0QFOJOH
I]Z h]^e ^h ed^ciZY VlVn [gdb i]Z ZcZbn
gZYjXZi]ZgVc\Z0
VcY^hign^c\iddeZci]ZgVc\ZWZilZZci]ZildkZhhZah#
LZVedchi]ViWZVgV[iXVcÃgZVii]ZZcZbn#:cZbnViiVX`h
iVg\Zindjgh]^e»hhiZgc#
B_TTS
NdjXVchZindjgh]^e»hheZZYViVcnkVajZjeidndjgh]^e»h
bVm^bjbheZZYWVhZYdci]ZXjggZciXdcY^i^dch#
 DVgZY kZhhZah XVc VhhjbZ Vcn heZZY i]Zn a^`Z [gdb
gdjcYidgdjcY!a^b^iZYdcanWni]Z^gbVm^bjbheZZY!
egdk^YZYi]ZgZVgZhj[ÃX^ZcigdlZghidbdkZi]ZkZhhZa#
 HV^a^c\h]^ehYdcdiVXXZaZgViZdgYZXZaZgViZl^i]i]Z
hVbZZVhZ#6hV^a^c\kZhhZaXVcdcanX]Vc\Z^ihheZZYWn
&%[ZZieZgijgcjeid^ihbVm^bjbXjggZciheZZYWVhZY
dc i]Z l^cY VcY XjggZci# >i bjhi ]VkZ V hj[[^X^Zci
cjbWZg d[ hV^adgh dc lViX] l]d jhZ VXi^dch id ]Zae
VY_jhig^\\^c\!gV^hZdg[jgahV^ah!VcYViiZcYiddi]Zg
hjX]iVh`h#6hV^a^c\h]^e»hbVm^bjbheZZY^hWVhZY
dc ^ih bdkZbZci gViZ VcY i]Z higZc\i] d[ i]Z l^cY
VcYXjggZci#
 4QSJOUJOH
I]ZgdlZghd[VcdVgZYkZhhZaXVce^X`je
i]ZeVXZ[dgVfj^X`heg^ciWjig^h`Zm]Vjhi^dchddcV[iZg"
lVgY#6cdVgZYkZhhZaXVcVYY *%id^ihheZZY[dgjeid
&%gdjcYh!WjiV[iZghjX]Vheg^cii]ZgdlZghVgZ[Vi^\jZY
VcYi]Zh]^egZYjXZYid]Va[heZZY[dgVhadc\Vhi]ZgdlZgh
VgZ[Vi^\jZY#
<^eT\T]c
>ci]ZcVggVi^kZXdbWVihnhiZb!h]^ebdkZbZci^hh^bean
VhZid[YZXaVgVi^dchVii]ZZcYd[ZVX]XdbWVigdjcY/9d
ndjlVciid\ZiXadhZgidi]ZZcZbn!VcYl]^X]lVnidndj
lVciidWZ[VX^c\4
 >[ndj]daYi]ZVYkVciV\Z!ndjgdeedcZcibjhiYZXaVgZ
]^h ]ZVY^c\ [^ghi Xadh^c\! ]daY^c\! dg deZc^c\# Ndj
i]ZcYZXaVgZndjg]ZVY^c\V[iZgndj]VkZdWhZgkZYndjg
deedcZci»h]ZVY^c\#
 6[iZgWdi]h]^eh]VkZYZXaVgZYi]Z^g]ZVY^c\!VY_jhii]Z
XjggZcigVc\ZWZilZZch]^ehVXXdgY^c\an/
JWXb['·+0DWhhWj_l[Cel[c[dj
"EWBOUBHF
0QQPOFOU
)FBEJOH
)FBEJOH
$MPTF
)PME
0QFO
$MPTF
.JOVT
TVN
.JOVT
BEW
o
EJGGFSFODF


TQFFE
)PME
.JOVT


/P
DIBOHF
1MVT



PQQ
TQFFE

PQQ
TQFFE
0QFO
o
EJGGFSFODF
1MVT
BEW

1MVT
TVN


TQFFE
 .JOVT
4VN6YYi]ZheZZYhd[i]Zildh]^ehid\Zi]Zg
VcYgZYjXZi]ZgVc\ZWni]^hbjX]#
 .JOVT
"EW
4QFFEGZYjXZi]ZgVc\ZWni]ZheZZYd[
i]Zh]^e]daY^c\i]ZVYkVciV\Z#
 o
%JGGFSFODF8]Vc\Zi]ZgVc\ZWni]ZY^[[ZgZcXZ
^ci]Zildh]^e»hheZZY!Vhi]Zh^ijVi^dclVggVcih#>[i]Z
[VhiZgh]^e^hXadh^c\dcVhadlZgh]^e!
^[i]Z[VhiZgh]^e^hdeZc^c\dcVhadlZgh]^e!^cXgZVhZ
i]ZgVc\Z#
 .JOVT

0QQ
4QFFEGZYjXZi]ZgVc\ZWn&$'d[
i]ZheZZYd[i]Zh]^ei]ViYdZhcdiXjggZcian]daYi]Z
VYkVciV\Z#
 1MVT

0QQ
4QFFE>cXgZVhZi]ZgVc\ZWn&$'d[
i]ZheZZYd[i]Zh]^ei]ViYdZhcdiXjggZcian]daYi]Z
VYkVciV\Z#
 1MVT
"EW
4QFFE>cXgZVhZi]ZgVc\ZWni]ZheZZYd[
270?C4A
<04;BCA><
8=C>C74
i]Zh]^e]daY^c\i]ZVYkVciV\Z#
 1MVT
4VN6YYi]ZheZZYhd[i]Zildh]^ehid\Zi]ZgVcY
^cXgZVhZi]ZgVc\ZWni]^hbjX]#
 >i»hedhh^WaZi]VindjXVcl^cYjegZYjX^c\i]ZgVc\Z
id%dgaZhh#L]Zci]^h]VeeZch!i]Zh]^el^i]i]ZVYkVc"
iV\Z]Vhi]Zdeedgijc^inidViiZbeiVgVb!\gVeeaZ!dg
h]ZVg0hZZHeZX^VaBVcZjkZgh!WZadl#>[i]Zh]^el^i]
VYkVciV\ZX]ddhZhcdiidgVb!i]ZcVcncZ\Vi^kZgVc\Z
^cY^XViZhi]Vii]Z[VhiZgkZhhZaeVhhZhi]Zdi]ZgVc^YZVa
deedgijc^in[dg\gVeea^c\VcYWdVgY^c\0hZZWZadl#>[
i]ZcZ\Vi^kZY^hiVcXZ^haVg\Zgi]Vci]ZaZc\i]d[i]Z
h]^eh!i]Zci]ZVXi^kZh]^e^hcdleVhii]Zdi]ZgWni]Z
Veegdeg^ViZY^hiVcXZ#L]^X]ZkZgh]^elVhegZk^djhan
Xadh^c\ edhh^Wan Wdi] ^h cdl deZc^c\0 ^[ dcZ h]^e
lVh egZk^djhan deZc^c\ l]Zc ^i lVh dkZgiV`Zc! ^i ^h
cdlXadh^c\#
 ;dgZmVbeaZ!ildh]^ehWZ\^ci]ZgdjcY)%[ZZiVeVgi#
7di]VgZXadh^c\!dcZViVheZZYd['%[ZZi!i]Zdi]ZgViV
heZZYd[)%[ZZi#I]Zhjbd[i]dhZheZZYh^h+%[ZZi!hdVi
i]ZZcYd[i]ZgdjcY!i]ZY^hiVcXZ]VhWZZcgZYjXZYid
¶'%[ZZi#>[Wdi]h]^ehlZgZdcan&%[ZZiadc\!i]^hbZVch
i]Zh]^eh]VkZ\dcZeVhiZVX]di]ZgWn&%[ZZi!VcYh^cXZ
Wdi]lZgZXadh^c\WZ[dgZ!Wdi]VgZdeZc^c\cdl·i]Zn»gZ
hiZgc"dcidZVX]di]ZgVcYYgVl^c\VeVgi#>[ViaZVhidcZ
h]^e^h'%dgbdgZ[ZZiadc\!i]Zh]^ehZcYi]ViijgcVadc\"
h^YZZVX]di]Zg#
B_TRXP[<P]TdeTab
NdjXVcdgYZgndjgh]^eidViiZbeiVheZX^VabVcZjkZg
^ci]ZbdkZbZcihiZe#NdjXVcViiZbeiidXdbZVWdji!
\gVeeaZ!ZhXVeZV\gVeeaZ!gVb!dgh]ZVg#6h]^eXVcViiZbei
dcandcZheZX^VabVcZjkZgeZggdjcY#
 $PNF
"CPVU
Ndjejii]Z]Zab]VgYdkZgVcYignid
X]Vc\ZndjgXdjghZfj^X`an#GZYjXZndjgheZZYWn&%
[ZZiVcYX]ddhZVcZl]ZVY^c\#>[ndjYdcdiXjggZcian
]daYi]ZVYkVciV\Z!ndjXVcViiZbeiV98&*Egd[Zhh^dc
hV^adg X]ZX` id [dgXZ Vc ^bbZY^ViZ VYkVciV\Z X]ZX`
V\V^chindjgdeedcZci#
 (SBQQMF
>[ndj]VkZi]ZVYkVciV\ZVcYXadhZidl^i]^c
'%[ZZid[ndjgVYkZghVgndg]VkZVXijVaan\dcZeVhindjg
VYkZghVgnWjiVgZhi^aal^i]^c'%[ZZindjXVcViiZbeiid
\gVeeaZ#>[i]Zdeedh^c\XVeiV^cVXXZeihi]Z\gVeeaZ!i]Z
ViiZbei^hVjidbVi^XVaanhjXXZhh[ja#>[i]Zdeedh^c\XVeiV^c
27
 YdZhcdilVciidWZ\gVeeaZY!ndjbV`ZVcdeedhZYEgd[Zh" b^\]iY^XiViZi]VindjignidYZ[ZVi]^bViVY^hiVcXZl^i]
h^dchV^adgX]ZX`bdY^ÃZYWnndjgh]^e»hh]^e]VcYa^c\ bV\^X!Vgi^aaZgn!dgb^hh^aZÃgZ#6ii]ZkZgnaZVhi!ndjg
Wdcjh#>[ndjZfjVadgWZVindjgdeedcZci»hX]ZX`!i]Zild gVc\ZYViiVX`hXVc`^aadg^c_jgZZcdj\]d[i]ZZcZbnXgZl
h]^ehVgZ\gVeeaZY# i]VindjgZchj^c\WdVgY^c\VXi^dcl^aaWZZVh^Zgi]Vc^i
 <gVeeaZY h]^eh [Vaa id oZgd heZZY# 9jg^c\ i]Z cZmi di]Zgl^hZldjaYWZ#
bdkZbZcihiZe!ndjgh]^ehl^aaWZVY_VXZciidZVX]di]Zg  6h]^e^hXdbedhZYd[VcjbWZgd[]jaahZXi^dchVcYV
Zci]jh^Vhi^XWdVgYZghXVcignidhl^c\!hl^b!dg_jbei]Z cjbWZgd[g^\\^c\hZXi^dch#L]ZcndjViiVX`Vh]^e!ndj
\VeWZilZZci]ZkZhhZah^ci]ZgdjcYWZ[dgZi]Zh]^eh ViiVX`VhZXi^dcViVi^bZ#6h]^ehZXi^dc^hVc^cVc^bViZ
VgZVY_VXZci# dW_ZXi# >ih68 ^h jhjVaankZgnadl!Wji^i]Vh]VgYcZhh
 &TDBQF
B
(SBQQMF
NdjXVcViiZbeiid[gZZndjgh]^e VcY^hVahdegdiZXiZYWni]Z[VXii]VibVcnlZVedchVcY
<04;BCA><
270?C4A
8=C>C74

d[ V \gVeea^c\ h]^e VcY \Zi jcYZglVn V\V^c# Ndj bjhi [dgbhd[ViiVX`YZVadcaneVgi^VaYVbV\ZiddW_ZXih#
hjXXZZYdcVcdeedhZYEgd[Zhh^dchV^adgX]ZX`V\V^chi  5BSHFUJOH
UIF
4IJQ
>[ ndj Ydc»i eVgi^XjaVgan XVgZ
i]Zdeedh^c\XVeiV^c!Wjii]ZXVeiV^cViiZbei^c\idbV^c" l]^X]hZXi^dcd[i]Zh]^endj]^i!ndjXVcÃgZVii]Zh]^e
iV^ci]Z\gVeeaZ\V^chV )Wdcjhdc]ZgX]ZX`!VcYi]Z jh^c\^ihdkZgVaa68#6h]^e»hdkZgVaa68^hcdgbVaan'dg+
XVeiV^cign^c\idZhXVeZiV`ZhV¶)eZcVaindc]^hX]ZX`# ed^cihldghZi]Vc^ihhZXi^dc68!YZeZcY^c\dci]Zh]^e»h
>[i]ZZhXVeZViiZbeihjXXZZYh!i]ZZhXVe^c\h]^e»hheZZY h^oZ#>[ndjhXdgZV]^i!ndj]^iVgVcYdbanYZiZgb^cZY
^cXgZVhZhWn&%[ZZi!VhhjbZhi]Z]ZVY^c\i]ZXVeiV^c]Vh hZXi^dc#6\V^chiVaVg\Zh]^e!ndj»aa[^cY^iY^[[^Xjaiid
X]dhZc!VcY^hcdadc\Zg\gVeeaZY# VXXjbjaViZZcdj\]YVbV\Z^cdcZeVgi^XjaVghZXi^dcid
 3BN>[ndj]VkZi]ZVYkVciV\ZVcYXadhZidl^i]^c ]daZ^i!WZXVjhZndj»aaWZhXViiZg^c\ndjgYVbV\ZdkZgV
%[ZZid[ndjgVYkZghVgndgXdjaYVXijVaan\deVhindjg cjbWZgd[gVcYdbhZXi^dch#
deedcZcindjXVcViiZbeiidgVb#>[ndjgdeedcZci
5BSHFUJOH
B
4FDUJPO
IdiVg\ZiVeVgi^XjaVghZXi^dc!
lVcihidVXXZeii]ZgVb!ndjgViiZbei^hVjidbVi^XVaan ndj[^gZVii]ZZcZbnh]^ejh^c\i]VihZXi^dc»h68#I]Z
hjXXZhh[ja#Di]Zgl^hZ!ndjbjhiZfjVadgWZVi]^hEgd" h]^e»hhZXi^dc68^hWZiiZgi]Vc^ihdkZgVaa68!Wjindj
[Zhh^dc hV^adg h`^aa X]ZX`! bdY^[^ZY Wn ZVX] h]^e»h ]VkZi]ZVYkVciV\Zd[XdcXZcigVi^c\ndjgYVbV\Zdc
h]^e]VcYa^c\Wdcjh# dcZhZXi^dcViVi^bZ!l]^X]XVc]daZi]ZZcZbnkZhhZa
 >[i]ZgVbb^c\ViiZbei^hhjXXZhh[ja!ndjYZVagVb" bdgZhl^[ian#
b^c\YVbV\ZVhVeegdeg^ViZ[dgndjgh]^eVcYheZZY#;dg
ZmVbeaZ!^[ndjgh]^eYZVah(Y+ed^cihd[YVbV\ZeZg&% "UUBDL
'PSN
%BNBHF
.FMFF
XFBQPO
QJFSDJOH
IBMG
[ZZid[heZZYVcY^higVkZa^c\ViVheZZYd[(%[ZZil]Zc .FMFF
XFBQPO
PUIFS
GVMM
ndjhig^`Z!ndjYZVa.Y+ed^cihd[YVbV\Z#>[i]Zh]^e 3BOHFE
XFBQPO
4NBMM
PS
.FEJVN
OPOF
ndjgVb]VhVcdeZc^c\]ZVY^c\!gZYjXZi]ZYVbV\Z 3BOHFE
XFBQPO
-BSHF
IBMG
ndjYZVaVcYiV`ZWn*%ndjlZgZdkZgiV`^c\ndjg[dZ 4JFHF
FOHJOF
CBMMJTUB
IBMG
4JFHF
FOHJOF
PUIFS
GVMM
[gdbi]ZgZVg!VcY]VkZaZhhgZaVi^kZheZZYVii]ZbdbZci "DJE
IBMG
d[Xdaa^h^dc# $PME
RVBSUFS
 >[ndjgh]^e^hZfj^eeZYl^i]VgVb!ndjiV`Z]Va[i]Z &MFDUSJDJUZ
IBMG
YVbV\ZndjYZVal^i]ndjggVbb^c\ViiZbei0di]Zgl^hZ 'JSF
IBMG
'PSDF
GVMM
ndjiV`Zi]ZhVbZYVbV\ZndjYZVa#7di]h]^ehYgdeid 4POJD
GVMM
oZgdheZZYVcYVgZcdl\gVeeaZY#
 4IFBS
>[ndj]VkZi]ZVYkVciV\ZVcYXadhZidl^i]^c&%
[ZZid[ndjgVYkZghVgndgVXijVaan\deVhindjgdeedcZci! AP]VTSFTP_^]b
ndjXVcViiZbeiidh]ZVgd[[]ZgdVgh!^[h]Z]VhVcn#>[ Bdhib^hh^aZlZVedchVgZcdiZ[[ZXi^kZV\V^chih]^eWdVgY
ndjgdeedcZcilVcihidVXXZeii]Zh]ZVg!ndjgViiZbei^h hZXi^dch#NdjXVc»ih]ddii]gdj\]Vh]^e»h]jaaWneZeeZg^c\
VjidbVi^XVaanhjXXZhh[ja#>[h]ZYdZhc»i!ndjbjhiZfjVadg ^il^i]Vggdlhdgha^c\WjaaZih#=dlZkZg!gVc\ZYlZVedch
WZVi]ZgEgd[Zhh^dchV^adgX]ZX`!bdY^ÃZYWni]Zh]^eh» d[h^oZAVg\Zdg\gZViZgVgZZ[[ZXi^kZZcdj\]idYZVa]Va[
gZheZXi^kZh]^e]VcYa^c\WdcjhZh# YVbV\ZidVh]^e#
 >[ndjhjXXZhh[jaanh]ZVgndjgdeedcZci»hdVgh!]ZgheZZY
^hgZYjXZYidoZgd!VcYh]ZXVccdiX]Vc\ZheZZYjci^ah]Z BXTVT4]VX]Tb
ejihdjicZldVgh!l]^X]iV`Zhi]gZZ[jaagdjcYh#I]Zh]^e H^Z\Z lZVedch VgZ YZhXg^WZY dc eV\Zh ..¶&%% d[ i]Z
XVchi^aaX]Vc\Z]ZVY^c\!Wji^i^hhe^cc^c\^ceaVXZVcY 9jc\ZdcBVhiZg»h<j^YZ#>c\ZcZgVa!i]Zn»gZcdiiZgg^Wan
cdibV`^c\Vcn]ZVYlVn# Z[[ZXi^kZV\V^chidi]ZgkZhhZah0^i»h]VgYidhXdgZV]^iV\V^chi
Vbdk^c\deedcZcijcaZhhndjVgZVgbZYl^i]WVaa^hiVZ!
0CC02:8=6 WdbWVgYh!dgdi]ZgY^gZXi"ÃgZlZVedch#>[ndjlVciid
I]ZbdhiZ[[ZXi^kZlVnidWg^c\i]ZÃ\]iidndjgZcZbn^h YZ[ZViVcdi]Zgh]^e^cV]jggn!jhZedlZg[jabV\^XdggVb
id\ZiVadc\h^YZVcYWdVgY]^hh]^e#=dlZkZg!X^gXjbhiVcXZh VcYWdVgYi]Zb#
28
  H^Z\ZZc\^cZhXVccdiWZÃgZY^[Vh]^e^hiV`^c\]ZVkn
gdaahdglViZgdkZgi]ZYZX`h#
 %JSFDU
'JSF
NdjbV`ZgVc\ZYViiVX`gdaahVcY[^gZ
Y^gZXianVii]ZZci^gZZcZbnh]^e!VheZX^[^XhZXi^dc!dgV
heZX^[^XXgZVijgZdcWdVgY!VhndjX]ddhZ#>[ndjgViiVX`
b^hhZh!ndj]^icdi]^c\#
 *OEJSFDU
'JSF
Ndj bV`Z V heZX^Va X]ZX` id [^gZ
Vc^cY^gZXi[^gZlZVedc#I]Z98d[i]ZX]ZX`^h&* 
iVg\Zi»h68dkZgVaadghZXi^dc!YZeZcY^c\dcl]Vindj
VgZiVg\Zi^c\! *^[i]Z[^g^c\eaVi[dgb^hbdk^c\! *^[
i]ZiVg\Zi^hbdk^c\#;dgbdhih]^e"id"h]^eWViiaZh!i]Z
98^h''#
 NdjgX]ZX`^hVY'%gdaabdY^ÃZYWnndjgWVhZViiVX`
Wdcjh!>ciZaa^\ZcXZbdY^ÃZg!i]ZgVc\Z^cXgZbZci!VcY
i]ZXjbjaVi^kZWdcjh[dgegZk^djhh]dih!VhYZhXg^WZYdc
eV\Z&%%d[i]Z9jc\ZdcBVhiZg»h<j^YZ#BVcZjkZghdci]Z
eVgid[Z^i]Zgi]ZiVg\Zih]^edgi]ZÃg^c\h]^eVcnX]Vc\Z
d[]ZVY^c\dgheZZY^ciZggjeii]ZWdcjh[dghjXXZhh^kZ
h]dihVii]ZhVbZiVg\Zi#6[iZgVcnbVcZjkZg!ndjbjhi
WZ\^cV\V^cl^i]cdWdcjh[dgegZk^djhh]dih#
 >[ i]Z X]ZX` hjXXZZYh! ndj ]^i i]Z hZXi^dc ndj lZgZ
V^b^c\VidgVgVcYdbanYZiZgb^cZY]jaahZXi^dc^[ndj
lZgZÃg^c\Vii]ZdkZgVaah]^e#
 >[i]ZX]ZX`[V^ah!ndjb^\]idgb^\]icdib^hhVaid"
\Zi]Zg# >[ ndj lZgZ Ãg^c\ Vi i]Z dkZgVaa 68! ndj b^hh
djig^\]i#>[ndjlZgZÃg^c\ViVheZX^ÃX]jaahZXi^dc!ndj
b^hhi]Vi]jaahZXi^dc#>[ndjgX]ZX`gZhjaildjaYc»i]^i
i]Zh]^e»hdkZgVaa68!ndjb^hhdjig^\]i#>[ndjgX]ZX`
lVh\ddYZcdj\]id]^ii]Zh]^e»hdkZgVaa68Wjicdii]Z
hZXi^dc68!ndjgh]diXVchi^aa]^i#Gdaa&Y-idYZiZgb^cZ
i]ZY^gZXi^dcd[i]Zb^hh0V&[Vaahh]dgiWVX`idlVgYi]Z
Ãg^c\ lZVedc! l^i] ' i]gdj\] - Xdjci^c\ XadX`l^hZ
VgdjcYi]ZiVg\ZihfjVgZVhfjVgZ^ci]ZiVg\Zi]jaahZX"
i^dc#8djci&Y)hfjVgZhVlVn[gdbi]ZiVg\ZihfjVgZ[dg
ZkZgngVc\Z^cXgZbZcid[i]ZViiVX`#
<PVXR
L]ZcndjViiVX`Vh]^el^i]bV\^X!ndjXVcX]ddhZl]^X]
]jaahZXi^dcndjl^aa]^i#NdjbjhiWZVWaZidhZZi]Z]jaa
hZXi^dcidiVg\Zi^i0[dgZmVbeaZ!ndjXVc»iViiVX`i]ZWdl
d[Vh]^ei]Vi]VhVcdeZc^c\]ZVY^c\!WZXVjhZ^i»hed^ciZY
VlVn[gdbndj#
 KZhhZahXdjciVhjcViiZcYZYdW_ZXih!ZkZc^[i]Zn»gZ
dXXje^ZYWnhdbZdcZ#I]ZncZkZgbV`ZhVk^c\i]gdlh#
BV\^XVaVj\bZciVi^dchdcVkZ]^XaZXVcbV`ZhVk^c\
i]gdlh!]dlZkZg0i]Z^ghVkZWdcjhZhVgZZfjVaid' &$'
i]ZXVhiZgaZkZa#
 9VbV\^c\ heZaah ViiVX` Vaa ]jaa hZXi^dch ^c i]Z VgZV#
HeZaahl^i]jcjhjVadgcdiZldgi]nZ[[ZXih^ccVkVaXdbWVi
^cXajYZi]Z[daadl^c\/
 6X^Y;d\/>[ndjXVhii]^hdcVcZcZbnh]^e!i]ZXadjY
YdZhcdibdkZl^i]i]Zh]^e#=dlZkZg!i]Zhda^Y[d\Z[[ZXi
gZYjXZhi]Zh]^e»hheZZYid*[ZZieZggdjcYVhadc\VhVcn
eVgid[i]Zh]^egZbV^chl^i]^ci]Z[d\#
 6c^bViZDW_ZXih/6cVc^bViZYkZhhZaXVc»iViiVX`X]Vg"
VXiZghl]dVgZdcWdVgY!Wji^idi]Zgl^hZbdkZhVhi]Z
XVhiZgY^gZXih#
 6c^bViZGdeZ/H]^eh]VkZeaZcind[gdeZXadhZVi]VcY#
NdjXVcjhZi]^hheZaaidbjX`VgdjcYl^i]VcZcZbnh]^e»h
g^\\^c\!l]^X]gZYjXZhi]ZZcZbnkZhhZa»hheZZYWn*[ZZi
[dgi]ZheZaa»hYjgVi^dc#
 8adjY`^aa/I]ZXadjYYdZhcdibdkZl^i]i]ZZcZbn
h]^e!jcaZhhi]Zh]^e^hdeZc^c\ViVheZZYd[&%[ZZieZg
gdjcY^cl]^X]XVhZi]ZkVedghVgZbdk^c\VlVn[gdb
270?C4A
<04;BCA><
8=C>C74
ndjVii]ZhVbZheZZYi]Vii]ZZcZbnh]^e^hbdk^c\
VlVn[gdbndj#
 8dcigdaLViZg/I]ZZcZbnh]^eXVccdibdkZ[dgVhadc\
Vhi]ZheZaaaVhih#I]Zh]^ebjhihjXXZZYdcVhZVldgi]^cZhh
X]ZX`98ZfjVaidndjgXVhiZgaZkZadg[djcYZg#
 8dcigdaL^cYh/I]ZVgZV^hhiVi^dcVgndcXZXgZViZY!hd^i
YdZhcdibdkZl^i]VcZcZbnh]^eVai]dj\]^ib^\]ikZgn
lZaaegZkZciVcZcZbnh]^e[gdbbdk^c\#I]ZheZaaYdZh
cdieZgh^hiadc\Zcdj\]idgV^hZi]ZlVkZhVadc\"aVhi^c\
l^cYgV^hZhVcYi]ZgZ[dgZYdZhcdi[dgXZi]ZZcZbnkZhhZa
idbV`ZV[djcYZg^c\X]ZX`#
 :Vgi]fjV`Z/I]^hheZaa]VhcdZ[[ZXi^cdeZclViZgh#
 :kVgY»h7aVX`IZciVXaZh/I]ZiZciVXaZhYdcdiViiVX`h]^eh!
Wji i]Zn XVc ViiVX` XgZlbZbWZgh dc h]^eh i]Vi eVhh
l^i]^cgZVX]#
 ;^gZHZZYh/I]ZVXdgc\gZcVYZhXVchiVgiVÃgZ#
 ;^gZHidgb/I]^hheZaaYdZhcdihiVgiÃgZh#
 ;^gZWVaa/I]ZÃgZWVaaXVchiVgiVÃgZ#
 ;aVbZ6ggdl/6ÄVbZVggdlXVchiVgiVÃgZ#
 ;aVbZ7aVYZ/>[ndjViiVX`i]Zh]^el^i]i]ZWaVYZ!ndj
XVchiVgiVÃgZ#
 ;aVbZHig^`Z/I]^hheZaaYdZhcdihiVgiÃgZh#
 ;aVb^c\ He]ZgZ/ I]Z he]ZgZ XVc hiVgi V [^gZ# >[ ndj
ViiZbeiidY^gZXi^iidbdkZVXgdhhdeZclViZg!ndjbjhi
hjXXZZYdcV98''HeZaaXgV[iX]ZX`dgi]Zhe]ZgZ^h
Zmi^c\j^h]ZY#
 ;d\ 8adjY/ I]Z XadjY YdZh cdi bdkZ l^i] i]Z ZcZbn
h]^e#
 <ViZ/H]^ehd[8dadhhVah^oZVgZiddW^\ideVhhi]gdj\]
i]Z\ViZXgZViZYWni]^hheZaa#
 <jhid[L^cY/NdjXVcY^gZXii]Z\jhiVindjgdlch]^eid
^cXgZVhZndjgheZZY!^cl]^X]XVhZi]Zl^cY^hXdch^YZgZY
HZkZgZV(bdY^ÃZgidndjgh]^e»hhV^a^c\heZZY!^[i]Z
bVhiZghjXXZZYhdcV98&*Egd[Zhh^dchV^adgX]ZX`[dg
i]ZcZmiildbdkZbZcihiZeh#NdjXVcY^gZXii]Z\jhiVi
VcZcZbnkZhhZa!XgZVi^c\V]ZVYl^cY^iXVc»ihV^aV\V^chi
[dgi]ZcZmiildbdkZbZcihiZeh#I]Z\jhiYdZhcdieZgh^hi
adc\Zcdj\]idgV^hZi]ZlVkZhVadc\"aVhi^c\hZkZgZl^cY
gV^hZhVcYi]ZgZ[dgZYdZhcdi[dgXZi]ZZcZbnkZhhZaid
bV`ZV[djcYZg^c\X]ZX`#
 =ZViBZiVa/I]^hheZaaXVchiVgiVÃgZ^cgdjcYh(¶*d[
i]ZheZaa#
 >cXZcY^Vgn 8adjY/ HZZ XadjY`^aa# I]^h heZaa YdZh cdi
hiVgi[^gZh#
29
 <04;BCA><
270?C4A
8=C>C74
Illus. by C. Appel
Mialee deters a pirate attack
 >ck^h^W^a^inHe]ZgZ/NdjXVcXVhii]^hheZaadcVkZhhZa
d[=j\Zh^oZdghbVaaZgidXdcXZVai]ZkZhhZaVcYVaa
dcWdVgY#
>gdclddY/6cnh]^e^h[VgiddaVg\ZidWZXgZViZYl^i]
i]^hheZaa#
A^\]ic^c\7dai/I]ZWdaiXVchiVgiVÃgZ#
BV\^XB^hh^aZ/I]^hheZaaXVccdiYVbV\ZdW_ZXih#
BZiZdgHlVgb/I]^hheZaaXVchiVgiVÃgZ#
B^cY;d\/I]ZXadjYYdZhcdibdkZl^i]i]ZiVg\Zih]^e#
DWhXjg^c\B^hi/I]ZXadjYYdZhcdibdkZl^i]ndj#
Di^aj`Z»h;gZZo^c\He]ZgZ/>[ndjXgZViZ^XZi]ViidjX]Zh
i]ZZcZbnkZhhZa»h]jaaVadc\ViaZVhi*%d[^ihaZc\i]dc
dcZh^YZdghjggdjcYhi]Zh]^eVaid\Zi]Zg!^ihheZZY[Vaah
idoZgd[dgi]ZYjgVi^dcd[i]ZheZaa#
EVhhlVaa/Ndj]daZdcZhZXi^dcd[i]ZZcZbnh]^e#I]Z
hZXi^dcXdjcihVhYZhigdnZYVh^[YZhigdnZYWnYVbV\Z!
Wji l]Zc i]Z heZaa ZcYh ^i ^h gZhidgZY id ^ih cdgbVa
XdcY^i^dc#
Edanbdge]VcnDW_ZXi/6cnkZhhZad[=j\Zh^oZdgaVg\Zg
^hiddW^\idWZV[[ZXiZYWni]^hheZaa#
Eg^hbVi^XHegVn/I]ZZcZg\nYVbV\ZYZVaiWni]^hheZaa
YdZhcdihiVgiÃgZh#
EgdYjXZ;aVbZ/I]ZÄVbZhXVchiVgiVÃgZ#
EngdiZX]c^Xh/ I]Z hbd`Z XadjY YdZh cdi bdkZ l^i]
i]Zh]^e#
FjZcX]/I]^hheZaa^hjhZ[ja[dgejii^c\dji[^gZh!d[
XdjghZ#
30
GZeZaLddY/6h]^endjVgZhiVcY^c\dc^hcdiV[[ZXiZY!
WjiVcnlddYZckZhhZaVeegdVX]^c\l^i]^c+%[ZZid[
ndj^h#
 GZkZghZ<gVk^in/6kZhhZaYdZhcdi[Vaadjid[i]ZlViZg
jcaZhhndjXVcXdbeaZiZanZcXadhZ^i^ci]ZheZaa»hVgZV!
Vai]dj\]eZdeaZVcYaddhZdW_ZXihdcWdVgYb^\]i[Vaad[[
i]ZYZX`h#>[ndjXVcV[[ZXiVl]daZkZhhZa!i]Zh]^ebjhi
bV`ZV[djcYZg^c\X]ZX`98ZfjVaid&% 'eZg&%[ZZi
^i¸[Vaah¹dg[djcYZgl]Zc^iXdbZhWVX`Ydlc#
 Gjhi^c\<gVhe/I]^hheZaa]daZhdcZ]jaahZXi^dcd[Vc
^gdc"]jaaZYkZhhZa#
 HXdgX]^c\GVn/I]^hheZaaYdZhcdihiVgiÃgZh#
H]ViiZg/NdjXVc»iYVbV\ZVkZhhZal^i]i]^hheZaa#
 Hda^Y;d\/HZZVX^Y[d\#
 Hi^c`^c\8adjY/HZZ[d\XadjY#
 Hidgbd[KZc\ZVcXZ/I]ZXadjYYdZhcdibdkZl^i]i]Z
iVg\ZikZhhZaVai]dj\]ViVg\ZikZhhZaXVcgZfj^gZhdbZ
cjbWZgd[gdjcYhidhV^adji[gdbjcYZg^iYjZidi]Z
heZaa»haVg\ZVgZV#
 HnbeVi]Zi^XK^WgVi^dc/NdjViiVX`dcZhZXi^dcViVi^bZ
l^i]i]^hheZaa#
 LVaad[;^gZ/I]^hheZaaYdZhcdihiVgiÃgZh#
LVaa d[ ;dgXZ/ 6 h]^e i]Vi gjch ^cid V lVaa d[ [dgXZ ^h
gZYjXZYidoZgdheZZYVcYiV`ZhYVbV\ZVh^[^i]VYWZZc
^cVXdaa^h^dc#
 LVgeLddY/NdjXVc»iYVbV\ZVh]^el^i]i]^hheZaa0i]Z
VgZVV[[ZXiZY^hiddhbVaa#
0ccPRZb^]cWT2aTf
BVcnheZaahVgZY^gZXiZYViVcZcZbnXgZlVcYV[[ZXii]Z
gZhid[i]Zh]^eVhVcV[iZgi]dj\]i#;^gZWVaa^heZg]Vehi]Z
WZhiZmVbeaZd[i]^h·i]ZgZVaed^cid[VÃgZWVaa^hid`^aa
dg^cXVeVX^iViZVcjbWZgd[ZcZbnXgZlbZcfj^X`an0^[
^iYVbV\ZhhdbZ]jaahZXi^dchVcYhZihi]Zh]^edcÃgZ!
Vaai]ZWZiiZg#
 Dci]ZbV^cYZX`!i]Z\jclVaZhegdk^YZXdkZg )
Wdcjhid68!VcY 'WdcjhdcGZÄZmhVkZhV\V^chiViiVX`h
dg^\^cVi^c\[gdbdjih^YZ#8]VgVXiZgh^ch^YZi]ZhiZgcXVhiaZ
dg[dgZXVhiaZ!dgÃ\]i^c\i]gdj\]Vedgi!]ViX]!dgl^cYdl!
Zc_dn^begdkZYXdkZg -Wdcjhid68!VcY )Wdcjhdc
GZÄZmhVkZhV\V^chiViiVX`h[gdbdjih^YZ#
 $SFX
-PTTFT
Adh^c\VWaZ"WdY^ZYXgZlbZbWZghbV`Zh
^ibdgZY^[[^Xjaiid]VcYaZVh]^e!YZeZcY^c\dci]Z^g
Vhh^\cZYiVh`h#
 GdlZgh/ >[ Vc dVgZY kZhhZa [Vaah WZadl i]Z b^c^bjb
cjbWZg d[ gdlZgh cZZYZY id bVc i]Z dVgh! gZYjXZ ^ih
gdlZYheZZYWndcZ"]Va[#>[i]ZkZhhZa[VaahWZadl]Va[d[
i]Zb^c^bjbcjbWZgd[gdlZghcZZYZY!gZYjXZ^ihheZZY
id*[ZZieZggdjcY#
 LViX]/>[VhV^a^c\h]^e[VaahWZadli]Zb^c^bjbcjbWZg
d[hV^adghdclViX]!^ihh]^e]VcYa^c\bdY^ÃZg^hgZYjXZY
Wn¶)#>[i]ZkZhhZa[VaahWZadl]Va[i]Zb^c^bjbcjbWZg
cZZYZY!^ihh]^e]VcYa^c\Wdcjh^hgZYjXZYWn¶-VcY^iXVc
cdadc\ZgX]Vc\ZheZZY#>[i]Zh]^eX]Vc\Zh]ZVY^c\!^ih
heZZY^hgZYjXZYWn&%[ZZieZg]ZVY^c\X]Vc\Z·l^i]dji
hV^adghidVY_jhii]ZhV^ahVcYg^\\^c\!i]Zh]^e^hcdadc\Zg
hV^a^c\^cVcZ[ÃX^Zciig^b#
5XaTb
LddYZch]^ehVgZcdiÄdVi^c\i^cYZgWdmZhViaZVhi!cdi
jci^a i]Z ^cigdYjXi^dc d[ edlYZg bV\Vo^cZh# ;^gZh XVc
VcYYdYZhigdnh]^eh!Wji^ijhjVaaniV`ZhbdgZi]VcV
h^c\aZÄVb^c\he]ZgZidhiVgiVcjchideeVWaZÃgZ#L]ZcV
h]^e^hZmedhZYidVcZ[[ZXii]ViXVchiVgiVÃgZVÃgZheZaa
d[i]Zg^\]iineZ!VaX]Zb^hi»hÃgZ!ZiX#!bV`ZVÃgZX]ZX`#
I]^h^hVcjcbdY^ÃZYY'%gdaa0i]Z98^hYZiZgb^cZYVh
h]dlcWZadl#HeZaahi]ViXVjhZVc^chiVciVcZdjhWaVhid[
ÃgZjhjVaanYdc»iXViX]^cVc^bViZdW_ZXihdcÃgZ!l]ZgZVh
ÃgZheZaahi]ViWjgc[dgbjai^eaZgdjcYhVgZbdgZa^`Zan
idhiVgiVh]^eWdVgYÃgZ#
%$
'JSF
$IFDL
$BVTF

4USVDL
CZ
GMBNJOH
BSSPX

4USVDL
CZ
BMDIFNJTUT
mSF
PS
mSFCPNC

4USVDL
CZ
GJSFTQPVU



TQFMM
MFWFM
"UUBDLFE
CZ
POHPJOH
mSF
TQFMM
PS
FGGFDU
4BWF
%$
"UUBDLFE
CZ
NPOTUFS
XJUI
B
GJSF
BVSB


CSFBUI
XFBQPO
PS
TJNJMBS
GJSF
BCJMJUZ
 >[i]ZV[[ZXiZYh]^eZfjVahdgWZiiZghi]Z98!^i^hcdihZi
dcÃgZWni]ZViiVX`#H]^ehegZeVgZY[dgWViiaZhV^ahVcY
a^cZhlZiYdlc!WjX`Zihd[hVcYVcYlViZgXadhZVi]VcY
\V^cV )Wdcjhdci]^hX]ZX`#
 L]ZcVh]^eXViX]ZhÃgZ!]Va[d[i]ZhfjVgZhZmedhZYid
i]ZViiVX`b^c^bjb&hfjVgZ^\c^iZ#6Wjgc^c\hfjVgZ
^hdcÃgZ!YZVa^c\'Y+ed^cihd[YVbV\ZeZggdjcYidi]Vi
]jaahZXi^dcVcYYZVa^c\i]ZhVbZYVbV\ZidVcnX]VgVXiZg
l]dZciZghi]ZhfjVgZ#:VX]gdjcYi]Vii]ZÃgZWjgch!
gdaaY/%&¶&%!&hfjVgZd[i]Z[^gZY^Zhdji0&&¶,*!cd
X]Vc\Z0,+¶&%%!i]Z[^gZhegZVYhid&VY_VXZcihfjVgZV
ÃgZine^XVaanhegZVYhid&cZlhfjVgZ[dgZVX])hfjVgZh
XjggZcianWjgc^c\#
 6h V [jaa"gdjcY VXi^dc! V X]VgVXiZg XVc ViiZbei id
270?C4A
<04;BCA><
8=C>C74
Zmi^c\j^h]VÃgZ^cVcVY_VXZcihfjVgZWnWZVi^c\^idji!
hidbe^c\ ^i! hXViiZg^c\ Wjgc^c\ bViZg^Vah! Ydjh^c\ i]Z
ÄVbZh l^i] hVcY dg lViZg! dg h^b^aVg Z[[dgih# 6 98 &%
HigZc\i] X]ZX` Zmi^c\j^h]Zh & hfjVgZ0 V 98 '% X]ZX`
Zmi^c\j^h]Zh'hfjVgZh#6XgZViZlViZgheZaaZmi^c\j^h]Zh&
Wjgc^c\hfjVgZeZg)\VaadchXgZViZYb^c^bjb&hfjVgZ#
FjZcX]Zmi^c\j^h]ZhVaaWjgc^c\hfjVgZh^c^ihVgZV#
30<064B8=:8=60=3A4?08A
9VbV\^c\Vh]^ebZVchYVbV\^c\dcZdgbdgZd[^ih]jaa
hZXi^dchdgg^\\^c\hZXi^dch#6h]^eXVcVXXjbjaViZhZkZgVa
Y^[[ZgZcihiViZhd[YVbV\Z!Vhh]dlcWZadl/
 %BNBHFE
DcZ]jaahZXi^dc^hgZYjXZYid*%d[^ih]^i
ed^cihdgaZhh#6h]^ei]Vi^hYVbV\ZYadhZh*[ZZi[gdb^ih
WVhZheZZY#
 4FWFSFMZ
%BNBHFE
IlddgbdgZ]jaahZXi^dchVgZgZYjXZY
id*%d[i]Z^g]^ied^cihdgaZhh#6h]^ei]Vi^hhZkZgZan
YVbV\ZY adhZh &% [ZZi [gdb ^ih WVhZ heZZY i]^h ^h cdi
XjbjaVi^kZl^i]i]ZheZZYadhi[gdbWZ^c\YVbV\ZY#
 )PMFE
DcZ]jaahZXi^dc^hYZhigdnZYgZYjXZYid%]^i
ed^cih#L]ZcV]jaahZXi^dc^hYZhigdnZY!Vaa]jaahZXi^dch
VY_VXZciidi]VihZXi^dcVgZlZV`ZcZY!VcY^bbZY^ViZan
gZYjXZYid*%d[i]Z^gcdgbVa]^ied^cih^ci]Z[daadl"
^c\ gdjcY# I]^h XdaaViZgVa YVbV\Z XVc XVhXVYZ VXgdhh V
h]^e[gdbgdjcYidgdjcYVcYhZXi^dcidhZXi^dc!edhh^Wan
YZhigdn^c\bdgZhZXi^dch^chjXXZhh^dc^[i]ZnlZgZhj["
ÃX^ZcianYVbV\ZYidWZ\^cl^i]#
 6]daZYh]^e^hhZkZgZanYVbV\ZYhZZVWdkZ!h^cXZ
i]ZYZhigjXi^dcd[VhZXi^dcVcYi]ZYVbV\ZYZVaiidi]Z
cZ^\]Wdg^c\hZXi^dchbZZii]ZXg^iZg^V[dgi]ViXdcY^i^dc
VhlZaa#
 :VX]i^bZVh]^e^h]daZY!^ibjhibV`ZVh^c`^c\X]ZX`
hZZWZadl#
 6kZhhZal^i]ViaZVhi'*d[^ihhZXi^dchYZhigdnZY]Vh
WZZcYZbda^h]ZY!VcYh^c`h^bbZY^ViZan#
 3JHHJOH
%BNBHFE
>[VhZXi^dcd[i]Zh]^e»hg^\\^c\
^hgZYjXZYid*%d[^ih]^ied^cihdgaZhh!i]Zg^\\^c\^h
YVbV\ZY#I]Zh]^eadhZh*[ZZi[gdb^ihWVhZheZZY#
 >[ilddgbdgZhZXi^dchd[g^\\^c\VgZYVbV\ZY!i]Zl^cY
^higZViZYVhdcZXViZ\dgna^\]iZgi]Vc^ihVXijVahigZc\i]0
i]Zh]^eXVc»iXVeijgZi]Zl^cYVhlZaaVh^ih]djaY#
 %JTNBTUFE
>[Vg^\\^c\hZXi^dc^hYZhigdnZY!i]Zh]^e
^hY^hbVhiZY#Jca^`Z]jaaYVbV\Z!g^\\^c\YVbV\ZYdZh
cdihegZVYidVY_VXZcihZXi^dch#>[i]ZkZhhZaedhhZhhZhdcan
31