Alan_Skunmejker-Psihologija_pokera-www.puskai.ru

˙ţ;0= !:C=<59:5@





























A8E>;>38O ?>:5@0





















 



>A:20 2008

























5@52>4 A 0=3;89A:>3>

keanu 8 Tomas N 



>4 @540:F859

Tomas N



;02=K9 @540:B>@

 ><0= (0?>H=8:>2















;O :>=B0:B>2:



www.pokermoscow.ru

info@pokermoscow.ru



B @540:F88

#20605<K5 G8B0B5;8!



             -B> 5I5 >4=0 :=830, :>B>@0O F5;8:>< ?>A2OI5=0 ?A8E>;>38G5A:8< 0A?5:B0< ?>:5@0. 5 02B>@ - 4>:B>@ ?A8E>;>388 ;0= !:C=<59:5@, 02B>@8B5B=K9 ?@0:B8:CNI89 ?A8E>;>3 8 ?>AB>O==K9 =0CG=K9 :>=AC;LB0=B 8740B5;LAB20 ŤTwo Plus Two Publishing LLCť. = =5 O2;O5BAO ?@>D5AA8>=0;L=K< 83@>:><, 83@05B 2 ?>:5@ @048 C4>2>;LAB28O, => ?@8 MB>< 8<55B AB018;L=K5 ?>;>68B5;L=K5 @57C;LB0BK. >65B, MB> :0: @07 B>, GB> =C6=> 8 20<?!

             ;N1>< A;CG05 83@0 4>;6=0 ?@8=>A8BL 20< @04>ABL, 0 =5 AB0=>28BLAO 5I5 >4=8< 8AB>G=8:>< @07>G0@>20=89.  4;O MB>3> ?>@>9 =5>1E>48<> @07>1@0BLAO =5 A @07;8G=K<8 AB@0B538O<8 8 >??>=5=B0<8, 0 A A0<8< A>1>9. -B0 :=830 <>65B ?><>GL 20< 2 MB><. '8B09B5, @07<KH;O9B5, C482;O9B5AL!

K@0605< ?@87=0B5;L=>ABL 2A5< G8B0B5;O<, ?@8A;02H8< A2>8 >B7K2K =0 :=838, ?>43>B>2;5==K5 =0<8 @0=55. K 708=B5@5A>20=K 2 >1@0B=>9 A2O78 8 1C45< 1;03>40@=K 70 :><<5=B0@88. 8H8B5 =0<, :0:85 :=838 =0 @CAA:>< O7K:5 1K;> 1K 8=B5@5A=> C2845BL ;8G=> 0<.



! C2065=85<.

 ><0= (0?>H=8:>2.

www.pokermoscow.ru







 

!>45@60=85

@548A;>285 (59A>= 0;L<CB)	10

1 ;0=5 !:C=<59:5@5	11

;03>40@=>AB8	11

2545=85	13

1I55 >1AC645=85	13

@0B:89 >17>@ :=838	14

><C =C6=0 ?>:5@=0O ?A8E>;>38O?	16

'5< 20< <>65B 1KBL ?>;57=0 MB0 :=830?	17

0H8 F5=B@0;L=K5 ?@8=F8?K	18

0: ?>;L7>20BLAO MB>9 :=83>9?	27

!=0G0;0 AD>:CA8@C9B5AL =0 A515	27

0B5< AD>:CA8@C9B5AL =0 4@C38E 83@>:0E	27

0:;NG8B5;L=K5 A;>20	27



'0ABL I. @028;L=K9 ?>4E>4

2545=85	29

1;0405B5 ;8 2K ?@028;L=K< ?>4E>4><?	29

>G5<C 2K 83@05B5 2 ?>:5@?	32

F5=8B5 A2>8 A>1AB25==K5 <>B82K	34

>B82K 8 83@>2K5 AB8;8	35

>B82K 8 :><?@><8AAK	36



'0ABL II. @028;L=K5 =02K:8

2545=85	38

'B5=85 @C:	38

0A:>;L:> E>@>H> 2K G8B05B5 @C:8?	38

!>25@H5=AB2>20=85 A2>53> =02K:0	43

@8<5=O9B5 70:>= ŤAC1J5:B82=>9                                                 @0F8>=0;L=>AB8ť                                             43                                                                                         715309B5 ŤM3>8AB8G5A:>3> A0<>>1<0=0ť	44

715309B5 ŤA0<>>1<0=0 @07;8G=>AB8ť	44

!45@68209B5 A>1AB25==K5 ?>@K2K	44

 0728209B5 MB> C<5=85,      :>340 2K                                                                                   =5 83@05B5	                                               45

K@0609B5 A;>20<8 A2>8 @07<KH;5=8O	46

Ť@8A;CH8209B5ALť : AB02:0<	47

!5@L57=> >1AC6409B5     ?>:5@, :>340 2K                                                                  =5 83@05B5	48

>=8<0=85 B5;>42865=89	49

#;02;820=85 A83=0;>2	49

@><54;8B5 8 ?>A<>B@8B5 =0;52>	50

#G8BK209B5 <=>385 2>7<>6=>AB8	50

K1>@ ?@028;L=KE 83@	51

>AB02LB5 GQB:85 F5;8	51

#G8BK209B5 <=>385 D0:B>@K	51

5 ?KB09B5AL GB>-;81> 4>:070BL	52

=09B5 A2>8 ?@545;K	53

#7=09B5, :0:85 83@K 20< ?>E>4OB	54

5 83@09B5 157 ?5@525A0	54



'0ABL III. !B8;8 8 @59B8=38

2545=85	55

803@0<<0 AB8;59	56

0G5< =C6=> 8A?>;L7>20BL 4803@0<<C                                                             AB8;59?	56

803@0<<0 AB8;59	57

;0AA8D8:0F8O 83@>:>2	62

>;55 ?@>AB>9 <5B>4	63

>;55 A;>6=K9 <5B>4	64

1I85 ?@8=F8?K	64

#AB0=>2:0 >@85=B8@>2 ?>                                               B09B>2>AB8/;C7>2>AB8	65

;0AA8D8:0F8O 83@>:>2 ?>                                             B09B>2>AB8/;C7>2>AB8	66

#AB0=>2:0 >@85=B8@>2 ?>                                      ?0AA82=>AB8/03@5AA82=>AB8	66

;0AA8D8:0F8O 83@>:>2 ?>                                   ?0AA82=>AB8/03@5AA82=>AB8	68

59AB28O ?>A;5 >F5=:8 83@>:>2 ?>                                                                   >158< E0@0:B5@8AB8:0<	68

><18=8@>20==K5 AB8;8	68

>@@5:B8@>2:0 @59B8=3>2	69

@5<5==K5 87<5=5=8O 2 AB8;5	69

 07=8F0 <564C @0==8<8 8 ?>74=8<8                                                       @0C=40<8 B>@3>2;8	69

'0AB0O 70I8B0 1;09=4>2	70

 07=8F0 <564C 15B>< 8 @597><	70

5B 87 ?>74=59 ?>78F88, :>340 2A5                                                                 ?>:070;8 A;01>ABL	70

'5:-@597	70

5B 8;8 @597 A ?@8:C?=>9 @C:>9	70

;5D	71

!C525@8O	71

0<5B:8 =0 83@>:>2	71

F5=:0 A0<>3> A51O	72

>;CG5=85 8=D>@<0F88	73

01;N45=85	73

@8A;CH820=85	74

02>4OI85 2>?@>AK	75

!;CH09B5 ŤB@5BL8< CE><ť	76



'0ABL IV. C7>2>-03@5AA82=K9 83@>:

2545=85	77

C7>2>-03@5AA82=K5 83@>:8	77

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O	79

>AB>8=AB20	82

54>AB0B:8	82

'B5=85 8E @C:	82

3@0 ?@>B82 =8E	83

>;6=K ;8 2K 83@0BL A =8<8?	83

45 2K 4>;6=K A845BL?	84

0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?85

A;8 ;C7>2>-03@5AA82=K9 83@>: A848B                                                                  70 20<8	89

C7>2>-03@5AA82=0O 83@0	89

!>3;0A8B5AL A B5<, GB> ?@028;0                                                          87<5=8;8AL	90

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288                                                                     A MB8<8 87<5=5=8O<8	92

A;8 2K   ;C7>2>-03@5AA82=K9 83@>:	96

>=8<0=85 ?>A;54AB289	97

@>83@KH 1>;LH>3> :>;8G5AB20 45=53	97

0< 1C4CB @04K	98

@06451=>ABL 8 ?@57@5=85	99

>=8<0=85 20H8E <>B82>2	99

#;CGH5=85 20H59 83@K	102

1I85 87<5=5=8O 2 AB8;5	102

>=:@5B=K5 87<5=5=8O	103

K1>@ ?@028;L=KE 83@	105

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:	106

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9                                                                           C 20A ?>4E>4	106

F5=:0 20H53> =02K:0 GB5=8O @C:	107

0H @59B8=3	107

0H8 <>B82K 4;O 83@K	107

;02=K5 2>?@>AK	108

>=:@5B=K5 459AB28O	108



'0ABL V. C7>2>-?0AA82=K9 83@>:

2545=85	110

C7>2>-?0AA82=K5 83@>:8	111

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O	112

>AB>8=AB20	114

54>AB0B:8	115

'B5=85 8E @C:	115

3@0 ?@>B82 =8E	116

>;6=K ;8 2K 83@0BL A =8<8?	116

45 2K 4>;6=K A845BL?	116

0: 2K 4>;6=K 87<5=8BL A2>N                                                           AB@0B538N?	116

C7>2>-?0AA82=0O 83@0	119

C4LB5 256;82K<8	119

!>3;0A8B5AL A B5<, GB> ?@028;0                                                         87<5=8;8AL	120

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288                                                                  A MB8<8 87<5=5=8O<8	122

A;8 2K   ;C7>2>-?0AA82=K9 83@>:	127

>=8<0=85 ?>A;54AB289	129

@>83@KH 45=53	129

0< 1C4CB @04K	129

B4KE 8 >1I5=85	129

KA>:><5@=>ABL >B 4@C38E 83@>:>2	130

>=8<0=85 20H8E <>B82>2	130

#;CGH5=85 20H59 83@K	132

1I85 87<5=5=8O 2 AB8;5	133

>=:@5B=K5 87<5=5=8O	133

K1>@ ?@028;L=KE 83@	136

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:	137

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9                                                                             C 20A ?>4E>4	137

F5=:0 20H53> =02K:0 GB5=8O @C:	138

0H @59B8=3	138

0H8 <>B82K 4;O 83@K	139

;02=K5 2>?@>AK	139

>=:@5B=K5 459AB28O	140





'0ABL VI. "09B>2>-?0AA82=K9 83@>:

2545=85	141

"09B>2>-?0AA82=K5 83@>:8	142

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O	143

>AB>8=AB20	145

54>AB0B:8	145

'B5=85 8E @C:	146

3@0 ?@>B82 =8E	146

>;6=K ;8 2K 83@0BL A =8<8?	146

45 2K 4>;6=K A845BL?	146

0: 2K 4>;6=K 87<5=8BL A2>N                                                                    AB@0B538N?	146

"09B>2>-?0AA82=0O 83@0	147

5 >68409B5 <=>3>3>	148

>=B@>;8@C9B5 A51O	148

!>3;0A8B5AL A B5<, GB> ?@028;0                                                            87<5=8;8AL	148

 

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288                                                                     A MB8<8 87<5=5=8O<8	149

A;8 2K   B09B>2>-?0AA82=K9 83@>:	151

>=8<0=85 ?>A;54AB289	152

K83@KH 8 ?@>83@KH	152

 07>G0@>20=85 >B =54>AB0B>G=> 0:B82=>9                                                       B>@3>2;8	153

@>B82 20A 1C4CB 1;5D>20BL	153

!:C:0	153

B4KE 8 >1I5=85	153

0< =5 1C4CB @04K	154

@06451=>ABL 8 ?@57@5=85	154

>=8<0=85 20H8E <>B82>2	154

#;CGH5=85 20H59 83@K	156

1I85 87<5=5=8O 2 AB8;5	156

>=:@5B=K5 87<5=5=8O	157

K1>@ ?@028;L=KE 83@	162

87:85 ;8<8BK 8 =51>;LH85 1;09=4K                                                                    8;8 0=B5	162

=>65AB2> ;C7>2>-?0AA82=KE 83@>:>2 8                                                         =5 1>;55 G5< >48=  ;C7>2>-03@5AA82=K9	163

>;LH>9 2K1>@ 83@>:>2	163

;8==K5 AB>;K	163

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:	163

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9                                                                             C 20A ?>4E>4	164

F5=:0 20H53> =02K:0 GB5=8O @C:	164

0H @59B8=3	165

0H8 <>B82K 4;O 83@K	165

;02=K5 2>?@>AK	166

>=:@5B=K5 459AB28O	166



'0ABL VII. "09B>2>-03@5AA82=K9 83@>:

2545=85	167

"09B>2>-03@5AA82=K5 83@>:8	168

@87=0:8 8E 1KAB@>3> @0A?>7=020=8O	169

>AB>8=AB20	171

54>AB0B:8	172

'B5=85 8E @C:	172

3@0 ?@>B82 =8E	174

>;6=K ;8 2K 83@0BL A =8<8?	174

45 2K 4>;6=K A845BL?	175

0: 2K 4>;6=K 87<5=8BL A2>N                                                                    AB@0B538N?	176

"09B>2>-03@5AA82=0O 83@0	177

A;8 2K   B09B>2>-03@5AA82=K9 83@>:	179

>=8<0=85 ?>A;54AB289	181

 

>A;54>20B5;L=K9 2K83@KH 2 ?@545;0E                                                          20H8E >3@0=8G5=89	181

@>83@KH 10=:@>;;0 2 =0<=>3> 1>;55                                                          4>@>38E 83@0E	181

@54 20H5<C 74>@>2LN	181

0< =5 1C4CB @04K 2 1>;LH8=AB25 83@	182

#2065=85, >A>15==> >B E>@>H8E 83@>:>2	182

028ABL 8 2@06451=>ABL	182

>=8<0=85 20H8E <>B82>2	183

#;CGH5=85 20H59 83@K	185

 01>B09B5 =04 20H8< 8<8465<	185

5 ?KB09B5AL 2K83@0BL :064K9                                                                     ?>A;54=89 4>;;0@	185

K1>@ ?@028;L=KE 83@	186

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:	186

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9                                                                              C 20A ?>4E>4	187

F5=:0 20H53> =02K:0 GB5=8O @C:	187

0H @59B8=3	188

0H8 <>B82K 4;O 83@K	188

;02=K5 2>?@>AK	189

>=:@5B=K5 459AB28O	189







'0ABL VIII. 0H8 A<5@B=K5 3@5E8

2545=85	190

0H8 A<5@B=K5 3@5E8	191



0:;NG5=85	194

@8;>65=85 A: "5AB ?> ?@028;L=><C ?>4E>4C	196

@8;>65=85 B: 5 1@>A09B5 A2>N 4=52=CN                                                                  @01>BC	200

@8;>65=85 C: @0B:85 @57N<5	204

C7>2>-03@5AA82=K5 ?@>B82=8:8	205

A;8 2K ;C7>2>-03@5AA82=K9 83@>:	206

C7>2>-?0AA82=K5 ?@>B82=8:8	207

A;8 2K ;C7>2>-?0AA82=K9 83@>:	208

"09B>2>-?0AA82=K5 ?@>B82=8:8	209

A;8 2K B09B>2>-?0AA82=K9 83@>:	210

"09B>2>-03@5AA82=K5 ?@>B82=8:8	211

A;8 2K B09B>2>-03@5AA82=K9 83@>:	212

@8;>65=85 D:  5:><5=4>20==0O ;8B5@0BC@0	213



 

@548A;>285

59A>= 0;L<CB

=838 =0H53> 8740B5;LAB20 Two Plus Two Publishing 8<5NB @5?CB0F8N ;CGH8E :=83 2 >1;0AB8 ?>:5@0 8 070@B=KE 83@. > A 3>40<8 =0A AB0;8 :@8B8:>20BL, GB> <K C45;O5< =54>AB0B>G=> 2=8<0=8O ?A8E>;>38G5A:8< 0A?5:B0< ?>:5@0.

>=5G=>, MB> =5 B0:. =>385 87 AB@0B5389, ?@54;>65==KE 2 =0H8E :=830E, >A=>2K20NBAO =0 ?A8E>;>388 ?@>B82=8:>2. 0?@8<5@, ?@>B82 A>?5@=8:0, ?A8E>;>38G5A:8 A:;>==>3> : G0AB><C 1;5DC, <K @5:><5=4>20;8 G0I5 >B25G0BL :>;;><. "0:65 <K ?@54;030;8 @597 2 <C;LB8?>B5 A <0@38=0;L=>9 @C:>9, GB>1K 871560BL >25@:>;;>2 >B A84OI8E ?>7048 20A 83@>:>2.

"0:8< >1@07><, ?A8E>;>38O 83@05B 1>;LHCN @>;L 2> <=>38E ?>:5@=KE @5H5=8OE. -B>   206=0O G0ABL 83@K 8 59 =5;L7O ?@5=51@530BL.

4=0:> ACI5AB2C5B >1;0ABL ?A8E>;>388, :>B>@0O 4> A8E ?>@ =5 1K;0 >A25I5=0 2 =0H8E 7=0<5=8BKE :=830E. -B> 20H0 ?A8E>;>38O 8 <>O ?A8E>;>38O. @C38<8 A;>20<8, GB> 8=>340 <5=O5B =0H8 @5H5=8O, 8 ?>G5<C.

K =8:>340 =5 704020;8AL 2>?@>A><, ?>G5<C >4=8 83@>:8 70 ?>:5@=K< AB>;>< G@572KG09=> 03@5AA82=K, 0 4@C385 =0>1>@>B 83@0NB ?0AA82=>? >G5<C >4=8 83@0NB B09B>2>, 0 4@C385 ;C7>2>? @><5 B>3>, 704020;8AL ;8 2K 2>?@>A><, ?>G5<C =5:>B>@K5 B0:B8:8 40NBAO 20< 4>AB0B>G=> 5AB5AB25==>, 2 B> 2@5<O :0: 4@C385   =5B?

-B0 :=830, =0?8A0==0O 4>:B>@>< ?A8E>;>388 ;0=>< !:C=<59:5@><, 40QB >B25BK =0 <=>385 87 B0:8E 2>?@>A>2. =0 ?KB05BAO >1JOA=8BL, ?>G5<C 70 ?>:5@=K< AB>;>< 2K 83@05B5 B5< 8;8 8=K< >1@07>< 8 GB> 70AB02;O5B 20H8E ?@>B82=8:>2 ?@8=8<0BL B5 8;8 8=K5 @5H5=8O. @><5 B>3>, :=830 ?>:07K205B, 345 =C6=> 87<5=8BL 20HC AB@0B538N 2 83@5 ?@>B82 A>?5@=8:0 B>3> 8;8 8=>3> B8?0 8 ?@54;0305B AB@0B538G5A:85 87<5=5=8O, >A=>20==K5 =0 ;8G=>AB8 ?@>B82=8:0, :>B>@K5 ?>72>;OB 20< 1>;LH5 2K83@K20BL 8 ?>;CG0BL 1>;LH55 =0A;0645=85 >B 83@K.

/ 25@N, GB> A> 2@5<5=5< MB0 :=830 AB0=5B >4=>9 87 =081>;55 C20605<KE 2 ?>:5@=>< <8@5. -B> >7=0G05B, GB> >=0 4>;6=0 1KBL ?@>G8B0=0 =0@O4C A 1>;LH8=AB2>< 4@C38E AB@0B538G5A:8E :=83, >A>15==> ŤThe Theory of Pokerť M2840 !:;0=A:8. >:B>@ !:C=<59:5@ =5 ?@5B5=4C5B =0 ?@02> AG8B0BLAO M:A?5@B>< 2 >1;0AB8 ?>:5@=>9 B5>@88 8 AB@0B5388. = A0< ?@87=0QB B>, GB> >= 2 ?5@2CN >G5@54L ?A8E>;>3, 0 =5 M:A?5@B ?> AB@0B5388. <5AB> B>3>, GB>1K 4020BL A>25BK ?> AB@0B5388, >= >BAK;05B 20A : =C6=K< AB@0=8F0< B5E :=83, 2 :>B>@KE 40NBAO :>=:@5B=K5 AB@0B538G5A:85 A>25BK 8<5==> 4;O 20A (:>B>@K5 <>3CB 7=0G8B5;L=> >B;8G0BLAO >B A>25B>2, :>B>@K5 ;CGH5 2A53> ?>4E>4OB 4@C38< G8B0B5;O<). A;8 2K   >48= 87 <=>65AB20 =>28G:>2 8;8 83@>:>2 A@54=53> C@>2=O, :>B>@K5 ?>:0 =5 <>3CB ?>=OBL 83@C 2> 2A59 5Q ?>;=>B5, B> MB0 :=830 4;O 20A.

















1 ;0=5 !:C=<59:5@5

;0= !:C=<59:5@ 70@01>B0; A2>N 4>:B>@A:CN AB5?5=L 2 >1;0AB8 8=4CAB@80;L=>9 ?A8E>;>388 2 5@:;8. = ?@5?>4020; 8 70=8<0;AO 8AA;54>20=8O<8 2 UCLA, #=825@A8B5B5 8<. 0@=538-5;;>=0 8 2 5;L389A:>< 0B>;8G5A:>< #=825@A8B5B5 2 C259=5. >A;5 1KAB@>3> @0728B8O <5=546<5=B0 2 5@8; 8=G, >= @01>B0; :>=AC;LB0=B>< 2 29 AB@0=0E =0 2A5E 6 :>=B8=5=B0E.

= @01>B0; (2 B>< G8A;5 8 :0: A>02B>@) =04 B@5<O 8AA;54>20B5;LA:8<8 <>=>3@0D8O<8 8 =0?8A0; ?OBL :=83 ?> 8=4CAB@80;L=>9 ?A8E>;>388. 3> @01>BK ?5@52545=K =0 D@0=FC7A:89, =5<5F:89, 8A?0=A:89, H254A:89, O?>=A:89 8 8=4>=5789A:89 O7K:8. =0G8B5;L=0O G0ABL 53> @01>B ?>A2OI5=0 87CG5=8N @07;8G=KE B8?>2 ;N459 8 =0E>645=8N ?>4E>40 : =8<, 8 40==0O :=830   B0:65 =0 MBC B5<C.

3> >B=>H5=85 : ?>:5@C C=8:0;L=> 4;O 02B>@0 ?>:5@=>9 :=838:

Ť/ 83@0N B>;L:> =0 =87:8E ;8<8B0E, ?>B><C GB> <0:A8<870F8O ?@81K;8 4;O <5=O <5=55 206=0, G5< >B4KE 8 87CG5=85 4@C38E ;N459. / AB0; ?A8E>;>3>< ?>B><C, GB> <=5 =@028BAO =01;N40BL 70 ;N4L<8, 8 :0@B>G=K9 :;C1   >B;8G=>5 <5AB> 4;O MB>3>ť

Ť3@>:8 =0 =87:8E ;8<8B0E =0<=>3> 8=B5@5A=55, G5< 1>;55 A5@LQ7=K5 83@>:8. =8 1>;55 @07=>>1@07=K, 1>;55 >B:@KBK 8 @0AA;01;5=K. =8 1>;LH5 A<5NBAO, @0AA:07K20NB 1>;55 8=B5@5A=K5 8AB>@88 8 =8:>340 =5 701K20NB, GB> F5;L ;N1>9 83@K   MB> ?>;CG5=85 C4>2>;LAB28Oť

Ť! ?>2KH5=85< C@>2=O AB02>: 83@>:8 AB0=>2OBAO 1>;55 A5@LQ7=K<8 8 ?>E>68<8 4@C3 =0 4@C30. >;LH8=AB2> 87 =8E 87CG0NB ?>:5@=CN ;8B5@0BC@C, 7=0NB =5:>B>@K5 H0=AK 8 ?KB0NBAO 8A?>;L7>20BL ?>E>685 AB@0B5388.  45HQ2KE 83@0E 1>;LH5 ŤA:0;ť, Ť<0=LO:>2ť, Ť02B>>B25BG8:>2ť, Ť:@5B8=>2ť, Ť;65M:A?5@B>2ť 8 GC40:>2   MB> 7=0G8B, GB> B0:85 83@K 40NB <=5 1>;LH5 ?@>AB@0=AB20 4;O =01;N45=8O 8 1>;LH5 <0B5@80;0 4;O <>8E 8AA;54>20=89ť

Ť>;LH8=AB2> ?>:5@=KE 02B>@>2 D>:CA8@CNBAO =0 >1@075 <KH;5=8O ?>1548B5;59, => 8< >G5=L BO65;> GB>-B> =0?8A0BL >1 >1KG=KE 83@>:0E. / E>GC ?><>GL B0:8< 83@>:0< ?>=OBL A0<8E A51O 8 A2>8E ?@>B82=8:>2ť





;03>40@=>AB8

=>385 ;N48 ?><>30;8 <=5 ?8A0BL MBC :=83C, 8 O >G5=L 1;03>40@5= 8< 70 MB>.

;02=K< >1@07><, O E>GC ?>1;03>40@8BL 59A>=0 0;L<CB0 70 53> 6QAB:CN 8 :>=AB@C:B82=CN @540:BC@C, 0 B0:65 M2840 !:;0=A:8 70 53> ?>;57=K5 ?@54;>65=8O. =5 ?@8E>48;>AL @01>B0BL A> <=>38<8 @540:B>@0<8, => O =8:>340 5IQ =5 @01>B0; A 42C<O B0:8<8 02B>@8B5B=K<8 A?5F80;8AB0<8 >4=>2@5<5==>.

6>= ( 8G) >;;5>, 8;;8 (Ť@0A=K9ť) %>4:8AA 8 592 40<A ?@>G;8 MBC :=83C ?>;=>ABLN 8 A45;0;8 <=>3> F5==KE ?@54;>65=89.

5AG8A;5==K5 83@>:8 40;8 A2>8 :><<5=B0@88, ?@54;>65=8O 8 :@8B8G5A:85 70<5G0=8O, GB> 8 AD>@<8@>20;> MBC :=83C. / =5 <>3C ?>1;03>40@8BL 8E ?>8<Q==>, B0: :0: 4065 =5 7=0N 8<Q= <=>38E 87 =8E, => O 8< G@572KG09=> 1;03>40@5=.

"0:65 E>G5BAO ?>1;03>40@8BL 09:;0 M@@>;;0   >= 2A5340 A>B@C4=8G0; A> <=>9, >4>1@O;, :><<5=B8@>20;, 8=>340 ?@>AB> A;CH0;.

!N70== 5 0 >9=B5 =5 O2;O5BAO ?>:5@=K< 83@>:><, => >=0 25;8:>;5?=K9 ?8A0B5;L 8 5Q @540:B>@A:85 :>@@5:B8@>2:8 ?><>3;8 <=5 2 @01>B5 =04 MB>9 :=83>9.

>O A5AB@0 !LN -== A45;0;0 A2>N >1KG=CN @01>BC   ?>;=CN ?@>25@:C ?@02>?8A0=8O 8 3@0<<0B8:8. 065 =5 E>G5BAO 4C<0BL > B><, =0 GB> 1K;0 1K ?>E>60 <>O :=830, 5A;8 1K =5 5Q ?><>IL.

>9 1@0B @090=, C3 8=4 8 68< >30= ?@>G;8 8 ?@>:><<5=B8@>20;8 4@C3CN ?>E>6CN :=83C, 8 8E :><<5=B0@88 ?><>3;8 2 A>AB02;5=88 >158E :=83.

>;LH>5 A?0A81> @540:B>@0< 6C@=0;0 ŤPoker Digestť 70 >?C1;8:>20=85 A5@88 <>8E AB0B59, ?>A2OIQ==KE 2K1>@C @07;8G=KE 83@ 8 040?B0F88 2 =8E.

/ B0:65 1;03>40@5= @540:B>@0< 6C@=0;0 ŤCard Playerť 70 ?5@5?5G0B:C 87<5=Q==KE 25@A89 B@QE <>8E AB0B59: Ť@028;L=K9 ?>4E>4ť, Ť0H8 A<5@B=K5 3@5E8ť 8 Ť48=AB25==K9 2K83@KH=K9 AB8;Lť.

0:>=5F, O 4>;65= ?>1;03>40@8BL >==C %0@@8A 70 5Q 4>B>H=>5 GB5=85 :=838 8 5920 ;8=B0 87 Creel Printing 70 >1;>6:C :=838 8 @01>BC ?> C;CGH5=8N 2A59 :=838.

 

2545=85

1I55 >1AC645=85

 C40G=K9 25G5@, 5A;8 20< ?>257QB A :0@B0<8, 2K A<>65B5 2K83@0BL C M2840 !:;0=A:8, >9;0 @0=A>=0, 59A>=0 0;L<CB0 8;8 C ;N1>3> 4@C3>3> ?@>D5AA8>=0;0, => 2K =8:>340 =5 A<>65B5 ?>1548BL A0<>3> A51O. K <>65B5 1KBL A0<8 4;O A51O :0: ;CGH8< 4@C3><, B0: 8 ;CGH8< 2@03><, 8 2K, 25@>OB=>, O2;O5B5AL 8<8 >1>8<8 >4=>2@5<5==>.

-B0 :=830 ?>:065B 20<, :0: ?>1548BL A0<>3> A51O 8 :0: ?@5:@0B8BL 45;0BL MB>. =>385 4@C385 ?>:5@=K5 :=838 ?>A2OI5=K :0@B0<, 107>2>9 AB@0B5388 8 45=L30<, 8 A>25BK, 40NI85AO 2 =8E, >48=0:>2K 4;O :064>3>. > :064K9 87 =0A <>65B ?>1548BL A0<>3> A51O @07=K<8 A?>A>10<8, >A=>2K20OAL =0 A2>8E 8=48284C0;L=KE 4>AB>8=AB20E 8 8A:>@5=OO A2>8 ;8G=K5 =54>AB0B:8. K B0:65 4>;6=K ?>=OBL, ?>G5<C =51>;LH>9 ?@>F5=B 83@>:>2 83@0NB 2 ?;NA =0 4;8==>9 48AB0=F88, 8 :0: 040?B8@>20BLAO : :064><C 87 ?>:5@=KE 83@>:>2 @07;8G=KE B8?>2.

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

<5AB> MB>3> <K 60;C5<AO =0 =52575=85 8 @0AA:07K205< 8AB>@88 > 15418B0E. >;LH8=AB2> B0:8E 8AB>@89 =0G8=0NBAO B0:: Ť/ @07K3@0; A2>N @C:C <0AB5@A:8, => BC?>ABL MB>3> 848>B0 8 <>Q D0B0;L=>5 =52575=85 70AB028;> <5=O ?@>83@0BL MB>B 10=:ť.  B5?5@L ?@54AB02LB5 A515 DCB1>;L=>3> B@5=5@0, :>B>@K9 @0718@05B A :><0=4>9 B>;L:> ?@>83@0==K5 83@K, >1AC640O ?@8 MB>< B>;L:> B>, :0: 65 8< =5 ?>257;>, 8 =5 >1AC640O A?>A>1K C;CGH5=8O A2>59 83@K.  0AA:07K > 15418B0E <>3CB ?><>GL 20< A=OBL =0?@O65=85, => >=8 =8:>340 =5 ?><>3CB 20< C;CGH8BL A2>N 83@C. $0:B8G5A:8, >=8 4065 2@54OB 20<, B0: :0: 2K @0AA:07K205B5 4@C38< ;N4O<, :0: 2K 83@05B5 8 ?>:07K205B5, :0: @0AAB@08205B5AL ?> ?>2>4C A2>8E ?;>E8E @57C;LB0B>2.

K83@K20NI85 ?>:5@=K5 83@>:8 45;0NB B> 65 A0<>5, GB> 8 DCB1>;8ABK 8 83@>:8 2 1@846. =8 >1J5:B82=> 0=0;878@CNB A2>N 8 GC6CN 83@C, ?@8=8<0O =0 A51O >B25BAB25==>ABL 2<5AB> B>3>, GB>1K 60;>20BLAO =0 =5C40GC, 0 B0:65 A5@LQ7=> @01>B0NB =04 A2>59 83@>9, A?@0H820O A>25B>2 C 4@C759.

-B0 :=830 1C45B 20H8< ?5@A>=0;L=K< B@5=5@><. =0 ?><>65B 20< ?@>25@8BL C@>25=L A2>59 83@K, ?><>65B ?>=OBL, :0: 2K 83@05B5 8 ?>G5<C 2K 83@05B5 2 B>< 8;8 8=>< AB8;5, 8 70B5< 40AB :>=:@5B=K5 A>25BK, ?>4E>4OI85 8<5==> 4;O 20A.

>;LH8=AB2> :=83 =0?8A0=K M:A?5@B=K<8 83@>:0<8 8 040?B8@>20=K : 6QAB:8< 83@0<. E <>65B 1KBL 8=B5@5A=> G8B0BL, => >=8 <>3CB =5 ?>4E>48BL 20<. K =5 >1O70B5;L=> O2;O5B5AL 25;8:8< 83@>:>< 8 83@05B5 ?@>B82 M:A?5@B>2. 0< =C65= B@5=5@, :>B>@K9 1C45B 0=0;878@>20BL 20HC 83@C 8 ?>:07K20BL 20<, :0: 2K83@0BL C ?@>B82=8:>2, A :>B>@K<8 20< G0I5 2A53> ?@8E>48BAO 83@0BL.

>;LH8=AB2> 02B>@>2 ?>:5@=KE :=83, 25@>OB=>, 2K83@0NB C <5=O, => 2AQ 65 O O2;ONAL 2K83@K20NI8< =0 48AB0=F88 83@>:><, 2 B> 2@5<O :0: 1>;55 :20;8D8F8@>20==K5 83@>:8   2:;NG0O =5:>B>@KE M:A?5@B>2   G0AB> @07>@ONBAO. >G5<C? >B><C GB> O =5 >1<0=K20N A51O >B=>A8B5;L=> <>8E A?>A>1=>AB59 8 BI0B5;L=> ?>4E>6C : 2K1>@C 83@, 2 B> 2@5<O :0: >=8 >B@8F0NB A2>8 ?@545;K 8 ?KB0NBAO 2K83@0BL C 1>;55 A8;L=KE 83@>:>2, 83@0O 2 C1KB>G=KE 4;O A51O 83@0E.

/ =0?><8=0N <5AB=>3> B5==8A=>3> B@5=5@0: >= =5 2K83@K205B :@C?=K5 BC@=8@K, => B@5=8@>2:8 ?>4 53> @C:>2>4AB2>< ?><>3CB 20< A8;L=55, G5< ?@>A<>B@ 2845> A 83@>9 8B0 !0<?@0A0 8 4@C38E 25;8:8E B5==8A8AB>2.

01;N40BL 70 8E A>25@H5==K<8 C40@0<8 25A5;>, 8 =0< =@028BAO C7=020BL > AB@0B538OE, ?> :>B>@K< >=8 83@0NB 4@C3 ?@>B82 4@C30, => MB> =5 4>1028B <=>3>3> 2 =0HC A>1AB25==CN 83@C. 0H <5AB=K9 B@5=5@ ?> B5==8AC 1C45B A<>B@5BL, :0: 83@05B5 8<5==> 2K, 0 70B5< 2=>A8BL =C6=K5 :>@@5:B82K 2 20HC 83@C, ?><>30NI85 20< C;CGH8BL A2>8 C40@K 8 A2>N AB@0B538N. -B0 :=830 1C45B ?><>30BL 20< B>G=> B0:8< 65 >1@07><, B>;L:> 2 ?>:5@5.

=0 1C45B 704020BL 20< <=>65AB2> 2>?@>A>2 (2:;NG0O 8 =5:>B>@K5 =5?@8OB=K5) =0 B5<C B>3>, :0: 8 ?>G5<C 2K 83@05B5. 0B5< >=0 A:065B 20<, :0:85 87<5=5=8O 4>;6=K 2=5AB8 2 A2>N 83@C 8<5==> 2K. @5<5=0<8 >=0 1C45B 20A >15A:C@06820BL 8 2K, 2>7<>6=>, 4065 70E>B8B5 A =59 ?>A?>@8BL   B>G=> B0:CN 65 @50:F8N 2K7K20; 1K C 20A 8 E>@>H89 B5==8A=K9 B@5=5@.

=>340 2K A:065B5: Ť%>@>H89 C40@ť, => B@5=5@ >B25B8B 20<: Ť"515 ?@>AB> ?>257;> A MB8< C40@><, 0 2>>1I5-B> BK =0E>48;AO 2 ?;>E>9 ?>78F88ť, 8 53> B@5=8@>2:0 C;CGH8B 20HC 83@C, 2K ?5@5AB0=5B5 2K83@K20BL B>;L:> 70 AGQB 2575=8O.

%>@>H85 B@5=5@K ?@8=8<0NB ?>;=>F5==>5 CG0AB85 2 20H59 83@5, CG8BK20NB 20H8 A8;L=K5 8 A;01K5 AB>@>=K 8 ?>:07K20NB 20<, :0: =C6=> AB@5<8BLAO : AB@0B5388, ?>4E>4OI59 8<5==> 20<. A;8 2K 2=8<0B5;L=> 1C45B5 G8B0BL MBC :=83C 8 ?@>94QB5 2A5 Ť=5C4>1=K5ť B5ABK, >=0 ?><>65B 20< B>G=> B0:65, :0: <>65B ?><>GL E>@>H89 B5==8A=K9 B@5=5@. -B8 B5ABK A>7404CB >A=>2C 4;O G@572KG09=> :>=:@5B=KE @5:><5=40F89, ?>4E>4OI8E 8<5==> 20<.



@0B:89 >17>@ :=838

'0ABL ?5@20O, :>B>@0O =07K205BAO Ť@028;L=K9 ?>4E>4ť, 7040AB 20< 420 2>?@>A0: ŤABL ;8 C 20A ?@028;L=K9 ?>4E>4?ť 8 Ť>G5<C 2K 83@05B5 2 ?>:5@?ť. 10 MB8E @0745;0 4>AB0B>G=> :>@>B:85, ?>B><C GB> >=8 >?8AK20NB B>;L:> 3;02=K5 ?@8=F8?K. >;55 B>G=> >?@545;8BL, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4, 2K A<>65B5 A ?><>ILN B5AB0, @07<5I5==>3> 2 :>=F5 :=838.

K =0G0;8 MBC :=83C 8<5==> A MB8E 2>?@>A>2, ?>B><C GB> 2K O2;O5B5AL ?5@2K< 83@>:><, :>B>@>3> 20< =C6=> ?>1548BL. A:>@5 <K A 20<8 C2848<, GB> !BN =30@, :>B>@>3> <=>385 AG8B0;8 A0<K< 25;8:8< 83@>:>< 2 <8@5, 70:>=G8; :0: ?@>83@02H89, 25@>OB=>, ?>B><C GB> >= =8:>340 =5 A<>B@5; >1J5:B82=> =0 A51O A0<>3>. A;8 >B@8F0=85 @50;L=>AB8 <>3;> ?>3C18BL B0:>3>, :0: >=, B> 20<, 2>7<>6=>, AB>8B >1@0B8BL ?@8AB0;L=>5 2=8<0=85 =0 A51O A0<>3> .

A;8 2K =5 E>B8B5 0=0;878@>20BL A0<>3> A51O, 2K <>65B5 ?@>83=>@8@>20BL 25AL <0B5@80;, ?>A2OI5==K9 A0<>0=0;87C 8 ?@>G5ABL B>;L:> ?>74=85 @0745;K, :>B>@K5 ?>A2OI5=K @0728B8N 20H8E =02K:>2 8 A?>A>1=>AB8 040?B8@>20BLAO : 4@C38< 83@>:0<.  MB>< A;CG05 2K C;CGH8B5 A2>8 =02K:8, => C?CAB8B5 1>;LHCN G0ABL ?>B5=F80;L=>9 2K3>4K >B ?@>GB5=8O MB>9 :=838. 0: 8<5==> ?>ABC?8BL   @5H0BL 20<.

'0ABL 2B>@0O, :>B>@0O =07K205BAO Ť@028;L=K5 =02K:8ť, =0?@02;5=0 =0 ?@>25@:C 8 C;CGH5=85 42CE 206=59H8E =02K:>2: GB5=8O @C: 8 2K1>@0 83@. "@5B89 =02K:   040?B0F8O : 83@>:0< @07;8G=>3> B8?0   1C45B @0AA<>B@5= =0<8 2 G0ABOE A B@5BL59 ?> A54L<CN.

'0ABL B@5BLO, :>B>@0O =07K205BAO Ť3@>2K5 AB8;8 8 :;0AA8D8:0F8O 83@>:>2ť, 405B <0B5@80; 4;O :;0AA8D8:0F88 8 ?>=8<0=8O 20H8E A>1AB25==KE 83@>2KE AB8;59 8 83@>2KE AB8;59 4@C38E 83@>:>2.

 G0ABOE A G5B25@B>9 ?> A54L<CN <K 1C45< >1AC640BL G5BK@5 206=59H8E B8?0 83@>:>2: ;C7>2>-03@5AA82=K9, ;C7>2>-?0AA82=K9, B09B>2>-?0AA82=K9 8 B09B>2>-03@5AA82=K9.  :064>9 87 G0AB59 1C45B @0AA<0B@820BLAO :>=:@5B=K9 B8? 83@>:0 8 :0640O 87 G0AB59 1C45B A>AB>OBL 87 42CE @0745;>2. 5@2K9 @0745; 1C45B ?>A2OI5= >1I5<C >17>@C 83@>2>3> AB8;O 8 1C45B >?8AK20BL, :0: 1KAB@> @0A?>7=0BL B0:8E 83@>:>2, :0:>2K 8E 4>AB>8=AB20 8 =54>AB0B:8, :0: ?@>G5ABL 8E @C:8, :0: 83@0BL ?@>B82 B0:>3> 83@>:0 8 :0: 83@0BL 2 83@5, 2 :>B>@>9 1>;LH8=AB2> 83@>:>2 >B=>AOBAO 8<5==> : B0:><C B8?C.

B>@>9 @0745; 1C45B =07K20BLAO ŤA;8 2K 83@>: 40==>3> B8?0ť.  =5< <K @0AA<>B@8< ?>A;54AB28O 20H53> 83@>2>3> AB8;O, ?>=8<0=85 20H8E <>B82>2, C;CGH5=85 20H59 83@K, 2K1>@ ?@028;L=KE 83@, 0 70B5< @0AA<>B@8< 2A5 MB8 B5<K 2<5AB5.

"0:0O ?>A;54>20B5;L=0O >@30=870F8O MB8E @0745;>2 ?>72>;O5B 20< A45;0BL 1KAB@>5 A@02=5=85 83@>:>2 ;N1KE B8?>2. 0?@8<5@, ?> :0:8< ?@87=0:0< <>6=> 1KAB@> >?>7=0BL ;C7>2>-?0AA82=>3> 83@>:0? 'B> 2K 4>;6=K 87<5=8BL 2 GB5=88 @C:, 5A;8 ?@>B82 20A ŤA:0;0ť, 02B>>B25BG8: 8;8 <0=LO:? 'B> 2K 4>;6=K A45;0BL, 5A;8 <5AB> A;520 >B 20A >A2>1>6405BAO ŤA:0;>9ť 8 =0 =53> A048BAO <0=LO: ?

@><5 :=83, :>B>@K5 CG0B 20A 83@0BL 2 ?>:5@, GB> =5 O2;O5BAO <>59 F5;LN, MB8 420 @0745;0, ?>A2OI5==KE 20H5<C A>1AB25==><C 83@>2><C AB8;N, <>3CB 1KBL =081>;55 F5==K< <0B5@80;><, :>B>@K9 2K <>3;8 ?@>G5ABL > ?>:5@5, ?>B><C GB> MB8 @0745;K D>:CA8@CNBAO =5?>A@54AB25==> =0 20A. K C7=05B5, :0: E>@>H85 83@>:8 <>3CB 20A ?5@583@0BL, ?>G5<C 2K 83@05B5 8<5==> 2 MB>< AB8;5, :0:85 ?>A;54AB28O 8<55B 20H 83@>2>9 AB8;L, :0:85 87<5=5=8O 2 AB8;5 2K 4>;6=K A45;0BL 8 :0:85 83@K ;CGH5 2A53> ?>4E>4OB 8<5==> 20<.

'0ABL 2>AL<0O, :>B>@0O =07K205BAO Ť0H8 A<5@B=K5 3@5E8ť, >?8AK205B B5 ACI5AB25==K5 =54>AB0B:8, :>B>@K5 2@54OB =0< 2A5<.

Ť0:;NG5=85ť @0AA<0B@8205B 2A5 MB8 B5<K 2<5AB5 8 ?@54;0305B 20< ?CB8 4;O C;CGH5=8O 20H59 83@K.

>;LH8=AB2> Ť@8;>65=89ť A>45@60B 25I8, A :>B>@K<8 2K 1C45B5 AB0;:820BLAO 2 ?@>F5AA5 GB5=8O :=838   MB> @07;8G=K5 B5ABK 8 @0745;, ?>A2OI5==K9 2>?@>AC > B><, 4>;6=K ;8 2K AB0=>28BLAO ?>:5@=K< ?@>D5AA8>=0;><. K <>65B5 ?@>83=>@8@>20BL MB8 ?@8;>65=8O, <>65B5 87CG8BL 8E B>340, :>340 A>>B25BAB2CNI0O B5<0 1C45B ?>4=8<0BLAO 2 B5:AB5 8;8 ?@>G5ABL 8E A@07C ?>A;5 ?@>GB5=8O 2A59 :=838.

@8;>65=85 C, :>B>@>5 =07K205BAO Ť@0B:85 @57N<5ť 40AB 20< :@0B:89 >17>@ >A=>2=KE G5@B 83@>:>2 :064>3> B8?0. 5@5G8BK209B5 MB> ?@8;>65=85 :064K9 @07, :>340 20< =C6=0 ?><>IL. 0?@8<5@, 5A;8 83@0 ?@>B82 <0=LO:0 2K7K205B C 20A B@C4=>AB8, ?@>AB> >1@0B8B5AL : Ť@0B:><C @57N<5ť 4> B>3>, :0: 2K 1C45B5 83@0BL ?@>B82 =53> 8 ?>A<>B@8B5, :0: =C6=> A>E@0=OBL A?>:>9AB285 8 :0: =C6=> 87<5=8BL A2>N AB@0B538N. A;8 2K, =0?@8<5@, B09B>2>-?0AA82=K9 83@>:, G0AB> 703;O4K209B5 2 MB> ?@8;>65=85, GB>1K C7=0BL, :0:85 83@K ?>4E>4OB 20< 1>;LH5 2A53> 8 :0:8< A?>A>1>< <>6=> C;CGH8BL A>1AB25==K9 83@>2>9 AB8;L.

@8;>65=85 D, :>B>@>5 =07K205BAO Ť 5:><5=4C5<0O ;8B5@0BC@0ť, =5 ?@>AB> 40QB 20< A?8A>: ?>;57=KE :=83: =0 ?@>BO65=88 :=838 <K B>65 1C45< 4020BL 20< AAK;:8 =0 @07;8G=K5 :=838 8 4065 =0 :>=:@5B=K5 AB@0=8FK, :>B>@K5 <>3CB 2 GQ<-B> ?><>GL 20<. =838 8;8 :>=:@5B=K5 AB@0=8FK, :>B>@K5 <>3CB ?><>GL >4=><C 83@>:C, <>3CB 2?CABCN ?>B@0B8BL 2@5<O 4@C3>3> 83@>:0, 0 =5:>B>@K< <>3CB 4065 =02@548BL. 0?@8<5@, =0G8=0NI89 8;8 ;C7>2K9 83@>:, :>B>@K9 83@05B =0 =87:8E ;8<8B0E 8 2 83@0E A <0;K<8 0=B5, 4>;65= ?@>G5ABL :=83C ŤSeven Card Stud: The Waiting Gameť, => 4;O 1>;LH8=AB20 >?KB=KE 83@>:>2 MB0 :=830 1C45B A:CG=0, 0 4;O ŤA:0;ť 4065 2@54=0.



><C =C6=0 ?>:5@=0O ?A8E>;>38O?

A;8 1K $@594 83@0; 2 ?>:5@ 8 83=>@8@>20; ?>B >4AK 8 AB@0B538G5A:85 ?@8=F8?K, >= 1K ?@>83@0;AO. = 1K; A0<K< 25;8:8< ?A8E>;>3><, => ?>B >4AK 8 AB@0B538O 2 ?>:5@5 AB>OB 2KH5 ?A8E>;>388. 'B>1K 2K83@K20BL 2 ?>:5@, 2K 4>;6=K =0CG8BLAO ?@8<5=OBL ?>B >4AK 8 >A=>2=K5 AB@0B538G5A:85 :>=F5?F88.

4=0:> ?@>AB> 7=0=85 MB8E 25I59 =5 ?@52@0B8B 20A 2 ?>1548B5;O, 70 8A:;NG5=85< 83@K =0 =87:8E ;8<8B0E (A;8H:>< <=>385 =87:>;8<8B=K5 83@>:8 83=>@8@CNB ?>B >4AK 8 107>2K5 :>=F5?F88, =5 ?>=8<0O, GB> 2 1>;LH8=AB25 B0:8E 83@ <>6=> 2K83@0BL ?@>AB> 83@0O B09B>2> 8 ?> 107>2K< AB@0B538G5A:8< ?@028;0<), >4=0:> =0 1>;55 2KA>:8E ;8<8B0E 83@>:8 83@0NB ;CGH5 8 C<=55 8 B0< 2K C65 =5 A<>65B5 ?>;CG8BL ?@58<CI5AB2> >B 83@K ?> ?@>AB><C =01>@C ?@028; .

> <=>38E 83@0E ?>GB8 2A5 83@>:8 ?>=8<0NB >A=>2=K5 A>>B=>H5=8O 8 8A?>;L7CNB @07C<=CN AB@0B538N.  B0:8E 83@0E 1>;LH0O G0ABL 20H53> ?@58<CI5AB20 1C45B 8AE>48BL B>;L:> >B 8A?>;L7>20=8O ?A8E>;>388.  >9 C: A:070; ?> MB><C ?>2>4C A;54CNI55: Ť>:5@   MB> 83@0 ;N459. A;8 2K E>B8B5 4>18BLAO CA?5E0, 2K 4>;6=K C<5BL 8E G8B0BL, ?@>=8:0BL 2 8E <KA;8, 4C<0BL > B><, GB> 4C<0NB >=8 8 ?@8=8<0BL B>G=K5 @5H5=8O, >A=>2K20OAL =0 MB>9 8=D>@<0F88ť.

M284 !:;0=A:8 A:070; ?> MB><C ?>2>4C ?@8<5@=> B> 65 A0<>5.  A2>59 :=835 ŤThe Theory of Pokerť >= =0?8A0;: Ť>4 ?A8E>;>3859 ?>:5@0 <K ?>=8<05< 0=0;87 <KH;5=8O ?@>B82=8:>2, 2 B>< G8A;5 B>, GB> >=8 <>3CB ?>4C<0BL > B><, GB> 2K ?>4C<05B5, 0 B0:65 ŤGB> >=8 ?>4C<0NB > B><, GB> 2K ?>4C<05B5 > B><, GB> >=8 ?>4C<0NBťť.

@>1;5<0 2 B><, GB> =8:B> =5 >1JOA=O5B, :0: =C6=> 45;0BL MB>. -:A?5@BK 40NB ?> MB><C ?>2>4C ?>4A:07:8 8 ?KB0NBAO >1JOA=8BL ACBL, => =8:B> 87 =8E =5 45;05B MB> A8AB5<=>. =8 45;0NB MB> 15AA8AB5<=>, ?>B><C GB> A0<8 =5 =C640NBAO 2 A8AB5<5. =8 8=BC8B82=K5 ?A8E>;>38, 0 =5 A8AB5<0B8G5A:85. =8 5AB5AB25==> GC2AB2CNB 4@C38E 83@>:>2 8 C =8E 5ABL AB@0==0O A?>A>1=>ABL ?>=8<0BL B>, GB> 45;0NB 8 4C<0NB 4@C385 ;N48.  >A=>2=>< >=8 C<5NB MB> 1;03>40@O A2>59 A?>A>1=>AB8 1KAB@> 2>A?@>872>48BL 2 C<5 <=>385 87 A2>8E @C:. > 5A;8 2K >B=>A8B5;L=K9 =>28G>: 2 ?>:5@5, B> 2K =5 A<>65B5 4>18BLAO CA?5E0 B0:8< 65 >1@07><.

$0:B8G5A:8, =5:>B>@K5 87 =8E =5 7=0NB, :0: >=8 MB> 45;0NB. -B> ?@>AB> B0;0=B, =0?>4>185 B0;0=B0 09:;0 6>@40=0 A>25@H0BL =5>6840==K5 E>4K. >340 :B>-B> 1;>:8@>20; 53>, >= =5<54;5==> >B25G0;: ?5@5:;NG0; A2>8 @C:8, A:@CG820; A2>5 B5;> 8 A A8;>9 1@>A0; <OG =5<=>3> 2KH5, G5< >1KG=> A =5<=>3> 4@C38< 2@0I5=85<. = =8:>340 =5 A<>3 1K @0AA:070BL, :0: >= MB> A45;0;. = 45;0; MB> ?@>AB> 8=AB8=:B82=>.

# 25;8:8E ?>:5@=KE 83@>:>2 5ABL A;54CNI89 40@: >=8 ?><=OB, :0: 2K 83@0;8 >?@545;5==CN @C:C, >=8 ?><=OB 2K@065=85 20H8E 3;07 2 MB>B <><5=B 8;8 >=8 <>3CB 20A ?>GC2AB2>20BL 8AE>4O 87 B>3>, :0: 2K ?5@518@05B5 A2>8 D8H:8. ;03>40@O MB>9 8=D>@<0F88 >=8 ?@8=8<0NB 01A>;NB=> ?@028;L=K5 @5H5=8O. A;8 2K A?@>A8B5, :0: >=8 MB> A45;0;8, >=8 2@O4 ;8 A<>3CB 20< >B25B8BL   MB> ?@>AB> GC2AB2>.

5:>B>@K5 ?>:5@=K5 02B>@K =5 ?>=8<0NB, GB> 8E A>25BK 15AA<KA;5==K, ?>B><C GB> 8E G8B0B5;8 =5 A<>3CB ?@8<5=8BL 8E. 0?@8<5@, >9; @0=A>= =0?8A0; 2 A2>59 :=835 ŤSuper/Systemť A;54CNI55:

ŤAO:89 @07, :>340 O 8A?>;L7CN A2>8 GC2AB20, O 2A?><8=0N B>, GB> A;CG8;>AL, 4065, =5A<>B@O =0 B>, GB> O =5 A<>3 1K A>7=0B5;L=> A45;0BL MB>. / 2A?><8=0N ?>E>6CN A8BC0F8N 8;8 1;87:CN : ?>E>659 8 70B5< 0=0;878@CN, :0: AK3@0; <>9 ?@>B82=8: 8;8 :B>-B> 5I5. >A;5 MB>3> O GC2AB2CN, GB> ?@>B82=8: 1;5DC5B 8 GB> O <>3C 745AL 0B0:>20BL 8 2K83@0BL 10=:. >, D0:B8G5A:8, 2A5 MB> ?>;CG05BAO C <5=O ?>4A>7=0B5;L=>.

@845@68209B5AL A2>53> ?5@2>3> 2?5G0B;5=8O 8 8<59B5 A<5;>ABL A;54>20BL 5<Cť

> B0:>9 8=BC8F88 C <5=O =5B, :0:, 25@>OB=>, =5B 55 8 C 20A. "0:>9 A>25B B0: 65 3;C?, :0: 8 A>25B <>;>4><C 10A:5B1>;8ABC @072820BL A2>8 8=AB8=:BK 4> C@>2=O 8=AB8=:B>2 09:;0 6>@40=0. > B0:85 8=AB8=:BK   MB> B0;0=B, :>B>@K9 <>6=> ?>;CG8BL B>;L:> >B @>645=8O. >;>4>9 10A:5B1>;8AB 4>;65= @01>B0BL A B5<8 A?>A>1=>ABO<8, :>B>@K5 >= 8<55B. A5 <K B>65 4>;6=K @01>B0BL 2 ?@545;0E B5E A?>A>1=>AB59, :>B>@K5 C =0A 5ABL.

>A;5 <=>3>;5B=53> 87CG5=8O 8 ?@5?>4020=8O ?A8E>;>388 O ?>-?@56=5<C ?>@060NAL 8=BC8F88 =5:>B>@KE ;N459. / @0AA:06C >4=C 8AB>@8N. >340-B> O @01>B0; A >4=8< G5;>25:>< 2 B5G5=85 <=>38E <5AOF52, => <>O 65=0, ?>A<>B@52 =0 =53> 2 B5G5=85 42CE <8=CB, A:070;0, GB> >= E8B@5F 8 O =5 4>;65= 5<C 4>25@OBL. >765 O C1548;AO, GB> O 4>;65= 1K; 5Q ?>A;CH0BL, => >=0 B0: 8 =5 A<>3;0 <=5 >1JOA=8BL, :0: >=0 MB> ?>GC2AB2>20;0. =0 ?@>AB> MB> ?>=O;0.

A;8 C 20A =5B B0:>3> B0;0=B0, 2K =5 A<>65B5 53> ?@8>1@5AB8. K 4>;6=K @01>B0BL =04 B5<, GB> <K <>65< @0728BL: MB> B>G=>5 =01;N45=85 8 A8AB5<0B8G5A:0O ;>38:0. / =8:>340 =5 A<>3C A45;0BL B0:85 C4828B5;L=K5 C<AB25==K5 E>4K, => O <>3C >1JOA=8BL 20<, :0: @0728BL B0:85 =02K:8.

@8=8<0BL ?@028;L=K5 @5H5=8O A 2KA>:>9 G0AB>B>9 =0<=>3> 1>;55 206=>, G5< 2K?>;=OBL MDD5:B=K5 B@N:8. 0H >1I89 2K83@KH 8 ?@>83@KH =5 7028A8B >B ?@8<5=5=8O 20<8 B0:8E ?@85<>2, 70 8A:;NG5=85< 83@K =0 A0<KE 2KA>:8E ;8<8B0E. "0:85 MDD5:B=K5 ?@85<K   MB> GB>-B> =0?>4>185 465:?>B>2 2 83@>2KE 02B><0B0E: 465:?>BK 2A5340 ?@82;5:0NB 2=8<0=85 070@B=KE 83@>:>2, => C65 ?>A;5 BKAOG8 A45;0==KE AB02>: :078=> ?>;CG05B ?@81K;L >B B0:>9 83@K.

5B>4K, >?8A0==K5 2 MB>9 :=835, ?>72>;OB 20< ?>;CG8BL ?@58<CI5AB2> >B <=>38E <5;:8E A8BC0F89 8 ?>72>;OB ?@8=8<0BL 20< ?@028;L=K5 @5H5=8O G0I5, G5< A59G0A. > =0A:>;L:> G0I5? -B> BO65;> A:070BL, => 5A;8 2K 1C45B5 1>;55 :0G5AB25==> ?>4E>48BL : 2K1>@C 83@, MB> <>65B <3=>25==> ?@52@0B8BL 20A 87 ?@>83@K20NI53> 83@>:0 2 2K83@K20NI53>.  5A;8 2K A45;05B5 =0 >4=C E>@>HCN AB02:C 1>;LH5 8 871568B5 >4=>3> ?;>E>3> :>;;0 70 >4=C =>GL, B> =0 48AB0=F88 MB> <>65B ?@8=5AB8 20< BKAOG8 4>;;0@>2.



'5< 20< <>65B 1KBL ?>;57=0 MB0 :=830?

K 1C45B5 83@0BL ;CGH5, 2K83@K20BL 1>;LH5 45=53 8 ?@>83@K20BL <5=LH5, G5< A59G0A. > 2K C65 4>;6=K 7=0BL 107>2CN AB@0B538N. A;8 =5B, B> ?@8>1@5B8B5 @5:><5=4C5<K5 :=838 8 =0G=8B5 >1CG0BLAO . A;8 2K C65 7=05B5 ?@028;L=CN AB@0B538N, 2K 4>;6=K C1548BLAO, GB> 2K ?@028;L=> 55 ?@8<5=O5B5, 0 B0:65 C<55B5 G8B0BL 83@>:>2, 2K18@0BL ?@028;L=K5 83@K 8 040?B8@>20BL 20HC AB@0B538N : @07;8G=K< A8BC0F8O<, GB> 8 1C45B >1AC640BLAO 2 MB>9 :=835.

K B0:65 1C45B5 ?>;CG0BL 1>;LH5 C4>2>;LAB28O >B 83@K. =>385 ?>:5@=K5 02B>@K CB25@640NB, GB> 2A5 ;N48 83@0NB 2 ?>:5@ B>;L:> @048 45=53, => MB> >H81>G=>. >:5@   MB> 83@0 8 ;N48 2 =55 83@0NB ?> <=>38< ?@8G8=0<. K 1C45< 8AA;54>20BL MB8 ?@8G8=K 8 =0945< A?>A>1K, A ?><>ILN :>B>@KE <>6=> 83@0BL 1>;55 CA?5H=> 8 ?>;CG0BL 1>;LH5 C4>2>;LAB28O.

K ?>;CG8B5 2K3>4C >B ?@>GB5=8O MB>9 :=838, ?>B><C GB> =0G=5B5 ;CGH5 ?>=8<0BL A;54CNI85 25I8:

1.	0H A>1AB25==K9 83@>2>9 AB8;L, =02K:8, <>B82K, 4>AB>8=AB20 8 =54>AB0B:8.

2.	3@>2>9 AB8;L, =02K:8, <>B82K, 4>AB>8=AB20 8 =54>AB0B:8 4@C38E 83@>:>2.

>MB><C 2K A<>65B5:

1.	#;CGH8BL 20HC A>1AB25==CN 83@C.

2.	K18@0BL ?@028;L=K5 83@K.

3.	40?B8@>20BLAO : @07;8G=K< B8?0< 83@>:>2 8 83@.

K B0:65 1C45B5 =0A;0640BLAO 8AB>@8O<8. -:A?5@BK >1KG=> >1AC640NB B>, :0: <>6=> 2K83@0BL 2 65AB:8E 83@0E 8 B0:65 8=>340 >1AC640NB 83@K >4=8E 25;8:8E 83@>:>2 ?@>B82 4@C38E 25;8:8E 83@>:>2. > MB0 :=830 > B0:8E ;N4OE, :0: <K.



0H8 F5=B@0;L=K5 ?@8=F8?K

-B0 :=830 >A=>2K205BAO =0 2>AL<8 F5=B@0;L=KE ?@8=F8?0E:

1.	0H A0<K9 3;02=K9 2@03   MB> >B@8F0=85. B@8F0=85   MB> 42830B5;L 2A59 83>@=>9 8=4CAB@88. K =5 A<>65B5 2K83@K20BL 2 ?>:5@, 5A;8 =5 1C45B5 5<C ?@>B82>AB>OBL.

2.	K 4>;6=K 87CG8BL A51O 1>;55 3;C1>:>. >G5<C 2K 83@05B5 2 ?>:5@ 2 B>< 8;8 8=>< AB8;5? 0:>5 2;8O=85 >:07K205B 20H 83@>2>9 AB8;L =0 4@C38E 83@>:>2 8 =0 20H8 @57C;LB0BK?

3.	@5645 2A53> 2K 4>;6=K AD>:CA8@>20BLAO =0 4@C38E 83@>:0E.  G5< >=8 4C<0NB 8 GB> >=8 45;0NB?

4.	3@>2K5 AB8;8 >B@060NB 65;0=8O 8 >?0A5=8O ;N459. >=8<0O, ?>G5<C >=8 83@0NB 2 B>< 8;8 8=>< AB8;5, 2K A<>65B5 ;CGH5 : =8< ?@8A?>A>18BLAO.

5.	>:5@   MB> 83@0 AB02>:. K =5 A<>65B5 ?>2;8OBL =0 A40205<K5 20< :0@BK, 8 :064>5 2>7<>6=>5 @5H5=85 2A5340 4>;6=> A>>B25BAB2>20BL ?5@2K< G5BK@5< ?@8=F8?0<.

6.	K 4>;6=K 4C<0BL ŤO2=>ť, B> 5ABL <KA;8BL 8 45;0BL ?@54?>;>65=8O ?>A;54>20B5;L=>. A;8 2K 4C<05B5 ?>A;54>20B5;L=>, B> 2K A<>65B5 C;CGH8BL A2>N 83@C.

7.	48= 87 A0<KE MDD5:B82=KE A?>A>1>2 C;CGH8BL 20H8 @57C;LB0BK   MB> 87<5=8BL 20H 83@>2>9 AB8;L.

8.	0H0 83@0 4>;6=0 ?>;=>ABLN 7028A5BL >B B>3>, GB> ?@>8AE>48B 70 AB>;>< 2 40==>9 83@5 8 2 40==>< @>7K3@KH5.

0209B5 @0AA<>B@8< MB8 ?@8=F8?K 1>;55 45B0;L=>.

@8=F8? !1: 0H A0<K9 3;02=K9 2@03   MB> >B@8F0=85. A;8 ;N48 87102OBAO >B >B@8F0=8O, 2AO 83>@=0O 8=4CAB@8O <3=>25==> @07;5B8BAO =0 :CA:8. 078=> 7=0NB, GB> C 070@B=KE 83@>:>2 =5B H0=A>2, => MB8 83@>:8 ?@>4>;60NB 8 ?@>4>;60NB >1<0=K20BL A51O.  1>;LH8=AB25 83@ ?@>B82 :078=> =52>7<>6=> 2K83@0BL, 0 2 ?>:5@5 ?>AB>O==> 2K83@K20BL <>3CB B>;L:> =5<=>385.

>:5@=K5 02B>@K =5 >B@8F0NB @50;L=>ABL. $0:B8G5A:8, >=8 ?>;CG0NB A2>N ?@81K;L >B B>3>, GB> @50;L=>ABL >B@8F0NB 4@C385. 064K9 @07, :>340 :B>-B> 8;8 83@05B A> A;01K<8 :0@B0<8, 8;8 ?KB05BAO ?@8:C?8BL A515 548=AB25==K9 0CB, 8;8 83@05B ?@>B82 1>;55 A8;L=KE 83@>:>2, >= :0: 1C4B> 1K 83@05B ?@>B82 83@>2>3> 02B><0B0, >B@8F0O D0:B B>3>, GB> 5<C AC645=> ?@>83@0BL, 2>7<>6=> =5 A53>4=O, => =0 4;8==>9 48AB0=F88 B>G=>.

>;LH8=AB2> 83@>:>2 >1<0=K20NB A51O B0:65 >B=>A8B5;L=> 8E A>1AB25==KE 83@>2KE A?>A>1=>AB59 8 4065 >B=>A8B5;L=> A2>8E ?@>H;KE @57C;LB0B>2. $0:B8G5A:8, >=8 5I5 A8;L=55 ?>425@65=K >B@8F0=8N, G5< ?>A5B8B5;8 :078=>. >;LH8=AB2> :078=> @07<5I0NB =0 A2>8E AB5=0E ?>@B@5BK B5E 83@>:>2, :>B>@K5 2K83@0;8 3830=BA:85 465:?>BK, => ?>A@54AB25==K5 83@>:8 2 ?>:5@ =8:>340 =5 2K83@K20NB A5@L57=KE 45=53 8 ?@8<5@=> 90% 87 =8E ?@>83@K20NB =0 4;8==>9 48AB0=F88.

K >?@545;5==> 4>;6=K 7=0BL <=>38E :@C?=> ?@>83@K20NI8E 83@>:>2, :>B>@K5 CB25@640NB, GB> =0 A0<>< 45;5 >=8 E>@>H85 83@>:8, => 8< A8;L=> =5 257QB. =8 <>3CB 701K20BL >1 >1I59 AC<<5 A2>8E ?@>83@KH59 8 ?@5C25;8G820BL A2>8 A;CG09=K5 ?>154K, 0 B0:65 ?@8B2>@OBLAO, GB> >=8 Ť4065, 2>7<>6=>, =5<=>3> 2 <8=CA5ť.

%>BO ?>:5@=K5 ?>1548B5;8 >1KG=> @50;8AB8G=K, ?>GB8 2A5 87 =8E 8=>340 459AB2CNB 3;C?>. A5 <K 7=05< E>@>H8E 83@>:>2, :>B>@K5 2A5340 ?@>83@K20;8, ?>B><C GB> =5 <>3;8 >B:070BLAO >B A>1;07=0 ?>83@0BL 2 :@5?A, ?>AB028BL =0 :0:CN-B> ;>H04L 8;8 A5ABL 83@0BL 2 83@C, 2 :>B>@>9 >=8 =5 <>3;8 ?>1548BL. 0H A?>A>1 >B@8F0=8O @50;L=>AB8 >B;8G5= >B <>53>. > <K 2A5 MB> 45;05< 8 <K 2A5 70 MB> ?;0B8<.

5@2K9 8 =081>;55 206=K9 H03, :>B>@K9 20< =C6=> A45;0BL, GB>1K AB0BL ?>1548B5;5<   MB> ?5@5AB0BL >1<0=K20BL A51O. A;8 2K ?@>4>;68B5 A51O >1<0=K20BL, 20H8 =02K:8 5IQ <>3CB ?@8=5AB8 20< =5A:>;L:> 4>;;0@>2, => 2K 2AQ 5I5 1C45B5 4C<0BL 8 459AB2>20BL, :0: ?@>83@K20NI89.

@8=F8? !2: K 4>;6=K 87CG8BL A51O 1>;55 3;C1>:>. >:5@=0O :C;LBC@0 >1KG=> O2;O5BAO ?>25@E=>AB=>9 8 C?@>I5==>9, 8 A;>6=K5 <><5=BK >1AC640NBAO 2 =59 B>;L:> 87@54:0. 0?@8<5@, <=>385 83@>:8 M:A?5@B=>3> C@>2=O AG8B0NB, GB> 548=AB25==0O 8 ?5@28G=0O ?@8G8=0 4;O 83@K 2 ?>:5@   MB> 2K83@KH 45=53. =8 A;8H:>< ?>4G5@:820NB MBC 45=56=CN ?@8G8=C ?>B><C, GB> ?>:5@ 4;O =8E   MB> 187=5A 8 2>7<>6=> 548=AB25==K9 8AB>G=8: 4>E>40.

> MB> =5 >1O70B5;L=> 20H 187=5A. K =0A;06405B5AL 2K83@KH5< 45=53, => ?>:5@, 2 ;N1>< A;CG05, >AB05BAO B>;L:> 83@>9, 8 2K 83@05B5 2 =53> ?> <=>38< ?@8G8=0<: GB>1K 2K83@0BL 45=L38, ?>;CG8BL 4>7C 04@5=0;8=0, ?@>25@8BL 20H8 =02K:8, C18BL 2@5<O, ?>>1I0BLAO A ;N4L<8 8 B. 4. A;8 2K 1C45B5 CB25@640BL, :0: CB25@640NB <=>385 ;N48, GB> 2K 83@05B5 B>;L:> @048 45=53, 2K 1C45B5 >H810BLAO.

>=5G=>, 2K 8<55B5 ?@02> B0: AG8B0BL, => MB> 1C45B 20< G53>-B> AB>8BL.  MB>9 :=835 <K @0715@5< 4@C385 20H8 83@>2K5 <>B82K 8 C2848<, :0: 20H8 <>B82K 8 <KA;8 <>3CB >:07K20BL MDD5:B =0 20HC 83@C 8 20H 2K1>@ 83@. -B> B0:65 ?><>65B 20< ;CGH5 C2845BL, =0A:>;L:> E>@>H> 2K 83@05B5, 8 ?>G5<C 2K 2K83@K205B5 2 >4=8E 83@0E, => ?@>83@K205B5 2 4@C38E.

> B>;L:> >4=>3> 7=0=8O =54>AB0B>G=>. K 4>;6=K A45;0BL A;54CNI89 H03   ?@8=OBL >B25BAB25==>ABL 70 A2>8 A>1AB25==K5 @57C;LB0BK.

>;LH8=AB2> ?@>83@K20NI8E 83@>:>2 =5 ?@8=8<0NB B0:>9 >B25BAB25==>AB8. -B> G0ABL >B@8F0=8O. <5==> ?>MB><C >=8 @0AA:07K20NB 8AB>@88 ?@> 15418BK.  B0:8E A;CG0OE >=8 >1KG=> 3>2>@OB: ŤA;8 1K <=5 =0 A0<>< 45;5 ?>257;>, B> O 1K 2K83@0;ť. > =0 4;8==>9 48AB0=F88 2A5< =0< 257QB >48=0:>2>. A;8 2 A2>8E ?@>83@KH0E 2K 1C45B5 >128=OBL =52575=85, 2K =8:>340 =5 A<>65B5 C;CGH8BL A2>N 83@C.

064K9 @07, :>340 O A?@0H820N C ;N459, 2 :0:>< =0?@02;5=88 <>65B 1KBL C;CGH5=0 8E A>1AB25==0O 83@0, 8E @50:F8O ?>:07K205B, :B> >=8   ?>1548B5;8 8;8 ?@>83@K20NI85. # ?@>83@K20NI8E 83@>:>2 MB>B 2>?@>A 2K7K205B @074@065=85, 8 >=8 =0AB0820NB =0 B><, GB> A B0:8< =52575=85<, :0: C =8E, =0 8E <5AB5 =8:B> =5 2K83@0; 1K. > 2K83@K20NI85 83@>:8 >B=>AOBAO : MB><C 2>?@>AC A5@L57=> 8 0=0;878@CNB A2>N A>1AB25==CN 83@C.

@8=F8? !3: @5645 2A53> 2K 4>;6=K AD>:CA8@>20BLAO =0 4@C38E 83@>:0E. %>BO 2K 4>;6=K 0=0;878@>20BL A51O, ?@5645 2A53> 2K 4>;6=K :>=F5=B@8@>20BLAO =0 4@C38E 83@>:0E. 064K9 M:A?5@B MB> 45;05B. $0:B8G5A:8, A0<>5 3;02=>5 >B;8G85 <564C M:A?5@B0<8 8 2A5<8 >AB0;L=K<8 70:;NG05BAO 2 B><, GB> M:A?5@BK D>:CA8@CNBAO =5?>A@54AB25==> =0 4@C38E 83@>:0E, 2 B> 2@5<O :0: >AB0;L=K5 D>:CA8@CNBAO =0 A515: =0 :0@B0E 2 A2>59 @C:5, =0 :0@B0E, :>B>@K5 >=8 E>BOB ?>;CG8BL, =0 45=L30E, :>B>@K5 >=8 2K83@0;8 8;8 ?@>83@0;8 70 25G5@ 8;8 4065 =0 B><, GB> C =8E A53>4=O 1C45B =0 >154.

>>1I5, A0<K9 1KAB@K9 A?>A>1 >F5=8BL =58725AB=KE 83@>:>2   MB> ?>A<>B@5BL =0 8E 3;070. !;01K5 83@>:8 A<>B@OB =0 A2>8 :0@BK 8 25@BOB 3>;>2>9 2 @07=K5 AB>@>=K, 2 B> 2@5<O :0: A8;L=K5 83@>:8 C45;ONB 2AQ 2=8<0=85 83@5 8 87CG0NB 4@C38E 83@>:>2.

A;8 2K 2=8<0B5;L=> ?@83;O48B5AL, B> <=>385 83@>:8 ?>:06CB 20<, :0: 2K <>65B5 8E ?>1548BL. K <>65B5 7=0BL, GB> 2K 4>;6=K 1KBL 1>;55 =01;N40B5;L=K<8, => 2K <>65B5 =5 7=0BL, :0: =C6=> 8A?>;L7>20BL A83=0;K, ?>ABC?0NI85 >B 4@C38E ;N459.  MB>9 :=835 <K 1C45< @0718@0BL <=>385 B0:85 206=K5 A83=0;K 8 87CG0BL 8E 7=0G5=85, 0 B0:65 87CG0BL A?>A>1K 8E 8A?>;L7>20=8O. =0=85 B>3>, GB> 20< =C6=> 8A:0BL, ?><>65B 20< C2845BL B5 A83=0;K, :>B>@K5 A59G0A CA:>;L70NB >B 20H53> 2=8<0=8O.

>=5G=>, ?A8E>;>38G5A:85 A83=0;K =8:>340 =5 >1;040NB AB>?@>F5=B=>9 4>AB>25@=>ABLN, 8 ?>A:>;L:C ?>:5@   MB> 83@0, >A=>20==0O =0 >1<0=5, =5:>B>@K5 87 A83=0;>2 <5=55 =0456=K, G5< 4@C385. !0<K5 ;CGH85 83@>:8 >A>15==> A:;>==K : ?@>O2;5=8N ;>6=KE A83=0;>2 8 4065 ?@>AB>5 GB5=85 MB>9 :=838 <>65B 2K720BL 2 =5:>B>@KE 83@>:0E 65;0=85 C<KH;5==> 8;8 =5C<KH;5==> ?>AK;0BL ;>6=K5 A83=0;K.

4=0:> :0: B>;L:> 2K C7=05B5, GB> 20< =C6=> 8A:0BL, 20< AB0=5B ;53G5 D>:CA8@>20BLAO. 0H0 3;02=0O F5;L   MB> ?><>GL 20< AD>:CA8@>20BLAO =0 206=59H59 8=D>@<0F88, :>B>@CN 2K ?>:0 =5 <>65B5 C;>28BL.

@8=F8? !4: 3@>2K5 AB8;8 >B@060NB 65;0=8O 8 >?0A5=8O ;N459. >=8<0=85 MB8E ?>1C645=89 ?><>65B 20< 2K83@0BL C ?@>B82=8:>2. =>385 M:A?5@BK >1AC640NB B>, :0: =C6=> 83@0BL ?@>B82 83@>:>2 @07;8G=>3> B8?0, => >=8 83=>@8@CNB 2>?@>A B>3>, GB> 70AB02;O5B  ;N459 83@0BL 2 B>< 8;8 8=>< AB8;5. A;8 2K ?>9<5B5 <>B82K 8 ?>1C645=8O, A:065<, ;C7>2>-?0AA82=>3> 83@>:0, 2K A<>65B5 ;CGH5 83@0BL ?@>B82 =53>. -B0 :=830 ?><>65B 20< ?>=OBL, :0: 8 ?>G5<C ;N48 83@0NB 2 B>< AB8;5, 2 :>B>@>< >=8 83@0NB.

K 4>;6=K ?>=OBL 8E @50;L=K5 <>B82K 4;O B>3>, GB>1K 8A?>;L7>20BL MBC 8=D>@<0F8N ?@>B82 4@C38E ?>E>68E 83@>:>2. 0?@8<5@, 5A;8 8;; 45;05B AB02:C A ?><>ILN O@:> 2K@065==>9 65AB8:C;OF88 8 3@><:> 70O2;O5B, GB> >= 45;05B @597   MB> >7=0G05B, GB> C =53> E>@>H0O @C:0, 2 B> 2@5<O, :0: B5 65 A0<K5 459AB28O 2 8A?>;=5=88 (0@;>BK 3>2>@8;8 1K > 1;5D5, 0 B0:85 459AB28O 2 8A?>;=5=88 -40 3>2>@8;8 1K > B><, GB> >= ?;>E> C<55B A51O :>=B@>;8@>20BL. G5284=>, GB> 20H0 ;CGH0O AB@0B538O 1C45B 7028A5BL >B B>3>, GB> >7=0G05B B0:0O AB02:0 2 :064>< :>=:@5B=>< A;CG05, 8 2K =5 A<>65B5 ?>=OBL MB>, 5A;8 =5 1C45B5 7=0BL 65;0=8O 8 >?0A5=8O 20H8E ?@>B82=8:>2.

;NG : ?>=8<0=8N MB>3> =0E>48BAO ?@O<> ?5@54 20H8<8 3;070<8. # :064>3> 83@>:0 5ABL A>1AB25==K9 >B;8G8B5;L=K9 AB8;L, >B@060NI89 53> <>B82K. A;8 2K 7=05B5, :0: 83@05B B>B 8;8 8=>9 83@>:, 2K B0:65 1C45B5 7=0BL, ?>G5<C >= B0: 83@05B, 8 =0>1>@>B.

1=0@C6820O MB8 ?>1C645=8O, 2K A<>65B5 2845BL B>, GB> 20< ?>:0 =54>ABC?=>. >G5<C B0:>9 C<=K9 ?0@5=L, :0: 6>9, 45;05B AB>;L:> 3;C?KE AB02>:? >G5<C 2K A45;0;8 MBC AB02:C, 7=0O, GB> >=0 >H81>G=0? >G5<C >1 >G5=L ;53:> ?>425@65= B8;LBC, 2 B> 2@5<O :0: M@8 =8:>340 =5 2?0405B 2 B8;LB? >G5<C 2K 83@05B5 2 BC 83@C, 2 :>B>@CN 2K >1KG=> ?@>83@K205B5, 2<5AB> B>3>, GB>1K 83@0BL 2 83@C, 2 :>B>@CN 2K >1KG=> 2K83@K205B5? K 4>;6=K 1C45B5 >B25B8BL =0 <=>385 B0:85 2>?@>AK 8 ?>;CG8BL =0 =8E >B25BK.

/ =5 1C4C 70=8<0BLAO ?A8E>0=0;87>< 8;8 G5<-B> 5IQ. / B>;L:> ?><>3C 20< ?>=OBL A2>8 8 GC685 ?>1C645=8O 8 >?0A5=8O 8 ?>;CG8BL >B MB>3> ?@58<CI5AB2>.

@8=F8? !5: >:5@   MB> 83@0 AB02>:. K =5 <>65B5 2;8OBL =0 A40205<K5 20< :0@BK 8 1>;LH8=AB2> 20H8E @5H5=89 4>;6=> A>>B25BAB2>20BL ?5@2K< G5BK@5< ?@8=F8?0<. A=>2=0O 845O ?>:5@0 <>65B 1KBL =5 A0<>9 ?@>AB>9. 0 4;8==>9 48AB0=F88 <K 2A5 ?>;CG05< ?@8<5@=> @02=>5 :>;8G5AB2> :0: A8;L=KE, B0: 8 A;01KE @C:. A;8 2K @07K3@K205B5 A2>8 @C:8 E>@>H>, 2K 2K83@K205B5, 2 ?@>B82=>< A;CG05 2K ?@>83@K205B5. >B 8 2AQ.

06=59H89 =02K: 2 ?>:5@5 A>AB>8B 2 B><, GB>1K 45;0BL ?@028;L=K5 AB02:8, 2 B> 2@5<O :0: 2 1>;LH8=AB25 4@C38E :0@B>G=KE 83@ A0<>5 206=>5   MB> C<5BL C?@02;OBL A2>8<8 :0@B0<8.  ?>:5@5 2K 4>;6=K 45;0BL AB02:8, 2 B> 2@5<O :0: 2 1@8465, =0?@8<5@, 2K 4>;6=K 45;0BL 70O2:8, 2K18@0BL <0AB8 8 @5H0BL, :0: 20< =C6=> @07K3@K20BL :064CN :0@BC. !>25@H5=85 ?@028;L=KE AB02>: 2 ?>:5@5 =5 B>;L:> ?>72>;O5B 20< 2K83@0BL <0:A8<0;L=CN AC<<C 45=53 A E>@>H8<8 @C:0<8, => B0:65 ?>72>;O5B AM:>=><8BL >?@545;5==>5 :>;8G5AB2> 45=53, :>340 C 20A A;010O @C:0.

%>BO MB8 ?@8=F8?K >G5=L ?@>ABK, 8E 2K?>;=5=85 G0AB> <>65B 1KBL A;>6=K<, ?>B><C GB> 2 ?>:5@5 @C:8 8<5NB B>;L:> >B=>A8B5;L=CN F5==>ABL, 0 =5 01A>;NB=CN, 2 >B;8G85 >B =5:>B>@KE 4@C38E 83@. 06=59H89 =02K: 70:;NG05BAO 2 B><, GB>1K >?@545;8BL, =0A:>;L:> E>@>H0 20H0 @C:0 ?> A@02=5=8N A 4@C38<8 @C:0<8. 5;8:85 83@>:8 A?>A>1=K =0 MB>.

0?@8<5@, 2 A2>59 :=835 ŤThe Biggest Game in Townť ;L20@5A @0AA:07K205B, GB> !BN =30@ >4=064K >B25B8; =0 ?>A;54=NN AB02:C 25;8G8=>9 =5A:>;L:> A>B5= 4>;;0@>2, 8<5O B>;L:> ?0@C B@>5: 8 ?>A;5 A2>53> :>;;0 =0G0; ?>42830BL : A515 10=: 5I5 4> B>3>, :0: 53> ?@>B82=8: ?>:070; A2>8 :0@<0==K5 :0@BK, ?>B><C GB> >= =5 A><=520;AO, GB> C ?@>B82=8:0 =8G53> =5B.

>3C ;8 O ?><>GL 20< =0CG8BLAO B0: 83@0BL? 5B, B>;L:> >G5=L =5<=>385 83@>:8 C<5NB G8B0BL @C:8 A B0:>9 B>G=>ABLN, 8 5A;8 B>;L:> C 20A =5B 1>65AB25==>3> 40@0, 4;O 4>AB865=8O B0:>3> <0AB5@AB20 20< ?>=04>18BAO >3@><=>5 :>;8G5AB2> >?KB0 8 @01>BK =04 A>1>9. 8G=> C <5=O =5B B0:>3> B0;0=B0 8 C 20A, 25@>OB=>, B>65, ?>B><C GB> 5A;8 1K >= C 20A 1K;, 2K 1K =5 G8B0;8 MBC :=83C.

>A:>;L:C C =0A =5B B0:>3> B0;0=B0, <K =C6405<AO 2 A8AB5<5, :>B>@0O 8 ?@54AB02;5=0 2 MB>9 :=835. -B0 A8AB5<0 ?>72>;8B 20< 83@0BL ?@028;L=> 1>;55 G0AB>.  8<5==> MB> O2;O5BAO :;NG>< : ?>1545 2 ?>:5@5. -DD5:B=K5 ?@85<K B0:65 <>3CB ?@8=5AB8 20< 45=L38, => >=8 >:07K20NB ;8HL =51>;LH>5 2;8O=85 =0 :>=5G=K9 @57C;LB0B. $0:B8G5A:8, =5:>B>@K5 83@>:8 ?@>83@K20NB 45=L38 8<5==> ?>B><C, GB> >B=>AOBAO : 83@5 A;8H:>< B2>@G5A:8. K =025@=O:0 83@0;8 A B0:8<8 ŤB2>@G5A:8<8 35=8O<8ť, :>B>@K5 >G5=L :@C?=> ?@>83@K20;8, ?>B><C GB> =0 8E MDD5:B=K5 ?@85<K =8:B> =5 ?>:C?0;AO. "0:85 Ť35=88ť 7;8;8AL :0: =0 Ť848>B>2ť, :>B>@K5, ?> 8E <=5=8N, 83@0;8 3;C?>, B0: 8 =0 B09B>2KE ?@O<>;8=59=KE 83@>:>2, :>B>@K5, ?> <=5=8N Ť35=852ť, ?@>AB> BC?> A84OB 8 <0H8=0;L=> 83@0NB B>;L:> A ;CGH8<8 @C:0<8.

0H0 ?@81K;L =0 4;8==>9 48AB0=F88 3;02=K< >1@07>< 1C45B 7028A5BL >B B>3>, =0A:>;L:> G0AB> 2K ?@8=8<05B5 ?@028;L=K5 @5H5=8O. A;8 2K 1C45B5 8A?>;L7>20BL A2>5 =51>;LH>5 ?@58<CI5AB2> 2> <=>38E Ť=51>;LH8Eť A;CG0OE, MB> ?@8=5A5B 20< ?>154C. <5==> B0:8< A?>A>1>< 70@010BK20NB :078=>. =>340 83@>:8 2K83@K20NB 465:?>BK 2 83@>2KE 02B><0B0E 8 ?>;CG0NB :@C?=K5 ?@87K 2 :5=>. > :078=> 2A5340 >AB05BAO 2 2K83@KH5 =0 4;8==>9 48AB0=F88, B0: :0: :0640O AB02:0 A>25@H05BAO A ?>;>68B5;L=K< >6840=85< 4;O :078=>.

A;8 2K 1C45B5 A>25@H0BL 4>AB0B>G=>5 :>;8G5AB2> >B@8F0B5;L=KE AB02>: ?@8 ?;>E8E H0=A0E, 2K 4>;6=K 1C45B5 ?@>83@0BL, 2=5 7028A8<>AB8 >B B>3>, =0A:>;L:> MDD5:B=> 2K 83@05B5 8 2=5 7028A8<>AB8 >B B>3>, =0A:>;L:> 2K ?@>=8F0B5;L=K. A;8 2K 1C45B5 A>25@H0BL 4>AB0B>G=>5 :>;8G5AB2> ?>;>68B5;L=KE AB02>:, 2K 4>;6=K 1C45B5 2K83@0BL, 4065 5A;8 =8:>340 =5 ?@8<5=O5B5 MDD5:B=KE ?@85<>2. K =0455<AO, GB> 8<5==> MB0 :=830 ?>72>;8B 20< @50;87>2K20BL A2>5 =51>;LH>5 ?@58<CI5AB2> A=>20 8 A=>20. AB02LB5 MDD5:B=K5 ?@85<K ŤB2>@G5A:8< 35=8O<ť, :>B>@K5 G0I5 E20AB0NBAO, G5< ?>15640NB.

@8=F8? !6: K 4>;6=K 4C<0BL @0F8>=0;L=>, B> 5ABL <KA;8BL 8 45;0BL ?@54?>;>65=8O ?>A;54>20B5;L=>. 8 >4=> @5H5=85 =5 <>65B 1KBL 4>AB83=CB> 157 ?>43>B>2:8. !45;09B5 20H <KA;8B5;L=K9 ?@>F5AA >G5284=K< 4;O 20A, ?@>3>20@820O ?@> A51O ?@>F5AA ?@8=OB8O :064>3> @5H5=8O. 48= <>9 25;8:>;5?=K9 ?0@B=5@ ?> 1@846C >4=064K A:070; <=5: Ť>:0 2K A<>65B5 >1JOA=8BL, ?>G5<C 2K A45;0;8 70O2:C 8;8 AK3@0;8 :0@BC, O =8:>340 =5 1C4C 7;8BLAO =0 20A, ?>B><C GB> O A<>3C 8A?@028BL 20H5 <KH;5=85. 0?@8<5@, 5A;8 2K A:065B5 <=5, GB> 2K @07K3@0;8 40<C B@5D, ?>B><C GB> 4C<0;8, GB> :>@>;L 1K; C 20A A;520, O @0715@C A 20<8 MBC A8BC0F8N 8 ?>:06C 20<, ?>G5<C 2K 4>;6=K 1K;8 4C<0BL, GB> >= C 20A A?@020. > 5A;8 1K 2K ?@>AB> 1574C<=> @07K3@K20;8 1K MBC 40<C, B>340 1K O @0AA5@48;AOť.

-B> 1K; >48= 87 ;CGH8E A>25B>2, :>B>@K5 O :>340-;81> ?>;CG0;   :0: :0@B>G=KE, B0: 8 2>>1I5. 5;0O <>9 <KA;8B5;L=K9 ?@>F5AA >G5284=K<, O <>3C C;CGH8BL 53>.  =0>1>@>B, 5A;8 O =5 1C4C <KA;8BL >G5284=>, O 1C4C ?>2B>@OBL B5 65 A0<K5 >H81:8 A=>20 8 A=>20.

-B>B ?@>F5AA O2;O5BAO ?>;=>9 ?@>B82>?>;>6=>ABLN 8=BC8F88. >9 A;>20@L >?@545;O5B 8=BC8F8N :0: ?@>F5AA Ť?>=8<0=8O G53>-;81> 15A?@8G8==> 8;8 157&  @0F8>=0;L=>3> <KH;5=8Oť. A;8 8A?>;L7>20BL MB> >?@545;5=85, B> ?>;CG8BAO, GB> 8=BC8F88 =8:B> =5 <>65B =0CG8BLAO. # 20A >=0 8;8 5ABL, 8;8 5Q =5B.

>>1I5, 70 8=BC8F8N 8;8 70 GC2AB20 >B25G05B 4@C3>5 ?>;CH0@85 <>730, G5< 70 ;>38G5A:>5 <KH;5=85. 52>5 ?>;CH0@85 <>730 :>=B@>;8@C5B ;>38G5A:>5 <KH;5=85, 2 B> 2@5<O :0: ?@02>5 ?>;CH0@85 <>730 :>=B@>;8@C5B 8=BC8F8N 8 A2O70==K5 A =8< :0G5AB20, B0:85 :0: <C7K:0;L=K5 8 EC4>65AB25==K5 A?>A>1=>AB8. >?KB0BLAO =0CG8BL ?@02>5 ?>;CH0@85 <>730 4C<0BL ;>38G5A:8   MB> 2A5 @02=>, GB> @072820BL 20H8 EC4>65AB25==K5 =02K:8 A ?><>ILN 35><5B@8G5A:>3> >?8A0=8O 682>?8A8. -B> ?@>AB> =5 1C45B @01>B0BL.

>A:>;L:C O =5 >145;Q= 8=BC8F859, O CG8;AO ?@8=8<0BL E>@>H85 @5H5=8O 8 871530BL ?;>E8E. / <>3C =0CG8BL 20A B><C 65 A0<><C. A;8 2K 1C45B5 7=0BL, :0: 2K ?@8H;8 : B><C 8;8 8=><C @5H5=8N, 2K A<>65B5 =0CG8BLAO 8A?@02;OBL A2>8 >H81:8.

G5284=>5 <KH;5=85 =5 O2;O5BAO 5AB5AB25==K<, =>, :0: <K C65 3>2>@8;8, >=> O2;O5BAO 5AB5AB25==>9 ?@8G8=>9 ?@>83@KH0. # :064>3> B5==8A=>3> ?@>D5AA8>=0;0 5ABL CG5=8:8, :>B>@K5 ?KB0NBAO A;54>20BL 53> A>25B0<, => ?@8 MB>< >=8 60;CNBAO: Ť/ =5 GC2AB2CN A51O 5AB5AB25==>ť. 0 GB> ?@>D5AA8>=0;K >B25G0NB: Ť;O 20A MB> =55AB5AB25==> ?>B><C, GB> 2K ?@82K:;8 45;0BL MB> =5?@028;L=>ť.

'B>1K AB0BL =0AB>OI8< ?>1548B5;5<, 2K 4>;6=K 70<5=8BL A2>8 5AB5AB25==K5 8<?C;LAK @0F8>=0;L=K< <KH;5=85<. 064K9 ?>1548B5;L, 70 8A:;NG5=85< 8=BC8B82=KE 35=852, 83@05B 8<5==> B0:. 0209B5 ?>A<>B@8<, :0: @0AAC640NB ?@> A51O ?@>D5AA8>=0;K ?@8 ?@8=OB88 @5H5=89. 5@2>5 @5H5=85 4>AB0B>G=> ?@>AB>5, 0 2B>@>5 =0<=>3> 1>;55 A;>6=>5.

1.	(@8:C?=0O @C:0 2 ?@54?>A;54=5< @0C=45) Ť(0=AK 4>AB@>8BL <>N @C:C @02=K 4-:-1, 10=: ?@54;0305B <=5 3-:-1 8 15BB>@ C65 ?>H5; 20-10=:, B0:8< >1@07><, O =5 A<>3C ?>;CG8BL >B =53> 5I5 :0:85-B> AB02:8. >MB><C O A1@0AK20Nť

2.	( >7K3@KH @C:8 =0 D;>?5 2 E>;45<5) Ť6>9   C<5@5==> B09B>2K9 83@>:, :>B>@K9 =8:>340 =5 @07K3@K205B 70<54;5==> :@C?=K5 @C:8. > D;>?0 >= 2>H5; ;8<?>< 2 @0==59 ?>78F88, O >B25B8; :>;;>< 8 5I5 >48= 83@>: 70 <=>9 B0:65 >B25B8; :>;;><. 0 D;>? 2K?0;8

 A  K `&2

>;LH>9 1;09=4 A:070; G5:, 0 6>9 40; 15Bť

ŤA;8 1K C =53> 1K;8 AA, KK 8;8 AK, >= 1K 40; @597 4> D;>?0, ?>MB><C C =53> A59G0A =5 <>65B 1KBL A5B0 BC7>2, A5B0 :>@>;59 8;8 42CE ?0@ =0 :>@>;OE 8 BC70Eť

Ť= =5 AB0; 1K ;8<?>20BL 87 @0==59 ?>78F88 A 22 8;8 A2, 4065 >4=><0AB=K<8, ?>MB><C A59G0A C =53> =5B A5B0 42>5: 8;8 42CE ?0@ =0 BC70E 8 42>9:0Eť

Ť#G8BK20O B>, GB> ?>7048 15BB>@0 A84OB 5I5 420 83@>:0, >= =5 AB0; 1K AB028BL A ?0@>9 :>@>;59 ?@8 BC75 =0 D;>?5. >MB><C A59G0A C =53> BC7 8 >= =5 ;8<?>20; 1K 87 MB>9 ?>78F88 157 AJo+ 8;8 A5s+ť

Ť>A:>;L:C C <5=O AJ, 548=AB25==0O @C:0, :>B>@>9 O ?@>83@K20N   MB> AQ. / <>3C ?>18BL 1>;LH8=AB2> 87 53> 2>7<>6=KE @C: (70<5BLB5, GB> ?>A:>;L:C 420 BC70 C65 8725AB=K, 5ABL 2>A5<L A?>A>1>2 A>AB028BL @C:C AQ 157 CGQB0 <0AB59, B0:65 ACI5AB2C5B 420 A?>A>10 A>AB028BL :064CN 87 @C: >B ATs 4> A5s, 8B>3> 5I5 12 :><18=0F89), :@><5 B>3>, =0 ?@5D;>?5 >= <>3 40BL @597, >B:@K20O B>@3>2;N A AQť

Ť/ 40< @597, G5< 25@>OB=> A<>3C 2K18BL 83@>:0 ?>7048 <5=O 8 ?@82;5:C 1>;LH5 45=53 2 10=:.  B><C 65 >= <>65B 4065 A1@>A8BLť

Ť>MB><C O 4>;65= 40BL @597ť

0?@8<5@, 2K =5 A<>65B5 2KG8A;8BL H0=AK : 10=:C, 5A;8 2K ?@5420@8B5;L=> =5 1C45B5 7=0BL @07<5@K 10=:0 8 AB02>:, :>B>@K5 1K;8 A45;0=K.  :064K9 E>@>H89 83@>: 45;05B MB> 02B><0B8G5A:8. K =5 A<>65B5 >?@545;8BL @C:C 6>O 70 ?0@C A5:C=4, 5A;8 =5 1C45B5 ?@8=8<0BL 2> 2=8<0=85 B>, GB> >= B09B>2K9 83@>: 8 B>, GB> 4> D;>?0 >= ;8<?>20; 87 @0==59 ?>78F88, 8 5A;8 =5 =0G=5B5 BCB 65 4C<0BL > B><, :0:0O @C:0 C =53> <>65B 1KBL. 5;53:> @0AAC640BL B0:8< A?>A>1><, => MB> <>65B 40BL 20< >G5=L :@C?=CN 2K3>4C.

ŤG5284=>5ť <KH;5=85 <>65B ?><>GL 20< 2 :064>< 0A?5:B5 83@K, >A>15==> B>340, :>340 2K A0<8 =5 83@05B5. A;8 2K BI0B5;L=> ?>4E>48B5 : 2K1>@C 83@, 2K A<>65B5 2K83@0BL 1>;LH5, G5< 1>;55 A8;L=K5 83@>:8, :>B>@K5 ?@5=51@530NB MB8< 0A?5:B><. $0:B8G5A:8, 5A;8 2K 83@05B5 @07C<=> E>@>H>, A?>A>1=>ABL : 2K1>@C ?@028;L=KE 83@ <>65B ?>2;8OBL =0 20H8 D0:B8G5A:85 @57C;LB0BK A8;L=55, G5< GB>-;81> 5I5.

K =5 A<>65B5 2K1@0BL ?@028;L=CN 83@C 157 ?>=8<0=8O 20H53> A>1AB25==>3> AB8;O, B>3>, :0:>5 2;8O=85 >:07K205B >= =0 4@C38E 83@>:>2 8 :0:>9 B8? 83@K ?>4E>48B ;CGH5 2A53> 8<5==> 20<. >;LH8=AB2> ;N459 =5 7040NBAO MB8< 2>?@>A><, >=8 ?@>AB> 70=8<0NB A2>1>4=>5 <5AB> 70 AB>;><, 0 70B5< 2KE>4OB 87 83@K, 5A;8 ?>;CG0NB ?;>E85 :0@BK 8;8 GC2AB2CNB A51O =5:><D>@B=>.

065 5A;8 >=8 ?@54=0<5@5==> 2K18@0NB >?@545;5==K9 284 83@K, >=8 G0AB> 45;0NB >3@><=CN >H81:C. 0?@8<5@, <=>385 83@>:8 ;N1OB 03@5AA82=K5 83@K, => >=8 =5 <>3C 2K83@0BL 2 =8E. K <>65B5 CA;KH0BL >B =8E, GB> >=8 2A5 2@5<O 60;CNBAO, => >=8 =8:>340 =5 CG0BAO. =8 ?@>4>;60NB 83@0BL 2 B0:85 83@K, B5@OO A2>8 45=L38, 60;COAL, 2>AAB0=02;820O 10=:@>;; 8 B5@OO 53> A=>20.

G5284=>5 <KH;5=85 B0:65 8A?>;L7C5BAO ?@8 @5H5=8OE, A2O70==KE A C?@02;5=85< 45=L30<8. >;LH8=AB2> ?@028; 45=56=>3> <5=546<5=B0 ?@54AB02;ONB 87 A51O 3;C?K5 AC525@8O, B0:85 :0: Ť2KE>48B5 87 83@K, :>340 2K 2 2K83@KH5, 8;8 :>340 2K C42>8;8 A2>9 AB5:, 8;8 :>340 2K ?@>83@0;8 B@8 AB5:0ť.

> 2<5AB> MB>3> @5H5=8O, :0A0NI85AO 45=56=>3> <5=546<5=B0, 4>;6=K 1KBL >A=>20=K =0 ?>;=>< 0=0;875 A8BC0F88. ;O MB>3> 2K 4>;6=K >B25B8BL =0 A;54CNI85 2>?@>AK: 83@0NB ;8 4@C385 83@>:8 ;CGH5, G5< 2K, 1;03>?@8OB5= ;8 AB8;L MB8E 83@>:>2 4;O 20A 8;8 =5B, =0A:>;L:> E>@>H> O 83@0N A0<, ?>=@028BAO ;8 <=5 83@0BL A MB8<8 ;N4L<8, 2K83@KH0 8;8 ?@>83@KH0 <=5 >6840BL.

A;8 >B25BK =0 MB8 2>?@>AK 1C4CB ?>;>68B5;L=K<8, B> 2K 4>;6=K 1C45B5 83@0BL 2=5 7028A8<>AB8 >B B>3>, 2 2K83@KH5 2K 8;8 2 ?@>83@KH5. A;8 >B25BK 1C4CB >B@8F0B5;L=K<8, 2K 4>;6=K 1C45B5 ?>:8=CBL 83@C, 4065 5A;8 2K =0E>48B5AL 2 1>;LH>< ?@>83@KH5. "O65;> 2AB020BL 87-70 AB>;0, :>340 2K A8;L=> ?@>83@0;8, => MB> =0<=>3> ;CGH5, G5< ?@>83@0BL 25AL 20H 10=:@>;;.

5:>B>@K5 <5AB0 2 MB>9 :=835 <>3CB @074@060BL 8 @0AAB@0820BL 20A, ?>B><C GB> 2K =5 ?@82K:;8 : >G5284=><C <KH;5=8N. 0< <>65B =@028BLAO 459AB2>20BL 1>;55 5AB5AB25==> 8 8<?C;LA82=>, G5< 4C<0BL @0F8>=0;L=> 8 ?@8=8<0BL >B25BAB25==>ABL 70 A2>8 @5H5=8O. 0<=>3> ;53G5 A20;820BL 2AQ =0 =52575=85 8;8 4C<0BL H01;>==>, => 5A;8 2K E>B8B5 4>18BLAO CA?5E0 2 ?>:5@5, 20< =C6=> 1C45B >B:070BLAO >B MB8E 25I59.

@8=F8? !7: 48= 87 A0<KE ;CGH8E A?>A>1>2 C;CGH8BL 20H8 @57C;LB0BK   MB> 87<5=8BL 20H 83@>2>9 AB8;L. A;8 2K 83@05B5 2 =5?@028;L=>< AB8;5, B> 2K 1C45B5 ?@>83@K20BL. -B> >G5=L ?@>AB>. K <>65B5 G8B0BL :=838, ?><=8BL H0=AK 8 4065 8=>340 ?@8=8<0BL C=8:0;L=> ?@028;L=K5 @5H5=8O, => 2K 2AQ @02=> 1C45B5 ?@>83@K20BL.

!;>2> ŤAB8;Lť >1>7=0G05B =01>@ ?@82KG5:. 064K9 AB8;L <>6=> >?8A0BL A ?><>ILN 42CE E0@0:B5@8AB8:   B09B>2>AB8/;C7>2>AB8 (:0: <=>3> @C: 2K @07K3@K205B5) 8 ?0AA82=>AB8/03@5AA82=>AB8 (:0: G0AB> 2K AB028B5 8 @5978B5 A @07;8G=K<8 B8?0<8 @C:). =>385 ;N48 ?CB0NB MB8 E0@0:B5@8AB8:8, 4065 ?@8 B><, GB> >=8 25AL<0 >B;8G0NBAO 4@C3 >B 4@C30.

0?@8<5@, >=8 <>3CB >?8A0BL 425 >G5=L @07;8G=K5 83@K, :0: ;C7>2K5, ?>B><C GB> 2 >158E A>74020;8AL :@C?=K5 10=:8, E>BO =0 A0<>< 45;5 2 ?5@2>9 83@5 =5A:>;L:> G5;>25: 2:;04K20;8AL ?> >4=>9, 8=>340 ?> 42C< AB02:0< 2 10=: 2 :064>< @0C=45, 0 2> 2B>@>9 2 10=:0E CG0AB2>20;8 B>;L:> 420 8;8 B@8 83@>:0, => 4020;8 ?@8 MB>< @597K 8 @5@597K.  >1>8E 83@0E A>74020;8AL 1>;LH85 10=:8, => ?5@20O 1K;0 ;C7>2>-?0AA82=>9, 2 B> 2@5<O :0: 2B>@0O   ?>4G5@:=CB> 03@5AA82=>9.

>AB0B>G=> ?@>AB> 2K83@K20BL 2 ?5@2>9 83@5, => =0<=>3> A;>6=55 2K83@K20BL 2> 2B>@>9. @><5 B>3>, AB@0B538O, >?B8<0;L=0O 4;O ?5@2>9 83@K, =5 1C45B >?B8<0;L=>9 4;O 2B>@>9 8 ?@8 MB>< 4065 <>65B 1KBL ?@>83@KH=>9.

'B>1K ?>AB>O==> 2K83@K20BL, 2K 4>;6=K @0728BL B09B>2>-03@5AA82=K9 AB8;L. > <=>38E A8BC0F8OE :;NG : CA?5EC   MB> C<5=LH5=85 20H8E ?@>83@KH59 2 ?;>E8E A8BC0F8OE 8 C25;8G5=85 20H8E 2K83@KH59 2 E>@>H8E. 3@5AA82=>ABL B0:65 C25;8G8205B 20H8 H0=AK =0 2K83@KH 1>;LH>3> G8A;0 10=:>2. CGH89 A?>A>1 4>18BLAO MB8E F5;59   MB> 83@0BL B09B>2> 8 2K1>@>G=> 03@5AA82=>.

'5< B09B>255 2K 83@05B5, B5< <5=LH5 2K ?@>83@K205B5 =0 ?;>E8E @C:0E. '5< :0G5AB25==55 2K ?@8<5=O5B5 2K1>@>G=CN 03@5AA82=>ABL, B5< 1>;LH5 2K 1C45B5 2K83@K20BL =0 E>@>H8E @C:0E 8 B5< 1>;LH5 10=:>2 2K 1C45B5 2K83@K20BL (>4=0:> =0 =5A:>;L:8E 20H8E EC4H8E @C:0E 2K 1C45B5 ?@>83@K20BL 1>;LH5). A;8 2K 1C45B5 B>;L:> :>;;8@>20BL, 2K >B4048B5 8=8F80B82C 4@C38< 83@>:0<. =8 1C4CB E>B5BL ?>;CG8BL >B 20A 1>;LH5 45=53 2 10=: 8 2K 2;>68B5 2 10=: MB8 45=L38. >340 2K 1C45B5 4020BL 15B 8;8 @597, 2K 1C45B5 1@0BL 8=8F80B82C 2 A2>8 @C:8, ?@82;5:0O 1>;LH55 :>;8G5AB2> 45=53 2 10=: 8;8 70AB02;OO 20H8E ?@>B82=8:>2 A1@>A8BL.

3@5AA82=0O 83@0 B0:65 ?>72>;O5B 20< ?>15640BL G0I5. A;8 2K 1C45B5 B>;L:> :>;;8@>20BL, 2K A<>65B5 2K83@0BL B>;L:> A ;CGH59 @C:>9, => 5A;8 2K 4048B5 15B 8;8 @597, 2K A<>65B5 2K83@0BL B@5<O ?CBO<8:

1.	<5O ;CGHCN @C:C.

2.	K182 GC6CN ;CGHCN @C:C.

3.	K182 87 83@K @C:C, :>B>@CN 2K 1L5B5, => :>B>@0O <>65B ?5@5BO=CBL 20A.

>?>;=8B5;L=K5 45=L38, :>B>@K<8 2K @8A:C5B5, 4020O 15B 8;8 @597, 70G0ABCN <>3CB >G5=L A8;L=> C25;8G8BL 20H8 H0=AK =0 2K83@KH 10=:0 (MB0 206=0O AB@0B538G5A:0O :>=F5?F8O, :>B>@0O 1>;55 206=0 2 A5<8:0@B>G=>< AB045, G5< 2 E>;45<5, => 2 E>;45<5 >=0 B0:65 O2;O5BAO 206=>9).

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

"09B>2>-03@5AA82=K9 AB8;L =0AB>;L:> =55AB5AB25==K9, GB> <K <>65< =01;N40BL 53> B>;L:> 2 =5<=>38E >1;0ABOE, ?><8<> ?>:5@0. Ť!:0;Kť (B09B>2>-?0AA82=K5 ;N48) 2AB@5G0NBAO ?>2A5<5AB=>, >=8 =5=0284OB @8A:>20BL, 459AB2CNB >AB>@>6=> 8 @54:> A0<>CB25@640NBAO. 0=LO:>2 (;C7>2>-03@5AA82=KE 83@>:>2) <K B>65 2848<> ?>2A5<5AB=>   >=8 E20AB0NBAO, 3;C?> @8A:CNB, ;N1OB 070@B 8 2=8<0=85. 2B>>B25BG8:8 (;C7>2>-?0AA82=K5 ;N48), :0: ?@028;>, ?@>AB> A>3;0H0NBAO A 8=8F80B820<8 4@C38E ;N459 8 ?0AA82=> @5038@CNB =0 2AQ, 4065 5A;8 MB> 8< 2@548B.

> B09B>2>ABL 8 A>?CBAB2CNI85 59 >AB>@>6=>ABL 8 :>=B@>;L >1KG=> =5 A>G5B0NBAO A 03@5AA82=>ABLN. G5=L A;>6=> C2845BL :><18=0F8N B0:8E :0G5AB2 2=5 C7:>A?5F80;878@>20==KE >1;0AB59, B0:8E :0: ?@>D5AA88 ;5BG8:>2-8AB@518B5;59 8 ?>;8F59A:8E.

>A:>;L:C B09B>2>-03@5AA82=K9 AB8;L =0AB>;L:> =55AB5AB25==K9, 53> A;>6=> @0728BL 157 1>;LH>3> :>;8G5AB20 @01>BK. A5, GB> 20< =C6=>, GB>1K AB0BL <0=LO:>< 8;8 02B>>B25BG8:><   MB> A>>B25BAB2CNI85 G5@BK E0@0:B5@0 8 4>AB0B>G=>5 :>;8G5AB2> 45=53 4;O C4>2;5B2>@5=8O A2>8E 65;0=89. 'B>1K AB0BL ŤA:0;>9ť, 20< B>65 =C6=0 ?>4E>4OI0O 8=48284C0;L=>ABL 8 =5:>B>@>5 7=0=85 H0=A>2 8 AB@0B5388. > GB>1K AB0BL B09B>2>-03@5AA82=K< 83@>:><, 20< =C6=K =5 B>;L:> ?@028;L=K5 ;8G=>AB=K5 :0G5AB20, => B0:65 <=>3> >1CG5=8O 8 M:AB@5<0;L=>9 48AF8?;8=K.

"09B>2>-03@5AA82=K<8 83@>:0<8 AB0=>2OBAO, 0 =5 @>640NBAO. <5AB> B>3>, GB>1K 459AB2>20BL 5AB5AB25==>, >=8 @01>B0NB =04 A2>8<8 =02K:0<8 8 @072820NB ?@028;L=>5 >B=>H5=85 8 ?@82KG:8. K =5 A<>65B5 5AB5AB25==> 70E>B5BL ?@8=OBL B0:>9 =55AB5AB25==K9 AB8;L.

%>@>H0O 83@0 2 B5==8A, 3>;LD 8;8 4@C385 284K A?>@B0 B@51C5B 1>;LH>3> :>;8G5AB20 =55AB5AB25==KE 459AB289. "> 65 A0<>5 8 2 ?>:5@5: 5A;8 2K ?@>B828B5AL A>25@H5=8N G53>-B> =55AB5AB25==>3>, ?><=8B5: 5AB5AB25==K< O2;O5BAO ?@>83@KH.

>;LH8=AB2> 83@>:>2 ?;0=><5@=> ?@>83@K20NB ?>B><C, GB> >=8 A;54CNB A2>8< 5AB5AB25==K< GC2AB20<: >=8 83@0NB A;8H:>< <=>3> @C:, 3>2>@OB G5:, :>340 4>;6=K 4020BL 15B 8;8 =5 40NB @597>2, :@><5 :0: A =0BA><, 0 B0:65 A>25@H0NB <=>3> 4@C38E 5AB5AB25==KE, => A0<>@07@CH0NI8E 459AB289. A;8 2K E>B8B5 2K83@K20BL, 2K 4>;6=K 45;0BL =55AB5AB25==K5 25I8, :>B>@K5 45;0NB 4@C385 ?>1548B5;8.

0209B5 A=>20 ?>A<>B@8< =0 B5==8A. 4=0 87 =55AB5AB25==KE 25I59, :>B>@K5 45;0NB E>@>H85 B5==8A=K5 83@>:8   MB> :>=F5=B@8@>20=85 A2>53> 2=8<0=8O =0 <OG5, 0 =5 =0 @0:5B:5 2> 2@5<O C40@0. 0<=>3> 1>;55 5AB5AB25==> ?5@5<5AB8BL 20H5 2=8<0=85 =0 B>, G5< 2K 1C45B5 18BL ?> <OGC. / 1@0; <=>3> B5==8A=KE C@>:>2 8 >48= B@5=5@ ?>AB>O==> =0?><8=0; <=5: Ť!<>B@8 =0 <OG, A<>B@8 =0 <OG!ť.

0:>=5F <=5 =04>5;> MB> 8 O A:070; 5<C: Ť-B> 2A5, GB> 2K <=5 :>340-;81> 3>2>@8B5. >G5<C 2K =5 3>2>@8B5 <=5, GB> O 5IQ 4>;65= A45;0BL?ť. = ?>A<>B@5; =0 <5=O, :0: =0 =5@0482>3> CG5=8:0 8 A:070;: ŤA;8 BK =5 A<>B@8HL =0 <OG, 2A5 >AB0;L=>5 =5 206=>ť. "> 65 A0<>5 25@=> 8 ?@8<5=8B5;L=> : ?>:5@C, 70 8A:;NG5=85< A8BC0F88, :>340 2K 83@05B5 ?@>B82 >G5=L A;01KE 83@>:>2. A;8 2K =5 83@05B5 2 ?@028;L=>< AB8;5, 2AQ >AB0;L=>5 =5 206=>. K 1C45B5 ?@>83@K20BL.

A;8 MB> 70O2;5=85 >A:>@1;O5B 20A, O 8728=ONAL, => 2K, 25@>OB=>, C65 1K;8 7=0:><K A =8<. 5@>OB=>, 2K >B@8F0;8 MB> 8 60;5;8, GB> =5 ACI5AB2C5B 4@C3>3> A?>A>10 2K83@K20BL 8 ?>-?@56=5<C ?>;CG0BL B> C4>2>;LAB285, :>B>@>5 2K ?>;CG05B5 >B A2>53> =K=5H=53> AB8;O. > 2K =5 A<>65B5 =8G53> 87<5=8BL.

B@8F0BL 459AB28B5;L=>ABL   MB> B> 65 A0<>5, GB> 3>2>@8BL ?@8<5@=> A;54CNI55: Ť/ E>GC ?>EC45BL, => O ?>-?@56=5<C E>GC 5ABL AB>;L:>, A:>;L:> <=5 E>G5BAOť. 85B>;>38 ?>445@6820NB MB>B <8D :064CN =545;N, => 2A5 MB> :064K9 @07 70:0=G8205BAO =5C40G59. N48 271C4>@06820NBAO, :>340 =>2K5 8 =>2K5 :C45A=8:8 45;0NB B0:85 70O2;5=8O. > B0:0O A8AB5<0 =5 @01>B05B 8 ;N48 ?5@5:;NG0NBAO =0 A;54CNI55 ŤGC4> 485B>;>388ť. A;8 2K E>B8B5 ?>EC45BL, 2K 4>;6=K 87<5=8BL A2>8 ?@82KG:8 2 545. A;8 2K E>B8B5 2K83@K20BL 2 ?>:5@5, 2K 4>;6=K 87<5=8BL A2>9 83@>2>9 AB8;L.

0H AB8;L 2 ?>:5@5 25@>OB=> B>G=> B0:>9 65, :0: 8 2 @01>B5, 4><0 8 2 4@C38E >1;0ABOE. 0H AB8;L 7028A8B >B B>3>, :B> 2K 5ABL =0 A0<>< 45;5. -B> 5I5 >4=0 ?@8G8=0 3;C165 ?>A<>B@5BL =0 A0<>3> A51O.

!:>@> <K @0715@5< <>B82K, :>B>@K5 70AB02;ONB ;N459 83@0BL 2 @07;8G=KE AB8;OE. A;8 2K ?>=8<05B5, ?>G5<C 2K 83@05B5 2 :0:><-B> >?@545;5==>< AB8;5, 2K A<>65B5 871028BLAO >B 5AB5AB25==KE ?@82KG5: 8 =0G0BL 83@0BL 2 1>;55 MDD5:B82=>< AB8;5. K =5 AB0=5B5 M:A?5@B><, => 2K AB0=5B5 =0<=>3> 1>;55 CA?5H=K< 2 ?>:5@5 8 ?>;CG8B5 1>;LH5 C4>2;5B2>@5=8O.

@8=F8? !8: 0H0 83@0 4>;6=0 ?>;=>ABLN 7028A5BL >B B>3>, GB> ?@>8AE>48B 70 AB>;>< 2 40==>9 83@5 8 2 40==>< @>7K3@KH5. K 4>;6=K ?>;=>ABLN A>A@54>B>G8BLAO =0 83@5, 8 2K 4>;6=K <3=>25==> 040?B8@>20BLAO : B5< 83@>:0<, :>B>@K5 CG0AB2CNB 2 40==>< 10=:5. "0:85 040?B0F88   MB> 3;02=0O B5<0 MB>9 :=838. K 1C45< @0AA<0B@820BL AB@0B538G5A:85 87<5=5=8O, :>B>@K5 2K 4>;6=K 1C45B5 2=5AB8 2 A2>9 A>1AB25==K9 AB8;L, 0 B0:65 :>=:@5B=K5 AB@0B538G5A:85 87<5=5=8O, :>B>@K5 2K 4>;6=K 1C45B5 ?@8<5=OBL ?@>B82 :064>3> 83@>:0 ;N1>3> 4@C3>3> B8?0.

0?@8<5@, 4;O :064>3> 87 206=59H8E B8?>2 83@>:>2 5ABL A0<>5 ;CGH55 <5AB> >B=>A8B5;L=> =53>, 345 2K 4>;6=K A845BL. @><5 B>3>, : :064><C B8?C 83@>:>2 4>;65= 1KBL A2>9 ?>4E>4: 2K 4>;6=K ?> >A>1><C G8B0BL 8E :0@BK, 83@0BL >4=8 @C:8 8 A1@0AK20BL 4@C385, ?@8<5=OBL 8;8 =5 ?@8<5=OBL ?@>B82 =8E G5:-@597, 8 B.4.

 



0: ?>;L7>20BLAO MB>9 :=83>9?

>-?5@2KE, A=0G0;0 ?@>GB8B5 MBC :=83C ?>;=>ABLN, GB>1K ?>;CG8BL ?>;=CN :0@B8=C.

0B5< ?@>GB8B5 55 1>;55 <54;5==> 420 8;8 1>;55 @070.  ?5@2K9 @07 AD>:CA8@C9B5AL =0 A515, 0 2> 2B>@>9 @07 AD>:CA8@C9B5AL =0 4@C38E ;N4OE. -B8 425 B5<K =C640NBAO 2 @0745;5=88 ?>B><C, GB> >=8 =0E>4OBAO 2 ?@>B82>@5G88 4@C3 A 4@C3><: C;CGH5=85 20H53> 83@>2>3> AB8;O 8 AB@0B5388 >G5=L >B;8G05BAO >B 040?B0F88 : :>=:@5B=K< 83@>:0<.

!=0G0;0 AD>:CA8@C9B5AL =0 A515

065 E>BO 2 MB>9 :=835 ?>4G5@:8205BAO =5>1E>48<>ABL 040?B0F88 : 4@C38< 83@>:0<, 20<, 5AB5AB25==>, 1C45B 1>;55 8=B5@5A=0 4@C30O ?5@A>=0   MB> 2K. @>G8B09B5 3;02K, >?8AK20NI85 AB8;L, =081>;55 1;87:89 : 20H5<C :0: <8=8<C< ?> 420 @070 8 G0AB> >1@0I09B5AL : Ť@0B:><C @57N<5ť ?> MB><C 2>?@>AC.

0< <>3CB =5 ?>=@028BLAO MB8 3;02K, => >=8 <>3CB >:070BL >3@><=>5 2;8O=85 =0 20A 8, :>=5G=>, 2K 1C45B5 C482;5=K =5:>B>@K<8 <><5=B0<8. K 1C45B5 7=0BL, :0: 4@C385 83@>:8 <>3CB 1KAB@> 845=B8D8F8@>20BL 20H AB8;L, 2K 1C45B5 2845BL 4>AB>8=AB20 8 =54>AB0B:8 MB>3> AB8;O, 0 B0:65 B>, :0: E>@>H85 83@>:8 A<>3CB 040?B8@>20BLAO : 20< 8 :>=5G=K5 @57C;LB0BK 20H59 83@K 2 B0:>< AB8;5. 1@0B8B5 >A>1>5 2=8<0=85 =0 A>25BK ?> C;CGH5=8N 20H59 83@K 8 2K1>@C =081>;55 ?@028;L=KE 83@. ;O <=>38E 87 20A B0:85 A>25BK A<>3CB <3=>25==> C;CGH8BL 20H8 @57C;LB0BK.

0B5< AD>:CA8@C9B5AL =0 4@C38E 83@>:0E

7CG0O :064K9 :>=:@5B=K9 AB8;L, ?@>AB> AD>:CA8@C9B5AL =0 =081>;55 7=0:><>< 20< 83@>:5, :>B>@>3> 2K G0AB> 2848B5. CGH5 2A53>, GB>1K MB> 1K; B>B, :B> G0AB> 20A ?>156405B. 01@>A09B5 ?;0=, ?> :>B>@><C 2K A<>65B5 2K83@0BL C =53> 2 A;54CNI89 @07. A?>;L7C9B5 Ť@0B:>5 @57N<5ť 87 :>=F0 :=838, :>B>@>5 ?><>65B 20< A>AB028BL MB>B ?;0= 8 1C45B ?><>30BL 20< 2 B5G5=85 83@K. A;8 2K AD>:CA8@C5B5AL =0 MB>< 83@>:5 8 ?@8A?>A>18B5AL : 53> 83@5, B> 2K A<>65B5 ?@5?>4=5AB8 5<C >G5=L =5>6840==K9 AN@?@87. K 4065 A<>65B5 2K83@0BL C B>3>, :><C ?@>83@K20;8 45=L38 =0 ?@>BO65=88 <=>38E ;5B.

0: B>;L:> 2K 2K@01>B05B5 ?;0= 459AB289 ?@>B82 B0:>3> 83@>:0, ?@8<5=O9B5 MB>B ?;0= 8 : 4@C38< 83@>:0<, :>B>@K5 83@0NB A ?>E>68< AB8;5<.

0B5< >1@0B8B5AL : 4@C3><C AB8;N 8 A45;09B5 B> 65 A0<>5: A>A@54>B>GLB5AL =0 :0:><-B> 83@>:5, C :>B>@>3> 2K ?>:0 =5 <>65B5 2K83@0BL, 0 70B5< ?@8<5=O9B5 ?>E>6CN AB@0B538N 8 4;O 4@C38E ?>E>68E 83@>:>2.

>A;5 MB>3> 8A?>;L7C9B5 MBC :=83C :0: A;>20@L 8;8 :0: M=F8:;>?548N. >340 20< 1C45B B@C4=> 83@0BL ?@>B82 :>=:@5B=>3> 83@>:0 8;8 :>340 2K =5 1C45B5 C25@5=K, AB>8B ;8 83@0BL 2 :0:>9-B> :>=:@5B=>9 83@5 8;8 =5B, ?@>G8B09B5 A>>B25BAB2CNI85 AB@0=8FK. 3;02;5=85 :=838 A>AB02;5=> B0:, GB>1K 2K A<>3;8 1KAB@> =09B8 8=B5@5ACNICN 20A B5<C.



0:;NG8B5;L=K5 A;>20

5:>B>@K5 <5AB0 MB>9 :=838 20< =5 ?>=@02OBAO. K, O 8 ?>GB8 :064K9 G5;>25: A:;>==K >B@8F0BL =5?@8OB=K5 D0:BK. 4=0:> 5AB5AB25==0O A:;>==>ABL : >B@8F0=8N 459AB28B5;L=>AB8 <>65B AB0BL 20H8< 4@C3>< 2<5AB> 20H53> 2@030. A;8 2K 1C45B5 A>?@>B82;OBLAO MB><C 8 1C45B5 AB0;:820BLAO A 459AB28B5;L=>ABLN, B> 2K @07>1L5B5 B5 8;;N788, :>B>@K5 >3@0640NB 20A >B @50;L=>AB8.

>GB8 2A5 ?>:5@=K5 83@>:8 2 GQ<-B> >B@8F0NB 459AB28B5;L=>ABL. 5:>B>@K5 87 =0A ?@8B2>@ONBAO, GB> 8E 2K83@KH0< <5H05B B>;L:> =52575=85. <5==> ?>MB><C <K @0AA:07K205< 8AB>@88 > 15418B0E, 83@05< 2 83@K, 2 :>B>@KE <K =5 <>65< ?>1548BL 8 60;C5<AO =0 =5C40GC.

> <K =5 <>65< ?>72>;8BL A515 B0:CN @>A:>HL. >:5@   MB> >G5=L @50;8AB8G=0O 83@0. A;8 <K 1C45< 83@0BL E>@>H> 8 2K18@0BL ?@028;L=K5 83@K, <K 1C45< 2K83@K20BL, 2>7<>6=> =5 A53>4=O, => =0 4;8==>9 48AB0=F88 B>G=>. A;8 <K 1C45< 83@0BL ?;>E> 8 2K18@0BL 4;O 83@K =5?@028;L=K5 83@K, <K 1C45< ?@>83@K20BL 8 ?@>83@K20BL 70A;C65==>.

-B0 :=830 1C45B 3>2>@8BL 20< =5:>B>@K5 =5?@8OB=K5 25I8, => MB8 25I8 >B:@>NB 20< 3;070, ?@52@0BOB 20A 2 1>;55 A8;L=>3> 83@>:0 8 C25;8G0B 20H8 2K83@KH8.

A;8 C 20A 5ABL :0:85-B> :><<5=B0@88 8;8 2>?@>AK, =0?8H8B5 <=5 ?> 04@5AC alannschoonmaker@hotmail.com. =5 =@028BAO >1I0BLAO A <>8<8 G8B0B5;O<8, >A>15==> 5A;8 >=8 A> <=>9 =5 A>3;0A=K. -B> 2K=C6405B <5=O CG8BLAO.

#40G8!



























 

'0ABL I

@028;L=K9 ?>4E>4



2545=85

 MB>9 G0AB8 :=838 <K @0AA<>B@8< 425 =5>1KG=KE B5<K, >B :>B>@KE 1C45< >BB0;:820BLAO =0 ?@>BO65=88 2A59 :=838: >1;0405B5 ;8 2K ?@028;L=K< ?>4E>4>< : ?>:5@C 8 ?> :0:8< ?@8G8=0< 2K 2 =53> 83@05B5. >;LH8=AB2> ?>:5@=KE :=83 83=>@8@CNB MB8 2>?@>AK, ?>B><C GB> 2 ?>:5@=>9 :C;LBC@5 >=8 8;8 =5 ?>;CG0NB 4>;6=>3> 8=B5@5A0, 8;8 2>>1I5 2K7K20NB 0:B82=>5 >BB>@65=85.

A;8 2K <=5 =5 25@8B5, ?@>AB> ?>A;CH09B5, > GQ< 3>2>@OB 2 1;8609H5< :0@B>G=>< :;C15. K ?>GB8 =8:>340 =5 CA;KH8B5 @073>2>@>2 =0 B5<C B>3>, ?>G5<C ;N48 83@0NB 2 ?>:5@ (70 8A:;NG5=85< E20AB;82>9 5@C=4K B8?0 Ť/ 83@0N 2 ?>:5@ B>;L:> @048 45=53ť), 8 ?@8 MB>< ;N48 =5 >1AC640NB, :0: 8E A>1AB25==K5 ?>1C645=8O 8 >B=>H5=8O 2;8ONB =0 8E 83@C. -B> ?@>AB> =5 ?@8=OB>.

<5AB> A0<>0=0;870 <K 3>2>@8< > :>=:@5B=KE @>7K3@KH0E, 2575=88 8;8 AB@0B5388. A;8 @5GL 70E>48B > ?A8E>;>388, <K >1AC6405< 4@C38E ;N459 8 A?>A>1K 8E ?>1548BL, => =5 A51O. 4=0:>, :0: A:070; >4=064K >3>: ŤK 2AB@5B8;8 2@030, 8 MB>B 2@03   <K A0<8ť. ;8, :0: >4=064K 2K@078;AO  >9 C:: Ť">;L:> 2;N1;Q==K5 45;0NB 1>;LH5 >H81>:, >A=>20==KE =0 A0<>>1<0=5, =54>AB0B:5 G5AB=>AB8 A A0<8< A>1>9 8 M<>F8OE, G5< ?>:5@=K5 83@>:8ť.

K ?@>83@K205< A0<8 A515 ?>B><C, GB> =5 7=05< A51O. K ?>2B>@O5< A2>8 >H81:8 ?>B><C, GB> =5 GC2AB2C5<, ?>G5<C <K 8E A>25@H05<. K =5 A<>B@8< >1J5:B82=> =0 A2>8 A8;L=K5 8 A;01K5 AB>@>=K 8 =5 ?>=8<05<, :0: =0H8 ?>1C645=8O (2:;NG0O 8 8@@0F8>=0;L=K5) 2;8ONB =0 :0G5AB2> =0H59 83@K.

 42CE A;54CNI8E @0745;0E <K =0G=Q< ?@>F5AA 20H59 A0<>?@>25@:8, :>B>@K9 1C45B ?@>4>;60BLAO =0 ?@>BO65=88 2A59 :=838. !=0G0;0 <K @0AA<>B@8<, :0: >B=>H5=85 : 83@5 8 83@>2K5 =02K:8 45;OB 83@>:>2 =0 ?>1548B5;59 8 ?@>83@02H8E. 0B5< <K ?@>0=0;878@C5<, ?>G5<C 2K 83@05B5 2 ?>:5@ 8 ?>G5<C 2K 2K1@0;8 A515 B>B 8;8 8=>9 83@>2>9 AB8;L.







1;0405B5 ;8 2K ?@028;L=K< ?>4E>4><?

">< C;LD ?@84C<0; 84QN B5AB0, A ?><>ILN :>B>@>3> <>6=> 1K;> >B;8G8BL 0AB@>=02B>2 >B 4@C38E ?8;>B>2. A5, :B> C?@02;O;8 A0<K<8 1KAB@K<8 @50:B82=K<8 A0<>;QB0<8, >1;040;8 ?@52>AE>4=K<8 =02K:0<8, => 0AB@>=02BK >1;040;8 G5<-B> 5IQ.

>A:>;L:C =8:B> B0: 8 =5 AD>@<C;8@>20; OA=K< >1@07>< MB>B B5AB, >=8 4>;6=K 1K;8 4>:070BL A2>8 A?>A>1=>AB8 A0<K< ?@8<8B82=K< B5AB><   B5AB>< =0 K6820=85. A;8 >=8 ?@>E>48;8 >48= B5AB, >=8 4>;6=K 1K;8 ?@>9B8 A;54CNI89, 1>;55 A;>6=K9. A;8 >=8 ?@>E>48;8 8 MB>B B5AB, 8< 4020;AO A;54CNI89, 8 B0: 40;55, ?>:0 >=8 =5 ?>:840;8 ?@>5:B 8;8 =5 ?>3810;8.

"5AB =0 2K6820=85   MB> >?@545;ONI89 B5AB 2 ?>:5@=>< <8@5. A5 <K 7=05< 25;8:>;5?=KE 83@>:>2, :>B>@K5 =0 ?5@2K9 273;O4 >1;040;8 ?@028;L=K< ?>4E>4><. =8 G8B0;8 GC685 @C:8 A <8AB8G5A:>9 B>G=>ABLN 8 2K?>;=O;8 ?>B@OA0NI85 ?@8Q<K, => >=8 G0AB> @07>@O;8AL, 2 B> 2@5<O :0: <5=55 >40@Q==K5 83@>:8 4>1820;8AL ?>AB>O==KE ?>154. "0: 2 GQ< 65 @07=8F0?

>1548B5;8 3>B>2K ?@5>4>;5BL ;N1K5 B@C4=>AB8, GB>1K 4>18BLAO ?>154K, => ?@>83@K20NI85 83@>:8 A;8H:>< G0AB> @0AA;01;ONBAO 8 A;8H:>< <=>3> 2@5<5=8 70 AB>;>< ?@>2>4OB 2?CABCN. 525@>OB=0O 2>2;5GQ==>ABL 2 83@C 45;05B 8E ?>1548B5;O<8, => 2K 1K =5 E>B5;8 2845BL 8E 2 :0G5AB25 A2>53> A>A540 8;8 HC@8=0.

>B =5:>B>@K5 :0G5AB20, ?@8ACI85 ?>1548B5;O<:

0G5AB2> !1. >1548B5;O< 2A5340 =5>1E>48<> ?@58<CI5AB2>. -B> ?@58<CI5AB2> >15A?5G8205BAO =0;8G85< 1>;55 A8;L=>9 @C:8, E>@>H59 ?@8:C?=>9 :><18=0F88, 2K3>4=>9 ?>78F88, 1>;55 A8;L=K<8 =02K:0<8, 1>;55 2KA>:>9 :>=F5=B@0F859 8 <0AA>9 4@C38E 25I59. > 157 =0;8G8O MB8E ?@58<CI5AB2 ?>1548B5;8 =5 1C4CB 83@0BL. =8 8;8 A1@>AOB A2>N @C:C, 8;8 A<5=OB A2>Q <5AB> 70 AB>;><, 8;8 ?5@5AO4CB 70 4@C3>9 AB>;, 8;8 C94CB 4><>9. 48=AB25==0O A8BC0F8O, :>340 >=8 >AB0=CBAO 83@0BL 157 ?@58<CI5AB20   B>340, :>340 @048 1>;LH53> 4>E>40 =0 4;8==>9 48AB0=F88 <>6=> ?>B5@?5BL 8 =5<=>3> ?>83@0BL 157 ?>;>68B5;L=>3> >6840=8O.

0G5AB2> !2. >1548B5;8 =0F5;5=K =0 ?>154C. 0: A:070; 8=A ><10@48, Ť>1540   MB> =5 2AQ, ?>1540   MB> 548=AB25==>5ť.  65: !B@0CA A:070; ?> MB><C ?>2>4C A;54CNI55: Ť/ @07C; 1K A2>N A>1AB25==CN 101CH:C, 5A;8 1K >=0 A5;0 A> <=>9 70 >48= ?>:5@=K9 AB>;ť. 0F5;5==>ABL =0 ?>154C 70AB02;O5B 8E 45;0BL <=>3> =5?@8OB=KE 8;8 =55AB5AB25==KE 25I59, :>B>@K5 >B:07K20NBAO 45;0BL 4@C385. >7<>6=>, A0<0O A;>6=0O 87 =8E   MB> C<5=85 >B:07K20BLAO >B A2>53> M3>, 254L A0<><=5=85 <>65B A45;0BL 4C@0:>< ;N1>3> 87 =0A.

48= 87 A0<KE @07@CH8B5;L=KE MDD5:B>2 M3>87<0 A>AB>8B 2 B><, GB> >= 70AB02;O5B =0A 15A?>:>8BLAO > B><, GB> ?@> =0A 4C<0NB 4@C385 ;N48 1>;LH5, G5< > =0H8E @50;L=KE 4>AB865=8OE. K 3;C?> @8A:C5<, E20AB05<AO 8;8 2K40Q< 4@C38< :0:CN-B> 8=D>@<0F8N, GB>1K ;CGH5 A<>B@5BLAO 2 GC68E 3;070E, 4065 5A;8 7=05<, GB> MB> C<5=LH05B 8;8 C=8GB>605B =0H5 ?@58<CI5AB2>.

0G5AB2> !3. >1548B5;8 8<5NB G@572KG09=> 2KA>:89 A0<>:>=B@>;L. 57 =0;8G8O A0<>:>=B@>;O =0F5;5==>ABL =0 ?>154C <>65B AB0BL A0<>@07@CH8B5;L=>9. -B> <>65B ?@825AB8 : B><C, GB> 2K AB0=5B5 =5>?@0240==> @8A:>20BL 8;8 ?@>4>;60BL 4>;3CN 83@C ?>A;5 ?>B5@8 20H53> ?@58<CI5AB20, 0 B0:65 =5 A<>65B5 ?@87=0BL, GB> 20H0 @C:0 ?>18B0 8;8 GB> 83@0 O2;O5BAO A;8H:>< 6QAB:>9 4;O 20A 8 1C45B5 A>25@H0BL <=>3> 4@C38E 3;C?KE 25I59.

0G5AB2> !4. >1548B5;8 ?@545;L=> @50;8AB8G=K. =8 =5 >1<0=K20NB A51O >B=>A8B5;L=> A2>8E A>1AB25==KE 8 GC68E :0@B, H0=A>2 : 10=:C 8 H0=A>2 =0 ?>154C, A>1AB25==KE 8 GC68E 83@>2KE A?>A>1=>AB59 8;8 G53>-B> 5IQ. 59AB28B5;L=>ABL 70G0ABCN <>65B 1KBL @0AAB@0820NI59, => ?>A:>;L:C ?>1548B5;8 =0F5;5=K =0 ?>154C 8 C<5NB A51O :>=B@>;8@>20BL, >=8 ?@8=8<0NB 5Q.

B@8F0=85   42830B5;L 2A59 83>@=>9 8=4CAB@88. 57 =53> >=0 <3=>25==> >AB0=>28BAO. 064K9 <5AOF 83@>:8 ?@>83@K20NB <8;;80@4K 8<5==> ?>B><C, GB> >B@8F0NB D0:B B>3>, GB> =52>7<>6=> 2K83@K20BL 2 :@5?A5, @C;5B:5, ;>B5@5OE 8 B.4.  ?>:5@5 2K83@K20BL <>6=>, => B>;L:> 5A;8 1KBL @50;8AB>< 2> 2AQ<, >A>15==> >B=>A8B5;L=> A0<>3> A51O.

-B0 :=830 <>65B 2K720BL @074@065=85, ?>AB>O==> A?@0H820O C 20A: Ť1<0=K205B5 ;8 2K A0<8 A51O?ť > =04 MB8< 2>?@>A>< =5>1E>48<> 704C<K20BLAO, B0: :0: 2A5 <K 8=>340 >1<0=K205< A0<8 A51O, 8 @0=> 8;8 ?>74=> =0< ?@8E>48BAO 70 MB> ?;0B8BL. 064K9 @07, :>340 2K 83@05B5 =0C304, BO=5B5 =5 ?> H0=A0<, A048B5AL 83@0BL 2 =5?@81K;L=CN 4;O 20A 83@C 8;8 ?KB05B5AL >BK3@0BLAO 2 A>AB>O=88 B8;LB0, 2K >1<0=K205B5 A0<>3> A51O, 8 =0 48AB0=F88 MB> 1C45B AB>8BL 20< :CGC 45=53.

0G5AB2> !5. >1548B5;8 ?@545;L=> A:>=F5=B@8@>20=K. =8 ?>;=>ABLN :>=F5=B@8@CNBAO =0 83@5, ?>B><C GB> ?>4A>7=0B5;L=> A>3;0H0NBAO A> A;54CNI8< ?@8=F8?><: Ť065 2 :>=:C@5=B=>9 1>@L15 >1KG=> ?>156405B B>B, :B> A8;L=55 2A53> A:>=F5=B@8@>20=ť.

=8 87CG0NB ?>GB8 :064CN :0@BC, AB02:C, 65AB 8;8 A;>2>. =8 7=0NB, :B> O2;O5BAO 2K83@K20NI8< 83@>:><, 0 :B> ?@>83@K20NI8< 8 :0: 8< =C6=> 83@0BL, :>340 >=8 2?5@548 8;8 ?>7048. 0G0ABCN >=8 ?><=OB =5 B>;L:> B>, :B> A45;0; :064CN AB02:C, => 8 B>, :0: >=0 1K;0 A45;0=0. K;8 ;8 D8H:8 ?><5I5=K 2 10=: 0::C@0B=>, 8;8 65 8E BC40 1@>A8;8? 'B> 3>2>@8; MB>B G5;>25: 2 MB>B <><5=B?  :0: >= MB> 3>2>@8;?

=8 :>=F5=B@8@CNBAO =0 83@5 4065 B>340, :>340 =5 CG0AB2CNB 2 @>7K3@KH5. >;LH8=AB2> 87 =0A, A1@0AK20O :0@BK, =0G8=0NB 25AB8 A51O =5?@8=C64Q==>: <K >1AC6405< 159A1>;, 254Q< A25BA:CN 15A54C 8;8 ?@>AB> @0AA;01;O5<AO. > ?>1548B5;8 ?@>4>;60NB @01>B0BL, A>18@0O =5>1E>48<CN 8=D>@<0F8N 4065 B>340, :>340 >=8 =0E>4OBAO 2=5 83@K.

0G5AB2> !6. >1548B5;8 <KA;OB ?>A;54>20B5;L=>. =8 2K@060NB A;>20<8 A2>8 ?@54?>;>65=8O, =01;N45=8O, 70:;NG5=8O 8 A?>A>1, A ?><>ILN :>B>@>3> >=8 1K;8 2K2545=K. =8 2A5340 7=0NB, ?>G5<C >=8 A45;0;8 BC 8;8 8=CN AB02:C 8;8 2K1@0;8 :>=:@5B=CN 83@C, 8 >=8 =8:>340 =5 45;0NB MB>3> =5>A>7=0==>.

0G5AB2> !7. >1548B5;8 1KAB@> ?@87=0NB A2>8 >H81:8.  50;8AB8G=>5, ?>A;54>20B5;L=>5 <KH;5=85 8 :>=B@>;L =04 A2>8< M3> ?>72>;O5B 8< ?@87=020BL A2>8 >H81:8. < <>65B =@028BLAO 8E @C:0 8;8 :>=:@5B=0O 83@0, => 5A;8 >=8 ?>;CG0NB =>2CN 8=D>@<0F8N (=0?@8<5@, 5A;8 :B>-B> 40QB =5>6840==K9 @597 8;8 5A;8 83@0 70 AB>;>< AB0=>28BAO 6QABG5, G5< >=8 @0AAG8BK20;8), >=8 <>3CB A1@>A8BL A2>8 :0@BK 8;8 ?>:8=CBL 83@C.

0G5AB2> !8. >1548B5;8 CG0BAO =0 A2>8E >H81:0E. A5 4>?CA:0NB >H81:8, => ?>1548B5;8 @54:> 4>?CA:0NB 8E 42064K. E AB@5<;5=85 : 2K83@KHC 2 A>G5B0=88 A 4@C38<8 8E :0G5AB20<8 ?><>30NB 8< CG8BLAO =0 A2>8E >H81:0E.

0G5AB2> !9. >1548B5;8 ?@8=8<0NB >B25BAB25==>ABL. =8 =5 60;CNBAO =0 15418BK, 3;C?>ABL ?@>B82=8:>2, >H81:8 48;5@>2, 40C=AB@8:8 8;8 GB>-B> 5IQ. =8 =5 60;CNBAO, ?>B><C GB> ?@8=8<0NB 83@C B0:>9, :0:0O >=0 5ABL   A> 2A5<8 5Q =5?@8OB=>ABO<8. @8=OB85 8<8 B0:>9 >B25BAB25==>AB8 ?>72>;O5B 8< A:>=F5=B@8@>20BLAO =0 548=AB25==>9 25I8, :>B>@CN >=8 <>3CB :>=B@>;8@>20BL   8E A>1AB25==KE @5H5=8OE.

0G5AB2> !10. >1548B5;8 =5 ?5@5=>AOB 83@C 2 ;8G=CN ?;>A:>ABL. >A:>;L:C Ť2K83@KH   MB> 2AQť, 0 3=52 8;8 4@C385 65;0=8O C<5=LH8;8 1K 8E ?@58<CI5AB2>, >=8 =5 ?>72>;ONB A515 A5@48BLAO 8;8 ?KB0BLAO BCB 65 >BK3@0BLAO. =8 ?>E>68 =0 042>:0B>2, :>B>@K5 @2CB 4@C3 4@C3C 3;>B:8 2 AC45, => ?>B>< A?>:>9=> 702B@0:0NB 70 >4=8< AB>;><.  83@5 =5B <5AB0 ;8G=K< :>=D;8:B0<   MB> ?@>AB> 83@0.

0G5AB2> !11. >1548B5;8 ?@8A?>A01;820NBAO : 87<5=5=8O<. =8 ?>AB>O==> =01;N40NB 70 83@>9, ?>AB>O==> 4C<0NB, :0: >=8 4>;6=K 83@0BL 8<5==> A59G0A, 8 70B5< 45;0NB =5>1E>48<K5 87<5=5=8O. 0?@8<5@, 5A;8 83@0 AB0=>28BAO 1>;55 B09B>2>9, >=8 B>65 =0G8=0NB 83@0BL 8;8 1>;55 B09B>2>, 8;8 1>;55 ;C7>2>, 8;8 1>;55 03@5AA82=>, 5A;8 MB> =C6=> 4;O C25;8G5=8O ?@81K;8.

0G5AB2> !12. >1548B5;8 2K1>@>G=> 03@5AA82=K. >A:>;L:C >=8 8=AB8=:B82=> =C640NBAO 2 ?@58<CI5AB25, >=8 ?>;L7CNBAO A2>8<8 H0=A0<8. =8 64CB =C6=KE :0@B, 1;03>?@8OB=>9 ?>78F88, :>=:@5B=KE ?@>B82=8:>2 (0 ;CGH5 2A5E B@QE CA;>289 A@07C), 8 70B5< =0?040NB.

>=5G=>, 2K =5 <>65B5 1KBL 2K1>@>G=> 03@5AA82=K<8, 5A;8 =5 >1;0405B5 2A5<8 :0G5AB20<8, :>B>@K5 1K;8 ?5@5G8A;5=K 2KH5, >A>15==> C<5=85< >B:07K20BLAO >B A2>53> M3>. K 4>;6=K @50;8AB8G=> >F5=820BL 20H8 :0@BK, 20H8 =02K:8 8 20H8E ?@>B82=8:>2, 8 70B5< 0B0:>20BL B>;L:> ?@8 =0;8G88 ?@58<CI5AB20.

> ?@8G8=5 >BACBAB28O MB8E :0G5AB2 8: ?> ?@>728IC Ť@5:ť 1K; 2B>@K< ?> 7=0G8<>AB8 ?@8<5@>< :20;8D8F8@>20==>3>, => ?@>83@K20NI53> 83@>:0. 5@>OB=>, 2K G8B0;8 > 53> 83@5 >48= =0 >48= A 6>==8 >AA><, 3>@074> 1>;55 A8;L=K< 83@>:><, 8 > 7=0<5=8B>< CB25@645=88 8:0, GB> Ť1KBL 2 83@5 1>;55 206=>, G5< ?>15640BLť. <5==> ?> MB>9 ?@8G8=5 >= C<5@ 2 =8I5B5. 0 53> <>38;L=>9 ?;8B5 4>;6=> 1KBL =0?8A0=>: Ť45AL ?>E>@>=5= 3;C?5F, M3>8AB8G=>ABL :>B>@>3> ?>72>;8;0 5<C 1@>A8BL 2K7>2 1>;55 A8;L=><C 83@>:Cť.

> A0<K< 3;02=K< ?@8<5@>< 1K; !BN =30@, 2>7<>6=>, 25;8G09H89 157;8<8B=K9 BC@=8@=K9 83@>: 2A5E 2@5<Q=. = 1K; 548=AB25==K<, :B> B@864K C4>AB0820;AO 720=8O G5<?8>=0 A5<8@=>9 !5@88 >:5@0 ?> 157;8<8B=><C E>;45<C. = 83@0; :0: >3, => C<5@ 2> 2B>@>A>@B=>9 3>AB8=8F5, 1C4CG8 @07>@Q==K<.

'0AB8G=> 53> ?@>1;5<K >1JOA=O;8AL 7028A8<>ABLN >B =0@:>B8:>2 (:>B>@0O B>65 >A=>20=0 =0 A0<>>1<0=5), => >= 1K; =0AB>;L:> 70F8:;5= =0 83@5, GB> 70:;NG0; ?0@8 1C:20;L=> =0 2AQ. 3> M3> C45@6820;> 53> >B ?@87=0=8O >G5284=>3> D0:B0 B>3>, GB> >= 4>;65= >3@0=8G820BL A2>Q CG0AB85 2 4@C38E 83@0E. $0:B8G5A:8, G0AB> >= 459AB2>20; ?@>AB> :0: ?>;=K9 848>B.

065 ?@8 B><, GB> ;N1>9 87 =0A 4065 1;87:> =5 8<55B B0:>3> B0;0=B0, :0: >=, <K <>65< 1KBL ?>1548B5;O<8, E>BO >= 1K; ?@>83@K20NI8<. A;8 <K 7=05< A2>9 ?>B>;>: 8 @01>B05< 2 53> ?@545;0E, =8:>340 =5 45;0O AB02:C 157 =0;8G8O ?@58<CI5AB20, B> CA?5E 1C45B ?@0:B8G5A:8 30@0=B8@>20=.

AQ, > G5< =0?8A0=> 2 MB>9 :=835   MB> > ?>;CG5=88 ?@58<CI5AB20. !BN =30@ 8 8: ?> ?@>728IC Ť@5:ť 70:>=G8;8, :0: ?@>83@02H85 ?>B><C, GB> >B@8F0;8 459AB28B5;L=>ABL. =8 C<5;8 3>@074> 1>;LH5, G5< <K, => >=8 =5 7=0;8 A2>8E A>1AB25==KE ?@545;>2. =8 83@0;8 2 83@K, 2 :>B>@K5 =5 <>3;8 2K83@0BL   MB> 8E 8 ?>3C18;>.

K <>65B5 701;C640BLAO B>G=> B0:8< 65 >1@07><. 4=0 87 =0H8E 3;02=KE F5;59   MB> ?><>GL 20< ?@>25@8BL A0<>3> A51O. K <>65B5 =0G0BL ?@>F5AA A0<>?@>25@:8, >B:@K2 A59G0A @8;>65=85 A: Ť"5AB ?> ?@028;L=><C ?>4E>4Cť. K <>65B5 ?@>4>;60BL G8B0BL :=83C ?> ?>@O4:C, >1@0B82H8AL : MB><C B5ABC ?>74=55, 8;8 ?@>AB> 83=>@8@>20BL 53>.





>G5<C 2K 83@05B5 2 ?>:5@?

A;8 2K 704048B5 :><C-=81C4L MB>B 2>?@>A, 1>;LH8=AB2> ;N459 >B25BOB 20<, GB> 83@0NB @048 2K83@KH0 45=53. > B0:>9 >B25B   ;C:02AB2>. >-?5@2KE, 1>;LH8=AB2> 87 =8E   ?@>83@K20NI85 83@>:8, 8 ;N1>9 ?@>83@K20NI89, :>B>@K9 CB25@6405B, GB> ?KB05BAO 70@01>B0BL 45=L38 83@>9, >G5284=>, 40;Q: >B @50;L=>AB8.

>-2B>@KE, <K @54:> 45;05< GB>-B> B>;L:> ?> 548=AB25==>9 ?@8G8=5. 0?@8<5@, 1>;LH8=AB2> 87 =0A @01>B0NB =5 B>;L:> 4;O B>3>, GB>1K 70@01>B0BL 45=L38   <K B0:65 E>B8< C4>2;5B2>@8BL =0H8 ?>B@51=>AB8 2 C2065=88, 70=OB>AB8, >1I5=88 8 2;>68BL A2>9 2:;04 2> GB>-;81>. A;8 <K @01>B05< =5 B>;L:> ?> ?@8G8=5 70@01>B:0 =0 687=L, ?>G5<C <K 4>;6=K 83@0BL 2 83@C B>;L:> 4;O B>3>, GB>1K 70@01>B0BL 45=L38?

>:5@   A>@52=>20B5;L=0O 83@0, :>B>@>9 A2>9AB25=5= 4CE A>?5@=8G5AB20. !0<0 F5;L 83@K A>AB>8B 2 B><, GB>1K 2K83@0BL 45=L38 ?@>B82=8:0. CE A>?5@=8G5AB20 =0AB>;L:> 2065=, GB> =5:>B>@K5 ;N48, :>B>@K5 =0 A0<>< 45;5 =5 15A?>:>OBAO > 2K83@KH5, ?@8B2>@ONBAO, GB> >=8 83@0NB 4;O B>3>, GB>1K 2K83@0BL.

K   ;N48   O2;O5<AO :>=:C@5=B>A?>A>1=K<8 ACI5AB20<8, 8 A>?5@=8G5AB2> ?@>O2;O5BAO C =0A 1C:20;L=> 2> 2AQ<: 2 ?>:5@5, 3>;LD5, =0H8E <0H8=0E, 4><0E, A>F80;L=KE AB0BCA0E 8 <=>3>< 4@C3><. K 83@05< 2 83@K, ?>B><C GB> <K >G5=L A>@52=>20B5;L=K, 8 1>;LH8=AB2> 87 =0A >B=>AOBAO : MB><C A5@LQ7=>   4065 5A;8 =0 :>=C =5 AB>OB 45=L38. >?C;O@=0O ?>3>2>@:0 3;0A8B: Ť"5==8A   MB> =5 2>?@>A 687=8 8 A<5@B8. -B> 3>@074> 206=55ť.

>A:>;L:C 2K83@0==K5 8 ?@>83@0==K5 45=L38 2 ?>:5@5 O2;ONBAO <5@8;>< CA?5E0, <K A;8H:>< ?5@5>F5=8205< 8E 7=0G5=85. =>385 3>;LD8ABK 83@0NB @048 70@01>B:0, => 2K =8:>340 =5 CA;KH8B5 >B =8E Ť/ 83@0N 87-70 45=53ť. =8 83@0NB @048 C4>2>;LAB28O, 8 2K83@KH 45=53   MB> ?@>AB> <0;0O G0ABL MB>3> C4>2>;LAB28O.

8D > B><, GB> ;N48 2 1>;LH8=AB25 A2>Q< 83@0NB @048 45=53, C:@5?8;AO 2> <=>38E ?>:5@=KE :=830E. => 8 ?>=OB=>   8E 02B>@K 70@010BK20NB A515 =0 687=L 83@>9, 8 5A;8 >=8 =5 1C4CB 2K83@K20BL, 8< =5 =0 GB> 1C45B 5ABL. >A:>;L:C 2K83@KH 4;O =8E 687=5==> 2065=, >=8 70@060NB B0:8< M3>8AB8G5A:8< A0<>>1<0=>< 8 A2>8E G8B0B5;59. 2B>@ >4=>9 ?>?C;O@=>9 :=838 ?> ?>:5@C 2>>1I5 =0?8A0; A;54CNI55: Ť48=AB25==K9 A<KA; 83@0BL 2 ?>:5@   GB>1K 70@01>B0BL 45=L38ť.

8G53> ?>4>1=>3>! =>385 83@>:8 E>BOB 2K83@K20BL 1>;LH>5 :>;8G5AB2> 10=:>2, 4065 5A;8 MB> 1C45B >7=0G0BL, GB> MB> 1C45B AB>8BL 8< A;8H:>< 4>@>3>. $0:B 2K83@KH0 1>;LH>3> :>;8G5AB20 10=:>2 4;O =8E 206=55, G5< ?@0:B8G5A:89 @57C;LB0B.  8=0G5 ?> :0:>9 5IQ ?@8G8=5 >=8 83@0NB =0AB>;L:> ;C7>2>? =8 7=0NB, GB> 8E ;C7>2>ABL 2 8B>35 >:07K205BAO 4;O =8E >G5=L 70B@0B=>9, => D0:B G0ABKE 2K83@KH59 10=:>2 4;O =8E 206=55, G5< 45=L38.

;O 1>;LH8=AB20 87 =0A ?>:5@   MB> 83@0, 0 =5 187=5A. K 83@05< 2 83@K ?> @07=K< ?@8G8=0<, => 2 >A=>2=>< 4;O C4>2>;LAB28O. K83@0==K5 8 ?@>83@0==K5 4>;;0@K 2 ?>:5@5   MB> :0: C40@K 2 3>;LD5, 2A53> ;8HL A?>A>1 2545=8O AGQB0.

-B> 83@0 @048 A0<>9 A51O   A>:@0I0O :>;8G5AB2> =C6=KE 4;O 4>AB865=8O 30=48:0?0 C40@>2, 2K ?>156405B5 4@C38E ;N459; MB> =5 45=L38. @><5 B>3>, :064K9 87 =0A   4065 2 2KAH59 AB5?5=8 A5@LQ7=> >@85=B8@>20==K9 =0 ?@81K;L ?@>D5AA8>=0;   8<55B ?>;=>ABLN =5A2O70==K5 A ?@81K;LN <>B82K 4;O 83@K, B0:85 :0: 65;0=85 8A?KB0BL 2>;=5=85, ?>GC2AB2>20BL 4CE A>@52=>20=8O, ?>>1I0BLAO A ;N4L<8 8 ?@>AB> ?@8OB=> ?@>25AB8 2@5<O.

064K9, :B> CB25@6405B, GB> ;N48 83@0NB =0 <0:A8<870F8N A2>53> 2K83@KH0, 2 459AB28B5;L=>AB8 40;5: >B 8AB8==>3> A<KA;0 B>3>, GB> ?@>8AE>48B 2 1>;LH8=AB25 ?>:5@=KE 83@. 0?@8<5@, <=>385 83@>:8 ?@54=0<5@5==> >B2>@0G820NBAO, :>340 8E ?@>B82=8:8 A25BOB A2>8 :0@BK, 8 4065 =0>1>@>B, ?@>AOB 8E MB>3> =5 45;0BL   >=8 =5 E>BOB 2K83@K20BL B0:8< ?CBQ<. 5:>B>@K5 83@>:8 =5 AB02OB 4065 A =5?>1548<>9 :><18=0F859, 5A;8 >:070;8AL >48= =0 >48= A> A2>8< 4@C3><.  ?>GB8 :064K9 87 =0A, 2:;NG0O <5=O, ?5@8>48G5A:8 84QB =0 3;C?K9 @8A:, 83@0O A;01K5 @C:8, 701K20O > H0=A0E : 10=:C 8 83@0O ?@>B82 1>;55 A8;L=KE 83@>:>2.

K =5 A<>65B5 ?>=OBL A2>8 8 GC685 <>B82K 4> B5E ?>@, ?>:0 =5 ?>9<QB5, GB> B0 =0AB>9G82>ABL, A :>B>@>9 O:>1K 1>;LH8=AB2> ;N459 ?KB0NBAO ?>1548BL, =0 A0<>5 45;5   <8D. -B0 A8BC0F8O 70AB02;O5B 2A?><=8BL 0:A8><C M:>=><8AB>2, :>B>@0O 3;0A8B, GB> 2A5 459AB28O 45;>2KE ;N459 =0?@02;5=K =0 <0:A8<870F8N ?@81K;8. IQ =5402=> MB0 0:A8><0 AG8B0;0AL 01A>;NB=> 8AB8==>9 8 =8:B> 4065 8 =5 ?KB0;AO 5Q >?@>25@3=CBL.

> =0:>=5F ?@>D5AA>@ !09<>=, <>9 1K2H89 :>;;530 ?> #=825@A8B5BC 8<. 0@=538-5;;>=0, @5H8; ?@>25AB8 8AA;54>20=85 8 2KOA=8BL, G5< 65 =0 A0<>< 45;5 70=8<0NBAO 45;>2K5 ;N48. = ?@8HQ; : 2K2>4C, GB> M:>=><8ABK 701;C640;8AL: ?>GB8 2A5 187=5A<5=K 1>@NBAO 70 4>AB865=85 C4>2;5B2>@8B5;L=>9, 0 =5 <0:A8<0;L=>9 ?@81K;8, ?>B><C GB> ?>?KB:0 5Q <0:A8<878@>20BL ?@825;0 1K : B><C, GB> 8< 1K ?@8H;>AL 45;0BL <=>3> 25I59, :>B>@K5 8< =5 =@02OBAO.

"@048F8>==K5 M:>=><8ABK 1K;8 ?>A@0<;5=K. =8 2>7<CIQ==> :@8G0;8 2> 25AL 3>;>A: Ť@5AL!ť 5A:>;L:> AB>;5B89 =0704 ŤD0:Bť B>3>, GB> 45;>2K5 ;N48 @01>B0NB =0 <0:A8<870F8N 8 ?@81K;8, 1K; AB>;L 65 >G5284=K<, :0: 8 ŤD0:Bť, GB> !>;=F5 2@0I05BAO 2>:@C3 5<;8.

> >= 2K83@0; A?>@, 8 >= A45;0; MB> B>G=> B0:8< 65 A?>A>1><, :0:8< 1>;55 @0==85 CGQ=K5 4>:070;8, GB> =0 A0<>< 45;5 MB> 5<;O 2@0I05BAO 2>:@C3 !>;=F0: >= ?@82Q; =5>A?>@8<K9 0@3C<5=B. 0 8AA;54>20=8O @50;L=KE 459AB289 45;>2KE ;N459 >= ?>;CG8; >15;52A:CN ?@5<8N ?> M:>=><8:5. "@C4=>20B> CB25@640BL, GB> >15;52A:89 ;0C@50B >H8105BAO.

!09<>=>2A:89 ?@8=F8? ŤC4>2;5B2>@8B5;L=>AB8ť >7=0G05B, GB> 2K, O 8 ?>GB8 :064K9 G5;>25: E>G5B 2K83@K20BL C4>2;5B2>@ONICN 53> AC<<C 45=53 8;8 871560BL A;8H:>< 1>;LH>3> ?@>83@KH0; <K =5 3>B>2K 84B8 =0 2AQ @048 B>3>, GB>1K 2K83@0BL 2A5 2>7<>6=K5 45=L38.  ?@>B82=>< A;CG05 <K 4>;6=K 1K;8 1K @0AA<0B@820BL ?>:5@ :0: @01>BC, => 4;O =0A MB> =5 @01>B0. -B> 83@0, 8 2K =8:>340 =5 4>;6=K 701K20BL >1 MB><.

'B>1K ?>=OBL A2>8 A>1AB25==K5 <>B82K, 2K 4>;6=K 7040BL 2B>@>9 2>?@>A: Ť>G5<C O 83@0N 2 ?>:5@ 2 :0:><-B> >?@545;Q==>< AB8;5?ť 064K9 AB8;L C4>2;5B2>@O5B >4=8 ?>B@51=>AB8 8 CA8;8205B 4@C385. 0?@8<5@, 02B>>B25BG8:8 8 <0=LO:8 =8:>340 =5 2K83@K20NB (8 =5 A;CH09B5, GB> >=8 A0<8 3>2>@OB ?> MB><C ?>2>4C). 2B>>B25BG8:8 83@0NB 4;O A>F80;870F88 8 4;O B>3>, GB>1K C18BL 2@5<O, 0 <0=LO:8 1C:20;L=> 2>2;5G5=K 2 :064K9 83@>2>9 M?87>4.

F5=8B5 A2>8 A>1AB25==K5 <>B82K

@5:@0B8B5 >1<0=K20BL A51O >B=>A8B5;L=> ?@8G8=, ?> :>B>@K< 2K 83@05B5 2 ?>:5@. 3=>@8@C9B5 2KA:07K20=8O 4@C38E ;N459 ?> MB><C ?>2>4C 8 2KOA=8B5, ?>G5<C =0 A0<>< 45;5 2K 83@05B5 2 ?>:5@, ?@>94O ?>;=>ABLN A;54CNI89 =51>;LH>9 B5AB. = 2:;NGQ= =5?>A@54AB25==> 2 B5:AB ?>B><C, GB> 53> ?@>E>645=85 709<QB C 20A 2A53> ?0@C <8=CB 8 2K 4>;6=K ?@>9B8 53> 8<5==> A59G0A 4;O 1>;55 ?>;=>3> ?>=8<0=8O <0B5@80;0 A;54CNI8E @0745;>2.

@>F54C@0 >G5=L ?@>AB0: ?@>AB> @0745;8B5 20HC ?>;=CN <>B820F8N (100%) =0 =5A:>;L:> G0AB59 B0:, :0: MB> ?>:065BAO 20< ?@028;L=K<. 0?@8<5@, 5A;8 20H0 548=AB25==0O F5;L   2K83@KH 45=53 8 @0AA<0B@8205B5 ?>:5@ :0: @01>BC, <>65B5 =0?8A0BL 100 =0?@>B82 ?C=:B0 ŤK83@KH 45=53ť.

A;8 20H 3;02=K9 <>B82   70@01>B>:, => 2K B0:65 83@05B5 8 4;O A>F80;870F88, >1I5=8O A ;N4L<8, ?@>25@:8 A2>8E A>@52=>20B5;L=KE :0G5AB2, ?>;CG5=8O 4>7K 04@5=0;8=0 8 ?@>AB> 4;O B>3>, GB>1K C18BL 2@5<O, 2K, =0?@8<5@, <>65B5 >AB028BL ?C=:BC ŤK83@KH 45=53ť 40% 20H59 >1I59 <>B820F88, ?C=:B0< Ť!>F80;870F8Oť 8 Ť@>25@:0 A2>59 :>=:C@5=B>A?>A>1=>AB8ť   ?> 20%, 0 ?C=:B0< Ť>;CG5=85 4>7K 04@5=0;8=0ť 8 Ť@>25AB8 2@5<Oť   ?> 10%.

A;8 65 20A 01A>;NB=> =5 8=B5@5AC5B 2K83@KH 8 D8H:8 4;O 20A   MB> B>;L:> A?>A>1 2545=8O AGQB0 2 83@5, <>65B5 @0A?@545;8BL 20HC <>B820F8N ?> 2A5< >AB0;L=K< ?C=:B0<, :@><5 ?5@2>3>.

A;8 C 20A 5ABL :0:85-B> A2>8 8=48284C0;L=K5 <>B82K, 2?8H8B5 8E 2 ?CABK5 AB@>:8 8 C:068B5, A:>;L:> ?@>F5=B>2 >B 20H59 >1I59 <>B820F88 >=8 70=8<0NB.

0?>;=O9B5 MBC B01;8FC :0@0=40H><, GB>1K 2?>A;54AB288 2K A<>3;8 2=5AB8 87<5=5=8O, => ?@>25@O9B5, GB>1K AC<<0 2A5E 20H8E <>B820F89 2A5340 1K;0 @02=0 100%.

"01;8F0 1: >8 <>B82K 4;O 83@K

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>N :>=:C@5=B>A?>A>1=>ABL

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

!45;09B5 70:;04:C =0 MB>9 AB@0=8F5, GB>1K 2K 2A5340 <>3;8 1KAB@> =09B8 MB> <5AB>.  70?><=8B5 MB8 G8A;0 (=5 >1O70B5;L=> A 01A>;NB=>9 B>G=>ABLN, => 4>AB0B>G=> B>G=>). %>BO 70?><8=0BL B>G=K5 G8A;0 8 =5 >1O70B5;L=>, 2K 4>;6=K ?><=8BL, GB>, : ?@8<5@C, 45=56=K9 <>B82 =0<=>3> 1>;55 2065= 4;O 20A, G5< A>@52=>20B5;L=K9.

>B82K 8 83@>2K5 AB8;8

@8<5@=> 425 B@5B8 MB>9 :=838 ?>A2OI5=> @07;8G=K< 83@>2K< AB8;O<, 8 <564C :>=:@5B=K<8 AB8;O<8 8 83@>2K<8 <>B820<8 5ABL A8;L=0O 2708<>A2O7L. A;8 2K 7=05B5, :0: 83@05B B>B 8;8 8=>9 83@>:, C 20A B0:65 1C45B E>@>H55 ?@54AB02;5=85 > B><, ?>G5<C >= B0: 83@05B (8 =0>1>@>B). @><5 B>3>, 83@>:8 A M:AB@5<0;L=K<8 83@>2K<8 AB8;O<8 =0AB>;L:> A8;L=> =0E>4OBAO 2> 2;0AB8 A2>8E 3;02=KE 83@>2KE <>B82>2, GB> AB0=>2OBAO B2Q@4K<8 8 ?@54A:07C5<K<8. =8 2A5340 83@0NB 2 >4=>9 8 B>9 65 <0=5@5, 4065 5A;8 MB> 2@548B 8<.

0?@8<5@, <0=LO:8 =0AB>;L:> C2;5G5=K 459AB285<, GB> =5 <>3CB >AB0=>28BLAO, 4065 :>340 2=CB@5==89 3>;>A 3>2>@8B 8<: ŤAB0=>28AL!ť. 2B>>B25BG8:8 8<5NB =0AB>;L:> A8;L=CN ?>B@51=>ABL >AB0BLAO 2 @>7K3@KH5 :0: <>6=> 4>;LH5 8 =0AB>;L:> A8;L=>5 >B2@0I5=85 : 03@5AA82=K< 459AB28O<, GB> ?@>AB> :>;;8@CNB, :>;;8@CNB 8 :>;;8@CNB, 4065 5A;8 7=0NB, GB> 8< =C6=> 40BL @597 8;8 A1@>A8BL. Ť!:0;Kť =0AB>;L:> :>=A5@20B82=K 8 @>1:8, GB> 40NB 03@5AA82=K< 83@>:0< 2>7<>6=>ABL ?5@583@0BL 8E.

4=0:> <=>385 83@>:8 A M:AB@5<0;L=K<8 AB8;O<8 8<5NB B>;L:> 2K1>@>G=CN ?0<OBL 8;8 4C@0G0B A51O >B=>A8B5;L=> ?@8G8=, ?> :>B>@K< >=8 83@0NB 2 B>9 8;8 8=>9 <0=5@5. -B8< >=8 ?KB0NBAO C9B8 >B ?@87=0=8O B>3> D0:B0, GB> 8<8 4286CB 8E 2=CB@5==85 8<?C;LAK. 0?@8<5@, <0=LO:8 A:;>==K ?><=8BL B5 A;CG08, :>340 8< C4020;>AL 2K83@0BL >3@><=K9 10=: 8;8 70AB028BL :>3>-B> A1@>A8BL A ?><>ILN AC<0AH54H53> 1;5D0, => ?@8 MB>< >=8 83=>@8@CNB A2>8 ?@>83@KH8. "0:65 >=8 <>3CB 3>2>@8BL 3;C?K5 25I8, B0:85 :0: Ť2K 4>;6=K 701KBL >1> 2AQ< 8 ?>?KB0BLAO 2K83@0BLť.

0=LO:8 >1KG=> G@572KG09=> >?B8<8AB8G=K, >=8 2A5340 25@OB 2 A2>N C40GC. Ť!:0;Kť   ?>;=0O 8E ?@>B82>?>;>6=>ABL, >=8 ?5AA8<8ABK 8 2A5340 1>OBAO EC4H53>. A;8 2K A?@>A8B5 B0:>3> 83@>:0, ?>G5<C >= =5 40; @597 A D;0H5< >B :>@>;O, >= =5 >B25B8B 20<: Ť>B><C GB> O A:CG=K9 G5;>25:ť. =, 25@>OB=>, A:065B ?@8<5@=> A;54CNI55: Ť/ >?0A0;AO, GB> C :>3>-B> 1K; D;0H >B BC70ť.

K A>A@54>B>G8<AO =0 87CG5=88 M:AB@5<0;L=KE 83@>:>2, ?>B><C GB> ?@8 B0:>< ?>4E>45 ;53G5 2A53> @0AA<0B@820BL 8E :0: H01;>= (?@8<5@OO MB>B H01;>= :0: : 4@C38< ;N4O<, B0: 8 : A515)   =0?@8<5@, ;C7>2>-03@5AA82=K5 83@>:8 A8;L=> =C640NBAO 2 0:B82=>AB8, 8 B.4. 0: ?@028;>, G5< 1;865 83@>: : :0:><C-B> M:AB@5<0;L=><C AB8;N, B5< A8;L=55 53> ?5@28G=K5 ?>1C645=8O 703;CH0NB 2A5 53> 4@C385 <>B82K (2:;NG0O 8 65;0=85 2K83@0BL).  =0>1>@>B, G5< 1>;LH5 53> <>B82K A10;0=A8@>20=K, B5< 1>;55 381:>, MDD5:B82=> 8 @0F8>=0;L=> >= 1C45B A51O 25AB8   :0: 70 ?>:5@=K< AB>;><, B0: 8 2 ;N1>9 4@C3>9 >1;0AB8.

!2O7L <564C AB8;O<8, <>B820<8 8 >?0A5=8O<8 >A>15==> 206=0, :>340 2K A0<8 ?KB05B5AL A>25@H5=AB2>20BLAO :0: 83@>:. A;8 2K =5 1C45B5 ?>=8<0BL, ?>G5<C 2K 83@05B5 2 B>< 8;8 8=>< AB8;5, 2K =5 A<>65B5 ?@5>4>;5BL A2>8 2=CB@5==85 A8;K 8 ?>1548BL A51O A0<>3>.

>340 2K 1C45B5 G8B0BL A;54CNI85 @0745;K, A?@0H8209B5 A51O, A>2<5AB8<K ;8 >F5=:8 20H8E <>B82>2 A> AB8;5<, 2 :>B>@>< 2K 83@05B5. N10O =5ABK:>2:0 3>2>@8B > B><, GB> 2K 2 GQ<-B> >H81;8AL. 0?@8<5@, 5A;8 2K83@KH 45=53 O2;O5BAO 20H8< ?5@28G=K< <>B82><, => 2K @53C;O@=> ?@>83@K205B5, ?>B><C GB> =5 <>65B5 E>@>H> 83@0BL 2 6QAB:8E 83@0E, 2K 4>;6=K ?@87=0BL MB> 8 ?>?@>1>20BL @07@5H8BL MB> ?@>B82>@5G85. 0H0 F5;L   ?>=OBL, GB> 65 =0 A0<>< 45;5 ?@>8AE>48B 2 20H59 3>;>25, :>340 2K 83@05B5 70 ?>:5@=K< AB>;><.



>B82K 8 :><?@><8AAK

7CG8B5 2A5 20H8 <>B82K. >;LH8=AB2> @5H5=89 2 ?>:5@5 C4>2;5B2>@ONB >4=8 <>B82K 70 AGQB 4@C38E <>B82>2. K 4>;6=K =09B8 :><?@><8AA <564C =8<8, GB>1K MB>B :><?@><8AA =081>;55 ?>;=> A>>B25BAB2>20; 20H8< ?@8>@8B5B0<. 0?@8<5@, A8BC0F8O, 2 :>B>@>9 2K @5H05B5, 2 :0:85 83@K 20< 83@0BL: =081>;55 ?@81K;L=K5 83@K <>3CB =5 C4>2;5B2>@OBL 4@C385 20H8 <>B82K.

C7>2>-?0AA82=K5 83@K   =081>;55 4>E>4=K5 87 2A5E. A;8 2K E>B8B5 2K83@K20BL <0:A8<0;L=>5 :>;8G5AB2> 45=53, 2K 4>;6=K 83@0BL B>;L:> 2 B0:8E 83@0E. 4=0:> MB> <>65B 20< =04>5ABL, ?>B><C GB> 83@0 1C45B A;8H:>< ?@>AB>9; MB> :0: ;>2;O @K1K   MB> C2;5:0B5;L=>, 5A;8 20< E>G5BAO 5ABL, => A:CG=>, 5A;8 2K @K10G8B5 ?@>AB> >B =5G53> 45;0BL (>4=0:>, =5:>B>@K5 83@>:8 =0G8=0NB 83@0BL 2 B0:8E 83@0E 4;O ?@8>1@5B5=8O >?KB0).

"0:>9 B8? 83@ <>65B 1KBL @07>G0@>2K20NI8< B0:65 8 ?>B><C, GB> 20A 1C4CB ?>AB>O==> ?5@5BO3820BL. K 1C45B5 =0G8=0BL A ;CGH59 @C:>9, 0 ?@>B82=8:8 2 :>=F5 :>=F>2 1C4CB ?5@5BO3820BL 20A A> A2>8<8 4C@0F:8<8 @C:0<8. 0?@8<5@, :064K9 87 20A A;KH0; AB02H55 =0@>4=K< 0@E5B8?>< :;0AA8G5A:>5 =0?CBAB285 >B >BF0 : AK=C: Ť!K=>:, =8:>340 =5 ?@8:C?09 : 4K@O2><C AB@59BCť .

> ;C7>2K5 83@>:8 45;0NB MB> ?>AB>O==> (4065 ?@8 A:@><=KE H0=A0E : 10=:C) 8 ?5@8>48G5A:8 A>18@0NB 2K83@KH=CN @C:C. K 4>;6=K ?@825BAB2>20BL MB>. A;8 1K >=8 2A5340 ?@>83@K20;8, B> 2A:>@5 1K ?>=O;8 C1KB>G=>ABL B0:>9 83@K 8 ?@5:@0B8;8 1K 2K1@0AK20BL A2>8 45=L38 =0 25B5@. $0:B8G5A:8, 8E :>;;K A 4K@O2K<8 AB@59B0<8 0=0;>38G=K <>=5B0<, :>B>@K5 070@B=K5 ?>A5B8B5;8 :078=> >AB02;ONB 2 83@>2KE 02B><0B0E. A;8 1K =8:B> 87 =8E =8:>340 =5 2K83@K20; 1K 465:?>B, >=8 1K ?@5:@0B8;8 B@0B8BL A2>8 45=L38 =0 MBC 5@C=4C.

?040NB ;8 2 O@>ABL 2;045;LFK :078=>, :>340 :B>-B> A@K205B 465:?>B? 5B, 8< MB> B>;L:> =@028BAO. =8 4065 25H0NB ?>@B@5BK B0:8E AG0AB;82G8:>2 =0 AB5=K, 4>A:8 ?>GQB0 8 ?>:07K20NB 8E ?> B5;52845=8N. -B8< >=8 E>BOB 4>18BLAO B>3>, GB>1K ;N48 ?@>4>;60;8 83@0BL, 8 2K B>65 4>;6=K E>B5BL, GB>1K A;01K5 83@>:8 8=>340 4>AB@0820;8 A2>9 4K@O2K9 AB@59B. '5< G0I5 >=8 1C4CB ?@8:C?0BL : B0:>9 :><18=0F88, B5< 1>;LH5 45=53 2K 70@01>B05B5 >B =8E =0 48AB0=F88. 4=0:> 5A;8 B0:85 ?@>83@KH8 >G5=L A8;L=> 20A @0AAB@0820NB 8 ?A8E>;>38G5A:>5 @02=>25A85 4;O 20A 206=55, G5< <0:A8<870F8O ?@81K;8, =5 83@09B5 2 ;C7>2>-?0AA82=KE 83@0E.

"0 65 A0<0O ;>38:0 ?@8<5=O5BAO 8 ?@8 ?@8=OB88 4@C38E @5H5=89. !0<K9 ?@81K;L=K9 AB8;L   B09B>2>-03@5AA82=K9, => 4>;3>5 >6840=85 E>@>H8E :0@B <>65B ?>:070BLAO A:CG=K< 8 =5 C4>2;5B2>@8BL 20HC ?>B@51=>ABL 2 0:B82=>AB8. 3@0 2 ;C7>2>-03@5AA82=>< AB8;5 O2;O5BAO 70E20BK20NI59, => ?@8 MB>< 4>@>3>9.

>GB8 :064K9 ?>4A>7=0B5;L=> >B25@305B 845N ?>4>1=KE :><?@><8AA>2. K E>B8< ?>;CG8BL 2AQ. K E>B8< 2K83@0BL, ?>;CG8BL C4>2>;LAB285 >B 83@K 8 E>@>H> ?@>25AB8 2@5<O >4=>2@5<5==>.  A>60;5=8N, MB> =52>7<>6=>.  5H5=85, C4>2;5B2>@ONI55 >4=8 65;0=8O, >4=>2@5<5==> 1LQB ?> 4@C38< ?@8>@8B5B0<. >MB><C 2K 4>;6=K 87CG8BL 2A5 A2>8 <>B82K 4> B>3>, :0: AO45B5 70 AB>;. #1548B5AL, GB> 2K 7=05B5, GB> 2K B5@O5B5, 0 GB> ?>;CG05B5, 8 70B5< =0948B5 =5>1E>48<K9 :><?@><8AA, =081>;55 ?>;=> A>>B25BAB2CNI89 20H8< ?@8>@8B5B0< (5AB5AB25==>, A CGQB>< B>3>, GB> MB8 ?@8>@8B5BK =0?@02;5=K =0 20H5 1;03>).





 



'0ABL II

@028;L=K5 =02K:8



2545=85

K =5 <>65B5 2K83@K20BL 2 ?>:5@, =5 ?>=8<0O, GB> B0:>5 H0=AK 8 =5 C<5O ?@8<5=OBL 107>2K5 AB@0B5388, 8 MB0 :=830 =5 ?@5B5=4C5B =0 B>, GB>1K =0CG8BL 20A MB><C. A;8 2K =5 ?>=8<05B5 MB8E 25I59, :C?8B5 8 =0G=8B5 87CG5=85 =5:>B>@KE :=83, C:070==KE 2 @8;>65=88 D Ť 5:><5=4>20==0O ;8B5@0BC@0ť.

-B0 G0ABL :=838 B>;L:> > 42CE 206=KE =02K:0E: > GB5=88 @C: 8 > 2K1>@5 ?@028;L=KE 83@. -B>B @0745; =5 =0CG8B 20A 107>2K< ?@8=F8?0< 8 B5E=8:0<. "0: :0: O ?A8E>;>3, 0 =5 M:A?5@B ?> AB@0B5388, 4@C385 ;N48 (2 G0AB=>AB8 <>8 :>;;538 87 8740B5;LAB20 Two Plus Two) 1C4CB ;CGH8<8 A>25BG8:0<8 ?> MB>9 G0AB8, G5< O. 4=0:> O C:06C 20< =0 :>=:@5B=K5 AB@0=8FK @07=KE :=83, 2 :>B>@KE ?@82545=K ;CGH85 A>25BK.

>59 F5;LN 745AL O2;O5BAO B>, GB>1K 2K ?>=8<0;8 8 ?@8<5=O;8 =5:>B>@K5 ?A8E>;>38G5A:85 :>=F5?F88, :>B>@K5 2;8ONB =0 MB8 C<5=8O.  ?5@2CN >G5@54L MB0 G0ABL :=838 ?><>65B 20< ?>=OBL, :0: 20H8 A>1AB25==K5 >B=>H5=8O 8 ?@82KG:8 <>3CB 2;8OBL =0 =5?@028;L=>5 GB5=85 20<8 @C: A>?5@=8:>2 8;8 =0 2K1>@ =525@=KE 83@. >-2B>@KE, MB> ?><>65B 20< Ť?@>=8:=CBL 2 <KA;8ť 4@C38E 83@>:>2 8 2K A<>65B5 ?>=OBL, :0: 8E >B=>H5=8O 8 ?@82KG:8 2;8ONB =0 8E 83@C 8 2K1>@ AB>;>2. >=5G=>9 F5;LN, :>=5G=> 65, O2;O5BAO B>, GB>1K 2K <>3;8 ;CGH5 G8B0BL @C:8 A>?5@=8:>2 8 2K18@0BL ;CGH85 83@K 4;O 20A (:>B>@K5 <>3CB 1KBL =5 ;CGH8<8 4;O <5=O).

 A;54CNI8E 42CE @0745;0E ?@54AB02;5=K 3;02=K5 8458. >;55 ?>74=85 @0745;K C65 1C4CB >B=>A8BLAO : :064><C B8?C 83@>:>2. 0?@8<5@, :064K9 @0745; ?>4 =0720=85< ŤA;8 2K B0:>9-B> 83@>:ť A>45@68B ?>4@0745; > 2K1>@5 ?@028;L=KE 83@.





'B5=85 @C:

 'B5=85 @C:   MB> 3;02=K9 =02K:, :>B>@K9 =C6=> @072820BL, 5A;8 2K E>B8B5 1KBL 83@>:>< ;CGH5 A@54=53>. -B> =02K:, 2 :>B>@>< ?@5CA?520NB 2A5 25;8:85 83@>:8. -B0 3;020 70B@>=5B G5BK@5 B5<K:

1.	0A:>;L:> E>@>H> 2K G8B05B5 @C:8?

2.	!>25@H5=AB2>20=85 A2>53> =02K:0.

3.	>=8<0=85 B5;>42865=89.

4.	#;02;820=85 A83=0;>2.

0A:>;L:> E>@>H> 2K G8B05B5 @C:8?

 284C B>3>, GB> @C:8 >F5=820NBAO ?> >B=>A8B5;L=>9 A8;5, 20< 4;O =0G0;0 =C6=> ?>=OBL, GB> <>65B 1KBL C 4@C38E 83@>:>2, 0 ?>B>< ?@8=8<0BL @5H5=8O. -B> @07;8G85 <564C <KH;5=85< 8 459AB285< >7=0G05B, GB> 5ABL 420 =57028A8<KE 87<5@5=8O   >4=> 2 20H5< <>73C, 0 4@C3>5 2 20H5< A5@4F5. 0H <>73 >B25G05B 70 20H5 C<5=85 (=0A:>;L:> B>G=> 2K <>65B5 G8B0BL 8E @C:8), 0 20H5 A5@4F5 >F5=8205B, 5ABL ;8 C 20A 4>AB0B>G=0O C25@5==>ABL 2 A2>8E AC645=8OE, GB>1K 459AB2>20BL @5H8B5;L=> .

CGH85 83@>:8 E>@>H> 2;045NB 8 B5<, 8 B5<. !0<K5 ?;>E85 83@>:8 ?@0:B8G5A:8 =5 2;045NB C<5=85< G8B0BL @C:8, => C =8E ?@54>AB0B>G=> C25@5==>AB8 2 A2>8E AC645=8OE.

803@0<<0 GB5=8O @C: >F5=8205B 20A ?> MB8< 42C< =57028A8<K< 87<5@5=8O<. 5@2>5 87<5@5=85 >B=>A8BAO : C<5=8N G8B0BL :0@BK, 0 2B>@>5   : C25@5==>AB8 2 20H8E AC645=8OE.

 

0209B5 273;O=5< =0 G5BK@5 C3;0 4803@0<<K, ?>B><C GB> >=8 8;;NAB@8@CNB MBC <>45;L. -B8 >?8A0=8O ?@5C25;8G5=K, 2 @50;L=>AB8 B0:85 83@>:8 ?>GB8 =5 2AB@5G0NBAO.

1,1 Ť>B5@O==K9 2 ?@>AB@0=AB25ť (=5C<5=85 G8B0BL :0@BK 8 =5C25@5==>ABL 2 AC645=8OE). = =5 7=05B, GB> ?@>8AE>48B 8 ?>G5<C. = 83@05B B>;L:> ?> A2>8< :0@B0<, 8 5<C =5B 45;0 4> B>3>, :0:85 :0@BK C 4@C38E. >6=> C2845BL @597 A> AB@59B>< A 53> AB>@>=K, B0: :0: 4;O =53> MB> ?@>AB> E>@>H0O @C:0, 4065 5A;8 >G5284=>, GB> C :>3>-B> D;0H.

= 4065 <>65B =5 A<>B@5BL =0 AB>;. >340 >4=><C 83@>:C =04>5;> 83@0BL 2 1;5:465:, >= ?@8H5; 8 A5; 2 :>=5F ?>:5@=>3> AB>;0. @C3>9 1;87>@C:89 83@>: 70<5B8;, GB> >= 1K =5 A5; BC40, B0: :0: =5 A<>3 1K 2845BL :0@BK =5:>B>@KE 83@>:>2. Ť>B5@O==K9 2 ?@>AB@0=AB25ť >B25B8;: Ť/ =8:>340 =5 A<>B@N 2 :0@BK 4@C38E 83@>:>2, MB> A18205B <5=O A B>;:Cť.

1,9 Ť65M:A?5@Bť (=8:0:>3> C<5=8O, => >G5=L 1>;LH0O C25@5==>ABL). = =5 C<55B G8B0BL :0@BK, => 4C<05B, GB> C<55B. = ?@54AB02;O5B A>1>9 :><18=0F8N =52565AB20, 2KA>:><5@8O 8 =5?@8O7=8.

025@=>5, 20< B0:85 2AB@5G0;8AL. =8 ?@>GBCB 20< ;5:F8N =0 ;N1CN B5<C: > ?>:5@5, > ?>;8B8:5, >1 M:>=><8:5, > A?>@B5, > GQ< C3>4=>. >;>28=0 8E D0:B>2 >H81>G=0 8 C =8E =5B =8:0:8E 0@3C<5=B>2, => MB> 8E =5 >AB0=02;8205B. '0AB> >=8 3>2>@OB, GB> <=>3> 2K83@K20NB, => >=8 ;3CB.

=8 ?@>83@K20NB 10=:, => ?@8G8=C MB>3> =0E>4OB 2 B><, GB> 8E A>?5@=8:8   4C@0:8. 0H ŤM:A?5@Bť AK3@0; ?@>AB> 25;8:>;5?=>, => :0:0O-B> =52565AB25==0O 45@525=I8=0 AK3@0;0 >H81>G=>, 8 MB> AB>8;> 5<C 10=:0.  D8;L<5 ŤThe Cincinnati Kidť 1K; B0:>9 Ť;65M:A?5@Bť. = 45;0; <=>65AB2> 70<5B>:, A;>6=KE @0AG5B>2, => ?>B>< 45;0; C1KB>G=K5 AB02:8. K;0 ;8 MB> 53> >H81:0? Ť5Bť, 3>2>@8; >= 8 C:07K20; =0 2K83@02H53>, 3>2>@O: Ť= =5 4>;65= 1K; :>;;8@>20BL!ť

5A<>B@O =0 B>, GB> >=8 >G5=L @074@060NB, G0AB> 8< @04K, ?>B><C GB> >=8 ?@>83@K20NB. K B5@?8< 8E E0@0:B5@, GB>1K ?>;CG8BL 8E 45=L38. =8 8A?>;L7CNB MBC ?>:07=CN ŤC25@5==>ABLť 4;O 70I8BK. > <K =5 E>B8< 70=8<0BLAO 8E ?A8E>0=0;87><, <K ?@>AB> E>B8< 701@0BL 8E 45=L38.  459AB28B5;L=>AB8 MB> E>@>H> =5 B>;L:> 4;O =0H8E 1C<06=8:>2, => 8 4;O =0H59 4CH8. K ?>;CG05< C4>2>;LAB285 >B B>3>, GB> 2K83@K205< C =8E.

9,1 Ť>B0=8:ť (>G5=L E>@>H85 A?>A>1=>AB8, => =8:0:>9 C25@5==>AB8). = >G5=L E>@>H> C<55B G8B0BL :0@BK, => >= =0AB>;L:> =5C25@5= 2 A515, GB> =5 <>65B MB8< 2>A?>;L7>20BLAO. B =53> <>6=> CA;KH0BL: Ť/ 7=0N, GB> O 18B, => <=5 =C6=> >B25B8BLť 8;8 Ť5 7=0N, ?>G5<C O =5 A45;0; @597. / 7=0;, GB> C <5=O ;CGH0O @C:0, => O 1>O;AO, GB> C B51O <>65B 1KBL :0@5 2>AL<5@>: [8;8 4@C30O <0;>25@>OB=0O @C:0]ť.

9,9 0AB>OI89 M:A?5@B (>G5=L E>@>H85 A?>A>1=>AB8 8 C25@5==>ABL). = >G5=L E>@>H> G8B05B :0@BK 8 C =53> 5ABL C25@5==>ABL, :>B>@0O ?>72>;O5B 5<C ?@8=8<0BL ?@028;L=K5 @5H5=8O. = A1@0AK205B E>@>H85 @C:8, :>340 4C<05B GB> 18B, => >B25G05B 8;8 @5978B A @C:0<8, :>B>@K5 <=>385 87 =0A 1K A1@>A8;8. K =5G0AB> ?>=8<05<, =0A:>;L:> >= E>@>H, ?>B><C GB> >= =5 ?>:07K205B A2>8E @C: 8 =5 3>2>@8B > =8E. = 7=05B, GB> >= E>@>H89 83@>:, => =5 E>G5B, GB>1K >1 MB>< 7=0;8 <K.

5,5 !@54=89 83@>:. !@54=89 83@>: 2848B =5:>B>@K5 A83=0;K, => <=>38E =5 70<5G05B, 0 B0:65 G0AB> =5?@028;L=> 2>A?@8=8<05B 4065 B5, GB> 2848B. @5<O >B 2@5<5=8 >= ?@8=8<05B 25;8:>;5?=>5 8;8 C60A=>5 @5H5=85, => G0I5 2A53> >= 459AB2C5B AB0=40@B=>. = >B25G05B A =>@<0;L=K<8 @C:0<8, @5978B A E>@>H8<8 8 =5 45;05B G53>-B> >@838=0;L=>3>.

 =8<0B5;L=> ?@8A<>B@8B5AL : A515. 8 >4=> 87 MB8E :@09=8E >?8A0=89 20< =5 ?>4E>48B, => 2 =8E 2K <>65B5 =09B8 :0:85-B> A2>8 G5@BK. K 8A?>;L7C5< 4803@0<<C ?>B><C, GB> >=0 ?><>305B 20< C2845BL, =0A:>;L:> 2K AE>68 A MB8<8 :@09=8<8 >?8A0=8O<8. A;8 E>B8B5, ?>B@0BLB5 =5<=>3> 2@5<5=8 =0 B>, GB>1K >F5=8BL A51O ?> 42C< 87<5@5=8O<. >=5G=>, <>65B5 MB>3> 8 =5 45;0BL, 8;8 70=OBLAO MB8< ?>765.

0G=8B5 A 20H53> C<5=8O C304K20BL @C:8 A>?5@=8:>2. 0A:>;L:> E>@>H> 20< MB> C405BAO? -B0 >F5=:0 =5 CG8BK205B, :0: 2K ?>;L7C5B5AL MB>9 8=D>@<0F859. A;8, : ?@8<5@C, 2K G0AB> ?>=8<05B5, GB> 2K 18BK, => >B25G05B5, GB>1K C1548BLAO 2 MB><, B> ?>AB02LB5 A515 2KA>:CN >F5=:C ?> GB5=8N @C: (=> =5 ?> ŤC25@5==>AB8 2 A2>8E AC645=8OEť).

12548B5 G8A;>, :>B>@>5 =081>;55 B>G=> >?8AK205B 20A 2 "01;8F5 1. !@02=8209B5 A51O B>;L:> A A>?5@=8:0<8 87 20H59 83@K, =5 A G5<?8>=0<8 8 =5 A 01AB@0:B=K<8 AB0=40@B0<8 B>3>, :0: 2K AG8B05B5 =C6=> C<5BL G8B0BL :0@BK.

"01;8F0 1: #<5=85 G8B0BL @C:8

1.	/ G@572KG09=> ?;>E> G8B0N :0@BK, 2 MB>< O >48= 87 EC4H8E 2 A2>59 83@5.

2.	/ >G5=L ?;>E> G8B0N :0@BK.

3.	/ ?;>E> G8B0N :0@BK.

4.	/ G8B0N :0@BK =5<=>3> =865 A@54=53>.

5.	/ G8B0N :0@BK A@54=5.

6.	/ G8B0N :0@BK =5<=>3> 2KH5 A@54=53>.

7.	/ E>@>H> G8B0N :0@BK.

8.	/ >G5=L E>@>H> G8B0N :0@BK.

9.	/ G@572KG09=> E>@>H> G8B0N :0@BK 8 O2;ONAL >4=8< 87 ;CGH8E 2 MB>< 2 A2>59 83@5.

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

#25@5==>ABL   MB> A0<>5 B@C4=>5 :0G5AB2> 4;O >F5=:8, 8 =C6=> 8<5BL 2 284C, GB> >F5=:8, :>B>@K5 2K A59G0A ?>AB028B5, O2;ONBAO B>;L:> ?@5420@8B5;L=K<8. > <5@5 ?>ABC?;5=8O 8=D>@<0F88 2K <>65B5 70E>B5BL ?><5=OBL 8E. 12548B5 ?>4E>4OI55 =0 20H 273;O4 G8A;> 2 "01;8F5 !2.

"01;8F0 2: #25@5==>ABL 2 AC645=8OE 

1.	# <5=O =5B C25@5==>AB8 2 A2>8E AC645=8OE. / :>=F5=B@8@CNAL B>;L:> =0 A>1AB25==KE :0@B0E, AB02;N A E>@>H8<8, ?>2KH0N A >G5=L E>@>H8<8, 8 A1@0AK20N A ?;>E8<8 @C:0<8, =5 A8;L=> 704C<K20OAL > B><, GB> <>65B 1KBL C 4@C38E 83@>:>2.

2.	# <5=O >G5=L =51>;LH0O C25@5==>ABL 2 A2>8E AC645=8OE. A;8 C <5=O E>@>H0O @C:0, O >B25GC, 4065 5A;8 ?>GB8 C25@5=, GB> 18B. =5 =C6=> MB> ?@>25@8BL.

3.	# <5=O =51>;LH0O C25@5==>ABL 2 A2>8E AC645=8OE. A;8 C <5=O E>@>H0O @C:0, O, A:>@55 2A53>, >B25GC, 4065 5A;8 4C<0N, GB> O 18B.

4.	# <5=O =5<=>3> <5=LH5 C25@5==>AB8, G5< C A@54=53> 83@>:0. A;8 C <5=O E>@>H0O @C:0, O <>3C >B25B8BL, 0 <>3C 8 =5 >B25G0BL, 5A;8 ?>4>7@520N, GB> O 18B.

5.	# <5=O A@54=OO C25@5==>ABL.

6.	# <5=O =5<=>3> 1>;LH5 C25@5==>AB8, G5< C A@54=53> 83@>:0. / A1@>HC E>@>HCN @C:C, 5A;8 ?>GB8 C25@5=, GB> O 18B.

7.	# <5=O 7=0G8B5;L=0O C25@5==>ABL 2 A2>8E AC645=8OE. / A1@>HC E>@>HCN @C:C, 5A;8 4C<0N GB> O, A:>@55 2A53>, 18B.

8.	# <5=O >G5=L A8;L=0O C25@5==>ABL 2 A2>8E AC645=8OE. / A1@>HC >G5=L E>@>HCN @C:C, 5A;8 4C<0N, GB> O 18B.

9.	# <5=O G@572KG09=> A8;L=0O C25@5==>ABL 2 A2>8E AC645=8OE. / A1@>HC >G5=L A8;L=CN @C:C, 5A;8 4C<0N, GB> O 18B, 8 A45;0N @597 A <0@38=0;L=>9 @C:>9, 5A;8 1C4C 4C<0BL, GB> >=0 ;CGH0O.

0?8H8B5 745AL 20H8 >G:8   A=0G0;0 >G:8 70 C<5=85 G8B0BL :0@BK, 0 70B5< >G:8 70 C25@5==>ABL 2 A2>8E AC645=8OE.

>8 >G:8 ?> GB5=8N @C:: __ , __.

0 803@0<<5 GB5=8O @C: ?><5BLB5 B>G:C, :>B>@0O A>>B25BAB2C5B 20H8< >G:0<.

0B5< ?>A<>B@8B5 =0 1;8609H89 M:AB@5<0;L=K9 B8? 83@>:0. 0?@8<5@, 5A;8 ?> GB5=8N @C: C 20A 7 10;;>2, 0 ?> C25@5==>AB8 2 A2>8E AC645=8OE   3, 1;8609H89 4;O 20A M:AB@5<0;L=K9 83@>:   MB> Ť>B0=8:ť. '5< 2K AE>68 8 G5< >B;8G05B5AL? 0?8H8B5 MB8 AE>4AB20 8 @07;8G8O. 0B5< =0?8H8B5, GB> 2K =0<5@5205B5AL ?@54?@8=OBL.

>8 >G:8 1;865 2A53> : B8?C __________________.

# <5=O A;54CNI85 AE>4AB20 8 @07;8G8O A __________________:

!E>4AB20:





 07;8G8O:





0: MB8 AE>4AB20 8 @07;8G8O 2;8ONB =0 20HC 83@C 2 ?>:5@?





'B> 2K A>18@05B5AL ?@54?@8=OBL?





!45;09B5 745AL 70:;04:C   <K 5I5 1C45< 2>72@0I0BLAO : MB>9 AB@0=8F5.







!>25@H5=AB2>20=85 A2>53> =02K:0 

!CI5AB2C5B 420 A?>A>10 GB5=8O :0@B: A;548BL 70 GC6>9 <>45;LN AB02>: 8 A;548BL 70 B5;>42865=8O<8. -B>B @0745; > <>45;OE AB02>:; A;54CNI89 1C45B > B5;>42865=8OE.

=>385 M:A?5@BK >?8AK20;8 B5E=8:8 ?>=8<0=8O GC68E >A>15==>AB59 45;0BL AB02:8. C?8B5 8 ?@>GB8B5 8E :=838. K =5 <>65B5 AB0BL E>@>H8< 83@>:>< 157 MB>3> =02K:0, 8 2A:>@5 2K 25@=5B5 ?>B@0G5==K5 45=L38. A>15==> O @5:><5=4CN :=83C M2840 !:;0=A:8 ŤThe Theory of Pokerť, :=83C M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť, :=83C M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21st Century Editionť 8 :=83C >=AB0=B8=0 B<5@0 ŤElements of Seven Card Studť. -B8 :=838 404CB 20< >A=>2K, 8 MB>B @0745;   =5 70<5=0 4;O =8E. = ?@>AB> >1JOA=O5B =5:>B>@K5 >A=>2=K5 ?A8E>;>38G5A:85 <><5=BK.



@8<5=O9B5 70:>= ŤAC1J5:B82=>9 @0F8>=0;L=>AB8ť

5G5@=85 =>2>AB8 2A5340 <>3CB A;C68BL ?@8<5@>< MB>3> 70:>=0. K A;KH8<, :0: :B>-B> 70AB@5;8205B =5A:>;L:8E =57=0:><F52, 8 4C<05<, ?>G5<C >= B0: ?>ABC?8;. = :>=5G=> AC<0AH54H89, => 53> 459AB28O AC1J5:B82=> @0F8>=0;L=K5: 2 MB>< >= 2848B A<KA;. = 4C<0; GB> & #, <0@A80=5 8;8 <0D8O E>B5;8 53> C18BL, 8 ?>MB><C 2KAB@5;8; ?5@2K<. / 3>2>@N >G5=L A5@L57=>.

'B> MB> <>65B 40BL 20H59 83@5? AQ. A;8 2K AC<55B5 ?@>=8:=CBL 2 <KA;8 4@C3>3> 83@>:0, ?>=OBL ?>G5<C >= 83@05B 2 ?>:5@, GB> >= E>G5B A45;0BL 8 :0: >= 2848B A8BC0F8N, 2K A<>65B5 ?>=OBL 53> 459AB28O, :>B>@K5 A59G0A 2K3;O4OB 25AL<0 =5?>=OB=K<8.

=8 <>3CB :070BLAO 20< =5;5?K<8, => >=8 ?>GB8 2A5340 8<5NB A<KA; 4;O G5;>25:0, :>B>@K9 8E ?@54?@8=8<05B. 0?@8<5@, >48= 1>30BK9 D5@<5@ 8=>340 @5978; 8 @5@5978; 157 703;O4K20=8O 2 A2>8 :0@BK, ?>B><C GB> ŤMB> B>;L:> 70<54;O5B 83@Cť. = 83@0; :0: <0=LO:, => >= >B4020; >BG5B A2>8< 459AB28O<; >= B>G=> 7=0;, GB> 45;05B 8 G53> MB> 1C45B 5<C AB>8BL.

= 2A5340 83@0; ?> <5;:8< AB02:0< ?>B><C, GB> B0< >= <>3 83@0BL 48:> 157 @8A:0 ?@>83@0BL 7=0G8<CN 4;O A51O AC<<C. = 83@0; 4;O @072;5G5=8O, ?CA:0O 45=L38 =0 25B5@, >= <>3 ?>72>;8BL A515 ?@>83@0BL, GB>1K ?>;CG8BL B>, G53> 5<C E>B5;>AL. 3> 83@0 2 ?>:5@ 1K;0 =5 3;C?55, G5< ?>:C?:0  >;A- >9A0,  >;5:A0 8;8 153>2>9 ;>H048, 8 >=0 1K;0 =0<=>3> 1>;55 @07C<=0, G5< 2K?82:0 8;8 =0@:>B8:8.

"0:>9 284 Ť=5@07C<=>AB8ť <>6=> 2AB@5B8BL =0 :064>< H03C. 5AA8<8AB A1@0AK205B A8;L=CN ?@8:C?=CN @C:C 8 <>B828@C5B MB> B0:: Ť/ =8:>340 =5 A>18@0N D;0Hť. 2B>>B25BG8: >B25G05B =0 @597 >B ŤA:0;Kť 8 BO=5B 2<5@B2CN, B0: :0: Ť?@>B82=8: <>65B 1;5D>20BLť. 5:>B>@K5 83@>:8 2 E>;45< <>3CB @5978BL A> A;01K<8 @C:0<8, => =5 A :0@<0==K<8 BC70<8, ?>B><C GB> Ť<5=O 2A5340 ?5@55760NB, :>340 O 45;0N A =8<8 @597ť.

A;8 2K A>3;0A=K A <8D><, GB> AB@5<;5=85 : 2K83@KHC   MB> 548=AB25==K9 <>B82 2A5E 83@>:>2, B> 2K =5 ?>9<5B5 B0:85 459AB28O, => 2K, =5A><=5==>, 2845;8 8E. 'B>1K G8B0BL :0@BK A>?5@=8:>2, 2K 4>;6=K >B;>68BL A2>8 8458 > B><, GB> A;54C5B 45;0BL 83@>:0<, 8 2<5AB> MB>3> ?@>=8:=CBL 2 8E <KA;8 8 ?>=OBL, :0: 4C<0NB 8<5==> >=8, 8 G53> ?KB0NBAO 4>18BLAO 8<5==> >=8.

0E>4OBAO ;8 >=8 745AL, GB>1K 2K83@0BL :0: <>6=> 1>;LH5 45=53? ;8 >=8 E>BOB 1C@=> ?@>25AB8 2@5<O? ;8 65;0NB :0: <>6=> 45H52;5 A:>@>B0BL =>GL? !G8B0NB ;8 >=8, GB> 4-D;0H 4>AB0B>G=> A8;L=0O @C:0, GB>1K A45;0BL A =59 @597 2 A8BC0F88 >48= =0 >48=? !C525@=K ;8 >=8 2 ?;0=5 AG0AB;82KE :0@B, B0:8E =0?@8<5@, :0: ?0@0 45AOB>:?



715309B5 ŤM3>8AB8G5A:>3> A0<>>1<0=0ť

A5   2K, O >9; @0=A>=, 83<C=4 $@594   2@5<O >B 2@5<5=8 AB0=>28<AO 65@B20<8 MB>3> A0<>>1<0=0. K ?KB05<AO 2;57BL 2 H:C@C 4@C38E, => ?@>4>;605< 2845BL A8BC0F8N =0H8<8 A>1AB25==K<8, 0 =5 8E 3;070<8.

-B>B A0<>>1<0= <>65B A5@L57=> ?><5H0BL 20H5<C C<5=8N G8B0BL :0@BK. 0?@8<5@, :>340 2K ?KB05B5AL ?>=OBL, :0:0O @C:0 <>65B 1KBL C @5975@0, 2K <>65B5 ?>4C<0BL > B><, A :0:>9 @C:>9 2K <>3;8 1K A45;0BL MB>B @597, 0 ?>B>< ?@54?>;>68BL, GB> >= @0AAC6405B B0:65 :0: 8 2K. 284C B>3>, GB> 2K =5 AB0;8 1K @5978BL 157 >?@545;5==>9 @C:8, 2K <>65B5 =525@=> ?@>G8B0BL 53> @C:C.

/ >G5=L G0AB> 4>?CA:0; MBC >H81:C. 5A:>;L:> G0A>2 =0704 O, D0:B8G5A:8, A1@>A8; ;CGHCN @C:C, ?>B><C :0: ?@54?>;>68;, GB> 4@C3>9 83@>: =5 ?>AB028; 1K, 5A;8 =5 18; 1K <>N <0@38=0;L=CN @C:C. > >= =5 1;5D>20;   >= 4C<0;, GB> C =53> 1K;0 E>@>H0O @C:0 (8 >= 2K83@0; ?>A;5 <>53> 3;C?>3> D>;40).

@8=F8?K AC1J5:B82=>9 @0F8>=0;L=>AB8 8 M3>8AB8G5A:>3> A0<>>1<0=0 A2O70=K 4@C3 A 4@C3>< 8 1;03>40@O 8< ;N48 ?@8=8<0NB 2A5 MB8 >1J5:B82=> 3;C?K5 @5H5=8O: G5: 8;8 D>;4 A ;CGH59 @C:>9, @597 A EC4H59, ?@51K20=85 2 83@5, :>B>@CN >=8 =5 1LNB 8 B. 4. 'B>1K B>G=> G8B0BL :0@BK, 2K 4>;6=K ?>=OBL <>B82K 8 C15645=8O 40==>3> 83@>:0.

715309B5 ŤA0<>>1<0=0 @07;8G=>AB8ť

K <>65B5 2>7@078BL, GB> 83@>:8 2 4@C38E 83@0E 4>?CA:0NB B5 8;8 8=K5 >H81:8, 0 83@>:8 2 20H8E 83@0E B09B>255, ;C7>255, 1>;55 74@02><KA;OI55, ;CGH5 G8B0NB :0@BK, 1>;55 >1<0=G82K, GB> C3>4=>. 5 25@LB5 MB><C   MB> ŤA0<>>1<0= @07;8G=>AB8ť.

064K9 E>G5B 25@8BL, GB> <K G5<-B> >B;8G05<AO, GB> ;N48 <>3CB 45;0BL B> 8;8 MB> =0 <5;:8E AB02:0E, 8;8 2 4@C3>< :078=>, 8;8 2 0A-530A5, Ť=> 2 =0H59 83@5& ť 4=0:> <K 2A5 =0E>48<AO 2 ?>4G8=5=88 B5E 65 <>B82>2, AB@0E>2 8 3;C?>AB59.  20H59 83@5 MB8 A;01>AB8 <>3CB 1KBL <5=55 >G5284=K<8, 8;8 >=8 <>3CB ?>-4@C3><C 2K@060BLAO, => 2A5 <K ;N48 8 =0< A2>9AB25==K 2A5 MB8 A;01>AB8.

A;8 2K A><=5205B5AL 2 MB><, ?>4C<09B5 > 1>30BKE, 2K40NI8EAO ;N4OE, :>B>@K5 4>?CA:0;8 G@572KG09=> 3;C?K5 ?>ABC?:8. A;8 8;; ;8=B>= <>3 @8A:>20BL A2>8< ?@57845=BAB2>< @048 =51>;LH>3> :>;8G5AB20 A5:A0, 0 09: 8;:5= <>3 @07@CH8BL A2>N :0@L5@C, :>340 ?>HQ; =0 2>@>2AB2>, O2;OOAL <8;;8>=5@><, B> 2K, O 8;8 ;N1>9 4@C3>9 G5;>25: <>65B A>25@H0BL 3;C?K5 ?>ABC?:8.

!45@68209B5 A>1AB25==K5 ?>@K2K

"@8 G5;>25:0, :>B>@KE <CG05B 60640, A<>B@OB =0 1>:0; 4>@>3>3> 28=0.

5AA8<8AB 60;C5BAO: Ť= =0?>;>28=C ?CAB>9ť.

?B8<8AB @04C5BAO: Ť= =0?>;>28=C ?>;=K9ť.

K83@K20NI89 ?>:5@=K9 83@>: =52>7<CB8<> 3>2>@8B: Ť7<5@LB5 53>. / E>GC B>G=> 7=0BL, A:>;L:> 28=0 2 1>:0;5ť.

>B GB> 20< =C6=> 45;0BL, GB>1K C<5BL E>@>H> G8B0BL :0@BK. B;>68B5 A2>8 5AB5AB25==K5 ?>@K2K 8 >1J5:B82=> 273;O=8B5 =0 D0:BK. "09B>2>-?0AA82=K5 83@>:8 A;8H:>< ?5AA8<8AB8G=K; >=8 B0: 1>OBAO ?@>83@0BL, GB> 8ICB ?@8G8=K 4;O >AB>@>6=>AB8. 8GB> >1 MB>< =5 3>2>@8B, => <>65B 1KBL, ?@>AB> <>65B 1KBL, GB> C 4@C3>3> 83@>:0 AB0@H89 DC;;-E0CA, ?>MB><C >=8 >B25G0NB B>;L:> :>;;>< A <;04H8< DC;;-E0CA>< 8 =54>18@0NB 45=53.

C7>2>-03@5AA82=K5 83@>:8 A;8H:>< >?B8<8AB8G=K; >=8 8ICB >?@0240=8O, GB>1K AK3@0BL 0:B82=>. !0<0O B09B>20O ŤA:0;0ť 2 3>@>45 A45;0; @597, => 24@C3 MB>B 83@>: @5H8; >B;>68BL A2>8 687=5==K5 ?@82KG:8 8 A45;0; =5>1>A=>20==K9 @597? >MB><C >=8 @5@597OB, => ?>;CG0NB :5? 8 ?@>83@K20NB.

>=B@>;8@C9B5 A2>8 ?>@K2K   20H8 AB@0E8 8 =04564K   8 A?@>A8B5 A51O: Ť :0:>9 2>7<>6=>9 @C:5 A>?5@=8:0 3>2>@OB D0:BK?ť

 0728209B5 MB> C<5=85, :>340 2K =5 83@05B5

>340 20H8 45=L38 =0 :>=C 8 20< =C6=> ?@8=OBL =5<54;5==>5 @5H5=85, 2K =5 <>65B5 G8B0BL :0@BK B0: 65 E>@>H>, :0: 5A;8 1K 2K ?@>AB> =01;N40;8. >MB><C 20< =C6=> @01>B0BL =04 MB8< =02K:><, :>340 2K =5 CG0AB2C5B5 2 @0740G5 8/8;8 =5 83@05B5. -B> 2@5<O B0:65 =C6=> ?>B@0B8BL =0 B>, GB>1K @0728BL 4@C3>5 ?@>AB>5, => 206=>5 C<5=85   ?>4AG8BK20BL @07<5@ 10=:0. A5 E>@>H85 83@>:8 45;0NB MB> 02B><0B8G5A:8, => B@C4=> @0728BL ?@028;L=K5 ?@82KG:8 2> 2@5<O 83@K. @0:B8:C9B5AL, :>340 2K =5 83@05B5.

> 2@5<O 83@K 5ABL 4>AB0B>G=>5 :>;8G5AB2> Ť<5@B2>3> 2@5<5=8ť. K A1@>A8;8, 8;8 @0740G0 70:>=G8;0AL, 8 48;5@ A=>20 @0740QB :0@BK. >;LH8=AB2> ;N459 B5@ONB MB> 2@5<O, => 2K83@K20NI85 83@>:8 ?@>4>;60NB @01>B0BL. =8 A<>B@OB 70 459AB285<, ?KB0OAL ?>=OBL, :0: 83@0NB A>?5@=8:8. 564C @0740G0<8 >=8 ?@>:@CG820NB 2A5 459AB28O 8 45;0NB 70<5B:8 2 C<5. Ť">< =5 1C45B @5978BL, B>;L:> 5A;8 >= =5&  '0@;8 =5<=>3> 2 B8;LB5. !LN :>;;8@C5B A& ť 5 4C<09B5 >1 MB><, :0: > @01>B5 8;8 =5 ?KB09B5AL 45;0BL MB> 2 :064>9 @0740G5.  0AA<0B@8209B5 MB> :0: >48= 87 A?>A>1>2 871028BLAO >B A:C:8. K <>65B5 B0: CAB0BL A1@0AK20BL :0@BK, GB> =0G=5B5 83@0BL A> A;01K<8 @C:0<8 8;8 1C45B5 ?KB0BLAO GB>-B> ?>9<0BL A <0@38=0;L=K<8.  01>B0O =04 GB5=85< @C: ?>A;5 B>3>, :0: 2K A1@>A8B5, 2K 871028B5AL >B A:C:8, 83@0 AB0=5B 8=B5@5A=55, 8 MB>, :>=5G=>, 1C45B A?>A>1AB2>20BL @0728B8N 20H53> C<5=8O.

"0:65 MB> ?><>65B 20< 2845BL 25I8, > :>B>@KE 2K @0=LH5 4065 =5 704C<K20;8AL. >GB8 :064K9 87 =0A ?>E>6 =0 7@8B5;O 2 0<5@8:0=A:>< DCB1>;5   >=8 ?@>AB> A<>B@OB 70 <OG>< 8 =5 70<5G0NB <=>65AB2> 206=KE 25I59. > B5;5287>@C ?>2B>@K ?>:07K20NB MB8 25I8, => =0 AB048>=5 <K 8E =5 70<5G05<.

 ?>:5@5 =5B ?>2B>@>2, => 5A;8 2K 1C45B5 @01>B0BL =04 MB8<, 2K 1C45B5 70<5G0BL <=>65AB2> 25I59, :>B>@KE =5 2845;8 2> 2@5<O 83@K.  MB> 2@5<O 2K A;8H:>< 70=OBK A2>8<8 :0@B0<8 8 AB02:0<8, GB>1K 70<5B8BL, GB> 8;; :0:-B> >A>1> 45@68B A2>8 :0@BK, :>340 =0<5@5205BAO A1@>A8BL 8E, 8 ?>-4@C3><C, :>340 E>G5B ?>AB028BL. !LN78 ?@8AB0;L=> A<>B@8B =0 B>3> :B> AB028B, :>340 C =5Q A;010O @C:0, => =5 A<>B@8B A A8;L=>9. ">< >1<0=G82> 2K@0605B @07>G0@>20=85, :>340 5<C 70E>48B E>@>H0O :0@B0 8 2K3;O48B 4>2>;L=K<, :>340 5<C =8G53> =5 ?@8E>48B. -B8 25I8 A;CG0NBAO ?@O<> ?5@54 20<8, => <=>385 87 =8E 2K =5 70<5B8B5 2> 2@5<O 83@K.

CGH89 A?>A>1 C;CGH8BL A2>9 =02K: GB5=8O @C:   MB> ?>;=>ABLN A:>=F5=B@8@>20BLAO =0 =Q<. > 0=0;>388 A 3>;LD><, 5A;8 C 20A A;01K9 :8AB52>9 C40@, =5 83@09B5 18 ;C=>:; 2<5AB> MB>3> A45;09B5 50 :8AB52KE C40@>2 8 >1AC48B5 8E A B@5=5@><.

01;N409B5 70 83@>9 A> AB>@>=K 8;8 AO4LB5 ?>7048 4@C30 8 ?KB09B5AL G8B0BL :0@BK 2A5E 83@>:>2. 5;09B5 70<5B:8. >340 20< ?@54AB028BAO 2>7<>6=>ABL, B8E> >1AC48B5 2K1@0==K5 @C:8. -B> 1C45B ?>;57=> 20< >1>8<. 065 5A;8 >= G8B05B :0@BK ;CGH5 20A, 20H0 @>;L =01;N40B5;O ?><>65B 20< C2845BL 8 ?>=OBL 25I8 :>B>@KE, >= =5 70<5B8B 8;8 :>B>@K5 =5?@028;L=> ?>9<5B.

A;8 2K 1C45B5 70=8<0BLAO MB8< =5A:>;L:> <8=CB 2 =545;N, 2K A<>65B5 A8;L=55 @0728BL A2>5 C<5=85 G8B0BL :0@BK, G5< 70 <=>385 G0AK 83@K. A;8 2K 2 MB>< A><=5205B5AL, ?@>AB> ?>A<>B@8B5 A59G0A =0 A2>9 C@>25=L MB>3> =02K:0. K =5 G8B0;8 1K MBC :=83C, 5A;8 1K;8 1K 4>2>;L=K 8<, => 2K AK3@0;8 C65 BKAOG8 G0A>2. A;8 ?>AB>O==> ?@>1>20BL B> 65 A0<>5, MB> 45;C =5 ?><>65B, ?>MB><C ?>?@>1C9B5 GB>-B> =>2>5.

K@0609B5 A;>20<8 A2>8 @07<KH;5=8O

-B0 D>@<0 2848<>3> <KH;5=8O C?><8=0;0AL @0=55, => >A>15==> >=0 ?>;57=0 4;O GB5=8O :0@B. KB09B5AL B>G=> ?>=OBL, :0:85 @C:8 <>3CB 1KBL C A>?5@=8:>2 8 AD>@<C;8@C9B5 A2>8 <KA;8, 2:;NG0O <KA;8 > AB8;5 :064>3> 83@>:0. A;8 2K 4>?CAB8B5 >H81:C, ?>9<8B5, 345 2K 1K;8 =5?@02K, GB>1K 2 A;54CNI89 @07 8<5BL MB> 2 284C. 0209B5 273;O=5< =0 ?0@C ?@8<5@>2.

@8<5@ !1:  E>;45<5 =0 B5@=5 ?>O2;O5BAO B@5BLO G5@20.

A.	0BB>= >G5=L ;C7>2>-03@5AA82=K9. K =0E>48B5AL =0 1>;LH>< 1;09=45 8 ?>AB028;8 =0 D;>?5 A 4-D;0H5< >B 40<K. K;> 420 :>;;5@0 4> 10BB>=0, 8 >= =5 A45;0; @597. "@5BLO G5@20 405B 20< D;0H, 2K AB028B5, >48= 83@>: :>;;8@C5B, 0 10BB>= @5978B. 0: 20< 83@0BL?

 5@597! 0H5 A;>25A=>5 2K@065=85 MB>3> 4>;6=> 1KBL ?@8<5@=> B0:8<: Ť284C B>3> GB> >= >G5=L ;C7>2>-03@5AA82=K9 83@>:, >= <>3 A45;0BL @597 5I5 =0 D;>?5, 5A;8 1K C =53> 1K; 4-D;0H >B BC70 8;8 :>@>;O. >MB><C A;54C5B ?>;030BL, GB> C =53> =5B D;0H0 AB0@H5 <>53> 8 C <5=O A59G0A ;CGH0O @C:0ť.

B.	0BB>= >G5=L B09B>2>-?0AA82=K9. K;> B@8 ;8<?5@0, 8 2K ?@>AB> A45;0;8 G5: =0 1>;LH>< 1;09=45 A 42C<O GQ@=K<8 20;5B0<8. $;>?

 T c&6  5

K AB028B5, =8:B> =5 >B25G05B, 0 10BB>= @5978B. K >B25G05B5, => =5 @5@5978B5, B0: :0: <0;>25@>OB=>, GB> >G5=L B09B>2>-?0AA82=K9 83@>: 1C45B @5978BL A @C:>9, ?@>B82 :>B>@>9 2K 2?5@548, :@><5 :0: A " 8;8 " . "5@=

 J

405B 20< AB0@H89 A5B, => A 2>7<>6=>ABLN D;0H0 C ?@>B82=8:0. 0: 20< 83@0BL?

09B5 15B. 0H5 A;>25A=>5 2K@065=85 MB>3> 4>;6=> 1KBL ?@8<5@=> B0:8<: Ť"0: :0: >= B09B>2>-?0AA82=K9 83@>:, >= =5 AB0; 1K @5978BL A ?@8:C?=>9 @C:>9, >A>15==> >48= =0 >48=. >MB><C C =53> =5 <>65B 1KBL D;0H0.  284C B>3>, GB> >= =0AB>;L:> B09B>2>-?0AA82=K9, O =5 <>3C AK3@0BL G5:-@597, ?>B><C GB> ?>A;5 <>53> G5:0 >= A:>@55 2A53> B>65 A:065B G5:ť.

0<5BLB5, GB> >10 MB8E @5H5=8O =C640NBAO 2 7=0=88 AB8;O 83@>:0. 0< =C6=> 1KBL C25@5==K<, GB> C ;C7>2>-03@5AA82=>3> 83@>:0 =5B AB0@H53> D;0H0, B0: :0: >= 1K @5978; 2 :0G5AB25 ?>;C1;5D0, 8 B0:65 =C6=> 1KBL C25@5==K< 2 B><, GB> C B09B>2>-?0AA82=>3> 83@>:0 =5B D;0H0, B0: :0: >= =5 @5978; 1K A ?@8:C?=>9 @C:>9 (2>7<>6=>, 70 8A:;NG5=85< G53>-B> B8?0  8 7).

>65B5 ;8 2K 1KBL C25@5==K< 2 MB><? >=5G=> =5B. =>340 ;N48 <>3CB ?>ABC?8BL 8=0G5, 8;8 2K <>3;8 =5?@028;L=> ?>=OBL AB8;L 83@>:0. > GB>1K @072820BLAO 8 2K83@K20BL 45=L38, 20< =C6=> 8<5BL 4>AB0B>G=> C25@5==>AB8 2 A2>8E AC645=8OE.

@8<5@ !2: 3@0BL ;8 G5:-@597? 2>5 83@>:>2 2>H;8 ;8<?><, 70B5< 10BB>=, ;C7>2>-?0AA82=K9 83@>:, A45;0; @597. K >B25B8;8 =0 1>;LH>< 1;09=45 A

`&T `&9



 07=><0AB=K9 D;>?

c&T  9  5

40; 20< 2KAHCN ?0@C. 0: 20< 83@0BL?

!K3@09B5 G5:-@597. 1JOA=8BL MB> A;54C5B ?@8<5@=> B0:: Ť# 10BB>=0 =5 <>65B 1KBL A5B0, ?>B><C GB> ;C7>2>-?0AA82=K9 83@>: =0 ?@5D;>?5 =5 4020; 1K @597 A :0@<0==K<8 45AOB>:, 452OB>: 8;8 ?OBQ@>:. !:>@55 2A53>, C =53> :@C?=0O ?0@0 8;8 425 2KA>:85 :0@BK B8?0 . A;8 2A5 4> =53> A:06CB G5:, >=, =025@=>5, ?>AB028B. A;8 ?>AB02;N O, >= =5 1C45B @5978BL. # :>;;5@>2 <>65B 1KBL 4K@O2K9 AB@59B, 10=: 1C45B 1>;LH8< C =8E 1C4CB E>@>H85 ?>B5=F80;L=K5 H0=AK, GB> ?>72>;8B 8< 157>H81>G=> :>;;8@>20BL. A;8 10BB>= ?>AB028B 8 O A45;0N @597, >=8 A1@>AOB 4K@O2K5 AB@59BK 8;8 4>?CABOB >H81:C, 2 5A;8 >B25BOB A =8<8ť.

@8<5@ !3: >;; ?@>B82 25@>OB=>3> AB@59B0.  A5<8:0@B>G=>< AB045 ;C7>2>-?0AA82=K9 83@>: A45;0; @597, :>340 ?>;CG8; 40<C =0 ?OB>9 C;8F5, GB> 40;> 5<C

(X  X) c&8  J `&Q

# =53> =5 <>65B 1KBL A5B0 40<, B0: :0: 425 40<K C65 2KH;8. K =0G0;8 A 

( T c&K) `&T

8 ?>AB028;8 =0 ?OB>9 C;8F5, :>340 ?>9<0;8 B@5BLN 45AOB:C.  10=:5 9 1>;LH8E AB02>: 8 1>;LH5 =5B 4@C38E :>;;5@>2. 0: 20< 83@0BL?

B25BLB5 ?@>AB> :>;;><. !;>25A=>5 2K@065=85 MB>3> <>65B 1KBL B0:>5: Ť-B0 40<0 40;0 5<C AB@59B, ?>B><C GB> ;C7>2>-?0AA82=K9 83@>: =5 A45;0; 1K @597 A ?0@>9 40<, => 2 B>65 2@5<O C =53> =5 <>3CB 1KBL B@8 40<K. A;8 O ?>9<0N DC;;-E0CA, MB> B>G=> 1C45B ;CGH0O @C:0. (0=AK : 10=:C 45;0NB <>9 :>;; >?@0240==K< :0: A59G0A, B0: 8 =0 H5AB>9 C;8F5. A;8 O CA8;N A2>N @C:C, >= B>G=> 70?;0B8B. A;8 <=5 =8G53> =5 ?@845B 8 >= ?>AB028B (G53> <>65B 8 =5 ?@>87>9B8), O A1@>HCť.

 MB>< <5B>45 <KH;5=8O =5B =8G53> =>2>3>; 2K :064K9 @07 45;05B5 MB> =0?>;>28=C >A>7=0==>. @>AB> A45;09B5 MB> 1>;55 2848<K< 4;O A51O ?CB5< A;>25A=>3> 2K@065=8O <KA;59 2> 2@5<O 83@K. 0B5<, 5A;8 2K 1C45B5 C482;5=K ?>A;54CNI59 AB02:>9 8;8 :0@B0<8, :>B>@K5 C2848B5 =0 2A:@KB88, <>65B5 ?5@5A<>B@5BL A2>9 0=0;87, ?>=OBL, 345 2K 4>?CAB8;8 >H81:C, GB> ?><>65B 20< 1KBL 1>;55 B>G=K< 2 1C4CI5<.

<59B5 2 284C, GB> 2K =5 <>65B5 640BL A2>53> E>40, GB>1K =0G0BL MB>B ?@>F5AA. A5340 2> 2@5<O 459AB28O 4@C3>3> 83@>:0 2K 4>;6=K 45;0BL 70<5B:C 2 C<5 > B><, :0: >= ?>ABC?8;, 8 : :0:><C 284C 83@>:>2 >= ?@8=04;568B. Ť6> =5 A45;0; 1K @597 2 B>9 ?>78F88 157& ť

K B0:65 4>;6=K 02B><0B8G5A:8 ?>4AG8BK20BL 10=:, 8, :>=5G=>, 20< =C6=> 1C45B 7=0BL, A:>;L:> C 20A 0CB>2. A;8 2K =0G=5B5 >14C<K20BL 83@C 4@C38E ?@>B82=8:>2, 0 B0:65 =0G=5B5 ?>4AG8BK20BL 10=: 8 0CBK :>340 ?>4>94QB 20H0 >G5@54L 459AB2>20BL, C 20A =5 1C45B 2@5<5=8 4;O ?@8=OB8O ?@028;L=>3> @5H5=8O.

Ť@8A;CH8209B5ALť : AB02:0<

-B0 B5E=8:0   4@C3>9 <5B>4 2K@065=8O 20H8E 0=0;8B8G5A:8E <KA;59. >?@>1C9B5 ?>4C<0BL, > G5< Ť3>2>@8Bť AB02:0. =>340 AB02:8 GB>-B> 70O2;ONB, 8 2K A<>65B5 ?>=OBL MB>, 5A;8 2=8<0B5;L=> ?@8A;CH05B5AL : =8<.

0209B5 273;O=5< =0 ?@8<5@. # 20A

(c&A c&Q) c&4 c&8  6 `&J

# 83@>:0 A;520 >B 20A

(X  X)  A  J  T  3

'5@2>2K5 :>@>;L 8 40<0 C65 2KH;8, 8 MB> >7=0G05B, GB> 20H D;0H >B AQ 1K; 1K AB0@H5 53> D;0H0. # B09B>2>-?0AA82=>3> 83@>:0 A?@020 >B 20A

(X  X)  J `&5  K  5

C1=>2K9 BC7 5IQ =5 2KH5;.

0 H5AB>< C;8F5 5<C ?@8H;0 ?0@0 ?OB5@>: 8 2K >10 3>2>@8B5 G5:; 83@>: C :>B>@>3> G5BK@5 >B:@KBK5 :0@BK : D;0HC, AB028B, 3>2>@O: Ť# <5=O D;0H 8;8 4-D;0Hť. K ?>;0305B5, GB> C =53> D;0H, 8 H0=AK : 10=:C ?>72>;ONB 20< >B25G0BL.

K 8 B09B>2>-?0AA82=K9 83@>: >B25G05B5, 3>2>@O: ŤK =5 <>65< ?>18BL D;0H, => <K BO=5< : 1>;55 A8;L=K< :><18=0F8O<ť. (ABL =51>;LH0O 25@>OB=>ABL, GB> 83@>: A >B:@KB>9 ?0@>9 ?OB5@>: 3>2>@8B: Ť/ =5 25@N GB>, C 15BB>@0 D;0Hť)

0 @825@5 2K ?>;CG05B5 <5;:CN B@5DC, GB> 405B 20< D;0H >B AQ. 3@>: A ?0@>9 ?OB5@>: 3>2>@8B G5:, 2K B0:65 3>2>@8B5 G5:, ?;0=8@CO AK3@0BL G5:-@597, B0: :0: 2K 1L5B5 D;0H, :>B>@K9 5ABL C 83@>:0 A;520 >B 20A.

3@>: A G5BK@L<O G5@20<8 AB028B, ?>4:@5?;OO ?@54K4CI85 A;>20: Ť# <5=O D;0H >B AJť.

3@>: A ?0@>9 ?OB5@>: @5978B, CB25@640O: Ť>O @C:0 AB0@H5 B2>53> D;0H0ť.

0: 2K AK3@05B5?

# 20A 5ABL 548=AB25==> 25@=>5 @5H5=85   D>;4! G5=L A;>6=> A1@>A8BL D;0H >B AQ, => B>@3>2;O 3>2>@8B > B><, GB> 2K ?>7048. A?><=8B5   @5975@ B09B>2>-?0AA82=K9 83@>:. = =5 AB0; 1K @5978BL A ;N1>9 87 @C:, :>B>@K5 =5 <>3CB ?>18BL D;0H >B AJ. # =53> @C:0 AB0@H5 20H59.

CGH89 A?>A>1 ?>=OBL 7=0G5=85 AB02:8   <KA;5==> ?@>87=5AB8 53>. 5 A848B5 A;>60 @C:8. !?@>A8B5 A51O: Ť G5< 3>2>@8B MB0 AB02:0?ť 0B5< >B25BLB5 =0 A2>9 2>?@>A 8 ?@>3>2>@8B5 >B25B. @028;L=> ;8 >= 72CG8B? A;8 =5B, A?@>A8B5 A51O, ?>G5<C 2K =5 25@8B5 MB><C. >7<>6=>, 2K ?>72>;O5B5 A2>8< =045640< 8;8 AB@0E0< 2;8OBL =0 20H8 @07<KH;5=8O.

!5@L57=> >1AC6409B5 ?>:5@, :>340 2K =5 83@05B5

0< 2A5< =C6=> 640BL, GB>1K A5ABL 70 AB>;, => <K =5 8A?>;L7C5< MB> 2@5<O, GB>1K @072820BL A2>8 =02K:8. A;8 <K 3>2>@8< > :>=:@5B=KE @0740G0E, B> >1KG=> ?@> 15418BK. / =8 @07C =8G53> ?>;57=>3> =5 872;5: 87 8AB>@89 ?@> 15418BK, :@><5 B>3>, :0: <>6=> 2K83@0BL C 83@>:0, :>B>@K9 5Q @0AA:07K205B.

> 20< 1>;LH5 =@028BAO 83@0, 8 2K 1C45B5 83@0BL ;CGH5, 5A;8 8=>340 1C45B5 A5@L57=> >1AC640BL 55. A;8 >3;O=QB5AL, 2K, :>=5G=>, A<>65B5 =09B8 =5A:>;L:8E G5;>25:, :>B>@K5 3>2>@OB >1 >B45;L=KE @0740G0E 8 AB@0B538OE, ?>:0 2K 645B5 >G5@548 A5ABL 70 AB>; 8;8 ?>:0 2K >15405B5. K18@09B5 E>@>H8E 83@>:>2, 8 =0G8=09B5 @073>2>@ B0:, GB>1K >= ?@82;5: 8E 2=8<0=85. 0?@8<5@, 2K <>65B5 A:070BL: Ť5402=> O CG0AB2>20; 2 >4=>9 @0740G5, => O =5 C25@5=, GB> AK3@0; ?@028;L=>& ť 8;8 Ť/ 2845;, :0: 2K @07K3@0;8 4-D;0H, 8 O A?@0H820; A51O, ?>G5<C 2K& ť.

G5=L <=>38< =@028BAO :@8B8:>20BL, G8B0BL ;5:F88 8 4020BL A>25BK, 8 B0: 2K <>65B5 =0G0BL F5==K9 4;O 20A @073>2>@.  A;54CNI89 @07, :>340 2K 1C45B 640BL 83@K 8;8 C2848B5 E>@>H53> 83@>:0 2 :0D5, ?>?@>1C9B5 >1AC48BL ?0@C =5402=8E @>7K3@KH59. K <>65B5 1KBL ?@8OB=> C482;5=K.

ABL D>@C<K 2 8=B5@=5B5. / >A>15==> @5:><5=4CN D>@C< 8740B5;LAB20 Two Plus Two Publishing (www.twoplustwo.com), ?>B><C GB> M284 !:;0=A:8, 59A>= 0;L<CB 8  59 8 G0AB> ?8HCB B0<. =>3> 2=8<0=8O C45;O5BAO AB@0B5388, A09B E>@>H> >@30=87>20=. 

K B0:65 <>65B5 709B8 =0 rec.gambling.poker, www.pokercentral.com 8 www.universe.digex.net. "5<0B8:0 MB8E @5AC@A>2 H8@5, => >=8 A;01> >@30=87>20=K. -B8 D>@C<K <>3CB 40BL 20< <=>3> =>2KE 8459, B0:65 2K ?>;CG8B5 >B:;8:8 > A2>8E <KA;OE 8 > A2>59 83@5. >?@>1C9B5 ?>A5B8BL 8E E>BL @07.

0 @CAA:>< O7K:5 =081>;55 8=D>@<0B82=K< @5AC@A>< O2;O5BAO A09B pokermoscow.ru.  ;>38 8 AB0BL8 ?@>D5AA8>=0;L=KE 83@>:>2, 2>7<>6=>ABL ?>;CG8BL >B =8E >B25BK =0 A2>8 2>?@>AK, A25685 ?5@52>4K ;CGH8E AB0B59 ?> ?>:5@C.



>=8<0=85 B5;>42865=89

5:>B>@K5 2K40NI85AO 83@>:8 2;045NB =5>1JOA=8<K< C<5=85< ?>=8<0=8O B5;>42865=89. "0: :0: =8 C <5=O, =8 C 20A =5B B0:>3> 40@0, =0< =C6=0 A8AB5<0, 8 :=830 09:0 0@> ŤThe Body Language of Pokerť ?><>65B =0< 2 MB><.  =59 02B>@ >1JOA=O5B, :0: @07;8G=K5 B5;>42865=8O 83@>:0 <>3CB A2845B5;LAB2>20BL > 53> <KA;OE 8 <>B820E. C?8B5 8 87CG8B5 MBC :=83C. =0 >G5=L A:>@> A0<0 A51O >:C?8B.

09: 0@> @0A?>7=05B 459AB28O, :>B>@K5 <>3CB 3>2>@8BL > B><, GB> :B>-B> 1;5DC5B, 8;8 GB> C :>3>-B> A8;L=0O @C:0 8 B.4. 4=0:> =5:>B>@K5 B5;>42865=8O   Ť?@>AB> A8;L=K5 7=0:8, :>B>@K5 20< =C6=> 8A?>;L7>20BL =0@O4C A 4@C38<8 D0:B>@0<8, GB>1K ?@8=OBL @5H5=85ť. K =5 4>;6=K A;54>20BL >1I8< ?@8=F8?0<, 0 @0AA<0B@820BL :064>3> 83@>:0 :0: >B45;L=CN ;8G=>ABL. 'B> >7=0G05B, :>340 MB>B 83@>: C1548B5;L=> 45;05B AB02:C 8;8 A<>B@8B 20< ?@O<> 2 3;070?

-B>B <><5=B >A>15==> 25@5= 4;O B5E 83@>:>2, :>B>@K5 ?@>G8B0;8 :=83C 0@> (MB> 1>;LH8=AB2> A8;L=KE 83@>:>2). =8 7=0NB, GB> E>BOB 8 >=8 <>3CB ?@54=0<5@5==> ?>AK;0BL 20< ;>6=K5 A83=0;K.

7CG8B5 MBC :=83C, => 273;O=8B5 40;LH5 >1I8E ?@8=F8?>2 8 70?><8=09B5 :064K9 >B45;L=K9 7=0:, ?>B><C GB> >=8 ?>GB8 =0 100% 4>AB>25@=K. 0?@8<5@, =5:>B>@K5 83@>:8 2A5340 1;5DCNB, C25@5==> :840O A2>8 D8H:8, B>340 :0: 4@C385 2A5340 1;5DCNB, AB02O D8H:8 0::C@0B=> 8 <O3:>. A;8 2K 70<5B8B5 :0:>9-B> 7=0:, => =5 70?><=8B5 53>, 2K <>65B5 701KBL ?KB0BLAO C2845BL 53> 2 1C4CI5<. >MB><C 45;09B5 ?><5B:8.

#;02;820=85 A83=0;>2

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

0?@8<5@, <=>385 83@>:8 45@60B A2>8 :0@BK 8;8 AB02OB 8E =0 AB>; B0:, GB> AB0=>28BAO ?>=OB=>, GB> >=8 =0<5@520NBAO A1@>A8BL 8E, 5A;8 2K ?>AB028B5 8;8 A45;05B5 @597. -B8 A83=0;K @0A?@>AB@0=5=K 8 >A>15==> 70<5B=K =0 ?@5D;>?5 2 E>;45<5 8;8 =0 B@5BL59 C;8F5 2 A5<8:0@B>G=>< AB045, ?>B><C GB> 83@>:>2 =5 701>B8B 8E @C:0 2 MB>B <><5=B. =8 :>A25==> ?@83;0H0NB 20A 1;5D>20BL 8;8 C:@0ABL 8E 1;09=4K 8;8 0=B5, 8 1K;> 1K >A:>@18B5;L=K< >B25@30BL B0:>9 ?>40@>:.

-B8 A83=0;K B0:65 <>3CB ?><>GL 20< C;CGH8BL 20HC ŤD0:B8G5A:CN ?>78F8Nť. >A;5 20A 5I5 <>3CB 1KBL B@8 83@>:0, => 2K <>65B5 70<5B8BL, GB> 42>5 87 =8E A>18@0NBAO A1@>A8BL :0@BK. "5?5@L 20H0 ŤD0:B8G5A:0O ?>78F8Oť ;CGH5, GB> ?>72>;8B 20< ?>AB028BL, :>340 2K A>18@0;8AL A45;0BL G5:, 8 A45;0BL @597, :>340 2K A>18@0;8AL :>;;8@>20BL.

@C385 83@>:8 ?>:07K20NB =0?@O65=85, B@>30O 8;8 4065 15@O 2 @C:8 A2>8 D8H:8, 5A;8 >=8 A>18@0NBAO AB028BL, 0 =5:>B>@K5 1>;20=K 4065 15@CB B>G=>5 G8A;> D8H5: 4;O @5970. "0: :0: 1>;LH8=AB2> 83@>:>2 AB02OB ?@02>9 @C:>9, 2K =5 <>65B5 2845BL D8H5:, => 2K <>65B5 2845BL 42865=85 : =8<. A;8 2K 2848B5 B0:>9 25@=K9 A83=0;, 2K <>65B5 C25@5==> @07K3@K20BL 70<54;5==> A8;L=CN @C:C 8;8 A1@0AK20BL <0@38=0;L=CN.

5:>B>@K5 83@>:8 15@CB D8H:8, :>340 =0<5@520NBAO >B25B8BL. @C385 ?>ABC?0NB B0: 65, :>340 E>BOB A1@>A8BL, ?>B><C GB> >=8 =045NBAO, GB> MB> ?><>65B ?@54>B2@0B8BL 20HC AB02:C. 0< =C6=> B>G=> 7=0BL, GB> >7=0G05B :064K9 A83=0; 4;O :064>3> >B45;L=> 27OB>3> 83@>:0, 8 20< =5 C40ABAO MB>3> ?>=OBL, 5A;8 2K =5 1C45B5 C45;OBL MB><C 4>;6=>3> 2=8<0=8O.

@><54;8B5 8 ?>A<>B@8B5 =0;52>

-B8 G5BK@5 A;>20 A?>A>1=K C;CGH8BL 20HC 83@C 1>;LH5, G5< ;N1K5 4@C385 A;>20, :>B>@K5 2K :>340-;81> G8B0;8. A;8 2K ?@>AB> ?@><54;8B5, GB>1K =5<=>3> ?>4C<0BL, 2K B>G=> C;CGH8B5 A2>8 @5H5=8O. -B0 :>@>B:0O ?0C70 40AB 20< 2>7<>6=>ABL A?@>A8BL A51O: Ť>G5<C >=8 A:070;8 G5:, 40;8 15B 8;8 A45;0;8 GB>-B> 5I5? 0: <=5 A;54C5B AK3@0BL?ť A;8 2K A><=5205B5AL 2 F5==>AB8 MB>9 ?0C7K, ?@>AB> 2A?><=8B5 A;CG08, :>340 2K 1KAB@> ?@8=O;8 @5H5=85, 0 ?>B>< =54>C<520;8, 70G5< B0: AK3@0;8.

A;8 2K 2>7L<5B5 70 ?@82KG:C A<>B@5BL =0;52>, ?5@54 B5< :0: ?@8=OBL @5H5=85, 2K G0AB> 1C45B5 70<5G0BL A83=0;K >B 83@>:>2. # 1>;55 E>@>H8E 83@>:>2 >=8 =5 B0:85 >G5284=K5, => 4065 >=8 8=>340 8E 40NB. E A83=0;K >1KG=> 5420 @07;8G8<K, => 5A;8 2K 1C45B5 =01;N40BL 70 =8<8 ?>GB8 2 :064>9 83@5, 2K 1C45B5 C482;5=K B5<, :0: G0AB> >=8 40NB 8E, 0 B0:65 B5<, A:>;L:> ;N459 8E =5 70<5G0NB.

4=0:> =5 45;09B5 A;8H:>< 4>;3CN ?0C7C. KAB@K9 273;O4 40AB 20< 90% 8=D>@<0F88, :>B>@>9 2K A<>65B5 ?>;CG8BL >B 4>;3>3> ?@>A<>B@0. A;8 2K 1C45B5 45;0BL A;8H:>< 70BO6=CN ?0C7C, GB>1K 70AB028BL ;N459 ?>:070BL 8E 459AB28O 2=5 >G5@548, MB> 1C45B 70<54;OBL 83@C, @074@060BL 83@>:>2 8 MB> <>65B 70AB028BL ;N459 =0G0BL 2>A?@8=8<0BL 83@C 2A5@L57 (C =8E <>65B ?@>?0ABL =0AB@>5=85 83@0BL 070@B=>); B0:65 >=8 <>3CB ?>=OBL, GB> 70 =8<8 ŤH?8>=OBť.



#G8BK209B5 <=>385 2>7<>6=>AB8

 0A?@>AB@0=5==>9 >H81:>9 O2;O5BAO B>, GB> ;N48 =0G8=0NB 45;0BL 2K2>4K, 83=>@8@CO ;N1K5 ?@>B82>?>;>6=K5 A2845B5;LAB20. @0:B8G5A:8 2A5 MB> 45;0NB, 8 =5 B>;L:> :>340 83@0NB 2 ?>:5@. -B> ?@>AB> ?@8@>4=0O G5;>25G5A:0O A;01>ABL. 0?@8<5@, CG5=K5 >1=0@C68;8, GB> ?A8E80B@K >G5=L 1KAB@> <>3CB ?>AB028BL 4803=>7 <0=80:0;L=>-45?@5AA82=>3> ?A8E>70, 0 70B5< ?@5=51@530BL ;N1K<8 >?@>25@65=8O<8 MB>3> 4803=>70.

A;8 ?A8E80B@K, :>B>@K5 4>;6=K 7=0BL MB> ;CGH5 4@C38E, 4>?CA:0NB B0:CN >H81:C, B> <>6=> >6840BL MB>3> 8 >B ;N1>3> 4@C3>3> G5;>25:0. / 45;0; MB> =5>4=>:@0B=>. / ?>;030;, GB> C :>3>-B> 4-D;0H, 0 70B5< ?@5=51@530; 4@C38<8 2>7<>6=>ABO<8 8;8 4065 83=>@8@>20; 8E. "0:>9 ?>4E>4 AB>8; <=5 :CGC 45=53.

-B0 B5=45=F8O >A>15==> 206=0 ?@8 GB5=88 @C:. >B GB> =0?8A0; ?> MB><C ?>2>4C M284 !:;0=A:8 2 A2>59 :=835 ŤHold em Pokerť: Ť5 70F8:;8209B5AL =0 A2>5< AC645=88, :>340 ?KB05B5AL ?@>G8B0BL @C:C A>?5@=8:0. / 7=0N <=>38E 83@>:>2, :>B>@K5 ?>;030NB, GB> C 8E A>?5@=8:0 :0:0O-B> :>=:@5B=0O @C:0 8 83@0NB 40;LH5 4C<0O, GB> C =53> 8<5==> B0 @C:0, > :>B>@>9 >=8 ?5@2>=0G0;L=> ?>4C<0;8. @8 MB>< GB5=85 @C: 70E>48B A;8H:>< 40;5:>&  <5AB> MB>3> 2K 4>;6=K ?@54?>;030BL =5A:>;L:> 2>7<>6=KE @C: A>?5@=8:0 8 CG8BK20BL 25@>OB=>ABL :064>9 87 =8Eť.

A>15==>AB8 2K?>;=5=8O B0:8E @0AAC645=89 70B@>=CBK 2 @5:><5=4>20==>9 ;8B5@0BC@5. !59G0A O ?@>AB> ?KB0NAL >1JOA=8BL 20<, :0: ;53:> ?>?0ABLAO 2 MBC ;>2CH:C. 5 2 ?@82KG=>< ?>@O4:5 25I59 CG8BK20BL <=>65AB2> 25@>OB=>AB59. 0<=>3> 5AB5AB25==55 ?@54?>;>68BL, GB> C :>3>-B> :0:0O-B> :>=:@5B=0O @C:0, 8 ?>B>< Ť8<5BL <C65AB2> ?>25@8BL A2>5<C C15645=8Nť. > 5A;8 2K E>B8B5 =0CG8BLAO E>@>H> G8B0BL :0@BK, 2K 4>;6=K ?>AB>O==> 1>@>BLAO A MB8< 5AB5AB25==K<, => ?03C1=K< <5B>4>< <KH;5=8O.







K1>@ ?@028;L=KE 83@

45 2K 83@05B5, ?>GB8 B0:65 206=> :0: 8 B>, =0A:>;L:> E>@>H> 2K 83@05B5. 5:>B>@K5 A@54=85 83@>:8 ?>A;54>20B5;L=> 2K83@K20NB, 83@0O A 1>;55 A;01K<8 83@>:0<8, B>340 :0: <=>385 >B;8G=K5 83@>:8 G0AB> B5@?OB :@0E, ?>A:>;L:C 1@>A0NB 2K7>2 5I5 1>;55 A8;L=K< 83@>:0< 8;8 83@0NB =5 2 B5 284K 83@.

>B GB> 3>2>@8B 59A>= 0;L<CB 2 A2>59 :=835 ŤPoker Essaysť: Ť0: B>;L:> 2K 4>AB83;8 >?@545;5==>3> C@>2=O 7=0=89 2 ?>:5@5, A;54CNI59 ABC?5=LN 4;O 20A O2;O5BAO 2K1>@ 83@ť.

$0:B8G5A:8 2A5 2K83@K20NI85 (=> =5 ?@>83@K20NI85) 83@>:8 ?>=8<0NB 8 ?>;L7CNBAO MB8< ?@8=F8?><. %>@>H85 83@>:8 45;0NB BI0B5;L=K9 8 >14C<0==K9 2K1>@, B>340 :0: ?;>E85 83@>:8 ?@>AB> A;54CNB A2>8< ?>@K20<. 5A:>;L:> >1I8E ?@8=F8?>2 <>3CB C;CGH8BL 20H 2K1>@.

>AB02LB5 GQB:85 F5;8

 =0G0;5 >?@545;8B5AL, GB> 2K 1C45B5 45;0BL. >340 >= AD>@<C;8@>20=, MB>B ?@8=F8? :065BAO >G5284=K<, => <=>385 53> 83=>@8@CNB. = O2;O5BAO A;54AB285< 1>;55 =0G0;L=>3> ?@8=F8?0   ?>G5<C 2K 83@05B5 2 ?>:5@.

3@0, :>B>@0O 1C45B C4>2;5B2>@OBL >4=C F5;L, G0AB> <>65B <5H0BL 4@C3>9. 0?@8<5@, 5A;8 2K E>B8B5 2K83@0BL :0: <>6=> 1>;LH5 45=53, 2K 4>;6=K 2K1@0BL =5 BC 83@C, :>B>@0O 405B 20< 1>;LHCN 2>7<>6=>ABL ?>A>@52=>20BLAO, >B4>E=CBL, 8;8 2 :>B>@>9 83@0NB A0<K5 ?@8OB=K5 83@>:8.

>:5@=K5 02B>@K >1KG=> 83=>@8@CNB MBC B5<C, B0: :0: >=8 ?@54?>;030NB, GB> 20H0 548=AB25==0O F5;L   MB> 2K83@0BL :0: <>6=> 1>;LH5 45=53. A;8 C 20A 5ABL 8 4@C385 F5;8, 8<59B5 MB> 2 284C ?@8 2K1>@5 83@K.

#G8BK209B5 <=>385 D0:B>@K

%>BO 4@C385 <>B82K, ?><8<> 45=56=>3>, 83=>@8@CNBAO 8;8 ?@5C<5=LH0NBAO ?>:5@=K<8 ?@>D5AA8>=0;0<8, 2 :=830E A5@88 ŤPoker Essaysť 59A>=0 0;L<CB0 8 2 :=835 ŤHold 'em Poker for Advanced Players: 21st Century Editionť 59A>=0 0;L<CB0 8 M2840 !:;0=A:8 ?@82545=K 70<5G0B5;L=K5 A>25BK ?> 2K1>@C 83@, 8 >=8 >?8AK20NB B>, :0: 2K 4>;6=K ?@8A?>A01;820BLAO :> 2A5< A;54CNI8< D0:B>@0<:

" 	84 83@K: A5<8:0@B>G=K9 AB04, E>;45<, ><0E0 8;8 4@C385.

" 	8<8BK AB02>: 8 8E >B=>H5=85 : 20H5<C 10=:@>;;C.

" 	!2O7L <564C 0=B5/1;09=40<8 8 ;8<8B0<8 AB02>:.

" 	"8?K 83@>:>2: ;C7>2K5, B09B>2K5, ?0AA82=K5 8 03@5AA82=K5.

" 	>;8G5AB2> 83@>:>2: :>@>B:85 AB>;K 8;8 4;8==K5.

" 	02K:8 4@C38E 83@>:>2.

4=0:> 2 284C B>3>, GB> 02B>@K A;8H:>< <=>3> 7=0G5=8O C45;ONB 45=56=><C, 0 =5 4@C38< <>B820<, >=8, :0: ?@028;>, =5 :0A0;8AL B5<K, :>B>@0O 4>;6=0 1KBL >4=>9 87 ?5@2KE 2 MB>< A?8A:5   20HC Ť:><D>@B=CN 7>=Cť. A;8 4;O 20A 206=K< O2;O5BAO C4>2>;LAB285 >B 83@K, 8AE>4O 87 MB>3> 2K 4>;6=K 2K1@0BL @07<5@ AB02>:, B8? 83@K, ?>4E>4OI8E 83@>:>2, 0 B0:65 ?>=OBL 3@0=8FK, 70 :>B>@K<8 2K C65 1C45B5 GC2AB2>20BL A51O =5:><D>@B=>.

A;8 2K 1C45B5 83=>@8@>20BL MB8 D0:B>@K, 2K =5 ?>;CG8B5 >B 83@K =8 C4>2>;LAB28O, =8 @57C;LB0B0. 0?@8<5@, 5A;8 AB02:8 A;8H:>< 2KA>:85, 2K <>65B5 83@0BL 7060B>, 8 MB8< 1C4CB ?>;L7>20BLAO 4@C385 83@>:8. A;8 AB02:8 A;8H:>< =87:85, 20< <>65B AB0BL A:CG=>, 8 2K =0G=5B5 4>?CA:0BL >H81:8, 4> :>B>@KE 20< =5 1C45B =8:0:>3> 45;0. 0 A0<>< 45;5, :>340 83@>:8 A 2KA>:8E AB02>: 2ABC?0NB 2 83@C ?> <5;:8< AB02:0<, 8< AB0=>28BAO =0AB>;L:> 157@07;8G=>, GB> >=8 ?@>83@K20NB =0<=>3> 1>;55 A;01K< 83@>:0<!

 =0>1>@>B, 5A;8 2K A;8H:>< <=>3> 2=8<0=8O 1C45B5 C45;OBL 20H5<C :><D>@BC, 2K ?>;CG8B5 C4>2>;LAB285, => ?>B5@O5B5 <=>3> 45=53. >65B A;>68BLAO B0:, GB> 20H0 ;N18<0O 83@0 >:065BAO B>9, 2 :>B>@CN 2K =5 A<>65B5 2K83@K20BL. 0?@8<5@, <=>385 83@>:8 A;54CNB A2>5<C 7>2C ?>A>@52=>20BLAO 8 =0G8B0NB 83@0BL ?> AB02:0<, :>B>@K5 =5 <>3CB A515 ?>72>;8BL 8;8 ?@>B82 A;8H:>< A8;L=KE 4;O =8E 83@>:>2.

 ?>:5@5, :0: ?>GB8 2 :064>< 45;5, 20< =C65= 10;0=A, 8 2K =5 A<>65B5 4>AB83=CBL 53> 157 >1J5:B82=KE @0AAC645=89 > B><, :B> 2K 8 GB> 20< ?>4 A8;C.

@>D5AA8>=0;K @0AA<0B@820NB 2A5 @0=55 87;>65==K5 D0:B>@K, 0 B0:65 A2>N Ť7>=C :><D>@B0ť, 0 70B5< 2K18@0NB 83@C. =>385 83@>:8 4065 =5 704C<K20NBAO >1 MB><. =8 ?@>AB> 45;0NB B0:, :0: AG8B0NB =C6=K<, 8 G0AB> 8< MB> >G5=L 4>@>3> AB>8B.

5 ?KB09B5AL GB>-;81> 4>:070BL

!0<0O 4>@>30O >H81:0   MB> ?>?KB:0 GB>-B> 4>:070BL, 2K18@0O 83@C, :>B>@0O A;8H:>< B@C4=0 4;O 20A, 8 B0:>5 ?@>8AE>48B ?>AB>O==>. G5=L <=>385 @0AA<0B@820NB ?>:5@ :0: A>@52=>20=85 A@548 <C6G8=, :0: 1>@L1C <564C -420@4><  >18=A>=>< 8 !B82>< 0:28=>< 2 D8;L<5 ŤThe Cincinnati Kidť. -B> 1K;0 65AB>:0O 4CM;L =0 @52>;L25@0E. 2>5 :@CBKE ?0@=59 1@>A0;8 2K7>2 4@C3 4@C3C:

  -B>B 3>@>4 =54>AB0B>G=> 25;8: 4;O =0A >1>8E.

  ">340 CE>48.

  5B, C =0A 1C45B G5AB=K9 1>9, 8 <K C7=05< :B> 87 =0A ;CGH5.

=8 MDD5:B=> AB>O;8 4@C3 =0?@>B82 4@C30, 45@60 A2>8 @C:8 40;5:> >B @52>;L25@>2, GB>1K ?>:070BL, GB> >=8 83@0NB G5AB=>, 0 70B5< 2KE20B8;8 8E 8 2KAB@5;8;8. 48= 87 =8E C<5@.

5A5;> A<>B@5BL B0:85 ?5@5AB@5;:8 2 D8;L<0E > ?>:5@5, => >=8 =8:>340 =5 ?@>8AE>48;8, ?> :@09=59 <5@5, =5 <564C ?@>D5AA8>=0;L=K<8 AB@5;:0<8. # B5E CG0AB=8:>2 B0:8E 4CM;59, :>B>@K5 A<>3;8 2K68BL 4> AB0@>AB8, B0:>9 65 ?>4E>4, :0: 8 C 2K83@K20NI8E 83@>:>2 2 ?>:5@. =8 =8:>340 8 =5 ?>4C<0;8 1K A@078BLAO A 4@C38< ?@>D5AA8>=0;>< 2 G5AB=>9 AE20B:5; >=8 =5 CG0AB2>20;8 1K 2 MB><, 5A;8 1K 7=0;8 GB> C =8E =5B ?5@525A0, 4065 5A;8 ?@8E>48;>AL AB@5;OBLAO B>;L:> A ;N18B5;O<8 8;8 AB@5;OBL :><C-B> 2 A?8=C.

>340 2K83@K20NI85 83@>:8 @0A?>7=0NB 4@C3 4@C30, >=8 =5 =0G8=0NB C7=020BL, :B> 87 =8E :@CG5. A;8 2 83@5 4>AB0B>G=> A;01KE 83@>:>2, >=8 45;OB 8E 45=L38 8 871530NB 83@K 4@C3 A 4@C3><. >=5G=>, 5A;8 ?>;CG05BAO B0:, GB> C >1>8E 87 =8E E>@>H85 @C:8, >=8 83@0NB, => :0: ?@028;>, >=8 ?@54?>G8B0NB =5 83@0BL <564C A>1>9. -B> =5 Ť?@>D5AA8>=0;L=0O 256;82>ABLť. =8 ?@>AB> F5=OB 45=L38 1>;LH5, G5< :@CBK5 ?0@=8.

A;8 A>18@05BAO A;8H:>< <=>3> E>@>H8E 83@>:>2, =5:>B>@K5 2KE>4OB 87 83@K, :0: 1K 3>2>@O MB8<: Ť MB>9 83@5 =5B <5AB0 =0< 2A5<, ?>MB><C O CE>6Cť. -B> =5 35@>8G5A:89 ?>ABC?>:, => 2K83@K20NI85 83@>:8 =5 AB@5<OBAO 1KBL 35@>O<8   >=8 4C<0NB > B><, :0: 2K83@0BL.

CGH85 83@>:8 A>@52=CNBAO <564C A>1>9 2 BC@=8@0E, => B0< >=8 45;OB Ť<5@B2K5 45=L38ť   BKAOG8 8;8 <8;;8>=K 4>;;0@>2, C?;0G5==KE A;01K<8 83@>:0<8, :>B>@K5 ?>B>< 1KAB@> 2K;5B0NB 87 BC@=8@0. A;8 1K =5 MB>, >=8 =5 CG0AB2>20;8 1K 2 BC@=8@0E, B0: :0: 8< =52K3>4=> 83@0BL <564C A>1>9.

>B GB> CB25@6405B >=AB0=B8= B<5@: Ť0H0 AB@0B538O =5 4>;6=0 70:;NG0BAO 2 83@5 A A8;L=K<8 A>?5@=8:0<8&  K =5 E>B8< 4>:070BL, GB> 83@05< ;CGH5 2A5E 2 3>@>45, <K ?@>AB> E>B8< ?>;CG8BL 2A5 45=L38ť.

A5 2K83@K20NI85 83@>:8 7=0NB 8 8A?>;L7CNB 420 AB0@KE ?>:5@=KE ?@028;0:

1.	Ť;>E> 1KBL 45AOBK< ?> A8;5 83@>:>< 2 <8@5, 5A;8 ;CGH85 452OBL A 20<8 70 >4=8< AB>;><ť.

2.	ŤA;8 2K A<>B@8B5 2>:@C3 8 =5 2848B5 ?;>E>3> 83@>:0, B> MB>B ?;>E>9 83@>:   2Kť.



=09B5 A2>8 ?@545;K

-B>B <><5=B B5A=> A2O70= A ?@54K4CI8<. A;8 2K 1C45B5 ?5@5>F5=820BL A2>8 2>7<>6=>AB8 (:0: ?>ABC?0NB <=>385), 2K G0AB> 1C45B5 83@0BL 2 83@0E, 2 :>B>@KE =5 A<>65B5 2K83@0BL.

0: <K 2845;8 @0=55, 4065 E>@>H85 83@>:8 <>3CB 4>?CAB8BL MBC >H81:C. 8: ?> ?@>728IC Ť@5:ť ?@>83@0; A2>9 10=:@>;;, ?KB0OAL 2K83@0BL C 6>==8 >AA0. !>B=8 4><0H=8E 3>@>4A:8E G5<?8>=>2 3>40<8 :>?OB 45=L38 8 2>72@0I0NBAO 10=:@>B0<8 87 0A-530A0.

 =0>1>@>B, 5A;8 2K 7=05B5 A2>8 2>7<>6=>AB8 8 BI0B5;L=> 2K18@05B5 A2>8 83@K, 2K <>65B5 ?>AB>O==> 2K83@K20BL, 4065 =5 8<5O =570C@O4=KE 7=0=89. 0?@8<5@, =5:>B>@K5 5420 GB>-B> 7=0NI85 83@>:8 2K83@K20NB, ?@>AB> 83@0O 2 ;Q3:8E 83@0E. E =07K20NB ŤE>4>:8ť, ?>B><C GB> >=8 2A5340 2 ?>8A:0E ?>4E>4OI59 83@K. A;8 >=8 55 =5 =0E>4OB, B> ?@>4>;60NB 8A:0BL.

5:>B>@K5 87 =8E 83@0NB B>;L:> B>340, :>340 83@K >A>15==> ;53:85: 2 2KE>4=K5, 2 ?@074=8:8, 2 A57>=K >B?CA:>2, >A>15==> ?>74=> =>GLN. "C@8ABK 8 83@0NI85 2 2KE>4=K5 >1KG=> A;0155, 8 A0<K5 A;01K5 83@K <>6=> =09B8 2 @0==55 AC11>B=55 8 2>A:@5A=>5 CB@>. "C@8AB>2 >G5=L <=>3>, 8 EC4H85 83@>:8 2A5 5I5 >AB0NBAO 83@0BL ?>A;5 B>3>, :0: 1>;LH8=AB2> 83@>:>2 CH;8 A?0BL. =8 <>3CB 1KBL 2 1>;LH>< <8=CA5 8 >BG0O==> ?KB0BLAO >BK3@0BLAO, GB> ?@82>48B : B><C, GB> >=8 83@0NB 5I5 EC65 >1KG=>3>.

 B><C 65 >=8 CAB02H85, 8 <=>385 87 =8E A;8H:>< <=>3> 2K?8;8. 065 A@54=85 83@>:8 <>3CB A ;53:>ABLN 2K83@K20BL 2 B0:8E 83@0E, 8 =5:>B>@K5 Ť?040;LI8:8ť 83@0NB B>;L:> 2 MB> 2@5<O. =8 A?OB 4> ?>;C=>G8, ?>B>< =0G8=0N 83@0BL >B4>E=C2H8<8, 2 B> 2@5<O :0: 8E A>?5@=8:8 CAB0;8, ?LO=K 8 157KAE>4=>< A>AB>O=88.

/ >BG5B;82> ?><=N >4=C 83@C 2 5=L "@C40. 0 AB>;>< 87 ?>=8<0NI8E 83@>:>2 1K;8 B>;L:> <>9 4@C3 8 O, 8 2AQ A:;04K20;>AL 4;O =0A E>@>H>. >A;5 B>3>, :0: <>9 4@C3 2 >G5@54=>9 @07 2K83@0;, 8A?>;L7>202 G@572KG09=> 3;C?CN >H81:C A>?5@=8:0, >= H5?=C;: ŤK;> 1K =5?;>E> 70<>@>78BL MBC 83@C, GB>1K 2 ;N1>9 <><5=B, :>340 =0< =C6=K 1K;8 45=L38, <K A<>3;8 5Q @07<>@>78BLť. -B> A>2A5< =5 35@>8G5A:89 ?>ABC?>:   2K83@0BL C :CG:8 A;01KE 83@>:>2, => =0< MB> =@028;>AL.



#7=09B5, :0:85 83@K 20< ?>E>4OB

@><5 B>3>, GB> ?>1548B5;8 8ICB ;Q3:85 83@K, >=8 7=0NB, :0:85 284K 83@ 8< ?>4E>4OB. CGH0O 4;O 20A 83@0 <>65B 1KBL =5 ;CGH59 4;O <5=O, 8 =0>1>@>B. K83@K20NI85 83@>:8 70?><8=0NB, 83@0NB ;8 >=8, =0?@8<5@, ;CGH5 =0 :>@>B:8E AB>;0E 8;8 =0 4;8==KE, 8;8 :0:85 C =8E @57C;LB0BK, :>340 70 AB>;>< A848B <0=LO:.

=>38< 83@>:0< =@028BAO 83@0BL A <0=LO:0<8, B0: :0: <0=LO:8 ?@>83@K20NB <=>3> 45=53 8 45;0NB 83@C 70E20BK20NI59, => =5:>B>@K5 E>@>H85 83@>:8 871530NB 8E, B0: :0: >=8 1>;LH5 701>BOBAO > B><, GB>1K =5 1K;> 1>;LH8E :>;510=89 2 @57C;LB0B0E.

=>385 83@>:8 =5 7=0NB, :0:85 83@K 8< ?>4E>4OB, 8 >=8 4065 =5 4C<0NB > B><, GB>1K 45;0BL :0:85-B> 70?8A8. =8 ?@>AB> A04OBAO B0<, 345 5ABL A2>1>4=>5 <5AB>.

!CI5AB2C5B AB>;L:> D0:B>@>2, GB> =8:B> 20< =5 A<>65B A B>G=>ABLN A:070BL, :0:CN 83@C 2K1@0BL. K 4>;6=K CG8BK20BL 2A5 D0:B>@K, C:070==K5 @0=55, 0 B0:65 AB8;8 83@>:>2 8 5I5 =5:>B>@K5 0A?5:BK.

'0AB8 MB>9 :=838, ?>A2OIQ==K5 @07;8G=K< 83@>2K< AB8;O<, 404CB 20< >1I85 @5:><5=40F88 ?> 83@5 ?@>B82 :064>3> B8?0 83@>:>2, => B>;L:> B>G=K5 70?8A8 404CB 20< =C6=CN 4;O ?@8=OB8O @5H5=89 8=D>@<0F8N. >A;5 :064>9 A5AA88 >?8H8B5 83@C :0: <>6=> B>G=55, 70?8AK209B5 20H8 2K83@KH8 8;8 ?@>83@KH8, 0 B0:65 ;N1CN 4@C3CN ACI5AB25==CN 8=D>@<0F8N, =0?@8<5@, ?>=@028;0AL ;8 20< 83@0, :0:85-B> <><5=BK, :>B>@K5 20< ?>=@028;8AL 8 =5 ?>=@028;8AL, 8 :0: : MB><C =C6=> ?@8A?>A>18BLAO. A;8 2K 1C45B5 45;0BL MB> :064K9 @07, 2K ?>AB5?5==> ?>9<5B5, :0:85 284K 83@ ;CGH5 2A53> ?>4E>4OB 8<5==> 4;O 20A.



5 83@09B5 157 ?5@525A0

K 4>;6=K 8A?>;L7>20BL MBC 8=D>@<0F8N, GB>1K A45;0BL ?@028;L=K9 2K1>@. A;8 2K =5 <>65B5 =09B8 25@=CN 83@C, =5 ?>440209B5AL A2>8< ?>@K20< A5ABL =5 70 B>B AB>;. >:068B5, GB> 2K >1;0405B5 A0<>:>=B@>;5< 8 ?>4>648B5 ?>4E>4OI53> <><5=B0.

K =8:>340 =5 4>;6=K 83@0BL 157 ?5@525A0 (5A;8 B>;L:> 4;O 20A 1>;55 206=K< <>B82><, G5< 2K83@KH, O2;O5BAO ?@>25@:0 A51O 2 83@5 ?@>B82 A8;L=KE 83@>:>2). -B>B ?5@525A <>65B ?@>8AE>48BL 87 ;N1>3> @0==55 87;>65==>3> D0:B>@0, => =8 >48= 2K83@K20NI89 83@>: =5 83@05B 157 =53>. A;8 C 20A =5B ?5@525A0 (2 284C B>3> GB> A>?5@=8:8 A;8H:>< A8;L=K5, 8;8 2 284C B>3>, GB> MB> =525@=0O 83@0 8;8 ?> ;N1>9 4@C3>9 ?@8G8=5), B> ?@>AB> =5 83@09B5 .

 

'0ABL III

!B8;8 8 @59B8=38



2545=85

"@5BLO G0ABL :=838 ?@54AB02;O5B A>1>9 >A=>2C 4;O ?>A;54CNI8E G0AB59, 2 :>B>@KE 0=0;878@CNBAO AB8;8 83@>:>2. 0<, :>=5G=>, =C6=> 7=0BL, GB> >7=0G0NB MB8 @59B8=38 (>F5=:8) 83@>:>2 8 :0: 8E C7=020BL, ?@5645 G5< 2K C7=05B5, :0: =C6=> 040?B8@>20BLAO : 83@>:0< @07;8G=KE AB8;59 8;8 :0: <>6=> C;CGH8BL A2>9 A>1AB25==K9 AB8;L.

 @0745;5 Ť803@0<<0 AB8;59ť 2K ?>9<5B5, 70G5< =C6=> 8A?>;L7>20BL 4803@0<<C 4;O @0A?>7=020=8O 8 70?><8=0=8O AB8;59 2A5E 2AB@5G0NI8EAO 20< 83@>:>2.

 @0745;5 Ť;0AA8D8:0F8O 83@>:>2ť >?8A0= :0: ?@>AB>9, B0: 8 A;>6=K9 <5B>4 :;0AA8D8:0F88 83@>:>2, 0 B0:65 @0AA:070=> > B><, :0: 2K <>65B5 :>@@5:B8@>20BL B5 :;0AA8D8:0F88, 0 B0:65 >F5=820BL A51O 8 ?>;CG0BL 1>;LH5 8=D>@<0F88 > 4@C38E 83@>:0E.

































 

803@0<<0 AB8;59

=>385 M:A?5@BK ?8A0;8 > 206=>AB8 040?B0F88 : @07=K< B8?0< 83@>:>2, => =5B B>G=KE >?@545;5=89 2 MB>< ?;0=5.  07=K5 G5<?8>=K 8A?>;L7CNB @07=K5 ?@>B82>@5G0I85 >?@545;5=8O 8 ?>-@07=><C =07K20NB >48= 8 B>B 65 284 83@>:>2.

'B>1K C<5=LH8BL B0:CN ?CB0=8FC, <K 1C45< 8A?>;L7>20BL 4803@0<<C AB8;59, @0A?@545;OO 83@>:>2 ?> B>G=> >?@545;5==K< :0B53>@8O<.  1>;55 ?>74=8E 3;020E 1C45B @0AA:070=>, :0: 040?B8@>20BL A2>N AB@0B538N ?@>B82 :064>3> B8?0 83@>:>2.



0G5< =C6=> 8A?>;L7>20BL 4803@0<<C AB8;59? 

803@0<<0 ;59:0->CB>=0 8 4@C385 ?>4>1=K5 A8AB5<K 1K;8 8A?>;L7>20=K 4;O :;0AA8D8:0F88 45AOB:0 BKAOG C?@02;ONI8E, ?@>402F>2, 4>:B>@>2, 1CE30;B5@>2 8 ;N459 <=>38E 4@C38E ?@>D5AA89. -B8 A8AB5<K ?>72>;ONB 1KAB@> :;0AA8D8F8@>20BL ;N459, A@02=820BL 8E 4@C3 A 4@C3><, 040?B8@>20BL : =8< A2>N AB@0B538N 8, =025@=>5, GB> A0<>5 206=>5 4;O 83@>:0 2 ?>:5@, 70?><=8BL, :0: 2K 8E :;0AA8D8F8@>20;8.

A;8 2K ?>AB>O==> 83@05B5 A >4=>9 8 B>9 65 =51>;LH>9 3@C??>9 83@>:>2, 20< MB0 A8AB5<0 <>65B 8 =5 ?>=04>18BLAO. K ?>AB5?5==> A<>65B5 ?>=OBL, :0: :B> 83@05B. > <=>385 87 =0A G0AB> 83@0NB A =>2K<8 83@>:0<8. >:0 <K ?KB05<AO ?>=OBL, :0: >=8 83@0NB, >=8 ?>:840NB 83@C, 8 =0< ?@8E>48BAO 87CG0BL =>2>3> 83@>:0.

-B0 A8AB5<0 >A>15==> 206=0, 5A;8 2K 83@05B5 =0 <5;:8E ;8<8B0E. K <>65B5 =5 >1;040BL E>@>H8<8 =02K:0<8 GB5=8O 83@>:>2, 8 : B><C 65 745AL 1C45B 1>;LH55 @07=>>1@0785 83@>:>2. > <=>38E 83@0E =0 <5;:8E ;8<8B0E 83@>:8 A:;>==K : =5?@>4>;68B5;L=>9 83@5; 83@>:>2 >G5=L <=>3>; 8 70 =5A:>;L:> A5AA89 2K AK3@05B5 A >G5=L <=>38<8 83@>:0<8.

 A;54CNI89 @07, :>340 2K AB>;:=5B5AL A :0:8<-B> 83@>:><, 2K <>65B5 701KBL, GB> 2K ?><=8;8 > =5<, 8 ?@845BAO =0G8=0BL A=0G0;0. 0<=>3> ?@>I5 70?><=8BL, GB> Ť 59B8=3 !M<0 8,2 (>G5=L ;C7>2>-?0AA82=K9), 0 @59B8=3 @8AB8= 3,7 (B09B>2>-03@5AA82=0O)ť. 0?><8=0O MB> ?@>AB>5 G8A;>, 2K 1C45B5 7=0BL, :0: >=8 83@0NB 8 :0: : =8< ?@8A?>A>18BLAO.

803@0<<0 <>65B :070BLAO A;8H:>< ?@>AB>9 8 >1>1I0NI59. 0 A0<>< 45;5 20< =C6=> 7=0BL, :0:8< >1@07>< :0:>9-B> :>=:@5B=K9 83@>: <>65B @07K3@0BL :>=:@5B=CN @C:C, 0 >G:8 2 4803@0<<5 >?8AK20NB B>;L:> 53> >1I89 AB8;L. > C2K, 4;O B>3> GB>1K 1KBL 459AB28B5;L=> B>G=K<, =C6=> >1;040BL ?@52>AE>4=>9 8=BC8F859, :>=F5=B@0F859, >?KB><, 0 C =0A MB>3> =5B.

AQ, GB> <>65B 40BL C?@>I5==0O A8AB5<0   MB> >1I55 @C:>2>4AB2> ?> 83@5 ?@>B82 @07=KE B8?>2 83@>:>2. 'B>1K ?@8A?>A>18BLAO : >B45;L=><C 83@>:C 2 :>=:@5B=>9 @0740G5, 2K 4>;6=K 4>1028BL A2>8 A>1AB25==K5 @0AAC645=8O 8 CG8BK20BL 4@C385 D0:B>@K.

M284 !:;0=A:8 @C:>2>4AB2>20;AO B>9 65 ;>38:>9 ?@8 A>740=88 85@0@E88 AB0@B>2KE @C: 2 E>;45<5. = @0745;8; ?> 3@C??0< A>B=8 25@>OB=KE @C: 8 C:070; >1I85 ?@028;0 83@K 4;O :064>9 3@C??K. 4=0:> >= =8:>340 =5 A>25B>20; 02B><0B8G5A:8 A;54>20BL MB8< ?@028;0<, 8 A0< =5 45;0; MB>3>.  53> :=835 ŤHold'em Poker For Advanced Players: 21st Century Editionť, =0?8A0==>9 2 A>B@C4=8G5AB25 A 59A>=>< 0;L<CB><, 5ABL B0:0O D@070:

Ť>>1I5 65 F5==>ABL @C:8 ?>2KH05BAO 8;8 ?>=8605BAO 2 7028A8<>AB8 >B >1AB>OB5;LAB2. K;> 1K >H81:>9 ?>4E>48BL : MB><C 4>3<0B8G5A:8ť

K 1C45< 45;0BL B> 65 A0<>5   :;0AA8D8F8@>20BL 83@>:>2, =0E>48BL 8 @0A?>;030BL 8E =0 4803@0<<5. K <>65B5 >6840BL, GB> >=8 1C4CB 83@0BL B0: 65, :0: 8 4@C385 83@>:8 B>9 65 :;0AA8D8:0F88, >4=0:> >BKA:8209B5 8 CG8BK209B5 8 4@C3CN 8=D>@<0F8N.

=K<8 A;>20<8, 2K 4>;6=K 8A?>;L7>20BL 4803@0<<C >AB>@>6=>; B0:65 20< =C6=> ?@8=OBL B>B D0:B, GB> =5 <>65B ACI5AB2>20BL =8:0:>9 70<5=K ?>=8<0=8N B>3>, GB> GC2AB2C5B 8 :0: E>G5B AK3@0BL :>=:@5B=K9 83@>: A59G0A. >65B 1KBL, ?>A;54=89 @07 @8AB8= 2K83@K20;0, ?>:07K20O A2>N ;CGHCN 83@C, 0 A53>4=O C =55 1K;> =5A:>;L:> 15418B>2, 8 ?>MB><C >=0 2 B8;LB5 8 @5978B A @C:0<8, :>B>@K5 >1KG=> ?@>AB> 1K A1@>A8;0. 0<, :>=5G=>, =C6=> CG5ABL MB> 8 ?5@5AB@>8BL A2>N 83@C.

! ?><>ILN 4803@0<<K 2K A<>65B5 1KAB@> ?>;CG8BL 107>2CN 8=D>@<0F8N =0 :064>3> 83@>:0, => MB> =5 >7=0G05B, GB> 20< 1>;LH5 =5 =C6=> 1C45B A;548BL 70 MB8< 83@>:><.  ?>A;54CNI8E @0745;0E <K 1>;55 45B0;L=> @0AA:065< 20< > 4803@0<<5, 0 A59G0A 40209B5 ?@>AB> ?>A<>B@8<, GB> >=0 87 A51O ?@54AB02;O5B.



803@0<<0 AB8;59

C7>2>ABL 8 03@5AA82=>ABL   MB> 425 =081>;55 206=K5, =5 7028AOI85 4@C3 >B 4@C30 E0@0:B5@8AB8:8 83@>:0. 3@>:, =0?@8<5@, <>65B 1KBL >G5=L ;C7>2K< 8 03@5AA82=K<, <>65B 1KBL =5 ;C7>2K< 8 =5 03@5AA82=K<8, <>65B 1KBL B>;L:> 03@5AA82=K<, => =5 ;C7>2K< 8 B.4.

=>385 02B>@K C?><8=0;8 >1 MB><, => =8:B> =5 @0718@0; MB> A8AB5<0B8G5A:8. 803@0<<0 AB8;59 ?><>65B 20< 1KAB@> ?@8A?>A>18BLAO : :064><C 83@>:C 8 : :064>9 83@5 A ?><>ILN 42CE G8A5;. 5@2>5 G8A;>   MB> >F5=:0 B09B>2>AB8/;C7>2>AB8, 0 2B>@>5 G8A;>   >F5=:0 ?0AA82=>AB8/03@5AA82=>AB8.

3@>:8 >F5=820NBAO ?> :064>9 E0@0:B5@8AB8:5 G8A;>< >B 1 4> 9; Ť1 10;;ť (?> ?5@2>9 E0@0:B5@8AB8:5) >7=0G05B, GB> MB>B 83@>: G@572KG09=> B09B>2K9 8;8 (?> 2B>@>9 E0@0:B5@8AB8:5) G@572KG09=> ?0AA82=K9, 0 Ť9 10;;>2ť >7=0G0NB, GB> 83@>: G@572KG09=> ;C7>2K9 8;8 G@572KG09=> 03@5AA82=K9.

A?>;L7CO G8A;0 2<5AB> A;>2, <>6=> @0AA<0B@820BL @07=K5 C@>2=8 ;C7>2>AB8 8;8 03@5AA82=>AB8. 284C B>3>, GB> 83@>: 8,2 1>;55 ;C7>2K9 8 ?0AA82=K9, G5< 83@>: 7,3, 2K 4>;6=K >B=>A8BLAO : =8< C65 =5<=>3> @07;8G=>.

 

"0: :0: F5;L MB>9 A8AB5<K 70:;NG05BAO 2 B><, GB>1K C<5BL ?@8A?>A01;820BLAO : @07=K< AB8;O<, B> :0: ?@028;>, >=0 83=>@8@C5B A@54=8E 83@>:>2, =0E>4OI8EAO 2 A5@548=5 4803@0<<K. >;LH55 2=8<0=85 C45;O5BAO C3;0< 4803@0<<K, B5< 83@>:0<8 8 83@0<, C :>B>@KE =081>;55 2KA>:85 8;8 =87:85 G8A;0 ?> >158< E0@0:B5@8AB8:0<, ?>B><C GB> : =8< =C6=> A8;L=55 ?@8A?>A01;820BLAO.

'B>1K 20< 1K;> ;53G5 2845BL >1ICN :0@B8=C, <K =07>25< 8 >?8H5< 83@>:>2 A >1>8E :>=F>2 >F5=>G=>9 H:0;K. -B8 7=0G5=8O, :>=5G=>, @54:> 2AB@5G0NBAO 2 @50;L=>AB8, => A 8E ?><>ILN 1C45B ;53G5 ?>AB@>8BL <>45;L.  B><C 65, 1K20NB B0:85 83@>:8 :0: A:0;K (1,1) 8 <0=LO:8 (9,9).

7CG0O B>, :0: >1=0@C6820BL 8 83@0BL A B0:8<8 83@>:0<8, 20< 1C45B ;53G5 8<5BL 45;> A ?>E>68<8, => <5=55 2K@065==K<8 83@>:0<8 B0:>3> 65 B8?0. 0?@8<5@, 2K ?@>AB> A;53:0 :>@@5:B8@C5B5 20HC <0=5@C 83@K ?@>B82 02B>>B25BG8:0 (9,1), 5A;8 8<55B5 45;> A <5=55 0:F5=B8@>20==K<8 ;C7>2>-?0AA82=K<8 83@>:0<8.

!CI5AB2C5B B5A=0O A2O7L <564C AB8;O<8 83@>:>2 8 8E <>B820<8, AB@0E0<8 8 4@C38<8 AB8<C;0<8. 0 A0<>< 45;5, MB8 D0:B>@K 8 A?>A>1AB2CNB D>@<8@>20=8N AB8;O 83@>:0. ">, :0: 83@05B G5;>25:, 7028A8B >B B>3>, :5< >= O2;O5BAO.

-B>B ?@8=F8? 2 1>;LH59 AB5?5=8 >B=>A8BAO : 83@>:0< A M:AB@5<0;L=K< AB8;5< (:@><5 B09B>2>-03@5AA82=KE). '5< 1;865 :0:>9-B> 83@>: =0E>48BAO : C3;C 4803@0<<K, B5< 2 1>;LH59 AB5?5=8 53> AB8;L 1K; AD>@<8@>20= 1;03>40@O 53> AB@0E0< 8 65;0=8O<, 8 B5< 1>;55 ?@O<>;8=59=> 8 <5=55 MDD5:B82=> >= 1C45B 83@0BL. 45AL <K B>;L:> 2:@0BF5 ?>3>2>@8< >1 MB8E D0:B>@0E, 0 1>;55 45B0;L=> <K >1AC48< MB> 2 ?>A;54CNI8E 3;020E.

803@0<<0 ?>AB@>5=0 =0 42CE G8A;0E, => <K 1C45< 8A?>;L7>20BL 4@C385 G8A;0, GB>1K ?>4:>@@5:B8@>20BL @59B8=38. 0209B5 A59G0A 01AB@038@C5<AO >B MB>3>, GB>1K C2845BL ?>;=CN :0@B8=C.

 

-:AB@5<0;L=K9 AB8;L 1,1: Ť!:0;0ť (G@572KG09=> B09B>2>-?0AA82=K9). A5 <K 83@0;8 A B0:8<8 ŤA:0;0<8ť, 8 MB> >1KG=> :0: =5?@81K;L=>, B0: 8 =5 4>AB02;O5B C4>2>;LAB28O. =8 A84OB 8 64CB >G5=L E>@>H59 :0@BK, A1@0AK20O 2AQ >AB0;L=>5.

A5 B09B>2>-?0AA82=K5 83@>:8 ?@54?>G8B0NB =5<=>3> 2K83@K20BL 2 1>;LH8=AB25 83@>2KE 4=59, G5< 8<5BL 1>;LH85 :>;510=8O <564C ?;NA>2K<8 8 <8=CA>2K<8 A5AA8O<8. <5AB> B>3> GB>1K 83@0BL 0:B82=>, >=8 64CB <><5=B0, :>340 C =8E 1C45B 1>;LH>9 ?5@525A. !0<K5 2K@065==K5 A:0;K =0E>4OBAO ?>4 2;8O=85< A>1AB25==>3> AB@0E0 84B8 =0 @8A:. =8 =5 8ICB A8BC0F89, 2 :>B>@KE ?5@525A 1C45B =0 8E AB>@>=5, >=8 64CB =5?>1548<KE @C:.

5:>B>@K5 A:0;K 83@0NB 4;O B>3>, GB>1K ?@>25AB8 2@5<O. '0AB> MB> ?5=A8>=5@K A =51>;LH8<8 4>E>40<8, :>B>@K< 1>;LH5 =5G5< 70=OBLAO. '@572KG09=> B09B>2>-?0AA82=0O 83@0 ?>72>;O5B 8< 4>;3> 83@0BL A >3@0=8G5==K< 10=:@>;;><, 8 4065 ?@8=>A8BL =51>;LH>9 2K83@KH.

=8 <>3CB 1KBL =0AB>;L:> B8E8<8 8 ?0AA82=K<8, GB> 4@C385 8E <>3CB 4065 =5 70<5G0BL. 5:>B>@K5 83@>:8 <>3CB 8E =5 @0A?>7=0BL 8 >H81>G=> ?@>4>;60BL 83@0BL A =8<8. 4=0:> 1>;55 ?@>=8F0B5;L=K5 83@>:8 871530NB 83@K A =8<8, GB> C<5=LH05B ?@81K;L A:0;. =8 64CB E>@>H8E :0@B, => =5 <>3CB >15@=CBL MB> 2 A2>N AB>@>=C; >=8 =5 ?>;CG0NB 0:B82=>9 B>@3>2;8 A> A2>8<8 A8;L=K<8 @C:0<8, B0: :0: A0<8 =5 A?>A>1AB2CNB 59. %>@>H85 83@>:8 1;5DCNB ?@>B82 =8E 8 :@04CB 8E 1;09=4K 8 0=B5, => >=8 B0:65 >A>7=0NB, GB> ?>A;5 B>3>, :0: A:0;0 AB028B 8;8 45;05B @597, MB> C:07K205B =0 >G5=L A8;L=CN @C:C, 8 1KAB@> A1@0AK20NB :0@BK.

CGH5 2A53> 8< 83@05BAO =0 <5;:8E ;8<8B0E, ?>B><C GB> B0< <=>3> ;C7>2KE 83@>:>2 8 1>;LH8=AB2> 87 =8E =5 A;54OB 70 83@>9. =8 =5 <>3CB 1KAB@> @0A?>7=0BL A:0;C, 8 4065 5A;8 8< MB> C405BAO, >=8 =5 7=0NB, :0: : MB><C ?@8A?>A>18BLAO. >340 A:0;0 =0:>=5F-B> 2E>48B 2 83@C, >= 70E20BK205B ;845@AB2> 2 MB>< :>@>B:>< 701535. @C385 83@>:8 ?KB0NBAO 53> 4>3=0BL, => G0AB> MB> C =8E =5 ?>;CG05BAO.

-:AB@5<0;L=K9 AB8;L 9,1: Ť2B>>B25BG8:ť (G@572KG09=> ;C7>2>-?0AA82=K9). 2B>>B25BG8:0< @04K 2A5. =8 ?>GB8 2A5340 ?@>83@K20NB, B0: :0: >=8 CG0AB2CNB ?>GB8 2 :064>< 10=:5, >B25G0O =0 AB02:C 70 AB02:>9, => >=8 @54:> AB02OB A0<8 8;8 45;0NB @597, 8 ?>GB8 =8:>340 =5 1;5DCNB. A5< 2A:>@5 AB0=>28BAO OA=> B>, :0: >=8 83@0NB, GB> ?@82>48B : A0<><C EC4H5<C 20@80=BC 4;O =8E: >=8 83@0NB 0:B82=>, => 4@C385 83@>:8 =5 83@0NB 0:B82=> ?@>B82 =8E. >340 8<, =0:>=5F, 70E>48B E>@>H0O :><18=0F8O 8 >=8 A45;0NB @597, E>@>H85 83@>:8 A@07C ?>=8<0NB MB>.

=>385 02B>>B25BG8:8 ?;>E> G8B0NB :0@BK A>?5@=8:>2 8;8 C =8E =5B C25@5==>AB8 2 A2>8E AC645=8OE, 8;8 8 B> 8 4@C3>5. =8 <>3CB 4065 =5 ?>?KB0BLAO ?@>G8B0BL :0@BK ?@>B82=8:>2, E>BO 8 =5 C<5NB MB>3>, : B><C 65 C =8E =5B C25@5==>AB8 2 A>1AB25==KE AC645=8OE. 5:>B>@K5 87 =8E =0AB>;L:> 1>OBAO B>3>, GB> ?@>B82 =8E 1;5DCNB 8;8 GB> >=8 <>3CB A1@>A8BL 2K83@KH=CN @C:C, GB> >=8 ?@>4>;60NB 8 ?@>4>;60NB >B25G0BL =0 AB02:8. K 2A5 <>3;8 A;KH0BL >B =8E: Ť/ 7=0N, GB> C B51O @C:0 ;CGH5 <>59, => O >B25GCť.

2B>>B25BG8:8 =5 83@0NB @048 2K83@KH0. =8 E>BOB ?@>25AB8 2@5<O 8 ?>>1I0BLAO. >:5@=K9 :;C1 4;O =8E   MB> <5AB> 345 <>6=> 2AB@5B8BLAO A ;N4L<8, ?>3>2>@8BL, 8 ?@>25AB8 A2>9 4>AC3. =>385 87 =8E =0E>4OBAO ?>4 2;8O=85< A>1AB25==>3> AB@0E0 2ABC?0BL 2 AB>;:=>25=8O A 4@C38<8 83@>:0<8. =8 E>BOB 1KBL Ť256;82K<8ť, 0 @5978BL 8;8 1;5D>20BL MB> Ť=5256;82>ť. 5:>B>@K5 87 =8E 4065 =5 AB02OB A =0BA><, :>340 >AB0NBAO >48= =0 >48=, ?>B><C GB> >=8 =5 E>BOB Ť?>;L7>20BLAOť 4@C38<8 83@>:0<8.

-:AB@5<0;L=K9 AB8;L 9,9: Ť0=LO:ť (G@572KG09=> ;C7>2>-03@5AA82=K9). 0=LO:8 @597OB, @5@597OB, 8 4065 40NB :5? (45;0NB ?>A;54=NN 2>7<>6=CN AB02:C) A @C:0<8, :>B>@K5 A;54>20;> 1K A1@>A8BL. =8 ?@>83@K20NB 1>;LH5 45=53, 8 45;0NB MB> 1KAB@55 G5< :B>-;81> 4@C3>9, => >=8 <>3CB A ;53:>ABLN C=8GB>68BL 20H 10=:@>;; 8 8=>340 ?>:8=CB AB>; 2 3@><04=>< ?;NA5.

E 48:0O 83@0 :0@48=0;L=> <5=O5B E>4 2A59 83@K   @C:8, :>B>@K5 2 =>@<0;L=>9 83@5 1C4CB E>@>H8<8, 745AL AB0=>2OBAO =5?@83>4=K<8, ?>B><C GB> @07K3@K20BL 8E C65 AB0=>28BAO 4>@>3>. 'B5=85 @C: AB0=>28BAO ?@0:B8G5A:8 =52>7<>6=K<, ?>B><C GB> MB8 83@>:8 >B=>AOBAO : <CA>@=K< @C:0< B0: 65, :0: 8 : ?@5<8C<=K<. @C385 83@>:8 8;8 =0G8=0NB 83@0BL >G5=L B09B>2>, 8;8 2?040NB 2 B8;LB, 0 =5:>B>@K5 =0G8=0NB ?5@5E>48BL 87 >4=>9 :@09=>AB8 2 4@C3CN. 48= @07 >=8 <>3CB A1@>A8BL 2K83@KH=CN @C:C, 0 2 4@C3>9 @07 A45;0BL @597 A <CA>@>< 87-70 A2>59 7;>AB8 =0 ?@>8AE>4OI55.

0=LO:8 1C:20;L=> >45@68<K 0:B82=>9 83@>9. < >=0 =C6=0 B0: 65, :0: =0@:><0=C 4>70, 8 MB> >1E>48BAO 8< B0: 65 4>@>3>. =8 ?>;CG0NB >G5=L 0:B82=CN 83@C :0: B>340, :>340 C =8E E>@>H0O @C:0, B0: 8 B>340, :>340 C =8E >G5=L A;010O @C:0. 3@><=K5 8B>3>2K5 ?@>83@KH8   MB> =587156=K9 4;O =8E @57C;LB0B.

-:AB@5<0;L=K9 AB8;L 1,9: Ť0<=5;><ť (G@572KG09=> B09B>2>-03@5AA82=K9). -B> 83@>:8, :>B>@KE =5 ?>;CG8BAO >1K3@0BL. =8 @07K3@K20NB B>;L:> ?@81K;L=K5 @C:8, 45;0NB MB> 2 <0:A8<0;L=> 2K3>4=>9 <0=5@5 83@K. >GB8 2A5 ;CGH85 ?@>D5AA8>=0;K   :0<=5;><K 8;8 1;87:85 : MB><C AB8;N.

=8 =5 ?@8E>4OB 83@0BL. =8 ?@8E>4OB 2K83@K20BL. >:5@ 4;O =8E   MB> =5 83@0 4;O @072;5G5=8O, MB> 8E A@54AB2> ACI5AB2>20=8O, Ť2B>@0O @01>B0ť 8;8 ?>;5 4;O A0<>0=0;870. < =@028BAO MB>, => >=8 745AL @048 45=53 8 AE20B>:, 0 =5 @048 25A5;LO. < =5B 45;0 4> 2@5<O?@>2>645=8O 8;8 >1I5=8O, 0 B0:65 >=8 =5 1>OBAO @8A:0, => 8 =5 >45@68<K 65;0=85< @8A:>20BL.  8A: 4;O =8E MB> B>;L:> G0ABL 83@K, :>B>@K9 4>;65= 1KBL ?@>AG8B0= 8 :>=B@>;8@>20=.

>340 C =8E =5B ?5@525A0 2 @>7K3@KH5, >=8 A1@0AK20NB A2>N @C:C, => :>340 >= 5ABL   >=8 15760;>AB=> 0B0:CNB .

-:AB@5<0;L=K9 AB8;L 5,5: !@54=89 83@>:. !@54=85 83@>:8, ?> ?@0245 3>2>@O, =5 >B=>AOBAO : M:AB@5<0;L=K< AB8;O<, => 2A5 65 =C6=> 8E C?><O=CBL. =8 ?@54AB02;ONB A>1>9 B>, GB> 2K 8 >6840;8   >=8 A@54=85 (8;8 1;87:> : B><C) ?> >158< E0@0:B5@8AB8:0<. # =5:>B>@KE 87 =8E 3 8;8 7 ?> >4=>9 E0@0:B5@8AB8:5, => >1KG=K5 G8A;0 4;O =8E MB> >B 4 4> 6.

# =8E =5B =8 :0:8E-B> >A>1KE ?>B@51=>AB59, =8 AB@0E>2. E <>B82K @07;8G=K, 8=>9 @07 15A?>@O4>G=K   >=8 =045NBAO 2K83@0BL, 1>OBAO ?@>83@0BL, E>BOB @0AA;018BLAO, ?@>25AB8 2@5<O, ?>>1I0BLAO, ?>;CG8BL =5<=>3> 04@5=0;8=0 8 A>@52=>20=8O. =8 @07K3@K20NB ?>GB8 AB>;L:> 65 @C: A:>;L:> 8 4@C385 83@>:8, B0:65 G0AB> @597OB, 8=>340 @5@597OB, @54:> 40NB :5?.

!@54=89 83@>: >B;8G05BAO >B 83@K : 83@5, 8 >?8A0=8O 1>;55 M:AB@5<0;L=KE 83@>:>2 4>;6=K :>@@5:B8@>20BLAO A>>B25BAB25==> MB><C. 0?@8<5@, 5A;8 ?>@O4:0 ?>;>28=K 83@>:>2 >B25G0NB =0 B@5BL59 C;8F5 2 A5<8:0@B>G=>< AB045 8;8 =0 ?@5D;>?5 2 E>;45<5 8;8 ><0E5, B>340 A@54=89 83@>: (?> ;C7>2>AB8)   MB> B>B, :>B>@K9 >B25G05B 2 ?>;>28=5 A;CG052. A;8 2 83@C 2ABC?0NB 1>;LH5 8;8 <5=LH5 83@>:>2, B>340 A@54=89 B8? 83@>:0, 0 B0:65 2A5 >AB0;L=K5, 4>;65= A>>B25BAB25==> :>@@5:B8@>20BLAO.

">B 65 ?@8=F8? ?@8<5=8< 4;O 1>;LH8=AB20 G5;>25G5A:8E :0G5AB2. 0?@8<5@, A@548 >1I53> =0A5;5=8O G5;>25:0 A @>AB>< 195 A< <>3CB =0720BL Ť25;8:0=><ť, 0 ?@>D5AA8>=0;L=K5 10A:5B1>;8ABK <>3CB ?@>720BL 53> Ť:>@>BKH:>9ť.

 

>A<>B@8< =0 803@0<<C 4. =0 ?>GB8 845=B8G=0 A 803@0<<>9 3, B>;L:> 745AL 2K45;5=K C3;K. 3@>:8 A C3;>2 AB>OB >B45;L=> >B 83@>:>2, C :>B>@KE 5ABL E>BL >4=> A@54=55 G8A;>. 0?@8<5@, 83@>:, >F5=Q==K9 2 7 10;;>2 ?> ;C7>2>AB8 8 2 3 10;;0 8;8 <5=LH5 ?> 03@5AA82=>AB8, 2E>48B 2 :0B53>@8N Ť;C7>2>-?0AA82=K9ť.

F5=:8 >B 4 4> 6   MB> A@54=85 7=0G5=8O 4;O 40==>9 25;8G8=K. 0;55 2 :=835 <K =5 1C45< 3>2>@8BL > A@54=8E 83@>:0E, B0: :0: : =8< =5 =C6=> :0:-B> >A>15==> ?>4AB@0820BLAO.

K 1C45< 3>2>@8BL B>;L:> > B5E 83@>:0E, :>B>@K5 =0E>4OBAO 1;87:> : C3;0< 4803@0<<K, ?>B><C GB> : =8< 459AB28B5;L=> =C6=> C<5BL 040?B8@>20BLAO. '5< 1>;LH5 8;8 <5=LH5 G8A;0, :>B>@K5 8< A>>B25BAB2CNB, B5< 1>;LH5 >=8 ?>E>68 =0 A:0;, 02B>>B25BG8:>2, <0=LO:>2 8;8 :0<=5;><>2, 8 B5< 1>;LH5 20< =C6=> :>@@5:B8@>20BL ?>4 =8E A2>N 83@C .

>A;54CNI85 G0AB8 :=838 >@30=87>20=K ?> MB8< G5BK@5< C3;0<. > :064><C 87 B8?>2 83@>:>2 (?> B09B>2>-?0AA82=K<, ;C7>2>-03@5AA82=K< 8 B. 4.) 1C4CB ?@54AB02;5=K 420 @0745;0.  ?5@2>< @0745;5 1C45B @0AA:07K20BLAO > 40==>< B8?5 83@>:>2, 0 2B>@>9 1C45B =07K20BLAO ŤA;8 2K ;C7>2>-?0AA82=K9 [8;8 :0:>9-B> 4@C3>9] 83@>:ť.

5@2K9 @0745; 1C45B =0G8=0BLAO >?8A0=85< 40==>3> AB8;O, 0 70B5< 1C4CB 70B@03820BLAO ?OBL A;54CNI8E B5<:

1.	!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O

2.	>AB>8=AB20

3.	54>AB0B:8

4.	3@0 ?@>B82 =8E

5.	0H5 ?>2545=85 2 83@5 40==>3> B8?0

> 2B>@>< @0745;5 1C4CB 70B@>=CBK A;54CNI85 B5<K:

1.	>=8<0=85 ?>A;54AB289

2.	>=8<0=85 20H8E <>B82>2

3.	#;CGH5=85 20H59 83@K

4.	K1>@ ?@028;L=KE 83@

5.	@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:

"0:0O ?>A;54>20B5;L=0O AB@C:BC@0 ?>72>;8B 20< 1KAB@> =0E>48BL >B;8G8O 8 ?@8A?>A01;820BLAO : :064><C B8?C 83@>:>2. K A ;53:>ABLN A<>65B5 A@02=8BL 420 @07=KE AB8;O ?> =5:>B>@K< E0@0:B5@8AB8:0< 8 C7=0BL, GB> 2 B>G=>AB8 20< A;54C5B 45;0BL, GB>1K ?@8A?>A>18BLAO, =0?@8<5@ : B09B>2>-?0AA82=><C 83@>:C, 0 =5 : ;C7>2>-03@5AA82=><C. @5645 G5< ?5@59B8 : MB><C, A=0G0;0 >?8H5< <5B>4K :;0AA8D8:0F88 83@>:>2.





;0AA8D8:0F8O 83@>:>2

;0AA8D8F8@>20BL 83@>:>2 =5 B0: C6 8 ;53:>, => MB>, =5A><=5==>, AB>8B ?>B@0G5==>3> 2@5<5=8. @>AB> A0< D0:B B>3>, GB> 2K MB8< 70=8<05B5AL, ?>72>;8B 20< C;CGH8BL A2>N 83@C, B0: :0: MB> 70AB028B 20A 4C<0BL > B>< :0: 83@0NB 4@C385 83@>:8, A@02=820O 8E <564C A>1>9, 8 @5H0O, :0: 2K 4>;6=K : MB><C ?@8A?>A>18BLAO.

=>385 83@>:8 =5 4C<0NB >1 MB><, ?>MB><C >=8 =5 83@0NB B0: E>@>H>, :0: <>3;8 1K. A?>;L7CO 2@5<O =0 B>, GB>1K ?>4C<0BL =0 B5<C B>3>, :0: 83@0NB 4@C385 83@>:8 8 :0: ?@8A?>A>18BL : MB><C A2>N 83@C, 2K 70@0=55 3>B>28B5AL : A2>8< @5H5=8O<, 0 >=8 64CB, ?>:0 GB>-B> ?@>87>945B, 8 B>;L:> B>340 =0G8=0NB @5038@>20BL, 45;0O MB> 157 >?@545;5==>3> ?;0=0.

>;LH8=AB2> 2K83@K20NI8E 83@>:>2 70@0=55 >14C<K20NB A2>8 459AB28O, 8 MB> >4=0 87 3;02=KE ?@8G8= 8E E>@>H59 83@K. >MB><C =5 60;59B5 2@5<O =0 B>, GB>1K :;0AA8D8F8@>20BL 83@>:>2, >A>15==> B5E, A :>B>@K<8 20< G0AB> ?@8E>48BAO 83@0BL 70 >4=8< AB>;><. '5< BI0B5;L=55 2K 1C45B5 8E :;0AA8D8F8@>20BL, B5< ;CGH5 2K 1C45B5 83@0BL.  MB>9 3;025 1C45B >?8A0=>, :0: :;0AA8D8F8@>20BL 83@>:>2 8 :0: :>@@5:B8@>20BL MB8 :;0AA8D8:0F88, 0 B0:65 1C4CB ?@82545=K <5B>4K ?>;CG5=8O 1>;LH53> :>;8G5AB20 8=D>@<0F88.

!CI5AB2CNB 420 <5B>40, 1>;55 ;53:89 8 1>;55 A;>6=K9.

1.	(>;55 ;53:89) K ?@>AB> =07=0G05B5 83@>:0< G8A;0, :>B>@K5 A>>B25BAB2CNB >?8A0=8O<.

2.	(>;55 A;>6=K9) K =07=0G05B5 >@85=B8@K (AB0=40@BK A@02=5=8O) 4;O :064>9 :;0AA8D8:0F88, 0 70B5< A@02=8205B5 83@>:>2 A MB8<8 >@85=B8@0<8.

B>@>9 <5B>4 =5 B0: ;53:> ?>=OBL, => >= 1>;55 B>G5= 8 1>;55 C4>15= 4;O :;0AA8D8:0F88 =57=0:><KE 83@>:>2. A;8 2K =5 E>B8B5 B@0B8BL =0 MB> 2@5<O, ?@>AB> 8A?>;L7C9B5 ?5@2K9 <5B>4. "0:65 2K <>65B5 =0G0BL A ?5@2>3> <5B>40 4;O B>3>, GB>1K ?>GC2AB2>20BL =5<54;5==CN >B40GC, 0 70B5< C65 ?5@59B8 :> 2B>@><C <5B>4C, GB>1K 1>;55 B>G=> >F5=820BL 83@>:>2 8 1KAB@> :;0AA8D8F8@>20BL =57=0:><F52. ;8 65 2K <>65B5 8A?>;L7>20BL 1>;55 A;>6=K9 <5B>4 4;O 83@>:>2, A :>B>@K<8 2K G0AB> 2AB@5G05B5AL 70 AB>;0<8 8;8 4;O B5E 83@>:>2, :>B>@K5 G0AB> C 20A 2K83@K20NB.



>;55 ?@>AB>9 <5B>4

@>AB> 8A?>;L7C9B5 G8A;0 4;O >?8A0=8O :>=:@5B=KE 83@>:>2. 0?@8<5@, G8A;> Ť1ť >7=0G05B ŤG@572KG09=> B09B>2K9ť 8;8 ŤG@572KG09=> ?0AA82=K9ť. '8A;> Ť8ť >7=0G05B Ť>G5=L ;C7>2K9ť 8;8 Ť>G5=L 03@5AA82=K9ť.

 0AA<0B@8209B5 >4=>2@5<5==> B>;L:> >4=C E0@0:B5@8AB8:C, GB>1K =5 ?CB0BL ;C7>2>ABL A 03@5AA82=>ABLN. 7 A;54CNI53> @0745;0 20< AB0=5B OA=>, 70G5< A;54C5B B0: ?>ABC?0BL.

!@02=8209B5 =>2KE 83@>:>2 A 83@>:0<8 2 20H59 >1KG=>9 83@5, 0 =5 2 :0:>9-B> 01AB@0:B=>9 83@5, 2 :>B>@>9 2A5 83@0NB Ť:0: =C6=>ť. A;8, =0?@8<5@ ?>@O4:0 ?>;>28=K 83@>:>2 70 AB>;>< A<>B@OB D;>? 2 20H59 83@5 2 E>;45<, B> 83@>:, :>B>@K9 A<>B@8B D;>? 2 ?>;>28=5 A;CG052, 4>;65= 1KBL >1>7=0G5= G8A;>< Ť5ť ?> ;C7>2>AB8/B09B>2>AB8. >7<>6=>, 2K AG8B05B5, GB> B>;L:> B@8 G5;>25:0 2 A@54=5< 4>;6=K A<>B@5BL D;>?, => 20< =C6=> ?@8A?>A>18BLAO : 20H59, 0 =5 :0:>9-B> 8450;L=>9 83@5.

A?>;L7C9B5 ?@8=F8?, :>B>@K9 3;0A8B, GB> G5< 1>;55 M:AB@5<0;5= @59B8=3, B5< : <5=LH5<C :>;8G5AB2C ;N459 >= >B=>A8BAO. >6=> 2AB@5B8BL MB>B ?@8=F8? ?>2AN4C. >?CAB8<, <K :;0AA8D8F8@>20;8 ;N459 ?> 2KA>B5 ?> 452OB810;;L=>9 H:0;5:

" 	7 10;;>2, 2KA>:89                            >B 6 DCB>2 4> 6 DCB>2 8 6 4N9<>2

" 	8 10;;>2, >G5=L 2KA>:89                 >B 6 DCB>2 8 7 4N9<>2 4> 7 DCB>2

" 	9 10;;>2, G@572KG09=> 2KA>:89     2KH5 7 DCB>2

'5;>25:, >F5=Q==K9 2 7 10;;>2, 1C45B 2AB@5G0BLAO =0<=>3> G0I5, G5< G5;>25:, >F5=Q==K9 2 8 10;;>2; 0 G5;>25:, >F5=Q==K9 2 8 10;;>2, 1C45B 2AB@5G0BLAO =0<=>3> G0I5, G5< G5;>25:, >F5=Q==K9 2 9 10;;>2.

@54?>;>68<, GB> G5;>25: A 8 10;;0<8 1C45B 2AB@5G0BLAO 2 420 @070 @565, G5< A 8 10;;0<8, 0 G5;>25: A 9 10;;0<8 1C45B 2AB@5G0BLAO 2 420 @070 @565, G5< A 8 10;;0<8. @8<5@>2 87 M:AB@5<0;L=>9 3@C??K 2 459AB28B5;L=>AB8 =0<=>3> <5=LH5, G5< >AB0;L=KE; MB> ?><>65B 20< A:>=F5=B@8@>20BLAO =0 83@>:0E, B@51CNI8E :0:>9-B> >A>1>9 040?B0F88 : A515. >;LH5 2A53> A;54C5B :>@@5:B8@>20BL A2>N 83@C ?>4 83@>:>2 A A0<K<8 M:AB@5<0;L=K<8 AB8;O<8, ?>MB><C 2K3>4=55, GB>1K 8E 1K;> =5 B0: <=>3>, :0: >AB0;L=KE.

@5645, G5< :;0AA8D8F8@>20BL :>3>-B>, ?@>G8B09B5 A;54CNI89 @0745; 8 ?@8<5=8B5 >1I85 ?@8=F8?K, C:070==K5 2 =5<. 0?@8<5@, >F5=8B5 83@>:0 ?> :064>9 25;8G8=5 >B45;L=>, 8 0=0;878@C9B5 83@>:>2 =0G8=0O, >B M:AB@5<0;L=KE AB8;59 8 ?5@5E>4O : A@54=5<C AB8;N.

>;55 A;>6=K9 <5B>4

! ?><>ILN >@85=B8@>2 <>6=> ?@52@0I0BL 01AB@0:B=K5 G8A;0 2 @50;L=KE ;N459, 8 =0<=>3> ;53G5 A@02=820BL =57=0:><KE 83@>:>2 A MB8<8 >@85=B8@0<8, G5< 70?><=8BL, A:065<, B>G=>5 7=0G5=85 B>3>, GB> >7=0G05B >F5=:0 2 8 10;;>2 ?> ;C7>2>AB8. > MB><C <5B>4C <K CAB0=02;8205< 4;O >F5=:8 2 8 10;;>2 B0:CN 65 AB5?5=L ;C7>2>AB8, :>B>@>9 >1;0405B ">< (>@85=B8@ 4;O 8 10;;>2, 8;8 Ť8AB5@ 8ť), :>B>@K9 ;C7>255, G5< '0@;8 (Ť8AB5@ 7ť), 8 B09B>255, G5< (0@;>BB0 (Ť8AA8A 9ť).

"@C4=>ABL 70:;NG05BAO 2 =07=0G5=88 >@85=B8@>2. >A;5 MB>3> 2K ?@>AB> A@02=8205B5 83@>:>2 A MB8<8 >@85=B8@0<8 8 ?@8E>48B5 : 2K2>4C, A :0:8< >@85=B8@>< >=8 =081>;55 ?>E>68. 'B>1K 8A?>;L7>20BL MB>B <5B>4, =C6=> 2K?>;=8BL A;54CNI85 H038.

1I85 ?@8=F8?K

1.	 :0G5AB25 >@85=B8@>2 =C6=> 8A?>;L7>20BL E>@>H> 7=0:><KE 20< 83@>:>2. '5< ;CGH5 2K 1C45B5 8E 7=0BL, B5< 1>;55 B>G=> 2K A<>65B5 :;0AA8D8F8@>20BL 8E, 0 B0:65 A@02=8BL A =8<8 =57=0:><KE 20< 83@>:>2.

2.	K18@09B5 >@85=B8@K, :>340 2K =5 83@05B5. 0< =5?@82KG=> :;0AA8D8F8@>20BL 83@>:>2, ?>MB><C 5A;8 2K 1C45B5 ?KB0BLAO 45;0BL MB> 2> 2@5<O 83@K, 2K A<>65B5 70?CB0BLAO 8 ?@84B8 : =5?@028;L=K< 2K2>40<, : B><C 65 MB> ?><5H05B 20H59 83@5.

3.	 0AA<0B@8209B5 83@>:>2 ?> :064>9 E0@0:B5@8AB8:5 2 >B45;L=>AB8. A;8 2K ?>?KB05B5AL :;0AA8D8F8@>20BL 83@>:>2 >4=>2@5<5==> ?> 42C< E0@0:B5@8AB8:0<, MB> ?@82545B : 15A?>;57=>AB8 2 >1>7=0G5=88 83@>:>2 42C<O G8A;0<8, : B><C 65 2K <>65B5 ?5@5?CB0BL ;C7>2>ABL 8 03@5AA82=>ABL.

4.	0G=8B5 @0AA<0B@820BL 83@>:>2 ?> B09B>2>AB8/;C7>2>AB8. A;8 2K ?>ABC?8B5 8=0G5, 2K <>65B5 ?5@5?CB0BL ;C7>2>ABL 8 03@5AA82=>ABL. 0?@8<5@, 5A;8 2K >F5=8;8 03@5AA82=>ABL 83@>:0 ?> >1I5<C :>;8G5AB2C 53> @597>2, B> <>65B5 ?@84B8 : 2K2>4C GB> B09B>2>-03@5AA82=K9 83@>:   B>;L:> A@54=89 ?> 03@5AA82=>AB8, B0: :0: >= @5978B ?>GB8 B0: 65 G0AB>, :0: 8 A@54=89 83@>:. 0< =C6=> 8<5BL 2 284C, GB> >1KG=> >= A1@0AK205B. 3@5AA8O 4>;6=0 87<5@OBLAO =5 ?> >1I5<C :>;8G5AB2C @597>2, 0 ?> A>>B=>H5=8N @597>2 : :>;;0< 8 15B>2 : G5:0<.

5.	0G=8B5 A :>=F>2 8 428309B5AL : A5@548=5. 53G5 2A53> 70<5B=K :@09=85 B>G:8. >6=> >G5=L ;53:> >?@545;8BL A0<>3> B09B>2>3>, ;C7>2>3>, =081>;55 ?0AA82=>3> 8;8 03@5AA82=>3> 83@>:0, => AB0=>28BAO 2A5 B@C4=55 @07;8G0BL 8E, :>340 8E AB8;8 ?@81;860NBAO : A@54=5<C.

6.	#G8BK209B5 B>;L:> 8E >1KG=CN 83@C. !B8;L 1>;LH8=AB20 83@>:>2 >B;8G05BAO 2 7028A8<>AB8 >B 8E =0AB@>5=8O, >B A>?5@=8:>2, >B B>3>, ?@>83@K20NB ;8 >=8 8;8 2K83@K20NB, >B @07<5@0 8E AB5:0 8 B. 4. 0: 4;O 83@>:>2->@85=B8@>2, B0: 8 4;O >1KG=KE 83@>:>2 83=>@8@C9B5 MB8 =5?>AB>O=AB20 8 CG8BK209B5 B>;L:> 8E =>@<0;L=CN 83@C.

7.	K 4>;6=K A0<8 1KBL 83@>:><->@85=B8@>< 4;O 20H53> @59B8=30. 0<=>3> ;53G5 A@02=820BL =57=0:><KE 83@>:>2 A A>1>9, G5< A :5<- ;81> 4@C38<.

8.	5 B@0BLB5 A2>5 2@5<O =0 ?>8A: >@85=B8@>2 A@548 A@54=8E 83@>:>2 (4-6 10;;>2).  =8< =5 >A>1> A;54C5B ?@8A?>A01;820BLAO. !:>=F5=B@8@C9B5AL =0 1>;55 M:AB@5<0;L=KE 83@>:0E. 4=0:> =C6=> 70<5G0BL D0:B>@K, > :>B>@KE <K ?>3>2>@8< ?>765, B0:85 :0: A;8H:>< G0AB0O 70I8B0 1;09=4>2 8;8 A:;>==>ABL : 1;5DC.

9.	A?>;L7C9B5 :0@0=40H. K <>65B5 70E>B5BL ?><5=OBL =5:>B>@K5 >@85=B8@K 8;8 :;0AA8D8:0F88 83@>:>2.

#AB0=>2:0 >@85=B8@>2 ?> B09B>2>AB8/;C7>2>AB8

0G=8B5 A ?>A;54=53> 7=0G5=8O ;C7>2>AB8 (9 10;;>2), ?>B><C GB> =0<=>3> ;53G5 C2845BL B>3>, :B> 83@05B A ?>;=K< <CA>@><, G5< C2845BL @07;8G8O <564C C@>2=O<8 B09B>2>AB8.



"01;8F0 3:  59B8=3 ?> B09B>2>AB8/;C7>2>AB8

 59B8=3	@85=B8@	?8A0=85

9, '@572KG09=> ;C7>2K9

















8, G5=L ;C7>2K9





7, C7>2K9





6, 5<=>3> ;C7>2K9

	__________

















__________





__________





__________	K15@8B5 B8?8G=>3> 87 =5A:>;L:8E A0<KE ;C7>2KE 83@>:>2 2 20H59 83@5. A;8 :0:>9-B> 83@>: =0<=>3> ;C7>255, G5< :B>-;81> 4@C3>9, =5 =07=0G09B5 53> Ť8AB5@>< 9ť, ?>B><C GB> >= =5 B8?8G=K9 83@>: 4;O 20H59 83@K.



K15@8B5 B>3>, :B> >G5284=> B09B>255, G5< Ť8AB5@ 9ť.



K15@8B5 B>3>, :B> >G5284=> B09B>255, G5< Ť8AB5@ 8ť.



5 CAB0=02;8209B5 MB>B >@85=B8@.

!B>?! "5?5@L 2<5AB> B>3>, GB>1K ?@>4>;60BL :;0AA8D8F8@>20BL 83@>:>2 A ;C7>2>3> :>=F0, ?5@5<5AB8B5AL : 4@C3><C :>=FC, : A0<>9 B09B>2>9 3@C??5, 8 ?@>4>;609B5 >BBC40.











 



"01;8F0 3:  59B8=3 ?> B09B>2>AB8/;C7>2>AB8 (?@>4>;65=85)

 59B8=3	@85=B8@	?8A0=85

5, !@54=89





4, 5<=>3> B09B>2K9





3, "09B>2K9





2, G5=L B09B>2K9





1, '@572KG09=> B09B>2K9

	__________





__________





__________





__________





__________	5 CAB0=02;8209B5 MB>B >@85=B8@.



5 CAB0=02;8209B5 MB>B >@85=B8@.



K15@8B5 B>3>, :B> >G5284=> ;C7>255, G5< Ť8AB5@ 2ť.



K15@8B5 B>3>, :B> >G5284=> ;C7>255, G5< Ť8AB5@ 1ť.



K15@8B5 B8?8G=>3> 87 =5A:>;L:8E A0<KE B09B>2KE 83@>:>2 2 20H59 83@5. A;8 :0:>9-B> 83@>: =0<=>3> B09B>255, G5< :B>-;81> 4@C3>9, =5 =07=0G09B5 53> Ť8AB5@>< 1ť, ?>B><C GB> >= =5 B8?8G=K9 83@>: 4;O 20H59 83@K.

!B>?! 5@5A<>B@8B5 2A5E 83@>:>2->@85=B8@>2.

" 	/2;O5BAO ;8 :064K9 ;8 83@>:->@85=B8@ 70<5B=> B09B>255 83@>:0, @0A?;>65==>3> =04 =8<?

" 	06CBAO ;8 G8A;>2K5 :;0AA8D8:0F88 8 >?8A0=8O ?@02482K<8? 0?@8<5@, A:070;8 1K 2K > Ť8AB5@5 8ť, GB> >= Ť>G5=L ;C7>2K9ť? A;8 >?8A0=85 =5 ?>E>65 =8 =0 >4=>3> 83@>:0->@85=B8@0, 2K15@8B5 :>3>-B>, :><C >=> ?>4E>48B. 

" 	53:> ;8 2K <>65B5 A@02=8BL 4@C3>3> 83@>:0 A 83@>:><->@85=B8@><? >AB0B>G=> ;8 20< OA=>, :0: >= 83@05B, GB>1K A:070BL: Ť>2K9 83@>: ?>GB8 B0:>9 65 ;C7>2K9, :0: 8AB5@ 8, ;C7>255 G5< 8AB5@ 7, => =5 B0:>9 ;C7>2K9, :0: 8AB5@ 9ť? A;8 =5B, B>340 8;8 2K15@8B5 4@C38E 83@>:>2->@85=B8@>2, 8;8 ?5@5A<>B@8B5 7=0G5=8O MB8E >@85=B8@>2, GB>1K <>6=> 1K;> 45;0BL B0:85 A@02=5=8O.

;0AA8D8:0F8O 83@>:>2 ?> B09B>2>AB8/;C7>2>AB8

'B>1K :;0AA8D8F8@>20BL 2A5E >AB0;L=KE 83@>:>2, ?@>AB> A@02=8209B5 8E A 83@>:0<8->@85=B8@0<8. ><=8B5 > B><, GB> >F5=820BL 8E A;54C5B B>;L:> ?> MB>9 E0@0:B5@8AB8:5, GB>1K 871560BL ?CB0=8FK ;C7>2>AB8 A 03@5AA82=>ABLN.

!C4O ?> 3@0D8:C =>@<0;L=>3> @0A?@545;5=8O, :>;8G5AB2> 83@>:>2 1C45B C<5=LH0BLAO, 5A;8 ?@>42830BLAO, =0G8=0O A 5 10;;>2 (A@54=8E 83@>:>2).

#AB0=>2:0 >@85=B8@>2 ?> ?0AA82=>AB8/03@5AA82=>AB8

0G=8B5 A 03@5AA82=>3> :@0O, ?>B><C GB> =0<=>3> ;53G5 @07;8G8BL C@>2=8 03@5AA82=>AB8, G5< C@>2=8 ?0AA82=>AB8.

 

"01;8F0 4:  59B8=3 ?> ?0AA82=>AB8/03@5AA82=>AB8

 59B8=3	@85=B8@	?8A0=85

9, '@572KG09=> 03@5AA82=K9

















8, G5=L 03@5AA82=K9







7, 3@5AA82=K9







6, 5<=>3> 03@5AA82=K9

	__________

















__________







__________







__________	K15@8B5 B8?8G=>3> 87 =5A:>;L:8E A0<KE 03@5AA82=KE 83@>:>2 2 20H59 83@5. A;8 :0:>9-B> 83@>: =0<=>3> 03@5AA82=55, G5< :B>-;81> 4@C3>9, =5 =07=0G09B5 53> Ť8AB5@>< 9ť, ?>B><C GB> >= =5 B8?8G=K9 83@>: 4;O 20H59 83@K.



K15@8B5 B>3>, :B> >G5284=> <5=55 03@5AA825=, G5< Ť8AB5@ 9ť.



K15@8B5 B>3>, :B> >G5284=> <5=55 03@5AA825=, G5< Ť8AB5@ 8ť.



5 CAB0=02;8209B5 MB>B >@85=B8@.

!B>?! "5?5@L 2<5AB> B>3>, GB>1K ?@>4>;60BL A 03@5AA82=>3> :@0O, ?5@5<5AB8B5AL : 4@C3><C :>=FC, : A0<><C ?0AA82=>9 3@C??5, 8 ?@>4>;609B5 >BBC40.

"01;8F0 4:  59B8=3 ?> ?0AA82=>AB8/03@5AA82=>AB8 (?@>4>;65=85)

 59B8=3	@85=B8@	?8A0=85

5, !@54=89





4, 5<=>3> ?0AA82=K9





3, 0AA82=K9







2, G5=L ?0AA82=K9







1, '@572KG09=> ?0AA82=K9

	__________





__________





__________







__________







__________	5 CAB0=02;8209B5 MB>B >@85=B8@.



5 CAB0=02;8209B5 MB>B >@85=B8@.



K15@8B5 B>3>, :B> >G5284=> <5=55 ?0AA825=, G5< Ť8AB5@ 2ť.



K15@8B5 B>3>, :B> >G5284=> <5=55 ?0AA825=, G5< Ť8AB5@ 1ť.



K15@8B5 B8?8G=>3> 87 =5A:>;L:8E A0<KE ?0AA82=KE 83@>:>2 2 20H59 83@5. A;8 :0:>9-B> 83@>: =0<=>3> ?0AA82=55, G5< :B>-;81> 4@C3>9, =5 =07=0G09B5 53> Ť8AB5@>< 1ť, ?>B><C GB> >= =5 B8?8G=K9 83@>: 4;O 20H59 83@K.

!B>?! 5@5A<>B@8B5 2A5E 83@>:>2->@85=B8@>2.

" 	064K9 ;8 83@>:->@85=B8@ 70<5B=> 03@5AA82=55, G5< A;54CNI89 A@07C 70 =8<?

" 	06CBAO ;8 G8A;>2K5 :;0AA8D8:0F88 8 >?8A0=8O ?@02482K<8? 0?@8<5@, A:070;8 1K 2K > Ť8AB5@5 8ť :0: >1 Ť>G5=L 03@5AA82=><ť 83@>:5? A;8 >?8A0=8O =5 A>2?040NB =8 A >4=8< 83@>:><->@85=B8@><, 2K15@8B5 :>3>-B>, :><C >=> ?>4E>48B.

" 	>65B5 ;8 2K A ;53:>ABLN A@02=8BL 4@C38E 83@>:>2 A 2K1@0==K<8 20<8 83@>:0<8->@85=B8@0<8? >AB0B>G=> ;8 OA=>, :0: 83@05B :064K9 83@>:->@85=B8@, GB>1K <>6=> 1K;> A:070BL: Ť>2K9 83@>: ?>GB8 B0:>9 65 ?0AA82=K9 :0: 8AB5@ 2, <5=55 ?0AA82=K9, G5< 8AB5@ 1, => 1>;55 ?0AA82=K9, G5< 8AB5@ 3ť? A;8 =5B, 8;8 2K15@8B5 =>2KE 83@>:>2->@85=B8@>2, 8;8 ?5@5A<>B@8B5 =0AB>OI8E, GB>1K <>6=> 1K;> 45;0BL B0:85 A@02=5=8O.

;0AA8D8:0F8O 83@>:>2 ?> ?0AA82=>AB8/03@5AA82=>AB8

'B>1K :;0AA8D8F8@>20BL 2A5E >AB0;L=KE 83@>:>2, ?@>AB> A@02=8209B5 8E A 2K1@0==K<8 20<8 83@>:0<8->@85=B8@0<8. ><=8B5 > B><, GB> =C6=> :;0AA8D8F8@>20BL 8E B>;L:> ?> MB>9 25;8G8=5, GB>1K 871560BL ?CB0=8FK ;C7>2>AB8 8 03@5AA82=>AB8.

!C4O ?> 3@0D8:C =>@<0;L=>3> @0A?@545;5=8O, :>;8G5AB2> 83@>:>2 1C45B C<5=LH0BLAO, 5A;8 ?@>42830BLAO, =0G8=0O A 5 10;;>2 (A@54=8E 83@>:>2).

59AB28O ?>A;5 >F5=:8 83@>:>2 ?> >158< E0@0:B5@8AB8:0<

>A;5 B>3>, :0: 2K >F5=8B5 83@>:>2 ?> >158< E0@0:B5@8AB8:0<, 20< =C6=> 1C45B A45;0BL A;54CNI55:

1.	><5AB8B5 8E =0 4803@0<<C, >6840O, GB> >=8 1C4CB 83@0BL B0: 65, :0: 8 4@C385 83@>:8 87 B>9 65 G0AB8 4803@0<<K.

2.	0?><8=09B5 8;8 4065 70?8AK209B5 2AQ, GB> 2K B0:65 7=05B5 > :064>< 87 83@>:>2, >A>15==> > B5E, A :5< 2K G0AB> 83@05B5 8;8 A :>B>@K<8 20< B@C4=> 83@0BL.

3.	 5H8B5, :0: 83@0BL A :064K< :>=:@5B=K< 83@>:><.

4.	!;548B5 70 ?>AB>O==> ?>O2;ONI8<8AO 87<5=5=8O<8. 0?@8<5@, <=>385 83@>:8 ?>-@07=><C 83@0NB 2 7028A8<>AB8 >B B>3>, 2 ?;NA5 >=8 8;8 2 <8=CA5, :>340 >=8 ?LO=K, CAB0;8 8 B. 4. >?@>A 2A5340 B>B 65   Ť0: >=8 83@0NB A59G0A?ť. @8 =5>1E>48<>AB8 :>@@5:B8@C9B5 A2>N 83@C ?@>B82 =8E.

5.	!;548B5 70 A83=0;0<8, :>B>@K5 A2845B5;LAB2CNB > B><, GB> 20H8 @59B8=38 2KAB02;5=K =5?@028;L=>. >65B 1KBL, 2K >H81;8AL 8;8 83@>: 87<5=8; A2>9 AB8;L. @8 =5>1E>48<>AB8 87<5=8B5 MB>B @59B8=3.

><18=8@>20==K5 AB8;8

 A;54CNI8E 3;020E <K ?>3>2>@8< > :064>< 87 C3;>2 4803@0<<K, =0?@8<5@ > ;C7>2>-03@5AA82=KE 83@>:0E. K =5 1C45< 3>2>@8BL >1 83@>:0E A> A@54=8<8 >F5=:0<8 ?> >158< E0@0:B5@8AB8:0<, ?>B><C GB> =5B =C64K ?@8A?>A01;820BLAO : 83@5 A =8<8. 4=0:> 5A;8 C :>3>-B> 1C45B >G5=L 2KA>:89 8;8 >G5=L =87:89 @59B8=3 ?> >4=>9 25;8G8=5, 8 1;87:> : A@54=5<C (4-6) ?> 2B>@>9, B>340 =C6=> 1C45B 2=>A8BL :>@@5:B8@>2:8. 0?@8<5@, >1KG=> =52K3>4=>, GB>1K A@07C A;520 >B 20A =0E>48;AO 03@5AA82=K9 83@>:, =57028A8<> >B B>3>, ;C7>2K9 >= 8;8 B09B>2K9.

K 3>2>@8<, GB> C 83@>:0 :><18=8@>20==K9 AB8;L, :>340 C =53> M:AB@5<0;L=K9 @59B8=3 (1-3 8;8 7-9) ?> >4=>9 E0@0:B5@8AB8:5, 8 A@54=89 @59B8=3 (4-6) ?> 4@C3>9. 0< =C6=> >1@0B8BL 2=8<0=85 =0 8E M:AB@5<0;L=K9 @59B8=3 8 ?@8<5=OBL A<5H0==K5 @5:><5=40F88 4;O 42CE AB8;59, :>B>@K5 A>>B25BAB2CNB MB><C @59B8=3C. 0?@8<5@, @59B8=3 5,8 (A@54=89 ?> ;C7>2>AB8/B09B>2>AB8, => >G5=L 03@5AA82=K9). 3@0O ?@>B82 B0:>3> 83@>:0, 20< =C6=> @C:>2>4AB2>20BLAO ?@028;0<8 83@K ?@>B82 ;C7>2>- 8 B09B>2>-03@5AA82=KE 83@>:>2.

>@@5:B8@>2:0 @59B8=3>2

;O B>3>, GB>1K :>@@5:B8@>20BL @59B8=38, =C6=> @C:>2>4AB2>20BLAO ?@8=F8?><, :>B>@K9 =07K205BAO Ť>BGQB >1 8A:;NG5=8OEť.  E>@>H> C?@02;O5<KE :><?0=8OE =5 B@0BOB 2@5<O =0 <=>65AB2> =5=C6=KE >BG5B>2, 0 ?@>AB> B@51CNB >BG5B, :>340 GB>-;81> <5=O5BAO. 0?@8<5@, 5A;8 2>7@0AB0NB 60;>1K A> AB>@>=K ?>:C?0B5;59, B> B>340 C65 ?@>AOB >BG5B :0A0B5;L=> MB>3>.

-B8 425 F8D@K 404CB 20< 1KAB@>5 ?@54AB02;5=85 > AB8;5 83@>:0, => =5:>B>@K5 B>=:>AB8 A45;0NB MB8 F8D@K 5I5 1>;55 ?>;57=K<8. 0?@8<5@, AB8;8 <=>38E 83@>:>2 <5=ONBAO, :>340 >=8 ?LO=K, :>340 >=8 2 1>;LH>< <8=CA5 8;8 ?;NA5. 5:>B>@K5 ?>-@07=><C 83@0NB 2 @0==8E 8 2 ?>74=8E @0C=40E B>@3>2;8. @C385 03@5AA82=> AB02OB, => B09B>2> @597OB . 5:>B>@K5 B09B>2>-?0AA82=K5 83@>:8 G0AB> 1;5DCNB.

%>BO MB8 B>=:>AB8 ?><>3CB 20< =09B8 A2>N AB@0B538N, >=8 45;0NB A8AB5<C 1>;55 A;>6=>9 8 B@C4=>9 4;O 8A?>;L7>20=8O. >@@5:B8@C9B5 2 A2O78 A =8<8 20HC AB@0B538N B>;L:> B>340, :>340 8A:;NG5=8O 4>AB0B>G=> >G5284=K5 8 G0ABK5. K B0:65 <>65B5 83=>@8@>20BL 8E 4> B5E ?>@, ?>:0 =5 ?>9<5B5, :0: ?>;L7>20BLAO >A=>2=>9 A8AB5<>9.

@5<5==K5 87<5=5=8O 2 AB8;5

!B8;8 <=>38E 83@>:>2 <5=ONBAO 2 7028A8<>AB8 >B B>3>, 2K83@K20NB >=8 8;8 ?@>83@K20NB, B@572K5 >=8 8;8 2K?8;8, CAB02H85 8;8 >B4>E=C2H85, :>340 C =8E <0;> 45=53 8 B. 4. 0?@8<5@, 2K =025@=O:0 7=05B5 83@>:>2 :>B>@K5 ?>4E>4OB ?>4 MB8 >?8A0=8O:

" 	 B@572>< 2845 7,7 (;C7>2>-03@5AA82=K9); 2 ?LO=>< 2845 9,9 (<0=LO:).

" 	1KG=>5 A>AB>O=85 3,3 (B09B>2>-?0AA82=K9), => 7,3 (;C7>2>-?0AA82=K9) 5A;8 =0E>48BAO 2 1>;LH>< <8=CA5.

" 	1KG=>5 A>AB>O=85 7,3 (;C7>2>-?0AA82=K9), => 3,3 (B09B>2>-?0AA82=K9) 5A;8 C =53> <0;> 45=53.

" 	1KG=>5 A>AB>O=85 5,5 (A@54=89), => 7,7 (;C7>2>-03@5AA82=K9) A@07C ?>A;5 15418B0 (45;05B =5;5?K5 @597K).

 07=8F0 <564C @0==8<8 8 ?>74=8<8 @0C=40<8 B>@3>2;8

5:>B>@K5 83@>:8 83@0NB ;C7>255 2 @0==8E @0C=40E, G5< 2 ?>74=8E. =8 1C4CB >B25G0BL A> A;01K<8 @C:0<8 2 ?5@2>< 8;8 2B>@>< @0C=45 B>@3>2;8, => =5 AB0=CB 45;0BL MB>3>, 5A;8 2A:>@5 =8G53> =5 70945B (>A>15==> 2 83@0E A D;>?><, ?>B><C GB> C40G0 83@05B 1>;LHCN @>;L <564C ?5@2K< 8 2B>@K< @0C=4><).  565 2AB@5G0NBAO 83@>:8 A >1@0B=>9 ?@54@0A?>;>65==>ABLN, >=8 83@0NB A;53:0 B09B>255 2 ?5@2>< @0C=45 B>@3>2;8, => 70B5< =0G8=0NB >B25G0BL A> A;01K<8 @C:0<8 (MB> G0I5 2AB@5G05BAO 2 A5<8:0@B>G=>< AB045 8 53> @07=>284=>ABOE, ?>B><C GB> 10=: @0AB5B, 0 D0:B>@ C40G8 2>7@0AB05B A :064K< @0C=4>< 2284C C25;8G5=8O :><18=0F89, :>B>@K5 ?@8=>A8B :0640O =>20O :0@B0).

5:>B>@K5 83@>:8 83@0NB 1>;55 8;8 =0>1>@>B, <5=55 03@5AA82=> 2 @0==8E @0C=40E B>@3>2;8. 0?@8<5@, >=8 =5 1C4CB @5978BL 157 A8;L=KE :0@B =0 ?@5D;>?5, => A45;0NB MB> A 4>AB0B>G=> A;01K<8 :0@B0<8 =0 D;>?5 8;8 B5@=5. # 4@C38E 2 B>G=>AB8 >1@0B=0O ?@54@0A?>;>65==>ABL.

A?>;L7C9B5 =0?8A0==K5 G5@57 B8@5 G8A;0, GB>1K >?8AK20BL MB8 @07;8G8O. '8A;> ?5@54 B8@5 >7=0G05B @0==85 @0C=4K, 0 G8A;> ?>A;5 B8@5   ?>74=85. 0?@8<5@, :>3>-B>, :B> 1C45B A<>B@5BL =0 D;>? A <CA>@=K<8 @C:0<8, => A1@0AK20BL, 5A;8 D;>? 5<C =5 70945B, <>6=> >F5=8BL :0: 8-4 ?> B09B>2>AB8/;C7>2>AB8. 3@>:>2, :>B>@K5 @54:> @597OB =0 ?@5D;>?5, => 2 >1I5< =5<=>3> 03@5AA82=K5, <>6=> >F5=8BL :0: 3-6 ?> ?0AA82=>AB8/03@5AA82=>AB8.

0<5BLB5, GB> 2 ?@54K4CI8E ?@8<5@0E 1K;8 8A?>;L7>20=K 10;;K 4 8 6, E>BO >1KG=> 2 A8AB5<5 83=>@8@CNBAO A@54=85 @59B8=38. =8 1K;8 8A?>;L7>20=K 4;O B>3>, GB>1K @07;8G8BL ?@5D;>?- 8 ?>ABD;>?-83@C.

'0AB0O 70I8B0 1;09=4>2

 1>;LH8=AB25 A;CG052, @59B8=38 83@>:>2 A>2?040NB A 8E ?@54@0A?>;>65==>ABLN : 70I8B5 1;09=4>2. C7>2K5 83@>:8 70I8I0NB 8E, 0 B09B>2K5   =5B. 4=0:> =5:>B>@K5 B09B>2K5 83@>:8 B>65 A;8H:>< G0AB> 70I8I0NB A2>8 1;09=4K, >A>15==> 1>;LH>9 1;09=4. @8 40==>9 >F5=:5 =C6=> CG8BK20BL ?>78F8N @5975@0. =>340 @597 <>65B 1KBL ?>?KB:>9 C:@0ABL 1;09=4K (>1KG=> 87 ?>74=59 ?>78F88), 0 8=>340   Ť70:>==K<ť @597>< (>1KG=> 87 @0==59 ?>78F88). @>AB> 45;09B5 70<5B:C =0 B0:8E 83@>:>2, =0?@8<5@ Ť'ť (G0AB> 70I8I05B 1;09=4K), 8 70B5< 8<59B5 MB> 2 284C.

 07=8F0 <564C 15B>< 8 @597><

=>385 83@>:8 ?>A;54>20B5;L=> ?0AA82=K 8;8 03@5AA82=K, => =5:>B>@K5 AB02OB =0<=>3> 03@5AA82=55, G5< @597OB. =8 <>3CB ?>AB028BL A> A;01K<8, <0@38=0;L=K<8 @C:0<8, => =5 A45;0BL @597 A >G5=L A8;L=K<8.

'B>1K >?8A0BL MBC ?@54@0A?>;>65==>ABL, >F5=8B5, :0: G0AB> 83@>: 40QB 15B (), 8 :0: G0AB> 40QB @597 ( ). @54?>;>68<, GB> MB> 83@>: 2 E>;45<, >= ;C7>2>-?0AA82=K9 =0 ?@5D;>?5, => AB028B 03@5AA82=> A> A;01K<8 @C:0<8 =0 ?>ABD;>?5, 8 =5 @5978B 157 A8;L=>9 @C:8. 3> <>6=> >F5=8BL 7,3-7()-3( ).

><=8B5 > B><, GB> 70?OB0O @0745;O5B @59B8=38 ;C7>2>AB8/B09B>2>AB8 >B @59B8=3>2 ?0AA82=>AB8/03@5AA82=>AB8, 0 B8@5 @0745;ONB @0==85 @0C=4K (?@5D;>? 8;8 B@5BLO C;8F0) >B ?>74=8E.

5B 87 ?>74=59 ?>78F88, :>340 2A5 ?>:070;8 A;01>ABL

5:>B>@K5 83@>:8 (4065 4>AB0B>G=> ?0AA82=K5) <>3CB AB028BL ?>GB8 A ;N1>9 @C:>9, 5A;8 2A5 4> =8E A:06CB G5: =0 D;>?5 2 E>;45<5 8;8 ><0E5. A;8 ?>A;54=8< 459AB2C5B 3>2>@8B 8<5==> B0:>9 83@>:, B>340 20< =C6=> @0AA<>B@5BL G5:-@597. A;8 C 20A E>@>H0O @C:0, 2K A<>65B5 A C25@5==>ABLN AK3@0BL G5: 2 @0AGQB5 =0 G5:-@597. -B> >G5=L 206=> 8 20< =C6=> 45;0BL 70<5B:8 =0 B0:8E 83@>:>2.

'5:-@597

A;8 83@>: G5:-@5978B B0: 65 G0AB>, :0: 8 ;N1>9 4@C3>9 83@>: A B0:8< 65 @59B8=3><, B> =5 =C6=> 2=>A8BL ?>?@02>:. 0?@8<5@, 03@5AA82=K5 83@>:8 G5:-@597OB =0<=>3> G0I5, G5< ?0AA82=K5, 0 ;C7>2>-03@5AA82=K5 83@>:8 45;0NB MB> G0I5 2A5E. 5;09B5 70<5B:8, 5A;8 2848B5, =0?@8<5@, GB> ?0AA82=K9 83@>: G0AB> ?@8<5=O5B G5:-@597 8;8 =0>1>@>B, 5A;8 03@5AA82=K9 83@>: =8:>340 : =5<C =5 ?@815305B.

5B 8;8 @597 A ?@8:C?=>9 @C:>9

-B> >G5=L 206=K9 0A?5:B. A;8 2K 7=05B5, GB> :B>-B> ?>AB>O==> AB028B 8;8 @5978B A ?@8:C?=K<8 @C:0<8, 20< >1KG=> AB>8B ?>4C<0BL > B><, GB>1K @5978BL 8 @5@5978BL A 20H8<8 <0@38=0;L=K<8 @C:0<8, >A>15==> 5A;8 5ABL 2>7<>6=>ABL 2K18BL 4@C38E 83@>:>2 87 10=:0. 4=0:> 5A;8 1>;LH5 =8:>3> 2 10=:5 =5B, 2K <>65B5 2K1@0BL ?0AA82=CN ;8=8N, GB>1K ?@>2>F8@>20BL 8E =0 1;5D.  =0>1>@>B, 5A;8 83@>: =8:>340 =5 AB028B 8 =5 @5978B A ?@8:C?=K<8 @C:0<8, 20< =C6=> A1@0AK20BL =5:>B>@K5 87 @C:, A :>B>@K<8 2K 1K >1KG=> >B25B8;8 (=> B>;L:> 5A;8 10=: =5 >G5=L 1>;LH>9).

>;LH8=AB2> 03@5AA82=KE 83@>:>2 (>A>15==> ;C7>2>-03@5AA82=KE), G0AB> 3;C?> AB02OB 8;8 @597OB A ?@8:C?=K<8 @C:0<8. 0?@8<5@, >=8 <>3CB A45;0BL @5@597, 83@0O >48= =0 >48= A> A;01>9 ?@8:C?=>9 @C:>9, <>B828@CO MB> B0:: ŤA;8 <=5 70945B =C6=0O :0@B0, O E>GC 2K83@0BL 1>;LH>9 10=:ť. A;8 459AB28O 83@>:0 A ?@8:C?=K<8 @C:0<8 >B;8G0NBAO >B 459AB289 83@>:>2 A B0:8< 65 @59B8=3><, 70?><=8B5 MB>, 0 70B5< 8A?>;L7C9B5 MBC 8=D>@<0F8N.

;5D

5;09B5 70<5B:C > 1;5D5, B>;L:> 5A;8 40==K9 83@>: >= 45;05B MB> G0I5 8;8 @565, G5< 4@C385 83@>:8 A B0:8< 65 @59B8=3><.

0?><8=09B5 B0:65, :>340 >= 1;5DC5B. 5:>B>@K5 83@>:8 1C4CB 02B><0B8G5A:8 1;5D>20BL 2 =5:>B>@KE A8BC0F8OE, =0?@8<5@, :>340 2A5 AK3@0;8 G5: =0 2 40==>< 8;8 2 ?@54K4CI5< @0C=45.

-B> G@572KG09=> F5==0O 8=D>@<0F8O. K A<>65B5 ?@>2>F8@>20BL B0:8E 83@>:>2 =0 1;5D 2 ?>4E>4OI8E A8BC0F8OE.  =0>1>@>B, 5A;8 2K 7=05B5, GB> >=8 =8:>340 =5 1;5DCNB 8;8 1;5DCNB B>;L:> 2 >?@545;5==KE A;CG0OE, 2K <>65B5 A1@>A8BL, :>340 >=8 ?>AB02OB. 284C B>3>, GB> MB0 8=D>@<0F8O >G5=L 206=0, >1O70B5;L=> 45;09B5 70<5B:8.

!C525@8O

=>385 83@>:8 AC525@=K, E>BO 8 =5 3>2>@OB MB>3>. 0?@8<5@, C =8E <>65B 1KBL ;N18<0O @C:0 B8?0 22 8;8 J9s, A :>B>@K<8 >=8 ?5@583@K20NB. @C385 <>3CB, =0>1>@>B, 87-70 A2>59 AC525@=>AB8, =5 83@0BL A :0:8<8-;81> @C:0<8. 0?@8<5@, >=8 <>3CB @5978BL A ?0@>9 20;5B>2, 40< 8 :>@>;59, => A1@0AK20BL ?0@C BC7>2, ?>B><C GB> 3;C?> 25@OB 2 B>, GB> >=8 ?@>83@K20NB 87-70 B>3>, GB> @597OB A MB>9 @C:>9.

=>340 >=8 >B:@KB> 70O2;ONB > A2>8E AC525@8OE. 0?@8<5@, >48= 83@>: A:070;, GB> >= 83@05B A @C:>9 57 2 E>;45<5 ?>B><C, GB> >= @>48;AO 2 1957 3>4C. @C38< 83@>:0< 20< A;54C5B 704020BL 2>?@>AK =0?>4>185 A;54CNI8E: Ť>G5<C BK AK3@0; A MB>9 @C:>9?ť 8;8 Ť>G5<C BK =5 A45;0; @597?ť. >7L<8B5 70 ?@82KG:C 704020BL 2>?@>AK; 2K 1C45B5 C482;5=K B5<, :0: <=>3> 2K C7=05B5 1;03>40@O MB><C.

0<5B:8 =0 83@>:>2

>;LH8=AB2> 83@>:>2 A =5>E>B>9 45;0NB 70<5B:8, >4=0:> 2K ?@>AB> =0?@>AB> =5 <>65B5 70?><=8BL 2A53>. K A<>65B5 1>;LH5 2K83@K20BL, 5A;8 1C45B5 C45;OBL MB><C =5A:>;L:> <8=CB ?>A;5 >:>=G0=8O @C:8 8;8 A5AA88. G5=L E>@>H89 20@80=B   48:B>D>=. >340 2K 545B5 4><>9, 2K <>65B5 ;53:> =048:B>20BL 2 =53> 20H8 70<5G0=8O > 20H8E A>?5@=8:0E, > 20H5< A>1AB25==>< AB8;5, > <5B>40E C;CGH5=8O 83@K 8 B. 4.

4=0:> 20< =C6=> 1KBL >G5=L >AB>@>6=K<, :>340 2K 1C45B5 45;0BL 70<5B:8. CGH5, GB>1K 2K C65 =5 1K;8 70 83@>2K< AB>;><. =>385 83@0NB 8<5==> 4;O B>3>, GB>1K >B4>E=CBL, 8 2K =5 E>B8B5, GB>1K >=8 C7=0;8 > B>< GB>:

1.	 MB>9 83@5 5ABL 1>;LH5 F5;59, G5< >=8 ?>4>7@520NB.

2.	K =0AB>;L:> A5@L57=> >B=>A8B5AL : 83@5. -B> <>65B ?>2;8OBL =0 B>, GB> >=8 1C4CB ?@52@0I0BLAO 87 ;53:8E 2 B@C4=KE A>?5@=8:>2. !<. :=83C M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold 'em Poker for Advanced Players: 21s' Century Editionť 4;O 1>;55 ?>4@>1=>9 8=D>@<0F88 =0 MBC B5<C.

F5=:0 A0<>3> A51O

F5=8B5 A51O, ?>B>< 70?8H8B5 =865 20H @59B8=3. ><=8B5 > B><, GB> 2=0G0;5 2KAB02;O5BAO >F5=:0 ?> ;C7>2>AB8/B09B>2>AB8, 0 ?>B>< ?> ?0AA82=>AB8/03@5AA82=>AB8.

>9 @59B8=3 __ , __

0?><=8B5 MB> G8A;>. =>   A0<0O 206=0O G0ABL MB>9 :=838. => 2;8O5B =0 2AQ, GB> 2K 45;05B5, 8 =0 B>, :0: 2K 2K3;O48B5 2 3;070E 20H8E A>?5@=8:>2 8 :0: >=8 ?@>B82 20A 83@0NB.

!?@>A8B5 C A2>8E 4@C759, :>B>@K5 7=0NB, :0: 2K 83@05B5, :0: >=8 >F5=820NB 20H AB8;L. 0?8H8B5 =865 :0@0=40H>< 8E @59B8=38, 2KAB02;5==K5 20<.

          <O                   59B8=3

______________         __ , __

______________         __ , __

______________         __ , __

A;8 8E @59B8=3 >B;8G05BAO >B 2KAB02;5==>3> 20<8, ?>?@>A8B5 8E, GB>1K >=8 >1JOA=8;8 A2>5 @5H5=85. A;8 2K C7=05B5 8E <KA;8, MB> ?><>65B 20< 42064K. >-?5@2KE, 1;03>40@O MB><C 20H A>1AB25==K9 @59B8=3 AB0=5B B>G=55. >65B 1KBL >=8 C2845;8 B>, GB> 2K ?@5C25;8G8;8 8;8 83=>@8@>20;8.

>-2B>@KE, 2K ?>9<5B5, :0: 2K 2K3;O48B5 2 3;070E 4@C38E 83@>:>2. >;LH8=AB2> 83@>:>2 @C:>2>4AB2CNBAO A2>8<8 >ICI5=8O<8, 0 =5 20H8< @50;L=K< AB8;5<. K C2848< ?>765, GB> 20H 8<846 8 AB8;L >1KG=> =5 4>;6=K 1KBL >48=0:>2K<8. A;8 MB> 1C45B B0:, 2K 1C45B5 ?@54A:07C5<K. A5340 ?;0=8@C9B5, :0: C;CGH8BL A2>9 8<846 70 AB>;><. C45B 1>;LH5 @5:><5=40F89 ?> MB><C ?>2>4C 2 @0745;0E ?>4 =0720=85< ŤA;8 2K ;C7>2>-03@5AA82=K9 [8;8 :0:>9-B> 4@C3>9] 83@>:ť.

>A;5 B>3>, :0: 2K ?>;CG8B5 1>;LH5 8=D>@<0F88 >B 20H8E 4@C759 8;8 87 4@C38E 8AB>G=8:>2, 2K <>65B5 ?5@5A<>B@5BL A2>9 @59B8=3 8;8 87<5=8BL A2>9 AB8;L, 2K1@02 :0:>9-B> 1>;55 MDD5:B82=K9, => B>B @59B8=3 1C45B ?>:07K20BL 20< B>, :0: 2K 2848B5 A51O A59G0A.

>A<>B@8B5 =0 803@0<<C 5 87 ?@54K4CI53> @0745;0.

 

>AB02LB5 1>;LHCN B>G:C =0 4803@0<<5, :>B>@0O 1C45B A>>B25BAB2>20BL 20H5<C @59B8=3C. >?0;8 ;8 2K 2 >48= 87 C3;>2 8;8 ?>1;87>AB8 >B =8E? A;8 40, 2K A:>@55 2A53> 83@05B5 8 GC2AB2C5B5 B0: 65, :0: 8 83@>:8 87 B>3> C3;0.

 G0ABOE :=838 A G5B2Q@B>9 ?> A54L<CN <K ?>3>2>@8< > G5BK@5E C3;0E 4803@0<<K (B09B>2>-?0AA82=K9 C3>;, ;C7>2>-03@5AA82=K9, 8 B.4.). ;O 20A <>65B 1KBL ;CGH5 A@07C ?5@59B8 : B5< 42C< @0745;0<, 2 :>B>@KE @0AA:070=> > =081>;55 1;87:>< 20< AB8;5. 0?@8<5@, 5A;8 2K ;C7>2>-?0AA82=K9 83@>:, ?5@5948B5 A59G0A : ?OB>9 G0AB8 :=838. @>G8B02 55, 2K ?>9<5B5, ?>G5<C 2K 83@05B5 8<5==> B0:, :0:8E @57C;LB0B>2 20< A;54C5B >6840BL, :0: 87<5=8BL 20H AB8;L 8 :0:85 83@K 2K1@0BL. K <>65B5 1KBL >G5=L C482;5=K.

> =5 701C4LB5 25@=CBLAO AN40. K 5I5 4>;6=K >1AC48BL <=>65AB2> 4@C38E B5<.

>;CG5=85 8=D>@<0F88

064K9 ?>:5@=K9 M:A?5@B A>3;0A8BAO A B5<, GB> 8=D>@<0F8O   MB> A8;0, => =8:B> >A>1> =5 ?8A0; > B><, :0: ?>;CG0BL 5Q. 45AL <K ?>3>2>@8< > =5A:>;L:8E <5B>40E >?@545;5=8O AB8;O 83@>:>2.

A;8 2K >1KG=> 83@05B5 A B5<8 65 ;N4L<8, 2K ?>AB5?5==> A<>65B5 ?>=OBL, :0: A;54C5B 83@0BL. 4=0:> 2284C B>3>, GB> 83@>:8 ?>AB>O==> <5=ONBAO, 2K 4>;6=K =0CG8BLAO 1KAB@> G8B0BL A>?5@=8:>2 8 70?><8=0BL B>, GB> 2K > =8E ?>=O;8.  :064>< @0745;5 > AB8;OE 1C4CB ?@82545=K A2>8 Ť!83=0;K 1KAB@>3> @0A?>7=020=8Oť. !59G0A <K ?>3>2>@8< > B@5E >A=>2=KE B5E=8:0E   > =01;N45=88, ?@8A;CH820=88 8 =02>4OI8E 2>?@>A0E. 0B5< <K 70B@>=5< 1>;55 =5>1KG=CN B5<C   Ť8A?>;L7>20=85 B@5BL53> CE0ť.

01;N45=85

%>@>H85 83@>:8 >1KG=> =01;N40B5;L=K, 0 ;CGH85 83@>:8 B@0BOB =0 MB> 459AB28B5;L=> <=>3> CA8;89. >A;5 B>3>, :0: <K A1@0AK205< :0@BK, 1>;LH8=AB2> 87 =0A Ť>B:;NG0NBAOť. K <5GB05<, A<>B@8< ", @5H05<, G53> 1K ?>5ABL 8 B. 4. K83@K20NI85 83@>:8 >AB0NBAO A:>=F5=B@8@>20==K<8 =0 83@5, 87CG0O, :0: 83@0NB 8E ?@>B82=8:8. 0 A0<>< 45;5, >=8 <>3CB ?>=OBL 4065 1>;LH5 ?>A;5 B>3>, :0: A1@>A8;8 A2>N @C:C, G5< 2> 2@5<O 83@K. =8 <>3CB ?>4C<0BL > AB8;OE, > 4@C38E 206=KE =0 48AB0=F88 25I0E, 2<5AB> B>3>, GB>1K @5H0BL, :0: =C6=> 1K;> AK3@0BL 2 :>=:@5B=>9 @0740G5. -B> ?>42>48B =0A : 5@2><C @028;C ?>;CG5=8O 8=D>@<0F88: !;548B5 70 83@>9 =57028A8<> >B B>3>, 2 @>7K3@KH5 2K, 8;8 =5B.

5 ?KB09B5AL A45;0BL <=>3>3>. A;8 2K 1C45B5 ?KB0BLAO A;548BL 70 83@>9, AG8B0BL @07<5@ 10=:0, 4C<0BL, :0:85 @C:8 <>3CB 1KBL C 83@>:>2, 8 87CG0BL, :0: 83@0NB =5:>B>@K5 83@>:8, 2K 70?CB05B5AL 2 A2>8E <KA;OE. 1;53G8B5 A2>N @01>BC, ?@8<5=OO B>@>5 @028;>: 4=>2@5<5==> >1@0I09B5 2=8<0=85 =0 >4=>3> 8;8 42CE 83@>:>2.

>=5G=>, 20< AB>8B >1@0I0BL 1>;LH5 2=8<0=8O =0 83@>:>2, :>B>@K5 A8;L=55 1C4CB 2;8OBL =0 20HC 83@C. 0?@8<5@, =0 @53C;O@>2, :>B>@KE 2K =5 <>65B5 ?@>G8B0BL 8;8 ?@>B82 :>B>@KE 2K G0AB> ?@>83@K205B5. A;8 2K 1C45B5 83=>@8@>20BL 2AQ >AB0;L=>5 8 A:>=F5=B@8@C5B5AL =0 >4=>< 8;8 42CE 83@>:0E, 2K <>65B5 1KBL ?@8OB=> C482;5=K B5<, :0: ;53:> 8E G8B0BL 8 2K83@K20BL C =8E. K, A:>@55 2A53>, 70<5B8B5 8E ?@82KG:8 8 ?;>E85 :0G5AB20, :>B>@K5 @0=LH5 =5 70<5G0;8.

K C7=05B5 5IQ 1>;LH5, 5A;8 1C45B5 8A?>;L7>20BL "@5BL5 @028;>: 5;09B5 ?@54?>;>65=8O 8 >1JOA=O9B5 A;>20<8 A2>8 @0AAC645=8O. K 3>2>@8;8 >1 MB>< ?@8=F8?5 2> 22545=88 8 2 @0745;5 ?@> GB5=85 @C:. -B> =0AB>;L:> A8;L=K9 ?@85<, GB> ?>GB8 2A5 CG5=K5 ?>;L7CNBAO 8<. =8 ?>4@>1=> 3>2>@OB: ŤA;8 <>O B5>@8O 25@=0, B> MB> ?@>87>945B, ?>B><C GB> B>-B>, B>-B> 8 B>-B>ť. A;8 8E ?@54?>;>65=85 >:065BAO =525@=K<, >=8 A<>3CB 1KAB@> ?>=OBL, GB> >=8 A45;0;8 =5 B0:, 8 ?5@5A<>B@5BL A2>N B5>@8N.

 ?>:5@5 =5B B0: <=>3> B5>@88, => <K AB0@05<AO C3040BL, :0:0O @C:0 <>65B 1KBL C ?@>B82=8:0. K <>65B ?@54C3040BL, GB> 6> ?>AB028B 2 A;54CNI5< @0C=45, ?>B><C GB> <K 4C<05<, GB> C =53> DC;;-E0CA. A;8 >= A:065B G5: 8 ?>:065B 1>;55 A;01CN @C:C, <K ?>9<5<, GB> >H81;8AL 8 ?>B>< @5H8<, 345 :>=:@5B=> <K 4>?CAB8;8 >H81:C. A;8 <K =5 1C45< 45;0BL ?@54?>;>65=8O, <K <>65< =8:>340 =5 ?>=OBL 8 =5 8A?@028BL A2>8 >H81:8.

@8A;CH820=85

>;LH5 2A53> 8=D>@<0F88 <K ?>;CG8< 1;03>40@O =01;N45=8N, ?>B><C GB> AB02:8   MB> A0<>5 3;02=>5 459AB285. 4=0:>, B0:65 =C6=> A;CH0BL, ?>B><C GB> ;N48 3>2>@OB > <=>3>< (:0: 70 AB>;><, B0: 8 2>7;5 =53>), GB> 2K40QB 8E.

 :0@B>G=KE :;C10E B>65 4>;65= 459AB2>20BL 70:>=, :>B>@K9 3;0A8B: ŤAQ GB> 2K A:065B5, <>65B 1KBL 8A?>;L7>20=> ?@>B82 20Ať. =>385 83@>:8 =5 ?>=8<0NB, A:>;L:> 8=D>@<0F88 >=8 ?@54>AB02;ONB A2>59 15A?5G=>9 1>;B>2=59. 0?@8<5@, :>340 >=8 @0AA:07K20NB > A2>5< 15418B5, >=8 @0AA:07K20NB 4@C38<, :0: >=8 83@0NB, 8 E>@>H85 83@>:8 1C4CB 2?>A;54AB288 8A?>;L7>20BL MB> ?@>B82 =8E.

=8 B0:65 2K40NB A51O, :>340 3>2>@OB > GC68E @C:0E. =>385 83@>:8 ;N1OB ?>:070BL =0A:>;L:> >=8 ŤC<=Kť, 8 :><<5=B8@CNB GC6CN 83@C. Ť= =5 4>;65= 1K; @5978BL ?>B><C GB>& ť, Ť/ 1K ?>4C<0;, GB> C =53> D;0H, B0: :0:& ť, Ť/ =8:>340 =5 AK3@0; 1K A B0:>9 @C:>9& ť. A;8 2K ?@>AB> 1C45B5 A;CH0BL, 2K 1C45B5 C482;5=K, A:>;L:> Ť15A?;0B=>9 8=D>@<0F88ť 28B05B 2 2>74CE5.

=>340 83@>:8 A0<8 @56CB AC:, =0 :>B>@>< A84OB, 8 2 B>G=>AB8 3>2>@OB, :0: <>6=> 2K83@0BL C =8E A0<8E. >A;54CNI85 =01;N45=8O ?>:07K20NB, GB> >=8 3>2>@OB ?@024C, :>340 CB25@640;8 MB>.  :><<5=B0@8OE ?>A;5 A;>20 ŤA?0A81>ť C:070=>, :0: 2K <>65B5 8A?>;L7>20BL MBC 8=D>@<0F8N ?@>B82 =8E.

" 	Ť/ =5 83@0N 03@5AA82=>. / =5 A45;0; 1K @597, 5A;8 =5 1K; 1K ?>GB8 C25@5=, GB> <>O @C:0 A8;L=59H0Oť

!?0A81>.  A;54CNI89 @07, :>340 BK A45;05HL @597, O A1@>HC.

" 	Ť/ 2A5340 ?>AB028; 1K, 5A;8 1K; 1K ?>A;54=8< 8 2A5 4> <5=O A:070;8 G5:ť

!?0A81>.  A;54CNI89 @07, :>340 C <5=O 1C45B E>@>H0O @C:0 8 B2>Q A;>2> 1C45B ?>A;54=8<, O AK3@0N G5:-@597.

" 	ŤA;8 10=: 4>AB0B>G=> 1>;LH>9, O 1C4C >B25G0BL 4> :>=F0, => O =5 1C4C 45;0BL ;C7>2K5 :>;;K ?@8 <0;5=L:8E 10=:0Eť

!?0A81>. "5?5@L O 7=0N, :>340 <>6=> ?@>B82 B51O 1;5D>20BL.

" 	Ť/ =8:>340 =5 83@0N G5:-@597, ?>B><C GB> 2A5340 ;CGH5 AB028BL A> A2>8<8 ;CGH8<8 @C:0<8ť

!?0A81>.  A;54CNI89 @07, :>340 BK A:065HL G5:, O 1C4C 7=0BL, GB> C B51O A;010O @C:0. / A<>3C 1;5D>20BL A <CA>@>< 8;8 AB028BL A <0@38=0;L=>9 @C:>9 157 1>O7=8, GB> >B B51O ?>A;54C5B @597.

K <>65B5 ?>4C<0BL, GB> 2 20H59 83@5 =8:B> =5 1C45B 45;0BL B0:8E 3;C?KE 70<5G0=89, => MB> 45;0NB 4065 83@>:8 2 :@C?=KE BC@=8@0E. 0?@8<5@, 3;C?>5 70<5G0=85 >B >4=>3> 83@>:0 ?><>3;> MBBC MAA5=465@C 2K83@0BL :@C?=K9 BC@=8@ ?> ?>B-;8<8B=><C E>;45<C (A ?@87>2K< D>=4>< 1>;55 $150 000). MBB @0AA:070; <=5, GB> >= A45;0; @597 A QQ 8 ?>;CG8; @5@597:

Ť!=0G0;0 O ?>4C<0;, GB> C =53> @C:0 ;CGH5, G5< C <5=O, => ?>A;5 B>3>, :0: >= A45;0; @597, >= ?>25@=C;AO :> <=5, C;K1=C;AO 8 A:070;, GB> ?@>AB> E>B5; C1548BLAO, GB> <K >AB0=5<AO A =8< >48= =0 >48=. "5?5@L O 1K; C25@5=, GB> C <5=O ;CGH0O @C:0. / A45;0; @5@597 2 $500. = >B25B8;, =0 D;>?5 O ?>H5; 20-10=:, >= >B25B8;, ?>:070; ?0@C 45AOB>: 8 2K;5B5; 87 BC@=8@0ť

02>4OI85 2>?@>AK

01;N45=85 8 ?@8A;CH820=85   MB> >B=>A8B5;L=> ?0AA82=K5 <5B>4K ?>;CG5=8O 8=D>@<0F88, 2 B> 2@5<O :0: =02>4OI85 2>?@>AK   MB> :C40 1>;55 0:B82=K9 <5B>4. >?@>AK 8 4@C3>3> 2840 ?>?KB:8 A;C60B 4;O B>3>, GB>1K 83@>:8 2K40;8 20< 8=D>@<0F8N, :>B>@CN ?@>AB> B0: 20< =5 C40;>AL 1K ?>;CG8BL. >GB8 =8:B> =5 8A?>;L7C5B MBC 2>7<>6=>ABL 4>AB0B>G=> 0:B82=>; <K ?0AA82=> 645<, GB>1K =0< ?@54>AB028;8 8=D>@<0F8N, => <K A<>65< :C40 1>;LH5 C7=0BL, 8A?>;L7CO '5B25@B>5 @028;>: 040209B5 @07;8G=K5 2>?@>AK 20H8< ?@>B82=8:0<.

A;8 2K 1C45B5 A;8H:>< >G5284=K<8, 1>;LH8=AB2> 83@>:>2 =5 ?>4404CBAO =0 ?@>2>:0F8N. 0?@8<5@, <=>385 =5 >B25BOB 20< =0 B0:>9 2>?@>A, :0: Ť'B> C B51O 1K;> 2 ?@>H;>9 @0740G5?ť. =8 >E>B=55 >B25BOB =0 B>, :0: >=8 @07K3@0;8 @C:C, :>B>@CN C65 2A5< ?@>45<>=AB@8@>20;8.

# <=>38E 83@>:>2 5ABL A8;L=>5 65;0=85 1KBL ?>=OBK<8; >=8 E>BOB A:070BL 20<, :0: >=8 @07<KH;ONB 8 :0: >=8 83@0NB. 0?@8<5@, ?>A;5 B>3> :0: 2K C2845;8 8E :0@BK, 2K <>65B5 A?@>A8BL:

" 	Ť=B5@5A=>, ?>G5<C BK =5 A45;0; G5:-@597?ť

" 	Ť/ C4828;AO, GB> BK >B25B8; A B0:>9 @C:>9ť

" 	Ť>G5<C BK ?KB0;AO 1;5D>20BL ?@>B82 B0:>3> ;C7>2>3> 83@>:0?ť

" 	Ť-B> 1K; AB@0==K9 @597ť

" 	Ť/ =8:>340 1K =5 ?>4C<0;, GB> C B51O <>65B 1KBL MB0 @C:0. / 4C<0;, GB> C B51O& ť

'0AB> 2K <>65B5 ?>;CG8BL 8=D>@<0F8N, :@8B8:CO 20H8E A>?5@=8:>2, => MB> =C6=> 45;0BL >AB>@>6=>. 0?@8<5@, <=>385 83@>:8 =0G8=0NB >?@024K20BL A2>8 :>;;K 8;8 @597K A ?;>E8<8 :0@B0<8, >1JOA=OO A2>8 @5H5=8O:

" 	Ť/ 2A5340 70I8I0N A2>9 1>;LH>9 1;09=4 >B 548=AB25==>3> @5970ť

" 	Ť/ 1C4C A<>B@5BL A;54CNICN :0@BC, 5A;8 C <5=O 1C4CB B@8 :0@BK : ;N1><C AB@59BCť

" 	Ť/ @5978;, ?>B><C GB> MB> <>O ;N18<0O @C:0ť

-B8 CB25@645=8O 40NB 20< F5==CN 8=D>@<0F8N, :>B>@CN 2K =5 A<>3;8 1K ?>;CG8BL 4@C38< A?>A>1><, 8 MB0 8=D>@<0F8O ?><>65B 20< 2K83@K20BL C =8E.

>A25==0O :@8B8:0 <>65B ?><>GL 20< C7=0BL, :>340 :><C-B> 70H;0 C40G=0O :0@B0: Ť"515 ?>257;>, GB> ?@8H5; BC7 =0 @825@5ť. = <>65B =0G0BL >?@024K20BLAO 8 A:070BL: Ť5B. = 1K; C <5=O A A0<>3> =0G0;0ť.

=>340 20A <>3CB >128=8BL 2 B><, GB> 2K 70405B5 MB8 2>?@>AK. C 8 GB> A B>3>? >;CG5=85 8=D>@<0F88, MB> :0: 4>1KG0 7>;>B0   4;O ?>;CG5=8O 53> =51>;LH>3> :>;8G5AB20 =C6=> 70B@0B8BL <=>3> CA8;89. > MB8 CA8;8O AB>OB B>3>. 4=0:>, 5A;8 83@>:8 1C4CB A8;L=> =54>2>;L=K, G0AB> ;CGH5 ?@5:@0B8BL 704020BL 2>?@>AK, B0: :0: MB> <>65B ?@825AB8 : 87<5=5=8N =0AB@>5=8O 70 AB>;>< 8 : CE>4C A;01KE 83@>:>2.

!;CH09B5 ŤB@5BL8< CE><ť

K <>65B5 C7=0BL <=>3> 8=B5@5A=KE 25I59 8A?>;L7CO OB>5 @028;>: !;CH09B5 ŤB@5BL8< CE><ť. -B>B B5@<8= 22Q; 2 ?@0:B8:C >48= 70<5G0B5;L=K9 ?A8E>0=0;8B8:. = A:070;, GB> C =0A 5ABL 420 CE0 4;O B>3> GB>1K A;KH0BL D0:BK, 8 B@5BL5, C<AB25==>5 CE>, 4;O B>3>, GB>1K A;KH0BL ?>4@07C<5205<K5 7=0G5=8O, B0:85 :0: GC2AB20, =04564K 8;8 AB@0E8 ;N459. -B> :0: GB5=85 Ť<564C AB@>:ť. ! ?><>ILN B@5BL53> CE0 <K <>65< ?>AB83=CBL ACBL <=>38E 25I59, 5A;8 B>;L:> <K 1C45< 8A?>;L7>20BL 53>.

K <>65B5 =5 8A?>;L7>20BL 20H5 B@5BL5 CE>, >H81>G=> @0745;OO @0A?@>AB@0=Q==K9 <8D, GB> ?>:5@   MB> B>;L:> 45=L38, => <K C65 ?>:070;8, GB> ?>GB8 C 2A5E 83@>:>2 ACI5AB2CNB 8 4@C385 <>B82K 4;O 83@K, ?><8<> 45=56=KE. 'B>1K ?>=OBL 8 ?@8A?>A>18BLAO : 4@C38< 83@>:0<, =0< =C6=> A;CH0BL ŤB@5BL8< CE><ť 8 ?>AB>O==> 4C<0BL > @07=KE <>B820E, AB@0E0E 8 <KA;OE, :>B>@K5 @54:> @0AA<0B@820NBAO 02B>@0<8 ?>:5@=KE :=83.

 >AB02H8EAO @0745;0E <K ?>3>2>@8< >1 Ť8@@0F8>=0;L=KEť (B> 5ABL =5 >B=>AOI8<AO : 2K83@KHC) <>B820E 8 AB@0E0E. K 1C45< 8A?>;L7>20BL ŤB@5BL5 CE>ť, GB>1K ?@>=8:=CBL 2 3;C18=C, ?@>0=0;878@>20BL MB8 4@C385 <>B82K 8 A2O70BL 8E A 20H8< A>1AB25==K< AB8;5< 8 AB8;O<8 4@C38E 83@>:>2. K C2848B5, GB> 83@>:8 A @07=K<8 AB8;O<8 83@0NB ?> @07=K< ?@8G8=0<, 284OB 83@C ?>-4@C3><C 8 B@51CNB @07=KE :>=B@AB@0B5389.























'0ABL IV

C7>2>-03@5AA82=K9 83@>:



2545=85

K =0G=5< @0AA<>B@5=85 @07;8G=KE B8?>2 83@>:>2 A 83@>:>2 ;C7>2>-03@5AA82=>3> B8?0, ?>B><C GB> >=8   =081>;55 70<5B=K5 83@>:8. # 20A <>65B =5 ?>;CG8BAO 1KAB@> >?@545;8BL 83@>:>2 4@C38E B8?>2, => ;C7>2>-03@5AA82=KE 83@>:>2 2K =8:>340 =5 ?@>?CAB8B5. =8 CG0AB2CNB ?>GB8 2 :064>< 10=:5, ?>4=8<0NB AB02:8, 254CB 83@C 8 70G0ABCN B0:65 <=>3> HC<OB.

@C385 83@>:8 <>3CB 4020BL 8< ?@>728I0, B0:85 :0: Ť8AB5@  597ť, Ť8=3 >=3ť 8, :>=5G=>, Ť0=LO:ť. 5:>B>@K5 ;N48 ;N1OB 83@0BL A =8<8, ?>B><C GB> >=8 ?@>83@K20NB <=>3> 45=53 8 45;0NB 83@C 70E20BK20NI59. @C385 <>3CB =5 2K45@6820BL 8E ?@8ACBAB28O, ?>B><C GB> 8E @597K 8 @5@597K 45;0NB 83@C A;8H:>< =0?@O65==>9 8/8;8 87<5=G82>9. @><5 B>3>, <=>385 ;C7>2>-03@5AA82=K5 83@>:8 A?>A>1=K =0 O728B5;L=K5 70<5G0=8O 2 04@5A A>?5@=8:>2   >=8 ?KB0NBAO ?>4B>;:=CBL ;N459 83@0BL 1>;55 070@B=> 8 :@8B8:CNB Ť>1K20B5;59ť 8 ŤA:0;ť.

> 548=AB25==0O 25IL, > :>B>@>9 <>6=> A:070BL A C25@5==>ABLN   MB> B>, GB> >=8 2A5340 2K7K20NB C 4@C38E :0:CN-B> @50:F8N. K <>65B5 ;N18BL 8;8 =5=02845BL 83@0BL A =8<8, => 2K 2A5340 1C45B5 7=0BL, GB> A 20<8 70 >4=8< AB>;>< =0E>48BAO ;C7>2>-03@5AA82=K9 83@>:.

>340 >=8 ?>;CG0NB E>@>H85 :0@BK, >=8 2K83@K20NB :CGC 45=53, 1>;LH5 G5< 83@>:8 ;N1>3> 4@C3>3> B8?0. >340 C =8E A@54=85 8;8 ?;>E85 :0@BK, >=8 B5@?OB A>:@CH8B5;L=K5 ?>@065=8O. 5:>B>@K5 M:AB@0>@48=0@=> >40@5==K5 ;C7>2>-03@5AA82=K5 83@>:8 (:>B>@K5 =5 83@0;8 M:AB@5<0;L=> ;C7>2>, =0?@8<5@, !BN =30@) 1K;8 25;8:8<8 G5<?8>=0<8. > 1>;LH8=AB2> ;C7>2>-03@5AA82=KE 83@>:>2   :@C?=K5 ?@>83@K20NI85.





C7>2>-03@5AA82=K5 83@>:8

C7>2>-03@5AA82=K5 83@>:8   MB> 2A5 B5, C :>3> >B 7 4> 9 >G:>2 ?> >1>8< E0@0:B5@8AB8:0<. =>385 87 ?@8=F8?>2 8 ?@8<5@>2 87 MB>3> @0745;0 >B=>AOBAO 3;02=K< >1@07>< : <0=LO:0< (9,9). '5< 2KH5 @59B8=3 83@>:0, B5< 1>;55 25@>OB=>, GB> >= 4C<05B, 459AB2C5B, 8 GC2AB2C5B :0: <0=LO:.

0=LO:8 =0AB>;L:> A8;L=> =0E>4OBAO 2> 2;0AB8 A2>59 A:;>==>AB8 : 0:B82=>AB8, GB> 8E <KA;8 8 459AB28O B25@4K 8 4>2>;L=> ?@8GC4;82K< A?>A>1>< ?@54A:07C5<K. >A:>;L:C 2K 1C45B5 7=0BL, GB> >=8 A?>A>1=K =0 @597 8 @5@597 A ;N1K<8 :0@B0<8, 2K 4>;6=K 1C45B5 2=5AB8 A5@L57=K5 87<5=5=8O 2 A2>N AB@0B538N.

5=55 M:AB@5<0;L=K5 ;C7>2>-03@5AA82=K5 83@>:8 8<5NB 1>;LH5 A0<>:>=B@>;O 8 381:>AB8. 3@0O ?@>B82 83@>:0, :>B>@K9 8<55B ?> 7 >G:>2 70 :064CN E0@0:B5@8AB8:C, 2K 4>;6=K 1KBL 1>;55 >AB>@>6=K A ?@8<5=5=85< ?@8=F8?>2, :>B>@K5 <K >?8H5< 2 MB>9 3;025. K ?>-?@56=5<C 4>;6=K 1C45B5 040?B8@>20BLAO : B0:><C 83@>:C ?>E>68< A?>A>1><, => 2K 4>;6=K 1C45B5 1>;LH5 8A?>;L7>20BL @07<KH;5=8O, >6840O ?@8 MB><, GB> ?@>B82 20A 83@05B 1>;55 MDD5:B82=K9 8 =5?@54A:07C5<K9 ?@>B82=8:. K 4>;6=K ?>AB>O==> 8A:0BL 87<5=5=8O 2 53> 83@5 8 >BB0;:820BLAO >B B>3>, :0: >= 83@05B 8<5==> A59G0A.

A5 <0=LO:8 >G5=L :@C?=> ?@>83@K20NB, => =5:>B>@K5 83@>:8 A @59B8=3>< 7,7 O2;ONBAO 2K83@K20NI8<8, >A>15==> 5A;8 >=8 2K18@0NB ?@028;L=K5 83@K 8 E>@>H> C<5NB G8B0BL :0@BK.

A;8 @59B8=3 :0:>3>-B> 83@>:0 ?> ;N1>9 87 E0@0:B5@8AB8: @025= 6 8;8 <5=LH5, MB>B 83@>: =0E>48BAO 70 ?@545;0<8 C3;0, ?>4?8A0==>3> D@07>9 Ť;C7>2>-03@5AA82=K9 83@>:ť =0 803@0<<5 6 8 =5:>B>@K5 87 ?@8=F8?>2 <>3CB =5 ?@8<5=OBLAO : =5<C.

>A:>;L:C :064K9 87 G5BK@5E AB8;59, :>B>@K5 <K 1C45< >1AC640BL, 8<55B ?> >4=>9 >1I59 E0@0:B5@8AB8:5 A 42C<O 4@C38<8 AB8;O<8, 2A5340 1C4CB =0;>65=8O. 0?@8<5@, ;C7>2>-03@5AA82=K5 83@>:8 8<5NB B0:CN 65 ;C7>2>ABL, :0: 8 ;C7>2>-?0AA82=K5 83@>:8 8 B0:CN 65 03@5AA8N, :0: C B09B>2>-03@5AA82=KE 83@>:>2. , 5AB5AB25==>, =5:>B>@K5 8E ?@82KG:8, <>B82K 8 GC2AB20 1C4CB B0:8<8 65, :0: 8 C 4@C38E 83@>:>2.

>60;C9AB0, ?><=8B5, GB> ?A8E>;>38O   MB> >G5=L =5B>G=0O =0C:0. A5 B5 >1I85 ?@8=F8?K, :>B>@K5 2K 745AL ?@>G8B05B5, 2>7<>6=>, =5 1C4CB ?>;=>ABLN >B=>A8BLAO : :064><C :>=:@5B=><C G5;>25:C. 0G=8B5 87CG0BL MB8 >1I85 ?@8=F8?K, => C1548B5AL, GB> 2K BI0B5;L=> =01;N405B5 70 20H8< :>=:@5B=K< ?@>B82=8:><.

-B0 G0ABL :=838 A0<0O 1>;LH0O ?> @07<5@0< ?> =5A:>;L:8< ?@8G8=0<. C7>2>-03@5AA82=K5 83@>:8 O2;ONBAO A0<K<8 ?@82;5:0B5;L=K<8, 70E20BK20NI8<8, ?C30NI8<8 8 A>740NI8<8 =525@85 2 20H8 A8;K 83@>:0<8. =8 A>740NB 1>;LH5 2>7<>6=>AB59 8 1>;LH5 ?@>1;5<, G5< :B> 1K B> =8 1K;>. =8 459AB2CNB =0 =0HC 604=>ABL 8 65;0=85 @8A:>20BL, => >=8 ?C30NB 8 @074@060NB <=>38E 4@C38E 83@>:>2 A2>59 48:>9 0:B82=>ABLN 8 =0?045=85< =0 GC685 A;>20 8 <0=5@K.

	=>38E 83@>:>2 ?C30NB 8 A<CI0NB ;C7>2>-03@5AA82=K5 83@>:8. =8 =5 7=0NB, GB> 8< =04> 45;0BL: ?@8=OBL 8E 2K7>2 8 AK3@0BL A =8<8, 7018BLAO 2 C3>; 8 AB0BL ŤA:0;>9ť 8;8 ?@>AB> C9B8. $0:B8G5A:8, <=>385 83@>:8 AB0=>2OBAO =0AB>;L:> 70?CB0==K<8 ?@8 ?>O2;5=88 2 83@5 ;C7>2>-03@5AA82=>3> 83@>:0, GB> >=8 1KAB@> <5=ONB >4=C A2>N ?@>B82>?>;>6=>ABL =0 4@C3CN. >=0G0;C >=8 3>B>2K 48:> @8A:>20BL; G5@57 <8=CBC >=8 C65 O2;ONBAO @>1:8<8 8 :>;51;NI8<8AO; 8 =0:>=5F, >=8 ?>:840NB 83@C.

 

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O

	-B>B @0745; >A=>20= =0 @07C<=>9 8455 B>3>, GB> ;N48 83@0NB 2 ?>:5@ B5< 65 A?>A>1><, :0:8< >=8 45;0NB 4@C385 25I8. E AB8;L 83@K, B0: 65 :0: 8 8E >45640, 3>;>A, 65ABK 8 A;>20, ?>:07K20NB 8 2K@060NB 8E 8=48284C0;L=>ABL.

	4=0:> 2K 4>;6=K 1KBL >AB>@>6=K<8. -B8 A83=0;K 8<5NB B>;L:> A@54=NN 4>AB>25@=>ABL 8 G5< 1>;55 A;>65= 83@>:, B5< <5=LH5 MB8 A83=0;K 4>AB>25@=K. !;>6=K5 83@>:8 70?@>AB> <>3CB 4020BL ;>6=K5 A83=0;K, >A>15==> 5A;8 >=8 ?@>G;8 MBC :=83C.

	A=>2=0O G5@B0 ;C7>2>-03@5AA82=>3> AB8;O   MB> =5E20B:0 A0<>:>=B@>;O, 8 2K A<>65B5 C2845BL MBC G5@BC, :0: B>;L:> B0:85 83@>:8 =0G8=0NB 83@0BL. 1KG=> >=8 2A5340 2 F5=B@5 2=8<0=8O, 254CB 1>@L1C 70 1>;LH8=AB2> 10=:>2, 45;0NB @597K 8 @5@597K. =>385 87 =8E <>3CB B0:65 25AB8 A51O HC<=> 8;8 4065 =5?@8OB=>, 45<>=AB@8@CO A2>9 704>@, C15640O 4@C38E ;N459 @8A:>20BL 8 :@8B8:CO ŤA:0;ť 8 Ť>1K20B5;59ť.

	4=0:> : B><C 2@5<5=8, :0: 2K 70<5B8B5, GB> MB8 83@>:8 G0AB> ?>2KH0NB AB02:8 8 45;0NB :@8B8G5A:85 70<5G0=8O 2 04@5A 4@C38E, 2K, 2>7<>6=>, C65 4>?CAB8B5 =5:>B>@K5 4>@>385 >H81:8. '5< 1KAB@55 2K A<>65B5 @0A?>7=0BL 83@>:0, B5< 1KAB@55 8 ;CGH5 2K A<>65B5 : =5<C ?@8A?>A>18BLAO. -B0 A:>@>ABL >A>15==> 206=0 2 83@5 ?@>B82 ;C7>2>-03@5AA82=KE 83@>:>2, ?>B><C GB> >=8 <>3CB =0=5AB8 20< A5@L57=K9 C40@ >G5=L 1KAB@>.

	 MB>< ?>4@0745;5 <K >?8H5< 8 >1JOA=8< A83=0;K, ?> :>B>@K< <>6=> 1KAB@> 845=B8D8F8@>20BL ;C7>2>-03@5AA82=KE 83@>:>2, 2>7<>6=>, 4065 4> B>3>, :0: >=8 2ABC?OB 2 83@C. 4=0:> 8=48284C0;L=K5 A83=0;K =5 O2;ONBAO 4>AB>25@=K<8 ?> B@5< ?@8G8=0<:

1.	A8E>;>38O   MB> =5B>G=0O =0C:0.

2.	C7>2>-03@5AA82=K5 83@>:8 8<5NB <=>3> >1I53> A ;C7>2>-?0AA82=K<8 8 B09B>2>-03@5AA82=K<8 83@>:0<8.

3.	>:5@   MB> 83@0 E8B@>AB59. ?KB=K5 83@>:8 70?@>AB> <>3CB A>74020BL A515 ;>6=K9 8<846, >A>15==> 5A;8 >=8 25@OB, GB> 2K ?@>G;8 MBC :=83C.

K 4>;6=K @0AF5=820BL MB8 A83=0;K B>;L:> :0: =0<Q:8. A;8 >45640 :0:>3>-B> =57=0:><F0, 53> 3>;>A, A;>20 8 65ABK C:07K20NB =0 03@5AA8N, =5B5@?5=85 8 =5E20B:C :>=B@>;O, 25@>OB=>, MB>B 83@>: O2;O5BAO ;C7>2>-03@5AA82=K<. '5< 1>;LH5 A83=0;>2 2K A<>65B5 70<5B8BL, B5< A8;L=55 2K 1C45B5 C25@5=K 2 B><, GB> MB> ;C7>2>-03@5AA82=K9 83@>:. 4=0:> 2K =5 A<>65B5 1KBL C25@5==K< 2 A2>59 >F5=:5 4> B5E ?>@, ?>:0 =5 =0G=5B5 =01;N40BL, :0: 83@05B MB>B 83@>: 2 459AB28B5;L=>AB8, ?>B><C GB> B>;L:> 53> 83@0 <>65B 4>AB>25@=> C:070BL =0 :0:>9-B> 83@>2>9 AB8;L. A;8 >= A<>B@8B, 3>2>@8B 8;8 45;05B GB>-B> 5IQ :0: ;C7>2>-03@5AA82=K9 83@>: (MB> 65 >B=>A8BAO 8 : ;N1><C 4@C3><C AB8;N), => 83@05B ?>-4@C3><C, >BB0;:8209B5AL >B @50;L=>AB8, 0 =5 >B 8<8460. 865 <K ?@82>48< =5:>B>@K5 :>=:@5B=K5 A83=0;K, :>B>@K5 G0AB> ?>72>;ONB >?@545;8BL 83@>:0 :0: ;C7>2>-03@5AA82=>3>.

!83=0; !1: @><:89 3>;>A, 03@5AA82=K5 A;>20, 459AB25==K5 65ABK 8 A5@48B>5 ;8F>. N1K5 ?@87=0:8 03@5AA88, 3=520 8;8 =5E20B:8 :>=B@>;O <>3CB 3>2>@8BL > B><, GB> 40==K9 83@>: O2;O5BAO ;C7>2>-03@5AA82=K<. 0?@8<5@, 5A;8 83@>: =03;> 254QB A51O ?5@54 4@C38<8 ;N4L<8, O2;O5BAO @57:8< 8 B@51>20B5;L=K< : >D8F80=B:0< 8;8 5A;8 >= 3@><:> 8 :@8B8G5A:8 =0AB@>5= ?> >B=>H5=8N : 4@C38< 83@>:0< 8;8 : 48;5@C, 25@>OB=>, >= ;C7>2>-03@5AA82=K9. >G5<C B>;L:> ;C7>2>-03@5AA82=K9? >B><C GB> B09B>2>-03@5AA82=K5 83@>:8 =0<=>3> A8;L=55 A51O :>=B@>;8@CNB.

!83=0; !2: /@:0O >45640, 4@03>F5==>AB8, D@07K 8 <0=5@K. A;8 G5;>25: >45205BAO 8;8 2545B A51O :0: ?>4@>AB>:, ?KB0NI89AO ?@>8725AB8 2?5G0B;5=85 =0 452CH5:, 25@>OB=>, >= O2;O5BAO ;C7>2>-03@5AA82=K< 83@>:><, :>B>@K9 1C45B E20AB0BLAO A2>8< <C65AB2><, 45<>=AB@8@CO A2>N 3>B>2=>ABL 84B8 =0 @8A:. A;8 425 8;8 B@8 ?C3>28FK =0 53> @C10H:5 @0AAB53=CBK, GB>1K ?>:070BL 53> 7>;>BK5 F5?8 8 2>;>A0BCN 3@C4L, A45;09B5 A>>B25BAB2CNICN 70<5B:C. A;8 >= B0:65 E20AB05BAO A2>8<8 45=L30<8, 2KAB02;O5B =0 ?>:07 A2>9 Ť >;5:Ať 8 C?><8=05B > A2>5< Ť048;;0:5ť, B> 25@>OB=>ABL B>3>, GB> >= ;C7>2>-03@5AA82=K9 83@>:, AB0=>28BAO =0<=>3> 2KH5.

	A;8 MB> 65=I8=0, B> 5Q G@57<5@=0O O@:>ABL <>65B 3>2>@8BL =5A:>;L:> > 4@C3>< 8 MB> O2;O5BAO <5=55 4>AB>25@=K< A83=0;><. 4=0:> 2K ?>-?@56=5<C 4>;6=K >1@0I0BL 2=8<0=85 =0 O@:85 F25B0, >3@><=K5 A5@56:8, :>;LF0, 4@03>F5==>AB8, >3@><=K5 >G:8 (>A>15==> B5<=K5) 8 2>;>AK, >:@0H5==K5 2 03@5AA82=K9 F25B, B0:>9, :0: :@0A=K9.

!83=0; !3: C6G8=K =0<=>3> 1>;55 25@>OB=> 1C4CB ;C7>2>-03@5AA82=K<8 83@>:0<8, G5< 65=I8=K. >7<>6=> O A59G0A A:06C =5 >G5=L ?>;8B:>@@5:B=CN 25IL, => <C6G8=K >1KG=> 1>;55 03@5AA82=K 8 <5=55 A?>A>1=K A51O :>=B@>;8@>20BL, G5< 65=I8=K. >7<>6=>, A0<K9 >G5284=K9 ?@8<5@ MDD5:B>2 B5AB>AB5@>=0   MB> <C6G8=0, :>B>@K9 E20AB05BAO 4;O B>3>, GB>1K 53> 70<5B8;0 53> 452CH:0 8;8 4@C30O 65=I8=0 2 83@5.

!83=0; !4: '@572KG09=> 1>;LH>9 1098=. A;8 :B>-B> ?>:C?05B =0<=>3> 1>;LH5 D8H5:, G5< =5>1E>48<>, B> >= 8;8 ;C7>2>-03@5AA82=K9 83@>:, 8;8 ?KB05BAO :>3>-B> 70?C30BL. 5@>OB=55 2A53>, >= 1C45B 83@0BL 03@5AA82=>, => ?@8 MB>< =5;L7O 1KBL C25@5==K< 2 B><, ;C7>2> >= 1C45B 83@0BL 8;8 B09B>2>.

/@:0O >45640 8 :@C?=K5 1098=K :0: 1C4B> 1K 3>2>@OB: Ť73;O=8 =0 <5=O!ť. "0:85 ;N48 ;N1OB 1KBL 2 F5=B@5 2=8<0=8O. =8 E>BOB, GB>1K 4@C385 ;N48 70<5B8;8 8E, GB>1K ?@>8725AB8 =0 =8E 2?5G0B;5=85.

>;>4K5 ;N48 A:;>==K 83@0BL ;C7>2>, => >=8 <>3CB 1KBL :0: ?0AA82=K<8, B0: 8 03@5AA82=K<8. ! 3>40<8 ;N48 AB0=>2OBAO 1>;55 :>=A5@20B82=K<8, 2 B> 2@5<O :0: <>;>4K5 ;N48 <5=55 A?>A>1=K :>=B@>;8@>20BL A51O 8 A2>8 M<>F88. >;>4K5 ;N48 =0<=>3> G0I5 A;54CNB 70 A2>8< 65;0=85< 0:B82=>AB8 8 70 ?>B@51=>ABLN ?@>8725AB8 2?5G0B;5=85 =0 4@C38E ;N459.

!83=0; !5: 5@OH;82> @071@>A0==K5 D8H:8 8;8 C1548B5;L=> A45;0==K5 AB02:8. A5340 >1@0I09B5 2=8<0=85 =0 AB5: 83@>:0 8 =0 B>, :0: >= A>25@H05B A2>8 AB02:8. 5@OH;82> @071@>A0==K5 D8H:8 8 459AB25==> 2K?>;=O5<K5 AB02:8 ?@54?>;030NB ;C7>2>-03@5AA82=K9 AB8;L. >>1I5, =5:>B>@K5 ;C7>2>-03@5AA82=K5 83@>:8 45;0NB =0AB>;L:> 2K@078B5;L=K5 AB02:8, GB> 8E D8H:8 A<5H820NBAO A D8H:0<8 4@C38E 83@>:>2. '5< 1>;55 459AB25==K5 AB02:8 A>25@H05B 83@>: 8 G5< 1>;55 =5@OH;82> @071@>A0=K 53> D8H:8, B5< 1>;55 C25@5==> 2K <>65B5 >?@545;8BL 53> :0: ;C7>2>-03@5AA82=>3> 83@>:0. 4=0:> <=>385 =>28G:8 B0:65 =5@OH;82> @071@0AK20NB A2>8 D8H:8, GB> ?>=8605B 4>AB>25@=>ABL MB>3> A83=0;0.

!83=0; !6: '0AB>5 ?@>AB02;5=85 2=5>G5@54=>3> 1;09=40.  E>;45<5 8 ><0E5 1>;LH8=AB2> =>2KE 83@>:>2 8;8 64CB A2>59 >G5@548 AB028BL 1;09=4K, 8;8 AB02OB 2=5>G5@54=K5 1;09=4K 2 ?>74=59 ?>78F88. @>AB02;5=85 65 2=5>G5@54=>3> 1;09=40 2 A@54=59 8;8 @0==59 ?>78F88 O2=K< >1@07>< 3>2>@8B > 157701>B=>AB8 8, 2>7<>6=>, > 65;0=88 ?@>45<>=AB@8@>20BL A2>9 704>@, >A>15==>, 5A;8 B0:>9 83@>: >4=>2@5<5==> A MB8< ?@>87=>A8B GB>-B> B8?0: Ť/ =5 E>GC 640BL!ť 8;8 Ť0209B5 AK3@05<!ť. G5284=>, GB> G5< <5=LH5 2@5<5=8 >AB0QBAO MB><C 83@>:C 4> ?@8E>40 53> >G5@548 AB028BL 1;09=4K, B5< 1>;55 4>AB>25@=K< O2;O5BAO B0:>9 A83=0;. B:07 ?>4>640BL >4=C 8;8 425 @0740G8   MB> >G5=L A8;L=K9 A83=0;, C:07K20NI89 =0 =5B5@?5=85 8 A;01K9 A0<>:>=B@>;L 8;8 ?@>AB> =0 =5:>B>@CN 3;C?>ABL.

!83=0; !7: >71C645==0O =0?@O65==>ABL. 3@5AA82=K5 83@>:8 >1KG=> 1>;55 =0?@O6Q==K, G5< ?0AA82=K5. E 65;0=85 0B0:>20BL 405B 8< 4>7C 04@5=0;8=0 8 MB> 70B@038205B 2A5 8E B5;>. C7>2>-03@5AA82=K5 83@>:8 2K@060NB B0:CN =0?@O65==>ABL 157C45@6=K<8 A?>A>10<8, B0:8<8, :0: ?>:0G820=85 =>3, G0AB>5 <>@30=85, 2>71C645==K5 65ABK 8 A;8H:>< G0ABK5 @073>2>@K, 2 B> 2@5<O, :0: B09B>2>-03@5AA82=K5 83@>:8 O2;ONBAO 1>;55 A>A@54>B>G5==K<8 8 :>=B@>;8@C5<K<8.

5 ?@>AB> A<>B@8B5 =0 83@>:0, 70 :>B>@K< 2K =01;N405B5   A<>B@8B5 B0:65 8 =0 B>, :0: =0 =53> @5038@CNB 4@C385. @C38< 83@>:0< >= C65 <>65B 1KBL 8725AB5=. !CI5AB2C5B B@8 A83=0;0, ?> :>B>@K< G0AB> <>6=> >?@545;8BL ;C7>2>-03@5AA82=>3> 83@>:0.

!83=0; !1:  04CH=K9 ?@8Q<. A;8 =5A:>;L:> 83@>:>2 @04K 2845BL =57=0:><F0, ?@8A>548=ONI53>AO : 83@5 8 >=8 >1>4@ONB MB> A>1KB85, 25@>OB=>, >= O2;O5BAO ;C7>2>-03@5AA82=K< 8;8, ?> :@09=59 <5@5, >G5=L ;C7>2K<. A;8 3;070 4@C38E 83@>:>2 A25BOBAO 604=>ABLN 8 2>;=5=85<, 2K <>65B5 1KBL 4065 1>;55 2 MB>< C25@5==K.

!83=0; !2: @87=0:8 GC6>3> AB@0E0, A<5=0 83@>:0<8 <5AB 8;8 <0AA>2>5 153AB2> 4@C38E 83@>:>2 87-70 AB>;0. %>BO <=>385 83@>:8 ?@825BAB2CNB ;C7>2>-03@5AA82=KE 83@>:>2, =5:>B>@K5 ;N48   >A>15==> B09B>2K5 8/8;8 ?0AA82=K5   8E B5@?5BL =5 <>3CB 8 1>OBAO. !>G5B0=85 GC6>3> @25=8O 8 GC6>3> AB@0E0 O2;O5BAO >A>15==> 4>AB>25@=K<. A;8 1>;55 03@5AA82=K5 8 1>;55 A8;L=K5 83@>:8 @04K 2845BL =57=0:><F0, 0 1>;55 B8E85, 1>;55 B09B>2K5 8 1>;55 ?0AA82=K5 83@>:8 :06CBAO =0?C30==K<8, 87<5=ONB A2>8 <5AB0, 2AB0NB 87-70 AB>;0 8;8 ?@>AB> 2>@G0B, B> =57=0:><5F, 25@>OB=>, O2;O5BAO ;C7>2>-03@5AA82=K< 83@>:><. 4=0:> 5A;8 AB>; ?>:840NB 1>;55 A8;L=K5 83@>:8, MB> <>65B >7=0G0BL, GB> =57=0:><5F O2;O5BAO 1>;55 65AB:8< ?@>B82=8:><.

!83=0; !3: 5:>B>@K5 ;N48 G0AB> 40NB :><<5=B0@88 >B=>A8B5;L=> =>2KE 83@>:>2, >A>15==> >B=>A8B5;L=> ;C7>2>-03@5AA82=KE. 0?@8<5@, 2 >4=>9 83@5 ?> AB02:0< $10/$20, :>340 70 AB>; ?>4A06820;AO <0=LO: :B>-B> G0AB> 3>2>@8;: Ť"5?5@L <K 83@05< 2 83@C $20/$40ť. K B0:65 <>65B5 CA;KH0BL >B ;N459 B0:85 D@07K, :0: Ť= >6828B 83@Cť. -B8 70<5G0=8O >G5284=K, :>340 2K 2848B5 8E 2 B5:AB>2>< 2845, => 5A;8 2K =5 1C45B5 A;CH0BL B>, GB> ?@>8AE>48B 70 AB>;><, >=8 ?@>94CB <8<> 20H8E CH59.

>AB>8=AB20

8:B> =5 <>65B 2K83@0BL >G5=L <=>3> 45=53 B0: 1KAB@>, :0: MB> 45;0NB ;C7>2>-03@5AA82=K5 83@>:8. =8 ?>;CG0NB 0:B82=>ABL, ?>B><C GB> >=8 ?5@583@K20NB <=>385 A2>8 @C:8. ! E>@>H8<8 :0@B0<8 >=8 <>3CB 2K83@0BL :CGC 45=53.

54>AB0B:8

8:B> =5 ?@>83@K205B A2>8 45=L38 B0: 65 1KAB@>, :0: ;C7>2>-03@5AA82=K5 83@>:8, 8 ?>GB8 2A5 87 =8E ?@>83@K20NB =0 4;8==>9 48AB0=F88. $0:B8G5A:8, :064K9 >G5=L ;C7>2K9 8 03@5AA82=K9 83@>: (8,8 8;8 2KH5) O2;O5BAO :@C?=> ?@>83@K20NI8< 83@>:><, => =5:>B>@K5 87 =8E ;3CB ?> MB><C ?>2>4C.  ?>:5@5 2>7=03@06405BAO B5@?5=85, 48AF8?;8=0 8 2K1>@>G=0O 03@5AA8O, 2 B> 2@5<O :0: ;C7>2>-03@5AA82=K5 83@>:8 =5B5@?5;82K, =548AF8?;8=8@>20==K 8 A;CG09=> 03@5AA82=K.

N1>9 M:AB@5<0;L=K9 AB8;L O2;O5BAO B25@4K< 8 ?@54A:07C5<K< (70 8A:;NG5=85<, 2>7<>6=>, B09B>2>-03@5AA82=>3>) 8 A>G5B0=85 ;C7>2>AB8, 03@5AA82=>AB8 8 ?@54A:07C5<>AB8 <>65B 1KBL A<5@B5;L=K<. -B> ?@52@0I05B B0:>3> 83@>:0 2 <8H5=L. N48 7=0NB =0<=>3> 1>;LH5 > =5<, G5< >= 7=05B > 4@C38E 8 >=8 <>3CB ;53:> 87<5=8BL A2>N AB@0B538N, GB>1K 8A?>;L7>20BL 53> A;01>AB8.

081>;55 >G5284=K5 87<5=5=8O 2 AB@0B5388, :>B>@K5 20< =C6=> 1C45B A45;0BL   MB> G5:-@597, 70<54;5==0O 83@0, ?@>2>F8@>20=85 53> =0 1;5D 8 87>;OF8O 53> A @C:0<8, A :>B>@K<8 >1KG=> =C6=> A1@0AK20BL (=0?@8<5@, 2 E>;45<5 2K 4>;6=K 1C45B5 40BL 3-15B A

c&A  T

?>A;5 53> @5970). 065 4>2>;L=> A;01K5 83@>:8 4>2>;L=> 1KAB@> CG0BAO ?@54>AB02;OBL ;C7>2>-03@5AA82=K< 83@>:0< ?@02> =0 ?>AB@>5=85 10=:0, 0 1>;55 A8;L=K5 83@>:8 A2>1>4=> ?@>2>F8@CNB 8E =0 1;5D. >A:>;L:C C ;C7>2>-03@5AA82=KE 83@>:>2 A;01K9 A0<>:>=B@>;L, >=8 ?>?040NBAO 2 >4=8 8 B5 65 ;>2CH:8 A=>20 8 A=>20.

>A:>;L:C >=8 =0E>4OBAO 2 F5=B@5 2=8<0=8O, :064K9 D>:CA8@C5BAO =0 =8E, 8 >=8 2K40NB A;8H:>< <=>3> 8=D>@<0F88 A2>8<8 38?5@0:B82=K<8 A;>20<8 8 65AB0<8. E ?@>B82=8:8, >A>15==> ;CGH85 87 =8E, <>3CB C7=0BL, GB> >= 1;5DC5B, :>340 >= A;8H:>< 03@5AA82=> :8405B A2>8 D8H:8 2 10=:, 8;8 GB> C =53> A;010O @C:0, :>340 >= 3@><:> 3>2>@8B G5: 8;8 ?@8AB0;L=> A<>B@8B 2 A2>8 :0@BK, 8;8 GB> >= 3>B>2 40BL @597, :>340 >= A848B 25@B8:0;L=>. >=5G=>, 2K 2A5340 4>;6=K 15A?>:>8BLAO > B><, GB> ?@>B82 20A <>65B A845BL C<=K9 ;C7>2>-03@5AA82=K9 83@>:, :>B>@K9 1C45B =0<5@5==> ?>AK;0BL 20< ;>6=K5 A83=0;K.

'B5=85 8E @C:

C7>2>-03@5AA82=K5 83@>:8, 5A;8 >=8 =5 ?>AK;0NB A83=0;K 8 =5 2K40NB A2>8 459AB28O :0:8<8-B> 65AB0<8, O2;ONBAO >4=8<8 87 A0<KE A;>6=KE 83@>:>2 4;O GB5=8O. 0=LO:8 2>>1I5 ?>GB8 ?>;=>ABLN =5G8B05<K. 0: 2K <>65B5 @073040BL 8E @C:8, :>340 >=8 40NB @597 A <CA>@><?

1A>;NB=K9 <0=LO: G0AB> 1C45B O2;OBLAO ?>;=>ABLN =5G8B05<K<, => MB> 2 <5=LH59 AB5?5=8 >B=>A8BAO : <5=55 O@:> 2K@065==K< ;C7>2>-03@5AA82=K< 83@>:0<. @>G5ABL @C:C 83@>:0 7,7 8;8 8,8 <>65B 1KBL A;>6=>, => MB> >?@545;5==> =5 O2;O5BAO 01A>;NB=> =525@>OB=K<. ;NG : B0:><C GB5=8N   MB> 70?><8=0=85 B5E A;CG052, :>340 >= =5 4020; @597.

>A:>;L:C >= 1C45B @5978BL A> A;01K<8 :0@B0<8, >BACBAB285 53> @5970 2 @0==8E @0C=40E ?><>65B 8A:;NG8BL 20< >?@545;5==K5 2>7<>6=>AB8. 0?@8<5@, 5A;8 =0 D;>?5 2 E>;45<5 ;560B 425 G5@2K 8 B0:>9 83@>: ?@>AB> >B25B8; :>;>< ?>A;5 42CE 4@C38E 83@>:>2, 25@>OB=> C =53> =5B 4-D;0H0.  ?@>B82=>< A;CG05 >= 1K 40; @597. A;8 70B5< =0 AB>; ?@845B 5I5 >4=0 G5@20, =5 A;8H:>< 15A?>:>9B5AL > B><, GB> B0:>9 83@>: <>65B 83@0BL A D;0H5<.

 0AA<>B@8< A;54CNI89 D;>? 2 E>;45<5:

 A  J `&9

A;8 ;C7>2>-03@5AA82=K9 83@>: =5 4020; @5970 4> D;>?0, 0 =0 D;>?5 >= AB028B, >= <>65B 8<5BL ;N1CN ?0@C, => A:>@55 2A53> C =53> =5B A5B0 8;8 42CE ?0@ =0 BC70E, ?>B><C GB> 4> D;>?0 >= 1K @5978; A AA, JJ, AJ 8;8 A9.

3@0 ?@>B82 =8E

=8 45;0NB 83@C 1>;55 70E20BK20NI59, => B0: 65 1>;55 @8A:>20==>9 8 1>;55 B@51>20B5;L=>9, ?>A:>;L:C 10=:8 AB0=>2OBAO 1>;LH5, 459AB28O AB0=>2OBAO 1>;55 48:8<8, 20H8 @5H5=8O AB0=>2OBAO 1>;55 >B25BAB25==K<8. %>B8B5 2K MB>3> 8;8 =5B, => B0:85 83@>:8 70AB02;ONB 20A 1>;LH5 @8A:>20BL.

K 4>;6=K 1C45B5 ?@8=OBL B@8 :;NG52KE @5H5=8O:

1.	>;6=K ;8 2K 83@0BL A =8<8?

2.	45 2K 4>;6=K A845BL?

3.	0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

>;6=K ;8 2K 83@0BL A =8<8?

-B> 7028A8B >B B>3>, :B> 2K. A;8 20< =@028BAO 0:B82=>ABL 8 2K 83@05B5 4>AB0B>G=> E>@>H>, :>=5G=>, 2K 4>;6=K 83@0BL ?@>B82 =8E. K A<>65B5 ?>;CG8BL 1>;LH5 C4>2>;LAB28O 8 A<>65B5 2K83@0BL 1>;LH5 45=53, G5< 2 ;N1>9 4@C3>9 83@5.

A;8 2K >AB>@>6=K9 8 :>=A5@20B82=K9 83@>:, :>B>@K9 8715305B @8A:0, AC<0AH54H8E 459AB289 8 42CA<KA;5==>AB8, 2K 4>;6=K 871530BL 83@0BL A B0:8<8 83@>:0<8. 0< =5 1C45B =@028BLAO 83@0 8 2K <>65B5 ?>B5@?5BL A5@L57=>5 ?>@065=85, ?>B><C GB> ;C7>2>-03@5AA82=K5 83@>:8 <>3CB 20A ?5@583@0BL. E 459AB28O <>3CB ;560BL 70 ?@545;0<8 20H53> ?>=8<0=8O. A;8 70 AB>; A048BAO <0=LO:, @0AA<>B@8B5 2>7<>6=>ABL 2KE>40 87 83@K.

A;8 C 20A <0;> 45=53, 2K, 25@>OB=>, B>65 4>;6=K 871530BL 83@K A =8<8. 0H8 :>;510=8O 1C4CB A;8H:>< :@C?=K<8, 8 2K, 2>7<>6=>, 1C45B5 83@0BL A;8H:>< 7060B>, GB> ?>72>;8B ;C7>2>-03@5AA82=><C 83@>:C 20A ?5@583@0BL. -B0 @5:><5=40F8O AB0=>28BAO 5I5 206=55, 5A;8 83@0 845B <564C =51>;LH8< G8A;>< 83@>:>2, >A>15==>, 5A;8 2 83@5 5ABL 1;09=4K 8;8 ACI5AB25==K5 ?> 25;8G8=5 0=B5. A;8 2K =5 ?>=8<05B5 83@C 70 :>@>B:8< AB>;><, 20< =5 1C45B =@028BLAO B0:0O 83@0 8 C 20A =5 1C45B 1>;LH>3> H0=A0 =0 B>, GB>1K 2K83@0BL 2 =59.

>A:>;L:C G8A;> 83@>:>2 AB0=>28BAO <5=LH5, 2AQ 87<5=O5BAO. 0<=>3> 1>;55 A;01K5 @C:8 1C4CB 2K83@K20BL 1>;LH8=AB2> 10=:>2. 5=LH5 @>7K3@KH59 1C45B 4>E>48BL 4> 2A:@KB8O. ;5D 8 :@060 1;09=4>2 8;8 0=B5 AB0=CB 1>;55 206=K<8. A;8 2K 70E>B8B5 ?>4>640BL A8;L=>9 @C:8, 1;09=4K 8;8 0=B5 <>3CB @07>@8BL 20A. -B8 >A>15==>AB8 :>@>B:>9 83@K 45;0NB ;C7>2>-03@5AA82=KE 83@>:>2 1>;55 >?0A=K<8 2 83@0E A 1;09=40<8.

" 	Ť'B>1K CA?5H=> 83@0BL 70 :>@>B:8<8 AB>;0<8 2 E>;45< [8;8 ><0EC], 2K 4>;6=K 7=0BL, :>340 =5>1E>48<> A:>@@5:B8@>20BL A2>N 83@C, 8=0G5 2K 1C45B5 CO728<K ?@>B82 83@>:0, ?>AB>O==> 40NI53> 15Bť (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť)

" 	!B@0B538O ?>AB>O==>3> 15B0 =5 1C45B @01>B0BL 2 A5<8:0@B>G=>< AB045, ?>B><C GB> >1I0O AC<<0 0=B5 1C45B <5=LH5, G5< >1I0O AC<<0 1;09=4>2, =>:

Ť3@0 70 :>@>B:8<8 AB>;0<8 <>65B 1KBL A;>6=>9 4;O B5E, :B> 83@05B B>;L:> 70 ?>;=K<8 AB>;0<8, ?>B><C GB> 83@0 70 ?>;=K<8 AB>;0<8 =8:>340 =5 A<>65B =0CG8BL 20A :0G5AB25==> @07K3@K20BL @C:8 >B A;01KE 4> ?>A@54AB25==KEť

" 	Ť0 ?>;=K<8 AB>;0<8 2K ?>GB8 2A5340 A<>65B5 A45;0BL @0F8>=0;L=>5 ?@54?>;>65=85, GB> C 20H8E ?@>B82=8:>2, 2 A@54=5<, E>@>H85 @C:8. -B> >7=0G05B, GB> 2K A<>65B5 A1@0AK20BL A;0159H85 87 ?>A@54AB25==KE @C:. > 70 :>@>B:8<8 AB>;0<8, 345 4@C385 83@>:8 @07K3@K20NB 7=0G8B5;L=> 1>;LH5 @C:, 2K G0AB> 1C45B5 AB0;:820BLAO A A8BC0F8O<8, 2 :>B>@KE D>;4 1C45B =5?@028;L=K<, 4065 ?@8 B><, GB> C 20A 1C45B 4>2>;L=> A;010O @C:0ť

" 	Ť@>B82 ;C7>2>-03@5AA82=KE 83@>:>2 2K =5 ?@>AB> 4>;6=K 1C45B5 @>1:> :>;8@>20BL A> A2>8<8 ?;>E8<8 @C:0<8. =>340 2K 4>;6=K 1C45B5 83@0BL 1>;55 0:B82=>, 4020O @597 A B5<8 @C:0<8, :>B>@K5, =0 ?5@2K9 273;O4, 4>AB>9=K B>;L:> :>;;0, GB>1K =5 4020BL ?@>B82=8:0< 1>;LH>3> ?@58<CI5AB20 >B ?@8<5=5=8O 8<8 ?>;C1;5D0ť

" 	ŤA;8 2K >:07K205B5AL 2 83@5 ?@>B82 ;C7>2KE 8 03@5AA82=KE 83@>:>2, 2K 8=>340 4>;6=K 1C45B5 4020BL @597 A B5<8 @C:0<8, :>B>@K5 A;0155, G5< B5, A :>B>@K<8 2K >1KG=> >B25G05B5 ?@>AB> :>;;><ť (87 :=838 M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21s' Century Editionť)

0< <>65B ?>:070BLAO, GB> A45;0BL B0:85 87<5=5=8O 2 A2>59 AB@0B5388 A;>6=> 8;8 4065 =52>7<>6=>. A;8 2K =5 <>65B5 87<5=8BL A2>N 83@C B0:8< >1@07><, =5 83@09B5 70 :>@>B:8<8 AB>;0<8 ?@>B82 ;C7>2>-03@5AA82=KE 83@>:>2.

45 2K 4>;6=K A845BL?

B25B ?@>AB: =5?>A@54AB25==> A;520 >B =53>, GB>1K >= 459AB2>20; ?5@54 20<8. 0: ?@028;>, 2K 4>;6=K A048BLAO A;520 >B ;C7>2KE 8/8;8 03@5AA82=KE 83@>:>2. K A<>65B5 40BL @597 ?>A;5 ;C7>2KE 83@>:>2, GB>1K 2K18BL 4@C38E 83@>:>2 70 20<8, GB> ?>72>;8B 20< 87>;8@>20BL B0:>3> 83@>:0 8 ?>;CG8BL <0:A8<0;L=>5 ?@58<CI5AB2> >B 53> ?@82KG:8 83@0BL A> A;01K<8 @C:0<8.

A;8 2K 1C45B5 A845BL A;520 >B 03@5AA82=KE 83@>:>2, >=8 G0AB> 1C4CB @5978BL ?5@54 20<8. A;8 20H0 @C:0 1C45B A8;L=>9, 2K A<>65B5 40BL @5@597. A;8 20H0 @C:0 1C45B A;01>9, 2K A<>65B5 A1@>A8BL. A;8 2K 1C45B5 459AB2>20BL ?5@2K<, 2K 1C45B5 @8A:>20BL B5<, GB> ?>A;5 ;8<?0 2K AB>;:=QB5AL A =5>1E>48<>ABLN >B25G0BL =0 @597 ?>A;5 20A. A;8 2K 1C45B5 A845BL ?>A;5 ;C7>2>-03@5AA82=>3> 83@>:0, 2K 1C45B5 7=0BL 1>;55 B>G=>, A:>;L:> AB02>: 20< =C6=> 1C45B 70?;0B8BL, GB>1K 2>9B8 2 83@C.

>A:>;L:C ;C7>2>-03@5AA82=K5 83@>:8 O2;ONBAO :0: ;C7>2K<8, B0: 8 03@5AA82=K<8, =0E>645=85 A;520 >B =8E 1C45B ?><>30BL 20< 2=5 7028A8<>AB8 >B 20H59 @C:8. >=5G=>, 5ABL 8A:;NG5=8O (?@>G8B09B5 :=83C M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť).

A;8 C 20A ?@>AB> =5?;>E0O @C:0 8 B0:>9 83@>: @5978B, 2K <>65B5 A?>:>9=> A1@>A8BL. A;8 1K 2K A845;8 A?@020 >B =53> 8 2>H;8 1K ?@>AB> :>;;><, 2K, 25@>OB=>, 4>;6=K 1K;8 1K 2;>68BL 2 10=: 5I5 >4=C AB02:C, 5A;8 1K >= 40; @597 ?>A;5 20A. A;8 B0:>9 83@>: 2E>48B ?@>AB> :>;;><, 2K <>65B5 @07K3@0BL 20HC =5?;>ECN ?> A8;5 @C:C. 4=0:> 5A;8 83@>: ?>7048 20A A45;05B @597, 0 ;C7>2>-03@5AA82=K9 83@>: A?@020 >B 20A A45;05B @5@597, 2K G0AB> 4>;6=K 1C45B5 A1@0AK20BL.

>340 C 20A E>@>H0O @C:0 ?>4E>4OI53> B8?0, 2K <>65B5 @5978BL 8;8 @5978BL, GB>1K >AB0BLAO A =8< >48= =0 >48=. G5=L =5<=>385 ;N48 1C4CB >B25G0BL =0 B@8 AB02:8, @8A:CO 1KBL 2>2;5G5==K< 2 @597>2CN 2>9=C, 4065 5A;8 8E @C:8 1C4CB =5<=>3> ;CGH5, G5< 20H8 <8=8<0;L=> ?>4E>4OI85 4;O @5970 @C:8. >A:>;L:C C 20A, 25@>OB=>, 1C45B @C:0 1>;55 A8;L=0O, G5< C ;C7>2>-03@5AA82=>3> 83@>:0, 20< =C6=> 1C45B >AB0BLAO A =8< >48= =0 >48=.

4=0:> 70<5BLB5, GB> 20< =C65= ?@028;L=K9 B8? E>@>H8E @C:. 0< =C6=> 8<5BL @C:C, :>B>@0O A<>65B 2K83@0BL =0 2A:@KB88 157 C;CGH5=8O.  E>;45<5 @C:0 B8?0

c&A  T

(@C:0 H5AB>9 3@C??K) 1C45B ;CGH5 G5<

`&J `&T

(@C:0 B@5BL59 3@C??K).  A5<8:0@B>G=>< AB045 A@54=OO ?0@0 1C45B =0<=>3> ;CGH5, G5< 1>;LH8=AB2> ?@8:C?=KE @C:.

A;8 C 20A :@C?=0O @C:0 8 B0:>9 83@>: 45;05B @597, 2K 4>;6=K >1KG=> 40BL @5@597, GB>1K 2K18BL 4@C38E 83@>:>2 8 =0G0BL @597>2CN 2>9=C. A;8 C 20A >G5=L :@C?=0O @C:0, =0?@8<5@, QQQ 2 A5<8:0@B>G=>< AB045, 2K <>65B5 >B25B8BL ?@>AB> :>;;>< 8 ?>72>;8BL 4@C38< 83@>:0< 2>9B8 2 83@C, ?>B><C GB> <=>385 83@>:8 =5 1C4CB A5@L57=> 2>A?@8=8<0BL @597K ;C7>2>-03@5AA82=>3> 83@>:0. =8 <>3CB >1@0B8BL A5@L57=>5 2=8<0=85 =0 B>B D0:B, GB> =0 53> @597 2K >B25B8;8 ?@>AB> E>;>4=K< :>;;><. A;8 1K 2K 40;8 @5@597, >=8 1K A1@>A8;8, => A2>8< :>;;>< 2K ?>4B0;:8205B5 8E 2>9B8 2 10=: A> A;01K<8 @C:0<8 8, 2>7<>6=>, 4065 @597><, 5A;8 8E @C:8 E>@>H85. A;8 ?>A;5 20A 404CB @597, 2K A<>65B5 40BL 5I5 >48= @597, ?@>4>;60O 20HC E8B@>C<=CN AB@0B538N.

4=0:>, 5A;8 2K <>65B5 4>AB>25@=> @0A?>7=020BL A83=0;K, ?>ABC?0NI85 >B ;C7>2>-03@5AA82=>3> 83@>:0, A048B5AL A?@020 >B =53>. >A:>;L:C ;C7>2>-03@5AA82=K5 83@>:8 =5 >1;040NB B5@?5=85< 8 A0<>:>=B@>;5<, 2K A<>65B5 @0A?>7=0BL B>, GB> >=8 1C4CB A>18@0BLAO A45;0BL. $0:B8G5A:8, 2@5<O >B 2@5<5=8 >=8 1C4CB @5978BL 2=5 >G5@548. 065 5A;8 2K =5 A<>65B5 @073040BL 8E 459AB28O 2=5 >G5@548, 2K G0AB> A<>65B5 C2845BL, GB> 8< =5 =@028BAO 8E @C:0 8 >=8 A>18@0NBAO A1@0AK20BL.

A;8 2K 7=05B5, GB> A>18@05BAO A45;0BL ;C7>2>-03@5AA82=K9 83@>:, <5AB> A?@020 >B =53> 1C45B 4;O 20A 25;8:>;5?=>. K A<>65B5 A1@>A8BL <0@38=0;L=K5 @C:8, 70<54;5==> AK3@0BL A 20H8<8 :@C?=K<8 @C:0<8 8 CA?5H=> 1;5D>20BL 2 ?>4E>4OI8E A;CG0OE. A;8 <564C 20<8 8 ;C7>2>-03@5AA82=K< 83@>:>< 1C4CB =0E>48BLAO >48= 8;8 420 4@C38E 83@>:0, 2K A<>65B5 70<0=8BL 8E 2 ;>2CH:C 8 7060BL <564C 20<8 8 ;C7>2>-03@5AA82=K< 83@>:><. 0?@8<5@, 5A;8 2K 2848B5, GB> ;C7>2>-03@5AA82=K9 83@>: A>18@05BAO A1@>A8BL, 2K <>65B5 1;5D>20BL 8 4@C385 83@>:8 <564C 20<8 8 ;C7>2>-03@5AA82=K< 83@>:>< <>3CB A1@>A8BL, >?0A0OAL, GB> :>;; <>65B >1>9B8AL A;8H:>< 4>@>3>.

 =0>1>@>B, 5A;8 C 20A 1C45B :@C?=0O @C:0 8 2K C2848B5, GB> ;C7>2>-03@5AA82=K9 83@>: A>18@05BAO ?>AB028BL, 2K <>65B5 7060BL 83@>:>2 <564C 20<8, A:0702 G5:, 7=0O ?@8 MB><, GB> ;C7>2>-03@5AA82=K9 83@>: 1C45B AB028BL, 0 4@C385 83@>:8 ?>A;5 MB>3> >B25BOB :>;;>< =0 53> AB02:C A> A;01K<8 @C:0<8. 0B5< 2K A<>65B5 40BL @597, 0 >= 4065 A<>65B 40BL @5@597. "0:8< >1@07><, 2K A<>65B5 2K<0=8BL C 4@C38E 83@>:>2 425, B@8 8;8 4065 1>;LH5 AB02>:.

0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

%>BO ;C7>2>-03@5AA82=K5 83@>:8 ?@>83@K20NB :CGC 45=53, MB> >?0A=K5 ?@>B82=8:8. E ?@8ACBAB285 2 20H59 83@5 1C45B C25;8G820BL 20H8 :>;510=8O. >340 20< 1C45B 257B8, 2K 1C45B5 2K83@K20BL <=>3>. > :>340 :0@BK ?>25@=CBAO ?@>B82 20A, 2K >G5=L 1KAB@> ?@>83@05B5 :CGC 45=53. 4=0:>, 5A;8 20H @597 8;8 @5@597 <>65B >AB028BL 20A >48= =0 >48= A <0=LO:><, MB> 8=>340 1C45B ?@5:@0A=>9 2>7<>6=>ABLN C25;8G8BL 20H 28=@59B 8 >4=>2@5<5==> ?>=878BL 20H8 :>;510=8O.

065 E>BO 2K <>65B5 8<5BL @07;8G=K5 <>B82K 4;O 83@K, :0640O A;54CNI0O @5:><5=40F8O 1C45B @0AAG8B0=0 B>;L:> =0 C25;8G5=85 20H59 ?@81K;8.  A;54CNI5< @0745;5 <K @0AA<>B@8< 8 4@C385 83@>2K5 <>B82K.

48= 87 MB8E <>B82>2   65;0=85 0:B82=>AB8   <>65B 1KBL 20H8< EC4H8< 2@03><. K <>65B5 70E>B5BL AK3@0BL 2 070@B=CN 83@C A ;C7>2>-03@5AA82=K<8 83@>:0<8, >A>15==> 5A;8 >=8 ?C1;8G=> :@8B8:CNB 20HC A;8H:>< B09B>2CN 83@C 8 4065 =07K20NB 20A Ť>1K20B5;5<ť. G5=L <=>3> =>@<0;L=KE @07C<=KE 83@>:>2 B5@O;> :CGC 45=53, ?@8=8<0O 2K7>2 >B 48:8E 83@>:>2.

'B>1K 4>18BLAO ;CGH8E @57C;LB0B>2, 2K 4>;6=K ?>1>@>BL A2>N BO3C : @8A:C 8 A45;0BL ?@>B82>?>;>6=CN :>@@5:B8@>2:C: :>;8@>20BL <5=55 G0AB> 2 ?5@2>< @0C=45 8 AB0BL 1>;55 2K1>@>G=> 03@5AA82=K< 2> 2A5E @0C=40E.

0H0 F5;L 4>;6=0 A>AB>OBL 2 B><, GB>1K C<5=LH8BL 20H8 ?@>83@KH8 A> A;01K<8 8 <0@38=0;L=K<8 @C:0<8, => B0:65 ?@8 2>7<>6=>AB8 87>;8@>20BL ;C7>2>-03@5AA82=>3> 83@>:0 A 20H8<8 ;CGH8<8 @C:0<8 (=>, 2>7<>6=>, A =5 A0<K<8 ;CGH8<8 @C:0<8 2 @>7K3@KH5). 0H0 ?@81K;L 1C45B C25;8G820BLAO ?> 42C< ?@8G8=0<. >-?5@2KE, 2K =5 ?>?045B5 2 ;>2CH:C A <0@38=0;L=K<8 @C:0<8 8 =5 70?;0B8B5 A =8<8 A;8H:>< <=>3>. >-2B>@KE, 5A;8 2K 4048B5 @597, 20H @597 ?>;CG8B <5=LH5 0:B82=>AB8 >B 4@C38E 83@>:>2, G5< @597 ;C7>2>-03@5AA82=>3> 83@>:0.

N48 >1@0I0NB 1>;LH5 2A53> 2=8<0=8O =0 @5975@>2, 0 =5 =0 :>;;5@>2. 0=LO: 1C45B ?>;CG0BL 1>;LH5 0:B82=>AB8 >B ?@>B82=8:>2 ?>A;5 A2>8E @597>2, G5< 2K.  20H :>;; 4@C38< 83@>:0< 1C45B B@C4=> 70<5B8BL. K A<>65B5 2K83@0BL >G5=L :@C?=K5 10=:8, A?>:>9=> :>;8@CO A >A>15==> E>@>H8<8 8;8 4065 =5?>1548<K<8 @C:0<8, :>340 ;C7>2>-03@5AA82=K5 83@>:8 1C4CB 4020BL @597 (0 :B>-B> 5I5 ?@8 MB>< <>65B 40BL 4065 @5@597). >=5G=>, 2 A0<>< ?>A;54=5< @0C=45 2K <>65B5 40BL @597, => : MB><C <><5=BC 10=: 1C45B C65 =0AB>;L:> 1>;LH8<, GB> =5:>B>@K5 ;N48 1C4CB :>;;8@>20BL ŤA:2>7L A;57Kť.

>7<>6=>, 20< =5 C40ABAO >2;045BL MB>9 AB@0B53859. # 20A <>65B ?@>A=CBLAO 070@B=>5 =0AB@>5=85, 8 2K <>65B5 =0G0BL 83@0BL 1>;55 ;C7>2> 8 03@5AA82=>, GB> AB0=5B 4;O 20A G@572KG09=> 4>@>38<. > ?@028;L=0O AB@0B538O A>AB>8B 2 B><, GB> 2K 4>;6=K 1C45B5 83@0BL <5=LH5 @C:, GB> A0<> ?> A515 =5 B0: 25A5;>, 4065 5A;8 MB> 1C45B C25;8G820BL 20HC ?@81K;L.

"5?5@L ?>3>2>@8< > AB@0B5388 1>;55 :>=:@5B=>. >B =5A:>;L:> :>=F5?F89, :>B>@K5 ?><>3CB 20< 2 83@5 ?@>B82 ;C7>2>-03@5AA82=KE 83@>:>2.

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

>=F5?F8O !2: 5=LH5 A:;>=O9B5AL : :@065 8E 1;09=4>2. >?KB:8 C:@0ABL 8E 1;09=4K 1C4CB 4065 5IQ 3;C?55, ?>B><C GB> 2K83@0BL MB8< 2K A<>65B5 =5<=>3>, => ?@>83@0BL   <=>3>. C7>2>-03@5AA82=K5 83@>:8 1C4CB >B25G0BL A ;N1>9 @C:>9 2 @0==8E @0C=40E, 8 G0AB> 1C4CB 4020BL @5@597. 4=0 =5C402H0OAO ?>?KB:0 :@068 1;09=4>2 <>65B AB>8BL 20< AB>;L:>, A:>;L:> 1C4CB AB>8BL =5A:>;L:> C40G=KE ?>?KB>:, >A>15==>, 5A;8 20H0 >H81:0 2 ?5@2>< @0C=45 ?@8254QB : >H81:0< 2 1>;55 ?>74=8E @0C=40E.

>=F5?F8O !3: 5 AB02LB5 A Ť?>78F8>==K<8ť @C:0<8 4;O C25;8G5=8O ?@81K;8. Ť>78F8>==0Oť @C:0   MB> A;010O @C:0, :>B>@0O <>65B :070BLAO A8;L=>9, ?>B><C GB> 4> 20A 2A5 A:070;8 G5:. 5B A B0:>9 @C:>9 G0AB> @8A:>20=, => 2 83@5 ?@>B82 ;C7>2>-03@5AA82=>3> 83@>:0 >= 5I5 1>;55 @8A:>20=, ?>B><C GB> A E>@>H8<8 8;8 4065 A >G5=L E>@>H8<8 @C:0<8 <=>385 ;N48 =5 1C4CB AB028BL, B0: :0: 1C4CB 1>OBLAO @5970 >B ;C7>2>-03@5AA82=>3> 83@>:0. @><5 B>3>, 2 B0:>9 A8BC0F88 G5: >B =5:>B>@KE 20H8E ?@>B82=8:>2 <>65B 3>2>@8BL =5 > A;01>AB8, 0 > ?>?KB:5 AK3@0BL G5:-@597.

@54?>;>68<, 2K 83@05B5 2 A5<8:0@B>G=K9 AB04.  10=:5 =0E>4OBAO B@8 83@>:0 (2K, <0=LO: 8 A@54=89 83@>:) 8 2K ?@8:C?05B5 : D;0HC >B BC70. 0 @825@5 2K ?>;CG05B5 2B>@>3> BC70. 8 C :>3> =5BC >B:@KB>9 ?0@K 8 2A5 3>2>@OB 20< G5:. A;8 2K ?>AB028B5 A 20H59 ?0@>9 BC7>2 8 5A;8 >=0 >:065BAO ;CGH59 @C:>9, 20< ?@>AB> <>65B =8:B> =5 >B25B8BL. A;8 2K ?>AB028B5 8 ?>;CG8B5 :>;;, A:>@55 2A53> MB> 1C45B 7=0G8BL, GB> 2K ?@>83@0;8.  GB> 2K 1C45B5 45;0BL, 5A;8 ?@>B82 20A 404CB @597? 0 @597 2K <>65B5 8 >B25B8BL, 70I8I0OAL >B 1;5D0, => ?@8 MB>< 2K 1C45B5 GC2AB2>20BL A51O 4C@0:>< B>340, :>340 1C45B5 ?@>83@K20BL 425 =5>1O70B5;L=KE AB02:8.

>=F5?F8O !4: 0209B5 @597K 8 @5@597K, GB>1K 87>;8@>20BL ;C7>2>-03@5AA82=KE 83@>:>2. 5@8>48G5A:8 2K 4>;6=K 1C45B5 AB0BL 1>;55 03@5AA82=K<. 5:>B>@K5 @C:8 ;CGH5 2A53> 83@0NB A <0;K< :>;8G5AB2>< A>?5@=8:>2   2 E>;45<5 MB> @C:8 A> AB0@H8<8 :0@B0<8 8;8 :@C?=K5 ?0@K =0 ?@5D;>?5, 0 2 A5<8:0@B>G=>< AB045 MB> A@54=85 8 :@C?=K5 ?0@K =0 B@5BL59 C;8F5. 0I8I09B5 B0:85 @C:8, 4020O A =8<8 @597 8;8 @5@597 4;O 87>;OF88 ;C7>2>-03@5AA82=>3> 83@>:0.

@54?>;>68<, 2K 83@05B5 2 E>;45< 8 2 A@54=59 ?>78F88 C 20A

c&A `&T

0 ;C7>2>-03@5AA82=K9 83@>: 405B @597 ?5@54 20<8. 09B5 @5@597, GB>1K >AB0BLAO A =8< >48= =0 >48=. !K3@09B5 B0: 65, 5A;8 2 A5<8:0@B>G=>< AB045 C 20A ?0@0 A5<5@>:, 0 ;C7>2>-03@5AA82=K9 83@>: @5978B ?5@54 20<8, 8<5O >B:@KB>3> 20;5B0. A:;NG5=85 4;O A5<8:0@B>G=>3> AB040 <>65B =0ABC?0BL 2 B>9 A8BC0F88, :>340 ?>A;5 20A 5I5 >AB05BAO =5A:>;L:> 83@>:>2 A :@C?=K<8 >B:@KBK<8 :0@B0<8.  40==>< A;CG05 ;CGH5 2A53> A1@>A8BL (70 8A:;NG5=85< B5E A8BC0F89, :>340 20H0 @C:0 6820O 8 C 20A 5ABL :@C?=K9 >25@:0@B>2K9 :8::5@).

K B0:65 <>65B5 AK3@0BL G5:-@597, 5A;8 2K 459AB2C5B5 ?5@2K<, 0 ;C7>2>-03@5AA82=K9 83@>: A848B A?@020 >B 20A. >;LH8=AB2> 83@>:>2, 2:;NG0O B5E, C :>3> 1C45B 1>;55 A8;L=0O @C:0, A1@>AOB A2>N @C:C 2<5AB> B>3>, GB>1K 2:;04K20BL A =59 2 10=: 425 AB02:8 8 @8A:CO ?>B@0B8BL 5I5 =0 425 AB02:8 1>;LH5, 5A;8 ;C7>2>-03@5AA82=K9 83@>: 8 2K 4048B5 5IQ ?> >4=><C @5@597C. 0?@8<5@, 2 E>;45<5 C 20A

 Q c&3

=0 1>;LH>< 1;09=45, 0 ;C7>2>-03@5AA82=K9 83@>: =0E>48BAO =0 10BB>=5 8 5ABL 5IQ G5BK@5 83@>:0 ?>7048 20A. > D;>?0 =8:B> =5 4020; @597>2, 0 D;>? 2K?0; B0:8<:

`&Q  8  5

K 3>2>@8B5 G5:, ?>B><C GB> C 20A A;01K9 :8::5@ 8 2K E>B8B5 ?>A<>B@5BL, GB> 1C4CB 45;0BL 4@C385 83@>:8. C7>2>-03@5AA82=K9 83@>: ?>GB8 =025@=O:0 1C45B AB028BL, 5A;8 2A5 4> =53> A:06CB G5:. A;8 B0: 8 A;CG8BAO, B> ?>A;5 53> 15B0 <0;K9 1;09=4 A:>@55 2A53> A1@>A8B, 8 2K A<>65B5 40BL @597.

K <>65B5 1KBL 4>AB0B>G=> C25@5=K 2 B><, GB> 2K 1L5B5 53> @C:C, ?>B><C GB> =0E>4OAL 2 40==>9 ?>78F88, >= <>65B AB028BL 2>>1I5 157 @C:8. >=5G=>, >= <>65B 8<5BL 1>;55 A8;L=CN @C:C, G5< C 20A, => 25@>OB=55 2A53>, GB> 20H0 @C:0 2AQ 65 ;CGH5 8 2K E>B8B5 >AB0BLAO A =8< >48= =0 >48=. 0H @597 <>65B =0?C30BL 8 A<CB8BL 4@C38E 83@>:>2, >A>15==> 5A;8 >=8 AG8B0NB 20A B09B>2K< 83@>:><. 5@>OB=55 2A53>, >=8 =5 ?@54?>;>60B C 20A @C:C  Qc&3, ?>B><C GB> >=8 A0<8 =5 83@0;8 1K G5:-@597 A B0:>9 @C:>9.

A;8 =0 B0:>< D;>?5 2K 2K1L5B5 :>3>-B> A 1>;55 A8;L=>9 @C:>9, 2K A<>65B5 C18BL 42CE 709F52. K 2K83@05B5 10=: B>340, :>340 <>3;8 1K 53> ?@>83@0BL 8 2K B0:65 A<>65B5 ?>;CG8BL 1>;LH5 0:B82=>AB8 >B ?@>B82=8:>2 2 1C4CI5<. 48= 87 20H8E ?@>B82=8:>2 <>65B 70?><=8BL, GB> @597>< 2K 70AB028;8 53> A1@>A8BL 1>;55 A8;L=CN @C:C 8 2 A;54CNI89 >= <>65B AK3@0BL ?@>B82 20A 1>;55 0:B82=> (=> ?><=8B5, GB> 2 A;54CNI89 @07 ?@>B82 =53> 20< 1C45B =C6=0 =5?>1548<0O @C:0).

>=F5?F8O !5: !B02LB5, @5978B5 8;8 G5:-@5978B5 ?@>B82 <0=LO:0 4;O C25;8G5=8O 10=:0 2 1>;55 ?>74=8E @0C=40E. A;8 2K 4C<05B5, GB> C 20A ;CGH0O @C:0, 83@09B5 A =59 03@5AA82=>. >=5G=>, 8=>340 2K 1C45B5 >H810BLAO, => 20H0 ?>2KH5==0O ?@81K;L A ;8E2>9 ?>:@>5B 20H8 4>?>;=8B5;L=K5 ?@>83@KH8. A;8 A 40==>9 @C:>9 2K 83@0;8 1K G5:-:>;; ?@>B82 =>@<0;L=>3> 83@>:0, ?@>B82 ;C7>2>-03@5AA82=>3> AK3@09B5 G5:-@597 8;8 15B-:>;;. A;8 C 20A @C:0, E>@>H> ?>4E>4OI0O 4;O :>;;0, A45;09B5 @597. 0H0 03@5AA8O 1C45B @01>B0BL =0 20A G5BK@L<O A?>A>10<8:

1.	-B> 1C45B C25;8G820BL 20H8 2K83@KH8 A ?>154=K<8 @C:0<8.

2.	-B> 8=>340 2K1L5B 87 10=:0 ;CGHCN @C:C. 0?@8<5@, 5A;8 2 A5<8:0@B>G=>< AB045 2K 03@5AA82=> ?>AB028B5 A 42C<O ?0@0<8 =0 A5<5@:0E, 2K A<>65B5 ?>;CG8BL :>;; 8;8 @597 >B ;C7>2>-03@5AA82=>3> 83@>:0, C :>B>@>3> 1C45B B>;L:> ?0@0 BC7>2, 0 @>1:89 83@>: <>65B A1@>A8BL 425 1>;55 A8;L=K5 ?0@K 8;8 @C:C, :>B>@0O 70B5< ?@52@0B8;0AL 1K 2 ;CGHCN. A;8 2K 2K1L5B5 1>;55 A8;L=CN @C:C 87 10=:0 E>BO 1K >48= @07, B> MB> A ;8E2>9 :><?5=A8@C5B 20< B5 ;8H=85 AB02:8, :>B>@K5 2K ?@>83@05B5 2 >AB0;L=KE A;CG0OE.

3.	-B> <>65B Ť7025AB8ť ;C7>2>-03@5AA82=>3> 83@>:0. C7>2>-03@5AA82=K5 83@>:8 0:B82=55 2A53> 83@0NB A B5<8 83@>:0<8, :>B>@K5 83@0NB @8A:>20==>, G5< A 1>;55 :>=A5@20B82=K<8 83@>:0<8. A;8 2K 03@5AA82=> AK3@05B5 A @C:>9, :>B>@0O 1C45B O2;OBLAO ?@>AB> E>@>H59, >=8 ?@>O2OB ?@>B82 20A 1>;LH5 0:B82=>AB8 B>340, :>340 C 20A 1C45B 459AB28B5;L=> :@C?=0O @C:0.

4.	-B> GC45A=K< >1@07>< ?@5>1@078B 20H 8<846.  3;070E 4@C38E 83@>:>2 2K 1C45B5 2K3;O45BL :0: 3>@074> 1>;55 ;C7>2K9 8 @8A:>20==K9 83@>:, G5< 2K O2;O5B5AL =0 A0<>< 45;5. =>385 83@>:8 =0 A0<>< 45;5 <>3CB =5 ?>=8<0BL, GB> 20H0 83@0 =5 O2;O5BAO =5>?@0240==> @8A:>20==>9 8 GB> MB8< 2K ?@>AB> ?KB05B5AL 8A?>;L7>20BL A;01>ABL ;C7>2>-03@5AA82=>3> 83@>:0. 4=0:> =5:>B>@K5 87 20H8E ?@>B82=8:>2 1C4CB ?>=8<0BL, GB> 2K 83@05B5 2 A;>6=CN 83@C, 8 1C4CB 83@0BL B09B>2> ?@>B82 20A.

0A <>65B =5<=>3> A<CB8BL MB> >G5284=>5 ?@>B82>@5G85.  0725 <K =5 3>2>@8;8 =5A:>;L:> <8=CB =0704 > B><, GB> 2K 4>;6=K 83@0BL B09B>255? 0, => MB0 @5:><5=40F8O >B=>A8BAO B>;L:> 4;O AB0@B>2KE @C:. A;8 2 =0G0;L=>< @0C=45 2K A45;05B5 >H81:C, MB> 1C45B AB>8BL 20< :CGC AB02>:. > A59G0A 2K C65 8<55B5 <=>3> 8=D>@<0F88 8 4C<05B5, GB> C 20A ;CGH0O @C:0. 3@5AA82=0O 83@0, 25@>OB=>, C25;8G8B 20H5 >6840=85.  EC4H5< A;CG05 >=0 1C45B AB>8BL 20< B>;L:> :0:>9-B> G0AB8 >B AB02:8 2 >6840=88.

>=F5?F8O !6: >4B0;:8209B5 8E 1;5D>20BL. =8 ;N1OB 1;5D>20BL. $0:B8G5A:8, <=>385 87 =8E ?>;CG0NB 1>;LH5 2A53> C4>2>;LAB28O >B C402H53>AO 1;5D0, G5< >B 2K83@KH0 A ;CGH59 @C:>9. A;8 2 ?>A;54=5< @0C=45 2K ?>4>7@5205B5, GB> C =8E A;010O @C:0, A :>B>@>9 >=8 <>3CB =5 >B25B8BL =0 20HC AB02:C   =5 AB02LB5. @>AB> A:068B5 G5: 8 >B25BLB5 :>;;><, 5A;8 >=8 ?>AB02OB.

>=F5?F8O !7: >;;8@C9B5 8;8 4065 @5978B5 A <0@38=0;L=K<8 @C:0<8 2 ?>74=8E @0C=40E, >A>15==> =0 @825@5. K 4>;6=K >B25G0BL :>;;>< 8;8 4065 @597>< ?> G5BK@5< ?@8G8=0<:

1.	0=: AB0=>28BAO =0AB>;L:> 1>;LH8<, GB> ?@>83@KH >4=>9 8;8 42CE 4>?>;=8B5;L=KE AB02>: AB0=>28BAO =0<=>3> <5=55 206=K<, G5< ?@>83@KH F5;>3> 10=:0.

2.	C7>2>-03@5AA82=K5 83@>:8 AB02OB A =081>;55 A;01K<8 @C:0<8, G5< 2A5 >AB0;L=K5 83@>:8.

3.	=8 ;N1OB 1;5D>20BL. 5A:>;L:> AB02>:, :>B>@K5 2K ?@>83@05B5, 1C4CB <5;>GLN ?> A@02=5=8N A B5< :@C?=K< 10=:><, :>B>@K9 2K ?5@8>48G5A:8 1C45B5 2K83@K20BL.

4.	K =5 <>65B5 ?>72>;OBL 4@C38< 20H8< ?@>B82=8:0< 4C<0BL, GB> 2K A?>A>1=K : G0ABK< D>;40<. =>385 87 83@>:>2 4>AB0B>G=> =01;N40B5;L=K ?> ?>2>4C GC6>9 @>1>AB8, 8 5A;8 2K ?@8>1@5BQB5 @>1:89 8<846, 2K ?>>I@8B5 :0: 8E, B0: 8 ;N1KE 4@C38E E>@>H8E 83@>:>2 :@0ABL C 20A 10=:8.

=>340 2K 4065 <>65B5 40BL @597 A <0@38=0;L=>9 @C:>9, GB>1K 871560BL >25@:>;;>2. 0?@8<5@, ?@54?>;>68<, GB> 2 E>;45<5 ;C7>2>-03@5AA82=K9 83@>: AB028; 8;8 @5978; 2 :064>< @0C=45, GB> 2 8B>35 ?@825;> : A>740=8N 10=:0 @07<5@>< 2 17 1>;LH8E AB02>:. A5, GB> C 20A 5ABL   MB> 2KAH0O ?0@0 A ?;>E8< :8::5@><.  :0@B0 @825@0 =5 <>3;0 4>AB@>8BL G59-B> AB@59B 8;8 D;0H. A;8 ;C7>2>-03@5AA82=K9 83@>: ?>AB028B, 2K 4>;6=K 1C45B5 >B25B8BL 8;8 4065 40BL @597, GB>1K 871560BL >25@:>;;>2. 02 @597, 2K <>65B5 70AB028BL :>3>-B> A1@>A8BL 425 <5;:85 ?0@K 8;8 2KAHCN ?0@C A 1>;55 A8;L=K< :8::5@><.

A;8 ;C7>2>-03@5AA82=K9 83@>: A848B 70 20<8

!;54CNI85 :>=F5?F88 4>;6=K ?@8<5=OBLAO :064K9 @07, :>340 ;C7>2>-03@5AA82=K9 83@>: 459AB2C5B ?>A;5 20A.

>=F5?F8O !1: >AB>O==> =01;N409B5 70 A83=0;0<8. !;8H:>< <=>385 ;C7>2>-03@5AA82=K5 83@>:8 2K40NB A2>8 =0<5@5=8O, ?>MB><C 2K 4>;6=K 2A5340 >3;O4K20BLAO =0;52> ?5@54 B5<, :0: 459AB2>20BL. C7>2>-03@5AA82=K5 83@>:8 >A>15==> ;N1OB 2K4020BL A2>8 =0<5@5=8O > A1@>A5 A2>59 @C:8. A;8 2K 2848B5 A83=0;, 8A?>;L7C9B5 53>. A;8 >=8 A>18@0NBAO A1@>A8BL, @07K3@09B5 20HC @C:C :0: >1KG=>, ?@8=8<0O 2> 2=8<0=85 B>B D0:B, GB> ;C7>2>-03@5AA82=K9 83@>: =5 1C45B ?@>4>;60BL 83@C. A;8 >=8 A>18@0NBAO 40BL @597 8;8 >B25B8BL :>;;><, 87<5=8B5 20HC AB@0B538N.

@8<5G0=85: A;54CNI85 :>=F5?F88 ?>4@07C<520NB, GB> 2K =5 2845;8 :0:8E-B> A83=0;>2.

>=F5?F8O !2: 3@09B5 =0<=>3> B09B>255 2 @0==8E @0C=40E. >A:>;L:C H0=AK =0 ?>;CG5=85 @5970 ACI5AB25==> C25;8G820NBAO, =5 :>;;8@C9B5, 5A;8 20< =52K3>4=> 1C45B ?@>4>;60BL 83@C 70 425 AB02:8.

>=F5?F8O !3: 5 ?KB09B5AL C:@0ABL 8E 1;09=4K. =8 A;8H:>< G0AB> 70I8I0NB A2>8 1;09=4K 8 <>3CB 4065 40BL @5@597 A> A;01>9 @C:>9.

>=F5?F8O !4: 3@09B5 G5:-@597 G0AB>. '5:-@597 =0<=>3> <5=55 @8A:>20= 8 =0<=>3> 1>;55 2K3>45= ?@>B82 ;C7>2>-03@5AA82=KE 83@>:>2, G5< ?@>B82 ;N1KE 4@C38E. >A:>;L:C >=8 AB02OB A @C:0<8, A :>B>@K<8 4@C385 83@>:8 3>2>@8;8 1K G5:, >?0A=>ABL B>3>, GB> ;C7>2>-03@5AA82=K9 83@>: >B25B8B G5:>< =0 20H G5: ACI5AB25==> C<5=LH05BAO, 0 20H0 ?@81K;L C25;8G8205BAO, ?>B><C GB> <=>385 83@>:8 87 >AB0;L=KE CG0AB=8:>2 @0740G8 A1@>A8;8 1K =0 20H 15B, => 5A;8 1K ?>AB028; ;C7>2>-03@5AA82=K9 83@>:, B> >=8 >B25B8;8 1K :>;;><.

>=F5?F8O !5: A?>;L7C9B5 8E 4;O 2K1820=8O 4@C38E 83@>:>2. A;8 ;C7>2>-03@5AA82=K9 83@>: A848B =5?>A@54AB25==> A;520 >B 20A, 1C4LB5 3>B>2K AB028BLAO <=>38<8 @C:0<8   ;C7>2>-03@5AA82=K9 83@>: 2?>;=5 25@>OB=> 40AB @597, G5< <>65B 2K18BL 4@C38E 83@>:>2 ?>7048 =53>.

>=F5?F8O !6:  07K3@K209B5 70<54;5==> A2>8 :@C?=K5 @C:8. C7>2>-03@5AA82=K5 83@>:8 ?>;CG0B >B >AB0;L=KE A>?5@=8:>2 =0<=>3> 1>;LH5 0:B82=>AB8, G5< <>65B5 ?>;CG8BL 2K. >MB><C >B409B5 8< 8=8F80B82C 8 409B5 8< A>740BL 1>;LH>9 10=:. 0 @825@5 2K A<>65B5 AK3@0BL :>;; 8;8 @597, 2 7028A8<>AB8 >B >1AB>OB5;LAB2.

C7>2>-03@5AA82=0O 83@0

C7>2>-03@5AA82=0O 83@0   MB> B0:0O 83@0, 2 :>B>@>9 =0E>4OBAO 42>5 8;8 1>;55 ;C7>2>-03@5AA82=KE 83@>:>2, :>B>@K5 @597OB 4@C3 ?@>B82 4@C30, 8;8 65 B0:0O 83@0, 2 :>B>@>9 =0E>48BAO <0=LO:, @597OI89 8;8 @5@597OI89 ?@0:B8G5A:8 A :064>9 @C:>9. ;5D 2 B0:>9 83@5 <>6=> C2845BL 4>AB0B>G=> G0AB>, => :0: ?@028;>, >= 15A?>;575=, ?>B><C GB> 1>;LH8=AB2> @0740G 4>6820NB 4> 2A:@KB8O. @C?=K5 10=:8 8=>340 2K83@K20NBAO A@54=8<8 ?> A8;5 @C:0<8, => A;8H:>< <=>385 83@>:8 >AB0NBAO 2 @0740G5 4> @825@0, GB> G0AB> ?@82>48B : B><C, GB> 10=: 2K83@K20NB 3-D;0H8, 4K@O2K5 AB@59BK 8 4@C385 <0;>25@>OB=K5 @C:8. "0:0O 83@0 O2;O5BAO >G5=L 70E20BK20NI59, => ?@8 MB>< G@572KG09=> >?0A=>9.

-B8 @5:><5=40F88 2K2545=K 87 @5:><5=40F89 ?> 83@5 ?@>B82 548=AB25==>3> ;C7>2>-03@5AA82=>3> 83@>:0, => 745AL 87<5=5=8O 20H59 AB@0B5388 5I5 1>;55 206=K. A;8 2K ?;>E> ?@8A?>A>18B5AL : 548=AB25==><C ;C7>2>-03@5AA82=><C 83@>:C, MB> 1C45B AB>8BL 20< =5:>B>@KE 45=53. > 5A;8 2K ?;>E> ?@8A?>A>18B5AL : ;C7>2>-03@5AA82=>9 83@5, 2K A<>65B5 ?@>83@0BL 2A5 20H8 45=L38.

 ;C7>2>-03@5AA82=>9 83@5 D8H:8 ?5@5E>4OB >B >4=8E 83@>:>2 : 4@C38< A >G5=L 2KA>:>9 A:>@>ABLN, => 0=B5 8 1;09=4K >AB0NBAO B5<8 65 A0<K<8. >MB><C 2K <>65B5 ?>72>;8BL A515 83@0BL =0<=>3> 1>;55 B09B>2>. ><=8B5 >1 MB>< :064K9 @07, :>340 20< =0G8=05B =04>540BL A1@0AK20BL A2>8 @C:8.

!>3;0A8B5AL A B5<, GB> ?@028;0 87<5=8;8AL

"0:85 83@K =0AB>;L:> >B;8G0NBAO >B >AB0;L=KE 83@, GB> 2K 4>;6=K 87<5=8BL 20H8 ?@54?>;>65=8O 8 AB@0B538N. K 1C45< 3>2>@8BL >1 MB>< 8 2 1>;55 ?>74=8E @0745;0E, ?>B><C GB> 2K 4>;6=K ?>AB>O==> A?@0H820BL A51O: Ť0A:>;L:> A8;L=> MB0 83@0 >B;8G05BAO >B 4@C38E? 0: O 4>;65= 040?B8@>20BLAO : =59?ť. >A:>;L:C ;C7>2>-03@5AA82=K5 83@K A;8H:>< A8;L=> >B;8G0NBAO >B 4@C38E 83@ 8 >=8 A;8H:>< @8A:>20==K, 5A;8 2K 1C45B5 <KA;8BL 8 83@0BL 2 A2>5< >1KG=>< AB8;5, MB> 20A ?>3C18B. K 4>;6=K A>3;0A8BLAO A B5<, GB> ?@>87>H;8 A;54CNI85 87<5=5=8O:

7<5=5=85 !1: 3@0 1>;LH8=AB20 83@>:>2 87<5=8;0AL. C7>2>-03@5AA82=0O 83@0 87<5=O5B 83@C ?@0:B8G5A:8 :064>3> 83@>:0. 3@0 AB0=>28BAO A;8H:>< 1KAB@>9 8 10=:8 AB0=>2OBAO A;8H:>< :@C?=K<8, GB> <>65B 70AB028BL <=>38E 83@>:>2 83@0BL 2 A>AB>O=88 B8;LB0. %>BO B5@<8= ŤB8;LBť >1KG=> >7=0G05B ;C7>2CN 157701>B=CN 83@C, O 1C4C 8A?>;L7>20BL MB> A;>2> 4;O ;N1>9 83@K, :>B>@0O O2;O5BAO 3;C?>9 8 M<>F8>=0;L=>9.

3@>:, :>B>@K9 A >B2@0I5=85< A1@0AK205B E>@>HCN ?@8:C?=CN @C:C, ?>B><C GB> >= A>60;55B > A;8H:>< 1>;LH>9 F5=5, :>B>@CN >= 70?;0B8; 70 ?@54K4CICN =54>AB@>5==CN ?@8:C?=CN @C:C, B0:65 =0E>48BAO 2 B8;LB5, :0: 8 B>B 83@>:, :>B>@K9 45;05B 157C<=K9 @597 A <CA>@>< ?> ?@8G8=5 B>3>, GB> =5402=> 53> :B>-B> ?5@5BO=C;. =8 >10 459AB2CNB M<>F8>=0;L=> 8 =5@0F8>=0;L=>.

065 B5 ;N48, :>B>@K5 =5 A:0BK20NBAO 2 B8;LB, >:07K20NBAO 70B@>=CBK 2A5>1I8< =0?@O65=85<. =8 <>3CB 1KBL =0AB>;L:> 272>;=>20==K<8, GB> 1C4CB 4C<0BL <5=LH5 ?5@54 A2>8< E>4>< 8;8 65 2>>1I5 =5 4C<0BL. <5AB> E>;>4=>3> @07<KH;5=8O > B><, =0A:>;L:> 4>@>3>9 <>65B >:070BLAO MB>B 15B, 5A;8 ?>A;5 =53> :B>-B> 40AB @597 8;8 @5@597 8;8 2<5AB> 0=0;870 B>3>, ?>G5<C :B>-B> A45;0; MBC AB02:C, >=8 <>3CB 4C<0BL > 15418B0E 8;8 60;5BL > B><, GB> >=8 =5 A1@>A8;8 @0=LH5. =8 <>3CB 4065 459AB2>20BL 2>>1I5 1574C<=>, ?>B><C GB> 8E 70E20BK205B 070@B.

>A:>;L:C >G5=L <=>385 ;N48 AB0=>2OBAO M<>F8>=0;L=K<8, 2K 4>;6=K A5@L57=> ?5@5A<>B@5BL A?>A>1K GB5=8O GC68E @C: 8 A?>A>1K @>7K3@KH0 A>1AB25==KE. #4828B5;L=>, => <>3CB ?@>87>9B8 420 ?>;=>ABLN ?@>B82>?>;>6=KE 87<5=5=8O: <=>385 83@>:8 =0G=CB 83@0BL >AB>@>6=>, A1@0AK20O B5 @C:8, A :>B>@K<8 >=8 4>;6=K 83@0BL, 0 4@C385 =0G=CB 83@0BL ;C7>2> 8 03@5AA82=>.  8A:>20==0O 83@0 70AB02;O5B 8E >B:070BLAO >B 8E 5AB5AB25==>3> :>=A5@20B87<0.

K 2A5 <>65< 1KBL A18BK A B>;:C 8@@0F8>=0;L=K<8 @5970<8 >B >1KG=> @0F8>=0;L=KE 83@>:>2. 0?@8<5@, >48= G5;>25:, @59B8=3 :>B>@>3> O >?@545;8; :0: 4,4 (>= 1K; =5A:>;L:> B09B>2>-?0AA82=K< 83@>:><), 2 48:>9 E>;45<>2A:>9 83@5 =0E>48;AO =0 <0;>< 1;09=45 A

 Q  J

1KG=> >= 83@0; B0:CN @C:C, 2>7<>6=> 4065 ?>A;5 @5970, => > B><, GB>1K A0<><C 40BL A =59 @597 >= 4065 =5 704C<K20;AO. >A;5 B>3>, :0: ?5@54 =8< 40;8 @597 8 @5@597, >= 4>25; B>@3>2;N 4> :5?0, =0E>4OAL =0 <0;>< 1;09=45. >340 53> A?@>A8;8, ?>G5<C >= MB> A45;0;, >= ?>60; ?;5G0<8 8 C;K1=C;AO, ?>B><C GB> >= 8 A0< MB>3> =5 7=0;. 70@B 8;8 @0AAB@>9AB2> ?> ?>2>4C B>3>, GB> 4> =53> A45;0;8 C65 =5A:>;L:> @597>2, 2>7<>6=>, 70AB028;8 53> B0: AK3@0BL.

51>;LH>5 :>;8G5AB2> 83@>:>2 <>3CB 4065 ?5@5:;NG0BLAO A >4=>9 ?@>B82>?>;>6=>AB8 =0 4@C3CN. !=0G0;0 >=8 =0G8=0NB A C4>2>;LAB285< 83@0BL 2 @0A:>20==>< AB8;5, 0 C65 G5@57 <8=CBC =0G8=0NB 3>2>@8BL G5: A ;CGH8<8 @C:0<8 8;8 4065 A1@0AK20BL 8E.

7<5=5=85 !2: K 8 20H0 83@0, 25@>OB=>, 87<5=8;8AL. ><=8B5, 2K =5 O2;O5B5AL =5CO728<K<8 : M<>F8>=0;L=K< 87<5=5=8O<. K ;53:> <>65B5 2?0ABL 2 B8;LB 8 4065 =5 ?>=8<0BL MB>3>. -B> 2A5340 >?0A=>, => 2 B0:>9 83@5 MB> AB0=>28BAO >A>15==> >?0A=K<. 0=:8 AB0=>2OBAO :@C?=55, @8A: C25;8G8205BAO 8 <=>385 83@>:8 83@0NB 1>;55 =5A10;0=A8@>20==>, GB> 70AB02;O5B 20A 2:;04K20BL 2 10=: 1>;LH5 AB02>: :064K9 @07, :>340 2K 2E>48B5 2 83@C. A;8 2K ?>B5@O5B5 :>=B@>;L, 2K <>65B5 2@5<5==> 27OBL ?0C7C.

7<5=5=85 !3: (0=AK : 10=:C 8 ?>B5=F80;L=K5 H0=AK ACI5AB25==> 87<5=ONBAO. =>385 10=:8 AB0=>2OBAO A;8H:>< 1>;LH8<8, 8 <>65B 1KBL 2K3>4=> ?@>4>;60BL 83@C A @C:0<8, :>B>@K5 8<5NB >G5=L =87:CN 25@>OB=>ABL 2K83@0BL.

7<5=5=85 !4: 0A 1C4CB ?5@5BO3820BL =0<=>3> 1>;55 G0AB>. -B> 87<5=5=85 O2;O5BAO ?@O<K< @57C;LB0B>< ?@54K4CI53>. !;8H:>< <=>385 ;N48 >AB0NBAO 2 83@5 A> A;01K<8 @C:0<8, GB> C25;8G8205B 25@>OB=>ABL B>3>, GB>, 2 :>=F5 :>=F>2 20A :B>-=81C4L ?5@5BO=5B. K <=>3>:@0B=> 1C45B5 ?@>83@K20BL :@C?=K5 10=:8, :>340 ?@>B82=8:8 1C4CB 4>AB@0820BL A2>8 <0;>25@>OB=K5 :><18=0F88.

7<5=5=85 !5: 028A8<>ABL <564C @07<5@>< 10=:0 8 A8;>9 ?>15640NI8E @C: <>65B AB0BL >G5=L =5?@54A:07C5<>9.  1>;LH8=AB25 83@ :@C?=K5 10=:8 G0AB> >7=0G0NB B>, GB> 70 10=: 1>@NBAO >1;040B5;8 :@C?=KE @C:, => 2 B0:8E 83@0E 3830=BA:85 10=:8 <>3CB 2K83@K20BL 8 1>;55 A;01K5 @C:8. (0=AK : 10=:C 8 60640 070@B0 <>3CB 70AB028BL ;N459 ?;0B8BL >3@><=K5 45=L38 70 B> GB>1K 4>AB@>8BL A2>8 A;01K5 ?@8:C?=K5 @C:8, 8 5A;8 B0:85 A;01K5 ?@8:C?=K5 @C:8 2 8B>35 >:07K20NBAO =54>AB@>5==K<8, 10=: 2K83@0BL <>3CB A;01K5 3>B>2K5 @C:8.

7<5=5=85 !6:  >;L 2575=8O 7=0G8B5;L=> C25;8G8205BAO. >A:>;L:C 83@0 AB0=>28BLAO 48:>9 8 =5?@54A:07C5<>9 8 >G5=L <=>385 @C:8 4>6820NB 4> @825@0, 0 :@C?=K5 10=:8 2K83@K20NBAO A =5 >G5=L A8;L=K<8 @C:0<8, B0:85 83@K <>3CB AB0BL G5<-B> =0?>4>185 83@K 2 :>AB8. A;8 C 20A 1C45B ?>4E>4OI0O @C:0 2 ?>4E>4OI55 2@5<O, 2K :@C?=> 2K83@05B5, 5A;8 =5B   :@C?=> ?@>83@05B5. 4=0:>, 5A;8 2K 1C45B5 83@0BL 2 B0:8E 83@0E ?> ?@028;L=>9 AB@0B5388, 20H5 >6840=85 =0 4;8==>9 48AB0=F88 ?>-?@56=5<C 1C45B 2KA>:8<, ?>A:>;L:C 10=:8, 2K83@0==K5 A E>@>H8<8 @C:0<8, 2 :>=F5 :>=F>2, ?>:@>NB 20H8 ?>B5@8 =0 ?@>83@KH8 A 1>;55 A;01K<8 @C:0<8.

7<5=5=85 !7: 3@0 AB0=>28BAO 1>;55 =0?@O6Q==>9. A5 2KH5?5@5G8A;5==K5 D0:B>@K 45;0NB 83@C 1>;55 70E20BK20NI59 8 1>;55 =0?@O65==>9, GB> >?OBL ?>4G5@:8205B B>B <><5=B, GB> 2A5 87<5=O5BAO.

 

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288 A MB8<8 87<5=5=8O<8

>A:>;L:C ?@028;0 <5=ONBAO, 20H0 AB@0B538O B0: 65 4>;6=0 87<5=8BLAO. C7>2>-03@5AA82=K5 83@K =0AB>;L:> A8;L=> >B;8G0NBAO >B B5E 83@, :>B>@K5 >?8A0=K 2 1>;LH8=AB25 :=83, GB> @5:><5=40F88 ?> B0:>9 83@5 <>3CB 1KBL ?>GB8 ?@>B82>?>;>6=K<8. !0<K5 ;CGH85 A>25BK 40=K 2 :=835 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 8 2 :=835 M2840 !:;0=A:8 ŤGetting The Best of Itť. 865 <K ?@82>48< =5:>B>@K5 87<5=5=8O, :>B>@K5 2K 4>;6=K A45;0BL 2 A2>59 83@5.

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

48= @07 2 :064K5 =5A:>;L:> G0A>2 8;8 :064K9 @07, :>340 2K ?;>E> AK3@0;8, ?>;CG8;8 15418B 8;8 ?@>AB> GC2AB2C5B5, GB> GB>-B> 84QB =5 B0:, 2>7L<8B5 ?0C7C =0 =5A:>;L:> <8=CB GB>1K =5<=>3> ?@>3C;OBLAO, >F5=8BL 20HC A>1AB25==CN 83@C ?@>0=0;878@>20BL B>, 2 :0:>< @8B<5 ?@>B5:05B A0<0 83@0 8 GB> 20< =C6=> A45;0BL. A;8 2K 83@05B5 C60A=> 8;8 5A;8 =5 C25@5=K 2 B><, GB> 2K 45;05B5, 2K948B5!

"@C4=> 2K9B8 87 Ť1>;LH>9 83@Kť, => 5A;8 2K =5C25@5==K, 2K, 25@>OB=>, ?@>83@05B5 8 2K <>65B5 ?@>83@0BL =0<=>3> 1>;LH5, G5< 2K A515 ?@54AB02;O5B5. K, 2>7<>6=>, <>65B5 ?@>83@0BL ?>GB8 25AL 20H 10=:@>;;, ?KB0OAL >BK3@0BLAO.

7<5=5=85 !2: @>0=0;878@C9B5 B>, :0: 87<5=8;8AL 4@C385 83@>:8. A;8 2K @5H05B5 >AB0BLAO 2 83@5, @0AA<>B@8B5 >1I55 A>AB>O=85 83@K 8 459AB28O :;NG52KE 83@>:>2. 0:8< >1@07>< 83@0 8 459AB28O 83@>:>2 >B;8G0NBAO >B 8E >1KG=KE 459AB289? >?KB09B5AL >?@545;8BL MB> =0AB>;L:> B>G=>, =0A:>;L:> MB> 2>7<>6=>: Ť0@10@0 AB0;0 =0<=>3> 1>;55 03@5AA82=>9, 6>9 83@05B >AB>@>6=>, 8;; 1;5DC5B 1>;55 G0AB>ť.

7<5=5=85 !3: 5@5A<>B@8B5 A2>N AB@0B538N. !?@>A8B5 A51O: Ť0: O 4>;65= 87<5=8BL <>N AB@0B538N?ť !45;09B5 87<5=5=8O, :0: 2 20H59 >1I59 AB@0B5388, B0: 8 2 20H59 AB@0B5388 83@K ?@>B82 :;NG52KE 83@>:>2. 0?@8<5@, 2K <>65B5 @5H8BL, GB> =0AB0;> 2@5<O 83@0BL 7=0G8B5;L=> B09B>255, => >4=>2@5<5==> =C6=> G0I5 @5978BL 2 @0==8E @0C=40E B>@3>2;8 8 1KBL 1>;55 03@5AA82=K<8 2 ?>74=8E @0C=40E. "0:65 2K <>65B5, =0?@8<5@, @5H8BL, GB> 20< =C6=> 1;5D>20BL ?@>B82 6>O 1>;55 G0AB>, 0 ?@>B82 8;;0 G0I5 3>2>@8BL G5: A A8;L=K<8 @C:0<8, GB>1K A?@>2>F8@>20BL 53> =0 1;5D.

7<5=5=85 !4: A;8 MB> 2>7<>6=>, A<5=8B5 A2>5 <5AB> 70 AB>;><. 0H5 <5AB> 2A5340 O2;O5BAO 206=K<, => 2 B0:>9 83@5 >=> >A>15==> 206=>. 1KG=> ;CGH55 <5AB>   =5?>A@54AB25==> A;520 >B 03@5AA>@>2, EC4H55 <5AB>   A?@020 >B =8E 8;8 <564C =8<8. 0?@8<5@, 5A;8 <0=LO: A848B =0 B@5BL5< <5AB5, 0 83@>: A @59B8=3>< 7,7 A848B =0 ?5@2>< <5AB5, ;CGH8< <5AB>< 1C45B <5AB> !4, 0 EC4H8<   <5AB> !2. A;8 2K 1C45B5 A845BL =0 <5AB5 !4, 1>;LH0O G0ABL 459AB289 1C45B ?@>8AE>48BL 4> B>3>, :0: 20< =C6=> 1C45B 459AB2>20BL A0<><C, 2 B> 2@5<O, :0: =0E>4OAL =0 <5AB5 !2, 2K 1C45B5 A845BL <56 42CE >3=59. "0:65 2K <>65B5 A<5=8BL A2>5 <5AB> B0:8< >1@07><, GB>1K =0E>48BLAO :0: <>6=> 40;LH5 >B 83@>:0, :>B>@>3> 2K >?0A05B5AL. 7CG8B5 B>, GB> ?@>8AE>48B 2 83@5 8 @0A?>;>65=85 <5AB, 0 70B5<, 2 A;CG05 =5>1E>48<>AB8, A<5=8B5 A2>5 <5AB>.  2>?@>A5 A<5=K <5AB0 =C6=> @C:>2>4AB2>20BLAO @07C<=K<8 ?@54?>;>65=8O<8. 5 87<5=O9B5 A2>5 <5AB> ?@>AB> ?>B><C, GB> >=> 20< :065BAO Ť=5AG0AB;82K<ť.

7<5=5=85 !5: 3@09B5 1>;55 B09B>2> 2 @0==8E @0C=40E B>@3>2;8. 3@09B5 <5=LH5 @C: 8 8715309B5 83@0BL A> A;01K<8 ?@8:C?=K<8 @C:0<8. 0?@8<5@, @C:0 87s ?> A8AB5<5 !:;0=A:8 >F5=8205BAO, :0: @C:0 5-9 3@C??K 8 >B=>A8B5;L=> =5Q A:070=>, GB> Ť2 A@54=59 ?>78F88 2K <>65B5 @07K3@0BL B0:CN @C:C 2 B8?8G=>9 8;8 65AB:>9 83@5, 5A;8 4> 20A =5 1K;> @5970ť.

B<5BLB5   Ť5A;8 4> 20A =5 1K;> @5970ť. 065 5A;8 =8:B> 5IQ =5 40; @597, 25@>OB=>, GB> @597 2AQ-B0:8 A;CG8BAO, 0 2>7<>6=> :B>-B> 4065 40AB @5@597. >7<>6=>ABL B0:8E @597>2 87<5=O5B AB@0B538N @>7K3@KH0 1>;LH8=AB20 @C:, B@51CNI8E 2KA>:8E ?>B5=F80;L=KE H0=A>2 4;O B>3>, GB>1K 1KBL 2K3>4=K<8. @54?>;>68<, 2K :>;;8@C5B5, B0: :0: 4> 20A @5970 5I5 =5 1K;>. C7>2>-03@5AA82=K9 83@>: ?>A;5 20A 45;05B @597, 0 <0=LO: 45;05B @5@597. 'B> 20< 45;0BL   >B25G0BL =0 425 AB02:8 8;8 A1@0AK20BL? A;8 2K >B25B8B5 =0 425 AB02:8, 20A <>3CB 70AB028BL >B25B8BL 5I5 =0 >4=C 8;8 425. A;8 D;>? 20< =5 ?><>65B (:0: G0I5 2A53> 8 A;CG05BAO), 20< ?@845BAO A1@>A8BL, B5@OO BC 7=0G8B5;L=CN AC<<C 45=53, :>B>@CN 2K C65 2;>68;8 2 10=:.  B0:>9 A8BC0F88 20H8 ?>B5=F80;L=K5 H0=AK 1C4CB >G5=L A8;L=> ?040BL.

48=AB25==K9 A?>A>1 871560BL B0:8E =5?@8OB=>AB59   MB> =5 83@0BL A> A;01K<8 ?@8:C?=K<8 @C:0<8 (=5 A;8H:>< 15A?>:>9B5AL ?> ?>2>4C B>3>, GB> B0:85 @C:8 <>3CB 2K83@0BL :@C?=K9 10=: 2 @54:8E A;CG0OE). !848B5 A?>:>9=> 8 648B5 ?@8E>40 A8;L=KE @C:. <59B5 2 284C, GB> 2 ;C7>2>-03@5AA82=>9 83@5 <5;:85 8 A@54=85 >4=><0AB=K5 :>==5:B>@K ?>=860NBAO 2 F5==>AB8, ?>B><C GB> A =8<8 20< ?@8E>48BAO A;8H:>< <=>3> ?;0B8BL =0 ?>ABD;>?5, :>340 =0 D;>?5 >=8 CA8;820NBAO 4> E>@>H8E ?@8:C?=KE @C:. !@02=8B5 F5==>ABL <5;:8E 8 A@54=8E >4=><0AB=KE :>==5:B>@>2 A F5==>ABLN <5;:>9 ?0@K, A :>B>@>9 20< =5 ?@845BAO 4>?;0G820BL GB>-;81> =0 D;>?5, :>340 2K ?>;CG8B5 A5B.

7<5=5=85 !6: @8<5=O9B5 70<54;5==CN 83@C 1>;55 G0AB>. C7>2>-03@5AA82=0O 83@0   MB> 8450;L=0O 83@0 4;O 70<54;5==>3> @>7K3@KH0 A8;L=KE @C:, ?>B><C GB> 83@>:8 A;8H:>< G0AB> 45;0NB @597K, 0 ;C7>2>-03@5AA82=K5 83@>:8 ?>;CG0NB =0 A2>8 459AB28O 1>;LH5 >B25B=>9 0:B82=>AB8 >B ?@>B82=8:>2, G5< <>65B5 ?>;CG8BL 2K. A;8 C 20A >G5=L :@C?=0O @C:0, =0?@8<5@ :@C?=K9 DC;;-E0CA =0 ?OB>9 C;8F5 2 A5<8:0@B>G=>< AB045 8;8 =0 D;>?5 2 E>;45<5, >B;>68B5 @597 4> H5AB>9 C;8FK 8;8 @825@0. B409B5 8=8F80B82C ;C7>2>-03@5AA82=><C 83@>:C, :>B>@K9 ?>;CG8B 1>;LH5 0:B82=>AB8 =0 A2>8 459AB28O, G5< <>65B5 ?>;CG8BL 2K. @><5 B>3>, 2K 4>;6=K E>B5BL, GB>1K 4@C385 83@>:8 4>AB@>8;8 A2>8 AB@59BK, D;0H8 8 1>;55 A;01K5 DC;;-E0CAK. K <>65B5 2>2;5GL 8E 2 @597>2CN 2>9=C A 8E 25;8:>;5?=K<8, => B>;L:> 2B>@K<8 ?> A8;5 @C:0<8.

7<5=5=85 !7: 3@09B5 G5:-@597 1>;55 G0AB>. "5 65 A0<K5 ?@8=F8?K ?@8<5=ONBAO 8 : G5:-@597C 2 ?>74=8E @0C=40E B>@3>2;8. ?0A=>ABL B>3>, GB> =0 20H G5: 2A5 >AB0;L=K5 B0: 65 >B25BOB 20< G5:><, ACI5AB25==> C<5=LH05BAO, GB> 45;05B G5:-@597 <5=55 @8A:>20==K< 8 1>;55 2K3>4=K<. '5:-@597 >A>15==> 2K3>45= 2 B0:8E 83@0E, ?>B><C GB> 10=:8 AB0=>2OBAO A;8H:>< 1>;LH8<8 8 20H0 F5;L 4>;6=0 A>AB>OBL 2 B><, GB>1K 2K83@0BL MB8 10=:8, B0: :0: C 20A @54:> 1C45B =0BA>20O @C:0. '5:-@597   MB> =0<=>3> 1>;55 MDD5:B82=K9 A?>A>1 2K18BL 4@C38E 83@>:>2, G5< ?@>AB>9 15B.

7<5=5=85 !8: 5 A>A@54>B0G8209B5AL A;8H:>< A8;L=> =0 ;C7>2>-03@5AA82=>< 83@>:5 8;8 =0 <0=LO:5. $>:CA8@>20BLAO =0 =8E 5AB5AB25==>, ?>B><C GB> >=8 254CB 83@C. > =5:>B>@K5 4@C385 83@>:8 <>3CB A45;0BL ACI5AB25==K5 87<5=5=8O 2 A2>59 83@5   AB0BL 1>;55 B09B>2K<8, ?>440BLAO B8;LBC, 83@0BL 1>;55 >?0A;82> 8;8 GB>-B> 5IQ. A;8 2K 1C45B5 :>=F5=B@8@>20BLAO B>;L:> =0 48:8E 83@>:0E, 2K <>65B5 C?CAB8BL 87 284C 4@C38E 83@>:>2, :>B>@K5 8 7015@CB 20H8 45=L38. K B0: 65 4>;6=K 4C<0BL > @07<5@5 10=:0 8 >1 >1I8E 87<5=5=8OE, :>B>@K5 2K 4>;6=K 2=5AB8 2 A2>N 83@C. >AB>O==> ?5@5<5I09B5 A2>5 2=8<0=85 >B @5975@>2 : 4@C38< 83@>:0<, >A>15==> : B09B>2K< 8 : B5<, :B>, ?>-2848<><C, 83@05B >AB>@>6=>. A;8 >=8 2E>4OB 2 :0:>9-B> 10=:, B> B>;L:> ?> :0:>9-B> >?@545;5==>9 ?@8G8=5. >G5<C >=8 2>H;8 2 MB>B 10=:? -B>B 2>?@>A AB0=>28BAO >A>15==> 206=K<, 5A;8 >=8 459AB2CNB ?5@54 ;C7>2>-03@5AA82=K< 83@>:><. A;8 >=8 2>H;8 2 10=: ?5@54 ;C7>2>-03@5AA82=K< 83@>:><, AG8B09B5, GB> C =8E 1>;55 A8;L=K5 @C:8, ?>B><C GB> >=8 @8A:CNB AB>;:=CBLAO A @597>< ?>A;5 =8E.

7<5=5=85 ! 9: !B02LB5 8;8 @5978B5 A E>@>H8<8 ?@8:C?=K<8 @C:0<8 ?@8 ?>4E>4OI8E H0=A0E : 10=:C. >A:>;L:C 10=:8 >G5=L A8;L=> C25;8G820NBAO, H0=AK : 10=:C G0AB> ?>72>;ONB 20< 83@0BL 03@5AA82=>. A;8 2K 2?>;=5 <>65B5 :>;8@>20BL G59-B> @597 8;8 15B, G0AB> ;CGH5 40BL @597 8;8 15B A0<><C, 70 8A:;NG5=85< A8BC0F88, :>340 2K ?;0=8@C5B5 AK3@0BL G5:-@597.

0?@8<5@, 5A;8 =0 G5B25@B>9 C;8F5 2 A5<8:0@B>G=>< AB045 C 20A

( A  4)  8  6

B> C 20A 5ABL 45% H0=A =0 B>, GB> 1K 4>AB@>8BL A2>9 D;0H, 8 >1KG=> B0:0O @C:0 1C45B ?>154=>9. K B0:65 <>65B5 CA8;8BLAO 8 4> 4@C38E :><18=0F89, :>B>@K5 <>3CB ?@8=5AB8 20< ?>154C. A;8 ?5@54 20<8 40NB 15B, 848B5 2?5@54 8 40209B5 @597. 0H @597 B0:65 <>65B 2K18BL 83@>:0, :>B>@K9 2K83@0; 1K C 20A, 5A;8 1K : @825@C 2K A>1@0;8 ?0@C 8;8 425 ?0@K, => ?>72>;8;8 1K 5<C >AB0BLAO 2 83@5.

K, 25@>OB=>, ?>;CG8B5 42CE 8;8 B@5E :>;;5@>2, GB> 40AB 20< >B;8G=K5 H0=AK : 10=:C =0 20H @597. "0:65 2K <>65B5 ?>;CG8BL 15A?;0B=CN :0@BC =0 ?OB>9 C;8F5, :>340 AB02:8 C42>OBAO, ?>B><C GB> A;8H:>< <=>385 83@>:8 ?>GB8 02B><0B8G5A:8 3>2>@OB G5: B><C, :B> @5978; 2 ?@54K4CI5< @0C=45.

7<5=5=85 ! 10: 8=8<878@C9B5 A2>9 1;5D. >A:>;L:C 10=:8 AB0=>2OBAO A;8H:>< 1>;LH8<8, =0 20H8 AB02:8 >1KG=> 1C4CB >B25G0BL, ?>MB><C 1;5D AB0=>28BAO 15AA<KA;5==K<.

7<5=5=8O ! 11: 8=8<878@C9B5 E8B@>ABL 8 70<KA;>20BCN 83@C.  B0:>9 83@5 B>=:89 >1<0= 8 MDD5:B=K5 ?@85<K   MB> ?CAB0O B@0B0 45=53, 2@5<5=8 8 M=5@388. 065 =0 20H8 A0<K5 MDD5:B=K5 ?@85<K =8:B> =5 :C?8BAO, ?>B><C GB> 83@>:8 1C4CB A;8H:>< 70=OBK 4@C38<8 <KA;O<8. 4O =0 B0:85 ?@85<K, 2K ;53:> <>65B5 >B2;5GLAO 8 2?CABCN ?>B@0B8BL A2>8 45=L38. !>E@0=O9B5 A2>N AB@0B538N ?@>AB>9 8 =570<KA;>20B>9.

7<5=5=85 ! 12: 0 @825@5 AB02LB5 4;O C25;8G5=8O 10=:0 1>;55 G0AB>, G5< >1KG=>.  B0:8E 83@0E 10=:8 AB0=>2OBAO =0AB>;L:> 1>;LH8<8, GB> 2K <>65B5 70E>B5BL 4>9B8 4> 2A:@KB8O A 20H59 @C:>9, GB>1K ?@>25@8BL, >:065BAO ;8 >=0 2K83@KH=>9. > @07<5@ 10=:0 1C45B ?@0:B8G5A:8 30@0=B8@>20BL B>, GB> =0 20H 15B 1C4CB >B25G0BL, 8 1>;LH8=AB2> 83@>:>2 2@O4 ;8 1C4CB ?KB0BLAO ?@8<5=8BL G5:-@597. K <>65B5 AB028BL 4;O C25;8G5=8O 10=:0 A ?@>AB> =5?;>E8<8 @C:0<8, >A>15==> 5A;8 4> 20A 2A5 A:06CB G5:. >=5G=>, ?>A:>;L:C 2 83@5 1C4CB CG0AB2>20BL A;8H:>< <=>3> 83@>:>2, C :>3>-B> <>65B >:070BLAO E>@>H0O @C:0, A :>B>@>9 5Q >1;040B5;L ?>1>8BAO ?>AB028BL A0<. =>340 MB> ?@82545B : B><C, GB> 2K ?@>83@05B5 >4=C 8;8 425 ;8H=85 AB02:8, => 5A;8 2K 1C45B5 2K1>@>G=> AB028BL 4;O C25;8G5=8O 10=:0, MB>, 2 :>=F5 :>=F>2, >:065BAO 4;O 20A 2K3>4=K<.

7<5=5=85 ! 13: >;;8@C9B5 =0 @825@5, 70 8A:;NG5=85< A8BC0F89, :>340 2K C25@5=K, GB> ?@>83@0;8.  ;C7>2>-03@5AA82=KE 83@0E 10=:8 AB0=>2OBAO =0AB>;L:> 1>;LH8<8, GB> =0 @825@5 2K 1C45B5 ?>;CG0BL >G5=L 2KA>:85 H0=AK : 10=:C. 48= ?@028;L=K9 :>;; A ;8E2>9 A<>65B ?>:@KBL C1KB:8 >B =5A:>;L:8E =5?@028;L=KE :>;;>2. @>83@KH >4=>9 ;8H=59 AB02:8 O2;O5BAO @074@060NI8<, => 5A;8 2K ?@>83@05B5 F5;K9 10=:, A1@>A82 ;CGHCN @C:C, MB> AB0=5B 4;O 20A =5 B>;L:> M<>F8>=0;L=>9, => 8 D8=0=A>2>9 :0B0AB@>D>9. Ť>;;K A:2>7L A;57Kť 2 :@C?=KE 10=:0E B0:65 <>6=> 1K;> =0720BL Ť:>;;0<8 4;O 4CH52=>3> A?>:>9AB28Oť. A;8 2K A1@>A8B5 ;CGHCN @C:C, 2K <>65B5 =0AB>;L:> A8;L=> @0AAB@>8BLAO, GB> ?>B5@O;8 <=>3> 45=53, GB> AB0=5B5 ?>AB>O==> 4C<0BL >1 MB>9 @0740G5: Ť0: O <>3 1KBL =0AB>;L:> 3;C?K<! / 254L 7=0;& ť. >AB>O==> ?>2B>@OO MB8 A;>20 :0: 70:;8=0=85, 2K A<>65B5 A45;0BL 4065 1>;55 A5@L57=K5 >H81:8.

7<5=5=85 ! 14: K45@68209B5 ?0C7C 8 >3;O4K209B5AL =0;52> =0<=>3> 1>;55 G0I5, G5< ?@5645. >A:>;L:C 83@0 AB0=>28BAO 70E20BK20NI59, <=>385 83@>:8 83@0NB 1KAB@55   C =8E G0AB> ?>O2;O5BAO 070@B=>5 =0AB@>5=85 8 >=8 G0AB> =0G8=0NB 459AB2>20BL 8<?C;LA82=>. 0209B5 >1AC48<, ?>G5<C 2K 4>;6=K 70<54;8BLAO:

1.	0H8 @5H5=8O AB0=>2OBAO 1>;55 206=K<8. A;8 2K 4048B5 15B, 70 20<8 G0AB> <>3CB 40BL @597 8 @5@597, 70AB02;OO B5@OBL 20A 1>;LH85 AC<<K 45=53, G5< 20H8 ?5@2>=0G0;L=K5 2;>65=8O. $8H:8 >G5=L 1KAB@> ?5@5<5I0NBAO >B >4=8E 83@>:>2 : 4@C38<, 8 2K 4>;6=K ?>4C<0BL > B><, AB>8B ;8 84B8 =0 4>?>;=8B5;L=K9 @8A: 4> B>3>, :0: 2K 2;>68B5 :0:85-B> 45=L38.

2.	0H8 @5H5=8O AB0=>2OBAO 1>;55 A;>6=K<8, ?>B><C GB> 1KAB@K9 E0@0:B5@ 83@K 1KAB@> 87<5=O5B H0=AK : 10=:C 8 B>, :0:8< >1@07>< 83@0NB 20H8 ?@>B82=8:8. K 4>;6=K 1C45B5 @0AA<>B@5BL B5 D0:B>@K, > :>B>@KE 2K >1KG=> =5 >G5=L A8;L=> 704C<K205B5AL   =0?@8<5@ B>, :0: 1C4CI85 @597K <>3CB >:070BL 2;8O=85 =0 H0=AK : 10=:C 8 B>, :0: <5=O5BAO 83@0 4@C38E 83@>:>2. >A:>;L:C 20H8 @5H5=8O AB0=>2OBAO 1>;55 A;>6=K<8, 2K 1C45B5 =C640BLAO 2 1>;LH5< :>;8G5AB25 2@5<5=8.

3.	0H5 A>1AB25==>5 <KH;5=85 <>65B 1KBL 87<5=5=>. A;8 2K =5 M:AB@5<0;L=> 48AF8?;8=8@>20==K9 83@>:, 1KAB@0O 8 48:0O 83@0 <>65B =0@CH8BL 8 8A:078BL 20H <KA;8B5;L=K9 ?@>F5AA. K =5 <>65B5 4C<0BL G8AB> 8 OA=>, :>340 20H5 A5@4F5 1L5BAO A ?>2KH5==>9 G0AB>B>9. K B0:65 <>65B5 45@60BL 2 ?0<OB8 ?@54K4CI85 @0740G8 (ŤE, 5A;8 1K B>340 O >B25B8; B>;L:> :>;;><!ť). > 2A5< MB8< ?@8G8=0< 2K 4>;6=K 70<54;8BLAO. %>@>H55 @5H5=85 >B ?;>E>3> <>65B >B45;OBL 2A53> >4=0 8;8 425 A5:C=4K 4>?>;=8B5;L=>3> 2@5<5=8.

4.	N48 2K40NB 1>;LH55 :>;8G5AB2> A2>8E A83=0;>2, => 2K <>65B5 AB0BL <5=55 =01;N40B5;L=K<. >A:>;L:C <=>38E ;N459 70E20BK205B B0:0O 83@0, <=>385 87 =8E =0G8=0NB 2K4020BL A2>8 =0<5@5=8O. 3@>:8, :>B>@K5 >1KG=> =5 2K40NB A2>8 =0<5@5=8O :0:8<8-B> A83=0;0<8, 2 B0:>9 83@5 <>3CB ?5@518@0BL A2>8 D8H:8 2 @C:0E 8;8 =52>;L=> ?>:07K20BL, GB> 3>B>2K A1@>A8BL A2>8 :0@BK. "0:65 >=8 8=>340 1C4CB A<>B@5BL A >B2@0I5=85< 2 A2>8 :0@BK, ?>:07K20O MB8<, GB> >=8 =5 4>AB@>8;8 A2>N ?@8:C?=CN @C:C. "0:65 >=8 <>3CB ?>:07K20BL 2A5< A2>8< 284><, GB> 2K6840NB ?>4E>4OI53> H0=A0 4;O 2ABC?;5=8O 2 83@C. $0:B8G5A:8, 5A;8 2K 2>7L<5B5 =51>;LHCN ?0C7C, B> =5:>B>@K5 87 =8E 1C4CB AB028BL 8;8 A1@0AK20BL 2=5 >G5@548!

>1540 1C45B ;Q3:>9, :>340 2K 1C45B5 7=0BL GC685 =0<5@5=8O. > 20H0 A>1AB25==0O 2>2;5G5==>ABL 2 83@C <>65B =5 ?>72>;8BL 20< C2845BL B0:85 A83=0;K, ?>MB><C 2K45@68B5 ?0C7C 8 ?>A<>B@8B5 =0;52>.

















 

A;8 2K   ;C7>2>-03@5AA82=K9 83@>:



K O2;O5B5AL ;C7>2>-03@5AA82=K< 83@>:><, 5A;8 >15 20H8 >F5=:8 ?> >1>8< E0@0:B5@8AB8:0< @02=K 7 8;8 2KH5. A;8 MB> B0:, B> MB>B @0745; @0AA:07K205B 8<5==> > 20A. 5@54 B5<, :0: G8B0BL 40;LH5, =0?8H8B5 AN40 20H @59B8=3 87 ?>4@0745;0 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838.

>9 @59B8=3: __ , __.

 

B<5BLB5 B>G:C =0 803@0<<5 7, :>B>@0O A>>B25BAB2C5B 20H5<C AB8;N 83@K. '5< 1;865 MB0 B>G:0 : ?@02><C 25@E=5<C C3;C 4803@0<<K, B5< 1>;55 ;C7>2K< 8 03@5AA82=K< 83@>:>< 2K O2;O5B5AL, 8 B5< 1>;LH5 MB>B @0745; >B=>A8BAO : 20<.

	%>BO ;N1>9 83@>:, :>B>@K9 8<55B >B 7 >G:>2 70 :064CN 87 E0@0:B5@8AB8:, >B=>A8BAO : ;C7>2>-03@5AA82=K< 83@>:0<, 1>;LH8=AB2> ?@8<5@>2 8 ?@8=F8?>2, >?8A0==KE 745AL, >B=>AOBAO =5?>A@54AB25==> : M:AB@5<0;L=> ;C7>2>-03@5AA82=K< 83@>:0<   <0=LO:0< (9,9). A;8 20H8 >G:8 ?> ;N1>9 87 E0@0:B5@8AB8: <5=LH5, G5< 9, B> >?8A0==K5 745AL B5<K <>3CB =5 A>>B25BAB2>20BL 20<   2>7<>6=> A8;L=>, 2>7<>6=> ;8HL =5<=>3>.

	A;8 >G:8 70 ;N1CN 87 20H8E E0@0:B5@8AB8: <5=LH5 7, B> 2K =5 ;C7>2>-03@5AA82=K9 83@>: 8 1>;LH0O G0ABL =0?8A0==>3> 2 MB>< @0745;5 : 20< =5 >B=>A8BAO. 0?@8<5@, 5A;8 20H @59B8=3 7,6, B> 2K ;C7>2K9 8 =5<=>3> 03@5AA82=K9 83@>:. 5:>B>@K5 B5<K 87 MB>3> @0745;0 1C4CB >B=>A8BLAO : 20<, => 1>;LH0O G0ABL =0?8A0==>3>   =5 >G5=L.

	-B>B @0745; A>AB>8B 87 G5BK@QE ?>4@0745;>2:

1.	>=8<0=85 ?>A;54AB289.

2.	>=8<0=85 20H8E <>B82>2.

3.	#;CGH5=85 20H59 83@K.

4.	K1>@ ?@028;L=KE 83@.

5.	@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:.

K =0G=5< A >1AC645=8O ?>A;54AB289 20H53> 83@>2>3> AB8;O, ?>B><C GB> ?@0:B8G5A:8 2A5 ;C7>2>-03@5AA82=K5 83@>:8 8<5NB ?>E>685 @57C;LB0BK =0 4;8==>9 48AB0=F88. !;54CNI85 G5BK@5 ?>4@0745;0 ?><>3CB 20< ?>=OBL, ?>G5<C 2K 83@05B5 2 B0:>< AB8;5 8 GB> 2K 4>;6=K ?@54?@8=OBL, 8AE>4O 87 MB>3>.  1>;LH8=AB25 :><<5=B0@852 O 1C4C 3>2>@8BL Ť2Kť 2<5AB> Ť>=8ť 8;8 Ť>=ť, ?>B><C GB> =0?8A0==>5 745AL ?@54=07=0G05BAO =5?>A@54AB25==> 4;O 20A.

>=8<0=85 ?>A;54AB289

A;8 2K ;C7>2>-03@5AA82=K9 83@>:, >A>15==> A @59B8=3>< 8,8 8;8 2KH5, 20< <>3CB =5 ?>=@028BLAO =5A:>;L:> A;54CNI8E AB@>:, => 2K 4>;6=K >B=5AB8AL : =8< A5@L57=>. >A;54AB28O 20H53> AB8;O 4>AB0B>G=> >G5284=K:

" 	K 1C45B5 ?@>83@K20BL :CGC 45=53.

" 	0< 1C4CB @04K ?>GB8 2 ;N1>9 ?>:5@=>9 83@5.

" 	=>385 83@>:8 1C4CB A:@KB> 2KA>:><5@=K ?> >B=>H5=8N : 20<, 0 =5:>B>@K5 1C4CB 2 >B:@KBCN >B=>A8BLAO : 20< 2@06451=>.

@>83@KH 1>;LH>3> :>;8G5AB20 45=53

K 1C45B5 ?@>83@K20BL, ?>B><C GB> 2 ?>:5@5 2A5340 2>7=03@0640NBAO B5@?5=85, 48AF8?;8=0 8 2K1>@>G=0O 03@5AA8O, 2 B> 2@5<O :0: 2K A0<8 O2;O5B5AL =5B5@?8<K<, =548AF8?;8=8@>20==K< 8 A;CG09=> 03@5AA82=K< 83@>:><. # 20A 1C45B =5A:>;L:> 25;8:>;5?=KE 25G5@>2, => 2 1>;LH8=AB25 A;CG052 2K 1C45B5 :@C?=> ?@>83@K20BL. A;8 B>;L:> 2K =5 83@05B5 ?> <5;:8< AB02:0<, =0 4;8==>9 48AB0=F88 20H8 AC<<0@=K5 ?@>83@KH8 1C4CB >G5=L ACI5AB25==K<8. 865 <K ?@82>48< 20H8 3;02=K5  4>AB>8=AB20.

1.	>340 2K 1C45B5 ?>;CG0BL E>@>H85 :0@BK, 2K A<>65B5 2K83@0BL AB>;L:>, A:>;L:> =5 A<>65B 2K83@0BL =8 >48= 4@C3>9 83@>:, ?>B><C GB> ?@>B82=8:8 1C4CB >G5=L 0:B82=K 2 83@5 A 20<8. N48 1C4CB ?@>O2;OBL 1>;LHCN 0:B82=>ABL, ?>B><C GB> 2K ?5@583@K205B5 <=>385 A2>8 @C:8.

2.	K B0:65 <>65B5 27OBL =0 A51O :>=B@>;L 70 AB>;>< 8;8 4065 B5@@>@878@>20BL AB>;, GB> <>65B 40BL 20< ?@58<CI5AB2> 2 =51>;LH>< :>;8G5AB25 A8BC0F89, => 2K7>25B ?@>1;5<K 2 4@C38E A8BC0F8OE. @C385 83@>:8 <>3CB 4065 7045@6820BL A2>5 4KE0=85, >6840O B>3>, :0: 2K AK3@05B5. A;8 2K A45;05B5 @597, >=8 <>3CB 2>71C48BLAO 8 AK3@0BL A 20<8 2 070@B=CN 83@C 8;8, =0>1>@>B, 2K9B8 87 83@K, B0: :0: 1C4CB 20A >?0A0BLAO.

4=0:> B5@@>@878@>20=85 AB>;0 8<55B 8 =530B82=K5 ?>A;54AB28O. @8 1>;LH>< 10=:5 2K G0AB> 70E>B8B5 2845BL AB02:8 >B 4@C38E 83@>:>2, :>B>@K5 ?>72>;OB 20< A45;0BL @597 8 2K18BL :>3>-=81C4L 5I5. A;8 2K 1C45B5 B5@@>@878@>20BL AB>;, MB> <>65B ?@52@0B8BL 20A 2 <8H5=L (<K C65 >1AC640;8 MB> 2 ?@54K4CI5< @0745;5). KBL 2 F5=B@5 2=8<0=8O >G5=L 25A5;>, => 70G0ABCN MB> <>65B ?@825AB8 : ŤMDD5:BC 1C<5@0=30ť.

 2>B 20H8 A0<K5 3;02=K5 =54>AB0B:8: 

1.	5A<>B@O =0 20H8 4>AB>8=AB20, 20< =C6=K >G5=L A8;L=K5 :0@BK, GB>1K C 20A 1K; 2K83@KH=K9 25G5@. A;8 20H8 :0@BK ?@>AB> A@54=85 (:0: MB> 8 >1KG=> 1K205B), 2K ?@>83@05B5. 0 4;8==>9 48AB0=F88 2K >?@545;5==> ?@>83@05B5, 5A;8 B>;L:> =5 1C45B5 2K18@0BL 01A>;NB=> ?@028;L=K5 83@K.

2.	0H8 ?@>83@KH8 <>3CB 1KBL :@09=5 1>;LH8<8, ?>B><C GB> 20H AB8;L >G5=L @8A:>20==K9. K @07K3@K205B5 A;8H:>< <=>3> @C: 8 @07K3@K205B5 8E A;8H:>< 03@5AA82=>. 8:B> =5 A?>A>15= ?@>83@0BL :CGC 45=53 =0AB>;L:> 1KAB@>, :0: ;C7>2>-03@5AA82=K9 83@>:.  ?>GB8 2A5 ;C7>2>-03@5AA82=K5 83@>:8 =0 48AB0=F88 :@C?=> ?@>83@K20NB, => >G5=L <=>385 87 =8E >B@8F0NB MB>. =8 ?><=OB A2>8 E>@>H85 25G5@0, 0 :>;8G5AB2> =5C40G=KE 2 A2>59 ?0<OB8 A2>4OB : <8=8<C<C.

3.	N1>9 M:AB@5<0;L=K9 AB8;L O2;O5BAO B25@4K< 8 ?@54A:07C5<K<, 8 A>G5B0=85 ;C7>2>AB8, 03@5AA88 8  ?@54A:07C5<>AB8   A<5@B5;L=>. 065 2>7<>6=>ABL B5@@>@878@>20BL AB>; 8<55B >B@8F0B5;L=K5 ?>A;54AB28O. -B> ?@52@0I05B 20A 2 <8H5=L. N48 87CG0NB 20A 1>;LH5, G5< 4@C38E 83@>:>2 8 G0AB> >=8 ?@8<5=ONB ?@>B82 20A :>=B@AB@0B5388, <8=8<878@CO 20H8 ?@58<CI5AB20 8 8A?>;L7CO 20H8 =54>AB0B:8.

!0<K5 >G5284=K5 B0:85 :>=B@AB@0B5388   MB> G5:-@597, 70<54;5==0O 83@0 8 ?@>2>F8@>20=85 20A =0 1;5D. 065 4>AB0B>G=> A;01K5 83@>:8 >G5=L 1KAB@> CG0BAO >B4020BL 20< 8=8F80B82C 2 ?>AB@>5=88 10=:0, 0 ;CGH85 83@>:8 :@><5 MB>3> 5IQ 3>2>@OB G5: A @C:0<8, :>B>@K<8 >=8 >1KG=> AB02OB, GB>1K A?@>2>F8@>20BL 20A =0 1;5D. >A:>;L:C 2K 8A?KBK205B5 2KA>:CN ?>B@51=>ABL 2 0:B82=>AB8, 2K 1C45B5 ?>?040BL  2 B0:85 ;>2CH:8 A=>20 8 A=>20.

4.	%>@>H85 83@>:8 1C4CB :>=F5=B@8@>20BLAO =0 20A 8 70<0=820BL 20A 2 ;>2CH:8 A> A2>8<8 A8;L=K<8 @C:0<8. =8 =0<=>3> 1>;55 ?@8AB0;L=> 1C4CB 87CG0BL 20A, 0 =5 4@C38E 83@>:>2, ?>B><C GB> 2K 1C45B5 25AB8 70 A>1>9 83@C. A;8 :0: 8 <=>385 4@C385 ;C7>2>-03@5AA82=K5 83@>:8 2K 1C45B5 25AB8 A51O >G5=L 03@5AA82=>, <=>3> <0E0BL @C:0<8, 45;0BL 1>;LH>5 :>;8G5AB2> 65AB>2 8 2>71C645==> 3>2>@8BL, 2K 1C45B5 2K4020BL A2>8 =0<5@5=8O. @C385 ;N48 <>3CB ?@>O2;OBL B0:85 65 >G5284=K5 A83=0;K, => 1>;LH8=AB2> 83@>:>2 =5 1C4CB 8E 70<5G0BL, ?>B><C GB> >=8 =5 1C4CB 87CG0BL B0:8E ;N459, B0: A8;L=>, :0: 20A. =8 1C4CB 87CG0BL 20A, ?>B><C GB> 2K G0AB> 1>@5B5AL 70 10=:, AB028B5, @5978B5 8 O2;O5B5AL A0<K< 0:B82=K< 83@>:><.

5.	CGH85 83@>:8 B0:65 1C4CB 8<5BL ?@58<CI5AB25==CN ?>78F8N ?> >B=>H5=8N : 20<. !;01K5 83@>:8 =5 7=0NB, =0A:>;L:> 206=0 ?>78F8O 8;8 >=8 ?@>AB> =5 15A?>:>OBAO >1 MB><   >=8 ?@>AB> AO4CB 70 ;N1>5 A2>1>4=>5 <5AB> 8;8 2K15@CB A2>5 ŤAG0AB;82>5ť <5AB>. %>@>H85 83@>:8 7=0NB 206=>ABL ?>78F88 8 >=8 1C4CB 8A?>;L7>20BL MB> ?@>B82 20A. 0G0ABCN C 20A 1C45B A0<>5 EC4H55 <5AB> 70 AB>;><. !;01K5 83@>:8 1C4CB A845BL A?@020 >B 20A, 0 A8;L=K5   A;520.

N1>9 87 2KH5?5@5G8A;5==KE D0:B>@>2 <>65B >G5=L A8;L=> CA;>6=8BL 687=L >G5=L ;C7>2>-03@5AA82=>3> 83@>:0 (8,8 8;8 2KH5). ><18=0F8O 65 2A5E MB8E D0:B>@>2 1C45B ?@0:B8G5A:8 30@0=B8@>20BL B>, GB> =0 4;8==>9 48AB0=F88 2K >G5=L :@C?=> ?@>83@05B5.

0< 1C4CB @04K

C7>2>-03@5AA82=K< 83@>:0< @04K ?>GB8 25745, >A>15==> <0=LO:0<. =>385 83@>:8 ?@825BAB2CNB 8E ?@8A>548=5=85 : 83@5, ?>B><C GB> 8E ?@8ACBAB285 45;05B 83@C 70E20BK20NI59, 0 >=8 ?@>83@K20NB <=>3> 45=53. 3>@=K5 702545=8O B0:65 ;N1OB B0:8E 83@>:>2, ?>B><C GB> >=8 A>740NB :@C?=K5 10=:8, C25;8G820NB @59: 8 ?@>4;520NB 83@C. N48, :>B>@K5 ?;0=8@>20;8 ?>:8=CBL 83@C, >AB0NBAO, :>340 : 83@5 ?@8A>548=O5BAO <0=LO:. 8;5@K B0:65 ;N1OB B0:8E 83@>:>2, ?>B><C GB> >=8 >1KG=> 40NB E>@>H85 G052K5, :0: 8 4@C385 83@>:8 70 AB>;>< A =8<8, ?>A:>;L:C 10=:8 AB0=>2OBAO :@C?=55.

0G0ABCN 2K A<>65B5 C7=0BL <0=LO:0 5I5 4> B>3>, :0: >= @07K3@05B A2>N ?5@2CN @C:C. A;8 <=>385 83@>:8 =0G8=0NB ?@825BAB2>20BL =57=0:><F0 8;8 5A;8 >=8 ?>4B0;:820NB 4@C3 4@C30 8 C:07K20NB =0 =53>, B> >=, 25@>OB=>, O2;O5BAO <0=LO:><. ><=8B5 B>3> 1>30B>3> D5@<5@0, :>B>@K9 ?>4=8<0; AB02:8, 4065 =5 703;O4K20O 2 A2>8 :0@BK, ?>B><C GB> Ť703;O4K20=85 2 A2>8 :0@BK B>;L:> 70<54;O5B 83@Cť? 

= 83@0; 2 =51>;LH>< :0;8D>@=89A:>< 3>@>4:5 B>;L:> 70 >4=8< AB>;>< 2 ;>C1>;; ?> AB02:0< $1/$5. A;8 AB>; 1K; ?>;=K9, >= <>3 ?@54;>68BL $25 70 B>, GB>1K :C?8BL <5AB> 70 AB>;><, 8 4@C385 83@>:8 ?>;CG0;8 >B =53> ?> $5 :064K9. 48= 87 83@>:>2 <>3 ?@>40BL A2>5 <5AB> 4065 4>@>65, G5< 70 $50 8 1>;LH8=AB2> 83@>:>2 =5 ?>:840;8 AB>;, :>340 >= ?@8A>548=O;AO : 83@5. =8 1K;8 @04K B><C, GB> >= 83@05B.

= 7=0;, GB> >= ?@>83@05B >:>;> $500, => GB> A B>3>? -B0 45HQ20O 83@0 1K;0 548=AB25==K< <5AB><, 345 >= <>3 @0AA;018BLAO, 8 >= =5 15A?>:>8;AO ?> ?>2>4C B>3>, GB> ?@>83@05B Ť=5A:>;L:> 4>;;0@>2ť. A;8 2K 2545B5 A51O B0: 65 8 <>65B5 ?>72>;8BL A515 ?@>83@0BL Ť=5A:>;L:> 4>;;0@>2ť, 20< <>3CB >:070BL B0:>9 65 BQ?;K9 ?@85<.

#>@5= 0DD5B, 25;8G09H89 0<5@8:0=A:89 8=25AB>@, B0: ?5@5D@078@>20; :;0AA8G5A:CN ?>A;>28FC: Ť-B> 4C@0: 8 53> 45=L38 A:>@> ?>45;OB 4@C385ť. = 8<5; 2 284C 3;C?KE 8=25AB>@>2, => 53> A;>20 B0:65 <>6=> ?@8<5=8BL 8 : 48:8< 070@B=K< 83@>:0<: Ť-B> 4C@0: 8 53> 45=L38 O2;ONBAO 4>;3>640==K<8 ?>2AN4Cť.

@06451=>ABL 8 ?@57@5=85

5 2A5< =@02OBAO 48:85 83@>:8. >>1I5, :>340 >48= 87 B0:8E 83@>:>2 A048BAO 70 AB>;, =5:>B>@K5 :>=A5@20B82=K5 83@>:8 <>3CB 1KBL =54>2>;L=K<8 8 8=>340 <>3CB 4065 ?>:8=CBL AB>;. < =@028BAO B8E0O <8@=0O 83@0 157 1>;LH>3> :>;8G5AB20 @8A:0 8 070@B0. @><5 B>3>, 8< =5 =@028BAO B>B D0:B, GB> =5:>B>@K5 ;C7>2>-03@5AA82=K5 83@>:8 45;0NB O728B5;L=K5 70<5G0=85 > ŤA:0;0Eť 8 Ť>1K20B5;OEť.

065 B5 ;N48, :>B>@K5, =0 ?5@2K9 273;O4, ?@825BAB2CNB ?>O2;5=85 ;C7>2>-03@5AA82=KE 83@>:>2, =0 A0<>< 45;5 <>3CB >B=>A8BLAO : =8< 2KA>:><5@=>. =8 ?@825BAB2CNB B>;L:> 45=L38 ;C7>2>-03@5AA82=KE 83@>:>2, 0 =5 8E A0<8E. =8 <>3CB C;K1=CBLAO 8 ?>60BL 8< @C:C, => >=8 1C4CB 45;0BL MB> B>;L:> 4;O B>3>, GB>1 ?>B>< Ť70;57BL : =8< 2 :0@<0=ť.

# =8E <>65B 1KBL 4065 ?@57@5=85 : B0:8< 83@>:0<, =0?>4>185 ?@57@5=8O E8I=8:>2 : 8E 4>1KG5. =5 7028A8<>AB8 >BB>3>, GB> >=8 A:06CB 20< 2 ;8F>, 70 A?8=>9 >=8 1C4CB =07K20BL 20A <0=LO:><, 48:8< G5;>25:>< 8;8 ?>;=K< BC?8F59.

>=8<0=85 20H8E <>B82>2

0H A0<K9 ?5@2K9 2>?@>A 4>;65= 1KBL A;54CNI8<: ?>G5<C 2K 83@05B5 2 ?>:5@? 0H A;54CNI89 2>?@>A 4>;65= 1KBL B0:8<: ?>G5<C 2K 2K1@0;8 A515 =0AB>;L:> A0<>@07@CH0NI89 AB8;L? K 83@05B5 @0F8>=0;L=> =5 4;O B>3>, GB>1K 2K83@0BL 45=L38, ?>B><C GB> 2K   ?@>83@K20NI89 83@>:. >MB><C ?@5:@0B8B5 >1<0=K20BL A51O. K 7=05B5, GB> 2K O2;O5B5AL ?@>83@K20NI8<.

0209B5 ?>?@>1C5< 2KOA=8BL, ?>G5<C 2K 83@05B5 =0 A0<>< 45;5. 5@=8B5AL : @0745;C Ť>G5<C 2K 83@05B5 2 ?>:5@?ť 87 ?5@2>9 G0AB8 :=838. KAB@> ?5@5G8B09B5 MB>B @0745;, 0 70B5< A:>?8@C9B5 AN40 20H8 >B25BK 87 B01;8FK !1 2 B>< @0745;5.

"01;8F0 5: >8 <>B82K 4;O 83@K

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

!;54CNI85 0170FK <>3CB 87<5=8BL 20H5 <=5=85 > 20H8E 83@>2KE <>B820E.

064K9 83@>: 4>;65= 7=0BL, ?>G5<C >= 2K1@0; B>B 8;8 8=>9 83@>2>9 AB8;L, => 4;O 20A MB> A0<>?>7=0=85 >A>15==> 206=>, ?>B><C GB> 20H AB8;L >G5=L @8A:>20==K9. A;8 2K =5 ?>=8<05B5, ?>G5<C 2K 83@05B5 2 ;C7>2>-03@5AA82=>< AB8;5, 2K ;53:> <>65B5 ?>B5@OBL =0<=>3> 1>;LH5 45=53, G5< 2K <>65B5 A515 ?>72>;8BL.

C7>2>-03@5AA82=K5 83@>:8 ?@>AB> ;N1OB 0:B82=>ABL 8 =5:>B>@K5 87 =8E 1C:20;L=> C2;5:0NBAO MB8<. Ť#2;5:0NBAOť   7=0G8B 45;0NB MB> 15A:>=B@>;L=>. AB@>5 >ICI5=85 >B 070@B=>9 83@K G0AB> ?5@525H8205B 2A5 >AB0;L=>5: @07C<=>ABL, AB@0B538G5A:85 ?>=OB8O, ?>=8<0=85 B>3>, GB> 83@0 A;8H:>< 65AB:0O 8 4065 8E >A=>2=K5 >1O70==>AB8.

K <>65B5 2845BL ?0B>;>38G5A:89 >1@075F B0:8E ;N459 2> <=>38E :078=> ?>74=> 25G5@><. 0;5=L:85 45B8 A?OB =0 ?>;C, ?>B><C GB> 8E @>48B5;8 83@0NB 2 070@B=K5 83@K. "0:85 ;N48 >BG0O==> ?KB0NBAO 70=OBL 45=L38 C 4@C759, @>4AB25==8:>2 8;8 4065 C =57=0:><F52, GB>1K 2=>2L 2>72@0B8BLAO 2 83@C. >340 B0:85 ;N48 2KE>4OB =0 3;02=CN  C;8FC ;N1>3> 83>@=>3> 3>@>40, ?5@2>5, > G5< >=8 4C<0NB, MB> 5ABL ;8 745AL ;><10@4, 2 :>B>@>< <>6=> GB>-B> 70;>68BL, 8 5A;8 5ABL, B> >=8 >B40NB ?>4 70;>3 ?>GB8 2AQ, 4065 >1@CG0;L=K5 :>;LF0, GB>1K 25@=CBLAO : 83@5.

5:>B>@K5 >G5=L ;C7>2K5 8 03@5AA82=K5 83@>:8 (8,8 8 2KH5) O2;ONBAO E@>=8G5A:8<8 ;C4><0=0<8. =8 =5 C?@02;ONB A2>59 ?@82O70==>ABLN : 83@5 8 ?@>4>;60NB 83@0BL, ?>:0 =5 ?>B5@ONB 2AQ. 0: 8 2A5 =0@:><0=K, >=8 >?@024K20NBAO 8 >B@8F0NB 459AB28B5;L=>ABL: Ť/ A>60;5N, 4>@>30O, => MB> 1K;0 =0AB>;L:> E>@>H0O 83@0, GB> O =8:0: =5 <>3 87 =55 C9B8ť 8;8 Ť/ 7=0N, GB> O <>3C ?>18BL MBC 83@C, => <=5 ?@>AB> A;8H:>< =5 ?>257;>ť, 8;8 Ť/ A>60;5N, GB> ?@>83@0; B5 45=L38, :>B>@K5 <K 4>;6=K 1K;8 70?;0B8BL 70 4><, => 1>;LH5 MB>3> =8:>340 =5 ?>2B>@8BAOť. >=5G=>, >=8 45;0NB MB> A=>20 8 A=>20, ?>B><C GB> =5 <>3CB C?@02;OBL A2>8< 2;5G5=85< : 83@5.

5=55 M:AB@5<0;L=K5 ;C7>2>-03@5AA82=K5 83@>:8 (A:065< 7,7) <>3CB 4065 GB>-B> 2K83@K20BL 70 ?>:5@=K< AB>;><, >A>15==> 5A;8 >=8 BI0B5;L=> 2K18@0NB A515 83@K 8 5A;8 C =8E E>@>H> @0728BK =02K:8 GB5=8O @C:. > <=>385 87 =8E @0AB@0G820NB A2>8 2K83@KH8, B0: 65 :0: 8 >AB0;L=CN G0ABL 10=:@>;;0, 83@0O 2 :@5?A, 45;0O AB02:8 =0 A?>@B 8;8 =0 A:0G:8. =8 7=0NB, GB> >=8 =5 <>3CB 2K83@0BL 2 B0:8E 83@0E, => 8E =C640 2 0:B82=>AB8 70AB02;O5B 8E 45;0BL B0:85 3;C?K5 25I8.

@C3>9 <>B82 4;O 2K1>@0 ;C7>2>-03@5AA82=>3> AB8;O   MB> 65;0=85 ?@>25@8BL A2>8 A>@52=>20B5;L=K5 :0G5AB20. C7>2>-03@5AA82=K5 83@>:8, :0: 8 <=>385 4@C385 ;N48, ;N1OB ?@>25@OBL A51O 8 A2>N C40GC. K C65 3>2>@8;8 > 8:5 ?> ?@>728IC Ť@5:ť, :>B>@K9 ?KB0;AO ?@>25@8BL A51O, 83@0O ?@>B82 6>==8 >AA0.

A;8 2K ;C7>2>-03@5AA82=K9 83@>:, 2K <>65B5 84B8 =0 3;C?K5 @8A:8 ?@>AB> 4;O A0<>?@>25@:8. 0?@8<5@, 2K <>65B5 83@0BL 2 A;8H:>< 4>@>3>9 8;8 2 A;8H:>< 65AB:>9 83@5. K 1C45B5 7=0BL, GB> 20< =5 AC645=> 2 =59 ?>1548BL, => 2K =5 A<>65B5 A>?@>B82;OBLAO MB><C 2K7>2C.

K <>65B5 @07K3@K20BL C1KB>G=K5 @C:8, G0AB8G=> ?>B><C, GB> 70E>B8B5 ?@>25@8BL, A<>65B5 ;8 2K A =8<8 2K83@0BL. "0:65 2K, 25@>OB=>, G0AB> 1;5DC5B5, ?>B><C GB> 2>7<>6=>ABL C:@0ABL 10=: 4;O 20A 8<55B =0<=>3> 1>;55 206=>5 7=0G5=85, G5< 2K83@KH 10=:0 A ;CGH59 @C:>9, 0 ?5@51;5D>20BL E>@>H53> 83@>:0 4;O 20A 5I5 206=55.

-B0 60640 @8A:0 <>65B 1KBL G@572KG09=> @07@CH8B5;L=>9. K <>65B5 273;O=CBL =0 A2>N @C:C, ?>=OBL, GB> H0=AK ?@>B82 20A, => 2A5 @02=> >B25B8BL :>;;>< 8;8 4065 40BL @597. AB@>5 >ICI5=85 >B 83@K 8 65;0=85 2K83@0BL 2> GB>1K-B> =5 AB0;> A> A;01>9 @C:>9 ?5@525H8205B 20H5 65;0=85 2K83@0BL 45=L38.

K <>65B5 7=0BL H0=AK 8 AB@0B538N, => ?@8 MB>< 83=>@8@>20BL 8E. $0:B8G5A:8, 2AO 83>@=0O 8=4CAB@8O >A=>2K205BAO =0 MB>< 83=>@8@>20=88. N48 ?@>83@K20NB <8;;80@4K :064K9 <5AOF, ?KB0OAL 2K18BL =C6=K5 >G:8 2 :@5?A5, C3040BL A ;>H04LN =0 A:0G:0E 8 B. 4.  ?>:5@5 2K <>65B5 C25;8G8BL 20H5 83@>2>5 >6840=85, 83@0O :>=A5@20B82=>, => : 20< MB> =5 ?@8<5=8<>. K ?>;CG05B5 >?@545;5==CN 4>7C 04@5=0;8=0 >B A2>8E 459AB289 8 2K 65;05B5 70?;0B8BL 70 =8E A>7=0B5;L=> 8;8 ?>4A>7=0B5;L=>. 

48= >G5=L ;C7>2>-03@5AA82=K9 83@>: (8,8) >4=064K A:070; <=5 ?@8<5@=> A;54CNI55: Ť# <5=O 5ABL B5>@8O. / 25@N, GB> D;0H8 ?@8E>4OB G0I5, G5< >1 MB>< =0?8A0=> 2 :=830Eť. =B5@5A=>, <>65B >= 8 2 7C1=CN D5N B>65 25@8;? = 548=AB25==K9 G5;>25:, :>B>@K9 A:070; <=5, GB> C =53> 5ABL B5>@8O. > <=>38< ;N4O< =@028BAO BO=CBL <=>385 ?@8:C?=K5 @C:8, :>340 H0=AK : 10=:C =5 ?>72>;ONB 45;0BL MB>. 4=064K O A?@>A8; >4=>3> ;C7>2>-03@5AA82=>3> 83@>:0 (7,7): Ť0< :>340-=81C4L ?@8E>48;>AL 83@0BL A ?@8:C?=>9 @C:>9, :>B>@0O 20< =5 =@028;0AL?ť. = 70A<5O;AO 8 >B25B8;, GB> =5B.

5:>B>@K5 M:AB@5<0;L=K5 ;C7>2>-03@5AA82=K5 83@>:8 =0A;0640NBAO A2>8< AB0BCA><, :>340 2A5 8E ?@825BAB2CNB 8 B5< GC2AB2>< 4><8=8@>20=8O, :>B>@>5 >=8 ?>;CG0NB >B G0ABKE 15B>2 8 @597>2. -B> 405B 8< ?@8<5@=> B0:85 65 >ICI5=8O, :>B>@K5 4@C385 ;N48 ?>;CG0NB >B 4>@>3>9 83@K 2 :@5?A, ?>:C?:8 4>@>3>9 <0H8=K 8;8 >B B>3>, :0: 8E ?@825BAB2CNB >D8F80=BK 2 4>@>38E @5AB>@0=0E. =8 ;N1OB 2K45;OBAO 8 1KBL 2 F5=B@5 2=8<0=8O.

/ =0<5@5==> ?@82>48; ?@8<5@K, 345 >?8AK205<K5 <=>9 ;N48 254CB A51O :0: ?>4@>AB:8, ?>B><C GB> >=8 =0 A0<>< 45;5 254CB A51O :0: ?>4@>AB:8, E20AB0NI85AO :0B0=85< =0 A=>C1>@40E. =8 :0: 1K 3>2>@OB: Ť>A<>B@8B5 =0 <>5 AC<0AH54H55 ?>2545=85! K ?>@065=K?ť. %>@>H85 83@>:8 2>A?@8=8<0NB MB> E20AB>2AB2> ?@028;L=K< >1@07><. =8 :>@>B:> >B<5G0NB ?@> A51O: Ť>B 5I5 >48= 45=56=K9 <5H>: ?@8A>548=8;AO : =0H59 83@5ť.

	A5 MB8 <>B82K ?>B5=F80;L=> >?0A=K. ">B D5@<5@ <>3 ?>72>;8BL A515 ?@>83@0BL $500 8 >= 1K; 3>B>2 : B0:><C ?@>83@KHC. A;8 2K =5 <>65B5 ?>72>;8BL A515 A2>8 ?@>83@KH8 8 2K =C6405B5AL 2 83@5, ?>B><C GB> E>B8B5 ?@>O2;OBL 0:B82=>ABL, ?@>25@8BL A51O 2 @8A:>20==KE A8BC0F8OE 8 ?>;CG8BL 2=8<0=85 >B 4@C38E 83@>:>2, C 20A <>65B 1KBL A5@L57=0O ?@>1;5<0. A;8 2K 4C<05B5, GB> 2K <>65B5 1KBL E@>=8G5A:8< ;C4><0=><, ?>72>=8B5 ?> B5;5D>=C 1-800-GAMBLER.

	> 4>AB0B>G=> BO65;KE 8AB>@89. >72>;LB5 <=5 @0AA:070BL 70<5G0B5;L=CN  8AB>@8N > 25;8:>;5?=>9 40<5. >@8= 1K;0 ;C7>2>-03@5AA82=K< 83@>:>< (7,7), => ?@8 MB>< 25AL<0 =>@<0;L=K< 83@>:><. =0 =5 1K;0 AC<0AH54H8< 83@>:>< 2 ?@82KG=>< ?>=8<0=88 MB>3> A;020. -B0 8AB>@8O @0AA:07K205B > ?>;>68B5;L=>9 AB>@>=5 B>3>, GB> ;N1>2L : 0:B82=>AB8 1K;0 4;O =5Q 206=55, G5< 5Q @57C;LB0BK.

 =87:>;8<8B=>9 83@5 2 E>;45< 8;;8 40; 15B, >=0 A45;0;0 @597, 0 8;;8 A45;0; @5@597. =0 A:070;0: Ť/ =5 E>GC @07>@OBL B51O   O ?>;CG8;0 =0 D;>?5 :0@5 45AOB>: 8 O >B25GC B515 ?@>AB> :>;;><ť. 8;;8 C;K1=C;AO 8 ?5@525@=C; A2>8 :0@BK, A:0702 ?@8 MB><: Ť/ =5 2>7@060; 1K ?@>B82 B2>53> @5970, ?>A:>;L:C C <5=O @>O;-D;0Hť. =0 <3=>25==> ?>?@825BAB2>20;0 MB> 8 C;K1=C;0AL. =0 =8:>3> =5 ?@>:;8=0;0, =8 =0 GB> =5 60;>20;0AL 8 4065 =8 2 G5< =5 :>;510;0AL.

=0 B>;L:> GB> ?>;CG8;0 =5701K205<K9 >?KB, > :>B>@>< >=0 1C45B 3>2>@8BL A=>20 8 A=>20. -B>B ?@8OB=K9 >?KB 1K; 4;O =55 =0<=>3> 1>;55 206=K<, G5< B5 45=L38, :>B>@K5 >=0 ?@>83@0;0.

5@5A<>B@8B5 >F5=:8 20H8E <>B82>2. A;8 4> MB>3> 2K =5 C45;O;8 A5@L57=>3> 2=8<0=8O B0:8< <>B820<, :0: ?>;CG5=85 4>7K 04@5=0;8=0 8;8 ?@>25@:0 A51O =0 :>=:C@5=B>A?>A>1=>ABL, 0 B0:65 B0:8<, :0: ?>;CG5=85 AB0BCA0 8;8 :>=B@>;O =04 AB>;><, B> 2K A51O >1<0=K20;8. K O2=> 83@05B5 =5 B>;L:> 4;O B>3>, GB>1K 2K83@0BL 45=L38 8;8 4;O B>3>, > G5< 2K @0=55 =0?8A0;8.  70:;NG8B5;L=>< ?>4@0745;5 Ť@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:ť 2K <>65B5 ?5@5A<>B@5BL A2>9 @59B8=3.

#;CGH5=85 20H59 83@K

A;8 2K ;C7>2>-03@5AA82=K9 83@>: (8,8 8 2KH5), 2K =5 A<>65B5 C;CGH8BL A2>N 83@C, 5A;8 =5 A>3;0A8B5AL A> A;54CNI8< CB25@645=85<: 5A;8 2K =5 87<5=8B5 A2>9 AB8;L, 2AQ >AB0;L=>5 1C45B C65 =5206=>.

K <>65B5 2KCG8BL 2A5 H0=AK, ?@>G5ABL 2A5 :=838, =0CG8BAO 70<5G0B5;L=> G8B0BL :0@BK 8;8 A45;0BL GB>-B> 5I5, GB> 4>;6=> 20< ?><>GL. > 5A;8 2K ?@>4>;68B5 83@0BL 2 >G5=L ;C7>2>-03@5AA82=>< AB8;5, 2K ?>-?@56=5<C 1C45B5 :@C?=> ?@>83@K20BL.

/ ?@>HC ?@>I5=8O, 5A;8 20A MB> >A:>@1;O5B, => 2K 7=0;8 MB> 2 B5G5=85 <=>38E ;5B. >7<>6=>, 2K >B@8F0;8 MB> 8 60;5;8, GB> =5 ACI5AB2C5B :0:>3>-B> 4@C3>3> A?>A>10 >4=>2@5<5==> 2K83@K20BL 8 ?>-?@56=5<C ?>;CG0BL C4>2>;LAB285 >B 48:8E @597>2 8 @5@597>2. > A>2<5AB8BL MB8 25I8 =52>7<>6=> 8 B5?5@L A0<>5 2@5<O ?@5:@0B8BL >1<0=K20BL A51O.

1I85 87<5=5=8O 2 AB8;5

A;8 3>2>@8BL > 20H59 83@5 =0 ?@8<5@5 803@0<<K AB8;59, B> 2K 4>;6=K >?CAB8BLAO 87 ?@02>3> 25@E=53> C3;0 2 ?@02K9 =86=89 C3>; 8 G5< 40;LH5 2K >?CAB8B5AL, B5< ;CGH5. 7<5=82 A2>9 AB8;L =0 B09B>2>-03@5AA82=K9, 2K ?>-?@56=5<C A<>65B5 83@0BL >G5=L 03@5AA82=> (E>BO 2>7<>6=> <5=55 03@5AA82=>, G5< A59G0A). K ?@>AB> 4>;6=K 1C45B5 ?@8<5=OBL 03@5AA8N 1>;55 2K1>@>G=>.

 

>=:@5B=K5 87<5=5=8O

K 70B@>=5< B>;L:> B5 A?>A>1K C;CGH5=8O 20H59 83@K, :>B>@K5 C25;8G0B 20H8 H0=AK =0 2K83@KH, ?>B><C GB> =52>7<>6=> @0AA<>B@5BL 2A5 >AB0;L=K5 <>B82K. K 4>;6=K: CA?>:>8BLAO, =0G0BL 83@0BL 1>;55 B09B>2>, AB0BL 1>;55 2K1>@>G=> 03@5AA82=K<, 0B0:>20BL 1>;55 A;01KE 83@>:>2 8 871530BL A8;L=KE 83@>:>2, @072820BL =02K: GB5=8O @C:, 8A?>;L7>20BL 20H 8<846 8 BI0B5;L=> 2K18@0BL ?>4E>4OI85 83@K.

>=:@5B=>5 87<5=5=85 !1: #A?>:>9B5AL. 0H0 M<>F8>=0;L=>ABL   MB> 20H0 A0<0O :@C?=0O ?@>1;5<0. 0H8 M<>F88 <>3CB ?>4B>;:=CBL 20A : :>;;C 8;8 @597C B>340, :>340 =0 A0<>< 45;5 2K 4>;6=K A1@>A8BL. "0:65 20H8 M<>F88 <>3CB 7025AB8 20A 2 A;8H:>< 4>@>3CN 8;8 A;8H:>< 6QAB:CN 4;O 20A 83@C 8 C45@6820BL 20A 2 =59 ?>A;5 B>3>, :0: 2K CAB0;8 8;8 AB0;8 >B2;5:0BLAO.

K 7=05B5, GB> 2K 45;05B5 <=>3> 3;C?>AB59. !=>20 8 A=>20 A?@0H8209B5 A51O: Ť>G5<C O 40; @597 A MB>9 @C:>9? / 254L 7=0;, GB> O ?>7048ť, Ť>G5<C O 83@0N A =8<8? / 7=0N, GB> =5 <>3C C =8E 2K83@0BLť, Ť>G5<C O ?@>4>;60N 83@0BL, :>340 O =0AB>;L:> CAB0;, GB> 5420 <>3C 45@60BL A2>8 3;070 >B:@KBK<8?ť.

0H8 ?@>1;5<K 70:;NG0NBAO =5 2 20H8E 7=0=8OE, 0 2 20H8E 459AB28OE. K 4>;6=K ?@89B8 2 A51O 8 3;C1>:> 274>E=CBL ?@5645, G5< 2K A45;05B5 >H81:C, 0 70B5< A:070BL A0<><C A515: Ť5B, A?0A81>. / =5 1C4C MB>3> 45;0BLť.

>=:@5B=>5 87<5=5=85 !2: 0G=8B5 83@0BL 1>;55 B09B>2>. 8GB> =5 <>65B C;CGH8BL 20HC 83@C B0: 1KAB@>, :0: C25;8G5=85 B09B>2>AB8. >340 20< A40NB <CA>@, A1@0AK209B5 53>. >340 459AB28O 4@C38E 83@>:>2 >4=>7=0G=> 3>2>@OB, GB> 2K ?>18BK, 2KE>48B5 87 @>7K3@KH0. A;8 C 20A A;010O @C:0, :>B>@CN 2K =5 C;CGH8;8, B0:65 2KE>48B5 87 83@K (70 8A:;NG5=85< A8BC0F88, :>340 H0=AK : 10=:C ?>72>;ONB 20< >B25B8BL :>;;><).

=>385 ;N48 3>2>@8;8 20< > B><, GB> =C6=> 871530BL 3;C?KE @8A:>2, => 2K >1<0=K20;8 A51O >B=>A8B5;L=> B>3>, =0A:>;L:> 4>@>3> >1E>48;8AL 20< B0:85 @8A:8. K H;8 =0 =8E ?>B><C, GB> 070@B 1K; 4;O 20A 1>;55 2065=, G5< 45=L38. > 2K G0AB> >1<0=K20;8 A51O >B=>A8B5;L=> A2>53> =52575=8O, :>340 ?@>83@K20;8. K 4>;6=K @5H8BL, E>B8B5 ;8 2K 1KBL G5AB=K<8 A A0<8< A>1>9 8 ?@5:@0B8BL ?@>83@K20BL A;8H:>< <=>3> 45=53. 'B>1K MB> A45;0BL, 2K 4>;6=K =0G0BL 83@0BL 1>;55 B09B>2>.

>=:@5B=>5 87<5=5=85 !3: !B0=LB5 2K1>@>G=> 03@5AA82=K<8. -B> ?>GB8 B0: 65 206=>, :0: 8 B09B>20O 83@0. 064K9 ;CGH89 83@>: A?>A>15= 83@0BL >G5=L 03@5AA82=>, => ?@8 MB>< 2K1>@>G=> 03@5AA82=>, 0 =5 A;CG09=>. K 65 83@05B5 03@5AA82=> 2AQ 2@5<O, 2 B> 2@5<O :0: >=8 2K18@0NB 4;O 03@5AA88 B5 <><5=BK, :>B>@K5 O2;ONBAO =081>;55 1;03>?@8OB=K<8.

@>AB> AD>:CA8@C9B5AL =0 20H59 03@5AA88. K =5 4>;6=K AB@5<8BLAO AB0BL ?0AA82=K< 83@>:><. @815@538B5 20HC 03@5AA8N 4;O B5E 83@>:>2, :>B>@K5 70E>BOB AK3@0BL 2 070@B=CN 83@C ?@>B82 20A, 4;O B5E @C:, :>B>@K5 70A;C6820NB 03@5AA88 8 4;O B5E A8BC0F89, :>B>@K5 B@51CNB 5Q.

>=:@5B=>5 87<5=5=85 !4: B0:C9B5 A;01KE 83@>:>2 8 8715309B5 A8;L=KE. -B> O2;O5BAO A;54AB285< 2K1>@>G=>9 03@5AA88, 8=0G5 A8;L=K5 83@>:8 ?5@583@0NB 20A, ?>B><C GB> C =8E 5ABL 1>;LH5 =02K:>2, >=8 83@0NB 2 1>;55 2K3>4=>< AB8;5 8 8<5NB ?@54?>GB8B5;L=CN ?>78F8N ?> >B=>H5=8N : 20<. 'B>1K 2K83@K20BL, 2K 4>;6=K C<5=LH8BL 20H8 ?@>83@KH8 A8;L=K< 83@>:0< 8 C25;8G8BL 20HC ?@81K;L >B A;01KE ?@>B82=8:>2.

>A:>;L:C A8;L=K5 83@>:8 >1KG=> 83@0NB A E>@>H8<8 :0@B0<8, 2K 4>;6=K ?@>O2;OBL : =8< 1>;LH5 C2065=8O. >2>@8B5 G5: A 20H8<8 <0@38=0;L=K<8 @C:0<8, 0 70B5< >1KG=> A1@0AK209B5 8E, 5A;8 ?>A;54C5B 15B. ! CG5B>< 20H59 @5?CB0F88 =5 1;5DC9B5 G0AB>, 70 8A:;NG5=85< A;CG052, :>340 2K @0A?>7=0;8 GLN-B> A;01>ABL ?> A83=0;0<. A;8 A :0:>9-B> :>=:@5B=>9 @C:>9 2K >1KG=> AB028B5 8;8 G5:-@5978B5, >B25G09B5 A =59 ?@>AB> :>;;><. A;8 ?@>B82 20A 404CB @597, A1@0AK209B5 <0@38=0;L=K5 @C:8. @C38<8 A;>20<8, ?>A:>;L:C A8;L=K5 83@>:8 83@0NB B>;L:> A E>@>H8<8 @C:0<8, 45@68B5AL ?>40;LH5 >B =8E B>340, :>340 20H8 :0@BK A;01K5. @815@538B5 20HC 48:>ABL 4;O A;01KE 83@>:>2, :>B>@K5 70E>BOB ?>9B8 =0 @8A:>20==CN 83@C ?@>B82 20A.

#2K, B0:0O AB@0B538O =0E>48BAO 2 =5?>A@54AB25==>< ?@>B82>@5G88 A 20H59 6064>9 1>@L1K. @>A0BL 2K7>2 1>;55 A8;L=K< 83@>:0< =0<=>3> 25A5;55. ! =8<8 8=B5@5A=55 A>@52=>20BLAO, ?>B><C GB> >=8 A?>A>1=K : @5970< 8 @5@5970<, B0:65 :0: 8 2K, 2 B> 2@5<O :0: 1>;LH8=AB2> A;01KE 83@>:>2 O2;ONBAO ?0AA82=K<8. > 2>7<>6=> 2K :>5-GB> ?@>?CAB8;8. A5 ;CGH85 83@>:8 O2;ONBAO B09B>2K<8 (70 8A:;NG5=85< =5A:>;L:8E 8A:;NG8B5;L=KE A8BC0F89); >=8 404CB 20< 1>;LHCN 0:B82=>ABL B>;L:> B>340, :>340 1C4CB 8<5BL ?@58<CI5AB2>. K 4>;6=K ?> 2>7<>6=>AB8 871530BL 8E 8 459AB2>20BL >AB>@>6=> B>340, :>340 2K =5 <>65B5 871560BL 83@K A =8<8.

>=:@5B=>5 87<5=5=85 !5:  0728209B5 20H =02K: GB5=8O @C:.  0728B85 MB>3> =02K:0 4;O 20A =081>;55 206=>, G5< 4;O ;N1>3> 4@C3>3> 83@>:0, ?>B><C GB> 20H AB8;L A;8H:>< @8A:>20==K9. 57 A8;L=KE =02K:>2 GB5=8O @C: 2K =5 A<>65B5 1KBL 2K1>@>G=> 03@5AA82=K<.  0745; Ť'B5=85 @C:ť 2> 2B>@>9 G0AB8 :=838 ?>4A:065B 20<, :0: 2K A<>65B5 @0728BL B0:>9 =02K:. > >4=> ;8HL B5>@5B8G5A:>5 87CG5=85 MB>3> 2>?@>A0 =5 A8;L=> 20< ?><>65B. 'B5=85 @C: =5 2:;NG05B 2 A51O 70?><8=0=85 H0=A>2   >=> B@51C5B AC645=8O 8 @5038@>20=8O, 2 B> 2@5<O :0: 2K G@572KG09=> 0:B82=K9 G5;>25:, 0 =5 @5D;5:A82=K9. 0< =@028BAO 459AB2>20BL @07=>>1@07=>, => =5 =@028BAO ?@>AB> A845BL 8 0=0;878@>20BL.

K 1>;LH5 G5< ;N1>9 4@C3>9 83@>: 4>;6=K A;54>20BL A;54CNI59 @5:><5=40F88: A048BLAO ?>7048 20H53> 2KA>:>:20;8D8F8@>20==>3> 4@C30 8 ?KB0BLAO ?@>G5ABL :0@BK 4@C38E 83@>:>2. >340 C 20A 1C45B 2>7<>6=>ABL, B8E> >1AC48B5 A =8< :>=:@5B=K5 @0740G8. C4CG8 ?0AA82=K< =01;N40B5;5<, 2K A<>65B5 C2845BL 8 ?>=OBL B5 25I8, :>B>@K5 <>3CB CA:>;L7=CBL >B 2=8<0=8O 20H53> 4@C30, GB> A45;05B 20H5 >1AC645=85 5I5 1>;55 F5==K<.

>=:@5B=>5 87<5=5=85 !6: A?>;L7C9B5 20H 8<846. >A:>;L:C ;N48 7=0NB, GB> 2K 0:B82=K9 83@>:, >=8 1C4CB ?@>O2;OBL 1>;LHCN 0:B82=>ABL =0 20H8 459AB28O. A;8 2K A<>65B5 @07=>>1@078BL A2>N 83@C 8 =0G0BL 83@0BL =5<=>3> 1>;55 B09B>2> 8 =0<=>3> 1>;55 2K1>@>G=> 03@5AA82=>, 2K ?>-?@56=5<C 1C45B5 ?>;CG0BL <=>3> 0:B82=>AB8, => ?@8 MB>< 2K A<>65B5 ?>;CG0BL 5Q B>340, :>340 C 20A 1C4CB ;CGH85 @C:8. >A:>;L:C 2K >G5=L 70<5B=K9 83@>:, 4@C385 83@>:8 1C4CB >1@0I0BL =0 20A 1>;LH5 2=8<0=8O 8 >G5=L E>@>H85 87 =8E 1KAB@> @0A?>7=0NB 20H =>2K9 AB8;L 8 ?@8A?>A>1OBAO : =5<C.  AG0ABLN, B0:8E E>@>H8E 83@>:>2 =5 >G5=L <=>3>, >A>15==> 5A;8 2K 83@05B5 =0 =87:8E ;8<8B0E, 345 1>;LH8=AB2> 83@>:>2 ?@0:B8G5A:8 ?>;=>ABLN 83=>@8@CNB B>, :0: 83@0NB 8E A>?5@=8:8.

0G02 83@0BL 1>;55 B09B>2>, 2K ?> ?@56=5<C A<>65B5 ?>;CG0BL <=>3> 0:B82=>AB8 >B ?@>B82=8:>2 =0 ?@>BO65=88 4>;3>3> 2@5<5=8. >340 >=8 70<5BOB 8 ?@8A?>A>1OBAO : 20H5<C =>2><C AB8;N, ?>?@>1C9B5 8E 70?CB0BL, 1KAB@> ?5@5:;NG0OAL : 20H5<C AB0@><C AB8;N, 0 70B5< =0G8=0O A=>20 83@0BL 1>;55 B09B>2>. !0<>5 3;02=>5   MB> =5 83@0BL ?@54A:07C5<>. A;8 2K 2A5340 83@05B5 ;C7>2>-03@5AA82=>, 2K 4>;6=K ?@>83@0BL, => 5A;8 2K 83@05B5 2K1>@>G=> ;C7>2>-03@5AA82=>, 2K <>65B5 AB0BL >G5=L 6QAB:8< 83@>:><.

K1>@ ?@028;L=KE 83@

K1>@ ?@028;L=KE 83@   MB> G0ABL 2K1>@>G=>9 03@5AA82=>AB8. K1>@ 83@ ?>72>;O5B 20< 83@0BL 2 B>< AB8;5, 2 :>B>@>< 20< =@028BAO, => ?@8 MB>< C25;8G8BL 20H8 H0=AK =0 2K83@KH (8;8 :0: <8=8<C< C<5=LH8BL 20H8 H0=AK =0 ?@>83@KH). '5< 1>;55 ;C7>255 8 03@5AA82=55 2K 83@05B5, B5< 1>;55 206=K< 4;O 20A O2;O5BAO 2K1>@ ?@028;L=KE 83@. 

" 	3@09B5 =0AB>;L:> =87:85 ;8<8BK, =0A:>;L:> MB> 1C45B 4;O 20A B5@?8<>. 

" 	3@09B5 2 83@0E, 345 1>;LH8=AB2> 83@>:>2 ;C7>2K5 8, 65;0B5;L=>, 03@5AA82=K5.

" 	3@09B5 :>@>B:85 AB>;K.

ABL 425 >A=>2=K5 ?@8G8=K 4;O 83@K =0 =87:8E ;8<8B0E. >-?5@2KE 2K 1C45B5 ?@>83@K20BL <5=LH5 45=53. ><=8B5 B>3> D5@<5@0? 0 A0<>< 45;5 >= 254L =5 1K; :0:8<-B> AC<0AH54H8<. = <>3 1K 83@0BL 2 =0<=>3> 1>;55 4>@>38E 83@0E, => 2 B0:>< A;CG05 >= 4>;65= 1K; 1K 83@0BL 1>;55 :>=A5@20B82=> 8;8 ?>B5@OBL =0<=>3> 1>;LH5 45=53. > >= E>B5; 83@0BL 48:> 2 =0H59 45H52>9 83@5, 345 ?@>83@KH AB>8; 1K 5<C B>;L:> $500, :>B>@K5 =5 1K;8 4;O =53> A5@L57=>9 AC<<>9. A;8 1K >= ?>5E0; 2 0A-530A, B;0=B8:-!8B8 8;8 =5:>B>@K5 :@C?=K5 83>@=K5 70;K 0;8D>@=88 8 83@0; B0< ?> AB02:0< $50/$100 8;8 2KH5, >= =5 A<>3 1K 83@0BL B0: 65 48:> 157 ?>B5@8 1>;LH>3> :>;8G5AB20 45=53.

>-2B>@KE, =87:85 ;8<8BK >1KG=> E0@0:B5@87CNBAO ;C7>2>9 83@>9 8 83@>:8 B0< <5=55 >?KB=K5, G5< 2 :@C?=KE 83@0E. # 20A 1C45B =0<=>3> ;CGH89 H0=A ?>18BL 45H52CN 83@C, => 2 1>;55 :@C?=KE 83@0E 2K, 25@>OB=>, 1C45B5 ?@>83@K20BL. 0< <>65B =5 ?>=@028BAO 83@0BL 2 45H52KE 83@0E, =>, ?>60;C9AB0, ?><=8B5, GB> 2K 83@05B5 =5 4;O ?>;CG5=8O <0:A8<0;L=>3> :>;8G5AB20 ?@81K;8 .

K <>65B5 2>7@078BL 745AL, => MB> 1C45B A0<>>1<0=><. K 83@05B5 4;O B>3>, GB>1K ?@>O2;OBL 0:B82=>ABL, ?>GC2AB2>20BL 4CE 1>@L1K, ?>;CG8BL AB0BCA 8 ?> 4@C38< ?@58<CI5AB25==> ?A8E>;>38G5A:8< ?>B@51=>ABO<. ;O 20A 2K83@0==K5 8 ?@>83@0==K5 45=L38   MB> ?@>AB> A?>A>1 2545=8O AGQB0 2 83@5 8 2K83@KH =5A:>;L:8E 4>;;0@>2 O2;O5BAO =0<=>3> 1>;55 25A5;K<, G5< ?@>83@KH 1>;LH>3> :>;8G5AB20 45=53.

K =5 4>;6=K 4065 4C<0BL > B><, GB>1K 83@0BL 2 83@5, 2 :>B>@>9 =5B 1>;LH>3> :>;8G5AB20 ;C7>2KE 83@>:>2. "09B>2K5 83@>:8 2K83@0NB C 20A 8 @0AAB@>OB 20A. A;8 2 83@5 1C45B <=>3> B09B>2KE 83@>:>2, C 20A =5 1C45B 4065 <0;59H53> H0=A0, 8 ?@8 MB>< 2K =5 ?>;CG8B5 1>;LH>3> C4>2>;LAB28O. >MB><C 83@09B5 B>;L:> A B5<8 ;N4L<8, :>B>@K5 ;N1OB 83@0BL 0:B82=>   ?>GB8 =0AB>;L:> 0:B82=>, =0A:>;L:> MB> ;N18B5 2K. =8 1C4CB 83@0BL 2 070@B=CN 83@C ?@>B82 20A 8 8< 1C45B MB> =@028BAO, 2=5 7028A8<>AB8 >B B>3>, 1C4CB >=8 2K83@K20BL 8;8 ?@>83@K20BL. K ?>;CG8B5 1>;LH5 C4>2>;LAB28O 8 ?@>45<>=AB@8@C5B5 ;CGH85 @57C;LB0BK A B0:8<8 83@>:0<8, G5< A :0:8<8-B> 4@C38<8. 3@K 2 E>;45< 70 :>@>B:8<8 AB>;0<8 <>3CB ?@54AB02;OBL 87 A51O >3@><=CN ?@>1;5<C 4;O B09B>2KE 83@>:>2, =5 A:;>==KE : 4>AB0B>G=> G0AB><C :>;;C. A;8 >=8 1C4CB ?@>AB> A845BL 8 640BL A0<KE A8;L=KE @C:, 2K <>65B5 AB028BL ?@>B82 =8E ?>AB>O==>, GB> 1C45B AB>8BL 8< 45=53. ;O 1>;55 ?>4@>1=>3> >1AC645=8O MB>3> 2>?@>A0 A<>B@8B5 :=83C M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 8 :=83C M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21st Century Editionť.

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:

A;8 2K ;C7>2>-03@5AA82=K9 83@>:, MB0 3;020 40AB 20< >G5=L <=>3> 8=D>@<0F88 > 20A 8 > 20H5< 83@>2>< AB8;5. 0209B5 ?>A<>B@8<, :0: MB> A>>B=>A8BAO A B5<8 2>?@>A0<8, =0 :>B>@K5 2K >B25G0;8 @0=55.

064K9 @07, :>340 O ?@>HC 20A >1@0B8BLAO : :0:><C-B> ?@54K4CI5<C @0745;C, MB> <>65B >:070BLAO ?>;57=K< 4;O 20A 2 B>< ?;0=5, GB> C 20A 2 3>;>25 >B;>60BAO A0<K5 206=K5 8458 87 MB>9 3;02K.

-B> <>65B 70=OBL :0:>5-B> 2@5<O 8 >B25BK, :>B>@K5 2K =0?8H8B5 A53>4=O, <>3CB 1KBL 87<5=5=K 20<8 ?> <5@5 @0728B8O 20H59 83@K. "@0B8BL =0 MB> B0: <=>3> 2@5<5=8 <>65B ?>:070BLAO 20< A:CG=K< 8;8 4065 @074@060NI8<, => MB> <>65B ?@8=5AB8 20< >3@><=K5 482845=4K.

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4

1@0B8B5AL : @8;>65=8N A: Ť"5AB ?> ?@028;L=><C ?>4E>4Cť. !45;09B5 70:;04:C =0 MB>< B5AB5, GB>1K 2K 2A5340 <>3;8 1KAB@> =09B8 MB>B B5AB. 5A:>;L:> A;54CNI8E AB@>: A>2?040NB A> =5:>B>@K< AB@>:0<8 2 B>< B5AB5. >A<>B@8B5 =0 A2>8 >B25BK G5@57 =5:>B>@>5 2@5<O, :0: 2K 8E =0?8H8B5. > ?@56=5<C ;8 >=8 :06CBAO ?@028;L=K<8? A;8 =5B, ?5@5A<>B@8B5 8E 8 =0?8H8B5 745AL B5, :>B>@K5 AG8B05B5 ?@028;L=K<8.

0:85 A>AB02;ONI85 ?@028;L=>3> ?>4E>40 O2;ONBAO 20H8<8 A8;L=K<8 AB>@>=0<8, :0:85   A;01K<8, 0 :0:85   =59B@0;L=K<8?

!8;L=K5 AB>@>=K                    !;01K5 AB>@>=K                    59B@0;L=K5







0:8< >1@07>< 2K <>65B5 872;5GL ?@58<CI5AB2> >B 20H8E A8;L=KE AB>@>=?







0:8< >1@07>< 2K <>65B5 C<5=LH8BL 2;8O=85 A2>8E A;01KE AB>@>=?







F5=:0 20H53> =02K:0 GB5=8O @C:

5@=8B5AL : @0745;C Ť'B5=85 @C:ť 87 2B>@>9 G0AB8 :=838 (C 20A 4>;6=0 1KBL A45;0=0 70:;04:0 =0 B>9 AB@0=8F5) 8 >B25BLB5 =0 A;54CNI85 2>?@>AK.

>8 >G:8 1;865 2A53> : B8?C __________________.

# <5=O A;54CNI85 AE>4AB20 8 @07;8G8O A __________________:

!E>4AB20:





 07;8G8O:





0: MB8 AE>4AB20 8 @07;8G8O 2;8ONB =0 20HC 83@C 2 ?>:5@?





'B> 2K A>18@05B5AL ?@54?@8=OBL?







0H @59B8=3

>A<>B@8B5 =0 20H @59B8=3, :>B>@K9 2K >?@545;O;8 2 ?>4@0745;5 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838. 5@5?8H8B5 53> AN40.

>8 @59B8=3 __ , __.

065BAO ;8 20H @59B8=3, @0=55 >?@545;Q==K9 20<8 B>G=K< ?>A;5 ?@>GB5=8O 20<8 40==>9 G0AB8 :=838? 0 5B (>B25B >12548B5). A;8 2K 2K1@0;8 Ť5Bť, =0?8H8B5 745AL 20H 1>;55 B>G=K9 @59B8=3: __ , __.

A;8 2K ?5@5A<>B@5;8 20H8 >G:8 ?> >1>8< E0@0:B5@8AB8:0<, :@0B:> =0?8H8B5, ?>G5<C. '5< B>G=55 2K MB> >1JOA=8B5, B5< 1C45B ;CGH5 4;O 20A.





0H8 <>B82K 4;O 83@K

73;O=8B5 =0 20H8 >F5=:8 20H8E 83@>2KE <>B82>2, @07<5IQ==K5 2 ?>4@0745;5 Ť>=8<0=85 20H8E <>B82>2ť B5:CI53> @0745;0. !:>?8@C9B5 8E 2 :>;>=:C Ť!0<>>F5=:0ť A;54CNI59 B01;8FK. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.



"01;8F0 6: >8 <>B82K 4;O 83@K

>8 <>B82K	!0<>>F5=:0	5@5>F5=:0

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

AE>4O 87 2A53> B>3>, GB> 2K ?@>G;8 4> B5:CI53> <><5=B0, :06CBAO ;8 20< 0::C@0B=K<8 MB8 >F5=:8? A;8 =5B, 2?8H8B5 20H8 1>;55 B>G=K5 >F5=:8 2 :>;>=:C Ť5@5>F5=:0ť. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.

;02=K5 2>?@>AK

0?8H8B5 745AL >B25BK =0 A;54CNI85 3;02=K5 2>?@>AK:

>9 AB8;L C4>2;5B2>@O5B A;54CNI8< <>B820<:







>9 AB8;L <5H05B A;54CNI8< <>B820<:







/ 4>;65= 87<5=8BL A2>9 @59B8=3 A __ , __ =0 __ , __, ?>B><C GB> O E>GC:







>=:@5B=K5 459AB28O

5@5G8B09B5 ?>;=>ABLN 40==CN G0ABL :=838 8 =0?8H8B5 AN40, :0:85 :>=:@5B=K5 459AB28O 2K A>18@05B5AL ?@54?@8=OBL.

/ 4>;65= 83@0BL 2 83@K A;54CNI8E 284>2: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

 / 4>;65= 871530BL A;54CNI8E 284>2 83@: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

/ 4>;65= A45;0BL A;54CNI85 :>=:@5B=K5 87<5=5=8O 2 <>59 AB@0B5388:

1.	

2.	

3.	

4.	

!45;09B5 70:;04:C =0 MB8E AB@0=8F0E. @5<O >B 2@5<5=8 ?5@5A<0B@8209B5 A2>8 ?;0=K, >B<5G0O, :0: E>@>H> 2K A =8<8 A?@02;O5B5AL   5A;8 CA?5H=>, B> AB02LB5 A515 =>2K5 F5;8.

#40G8!





















 

'0ABL V

C7>2>-?0AA82=K9 83@>:



2545=85

	# ;C7>2>-?0AA82=KE 83@>:>2 2K83@0BL ;53G5 2A53> 8 B0:8E 83@>:>2 >G5=L <=>3>, >A>15==> =0 =87:8E ;8<8B0E. <8 C?@02;O5B 65;0=85 :0: <>6=> 4>;LH5 >AB0BLAO A@548 ;N459 8 >=8 871530NB :>=D;8:B>2, =5 ?@8=8<0O CB25@645=8O > B><, GB> 2 ?>:5@5 2>7=03@06405BAO B5@?5=85 8 03@5AA8O.

	<5AB> B>3>, GB>1K 640BL E>@>H59 @C:8 8 70B5< 0B0:>20BL A =59, >=8 83@0NB A;8H:>< <=>3> @C:, 8 >=8 @07K3@K20NB 8E A;8H:>< ?0AA82=>. < =0AB>;L:> =5?@8OB=0 <KA;L >1 03@5AA82=>9 83@5, GB> >=8 >B40NB 8=8F80B82C 4@C38< 83@>:0<. <5AB> 15B0 8;8 @5970 >=8 ?@>AB> :>;8@CNB, :>;8@CNB, :>;8@CNB. 587156=K9 @57C;LB0B 83@K 2 B0:>< AB8;5   MB> ACI5AB25==K5 ?@>83@KH8.

	-B8 83@>:8 =5 B0: 70<5B=K, :0: ;C7>2>-03@5AA82=K5, ?>B><C GB> >=8 =5 ?>4=8<0NB AB02:8 8 =5 3>2>@OB 3@><:8< 3>;>A><, => 2K ;53:> A<>65B5 8E 70<5B8BL.  4>?>;=5=85 : B><C, GB> >=8 @07K3@K20NB :064K9 10=: 8 83@0NB ?0AA82=>, 8E >1I0O <0=5@0 ?>2545=8O 70G0ABCN <O3:0O 8 ?0AA82=0O. =8 >B=>AOBAO : ;N4O< B>3> B8?0, :0:8E 2K E>B5;8 1K 2845BL 2 :0G5AB25 A2>53> A>A540 8;8 HC@8=0. > 2 ?>:5@5 C =8E =5B H0=A>2.























 



C7>2>-?0AA82=K5 83@>:8

C7>2>-?0AA82=K5 83@>:8   MB> 83@>:8, 8<5NI85 >B 7 4> 9 >G:>2 70 B09B>2>ABL/;C7>2>ABL 8 >B 1 4> 3 >G:>2 70 ?0AA82=>ABL/03@5AA82=>ABL. =>385 87 ?@8=F8?>2 8 ?@8<5@>2, :>B>@K5 <K ?@54AB028< 2 MB>< @0745;5, 1C4CB >B=>A8BLAO 3;02=K< >1@07>< : 02B>>B25BG8:0< (9,1). '5< 1;865 @59B8=3 83@>:0 : MB><C M:AB@5<0;L=><C 7=0G5=8N, B5< 1>;55 25@>OB=> B>, GB> >= 459AB2C5B, 4C<05B 8 GC2AB2C5B, :0: 02B>>B25BG8:.

2B>>B25BG8:8 =5 83@0NB 4;O B>3>, GB>1K 2K83@0BL. =8 <>3CB 3>2>@8BL >1@0B=>5, => 4065 >=8 7=0NB, GB> MB> 1C45B =5?@024>9. <8 4><8=8@C5B 8E ?0AA82=>ABL 8 65;0=85 ?>4>;LH5 >AB0BLAO A 4@C38<8 ;N4L<8, ?>MB><C 2 83@5 >=8 A>25@H0NB 3;C?K5 459AB28O 8 7=0NB >1 MB><.

5=55 M:AB@5<0;L=K5 ;C7>2>-?0AA82=K5 83@>:8 8<5NB 1>;LH5 A0<>:>=B@>;O 8 381:>AB8. 3@0O ?@>B82 83@>:0 A @59B8=3>< 7,3, 2K 4>;6=K 1KBL >AB>@>6=K A ?@8<5=5=85< MB8E ?@8=F8?>2. K ?>-?@56=5<C 4>;6=K 1C45B5 A45;0BL ?>E>685 87<5=5=8O 2 A2>59 83@5, => 2K 4>;6=K 1C45B5 8A?>;L7>20BL 1>;LH5 @07<KH;5=89, ?>A:>;L:C ?@>B82 20A 1C45B 1>;55 MDD5:B82=K9 8 =5 ?@54A:07C5<K9 ?@>B82=8:. K 4>;6=K ?>AB>O==> A;548BL 70 87<5=5=8O<8 2 AB8;5 B0:>3> 83@>:0 8 040?B8@>20BLAO : B><C, :0: >= 83@05B 8<5==> A59G0A.

A5 ;C7>2>-?0AA82=K5 83@>:8 :@C?=> ?@>83@K20NB. =8 ?@>83@K20NB 1>;LH5, G5< :B>-;81>, 4065 1>;LH5, G5< <0=LO:8. 0: B>;L:> 4@C385 83@>:8 ?>=8<0NB, GB> ?5@54 =8<8 ;C7>2>-?0AA82=K9 83@>:, >=8 =0G8=0NB 4020BL ?@>B82 =53> 15BK 8 @597K, GB>1K =0:070BL 53>. =8 7=0NB, GB> >= 1C45B :>;8@>20BL, 4065 B>340, :>340 1C45B OA=>, GB> >= ?@>83@0;. 0:>=5F, :>340 A0< 02B>>B25BG8: 405B @597 8;8 @5@597, =8:B> =5 >B25G05B =0 53> AB02:C, ?>B><C GB> 2A5 7=0NB, GB> C =53> A8;L=0O @C:0. C7>2>-?0AA82=K9 83@>:   MB> =08EC4H0O :><18=0F8O 87 2A5E 2>7<>6=KE: >=8 ?@54>AB02;ONB A2>N 0:B82=>ABL 4@C38<, => =0 A2>8 459AB28O >B 4@C38E ?@>B82=8:>2 >=8 0:B82=>AB8 =5 ?>;CG0NB, GB> 45;05B 8E >G5=L ;53:8<8 A>?5@=8:0<8.

A;8 @59B8=3 :0:>3>-B> 83@>:0 =5 2?8AK205BAO 2 480?07>= ;C7>2>-03@5AA82=KE 83@>:>2 (<5=LH5 7 >G:>2 70 ;C7>2>ABL 8 1>;LH5 3 >G:>2 70 03@5AA8N), B> MB>B 83@>: =0E>48BAO 70 ?@545;0<8 C3;0, ?>4?8A0==>3> D@07>9 ŤC7>2>-?0AA82=K9 83@>:ť 8 =5:>B>@K5 87 ?@8=F8?>2 <>3CB =5 ?@8<5=OBLAO : =5<C.

>A:>;L:C ;C7>2>-?0AA82=K5 83@>:8 8<5NB B0:CN 65 ?0AA82=>ABL, :0: C B09B>2>-?0AA82=KE 83@>:>2 8 B0:CN 65 03@5AA82=>ABL, :0: C ;C7>2>-03@5AA82=KE, =5:>B>@K5 G0AB8 MB>3> @0745;0 1C4CB ?5@5:;8:0BLAO A @0745;0<8 > ;C7>2>-03@5AA82=KE 8 B09B>2>-?0AA82=KE 83@>:0E.

 

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O

-B>B ?>4@0745; >A=>2K205BAO =0 ?@8=F8?5, :>B>@K9 <K 8A?>;L7>20;8 2 ?@54K4CI8E @0745;0E: ;N48 83@0NB 2 ?>:5@ B0:8< 65 >1@07><, :0:8< >=8 45;0NB 4@C385 25I8. 0AA82=K5 ;N48 83@0NB ?0AA82=>; =5>AB>@>6=K5 8 =5B5@?5;82K5 ;N48 83@0NB ;C7>2>. A;8 G59-B> 3>;>A, <0=5@K, 25I8 3>2>@OB > ?0AA82=>AB8 8 >BACBAB288 :>=B@>;O, 25@>OB=>, MB> ;C7>2>-?0AA82=K9 83@>:. '5< 1>;LH5 A83=0;>2 2K <>65B5 70<5B8BL, B5< 1>;55 C25@5==> <>65B5 >?@545;8BL 83@>:0, :0: ;C7>2>-?0AA82=>3> 8 B5< 1>;55 M:AB@5<0;L=K< 1C45B MB>B 83@>:.

4=0:> <K 4>;6=K ?>2B>@8BL A;54CNI55 ?@54C?@5645=85: ?>:5@   MB> 83@0 >1<0=0 8 =5:>B>@K5 83@>:8, >A>15==> B5, :>B>@K5 ?@>G;8 MBC :=83C, <>3CB ?>4@060BL ;C7>2>-?0AA82=K< 83@>:0< 4;O B>3>, GB>1K >1<0=CBL 20A. #1548B5AL, GB> 8E 83@0 A>>B25BAB2C5B B5< A83=0;0<, :>B>@K5 >=8 2K40NB. A;8 =5B, 83=>@8@C9B5 MB8 A83=0;K 8 >1@0I09B5 2=8<0=85 B>;L:> =0 8E 83@C, 0 B0:65 >68409B5 B>, GB> B0:85 83@>:8 1C4CB AB0@0BLAO >1<0=CBL 20A 8 4@C38<8 A?>A>10<8.

C7>2>-?0AA82=K9 B8? 83@>:>2   A0<K9 ;53:89 B8? 4;O @0A?>7=020=8O (70 8A:;NG5=85< 83@>:>2 ;C7>2>-03@5AA82=>3> B8?0). K A<>65B5 70<5B8BL 8E 5AB5AB25==K< >1@07><, ?>A:>;L:C >=8 2E>4OB 2 :064K9 10=: 8 8<5NB B5=45=F8N 1KBL >B:@KBK<8 8 G5AB=K<8. 5:>B>@K5 8E =8E 1C4CB 4065 @0AA:07K20BL 20< > B><, :0: >=8 83@0NB.

@><5 B>3>, 20< =5 =C6=> A;8H:>< 15A?>:>8BLAO > B><, GB>1K AC<5BL 1KAB@> @0A?>7=0BL B0:8E 83@>:>2. =8 =5 A<>3CB ?@8G8=8BL 20< 7=0G8B5;L=>3> C@>=0 (70 8A:;NG5=85< B5E A;CG052, :>340 >=8 1C4CB 20A ?5@5BO3820BL) 8 ?@8 MB>< 2K =5 A<>65B5 >:070BL 1>;LH>3> 2;8O=8O =0 =8E. 0?@8<5@, 5A;8 2K ?>?KB05B5AL ?@8<5=8BL 1;5D, GB>1K 2K18BL 8E 87 10=:0, B>, A:>@55 2A53>, =57028A8<> =5 >B G53> >=8 ?@>AB> >B25BOB =0 20HC AB02:C.

865 <K ?@82>48< =5:>B>@K5 E0@0:B5@8AB8:8, ?> :>B>@K< 2K A<>65B5 845=B8D8F8@>20BL ;C7>2>-?0AA82=KE 83@>:>2.

%0@0:B5@8AB8:0 !1: O3:89 3>;>A, ?0AA82=K5 A;>20 8 65ABK, 4@C65AB25==K5 <0=5@K 8 A?>:>9=>5 ;8F>. A;8 :B>-B> 2K3;O48B A?>:>9=> 8 4@C65AB25==>, B> MB>, A:>@55 2A53>, ?0AA82=K9 83@>:, => =5 >1O70B5;L=> ;C7>2K9. A;8 B0:65 >= 2K3;O48B :0: @0A:>20==K9, @0AA;01;5==K9 8 4@C65AB25==K9, >68409B5, GB> >= 5I5 8 ;C7>2K9. @>=01;N409B5, :0: >= >B=>A8BAO : ;N4O<, :>B>@K5 =5 83@0NB A =8< 70 >4=8< AB>;><, =0?@8<5@, : >D8F80=B:0<, 48;5@0< 8 7@8B5;O<. @825B;82K5, =5B@51>20B5;L=K5 <0=5@K ?@54?>;030NB ;C7>2>ABL 8 ?0AA82=>ABL.

%0@0:B5@8AB8:0 !2: <C 1>;LH5 8=B5@5A=0 A>F80;870F8O, G5< 2K83@KH. -B> G@572KG09=> =0456=K9 ?@87=0: ;C7>2>-?0AA82=>AB8. 0?@8<5@, 5A;8 :B>-B> C45;O5B =51>;LH>5 2=8<0=85 A2>8< :0@B0<, =5 >1@0I05B 2=8<0=8O =0 B>, :B> 40; @597 8 :0: 2>>1I5 @0728205BAO 83@0, 2AQ 2@5<O @073>20@8205B, :0: 1C4B> 1K >= 83@05B 4@C65AB25==CN ?0@B8N 2 1@846, MB> =025@=O:0 ;C7>2>-?0AA82=K9 83@>:.

%0@0:B5@8AB8:0 !3: 1I0O @0AA;01;5==>ABL. 0AA82=K5 83@>:8 1>;55 @0AA;01;5==K5, G5< 03@5AA82=K5, 8 ;C7>2>-?0AA82=K5 83@>:8   MB> =081>;55 @0AA;01;5==K5 83@>:8 87 2A5E 2>7<>6=KE. 5:>B>@K5 87 =8E 4065 =0?><8=0NB <0;LG8:0 =0 >1;>6:5 6C@=0;0 Mad Magazine, ;LD@540 LN<0=0. E <0=5@0 ?>2545=8O :0: 1C4B> 1K 2>?@>H05B: Ť GQ< <=5 2>;=>20BLAO?ť.

%0@0:B5@8AB8:0 !4: 5?@8<5G0B5;L=0O >45640, 4@03>F5==>AB8, A;>20 8 <0=5@K. N1>9, :B> A;8205BAO A >:@C60NI8< ?597065<, 25@>OB=>, O2;O5BAO ?0AA82=K< 83@>:><, => =5 >1O70B5;L=> ;C7>2K<. 0: B>;L:> 2K C1548B5AL, GB> >= O2;O5BAO ?0AA82=K<, 2K A<>65B5 8A:0BL ?>4B25@645=85 53> ;C7>2>AB8 2 4@C38E ?@8<5B0E.

%0@0:B5@8AB8:0 !5: O3:0O 8;8 4065 @>1:0O <0=5@0 45;0BL AB02:8 >4=>7=0G=> 3>2>@8B > ?0AA82=>AB8. 0?@8<5@, 5A;8 >=8 45@60B A2>8 D8H:8 1;87:> : A0<8< A515 8 :06CBAO 8A?C30==K<8 8;8 E>BOB 70BO=CBL ?@>F5AA A>25@H5=8O AB02:8, >=8 25@>OB=> ?0AA82=K5.  A=>20 MB> =5 3>2>@8B > ;C7>2>AB8   2K 4>;6=K 45;0BL >F5=:C ;C7>2>AB8 4@C38<8 A?>A>10<8.

%0@0:B5@8AB8:0 !6: 7;8H=5 G0AB>5 ?@>AB02;5=85 2=5>G5@54=KE 1;09=4>2. N1>9, :B> ?@>AB02;O5B 1;09=4 2 A@54=59 8;8 @0==59 ?>78F88, 405B 20< A83=0;, 3>2>@OI89 >1 >4=>7=0G=>9 ;C7>2>AB8. G5284=>, GB> G5< <5=LH5 2@5<5=8 >AB0QBAO 4;O B>3>, GB>1K >G5@54L AB028BL 1;09=4K ?>4>H;0 : =5<C, B5< A8;L=55 B0:>9 A83=0;. B:07 640BL B>;L:> >4=C 8;8 425 @0740G8   MB> A8;L=K9 A83=0;, 3>2>@OI89 > =5B5@?5=88 8;8 157@07;8G88 : A2>8< 45=56=K< A@54AB20<, GB> 1;87:> A2O70=> A ;C7>2>ABLN. ">, :0:8< >1@07>< 1K; ?@>AB02;5= 2=5>G5@54=>9 1;09=4, <>65B ?><>GL 20< 2 >?@545;5=88 03@5AA82=>AB8. C7>2>-03@5AA82=K5 83@>:8 ?@>AB02;ONB 2=5>G5@54=>9 1;09=4 >G5=L 2K@078B5;L=> 8 3>2>@OB A;>20, ?>4G5@:820NI85 8E <C65AB25==>ABL. C7>2>-?0AA82=K5 65 83@>:8 ?@>AB> A?>:>9=> 2=5ACB A2>N AB02:C, 0 =5:>B>@K5 87 =8E <>3CB 45;0BL MB> >1@5G5==>. E <0=5@0 1C4B> 1K 3>2>@8B: Ť728=8B5, GB> O B0: ?>ABC?8;ť.

0: 8 2A5340, =01;N409B5 70 B5<, :0: 4@C385 83@>:8 @5038@CNB =0 MB>3> G5;>25:0. =8 C65 <>3CB 7=0BL MB>. >B =5A:>;L:> A83=0;>2, :>B>@K5 G0AB> 1C4CB 3>2>@8BL > B><, GB> MB>B 83@>: O2;O5BAO ;C7>2>-?0AA82=K<.

!83=0; !1: G5=L @04CH=K9 ?@85<. A;8 =5A:>;L:> 83@>:>2 @04>AB=> ?@825BAB2CNB 53> 8 A<>B@OB =0 =53> A B0:8< 2K@065=85<, :0: 1C4B> 1K <KA;5==> ?@>87=>AOB ?@> A51O Ť154 ?>40=ť, B> MB>B =>28G>:, 25@>OB=>, O2;O5BAO A;01K< 83@>:><, => :0:8< 8<5==>? A;8 >= 1C45B ;C7>2>-03@5AA82=K<, 2K G0AB> 70<5B8B5 C 4@C38E 83@>:>2 AB@0E 8 2>@G0=85, =5A:>;L:> 83@>:>2 <>3CB 4065 70E>B5BL >AB028BL 83@C. A;8 :0:><C-B> =>28G:C CAB@0820NB 4>;3>640==K9 ?@85<, => =8:B>, ?> 2848<><C, 53> =5 >?0A05BAO, =5 2>@G8B 8 =5 E>G5B ?>:8=CBL 83@C, B> 25@>OB=>, GB> MB>B 83@>: O2;O5BAO ;C7>2>-?0AA82=K<.

!83=0; !2: G5=L ?@O<>;8=59=K5 70<5G0=8O >1 MB>< 83@>:5. N48 =5 >G5=L <=>3> 3>2>@OB > ;C7>2>-?0AA82=KE 83@>:0E, => :B>-B> 87 =8E 8=>340 <>65B ?@>87=5AB8 GB>-B> B8?0 Ť>B ?@8H5; 02B>>B25BG8:ť 8;8 Ť<C =8:>340 =5 A4020;8 @C:C, :>B>@0O 1K 5<C =5 =@028;0ALť.

>AB>8=AB20

! B>G:8 7@5=8O 45=56=KE ?5@A?5:B82, C B0:8E 83@>:>2 =5B 4>AB>8=AB2. =8 ?>GB8 2A5340 ?@>83@K20NB. =>340 8< <>65B ?>257B8 8 >=8 2K83@0NB =5A:>;L:> 4>;;0@>2, => BCB 65 ?@>83@0NB 8E >1@0B=>.

! >1I5AB25==>9 B>G:8 7@5=8O C =8E 2AQ E>@>H>. A5<, :@><5 3;C?KE <0G>, =@028BAO 83@0BL A =8<8. E ;53:> ?>1548BL, ?>B><C GB> >=8 ?@54>AB02;ONB 4@C38< A2>N 0:B82=>ABL, => =5 ?>;CG0NB 55 >B 4@C38E. @><5 B>3>, >=8 =0 AB>;L:> ?@8OB=K 8 =5B@51>20B5;L=K, GB> =8:>340 =5 2K7K20NB =5?@8O7=8.

&8=8:8 <>3CB ?>4HCG820BL =04 B0:8<8 83@>:0<8, ?>B><C GB> >=8 4C<0NB, GB> ?>:5@   MB> B>;L:> 45=L38. =8 =5 ?>=8<0NB, GB> ;N48 83@0NB 2 ?>:5@ ?> <=>65AB2C ?@8G8= 8 45=56=0O ?@8G8=0 4;O ;C7>2>-?0AA82=KE 83@>:>2 =5 A0<0O 206=0O. E AB8;L O2=K< >1@07>< ?>4G5@:8205B MB>B D0:B. =8 =5 3;C?K5, >=8 7=0NB, GB> >=8 1C4CB ?@>83@K20BL, ?>B><C GB> >=8 ?@>83@K20NB A;8H:>< G0AB>. >>1I5 =5:>B>@K5 87 B0:8E 83@>:>2 <>3CB 1KBL >G5=L CA?5H=K<8 2 187=5A5 8;8 4@C38E >1;0ABOE.

> >=8 =5 87<5=ONB A2>9 AB8;L, ?>B><C GB> =5 =C640NBAO 2 MB><. =8 ?>AB>O==> :>;;8@CNB, ?>B><C GB> E>BOB 1KBL 2 83@5. =8 =5 40NB @597>2, ?>B><C GB> E>BOB >AB020BLAO ?@8OB=K<8 8 871560BL :>=D;8:B0. A?><=8B5 70:>= AC1J5:B82=>9 @0F8>=0;L=>AB8. E 459AB28O 8<5NB 4;O =8E A<KA;, ?>B><C GB> 8E 459AB28O C4>2;5B2>@ONB 8E <>B82K, 0 =5 <>B82K 4@C38E ;N459, :>B>@K5 <>3;8 >:070BLAO =0 8E <5AB5.

0?@8<5@, 2> <=>38E :078=> 2K 2848B5 83@0NI8E 65=I8=, ?>B><C GB> >=8 E>BOB G5<-B> 70=OBLAO, 2 B> 2@5<O, :0: 8E <C6LO B>65 83@0NB 2 :0:85-B> 070@B=K5 83@K. < =5 >A>15==> =@028BAO ?>:5@, => MB> ;CGH5, G5< A<>B@5BL =0 B>, :0: 55 <C6 ?@>83@K205B 45=L38 2 :>AB8.

;8 2>7L<8B5 8 ?@8A<>B@8B5AL : 2KA>:>2>7@0AB=K< ?>AB>O==K< :;85=B0<. =8 >B40;8;8AL >B 45;, G0AB> O2;ONBAO >24>252H8<8 8;8 @072545==K<8, 682CB 40;5:> >B A2>8E 45B59 8 =5 8<5NB 4@C3>3> E>118. =8 <>3CB 2K1@0BL <564C 83@>9 2 ?>:5@, ?@>A<>B@>< B5;5287>@0, ?>E>4>< 2 >1I5AB25==K9 F5=B@ 4;O ?>68;KE ;N459 8;8 A845=85< 70 10@=>9 AB>9:>9. >:5@=K9 :;C1 ?@54AB02;O5B A>1>9 <5AB>, :C40 <>6=> ?>9B8, GB>1K GB>-B> A45;0BL 8 B0< 5ABL ;N48, A :>B>@K<8 <>6=> 1C45B ?>3>2>@8BL, 0 @0AE>4 =0 MB> @072;5G5=85 =5 >A>15==> 1>;LH>9, 5A;8 ?@845@6820BLAO 45H52KE 83@.

K <>65B5 =01;N40BL ?>E>6CN :0@B8=C 2 70;0E 70A540=89 =5:>B>@KE 18@652KE 1@>:5@>2. N48 A84OB =0 A2>8E <5AB0E 8 =01;N40NB 70 ;5=B>9. E 15A540 =0?><8=05B BC, :>B>@CN <>6=> CA;KH0BL 2 =5:>B>@KE ?>:5@=KE 83@0E. =8 3>2>@OB > A2>8E C40G=KE 8 =5C40G=KE 8=25AB8F8OE, 8 >=8 4065 <>3CB @0AA:070BL 8AB>@8N ?@> 15418B:

Ť>9 7OBL, Ť35=89ť, ?>A>25B>20; <=5 :C?8BL 200 0:F89. @54AB02;O5B5, 70 >4=C =545;N >=8 ?>=878;8AL =0 H5ABL ?C=:B>2. 0:>9 C60A! / =5 7=0N, ?>G5<C <>O 4>GL 2KH;0 70 =53> 70<C6ť

 59:, :>B>@K9 >=8 ?;0BOB 8 45=L38, :>B>@K5 >=8 ?@>83@K20NB ?> ACI5AB2C O2;ONBAO :0: 1C4B> 1K G5<-B> 2@>45 G;5=A:8E 27=>A>2. 5=L38 =5 2A5340 O2;ONBAO 8E 3;02=>9 F5;LN, :0: 2 ?>:5@5, B0: 8 2 18@652>9 B>@3>2;5. >;LH8=AB2> ;N18B5;59, :>B>@K5 ?KB0NBAO 83@0BL =0 18@65, ?@>83@K20NB, 4065 =0 @K=:0E A?5:C;O=B>2, 83@0NI8E =0 ?>2KH5=85, ?>B><C GB> :><8AA88 18@68 >:07K20NB =0 =8E B0:>5 65 2;8O=85, :0: 8 @59: 2 ?>:5@5. 8@68 =5 A<>3;8 1K ACI5AB2>20BL, 5A;8 1K =5 1@0;8 :><8AA8>==K5 A> A2>8E :;85=B>2.  83@>:8 ?>;=>ABLN >@85=B8@>20==K5 =0 A>F80;870F8N <>3CB 2AB@5B8BLAO 20< ?>GB8 2 ;N1>9 ?>:5@=>9 83@5.

>:5@   1>;55 45H520O 83@0, G5< 83@0 =0 18@65, 83@>2K5 02B><0BK, :@5?A 8;8 1;5:465:.  ?>:5@ AB>8B =0<=>3>, =0<=>3> <5=LH5, G5< OEB0 8;8 3>=>G=0O ;>H04L. @><5 B>3>, >1I5=85 8 15A54K, :>B>@K5 2K A<>65B5 =09B8 2 ?>:5@5, 3>@074> ;CGH5, G5< ?@8 83@5 2 83@>2K5 02B><0BK 8;8 2 :>AB8.

>AB>O==K5 :;85=BK <>3CB 2AB@5B8BL A2>8E 7=0:><KE 70 ?>:5@=K< AB>;><, 8 83@0 <>65B ?@52@0B8BLAO 2 A?;>H=CN 15A54C.  B> 65 2@5<O, ?@8 83@5 2 83@>2K5 02B><0BK ;N48 @54:> >1AC640NB 8=B5@5A=K5 ?>2>@>BK 10@010=0. >340 10@010= >AB0=02;8205BAO, MB> =5 2K7K205B C =8E >A>1>9 @50:F88, 70 8A:;NG5=85< :@0B:>3> =54>2>;LAB20 8;8 2>A:;8F0=8O. $0:B8G5A:8, <=>385 83@>:8 2 83@>2K5 02B><0BK =5 3>2>@OB 2>>1I5. =8 :06CBAO ?>GB8 7038?=>B878@>20==K<8 <0H8=0<8.

@8 83@5 2 :>AB8, 1;5:465: 8;8 @C;5B:C 459AB285 ?@>8AE>48B A;8H:>< 1KAB@>, GB>1K 1K;> 2@5<O ?>3>2>@8BL. A;8 2 B0:8E 83@0E 2K ?>?KB05B5AL ?@>87=5AB8 1>;LH5, G5< =5A:>;L:> A;>2, 20A <>3CB ?@8=OBL 70 =5=>@<0;L=>3>. > 70 ?>:5@=K< AB>;>< G0AB> <>6=> CA;KH0BL >1AC645=8O 8=B5@5A=KE @0740G, >A>15==>, 5A;8 @0AA:07G8: ?>B5@?5; ?>@065=85 2 MB>< @>7K3@KH5.

E <>B82K <>3CB ?>:070BLAO =5@07C<=K<8 4;O 20A, => 4;O 20A 1C45B =0<=>3> ;CGH5, 5A;8 2K ?>9<QB5 8E <>B82K 8 ?@8A?>A>18B5AL : =8<.

54>AB0B:8

E A0<K9 >G5284=K9 =54>AB0B>: 2 B><, GB> 8E ?>AB>O==K5 :>;;K AB>OB 8< >G5=L <=>38E ?@>83@0==KE AB02>:. "0:65 >=8 =5 <>3CB 2K83@0BL <=>3>, :>340 C =8E A8;L=0O @C:0, ?>B><C GB> >=8 =5 83@0NB A =59 03@5AA82=>. >340 >=8 AB02OB, >=8 =5 ?>;CG0NB >B25B=KE :>;;>2, ?>B><C GB> 8E A;8H:>< ;53:> G8B0BL. "0:8< >1@07><, >=8 ?>GB8 2A5340 ?@>83@K20NB 8 ?@>83@K20NB 4>AB0B>G=> 1KAB@>.

@C3>9 MDD5:B >B 8E ?>AB>O==KE :>;;>2 70:;NG05BAO 2 B><, GB> 4@C385 83@>:8 B09=> 8;8 8=>340 >B:@KB> 2KA>:><5@=8G0NB A =8<8. >=5G=>, 2K A;KH0;8 8 2>7<>6=> 4065 A0<8 45;0;8 2 8E 04@5A O728B5;L=K5 70<5G0=8O, :>340 >=8 2K83@K20;8, ?>9<02 >4=C 87 A2>8E <0;>25@>OB=KE :0@B.

0: 2K@078;AO 1K  C4=8 0=35@D8;4: Ť=8 =5 ?>;CG0NB C2065=8Oť. >:5@   MB> <C6A:0O 83@0 A A>>B25BAB2CNI59 :C;LBC@>9.  ?>:5@5 F5=OBAO 6QAB:>ABL, :>=B@>;L, 03@5AA8O, E8B@>ABL, => MB8 ?>=OB8O 8< =5254><K.

'B5=85 8E @C:

@>G5ABL 8E :0@BK ?@0:B8G5A:8 =525@>OB=>. >A:>;L:C >=8 :>;8@CNB ?>GB8 A> 2A5<, 2K =5 A<>65B5 >?@545;8BL, ?> :0:>9 ?@8G8=5 >=8 =0E>4OBAO 2 @>7K3@KH5.

'8B0BL 8E AB02:8 4>AB0B>G=> ;53:>, >=8 ?@>AB> =5 AB02OB 157 ?@8;8G=KE @C:.

'B5=85 8E @54:8E @597>2 8 G@572KG09=> @54:8E @5@597>2 2>>1I5 M;5<5=B0@=>. A;8 >=8 40NB @597, 7=0G8B C =8E >G5=L A8;L=0O @C:0, 5A;8 >=8 40NB @5@597, B> C =8E 2>>1I5 =5?>1548<0O @C:0 8;8 GB>-B> 1;87:>5 : MB><C.

0: =0AG5B 1;5D0? 5 15A?>:>9B5AL > B><, GB> >=8 87@54:0 <>3CB 1;5D>20BL. 065 :>340 >=8 1;5DCNB, >=8 <>3CB 2K3;O45BL A<CI5==>. A;8 2K ?>4>7@5205B5, GB> ;C7>2>-?0AA82=K9 83@>: <>65B 1;5D>20BL, 8I8B5 ?@87=0:8 48A:><D>@B0 2 53> ?>2545=88. A;8 2K 2848B5, GB> >= GC2AB2C5B A51O :><D>@B=> 8 C25@5==>, B> ?>25@LB5 5<C 8 A1@>ALB5, 5A;8 2K =5 <>65B5 ?>18BL 53> E>@>HCN @C:C, A :>B>@>9 >= AB028B.

 

3@0 ?@>B82 =8E

 MB>< ?>4@0745;5 <K @0AA<>B@8< B@8 2>?@>A0.

1.	>;6=K ;8 2K 83@0BL ?@>B82 =8E?

2.	45 2K 4>;6=K A845BL?

3.	0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

>;6=K ;8 2K 83@0BL A =8<8?

A;8 B>;L:> 20H8 <>B82K =5 G@572KG09=> @07;8G0NBAO >B <>B82>2 4@C38E ;N459, >B25B =0 MB>B 2>?@>A B0:>9: 40, 40 8 5IQ @07 40. -B> A0<K5 ;53:85 ?@>B82=8:8. A;8 2K =5 <>65B5 C =8E 2K83@0BL, 701C4LB5 ?@> ?>:5@ 8 @0A:;04K209B5 ?0ALO=A. ABL B>;L:> 425 ?@8G8=K 871530BL 8E:

1.	>A:>;L:C C =8E A;8H:>< ;53:> 2K83@0BL, MB> <>65B 1KBL A:CG=>. K 1C45B5 2K83@K20BL C =8E 157 1>@L1K, 8 MB> <>65B 20A =5 C4>2;5B2>@8BL.

2.	=8 <>3CB @0AAB@0820BL 20A, :>340 1C4CB 20A ?5@5BO3820BL, 8 >=8 1C4CB 45;0BL MB> A=>20 8 A=>20 A C60A=K<8 @C:0<8.

45 2K 4>;6=K A845BL?

4=> 87 :0G5AB2 ;C7>2>-?0AA82=KE 83@>:>2 (8E ;C7>2>ABL) 45;05B 4;O 20A ?@54?>GB8B5;L=K< <5AB> A;520 >B =8E.  4@C3>5 8E :0G5AB2> (?0AA82=>ABL) 45;05B 4;O 20A ?@54?>GB8B5;L=K< <5AB> A?@020 >B =8E. K E>B8B5, GB>1K ?0AA82=K5 83@>:8 A845;8 A;520 >B 20A, ?>B><C GB> 2 MB>< A;CG05 2K =5 1C45B5 1>OBLAO @5970. A;8 >=8 404CB @597, 2K C25@5==> A<>65B5 A1@>A8BL, 5A;8 =5 1C45B5 8<5BL <>I=>9 @C:8. 4=0:>, 5A;8 >=8 1C4CB A845BL A;520 >B 20A, 20< A;>6=> 1C45B C:@0ABL 1;09=4K 8;8 0=B5, Ť:C?8BLť <5AB> 10B>=0 8 A45;0BL =5:>B>@K5 4@C385 25I8.

@><5 B>3>, 5A;8 ;C7>2>-?0AA82=K9 83@>: 1C45B A845BL A?@020 >B 20A, 2K A<>65B5 40BL @597 ?>A;5 53> AB02:8 4;O B>3>, GB>1K 2K18BL 4@C38E 83@>:>2, GB> ?>72>;8B 20< ?>;CG8BL <0:A8<0;L=>5 ?@58<CI5AB2> >B 8E ?@82KG:8 83@0BL A> A;01K<8 @C:0<8. 4=0 87 A0<KE ;CGH8E A8BC0F89, :>B>@K5 <>3CB 2>7=8:=CBL 2 83@5   MB> 2>7<>6=>ABL >AB0BLAO A ;C7>2>-?0AA82=K< 83@>:>< >48= =0 >48=.

065 =5 A<>B@O =0 B>, GB> 5ABL @07C<=K5 ?@8G8=K, GB>1K A845BL :0: A;520, B0: 8 A?@020 >B =8E, 4;O 20A 1C45B ;CGH5, 5A;8 ;C7>2>-?0AA82=K5 83@>:8 1C4CB A845BL A?@020 >B 20A. @8G8=K, ?> :>B>@K< 2K E>B8B5 2845BL 8E A?@020 >B A51O ?5@525H820NB ?@8G8=K, ?> :>B>@K< 2K E>B8B5 2845BL 8E A;520. A;8 2K A:;>==K : ?0AA82=>9 83@5, 2K 4>;6=K 70AB028BL A51O 83@0BL 1>;55 03@5AA82=> B>340, :>340 ;C7>2>-?0AA82=K5 83@>:8 1C4CB A845BL A?@020 >B 20A.

A;8 2K <>65B5 2K1@0BL, :0:>9 83@>: 1C45B A845BL A;520 >B 20A   B09B>2K9 8;8 ;C7>2K9   2K18@09B5, GB>1K A;520 >B 20A A845; B09B>2K9. K A<>65B5 C:@0ABL C =53> 0=B5 8;8 1;09=4K ?@0:B8G5A:8 157 @8A:0. >, :0: B>;L:> GB> 3>2>@8;>AL, ?@>B82 ;C7>2>-?0AA82=>3> 83@>:0 MB>3> 20< =5 C40ABAO   >= ?>GB8 2A5340 1C45B :>;8@>20BL.

0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

-B> A0<K5 <O3:85 ?@>B82=8:8, => 2K 4>;6=K :>=B@>;8@>20BL 83@C, 8 4;O B>3>, GB>1K ?@>45<>=AB@8@>20BL ;CGH85 @57C;LB0BK 2 83@5 ?@>B82 =8E, 2K 4>;6=K >BB0;:820BLAO >B 8E 83@K, 0 =5 >B A2>59. 865 <K ?@82>48< =5:>B>@K5 :>=F5?F88, :>B>@K5 2K 4>;6=K @0AA<>B@5BL. B<5BLB5, GB> ?5@2K9 ?@8=F8? <>65B 1KBL >A>15==> 206=K<.

>=F5?F8O !1: C4LB5 256;82K<8. 5 604=8G09B5, ?KB0OAL ?>;CG8BL :064CN ;8H=NN AB02:C >B MB8E 83@>:>2. K ;53:> <>65B5 2K83@0BL MB8 AB02:8, => 5A;8 2K 1C45B5 83@0BL 2 B0:>9 <0=5@5, B> >=8 <>3CB ?>GC2AB2>20BL, GB> 2K A:C?K 8;8 15760;>AB=K. -B> <>65B ?@825AB8 : B><C, GB> >=8 ?>:8=CB 83@C 8;8 1C4CB 83@0BL 1>;55 B09B>2> ?@>B82 20A.

-B>B A>25B <>65B 1KBL =0?@02;5= ?@>B82 20H8E A>@52=>20B5;L=KE 8=AB8=:B>2 8 6064K 2K83@KH0. > =0 A0<>< 45;5 2K A<>65B5 2K83@0BL 1>;LH5 45=53, 4020O 8< ?5@8>48G5A:85 ?5@5@K2K. 0?@8<5@, 5A;8 2K >AB0;8AL A =8< >48= =0 >48= 8 C 20A =5?>1548<0O :><18=0F8O, 2K <>65B5 >B:070BLAO >B 15B0. 0, 2K =5 4>15@5B5 >4=C AB02:C, => GB> A B>3>? %>@>H85 187=5A<5=K 8=25AB8@CNB 45=L38 2 ?>AB@>5=85 E>@>H8E >B=>H5=89 A 8E ;CGH8<8 :;85=B0<8. A;8 2 ?>4>1=>9 A8BC0F88 2K 4>;6=K 1C45B5 459AB2>20BL ?5@2K< 8 70E>B8B5 AK3@0BL G5:-@597, B> =5 83@09B5 G5:-@597, 0 ?@>AB> 409B5 15B.

B>@>9 0A?5:B 256;82>AB8 70:;NG05BAO 2 B><, GB> 2K =8:>340 =5 4>;6=K :@8B8:>20BL 8E 83@C. >7<>6=>, 2K A;KH0;8 MB>B A>25B <=>3> @07, => >3@><=>5 :>;8G5AB2> ;N459 53> 83=>@8@CNB. =8 :@8B8:CNB ;C7>2>-?0AA82=KE 83@>:>2 70 B>, GB> >=8 =5 40;8 @597, 8;8, GB> 1>;55 G0AB>, >=8 >1@CH820NB A2>5 =53>4>20=85 =0 B0:>3> 83@>:0, :>340 ?>?040NB ?>4 15418B.

Ť0: BK <>3 A45;0BL B0:>9 3;C?K9 :>;;? (0=AK ?@>B82 B51O 1K;8 @02=K 20-:-1! A;8 BK ?@>4>;68HL 83@0BL 2 B0:>< AB8;5, BK @07>@8HLAOť

"0:85 70<5G0=8O 2A5340 3;C?K. =8 <>3CB =0CG8BL ;C7>2>-?0AA82=>3> 83@>:0 83@0BL ;CGH5 (:0: 8 ;N1>3> 4@C3>3> A;01>3> 83@>:0, :>B>@K9 1C45B A;KH0BL MB>), 8 MB8< 2K <>65B5 ?>B5@OBL A2>8E ;CGH8E Ť:;85=B>2ť. -B> 1C45B 25@=K< ?> >B=>H5=8N : :064><C 20H5<C ?@>B82=8:C, => ?> >B=>H5=8N : ;C7>2>-?0AA82=K< 83@>:0< MB> 1C45B >A>15==> 25@=>.

=8 =5 83@0NB 4;O B>3>, GB>1K 2K83@0BL; >=8 E>BOB =0A;0640BLAO, 1KBL G0ABLN >1I5AB20, ?>>1I0BLAO A 4@C38<8 ;N4L<8 8 ?@>AB> ?@>25AB8 2@5<O. "5 ;8G=K5 :0G5AB20, :>B>@K5 45;0NB 8E A;01K<8 83@>:0<8, 70AB02;ONB 8E 1KBL >G5=L GC2AB28B5;L=K<8 : :@8B8:5. 0H8 15A:>=5G=K5 70<5G0=8O <>3CB 1KBL =5?@8OB=K<8 4;O =8E 8 >=8 =0<=>3> 1>;55 25@>OB=> G5< :0:85-B> 4@C385 83@>:8 ?>:8=CB 83@C. =8 <>3CB ?@8A>548=8BLAO : 4@C3>9 83@5, 2>7<>6=> =04>;3>, 8;8 65 C9B8 2 4@C3>5 :078=>, 345 ;N48 1>;55 256;82K5.

=8 B0:65 <>3CB AB0BL =0<=>3> 1>;55 B09B>2K<8 8 6QAB:8<8, 5A;8 ?>9<CB, GB> 8E ;C7>2>-?0AA82=K9 AB8;L 70AB02;O5B 8E B5@OBL :0: 45=L38, B0: 8 C2065=85. 5@>OB=55 2A53>, >=8 <>3CB ?>72>;8BL A515 ?@>83@0BL 45=L38, => =5 ?>B5@OBL C2065=85.

>=F5?F8O !2: 5 ?@8<5=O9B5 ?@85<K, :>B>@K5 >A:>@1;ONB 8E. 0: C65 3>2>@8;>AL, A>?@>B82;O9B5AL 8A:CH5=8N ?>;CG8BL >B =8E 4>?>;=8B5;L=CN AB02:C, =0?@8<5@, A ?><>ILN G5:-@5970 B>340, :>340 2K 83@05B5 A =8<8 >48= =0 >48= (?@8<5=OBL G5:-@597 ?@>B82 =5A:>;L:8E 83@>:>2 ?>-?@56=5<C 4>?CAB8<>). @><5 B>3>, GB> 2K <>65B5 ?>B5@OBL E>@>H53> Ť:;85=B0ť, 2K @8A:C5B5 87<5=8BL 53> >B=>H5=85. Ť=8 1>;LH5 =5 1C4CB 83@0BL 4;O C4>2>;LAB28O   >=8 1C4CB 83@0BL 4;O B>3>, GB>1K ?>1548BL 20Ať (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť).

K B0:65 4>;6=K E20;8BL 8E :0: <>6=> G0I5. >340 >=8 4>AB@>OB A2>N @C:C, C;K109B5AL, 3>2>@O ?@8 MB><: Ť%>@>H0O @C:0ť. A;8 >=8 2K83@0NB 1>;LH>9 10=:, ?>9<02 >4=C 87 A2>8E <0;>25@>OB=KE :0@B, ?>E20;8B5 8E C40G;82>ABL: Ť# <5=O =8:>340 1K =5 E20B8;> A<5;>AB8 A45;0BL B0:>9 :>;;!ť. >=5G=>, =5 E20;8B5 8E A;8H:>< >G5284=>, B0: :0: MB> <>65B 2K3;O45BL A;8H:>< O2=>.

-B8 :><?;5<5=BK ?>445@6820NB ;C7>2>-?0AA82=KE 83@>:>2 8 70AB02;ONB 8E 83@0BL B>G=> B0:, :0: 2K E>B8B5, B> 5ABL ?@>4>;60BL 45;0BL ;C7>2K5 :>;;K. N48 A:;>==K ?>2B>@OBL B5 459AB28O, 70 :>B>@K5 ?>;CG8;8 ?>E20;C 8 MB> 1C45B 4;O 20A G@572KG09=> 45H52K< 8 MDD5:B82=K< A?>A>1>< 2>7459AB2>20BL =0 8E 83@C. >7<>6=>, 20< ?@845BAO A60BL 7C1K >B =54>2>;LAB20, :>340 2K 1C45B5 E20;8BL :>3>-B> 70 B>, GB> >= ?5@5BO=C; 20A, => MB> ?>72>;8B 20< 70@01>B0BL <=>3> 45=53.

>=F5?F8O !3: !B02LB5 8 @5978B5 4;O C25;8G5=8O 10=:0 A> A;01K<8 8;8 A><=8B5;L=K<8 @C:0<8. K A<>65B5 ?>AB028BL A> A;01K<8 @C:0<8 4;O C25;8G5=8O 10=:0, ?>B><C GB> >=8 1C4CB >B25G0BL 20< A 5I5 1>;55 A;01K<8 @C:0<8. A;8 2K A:065B5 G5:, 83@0O A B0:8< ?@>B82=8:>< >48= =0 >48=, B> >= B>65 A:065B G5: A@07C ?>A;5 20A, ?>MB><C AB02LB5 A B5<8 @C:0<8, A :>B>@K<8 >1KG=> 3>2>@8B5 G5:. A;8 >= >B25B8B @597><, A1@0AK209B5. >=5G=>, 8=>340 >= >B25B8B 8 ?5@583@05B 20A, => =0 4;8==>9 48AB0=F88 2K 70@01>B05B5 3>@074> 1>;LH5 45=53 A ?><>ILN 15B0, G5< A ?><>ILN G5:0.

!B02:0 4;O C25;8G5=8O 10=:0 A> A;01>9 @C:>9 ?@8 =0;8G88 5I5 >4=>3> 83@>:0 ?>7048 ;C7>2>-?0AA82=>3> 83@>:0 <>65B 8=>340 ?@825AB8 : >G5=L E>@>H8< @57C;LB0B0< 4;O 20A. C7>2>-?0AA82=K9 83@>: >B25B8B A 1>;55 A;01>9 @C:>9, 0 B@5B89 83@>: ?>1>8BAO A45;0BL >25@:>;;. 0?@8<5@, ?@54?>;>68<, GB> 2K 83@05B5 2 A5<8:0@B>G=K9 AB04 8 =0 @825@5 E>48B5 ?5@2K<8, 8<5O @C:C

(c&6  6)  7 `&7  K c&J (`&2)

K 405B5 15B A 20H8<8 42C<O ?0@0<8 =0 A5<5@:0E. C7>2>-?0AA82=K9 83@>: :>;;8@C5B 20A A ?0@>9 45AOB>:. 3@>: A?@020 >B 20A A<>B@8B =0 425 A2>8 1>;55 AB0@H85 ?0@K, ?>B>< A<>B@8B =0 =8E 5I5 @07 8, =0:>=5F, A1@0AK205B 8E.

>340 >= C2848B, GB> 2K 2K83@0;8 A 1>;55 A;01>9 @C:>9, >= <>65B >1@CH8BL H:20; :@8B8:8 =0 ;C7>2>-?0AA82=>3> 83@>:0 70 B>, GB> >= >B25B8; :>;;><. > MB> 1C4CB C65 53> ?@>1;5<K. "0:65 >= <>65B 20A 70?><=8BL :0: Ť?0@=O, :>B>@K9 AB028; A 42C<O ?0@0<8 =0 A5<5@:0Eť 8 1>;55 ;C7>2> :>;8@>20BL 20H8 AB02:8 2 A;54CNI89 @07.  2 A;54CNI89 @07 >= 1C45B A8;L=> H>:8@>20= B5<, GB> A45;05B :>;; A 1>;55 A;01>9 @C:>9, G5< C 20A.

AB0B8, ;C7>2>-?0AA82=K5 83@>:8 G@572KG09=> @54:> 83@0NB G5:-@597. A;8 C =8E E>@>H0O @C:0, >=8 ?>GB8 2A5340 8;8 ?>AB02OB, 8;8 AK3@0NB G5:-:>;;. A;8 >=8 3>2>@OB G5:, 2K <>65B5 40BL 15B, =5 >?0A0OAL B>3>, GB> ?>;CG8B5 @597.

> A8E ?>@ <K 3>2>@8;8 > 83@5 =0 @825@5, => ?>E>685 ?@8=F8?K ?@8<5=ONBAO 8 : 4@C38< @0C=40< B>@3>2;8. >A:>;L:C B0:85 83@>:8 :>;;8@CNB A <CA>@=K<8 @C:0<8, 2K <>65B5 @5978BL ?@>B82 =8E 2 1>;55 @0==8E @0C=40E, 8<5O @C:8 A;01> ?>4E>4OI85 4;O @5970. @54?>;>68<, 2K 83@05B5 2 E>;45<, ;C7>2>-?0AA82=K9 83@>: 2>H5; :>;;>< 87 ?>78F88 UTG, 2A5 >AB0;L=K5 A1@>A8;8, 0 2K =0E>48B5AL =0 1>;LH>< 1;09=45 A

`&9 c&9

A;8 1K 20H8< ?@>B82=8:>< 1K; B8?8G=K9 83@>:, 2K 4>;6=K 1K;8 1K >B=5AB8AL : 53> :>;;C 87 A0<>9 ?5@2>9 ?>78F88 A C2065=85<, => ?@>B82 ;C7>2>-?0AA82=>3> 83@>:0 2K <>65B5 40BL @597, ?>B><C GB> >=, 25@>OB=55 2A53>, 83=>@8@C5B ?>78F8N ?@8 ?@8=OB88 A2>8E @5H5=89.

A;8 D;>? 1C45B 4;O 20A 1;03>?@8OB=K<, AB02LB5 8 >=, 25@>OB=>, >B25B8B 20< A 1>;55 A;01>9 @C:>9. A;8 D;>? 20< =5 ?>=@028BAO, A:068B5 G5:. C7>2>-?0AA82=K9 83@>: 25@>OB=55 2A53> B0:65 >B25B8B 20< G5:><, 5A;8 >= =5 1C45B 18BL 20HC @C:C (>= 8=>340 <>65B A:070BL G5:, 4065 5A;8 1C45B 8<5BL 1>;55 A8;L=CN @C:C, G5< C 20A). A;8 >= ?>AB028B, A1@0AK209B5.

K 4>;6=K AB028BL >A>15==> 03@5AA82=> B>340, :>340 2K ?>4>7@5205B5, GB> ;C7>2> ?0AA82=K9 83@>: 83@05B A ?@8:C?=K< AB@59B>< 8;8 ?@8:C?=K< D;0H5<. "0:85 83@>:8 G0AB> 83=>@8@CNB H0=AK : 10=:C, :>340 BO=CB 4K@O2K5 AB@59BK 8 3-D;0H8. A;8 >= 40AB 15B, 2K 70G0ABCN A<>65B5 A1@>A8BL, ?>B><C GB> B0:85 83@>:8 >G5=L @54:> 1;5DCNB.

>=F5?F8O !4: 5 1;5DC9B5. ;5D   MB>, :0: ?@028;>, >H81:0. >-?5@2KE, 25@>OB=55 2A53> 1;5D 1C45B =5C40G=K<, ?>B><C GB> ;C7>2>-?0AA82=K9 83@>: 1C45B >B25G0BL 20< ?>GB8 A> 2A5<8 @C:0<8 :@><5 A0<KE 157=0456=KE. >-2B>@KE, =5:>B>@K5 87 =8E 1C4CB >A:>@1;5=K 20H59 ?>?KB:>9 C:@0ABL Ť8Eť 10=:. >A:>;L:C 2K 4>;6=K 1KBL A =8<8 256;82K<8, =5 1;5DC9B5.

>=F5?F8O !5: 5 :>;8@C9B5 A <0@38=0;L=K<8 8;8 4065 A =5?;>E8<8 @C:0<8 (5A;8 B>;L:> H0=AK : 10=:C =5 1C4CB ?>72>;OBL 20< 45;0BL MB>). >A:>;L:C >=8 =5 AB02OB, =5 8<5O E>@>H59 @C:8 8 ?@0:B8G5A:8 =8:>340 =5 1;5DCNB, 02B><0B8G5A:8 A1@0AK209B5 20H8 <0@38=0;L=K5 @C:8 8 A8;L=> ?>4C<09B5 > B><, AB>8B ;8 >B25G0BL :>;;>< A =5?;>E8<8 @C:0<8. >=5G=>, 5A;8 H0=AK : 10=:C ?>72>;ONB 20< :>;;8@>20BL, B> :>;;8@C9B5, => 4065 2 MB>< A;CG05 H0=AK : 10=:C 4>;6=K 1KBL 2KH5 G5< >1KG=>, ?>B><C GB> H0=AK =0 B>, GB> 20H0 @C:0 A<>65B 2K83@0BL 157 C;CGH5=8O, C<5=LH0NBAO.

>=F5?F8O !6: A;8 >=8 40NB @597, A1@0AK209B5. =8 =5 40NB @597 157 >G5=L E>@>H8E :0@B. A;8 >=8 40NB @597, A1@0AK209B5, 4065 5A;8 C 20A E>@>H0O @C:0. A;8 A8;K 20H59 @C:8 =5 E20B05B 4;O B>3>, GB>1K 40BL @5@597 ?@>B82 A@54=53> 83@>:0, 2K 4>;6=K A1@>A8BL.

C7>2>-?0AA82=0O 83@0

C7>2> ?0AA82=0O 83@0   MB> :;0AA8G5A:89 Ťno fold em hold emť (Ť2 E>;45< =5 A1@0AK20Oť) 8;8 ?>E>685 83@K.  B0:8E 83@0E ?@8ACBAB2CNB =5A:>;L:> ;C7>2>-?0AA82=KE 83@>:>2, 420-B@8 A@54=8E 83@>:0 8 <0:A8<C< >48= C<5@5==>-03@5AA82=K9 83@>:. =>385 83@>:8 8 =5:>B>@K5 ?>:5@=K5 02B>@K 25@OB, GB> B0:85 83@K ?@>8AE>4OB B>;L:> =0 =87:8E ;8<8B0E, => 2 459AB28B5;L=>AB8 ;C7>2>-?0AA82=K5 83@K 2AB@5G0NBAO =0 2A5E ;8<8B0E.

Ť>;LH>5 :>;8G5AB2> 83@>:>2, 83@0NI8E >G5=L <=>3> @C: 8 A;8H:>< 40;5:> =0 =8E 84CI8E, B5?5@L >1KG=>5 O2;5=85 4065 4;O 2KA>:8E ;8<8B>2. "0:85 83@K, 2 >A=>2=>< =87:>;8<8B=K5, ?>;CG8;8 =0720=85 Ťno fold em hold em (Ť2 E>;45< =5 A1@0AK20Oť)ťť (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť)

5:>B>@K5 10=:8 AB0=>2OBAO >G5=L 1>;LH8<8, ?>B><C GB> A;8H:>< <=>385 ;N48 CG0AB2CNB 2 =8E, ?@>4>;60O :>;;8@>20BL B>340, :>340 =C6=> A1@0AK20BL. 4=0:> ?@8;8G=>5 :>;8G5AB2> 10=:>2 2 B0:8E 83@0E O2;ONBAO 10=:0<8 <0;>3> @07<5@0, ?>B><C GB> 2 ?5@2>< @0C=45 <=>385 ;N48 2E>4OB 2 83@C, => 70B5< 2 1>;55 ?>74=8E @0C=40E :064K9 87 =8E 2AQ 2@5<O 3>2>@8B G5:.  B0:8E 83@0E A;CG05BAO <0;> @597>2 8 >G5=L <0;> @5@597>2. > :5?0 B>@3>2;O 2>>1I5 <>65B =5 4>2>48BLAO. @0:B8G5A:8 2A5 @0740G8 4>6820NB 4> 2A:@KB8O 8 =0 ?>A;54=NN AB02:C <>3CB >B25G0BL A@07C =5A:>;L:> 83@>:>2.

@8A<>B@8B5AL : MB8< 83@0<, ?>B><C GB> >=8 A0<K5 ?@>ABK5 4;O 2K83@KH0. @028;0 ?>2545=8O 2 B0:8E 83@0E 2K2545=K 87 ?@028; ?>2545=8O ?@>B82 ;C7>2>-?0AA82=KE 83@>:>2. > <>3CB ?@8ACBAB2>20BL =5:>B>@K5 ACI5AB25==K5 4>?>;=5=8O.

C4LB5 256;82K<8

5@2K9 8 =081>;55 206=K9 ?@8=F8?   MB> B>B, :>B>@K9 <K >1AC640;8 @0=55: 1C4LB5 256;82K<8. 5 ?KB09B5AL 2K83@0BL :064CN ;8H=NN AB02:C. 8:>340 =5 :@8B8:C9B5 4@C38E 83@>:>2 8 E20;8B5 4@C38E ;N459 70 8E C40GC 8 2575=85, :>340 >=8 1C4CB 2K83@K20BL C 20A, 4065 5A;8 >=8 2K83@0;8 C 20A, A>25@H82 >H81:C. @><5 B>3>, =8:>340 =5 ?@8<5=O9B5 B0:85 ?@85<K, :>B>@K5 2KAB02OB 4@C3>3> G5;>25:0 4C@0:><. K A<>65B5 2K83@0BL 4>?>;=8B5;L=CN AB02:C A ?><>ILN, =0?@8<5@, G5:-@5970, => Ť5A;8 2K >AB0;8AL >48= =0 >48= A >4=8< 87 B0:8E A;01KE 83@>:>2, :>B>@K5 83@0NB ?@>AB> 4;O @072;5G5=8O, =5 83@09B5 B0:ť (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť).

!>3;0A8B5AL A B5<, GB> ?@028;0 87<5=8;8AL

@8=F8?K, >?8A0==K5 745AL, ?>E>68 =0 ?@8=F8?K, >B=>AOI85AO 2 ;C7>2>-03@5AA82=>9 83@5.  B0:8E 83@0E 459AB285 A;8H:>< >B;8G05BAO >B 1>;LH8=AB20 4@C38E 83@, ?>MB><C 2K 4>;6=K 2=5AB8 >?@545;5==K5 87<5=5=8O 2 20HC AB@0B538N. A;8 2K 1C45B5 4C<0BL 8 83@0BL B0: 65, :0: 2K >1KG=> 4C<05B5 8 83@05B5, 2K, 25@>OB=>, ?>-?@56=5<C 1C45B5 2K83@K20BL, => =5 AB>;L:> A:>;L:> 2K 1K <>3;8 2K83@K20BL. , :@><5 B>3>, 2K 1C45B5 >G5=L @07>G0@>20==K. M284 !:;0=A:8 8 59A>= 0;L<CB 3>2>@OB ?> MB><C ?>2>4C A;54CNI55:

Ť>;LH8=AB2> E>@>H8E 83@>:>2 =5 2K83@K20NB <=>3> 2 >G5=L E>@>H8E 83@0E. =8 =54>AB0B>G=> ?@8A?>A01;820NBAO : B0:8< 83@0< 8 =5 872;5:0NB 87 =8E 4>?>;=8B5;L=>9 ?@81K;8, :>B>@0O <>65B ?@84B8 >B B5E 83@>:>2, :>B>@K5 83@0NB >G5=L ?;>E>ť

K <>65B5 >6840BL >B 83@K A;54CNI8E 87<5=5=89:

7<5=5=85 !1. K 1C45B5 ?@>83@K20BL 1>;LH55 :>;8G5AB2> @0740G, G5< >1KG=>. -B> ?;>E0O =>2>ABL. 0A 1C4CB ?5@5BO3820BL A=>20 8 A=>20. 0G0ABCN 2K =8G53> =5 A<>65B5 A45;0BL, GB>1K 871560BL MB>3>. K <>65B5 40BL @597, AK3@0BL G5:-@597 8;8 ?@8<5=8BL :0:>9-=81C4L 4@C3>9 ?@85<, => 20H8 ?@>B82=8:8 2AQ @02=> >AB0=CBAO 2 @>7K3@KH5 8 ?5@5BO=CB 20A, ?>9<02 :0:CN-B> 87 A2>8E <0;>25@>OB=KE :0@B. K <>65B5 1KBL G@572KG09=> @0AAB@>5=K MB8<.

7<5=5=85!2. >;55 2KA>:89 @07<5@ B5E 10=:>2, :>B>@K5 2K 1C45B5 2K83@K20BL, A ;8E2>9 :><?5=A8@C5B 2A5 20H8 ?@>83@KH8. -B> E>@>H0O =>2>ABL. =>340 20H8 BI0B5;L=> >B>1@0==K5 4;O 83@K @C:8 1C4CB ?>15640BL =0 2A:@KB88, 8 A =8<8 2K 2K83@05B5 =0<=>3> 1>;LH5, G5< >1KG=>, GB> A45;05B 20HC >1ICN ?@81K;L =0<=>3> 1>;55 2KA>:>9, G5< 2 >1KG=>9 83@5.

>;LH8=AB2> 83@>:>2 =5 7=0NB 8;8 83=>@8@CNB MB>B D0:B. / C65 CAB0; A;KH0BL, :0: ;N48 60;CNBAO ?> MB><C ?>2>4C: Ť B0:>9 83@5 O =5 <>3C 70I8B8BL A2>N @C:Cť. 5AG8A;5==K5 8AB>@88 > 15418B0E =0G8=0NBAO A B0:8E A;>2: Ť# <5=O 1K;8 :0@<0==K5 BC7K, 8 MB>B 848>B :>;;8@>20; <>9 @597 A <CA>@><ť. -B8 60;>1K 8 8AB>@88 >A=>20=K =0 @07>G0@>20=88, 0 =5 =0 @50;L=KE 45=56=KE ?>B5@OE. ! B>G:8 7@5=8O G8AB>9 M:>=><8:8, G5< 1>;LH5 ;N459 BO=CB A2>8 1>;55 A;01K5 @C:8 ?@>B82 20H8E A8;L=KE @C:, B5< 1>;LH5 45=53 2K 2K83@K205B5 =0 4;8==>9 48AB0=F88 .

>7L<Q< A0<CN ;CGHCN @C:C 2 E>;45<5, :0@<0==KE BC7>2.  83@5 <564C 42C<O 83@>:0<8 MB0 @C:0 2K83@K205B G0I5, G5< 2 80% A;CG052. > 2 83@5 A 45AOBLN 83@>:0<8 >=0 2K83@K205B B>;L:> 2 30% A;CG052. A;8 9 83@>:>2 1C4CB >B25G0BL 20< 4> :>=F0, 2 1>;LH8=AB25 A;CG052 2K ?@>83@05B5. '5< 1>;LH5 83@>:>2 >AB0=CBAO 2 83@5, B>340 :>340 C 20A 1C4CB :0@<0==K5 BC7K, B5< 1>;55 G0AB> 2K 1C45B5 ?@>83@K20BL.

-B> <>65B @0AAB@0820BL, => 4>E>4K >B 20H8E =5G0ABKE 2K83@KH59 A B0:>9 @C:>9 2 A@54=5< 1C4CB 1>;55 G5< 2 3 @070 2KH5, G5< B>340, :>340 2K 1C45B5 2K83@K20BL B>;L:> C >4=>3> ?@>B82=8:0. @54?>;>68<, 2K 4>945B5 4> 2A:@KB8O A B0:>9 @C:>9 100 @07, 8 :064K9 @07 =0 :>=C 1C45B AB>OBL $1 (=8:0:8E 4>?>;=8B5;L=KE AB02>: =5 1C45B).

<5O B>;L:> >4=>3> ?@>B82=8:0, 2K 2K83@05B5 $80 B>340, :>340 1C45B5 2K83@K20BL 8 ?@>83@05B5 $20 70 B5 20 ?>?KB>:, :>340 2K ?@>83@05B5. 0H0 ?>;=0O ?@81K;L 70 100 MB8E @>7K3@KH59 1C45B @02=0 $60:

 

! 452OBLN ?@>B82=8:0<8 20H8 BC7K 1C4CB 2K83@K20BL B>;L:> 2 30% A;CG052 8 AC<<0 20H8E 2K83@KH59 A>AB028B $270 ($9 70 :064K5 87 30-8 @0740G). 0H8 BC7K ?@>83@0NB 2 A5<845AOB8 A;CG0OE, GB> 2 8B>35 ?@8=5A5B 20< C1KB:8 2 $70 ($1 70 :064K5 87 A5<845AOB8 ?@>83@KH=KE @>7K3@KH59). 1I0O ?@81K;L >B MB8E @0740G 1C45B @02=0 $200:

 

!C<<0 2 $200 1>;55 G5< 2 B@8 @070 ?@52KH05B BC AC<<C 2 $60, 2K83@0==CN 20<8 70 100 @0740G ?@8 =0;8G88 548=AB25==>3> ?@>B82=8:0.  MB8 $200 O2;ONBAO 200% 2>72@0B>< >B 20H8E ?>AB02;5==KE $100. 1A>;NB=> =525@>OB=> ?>;CG8BL 1>;55, G5< 100% 2>72@0B =0 20H8 8=25AB8F88, 5A;8 2K 1C45B5 83@0BL B>;L:> ?@>B82 >4=>3> ?@>B82=8:0. N48, :>B>@KE @0AAB@0820NB GC685 ;C7>2K5 :>;;K 8 =52>7<>6=>ABL 70I8B8BL A2>8 @C:8 =5 7=0NB, GB> >=8 3>2>@OB. =8 2K@060NB A2>8 =54>2>;LAB20 ?> ?>2>4C 15418B>2, ?>B><C GB> 15418BK ?@8=>AOB 8< C1KB:8 745AL 8 A59G0A.  4>;3>A@>G=0O ?@81K;L 4;O =8E   ?>=OB85 01AB@0:B=>5 .

A;8 2K 83@05B5 2 ;C7>2> ?0AA82=>9 83@5, 2K 4>;6=K A<8@8BLAO A B5<, GB> 2K G0AB> =5 A<>65B5 70I8B8BL A2>N @C:C, => 70 MB> 2K ?>;CG8B5 1>;55, G5< >?@0240==CN :><?5=A0F8N. @>B82=8:8 1C4CB :>;;8@>20BL 8 ?5@5BO3820BL 20A 2=5 7028A8<>AB8 >BB>3>, GB> 2K 1C45B5 45;0BL. A;8 C 20A :0@<0==K5 BC7K, B> ;CGH55, G53> 2K A<>65B5 4>18BLAO   MB> >AB0BLAO >48= =0 >48= 8 =0G0BL A :5<-B> @597>2CN 2>9=C, :>B>@0O A>740AB :@C?=K9 10=:, => MB> =5 1C45B A;CG0BLAO >G5=L G0AB>.

 :=835 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 2 G5B25@B>9 5Q G0AB8, :>B>@0O =07K205BAO ŤC7>2K5 83@Kť, >?8A0=K =5:>B>@K5 ?@85<K, :>B>@K5 C<5=LH0NB MBC ?@>1;5<C, => =5B =8:0:>3> A?>A>10 871560BL B0:8E ?@>1;5<. >340 ?@>B82=8:8 1C4CB ?5@5BO3820BL 20A, C;K109B5AL 8 ?>74@02;O9B5 8E, 8 >=8 >B404CB 20< 20H8 45=L38 >1@0B=> A =525@>OB=K< 8=B5@5A><.

7<5=5=85 !3. 0=:8 =0AB>;L:> 1KAB@> AB0=>2OBAO 1>;LH8<8, GB> 15AA<KA;5==K5 :>;;K ;C7>2>-?0AA82=KE 83@>:>2 AB0=>2OBAO ?>GB8 >?@0240==K<8. !;8H:>< <=>385 83@>:8 1C4CB :>;8@>20BL B>340, :>340 ?@>ABK5 8 ?>B5=F80;L=K5 H0=AK : 10=:C 1C4CB >?@024K20BL 8;8 ?>GB8 >?@024K20BL 8E :>;;K A >G5=L A;01K<8 @C:0<8.

7<5=5=85 !4. 'B>1K 2K83@0BL, 2K 4>;6=K 1C45B5 ?>:070BL ;CGHCN @C:C =0 2A:@KB88. >GB8 :0640O @0740G0 4>68205B 4> 2A:@KB8O 8 ?>MB><C 2=5 7028A8<>AB8 >B B>3>, =0A:>;L:> A;01K5 @C:8 C 20H8E ?@>B82=8:>2, 2K =5 4>;6=K 1;5D>20BL, >4=0:> 2K 4>;6=K 1C45B5 ?>?KB0BLAO C<5=LH8BL :>;8G5AB2> :>;;5@>2 4;O B>3>, GB>1K C25;8G8BL 20H8 H0=AK =0 2K83@KH 10=:0.

7<5=5=85 !5. 'B>1K 2K83@0BL, 20< >1KG=> =C6=0 1C45B ;CGH0O @C:0. ! B>G:8 7@5=8O <0B5<0B8:8 MB> >G5=L ?@>AB>. '5< 1>;LH5 C 20A ?@>B82=8:>2, B5< 1>;55 A8;L=0O @C:0 =C6=0 1C45B 20< 4;O ?>154K. >A:>;L:C A;8H:>< <=>385 83@>:8 :>;;8@CNB ?> E>4C @0740G8, B> >G5=L <=>385 AB@59BK, D;0H8 8 DC;;-E0CAK 1C4CB, 2 :>=F5 :>=F>2, A>1@0=K. K =5 1C45B5 2K83@K20BL A;8H:>< G0AB> A ?0@>9 BC7>2 8;8 A 42C<O ?0@0<8 =0 BC70E. 065 :>340 C 20A 1C45B A5B BC7>2, 20A ?5@8>48G5A:8 1C4CB ?>15640BL.

7<5=5=85 !6.  C:8 A 2KA>:8<8 :0@B0<8 8 =5C;CGH5==K5 ?0@K ?>=860NBAO 2 F5==>AB8, 2 B> 2@5<O :0: ?@8:C?=K5 @C:8 AB0=>2OBAO 1>;55 4>E>4=K<8. @8:C?=K5 @C:8 AB0=>2OBAO 1>;55 4>E>4=K<8 ?>B><C, GB> B5:CI85 8 ?>B5=F80;L=K5 H0=AK : 10=:C C25;8G820NBAO. >A:>;L:C @597K A;CG0NBAO @54:>, B> 70 20HC ?@8:C?=CN @C:C 2K 4>;6=K 1C45B5 ?;0B8BL <5=LH5. >A:>;L:C ?@>B82=8:8 1C4CB A;8H:>< G0AB> 4>AB@0820BL A2>8 ?@8:C?=K5 @C:8, @C:8 A 2KA>:8<8 :0@B0<8 8 =5C;CGH5==K5 ?0@K (:@><5 BC7>2) B5@ONB 1>;LHCN G0ABL A2>59 F5==>AB8. ><?LNB5@=0O A8<C;OF8O 4;O A5<8:0@B>G=>3> AB040, ?@>2545==0O >=AB0=B8=>< B<5@><, ?>:070;0, GB> ?@81K;L >B @C:8 2 ?@>4>;605B C25;8G820BLAO A ?>O2;5=85< 1>;LH53> G8A;0 :>;;8@CNI8E 83@>:>2, => ?@81K;L >B ;N1>9 4@C3>9 ?0@K ?>=8605BAO, 8 B5< 1>;LH5, G5< <5=LH53> 4>AB>8=AB20 ?0@0. 0?@8<5@, ?@81K;L >B 2 4>AB8305B A2>53> <0:A8<C<0 2 83@5 A G5BK@L<O ?@>B82=8:0<8, 0 ?@81K;L >B QQ2 4>AB8305B A2>53> <0:A8<C<0 2 83@5 ?@>B82 42CE ?@>B82=8:>2. -B8 A8<C;OF88 1K;8 @0AAG8B0=K 4;O B5E A8BC0F89, :>340 C ?@>B82=8:>2 A;CG09=K5 @C:8 8 :>340 2A5 >=8 02B><0B8G5A:8 4>E>48;8 4> @825@0. > 2 =5:>B>@KE ;C7>2>-?0AA82=KE 83@0E =51>;LH>5 :>;8G5AB2> 83@>:>2 <>65B 83@0BL A ;N1>9 @C:>9, :>B>@0O 8< A40=0.

>A:>;L:C A;8H:>< <=>385 83@>:8 2E>4OB 2 83@C, @C:8 A :@C?=K<8 :0@B0<8 8 =5C;CGH5==K5 ?0@K ?@>83@K20NB 3>@074> 1>;LH5 10=:>2, G5< 2 ;N1>9 4@C3>9 83@5. "0:85 @C:8 >1KG=> ?>-?@56=5<C 1C4CB >AB020BLAO D02>@8B0<8, => 40;5:> =5 =0AB>;L:>, =0A:>;L:> <>65B :070BLAO.

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288 A MB8<8 87<5=5=8O<8

>A:>;L:C ?@028;0 87<5=8;8AL, 20H0 AB@0B538O B>65 4>;6=0 87<5=8BLAO. >>1I5, ;C7>2>-?0AA82=0O 83@0 >G5=L >B;8G05BAO >B 4@C38E 83@, :>B>@K5 >1AC640NBAO 2 1>;LH8=AB25 :=83, ?>MB><C @5:><5=40F88 MB8E :=83 4;O B0:8E 83@ =5 >?B8<0;L=K. >;LH8=AB2> :=83 >?8AK20NB B8?8G=K5 83@K =0 2KA>:8E ;8<8B0E, :>B>@K5 >1KG=> (=> =5 2A5340) =0<=>3> 1>;55 B09B>2K5 8 03@5AA82=K5. !B@0B5388 4;O B09B>2>-03@5AA82=>9 83@K ?> ?@56=5<C 1C4CB ?@8=>A8BL 20< 2K83@KH8 2 ;C7>2>-?0AA82=KE 83@0E. > 2K =5 A<>65B5 2K83@0BL AB>;L:>, A:>;L:> 2>7<>6=>. @>G8B09B5 :=83C ?> A5<8:0@B>G=><C AB04C >=AB0=B8=0 B<5@0 ŤElements of Seven Card Studť 8 87CG8B5 <0B5@80; ?> ;C7>2K< 83@0< 2 :=835 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 8 2 :=835 M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21st Century Editionť. 865A;54CNI85 AB@0B538G5A:85 87<5=5=8O ?>;=>ABLN A>>B25BAB2CNB @5:><5=40F8O< 87 MB8E :=83.

7<5=5=85 !1: 0H59 3;02=>9 F5;LN 4>;65= 1KBL 2K83@KH 10=:0. @0:B8G5A:8 :064>5 459AB285, :>B>@>5 2K 45;05B5 2 ;N1>9 83@5, ?@54AB02;O5B A>1>9 =5:89 :><?@><8AA (=0?@8<5@, <564C C25;8G5=85< 10=:0 8 C25;8G5=85< 20H8E H0=A>2 =0 2K83@KH).  4@C38E 83@0E 2K G0AB> 1C45B5 2K18@0BL B0:85 459AB28O, :>B>@K5 1C4CB C<5=LH0BL 20H8 H0=AK =0 2K83@KH, => C25;8G820BL @07<5@ 10=:0 (=0?@8<5@, 70<54;5==CN 83@C A E>@>H8<8 @C:0<8).  ;C7>2>-?0AA82=KE 83@0E 10=:8 =0AB>;L:> 1KAB@> 2>7@0AB0NB, GB> 2K G0AB> 4>;6=K AB028BL, @5978BL, G5:-@5978BL 8;8 45;0BL GB>-B> 5I5 4;O B>3>, GB>1K A>:@0B8BL G8A;> 83@>:>2, GB> C25;8G8B 20H8 H0=AK =0 2K83@KH.

7<5=5=85 !2: 3@09B5 1>;LH5 @C:, G5< 2 83@5 ?@>B82 1>;55 A8;L=KE 83@>:>2. A;8 2K 1C45B5 83@0BL A;8H:>< B09B>2>, 2K C?CAB8B5 <=>385 2>7<>6=>AB8. >A:>;L:C ?@0:B8G5A:8 :064K9 1C45B >AB020BLAO 2 83@5, 0 @597K 1C4CB A;CG0BLAO @54:>, 2K A<>65B5 45H52> ?>A<>B@5BL G5B25@BCN C;8FC 2 A5<8:0@B>G=>< AB045 8;8 D;>? 2 E>;45<5. K 4>;6=K 83@0BL B5 @C:8, :>B>@K5 2K >1KG=> A1@0AK205B5 ?>B><C, GB> 20H8 H0=AK : 10=:C 1C4CB A8;L=> 2K@0AB0BL. >=5G=>, 2 @54:8E 8A:;NG5=8OE A1@0AK209B5 B0:85 @C:8, 5A;8 :B>-B> 40AB @597 (5A;8 B>;L:> H0=AK : 10=:C =5 1C4CB 45;0BL 20H :>;; >?@0240==K<).

>A:>;L:C <=>385 20H8 ?@>B82=8:8 1C4CB G0AB> :>;8@>20BL, => @54:> 4020BL @597, 2K <>65B5 83@0BL ?>GB8 B0:, :0: 1C4B> 1K 2K ?>A;54=59 ?>78F88 8 4> 20A 1K;> =5A:>;L:> :>;;5@>2. -B0 :>=F5?F8O ?>E>60 =0 BC, :>B>@CN <K @0AA<0B@820;8 ?@8 87CG5=88 ;C7>2>-03@5AA82=KE 83@. "0< <K ?@54?>;030;8, GB> 2K 4>;6=K 83@0BL B09B>255 87-70 ?>2KH5==>9 25@>OB=>AB8 @5970 ?>A;5 20A, 2 B> 2@5<O :0: 745AL <K ?@54;0305< 83@0BL ;C7>255, ?>A:>;L:C 2 83@5 G0AB> 1C4CB 4@C385 :>;;5@K, => @597>2 1C45B <0;>.

3@0O 2 E>;45<, 8A?>;L7C9B5 @0=68@>2:C @C: M2840 !:;0=A:8, => @0AH8@LB5 A2>9 480?07>= =0 >4=C 3@C??C (5A;8 83@0 G@572KG09=> ;C7>2>-?0AA82=0O, B> =0 425) ?> A@02=5=8N A B5<8 @5:><5=40F8O<8, :>B>@K5 B0< 40NBAO 4;O =>@<0;L=>9 8;8 6QAB:>9 83@K. K <>65B5 83@0BL @C:8 ?OB>9 3@C??K 2 @0==59 ?>78F88, @C:8 H5AB>9 8;8 A54L<>9 3@C??K   2 A@54=59 ?>78F88, 3@C??K A54L<>9 8;8 4065 2>AL<>9 3@C??K   2 ?>74=59 ?>78F88. !:;0=A:8 8 0;L<CB B0:65 ?>4G5@:=C;8 A;54CNI89 <><5=B: 2 A@54=59 ?>78F88 Ť2 ;C7>2>-?0AA82=>9 83@5 2K <>65B5 83@0BL @C:8 87 H5AB>9 3@C??K; G5< A;0155 20H8 ?@>B82=8:8, B5< 1>;LH5 @C: 2K <>65B5 83@0BLť.  :064>9 87 3@C?? 1>;LH5 A:;>=O9B5AL : 83@5 A @C:0<8, :>B>@K5 E>@>H> 83@0NB 2 <C;LB8?>B0E, B> 5ABL A ?0@0<8 8;8 A >4=><0AB=K<8 :>==5:B>@0<8 2 ?@>B82>?>;>6=>ABL @C:0<, :>B>@K5 A>AB>OB 87 42CE :@C?=KE @07=><0AB=KE :0@B.

7<5=5=85 !3: '0I5 83@09B5 A ?@8:C?=K<8 @C:0<8. #25;8G5=85 B5:CI8E 8 ?>B5=F80;L=KE H0=A>2 : 10=:C 45;05B <=>385 ?@8:C?=K5 @C:8 83@015;L=K<8. 0?@8<5@, 70G0ABCN ?@028;L=> 1K205B ?@>4>;60BL 83@C A 4K@O2K<8 AB@59B0<8 8;8 A =51>;LH8<8 42CEAB>@>==8<8 AB@59B0<8 (4065 =0 B@5BL59 C;8F5 2 A5<8:0@B>G=>< AB045).  E>;45<5 2K 8=>340 A<>65B5 ?@>4>;68BL 83@C A 4K@O2K< AB@59B>< 8;8 A 3-D;0H5<. @8ACBAB285 2 10=:5 1>;LH>3> :>;8G5AB20 83@>:>2 A>740QB 25;8:>;5?=K5 H0=AK : 10=:C. A;8 2K 4>AB@>8B5 A2>N @C:C, 2K ?>GB8 2A5340 ?>;CG8B5 :0:85-B> 45=L38 >B ?@>B82=8:>2   G0AB> 1>;55, G5< >B >4=>3> 83@>:0.

 E>;45<5 F5==>ABL ?@8:C?=KE @C: 2 :064>9 3@C??5 @C: C25;8G8205BAO ?> A@02=5=8N A F5==>ABLN @C:, A>AB>OI8E 87 :@C?=KE @07=><0AB=KE :0@B. ŤA;8 20H0 @C:0 2 B0:8E ;C7>2KE 83@0E 1C45B >4=><0AB=>9, MB> 1C45B 3830=BA:8< ?@58<CI5AB2><. 0 =5:>B>@KE D;>?0E ;N48 1C4CB 83@0BL ?@>B82 20A A @C:0<8, :>B>@K5 =5 1C4CB 8<5BL =8:0:8E H0=A>2 =0 ?>154C, 5A;8 2K A>15@5B5 A2>N @C:Cť (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť).

5;:85 ?0@K B0:65 O2;ONBAO ?@8:C?=K<8 @C:0<8. =8 AB0=>2OBAO =0<=>3> 1>;55 F5==K<8 2 B0:8E 83@0E, ?>B><C GB> 20H8 ?>B5=F80;L=K5 H0=AK >G5=L E>@>H8. A;8 2K A>15@5B5 A5B, 2K A<>65B5 0B0:>20BL. A;8 2K =5 A>15@5B5 53>, 2K A<>65B5 4QH52> A1@>A8BL. $0:B8G5A:8, 745AL 459AB2C5B B0:>5 ?@028;>: =5B A5B0   =5B 15B0.

7<5=5=85 !4: K G0AB> 4>;6=K AB028BL 8;8 @5978BL, 3;02=K< >1@07>< 4;O B>3>, GB>1K ?@82;5GL 1>;LH5 45=53 2 10=:. 0G0ABCN 2K =5 A<>65B5 70I8B8BL A2>N @C:C ?@>ABK< 15B><. =>385 ;N48 1C4CB >B25G0BL 20< 4065 =0 425 AB02:8 B>340, :>340 =0 A0<>< 45;5 >=8 4>;6=K A1@>A8BL 2A53> =0 >4=C. 4=0:>, ?>A:>;L:C 1>;LH8=AB2> B0:8E ;C7>2KE :>;;>2 8<5NB >B@8F0B5;L=>5 >6840=85, B> 20< 1C45B 2K3>4=>, :>340 ?@>B82=8:8 1C4CB :>;;8@>20BL 20H8 AB02:8 8 @597K ?@8 =0;8G88 C 20A E>@>H59 @C:8.

0209B5 25@=5<AO : ?@8<5@C A :0@<0==K<8 BC70<8. K 3>2>@8;8, GB> BC7K 70@010BK20NB 2 420 @070 1>;LH5 A2>8E ?5@2>=0G0;L=KE 2;>65=89, :>340 2K 83@05B5 A =8<8 ?@>B82 452OB8 A;CG09=KE @C:.  ;C7>2>-?0AA82=>9 83@5 20< 1C4CB >B25G0BL :>;;0<8 =5 A> A;CG09=K<8 @C:0<8, => 70G0ABCN A @C:0<8 1;87:8<8 : A;CG09=K<. 5:>B>@K5 ;N48 1C4CB >B25G0BL 2>>1I5 ?>GB8 A 157=0456=K<8 @C:0<8. K >4=>7=0G=> 4>;6=K @5978BL A BC70<8, B0:65 2K 4>;6=K AB028BL 8 @5978BL A 1>;55 A;01K<8 @C:0<8, G5< >1KG=>, B0:8<8 :0: ?0@0 452OB>: =0 ?@5D;>?5 2 E>;45<5 8;8 4-D;0H =0 G5B25@B>9 C;8F5 2 A5<8:0@B>G=>< AB045.  1>;LH8=AB25 A;CG052 2K ?@>83@05B5 A B0:8<8 @C:0<8, => C25;8G5==K5 @07<5@K B5E 10=:>2, :>B>@K5 2K 2K83@05B5, A ;8E2>9 ?>:@>NB 20H8 ?@>83@KH8. @><5 B>3>, ?@>B82 83@>:>2 B0:>3> B8?0 2K A 1>;LH>9 C25@5==>ABLN A<>65B5 @5978BL 4;O ?>;CG5=8O 15A?;0B=>9 :0@BK.

 5I5 =5<=>3> <0B5<0B8:8. A;8 AB02:0 8<55B ?>;>68B5;L=K9 >68405<K9 4>E>4, B> G5< 1>;LH53> @07<5@0 20H0 AB02:0 8 G5< G0I5 2K 5Q 45;05B5, B5< 1>;LH5 45=53 >=0 20< ?@8=5A5B. >A:>;L:C C 20A 5ABL ?@58<CI5AB2>, 70G0ABCN 20< =C6=> 1C45B ?@82;5GL 2 10=: AB>;L:> 45=53, A:>;L:> 2>7<>6=>. 0?@8<5@, =0 D;>?5 2 E>;45<5 2K A<>65B5 ?>AB028BL 8;8 4065 40BL @597 A 2KAH59 ?0@>9 8 A;01K< :8::5@>< 8;8 A> A@54=59 ?0@>9 8 BC7>2K< :8::5@><. 0H0 @C:0 <>65B 1KBL =5 ;CGH59, => :CG0 ;N459 1C45B >B25G0BL 20< A> A@54=59 ?0@>9 8 <5=LH8< :8::5@><, A =86=59 ?0@>9 8;8 A 4K@O2K< AB@59B><.  B0:8E 83@0E H0=AK : 10=:C ?>72>;ONB 45;0BL B0:85 :>;;K, 0 =5:>B>@K5 A;01K5 ?@>B82=8:8 <>3CB >B25G0BL 20< A 5I5 1>;55 A;01K<8 @C:0<8. 4=0:>, 5A;8 @597>< 2K A<>65B5 2K18BL =5A:>;L:8E 83@>:>2, B>, 2>7<>6=>, ;CGH5 1C45B AK3@0BL G5:-@597, 0 =5 15B, 8;8, 2>7<>6=>, ?>?KB0BLAO A45;0BL @597 2 1>;55 ?>74=5< @0C=45, :>340 @07<5@ AB02:8 C42>8BAO.

! E>@>H8<8 ?@8:C?=K<8 @C:0<8 ?@>B82=8:8 1C4CB >B25G0BL 20< ?>GB8 2 ;N1>9 83@5. > 2 1>;LH8=AB25 A;CG052 >=8 =5 ?5@5BO=CB 20A. E H0=AK =0 B>, GB>1K 4>AB@>8BL A2>N @C:C 1C4CB @02=K ?@8<5@=> 2-:-1. >A:>;L:C H0=AK : 10=:C 1C4CB =0<=>3> 2KH5, 8E :>;; 1C45B 8<5BL ?>;>68B5;L=>5 >6840=85. > 2K B0:65 <>65B5 40BL @597. >A:>;L:C 20H8 H0=AK =0 8B>3>2K9 2K83@KH 1C4CB @02=K 2-:-1, B> @597>< 2K A<>65B5 2K83@0BL =0 2/3 1>;LH5 4>?>;=8B5;L=KE 45=53.

'B> B0:>5 4>?>;=8B5;L=K5 45=L38? ABL B>;L:> >48= 10=: 8 >48= ?>1548B5;L. > 10=: A>AB>8B 87 42CE G0AB59   45=53, :>B>@K5 C65 =0E>4OBAO 2 =5< 8 45=53, :>B>@K5 1C4CB 4>102;5=K 2 =53> ?>765. 0?@8<5@, =0 D;>?5 2 E>;45<5 A>740;AO 10=: B0:>3> @07<5@0, :>B>@K9 ?>72>;O5B ?@8:C?=K< @C:0< :>;;8@>20BL A ?>;>68B5;L=K< >6840=85<, => 2 42CE A;CG0OE 87 B@QE 2K 1C45B5 2K83@K20BL ?@8 B0:>< D;>?5. 0 4;8==>9 48AB0=F88 2K ?>;CG8B5 67 F5=B>2 70 :064K9 4>?>;=8B5;L=> ?@82;5G5==K9 2 10=: 4>;;0@ (2 A8BC0F8OE >48= =0 >48=).

4=0:> C @597>2 5ABL >1@0B=0O AB>@>=0, >A>15==> C ?@5D;>?-@597>2. A;8 @597 45;05B 10=: A;8H:>< 1>;LH8<, B0:>9 @597 <>65B ?@52@0B8BL 5AB5AB25==CN A:;>==>ABL 20H8E ?@>B82=8:>2 : :>;;0< A> A;01K<8 @C:0<8 87 >H81:8 2 ?>GB8 157>H81>G=K5 459AB28O. "0:8< >1@07><, A 1>;LH8< :>;8G5AB2>< @C:, A :>B>@K<8 =0 ?5@2K9 273;O4 =C6=> @5978BL, 2K @5978BL =5 4>;6=K, ?>B><C GB> 20H8 83@>2K5 =02K:8 404CB 20< 2>7<>6=>ABL ?5@583@0BL ?@>B82=8:>2 2 1>;55 ?>74=8E @0C=40E. > 5A;8 ?@>B82=8:8 83@0NB ?@>AB> C60A=> 8 2E>4OB 2 83@C ?>GB8 A> 2A5<, 2K C?CAB8B5 A;8H:>< <=>3> ?@81K;8, >B:07K20OAL >B @5970.

5B 8;8 @597 G0AB> ?@54AB02;O5B 87 A51O =5:89 :><?@><8AA.  D0:B>@K, 2;8ONI85 =0 ?@028;L=K9 2K1>@, A;8H:>< A;>6=K, GB>1K >1AC640BL 8E 745AL. ;O 1>;55 ?>4@>1=>3> >1AC645=8O MB>9 B5<K A<>B@8B5 <0B5@80;, ?>A2OI5==K9 ;C7>2K< 83@0< 2 :=835 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 8 2 :=835 M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21st Century Editionť.

7<5=5=85 !5: 0209B5 @597 A A8;L=K<8 ?@8:C?=K<8 @C:0<8. -B0 @5:><5=40F8O 2KB5:05B 87 42CE ?@54K4CI8E, ?>A:>;L:C <=>385 ;N48 1C4CB :>;;8@>20BL, 0 A8;L=K5 ?@8:C?=K5 @C:8 70G0ABCN 1C4CB 8<5BL 02B><0B8G5A:>5 ?>;>68B5;L=>5 >6840=85 2 :064>< @0C=45 B>@3>2;8. "0:8< >1@07><, G5< 1>;LH5 45=53 2K ?@82;5G5B5 2 10=:, B5< 1>;LH5 2K 2K83@05B5 =0 4;8==>9 48AB0=F88.

0?@8<5@, 5A;8 2 E>;45<5 =0 ?@5D;>?5 2K =0E>48B5AL 2 ?>78F88 10B>=0 8 H5ABL 83@>:>2 4> 20A C65 2>H;8 :>;;><, 2K <>65B5 40BL @597 A

 Q  J

8;8

c&J c&T

8;8 4065 A

`&9  9

8;8

c&8  8

'5< 1>;LH5 :>;;5@>2 1C4CB ?5@54 20<8, B5< A 1>;55 A;01K<8 @C:0<8 2K 4>;6=K 1C45B5 @5978BL, ?>B><C GB> ?>GB8 2A5 87 ?@>B82=8:>2 1C4CB >B25G0BL 20< :>;;>< (:0: 8 1;09=4K), GB> 40AB 20< 7-:-1 8;8 8-:-1.

A;8 2K CA8;8B5AL =0 D;>?5, 2K A<>65B5 AB028BL 03@5AA82=>. A;8 D;>? ?><>65B 20< B>;L:> =5<=>3>, 2K A<>65B5 ?>A<>B@5BL B5@= 15A?;0B=>, ?>A:>;L:C ;C7>2>-?0AA82=K5 83@>:8 G0AB> 1C4CB 3>2>@8BL G5: ?5@54 ?@5D;>?-@5975@><. "0:65, 87 ?>74=59 ?>78F88 =0 D;>?5 2K A<>65B5 ?>AB028BL, GB>1K ?>;CG8BL 15A?;0B=CN :0@BC =0 B5@=5, ?>B><C GB> =0 B5@=5 2A5 ?@>B82=8:8 B>65 <>3CB A:070BL 20< G5:.

A;8 D;>? 20< =5 ?><>65B 8 :B>-B> ?>AB028B, 2K A1@>A8B5 8 2A5<, GB> 2K ?>B5@O5B5, 1C45B B0 4>?>;=8B5;L=0O AB02:0 =0 ?@5D;>?5. A;8 4> 20A 2A5 A:06CB G5: 8 =0 D;>?5 2K ?>AB028B5, 0 70B5< =0 B5@=5 :B>-B> 40AB 15B, 2K A<>65B5 1KBL 4>AB0B>G=> C25@5==K< 2 B><, GB> 2K ?>18BK (?>B><C GB> ;C7>2>-?0AA82=K5 83@>:8 >1KG=> 70?><8=0NB B>3> 83@>:0, :>B>@K9 @0=55 4020; @597 8 3>2>@OB ?5@54 =8< G5:).

 A5<8:0@B>G=>< AB045 2K >1KG=> =5 4>;6=K 1C45B5 4020BL @597 A 42CAB>@>==8< 4-AB@59B>< 8;8 A 4-D;0H5< =0 G5B25@B>9 8;8 ?OB>9 C;8F5, :>340 ?>A;5 20A 1C4CB >AB020BLAO 5I5 =5A:>;L:> 83@>:>2, ?>B><C GB> MB> <>65B 8E 2K18BL 8 CEC4H8BL 20H8 B5:CI85 8 ?>B5=F80;L=K5 H0=AK : 10=:C. 1KG=> 2K 4>;6=K 1C45B5 AB@5<8BLAO 4>AB@>8BL A2>N ?@8:C?=CN @C:C 4QH52> 8 70AB028BL ?>B5=F80;L=KE :>;;5@>2 70?;0B8BL 20< :0: <>6=> 1>;LH5 B>340, :>340 2K 4>AB@>8B5 A2>N @C:C. 4=0:>, 5A;8 20H0 @C:0 <>65B 2K83@0BL 8 4@C38<8 A?>A>10<8, =0?@8<5@, 5A;8 C 20A 5ABL 425 2KA>:8E :0@BK 8 3>B>20O ?0@0, 2K <>65B5 ?>9B8 =0 B0:>9 @597 8 ?>?KB0BLAO >AB0BLAO A :5<-B> >48= =0 >48= 8;8 A>:@0B8BL G8A;> 83@>:>2.

 ;C7>2>-?0AA82=>9 83@5 <=>385 ;N48 1C4CB :>;;8@>20BL 20H @597, >A>15==> 5A;8 4> MB>3> >=8 C65 >B25B8;8 =0 ?5@2CN AB02:C. =8 ?>6<CB ?;5G0<8 8 A:06CB A515: Ť-B> 2A53> ;8HL >4=0 ;8H=OO AB02:0ť. A;8 C 20A B0:65 1C45B ?>78F8O, 2K A<>65B5 ?>;CG8BL 15A?;0B=CN :0@BC 2 A;54CNI5< @0C=45, ?>B><C GB> B0< ?@>B82=8:8 A:06CB 20< G5:.

>4>1=0O ;>38:0 ?@8<5=O5BAO 8 : AB0488 D;>?0 2 E>;45<5. 0?@8<5@, 5A;8 4> 20A 1K; 15B 8 G5BK@5 :>;;0, 0 C 20A 5ABL 4-D;0H 8 =0 AB>;5 =5B >B:@KB>9 ?0@K, 40209B5 @597. (0=AK 4>AB@>8BL 20H 4-D;0H @02=K ?@8<5@=> 2-:-1, 0 2K ?>;CG05B5 >B 10=:0 5-:-1 =0 20H @597, ?>B><C GB> 2A5 20H8 ?@>B82=8:8 1C4CB, 25@>OB=>, >B25G0BL 20< :>;;><. 0H5 >6840=85 1C45B G@572KG09=> ?>;>68B5;L=K<, >:>;> $1 ?@81K;8 70 :064K9 $1 20H59 AB02:8.

K 1C45B5 2K83@K20BL ?@8<5@=> 2 B@5B8 A;CG052 8 ?@>83@K20BL ?@8<5@=> 2 42CE A;CG0OE 87 B@5E. A;8 ?>2B>@8BL B0:CN A8BC0F8N A ?OBLN :>;;5@0<8 100 @07, B> 2K ?@>83@05B5 $67, 0 2K83@05B5 165, GB> ?@8=5A5B 20< 8B>3>2CN ?@81KBL 2 $98.

 

>>1I5, =5:>B>@K5 =87:>;8<8B=K5 83@K 2 E>;45< =0AB>;L:> ;C7>2K5, GB> 2K <>65B5 @5978BL A ?@8:C?=K<8 @C:0<8, 4065 5A;8 ?@>B82 20A 1C45B >48= 8;8 420 :>;;5@0, ?>B><C GB> <=>385 ;N48 ?>A;5 20A 1C4CB 2E>;>4=CN >B25G0BL =0 20H @597 A <CA>@=K<8 @C:0<8.

>?>;=8B5;L=0O ?@8G8=0 4;O @5970 70:;NG05BAO 2 B>< GB> >1KG=> 2K A<>65B5 ?>;CG8BL 15A?;0B=CN :0@BC =0 B5@=5 1;03>40@O ?0AA82=>AB8 20H8E ?@>B82=8:>2 8 8E ?@82KG:5 3>2>@8BL G5: ?5@54 @5975@><. -B> <>65B A@01>B0BL, 4065 5A;8 2K 1C45B5 =0E>48BLAO 2 @0==59 ?>78F88 8 ?>A;5 20A 5I5 1C4CB >AB020BLAO 83@>:8. =8 <>3CB =0AB>;L:> 1>OBLAO 20H53> G5:-@5970, GB> 2K A<>65B5 2AQ @02=> ?>;CG8BL 15A?;0B=CN :0@BC.  5A;8 2K 55 ?>;CG8B5, 20H @597 1C45B 8<5BL A0<K9 A8;L=K9 2>7<>6=K9 MDD5:B: >= 40AB 20< 2>7<>6=>ABL 70@01>B0BL =0 20H5< ?>;>68B5;L=>< >6840=88 8 >4=>2@5<5==> ?>72>;8B 20< 45H52;5 70?;0B8BL 70 20HC ?@8:C?=CN @C:C, :>340 ?5@20O 87 >AB02H8EAO :0@B 20< =5 ?><>65B (2K 70?;0B8B5 425 <0;KE AB02:8 =0 D;>?5 2<5AB> >4=>9 <0;>9 AB02:8 =0 D;>?5 8 >4=>9 1>;LH>9 AB02:8 =0 B5@=5).

7<5=5=85 !6: !B02LB5 8;8 @5978B5 A> A;01K<8 @C:0<8 4;O C25;8G5=8O 20H8E H0=A>2 =0 2K83@KH 10=:0. %>BO C 20A 1C45B >G5=L =51>;LH>9 H0=A =0 B>, GB>1K 2K18BL :064>3> 83@>:0 87 1>@L1K, <=>385 10=:8 >G5=L 1KAB@> AB0=>2OBAO 1>;LH8<8, 8 ?>MB><C 2K 4>;6=K AB028BL 8;8 @5978BL, 4065 :>340 2K 4C<05B5, GB> 20H0 @C:0 =5 O2;O5BAO ;CGH59.

ŤK 4>;6=K 45;0BL MB> =5 B>;L:> 87-70 ACI5AB2>20=8O =51>;LH>3> H0=A0 =0 B>, GB> 2K <>65B5 2K83@0BL   2K 4>;6=K AB028BL 8;8 @5978BL B0:65 8 ?>B><C, GB> ?0AA82=K5 459AB28O 1C4CB AB>8BL 20< 10=:0 2 B5E @54:8E A;CG0OE, :>340 20H0 @C:0 C;CGH8BAO. ><=8B5, 2K B0: 8;8 8=0G5 2AQ @02=> A>18@0;8AL :>;8@>20BLť (87 :=838 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť)

=>340 MB>B ?@8=F8? 1C45B A>G5B0BLAO A 4@C38<8 ?@8=F8?0<8, B0:8<8 :0: ?@8=F8? @5970 A E>@>H8<8 ?@8:C?=K<8 @C:0<8. @54?>;>68< C 20A

 A  2

0 =0 D;>?5

 K  8  7

> D;>?0 @597>2 =5 1K;>, 0 2K 459AB2C5B5 2B>@K< 8 ?>A;5 20A 5I5 >AB05BAO H5ABL 83@>:>2. A;8 ?5@2K9 83@>: ?>AB028B, 8<5O 25@>OB=55 2A53> ?0@C :>@>;59, 409B5 @597. # 20A 2@O4 ;8 ?>;CG8BAO 2K18BL 2A5E 83@>:>2 87 1>@L1K, => 2K <>65B5 2K18BL B5E, C :>3> 1C4CB @C:8 B8?0 A3 8;8 AQ. 0B5<, 5A;8 2K ?>;CG8B5 BC70, 2K A<>65B5 2K83@0BL MB>B 10=:, :>B>@K9 2K ?@>83@0;8 1K, 5A;8 1K =5 40;8 @597.

/ =07K20N MB>B ?@>F5AA Ť?>:C?:0 0CB>2ť. A;8 C :>3>-B> 5ABL BC7 A 1>;55 AB0@H8< :8::5@><, 20H8<8 548=AB25==K<8 0CB0<8 O2;ONBAO B>;L:> 452OBL G5@2>2KE :0@B (2K B0:65 A<>65B5 2K83@0BL, 5A;8 =0 B5@=5 8 @825@5 ?>;CG8B5 425 42>9:8 8;8 BC70 8 42>9:C, => MB0 2>7<>6=>ABL :@09=5 <0;>25@>OB=0). A;8 20H @597 2K1L5B 83@>:0 A BC7>< 8 1>;55 AB0@H8< :8::5@><, :>;8G5AB2> 20H8E 0CB>2 C25;8G8BAO 4> >48==04F0B8   MB> 1C4CB 452OBL G5@259 8 420 >AB02H8EAO BC70 (70 8A:;NG5=85< A8BC0F88, :>340 2K ?>;CG8B5 ?0@C BC7>2 8 :B>-B> 2AQ @02=> A>15@5B 1>;55 A8;L=CN @C:C). >A:>;L:C 20H0 3;02=0O F5;L   MB> 2K83@KH 10=:0, @597 ?>72>;8B 20< Ť2K:C?8BLť 0CBK 8;8 C25;8G8BL 20H8 H0=AK =0 2K83@KH 4@C38<8 ?CBO<8, GB> 1C45B O2;OBLAO 25;8:>;5?=K< 2;>65=85<.

7<5=5=85 !7: !>?@>B82;O9B5AL 8A:CH5=8N A45;0BL =5:>B>@K5 @597K. >A:>;L:C A;8H:>< <=>385 83@>:8 :>;8@CNB, 20< <>65B 1KBL A;>6=> A>?@>B82;OBLAO 8A:CH5=8N 40BL @597 A =5:>B>@K<8 E>@>H8<8, => =5 :@C?=K<8 @C:0<8. @54?>;>68<, 2K 83@05B5 2 E>;45< 8 =0E>48B5AL =0 10BB>=5 A @C:>9

c&A  J

8 H5ABL 83@>:>2 C65 2>H;8 :>;;><. K 7=05B5, GB> C 1>;LH8=AB20 87 =8E, 2>7<>6=> 4065 C =8E 2A5E, A;01K5 @C:8, => 2K, 25@>OB=>, 4>;6=K A>?@>B82;OBLAO 8A:CH5=8N 40BL @597 2 MB>9 A8BC0F88.

064K9 >B25B8B 20< :>;;>< 8 20H @597 A45;05B 10=: A;8H:>< 1>;LH8<, GB> =0 D;>?5 A>740AB B0:85 H0=AK : 10=:C, :>B>@K5 1C4CB ?>72>;OBL 20H8< ?@>B82=8:0< :>;;8@>20BL A> A;01K<8 @C:0<8, GB> B0: 65 C25;8G8B 25@>OB=>ABL B>3>, GB> 20A 2 8B>35 ?5@5BO=CB. >;; A 4K@O2K< AB@59B>< 8;8 =86=59 ?0@>9 1C45B >H81:>9, 5A;8 2 10=:5 1C4CB =0E>48BLAO B>;L:> A5<L 8;8 2>A5<L AB02>:, => MB> 1C45B ?@028;L=>9 83@>9, 5A;8 10=: C25;8G8BAO 4> 14-16 AB02>:. 0H @597 ?@52@0B8B 8E 5AB5AB25==CN ?@82KG:C : :>;;C =0 D;>?5 8;8 4065 =0 B>@=5 87 >H81:8 2 ?@028;L=CN 83@C. 4=0:>, :0: <K C65 3>2>@8;8 @0=55, 5A;8 >=8 83@0NB 01A>;NB=> C60A=> 8 2E>4OB 2 83@C 01A>;NB=> A> 2A5<, 2K C?CAB8B5 A;8H:>< <=>3> ?@81K;8, >B:07K20OAL >B @5970.

"5 65 A0<K5 ?@8=F8?K ?@8<5=ONBAO 8 2> <=>38E 4@C38E A8BC0F8OE. A;8 A;8H:>< <=>385 83@>:8 >B25G0NB =0 15BK 8;8 @597K 2 @0==5< @0C=45, 10=: G0AB> AB0=>28BAO =0AB>;L:> 1>;LH8<, GB> 15AA<KA;5==0O ?@82KG:0 ;C7>2>-?0AA82=KE 83@>:>2 :>;;8@>20BL ?>GB8 A ;N1K<8 @C:0<8 G0AB> 1C45B >:07K20BLAO ?@028;L=>9 83@>9. >;55 ?>4@>1=> MB>B 2>?@>A >1AC6405BAO 2 :=835 M2840 !:;0=A:8 8 59A>=0 0;L<CB0 ŤHold em Poker for Advanced Players: 21st Century Editionť 8 2 :=835 M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven Card Stud for Advanced Players: 21st Century Editionť.

7<5=5=85 !8: 8=8<878@C9B5 A2>9 1;5D. 0< ?>GB8 2A5340 1C4CB >B25G0BL, 8 :@><5 B>3>, 2 B0:>9 83@5 =5 1C45B ?>GB8 =8:0:>3> A<KA;0 @5:;0<8@>20BL A2>9 8<846 4;O ?>;CG5=8O 1>;LH59 0:B82=>AB8 >B ?@>B82=8:>2 2 1C4CI5<.

7<5=5=85 !9: 8=8<878@C9B5 A2>8 ŤA8;L=K5 E>4Kť. 4=0 87 A0<KE 3;C?KE 25I59, :>B>@K5 <>6=> A45;0BL 2 ;C7>2>-?0AA82=>9 83@5   MB> ?KB0BLAO ?@8=OBL MDD5:B=K5 8 ?@8GC4;82K5 ?@85<K. 0H8 ?@>B82=8:8 1C4CB =0AB>;L:> =52=8<0B5;L=K<8, GB> ?@>AB> =0 B0:85 ?@85<K ?@>AB> =8:B> =5 :C?8BAO.

7<5=5=85 !10: 8=8<878@C9B5 G5:-@597K. A;8 2K A:065B5 G5:, :064K9 87 >AB02H8EAO 83@>:>2 <>65B A45;0BL B> 65 A0<>5. ! ?>4E>4OI8<8 :0@B0<8 2K 4>;6=K AB028BL, ?>B><C GB> ?0AA82=K5 83@>:8 =5 A45;0NB MB>3> 70 20A. 4=0:> 2 =5:>B>@KE A8BC0F8OE 2K <>65B5 ?>?KB0BLAO 70I8B8BL A2>8 >G5=L CO728<K5 @C:8 A ?><>ILN G5:-@5970.

@54?>;>68< C 20A

c&J `&9

=0 1>;LH>< 1;09=45 2 E>;45<5. !5<L 83@>:>2 =0E>4OBAO A 20<8 2 @0740G5, 0 =0 D;>? ?@8E>4OB

 9 `&5  2

K 4>;6=K AB@5<8BLAO : 70I8B5 B0:>9 @C:8, => 1>;LH8=AB2> 20H8E ?@>B82=8:>2 >B25BOB 20<, 5A;8 2K ?>AB028B5. A;8 2K A:065B5 G5:, 83@>: 87 ?>74=59 ?>78F88 <>65B ?>AB028BL, 8 70B5< 2K A<>65B5 40BL @597. @>B82=8:8 <>3CB A1@>A8BL =5:>B>@K5 87 A2>8E A;01KE @C:, B0:8E :0: QT 8;8 75.

7<5=5=85 !11: 5 83@09B5 70<54;5==> A E>@>H8<8 @C:0<8. 0<54;5==0O 83@0 B0: 65 @8A:>20==0, :0: 8 G5:-@597. @C385 ;N48 <>3CB =5 ?>AB028BL 8;8 =5 40BL @597. A;8 C 20A E>@>H0O @C:0, 40209B5 15B 8;8 @597. A;8 2K MB>3> =5 A45;05B5, 2K =54>?>;CG8B5 45=L38 >B A2>8E ?@>B82=8:>2 8 C25;8G8B5 H0=AK =0 B>, GB> >=8 20A ?5@5BO=CB.







A;8 2K   ;C7>2>-?0AA82=K9 83@>:

K O2;O5B5AL ;C7>2>-?0AA82=K< 83@>:><, 5A;8 20H8 >G:8 70 B09B>2>ABL/;C7>2>ABL @02=K 7 8;8 2KH5, 0 20H8 >G:8 70 ?0AA82=>ABL/03@5AA82=>ABL @02=K 3 8;8 =865. A;8 MB> B0:, B> MB>B @0745; @0AA:07K205B 8<5==> > 20A. 5@54 B5< :0: G8B0BL 40;LH5, =0?8H8B5 AN40 20H @59B8=3 87 ?>4@0745;0 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838.

>9 @59B8=3: __ , __.

 

B<5BLB5 B>G:C =0 803@0<<5 10, :>B>@0O A>>B25BAB2C5B 20H5<C AB8;N 83@K. '5< 1;865 1C45B MB0 B>G:0 : ;52><C =86=5<C C3;C 4803@0<<K, B5< 1>;55 ;C7>2K< 8 ?0AA82=K< 83@>:>< 2K 1C45B5 O2;OBLAO, 8 B5< 1>;LH5 MB>B @0745; 1C45B >B=>A8BLAO =5?>A@54AB25==> : 20<.

%>BO ;N1>9 83@>: A B0:8< @59B8=3>< 1C45B O2;OBLAO ;C7>2>-?0AA82=K< 83@>:><, 1>;LH8=AB2> ?@8<5@>2 8 ?@8=F8?>2, >?8A0==KE 745AL, >B=>AOBAO =5?>A@54AB25==> : M:AB@5<0;L=K< ;C7>2>-?0AA82=K< 83@>:0<   02B>>B25BG8:0< (9,1). A;8 20H8 >G:8 ?> :0:>9-=81C4L E0@0:B5@8AB8:5 @02=K >B 2 4> 8, B> >?8A0==K5 745AL B5<K <>3CB =5 A>>B25BAB2>20BL 20<   2>7<>6=> A8;L=>, 2>7<>6=> ;8HL =5<=>3>.

A;8 20H8 >G:8 70 B09B>2>ABL/;C7>2>ABL <5=LH5 7 8;8 5A;8 20H8 >G:8 70 ?0AA82=>ABL/03@5AA82=>ABL 1>;LH5 3, B> 2K =5 O2;O5B5AL ;C7>2>-?0AA82=K< 83@>:><, 8 1>;LH0O G0ABL MB>3> @0745;0 =5 1C45B >B=>A8BLAO : 20<. 0?@8<5@, 5A;8 20H @59B8=3   7,4, B> 2K ;C7>2K9 8 =5A:>;L:> ?0AA82=K9 83@>:. 5:>B>@0O 8=D>@<0F8O 87 MB>3> @0745;0 1C45B >B=>A8BLAO : 20<, 2 B> 2@5<O :0: 4@C30O 8=D>@<0F8O   =5 >G5=L.

-B>B @0745; A>AB>8B 87 G5BK@5E ?>4@0745;>2:

1.	>=8<0=85 ?>A;54AB289.

2.	>=8<0=85 20H8E <>B82>2.

3.	#;CGH5=85 20H59 83@K.

4.	K1>@ ?@028;L=KE 83@.

5.	 ?@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:.

K =0G=Q< A >1AC645=8O ?>A;54AB289 20H53> 83@>2>3> AB8;O, ?>B><C GB> ?@0:B8G5A:8 2A5 ;C7>2>-?0AA82=K5 83@>:8 8<5NB ?>E>685 @57C;LB0BK =0 4;8==>9 48AB0=F88. !;54CNI85 G5BK@5 ?>4@0745;0 ?><>3CB 20< ?>=OBL, ?>G5<C 2K 83@05B5 2 B0:>< AB8;5 8 GB> 2K 4>;6=K ?@54?@8=OBL, 8AE>4O 87 MB>3>.  1>;LH8=AB25 :><<5=B0@852 O 1C4C 3>2>@8BL Ť2Kť 2<5AB> Ť>=8ť 8;8 Ť>=ť, ?>B><C GB> =0?8A0==>5 745AL ?@54=07=0G05BAO =5?>A@54AB25==> 4;O 20A.

>=8<0=85 ?>A;54AB289

A;8 2K ;C7>2>-?0AA82=K9 83@>:, >A>15==> M:AB@5<0;L=> ;C7>2>-?0AA82=K9, 20< <>3CB =5 ?>=@028BLAO =5A:>;L:> A;54CNI8E AB@>:, => 2K 4>;6=K >B=5AB8AL : =8< A5@LQ7=>. >A;54AB28O 20H53> AB8;O 4>AB0B>G=> >G5284=K:

" 	K 1C45B5 ?@>83@K20BL 45=L38, 2>7<>6=> <=>3>.

" 	0< 1C4CB >G5=L @04K ?>GB8 2 ;N1>9 ?>:5@=>9 83@5.

" 	K A<>65B5 @0AA;018BLAO 8 >1I0BLAO 70 ?>:5@=K< AB>;><.

" 	=>385 83@>:8 1C4CB 2KA>:><5@=K<8 : 20<.

@>83@KH 45=53

K 4>;6=K ?@>83@0BL =0 48AB0=F88, ?>B><C GB> ?@54AB02;O5B5 87 A51O =08EC4H89 =01>@ ?>:5@=KE :0G5AB2: 2K ?@54>AB02;O5B5 4@C38< A2>N 0:B82=>ABL, => >B 4@C38E 0:B82=>AB8 =5 ?>;CG05B5. K ?@>83@K205B5 A;8H:>< <=>3> =0 A2>8E ?;>E8E @C:0E 8 ?>;CG05B5 =54>AB0B>G=> 1>;LHCN ?@81K;L >B A2>8E A8;L=KE @C:. "0:65 2K ?@>83@K205B5 A;8H:>< <=>3> 10=:>2, 4020O ?@>B82=8:0< 15A?;0B=K5 :0@BK, :>B>@K<8 >=8 20A ?5@5BO3820NB.

$0:B8G5A:8, 20H8 ?@>83@KH8 <>3CB 1KBL =0<=>3> 7=0G8B5;L=55, G5< 2K <>65B5 A515 ?@54AB028BL. 0H8 ?>AB>O==K5 :>;;K <>3CB AB>8BL 20< >G5=L <=>3>, >A>15==> 5A;8 2K ?@8 MB>< =5 ?>;CG05B5 4>AB0B>G=> 1>;LHCN ?@81K;L >B A2>8E A8;L=KE @C: 8 ?>72>;O5B5 4@C38< 83@>:0< 15A?;0B=> 20A ?5@5BO3820BL.

=>340 20< 257QB, 8 2K 2K83@K205B5 =5A:>;L:> 4>;;0@>2, => 1KAB@> ?@>83@K205B5 8E >1@0B=>. 065 5A;8 20A =5 15A?>:>OB 45=L38, B0:85 G0ABK5 ?@>83@KH8, 25@>OB=>, =5?@8OB=K 4;O 20A.

0< 1C4CB @04K

! A>F80;L=>9 B>G:8 7@5=8O 2K <>65B5 1KBL 25AL<0 C4>2;5B2>@5=K 83@>9. $0:B8G5A:8, 8<5==> MB>, 25@>OB=55 2A53>, 8 O2;O5BAO 20H59 3;02=>9 ?@8G8=>9 4;O 83@K. 0< 1C4CB @04K ?>GB8 25745. A5, :@><5 E20AB;82KE 4C@0:>2, :>B>@K< =@028BAO BO30BLAO A 6QAB:8<8 83@>:0<8, 1C4CB @04K 2845BL 2A5 2 A2>59 83@5. # 20A ;53:> 2K83@0BL, 8 A>AB02;O5B5 E>@>HCN :><?0=8N.

B4KE 8 >1I5=85

0H AB8;L 83@K B@51C5B >B 20A >G5=L =51>;LH8E CA8;89. K =5 4>;6=K 87CG0BL 4@C38E 83@>:>2, ?>4AG8BK20BL @07<5@ 10=:0 8;8 H0=AK : 10=:C. K =5 4>;6=K 45;0BL =8 >4=C 87 2A5E B5E CB><8B5;L=KE 25I59, :>B>@K5 45;0NB A5@LQ7=K5 83@>:8. AQ, GB> 20< =C6=>   MB> 4>AB0B>G=>5 :>;8G5AB2> D8H5: 4;O B>3>, GB>1K >B25G0BL :>;;0<8.

0H AB8;L ?>72>;O5B 20< @0AA;018BLAO 8 =0A;048BLAO >1I5=85<. >:5@   MB> =5 A0<0O >1I8B5;L=0O 83@0.  1>;LH8=AB25 83@ 2K =5 A<>65B5 >1I0BLAO A 4@C38<8 =0AB>;L:> H8@>:>, :0: 2 1@8465 8;8 =0 A25BA:8E 25G5@8=:0E. > ?>:5@   1>;55 A>F80;L=0O 83@0, G5< 1>;LH8=AB2> 83@ :078=>. K <>65B5 2AB@5B8BL ;N459 8 ?>3>2>@8BL A =8<8 :0: <564C @0740G0<8, B0: 8 2 B5G5=85 83@K.

 

KA>:><5@=>ABL >B 4@C38E 83@>:>2

=>385 83@>:8 1C4CB A:@KB> 2KA>:><5@=K<8 : 20<, 0 =5:>B>@K5 87 =8E 1C4CB >B:@KB> 2K@060BL 20< A2>N =5?@8O7=L.  C4=8 0=35@D8;4 A:070; 1K, GB> 2K Ť=5 ?>;CG05B5 C2065=8Oť. >:5@   MB> <C65AB25==0O 83@0 A <C65AB25==>9 :C;LBC@>9, 345 5ABL A2>8 ?>1548B5;8 8 ?@>83@02H85.  ?>:5@5 2 >A=>2=>< F5=8BAO 6QAB:>ABL, 03@5AA8O 8 E8B@>ABL, 0 20H8 83@>2K5 :0G5AB20 ?>;=>ABLN ?@>B82>?>;>6=K.

0< 1C4CB @04K ?>B><C, GB> 2K ?@>83@K205B5, => 4;O 1>;LH8=AB20 83@>:>2 1C4CB 1>;55 8=B5@5A=K 20H8 45=L38, G5< 20H0 :><?0=8O. =>340 2K 70<5B8B5 2 A2>N AB>@>=C O2=CN =5?@8O7=L, >A>15==> :>340 A45;05B5 ;C7>2K9 :>;;, ?>9<05B5 >4=C 87 A2>8E =525@>OB=KE :0@B 8 :>3>-B> :@C?=> ?5@5BO=5B5. 5 C482;O5B5AL, 5A;8 C;K1:0 =0 ;8F5 20H53> ?@>B82=8:0 2=570?=> A<5=8BAO =0 >A:>@18B5;L=K5 70<5G0=8O > 20H59 83@5.

>=8<0=85 20H8E <>B82>2

0H A0<K9 ?5@2K9 2>?@>A 4>;65= 1KBL A;54CNI8<: ?>G5<C 2K 83@05B5 2 ?>:5@? 0H A;54CNI89 2>?@>A 4>;65= 1KBL B0:8<: ?>G5<C 2K 2K1@0;8 A515 =0AB>;L:> A0<>@07@CH0NI89 AB8;L? K 83@05B5 O2=> =5 4;O B>3>, GB>1K 2K83@0BL 45=L38, ?>B><C GB> 2K   ?@>83@K20NI89 83@>:. >MB><C ?@5:@0B8B5 >1<0=K20BL A51O. K 7=05B5, GB> 2K O2;O5B5AL ?@>83@K20NI8<.

0209B5 ?>?@>1C5< 2KOA=8BL, ?> :0:>9 ?@8G8=5 2K 83@05B5 =0 A0<>< 45;5. 5@=8B5AL : @0745;C Ť>G5<C 2K 83@05B5 2 ?>:5@?ť 87 ?5@2>9 G0AB8 :=838. KAB@> ?5@5G8B09B5 MB>B @0745;, 0 70B5< A:>?8@C9B5 AN40 20H8 >B25BK 87 B01;8FK !1 2 B>< @0745;5.

"01;8F0 7: >8 <>B82K 4;O 83@K

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

!;54CNI85 0170FK <>3CB 87<5=8BL 20H5 <=5=85 > 20H8E 83@>2KE <>B820E.

064K9 83@>: 4>;65= 7=0BL, ?>G5<C >= 2K1@0; A515 B>B 8;8 8=>9 83@>2>9 AB8;L, => 4;O 20A MB> A0<>?>7=0=85 >A>15==> 206=>, ?>B><C GB> 20H AB8;L >G5=L 157=04Q6=K9 (2 ?;0=5 2K83@KH=KE ?5@A?5:B82). A;8 2K =5 ?>=8<05B5, ?>G5<C 2K 83@05B5 2 ;C7>2>-?0AA82=>< AB8;5, 2K ;53:> <>65B5 ?>B5@OBL =0<=>3> 1>;LH5 45=53, G5< 2K <>65B5 A515 ?>72>;8BL.

0209B5 5IQ @07 273;O=5< =0 B>, :0: 2K >F5=8;8 A0<>3> A51O. A;8 AC<<0 B0:8E 20H8E <>B82>2 :0: Ť>1I5=85 A ;N4L<8ť, Ť>B4KEť, Ť@>2545=85 2@5<5=8ť, Ť>;CG5=85 4>7K 04@5=0;8=0ť 8;8 ?>E>68E <>B82>2, :>B>@K5 2K 2?8A0;8 A0<8, =5 C:;04K205BAO 2 75%, B> 2K >1<0=K205B5 A0<>3> A51O. K >?@545;Q==> =5 83@05B5 @048 45=53 8;8 4;O B>3>, GB> 1K ?>BO30BLAO A :5<-;81>.  ?>A;54=5< ?>4@0745;5 MB>3> @0745;0, Ť@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:ť, 2K <>65B5 70E>B5BL ?5@5A<>B@5BL 20HC A0<>>F5=:C.

5@>OB=>, 2K =5 2K1@0;8 20H 83@>2>9 AB8;L A>7=0B5;L=>   2K ?@>AB> 459AB2>20;8 5AB5AB25==>. 8G=> O, =0?@8<5@, ?@>AB> =5 <>3C A515 ?@54AB028BL, :0: :B>-B> 3>2>@8B A515: Ť/ A>18@0NAL 83@0BL 2 A0<>< EC4H5< AB8;5ť.

K =5 2K1@0;8 20H AB8;L A>7=0B5;L=>, 2K ?@>AB> 83@05B5 2 ?>:5@ B5< A?>A>1><, :>B>@K< 45;05B5 GB>-B> 5IQ. K O2;O5B5AL 4@C65AB25==K< 8 ?@825B;82K< G5;>25:><, =5 ;N18B5 :>=D;8:BK, 1>@L1C 8 :>=D@>=B0F88. K G0AB> >B25G05B5 :>;;>< ?>B><C, GB> 2K E>B8B5 1KBL G0ABLN 3@C??K, 0 20H8 @597K A;CG0NBAO @54:> ?> B>9 ?@8G8=5, GB> 2K E>B8B5 1KBL 256;82K<8 8 <>65B5 4065 1>OBLAO 1KBL >BB>@3=CBK<8 70 604=>ABL 8;8 =0AB>9G82>ABL.

 <>59 :=835 ŤNegotiate to Win: Gaining the Psychological Edgeť O 8A?>;L7>20; B5@<8= Ť7028A8<K9ť, GB> 1K >?8A0BL 20H >A=>2=>9 AB8;L. >B =5A:>;L:> 2K45@65: =0 MBC B5<C.

Ť'@572KG09=> 7028A8<K5 ;N48 6064CB ;N128, 3>AB5?@88<=>AB8, ?>=8<0=8O 8 >4>1@5=8O >B 4@C38E. "0:8< >1@07><, >=8 459AB28B5;L=> 7028AOB >B B5E GC2AB2, :>B>@K5 4@C385 8A?KBK20NB ?> >B=>H5=8N : =8<ť

Ť=8 B5?;K5, 4@C65AB25==K5 8 8A:@5==5 708=B5@5A>20==K5 4@C38<8 ;N4L<8. =8 =0A;0640NBAO 1>;LH8=AB2>< >1I5AB25==KE A>1@0=89, >=8 O2;ONBAO 4>1@K<8 8 ?@825BAB25==K<8 8 8<5NB 5AB5AB25==CN A?>A>1=>ABL 45;0BL GC2AB20 4@C38E 4>;3>640==K<8 8 C4>1=K<8ť

Ť=8 >1I0NBAO >B:@KB> 8 G5AB=> 8 >6840NB B>3> 65 8 >B 4@C38E. >A:>;L:C >=8 7=0NB, GB> 8< <>6=> 4>25@OBL, >=8 A:;>==K 4>25@OBL 4@C38< ;N4O< 4065 B>340, :>340 >=8 4>;6=K 1KBL 1>;55 >AB>@>6=K<8 8 A:5?B8G5A:8<8 (;N459 B0:>3> B8?0 ;N1OB ?@>402FK ?>45@60==KE <0H8=)ť

Ť=8 O2;ONBAO A:>>?5@8@>20==K<8, 381:8<8 8 ?>A;CH=K<8ť

Ť"0:65 >=8 A:;>==K ?><>30BL 4@C38< ;N4O<ť

Ť5:>B>@K5 ;N48, >A>15==> A:;>==K5 : 4><8=0F88, <>3CB A ;Q3:>ABLN 8<8 <0=8?C;8@>20BL 8 8A?>;L7>20BL 8Eť

Ť=8 >?0A0NBAO ;N1KE D>@< :>=D;8:B>2 (2:;NG0O 1>@L1C)ť

>E>68 ;8 MB8 >?8A0=8O =0 20A? A;8 40, B> 8=B5@5A=>, ?>G5<C 2K 83@05B5 2 ?>:5@, 254L 03@5AA8O, 1>@L10 8 E8B@>ABL   MB> AB5@65=L MB>9 83@K? M9<>=  5=L>= >4=064K =0?8A0;, GB> 2 459AB28B5;L=>AB8 B0:>9 25I8, :0: 4@C65A:0O 83@0 2 ?>:5@, =5 ACI5AB2C5B, ?>B><C GB> <K 83@05< 2 ?>:5@ 4;O B>3>, GB> 1K 2K83@0BL 45=L38 4@C3 4@C30.

8;;8>=K ;N459 83@0NB 2 1@846, :0=0ABC 8 <=>65AB2> 4@C38E :0@B>G=KE 83@, =5 AB02O ?@8 MB>< =8 :>?59:8. > 5420 ;8 :B>-B> 83@05B 2 ?>:5@ =5 :0: 2 070@B=CN 83@C.  >B;8G85 >B 4@C38E :0@B>G=KE 83@, ?>:5@ B@51C5B ?@8=OB8O @5H5=89 > AB02:0E, 0 =5 C?@02;5=8O :0@B0<8.  ?>:5@5 =5 =C6=> 45;0BL 70O2:8 8;8 @5H0BL, :0: @07K3@K20BL :0:85-B> :>=:@5B=K5 :0@BK   20< =C6=> B>;L:> AB028BL (70 8A:;NG5=85< ?>:5@0 A >1<5=><).

>A:>;L:C AB02:8   MB> A0<0 ACBL 83@K 8 A>25@H5=85 AB02>: 2 7=0G8B5;L=>9 AB5?5=8 >?@545;O5B 20H CA?5E 8 C2065=85, 2K <>3;8 1K ?>;CG8BL =0<=>3> 1>;LH5 C4>2>;LAB28O 8 7=0G8B5;L=> C;CGH8BL 20H8 @57C;LB0BK, 5A;8 2K C7=05B5, :0: =C6=> ?@028;L=> 45;0BL AB02:8.

#;CGH5=85 20H59 83@K

K =5 A<>65B5 C;CGH8BL 20HC 83@C, 5A;8 =5 A>3;0A8B5AL A> A;54CNI8< F5=B@0;L=K< ?@8=F8?><: 5A;8 2K =5 87<5=8B5 A2>9 AB8;L, 2AQ >AB0;L=>5 1C45B C65 =5 206=>.

K <>3;8 ?@>G5ABL =5A:>;L:> ?>:5@=KE :=83, => 2K >?@545;Q==> =5 87CG0;8 8E A5@LQ7=>. A;8 1K 2K 8E 87CG0;8, 2K =5 83@0;8 1K 2 B0:>< AB8;5. K <>65B5 ?@>G5ABL 8E A=>20, => MB> =5 A8;L=> GB>-B> 87<5=8B. A;8 2K ?@>4>;68B5 83@0BL 2 ;C7>2>-?0AA82=>< AB8;5, C 20A ?>-?@56=5<C =5 1C45B =8:0:8E H0=A>2 =0 ?>154C.

/ ?@>HC ?@>H5=8O, 5A;8 MB> >A:>@1;O5B 20A, => 2K C65 1K;8 7=0:><K A MB8< D0:B>< 8;8 :0: <8=8<C< 4>304K20;8AL > =5<. 0H8 4@C7LO B0: 65 <>3;8 3>2>@8BL 20< > B><, GB> 20< =C6=> A<5=8BL 20H 83@>2>9 AB8;L:

Ť>G5<C BK @07K3@0; MBC @C:C? -B> 65 <CA>@ť

Ť/ =5 ?>=8<0N, ?>G5<C BK >B25B8; =0 MB>B @597. "K 65 7=0;, GB> BK ?@>83@K20;ť

Ť>G5<C BK =5 40; @597? # B51O 1K;0 >G5=L A8;L=0O @C:0, => BK ?@>AB> :>;;8@>20;ť

K <>3;8 83=>@8@>20BL B0:85 70<5G0=8O 8, 2>7<>6=>, >=8 4065 <>3;8 20A @074@060BL. >7<>6=>, 2K 4065 >B@8F0;8 BC 459AB28B5;L=>ABL, :>B>@CN 4@C7LO ?KB0;8AL A>>1I8BL 20<, ?>B><C GB> A>60;5;8, GB> =5 ACI5AB2C5B :0:>3>-B> A?>A>10 >4=>2@5<5==> 2K83@K20BL 8 83@0BL 2 20H5< 5AB5AB25==> AB8;5. #2K, => MB> 459AB28B5;L=> =52>7<>6=>.

>A:>;L:C 2K83@KH8 4;O 20A =5 206=K, 40209B5 ?>A<>B@8< =0 MB> 8=0G5. # <=>38E ;C7>2>-?0AA82=KE 83@>:>2 ?> ACI5AB2C 5ABL 1N465B 4;O ?>:5@0. K =5 <>65B5 2K45;OBL >G5=L <=>3> 45=53 =0 20H8 ?>:5@=K5 ?@>83@KH8, => 2K 4>;6=K 2KE>48BL 87 83@K ?>A;5 ?@>83@KH0 >?@545;Q==>3> :>;8G5AB20 45=53 (5A;8 2K =5 A?>A>1=K =0 MB>, B> C 20A 459AB28B5;L=> 5ABL ?@>1;5<K 8 O ?@54;030N 20< ?>72>=8BL ?> B5;5D>=C 1-800-GAMBLER 8 ?>;CG8BL =5>1E>48<CN ?><>IL).

A;8 2K 1C45B5 A;54>20BL MB8< ?@54;>65=8O<, 2K 1C45B5 ?@>83@K20BL @565 8 1C45B5 ?@>83@K20BL <54;5==55. "> 65 A0<>5 :>;8G5AB2> 4>;;0@>2 2K 1C45B5 ?@>83@K20BL 70 1>;LH55 :>;8G5AB2> G0A>2. ;8 65, 5A;8 2K@078BLAO 8=0G5, 70 >48=0:>2>5 :>;8G5AB2> G0A>2 2K ?@>83@05B5 <5=LH55 :>;8G5AB2> 45=53.

"0:65 2K ?>;CG8B5 1>;LH5 C4>2>;LAB28O >B MB8E G0A>2. >=8<0BL B>, GB> ?@>8AE>48B 2 83@5 1>;55 C2;5:0B5;L=>, G5< ?@>AB> 1574C<=> :>;8@>20BL. / =5 ?@54;030N 20< =0G0BL A5@LQ7=> 87CG0BL :=838 8;8 ?>;=>ABLN ?@8A;CH820BLAO : A>25B0< 20H8E 4@C759. K 4>;6=K C;CGH8BL 20HC 83@C ?> B>9 65 ?@8G8=5, ?> :>B>@>9 ;N48 15@CB C@>:8 83@K 2 3>;LD. 8:B> 87 B0:8E ;N459 =5 A>18@05BAO AB0BL G5<?8>=><, => 3>@074> 25A5;55 83@0BL =0 @07C<=> E>@>H5< C@>2=5, G5< =0 ?;>E><.

K =5 4>;6=K ?KB0BLAO 70?><=8BL 2A5 A>>B=>H5=8O 8;8 2A5 >B:@KBK5 :0@BK, A1@0AK20BL >4=C @C:C 70 4@C3>9 8;8 2ABC?0BL 2 83@>2K5 :>=D@>=B0F88 A 03@5AA82=K<8 @5975@0<8. -B> =5 4;O 20A 8 2K =5 1C45B5 =0A;0640BLAO MB8<. @>AB> ?@>G8B09B5 :0:CN-B> >4=C :=83C, ?>;CG8B5 =5<=>3> 1>;LH5 8=D>@<0F88 >1 83@5, =0G=8B5 83@0BL =5<=>3> 1>;55 B09B>2>, 2@5<O >B 2@5<5=8 ?>?KB09B5AL 2KOA=8BL @C:C 4@C3>3> 83@>:0 8 B0:65 2@5<O >B 2@5<5=8 40209B5 @597. A;8 2K 2AQ MB> A45;05B5, B> 2K =5 B>;L:> 1C45B5 1>;55 CA?5H=K 70 ?>:5@=K< AB>;><, => 20< B0:65 1C45B 8=B5@5A=55 83@0BL, 8 2K ?>;CG8B5 1>;LH5 C2065=8O.

/ <>3C 30@0=B8@>20BL B>, GB> 2K ?>;CG8B5 1>;LH5 C2065=8O. @0:B8G5A:8 2A5 ?>:5@=K5 83@>:8, 4065 B5 1;03>4CH=K5 ;N48 2 20H59 83@5, C2060NB E>@>H8E 83@>:>2 8 A=8AE>48B5;L=> A<>B@OB =0 A;01KE. < <>65B =@028BLAO 2K83@K20BL 20H8 45=L38, => >=8 A<>B@OB A2KA>:0 =0 20A 8 >=8 <>3CB GC2AB2>20BL A51O A:CG=> 8;8 =5:><D>@B=> A 20<8, ?>B><C GB> C 20A >G5=L ;53:> 2K83@0BL.

1I85 87<5=5=8O 2 AB8;5

A;8 3>2>@8BL > 20H59 83@5 =0 ?@8<5@5 4803@0<<K AB8;59, B> 2K 4>;6=K 42830BLAO : F5=B@C 4803@0<<K, ?>B><C GB> 20H AB8;L O2;O5BAO CI5@1=K< 2 ?;0=5 >158E E0@0:B5@8AB8:. A;8 A59G0A 20H @59B8=3 @025= 9,1, ?>?KB09B5AL 87<5=8BL 53> =0 7,3. A;8 2K <5=55 M:AB@5<0;L=K9 ;C7>2>-?0AA82=K9 83@>:, =0?@8<5@ 8,2, ?>?KB09B5AL 87<5=8BL A2>9 @59B8=3 =0 6,4 8;8 4065 =0 5,5.

5 AB02LB5 4;O A51O =52K?>;=8<K5 F5;8, B0:85 :0: AB0=>2;5=85 B09B>2>-03@5AA82=K< 83@>:><. 5@>OB=>, C 20A MB> =5 ?>;CG8BAO, 8 2K =5 A<>65B5 =0A;0640BLAO 83@>9 2 B0:>< AB8;5. -B> ?>E>65 =0 ?@>F5AA ?>EC40=8O: 2K <>65B5 A1@>A8BL =5A:>;L:> :8;>3@0<<, => 5A;8 2K ?>?KB05B5AL A1@>A8BL A;8H:>< <=>3>, B> C 20A MB> =5 ?>;CG8BAO, 2K 1C45B5 >15A:C@065=K 8 2 :>=F5 :>=F>2 2K 1@>A8B5 MB> 45;>. >:0 ?@>AB> ?>?KB09B5AL 83@0BL =5<=>3> 1>;55 B09B>2> 8 03@5AA82=> 2@5<O >B 2@5<5=8.  1>;55 @048:0;L=K5 459AB28O >B;>68B5 =0 ?>B><.

 

>=:@5B=K5 87<5=5=8O

K 70B@>=5< B>;L:> B5 A?>A>1K C;CGH5=8O 20H59 83@K, :>B>@K5 C25;8G0B 20H8 H0=AK =0 2K83@KH. >B><C GB> =52>7<>6=> @0AA<>B@5BL 2A5 >AB0;L=K5 <>B82K. K 4>;6=K: =5<=>3> 87CG8BL 83@C, =0G0BL 83@0BL 1>;55 B09B>2> 8 1>;55 03@5AA82=>, A048BLAO A;520 >B 03@5AA82=KE 83@>:>2, @072820BL =02K: GB5=8O @C: 8 8A?>;L7>20BL 20H 8<846.

>=:@5B=>5 87<5=5=85 ! 1: 7CG8B5 =5<=>3> 83@C. 0<5BLB5, GB> O 3>2>@N Ť87CG8B5ť, 0 =5 Ť?@>GB8B5ť. K <>3;8 C65 ?@>G5ABL =5:>B>@K5 :=838, => 2K 4>;6=K 87CG8BL >4=C 8;8 425 87 =8E A5@LQ7=>. @>GB8B5 8E ?0@C @07, 2>7<>6=> 4065 45;0O 70<5B:8 8 >1AC640O 5Q A :5<-B> 5IQ.

!@02=8B5 20HC 83@C A B>9 83@>9, :>B>@0O ?@54;0305BAO 2 :=835. K A@07C 65 C2848B5, GB> 20H0 83@0 >G5=L 40;5:0 >B ;N1>3> ?>4>18O 2K83@KH=>9 AB@0B5388. 0B5<, GB> 1>;55 206=>, ?>?KB09B5AL ?@8<5=8BL ;N1K5 @5:><5=40F88 ?> AB@0B5388 87 MB8E :=83, :>B>@K5 2K <>65B5 2=5AB8 2 A2>N 83@C. 5 ?KB09B5AL A;54>20BL :064>9 @5:><5=40F88. >:5@=K5 02B>@K 459AB2CNB 2 A>>B25BAB288 A <0:A8<870F859 A2>59 A>1AB25==>9 ?@81K;8.  >=8 ?@54?>;030NB, GB> 2K B>65 459AB2C5B5 2 B>G=> B0:>< 65 :;NG5. @>AB> 2K15@8B5 87 8E A>25B>2 B5, :>B>@K5 2K A<>65B5 ?@8<5=8BL A0<8 8 :>B>@K5 =5 1C4CB <5H0BL 20< =0A;0640BLAO 83@>9.

-B0 :=830 >:0=G8205BAO A?8A:>< @5:><5=4>20==>9 ;8B5@0BC@K. B=>A8B5;L=> :064>9 :=838 40=K =51>;LH85 :><<5=B0@88. 5 G8B09B5 :=838 4;O ?@>428=CBKE 83@>:>2. 0< =C6=> @07>1@0BLAO A >A=>20<8 83@K. A;8 2K 83@05B5 2 E>;45<, O @5:><5=4CN 20< :=83C ŤHold em Pokerť M2840 !:;0=A:8.

A;8 2K 83@05B5 2 A5<8:0@B>G=K9 AB04, ?>?KB09B5AL ?@>G5ABL :=83C 0@8 ;825@0 ŤLow Limit Seven-Card Stud: Casino Strategyť, ?>B><C GB> <0B5@80; 2 =59 ?@>AB>9 8 2:;NG05B :>=:@5B=K5 ?@8<5@K. =0 40AB 20< H0=A ?@>25@8BL A51O 8 =0CG8BLAO =0 ?@0:B8:5. >A;5 ?@>GB5=8O MB>9 :=838 ?@>GB8B5 :=83C 6>@460 5@A8 ŤSeven-Card Stud: The Waiting Gameť. 7 MB>9 :=838 2K 4>;6=K ?>G5@?=CBL @5:><5=40F88 ?> @0728B8N A>1AB25==>3> B5@?5=8O. > 2K =8:>340 =5 A<>65B5 83@0BL B0: B09B>2>, :0: B0< ?@54;0305BAO. @>GB8B5 5Q 4;O ?>;CG5=8O >1I53> ?@54AB02;5=8O, >1@0I0O 3;02=>5 2=8<0=85 =0 53> A>25BK > B><, :0: AB0BL A:0;>9.  =5 >1@0I09B5 2=8<0=8O =0 A:CG=K5 B01;8FK. @>AB> ?@8<8B5 53> >A=>2=>9 ?@8=F8? 8 =0G=8B5 83@0BL 1>;55 B5@?5;82>.

>=:@5B=>5 87<5=5=85 ! 2: 0G=8B5 83@0BL 1>;55 B09B>2>. 8GB> =5 C;CGH8B 20H AB8;L B0: 1KAB@>, :0: 1>;55 B09B>20O 83@0. >340 20< A40NB <CA>@   A1@0AK209B5 53>. >340 459AB28O 4@C38E 83@>:>2 >4=>7=0G=> 3>2>@OB, GB> 2K ?>18BK   2KE>48B5 87 @>7K3@KH0 (70 8A:;NG5=85 A8BC0F88, :>340 H0=AK : 10=:C ?>72>;ONB 20< >B25B8BL :>;;><). A;8 2K =0G0;8 83@C 157 =8G53> 8 B0: 8 =5 C;CGH8;8AL   B>65 A1@0AK209B5.

KCG8B5 107>2K5 A>>B=>H5=8O 8 B5E=8:8 ?>4AG5B0 H0=A>2 : 10=:C. 5 ?KB09B5AL 2KG8A;8BL MB8 7=0G5=8O B>G=>, ?@>AB> ?>9<8B5 8E ACBL. >340 H0=AK : 10=:C A;8H:>< =51;03>?@8OB=K   A1@0AK209B5. / 40; B>G=> B0:85 65 @5:><5=40F88 8 4;O ;C7>2>-03@5AA82=KE 83@>:>2, => : 20< >=8 4065 1>;LH5 ?@8<5=8<K, ?>A:>;L:C ;C7>2>-03@5AA82=K5 83@>:8 <>3CB 2K83@0BL A C40G=>9 :0@B>9 1>;LH5, G5< 2K, 2 B> 2@5<O :0: 20< =5 >G5=L <=>3> 70 =5Q 70?;0BOB.

>=:@5B=>5 87<5=5=85 ! 3: 0G=8B5 83@0BL 1>;55 03@5AA82=>. 0<5BLB5, GB> O =5 ?@54;030N 20< AB0BL 1>;55 03@5AA82=K<. 0< =5 =C6=> ?KB0BLAO :0:8<-B> >1@07>< 87<5=8BL A2>8 ;8G=>AB=K5 :0G5AB20.  1>;LH8=AB25 >1;0AB59 MB> 1C45B @01>B0BL. > ?>:5@   MB> 83@0 8 53> ?@028;0 8 :C;LBC@0 >B;8G0NBAO >B B5E, A :>B>@K<8 2K <>65B5 AB>;:=CBLAO 2 4@C38E <5AB0E. >;LH8=AB2> ;N459 ?@8=8<0NB 8 ?@8A?>A01;820NBAO : MB8< @07;8G8O<, => 2K 4>;6=K 83=>@8@>20BL MB>.

>:5@ B@51C5B 03@5AA88, 8 1>;LH8=AB2> 83@>:>2 A>25@H5==> =>@<0;L=> >B=>AOBAO : 83@>2>9 03@5AA88 ?@>AB> ?>B><C, GB> MB> =5>BJ5<;5<0O 8 ?@8OB=0O G0ABL 83@K. >:5@ ?>72>;O5B =0< 2K@060BL A2>N 2@>64Q==CN 03@5AA8N >B=>A8B5;L=> 157>?0A=K<8 A?>A>10<8. K A;8H:>< @>1:> 83@05B5, GB>1K AB028BL A 1>;LH8< :>;8G5AB2>< @C:, => 2K B0:65 :>;;8@C5B5 A> <=>38<8 5IQ 1>;55 EC4H8<8 @C:0<8. -B> >7=0G05B, GB> 2K ?>72>;O5B5 4@C38< 83@>:0< ?>;CG0BL ?@81K;L >B 20A, => MB> =5 ?>72>;O5B 20< 872;5:0BL ?@81K;L A0<><C.

!0<K9 EC4H89 MDD5:B >B 20H59 ?0AA82=>AB8   MB> ?@54>AB02;5=85 ?@>B82=8:0< 15A?;0B=KE :0@B.  2K 45;05B5 MB> ?>AB>O==>. 5:>B>@K5 87 MB8E :0@B <>3CB ?>18BL 20A, GB> 1C45B AB>8BL 20< B5E 10=:>2, :>B>@K5 2K 4>;6=K 1K;8 2K83@0BL. K 4>;6=K <5=LH5 3>2>@8BL G5: 8 1>;LH5 AB028BL.

@><5 B>3>, 2K @54:> @5978B5 2 :0G5AB25 1;5D0. '0AB8G=> 87-70 B>3>, GB> 4C<05B5 (A>7=0B5;L=> 8;8 ?>4A>7=0B5;L=>) GB> ;N4O< MB> =5 ?>=@028BAO, 8 2K B0:65 1C45B5 =@028BLAO 8< <5=LH5. 0< O2=> =5 =@02OBAO @597K 2 :0G5AB25 1;5D0, => <=>385 4@C385 ;N48 AG8B0NB ?>-4@C3><C. =8 AG8B0NB @597K 8 1;5DK ?@>AB> G0ABLN 83@K. ">B G5;>25:, :>B>@K9 @0AA5@48;AO 1K =0 20A, 5A;8 1K 2K C:@0;8 53> 1C<06=8:, =5 1C45B ?@8=8<0BL 20H @597 8;8 4065 :@06C 10=:0 :0: GB>-B> ;8G=>5   MB> ?@>AB> 83@>2>9 ?@8Q<.

>;55 03@5AA82=0O 83@0 <>65B =5 B>;L:> C;CGH8BL 20H8 D8=0=A>2K5 @57C;LB0BK.  459AB28B5;L=>AB8, MB> <>65B ?@825AB8 : B><C, GB> 2K =0G=QB5 =@028BLAO <=>38< 4@C38< 83@>:0<, 8 >=8 1C4CB 1>;LH5 C2060BL 20A. / 30@0=B8@CN MB>. 5:>B>@K< =5 ?>=@028BAO B>, GB> B5?5@L 20A =5;L7O 1C45B 8A?>;L7>20BL 20A :0: ?>;>2CN B@O?:C, => 20< B> GB> A B>3>? >AB>9=K5 ;N48 1C4CB ?@825BAB2>20BL 20H8 87<5=5=8O, ?>B><C GB> 8< =0G=QB5 =@028BLAO 2K, 8 8< 1C45B 1>;55 8=B5@5A=> 83@0BL A 20<8. "0:>5 87<5=5=85 20H59 83@K =5 1C45B O2;OBLAO 2K7>2>< ?> >B=>H5=8N : >AB0;L=K< 83@>:0<.

>=:@5B=>5 87<5=5=85 ! 4: !048B5AL A;520 >B 03@5AA82=KE 83@>:>2. K E>B8B5 871560BL 8E, ?>MB><C A048B5AL B0:, GB> 1K >=8 459AB2>20;8 ?5@54 20<8. 0B5<, 5A;8 >=8 404CB @597 8 20< =5 1C45B =@028BLAO 20H0 @C:0, 2K A<>65B5 A?>:>9=> A1@>A8BL. A;8 >=8 1C4CB A845BL A;520 >B 20A, 2K <>65B5 >B25B8BL =0 ?5@2>=0G0;L=CN AB02:C >B :>3>-B>, A84OI53> A?@020 >B 20A, 0 70B5< 20<, 2>7<>6=>, ?@84QBAO >B25G0BL =0 @597 >B 03@5AA82=>3> 83@>:0 A;520 >B 20A. A;8 2K 1C45B5 2845BL 8E @597 4> B>3>, :0: 20< =C6=> 1C45B 459AB2>20BL A0<><C, 2K A<>65B5 871560BL B0:8E A8BC0F89.

>=:@5B=>5 87<5=5=85 ! 5:  0728209B5 A2>9 =02K: GB5=8O @C:. 'B5=85 @C:   MB> >4=0 87 20H8E A0<KE >G5284=KE A;01>AB59, ?>B><C GB> 2K =5 @072820;8 MB>B =02K:. K 2A5340 ?@>AB> :>;8@>20;8, ?KB0OAL 2KOA=8BL =0 2A:@KB88, :0:>20 @C:0 20H53> ?@>B82=8:0. ;02=K5 ?@8=F8?K GB5=8O @C: >1AC645=K 2> 2B>@>9 G0AB8 :=838. 7CG8B5 8E 2=8<0B5;L=>, => ?@>AB>3> 87CG5=8O MB>3> <0B5@80;0 1C45B =54>AB0B>G=>. K 4>;6=K =0G0BL 1>;55 BI0B5;L=> 0=0;878@>20BL A8BC0F8N 2 ?@>F5AA5 A0<>9 83@K. <5AB> B>3>, GB> 1K A845BL, A;>60 @C:8 8 ?5@518@0BL A2>8 D8H:8, ?>?KB09B5AL ?@>G5ABL @C:8 83@>:>2, CG0AB2CNI8E 2 @0740G5 2=5 7028A8<>AB8 >B B>3>, ?@8=8<05B5 ;8 2K 2 =59 CG0AB85 A0<8 8;8 =5B.

@>AB> A<5=8B5 20H 0:F5=B >B 20H8E ?>AB>O==KE :>;;>2 : ?>=8<0=8N 83@K   MB> 02B><0B8G5A:8 A>E@0=8B 20< 45=L38. A:>@5 2K ?>9<QB5, GB> =0<=>3> ;53G5 ?@>G8B0BL GC685 :0@BK B>340, :>340 2K A0<8 =5 =0E>48B5AL 2 @>7K3@KH5. >A;5 B>3>, :0: 2K A1@>A8B5, 2K A<>65B5 C;>28BL 1>;LH5 A83=0;>2 8 ;CGH5 8E ?>=OBL. A;8 2K 1C45B5 >1 MB>< 4C<0BL, 2K 1C45B5 A1@0AK20BL =5<=>3> 1>;55 G0I5, GB> ?>72>;8B 20< AM:>=><8BL :CGC 45=53.

"0:65 2K 4>;6=K 27OBL =0 A51O @>;L ?0AA82=>3> =01;N40B5;O. >A:>;L:C A59G0A 2K 83@05B5 >G5=L <=>3> @C:, B> 20< @54:> ?@8E>48BAO =0E>48BLAO 2 MB>9 @>;8. K A<>65B5 2KCG8BLAO =0<=>3> ;CGH5 B>340, :>340 =5 1C45B5 CG0AB2>20BL 2 @0740G5. K :>;;8@C5B5 A;8H:>< G0AB> G0AB8G=> ?>B><C, GB> A1@0AK20BL   MB> A:CG=>. > B5?5@L 20< =5 1C45B A:CG=> ?>A;5 B>3>, :0: 2K A1@>A8B5 A2>8 :0@BK.

>?KB:0 2KOA=8BL :0@BK 4@C38E 83@>:>2 C<5=LH8B 20HC A:C:C.  0AA<0B@8209B5 MB> :0: >E>BC. K =5 ?>;CG8B5 ?@87 70 B>, GB> C30405B5 @C:C 4@C3>3> 83@>:0, => <K 2A5 ?KB05<AO A45;0BL MB>. A;8 2K =0CG8B5AL ;CGH5 G8B0BL GC685 @C:8, B> 2K ?>;CG8B5, :0: 1>;LH5 C4>2>;LAB28O, B0: 8 =03@04C 70 MB>.

>=:@5B=>5 87<5=5=85 ! 6: 3@09B5 G5:-@597 1>;55 G0AB>. =>385 ;C7>2>-?0AA82=K5 83@>:8 =5 83@0NB G5:-@597 4>AB0B>G=> G0AB>. 5:>B>@K5 87 =8E 2>>1I5 =5 ?@8<5=ONB 53>, ?>B><C GB> 8< =5 =@028BLAO B0:>9 Ť03@5AA82=K9ť ?@8Q<, 8;8 4065 >=8 <>3CB AG8B0BL 53> =5MB8G=K<. > G5:-@597   MB> =5 ?@>AB> 4>?CAB8<0O B0:B8:0, MB>   ACI5AB25==0O B0:B8:0. 0H0 ?0AA82=>ABL 8 65;0=85 1KBL 256;82K< C65 =0=5A;8 20< 2@54. B:07K20OAL >B MB>9 B0:B8:8, 2K :0: 1C4B> 1K A2O7K205B5 >4=C 87 A2>8E @C: C A51O 70 A?8=>9.

A;8 4@C385 83@>:8 7=0NB, GB> 2K =8:>340 =5 83@05B5 G5:-@597, :064K9 @07, :>340 2K 1C45B5 3>2>@8BL G5:, 2K ?@54>AB028B5 8< A;8H:>< <=>3> 8=D>@<0F88. @C385 83@>:8 1C4CB 7=0BL, GB> >=8 A<>3CB ?>AB028BL A <0@38=0;L=K<8 @C:0<8 2 :0G5AB25 1;5D0 157 >?0A5=8O AB>;:=CBLAO A @597><, 8 MB8< >=8 A<>3CB 2K83@0BL C 20A 4>?>;=8B5;L=CN AB02:C 8;8, GB> 5IQ EC65, C:@0ABL 20H 10=:. 5 >1;53G09B5 8< 687=L   2@5<O >B 2@5<5=8 ?@8<5=O9B5 G5:-@597.

K 872;5G5B5 ?>;L7C >B MB>3> B@5<O A?>A>10<8. >-?5@2KE   2K ?>;CG8B5 1>;LH5 ?@81K;8 >B A2>8E ;CGH8E @C:, 2>-2B>@KE   2K 70I8B8B5 A2>8 1C4CI85 @C:8, ?>B><C GB> ;N48 =0<=>3> <5=55 25@>OB=> 1C4CB AB028BL ?@>B82 20A A <0@38=0;L=K<8 @C:0<8 8;8 2 :0G5AB25 1;5D0. -B@5BL8E   2K ?>;CG8B5 1>;LH5 C2065=8O. >:5@=K5 83@>:8 C2060NB 6QAB:>ABL, 8 5A;8 2K =0:065B5 8E 70 ?>?KB:C ?5@583@0BL 20A, B> 20A 1C4CB A8;L=55 C2060BL.

>=:@5B=>5 87<5=5=85 ! 7: A?>;L7C9B5 20H 8<846. A;8 2K <>65B5 70?><=8BL B>;L:> >4=> A;>2> 87 MB>9 :=838, MB8< A;>2>< 4>;6=> 1KBL A;>2> 1;5D!

A;8 2K =5 <>65B5 2=5AB8 2 A2>N 83@C :0:85-B> 87<5=5=8O, :@><5 B>3>, GB> =0G=QB5 ?5@8>48G5A:8 1;5D>20BL, MB> >:065B ACI5AB25==>5 2;8O=85 =0 20H8 D8=0=A>2K5 @57C;LB0BK, 8 4@C385 83@>:8 1C4CB 1>;LH5 20A C2060BL.

K15@8B5 83@C A B5<8 ;N4L<8, :>B>@K5 A<>B@OB =0 20A 8 B8E> 3>2>@OB: Ť154 ?>40=!ť. =8 284OB 2 20A 65@B2C, >=8 0B0:CNB 20A, :>340 C 20A A;01K5 :0@BK, ?>B><C GB> 2K 2AQ @02=> 1C45B5 :>;8@>20BL. > >=8 =5 >B25G0NB 20< B>340, :>340 2K AB028B5 A0<8, ?>B><C GB> >=8 7=0NB, GB> ?@8 MB>< C 20A E>@>H0O @C:0.

K18@09B5 ?>4E>4OI85 A;CG08 BI0B5;L=>. >648B5AL B>3>, GB> 1K >AB0BLAO >48= =0 >48= A> A:0;>9 8;8 83@>:><, 1;87:8< : A:0;5 (1,1 8;8 2,2), :B> =5 8A?>;L7C5B 2 A2>59 83@5 G5:-@597 8 ?>AB>O==> A1@0AK205B. >648B5AL B>3>, :>340 >= A:065B 20< G5:, 0 70B5< 1;5DC9B5   2K C2848B5, :0: >= A1@>A8B, 8 2K 7015@5B5 53> 45=L38.

5 ?>:07K209B5 20HC @C:C! K <>65B5 1KBL 272>;=>20=K 20H59 ?>154>9 8 70E>B8B5 ?@>45<>=AB@8@>20BL 5Q, => CA?5H=> 1;5D>20BL 2K A<>65B5 8<5==> 1;03>40@O 20H5<C ?0AA82=><C 8<846C.  2K =5 E>B8B5 ;8H8BLAO MB>9 2>7<>6=>AB8. @><5 B>3>, MB> <>65B 1KBL =5256;82>. >648B5AL 4@C3>3> BI0B5;L=> 2K1@0==>3> A;CG0O, 0 70B5< 1;5DC9B5 A=>20. K A<>65B5 CA?5H=> ?@8<5=8BL 1;5D <=>3> @07 4> B>3>, :0: 20A ?>9<0NB.

>340 2K 1C45B5 ?>9<0=K =0 A2>Q< 1;5D5, 2K <>65B5 1KBL C482;5=K B5<, GB> 2 GC68E 3;070E 2K C2848B5 1>;LH5 C2065=8O. 0A 1>;LH5 =5 1C4CB AG8B0BL ;Q3:>9 4>1KG59. @>B82=8:8 =0G=CB >B25G0BL 20< B>340, :>340 C 20A 1C45B E>@>H0O @C:0, GB> C25;8G8B ?@81K;L >B 20H8E A8;L=KE @C:. K 1C45B5 ?>@065=K B5<8 87<5=5=8O<8, :>B>@K5 ?@>87>94CB.

K1>@ ?@028;L=KE 83@

K18@09B5 B5 83@K, :>B>@K5 ?>72>;ONB 20< ?>;CG8BL C4>2>;LAB285, => B0:65 40NB :0:>9-B> H0=A ?>1548BL (8;8, ?> <5=LH59 <5@5, C<5=LH0NB 20H8 ?@>83@KH8). '5< 1>;55 M:AB@5<0;L=K9 C 20A AB8;L, B5< 1>;55 206=> 2K18@0BL 83@K A;54CNI8<8 A?>A>10<8:

" 	3@09B5 =0AB>;L:> =87:85 ;8<8BK, =0A:>;L:> MB> 1C45B 4;O 20A B5@?8<>.

" 	3@09B5 2 83@0E, 345 1>;LH8=AB2> 83@>:>2   ;C7>2>-?0AA82=K5.

" 	3@09B5 2 83@K A 4@C65AB25==>9 8 ?@8OB=>9 0B<>AD5@>9.

ABL G5BK@5 ?@8G8=K 4;O B>3>, GB>1K 2K 83@0;8 =0 =87:8E ;8<8B0E. >-?5@2KE, 2K ?@>83@05B5 <5=LH5 45=53. A;8 20H8 45=L38 20< E>BL :0:-B> 4>@>38, B> 2K 4>;6=K @0AA<>B@5BL MB>B D0:B.

>-2B>@KE, =87:>;8<8B=K5 83@K >1KG=> 1>;55 ;C7>2K5 8 1>;55 ?0AA82=K5. '0AB> 2K 1C45B5 2845BL 10=:8, 2 :>B>@K5 2>94CB =5A:>;L:> G5;>25:   2A5 :>;;8@CNB 8 =8:B> =5 @5978B.

-B@5BL8E, 83@>:8 =0 B0:8E ;8<8B0E ?>GB8 2A5340 <5=55 :20;8D8F8@>20==K, G5< 2 :@C?=KE 83@0E. '5< A;0155 >=8 83@0NB, B5< ;CGH5 1C4CB 20H8 2>7<>6=>AB8, 8 B5< 1>;LH5 2K A<>65B5 @0AA;018BLAO.

-G5B2Q@BKE, 45HQ2K5 83@K >1KG=> 1>;55 4@C65AB25==K5, 1>;55 >1I8B5;L=K5 8 <5=55 48:85. !5@LQ7=K5 83@>:8 ?@54?>G8B0NB 83@0BL 2 4>@>38E 83@0E, 8 =5:>B>@K5 87 =8E @0AA<0B@820NB ?>:5@ :0: >A=>2=CN 8;8 2B>@CN @01>BC. 5H52K5 65 83@K ?>;=K B0:8<8 ;N4L<8 :0: 2K. =8 1>;55 :>=:C@5=B>A?>A>1=K, G5< 2K, => ?@5645 2A53> >=8 83@0NB 4;O >B4KE0, A>F80;870F88 8 ?@>AB>, GB>1K ?@>25AB8 2@5<O.

4=0:> =5 2A5 45H52K5 83@C A>>B25BAB2CNB MB8< :@8B5@8O<. 5:>B>@K5 87 =8E <>3CB 1KBL A;8H:>< 8=B5=A82=K<8 8 03@5AA82=K<8 4;O 20A. K 4>;6=K Ť?@8A<>B@5BLAO : F5=0<ť, GB> 1K =09B8 ?@028;L=CN 83@C. !45;09B5 MB>; =5 >AB0209B5AL 2 83@5, :>B>@0O 20< =0 A0<>< 45;5 =5 =@028BAO.

K18@0O 83@C, @0AA<>B@8B5 >:@C60NICN >1AB0=>2:C (@0AA;01;5==>5 ;8 =0AB@>5=85 C 4@C38E ;N459 8 =0A:>;L:> A8;L=> >=8 A:>=F5=B@8@>20=K =0 ?>1545?), => >1@0B8B5 >A>1>5 2=8<0=85 =0 B>, =0A:>;L:> 83@0 ;C7>20O 8 ?0AA82=0O. '5< 1>;55 ;C7>20O 8 ?0AA82=0O 83@0, B5< 1>;LH5 >:@C60NI85 83@>:8 1C4CB A>>B25BAB2>20BL 20H5<C AB8;N. >A;5 B>3>, :0: 2K ?>?@>1C5B5 ?>83@0BL 2 =5A:>;L:8E @07;8G=KE 83@0E, 2K15@8B5 4;O ?>AB>O==>9 83@K >4=C 8;8 425 87 =8E. 0?@8<5@, 2 :078=> A 2K <>3;8 1K 83@0BL ?> 1C4=8< 4=O<, 0 2 :078=> B   ?> =>G0< 8;8 =0 2KE>4=KE. I8B5 B5 83@K, :>B>@K5 A>>B25BAB2CNB 2A5< 20H8< ?>B@51=>ABO<   :0: ?>B@51=>ABO< 83@>:0, B0: 8 ?>B@51=>ABO< G5;>25:0.

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:

A;8 2K ;C7>2>-?0AA82=K9 83@>:, MB0 3;020 40AB 20< >G5=L <=>3> 8=D>@<0F88 > 20A 8 > 20H5< 83@>2>< AB8;5. 0209B5 ?>A<>B@8<, :0: MB> A>>B=>A8BAO A B5<8 2>?@>A0<8, =0 :>B>@K5 2K >B25G0;8 @0=55.

064K9 @07, :>340 O ?@>HC 20A >1@0B8BLAO : :0:><C-B> ?@54K4CI5<C @0745;C, MB> <>65B >:070BLAO ?>;57=K< 4;O 20A 2 B>< ?;0=5, GB> C 20A 2 3>;>25 >B;>60BAO A0<K5 206=K5 8458 87 MB>9 3;02K.

-B> <>65B 70=OBL :0:>5-B> 2@5<O 8 >B25BK, :>B>@K5 2K =0?8H8B5 A53>4=O, <>3CB 1KBL 87<5=5=K 20<8 ?> <5@5 @0728B8O 20H59 83@K. "@0B8BL =0 MB> B0: <=>3> 2@5<5=8 <>65B ?>:070BLAO 20< A:CG=K< 8;8 4065 @074@060NI8<, => MB> <>65B ?@8=5AB8 20< >3@><=K5 482845=4K.

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4

1@0B8B5AL : @8;>65=8N A: Ť"5AB ?> ?@028;L=><C ?>4E>4Cť. !45;09B5 70:;04:C =0 MB>< B5AB5, GB>1K 2K 2A5340 <>3;8 1KAB@> =09B8 MB>B B5AB. 5A:>;L:> A;54CNI8E AB@>: A>2?040NB A> =5:>B>@K< AB@>:0<8 2 B>< B5AB5. >A<>B@8B5 =0 A2>8 >B25BK G5@57 =5:>B>@>5 2@5<O, :0: 2K 8E =0?8H8B5. > ?@56=5<C ;8 >=8 :06CBAO ?@028;L=K<8? A;8 =5B, ?5@5A<>B@8B5 8E 8 =0?8H8B5 745AL B5, :>B>@K5 AG8B05B5 ?@028;L=K<8.

0:85 A>AB02;ONI85 ?@028;L=>3> ?>4E>40 O2;ONBAO 20H8<8 A8;L=K<8 AB>@>=0<8, :0:85   A;01K<8, 0 :0:85   =59B@0;L=K<8?

!8;L=K5 AB>@>=K                    !;01K5 AB>@>=K                    59B@0;L=K5







0:8< >1@07>< 2K <>65B5 872;5GL ?@58<CI5AB2> >B 20H8E A8;L=KE AB>@>=?







0:8< >1@07>< 2K <>65B5 C<5=LH8BL 2;8O=85 A2>8E A;01KE AB>@>=?







F5=:0 20H53> =02K:0 GB5=8O @C:

5@=8B5AL : @0745;C Ť'B5=85 @C:ť 87 2B>@>9 G0AB8 :=838 (C 20A 4>;6=0 1KBL A45;0=0 70:;04:0 =0 B>9 AB@0=8F5) 8 >B25BLB5 =0 A;54CNI85 2>?@>AK.

>8 >G:8 1;865 2A53> : B8?C __________________.

# <5=O A;54CNI85 AE>4AB20 8 @07;8G8O A __________________:

!E>4AB20:





 07;8G8O:





0: MB8 AE>4AB20 8 @07;8G8O 2;8ONB =0 20HC 83@C 2 ?>:5@?





'B> 2K A>18@05B5AL ?@54?@8=OBL?







0H @59B8=3

>A<>B@8B5 =0 20H @59B8=3, :>B>@K9 2K >?@545;O;8 2 ?>4@0745;5 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838. 5@5?8H8B5 53> AN40.

>8 @59B8=3 __ , __.

065BAO ;8 20H @59B8=3, @0=55 >?@545;Q==K9 20<8 B>G=K< ?>A;5 ?@>GB5=8O 20<8 40==>9 G0AB8 :=838? 0 5B (>B25B >12548B5). A;8 2K 2K1@0;8 Ť5Bť, =0?8H8B5 745AL 20H 1>;55 B>G=K9 @59B8=3: __ , __.

A;8 2K ?5@5A<>B@5;8 20H8 >G:8 ?> >1>8< E0@0:B5@8AB8:0<, :@0B:> =0?8H8B5, ?>G5<C. '5< B>G=55 2K MB> >1JOA=8B5, B5< 1C45B ;CGH5 4;O 20A.

0H8 <>B82K 4;O 83@K

73;O=8B5 =0 20H8 >F5=:8 20H8E 83@>2KE <>B82>2, @07<5IQ==K5 2 ?>4@0745;5 Ť>=8<0=85 20H8E <>B82>2ť B5:CI53> @0745;0. !:>?8@C9B5 8E 2 :>;>=:C Ť!0<>>F5=:0ť A;54CNI59 B01;8FK. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.



"01;8F0 8: >8 <>B82K 4;O 83@K

>8 <>B82K	!0<>>F5=:0	5@5>F5=:0

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

AE>4O 87 2A53> B>3>, GB> 2K ?@>G;8 4> B5:CI53> <><5=B0, :06CBAO ;8 20< 0::C@0B=K<8 MB8 >F5=:8? A;8 =5B, 2?8H8B5 20H8 1>;55 B>G=K5 >F5=:8 2 :>;>=:C Ť5@5>F5=:0ť. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.

;02=K5 2>?@>AK

0?8H8B5 745AL >B25BK =0 A;54CNI85 3;02=K5 2>?@>AK:

>9 AB8;L C4>2;5B2>@O5B A;54CNI8< <>B820<:







>9 AB8;L <5H05B A;54CNI8< <>B820<:







/ 4>;65= 87<5=8BL A2>9 @59B8=3 A __ , __ =0 __ , __, ?>B><C GB> O E>GC:







>=:@5B=K5 459AB28O

5@5G8B09B5 ?>;=>ABLN 40==CN G0ABL :=838 8 =0?8H8B5 AN40, :0:85 :>=:@5B=K5 459AB28O 2K A>18@05B5AL ?@54?@8=OBL.

/ 4>;65= 83@0BL 2 83@K A;54CNI8E 284>2: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

 / 4>;65= 871530BL A;54CNI8E 284>2 83@: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

/ 4>;65= A45;0BL A;54CNI85 :>=:@5B=K5 87<5=5=8O 2 <>59 AB@0B5388:

1.	

2.	

3.	

4.	

!45;09B5 70:;04:C =0 MB8E AB@0=8F0E. @5<O >B 2@5<5=8 ?5@5A<0B@8209B5 A2>8 ?;0=K, >B<5G0O, :0: E>@>H> 2K A =8<8 A?@02;O5B5AL   5A;8 CA?5H=>, B> AB02LB5 A515 =>2K5 F5;8.

#40G8!





















 

'0ABL VI

"09B>2>-?0AA82=K9 83@>:



2545=85

"09B>2>-?0AA82=KE 83@>:>2 =5 B0: ;53:> 1KAB@> 2KG8A;8BL, 8 5A;8 2K =5 A<>65B5 ?@8A?>A>18BLAO : 8E AB8;N, C 20A =5 ?>;CG8BAO B0: ;53:> 2K83@K20BL. E =07K20NB ŤA:0;Kť, ?>B><C GB> >=8 ?@>AB> A1@0AK20NB 2A5 ?>4@O4 8 64CB ?@5<8C<-@C:C. >340 >=0 =0:>=5F ?@8E>48B 8<, >=8 @07K3@K20NB 55 :>=A5@20B82=>, 4065 @>1:>.

E B@C4=> 2KG8A;8BL ?>B><C, GB> 2K 1>;LH5 =01;N405B5 70 83@>:0<8, :>B>@K5 CG0AB2CNB 2 10=:5, 0 =5 70 B5<8, :B> A1@>A8; A2>8 :0@BK. =>385 87 =8E =8G5< =5 ?@8<5G0B5;L=K 8 2 687=8. =8 <>3CB <0;> 3>2>@8BL, 0 =5:>B>@K5 87 =8E 2>>1I5 ?>GB8 =5 @073>20@820NB. =8 A:;>==K 45;0BL AB02:8 >G5=L >AB>@>6=>, :>=B@>;8@C5<K<8 42865=8O<8. =8 =5 :840NB D8H:8 2 10=: 8 =5 3>2>@OB 3@><:>: Ť/ 45;0N @597.ť, >=8 ?@>AB> AB02OB D8H:8 ?5@54 A>1>9, =5 ?@>87=>AO >1KG=> ?@8 MB>< =8 A;>20.

=8 >1;040NB 1>;55 206=>9 A>AB02;ONI59 ?@028;L=>3> AB8;O (B09B>2>-03@5AA82=>3>) 8 MB> ?>72>;O5B 8< ?>AB>O==> 2K83@K20BL, 5A;8 >=8 83@0NB 2 ?>4E>4OI8E 83@0E. =8 =5 2K83@K20NB <=>3>, => >=8 8 =5 >6840NB <=>3>3> 2K83@0BL. =8 4>2>;L=K ?>AB>O==K<8 =51>;LH8<8 2K83@KH0<8 8 =5G0ABK<8 =51>;LH8<8 ?@>83@KH0<8.























 

"09B>2>-?0AA82=K5 83@>:8



"09B>2>-?0AA82=K5 83@>:8   MB> 2A5 B5, C :>3> >B 1 4> 3 >G:>2 ?> >158< E0@0:B5@8AB8:0<. =>385 87 MB8E ?@8=F8?>2 8 ?@8<5@>2 3;02=K< >1@07>< >B=>AOBAO : ŤA:0;0<ť (1,1). '5< =865 @59B8=3 83@>:0, B5< 25@>OB=55, GB> >= 459AB2C5B, 4C<05B 8 GC2AB2C5B :0: A:0;0.

>;LH8=AB2> A:0; =0E>4OBAO ?>4 2;8O=85< ?@8ACI53> 8< :>=A5@20B87<0, => =0 =8E =5 2;8ONB M<>F88 B0:, :0: =0 <0=LO:>2 8;8 02B>>B25BG8:>2. -<>F88 ;C7>2KE 83@>:>2 70AB02;ONB 8E 2K18@0BL AB8;L 4;O A0<>70I8BK, >4=0:> B09B>2>-?0AA82=K9 AB8;L G0AB> <>65B ?@825AB8 : CA?5EC, >A>15==> =0 <5;:8E ;8<8B0E, 345 83@0NB <=>3> A;01KE 83@>:>2.

4=0:>, :0: 8 <0=LO:8 8 02B>>B25BG8:8, A:0;K =5381:85 8 ?@54A:07C5<K5 83@>:8. K 7=05B5, GB> >=8 1C4CB A1@0AK20BL @C:C 70 @C:>9, >B25G0BL B>;L:> A ?@5<8C<-@C:0<8, 0 @5978BL B>;L:> A A0<K<8 A8;L=K<8.

5=55 2K@065==K5 B09B>2>-?0AA82=K5 83@>:8 >1;040NB 1>;LH8< A0<>:>=B@>;5< 8 381:>ABLN. >340 2K 8<55B5 45;> A 83@>:>< 3,3, =C6=> 1KBL 1>;55 >AB>@>6=K< A ?@8<5=5=85< MB8E ?@8=F8?>2. 0< B0:65 =C6=> 1C45B 45;0BL B0:>3> @>40 :>@@5:B8@>2:8, >4=0:> A;54C5B >6840BL <5=55 ?@54A:07C5<>3> 83@>:0. A5340 =C6=> A;548BL 70 87<5=5=8O<8 2 53> AB8;5 8 ?@8A?>A01;820BLAO : B><C, :0: >= 83@05B A59G0A.

# A:0; 5ABL >4=0 87 42CE A>AB02;ONI8E 2K83@K20NI53> AB8;O, 8 5A;8 >=8 1C4CB ?@028;L=> 2K18@0BL AB>;K, MB>3> 1C45B 4>AB0B>G=> 4;O =51>;LH>3> 2K83@KH0. A;8 >=8 1C4CB ?;>E> 2K18@0BL AB>;K, >=8 1C4CB ?@>83@K20BL, => =5 B0: <=>3>. 5=55 2K@065==K5 B09B>2>-?0AA82=K5 83@>:8 1C4CB 2K83@K20BL 1>;LH5, 8 >=8 A?>A>1=K 45;0BL MB> 2 @07=KE 83@0E.

A;8 >G:8 83@>:0 ?> >4=>9 87 E0@0:B5@8AB8: 1>;LH5 4, >= C65 1C45B 2=5 ŤB09B>2>-03@5AA82=>3>ť C3;0 4803@0<<K, 8 =5:>B>@K5 87 MB8E ?@8=F8?>2 <>3CB : =5<C 8 =5 >B=>A8BLAO.

"0: :0: B09B>2>-?0AA82=K5 83@>:8 8<5NB AE>685 G5@BK A 4@C38<8 B8?0<8 83@>:>2 (B09B>2>ABL 8 ?0AA82=>ABL), =5:>B>@K5 <><5=BK 87 MB>9 G0AB8 :=838 1C4CB ?5@5A5:0BLAO A G0ABO<8 > ;C7>2>-?0AA82=KE 8 B09B>2>-03@5AA82=KE 83@>:0E.

 

!?>A>1K 8E 1KAB@>3> @0A?>7=020=8O

-B>B ?>4@0745; >A=>2K205BAO =0 B>< 65 ?@8=F8?5, GB> 8 ?@54K4CI85 0=0;>38G=K5 ?>4@0745;K   ;N48 83@0NB 2 ?>:5@ B0: 65, :0: 45;0NB 8 4@C385 25I8. 0AA82=K5 ;N48 83@0NB ?0AA82=>; A45@6820NI85 A51O ;N48 83@0NB B09B>2>. A;8 G59-B> 3>;>A, <0=5@K 8 65ABK A2845B5;LAB2CNB > ?0AA82=>AB8 8 A0<>:>=B@>;5, C MB>3> 83@>:0, A:>@55 2A53>, B09B>2>-?0AA82=K9 AB8;L. '5< 1>;LH5 A83=0;>2 2K 2848B5, B5< 25@>OB=55, GB> C 40==>3> 83@>:0 :0:>9-;81> 2K@065==K9 AB8;L 83@K.

0< =C6=> ?>B@C48BLAO, GB>1K 2KG8A;8BL B09B>2>-?0AA82=>3> 83@>:0, ?>B><C GB> >=8 <0;> A51O ?@>O2;ONB. =8 83@0NB >G5=L <0;> @C:, ?>GB8 =8:>340 =5 @597OB, 8 >1KG=> A84OB >G5=L B8E>. =8 ?>;CG8;8 ?@>728I5 ŤA:0;Kť, ?>B><C GB> 459AB2CNB :0: A:0;K. K <>65B5 83@0BL A B0:8< 83@>:>< G0A0<8 8 70B5< 4065 =5 2A?><=8BL, :0: >= 2K3;O48B, B5< 1>;55, :0: >= 83@05B.

4=0:> =5 B0: 206=> 1KAB@> 8E 2KG8A;OBL, :0: =0?@8<5@, 03@5AA82=KE 83@>:>2. =8 =5 <>3CB 20< A8;L=> =02@548BL, ?>B><C GB> >=8 >G5=L @54:> 2E>4OB 2 10=: 8 ?>GB8 =8:>340 =5 @597OB. 865 ?@82545=K A83=0;K, A ?><>ILN :>B>@KE 8E <>6=> @0A?>7=0BL.

!83=0; !1: A5 A83=0;K, 3>2>@OI85 >1 M<>F8>=0;L=>< A0<>:>=B@>;5, B0:85 :0: >?@OB=0O >45640, >BACBAB285 C:@0H5=89 8;8 8E <0;>5 :>;8G5AB2>, @>1:85 A;>20 8 65ABK (8;8 4065 ?>;=>5 8E >BACBAB285), O2=>5 65;0=85 =5 ?@82;5:0BL 2=8<0=8O 8 ?>GB8 =8:0:8E <8<8G5A:8E 65AB>2. "09B>2>-?0AA82=K5 83@>:8   MB> >4=8 87 B5E ;N459, :>B>@KE $@594 =0720; Ť0=0;L=K<8 ;8G=>ABO<8ť. > 53> B5>@88, 87-70 A2>8E BC0;5B=KE ?@>1;5< B0:85 ;N48 E>BOB :>=B@>;8@>20BL 8 A45@6820BL 2AQ   45=L38, A;>20, GC2AB20 8 B0: 40;55.

0 A>2@5<5==>< A;5=35 8E =07K20NB Ť2AB@52>65==K<8ť. E 3;02=0O F5;L   871530BL @8A:0, 8 8E :@09=89 :>=A5@20B87< 2;8O5B =0 2A5 8E 459AB28O.

5:>B>@K5 A83=0;K 3>2>@OB 1>;LH5 > <>;>4KE ;N4OE, G5< > ;N4OE 2 2>7@0AB5. 0?@8<5@, B>B D0:B, GB> :B>-B> =>A8B ?8460: 8 53> 30;ABC: 70BO=CB, <>65B <=>3>5 A:070BL > <>;>4>< G5;>25:5, => ?@0:B8G5A:8 =8G53> > G5;>25:5 2 2>7@0AB5. '5;>25: 2 3>40E <>65B A45;0BL MB> ?> ?@82KG:5, B>340 :0: A> AB>@>=K <>;>4>3> G5;>25:0 MB> =5 2K3;O48B :0: A;CG09=>ABL.

1@0I09B5 >A>1>5 2=8<0=85 =0 70BO=CBK9 30;ABC:. >ABN< <>65B >7=0G0BL, GB> G5;>25: ?@8H5; A @01>BK, >4=0:> B> :0: >= =>A8B 53>, <>65B 3>2>@8BL > 53> ;8G=>AB8. 1KG=> ?@8 83@5 2 ?>:5@ 1>;LH8=AB2> 83@>:>2 A=8<0NB 8;8 E>BO 1K >A;01;ONB 30;ABC:.

!83=0; !2: ::C@0B=> 2KAB02;5==K5 D8H:8. >340 D8H:8 83@>:0 0::C@0B=> 2KAB02;5=K 8 2K@>2=5=K ?> F25B=K< ;8=8O<, MB> ?>:07K205B GB> 40==K9 83@>: 0::C@0B5= 8 C<55B 45@60BL A51O 2 @C:0E, : B><C 65 C B09B>2>-?0AA82=KE 83@>:>2 4>AB0B>G=> 2@5<5=8 4;O B>3>, GB>1K @07<5I0BL D8H:8 ?>4>1=K< >1@07><.

!83=0; !3: 57@07;8G85 : >:@C60NI8<. A;8 83@>: ?>:07K205B 157@07;8G85 8 =5 ?@825BAB2C5B 4@C38E 83@>:>2 70 AB>;><, >6840NI8E 83@>:>2 8;8 48;5@>2, MB> C:07K205B =0 B09B>2>-?0AA82=K9 AB8;L. !:C?>ABL =0 G052K5 B0:65 3>2>@8B >1 MB><.

!83=0; !4: 57@07;8G85 : 83@5. A;8 2K 70<5G05B5, GB> 83@>:0 =5 8=B5@5AC5B 83@0, MB> C:07K205B =0 B> GB>, A:>@55 2A53> C =53> B09B>2>-?0AA82=K9 AB8;L, :0: <8=8<C< =0 40==K9 <><5=B. "0:>5 157@07;8G85 <>65B >7=0G0BL ?>AB>O==K9 AB8;L 83@>:0 8;8 53> =0AB@>5=85 2 =0AB>OI89 <><5=B.

3@>:8, :>B>@K5 >B2;5:0NBAO =0 ;>H048=K5 1530 8;8 DCB1>;L=K5 <0BG8, MB> >B45;L=K9 8 =5?@54A:07C5<K9 A;CG09, >A>15==> :>340 >=8 A45;0;8 AB02:C =0 MB> A?>@B82=>5 A>1KB85. 5:>B>@K5 87 =8E 1C4CB 83@0BL B09B>2>-?0AA82=>, ?>:0 >=8 =01;N40NB 70 AC4L1>9 A2>5 AB02:8; >=8 <5;L:>< A<>B@OB =0 A2>8 :0@BK 8 A1@0AK20NB 2AQ, :@><5 ;CGH8E @C:. @C385 <>3CB 83@0BL =51@56=>, ?>B><C GB> 8E 1>;LH5 8=B5@5AC5B A?>@B82=>5 A>1KB85.

5:>B>@K5 83@>:8 A<>B@OB B5;5287>@ 8;8 G8B0NB. =8 >1KG=> B09B>2>-?0AA82=K5, 8 >=8 ?>GB8 2A5340 ?0AA82=K5. 3@5AA82=K5 83@>:8 =5 <>3CB =5 A;548BL 70 83@>9.

1KG=> >G5=L ;53:> ?@>G8B0BL 83@>:>2, :>B>@K5 70=8<0NBAO G5<-;81> 5IQ 70 ?>:5@=K< AB>;><. -B> 284=> ?> B><C, :0: >=8 459AB2CNB ?>A;5 B>3>, :0: >B25G0NB =0 ?5@2CN AB02:C. A;8 >=8 ?5@5:;NG0NB A2>5 2=8<0=85 : 83@5, MB> >1KG=> >7=0G05B, GB> C =8E E>@>H0O @C:0 (=57028A8<> >B 8E AB8;O). A;8 >=8 ?@>4>;60NB A<>B@5BL B5;5287>@, >=8, A:>@55 2A53> ;C7>2>-?0AA82=K5 83@>:8 8 2 40==K9 <><5=B C =8E A;010O @C:0.  ;N1>< A;CG05, 20< =5 =C6=> >?0A0BLAO @5970.

!83=0; !5: !?>:>9=0O 8;8 4065 @>1:0O <0=5@0 AB028BL D8H:8 B>G=> C:07K205B =0 ?0AA82=>ABL. 0?@8<5@, 5A;8 >=8 0::C@0B=> AB02OB A2>8 D8H:8 =0AB>;L:> 1;87:> >B A51O, GB> :065BAO, GB> >=8 1>OBAO A45;0BL MB> 8 E>BOB B0:8< >1@07>< 25@=CBL 8E >1@0B=>, MB> >7=0G05B GB> A:>@55 2A53> >=8 ?0AA82=K5 83@>:8. 0: O C65 >B<5G0;, ;C7>2>ABL =C6=> @0AA<0B@820BL >B45;L=>.

!83=0; !6: 8=8<0;L=K9 1098=. 3@>:8, :>B>@K5 70E>4OB A <8=8<0;L=K< 1098=><, >1KG=> 83@0NB :0: A:0;K, :0: <8=8<C< 4> B5E ?>@, ?>:0 C =8E =5 >AB0=5BAO =51>;LH0O AC<<0 45=53. >7<>6=>, 8< E20B05B 45=53 B>;L:> =0 MB>B 1098= 8 >=8 =045NBAO 2K83@0BL =5A:>;L:> 4>;;0@>2. 4=0:> 8=>340 83@>:8 A :>@>B:8<8 AB5:0<8 O2;ONBAO ;C7>2>-03@5AA82=K<8 83@>:0<8 8 2E>4OB 2 83@C A =51>;LH8< AB5:>< 4;O B>3>, GB>1K >48= @07 Ť2KAB@5;8BLť. 284C B>3> GB> MB8 AB8;8 >G5=L @07;8G=K, ?> 4@C38< ?@87=0:0< 2K 2A:>@5 ?>9<5B5, A :5< B>G=> 8<55B5 45;>.

!83=0; !7: N48 2 2>7@0AB5 A:;>==K : B09B>2>-?0AA82=><C AB8;N. ! 2>7@0AB>< ;N48 AB0=>2OBAO 1>;55 :>=A5@20B82=K<8, ?>MB><C <=>385 A:0;K   MB> ?5=A8>=5@K, :>B>@K5 E>BOB ?@>25AB8 2@5<O 8 =5<=>3> 2K83@0BL.

0: 8 2A5340, =01;N409B5 70 B5<, :0: : =5<C >B=>AOBAO 4@C385 83@>:8.

!83=0; !8: 57@07;8G85 : 53> ?@8E>4C. A;8 2AQ 2K3;O48B B0:, 1C4B> 1K 53> =8:B> =5 70<5G05B, B> ?5@54 20<8 8;8 =57=0:><5F, 8;8 B09B>2>-?0AA82=K9 83@>:. =8 A:;>==K 1KBL Ť=52848<K<8ť.

!83=0; !9: 54>2>;L=K5 8;8 >A:>@18B5;L=K5 @5?;8:8, >A>15==> >B ;C7>2>-03@5AA82=KE 83@>:>2. >GB8 =8:B> =5 E>G5B 83@0BL A =8<8, ?>B><C GB> 83@0BL A =8<8 =58=B5@5A=> 8 C =8E =5;L7O <=>3> 2K83@0BL. @8A;CH8209B5AL : B0:8< :><<5=B0@8O<, :0: Ť-B0 83@0 =5 4;O B51O   745AL <K 83@05< ?> =0AB>OI5<Cť. A;8 B0:85 A;>20 =5 72CG0B :0: HCB:0, B> =57=0:><5F ?>GB8 =025@=O:0 O2;O5BAO B09B>2K< 8, 25@>OB=>, ?0AA82=K<.

>AB>8=AB20

>GB8 2A5 A:0;K (:@><5 >A>15==> 2K@065==KE) 1C4CB 2K83@K20BL 2 1>;LH8=AB25 83@. >:5@ 2>7=03@06405B B5@?5=85, 0 C =8E 53> ?@54>AB0B>G=>. =8 <>3CB A845BL 25AL 45=L, A1@0AK20O A2>8 :0@BK. =8 >A>15==> CA?5H=K 2 =87:>;8<8B=KE 83@0E 2 A5<8:0@B>G=K9 AB04 ($1/$5), ?>B><C GB> B0< 0=B5 8;8 =51>;LH85 8;8 2>2A5 >BACBAB2CNB, 0 25;8G8=0 1;09=40 B0:65 =57=0G8B5;L=0O.

=>385 87 =8E ?@5645 2A53> 83@0NB 4;O B>3>, GB>1K ?@>25AB8 A2>5 2@5<O, 0 B0:65 4;O B>3>, GB>1K ?>;CG8BL 4>?>;=8B5;L=CN ?@8102:C : ?5=A88 8;8 : 4@C38< =51>;LH8< ?>AB>O==K< 4>E>40<. < C405BAO :0: B>, B0: 8 4@C3>5. "09B>2>-?0AA82=K9 AB8;L 405B 2>7<>6=>ABL 8<5BL G0ABK5, => =51>;LH85 2K83@KH8, 0 B0:65 >G5=L @54:85 =51>;LH85 ?@>83@KH8. 5 2K3;O48B 70E20BK20NI8< 83@0BL ?>4>1=K< >1@07><, >4=0:> MB> 25A5;55, G5< 5ABL 30<1C@35@K 2 0:4>=0;4A5 8;8 83@0BL 2 H0H:8 2 :;C15 4;O ?5=A8>=5@>2.

E AB8;L A:CG5= 4;O 1>;LH8=AB20 83@>:>2, 8 >= <>65B 1KBL A:CG=K< 4;O =8E A0<8E, >4=0:> >=8 =5 15A?>:>OBAO ?> MB><C ?>2>4C. 0?><=8B5, >=8 =5 >6840NB 1>;LH8E 2K83@KH59, B0:65 :0: =5 6064CB 0:B82=>9 83@K. # =8E ?>;=> A2>1>4=>3> 2@5<5=8 8 8< ?> 4CH5 B8E>5 B5G5=85 83@K, CAB>9G82K5 2K83@KH8 8 =5G0ABK5, =51>;LH85 ?@>83@KH8.

54>AB0B:8

G5=L 2K@065==0O A:0;0 1C45B ?@>83@K20BL, 83@0O A 4>AB0B>G=> E>@>H8<8 83@>:0<8, >4=0:> A:>@55 2A53> MB8 ?@>83@KH8 1C4CB =5 B0:8<8 1>;LH8<8. "0:85 83@>:8 =5 @07K3@K20NB ?> <0:A8<C<C A2>8 A8;L=K5 @C:8, 8E ;53:> <>6=> 2K18BL 87 10=:0 1;5D><, >=8 40NB A;8H:>< <=>3> 15A?;0B=KE :0@B 8 =54>AB0B>G=> G0AB> :@04CB 10=:8 (8;8 =5 45;0NB MB>3> 2>>1I5).

 @C38<8 A;>20<8, B>B, :B> 1C45B 83@0BL :0: A:0;0, 1C45B ?@>83@K20BL ?@>B82 E>@>H8E 83@>:>2, :>B>@K5 83@0NB 1>;55 03@5AA82=>, => BI0B5;L=> 2K18@0NB A2>8 @C:8. !:0;K =5 1C4CB 4>AB0B>G=> 2K83@K20BL A> A2>8<8 E>@>H8<8 @C:0<8 8 >=8 ?>GB8 =8:>340 =5 1C4CB ?KB0BLAO C:@0ABL 10=:; B0:8< >1@07><, MB> =5 :><?5=A8@C5B 8E ?@>83@KH8 A ?;>E8<8 @C:0<8, 0 B0:65 B5 A8BC0F88, :>340 ?@>B82 =8E 1;5D>20;8. >;LH8=AB2> B09B>2>-?0AA82=KE 83@>:>2 ;53:> ?5@51;5D>20BL, GB> 1KAB@> 70<5G0NB 8 8A?>;L7CNB E>@>H85 83@>:8.

"09B>2>-?0AA82=K< 83@>:0< =8:B> =5 @04, :@><5 8E AB0@KE 4@C759. =8 459AB2CNB =50:B82=>, 8 A =8<8 A:CG=> 83@0BL. 3@0O A =8<8, 2@O4 ;8 <>6=> <=>3> 2K83@0BL 8 ?>;CG8BL C4>2>;LAB285 >B 83@K. 065 5A;8 >=8 1C4CB 4>;3> 83@0BL, MB> ?@0:B8G5A:8 =5 ?@8=>A8B ?@81K;8 :078=>, B0: :0: 10=:8, @07K3@K205<K5 8<8, <0;K, :0: 8 8E @59:.

A;8 3>2>@8BL >1 >1I5=88, B> 745AL 1K205B ?>-@07=><C. 5:>B>@K5 87 MB8E 83@>:>2 =0AB>;L:> =570<5B=K5 8 =5>1I8B5;L=K5 GB> Ť:065BAO, 1C4B> :B>-B> ?@8HQ;, :>340 >=8 CE>4OBť. 4=0:> :> <=>38< 87 =8E >B=>AOBAO ;>O;L=>, 8 >=8 ?>;CG0NB =5:>5 A>F80;L=>5 C4>2;5B2>@5=85, 83@0O 8 =5 2ABC?0O 2 :>=D@>=B0F88.

'B5=85 8E @C:

'8B0BL 8E @C:8 >G5=L ;53:>, ?>B><C GB> >=8 =5 AB0=CB >B25G0BL 157 E>@>H59 @C:8, @5978BL 157 >G5=L A8;L=>9, 8 @5@5978BL 157 =0BA0 8;8 1;87:>9 : =5<C @C:8. A;8 3>2>@8BL > 1;5D0E, AB8;8=35 8 G5:-@5970E, B> >=8 A;CG0NBAO @54:>. E 459AB28O ?@>7@0G=K.

3@0 ?@>B82 =8E

3@0BL ?@>B82 =8E A:CG=>, >4=0:> C =8E 4>AB0B>G=> ;53:> 2K83@K20BL. >=5G=>, >1KG=> 2K =5 1C45B5 2K83@K20BL <=>3>, >4=0:> 8 MB> =5?;>E>.

>;6=K ;8 2K 83@0BL A =8<8?

A;8 70 AB>;>< A84OB ?0@0 B09B>2>-?0AA82=KE 83@>:>2, 0 >AB0;L=K5 83@>:8 ?;>E85, B> >1KG=> AB>8B 83@0BL. =0G5 >B25B><, A:>@55 2A53>, 1C45B Ť=5Bť.

! =8<8 2K =5 ?>;CG8B5 C4>2>;LAB28O >B 83@K 8 =5 A<>65B5 <=>3> 2K83@0BL (70 8A:;NG5=85< :>@>B:8E AB>;>2 8;8 83@ A 2KA>:8<8 0=B5). =8 ?@54AB02;ONB 87 A51O ?>GB8 Ť?CAB>5 <5AB>ť, 8 :>340 >=8 ?@8A>548=ONBAO : 83@5, 2>7=8:05B ;8HL A;01>5 >ICI5=85, GB> :B>-B> 2 =5Q 2>HQ;. =8 =5 ?@>O2;ONB 0:B82=>AB8 8 83@0NB =0 <0;>5 :>;8G5AB2> 45=53, ?>MB><C MB> =5 4>;6=> 20A 15A?>:>8BL. -B>B 2>?@>A <K ?>4@>1=55 @0AA<>B@8< 2 ?>4@0745;5 Ť>340 2K =0E>48B5AL 2 B09B>2>-?0AA82=>9 83@5ť.

45 2K 4>;6=K A845BL?

>GB8 2A5340 ;CGH5, GB>1K ?0AA82=K5 83@>:8 (=57028A8<> >B B>3>, ;C7>2K5 >=8 8;8 =5B) A845;8 A;520 >B 20A.  MB>< A;CG05 20< =5 =C6=> >?0A0BLAO @597>2, :>B>@K5 <>3CB ?>A;54>20BL 70 20<8. A;8 2A1 65 >=8 @597OB, 2K <>65B5 A ;53:>ABLN A1@0AK20BL 2A5 @C:8, :@><5 A0<KE A8;L=KE. A;8 2K 2>H;8 ;8<?>< =0 ?@5D;>?5 8;8 =0 B@5BL59 C;8F5 2 A5<8:0@B>G=>< AB045, 2K <>65B5 >B25B8BL =0 8E AB02:C 87-70 H0=A>2 : 10=:C.

A;8 2K <>65B5 2K1@0BL <564C B5<, GB>1K 70 20<8 A845; B09B>2>-?0AA82=K9 8;8 ;C7>2>-?0AA82=K9 83@>:, 2K18@09B5 B09B>2>3>. K <>65B5 :@0ABL 0=B5 8 1;09=4 ?@0:B8G5A:8 157 :0:>3>-;81> @8A:0, >4=0:> 2K =5 A<>3;8 1K MB>3> A45;0BL, 5A;8 1K 70 20<8 1K; ;C7>2>-?0AA82=K9 83@>:. = >G5=L G0AB> 1C45B >B25G0BL.

0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

0H0 3;02=0O 7040G0 1C45B 70:;NG0BLAO 2 B><, GB>1K :>=B@>;8@>20BL A2>N A:C:C 8 65;0=85 0:B82=>9 83@K. E AB8;L <>65B 20A 2K25AB8 87 A51O, 8 2K 1C45B5 83@0BL A =8<8 7=0G8B5;L=55 0:B82=55, G5< =C6=> (2 B>G=>AB8 B>, G53> >=8 E>BOB). K 4>;6=K :>=B@>;8@>20BL A51O.

;02=>5 ?@028;> 70:;NG05BAO 2 B><, GB>1K =5 83@0BL A =8<8 0:B82=55, G5< >=8 A 20<8. 284C B>3>, GB> >B =8E =5 8AE>48B 0:B82=>ABL, =5 AB>8B 83@0BL A =8<8 0:B82=>. A;8 2K 1C45B5 ?@>4>;60BL 45;0BL MB>, 0 >=8 =5B, >=8 1C4CB 2K83@K20BL; MB> ?@>I5 ?@>AB>3>. "5?5@L @0715@5< :>=:@5B=K5 A8BC0F88. 865 ?@82545=K ?@028;0, :>B>@K5 ?><>3CB 20< 2 83@5 A B09B>2>-?0AA82=K<8 83@>:0<8.

>=F5?F8O !1: 5 >B25G09B5 157 E>@>H59 @C:8. =8 @54:> 1;5DCNB, 0 B0:65 @54:> 45;0NB <0@38=0;L=K5 AB02:8. A;8 >=8 AB02OB, 20< =C6=> 8<5BL E>@>HCN @C:C 4;O :>;;0. ABL >4=> E>@>H55 ?@028;>: =5 >B25G09B5 8< A B0:>9 @C:>9, A :>B>@>9 2K A0<8 =5 ?>AB028;8 1K. -B> ?@028;> >A>15==> 206=> 2 ?@><56CB>G=KE @0C=40E B>@3>2;8. 0 @825@5 >=8 <>3CB 8 1;5D>20BL, >4=0:> >=8 @54:> A45;0NB MB> @0=LH5 (E>BO 8=>340 >=8 <>3CB A45;0BL MB>, 5A;8 2K ?>:070;8 A;01>ABL 8;8 :>340 2 A5<8:0@B>G=>< AB045 8E >B:@KBK5 :0@BK 2K3;O4OB >G5=L A8;L=K<8 ).

>=F5?F8O !2: 5 AB02LB5 A <0@38=0;L=K<8 8;8 4065 =>@<0;L=K<8 @C:0<8, 4065 5A;8 >=8 A:070;8 G5:. K 1C45B5 <0;> 2K83@K20BL 8 <=>3> ?@>83@K20BL 2 B0:>9 A8BC0F88. A;8 C =8E 1C45B @C:0 EC65 20H59 >=8, A:>@55 2A53>, =5 >B25BOB 20<. A;8 65 C =8E 1C45B E>@>H0O @C:0, >=8 >B25BOB 8 A:>@55 2A53> 2K83@0NB. 5 4C<09B5, GB> 8E G5: >7=0G05B, GB> C =8E =8G53> =5B. =8 A:;>==K 3>2>@8BL G5: A B0:8<8 @C:0<8, A :>B>@K<8 4@C385 83@>:8 ?>AB028;8 1K 8;8 4065 A45;0;8 1K @597.

>=F5?F8O !3: 5 45;09B5 @597 157 >G5=L E>@>H59 @C:8. 5;0BL @597 ?@>B82 =8E B>G=> B0: 65, :0: 8 ?@>B82 ;N1>3> 4@C3>3> 83@>:0, 1K;> 1K >G5=L 3;C?K<. =8 =5 ?>AB02OB 1K 157 A8;L=>9 @C:8 8 =5 >B25BOB =0 @597 157 >G5=L A8;L=>9. A;8 C 20A 1C45B ;CGH0O @C:0, >=8, A:>@55 2A53>, A1@>AOB, => 5A;8 >=8 >B25BOB, A 1>;LH>9 4>;59 25@>OB=>AB8 >=8 2K83@0NB C 20A. A;8 >=8, =5 409 >3, A45;0NB @5@597, A1@0AK209B5 2AQ, :@><5 =0BA0 8;8 1;87:>9 : =5<C @C:8 (>4=0:> 4065 MB>3> <>65B 1KBL =54>AB0B>G=>). 0?@8<5@, 5A;8 2 E>;45<5 2K @5978B5 A D;0H5< >B :>@>;O 8 A:0;0 45;05B @5@597, <>6=> ?@0:B8G5A:8 B>G=> A:070BL GB> 2K ?>7048.

>=F5?F8O !4: 5 8A?>;L7C9B5 G5:-@597. A;8 2K ?>?KB05B5AL A45;0BL G5:-@597, >=8, A:>@55 2A53>, B>65 >B25BOB 20< G5:>< (2 ?@>B82=>< A;CG05 2K G0I5 2A53> 1C45B5 ?>7048).  A;CG05, 5A;8 >=8 ?>AB02OB, 20< C65 =5 70E>G5BAO @5978BL 8;8 4065 >B25G0BL.

>=F5?F8O !5: 5 @07K3@K209B5 70<54;5==> A8;L=K5 @C:8. @8G8=K B0:85 65, :0: 8 2 A;CG05 A G5:-@597><.

>=F5?F8O !6: ;5DC9B5 8 ?>;C1;5DC9B5 G0AB>, => 2K1>@>G=>. -B> =081>;55 ;53:85 4;O 1;5D0 83@>:8, ?>B><C GB> >=8 1C4CB A1@0AK20BL 4>AB0B>G=> E>@>H85 @C:8. 4=0:>, 5A;8 2K 1C45B5 1;5D>20BL 1574C<=>, 2K <>65B5 70 MB> ?>?;0B8BLAO.

>340 2K A>18@05B5AL 1;5D>20BL, ?><=8B5 > B><, GB> >=8 =5 =0E>48;8AL 1K 2 10=:5, 5A;8 1K C =8E =8G53> =5 1K;>, 0 70G0ABCN C =8E 1C45B 4>AB0B>G=> A8;L=0O @C:0. =8 A:;>==K : B><C GB>1K =5 @07K3@K20BL ?@8:C?=K5 @C:8. =8 1C4CB 3>2>@8BL G5: 2 A8BC0F8OE, :>340 1>;LH8=AB2> 83@>:>2 ?>AB028;8 1K. A;8 2K 1;5DC5B5 ?>A;5 8E G5:0, 2K <>65B5 1KBL C482;5=K, :>340 >=8 ?>:06CB 20< A8;L=CN @C:C.

>=F5?F8O !7: @048B5 8E 1;09=4K 8;8 0=B5.  5978B5 G0I5, G5< >1KG=>, GB>1K C:@0ABL 8E 1;09=4K 8;8 0=B5. "09B>2>-?0AA82=K9 83@>: >1KG=> =8:>340 =5 70I8I05B 8E. A;8 >= >B25B8B, <0;>25@>OB=>, GB> >= ?>AB028B =0 D;>?5 8;8 G5B25@B>9 C;8F5, ?>B><C GB> >= 1>8BAO 20H53> @5970, 8 C 20A 1C4CB 425 2>7<>6=>AB8   C;CGH8BL A2>N @C:C 8;8 ?@>AB> 2K83@0BL BCB 65.

"09B>2>-?0AA82=0O 83@0

"09B>2>-?0AA82=0O 83@0   MB> 83@0, 345 5ABL =5A:>;L:> B09B>2>-?0AA82=KE 83@>:>2, =5 1>;55 G5< >48= 8;8 420 ;C7>2KE 83@>:0 8 =5B 03@5AA82=KE 83@>:>2. =>385 @0740G8 =5 @07K3@K20NBAO 4> :>=F0, =0 D;>?5 8;8 B5@=5 10=: @07K3@K20NB B>;L:> 2-3 83@>:0.  597K 2AB@5G0NBAO @54:>, B5< 1>;55 @5@597K. 0=:8, :0: ?@028;>, =51>;LH85. 0;> @C: 4>E>4OB 4> 2A:@KB8O, 8 2 MB8E A;CG0OE G0AB> 2A53> 5ABL B>;L:> >48= :>;;5@.

A;8 83@0 B09B>2>-?0AA82=0O, A?@>A8B5 A51O: Ť0G5< O 745AL 83@0N?ť K =5 A<>65B5 BCB <=>3> 2K83@0BL; 2K ;53:> A<>65B5 ?@>83@0BL; 8 MB> 1C45B A:CG=>. >60;C9, ;CGH5 ?>G8B0BL 3075BK, ?@>3C;OBLAO, 8;8 A<5=8BL 83@C.

> ?@54?>;>68<, GB> =0 C;8F5 4>64L 8 2K C65 ?@>G;8 2A5 3075BK. A;8 2K 459AB28B5;L=> E>B8B5 83@0BL 8 MB> 548=AB25==0O 2 >:@C35 83@0 (8;8 5A;8 2K 83@05B5 2 BC@=8@5 8 C 20A =5B 2K1>@0), ?@83>B>2LB5AL : 2K6840=8N   20< ?@84QBAO 640BL, 640BL 8 640BL.

5 >68409B5 <=>3>3>

A;8 2K E>B8B5 0:B82=>9 83@K 8;8 @0AAG8BK205B5 =0 1>;LH85 2K83@KH8, 701C4LB5 >1 MB><. 0 A0<>< 45;5, =5 C482;O9B5AL, 5A;8 2K ?@>83@05B5, ?>B><C GB> 2K <>65B5 ?@>83@0BL =0<=>3> 1>;LH5, G5< >68405B5. -B> B0:>9 B8? 83@K, 2 :>B>@>9 <>6=> <0;> 2K83@0BL, => <>6=> <=>3> ?@>83@0BL.

>=B@>;8@C9B5 A51O

!0<>:>=B@>;L 2065= 2A5340, => >= >A>15==> 2065= 2 B09B>2>-?0AA82=>9 83@5, ?>B><C GB> 2 =59 B@C4=> 2K83@0BL 8 >=0 <>65B 2K25AB8 83@>:0 87 A51O. 0H5 65;0=85 0:B82=>9 83@K <>65B ?>2;8OBL =0 B>, GB> 2K 1C45B5 83@0BL A;8H:>< <=>3> @C: 8 45;0BL MB> 03@5AA82=>.

-B> ?@>8AE>48B ?>AB>O==>   A@54=89 83@>: (5,5) A048BAO 8 =0G8=05B 83@0BL 2 A2>N >1KG=CN 83@C. = =5 ?@>83@K205B 1>;LH8E 10=:>2, => 53> 45=L38 ?>AB5?5==> C1K20NB. = ?@>83@K205B >48= 1098=, 70B5< 5I5 >48=, 8 5I5 >48=. = 03@5AA82=> AB028B A BC70<8, => ?@>83@K205B 2>AL<5@:0<. = ;>28B AB@59B =0 @825@5, AB028B 8 ?@>83@K205B ?@8H54H5<C =0 @825@5 D;0HC. = 2K83@K205B =5A:>;L:> 10=:>2, => >=8 =51>;LH85, >4=0:> >= ?@>83@K205B 8 ?@>83@K205B 40;LH5.

>AB5?5==> >= =0G8=05B 2?040BL 2 B8;LB. =0G0;5 >= AB0=>28BAO 1>;55 ;C7>2K<, >B25G0O A <0@38=0;L=K<8 @C:0<8 8 A;8H:>< 03@5AA82=> 45;0O @597K. >B>< >= C65 =5 <>65B A51O :>=B@>;8@>20BL 87-70 ŤGQ@B>2KE A:0;ť 8 C482;O5BAO, 70G5< >= 83@05B 70 ŤMB8< >B2@0B8B5;L=K< AB>;><ť. >340 MB> ?@>8AE>48B, MB> <>65B ?@825AB8 : BO65;K< ?>A;54AB28O<.

>MB><C 25@=5<AO : =0H5<C 2>?@>AC: Ť0G5< 83@0BL 2 B0:>9 83@5?ť A;8 2K 4C<05B5, GB> =5 A<>65B5 ?>4AB@>8BLAO ?>4 MBC 83@C, =5 A048B5AL 70 B0:>9 AB>;. A;8 2K =5 <>65B5 :>=B@>;8@>20BL A51O 8 83@0BL =0<=>3> 1>;55 :>=A5@20B82=>, ?@>AB> =5 83@09B5. A;8 2K 70<5G05B5, GB> =0G0;8 83@0BL :>=A5@20B82=>, => 83@05B5 2AQ ;C7>255 8 ;C7>255, B>340 20< A;54C5B ?>:8=CBL AB>;.

 5B >A>1KE ?@028;, :>B>@K5 <>3;8 1K 20< ?><>GL 2 B0:>9 83@5. >A;5 B>3>, :0: 2K ?>9<5B5, GB> 20< =C6=> A45;0BL 4;O B>3>, GB>1K 8<5BL =51>;LH>9 2K83@KH 2 B0:>9 83@5, 2K A<>65B5 ?5@5A<>B@5BL A2>5 65;0=85 83@0BL 2 =59.

!>3;0A8B5AL A B5<, GB> ?@028;0 87<5=8;8AL

-B0 83@0 =0AB>;L:> >B;8G05BAO >B >1KG=KE, GB> 2K 4>;6=K ?5@5A<>B@5BL A2>N AB@0B538N. A;8 2K =5 A45;05B5 MB>3>, 2K, A:>@55 2A53>, 1C45B5 ?@>83@K20BL, 8 <>6=> A C25@5==>ABLN A:070BL, GB> MB> 1C45B 4;O 20A C4@CG0NI5. 865 ?@82545=K =5A:>;L:> A0<KE 206=KE AB@0B538G5A:8E 87<5=5=89.

7<5=5=85 !1: 064K9 10=: 1C45B @07K3@0= <564C <5=LH8< :>;8G5AB2>< 83@>:>2. # MB>3> >G5284=>3> ?C=:B0 <=>3> ?>A;54AB289.

7<5=5=85 !2: =>385 @0740G8 =5 1C4CB 4>E>48BL 4> 2A:@KB8O. ! A0<>3> =0G0;0 2 10=:5 1C45B <5=LH5 83@>:>2, 8 >=8 1C4CB 1KAB@55 A1@0AK20BL A2>8 :0@BK.  A@54=5<, 83@0 1C45B 70:0=G820BLAO =0 ?OB>9 C;8F5 8;8 =0 D;>?5.

7<5=5=85 !3: 0=:8 1C4CB <5=LH5 >1KG=KE. -B>B ?C=:B =5871565= 2 284C 42CE ?@54K4CI8E.

7<5=5=85 !4: 0=:8 1C4CB 2K83@K20BLAO >1;040B5;O<8 1>;55 A;01KE @C:, G5< >1KG=>.  284C B>3>, GB> 2 10=: 2E>48B <0;>5 :>;8G5AB2> 83@>:>2, 2 :0G5AB25 2K83@02H8E @C: =5 1C45B B0: <=>3> AB@59B>2, D;0H59 8;8 DC;;-E0C7>2.

7<5=5=85 !5: 0@K 8 @C:8 A 2KA>:8<8 :0@B0<8 AB0=>2OBAO 1>;55 F5==K<8, 0 ?@8:C?=K5 @C:8   <5=55 F5==K<8. '0AB> 10=: 1C45B 2K83@K20BLAO A BC7><, :>@>;5< 8;8 >4=>9 ?0@>9. 25 ?0@K   MB> C65 4>AB0B>G=> A8;L=0O @C:0.  54:> <>6=> 1C45B C2845BL AB@59BK 8 D;0H8, ?>B><C GB> A:0;K ?@0:B8G5A:8 =8:>340 =5 83@0NB A ?@8:C?=K<8 @C:0<8 8 MB> =5 ?>72>;O5B @07K3@K20BL B0:85 @C:8 4@C38< 83@>:0<. 0<5BLB5, GB> 2 E>;45<5 <5;:85 ?0@K (:>B>@K5 AG8B0NBAO ?@8:C?=K<8 @C:0<8), B5@ONB A2>N F5==>ABL, ?>B><C GB> C65 =5B 4>AB0B>G=>3> :>;8G5AB20 ;8<?5@>2 4;O 83@K =0 A1>@ A5B0.

7<5=8B5 20HC AB@0B538N 2 A>>B25BAB288 A MB8<8 87<5=5=8O<8

>A:>;L:C ?@028;0 87<5=8;8AL, 20H0 AB@0B538O B>65 4>;6=0 87<5=8BLAO. A;8 2K =5 A45;05B5 MB>3>, C 20A =5 1C45B =8:0:8E H0=A>2. 865 ?@82545=K =5:>B>@K5 87<5=5=8O, :>B>@K5 2K 4>;6=K A45;0BL 2 A2>59 83@5.

 7<5=5=85 !1: 3@09B5 =0<=>3> B09B>255. A;8 2K =5 AB0=5B5 83@0BL B09B>255 2> 2A5E @0C=40E, 2K 1C45B5 ?@>83@K20BL. A>15==> B09B>2> =C6=> 83@0BL =0 B@5BL59 C;8F5 8;8 =0 ?@5D;>?5. A5 83@>:8 70 AB>;>< 64CB ?@5<8C<-:0@B, 8 2K 4>;6=K 45;0BL B> 65 A0<>5.  A5<8:0@B>G=>< AB045 <>6=> =5 B0: B@51>20B5;L=> : MB><C >B=>A8BLAO, ?>B><C GB> 2 =8E G0AB> <>6=> ?>?KB0BLAO 2>9B8 2 83@C ;8<?><, B0: :0: @597K 4>2>;L=> @54:8:

Ť=>385 83@>:8 83@0NB A;8H:>< B09B>2> 2 A8BC0F8OE, :>340 2 10=:5 B>;L:> 1;09=4 8 @5@597 <0;>25@>OB5=. !CI5AB2CNB <=>385 @C:8, :>B>@K5 <>6=> @07K3@0BL B>340, :>340 <>6=> =54>@>3> 2>9B8 2 10=:, 0 C 20H59 @C:8 5ABL E>@>H89 ?>B5=F80;ť (87 :=838 M2840 !:;0=A:8, 59A>=0 0;L<CB0 8  5O 8 ŤSeven-Card Stud for Advanced Players: 21st Century Editionť)

 E>;45<5 @07K3@K209B5 @C:8 87 B>9 3@C??K ?> A8AB5<5 !:;0=A:8 8 0;L<CB0, :>B>@0O =0E>48BAO =0 >4=C ABC?5=L 2KH5, G5< >1KG=> B@51C5BAO 4;O 40==>9 A8BC0F88. 0?@8<5@, 5A;8 <>6=> AK3@0BL A @C:>9 87 H5AB>9 3@C??K 2 40==>9 ?>78F88, 83@09B5 B>;L:> @C:8 87 ?OB>9 3@C??K 8 2KH5, ?@8 MB>< 1>;LH55 ?@54?>GB5=85 >B40209B5 @C:0< A 2KA>:8<8 :0@B0<8, 0 =5 >4=><0AB=K< :>==5:B>@0<.

 ?>A;54CNI8E @0C=40E 459AB2C5B B>B 65 ?@8=F8?. A;8 :B>-B> AB028B, C =53> A:>@55 2A53> E>@>H0O @C:0. A;8 20H :>;; 2K3;O48B ?>3@0=8G=K< 4;O >1KG=>9 83@K, B> A1@0AK209B5 A2>N @C:C.

7<5=5=85 !2: !B0=LB5 <5=55 03@5AA82=K<8 (70 8A:;NG5=85< 1;5D>2 8 ?>;C1;5D>2). "> 65 A0<>5 :0A05BAO 03@5AA88: 5A;8 2K 2 >1KG=>9 83@5 =5 @5H8;8AL 1K @5978BL A 40==>9 @C:>9, B> 2 MB>9 83@5 =5 AB>8B AB028BL A =59. 4=0:> @597 2 ?>A;54=5< 87 45HQ2KE @0C=4>2 G0AB> ?>72>;8B 20< ?>;CG8BL 15A?;0B=CN :0@BC.

7<5=5=85 !3: '0I5 1;5DC9B5, ?@8<5=O9B5 ?>;C1;5D, :@048B5 1;09=4K 8 0=B5. K 4>;6=K 45;0BL MB> 4;O B>3>, GB>1K 8<5BL 2>7<>6=>ABL 2K83@K20BL 2 B0:>9 83@5, => 2K 4>;6=K 45;0BL MB> >AB>@>6=>. !;54C9B5 ?@028;0< 4;O 1;5D0 ?@>B82 B09B>2>-?0AA82=>3> 83@>:0.  0==85 1;5DK >A>15==> 2K3>4=K. 0?@8<5@, 5A;8 =0 D;>?5 2 E>;45<5 =0 AB>; ?@8E>4OB <5;:85 :0@BK, >A>15==> A <5;:>9 ?0@>9, 2K <>65B5 1KBL C25@5=K, GB> >= =8:><C =5 ?><>3, ?>B><C GB> ?@>B82=8:8 =5 83@0NB A <5;:8<8 :0@B0<8.

A;8 B>;L:> C :>3>-B> =5B 2KA>:>9 :0@<0==>9 ?0@K, A:>@55 2A53>, 2A5 A1@>AOB. 065 5A;8 A:0;0 >B25B8B 20< =0 D;>?5, >= A:>@55 2A53> A1@>A8B, 5A;8 =0 B5@=5 2K ?>AB028B5 2=>2L. !:0;K =5 ?KB0NBAO A>18@0BL ?@8:C?=K5 @C:8, ?>B><C GB> MB> 1C45B AB>8BL 8< =5A:>;L:8E AB02>:, 0 =5 2A53> ;8HL 548=AB25==CN AB02:C =0 D;>?5. ">B 65 ?@8=F8? 459AB28B5;5= 4;O B@5BL59  8 G5B25@B>9 C;8FK 2 A5<8:0@B>G=>< AB045.

7<5=5=85 !4: 5 83@09B5 A G8ABK<8 ?@8:C?=K<8 @C:0<8 2 @0==8E @0C=40E. Ť'8AB0O ?@8:C?=0O @C:0ť >7=0G05B @C:C, :>B>@0O =5 A<>65B 2K83@0BL =0 2A:@KB88 157 C;CGH5=8O. 0?@8<5@, 2 A5<8:0@B>G=>< AB045 C @C:8 B8?0

(`&3  4)  5

=5 1C45B =8:0:>9 A8;K, 2 A;CG05 5A;8 =5 C40ABAO A>1@0BL AB@59B, >4=0:> @C:0

(`&Q c&J)  T

1C45B ;CGH5, B0: :0: A =59 2K A<>65B5 ?>;CG8BL 1>;55 AB0@H89 AB@59B, B@8?A, 2KA>:CN ?0@C 8;8 425 ?0@K.

=>385 83@>:8 4065 =5 ?>4>7@520NB, GB> ?@8:C?=K5 @C:8 A@0AB0NBAO =5 B0: G0AB>. ! ?><>ILN :><?LNB5@=KE A8<C;OF89, >=AB0=B8= B<5@ ?@8H5; : 2K2>4C, GB> 5A;8 C 20A B@8 :0@BK ?>4@O4 =0 B@5BL59 C;8FK 2 A5<8:0@B>G=>< AB045, B> 2K A>15@5B5 AB@59B 2 19% A;CG052, 0 5A;8 C 20A B@8 :0@BK >4=>9 <0AB8, B> 2K A>15@5B5 D;0H 2 18% A;CG052.

" 	! B@5<O :0@B0<8 ?>4@O4 Ť<K G0I5 2A53> 70:0=G8205< ?@>AB> A ?0@>9, 8 425 ?0@K ?@8E>4OB G0I5, G5< AB@59Bť

" 	! B@5<O >4=><0AB=K<8 :0@B0<8 Ť<K G0I5 70:0=G8205< A >4=>9 8;8 42C<O ?0@0<8. 4=0:> A <5;:8<8 >4=><0AB=K<8 :0@B0<8 A;54C5B 83@0BL 1>;55 :>=A5@20B82=>, G5< A 2KA>:8<8ť

'5<-B> AE>68 2 MB>< ?;0=5 8 ?@8:C?=K5 @C:8 2 E>;45<5, >4=0:> ?0@K 8 @C:8 A :@C?=K<8 :0@B0<8 BCB 8<5NB 1>;LHCN F5==>ABL, B0: :0: 745AL 2K =0G8=05B5 A 42C<O, 0 =5 B@5<O :0@B0<8. 065 5A;8 C 20H59 @C:8 5ABL 2>7<>6=>ABL A>1@0BL :0: AB@59B, B0: 8 D;0H, =0?@8<5@ A

 6  5

B> 2K A>15@5B5 8;8 AB@59B, 8;8 D;0H <5=55, G5< 2 15% A;CG052. '0I5 2A53> : @825@C 20< =5 70945B =8G53>, 8;8 65 2K ?>;CG8B5 B>;L:> ?0@C 8;8 425 ?0@K.

 ;C7>2>9, >A>15==> ?0AA82=>9 83@5, A ?@8:C?=K<8 @C:0<8 83@0BL 2K3>4=>. >6=> 45H52> @07K3@0BL @C:C, H0=AK : 10=:C ?>72>;ONB 27OBL =0 A51O =51>;LH>9 @8A:, ?>B5=F80;L=K5 H0=AK E>@>H8, 8 20< >?;0BOB 20HC @C:C 2 A;CG05, 5A;8 >=0 20< 70945B.  B09B>2>-?0AA82=>9 83@5 H0=AK : 10=:C =87:85, C 20A ?@0:B8G5A:8 =8:>340 =5 1C45B 4>AB0B>G=>3> :>;8G5AB20 ;8<?5@>2, GB>1K <>6=> 1K;> 2K3>4=> 2E>48BL 2 83@C A ?@8:C?=>9 @C:>9 8 20<, A:>@55 2A53>, 5Q =5 >?;0BOB.

0 8A:;NG5=85< A;CG052, :>340 C 20A E>@>H0O ?>78F8O 8 5ABL 4@C385 1;03>?@8OB=K5 CA;>28O, ?@>AB> A1@0AK209B5 <5;:85 ?@8:C?=K5 @C:8 2 AB045 8 >4=><0AB=K5 :>==5:B>@K =865 98s 2 E>;45<5 . A;8 2K =5 2 ?>74=59 ?>78F88, A1@0AK209B5 @C:C

`& `&7

A :>B>@>9 20< =@028BAO 83@0BL. # 20A 5ABL ;8HL =51>;LH>9 H0=A =0 D;0H 8 B>;L:> >4=0 =>@<0;L=0O :0@B0 4;O 2>7<>6=>9 ?0@K. 065 5A;8 2K ?>;CG8B5 ?0@C BC7>2, 2K =5 A<>65B5 A C25@5==>ABLN ?>AB028BL, ?>B><C GB> 2K <>65B5 ?@>83@K20BL ?> :8::5@C. 0;>25@>OB=>, GB> 2 B0:>9 83@5 :B>-B> 1C45B 83@0BL A 6 8 1>;55 A;01>9 @C:>9. A;8 2K ?>AB028B5 8 20< >B25BOB, 2K <>65B5 1KBL ?>7048.









A;8 2K   B09B>2>-?0AA82=K9 83@>:

K O2;O5B5AL B09B>2>-?0AA82=K< 83@>:><, 5A;8 20H8 >G:8 70 >15 E0@0:B5@8AB8:8 @02=K 3 8;8 =865. A;8 MB> B0:, B> MB>B @0745; @0AA:07K205B 8<5==> > 20A. 5@54 B5< :0: G8B0BL 40;LH5, =0?8H8B5 AN40 20H @59B8=3 87 ?>4@0745;0 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838.

>9 @59B8=3: __ , __.

 

B<5BLB5 B>G:C =0 803@0<<5 13, :>B>@0O A>>B25BAB2C5B 20H5<C AB8;N 83@K. '5< 1;865 MB0 B>G:0 : =86=5<C ;52><C :@0N, B5< 1>;55 2K B09B>2>-?0AA82=K9 83@>:, 8 B5< 1>;LH5 MB>B @0745; >B=>A8BAO : 20<.

%>BO ;N1>9 83@>:, :>B>@K9 8<55B 3 10;;0 ?> >158< E0@0:B5@8AB8:0<   B09B>2>-?0AA82=K9, 1>;LH8=AB2> ?@8=F8?>2, >?8A0==KE 745AL, >B=>AOBAO : M:AB@5<0;L=> B09B>2>-?0AA82=K< 83@>:0<   ŤA:0;0<ť (1,1). A;8 20H8 >G:8 ?> :0:>9-;81> 87 E0@0:B5@8AB8: 1>;LH5 G5< 1, B> >?8A0==K5 745AL B5<K <>3CB =5 A>>B25BAB2>20BL 20<   2>7<>6=> A8;L=>, 2>7<>6=> ;8HL =5<=>3>.

A;8 >G:8 70 ;N1CN 87 20H8E E0@0:B5@8AB8: 1>;LH5 G5< 3, 2K =5 B09B>2>-?0AA82=K9 83@>:, 8 1>;LH0O G0ABL =0?8A0==>3> 2 MB>< @0745;5 : 20< =5 >B=>A8BAO. 0?@8<5@, 5A;8 20H @59B8=3 3,4, B> 2K B09B>2K9 8 =5<=>3> ?0AA82=K9. 5:>B>@K5 B5<K MB>3> @0745;0 1C4CB >B=>A8BLAO : 20<, => 1>;LH0O G0ABL =0?8A0==>3>   =5 >G5=L. 

-B>B @0745; A>AB>8B 87 G5BK@5E ?>4@0745;>2:

1.	>=8<0=85 ?>A;54AB289.

2.	>=8<0=85 20H8E <>B82>2.

3.	#;CGH5=85 20H59 83@K.

4.	K1>@ ?@028;L=KE 83@.

5.	@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:.

K =0G=5< A >1AC645=8O ?>A;54AB289 20H53> 83@>2>3> AB8;O, ?>B><C GB> ?@0:B8G5A:8 2A5 B09B>2>-?0AA82=K5 83@>:8 8<5NB ?>E>685 @57C;LB0BK =0 4;8==>9 48AB0=F88. !;54CNI85 G5BK@5 ?>4@0745;0 ?><>3CB 20< ?>=OBL, ?>G5<C 2K 83@05B5 2 B0:>< AB8;5 8 GB> 2K 4>;6=K ?@54?@8=OBL, 8AE>4O 87 MB>3>.  1>;LH8=AB25 :><<5=B0@852 O 1C4C 3>2>@8BL Ť2Kť 2<5AB> Ť>=8ť 8;8 Ť>=ť, ?>B><C GB> =0?8A0==>5 745AL ?@54=07=0G05BAO =5?>A@54AB25==> 4;O 20A.

>=8<0=85 ?>A;54AB289

A;8 2K B09B>2>-?0AA82=K9 83@>:, >A>15==> A @59B8=3>< 2,2 8;8 =865, 20< <>3CB =5 ?>=@028BLAO =5A:>;L:> A;54CNI8E AB@>:, => 2K 4>;6=K >B=5AB8AL : =8< A5@L57=>. >A;54AB28O 20H53> AB8;O 4>AB0B>G=> >G5284=K:

" 	K 1C45B5 =5<=>3> 2K83@K20BL, 5A;8 1C45B5 83@0BL 2 ?@028;L=KE 83@0E.

" 	K 1C45B5 ?@>83@K20BL, 5A;8 1C45B5 83@0BL 2 =5?@028;L=KE 83@0E.

" 	K <>65B5 1KBL @07>G0@>20=K =54>AB0B>G=> 0:B82=>9 B>@3>2;59.

" 	@>B82 20A G0AB> 1C4CB 1;5D>20BL.

" 	0< <>65B AB0BL A:CG=>.

" 	K A<>65B5 @0AA;018BLAO 8 ?>>1I0BLAO 70 ?>:5@=K< AB>;><.

" 	0< =5 >G5=L 1C4CB @04K 2 1>;LH8=AB25 83@.

" 	K G0AB> 1C45B5 AB0;:820BLAO A 2@06451=>ABLN 8 ?@57@5=85<.

K83@KH 8 ?@>83@KH

0H8 4>AB>8=AB20 8 =54>AB0B:8 1C4CB ?>-@07=><C ?@>O2;OBLAO 2 @07;8G=KE 83@0E. A;8 2K 1C45B5 83@0BL 2 ?@028;L=KE 83@0E, 2K 1C45B5 2 =51>;LH>< ?;NA5. A;8 2K 1C45B5 =5?@028;L=> 2K18@0BL 83@C, 2K 1C45B5 ?@>83@K20BL. 865 ?@82545=K 20H8 3;02=K5 4>AB>8=AB20.

1.	 ?>:5@5 2>7=03@06405BAO B5@?5=85, 8 C 20A 53> ?@54>AB0B>G=>. K <>65B5 A845BL F5;K9 45=L 8 A1@0AK20BL @C:C 70 @C:>9. 0< >A>15==> 2K3>4=> 1C45B 83@0BL 2 A0<KE <5;:8E 83@0E 2 A5<8:0@B>G=K9 AB04 ($1/$5), ?>B><C GB> B0< 8;8 =5B 0=B5, 8;8 >=8 >G5=L =51>;LH85, 0 1;09=4 =57=0G8B5;5= ?> 25;8G8=5.

2.	# 20A 1C4CB =5?;>E85 @57C;LB0BK ?>GB8 2> 2A5E 83@0E =0 =52KA>:8E ;8<8B0E, ?>B><C GB> 2 MB8E 83@0E >G5=L <=>3> ;C7>2KE 83@>:>2. =8 1C4CB >AB020BLAO 2 10=:5 157 @C:8, ?KB0OAL ?>9<0BL E>BL GB>-B> 2 B5E A8BC0F8OE, :>340 OA=>, GB> >=8 40;5:> ?>7048.  B><C 65 >=8 =5 A;54OB 70 83@>9. 5:>B>@K5 87 =8E 4065 =5 ?>9<CB, A :0:8< AB8;5< 2K 83@05B5, 0 <=>385 =5 AB0=CB : =5<C ?@8A?>A01;820BLAO. =8 1C4CB 83@0BL A;8H:>< 0:B82=> ?@>B82 20A.

3.	=>385 B09B>2>-?0AA82=K5 83@>:8 83@0NB 3;02=K< >1@07>< 4;O B>3>, GB>1K ?@>25AB8 2@5<O, 0 B0:65 ?>;CG8BL 4>?>;=8B5;L=K9 4>E>4 : ?5=A88 8;8 : 4@C38< ?>AB>O==K< =51>;LH8< 70@01>B:0<. 0==K9 AB8;L >G5=L E>@>H> A?>A>1AB2C5B :0: ?5@2><C, B0: 8 2B>@><C. # 20A 1C45B G5< 70=OBLAO, 8 1;03>40@O MB><C C 20A 1C4CB ?>AB>O==K5 =51>;LH85 2K83@KH8 8 @54:85 ?@>83@KH8.

 2>B 20H8 3;02=K5 =54>AB0B:8:

1.	1A>;NB=0O ŤA:0;0ť 1C45B ?@>83@K20BL 4>AB0B>G=> E>@>H8< 83@>:0<, => A:>@55 2A53> MB8 ?@>83@KH8 1C4CB =51>;LH8<8. K =5 872;5:05B5 4>AB0B>G=>9 2K3>4K 87 20H8E 2K83@KH=KE @C:, 2K ;53:> ?>:C?05B5AL =0 1;5D 8 2K =54>AB0B>G=> G0AB> :@04QB5 10=:8 (8;8 A>2A5< =5 45;05B5 MB>3>).  B><C 65 2K A;8H:>< G0AB> 405B5 15A?;0B=K5 :0@BK A>?5@=8:0<.

 07>G0@>20=85 >B =54>AB0B>G=> 0:B82=>9 B>@3>2;8

  K <>65B5 1KBL @07>G0@>20=K, :>340 C2848B5, GB> ?@>B82 20A 83@0NB =54>AB0B>G=> 0:B82=>, :>340 C 20A A8;L=0O @C:0, 8 MB> 1C45B ?@>8AE>48BL 4>AB0B>G=> G0AB>. '0AB> >B A:0;K <>6=> CA;KH0BL A;54CNI55: Ť=5 F5;K9 45=L =8G53> =5 ?@8E>48;>. 0:>=5F O ?>9<0; B@8?A BC7>2, => =8:B> B0: 8 =5 ?>445@60; <>N AB02:C!ť.

>=5G=>, =8:B> =5 ?>445@60;! =8 7=0NB, GB> 2K =5 @5978B5 157 =0BA0. >340 2K @5978B5, >=8 A1@0AK20NB. 0: C65 <=>3> @07 3>2>@8;>AL, Ť2K =5 <>65B5 ?>;CG8BL 0:B82=>9 B>@3>2;8, 5A;8 A0<8 =5 83@05B5 0:B82=>ť.

0H0 ?@>1;5<0 =5 2 B><, GB> 2K 83@05B5 A B09B>2>-?0AA82=K< AB8;5<, 0 2 B><, GB> <=>385 >1 MB>< 7=0NB. K A;8H:>< ?@54A:07C5<K, 8 MB> @>:>20O >H81:0. 0< =C6=> ?><5=OBL A2>9 ?>4E>4.

@>B82 20A 1C4CB 1;5D>20BL

0H AB8;L =0AB>;L:> >G52845=, GB> 4065 4>AB0B>G=> A;01K5 83@>:8 A<>3CB ?>=OBL, GB> >=8 <>3CB 1;5D>20BL ?@>B82 20A. 0 A0<>< 45;5 2K :0: =8:B> 4@C3>9 1C45B5 AB0;:820BLAO A 1;5D>< 8 AB8;8=3><. 0< =5 =C6=>, GB>1K 4@C385 83@>:8 1;5D>20;8 ?@>B82 20A, >A>15==> B5, :>B>@K5 ?>GB8 =8:>340 =5 1;5DCNB, ?>B><C GB> =5:>B>@K5 8E ?>?KB:8 1C4CB CA?5H=K 8 MB> ?@8254QB : B><C, GB> >=8 AB0=CB 83@0BL ;CGH5.

!:C:0

-B>B AB8;L 1C45B A:CG=K< 4;O 1>;LH8=AB20 83@>:>2, : B><C 65 >= <>65B =0A:CG8BL 8 20< A0<8<, >4=0:> =5 B0: C6 8 A8;L=>. K =5 @0AAG8BK205B5 =0 1>;LH85 2K83@KH8, 8 20< ?> 4CH5 A?>:>9=>5 B5G5=85 83@K, A ?>AB>O==K<8 =51>;LH8<8 2K83@KH0<8 8 @54:8<8 ?@>83@KH0<8.  B><C 65, :0: 8 1>;LH8=AB2> B5@?5;82KE 83@>:>2, 2K =5 B0: ;53:> ?>425@65=K A:C:5.

B4KE 8 >1I5=85

 284C B>3>, GB> 20H AB8;L =5 B@51C5B <=>3>3>, 2K <>65B5 @0AA;018BLAO 8 >1I0BLAO. 5:>B>@K5 B09B>2>-?0AA82=K5 83@>:8 4065 G8B0NB 3075BK, A<>B@OB B5;5287>@ 8;8 45;0NB A?>@B82=K5 AB02:8. =8 ?@>AB> <5;L:>< A<>B@OB =0 A2>8 :0@BK, 8 A1@0AK20NB 2AQ, :@><5 A0<KE ;CGH8E @C:, 0 70B5< A=>20 ?5@5:;NG0NBAO =0 ?>AB>@>==55 45;>.

A;8 3>2>@8BL >1 >1I5=88, B> 745AL A8BC0F8O 42>O:0O. 7-70 20H53> AB8;O 20< <>3CB 1KBL =5 @04K, 40 8 2K A0<8 <>65B5 =5 GC2AB2>20BL A51O :><D>@B=>. 4=0:> 20< <>65B ?@84B8AL ?> 4CH5 <0;>5 :>;8G5AB2> >1I5=8O 2 :0@B>G=>< :;C15, 8 2K <>65B5 @0AA<0B@820BL 53> :0: >1KG=K9 :;C1. -B> =5?;>E>9 :;C1. = ?>GB8 2A5 2@5<O >B:@KB, : B><C 65 =5 =C6=> ?;0B8BL 70 2ABC?;5=85 2 =53> 8;8 45;0BL 565<5AOG=K5 27=>AK. K <>65B5 ?@>2>48BL 745AL >G5=L <=>3> 2@5<5=8 8 2AB@5G0BLAO A 4@C38<8 83@>:0<8.

-B> 4>AB>8=AB20 >A>15==> F5==K, 5A;8 2K =0 ?5=A88. 45AL <=>3> <>;>4KE ;N459, 0 20< <>3;> 1K =0A:CG8BL, 5A;8 1K 2K ?>AB>O==> >1I0;8AL B>;L:> A ;N4L<8 20H53> 2>7@0AB0.  B><C 65 2K <>65B5 =5<=>3> 2K83@0BL.

0< =5 1C4CB @04K

0< =5 1C4CB @04K 1>;LH8=AB2> 83@>:>2, :@><5, ?>60;C9, 20H8E AB0@KE 4@C759. K =5 83@05B5 0:B82=>, 8 MB> 45;05B 83@C A 20<8 A:CG=>9 8 @07>G0@>2K20NI59. 0< B0:65 =5 1C45B >A>1> @04 ?5@A>=0; :0@B>G=>3> :;C10, ?>B><C GB> :>340 2K =0E>48B5AL 70 AB>;><, 10=:8 =5 B0:85 1>;LH85, 8 2A;54AB285 MB>3> @59: B>65 =51>;LH>9. =8 <>3CB 8 =5 >F5=8BL B>B D0:B, GB> 1;03>40@O 20< <>65B A>1@0BLAO =>2K9 AB>; 8;8 =5 @0A?0ABLAO B5:CI89.

@06451=>ABL 8 ?@57@5=85

=>385 83@>:8 A:@KB> 8;8 2 >B:@KBCN <>3CB 2K@060BL A2>N 2@06451=>ABL 8 ?@57@5=85 : 20<, ?>B><C GB> >=8 E>BOB 0:B82=>9 83@K, => >=0 >B 20A =5 8AE>48B; >=8 C2060NB Ť<C65AB25==CNť 83@C, => 2K 2 =5Q =5 83@05B5. 5:>B>@K5 87 =8E >B:@KB> 2K@060NB A2>8 M<>F88. >60;C9, 20A =5 @07 >A:>@1;O;8, 45;0O <5@7:85 70<5G0=8O > 20H59 B@CA>AB8, A:C?>AB8 8 B><C ?>4>1=>5.

0H0 @50:F8O =0 MB> <>65B ;53:> A?@>2>F8@>20BL 4>?>;=8B5;L=K5 ?@>1;5<K. K <>65B5 =0G0BL =54>2>;L=> =0AB0820BL =0 20H5< ?@025 83@0BL B0:, :0: 2K E>B8B5, => =5256;82K5 83@>:8 =5 1C4CB C2060BL MB> ?@02>. K <>65B5 =0AB>;L:> >3>@G8BLAO, GB> 1C45B5 ?KB0BLAO 4>:070BL 8< A2>N E@01@>ABL, 83@0O 1>;LH5 @C:, 8 MB> 2 B>G=>AB8 B>, G53> >=8 E>BOB >B 20A. =8 ;CGH5 20A 83@0NB 2 B0:CN 83@C, 8 ?KB0OAL 2K83@0BL C =8E Ť=0 8E B5@@8B>@88ť, 2K >:065B5AL 2 =52K3>4=>< ?>;>65=88.

@>AB> A<8@8B5AL A> A;54CNI8< D0:B><: GB> 1K 2K =5 45;0;8, =5:>B>@K5 83@>:8 1C4CB 25AB8 A51O >B2@0B8B5;L=> ?> >B=>H5=8N : 20< B>;L:> 87-70 20H53> AB8;O 83@K. CGH55, GB> 2K MB><C <>65B5 ?@>B82>?>AB028BL   MB> >B:070BLAO >B ?>?KB>: 4>18BLAO 8E C2065=8O, =0G8=0O 83@0BL 3;C?>, 0 ?KB0BLAO 8A?>;L7>20BL 8E 2>A?@8OB85 B0:8< >1@07><, GB>1K 70?>;CG8BL 8E 45=L38. 'CBL ?>765 <K ?>3>2>@8< > B><, :0: MB>3> <>6=> 4>18BLAO.

>=8<0=85 20H8E <>B82>2

0H A0<K9 ?5@2K9 2>?@>A 4>;65= 1KBL A;54CNI8<: ?>G5<C 2K 83@05B5 2 ?>:5@? 0H A;54CNI89 2>?@>A 4>;65= 1KBL B0:8<: ?>G5<C 2K 2K1@0;8 A515 B09B>2>-?0AA82=K9 AB8;L? K 83@05B5 O2=> =5 4;O B>3>, GB>1K <0:A8<878@>20BL 20HC ?@81K;L, ?>B><C GB> 2K 8;8 =5<=>3> 2K83@K205B5, 8;8 =5<=>3> ?@>83@K205B5. >6=> A C25@5==>ABLN A:070BL, GB> 2K =5 60648B5 =8 @8A:>2, =8 1>@L1K, ?>B><C GB> ?KB05B5AL <8=8<878@>20BL :0: B>, B0: 8 4@C3>5. 284C B>3>, GB> C 20A B>G=> 5ABL 4@C385 <>B82K, 20< =C6=> ?>=OBL 8E, 0 B0:65 8E ?>A;54AB28O.

0209B5 ?>?@>1C5< 2KOA=8BL, ?>G5<C 2K 83@05B5 =0 A0<>< 45;5. 5@=8B5AL : @0745;C Ť>G5<C 2K 83@05B5 2 ?>:5@?ť 87 ?5@2>9 G0AB8 :=838. KAB@> ?5@5G8B09B5 MB>B @0745;, 0 70B5< A:>?8@C9B5 AN40 20H8 >B25BK 87 B01;8FK !1 2 B>< @0745;5.

"01;8F0 9: >8 <>B82K 4;O 83@K

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

!;54CNI85 0170FK <>3CB 87<5=8BL 20H5 <=5=85 > 20H8E 83@>2KE <>B820E.

064K9 83@>: 4>;65= 7=0BL, ?>G5<C >= 2K1@0; A2>9 AB8;L, >4=0:> 4;O 20A MB> =5 =0AB>;L:> 206=>, :0: 4;O ;C7>2KE 83@>:>2. 57028A8<> >B B>3>, ?0AA82=K5 >=8 8;8 03@5AA82=K5, >=8 <=>3> ?@>83@K20NB, B>340 :0: 20H8 2K83@KH8 8 ?@>83@KH8 2 1>;LH8=AB25 A2>5< =57=0G8B5;L=K. 4=0:>, 5A;8 2K >A>7=05B5 A2>8 <>B82K 83@K, MB> ?><>65B 20< C25;8G8BL 20H8 2K83@KH8, 0 B0:65 C4>2>;LAB285 >B 83@K.

0H AB8;L GQB:> A2845B5;LAB2C5B > B><, GB> 2K ?> A2>59 ACB8 :>=A5@20B82=K9 8 >AB>@>6=K9 G5;>25: 8 ?@54?>G8B05B5 =51>;LH85 ?>AB>O==K5 2K83@KH8 8 @54:85 =51>;LH85 ?@>83@KH8. 0A =5 CAB@08205B 1>;LH0O @07=8F0 2 @57C;LB0B0E, :>340 2 >48= 45=L 2K <>65B5 2K83@0BL 1>;LHCN AC<<C, 0 2 4@C3>9 45=L ?@>83@0BLAO 2 ?CE 8 ?@0E. @C38< <>B82>< 83@K 4;O 20A O2;O5BAO 2@5<O?@>2>645=85, 8 =0 A0<>< 45;5 MB>B <>B82 <>65B 1KBL 4065 206=55 4;O 20A, G5< 2K83@KH 45=53 (4065 5A;8 2 20H59 >F5=:5 MB>B <>B82 70=8<05B 2B>@CN AB@>G:C).

!>F80;L=K9 D0:B>@ <>65B 1KBL 206=K< 4;O 20A, 4065 5A;8 2K =5<=>3>A;>2=K 8 =5 2K3;O48B5 4>AB0B>G=> >1I8B5;L=K<. 0< <>65B 1KBL ?> 4CH5 MB0 =5<=>3>A;>2=>ABL, 8 2K <>65B5 @0AA<0B@820BL :0@B>G=K9 :;C1 :0: >1KG=K9 :;C1.

I5 @07 273;O=8B5 =0 >F5=:C 20H8E <>B82>2 83@K. A;8 2K83@KH 45=53, 2@5<O?@>2>645=85, >1I5=85 8 >B4KE 8;8 B5 65 <>B82K 87 :0B53>@88 Ť4@C3>5ť 2 AC<<5 =5 A>AB02;ONB 75%, 7=0G8B 2K, A:>@55 2A53>, >1<0=K205B5 A51O. >6=> A C25@5==>ABLN A:070BL, GB> 2K =5 83@05B5 4;O ?>;CG5=8O 4>7K 04@5=0;8=0 8;8 ?@>25@:8 A2>59 :>=:C@5=B>A?>A>1=>AB8.

K ?@54=0<5@5==> 8715305B5 8 B>3>, 8 4@C3>3>. K @54:> 84QB5 =0 @8A: 8 2K =5 E>B8B5 ?@>25@8BL A51O, 83@0O A 1>;55 A8;L=K<8 A>?5@=8:0<8. 0 A0<>< 45;5, 20H AB8;L 2 1>;LH8=AB25 A2>Q< ?@>48:B>20= 20H8<8 AB@0E0<8, 0 =5 65;0=8O<8.  ?>A;54=5< ?>4@0745;5, Ť@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:ť, 2K <>65B5 70E>B5BL ?5@5A<>B@5BL A2>8 >F5=:8.

A;8 2K =5<=>3> ?@>83@K205B5, B> F5=0 70 MB> C4>2>;LAB285 =525;8:0   A:>@55 2A53>, <5=LH5, G5< 20< =C6=> 1K;> 1K ?>B@0B8BL =0 4@C3>5 E>118. A;8 2K 1C45B5 ?@028;L=> 2K18@0BL 83@K, 2K 1C45B5 2K83@K20BL 8 B5< A0<K< C1LQB5 42CE 709F52. # 20A 1C45B E>118, :>B>@>5 ?>72>;8B =5<=>3> 70@01>B0BL.

#;CGH5=85 20H59 83@K

=0;>38G=K5 @0745;K > ;C7>2KE 83@>:0E =0G8=0;8AL A C?><8=0=8O B>3>, GB> 8E AB8;L AB>8B 8< 1>;LH8E 45=53.  20< MB> =5 >B=>A8BAO. -B> =51>;LH>9 ?;NA 20H53> AB8;O. K <>65B5 2K83@K20BL 1;03>40@O 5<C, => 2K =5 <>65B5 2K83@K20BL <=>3>.

# 20A 5ABL 1>;55 206=0O A>AB02;ONI0O ;CGH53> AB8;O (B09B>2>-03@5AA82=>3>). 0H0 B5@?5;82>ABL 8 48AF8?;8=0 ?>72>;O5B 20< =5<=>3> 2K83@K20BL 2 1>;LH8=AB25 83@, => 2K 1C45B5 ?@>83@K20BL, 5A;8 =525@=> 2K15@5B5 83@C. 1 MB>< <K ?>3>2>@8< 2 A;54CNI5< ?>4@0745;5.

1I85 87<5=5=8O 2 AB8;5

A;8 B>;L:> 2K =5 A>18@05B5AL 8 40;LH5 83@0BL A:CG=>, 1KBL ?@82O70==K< : 83@5 =0 =87:8E ;8<8B0E 8 1KBL >1@5G5==K< B>;L:> =0 =51>;LH85 2K83@KH8, 20< =C6=> =0G0BL 83@0BL 1>;55 03@5AA82=>. -B> :>=5G=> ?>2;8O5B =0 B>, GB> @07=8F0 <564C 20H8<8 2K83@KH0<8 8 ?@>83@KH0<8 2>7@0AB5B, 8 2K 1C45B5 1>;LH5 2K83@K20BL 2 E>@>H85 4=8 8 1>;LH5 ?@>83@K20BL 2 ?;>E85 4=8. 4=0:> =0 48AB0=F88 20H 4>E>4 1C45B 7=0G8B5;L=> 1>;LH5, 20H0 83@0 1C45B 8=B5@5A=55, 8 20A 1C4CB 1>;LH5 C2060BL >AB0;L=K5 83@>:8.

@>HC ?@>I5=8O 5A;8 >1845; 20A, => 2K =025@=>5 =5 1K;8 C482;5=K. K =5 AB0;8 1K G8B0BL MBC :=83C, 5A;8 1K 2K 1K;8 4>2>;L=K 2A5<8 0A?5:B0<8 20H59 83@K 2 ?>:5@. K E>B8B5 1>;LH5 2K83@K20BL, 20< =025@=>5 =5<=>3> =0A:CG8;0 B0:0O 83@0 8 2K =54>2>;L=K B5<, :0: : 20< >B=>AOBAO 4@C385 83@>:8.

K, :>=5G=>, <>65B5 =5 >1@0I0BL =0 MB> 2=8<0=8O, => MB> :0A05BAO 8<5==> 20A. K E>B5;8 ;CGH8E @57C;LB0B>2, 1>;LH53> C4>2>;LAB28O >B 83@K, 1>;LH5 C2065=8O, >4=0:> 2K =045O;8AL ?>;CG8BL MB> 157 :>@5==>3> ?@5>1@07>20=8O A2>53> AB8;O.

 >B;8G85 >B ;C7>2KE 83@>:>2, 20< =5 =C6=> <5=OBL A2>9 AB8;L 4;O B>3> GB>1K 2K83@K20BL. K <>65B5 ?@>4>;60BL B5< 65 AB0@K<, :><D>@B=K< 4;O 20A ?CB5<. > 5A;8 2K E>B8B5 =0G0BL 2K83@K20BL 1>;LH5, =5 83@0BL A:CG=> 8 1KBL C20605<K< 83@>:><, 20< =C6=> ?><5=OBL A2>9 AB8;L.

0< =C6=> ?5@5<5AB8BLAO A ;52>3> =86=53> C3;0 : ?@02><C =0 4803@0<<5 AB8;59, 8 G5< 40;LH5 C 20A MB> ?>;CG8BAO, B5< ;CGH5. K C65 >1;0405B5 1>;55 206=>9 A>AB02;ONI59 E>@>H59 83@K. 0< ?@>AB> =C6=> AB0BL 1>;55 03@5AA82=K<.

 

>=:@5B=K5 87<5=5=8O

'B>1K 1>;LH5 2K83@K20BL, C<5=LH8BL A:C:C 8 702>520BL C2065=85, 2K 4>;6=K: 871530BL 83@0BL ŤA;01>-B09B>2>ť, A>740BL A515 1>;55 ;C7>2K9 8<846, A048BLAO A;520 >B 03@5AA82=KE 83@>:>2, =5 4020BL A;8H:>< <=>3> 15A?;0B=KE :0@B, @072820BL C<5=85 G8B0BL :0@BK A>?5@=8:>2, 83@0BL 70<54;5==> A A8;L=K<8 @C:0<8, 2K1>@>G=> ?@81530BL : G5:-@5970<, ?@>2>F8@>20BL 4@C38E 83@>:>2 =0 1;5D, G0I5 :>;;8@>20BL =0 @825@5, ?>;L7>20BLAO A2>8< 8<8465< 8 2K18@0BL ?@028;L=K5 83@K. A;8 2K =5 A45;05B5 MB>3>, 2K 1C45B5 ?@>4>;60BL A;54>20BL B5< 65 A:CG=K< ?CB5<, >B :>B>@>3> 2K E>B5;8 871028BLAO, @5H82 ?@>G8B0BL MBC :=83C.

>=:@5B=>5 87<5=5=85 !1: 715309B5 ŤA;01>9 B09B>2>9ť 83@K.  A2>59 :=835 ŤPoker Essaysť 59A>= 0;L<CB ?8A0;:

" 	Ť# A;01>3> B09B>2>3> 83@>:0 5ABL G5BK@5 E0@0:B5@8AB8:8: (1) >=, >G5284=>, 1C45B 83@0BL 4>AB0B>G=> B09B>2>, (2) >= >1KG=> 83@05B ?@54A:07C5<>, (3) C =53> 5ABL A:;>==>ABL A1@0AK20BL <0@38=0;L=K5 @C:8, (4) >= >G5=L @54:> 1;5DC5B& ť

" 	Ť=8 G0AB> 8ICB ?@54;>38 4;O B>3>, GB>1K A1@>A8BL A2>N @C:C& ť

" 	Ť4=> 87 ?@58<CI5AB2 B09B>2>9 83@K 70:;NG05BAO 2 B><, GB> 20H8 1;5DK 1C4CB MDD5:B82=55. !;01K9 B09B>2K9 83@>: =5 ?>;L7C5BAO MB8< D0:B>@><. >340 >= AB028B 8;8 3>2>@8B G5:, >= ?@54>AB02;O5B A;8H:>< <=>3> 8=D>@<0F88 > A2>59 @C:5& ť

" 	Ť%>BO A;01K5 B09B>2K5 A>?5@=8:8 AG8B0NBAO ;53:8<8, ?>B><C GB> C =8E <>6=> 2K83@0BL <=>3> D8H5:, O AG8B0N, GB> 8<5==> MB>B AB8;L 83@K O2;O5BAO ?5@2K< H03>< : 2K83@KH=><C AB8;Nť

%>@>H85 83@>:8 1KAB@> 2KG8A;ONB 8E. =8 871530NB AE20B>: A =8<8, =5 8<5O ?@5<8C<-@C:, 8 >=8 G0AB> 1;5DCNB 8;8 ?@8<5=ONB ?>;C1;5D ?@>B82 =8E. A;8 70 AB>;>< 2K 2K3;O48B5 :0: ŤA;01K9 B09B>2K9ť 83@>:, ?@>B82 20A =5 1C4CB 83@0BL 0:B82=>, :>340 2K ?@>O28B5 03@5AA8N, 2 B> 65 2@5<O E>@>H85 83@>:8 G0AB> 1C4CB 2>@>20BL C 20A 10=:8 ?CB5< 1;5D0. ŤK A45;0;8 ?5@2K9 H03 : 2K83@K20NI5<C AB8;N 83@Kť. !59G0A A45;09B5 2B>@>9 H03   AB0=LB5 7=0G8B5;L=> 03@5AA82=55.

>=:@5B=>5 87<5=5=85 !2: !>7409B5 A515 1>;55 ;C7>2K9 8<846. 0H 8<846   MB> >G5=L 1>;LH0O ?><5E0 4;O 20A. K =5 ?>;CG05B5 4>AB0B>G=> 0:B82=>9 B>@3>2;8 B>340, :>340 C 20A E>@>H85 :0@BK, 8 ?@>B82 20A >G5=L G0AB> 1;5DCNB. >MB><C 20< =C6=> @07=>>1@078BL A2>N 83@C, 2@5<O >B 2@5<5=8 ?@8<5=OO 1;5D 8;8 @597 A <5=55 A8;L=>9, G5< >1KG=> @C:>9. A;8 2K ?>:065B5 A2>N @C:C, 2K 8=>340 4048B5 4@C38< ?>=OBL, :0:0O C 20A 1K;0 @C:0. 0< =5 C40ABAO ?@>25AB8 1>;55 >?KB=KE 83@>:>2, >4=0:> <=>385 A;01K5 8 4>25@G82K5 83@>:8 <>3CB ?@84B8 : 2K2>4C, GB> 2K 83@05B5 ;C7>255, G5< =0 A0<>< 45;5 .

>=:@5B=>5 87<5=5=85 !3: !048B5AL A;520 >B 03@5AA82=KE 83@>:>2. -B>B A>25B 459AB28B5;5= ?>GB8 4;O 2A5E, => >= >A>15==> 2065= 4;O 20A. A;8 70 20<8 A848B 03@5AA82=K9 83@>:, B> 25;8:0 25@>OB=>ABL, GB> A 53> AB>@>=K ?>A;54C5B @597, :>340 2K @5H8B5 709B8 2 10=:. A;8 2K A848B5 ?>A;5 =53>, B>340 MB>B @597 A;CG8BAO 4> 20A.

ABL 8 4@C30O ?@8G8=0, ?> :>B>@>9 ;CGH5 A845BL ?>7048 B0:8E 83@>:>2. A;8 2K 2>94QB5 2 83@C ?5@54 =8<8, >=8 C65 =5 1C4CB @5978BL B0: G0AB>. =8 C65 A1@>AOB @C:C, A :>B>@>9 ?5@2>=0G0;L=> ?;0=8@>20;8 @5978BL. 0H B09B>2K9 AB8;L 2;8O5B =0 B>, GB> A>?5@=8:8 1C4CB 83@0BL =5 B0: 0:B82=>, :>340 2K 2>94QB5 2 10=:. A;8 2K 2>94QB5 ;8<?><, =5:>B>@K5 83@>:8 AC7OB 480?07>= A2>8E @C:, 8 G0AB> 1C4CB A1@0AK20BL.

4=0:> 5A;8 ;C7>2>-03@5AA82=K9 83@>: 40AB @597 4> 20A, 1>;LH8=AB2> 83@>:>2 1C4CB >1@0I0BL 2=8<0=85 B>;L:> =0 @5975@0. =8 <>3CB =5 ?@840BL 7=0G5=8O B><C D0:BC, GB> 2K >B25B8B5 =0 MB>B @597 2E>;>4=CN (0 2K =5 AB0;8 1K MB>3> 45;0BL 157 >G5=L E>@>H59 @C:8).  B0:8E A;CG0OE 2K <>65B5 2K83@0BL 1>;LH>9 10=:. >=5G=>, G0AB> A;54C5B @5@5978BL, => :>340 2K E>B8B5 :0: @5970, B0: 8 <C;LB8?>B0 (87-70 B>3> GB> C 20A >G5=L A8;L=0O @C:0), 70<54;5==0O 83@0 ?>A;5 @5970 >B ;C7>2>-03@5AA82=>3> 83@>:0 <>65B 1KBL >G5=L 2K3>4=0.

0< 1C45B ;53:> 83@0BL, 5A;8 2K 1C45B5 =0E>48BLAO A;520 >B ;C7>2>-03@5AA82=>3> 83@>:0. 0 A0<>< 45;5, 5<C MB> =025@=O:0 B>65 2K3>4=>, B0: :0: 2K @5978B5 =0AB>;L:> @54:>, GB> >= <>65B A ;53:>ABLN 2>@>20BL 20H8 1;09=4K.

>=:@5B=>5 87<5=5=85 !4: 5 40209B5 <=>3> 15A?;0B=KE :0@B. 284C 20H59 :>=A5@20B82=>9 83@K, 2K 3>2>@8B5 G5: A @C:0<8, A :>B>@K<8 1>;LH8=AB2> E>@>H8E 83@>:>2 ?>AB028;8 1K. K 45;05B5 MB> 4;O B>3>, GB>1K ŤA>E@0=8BL 45=L38ť, => MB> >G5=L 4>@>3>AB>OI0O ?@82KG:0. >2>@O G5:, 2K 40QB5 ?@>B82=8:0< 15A?;0B=K5 :0@BK, 8 =5:>B>@K5 87 MB8E :0@B 404CB 8< 1>;55 AB0@HCN :><18=0F8N, G5< C 20A. K 4>;6=K AB028BL (8 @5978BL) G0I5.

>=:@5B=>5 87<5=5=85 !5:  0728209B5 A2>9 =02K: GB5=8O @C:. 5:>B>@K5 B09B>2>-?0AA82=K5 83@>:8 ?;>E> G8B0NB :0@BK ?> 42C< ?@8G8=0<:

1.	=8 A:>=F5=B@8@>20=K =0 A2>8E A>1AB25==KE :0@B0E, 0 =5 =0 :0@B0E 4@C38E 83@>:>2. =8 <>3CB >A=>2K20BL A2>8 @5H5=8O =0 =5:>9 D>@<C;5: MB8 @C:8 <>6=> @07K3@K20BL, MB8 @C:8 =C6=> A1@0AK20BL, A =5:>B>@K<8 =C6=> @5978BL. > MB0 D>@<C;0 83=>@8@C5B F5=B@0;L=K9 ?>:5@=K9 ?@8=F8?   C @C: 5ABL ;8HL >B=>A8B5;L=0O F5==>ABL. >?@>A 70:;NG05BAO =5 2 B><, ŤE>@>H0Oť @C:0 8;8 Ť?;>E0Oť, 0 2 B><, ;CGH5 ;8 >=0, G5< >AB0;L=K5 @C:8. 0< =C6=> A>?>AB02;OBL A8;C 20H59 @C:8 A 20H59 ?>78F859, 0 B0:65 A ?>78F859 20H8E A>?5@=8:>2, ?>B><C GB> ?>78F8O 83@05B >G5=L 1>;LHCN @>;L 2 >?@545;5=88 >B=>A8B5;L=>9 A8;K @C:8, 0 B0:65 2 B><, :0: @C:0 4>;6=0 1KBL @07K3@0=0.

2.	=8 A:;>==K 1KBL ?5AA8<8AB0<8 8 A@07C 4C<0NB > EC4H5< AF5=0@88. 0?@8<5@, >=8 <>3CB =5 A45;0BL @597 A ?>GB8 =0BA>2K< AB@59B><, ?>B><C GB> 1>OBAO, GB> C A>?5@=8:0 =0BA>2K9 AB@59B. -B0 B5=45=F8O   >G5@54=>9 ?@8<5@ B>3>, :0: AC1J5:B82=K5 <=5=8O <>3CB ?5@525H820BL >48= 87 3;02=KE 8 >G5284=KE ?@8=F8?>2: =C6=> ?>=8<0BL, GB> 2 459AB28B5;L=>AB8 >7=0G0NB AB02:8 A>?5@=8:>2.

A;8 :0:>9-;81> 87 MB8E ?C=:B>2 >B=>A8BAO : 20<, 20< =C6=> @01>B0BL =04 A2>8< C<5=85< G8B0BL :0@BK. "5E=8:8 @0728B8O MB>3> C<5=8O >?8A0=K 2> 2B>@>9 G0AB8 :=838. > A@02=5=8N A ;C7>2K<8 83@>:0<8, A 20H8< AB8;5< 20< 1C45B ;53:> 8 ?@8OB=> @072820BL MB> C<5=85. K B0: G0AB> A1@0AK205B5 A2>8 :0@BK, GB> 20< AB0=>28BAO A:CG=>. <5AB> B>3> GB>1K 28B0BL 2 >1;0:0E, A<>B@5BL " 8;8 1>;B0BL, ?>?KB09B5AL ?@>G8B0BL :0@BK A>?5@=8:>2. K 1C45B5 C482;5=K B5<, =0A:>;L:> <=>3> =>2>3> 2K C7=05B5, 8 MB> A45;05B 87 20A 1>;55 E>@>H53> 83@>:0 (5A;8 B>;L:> 2K 1C45B5 4>AB0B>G=> A<5;K<, 4;O B>3>, GB>1K 8A?>;L7>20BL MB>B =02K:).

>=:@5B=>5 87<5=5=85 !6:  07K3@K209B5 70<54;5==> A8;L=K5 @C:8. %>BO 20< 8 =C6=> AB0BL 1>;55 03@5AA82=K<, 2A5-B0:8 20< =C6=> 1>;55 ?0AA82=> 83@0BL A >G5=L A8;L=K<8 @C:0<8. A;8 2K A45;05B5 @597, G0AB> 2K ?>B5@O5B5 A2>8E Ť:;85=B>2ť. ">;L:> 4C@0: 8;8 =>28G>: 1C45B >B25G0BL =0 20H8 @597K 157 >G5=L E>@>H8E @C:.

 07K3@K209B5 70<54;5==> B0:85 AB0@B>2K5 @C:8 :0: AA, AK 8;8 AKs 2 E>;45<5, 8;8 A:@KBK9 A5B =0 G5B25@B>9 8;8 ?OB>9 C;8F5 2 A5<8:0@B>G=>< AB045. >7<>6=>, 2K @5978B5 A B0:8<8 @C:0<8 ?>B><C, GB> E>B8B5 Ť70I8B8BL A2>N @C:Cť. @8 MB>< 2K <>65B5  2A?><=8BL A;CG09, :>340 2K =5 A45;0;8 @597, 8 :B>-B> 20A ?5@5BO=C;.

>=5G=>, 8=>340 MB> 1C45B ?@>8AE>48BL, => =0 48AB0=F88 70<54;5==0O 83@0 ?@8=5A5B 1>;LHCN 2K3>4C, G5< ?@>AB> 2K83@KH 1;09=4>2/0=B5 8;8 =51>;LH>3> 10=:0 2 @0==5< @0C=45. '5< 1>;LH5 1C45B 10=:, :>B>@K9 2K 2K83@05B5, B5< 1>;LH5 MB> 1C45B :><?5=A8@>20BL B5 A;CG08, 2 :>B>@KE 20A ?5@5BO=CB. 0?@8<5@, @0=55 <K 3>2>@8;8 > B><, GB> ?@>B82 >4=>3> 83@>:0 ?0@0 BC7>2 2K83@K205B 2 80% A;CG052, 0 ?@>B82 452OB8 G5;>25:   2 30%. 4=0:> 2 MB8E A;CG0OE 2K 2K83@05B5 ?>GB8 2 B@8 @070 1>;LH5 45=53, ?>B><C GB> 10=:8 1C4CB =0<=>3> 1>;LH5. ><=8B5 > B><, GB> =C6=> 2K83@K20BL :0: <>6=> 1>;LH5 45=53, 0 =5 :0: <>6=> 1>;LH5 10=:>2 .

K ?@8<5=O;8 MB>B ?@8=F8? B>340, :>340 A1@0AK20;8 @C:C, :>B>@0O <>3;0 2K83@0BL, => F5=0 70 B>, GB>1K ?@>25@8BL MB>, 1K;0 A;8H:>< 25;8:0. "0 65 ;>38:0 459AB2C5B 2 A;CG0OE 70<54;5==>9 83@K, :>340 20< =C6=> <0:A8<878@>20BL 20H8 2K83@KH8 A A8;L=K<8 @C:0<8.

>=:@5B=>5 87<5=5=85 !7: K1>@>G=> ?@815309B5 : G5:-@5970<. ;O 1>;LH8=AB20 83@>:>2 ?@8G8=K 4;O G5:-@5970 8 4;O 70<54;5==>9 83@K AE>68, => =5 4;O 20A. 0< =C6=> BI0B5;L=> 2K18@0BL A8BC0F88 4;O G5:-@5970.

@54?>;>68<, A?@020 >B 20A A848B ;C7>2>-03@5AA82=K9 83@>: (B0:, :0: 20< 2K3>4=>), 2K 83@05B5 2 E>;45< 8 =0E>48B5AL =0 <0;>< 1;09=45, 0 >= =0 10BB>=5. A;8 2K ?>;CG8B5 >G5=L A8;L=CN @C:C 8 A:065B5 G5:, 2A5 B>65 A:06CB G5:, 0 >= ?>AB028B 8 2K A45;05B5 @597, B> 2A5 >AB0;L=K5 A1@>AOB.  54:> :B> 3>2>@8B G5:, 0 70B5< >B25G05B 2E>;>4=CN =0 425 AB02:8.  597K :C40 1>;55 70<5B=K, G5< 15BK. A;8 2K ?>AB028B5, =5:>B>@K5 83@>:8 >B25BOB, => >=8 =5 AB0;8 1K >B25G0BL =0 20H @5@597.

! >G5=L A8;L=>9 @C:>9 >1KG=> ;CGH5 AB028BL A@07C, GB>1K ?>;CG8BL >48= 8;8 420 :>;;0, >A>15==> :>340 =0 10BB>=5 =0E>48BAO ;C7>2>-03@5AA82=K9 83@>:, :>B>@K9 <>65B A45;0BL @597.  MB>< A;CG05 MB8 83@>:8 =5 1C4CB 1>OBAO @5970 >B ;C7>2>-03@5AA82=>3> 83@>:0, : B><C 65 >=8 C65 70H;8 2 10=:. A;8 2K ?>AB028B5, >=8 >B25BOB, 8 ;C7>2>-03@5AA82=K9 83@>: A45;05B @597, 2K <>65B5 40BL @5@597. =8 <>3CB >B25B8BL 87-70 B>3>, GB> 10=: AB0; 1>;LH5 8 >=8 C65 8=25AB8@>20;8 2 =53> G0ABL A2>8E D8H5:. A;8 4065 >=8 8 A1@>AOB, B> 2K 2AQ @02=> ?>;CG8B5 ?> >4=>9 4>?>;=8B5;L=>9 AB02:5 A :064>3>, G53> 2K =5 A<>3;8 1K 4>AB8GL ?@8 G5:-@5975. 4=0:>, 5A;8 2K E>B8B5 2KB5A=8BL :0: <>6=> 1>;LH5 A>?5@=8:>2 87 10=:0, :>340 A?@020 >B 20A A848B ;C7>2>-03@5AA82=K9 83@>:, 20< A;54C5B ?@8153=CBL : G5:-@597C. 0?@8<5@, :>340 10=: C65 1>;LH>9, 0 20H0 @C:0 CO728<0.  ?@>B82=>< A;CG05 A;54C5B AB028BL.

A;8 ;C7>2>-03@5AA82=K9 83@>: =0E>48BAO A;520 >B 20A, G5:-@597 1C45B 25AL<0 C<5AB5=. @54?>;>68< MB> =08EC4H89 20@80=B   2K =0E>48B5AL A@07C A?@020 >B <0=LO:0; 2K =5 E>B5;8 1K B0< A845BL, => =0 40==K9 <><5=B B0: A;>68;8AL >1AB>OB5;LAB20. A;8 C 20A 1C45B >G5=L A8;L=0O @C:0, B> G5:-@597 1C45B 8450;L=>9 83@>9.

A;8 2K ?>AB028B5, 8 >= A45;05B @597, 1>;LH8=AB2> 83@>:>2 A1@>AOB :0@BK. A;8 2K A45;05B5 G5:, 0 >= ?>AB028B, <=>385 >B25BOB, ?>B><C GB> >=8 =5 25@OB 53> AB02:0<. 0B5< 2K 4048B5 @597. A;8 >= B>;L:> >B25B8B, 1>;LH8=AB2> >AB0;L=KE 83@>:>2 B0:65 >B25BOB, 2284C B>3> GB> 10=: C65 1C45B 1>;LH8<. K B0:65 <>65B5 AK3@0BL ?>4>1=K< >1@07>< 8 A E>@>H59 ?@8:C?=>9 @C:>9, B>;L:> 5A;8 2K =5 4C<05B5, GB> <0=LO: A=>20 A45;05B @597.

= <>65B A45;0BL @5@597, => >AB0;L=K5 83@>:8 2A5 @02=> <>3CB >AB0BLAO, ?>B><C GB> 10=: AB0; 1>;LH5 8 >=8 C65 8=25AB8@>20;8 2 =53> A2>8 45=L38. 065 5A;8 >=8 A1@>AOB, 2K ?>;CG8B5 ?> >4=>9 AB02:5 A :064>3>, G53> <>3;> =5 ?@>87>9B8, 2 A;CG05 5A;8 1K 2K ?>AB028;8.

>=:@5B=>5 87<5=5=85 !8: @>2>F8@C9B5 83@>:>2 =0 1;5D. 284C B>3>, GB> <=>385 284OB 2 20A A;01>3> B09B>2>3> 83@>:0, ?@>2>F8@C9B5 8E =0 1;5D =0 @825@5. @54?>;>68< C 20A E>@>H0O, => =54>AB0B>G=> A8;L=0O @C:0, B0:0O :0: 2KAH0O ?0@0 =0 D;>?5, 8 2K 4C<05B5, GB> C A>?5@=8:0 A;010O @C:0. 0 B5@= ?@8E>48B <5;:0O :0@B0, 8 B5?5@L =0 AB>;5 425 :0@BK >4=>9 <0AB8. K AB028B5, 8 >= >B25G05B. 0 @825@5 ?@8E>48B B@5BLO :0@B0 B>9 65 <0AB8. A;8 2K ?>AB028B5, >= =5 >B25B8B (5A;8 2K ?@028;L=> ?@>G8B0;8 53> @C:C, 0 B0:65 5A;8 >= =5 A>1@0; D;0H).  MB>< A;CG05 20< =C6=> A45;0BL G5: 8 A?@>2>F8@>20BL 53> =0 1;5D, 0 70B5< >B25B8BL.

>=:@5B=>5 87<5=5=85 !9: '0I5 >B25G09B5 =0 @825@5. 0< =C6=> G0I5 >B25G0BL =0 @825@5, 4065 2 B5E A;CG0OE, :>340 2K =5 ?@>2>F8@>20;8 :>3>-B> =0 1;5D. -B> 2K3>4=> <0B5<0B8G5A:8. A;8 2K 2K83@05B5 2A53> >4=C @0740GC 87 H5AB8, 2 :>B>@KE 2K ?;0=8@>20;8 A1@>A8BL =0 >4=C AB02:C, 2K 1C45B5 2 ?;NA5. =>340 2K ?>9<05B5 G59-B> 1;5D, 8=>340 20H A>?5@=8: 1C45B 4C<0BL, GB> 53> @C:0 ;CGH0O, => >= 1C45B >H810BLAO.

>GB8 2A5 AB0=>2OBAO 65@B20<8 ŤM3>8AB8G5A:>3> A0<>>1<0=0ť. K A:;>==K 4C<0BL, GB> 2A5 <KA;OB B0:8< 65 >1@07><, :0: 8 <K A0<8 (8;8 ?>E>68< >1@07><). -B0 >H81:0 G0AB> ?@82>48B : B><C, GB> 2K 4C<05B5, GB> =0E>48B5AL ?>7048, B0: :0: 2K =0 <5AB5 A>?5@=8:0 =5 AB0;8 1K AB028BL A 1>;55 A;01>9 @C:>9, G5< 20H0 =0AB>OI0O @C:0.

> >=8   MB> =5 2K. =8 83@0NB A @C:0<8, A :>B>@K<8 2K 4065 =5 ?>4C<0;8 1K 83@0BL, >=8 >AB0NBAO A> A;01K<8 ?@8:C?=K<8 @C:0<8 =5 8<5O 4>;6=KE H0=A>2 : 10=:C, 8 >=8 @597OB A <CA>@><. ;02=0O ?@8G8=0, ?> :>B>@>9 2K 2K83@K205B5, 70:;NG05BAO 2 B><, GB> >=8 83@0NB =0<=>3> ;C7>255 20A. >G5<C 2K @5H8;8, GB> >=8 =5>6840==> AB0=CB B09B>255 8 C<=55 =0 @825@5?

=8 AB02OB =5 @825@5 2 284C 2AQ B5E 65 <>B82>2, ?> :>B>@K< >=8 83@0;8 A;8H:>< ;C7>2> 8 03@5AA82=> (?> 20H8< AB0=40@B0<) 2 @0==8E @0C=40E. >MB><C >B25G09B5 8 7018@09B5 8E 45=L38. -B> =5 1C45B ?@>8AE>48BL G0AB>, >4=0:> @07<5@ 10=:>2, :>B>@K5 2K 2K83@05B5, A ;8E2>9 :><?5=A8@C5B 20H8 ?@>83@KH=K5 :>;;K.

>=:@5B=>5 87<5=5=85 !10: >;L7C9B5AL A2>8< 8<8465<. >6=> ?>GB8 A C25@5==>ABLN A:070BL, GB> 2 3;070E 20H8E ?@>B82=8:>2 2K 2K3;O48B5 8<5==> B0:8< 83@>:><, :0:8< 8 O2;O5B5AL   A:0;>9, 8;8 ?>GB8 A:0;>9. 0 A0<>< 45;5 20H @59B8=3 <>65B 1KBL 4065 3,3, => 2K 2AQ @02=> 1C45B5 2>A?@8=8<0BLAO :0: A:0;0. -B> =5 :><?;8<5=B, => 2K <>65B5 MB8< 2>A?>;L7>20BLAO.

K C65 70<5B8;8, GB> 83@>:8 AB0@0NBAO 871530BL 83@K A 20<8. >;L7C9B5AL 8E >?0A5=85<, 2K1>@>G=> 83@0O 2 =5A2>9AB25==>9 20< <0=5@5. A;8 2 8E 3;070E 2K A:0;0, 2K <>65B5 ;53G5 ?@8<5=OBL 1;5D, ?>;C1;5D, :@06C 1;09=4>2 8 0=B5. A5 MB> >B=>A8BAO : 03@5AA82=K< 459AB28O<   B>, G53> 20< 8 =C6=>.

>=:@5B=>5 87<5=5=85 !11: '0I5 ?@8<5=O9B5 G5:-@597. =>385 B09B>2>-?0AA82=K5 83@>:8 =54>AB0B>G=> G0AB> 83@0NB G5:-@597, 0 =5:>B>@K5 8 2>2A5 =5 45;0NB MB>3>. =8 <>3CB @0AA<0B@820BL MB> :0: =5:>5 =5;530;L=>5 459AB285, 8;8 8< ?@>AB> =5 E>G5BAO ?>;CG0BL 2>7<>6=K9 @5@597 >B ?@>B82=8:0. > G5:-@597   MB> =5 ?@>AB> 70:>==>5 459AB285, 0 >4=> 87 3;02=KE 459AB289 2 ?>:5@5.

A;8 4@C385 83@>:8 7=0NB, GB> 2K =5 1C45B5 83@0BL G5:-@597, B> ?@8 :064>< 20H5< G5:5 2K 1C45B5 ?@54>AB02;OBL 8< A;8H:>< <=>3> 8=D>@<0F88. =8 1C4CB 7=0BL, GB> 2 MB>< A;CG05 <>6=> ?>AB028BL 4;O C25;8G5=8O 10=:0 8;8 2 :0G5AB25 1;5D0 157 >?0A5=8O ?>;CG8BL @597. =8 1C4CB 45;0BL MB> 4;O B>3>, GB>1K ?>;CG8BL >B 20A 4>?>;=8B5;L=CN AB02:C 8;8, GB> 5I5 EC65, C:@0ABL C 20A 10=:.

><=8B5 > B><, GB> 83@>:8 20H53> AB8;O ?>425@30NBAO 1;5DC :0: =8:B> 4@C385. A;8 2K =5 1C45B5 4>AB0B>G=> G0AB> G5:-@5978BL, MB> 1C45B A?>A>1AB2>20BL B><C, GB> ?@>B82 20A 1C4CB 459AB2>20BL =52K3>4=K< 4;O 20A >1@07><. 0< =C6=> =0:07K20BL 8E ?>?KB:8 2>A?>;L7>20BLAO 20H59 ?0AA82=>ABLN.

ABL 425 ?@8G8=K, ?> :>B>@K< AB>8B G0I5 ?@81530BL : G5:-@5970<. >-?5@2KE, 10=:8, :>B>@K5 20< C40ABAO 2K83@0BL, 1C4CB 1>;LH5; 2>-2B>@KE, B0:8< >1@07>< 2K 70I8B8B5 A2>8 <0@38=0;L=K5 @C:8 8 A>:@0B8B5 :>;8G5AB2> 83@>:>2, :>B>@K5 <>3;8 1K 2?>A;54AB288 1;5D>20BL ?@>B82 20A.

>=:@5B=>5 87<5=5=85 !12: ;5DC9B5 7=0G8B5;L=> G0I5. 0< 1C4CB @565 >B25G0BL, G5< :><C-;81> 4@C3><C 70 AB>;><. B40G0 >B 1;5D0 G0AB> >G5=L 1>;LH0O   2 ?OBL, 45AOBL @07 1>;LH5, G5< A0<0 AB02:0. >=5G=>, 20< A;54C5B BI0B5;L=> 2K18@0BL <><5=B 4;O 1;5D0; =5 1;5DC9B5, :>340 >B A>?5@=8:>2 8AE>48B A8;0 8 C25@5==>ABL, ?>B><C GB> 2 MB>< A;CG05 5ABL 1>;LH0O 25@>OB=>ABL, GB> 20< >B25BOB. 48B5, ?>:0 =5 ?>GC2AB2C5B5 GLN-B> A;01>ABL 8;8 ?>:0 =5 2>7=8:=5B ?>4E>4OI0O A8BC0F8O, 0 70B5< 0B0:C9B5.

AB0B8, 20H8 1;5DK G0I5 1C4CB 25=G0BLAO CA?5E><, :>340 2K 1C45B5 ?5@2K< 83@>:><, 2>H54H8< 2 10=:. K <>65B5 1;5D>20BL, 4>?CAB8<, B>340, :>340 2A5 4> 20A AK3@0;8 G5:, => 2 MB>< A;CG05 A>?5@=8:8 1C4CB 7=0BL, GB> >=8 ?>:070;8 A;01>ABL A2>8< G5:><, 8 >=8 1>;55 25@>OB=> 70?>4>7@OB 1;5D A 20H59 AB>@>=K. 4=0:> :><18=0F8O B>3>, :0: >=8 20A 2>A?@8=8<0NB 8 B>3> D0:B0, GB> 2K ?5@2K< 2>945B5 2 10=:, A?>A>1=0 A?C3=CBL ;N1>3> 83@>:0.

>=:@5B=>5 87<5=5=85 !13: @048B5 1;09=4K 7=0G8B5;L=> G0I5. @8=F8? B>B 65 GB> 8 4;O 1;5D0, 8 >B40G0 745AL ?>GB8 B0: 65 2KA>:0. K =5 1C45B5 2K83@K20BL :064K9 @07, => MB> 1C45B ?@>8AE>48BL 4>AB0B>G=> G0AB>, ?>B><C GB> 2 1>;LH8=AB25 A;CG052 1;09=4K 1C4CB A1@0AK20BL.

@54?>;>68<, 2K =0 10BB>=5, 2A5 4> 20A A1@>A8;8, 8 2 1;09=40E =0E>4OBAO A@54=85 83@>:8. 0< A;54C5B @5978BL A ;N1>9 1>;55-<5=55 ?>4E>4OI59 @C:>9. 284C 20H53> 8<8460, >=8 =5 AB0=CB >B25G0BL 157 E>@>H59 @C:8. A;8 65 >B25BOB, >=8 =025@=O:0 A45;0NB G5: =0 D;>?5.  MB>< A;CG05 20< =C6=> AB028BL A=>20. =8 =5 A<>3CB >B25B8BL, 5A;8 D;>? 8< =5 70945B.

865 ?@82545= ?@8<5@ =0 MBC B5<C. K =0 10BB>=5, =8:B> =5 2>HQ; 2 83@C, 2K @5978B5 A

c&J  8

=>385 E>@>H85 83@>:8 @5978;8 1K A MB>9 @C:>9, => 2K =5 A45;0;8 1K B0:>9 @597 ?> C<>;G0=8N. >;LH>9 1;09=4 >B25G05B A

c&K  T

$;>?

`&A `&9  3

A;8 2K ?>AB028B5, >= ?>GB8 2A5340 A1@>A8B A2>N 1>;55 A8;L=CN @C:C.

>340 2K ?>:065B5 A2>N @C:C, 2K ?>;CG8B5 5I5 >4=C 2K3>4C >B :@068 1;09=4>2   2K @048:0;L=> ?><5=O5B5 A2>9 8<846. %>@>H85 83@>:8 ?>9<CB, G53> 2K 4>18205B5AL, => <=>385 1>;55 A;01K5 83@>:8 ?@84CB 2 70<5H0B5;LAB2>, 8 =0G=CB 4>?CA:0BL >H81:8, 83@0O ?@>B82 20A. -B>B @597 5I5 =04>;3> >AB0=5BAO 2 8E ?0<OB8, 8 >=8 701C4CB B> <=>65AB2> @07, :>340 2K A1@>A8;8. 3@>:8 =0<=>3> ;CGH5 70?><8=0NB 03@5AA82=K5 @597K, G5< B5 A;CG08, :>340 2K A1@>A8;8 :0@BK.

K1>@ ?@028;L=KE 83@

K18@09B5 B5 83@K, :>B>@K5 ?>72>;ONB 20< 83@0BL 2 B>< AB8;5, 2 :>B>@>< 20< =@028BAO, => :>B>@K5 ?@8 MB>< ?>72>;ONB C25;8G8BL 20H8 H0=AK =0 2K83@KH.

" 	3@09B5 =0AB>;L:> =87:85 ;8<8BK, =0A:>;L:> MB> 1C45B 4;O 20A B5@?8<>.

" 	3@09B5 2 83@0E A =08<5=LH8<8 0=B5 8;8 1;09=40<8.

" 	3@09B5 2 83@0E A <=>65AB2>< ;C7>2>-?0AA82=KE 83@>:>2.

" 	!;548B5, GB>1K 70 AB>;>< 1K;> =5 1>;LH5 >4=>3> ;C7>2>-03@5AA82=>3> 83@>:0.

" 	!;548B5 70 B5<, GB>1K 1K; 1>;LH>9 2K1>@ 83@>:>2.

" 	3@09B5 ?>;=K5 AB>;K.

87:85 ;8<8BK 8 =51>;LH85 1;09=4K 8;8 0=B5

1KG=> G5< =865 ;8<8B, B5< A;0155 83@>:8. 0 A0<KE <5;:8E ;8<8B0E 1>;LH8=AB2> 83@>:>2   ;C7>2K5 8 ?0AA82=K5.  B><C 65 <=>385 87 =8E =5 C7=0NB 20H AB8;L 8;8 =5 A<>3CB 2>A?>;L7>20BLAO 20H59 ?@54A:07C5<>9 83@>9, >4=0:> 1>;55 E>@>H85 83@>:8 =0 1>;55 2KA>:8E ;8<8B0E 1KAB@> @0A?>7=0NB 8 ?@8A?>A>1OBAO : 20H5<C AB8;N, 8 2K ?@52@0B8B5AL 87 2K83@K20NI53> 83@>:0 2 ?@>83@K20NI53>.

A;8 3>2>@8BL > A5<8:0@B>G=>< AB045, B> =0 <5;:8E ;8<8B0E >B=>H5=85 0=B5 : @07<5@0< AB02>: =0<=>3> ;CGH5, G5< =0 :@C?=KE. K D0:B8G5A:8 =5?>1548<K 2 A5<8:0@B>G=>< AB045 =0 A0<KE <5;:8E ;8<8B0E, ?>B><C GB> B0< =5B 0=B5 (8;8 >=8 >G5=L =5ACI5AB25==K), 0 83@>:8 >G5=L ;C7>2K5. 8=CA MB8E 83@ 2 B><, GB> 745AL 4>AB0B>G=> 1>;LH>9 @59:, => 2AQ @02=> 2 =8E 2K3>4=> 83@0BL.

0 1>;55 2KA>:8E ;8<8B0E 0=B5 AB0=>28BAO 1>;LH5 ?> >B=>H5=8N : AB02:0<, : B><C 65 83@>:8 745AL 83@0NB ;CGH5 8 B09B>255. 0H AB8;L ?;02=> ?5@5E>48B >B 4>AB>8=AB20 : =54>AB0B:C.

>;55 ?;02=> MB>B ?5@5E>4 =01;N405BAO 2 E>;45<5, ?>B><C GB> 1;09=4K =5 <5=ONBAO ?> >B=>H5=8N : AB02:0<. 4=0:> 745AL 2K 1C45B5 2 ?;NA5 B>;L:> 70 AG5B ;C7>2>AB8 8 A;01>AB8 A>?5@=8:>2.

 =5:>B>@KE E>;45< 83@0E, B0:8E :0: $1/$4/$4/$8, 1;09=4K =0<=>3> <5=LH5 ?> >B=>H5=8N : AB02:0<. E <>6=> 18BL, ?@>AB> 83@0O B09B>2>. 4=0:> 2 B0:8E 83@0E 2>7@0AB05B A8;0 ?@8:C?=KE @C:, B0: :0: A ?@8:C?=>9 @C:>9 745AL <>6=> :>;;8@>20BL 70 1$ (8;8 2$, 2 7028A8<>AB8 >B 25;8G8=K 1;09=40), => AB028BL A 3>B>2>9 @C:>9 =0 8$. -B> B0:65 =0 @C:C B5< 83@>:0<, :>B>@K5 G0AB> 1;5DCNB, ?>B><C GB> >=8 <>3CB 45;0BL 1>;LH85 AB02:8 ?> A@02=5=8N A 10=:><. >MB><C 20< =C6=> 87<5=8BL B@51>20=8O : AB0@B>2K< @C:0<, G0I5 @5978BL 4;O 70I8BK A2>59 @C:8 8 >AB5@530BLAO 1;0D5@>2.

=>65AB2> ;C7>2>-?0AA82=KE 83@>:>2 8 =5 1>;55 G5< >48= ;C7>2>-03@5AA82=K9

C7>2>-?0AA82=K5 83@>:8   MB> A0<K5 ;53:85 A>?5@=8:8 4;O 2A5E, => >=8 20H0 Ť?@8@>4=0O 4>1KG0ť. K 2K83@K205B5 C =8E =5 70 AG5B B>3>, GB> 83@05B5 E>@>H>, 0 ?>B><C GB> ?>;L7C5B5AL 8E >H81:0<8 (0 >=8 4>?CA:0NB 8E G0I5 2A5E). A;8 2K 1C45B5 4>;3> 83@0BL 2 ;C7>2>-?0AA82=>9 83@5, 2K ?>GB8 30@0=B8@>20==> 1C45B5 2K83@K20BL.

K <>65B5 70E>B5BL AK3@0BL A =5A:>;L:8<8 ;C7>2>-03@5AA82=K<8 83@>:0<8, ?>B><C GB> >=8 >G5=L ?;>E> 83@0NB, => 1C4LB5 >AB>@>6=K. =8, :>=5G=>, 1C4CB 83@0BL ?@>B82 20A 0:B82=>, :>340 C 20A 1C45B A8;L=0O @C:0, => >=8 B0:65 1C4CB 45;0BL MB>, :>340 C 20A =8G53> =5 1C45B. =8 1C4CB 1;5D>20BL 8 ?>;C1;5D>20BL, :@0ABL 20H8 1;09=4K, 70AB02;OBL 20A AB028BL 1>;LH5 45=53, G5< 2K 1K E>B5;8 8 2>>1I5 ?@8=C640BL 20A 459AB2>20BL B0:, :0: 20< =5 ?> 4CH5   GB>1K 2K83@0BL, 20< =C6=> 1C45B >B25G0BL A> A;01K<8 @C:0<8.

>;LH>9 2K1>@ 83@>:>2

'5< 1>;LH5 2K1>@ 83@>:>2, B5< 1>;LH5 =57=0:><KE 83@>:>2 2K 2AB@5B8B5, 0 C =8E 20< 2K83@K20BL 1C45B ;53G5 2A53>. A;8 70 AB>;>< 1C45B E>BO 1K 420 @53C;O@0, 2 20A 2A:>@5 C284OB ŤA:0;Cť, 2K =5 1C45B5 ?>;CG0BL 4>AB0B>G=>9 0:B82=>AB8 >B A>?5@=8:>2, :>340 C 20A 1C45B E>@>H0O @C:0; ?@>B82 20A =0G=CB 1;5D>20BL 8 B0: 40;55. 1I55 :>;8G5AB2> 83@>:>2 @0AB5B ?> <5@5 C<5=LH5=8O ;8<8B0, 8 MB> 5I5 >4=0 ?@8G8=0, ?> :>B>@>9 20< A;54C5B 83@0BL =0 1>;55 =87:8E ;8<8B0E. ! C25;8G5=85< ;8<8B0 A8;L=> C25;8G8205BAO :>;8G5AB2> @53C;O@>2, GB> ?@82>48B : A=865=8N 20H59 :>=:C@5=B>A?>A>1=>AB8 2> 2A5E :><?>=5=B0E.

;8==K5 AB>;K

K =5 A<>65B5 2K83@K20BL, 83@0O :>@>B:85 AB>;K.  E>;45<5 2K =5 A<>65B5 640BL ?>4E>4OI8E 20< @C:, ?>B><C GB> B5 83@>:8, :>B>@K5 ?>AB>O==> AB02OB, 1C4CB 2 ?;NA5 ?@>B82 20A.  A5<8:0@B>G=>< AB045 2K 1C45B5 ?;>E> @07K3@K20BL 20H8 A;01K5 @C:8, ?@54>AB02;OO A;8H:>< <=>3> 15A?;0B=KE :0@B.

0H0 B09B>2>ABL 8 ?0AA82=>ABL <>65B 1KBL =5 B0: 1KAB@> 70<5G5=0, 5A;8 2K 1C45B5 83@0BL 70 4;8==K<8 AB>;0<8, 2 B> 2@5<O :0: 70 :>@>B:8<8 AB>;0<8 20A >G5=L 1KAB@> @0A:CAOB.  B><C 65 2 MB8E 83@0E =C6=> G0I5 :@0ABL 1;09=4K 8 0=B5, 1;5D>20BL 8 2>>1I5 83@0BL ;C7>2>-03@5AA82=>, 0 MB> 2 B>G=>AB8 ?@>B82>@5G8B 20H5<C AB8;N. 284C B>3>, GB> 745AL C 20A ?@>AB> =0?@>AB> =5B H0=A>2, =5 83@09B5.

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:

A;8 2K B09B>2>-?0AA82=K9 83@>:, MB0 3;020 40AB 20< >G5=L <=>3> 8=D>@<0F88 > 20A 8 > 20H5< 83@>2>< AB8;5. 0209B5 ?>A<>B@8<, :0: MB> A>>B=>A8BAO A B5<8 2>?@>A0<8, =0 :>B>@K5 2K >B25G0;8 @0=55.

064K9 @07, :>340 O ?@>HC 20A >1@0B8BLAO : :0:><C-B> ?@54K4CI5<C @0745;C, MB> <>65B >:070BLAO ?>;57=K< 4;O 20A 2 B>< ?;0=5, GB> C 20A 2 3>;>25 >B;>60BAO A0<K5 206=K5 8458 87 MB>9 3;02K.

-B> <>65B 70=OBL :0:>5-B> 2@5<O 8 >B25BK, :>B>@K5 2K =0?8H8B5 A53>4=O, <>3CB 1KBL 87<5=5=K 20<8 ?> <5@5 @0728B8O 20H59 83@K. "@0B8BL =0 MB> B0: <=>3> 2@5<5=8 <>65B ?>:070BLAO 20< A:CG=K< 8;8 4065 @074@060NI8<, => MB> <>65B ?@8=5AB8 20< >3@><=K5 482845=4K.

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4

1@0B8B5AL : @8;>65=8N A: Ť"5AB ?> ?@028;L=><C ?>4E>4Cť. !45;09B5 70:;04:C =0 MB>< B5AB5, GB>1K 2K 2A5340 <>3;8 1KAB@> =09B8 MB>B B5AB. 5A:>;L:> A;54CNI8E AB@>: A>2?040NB A> =5:>B>@K< AB@>:0<8 2 B>< B5AB5. >A<>B@8B5 =0 A2>8 >B25BK G5@57 =5:>B>@>5 2@5<O, :0: 2K 8E =0?8H8B5. > ?@56=5<C ;8 >=8 :06CBAO ?@028;L=K<8? A;8 =5B, ?5@5A<>B@8B5 8E 8 =0?8H8B5 745AL B5, :>B>@K5 AG8B05B5 ?@028;L=K<8.

0:85 A>AB02;ONI85 Ť?@028;L=>3> ?>4E>40ť O2;ONBAO 20H8<8 A8;L=K<8 AB>@>=0<8, :0:85   A;01K<8, 0 :0:85   =59B@0;L=K<8?

!8;L=K5 AB>@>=K          !;01K5 AB>@>=K          59B@0;L=K5







0:8< >1@07>< 2K <>65B5 872;5GL ?@58<CI5AB2> >B 20H8E A8;L=KE AB>@>=?







0:8< >1@07>< 2K <>65B5 C<5=LH8BL 2;8O=85 A2>8E A;01KE AB>@>=?







F5=:0 20H53> =02K:0 GB5=8O @C:

5@=8B5AL : @0745;C Ť'B5=85 @C:ť 87 2B>@>9 G0AB8 :=838 (C 20A 4>;6=0 1KBL A45;0=0 70:;04:0 =0 B>9 AB@0=8F5) 8 >B25BLB5 =0 A;54CNI85 2>?@>AK.

>8 >G:8 1;865 2A53> : B8?C __________________.

# <5=O A;54CNI85 AE>4AB20 8 @07;8G8O A __________________:

!E>4AB20:





 07;8G8O:





0: MB8 AE>4AB20 8 @07;8G8O 2;8ONB =0 20HC 83@C 2 ?>:5@?





'B> 2K A>18@05B5AL ?@54?@8=OBL?







0H @59B8=3

>A<>B@8B5 =0 20H @59B8=3, :>B>@K9 2K >?@545;O;8 2 ?>4@0745;5 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838. 5@5?8H8B5 53> AN40.

>8 @59B8=3 __ , __.

065BAO ;8 20H @59B8=3, @0=55 >?@545;Q==K9 20<8 B>G=K< ?>A;5 ?@>GB5=8O 20<8 40==>9 G0AB8 :=838? 0 5B (>B25B ?>4G5@:=8B5). A;8 2K 2K1@0;8 Ť5Bť, =0?8H8B5 745AL 20H 1>;55 B>G=K9 @59B8=3: __ , __.

A;8 2K ?5@5A<>B@5;8 20H8 >G:8 ?> >1>8< E0@0:B5@8AB8:0<, :@0B:> =0?8H8B5, ?>G5<C. '5< B>G=55 2K MB> >1JOA=8B5, B5< 1C45B ;CGH5 4;O 20A.







0H8 <>B82K 4;O 83@K

73;O=8B5 =0 20H8 >F5=:8 20H8E 83@>2KE <>B82>2, @07<5IQ==K5 2 ?>4@0745;5 Ť>=8<0=85 20H8E <>B82>2ť B5:CI53> @0745;0. !:>?8@C9B5 8E 2 :>;>=:C Ť!0<>>F5=:0ť A;54CNI59 B01;8FK. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.



"01;8F0 10: >8 <>B82K 4;O 83@K

>8 <>B82K	!0<>>F5=:0	5@5>F5=:0

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

AE>4O 87 2A53> B>3>, GB> 2K ?@>G;8 4> B5:CI53> <><5=B0, :06CBAO ;8 20< 0::C@0B=K<8 MB8 >F5=:8? A;8 =5B, 2?8H8B5 20H8 1>;55 B>G=K5 >F5=:8 2 :>;>=:C Ť5@5>F5=:0ť. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.

;02=K5 2>?@>AK

0?8H8B5 745AL >B25BK =0 A;54CNI85 3;02=K5 2>?@>AK:

>9 AB8;L C4>2;5B2>@O5B A;54CNI8< <>B820<:







>9 AB8;L <5H05B A;54CNI8< <>B820<:







/ 4>;65= 87<5=8BL A2>9 @59B8=3 A __ , __ =0 __ , __, ?>B><C GB> O E>GC:







>=:@5B=K5 459AB28O

5@5G8B09B5 ?>;=>ABLN 40==CN G0ABL :=838 8 =0?8H8B5 AN40, :0:85 :>=:@5B=K5 459AB28O 2K A>18@05B5AL ?@54?@8=OBL.

/ 4>;65= 83@0BL 2 83@K A;54CNI8E 284>2: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

 / 4>;65= 871530BL A;54CNI8E 284>2 83@: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

/ 4>;65= A45;0BL A;54CNI85 :>=:@5B=K5 87<5=5=8O 2 <>59 AB@0B5388:

5.	

6.	

7.	

8.	

!45;09B5 70:;04:C =0 MB8E AB@0=8F0E. @5<O >B 2@5<5=8 ?5@5A<0B@8209B5 A2>8 ?;0=K, >B<5G0O, :0: E>@>H> 2K A =8<8 A?@02;O5B5AL   5A;8 CA?5H=>, B> AB02LB5 A515 =>2K5 F5;8.

#40G8!











 

'0ABL VII

"09B>2>-03@5AA82=K9 83@>:



2545=85

"09B>2>-03@5AA82=K5 83@>:8 >1AC640NBAO 2 MB>9 :=835 ?>A;54=8<8, ?>B><C GB> A B>G:8 7@5=8O @57C;LB0B>2, 8E AB8;L   8450;L=K9.  MB> 548=AB25==K9 AB8;L, :>B>@><C 2K 4>;6=K ?>4@060BL. @0:B8G5A:8 2A5 ?@>D5AA8>=0;L=K5 83@>:8 8 ;CGH85 83@>:8 2 20H59 83@5 O2;ONBAO B09B>2>-03@5AA82=K<8.

-B>B AB8;L =5 O2;O5BAO 5AB5AB25==K<. "09B>2>-03@5AA82=K9 AB8;L 2K18@05BAO ?@54=0<5@5==> 8 BI0B5;L=> @0728205BAO. <5AB> B>3>, GB>1K A;54>20BL 5AB5AB25==K< 65;0=8O< 8 AB@0E0<, :>B>@K5 8<5NB 1>;LH8=AB2> ;N459 (=0?@8<5@, ;N1>2L : 0:B82=>AB8, 65;0=85 1KBL G0ABLN 3@C??K 8;8 AB@0E :>=D;8:B0 8;8 @8A:0), B09B>2>-03@5AA82=K5 83@>:8 :>=B@>;8@CNB MB8 GC2AB20 8 2K18@0NB 8 @072820NB AB8;L, :>B>@K9 A>>B25BAB2C5B 2K83@KH=>9 AB@0B5388, 0 8<5==> :>=B@>;N 8 2K1>@>G=>9 03@5AA88.

=8 64CB ?@028;L=KE :0@B 8 ?@028;L=KE A8BC0F89, 0 70B5< 15A?>I04=> =0?040NB. A;8 A8BC0F8O 87<5=O5BAO 8 >=8 ?>;CG0NB =>2CN 8=D>@<0F8N, >=8 >BE>4OB 2 >1>@>=C 8;8 4065 A1@0AK20NB. E AB8;L 8;;NAB@8@C5B A0<>5 3;02=>5 ?@028;> ?>:5@0: =8:>340 =5 45;09B5 G53>-;81> 157 =0;8G8O ?@58<CI5AB20, 0 :>340 C 20A 1C45B ?@58<CI5AB2>, 8A?>;L7C9B5 53> ?> <0:A8<C<C.























 



"09B>2>-03@5AA82=K5 83@>:8

"09B>2>-03@5AA82=K5 83@>:8   MB> 2A5 B5, C :>3> >B 1 4> 3 >G:>2 70 B09B>2>ABL/;C7>2>ABL 8 >B 7 4> 9 >G:>2 70 ?0AA82=>ABL/03@5AA82=>ABL. =>385 87 ?@8=F8?>2 8 ?@8<5@>2 2 MB>< @0745;5 1C4CB 2 >A=>2=>< >B=>A8BLAO : Ť:0<=5;><0<ť (1,9). '5< 1;865 @59B8=3 83@>:0 : 40==><C 480?07>=C, B5< 1>;55 25@>OB=>, GB> >= 459AB2C5B, GC2AB2C5B 8 4C<05B :0: Ť:0<=5;><ť.

A;8 @59B8=3 :0:>3>-;81> 83@>:0 =5 2?8AK205BAO 2 40==K9 480?07>= (5A;8 C =53> 1>;LH5 3 10;;>2 70 B09B>2>ABL 8 <5=LH5 7 10;;>2 70 03@5AA8N), B> MB>B 83@>: =0E>48BAO 70 ?@545;0<8 C3;0, ?>4?8A0==>3> D@07>9 ŤB09B>2>-03@5AA82=K9 83@>:ť 8 =5:>B>@K5 ?@8=F8?K <>3CB =5 ?@8<5=OBLAO : =5<C.

>A:>;L:C B09B>2>-03@5AA82=K5 83@>:8 8<5NB AE>4AB2> ?> B09B>2>AB8 8 03@5AA82=>AB8 A 4@C38<8 M:AB@5<0;L=K<8 B8?0<8, =5:>B>@K5 :>=F5?F88 MB>3> @0745;0 1C4CB A>2?040BL A :>=F5?F8O<8 2 @0745;0E, ?>A2OI5==K< ;C7>2>-03@5AA82=K< 8 B09B>2>-03@5AA82=K< 83@>:0<.

 

"09B>2>-03@5AA82=K5 83@>:8   MB> A0<K5 >?0A=K5 ?@>B82=8:8. @0:B8G5A:8 2A5 ;CGH85 ?@>D5AA8>=0;K O2;ONBAO B09B>2>-03@5AA82=K<8 83@>:0<8, B0:65 :0: 8 ;CGH85 83@>:8 2 1>;LH8=AB25 83@. =8 =5 ?@8E>4OB 83@0BL   >=8 ?@8E>4OB 2K83@K20BL. >:5@ 4;O =8E   =5 83@0. ?> :@09=59 <5@5, 2 B>< A<KA;5, GB> >=8 =5 83@0NB 2 ?>:5@ 4;O B>3>, GB>1K >B4>E=CBL.

=8 45;0NB 2AQ 4;O ?>154K, 2>7<>6=>, 87 G8AB> 45=56=KE A>>1@065=89, 2>7<>6=> 87-70 A2>53> AB@5<;5=8O : ?>1545, 0 2>7<>6=> ?> >158< MB8< ?@8G8=0<. =8 70@010BK20NB 45=L38 83@>9 2 ?>:5@. ;O =5:>B>@KE 87 =8E ?>:5@ O2;O5BAO 548=AB25==K< ACI5AB25==K< 8AB>G=8:>< 4>E>4>2. ;O 4@C38E 87 =8E ?>:5@   MB> 2B>@0O @01>B0, :0: 4>?>;=5=85 : A2>8< 70@?;0B0< 8 ?5=A8O<. A5< 87 =8E ?>:5@ 405B C4>2>;LAB285 >B CA?5H=>9 :>=:C@5=B=>9 1>@L1K 8 45=L38.

"09B>2>-03@5AA82=K9 AB8;L O2;O5BAO =55AB5AB25==K< AB8;5< ?>B><C, GB> :>=B@>;L B09B>2>AB8 8 03@5AA88 =5 O2;ONBAO 5AB5AB25==K< A>G5B0=85<. "09B>2K5 ;N48 A:;>==K : >AB>@>6=>AB8, 2 B> 2@5<O :0: 03@5AA82=K5 ;N48 =5 8<5NB A0<>:>=B@>;O. >GB8 548=AB25==K<8 >1;0ABO<8 G5;>25G5A:>9 687=8, 2 :>B>@KE 2K G0AB> <>65B5 C2845BL B09B>2KE 8 03@5AA82=KE ;N459 2 :0G5AB25 ?@>D5AA8>=0;>2, O2;ONBAO ?@>D5AA88 ;5BG8:>2-8AB@518B5;59 8 ?>;8F59A:8E.

>A:>;L:C MB>B AB8;L =55AB5AB25==K9, B> 70G0ABCN 53> =5;L7O @0728BL, =5 ?@8;>682 : MB><C 1>;LH>5 :>;8G5AB2> @01>BK =04 A>1>9. 0=LO:8, 02B>>B25BG8:8 8 A:0;K ?@>AB> 459AB2CNB 2 A>>B25BAB288 A 8E 5AB5AB25==K<8 A:;>==>ABO<8. > Ť:0<=5;><0<8ť =5 @>640NBAO   8<8 AB0=>2OBAO. =8 @01>B0NB =04 A2>8<8 =02K:0<8 8 @072820NB ?@028;L=>5 >B=>H5=85 : 83@5 8 ?@028;L=K5 83@>2K5 ?@82KG:8.

@87=0:8 8E 1KAB@>3> @0A?>7=020=8O

"09B>2>-03@5AA82=K5 83@>:8 =5 B>;L:> A0<K5 A;>6=K5 83@>:8 2 ?;0=5 2K83@KH0 C =8E. E B0:65 A;>6=55 2A53> @0A?>7=0BL. @C385 AB8;8 2K@060NB >A=>2=K5 8=48284C0;L=K5 G5@BK B5E 83@>:>2, :>B>@K5 83@0NB 2 MB8E AB8;OE   :0:8<8 2K 8E 2848B5, B0:8<8 >=8 G0AB> 8 O2;ONBAO =0 A0<>< 45;5. > ?>A:>;L:C B09B>2>-03@5AA82=K5 83@>:8 @01>B0;8 =04 A>1>9 8 @072820;8 A2>9 =55AB5AB25==K9 AB8;L, C =8E G0AB> 1C45B <>B820F8O 8 48AF8?;8=0 B>3>, GB>1K A>740BL A515 ;>6=K9 8<846.

=>385 87 =8E 254CB A51O ?> ?@8=F8?C Ť3>2>@8BL ;C7>2>, 0 83@0BL B09B>2>ť. =>385 87 =8E :06CBAO >G0@>20B5;L=K<8 8 >1I8B5;L=K<8, 4@C385 65   ?@54=0<5@5==> =5?@8OB=K<8, ?>B><C GB> >=8 E>BOB, GB>1K 2K AB0;8 A5@48BK<8 =8 =8E 8 A =5B5@?5=85< :8=C;8AL 1K ?@>B82 =8E =0 0<1@07C@C. 5:>B>@K5 4065 2K40NB A51O 70 4C@0:>2 8;8 ?LO=KE.

>G5<C >=8 E>BOB, GB>1K 4@C385 83@>:8 ?@8=8<0;8 8E 70 4C@0:>2 8;8 ?LO=KE? >B><C GB> C2065=85 1>;55 A;01KE 83@>:>2 4;O =8E <5=55 206=>, G5< 2K83@KH8. >B GB>  >9 C: A:070; ?> MB><C ?>2>4C:

Ť 01>B09B5 =04 A2>8< 8<8465<. 0=8?C;8@C9B5 8< =0AB>;L:>, =0A:>;L:> 2K MB> A<>65B5.  @01>B09B5 A =8< 4;O B>3>, GB>1K ?>;CG8BL B5 @57C;LB0BK, :>B>@K5 2K E>B8B5. >4 @57C;LB0B>< O 8<5N 2284C =5 C2065=85, 0 2K83@0==K5 D8H:8ť

A;8 >=8 ?@8=8<0NB @5H5=85 A>740BL A515 ;>6=K9 8<846, >=8 <>3CB ?@845@6820BLAO B@5E ?@8=F8?>2:

1.	=8 A>740NB A515 B>B 8<846, :>B>@K9 405B 8< =081>;LH55 ?@58<CI5AB2>, 0 =5 B>B, :>B>@K9 1>;55 :><D>@B=K9 4;O =8E. =8 ?@54=0<5@5==> 65@B2CNB A2>8< :><D>@B><, C2065=85< 8 ?@82O70==>ABLN : 45=L30<. E F5;L   2A5340 C25;8G8BL A2>5 ?@58<CI5AB2>, A<CB82 ?@>B82=8:>2.

2.	=8 A>740NB ;>6=K9, => 4>AB>25@=K9 8<846. <846, 2 :>B>@K9 ?@>B82=8:8 =5 A<>3CB ?>25@8BL, =8G53> =5 AB>8B, => ?@024>?>4>1=K9 8<846 ?>72>;O5B G8B0BL 8E 8 ?@>B82>AB>OBL 8E AB@0B538O<. "09B>2>-03@5AA82=K5 83@>:8 10;0=A8@CNB <564C 2K40G59 A;8H:>< 1>;LH>3> :>;8G5AB20 8=D>@<0F88 > A515 8 A;8H:>< =5E0@0:B5@=K<8 4;O A51O 459AB28O<8. >MB><C =8:B> =5 <>65B ?>=OBL 8E 8AB8==K5 =0<5@5=8O.

3.	E 8<846 >A=>20= =0 @50;8AB8G=>9 >F5=:5 A0<>3> A51O 8 >:@C60NI59 A8BC0F88. =8 <>3CB 10;0=A8@>20BL <564C B0:8<8 ?@>B82>@5G0I8<8 4@C3 4@C3C 25I0<8, :0: 8450;L=K9 8<846 8 8E A>1AB25==K5 >3@0=8G5=8O. 081>;55 2K3>4=K9 8<846 <>65B =5 1KBL ?@024>?>4>1=K<, 2 B> 2@5<O :0: =081>;55 ?@024>?>4>1=K9 8<846 <>65B =5 1KBL 2K3>4=K<.

>A:>;L:C B09B>2>-03@5AA82=K5 83@>:8 <>3CB A:@K20BLAO ?>4 @07;8G=K<8 >1;8G8O<8, 2K 4>;6=K >G5=L >AB>@>6=> 8=B5@?@5B8@>20BL 2A5 A83=0;K. #4>AB>25@LB5AL, GB> 2K 8<55B5 45;> A 459AB28B5;L=>ABLN, 0 =5 A ?@54=0<5@5==> ?>AB@>5==K< 8<8465<. >AB0@09B5AL =5 ?@8=8<0BL 2> 2=8<0=85 8E A;>20, =51@56=CN 8;8 157701>B=CN <0=5@C 8;8 ;N1K5 >G5284=K5 Ť;C7>2K5ť ?@85<K, :>B>@K5 >=8 <>3CB ?@>45<>=AB@8@>20BL. 1@0I09B5 2=8<0=85 =0 B>, :0: <=>3> @C: >=8 @07K3@K20NB, :0: G0AB> >=8 >AB0NBAO 2 @0740G5 4> @825@0, 8 >A>15==> =0 B>, :0: G0AB> >=8 40NB @597 8 ?@8 MB>< =5 2K83@K20NB 10=:.

A;8 :B>-B> G0AB> A1@0AK205B, => 2 =51>;LH>< :>;8G5AB25 A;CG052 83@05B >G5=L 03@5AA82=>, @5978B 2 @0==8E AB048OE B>@3>2;8, A1@0AK205B, :>340 :0@BK >1@0I0NBAO ?@>B82 =53> 8 @54:> 4>E>48B 4> 2A:@KB8O 157 ?>154=>9 @C:8 (8=>340 B0:65 8 A ?>A@54AB25==K<8 @C:0<8), B> MB>B 83@>: ?>GB8 =025@=O:0 O2;O5BAO B09B>2>-03@5AA82=K<. "0:>9 B8? 83@>:0 A8;L=> ?@54?>;0305B B>, GB> 53> >G5284=K9 =55AB5AB25==K9 AB8;L O2;O5BAO AB8;5< >G5=L B09B>2>3> 8 03@5AA82=>3> 83@>:0.

><=8B5, >=8 2K1>@>G=> B09B>2>-03@5AA82=K. =8 =5 E>BOB =8 2ABC?0BL 2 G5AB=K5 AE20B:8, =8 4065 @8A:>20BL. =8 ?@>O2;ONB <=>3> 0:B82=>AB8, => B>;L:> B>340, :>340 8<5NB ?@58<CI5AB2>. =8 =5 ?>E>68 =0 48:8E 070@B=KE 83@>:>2, :>B>@K5 @597OB 8 @5@597OB A @C:0<8, :>B>@K5 B>;L:> =5<=>3> ;CGH5, G5< @C:8 >AB0;L=KE 83@>:>2. =8 83@0NB 2 A8;L=K9 ?>:5@.

>=5G=> =5 :064K9 B09B>2>-03@5AA82=K9 83@>:   E>@>H89 0:B5@. =8 <>3CB ?>?KB0BLAO >1<0=CBL 20A, => 2K A<>65B5 @0A?>7=0BL =5:>B>@KE 87 =8E, 5A;8 1C45B5 =04 MB8< @01>B0BL. I8B5 A;54CNI85 A83=0;K:

!83=0; !1: 8AF8?;8=0. !;>2>, :>B>@>5 ;CGH5 2A53> 8E >?8AK205B   MB> A;>2> Ť48AF8?;8=8@>20==K9ť. =8 >1;040NB G@572KG09=>9 48AF8?;8=>9, :>B>@0O ?><>305B 45;0BL 8< 2A5 B5 =55AB5AB25==K5 25I8, :>B>@KE B@51C5B 8E AB8;L. =8 :>=B@>;8@CNB A2>8 65;0=8O @8A:>20BL, >1I0BLAO, >B4KE0BL 8 45;0BL 4@C385 25I8, :>B>@K5 <=>385 87 =0A 45;0NB 70 ?>:5@=K< AB>;><. E 48AF8?;8=0 >B=>A8BAO :> 2A5<C, GB> >=8 45;0NB.

!83=0; !2: 48B5;L=>ABL. =8 ?>GB8 2A5340 148B5;L=K. =8 @54:> B5@51OB A2>8 D8H:8, @54:> A?@0H820NB, :B> A45;0; BC 8;8 8=CN AB02:C 8;8 G59 A59G0A 4>;65= 1KBL E>4. =8 A;54OB 70 @0728B85< 83@K.

!83=0; !3: =8 A:>=F5=B@8@>20=K 4065 B>340, :>340 =5 CG0AB2CNB 2 @0740G5. >A;5 B>3>, :0: 1>;LH8=AB2> 83@>:>2 A1@0AK20NB A2>8 :0@BK, >=8 @0AA;01;ONBAO, => B09B>2>-03@5AA82=K5 83@>:8 ?@>4>;60NB @01>B0BL, 87CG0BL 459AB28O ?@>8AE>4OI85 2 83@5 8 B>, :0: 83@0NB 4@C385 ;N48, 0 B0:65 ?;0=8@>20BL A2>N AB@0B538N =0 1C4CI55.

!83=0; !4: =B5=A82=>ABL. 5:>B>@K5 B09B>2>-03@5AA82=K5 83@>:8 =5 <>3CB A:@KBL A2>N 6064C ?>154K. 0?@8<5@, 5A;8 2K ?>?KB05B5AL 703>2>@8BL A =8<8, >=8 =5 >1@0BOB =0 20A 2=8<0=8O 8;8 4065 <>3CB =03@C18BL 2 >B25B. E 8=B5=A82=>ABL =0AB>;L:> 2KA>:0, GB> 2K ?>GB8 A<>65B5 CA;KH0BL B>, :0: @01>B0NB 8E <>738.

>GB8 2A5 B09B>2>-03@5AA82=K5 83@>:8 =0F5;5=K =0 ?>154C, 8 =5:>B>@K5 87 =8E   A;8H:>< >G5284=>. =8 BI0B5;L=> 70 2A5<8 =01;N40NB, 60;CNBAO =0 <0;59H55 =0@CH5=85 :5<-B> ?@028;, @074@060NBAO, :>340 :B>-B> 459AB2C5B 2=5 >G5@548, ?@54=0<5@5==> >148@0NB 4> =8B:8 A0<KE A;01KE 83@>:>2 8 >1KG=> 45;0NB 83@C A;8H:>< 8=B5=A82=>9 8 A5@L57=>9 4;O =5:>B>@KE ;N459.

=8 4>;6=K 7=0BL >1 MB><, => 8E 60640 ?>154K <5H05B 8< ?>=OBL MB>. $0:B8G5A:8, 5A;8 2K A:065B5 8<, GB> 8E G@572KG09=> 2KA>:0O 8=B5=A82=>ABL 2 G5<-B> <5H05B 2K83@K20BL 45=L38 C 4@C38E 83@>:>2, >=8 <>3CB 20A =5 ?>=OBL. =8 3>@4OBAO A2>59 8=B5=A82=>ABLN 8 =5 <>3CB ?>=OBL, ?>G5<C :B>-B> 5Q :@8B8:C5B.

!83=0; !5: !:@KB>5 ?@57@5=85. =8 7=0NB, GB> 83@0NB E>@>H>.  =5:>B>@K5 87 =8E A<>B@OB A2KA>:0 =0 1>;55 A;01KE 83@>:>2. 1KG=> 8E A0<>:>=B@>;L ?>72>;O5B A:@KBL A2>5 >B=>H5=85 : 4@C38<. 0?@8<5@, >=8 @54:> :@8B8:CNB GLN-B> 3;C?CN 83@C, ?>B><C GB> =5 E>BOB CG8BL A;01KE 83@>:>2 83@0BL ;CGH5 8;8 >B3>20@820BL 8E >B 83@K. 4=0:> =5:>B>@K5 87 =8E 45;0NB MBC >H81:C, 0 5I5 1>;LH89 ?@>F5=B 87 =8E 2K40NB A2>5 ?@57@5=85 B5<, :0: >=8 A<>B@OB =0 4@C38E 83@>:>2 8;8 :0: >=8 8E >1AC640NB.

0: 8 2A5340, =01;N409B5 B0:65 8 70 B5<, :0: 4@C385 83@>:8 @5038@CNB =0 =8E.

!83=0; !1: 5?@825B;82>ABL. A;8 70 AB>;>< ?>O28;AO =57=0:><5F 8 =8:B> 53> =5 ?@825BAB2C5B, B> 4@C385 83@>:8 7=0NB, GB> >= A:>@55 2A53> O2;O5BAO B09B>2K<. 420 ;8 :><C-B> ?>=@028BAO 83@0BL A B09B>2K< 83@>:><. 4=0:> >4=0 B>;L:> =5?@825B;82>ABL =5 3>2>@8B 5I5 > B><, ?0AA82=K9 MB>B 83@>: 8;8 03@5AA82=K9. I8B5 4@C385 A83=0;K, A2O70==K5 A =5?@825B;82>ABLN.

!83=0; !2: #2065=85 8 AB@0E, >A>15==> >B E>@>H8E 83@>:>2. -B> ?@54?>;0305B A<5AL B09B>2>AB8 8 03@5AA82=>AB8. 0?@8<5@, 5A;8 A8;L=K9 83@>: E>G5B 87<5=8BL A2>5 <5AB> 8 A5ABL A;520 >B =58725AB=>3>, B>;L:> GB> ?@8A>548=82H53>AO : 83@5 G5;>25:0, B>, 25@>OB=>, =57=0:><5F O2;O5BAO 03@5AA82=K<. A;8, 24>102>: : MB><C 2K GC2AB2C5B5 =5?@825B;82>ABL, B> >=, 25@>OB=>, B09B>2>-03@5AA82=K9. A;8 E>@>H89 83@>: E>G5B 2K9B8 87 83@K 8 ?@8A>548=8BLAO : 4@C3>9, B> =57=0:><5F B>65 <>65B 1KBL B09B>2>-03@5AA82=K<.

!83=0; !3: @06451=>ABL, AB@0E 8 4065 ?@57@5=85 >B 1>;55 A;01KE 83@>:>2. A;8 1>;55 A;01K5 83@>:8, >A>15==> ;C7>2>-?0AA82=K5, :06CBAO =0?C30==K<8 8;8 E>BOB ?5@5A5ABL 70 4@C3>9 AB>;, 8 24>102>: : MB><C 2K B0:65 GC2AB2C5B5 =5?@825B;82>ABL, B> =57=0:><5F, 25@>OB=>, O2;O5BAO B09B>2>-03@5AA82=K< 83@>:><. =8 =5 B>;L:> 1>OBAO 53> 83@>2KE A?>A>1=>AB59, >=8 B0:65 =5 ;N1OB 53> 8=B5=A82=>AB8 8 15A?>I04=>AB8.

!83=0; !4: 'L8-B> 70<5G0=8O >B=>A8B5;L=> 6QAB:>AB8, 8=B5=A82=>AB8 8;8 15A?>I04=>AB8. -B8 GC2AB20 8=>340 2K@060NBAO =5?>A@54AB25==>. A;CH09B5AL, ?@>87=>AOB ;8 4@C385 83@>:8 GB>-B> =0?>4>185 Ť= 83@05B A;8H:>< 6QAB:>ť, Ť= =8:>340 =5 ?@>83@K205Bť, Ť! =8< =5 AB>8B 83@0BLť, Ť/ ;N1;N, :>340 >= ?@>83@K205Bť.

 A>60;5=8N MB8 GC2AB20 =5 B0: G0AB> 2K@060NBAO =5?>A@54AB25==>. >A:>;L:C C B09B>2>-03@5AA82=KE 83@>:>2 >G5=L BO65;> 2K83@0BL, 2K 4>;6=K >G5=L =0?@O65==> @01>B0BL =04 B5<, GB>1K 70<5G0BL B0:85 A83=0;K. > ?>A:>;L:C >=8 =0AB>;L:> >?0A=K5, 2K 4>;6=K C?>@=> B@C48BLAO, GB>1K =0CG8BAO 845=B8D8F8@>20BL 8E.

>AB>8=AB20

! A>@52=>20B5;L=>9 B>G:8 7@5=8O 8E AB8;L ?@54AB02;O5B 87 A51O 01A>;NB=CN A8;C.  ?>:5@5 2>7=03@06405BAO 48AF8?;8=0, B09B>2>ABL 8 2K1>@>G=0O 03@5AA8O, 8 B09B>2>-03@5AA82=K5 83@>:8 8<5NB 2A5 B@8 MB8E :0G5AB20.

"09B>2>-03@5AA82=K5 83@>:8 >1KG=> E>@>H> 8;8 4065 25;8:>;5?=> G8B0NB GC685 @C:8. =8 D>:CA8@CNBAO =0 4@C38E 83@>:0E 8 =0 AB8;OE, 2 :>B>@KE >=8 83@0NB. # =8E 5ABL 2@5<O 8 ;8G=K5 :0G5AB20, :>B>@K5 ?>72>;ONB 8< @072820BL MB>B =02K:. =8 A1@0AK20NB A;8H:>< G0AB>, GB> 405B 8< =5>1E>48<>5 2@5<O 4;O 87CG5=8O 83@K 4@C38E 83@>:>2. E 48AF8?;8=0, 8=B5=A82=>ABL 8 :>=F5=B@0F8O ?><>30NB 8< 8A?>;L7>20BL MB> 2@5<O A ?>;L7>9.

=8 8<5N 1>;LHCN C25@5==>ABL 2 A2>8E AC645=8OE. 57 MB>9 C25@5==>AB8 >=8 =5 A<>3;8 1K 83@0BL 2 B0:>< AB8;5. 'B>1K A1@>A8BL E>@>HCN @C:C B>340, :>340 >=0 <>65B 1KBL ?@>83@KH=>9, =C6=0 1>;LH0O C25@5==>ABL, :0: 8 4;O @5970 A ?>A@54AB25==>9 @C:>9 2 B>9 A8BC0F88, :>340 >=0 ?@>AB> 8<55B :0:85-B> H0=AK 1KBL 2K83@KH=>9.

 

54>AB0B:8

! B>G:8 7@5=8O :>=5G=KE @57C;LB0B>2 83@>:8 B09B>2>-03@5AA82=>3> AB8;O =5 8<5NB :0:8E-B> ACI5AB25==KE =54>AB0B:>2, 70 8A:;NG5=85< A:;>==>AB8 : ?A8E>;>38G5A:><C 402;5=8N =0 1>;55 A;01KE 83@>:>2.

E 60640 ?>154K <>65B C:07K20BL =0 =5:>B>@K5 A5@L57=K5 ;8G=K5 =54>AB0B:8. =8 <>3CB A>3;0H0BLAO A CB25@645=85< 65:0 !B@0CA0 Ť/ @07>@N A2>N A>1AB25==CN 101CH:C, 5A;8 >=0 AO45B 83@0BL A> <=>9 70 >48= ?>:5@=K9 AB>;ť. -B> AB@5<;5=85 : ?>1545 A45;0;> 65:0 !B@0CA0 G5<?8>=><, => >=> <>3;> >B?C3=CBL >B =53> =5:>B>@KE ;N459 8 70AB028BL 53> ?>B5@OBL =5:>B>@KE E>@>H8E Ť:;85=B>2ť. "0:65 >=> <>3;> >:07K20BL 2;8O=85 =0 53> ;8G=CN 687=L, => =5 =0 187=5A.

"09B>2>-03@5AA82=K5 83@>:8 =5 C4>2;5B2>@ONB 4@C385 A2>8 ?>B@51=>AB8 70 83@>9 2 ?>:5@. =8 >?@545;5==> =5 ?@8E>4OB >B4KE0BL 8;8 ?>>1I0BLAO 8 ?@8 MB>< >=8 =5 ?>;CG0NB G8AB>3> C4>2>;LAB28O >B 070@B=>9 83@K :0: B0:>2>9. ;O =8E ?>:5@   MB> A5@L57=K9 187=5A. 065 5A;8 >=8 =5 8A?KBK20NB =C64K 2 45=L30E.

=8 E>BOB ?>1548BL 8 <>3CB 70?;0B8BL 70 MB> ?A8E>;>38G5A:CN F5=C. 4=0:> 1>;LH8=AB2> 87 =8E, 25@>OB=>, =5 701>B8BAO >1 MB><. =8 83@0NB, GB>1K ?>1548BL 8 >=8 ?>15640NB. >B 8 2AQ.

'B5=85 8E @C:

0@BK B09B>2>-03@5AA82=KE 83@>:>2 8A:;NG8B5;L=> B@C4=> G8B0BL. @><5 B>3>, GB> >=8 459AB2CNB >1<0==>, >=8 4C<0NB ?>-4@C3><C, G5< 1>;LH8=AB2> 4@C38E 83@>:>2. =8 :>=B@>;8@CNB A0<8E A51O, 2 B> 2@5<O :0: 4@C385 83@>:8 ?>72>;ONB A2>8< M<>F8O< ?@8=8<0BL @5H5=8O 70 =8E.

0?@8<5@, <=>385 83@>:8 :>=F5=B@8@CNBAO =0 01A>;NB=>9 F5==>AB8 A2>8E @C:, =5 A@02=820O 8E A 4@C38<8 @C:0<8. =8 <>3CB 4065 Ť2;N18BLAOť 2 A2>8 :@C?=K5 @C:8 8 83=>@8@>20BL A83=0;K B>3>, GB> >=8 ?>18BK, 45;0O AB02:8 1>;55 03@5AA82=> A ?@>83@KH=K< DC;;-E0CA><, G5< A 2K83@KH=>9 ?0@>9. <5AB> MB>3> B09B>2>-03@5AA82=K5 83@>:8 AB02OB 2 A>>B25BAB288 A >B=>A8B5;L=>9 A8;>9 8E @C:. =8 <>3CB A1@>A8BL ŤE>@>H85ť @C:8, 5A;8 1C45B 284=>, GB> >=8 =5 ;CGH85 8 >=8 <>3CB 40BL @597 A Ť?>A@54AB25==>9ť 8;8 4065 A Ť?;>E>9ť @C:>9, A :>B>@>9 >=8 @0AAG8BK20NB 2K83@0BL 8;8 C25;8G8BL A2>8 H0=AK =0 2K83@KH. @><5 B>3>, >=8 G0AB> @0AA<0B@820NB @07<5@ 10=:0, :>340 ?@8=8<0NB A2>5 @5H5=85.

'B>1K =0CG8BLAO G8B0BL 8E :0@BK, 2K 4>;6=K =0CG8BLAO G8B0BL 8E <KA;8. >=5G=> MB>B A>25B 1C45B 25@=K< ?> >B=>H5=8N : ;N1><C 20H5<C ?@>B82=8:C, => ?> >B=>H5=8N : B09B>2>-03@5AA82=><C 83@>:C MB> 206=55 2A53>. K 4>;6=K ?>=OBL B>, GB> >=8 4C<0NB > 4@C38E ;N4OE, B> 5ABL :0: >=8 8=B5@?@5B8@CNB 8E 459AB28O 2 ?;0=5 8E <>B82>2 8 ?>1C645=89.

"09B>2>-03@5AA82=K5 83@>:8 @54:> 2K40NB :0:85-;81> A83=0;K 8;8 ?@>O2;ONB :0:85-B> 65ABK. =8 ?>4G5@:=CB> A51O :>=B@>;8@CNB 8 =5 A>18@0NBAO 2K4020BL ;N1CN 8=D>@<0F8N > A515.

=8 459AB2CN F5;5=0?@02;5==> 8 =5 2K40NB A2>8 65;0=8O 8;8 AB@0E8. 3@>:8 4@C38E AB8;59 G0AB> 459AB2CNB =0>1>@>B, ?>72>;OO 2KE>48BL =0@C6C 8E 8<?C;LA0< 2<5AB> ?@8=OB8O >14C<0==KE @5H5=89. C7>2>-03@5AA82=K5 83@>:8 @597OB ?>B><C, GB> >=8 C2;5G5=K 0:B82=>ABLN; ;C7>2>-?0AA82=K5 83@>:8 :>;;8@CNB ?>B><C, GB> >=8 E>BOB >AB0BLAO 2 83@5; B09B>2>-?0AA82=K5 83@>:8 A1@0AK20NB ?>B><C, GB> 1>OBAO @8A:0; B09B>2>-03@5AA82=K5 65 83@>:8 <8=8<878@CNB MB8 8<?C;LAK 8 459AB2CNB ?@54=0<5@5==>. =8 7=0NB, GB> >=8 45;0NB 8 ?>G5<C >=8 MB> 45;0NB. >B :;NG : 8E GB5=8N: =01;N409B5 70 F5;LN 8E 459AB289.

E F5;8 =0<=>3> 1>;55 @07=>>1@07=K 8 A;>6=K, G5< F5;8 4@C38E 83@>:>2. >340 A:0;0 405B @597, >= C25@5=, GB> >= 20A 1LQB. 0=LO: <>65B @5978BL 87-70 A2>59 G@57<5@=>9 03@5AA82=>AB8. > B09B>2>-03@5AA82=K9 83@>: <>65B @5978BL B>;L:> ?> =5A:>;L:8< ?@8G8=0<:

1.	= 4C<05B, GB> C =53> ;CGH0O @C:0.

2.	= 4C<05B, GB> >68405<K9 4>E>4 ?@8:C?=>9 @C:8 >?@024K205B 53> @597.

3.	= E>G5B A>:@0B8BL :>;8G5AB2> 83@>:>2 2 @0740G5 A @C:>9, :>B>@0O <>65B 1KBL =5 ;CGH59 2 40==K9 <><5=B, GB>1K C25;8G8BL A2>8 H0=AK =0 2K83@KH.

4.	= <>65B ?KB0BLAO :C?8BL 15A?;0B=CN :0@BC 2 A;54CNI5< @0C=45.

5.	= <>65B 1;5D>20BL.

6.	= <>65B ?>;C1;5D>20BL.

G5284=>, GB> GB5=85 8E @C: ACI5AB25==> A;>6=55, G5< GB5=85 @C: 4@C38E 83@>:>2. !59G0A O ?@8254C ?@8<5@ 42CE 25;8:>;5?=KE @>7K3@KH59 2 8A?>;=5=88 B09B>2>-03@5AA82=KE 83@>:>2.  >1>8E A;CG0OE 459AB28O B09B>2>-03@5AA82=KE 83@>:>2 1C4CB >A=>2K20BLAO =0 8E A8;L=>< GB5=88 @C: 8 8E G@572KG09=>9 C25@5==>AB8 2 MB>< =02K:5.

1.	 E>;45<5 >48= 83@>: 40; @597 87 ?>74=59 ?>78F88 4> D;>?0 A @C:>9

 A  K

0 D;>? 2K?0;8

 A `&K c&7

GB> 40;> 5<C 425 2KAH85 ?0@K   25;8:>;5?=CN @C:C. 48= 83@>: ?>AB028;, 4@C3>9 83@>: :>;8@>20;, >= 40; @597, 8 >10 ?@>B82=8:0 :>;;8@>20;8. 0 B5@= ?@8H5;  J, >=8 >10 A:070;8 G5:, >= ?>AB028;, 8 >=8 >10 >?OBL :>;;8@>20;8. 0 @825@5 2K?0; 5I5 >48= 20;5B. 5@2K9 83@>: A:070; G5:, 0 4@C3>9 83@>:   ;C7>2>-?0AA82=K9   40; 15B.  10=:5 1K;> 12 1>;LH8E AB02>:. "09B>2>-03@5AA82=K9 83@>: A8;L=> 704C<0;AO, 0 70B5< A1@>A8;. # ;C7>2>-?0AA82=>3> 83@>:0 1K;8

 J `&T

0 ?>ABD;>?5 >= ?@8:C?0; : 4K@O2><C AB@59BC 8 70B5< CA8;8;AO 4> B@8?A0 20;5B>2. 0H 83@>: 25@8;, GB> 53> ;C7>2>-?0AA82=K9 ?@>B82=8: =5 1C45B AB028BL, =5 8<5O B@8?A0.  >= >:070;AO ?@02.

2.	 4@C3>9 E>;45<>2A:>9 83@5 >48= 83@>: 40; @5@597 A A3 =0 @825@5 ?@>B82 A:0;K, :>340 =0 AB>;5 1K;8 >B:@KBK

 A `&J  3 `&2  A

?>B><C GB> >= 25@=> 70:;NG8;, GB> B09B>2>-?0AA82=K9 @5975@ 8<55B A2 8 53> DC;;-E0CA =0 BC70E 8 42>9:0E 1K; =5A:>;L:> <;04H5, G5< 53> A>1AB25==K9 DC;;-E0CA =0 BC70E 8 B@>9:0E. = 2>A?@>8725; B>@3>2;N A A0<>3> =0G0;0   A>>B=QA 5Q A> AB8;5< 83@K @5975@0, 0 70B5< @5H8;, GB> 53> @C:0 ;CGH5, 8 ?>MB><C 40; @5@597, 1C4CG8 C25@5==K< 2 A2>5< AC645=88.

-B8 ?@8<5@K 45<>=AB@8@CNB 2AN ACBL B09B>2>-03@5AA82=>3> AB8;O.  ?5@2>< ?@8<5@5 B09B>2>-03@5AA82=K9 83@>: 03@5AA82=> AB028; =0 D;>?5 8 =0 B5@=5, 0 70B5< A1@>A8; =0 @825@5 B>;L:> =0 >4=C AB02:C, :>340 ?>AG8B0;, GB> 53> @C:0 ?@>83@0;0. > 2B>@>< ?@8<5@5 B09B>2>-03@5AA82=K9 83@>: A45;0; E>@>H89 @5@597, >A=>2K20OAL =0 A2>Q< =02K:5 GB5=8O @C:. N1><C G5;>25:C =0 <5AB5 MB8E B09B>2>-03@5AA82=KE 83@>:>2 1K;> 1K G@572KG09=> B@C4=> ?>;>68BL ?@>B82=8:C :0:CN-B> >?@545;5==CN @C:C, 5A;8 1K >= =5 7=0;, 2 :0:>< AB8;5 >=8 83@0NB.

E A;>6=>ABL 8 15AAB@0AB=>ABL, 0 B0:65 8E 0=0;8B8G5A:89 ?>4E>4 2K=C640NB 20A @01>B0BL =0<=>3> BO65;55 4;O B>3>, GB>1K ?@>G8B0BL 8E :0@BK. 1I85 ?@8=F8?K GB5=8O @C:, :>B>@K5 <K >1AC640;8 2 ?@8<5=5=88 : 4@C38< 83@>:0<, ?@>B82 =8E =5 @01>B0NB >G5=L E>@>H>. K 4>;6=K ?@>=8:=CBL 2 8E <KA;8 8 ?>=OBL, :0: 40==K9 B09B>2>-03@5AA82=K9 83@>: 4C<05B 8 83@05B.

;O GB5=8O B09B>2>-03@5AA82=KE 83@>:>2 <>3CB >:070BLAO ?>;57=K<8 A;54CNI0O @5:><5=40F8O: D>:CA8@C9B5 2AQ 20H5 2=8<0=85 B>;L:> =0 B09B>2>-03@5AA82=>< 83@>:5 :064K9 @07, :>340 2K =5 CG0AB2C5B5 2 @0740G5. !45;09B5 53> 87CG5=85 20H59 F5;LN. 01;N409B5 70< 53> D>;40<8, @5970<8 8 4@C38<8 459AB28O<8. !?@0H8209B5 A51O: Ť>G5<C >= ?@8=8<05B B5 8;8 8=K5 @5H5=8O?ť. >?KB09B5AL ?@54A:070BL, GB> >= A45;05B 2 A;54CNI89 @07, 0 70B5< ?>?KB09B5AL 2KOA=8BL, ?>G5<C >= 2K1@0; >48= 20@80=B @>7K3@KH0 2<5AB> 4@C3>3>.

I8B5 ?>2B>@ONI85AO G5@BK 2 53> 83@5. K >?@545;5==> 8E =0945B5, ?@>AB> 70<5B8BL 8E 1C45B BO65;55. 5;09B5 ?><5B:8. A;8 2K 1C45B5 :0G5AB25==> =04 MB8< @01>B0BL, 2K =5 B>;L:> A<>65B5 =0CG8BLAO G8B0BL 53>, 2K B0:65 <>65B5 C;CGH8BL A2>N 83@C. 48= 87 ;CGH8E A?>A>1>2 =0CG8BLAO 83@0BL   MB> ?5@5=OBL AB8;L 83@K :0:>3>-B> ?@>D5AA8>=0;0.

3@0 ?@>B82 =8E

0: 2A5340, MB>B ?>4@0745; 1C45B 2:;NG0BL 2 A51O B@8 A;54CNI8E 2>?@>A0: 4>;6=K ;8 2K 83@0BL A =8<8? 45 2K 4>;6=K A845BL? 0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

>;6=K ;8 2K 83@0BL A =8<8?

'B> 2K 4>;6=K A45;0BL, 5A;8 : 83@5 ?@8A>548=O5BAO B09B>2>-03@5AA82=K9 83@>:? B25B ?@>AB: 871530BL 53>. A;8 83@0 ?>-?@56=5<C >AB05BAO E>@>H59, ?@>4>;609B5 83@0BL. > <8=8<878@C9B5 A2>8 :>=D@>=B0F88 A MB8< 83@>:>< 8 83@09B5 7=0G8B5;L=> B09B>255 8 >AB>@>6=55 :064K9 @07, :>340 >= 1C45B 2E>48BL 2 10=:.

;O 20A >=, 25@>OB=>, >G5=L 6QAB:89 83@>:. 3@0 ?@>B82 =53> <>65B ?>:070BLAO 20< >G5=L C2;5:0B5;L=>9. > C =53> 1C45B ?@58<CI5AB2> 8, 25@>OB=55 2A53>, MB> 1C45B AB>8BL 20< >?@545;5==KE 45=53   2>7<>6=>, B>;L:> =5A:>;L:8E 4>;;0@>2, 0 2>7<>6=> F5;>3> A>AB>O=8O. A;8 20< ?>2575B, 2K <>65B5 2K83@0BL. > A:>@55 2A53>, 2K =5 A<>65B5 2K83@0BL <=>3>. ABL B>;L:> B@8 ?@8G8=K 4;O B>3>, GB>1K 83@0BL A B09B>2>-03@5AA82=K< 83@>:><. >B >=8:

1.	AB0;L=K5 20H8 ?@>B82=8:8   A;01K5. A;8 2 83@5 ?@8ACBAB2CNB =5A:>;L:> A;01KE 83@>:>2, B> :>=5G=>, 2K 4>;6=K 83@0BL. "09B>2>-03@5AA82=K9 83@>: =5 1C45B ?@8=8<0BL CG0AB8O 2 1>;LH>< :>;8G5AB25 10=:>2 8 C 20A ?> ?@56=5<C >AB0=5BAO 2>7<>6=>ABL 70@01>B0BL 45=L38 =0 4@C38E 83@>:0E.

2.	K E>B8B5 ?@>25@8BL A51O =0 :>=:C@5=B>A?>A>1=>ABL 8;8 1@>A8BL A515 2K7>2. K <>65B5 A45;0BL MB> 2 :0G5AB25 70102K, GB>1K ?>A<>B@5BL, :0: E>@>H> 2K <>65B5 AK3@0BL ?@>B82 83@>:0 A0<>3> 6QAB:>3> AB8;O. A;8 45=L38 4;O 20A =5206=K 8 2K ;N18B5 A :5<-B> ?>BO30BLAO, B> A45;09B5 MB>.

"0:65 2K <>65B5 ?>4C<0BL > ?5@5E>45 =0 1>;55 2KA>:89 ;8<8B, =0?@8<5@, A ;8<8B0 $10/$20 =0 ;8<8B $20/$40 8;8 2KH5. 0: ?@028;>, G5< 2KH5 1C4CB AB02:8, B5< 6QABG5 1C4CB 20H8 ?@>B82=8:8: 83@>:8 =0 1>;55 2KA>:8E ;8<8B0E 1>;55 :20;8D8F8@>20==K5, B09B>2K5 8 1>;55 03@5AA82=K5. '5< ?> 1>;55 2KA>:8< AB02:0< 2K 1C45B5 83@0BL, B5< <5=LH55 :>;8G5AB2> 83@>:>2 1C45B >AB020BLAO 2 83@5 4> D;>?0 8;8 B5@=0, B5< <5=LH55 :>;8G5AB2> @0740G 1C45B 4>6820BL 4> 2A:@KB8O, 8 B5< 1>;LH5 @597>2 1C45B A;CG0BLAO 2 :064>< @0C=45 B>@3>2;8.

3@0 ?@>B82 >4=>3> 8;8 42CE B09B>2>-03@5AA82=KE 83@>:>2 =0 20H5< ?@82KG=>< ;8<8B5 <>65B 1KBL 4>AB0B>G=> =54>@>38< A?>A>1>< ?>43>B>28BLAO : ?5@5E>4C =0 1>;55 2KA>:89 ;8<8B. A;8 2K =5 A<>65B5 ?>1548BL ?@8 =0;8G88 2 83@5 =5A:>;L:8E 1>;55 A;01KE 83@>:>2, B> >AB0209B5AL =0 20H5< B5:CI5< ;8<8B5.

3.	K <>65B5 70E>B5BL =0CG8BLAO C =8E G5<C-;81>. 1CG5=85 ;N1>9 83@5 AB>8B 45=53, 8 70 C@>:8 ?> B5==8AC 8;8 3>;LDC A 20A <>3CB 27OBL ?@8;8G=CN AC<<C. >:5@=K5 83@>:8 @54:> =0=8<0NB A515 B@5=5@>2, => <K ?;0B8< 45=L38 70 B5 C@>:8, :>B>@K5 ?>;CG05< 2 ?@>F5AA5 A0<>9 83@K. A;8 2K E>B8B5 C;CGH8BL A2>N 83@C, Ť70?;0B8B5ť 70 MB> 1>;55 6QAB:8< 83@>:0<.

01;N409B5 70 =8<8 ?@8AB0;L=>, :>340 >=8 AB02OB, :>;;8@CNB, @597OB 8;8 A1@0AK20NB. 45 >=8 A84OB, :0: >=8 3>2>@OB, GB> >=8 45;0NB, :>340 =5 CG0AB2CNB 2 @0740G5? 0409B5 8< A;54CNI85 2>?@>AK: Ť>G5<C 2K 40;8 @597?ť, Ť0:CN @C:C 2K >68405B5 C2845BL C '0@;8?ť, Ť'B> 2K 4C<05B5 >1 83@5 (5@8;, :>B>@CN >=0 ?>:070;0 =5A:>;L:> @0740G =0704?ť 5 >?@0H8209B5 8E 8 =5 ?>425@309B5 ?5@5:@QAB=><C 4>?@>AC, 8 A?@0H8209B5 8E 2 >A=>2=>< >1 83@5 4@C38E ;N459. K <>65B5 <=>3><C =0CG8BAO, 3>2>@O A =8<8, :0: 70 AB>;><, B0: 8 2> 2@5<O >6840=8O ?@8A>548=5=8O : 83@5. 5:>B>@K5 B09B>2>-03@5AA82=K5 83@>:8 ?@5A5:CB 20H8 ?>?KB:8 70;57BL 2 87 <KA;8. > =5:>B>@K5 87 =8E <>3CB A:070BL 20< GB>-=81C4L ACI=>AB=>5. =>385 ;N48 =0A;0640NBAO @>;LN 3C@C.

A;8 2K E>B8B5 =0CG8BLAO 83@0BL ?@>B82 =8E, 45;09B5 MB> 2 B5E 83@0E, 2 :>B>@KE C 20A 5ABL H0=A =0 ?>154C, B> 5ABL 2 B5E 83@0E, 345 1C4CB ?@8ACBAB2>20BL =5A:>;L:> A;01KE 83@>:>2. 5 A048B5AL 83@0BL 2 83@C, 2 :>B>@>9 ?>;=> 0:C;, 5A;8 =5 E>B8B5 ?;0B8BL 2KA>:CN F5=C 70 20H8 C@>:8.

=5 7028A8<>AB8 >B B>3>, =0A:>;L:> A;01K<8 O2;ONBAO 4@C385 83@>:8, 1C4LB5 >G5=L >AB>@>6=K A B09B>2>-03@5AA82=K< 83@>:><. 715309B5 53>, :>340 MB> 2>7<>6=>. A;8 >= 83@05B ?@>B82 20A, =5 83@09B5 157 ;CGH59 @C:8. 715309B5 ?@>B82>AB>O=8O A =8< >48= =0 >48=. A;8 2K 2 GQ<-B> A><=5205B5AL, 2KE>48B5 87 83@K. 1CG09B5AL 83@5, 83@0O A G5<?8>=><, => 701C4LB5 >1 >1CG5=88, :>340 20< 459AB28B5;L=> =C6=> A1@>A8BL.

45 2K 4>;6=K A845BL?

CGH5 A845BL A;520 >B =53>, G5< A?@020. -B> ?@028;> ?@8<5=O5BAO 4;O ;N1>3> 03@5AA82=>3> 83@>:0   ;C7>2>3>, B09B>2>3> 8;8 ?@><56CB>G=>3>. A;8 2 83@5 =0E>4OBAO 420 03@5AA82=KE 83@>:0, >48= 87 :>B>@KE ;C7>2K9, 0 4@C3>9 B09B>2K9, 2K1>@ 20H53> <5AB0 1C45B A;>6=K< 8 A?>@=K< @5H5=85<. 865 O ?@>AB> >?8HC MDD5:BK >B =0E>645=8O A?@020 >B =53> 8 ?@54>AB02;N ?@02> 20< A0<8< ?@8=8<0BL @5H5=8O. -B8 ?C=:BK ?@54?>;030NB, GB> 2K =5 <>65B5 @0A?>7=020BL :0:85-B> A83=0;K, 2K40NI85 8E =0<5@5=8O.

	A;8 A;520 >B 20A A848B ;C7>2>-03@5AA82=K9 83@>::

" 	K 1C45B5 AB0;:820BLAO A @597>< =0<=>3> 1>;55 G0I5, ?>B><C GB> >= @5978B A> A;01K<8 @C:0<8.

" 	# 20A <>65B 1KBL =0<=>3> 1>;55 A8;L=>5 65;0=85 :>;8@>20BL 53> @597K, ?>B><C GB> 53> @597K 1C4CB :070BLAO 20< <5=55 >?0A=K<8. K <>65B5 :>;8@>20BL 53> @597K A <0@38=0;L=K<8 @C:0<8 (:>B>@K5 2K =5 4>;6=K @07K3@K20BL B>340, :>340 A;520 >B 20A A848B ;C7>2>-03@5AA82=K9 83@>:).  @57C;LB0B5 2K <>65B5 ?@>83@0BL :CGC 45=53 =0 B5E @C:0E, A :>B>@K<8 2K =8:>340 =5 4>;6=K 2E>48BL 2 83@C.

" 	K =0<=>3> 1>;55 >?@0240==> A<>65B5 84B8 =0 70<54;5==CN 83@C 8;8 G5:-@597, ?>B><C GB> ;C7>2>-03@5AA82=K9 83@>: 1C45B AB028BL 8 @5978BL A =0<=>3> 1>;55 A;01K<8 @C:0<8.

" 	0A 1C4CB ?5@51;5D>2K20BL =0<=>3> G0I5, => <5=55 :20;8D8F8@>20=>, GB> A45;05B 20H8 @5H5=8O > :>;;5 <5=55 A;>6=K<8 8 2K A<>65B5 :>;;8@>20BL 1>;55 G0AB>.

" 	0H8 :>;510=8O >G5=L A8;L=> C25;8G0BAO. >340 20< ?>257QB, 2K 1C45B5 2K83@K20BL 1>;LH5. > 5A;8 :0@BK ?>25@=CBAO ?@>B82 20A, 2K 1>;LH5 ?@>83@05B5.

4=0:> 5A;8 A;520 >B 20A =0E>48BAO B09B>2>-03@5AA82=K9 83@>::

" 	K 1C45B5 AB0;:820BLAO A @597>< =0<=>3> <5=55 G0AB>, ?>B><C GB> >= =5 1C45B @5978BL 157 E>@>H59 @C:8.

" 	K 1C45B5 <5=55 3>B>2K :>;8@>20BL 53> @597K, ?>B><C GB> 2K 1C45B5 7=0BL, GB> >= @5978B A E>@>H8<8 :0@B0<8. K <>65B5 A1@>A8BL <0@38=0;L=K5 @C:8, C<5=LH0O 20H8 ?@>83@KH8 A =8<8.

" 	K =5 A<>65B5 B0: ?@>AB> @5H8BLAO =0 70<54;5==CN 83@C 8;8 G5:-@597, ?>B><C GB> B09B>2>-03@5AA82=K9 83@>: 1>;55 25@>OB=> A<>65B @073040BL 20H8 ?;0=K.

" 	@>B82 20A @565 1C4CB 1;5D>20BL. > 70B> 1>;55 C<5;>, GB> ?>72>;8B 20< ?@8=8<0BL 20H8 @5H5=8O > :>;;5 <5=55 G0AB>, => 70B> >=8 1C4CB 1>;55 A;>6=K<8.

" 	0H8 :>;510=8O <>3CB 1KBL =5A:>;L:> <5=LH5. > 2K, 25@>OB=>, ?@>83@05B5 1>;LH5 =0 48AB0=F88. >A:>;L:C ;C7>2>-03@5AA82=K5 83@>:8   ?@>83@K20NI85, 2 B> 2@5<O, :0: B09B>2>-03@5AA82=K5   2K83@K20NI85, C 1>;55 6QAB:>3> 83@>:0 1C45B 1>;LH55 ?>78F8>==>5 ?@58<CI5AB2> =04 20<8. # ;C7>2>-03@5AA82=>3> 83@>:0 2K, 25@>OB=>, A<>65B5 2K83@0BL 4065 157 ?>78F88. > B09B>2>-03@5AA82=><C 83@>:C 2K ?@>83@05B5 2 ;N1>< A;CG05, 0 53> ?>78F8>==>5 ?@58<CI5AB2> 5I5 A8;L=55 CA8;8B MB>B MDD5:B.

0 A0<>< 45;5, 20< =5 =C6=> AB@5<8BLAO : B><C, GB>1K ;N1>9 87 MB8E 83@>:>2 A845; A;520 >B 20A. A;8 2K AB>8B5 ?5@54 2K1>@><, BI0B5;L=> ?>4C<09B5 8 ?>AB0@09B5AL CA?5BL A<5=8BL 20H5 <5AB>.

0: 2K 4>;6=K 87<5=8BL A2>N AB@0B538N?

865?5@5G8A;5==K5 :>=F5?F88   A;>6=K5 8 206=K5 >4=>2@5<5==>, ?>B><C GB> >=8 :0A0NBAO 83@K ?@>B82 6QAB:8E ?@>B82=8:>2.

>=F5?F8O !1: 5 83@09B5, 5A;8 2K =5 2 ;CGH5< A>AB>O=88. -B>B ?C=:B O2;O5BAO G0ABLN >1I53> A>25B0 871530BL B09B>2>-03@5AA82=KE 83@>:>2. >A:>;L:C >=8 6QAB:85 83@>:8, =5 83@09B5 ?@>B82 =8E, 5A;8 2K E>BO 1K =5<=>3> =0E>48B5AL 2 B8;LB5, >B2;5G5=K, 5A;8 C 20A <0;> 45=53 8 5A;8 GB>-B> 5IQ <5H05B 20H59 83@5. K 254L =5 83@0;8 2 3>;LD =0 45=L38 ?@>B82 G5<?8>=0 :;C10, :>340 C 20A 3@8?? 8;8 B@02<0 A?8=K, =5 B0: ;8? ">B 65 A0<K9 ?@8=F8? ?@8<5=O5BAO 8 : ?>:5@C.

>=F5?F8O !2: 3@09B5 @07=>>1@07=>. @54A:07C5<0O 83@0   MB> 2A5340 A;01>ABL. > ?@>B82 =8E >=0 <>65B AB0BL A<5@B5;L=>9. =8 E>@>H> G8B0NB :0@BK 8 =0?040NB :064K9 @07, :>340 >=8 <>3CB MB> A45;0BL. A;8 2K =5 @07=>>1@078B5 A2>N 83@C, >=8 >G5=L 1KAB@> A<>3CB 20A ?@>G8B0BL. -B> ?@82545B : B><C, GB> >=8 15A?>I04=> 20A ?5@583@0NB.  2=>A8B5 @07=>>1@0785 2 20HC 83@C A;CG09=K< A?>A>1>< 2<5AB> B>3>, GB>1K :0:-B> ?KB0BLAO 8A?>;L7>20BL :0:85-B> 20H8 AC645=8O ?@>B82 B>3>, :B> @0718@05BAO 2 83@5 ;CGH5, G5< 2K (A<>B@8B5 @0745;K, ?>A2OI5==K5 B5>@88 83@ 2 :=830E M2840 !:;0=A:8 ŤGetting The Best of Itť 8 ŤThe Theory of Pokerť).

>=F5?F8O !3: 5=LH5 ?@8<5=O9B5 G8ABK9 1;5D, => 1C4LB5 3>B>2K ?>;C1;5D>20BL. @>B82 E>@>H8E 83@>:>2 >1KG=> ;53G5 1;5D>20BL, G5< ?@>B82 ?;>E8E, => B09B>2K5 83@>:8 A5@L57=> 87CG0NB A2>8E A>?5@=8:>2. =8 E>@>H> G8B0NB B5;>42865=8O 8 >=8 >1;040NB 4>AB0B>G=>9 C25@5==>ABLN 2 A2>5< =02K:5 4;O B>3>, GB>1K :>;;8@>20BL A> A;01K<8 @C:0<8. >=5G=>, MB> ?@>AB> >1I89 ?@8=F8?. >7<>6=>, 40==K9 B09B>2>-03@5AA82=K9 83@>: =5 <>65B ?@>G5ABL 20A. @>25@LB5 53> ?0@C @07 8 A;54C9B5 3;02=K< ?@8=F8?0<, :>340 1C45B5 ?@>B82 =53> 1;5D>20BL: 1;5DC9B5 =0 D;>?5, 5A;8 2A5 :0@BK =0 AB>;5 1C4CB <5;:8<8, ?>B><C GB> B09B>2>-03@5AA82=K5 83@>:8 =5 83@0NB A B0:8<8 @C:0<8. A;8 20H 1;5D A@01>B05B   >B;8G=>. A;8 =5B   20< =C6=> 1C45B 27OBL MB> =0 70<5B:C.

>=F5?F8O !4: 5 AB02LB5 4;O C25;8G5=8O 4;O C25;8G5=8O 10=:0 A <0@38=0;L=K<8 @C:0<8. ;O MB>3> 5ABL G5BK@5 ?@8G8=K. >-?5@2KE, B09B>2>-03@5AA82=K9 83@>: =5 1C45B ?@>4>;60BL 83@C 157 E>@>H8E :0@B. = 70?@>AB> <>65B 8<5BL 1>;55 A8;L=CN @C:C. >-2B>@KE, 5A;8 C =53> 1>;55 A8;L=0O @C:0, >=, 25@>OB=>, 40AB A =59 @597. -B@5BL8E, 5A;8 >= =5 1C45B 8<5BL A8;L=>9 @C:8, >= 25@>OB=> A1@>A8B. -G5B25@BKE, B09B>2>-03@5AA82=K5 83@>:8 <>3CB ?@8<5=OBL B0:85 ?@85<K, :>B>@K5 A?@>2>F8@CNB 20A =0 >H81:C.  :>=5G=>< AG5B5, 2K AM:>=><8B5 A2>8 45=L38, 5A;8 1C45B5 3>2>@8BL G5: A <0@38=0;L=K<8 @C:0<8.

>=F5?F8O !5: 5 40209B5 @597 157 >G5=L A8;L=>9 @C:8. "0 65 A0<0O ;>38:0 ?@8<5=O5BAO 8 : @5970<. = <>65B 8<5BL ;CGHCN @C:C 8 >B25B8BL 20< @5@597><. > 5A;8 >= =5 A<>65B 20A ?>18BL, >= G0AB> 1C45B A1@0AK20BL. !;54C9B5 ?@028;0<, ?>E>68< =0 B5, :>B>@K5 ?@8<5=ONBAO ?@>B82 A:0;. > ?@>B82 B09B>2>-03@5AA82=KE 83@>:>2 1C4LB5 4065 1>;55 >AB>@>6=K 87-70 C3@>7K @5@5970.

>=F5?F8O !6: '5:-@5978B5 <5=55 G0AB>, >A>15==> 2 ?>A;54=5< @0C=45. >A:>;L:C >=8 B09B>2K5, >=8 B0:65 <>3CB >B25B8BL 20< G5:><. A;8 >=8 ?>AB02OB ?>A;5 20H53> G5:0, >=8 <>3CB 8<5BL 1>;55 A8;L=CN @C:C. %C65 2A53> 1C45B B>340, :>340 =0 20H G5:-@597 >=8 8;8 1C4CB >B25G0BL @5@597><, :>340 1C4CB 8<5BL 1>;55 A8;L=CN @C:C, 8;8 1C4CB A1@0AK20BL.  ?>A;54=5< @0C=45 A 1>;LH8=AB2>< 20H8E E>@>H8E @C: >1KG=> ;CGH5 ?@>AB> ?>AB028BL .

>=F5?F8O !7: 5 ?KB09B5AL C:@0ABL 8E 1;09=4K. >A:>;L:C B09B>2>-03@5AA82=K5 83@>:8 =5 A:;>==K A;8H:>< G0AB> 70I8I0BL A2>8 1;09=4K, 20H8 ?>?KB:8 C:@0ABL 8E 1;09=4K 1C4CB C4020BLAO G0I5. 4=0:> :>340 >=8 20< =5 C404CBAO, MB> 1C45B AB>8BL 20< 7=0G8B5;L=> 4>@>65, >A>15==> 5A;8 2K 1C45B5 =0E>48BLAO =0 <0;>< 1;09=45 (?>B><C GB> C 1>;LH>3> 1;09=40 1C45B 1>;55 2K3>4=0O ?>78F8O). A;8 B09B>2>-03@5AA82=K9 83@>: 20< >B25B8B, 2K >:065B5AL >48= =0 >48= A A0<K< 65AB:8< 83@>:><, :>B>@K9 1C45B 8<5BL 1>;55 A8;L=CN @C:C 8 ?>78F8>==>5 ?@58<CI5AB2>. -B> A0<0O EC4H0O A8BC0F8O, 2 :>B>@>9 B>;L:> <>6=> >:070BLAO. @><5 B>3>, 5A;8 2K 1C45B5 @5978BL 87 ?>74=59 ?>78F88, >= <>65B @0A?>7=0BL 20H8 =0<5@5=8O 8 40BL @5@597 A =5:>B>@K<8 <0@38=0;L=K<8 @C:0<8.

A;8 B09B>2>-03@5AA82=K9 83@>: A848B A@07C A;520 >B 20A, ?@54;>68B5 5<C Ť@0745;8BLť 20H8 1;09=4K (:064K9 87 1;09=4>2 ?>;CG05B A2>8 45=L38 >1@0B=>). "0:>9 2K1>@ >1KG=> O2;O5BAO >A>15==> 65;0B5;L=K< 8 25AL<0 @0A?@>AB@0=5==K< 2 83@5 A @59:><. 5 648B5, ?>:0 A8BC0F8O @07@5H8BAO A0<0 A>1>9   A>3;0A8B5AL 70@0=55.

K =5 E>B5;8 1K 1>@>BLAO A 83@>:><, A84OI8< A;520 >B 20A, => ?@>2>:0F8O >G5=L 6QAB:>3> 83@>:0 =0 1>@L1C <>65B ?@825AB8 : =5?@8OB=>ABO<. -B> 2AQ @02=> GB> 1@>A0BL 2K7>2 09:C "09A>=C.

"09B>2>-03@5AA82=0O 83@0

"09B>2>-03@5AA82=0O 83@0   MB> B0:0O 83@0, 2 :>B>@>9 =0E>4OBAO 42>5 8;8 1>;55 B09B>2>-03@5AA82=KE 83@>:>2, =5 1>;55 >4=>3> ;C7>2>3> 83@>:0, 0 >AB02H85AO 83@>:8   A@54=85 8;8 B09B>2K5.  1>;LH8=AB25 @>7K3@KH59 CG0AB2CNB >B=>A8B5;L=> =5<=>3> 83@>:>2, @597K 8 @5@597K A;CG0NBAO G0AB>, 8 <=>385 @0740G8 =5 4>6820NB 4> 2A:@KB8O.

 4@C38E G0ABOE :=838, ?>A2OIQ==KE 83@>:0< 4@C38E B8?>2, 1K; ?>4@0745;, :>B>@K9 =07K20;AO Ť!>3;0A8B5AL A B5<, GB> ?@028;0 87<5=8;8ALť. > 745AL B0:>3> ?>4@0745;0 =5 1C45B, ?>B><C GB> 1>;LH8=AB2> E>@>H8E ?>:5@=KE 02B>@>2 83@0NB 8 ?8HCB > B09B>2>-03@5AA82=KE 83@0E.

@028;0 4;O 83@K 2 B0:8E 83@0E <>6=> 2K25AB8 87 ?@028; 83@K ?@>B82 548=AB25==>3> B09B>2>-03@5AA82=>3> 83@>:0, A 4>102;5=85< =5:>B>@KE 4>?>;=8B5;L=KE :>=F5?F89.  2K >1O70B5;L=> 4>;6=K 87<5=8BL A2>N 83@C. "09B>2>-03@5AA82=K5 83@K   MB> A0<K5 6QAB:85 83@K 87 2>7<>6=KE. A;8 2K =5 A>3;0A8B5AL A MB8< D0:B>< 8 =5 ?@8A?>A>18B5AL : =5<C, 20A >G5=L 1KAB@> @07>@OB.

5@2K9 2>?@>A, @07C<55BAO, 4>;65= 1KBL B0:8<: 4>;6=K ;8 2K 2>>1I5 83@0BL 2 B0:8E 83@0E? B25B>< =0 MB>B 2>?@>A ?>GB8 2A5340 1C45B Ť5B!ť. >>1I5, 5A;8 83@0 ?@>E>48B 70 :>@>B:8< AB>;><, B> >B@8F0B5;L=K9 >B25B 1C45B 745AL ?>GB8 >4=>7=0G=K<.

ABL :CG0 ?@8G8=, 4;O B>3>, GB>1K =5 83@0BL 2 B0:8E 83@0E 8 >G5=L <0;> ?@8G8= 4;O B>3>, GB>1K 83@0BL. K, 25@>OB=55 2A53>, ?@>83@05B5, 8 2K <>65B5 ?@>83@0BL 1>;LH5, G5<  2K <>65B5 A515 ?>72>;8BL. A;8 65 2K 2K83@05B5   2K =5 2K83@05B5 <=>3>. 3@0 1C45B =0AB>;L:> =0?@O6Q==>9 8 B@51>20B5;L=>9, GB> 2K =5 A<>65B5 @0AA;018BLAO. A;8 2K =5 83@05B5 E>@>H>, C 20A =5 1C45B =8:0:>3> H0=A0 =0 ?>154C, 8 4065 2 >1@0B=>< A;CG05 2K B>65 <>65B5 ;53:> ?@>83@0BL.

K =0720;8 B@8 ?@8G8=K, ?> :>B>@K< <>6=> 1K;> 83@0BL ?@>B82 548=AB25==>3> B09B>2>-03@5AA82=>3> 83@>:0. > ?5@20O ?@8G8=0, 70:;NG0NI0OAO 2 B><, GB> >AB0;L=K5 ?@>B82=8:8 1K;8 A;01K<8, B5?5@L C65 =5 ?@8<5=O5BAO. A;8 C 20A =5B A8;L=>3> 65;0=8O ?@>25@8BL A51O 2 83@5 ?@>B82 ;CGH8E 83@>:>2 8;8 =0CG8BAO 83@5 83@0O ?@>B82 =8E   =5 83@09B5! A;8 MB8 <>B82K >G5=L 206=K 4;O 20A 8 2K 3>B>2K ?>9B8 =0 =587156=K5 @8A:8   B>340 83@09B5.

4=0:> ?5@54 B5<, :0: 2K @5H8B5 A5ABL 2 B0:CN 83@C, BI0B5;L=> 704C<09B5AL > B><, G53> MB> <>65B 20< AB>8BL A D8=0=A>2>9 8 A ?A8E>;>38G5A:>9 B>G:8 7@5=8O. 0209B5 =0 <8=CBC ?@54AB028<, GB> 2K <>65B5 ?>72>;8BL A515 ?@>83@0BL 45=L38. A;8 B0:, B> =081>;55 206=K< 2>?@>A>< 4;O 20A AB0=>28BAO A;54CNI89: :0:>5 2;8O=85 MB> >:065B =0 20H5 M3>? A;8 2K ?>;CG05B5 1>;LH>5 :>;8G5AB2> C4>2>;LAB28O, =0A;0640OAL <KA;LN > B><, GB> 2K O2;O5B5AL >4=8< 87 ;CGH8E 83@>:>2, 20< <>65B 1KBL =5?@8OB=> C7=0BL B>, GB> 2K =0 A0<>< 45;5 =5 B0: E>@>H8.

>B =5A:>;L:> 87<5=5=89, :>B>@K5 2K 4>;6=K 2=5AB8 2 A2>N 83@C.

7<5=5=85 !  1: 5 83@09B5, 5A;8 2K =5 2 ;CGH5< A>AB>O=88. "5?5@L MB>B A>25B AB0=>28BAO =0<=>3> 1>;55 206=K<. > MB>3> 2K <>3;8 >?0A0BLAO B>;L:> >4=>3> 6QAB:>3> 83@>:0, => A59G0A 6QAB:>9 C65 1C45B 2AO 83@0. 065 5A;8 2K =5<=>3> @0AA;018B5AL, MB> <>65B A5@LQ7=> 20< ?>2@548BL.

7<5=5=85 ! 2:  5H8B5 70@0=55, :0:8< :>;8G5AB2>< 45=53 2K 1C45B5 @8A:>20BL. >GB8 :064K9 83@05B ?;>E>, :>340 >= >BG0O==> ?KB05BAO >BK3@0BLAO.  745AL @8A: 1C45B 5IQ 2KH5.  B0:>9 83@5 25@>OB=>ABL 20H53> ?@>83@KH0 1C45B 2KH5, G5< 2 ;N1>9 4@C3>9 83@5.  4065 ?@>AB> =5 ?@>83@0BL 20< 1C45B 7=0G8B5;L=> A;>6=55. @><5 B>3>, 2K <>65B5 =5 70E>B5BL ?@87=0BLAO A515 2 B><, GB> ?@>B82=8:8 83@0NB ;CGH5, G5< 2K. K <>65B5 A20;8BL 2A5 20H8 ?@>83@KH8 =0 =5C40GC, 0 70B5< >?OBL :C?8BL D8H:8 8 A=>20 =0G0BL 83@0BL.

A;8 2K =5 CAB0=>28B5 A515 :>=:@5B=K9 ?@545; 8 =5 1C45B5 ?@845@6820BLAO 53>, 2K <>65B5 ?@>83@0BL 2A5 A2>8 D8H:8, 70B5< :C?8BL D8H:8 >?OBL 8 >?OBL 8E ?@>83@0BL, 8 2 @57C;LB0B5 >BG0OBLAO 8 ?>B5@OBL 25AL A2>9 10=:@>;;. >MB><C BI0B5;L=> ?>4C<09B5 ?5@54 B5<, :0: A048BLAO 2 B0:CN 83@C.  5A;8 2K @5H8B5 83@0BL, B> :C?8B5 B> :>;8G5AB2> D8H5:, :>B>@K<8 2K <>65B5 @8A:=CBL A@07C 65.

4=0:> C CAB0=>2;5=8O ?@545;0 A2>8< ?@>83@KH0< =0 A0<>< 45;5 5ABL A5@LQ7=K9 =54>AB0B>:. > <5@5 20H53> ?@81;865=8O : <0:A8<0;L=> 4>?CAB8<><C :>;8G5AB2C ?@>83@0==KE 45=53, 2K <>65B5 ?5@5:;NG8BAO :0: 1K 2 ŤBC@=8@=K9ť @568< 8 A1@0AK20BL =5:>B>@K5 <0@38=0;L=> 2K3>4=K5 @C:8 4;O B>3>, GB>1K A>E@0=8BL A2>8 D8H:8.  =0>1>@>B, 2K <>65B5 83@0BL @C:8, :>B>@K5 2K 4>;6=K 1K;8 A1@>A8BL, ?>B><C GB>  C 20A 1C45B :>@>B:89 AB5: 8 1;09=4K 1C4CB 1KAB@> >ACH0BL 53>.

7<5=5=85 ! 3: 3@09B5 B09B>255  2 @0==8E @0C=40E B>@3>2;8. >A:>;L:C 83@0 1C45B B09B>2>9 8 03@5AA82=>9, 2K 4>;6=K 1C45B5 83@0BL 1>;55 2K1>@>G=> =0 B@5BL59 C;8F5 2 A5<8:0@B>G=>< AB045 8;8 =0 ?@5D;>?5 2 E>;45<5. K 4>;6=K 1C45B5 83@0BL 4065 1>;55 B09B>2>, G5< 2 B09B>2>-?0AA82=>9 83@5, >A>15==> 2 @0==59 ?>78F88.

0H8 ?@>B82=8:8 1C4CB 83@0BL A ?@5<8C<-@C:0<8, 8 =5:>B>@K5 87 =8E 1C4CB @07K3@K20BL 8E 03@5AA82=>. A;8 2K 1C45B5 :>;;8@>20BL A <0@38=0;L=K<8 8;8 ?;>E8<8 @C:0<8, C 20A =5 1C45B =8:0:>3> H0=A0. K 1C45B5 18BK 8E 1>;55 A8;L=K<8 @C:0<8, 8 MB> <>65B 2K=C48BL 20A @8A:>20BL =0<=>3> 1>;LH59 AC<<>9, G5< 2K ?5@2>=0G0;L=> ?;0=8@>20;8. -B0 ?@>1;5<0 1C45B >A>15==> A5@LQ7=>9, 5A;8 2K 1C45B5 =0E>48BLAO 2 @0==59 ?>78F88   20A <>65B 87>;8@>20BL 6QAB:89 83@>:, :>B>@K9 1C45B 8<5BL =04 20<8 ?>78F8>==>5 ?@58<CI5AB2>.

7<5=5=85 ! 4: K18@09B5 A515 <5AB> c 8A:;NG8B5;L=>9 BI0B5;L=>ABLN. >A:>;L:C 83@0 1C45B >G5=L 6QAB:>9, 20< =C6=> 1C45B >BG0O==> F5?;OBLAO 4065 70 =51>;LH>5 ?@58<CI5AB2>. 7CG09B5 83@>:>2, =01;N409B5 70 83@>9 8 2K15@8B5 A515 =08;CGH55 <5AB> 8 2A5E 2>7<>6=KE.

@8<5G0=85: 2K B0:65 4>;6=K 1C45B5 MB> A45;0BL ?> 70I8B=K< A>>1@065=8O<. 0;8G85 =5?>4E>4OI8E 83@>:>2 ?>A;5 20A <>65B ?@825AB8 : A>25@H5=8N 20<8 =5>1O70B5;L=KE >H81>:.

7<5=5=85 ! 5: !;54C9B5 ?@028;0< 83@K ?@>B82 B09B>2>-03@5AA82=KE 83@>:>2 4065 B>340, :>340 >=8 =5 1C4CB CG0AB2>20BL 2 @>7K3@KH5. >A:>;L:C >1I89 E0@0:B5@ 83@K 1C45B B09B>2>-03@5AA82=K<, 2K 4>;6=K 2>A?@8=8<0BL ;N1KE 83@>:>2 1>;55 >AB>@>6=>, G5< >1KG=>. "0:>9 E0@0:B5@ 83@K 87<5=O5B ?>2545=85 <=>38E 83@>:>2, 70AB02;OO 8E 83@0BL B09B>255 8 1>;55 03@5AA82=>. A;8 2K 1C48B5 87CG0BL A>1KB8O, ?@>8AE>4OI85 2 83@5, B> 2K C2848B5, GB> B0:85 87<5=5=8O ?@>87>94CB A> 2A5<8, :@><5 A0<KE A;01KE 83@>:>2. K B>65 4>;6=K 1C45B5 87<5=8BL A2>N 83@C 2 MBC 65 AB>@>=C.



A;8 2K   B09B>2>-03@5AA82=K9 83@>:

K O2;O5B5AL B09B>2>-03@5AA82=K< 83@>:><, 5A;8 20H8 >G:8 70 B09B>2>ABL/;C7>2>ABL @02=K 3 10;;0< 8;8 =865, 0 20H8 >G:8 70 ?0AA82=>ABL/03@5AA82=>ABL   7 10;>2 8;8 2KH5. A;8 MB> B0:, MB>B @0745; @0AA:07K205B 8<5==> > 20A. 5@54 B5<, :0: G8B0BL 40;LH5, =0?8H8B5 AN40 20H @59B8=3 87 ?>4@0745;0 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838.

>9 @59B8=3: __ , __.

 

B<5BLB5 B>G:C =0 803@0<<5 16, :>B>@0O A>>B25BAB2C5B 20H5<C AB8;N 83@K. '5< 1;865 MB0 B>G:0 : ?@02><C =86=5<C C3;C 4803@0<<K, B5< 1;865 2K : B09B>2>-03@5AA82=><C 83@>:C 8 B5< 1>;LH5 MB>B @0745; >B=>A8BAO : 20<.

%>BO ;N1>9 83@>:, :>B>@K9 2?8AK205BAO 2 40==K9 480?07>= @59B8=30, >B=>A8BAO : B09B>2>-03@5AA82=K< 1>;LH8=AB2> ?@8<5@>2 8 ?@8=F8?>2, >?8A0==KE 745AL, 1C4CB >B=>A8BLAO =5?>A@54AB25==> : M:AB@5<0;L=> B09B>2>-03@5AA82=K< 83@>:0<   Ť:0<=5;><0<ť (1,9) .

A;8 20H8 >G:8 70 B09B>2>ABL 1>;LH5 1 8;8 5A;8 20H8 10;;K 70 03@5AA8N <5=LH5 9, B> >?8A0==K5 745AL B5<K <>3CB =5 A>>B25BAB2>20BL 20<   2>7<>6=> A8;L=>, 2>7<>6=> ;8HL =5<=>3>.

A;8 20H @59B8=3 =5 2?8AK205BAO 2 MB>B 480?07>=, B> 2K =5 O2;O5B5AL B09B>2>-03@5AA82=K< 83@>:>< 8 1>;LH0O G0ABL =0?8A0==>3> 2 MB>< @0745;5 : 20< =5 >B=>A8BAO. 0?@8<5@, 5A;8 20H @59B8=3 3,6, B> 2K B09B>2K9 8 =5<=>3> 03@5AA82=K9. 5:>B>@K5 B5<K 87 MB>3> @0745;0 1C4CB >B=>A8BLAO : 20<, => 1>;LH0O G0ABL =0?8A0==>3>   =5 >G5=L.

-B>B @0745; A>AB>8B 87 G5BK@5E ?>4@0745;>2:

1.	>=8<0=85 ?>A;54AB289.

2.	>=8<0=85 20H8E <>B82>2.

3.	#;CGH5=85 20H59 83@K.

4.	K1>@ ?@028;L=KE 83@.

5.	@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:.

K =0G=5< A >1AC645=8O ?>A;54AB289 20H53> 83@>2>3> AB8;O, ?>B><C GB> ?>GB8 2A5 B09B>2>-03@5AA82=K5 83@>:8 8<5NB ?>E>685 @57C;LB0BK =0 4;8==>9 48AB0=F88. !;54CNI85 G5BK@5 ?>4@0745;0 ?><>3CB 20< ?>=OBL, ?>G5<C 2K 83@05B5 2 B0:>< AB8;5 8 GB> 2K 4>;6=K ?@54?@8=OBL 8AE>4O 87 MB>3>.  1>;LH8=AB25 :><<5=B0@852 O 1C4C 3>2>@8BL Ť2Kť 2<5AB> Ť>=8ť 8;8 Ť>=ť, ?>B><C GB> =0?8A0==>5 745AL ?@54=07=0G05BAO =5?>A@54AB25==> 4;O 20A.

>=8<0=85 ?>A;54AB289

A;8 2K B09B>2>-03@5AA82=K9 83@>:, >A>15==> M:AB@5<0;L=K9, 20< <>3CB =5 ?>=@028BLAO A;54CNI85 =5A:>;L:> AB@>:, => 2K 4>;6=K >B=5AB8AL : =8< A5@L57=>. >A;54AB28O 20H53> 83@>2>3> AB8;O 4>AB0B>G=> >G5284=K:

" 	K 1C45B5 ?>A;54>20B5;L=> 2K83@K20BL >4 B5E ?>@, ?>:0 =5 2K948B5 70 ?@545;K 20H8E >3@0=8G5=89.

" 	K <>65B5 ?>B5@OBL 20H 10=:@>;;, 5A;8 =0G=5B5 83@0BL 2 =0<=>3> 1>;55 4>@>38E 83@0E.

" 	K <>65B5 CEC4H8BL A2>5 74>@>2L5.

" 	0< =5 1C4CB @04K 2 1>;LH8=AB25 83@.

" 	=>385 83@>:8, >A>15==> E>@>H85, 1C4CB C2060BL 20A.

" 	=>385 83@>:8 1C4CB 70284>20BL 20<, 8 =5:>B>@K5 87 =8E =5 1C4CB ;N18BL 20A.

>A;54>20B5;L=K9 2K83@KH 2 ?@545;0E 20H8E >3@0=8G5=89

K <>65B5 2K83@0BL ?>GB8 C :064>3>, 4065 C B>3>, :B> 1C45B >1;040BL ;CGH8< =02K:>< GB5=8O @C: 8 4@C38<8 =02K:0<8, ?>B><C GB> 20H AB8;L A0< ?> A515 405B 20< >3@><=>5 ?@58<CI5AB2>. >A:>;L:C ?@>B82=8:8 1C4CB 1>;55 ;C7>2K<8, >=8 1C4CB 1>;LH5 ?@>83@K20BL 8 20H0 E>@>H> @0728B0O Ť<Q@B20O E20B:0ť ?@8=5A5B 20< 1>;LHCN G0ABL 20H8E 2K83@KH59. >:0 2K 1C45B5 83@0BL ?@028;L=K5 ;8<8BK, 2K 1C45B5 :C?0BLAO 2 7>;>B5.

@>83@KH 10=:@>;;0 2 =0<=>3> 1>;55 4>@>38E 83@0E

0H0 604=>ABL 8;8 ;N1>2L : 548=>1>@AB2C <>3CB 70AB028BL 20A A;8H:>< 1KAB@> ?5@59B8 =0 1>;55 2KA>:85 ;8<8BK, 8;8 ?5@59B8 =0 A;8H:>< 2KA>:85 ;8<8BK. K 2K83@K205B5 2 1>;LH8=AB25 83@ ?>B><C, GB> 2K 83@05B5 2 ;CGH5< AB8;5. 4=0:>, G5< 2 1>;55 4>@>3CN 83@C 2K 1C45B5 83@0BL, B5< <5=LH55 ?@58<CI5AB2> 1C45B 4020BL 20< 20H AB8;L, ?>B><C GB> 2 B09B>2>-03@5AA82=>< AB8;5 1C4CB 83@0BL 1>;LH55 :>;8G5AB2> 20H8E ?@>B82=8:>2.  >=8 B0:65 1C4CB 2KA>:> :20;8D8F8@>20==K<8 83@>:0<8. K =5 A<>65B5 ?>1548BL B>;L:> 70 AG5B 20H53> AB8;O.

'5< =0 1>;55 2KA>:>< ;8<8B5 2K 1C45B5 83@0BL, B5< 1>;55 :20;8D8F8@>20==K<8 1C4CB 20H8 ?@>B82=8:8. >=5G=>, A;01K5 83@>:8 2AB@5G0NBAO 2 ;N1>9 83@5. > >1KG=> 20H8 A>?5@=8:8 1C4CB 1>;55 6QAB:8<8.

# A?>@BA<5=>2 5ABL B0:0O 65 ?@>1;5<0. G5=L <=>3> C=825@A8B5BA:8E A?>@BA<5=>2 =5 <>3CB A>740BL E>@>HCN :><0=4C 2 :>;;5465.  15AG8A;5==K5 C=825@A8B5BA:85 72574K =8:>340 =5 ?5@5E>4OB 2 ?@>D5AA8>=0;L=K5 ;838. K 4>;6=K BI0B5;L=> >14C<K20BL 20H8 ?5@5E>4K =0 4@C385 ;8<8BK. K 83@05B5 E>@>H>, => =5 4>AB0B>G=> E>@>H> 4;O :@C?=KE 83@.

@54 20H5<C 74>@>2LN

K =5 A<>3;8 1K 2K@01>B0BL ;CGH89 83@>2>9 AB8;L, 5A;8 1K =5 ?>A2OI0;8 A51O 83@5 2 4>AB0B>G=>9 AB5?5=8. > 20H0 A;8H:>< G0AB0O 83@0 <>65B ?>3C18BL 20H5 74>@>2L5. >=5G=>, <=>385 4@C385 83@>:8 B>65 83@0NB A;8H:>< <=>3>. > B09B>2>-03@5AA82=K5 83@>:8 >A>15==> G0AB> ?5@5CA5@4AB2CNB 2 MB><. @>83@KH=0O 83@0 4@C38E 83@>:>2 <>65B ?@5?OBAB2>20BL 8< 83@0BL A;8H:>< <=>3>, => C 20A 5ABL 4>?>;=8B5;L=K9 AB8<C; 83@0BL =0 ?@>BO65=88 <=>38E G0A>2   2K 2K83@K205B5.

0 2A5E :0@B>G=KE :;C10E 4>;6=0 1KBL =04?8AL ?>4>1=0O =04?8AO< =0 ?0G:0E A830@5B: Ť=8<0=85! !;8H:>< 1>;LH>5 :>;8G5AB2> 83@K 2 ?>:5@ <>65B ?>2@548BL 20H5<C 74>@>2LN!ť. "0:>9 >1@07 687=8 <>65B AB0BL ?@8G8=>9 A5@45G=>3> ?@8ABC?0 8 <=>38E 4@C38E ?@>1;5<. =>385 83@>:8 ?@>2>4OB A;8H:>< <=>3> G0A>2, A84O =0 ABC;LOE, ?>@BOI8E >A0=:C, 2 =0:C@5==KE :><=0B0E, ?>GB8 157 42865=8O 8 ?8B0OAL =574>@>2>9 ?8I59. -B> A<5@B5;L=>5 A>G5B0=85.

>=5G=>, 2K <>65B5 ?>A;54>20BL ?> AB>?0< 6>==8 >AA0, :>B>@K9 0:B82=> 83@0; 8 2K83@K20; 4> 2>AL<845AOB8 A ;8H=8< ;5B, => <=>385 ;CGH85 83@>:8 C<5@;8, :>340 8< 1K;> H5ABL45AOB.

0< =5 1C4CB @04K 2 1>;LH8=AB25 83@

@8G8=0 >G5284=0: 2K   ?>1548B5;L.  ?@>83@K20NI8< 83@>:0< @04K =0<=>3> 1>;LH5, G5< 2K83@K20NI8<.  MB>< ?;0=5 ?>:5@ G@572KG09=> A8;L=> >B;8G05BAO >B 1>;LH8=AB20 4@C38E 83@. >;LH8=AB2> ;N459 ;N1OB 83@0BL A M:A?5@B0<8. 0?@8<5@, <=>385 B5==8A=K5 83@>:8 ?;0BOB 1>;LH85 2ABC?8B5;L=K5 27=>AK 4;O B>3>, GB>1K AK3@0BL 2 ?@>D5AA8>=0;L=>< BC@=8@5.

> ?>:5@   MB> 4@C30O 83@0. "0: :0: <K 7=05<, GB> C =0A =5BC H0=A>2, <K =5 AB0=5< 2>7@060BL, 5A;8 ?@>83@05< B5==8A=><C ?@>D5AA8>=0;C. K =5 >1@0I0;8 1K 2=8<0=8O =0 8B>3>2K9 AG5B 8 70?><8=0;8 1K B5 <><5=BK, :>340 =0< C40;>AL 2K83@0BL >G:>, 8 ?@>D5AA8>=0; ?>E20;8; =0A: Ť%>@>H89 C40@!ť.

 ?>:5@5 2@O4 ;8 :B>-B> E>G5B ?;0B8BL 45=L38 70 2>7<>6=>ABL ?>BO30BLAO A ;CGH8<8 83@>:0<8. >7<>6=>, 20H8 ?@>B82=8:8 E>B5;8 1K ?>BO30BLAO A 8725AB=K< 83@>:><, => 2K B0:>2K< =5 O2;O5B5AL. K 83@05B5 ;CGH5, G5< 1>;LH8=AB2> 4@C38E ;N459. > ?@>83@0BL 20<   MB> =5 B>65 A0<>5, GB> ?@>83@0BL >9;C @0=A>=C. 5:>B>@K5 83@>:8 ?@>83@K20NB 5<C A5@L57=K5 45=L38 B>;L:> 4;O B>3>, GB>1K ?>B>< ?>E20AB0BLAO MB8<. > 5A;8 2K =045@5B5 :><C-B> 704=8FC, B> >= =5 ?>;CG8B >B MB>3> =5701K205<K9 >?KB, :>B>@K< 70B5< A<>65B E20AB0BLAO   2AQ, GB> >= ?>;CG8B, MB> =04@0==CN 704=8FC 8 ?@>EC482H89AO :>H5;5:.

#2065=85, >A>15==> >B E>@>H8E 83@>:>2

>:5@=0O :C;LBC@0 >G5=L Ť<C6A:0Oť, 8 ;CGH85 83@>:8 ?>;CG0NB 1>;LH>5 :>;8G5AB2> C2065=8O =5 ?@>AB> 70 8E =02K:8, => B0: 65 8 70 8E 6QAB:>ABL. K C20605< (8=>340 =5>E>B=>) ;N459, :>B>@K5 A?>A>1=K 45;0BL 25I8, :>B>@K5 2> <=>38E >1;0ABOE 1K;8 1K =5 ?>4E>4OI8<8, 4065 ?@8 B><, GB> >=8 O2;ONBAO 70:>==K<8. 0?@8<5@, :@068 10=:>2, >1<0=, 2K68<0=85 <0:A8<0;L=>9 ?@81K;8 87 A2>59 @C:8 8 4065 <0:A8<870F8N 2K83@KH0 >B 4@C3>3> 83@>:0, 2?;>BL 4> ?>A;54=53> 4>;;0@0.

028ABL 8 2@06451=>ABL

20 MB8E GC2AB20 A8;L=> 2;8ONB =0 B>, GB> 20< =5 1C4CB @04K. > 5ABL 8 5I5 >48= D0:B. >:5@=K5 83@>:8 =0AB>;L:> 65 A>@52=>20B5;L=K5, :0: 8 ;N48 2 F5;><. 5@0@E8O AB0BCA>2 2 ?>:5@5 =5 B0: O2=> >?@545;5=0, :0: @59B8=3 83@>:>2 B5==8A=>3> :;C10. > 2A5 <K 7=05< B>, 345 =0E>48BAO :064K9 87 =0A. =>385 ;N48 1C4CB 70284>20BL 20<, 8 =5 B>;L:> 87-70 45=53, :>B>@K5 2K 2K83@K205B5 (E>BO MB>, :>=5G=>, 206=>), => B0: 65 8 ?>B><C, GB> 2K 70=8<05B5 1>;55 2KA>:>5 <5AB>, G5< >=8.

>65B5 ;8 2K GB>-=81C4L A MB8< ?>45;0BL? 5 >G5=L. 028ABL 8 =5;N1>2L : 2KH5AB>OI8< ;N4O< >1KG=0 4;O G5;>25G5A:>9 =0BC@K. >:0 2K 1C45B5 A25B8BLAO 2 83@5, 2K =5 1C45B5 =@028BLAO =5:>B>@K< ;N4O<. 0?@8<5@, >=8 <>3CB H5?B0BLAO > 20A 70 20H59 A?8=>9, >128=OBL 20A 2 =5G5AB=>9 83@5 8;8 4065 >1<0=5B 8 45;0BL <=>385 4@C385 =5?@8OB=K5 25I8, GB>1K 2>A?@5?OBAB2>20BL ?@87=0=8N B>3>, GB> 2K 83@05B5 ;CGH5, G5< >=8. K <>65B5 C<5=LH8BL 8E 2@06451=>ABL, 5A;8 1C45B5 4>1@K<8 8 CGB82K<8, => 20< 2A5 @02=> =C6=> 1C45B ?@8<8@8BLAO A B5<8 GC2AB20<8 ,:>B>@K5 <>3CB 8A?KBK20BL 4@C385 ?> >B=>H5=8N : 20<.

-B> ?>4=8<05B 2>?@>A > A0<>< 3;02=>< =54>AB0B:5 <=>38E B09B>2>-03@5AA82=KE 83@>:>2: >B:@KB>5 ?@57@5=85 8 3@C1>ABL : 1>;55 A;01K< 83@>:0<. K 7=05B5 ,GB> =5;L7O :@8B8:>20BL 20H8E Ť:;85=B>2ť, E20AB0BLAO 20H8<8 2K83@KH0<8 8 45;0BL 4@C385 <0;LG8H5A:85 25I8, :>B>@K5 45;0NB 4@C385 E>@>H85 83@>:8 . >MB><C 5A;8 C 20A 5ABL B0:0O ?@>1;5<0, >1@0B8B5 =0 =5Q 2=8<0=85. K <>65B5 ?>-?@56=5<C >AB020BLAO B83@>< 70 AB>;><, => ?@8 MB>< 1KBL 465=B;L<5=>< 8;8 ;548.

>=8<0=85 20H8E <>B82>2

0H A0<K9 ?5@2K9 2>?@>A 4>;65= 1KBL A;54CNI8<: ?>G5<C 2K 83@05B5 2 ?>:5@? 0H A;54CNI89 2>?@>A 4>;65= 1KBL B0:8<: ?>G5<C 2K 2K1@0;8 A515 40==K9 AB8;L? 4=0:>, 2K =5 ?@>AB> 2K1@0;8 A515 B09B>2>-03@5AA82=K9 AB8;L. K @01>B0;8 =04 B5<, GB>1K @0728BL 53>. >MB><C 20H 2B>@>9 2>?@>A 4>;65= 72CG0BL B0:: ?>G5<C 2K ?@>45;0;8 1>;LHCN @01>BC ?> @0728B8N 20H53> AB8;O?

B25BK =0 >10 MB8E 2>?@>A0 >G5284=K. K 83@05B5 2 ?>:5@ 4;O 2K83@KH0, 8 2K @0728;8 MB>B AB8;L, ?>B><C GB> >= ?>72>;O5B ?>;CG0BL ;CGH85 @57C;LB0BK. 4=0:> 2K <>65B5 ?@5C<5=LH0BL 4@C385 20H8 <>B82K.

>=8<0=85 2A5E 20H8E <>B82>2 ?><>65B 20< ?@8=OBL 420 206=59H8E @5H5=8O: ;8<8BK AB02>: 8 B8?K 83@, 2 :>B>@K5 2K 1C45B5 83@0BL, 0 B0:65 B>, AB>8B ;8 20< AB0=>28BLAO ?>:5@=K< ?@>D5AA8>=0;><. K C65 3>2>@8;8 > B><, GB> M3> 8:0 ?> ?@>728IC Ť@5:ť 8 53> ;N1>2L : A>@52=>20=8N 70AB028;> ?>B5@OBL 25AL 53> 10=:@>;; 2 83@5 ?@>B82 6>==8 >AA0, =0<=>3> 1>;55 A8;L=>3> 83@>:0.

>4>1=K5 25I8 A;CG0NBAO ?>AB>O==>. 5AG8A;5==>5 :>;8G5AB2> <>;>4KE ;N459 8 =51>;LH>5 :>;8G5AB2> 65=I8= ?KB0NBAO ?>18BL 83@K, :>B>@K5 A;8H:>< 6QAB:85 4;O =8E. 1KG=> >=8 ?@>AB> ?@>83@K20NB 2A5 A2>8 45=L38, => =5:>B>@K5 87 =8E 3C1OB A2>8 687=8.

1KG=> >=8 O2;ONBAO ;CGH8<8 83@>:0<8 2 :0:><-B> =51>;LH>< :@C3C 8 E>BOB ?>?@>1>20BL A51O 2 1>;55 A5@L57=>9 >1AB0=>2:5. =8 <5AOF0<8 8 3>40<8 :>?OB 45=L38 8 4065 <>3CB 1@0BL 8E C :>3>-B> 2 4>;3, GB>1K A>740BL A515 10=:@>;;. =8 C2>;L=ONBAO A> A2>59 @01>BK, ?5@55760NB 2 0A-530A 8;8 2 4@C3>9 ?>:5@=K9 3>@>4, 83@0NB 2 :@C?=KE 83@0E 8 @07>@ONBAO. A;8 2K B>65 704C<K20;8AL > B><, GB>1K B0: ?>ABC?8BL, ?@>GB8B5 @8;>65=85 B Ť5 1@>A09B5 A2>N 4=52=CN @01>BCť.

# 20H53> AB8;O 5ABL B0:65 M:>=><8G5A:85 8 ?A8E>;>38G5A:85 ?@8G8=K 8 ?A8E>;>38G5A:85 <>B82K <>3CB 1KBL 1>;55 A8;L=K<8 (=>, 25@>OB=>, 2K =5 >F5=820;8 8E 7=0G5=8O B0: 2KA>:>). >7<>6=>, 2K =54>>F5=8;8 4@C385 20H8 <>B82K, ?>B><C GB> ?>:5@=K5 83@>:8 =0<=>3> 1>;LH5 3>2>@OB > 2K83@KH0E 45=53, G5< > 2A5E 4@C38E <>B820E 2<5AB5 27OBKE.

-B> 87;8H=55 2=8<0=85 : 45=L30< 3;02=K< >1@07>< =02O7K205BAO ?>:5@=>9 :C;LBC@>9. K 3>2>@8< > 45=L30E, :0: B>@3>2FK A #>;; !B@8B: MB> A?>A>1 2545=8O AG5B0 2 83@5.

K ?>GB8 =025@=O:0 A>@52=>20B5;L=K 8 2> <=>38E 4@C38E >1;0ABOE. K, 25@>OB=>, =0A;06405B5AL 4@C38<8 83@0<8 8 B>65 83@05B5 2 =8E E>@>H>. "0:65 2K <>65B5 1KBL >G5=L A>@52=>20B5;L=K< 2 ?;0=5 AB0BCA0 8 4@C38E ?A8E>;>38G5A:8E C4>2;5B2>@5=89.

A;8 1K O E>B5; 27OBL =0 A51O @>;L ?A8E>0=0;8B8:0, B> O 1K A:070;, GB> 2K 1;87:8 : B><C, GB>1K 1KBL >45@68<> =02O7G82K<. > 745AL O =5 1C4C 1@0BL MBC @>;L. 0209B5 ?@>AB> ?>A<>B@8<, :0:85 4@C385 <>B82K 2;8ONB =0 20HC 83@C 2 ?>:5@.

0209B5 273;O=5< =0 >F5=:C 20H8E <>B82>2, A45;0==CN 20<8 2 @0745;5 Ť>G5<C 2K 83@05B5 2 ?>:5@?ť 87 ?5@2>9 G0AB8 :=838. !:>?8@C9B5 AN40 20H8 >B25BK 87 B01;8FK !1 2 B>< @0745;5. !;54CNI85 0170FK <>3CB 87<5=8BL 20H5 <=5=85 > 20H8E 83@>2KE <>B820E.



"01;8F0 11: >8 <>B82K 4;O 83@K



K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



______%

064K9 83@>: 4>;65= 7=0BL, ?>G5<C >= 2K1@0; B>B 8;8 8=>9 83@>2>9 AB8;L. > 4;O 20A MB> A0<>?>7=0=85 <5=55 2A53> 206=>, ?>B><C GB> 2=5 7028A8<>AB8 >B ?@8G8=, ?> :>B>@K< 2K 83@05B5 2 40==>< AB8;5, 2K @0728;8 2 A515 ;CGH89 AB8;L (A B>G:8 7@5=8O 2K83@KH=KE ?5@A?5:B82).

A;8 AC<<0 B0:8E 20H8E <>B82>2, :0: Ť@>25@:0 A2>59 :>=:C@5=B>A?>A>1=>AB8ť 8 Ť5;0=85 8A?KB0BL 2:CA ?>154Kť =5 4>AB8305B 20%, O 4C<0N, GB> 2K A51O >1<0=K205B5. K 83@05B5 =5 B>;L:> 4;O 70@01>B:0 45=53. N1>9, 8<5NI89 <>738 8 48AF8?;8=C, GB> ?><>305B ?>A;54>20B5;L=> ?>15640BL, 25@>OB=>, <>65B 70@01>B0BL =0<=>3> 1>;LH5 45=53 2 4@C38E >1;0ABOE.

A;8 >1I0O AC<<0 B0:8E 20H8E <>B82>2, :0: ŤK83@0BL 45=L38ť, Ť@>25@8BL A2>N :>=:C@5=B>A?>A>1=>ABLť 8 Ť>GC2AB2>20BL 2:CA ?>154Kť =5 4>AB8305B, ?> <5=LH59 <5@5 75%, O 1C4C 25AL<0 C482;5=, 8 :>5-GB> 2 20H8E >F5=:0E 1C45B >G5=L =525@=K<. ;8 2K ?;>E> ?>=8<05B5 A2>8 <>B82K, 8;8 65 ?@>AB> HCB8B5.

A;8 65 ?@>F5=B=0O 4>;O 20H8E <>B82>2 C:;04K205BAO 2 40==K5 480?07>=K, MB> 7=0G8B, GB> 2K @0728;8 8<5==> B>B AB8;L, :>B>@K9 ;CGH5 2A53> A>>B25BAB2C5B 20H8< <>B820<. 8:0:>9 4@C3>9 AB8;L =5 A<>65B 40BL 20< B0:>9 1>;LH>9 ?@81K;8 8 GC2AB20 CA?5H=>9 :>=:C@5=F88 >4=>2@5<5==>. 48=AB25==>9 >B@8F0B5;L=>9 AB>@>=>9 MB>3> <>65B 1KBL B>, GB> B0:>9 AB8;L =5 C4>2;5B2>@O5B 4@C385 20H8 <>B82K.

0?@8<5@, A>60;55B5 ;8 2K > B><, GB> =5 A?>A>1=K @0AA;018BLAO 8 =0A;048BLAO 83@>9? %>B8B5 ;8 2K 1KBL 1>;55 4@C65AB25==K<8 A 4@C38<8 83@>:0<8, <5=LH5 @0AA<0B@820O 8E :0: ?@>B82=8:>2, C :>B>@KE =C6=> 2K83@0BL? 0;55B5 ;8 2K, GB> =8:>340 =5 CABC?05B5 A2>8< 3;C?K< M<>F8O< 8 =5 83@05B5 070@B=> ?@>AB> @048 @072;5G5=8O? A;8 MB8 2>?@>AK A5@L57=> 20A 15A?>:>OB, =5<=>3> A<O3G8B5 20H AB8;L: @0AA;01LB5AL, =0G=8B5 83@0BL 1>;55 ;C7>2> 8 =5<=>3> <5=55 03@5AA82=>. @C38<8 A;>20<8, ?><=8B5, GB> ?>:5@   MB> 83@0, 8 >=0 A>740=0 4;O @072;5G5=8O.

A;8 MB8 2>?@>AK 20A =5 15A?>:>OB, B> =5 <5=O9B5 20H AB8;L, C 20A 2A5 >B;8G=>.  0=0;>38G=>< <5AB5 2 @0745;0E, ?>A2OI5==KE 4@C38< B8?0< 83@>:>2, O ?>4G5@:820; 206=>ABL 87<5=5=8O 8E AB8;O 8 ?@82>48; 4803@0<<C, =0 :>B>@>9 1K;> ?>:070=>, 2 :0:CN AB>@>=C >=8 4>;6=K 87<5=8BL A2>9 AB8;L. > 20< =5 =C6=> <5=OBL A2>9 AB8;L, ?>B><C GB> 2K C65 83@05B5 2 A0<>< ;CGH5< AB8;5   =0A;06409B5AL MB8<.

#;CGH5=85 20H59 83@K

K 83@05B5 2 8450;L=>< AB8;5 . 4=0:>, ACI5AB2CNB =5:>B>@K5 A?>A>1K C;CGH8BL 20HC 83@C.

 01>B09B5 =04 20H8< 8<8465<

=>385 B09B>2>-03@5AA82=K5 83@>:8 8<5NB ;8G=K5 ?@>1;5<K. 5:>B>@K5 87 =8E =5?@8OB=K5 ;N48. > 1>;LH8=AB2> 87 =8E A;8H:>< A5@L57=K 8 A;8H:>< ?>;=K @5H8<>AB8. =8 83@0NB =0AB>;L:> A5@L57=>, GB> =5:>B>@K5 87 8E ;CGH8E Ť:;85=B>2ť 871530NB 8E, B0: :0: ?@54?>G8B0NB 83@0BL A ;N4L<8, :>B>@K5 45;0NB 83@C 1>;55 25A5;>9.

K <>65B5 2>7@078BL ŤC 8 GB> A B>3>?ť. > MB> 1C45B =5?@028;L=>. 0< =5 =C6=> E>B5BL, GB>1K <O3:85 83@>:8 871530;8 20A, 8 G5< >=8 1C4CB <O3G5 ,B5< A8;L=55 2K =0?C305B5 8E A2>59 A5@L57=>9 <0=5@>9 8 A5@L57=K< >B=>H5=85<. >72>;LB5 <=5 AD>@<C;8@>20BL MB> A0<K< :@0B:8< A?>A>1><: G5< 1>;55 @57:> 2K A51O 2545B5, B5< <5=LH5 45=53 2K 70@01>B05B5.

0?@8<5@, >48= 2KA>:>;8<8B=K9 83@>: :065BAO 1>30BK< 8 >G0@>20B5;L=K< ?;591>5<. = 4>@>3> >45205BAO, =>A8B 7>;>BK5 F5?8 8 G0AK Ť >;5:Ať, A2>1>4=> B@0B8B 45=L38 8 2A5340 C;K105BAO 8 A<55BAO. >340 >= 2K83@K205B, >= 3>2>@8B, GB> MB> 53> 2575=85. >340 >= ?@>83@K205B, >= ?>74@02;O5B ?>1548B5;O 8 4065 A<55BAO =04 A2>8<8 >H81:0<8 (=> =0 A0<>< 45;5 >= 8E =5 4>?CA:05B).  83@5 >= :065BAO ?>GB8 =5708=B5@5A>20==K< 83@>9: >= 1>;B05B =8 > G5<, A<>B@8B 8 :><<5=B8@C5B 83@K 8 A:0G:8, :>B>@K5 ?>:07K20NB ?> B5;52845=8N 8;8 AB@>8B 3;07:8 A;CG09=>9 A8<?0B8G=>9 452CH:5.

= <>65B 1KBL ?>E>68< =0 1>30B>3> ?;591>O, => >= ?>;=>ABLN 6825B =0 A2>9 2K83@KH >B ?>:5@0. 3> <O3:0O ?@8OB=0O <0=5@0 @0AA;01;O5B 53> Ť:;85=B>2ť, C25;8G820O 53> ?@58<CI5AB20. =8 >B2;5:0NBAO 8 >= B>G=> 7=05B, GB> MB> 1C45B ?@>4>;60BLAO. = 459AB2C5B :0: 1K =0 42CE C@>2=OE: A >4=>9 AB>@>=K >= 45;05B 284, GB> 83=>@8@C5B 83@C, 0 A 4@C3>9 AB>@>=K   53> 2=CB@5==89 :><?LNB5@ 70?8AK205B 8 >F5=8205B 2AQ. 3> 83@0 :065BAO <O3:>9 8 =51@56=>9, => >= B>G=> 7=05B, GB> 45;05B.

5:>B>@K5 157701>B=K5 83@>:8 ;N1OB 83@0BL A =8<. =8 83@0NB @048 @072;5G5=8O 8 A =8< ?@8OB=> 83@0BL. CGH55 459AB285, :>B>@>5 <>65B A45;0BL Ť:0<=5;><ť   MB> ?@8=5AB8 B0:>5 C4>2>;LAB285 A2>8< ?@>B82=8:0<, GB> >=8 1C4CB ?@>A8BL 53> ?@8A>548=8BLAO : 8E 83@5.

5 ?KB09B5AL 2K83@0BL :064K9 ?>A;54=89 4>;;0@

K <>3;8 1K ?>9B8 =5<=>3> 40;LH5, G5< ?@>AB> A>740BL A515 <O3:89 8 <5=55 A5@L57=K9 8<846. =>340 MB> <>65B ?@8=5AB8 20< ?@81K;L. >72>;LB5 <=5 @0AA:070BL > A0<>< 1>30B>< G5;>25:5, :>B>@K9 <=5 8725AB5=   > -45  095=5, >A=>20B5;5 :><?0=88 Ryan Homes. = =0G8=0; :0: ?;>B=8:, 0 2 :>=F5 :>=F>2 70@01>B0; 1>;55 $100 000 000 =0 AB@>8B5;LAB25 740=89. 3> ?@55<=8:, :>B>@>3> >= 2K1@0; A515 A0<, 1K; >G5=L :>=:C@5=B>A?>A>15=: >= 4>;65= 1K; ?@5CA?5BL 2> 2AQ<, 4065 2 B@8280;L=KE 25I0E.

>43>B02;820O A2>53> ?@55<=8:0 :> 2ABC?;5=8N 2 53> 4>;6=>ABL, -4 =5>4=>:@0B=> ?>2B>@O;: Ť5 ?KB09AO ?>1548BL 2A5E. K18@09 A2>8 ?>4E>4OI85 A;CG08. 0209 8=>340 H0=A 2K83@0BL :><C-B> 5IQť. 3> ?@55<=8: ?>A;CH0;AO MB8E A>25B>2, 8 1;03>40@O 4@C38< ?>;CG5==K< C@>:0< ?>4=O; :><?0=8N =0 25@H8=C D8=0=A>2>3> 1;03>?>;CG8O, 8 2A:>@5 53> D>B>3@0D8O ?>O28;0AL =0 >1;>6:5 6C@=0;0 Business Week. -4 =5 70@01>B0; 1K $100 000 000, =5 8<5O 1>;LH>3> >?KB0 8 7=0=89, ?>MB><C ?>A;54C9B5 53> A>25BC: 8=>340 409B5 2>7<>6=>ABL 2K83@0BL 8 :><C-B> 4@C3><C.

K1>@ ?@028;L=KE 83@

;O 83@>:>2 4@C38E AB8;59 O @5:><5=4>20; 1K 2K18@0BL =0AB>;L:> 45H52K5 83@K, =0A:>;L:> >=8 <>3;8 A515 ?>72>;8BL. ;O 20A 65 O 40N B0:>9 A>25B: 83@0BL 2 =0AB>;L:> :@C?=>9 83@5, 2 :0:>9 2K <>65B5.

5@54 B5<, :0: ?5@5E>48BL =0 1>;55 2KA>:85 ;8<8BK, 2K 4>;6=K ?@87=0BL, GB> 20H AB8;L   MB> 3;02=0O ?@8G8=0, ?> :>B>@>9 2K 2K83@K20;8. -B>B AB8;L =5 1C45B 4020BL 20< B0:>3> ?@58<CI5AB20 2 1>;55 4>@>38E 83@0E. 0 20H5< B5:CI5< ;8<8B5 2K, 25@>OB=>, 83@05B5 1>;55 B09B>255 8 03@5AA82=55, G5< ?@>B82=8:8. >A:>;L:C 1>;55 :@C?=K5 83@K >1KG=> O2;ONBAO 1>;55 B09B>2K<8 8 1>;55 03@5AA82=K<8, 20H B5:CI89 AB8;L =0 1>;55 2KA>:8E ;8<8B0E 1C45B <5=55 2K45;OBLAO.

0?@8<5@, AB8;L, :>B>@K9 >?8AK205BAO @59B8=3>< 3,7 2 83@0E ?> AB02:0< $10/$20 <>3 1K 1KBL AB8;5< 5,5 2 83@0E ?> AB02:0< $30/$60. "> 65 A0<>5 A;CG05BAO 8 A DCB1>;L=K<8 83@>:0<8. 0I8B=8:, @>AB>< 2 240 DC=B>2 1K; 1K 72574>9 2 1>;LH8=AB25 8=AB8BCBA:8E :><0=4, => 4;O B>3>, GB>1K 83@0BL =0 B0:>9 ?>78F88 2 =0F8>=0;L=>9 DCB1>;L=>9 ;835, 53> @>AB A;8H:>< <0;.

5@5<5I0OAL =0 1>;55 2KA>:85 ;8<8BK, 2K <>65B5 AB0BL 5I5 1>;55 B09B>2K<8 8 03@5AA82=K<8.  2K ?>GB8 =025@=O:0 @07>2L5B5 4@C385 A2>8 :0G5AB20. K =5 A<>65B5 ?>1548BL B>;L:> A ?><>ILN >4=>3> 20H53> AB8;O. 0< =5>1E>48<> 1C45B ?>=8<0BL 83@C ?>;=>ABLN.

>A:>;L:C 2K =5 A<>65B5 C7=0BL, ?>;CG8BAO ;8 C 20A ?>18BL :0:CN-B> :>=:@5B=CN 83@C, ?>:0 2K A0<8 =5 ?>?@>1C5B5 MB>, BI0B5;L=> ?;0=8@C9B5 20H8 ?>?KB:8. 5 ?@K309B5 2KH5, G5< =0 >48= ;8<8B 70 >48= @07 8 ?@>2>48B5 =5:>B>@>5 2@5<O =0 :064>< ;8<8B5, GB>1K C4>AB>25@8BLAO ,GB> 2K <>65B5 ?>18BL 40==CN 83@C. A;8 20H8 @57C;LB0BK 1C4CB ?;>E8<8, 1C4LB5 3>B>2K 25@=CBLAO =0 1>;55 =87:89 ;8<8B. # 20A 2A5340 1C45B 2@5<O =01@0BLAO >?KB0 8 ?>?@>1>20BL A=>20.

0 :064>< C@>2=5 83@09B5 ?>=0G0;C >G5=L >AB>@>6=>. 5@5E>48B5 =0 1>;55 2KA>:89 ;8<8B B>;L:> B>340, :>340 2K 1C45B5 2 A2>59 =08;CGH59 D>@<5. K18@09B5 A0<K5 <O3:85 83@K. 5 @8A:C9B5 2A5< 20H8< 10=:@>;;><; >B;>68B5 BC AC<<C, :>B>@>9 2K <>65B5 @8A:=CBL 8 5A;8 2K 5Q ?>B5@O5B5, A?CA:09B5AL =0 >48= 8;8 420 C@>2=O =865. 5;09B5 G0ABK5 ?0C7K 2> 2@5<O 83@K, GB>1K ?>4C<0BL =04 83@>9 8 =04 20H59 AB@0B53859. >A;5 83@>2>9 A5AA88 >1AC6409B5 MB> A 4@C38<8 83@>:0<8, GB>1K ?>=OBL, :0: C;CGH8BL 20HC 83@C.

 0=> 8;8 ?>74=> 2K =0945B5 ?>4E>4OI89 ;8<8B   =081>;55 :@C?=CN 83@C, :>B>@0O 20< ?>4>945B. AB0209B5AL B0< 8 =0A;06409B5AL. 0<=>3> ;CGH5 1KBL C25@5==K< ?>1548B5;5< 2 83@5 ?> AB02:0< $20/$40, G5< 87> 2A5E A8; ?KB0BLAO GB>-B> 2K60BL 87 83@K ?> AB02:0< $50/$100.

@82545=85 2A5E 20H8E 459AB289 2 ?>@O4>:

A;8 2K B09B>2>-03@5AA82=K9 83@>:, MB0 3;020 40AB 20< >G5=L <=>3> 8=D>@<0F88 > 20A 8 > 20H5< 83@>2>< AB8;5. 0209B5 ?>A<>B@8<, :0: MB> A>>B=>A8BAO A B5<8 2>?@>A0<8, =0 :>B>@K5 2K >B25G0;8 @0=55.

064K9 @07, :>340 O ?@>HC 20A >1@0B8BLAO : :0:><C-B> ?@54K4CI5<C @0745;C, MB> <>65B >:070BLAO ?>;57=K< 4;O 20A 2 B>< ?;0=5, GB> C 20A 2 3>;>25 >B;>60BAO A0<K5 206=K5 8458 87 MB>9 3;02K.

-B> <>65B 70=OBL :0:>5-B> 2@5<O 8 >B25BK, :>B>@K5 2K =0?8H8B5 A53>4=O, <>3CB 1KBL 87<5=5=K 20<8 ?> <5@5 @0728B8O 20H59 83@K. "@0B8BL =0 MB> B0: <=>3> 2@5<5=8 <>65B ?>:070BLAO 20< A:CG=K< 8;8 4065 @074@060NI8<, => MB> <>65B ?@8=5AB8 20< >3@><=K5 482845=4K.

F5=:0 B>3>, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4

1@0B8B5AL : @8;>65=8N A: Ť"5AB ?> ?@028;L=><C ?>4E>4Cť. !45;09B5 70:;04:C =0 MB>< B5AB5, GB>1K 2K 2A5340 <>3;8 1KAB@> =09B8 MB>B B5AB. 5A:>;L:> A;54CNI8E AB@>: A>2?040NB A> =5:>B>@K< AB@>:0<8 2 B>< B5AB5. >A<>B@8B5 =0 A2>8 >B25BK G5@57 =5:>B>@>5 2@5<O, :0: 2K 8E =0?8H8B5. > ?@56=5<C ;8 >=8 :06CBAO ?@028;L=K<8? A;8 =5B, ?5@5A<>B@8B5 8E 8 =0?8H8B5 745AL B5, :>B>@K5 AG8B05B5 ?@028;L=K<8.

0:85 A>AB02;ONI85 ?@028;L=>3> ?>4E>40 O2;ONBAO 20H8<8 A8;L=K<8 AB>@>=0<8, :0:85   A;01K<8, 0 :0:85   =59B@0;L=K<8?

!8;L=K5 AB>@>=K                    !;01K5 AB>@>=K                    59B@0;L=K5







0:8< >1@07>< 2K <>65B5 872;5GL ?@58<CI5AB2> >B 20H8E A8;L=KE AB>@>=?







0:8< >1@07>< 2K <>65B5 C<5=LH8BL 2;8O=85 A2>8E A;01KE AB>@>=?







F5=:0 20H53> =02K:0 GB5=8O @C:

5@=8B5AL : @0745;C Ť'B5=85 @C:ť 87 2B>@>9 G0AB8 :=838 (C 20A 4>;6=0 1KBL A45;0=0 70:;04:0 =0 B>9 AB@0=8F5) 8 >B25BLB5 =0 A;54CNI85 2>?@>AK.

>8 >G:8 1;865 2A53> : B8?C __________________.

# <5=O A;54CNI85 AE>4AB20 8 @07;8G8O A __________________:

!E>4AB20:





 07;8G8O:





0: MB8 AE>4AB20 8 @07;8G8O 2;8ONB =0 20HC 83@C 2 ?>:5@?





'B> 2K A>18@05B5AL ?@54?@8=OBL?







0H @59B8=3

>A<>B@8B5 =0 20H @59B8=3, :>B>@K9 2K >?@545;O;8 2 ?>4@0745;5 ŤF5=:0 A0<>3> A51Oť 87 B@5BL59 G0AB8 :=838. 5@5?8H8B5 53> AN40.

>8 @59B8=3 __ , __.

065BAO ;8 20H @59B8=3, @0=55 >?@545;Q==K9 20<8 B>G=K< ?>A;5 ?@>GB5=8O 20<8 40==>9 G0AB8 :=838? 0 5B (>B25B >12548B5). A;8 2K 2K1@0;8 Ť5Bť, =0?8H8B5 745AL 20H 1>;55 B>G=K9 @59B8=3: __ , __.

A;8 2K ?5@5A<>B@5;8 20H8 >G:8 ?> >1>8< E0@0:B5@8AB8:0<, :@0B:> =0?8H8B5, ?>G5<C. '5< B>G=55 2K MB> >1JOA=8B5, B5< 1C45B ;CGH5 4;O 20A.







0H8 <>B82K 4;O 83@K

73;O=8B5 =0 20H8 >F5=:8 20H8E 83@>2KE <>B82>2, @07<5IQ==K5 2 ?>4@0745;5 Ť>=8<0=85 20H8E <>B82>2ť B5:CI53> @0745;0. !:>?8@C9B5 8E 2 :>;>=:C Ť!0<>>F5=:0ť A;54CNI59 B01;8FK. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.

















"01;8F0 12: >8 <>B82K 4;O 83@K

>8 <>B82K	!0<>>F5=:0	5@5>F5=:0

K83@0BL 45=L38

>>1I0BLAO A ;N4L<8

B4>E=CBL

>;CG8BL 4>7C 04@5=0;8=0

@>25@8BL A2>9 C@>25=L

>GC2AB2>20BL 2:CA ?>154K

@>25AB8 2@5<O

@C3>5 (=0?8H8B5, GB> 8<5==>):

________________________________

________________________________

________________________________



B>3> (4>;6=> 1KBL 100%):	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%	_______%

_______%

_______%

_______%

_______%

_______%

_______%



_______%

_______%

_______%



_______%

AE>4O 87 2A53> B>3>, GB> 2K ?@>G;8 4> B5:CI53> <><5=B0, :06CBAO ;8 20< 0::C@0B=K<8 MB8 >F5=:8? A;8 =5B, 2?8H8B5 20H8 1>;55 B>G=K5 >F5=:8 2 :>;>=:C Ť5@5>F5=:0ť. 8H8B5 :0@0=40H>< 8 C1548B5AL, GB> AC<<0 2A5E 20H8E <>B82>2 @02=0 100%.

;02=K5 2>?@>AK

0?8H8B5 745AL >B25BK =0 A;54CNI85 3;02=K5 2>?@>AK:

>9 AB8;L C4>2;5B2>@O5B A;54CNI8< <>B820<:







>9 AB8;L <5H05B A;54CNI8< <>B820<:







/ 4>;65= 87<5=8BL A2>9 @59B8=3 A __ , __ =0 __ , __, ?>B><C GB> O E>GC:







>=:@5B=K5 459AB28O

5@5G8B09B5 ?>;=>ABLN 40==CN G0ABL :=838 8 =0?8H8B5 AN40, :0:85 :>=:@5B=K5 459AB28O 2K A>18@05B5AL ?@54?@8=OBL.

/ 4>;65= 83@0BL 2 83@K A;54CNI8E 284>2: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

 / 4>;65= 871530BL A;54CNI8E 284>2 83@: __________________, ?>B><C GB> MB8 83@K ______________________________________________.

/ 4>;65= A45;0BL A;54CNI85 :>=:@5B=K5 87<5=5=8O 2 <>59 AB@0B5388:

1.	

2.	

3.	

4.	

!45;09B5 70:;04:C =0 MB8E AB@0=8F0E. @5<O >B 2@5<5=8 ?5@5A<0B@8209B5 A2>8 ?;0=K, >B<5G0O, :0: E>@>H> 2K A =8<8 A?@02;O5B5AL   5A;8 CA?5H=>, B> AB02LB5 A515 =>2K5 F5;8.

#40G8!





















 



'0ABL VIII

0H8 A<5@B=K5 3@5E8



2545=85

K 4>;3> 3>2>@8;8 > 3;02=KE B8?0E 83@>:>2. 0209B5 70:>=G8< =0 B><, G5< <K 2A5 A 20<8 >1;0405<   =0 =0H8E A<5@B=KE 3@5E0E. 5:>B>@K5 87 =0A >1;040NB 8<8 2A5<8; C =5:>B>@KE G5<?8>=>2 8E 2A53> >48=-420, => =5B 83@>:>2, =5 4>?CA:0NI8E >H81>:. >=5G=>, =5:>B>@K5 ?KB0NBAO >?@>25@3=CBL MB>B D0:B, A:070BL, GB> >=8 83@0NB ;CGH5, G5< =0 A0<>< 45;5, => >B@8F0=85   MB> >48= 87 A0<KE 1>;LH8E 3@5E>2. 7-70 =53> <K =5 AB0@05<AO 1>@>BLAO A =0H8<8 >H81:0<8 8 A;01>ABO<8. 5@2K9 H03 4;O A0<>A>25@H5=AB2>20=8O 70:;NG05BAO 2 B><, GB> =0< =C6=> ?@>25@8BL, =0A:>;L:> <K <>65< 1>@>BLAO A0<8 A A>1>9. K <>65< AB0BL E>@>H8<8 83@>:0<8, B>;L:> 5A;8 ?>9<5<, :0:85 87 =0H8E <KA;59 8 ?>1C645=89 2;8ONB =0 B>, GB> <K 83@05< ?;>E>.

































 



0H8 A<5@B=K5 3@5E8

 =0G0;5 :=838 <K 3>2>@8;8 > Ť?@028;L=>< ?>4E>45ť   > B><, GB> >B;8G05B 2K83@K20NI8E 83@>:>2 >B 2A5E >AB0;L=KE. 0209B5 70:>=G8< =0 B><, G5< <K 2A5 A 20<8 >1;0405< (MB8< >1;040NB 4065 2K83@K20NI85 83@>:8)   > =0H8E A<5@B=KE 3@5E0E. 0: 8725AB=>, 5ABL A5<L A<5@B=KE 3@5E>2, => C ?>:5@=KE 83@>:>2 8E 45AOBL.

!<5@B=K9 3@5E !1: ;>E>9 A0<>:>=B@>;L. -B> A0<K9 AB@0H=K9 3@5E, 8 >= A;C68B ?@8G8=>9 2A5E =865A;54CNI8E. -B> Ť5AB5AB25==K9 3@5Eť, => ?><=8B5, GB> 8 ?@>83@KH 2 ?>:5@5 O2;O5BAO 1>;55 5AB5AB25==K<, G5< 2K83@KH.

065 ?>AB>O==> 2K83@K20NI85 83@>:8 8=>340 A>25@H0NB A0<>@07@CH0NI85 459AB28O, GB> <>65B =5A:>;L:> ;LAB8BL =0<, => <K 4>;6=K 8A?>;L7>20BL MB> 4;O B>3>, GB>1K C;CGH8BL A2>N 83@C.  2K83@KH=>< ?>:5@5 =5 ACI5AB2C5B =8G53>, GB> O2;O;>AL 1K 5AB5AB25==K<; 4;O ?>154K <K 4>;6=K @0728BL 2 A515 4>AB0B>G=K9 A0<>:>=B@>;L 8 45;0BL =5:>B>@K5 =55AB5AB25==K5 25I8.

!<5@B=K9 3@5E !2: B@8F0=85 @50;L=>AB8. -B> 2B>@>9 87 A<5@B=KE 3@5E>2, 8 ?>GB8 :064K9 87 =0A 8=>340 53> A>25@H05B. K >B@8F05<, GB> MB0 :>=:@5B=0O AB02:0 O2;O5BAO 3;C?>9 8;8 GB> <K ?;>E> 83@05< 87-70 B>3>, GB> CAB0;8, =0< A:CG=> 8;8 ?>B><C GB> <K 2 ?@>83@KH5. K >B@8F05<, GB> MB0 83@0 A;8H:>< 6QAB:0O 4;O =0A, ?>B><C GB> <K =5 E>B8< A>3;0H0BLAO A B5<, GB> 4;O =0A ACI5AB2CNB :0:85-B> ?@545;K. N1>9 284 >B@8F0=8O A?>A>15= >G5=L 1KAB@> 8A?>@B8BL =0HC 83@C 8 AJ5ABL =0H 10=:@>;;.

!<5@B=K9 3@5E !3: 5B5@?5;82>ABL. 065 A0<0O  B09B>20O A:0;0 <>65B 8=>340 1KBL ?>425@65=0 =5B5@?5;82>AB8. >340 <K 645< =C6=CN @C:C, =0< AB0=>28BAO A:CG=>, >A>15==> :>340 83@0 A:;04K205BAO =5 >G5=L E>@>H>. >MB><C <K ?KB05<AO Ť2KAB@5;8BLť, B> BCB, B> B0<. =>340 MB> 25=G05BAO CA?5E><, >4=0:> 8=>340 MB> AB>8B =0< =5A:>;L:8E D8H5:, 0 8=>9 @07 MB> ?@82>48B : 1>;LH8< ?>B5@O<.

!<5@B=K9 3@5E !4: >=F5=B@0F8O =0 A515, 0 =5 =0 4@C38E 83@>:0E. K =0AB>;L:> A:>=F5=B@8@>20=K =0 A2>8E :0@B0E, =0 =0H5< AB5:5, =0 =0H59 AB@0B5388, GB> 701K205< > B><, GB> 3;02=0O 8=D>@<0F8O 8AE>48B >B 4@C38E 83@>:>2. 0?@8<5@, MB> ?@>8AE>48B B>340, :>340 =0< =0AB>;L:> ?> 4CH5 =0H0 @C:0, GB> <K =5 >1@0I05< 2=8<0=85 =0 2A5 A83=0;K C:07K20NI85 =0 B>, GB> <K ?>7048.

=>385 87 =0A 2K18@0NB ŤC40G=>5ť <5AB>, 0 =5 B> <5AB>, ?@8 :>B>@>< <K 1C45< =0E>48BLAO 2 =081>;55 2K3>4=>9 ?>78F88, 8 ?@0:B8G5A:8 2A5 87 =0A B5@O;8 45=L38 ?@>AB> 87-70 G@57<5@=>3> Ť87CG5=8Oť A2>59 @C:8. -B8 :0@BK =5 87<5=OBAO   =57028A8<> >B B>3> :0: <K 8E A>6<5< 8;8 ?>A<>B@8< =0 =8E   => ?>:0 <K 8E @0AA<0B@8205<, <K B5@O5< 87 284C A83=0;K 8 =5 <>65< ?@>:@CB8BL =0704 @>7K3@KH @C:8, ?>MB><C <K EC65 <>65< ?@>G8B0BL :0@BK A>?5@=8:0 8 EC65 2K1@0BL 25@=CN AB@0B538N.

!<5@B=K9 3@5E !5: >425@65==>ABL A>1AB25==K< M<>F8O<. ;>ABL 8 A0<>C25@5==>ABL <>3CB ?@825AB8 : ?;>E8< ?>A;54AB28O<   : ?5@583@K20=8N @C:, : 83@5 A 1>;55 A8;L=K<8 A>?5@=8:0<8, : 83@5 =0 A;8H:>< 2KA>:8E ;8<8B0E, 0 B0:65 : ?@>4>;65=8N 83@K 2 A>AB>O=88 CAB0;>AB8. 5;0=85 2K3;O45BL 25;8:>4CH=K< ?@82>48B : B><C GB> <K <>65< >B40BL >4=C AB02:C B> BCB, B> B0<, => A> 2@5<5=5< B0: <>65B A>1@0BLAO 1>;LH0O AC<<0.

!<5@B=K9 3@5E !6: !;010O :>=F5=B@0F8O. =>340 <K A<>B@8< 83@C ?> B5;5287>@C, @073>20@8205< A A>A54><, 8;8 4065 ?KB05<AO ?@54C3040BL ?>1548B5;O =0 A:0G:0E. -B> <>65B 1KBL =5O2=K<, B> 2 B> 65 2@5<O 3C18B5;L=K< 4;O =0A. 0?@8<5@, <K 2A5 4>?CA:05< >H81:C, 2A?><8=0O ?@>H;K5 @0740G8   >A>15==> 15418BK, :@C?=K5 2K83@0==K5 10=:8 8;8 =0H8 =5C40G=K5 @>7K3@KH8, > :>B>@KE <K A>60;55<.

4=0:> ?>:5@   MB> Ť83@0 40==>3> <><5=B0ť, 8 >=0 =8:>3> =5 64QB. >340 459AB285 4>E>48B 4> =0A, =0< =C6=> GB>-B> @5H8BL =5<54;5==>. A;8 <K A1@>A8< 2K83@KH=CN @C:C, >B25B8< A ?@>83@KH=>9 8;8 ?@>AB> =5 ?>AB028< 2284C A;01>9 :>=F5=B@0F88, B> MB8 45=L38 C94CB =02A5340.

!<5@B=K9 3@5E !7: @O<>;8=59=>ABL. >;LH8=AB2> 87 =0A <>3CB 2?0ABL 2 @CB8==CN 83@C, GB> ?@82>48B : B><C, GB> =0H0 83@0 AB0=>28BAO ?@54A:07C5<>9 8 ;53:> G8B05<>9. @O<>;8=59=>ABL B0:65 <5H05B =0< ?@8A?>A01;820BLAO : @07=K< 83@>:0< 8 : 87<5=5=8N A8BC0F88. K @07K3@K205< =0H8 @C:8 ?@0:B8G5A:8 >48=0:>2>, =57028A8<> >B >1AB>OB5;LAB2.

0?@8<5@, <0;> :B> ?@8A?>A01;8205BAO : A8BC0F88, :>340 420-B@8 83@>:0 45;0NB =51>;LH>9 ?5@5@K2. 3@0 <5=O5BAO :>@5==K< >1@07><, :>340 2<5AB> A:0;K 2 83@C 2E>48B <0=LO:, => <K <>65< =54>AB0B>G=> 1KAB@> ?5@5AB@>8BLAO 8;8 <>65< =5 A45;0BL MB>3> A>2A5<.

!<5@B=K9 3@5E !8: >CG5=85 =04 A>?5@=8:0<8. K ?>:07K205< A2>8 :0@BK, >A>15==> :>340 =0A >184=> ?5@5BO=C;8, <K >1JOA=O5< ?>G5<C <K AK3@0;8 ?>4>1=K< >1@07><, <K :@8B8:C5< 8;8 4065 G8B05< ;5:F88 4@C38< 83@>:0<. K 45;05< MB> ?>B><C, GB> <K E>B8< ?>;CG8BL C2065=85 8;8 A8<?0B8N 8;8 ?>B><C, GB> ?@>AB> E>B8< ?>:070BL A2>5 =54>2>;LAB2>, => 2 ?>:5@5 =C6=> 2K83@K20BL 45=L38, 0 =5 45;0BL B0:, GB>1K <K GC2AB2>20;8 A51O E>@>H>. 064K9 @07, :>340 <K ?>:07K205< A2>N @C:C, @0AA:07K205< 8AB>@8N 8;8 :@8B8:C5< 83@>:0, MB> AB>8B =0< 45=53. !;01K9 83@>: <>65B =0G0BL 83@0BL A8;L=55 8;8 ?>:8=CBL 83@C, 0 A8;L=K9 83@>: 1;03>40@O MB><C A<>65B ?>=OBL, :0: 2K83@K20BL C =0A.

!<5@B=K9 3@5E !9: 3@0 @048 >BK3@KH0. !0<0O 3;C?0O D@070 2 ?>:5@5   MB> Ť=5 =C6=> >BK3@0BLAOť, 8 <=>385 87 =0A 2@5<O >B 2@5<5=8 3>2>@OB 5Q. K 845< =0 3;C?K9 @8A:, :>B>@K9 G0AB> AB028B =0A 2 5IQ 1>;55 A;>6=>5 ?>;>65=85, 8 <K GC2AB2C5< A51O 5IQ 1>;55 15A?><>I=K<8. >340 <K ?@>83@K205<, MB> C:07K205B =0 B>, GB> GB>-B> 845B =5 B0:. >65B =0H8 A>?5@=8:8 83@0NB ;CGH5 G5< <K >6840;8, 8;8 <K 83@05< ?;>E>, 8;8 ?@>AB> MB> =5 =0H 45=L.

>340 <K ?@>83@K205<, =0< A;54C5B 83@0BL 1>;55 :>=A5@20B82=>, >4=0:> <K >B25G05< 8;8 4065 @5978< A @C:0<8, :>B>@K5 >1KG=> ?@>AB> 1K A1@>A8;8. K <>65< 4065 ?>9B8 =0 ;8<8B 2KH5, =5278@0O =0 B>, GB> 7=05<, GB> 83@0 B0< A;>6=55. >A;5 2A53> MB>3>, D>@BC=0 254L ?@>AB> >1O70=0 ?>25@=CBLAO : =0< ;8F><, =5 B0: ;8?

5B! 0 A0<>< 45;5, <K 83=>@8@C5< B>B D0:B, GB> GB>-B> 84QB =5 B0:, =0G8=05< 83@0BL 03@5AA82=55, 83@05< =0 1>;55 2KA>:8E ;8<8B0E, 8 <K <>65< A ;53:>ABLN C=8GB>68BL A51O 8 A2>9 10=:@>;;.

!<5@B=K9 3@5E !10: 0;>1K =0 =5C40GC. K 2A5 45;05< MB>. K 60;C5<AO =0 15418BK, =0 =5C40G=K5 AB@8:8 8 =0 3;C?K5 @>7K3@KH8 ?@>B82=8:>2, ?>A;5 :>B>@KE <K ?@>83@0;8. -B> ?>72>;O5B =0< 70I8B8BL =0H5 M3> 8 >?@0240BL ?;>E85 @57C;LB0BK.

0;>10 =0 =5C40GC   MB> >4=0 87 D>@< >B@8F0=8O; <K >B@8F05<, GB> B>;L:> <K =5A5< >B25BAB25==>ABL 70 =0H8 @57C;LB0BK (=0 4;8==>< ?@><56CB:5 2@5<5=8). 5;0O MB>, <K GC2AB2C5< A51O ;CGH5, => MB> =5 ?>72>;O5B =0< @01>B0BL =04 A2>8<8 A;01>ABO<8. 'B>1K 83@0BL E>@>H>, =0< =C6=> A>3;0A8BLAO A MB>9 >B25BAB25==>ABLN, ?>2KA8BL A0<>:>=B@>;L 8 @565 Ť3@5H8BLť.







0:;NG5=85

 MB>9 :=835 1K;8 70B@>=CBK @07=K5 B5<K, =0G8=0O A B5<K Ť@028;L=K9 ?>4E>4ť, 8 70:0=G820O B5<>9 Ť0H8 A<5@B=K5 3@5E8ť, 8 2 =8E 1K;8 @07>1@0=K <>B82K 8 AB@0B5388 83@K @07=KE B8?>2 83@>:>2. K;8 ;8 70B@>=CBK 2A5 B5<K ?>:5@=>9 ?A8E>;>388? >=5G=> =5B.

>A;5 87CG5=8O 8 ?@5?>4020=8O ?A8E>;>388 =0 ?@>BO65=88 1>;55 A>@>:0 ;5B 8 83@K 2 ?>:5@ =0 ?@>BO65=88 5IQ 1>;LH53> 2@5<5=, O ?>=8<0N, :0: <=>3> O =5 7=0N, 8 C482;ONAL, =0A:>;L:> G0AB> O A>25@H0N 3;C?K5 >H81:8. =>340 O ?>=8<0N MB>, => ?>72>;ON A2>8< A;01>ABO< ?;>E> A:07K20BLAO =0 <>59 83@5; 8=>340 O ?@>AB> =5 7=0N, ?>G5<C :B>-B> AK3@0; 8<5==> B0: 8;8 GB> >= 1C45B 45;0BL 2 A;54CNI89 @07. A5 ?@0:B8:CNI85 ?A8E>;>38 (=57028A8<> >B 8E A?5F80;870F88) G0AB> GC2AB2CNB B> 65 A0<>5.

A8E>;>38O   MB> =5 B>G=0O =0C:0, 8 =8:B> =8:>340 5Q ?>;=>ABLN =5 ?>AB83=5B.  459AB28B5;L=>AB8, 4;O B>3> GB>1K ?A8E>;>38 A>E@0=8;8 A2>8 ;8F5=788 8 ?@>4>;60;8 A2>N @01>BC, 8< =C6=> ?>AB>O==> ?>A5I0BL >1CG0NI85 :C@AK. A;8 4>1028BL AN40 B>B D0:B, GB> ?>:5@   MB> E8B@0O 83@0, 2 :>B>@>9 ?@>8AE>48B AB>;:=>25=85 @07C<>2, B> 2AQ, GB> <K <>65< A45;0BL   MB> AB0BL GCBL ?@>=8F0B5;L=55, =0G0BL ;CGH5 ?>=8<0BL A0<8E A51O 8 4@C38E 83@>:>2 8 =0CG8BLAO ?@82>48BL 2 70<5H0B5;LAB2> A>?5@=8:>2.

>MB><C 87CG5=85 ?>:5@=>9 ?A8E>;>388 =C6=> A45;0BL >4=8< 87 A2>8E ?@8>@8B5B>2, =0@02=5 A> AB@0B53859, 2K1>@>< AB>;>2 8 4@C38<8 206=K<8 C<5=8O<8.  A2>5< 2ABC?;5=88 : MB>9 :=835 59A>= 0;L<CB =0?8A0;: Ť=>385 87 AB@0B5389, ?@54;>65==KE 2 =0H8E :=830E, >A=>2K20NBAO =0 ?A8E>;>388 ?@>B82=8:>2ť. 2B>@K <=>38E 4@C38E 70<5G0B5;L=KE ?>:5@=KE :=83 <>3;8 1K A:070BL B> 65 A0<>5.

-B> 2 >A>15==>AB8 >B=>A8BAO : :=835 M2840 !:;0=A:8 ŤThe Theory of Pokerť, 0 B0:65 : :=830< Ť4;O ?@>428=CBKE 83@>:>2ť >B 8740B5;LAB20 Two Plus Two. $C=40<5=B0;L=0O "5>@5<0 >:5@0 ?> A2>59 ACI=>AB8 ?A8E>;>38G5A:0O:

064K9 @07, :>340 2K @07K3@K205B5 @C:C 87 @0AG5B0, GB> 20< =5 8725AB=K :0@BK ?@>B82=8:>2, >=8 ?>;CG0NB ?@81K;L; 5A;8 65 2K @07K3@K205B5 @C:C B0:, :0: 1C4B> 20< 8725AB=K :0@BK ?@>B82=8:>2, ?@81K;L ?>;CG05B5 2K.  =0>1>@>B, :064K9 @07, :>340 ?@>B82=8:8 @07K3@K20NB A2>8 @C:8 =5 B0:, :0: 5A;8 1K 2845;8 20H8 :0@BK, 2K ?>;CG05B5 ?@81K;L; 2 ?@>B82=>< A;CG05 ?@81K;L ?>;CG0NB >=8.

M284 !:;0=A:8 8 59A>= 0;L<CB 7=0NB, GB> 2K =5 <>65B5 AB0BL ?@>428=CBK< 83@>:><, 5A;8 =5 ?>9<5B5 ?>:5@=CN ?A8E>;>38N, 8 >=8 ?>AB>O==> ?><>30NB G8B0B5;O< ?>=OBL 5Q. &5;L MB>9 :=838 70:;NG0;0AL 2 B><, GB>1K ?@54>AB028BL MB8< 02B>@0< (0 B0:65 8 02B>@0< 4@C38E :=83) A2>53> @>40 >A=>2C 4;O ?A8E>;>38G5A:8E @07<KH;5=89.

>MB><C 87CG8B5 :=838 A=>20, => 273;O=8B5 =0 =8E ?>-4@C3><C. >?KB09B5AL A2O70BL >B45;L=K5 AB@0B5388 8 B0:B8:8 A ?A8E>;>38G5A:8< 0A?5:B>< 83@K. AO:89 @07, :>340 2K 1C45B5 83@0BL, ?KB09B5AL @0A?>7=0BL AB8;8 83@>:>2 8 C2845BL, G5< >=8 >B;8G0NBAO >B 3@C?? =0 803@0<<5 !B8;59. / =8:>340 1K =5 AB0; CB25@640BL, GB> <>O 4803@0<<0 (8;8 ;N10O 4@C30O A8AB5<0) A?>A>1=0 ?>;=>ABLN >?8A0BL :064>3> 83@>:0. 0B5< ?>4C<09B5, :0: 2K <>65B5 8A?>;L7>20BL MBC 8=D>@<0F8N.

"0:>5 87CG5=85 ?><>65B 20< ?@>4>;60BL @072820BL A2>N 83@C.  MB>< 70:;NG05BAO 8 2AO 687=L   2 ?@>4>;65=88 A>1AB25==>3> @0728B8O. >340 2K ?@5:@0B8B5 @0AB8 8 ?>B5@O5B5 ;N1>2L : 87CG5=8N, 2K =587156=> =0G=5B5 453@048@>20BL. >:5@ (:0: ?>60;C9 8 2A5 >AB0;L=>5) AB0=5B A:CG=>9 @CB8=>9, 0 =5 8AB>G=8:>< AB8<C;>2 8 2>71C645=8O. K 1C45B5 GC2AB2>20BL, GB> 2K C65 402=> 83@05B5 Ť2AQ A B5<8 65 :0@B0<8, 2AQ B5< 65 >1@07>< 8 2AQ A B5<8 65 ;N4L<8ť.

A;8 2K @0AA<0B@8205B5 @0728B85 20H59 83@K :0: ?@8>@8B5B, >=0 2A5340 1C45B =>2>9, 2>71C640NI59 8 AB8<C;8@CNI59. K <>65B5 =8:>340 =5 AB0BL ?@>D5AA8>=0;>< (;8G=> O B>G=> 8< =8:>340 =5 AB0=C), => MB> >G5=L ?@8OB=>5 GC2AB2>, :>340 BK >A>7=05HL, GB> 2K83@0; 10=:, ?>;CG8; 4>?>;=8B5;L=CN AB02:C >B ?@>B82=8:0 8;8 2 =C6=K9 <><5=B A1@>A8; @C:C B>;L:> 1;03>40@O B><C, GB> BK G8B05HL 4@C38E 83@>:>2 ;CGH5, G5< >=8 B51O.

#40G8!













 



@8;>65=85 A: "5AB ?> ?@028;L=><C ?>4E>4C

-B>B B5AB ?>?@>A8B 20A >F5=8BL A0<>3> A51O ?> :064><C 87 :0G5AB2, >?8A0==KE 2 ?5@2>9 G0AB8 MB>9 :=838, :>B>@0O =07K205BAO Ť@028;L=K9 ?>4E>4ť. F5=8209B5 A51O B>;L:> ?> B><C, :0: 2K 4C<05B5 8 459AB2C5B5 70 ?>:5@=K< AB>;><. 0?@8<5@, 5A;8 2K >1;0405B5 M:AB@5<0;L=K< A0<>:>=B@>;5< 2 @01>B5, => 2> 2@5<O 83@K 254QB5 A51O 8<?C;LA82=>, 2K 4>;6=K ?>AB028BL A515 =87:CN >F5=:C 70 A0<>:>=B@>;L.

F5=:0 A0<>3> A51O <>65B >:070BLAO A;>6=>9 8 @0AAB@0820NI59, 8 2K, 25@>OB=>, 5IQ ?><5=O5B5 A2>8 >F5=:8 70 =5:>B>@K5 :0G5AB20. A?>;L7C9B5 :0@0=40H, GB>1K 20< ;53:> 1K;> 2=>A8BL 87<5=5=8O.

;O ?@>AB>BK ?>4@>1=K5 >?8A0=8O 40=K B>;L:> 4;O A0<>9 =87:>9 >F5=:8 (1 10;;), A0<>9 2KA>:>9 (9 10;;>2) 8 A@54=59 (5 10;;>2). @>AB> >12548B5 G8A;>, :>B>@>5 1>;LH5 2A53> 20< ?>4E>48B. 0?@8<5@, 5A;8 20H5 AB@5<;5=85 : =0;8G8N ?@58<CI5AB20 ;8HL =5=0<=>3> ?@52>AE>48B 20H5 65;0=85 @8A:>20BL, 2K <>65B5 ?>AB028BL A515 6 10;;>2 2 ?C=:B5 Ť028A8<>ABL >B =0;8G8O ?@58<CI5AB20ť.

1. 028A8<>ABL >B =0;8G8O ?@58<CI5AB20

1.	=5 =5 =C6=> ?@58<CI5AB2>. / ?@54=0<5@5==> 22O7K20NAL 2 @8A:>20==CN 1>@L1C A> A;01K<8 @C:0<8 8 ?@>B82 A8;L=KE 83@>:>2.

2.	

3.	

4.	

5.	>Q 65;0=85 @8A:>20BL 8 AB@5<;5=85 : =0;8G8N ?@58<CI5AB20 ?@8<5@=> A10;0=A8@>20=K.

6.	

7.	

8.	

9.	=5 2A5340 =5>1E>48<> ?@58<CI5AB2>. A;8 C <5=O =5 1C45B <0:A8<0;L=> 2>7<>6=>3> ?@58<CI5AB20, O A1@>HC A2>N @C:C 8;8 2AB0=C 87-70 AB>;0.

2. 0F5;5==>ABL =0 ?>154C

1.	/ 83@0N 4;O @072;5G5=8O 8 2 459AB28B5;L=>AB8 =5 15A?>:>NAL > B><, 2K83@0N O 8;8 ?@>83@0N.

2.	

3.	

4.	

5.	/ ?@8<5@=> 2 @02=>9 AB5?5=8 83@0N :0: 4;O @072;5G5=8O, B0: 8 4;O 2K83@KH0.

6.	

7.	

8.	

9.	Ť/ @07>@N A2>N A>1AB25==CN 101CH:C, 5A;8 >=0 AO45B A> <=>9 70 >48= ?>:5@=K9 AB>;ť.

3. !0<>:>=B@>;L

1.	# <5=O 01A>;NB=> =5B =8:0:>3> A0<>:>=B@>;O. / ?>;=>ABLN A;54CN A2>8< M<>F8O<.

2.	

3.	

4.	

5.	/ =0E>6CAL ?@8<5@=> ?>A5@548=5 <564C 15A?@5:>A;>2=K< A;54>20=85< A2>8< M<>F8O< 8 M:AB@5<0;L=K< A0<>:>=B@>;5<.

6.	

7.	

8.	

9.	# <5=O M:AB@5<0;L=K9 A0<>:>=B@>;L. / ?>GB8 2A5340 BI0B5;L=> 2AQ 2725H820N ?5@54 ?@8=OB85< @5H5=8O 8 O ?@0:B8G5A:8 ?>;=>ABLN 83=>@8@CN A2>8 M<>F88.

4.  50;87<

1.	/ =5 >1;040N @50;87<><. >8 =04564K 8 AB@0E8 >:07K20NB 7=0G8B5;L=>5 2;8O=85 =0 B>, :0: O 286C 25I8.

2.	

3.	

4.	

5.	/ =0E>6CAL ?@8<5@=> ?>A5@548=5 <564C @50;87<>< 8 B5<, GB> 40N <>8< AB@0E0< 8 =045640< >:07K20BL ?>;=>5 2;8O=85 =0 <>Q 2845=85 25I59.

6.	

7.	

8.	

9.	/ 01A>;NB=> @50;8AB8G5=. / =5 ?>72>;ON <>8< M<>F8O< >:07K20BL 2;8O=85 =0 <>Q 2845=85 25I59.

5. >=F5=B@0F8O

1.	/ =5 A:>=F5=B@8@>20= =0 83@5. >9 C< 2AQ 2@5<O =0E>48BAO 2 1;C640=88.

2.	

3.	

4.	

5.	>O :>=F5=B@0F8O ?@8<5@=> A@54=OO.

6.	

7.	

8.	

9.	/ C45;ON :>=F5=B@0F88 =0 83@5 2AQ <>Q 2=8<0=85.

6. >A;54>20B5;L=>5 <KH;5=85

1.	>8 <KA;8 =5 OA=K 4;O <5=O. '0AB> O =5 7=0N, :0: 8;8 ?>G5<C O ?@8=O; :0:>5-B> @5H5=85.

2.	

3.	

4.	

5.	>A;54>20B5;L=>ABL <>8E <KA;59 ?@8<5@=> A@54=OO.

6.	

7.	

8.	

9.	/ 4C<0N >G5=L ?>A;54>20B5;L=>. / B>G=> 7=0N, :0: 8 ?>G5<C O ?@8=8<0N 2A5 <>8 @5H5=8O.

7. KAB@>5 8A?@02;5=85 A2>8E >H81>:

1.	/ G@572KG09=> <54;5==> 8A?@02;ON A2>8 >H81:8. / 83=>@8@CN >G5=L O2=K5 4>:070B5;LAB20 B>3>, GB> <>O @C:0 ?>18B0, GB> O 83@0N ?;>E> 8;8 GB> 83@0 A;8H:>< 6QAB:0O 4;O <5=O.

2.	

3.	

4.	

5.	/ 8A?@02;ON A2>8 >H81:8 A> A@54=59 1KAB@>B>9   =8 1KAB@>, =8 <54;5==>.

6.	

7.	

8.	

9.	/ G@572KG09=> 1KAB@> 8A?@02;ON A2>8 >H81:8. 0: B>;L:> <=5 AB0=>28BAO OA=>, GB> <>O @C:0 ?>18B0, GB> O 83@0N ?;>E> 8;8 GB> 83@0 A;8H:>< 6QAB:0O, O ?@87=0N MB> 8 2=>HC =5>1E>48<K5 :>@@5:B82K.

8. #<5=85 CG8BLAO =0 A2>8E >H81:0E

1.	/ G@572KG09=> ?;>E> CGCAL =0 A2>8E >H81:0E. / 45;0N B5 65 A0<K5 >H81:8 A=>20 8 A=>20.

2.	

3.	

4.	

5.	/ CGCAL =0 A2>8E >H81:0E =0 A@54=5< C@>2=5.

6.	

7.	

8.	

9.	/ G@572KG09=> E>@>H> CGCAL =0 A2>8E >H81:0E. / 2@O4 ;8 A>25@HC >4=C 8 BC 65 >H81:C 42064K.

9. @8=OB85 >B25BAB25==>AB8

1.	/ G@572KG09=> ?;>E> C<5N ?@8=8<0BL >B25BAB25==>ABL. / 28=N =5C40GC 8 4@C38E 83@>:>2 2 A2>8E ?@>1;5<0E.

2.	

3.	

4.	

5.	 ?;0=5 ?@8=OB8O >B25BAB25==>AB8 O 459AB2CN =0 A@54=5< C@>2=5.

6.	

7.	

8.	

9.	/ G@572KG09=> E>@>H> C<5N ?@8=8<0BL >B25BAB25==>ABL. / AG8B0N, GB> O A0< >B25BAB25=5= 70 A2>N C40GC 8 70 A2>8 ?@>1;5<K.

10. 5?5@A>=0;870F8O :>=D;8:B>2

1.	/ ?@8=8<0N 83@>2K5 :>=D;8:BK >G5=L ;8G=>. / G0AB> A5@6CAL 8 @0AAB@0820NAL 8 ?>72>;ON <>8< GC2AB20< >:07K20BL 2;8O=85 =0 <>N 83@C.

2.	

3.	

4.	

5.	/ ?5@A>=0;878@CN 83@>2K5 :>=D;8:BK 2 A@54=59 AB5?5=8.

6.	

7.	

8.	

9.	/ ?>GB8 =8:>340 =5 ?5@52>6C 83@>2K5 :>=D;8:BK 2 ;8G=CN ?;>A:>ABL 8 2>A?@8=8<0N 8E ?@>AB> :0: G0ABL 83@K.

11. !?>A>1=>ABL ?@8A?>A01;820BLAO : 87<5=5=8O<

1.	/ >G5=L <54;5==> ?@8A?>A01;820NAL : 87<5=5=8O<. / ?@>4>;60N 83@0BL 2 B>< 65 A0<>< :;NG5, :>340 4>;65= 1K; ?@8A?>A>18BLAO : 87<5=5=8O<.

2.	

3.	

4.	

5.	>O A?>A>1=>ABL ?@8A?>A01;820BLAO : 87<5=5=8O< =0E>48BAO =0 A@54=5< C@>2=5.

6.	

7.	

8.	

9.	/ ?@8A?>A01;820NAL : 87<5=5=8O< G@572KG09=> 1KAB@>. / >G5=L ?@8AB0;L=> =01;N40N 70 87<5=5=8O<8, ?@>8AE>4OI8<8 2 83@5 8 ?>AB>O==> ?@8A?>A01;820NAL : =8<.

12. K1>@>G=0O 03@5AA82=>ABL

1.	>59 03@5AA82=>AB8 A>2A5< =5 A2>9AB25==0 2K1>@>G=>ABL. / 8;8 2>>1I5 =8:>3> =5 0B0:CN, 8;8 0B0:CN :064>3>, 4065 :>340 C <5=O =5B ?@58<CI5AB20.

2.	

3.	

4.	

5.	>59 03@5AA82=>AB8 A2>9AB25==0 A@54=OO 2K1>@>G=>ABL.

6.	

7.	

8.	

9.	/ G@572KG09=> 2K1>@>G=> 03@5AA825=. / =5 0B0:CN, 5A;8 =5 GC2AB2CN, GB> C <5=O 5ABL ?@58<CI5AB2>.

>60;C9AB0, ?><=8B5, GB> =8 >48= 87 MB8E 2>?@>A>2 =5 70B@038205B B>, =0A:>;L:> A8;L=K5 83@>2K5 =02K:8 2K 8<55B5. !BN =30@ 8<5; 25;8G09H85 =02K:8, => >= 2 :>=5G=>< AGQB5 @07>@8;AO, ?>A:>;L:C >= =5 >1;040; ?@028;L=K< ?>4E>4>< : ?>:5@C. = <>3 =8:>340 8 =5 A;KH0BL > B><, GB> =C6=> 8<5BL ?@028;L=K9 ?>4E>4, => 2K 4>;6=K MB> 7=0BL.

01C4LB5 =0 =5:>B>@>5 2@5<O > B><, =0A:>;L:> A8;L=K5 =02K:8 2K 8<55B5.  0AA<0B@8209B5 B>;L:> B>, =0A:>;L:> ?@028;L=K9 C 20A ?>4E>4 : ?>:5@C 2 @07=KE 53> M;5<5=B0E. #45;8B5 5IQ <8=CBC 20H53> 2@5<5=8 8 >B25BLB5 =0 =5A:>;L:> >A=>2=KE 2>?@>A>2.

0:85 A>AB02;ONI85 ?@028;L=>3> ?>4E>40 O2;ONBAO 20H8<8 A8;L=K<8 AB>@>=0<8, :0:85   A;01K<8, 0 :0:85   =59B@0;L=K<8?

!8;L=K5 AB>@>=K                    !;01K5 AB>@>=K                    59B@0;L=K5







0:8< >1@07>< 2K <>65B5 872;5GL ?@58<CI5AB2> >B 20H8E A8;L=KE AB>@>=?







0:8< >1@07>< 2K <>65B5 C<5=LH8BL 2;8O=85 A2>8E A;01KE AB>@>=?







!45;09B5 70:;04:C =0 MB>9 AB@0=8F5   <K 1C45< >1@0I0BLAO : =59 A=>20 8 A=>20.



 

@8;>65=85 B: 5 1@>A09B5 A2>N 4=52=CN @01>BC

A;8 2K 4C<05B5 AB0BL ?@>D5AA8>=0;>< 8 B@0B8BL =0 ?>:5@ 2AQ A2>Q 2@5<O   701C4LB5 >1 MB><. !>E@0=8B5 A2>N 4=52=CN @01>BC, ?>B><C GB>:

1.	K 2@O4 ;8 AB0=5B5 ?@>D5AA8>=0;><.

2.	K 1C45B5 =5 B0: <=>3> 70@010BK20BL 8 MB> 1C45B 15A?5@A?5:B82=>.

3.	-B> G@572KG09=> 2@54=> 4;O 74>@>2LO.

4.	-B> ?5G0;L=0O 687=L. 

5.	>:5@ <>65B 1KBL 4;O 20A 70<5G0B5;L=>9 Ť2B>@>9 @01>B>9ť.

@8G8=0 !1: K 2@O4 ;8 AB0=5B5 ?@>D5AA8>=0;><. >;LH8=AB2> 65;0NI8E AB0BL ?@>D5AA8>=0;0<8 B5@?OB :@0E, ?>B><C GB> C =8E =5B 2A5E =C6=KE 4;O MB>3> :0G5AB2. # 20A =5 1C45B H0=A0 AB0BL 8<, 5A;8 2K =5 2K40NI89AO 83@>: A 1>;LH8< 10=:@>;;>< 8 >G5=L E>@>H59 48AF8?;8=>9. @><5 B>3>, 20< =C6=> >1;040BL 2=CB@5==59 A8;>9, GB>1K 1>@>BLAO A =587156=K<8 <8=CA>2K<8 ?5@8>40<8, A ?@57@5=85< A> AB>@>=K >1I5AB20 8 A =5<8=C5<K< >48=>G5AB2><. 065 5A;8 C 20A 5ABL C<5=8O 8 10=:@>;;, 2K, A:>@55 2A53> =5 A<>65B5 AB0BL ?@>D5AA8>=0;><.

# <=>38E 7=0<5=8BKE 83@>:>2 5ABL 4@C385 8AB>G=8:8 4>E>4>2. 065 8< ?@8E>48BAO 8A:0BL 4>?>;=8B5;L=CN ?@8102:C : 2K83@KH0<. K A5@L57=> 4C<05B5, GB> 2K A<>65B5 70=8<0BLAO B>;L:> ?>:5@><?

@8G8=0 !2: K 1C45B5 =5 B0: <=>3> 70@010BK20BL 8 MB> 1C45B 15A?5@A?5:B82=>. # ?@>D5AA8>=0;>2 1K20NB >G5=L ?@81K;L=K5 =>G8 8;8 =545;8, => 8E 3>4>2K5 4>E>4K 8;8 8E 70@01>B>: 2 G0A =5 B0:85 2KA>:85. %090=>, !:;0=A:8 8 0;L<CB 2KG8A;8;8, GB> >G5=L E>@>H89 ?@>D5AA8>=0; <>65B 2K83@K20BL 2 A@54=5< >4=C 1>;LHCN AB02:C 2 G0A =0 A@54=8E ;8<8B0E, 8 <5=LH5 =0 1>;55 2KA>:8E ;8<8B0E. -B0 F8D@0 4>AB0B>G=> =87:0O 2284C B>3>, GB> @0=> 8;8 ?>74=> A;CG0NBAO <8=CA>2K5 A5AA88.

"5 $20 8;8 1>;55 2 G0A   MB> =5?;>E>, => MB> =0<=>3> <5=LH5, G5< <>6=> 70@01>B0BL =0 >1KG=>9 ŤC<AB25==>9ť 4>;6=>AB8. A;8 2K 4>AB0B>G=> C<=K 8 48AF8?;8=8@>20=K, GB>1K 1KBL 2K40NI8<AO 83@>:><, 2K, ?>60;C9, A<>65B5 70@01>B0BL 1>;LH5, 5A;8 1C45B5 70=8<0BLAO G5<-B> 4@C38<.

> :0: 65 B>340 B5 2KA>:>:;0AA=K5 83@>:8, :>B>@K5 2K83@K20NB 2 :@C?=KE BC@=8@0E? >-?5@2KE, >=8 @54:> ?>;CG0NB ?>;=>ABLN 2A5 B5 >3@><=K5 AC<<K, :>B>@K5 ?C1;8:CNB 2 3075B0E. =8 4>;6=K 45;8BLAO A2>8<8 2K83@KH0<8 8;8 70:;NG0BL 4>3>2>@0 A> A?>=A>@0<8, GB>1K >15A?5G820BL A51O =C6=K< 10=:@>;;><.

>-2B>@KE, >=8 ;CGH85 83@>:8 2 <8@5, => 8E 4>E>4K =57=0G8B5;L=K ?> A@02=5=8N A 4@C38<8 A?>@BA<5=0<8. !@54=89 10A:5B1>;8AB 8;8 83@>: 2 3>;LD 70@010BK205B 1>;LH5, G5< A0<K5 ;CGH85 83@>:8 2 ?>:5@, 8 "0935@ C4A 70@010BK205B 1>;LH5, G5< ;CGH85 20 ?>:5@=KE 83@>:>2, 2<5AB5 27OBKE.

CGH85 83@>:8 87 1>;LH8=AB20 :0@B>G=KE :;C1>2 70@010BK20NB =0<=>3> <5=LH5, G5< A@54=89 4>:B>@, 042>:0B 8;8 04<8=8AB@0B>@. =8 <>3CB 2K83@0BL BKAOG8 8;8 4065 45AOB:8 BKAOG 4>;;0@>2 70 >4=C =>GL, => C =8E B0:65 1K20NB 4=8, :>340 >=8 ?@>83@K20NB. 1I85 2K83@KH8 =5 =0AB>;L:> 2KA>:8, : B><C 65 83@>:8 2 ?>:5@ =5 <>3CB ?>72>;8BL A515 2K9B8 =0 ?5=A8N.

> 8AA;54>20=8N %090=>, 2>7@0AB =8 >4=>3> 87 ?@>D5AA8>=0;L=KE 83@>:>2 =5 ?@52KH05B 43 ;5B.  2>7@0AB5, :>340 ;N48 4>1820NBAO E>@>H> CAB0=>282H53>AO ?>;>65=8O 2 :0:>9 ;81> ?@>D5AA88, 8< =C6=> ?>AB830BL GB>-B> =>2>5. >=5G=>, 5ABL >9; @0=A>= 8 =5A:>;L:> 4@C38E 83@>:>2, :>B>@K5 83@0;8 E>@>H> 8 ?@>4>;60NB MB> 45;0BL, => =0 :064>3> 87 =8E =094CBAO A>B=8 83@>:>2, :>B>@K5 =0G8=0;8 E>@>H>, => 2 ?>A;54AB288 @07>@8;8AL. A;8 2K A><=5205B5AL 2 MB><, ?>A<>B@8B5 ?> AB>@>=0< 2 A2>Q< :0@B>G=>< :;C15. K C2848B5 1K2H8E 83@>:>2 A 2KA>:8E ;8<8B>2, 83@0NI8E 2 <5;:85 83@K 8;8 @01>B0NI8E ?@8A;C3>9, GB>1K 70@01>B0BL A515 5I5 =0 >48= AB5:.

@8G8=0 !3: -B> G@572KG09=> 2@54=> 4;O 74>@>2LO. "0:>9 >1@07 687=8   MB> =0AB>OI55 ?@54?8A0=85 4;O A5@45G=KE ?@8ABC?>2 8 4@C38E =54C3>2. >GB8 :064K9 ?@>D5AA8>=0;L=K9 83@>: ?@>2>48B A;8H:>< <=>3> G0A>2 =0 =5C4>1=KE ABC;LOE, 2 >1:C@5==KE ?><5I5=8OE, ?>GB8 157 D878G5A:8E C?@06=5=89 8 74>@>2>9 ?8I8.

@8G8=0 !4: -B> ?5G0;L=0O 687=L. -B> :>=5G=> 72CG8B 70<0=G82>   83@05HL :>340 70E>G5HL, =5 =C6=> 15A?>:>8BLAO ?> ?>2>4C 1>AA0, <>6=> A?0BL 4> ?>;C4=O, >4=0:> 2 @50;L=>AB8 2AQ :C40 <@0G=55. @>D5AA>@ %090=> ?@8H5; : 2K2>4C, GB> 1>;LH8=AB2> ?@>D5AA8>=0;L=KE 83@>:>2 2 ?>:5@ =C640NBAO 2 4@C3>9 @01>B5, 2 ?5=A88 8;8 2 :0:>< ;81> 4@C3>< 8AB>G=8:5 4>E>4>2. =8 =5 <>3CB ?>;030BLAO B>;L:> =0 =5?@54A:07C5<CN ?>:5@=CN ?@81K;L.

=830 %090=> 1K;0 =0?8A0=0 ?> <0B5@80;0< 8AA;54>20=89 2 N6=>:0;8D>@=89A:8E :;C10E 2 1970 3>4C. ;C1=K9 ?>:5@ 1K; ;530;5= B>;L:> 2 0;8D>@=88 8 52045, : B><C 65 2 0;8D>@=88 1K;8 @07@5H5=K B>;L:> @07=>284=>AB8 >1<5==>3> ?>:5@0. !53>4=O <>6=> 83@0BL 2 @07=K5 284K ?>:5@0 2> <=>38E HB0B0E, 8 A:>@55 2A53> A59G0A ;53G5 68BL =0 MB>. > 2 459AB28B5;L=>AB8, 2AQ =0<=>3> A;>6=55, G5< 20< :065BAO.

 MB> :0A05BAO =5 B>;L:> D8=0=A>2>9 AB>@>=K; MB> :0A05BAO 2A59 687=8. ;L20@5A ?8A0; >1 83@>:0E, 83@0NI8E =0 A0<KE 2KA>:8E ;8<8B0E, > B5E :B> 83@05B =0 8@>2>9 !5@88 >:5@0. # =5:>B>@KE 87 =8E :@0A82K5 4><0, @>A:>H=K5 <0H8=K 8 4@C385 4>@>385 83@CH:8, => 4065 B0:85 83@>:8 254CB 60;:89 >1@07 687=8.

=8 83@0NB 2 ?>:5@, 54OB (G0AB> ?@O<> 70 83@>2K< AB>;><), A?OB, 8 A=>20 83@0NB 2 ?>:5@. =8 <>3CB 83@0BL 1>;LH5 ACB>:, 8 4>2>;L=> G0AB> 16 G0A>2 ?>4@O4. A;8 :0:>9-B> 1>AA AB0; 1K 20A 70AB02;OBL B0: <=>3> @01>B0BL, 5ABL =574>@>2CN ?8IC, A845BL =0 =5C4>1=KE ABC;LOE, 2 =0:C@5==KE ?><5I5=8OE, ?@8 =5AB018;L=>9 70@?;0B5, 2K 1K ?>H;8 =0 7010AB>2:C, B@51CO 4>;6=KE CA;>289 B@C40.

 B><C 65 20< =5 =0AB>;L:> 1C45B =@028BLAO ?>:5@! 48= 1K2H89 ?@>D5AA8>=0;L=K9 83@>: A:070;:

Ť>340 O 4>;65= 1K; 2K83@K20BL 4;O B>3>, GB>1K >?;0B8BL A2>8 AG5B0, O 1K; 2K=C645= 83@0BL, E>B5; O MB>3> 8;8 =5B, 4065 5A;8 O E>B5; ?@>25AB8 2@5<O A A5<L59, <=5 =5 =@028;0AL 83@0 8;8 O 1K; =5 2 =0AB@>5=88 83@0BL. / ;N1;N ?>:5@, => :0: @01>B0   MB> A:CG=>5 8 ?5G0;L=>5 70=OB85ť

@8G8=0 !5: >:5@ <>65B 1KBL 4;O 20A 70<5G0B5;L=>9 Ť2B>@>9 @01>B>9ť. =>385 ;N48 4>?>;=8B5;L=> 70@010BK20NB =0 83@5 2 ?>:5@. =8 83@0N =0 @07=KE ;8<8B0E 8 <>3CB 1KBL @07=KE 2>7@0AB>2. 0?@8<5@, =09B8 A515 45;>   MB> ?@>1;5<0 4;O <=>38E ?5=A8>=5@>2. A;8 >=8 1C4CB 83@0BL 40 G0A>2 2 =545;N 8 70@010BK20BL 300$, >=8 =5 1C4CB 60;>20BLAO =0 B0:CN <0;5=L:CN Ť70@?;0BCť. =8 @04K ?@>25AB8 2@5<O 8 =5<=>3> 70@01>B0BL.

@C385 83@0N 2 =0<=>3> 1>;55 :@C?=KE 83@0E 8 2K83@K20NB <=>3> 45=53. E G0A>2>9 4>E>4 G0AB> 2KH5, G5< 4065 C 1>;55 E>@>H8E 83@>:>2, ?>B><C GB> >=8 C<5NB :0G5AB25==> 2K18@0BL AB>;K. 3@>:, :>B>@K9 :0G5AB25==> 2K18@05B AB>;K, <>65B 8<5BL 1>;LH89 4>E>4 2 G0A, G5< 83@>:, :>B>@K9 >1;0405B 1>;LH8<8 7=0=8O<8, => =5 ?@815305B : 2K1>@C AB>;>2. 0 A0<>< 45;5, B>B D0:B GB> >=8 C<5NB E>@>H> 2K18@0BL AB>;K, ?>72>;O5B 2K68BL 1>;LH8=AB2C 87 =8E. 0: 70<5B8; 59A>= 0;L<CB, ŤA<5H=>, GB> <=>385 83@>:8, :>B>@K5 AG8B0NB A51O 2K40NI8<8AO, =0 A0<>< 45;5 83@0NB ?@>AB> 4>AB0B>G=> E>@>H>. A;8 1K >=8 E>@>H> 2K18@0;8 A515 83@K, >=8 1K 4>1820;8AL CA?5E0ť.

"5 83@>:8, :>B>@K5 C45;ONB ?>:5@C =5 2AQ A2>5 2@5<O, <>3CB 1KBL 48;5@0<8, ?0@8:<0E5@0<8, 042>:0B0<8 8;8 5I5 :5<-=81C4L. =8 83@0NB E>@>H>, => =54>AB0B>G=> E>@>H>, GB>1K 1KBL ?@>D5AA8>=0;L=K<8 83@>:0<8 8;8 >=8 E>BOB A515 1>;LH59 C25@5==>AB8 8 C@02=>25H5==>9 687=8. # =8E 5ABL ?>AB>O==0O @01>B0 8 >=8 <>3CB 7028A5BL >B A2>59 :0@L5@K. =8 83@0NB, :>340 70E>BOB, 2 :0:8E 83@0E 70E>BOB, 8 <>3CB ?>B@0B8BL A2>8 2K83@KH8, :0: 8< 274C<05BAO. ;O <5=O 72CG8B =5?;>E>.







































 



@8;>65=85 C: @0B:85 @57N<5

5@54 B5<, :0: A5ABL 83@0BL 2 ?>:5@, 2>7L<8B5 2 ?@82KG:C ?5@5A<0B@820BL ?0@C B0:8E :@0B:8E @57N<5. =8 ?><>3CB 20< >@85=B8@>20BLAO 2 @07;8G=KE A8BC0F8OE. 0?@8<5@, 5A;8 2K 1C45B5 >?0A0BLAO B>3>, GB> <>65B5 2?0ABL 2 B8;LB 87-70 <0=LO:0, 2K 1C45B5 2>>@C65=K, B0: :0: 4> MB>3> 2K C65 ?@>GBQB5 A>25BK > B><, :0: ?@8A?>A>18BLAO : ;C7>2>-03@5AA82=K< 83@>:0<.

'0AB> ?@>A<0B@8209B5 @57N<5 20H53> AB8;O. -B> 1C45B =0?><8=0BL 20< > B><, :0: : 20< ?@8A?>A01;820NBAO E>@>H85 83@>:8 8 :0: 20< =C6=> ?><5=OBL A2>N 83@C.

45AL ?@82545=K 2>A5<L :@0B:8E @57N<5, ?> 420 : :064><C AB8;N. 5@2>5   4;O 20H8E ?@>B82=8:>2, >1;040NI8E B0:8< AB8;5<, 0 2B>@>5 =5?>A@54AB25==> 4;O 83@>:>2 A B0:8< AB8;5<. 0?@8<5@, >4=> @57N<5 4;O ;C7>2>-?0AA82=KE A>?5@=8:>2 8 2B>@>5 ?>4 =0720=85< ŤA;8 2K ;C7>2>-?0AA82=K9 83@>:ť. 064>5 :@0B:>5 @57N<5 =0E>48BAO =0 >B45;L=>9 AB@0=8F5, : B><C 65 B0< C?>B@51;ONBAO A>:@0I5=8O A F5;LN AM:>=><8BL 2@5<O 8 <5AB>.























 



C7>2>-03@5AA82=K5 ?@>B82=8:8

?0A09B5AL 8E! =8 >G5=L 1KAB@> <>3CB 20A A;><0BL.

5 @8A:C9B5 ?@>B82 =8E; >=8 <>3CB ?>1548BL 20A A2>59 A>1AB25==>9 83@>9.

3@0BL ;8 A =8<8? A;8 2K ;N18B5 0:B82=CN 83@C 8 83@05B5 E>@>H>, B> 40. A;8 2K >AB>@>6=K9, :>=A5@20B82=K9, 5A;8 C 20A <0;> 45=53 8;8 5A;8 2K =5 C25@5=K 2 A2>8E =02K:0E, B> =5B. A;8 83@0 ?@>E>48B 70 :>@>B:8< AB>;><, B> B>65 =5B.

45 A845BL? 1KG=> A@07C A;520 >B =8E, => 5A;8 >=8 G0AB> ?>40NB A83=0;K, B> A?@020.

'B5=85 8E @C:: !;548B5 70 >BACBAB285< @597>2, 8 70B5< 8A:;NG09B5 B5 8E @C:8, A :>B>@K<8 >=8 1K @5978;8 2 ?@>H;KE @0C=40E.

!B@0B538G5A:85 F5;8: #<5=LH8B5 20H8 ?@>83@KH8 A> A;01K<8 8 <0@38=0;L=K<8 @C:0<8, => @5978B5 8 @5@5978B5 A E>@>H8<8, GB>1K 87>;8@>20BL ;C7>2>-03@5AA82=>3> 83@>:0.

!B@0B538G5A:85 :>@@5:B8@>2:8: 3@09B5 1>;55 B09B>2> 2 @0==8E @0C=40E 8 2A5340 1C4LB5 1>;55 2K1>@>G=> 03@5AA82=K<8.

>=:@5B=K5 87<5=5=8O: 5 1;5DC9B5 8 =5 :@048B5 C =8E 1;09=4K 8;8 0=B5. 5 AB02LB5 A Ť?>78F8>==K<8ť @C:0<8. 5;09B5 @597K 8 @5@597K 4;O 8E 87>;OF88. '0I5 AB02LB5, 45;09B5 @597K 8 G5:-@597K. @>2>F8@C9B5 8E =0 1;5D. B25G09B5 =0 @825@5 A ?>3@0=8G=K<8 @C:0<8; 45;09B5 @597 ?@8 4>;6=KE H0=A0E : 10=:C, GB>1K ?@54>B2@0B8BL >25@:>;;. !B02LB5 8 45;09B5 @597 A E>@>H8<8 ?@8:C?=K<8 @C:0<8 ?@8 E>@>H8E H0=A0E : 10=:C. A5340 A;548B5 70 A83=0;0<8 (>=8 G0AB> ?>:07K20NB B>, GB> =0<5@5=K A45;0BL, >A>15==> :>340 A>18@0NBAO A1@>A8BL A2>N @C:C).

C7>2>-03@5AA82=K5 83@K: =8 2>;=CNI85 8 ?>B5=F80;L=> ?@81K;L=K5, => >?0A=K5. C4LB5 >AB>@>6=K.

!>3;0A8B5AL, GB> ?@028;0 87<5=8;8AL. 3@0 1>;LH8=AB20 83@>:>2 87<5=O5BAO 2 B0:8E CA;>28OE, 2:;NG0O 8 20HC. (0=AK : 10=:C 8 ?>B5=F80;L=K5 H0=AK <5=ONBAO :0@48=0;L=>. 3@>:8 1C4CB ?5@5BO3820BL 20A 7=0G8B5;L=> G0I5. 708<>A2O7L <564C @07<5@>< 10=:0 8 A8;>9 @C:8 AB0=>28BAO =5?@54A:07C5<>9. 575=85 ?@8>1@5B05B 1>;LHCN @>;L. 0?@O65=85 =0<=>3> 2KH5.

40?B0F8O : MB8< 87<5=5=8O<: A?>;L7C9B5 :>=F5?F88 4;O ;C7>2>-03@5AA82=KE 83@, => >B=5A8B5AL : =8< A5@L57=55. 01;N409B5 70 87<5=5=8O<8 2 :064>< 83@>:5, >A>15==> 2 A515 A0<><. 5@5A<>B@8B5 A2>9 ?;0= =0 83@C. '0I8 83@09B5 70<54;5==> 8 ?@8<5=O9B5 G5:-@597K. 5 A;8H:>< A8;L=> :>=F5=B@8@C9B5AL =0 ;C7>2>-03@5AA82=KE 83@>:0E. !B02LB5 8;8 45;09B5 @597 A E>@>H8<8 ?@8:C?=K<8 @C:0<8 8 ?@8 E>@>H8E H0=A0E : 10=:C. 8=8<878@C9B5 1;5DK, E8B@>AB8 8 4>@>3>AB>OI85 @>7K3@KH8. '0I5 AB02LB5 4;O C25;8G5=8O ?@81K;8 =0 @825@5. !1@0AK209B5 =0 @825@5 B>;L:> 2 B>< A;CG05, 5A;8 2K C25@5=K, GB> ?@>83@0;8. 5;09B5 ?0C7C 8 A;548B5 70 A83=0;0<8 :064K9 @07; 83@>:8 1C4CB ?>4020BL 7=0:8, :>B>@K5 1C4CB A2845B5;LAB2>20BL >1 8E ?>A;54CNI8E 459AB28OE, => 2K <>65B5 1KBL A;8H:>< 2>71C645=K, GB>1K C2845BL 8E.







A;8 2K ;C7>2>-03@5AA82=K9 83@>:

>A;54AB28O: 2K 1C45B5 ?@>83@K20BL 1>;LH>5 :>;8G5AB2> 45=53 87-70 G@57<5@=> @8A:>20==>3> AB8;O, 8 C A8;L=KE 83@>:>2 1C45B E>@>H0O ?>78F8O ?> >B=>H5=8N : 20<. 1KG=> 20< 1C4CB @04K, B0: :0: 2K Ť254QB5 83@Cť. 5:>B>@K5 1C4CB 2@06451=K 8 2KA>:><5@=K : 20<.

>AB>8=AB20: ! E>@>H8<8 :0@B0<8 2K 1C45B5 2K83@K20BL 1>;LH5, G5< :B>-;81> (2 :>@>B:89 ?@><56CB>: 2@5<5=8).

54>AB0B:8: !> A@54=8<8 8;8 A;01K<8 :0@B0<8 2K 1C45B5 ?@>83@K20BL, A:>@55 2A53> 4>AB0B>G=> <=>3>. 0 48AB0=F88 2K 2 :>=5G=>< 8B>35 4>;6=K >AB0BLAO 2 ?@>83@KH5.  4>?>;=5=85 : B><C GB> 2K 1C45B5 ?@>83@K20BL 87-70 B>3> GB> ?5@583@K205B5 @C:8, :>B>@K5 4>;6=K5 1K;8 A1@>A8BL, 2K AB0=>28B5AL <8H5=LN 4;O A>?5@=8:>2. %>@>H85 83@>:8 2KG8A;OB 20H8 A;01>AB8 8 A83=0;K (0 C 20A 8E 1>;LH5, G5< C :>3>-;81> 87 4@C38E 83@>:>2).  B><C 65 >=8 1C4CB 8<5BL ?>78F8N >B=>A8B5;L=> 20A, <5=OO A2>8 <5AB0 70 AB>;><. 065 1>;55 A;01K5 83@>:8 ?>9<CB :0: ?>;L7>20BLAO 20H8<8 A;01>ABO<8 8 =0G=CB ?@8<5=OBL ?@>B82 20A G5:-@597K, 70<54;5==K5 @>7K3@KH8 8 ?@>2>F8@>20BL =0 1;5D.

0H8 <>B82K: K =5 83@05B5 @048 2K83@KH0, E>BO <>65B5 CB25@640BL MB>. K =0E>48B5AL 2 7028A8<>AB8 0:B82=>9 83@K, 20< =@028BAO 1KBL 2 F5=B@5 2=8<0=8O 8 2K =5 <>65B5 ?@>B82>AB>OBL 65;0=8N ?>A>@52=>20BLAO. -B8 <>B82K 2;8ONB =0 B>, GB> 2K ?@8=8<05B5 3;C?K5 @5H5=8O, >B@8F05B5 @50;L=>ABL, 2:;NG0O 20H8 ?@>83@KH8 8 ?>A;54AB28O 20H53> AB8;O.

5>1E>48<K5 87<5=5=8O 2 AB8;5: K =5 A<>65B5 =0G0BL 2K83@K20BL, 5A;8 =5 AB0=5B5 83@0BL 1>;55 B09B>2> 8 2K1>@>G=> 03@5AA82=>.

>=:@5B=K5 =5>1E>48<K5 87<5=5=8O:

" 	#A?>:>9B5AL. !;54C9B5 70 20H8< @0AAC4:><, 0 =5 70 20H8< A5@4F5<.

" 	!B0=LB5 B09B>255.  07K3@K209B5 <5=LH55 :>;8G5AB2> @C: 8 ?5@5AB0=LB5 B0: G0AB> BO=CBL ?@8:C?=K5 @C:8.

" 	B0:C9B5 A;01KE 83@>:>2 8 8715309B5 A8;L=KE. %>@>H85 83@>:8 =5 1C4CB 83@0BL 157 ?5@525A0. 3@09B5 0:B82=> B>;L:> A B5<8, :B> B0:65 83@05B 0:B82=>.

" 	 0728209B5 =02K: GB5=8O @C:, =01;N40O 70 83@>9 ?>A;5 B>3>, :0: 2K A1@>A8;8.

" 	A?>;L7C9B5 20H 8<846: 83@09B5 @07=>>1@07=>. 5;09B5 B0:, GB>1K ?@>B82=8:8 4C<0;8, GB> 2K 4> A8E ?>@ 83@05B5 ;C7>2>-03@5AA82=>, 0 A0<8 ?5@5948B5 =0 B09B>2>-03@5AA82=K9 AB8;L.

@028;L=K5 83@K: =0AB>;L:> =87:85 ;8<8BK, =0A:>;L:> 1C45B 4;O 20A B5@?8<>. =>3> ;C7>2>-03@5AA82=KE ?@>B82=8:>2. >@>B:85 AB>;K.













C7>2>-?0AA82=K5 ?@>B82=8:8

BKA:8209B5 8E, 5A;8 2K E>B8B5 ;53:> 2K83@0BL, => 7=09B5 > B><, GB> 20A 645B @07>G0@>20=85 8 A:C:0.

3@0BL ;8 A =8<8? 0. # =8E ;53G5 2A53> 2K83@0BL, => MB> <>65B =0A:CG8BL, 8 2K <>65B5 1KBL @07>G0@>20=K 2284C B>3>, GB> >=8 83@0N A> A;01K<8 :0@B0<8 8 8=>340 1C4CB 20A ?5@5BO3820BL.

45 A845BL? !@07C A?@020 >B =8E, ?>B><C, GB> >=8 =5 G0AB> @597OB. ;8 A@07C A;520 >B =8E, GB>1K @597>< 87>;8@>20BL 8E, 8 83@0BL ?@>B82 8E A;01KE @C:.

'B5=85 8E @C:: K =5 A<>65B5 ?>=OBL, A G5< >=8 83@0NB, B0: :0: >=8 <>3CB 83@0BL ?>GB8 A ;N1K<8 :0@B0<8. =8 =5 AB02OB A> A;01K<8 8;8 ?>3@0=8G=K<8 @C:0<8; >=8 <>3CB 4065 =5 ?>AB028BL A E>@>H8<8; 8 >=8 =5 @597OB 157 >G5=L A8;L=KE @C:.  5@597 G0AB> 3>2>@8B > B><, GB> C =8E =0BA. =8 @54:> 1;5DCNB (0 =5:>B>@K5 87 =8E =8:>340 =5 45;0NB MB>3>).

!B@0B538G5A:85 F5;8: 0:A8<878@C9B5 ?@81K;L, => 1C4LB5 3>B>2K : B><C, GB> >=8 1C4CB G0AB> 20A ?5@5BO3820BL.

!B@0B538G5A:85 :>@@5:B8@>2:8: C4LB5 256;82K<8. 5 3>=8B5AL 70 :064>9 AB02:>9 8 =8:>340 =5 :@8B8:C9B5 8 =5 C=8609B5 8E.

>=:@5B=K5 87<5=5=8O: !B02LB5 8 45;09B5 @597 A> A?>@=K<8 @C:0<8. 5 1;5DC9B5. 5 >B25G09B5 A ?>3@0=8G=K<8 8;8 4065 =5?;>E8<8 @C:0<8. A;8 >=8 45;0NB @597   A1@0AK209B5 A2>N @C:C.

C7>2>-?0AA82=K5 83@K: !0<K5 ;53:85 4;O 2K83@KH0, => >=8 <>3CB 1KBL @07>G0@>2K20NI8<8 8 8=>340 A:CG=K<8.

!>3;0A8B5AL, GB> ?@028;0 87<5=8;8AL. K 1C45B5 ?@>83@K20BL A> <=>38<8 @C:0<8, A :>B>@K<8 2K 1K >1KG=> 1K 2K83@0;8. >;LH85 @07<5@K 2K83@KH=KE 20<8 10=:>2 1C4CB 1>;55, G5< :><?5=A8@>20BL 20H8 =5>6840==K5 ?@>83@KH8. =>385 10=:8 B0: 1KAB@> @0ABCB, GB> ;C7>2K5 :>;;K AB0=>2OBAO ?@028;L=K<8 8;8 1;87:> : B><C. ;O B>3> GB>1K 2K83@0BL, 20< =C6=> 1C45B ?@54JO28BL ;CGHCN @C:C =0 2A:@KB88. KA>:85 :0@BK 8 ?0@K B5@ONB A2>N A8;C, B>340 :0: ?@8:C?=K5 @C:8 AB0=>2OBAO 1>;55 F5==K<8.

40?B8@C9B5AL : MB8< 87<5=5=8O<. K83@KH 10=:0 4>;65= 1KBL 4;O 20A 3;02=K< ?@8>@8B5B><. C4LB5 256;82K<8, 4065 :>340 :B>-B> 2K83@K205B C 20A 1;03>40@O GC4>< ?@8H54H59 :0@B5. 3@09B5 1>;LH5 @C:, G5< >1KG=>, >A>15==> ?@8:C?=KE. &5==>ABL @07=><0AB=KE 2KA>:8E :0@B ?>=8605BAO. !B02LB5 8;8 45;09B5 @597 A <5=55 A8;L=K<8, G5< >1KG=> @C:0<8, GB>1K C25;8G8BL 20H H0=A 2K83@0BL 10=:.  5978B5 A A8;L=K<8 ?@8:C?=K<8 @C:0<8. 5 ?>440209B5AL 8A:CH5=8N 45;0BL @597 2 A8BC0F8OE, :>340 MB> ?@82545B : A>740=8N A;8H:>< 1>;LH>3> 10=:0, 345 :>;; A> A;01>9 @C:>9 AB0=5B ?>GB8 25@=K< @5H5=85<.  =0:>=5F, GB>1K 1KBL C25@5==K<, GB> 2K ?>=O;8, O ?>2B>@N: !45;09B5 A2>59 3;02=>9 F5;LN 2K83@KH 10=:0, 0 =5 53> C25;8G5=85.









A;8 2K ;C7>2>-?0AA82=K9 83@>:

>A;54AB28O: K 1C45B5 <=>3> ?@>83@K20BL, ?>B><C GB> 2K 83@05B5 0:B82=>, => A>?5@=8:8 =5 83@0NB 0:B82=> ?@>B82 20A. 0< @04K 25745. K <>65B5 @0AA;018BLAO 8 >1I0BLAO. =>385 83@>:8 A:@KB> 8;8 4065 >B:@KB> 1C4CB 2K@060BL ?@57@5=85 : 20<.

>AB>8=AB20: ! 83@>2>9 B>G:8 7@5=8O C 20A =5B 4>AB>8=AB2. K 83@05B5 0:B82=>, => ?@>B82 20A =5 83@0NB 0:B82=>. ! A>F80;L=>9 B>G:8 7@5=8O 2K <>65B5 @0AA;018BLAO, ?@>25AB8 2@5<O 8 ?>>1I0BLAO.

54>AB0B:8: ! 83@>2>9 B>G:8 7@5=8O 20H AB8;L   MB> A?;>H=>9 =54>AB0B>:. K A;8H:>< <=>3> ?@>83@K205B5 A 20H8<8 A;01K<8 @C:0<8 8 =54>AB0B>G=> <=>3> 2K83@K205B5 A A8;L=K<8. > 5I5 206=55 B>, GB> 2K ?@>83@K205B5 A;8H:>< <=>3> 10=:>2 87-70 ?@54>AB02;5=8O 1>;LH>3> :>;8G5AB20 15A?;0B=KE :0@B A>?5@=8:0<.

0H8 <>B82K: 284C B>3>, GB> 20H AB8;L 157=04565=, 2K 83@05B5 =5 @048 B>3> GB>1K 2K83@K20BL, 0 @048 B>3> GB>1K @0AA;018BLAO, ?@>25AB8 2@5<O ?>>1I0BLAO 8 ?>@04>20BL 4@C38E ;N459, 8 =025@=>5 @048 @8A:0.

5>1E>48<K5 87<5=5=8O 2 AB8;5: # 20A =5 1C45B =8 548=>3> H0=A0, 5A;8 2K =5 AB0=5B5 B09B>255 8 03@5AA82=55.

>=:@5B=K5 =5>1E>48<K5 87<5=5=8O:

" 	7CG8B5 =5:>B>@K5 107>2K5 :=838.

" 	3@09B5 1>;55 B09B>2>. K 4>;6=K 83@0BL <5=LH5 @C: 8 ?5@5AB0BL B0: G0AB> :>;;8@>20BL.

" 	3@09B5 1>;55 03@5AA82=>.  565 83@09B5 G5: 8 G0I5 AB02LB5, 45;09B5 @597K 8 1;5DC9B5.

" 	!048B5AL A;520 >B 03@5AA82=KE 83@>:>2. CABL >=8 A=0G0;0 A45;0NB A2>9 E>4 ?5@54 20<8, 0 70B5< A1@0AK209B5 ?@8 =5>1E>48<>AB8 A2>N @C:C.

" 	 0728209B5 20H5 C<5=85 G8B0BL :0@BK, 15@O =0 A51O @>;L =01;N40B5;O.

" 	>;L7C9B5AL A2>8< 8<8465<, >A>15==> ?@8<5=OO 1;5D.

@028;L=K5 83@K: !0<K5 =87:85 ;8<8BK, =0 :>B>@KE 2K B>;L:> A?>A>1=K 83@0BL. "0< 345 <=>3> ;C7>2>-?0AA82=KE 83@>:>2 8 F0@8B 4@C65A:0O, =5=0?@O6Q==0O 0B<>AD5@0.

























"09B>2>-?0AA82=K5 ?@>B82=8:8

C4LB5 >AB>@>6=K: # =8E B@C4=> 2K83@0BL, 0 83@0 A =8<8 <>65B 1KBL C4@CG0NI59. A;8 2284C 20H59 =5B5@?5;82>AB8 2K =0G8=05B5 83@0BL 0:B82=> A =8<8, >=8 2K83@0NB C 20A.

3@0BL ;8 A =8<8? !:>@55 2A53>, =5B, AB>8B 45;0BL MB> B>;L:> 2 A;CG05, 5A;8 >AB0;L=K5 83@>:8 A;01K5.

45 A845BL? !?@020 >B =8E, ?>B><C GB> >=8 @54:> @597OB, 8 2K <>65B5 :@0ABL 8E 1;09=4K 8 0=B5.

'B5=85 8E @C:: G5=L ;53:>. =8 =5 >B25G0NB A ?;>E8<8 @C:0<8, =5 @597OB A >B;8G=K<8 8 =5 @5@597OB 157 ?>GB8 =0BA>2>9 @C:8.

!B@0B538G5A:85 F5;8: K83@K209B5 =5<=>3> 8 =5 B5@O9B5 3>;>2C. 5 648B5 8 =5 ?KB09B5AL 2K83@0BL <=>3>.

!B@0B538G5A:85 :>@@5:B8@>2:8: 5 ?>440209B5AL A2>59 A:C:5 8 65;0=8N 0:B82=>9 83@K. 5 83@09B5 A =8<8 0:B82=55, G5< >=8 A 20<8. @8<5=O9B5 1;5D 8 ?>;C1;5D G0AB>, => 2K1>@>G=>.

>=:@5B=K5 87<5=5=8O: 5 >B25G09B5 157 E>@>H59 @C:8 8 =5 45;09B5 @597 157 >B;8G=>9. 5 AB02LB5 2 :>=F5 A <0@38=0;L=K<8 8;8 4065 =5?;>E8<8 @C:0<8, 4065 ?>A;5 8E G5:0. 5 83@09B5 G5:-@597 8 =5 83@09B5 70<54;5==>. @8<5=O9B5 1;5D 8 ?>;C1;5D G0AB>, => 2K1>@>G=>. @048B5 8E 1;09=4K 8;8 0=B5.

"09B>2>-?0AA82=K5 83@K: 5 648B5 1>;LH8E 2K83@KH59 8 0:B82=>9 83@K. >=B@>;8@C9B5 A2>N =5B5@?5;82>ABL 8 @07>G0@>20=85.

!>3;0A8B5AL, GB> ?@028;0 87<5=8;8AL. 5=LH5 83@>:>2 1C4CB @07K3@K20BL 10=:; <5=LH5 @C: 1C4CB 4>E>48BL 4> 2A:@KB8O; 10=:8 1C4CB 2K83@K20BLAO 1>;55 A;01K<8 @C:0<8, G5< >1KG=>. >7@0AB05B A8;0 ?0@ 8 2KA>:8E :0@B, A8;0 ?@8:C?=KE @C: ?0405B.

40?B8@C9B5AL : MB8< 87<5=5=8O<:  565 >B25G09B5 2 @0==8E @0C=40E B>@3>2;8. !B0=LB5 <5=55 03@5AA82=K<8, :@><5 B5E A;CG052, :>340 2K 1;5DC5B5 8 ?>;C1;5DC5B5; :@048B5 G0I5 1;09=4K 8 0=B5. 715309B5 83@K A G8AB> ?@8:C?=K<8 @C:0<8.

























A;8 2K B09B>2>-?0AA82=K9 83@>:

>A;54AB28O: K 1C45B5 =5<=>3> 2K83@K20BL 2 ?@028;L=KE 83@0E; =5<=>3> ?@>83@K20BL 2 =5?@028;L=KE 83@0E. !:C:0 8 @07>G0@>20=85. '0AB> ?@>B82 20A 1C4CB 1;5D>20BL. >65B5 @0AA;018BLAO 8 >1I0BLAO. 0< =5 1C4CB @04K. @C385 83@>:8 1C4CB >B=>A8BLAO : 20< 2@065A:8 8 ?@57@8B5;L=>.

>AB>8=AB20: '@572KG09=>5 A?>:>9AB285   548=AB25==>5 206=>5 :0G5AB2>. ;03>40@O =5<C 2K 1C45B5 2K83@K20BL 2 1>;LH8=AB25 83@. 0H AB8;L ?>72>;8B 20< @0AA;018BLAO 8 =0A;0640BLAO ?>AB>O==K<8 =51>;LH8<8 2K83@KH0<8 8 =5G0ABK<8 =51>;LH8<8 ?@>83@KH0<8.

54>AB0B:8: K, A:>@55 2A53>, 1C45B5 ?@>83@K20BL 1>;55 A8;L=K< 83@>:0<, => 2K =5 1C45B5 ?@>83@K20BL <=>3>. K =5 4>18@05B5 A 20H8<8 2K83@KH=K<8 @C:0<8, 2K CO728<K : 1;5D0< 8 =54>AB0B>G=> G0AB> ?KB05B5AL C:@0ABL 10=:. K G0AB> 405B5 15A?;0B=K5 :0@BK. 0< B0:65 <>65B =04>5ABL =50:B82=0O 83@0 8 >B=>H5=85 : 20< A> AB>@>=K 4@C38E 83@>:>2.

0H8 <>B82K: K :>=A5@20B82=K, ?@54?>G8B05B5 =51>;LH85 2K83@KH8, <0;5=L:85 @8A:8, =51>;LH85 8 =5G0ABK5 ?@>83@KH8. 0< =5 ?> 4CH5 1>;LH85 2K83@KH8 ?@8 1>;LH8E @8A:0E. K >1I05B5AL, @0AA;01;O5B5AL 8 ?@>2>48B5 2@5<O.

5>1E>48<K5 87<5=5=8O 2 AB8;5: AB0209B5AL B09B>2K<, => AB0=LB5 1>;55 03@5AA82=K<.

>=:@5B=K5 =5>1E>48<K5 87<5=5=8O:

" 	715309B5 83@0BL ŤA;01> 8 B09B>2>ť.

" 	!>7409B5 A515 ;C7>2K9 8<846.

" 	!048B5AL A;520 >B 03@5AA82=KE 83@>:>2.

" 	5 40209B5 A;8H:>< <=>3> 15A?;0B=KE :0@B.

" 	 0728209B5 A2>5 C<5=85 G8B0BL :0@BK ?>A;5 B>3>, :0: A1@>A8;8 A2>N @C:C.

" 	3@09B5 70<54;5==> A A8;L=K<8 @C:0<8.

" 	K1>@>G=> ?@8<5=O9B5 G5:-@597.

" 	@>2>F8@C9B5 83@>:>2 =0 1;5D.

" 	'0I5 :>;;8@C9B5 =0 @825@5.

" 	>;L7C9B5AL 20H8< 8<8465<, >A>15==> ?CB5< 1;5D0 8 :@068 1;09=4>2 8;8 0=B5.

@028;L=K5 83@K: !0<K5 =87:85 ;8<8BK, =0 :>B>@KE 2K B>;L:> A?>A>1=K 83@0BL. ! A0<K<8 =87:8<8 1;09=40<8 8;8 0=B5. >;LH>5 :>;8G5AB2> ;C7>2>-?0AA82=KE 83@>:>2. 5 1>;55, G5< >48= 03@5AA82=K9 83@>:, >A>15==> 5A;8 >= ;C7>2K9. >;LH>9 2K1>@ 83@>:>2. ;8==K5 AB>;K.











"09B>2>-03@5AA82=K5 ?@>B82=8:8

715309B5 8 >?0A09B5AL 8E: # =8E B@C4=55 2A53> 2K83@K20BL. 0H8 2K83@KH8 1C4CB =51>;LH8<8; 20H8 ?@>83@KH8 <>3CB 1KBL 3@><04=K<8.

3@0BL ;8 A =8<8? 5B, A;54C5B 45;0BL MB> ;8HL B>340, :>340 >AB0;L=K5 83@>:8 70 AB>;>< A;01K5, 8;8 65 :>340 2K E>B8B5 ?@>25@8BL A51O 8;8 =0CG8BLAO G5<C-;81> C =8E.

45 A845BL? !;520 >B =8E 8;8 :0: <>6=> 40;LH5.

'B5=85 8E @C:: 5;0BL MB> 4>AB0B>G=> A;>6=>, ?>B><C GB> >=8 83@0NB >G5=L >1<0=G82> 8 24C<G82>, 8 >=8 AB02OB 8;8 @597OB A> <=>38<8 F5;O<8. >?KB09B5AL ?>=OBL 8E F5;8, 0 B0:65 8E <KA;8 >1 >:@C60NI8E 83@>:0E 8 8E @C:0E.

!B@0B538G5A:85 :>@@5:B8@>2:8: 5 83@09B5 A =8<8. 5;09B5 MB> B>;L:> B>340, :>340 2K 2 =08;CGH59 D>@<5. 715309B5 :>=D@>=B0F89 A =8<8.

>=:@5B=K5 87<5=5=8O: 5=O9B5 A2>N 83@C.  565 1;5DC9B5, => ?@8<5=O9B5 ?>;C1;5D. 5 AB02LB5 A 3@0=8G=K<8 @C:0<8. 5 45;09B5 @597 157 >G5=L E>@>H59 @C:8.  565 ?@8<5=O9B5 G5:-@597. 5 :@048B5 C =8E 1;09=4K.

"09B>2>-03@5AA82=K5 83@K: !0<K5 A;>6=K5 87 2A5E; 8715309B5 8E.

@028;0 B5 65: >;LH8=AB2> E>@>H8E ?>:5@=KE 02B>@>2 83@0NB 8 ?8HCB 8<5==> > B0:8E 83@0E.

40?B8@C9B5AL : MB8< 87<5=5=8O<: 5 83@09B5 2 =8E, <>65B5 45;0BL MB> B>;L:> B>340, :>340 C 20A 5ABL A8;L=>5 65;0=85 ?@>25@8BL A51O 8 G5<C-B> C =8E =0CG8BLAO. 065 2 MB8E A;CG0OE, 83@09B5, B>;L:> :>340 2K 2 A2>59 ;CGH59 D>@<5 8 :>340 MB> =5 :>@>B:89 AB>;. 0@0=55 @5H8B5, A:>;L:> 2K <>65B5 ?>72>;8BL A515 ?@>83@0BL 8 =5 45;09B5 @51052. 3@09B5 B09B>2>, >A>15==> 2 @0==8E @0C=40E. "I0B5;L=> 2K15@8B5 A515 <5AB>. !;54C9B5 ?@028;0< 83@K ?@>B82 B09B>2>-03@5AA82=KE 83@>:>2 4065 ?>A;5 B>3>, :0: >=8 A1@>A8;8 A2>N @C:C.





























A;8 2K B09B>2>-03@5AA82=K9 83@>:

>A;54AB28O: K 1C45B5 2K83@K20BL, 5A;8 1C45B5 7=0BL A2>8 ?@545;K; 2K @07>@8B5AL, 5A;8 1C45B5 8E 83=>@8@>20BL. 0H5 74>@>2L5 <>65B ?>425@30BLAO >?0A=>AB8. 0< =5 1C4CB @04K 2 1>;LH8=AB25 83@. K A=8A:05B5 C2065=85, >A>15==> C A8;L=KE 83@>:>2. =>385 1C4CB 20< 70284>20BL 8 GC2AB2>20BL : 20< =5?@8O7=L.

0H8 <>B82K: K83@KH 45=53, ?@>25@:0 A51O, C4>2;5B2>@5=85 >B 2K83@KH0.

5>1E>48<K5 87<5=5=8O 2 AB8;5: 5 =C6=K 4;O MB>3> AB8;O. A;8 2K B0:65 E>B8B5 @0AA;018BLAO 8 ?>>1I0BLAO, ?@>AB> =5<=>3> A<O3G8B5 A2>9 AB8;L.  F5;>< =8G53> =5 87<5=O9B5.

>=:@5B=K5 =5>1E>48<K5 87<5=5=8O:

" 	!<O3G8B5 A2>9 8<846.

" 	!45;09B5 B0:, GB>1K A>?5@=8:0< =@028;>AL 83@0BL A 20<8.

" 	5 ?KB09B5AL 2K83@0BL :064K9 ?>A;54=89 4>;;0@ (B0: 2K 2K83@05B5 1>;LH5 =0 48AB0=F88).

@028;L=K5 83@K: !0<K5 2KA>:85 ;8<8BK, :>B>@K5 2K B>;L:> <>65B5 A515 ?>72>;8BL. -:A?5@8<5=B8@C9B5, ?>:0 =5 =0945B5 A2>9 ;8<8B. @>428309B5AL ?> ;8<8B0< <54;5==> 8 =5 ?5@5E>48B5 : A;54CNI5<C, ?>:0 =5 4>1LQB5AL CA?5E0 =0 ?@54K4CI5<. 5 @8A:C9B5 2A5< A2>8< 10=:@>;;><. @8 =5>1E>48<>AB8 A?CA:09B5AL =0 ;8<8B =865, 345 2K 83@05B5 =081>;55 MDD5:B82=> 8 345 20< 1>;55 :><D>@B=>. CGH5 ?>AB>O==> 2K83@K20BL =0 $20/$40, G5< 1>@>BLAO 70 2K6820=85 =0 $50/$100.







 



@8;>65=85 D:  5:><5=4>20==0O ;8B5@0BC@0

. ;L20@5A,  ŤThe Biggest Game in Townť, 1983

A;8 2K ;N18B5 0=5:4>BK > 7=0<5=8BKE 83@>:0E 8 > 1>;LH8E 45=L30E, 20< ?>=@028BAO MB0 :=830. 5 >1@0I09B5 2=8<0=8O =0 53> 2KGC@=K5 A>F8>;>38G5A:85 70<5G0=8O 8 =5 648B5, GB> 1;03>40@O MB><C 2K C;CGH8B5 A2>N 83@C.  B><C 65 ?@>D5AA8>=0;K A<>3CB C2845BL, GB> 70 687=L 8E 645B, 5A;8 >=8 A<>3CB <=>3> 70@01>B0BL. -B0 :=830 =5<=>3> AB0@0, => 25I8 @0AA:070==K5 2 =59 =5 A8;L=> 87<5=8;8AL.

>9; @0=A>= (A> <=>38<8 A>02B>@0<8), ŤSuper/System: A Course in Power Poker, Second editionť, 1994

= 8 53> A>02B>@K   G5<?8>=K, 8 >=8 40NB A>25BK ?> 2A5< 3;02=K< 2840< ?>:5@0. =830 =5 =>20O, => >G5=L AB>OI0O. 4=0:> 83@>:8 157 E>@>H59 8=BC8F88 <>3CB ?>?0ABL 2 70B@C4=8B5;L=> ?>;>65=85, ?KB0OAL 8<8B8@>20BL 53> AB8;L, >A>15==> 2 157;8<8B=>< E>;45<5.

09: 0@>, ŤCaro s Book of Poker Tellsť, 2003

57 A><=5=8O, ;CGH0O :=830 =0 MBC B5<C. / @5:><5=4CN 5Q 157 :0:8E-;81> >3>2>@>:. 4=0:> 53> CB25@645=8O > B><, A:>;L:> 2K A<>65B5 70@01>B0BL 1;03>40@O B><C 8;8 8=><C B5;>42865=8N, 2K3;O4OB 01AC@4=K<8.  B><C 65, <=>385 87 ?@>428=CBKE 83@>:>2 B0:65 G8B0;8 MBC :=83C 8 7=0NB :0: ?>AK;0BL ;>6=K5 A83=0;K.

09: 0@>, ŤFundamental Secrets of Pokerť, 1991

>@>B:0O, ;53:0O 4;O GB5=8O :=830, 2 :>B>@>9 5ABL <=>3> AB@0B538G5A:8E 8 ?A8E>;>38G5A:8E <KA;59. ">;L:> 4;O =0G8=0NI8E.

>1 &80DD>=5, ŤOmaha Poker, The Action Game: Millenium Editionť, 1999

>1 &80DD>=5, ŤImprove Your Pokerť, 1997

 >9 C: 8 6>= >=4, ŤReal Poker: The Cooke Collectionť, 1999

5A:>;L:> >B;8G=KE @0745;>2 =0 @07=K5 B5<K. 3> =5>1KG=0O A0<>:@8B8:0 ?><>305B G8B0B5;O< ?>=OBL 8 A:>@@5:B8@>20BL A2>8 A>1AB25==K5 >H81:8.

6>= $8=8, ŤInside the Poker Mind: Essays on Hold 'em and General Poker Conceptsť, 2000

 MB>9 :=835 4;O A@54=8E 8 ?@>428=CBKE 83@>:>2 @0AA:07K205BAO > A;>6=>< <KA;8B5;L=>< ?@>F5AA5 ?@8 83@5 2 ?>:5@ (2 G0AB=>AB8, 2 E>;45<). "0:65 2 =59 ?@82545=K AB@0B5388 ?5@5E>40 =0 1>;55 2KA>:85 ;8<8BK. 5 02B>@, ?A8E>;>3, ?@54AB02;O5B =>2K5 2845=8O 2 B0:>9 B5<5, :0: ŤM<>F88 8 ?>:5@ť, :>B>@CN 4@C385 02B>@K ?@0:B8G5A:8 =5 70B@03820;8.

M284 %090=>, ŤPoker Faces: The Life and Work of Professional Poker Playersť, 1982

081>;55 8AG5@?K20NI0O 8 M@C48@>20==0O :=830 =0 MBC B5<C, => >=0 =5<=>3> CAB0@5;0. A5, :B> ?;0=8@C5B AB0BL ?@>D5AA8>=0;0<8, >1O70B5;L=> 4>;6=K ?@>G8B0BL 5Q.

59A>= 0;L<CB, ŤPoker Essays: Volume Iť (2004), ŤPoker Essays: Volume IIť (2001), ŤPoker Essays: Volume IIIť (2001), ŤGambling Theory and Other Topicsť (2004)

5:>B>@K5 87 53> ;CGH8E <KA;59 =0 @07=K5 B5<K. > <=>38< 87 MB8E B5< (>A>15==> ?> 2K1>@C 83@) >= 405B A0<K5 ;CGH85 A>25BK.

0@8 ;825@, ŤLow Limit 7-card Stud: Casino Strategyť, 1991

@>AB0O :=830 > 107>2>9 AB@0B5388. >;57=0 B>;L:> 4;O =0G8=0NI8E.

>=AB0=B8= 8 -::5E0@4 B<5@K, ŤElements of Seven Card Studť, 1992

K40NI0OAO :=830. =0 >G5=L E>@>H> >@30=87>20=0, 8 2 =59 2K =0945B5 1>;LH5, G5< 2 :0:>9-;81> 4@C3>9 :=835. 4=0:> 2 =5:>B>@KE <5AB0E >=0 B@C4=> G8B05BAO. A?>;L7C9B5 55 4;O B>3>, GB>1K ?>=OBL 107>2CN AB@0B538N, 0 70B5< G0AB> : =59 2>72@0I09B5AL.

6>@46 5@A8, ŤSeven Card Stud: The Waiting Gameť, 1979

0720=85 3>2>@8B A0<> 70 A51O. 5 <>6=> 1K;> 1K =0720BL Ť0: AB0BL A:0;>9ť. 284C B>3>, GB> 1>;LH8=AB2> >H81>: 2 ?>:5@5 2>7=8:0NB 87-70 ;C7>2>AB8, : 53> A>25B0< AB>8B ?@8A;CH0BLAO. 4=0:> >= 70E>48B A;8H:>< 40;5:>, 8 53> B01;8FK A:CG=K5 8 A1820NI85 A B>;:C.

-428= !8;L15@AB5=3, ŤWinning Poker for the Serious Player: The Ultimate Money Making Guideť, 1992

%>@>H0O :=830 4;O ?>GB8 =>28G:>2. 5 =0720=85 22>48B 2 701;C645=85, B0: :0: 4;O A5@L57=KE 83@>:>2 MB> A;8H:>< >1I0O :=830.

M284 !:;0=A:8, ŤThe Theory of Pokerť, 1999

;03>40@O MB>9 :=835, >= ?>;CG8; @5?CB0F8N ?5@54>2>3> ?>:5@=>3> B5>@5B8:0. <5AB> B>3>, GB>1K 3>2>@8BL >1 83@5, >= 70B@038205B B5>@5B8G5A:85 0A?5:BK, :0A0NI85AO 2A5E 284>2 ?>:5@0 (H0=AK : 10=:C 8 ?>B5=F80;L=K5 H0=AK, ?>;C1;5D, 040?B0F8O : :>@>B:8< AB>;0<). 3> $C=40<5=B0;L=0O "5>@5<0 >:5@0 =025@=>5, A0<0O >@838=0;L=0O 8 ?>;57=0O ?>:5@=0O 845O, :>B>@CN O :>340-;81> G8B0;. B;8G=0O :=830 4;O A5@L57=KE 83@>:>2, => A;8H:>< B@C4=0O 4;O =>28G:>2.

M284 !:;0=A:8, ŤHold'em Pokerť, 2000

5@20O :=830 >1 MB>9 83@5. !B>OI89 CG51=8: 4;O =0G8=0NI8E, => =5 =0AB>;L:> E>@>H, :0: 53> ?@>4>;65=8O, ŤHold 'em Poker for Advanced Playersť and ŤHold 'em Poker for Advanced Players: 21s' Century Editionť.

M284 !:;0=A:8 8 59A>= 0;L<CB, ŤHold'em Poker for Advanced Players: 21s' Century Editionť, 1999

CGH0O :=830 ?> E>;45<C.  B><C 65 2 MB>< =>2>< 8740=88 ?@82545=K @0AH8@5==K5 @07<KH;5=8O =0 B5<C >1I59 AB@0B5388 8 83@K 2 ;C7>2KE 83@0E, 0 B0:65 70 :>@>B:8<8 AB>;0<8, :>B>@K5 >B=>AOBAO ?>GB8 : ;N1K< 2840< ?>:5@0, 0 =5 B>;L:> : E>;45<C.

M284 !:;0=A:8, 59A>= 0;L<CB 8  59 8, ŤSeven Card Stud for Advanced Players: 21s' Century Editionť, 1999

M284 !:;0=A:8, ŤGetting The Best of Itť, 2001

 59 8, ŤHigh-Low Split Poker for Advanced Playersť, 2007

 

    





>:5@=K9 A09B 

 >?C;O@=K9 8=D>@<0F8>==K9 8

 >1@07>20B5;L=K9 @5AC@A





(:>;0 ?>:5@0

=>3>C@>2=52>5 >1CG5=85 ?>:5@C. (:>;K 6820O 8 >=-;09=



 



=-;09= ?>:5@ 

B:@KB85 8 A>?@>2>645=85 AG5B>2 =0 :@C?=59H8E ?>:5@=KE A09B0E



=838 > ?>:5@5. =B5@=5B <03078=

=838 @>AA89A:8E 02B>@>2. 

0G5AB25==K5 ?5@52>4K ;CGH59 70@C156=>9 ;8B5@0BC@K



@30=870F8O ?>:5@=KE 25G5@>2

4;O 20H59 :><?0=88



 



@>D5AA8>=0;L=K5 :>=AC;LB0F88

?> 2545=8N ?>:5@=>3> 187=5A0















WWW.POKERMOSCOW.RU

 

=838, 8740==K5 :><?0=859 ŤPOKERMOSCOWť

                                                                               

 		 		 

 		 		 

 		 		 



WWW.POKERMOSCOW.RU

+7(985) 924-35-15

 



 		 		



WWW.POKERMOSCOW.RU

+7(985) 924-35-15