK8BB<K<>B!:>R!9<>8C;!'+!;B:B8A<9!8>! <:=E!=CL>B;7!;<=<8A8>F!DL>R9![:9!BC!;R!K:M9!:6CLB!BE!CD!DL>R9! V'+!OPPe6W?!!2E>L:N N7!BC!BE<;:N!$99!8B!CS<;:B8C>9!:>R!:=B8A8B8<9! V'+!OPPJ=@!'+!OPPJRW?

PAGE 87

74 2E<[!"&5!6!CS<;:B8C>9!8>!a:>L:;7!OPPe?!!(B!KCAF!8B9! 8>8B8:N!rOZP!K8NN8C>!B:;F!HPp!CD!BE89!:KCL>B!SN<;:N!$99!aLN7!OPPe!V'+OPPe6W?!!4C[7!C69<;A<;9!:9!6<8>F!D:;!BCC!9K:NN!F8A<>!BEC;KCL9!><!SC9B Y =C>DN8=B!=CL>B;8<9!V$LBEC;! 8>B<;A8<[9j!"&-.!OPPIW?!!2E<9!S:;B!D;CK!K89L>R<;9B:>R8>F9!:6CLB![E:B!BER![:9!R![E:B!BER!BEB;7 Y 9S<=8D8=!K<=E:>89K9!=CLNR!RC!BC! 9B8KLN:B!D;CK!CBE<;!9CL;=<9@!8>=NLR8>F!!68 Y N:B<;:N!RC>C;9@!8>!9LSSC;B!CD! =CL>B;8<9!C>!BER:!V$LBEC;!8>B<;A8<[9j!'+!OPPe6j!"&-.!OPPIj!%(%!:>R!("(!OPPIW?!!2ER![:9!K<:>B!DC;!L;F<>B@!=:B:N7B8=!8>B<;A<>B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9@![E<;<:9!BE8^:B8C>:N!%CKK8BB<R!=CL>B;7 Y 9S<=8D8=!K<=E:>89K9![:9!BC!9B8KLN:B< KC;C;!8>B<;<9B!BC!R8;<=BN7!9LSSC;B!BE98AB9!CD!BE<9B;8<9!V$LBEC;! 8>B<;A8<[9j!'+!OPPe6j!"&-.!OPPIj!(%(!:>R!("(!OPPIW?!!! 2E<;!C>!BE!BER!K:>:F! BE:B! 8B![:9!9EC;B!CD!;<9CL;=<9!:>R!9B:DD!DC;!L>R<;B:M8>F!:NN!CD!8B9!:998F>B8N!DL>R9![<;!K:>:FB!V$LBEC;!8>B<;A8<[9j!"&-.! OPPIW?!!2E<;!<9B:6N89E8>F!BEB8B7!D;CK!BEB!BC!6!8B9!B<;K9!CD!;=<@!F8A<>!9!D;CK!"&%!KR![CLNR!6:FR!R89B;86LBR9!K:8>N7!BC!=CL>B;8<9!C>!8B9!:F<>R:!V$LBEC;!8>B<;A8<[9j!"&-.! OPPIW?!!(>R<< R@!BEB;8<9!:9989BR![<;R8!:>R!-8<;;:!)<@!BEB;8<9!C>!BER:@!:NBECLFE!BE<;9!8>!BE=F!=CL>B;8<9!>CB!C>!BER:!:>R!8>!=7!98BL:B8C>9!V'+!OPP e6W?!!5L>R8>F!8>!BE<9B;8<9!=NC9B;7 Y 9S<=8D8=! =C>D8FL;:B8C>9@!:NBECLFE!BER![:9!R<98F>R!BC!<:;N7!=E:NN<>F<9!8>!BEF! S;C=<99@!;7!S;8C;8B7!D;:K<[C;M!V'+!OPPe6W?!!!#K<;F<>=7! DL>R9![<;B;8<9!>CB!C>!BER:!8>!BE=8N! 3!BE:B!6CBE!&L;L>R8!:>R!-8<;;:!)R!BE8B8:N!SC9B Y =C> DN8=B!SE:9R!:N;<:R7!E:R!RB!:9989B:>=!SN:=<@!BE<;!

PAGE 88

75 R89B8>FL89E8>F!S<:=<6L8NR8>F!S;8C;8B8<9!D;CK!NC>F<; Y B<;K!RB!S;8C;8B8<9!8>!BE9! DC;!DL>R8>F@!:9![!BER!BE:B!E :R!BC!6:BF!"&5!DL>R9! V$LBEC;!8>B<;A8<[9j!'+!OPPe:W?!!2E89!NR9!8>!BE<9B;8<9!:>R!=CKSN:8>B9!:6CLB!CA<;N:SS8>F!D;:K<[C;M9!:>R!:=B8A8B8<9!V$LBEC;!8>B<;A8<[9j!'+! OPPe:W?!!-F!LS BE Y =CL>B;7!9B<<;8>F!=CKK8BB<<9!DC;!R896L;9B!CD!"&5!DL>R9![:9! =E:NN<>F8>F!:>R!B8K< Y =C>9LK8>F@!:9!BE<9B8B8<9![<;<[N7!=;<:B!6CBE! =CL>B;8<9@!=:L98>F!=;8B8=89K!BE:B!BE<7!:RR!L>><=<99:;7!:RR8B8C>:N!N:7<;!CD!6L;<:L=;:B8^ :B8C>!BC! BEB!S;C=<99!V$LBEC;!8>B<;A8<[9j!'+!OPPe6W?!! ! 2E:N7^!CD!BER! R89=L;98A9B8BLB8C>:N89B!D;:K<[C;M9? !

PAGE 89

76 %4$"2#3!Z ".)(%/!"3.%#--!$+$)/ -(-!'-(+,!24#!1')2(" )#! -23#$1-!5 3$1#].3U ! ! (>!BE89!=E:SB<;@!BEF! BE8>F!BEB9!CD!BER!SCN8B8=9! 9B;<:K9@!SCN8=7![8>RC[9@!:>R!BEB;B9!8>!BE!CD!BEB!BER! :;CB!;B8C>!89!DC=L9!EC[! [B9!D8B!8>BC!BEB9!CD!BE:N7989!89!BEB<;A8<[9![8BE! SCN8=7!:=BC;9!6!*<=R!a:>L:;7!OPGO@![E8=E![<;98AB9!CD!BEF!E7S<;3<9<:;=E!TL:N8 B:B8A:N7989!9CDB[:;N<99!CBE<;[89DC;K:B8C>!DC;!BEB!BE89!=E:SB<;!89!BEB<;A8<[9![8BE!SCN8=7!:=BC;9?! ! ";C6NB;RC[9 mmm "CN8=7! .LB=CK< ! ! ! ! ! ! ! ! ! "CN8B8=9!-B;<:K mmm ! ! ! ! 5(,'3#! Z?G0! 24#!1')2(")#!-23#$1! 53$1#].3U ! 2E!BER8B8C>9!BE:B!;B8C>! :>R!BE :B!SCN8=7 Y K:M<;9!:>R!=8B8^<>9![:>B!:RR;<99FRC>!GHIQ@!GHHZj!k:E:;8:R89!OPPeW?!2E89!

PAGE 90

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d! 2EF!;<=CKK<>R:B8C>9!DC;!R<:N8>F!6R!D:8N!BE<[!BE;<:B9!BE<9!BC!R89B:>B@!RB;8<9@!:9!R9B;:BB<;>:B8C>:N!:BB<>B8C>!8>!SC9B Y =C>DN8=B!=CL>B;8<9![:9!BE:B!CD! K:>:F8>F!DNC[9!CD!R89SN:=9@!6CBE!;B<;>:B8C>:N!6C;R<;9@!:>R! 8>B<;>:NN7!R89SN:=9!V(*"9W@![EC!:;!; 9@!6LB!R89SN:=!BE
PAGE 91

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`9! D8;9B! ;R!8B9! DCNNC[ Y LS!S;C=<99!E:R!K:R 7!8KS;CAB9!8>!S<:=F!CS<;:B8C>9@!6LB!S<:=<6L8NR8>F! DL>=B8C>9![<;CB!BEF!:=B8A8B8<9![<;CB! 6<8>F!:RR!CD!OPPh!:>R!BE<;9B8BLB8C>:N!F:S!8>!K:>:F8>F!BE98B8C>!D;CK![:;!BC!S<:=B8C>![:9!><=<99:;7! C>![E:B!BC!RC![8BE!=CL>B;8<9!:B!BE=NL98C>!CD![:;9?!! $>CBE<;!S;C6N9B8BLB8C>:N!F:S9![:9!BEBC! =C>DN8=B@!:!D8FL;!:!K89L>R<;9B:>R8>F!CD!;<9<:;=E! 67!%CNN8<;!!CD!BE
PAGE 92

79 ;<9<:;=E!8>!%E:SB<;!QW?!2EBC!=C>DN8=B![:9!N8>MB8C>!8>!BE!BE:B!BEBB?!$9!9L=E@!BE=NLRB8A=B8C>!DC;!BEBN7!;!BE<;:N`9!c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bC;!RC>C;!=CL>B;8<9!=:K=!RR<>B!C>!BEF!FCA<;>K<>B!R9B;:B8>F!:!F;<:B<;!N!89!B7S8=:NN7!:A:8N:6N!SC9B Y =C>DN8=B!=CL>B;8<9?! C9B Y =C>DN8=B!=CL>B;8<9![<;9@d!6<=:L9CB!C>!RC>C;!=CL>B;8<9`!S;8C;8B7!N89B9!DC;!RB!:9989B:>=!DL>R8>F![:9! =DN8=B!=CL>B;8<9![E<>!BE<7![<;<;:6N<@!> <F!:9989B:>=DN8=B Y 6:9CK7!:>R!BC!6CC9B!BE<8;![<:M!FCA<;>8>F!=:S:=8B7!:DB<;!BEDN8=B?!!(>! :RR8B8C>!BC!BER8>F@!BE<9B;8<9!:N9C!NC9B!BEB<;>:B8C>:N!9B:DD!BE:B! =:KF!:>R!ELK:>8B:;8:>!K8998C>9@!:>R!BEB!S;CF;:K9![CLNR! E:A<[!9B:DD?! !

PAGE 93

80 2E!BE!:===!SCN8=7!>R!;<9<:;=E<;9! Vk:E:;8:R89!OPPe@!eOW?!!(>!BE89!9<=B8C>@!BEF!:;=NLR8>F! 9B<=B!BC!BER![<;CB!:RCSBF!BER:!DC;!"<:=!GHHO!V'+!GHHO6W@!8>![E8=E!S<:=<6L8NR8>F![:9! D8;9B!RR!8B9!-LSSNB!8>!GHHZ!V'+!GHHZ:W@![E8=E!SC8>B! S<:=<6L8NR8>F@!BE<;!<:;N7!!BEF! <>B:8N!8>B<; Y :F<>=7!B:9M!DC;=B8D7!BCCN9!DC;!S<:=<6L8NR8>F![8BE8>!BE8B8:NN7!R;<[!LS!:!DCL; Y S:F<@!8>B<;>:N!RC=LK<>B@!DCNNC[98AB!SL6N89E!GHHJ!V '+!GHHJW@!N89B8>F!:NN!BE9B8BLBF@![8BECLB!8>R8=:B8>F![EC![:9!BC!=:;;7!BE98A<@!=C>B:8>8>F@!:==C;R8>F!BC!C>F! :>7C>BR!SLB!:!'+!>:K!:>R!=:NNF@d!6LB![<;CB!A<;7!E=:NN7? 2E;CLFE!BE9![8BE8>!BECB!C>N7!:6CLB![E:B! S<:=<6L8NR8>F![:9@!6LB!:N9C!EC [!8B!9ECLNR!6R9![<>B!6:=M!:>R!DC;BE!:6CLB![ER:BC;7!DL>R9!:A:8N:6NF!9ECLNR!6F@!C;![ER Y :NC><@!ACNL>B:;7!DL>R9!9ECLNR!6B!RL;8>F!BE89!B8KF![:9!BC!698R<;B!C;!:9!SCN8B8=:N!:=B8A8B7@!:>R!BEL9! [ER<;B:M<>!67!'+*"!6<=:L9B!:9S<=B9@!C;!*"$!C;!*"U.! 6<=:L998C>!6!BEB!:>R!SCN8B8=:N!:9S<=B9!CD! S<:=<6L8NR8>F![CLNR!=C>B8>L!CD!BE
PAGE 94

81 @#(,(&$-!B(#!$!@.$0.')1-*1%=!F%1"!1%!G@2 ! 2EF!:!9K:NN!S<:=<6L8NR8>F!L>8B!8>!*"$![:9!L>R<;!R89=L998C>!DC;!9
BB9!8>!%E:SB<;!QW?!!$DB<;!*"$![:9! CDD8=8:NN7!R<98F>:BB!DC;!S<:=<6L8NR8>F!8>!BE!UCD8!$>>:>`9!GHHe! ;B!V'+!GHHe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bL9B8D78>F!K8N8B:;7!8>B<;A<>B8C>9@!:! SE<>CK<>C>! BE:B![CLNR!6989B<>BN7!;!R89=L998C>9!:6CLB S<:=<6L8NR8>F!S;CSC9:N9?! ! C8.!4"#$".=10!9.0(A.#+!>$01-1"+!@#(,(&$! 2EC[NB! SCN8=7!:=BC;9!8>B<;A8<[ACNA!OPP P Y OPPG@!KC9BN7!CLB98RB9![8BE!BEF!L>8B! [<;! [8BE8>! BE7!CD!BE<>B9![<;F!9L=E!:!L>8B![8BE8>!BER8>F!K<=E:>89K!DC;!=CL>B;8<9!:DB<;!BER!6F<; Y B<;K!RB! :9989B:>=C[>!BC!6B!DL>R8>F!:9! =CKS:;M?!!!1C ;F!D8B:B8C>!:>R!:=B8A!67!BEB;8<9!:9989BCB!:!9B;<>FBE!CD!BE
PAGE 95

82 :F<>=8<9?!!2E!BC!9<=L;B<;>:B8C> :N!DL>R8>F! DC;!SC9B Y =C>DN8=B!=CL>B;8<9?! 2E9!8>!BE!BEB!F:S@!9LSSC;BF9!(>9B8BLB8C>?!!(B![:9!BC!6R<;!BEM@!F8A<>!BEM`9!S8ACB:N!;CN!8>B<;>:B8C>:N! RB!:9989B:>=R!BEF!;<=CF>8B8C>!BE:B!9CKF!E:R!BC!6B;8<9!BE:B![<;DN8=B!6LB!>CB!7:N!RB!:9989B:>=!DC;[:;R!BC!BE=NLR8>F!8B9!KLNB8 Y 9B:M@!6;8>F8>F!BCFB<;>:B8C>:N!:>R!NC=:N!:=BC;9!8>ACNA! S<:=<6L8NR8>F!:=B8A8B8<9@!8B9!D8B:B8C>!:>R!BE!CD!BEB;7!6<8>F! :9989BR8>F!DC;!:>:N7B8=:N!:>R!S;R!8B9!9B:>R8>F!B;L9B!DL>R!DC;! ;:S8R!;<=CA<;7!:=B8A8B8<9!:>R!BC!S;CA8RB;:N!NC=L9!DC;!9L9B:8>:6NR8>F!8>!SC9B Y =C>DN8=B! =CL>B;8<9!V5C;K: >@!":B;8=M@!:>R!-:NCKC>9!OPPPj!5C;K:>!:>R!":B;8=M!OPPG:W?!! U<7!R8DD<;<>=<9! 6!BER!BE!CLB98RC!N8>M!BC! 8>B<;FCA<;>K<>B:N!6CR8<9!9L=E!:9!BE=8N!C;!BE<;:N!$99F<;!DC=L9!C>! RB!:9989B:>=R8>F@!:>R!BEB!CD!8B9!SN:>>8>F@!D8>:>=8>F!:>R!CS<;:B8C>9! =:S:=8B8<9?!! *<9S8BF!CA<;!'-r J!K8NN8C>!8>!DL>R8>F!D;CK!BER!+C;[:7@!BEB!R89:F;<B9 6!BEC;9!CA<;!9CKR!KC;!NC99!CD!8>B<;<9B!67!BEM![E<>!8B9!K:8>!S;CSC><>B@!BEM`9!g8=< Y ";<98R<>B!DC;!#XB<;>:N!$DD:8;9@!1:;M!1:NNC=E!&;C[>@!KCAR!8>8B8:B9!DC;!DC;K8>F! :! > <[! &L;<:L!DC;!%;8989!";B8C>!:>R!3<=CA<;7!V&%"3W!BE<;< ?!!2E89!&L;<:L!E:R!K:>7!CD!BEB<>B9!CD!BE!<:;N7!;<=CA<;7!BE:B!E:R!6<<>!8R<>B8D8!BEF9!;B!R89=L998C>9@!6LB![:9!NC=:B!BE!RB!:F<>=7@!;:BE<;!BE:>! 6<8>F!9!8>RR<>B!:F<>=7!:9!BE!R<98F>!BEF!:!=CKS;98AB<;>:B8C>:N!SC9B Y =C>DN8=B!L>8B@!F8A<>! S;C6NF!<9B:6N89 E:N!SC9B Y =;8989!L>8B!8>!BEB Y C;8<>BA8;C>K<>B!CD!'+*"?!!&7!BE!8B9![C;M!:B!BER!CD!OPPh@!'+*"`9!&%"3!L>8B!E:R!

PAGE 96

83 6<<>!8>!SN:=CB!:BB;:=BB8C>?!!2EL9@!8B![:9!>CB!S;CK 8><>B!8>!BE9![E<>!=C>98R<;8>F!BE<<[!8>B<;>:B8C>:N!S<:=<6L8NR8>F!6CR7?! ! C8.!@HI!@#(,(&$-!1%!"8.!J<@!9.,(#" ! 2EF!BEF!BE!-B! :9!3<9<:;=E!*8;<=BC;!:>R!&;L=<9!:9!*!S<:=R!=C>DN8=B!S;B8C>!V-B!GHHZ@!GHHej! -B!:>R!3CBE=E8NR!GHHJj!-B!:>R!4CNNC[:7!OPPOj!-B@!3CBE=E8NR@!:>R!%CL9<>9!OPPOj! aC><9!OPPG@!OPPOW@!9C!BE<7![<;!BE9!98>=R!CD!BE!S<:=<6L8NR8>F!:>R! 9B:B<6L8NR8>F!67!BE:B!B8KR!-:K6:>89!OPPPj!%CL9<>9!:>R!ULK:;! OPPGj!)B!CSSC;BL>8B7!BC!=CKB<;>:B8 C>:N!:9989B:>=R!9LSSC;B!DC;!S<:=<6L8NR8>F!:B!BE:B!B8K<9![:9!:B!BEB<;!C>!(>B<;>:B8C>:N!%CCS<;:B8C>!V%(%W!:B!+<[!/C;M!'>8A<;98B7!S;8C;!BC! bC8>8>F!BE!:!D<[!7<:;9!<:;N8<;?!!4R!BCCM!8B!8>BC!BE9!:9!BEF!8B!:!><[!>:K![8BE!1:;M!1:NNC=E!&;C[>!:>R!BE!BER!SC9B Y (;:T!]:;!FNC6:N!<>A8;C> K<>B@![E<;! RB!=C>=<;>9!E:R!=CKB@!aC><9!:>R!CBE<;9![EC!E:R!S;BM!>C[!:;FLB:F98RB!BC!;F!K:>7!8R<:9!R89=L99!BEB;CA<;98:N!:>R!R8R!>CB!<>F<>R<;!=C>9<>9L9@!9L=E!:9!-<=L;8B7!%CL>=8N! 3R!>L=N<:;!>C> Y S;CN8D<;:B8C>?!!" <:=<6L8NR8>F!;98R<;:6N7!N<99!=C>B<>B8CL9@!:>R!BE<;9<>9L9!C>!BE<8^F!:9!:!=C;!C>!BE<![ECB!8B![:9!><=<99:;7?!

PAGE 97

84 2E!:9!CLBN8>!BE!BE:>![:9! BL:NN7!:RCSBB<;A8<[![:9! BER<;[<>B! > LK<;CL9!=LB9!:>R!=CKS;CK89<9!N<:R8>F!LS!BC!BE?!!2E!BE989B!C>N7!CD!BEC9B;8<9![EC![<;ACNA! S<:=<6L8NR8>F!:=B8A8B8<9?!!2EA898C>CB!9S<=8D7!:!98^!BEC;![<;B:B8C>d!CD!BEB!F;CLS9!C>!BECB! [89E!BC!DC=L9!C>!BE9B8BLB8C>:N!:;;:>FB9!DC;!BE <[!"&%!C;!:>7!CD!BE<8;!CBE<;! ;<=CKK<>R:B8C>9@!:9!BE<7!8KSN89B8BLB8C>:N!R!BEF!8>!BEB<>B8CL9! >9!6!KR!:DB<;!BE!BE<99@!cKFL89Ed!C>!BER!BELK6<;!CD!DC;K:N!K=;<:9! CD!BEC> Y DC;K:N!KCB!9S<=8D8F!LS!BC!BEB;CA<;98<9!:>R!=E:>F<9! 9EC[CB!L>R<;9B:>R!BEB< >RB!BC!FR!;L>>8>F!![8BE!:!N<99!CSB8K:N!SN:>@!:>R!BE<>!9<=:N?! 2EA898C>B<;!CD!DL>R8>F!:>R! 8>DNL<>=!S<:=<6L8NR8>F!:=B8A8B8<9?!!2E!8B9CB!8>B<>R<;:B8C>!CD! M>C[N!8>B<; Y FCA<;>K<>B:N!6CR7!CD!K 9868N8B7!CD!BEF!-LSSC;B!.DD8=<;:BDN8=B!=CL>B;8<9!C>!8B9!:F<>R:!67!F:NA:>8^8>F!RC>C;!=CL>B;8<9!:>R! <>=CL;:F8>F!BEB;86LBR9@!DC=L98>F!BE<8;!:BB<>B8C>!C>!BE<9B;8<9!bL9B![E<>! 8B![:9!6>8>F!BC!D:R!SC9B Y =C>DN8=B!98BL:B8C>9?!(B![:9!:N9C!BC!R8;<=B!BE<9F!:>R!=CC;R8>:B8>F!DL>=B8C>9?!

PAGE 98

85 2E!BE< 4)"!;B8A=B8C>9@!N:;FDNL<>=9@![EC![E8N!18>89B<;!CD!5C;<8F>!$DD:8;9!E:R! [;8BB<>!:!6CCM!V#A:>9!GHHhW!8>![E8=E!EF!:9!8>ACNA8>F!NC>F Y B<;K!S;B8C>! 9B; :BB8=8S:B8>F!=C>DN8=B!:>R!=;8989!8>!BER!B:M8>F!S;B8AF!8>!E89!A8<[![:9!6CBE!:!S;< Y :>R!SC9B Y =C>DN8=B!SE<>CK<>C>@!:>R!BE!CD!BEB?!!4C[B8A=B8C>![:9!TL8=MN7!;!UCD8!$>>:>`9!c(>!):;F<;!5;<BK<>B!CD!4)"! S:>R!;<9<:;=E!9B:DD? ! C8.!@H47!$%*!@H>!1%!"8.!J<@!@#(,(&$! 2EA898C>R!B<:K!CD!BE<;:N! DC;!SC9B Y =C>DN8=B!=CL>B;8<9@!;:BE<;!BE:>!N<:A8>F!R89=L998C>9!BC!6!BEB9!9L=E!:9!*"U.!:>R!*"$@!:9!E:R!6<<>!BEB8N!BE<>?!(B![:9!BC!6B9!BE :B!:N;<:R7!E:A:N!S<:=<6L8NR8>F!RLB8<9@!6;8>F8>F!BEM8>F!:6CLB!S<:=<6L8NR8>F![8BE8>!BER!BE9![EC![<;R8B8C>9!C>!BER@!C;!:B N<:9B!8>!BCL=E![8BE!S!BER!8>!SC9B Y =C>DN8=B!=CL>B;8<9@!:>R![EC!M><[!EC[!BC!K:M9!:6CLB!BE=8>F!CD!:=B8A8B8<9!8>!SC9B Y =C>DN8=B!=CL>B;8<9?! 2E<9=B8C>9!FCB![:B<;!98F>8D8=:>BN7![E<>!KR8>F!BC!BEF!8B!:!A<;7!9K:NN!CDD8=! c=C>D<;<>=Fd!DC;!BER!F!8B!D;CK!S<;DC;K8>F!BE=B8C>9!8>B<>RCB![:>B!BE<;:N!BC!R;8AF!:F<>R:?!!2E<7!<>9L;F!BER!;<9CL;=<9!CD!BE!BER8>F!RC=LK<>B9?!! .>=:N@!B E<[!CDD8=!E:KS<;CB! FF!:NN!BER=8<9!BE:B!E:R!6<<>!S;CK89!BER8>F! :;;:>FB9 ?!!1C;CB!E8FEN7!TL:N8D8F!5L>R!V"&5W@!:9!DC;<9<<>!67!BER9!:A:8N:6NF!:=B8A8B8<9?!!2ER9![<;
PAGE 99

86 SL;SC9<9!8>!SC9B Y =C>DN8=B!=CL>B;8<9@!BC!DL>R!F:S9!8>!M<7!:;<:9!:>R!<>9L;=8>F!CD! S<:=<6L8NR8>F!:=B8A8B8<9?!(B![:9!BC!6 M7!CD!BER!;<9<:;=E!9B:DD!8>B<;A8<[D8;KB;CA<;98:N!:KC>F!BER!BEC!9<;8CL9!=CKSF!SCN8=7!8R<:9!BC!BE!BEF![8BE!BEF<9!CD!S<:=<6L8NR8>F?!! .>!BE:B![:9!R89=L99!6LB!TL8=MN7!R89K899=B! '+!2;L9B<<9E8S!%CL>=8N@!C>=8S :N!'+!C;F:>9!R!BE=8N!E:R!6<<>!F8A<>!BE89B<;8>F!B<;;8BC;8<9!SN:=R<;!BE=NLRF!K:>R:B9! :>R!B<;;8BC; 8<9!R8:N!:RK8>89B;:B8C>@!9L=E!BE:B!D<[! =CL>B;8<9!R<;!8B9!:LBEC;8B7!:>R!BE=8N!=CKSN!GHHQ! DCNNC[8>F!BERR<>=8>F!B;L9B!B<;;8BC;7!V]8NRB;8<9![<;8B8:NN7!8>!D:AC;!CD!BE89! S;CSC9:N@!6LB!F8A<>!BE=8N`9!>![ 8BE!=CNC>8:N89K@!BECB!6!R89=L998C>9!:KC>F!BER![:9!;8=:NN7@! BE8^:B8C>:N!%CKK8BB<==!E:9!EF9!8>!BEC==LS8=8N!=E:K 6<;9!:B!BE!+<[!/C;M?!!#%.-.%@!:>CBE<;!CD!BE:N! '+!6CR8<9!=;<:B!BEF! DL>=B8C>9@!RL!:9!:>!8>R!!KC;86L>R!6CR7?! ! @(-10+!I8$ %=.&!1%!"8.!LMMN!9.B(#/!@#(0.&& ! 5CNNC[8>F!BE!OPPQ@!BE>8>F!B<:K!8>!BEB! BE;CLFE!:!S;C=<99!CD!R<=8R8>F![E:B!BC!B:M<;:N`9!C[>! S:=M:FF![E:B!BE<7![CLNR!:RA:>=
PAGE 100

87 8>B;8>98=!8KSC;B:>=<@!SCN8B8=:N!A8:68N8B7@!:SS;CS;8:B<><99@!:>R!:=B8C>:68N8B7?!!1:>7!C>!BE89!B<:K![<;9!CD!S;9==F!BC!SCN8=7!:=BC;9!=NC9!S;C=<99 ?! ! 2ER!S<;E:S9!KC9B!98F>8D8=:>B!cB;8KK8>Fd!8>!BE 9DC;K:B8C>! CD!BEBC!-<=;<;:N`9!;!):;F<;!5;<<:;N7!:NN!8B9!S;B8A=B8C>9?!!2E!BE<;:N!K:>R:BB8A!;:BE<;!BE:>!C>N7!DC;!SC9B Y =C>DN8 =B!S<:=<6L8NR8>F@!:NC>F!BE<9!CD!,:;9`! R8B8C>!CD!S<:=<6L8NR8>F!V#A:>9!GHHhW!:9!B:M8>F!SN:=R!:DB<;!=C>DN8=B?!!4C[<;:B=F!RF!=CL>B;8<9@!D<:;8>F!BE:B!BER:BB<;A<>B8C>!8>BC!BE<8;!8>B<;>:N!:DD:8;9?!!$9!9L=E@!UCD8!$>>:>!:>R! E89!;B8A=B8C>9!8>!BEBF!C>N7!BE!DC;!=CL >B;8<9!BC!ACNL>B:;8N7!9<@!C;!DL>R8>F!D;CK!BEFBE<>!BE<8;!8>9B8BLB8C>9!DC;!;F!=C>DN8=B!V'+! OPPZ6W?!! -CK!BC!F8A!S;B8A=B8C>9![8BECLB! 9L6K8BB8>F!B E@!9<<8>F!8B!:9!:>!:=B!CD!c99C;9E8Sd!C>!BE<;:N?!!-B<;A8<[!:9!BE<7![<;F!BE89!:>R!CB E<;!S;CSC9:N9!8>! BE<8;![C;M!C>!BE<[!BE:B!K:>7![CLNR!>CB!K:MDN8=B!:=B8A8B8<9![CLNR!6!N8K8BR! 9CLBE<;>!=CL>B;8<9`!=C>=<;>9@!6LB!>B8A=B8C>9!DC;!BE! BE<8;!=C>A8=B8C>!BE:B!BE<9=B8C>9![<;=<;:N! DC=L9!C>!S;B8C>! BE<7!K:8>B:8>R!c(>!):;F<;!5;<=NLRB! :=BC;9!:>R!=CL>B;8<9![8BE!;<=<>B!S<:=<6L8NR8>F!=<@!8>!C;R<;!>CB!BC!6<@!8>!BEF!67!:>CBE<;!>:KB=NL98AB;8 <9!C>!BE!C;R<;!BC!6;8>F!:!6;C:R<;!99B8BLB8C>:N!8>SLB9!BC!BE<[!6CR7?!!2E<7!

PAGE 101

88 :N9C![:>BM!:!DC;K:N!9<:B!C>!BEM`9!6C:;R!R<=N8>F!BC!6N7!:>!C69<;A<;?! UCD8!$>>:>!8>!c(>!):;F<;!5;<B8:N!;F!CD!BE=8N!:>R!#%.-.%@!RR8>F!C>![E:B!9B:FDN8=B!:!=CL>B;7![:9!8>!V'+!OPPZ6W?!!2E89![:9!>CB! S:;B!CD!BEF!C>N7!BC!BE=8N@!F8A<>!BE!BEF!#%.-.%`9!<99?!!2E89!9B8:N!;F!BC!#%.-.%![:9!:RR<;:N!BC!:==CKKCR:BF!CSSC98B8C>!D;CK!RF!=CL>B;8<9![:>B8>F!BC!N8K8B! BE98C>!CD!BE=8N`9!SC[<;9!8>BC!R< AB!:;<:9@![E8=E!BE<7!S<;=<8A=<;>!CD!#%.-.%?! 2E!BE!BEF<9!BC!BEF!:;;:>FB9!:>R!K:M8>F!BERR<>B!CD! BE!BE!:!M8=M Y 9B:;B!DL>R!DC;!BE<:;N7!:NN!BEB9!K:R! &CNBC>`9!N:9B Y K8>LBBC!BEB! N:;F9=:BE!BE:N!;<9=LB!67!BEF!B<:Kj!CBE<;!S:;B9!CD!BEB@!9L=E!:9!BEC9![<:SC>9!CD!K:99!R<9B;L=B8C>@!>C> Y S;CN8D<;:B8C>@!:>R!-<=L;8B7!%CL>=8N! ; CLB!N:;F`9!8>989B<>=![:9!9M!BEF!9LSSC;B!DC;!BEF!KR!:>!<>RC;9B!8>!aL>F;<998C>:N!2:9M!5C;=!'+!;? 2E989B!C>!:!M<7!KCR8D8=:B8C>@!BE:B!BE9!C>! BE9<>9L9?!2E9<>9L9!;B@!=CK68>R=NLR<;:N!$99!;<9SC>9! =CL>B;7!RR9@!SLB!98F>8D8=:>B!=C>9B;:8>B9!C>!BE Y K:M8>F!=:S:=8B7!CD!BE<[!6CR7?!! (B!K<:>B!BE:B!!BEB;7!C>!BE![CLNR!6?!! ! @(&" O 5(#-*!4)//1"!$%*!"8.! >()%*1%=!9.&(-)"1(%& ! 2E<>B!;B:B8A<9!D;CK!*<>K:;M!:>R!2:>^:>8:!=E:8;F! =CKK8BB<<9![8BE!K9!DC;!DC;K8>F!BE
PAGE 102

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d! ! $B!BE9![<;R<;[:7!6< B[<<>!K9![<;R<;[:7!8>!BER!EC[!8B![CLNR!6SLB!D;CK!BER!'+*"`9!&%"3?!$ NC>F!BE<9!CD!BE@!BECB!bL9B!:! 9<=;CK7@!6B<;!CD!=R!;<9<:;=E@!:>R!R;:DB! 9B;:BCB![:>B!:!68F!;CNR!N8K8BR!;<9CL;=<9!8>!BER8>F!;<9CNLB8C>9?! !

PAGE 103

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d!<>R<:AC;@!6LB!BE89! [CLNR!;!:>R!=CCS<;:B8C>!D;CK!CBE<;!S:;B9!CD!BE8^<[!;CN<9!DC;! BE<9!N<:R8>F!S<:=<6L8NR8>F!9B;:BF!>LK<;CL9!:=BC;9![EC![<;:NN7!8>ACNA!S<:=<6L8NR8>F!:=B8A8B8<9!C>!BER?!!,8A<>!BE:B!BEB9!:>R!9<=C>RK<>B9!D;CK!CBE<;!S:;B9!CD!BEB8:N![:7!BC!6;8>F!8>! BE<CB!FLK6<;!:>R! TL:N8B7!CD!9B:DD!8B!><8B8<9?!!!! .>=R!;L>>8>F![8BE!8B9!D8;9B!$9989B:>B!-<=;<;:N!DC;! "<:=<6L8NR8>F!8>!SN:=<@!8B!E:R!B C![C;M!CLB!:!>LK6<;!CD!SCN8=7!RR!"&5!BE:B! E:R!>CB!6<<>![;8BB<>!8>BC!BER8>F!RC=LK<>B:B8C>@!9L=E!:9!BEF!=CL>B;8<9!C>! BER:!:>R!>LK<;CL9!:RK8>89B;:B8AR!9B:DD8>F!899L<9?!!$NBECLFE!BE<;B8C>!BER8>F!RC=LK<>B9!DC;!EC[!:!=CL>B;7!=:>!F!BER:@!BE
PAGE 104

91 6<=:K!BE9![:9!DC;!=CL>B;8<9!BE=9L;B;7!8B9B;8<9!8R<>B8D78>F![E:B!BE<7!=:>!RC!BC!:9989B!:>R!9LSSC;B@!;:BE<;!BE:>!:NN7! 8KSC98>F!BE!BEB;7?!!.>!BE98R<@![8BE!BE89!ACNL>B:;7!KC!K<:>9!CD! <>DC;=8>F!C>!BEB;7!=C>=<;>!8>!BEB;7! =C>D8FL;:B8C>?!! 2E<[!:;=E8B<=BL;C!CDD8=8:N!R8B8C>!CD!S<:=<6L8NR8>F@!9L=E!BE:B!C>9!CD!BE<[!"&-.!:>R![8BE8>!BEBE9!CD![C;M!:>R!KL=E!R89:F;<B@!BE!BE=B!;:BE<;!BE:>!:!DLNN!R8B8C>!CD!S<:=<6L8NR8>F!BC!FL8R!BE89!:;<:0! "<:=<6L8NR8>F!8>ACNA<9!:!;:>FF!C;! ;F!8>BC!=C>DN8=B!67!9B;<>FBE<>8>F!>:B8C>:N!=:S:=8B8<9!:B!:NN!NDN8=B! K:>:FB@!:>R!BC!N:7!BER:B8C>9!DC;!9L9B:8>:6NR!RB?!! "<:=<6L8NR8>F!9B;:BB!:>R!B:8NC;<B;7!=C>=<;>!>:B8C>:N!C[><;9E8S@!:>R!9ECLNR!=CKS;89=R!BE<;:;;C[!9F!BEB<;A8<[CBB8N!>C[!BE<;B!A8<[9!CD![E:B! S<:=<6L8NR8>F!89@!:>R!BE:B!:!6!L>R<;9B:>R8>F!89!9B8NN!><>CA:B8C>!8>!BE!BE:B![:9!S;<9<>B!D ;CK!BE:N!4)"!S;CSC9:N@! :NBECLFE!9CK<[E:B!R8NLB!CD!9!,<><;:N!$998^:B8C>:N!%CKK8BB<<@![:9!BE:B!K!BE8^:B8C>:N!%CKK8BB<R!=CL>B;7 Y 9S<=8D8=!=C>D8FL;:B8C>9![:9!BC!6!BEB;86LB8C>9!BE:B!=CL>B;8<9!:N;<:R7!K:MF@![E:>=8:N@!K8N8B:;7@!C;!SCN8B8=:N?!!2E89!S;8>=8SNF!DC;! KCB!!:>7!CBE<;!'+!6CR7?!!5C;!!38FEB9!%CL>=8N!:>R!8B9! S;!38FEB9!%CKK8998C>@!:!=CL>B;7!RC<9!>CB!E:A!ELK:>! ;8FEB9!BC!6!BEB<; Y FCA<;>K<>B:N!6CR8<9!89!RF@!;CB:B8C>@!:>R!FB:B8C>@!;B;7!K8FEB! 6;8>F!BC!BE=NLR<9!=CL>B;8<9!BE:B!:;CB![B!CBE<;!

PAGE 105

92 8>B<; Y FCA<;>K<>B:N!6CR8<9@!9L=E!:9!B;CCS Y =C>B;86LB8>F!=CL>B;8<9!VFN:R<9E@!":M89B:>@!(>R8:@! aC;R:>@!:>R!+ B;86LBC;9! 8>!OPPZW!V*"U.!OPPZW@!RC>C;!=CL>B;8<9![EC!:;CB!:N9C! S<;K:><>B!K=8N!V7@!(B:N7@!a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`9@!;:N!C;F:>8^:B8C>9@!:>R!=8A8N!9C=88^:B8C>9!89! >! BER8>F!;<9CNLB8C>9?!!#A<>![8BE!BE89!NC[<;!N@!BE=NLR!67!>C> Y FCA<;>K<>B:N! <>B8B8<9?!2EB;7 Y 9S<=8D8=!=C>D8FL;:B8C>9![<;=NL98A!9S <=8D8=!SC9B Y =C>DN8=B!=CL>B;8<9@!9L=E!:9!BEB;7!8B9<8FE6C;8>F!=CL>B;8<9@!;:N!:=BC;9@!'+!:=BC;9!C>!BER!9L=E!:9!BER!BEB!%CC;R8>:BC;@!(5(`9![C;M8>F!8>!BE<9B;8<9!6R!:DB<;!BEDN8=B@!:>R!=8A8N!9C=88^:B8C>9?!!3@!BE=NLRACNAB!CD!BEB;7!6<8>F!:9989BF!;<[!DC;!'+! 6CR8<9?!!&7!=C>B;:9B@!=CL>B;8<9!C>!BE=8N`9!:F<>R:!K:7!6B!8>!BE9!:;=8N!K!8>>CA:B8C>@!F8A<>!BE:B!BE89!B7SR8>F!R8R!>CB!S;! BECA!BE=R!BE=DN8=B!=CL>B;8<9@![E8=E!>C;K:NN7!R8R!>CB!:BB;:=B!:>R!9L9B:8>! BEB8C>!CD!BEC;!=CL>B;8<9?!!2E=
PAGE 106

93 S<:=<6L8NR8>F!S;8C;8B8<9!:B!=;L=8:N!KCK<>B9?!!.>!a L>!BER9![8BE8>!eO!ECL;9!BC!,L8><:@!:!D;:F8NCB!7!BER:@!BE:B!><<7!DC;! 9<=L;8B7!BC!<>9L;9?!!*B!:=BC;9!9L=E!:9!BEM@!'+*"@!:>R!K:b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k:E:;8:R89!OPPeW?! )8S9C>!:R:SBF!8>!BE=NLRB<;<9B9!:>R!8R<:9!:B!BE;<:KF@!SCN8B8=9![8BE8>!'+!KR!SCN8B8=9!:>R!C;F:>8^:B8C>:N!=LNBL;!BE!OPPeW?!(>!BE89!9<=B8C>@!SCN8B8=:N!B9 @! RB9@!:>R!6R8>F!BEF!BER!CD!BE!BEB:B8C>!CD!BE!BEF!BE R!CD!BEBEL98:9K!DC;!BE<[!SC99868N8B8<9!CD![E:B!BEB<;>:B8C>:N!S<:=R!9<=L;8B7?!!2E!GHHG@![E8=E!E:R!6<<>!9:>=B8C>=8N!BC!;
PAGE 107

94 : >>!CD!UL[:8B@!:9![!SN:=C;8B8<9@!:9989B! BE!:>R!R89:;K!(;:T@!9<[!S;<=B!DC;!:=B8A=8N!8>B<;A<>B8C>!V1:NC>BEL98:9K![:9!;!'+!-<=;<;:N!&CLB;C9! &CLB;C9 Y ,E:N8`9!:K68B8CL9!c$F<>R:!DC;!"<:==F!DC;!BEF!:!>LK6<;!CD!CBE<;!SC9986N9<9!:>R!8>B<;A<>B8C>9!D;CK! BEF8>F!D;CK!S;< A<>B8AF!BEDN8=B?!!(>!BE<;:N!!;=B<;A<>B8C>![8BECLB!BE9<>B!CD![:;;8>F!S:;B8<9!8D!><=<9 9:;7!BC!9<=L;B<;>:B8C>:N!S<:=R!9<=L;8B7j!L>B8N!BE:B!B8K<@!:>R!F8A<>!BEF!9B:N!BE=8N! RL;8>F!BECB!:RR;<99!9L=E!:!6CNR!D:9E8C>?! 2E89!<>BEL98:9K!E:R![:>F! K8998C>9!8>!-CK:N8:@!&C9>8:@!:>R!3[:>R:@![E8=E!E:R!>CB!6<<>!9LDD8=8<>BN7!;<9CL;=9!F8A<>!BEB!BC!BER:!DC;!"<:=!BE:B! E:R!:N;<:R7!9!:9!:!;<9LNB!CD!BE<9DC;<9<<>@!C;!C>N7!S:;BN7!DC;<9<<>@!R8DD8=LNB8<9d!V'+!GHHZ:@!S:;:F;:SE!JW!E:R!:;89<>!8>! BER!DC=L9!BE< Y K:M8>F!67!BER!SCN8B8=:N![8NN!BC!6:=M!LS!BE<[!K<:9L;<9?!! ! 9.&1&"$%0.!"(!@#.A.%"1A.!>)%0"1(%& ! *<9S8BF!!BE!BE= B8A!R<:N8>F![8BE!=C>DN8=B9@!BE<;F!;<989B:>=F!=CL>B;8<9!BE;CLFECLB!BER!6<7C>R!BC!:NNC[8>F!BE7!8>9B8BLB8C>:N! =:S:=8B8<9!DC;!S;B8C>?!2E89!;<989B:>=!BEB9!CD!BEF!L>8B!8>!*"$!8>!BER!<:;N7!OPPP9@!:>R!:F:8>![8BE!BE9! :6CLB!BE!OPPQ!:>R!OPPZ?!!*<9S8BR:B8C>9!DC;!BEF!L>8B@![E8=E! [<;!-<=;<;:N!UCD8!$>>:> `9!GHHe!R<98F>:B8C>!CD!*"$!:9!BEB!DC;! S<:=<6L8NR8>F!8>!BE8B![:9!;R8>F!67!BE<;:N! $99!$RK8>89B;:B8AR!&LRF9!V$%$&fW?!!&<=:L9
PAGE 108

95 ,<><;:N!$99B;CN9!BEF!=CL>B;8<9@![E8=E!E:AF!AC8=!BE!8B9!C>B;7 Y C>!6NC=M!:=B8C>9![8BE![E8=E!BE<7!:;CB!8>! :F;<B@!!8D!BE<99!:;FN7!9LSSC;B<;:N?! ! 2E!'+!"<:=9!;<8B<;:BF!L>8B!8>!*"$@!6LB!L>DC;BL8BCL9N7!:BB:=E<[!S;CSC9:N!DC;!BEDC;K:B8C>!:>R! -B;:B:N7989!-<=;!8>DC;K:B8C > Y F:BE<;8>F!L>8B!BC!FL8RF!=CL>B;8<9![<;<;ACL9!:6CLB!BE<[!L>8B!9<;A8>F!:9!:>!c8>B=8B!8>!BE8^:B8C>@![8BE!=:S:=8B7!BC!S;7!8>BC!BE<8;!8>B<;>:N!:DD:8;9!:>R!S;CA8RR9!DC;! 8>B<;A<>B8C>j!:9!9L=E@!B E<;:N![8BER;<[!BE!:DB<;!FF!L>ECCMF!L>8B![:9!:F:8>!;R8>F!D;CK!$%$&f!8>!OPPO@! =C>D8;K8>F!C>=!'+!KF!;<989B:>=B!BC!M<! K8>R!BE:B!67!BE89!B8K<@!KL=E!:BB<>B8C>![:9!6<8>F!F8A<>!8>!BEB<; Y B<;;C;89K!9B;:BR! R<:N8>F![8BE!D:8N!9F!LS!S;C:=B8ADN8=B!=CL>B;8<9? (>!:RR8B8C>!BC!RF!=CL>B;8<9`!;<989B:>=F!L>8B!BE:B!K8FEB!E:AB8A=B8C>9@!BE<;![8BE8>!BECB!:6NRNB!DC;!S<:=<6L8NR8>F![8BE8>!BE!*"$`9!C[>!SCN8=7!;R<;B:M<>! :B!BEF!CD RC>C;9!BC!R!BC!B:MR8>F!;F!L>8B!67!$%$&f!8>!OPPO@!8B![:9!;<=CKK<>RCB!9<;AB!DC;! S<:=<6L8NR8>F@!F8A<>!*"$`9!C[>!S<;DC;K:>=F!;CN!BE!$%*!"8.!HI@9 ! 2E!BE!SCN8B8=:N!:>R!9<=L;8B7!=C>98R<;:B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!!$9!9L=E@!8B!E:R!:!9B;C>F<;! RB!DC=L9!:>R!N<99!CD!:!SCN8B8=:N!DC=L9!BE:>!BEB!"&%!S;CSC9:N9!E:R@!DC=L98>F!C>! D8NN8>F!BER8>F!F:S!8>!BEDN8=B!S<;8CR!L>B8N!BEB! :9989B:>=DN8=B!=CL>B;8<9 @!:>R!NC=:BC!N8>M!BC!BE=8N!C;!BE<;:N!$99F!8>B<;<9B!:KC>F!BE<>B9!

PAGE 109

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bC;!D8>:>=8:N!9LSSC;B<;!:> R![:>B!)C>RC>@!9F!:98R!8B9!*B!DC;!(>B<;>:B8C>:N!*B!V*5(*W?!!+C;[:7@!:>CBE<;!9B;C>F!

PAGE 110

97 9LSSC;B<;@![:9!:F:8>9B!E:A8>F!BE!)C>RC>@!:>R![:>BR!BEA898C>@!BEB!DC;!#XB<;>:N!$DD:8;9!:B!BEM!8>!BEF!8>B<;<9B!8>!BEB8N!EM`9!;8A:N! 8>B<;>:B8C>:N!R
B!:9989B:>=8^:B8C>@!:>R!K:R!KCA9B<:R!BC!DC;K!'+*"`9! C[>!SC9B Y =C>DN8=B!L>8B@!BEACNAB![:9! 9<F!BC!;!C;F:>8^:B8C>!BE:B!E:R!6<<>!N:=M8>F!8>!SL;SC9R! BE<;F!:F:8>9B! BE!8>! 8>B<;>:B8C>:N!DC;:!:>R![8BE!'+!K@!aLN8:!2:DB@!DC;K<;N7! :!9<>8C;!CDD8=8:N!:B!BEB@!BC!N<:R!BE<[!&%"3?!]8BECLB!:>7C>M!BC!6:=M!8B!LS@!:>R![8BE!R8DD<;<>=<9!:KC>F!BEC;9!:6CLB!BEBLK!C>!BEF!BC!C>!C>`9!KCAF!BC!9B<;A8<[F!9L=E!:!L>8B!:B!BEM@!8>! 9S8B`9!8>B<;<9B!8>!:>R!<>BEL98:9K!DC;!BE!E!D:=B! CLB!CD!:N8F>K<>B![8BE!BEM`9!K:>R:BR![:7!CD!CS<;:B8>F@!F8A<>!BE:B!SC9B Y =C>DN8=B!=CL>B;8<9!R8R! >CB!K<M`9!;LN<9!:>R!=;8B<;8:!DC;!R8>F!RB!:9989B:>=9@!>C;![CLNR!BEM!6F!BC!DL>R!:=B8A8B8<9!8>!BE<9B;8<9!CLB Y CD Y SC=M<[!&%"3!D:=F!<9B:6N89EB<;>:NN7![8BE8>!'+*"!:>R!8>!BE!'+*"!8B![:9!>CB!:6NB<;>:N!=C>DN8=B9!6!8B9!K:>R:BR! BEC9:N!6L;<:L9!:B! '+*"@!<:=E!CD![E8=E!9:[! 8B9F! BE9!8>!=CL>B;8<9!F!D;CK!=C>DN8=B?!!$DFE:>89B:>![:9!:!S;8>=8S:N! =CL>B;7!C>!&%"3`9!:F<>R:!8>!BE!8>!BER<;9B:>R8>F!6!ELK:>8B:;8:>!;=8<9!:>R! RB!:F<>=8<9!89!:!S<;989B<>B!C>!BEB<;>:B8C>:N!=CKKL>8B7@!:>R!E:;R!BC!;<9CNA=8<9!:;R!TL8=MN7!BC!=;89<9@![E8NB!:F<>=8<9![C; M!:B!:! 9NC[<;!S:=!BE:B!'+*"!89!:!RB!:F<>=7@!BEF!:9!:!;=7![8BE8>!8B?!

PAGE 111

98 ]8BE8>!BE=R!*"U.?!!2E!CD! BE:N!R8A89 8C>!CD!N:6C;!6!'+*"!:>R!*"$@![E<;<67!'+*"!R<:NB! [8BE!9C=8C Y <=C>CK8=!899L<9!:>R!*"$![8BE!SCN8B8=:N!899L<9?!'+*"`9!&%"3!L>8B![:9!R<:N8>F![8BE! SCN8B8=:N!899L<9!8>!=CL>B;8<9!F!D;CK!=C>DN8=B9@![E8NF!BC!F8AB8C>!BC! 9C=8C Y < =C>CK8=!9B;L=BL;<9!8>!8B9!SCN8B8=:N![C;M?!!*"U.!9:[!8B9F!BE89![C;M!CD! B;:>98B8C>8>F!D;CK!S<:=F!BC!S<:=<6L8NR8>F![8BE!8B9!><[!8>B9@!8KSNBR!=F!CS<;:B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9@!:>R!BE:B!'+*"!9ECLNR!SN:7!KC;!<=C>CK8=! ;CN!&%"3![:9!BE!6;CLFEB!8>!67!1:;M! 1:NNC=E!&;C[>!:9!BE<[!&L;<:L!6LB!9B:7N7!:!=CLSN!BE?!!$==C;R8>F!BC!C>B<;A8<[ E:SS7! [8BE!BE:;=E8=!=;C[Rd!:B! BE!E8K9CB!N:9B!KL=E!NC>F<;!:B!'+*"@!N<:A8>F!:B!BE! E!BE!CD!%E8<;:N!UCD8!$>>:>?!!-L69B!N<:R<;9!CD!BER!'+*"!:9!:![ECNCB!:6N!BE B<;!:>R!BEB:FC>!8>!OPPG! S;CRL=B<;>:B8C>:N!:BB<>B8C>@!R;8A<>!67!c>C;BE<;>@!d!RB;7!8>B<;<9B9@! BC[:;R!9<=L;8B7!899L<9!:>R!:[:7!D;CK!RB!899L<9?!!2E!9 C=8C Y <=C>CK8=!:>R!SCN8B8=:N!R8A898C>9!6![<:NBE8<;@!RB;8<9@!NC=:BCB!!BE!4R!SCC;<;@!RF!=CL>B;8<9!NC=:B!BE!4d!CD!RB@!C;!BER<>=7!BC!9<B!899L<9!9L=E!:9!FNC6:N!SCA<;B7!8>!B<;K9!CD!EC[!BE<7!8KS:=B!8>B<;>:B8C>:N!9<=L;8B7@!;:BE<;! BE:>!:9!8>RR<>B!S;C6N!><?!5:8NF!9B:B<9@!8>B<;>:B8C>:N B<;;C;89K@! :>R!=C>B;CNN8>F![<:SC>9!CD!K:99!R<9B;L=B8C>!8>!9CLBE<;>!C;!RF!=CL>B;8<9!6<=:KC;BE<;>!=CL>B;8<9@!8>!N:;FF!:BB<>B8C>!:[:7!D;CK!BER!<=C>CK8=!

PAGE 112

99 RB!><!=CL>B;8<9!:>R!BE<8;!: =E8B!CD!BE>8LK!*B! ,C:N9!V1*,9W?!!!3F!>C;BE<;>!=CL>B;8<9`!=C>=<;>9@!:>R!F8A<>!BE<8;!S;:>=!BE=8N@!BER!BE<;:N![<;89B:>!:>R![8BE!>LK<;CL9!><[!K<:9L;<9!BC!=CK6:B!8>B<;>:B8C>:N! B<;;C;89K?!!$9!9L=E@!BE<;=<;>!:B!BE:B!B8KF! BC!9LSSC;B!SC9B Y =C>DN8=B!=CL>B;8<9?! 3F!BE89!9E8DB!CD!:BB<>B8C>!BC[:;R9!9< =L;8B7@!E<8FEB<>!DL;BE<;!67!BE! OPPh!:>R!8B9!:DB<;K:BE@!BER!=E:NN<>F<9!8>!BEFR!BE:N7989!CD!9CDB<;!;89M9!:>R!=E:NN<>F<9!8>! B EB!;<:NK!BC!6B!BE:B!BE<7!;F! ;B<[![C;NR!CD!8>B<; Y =C>><=B!B9!8>!;F!=CL>B;8<9!=CLNR!SC9B;8<9!:>R!BE!OPPZ! E:R! C;8F8>:NN7! 6<<>!SN:>>F!BC!BE>8LK!-LKK8B!BC!:99<99!S;CF;<99!8>!K<F!BER!C;8F8>:NN7!E:R!BE8LKtZ!-LKK8B@d!8>B<;A<>8>F!< A<>B9!9E8DB=<;>9?! ! C8.!;#$R!5$#!$%*!"8.!J<@!>(#/$"1(% ! 2E!OPPh@!6<=:L98N:B<;:N!:=B8C>!C>!BER!'U! :DB<;!BE<7!D:8N=8N!:SS;CA:N!DC ;!BEA:98C>@!=:L9=R!:!R<!BER!BE9!:6CLB!BER!NR!BE8^:B8C>![:9!SLB!C>!BEB!BE89!B7S8N:B<;:N!:=B8C>!:>R!BC!9CNAB<;>:B8C>:N! =;89<9!S<:=R!KLNB8N:B<;:NN7@!:9!S;<9=;86!BECB!BE![E<>!BE=8N![:9!9LS<;9R! K8N8B:;7!:=B8 C>![:9!B:M<>![8BECLB!-<=L;8B7!%CL>=8N!<>RC;9B?!(>!GHHH@!+$2.!E:R!L>R<;B:M<>!:8;! 9B;8M<9!8>!UC9CAC!8>!9S8BB!C>!BE=8N@!6LB!BE:B![:;!E:R!cFC>! B<;K9!CD!9BCSS8>F!BE!:FF;<998C>!:F:8>9B!8=!$N6:>8:>9!8>!BE< B<;;8BC;7?!!5L;BE<;KC;<@!

PAGE 113

100 8KK=NL98C>!CD!BEF!=:KS:8F>!8>!aL>9![<;=B8C>=8N!3<9CNLB8C>!GOQQ!V'+!GHHH:W@![E8=E!<9B:6N89E!8>B<;>:B8C>:N!S <:=F!DC;=R<;!+$2.!=CKK:>R@!:>R!=;<:B8B9!(>B<;8K!$RK8>89B;:B8C>!8>!UC9CAC!V'+1(UW@![E8=E!DC;K:NN7!FCA<;>B8N!8B9!8>RR<>=!OPPI?! ,8A<>!BE89!S;<=B@!:>R!8D!BEB![9=<9!DC;!BEF!8>B<;>:B8C>:N!;LN<9!DC;!BE9E;8>!BE=8N!8>!8B9! =L;;<>B!DC;K![:9!=:S:6N Y K:M8>F!8>!8>B<;>:B 8C>:N!S<:=R!9<=L;8B7!K:BB<;9?! 2EN<:9E9=7!BE:B!BE!:!D<[!7<:;9?!! ! UCD8!$>>:>`9!c5C;M!8>!BE!->:>!OPPhW!;B9?!!(B!BCCM!SN:=!CD!'-!:LBEC;8B7!8>!(;:T!:>R!BC!;9! BE:B!(;:T!R8R!>CB!E:A9!CD!K:99!R<9B;L=B8C>!S;8C;!BC!BE!=N:8KK<>B!BC!bL9B8D7!BEA:98C>?!!2E<99!=C>D8;K=B8C>9!;!D:=B!6<<>!!R89:;K8>F!-:RR:K!4L99<8>`9!;9=7!DC;!9BLR7!:>R!;8^:B8C>@![E8=E!R=8D8=:>B!8>!KCA8>F!BEF!:>!8>B<;>:B8C>:N!S<:=<6L8NR8>F! D:=8N8B7!6:=M!8>BC!BE9!:6CLB!BE!ECL98>F!BE!BEF!RB!DC=L9!CD!BER8>F!DC;!<:;N7!;<=CA<;7!8>!SC9B Y =C>DN8=B!=CL>B;8<9@!:>R!K89F8A8>F9!:KC>F!8B9!S;CSC><>B9!:6CLB!ECL98>F!BER<;!'+! :L9S8=<9?!2E<99!E:R!B:M<>!SN:=R!BE!CD!RB! 899L<9!BE:B!DCNNC[ R!BE!BER!BER![EC![<;!RF!BE !BEC[!9:[!BEF!BE<[!S<:=<6L8NR8>F!6CR7!8>98RF!:9! [7!CBE<;!FNC6:N!;89M9!:>R!=E:NN<>F<9!=C>98R<;
PAGE 114

101 (;:T!]:;@!DC;!BL:NN7!BEB<;>:B8C>:N!S;C6NF?! ! 2ER<;BCCM!8B9![C;M!CLB98R!+<[!/C;M@!6LB!BE!=NC98=:B8C>![8BE!BEB:B8C>!8>!+<[!/C;M!:>R!C>!A898B9!BC!BE<8;!=:S8B:N9@!BC!M<DC;KB9!C>!BER!BC!F:LF!CD!BE<8;! S;CSC9:N9?!!%<;B:8>! K!8KSC;B:>B!6;8RF8>F!;CN! R8DD<;<>B!F;CLS9!:B!BE=NLR8>F!8B9!D=8N!S<;K:><>B!KR!*<>K:;M! [<;B!DC;!=E<=M8>F!BEB<>B!CD!BECB!=CK7!CD!BE=!*<==!BE<>B K=NLR8>F!,:;9@!-:R:MC! .F:B:@!:>R!*:A8R!4:>>:7@![<;<;:N!BC!D:>!CLB!:>R!:RAC=:B!BE<8;! A:;8CL9!=CL>B;8<9!:>R!:B!8>B<;>:B8C>:N!=C>D<;<>=<9?!!-<=;<;:N!UCD8!$>>:>!:>R!E89!9<>8C;! CDD8=8:N9!:N9C!:R AC=:BF!BE!BE<;:N`9! ;!):;F<;!5;<B!1: ;=E!OPPZ? ! C8.!@(-1"10&!(B!"8.!LMMN!9.B(#/!@#(=#$/ ! -<=;<;:N!UCD8!$>>:>`9!OPPZ!;=7!98R<9@! RL>:>`9!C[>!N<:R<;9E8S!R8DD8=LNB8<9!8>!BEF!BEF! R8A898C>9!:> R!E8FE!N98C>!8>!BE8^:B8C>!:B!BE:B!B8K>:>!E:R!D:NN<>!CLB!CD!D:AC;![8BE! BE!=;8B8=89K!CD!BE!(;:T?!!'>R<;!9CK!:! &&%!8>B<;A8<[!8>!-A:98C>!CD!(;:T![:9!8NNCB!FC!CA<;![K<>B?!489!c5:NNLb:E!NBE9!N:B<;!BC! BER!(;:T!V&&%!OPPQ6W@!:RA898>F!BECB!BC!L>R<;B:M>98A!5:NNLb:E!8>!C ;R<;!K:8>B:8>!=:NK!8>!:RA:>=F!9@!8>=;<:998C>9!!DL;BE<;?!

PAGE 115

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`9!C[>!N<:R<;9E8S!S;C6N!:KC>F!BE B8>L!BEF!BE!8>!(;:T![:9!;L>>8>F! 8>BC!B;CL6N<@!7A:98C>!E:R!N:=M=B8C>@!BE!SC9B Y =C>DN8=B! :9989B:>=R!;<=CA<;7!BE<;=<;B:8>?!#A<>!E:R!BE!=N<:;<;@!BEA8;C>K<>B!8>!(;:T![:9!BCC!8>9<=L;9B;:B!'+!9B:DD!K!$LFL9B!OPPh @!:DB<;![E8=E!BE8D8=:>BN7!8>E868B F!:!98F>8D8=:>B!SC9B Y =C>DN8=B!;CN!BER!V1:NC><9d![8BE8>!BE!>C;BE<;>!:>R!9CLBE<;>!=CL>B;8<9![<;R!SN:7!9B;LFFN<9!6!-<=L;8B7!%CL>=8N!:>R!,<><;:N!$99< K6N7!8>B<;<9B9@! ;<9S<=B8A<;:N!$>>:>`9!C[>!B;CL6N<9!:9![98^:B8C>:N!<>A8;C>K<>B!N!9CKB9!CD!BE!E89!C[>!;R!;B<>B8CL9!8BF<9![<;B8A=B8C>9!D;CK!BER!BC!;LK<;CL9!;F@!6LB!N:;F!38FEB9!%CKK8998C>![8BE!:!S;CSC9:N!BC!;B8;<[!4LK:>!38FEB9!%CL>=8N!V4:>>:7!OPPIW?!!1:>7!C>!BE<;:N`9!;
PAGE 116

103 [<;9!CD!S;R![<;!S;C=<99?! 2EF!CD!BE ):;F<;!5;<!:BBB<;<9B9!8>!BE8^:B8C>!:B!BEC;BE<;>! 8>B<;<9B9@!RB!C;!c5;<Bd!BC!9:B89D7!9CLBE<;>!8>B<;<9B9@!:>R!ELK:>!;8FEB9!C;! c5;<!4LK:>!*8F>8B7d!;L>>8>F!BE;CLFE!BE! 8>B<;<9B9?!!(B![:9!BC!6@!BC!F8AB<;:N!9B;C>FN7!<>=CL;:F!BER!>CB!9L6b<=B!BEF@d!C;!=ECC98>F!BE<8;!D:AC;8B!CD!BE!c(>!):;F<;!5;<CB:6N7!-<=L;8B7!%CL>=8N! ;B;CA<;98:N!"&%!S;CSC9:N@!DF!R8A898C>9!8>!BE8^:B8C>!:B!BE89!B8K< ?!!$9!:!;<9LNB@!R89=L998C>9!:6CLB!BE! N:;F<;! 97K6CN8=!;=![CLNR!6R8=:B=B8C>9?!! $>>:>`9!8>=NL98C>!CD!BEB!4)"! ;<=CKK<>R:B8C>9!DC;!-<=L;8B7!%CL>=8N!<>N:;FB!9B<>B8CL9!:>R!R8DD8=LNB! R89=L998C>9!:KC>F!KN:;FB!:>R! [E8=E!9B:B<9! [CLNR!F<[!9<:B9?!!2E89!98C>9!:N; <:R7!:B!:!E8FE!N!:>R! =CKSN8=:BB<>B8CL9!S;CSC9:N9!9L=E!:9!BE!CD!BER![:9!>CB!TL<9B8C>!BEBE9!CD! >9!:DB<;!c(>!): ;F<;!5;<R!CD!BE!S;C=<99@!8B!=:KB;8<9!SL9E8>F!DC;!-<=L;8B7!%CL>=8N!;R8:@![E8=E!BE;<:B<>=8N!;CB!FC!B E;CLFE? ,8A<>!BE<99![8BE8>!BE8^:B8C>@!K:>7!CD!BEB<;A8<[CBF!CD!BE89!;R!BEB;CRL=B8C>!CD!BE<[!8>9B8BLB8C>![:9! E8FEN7!8>CSSC;BL>9!CA<;!BECB!S;8K:;8N7!:6CLB![E:B! BE<[!6CR7![CLNR!RC@!6LB!;:BE<;!BC![ECK!8B![CLNR!;R![E 8=E!9B:B<9! [CLNR!F! BE<[!6CR7?!2EB8:N!;F!BC!BE=8N!:>R!#%.-.%@!:RR<; :N!8>!c(>!):;F<;!5;<9
PAGE 117

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
F!=CL>B;8<9@!C>!BER@!R8R!>CB![:>B!:!9B;C>F!-<=L;8B7!%CL>=8N!N8>M@!:9!BE<7! [89E98C>!CD!BE=8N`9!SC[<;9!6<7C>R!BER:BR!9<=L;8B7?!!2E<7![:>B<[!"&%!L>R<;!#%.-.%@![E8=E!E:9!:!K: >R:BCK8=!:>R! 9C=8:N!899L<9@!:>R!8>![E8=E!BE<7!:;BF!=CL>B;8<9!:;CB!9B;C>FN7! ;B!BE=8N!F8A<>!BE:B!8B!89!9K:NN!VGZ!K!BCB:NW!:>R!RCK8>:B<>B!K!>C> Y S<;K:><>B!K!:!;CB:B8C>:N! 6:989?!2E<[!8>B<; Y FCA<;>K<>B:N!6CR7!CDD<;!CSSC;BL>8B7!DC;!c9<=C>R Y B8<;d!=CL>B;8<9! [8BE!;<9CL;=<9!:>R!C;9!:>R!B;CCS Y =C>B;86LB8>F!=CL>B;8<9@!BC!6 B!BE<7!:;!BE=8N?!!*L:N!;F!BC!BE=8N!:>R! #%.-.%![CLNR!CDD9=8N!:>R!;=8N`9!cK8998C>!=;<BC! RB!:=B8A8B8<9@![E8=E!RF!=CL>B;8<9!DCB!;8FEBN7!BE=8N`9!=C>=<;>?! ! $>CBE<;!K:bC;!=C>=<;>!8>!>9@!;:B8C>:N! C[><;9E8S!:>R![EB;7!=CLNR!=CKBC!BER:!:F:8>9B!8B9![8NN?!!*F! =CL>B;8<9!R8R!>CB![:>B!BC!6B <;A<>B8C>!:9!BE<7!9CK=8N!8>B<;A<>B8C>@!:>R!9C![<;B!BE:B!:9989B:>=B;8<9`!

PAGE 118

105 =<;>!:6CLB!BE<;:N!:>R![E7!=CL>B;8<9![:>B<;:N!BC!R8;<=B!BE!BE:NN7!:SS;CAR!BEK<>B!CD!BEB!-<=;<; :Nd!V$-,W!R<98F>:B8C>!BC! BE!BER<; Y -<=;<;:Nd!V'-,W!R<98F>:B8C>?!!'-,9!E<:R!9CKB9@!9L=E!:9!*"$!:>R!*"U.? -CB7!CD!9CLBE<;>!=CL>B;8<9`!9B;C>F!R!<99@!F8A<>!BE:B!BE<7![<;<[! 6CR8<9@![8BE!>C;BE<;>!=CL>B;8<9!=CA<;8>F!BEF!R8A898C>9!8>!BE8^:B8C>!:DB<;! BER!BE=8N!3FN7!:DD<=B! =CL>B;8<9`!:BB8BLR<9!BC[:;R!BE<[!S<:=<6L8NR8>F!S;CSC9:N9?! (>!K<F9!6!BER!BEM!8>!:RA:>=:N8^8>F!c(>! ):;F<;!5;<M![:9!CDD<;!BE!D:AC;!CD! N<99!DC;K:N!S:;B8=8S:B8C>?!.>M8>F!'+!CDD8=8:N![EC![:9!S:;B!CD!BE<99!>CBM!9:[!:!><<[!S<:=<6L8NR8>F!:;=E8B<=BL;<@!6LB![:9!=:LB8CL9!:6CLB!FF!:=B8AA CNAM`9!DL>R:K<>B:N!C;8<>B:B8C>!:9!:!D8>:>=9B8BLB8C>! [8BE!:!><B;7`9!A8:68N8B7!DC;!RB!:9989B:>=9@![E<;<:9!BEM!9:[! BE<[!S<:=<6L8NR8>F!:;=E8B<=BL;F!KC;R!R8SNCK:=7@![E8=E! [<;CB!BE<8;!S;8K:;7!8>B<;<9B9?!2EB;8<9!C>!BER:![CLNR!>CB!6R8R:B<9!DC;! 8>B<;>:B8C>:N!RB!NC:>9!DC;!9M`9!;CN!BER8;<=B!BE;CLFE!BER8>F!;<9CNLB8C>9!:>R!<:;N7!CS<;:B8C>9!CD!BECBB8>L8>F![<:M><99!8>!"&%!BCR:7? ! 2E!BE!&CNBC>@![EC![:9! AC=8D<;CL9N7!9L9S8=8CL9!CD!KLNB8N:B<;:N89K@!BE ;<[!BE=9!C>! BEBC!=C>DL98C>?!!.>!:9!6<8>F!cC>!:! [;<=M8>F!K8998C>@d!BE;<:B<>8>F!BC!8>A:N8R:B!KC>BE9! 8>!>!:KC>F!K=NLR8>F!BEB!S;!BC!BE>!":BB<;9C>?!!'-!:SS;CA:N!CD!BEB8:N!8D!BE
PAGE 119

106 RC=LK<>B![:9!BC!9L==<!:RR8B8C>!BC!6<8>F!R89;LSB8A!BE<8; C[>@!$K6:99:RC;!&CNBC>`9!:=B8C>9! <>=CL;:FB;8<9!CDB<>!R<9=;86B<;A8<[R8:@!":M89B:>@!g<><^L!6NC=M9!BC!BE7!=:K!N:9B Y K8>LB< RR9!:>R!BE;<:B9!CD!>C> Y =CCS<;:B8C>!8>!;<9SC>9`9!:=B8C>9?!! (>!9S8BB!BC!BE![:9!9M!BEF!9LSSC;B!DC;!BER!!8>!E89!C[>!FCA<;>K<>B@!:9! =F;<998C>:N!2:9M!5C;=<`9!<>RC;9B!CD!BE!aL>CB!9B;C>FN7!CSSC9989B!BE:B!R<=898C>9!69<>9L9!C>!BE8^:B8C>:N!%CKK8BB<B< ;A8<[R<;K8><[!6CR7![8BECLB!CSSC98>F!8B CLB;8FEB?!! 2EL9!BE=NLR!BEB@![E8N7! CBE<;9![<;CB@!8>=NLR8>F!-<=L;8B7!%CL>=8N!;7!CD!BE:FB!;R!;B@![<:SC>9!CD!K:99!R<9B;L=B8C>@!:>R!>L=N<:;! >C> Y S;CN8D<;:B8C>!V+'"(!OPPJW?!!$>!8>R8=:B8C>!CD!BEF!'+!KR:B8C>9!BE:B!K:RBC!BEB@!BE!:6CLB!DC;K8>F!BEN7!C><[!K9!:DB<;!BER8>F!;<9CNLB8C>9?!2E=8N!:>R!,<><;:N!$999!DCL>R8>F!BE! OP!*<==8N!;R!c(>!):;F<;!5;<B<>B8CL9!>9!6!KR![<;:NN7!R;CSSB![E<>!>C!:F;<< K<>B!=CLNR!6!BE<9B<>B8C>9!:>R!BEF!N8M<:;@!BE:B!BE=8N!;=8N!;!BE!S;C=<99!N<:R8>F!LS! BC!BE!BE
PAGE 120

107 ;F!N8><9!:>R!BE98C>!CD!BE8^:B8C>:N!%CKK8BB<:NN7!!8>!N8=8N! ;F!:!;CNF!=CL>B;8<9!BE:B!=CLNR!>CB!7!:>!R=8N?!!(>!BER Y KC9B!=8N![8BE!GZ!KR!BE<;:N! $99F!NC6678>F!67!K!BE8^:B8C>:N!%CKK8BB<!OPPJ!=C>D8;K=CB! 6:9N7!C>!8B9!9B:B< R!SL;SC9<9? ! @(-1"10&!$"!"8.!P&"$'-1&8/.%"!(B!"8.!T.?!H(*1.& ! $DB<;!BE!S;C=<99<9!BCCM!SN:=! KK:;M!:>R!2:>^:>8:@!CA<;!BE9! CD!BE< [!S<:=<6L8NR8>F!:;=E8B<=BL;R8>F!;<9CNLB8C>9?!!2E!BE<[!"&-.@![E8=E![CLNR!69!BCCM!SN:=!BER!'+*"`9!&%"3!BC!9S <=8D7!BE=B8C>9!CD! BE<[!CDD8=<@!F8A<>!BE:B!S<:=<6L8NR8>F!DL>=B8C>9![<;!BE<9B9!:>R! :NN!E:R!:!9B:M![E:B!8B![CLNR!6F?!!]8BE8>!BECB!C>N7!6 89B;:B8A8^:B8C>:N!%CKK8BB<<@!6LB!BE:B! 8B![CLNR!:N9C!E:ACK7@!6B<;!CD!=R!;<9<:;=E!C>!S<:=<6L8NR8>F@!:>R!R;:DB! 9B;:B9B!BE89!8R<:!:>R!6NC=MF!:! K:bC;!=<>B;:N!;CN<@![8BE!>C;BE<;>!:>R!9CLBE<;>!8>B<;<9B9!=C>A<;F8>F!BC!S;CRL=R!N8K8B!$-,!;:BE<;!BE:>!BEM8>F!'-,@![:9!F8A<>!C>N7!:!9K:NN! 6LRF!:A:8N:6N!BER![:9!S;CA8R=8<9?! 2E:B8C>!CD!:>!$-,!:9!BE8D8=:> B!:>R![C;M9B!BE<[!CDD8=<@! F8A<>!BE=M!8>!BE! $-,!89! N< 99!:6NB<;:=B!R8;<=BN7![8BE!E<:R9!CD!FCA<;>K<>B!BE:>!:!'-, @!:>R!BE<[!CDD8=CB!=:;;7! BEDNL<>=B9!E<:RR!*"$?!!5C;!

PAGE 121

108 CB!:9![B!BE<;:N` 9!"CN8=7!%CKK8BB<R! [:9! >CB! =C>989B<>BN7!8>A8BF9@!:9![<;B9!E<:RF! BE<[!"&-.![:9!SC9986N<;:N!$99B;CN9!:NNC=:B8C>!CD!BEB8;8^:B8C>:N!6LRF< B!BE;CLFE!8B9!Z BE @!C;!$RK8>89B;:B8AR!&LRF!BEC;BE<;>!98R<@!BEK<>B!L>R<;!,9B!:>7!98C>! CD!BE!8B9!9B;C>F!8>R8F>:B8C>!CA<;!BER:N!:>R!BE;<:B9!BC![8BEECNR! '-!DL> R8>F!BC!BEN<99!BE8^:B8C>!S;C=<8D8=:>B!K:>:FB!;! BE!98R<@!RF!=CL>B;8<9!9:[!BE8^:B8C>:N!%CKK8BB<B<;[<8FEB! BC!BE=8N@!:>R!:N9C!R8R!>CB![:>B!BE<;:N @!BE;CLFE!:!9B;C>F!"&-.@!BC! RCK8>:B<[!S<:=<6L8NR8>F!:;;:>FB9!CA<;!BE!BEB;8<9![<;!BEB8>F!:!S;C:=B8A<@!R![8NN8>F!BC!S;CA8RR9!DC;!BE89!SL;SC9<@!6LB!BE<7!=CLNR!>CB!=CL>B<;!BER!<99?! 2E<[!"&-.!D:=F!!BE!BE:B! :F<>=8<9![<;B!BC!F8AR!9B :DD?!2E<7![<;BL:NN7!DC;=<;:N UCD8!$>>:> @!:>R!BER!'+4%3@!6LB!>CB!D;CK! *"$!:>R!*"U.@![E8=E!9EC[=<[!S<:=<6L8NR8>F!:;=E8B<=BL;=C B!6CR<[!CDD8=!8B9!8>B<>R!S<:=<6L8NR8>F![8BE8>!BE<!:SS;CS;8:BBL:NN7!;<=CF>8^R!BE!N:B<;!7<:;9@!6LB!8 >!BE!B:M8>F!C>!BE=B8C>9!8>B<>RCB!R<98F>:N!:>R!8B![:9!BE<[<9B!<>B8B7!:KC>F! 9:N!:=B8A8B8<9!;F@!8B!D:=F!<9B:6N89E!BER!:99<;B8>F!8B9!9B;:B!S<:=<6L8NR8>F?!! (B!DCL>R!8B9F!BC!bL9B8D7!8B9!=!BER!!BC!BE8^:B8C>:N! %CKK8BB<< ?!!'+*"`9!&%"3![:9!C>!BE98A<@!>CB![:>B8>F!:>CBE<;!:F<>=7!BC!FC!8>BC!8B9!:;<:!CD! !9B;C>FN7!<9B:6N89EB;:N!S<:=<6L8NR8>F!<>B8B7!8>!BE!8B9!8>B<;>:N!S;C6N=!8B!FCB!9B:;B
PAGE 122

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
PAGE 123

110 :RK8>89B;:B8A<!'+!K8998C>9![E<>!BE<7!L>R<;BCCM! K!BER<;9BCCR!8>!BE!8>RR<>B!DL>R! L>R<;!BE!CD!BE<;:N@![8BE!:!A:;88 9K9!DC;!=CL>B;8<9!BC!F:8>! :==<99!BC!DL>R8>F!DC;!S<:=<6L8NR8>F!:=B8A8B8<9@!!8>!=7!98BL:B8C>9![E<;B;8<9![<;CB!7!BER:!:>R!>C!S<:=<6L8NR8>F!9B;:B!RB;CN!BER9@!:>R!BE:B!DL>R9! [CLNR!6N7!BC!=CL>B;8<9!C>!8B9!:F<>R:!:>R!DCNNC[8>F!BEB!CD!BEB;7!9B;:B!U8 Y 1CC>!BCCM!CA<;!D;CK!UCD8!$>>:> :9!-<=;<;:N!8>!a:>L:;7!OPPe@![E<>!BER!"&-.![<;!BE<8;!D8;9B!7<:;!CD!CS<;:B8C>!:>R!9B;LFFN8>F!BC!F!BE7!CD!BEB<;A8<[B<[!-<=;<;:N! :>R!E89!=NC9CB!E:AB<;<9B!8>!:>R!L>R<;9B:>R8>F!:6CLB!S<:=<6L8NR8>F!:9!UCD8!$>>:> E:R ?!!4R!E89!K:>:FB!B<:K!R8R!>CB!E:AC[N9!:>R! RB9!:6CLB!S<:=<6L8NR8>F@!8B9!KLNB8 Y 9<=BC;:N!>:BL;!S<:=F @!RB@! ELK:>8B:;8:>!:>R!SCN8B8=:N!:DD:8;9@!:>R![E7!:!"&%!E:R!6<<>!R<<=<99:;7?!!2E89!N!BE<[!6CR8<9!bL9B!:9!BE<7![<;F!BC!FR!DL;BE<;!9S<=LN:B8C>!:6CLB [E!DC;!:! S<:=<6L8NR8>F!CDD8=R!89!:N9C!:!A!9<>8C;!'+!9B:DD!KCBF!:;=E8B<=BL;N7![C;M!8D!BEd!8 >!BE:KF!-<=;<;:N!BC!9LSSC;B!8B9![C;M!:>R!L9<[! :;=E8B<=BL;R![E<;CB!S;<9<>B!:>R!<:F<;!BC!6NC=M!:=B8C>?!!$DB<;!BE!U8 Y 1CC>@![E<>!BE<[!6CR8<9![<;< 9B:;B8>F!BE<8;!CS<;:B8C>9@!BE89!9LSSC;B!D;CK!BE<;:N![:9!K8998>F?!!2EF!;<9SC>RF!=NC9<[!6CR8<9!:>R!RR
PAGE 124

111 BE!=CKKL >8=:B8C>9![8BE!BE<[!-<=;<;:N? !! ":;B8=LN:;N7!9LSSC;B8A<[!6CR8<9! 8>!BE!:>R!*LB=E!RB;7 Y 9S<=8D8=!=C>D8FL;:B8C>9!DC;!&L;L>R8!:>R!-8<;;:!)<@!;<9S<=B8 A()%*.#& (>!9S8BF<9!:>R!;9!D;CK!BE:N!;<=CKK<>R:B8C>9@!C>![8BE!BER!BE!CD!BE!S:;B8=LN:;0 /CL E:>F!8>!DC;![E:B!7CL!=:>!FCB!BE<;F!8>!DC;! :>CBE<;!R:7@!:RR!8B!6:=M!8>!N:B<;?!!/CL!B:M!F!BE<9F9?!!/CL! S;C6A8;C>K<>B!:9!D:;!:9!7CL!=:>@!6LB![E<>!7CL!=CK!C69B:=N<@!7CL! RC>`B!=;7!:>R!F C!ECKB<;A8<[9W?! ! 4R!CBE<;!8KSC;B:>B!SCN8=7!:=BC;9!8>ACNA!BE!:;FL![8BE! BE9!BC!8B9!K:>R:BB8A=B8C>9!:>R!BE9!SN:=!BER!9B:BL;CLFE![C;M!BC!RC![8BE!C>N7!SC9B Y =C>DN8=B!=CL>B;8<9! :>R![CLNR!R!S;CARC[9 "CN8=7![8>RC[9!8>!BEB9!8>!B8K! CSSC;BL>8B8<9!DC;!=E:>F!S:;B8=LN:;N7!=CKSF!S;C6NB9!9L=E!:9!9!B:MB9!C;!=;89<9!B:M!BEFRC>! GHIQ@!GHHZj!k:E:;8:R89!OPPeW?! *L;8>F!BE<9![8>RC[9@!:RAC=:B<9!=:>!:BB:=E!BE<8;!S;FRC>!GHIQ@!GHHZj!k:E:;8:R89!OPPeW?!!2E89!9<=B8C>!B;:=< 9 BERC[9! BE:B!CS<>R!R<=898C> Y K:M8>F!:6CLB!BE9L ==<99DLN!:BBB<;>:B8C>:N!S<:=<6L8NR8>F!D:=8N8B8<9@! 8>=NLR8>F!BEF!L>8B!:B!*"$!:>R!BER!BE8B! :B!'+*"@![E8=E!R8R!>CB!B:M!=CKS;98AF!RLB8<9![8BE8>!BECB!L>B8N!OPPZ!BE:B!:!R8B8AB<;>:B8C>:N!S<:=<6L8NR8>F!:;=E8B<=BL;:NN7!SLB!8>BC!SN:=!CD!BER!8B9!;B8B8<9@!BER!BE<>B!SCN8=7!

PAGE 125

112 :=BC;!=CKK<>BF!8>8 B8:B8A<9![<;CB!D:8NCB!;8FEB?!4!=C>B8>L8B7![8BE!BE!CD!BER!D:NN!8>R8=:B8A8B7!cFF!L9<[!8R<:9d!:>R!FC8>F!BE;CLFE!:! 9 <;8<9!CD!=E:>F<9!8>!BE<;7?d 2E<;B<;<9B!8>!S<:=<6L8NR8>F!8>!OPPQ Y OPPZ@!8>!BE9!C>!BER!BE9!6R!:DB<;!BER8=:B8>F!BE:B!BEF!C LB!<F!8>!BERC[9!E:R!CS<>!BEF!8>!OPPG!BE:B!:NNC[R! 9CNLB8C>!9B;<:K9!BC!=CKR!:NNC[!BE!CD!BE=NLRR!8B9!:DB<;K:BE@![E8=E!N!CD!BER!BE!+<[!/C;M@!]:9E8>FBC>@!*?%?!:>R!"<>>97NA:>8:![<;S;<=B![C;NR!E89BC;7!:>R!=C>9B8BLBF!'-!";<98R<>B! &L9E!BC!S;C=N:8K!:!c]:;!C>!2<;;C;d!BC!6;8>F!.9:K:!68>!):R<>!:>R!$N Y f:R!S;B! CBE<;!B<;;C;89B!>F!V&&%!OPPGj!+<[!/C;M!28K<9!OPPGj!]:9E8>FBC>!"C9B!OPPGW?!!! 2E8B8:NN 7!8>ACMB<;>:B8C>:N!9LSSC;B!DC;!BER!8B9!:>B8 Y B<;;C;89K!=8N!L>:>8KCL9N7!:RCSB!GhJI!C>!-!=C>R8^R8A8RL:N! :>R!=CNN<=B8A9<@!:>R!=8N`9!;<:R8><99!BC!;<9SC>R!BC!BER! =CK6:B!:NN!DC;K9!CD!B<;;C;89K!V'+!OPPG:W?!!2[C!KC;9!DCNNC[9!Gheh! C>!OI!-R!Ghee!C>! GO!+CAF!FNC6:N! =CCS<;:B8C>!BC!=CK6:B!B<;;C;89K?! (>!;<9SC>9ACM!O!.=BC6<;!OPPG@!DC;!BE!8B9!E89BC;7@! $;B8=N!:BB:=M!C>!C>!:B B:=M!C>!:NN!V+$2.! OPPGW?!!2ER!$L9B;:N8:!N:L>=E!$DFE:>89B:>!C>!e!.=BC6<;!OPPG!BC!R89K:>BN8^:B8C>@!S;B!8B!D;CK!L98>F!$DFE:>89B:>!:9!8B9!6:9<@!:>R!;!;!BEB;7?!!2E<;B<;>:B8C>:N!9LSSC;B! DC;!BE9R<;!%E:SB<;!g((@!$;B8=NR!BE<;CB!8>!><=8N!<>RC;9B!V'+!GHQZW?!

PAGE 126

113 2E89!9LSSC;B!DC;!BER!CD!OPPO!:9!BEK<>B!9E8DBB8C>!D;CK!$DFE:>89B:>!BC!(;:T!8>!8B9!]:;!C>!2<;;C;@!6LB!K=!8B9!<;:BB<;>:B8C>:N!9LSSC;B!DC;!:=B8C>!BE<;!8B!E:R!8>!$DFE:>89B:>?!! 2EB!:SS;C:=E<9!BC!R<:N8>F![8BE!(;:T!98>=! GHHG@![E<>!BE=8N!E:R!:LBEC;8^R<;!%E:SB<;!g((!CD!BEB<;>:B8C>:N! K8N8B:;7!:=B8C>!67!:!=C:N8B8 C>!CD!9B:B<9!BC!=NLR8N:B<;:N!:=B8C>!67!BE=<@!:>R!BEC Y DN7!^C><9!CA<;!(;:T@![<:SC>9! 8>9S<=B8C>9!:>R!BE!CD!9:>=B8C>9!8>!:>!B@!:>R BE8B:;8:>!:9989B:>=!V1:NC>9S<=B8C>9!:>R!9:>=B8C>9!:SS;C:=E!8>!(;:T!D:8NB!8>!BE<[!SCN8B8=:N!<>A8;C>K<>B!:DB<;!H\GG@!:>R!8B!6!B C!SL6N8=:NN7!:RAC=:B!:F:8>9B!(;:T@![E!8B9!C[>!C;!:9!S:;B!CD!:!'+ Y 9:>=B8C>B<;>:B8C>:N!!'-!:NN7@!BEF! R89:F;<B!C>!BE=8N!:6CLB!9:>=B8C>8>F!K8N8B:;7!:=B8C>@!6CBE!D;CK!S<;K:><>B! K=<@!3L998:@!:>R!%E8>:![EC!ECNR!AR!:KC>F!BEC> Y S<;K:><>B!K<=8N![:9!R<:RNC=M!BER!BE!BC!N:L>=E!:!L>8N:B<;:N!8>A:98C>!V1:NC>!BE=8N!CA<;!(;:T!8>!OPPh!89!8>!9E:;S!=C>B;:9B!BC!BEF!%CL>=8N! 9LSSC;B!BE:B!E:R!6<<>!R89SN:7!GHHP!DC;!BE!CD!K>!CD!UL[:8B!V'+!GHHPW@!:>R!DC;!K:>7!CD!BEF!BER!CD!EC9B8N8B8<9!8>!1:;=E!GHHG!BC!R89:;K!(;:T!:>R!S;CB<=B!:>R!:9989B!BE! V1:NC>A:98C>!CD!(;:T!8>!1:;=E!OPPh@!6<=:L9=8N! :SS;CA:N!:>R!:DB<;!K:>7!KC>BE9!CD!>9!BE:B!<>R!R<:RNC=M@![:9!:!9B;C>F!6NC[!BC!BEB9!6!BE=8N!S< ;K:><>B!KR! [8BE8>!BER!6;CLFEB!LS!9<;8CL9!TL<9B8C>9!:6CLB!BE=! K:8>B:8>8>F!8>B<;>:B8C>:N!S<:=R!9<=L;8B7?!!,8A<>!EC[!BEA:98C>!E:R!S;C=<CB! [:>B!BC!B:M9!BE:B![CLNR!:SS<:;!BC!: SS;CAA:98C>!
PAGE 127

114 N=<;B:8>B7!:6CLB![E:B!;CN!BE8D8=:>B!SC9B Y =C>DN8=B!:9989B:>=<F!BEA:98C>@!BE<;:N![:9!S;<99L;7!K!BC!=N:;8D7!BER!9EC[!BE8^:B8C>?! 2EF!BE!*"$!:9!:!S;CSC9F!KLNB8 Y N:B<;:N!9<=L;8B7!8>9B;LK<>B9@![8BE!BER!BEB<;>:B8C>:N!N:[!:9!BEF!B!6R!BE?!!2E:NN7!;=8>F!CD! C;F:>9d!L>B8N!'-,!DC;!"CN8B8=:N!$DD:8;9!U8<;<>!";<>R<;F:9B!9LFF<9B!BER!8>!&:FER:R!8>!$LFL9B!OPPh!BE:B!M8NN=NLR8>F!BEFL89EB:B8A!(;:T@!-<;F8C!g8<8;:!RB!8>!BEB<;>:N!=;8989!:>R!=:B:N7^<;:N!BC!B:M8B8A?!!489! ;<9SC>9!-B8D7!BE;<:B9!:>R!=E:NN<>F<9!BC!8>B<;>:B8C>:N! S<:=R!9<=L;8B7@!!=CLNR!:RR;<99!BEB! DL>=B8C>8>F!CD!BER ;<=CKK<>R!:>7!><9L;!V$>>:>!OPPhW?!!! 4!F;:A!BER! 8>BC!:>:;=E7!C;!RF<;!8>B<;>:B8C>:N!8>9B8BLB8C>9!BC!R<:N![8BE!BE<[!= E:NN<>F<9!CD!BEBL;7?! *<9S8BR!9L9S8=8CL9!<>A8;C>K<>B!8>!OPPh Y OPPQ![E<>!BER<;B:M8>F!8B9![C;M@!BER!9B:DD![<;! BEB<;A8<[CB!9SCCMF!DC;[:;R!BC!BE!OPPZ!:9!:!KC;A8;C>K<>B![8BE!BEF!R<=898C>9?!! 2ER:B8C>9!=:K!*<=<;:N![8BE!:>!CSSC;BL>8B7!BC!KC68N8^!:>R!=;<:BR:!DC;!KF!]C;NR!-LKK8B?!2EB!8KSC;B:>B!CSSC;BL>8B7!DC;!;R! SCN8=7!=E:>F!BE>8A<;9:;7!CD!BER![CLNR!6F!CD![C;NR!N<:R<;9?!!2E<;:N!$99B
PAGE 128

115 CD!9B:B<@![EC!=CLNR!B:M9!BE:B![CLNR!=:;;7!KC;!:!B7S8=:N!,<><;:N!$99!E:9? 2E :NN7!SN:>>>8LK!-LKK8B! BE:B!E:R!B:M<>!SN:=!OPPP!:>R!S;C=<F!98K8N:;!N8><9?!!2E<;:N!E:R!899L!;!:RA:>=>8LK!-LKK8B!V'+!OPPP:W@![E8=E![<>B DC;[:;R![8BE!F;<:B!D:>D:;R![:9!:BB<>RLK<;CL9![C;NR!N<:R<;9?!!2E>8LK!*<=N:;:B8C>@! D;CK![E8=E!BE>8LK!*B!,C:N9!V1*,9W![<;R!9B;C>FN7!S;CKCB:NN7!BC!E:AB!DC=L9!BC!DCNNC[! LS!C>!=CL>B;8<9`!:=E8B!CD!BER:![:9!98F>8D8=:>BN7!6;C:R<>BC!BE:!:DB<;!H\GG!:>R!BED:;>8LK! -LKK8B@ F8A<>!BEF!R8A898C>9!8>!BER!BEB<>B8CL9!K9!N<:R8>F!LS!BC!8B@!6LB!8B![:9!6RR!=C>9B8BLB Y K:M8>F!CSSC;BL>8B7?!! ,8A<>!BEB<>B8C>!6!'+!K!OPPZ@!9CKB<;A8<[CB!:>!8R<:N!B8KR! 8>R<7!CD!BEB;CA<;98:N!;=8N!;R!>L=N<:;!>C> Y S;CN8D<;:B8C>@!R8R!>CB!K:M<;:N`9!9B;C>F!8>B<>B!BC!E:A98R<;!E:A8>F!KR!=ECC9F!BE!:DB<;!B EB?!!2ER8=:B8>F!BE:B!BEF![:9!;8FEB!DC;!BE89!;9!:>R! ;9!BE:B![<;!BE <[!6CR8<9!:;R8B8C>9!8>!OPPZ?! ! "CN8=7!#>B;B;!BER8A8RL:N9!C;!=C;SC;:BA<9B!B8K<@!<><;F7@!;!:>R!;<9CL;=<9!BC!SL9E!:BB<>B8C>!BC! BE<8;!S;9!Vk:E:;8:R89!GHHH@!OPPeW?!!2E89!9<=B8C>!B;:=< 9 BE9!CD!BEB!SCN8=7! <>B;ACNA!SL9E8>F!DC;!BER! 8B9! :>B<=B!SCN8=7!S;CSC9:N9?

PAGE 129

116 -<=;<;:N!UCD8!$>>:>![:9!:!M<7!SCN8=7!:=BC;!8>!< DDC;B9!BC!<9B:6N89E!8>B<;>:B8C>:N! =:S:=8B8<9!DC;!S<:=<6L8NR8>F!RL;8>F!E89![ECNL;<;:N?!!4:KB!DC;!S<:=<6L8NR8>F!8>!E89!GHHe!;F!L>8B!8> *"$!BE:B!EB8>L! BE8:N9!DC;! DL>R8>F!67!BE<;:N!$99>:>!M><[![F!8>!BEF!9<;AR<; Y -<=;<;:N!DC;!"<:=F!D;CK!<:;N7!GHH h!LS! L>B8N!E<;:N!8>!a:>L:;7!GHHe?!!4F!BEF!R89:9B<;9!8>!-CK:N8:@!3[:>R:!:>R!&C9>8:!6!GHHh!:>R!GHHZ?!!4B<;>:N!8>A<9B8F:B8C>!8>BC!BE8=:!K:99 :=;!N<:R<;9E8S!:B!*"U.?!]E<>!E<;:N@!E9!BE:B!;<9LNB!BE!S<:=F!CS<; :B8C>9!:>R!:N9C!;<8B<;:BF!L>8B!8>! *"$?!!2E<;:N![:9!:N9C!:!K:bC;!SCN8=7!:=BC;!8>!BE!CD!BEF![8BE!E89! =C>A<>8>F!CD!BEF!8>!=NC98=:B8 C>![8BE! BER!9<<8>F!BEB<>B8CL9!OPPZ!;R!8>BC!8B9! <:;N7!8KSNB:B8C>?! UCD8!$>>:>![:9!:!=:;<<;!'+!R8SNCK:B@!E:A8>F!9<;A!:!>LK6<;!CD!SC98B8C>9!8>!BE8^:B8C>!S;8C;!BC!6<=CK8>F!-<=;<;:N?!!'>N8M<;:N9@!KC9B!CD![ECK! E:R!=CK>:>!E:R!F;<:B<;!ELK8N8B7!:>R!9:[!E8K9B!BC! BE7!SCN8=7!:=BC;9!=CKK<>R<[![:A8F:B9B8BLB8C>:N! =E:>F <9!:B!BE!B<;K9!CD![E:B![CLNR![C;M!:>R![E:B![CLNR!>CBj!BE89![:9!;!E89! S;C=<99!CD!B;:>9N:B8>F!BEBC!E89!C[>!;!OPPZ?!! ! C8.!4"#$".=10!9.0(A.#+!>$01-1"+ ! 2E@!*8;<=BC;!CD!+/'`9!%<>B<;!C>! (>B<;>:B8C>:N!%CCS<;:B8C>!V%(%W!:B!BER!*8;M! -:NCKC>9@!:!D:=LNB7!K<;!-=ECCN!CD!"L6N8=!-<;A8=R!:!=C>9LNB:>B!DC;!BE!8>B<;>:B8 C>:N!K:>:FB!=C>9LNB8>F!D8;K?!!2CF
PAGE 130

117 SN:>@!6:9!BEF9!;B!R89=L998C>9!:>R!BE<8;!C[>!S<;9C>:N!! SC9B Y =C>DN8=B!;<=CA<;7!899L<9?!$9!C>B!cNC>F!:DB<;> CC>9!8>!:!B8>7! =C>D<;<>=F!:>R!BE8>M8>F?d!!$NN!BE;<! KLNB8N:B<;:N89K!:>R!SC9B Y =C>DN8=B!=CL>B;8<9@!V-:NCKC>9!GHHIj!5C;K:>!:>R!-:NCKC>9!GHHHj!5C;K:>! :>R!":B;8=M!OPPP@!OPPG6j!":B;8=M!OPPPW@![E8N9!E:R![C;M8>F!:>R!=C>9LNB8>F!=8^:B8C>9!:>R!DL>R8>F!K<=E:>89K9?!!5C;K:>!:>R!":B;8=M!SL6N89E!OPPP! V5C;K:>!:>R!":B;8=M!OPPPW!:6CLB!EC[!SC9B Y =C>DN8=B!;<=CA<;7![:9!>CB!6<8>F!:R:>=R!DC;!BE!E:9! 6<<>!R<9=;86R!8>DNL<>B8:N@!:9!EF9!;CL>RB:6N<9!BC!>9![8BE!RC>C;!=CL>B;8<9?!!4!:>BE;CSCNCF89B!6 7!B;:8>8>F@! [E8=E!K:7!E:ADNL<>=@!8>=NLR8>F!BEF!NC=:N!=CL>B;7! 8>ACNAB!:>R!BE!OPPG!BC!B:M!8>!BEK<>B?! ! .BE<;!8KSC;B:>B!SCN8=7!:=BC;9!8>!B E=NLR@!g8=< Y ";<98R<>B!DC;!#XB<;>:N!$DD:8;9!:B!BEM@!-:R:MC!.F:B:@!BE<;!DC;! 3R!D;CK!RC>C;!=CL>B;8<9@!]@!BER!1LM<9E!U:S8N:@ BEDN8=B!:>R!4LK:>8B:;8:>!$DD:8;9!L>8B!:B!BEB! DC;!(>B<;>:B8C>:N!*B!V*5(*W?!!1:NNC=E!&;C[>![:9!BE!S;CSC><>B!CD!BEF! :9!EM@![8BE!K:>7!SCN8=7!:=BC;9!R<9=;868>F!E8K!:B!BE< B8KF!6<<>! c9<8^BEL98:9K!DC;!BE!EBC!BE!:B!'+*"@!DC;![ECK!BEM![:9!BE!8>B<;>:B8C>:N! RB!:9989B:>=BLK!C>!BE! 1:NNC=E!&;C[>!6!DC;K8>F!BE8B!:B!'+*"?!! -:R:MC!.F:B:![:9!:N9C!:!9B;C>F!S;CSC><>B!CD!BE!E<;!8>B<;<9B!8>!D8>R8>F!68^:B8C>:N!9CNLB8C>9!DC;!BELK6<;9!CD!; R!(*"9!8>!><@!:9989B:>=<@! :>R!;!8>!BE!BER8B8C>9!:>R!N:=M!CD!<:;N7!RB!:=B8A8B8<9!8>! SC9B Y =C>DN8=B!=CL>B;8<9?!-EB<;<9B!BER!6< =:L9F9!:6CLB!+<[ Y /C;M Y 6:9B8B8<9@!F8A<>!BE<8;!N:=M!CD!D8
PAGE 131

118 6:9C[NM!6<=:L9<@!L>N8M8^:B8C>9@!8B![:9![RC[R![:9! BEL9! :!KC;B!:9989B:>=R 8>F!8>!SC9B Y =C>DN8=B! =CL>B;8<9? &CBE!BE!:>R!&;8B89E!FCA<;>K<>B9@!6<8>F!N:;FC;9!CD!RB!:9989B:>=< DL>R8>F @![<;B<;<9B!BER!6CBE!SN:>=8:N!9LSSC;B!BC!ER!5C;K:>!M><[!<:=E!CBE<; D;CK!S;!SC9B Y =C>DN8=B!899L<9?!!U:S8N:`9!L>8B!R<:NB! [8BE!6CBE!SC9B Y R89:9B<;!:>R!SC9B Y =C>DN8=B!;C;9![<;F![CB!9C![DN8=B!;<=CA<;7@!K:M8>F!BE!BC!FF!C>>CA:B8AC;! =CL>B;8<9@![8NN8>F!BC!B;7!CLB!L>=C> A<>B8C>:N!><[!9CNLB8C>9!BC!8>B<;>:B8C>:N!RB!S;C6N!SC9B Y =C>DN8=B!=CL>B;8<9?!!4C[B!)C>RC>@![E8=E![:9!CSSC99?! ! C8.!J1=8 O <.A.-!@$%.! -D8;KR!>CB!BEF!CD!BEB8;!BE<8;!=CKK< >B9@!:>R!;< Y [;8B!-B@!:![C[>!:=:R! 98A!S;B8AR!S<:=9!V-B!GHHZ@!GHHej!-B!:>R! 3CBE=E8NR!GHHJj!-B!:>R!4CNNC[:7!OPPOj!-B@!3 CBE=E8NR!:>R!%CL9<>9!OPPOW?!!2E<9@!:N9C!:>!:=:R!S<:=9!VaC><9!:>R! ,;8DD<>!OPPPj!aC><9!OPPG@!OPPOW?!aC><9!E:R!6<<>!8>ACNA!R;:DB8>F!BE=! OPPh@!8>DC;K:N N7!D;CK!E89!SC98B8C>! CLB98RF! [8BE!2E:>B!178>B!'@![EC![:9!BE<>!BE>8>F!:B!*"$!:>R![:9!N:B<;!9<=C>R!BE=8N!;!OPPh@![E<>!178>B!'!E:R!R;:[>!LS!BER!>CB!899L<9!DC;!BE=8N!K98R<;?

PAGE 132

119 -B!S;CA8R!BE8^R!R8A8R7!S CN8=7!:=BC;9!=N:8K<9!E:R!BEDNL<>=!BEF!CD!BEB!KCR8D8=:B8C>9!9L=E! :9!SN:=8>F!BE!BE!:B!BEM@!:>R!F8A 8>F!8B!:!><[!>:K![8BE!1:;M!1:NNC=E!&;C[>!:>R!BE!E89!S;:=B8=:N! =<9![E8NF!8>!BE!BE!:!S:;B! CD!BE!%CKK8BB<!$9989B:>=8:>!"!:B8C>!9B;L=BL;7!RB!9B:MR!CS<;:B8>F!8>!:!=CKSNA8;C>K<>B?!!2EBN7!;L>!67!BEM!:>R!BER!=E:8;B<;>:B8C> :N!NC;!=CL>B;7!:>R!:B!BE8:>!$LBEC;8B7?!!(B!S;CA8RR!6;CLFEB!SCN8=7!=CE<;<>=F!RC>C;!=CL>B;8<9!:>R!8>B<;>:B8C>:N!:F<>=8<9![C;M8>F! :=;C99!:!;:>FB!9<=BC;9!8>!BE8:>!B<;;8BC;8<9?! ! a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`9!"<;K:><>B!3B:B8A9![:9!:!DC;K<;!$L9B;:N8:>!NR!DC;<8F>!K8>89B<;@!:>R!BEB<;>:B8C>:N!%;8989!,;CLS@!:>!8>B<;>:B8C>:N!>C> Y FCA<;>K<>B:N!C;F:>8^:B8C>!V+,.W!BE:B!

PAGE 133

120 L>R<;B:M<9!:>:N 7989!:>R!:RAC=:=7!BC!S;B!:>R!;<9CNADN8=B?!!!4!CD!B[C! 8>B<;>:B8C>:N!=CKK8998C>9@!E:A8>F!9<;A!BE!C>!";B8>F!*<:RN7!%C>DN8=B! V%:;>!GHHeW!:>R!BEB<;>:B8C>:N!%CKK8998C>!C>!(>B<;A<>B8C >!:>R!-B:BB7!V(%(--W!V(%(--!OPPGW?!!4!=C Y =E:8;!CD!BE!9B:B<9K:>! 1CE:KCL>@![E8=E!S;CKCB<[!8>B<;>:B8C>:N!>C;K!CD!c;<9SC>9868N8B7!BC!S;CB<=Bd!V32"W?!! #A:>9![:9!:!9B;C>F!S;CSC><>B!CD!32"@![E8=E![:9!C>BC!BEB? ! -:R:MC!.F:B:![:9!:!DC;K<;!a:S:><9!38FEB9! %CKK8998C>@!:>R!'+!48FE!%CKK8998C><;!DC;!3<;@!9E! :=B8A!BEF9!;B!R89=L998C>9!:>R![:9!:!9B;C>F!:RAC=:B!:>!8>B<;>:B8C>:N!=CKK8998C>@!=C Y =E:8;8>F!BE! C>!4LK:>!-<=L;8B7![8BE!(>R8:>!<= C>CK89B!$K:;B7:!-<>!V'+!OPPh:W?!!-EB<;>:B8C>:N!%C>D<;<>=!3<=C>9B;L=B8C>!$9989B:>=89B:>!8>!2CM7C!8>! OPPO?!! 4:>>:7@!:9!:!DC;K<;!"<;K:><>B!3B:B8AB;8<9![8BE!A!BE=8N@![:>B=8N!L>R<;!%E:SB<;!g@!$;B8=N=8N!BC!<9B:6N89E!9L=E!9L698R8:;7!C;F:>9!:9!8B!R<<=<99:;7!DC;!BE==B8C>9! V'+!GHQZW?!!#A:>9!:;FL9B! BEF!C>N7!BC!BE=8N@! 6<=:L9!D;CK!BEF!C >N7!BC!BE=8N?!!4:>>:7!:>R!#A:>9!6CBE!:;FL!DC;!;F!BE=8N BC!B:M!S<:=<6L8NR8>F!DL>=B8C>9 @!6BLK!8>!":>9!6<=:L9=8N`9! >![8BE!=CNC>8: N89K?!! #A:>9`!K:8>!=C>B;86LB8C>!BC!BE989B<>=!F8A8>F!BEB8A=B8C>9@!F8A<>!E89!L>R<;9B:>R8>F!CD!S<:=<6L8NR8>F!R:B8>F!D;CK!E89!<:;N8<;!6CCM!V#A:>9! GHHhW@!BE:B!S;B8C>!89!B!6CBE!6DN8=B!:> R!:DB<;[:;R9@!BC!<>9L;DN8=B9!:;CB!;FL:F!BE!;B8A=B8C>9![:9!R!:>R!;SLB9@!:NBECLFE!E
PAGE 134

121 N8K8BR!RF!=C L>B;8<9`!=C>=<;>9!:6CLB!S;B8A!BEDN8=B! S<:=<6L8NR8>F![CLNR!N8M!S;CSC><>B!DC;!;<=CF>8^8>F!BEC;K! CD!c;<9SC>9868N8B7!BC!S;CB<=B@d!F8A<>!E89!S;C;K!E:R! 6<<>!R!8>!BE9!CD!BE9B! +<[ Y /C;M Y 6:9B8B8<9!8>!D:AC;!CD!D89@!:9!9E!B ER?!-EFN7!8>!D:AC;!CD!]C;NR! &:>M!8>ACNAB!C>!BE!DC;!BE!BEM`9!9LS<;8C;!:68N8B7!BC! 6;8>F!8>!DL>R8>F?! ! C8.!LMMN!9.B(#/!@#(0.&& -B@!BE!O PPZ!8KKB!-<=;<;:N!:>R!-S<=8:N!$RA89C;!BC!BE<;:N@! BC!FL8RR!9<R:B8C>9!BE;CLFE!BE!S;C=<99?!!aC><9!:N9C!KCA BC!BEF!-<=;R!-<>8C;!$RA89C;!BC!BE<;:N?!1C9B!CD!BEBC!BE!BE<;:N`9!;!BE!BEB!-<=;<;:N!DC;!"CN8=7!%CC;R8>:B8C>!:>R!-B;:B>8>F!8>!BE<;:N?!!.;;!E:R!BER!8>!R;:DB8>F!c(>!):;F<;!5;<!BER! BE!9<<8>F!BE9?!!$9!C>B!SCN8=7!:=BC;!SLB!8B@!.;;!cEd!DC;!BE!):;F<;!5;<<9!E:R! RC>!$K<;8=:>!=8B8^<>![EC![C;M!9K<>B!SC98B8C>9!6F!LS! E89!'+!SC98B8C>@![E8=E![:9!=C>98R<;!:RA:>B:F!BE!BEF!'-! SC98B8C>9@!S:;B8=LN:;N7!C>!K:>:FB!;!:>R!aC><9 @!.;;![:9!:N9C!:>!:=:R!SC9B Y =C>DN8=B!899L<9@!6LB!KC;FN9B;L=B8C>!S;CF;:K9!V.;;! OPPQW?!!4!R8;<=BC;!CD!BEDN8=B!3<=C>9B;L=B8C>!S;Cb<=B!:B!BEB<;!DC;!-B;:BB<;>:B8C>:N!-BLR8<9!V%-(-W@!:! BE8>M Y B:>M!8>!]:9E8>FBC>@!*?%?![8BE!=NC9K<>B@!

PAGE 135

122 6F!BC!E89!SC98B8C>!8>!BE<;:N!UCD8!$>>:>@!.;;!E:R!BE@!BE:B!BECB!6R!BE:B! BE<;F!8>!BEF!BE9!67!KR!K:>R:BR8>F!;<9CNLB8C>9![<;K:;M@!;B!)Cb@!:>R!2:>^:>8:@!;B=B!-<=;<;:N!DC;!"<:=F@!%:;CN7>!1=$9M8! 8KSC;B:>B!SCN8=7!<>B;<[!CDD8=!CD!BER!RR!BE<[!-<=;<;:N@!&:>!U8!1CC>?! ! -LKK:;7!:>R!*89=L998C> ! 2EF!9<=B8C>9!E:AB9!CD!BE<9!BEB9!CD!BE!CD!BE!BE=CKSNF!CS<;:B8C>9@!BE<F!K8998C>9!8>!BEB;8<9@! BER!;DN8=B9@!BE:>=8>F! 8>!SC9B Y =C>DN8=B!=CL>B;8<9@!:>R!8>9B8BLB8C>:N!F:S9!8>!BER<;N:7!BEF!D:=8N8B8<9?!!$DB<;!BER!BE!OPPh@!><[!S;C6N=NLR8>F!8>B<;>:B8C>:N!B<;;C;89K!C;8F8>:B8>F!8>!D;:F8N< :>R! D:8NR!:>!L>R<;9B:>R8>F@!6:9!:=:RR!4C! L>:==!BC!=C>DN8=B!8>!SC9B Y =C>DN8=B!=CL>B;8<9?! (>!BECB! 8KSNBCB!=C>9B8BLBB<;>:B8C>:N!S<:=<6L8NR8>F!9CNLB8C>!L>B8N!BE!CD! BE! OPPZ?!!2E<9=NLRF!L>8B!8>!*"$! :>R!BERR<>B! -35! BE:B! [<;CB! 8KSNBR! BE!:!=<>B;:N!;CN! S<:=<6L8NR8>F![8BE8>!BECBE<;!8B<;:B8C>!CD!BE R![<>B!BE;CLFE!A:;8CL9!B;8KK8>F9!:>R!:NB<;:B8C>9!L>B8N!BE!OPPZ? !

PAGE 136

123 ! "#$%&'(!)*#'+( ! ! ! (>=CKSNF!CS<;:B8C>9 ! ! ! 3F!K8998C>9!8>!BEB;8<9 ! ! ! -B;LFFNR! ;DN8=B9 ! ! ! ):=M!CD!D8>:>=8>F!8>!SC9B Y =C>DN8=B!=CL>B;8<9 ! ! ! (>9B8BLB8C>:N!F:S9!8>!BEB<;>:B8C>:N!B<;;C;89K!C;8F8>:B8>F!8>!D;:F8NR!D:8N!BC!=C>DN8=B!8>! SC9B Y =C>DN8=B!=CL>B;8<9 ! ! ! ! ! ! ! ! ! ! "$&-./!)*#'+( ! ! ! ! ! "<:=<6L8NR8>F!L>8B!8>!*"$!V>CB!8KSNBCB!8KSNB<;:N! UCD8!$>>:>! ! ! &%"3 <9B:6N89ECB!B:M!=<>B;:N!;CNFW ! (;:T!]:;!:>R! DC;K:B8C>!CD!BE@!":B;8=M!u! -:NCKC>9!V:LBEC;9Wj! 1:NNC=E!&;C[>@!.F:B: ! %;<:B8C>!CD!BE!4)"!;!):;F<;!5;<R8>F! ;<9CNLB8C>9 ! ]C;NR!-LKK8B ! 4)"0!-B@!aC><9! V3<9<:;=EWj!4:>>:7@! .F:B:@!#A:>9!V1@! aC><9@!&C6!.;; ! ! "$&-*-.4!)*#'+( ! ! ! ! ! "C9B Y %CNR!]:;0!$=B8A=8N@!KC;F!K8998C>9 ! ! ! ! 3=F!=CL>B;8<9!BC!:NNC[!BEB8A=B8C>9 ! ! ! ! H\GG!:BB:=M9!:>R!BE!CD!RB!:=B8A8B8<9 ! ! ! -E8DB!CD!BEM!:>R!8>BC!'+*" ! ! ! &%"3s9!S;C6NF!<9B:6N89EB;:N!S<:=<6L8NR8> F!<>B8B7 ! ! ! (;:T!]:;@!TL<9B8C>8>F!'+`9!;=B<;>:B8C>:N!S<:=!CD!BE
PAGE 137

124 (>!BEB!SCN8B8=:N!B9!9L;;CL>R8>F!BEB9![<;=NLR8>F!SC9B Y %CN R!]:;!RB9!BE:B!S;CRL==8N!BE:B!S:999!C>!S<:=R!9<=L;8B7!899L<9!:>R!8>8B8:BF!K8998C>9!:>R![8BE!8>=;<:98>FN7!KC;R:B<9j!BEB!;=< :KC>F!RF!=CL>B;8< 9!BC!:NNC[!DC;!S;B8A=B8C>9!DC;!BE=NLR8>F!BE!CD! BEF!L>8Bj!BER!BE!CD!RB!:=B8A8B8<9!BE:B! BCCM!SN:=B9! BE:B!NB! CD!BER! BEFN7!:9!:!=<>B;:N S<:=<6L8NR8>F!<>B8B7j! BER!TL<9B8C>9!8B!6;CLFEB!BC!BE=B<;>:B8C>:N!S<:=R!9<=L;8B7@! [E8=E!N!CD!BER!BE<[!"&%!D:=!FF!<9B:6N89E!BE!BE![E7!BE!<9B:6N89E 8B![:9@![E<;<:9!BEF!S;CSC9:N9!E:R!>CB! 9L==<=NLRR!BE!CD!BER!BE!8KSC;B:>B!CSSC;BL>8B7! D C;![C;NR!N<:R<;9!BC!K:M9!C>!BE:BB! ,(-10+!.%"#.,#.%.)#& [<;B8D8!BEF!BC!BE!CD!BE<;:N!UCD8!$>>:>!6<8>F!:!K:bC;!9LSSC;B<;!CD! 8>=;<:9F!=:S:=8B7!8>!BEL;<;:N! 8>!GHHe!BE;CLFE!BEB:B8C>!CD!BE<[!"&%?!!1:bC;!SCN8=7!:=BC;9!8>!BE=NLR@!-B<[:;B!":B;8=M@!:>R!*8;M!-:NCK C>9@!:9![@!-:R:MC!.F:B:@!:>R!9<>8C;!R8SNCK:B9!D;CK!BER!+C;[:7?!!.>!BE! SCN8=7!<>B;!-Bj!BE<9j!:>R!BE;<>:7!CD!BE@!:>R! ,:;9!CD!$L9B;:N8:?!!&CBE!-B!:>R!aC><9!KCA!BER!9C!=C>B8>LB!SCN8=7!<>B;!

PAGE 138

125 BE89!S; C=<99@!:NC>F![8BE!&C6!.;;@!$-,!DC;!"CN8=7!%CC;R8>:B8C>!:>R!-B;:B>8>F!8>!BEB8D8!BEF!BE9!CA<;!BEF! L>8B!:>R!BEB!8>!R89=L998C>9!CD!BE!OPPh Y OPPZ@!:NC>F![8BE!BE<[! S;C6NB8D8R!BE!CD!BE!;BC! =C>DN8=B!V%CNN8<;!:>R!4CF!L>8B!8>!*"$!R8R! >CB!9L==<C;!R8R!BECB!BE;8A!'+*"!C;!8>!BE!67!BE!:!]C;NR!&:>M!<>B8B7@![8BE!KC;R!N<99 CD!:! DC=L9!C>!DL>R8>F! BE:>! 8>! BE:N!-35!8R<:?!! ]E8N9B:>B!:>R!9F!D:=8N8B8<9!=:KR![<>B!8>!BER!<:;N7!OPPP9@!BE<;F<9! 8>!BER8=:BR!BECB!7B;:N!8>B<;>:B8C>:N!S<:=<6L8NR8>F!D:=8N8B7!BC!6F!L>8B![:9!;8R8>F!67!BE<; :N!$99R! BEBLK!:9!9CC>!:9!8B9!K:8>!SCN8=7!<>B;!CD!BEM@![8BER;<[!E89!9LSSC;B!DC;!8B!:>R!9[8B=ECB! <>bC7!FCCR!;<=!8> BEF!;<989B:>=F!BC!<9B:6N89E!8B9!C[>!S<:=<6L8NR8>F!L>8B!:F:8>9B!BE=<;:N!$99F!SC9B Y =C>DN8=B!S<:=<6L8NR8>F! DL>=B8C>9!8>!BE!8>B<;>:N!L>8B!CD!'+*"@!BEB!:F<>=7@!8B!:N9C!D:=B<;>:N! ;<989B:>=:N!6L;<:L9@!:9![B Y RCK8>:BA8;C>K<>B!BE:B![:9! 8>EC9S8B:6N=8<9!CD!ELK:>8B: ;8:>!;R!D8>:NN7@!8B!NC9B!8B9!R7>:K8=!N<:R<;9E8S! [E<>!8B9!D8;9B!&L;<:L!%E8B@!:>R!1:;M!1:NNC=E! &;C[>!E8K9:N!SCN8=7!<>B;B?!!! 2E!8KSC;B:>B!SCN8=7![8>RC[!8>!BE!BE=!BE:B![<9B<;>!=CL>B;8<9@!:>R!BE!S:;B8=LN:;@!E
PAGE 139

126 C[>!:>R!8>B<;>:B8C>:N!9<=L;8B7?!!2EB!;:K8D8=:B8C>9!DC;!'-!DC;<8F>!SCN8=7@![E8=E! 9E8DBBC!:!c]:;!C>!2<;;C;d!8KKF![8BE!BEA:98C>!CD! $DFE:>89B:>@![E8=E!E:R!FCCR!9LSSC;B!C>!BE=8N!:>R!:KC>F!'+!KB:B8C>!:DB< ;!H\GG!E:R!R8;<=B!:DD<=B9!C>!BE!:!=<>B;:N!;CN8^:B8C>@!!8>!RB!:9989B:>=!:!7<:;@!BEF!BC!KCA!BC!(;:T!8>!8B9!S<;=<8A!BE! 2<;;C;@!6LB!D: =98R<;:6N7!KC;F!CBE<;!=CL>B;8<9!CD!BE!8B9!SN:>!DC;! 8>A:R8>F!BE:B!=CL>B;7?!2ER!8KSC;B:>B!SCN8=7![8>RC[!BE:B!CS<>F!:! K:bC;!=;8989!CD!8R<>B8B7!DC;!BE!8B9!:68N8B7!BC!N<:R!=CNN<=B8A< :=B8C>!BC!<>9L;B<;>:B8C>:N!S<:=R!9<=L;8B7@!BE=B8C>!F8A<>!BC!BE8^:B8C>!8>!8B9!%E:;B<;?!!2E!BER!BE8^:B8C>![:9!FC8>F!BC!9 L;A8A<;:N!BC!DC;K!BEA<9B8F:B<[!SCN8B8=:N!;<:N8B8<9!:DB<;!H\GG!:>R!BER!S;B!BE8^:B8C>!D;CK!6<=CK8>F!8;;B!8>!BE:FB!CD!8>B<;>:B8 C>:N! S<:=R!9<=L;8B7?!! 2ERC[!BE:B![:9!NCCK8>F![E<>!BER<;B:M8>F!8B9![C;M![:9!BEF!]C;NR!-LKK8B!8>!OPPZ@![E8=E!S;<9<>B!CSSC;BL>8B7!DC;!'+!K9!R8;<=BN7![E<>!BE<8;!N<:R<;9!KR:B8C>9@!:>R!BE<8;! B;:>9SC98B8C>!8>BC!-<=;<;:N!UCD8!$>>:>`9!C[>!;!OPPZ@![<;8B7!8>!K8>R? 2E8>F!CD!BE<9RC[9!:NNC[F!8R<: 9!BE:B!E:R! >CB!DCL>R!8KSNB:B8C>!BC!6!DC;!=C>98R<;:B8C>?!2E! 8R<>B8D8R!BE=<;>9!:6CLB! 8>B<;>:B8C>:N!B<;;C;89K!:>R!BEF<;9!CD!D:8NC[!DLF!BEB<;<9B9@!:B!N<:9B!CD![<9B<;>! 9B:B<9@!BC!B:MR!CD!:=B8C>!8>!9LSSC;B!CD!SC9B Y =C>DN8=B!=CL>B;8<9?!! 2EL9!BEF!BE!:R:SB!CD!BE8A<;9:N!:===!BER!8>!K9!N<:R8>F!LS!BC!BEC!9<;8CL9!=CKSF!8R<:9!DC;!S<:=<6L8NR8>F!:B!BER!K
PAGE 140

127 [<;!:F;<B!BE:B!8B!9ECLNR!6=B8C>9 @!BE9B8BLB8C>!CD!8B9!KR!BC![E8=E!'+!6CR7!8B!9ECLNR!;B8AR:B!6<;:N!S;<9<>BR!E89!;CB!6F! =CL>B;8<9@!F8A<>!BE<8;!S;=8B!:>R!BEF!L>8B!:B!*"$@!:>R!BE!E8FE<;!NR!9L9S8=8C>!BE<9B;8<9!>C[!E:R!CD![<9B<;>!=CL>B;8<9`!8>B<>B8C>9! 8>!BER!SC9B Y (;:T Y ]: ;!<>A8;C>K<>B?!!! 2E<;:N!:N9C!CDD<;F!CD!BE=8N!8>!C;R<;!BC!F8AF!=CL>B;8<9!KC;!BE!KC;F!9!KC;!D;CK!BE<;:N!$99R!K:M8>F!BE<;:N!$99=8N?!!2E!8>!BER:BR!BERDNL<>=F!=CL>B;8<9!C>!BE 89!=NC9B<>B8C>!:>R!BL:N!R<:RNC=M! CA<;!BE=8Nj!BE89!98BL:B8C>!NF! =CL>B;8<9@!:>R!S:;B8=LN:;N7!BEC9!A78>F!DC;!9<:B9!C>!:>!R=8N@!BC! : 99<;B!BE!BE=8N!;B;8^8>F!BERC[!BE:B![CLNR!68>F![8BE!BEB!8>!6;8>F8>F!BE!BER!BE;CLFE!BE!S;C=<99?!!2E!S;CSC><>B!CD!BE!BE<9@![EC![:9!=NC9><=B@!C>B;R!9<<>!8B :!FCCR![:7!BC[:;R!8KSNB:B8C>![8BE!BEM! :>R!BEC;9!'U!:>R!+C;[:7@!A8:!BE<8;![C;M!BCF<9![:9!:!K:bC;!R;:DB<;!CD! BER<;!BE!CD!BE!-B@!aC><9! 6;CLFEB BE!8>!:R:SBR!;<>:K!BE9! :>R!8>!BE>:7@!#A:>9@!:>R!.F:B:@![<;!K:>7!899L<9!C>!BE< ":>R!N<>B!BE<8;! 9LSSC;B!BC!BE
PAGE 141

128 aC><9!:>R!-B@!:9![!BE9DC;K:B8C>!CD!BEBC!BE<;:N`9!;!S;C=<99?!!2E89!KCA8B7!BC! =C>B8>L!BECBE<;!8KSC;B:>B!SCN8=7!<>B;!R;:DB8>F ;CN<;:N`9!;7!899L<9!8>!:RR8B8C>!BC!BE@!aC><9@!:>R!.;;![<;!S<:=9!:>R!SC9B Y =C>DN8=B!;<=C>9B;L=B8C>@![E8=E!L>RCL6B< RN7!F:AFBE!BC!BE!BEN8MF!S;CSC9:N9@!:NN!CD![E8=E![<;B;CRL=R! BE!8>!OPPZ!6:9!BEF!CD!BER!SCN8B8=9!9B;<:K9!:DB<;!SCN8=7![8>RC[9![<;F!BE!OPPG@!BER!BE!CD!BE!OPPh@!:>R!BE!OPPZ?!!2EB!SCN8=7!<>B;<9!:>R!&C6!.;; [:9!=<>B;:N!BC!BE89!=CLSN8>F!CD! 9B;<:K9!DC;!BE=B!CD!BEF!!SC9B Y =C>DN8=B!899L<9!:>R!8>!S8ACB:N! SC98B8C>9!C>!BER!8>!BEB:F8B7! BE:B!E:R!:;89<>!:DB< ;!BER![8BE!BE!CD!BEF!DC;BE!BE! BER!:B!BE![C;NR!N<:R<;9![<;:6NF!D:AC;:6N7!C>!8B!:B! BEB;!BE!CD!BE !N8>FRC>`9! VGHIQ@!GHHZW!S;<9<>B:B8C>!CD!SCN8=7!<>B;R!B<=E>8=:N!S<;9S<=B8A<9@!BC!B:MB:FRC[![E<>!8B!CS<>9?!!(B!:N9C!D8B9! [R<;9B:>R8>F!CD!BEB;!=CLSN8>F!BE8SLN:B8>F!BE8B8<9!S;<9<>BF! :>! CS<>!SCN8=7![8>RC[!:>R! S;CA8R8>F!K<:>8>F@!=N:;8D8=:B8C>@!:>R!8R<>B8B7!BC!BE=<9 CD!CBE<;!SCN8=7!:=BC;9! Vk:E:;8:R89!OPPeW?!!aC><9!:>R!.;;@!BEd!DC;!BER!c(>!):;F<;!5;<!S8ACB:N!SC98B8C>9!BC!F!BE Y K:M8>F!:F<>R:!CD! [C;NR!N<:R<;9!:B!BE!OPPZ?!!$DB<;!BE!CD!c(>!):;F<;!5;<
PAGE 142

129 9B8NN!8KSC;B:>B!SCN8=7!:=BC;9!D;CK!BE<8;!SC98B8C>!C>!BE!BE Y K:M<;9!:>R!:99<;B9!BC!BE< "&%! S;CSC9:N!8>!BE9!6R!:DB<;!BER8>F9!CD!BE89!KLNB8SN:N7989!DC;!BE! :99LKSB8C>!8>!KLNB8SNFNB;!BC!:RAC=:BF!:>!CS<>!SCN8=7![8>RC[!VU8>FRC>!GHIZ@!GHHZ0!k:E:;8:R89!OPPh@!OPPeW?!!(>!BE89!=:9<@! KLNB8SNB;ACNA!BEB!:>R!S;CF;<99!CD!BER!8>!BEB!BE;CLFE!BE9 D;CK!BE!BER8>F9!:N9C!R!BE:B!8B![8NN! 6FNRC[!BE:B!CS<>9!VU8>FRC>!GHIZ@!GHHZj!k:E:;8:R89!OPPh@OPPeW@!F8A<>!BE:B!BE;<B!SCN8=7![8>RC[9![<;R BC!6B!DC;!=;<:B8>F!BE8B7!BC!6;8>F!BEBC!BER:!CD![C;NR!N<:R<;9!DC;!R<=898C> Y K:M8>F!8>!OPPZ?!! (B![:9!DCL>R!D;CK!BE89!:>:N7989!BE:B!KLNB8SNCB!E:A9! CD!:==CKKCR:B8>F!BECK<>C>!CD!9L ==<998A9!:>R!RB9!CD!:!=<>B;:N!SCN8=7! 8R<:!CA<;!B8K<@!9L=E!:9![:9!BE!BE;CLFE!8B9!=C>98R<;:B8C>!CD!SCN8=7! [8>RC[9@![E<>!:!S;!6B;CRL=R<;!:!><[!>:K<@!8D!8B!R8R!>CB! 9L= =<!<:;N8<;!SCN8=7!S;C=<99?!2ECB!:!><[!SCN8=7!8R<:![8BE!BE!CD!BE! CLB98RM!:>R!K:bC;!RB!:9989B:>=C; =CL>B;8<9@!6F!R;CSS`9!KCAM!BC!'+*"?!!2E<9@![EC![:9!=NC9@!C>9!BC!:==CL>B!DC;!BE<[!9<=L;8B 7!<>A8;C>K<>B!:DB<;!H\GG!:>R!BER!;< Y 8>B;CRL=!B:9MF!LS![8BE! 9CNLB8C>9!DC;!D;:F8NR!D:8N!9L6 Y >:B8C>:N!SCN8=7!:;<>:9!BE89! SE<>CK<>C>!89!>CB!L>=CKK C>@!9L=E!BE:B!KLNB8SNF!:!KC;!DC;!8>F!8B? k:E:;8:R89!VOPPh@!OPPeW!9LFF<9BB;!9CK8SLN:B8>F!CD!SCN8=7![8>RC[9@!DC;!!S:;N8:K<>B:;7!979BF!9!:B!BE
PAGE 143

13 0 :RA:>B:F8SLN:B8C>!RC<9!>CB!9<! S;<9<>B!8>!BE!CD!BE!BE:B!BEB9!BE:B!N!CD!BE:KR!BER!BEB;CN!CD!BEB;F!CD!BEF!6<<>!D8XF!BC!BE>8LK!-LKK8B@!9C![:9!>CB!9CKF!BE<7! =CLNR! C;=E<9B;:B >:>!:>R!BER!;<9<:;=E!9B:DD![<;F!CSSC;BL>8B7!BC!S;<9<>B!:! K:bC;!;=NLRF!DC=L9!C>!S<:=R!9<=L;8B7! 899L<9!BE:B!E:R!>CB!6<<>!C;8F8>:NN7!8>B<>R!B!CD!K:>8SLN:B8C>!R8R! 9<B!8>!BEF!CD!BEB;B;CN?!!2E>!R:B!S:;B!6<=:L9F!'-!9!:>R!>CB!BC! E:A!BE8^:B8C>![:9!:N;<:R7!D:=8>F!RLR:N? U8>FRC> VGHIQ@!GHHZW@! 8>!E89!DC;KLN:B8C>!CD!BE!SCN8=7![8>RC[9!:A:8N:6NF!BE![8>RC[@!=:L98>F!CA<;NC:R8>F!:>R!BE!CD!K:>7!S;CSC9:N9?!2E89! 9<!BE!CA<;NC:R8>F!CD! ;!BER!BE!):;F<;!5;<!:BB7!CD!BE<9CB!K:MF!LS!BC!BEF!S<:=<6L8NR8>F![8BE8>!BEC!9<;8CL9! =CKSF!SCN8=7!S;CSC9:N9!BC!BE!BE!BE< OPPZ!;!BEB!C>!BE!BE:B!8R<:9!DC;!;F! BE=8N!DC;!BE89!SL;SC9!CLB@!:>R!BE9<>9L9!C>!BE8B8:N!;<989B:>=F!:!+<[ Y /C;M!6:9B8B7!8>!=E:;FF?!!]E<;!8>!SCN8=7!8R<:9@!EC[!BER:B<@!9B;L=BL;R!;F!N8><9!C>=B< ;!BE!=CL>B;8<9!K:>:FB8A=B8C>9@!

PAGE 144

131 8>=;<:9B!DC=L9@!:>R!:99<;B!KC;!:>R!=C>B;CN!CA<;!BE<[!6CR7@!67!K:M8>F! 8B!9L698R8:;7!BC!BE<;:N!$99R!:RR8>F 9!,<><;:N!$99F<;!! BEF@![8BE!B8K!KC9B!SCN8=7 Y K:M8>F!98BL:B8C>9!6<8>F!:!9=:;=!R<=898C> Y K:M8> F?!!2E89!:SS<:;9!BC!E:A!BE<;:N!:>R!BE!BEF!L>R<;! 8>B<>9!c(>!):;F<;!5;<F!BE!*<=R!BE>8LK!";Cb<=B!;! a:>L:;7!OPPZ?!!5CNNC[8>F!BE!):;F<;!5;<<99!CD!B8KN7!98X!KC>BE9!DC;!K7!S;CS C9:N9!8>!BE<;:N`9! 98A=8N!;B<>B8CL9! :>R![<;8>F!BEB<>B8CL9! S;CSC9:N9!9L=E!:9!BE:B!DC;!B E9B8BLB8C>:N!R!BEB!89!;F!CD!;R!BEB?!!$DB<;!BER![8BE!BEF!BE N7!:!D<[!KC>BE9! N:B<;!:B!hG!*<=CBE<;!9EC;B!B8KF!CLB!BE9!DC;!BE!BER8>F!;<9CNLB8C>9@![E8=E!>C!RCL6B!SN:7!9CKF9!8>!BE9@!9L =E!:9!BEd!SL;SC9<9!F8A<>! DC;!BER!BE!:6CLB!EC[![CK<>!:>R!=8A8N!9C=88^:B8C>9![CLNR!6=NLR!S<:=<6L8NR8>F!9B;:B9B8BLB8C>:N89B!D;:K<[C ;M!BC!BE!CD!BEB!:>R!R!LSC>!BEF!KLNB8SN:N7989?! !

PAGE 145

132 %4$"2#3!J *(-%.'3-#!$+$)/-(-!'-(+,! *(-%'3-(g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a:>L:;7!OPGO@![E8=E![<;98AB9!CD!BE9B8BLB8C>:N89B!D;:K<[C;M@!L98>F! E7S<;3<9<:;=E!TL:N8B:B8A:N7989!9CDB[:;N<99!CBE<; [89DC;K:B8C>!DC;!BEB!BE89!=E:SB<;!89!BEB<;A8<[9![8BE!SCN8=7!:=BC;9? 2E9B8BLB8C>:N89K!89!BC!6!SCN8B8=:N!:>R!8>9B8BLB8C>:N!=E:>F!CBE<;!8>9B8BLB8C>:N!:SS;C:=E<9!E:A !:6NF!8>BC!:==CL>B!BE:BC;7! SC[<;!CD!8R<:9!:>R!R89=CL;9F!SCN8=7!:=BC;9!V-=EK8RB!OPPI@!OPGGW?!2E!:B!BER!CD! BE9B8BLB8C>:N89K![:9!:6N!CD! BE
PAGE 146

133 ! 5(,'3# J?G0! *(-%'3-(g#!(+-2(2'2(.+$)(-1 ! 2 E;<!R89=L;98A9B8BLB8C>:N89K!:;9@![E!SN:=B!BC!BE!BE989B9!CD!BE!LS!:>R!8KSNBCB?!!2E<9!CD!BE!BE!%E:SB<;!Q!:>R!BE!CD!BE:N7989!8>!%E:SB<;!Z?!!2E<7!8>=NLRF!L>8B!:B!*"$@!BER!BE9!CD!BE!:>R!<:;N 7! 8KSNB:B8C>!CD!BE!BE:B!BE<9B!F;<:B!RCB!6
PAGE 147

134 @#(=#$/& ";CF;:K9!8>!R89=L;98A9B8BLB8C>:N89K!:;!BE<8;!N@!:>R! =C>9B8BLBR<;N78>F!:99LKSB8C>9!C;!c=C;R!BER!8B9!:>B<=B!SCN8=7!S;CSC9:N9@!BE<9R<;N78>F!:99LKSB8C>9!C;! 6F!8B9=F!8>!-<=;<;:N!&CLB;C9!&CLB;C9 Y ,E:N8`9!GHHO!c$F<>R:!DC;!"<:==F!=C>B8>LR!<:;N7!OPPP9@! 8>9S8;8>F!BEF!6R<;N78>F!BEF!SCN8=7!S;CSC9:N9!:;F!89!:6CLB!;B@!C;!9<=L;8B7@!:>R![E<;F!9ECLNR!6F!8>B<;>:B8C>:N! C ;F:>8^:B8C>9!:N;<:R7!<>F:F!BE<9B!:;<:9!CD![C;M?! 2E=F!R=<9!CD!S<:=F!CS<;:B8C>9@! [E8=E!F;<:BN7!R!>LK6<;!:>R!=CKSN!BER!CD!BER!1:NC>F!BC!S;C6N!8KSNB8>F!BE9!:>R!<>R8>F!BEF![:9!>CB!9S<=8D8=:NN7!K<>B8C>!BER!E:9!9:8R!BC!6R!8>! c%E:SB<;!-8X Y :>R Y : Y 4:NDd!CD!BE!6!%E:SB<;!g(@![E8=E!R <:N9![8BE!BEB:;7! 9B!CD!R89SLB<9@!:>R!%E:SB<;!g((@![E8=E!R<:N9![8BE!<>DC;=B!:=B8C>!V'+!GHQZW?!!]E8N9B8BLB8C>:N!S;CA898C>9![8BE8>!BE8B9!DC;!S<:=F!98>==!8>!GHQI@! [E<>!BE F!K8998C>![:9!R89S:B=E8BC;!BE!(9;:R! 8B9!><8FE6C;9@!8B![:9!>CB!L>B8N!OPPZ!BE:B!R8B8A9B8BLB8C>:N!6CR8<9!RF![<;R!8B9!;R!"&5?! "<:=<6L8NR8>F!89!: ;<[!B<;K@!D8;9B!=C8>!,:NBL>F!8>!GHeZ!!V,:NBL>F!GHeZW@! 6LB!=CK8>F!8>BC!SL6N8=!L9:FN7!8>!GHHO![8BE!BE!CD!-<=;<;:N!&CLB;C9! &CLB;C9 Y ,E:N8`9!c$F<>R:!DC;!"<:=!BEF![:9!R! BC!8R<>B8D7!:>R!9LSSC;B!9B;L=BL;<9![E8=E![8NN!B<>R!BC!9B;<>FBE<>!:>R!9CN8R8D7!S<:=!C;R<;!BC!:AC8R!:! ;BC!=C>DN8=Bd!V'+!GHHO6@!S:;:F;:SE!OGW?!!(B![:9!N89B<<[!RR9!8>!BER!9<=L;8B7!:;<>:!BE:B!E:R!6<<>!SN:=!BE8B9!:DB<;!BER!CD!BEF![:9!NC=:B!:!=C>B8>LLK@!:DB<;!

PAGE 148

135 S;B8AF!:>R!S<:=F@!:>R!6F!BEDN8=B!V'+!GHHO6j!29=E8;F8!GHHJW?! ,:;9@!DC;K<;!$L9B;:N8:>!5C;<8F>!18>89B<;!:>R!N:B<;!:>!:=B8ADNL<>=!BE8B8C>!CD!S<:=<6L8NR8>F! BE:>!E:R!6<<>!S;<9 <>B!c$F<>R:!DC;!"<:=<@d![E8=E!8>=NLRB8>F!=C>DN8=B!8>!BEF!9B=DN8=B@!6CBE!67!BEB<;>:B8C>:N!;R! NC=:N!K<:9L;<9!V#A:>9!GHHhW?!!4CB!;<=CKK<>R!:B!BE:B!B8K7!8> 9B8BLB8C>:N!9CNLB8C>9@!6LB!EACNAR!<>F:F!BE<99!V#A:>9!GHHhW? 2EB!BC!c$F<>R:!DC;!"<:==NLRB8AF@!8>F!EC[!:>!<:;N7![ :;>8>F!DL>=B8C>!=:>!6R<;B:M<>!:6CLB!BE;<:B<>!=:9<9![E<;R!89!>CB!:N;<:R7!:!S<:=F!K8998C>!8>!SN:=!BEB@!BE<;:N!KCAF!S<:=<6L8NR8>F!:9!:!R89B8>=B!SE:9!BEDN 8=B!=C>B8>LLK@!:>R!;<=CF>8^RDN8=B! V'+!GHHZ:W?!!2EB![:9!SL6N89EF!R89:9B<;9!8>!-CK:N8:@!3[:>R:@! :>R!&C9>8:@!:>R!9C!:RR;<9998B8C>!D;CK!S<:= F!BC!S<:=<6L8NR8>F! :=B8A8B8<9@![E8=E!D:NN![8BE8>!BER:B<9!CD!BE=8<9!:>R!DL>R9!CD!BE8B9@!:>R!N:=M!CD!'+!=:S:=8B7!8>!SC9B Y =C>DN8=B!S<:=<6L8NR8>F!V'+!GHHZ:W? ]8BE!BEF!8>B<;<9B!8>!S<:=<6L8NR8>F!DCNNC[8>F!c$ F<>R:!DC;!"<:=R!8B9!-LSSNB@! BE:R8:>!5C;<8F>!18>89B;7!<9B:6N89EF!8>8B8:B8AR!DL>R!8>!GHHJ?!!$B!8B9! <9B:6N89EK<>B@!5C;<8F>!18>89B<;!)NC7R!$X[C;BE7!R<9=;86F!:9!:!cN8DR<;8>F! 9C=8F!BC <>R!BE=<@!;<9BC;R!F!BE<8;!D<BRC[!CD!CSSC;BL>8B7![E<>!:!=CL>B;7!=CLNR! <8BE<;!;BC!=C>DN8=B!C;@![8BE!:N!:9989B:>=<@!KCAR!9B:68N8B7! V$X[C;BE7!GHHJW? $B!BE!BEFd!:SS;C:=E!BC!DL;BE<;!RF@! [E<;9B8BLBF![<;!GHHJ@!:>! 8>A<>BC;7!CD!SC9B Y =C>DN8=B!S<: =<6L8NR8>F!:=B8A8B8<9![:9!SL6N89ELK<;CL9! S<:=<6L8NR8>F!:=B8A8B8<9@!C;F:>8^R<;!DCL;!=:BR!ELK:>8B:;8:>!:9989B:>=
PAGE 149

136 R89:;K:K<>B@!R!:>R!;<8>Bj!VhW!<>E:>=B!CD!ELK:>!;8FEB9!:>R!6 L8NR8>F!:! S:;B8=8S:BC;7!979BK<>B!:B!:NN!NR!VQW!;@!;<=C>9B;L=B8C>@!:>R! ;<=C>=8N8:B8C>?!!$==C;R8>F!BC!C>B@!BE89!N89B8>F!=NLRF 6:98=:NN7!F!L>R<;!BE@!F!BE: B!=CK<9!:DB<;!S<:=F@!:NN! RB@!ELK:>!;8FEB9@!S<:=R!9<=L;8B7![C;M?!!(B![:9!>CB!CS<;:B8C>:NN7! L9R!R8R!>CB!:RA:>=7BE8>F!CS<;:B8C>:NN7!C;!=C>=B<;A8<[9W?! ! 5CNNC[8>F!-<=;<;:N!UCD8!$>>:>`9!GHHe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
PAGE 150

137 ]E8NC!R8B8C>!CD!S<:=<6L8NR8>F![:9!S;CA8RR8>F!CD!BE!OPPZ@!BE<;:N`9!"CN8=7!%CKK8BB<!OPPe!BC!BEF!c=C>=8B8C>@!BC!FL8R!S<:=<6L8NR8>F0 "<:=<6L8NR8>F!8>ACNA<9!:!;:>FF!C;! ;F!8>BC!=C>DN8=B!67!9B;<>FBE<>8>F!>:B8C>:N!=:S:=8B8<9!:B!:NN!NDN8=B K:>:FB@!:>R!BC!N:7!BER:B8C>9!DC;!9L9B:8>:6NR!RB?!! "<:=<6L8NR8>F!9B;:BB!:>R!B:8NC;<B;7!=C>=<;>!>:B8C>:N!C[><;9E8S@!:>R!9ECLNR!=CKS;89=R!BE<;:;;C[!9F!BE!:RR8B8C>!BC!BE<9B9!8>!R8>F!S<:=<6L8NR8>F@!BE<;B@!C;!9<=L;8B7@!:> R!:==C;R8>FN7@![E<;8^:B8C>:NN7?!!$>!<:;N7!;EDN8=B!;<=CA<;7! [:9!:!;B!:=B8A8B7@!F8A<>!BE:B! 8B! D!BE!BE<9C!C>F!;<9SC>9868N8B7!DC;!8B?!'+4%3@!:!;=7@![:9!RC8>F!9CKB![C;M!8>!SC9B Y =C>DN8=B!=CL>B;8<9!BE;CLFE!8B9!N:;F!S;Cb<=B9!:>R!67! :NN7!:9989B8>F!(*"9!8>!BE<8;!C[>!=CL>B;8<9@!6LB!8B![:9!=;8B8=8^F!CLB98RR:BR!RC8>F!BEB!:F<>=8<9?!! 2ER<;9!:>R!9LSSC;B<;9!CD!BEM@!BEB!C;F:>8^:B8C>@!8>!C;R<;!BC!L9M`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

PAGE 151

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`9!S:=M:F!8>!c(>!):;F<;!5;<B!F ;CLS9!9CKB!9<=L;8B7!BC!K<C;BE<;>!=CL>B;7!8>B<;<9B9@! :!DC=L9!C>!RB!BC!K<!=CL>B;7!8>B<;<9B9@![8BE!ELK:>!;8FEB9!L>R<;N78>F!6CBE!:;<:9! :>R!:N9C!K<F!BEB<;<9B9!CD!#L;CS<:>!=CL>B;8<9?!"<:=<6L8NR8>F! [:9!C>B<;<9B9!=C>A<;F<;:N!9LFF<9BF!9B;L=BL;!c(>! ):;F<;!5;<=8N!:>R!#%.-.%@! RR8>F!C>!BE! =CL>B;7![:9!8>!V'+!OPPZ6W?!!!

PAGE 152

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`9! S;8>=8S:N!:;<:!CD!=C>=<;>? !! ,CA<;>K<>B9!8>!SC9B Y =C>DN8=B!=CL>B;8<9![<;CB!c>C;K:Nd!C><9!8>!BEMj!BE<7!R8R!>CB!E:AR![<;CB!FCCR!=:>R8R:B<9!DC;!RB! :9989B:>=9?!

PAGE 153

140 $>CBE<;!S;CF;:KK:B8=!8R<:!:6CLB!S<:=<6L8NR8>F!89![EB8A!SC9B Y =C>DN8=B!=CL>B;8<9@![E8=E!;R!9<=L;8B7!:;<>:?!!!2EF!,:;9`!8>ACNAB@![:9!A<;7!=N<:;!:6CLB!F8A8>F!BEB8A!SC9B Y =C>DN8=B!=CL>B;8<9@!;<=CF>8^8>F!BE :B!S<:=<6L8NR8>F!B:M<9!SN:=!BEDN8=B! =C>B8>LLK!:>R!BE:B!;<=L;;<>=DN8=B!89!:N[:79!:>!8KK8><>B!BE;<:B!BE:B!KL9B!6<B![E:B![:9!L>R<;9BCCR!BC!6BC!=C>DN8=B@!6:9! BER!E89!=CNN<:FL<9!V%CNN8<;!:>R!4CBN7!;R!-CR<;6CK!OPPJ:@! OPPJ6W@![:9!D;BN7!L9!BER!8>!BE!CD!BE!%E:SB<;!QW?! ! @81-(&(,81.& "E8NC9CSE8<9!8>!R89=L;98A9B8BLB8C>:N89K!:;R!S;CF;:K9!8>!BE<8;! N!:>R!L>R<;F8;R!6CBEj!BE <7!:;8^8>F!8R<:9!:>R!A:NL<9@!R<R! SL6N8=!SE8NC9CSE8<9!:>R!9<>B8K<>B9!V-=EK8RB!OPPI@!OPGGW?!!-=EK8RB!=N:8K9!BE:B!BE<9CB! F<><;:NN7!=E:NN<>FN<99!BE<;R<;N78>F!BER!SCN8=7!8R<:9!;F!=:>!6R!8>!BEFN7!B<9BR!8>!BEB<;>:B8C>:N! S<:=<@!9<=L;8B7!:>R!RB!:;:FR![E:B!;CN< BE!BE<9<;:B8C>9!D;CK!BER8B8C>9!L>R<;![E8=E!bL9B8=R!;<9S<=B!DC;! B;<:B8<9!:>R!8>B<;>:B 8C>:N!N:[!=:>!6B:8>!ELK:>!;8FEB9!:>R!8>!BE8B7! :>R![C;BE!CD!BE!S<;9C>@!:>R!BC!S;CKCBR!6R:;R9!CD!N8D!N:;F<;! D;<!D L>=B8C>:N!:;<:9!CD!BE!BEF!R<=:R<90!S<:=R!9<=L;8B7@!ELK:>!;8FEB9@!:>R!RB?!5C;!KC9B!CD! BE98R<;R![<;B! S:;B9!CD!BE!BE?!!

PAGE 154

141 1:8>B<>:>=R!9<=L;8B7!E:9!6<<>!=C>98R<;8^:B8C>`9!S;8K:;7!DL>=B8C>@! >CB!9L;S;898>FN7!F8A<>!BE:B!8B![:9!<9B:6N89ER!BC!DLBL;!6!9B:B<9!V] <899!:>R!*:[9!OPPeW?!!$=B8C>!8>!BE89!:;<>:![:9!=C>9B;8=B=<9!:KC>F!BE<>B!K=8N![EC![<;!BE;CLFE!BE<8;!AR=98C>9!<:9!BE<;:N!RLK6<;!CD! -<=L;8B7!%CL>=8N!;<9CNLB8C>9!;C9<>B8:NN7!9B:;B8>F!8>!GHHG!V%C=M:7>R!1:NC>R! B[8=7!S<:=F!K8998C>9![<;!GHH P!:>R!OPPZ!:9!8>!BE!;8FEB9![<;CB!:!9B;C>F!:=B8C>!:;<:!DC;!BE<>=!BER!B[C!7<:;9!N:B<;!8>!BE8A<;9:N!*<=N:;:B8C>!CD!4LK:>! 38FEB9!V'+!GH QeW@!6<=:L9DC;K:B8C>!:6CLB!:>R!B:M!C>!ELK:>!;8FEB9!A8CN:B8C>9!V*;:MLN8=E!OPPZW?!! *B![:9!8>8B8:NN7!=C>=<8A!BE9L;R![:9!>CB!:!S;8C;8B7!DC;! BE8^:B8C>@!6LB!R<=CNC>8^:B8C>!:>R!BE!CD!><[N7!8>RR<>B!KB;8<9! [8BE!98F>8D8=:>B!9C=8:N!:>R!<=C>CK8=!><B!6<=:K!C6b<=B8A!8B9R!*:[9!OPPeW ?!!2E89![:9!<>9L;:B8C>!CD!BE<;:N!$99R! #%.-.%!67!RF!=CL>B;8<9?!!4C[!C>F!9<>B!RB!:=BC;9@!8>=NLR8>F!BEM@!BER!N:;FC;!=CL>B;8<9![8BE 98AB!:9989B:>=BE:N!OPPeW?! 2ER![E:B!8B!9ECLNR!RC@!S:;B8=LN:;N7!8>!BER!9<=L;8B7! :;<>:@![<;FB<;8>F!8>B <;>:B8C>:N!B<;;C;89K! 6<=:K<>B!C>!BER:?!!2E<9F!DL;BE<;!67!BE!OPPO!:>R!OPPh@![E8=E!=C>9B8BLB8^:B8C>`9!8>B!BE:B!BE=8N![:9!L>:6NB!C>!<>DC;=B!:=B8C>!8>!(;:T!:>R!BEA:98C>!S;C=<=8N`9!:LBEC;8^:B8C>?!2E<;9! :6CLB!BER!NR!:6CLB!BER!;=!

PAGE 155

142 K:8>B:8>8>F!8 >B<;>:B8C>:N!S<:=R!9<=L;8B7@!8B9!S;8>=8SN!BE!C>!BE=8N!:>R!BE;CLFECLB!BE8^:B8C>!:DB<;!BE<9B9?! 2E<;:N!UCD8!$>>:>!BC!DC;K!BEA<9B8F:BF<[!9<=L;8B7!=E:NN<>F<9!BE:B!E:R!>CB!6<<>!:>B8=8S:B!BER! BC!9LFF<9B!=E:>F<9!BC!BER!BE;CLFECLB!BE8^:B8C>!BC!6:6NRNF<9!V$>>:>!OPPhW?!!2EF!KLNB8 Y N:B<;:N!9<=L;8B7!8>9B;LK<>B9!:>R!c;<6:N:>=8>F! BE9d!CD!BE!R89=L99!OPPh!:B!:!-<=L;8B7!%CL>=8N!;R![8BE8>! *"$@!6LB!BE!'+!9B:DD!8>!&:FER:R!8>!$LFL9B!OPPh!=:B:N7^!BC!DC;K!BE< N?!! 2E<;8^:B8C>!:>R!K:M!DLBL;R!CBE<;9![CLNR!NCCM!:F:8>!BC!BE? 5CNNC[8>F!BE9=7!BE:B!BE8^:B8C>!KL9B!;@!C;!!:!D<[!7<:;9?!!-<=;<;:N!UCD8!$>>:>@![E<>!:>>CL>=8>F! BE!CD!BE!E89!:RR;<99!BC!BE<;:N!$99!->:>!OPPhW@! S;<9<>B< R!BE!:9!:!cDC;M!8>!BEB!:9!BER8>F!KCK<>B!CD!BE!GHQZ?!!$B!BE89!DC;M@!BEB;8<9!CD!BE<B8>L!BEF<9![<;<>:>! OPPhW?!! 2E<;:N!8R<>B8D8<[!BE;<:B9!:>R!=E:NN<>F<9!BC!=CNN<=B8A!CD![<:SC>9!CD!K:99!R<9B;L=B8C>@!:>R!BE8N:B<;:N!:>R!N:[N<99!L9=8N!:LBEC;8^:B8C>@!:>R!9LFF<9B<[!;LN<9!K:7!6<B9!V$>>:>!OPPhW?!!4B8D78>F!BE<9R! =E:NN<>F<9@!8>F!EC[!=CNN<=B8A!=CLNR!:RR;<99!BEF!BE9!CD!BER!BE9E8S!6!BER!;<=CKK<>R8>F!;!BE9B8BLB8C>9!:>R! S;C=<99<9!BC!<>9L;!V$>>:>!OPPhW?! 58;9B!C>!BE9!BC!6=8N@![E8=E!K:>7! :;FLB:B8AB<;> :B8C>:N!=CKKL>8B7!:9!:![ECNR!BC!6<=CK!R<:N8>F![8BE!BER8A8RL:N!9B:B<9!:>R!;<9SC>R8>F!BC!BE;<:B9!CD!F<>C=8RR!K:99!A8CN:B8C>9!CD!ELK:>!;8FEB9!V$>>:>!

PAGE 156

143 OPPhW?!!5;CK!BE<;:N!UCD8!$>>:>!BC!R<:N![8BE! D;:F8N<@!D:8NR!D:8N8>F!9B:B<9@!:>R!!cSE:>BCK!9B:B<9d!N8MN7!:! 9E:RC[!CD!:!9B:B!SN:=R!8>9B8BLB8C>:N! S;CSC9:N9!BC!R<:N![8BE!BE<9R9!CD!9B:B<9? 2ER98AB!BE;<:B9!:>R!=E:NN<>F<9!8>! BECB!E:A!:>B8=8S:B!BE!GHQZ@!:>R!:! =CKS;98AR:B8C>9!DC;!EC[!BC!;R8>F!BE!BE:B!CD!9B:B<9![:F8>F![:;! :F:8>9B!<:=E!CBE<;@!BE8D8=:>BN7!R=NLR< :N9C!A8CN<>=!9B:B<9@! 8>D<=B8CL9!R89<:9<@!<>A8;C>K<>B:N!R@![<:SC>9!CD!K:99!R<9B;L=B8C>@!B<;;C;89K@!:>R! B;:>9>:B8C>:N!C;F:>8^B<[!A898C>!CD!=CNN<=B8A8^B<;=C>><=B <99!CD!:NN!BE!BE<9R!8>!BE9! BE<7!KL9B!!BEC[!><B<;>:B8C>:N!=CCS<;:B8C>!BC!6F!=:9B8C>!8 >!K:>7!:;<:9!CD!BE8^:B8C>`9![C;M@!8>9B<:R!CD![:8B8>F!DC;!N:B<>B!BE;<:B9!BC!K:>8D<9B!C;!F!BE;<:B9!BC!9S;<:R! V'+!OPPQ:W?!!(B!9<;:N!FL8R<9!DC;!;<9SC>R8>F!BC!BE=NLR8>F!:!KC;=8N!BE:B![CLNR!K:M!BERC;9B!CD!BE9868N8B7!BC!S;CB<=B@d!:>R!DC;B8D78>F!6CBE!S<:=F!:>R!S<:=<6L8NR8>F! CS<;:B8C>9!V'+!OPPQ:W?!!58>:NN7@!8B!F:ALK<;CL9!9S<=8D8=!;<=CKK<>R:B8C>9!DC;!;=8N@!BE<;:N!$99R!BE!C>!4LK:>!38FEB9@!:9![!CD!BE<[!8>9B8BLB8C>!BC!CA<;9<F?! ]E<>!BER:B8C>9![<;F!B;:>9N:BBC!BE<;:N`9!C[>! ;< DC;K!S;CSC9:N9!BC!BE!OPPZ@!BE!BE:B8C>!:>R!-B;:B>8>F@!K:8>B:8>99S8;;<:N!BC!DC;K!BE!BEB<>B8CL9!<>A8;C>K<>B!:B!BE! <:;N7!OPPZ@!E<8FEB<>C[!67!BER:N@!DC;![E8=E!BEF!E<:A8N7! =;8B8=8^!5;:>=89=C!KCK<>B?d!!]8BE!98K8N:;!8>B<>B!:>R!<><;F7!

PAGE 157

144 :9!:B!BER8>F!CD!BE!-:>!5;:>=89=C!8>!GHQZ@!BEC[!NCCM8>F!:B!F! BEF@![8BE!:!DC=L9!C>!8KS;CAB?!2E<;F!9<>9B8;8^:B8C>![:9!><!):;F<;!5;<F!BE!:;<:9!CD!BE!BEB@!:>R! ELK:>!;8FEB9! Y L98>F!N:>FL:FR8>F!8>!9LSSC;B!CD! BER<;B:M8>F?!2E!D;CK!BER8>F! SE;:9!N:;F<;!D;<R!8B9!K:8>!9<=B8C>9![<;B!B<;K9! CD!A:;8CL9!M8>R9!CD!D;<!C >!9<=L;8B7![:9!<>B8BN!C>!RB@!c5;<B@d!:>R!BE!C>!ELK:>! ;8FEB9@!c5;<!4LK:>!*8F>8B7d!V'+!OPPZ6W?!!2ER!6:;F:8>d!BE:B!><!BE:B!BE!:9!:!S:=M:F<@!BE<7![CLNR!:N9C!K<<F! F;CLS9!:B!BEFd!C;!=ECC98>F!C>N7! BE<8;!D:AC;K<>B!K:RF!:! %C>F;<998C>:N!2:9M!5C;=!BE8B9!BC!R;:[!8B9!C[>!=C>=NL98C>9!:>R!K:MR:B8C>9@!D;CK!BEB< ;<9B9@!:6CLB!EC[!BC!K:M! ;<:N8^8>F!BE!aL>D8;K8>F!BE:B!:>!B!BC!'-!8>B<;<9B9!:>R!9LSSC;B8>F!K:>7!CD!BER!BE!):;F<;!5;<=NLR8>F!BEF!BECB[8BE9B:>R8>F@!BE!&CNBC>!C>BE!6F!CSSC98B8C>!BC!KC9B!CD![E:B!E:R!6<<>!:F;<!LS!BC!BE:B!B8KF!K=NLR8>F!E89!C[>!S;!8>!+<[!/C;M@!9S8M98C>9! =C>98R<;:6N7!:>R!;<><[R!L>=<;B:8>B7!:6CLB!BE!9S<=8D8=:NN7!:9M=8N!;9d!CD!BE!><CB!:F;<!:!98>FNR:B8C>@!:>R!9C!F:A:B8A<;:N!:>R!E89!

PAGE 158

145 ;=NLR!c(>!):;F<;!5;<F!8B!DC;!K?!!$DB<;!KC>BE9!CD!E<:B9@!KCB!=CKB!C>!-<=L;8B7!%CL>=8N!;B?! ,8A<>!BE89!6:=MR;CS!CD!=C>B<>B8CL9!:>R!BL:NN7!D:8N=8N!;!OPPZ@!BE!KL=E!KC;=!BE!8B9!>CK8>:NN7!S;CSC9=B8C>9![CLNR!8>R8=:B!CD!BEN8M=8N!;CB!;! :K<>RK<>B!CD!BE!BEB! >CB!C>N7!CD!:! B[C Y BE8;R9!K:bC;8B7!ACB!BE<;:N!$99!67!BE<9B;8<9`! ;<9S<=B8A9B8BLB8C>: N!S;C=<99<9@!8>=NLR8>F!:NN!BE<>B!K=8N!V'+! GHQZ@!%E:SB<;!ig(((W?!!2E=8N?!!(B![:9!BC!6CA!BE:B!8B9!=;8B<;8:!DC;!KR8>F!C>!=CL>B;8<9`!=C>B;86LB8C>9!BC!S<:=<6L8NR8>F@!9L=E!:9!6<8>F!:>!:8R!RC>C;!C;!:! =C>B;86LBC;!CD!B;CCS9!BC!S<:=F!CS<;:B8C>9?! ,8A<>!BE:B!-<=L;8B7!%CL>=8N!;CB!DC;BE=CK8>F!:>R!BE:B!BER![:9!KL=E!<:98<;!BC!<9B:6N89E@!8B!CDD<;B;8<9![8BECLB!:!AC8=!BE=8N@!6LB![EC!K:RB;86LB8C>9!BC!S<:=<6L8NR8>F@!=CLNR!E:A!=;8B8=:N! FNC6:N!899L<9!8>!BER!9<=L;8B7!:;<>:?!!2E!CD!,<><; :N!$99!BER8>F! RC=LK<>B9!:DB<;!BE!KC;B;8<9!=CLNR!:99<;B!BE! BE<[!6CR7!:>R!CDD9R!8>DNL<>==8N?!! 2E!CD!BE!BE89!RD8;K:B8C>!BE:B!SE8NC9CSE8=:N!8R<:9! :6CLB!8>B<;>:B8C>:N!S<:=R!9<=L;8B7!:>R!EC[!BC!K:>:FF=8N!98C>!:>R!;CB!6<[!8>B<; Y FCA<;>K<>B:N! 6CR7!<9B:6N89EF!E:R!BC!:==CKKCR:BF!=CL>B;8<9!:>R!=CL>B;8<9! [8BE!9S<=8D8=!=B<;6:N:>==8N@!:>R!8>! N8FEB!CD!BE=8N!;B;8<9![<;<@!8>!BEF!<:=E!CBE<;d!BC!F!BE8^:B8C>:N!%CKK8BB<!OPPJ?!

PAGE 159

146 $S:;B!D;CK!BE=:>=!BEF!:>!8KSC;B:>B!F:S!8>!BE9<[!9F<9!BE:B!E:R!6<<>!8R<>B8D8CB!6<<>!BE<;R8>F!>C;!!:B!BER!CD!BE!BE8D8=:>BN7!9B!BE< S<:=R!9<=L;8B7!:;<>:?!!(B!S;CA8R9B8BLB8C>9!BC!CA<;9<F@!:!=C>=R!CD!BE!8>B<;>:N!=C>DN8=B9!:>R!BE!S<:=F!CS<;:B8C>9?!!(B!SLB!:!DC=L9!DC;!BE![E:B!E:SS<>9!8>!=CL>B;8<9! :DB<;![:;9!E:A!=C>=NLRR!8B!S;CA8R<[!BCCN9!:>R!;<9CL;=<9@!:N6<8B! >CB!TL8BB!:>R!A8FC;CL9!:9!BEA898C>F!9CK<[! 9<=L;8B7!=C>=<;>9!BE:B!E :R!R!BER!D:8N8>F! 9B:B<9? ! %CF>8B8AR!+C;K:B8A!R89=L;98A9B8BLB8C>:N89K!:;8B8AC;K:B8A8B8AR![E:B!BC!RCd!V-=EK8RB!OPPI@! hPJWj!BE<7!S;CA8R<9!:>R!K:S9!DC;!:=B8C>@!<9S<=8:NN7!:B!BER! S;CF;:K9?!+C;K:B8AR!6:R!:6CLB![E:B!89d!:>R!c[E:B!C>!:>R!9<;AR![8BECLB!R8DD<;<>B8:B8C>!8>!BER!SCN8=7!9B;<:K9!CD!BEB:8>9!=CF>8B8AC;K:B8AR!6:R!:6CLB![E:B!89?d!!2EB:8>9!=CF>8B8AC;K:B8AR![E7?!! +C;K:B8AB8D7@!F 8A<>!BE:B!BE<7!:;CB!L9L:NN7!=N<:;N7! !BE<7!B:NM!:6CLB!S;C6N:;8C9!C;!SCN8=7!S;CSC9:N9?!!&CBE! S;C6NR!SCN8=7!9CNLB8C>9!:;<;:NN7!S;<9<>B8B8A!8D!L>9SCM<>!C;!: 99LKC;K:B8AR<;N88B8A!BEFN7!A:NL< Y D;<B:B8C>!CD!6:=MF;CL>R!=C>R8B8C>9!:>R!SCN8=7!8R<:9!S;<9<>B!BE!%E:SB<;!Q!:>R!8>!BER!c"CN8=7!-B;<:Kd!9<=B8C>9!CD! BE
PAGE 160

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bL9B!BE<>!:>R!8B!RC<9>`B!=CK!B:S!8KKB<;A8<[9W?!!

PAGE 161

148 "C9B Y =C>DN8=B!=CL>B;8<9![<;9d![EC![<;CB!C>!RC>C;! =CL>B;8<9`!N89B9!CD!R8R:B<9?!!2E<7![<;=!BE<7!><K<>B!=:S:=8B7!:>R!F<><;:BB!DC;!DC;K<;!=CK6:B:>B9!:>R!<=C>CK8=! RB!DC;!:NN!BE<8;!=8B8^<>9? $>CBE<;!S;C6N:==7!SCN8=7!:=BC;9![:9!BE:B!=CL>B;8<9![CLNR!;BC! =C>DN8= B!:>R!S<:=F!K8998C>9![CLNR!E:A!:F:8>@!C;!6!L>R<;9B:>R8>F!:KC>F!SCN8=7!:=BC;9@!6:9!BER!E89! =CNN<:FL<9!V%CNN8<;!:>R!4CDN8=B!=CL>B;8<9! ;BC!=C>DN8=B![8BE8>!D8AF!:>R!KCA7!CD!BE!OPPh Y OPPZ!BC!:;FL<B<;>:B8C>:N!S<:=<6L8NR8>F!D:=8N8B8<9@!!BECLFE! SCN8=7!:=BC;9!K89L>R<;9BC CR!BER!BE!;89M!CD!;8D8=:>BN7! ;R!-CR<;6CK!OPPJ:@! OPPJ6W V9<!CD!BE!%E:SB<;!QW ? 58>:NN7@!BER!D:8N8>F!9B:B<9!:>R!BEF<;9!BE<7!S;<9<>B![<9B<;>!9B:B<9@!;:N!8>9<=L;8B7@!:>R!F<>C=8R<@![<;<>B!8>!BEM8>F!CD!SCN8=7!:=BC;9!:DB<;!BER!BE!9S<=8D8=:NN7!=E:;FBC!BER!D:8N8>F!9B:B<9?!! ";CSC><>B9!CD!BE!BE=NLRB8C>@!C;!:RR;<998>F!BEF Y B<;K!=:L9<9!CD! =C>DN8=B@!:9!S:;B!CD!BE<[!"&%`9!;<9SC>9868 N8B8<9?!!2E89![:7!BEB<;>:B8C>:N!=CKKL>8B7!K8FEB!E:A9!CD!S;B8>F!L>><=<99:;7!=;89<9!:>R!ELK:>!9LDD<;8>F@![E!SC9B Y =C>DN8=B!=CL>B;8<9!C;! 8>![<9B<;>!=CL>B;8<9!:9!:!;<9LNB!CD!B<;;C;89K@!;:BE<;!BE:>!C>N7!;<9SC>R8>F!BC!BE<9B9!:DB<;!BE F@!:>R!BC!SLB!BE!BE<8;!D<!:RR8B8C>!BC!>C;K:B8AF!8>!SC9B Y =C>DN8=B!=CL>B;8<9@!BE<;C;K:B8A!BER![E7?!!2ER8>F!F:S!8>!SC9B Y =C>DN8=B!=CL>B;8<9!:>R! N<99!C>!BE98R<;:B8C>9!:6CLB!D:8NR!D:8N8>F!9B:B<9@!F8A<>!BE:B!8B!98R<;:B8C>9!:>R!899L<9!:;CL>R!D:8NR!D:8N8>F!9B:B<9!6<=:K
PAGE 162

149 KC;B;:N!=C>=<;>?!!2E<>B9!E:R!9B;C>F!8R<:9!:6CLB![E<;F!8B!CLB98RR<;!BEM@!8>!C;R<;! BC! KC;B!DL>R8>F!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!!2E<7!:N9C![:>BF! =CL>B;7 Y R;8A<>!:>R!=CL>B;7 Y 6:9=8<9! :KC>F!BE<>B9@!:>R!8>!C;R<;!B C!K:M!CD!BER!S;<9<>B<9?!(>!BEB<;A<>8>F!B8K=!OPPP@!BER!BEFR9=:SR!BE8>M8>F!:6CLB!SC9B Y =C>DN8=B! <>A8;C>K<>B9!=C>98R<;:6N7@!N<:R8>F!a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
PAGE 163

150 SC9986N9B8BLB8C>:N!:;;:>FB9!DC;!CA<;9<<8>F!8>B<;>:B8C>:N!S<:=<6L8NR8>F@!6:9!BE=!F8 A<>? 2EF<9!BE:B!BCCM!SN:=!BEB!>C;K:B8AB<;<9B9! E7!'+! KC;K:B8AB<;<9B9!CD!BER!;<9<:;=E!B<:K? !! ":;B8=LN:;N7!R8A<;F<>B! [<;C;K:B8AB<;<9B9!CD! RF!=CL>B;8<9!:>R! = CL>B;8<9!A78>F!DC;!9<:B9!C>!:>!R=8N@!9L=E!:9!,<;K:>7@!a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c(>!):;F<;! 5;<B8A=B8C>9!DC;!BE!BE=B8C>9! 8>!BEN7!S;B8A=B8C>!BE:B!;!c(>!):;F<;!5;<!DC;!=CL>B;8<9!BC!ACNL>B:;8N7!9<R! :9989B:>=R!BEFBE<>!B E<8;!8>9B8BLB8C>9!DC;!;F!=C>DN8=B!V'+! OPPZ6W?!!2E<;:N!:N9C!CDD<;F!9B;L=BL;=8N!:>R!#%.-.%@!8>!;<=CF>8B8C>!CD!RF!=CL>B;8<9`!=C>=<;>9!DC;!F;<:B<;!AC8=! BER!KC ;B8C>!BC!<=C>CK8=!RB?!

PAGE 164

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`9!:LBEC;8B7?!!2E<7![<;<;:N! $99B;CN!CD!BE:B8AF!"CN8=7!$=BC;9 -=EK8RB!VOPPI@!OPGGW!:99<;BB!BC!9BLR7!>CB!C>N7!BE:B8AF!BER8A8RL:N9!:>R!F;CLS9!:B!BEB<;!CD!SCN8=7 Y K:M8>F![EC!:;ACNA!=;<:B8>F@!F@!:>R!bL9B8D78>F!BE!BE89!9<=B8C>@!BE< =CC;R8>:B8AF!SCN8=7!:=BC;9!89!B;:=B!SE:9<9!CD!RB!CD!BEF!SCN8=7!8R<:9@!9B:;B8>F![8BE!BEF!L>8B!:B!*"$!:>R!=C>=NLR8>F![8BE!BEB!CD!BEF!L>8B!:B!*"$!C;8F8>:B!BE9B<9B<!9<>8C;!'+!9B:DD!K!CS<;:B8C>:N!K:BB<;9?!!2E!:6 CLB!EC[!BC!L>R<;B:MB!

PAGE 165

152 DC;!S<:=<6L8NR8>F!8>!BE!F8A<>!8>!GHHe!67!BE<;:N!8>!E89! D8;9B!;9B<8B!BC!CA<;9<F@!;:BE<;!B E:>![C;M8>F!BE;CLFE!BE<[!=CKK8BB<!BER!9<=L;8B7@![E8=E![:9!>CB!:=B8C> Y C;8<>BR!R8R!>CB!8>=NLR<!S<:=<6L8NR8>F!V$>9B<R8>F!DC;!BE8B! D;CK!BE<;:N!$998!BE9L8>F!7<:;9!V*"$!OPPhW?!!-C;!=CL>B;8<9@!>CB:6N7!BE!D:AC;!CD!=;<:B8>F!BE8B!:>R!CDD<;R8>F!BC!9B:;B!LS!8B!LS?!!4C[8B![CLNR!9B8NN!;FC8>F!CS<;:B8C>9@!:>R!BE!:DB<;! BEM=CK8B:>B!C>SCSLN:;!#(-$-! S;CSC9:N?!!2E89![:9!BC!6!<:;N7![:;>8>F!L>8B!8>!BEC[NDN8=B!98BL:B8C>9!:>R!F<><;:B:N79<9!:>R!9B;:B8B![:9!9B;C>FN7! ;<989B!=CL>B;8<9!D<:;8>F!'+!8>B;L98C>9!8>BC!BE<8;!8>B<;>:N!:DD:8;9@!:>R![:9!:6:>RC><;: N!8>!OPPG!V*"$!OPPhj!*C;>!OPPQj!k<>MC!:>R!5;8!OPGGW?!!5CNNC[8>F!BE89! 9<;:N!R< Y N8>MR!:F:8>!9CLFEB!DL>R8>F!DC;!BEF!L>8B@![E8=E![:9!:F:8>!R<>8R8>F!8>!OPPO!67!BE<;:N!$99!RC>C;!BE:B!E:R!SNR8>F!DC;! BE<[!L>8B@![8BER;<[!8B9!DL>R8>F!DC;!BE8B!BCC@!6LB!9LSSC;B< Y 7<:;!<>F:FB!CD!:>! :N!=C>9LNB:>B!BC!L>R<;B:MR!=:S:=8B7!8>!S<:=<6L8NR8>F!V*"$!OPPhW?!! 2E9LNB:>B!=CKSN:N!;RC!NC>F<;!9<;AB!DC;! S<:=<6L8NR8> F@!:>R!BE:B!;:BE<;@!8B!N<>R!8B9!9LSSC;B!BC!BE<[!"&%!:>R!"&-.!V%:NN!OPPZW? ! C8.!4"#$".=10!9.0(A.#+!>$01-1"+ ! 2EF9!;B!R89=L998C>9@![E8=E! 9B:;B!GHHH![8BE!DL>R8>F!D;CK!BEM?!!2E<9F9!=C>A<>=NLR8>F!68N:B<;:N!:8R!:F<>=8<9!D;CK!K:bC;!RC>C;!=CL>B;8<9@!'+!:F<>=8<9@!8>B<;>:B8C>:N!+,.9@!BE8>M! B:>M9@!:>R!!;R!RB!:=B8A8B8<9!8>!SC9B Y =C>DN8=B!

PAGE 166

153 =CL>B;8<9?!!-:R:M C!.F:B:![:9!E<:R!CD!'+4%3!:B!BE:B!B8KR!E:R!:SS<:NM!BC! =CK:>=8>F!K<=E:>89K!DC;!BE<9B;8<9@!F8A<>!K:bC;!9B;<99<9!C>!E<;!C;F:>8^:B8C>!BC! =CSR!(*"!98BL:B8C>9!:>R!R8DD8=LNB8<9!:9989B8>F!BE<99@!RLR8B8C>9!:>R!BEB![C;M!6<8>F!RC>!:>R!-B<[:;B!":B;8=M!CD!BER!*8;M!-:NCKC>9@!:>!:RA89C;!BC!BE9!:>R!E:R!SL6N89E SC9B Y =C>DN8=B!=CL>B;8<9! V5C;K:>!:>R!-:NCKC>9!GHHHW!:>R!BE:>=8>F!DC;!SC9B Y =C>DN8=B!;<=CA<;7!V5C;K:>!:>R! ":B;8=M!OPPPW?!!,8A<>!BE89!R!BE!CD!BE<9!BEF9@!BEM!;B<;!S; CA8RR!S:S<;9!DC;!BEF9?!!5C;K:>@! ":B;8=M@!:>R!-:NCKC>9![;CB!BEB8D8!SC9B Y =C>DN8=B! =CL>B;8<9@!>:K!8>9B8BLB8C>:N!F:S@!DL>R8>F!F:S@!:>R!M>C[N8B8:N![C; M@!BE<7! =:K@!":B;8=M@!:>R!-:NCKC>9!OPPPW? ! 2EF!9LSSC;B!D;CK!1:;M!1:NNC=E!&;C[>@!BE<>!g8=< Y ";<98R<>B!DC;!#XB<;>:N! $DD:8;9!:B!BEM?!!(B!9CC>!=:K!:B!:>!8>B<; Y K8>89B<;8:N!K< F!6! K:b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

PAGE 167

154 ! C8.!J1=8 O <.A.-!@$%.! 2E8B8:N!8R<:!DC;!BEB!178>B!'@!BE<>!BE>8>F!:B!*"$!:>R!N:B<;!9<=C>R!BER!&;L=<9@! BE<>!BER!N:B<;!BE!";<>R<;F:9B@!DC;!:!c;<6:N:>=8>F!CD!C;F:>9@d!BC! FB9!8>!BE!BE<;:N!D;CK!KF!BE89!=;8989!BC!B:M!C>! RF!;LN<9!DC;!BER!C>!;F!BE=8N!BC!6B:B8AF!=CL>B;8<9?!!5CNNC[8>F!BE!BE< '+!=CKSCL>R!8>!(;:T!8>!$LFL9B!OPPh@!BEF!BEB!'!:>R!aC><9!=C>B8>L=R<;!BE<;:N!:>>CL>=!BC!DC ;K!BE!E89!:RR;<99!BC!BE<;:N!$99!->:>!OPPhW? ! 2ER!FCA<;>K<>B!CDD8=8:N9@! [<;>CL>=!+CA!67!BE<;:N!6:9 !BE<8;! 8>DNL<>=<@!S<;9C>:N!=;R!=:S:68N8B7!CD!8>RR<>B!BE8>M8>F?!!2EB:B8C>!CD!:NN!BE9!CD!BECB!>CK8>:BC;!R8R!BE<7!CDD8=8:NN7!;B@!BE<8;!FCA<;>K<>B9? !! -CKK<>B9!8>!BECB?!!2E<>B!K=8N!V'-$@!'U@!5;:>=<@!3L998:@!:>R!%E8>:W@!F8A<>! BE:B!8B![ :9!BC!K:MR:B8C>9!;F!-<=L;8B7!%CL>=8N!;R!CBE<;!S<:=R! 9<=L;8B7!899L<9?!!(B!R8R!>CB!E:AR<;!6:N:>=<@!F8A<>!BE:B!C>N7!DCL;!CD!8B9!GJ!K?! ! 2EC;BE<;>!=CL>B;8<9![<;F<;!:>R!KC;R!<>F:F! BE9!BE:>!BEC9!=CL>B;8<9@!:>R!9C!E:R!KC;DNL<>=!BER!;<=CKK<>R:B8C>9?!(>!=ECC98>F!BE<;:N! BC!8R<>B8D7!SF!DC;!8>!]<9B<;>@!RB;8<9!BE:>! D;CK!CBE<;!S:;B9!CD!BEB![:79!CD!<>F:F8>F![8BE!BE
PAGE 168

155 ":>R!AC=:N@!<>F:F8>F!:>R!F8A8>F!R8;<=B@!RSLB!BC!BER!N<99!:=B8A<;:N!FL8R:>=R! [89RCK!=LNN7!7<:;9!8>!8>B<;>:B8C>:N!9<;A8=9@!*:A8R!4:>>:7@!:>R!-:R:MC!.F:B:! Y [<;F:F!CBE<;9!:=;C9 9!BE!BE9!:>R!4:>>:7![<;B!SCN8=7!:=BC;!:9!E:A8>F!6<<>!c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aC><9`!;<=<>B![C;M!C>!BE=B<;:=BBN7![8BE!BE8B7@![E<;7!CD!BER! :>:N7989!DC;!BE:BR<;!BE<8;!R8;<=B8C>![:9!:>!:=B8AR! =:S:6N<@![R!:SS;<=8:B!8>! BE7!SCN8=7!S:;B8=8S:>B9!;!BE!BEB!DC;!F<><;:B8>F!KCK<>BLK!DC;!BER!S;CA8R8>F!BE89K!DC;!6;8>F8>F!

PAGE 169

156 BE Y K:M8>F!67!BE!BE! :>R!aC><9!c[<;!8>!BEF8>F!BEF!:NN!CD!BE!:>R!aC><9![<;R!DCL;!:RK8>89B;:B8A!D;CK!9B!9CL;=<9@!8>=NLR8>F!BE8>M Y B:>M9@!R8SNCK:B8=! K8998C>9@!:>R!BEF!>:B8C>:N8B8<9@!8>!C;R<;!BC!N8>M!6:=M!BC!KB!BE;CLFE!8B9!R9@!:>R!BC!=CKS<>9:BB!=C L>B;8<9!BE:B! [<;CB!;B!BE7!:>R!-CLBE!$D;8=:?!*<9S8B:B8C>:N8B8<9@!><:;N7!:NN!CD!BE!C;!:N;<:R7!N8A8>F!8>!+C;BE!$K<;8=:! V+'"(!OPPJW?!!$9!9L=E@!:>R!F8A<>!BE:B!6CBE! -B!:>R!aC><9![<;@!BEF!>C;BE<;>!=CL>B;7!68:9?!2EC!F<>R<;!6:N:>=?!! ! 2E=NLR!>:B8C>:N!8>!;<9SC>9!FCA<;>K<>B! BE:B!BE<;C!,<; K:>!C>!BE7![:>B!8>DNL<>=!BE!BE:B!8B![:9!9B;C>FN7!8>!D:AC;!CD!-<=L;8B7!%CL>=8N!;R![:9!C>B;8<9!KC9B!N8M!:>!R=8N?!!2E!R8SNCK:B![EC![:9! [!9CLBE<;>!=CL>B;7!S<;9S<=B8A<9@!E:A8>F!S;<;:N!$99 Y $N8F>B!V+$1W!]C;M8>F!,;CLS!C>!"<:=F?!!2EF!CD! 9CLBE<;>!=CL>B;8<9!:B!BE!BEB!178>B!'@!CD! &L;K<9=<9B;7! 6LB!6C;>!8>!BER![<9B<;> Y R9C>!CD!DC;K<;!-<=;<;:N!'!2E:>B@![EC!9<;A!BER!:9!4<:R!CD! "CN8=7!"N:>>8>F!:B!*"$!B C![C;M!C>!BER!N8:89B!'@!:NC>F![8BE!&;L=<9@! E:R!:LBEC;:N!8R<:!CD!DC;K8>F!BER![C;M!BE=R<;!'-,!DC;!"CN8B8=:N!$DD:8;9!U8<;:>!";<>R<;:9B? ! .>B!9B;:B9LNB![8RR!FCA<;>K<>B:N!S<;9C>>!BER:@!BE;CLFE!:!9<;8<9!CD!8>DC;K:N!=C>9LNB:B8C>9!C>!9S<=8D8=!899LR!:BB<>RR8>F!C>!BE<8;!:A:8N:68N8B7!:>R!BEF!R89=L99F?!!2EF9!

PAGE 170

157 [<;8^R!D8>:>=8:NN7!9LSSC;B8^:B8C >9@!8>=NLR8>F!+,.9@!BE8>M Y B:>M9@! >:B8C>:N!FCA<;>K<>B9@!L>8A<;98B8<9@!:>R!'+!6CR8<9?!!1:>7!=CL>B;8<9![<;B9?!! ! 5C;B7!K<F9![<;!a:>L:;7!:>R!-B9!8>!BE<9F9!=:K7!8R<:9!DC;!BE!LS?!! 2EF9![<;!:==C;R8>F!BC!BECB!:BB;86LB8^:B8C>?!2EF9![< ;R!S;<9<>B!BE<8;!C[>!S;8A:BF9@!6LB!>CB!K:R!:RR8B8C>!BC!K:>:F8>F!BE<9DC;K:N!=C>9LNB:B8C>9@!BER!LK<;CL9!S:S<;9!:>R!S;CSC9:N9!D;CK!A:;8CL9!F;CL S9![89E8>F!BC!R! :RA8=!'+!;!h Y R:7!K<F9!6!*<=R!+CAN7!BER!C==:98C>:N!!9S<=8D8=! 899L<9![CLNR!6 B@!8>!:RR8B8C>!BC!BE! S:S<;9!DC;!BE!:RA:>=F9@!6:9!BE<8;!;<9<:;=E!:>R!BEDC;K:N! =C>9LNB:B8C>9?!2EB9!:>R!9!CD!KLNB8N:B<;:N! 8>B<;A<>B8C>9!8>!R8DD<;<>B!D8F!R:B:!9!=8A8N![:;9@!C;F:>8^R!B<;;C;89K?!!2ER!S:S<;9!:>R!9![<;CB!K:RC;![<;F9!CD!BEF9@!:9!BER!BEB8N!BER!9!N9!CD!M<7!F:S9!:>R!S;C6N!BL;>!NR:B8C>9!8>!BE< N!KB<;<9B!8>!R;:DB8>F!BE!=C>A8>=! BE<7!9:[!BE=R!S;CD<998C>:N89K!!BER!K:B<;8:N!BE<7!E:R! =CNN<=BDC;K:N!=C>9LNB:B8C>9?!!2E<7!9L6K8BBR8A8RL:NN7@! ;<=<8AB9@!:>R!;< Y [;CBR! :>R!BE8;R!R;:DB9![<;!BE<8;!K<F9@!BER!R;:DB!8R<: Y 67 Y 8R<:!:>R!BE:N!R;:DB![C;R Y 67 Y [C;R?!2E=NLR<[!=C>B;86LB8C>9!D;CK!BE
PAGE 171

158 =C>B;CA<;98:N!S:;B9!8>!BE <8;!K<F9?!2EB!CLB!S:;B9!CD!BE!A:;8CL9!D8B9?!!2ER!BEB!BC! <>F:F!R9B8BLB8C>:N!;!BE@![8BE!BE9B8BLB8C>:N!R!:>R!aC><9!=CKKL>8=:BF!BEF!=:S8B:N9!BC!R 89=L99!BE98B8AL=N<:;!>C> Y S;CN8D<;:B8C>?!2E<7!:N9C!=C>9LNBR!6:N8^8>F!BE9L;!BEF<;:N!BECLFEB!=CLNR!6F!CD!K:>7!R8DD<;<>B! >:B8C>:N8B8<9@!:N9C!E:R!8>DC;K:N!K<F9![8BE!KF9!:B!BE9LNBB;L98C>9!D;CK!BER!CBE<;!S:;B8<9![EC! K8FEB![89E!BC!=:SBL;!899L<9!:>R!:F<>R:9?!2EB<;<9B9!CD!6CBE!>C;BE<;>!:>R!9CLBE<;>!=CL>B;8<9?!!2E<9DC;K:N! =C>9LNB:B8C>9![8BE!KR8=:BR!BE:B! 8B![CLNR!N8MN8MF@! 9L=E!:9!-<=L;8B7!%CL>=8N!;R!:===C;K!CD!c;<9SC>9868N8B7!BC!S;CB<=B?d! ! 2E<9![:9!TL8B!E89!=NC9![8BE!5C;K:>!:>R!%(%?!!)8MB!8R<:9!DC;!BE<9!:>R!-B![<>B!BE;CLFE!:>!8>DC;K:N!S;C=<99!CD!=C>9LNB8>F! D8;9B![8BE!M<7!KB;CRL=8>F!8B!BC!BE F!SC98B8AR8=:B8C>9!D;CK!BE<9B;8<9@!BE<7!S;C=<B;CRL=F!BEDC;K:N!=C>9LNB:B8C>!E!*<>K:;M!8>!aL>89E!FCA<;>K<>B!:>R!DC=L9!BEF!=8A8N8:>!=:S:=8B7!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!! 5C;K:>@!BE!S;CSC><>B!CD!BEA8BF?!!2E!:B!BE89!K<F!:>R!F8A<>!:!><[!>:K!:>R!6!BEC;9![EC!E:R!9LSSC;B
PAGE 172

159 ":>>:7![:9!:N9C!S;<9<>B!:B!BEK:;M!K<F!:>R!E!BE:N!SN:>@![E8=E!4:>>:7!:;FL989B<>BN7!8>!BE9@ [:9!BE:B!BE=8N!BC!6![C;MR!:NN!CD!BE!BE8B8:N!S<;8CR?!!4<;!;<9<;A:B8C>9![<;<9!:6CLB!ECL98>F!BE:KCB!8>!D:AC;!CD!E:A8>F!:! +<[ Y /C;M!6:9B8B7!8>!=E:;F!BE:B!BER!8>!BEF!]C;NR!&:> M!S:;B8=8S:B8C>@!:9!9E!C;R<;!BC!E:A=F!BE<:>=8>F!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!! *<9S8B9@!9EF@!6;8>F8>F!BE!<:;N7! =C>9<>9L9!C>! 8B?! ]E8NF!BE!:>R!aC><9!=C>B8>L9LNB![8BE!KK<>B9!:6CLB!8B@!:>R!DCL>R!=C>989B<>BN7!FCCR!9LSSC;B!DC;!8B!BE<;!< :;N7![8>><;!8>!BE!BE:B!=C>9<>9L9!:6CLB!8B![:9!;<:=E!BER!K!BEDC;K:N!=C>9LNB:B8C>9![8BE!BE! :F;<B!:6CLB!;<=CF>8^8>F!S<:=<6L8NR8>F :9!:!=C;![:9!>CB!:6CLB! [ECB@!6LB!;:BE<;!:6CLB![E:B!K<:9L;<9![CLNR!6<B<>B8C>!C>!BE=8N!;C;K! CD c;<9SC>9868N8B7!BC!S;CB<=B@d!;LN<9!DC;!BER!>L=N<:;!S;CN8D<;:B8C>? ! .>!:;FLK<>B9!DC;!BE!BER!4CF!BE:B!SC9B Y =C>DN8=B!=CL>B;8<9!D:=< R!:!QQ Y ZPp!;89M!CD! ;F!8>BC!=C>DN8=B![8BE8>!D8AC[>!6CBE!8>!BER! R8SNCK:B8=!=CKKL>8B8<9@!6LB!8B![:9!L>R<;9BCCR!67!K:>7!:=BC;9!8>!BE9!>CB!8>!B<;K9!CD! ;89M!CD!;F@!6LB!;:BE<;!:9!:=BL: N!;BC!=C>DN8=B?!!$NBECLFE!K89L>R<;9BCCR!67!SCN8=7!:=BC;9! :>R!N:B<;!:R:SB[:; R!67!%CNN8<;!:>R!E89!=CNN<:FL<9 V%CNN8<;@!4CR!-CR<;6CK!OPPJ:@! OPPJ6W@!BEF!D8FL;B!DC;!<9B:6N89E8>F!BE !BEF!:>R!8>BC!BE<:;N7!E:NDd!D8FL;
PAGE 173

160 DC;!=CL>B;8<9!;F!8>BC!=C>DN8=B![:9!S;CK8><>B!8>!BER9!CD!SCN8=7!:=BC;9!:>R![:9![8R: N@!SN:>>!R:B=8R8>F!CD!BE<;:N!$99@!BC!*<=CB!=CKB!C>!BE=8N!;< DC;K?!!1C;B8:N!9![<;F!LS!8>!+CAR!=CLNR!E:AR8>F9@!E:R!BE<7!6<<>!;:NN7!;CSSC;BL>98C>9!CA<;!BEB!:>R!-<=;<;:N!UCD8!$>>:>!L>R<;! E<:A7!S<;9C>:N!:BB:=M!D;CK!;8FEB Y [8>F!'-!=C>F;<99K:>!:>R!K!C;R<;!>CB!BC!E:AB8C>!:B!BEB:B8C>!6R:N@!BE<;:N!:AC8R:NN7!S;<98R8>F@!:>R!R9B<:R!BC!BE:>R!":>7:;:=EL>!CD! 2E:8N:>R@![EC9R!S;<9<>B:B8C>!9M8NN9![<;CB!:9!8KS;<998A<;:N`9?!!$9! 9L=E@!BED<;<>=CB![R!R8R!>CB!E:AF!8KS:=B! BE:B!BER!BE>B8;=NLR8>F!BE! -B@!BE<9@!:>R!DCL;!CLB!CD!BE!a:>L:;7!OPPZ!:DB<;!BE!BE!CD!BEBC!-<=;<; :N!UCD8!$>>:>`9!C[>!;!1:;=E!OPPZ!8>!BE!):;F<;!5;<<=<99:;7!6<=:L9!:RR;<99<;:N!:>R!>CB! BC!KR!:N9C!BC! 8>=NLR>8LK!";Cb<=B!;<;:N!:F;<!S;CSC9:N9@!E:R!BC!6!:!DC;K:B!BE:B![CLNR!:NNC[!DC;!R<=898C> Y K:M8>F!67!K
PAGE 174

161 2ER<;!BE!CD!&C6!.;;@!$-,!DC;! "CN8=7! %CC;R8>:B8C>!:>R!-B;:B>8>F!8>!BE9868N8B7!DC;! R;:DB8>F!BE!):;F<;!5;<<;:N@![:9!:N9C! 8>DNL<>B8:N!8>!9E:S8>F!c(>!):;F<;!5;<!BE:B!9ER<;B:M8>F!:!K:bC;! :RK8>89B;:B8A!;<9SC>9R!><9L;<[! S;C SC9:N9![<;!N8>FC8>F!;!BE7!S:S<;9!:>R!S;CSC9:N9!:B!BE:B!B8K<;:N!C>!'+!;R!E89!;F![E:B!BC!SLB!DC;[:;R!D;CK!BE<9:KB;8>98=!8KSC;B:>=<@!SCN8B8=:N!A8:68N8B7@!:SS;CS;8:B<><99@!:>R! :=B8C>:68N8B7?!!2ER!.;;`9!B<:K![:9!8>!D:AC;!CD! 8>=NLR8>F!8B! 8>!BE!):;F<;!5;<!BE!c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c(>!):;F<;! 5;<R!:>!:RR8B8C>:N!N:7<;!CD!;F!BC!#%.-.%!:9![=8N![:9!:RR9LNB:B8C>9![8BE!BEM!8>!:RA:>=F! c(>!):;F<;!5;<!]:9E8>FBC>!:>R!+<[!/C;M!DC;!BE<9
PAGE 175

162 =C>9LNB:B8C>9?!4M!6F!K!BEM!R<=N8>!D:AC;!CD!E:A8>F!C>N7!C69<;A<;!9B:BL9? ! 5CNNC[8>F!BE!):;F<;!5;<!BEB8>LF!KF!=NC9! D:AC;!CD!A:;8CL9!S:;B9!CD!BE<;:N!$99 Y <>R9LNB:B8C>9!:6CLB!BEF!8>!$S;8N!OPPZ@!L>R<;!BE!CD!BEB!CD!BE<;:N! $99!"8>F!CD!,:6C>?!! 49LNB:B8C>9!BCCM!SN:=!DCL;!=NL9B<;9@! =C;;<9SC>R8>F!BC!BE9!CD!BE!):;F<;!5;<:KB@d! c5 ;<!4LK:>!*8F>8B7@d!:>R!c-B;<>FBE<>8>F!BE8B9?d!! 2E!%NL9B<;!((!C>!c5;<<>B!;B:B8A<9!CD!$L9B;:N8:@!2E:8N:>R@!:>R!2L>898:?! ! c (>!):;F<;!5;<=NLR=8N!;7!KCR8D8=:B8C>@!:9!BE<;:N!S;!BE!K<[!%CL>=8N![CLNR! 6R![E8=E!=CL>B;8<9![CLNR!F:N!9<:B9![<;R!=C>B<>B8CL9@! F8A<>!BE:B!9C!K:>7!=CL>B;8<9!9CLFEB!9<:B9!C>!:>!R=8N?!!2E<9B!C>! DC;!KC>BE9!:>R!:DD<=BB ;CA<;98:N!8BB!:6CLB!BEB;8<9!9B:;B!BE=8N!R<6:B<9@!BE;<:B<>8>F!BC![8BER;:[!9LSSC;B!8D!BE<7!=CLNR!>CB!:=E8= 8N! ;!:![:7!BE:B![:9!D:AC;:6N!&CNBC>!8>!$LFL9B!OPPZ@![EC![:9!R<9=;86<>B!SCN8=7!:=BC;!:9!E:A8>F!6<<>!C>!:!c[;<=M8>F!K8998C>d![8BE!E89!N:9B Y K8>LB<@!98ARK<>B9!:>R!:B8C>9!8>! BEB@!BE;<[!BE!S;C=<99@![E8=E![:9![=BC!=C>DL98C>?!!#A<>!BE9<>9L9!BE:B! E:R!6<<>!;<:=ER!BEN7!8>!TL<9B8C>?!!(>!;<9SC>99!BC!8>A:N8R:B< BEB@!CBE<;!=CL>B;8<9@!<9S<=8:NN7!BEC9F!DC;!-<=L;8B7!%CL>=8N!:>R!4LK:>!38FEB9! %CL>=8N!;F!:F:8>9B!BE!:>!B!BE
PAGE 176

163 CBE<;!899L<9?!$K6:99:RC;!&CNBC>![:9!9M!BEF! KC9B!KR!!E89!C[>!FCA<;>K<>B@!ECB!KCL>B!:!9B;C>F!CSSC98B8C>?!4:F!BEB!BEB!DC;!=C>9<>9L9!R<=898C> Y K:M8>F!C>! BEE868B! 8B9!<99!=C>98R<;:6N7@!F8A<>!BE:B!:>7!=CL>B;7!C>!BE8^:B8C>:N!%CKK8BB<!6NC=M!:=B8C>?!!2E<99!9!BE=8N!:>R!BE<;:N!$99F!K:RF!>A898C>!-!S;8>=8SN<@!:>CBE<;! >!S;C=<99!6!6!K:N!RR!S;R8>F!;<9CNLB8C>9?!2E<99![<;R<;!BE!CD!BE<[!";<98R<>B!CD!BE<;:N!$99!#N8:99C>!CD!-[@!:>R![<;<>B!;B:B8A<9!#NN<>!)Cb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

PAGE 177

164 (>!BE9@!RF!=CL>B;8<9!=C>B8>L!BEB8A=B8C>9!BE:B!E:R!6<<>!8>=NLR!c(>!):;F<;!5;<:K F!9B:B<9!BE!:B!:>7!9B:FDN8=B!BC!9<R!DL>R8>F!D;CK!BEFBE<>! BE<8;!8>9B8BLB8C>9!DC;!;F!=C>DN8=B!V'+!OPPZ6W?!!(>R8:@!%L6:@!":M89B:>@!:>R!g<><^LB!:F:8>9B!BEB8A=B8C> 9@![E8N!9B:B<9![<;:6N! BER8>F!RC=LK<>B9!DC;!BE!*<=B8A=B8C>9@!:>R![:9!;<9B;8=BDN8=B!:=B8A8B8<9?! ! 3L>>8>F!S:;:NN9!N^:>8:!:>R!*<>K:;M![:9!:! S;C=<99!8>98R=B8C>9!CD!BE<[!"&-.?!!(>!BECK7@!6B<;!CD!=R!;<9<:;=E!C>!S<:=<6L8NR8>F@! :>R!R;: DB!9B;:B=NLRR!'+*"`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
PAGE 178

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aL>8^:B8C>:N!%CKK8BB<=ER!E:R!BC!9S<>R!KL=E!CD!8B9!<:;N7!9<998C>9![C;M8 >F!CLB!8B9!C[>!;LN<9!CD!S;C=!CA<;![ER8!:>R!-8<;;:!)B;8<9!BC!B:M!:9!BEB!=CL>B;8<9!C>!BER:@!F8A<>!BE:B!BE<7! [<;CB!8>!BEDN8 =B!S<;8CR!:>R!KL=E!RB![C;M!E:R!:N;<:R7!6<<>!RC>!6CBE!=CL>B;8<9?!2E<[!$-,!DC;!"<:=<6L8NR8>F@!%:;CN7>!1=$9M8<@!RRB;8<9@!F8A<>!BE:B!6CBE!E:R!:9M=<@!6CBE!E:R!:>!!NB<;>:B8C>:N!=CKKL>8B7!:>R!E:R!FCA<;>K<>B9!8>!SN:=:6N7! ;B:B8A<@!:>R!6CBE![<;!R:>F<;!CD!6<8>F!>B<;>:B8C>:N!=CKKL>8B7?!!]E8NF!BE<[!6CR8<9!S;<99F![8BE!N:;F<;@!KC;DN8=B!=CL>B;8<9!9L=E!:9!(;:T!:>R!$DFE:>89B:>@!BE<[!$-,!BECLFEB!8B![CLNR!6:F<:6N9!BC!B<9B!CLB!BE<[!6CR8<9?! !

PAGE 179

166 %CKKL>8=:B8AR!B7S8=:B8AACNA<9!BEB:B8C>@!R@!:>R!N!CD!SCN8=7! 8R<:9!BC!BE<;:N!SL6N8=?!!2E<;CB!:!9B;C>F!=CKKL>8=:B8A!BEACNA!<9B:6N89E8>F!BER!BE<8;!SL6N8=9@!F8A<>!BE:B!BE<9F!:9! R!9C![<;CB!986NR<CB:B8AF<;! :>R!=CKKL>8=:B8A!c=CKSCL>R!SCN8B8<9d![E<;8>F!:=B8A8B8<9!:;F!KLNB8SN!C!B;:N!FCA<;>K<>B!:>R!=CL>B;8<9 :;B:B8C>:N!N<:R<;9!:>R!RR!SCN8B7@![8BE!FCA<;>8>F!:=B8A8B8<9!R89S<;9!8B9!A:;8CL9! 6CR8<9@!8>=NLR8>F!BE=8N@!,<><;:N!$99R!-<=;C!B;8<9!:;B!BEB<; Y FCA<;>K<>B:N!6CR8<9!67!BE<8;!R8SNCK:B8=!9B:DD@! [EC!;K<>B9@!;:BE<;!BE:>!BC!BE<;:N!SL6N8=!8>!BE<8;!=CL>B;8<9?!!1C;!BE!:BBB:B8C>!D;CK!BEB!;9!CD!BEB<;>:B8C>:N!=8A8N!9<;A:>B9@!;<9SC>986N8^:B8C>!:>R!8B9!DCL>R8>F!S;8>=8SN<9!;:BE<;!BE:>!BC!BE<8;!>:B8C>:N!FCA<;>K<>B9!C;!BE! BE<8;! ECKB;8<9!V]<899@!%:;;:7:>>89@!:>R!aCNN7!OPPHW?!!]E8N8=:B8ACB! S;CK8><>B!DC;!BE!CD!BE!BE89!8>9B8BLB8C>:N!=C>BB9!CD!:!=CKKL>8=:B8AF! D;CK!BE!SL6N8=! :RR;<99<9!:>R!S;<99!;R8>F!BEB9!8>!BER!8>!9CKR<;B:M<>!67!SCN8=7!:=BC;9!BE:B![<;=<9?! -<=;<;:N!UCD8!$>>:>`9!c5C;M!8>!BE>:>!OPPhW!:B!BE8>F!CD! BE<;:N!$99!8>!-!8KSC;B:>B!SL6N8=!9B:BB!CD!E89! :99<99K<>B!CD!BE Y K:M8>F!DCNNC[8>F!BEF!BE<!:>R!=CK9!DC;!8KS;CAB9!BC!<>9L;B8>L8>F!CD!BE>L:N!,<><;:N!$99!8>!-
PAGE 180

167 <:=E!7<:;!89!:>!C==:98C>!C>![E8=E!BE<;:N!:>R!BE<>B!=C L>B;8<9!=:>! :RR;<99!BE!E89!:RR;<99@!-<=;<;:N!$>>:>!N89B<[!BE;<:B9!BE:B!E:R!! BEB!7<:;9@!9L=E!:9!B<;;C;89K!:>R!BE!CD![<:SC>9!CD!K:99!R<9B;L=B8C>@!:>R!BEB!=E:NN<>F<9!BC!BER:B8C>!CD!BE Y K:M8>F!979B=8N!:LBEC;8^:B8C>!V$>>:>!OPPhW?!!2E<9F<9@!E!BEB;8<9!CD!BE<B8>L!BEF<9![<;<>:>!OPPhW?!!4>CL>=!CD!BE9!CD!8R<>B8D78>F!BE<[!BE;<:B9!BC![C;NR!S<:=R!9<=L;8B7@!:>R! CLBN8>=<@!<>=CL;:F8>F! BE!BE<8;!9LFF<9B8C>9!DC;! 8>9B8BLB8C>:N!;>:>!OPPhW?!!4R8>F9!67!;<:=E8>F!:F;<B![8BE!<:=E!CBE<;!C>![:79!BC!8KS;CA8B9!V$>>:>! OPPhW?! 2ER 8B9!;<9<:;=E!B<:K![C;M!9<=;<=7!:>R!R8R!>CB!;B8N!BE<8;!D8>:N!;!*<=9LNB![8RM Y B:>M9@!+,.9@!:>R!FCA<;>K<>B9!BC F:BE<;!8>SLB!DC;!BE<8;! R9@!BE;CLFE!BEB<;>:B8C>:N!=C>9LNB:B8C>!K<F9!:9![FC8>F@!:R!EC=! =C>9LNB:B8C>9?!!.>=>B!BE:B![CLNR!:BB;:= B!FCCR!S;<99!=CA<;:F>:7@!:!":>F=E!CD!BE!BE<;:N`9!>:KR![;8BB<>!67!#R[:;R!1C;B8K<;@!E89!=:S:6N>:>!OPPQW?!2E!D8>R8>F9!CD!BER!=E:NN<>F9868N8B8<9d!V$>>:>!OPPQ@!OhW!:B!BE!OPPZ@!67! ;<9SC>R8>F!BC!BER8=:B!BER!:R:SB8>F!BEF! BE<9!8>R8=:BR8=:B!):;F<;!5;<<;:N![8BE!:!N89B!CD!;<=CKK<>R:B8C>9!DC;!R<=898C> Y K:M8>F!:B!BE >:>!OPPQW?!

PAGE 181

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

PAGE 182

169 ,:;9![:9!:N9C!:=B8AF:F!S;CKCB 8>F!BE! :9!E<:R!CD!BE7!9<>8C;!FCA<;>K<>B!CDD8=8:N9!BE;CLFE!E89!SC98B8C>@!:>R![:9! 6;8F!8>!BE<;:N!:>R!E89! 9<>8C;!CDD8=8:N9!:N9C!S;CKCB!SL6N8=!B9!:;CL>R!BE! C;R<;!BC!6CC9B!BE=<9!BE:B!BE!c(>!):;F<;!5;<<;:N!K:RF!:SS<:N!BC! K!S8=M8>F!:>R!=ECC98>F!:KC>F!BE>:>!OPPZ:W?!!4B9!C>!BE=!:B!BER!BE:B!BE8TL8B7!DC;!R<=898C> Y K:M8>F!:B!BE89!N>:>!OPPZ:W?!4BR!:BB<>B8C>!BC!BE:KB@!9<=L;8B7@!:>R!ELK:>!;8FEB9@!9L=E!BE:B!BE=<;>9!CD!BEB!KF!:9!BE>:>!OPPZ:W?!!4! BE<!;:BE<;!BE:>!;E!BE<;:N!$99R!:99L;!BE<8;!SC[<;!BC!B:M!C>!BE>:>!OPPZ:W?!!49![E<>!BE<7!F:BE<;!->:>!OPPZ:W? ! (>!E89!:RR;<99 :B!BE8>F!CD!BE!-8>F! CD!BE>L:N!,<><;:N!$99!:BB<>R>:>!;!BE>:>!OPPhW@!>CB8>F!BE:B!8B![:9!BE9!:KC>F!'+! KR!BER<;S<;DC;K:>=9B8BLB8C>9!BE:B!E:R!KCB8A:B>:>!OPPZ6W?!!4C[NB;CRL=BE9!<:;N8<;! :>R!R;:[>!D;CK!6CBE!BER!BE> 8LK!";Cb<=B!;! :K68B8CL9@!6LB!><=<99:;7!:>R!:=E8>:>!OPPZ6W?!4=CL;:F!:F;<B!C>!BE!BEB@! [E8=E!,$!";<98R<>B!a<:> "8>F!:>R!KB:B8A<9!E:R![C;M!;8FEB!LS!BC!BELB>:>!OPPZ6W?!!

PAGE 183

170 4!BEB!:>R!BE<8;!98F>8D8=:>=<@!:KC>F![E8=E![<;!CD!BER!8B9!9LSSC;B!CDD8=R!DL>R!V$>>:>!OPPZ6W?! 2E<9<@!ECB<[!NB!BC!C>B!=C>B;86LB8C>9!BE8B9! K:M<9!BC!8>B<;>:B8C>:N!S<:=R!9<=L;8B7 d V$>>:>!OPPZ6@!OW?!4BB9!R8R!=C>9B8BLBF!S:=M:FCB!BEF!;9!6<8>F!:F;<B9!C>!>L=N<:;!>C> Y S;CN8D<;:B8C>@!R89:;K:K<>B@! :>R!-<=L;8B7!%CL>=8N!;>:>!OPPZ6W?!!$9!9L=E@!EB!:!FC CR!9B:;B@!6LB!BE:B!KC;CB!C>N7![:9!8B!8KSC;B:>B!>C[!BC! 8KSNB!BE!:F;<@!8>=NLR8>F!FF!BER!;L>>8>F!BEF!BE!6L8NR8>F!S<:=![:; Y BC;>!=CL>B;8<9@!6LB!:N9C!BC!M <F!C>! BEB!6LB!E:R!:NNLRB!LS!BC!BE:B!B8K>:>!OPPZ6W?! ]E<>!BER8>F!;<9CNLB8C>9![<;!*<=<;:N@! 8>!E89!:RR;<99!BC!BE<;:N!$99>:>!OPPZ=W?!!(>!N8FEB!CD!BE=;<:98>F!=CKSNR!9=CSDN8=B!=E:NN<>F<9@!BE!8>9B8BLB8C>:N!F:S! BE:B!E:R!NC>F!S<;989B!EF!9B:B<9!K:>:F98B8C>!D;CK![:;!BC!S<:=>:>!OPPZ=W?!!4CBB8B7!BC!6;8>F!BEB!:=BC;9!BCFF!S;C=<99@!:>R!9L9B:8>!8B@!;<9LNB8>F!8>!D;:=BL;F!CS<;:B8C>9!:>R!CDB<>!:! ;<><[:N!CD!=C>DN8=B!V$>>:>!OPPZ=W?!4=CL;:FF!DC=L9!C> BEB;7 Y 9S<=8D8=! F;CLS9@!BC!<>9L;<99!>CB!C>N7!8>!BE!+<[!/C;M@!6LB!:N9C!C>!BER!8>!SC9B Y =C>DN8=B!=CL>B;8<9![E<;B!9B:MR!V$>>:>!OPPZ=W?!! 4<9L;F!BEDC;K:B8C>!:>R!:>:N7989!8B!><:BF!>:>!OPPZ=W?! a:>!#N8:99C>@!BE<[!";<98R<>B!CD!BE<;:N!$99!E89!C[>!=CKK<>B9!:B!BE< 9:K@!:N9C!=:NN!DC;K8>F!BE!BEF:FB!CD!BEB<;>:B8C>:N!=CKKL>8B7!8>!SC9B Y =C>DN8=B!=CL>B;8<9!V#N8:99C>!OPPZW?!! ]8BECLB!=8B8>F!BER!4CCBF!cBC!;R![E8=E@!8>!;<=<>B!7<:;9@!E:9!9<<>!:;CL>R!E:ND!BEB;8<9!F!D;CK!=C>DN8=B!N:S98>F!6:=M!8>BC!8B!:F:8>![8BE8>!D8A!OPPZ@!OW?!!4
PAGE 184

171 >CB<[!<>R<:AC;!BE:B!6;CLFEB!BCF=!:![8RF=NLR8>F!=C>DN8=B!S;B8C>@!K@!S<:=F@!ELK:>!;8FEB9@!BE8B:;8:>!:9989B:>=<@!;<=C>9B;L=B8C>@!:>R!RB!V #N8:99C>!OPPZW?!!4<[!6CR7!KL9B!6!:NN!BE89!=!BE! OPPZW?!!4B!BEB!'+!C;F:>9!8>!;!BE:B!8B![:9! BC!6=8N!:>R!BE<;:N!$99!OPPZW?!!2E<;:N!$999868N8B7!DC;!BE>L:N!;=8N!DC;!=CL>B;8<9! C>!8B9!:F<>R:!V#N8:99C>!OPPZW?!!2ER<;FC8>F!;!899L<9!CD!<=C>CK8=!:>R!9C=8:N!RB!8>! =CL>B;8<9`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`9!;B!:=B8A8B8<9!:;RB:;7! =C>B;86LB8C>9!CD!RC>C;!=CL>B;8<9?!!

PAGE 185

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bL9B!:DB<;! =C>DN8=B9@!:>R!'+*"!DC;!RB!:9989B:>=<@!:F:8>!F<:;B;8<9!BE:B![ <;CB!8>!=C>DN8=B! :>R!E:R!BE=!R89=L998C>9![8BE8>!BEF!BE!OPPZ@!99B8BLB8C>:N! D:=BC;9!:DD<=B Y K:M8>F!:6CLB!BER!S:;B8=LN:;N7!:6CLB!8B9!;F!N 8><9! :>R!K<;:N!$99!BEB;7@! ;B;7`9!98^R!SCN8B8=:N!C;!<=C>CK8=!S;CK8><>=!BE!;<>R<;9!8B!8>B@!8>R! R79DL>=B8C>:N![E<>!=CL>B;8<9!;:NN7!BCF!C;!K:MB@!9CK!899L!BECK8>:NN7!L>R<;! =C>98R<;:B8C>!:B!BE!=CL>B;8<9!bC8> F<;!;CN!BEF!8B!;<;:N!$99!:RR8B8C>!BC!BE=8N@!:>R!67!:RR8>F!9!,<><;:N!$998^:B8C>:N!%CKK8BB<B9!CD!,$!8>DNL<>=!BEA898C>=!BE89!DC;K!:DB<;!BE=8N!;!BE Y LS!BC!BE!:!97K6CN8=! ;=![CLNR!6R8=:BB<>R=B8C>9@!6<=:L9!

PAGE 186

173 :NB<;>:B8AB;8<9!BC!K<9!DC;!AC8=R!S:;B8=8S:B8C>!8>!K:BB<;9!CD! S<:=R!9<=L;8B7@!8>!N8R8>F!BE=8N?! 2E9B8BL B8C>:N!S;CA898C>9!DC;!:K<>R8>F!BE!R;8A8>F!BE!:NB<;>:B8A=8N!;R<;9!CD!BE9!BE:B![CLNR!K:MR!BERK<>B!;!BE<;:N!$99!67! BE<9B;8<9`!;<9S<=B8A9B8BLB8C>:N!S;C=<99<9@!8>=NLR8>F!:NN!D8A<>B!K=8N!V'+!GHQZ@!%E:SB<;! ig(((@!$;B8=N7!"Z!=CL>B;7@!C;!:!N:;FF!8>! BE<;:N!$99!6NC=M!:!%E:;B<;!:K<>RK<>B?!!,8A<>!BE<9!:K<>RN7!BE;<!BE8^:B8C>@!BC!R!BE=8 N`9! >C> Y S<;K:><>B!K!GHJZ@!:>R!BC!R!#%.-.%`9!K!GHJZ!:>R!D;CK!Oe!BC!ZQ!8>!GHeh!V'+!GHQZW?!!(KSC;B:>B!%E:;B<;!;:B8>F!R
=B!6CR8<9@!N8M=8N!:>R!BE=8N!9S<=8D8!BECB!B:M<>!SN:=<@!N:;FB9!DC;!%E:;B<;!;=8N!;RK<>B@![E8NF BECB@!6<=:L9=8N@!:>R!N:B<;!:9!:! 9L698R8:;7!:N9C!CD!BE<;:N!$99<=B8C>9! V'+!GHQZ@!%E:SB<;!(g@!$;B8=NR!%E:SB<;!g@!$;B8=N=8NW?!2E89!;F!9L698R8:;7!6CR8<9@! =CK68>CB!:F;<!BE=8N! ;B!B E:B!BE!CD!BE!<:98<;!:NB<;>:B8AB;8<9!BC!:=E8=8N!;F!BE=8N?!! $>CBE<;!8>9B8BLB8C>:N!D:=BC;!:DD<=B8>F!BE<;: N`9!N8K8BB;CN!6LRFR!S<;9C>>!DC;!CDD8=<9!BE:B!E986NB;CNN<;:N!$999!L>R<;!BE!OPPZ@!6LB!R8R!>CB! :SS;CA7!:RR8B8C>:N!;<9CL;=<9!BC!<9B:6N89E!8B@!9B8SLN:B8>F!BE:B!8B!6F!F!;<9CL;=<9!

PAGE 187

174 [8BE8>!BEB!BE:B!BE<=<99:;8N7!6R!BE:B!8B![C LNR! E:AB9@![E8=E![<;:BL;:NN7!;B!BC!F8AR!*89=L998C> ! (>!BE89!=E:SB<;@!:NN!CD!BEB9!CD!BE9B8BLB8C>:N89B!D;:K<[C;M!N:8R!CLB!67! -=EK8RB!VOPPI@!OPGGW![<;F!BECB!6<<>! RC>!:>7!CD!BEF!BER!&L8^<;!OPPHj!%;<967! OPGPj!":NK<;!OPGPj!-B:99<>@!,89N:9C>!:>R!)<;C7!OPGPj!%:S:>C!:>R!"8:BBC>8!OPGGj!):L6<;!:>R! -=E<>><;! OPGGW?!! 2:6N<9!J?G!:>R!J?O!9LKK:;8^B9!CD!BE9B8BLB8C>:N89B! D;:K<[C;M!DC;!BE!CD!BE98R<;:N!98R!S<:=<6L8NR8>F@!9B:;B8>F![8BE!:>!8>A<9B8F:B8C>!CD!BE:KR!SE8NC9CSE8<9?!!,8A<>!BE:B!SCN8=8<9![<;!BE!%E:SB<;!Q!:>R!8>!BER!SCN8=7!9B;<:K9!9<=B8C>9!CD!BE:N7989!8>! %E:SB<;!Z@!BE<7![<; CB!;<8B<;:B!BE89!=E:SB<;?!! $6CAB!S;CF;:KK:B8=!8R<:9!8>!BE=NLR8>F!EC[!BEF!=C>=!-<=;<;:N!&CLB;C9!&CLB;C9 Y ,E:N8`9!c$F<>R:!DC;!"<:=!GHHO!V' +!GHHO:W!:>R!R! CD!BER!!:DB<;!8B![:9!:N;<:R7!8>!SN:=R<;!S;CF;:KK:B8=!8R<:9![<;B!L>R<;9B:>R8>F9!CA<;!B8KF![:9!:!;B@!C;! 9<=L;8B 7!:=B8A8B7@!:>R![E=NLRB8>F!;BC!=C>DN8=B!C;!6R8>F!BC!SC9B Y =C>DN8=B!98BL:B8C>9?!! "E8NC9CSE8<9![<;!DC;!8R<:9!8>!BER!8>=NLRR:K<>B:N!TL<9B8C>8>F BE:B!BCCM!SN:=R!BE!OPPO Y OPPh! :6CLB!BE!BER!;=!K:8>B:8>8>F!8>B<;>:B8C>:N!S<:=R!9<=L;8B7@!F8A<>! BE:B!BE9!CD!BECB!6<8>F!;<9S<=B!S;:=B8=8>F!N!CD!BEA<9B8F:B<[!BE;<:B9!:>R!=E:NN<>F<9!BC 8>B<;>:B8C>:N!S<:=R 9<=L;8B7!BE:B!E:R!R!BE9!:>R!9LFF<9B! =E:>F<9!BC!9B;<>FBE<>!BE8^:B8 C>!:>R!K:MR<;B:M8>F!BE
PAGE 188

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

PAGE 189

176 2:6NB<;:=B8AR!8>9B8BLB8C>:N!D:=BC;9!DC;!BE,=@=."3 !#==#+",29,42('$@,')"#=,%".B""*,42('$@, #$.27=, 0$.'2*=,.#I"*,%@,OP!, 3"3%"7=,.2,47232.", .:",7"9273,47242=#(=,.2, .:",4&%('$,'*,.:"'7,:23", $2&*.7'"=,#9."7,.:",OP!, 7"427.,B#=,'==&") c"3%"7=:'4,$7'."7'#,#*),)"$ '='2* N 3#I'*+,7&("=,'*,.:",L"$&7'.@,C2&*$'(,#*), .:",a"*"7#(,0=="3%(@ W7+#*'R#.'2*,29,B27I,2*,.:",OP!,#*),'*, .:",->,7"9273,472$"== , M'8#(7@,%".B""*,.:",L"$&7'.@,C2&*$'(, #*),.:",a"*"7#(,0=="3%(@ !723'*"*$",29,#$#)"3'$=,B'.:,42=. N $2*9('$.,=4"$'#('R#.'2*,'*, .:",8#7'2&=,42('$@, )"8"(243"*.=,927,LMA,2*,.:",OP!A,#*),'*, .:",FGG[,->,7"9273,472$"== , /'99'$&(.,$7'."7'#,927,7"9273'*+,.:",->, C:#7."7 C2*.'*&'.@,29,42('$@,#$.27=,%".B""*,LM;A, OP!,B27IA,FGG[,->,7"9273,472$"== , a"*"7#(,0=="3%(@?=,$2*.72(,28"7,.:",->, 7"+& (#7,%&)+". 6<<>!:998F>!BE!BEF!:B!BE=B8C>!:>R!RF![ <;R![E<;8^:B8C>@!BE:FF!8>! BE!BE:N! :9S<=B! CD!BE!=C>98R<;!BE<8;!=CF>8B8AR!>C;K:B8AFL89E!R89=L;98A9B8BLB8C>:N89K?!!]E<;<:9!=CF>8B 8AR![<;!BER!SCN8=7!9B;<:K9!9<=B8C>9!CD! BE:N7989!CD!%E:SB<;!Z@!9S<=8D8=!:BB<>B8C>![:9!F8A<>!8>!BE89!=E:SB<;!BC!BEC;K:B8A=NLRF!8>!SC9B Y =C>DN8=B!=CL>B;8<9 @ :>R! 8D!:>R! EC[!BEB<;>:B8C>:N!=CKKL>8B7![:9!;<9SC>R8>F?!!":;B8=LN:;N7!9B;C>F! 8>!SCN8=7!:=BC;9`!K8>R9![<;F!R89:9B<;9!:>R!N:;FR!(*"!98BL:B8C>9!8>!BEDN8=B!=CL>B;8<9![EC![<;9d!L>B8N!DC;K:N!RB! :9989B:>=!B:S![DN8=B@!:>R!:DB<;!H\GG!:>R!BE=<;>9!:6CLB!

PAGE 190

177 D;:F8N<@!D:8NR!D:8N8>F!9B:B<9!:>R!:6CLB!BEBC!=C>DN8=B?!!"CN8=7! :=BC;9![89E:;8C9!8>!BEC;K:B8AB9!K:RF!:>R![E7?!4<;F A:NL<9!:>R!CS8>8C>9!BE:B! R;CAM8>F!:>R!bL9B8D8F!S;=R!ECL9M@!8>!C;R<;!BC!6RR!BC!:AC8R! BE<99<9!CD!+<[ Y /C; M! 6:98^:B8C>9@!S:;B8=LN:;N7!BE<8;!N:=M!CD!L>R<;9B:>R8>F!CD! =C>R8B8C>9!8>!BE!BE9C;K:B8A=<;>9!CD! >C;BE<;>!=CL>B;8<9!DC;!6!SC9B Y =C>DN8=B!=CL>B;8<9@!BC!:AC8R!B9!N8MF!;!BEF!BE<9=<;>9@!BEF!C>N7! BC!BE=8N@!:>R!8>=NLRF!S;B8A=B8C>9!DC;!BE<[!6CR7?!!]E<>!BEB!8>BC!>9!CD!BE!OPPZ@!9CLBE<;>!=CL>B;8<9`!>C;K:B8A=<;>9![<;B@!>:K=8N!:>R!BER!BC!K:M<[!S<:=<6L8NR8>F!6 CR7!N<99!DC=L9!9<=L;8B7!:>R!KC;! <=C>CK8=!R B!8>!SC9B Y =C>DN8=B!=CL>B;8<9? ! +B<;:=B8AR8>F!BE![:9!R89=L99F<;!DC=L9!C>!BE:B8AF!SCN8=7!:=BC;9!BE:>!BE8=:B8A!BER!BE!BE9B8BLB8C>:N!=C>BCB!:B8A7!CD!BEB<;:=B8C>9!6!SCN8=7!:=BC;9@!9EC[8>F![ EC![:9! 8>ACNA8=:BR!S:99!BC!<:=E!CBE<;@!:>R!EC[![C;M! [:9!C;F:>8^B9!8>!BE! S;C=<99<9![<;!CD! BER!EC[!8B!C;F:>8^B;CRL=B8C>!:>R!S;CF;<99!CD!BE!BER!BEB!CD!BEB!D8>R8>F9!E<;<>=DN8=B! 9S<=8:N8^:B8C>!8>!BEB9!D;CK!BER!8>BC!BE!BER!BEB8>L8B7!CD!8>ACNAB!CD!SCN8=7!:=BC;9! C>!BER!8>BC!BE
PAGE 191

178 %CKKL>8=:B8A <>B!DC;!BE89!=:9F!EC[!BEB9!;F!BEB! :RR;<99<9!67!BE<;:N!:>R!CBE<;9@!:>R!8>!:=B8C>9!B:M<>!67!9CK!BE<8;!ECKB;8<9!RL;8>F!BE:NN7@!F8A<>!R89=L;98A9B8BLB8C>:N89K`9!:BB<>B8C>!BC!8>9B8BLB8C>:N!D:=BC;9![E<>! 8>A<9B8F:B8>F!:!SCN8=7!R89=CL;9<@!9CK9B8BLB8C>:N!D:=BC; 9!8KSC;B:>B!8>!BE89!SCN8=7!S;C=<99! [<;=NLR9B8BLB8C>:N!F:S9!8>!BE Y K:M8>F!8>! :>R!;8A:N;8<9!6!BE<;:N!$99R!-<=L;8B7!%CL>=8N@!BE!SN:=F!BER!BE<;:N!$99B;CN!CA<;!BE9B8BLB8C>:N89K!:8K9!BC!!SCN8=7!=E:>FA<9B8F:B8C>!CD!BE<9B!:9S<=B9!CD!8R<:9!:>R!8>B<;:=B8C>!8>!BEF!8>BC!:==CL>B!8KSC;B:>B! 8> 9B8BLB8C>:N!D:=BC;9?!!(B!89!S:;B!CD!:!6;C:R!c8R<:B8C>:Nd!B;:R8B8C>!8>!SCN8B8=:N!9=8<>=R!R89=CL;9F!=:L9:N!8>DNL<>=!S;CRL=8>F!SCN8=7!=E:>FR!OPPHj!&R!:>R!%CX!OPGGW? !! %C>98R<;8>F!BEF!BE9L==<99DLN!SCN8=7!8R<:9! DC;!S<:=<6L8NR8>F!BE:B!S;<=:KF!L>8B!8>!*"$@!BER!BER8>F!8>9B8BLB8C>:N!;<9SC>9<9!BC!BEF!BE:B!E:R!RF! F![8BE!BE:N!9B;LFFN<9!BC!SN:=B@!:>R!9<=L;8B7@![E8NF!S<:=<6L8NR8>F! DCNNC[9L==<99DLN!SCN8=7!8R<:9!DC;!S<:=<6L8NR8>F!D:=8N8B8<9!6!8R<:9!:B!BE! :===R!9<B:B8C>?!]8BE!BE8>F!BE:B!BCCM!SN:=!OPPh!:6CLB!BER!=E:NN<>F<9!BC!8>B<;>:B8C>:N!S<:=R!9<=L;8B7!:>R!BE! K<F!BER!BE!CD!BE9B;L=B8C>9!BC!=CK9!DC;! D;:F8N< :>R! D:8N!:B!BE:B!B8KF![8BE! BE<9!BE F!S;CF;:KK:B8=!8R<:9!:6CLB![E:B!S<:=<6L8NR8>F![:9!:>R![E<;
PAGE 192

179 [8BE8>!BE=<;B:8>B7!:6CLB!BEB8>L!OPPQ!:>R!BE!BE<;:B<;F7!BC!KCAF<9B!S;CSC9:N9!8>!BER! CDD<;=;9B8BLB8C>:N!9CNLB8C>!BC!R<:N![8BE!9CKR!=E:NN<>F<9!BE:B!E:R!6<<>! 8R<>B8D8!BE9@!:N6<8B![8BE! 9CK8D8=:>B!KCR8D8=:B8C>9@![E<;7!CD!BECB? ! 2;:=8>F!BEC;K:B8A8B8AB!DC;!8>F! SCN8=7!=E:>F!R89=L;98A9B8BL B8C>:N89K@!F8A<>!BE:B! BEC;K:B8AB8D8<9!BE9!CD!BER!BEB9!L>R<;N78>F!BE<8;!A:;8CL9!SCN8=7!S;CSC9:N9!:>R! :R:SB:B8C>9?!+C;K:B8ACB!:N[:79!=N<:;N7!9B:BF!;CN ! R;8A8>F!BE<8;!S;CSC9:N9?!-CKC;K:B8A!BEF!S;CSC9:N9![<;=<;>9! :6CLB!BE Y EC;;8D8=!=C>R8B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9!:>R!BEB<;>:B8C>:N! =CKKL>8B7!BC!K<<F!>C;K:B8AB![:9!BE:B!9CKF!E:R!BC!6!BC!=C>DN8=B! Y E:ND!C;!><:;N7!E:ND!CD!SC9B Y =C>DN8=B!=CL>B;8<9! [<;R<;9BCCR!BC!6F![8BE8>!D8A!BER!E89! =CNN<:FL< 9!V%CNN8<;!:>R!4CF!:;FLK<>B!DC;!BE! OPPh Y OPPZ@!!BECLFE!8B![:9!K89L>R<;9BCCR!:B!BER!N:B<;!KCR8D8R!CR<;6CK!OPPJ:@!OPPJ6j! -L;E;MR!-:K9R<R!-=EK8RB!VOPPQW!8>R8=:BB9!CD! B;:>9DC;K:B8AFB;CRL=B8C>!CD!><[!=<@!!8D!8B!89! >CB!B;L!BEC;K:B8 AC;BE<;>!=CL>B;8<9`!=C>=<;>9![8BE!D;:F8N< :>R! D:8NF!>C;K:B8A!BE:BC;BE<;>!=CL>B;7!8>B<;<9B9?!!2EF<;!N8>M!BC!BE=8N :>R!SN:=B8C>!:B!BE=B8C>9?!4C[!6F!BE!1:;=E!OPPZ@!-<=;<;:N!UCD8!$>>:>!;<=CF>8^!=CL>B;8<9!E:R! R8A<;F<>B!8>B<;<9B9!DC;!BE<[!6CR7@!:>R!:NB<;!c(>!):;F<;!5;<:B8>F!BEB8A=B8C>9!:>R!9F!LS!:RR8B8C>:N!;F!:;;:>FB9!BC!#%.-.%?!!-CLBE<;>!

PAGE 193

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

PAGE 194

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`!S;=<9@!M<7!SN:7<;9![8BE!AF!=C>A8>=B9@!:>R!R8SNCK:B8=!S;C=<99<9!C;!NF!S;<9<>B?!!2E!BE<[!8R<:9!:>R!=C>A8>=8>F!:;FLK<>B9!8>!BE<[!=C>R8B8C>9!:DB<;!H\GG!:>R!BEF8>F!BER! F8A8>F!8B!KC;!BE!BCS!CD!BEB9!:N;<:R7!8>!SN:==NLRF D:8NL;<9!:>R!R8DD8=LNB!=C>R8B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9@! N:=M!CD!D8>:>=8>F!DC;!<:;N7!RB!:=B8A8B8<9@!:>R!N:=M!CD!:>!<>B8B7![8BE8>!BEF@!BE<;<[!=C>R8B8C>9!C;!=BC!SN:7!:DB<;!BE<9B9?!!2E<9=NLRB<;>:B8C>:N!B<;;C;89K! C;8F8>:B8>F!8>!D;:F8N<@!D:8NR!D:8N8>F!9B:B<9@!R;:K:B8^R!=CKSF@!8D!>CB!

PAGE 195

182 <>B8;R<;9BCCR@!;<9 <:;=E!:6CLB!BEB!;<=L;;<>=DN8=B9@![E8=E! R;CAB9!C>!BER!8>!BEF![8BE!BE89!><[!=<[!>C;K:B8AB9!:6CLB!BE<F!:6CLB!D:8NR!BC!9BCS!BE=< CD!=C>DN8=B?! (B!89!>CB!=N<:;!BE:B!8>R8A8RL:N!SCN8=7!:=BC;9`!S;=<9!=E:>FB;CRL=B8C>!CD!BE!CD!BE=<9!CD!SCN8=7!:=BC;9!8>ACNA! 6CBE!BER!BEF:KR!KC;!6;8RF8>F!BEB!F:S@!6LB!DC;!BE98RR!KC;!9<=L;8B7!:9S<=B9!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!!5C;!BECB!=E:>F=<9@!BE=<9!CD!R8DD<;<>B!SCN8=7!:=BC;9!=:K!BC! SN:7!:9!BEB!BE;CLFE!BE!BEFN7!;C;BE<;>!=CL>B;7!8>B<;<9B9@!KC;< SCN8=7!:=BC;9![8BE!R8DD<;<>B! S;=<9!6<=:KACNA=R![:9!=C>98R<;=NL98C>!8>!c(>!):;F<;!5;<!=CL>B;7!8>B<;<9B9![<;FN7!8>=C;SC;:BBC! BER!8>!BE9!6R!:DB<;!BEF<9! [<;CB!F;<:B!<>CLFE!BC!8>ACMF!;<989B:>=:K<>B!K=8N@![EC![CLNR!:N9C!E:A!=;<:B8>F! BE=8N?!!&LB!BE<9B;8<9!R8R!K:>:FF!D:=BC;9! BC!K:8>B:8>!BE<8;!=C>B;CN@!9L=E!:9!BEB!DC;!=C>9<>9L9!R<=898C> Y K:M8>F!C>!BE8^:B8C>:N!%CKK8BB<:NN7@!BE<R!NB@!8>!BE8B7!S;CA8R!:6CLB!DC;K8>F!BE<[!6CR7@!:>R!BEF!><[!9L698R8:;7!6CR8<9!BC!6CBE!BE=8N!:>R ,<><;:N!$99R<;B:M8>F!'+!%E:;B<;!;
PAGE 196

183 %4$"2#3!e %.+%)'-(.+! ! 2E89!=E:SB<;!69![8BE!:!R89=L998C>!CD!SCN8=7!:=BC;9`!:>R!9=ECN:;9`!:99<99K<>B9!CD!BE=<@!:9!BE<7!;B9!8>!BEF!89!:!R89=L998C>!CD!BEF!BE9B8BLB8C>:N89B!:>R!KLNB8SNA<9B8F:B9!CD!BEB!;<9<:;=E!:;!N:8R!CLB?!+R!CD!%E:SB<;!O!:;!N8FEB!CD!BER!R89=L;98A9B8BLB8C>:N89B!:>:N79<9!DC;!BE!CD!BE:NN7@!9LFF<9B8C>9!DC;!DLBL;R!SCN8=7!8KSN8=:B8C>9!CD!BEB=R!"CN8=7!5C;KLN:B8C> ]E8NCB!9S<=8D8=:NN7!:8K!BC!=7!CD!BEB<;A8<[B :>B9@!9CK:B<@!CD!BE=Fd!=E:>F<9!BE:B!BER<;[<>B!D;CK!BE:N!8>B<>B!CD!BE:N!CLB=CK!=CKSN!CD!BE 7!SCN8=7!:=BC;9! 8^:B8C>:N!%CKK8BB<N:;FR![E:B![:9!><!CD!9!,<><;:N!$99:N!K!BEF8>F!8>!:>7!;B!=C>B;86LB8C>9!BC!BEF!=C>B8>F<>=8<9?!!2EB!DC;!=C>9<>9L9!8>!R<=898C> Y K:M8>F!K:R!KC;[87! R8DD<;<>=!BER@!F8A<>!BE:B!8B!89!>CB!CS<;:B8C>:N!:>R!89!K:>>B! D;CK!BEB9!:>R!N:=M!M>C[NR!=DN8=B!;<=CA<;7?!!1:>7![<;BM!=CLNR!>CB!6A8>=!BE8^:B8C>:N!%CKK8BB<R!DL>R!8B9!:=B8A8B8<9? -CK89K!BE:B!! BE9!CD!BER8> F!;<9CNLB8C>9@![8BE!

PAGE 197

184 CDD8=8:N!;F!BC!6CBE!BE=8N!:>R!BE<;:N!$99B! BC!=C>9LNB![8BE!#%.-.%?!!2E<7!:;FL![8BE!S;C=F!8B!:! KL>R:>!:!R7>:K8=!SCN8B 8=:N!6CR7![8BE!SCN8B8=:N![<8FEB!8>!BEB<>R=N<:;!:>R!B;L>=:BR:B:NN7!F8A<>!8>!BER8>F!;<9CNLB8C>9@!9B;8SSB8A=B8C>9!:>R!N8K8BF!C>N7![8BE!B E9=<9!CD!9B:BR!8B!8;C>8=!BE:B!BEB;8<9!BE:B! [CLNR!E:AF!S;B8A=B8C>9![<;<9![EC! CSSC9=B8C>9?! "CN8=7!:=BC;9!:N9C!=;8B8=8^!:>R!L>=N<:;!;9E8S9!6!BER!BECB!<>A898C>!S:;B8=LN:;@!BEM!6!BER! BE!BC!6!BE:B!BEFN7!N8>M<;:N@!:>R!:N9C!E:9!BER!:=B8A8B8<9!8>!=CL>B;8<9!>CB!C>!BER:?!!2E89!K:M<9!8B!E:;R!DC;!BEB;CN!DL>R8>F!DC;!BEB9!8B!K:M<9![8BE!=CL>B;8<9! C>!8B9!:F<>R:?!! -CK!BE!;B!BC!:99LKB!SC9B Y =C>DN8=B!=CL>B;8<9!9L=E!:9!(;:T!:>R! $DFE:>89B:>?!!2EB;8<9!B:M<>!C>BC!8B9!:F<>R:!V&L;L>R8!:>R!-8<;;:!)<: Y &899:L! OPPe@!%<>B;:N!$D ;8=:>!3R!,L8><:!OPGGW!:;B;8<9![R!BEDN8=B!SE:9=<@!:NBECLFE!BER8>F!;<9CNLB8C>9! S;CA8RB;8<9!BC!=CK!BER:!:N9C!LSC>!BE=8N@!BE<;:N!$99R!BE<;:N!V'+!OPPZ8@!OPPZb@!OPPZMW?!!,8A<>!BE:B!BE<9B;8<9![<;!CD!=C>DN8=B9![E<>!B:M<>!C>BC!BER:@! BE<7!:N;<:R7!E:R!RB!8>9B;L K<>B9!9L=E!:9!BER!]C;NR!&:>M`9!"CA<;B7!3! -B;:B!SN:=<@!RB!S;CF;:K9!L>R<;[:7@!:>R!CBE<;!RB!:=BC;9!C>! BER?!!2ECBE<;!'+!6CR7!BC!CBE<;9!:N;<:R7! <>F:F!BE<9B;8<9@! ;<9LNB8>F 8>! KC;!BER@![8BECLB!6<8>F!:6N:B:68N8B7!BC!=N:8K!9B;:B!BE<;:N!$99F!9R!NR8>F!CD!BE
PAGE 198

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

PAGE 199

186 2[C!9=ECN:;9!V&<;R:N!OPPIj!-: NCKC>9!OPGPW!E:A=! N8FEB!CD!:9S<=B9!CD!8B9!SCN8=7!DC;LKLN:B8C>?!!&<;R:N!VOPPIW!DCL>R!:!>LK6<;!CD!8KSC;B:>B!R8DD<;<>=<9! 6!BE:N!=C>=!CD!BER!BE:N!S;CRL=B@!KC9B!8KSC;B:>BN7!BE:B!BE:NN7!SN:>> Y K:M8>F!SC[<;9!:>R!BC!69B8BLB8C>:NN7!:N8F>=8N@![E<;<:9!8B!<>RN7!:>!:RA89C;7@!9L698R8:;7!C;F:>!;F!BC!6CBE!BE=8N!:>R!BE<;:N!$99F<9!BC!BER8>F!'+!;!BE89!S<;8CR?!!"CN8B8=:N!:>R!6L;<:L=;:B8=!DC;=<9@!E7!=LB9d!V&<;R:N!OPPI@!h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bC8>B!SN:>>8>F!RC=LK<>B9!9L=E!:9!BE!%CL>B;7! $99<99K<>B!V%%$W@!BEB!$9989B:>=R!BEM Y N!-B;:B9!OPGPW?!!2E89!RLSN8=:B8C>!CD!
PAGE 200

187 =CK68>9B8BLB8C>@!;<>R<;<[!"&%!c:>!CSB8=:N!8NNL98C>d!V-:NCKC>9!OPGP@! OGGW@!SC9986N7!E8>R<;8>F!SC9B Y =C>DN8=B!;<=C>9B;L=B8C>!:>R!RB!;:BE<;!BE:>!<>E:>=8>F!8B?! ! ]E8N7! SCN8=7!S:;B8=8S:>B9!:>R!9=ECN:;9![<;<;:NN7!>!BE<8;!:99<99K<>B!CD! BE=R!"&5 BEL9!D:;@! CBE<;9!:SS;<=8:B<[!DC=L9!C>! S<:=<6L8NR8>F @! :>R! BE:NN7!:>!C;F:>8^:B8C>:N!NC=L9!DC;!BE89!:=B8A8B7!8>!BE!8D!BE<[!6CR8<9! :;A898C>7!;<=CF>8^<[!6CR8<9!BC!R!D8>R!BE<8;!9B;<>FB E?!! (>!BE<>B!SCN8=7!:=BC;@!c+CBE8>F![C;M9!S<;D<=BN7!;8FEB!CLB!CD!BEF! F:BB9!:6CLB!BE=R!"&5!9C! D:;!:;!L>;<:N89B8=!9!:>R!RC!>CB!B:MBC!:==CL>B!BE98R<;:6N==CL>B<;<[!<>B8B8<9![8BE8>!8>!BEC;!BE<[!-<=;<;:N?!2ECB<[!S<:=<6L8NR8>F!6CR8<9! E:ACLFE!BC!RC!DC;!BEF![8BE!C>N7!:!SC9B Y =C>DN8=B!R!8>! =CL>B;8<9!BE:B!:;R!8 >!D:=B@! cSC9B Y SC9B Y =C>DN8=B @ d! C; 9CK!CD!=C>DN8=B9?!-CKFBE!CD!BE!8B9!R8;<=B!:==<99!BC!K!6<8>F!:!S:;B!CD!BER!BE:B!8B!:BB;:=B9!S:;B8=8S:B8C>!D;CK!6CBE!>C;BE<;>!: >R!9CLBE<;>!=CL>B;8<9@!EF!BC! 6;8RFB!R8A8R!BE7!SCN8=7!:=BC;9!=CLNR!SC8>B!BC!9L==<99<9!8>!BEB;7 Y 9S<=8D8=! =C>D8FL;:B8C>9!:>R!BEB<;A<>B8C>9!CD!BE!D:=B cS;CA8>F!8B9! [<8FEB!8>!FCNR@d!8>!BE<>B!SCN8=7!:=BC;?!5C;!!%E:8;!CD!BER8!=C>D8FL;:B8C>@!aCE:>!)CA:NR@![:9!:6NB!DL>R8>F!=;8989!8>!&L;L>R8!8>! OPPe@![E<>!:>!(15!;R8=:BB;7![:9!>CB!N8MB9!DC;!8B9! E8FEN7!8>R<6BB;7!V4("%W!DL>R9?!!4!BE8^:B8C>:N! %CKK8BB<<@!:9![8=:B8>F!R8;<=BN7![8BE!BER!BEM!BC!;<9CNAR!S;<9 <;AR8>F?!! (>!-8<;;:!)<@!BEB;7!=C>D8FL;:B8C>![:9!8>>CA:B8A!8>=NLR8>F!8>!BEB;7`9! 8>BF!9B;:B:N!N8><9!6! RB!:>R!9<=L;8B7@!9L=E!:9!7CLBE!B!:>R!<> <;F7@!:>R!:N9C!9<=L;R9!BC!

PAGE 201

188 9LSSC;B!:=B8A8B8<9!8>!6CBE!:;<:9?!2E!BEDN8=B!8>!-8<;;:!)B!BE:B! L>R!9B:68N8B7?!!3F!<><;F7@!BED8FL;:B8C>@!5;:>M!1:bCC;@!K:RF!98X!KC>BE9`![C;BE!CD!<><;F7! ;<9<;A<9!BC!N8FEB!:>R!SC[<;!BE@!F8A<>!BE:B!BE<;F9!8>!BER!BEK<>B!=CLNR!>CB!DL>=B8C>![8BECLB!BN7! ,L8><:@!>CB!7!BER:!8>!OPGP@!><R8>F!DC;!9<=L;8B7!BC! 9LSSC;B!9!8>!8B9!D;:F8NDN8=B!SCN8B8=:N!<>A8;C>K<>B?!!2ER9![8BE8>!e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d![8BE!BE<99!VS;C6N< :6CLB!BER![E7!VSCN8=7!9B;<:KW V-=EK8RB!OPPI@!OPGGW ?!!,8A<>!BE89!CA<;N:S@!=CF>8B8AR

PAGE 202

189 ! ! 9)! "#$%&'(! )*#'+( ! ! ! ! ! *(! "E8NC9C SE8<9! *(!!!!! ";CF;:K9!!!! *(! %CF>8B8A9B8BLB8C>:N! 5:=BC ;9 ! "$&-./!87*.$(' ! *(! %CF>8B8A:B8A:B8A8=:B8A8=:B8A8=:B8A9B8BLB8C>:N! 5:=BC;9 ! ! ! ! ! 9)! $&-*-.4! )*#'+( ! ! ! ! ! ! ! ! ! ! ! !!! 5(,'3#!e?G0!.g#3)$/!.5!1')2(")#!-23#$1-!$+*!*(-%'3-(g#!(+-2(2'2(.+$)(-1 !

PAGE 203

190 >C;K:B 8A!6R!SCN8=7!9B;<:K9!8>!BEL:>=R<;9B:>R8>F!CD!6CBE!S;C6NR!SCN8=8<9!8>!BE SCN8=7!=E:>F<@!F8A<>!BE:B! >C;K:B8A!6F!R;8A<;9!CD!=E:>FF!>C;K:B8AF8>F!6<=:L9R!CDB<>!L>9B:B!BE<8;!;<=CNN<=B8C>9!CD!S:9B!SCN8=7!S;C=<99<9@![E8=E!BE<7!B<>R!BC S;<9<>B!:9!E:A8>F!6<<>! A<;7!D:=B Y C;8<>BF!>C;K:B8A!BE9B8BLB8C>:N89B! :>:N7989!S;CAB8D78>F!BER<;N78>F!A:NL<9!:>R!CS8>8C>9!ER!:=B8C >9!BC!=;<:BF >C;K:B8A:==B9!:>R!=C>R8B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9?!!2E<7! S:;B8=LN:;N7![89EF!BEF!D:8NL;<9! :>R!F<>C=8R<9! CD!BEB!F;CLS9!CD!SCN8=7!:=BC;9!E:R!9B;C>F!6LB!R8DD<;<>B!>C;K:B8AF ?!!+C;BE<;>! =CL>B;8<9![:>B R!9<=L;8B7!=C>=<;>9!8>!D;:F8N< :>R!D:8N!=CL>B;8<9![:>B =8N!98C>!:>R!DC=L9! BE!BER!<=C>CK8=!RB!:;<>:9? !! (;C>8=:NN7@!9CLBE<;>!=CL>B;8<9! E:R!BE!D;CK!:!"&%!BE:B!E:R!9B;C>F!-<=L;8B7!%CL>=8N!9LSSC;B@!6LB!BE<7![<;F<9B!8>!N8K8B8> F!BE=8N`9!8>DNL<>=9B8BLB8C>:N89K!:RR9!B[C!E8FE<;!C;!S;8C;!N!BE:KR!SE8NC9CSE8=:N!8R<:9!V9<!6R! :N9C! =:L9:N!D:=BC; 9!8>!BEB!CD!BE!BE89!=:9R!BEB!CD!BE<[!=C>=F :9!:>!<99<>B8:N!=CKSC><>B!CD!BER<:AC; D;CK!BER![E:B! M8>R! CD!:=B8A8B7!8B![:9!;F!L>R<;B:M<>!8>!BEB<;>:B8C>:N!979B8>F!CD!BE!K:8>B:8>8>F! 8>B<;>:B8C>:N!S<:=R!9<=L;8B7!:DB<;!H\GG!:>R!BEB!S;<=L;9C;9!DC;!RF!BEF! S<:=<6L8NR8>F!:=B8A8B8<9!D;CK!BE8>F!BE:B!BCCM!SN:=!OPPh!

PAGE 204

191 N!CD!BE!C;R<;!BC!SLB!BE8^:B8C>!6:=M!C>!B;:=M!:>R!D8>R!9CNLB8C>9! DC;!D;:F8N< :>R! D:8N!BL;>!N9B8B8B8C>:N89K!:N9C!6;8>F9!BC!KLNB8SN:B8AR! =CKKL>8=:B8A!F;<:B<;!R!KLNB8SNR!BE9!:>R!8>B<;:=B8C>9!:KC>F!SCN8=7!:=BC;9!V=CC;R8>:B8A!SCN8=7!:=BC;9!:>R!BEB8A8=:B8A! =CC;R8>:B8ARR<;9B:>R8>F!D;CK!KLNB8SN!8>F!BEF<@!:B8C>!CD!BE :B8A!R89=L;98A9B8BLB8C>:N89K!R8R! KL=E!KC;!BEACNA=NLR8>F!6CBE!8>R8A8RL:N9!:>R! F;CLS9@![E:B!BE<7!R8R@!EC[!BE<7![C;MR!8>B<;:=BR!EC[!:>R![E<> BE<7!BCC M!BER!:R:SB!8>B<;<9B9?!2E89!N:=M!CD!R!KLNB8SN!R!SCN8B8=9!9B;<:K9![<;=RC[9!CS <>!CA<;N:7:B8A!69!CD!SCN8=7! <>B;!:!SCN8=7![8>RC[!CS<>9@!:9![!BERC[!CS<>9!:>R!6 !BER8A8RL:N!SCN8=7!<>B;! KCA8>F!SCN8=8<9!DC;[:;R@!R89=L;98A9B8BLB8C>:N89K@!BE;CLFE!8B9!DC=L9!C>!=CC;R8>:B8ABC!DC =L9!BE=B8B8<9!:>R!F;CLS9!8>!BEB!SCN8B8=:N!:=BC;9!8>!BEF!BER!:;BLK6<;!CD!R8DD<;<>B!S<;9C>9![EC!;CB:B=7?! ,;CLS9!C;!6NC=M9!CD!9B:B<9![<;B@!9L=E!:9!BE!F;CLS8>F!8>!BE<;:N!$99B!;CN<9!8>!BE![8BECLB!S:;B8=LN:;!8>R8A8RL:N9! 9B:>R8>F!CLB!C;!RC8>F!KF9?!(B!9<B!BC!:==CL>B!DC;!F;CLS! 6R!:=B8C>!8>!BEF!=C>BB!BER!K:7!E:AB!BL;>CA<;!8>!BE<8;!;B:B8C>@!:>R![E<;! BE<;:N!$99!6NC=M!C;!DC;= ?!!#X:KSN<9!CD!BE=NLR
PAGE 205

192 [E<>!9CLBE<;>!9B:B<9!6NC=M!CD!:!S<:=<6L8NR8>F!L>8B!8>!*"$@!N8K8BR!9B:BL;R!:99<;B8^:B8 C>:N!%CKK8BB<=NLR<;:N!$999B8BLB8C>:N89K`9!DC=L9!C>!=CKKL>8=:B8AB!:>R!bL9B8D7!SCN8=7!8R<:9!:>R!CLB=CK<9!BC!BECB!:RR;<99< R!8>!BE8=:B8ACB!9B;C>F!8>!BE89!'+ Y 6:9!BE:B!8B![:9!=C>RL=BR!'+!6L;<:L=;:B9@!>C>98 6NB![:9!=C>RL=B!;!BE:;7!K<F9!CD!BER! 8>!BE!67!BE!BE!):;F<;!5;<! BC!BE8=:B8AR! K:8>N7!8>!=CKKL>8=:B8C>9!:6CLB!BE<;:N!8>!:RR;<99<9!BC!BE<;:N!$99R!:B!S;<99!=C>D<;<>=<9!K:;M8>F!K:bC;!9B:F<9!8>!BE8=:B8AB! 8>!BEF!SE:9<9!CD! >:B8C>:N! C;!9L6>:B8C>:N!SCN8=7!S;C=<99 @ [E<;8=:BR!;B! BE<8;!=C>9B8BL<>=8<9@!:>R!9C![:9!:N9C!8>=NLRB9! 8>!BEB!8>!BE!BE8>F d CD!:!SCN8=7![8>RC[!:>R!BE9B8BLB8C>:N!D:=BC;9@!E8FEN8FEB! R89=L;98A9B8BLB8C>:N89K! 6LB! :69<>B!D;CK!BE!E:A8D8=:>B!=C>9B;:8>8>F!!BE:N!SCN8=7!CLB=CKB8C>! BC!9B;L=BL;:N!:>R!8>9B8BLB8C>:N!D:=BC;9!V1L==8:;C>8!GHHO W?!!(>R<!N:78>F!CLB!BER!SCN8B8=9!9B;<:K9!:>R!8R<>B8D78>F!SCN8=7![8>RC[9!BE:B!S;CRL=R8B8C>9!DC;!R<=898C> Y K:M8>F! :>R!SCN8=7!<>B;9!BC!6;8>F!DC;[:;R!BEC!S;CA898C>!8>!BE!CD!8>9B8BLB8C>:N! D:=BC;9!:>R!EC[!BE<7!:DD<=B!C;!=C>9B;:8>!BE9B8BLB8C>:N89K@!:NBECLFE! DC=L9!8R<:9!:>R!8>B<;:=B8A!BE!DC;! 8>F!BE<99B8BLB8C>:N!D:=BC;9!:>R!BE<8;!!BE
PAGE 206

193 $>!!8>9B8BLB8C>:N!=C>9B;:8>B!C>!SCN8=7 Y K:M8>F!DC;!BEF!S;CSC9:N9! 89!BE<;:N!$99B;CN!CA<;!BE!CD!BEF!L>8B!8>!*"$!:>R!N:B<;!BC!N8K8B!BER!NF!CD!BEB![:9!BE<;:N!$99F!9B;L=BL;< @![E8=E! F8A<9!<:=E!=CL>B;7!:>!!=CL>B;8<9@![EC!DC;K!:!K:bC;8B7!8>!BE9L;8>F!BE:B8C>!CD!BEB8A=B8C>9@!K:M8>F!BE<;:N!$99=8N@!:>R!:RR8>F!9!,<><;:N!$999B8BLB8C>:N!D:=BC;9!K:7!:N9C!6B!BC!BE8>F!CD!SCN8=7![8>RC[9!:>R![<;FN7!8>!BE!F!CD!BEF!BC!BE>8LK! -LKK8B@![E8=E!N:B<;!6<=:K!8KSC;B:>B!SCN8=7![8>RC[!DC;!BE8B8:B!CD!BE:NN7!8>B<>R:;;C[N7@!C>!K<F 8>B<;>:B8C>:N!RB!FC:N9? (>!9LK@!R89=L;98A98BLB8C>:N89K!6;8>F9!BC!BE:N7989!CD!BE7!B9! N:=M8>F!8>!KLNB8SN:K98R<;:B8C>!CD!B[C!E8FE<;!NC;K:B8A: N7989!CD!BE:B8AR!=CKKL>8=:B8AR!:!=C>9=8CL9!=C>98R<;:B8C>!CD!BE9B8BLB8C>:N!=C>BR!8>9B8BLB8C>:N!D:=BC;9!BE:B!D:=8N8B:BR!=C>9B;:8>!BE98BLB8C>:N89K!RC<9!>CB!9S<=8D8=:NN7!:==CL>B!DC;!BEB! [E8=E!8R<:9!:;=NLR8>F!K:bC;!SCN8B8=:N!B9@!=;89<9@!:>R!SCN8B8=:NN7!KCB8A:B!BEF!SC8>B!CD!BER!BE=RC[9?!!$BB<>B8C>!BC!SCN8B8=:N!B9!:>R! 6=!BE8B9@![E<; Y K:M8>F!89!E8FEN7!SCN8B 8=8^! BEB<; Y FCA<;>K<>B:N!6CR8<9@!DC;F![E8=E!:;=8N!:>R!BE<;:N! $999B8BLB8C>:N89K!:RR9!KL=E! [E<>!L9!=C>bL>=B8C>![8BE!B ECB!N8MB!SCN8B8=:N!:9S<=B9!CD!'+!SCN8=7 Y K:M8>F!8D!L9!8B9!C[>?! !

PAGE 207

194 )8K8B:B8C>9!CD!BE=8S:N!N8K8B:B8C>!CD!BE89!;<9<:;=E!89!BE:B!89!8B!6:9!:!98>FN<@!:N6<8B!8> Y R9B:>=F?!!$9!9L=E@!8B 89!R8DD8=LNB!BC!:99<99@![8BECLB!;F!BER8>F9!:;<;:N8^:6NF!:B!BE89! N8TLR!&<>>F!VOPPeW!:>R!5N7A6b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
PAGE 208

195 2E!N:=M98AB<;A8<[!R:B:!C>!BE:B8AF! L>8B! :B!*"$?!!U>C[NB<;A8<[9!E:R!6<<>!=CKSNDC;K:B8C>![:9!=LNNR! R89=L998C>9![8BE!9CK!8>B<;A8<[!BEB!CD!BER![EC!E:R!:N9C!6<<>! OPPh Y OPPQ? !! (B!:N9C!N:=M98AB<;A8<[!R:B:!C>!BEF9!CD!BE!BE:B!8B9!D8;9B!E<:R@!aLN8:!2:DB@!R8! OPPI@!:>R!BE:B!8B![:9!R8DD8=LNB!BC!8R<>B8D7!CBE<;!8KSC;B:>B!S<;9C>9![C;M8>F!8>!BE!BE<97!SL6N89E!BE9!CD!BEN8M!BE98AB<;A8<[! R:B:!C>!BE9!6R!:DB<;!BEF!BE!BE<9R![E:B!BE<7!R8R?! 2E89![:9!RL!N:;FB8D78>F@! NC=:B8>F!:>R!8>B<;A8<[8>F!BEB:B8A<9!:>R!R8SNCK:B8=!9B:DD!:B!BE7!=CL>B;8<9!8>ACNA!BE9?!!#A<>![E<>!BE:K<9!CD!8>ACNA9![<;C[>@!8B![:9! 9CKBN7! NC=:BR EC[!BC!=C>B:=B!BE!BC!>< [!SC98B8C>9@!L9L:NN7!CBE<;!R8SNCK:B8=!SC9B9!:[:7!D;CK!BE! +<[!/C;M!%8B7?!!1C;![E<>!BE<9:K<9!:>R!=L;;<>B!SC98B8C>9![<;C[>@! 8B![:9 9B8NN!9CK9!DC;!BER8>F!;<9CNLB8C>9@!$K6:99:RC;9! #NN<>! )Cb!CD!*<>K:;M!:>R! $LFL9B8>^:>8: @![<;F!:9!-3-,9@!8>!)86<;8:!:>R!-CK:N8:@!;<9S<=B8AF!BE<8BE<;!;<9SC>R:N79<9!:;9!CD!SCN8=7!<>B;!BER!8>!BE@!aC><9@!:>R!.;;! :>R!N<99! R9!CD!KB:B8A<9? $9![:9!R89=L99!%E:SB<;!h@!;R!8>B<;>:N!:>R!:N!A:N8R8B7!E:A! =C>B<9B!TL:N8B:B8AR!8>B<;S;!BE<8;!6:989!8>!NCF8=:N!SC98B8A89K!:>R! T L:>B8B:B8AR!18NN<;!OPPPj!,CN:D9E:>8!OPPhj! 589=E<;!OPPhj!/:>C[!OPPJW?!!%;<99!E:9!6<<>!9LFF<9B:B8A
PAGE 209

196 9B:>R:;R9!DC;!TL:N8B:B8AR!8>B<;S;!S;C=R!18NN<;!OPPPj!589=E<;!OPPhj!/:>C[!OPPJW?!! -R!18NN<;`9!VOPPPW!KF!A:N8R8B7!8>!TL:N8B:B8A!BE89!R899<;B:B8C>@!8>=NLR 8>F!B;8:>FLN:B8C>!:KC>F!KLNB8SNDC;K:B8C>@!98AB<;A8<[9![8BE!SCN8=7!:=BC;9@!RC=LK<>B:B8C>!;F!BC!BER!:>B<=B!SCN8=7!S;CSC9:N9@! :>R!SL6N89EB9?!!2EB8AR!:>:N7989! S<;8CR! BC!BED8;K8>F!=<@!:>R!D:8BEDLNN7!;R?!!2EB9!8>!BEF!BC!BE!CD! BER<B9![<;R!BE9B8BLB8C>:N89B!:>:N79<9@![E8=E!=C>B:8>!K:>7!RN7! 6C[>!BE;CLFE!R8;<=B!=CKKL>8=:B8C>![8BE!BE<99?! 2E89!R:B:!<>:6NR!R 9 CD!BE:N79<9? !! 58>:NN7@! BEB<;A8<[!;<9SC>R<>B9!:>R!9CN8=8BR!;<=<8AR!K 89;B:B8C>9!CD!BEB9? ! $99<998>F!BE9 ";CSC98B8C>!G0 ,8A<>!BE:B!FNC6:N!SCN8=7 Y K:M8>F!8>ACNA<9!S;C6N=B8C>9@!:!E8FE!N@!:>R!L>=N<:;!S;C6N=<9@!:>R!B<;K8>CNCF7@!KLNB8S N8>F!FNC6:N!SCN8=7 Y K:M8>F? ! 2E8^:B8C>:N!<>A8;C>K<>B!E:9!6<<>!DCL>R!BC!K<9!CD!BE!OPPeW@!>:K@!:>R!L>=N<:;!S;C6N=<9@!:>R!B<;K8>CNCF7!VU8>FRC>!GHIQ@!GHHZj!k:E:;8:R89! GHHH@!OPPhW?!!$>CBE<;!8KSC;B:>B!D<:BL;F!89!S;C6N=B8C>9 ?!!. >N7!BE=8N!E:9!BEDC;=9@!6LB!<>DC; =B!;F!BE<>B!K=8N![EC!E:AR!:N9C! BE:B!=CL>B;8<9!9LSSN7!B;CCS9!8D!K8N8B:;7!:=B8C>!89!BC!6R<;B:M<>!V'+!GHQZ@!%E:SB<;!g((j!1:NC>!:SSN8!C>N7!C>
PAGE 210

197 SCN8=7 Y K:M8>F!V)8S9C>!OPPeW S;8C;!BC!BEB!9BLR7 @!8B![:9!8>F!FNC6:N!SCN8=7 Y K:M8>F? ! 2E!F;<:B!R!%E:SB<;!Z@!67!B;:=8>F!BER! SCN8B8=:N!9B;<:K9@!:9![RC[9!BE:B!CS<>R!BE!CD!BER!BER!BEB;B! 8>!KCA8>F!BEF!BE!SCN8=7![8>RC[9?!!2ER!BC!D8B! ;<:9C>:6N7! [ACNA!=;<:B8>F!BE7! S;C6NR8B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9!:>R!D:8NL;<9!67!B EB<;>:B8C>:N!=CKKL>8B7! BC!:RR;<99!BER!8>BC!BE!BEF! R89=L999!CDD<;F!BE<9=NLR8>F!BEF!L>8B@!BER!D8>:NN7!BECB!8KSNBB;:N!S<:=<6L8NR8>F!D:=8N8B7!8>!BEB8N!OPPZ![E<>!BERC[9!BE:B!CS<>R!BEB!DC;! 6;8>F8>F!BEBC!BER:!CD!K!OPPh @!:DB<;!BEFBE<>!BE9868N8B8<9!DC;! K:> :F8>F! 8>B<;>:B8C>:N!S<:=R!9<=L;8B7?!!2E! 8KSC;B:>B!SCN8=7![8>RC[!DC;![C;NR!N<:R<;9!BC!B:M9!C>!BER!CBE<;!S;CSC9:N9@!F8A<>! BE:B!8B![:9!:!E8FE Y N:;7!K<F!CD!BE<;:N!$99R9![CLNR!=:;;7!KC;!:!B7S8=:N!,<><;:N!$99![CLNR!E:AB;B8D8F! BE<9!SCN8=7![8>RC[9?!!$!M<7!B!8>!BEB![ :9!BE:B!9CKB;!9B!CD!BE<;:N!UCD8!$>>:>![:9!:>!8KSC;B:>B!SCN8=7!<>B;F!S;CSC9:N9!BC! 8KS;CAF!=:S:=8B7!:B!BE!8>!GHHe@![E<>!E:BB!DC;!S<:=<6L8NR8>F!8>!BER!9LSSC;B!CD! BEF!L>8B?!!4R!K:R!:K<>RK<>B9!BC!BEB<;<9B9!CD!9CLBE<;>!9B:B<9?!!-E
PAGE 211

198 5C;K:>!CD!BER!S:;B8=8S:B!N:B<;! :9!:! ;<9CL;=!8>!BEDC;K:N!=C>9LNB:B8C>9!CD!BEDN8=B 899L<9?!!4! =NC9B:=B![8BE!&;L=<9@!E89!*R!8>B;CRL=!CD!BE<9!:>R!4)"! 3<9<:;=E!*8;<=BC;!-B!-B@!:9! [!BEBC!BE!BER!=C>B8>LF!BER:;R!D<:BL;<9!CD!BE< KLNB8SN7!KC;!BE<;RC[9!:A:8N:6NF! BEFRC>!GHIQ@GHHZj!k:E:;8:R89!OPPh@!OPPeW?!!2E89![:9!>CB!BE F! S;CSC9:N9!8>!OPPh Y OPPZ@!F8A<>!BE:B!BE<;C!9<;8CL9!=C>B<>R8>F!S;CSC9:N9!CBE<;!BE:>!DC;!BELK<;CL9!S;CSC9:N9!8>!BE7!CD![E8=E!=CLNR!>CB!6!67!'+!K<;:NN7!9S<:M9!CD!:! 98>FNRC[!CS<>8>F :>R!:!98>FNB;F!:!M<7!;CN!:RA:>=8>F!:! SCN8=7!S;CSC9:N!RL;8>F!BE![8>RC[!VU8>FRC>!GHIQ@!GHHZj!k:E:;8:R89!OPPh@!OPPeW?!!(>!BE!CD!BERC[9!BE:B![<;B!DC;!=;<:B8>F!BER8B8C>9!DC;!BEBC!BE Y K:M8>F! :F<>R:!CD![C;NR!N<:R<;9 @!:>R!KLNB8SNB;ACNA!9CB!E:A!DC;!=C>98R<;8>F!c8B<;:B8A=<9!:!=<;B:8>!R89B:>=@!D:8N9@!:>R!89!;< Y 8>B;CRL=F!DC=L9!C>!BER8A8RL:N!SCN8=7! <>B;!=CLSN8>F!S;C6NR!9CNLB8C>9!RL;8>F! :>! CS<>!SCN8=7![8>RC[@![E8=E![:9!8>R<R!8>!BE89!SCN8=7!S;C=<99?!!5C;!<9@!:>!!SC9B Y =C>DN 8=B!899L<9!:>R!BER:>!F<>C=8R!S:;B8=LN:;!VaC><9!OPPGW @ ;R!S;<9<>B9868N8B7!DC;!KC9B!CD!BEF!CD!BER!KCABC!BE
PAGE 212

199 :=BC;9![8BE!8KSC;B:>B!;CN<9!8>!KCR8D78>F!BE=B<;!S;C=<99@!8>=NLR8>F!B<:K9!CD!S<;9C>9!;B8>F!98>FN!BE9!:>R! 6NC=M9!C D!'+!KB<;<9B 9 [EC!:=B!=C>=<;B?!!2E89!8>R8=:B<9!BE:B!:>!CA<;N7! 9B;C>F!DC=L9!C>!BEFNB;!BEB;:N8^F!<>A8;C>K<>B!CD!BE!G!89!BE<;!BE:B!BE8^:B8C>:N! :99LKSB8C>9!DC;!BER!BE:B! BEF!BE8>F!FNC6:N!SCN8=7 Y K:M8>F?!!4C[F!8>!BE:! BC!8>=NLRCB!6F!SCN8=7!S;CSC9:N9!8>!:!F8A<>!SCN8=7!:;<>:@! VOW! KLNB8SNRC [9!K:7!CS<>!BC!=;<:BR8B8C>9!DC;!BEF!CD!BER!SCN8B8=9 9B;<:K9@!:>R! VhW!KLNB8SNB;B8>F!9B:B<9!:>R!6NC=M9!CD!9B:B<9@! K:7!E:AB!:DD<=B9 C>!BE<B!DC;!8B<;:B8AB;CRL=!9L==<998AF!!O0 $!9BLR7!CD!BEF!R89=L;98A9B8BLB8C >:N89K!<>E:>=<9!BE:BC;7!SC[<;!CD!BEB8D78>F!BEACNA! BEF!CD!BER!SCN8=7!9B;<:K9? ! $9!R89=L999B8BLB8C>:N89B!D;:K<[C;M!RR <;9B:>R8>F! CD!BEF!BE!99!D;CK![E:B![:9!S;CA8R:N7989!:NC>L:>=98 R<;:B8C>!CD!6CBE!=CF>8B8AR!>C;K:B8A! BER!SCN8=7!9B;<:K9 j!8B 8>=;<:9C[>!:6CLB!BE98R<;:B8C>!CD!BE:B8AR!=CKKL>8=:B8AR!8B! :RR98R<;:B8C>!CD!8> 9B8BLB8C>:N!D:=BC;9!BE:B!=:>!:DD<=B!:>R!=C>9B;:8>!BE
PAGE 213

200 .>9B8BLB8C>:N89K`9!8KSC;B:>B!FC:N9!89!BC!8R<>B8D7!BER! SCN8=7!=E:>F<@![8BE!8R<:9!:>R!R89=CL;9F!9B;C>F@!6LB!>CB!><=<99:;8N7!< X=NL98A<@!=:>R8R:B<9!DC;! BE<9!BE89!;!BEN7!:B!BE9B8BLB8C>:N89K`9!BE;<C! S;CA898C>!DC;!=C>98R<;8>F! S;CF;:KK:B8=!C;!SE8NC9CSE8=:N!8R<:9!BE:B!K:7!6F!BER!BE9B8BLB8C>:N89B!:>:N7989!CD!S;CF;:KK:B8=!:>R!SE8NC9CSE8=: N!8R<:9!;!CD!BER! =:>!:N9C!![E7!9CKR!CBE<;9!:;CB?!";CF;:KK:B8=!8R<:9!:6CLB! [E:B!S<:=<6L8NR8>F!89!:>R![E:B!M8>R! CD!:=B8A8B7!8B!89! Y ;B@!C;!9<=L;8B7! Y R![E<;98RR!8D!8>98R<@![8BE8>!:>!F!RB!C;!:9!:!><[!<>B8B7?!!"E8NC9CSE8=: N!8R<:9!:6CLB![E:B! BE!K:8>B:8>8>F!8>B<;>:B8C>:N!S<:=R!9<=L;8B7@![E8=E!E:R!6<<>!9!BEFN7!TL<9B8C>!OPPh Y OPPZ@!!BC!:!N:;FB![E7!BEF!BECB?!! 2E89!TL<9B8C>8>F!:B!BE!CD!BE!OPPh!:>R!=LNK8>:B!BE!OPPZ?!!(>!BE89!;7!S;CSC9:N9!BE:B!!BE9[<;8>F!BE9!BE:B!E:R!6<<>!;:89B:B8C>?! ! *89=L;98A9B8BLB8C>:N89K`9!R89B8>=B8C>!6< B[<<>!=CF>8B8AR!>C;K:B8A!8>F!SCN8=7!=E:>F<@!6<=:L9BCB!:NN!A:NL< Y D;<R! 6:9!cD:=B9d!:6CLB!:!F8A<>!98BL:B8C>!:>R![E:B!BC!RC!:6CLB!8B?!!2E<7!:N9C!E:AF!>C;K:B8A!E8RR<>!D;CK!A8<[!:>R!L>9B:B!BEB!CD!98BL:B8C>9!:>R![E:B! BE<7!BE8>M! 9ECLNR!6:==R8B8C>9!8>!SC9B Y =C>DN8=B!=CL>B;8<9![<;F!R;8A<;9!CD BEF@!:>R!8>=NLRF!D:8NL;<9!N<:R8>F!BC!F<>C=8RR!K:99!

PAGE 214

201 KL;R<;!8>!3[:>R:!:>R!-<6;<>8=:@!N:;F< Y 9=:N!R89SN:=B9!8>!;R!(*"! 98BL:B8C>9@!R:>F<;9!!BC!SC[<;DLN!=CL>B;8<9!D; CK!D;:F8N< :>R! D:8NR!D;B!;BC!=C>DN8=B!R<9S8BF!K8998C>9?!!! +C;K:B8AFN7!c6Rd!K:>7!CD!BEF! <>B8B8<9?!!5C;!C;BE<;>!=CL>B;8<9`!=C>=<;>9![8BE!9< =L;8B7!:>R!BEF<;9!:B8>F!D;CK! D;:F8N< :>R! D:8NR<;N:7!BE!=CL>B;8<9`!=C>=<;>9! [8BE!RB!:>R!N8K8B8>F!BER!9=CS=8N!R;CAF<9!BC!BE F!N8><9!:>R!9B;L=BL;9B8BLB8C>:N89K!BE<;D8;K=R!>C;K:B8A!BER!8>!9C!RC8>F! <>;8=E:N7989? ! *89=L;98A9B8BLB8C>:N89K`9!=CC;R8>:B8A!8>F!SCN8=7! =E:>F<@!F8A<>!8B9!DC=L9!C>!BE!:>R!8>B<;:=B8C>!6!SCN8=7!:=BC;9?!! 5C;!B8>L8B7!6!BER!BE<9@![EC![:9! =NC9:BR!-E@!C>=8S:N!:LBEC;9?!(B!R9B;:B<9!8>B;CRL=B8>F! 8B!:B!C>DC;K:N!=C>9LNB:B8C>9!:B![E8=E!":>>:7![:9!S;<9<>B@! EC[! 4:>>:7!BCCM!8B!6:=M!BC!BE!C>:;7!K<F9 @!CS<>8>F!R89=L998C>!:>R!BL:NN7! :RCSB8C>!CD!BE!BER!EC[! aC><9 [:9!:6NF!;CNR!E89!N:B<;!9<=C>RK<>B!BC!BE!BEF!BE9B8BLB8C>:N89K`9!DC=L9!C>!8>9B8BLB8C>:N!D:=BC;9!8>!BE!BE!CD!SCN8=7!=E:>F=R!<>B<; Y K:M8>F!S;C=<99?!!(>9B8BLB8C>:N!D:=BC;9! Y 9L=E!:9!BEF!><[!9L698R8:;7! 6CR8<9!BC!BE=8N! :>R!,<><;:N!$99R8>F!BE<9F!;LN<9!8>!BE<;:N!$99R!BE<;:N!$99B;CN!CA<;!BER!<>:6N!=CL>B;8<9!BC!8>B;CRL=F<9!BC! BER!AC8=!BE<[!8>9B8BLB8C>?!!

PAGE 215

202 ! *<9S8B8>F!SCN8=7!=E:>F<@!R89=L;98A9B8BLB8C>:N89K!=CLNR!>CB! F;<:BN7!:RA:>=R<;9B:>R8>F!CD!BEF!CD!BER!S CN8B8=9!9B;<:K9!CD!BE!BEB!:>:N7B8=:N!=C>9B;L=B9!CD!BE9B8BLB8C>:N89K!RC<9!>CB!:==CL>B!DC;!SCN8B8=:N!B9!:>R!D:=BC;9!8>!BE<>B!D<:BL;R! SCN8=7![8>RC[9?!!+C;!RC<9!R89=L;98A9B8BLB8C>:N89K!:>:N7B8=:NN7!9R!SCN8=8<9@! :>CBE<;!S;8>=8S:N!D<:BL;R!SCN8=7!9B;<:K9@!F8A<>!8B9!DC=L9!C>!BEF! :BB<>B8C>!BC!6CBE!=CF>8B8AR!>C;K:B8A!BE!=CC;R8>:B8A7!R=N<:;!8>!KLNB8SN!8B9! DC=L9!C>!BER8A8RL:N!SCN8=7!<>B;!BEACNA!:!F8A<>!SCN8=7!S;C=<99!:>R!EC[!BE<7!8>B<;:=B![8BE!<:=E!CBE<;?! ! 9.&)-"!B(#!@#(,(&1"1(%!L ";CSC98B8C>!O! 89!BE<;!CD!BEF!R89=L;98A9B8BLB8C>:N89K!<>E:>=< R BE:BC;7!SC[<;!CD!BE!9;8=E R<;9B:>R8>F!CD!BER!SCN8=7!9B;<:K9@!BE;CLFE!:>!:B8C>!CD!S;CF;:KK:B8=!:>R!SE8NC9CSE8=:N!8R<:9!8>!:RR8B8C>!BC! BE!BER!BE;CLFE!8B9!=C>98R<;:B8C>!CD!>C;K:B8A!:RR8B8C>!BC!=CF>8B8A!6CBE!BER!SCN8=7!9B;<:K9?!! (B :N9C!8>=;<:9R<;9BCCR!L98>F!BE<@! BE;CLFE!8B9!=C>98R<;:B8C>!CD!BE:B8A!SCN8=7!:=BC;9?!! 58>: NN7@!8B!:RR98R<;:B8C>!CD!8>9B8BLB8C>:N!D:=BC;9!BE:B!=C>9B;:8>!:>R!:NB<;!BE!BE!8KSC;B:>B!=C>98R<;:B8C>!N:=M8>F!8>!KLNB8SN9B8BLB8C>:N89K! <>E:>=< R BE!SCN8=7!=E:>F<@!BE;CLFE!8B9!8R<>B8D8=:B8C>!CD!NR!9!KCB8C>@!8B9!DC=L9!C>!>C;K:B8A! BE:B8AR!BE9B8BLB8C>:N!D:=BC;9!C>!=C>9B;:8>8>F!:>R!R8;<=B8>F!SCN8=7!=E:>F< ?!

PAGE 216

203 4C[9B8BLB8C>:N89K!RC<9!>CB!9S<=8D8=:NN7!:RR;<99!SCN8B8=:N!D:=BC;9! :>R!B9@!>C;!RC<9!8B!:>:N7B8=:NN7!9>CB!9S<=8D8=:NN7!<>E:>=R<;9B:>R8>F!CD!EC[!BER!SCN8B8=9!9B;<:K9!CD!BEF!CS<>!SCN8=7![8>RC[9?! ! 5LBL;!BE:B!BER! BC!68>F! BE89!=:9F@!8B![CLNR!6!CBE<;!=:9<9 @! 6CBE!8>!BER! 8>! CBE<;!FNC6:N!SCN8=7 Y K:M8>F!6CR8<9@!9L=E!:9!BEM@!BEB<;>:B8C>:N!1C>R! V(15W@!BE8^:B8C>!V]2.W@!:>R!8>=;<:98>FN7!8KSC;B:>B!cK8>8N:B<;:Nd!F;CLS9!N8MR!BE!:>R!4<8>6<=M<;!OPGGW?!!!$>!8>B<;<9B8>F!=:9<[!8>9B8BLB8C>:N!DC;K:B8C>! [8BE8>!BE!CD!'+$(*-!8>!GHHJ@!:!b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l!!]E:B!:;R!B7S<9!CD!8R<:9!6<8>F! !BE!BE<9:B8AR!=CKKL>8=:B8AR![E: B!:;9B8BLB8C>:N!D:=BC;9! 8>E868B8>F! BEFl !

PAGE 217

204 "CN8=7!(KSN8=:B8C>9 ! ,8A<>!BE:B!BER!BC!6F@!:>R!BE:B!BE9B8BLB8C>:N89B!D;:K<[C;M!9E!BE:BL;R!EC[!BE<7!S;CF;<99!8>!BE!E!9B!D<:BL;<9!CD!BEF!BEF! 8>ACN AB!CD!:=:R!SC9B Y =C>DN8=B!98BL:B8C>9?!!2EDN8=B!9S<=8:N89B9!-E@!-B<[:;B!":B;8=M!:>R!*8;M!-:NCKC>9@![EC![<;ACNA!BEF9!;B!R89=L998C>9!6!RC>C;!=CL>B;8<9@ '+!:F<>=8<9@!:>R!:=:RDN8=B!9S<=8:N89B9@!-B! -B!:>R!&;L=<9@![EC![<;9B;LK<>B:N!8>!8>B;CRL=8>F!BER!9LSSC;B8>F!8B9!S;CF;<99!C>!BER!8>BC!BE!BE<7!KCACBE<;!SC9B Y =C>DN8=B!9S<=8:N89B@![EC! [:9!8>!:!S8ACB:N!SC98B8C>!8>!BE9868N8B7!DC;!R;:DB8>F!B E!):;F<;! 5;<R!BE!BE7!899L<9!CBE<;!BE:>!BE!CD!BEB!R8A8RL:N9![EC!C==LS89![:9!:!9B;C>F!9LSSC; B!BC!BEB!:>R!S;CF;<99!CD!BE!BER!SCN8=7!9B;<:K9@!:>R!BE9B8BLB8C>:N89B!D;:K<[C;M@![8BE!8B9!DC=L9!C>!NR!B7S<9!CD!SCN8=7!8R<:9!:>R!BE!CD! BE!SCN8=7!:=BC;9@!9EC[!BE=F!:>R!9LSSC;B8>F!8R<:9!8>!BE!BE:B!9=ECN:;9!:>R!:=:R!BE!S;:=B8=<@! BE<;!:=:RACNACB!C>N7!8>!CDD<;8>F!SCN8=7!8R<:9@!6LB! :N9C!8>!9<<8>F!BE<9!CD!BEA8BBC!BERK<>B9!:>R!:SSC8>B K<>B9!BC!M<7!SC98B8C>9?!!(B!:N9C!;F!BC!N<:A<@!:B!N<:9B! B9!8>!L>8A<;98B8<9!:>R!BE8>M!B:>M9!BC!F8A!BER!=E:CB8=!SCN8=7 Y K:M8>F!<>A8;C>K<>B9!CD!FNC6:N!C;F:>8^:B8C> 9@!:>R!BE:B!BE<8;!

PAGE 218

205 C;F:>8^:B8C>9!D:=8N8B:BACNAB!8>!SCN8=7!S;C=<99!67!:NNC[8>F!BE!BC!BE<8;! SC98B8C>9![E<>!BE<8;!SCN8=7![C;M!89!=CKSN![:9!:99C=8:BDC;R!'>8A<;98B7!:>R! aC><9![8BE!BE!BER!8>!BER!6CBE! K:8>B:8>9E8S9![8BE!BE<8;!ECK9B8BLB8C>9!:>R!;9868N8B8<9!:B!BEB!DC;!DLBL;9B8BLB8C>:N89B! :>:N7989!C>!EC[!8>9B8BLB8C>:N!D:=BC;9!:9![ Y K:M8>F!;LN<9!8>!BE<;:N!$99=8N!;9!DC;! :K<>R8>F!BER!BE<;:N!$99B;CN!CA<;!><[!CDD8=<9!:>R!:=B8A8B8<9!BE;CLFE! 8B9!=C>B;CN!CD!BE!=CL>B;8<9`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
PAGE 219

206 BE!BECB!69!DC;!SCN8=7!:=BC;9!:;<!BE<8;! <>A8;C>K<>B9!BE:B!:;@!:>R!68B8A! [E<>!SCN8=7![8>RC[9!CS<>!:>R!=C>R8B8C>9!:SS<:;!BC!6!BE<7!E:A!CSSC;BL>8B7![:9!NC9B!C;!BE< 6<9B!SCN8=7![:9!>CB!:RCSBCB! BE<;<@d!SCN8=7!:=BC;9!=:>!DCNNC[!:F:8>!BE=8N!CD!:!9<:9C>B;B<;A8<[CB!FBB<;>:B8C>:N!S<:=<6L8N R8>F@! :NBECLFE!EF!8>!DC;![E:B!7CL!=:>!FF!8>!DC;!:>CBE<;!R:7@!:RR!8B!6:=M!8>!N:B<;?!! /CL!B:M!F!BE<9F9?!!/CL!S;C6A8;C>K<>B!:9!D:;!:9!7CL! =:>@!6LB![E<>!7CL!=CK!C69B:=N<@!7CL! RC>`B!=;7!:>R!FC!ECK
PAGE 220

207 $""#+*(i!$ 1!2E;<:B9@!%E:NN<>F<9@!:>R!%E:>F< ! 1B;7!CD! .;8F8> $DD8N8:B8C> $>:>R!":>L7:;:=EL>@!%E:8; 2E:8N:>R 5C;K<;!";8K89B<;!CD!2E:8N:>R 3C6<;B!&:R8>B<; 5;:>=< 1= E!-<>:BR!DC;K<;!18>89B<;!CD!aL9B8==< aC:C!%N:!-C:;<9 &;:^8N 5C;K<;!,<><;:N!-<=; 8 9B;7!CD!#XB<;>:N!39! CD!&;:^8N!:>R!-<=;<;:N!CD!BE8^:B8C>!CD! $K<;8=:>!-B:B<9 ,;C!4:;NRBN:>R +C;[:7 5C;K<;!" ;8K89B<;!CD!+C;[:7!:>R!*8;<=BC; Y ,<><;:N!CD!BE8^:B8C> 1:;7!%E8><;7 Y 4<99< ,E:>: g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a:S:> ";<98R<>B!CD!BE!(>B<;>:B8C>:N!%CCS<;:B8C>!$F<>=7!:>R! DC;K<;!'>8B9!48FE!%CKK8998C><;!DC;!37!";8K:MCA 3L998:>! 5 5C;K<;!";8K89B<;!CD!BE!5 f8:>!f8=E<> %E8>: 5C;K<;!g8=B!:>R!18>89B<;!DC;!5C;<8F>!$DD:8;9!CD! %E8>: +:D89!-:R8M ":M89B:> -S<=8:N!#>AC7!CD!BE8B9!-<=;<;:N!DC;! 4(g\$(*-!8>!$98:!:>R!DC;K<;!#X<=LB8A8B9!"CSLN:B8C>!5L>R -:N8K!$EK8B^:>8: 5C;K<;!";8K89B<;!CD!BE8B^:>8:!:>R! -<=;<;:N!CD!BE8^:B8C>!CD!$D;8=:>!'>8B7 &;<>B!-=C[=;CDB '>8B<;:N@!' >8BR!'>8B<9!-B:B<9! +:B8C>:N!-<=L;8B7!$RA89C; ! !

PAGE 221

208 $""#+*(i!& '>8B9!.;F:>8^:B8C>:N!%E:;B -CL;=<0! EBBS0\\[[[?L>?C;F\<>\:6CLBL>\9B;L=BL;<\S RD9\L>x979B
PAGE 222

209 $""#+*(i!% ! )R:B8C> !

PAGE 223

210 $""#+*(i!* ! -:KSNB;CRL=B8C>!)!7CL;!>:KR!=C>B:=B!8>DC;K:B8C>!D;CK!V>:KR!SC98B8C>W?!! ! (!:K!:!"E*!=:>R8R:B8 A<;98B7!CD!%CNC;:RC!-=ECCN!CD!"L6N8=!$DD:8;9@!RC8>F!R899<;B:B8C>! ;<9<:;=E!C>!BE!CD!BEF!%CKK8998C>?!(![CLNR! 6B<;<9B!8>B<;A8<[8>F!7CL!:6CLB!7CL;![C;M!:9!V8>B<;A8<[<<`9!SC98B8C>!:B!BER! ;CN!BEB<;A8<[![8NN!B:M!h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yFK :8N?=CK G Y eOP Y HIZ Y IHhP!V=>N89: !

PAGE 224

211 $""#+*(i!# ! $69B;:=B!CD!";C9S<=BL9!-<>B!BC!":;B8=8S:>B9 ! ! "<:=<6L8NR8>F!:9!,NC6:N!"L6N8=!"CN8=70!2E!CD!BE8B9!"<:=<6L8NR8>F!%CKK8998C> ! )89:!1=%:>> "E*!%:>R8R:B<@!-=ECCN!CD!"L 6N8=!$DD:8;9@!'>8A<;98B7!CD!%CNC;:RC!*<>A<; ! $69B;:=B ! ,NC6:N!SL6N8=!SCN8=7!89!:>!8KSC;B:>B!6LB!;R!L>RR<;:>==;<:98>FN7!R!6<7C>R!BE:B8C> Y 9B:B<9?!] E8N7!BER!D;:K<[C;M9!E:A!R!BE!BE:B8C>:N!:>R!9L6 Y >:B8C>:N!:;<>:9@!BE<9!BE:!BC! !:>R!8KS;CAF!BE<;B!9BLR7!:SSN8< 9!C><>B!SL6N8=! SCN8=7!D;:K<[C;M! Y 1LNB8SNB@!8KSC;B:>B!FNC6:N!SCN8=7!B@!>:K! 8>!OPPZ!CD!BE8B9!"<:=<6L8NR8>F!%CKK8998C>!V"&%W?!!(B!:N9C!<9!BE F@!BC!R<9!BER!8>B<;:=B8C>!F!SCN8=7!=E:>F<@!:>R![EE:>=<9!BE:BC;7!SC[<;!CD!BEB;86LBR<;9B:>R8>F!CD!FNC6:N!SCN8=7!S;C=<99<9!:>R!R89=CL;9<9@!:>R!BC!;<>R<;!BEF!BELK<;CL9!=L;;<>B!FNC6:N!SCN8=7!=E:NN<>F<9? !

PAGE 225

212 $""#+*(i!5 ! -:KSN!)89B9 ! ! 2C!:!4)"!3<9<:;=E!-B:DD!1!BE!CD!BERR!CBE<;!4)"!9B:DD!KB!7CL;!FCA<;>K<>B9!8>!:>7![:7!C>!BER![E:B!R8R!BER:B8C>!BC!DC;K!BEC[![E8=E!CD!BER!S:>!BEF!C>!BE89l!! Z? ]<;B!SR!EC[!R8R!8B!RF!=CKK8998C>!BECLFEB!BC!6<!;<=CKK<>R:B8C>9!DC;!BE:B8AF!BE:>!DC;K8>F!:!%CKK8998C>!:9!CLBN8>!BER![E:B!E:SS<>=<9!CD!CS8>8C>!C>!BER:B8C>l!(D!9C@! EC[![<;B!SCN8B8=:N!B9!:B!BEB9!:>R! ;<=CKK<>R:B8C>9l GO? ]E:B!bC6!R8R!7CL!KCA!BC!:DB<;!D8>89E8>F![C;M![8BE!BEB8>L!BE!BEACNA!FF!D;CK!BER:B8C>!BE;CLFE!BE=8N!:>R!,<><;:N!$999l GQ? ]<;=<9!CD!CS8>8C>!C;!CSSC98B8C>!8>!BEF!R8SNCK:B9!:6CLB!:9S<=B9!CD! BER:B8C>!8>!;R!DC;![ECKl! 4C[!R8R!BE<7!!C;!NC667!DC;!:NB<;>:B8A<9l GZ? 4C[![:9!BE!DL;BE<;!R9l ! 2C!:!4)"!":><Fl O? ]<;!BC!BE!DC;K8>F!BE!BE:N! ;=<9!CD!CS8>8C>!C>!BE!;Fl!(D!9C!EC [![<;B!D:=BC;9!BC!M<!K8>R!:6CLB!BEA8;C>K<>B!:>R!SCN8B8=:N! B9!:B!BER:B8C>l Z? ]<;9![EC!SL9ER! [E:B!R8R! BE<7!RCl J? 4C[!R8R!BER![8BE!BE!CD!N:6C;@!:>R![EC!R8R![E:Bl e? ]E7![:9!BEACNA!BE!CD!BE7!=C>B8>L8>F!8>ACNAB!:DB<;!BE
PAGE 226

213 -:KSN!)89B9 V%C>`BW ! ! 2C!:!-<>8C;!'+!-B:DD!1CB!7CL;!SC98B8C>!D;CK!OPPG?!*8R!7C L!E:A7!8>ACNAB![8BE!S;< Y "&%! 8R<:9!;<[!:;;:>FB9!DC;!S<:=<6L8NR8>Fl!!*8R!7CL!E<:;!CD!C;!FACNA!8>!BEACNAB![8BE!BE!CD!BEF!CD!8B9!2.3@!C;!:>7BE8>F! !BEF!CD!BE!):;F<;!5;<!67!BEFR:B8C>l Q? $DB<;!c(>!):;F <;!5;<R!LS!BC!BER! [E:B![:9!BEB!C;!CDD!BER:!DC;!BEF!BE!BE!S;CSC><>B9!CD!DC;K8>F!BER!EC[!R8R!BE<7!S;CKCB=<9!CD!CS8>8C>!8>!BE8^:B8C>!C;!:KC>F!KR!CS<;:BB!:9S<=B9!CD!BER8>F!B9!BE:B!:DD<=B>8>F!8>!;!BEACNA!9F!LS!BE7!S;C6NF!8B!9F!8B9!<:;N7!8KSN B:B8C>l ! !

PAGE 227

214 $""#+*(i! ! (>B<;A8<[!3<=C;R!:>R!27SB!CD!3<9SC>R<>B9 ! :$; :$;!$ ?-'34 9'*@$2!$ ?-'3 A/6'!$< '+!-B:DD! 1!BE<;:N!C>!5CNNC[ Y LS!BC!BE<@!8> Y S<;9C> '+!-B:DD! 1!BE>8>F!'>8B!C>!BEB@!'+!-<=;!BE!8B9!D8;9B!7<:;@!OPPJ Y OPPe? h G SEC>< 4)"!3<9<:;=E! -B:DD!1< 2E8>M!2:>M!-B:DD! 1B<;!C>!(>B<;>:B8C>:N!%CCS<;:B8C>@! +<[!/C;M!'>8A<;98B7?!%C Y R< 4)"!3<9<:;=E! -B:DD!1!BEM!2:>M!-B:DD! 1B<;!C>!(>B<;>:B8C>:N!%CCS<;:B8C>@!+<[!/C;M! '>8A<;98B7@!OPPG?!%C Y R<@!8> Y S<;9C> 2E8>M!2:>M!-B:DD! 1B<;>:B8C>:N!"<:=9B8BLBF!C>!"& %!899L<9? I O -M7S< @!8C;!'+!-B:DD! 18C;!"CN8=7!$RA89C;@!'+!-<=;! BE<;:N!UCD8!$>>:>@!OPPP Y OPPh?!! H G M7S< 4)"!3<9<:;=E! -B:DD!1< *8SNCK:B "<;K:><>B!$K6:99:RC;!D;CK!+C;[:7!BC!BER!58;9B!%E:8;! CD!BER8!%C>D8FL;:B8C>@!OPPJ Y OPPe? GG G 8> Y S<;9C> *8SNCK:B *8SNCK:B!:B!BE!K8998C>!BC!BEB? GO G 8> Y S<;9C> -<>8C;!'+!-B:DD! 1R!*B? Gh G 8> Y S<;9C> 2E8>M!2:>M!-B:DD! 1B<;>:B8C>:N!"<:=9B8BLB<@!OPPe! OPGP@! DCNNC[R![;CB:N79<9!C>!BE Y S<;9C> -<>8C;!'+!-B:DD! 18B9!$9989B:>B!-<=;<;:N!DC;!"CN8=7! %CC;R8>:B8C>!:>R!-B;:B>8>F!8>!BE<;:N@!OPPQ!BC!S;<9<>B?!4<:R!BER!CA<;9:[! BEB<;FCA<;>K<>B:N!>9!C>!BE Y S<;9C> %C>9LNB:>B 5:=LNB7!:B!BE<;!-=ECCN!CD!"L6N8=!-<;A8=<@!+<[!/C;M! '>8A<;98B7!:>R!%C>9LNB:>B!DC;!";:X89!,;CLS@!)BR?!8>!BE< -<>8C;!'+!-B:DD! 1B!-<=;<;:N!:>R!-S<=8:N!$RA89<;!DC;!"CN8=7! "N:>>8>F!BC!'>8B9!-<=;<;:N!UCD8!$>>:>@!'+! -<=; Y S<;9C> 2E8>M!2:>M!-B:DD! 1B<;!DC;!(>B<;>:B8C>:N!%CCS<;:B8C>@!+<[! /C;M!'>8A<;98B7!:>R!%C>9LNB:>B!DC;!BE8C;!$RA89C;!8>!BE<;:N!DC;!BEF!LS!BC!BER!$=B8>F! -<=;<;:Ns9!"CN8=7!%CKK8BB<<@!'+! -<=;DN8=B!:>R!4LK:>8B:;8:>!$DD:8;9!'>8B!CD!BEB!DC;!(>B<;>:B8C>:N!*B!V*5(*W@!GHHI Y OPPO@! [E<>!BER<;!R89=L998C>?!

PAGE 228

215 (>B<;A8<[!3<=C;R!:>R!27SB!CD!3<9SC>R<>B9!V%C>`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e Y OPPG?!!*8;<=BC;!DC;!"CN8B8=:N@!"<:=F!:>R! 4LK:>8B:;8:>!$DD:8;9!8>!BE<;: N@! OPPG Y OPPJ?!!%C>=L;;<>BN7!*< 4)"!":>9LNB:>B %C>9L NB:>B!DC;!*"$@!OPPQ 3<9SC>R<>B90 ! hG ! (>B<;A8<[90 ! h H ! !

PAGE 229

216 $ ""#+*(i! 4 ! %CR:N7989!8>!E7S<;3<9<:;=E ! +C %CRR:!DC;!"<:=< QZ 4)"!3<9!2<:K!%ECC98>F!-B:DD h &:>!U8!1CC > QJ 4)"!3<9<:;=E 2<:K Q &%"3 Qe 4)"!]C;M8>F!1 QI 43!%CL>=8N J &;:E8K8!3R8!=C>D8FL;:B8C> ZP ()5!]C;M8>F!1!1=$9M8< ZG (>!):;F<;!5;<R Zh UCD8!$>>:> GG %CC;R8>:B8C> ZQ 1:>:FB!3B;7!%C>D8FL;:B8C>9 ZZ 1:;M!1:NNC=E!&;C[> Gh %CL>B;7!389K ZJ 18NN< > >8LK!-LKK8B GQ %CL>B;7!-B;:BB;B ZI 1-!"CN8=7!-B;<:K GJ *5(* ZH 1-!"CN8=7!]8>RC [9 Ge *(!%CF>8B8A8=:B8A:B8AM!2:>M9 OP *(!(>9B8BLB8C>:N!5:=BC;9 Jh +C> Y ";CN8D<;:B8C> OG *(!+C;K:B8AF!CD!3ACNAB OJ *C>C;!%CL>B;8<9 JH "&%!:9!";CX7!DC;!-%!#XS:>98C> Oe *"$ eP "&%!%EC8=B;8<9 OI *"$!"<:=<6L8NR8>F!'>8B eG "&%!%8A8N!-C=8F:FB OH *"U.!:>R!"<:=F eO "&%!*C>C;!":;B8=8S:B8C> hP #%.-.% eh "&%!#:;N7!.S<;:B8C>9 hG #(-$-!";CSC9:N eQ "&%!#A:NL:B8C>!CD!"<;DC;K:>=< hO 5:8NR!5:8N8>F!-B:B<9 eZ "&%!58;9B!%CL >B;8<9 hh ,<><;:N!$99<;:N eI "&%!(>>CA:B8C>9 hJ ,L8><: eH "&%!.;F:>8^:B8C>:N!%CKK8BB<< he 4)" IP "&%!3<=<>B!*B9 hI 4)"!%EC8=9![8BE!-< =;!5C;: IO "&%!39![8BE8>!'+ QP 4)"!5C;K:B8C> Ih "&%!3F!)8><9 QG 4)"!1R!BE<8;!, CA<;>K<>B9 IQ "&5 QO 4)"!":>R8>F!DC;!>C>!"&%!%CL>B;8<9 Qh 4)"!3
PAGE 230

217 %CR:N7989!8>!E7S<;3<9<:;=E!V%C>`BW ! ! ! +C %CRD8FL;:B8C> II "&-.!4<:R9!:DB<;!1=$9M8< GPe -CLBE!"<;9S<=B8A< IH "<:=<6L8NR8>F!%C>=B;86LB8>F!%CL>B;8<9 HG ";B9 GGP 2;L9B<<9E8S!%CL>=8N HO ";B8C> GGG 'U!(>8B8:B8AF:FB GGO 'U!3CN< HQ ";C6NR!%CNN8<;!58FL;<9 GGZ '+*" He 39E8S9!"&%!"&-.!"&5 GGJ '-!'+!39E8S HI 3B GGe '9B &;CCM8>F9 GGI '-("!3F!,;CLS!)<99C>9!)<:;>M GPO -<=;!CD!*B GOO ]C;NR!-LKK8B!+9!$DB<; GPQ -<=L;8B7!%CL>=8N GOh ]C;NR!-LKK8B!+9!&B!+
PAGE 231

218 $""#+*(i!( ! -:KSNB<;A8<[!+CB<9 ! !

PAGE 232

219 $""#+*(i! a ! 28K!CD!BER!CD!%CNR!]:; '>D;<<^8>F!CD!9B:N!BE=8N@![E8=E! 8>E868BF!CS<;:B8C>9j!D;CK!GHHP! C>[:;R!S<:=F! CS<;:B8C>9!S;CN8D<;:BR! CS<;:B8C>9!6!BC!B:M![8R<;!K:>R:B<9? Ge!aL>!CD!'+!-<=;<;:N!&CLB;C9!&CLB;C9 Y ,E:N8s9! ;R:!DC;!S<:=<0! ";B8AF!:>R!S<:=< Y M<F?d! '+!RC=LK<>B!>C?!$\Qe\Oee! -\ OQGGG? 2EF?!! "<:=<6L8NR8>F!RR!N89B!:!=C>B8>LLK!CD!:=B8A8B8<9! D;CK!S;B8C>!BC!:RR;<998>F!BEDN8=B? h!a:>L:;7! GHHZ "L6N8=:B8C>!CD!'+!-<=;<;:N`9!c-LSSNB!BC!:>! :F<>R:!DC;!S<:=<0!"C98B8C>!S:S<;! CD!BE<;:N!C>!BE!CD!BE>8A<;9:;7! CD!BE8B9?d!!'+! RC=LK<>B!>C?!$\ZP\JP! Y -\GHHZ\G?! "<:=<6L8NR8>F!=C>=RR8>F!:=;C99!:NN! SE:9<9!D;CK!S;< Y BC!SC9B Y =C>DN8=B? GQ! aLN7!GHHe "L6N8=:B8C>!CD!-<=;<;:N! UCD8!$>>:>`9!3<><[8>F!BE8B90!$!S;CF;:K!DC;!;<;:N@! '+!RC=LK<>B!>C?!$\ZG\GHZP?! '+!*B!CD!"CN8B8=:N!$DD:8;9!V*"$W!R<98F>:BB!DC;!S<:=<6L8NR8>F!8> BE!CD!BE9@!S;CSC9F!L>8B![8BE8>!*"$![8BE!BER<; Y -<=;<;:N!CD!"CN 8B8=:N!$DD:8;9!K:M8>F!L9!"<:=R!-<=L;8B7!V#%"-W OPPG -B;:B:B!BEBE9!:DB<;!=C>DN8=B9!:>R!6B :9989B:>=!N8>A:98C>!CD!(;:T 2E89!8>A:98C>@!DC;![E8=E!BER!'U!=CLNR!>CB!9<=L;=8N!:SS;CA:N@!=E:NN<>F=8N!:>R!8B9!:68N8B7!BC!:FB<;>:B8C>:N!S<:= R!9<=L;8B7? GH!$LFL9B! OPPh &CK68>F!CD!'+!4<:RTL:;B<;9!8>! (;:T 2E89!B@![E8=E!M8NN=NLR8>F!BEB:B8A! SC9B Y =C>DN8=B!98 BL:B8C>9? -!CD!BE!2E;<:B9@!%E:NN<>F<9!:>R! %E:>F< ":>!;<9SC>9A:98C>!CD!(;:T!:>R! 6CK68>F!CD!'+!6L8NR8>F!8>!&:FER:R@!B:9MB8D78>F! BE;<:B9!:>R!=E:NN<>F<9!BC!8>B<;>:B8C>:N!S<:=< :>R!9<=L;8B7! :>R!;<=CKK<>R8>F!=E:>F<9!8>!BE8^:B8C>!BC! <>9L;?

PAGE 233

220 28K!CD!BE`BW C+*' 5?'1* D'/!87*.$(' O!*<=!CD!BEB8D8!BE;<:B9!:>R!=E:NN<>F<9!BC!8>B<;>:B8C>:N! S<:=R!9<=L;8B7!:>R!K:RR:B8C>9!DC;!'+! ;F![E8=E![:9!BC!=;<:B8B9! "<:=<6L8NR8>F!%CKK8998C>? OG!1:;=E! OPPZ "L 6N8=:B8C>!CD!'+!-<=;<;:N!UCD8!$>>:>s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e!<9B:6N89E8>F!BER!S<:=<6L8NR8>F!:=B8A8B8<9!DC;! =CL>B;8<9!C>!BER:!:>R!CBE<;9!8>!L;F<>B!><=F!R8!:RCSBB!8>!SN:=F!:=BC;9!8>!&L;L>R8 +CAB!8>!SN:=F!:=BC;9 8>!-8<;;:!)< ! !

PAGE 234

221 3#5#3#+%#! ! $=M;8NN@!3?@!:>R!$?!U:7?!OPGP?!1LNB8SN!#'!SCN8=7 Y K:M8>F0!2E$8R@!%$5.*@!:>R!%$3#!(>B<;>:B8C>:N?!OPPe?!%C>9CN8R:B8>F!BER!&L;L>R8!C>!BE8B9!"<:=<6L8NR8>F!%CKK8998C>?!aCE:>><96L;F@!-CLBE!$D;8=:! :>R!)C>RC>@!'U0!$=B8C>$8R@!%$5.*!:>R!%$3#!(>B<;>:B8C>:N? ! $>>:>@!U?!OPPh?!2E<;:N!:RR;<99!BC!BE<;:N!$998B9? ! $>>:>@!U?!OPPQ?!%CL;:F9868N8B8<9?! P0(%(/1&"!\ *<=>:>@!U?!OPPZ:?!2E<;:N!9B:BB!BC!BE<;:N!$998B9? ! $>>:>@!U?!OPPZ6?!2E<;:N!:RR;<99!BC!BE8B9? ! $>>:>@!U?!OPPZ=?!-<=;<;:N!=:NN9!<>RC;9B!CD!"<:=<6L8NR8>F!%CKK8998C>!:!BL;>8>F!SC8>B! 8>!;F!E89BC;8=!B?!'+!RC=LK<>B!>C?!-,\-1\GPOee@!,$\GP QQP?!*<=8B9? ! $>9B<<@!1?!GHHI?!-B;<>FBE<>8>F!BEB!CD!"CN8B8=:N!$DD:8;9!:9!DC=:N!SC8>B!DC;!SC9B Y =C>DN8=B!S<:=<6L8NR8>F?!(>B<;>:N!;8B9!*B!CD! "CN8B8=:N!$DD:8; 9? ! $;B9@!&?@!:>R!1?!&L8^<;?!OPPH?!5C;<9B9@!R89=CL;9<9@!8>9B8BLB8C>90!$!R89=L;98A< Y 8>9B8BLB8C>:N!:>:N7989!CD! FNC6:N!DC;<9B!FCA<;>:>=(#.&"!@(-10+!$%*!P0(%(/10& GG!VZ Y JW0!hQP Y hQe? ! $LBEC;!8>B<;A8<[9![8BE!SCN8=7!:=BC;9?!a:>L:;7!OPGG Y 1:;=E! OPGO? ! $X[C;BE7@ )?!GHHJ?!&L8NR8>F!S<:=F!:!%:>:R8:>!S<:=<6L8NR8>F!8>8B8:B8A! :RR;<99!67!BECL;:6N89B<;!CD!5C;<8F>!$DD:8;9?!.=BC6<;!hP?!+C;BE! /C;M@!.>B:;8C@!%:>:R:0!/C;M!'>8A<;98B7?! ! &:;>>R )?!-8B<:?!OPPe?!"<:=<6L8NR8>F0!]E:B`9!8>!:!>:K<;@!5?!3?@!:>R!&?!*?!aC><9?!GHHh?! 2=.%*$&!$%*!1%&"$'1-1"+!1%!2/.#10$%!,(-1"10& ?!%E8=:FC@! (NN8>C890!'>8A<;98B7!CD!%E8=:FC!";<99 ! &&%?!OPPG?!'-!*<=N:;<9![:;!C>!B<;;C;?! H HI!T.?& @!->:>?! HHI!T.?& @!->:>s9!N8>F?! HHI!T.?& @!+CAR@!*?!OPPH?!(R<:9@!8>9B8BLB8C>9@!:>R!SCN8=7!=E:>F
PAGE 235

222 &R@!*?@!:>R!3?!4?!%CX@!8A<;98B7!";<99? ! &R!-?!,;8DD8>?!OPPQ?! F%*.#&"$%*1%=!,.$0.K..,1%= ?!%:K6;8RF<0!%:K6;8RF8A<;98B7!";<99? ! &<>RC;@!a?@!2?!1?!1C<@!:>R!U?!]?!-ECBB9?!OPPG?!3<=7=N8>F!BE0!$>!:99<99K<>B!CD!BEF!%CKK8998C>0!2ER!D:NN!CD!:!FCCR!8R<:?!(>! 58( &.!,.$0.]!! I#1"10$-!,.#&,.0"1A.&!(%!"8.!,(-1"10$-!.0(%(/+!(B!,.$0.')1-*1%= @!R!1?! 2L;><;?!+<[!/C;M0!":NF;:A? ! &<;K:>@!-?!GHHI?! C8.!&(01$-!*./(0#$"10!/(/.%"6!;*.$&!$%*!,(-1"10&!1%!"8.!/$K1%=!(B!1%".#?$#!P)#(,. ?! %:K6;8RF<@ 'U0!4:;A:;R!'>8A<;98B7!";<99? ! &N7BE@!1?!GHHe?!$>7!KC;:N!BL;>!CD!=CKS:;:B8ACK7?! I(/,$#$"1A.!@(-1"10& OH!VOW0!OOH Y OZP? ! &N7BE@!1?!OPPO?! U#.$"!"#$%&B(#/$"1(%&6!P0(%(/10!1*.$&!$%*!1%&"1")"1(%$-!08$%=.!1%!"8.!"?.%"1 ."8! 0.%")#+ ?!%:K6;8RF<0!%:K6;8RF8A<;98B7!";<99? ! &CNBC>@!a?!OPPe?! 4)##.%*.#!1&!%("!$%!(,"1(%6!G.B.%*1%=!2/.#10$!$"!"8.!F%1".*!T$"1(%& ?!+<[!/C;M0! 2E;<9ECNR!#R8B8C>9? ! &C^@!&?!GHIJ?!2E:N79890!&!KR!L9R!"?!R<)?!GHIh?! C8.!B()%*$"1(%&!(B!,(-10+!$%$-+&1&:! 4CK<[CCR@!(NN8>C890!2EF0!4C[!'+!BE8>M8>F!E:9!!;<=<>B!7<:;9?! '>SL6N89E8B9!*B!CD!"CN8B8=:N!$DD:8;9? ! %:NN@!%?!OPPZ?!(>9B8BLB8C>:N8^8>F!S<:=<0!$!;DN8=B!S<:=<6L8NR8>F!=C>=R!899L<9!DC;! *"$?!'>SL6N89EL:;7!hG?!!+<[!/C;M0!'>8B9!*B!CD!"CN8B8=:N! $D D:8;9? ! %:KS69B8BLB8C>:N!:>:N7989!:>R!BE!SCN8B8=:N!<=C>CK7?! C8.(#+!$%*! 4(01."+ Oe0hee Y QPH? ! %:KS6R!SL6N8=!SCN8=7?! 2%%)$-!9.A1.?!(B!4(01(-(=+ OI0OG Y hI? ! %:KS6=0!";8>=!'>8A<;98B7!";<99? ! %:S:>C@!,?@!:>R!-?!"8:BBC>8?!OPGG?!5;CK!&CNCF>:!BC!)896C>0!2E!n9=;8SBn!8>! #L;CS<:>!E8FE<;!!SCN8=7?! [()#%$-!(B!P)#(,.$%!@)'-10!@(-10+ GI!VQW0!ZIQ Y J PJ? ! %:;6C><@!1?!OPPe?!-LSSC;B8>F!C;!;<989B8>F!FNC6:N!SL6N8=!FCCR9l!2E98C>!CD!:!=C>B<9B=?!GHHe?!";B8>F!R<:RN7!=C>DN8=B?!58>:N!;!C>! S;B8> F!R<:RN7!=C>DN8=B?!+<[!/C;M0!%:;>? ! !

PAGE 236

223 %E:BB:K!4CL9@!-?!OPPZ?!5;CK!9B:BF0!";C6NR!S;C9S<=B9!DC;!:!'>8B9!"<:=<6L8NR8>F!%CKK8998C>?! [()#%$-!(B!;%".#%$"1(%$-!<$?!$%*!;%".#%$"1(%$-!9.-$"1(%&V! O! VGW0!GZZ Y GeZ? ! %E<9B<;K:>@!-?!OPPJ?!3F!BE8B90!)<99!:>R!SC[<;!:DB<;!(;:T?! 41%=$,(#.!^.$#'((K!(B!;%".#%$"1(%$-!<$? GP!VGW0!ZH Y IJ? ! %(%@!:>R!("(?!OPPI?!2:M8>F!9BC=M@!NCCM8>F!DC;[:;R0!$!9B;:BF! %CKK8998C>?!$>!8>RR<>B!:>:N7989!67!BEB<;!C>!(>B<;>:B8C> :N!%CCS<;:B8C>!V%(%W! :>R!BEB<;>:B8C>:N!"<:=9B8BLBB<;!C>!(>B<;>:B8C>:N! %CCS<;:B8C>!:>R!(>B<;>:B8C>:N!"<:=9B8BLB<@!a?@!:>R!*?!1?!1:NC>=EB<>>8:N0!"<:=9!BE<>!:>R!>C[?! U-( '$-!U(A.#%$%0. GG!VhhG Y hZPW? ! %CE<>@!1?!*?@!a?!*?!1:;=E@!:>R!a?!"?!.N9<>?!GHeO?!$!F:;6:F!KCR8^:B8C>:N!=EC8=R!$?!4C!BE=8R<>=!$D;8=:?! [()# %$-!(B!I(%B-10"!9.&(-)"1(% QJ!VGW0!Gh Y OI? ! %CNN8<;@!"?@!g?!#NN8CBB@!g?!4:N Y fL<;CN@!:>R!+?!-:K6:>89?!OPPh?! H#.$K1%=!"8.! 0(%B-10"!"#$,6!I1A1-!?$#!$%*!*.A.-(,/.%"!,(-10+ @! C8.!5(#-*!H$%K!@(-10+!9.&.$#08!9.,(#" ?! ]:9E8>FBC>@!*?%?0!]C;NR &:>M!:>R!.XDC;R!'>8A<;98B7!";<99? ! %CNN8<;@!"?@!$?!4CR!1?!-CR<;6CK?!OPPJ:?!$8R@!SCN8=8<9!:>R!;89M!8>!SC9B Y =C>DN8=B!9C=8F!S:S<;?!aL>B;!#=C>CK8=9@!*B! CD!#=C>CK8=9@!'>8A<;98B7!CD!.X DC;R? ! %CNN8<;@!"?@!$?!4CR!1?!-CR<;6CK?!OPPJ6?!"C9B Y =C>DN8=B!;89M9?!]C;M8>F!S:S<;!>C?!%-$#! ]"-\OPPJ Y GO?!$LFL9B!Ge?!.XDC;R@!'U0!%<>B;!#=C>CK8<9@! *B!CD!#=C>CK8=9@!'>8A<;98B7!CD!.XDC;R? ! %CKK8998C>!C>!,NC6:N!,CA<;>: >=8A<;98B7!";<99? ! %CCS<;@!1?!4?!GHHZ?!n2E8B9!:B!ZP?n! C8.!I_!9.&.$#08.#! Z!VhGW0!eOH Y ZO? ! %CL9<>9@!#?!1?@!:>R!%?!ULK:;@!>><;? ! %;<9S7@!$?!OPGP?!]E<>!n&CNM<9B<8>n!89!B;:SS=E!:>B8 Y N86<;:N!R89=CL;9<0!$!R89=L;98A< Y 8>98BLB8C>:N89B!:==CL>B!CD!S;=!8>!BE!'>8C>!KLNB8 Y NR!*?!)?!18NN<;?!OPPP?!*8>F!A:N8R8B7!8>!TL:N8B:B8ATL8;7?! C8.(#+!1%"(!@#$0"10. hH!VhW0!GOQ Y GhP? ! %LB8NNC@!$?!OPPJ?!(>B<;>:B8C>:N!:9989B:>=B;8<9!F!D;CK!=C>DN8=B0!$!;! 7<:;9!CD!8>B<;A<>B8C>9!:>R!BEF?!"CN8=7!S:S<;?!(>! C8.!4.0)#1"+ O G.A.-(,/.%"!T.S)&!@#(=#$/:! +<[!/C;M0 (>B<;>:B8C>:N!"<:=
PAGE 237

224 %^:;>8:[9M:@!&?!GHHe?! T$##$"1%=!"8.!(#=$%1Q$"1(%6!G#$/$&!(B!1%&"1")"1(%$-!1*.%"1"+ ?!%E8=:FC@!(NN8>C89 0! '>8A<;98B7!CD!%E8=:FC!";<99? ! *<:=C>@!&?!OPPe?! U-('$-!&(01$-!,(-10+!$%*!=(A.#%$%0. ?!)C>RC>0!-:F:>=>8>F!CD!BEBL;70!]E:B!89!BE8B9l!!$RR;<99!F8A<>!67!BEB!CD!BE8B 9!,<><;:N!$99:N!9:;!n2E8B9!:>R!,NC6:N!,CA<;>:>=<@n!-:>B8:FC@!%E8N<@!$LFL9B!I? ! R<)@!"?!GHII?! 2*A10.!$%*!0(%&.%"6!C8.!*.A.-(,/.%"!(B!"8.!,(-10+!&01.%0.& ?!+<[!/C;M0!3L99R:B8C>? ! R<)@!"?!GHHH?!2E Fl!(>! C8.(#1.&!(B!"8.!@(-10+!@#(0.&& @!^8>@!+?!U?@!:>R!/?!-?!)8>=CN>?!OPPZ?! C8.!4$=.!8$%*'((K!(B!R)$-1"$"1A.!#.&.$#08V!`#*! .*1"1(% ?!2ECL9:>R! .:M9@!%$0!-:F@!$?!]?!OPPQ?!#:;N7!:>R!N:B8>F!67!BE<;:N!CD!BE;<:B9!BC!S<:=<0!$;B8=N! I(%B-10"!,#.A.%"1(%!B#(/!#8."(#10!"(!#.$-1"+:!a(-)/.!W:!7#=$%1Q$"1(%&!$%*! 1%&"1")"1(%& @!:6R!*?!%:;K<>B?!):>E:K@!1*0!)FBC>!&CCM9? ! *C7N<@!1?!]?@!:>R!+?!-:K6:>89?!OPPP?!(>B<;>:B8C>:N!S<:=<6L8NR8>F0!$!BER!TL:>B8B:B8A:N7989?! 2/.#10$%!@(-1"10$-!401.%0.!9.A1.? HQ!VQW0!eeH Y IPG? ! *"$?!OPPh?!*"$!"<:=<6L8NR8>F!'>8B! &:=MF;CL>R!BC!:> R!=L;;<>B!9B:BL9!CD!BEB<;>:N! RC=LK<>B?!.=BC6<;?!+<[!/C;M0!'>8B9!*B!CD!"CN8B8=:N!$DD:8;9? ! *"U.?!OPPZ?!%C>B;86LBC;9!BC!'>8B9!S<:=F!CS<;:B8C>9?!1C>BEN7!9LKK:;7!CD! =C>B;86LB8C>9!V18N8B:;7!C69<;A<;9@!SCN8=R!B; CCS9W!:9!CD!hG!*<=8B90!*B!CD!"<:=F!.S<;:B8C>9? ! *"U.?!OPPJ?!"<:=F!D:=B!9E<8B9!"<:=F!.S<;:B8C>9?! &:=MF;CL>R!>CB<0!hG!*<=8B9!*B!CD! "<:=F!.S<;:B8C>9? ! *;:MLN8=E@!$?@!8B9!$99C=8:B8C>9!CD!BE8B:N7989!:9!:!E<;K<>=<9!CD!R8A<;98B7!";<99?! ! *;7^9>:B8C>:N!R8A<;98B7!";<99? ! *;7^
PAGE 238

225 *L6:9E@!+?U?!OPPH?!,NC6:N!>C;K9!BE;CLFE!FNC6:N!Rl!39!C>!BE! C>!*:K9?! U-('$-!U(A.#%$%0. GZ0OGH Y OhI? ! #=C>CK89B?!OPPZ?!%:>!8B9!=;@!a?!OPPZ?!-B:BB!67!BEB!CD!BE8B9!,<><;:N!$99! #N8:99C>!:B!BEB;CRL=B8C>!CD!BE!CD!BEF!%CKK8998C>! V$\JP\)?QPW!BC!BE<;:N!$99:;7?!*<=8B9?! ! #A:>9@!,?!GHHh?! I((,.#$"1%=!B(#!,.$0.6!C8.!=-('$-!$=.%*$!B(#!"8.!WYYM&!$%*!'.+(%* ?!-B?!):;R9@!+<[! -CLBE!]:N<9@!$L9B;:N8:0!$NN<>!:>R!'>[8>? ! 589=E<;@!5?!GHHI?!&<7C>R!TL8;7!8>!SC9BSC98B8A 89B!S<;9S<=B8A8A<;98B7!";<99? ! 589=E<;@!5?@!:>R!a?!5C;<9B<;?!GHIe?! I(%B#(%"1%=!A$-).&!1%!,(-10+!$%$-+&1& ?!+<[6L;7!":;M@!%$0!-:FR! a?!5C;<9B<;@!8A<;98B7!";<99? ! 5N7A6b<;F@!&?!OPPG?! 3$K1%=!&(01$-!&01.%0.!/$"".#6!58+!&(01$-!1%R)1#+!B$1-&!$%*!8(?!1"!0$%!&)00..*!$=$1% ?! +<[!/C;M0!%:K6;8RF8A<;98B7!";< 99? ! 5N7A6b<;F@!&?!OPGG?!%:9! C8.!4$=.!8$%*'((K!(B!R)$-1"$"1A.!#.&.$#08:!b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a?!GHeZ?! @.$0.V!?$#!$%*!*.B.%&.! O P&&$+&!1%!,.$0.!#.&.$#08V!A(-)/.!L ?!%CS<>E:F<>@!*<> K:;M0! #bN<;9? ! ,:9S:;!1:;B8>9@!(?$?!OPPJ?!-B:BB!67!489!#X==7!$K6:99:RC;!(9K:9@! %E:8;K:>!CD!BEF!%CKK8998C>@!C>!68B9?!

PAGE 239

226 ,R!$?!&<>>F@!a?!OPPe?! I$&.!&")*+!#.&.$#086!@#1%01,-.&!$%*!,#$0"10.& ?!+<[!/C;M0!%:K6;8RF8A<;98B7!";<99? ! ,CN:D9E:>8@!+?!OPPh?!'>R<;9B:>R8>F!;R!A:N8R8B 7!8>!TL:N8B:B8A@!a?@!:>R!3?!.?!U8A<;98B7!";<99? ! ,L8=E<;R@!%?!OPPZ?!"8=M8>F!LS!BEF!%CKK 8998C>?! &;8F!S:S<;!DC;!R8:NCFL!FNC6:N8^:B8C>?!*<=F! V5#-W!:>R!,<;K:>!589B;7!CD!#=C>CK8=!%CCS<;:B8C>!:>R!*B!V&1kW? ! 4:6<;K:9@!a?!GHIQ?! C8.!"8.(#+!(B!0(//)%10$"1A.!$0"1(%!;6!9.$&(%!$%*!"8.!#$" 1(%$-1Q$"1(%!(B!&(01."+ ?! &C9BC>@!1$0!&<:=C>!";<99? ! 4:6<;K:9@!a?!GHIe?! C8.!"8.(#+!(B!0(//)%10$"1A.!$0"1(%!;;6!<1B.?(#-*!$%*!&+&"./ ?!&C9BC>0!&<:=C>!";<99? ! 4:6<;K:9@!a?!GHHJ?! C8.!"8.(#+!(B!0(//)%10$"1A.!$0"1(% ?!%:K6;8RF<0!"CN8B7!";<99? ! 4:b<;@!1?!$?!GHHh?!* 89=CL;99!:>R!BE9B8BLB8C>:N8^:B8C>!CD!S;:=B8=<0!2E!8>! &;8B:8>?!(>! C8.!$#=)/.%"$"1A.!")#%!1%!,(-10+!$%$-+&1&!$%*!,-$%%1%= @!R!a?! 5C;<9B<;?!*L;E:K@!+%0!*LM8A<;98B7!";<99? ! 4:b<;@!1?!$?!GHHZ?! C8.!,(-1"10&! (B!.%A1#(%/.%"$-!*1&0()#&.6!P0(-(=10$-!/(*.#%1Q$"1(%!$%*!"8.!,(-10+! ,#(0.&& ?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 4:b<;@!1?!$?!OPPP?!2;:>9>:B8C>:N!>9>:B8C>:N!SCN8=7!R89=CL;9<0!-CK9!C>! BEB!8>!#L;CS! C8.!#.A1A$-!(B!&"#$".=10!&,$"1$-!,-$%%1%= @!R!$?!5:NLR8?!$K9B<;R:K@!+R90!U+$]? ! 4:b<;@!1?!$?!OPPO?!*89=CL;9:N7989!:>R!BEF?! P)#(,.$%!@(-1"10$-!401.%0. O!VGW0! JG Y JZ? ! 4:b<;@!1?!$?!OPPJ?!.;R<;8>F!BE;CLFE!R8 9=CL;9! C8.!7SB(#*!8$%*'((K!(B!,)'-10!,(-10+ @!@! 1?!3<8>@!:>R!3?!#?!,CCR8>?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 4:b<;@!1?!$?@!:>R!4?!]:F<>::;?!OPPh?! G.-1'.#$"1A.!,(-10+!$%$-+&1&6!F%*.#&"$%*1%=!=(A.#%$%0.!1%!"8.! %."?(#K!&(01."+ ?!%:K6;8RF<@!'U0! %:K6;8RF8A<;98B7!";<99? ! 4:NN@!"?!$?!GHIH?! C8.!,(-1"10$-!,(?.#!(B!.0(%(/10!1*.$&6!c.+%.&1$%1&/!$0#(&&!%$"1(%& ?!";8>=@!+a0! ";8>=!'>8A<;98B7!";<99? ! 4:NN@!"?$?!GHHh?!"CN8=7!S:;:R8FK9@!9C=8:N!N<:;>8>F@!:>R!BE@!.?@!:>R!"?!4<8>6<=M<;?!OPGG?!2E<[n!KLNB8N:B<;:N89K!CD!BEB7 Y D8;9B!=<>BL;7?! U-('$-! U(A.#%$%0. Ge0OHH Y hGP? ! 4:>>:7@!*?!OPPZ?!$!KC;9868N8B7! 3<;:N`9!48FE!)! 2E;<:B9@!%E:NN<>F<9@!:>R!%E:>FR!2?!"8SS:;R?!)C>RC>0!#:;BE9=:>? ! !

PAGE 240

227 4:>>:7@!*?!OPPI?! T.?!5(#-*!*1&(#*.#6!C8.!FT!$B".#!"8.!I(-*!5$#! O 2%!1%&1*.#d&!A1.? ?!+<[!/C;M0!(?&?! 2:L;89!:>R!%C ?@!)BR? ! 4:7@!%?!OPPJ:?!,NC6:N8^:B8C>!:>R!SL6N8=!SCN8=7?!(>! C8.!7SB(#*!8$%*'((K!(B!,)'-10!,(-10+ @!@! 1?!3<8>@!:>R!3?!#?!,CCR8>?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 4:7@!%?!OPPJ6?!%C>9B;L=B8A89B!8>9B8BLB8C>:N89K?!(>! C8.!7SB(#*!8$%*'((K!(B!,(-1"10$! 1%&"1")"1(%& @!R<;@!:>R!&?!3C=MK:>?!.XDC;R@!'U0!.XDC;R!'>8A<;98B7!";<99? ! 4:7@!%?@!:>R!*?!]8>=CBB?!GHHI?!-B;L=BL;<@!:F<>=7!:>R!E89BC;8=:N!8>9B8BLB8C>:N89K?! @(-1"10$-!4")*1.& QJ! VZW0!HZG Y HZe? ! 4RC>!";<99? ! 4<>><6<;F<;@!1R:?!OPPh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aC><9@!&?!*?!OPPO?!-B;:B:B8C>!:>R!S<:=B:B8C>?!(>! P%*1%=!01A1-!?$#& @!@!*?!3CBE= E8NR@!:>R!#?!%CL9<>9?!&CLNR<;@!%.0!)7>>><;? ! aC><9@!&?!*?@!:>R!1?!,;8DD<>?!OPPP?!&L8NR8>F!S<:=98B8C>:N!:LBEC;8B70!+<[!R8;<=B8C>9@! K:bC;!=E:NN<>F<9?! ;%".#%$"1(%$-!@.$0.K..,1%= e!VQW0!eZ Y HP? ! U:>B@!(?!GeHP\OPPe?! I#1"1R).!(B!e)*=/.%" ?!+<[! /C;M0!.XDC;R!'>8A<;98B7!";<99? !

PAGE 241

228 U:B^<>9B<8>@!"?!a?!GHHJ?! C8.!0)-")#.!(B!%$"1(%$-!&.0)#1"+6!T(#/&!$%*!1*.%"1"+!1%!?(#-*!,(-1"10& ?!+<[!/C;M0! %CNLK68:!'>8A<;98B7!";<99?! ! U:LN@!(?@!(?!,;L>6<;F@!:>R!1?!$?!-B<;>?!GHHH?! U-('$-!,)'-10!=((*&6!;%".#%$"1(%$-!0((,.#$ "1(%!1%!"8.!LW &" 0.%")#+ ?!+<[!/C;M0!.XDC;R!'>8A<;98B7!";<99!:>R!'+*"? ! U<>>RCK!4CL9<@!3?!OPPO?!(>B<;FCA<;>K<>B:N!C;F:>8^:B8C>9!:>R!BE!BEFRC>@!a?!]?!GHIQ?! 2=.%*$&V!$-".#%$"1A.&V!$%*!,)'-10!,(-101.& ?!&C9BC>0!)8BBN<@!&;C[>?! ! U8>FRC>@!a?!]?!GHHZ?! 2=.%*$&V!$-".#%$"1A.&V!$%*!,)'-10!,(-101.& @!O >R ?!+<[!/C ;M0!)C>FK:>? ! U8;MS:B;8=M@!a?!a?!OPPe?!n2E8B9!:9!:!SCN8B8=:N!979BF!SCN8B8=:N!9=8<>B89Bs9! 8>98FEB9!8>BC!'?+?!SCN8B8=9?n! 5(#-*!2BB$1#&! GeP!VOW0!He Y GPO? ! ):K7@!"?!OPGG?!U<7>CB!BE8B9!8> ,NC6:N!,CA<;>:>=<@! '>8B9!,<><;:N!$99@!aL>8B9? ! ):99[B:B8C>?!(>! C8.!,(-10+!&01.%0.&6!9.0.%"!*.A.-(,/.%"&!1%!&0(,.!$%*! /."8(* @!R!*?!)<;><;?!-B:>DC;R@!%$0! -B:>DC;R!'>8A<;98B7!";<99? ! ):BE<;@!"?!GHHh?!5<;B8N0!g:N8R8B7!:DB<;!SC9B9B;L=BL;:N89K?! C8.!4(01(-(=10$-!_)$#".#-+ hQ!VQW0! Jeh Y JHh?! ! ):L6<;@!g?@!:>R!#?!-=E<>><;?!OPGG?!2E<[:6N!BE!' >8C>0!$!R89=L;98A< Y 8>9B8BLB8C>:N89B!:>:N7989?! P%A1#(%/.%"$-!@(-1"10& OP!VQW0!ZPI Y ZOe? ! )! 5;:>=89=C0!aC99<7 Y &:99? ! )8<6<;K:>@!3?!%?!OPPO?!(R<:9@!8>9B8BLB8C>9!:>R!S CN8B8=:N!C;R<;0!#XSN:8>8>F!SCN8B8=:N!=E:>F@!3?!%?!OPPI?!%:9@!1?!OPPe?!$!cF:;6:F!KCRF?! U-('$-!U(A.#%$%0.! Gh0eH Y He ? ! )L=M@!#?!OPPQ?!4C[!>CB!BC!;90!(9!:>7C>8>Fl!(>! ;%".#%$"1(%$-!0(//1&&1(%&!$%*!"8.! ,(?.#!(B!1*.$& @!R!a?!#>FN89E?!2CM7C@!a:S:>0!'>8B< R!+:B8C>9! '>8A<;98B7!";<99? ! )L=M@!#?!OPPe?!";8>=8S:N!C;F:>9?!(>! C8.!7SB(#*!8$%*'((K!(%!"8.!F%1".*!T$"1(%& @!R!-?! *:[9?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! )7>=E@!%?!OPPZ:?!$>>:>!R;:DB9!=E:>F<9!DC;!'+! Y '9F!899L<9! B:;F
PAGE 242

229 )7>=E@!%?!OPPZ6?!&L9E!>:K<9!&CNBC>!'?+?!$K6:99:RC;!8>!;<=<99!:SSC8>BK<>B?! C8.!5$&81%="(%!@(&" @! $LFL9B!O? ! )7>=E@!%?!OPPZ=?!'?-?![:>B9!=E:>F<9!8>!'?+?!:F;<B?! C8.!5$&81%="(%!@(&" @!$LFL9B!OZ? ! )7>=E@!%?!OPPZR?!. 8N Y DC; Y DCCR!S:>>:>@!=8B<9!=C;;LSB8C>! Y -<=;<;:N!D:LNB:FB!CD!S;CF;:K?! 5$&81%="(%!@(&" @!-<@!,?!GHIH?! PA1*.%0.V!$#=)/.%"V!$%*!,.#&)$&1(%!1%!"8.!,(-10+!,#(0.&& ?!+<[!4:A<>@!%20!/:N8A<;98B7!";<99? ! 1:bC>< @!,?!OPPJ?!$F<>R:!9F?!(>! C8.!7SB(#*!8$%*'((K!(B!,)'-10!,(-10+ @!@!1?!3<8>@!:>R!3?! #?!,CCR8>?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 1:NC><@!*?!1?!OPPQ?!(>B;CRL=B8C>?!(>! C8.!FT!4.0)#1"+!I()%01-6!>#(/!"8.!I(-*!5$#!"(!"8.!LW&"!0.%")#+V! < ?!&CLNR<;@!%.0!)7>>><;? ! 1:NC><@!*?!1?!OPPJ?! C8.!1%".#%$"1(%$-!&"#)==-.!(A.#!;#$R6!@(-1"10&!1%!"8.!FT!4.0)#1"+!I()%01-!WYfM O LMMN ?! .XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 1:;9E:NN@!1?!OPPZ?!,NC6:N!B;<>R9!8>!A8CN<>B!=C>DN8=B?!(>! @.$0.!$%*!0(%B-10"!LMMN6!2 =-('$-!&)#A.+!(B! $#/.*!0(%B-10"&V!&.-B O *.".#/1%$"1(%!/(A./.%"&V!$%*!*./(0#$0+ @!R!2?!3?! ,L;;?!%CNNB<;!DC;!(>B<;>:B8C>:N!*B!:>R!%C>DN8=B!1:>:FB@! '>8A<;98B7!CD!1:;7N:>R ? ! 1:9=8@!*?!OPPQ?!2E8B9! :>R!FNC6:N!9<=L;8B7?! I_!9.&.$#08.#! GQ!VIW0!Geh Y GHJ? ! 1:X[R<;9B:>R8>F!:>R!A:N8R8B7!8>!TL:N8B:B8A8B9!S<:=<6L8NR8>F!:;=E8B<=BL;B!67!%:;C7N> 1=$9M8<@! $9989B:>B!-<=;<;:N!DC;!"<:=<6L8NR8>F!-LSSC;B@!:B!BEB<;@!48;C9E8K:!%8B7@!a:S:>@!-8@!,?!GHHO?!2E!KCRR!BEF0!$!=;8B8TL^@!"?@!:>R!a?!-B:>=<@!S:;B8=8S:B8C>@!:>R!BEAC=:B8C>!CD!$;B8=ND8;K!BER:6CLBl!$!>:; ;:B8A!(>9B8BLBB<;>:B8C>:N!$DD:8;9? ! +<[!/C;M!28K<9?!OPPG?!$!R:7!CD!B<;;C;0!&L9Es9!;:B8C>!C>!BEFBC>@!*?%?0!2EB<;!DC;!-B;:BR!(>B<;>:B8C>:N!-BLR8<9!";<99? ! .BC6C@!#?!#?!OPGP?!2E<[!S<:=<6L8NR8>F!:;=E8B<=BL;<0!$>!8>9B8BLB8C>:N!8>>CA:B8C> CD!BE8B9?!(>! FT!#.B(#/!$%*!"8.!%.?!0(--.0"1A.!&.0)#1"+ @!=E8>@!:>R!4?!589=E<;?! %:K6;8RF<@!'U0!%:K6;8RF8A<;98B7!";<99? !

PAGE 243

230 ":N@!)?!$?!GHHZ?!%CKSF!S:;:R8FK9!8>!SCN8=7!R89=CL;9<0!2EB<;>:B8C>:N!ELK:>!;8FEB9?! @(-10+!40 1.%0.& OI!VOW0!GIZ Y OPe? ! ":NK<;@!a?!OPGP?!-BCSS8>F!BE9BCSS:6N9B8BLB8C>:N89B!:>:N7989!CD!;<><[:6N9SC;B!DL8A<;98B7!";<99? ! ":B;8=M@!-?!OPPP?!2E!BEF!BER!=CC;R8>:B8C>!CD!SC9B Y =C>DN8=B! :9989B:>=:N!FL8R<9!DC;!BE!CD!=8A8N!9C=8!K<F9!CD!BEF!%CKK8998C>@!9L6K8BB!C>!BEDC;K:N! =C>9LNB:B8C>9?!'+!RC=LK<>B!>C?!"&%\G\.%\GO?!aL>8B9! "<:=<6L8NR8>F!%CKK8998C>? ! "&-.?!OPPI?!'>8B9!S<:= <6L8NR8>F!:;=E8B<=BL;?!!$!E89BC;7![8BE! ;<=CKK<>R:B8C>9!DC;!BESL6N89EB<;>:N!RC=LK<>B@!'>8B9! "<:=<6L8NR8>F!-LSSC;B!.DD8=^8C@!3?!a?!OPPZ?!2E!:>R!DL>=B8C>8>F!CD!BEF!%CKK8998 C>?!-:D<;[C;NR! 6;8F!S:S<;?!)C>RC>0!-:D<;[C;NR? ! "C>^8C@!3?!a?!OPPe?!2EF!%CKK8998C>0!.;8F8>9!:>R!8>8B8:N!S;:=B8=(#)/ VOW0!Z Y GZ? ! ";<>R<;F:9B@!U?!OPPQ?!%E:NN<>F<9!BC!BEB<;A8<[!67!BE=8N!"L6N8=!$DD:8;9! ";CF;:K?!5<6;L:;7!GH?!+<[!/C;M0!%:;>=8N? ! 3:R:R!g?!$?!-=EK8RB?!OPPQ?!%C>=NL98C>9?! 5.&"!P)#(,.$%!@(-1"10&!Lg!\Lh6!`Zb O `gY: ! 3<8>8=M<@!]?!4?!GHHe?!,NC6:N!SL6N8=!SCN8=7?! >(#.1=%!2BB$1#& V+CA8=M<@!]?!4?!GH HI?! U-('$-!,)'-10!,(-10+6!U(A.#%1%=!?1"8()"!=(A.#%/.%"] ]:9E8>FBC>@!*?%?0! &;CCM8>F9!(>9B8BLB8C>!";<99? ! 3<8>8=M<@!]?!4?@!5?! *<>F@!a?!1?!]8BB<@!2?! &<>><;@!&?!]E8B:M<;@!:>R!a?!,<;9EK:>?!OPPP?! I#1"10$-!I8(10.&6! C8.!F%1".*!T$"1(%&V!%."?(#K&V!$%*!"8.!B)")#.!(B! =-('$-!=(A.#%$%0. ?!.BB:[:@!%:>:R:0! (>B<;>:B8C>:N!*B!3<9<:;=E!%<>B<;? ! 3899<@!2?!GHHH?!(>B<;>:B8C>:N!>C;K9!:>R!RCK<9B8=!=E:>F<0!$;FL8>F!:>R!=CKKL>8=:B8A! BE!;8FEB9!:;<:?! @(-1"10&!$%*!4(01."+ Oe!VQW0!ZOJ Y ZZJ? ! 3899<@!2?!OPPP?!)8=:B8A!8>![C;NR!SCN8B8=9?! ;%".#%$"1(%$-!7#=$%1Q$"1(% ZQ!VGW0! GJ Y GI?! ! 3899<@!2?!OPPQ?!,NC6:N!FCA<;>:>=R!=CKKL>8=:B8A?! U(A.#%/.%"!$%*!7,,(&1"1(% hH!VOW0!OII Y hGh? ! 3C68>9C>@!-?!#?@!:>R!]?!-?!#NN<;?!OPGP?!":;B8=8S:B8C>!8>!S CN8=7!9B;<:K90!2<9B8>F!BE!CD! S;C6NR!9CNLB8C>9!8>!9L6>:B8C>:N!SCN8=7!979B8A<;98B7!";<99? !

PAGE 244

231 3C9<>BE:N@!,?!OPPe ?!#=C>CK8=!:>R!-C=8:N!%CL>=8N?!(>! C8.!7SB(#*!8$%*'((K!(%!"8.!F%1".*!T$"1(%& @!R!-?!*:[9?!.XDC;R0!.XDC;R!'>8A<;98B7!";<99? ! 3L68>@!&?!3?@!:>R!&?!*?!aC><9?!OPPe?!";B8C>!CD!A8CN<>B!=C>DN8=B0!2:9M9!:>R!=E:NN<>F<9!DC;!BE8B9?! U -('$-!U(A.#%$%0. Gh!VhW0!hHG Y QPI? ! 3LFF8<@!a?,?!OPPQ?!3<=C>9B8BLB8>F!BE0!(99L<9@!:=BC;9@!:>R!S;:=B8=<9?! P)#(,.$%! [()#%$-!(B!;%".#%$"1(%$-!9.-$"1(%& GP!VQW0!QHH Y ZhG? ! -:6:B8<;@!"?!$?@!R!4?%?!a<>M8>9 Y -K8BE@!9@!*?!GHHI?!&L8NR8>F!;:N!:>R!>:B8C>:N!=:S:=8B8<9!DC;!N<:R<;9E8S!8>!ELK:>8B:;8:>! :9989B:>=B<;!C>!(>B<;>:B8C>:N!%CCS<;:B8C>@!+<[!/C;M!'>8A<;98B7? ! -:NCKC>9@!*?!OPGP?!.>!BEDN8=B0!2EF %CKK8998C>!:9!CSB8=:N!8NNL98C>?! (>! FT!#.B(#/!$%*!"8.!%.?!0(--.0"1A.!&.0)#1"+ @!=E8>@!:>R!4?!589=E<;?!%:K6;8RF<@!'U0! %:K6;8RF8A<;98B7!";<99? ! -=E:E:K@!1*0!3C[K:>!:>R!)8BBN8A<;98B7!";<99? ! -=EK8RB@!g?!$?!OPPZ?!(>9B8BLB8C>:N89K!:>R!BE! C8.!&"$".6!C8.(#1.&!$%*!1&&).& @!R!*?!1:;9E?! &:98>F9BCM<0!":NF;:A8A<;98B7! ";<99? ! -=EK8RB@!g?!$?!OPPI?!n*89=L;98A9B8BLB8C>:N89Kn0!2E:BC;7!SC[<;!CD!8R<:9!:>R!R89=CL;9=8N8>F!8R<:9!:>R!8>9B8BLB8C>9!BE;CLFE!R89=L;98A9B8BLB8C>:N89K?!(>! ;*.$&! $%*!,(-1"10&!1%!&(01$-!&01.%0.!#.&.$#08 @!R@!:>R!3?!4?!%CX?!.XDC;R0!.XDC;R!'>8A<;98B7! ";<99? ! -=EK8RB@!g?!$?@!:>R!%?!1?!3: R:FR!R89=CL;9!#L;CS<0!%C>=R! K<=M<><;@!'?@!:>R!-?!]<8>N8=E?!OPPZ?!2E8B9!"<:=<6L8NR8>F!%CKK8998C>0!2:9M9@! K:>R:BR!R<98F>!DC;!:!><[!8> 9B8BLB8C>?!!-]"!%CKK<>B9!hI?!-@!,<;K:>70! -B8DBL>F!]899<>9=E:DB!L>R!"CN8B8M!V,<;K:>!(>9B8BLBB<;>:B8C>:N!:>R!-<=L;8B7!$DD:8;9W? ! -=EC>@!*?@!:>R!1?!3<8>?!GHHQ?! >#$/.!#.B-.0"1(%6!C(?$#*!"8.!#.&(-)"1(%!(B!1%"#$0"$'-.!,(-10+! 0(%"#(A.#&1.& ?!+<[!/C;M0!&:98=!&CCM9? ! -=CBB@!$?!OPPI?!2E8B9!"<:=<6L8NR8>F!%CKK8998C>0!$>!<:;N7!:99<99K<>B?! [()#%$-!(B! @.$0.')1-*1%=!$%*!G.A.-(,/.%" Q!VOW0!e Y GH? ! !

PAGE 245

232 -<=L;8B7!%CL>=8N!3F!%CKK8998C>?!+C?!h?!aL >=8N!3=8N!3F!%CKK8998C>?!!+C?!O?!.=BC6<;!Z?! +<[!/C;M0!-<=L;8B7!%CL>=8N!3RC>8B9!;!=C>BN<7!5CL>R:B8C>!"CN8=7!$>:N7989!&;8<@!(C[:0!2EN<7!5CL>R:B8C>? ! -S8>RN<@!&8NN?!OPPh?!(R<>B8B7!=;89890!'+!9B;8A<9!BC!R!:!98>FN< Y 9LS< ;SC[<;![C;NR?! P0(%(/1&" @!$LFL9B!OG? ! -B:M<@!3?!OPPZ?!fL:N8B:B8A!*<>^8>@!+?!U?!:>R!/?! -?!)8>=CN>@! C8.!4$=.!8$%*'((K!(B! R)$-1"$"1A.!#.&.$#08 @!h;R!?!2ECL9:>R!.:M9@!%$0!-:F9? ! -B:99<>@!U?!3?@!1?!,89N:9C>@!:>R!"?!)<;C7?!OPG P?!(KS:=B!CD!<>A8;C>K<>B:N!R89=CL;9<9!C>!SL6N8=!E<:NBE! SCN8=7!:;;:>FB90!$!=CKS:;:B8A!BER!5N:>R<;9?! @)'-10!J.$-"8 GOQ0ZIG Y ZHO? ! -B@!-?!a?!GHHZ?!$N=E<[![C;NR!C;R<;0!.A<;9F!nS;B8A(#.1=%! 2BB$1#& eQ!V hW0!GQ Y OP? ! -B@!-?!a?!GHHe?!-SC8N<;!S;C6N!S<:=@!-?!a?@!:>R!*?!4CNNC[:7?!OPPO?!%8A8N![:;9!:>R!9B:B< Y 6L8NR8>F!8>!$D;8=:!:>R!#L;:98:?!(>! H.+(%*! &"$".!0#1&1&]!@(&"0(-(%1$-!2B#10$!$%*!@(&" O 4(A 1."!P)#$&1$!1%!0(/,$#$"1A.!,.#&,.0"1A. @!F<;@!:>R!%?!/CL>F?!&:NB8KC;<@!1*0!aCE>9!4CSM8>9!'>8A<;98B7!";<99? ! -B@!-?!a?@!:>R!*?!3CBE=E8NR?!GHHJ?!"<:=90!5;CK!9EC;B Y B<;K!BC!NC>F Y B<;K!=CKK8BK<>B?! ;%".#%$"1(%$-!@.$0.K..,1%= h!VOW0 Ge Y hZ? ! -B@!-?!a?@!*?!3CBE=E8NR@!:>R!#?!1?!%CL9<>9@!>><;? ! -B!CD!8>B<;>:B8C>:N!FCA<;>:>=<0!$!R89=CL;9<@!*?!OPPI?!,NC6:N!SL6N8=!SCN8=7@!B;:>9>:B8C>:N!SCN8=7!=CKKL>8B8<9@!:>R!BE<8;!><@!*?!$?!GHII?! C8.!,(-10+!,$#$*(S!$%*!,(-1"10$-!#.$&(% ?!,N<>A8<[@!(NN 8>C890!-=CBB@!5C;<9K:>!:>R! %CKS:>7? ! -BC><@!*?!$?!GHHe?! @(-10+!,$#$*(S6!C8.!$#"!(B!,(-1"10$-!*.01&1(%!/$K1%= ?!+<[!/C;M0!]?]?!+C;BC>!:>R! %CKS:>7? ! -LE;M<@!$?@!:>R!(?!-:K9!:!D8FL;F!;<=L;;<>=8B9!8>!FNC6:N!FCA<;>:>=<0!3<6:N:>=8>F!C;F:>8^B!:>R!DLBL;F<9?!&:=MF;CL>R!S:S<;!DC;!BE!BE8B9!8>!,NC6:N!,CA<;>:>=<@!'+!,<><;:N!$99@!aL>8B9?

PAGE 246

233 2E:ML;@!3?@!:>R!2?!,?!]<899?!OPPH?!'>8B9!nSCN8=7n0!$>!:;FLK<>B![8BE!BE;<9?! ;%".#%$"1(%$-!4")*1.&!@.#&,.0"1A.& GP!VGW0!GI Y hZ? ! 2;:L6@!a?!OPPJ?! C8.!'.&"!1%".%"1(%&6!c(B1!2%%$%!$%*!" 8.!FT!1%!"8.!.#$!(B!2/.#10$%!,(?.# ?!+<[!/C;M0! 5:;;:;@!-B;:L9!:>R!,8;CLX? ! 29=E8;F8@!+?!GHHJ?!*8>F!S<:=<6L8NR8>F?!.BB:[:@!.>B:;8C@!%:>:R:0!(>B<;>:B8C>:N!*B! 3<9<:;=E!%<>B<;? ! 29=E8;F8@!+?!OPPQ?!"C9B Y =C>DN8=B!S<:=<6L8NR8>F!;B9 @!N8K8B:B8C>9@!=E:NN<>F<9?! (>B<;>:B8C>:N!"<:=B<;>:B8C>:N!"<:=8B9? ! '+?!GHQe?!2E8A<;9:N!R<=N:;:B8C>!CD!ELK:>!;8FEB9?!+<[!/C;M0!'>8B9? ! '+?!GHHP?!'+!-<=L; 8B7!%CL>=8N!3<9CNLB8C>!JeI!VGHHPW?!!$RCSB=8N!:B!8B9!OHJh;R! K<F@!C>!OH!+CAB!>C?!-\3#-\PJeI!VGHHPW?!+<[!/C;M0!'>8B9? ! '+?!GHHO:?!2E9868N8B7!CD!BE=8N!8>!BEB<>:>=B<;> :B8C>:N!S<:=R! 9<=L;8B7?!-<=L;8B7!%CL>=8N!9B:BB!-\OhZPP?!a:>L:;7!hG?!+<[!/C;M0!'>8B9!-<=L;8B7! %CL>=8N? ! '+?!GHHO6?! $>!:F<>R:!DC;!S<:=<0!";B8AF!:>R!S<:=< Y M<F?!'+! RC=LK<>B!>C?!$\Qe\Oee! Y -OQGGG?!aL>8B9? ! '+?!GHHh?!'>8B9!-<=L;8B7!%CL>=8N!;<9CNLB8C>!Ihe!VGHHhW?!$RCSB=8N!:B! 8B9!hOOHBE!K<F@!C>!J!aL>B!>C?!-\3#-\Ihe!VGHHhW?!+<[!/C;M0!'>8B9? ! '+?!GHHZ:?!-LSSNB!BC!:>!:F<>R:!DC;! S<:=<0!"C98B8C>!S:S<;!CD!BE<;:N!C>!BE!CD!BE>8A<;9:;7!CD!BE8B9?!!'+!RC=LK<>B!>C?!$\ZP\JP! Y -\GHHZ\G?!a:>L:;7!h?!+<[!/C;M0!'>8B9? ! '+?!GHHZ6?!-B;<>FBE<>8>F!CD!BE:B8C>!CD!ELK:>8B:;8:>!:>R!R8 9:9B<;!;=8B9@!8>=NLR8>F!9S<=8:N!<=C>CK8=!:9989B:>=B!>C?!$\ZP\hQZ?!$LFL9B! GP?!+<[!/C;M0!'>8B9? ! '+?!GHHJ?!$>!8>A<>BC;7!CD!SC9B Y =C>DN8=B!S<:=< Y 6L8NR8>F!:=B8A8B8<9?!+<[!/C;M0!'>8B9! *B!D C;!#=C>CK8=!:>R!-C=8:N!(>DC;K:B8C>!:>R!"CN8=7!$>:N7989? ! '+?!GHHe?! 9.A1.?1%=!"8.!F%1".*!T$"1(%&6!2!,#(=#$//.!B(#!#.B(#/ ?!'+!RC=LK<>B!>C?!$\ZG\HZP?!aLN7! GQ?!+<[!/C;M0!'>8B9? ! '+?!GHHH:?!3<9CNLB8C>!GOQQ!VGHHHW?!$RCSB=8N!:B!8B9 QPGGBE!K<F@!C>!GP! aL>B!>C?!-\3#-\GOQQ?!+<[!/C;M0!'>8B9? ! '+?!GHHH6?!3<;:N!SL;9L:>B!BC!,<><;:N!$99!Zh\hZ?!2E8=:?!'+!RC=LK<>B!>C?!$\ZQ\ZQH?!+CA8B 9? ! '+?!OPPP:?!]8B9!8>!BEBL;7?!18NN<>>8LK!;<;:N?!$S;8N!h?!+<[!/C;M0!'>8B9? !

PAGE 247

234 '+?!OPPP6?! 9.,(#"!(B!"8.!,$%.-!(%!F%1".*!T$"1(%&!,.$0.!(,.#$"1(%& ?!'+!RC=LK<>B!>C?!$ \ZZ\hPZ Y -\OPPP\IPH?!$LFL9B!OG?!+<[!/C;M0!'>8B9? ! '+?!OPPG:?!'+!-<=L;8B7!%CL>=8N!;<9CNLB8C>!GhJI!VOPPGW?!$RCSB=8N!:B!8B9! QhePBE!K<F@!C>!GO!-B!>C?!-\3#-\GhJI!VOPPGW?!+<[!/C;M0! '>8B9? ! '+? OPPG6?!-<=L;8B7!%CL>=8N!;<9CNLB8C>!Gheh!VOPPGW?!$RCSB=8N!:B!8B9!QhIZBE! K<F@!C>!OI!-B!!>C?!-\3#-\Gheh!VOPPGW?!+<[!/C;M0!'>8B9? ! '+?!OPPG=?!-<=L;8B7!%CL>=8N!;<9CNLB8C>!Ghee!VOPPGW?!$RCSB=8N!:B!8B9!QQGhBE! K<F@!C>!GO!+CAB!>C?!-\3#-\Ghee!VOPPGW!+<[!/C;M0!'>8B9? ! '+?!OPPO?! 4"#.%="8.%1%=!"8.!F%1".*!T$"1(%&6!2%!$=.%*$!B(#!B)#"8.#!08$%=. ?!'+!RC=LK<>B!>C?! $\Ze\hIe?!-8B9? ! '+?!OPPh:?!4LK:>!9<=L;8B7!>C[0!";CB<=B8>F!:>R!F!S:N!;! C>!4LK:>!-<=L;8B7?!1:7!G?!+<[!/C;M0!'>8B9? ! '+?!OPPh6?!-<=;<;:N!>:K<9!E8FE Y NR! ;<=CKK<>R! ><=<99:;7!=E:>F<9?!";<99!;8B9? ! '+?!OPPQ:?! 2!/(#.!&.0)#.!?(#-*6!7)#!&8$#.*!#.&,(%&1'1-1"+:!9.,(#"!(B!"8.!4.0#."$#+ O U.%.#$-i&!J1=8 O -.A.-! @$%.-!(%!C8#.$"&V!I8$--.%=.&V!$%*!I8$%=. ?!'+!RC=LK<>B!>C?!$\ZH\ZJZ?!*< =8B9? ! '+?!OPPQ6?!-<=;<;:N![R:B8C>9!C>!:!KC;R!9B;<>FBE<>8B9?!!";<99!;8B9? ! '+?!OPPZ:?!(>A<9B8>F!8>!RB0!$!S;:=B8= :N!SN:>!BC!:=E8>8LK!RB!FC:N9?! a:>L:;7!Ge?!+<[!/C;M0!'>8B9!18NN<>>8LK!";Cb<=B? ! '+?!OPPZ6?! ;%!-$#=.#!B#..*(/6!C(?$#*&!*.A.-(,/.%"V!&.0)#1"+V!$%*!8)/$%!#1=8"&!B(#!2-?!'+!RC=LK<>B! >C?!$\ZH\OPPZ?!1:;=E!OG?!+<[!/C;M0!'>8B9? ! '+?!OPPZ=?!(>!N:;F<;!D;<B@!9<=L;8B7!:>R!ELK:>!;8FEB9!DC;!:NN?!!3<;:N?!!$RR<>RLK?!"<:=<6L8NR8>F!%CKK8998C>?!!#XSN:>:BC;7!>CB<;:N?!!'+!RC=LK<>B!>C?!$\ZH\OPPZ\$RR?O?!1:7!Oh?!+<[!/C; M0!'>8B9? ! '+?!OPPZR?!$>>:>!=:NN9!-LKK8B!R;:DB!FCCR!:NBECLFE!8B!RC<9!>CB!E:AF!EBF8>F!9B!SCA<;B7@!B<;;C;89K@!ELK:>!;8FEB9@!'+!;=NLR<9!8>!+<[!/C;M?!!'+!";<99!;8B9? ! '+?!OPPZD?!3<9CNLB8C>!:RCSB<;:N!$99B! >C?!$\3#-\JP\G?!.=BC6<;!OQ?!+<[!/C;M0!'>8B9!,<><;:N!$99>8LK!OPPJ Y OPPe?!3<;:N?!'+!RC=LK<>B!>C?!$\JP\Zhe?! +CA8B9!,<><;:N!$99
PAGE 248

235 '+?!OPPZE?!2EF!%CKK8998C>?!";CF;:KK9!CD!R;:DB!;<9CNLB8C>! $\JP\)?QP?!2[<>B7 Y 98XBE!;!$RK8>89B;:B8AR!&LRF9?!'+!RC=LK<>B!>C?!$\JP\e\$RR?OZ?!*<=8B9? ! '+?!OPPZ8?!-<=L;8B7! %CL>=8N!;<9CNLB8C>!GJQZ!VOPPZW?!$RCSB=8N!:B!8B9!ZhhZ BE K<F@!C>!OP!*<=B!>C?!-\3#-\GJQZ!VOPPZW?!+<[!/C;M0!'>8B9?! ! '+?!OPPZb?!-<=L;8B7!%CL>=8N!;<9CNLB8C>!GJQJ!VOPPZW?!$RCSB=8N!: B!8B9!ZhhZ BE K<F@!C>!OP!*<=B!>C?!-\3#-\GJQJ!VOPPZW?!+<[!/C;M0!'>8B9? ! '+?!OPPZM?!3<9CNLB8C>!:RCSB<;:N!$99F!%CKK8998C>?! '+!RC=LK<>B!>C?!$\3#-\JP\GIP?!*<=8B< R!+:B8C>9?! ! '+?!OPPZN?!-<=;<;:N!=:NN9!<>RC;9B!CD!"<:=<6L8NR8>F!%CKK8998C>!:!BL;>8>F!SC8>B!8>! ;F!E89BC;8=!B?!'+!RC=LK<>B!>C?!-,\-1\GPOee@!,$\GPQQP?!*<=8B9!*B!CD!"L6N8=!(>DC;K:B8C>? ! '+? OPPZK?!'+!<9B:6N89E<9!><[!6CR7!BC!S;B!=CL>B;8<9!D;CK!9N8R8>F!6:=M!8>BC![:;?! FT!T.?&! 4.#A10. @!*<=F!9LSSC;B!CDD8=>8LK!OPPJ Y OPPe?!3<;:N?!!'+! RC=LK<>B!>C?!$\JP\JHQ?!5<6;L:;7!Oh?!+<[!/C;M0!'>8B9!,<><;:N!$998>F!D8;9B!9<998C>!CD!"<:=<6L8NR8>F!%CKK8998C>0!-<=;<;:N!9B;<99<9! 8KSC;B:>=:B8C>:N!C[><;9E8S@!6L8NR8>F!9B8BLB8C>9?!!-,\-1\GPZhh! "&%\O?!aL>B!CD!"L6N8=!(>DC;K:B8C>@!+<[9!:>R!1? ! '+?!OPPJ=?!$;;:>FB9!DC;!<9B:6N89E8>F!BEF!5L>R?!3<;:N?!! '+!RC=LK<>B!>C?!$\JP\HIQ?!$LFL9B!OO?!+< [!/C;M0!'>8B9? ! '+?!OPPJR?!3<9CNLB8C>!:RCSB<;:N!$99F!5L>R?!'+! RC=LK<>B!>C?!$\3#-\JP\OIe?!-8B9? ! '+?!OPPe:?!3F!%CKK8998C>!C>!8B9!D8;9B!9<998C>?!' +!RC=LK<>B!>C?!$\JO\Ghe Y -\OPPe\QZI?!aLN7!OZ?!+<[!/C;M0!'>8B9? ! '+?!OPPe6?!2EF!5L>R?!3<;:N?!!'+!RC=LK<>B!>C?!$\JO\GhI?! aLN7!OJ?!+<[!/C;M0!'>8B9? ! '+?!OPGP?!38B9!S<:=<6L8NR8>F! :;=E8B<=BL;B!>C?!$\JQ\IJI Y -\OPGP\Hh?!aLN7!GH?!+<[!/C;M0!'>8B9? ! '+?!OPGG?!&:=MF;CL>R!BC!BE!BE8B9!8>!FNC6:N!FCA<;>:>=<@!'>8B9!,<><;:N!$99?!aL>8B9? ! '+$ Y 'U?!OPPZ?! ;%!-$#=.#!B#..*(/!1%!"8.!Fc6!2%!$=.%*$!B(#!$0"1(%!B(--(?1%=!"8.!LMMN!5(#-*!4)//1"! 9.,(#"!(B!"8.!>I7 O FT2!T$"1(%$-!.%=$=./.%"!(%!FT!#.B(#/ ?!)C>RC>0!'>8B9! $99C=8:B8C>!CD!BE!:>R!(;R!V'+$ Y 'UW? ! '-("?!OPPZ?!$K<;8=:>!8>B< ;<9B9!:>R!'+!;!BE8B9?!aL>8B9B8BLB
PAGE 249

236 ]:9E8>FBC>!"C9B?!OPPG?!";<98R<>B!&L9E!:RR;<99<9!BE:B8C>?! 5$&81%="(%!@(&" @!-!DC;!BE< 70!-S8> Y CDD9@!;8A:N9@!:>R!'+!;B<;!OPPZ\OPPJW0!eJ Y IG? ! ]<8><;@!-?!GHeJ?!":;B8=8S:B8C>@!R<:RN8><9@!:>R!=EC8=! 2/'1=)1"+!$%*!08(10.!1%!(#=$%1Q$"1(%V! R!a?!.N9<>?!+C;[:70!'>8A<;98BR!$?!3?!g8>8>F?!OPPQ?! @(-10+!$%$-+&1&6!I(%0.,"&!$%*!,#$0"10. @!Q BE ?!'SS<;!-:RRN\";<>B8=:>=<@!FCCR!FCA<;>:>=R!FNC6:N!FCA<;>:>=<0!%C>=R!:=BL:N! =E:NN<>F<9?! C81#*!5(#-*!_)$#".#-+ OG!VZ W0!eHZ Y IGQ? ! ]<899@!2?!,?!OPPH?! 58$"d&!?#(%=!?1"8!"8.!F%1".*!T$"1(%&!$%*!8(?!"(!B1S!1" ?!%:K6;8RF<0!"CN8B7!";<99? ! ]<899@!2?,?@!2?!%:;:7:>>89@!:>R!3?!aCNN7?!OPPH?!2E8B9?! U-('$-!U(A.#%$%0. GZ!VGW0! GOh Y GQO? ! ]<899@!2?!,?@!:>R!-?!*:[9?!OPP e?!]C;NR!SCN8B8=90!%C>B8>L8B7!:>R!=E:>F=! C8.!7SB(#*! 8$%*'((K!(%!"8.!F%1".*!T$"1(%& @!R!-?!*:[9?!.XDC;R0!.XDC;R!'>8A<;98B7! ";<99? ! ]8NR<@!3?!OPPe?!2;L9B<<9E8S!%CL>=8N?!(>! C8.!7SB(#*!8$%*'((K!(%!"8.!F%1".*!T$"1(%& @!R!-?!*:[9?!.XDC;R@!'U0!.XDC;R!'>8A<;98B7!";<99? ! /:>C[@!*?!GHHJ?! J(?!*(.&!$!,(-10+!/.$%]!;%".#,#."1%=!,(-10+!$%*!(#=$%1Q$"1(%$-!$0"1(% ?!]:9E8>FBC>@! *?%?0!,!'>8A<;98B7!";<99? ! /:>C[@!*?!OPPP?! I(%*)0"1%=!1%".#,#."1A.!,(-10+!$%$-+&1& ?!2ECL9: >R!.:M9@!%$0!-:F9? ! /:>C[@!*?!OPPJ?!+<8BE<;!;8FC;CL9!>C;!C6b<=B8AB<;;CF:B8>F!=;8B<;8:!DC;!M>C[N! 8>B<;S;=! ;%".#,#."$"1(%!$%*!/."8(*6!P/,1#10$-!#.&.$#08!/."8(*&!$%*!"8.! 1%".#,#."1A.!")#% @!C[@!:>R!"?!=E[:;B Y -E<:?!$;KC>M@!+/0!1?#?!-E:;SC[@!*?!OPPe?!fL:N8B:B8A< Y 8>B<;S;!SCN8=7!;<9<:;=E?!(>! J$%*'((K!(B!@)'-10!@(-10+! 2%$-+&1&V! R!1?!-?!-8R><7 ?! &C=:!3:BC>@!5)0!%3%!";<99? ! k:E:;8:R89@!+?!GHHJ?!-F!&;8B 89E!3:8N0!$>!8R<:![EC9R!KLNB8SN!"?$?!-:6:B8<;?! C8.(#1.&!(B!"8.!,(-10+! ,#(0.&& ?!&CLNR<;@!%.0!]<9BA8<[!";<99? ! k:E:;8:R89@!+?!OPPO?!$!KLNB8SN !SCN8=7?! @(-10+!4")*1.&![()#%$! hP!VQW0! QHZ Y ZGQ? ! k:E:;8:R89@!+?!OPPh?! 2/'1=)1"+!$%*!08(10.!1%!,)'-10!,(-10+ ?!]:9E8>FBC>@!*?%?0!,!'>8A<;98B7! ";<99? ! k:E:;8:R89@!+?!OPPQ?!#L;CS<:>!K:;MR!>:B8C>:N!;0!%C>D N8=B!:>R!=CCS<;:B8C>!8>!&;8B89E! =CKS!SCN8=7?! [()#%$-!(B!@)'-10!@(-10+ OQ!VGW0!QH Y eh? ! !

PAGE 250

237 k:E:;8:R89@!+?!OPPe?!2E9@!S;C9S<=B9?!(>! C8.(#1.&!(B! "8.!,(-10+!,#(0.&& @!O >R @!R!=EC8=!#L;CS<:>!SL6N8=!SCN8=7?! [()#%$-!(B!P)#(,.$%!@)'-10! @(-10+ GZ!VQW0!ZGQ Y ZhP? ! k<>MC@!1?@!:>R!3?!3?!5;8?!OPGG?!#'!<:;N7![:;>8>F!DC;!S;B8>F!=C>DN8=B?! ;%".#%$"1(%$-! @.$0.K..,1%= GI!V GW0!OG Y he?