Download as pdf or txt
Download as pdf or txt
You are on page 1of 82

POLAR RS200 HASZNÁLATI ÚTMUTATÓ

Köszönjük, hogy a zerge.info-t választotta. Használati útmutatókon kívül is van


terméktámogatásunk, így érdemes a termékoldalunkon keresni a "gyorslinkeket",
melyel több hasznos információhoz juthat órájával/ GPS-vel kapcsolatban.

Oldalunkon feliratkozhat hírlevelünkre, mely évente 3 alkalommal tudat hasznos


cikkeket, lehetőségeket, újdonságokat.

Kérdés esetén keressen minket elérhetőségeinken!


HASZNOS MOZGÁST MINDENKINEK!

WEB: www.zerge.info
Email: zerge@zerge.info
Tel: +36/ 70 4240 480
Zerge “Vinczeffy Zsolt”
7PÔH7=EC8@7?
C[]`[]opƒi07]ecXeaf_bbWdWjdo_c[]doec|i|lWbc|i[h[Zcƒdoƒh^[jŽ[b"c_djWc[]doec|ikj|d_^eiipWXX_Z[`“doeclWjWhj|iiWb0
š Dehc|bc[]doec|i0doec`kac[]"cW`Z[d][Z`”a[bW]ecXej$
š >eiip‘c[]doec|i0doec`kac[]ƒijWhjikaX[doeclWW]ecXejb[]Wb|XX[]oc|ieZf[hY_]

 L_b|]‡j|iB_]^j
 š7^|jjƒhl_b|]‡j|iX[aWfYieb|iW$  š7p[bŽpŽ”p[ccŒZ^eplW]oc[d”ip_dj^[p
 š7]oehic[d”c[]j[a_djƒi[^eiipWdc[]doeclW$ bƒfƒi$
 š7X_bb[djo“p|ha_ebZ|iW^eiipWdc[]doeclW$  š7a_l|bWipjejjƒhjƒadl[bƒi[$

 B[|bb‡j|iIjef
 š7pWZejj\kdaY_Œb[|bb‡j|iW"ip”d[j[bj[jƒi[lW]o  š7al[ja[pŽ”p[ccŒZ^eplW]o
jhbƒi[$ c[d”ip_dj^[pbƒfƒi$
 šA_bƒfƒiWc[d”XŽb"ƒil_iipWjƒhƒiWp[bŽpŽ  š7a_l|bWipjejjƒhjƒaYiaa[djƒi[$
c[d”ip_djh[$
 F_hei]ecX
 šL_iipWjƒhƒiWFedjei_ZŽJ_c[”p[ccŒZXW^eiipWd  š7p[]o[i\kdaY_Œa[b_dZ‡j|iW"_bb$[b\e]WZ|iW$
c[]doeclWc_dZ[d”p[ccŒZXŒb"a_lƒj[bWp;Zpƒi  š8[bƒfƒiWc[]`[b[dŽ”p[ccŒZXWlW]o
;n[hY_i[cŒZ c[d”X[ƒiWbWYiedoWXXc[d”ip_dj^[p
bƒfƒi$
 šIjWdZXo”p[ccŒZXWbƒfƒi$
 š;Zpƒi”p[ccŒZXWbƒfƒi^eiipWd
#JekY^]ecXdoec|idƒba”b c[]doeclW$
;ZpƒiapX[dW]ecXeac[]doec|iWdƒba”b  šAh_ZŽh]p‡jƒi[;Zpƒi”p[ccŒZXWd$
j|`ƒaepŒZ^Wjkda[h[Zcƒdo[_dahŽb"[^^[p
ap[b‡ji”aWaecfkj[hjW`[bWZŒdb[lŽFebWh
be]Œ^ep$

>KD )

?23?(5.INDD 
J7HJ7BEC
7pHI(&&iZj‡fki\[b^Wipd|bŒ_dWa0WpI'\eejfeZ^Wipd|bWj|^epip”aiƒ][i\edjei_d\ehc|Y_Œjaƒaip‡dd[bip[Zj”a$
'$ 7FEB7HHI(&&%HI(&&iZ<KJÔAECFKJ;H8;CKJ7JÍI7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$,
 '$' 7J;HCxA;B;C;?$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$,
 '$( 7<KJÔAECFKJ;H;BIÕ>7IPDÍB7J7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-
($ ;:PxI$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/
 ($' FKBPKIIPÍCCxHxI$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$/
 ($( 7FEB7HI'<EEJFE:>7IPDÍB7J7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$''
 ($) ;:PxI7:7JEAHz=PÐJxI;$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$')
 ($* ;:PxI7B7JJ;BxH>;JÕ<KDA9?ÔA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$'+
 ($+ 7P;:PxIB;ÍBBÐJÍI7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$((
)$ Hz=PÐJ;JJ7:7JEAC;=J;A?DJxI;#<Í@B$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$(*
*$ 8;ÍBBÐJÍIEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)*
 *$' ;:PxI8;ÍBBÐJÍIEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$)+
 *$( <KDA9?Ô8;ÍBBÐJÍIEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*)
 *$) <;B>7IPDÍBÔ?7:7JEA8;ÍBBÐJÍI7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$*-
 *$* ÍBJ7BÍDEI8;ÍBBÐJÍIEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+'
 *$+ ÔH78;ÍBBÐJÍIEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+)
  *$+$' ;I;CxDO$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+)
  *$+$( x8H;IPJxI$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+*
  *$+$) ?:ÕPÔDÍA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+,
  *$+$* :ÍJKC$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+-

* >KD

?23?(5.INDD 
+$ 79xBPÔD7>7JÍHxHJxA;?$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+.
 +$' EMDPED;#I7@ÍJPÔD7>7JÍHxHJxA;?$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$+/
 +$( FEB7HIFEHJPÔDÍA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$,'
 +$) C7DKÍB?I>7JÍHxHJxA;A$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$,*
,$ FEB7H<?JD;IPJ;IPJ$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$,+
-$ 7:7JÍJL?J;B9EDD;9J$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-&
 -$' 78;ÍBBÐJÍIEAIP;HA;IPJxI;IPÍCÐJÔ=xFF;B$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-&
 -$( ;:PxI7:7JEAÍJL?J;B;?DJ;HD;J;I;:PxID7FBÔ87$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-'
.$ A;P;BxIxIA7H87DJ7HJÍI$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-(
/$ ÔL?DJxPA;:xI;A$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-+
'&$ =O7AH7D<;BJ;JJAxH:xI;A$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$--
''$ CØIP7A?7:7JEA$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$-/
'($ AEHBÍJEPEJJFEB7HD;CP;JAzP?=7H7D9?7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.'
')$ FEB7H<;B;BÕIIx=;B>ÍHÐJÍI$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$.(

>KD +

?23?(5.INDD 
'$ 7FEB7HHI(&&%HI(&&iZ<KJÔAECFKJ;H8;CKJ7JÍI7
'$' 7J;HCxA;B;C;?
7FebWhHI(&&\kjŒaecfkj[hWpWb|XX_[b[c[aXŽb|bb0

<kjŒaecfkj[h FebWhM[Xipeb]|bjWj|iea
7\kjŒaecfkj[hWp[ZpƒiWbWjj 7mmm$FebWhHkdd_d]9eWY^$YecebZWbed[Zpƒi_Yƒb`W_dadWa
c[]`[b[d‡j_ƒih]p‡j_\kjŒƒi j|ce]Wj|i|hWa_WbWa‡jejjj[b`[im[Xipeb]|bjWj|ijjWb|bkda$
[]oƒX[Zpƒi_WZWjW_daWj$L_]o”a 7p_d]o[d[ih[]_ipjh|Y_Œkj|dj[ijh[ipWXejj[Zpƒi
X[ip[cƒbo[iX[|bb‡j|iW_daWjWp fhe]hWcej"[ZpƒidWfbŒj"^WipdeiY_aa[a[jƒiiea[]oƒX
Œh|XW"ƒi[Zpƒi[akj|d[b[c[pp”a ƒhZ[a[iiƒ][jjWb|bkdaWpebZWbWaed$H|WZ|ikbW
a_Wp[ZpƒiWZWjeaWj$ mmm$febWh$Äm[XebZWbedWb[]\h_ii[XXj[hcƒaj_ff[a^[pƒi
edb_d[j|ce]Wj|i^ep_i^epp|`kjkda$
FebWhM[WhB_daŸ
aŒZebjc[bbaWi_`[bWZŒ L[lŽipeb]|bWj"h[]_ipjh|Y_Œƒi_d\ehc|Y_Œ
7`[bWZŒWfkbpkiip|ckdaWj Wd[cp[jap_]WhWdY_|hŒb
jel|XX‡j`WWpŒh|^ep$ 7c[ddo_X[dW\kjŒYecfkj[h`Wl‡j|ihWipehkb"W
7f|dj[b[ajhŒZW\[b”b[j[_ƒhpƒa[b_a ip[hl_p[bƒi^[p`kjWiiWl_iipWW]WhWdY_W`[]]o[bƒi
Wfkbpkiip|cej$ ip|cb|lWb[]o”jjWFebWhip[hl_papfedjXW$7L|i|hbŒ_
h[]_ipjh|Y_Œia|hjoWa_jbjƒiƒl[bi[]‡jX[dd”da[jWc_dŽiƒ]
FebWhI'Ÿ<eejFeZ l[lŽipeb]|bWjX_pjei‡j|i|XWd"_bb[jl[W`lŽX[b_FebWh
7\eejfeZWpŒh|^epapl[j‡j_W j[hcƒa[aƒiipeb]|bjWj|ieaa_\[`b[ipjƒiƒX[d$7aƒjƒl[iFebWh
\kj|i_i[X[iiƒ]ƒiWc[]j[jj‘j ]WhWdY_WWj[hcƒa[h[Z[j_l|i|hbŒ`|dWa`|h$JWhjiWc[]W
cƒhjƒhjƒa[_j$ D[cp[jap_]WhWdY_Wa|hjo|jl|i|hb|iWX_pedobWjWaƒdj$

, >KD

?23?(5.INDD 
'$( 7<KJÔAECFKJ;H;BIÕ>7IPDÍB7J7
Lƒ][pp”a[bWpWbWfX[|bb‡j|ieaWj_ZŽ"Z|jkc"cƒhjƒa[]oiƒ][aƒiip[cƒbo[iX[|bb‡j|ieaWp7bWfX[|bb‡j|iea”p[ccŒZXWd$7
c[]\[b[bŽip[cƒbo[iWZWjeac[]WZ|i|lWbX_pjei‡j`ka"^e]ofedjeil_iipW`[bpƒijaWf`kdaj[b`[i‡jcƒdo”dahŽb$

7p”h[ia_`[bpŽ`“ŒhWWaj_l|b|i|^epdoec`kac[]X|hc[bo_a]ecXej$
7a_`[bpŽc[]j[b_aip|ceaaWbƒiX[j“aa[b$
'$ Doec`kac[]Wf_hei]ecXej$C[]`[b[d_aWÉM[bYec[jeFebWhHkdd_d]MehbZº\[b_hWj{Zlpb`”aWFebWh\kjŒl_b|]XWd$
($ Doec`kac[]Wf_hei]ecXej"ƒiW % ]ecXeai[]‡jiƒ]ƒl[bl|bWiipkaa_Wa‡l|djdo[bl[jWd]eb"dƒc[j"ifWdoeb
lW]o\hWdY_W$
)$ Doec`kac[]Wf_hei]ecXej$C[]`[b[d_aWÉIjWhjm_j^XWi_Yi[jj_d]iºipl[]7bWfX[|bb‡j|ieac[]a[pZƒi[$
*$ <ebojWiikaWf_hei]ecXc[]doec|i|lWb"ƒial[ii”aWpWb|XX_bƒfƒi[a[j0
C[]`[]opƒi07ip|c`[]o[a]oehiWXXWdfh]d[a"^Wc[]doec`ka"ƒidoeclWjWhj`kaW % ]ecXeaWjWpWZWjeac[]WZ|iWaeh$

+$ Fedjei?ZŽ0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œ š : Wo%Cedj^dWf%^ŒdWf0|bb‡jikaX[WdWfej(*Œh|i


ƒhjƒa[j"cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0 \ehc|jkcXWdlW]oW^ŒdWfej'(Œh|i\ehc|jkcXWd
š (*^%'(^0l|bWiipkaa_W'(lW]o(*Œh|i\ehc|jkcej š C edj^%:Wo^ŒdWf%dWf0|bb‡jikaX[W^ŒdWfej(*
š 7C%FCW'(Œh|i\ehc|jkc^ep0l|bWiipkaWp Œh|i\ehc|jkcXWdlW]oWdWfej'(Œh|i\ehc|jkcXWd
7CZƒb[bŽjjlW]oFCZƒbkj|d`[b[j š O[Whƒl0|bb‡jikaX[Wpƒl[j
š >ekhi0|bb‡jikaX[WpŒh|j
š C_dkj[i0|bb‡jikaX[Wf[hY[j Cƒhjƒa[]oiƒ][a0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œ
ƒhjƒa[j"cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0
:|jkc0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œƒhjƒa[j" š a]%Yc%aclW]obX%\j%c_0l|bWiipkaa_Wcƒhjƒa[]oiƒ][j
cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0
C[]`[]opƒi0WZ|jkcWa_l|bWipjejj_ZŽ\ehc|jkcdWac[]\[b[bŽ[d
`[b[d_ac[](*Œh|i0dWf·^ŒdWf#ƒl%'(Œh|i0^ŒdWf·dWf#ƒl$

>KD -

?23?(5.INDD 
J[iji‘bo0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œƒhjƒa[j" ,$ C[]`[b[d_aWÉI[jj_d]iEA5De%O[iº”p[d[j8[|bb‡j|iea
cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0 h[dZX[d5D[c%?][d$7X[|bb‡j|ieacŒZei‡j|i|^epl|bWiipkaW
š a]%bX0WZ`kijoekhm[_]^j De#j$7ZZ_]doec`kaWIjef]ecXej"Wc‡]Wa‡l|djX[|bb‡j|i^ep
C[]`[]opƒi0Wcƒhjƒa[]oiƒ][aapj_l|bj|i^epdoec`kac[]W `kjkda$7X[|bb‡j|iea[b\e]WZ|i|^epl|bWiipkaWO[i#jWf_hei
l_b|]‡j|ij^eiipWd$ ]ecXXWb$7a_`[bpŽWkjecWj_akiWdFedjei_ZŽ”p[ccŒZhWl|bj$

J[ijcW]Wii|]0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œ =oehic[d”0


ƒhjƒa[j"cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0 >WWFedjei?ZŽ”p[ccŒZXWd
š Yc%\j"_d0WZ`kac[]cW]Wii|]kdaWj c[]doec`ka"ƒidoeclW
C[]`[]opƒi0Wcƒhjƒa[]oiƒ][aapj_l|bj|i^epdoec`kac[]W jWhj`kaWl_b|]‡j|i]ecXej"
l_b|]‡j|ij^eiipWd$
W]oehic[d”X[`kjkda$;pW
c[d”WpWb|XX_\kdaY_ŒaWj
Ip”b[jƒi__ZŽ0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œ
jWhjWbcWppW0
ƒhjƒa[j"cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0
š DWf%^ŒdWf0|bb‡jikaX[WdWfej(*Œh|i\ehc|jkcXWd 8_bb[djo“p|h07]ecXeaWjb[p|h^Wj`ka$7X_bb[djo“p|h
lW]oW^ŒdWfej'(Œh|i\ehc|jkcXWd c[]WaWZ|boeppWW]ecXeaWaWhWjbWdc[]doec|i|j$
š >ŒdWf%dWf0|bb‡jikaX[W^ŒdWfej(*Œh|i Jel|XX__d\ehc|Y_Œƒhjb|iZW(&$ebZWbj$
\ehc|jkcXWdlW]oWdWfej'(Œh|i\ehc|jkcXWd xXh[ipjƒi07pƒXh[ipjƒija_#_bb$X[aWfYieb^Wj`ka$Jel|XX_
š xl0WZ`kac[]Wpƒl[j _d\ehc|Y_Œƒhjb|iZWpÔhWX[|bb‡j|ieahƒipjWp+)$ebZWbed$
?ZŽpŒdW07p_ZŽpŒd|aaWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhj
D[c0W % ]ecXeaaWb|bb‡jikaX[Wl_bbe]Œƒhjƒa[j" b|iZWpÔhWX[|bb‡j|ieahƒipjWp+)$ebZWbed$
cW`ZWf_hei]ecXXWb\e]WZ`ka[bWpWb|XX_WaWj0 Ib[[f07^_X[hd|b|i\kdaY_ŒWaj_l|b|i|lWbaWfYiebWjei_d\eh#
š CWb[%<[cWb[\ƒhÄ%dŽ0l|bWiipkaa_Wd[c[j c|Y_Œƒhjb|iZWpÍbjWb|deiX[|bb‡j|ieahƒipjWp+'$ebZWbed$

 J _ff0Be]Œab[jbjƒiƒl[bip[cƒboh[ipWX^Wj`ka\kjŒaecfkj[h”da
a_`[bpŽ`ƒj$Jel|XX__d\ehc|Y_Œƒhjb|iZWp7ZWj|jl_j[b9edd[Yj
Y‡c“hƒipjW-&$ebZWbed$
. >KD

?23?(5.INDD 
($ ;:PxI
($' 7FKBPKIIPÍCCxHxI;
7fkbpkiip|ccƒhƒiƒ^[pl_i[bd_a[bbW`[bWZŒl[j$

'$ <eboŒl‡pWbWjjd[Zl[i‡ji”ac[]Wpl[b[ajhŒZW#j[h”b[j[_j"ƒi]oŽpŽZ`”dac[]hŒbW"^e]o[bƒ]
d[Zl[i[a#[$

($ H]p‡ji”aWYiWjbWaepŒjWplh[$7YiWjbWaepŒdjWb|b^WjŒBX[j“j^[bo[pp”aWplB;<J
\[b_hWj|^ep"ƒiaWfYieb`kaX[WYiWjej$Íbb‡jikaWf|dj^eiip|j‘]o"^e]oipeheiWdƒi
aƒdo[bc[i[d_bb[ipa[Z`[d$>[bo[pp”aWf|djejc[bbaWikdaahƒ"apl[jb[d”bWc[bb_pceaWb|"
cW`ZaWfYieb`kaX[Wc|i_aYiWjej$

)$ ;bb[dŽh_pp”a"^e]oWd[Zl[i[b[ajhŒZ|a_bb[ipa[Zd[a#[WXŽh^p"_bb[jl[WFebWhbe]Œapƒf[d"
\[b\[bƒ^[bo[pa[Z_a#[[b$

*$ 7aecfkj[hjl_i[b`”a‘]o"c_dj[]oŒh|j$Fedjei_ZŽ”p[ccŒZXWddoec`kac[]Wf_hei
]ecXej$7\kjŒaecfkj[hWkjecWj_akiWd[ba[pZ_a[h[id_Wfkbpkiip|cej$7fkbpkiip|c
ƒiWa[h[j[ifkbpki`[b'+c|ieZf[hY[dX[b”bc[]`[b[d_a$>WW>[bf\kdaY_ŒjX[|bb‡jejjka"
c[]`[b[d_aWÉ>[WhjHWj[i_]dWb\ekdZºipl[]fkbpkiip|cejjWb|bj$7fkbpkiip|cejW
aƒip”bƒacƒh_"h]p‡j[d_WpedXWdYiWaWaaeh\e]`W"^W[ba[pZ`”aWp[Zpƒij$7fkbpkiip|c
ƒic|i[Zpƒii[baWfYiebWjeiWZWjh]p‡jƒiƒjb|iZWp;ZpƒiWZWjeah]p‡jƒi[hƒipdƒbW')$
ebZWbed$

>KD /

?23?(5.INDD 
AŒZebjfkbpkiip|c#|jl_j[b
7aŒZebjfkbpkiip|c#|jl_j[bYiaa[dj_Wap[b”daX[db[lŽc|ifkbpkiip|c#cƒhŽaƒip”bƒa[a
eaepjW_dj[h\[h[dY_|j$7aŒZa[h[iƒii_a[h[ƒiWpWlWhc[dj[ifkbpkicƒhƒiƒhZ[aƒX[djWhjikaWp
Œh|jW`[bWZŒjŒb'cƒj[h[dX[b”b$;bb[dŽh_pp”a"^e]od[clW]okda#[c|i"fkbpkicƒhƒijlƒ]pŽ
ip[cƒbo[alW]o[b[ajhec|]d[i[ipWlWh|iap[bƒX[dWp_dj[h\[h[dY_|lWbaWfYiebWjeijel|XX_
_d\ehc|Y_Œƒhjb|iZWpÔl_djƒpa[Zƒi[ahƒipjW-+$ebZWbed$

7fkbpki`[bah”b_a[h[jWaŒZebjfkbpkiip|c#|jl_j[bj`[bp_$
7a[h[jdƒba”b_fkbpki`[baŒZebWjbWdfkbpkiip|c#|jl_j[bjckjWj$
7fkbpkiip|c#cƒhƒiaŒZebWjbWd”p[ccŒZXWd_ic“aZ_a"a”bdi[d"^Wd_dYi[dpWlWh\ehh|iW
ap[b”daX[d$

7YiWjbWaepŒdWaWpljŽblWbŒipƒjaWfYieb|i|^ep^”l[boa#ƒickjWjŒk``kdaaWb]oWaeheb`kda
doec|ijƒiWaƒf[db|j^WjŒcŒZedYiWlWh`kaa[p”da[j$

C[]`[]opƒi0>WWpŒhWd[c`[bp_a_Wfkbpkiip|cejlW]oWÉ9^[YaM[WhB_daº\[b_hWj`[b[d_ac[];bb[dŽh_pp[
W`[bWZŒj"]oŽpŽZ`”dac[]hŒbW"^e]oW`[bWZŒ[b[ajhŒZ|_[bƒ]d[Zl[i[a"ƒiWpl[bƒ]\[ip[i#[$Ap[b‡ji”aWp
Œh|jW`[bWZŒdb[lŽFebWhbe]Œ^ep"‡]o‘`hW_dZ‡j^Wj`kaWfkbpkiip|ca[h[iƒiƒj$

'& >KD

?23?(5.INDD 
($( 7FEB7HI'<EEJFE:>7IPDÍB7J7
;biŽ^Wipd|bWjaehW\eejfeZXW[b[c[ja[bbj[dd”da$7p[b[cWj[hcƒaYiecW]`|XWdjWb|b^WjŒ$7jel|XX_j[[dZŽa[jb|iZWpI'
\eejfeZ[b[cX[^[bo[pƒi[hƒipdƒb[p[dWpebZWbed$
;b[cYi[h[[i[jƒd]oŽpŽZ`”dac[]hŒbW"^e]oWp[b[cX[dlWd#[[bƒ][hŽ$;^^[pdoec`kac[]ƒijWhjikadoeclWW\eejfeZ
f_hei]ecX`|j$>WWpbZ\ƒdol_bbe]d_a[pZ"\[b^[bo[p^[j`”aW\eejfeZejWY_fŽdah[$>Wd[cb|jip_a\ƒdo"Wp[b[c[ja_a[bb
Yi[hƒbd_$

7pI'<eejFeZ[b[cX[^[bo[pƒi[
7\eejfeZ[b[cƒd[aX[Yi”bj|jbW]eiƒb[jjWhjWcW(&”p[cŒhW$7p[b[c[jcW]kda_ia_Yi[hƒb^[j`”a$>W‡]oj[ip”da"al[ii”a
Ä]o[bc[i[dWpWb|XX_‘jckjWjŒj$>WWpjip[h[jdƒda"^e]oWFebWhlƒ][pp[[bWp[b[cYi[hƒj"`kjjWiika[bWpƒhpƒa[bŽj[]oFebWh
ip[hl_papfedjXW"W^ebWpƒhpƒa[bŽja_fhŒX|b`|aWp[b[cYi[hƒ`[kj|d$

'$ \[biŽjea '$ 7\[Zƒba_fWjj_dj|i|lWbƒiWl_bb|hŒblWbŒb[[c[bƒii[bl|bWiipkab[W\eejfeZejWl_bb|hŒb$


($ 7p[b[c\[ZƒbhŽblWbŒb[[c[bƒii[bj|leb‡jika[bW\[a[j[Xeh‡jŒjW\eejfeZhŒb$7Xeh‡jŒ
[bj|leb‡j|i|^ep^Wipd|b^Wj`kaWl_bbW[b”biŽƒbƒjb|iZ'$aƒf$
)$ ÔlWjeiWddo_iikaa_Wp[b[c\[Z[b[j$>‘ppkaa_Wp[b[cjeaejb|iZ($aƒf$9i[hƒb`”aa_Whƒ]_
l_bbW [b[c[j777‘`hW$
*$ >[bo[pp”al_iipWWp[b[cjeaejW\eejfeZXW$=oŽpŽZ`”dac[]hŒbW"^e]oWp[b[cjea
X[b[Yi‘ipejjWpƒhpƒa[bŽ^ehdoW_XW$L_]o|ppkda"^e]od[^e]oc[]ƒh_dji”aW\eejfeZ
($
[b[cjea aWfYiebŒ`|jWp[b[cjeaa_#X[Yi‘ipjWj|iWaeh$
+$ 7l‡p|bbŒi|]ƒhZ[aƒX[d[bb[dŽh_pp”a"^e]oWjc‡jŽ]o“h“W^ehdoeaXWd^[bo[pa[Z_a#[[b$P|h`ka
b[Wp[b[c\[Z[b[j"ƒi^[bo[pp”al_iipWW\[a[j[Xeh‡jŒjW\eejfeZ\[biŽhƒipƒh[$=oŽpŽZ`”dac[]
hŒbW"^e]oipeheiWdp|h#[$
[b[cjWhjŒ ,$ 7\eejfeZf_hei]ecX`|dWac[]doec|i|lWbƒidoeclWjWhj|i|lWb[bb[dŽh_pp”a"^e]oWpbZ
\ƒdo[ba[pZ#[l_bbe]d_$7\eejfeZf_hei]ecX`|dWa‘`XŒb_c[]doec|i|lWbW\eejfeZa_aWfYieb$
-$ 7^Wipd|bj[b[c[ajel|XX_\[b^Wipd|b|iWaehX[a[bbjWhjWd_W^[bo_ipWX|boeaWj$
>KD ''

?23?(5.INDD 
'$ 7pI'<eejFeZY_fŽh[h]p‡jƒi[
'$ 7\[Zƒba_fWjj_dj|i|lWbƒiWl_bb|hŒblWbŒb[[c[bƒii[bl|bWiipkab[W\eejfeZejWl_bb|hŒb$
($ BWp‡jikaa_WY_fŽ\“pŽj"ƒi^[bo[pp”aWb|Wl_bb|jWY_fŽdo[blƒh[$Ipeh‡jikac[]W\“pŽj$
)$ 7\eejfeZf_hei]ecX^epap[b[XX[iŽ[biŽhƒipƒj^|jkbhŒbc[]doeclW_]Wp‡jikaW\eejfeZej
Wl_bb|^ep$AWjj_djikah|W\[Z[b[j$=oŽpŽZ`”dac[]hŒbW"^e]oW\eejfeZd[ccepe]"ƒi
_bb[ipa[Z_aWb|Xkda^ep$
($ *$ C_kj|dc[]`[b[djfkbpkiip|ckdaWaecfkj[h[d"aWfYieb`kaX[W\eejfeZej$7f_hei]ecXej
doec`kac[]"ƒiWZZ_]jWhjikaX[doeclW"c‡]WpbZb|cfWl_bbe]d_d[ca[pZ$
;Zpƒikj|dWf_hei]ecXejWZZ_]jWhjikaX[doeclW"c‡]WpbZb|cfWa_d[cWbip_a"[aaehW
aƒip”bƒaa_aWfYieb$

)$ C[]`[]opƒi0
 š>WX[aWfYiebjkaWaecfkj[hX[dW>[bf\kdaY_Œj"W\eejfeZX[aWfYieb|iWaehWÉ<eejfeZi_]dWb\ekdZº
ipl[]<eejfeZ`[bƒhpƒa[bl[ƒiW$$$`[bpƒi`[b[d_ac[]Wa_`[bpŽd$
 š>WWÉ9^[Ya<eejfeZº\[b_hWj;bb[dŽh_pp[W\eejfeZej`[b[d_ac[]"W\kjŒaecfkj[hd[caWf`[b[jW
\eejfeZjŒb$Jel|XX__d\ehc|Y_Œƒhjb|iZW=oWahWd\[bj[jjaƒhZƒi[aY‡c“\[`[p[j[jW--$ebZWbed$
 š>WW\eejfeZedWpbZ\ƒdof_heihWl|bj|j"Yi[hƒb`”da[b[c[jWal[ja[pŽ\kj|i[bŽjj

*$
 J _ff0c_dƒb[hŽi[XX[dlWdh]p‡jl[W\eejfeZ"Wi[X[iiƒ]ƒij|lebi|]\kdaY_ŒWdd|bfedjeiWXXb[ip$
=oŽpŽZ`”dac[]hŒbW"^e]oWb[^[jŽb[]jXXY_fŽ\“pŽip|bjWhj`WWl_bb|j$

'( >KD

?23?(5.INDD 
7FebWhI'<eejFeZaWb_Xh|b|iW
7\eejfeZaWb_Xh|b|i|lWbdl[b^[j`”aWi[X[iiƒ]#ƒij|lebi|]cƒhƒifedjeii|]|j$@WlWieb`ka"^e]oWaWb_Xh|b|ijlƒ][pp”a[b
Wp[biŽ^Wipd|bWj[bŽjj"_bb[jl[Waaeh"^W`[b[djŽi[dc[]l|bjep_a\kj|i_ij‡bkikdalW]oW\eejfeZ^[bop[j[WY_fŽdfb$"^WY_fŽj
Yi[hƒb”da$
7pI'\eejfeZaWb_Xh|b|i|j[]o[bŽh[c[]^Wj|hepejjj|lebi|]|bbWdZŒj[cfŒXWdjhjƒdŽb[\kj|i|lWblƒ][p^[j`”a[b$>Wc|h
_ic[h`”aWaWb_Xh|Y_Œijƒdo[pŽjfb$"^Wi‡aj[h[fhŽb^[]o[ij[h[fh[a[h”b”da"Wjƒdo[pŽjcWdk|b_iWd_iX[|bb‡j^Wj`ka$7
\eejfeZaWb_Xh|b|i|lWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW*)$ebZWbj$

($) ;:PxI7:7JEAHz=PÐJxI;
Fedjei_ZŽ”p[ccŒZXWddoec`kac[]WIjWhj]ecXejWp[Zpƒi[b_dZ‡j|i|^ep$

'$ 7Fkbpkiip|c#cƒhƒiY‡c“\[`[p[jX[db[‡hjWaip[h_dj/$ebZWbl_i[b`”aW`[bWZŒj$
($ 7Fedjei_ZŽ”p[ccŒZXŒb_dZkb`kda$Doec`kac[]Wf_hei]ecXej$
)$ 7\kjŒaecfkj[haƒip[dbƒj_”p[ccŒZXWdlWd$7a_`[bpŽdWIjWhjƒiWI[jj_d]i\[b_hWjb|jip_a$7
\[biŽiehXWdWpWbWfƒhj[bc[p[jj[Zpƒij‡fkil_bbe]$7aecfkj[hWkjecWj_akiWd[ba[pZ_a[h[id_
Wfkbpkiip|cej"WpWZWjeaWjWpedXWdd[ch]p‡j_$
*$ L|bWiipkaWIjWhjejW % ]ecXeaaWb$L|bWipj|ikdaWjWf_hei]ecXXWb[hŽi‡ji”ac[]$
7ijeff[hŒhW[b_dZkb"ƒic[]`[b[d_aWp[Zpƒih]p‡jƒiƒjckjWjŒ `[b$7ijeff[hƒiW
ip|c‡j|ieaWaj_l|bŒZdWa"ƒic[]a[pZŽZ_aWp[ZpƒiWZWjeah]p‡jƒi[$
 J_ff07p[Zpƒi]oehi_dZ‡j|i|j[blƒ][p^[j`”a‘]o_i"^WFedjei_ZŽ”p[ccŒZXWdWf_hei]ecXejc[]doec`ka"ƒidoeclWjWhj`ka$

>KD ')

?23?(5.INDD 
C[]`[]opƒi0
 š7p[Zpƒih]p‡jƒi[[bŽjjc[]l|bjepjWj^Wj`kaWpWbWfƒhj[bc[p[jj[ZpƒijW8[|bb‡j|iea”p[ccŒZXWd$78[|bb‡j|iea”p[ccŒZXWdl|bWiipka
a_Wf_hei]ecXXWbWp;n[hY_i[;Zpƒifedjej"W % ]ecXeaaWbf[Z_]`[bb`”aa_Wa‡l|dj[Zpƒi\W`j|j$;hŽi‡ji”ac[]Wl|bWipj|ijW
f_hei]ecXXWb$L|bWiipkaWf_hei]ecXXWbWI[b[YjefY_Œj$7\kjŒaecfkj[hWkjecWj_akiWdl_iipWjƒhaƒip[dbƒj_”p[ccŒZXW$
 š>WeboWd[Zpƒi\W`j|jl|bWipjejjkda"Wc[bo^[p\eejfeZhWlWdip”aiƒ]"WpjWpedXWdd[caWfYiebjkaX["Wa_`[bpŽdc[]`[b[d_aWpÉ;Zpƒi
d[l[h[gk_h[i<eejfeZº\eejfeZip”aiƒ][iipl[]Wp[Zpƒic[]a[pZƒi[aeh$Jel|XX__d\ehc|Y_Œƒhjb|iZW@[bb[cpŽaX[|bb‡j|iWY$
hƒipjW*)$ebZWbed$>W[aaehd[cl|bjepjWj`kac[]W\eejfeZX[|bb‡j|ieaWj"ƒi‘`hWc[]doec`kaWf_hei]ecXej"WpÉ;n[hY_i[Y^Wd][Zº
ipl[]`[b[d_ac[];Zpƒi\W`jWc[]l|bjepejj"ƒiWp[Zpƒi\W`jWWkjecWj_akiWdWipWXWZ[Zpƒih[|bb‡jŒZ_a|j"Wc[bo^[pd_dYiip”aiƒ]
\eejfeZhW$
 š>WWpEmdPed[IW`|jPŒdW\kdaY_ŒjX[aWfYiebjka"[b_dZkbWIW`|jPŒdWc[]^Wj|hep|i\eboWcWjW$Jel|XX__d\ehc|Y_Œƒhjb|iZW
IW`|jPŒdW^Wj|hƒhjƒa[_Y‡c“hƒipjWp+/$ebZWbed$
 š>WWÉ8Wjj[hoBemº\[b_hWj`[b[d_ac[]Wa_`[bpŽd[Zpƒi”p[ccŒZXWd"Waecfkj[h[b[cƒja_a[bbYi[hƒbd_$;XX[dWp[i[jX[dal[ii”aW
A[p[bƒiƒiaWhXWdjWhj|iY‡c“hƒipX[dWZejjkjWi‡j|ieaWjW-($ebZWbed$

 J _ff0EboWdaeh^Wipd|b`kaWaƒip[dbƒj_”p[ccŒZej"^Wc[]WaWh`kacƒhd_fkbpkiip|ckdaWj"Z[d[ca‡l|d`kah]p‡j[d_Wpƒhjƒa[_jfb$"^W
l|hWaepkda[]o[i[cƒdoh[lW]oWl[hi[do_dZ‡j|i|hW$

š 7Fedjei?ZŽ”p[ccŒZ^eplWbŒl_iipWjƒhƒi^[pdoec`kac[]aƒjip[hWIjef]ecXej$

'* >KD

?23?(5.INDD 
($* ;:PxI7B7JJ;BxH>;JÕ<KDA9?ÔA

7p[Zpƒi_Z[`[WbWjj0
 j|heb^Wj`kaWaha[jƒic[]j[a_dj^[j`”aWah_ZŽa[j
 c[]j[a_dj^[j`”aWf_bbWdWjdo_fkbpkiip|cejf[hY[daƒdj_”jƒiip|cXWdlW]oWcWn_ckcfkbpkiip|cip|pWbƒa|XWd
 c[]dƒp^[j`”aWp[bj[bj[Zpƒi_ZŽj
 [bb[dŽh_p^[j`”a"^|doaWbŒh_|jƒ][jj”da[bWp[ZpƒiWbWjj
 c[]dƒp^[j`”aWi[X[iiƒ]”da[j
 [bb[dŽh_p^[j`”aWc[]j[jjj|lebi|]ej
 c[]dƒp^[j`”aWfedjei_ZŽj
   WpŒhWlW]oWj|lebi|]Ä]o[bc[pj[jƒii[]‡jiƒ]ƒl[b[bb[dŽh_p^[j`”a"c[ddo__ZŽcWhWZj^|jhW[]oX_pedoei
ipWaWipXŒb"ƒi|jl|bj^Wjkda[]oc|i_aipWaWiphW
 [bb[dŽh_p^[j`”aWfkbpki^Wj|hƒhjƒa[a[jƒiWpj"^e]oW^Wj|hƒhjƒa[dX[b”blW]okda#[
 c[]dƒp^[j`”aWi[X[iiƒ]^Wj|hƒhjƒa[_j
 c
 []j[a_dj^[j`”aWp_dj[dp_j|ij"ƒiWPed[BeYa#aWb[]oc[]^Wj|hepejjifehjpŒd|XWp|h^Wj`kaW
fkbpkiip|cej$7FebWhifehjpŒd|ahŒbjel|XX__d\ehc|Y_Œƒhjb|iZW,'$ebZWbj$

C[]`[]opƒi0
 š7p[ZpƒiWZWjeaWaaeha[h”b^[jd[ah]p‡jƒih["^WWijeff[hŒhWb[]Wb|XX[]of[hY_]X[lWdaWfYieblW"lW]ob[]Wb|XX[]oahjj|hebjkda$
 š7a_`[bpŽX[|bb‡j|iW_jŒb\”]]"^e]oc_jb|j^WjkdaWa_`[bpŽdWp[ZpƒiWbWjj$B|iZWal[ja[pŽebZWbjjel|XX__d\ehc|Y_Œƒhj$

>KD '+

?23?(5.INDD 
7bWfƒhj[bc[p[jjc[]`[b[d‡jƒi[aWa_`[bpŽd0
7\kjŒaecfkj[hW\kj|iiWbaWfYiebWjei_d\ehc|Y_ŒaWj^|heciehXWdjkZ`Wc[]`[b[d‡j[d_[]oip[hh[$7p[ZpƒiWbWjjW
al[ja[pŽj\ƒb[WbWfƒhj[bc[p[jjaƒf[jb|j^Wj`ka\eejfeZ^Wipd|bWjWdƒba”b^|hec\ƒbƒj$7 % ]ecXeaaWbaddo[Zƒd
aWfYieb]Wj^Wj`kaWa_`[bpŽj[ZpƒiapX[d$7a”bd\ƒb[a_`[bpƒi[ai[]‡jiƒ]ƒl[b[ZpƒiapX[ddoeceda‡iƒh^[j`”aWa‡l|dj
_d\ehc|Y_ŒaWj$
Fkbpkiip|c#a_`[bpƒi I[X[iiƒ]#a_`[bpƒid[c`[b[d_ac[]"
š I [X[iiƒ]%ah_ZŽ^WW\eejfeZ ^WW\eejfeZd_dYiX[aWfYieblW
a_lWdaWfYieblW"Wah_ZŽ š Ijeff[h
`[b[d_ac[] š J|lebi|]
š Ijeff[h š I[X[iiƒ]Wa_l|bWipjejj
š Fkbpkiip|c  i[X[iiƒ]#a_`[bpƒijŽb\”]]Ž[d

Ijeff[hŒhW#a_`[bpƒi J|lebi|]#a_`[bpƒid[c`[b[d_ac[]"
š Fkbpkiip|c ^WW\eejfeZd_dYiX[aWfYieblW
š Ahaip|cWƒi_Z[`[ š PŒd|aip|cWƒil_iipWip|cb|bŒ
š Ijeff[h lW]oj|lebi|]%ah_ZŽW
ah_ZŽWaaeh`[b[d_ac[]"^W
d[c|bb‡jejjkdaeboWdX[_ZŽj
lW]oj|lebi|]ej"Wc[boWpŒdW
c[]l|bjepjWj|i|hWaƒipj[jd[
Ah_ZŽ#a_`[bpƒi š IfehjpŒd|a%
š IfehjpŒd|a% fkbpkiip|c#YƒbpŒdW%
 fkbpkiip|c#YƒbpŒdW% i[X[iiƒ]#YƒbpŒdW
 i[X[iiƒ]#YƒbpŒdW š J|lebi|]
š Fkbpkiip|c
š Ah_ZŽ

C[]`[]opƒi07a_`[bpƒi\W`j|_WX[|bb‡j|ieajŒb\”]]d[a$7a_`[bpƒiX[|bb‡j|iW_dWac[]l|bjepjWj|i|lWbaWfYiebWjei_d\ehc|Y_Œƒhjb|iZWal[ja[pŽebZWbj$
', >KD

?23?(5.INDD 
7a_`[bpŽ_d\ehc|Y_ŒjWhjWbc|dWacŒZei‡j|iW[ZpƒiapX[d0
7a_`[bpŽX[|bb‡j|iW_lWbip[cƒboh[ipWX^Wj`kaWa_`[bpƒij$JŽb”da\”]]"c[bo_ac[]`[b[d‡jƒi_\ehc|jl|bWipj`ka$
'$ Doec`kac[]WIjef]ecXej"‡]oWIjefc[d”X[`kjkda$7a_`[bpŽX[|bb‡j|i|dWa_Z[`[WbWjjWp[Zpƒih]p‡jƒiip”d[j[b$
($ 7 % ]ecXeaaWbl|bWiipkaWI[jj_d]i8[|bb‡j|ieaefY_Œj$7f_hei]ecXXWb[hŽi‡ji”ac[]l|bWipj|ikdaWj$
)$ 7I[jj_d]ic[d”XŽbl|bWiipkaW:_ifbWoA_`[bpŽefY_Œj$7fkbpkiip|cej"Wijeff[hjƒiWah_ZŽjX|hc_aeh
c[]l|bjepjWj^Wj`ka$>WW\eejfeZWaj_l|blWlWd"c[]l|bjepjWj^Wj`kaWi[X[iiƒ][jƒiWj|lebi|]ej_i$7 % 
]ecXeaaWbl|bWiipkaa_WcŒZei‡jWd_a‡l|dja_`[bpƒij$
*$ >Wc[]doec`kaWf_hei]ecXej"W\[biŽiehl_bbe]d_a[pZ$7 % ]ecXeaaWbXd]ƒip^[j”daWa_`[bp[jjWZWjeaapjj"W
l|bWipj|ikdaWjf[Z_]Wf_hei]ecXXWb[hŽi‡j^[j`”ac[]0
  Ijeff[h   AWbŒh_W   I[X[iiƒ]%J[cfŒ
  Ah_ZŽ   Fkbpkiip|c   J|lebi|]
  Fedjei_ZŽ   L_iipWip|cb|bŒ%j|lebi|]  9ƒbpŒdW^Wj|hƒhjƒa[_
+$ C|ieZipehWapƒfiŽieha[pZl_bbe]d_$?icƒj[b`”ac[]W\[djb[‡hjWaWj$
,$ 7Ijefc[d”X[l_iipWjƒhƒi^[pdoec`kac[]aƒjip[hWIjef]ecXej"W9edj_dk[<ebojWj|iefY_Œa_l|bWipj|i|lWbf[Z_]
\ebojWiikaWp[Zpƒij$
C[]`[]opƒi0
 š7a_`[bpŽWbWfX[|bb‡j|i|^eplWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWl_b|]‡j|i]ecXejWaaeh"Wc_aehW\[biŽlW]oWapƒfiŽ
iehl_bbe]$C[]`[b[d_aWÉH[jkhd:[\Wkbji5De%O[iº\[b_hWj7bWfX[|bb‡j|ieal_iipW|bb‡j|iW5D[c%?][d$7 % do_bWaaWbl|bWiipkaW
O[i#j"Wf_hei]ecXXWbf[Z_][hŽi‡ji”ac[]$
 š;Zpƒi”p[ccŒZXWdW$$$]ecXc[]doec|i|lWbƒidoeclWjWhj|i|lWbl_iipW|bb‡j^Wj`kaWb[]kjŒXX^Wipd|bja_`[bpŽX[|bb‡j|ij$
 š7a_`[bpƒijc[]l|bjepjWj^Wj`kaWp[Zpƒi[bŽjj_iAƒip[dbƒj_”p[ccŒZXWd$L|bWiipkaWI[jj_d]iefY_ŒjAƒip[dbƒj_”p[ccŒZXWd"ƒi
l|bWiipkaW:_ifbWo#jWc[d”XŽb$7\[b`[XXb[‡hjWaip[h_dj`|h`kda[b$
 J_ff0
 š7pjWa_`[bpƒij‡fkijl|bWiipka"Wc[bob[]`eXXWdapl[j‡j_Wl_iipW`[bpƒijWa‡l|djWZWjeahŒb$FƒbZ|kb"^WWp[Zpƒi[bŽh[c[]^Wj|hepejj
i[X[iiƒ]][bjhjƒd_a"^Wipd|b`kaWi[X[iiƒ]a_`[bpƒij$
 š;ZpƒiiehepWj^ep^Wipd|b`kaWFebWhifehjpŒd|ia_`[bpƒij$C[]^Wj|hepejjj|lebi|]‘$

>KD '-

?23?(5.INDD 
7pWZWjea^Wd]i‘boep|i|^epa_dW]o‡j^Wj`kaWa_`[bpŽjWhjWbc|j0
;Zpƒi”p[ccŒZXWddoec`kac[]^eiipWdW ]ecXej$;aaehWapƒfiŽiehWZWjW_
\[bdW]o‡jŒZdWa"ƒiWp_d\ehc|Y_Œb[‡h|iWc[]`[b[d_aW\[biŽiehXWd$>W_icƒjc[]doec`kaW 
]ecXej^eiipWd"l_iipWjƒhW^|hecieheia_`[bpƒi$

C[]`[]opƒi07YƒbpŒdW]hWÄaed`W_jd[cb[^[ja_dW]o‡jWd_$

 J _ff0[]o\kjŒl[hi[doieh|d^Wipdeib[^[jfƒbZ|kb"^WWfkbpkiip|cejWcWn_c|b_ifkbpkiip|cƒiWp_ZŽ
ip|pWbƒa|XWdal[j`”adoecedah_ZŽW\[biŽiehXWd"hƒip_ZŽWpWbiŒXWd$;pi[]‡jW^[bo[iYƒbpŒd|XWd
cWhWZd_[]ƒip[dWYƒbledWb_]$

Ah#ƒihƒip_ZŽj|heb|iW0

7ah_ZŽj|heb|i|^ep
doec`kac[]W
f_hei]ecXej$
C[]`[b[d_aWahaip|cW" Dƒ^|doc|ieZf[hY >WWaj_l|bjkaWp7kjeBWf
WahWbWjj_|jbW]ei c‘blWc[]`[b[d_aWah \kdaY_Œj"W\kjŒaecfkj[h
fkbpkiip|cƒiWah_ZŽ$ WbWjj_|jbW]i[X[iiƒ]ƒi WkjecWj_akiWdh]p‡j_W
Wj|lebi|]"^WW\eejfeZ aha[j$
Waj_l|blWlWd$

'. >KD

?23?(5.INDD 
7ah_ZŽbWfj_c[c[]ckjWj`W[]oahd[aWpWZWjW_j$7hƒip_ZŽifb_jj_c[Wp[Zpƒia[pZ[jƒjŽb[bj[bj[Zpƒi_ZŽj"_bb[jl[Wp
[ZpƒiWZWjW_j`[b[d‡j_c[]$
C[]`[]opƒi0
 š>WW\kjŒaecfkj[hc|hYiWa*(ahdƒba[l[i[XX[jjkZj|hebd_"Waƒip”bƒai‡febŒ^Wd]ejWZ"ƒiWÉC[cehoBemº\[b_hWjA[lƒic[cŒh_W
`[b[d_ac[]Wa_`[bpŽd$
 š>WWaecfkj[hc[cŒh_|`Wc[]j[bj"Waƒip”bƒai‡febŒ^Wd]ejWZ"ƒiWÉC[ceho\kbbº\[b_hWjC[cŒh_Wc[]j[bj`[b[d_ac[]Wa_`[bpŽd$
;aaehWaƒip”bƒah]p‡j_Wp[Zpƒij"ƒia_`[bp_Wah_ZŽa[j"WpeaWjWpedXWdd[ciip[]p_ƒid[cc[dj_[b\|`bXW$
 š>W[bƒhj”aWcWn_c|b_ih]p‡jƒi__ZŽj"Waƒip”bƒai‡febŒ^Wd]ejWZ"ƒiWÉCWn_ckc[n[hY_i[j_c[º\[b_hWjCWn_c|b_i[Zpƒi_ZŽ`[b[d_a
c[]Wa_`[bpŽd'&c|ieZf[hY_]$

7fkbpki#YƒbpŒdWh]p‡jƒi[c[]^Wj|hepejjifehjpŒd|XWdPed[BeYa0>W[bŽh[c[]^Wj|hepejj
YƒbpŒd|adƒba”b[Zp”da"fkbpki#YƒbpŒd|daWjh]p‡j^[j`”a[]oc[]^Wj|hepejjifehjpŒd|XWd$
>WfƒbZ|kb')&#Wifkbpkiip|ced\kjkda"Wc_cWn_c|b_ifkbpkiip|ckda-+#WƒiW
)$ifehjpŒd|^ep_bb_a"Wf_hei]ecXc[]doec|i|lWbƒidoeclWjWhj|i|lWbh]p‡j^[j`”a
fkbpkiip|ckdaWj[XX[dWpŒd|XWd$C[]`[b[d_aWa_`[bpŽdWÉIfehjPed[)BeYa[Z-&#-/º
\[b_hWjIfehjpŒdWh]p‡jl[-&#-/"W]hWÄaedf[Z_]Wah_ZŽ#a_`[bpƒidƒbb[ipb|j^WjŒ^W
d[cl|bjepjWjjkdaWa_`[bpŽdaeh|XXWd$>W\ebojWj`kaWp[Zpƒij"ƒiWifehjpŒdWWb|lW]o\bƒa[h”b”da"Waƒip”bƒai‡feb|iiWb
Ä]o[bc[pj[jWc[ddo_X[dWJP7bWhc\kdaY_ŒWaj_l|blWlWd$>WWfkbpkiip|ckdaWcWn_c|b_ifkbpkiip|c+&#WWb|
Yiaa[d"lW]o'&&#W\bƒdŽ"Wfkbpki#ip‡l`[bd[c`[b[d_ac[]W]hWÄaeded$
7ifehjpŒd|jWf_hei]ecXc[]doec|i|lWbƒidoeclWjWhj|i|lWbebZ^Wj`ka\[b$;aaehWÉIfehjPed[)KdbeYa[Zº\[b_hWj
`[b[d_ac[]IfehjpŒdW\[bebZlW$7FebWhifehjpŒd|a^Wipd|bWj|lWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW,'$ebZWbj$
 J _ff0Wfkbpkiip|ch]p‡jƒi[lWbWc[boifehjpŒd|^epa”bdi[d^Wipdeib[^[jfƒbZ|kb\[bƒf”bƒij[bŽi[]‡jŽ\kj|iieh|d$;pj[b`[i\[bƒf”bƒij
X_pjei‡jWal[ja[pŽd[^ƒp[Zpƒi[bŽjj$

7p[Zpƒiip”d[j[bj[jƒi[0Doec`kac[]WIjef]ecXej$7p[Zpƒih]p‡jƒi["Wijeff[hƒic|i\kdaY_Œac[]|bbdWa$7
\ebojWj|i^epl|bWiipkaWc[d”XŽbW9edj_dk[#j"ƒidoec`kac[]Wf_hei]ecXej$
 J_ff0^Wc[]a[bb|bbdkdal_p[j_dd_"lW]of_heiWapb[a[Zƒi_b|cfW"ip”d[j[bj[j^[j`”aWpWZWjh]p‡jƒij$

>KD '/

?23?(5.INDD 
;ZpƒiijƒjX[dƒ`ipWaW_”p[ccŒZ0>WWp[Zpƒih]p‡jƒiieh|dWl_b|]‡j|i]ecXc[]doec|i|lWbWaj_l|b`kaW
^|jjƒhl_b|]‡j|ij"Wl_b|]‡j|ik]oWdWped[ZpƒiWbWjjc_dZWddo_ipehX[aWfYiebŒZ_a"^Wc[]doeckda[]o]ecXej"lW]oW
#JekY^\kdaY_Œj^Wipd|b`ka$7^|jjƒhl_b|]‡j|iWaaeh_iWaj_l|bŒZ_a"^W7kjeBWfWkjecWj_akiah_ZŽa[h”bc[djƒih[$

7I[jj_d]i8[|bb‡j|ieac[d”[bƒhƒi[0Doec`kac[]ƒijWhjikab[doeclWWl_b|]‡j|i]ecXej$7I[jj_d]ic[d”X[dW
aecfkj[hWb|XX_\kdaY_Œ_jcŒZei‡j^Wj`ka0
š 8_bb[djo“p|h š Fkbpkiip|c š 7kjeBWf
š JP7bWhc š #JekY^
š PŒdWl|bj|i  š I[X[iiƒ]a_`[bpƒi

C[]`[]opƒi07\kdaY_ŒaaWbaWfYiebWjeijel|XX__d\ehc|Y_ŒaƒhjbWfeppedW*)$ebZWbhW$

7fkbpkih_Wipj|iiWbJP7bWhcaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW9ƒbpŒdW^Wj|hƒhjƒa[_Y‡c“hƒipjW,'$ebZWbed$
7aaeh`[b[d_aYiWac[]"^W[bŽh[c[]WZejjƒhjƒa[aa[b[Zp”da$7pŒd|jcWdk|b_iWdc[]l|bjepjWj^Wj`ka[pp[b$

 J_ff0>WeboWdahdo[p[jX[dlW]okda"W^ebd[cWaWhkdac|ieaWji‡febŒ^Wd]eaaWbpWlWhd_"aWfYieb`kaa_WYƒbpŒdW#Ä]o[bc[pj[jƒij$

8_bb[djo“p|h0Wp[ZpƒiWbWjjWl_b|]‡j|i]ecXa_lƒj[bƒl[bc_dZ[d]ecXejb[p|h^Wjkda_bb$\[bebZ^Wjkda$7X_bb[djo“p|h
eboWdifehjea“pƒi[aehb[^[j^Wipdei"Wc[bo[aieh|dlƒb[jb[d”bc[]doec^Wj`kaW]ecXeaWj$7X_bb[djo“ab[p|h|i|^ep
doec`kac[]ƒijWhjikadoeclWWl_b|]‡j|i]ecXej"‡]oW]oehic[d”X[`kjkda$7\[b%b[]ecXeaaWbl|bWiipkaa_WA[obeYa#ej
8_bb[djo“p|hWc[d”XŽb"ƒi[hŽi‡ji”ac[]Wl|bWipj|ijWf_hei]ecXXWb$C[]`[b[d_aW % `[b$7X_bb[djo“p|h\[bebZ|i|^ep
doec`kac[]ƒijWhjikadoeclWWl_b|]‡j|i]ecXej$C[]`[b[d_aWÉ>ebZjekdbeYaXkjjediºipl[]JWhjiWdoeclWW
\[bebZ|i^ep$JWhjikadoeclWWl_b|]‡j|i]ecXej"c‡]W `[b[bj“d_a$;aaehWÉ8kjjedikdbeYa[Zºipl[]`[b[d_ac[]
8_bb[djo“p|h\[bebZlW$

(& >KD

?23?(5.INDD 
7X[|bb‡j|ieacŒZei‡j|iW[ZpƒiWbWjj0
;Zpƒih]p‡jƒi”p[ccŒZXWddoec`kac[]WIjef]ecXej$7 % ]ecXeaaWbl|bWiipkaa_WI[jj_d]i#j8[|bb‡j|ieaW
c[d”XŽb"ƒi[hŽi‡ji”ac[]Wl|bWipj|ijWf_hei]ecXXWb$7I[jj_d]ic[d”WpWb|XX_WaWjjWhjWbcWppW0
š J P7bWhcYƒbpŒdW#Ä]o[bc[pj[jƒi0a_#X[aWfYieb^Wj`kaW š I f[[Zl_[m0i[X[iiƒ]a_`[bpƒi0l|bWiipkaa_W
YƒbpŒdW#Ä]o[bc[pj[jŽ^Wd]ej$7YƒbpŒdW#Ä]o[bc[pj[jƒi`[bp_" i[X[iiƒ]a_`[bpƒicŒZ`|j$L|bWipjWd_WpWb|XX_Waap”b
^Wa_bƒfj”daWp[bŽh[c[]^Wj|hepejjYƒbi|l#^Wj|hƒhjƒa[a jkZkda0
apj_pŒd|XŒb"WpWpfkbpkiip|ckda"i[X[iiƒ]”dalW]oW  šac%^lW]ocf^i[X[iiƒ]
j[cfŒdaWpWbiŒƒhjƒaWb|"lW]oW\[biŽ\bƒa[h”bj$  šc_d%aclW]oc_d%c_j[cfŒ
š 9 ^Wd][ped[YƒbpŒdWc[]l|bjepjWj|iW0^W[]odƒbjXX š 7kjeBWf0a_#X[aWfYieb^Wj`kaWpWkjecWj_akiah\kjWc
YƒbpŒd|lWb[Zp”da"[]o_ahŽbWc|i_ahWaWfYieb^Wjkda|j$;p \kdaY_Œj$>WX[aWfYieb`ka"Waƒip”bƒaWkjecWj_akiWd
d[ca[h”ba_`[bpƒih["^WYƒbpŒdW^Wj|hƒhjƒa[adƒba”b[Zp”da$ ‘`ahjip|cebWa_l|bWipjejjj|lebi|]c[]jƒj[b[kj|d$
š > Hl_[mfkbpkiip|c#a_`[bpƒi0l|bWipj^Wjkda"^e]oW 7p7kjeBWf\kdaY_Œ^Wipd|bWj|^ep]oŽpŽZ`”dac[]"
fkbpkiƒhjƒa[a[jf[hY[daƒdj_fkbpkiip|cXWd>H"lW]oW ^e]oW\eejfeZX[lWdaWfYieblW"Waecfkj[hX[df[Z_]
cWn_c|b_ifkbpkiip|cip|pWbƒa|XWd>Ha‡l|d`kab|jd_$ Waj_l|blWlWdW\eejfeZ\kdaY_Œ$
š  #JekY^0Wp[ZpƒiWbWjjWdƒba”bb|j^Wj`kaWh]p‡j[jj
WZWjeaWj"^e]oc[]doecd|daX|hc[bo]ecXej$Ap[b‡ji”a š : _ifbWoa_`[bpŽ0a”bdXpŽa_`[bpƒi_b[^[jŽiƒ][aap”b
WpŒh|jW`[bWZŒdb[lŽFebWhbe]Œ^ep"ƒiWa_l|bWipjejjWZWjea l|bWipj^WjkdaWp[Zpƒiieh|d$A_l|bWipj^Wj`kaW\[biŽƒi
c[]`[b[dd[aWa_`[bpŽd$7pWb|XX_Waap”bl|bWipj^Wj`kaW apƒfiŽiehXWdc[]`[b[d‡j[d_a‡l|djWZWjeaWj$Jel|XX_
#JekY^\kdaY_Œj0 _d\ehc|Y_Œƒhjb|iZW'-$ebZWbj$
 šI^emb_c_ji7p[bŽh[c[]WZejjfkbpkiip|c#ƒhjƒa[a
a_`[bpƒi[$ C[]`[]opƒi0>WWYƒbpŒdW#l|bj|i^ep_ZŽc[ddo_iƒ][jlW]oj|lebi|]ej
WZjkdac[]"Wp_ZŽh[_bb$Wj|lebi|]hWipŒbŒÄ]o[bc[pj[jŽi‡feb|ij
 šJWa[bWfAh_ZŽah]p‡jƒi[$ ^Wbb^Wjkda"^WpŒd|ja[bbl|bjWdkda$>Wa_aWfYieb`kaW^Wd]ej"WJ_c[h
 š9^Wd][l_[m7a_`[bpƒicŒZei‡j|iWc|i_aj‡fki‘hW$ ƒhjƒalW]o:_ijWdY[ƒhjƒa\[b_hWjejb|j^Wj`kaWa_`[bpŽd_ZŽ"j|lebi|]$
 šB_]^j7a_`[bpŽc[]l_b|]‡j|iW$ 7p_ZŽƒiWj|lebi|][ZpƒiWbWjj_^Wipd|bWj|lWbaWfYiebWjeijel|XX_
 šE\\7$$$#JekY^\kdaY_Œa_aWfYieb|iW$ _d\ehc|Y_Œƒhjb|iZWp;ZpƒiX[|bb‡j|ieaY‡c“hƒipjW)+$ebZWbed$

>KD ('

?23?(5.INDD 
($+ 7P;:PxIB;ÍBBÐJÍI7
7p[Zpƒib[|bb‡j|i|^epdoec`kac[]WIjef]ecXej$C[]`[b[d_aWIjefc[d”$
7p[Zpƒih]p‡jƒi[ip”d[j[b$
7Ijefc[d”WpWb|XX_Wbc[d”a[jjWhjWbcWppW$7c[d”dX[b”bW % ]ecXeaaWb
cepe]^Wjkda$L|bWipj|ikdaWjWf_hei]ecXXWb[hŽi‡ji”ac[]$

š 9edj_dk[0Wp[Zpƒi\ebojWj|iW$
IJEFC;DK0
š ;n_j0Wp[Zpƒih]p‡jƒiƒd[ab[|bb‡j|iW$
9edj_dk[ š IkccWho0[bb[dŽh_p^[j`”aWpiip[i‡j[jjWZWjeaWjWp[ZpƒiWbWjj"cW`Z\ebojWj^Wj`kaWp
%  [Zpƒij$Jel|XX__d\ehc|Y_Œƒhjb|iZWal[ja[pŽebZWbj$
;n_j š I[jj_d]i0WX[|bb‡j|ieacŒZei‡j|iW$8Žl[XX[db|iZW('$ebZWbed$
% š H [i[j0jhb^[j`”aW\eboŒ[ZpƒiWZWjW_j"ƒi[bbhŽba[pZ^[j`”aWp[Zpƒij$7jhbjWZWjead[c
IkccWho c[djŽZd[a[b\|`bXW$C[]`[b[d_aWÉH[i[j;n[hY_i[5De%O[iºipl[];Zpƒijhbƒi[5D[c%
% ?][d$7f_hei]ecXXWb[hŽi‡ji”ac[]l|bWipj|ikdaWj$
I[jj_d]i
š <h[[ceZ[0^Wc|icŒZXWd[Zp”da"|jl|bj^WjkdaipWXWZcŒZXW$7p[bŽh[c[]^Wj|hepejj
%
H[i[j  [Zpƒi[aa[baWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW)+$ebZWbj$
 C[]`[]opƒi0IpWXWZcŒZXWd[Zpl[d[cb|jip_a[pWpefY_ŒWIjefc[d”X[d$
%
<h[[ceZ[
7p[Zpƒib[|bb‡j|i|^epdoec`kac[]_icƒjWIjef]ecXej$;^[bo[jjl|bWipj^Wj`kaWp;n_j
a_bƒfƒiefY_ŒjW % ]ecXeaaWb$

(( >KD

?23?(5.INDD 
IkccWhoiip[i‡jƒi0Wal[ja[pŽWZWjea`[b[dd[ac[]"^WWpiip[i‡jƒijl|bWipj`ka$7pWZWjeaapjjW % ]ecXeaaWb
cepe]^Wjkda"lW]oWIjef]ecXXWb|bb‡j^Wj`kac[]$Hƒipb[j[i[ZpƒiWZWjeajWb|b^WjŒa[Zpƒikj|dW\|`bXWd$Jel|XX_
_d\ehc|Y_Œƒhjb|iZWal[ja[pŽ\[`[p[j[j$
IkccWhoiip[i‡jƒi J[cfŒ%I[X[iiƒ]
CWn>HcWn_c|b_ifkbpkiip|c CWnfWY[%CWnif[[Z
7l]>H|jbW]eifkbpkiip|c cWn_c|b_ij[cfŒ%i[X[iiƒ]
:khWj_edWp[Zpƒij[b`[i 7l]fWY[%7l]if[[Z
_ZŽjWhjWcW |jbW]eij[cfŒ%i[X[iiƒ]
:_ijWdY[j[b`[ic[]j[jj
j|lebi|]a_becƒj[h%cƒh\bZ

>KD ()

?23?(5.INDD 
)$ Hz=PÐJ;JJ7:7JEAC;=J;A?DJxI;#<Í@B
;Zpƒikj|d`Œ"^Wc[]j[a_dj^[j`”aWp[blƒ]p[jj[Zpƒihƒipb[j[_j$7p[ZpƒiWZWjW_jWaƒip”bƒa[]o
\|`bXWc[dj_$@[]o[pp”ac[]"^e]oWpWZWjeaYiWaWaaehc[djŽZd[a[b"^WWijeff[hb[]Wb|XX
[]of[hY_]c[dj"lW]ob[]Wb|XX[]oahjj|hebjWaƒip”bƒa$

 J_ff0Wp[ZpƒiWZWjW_jjel|XX_[b[cpƒiYƒb`|XŒbjel|XX‡j^Wj`kaWmmm$FebWhHkdd_d]9eWY^$Yec_dj[hd[j[i
 ip[hl_p^[p$Jel|XX__d\ehc|Y_Œƒhjb|iZW-&$ebZWbj$

<?B;0 '$ Fedjei_ZŽ”p[ccŒZXWddoec`kac[]W ]ecXej$C[]`[b[d_aW<_b[\[b_hWj$


($ Doec`kac[]Wf_hei]ecXej$7pWbc[d”X[dWal[ja[pŽa`[b[dd[ac[]$
;n[hY_i[Be]  š;n[hY_i[Be]H]p‡j[jj[ZpƒiWZWjea
%  šM[[abo>[j_
M[[abo  šJejWbiziip[i
%  š:[b[j[Jhbƒi
JejWbi )$ 7 % ]ecXeaaWbl|bWiipkaa_Wa‡l|djefY_Œj"ƒiWf_hei]ecXXWb[hŽi‡ji”ac[]$
%  8d]ƒiip”daWh]p‡j[jjWZWjeaapjj$
:[b[j[ *$7pWZWjeac[]j[a_djƒi[lƒ][pjƒl[bdoec`kac[]WIjef]ecXej$

š7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$
;n[hY_i[Be]
7p;n[hY_i[Be]efY_ŒXŒbiip[^Wiedb‡j^Wj`kaWp[Zpƒi[ah[bWj‡l_ZŽjWhjWc|j"ƒilWbWc_dj
iip[l[j^[j`”aWa”bdXpŽ[Zpƒi[aWZWjW_j$
7piip[i‡jŽ\|`bb[]\[b`[XXWb[]kjebiŒ',[ZpƒijjWhjWbcWppW"a_iYi‡aeaaƒdjc[]`[b[d‡jl[$7
Yi‡aeacW]Wii|]WWp[]o[i[Zpƒi[a_ZŽjWhjWc|j`[bp_$7 % ]ecXeaaWbXd]ƒip^[j”da
apjj”a$7a‡l|dj[ZpƒijWf_hei]ecXXWbl|bWipj^Wj`kaa_$

(* >KD

?23?(5.INDD 
7al[ja[pŽ|XhWWh]p‡j[jjWZWjeac[]j[a_djƒiƒd[a\eboWcWj|jckjWj`W0

%  %  % 


;Zpƒid[l[ƒi
IfehjpŒd|a Aha
7 % ]ecXeaaWbWp[Zpƒia”bdXpŽWZWjW_apjjXd]ƒip^[j”da

_ZŽjWhjWcW

7 % ]ecXeaaWbWa”bdXpŽifehjpŒd|aapjjXd]ƒip^[j”da

7f_hei]ecXXWbWahaa”bdXpŽWZWjW_apjjXd]ƒip^[j”da
F_hei F_hei F_hei % 
]ecX ]ecX ]ecX

7 % ]ecXeaaWbiip[^Wiedb‡j^Wj`ka
Fkbpkiip|c PŒdW' '$ah_Z[`[ ($ah_Z[`[ )$ah_Z[`[

'$ah ($ah )$ah


9ƒbpŒd|a PŒdW( fkbpkiip|c fkbpkiip|c fkbpkiip|c

Wp[]o[iahaWZWjW_j
PŒd|XWdjbjjj '$ah ($ah )$ah
PŒdW)
_ZŽ i[X[iiƒ]%j[cfŒ i[X[iiƒ]%j[cfŒ i[X[iiƒ]%j[cfŒ

I[X[iiƒ]% PŒdW* '$ahj|lebi|] ($ahj|lebi|] )$ahj|lebi|]


j[cfŒ

7Ijefc[]doec|i|lWb
WpifehjpŒd|aa_`[bpƒ#
AWbŒh_W PŒdW+ iƒ^[p`kjkdal_iipW

7Ijefc[]doec|i|# 7Ijefc[]doec|i|lWb 7a_`[bpŽdb|j^WjŒ_d\ehc|Y_Œhƒipb[j[i


lWbWahaa_`[bpƒiƒ# Wp[Zpƒia_`[bpƒiƒ^[p b[‡h|iW[\[`[p[jX[djWb|b^WjŒ$
^[p`kjkdal_iipW `kjkdal_iipW$

>KD (+

?23?(5.INDD 
7a_`[bpŽdb|j^WjŒ_d\ehc|Y_Œhƒipb[j[ib[‡h|iW_jjjWb|b^WjŒ$

7p[Zpƒic[d”X[lWbŒX[bƒfƒi^[pdoec`kac[]Wf_hei]ecXej$7 % ]ecXeaaWbj[a_dj^[j`”ac[]Wh]p‡j[jjWZWjeaWj$


C_kj|dc[]dƒpj”aWp[ZpƒiWZWjeaWj"doec`kac[]WIjef]ecXej"‡]oWp;Zpƒic[d”X[`kjkda$
H]p‡j[jj[Zpƒi_WZWjea 7a_`[bpŽƒhj[bc[pƒi[
W\|`bXWd
š 7p[Zpƒid[l[
š :|jkc
š 7p[Zpƒia[pZŽ_Z[`[
š 7piip[i[Zpƒi_ZŽ

š ÍjbW]eiƒicWn_c|b_ifkbpkiip|c
L|bjWaep|iWpWb|XX_cƒhjƒa[]oiƒ][aapjj0
#fkbpkiip|cƒhjƒa[a8FC#X[d
#fkbpkiip|cWcWn_c|b_ifkbpkiip|cip|pWbƒa|XWd

C[]`[]opƒi0Waƒj\ƒb[\ehc|jkcWkjecWj_akiWdl|bjWaep_a
Wa_`[bpŽd

š Fkbpkiip|c#%j[cfŒ#%i[X[iiƒ]#pŒd|a0WbiŒƒi\[biŽ
ƒhjƒa[a
L|bjWaep|iWpWb|XX_Waapjj0
#a”bdXpŽpŒd|aƒiƒhjƒa[a

D[c`[b[d_ac[]"^WWYƒbpŒd|ad_dYi[d[aWaj_l|blW$

(, >KD

?23?(5.INDD 
H]p‡j[jj[Zpƒi_WZWjea 7a_`[bpŽƒhj[bc[pƒi[
W\|`bXWd
š 7pŒdW\[b[jj"WpŒd|XWdƒiWpŒdWWbWjj[bjbjjj_ZŽ 
L|bjWaep|iWpWb|XX_Waapjj0
#a”bdXpŽpŒd|aƒiƒhjƒa[a

C[]`[]opƒi0Wa”bdXpŽ_d\ehc|Y_ŒaWkjecWj_akiWd
l|bjWaepdWaWa_`[bpŽd

D[c`[b[d_ac[]"^WWYƒbpŒd|ad_dYi[d[aWaj_l|blW$

š CWn_c|b_iƒi|jbW]i[X[iiƒ]lW]o·j[cfŒ"j[b`[i
 j|lebi|]

7l_b|]‡j|i]ecXej^eiipWdc[]doeclWl|bj^WjkdaW
i[X[iiƒ]ƒiWj[cfŒƒhjƒa[_apjj$

š ;bƒ][j[jjaWbŒh_Wc[ddo_iƒ]

>KD (-

?23?(5.INDD 
7IfehjpŒd|ac[d”X[lWbŒX[bƒfƒi^[pdoec`kac[]W % ]ecXeaWjWp[Zpƒic[d”X[d$;pkj|dWf_hei]ecXXWb`kj^Wjkda
WIfehjpŒd|aWbc[d”X[$7 % ]ecXeaaWbj[a_dj^[j`”ac[]Wh]p‡j[jjWZWjeaWj$C_kj|dc[]dƒpj”aWp[ZpƒiWZWjeaWj"
doec`kac[]WIjef]ecXej"‡]oWIfehjpŒd|ac[d”X[`kjkda$
H]p‡j[jj[Zpƒi_WZWjeaW 7a_`[bpŽƒhj[bc[pƒi[
\|`bXWd
š IfehjpŒd|a
7a_`[bpŽdWpjFebWhifehjpŒdW_ZŽa_eipj|i|jb|j^Wj`ka$7
Yi‡aeacW]Wii|]WWp[]o[iifehjpŒd|aXWd[bjbjjj_ZŽ
^eiip‘i|]|j`[b[dj_$7ifehjpŒd|aaWbaWfYiebWjeijel|XX_
_d\ehc|Y_Œƒhjb|iZW,'$ebZWbj$

š 7pjifehjpŒdWc_dZ[]o_aƒX[d[bjbjjj_ZŽ^eiipW

7f_hei]ecXc[]doec|i|lWbWAhaWbc[d”X[`kjkda$7p[]oahX[dh]p‡j[jjWZWjeac[]j[a_djƒiƒ^[pdoec`ka
c[]Wf_hei]ecXej$C_kj|dc[]dƒpj”aWp[ZpƒiWZWjeaWj"doec`kac[]WIjef]ecXej"‡]oWAhac[d”X[`kjkda$
š Ahaip|cW
š ÍjbW]eiah_ZŽ
L|bjWaep|iWpWb|XX_Waapjj0
#Wb[]`eXXb[]hl_Z[XXah
#ah_ZŽ

(. >KD

?23?(5.INDD 
H]p‡j[jj[Zpƒi_WZWjea 7a_`[bpŽƒhj[bc[pƒi[
W\|`bXWd
7 % ]ecXeai[]‡jiƒ]ƒl[biip[^Wiedb‡j^Wj`kaWp[]o[iahaWZWjW_j$
š Ahaip|cW
š Ahhƒip_Z[`[
š Ah_ZŽ

š Ahaip|cW
š ÍjbW]eiƒicWn_c|b_ifkbpkiip|cWahWbWjj
L|bjWaep|iWpWb|XX_cƒhjƒa[]oiƒ][aapjj0
#f[hY[daƒdj_fkbpkiip|c
#fkbpkiip|cWcWn_c|b_ifkbpkiip|cip|pWbƒa|XWd
š Fkbpkiip|cWahlƒ]ƒd

š Ahaip|cW
š ÍjbW]eii[X[iiƒ]%j[cfŒWahX[d
š CWn_c|b_ii[X[iiƒ]%j[cfŒWahX[d

7l_b|]‡j|i]ecXej^eiipWdc[]doeclWl|bj^WjkdaW
i[X[iiƒ]ƒiWj[cfŒƒhjƒa[_apjj$

>KD (/

?23?(5.INDD 
H]p‡j[jj[Zpƒi_WZWjea 7a_`[bpŽƒhj[bc[pƒi[
W\|`bXWd
š Ahaip|cW
š 7p[Zpƒic[]a[pZƒiƒjŽbWahlƒ]ƒ_]c[]j[jjj|lebi|]
š Ahj|lebi|]W

C[]`[]opƒi0
 š7aecfkj[hd[cl|bWipj`Wa_WkjecWj_akiWdWb[]kjebiŒahjWb[]`eXXdWa$>WWp[Zpƒilƒ][[bŽjjWb[]kjebiŒahjWaWh`kaj|hebd_"WIjef
]ecX^[bo[jj^Wipd|b`kaWf_hei]ecXejWahj|heb|i|^epfb$[]ol[hi[doYƒbledWb|d|b$
 š7ahWZWjW_Waaeh`[b[dd[ac[]"^Wb[]Wb|XX[]oahjj[b`[i‡j[jj”daWp[Zpƒiieh|d$>WYiWa[]oahjj[jj”dac[]"aƒjahc[djŽZ_a[bW
c[cŒh_|XW"c_l[bWpkjebiŒahc[djŽZ_a[bWkjecWj_akiWdWaaeh"Wc_aehWIjef]ecXXWbb[|bb‡j`kaWp[Zpƒij$

š7Fedjei?ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

M[[abo^[j_iip[i‡jƒi
7M[[abo^[j_iip[\e]bWbŒXWdWaeh|XX_^[j[a[Zpƒi[_d[aiip[i‡j[jjWZWjW_jb|j^Wj`ka$;
\|`bjWp[Zpƒi[h[Zcƒdo[a^[j_a_ip|c‡j|i|^ep^Wipd|b^Wj`ka$7c[]`[b[d‡j[jj^[j[aapjjW
% ]ecXeaaWb]h][j^[j”da"ƒiWpWbiŒiehXWdj[a_dj^[j`”ac[]Wp[Zpƒi[aiip[i‡j[jj
_ZŽjWhjWc|j$7c[]\[b[bŽ^ƒja_l|bWipj|i|^epdoec`kac[]Wf_hei]ecXej$

7ÉJ^_im[[aºd[l“[biŽYi‡aWpWajk|b_i^ƒj[Zpƒi#iip[\e]bWbŒ`|jckjWj`W$7p[pjc[][bŽpŽ
Yi‡aeaWp[]o[ilWi|hdWfeaip[h_dj[bd[l[pl[Wp[bc‘bj'+^ƒjiip[\e]bWbŒ_j`[bp_a$Doec`ka
c[]Wf_hei]ecXej"ƒiW % ]ecXeaaWbXd]ƒip^[j”daWpWZWjeaapjj$

)& >KD

?23?(5.INDD 
>[j_[ZpƒiWZWjea
š ;bƒ][j[jjaWbŒh_W 7f_hei]ecXc[]doec|i|lWb
š ziip[ic[]j[jja_becƒj[hlW]o WpWb|XX_WaXWbƒf^[j”daX[0
 cƒh\bZ
š C
 _dZ[d[]o[iifehjpŒdWj[b`[i
š ?ZŽjWhjWc
_ZŽjWhjWcWW % ]ecXeaaWb
]h][j^[j`”a

š >[j_[Zpƒi_ZŽFebWhifehj
 pŒd|ahWeipjlW

ziip[i‡j[jjƒhjƒa[a
7piip[i‡j[jjƒhjƒa[aWp[Zpƒi[aWbWjjh]p‡j[jjWZWjeaiip[WZejjƒhjƒa[_$7piip[i‡j[jjƒhjƒa[a[jWp[Zpƒiƒhjƒa[aƒlipWaei
lW]o^Wl_ip|cb|bŒ`|dWa^Wipd|b^Wj`ka$7pƒhjƒa[a\eboWcWjeiWd\h_ii‡jŽZd[aWpWZWjh]p‡jƒic_dZ[d[]o[ib[|bb‡j|iWaeh$
;pW\kdaY_Œdoecedal[j_WpkjebiŒjhbƒiŒjWiip[WZŒZŒƒhjƒa[_da[j$7pƒhjƒa[ajhbƒiƒl[baWfYiebWjeijel|XX_
_d\ehc|Y_Œƒhjb|iZW))$ebZWbj$

7piip[i‡j[jjƒhjƒa[ac[]j[a_djƒi[
'$ 7<|`bc[d”X[dl|bWiipkaWJejWbiefY_ŒjW % ]ecXeaaWb$
($ Doec`kac[]Wf_hei]ecXej$

>KD )'

?23?(5.INDD 
)$ 7 % ]ecXeaaWbWpWb|XX_WZWjeaapjjXd]ƒip^[j”da0
ziip[i‡j[jj[ZpƒiWZWjea
JejWb:khWj_edziip[i_ZŽjWhjWc JejWb:_ijWdY[ziip[ij|lebi|]
šziip[ih]p‡j[jj[Zpƒi_ZŽjWhjWc šziip[ij|lebi|]
š7piip[i‡jƒia[pZ[jƒd[a š7piip[i‡jƒia[pZ[jƒd[a
_ZŽfedj`W _ZŽfedj`W

JejWb9Wbeh_[iziip[iaWbŒh_W H[i[jJejWbiziip[i‡jƒidkbb|p|iW
š;bƒ][j[jjiip[iaWbŒh_W š7piip[i‡j[jjƒhjƒa[ajhbƒi[
š7piip[i‡jƒia[pZ[jƒd[a
_ZŽfedj`W

JejWb;n[$9ekdjziip[i[Zpƒi
šziip[i[Zpƒiip|c
š7piip[i‡jƒia[pZ[jƒd[a
_ZŽfedj`W

C[]`[]opƒi0>Wcƒ]d_dYi[d[aiip[i‡j[jjWZWjea"WpÉ;cfjoº”h[iipl[]b|jip_a

)( >KD

?23?(5.INDD 
7piip[i‡j[jjƒhjƒa[adkbb|p|iW
'$ 7\|`bc[d”X[dl|bWiipkaWJejWbiefY_ŒjW % ]ecXeaaWb$Doec`kac[]Wf_hei]ecXej$
($ L|bWiipkaWH[i[jJejWbiiip[i‡jƒidkbb|p|iWefY_ŒjW % ]ecXeaaWb"cW`Zdoec`kac[]Wf_hei]ecXej$
)$ L|bWiipkaa_Wc[d”XŽbWdkbb|pd_a‡l|djƒhjƒa[j"cW`Zdoec`kac[]Wf_hei]ecXej$
 š7bbc_dZ[djdkbb|p
 š:khWj_ed_ZŽjWhjWc
 š9Wbeh_[iaWbŒh_W
 š;n[$9ekdj[Zpƒiip|c
 š:_ijWdY[j|lebi|]
*$ C[]`[b[d_aWÉH[i[j$$$5De%O[iº\[b_hWjDkbb|p$$$5D[c%?][d$7a‡l|djƒhjƒajhbƒiƒ^[pl|bWiipkaa_Wf_hei]ecXXWb
WO[i#j$7jhbjWZWjd[c|bb‡j^WjŒl_iipW
+$ 7piip[iƒhjƒajhbƒiƒjWc[d”X[dWp7bba_l|bWipj|i|lWblƒ][p^[j`”a[b$C[]`[b[d_aWÉH[i[jJejWbi5º\[b_hWjC_dZ[dj
dkbb|p5$7O[ia_l|bWipj|i|lWbc_dZ[diip[i‡j[jjƒhjƒajhbŽZ_a$7Del|bWipj|i|lWbl_iipW`kjkdaWH[i[jc[d”X[$
C[]`[]opƒi0^WWpiip[i‡j[jjƒhjƒa[ac[cŒh_|`WX[j[b_a"Wpiip[]pƒi‘`hWa[pZŽZ_a&#hŒb$7piip[i‡jŽcWn_c|b_iƒhjƒa[_jb|iZW.&$ebZWbed$

Jhbƒi
7:[b[j[jhbƒiefY_Œi[]‡jiƒ]ƒl[b[bŽpŽ[Zpƒi[_da[jjhb^[j`”a[]o[iƒl[b"j[b`[i[]ƒipƒX[d"lW]ojhb^[j`”aYiWaWp
iip[i‡j[jjƒhjƒa[a[j$
'$ 7<|`bc[d”X[dl|bWiipkaW:[b[j[jhbƒiefY_ŒjW % ]ecXeaaWb$7f_hei]ecXXWb[hŽi‡ji”ac[]$
($ 7 % ]ecXeaaWbXd]ƒip^[j”daWpWb|XX_WZWjeaapjj0
 š;n[hY_i[[Zpƒi0[]o[Zpƒijhbƒi[
 š7bb;n[ic_dZ[d[Zpƒi0[]o]ecXdoec|iiWbjhb_Wpiip[i[ZpƒijWc[cŒh_|XŒb
 šJejWbiiip[i‡jƒi0a_jhb^[j`”a[]o[iƒl[bWpiip[i‡j[jjƒhjƒa[a[j"lW]o[]oip[hh[Wpiip[i[j
)$ C[]`[b[d_aWÉ:[b[j[;n[hY_i[5De%O[iº\[b_hWj;Zpƒijhbƒi[5D[c%?][d$L|bWiipkaWO[i#j"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$
>KD ))

?23?(5.INDD 
*$ 8;ÍBBÐJÍIEA
7X[|bb‡j|ieaWjWI[jj_d]i8[|bb‡j|ieac[d”X[dj[a_dj^[j`”ac[]"_bb[jl[l|bjepjWj^Wj`ka
c[]$7X[|bb‡j|ieaaedÄ]kh|b|i|jƒiW\kjŒaecfkj[hh[jel|XX‡j|i|jip[cƒbo_ip|c‡jŒ]ƒfF9
i[]‡jiƒ]ƒl[b_i[blƒ][p^[j`”a$Jel|XX__d\ehc|Y_Œƒhjb|iZW-&$ebZWbj$

7pƒhjƒa[aX[|bb‡j|i|^ep0
š 7a_l|bWipj|ijƒiWX[|bb‡j|ijW % ]ecXea^Wipd|bWj|lWblƒ][pp”a$
š 7ip|cea]oehiWXXWd]hZ”bd[a"^WWX[|bb‡j|iWbWjjc[]doec`ka"ƒidoeclWjWhj`kaW
I;JJ?D=I0
 % ]ecXeaWj$
;n[hY_i[ š 7f_hei]ecXXWb\e]WZ^Wj`ka[bl|bWipj|ikdaWjƒi`kj^WjkdaWc[d”WbiŒXXip_dj`[_h[$
% š 7Ijef]ecXc[]doec|i|lWbjhb^[j`”aWl|bWipj|ikdaWj"ƒil_iipWjƒh^[j”daWp[bŽpŽ
<[Wjkh[i  c[d”fedjXW$
%
Ki[h  J_ff0J[a_dji[c[]Wmmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbj_ff`[_j\kj|i^epƒi[Zpƒi^[pW\kjŒ
 aecfkj[hefj_c|b_i^Wipd|bWjWƒhZ[aƒX[d$
%
=[d[hWb
%
MWjY^

)* >KD

?23?(5.INDD 
*$' ;:PxI8;ÍBBÐJÍIEA
7YƒbpŒd|aaWblƒ]p[jj[Zpƒid[aa”bd\ƒb[[bŽdo[_lWddWaWp[]ƒipiƒ]h[dƒpl[$7pŒd|XWd[Zpƒi
Wpj`[b[dj_"^e]oWp[ZpƒiWfkbpkiip|cjŒb"Wi[X[iiƒ]jŽblW]oWj[cfŒjŒb\”]]Ž[d'#)pŒd|hWlWd
eipjlW$7p[]o[ipŒd|alƒ]ƒj_ZŽlW]oj|lebi|][bj[bj[`[bp_$

FƒbZW[]ofkbpkiip|cedWbWfkbŒ FƒbZW[]oi[X[iiƒ][d%j[cfŒd
pŒd|i[Zpƒih[ WbWfkbŒpŒd|i[Zpƒih[
;N;H9?I;0

<h[[ I[X[iiƒ] J[cfŒ


>HcWn ac%^ c_d%ac
%
8Wi_Y '&& (& )0&&
% /& '- )0)&
?dj[hlWb $$$PŒdW $$$PŒdW
.& '#) '+ *0&& '#)
%
_icƒjbƒi _icƒjbƒi
EmdPed[
-& ') *0)&
%
7ZZd[m ,& '( +0&&
+& '' +0)&
PŒdW' PŒdW( PŒdW) PŒdW' PŒdW( PŒdW)
?ZŽ'% ?ZŽ(% ?ZŽ)% ?ZŽ'% ?ZŽ(% ?ZŽ)%
J|lebi|]' J|lebi|]( J|lebi|]) J|lebi|]' J|lebi|]( J|lebi|])

>KD )+

?23?(5.INDD 
7\kjŒaecfkj[h^|hec[bŽh[c[]WZejjpŒd|`‘[Zpƒi\W`j|ja‡d|b0

8Wi_Y7bWf PŒdW' Fkbpkiip|cW)$ifehjpŒd|XWd D_dYi_ZŽ%j|lebi|]

7bWf[Zpƒicƒhiƒa[bj_dj[dp_j|iiWb$@WlWiebj_ZŽjWhjWcfb$*+f[hY$

?dj[hlWb PŒdW' Fkbpkiip|cW($ifehjpŒd|XWd ?ZŽ0+f[hY


   PŒdW( Fkbpkiip|cW*$ifehjpŒd|XWd ?ZŽ0)f[hY

7bWf_dj[hlWb[Zpƒi$>WipdeiWpeadWa"Wa_ad_dYi[d[a^epp|ipealWWipWaWipei[Zpƒi^[p$
7p[Zpƒi+f[hY[iX[c[b[]‡jƒii[ba[pZŽZ_a"Wc[bo[j)f[hY[ia[cƒdo_ZŽap"cW`Z+f[hY[ibWpWf_^[dj[jŽipWaWipal[j$
C_dZ[pfƒbZ|kbdƒ]oip[h_icƒjbŽZ_ac[]$7p[Zpƒi[]o+f[hY[ib[l[p[jƒii[b\[`[pŽZ_aX[$

EmdPed[ IW`|jPŒdW CWn$fkbpkiip|c,+#.+#W D_dYi_ZŽ%j|lebi|]

IW`|jPŒd|iWbWf[ZpƒidWf_Äjd[ipcƒhiƒa[bj_dj[dp_j|iiWb$@WlWiebj_ZŽjWhjWcfb$*+f[hY$
7IW`|jPŒd|lWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZWp+/$ebZWbj$

7p[Zpƒic[]a[pZƒi[aehaddo[da_l|bWipj^Wjkda[]o[bŽh[c[]WZejj[ZpƒijW\kjŒaecfkj[hX[|bb‡j|iW_XŒb$FƒbZ|kb"^W
k]oWdWpjWj|lej\kj`kac_dZ[da[ZZ[d"l|bWiipkak]oWdWpjWp[Zpƒijc_dZ[dWbaWbeccWb$

), >KD

?23?(5.INDD 
'$ 7X[|bb‡j|ieaXWdI[jj_d]idoec`kac[]Wf_hei]ecXej"ƒil|bWiipkaWp[Zpƒij;n[hY_i[Wc[d”XŽb$;hŽi‡ji”ac[]W
f_hei]ecXXWb$
($7 % ]ecXeai[]‡jiƒ]ƒl[bl|bWiipkaa_Wa‡l|dj[Zpƒi\W`j|j$Doec`kac[]Wf_hei]ecXej$
 š<h[[D_dYi[bŽh[c[]WZejjX[|bb‡j|i$8|hc_bo[d[Zpƒij\ebojWj^Wjkda$
 š8Wi_Y
 š?dj[hlWb
 šEmdPed[
 š7ZZd[mIW`|j[Zpƒi\W`j|jWZ^Wjkdac[]$

)$ >Wa_l|bWipjejjkaWa‡l|dj[Zpƒi\W`j|j"WpWb|XX_efY_Œaap”bl|bWipj^Wjkda0
 šI[b[YjA_l|bWipj|i
 šL_[mC[]j[a_djƒi
 š;Z_jIp[ha[ipjƒi
 šH[dWc[Íjd[l[pƒi
 š:[\Wkbj7bWfX[|bb‡j|i

;Zpƒia_l|bWipj|iW
7I[b[Yjl|bWipj|i|lWb‘`[Zpƒic[]a[pZƒi[aehWbWfƒhj[bc[p[jjaƒdj|bb‡j^Wj`kaX[Wa‡l|dj[Zpƒij$
'$ 7p;n[hY_i[i;Zpƒi[ac[d”X[dl|bWiipkaa_Wa‡l|dj[Zpƒi\W`j|jW % ]ecXeaaWb$;hŽi‡ji”ac[]Wf_hei]ecXXWb$
($ L|bWiipkaWI[b[YjefY_ŒjA_l|bWipj|iWc[d”XŽbW % ]ecXeaaWb"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ C[]`[b[d_aWÉI[b[Yj[ZWiZ[\Wkbj[n[hY_i[ºipl[]7bWfƒhj[bc[p[jj[ZpƒiaƒdjX[|bb‡jlW$7f_hei]ecXXWb[hŽi‡ji”a
 c[]$×`[Zpƒic[]a[pZƒi[aeh[pWp[Zpƒi\e]WbWfƒhj[bc[p[jjaƒdjip[h[f[bd_$

>KD )-

?23?(5.INDD 
;Zpƒic[]j[a_djƒi[
7L_[ma_l|bWipj|i|lWb[bb[dŽh_p^[j`”aWp[bŽh[c[]WZejj[ZpƒiX[|bb‡j|ieaWj$
'$ 7p;n[hY_i[i;Zpƒi[ac[d”X[dl|bWiipkaa_Wa‡l|dj[Zpƒi\W`j|jW % ]ecXeaaWb$
 ;hŽi‡ji”ac[]Wf_hei]ecXXWb$
($ L|bWiipkaWL_[mefY_ŒjC[]j[a_djƒiWc[d”XŽbW % ]ecXeaaWb"ƒi[hŽi‡ji”ac[]W
 f_hei]ecXXWb$
)$ 7 % ]ecXeaaWbXd]ƒip^[j”daWal[ja[pŽƒhjƒa[aapjj0
 šWp[Zpƒid[l[
 šYƒb#fkbpkiip|c%i[X[iiƒ]%j[cfŒ#^Wj|hƒhjƒa[ac_dZ[d[]o[ipŒd|^ep
 š_ZŽp‡jƒi[a
 š_ZŽ%j|lebi|]WpŒd|^ep
C[]`[]opƒi07pƒhjƒa[aWa_l|bWipjejj[ZpƒijŽbƒiWddWaX[|bb‡j|iW_jŒb\”]]d[a$

;Zpƒiip[ha[ipjƒi[
>W_]ƒdo[_da^[p_]WpeZlWcŒZei‡jWd_a‡l|dkda[]o[bŽh[c[]WZejj[Zpƒij8Wi_Y%7bWflW]o?dj[hlWb%?ZŽapi"Wp[Zpƒi
^epp|WZ|iWip[h_dj_cŒZed`|h`kda[b$
'$ 7p;n[hY_i[i;Zpƒi[ac[d”X[dl|bWiipkaa_Wa‡l|dj[Zpƒi\W`j|jW % ]ecXeaaWb$7ipWXWZ[Zpƒijd[c
 ip[ha[ipj^[j`”a$;hŽi‡ji”ac[]Wf_hei]ecXXWb
($ L|bWiipkaWp;Z_jefY_ŒjIp[ha[ipjƒiWc[d”XŽbW % ]ecXeaaWb"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ <ebojWiikaWp[Zpƒi^epp|WZ|i|d|bb[``[XX‡hjWaip[h_dj$

×`[Zpƒi^epp|WZ|iW
7aecfkj[hX[|bb‡j|iW_^ep^epp|WZ^Wj`kaiW`|j[Zpƒi”da[j_i$;bŽiph&#)pŒd|jWZ^Wjkdac[]c_dZ[d[Zpƒi^[p"ƒi
c[]^Wj|hep^Wj`kaWfkbpkiip|c_bb$Wi[X[iiƒ]%j[cfŒ^Wj|hƒhjƒa[_jc_dZ[dpŒd|^ep$C|ieZipeh_ZŽapa[jlW]o
j|lebi|]ƒhjƒa[a[j_ic[]WZ^WjkdaWp[Zpƒi^[p$
). >KD

?23?(5.INDD 
7iW`|j[Zpƒi^epp|WZ|i|dWa\eboWcWj|jb|iZWpWb|XX_|Xh|d0

D[m[n[hY_i[WZZ[Z

;n[hY_i[i Ped[i(#)
&ped[i >Wj|hƒhjƒa#"
;n[hY_i[ Ped[]k_Z[% J_c[hi
ped[Yekdj =k_Z[jof[ ?ZŽapa _ZŽap#ƒi
PŒdWip|c Ped[jof[ >[WhjhWj[ FebWhifehj ?ZŽapaƒi c[]^Wj|he# j|lebi|]#
7ZZWd[m c[]WZ|iW PŒdWj‡fkiea Fkbpkiip|c# ped[i j|lebi|]ea p|iW X[|bb‡j|iea
[n[hY_i[ Wp[Zpƒi^[p c[]^Wj|# c[]^Wj|he# c[]_i#
‘`[Zpƒi ^Wj|hƒhjƒa[a Fkbpkiip|c#
p|iW :_ijWdY[i cƒjbƒi[W
^epp|# hep|iW c[]WZ|iW ^Wj|hƒhjƒa[a
J|lebi|]ea ($ƒi)$
WZ|iW #fkbpkiip|c #FebWh c[]WZ|iW
c[]^Wj|he# pŒd|^ep
'#)pŒdW #i[X[iiƒ]% ifehjpŒd|a
CWdkWb p|iW
j[cfΠ#cWdk|b_i
X[|bb‡j|i b_c_ji
Fkbpkiip|c#
^Wj|hƒhjƒa[a
If[[Z% c[]WZ|iW
fWY[
I[X[iiƒ]
%j[cfŒ
^Wj|hƒhjƒa[a
c[]^Wj|#
hep|iW

×`[Zpƒi^epp|WZ|iW'#)pŒd|lWb0
'$ 7p;n[hY_i[i;Zpƒi[ac[d”X[dl|bWiipkaWpÉ7ZZd[mºefY_Œj×`^epp|WZ|iWW % ]ecXeaaWb$7f_hei]ecXXWb
 [hŽi‡ji”ac[]$
($ >Wj|heppkac[]"^|dopŒd|jjWhjWbcWppedWp[Zpƒi$
>KD )/

?23?(5.INDD 
;n[hY_i[Ped[9ekdj;Zpƒi[aip|cW
š &#)>W&ip|c‘pŒd|jl|bWipjkda"Wal[ja[pŽebZWbip[h_dj`|h`kda[b$ 

)$>Wj|heppkac[]WpŒdWj‡fki|jWp[Zpƒi^[pfkbpkiip|cedlW]oi[X[iiƒ][d%j[cfŒdWbWfkbŒ[Zpƒi
Ped[Jof[PŒdWj‡fkiW
š >[WhjHWj[Fkbpkiip|c
 š>WWfkbpkiip|cejl|bWipj`kaa_pŒdWj‡fkidWa"^Wj|heppkac[]"^e]oWFebWhifehjpŒd|aaWblW]oaƒp_X[|bb‡j|i‘
  ^Wj|hƒhjƒa[aa[ba‡l|d`ka[bb[dŽh_pd_Wfkbpkiip|cej[ZpƒiWbWjj$
 šIfehjPed[iIfehjpŒd|a
  š7FebWhifehjpŒd|aX[|bb‡j|iWfkbpkiip|c#pŒdWaƒdj$
  š>HPed['0 L|bWiipkaWifehjpŒd|jfb$P'0+&#+/ijX$"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
    <ebojWiikaW*$bƒfƒidƒb$
 šCWdkWbAƒp_X[|bb‡j|i
  šCWdk|b_iWd^Wj|heppkac[]Wp[Zpƒi^[p^Wipd|bjfkbpkiip|c#pŒd|j$
  š>HPed['0 7Z`kac[]WpŒdWWbiŒƒi\[biŽ^Wj|hƒhjƒaƒj"ƒiWf_hei]ecXXWb\e]WZ`ka[b$
    <ebojWiikaW*$bƒfƒidƒb$
š If[[Z%FWY[I[X[iiƒ]%j[cfŒ[pWpefY_ŒWi[X[iiƒ]a_`[bpƒia_l|bWipj|i|jŒb\”]]
 š>WWi[X[iiƒ][jlW]oWpj[cfŒjl|bWipj`kapŒdWj‡fkidWa"WpŒd|ai[X[iiƒ]#_bb$j[cfŒƒhjƒa[aaƒdja[h”bd[ac[]^Wj|hep|ihW$
 šIf[[ZPed['_bb$FWY[Ped['0I[X[iiƒ]_bb$J[cfŒpŒdW'0
   7Z`kac[]WpŒdWWbiŒƒi\[biŽ^Wj|hƒhjƒaƒj"ƒiWf_hei]ecXXWb\e]WZ`ka[b$
   <ebojWiikaW*$bƒfƒidƒb$

*$ >Wj|heppkac[]"^e]o_ZŽp‡jƒijWaWhkda#[^WbbWd_"^WpŒd|ja[bbl|bjWdkda"lW]oc[]^Wj|hepejjj|lebi|]c[]jƒj[bƒ^[p
 aj`”aWpŒdWl|bj|ij$

*& >KD

?23?(5.INDD 
Ped[=k_Z[PŒdW‘jckjWj|i
š J_c[hi
 šPed['j_c[h07pŒdW_ZŽp‡jƒiƒd[aX[|bb‡j|iWf[hY"c|ieZf[hY$
š :_ijWdY[i
 šPed['Z_ijWdY[07pŒdWj|lebi|]|dWaX[|bb‡j|iWa_becƒj[hlW]ocƒh\bZ"Wcƒhjƒa[]oiƒ]X[|bb‡j|i|jŒb\”]]Ž[d$
š E\\
 š7p_ZŽp‡jƒijƒiWj|lebi|]eja_aWfYieb`W$;pWpj`[b[dj_"^e]od[cb[ip‘jckjWjŒ"Wc_c[]cedZWd|"c_aehl|bjikdapŒd|j
  Wp[ZpƒiWbWjj$

+$ >Wc[]^Wj|hepjkaWp[biŽpŒd|j"c[]`[b[d_aWÉPed['EAº\[b_hWj$>WWp[Zpƒi^[p[]odƒbjXXpŒd|jWZkdac[]"
 _icƒj[b`”aW)$ƒi*$bƒfƒijWZZ_]"Wc‡]c_dZ[dpŒd|jc[]d[c^Wj|hepjkda$
,$ 7c_aehaƒipWp[Zpƒi"c[]`[b[d_aWÉD[m[n[hY_i[WZZ[Zºipl[]×`[Zpƒi^epp|WZlW$7\kjŒaecfkj[hWkjecWj_akiWd
 l_iipWjƒhWp;Zpƒic[d”X[$

7p‘`[ZpƒiWp;n[hY_i[i;Zpƒic[d”^pWZŒZ_a^epp|"W^eddWda_l|bWipj^Wj`kaWp[Zpƒi^[p$

×`[Zpƒic[]WZ|iWpŒd|adƒba”b0
;ZpƒijpŒdWdƒba”b_ic[]WZ^Wjkda$;pWpj`[b[dj_"^e]od[cb[ip‘jckjWjŒ"Wc_c[]cedZWd|"c_aehl|bjikdapŒd|j
Wp[ZpƒiWbWjj$;XX[dWp[i[jX[dWPed[BeYa#aWbl|bj^WjkdapŒd|jWp[ZpƒiWbWjj$7Ped[BeYa#aWbaWfYiebWjeijel|XX_
_d\ehc|Y_Œƒhjb|iZW'/$ebZWbj$;jjŽb\”]][jb[d”b_ZŽp‡jƒijƒij|lebi|]ejc[]WZ^Wjkda‘jckjWjŒdWaWp[Zpƒi^[p$
'$ 7p;n[hY_i[i;Zpƒic[d”X[dl|bWiipkaWpÉ7ZZd[mº\kdaY_Œj>epp|WZ|iW % ]ecXeaaWb"ƒiWf_hei]ecXXWb
 [hŽi‡ji”ac[]$
($ ;n[hY_i[Ped[9ekdj
 šÍbb‡jika&#hWWpŒd|aip|c|j$

>KD *'

?23?(5.INDD 
)$ >Wj|heppkac[]"^e]oa‡l|dkda#[_ZŽp‡jƒijX[|bb‡jWd_fb$[cbƒa[pj[jŽj_l|ihWlW]oj|lebi|]ejc[]WZd_fb$Waha
 doecedal[jƒiƒjh]p‡jƒi”adƒba”b$

=k_Z[jof[×jckjWjŒj‡fki
š J_c[hi
 š7Z`kac[]"^|do_ZŽp‡jƒija‡l|dkdaX[|bb‡jWd_Wp[Zpƒih[$
 š;n[hY_i[J_c[h9ekdj0'#)
  šJ_c[h'07Z`kac[]Wf[hY[jƒiWc|ieZf[hY[jWp_ZŽp‡jƒi^[p$
š :_ijWdY[i
 š7Z`kac[]"^|doj|lebi|]eja‡l|dkdaX[|bb‡jWd_Wp[Zpƒi^[p$
 š;n[hY_i[:_ijWdY[9ekdj0'#)
  š:_ijWdY['07Z`kac[]Wj|lebi|]eja_becƒj[hX[dlW]ocƒh\bZX[d"Wcƒhjƒa[]oiƒ]a_l|bWipj|i|jŒb\”]]Ž[d$

*$ 7ZZ_]_icƒj[b`”aW)$bƒfƒij"Wc‡]c[]d[c^Wj|hepjkaWp[Zpƒi^[pip”aiƒ][iiip[i_ZŽjƒij|lebi|]ej$
 7c_aehaƒipWp[Zpƒi"c[]`[b[d_aWÉD[m[n[hY_i[WZZ[Zºipl[]×`[Zpƒi^epp|WZlW$7\kjŒaecfkj[hWkjecWj_akiWd
 l_iipWjƒhWp;Zpƒic[d”X[$

C[]`[]opƒi0
 š7p_ZŽp‡jƒiWpj`[b[dj_"^e]oW\kjŒaecfkj[hÄ]o[bc[pj[jc[]^Wj|hepejj_ZŽ[bj[bjƒl[b
 š7j|lebi|]Wpj`[b[dj_"^e]oW\kjŒaecfkj[hÄ]o[bc[pj[jc[]^Wj|hepejjj|lebi|]c[]jƒj[b[kj|d$

 J_ff0
 š7YƒbpŒd|aaWbƒi[ZpƒiWbWjj_^Wipd|bWjkaaWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW9ƒbpŒdW^Wj|hƒhjƒa[_Y‡c“hƒipjWp+.$ebZWbed$
 š7fkbpkiip|cedWbWfkbŒ[Zpƒifhe]hWceaaWbaWfYiebWjXWdjel|XX__d\ehc|Y_Œƒhja[h[ii[\[bWmmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbj$

š 7p?ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$
*( >KD

?23?(5.INDD 
*$( @;BB;CPÕA8;ÍBBÐJÍI7
7<[Wjkh[i@[bb[cpŽac[d”X[dWaecfkj[ha”bdXpŽ\kdaY_Œ_j|bb‡j^Wj`kaX[$;\kdaY_Œa
i[]‡jiƒ][jdo‘`jWdWaWXXWd"^e]oWb[^[jŽb[]jXX[j^eppkaa_Wp[ZpƒiXŽb$
7pWb|XX_`[bb[cpŽa[jcŒZei‡j^Wj`ka0
š <eejfeZ A_#X[aWfYieb^Wj`kaƒiaWb_Xh|b^Wj`kaW\eejfeZej$
š If[[Zl_[m 7i[X[iiƒ]a_`[bpƒia_#X[aWfYieb|iW$
š 7kjeBWf AhaWkjecWj_akih]p‡jƒiƒd[aa_#X[aWfYieb|iW$
<;7JKH;I0
š #JekY^ 7 #JekY^\kdaY_ŒcŒZei‡j|iW$
<eejfeZ š >Hl_[m 7fkbpkiip|ca_`[bpƒiƒd[aa_l|bWipj|iW$
% š IfehjPed[i 7pjifehjpŒdWc_dZ[]o_aƒ^[pc_d_ckcƒhjƒaa_l|bWipj|iW$
If[[Zl_[m
% '$ ?ZŽ”p[ccŒZXWdW % ]ecXeaaWb`kiikda[bWI[jj_d]i8[|bb‡j|ieac[d”X[$Doec`ka
7kjeBWf c[]Wf_hei]ecXej$
% ($ 7 % ]ecXeaaWbl|bWiipkaa_W<[Wjkh[i@[bb[cpŽaefY_Œj$7f_hei]ecXXWb[hŽi‡ji”ac[]$
#JekY^
)$ L|bWiipkaa_Wa‡l|dj`[bb[cpŽj"doec`kac[]Wf_hei]ecXej"ƒial[ii”aWpWb|XX_bƒfƒi[a[j0
%
>Hl_[m 7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b
%
IfehjPed[i <eejfeZ
š Ed%E\\ %
š 9Wb_XhWj[ šl|bWiipkaa_W\kdaY_Œj

>WW9Wb_XhWj[#[jaWb_Xh|b|il|bWipj`ka0
9Wb_XhWj_ed
š Hkd\kj|i %
š CWdkWb šl|bWiipkaa_"^e]oWdaWb_Xh|b`kaW\eejfeZej

>KD *)

?23?(5.INDD 
AWb_Xh|b|i\kj|iiWb0
'$ 7a_`[bpŽ\[b_hWjW0É9Wb_XhWj_ed:_ijWdY['$&acºaWb_Xh|Y_Œij|lebi|]$Íbb‡jikaX["c[aaehWj|lebi|]ejWaWhkda\kjd_W
\eejfeZaWb_Xh|b|i|^ep"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$7\kj|i_j|lebi|]fedjeicƒhƒiƒ^[p\kiikdafƒbZ|kb[]o*&&
cƒj[h[iahj[]oifehjf|bo|d$<edjei"^e]o‘]oaWb_Xh|b`kaW\eejfeZej"^e]oWpeboWdj[h[f^[p_bb[ipa[Z`[d"Wc_bo[d[d
|bjWb|XWd\kjkda$;pWaWb_Xh|b|ifedjeii|]|jX_pjei‡j`W$C_dƒb^eiipWXXj|lebi|]ed\kjkda"Wdd|bfedjeiWXXb[ipW
aWb_Xh|b|i[h[Zcƒdo[$
($ C[]`[b[d_aWÉFh[iiIjWhj7dZHkd$$$acº\[b_hWjDoec`Wc[]WIjWhjej"ƒi\kiiWb[Wc[]^Wj|hepejjj|lej$AWfYieb`ka
X[Wi[X[iiƒ]ƒhpƒa[bŽj0W\eejfeZf_hei]ecX`|jdoec`kac[]ƒijWhjikaWZZ_]doeclW"c‡]WpbZ\ƒdol_bbe]d_d[c
a[pZ$
)$ Doec`kac[]Wf_hei]ecXej"ƒiWppWbWb|XXWb"c[bo[dW\eejfeZlWd"j[]o”ac[]Wp[biŽbƒfƒijWYƒbledWbjŒb"ƒi|bbWdZŒ
j[cfŒXWd\kiikab[Wp[bŽh[c[]WZejjj|lej$
*$ 7a_`[bpŽdWÉFh[iiEA7\j[h$$$acºipl[]`[b[d_ac[]Doec`edEA#j$$$ackj|d$Íbb`kdac[]fedjeiWdWp[bŽh[
c[]WZejjj|lebi|]YƒbledWb|d|b$Doec`kac[]Wf_hei]ecXej$
+$ C[]`[b[d_aWÉIjWdZIj_bbH[Y[_l_d]:WjWºipl[]D[cepZkb`ed"WZWj\[bZeb]ep|i$AWh`W_daWjb[[d][Zl[|bb`kda
cepZkbWjbWdkb"ƒil|h`kac[]"Wc‡]Waecfkj[h^[p[b`kjdWaWpWZWjea$
,$ >WWaWb_Xh|b|ii_a[h[ilebj"WÉ<eejfeZ9Wb_XhWj_ed9ecfb[j[<WYjeh$$$º<eejfeZaWb_Xh|b|iWh[dZX[d$$$jƒdo[pŽ
ipl[]ƒi[]oaWb_Xh|Y_Œiƒhjƒa`[b[d_ac[]$7p‘`aWb_Xh|Y_Œijƒdo[pŽa[h”b\[b^Wipd|b|ihW$
-$ >WWaWb_Xh|b|ii_a[hj[b[dlebj"WÉ<eejfeZ9Wb_XhWj_ed<W_b[Zºipl[]`[b[d_ac[]AWb_Xh|b|ii_a[hj[b[d$>WW
aWb_Xh|b|ijWIjef]ecXc[]doec|i|lWbjhbj”a"WÉ<eejfeZ9Wb_XhWj_edYWdY[bb[Zº\[b_hWj`[b[d_ac[]AWb_Xh|b|i
jhbl[$>WWaWb_Xh|b|ii_a[hj[b[d"lW]ojhbj”aWaWb_Xh|b|ij"Waƒip”bƒaWaeh|XX_aWb_Xh|Y_Œijƒdo[pŽj\e]`W^Wipd|bd_$

** >KD

?23?(5.INDD 
Aƒp_aWb_Xh|b|i
>W_ic[h`”aWaWb_Xh|Y_Œijƒdo[pŽjfb$aeh|XXWdc|haWb_Xh|bjkaW\eejfeZej"Wjƒdo[pŽjcWdk|b_iWd_iX[|bb‡j^Wj`ka$7
aWb_Xh|Y_Œijƒdo[pŽWpWajk|b_ij|lebi|]dWaWd[caWb_Xh|bjj|lebi|]^eplWbŒWh|doWaƒdjip|c‡j^WjŒa_$FƒbZ|kb"^W'(&&
cƒj[hj\kjkdaƒiWpŒhW''.&cƒj[h[ij|lebi|]ejckjWj"WaWb_Xh|Y_Œijƒdo[pŽ'(&&%''.&3'$&'-$

'$ 7a_`[bpŽdWÉ9Wb_XhWj_ed<WYjeh'$&&&º\[b_hWj`[b[d_ac[]"ƒiWip|cl_bbe]$7Z`kac[]Wpƒhjƒa[j"ƒiWf_hei]ecXXWb
\e]WZ`ka[b$
($ C[]`[b[d_aWÉ9Wb_XhWj_ed9ecfb[j[<WYjeh$$$ºipl[]ƒiWp[bŽh[c[]WZejjjƒdo[pŽ#ƒhjƒa$7f_hei]ecXXWb
l_iipWjƒh^[j”daWp[bŽpŽa_`[bpŽ^p$

C[]`[]opƒi0
 š>WW\kjŒaecfkj[hd[cƒhpƒa[b_W\eejfeZ`[bƒj"WÉ<eejfeZdejZ[j[Yj[Zº\[b_hWj`[b[d_ac[]<eejfeZejd[cƒhpƒa[b_$;bb[dŽh_pp”a"
^e]oW\eejfeZX[lWd#[aWfYieblWƒic“aZ_a#["cW`Za[pZ`”a[bbhŽbWaWb_Xh|b|i\eboWcWj|j$>Wjel|XX_fheXbƒc|ac[h”bdƒd[a\[b"
dƒpp”ac[]W=oWahWd\[bj[jjaƒhZƒi[aY‡c“hƒipjW--$ebZWbed$
 š7aWb_Xh|b|ic[jh_aki[]oiƒ][aX[djhjƒd_a$;pWpƒhjlWd"c[hjWb[]]oWaeh_XXaWb_Xh|Y_Œij|lebi|]W*&&cƒj[h[i\kjŒf|boW"cƒ]Wp
Wd]ebip|ipcƒhjƒa[j^Wipd|bŒehip|]eaXWd_i$
<ebojWiikaWjXX_X[|bb‡j|iiWb0
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

If[[Zl_[m %
š ac%^lW]ocf^ šl|bWiipkaa_Wi[X[iiƒ]ƒiWj[cfŒa_`[bpƒiƒjWcƒhjƒa[]oiƒ]
š c_d%aclW]oc_d%c_ a_l|bWipj|i|jŒb\”]]Ž[d

7kjeBWf %
š Ed šl|bWiipkaa_WpjWj|lebi|]ej"Wc[bo[jc[]jƒl[W\kjŒaecfkj[h
š E\\ WkjecWj_akiWdh]p‡j[]oahj&$*#'&$&ac%&$(#,$(c_

>KD *+

?23?(5.INDD 
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

#JekY^
š I^emb_c_ji %
š JWa[BWf šl|bWiipkaa_W\kdaY_Œj
š 9^Wd][l_[m
š B_]^j <[Wjkh[i[b[Yj[Z\[b_hWj`[b[d_ac[]@[bb[cpŽ
š E\\ a_l|bWipjlW

>Hl_[m
š >H %
š >H šl|bWiipkaa_Wpƒhjƒa[j

IfehjPed[i
š Ped[bemb_c_ji %
šl|bWiipkaa_Wc_d_ckcƒhjƒa[jc_dZWpjifehjpŒd|^ep

c[]`[b[d_aWÉIfehjPed[iEAº\[b_hWj

 J_ff07p7kjeBWf\kdaY_ŒjWaaeh|bb‡jikaX["^Wl[hi[doj\kjkda$7p'a_becƒj[h[i7kjeBWf_][d^Wipdeib[^[j"^W+#*(acapj_j|lej
 \kjkda"c_l[bb[^[jŽiƒ][jWZW]oehil_iipWYiWjeb|ihW$

š 7pFedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

*, >KD

?23?(5.INDD 
*$) IP;CxBO;I7:7JEA8;ÍBBÐJÍI7
7ip[cƒbo[iWZWjea^[bo[ic[]WZ|iWb[^[jŽlƒj[ip_W\kjŒaecfkj[h\kdaY_Œ_dWaWb[^[jŽ
b[]dW]oeXXfedjeii|]]WblWbŒc“aZƒiƒj$<edjei"^e]oWb[^[jŽb[]h[|b_iWXXƒhjƒa[a[jWZ`ka
c[]$

'$ Fedjei_ZŽ”p[ccŒZXWdW % ]ecXeaaWb`kiikda[bWI[jj_d]i8[|bb‡j|ieac[d”X[$


 Doec`kac[]Wf_hei]ecXej$
KI;H0
($ 7 % ]ecXeaaWbl|bWiipkaa_WKi[h<[b^Wipd|bŒefY_Œj$7f_hei]ecXXWb[hŽi‡ji”ac[]$
M[_]^j )$ Al[ii”aWpWb|XX_bƒfƒi[a[j0
%
>[_]^j C[]`[]opƒi07jc[]#ƒicW]Wii|]cƒhjƒa[]oiƒ][_WX[|bb‡j|ijŒb\”]]d[a$7cƒhjƒa[]oiƒ][a[jWp|bjWb|dei
X[|bb‡j|iead|bl|bjepjWj^Wj`kac[]$7p|bjWb|deiX[|bb‡j|iea[bƒhƒiƒ^[pdoec`kac[]WIjef]ecXej"ƒi
% l|bWiipkaW=[d[hWb4Kd_jiefY_Œj$
8_hj^ZWo
%
I[n 7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b
%
7Yj_l_jo *$ M[_]^j
% š a] %
>[WhjHWj[ š bX š|bb‡jikaX[j[ijjc[]”da[j
%
LE(cWn +$ >[_]^j
š Yc %
š \j%_d š|bb‡jikaX[j[ijcW]Wii|]kdaWj

>KD *-

?23?(5.INDD 
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

,$ 8_hj^ZWo
š :Wo%Cedj^ %
š|bb‡jikaX[Wip”b[jƒi_Z|jkcdWf`|j(*Œh|i\ehc|jkcXWdlW]o^ŒdWf`|j'(Œh|i\ehc|jkcXWd
š Cedj^%:Wo %
š|bb‡jikaX[Wip”b[jƒi_Z|jkc^ŒdWf`|j(*Œh|i\ehc|jkcXWdlW]odWf`|j'(Œh|i\ehc|jkcXWd
š O[Wh %
š|bb‡jikaX[Wip”b[jƒi_ƒl[j

-$ I[n
š CWb[%<[cWb[ %
šl|bWiipkdad[c[jCWb[0\ƒhÄ"<[cWb[0dŽ

.$ 7Yj_l_jo
š Jef %
š >_]^ šl|bWiipkaa_WpWaj_l_j|iip_dj`ƒj
š CeZ[hWj[
š Bem C[]`[]opƒi0Waj_l_j|i_ip_dj”da[j[bb[dŽh_p^[j`”aWp+&$ebZWbed

/$ >[WhjHWj[
š >HcWn %
š >Hi_j š|bb‡jikaX[WcWn_c|b_ifkbpkiip|cej>HcWn"^W_ic[h`”aWbWXehWjŒh_kc_ah”bcƒdo[aapjj
cƒhjWajk|b_icWn_c|b_ifkbpkiip|ckdaWj$7pƒb[jaehXŒbX[Yi”bjcWn_c|b_ifkbpkiip|cej((&#
ƒb[jaehWaƒip”bƒaWbWfX[|bb‡j|iaƒdj`[bp_a_"Wc_aeh[bŽiphX[|bb‡j`ka[pjWpƒhjƒa[j$
š”bŽ^[bop[jX[d|bb‡jikaX[Wfkbpkiip|c#ƒhjƒa[_da[j>Hi_j

C[]`[]opƒi07>HcWn#ipWbƒi>Hi_j#j[baWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZWal[ja[pŽ
ebZWbj$

*. >KD

?23?(5.INDD 
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

'&$ LE(cWn %


š[pjWpƒhjƒa[jWaaeh|bb‡jikaX["^W_ic[h`”aWbWXehWjŒh_kc_
 ah”bcƒdo[aapjjcƒhjWajk|b_iLE(cWn·ƒhjƒa”da[j

C[]`[]opƒi0WLE(cWn#ipWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhj
b|iZWal[ja[pŽebZWbj$

š 7pFedjei_ZŽ”p[ccŒZXWlWbŒl_iipWbƒfƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

CWn_c|b_ifkbpkiip|c>HcWn
7>HcWn#jWfedjeiWXX[d[h]_W\[b^Wipd|b|iip|c‡j|ihW^Wipd|b`ka$7>HcWnWcWn_c|b_iÄp_aW_j[h^[bƒiWbWjjcƒhj
b[]cW]WiWXXfkbpkiip|c$7p[]oƒd_>HcWnc[]^Wj|hep|i|dWab[]fedjeiWXXcŒZip[h[[]obWXehWjŒh_kcXWd[blƒ]p[dZŽ
cWn_c|b_ij[h^[bƒi[ij[ipj$

{bŽ^[bop[jX[dcƒhjfkbpki>Hi_j
7>Hi_j#[jWfedjeiWXX[d[h]_W\[b^Wipd|b|iip|c‡j|ihW^Wipd|b`ka$7>Hi_j[]oip[h“c[]^Wj|hep|i|^epl[]o”a\[bW
`[bWZŒj"”b`”dab["ƒid[lƒ][pp”dai[cc_bo[dÄp_aW_j[lƒa[doiƒ][j$AƒjlW]o^|hecf[hYkj|ddoec`kac[]WFedjei
_ZŽ”p[ccŒZXWdWf_hei]ecXej"^e]oWa_`[bpŽdc[]`[b[d`[dfkbpkikda$;pW>Hi_j$7>Hi_jƒhjƒaƒd[afedjeiWXX
c[]^Wj|hep|i|^ep_icƒj[b`”ac[]dƒ^|doipehW\[dj_[b`|h|ij"ƒiip|ceb`kaa_WaWfejj[h[Zcƒdo[a|jbW]|j$

>KD */

?23?(5.INDD 
CWn_c|b_ien_]ƒd\[blƒj[bLE(cWn
7LE(cWn#ejWfedjeiWXX[d[h]_W\[b^Wipd|b|iip|c‡j|ihW^Wipd|b`ka$7LE(cWnj[ij”dacWn_c|b_ien_]ƒd\[bl[lŽaƒf[iiƒ][
cWn_c|b_ij[h^[bƒic[bb[jj$CWn_c|b_iW[heXaWfWY_j|idWalW]ocWn_c|b_ien_]ƒd\[blƒj[bd[a_id[l[p_a$7LE(cWnWpW[heX
aWhZ_elWipakb|h_iÄjd[ip]oWahWd^Wipd|bjc[]^Wj|hepŒ`W$7pW[heXÄjd[ipWpedWbWfip_a"^e]oc[ddo_h[c“aZ_a`Œb
aWhZ_elWipakb|h_ih[dZip[h”da"ƒi^Wipd|b`W\[bj[ij”daWpen_]ƒdj$7p[]oƒd_LE(cWnc[]^Wj|hep|i|dWab[]fedjeiWXX
cŒZip[h[[]obWXehWjŒh_kcXWd[blƒ]p[dZŽcWn_c|b_ij[h^[bƒi[ij[ipj$>W_ic[h`”aWajk|b_iab_d_aW_bW]j[ipj[bjcWn_c|b_i
en_]ƒd\[blƒj[b”dafedjeiƒhjƒaƒj"X[|bb‡j^Wj`kaWaƒip”bƒaƒhjƒaƒj\[b#lW]ob[]h][jl[$>Wd[c_ic[h`”a[pjWpƒhjƒa[j"W
<_jd[iiJ[ij[blƒ]pƒiƒl[bc[]^Wj|hep^Wjkda[]oiip[^Wiedb‡j^WjŒƒhjƒa[j"WpEmd?dZ[n[j$Jel|XX__d\ehc|Y_Œƒhjb|iZW,+$
ebZWbj$

7aj_l_j|i_ip_dj
7pWaj_l_j|i_ip_djÄp_aW_Waj_l_j|ikdaip_dj`ƒd[aX[Yibƒi[$L|bWiipkaWpjWaWj[]Œh_|j"Wc[bob[]`eXXWdb[‡h`WWp[bc‘bj
^|hec^ŒdWfWbWjj_Äp_aW_Waj_l_j|ikdac[ddo_iƒ]ƒjƒi_dj[dp_j|i|j$
š Jef H[dZip[h[i[d\ebojWjkdad[^ƒpÄp_aW_]oWaehbWjejb[]Wb|XX^[j_+WbaWbeccWb$FƒbZ|kb0Wpƒhj[Zp”da"^e]o
 Yi‘Yi `Wl‡jikaj[b`[i‡jcƒdo”da[jl[hi[do[a[d$
š >_]^ H[dZip[h[i[d"b[]Wb|XX^[j_)WbaWbeccWb[Zp”da"d[^ƒpÄp_aW_]oWaehbWjeaaWb$FƒbZ|kb0^[j[dj['&#(&ac#j
 cW]Wi \kjkda"lW]o^[j_(#)Œh|jjbj”daiip[^Wiedb‡j^WjŒÄp_aW_j[lƒa[doiƒ]][b$
š CeZ[hWj[ H[dZip[h[i[d\ebojWjkdah[ah[|Y_Œiifehjj[lƒa[doiƒ][j$FƒbZ|kb0^[j[dj[+#'&ac#j\kjkda"lW]o^[j_
 cƒhiƒa[bj'%(#(Œh|jjbj”daiip[^Wiedb‡j^WjŒÄp_aW_j[lƒa[doiƒ]][b"lW]ocƒhiƒa[bjÄp_aW__]ƒdoX[lƒj[bb[b`|hŒckda|j
   lƒ]p”da$
š Bem D[c\ebojWjkdah[dZip[h[ih[ah[|Y_Œiifehjj[lƒa[doiƒ][jlW]od[^ƒpÄp_aW_j[lƒa[doiƒ][j$FƒbZ|kb0YiWa
 WbWYiedo ipŒhWaep|iXŒb]oWbe]ebkda"lW]oWbaWbecip[h“[d[Zp”da‘]o"^e]obƒ]pƒi”da[bd[^[p”b"ƒi_ppWZkda$

+& >KD

?23?(5.INDD 
*$* ÍBJ7BÍDEI8;ÍBBÐJÍIEA
7pÍbjWb|deiX[|bb‡j|iea”p[ccŒZXWdc[]j[a_dj^[j`”aƒicŒZei‡j^Wj`kaW\kjŒaecfkj[h
|bjWb|deiX[|bb‡j|iW_j$7\kdaY_Œai[]‡j[d[aWaecfkj[hX[dj|hebjWZWjeaa[p[bƒiƒX[d$

'$ Fedjei_ZŽ”p[ccŒZXWdW % ]ecXeaaWb`kiikda[bWI[jj_d]i8[|bb‡j|ieac[d”X[$


Doec`kac[]Wf_hei]ecXej$
($ 7 % ]ecXeaaWbl|bWiipkaa_W=[d[hWbÍbjWb|deiefY_Œj$7f_hei]ecXXWb[hŽi‡ji”ac[]$
=;D;H7B0
)$ Al[ii”aWpWb|XX_bƒfƒi[a[j0
IekdZ 7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b
%
A[obeYa *$ IekdZ
% š Lebkc[ %
>[bf  Leb(%Leb'%E\\ šl|bWiipkaa_W^Wd][hŽj]ecXdoec|i"j[lƒa[doiƒ]ƒi_ZŽp‡jƒi%j|lebi|]
%  ^Wd]`[bpƒi[_
Kd_ji
% š JP7bWhc %
BWd]kW][  Ed%E\\ ša_#X[aWfYieb^Wj`kaWYƒbpŒdWÄ]o[bc[pj[jŽ^Wd]ej
% C[]`[]opƒi0>WWJP7bWhcejl|bWipjejjka"W\kjŒaecfkj[hÄ]o[bc[pj[jŽ^Wd]ejWZc_dZ[deboWd
Ib[[f ip‡ll[hƒidƒb"Wc_aehWfkbpkiip|ckdaWYƒb#fkbpkiip|cpŒdWWb|lW]o\bƒa[h”b$7JP7bWhcƒiWp
ƒXh[ipjŽŒhWWaaeh_ic“aZ_a"^WW^Wd]eja_aWfYieb`kaWaƒip”bƒa[d$

+$ A[obeYa %


š CWdkWb%7kjecWj_Y šl|bWiipkaa_Wc[]\[b[bŽƒhjƒa[jaƒp_%WkjecWj_akiX_bb[djo“p|h

C[]`[]opƒi0>WWpWkjecWj_akiX_bb[djo“p|hWjl|bWipj`ka"WX_bb[djo“aWaaeha[h”bd[ab[p|h|ihW"^W'
f[hY_]d[cdoeckdac[][]o]ecXeji[c$

>KD +'

?23?(5.INDD 
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

,$ >[bf %


š Ed%E\\ ši[]‡jiƒ]a_#X[aWfYieb|iW

C[]`[]opƒi0>WW>[bfi[]‡jiƒ]\kdaY_ŒWaj_l|blWlWd"‘jckjWjŒipl[][a`[b[dd[ac[]Wa_`[bpŽd$@[bpƒijaWfkdafƒbZ|kb"^WWaƒip”bƒa
ƒhpƒa[bŽ`[`[b[a[jƒipb[bj$7p‘jckjWjŒ”p[d[j[ai[]‡j[d[aWaƒip”bƒac[]\[b[bŽ^Wipd|bWj|XWd$

-$ Kd_ji %


š a]%Yc%ac šWcƒhjƒa[]oiƒ][aa_l|bWipj|iW
š bX%\j%c_

.$ BWd]kW][ %


š ;d]b_i^ šWdo[bla_l|bWipj|iW
š :[kjiY^
š ;ifW‹eb
š <hWd‚W_i

/$ Ib[[f
š 7Yj_lWj[ib[[fceZ[5 %
 De%O[i š^_X[hd|b|ia_#X[aWfYieb|iW

C[]`[]opƒi0
 š7\kjŒaecfkj[h[dWaaehWaj_l|b^Wj`kaW^_X[hd|b|ijIb[[f"^W[]o_Z[_]d[c^Wipd|b`kaWaƒip”bƒa[j$7^_X[hd|b|ijWaWhƒaeiaeZ_a
Wp[b[cƒb[jjWhjWc|lWb$7aecfkj[hjX|hc[bo]ecXc[]doec|i|lWb‘`hWWaj_l|b^Wj`ka$C[]`[b[d_aWÉJkhd:_ifbWoed5De%O[i_iº
\[b_hWjWa_`[bpŽd8[aWfYieb`WWa_`[bpŽj5D[c%?][d$>WWf_hei]ecXXWbWO[i#jl|bWipj`ka"Waecfkj[hWaj_l|bŒZ_a"ƒidehc|b_iWd
c“aZ_ajel|XX$7^_X[hd|b|i‘`XŒb_Waj_l|b|i|^epl|bWiipkaWDe#jWf_hei]ecXXWb"lW]odoec`kac[]WIjef]ecXej$
 š7pƒXh[ipjŽŒhW^_X[hd|bj|bbWfejXWd_ic“aZ_a

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

+( >KD

?23?(5.INDD 
*$+ ÔH78;ÍBBÐJÍIEA
7c_aehd[c[Zp”da"W\kjŒaecfkj[hjl_i[b^[j`”a‘]o"c_dj[]oaWhŒh|j$7pŒhWX[|bb‡j|iW_dWa
cŒZei‡j|i|^epal[ii”a[\[`[p[jbƒfƒi[_j$

*$+$' ;I;CxDO
7p[Zpƒih[ipjdpƒi[]o_aakbYi[b[c["^WlWda_j“p”dacW]kdaXWd[]oYƒb[i[cƒdoj$7\kjŒ
aecfkj[hc[cŒh_|`|XWX[j|fb|b^Wjkda[]o#[]o[i[cƒdoj$7p[i[cƒdoip|cb|bŒlWbdoeced
M7J9>0
al[j^[j`”aWal[ja[pŽ[i[cƒdo_]^|jhWb[lŽdWfeaip|c|j$7p[i[cƒdoip|cb|bŒjW %
;l[dj ]ecXeac[]doec|i|lWbƒidoeclWjWhj|i|lWb|bb‡j^Wj`kaX[Fedjei_ZŽ”p[ccŒZXWdW
% aecfkj[ha_`[bpŽ`ƒd$
7bWhc  0ONTOSIDÙàZEMMØDBANNYOMJUKADDIGA  GOMBOKAT MÓG
% A3ETTINGS"EÈLLÓTÈSOK MENàMEGNEMJELENIK.YOMJUKMEGA
J_c[' PIROSGOMBOT
%  !  GOMBOKKALVÈLASSZUKKIA7ATCH»RA OPCIØT ÏS
J_c[(
ERÙSÓTSàKMEGAPIROSGOMBBAL
%
J_c[Ped[  !  GOMBOKKALVÈLASSZUKKIAZ%VENT%SEMÏNY OPCIØT ÏS
% ERÙSÓTSàKMEGAPIROSGOMBBAL
:Wj[  !ZESEMÏNYBEÈLLÓTÈSOKMEGTEKINTÏSÏHEZÏSMØDOSÓTÈSÈHOZKÚVESSàKAZALÈBBILÏPÏSEKET
!KIJELZÙFELIRATA !  GOMBOKKALÈLLÓTSUKBE APIROSGOMBBALFOGADJUKEL

+$ ;l[dj
š L_[m %
sAZESEMÏNYMEGTEKINTÏSE

>KD +)

?23?(5.INDD 
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

š :Wj[
 #:Wo%Cedj^eh %
 #Cedj^%:Wo šWp[i[cƒdo_ZŽfedj`|dWaX[|bb‡j|iWWiehh[dZWcƒhjƒa#
 []oiƒ][aX[|bb‡j|i|jŒb\”]]

š H[dWc[ %
šd[l[pp”a|jWp[i[cƒdoj‘]o"^e]oW % ]ecXeaaWb
 a_l|bWipj`kaWX[j“a[j"Wf_hei]ecXXWbf[Z_][b\e]WZ`ka

š :[b[j[ %
šZ[b[j[j^[[l[dj

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

*$+$( x8H;IPJÕÔH7
7aƒip”bƒaX[dX[|bb‡j^Wj`kaWpƒXh[ipjŽŒh|j"Wc[boc[]^Wj|hepejj_ZŽfedjXWd^Wd]`[bpƒijWZ0
'$ Fedjei_ZŽ”p[ccŒZXWddoec`kaWZZ_]W % ]ecXeaWj"c‡]WI[jj_d]i8[|bb‡j|ieac[d”c[]d[c`[b[d_a$
 Doec`kac[]Wf_hei]ecXej$
($ 7 % ]ecXeaaWbl|bWiipkaa_WMWjY^ÔhWefY_Œj"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ L|bWiipkaa_Wp7bWhcxXh[ipjŽŒhWefY_Œj"ƒi\e]WZ`ka[bWf_hei]ecXXWb$

+* >KD

?23?(5.INDD 
*$ 7pƒXh[ipjŽŒhWX[|bb‡j|iW_dWacŒZei‡j|i|^epal[ii”aWpWb|XX_bƒfƒi[a[j0
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

+$ 7bWhc
š E\\ %
š EdY[ šl|bWiipkaa_WpƒXh[ipjƒicŒZ`|j0
š Ced#<h_  d_dYi"[]oip[h_"^ƒj\Ž#fƒdj[a"dWf_
š :W_bo

,$ 7C%FC\eh'(^\ehcWj %


šl|bWiipkda07C%FCZƒb[bŽjj%Zƒbkj|d

-$ >ekhi %


šWpŒh|aX[|bb‡j|iW

.$ C_dkj[i %


šWf[hY[aX[|bb‡j|iW
7pƒXh[ipjŽŒhWWp;Zpƒi”p[ccŒZeda‡l”bc_dZ[dcŒZXWdc“aZ_a$>Wc[]ipŒbWbWpƒXh[ipjƒi"Wa_`[bpŽdl_bbe]Œ
^|jjƒhh[bc[]`[b[d_aWpÉ7bWhcIdeep[5º\[b_hWjxXh[ipjƒiIpkdZ_5$7pƒXh[ipjƒi[]of[hY_]ipŒb"^WYiWaWIjef]ecX
c[]doec|i|lWbb[d[c|bb‡j`ka$7pƒXh[ipjƒi'&f[hYY[blWbŒ[b^WbWipj|i|^epdoec`kac[]W % ]ecXeaWjlW]oWf_hei
]ecXej$C[]`[b[d_aWIdeep[\[b_hWjIpkdZ_"ƒiW'&f[hY[il_iipWip|cb|b|i[b_dZkb$7pƒXh[ipjƒi'&f[hYc‘blW_icƒj
c[]ipŒbWb$7ipkdZ_cŒZƒiWpƒXh[ipjƒijhbƒiƒ^[pdoec`kac[]WIjef]ecXejIpkdZ_”p[ccŒZXWd$

7pƒXh[ipjƒiX[|bb‡j|iW_j[bƒh^[j`”aW]oehic[d”XŽb_i0Fedjei_ZŽ”p[ccŒZXWddoec`kac[]ƒijWhjikadoeclWWl_b|]‡j|i]ecXej$
C[]`[]opƒi0
 š>WWp[b[cb[c[h”bƒiƒj`[bpŽ `[b[d_ac[]Wa_`[bpŽd"WpƒXh[ipjƒijd[cb[^[jWaj_l|bd_$
 š7pƒXh[ipjƒiWaaeh_iipŒb"^WW^Wd]eja_aWfYiebjkaWp|bjWb|deiX[|bb‡j|iead|b$

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$
>KD ++

?23?(5.INDD 
*$+$) ?:ÕPÔDÍA
7p_ZŽpŒd|a`eXXal[j^[jŽiƒ][ƒhZ[aƒX[daƒj_ZŽpŒd|j|bb‡j^WjkdaX[W\kjŒaecfkj[hX[d$
'$ Fedjei_ZŽ”p[ccŒZXWddoec`kaWZZ_]W % ]ecXeaWj"c‡]WI[jj_d]i8[|bb‡j|ieac[d”c[]d[c`[b[d_a$
 Doec`kac[]Wf_hei]ecXej$
($ 7 % ]ecXeaaWbl|bWiipkaa_WMWjY^ÔhWefY_Œj"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ I[b[YjJ_c['WdZYedÄhcm_j^j^[H[ZXkjjed$
*$ 7X[|bb‡j|ieac[]l|bjepjWj|i|^epal[ii”aWpWb|XX_bƒfƒi[a[j0
7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

+$ J_c[' %


š (*^%'(^ šl|bWiipkaa_Wp_ZŽ\ehc|jkc|j

,$ >ekhi %


šWpŒh|aX[|bb‡j|iW

-$ C_dkj[i %


šWf[hY[aX[|bb‡j|iW

>WX[|bb‡jejjkaWp'$_ZŽj"\ebojWiikaW($#aWb0
J_c[( %
šWZ`kac[]"^|doŒh|lWbb[]o[d[bŽXXh[lW]o^|jhƒXXW($_ZŽWp'$_ZŽ^paƒf[ij
7p_ZŽpŒd|aWjWpŒhWX[|bb‡j|iead|bl|bWipj^Wj`kaa_$
'$ Fedjei_ZŽ”p[ccŒZXWddoec`kaWZZ_]W % ]ecXeaWj"c‡]WI[jj_d]i8[|bb‡j|ieac[d”c[]d[c`[b[d_a$
 Doec`kac[]Wf_hei]ecXej$
($ 7 % ]ecXeaaWbl|bWiipkaa_WMWjY^ÔhWefY_Œj"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ 7 % ]ecXeaaWbl|bWiipkaa_WJ_c[Ped[?ZŽpŒdWefY_ŒjWc[d”XŽb"ƒil|bWiipkaWJ_c['#[jlW]oWJ_c[(#j$
 C[]`[b[d_aWÉJ_c['_dki[ºlW]oWÉJ_c[(_dki[º\[b_hWj'$_bb$($_ZŽ^Wipd|bWjXWd$
+, >KD

?23?(5.INDD 
Fedjei_ZŽ”p[ccŒZXWdW ]ecXc[]doec|i|lWbƒidoeclWjWhj|i|lWbcŒZei‡j^Wj`kaWp_ZŽpŒd|aWj$7p_ZŽc[bb[jj_(#[i
ip|cWpj`[b[dj_"^e]oW($_ZŽpŒd|j^Wipd|b`ka$

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

*$+$* :ÍJKC
7Z|jkcX[|bb‡j|i|^ep0
'$ Fedjei_ZŽ”p[ccŒZXWddoec`kaWZZ_]W % ]ecXeaWj"c‡]WI[jj_d]i8[|bb‡j|ieac[d”c[]d[c`[b[d_a$
 Doec`kac[]Wf_hei]ecXej$
($ 7 % ]ecXeaaWbl|bWiipkaa_WMWjY^ÔhWefY_Œj"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$
)$ L|bWiipkaa_W:Wj[:|jkcefY_Œj"ƒi\e]WZ`ka[bWf_hei]ecXXWb$
*$ 7X[|bb‡j|ieacŒZei‡j|i|^epal[ii”aWpWb|XX_bƒfƒi[a[j0

7a_`[bpŽ\[b_hWjW 7 % ]ecXeaaWb|bb‡jikaX["Wf_hei]ecXXWb\e]WZ`ka[b

:Wj[
š Cedj^%:Wo %
š :Wo%Cedj^ š|bb‡jikaX[WdWfej"^ŒdWfejƒiƒl[jWiehh[dZWcƒhjƒa#
š O[Wh  []oiƒ][aX[|bb‡j|i|jŒb\”]]

š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]ƒijWhjikadoeclWWIjef]ecXej$

>KD +-

?23?(5.INDD 
+$ 79xBPÔD7>7JÍHxHJxA;?
7p[Zpƒiieh|dWa”bdXpŽfkbpkiip|c#pŒd|aa”bdXpŽ 9ƒbpŒdW#Ä]o[bc[pj[jƒi0[pp[bW\kdaY_ŒlWbc[]X_pedoe#
Äjd[ip#ƒi[]ƒipiƒ]_^Wipdej^ep^WjdWa$7^epp|dab[]_da|XX ieZ^WjkdaW\[bŽb"^e]oWc[]\[b[bŽ_dj[dp_j|iiWb[Zp”da$
_bbŽpŒdW\”]]WÄp_aW_|bbWfejkdajŒbƒiWjjŒb"c_bo[dYƒbj >WWYƒbpŒdW#Ä]o[bc[pj[jƒiWaj_l|blWlWd"c[]`[b[d_aW
j“pj”daa_cW]kda[bƒ$7\kjŒaecfkj[h^|hec\ƒb[c[]ebZ|ij aƒf[hdoŽdW `[b;Zpƒi”p[ccŒZXWd$7\kjŒaecfkj[h
a‡d|bWfkbpkiip|c#pŒdW^Wipd|bWj|^ep0WIW`|jPŒd|j" ^Wd]`[bpƒijWZ"^WW^Wj|hƒhjƒa[aWb|lW]o\bƒa[h”b”da$
WFebWhifehjpŒd|aWjƒiWaƒp_X[|bb‡j|i‘^Wj|hƒhjƒa[a[j$ >Wfkbpkiip|cWbWf‘^Wj|hƒhjƒa[a[jl|bWipjejjkda"ƒiW
>Wipd|b^Wjkdai[X[iiƒ]#lW]oj[cfŒ#WbWf‘^Wj|hƒhjƒa[a[j_i YƒbpŒd|da‡l”bh[a[h”bj”da"Wfkbpkiip|c#ƒhjƒal_bbe]d_a[pZ"
\eejfeZip”aiƒ][i$ ƒiWpŒhW^Wd]`[bpƒii[bÄ]o[bc[pj[jc_dZ[dip‡l”jƒidƒb$
>WWi[X[iiƒ]#lW]oj[cfŒ#WbWf‘YƒbpŒdW#^Wj|hƒhjƒa[a[j
7YƒbpŒd|aaWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjƒiip[cƒboh[ l|bWipjejjkda"ƒid[ccWhWZkdaW^Wj|hƒhjƒa[aapjj"W
ipWXejj[Zpƒifhe]hWcƒhja[h[ii[\[bW aecfkj[hi‡febd_a[pZ$7Ä]o[bc[pj[jƒijWI[jj_d]i4=[d[hWb
mmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbj$ 4IekdZ4JP7bWhcc[d”X[daWfYieb^Wj`kaa_#X["lW]o[Zpƒi
apX[dWl_b|]‡j|i]ecXc[]doec|iWƒidoeclWjWhj|iW
7fkbpkiip|c#^Wj|hƒhjƒa[ac[]WZ|i|^epal[ii”aWp kj|dW % ]ecXeaaWbWJP7bWhcefY_Œa_l|bWipj|i|lWb
Wb|XX_bƒfƒi[a[j0 Waj_l|b^Wj`ka_bb$Z[Waj_l|b^Wj`ka$;aaehWÉJWh][jPed[7bWhc
'$ Fedjei_ZŽ”p[ccŒZXWddoec`kaWZZ_]W % ]ecXeaWj" EdºlW]oÉJWh][jPed[7bWhcE\\º\[b_hWj`[b[d_ac[]9ƒbpŒdW
c‡]WI[jj_d]i8[|bb‡j|ieac[d”c[]d[c`[b[d_a$Doec`ka Ä]o[bc[pj[jƒia_%X[^WWI[]‡jiƒ]\kdaY_ŒWaj_l|blWlWd$
c[]Wf_hei]ecXej$
($ L|bWiipkaa_Wp;n[hY_i[;ZpƒiefY_Œj"ƒi[hŽi‡ji”ac[]W C[]`[]opƒi0
f_hei]ecXXWb$ š >WWYƒbpŒdW^Wj|hƒhjƒa[_d_dYi[d[aWaj_l|blW";Zpƒi
”p[ccŒZXWdi[cWYƒbpŒdW#Ä]o[bc[pj[jƒid[c`[b[p"i[c
)$ L|bWiipkaa_WcŒZei‡jWd_a‡l|dj[Zpƒij"ƒi\e]WZ`ka[bW YƒbpŒdW#_d\ehc|Y_Œd[ca[h”bW\|`bXWc[djƒih[$
f_hei]ecXXWb$IpWXWZ[ZpƒijƒiIW`|jPŒd|i[Zpƒijd[c š >WWp[b[cb[c[h”bƒiƒj`[bpŽ ip_cXŒbkc`[b[d_ac[]W
cŒZei‡j^Wjkda$ a_`[bpŽd"WpŒhW^Wd]`[bpƒi[_ƒi^|jjƒhl_b|]‡j|iWa_aWfYiebŒZdWa$
*$ 7ZZ_]doec`kaW % ]ecXeaWj"c‡]Wp;Z_jIp[ha[ipjƒi 7pƒXh[ipjƒi[]oip[hc“aZd_\e]"^WWp[b[c`[bc[]`[b[dƒi[[bŽjj
efY_Œc[]d[c`[b[d_a$7f_hei]ecXXWb[hŽi‡ji”ac[]$ |bb‡jejjkaX[$
+$ <ebojWiikaWp[Zpƒiip[ha[ipjƒiƒl[b$Jel|XX__d\ehc|Y_Œƒhj
b|iZWp;ZpƒiX[|bb‡j|ieaY‡c“\[`[p[j[jW)+$ebZWbed$ š 7Fedjei_ZŽ”p[ccŒZXWlWbŒl_iipWjƒhƒi^[pdoec`kac[]
 ƒijWhjikadoeclWWIjef]ecXej$
+. >KD

?23?(5.INDD 
+$' 7I7@ÍJPÔD7>7JÍHxHJxA;? 7IW`|jPŒdWfkbpki#^Wj|hƒhjƒa[_d[ac[]^Wj|hep|iW
7\kjŒaecfkj[haƒf[iWkjecWj_akiWdc[]^Wj|hepd_ C_[bŽjj[ba[pZ`”aWIW`|jPŒdWc[]^Wj|hep|i|j"X_pedoeieZ`kda
[]oƒd_W[heXaWhZ_elWipakb|h_ifkbpkiip|c#pŒd|daWj$ c[]hŒbW"^e]o0
;pjIW`|jPŒd|dWad[l[pp”aEmdPed["EP$7IW`|jPŒdW š ip[cƒbo[iWZWjW_daWj^[bo[i[dWZjkac[]"
X_pjei‡j`W"^e]oX_pjedi|]ei^Wj|heaapjj[Zp”da$ š WIW`|jPŒdW[Zpƒijl|bWipj`ka$C_dZ[dWbaWbeccWb"Wc_aeh
WIW`|jPŒdW[Zpƒijl|bWipj`ka"Waecfkj[hWkjecWj_akiWd
7pIW`|jPŒdW\kdaY_Œc[]^Wj|heppWip[cƒbo[i c[]^Wj|heppWWIW`|jPŒd|daWj$
[Zpƒi_pŒd|daWj"Wc[bo[biŽZb[][i[dWfkbpkiip|c#
l|bjepƒaedoi|]edWbWfkb$7b[]jXX\[bdŽjjdƒbWIW`|jPŒdWW 7IW`|jPŒdW‘`hWZ[Äd_|b|i|hWlWdip”aiƒ]0
cWn_c|b_ifkbpkiip|c,+#.+#WapjjlWd$7IW`|jPŒdW š ^Wc[]l|bjep_a[Zpƒi_ahdo[p[j”dalW]o[Zpƒij‡fkikda
Äp_aW_ƒiip[bb[c_|bbWfejkdajŒb\”]]Ž[ddWfedjWl|bjep_a š ^WjXXc_dj[]o^[j[iip”d[jkj|da[pZ”da‘`hW[Zp[d_
fƒbZ|kb"^Wd[cƒf”bj”da\[bj[b`[i[dWp[bŽpŽ[Zpƒikj|d" š ^WX_pedojWbWdealW]okdaÄp_aW_|bbWfejkda\[bŽbWp[Zpƒi
lW]oijh[iipƒhc_da[j$7IW`|jPŒdW^Wj|hƒhjƒa[_jWp c[]a[pZƒi[aeh"fƒbZ|kbijh[iipƒh"d[cƒf”bj”da\[bWp[bŽpŽ
'#+f[hY[iX[c[b[]‡jŽ_ZŽWbWjjb[^[jc[]^Wj|hepd_iƒjW" [ZpƒiXŽblW]od[cƒh[pp”a`ŒbcW]kdaWj
aeYe]|ilW]oc|iifehjj[lƒa[doiƒ]hƒlƒd$7\Žjb[jWp"^e]o š ^Wc[]l|bjepjWjjkaX[|bb‡j|iW_daWj$
WbWYiedo_dj[dp_j|iiWba[pZ”da[Zp[d_"cW`Z\eaepWjeiWd
dl[b`”aWp_dj[dp_j|ijWfkbpkiip|c[c[bƒiƒl[b$ '$ 7p;ZpƒiY‡c“\[`[p[jX[db[‡hjWaip[h_dja[pZ`”a[bWp[Zpƒij
 /$ebZWb$
7IW`|jPŒd|j[]ƒipiƒ][i[cX[h[aip|c|hW\[`b[ipj[jjƒaa_$ ($ C_kj|dc[]doecjkaWf_hei]ecXej"ƒiWp[Zpƒi[ba[pZŽZjj"
;]o[i[]ƒipiƒ]_|bbWfejeaWfkbpkiip|c#l|bjepƒaedoi|]ed  WÉ<_dZ_d]EmdPed[º\[b_hWj`[b[d_ac[]IW`|jPŒdWa[h[iƒi"
WbWfkbŒIW`|jPŒdWc[]^Wj|hep|i|dWai_a[hj[b[diƒ]ƒj  ƒic[]a[pZŽZ_aWIW`|jPŒdWc[]^Wj|hep|iW$
eaep^Wj`|a"c_djfƒbZ|kbWcW]Wilƒhdoec|i"  C[]`[b[d_aWIW`|jPŒdW`[bWa_`[bpŽd$
ip‡l[bƒ]j[b[diƒ][aƒiX_pedoei]oŒ]oip[h[a$
7IW`|jPŒdWc[]^Wj|hep|i|dWa|jk]h|i|^epƒiWaeh|XXWd
X[|bb‡jejjIW`|jPŒdW^Wipd|bWj|^epdoec`kac[]Wf_hei]ecXej$

>KD +/

?23?(5.INDD 
7IW`|jPŒdWc[]^Wj|hep|iWjipWaWipXWdjhjƒd_a$ f[hY[daƒdj_fkbpkiip|cXWdlW]oWcWn_c|b_ifkbpkiip|c
 BWii‘j[cfŒXWd]oWbe]eb`kda'f[hY_]$7 ip|pWbƒa|XWd>HcWn`[b[dd[ac[]"X[|bb‡j|ikdajŒb
fkbpkiip|cejjWhjika'&&WbWjjW>HcWn \”]]Ž[d$
+&#W[XX[dWipWaWipXWd$C_dZ[d
\eaepWjkj|d[]oi‡febŒ^Wd]ej^Wbbkda^WW *$ >WWf_hei]ecXXWb
^Wd]`[bpƒijX[|bb‡jejjka"Wc_WpWZejjipWaWip b[|bb‡j`kaWIW`|jPŒdW
lƒ]ƒj`[b[dj_"Wa_`[bpŽf[Z_]WkjecWj_akiWd c[]^Wj|hep|ij"lW]o^WW
c[]l_b|]‡jŒZ_a^WW^|jjƒhl_b|]‡j|ijaeh|XXWd c[]^Wj|hep|ii_a[hj[b[d
[]oip[hc|hX[aWfYiebjka$ lebj"Waeh|XXWdX[|bb‡jejj
 Dehc|bj[cfŒXWd]oWbe]eb`kda'f[hY_]$ IW`|jPŒdW^Wj|hƒhjƒa[aa[h”bd[a
BWiiWd[c[b`”aWfkbpkiip|cej'&#(&#ipWbW
>HcWn+#|lWb$ ^Wipd|bWjhW$7aƒf[hdoŽdc[]`[b[d_aWpÉEmdPed[B_c_jiº
 xbƒdaj[cfŒXWd]oWbe]eb`kda'f[hY_]$BWiiWd \[b_hWjIW`|jPŒdW^Wj|hƒhjƒa[_W^Wj|hƒhjƒa[aa[b$>W[biŽ
[c[b`”aWfkbpkiip|cej'&#(&#ipWbW>HcWn WbaWbeccWb^Wj|hepd|dac[]IW`|jPŒd|daWj"ƒi_ZŽapX[d
+#|lWb$ jhb`”aWc[]^Wj|hep|ij"Waƒip”bƒaWpƒb[jaehkdaed
 BWii‘j[cfŒXWdaeYe]`kda'f[hY_]$BWiiWd WbWfkbŒƒhjƒa[a[j\e]`W^Wipd|bd_$
[c[b`”aWfkbpkiip|cej'&#(&#ipWbW>HcWn
+#|lWb$ ;pkj|d\ebojWj^Wj`kaWp[Zpƒii[b$7p[Zpƒib[^[jŽ
 xbƒdaj[cfŒXWd\kiikda'f[hY_]$ b[]dW]oeXX^Wipd|dWa[bƒhƒi[ƒhZ[aƒX[dfhŒX|b`kdaWp
)$ 7pjipWaWip[]oX_pedoei WZejjfkbpkiip|c#pŒd|dX[b”bcWhWZd_$
fedj`|daƒji‡feb|ij^Wbbkda0W C[]`[]opƒi07IW`|jPŒdWc[]^Wj|hep|i|^ep[bj[bj_ZŽhƒip[Wp
IW`|jPŒdWX[|bb‡j|iW[baƒip”bj$ [Zpƒi_ZŽd[a"j[^|jWp[ZpƒiWaaehjŒba[h”bh]p‡jƒih["Wc_aeh[bŽiph
>WWpŒdWc[]^Wj|hep|iWi_a[h[i [ba[pZ`”a$
lebj"WpÉEmdPed[KfZWj[Zº
\[b_hWjIW`|jPŒdW\h_ii‡jl[ƒi 7IW`|jPŒd|lWbaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZW
mmm$febWh$ăimmm$febWhemdped[$Yecm[XebZWbWaWj$
W^Wj|hƒhjƒa[ac[]`[b[dd[aWa_`[bpŽd$7^Wj|hƒhjƒa[a

,& >KD

?23?(5.INDD 
+$( FEB7HIFEHJPÔDÍA
L|bWipj^Wj`kaWFebWhifehjpŒd|aWj_iWp[Zpƒi^[p‘jckjWjŒdWa$7FebWhifehjpŒd|aW^Wjƒaedoi|]‘`ip_dj`ƒj`[b[dj_aWfkbpkiip|c
WbWf‘[ZpƒiX[d$7p[ZpƒiWcWn_c|b_ifkbpkiip|cip|pWbƒa|dWbWfkbŒjhƒiph[lWdeipjlW$7ifehjpŒd|aaddo[Zƒdb[^[jŽlƒ
j[ip_a"^e]oa_l|bWiipka"ƒidoecedal[ii”a[Zpƒi”da_dj[dp_j|i|j"_bb[jl[al[ii”aWFebWhifehjpŒdW#WbWf‘[Zpƒifhe]hWceaWj$

9ƒbpŒdW ?dj[dp_j|i>HcWn#|XWd ?ZŽjWhjWcfƒbZ|kb <_p_ebŒ]_W_^Wiped%[Zpƒi[h[Zcƒdo

47d[kheckipakb|h_ih[dZip[hj^Wd]i‘boeppWa_
+ C7N?CÍB?I /&#'&& &#(f[hY
4Dl[b_WcWn_c|b_ii[X[iiƒ][jifh_dj[bƒidƒb

4<eaeppWWpWdW[heXj“hŽaƒf[iiƒ][j
* D;>xP .&#/& (#'&f[hY
4<[`b[ipjWp|bbŒaƒf[iiƒ][jcW]Wii[X[iiƒ]dƒb

4;hŽi‡j_WpW[heX[hŽa_\[`jƒij
) CxHIxA;BJ -&#.& '&#*&f[hY
4@Wl‡j`WWlƒha[h_d]ƒij

4@Wl‡j`WWpWdoW]Yi[hƒj4;hŽi‡j_WpW[heX|bbŒaƒf[iiƒ][j
( AzDDOØ ,&#-& *&#.&f[hY 4;hŽi‡j_Wip[hl[p[j[j"Wc[bo‡]ocW]WiWXX_dj[dp_j|i‘
[Zpƒij_ia_X‡h

4D[^[p[XX[Zpƒikj|di[]‡j_Wh[][d[h|bŒZ|ij
' D7=OEDAzDDOØ +&#,& (&#*&f[hY

7p'$ifehjpŒd|XWd\kj|idW]oedWbWYiedo_dj[dp_j|iedjhjƒd_a$7p[Zpƒi\ŽWbWf[bl["^e]oj[b`[i‡jŽaƒf[iiƒ]”daWp[Zpƒi
kj|d_h[][d[h|bŒZ|ihƒlƒd`Wlkb"d[cf[Z_]cW]|jŒbWp[ZpƒijŽb$Dƒ^WWp[ZpƒieboWda_c[h‡jŽb[^[j"^e]ocƒ]Wal[ja[pŽ
dWfhWi[cƒf”b”da\[bj[b`[i[d$;XX[dWp[i[jX[dWh[][d[h|bŒZ|i\eboWcWj|jdW]oedWbWYiedo_dj[dp_j|i‘[Zpƒii[b
]oehi‡j^Wj`ka\[b$

>KD ,'

?23?(5.INDD 
ÍbbŒaƒf[iiƒ]_[ZpƒijW($ifehjpŒd|XWdlƒ][p^[j”da$7p_bo[d\kj|i`[bb[]p[j[iaddo“W[heX]oWaehbWj$7p|bbŒaƒf[iiƒ]_
[Zpƒiip[hl[ihƒip[c_dZ[d\kjŒ[Zpƒifhe]hWc`|dWa$IŽj"Wp|bbŒaƒf[iiƒ]_[Zpƒic_dZ[dc|i[ZpƒiWbWf`W$7p[XX[dW
pŒd|XWd\ebojWjejj^eiip‘_ZŽjWhjWc‘[Zpƒi^WjƒaedoWp[d[h]_W\[b^Wipd|b|i^ep$7\[`bŽZƒiWp|bbŒaƒf[iiƒ]_[ZpƒiX[d
a_jWhj|ij_]ƒdo[b$

7)$ifehjpŒd|XWdWpW[heX|bbŒaƒf[iiƒ][j\[`b[ipj`”a$7p[Zpƒi_dj[dp_j|iW_jjcW]WiWXX"c_djWp'#($pŒd|XWd"Z[cƒ]
\Žb[]W[heX$7)$ifehjpŒdWX[b_[ZpƒiipWaWipeaXŒb|bb"c[bo[jfƒbZ|kbh[][d[h|bŒZ|ial[j$7p_bo[d\kj|ia”bdi[dWip‡l#
ƒiWl|p_pcealƒha[h_d]ƒiƒd[a^Wjƒaedoi|]|j`Wl‡j`W$

>WYƒbkdaWp"^e]oWb[]dW]oeXXj[b`[i‡jcƒdo[dl[hi[do[pp”da"l|bWiipkaW*$lW]o+$ifehjpŒd|j$;pŒd|aXWdWdW[heX
\kj|ijlƒ]p”da"cWn_ckc'&f[hY[iipWaWipeaXWd$C_dƒbhl_Z[XX[]oipWaWip"Wdd|bcW]WiWXXWp_dj[dp_j|i$DW]oed
\edjeiWc[]\[b[bŽh[][d[h|bŒZ|iWipWaWipeaapjj$7*$ƒi+$pŒdWX[b_[Zpƒic_dj|j‘]oj[hl[pjƒa"^e]oYi‘Yij[b`[i‡jcƒdoj
^eppeda_W\kjŒXŒb$

7FebWhifehjpŒd|aWjip[cƒboh[_iipWX^Wj`kaWcƒhjcWn_c|b_ifkbpkiip|c>HcWn^Wipd|bWj|lWb$7c_aeh[]oX_pedoei
ifehjpŒd|XWd\kjkda"WpWYƒb"^e]oWp[]ƒippŒd|j^Wipd|b`ka$7pŒdWapƒfiŽhƒip[`ŒYƒb"Z[d[ca[bbfedj[ddƒbWp
ƒhjƒadƒbjWhjWd_Wfkbpkiip|cejc_dZ_]$

7fkbpkiip|c\eaepWjeiWd_]WpeZ_aWp[Zpƒi_dj[dp_j|i|^ep$FƒbZ|kb"^WWp'$ifehjpŒd|XŒbW)$#XWbƒf”da|j"Wlƒha[h_d]ƒi
ƒiWfkbpkiip|c)#+f[hYWbWjjWbaWbcWpaeZ_a$7fkbpkiip|cWp[Zpƒij‡fkijŒb"Wh[][d[h|bŒZ|ijŒb"Wahdo[p[jjŽbƒic|i
jƒdo[pŽajŽb\”]]Ž[d[bjƒhŽ[dWbaWbcWpaeZ_a[]oc[]^Wj|hepejj_dj[dp_j|i‘[Zpƒi^[p$;pƒhj\edjeiÄ]o[bd_WhhW"^e]oc[ddo_h[
lW]okda\|hWZjWa"ƒi[^^[p_]Wp‡jWd_Wp[Zpƒifhe]hWcej$

,( >KD

?23?(5.INDD 
7\kjŒaecfkj[hWFebWhifehjpŒd|ai[]‡jiƒ]ƒl[bWZ‘jckjWj|ijWp[Zpƒi^[p
7\kjŒaecfkj[hb[^[jŽiƒ][jdo‘`jWhhW"^e]oaddo[d[bŽdojael|Yieb`kdaWifehjpŒd|aXŒb$7ifehjpŒd|aWja_l|bWipj^Wj`ka
fkbpkiip|c#YƒbpŒdWaƒdj$C[]WZ^Wjkda_ZŽp‡jƒijlW]oj|lebi|]ej"Wc[boWp[ZpƒiWbWjjÄ]o[bc[pj[j"c_aehl|bjikdapŒd|j"lW]o
cWdk|b_iWd_il|bj^WjkdapŒd|j$Jel|XX__d\ehc|Y_Œƒhjb|iZWp;ZpƒiX[|bb‡j|ieaY‡c“hƒipjW)+$ebZWbed$

7FebWhifehjpŒd|aaWbWaaehjkZkdaWb[]`eXXWdZeb]epd_"^W_ic[h`”aWcWn_c|b_ifkbpkiip|ckdaWjƒiWpW[heXƒiWdW[heX
^Wj|hƒhjƒa[_da[j$
7cWn_c|b_ifkbpkiip|cc[]^Wj|hep|i|^ep^Wipd|b^Wj`kaWpƒb[jaeh\ehckb|jWc[boWbWfX[|bb‡j|iaƒdjip[h[f[bW
aƒip”bƒaX[d"Wp[bŽh[`[bp[jjcWn_c|b_ifkbpkiip|cej>HcWn#f"lW]oWbWXehWjŒh_kcXWdcƒhjƒhjƒa[j$7ifehjpŒd|aWj
^Wipd|b^Wj`ka[bŽh[a_j“pjjifehjeb|i_Yƒb[bƒhƒiƒX[dfb$"^W[]oX_pedoei\kjŒl[hi[doh[aƒip”b”da\[b"lW]o^WWp[Zpƒi[_da[d
lWbWc_bo[d[h[Zcƒdoja‡l|dkda[bƒhd_$

7mmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbhŒbWFebWhifehjpŒd|dWbWfkbŒip[cƒboh[ipWXejj\kjŒ[Zpƒi#fhe]hWceaWjjbj^[j”dab[$

>KD ,)

?23?(5.INDD 
+$) C7DKÍB?I>7JÍHxHJxA8;ÍBBÐJÍI
7fkbpki#YƒbpŒdWIW`|jPŒd|lWblW]oFebWhifehjpŒd|lWblWbŒc[]^Wj|hep|iW^[bo[jjc[]^Wj|hep^Wj`kacWdk|b_iWd_ifkbpkiip|c#
^Wj|hƒhjƒa[_da[j$7fkbpki#YƒbpŒdWWpWbiŒƒiW\[biŽ^Wj|hƒhjƒaapj_jWhjec|do"WcWn_c|b_ifkbpkiip|c>HcWnip|pWbƒa|XWd"
lW]of[hY[daƒdj_fkbpkiip|cXWdXfca_\[`[pl[$7>HcWnWcWn_c|b_iÄp_aW__]ƒdoX[lƒj[bc[bb[jj_b[]dW]oeXXfkbpkiip|c$
7bWfX[|bb‡j|iaƒdjW\kjŒaecfkj[hW>HcWn#ejƒb[jaehkdai[]‡jiƒ]ƒl[bip|c‡j`Wa_cWn_c|b_ifkbpkiip|c3((&#ƒb[jaeh$FedjeiWXX
>HcWnƒhjƒa[jaWfkdaWp[bŽh[`[bp[jjcWn_c|b_ifkbpkiip|c>HcWn#fj[ipjXŽbjel|XX__d\ehc|Y_Œƒhjb|iZWal[ja[pŽebZWbj$7
>HcWnb[]fedjeiWXXcƒhƒiƒ^[pa[h[ii”a\[b[]oehleijlW]o]oWaehbŒÄp_ebŒ]kij"Wa_[blƒ]p_WcWn_c|b_ij[h^[bƒi[ij[ipj[j$

7pWb|XX_j|Xb|pWjfkbpkiip|c#YƒbpŒd|aWjjWhjWbcWpf[hY[daƒdj_fkbpkiip|cXWd"+ƒl[ia”bdXiƒ]“aehYiefehjeaip[h_dj_
Xedj|iXWdX[Yi”bl[$Ðh`kab[cWn_c|b_ifkbpkiip|ckdaWj>HcWnƒifkbpkiip|c#YƒbpŒd|daWj"ƒil|bWiipkaa_Wp[Zpƒi”da^p
b[]_da|XX_bbŽƒhjƒa[a[j$
 

 xb[jaeh >HcWn >HcWn >HcWn >HcWn >HcWn >HcWn


   +&#,&#W ,&#-&#W -&#.&#W .&#/&#W /&#'&&#W
  (& (&& '&&#'(& '(&#'*& '*&#',& ',&#'.& '.&#(&&
  (+ '/+ /.#''- ''-#')- ')-#'+, '+,#'-, '-,#'/+
  )& '/& /+#''* ''*#')) '))#'+( '+(#'-' '-'#'/&
  )+ '.+ /)#''' '''#')& ')&#'*. '*.#',- ',-#'.+
  *& '.& /&#'&. '&.#'(, '(,#'** '**#',( ',(#'.&
  *+ '-+ ..#'&+ '&+#'() '()#'*& '*&#'+. '+.#'-+
  +& '-& .+#'&( '&(#''/ ''/#'), '),#'+) '+)#'-&
  ++ ',+ .)#// //#'', '',#')( ')(#'*/ '*/#',+
  ,& ',& .&#/, /,#''( ''(#'(. '(.#'** '**#',&
  ,+ '++ -.#/) /)#'&/ '&/#'(* '(*#'*& '*&#'++

,* >KD

?23?(5.INDD 
,$ FEB7H<?JD;IPJ;IPJJ;IJ
7FebWh<_jd[ipJ[ipjj[baddo[d"X_pjeiWdƒi]oehiWdX[Yi”b^[j`”ac[][]oƒd_cWn_c|b_iW[heXj[b`[i‡jcƒdo”da[j"ƒi
[bƒh^[j`”aWp[bŽh[`[bp[jjcWn_c|b_ifkbpkiip|cƒhjƒa[_j$7FebWh<_jd[ipJ[ipj[]ƒipiƒ][i\[bdŽjj[ad[aipŒb$

IW`|j?dZ[nEmd?dZ[n
7IW`|j?dZ[nWcWn_c|b_ien_]ƒd\[blƒj[b^[pLE(cWn^WiedbŒƒhjƒa"WpW[heXaWhZ_elWipakb|h_iÄjd[ip]oWahWd^Wipd|bj
ckjWjŒ`W$7pW[heXÄjd[ipWhhW^[bo[p_W^Wd]i‘boj"^e]oWip[hl[p[j”daW[heXh[dZip[h[c[ddo_h[c“aZ_a`Œb"ƒi^e]oWd
ip|bb‡j`Wƒi^Wipdei‡j`WWpen_]ƒdjip[hl[p[j”daX[d$C_dƒb[hŽi[XXƒi^WjƒaedoWXXWip‡l”da"Wdd|b`eXXb[ipWpW[heX
j[b`[i‡jcƒdo”da$7LE(cWnWpW[heX|bbŒaƒf[iiƒ]`ŒckjWjŒ`W$

>W`Wl‡jWd_WaWhkdaW[heX|bbŒaƒf[iiƒ]”dad"|jbW]eiWdb[]Wb|XX,^ƒjh[lWdip”aiƒ]"^e]oƒiph[l[^[jŽl|bjep|i|bb`edX[
Emd?dZ[n”daX[d$7pWbWYiedoWXX|bbŒaƒf[iiƒ]“[adƒb]oehiWXXl|bjep|ijWfWipjWb^WjŒ"c‡]WÄjj[XX[adƒbjXX_ZŽh[lWd
ip”aiƒ]$C_dƒb`eXXlWbWa_d[aWpW[heX|bbŒaƒf[iiƒ]["Wdd|ba_i[XX`Wlkb|il|h^WjŒWEmd?dZ[nƒX[d$7pW[heXj[b`[i‡jcƒdoj
b[]_da|XXeboWd[Zpƒi\W`j|aaWb\eaep^Wj`ka"Wc[bo[aip|cei_pecYiefehjejcep]WjdWac[]$?bo[dj[lƒa[doiƒ]W\kj|i"
a[hƒaf|hep|i"‘ip|i"[l[pƒi"aehYiebo|p|i"i‡\kj|ilW]oW]oWbe]b|i$ÍbbŒaƒf[iiƒ]”da\[`bŽZƒi[Ä]o[b[cc[ba‡iƒhƒiƒ^[pa[pZ`”a
[bcƒhd_Emd?dZ[n”da[jdƒ^|doWbaWbeccWbWp[biŽaƒj^ƒjX[d"^e]oa__dZkbŒƒhjƒa[jaWf`kda$;pkj|dah”bX[b”b^WledjW
_icƒj[b`”ac[]Wj[ipj[j$7pEmd?dZ[nWdok]Wbc_fkbpkiip|c"Wh[bWn|bj|bbWfejXWdcƒhjip‡l\h[al[dY_W#l|bjepƒaedoi|]"Wp
ƒb[jaeh"Wd[c"Wj[ijcW]Wii|]"Wj[ijjc[]ƒiWiW`|jcW]kda|bjWbX[Yi”bjÄp_aW_Waj_l_j|iƒhjƒa[_dWbWfkb$

;bŽh[`[bp[jjcWn_c|b_ifkbpkiip|c>HcWn#f
7>HcWn#fc[]^Wj|hep|iWWFebWh<_jd[ipJ[ipjj[bf|h^kpWceiWdjhjƒd_a$7>HcWn#fƒhjƒafedjeiWXXWd`[bp_[bŽh[[]oƒd_
cWn_c|b_ifkbpkiip|c#ƒhjƒa”da[j"c_djWpƒb[jaehedWbWfkbŒ\ehckbW((&#ƒb[jaeh$7pƒb[jaeh#WbWf‘cŒZip[hZkhlWX[Yibƒij
WbaWbcWp"ƒia”bdi[dWpead|bd[c[bƒ]fedjei"Wa_aƒl[aŒjW[Zp[d[alW]o_ZŽi[a$7p[]oƒd_cWn_c|b_ifkbpkiip|c
c[]^Wj|hep|i|dWab[]fedjeiWXXcŒZ`WWpehleilW]o]oWaehbŒÄp_ebŒ]kii[]‡jiƒ]ƒl[b[blƒ]p[jjbWXehWjŒh_kc_cƒhƒicWn_c|b_i
j[h^[bjiƒ]c[bb[jj_lW]oa[hƒaf|heij[ipj$
>KD ,+

?23?(5.INDD 
CWn_c|b_ifkbpkiip|ckdaX_pedoeicƒhjƒaX[dl|bjep_a|bbŒaƒf[iiƒ]”daa[biip[\”]]ƒiX[d$7h[dZip[h[i|bbŒaƒf[iiƒ]_
[Zpƒi^eiipWXXj|ledYiaa[dj_W>HcWnej$7p[]o[iifehj|]Waip[h_dj_ib[^[jd[a[bjƒhƒi[a$FƒbZ|kb\kj|id|bW>HcWndW]oeXX"
c_dja[hƒaf|hep|id|b"Wpf[Z_]dW]oeXX"c_dj‘ip|id|b$7>HcWn#fb[^[jŽiƒ][jdo‘`jWhhW"^e]oWcWn_c|b_ifkbpkiip|c
l|bjep|iW_j[Zpƒii[bal[ii”adoecedWdƒba”b"^e]oWa_c[h‡jŽcWn_c|b_ij[h^[bƒi[ij[ipj[jlƒ][pdƒda[b$7>HcWn#fWdok]Wbc_
fkbpkiip|c"Wh[bWn|bj|bbWfejXWdcƒhjip‡l\h[al[dY_W#l|bjepƒaedoi|]"Wpƒb[jaeh"Wd[c"Wj[ijcW]Wii|]"Wj[ijjc[]"W
cWn_c|b_ien_]ƒd\[blƒj[bƒiWLE(cWncƒhjlW]o[bŽh[`[bp[jjƒhjƒa[_dWbWfkb$7b[]fedjeiWXX>HcWnƒhjƒa[jWab_d_aW_bW]cƒhj
LE(cWn#dWaW\kjŒaecfkj[hX[j|fb|b|i|lWbaWf^Wj`ka$

7<_jd[ipJ[ipjX[|bb‡j|iW_
7FebWh<_jd[ipJ[ipj[blƒ]pƒiƒ^[pal[ii”aWpWb|XX_bƒfƒi[a[jW\kjŒaecfkj[hX[d0
š 7Z`kac[]ip[cƒbo[iWZWjW_daWjƒi^eiip‘j|l‘Äp_aW_Waj_l_j|ikdaip_dj`ƒjW\[b^Wipd|bŒ_X[|bb‡j|iead|b$Jel|XX_
_d\ehc|Y_Œƒhjb|iZW*-$ebZWbj$
š 7aj_l|b`kaW>HcWn#f#j"^WcWn_c|b_ifkbpkiip|cea[bŽh[`[bpƒiƒjip[h[jdƒda$
 '$ Fedjei_ZŽ”p[ccŒZXWdW % ]ecXeaaWbl|bWiipkaa_WJ[ipjefY_Œj$Doec`kac[]Wf_hei]ecXej$
 ($ 7 % ]ecXeaaWba[h[ii”ac[]W>HcWn#fefY_Œj$Doec`kac[]Wf_hei]ecXej$
 )$ L|bWiipkaWpEdefY_Œj8[aWfYieb|i"ƒi[hŽi‡ji”ac[]Wf_hei]ecXXWb$

7j[ipj[blƒ]pƒi[
7c[]X‡p^WjŒ[h[Zcƒdo[bƒhƒiƒ^[pWpWb|XX_WahWlWdip”aiƒ]0
š 7j[ipjX|h^ebb[\ebojWj^WjŒ·ejj^ed"Wp_heZ|XWd"[ZpŽj[h[cX[d·^WWahdo[p[jXƒaƒi$D[b[]o[dpWlWhŒpW`W^|jjƒhX[d
 fb$JL"h|Z_Œ"j[b[\ed"_bb$X[ipƒb][jŽ[cX[h[a$
š CWhWZ`edk]oWdWpWj[ipj^[bo["_Z[`[ƒiahdo[p[j[c_dZ[dj[ipjWbaWbc|lWb$
š 7j[ipj[jc[][bŽpŽ(#)Œh|XWdd[\e]oWiipkdad[^ƒpƒj[b[a[j"ƒid[Ze^|doeppkda$
š 7j[ipjdWf`|dƒiWpWpjc[][bŽpŽdWfeaXWda[h”b`”aWÄp_aW_c[]j[h^[bƒij"Wbae^ebei_jWbeaWjƒi]oŒ]oip[h[a[j$
š B[]o”daa_f_^[dj[aƒidok]eZjWa$7j[ipj[bŽjj\[a”Z`”dab[ƒih[bWn|b`kda'#)f[hY_]$
,, >KD

?23?(5.INDD 
7j[ipjc[]a[pZƒi[
7j[ipj[blƒ]pƒi[)#+f[hY[jl[ip_]ƒdoX[$
'$ Fedjei_ZŽ”p[ccŒZXWdl|bWiipkaWJ[ipjefY_ŒjW % ]ecXeaaWb$
($ <[a”Z`”dab[ƒih[bWn|b`kda'#)f[hY_]Wj[ipj[bŽjj$
)$ 7f_hei]ecXXWb_dZ‡jika[bWj[ipj[j$7\kjŒaecfkj[ha[h[id_a[pZ_Wfkbpkij$7<_jd[ipJ[ipj
+c|ieZf[hY[dX[b”b[ba[pZŽZ_a"fkbpkiip|ckdaf[Z_]c[]`[b[d_aWa_`[bpŽd$;ba[pZŽZ_aW
j[ipj$C[]`[b[d_aWÉ<_jd[iiJ[ijBWo:emdº\[b_hWj<_jd[ipJ[ipj"\[a”Z`db[$
*$ <[a”Z`”dadok]eZjWd$AWh`W_daWjjWhjikaj[ij”dac[bb[jj"ƒia[h”b`”dac_dZ[dcep]|ij$D[
X[ipƒb`”dac|ieaaWb$
+$ 7c_aehWj[ipjlƒ][jƒhj"aƒji‡feb|ij^Wbbkda$C[]`[b[d_aW<_jd[ipJ[ipj[h[Zcƒdo["Wp
Emd?dZ[n$7pƒhjƒaWJh[dZc[d”X[da[h”b[bc[djƒih[$Jel|XX__d\ehc|Y_Œƒhjb|iZW<_jjiƒ]_
AWj[]Œh_|ahƒipjW,/$ebZWbed$
,$ 7 ]ecXXWbc[]j[a_dj^[j`”aW>HcWn#f[h[Zcƒdoƒj^WW>HcWn#fWaj_l|blWlWd$
C[]`[b[d_aWÉFh[Z_Yj[ZcWn_ckc>[WhjHWj[º\[b_hWj[bŽh[`[bp[jjcWn_c|b_ifkbpkiip|c
ƒiW>HcWn#fƒhjƒa[$7f_hei]ecXXWb[hŽi‡ji”ac[]$
-$ C[]`[b[d_aWpÉKfZWj[jeLE(cWn5De%O[iºaƒhZƒi\h_ii‡ji[LE(cWn#ej5D[c%?][d$
7O[il|bWipj|i|lWbWIW`|j?dZ[nƒhjƒa[W\[b^Wipd|bŒ_X[|bb‡j|ieaapjja[h”b[bc[djƒih[$
.$ C[]`[b[d_aWpÉKfZWj[je>HcWn5De%O[iºaƒhZƒi\h_ii‡ji[>HcWn#ej5D[c%?][d$
7O[il|bWipj|i|lWbW>HcWn#fƒhjƒa[W\[b^Wipd|bŒ_X[|bb‡j|ieaapjja[h”b[bc[djƒih[
C[]`[]opƒi0
 š7IW`|j?dZ[nƒiW>HcWn#f\[b^Wipd|bŒ_X[|bb‡j|ieaapj_[bc[djƒi[kj|d[p[aWpƒhjƒa[ab[ipd[aWp[bƒ][j[jjaWbŒh_Wc[ddo_iƒ]a_ip|c‡j|i_
WbWf`W_$
 š>Wd[cWZjkac[]^eiip‘j|l‘Äp_aW_Waj_l_j|ikdaip_dj`ƒjW\[b^Wipd|bŒ_X[|bb‡j|ieaXWd"c[]`[b[d_aWÉI[joekhf[hiedWbWYj_l_job[l[bº
ipl[]WZ`Wc[]Äp_aW_Waj_l_j|iWip_dj`ƒj$7\[b%b[]ecXc[]doec|i|lWbl|bWiipkdaWJef">_]^"CeZ[hWj[ƒiBemefY_Œaapjj$7p
Waj_l_j|i_ip_dj[aa[aaWfYiebWjeijel|XX__d\ehc|Y_Œƒhjb|iZWp+&$ebZWbj$
 š>WW\kjŒaecfkj[h^[pd[c`kjejj[bfkbpkiip|ckdaWj[ipjc[]a[pZƒi[aehlW]oWj[ipjWbWjj"Wj[ipjd[ci_a[h”b$C[]`[b[d_aW
É<_jd[iiJ[ij\W_b[Z$9^[Yai[diehº\[b_hWj<_jd[ipJ[ipji_a[hj[b[d"[bb[dŽh_pp[Wpƒhpƒa[bŽa[j$;bb[dŽh_pp”a"^e]oW`[bWZŒ[b[ajhŒZ|_[bƒ]
d[Zl[i[a#["ƒi^e]oWpl[bƒ]ipehei#[$

>KD ,-

?23?(5.INDD 
7j[ipjc[]ipWa‡j|iW
š 7 j[ipjlƒ]h[^W`j|i|jX|hc_aehc[]ipWa‡j^Wj`kaWIjef]ecXXWb$C[]`[b[d_aWÉ<_jd[iij[ijYWdY[bb[Zº”p[d[j<_jd[ip
J[ipjjhbl[f|hc|ieZf[hYh[$7b[]kjebiŒIW`|j?dZ[nƒi>HcWn#fƒhjƒa[ac[]cWhWZdWa$
7Jh[dZc[d”X[db|j^Wj`ka"^e]oWd 7>HcWn#fc[d”X[da_#
WbWakbWIW`|j?dZ[n”daƒhjƒa[$ X[aWfYieb^Wj`ka[\kdaY_Œj$
7Jh[dZc[d”X[dWpkjebiŒ',
IW`|j?dZ[nƒhjƒac[]jWb|b^WjŒ$

xhjƒa[ajhbƒi[jh[dZa_`[bpƒidƒb
L|bWiipkaa_Wjhbd_a‡l|djƒhjƒa[j"ƒidoec`ka^eiipWdWl_b|]‡j|i]ecXej$C[]`[b[d_aWÉ:[b[j[lWbk[5De%O[iºaƒhZƒi
ƒhjƒajhbƒi[5d[c%_][d$L|bWipj|ikdaWjWf_hei]ecXXWb[hŽi‡ji”ac[]$

,. >KD

?23?(5.INDD 
<_jjiƒ]_AWj[]Œh_|a
;]oƒd_ƒhjƒa[_daƒil|bjep|iW_aiip[^Wiedb‡j|i|^epWFebWh<_jd[ipJ[ipj[h[Zcƒdo["WIW`|j?dZ[nWb[]\edjeiWXX
ckjWjŒ$7IW`|j?dZ[nd[c”daƒiƒb[jaehkdaWbWf`|d_iƒhj[bc[p^[jŽ$A[h[ii”aa_IW`|j?dZ[n#ƒhjƒa”da[jWj|Xb|pWjXŒb"‡]o
iip[^Wiedb‡j^Wj`kaWajk|b_iW[heXÄjjiƒ]#eipj|boep|ikdaWjWpk]oWdeboWdaehYiefehj^epƒid[c^[pjWhjepŒaƒlWb$

xb[jaeh ' ( ) * + , - 7peipj|boep|i,(eboWdjWdkbc|doWbWfkblƒj[bƒl[baƒip”bj"


xL  D7=OED 7B79IEDO ;B<E=7:# ÍJB7=EI @Ô D7=OED A?LÍBÔ c[bo[aX[dWLE(cWnejapl[jb[d”bcƒhjƒa[]ƒipiƒ][i\[bdŽjj
  7B79IEDO  >7JÔ   @Ô WbWdoead|bWp;]o[i”bjÍbbWceaXWd"AWdWZ|XWdƒi-[khŒfW_
ehip|]XWd$>_lWjaep|i0I^lWhjp;"H[_XebZH907[heX_YÄjd[ii
(&#(* 2)( )(#)- ).#*) **#+& +'#+, +-#,( 4,( dehci\ehcWb[iWdZ\[cWb[iW][Z,je-+o[Whi0Wh[l_[m$7l_Wj
<xH<?7A

(+#(/ 2)' )'#)+ ),#*( *)#*. */#+) +*#+/ 4+/ IfWY[;dl_hedC[Z1,'0)#''"'//&$


)&#)* 2(/ (/#)* )+#*& *'#*+ *,#+' +(#+, 4+,
)+#)/ 2(. (.#)( ))#). )/#*) **#*. */#+* 4+*
*&#** 2(, (,#)' )(#)+ ),#*' *(#*, *-#+' 4+' 7fheÄWjbƒj|aIW`|j?dZ[n[\ƒhÄWad|b|bjWb|XWd-&"dŽadƒb
*+#*/ 2(+ (+#(/ )&#)* )+#)/ *&#*) **#*. 4*. ,&\bjj_$/+#iƒhjƒa[j]oWaehbWj_bW]YiWaeb_cf_W_Wjbƒj|a
+&#+* 2(* (*#(- (.#)( ))#), )-#*' *(#*, 4*, ƒhd[a[b$7IW`|j?dZ[nWpead|bWifehjead|bWb[]cW]WiWXX"
++#+/ 2(( ((#(, (-#)& )'#)* )+#)/ *&#*) 4*) c[bo[adƒbdW]o_pecYiefehjeaWjcep]Wjkdac[]fb$
,&#,+ 2(' ('#(* (+#(. (/#)( ))#), )-#*& 4*&
i‡\kj|i"a[hƒaf|hep|i$
(&#(* 2(- (-#)' )(#), )-#*' *(#*, *-#+' 4+'
DÕA

(+#(/ 2(, (,#)& )'#)+ ),#*& *'#** *+#*/ 4*/


)&#)* 2(+ (+#(/ )&#)) )*#)- ).#*( *)#*, 4*,
)+#)/ 2(* (*#(- (.#)' )(#)+ ),#*& *'#** 4**
*&#** 2(( ((#(+ (,#(/ )&#)) )*#)- ).#*' 4*'
*+#*/ 2(' ('#() (*#(- (.#)' )(#)+ ),#). 4).
+&#+* 2'/ '/#(( ()#(+ (,#(/ )&#)( ))#), 4),
++#+/ 2'. '.#(& ('#() (*#(- (.#)& )'#)) 4))
,&#,+ 2', ',#'. '/#(' ((#(* (+#(- (.#)& 4)&

>KD ,/

?23?(5.INDD 
-$ 7:7JÍJL?J;B9EDD;9J
-$' 78;ÍBBÐJÍIEAIP;HA;IPJxI;IPÍCÐJÔ=xFF;B
7FebWh\kjŒaecfkj[hb[^[jŽlƒj[ip_"^e]oWX[|bb‡j|ieaWjip|c‡jŒ]ƒf”dai[]‡jiƒ]ƒl[bip[ha[iip”a$Be]Œab[jbjƒiƒl[bW
\kjŒaecfkj[ha_`[bpŽ`ƒd[aj[ijh[ipWX|i|hW_ib[^[jŽiƒ]”dalWd$;^^[pWFebWhKfB_da[ipaph[lWdip”aiƒ]”da$7FebWh
KfB_daWmmm$febWh$ÄlW]oWmmm$FebWhHkdd_d]9eWY^$YecebZWbhŒbjbj^[jŽb[$7FebWhKfB_da[ipap^Wipd|bWj|^epW
ip|c‡jŒ]ƒf”dad[a^Wd]a|hjo|lWbƒi^Wd]ipŒhŒaaWblW]o\[`^Wbb]WjŒlWba[bbh[dZ[ba[pd_[$Jel|XX_^Wipd|bWj_kjWi‡j|ieaWjW
mmm$febWh$ÄlW]oWmmm$FebWhHkdd_d]9eWY^$YecebZWbWaedjWb|bkda$

7ZWjeajel|XX‡j|iWip|c‡jŒ]ƒfhŽbW\kjŒaecfkj[hX[0
'$ Fedjei_ZŽ”p[ccŒZXWdW % ]ecXeaaWbl|bWiipkaa_W9edd[YjefY_ŒjAWfYiebWj$Doec`kac[]Wf_hei]ecXej$
($ JWhjikaW\kjŒaecfkj[hjW^Wd]ipŒhŒajŒblW]oW\[`^Wbb]WjŒjŒb'&Yc#[dX[b”b$L|bWiipkaWH[Y[_l[efY_Œj<e]WZ|iW
 c[d”XŽb"Wf_hei]ecXXWbf[Z_][hŽi‡ji”ac[]$
)$ A[pZ`”ac[]WpWZWj|jl_j[bjWip|c‡jŒ]ƒfhŽb$
*$ 7c_aehWpWZWj|jl_j[bX[\[`[pŽZjj"ÉKfB_daH[Y[_l[EAº”p[d[j`[b[d_ac[]WZWj|jl_j[bh[dZX[d$>WWpWZWj|jl_j[b
 i_a[hj[b[dlebj"WpÉKfB_daH[Y[_l[<W_b[Zºipl[]`[b[d_ac[]$

-& >KD

?23?(5.INDD 
-$( ;:PxI7:7JEAÍJL?J;B;?DJ;HD;J;I;:PxID7FBÔ87
7FebWhHkdd_d]9eWY^eboWdaecfb[n_dj[hd[j[iip[hl_p"Wc[boi[]‡j[ZpƒiYƒb`W_da[bƒhƒiƒX[d$?d]o[d[ih[]_ipjh|Y_ŒlWb
^epp|\ƒhƒijaWfkdaip[cƒboh[ipWXejj[Zpƒifhe]hWcea^ep"dWfbŒ^ep"j[ipj[a^[pƒiip|c‡j|iea^ep"^WipdeiY_aa[a^[pƒiiea
c_dZ[dc|i^ep$7mmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbed`kjkda^epp|\ƒhƒi^[pƒia[pZ^[j`”ac[]Wh[]_ipjh|Y_Œj$
7\kjŒaecfkj[hIed_YB_daWZWj|jl_j[b_[ipap[b[^[jŽlƒj[ip_"^e]o[Zpƒi\|`beaWjc|ieb`kdaip[cƒbo[i[ZpƒidWfbŒdaXWW
FebWhHkdd_d]9eWY^_dj[hd[j[iip[hl_pX[d$;^^[pWFebWhM[XB_daJCipe\jl[hh[lWdip”aiƒ]”da$
7FebWhM[XB_daJCipe\jl[hjWmmm$FebWhHkdd_d]9eWY^$Yecm[XebZWbhŒbjbj^[j`”ab[Wip|c‡jŒ]ƒf”dah[$7p[ZpƒiWZWjea
FebWhM[XB_da#a[blWbŒ|jl_j[bƒ^[pip|c‡jŒ]ƒf”da^Wd]a|hjo|lWbƒic_ahe\eddWba[bb"^e]oh[dZ[ba[pp[d$

7ZWjea|jl_j[b[W\kjŒaecfkj[hXŽbWp_dj[hd[j[iipeb]|bjWj|ihW0
'$ Fedjei_ZŽ”p[ccŒZXWdl|bWiipkaa_W % ]ecXeaaWbW9edd[YjefY_ŒjAWfYiebWj$Doec`kac[]Wf_hei]ecXej$
($ JWhjikaW\kjŒaecfkj[hjWc_ahe\edjŒb&"+Yc#[dX[b”b$L|bWiipkaWI[dZefY_ŒjA”bZƒiWc[d”XŽb"Wf_hei]ecXXWb
f[Z_][hŽi‡ji”ac[]$A”bd[Zpƒi[a[ja”bZ^[j”da‘]o"^e]oWp;n[hY_i[c[d”X[da_l|bWipj`kaWp[ba”bZ[d_a‡l|dj[Zpƒij$
<ebbem#kf_d\ehc|Y_Œj_ia”bZ^[j”da$
)$ 7c_aehWpWZWj|jl_j[bX[\[`[pŽZjj"WÉIed_YB_daI[dZEAºipl[]`[b[d_ac[]$>WWp|jl_j[bi_a[hj[b[d$W
ÉIed_YB_daI[dZ<W_b[Zº\[b_hWjb|j^WjŒ$

Jel|XX__d\ehc|Y_Œƒhjb|iZWFebWhM[XB_daipe\jl[hi‘]Œ`|jlW]oWmmm$FebWhHkdd_d]9eWY^$Yec_dj[hd[j[iebZWbj$

>KD -'

?23?(5.INDD 
.$ A;P;BxIxIA7H87DJ7HJÍI
C_djc_dZ[d[b[ajheceic“ip[h"WFebWh\kjŒaecfkj[h_i]edZeia[p[bƒij_]ƒdo[b$7pWb|XX_`WlWibWjeai[]‡j[d[aWXXWd"
^e]oX[jWhjikaW]WhWdY_W\[bjƒj[b[_j"ƒi^eiip‘ƒl[a_]^Wipd|b^WiikaWj[hcƒa[j$

7\kjŒaecfkj[haWhXWdjWhj|iW Ip[hl_p
š > “liƒiip|hWp^[bo[dj|heb`kaW\kjŒaecfkj[hj" 7aƒjƒl[i]WhWdY_|b_i_ZŽipWaXWd`WlWieb`ka"^e]oW
_bb[jl[W`[bWZŒj$I[cc_aƒff[di[j|heb`kaŽa[jd[Zl[i j[hcƒa[jYiWaW^_lWjWbeiFebWhIp[hl_papfedjXWd
^[bo[d"d[cbƒ]|j[h[ipjŽWdoW]XWdc“WdoW]lW]o `Wl‡jjWiiW$7]WhWdY_Wd[cledWjaep_aWp_bb[jƒaj[b[d
ifehjj|ia|XWdlW]o[b[ajheceii|]ejl[p[jŽWdoW]XWd ip[hl_p[bƒial[ja[pjƒX[d\[bc[h”bŽ"lW]oWXXŒbal[ja[pŽ
fƒbZ|kbd[Zl[ijh”bapŽX[d$7p_ppWZji|]ƒiW a|heahW$
d[Zl[iiƒ]d[Zl[i[djWhj^Wj`|aWp[b[ajhŒZ|aWj"_bb[jl[
X[aWfYieblWW`[bWZŒj"Wc[bob[hl_Z‡j^[j_Wp[b[c 7\kjŒaecfkj[h[b[c[
ƒb[jjWhjWc|j$ 7p[b[cX[Yi”bj|jbW]eiƒb[jjWhjWcWdehc|b^Wipd|bWjd|b
š JWhjikaj_ipj|dW\kjŒaecfkj[hj$;do^ƒdipWffWdei aƒjƒldWf_'ŒhW"-dWf^[j[dj[$7^|jjƒhl_b|]‡j|i
l‡pp[bj_ipj‡jikac[]"cW`Zfk^WjhbapŽl[bip|h‡jika j‘bpejj^Wipd|bWjW]oehiWXXWdb[c[h‡j_Wp[b[c[j$7p
c[]$Ie^Wd[^Wipd|b`kaWbae^ebj"lW]oX|hc_bo[d [b[cb[c[h”bƒiƒj`[bpŽip_cXŒbkc Waaeh`[b[d_a
i‘hebŒip[hj"fƒbZ|kb\ƒcj_ipj‡jŒjlW]o[]oƒXl[]oip[hj$ c[]"^WWpŒh|XWd'&#'+#eiaWfWY_j|icWhWZjƒiWp
š 7aƒip”bƒac“aZƒi_^Žcƒhiƒab[j[#'&–9ƒi!+&–9 [b[c[ja_a[bbYi[hƒbd_$D[do_iikaa_cW]kdaWpŒh|j
apjjlWd$ 7l‡p|bbŒi|]c[]jWhj|iWƒiWp[bb[dŽhpjjWbaWjhƒip[a
š D[j[]o”aa_W\kjŒŒh|j^eiip‘_Z[_]apl[jb[d ^Wipd|bWjWƒhZ[aƒX[dWp[b[cYi[hƒj^_lWjWbeiYiWaFebWh
dWf\ƒdod[a"fƒbZ|kbd[^W]o`kaWaeYi_XWd$ Ip[hl_papfedjlƒ][pp[[b"W^eb[]o‘jjWb[blƒ]p_aW\kjŒ
aecfkj[hj[b`[i_ZŽipWaeil_pi]|bWj|j_i$

-( >KD

?23?(5.INDD 
C[]`[]opƒi0 7M[WhB_da`[bWZŒa[p[bƒi[
 š7^|jjƒhl_b|]‡j|iƒiWpŒhW^Wd]`W_WkjecWj_akiWd >Wd[c^Wipd|b`kaWaƒip”bƒa[j"YiWjeb`kab[WYiWjbWaepŒj
Z[Waj_l|bŒZdWa"Wc_aehW `[bpƒic[]`[b[d_a$7pƒXh[ipjƒi
[]oip[h[b^Wd]p_a"^Wcƒ]W `[bpƒic[]`[b[dƒi[[bŽjj WplhŽb$>WhelWhh_WipjŒj^Wipd|bkdaWXŽh”dad"
Waj_l|bjkaWpƒXh[ipjƒij$ ]oŽpŽZ`”dac[]hŒbW"^e]oWpd[ca[h”baWfYiebWjXWW
 š>_Z[]_ZŽX[d[bŽ\ehZkb^Wj"^e]oWpWbWYiedo[b[c#\[ip”bjiƒ] `[bWZŒlWb$
ip_cXŒbkc_dZeaebWjbWdkbc[]`[b[d_a1[p[bj“d_a"Wc_aeh
l_iipWjƒh”dadehc|b^Žcƒhiƒab[jh[$
 šD[c^_lWjWbeiip[hl_p[i[jƒdWl‡p|bbŒi|]d[c]WhWdj|bj$ 7M[WhB_daYiWjbWaepŒ
 š;b[cYi[h[kj|dWZ`kac[]‘`hWWp_ZŽ#ƒiZ|jkcX[|bb‡j|ieaWj š > Wipd|bWjkj|dh[dZip[h[i[dj_ipj‡jikac[]W
WpWbWfX[|bb‡j|iead|b$Jel|XX__d\ehc|Y_ŒW-$ebZWbed$ YiWjbWaepŒjbWd]oeiipWffWdeil‡pp[b$
š Ie^Wd[^Wipd|b`kaWbae^ebj"lW]oX|hc_bo[di‘hebŒip[hj"
7\eejfeZa[p[bƒi[ fƒbZ|kb\ƒcj_ipj‡jŒjlW]o[]oƒXl[]oip[hjW`[bWZŒ
š Jhb`”aip|hWphWWFebWhI'\eejfeZej$ X|hc[bohƒipƒd$
š Ôl`kaW\eejfeZej”jƒi[ajŽb"c_l[b[p[aWa|heieZ|i|j š 7YiWjbWaepŒjjh”bapŽda‡l”bd[ip|h‡jikac|iiWb$7
 eaep^Wj`|a$ ^[boj[b[d[b`|h|iWa|heieZ|i|jeaep^Wj`W$
š Ie^Wd[j[]o”aWYiWjbWaepŒjceiŒ#lW]oip|h‡jŒ]ƒfX[
7pI'\eejfeZ[b[c[
7\eejfeZ[b[c[WaaehipehkbYi[hƒh["^WW\eejfeZed 7M[WhB_dal
l_b|]‡jŒpbZ\ƒdof_heihWl|bjlW]od[cl_b|]‡j"^W š 7 pl[j*&–9#edcei^Wj`kaceiŒ]ƒfX[d$@WlWieb`ka
c[]doec`kaƒidoeclWjWhj`kaW\eejfeZf_hei]ecX`|j$7p ceiŒpi|a^Wipd|bWj|j$
[b[cYi[hƒjhƒipb[j[i[db|iZ7pI'\eejfeZ[b[cX[^[bo[pƒi[ š @WlWieb`kaWplcei|i|jc_dZ[deboWdWbaWbeccWb"^W
Y‡c“hƒipdƒbW''$ebZWbed$ cW]WiabŒhjWhjWbc‘kipeZW_l‡pX[d^Wipd|bjka$
š D[Y[djh_\k]|ppkaWpl[j"ƒid[j[]o”aip|h‡jŒ]ƒfX[$
š D[lWiWb`kaWpl[j

>KD -)

?23?(5.INDD 
7M[WhB_da`[bWZŒ[b[c[ ,$ <_decWddoec`kab[W\[ZŽbWfej‘]o"^e]o\[b”b[j[W
7`[bWZŒ[b[cƒd[aX[Yi”bj|jbW]eiƒb[jjWhjWcW(ƒldWf_' `[bWZŒ\[b”b[jƒl[bb[]o[d[]oi‡aXWd$
ŒhW"^[j_-dWfei^Wipd|bWjjWb$>WW`[bWZŒd[cc“aZ_a" -$ 7pƒhcƒl[b\eh]Wiika[bWpŒhWckjWjŒ`|h|iWip[h_dj‘]o"
b[^[j"^e]o[b[c[ja[bbX[dd[Yi[hƒbd_$7p[b[cYi[hƒ^[p[]o ^e]oWdo‡bEF;D|bb|iXŒb9BEI;|bb|i\[bƒckjWiied$
fƒdpƒhcƒh["[]ojc‡jŽ]o“h“h[ƒi[]o‘`[b[ch[9H(&(+ ;bb[dŽh_pp”a"^e]oW\[ZŽbWfc[]\[b[bŽ[dp|h#[$
lWdip”aiƒ]$
C[]`[]opƒi0
'$ ;]ofƒdpƒhcƒl[bc[]doeclW"
 š 7`[bWZŒ\[ZŽbWf`WcWn_c|b_iƒb[jjWhjWc|dWac[]Žhpƒi[
ƒiWpŒhWckjWjŒ`|h|i|lWb ƒhZ[aƒX[dYiWaWaaehdo_iikaa_W\[Z[b[j"^W[b[c[j
[bb[djƒj[i_h|doXW\eh]WjlW Yi[hƒb”da$@WlWieb`ka"^e]oc_dZ[d[]o[i[b[cYi[hƒdƒb
do_iikaa_Wp[b[c\[ZŽbWf`|j Yi[hƒb`[a_W\[ZŽbWfjc‡jŽ]o“h“`ƒj_i$Jc‡jŽ]o“h“jƒi
W9BEI;\[b_hWjjŒbWpEF;D [b[c[a[jW`Œb[bb|jejjFebWhl_ipedj[bWZŒajŒbip[h[p^[j”daX[$
\[b_hWj_]$  š 7p[b[c[jjWhjikaW]o[hc[a[a[bŽb[bp|hlW$>Wb[do[bdƒa"
WpeddWb^‡l`kdaehleij$
($ J|leb‡jika[bWp[b[c\[ZŽbWf`|j$J|leb‡jika[bWp[b[c[j"  š 7^Wipd|bj[b[c[a[jW^[bo_[bŽ‡h|ieadWac[]\[b[bŽ[da[bb
ƒi^[bo[pp”aX[Wp‘`Wj$ [b^[bo[pd_$
)$ J|leb‡jika[bW\[ZŽbWfjc‡jŽ]o“h“`ƒj"ƒiYi[hƒb`”aa_
[]o‘`hW$
*$ >[bo[pp”aX[Wp[b[c[j"d[]Wj‡l#ebZWbWW\kjŒ
Yecfkj[h\[bƒ"fep_j‡l!ebZWbWf[Z_]W\[ZŽbWf\[bƒ
dƒpp[d$
+$ >[bo[pp”a‘]oh|W\[ZŽbWfej"^e]oWdo‡bWpEF;D\[b_hWj
\[bƒckjWiied$=oŽpŽZ`”dac[]hŒbW"^e]oWjc‡jŽ]o“h“
c[]\[b[bŽ[d^[bo[pa[Z_a[bWl|`Wj|XWd$

-* >KD

?23?(5.INDD 
/$ ÔL?DJxPA;:xI;A
?dj[h\[h[dY_WWp[ZpƒiWbWjj Íj^Wbb|i
AŒZebWjbWd”p[ccŒZXWdWpŒhW'cƒj[h[dX[b”bl[ip_W
;b[ajhec|]d[i[i_dj[h\[h[dY_WWp[ZpƒiWbWjj `[bWZŒ`[b[_j$JXX`[bWZŒ[]oip[hh[b[WZejjaŒZebWjbWd`[b[_
;b[ajhecei_dj[h\[h[dY_Wbƒf^[j\[bcW]Wi\[ip”bjiƒ]“ ^[boj[b[dcƒhƒi_[h[ZcƒdojeaepdWa$
l_bbWceil[p[jƒa[a"\eh]Wbc_b|cf|a"l_bbWceilWikjWa\[biŽ
l[p[jƒa[_"jheb_Xkip"lW]ol_bbWcei[b[ajheceil[p[jƒa[a" 7FebWh\kjŒaecfkj[h^Wipd|bWjW
j[b[l‡p_Œaƒip”bƒa[a"]ƒfaeYi_cejehea"a[hƒaf|haecfkj[h[a" l_p[iahdo[p[jX[d
cejehhWb^W`jejj[ZpŽX[h[dZ[pƒi[a"ceX_bj[b[\edeaap[bƒX[d" 7\kjŒaecfkj[hjl_i[b^[j`”a‘ip|iapX[d_i"Waƒip”bƒa
_bb[jl[Wc_aeh[b[ajheceiX_pjedi|]_aWfkaed^WbWZkda|j$
WpedXWdd[cX‘l|h[ipap$7l‡p|bbŒi|]c[]jWhj|iW
ƒhZ[aƒX[dd[doec`kac[]Waƒip”bƒa]ecX`W_jWl‡pWbWjj$
;n[hY_i[;gk_fc[dj >WWl‡pX[dcƒh`”aWfkbpkiip|cej"WpWb|XX_eaeac_Wjj
Ip|cei"[b[ajhed_akilW]o[b[ajheceiWbaWjhƒiip[b·fb$
B9:#a_`[bpŽl[b"cejehhWb"[b[ajhecei\ƒaa[b·\[bip[h[bj bƒf^[j\[b_dj[h\[h[dY_W0
[ZpŽ\[bip[h[bƒipWlWhŒ`[b[__dj[h\[h[dY_|jeaep^WjdWa$7 š 7 cW]WiabŒhjWhjWbc‘kipeZW_l‡pƒiWj[d][hl‡pdW]oed
fheXbƒcWa[p[bƒiƒ^[pfhŒX|baeppkdaWpWb|XX_WaaWb0 `Œl[p[jŽa$7`[bWZŒ[b[ajhŒZ|_hl_Zh[p|hŒZ^WjdWa"
'$ J|leb‡jika[bWc[bbaWikdahŒbW`[bWZŒj"ƒi‘]o^Wipd|b`ka c[]WaWZ|boeplWWp;A=#`[b[aƒipb[bƒiƒj$
Wp[ZpŽ\[bip[h[bƒij"W^e]odehc|b_i[i[jX[dj[ddƒda$ š L ‡pX[k]h|ilW]oc[][hŽbj[jŽ_peccep]Wj|i
($ Cepe]`kdaWZZ_]WpŒh|lWb"Wc‡]eboWd^[boh[a[h”b”da" l[hi[do‘ip|iieh|dl‡p[bb[d|bb|ijeaep"Wc_c_Wjj
W^ebWaƒip”bƒad[c`[b[ppWlWhj"_bb[jl[d[cl_bbe]W W`[bWZŒWj[ij[deboWd^[boh[Yi‘ip_a[b"W^ebd[c
ip‡lip_cXŒbkc$7p_dj[h\[h[dY_W]oWahWdapl[jb[d”bW \e]^WjŒaWp;A=#`[b[a$
\[bip[h[bƒia_`[bpŽ`[[bŽjjWb[]heiipWXX"c‡]Wa_`[bpŽXWb š 7 p;A=#`[b[hŽiiƒ][\”]]Wp[]oƒdjŽbƒiWj[ijipl[j[a
lW]o`eXXebZWbWl_ipedobW]pWlWhc[dj[i$ iip[jƒj[bƒjŽb$7fkbpkiip|ccƒhƒiƒl[baWfYiebWjei
)$ >[bo[pp”al_iipWWc[bbaWikdahWW`[bWZŒj"ƒijWhjika[XX[d fheXbƒc|ab[]jXXiphl‡pX[dbƒfd[a\[b$
Wp_dj[h\[h[dY_W#c[dj[ijƒhX[d"Wc[ddo_h[YiWab[^[j$
*$ >WW\kjŒaecfkj[hcƒ]‡]oi[cc“aZ_a"b[^[j"^e]oW
c|i_a\[bip[h[bƒi[b[ajheceipW`Wj‘bcW]WiWl[p[jƒa
dƒba”b_fkbpkicƒhƒi^[p$

>KD -+

?23?(5.INDD 
š 7 pI'\eejfeZ_i^Wipd|b^WjŒl_p[iahdo[p[jX[dfb$ <edjei"^e]oÄ]o[b[cc[bal[ii”aj[ij”da[Zpƒiieh|d
[iŽX[d"Z[d[c^Wipd|b^WjŒl‡pWbWjj$ ckjWjejjh[WaY_Œ_j$>Wl|hWjbWd\|`ZWbcWj"lW]oj‘bpejj
\|hWZji|]ejƒhp”daWp[Zpƒiieh|d"W`|dbejjWp[Zpƒij
7p[Zpƒiieh|d\[bbƒfŽaeYa|pWjeac_d_cWb_p|b|iW WXXW^W]od_"lW]oWbWYiedoWXX_dj[dp_j|iiWb\ebojWjd_$
7p[ZpƒiX_pedoeiaeYa|pWjeaWjh[`j$7h[dZip[h[i[Zpƒi
c[]a[pZƒi[[bŽjjYƒbip[h“l|bWipjWZdkdaWpWb|XX_" FWY[cWa[hh[b"Z[ÄXh_bb|jehhWblW]oc|iX[”bj[j[jj
[]ƒipiƒ]][baWfYiebWjeiaƒhZƒi[ah[$>WX|hc[bo_aaƒhZƒih[ [b[ajheceiaƒip”bƒaa[bh[dZ[ba[pŽad[aipŒbŒ
_][dd[bl|bWipebkda"`WlWiebjWp[Zpƒi[ac[]a[pZƒi[[bŽjj Ä]o[bc[pj[jƒi$FWY[cWa[hh[bh[dZ[ba[pŽaYiWaiW`|j
ehlei^ep\ehZkbd_$ \[b[bŽiiƒ]”ah[^Wipd|b^Wj`|aWFebWh\kjŒYecfkj[hj$
š 7pkjŒXX_jƒlX[dd[c[Zp[jj5 7^Wipd|bWj[bŽjj`WlWieb`ka"^e]oehlei`[b[dbƒjƒX[d
š CW]WiWlƒhdoec|iW5 lƒ][pp”da[]ofhŒXW[Zpƒij$7j[ipjYƒb`WWddWaX_pedo‡j|iW"
š CW]WiWlƒhaeb[ipj[h_dip_dj`[5 ^e]oWfWY[cWa[hƒiW\kjŒYecfkj[hX_pjedi|]eiWdƒi
š LWdlWbWc_bo[dX[j[]iƒ][5 c[]X‡p^WjŒWd^Wipd|b^WjŒa[]o”jj$
š Ip[ZlWbWc_bo[d]oŒ]oip[hjip‡lfWdWipealW]ocW]Wi
lƒhdoec|ia[p[bƒiƒh[5 >WWbb[h]_|iWalW]okdaWXŽhh[bƒh_dja[pŽlWbWc_bo[d
š LebjWac|hbƒ]pƒi_fheXbƒc|_5 WdoW]hW"lW]oWbb[h]_|ij”d[j[ah[]oWdWaip_aWj[hcƒa
š AeceboX[j[]iƒ]XŽblW]oehlei_a[p[bƒiXŽbƒf”b\[b5 ^Wipd|bWjWieh|d"[bb[dŽh_pp”aW.&$$ebZWbed\[biehebj
š >Wipd|bfWY[cWa[hj"lW]oc|iX[”bj[j[jj[b[ajhecei WdoW]eaWj$7ddWaƒhZ[aƒX[d"^e]o[ba[h”b`”aW`[bWZŒƒi
c“ip[hj5 WXŽhƒh_dja[pƒiƒXŽbWZŒZŒal[ja[pcƒdo[a[j"l_i[b`”da
š :e^|dop_a5 WbWjjWfŒbŒj$;p[i[jX[dd[\[b[`ji”aWfŒbŒjWp[b[ajhŒZ|a
š J[h^[i5 WbWjjc[]d[Zl[i‡j[d_"^e]oX_pjei‡jikaWpeapWlWhjWbWd
c“aZƒiƒj$
L[]o”aÄ]o[b[cX["^e]oWp[Zpƒi_dj[dp_j|i|dj‘b
Wip‡l]oŒ]oip[h[a"lƒhdoec|i"b[ba_|bbWfej"WipjcW" 7pzd[]ƒipiƒ][\edjeiip|ckdahW$7\eejfeZWbWa`|j‘]o
bƒ]pƒi"_bb[jl[Wp[d[h]_W_jWbea"WpWbae^ebƒid_aej_d_i j[hl[pj”a"^e]oc_d_c|b_ihWYiaa[d`[dWddWaWb[^[jŽiƒ]["
X[\ebo|ieb^Wj`|aWfkbpkiip|cej$ ^e]oX[b[WaWZ`edlWbWc_X[$8eaheiahdo[p[jX[d\kjlW
c_dZ[d[i[jh[b[]o”daŒlWjeiWa$
-, >KD

?23?(5.INDD 
'&$ =O7AH7D<;BJ;JJAxH:xI;A
C_Wj[[dZŽ"^W$$$ š =oŽpŽZ`”dac[]hŒbW"^e]oW`[bWZŒ[b[ajhŒZ|_[bƒ]d[Zl[i[a#[$
$$$d[cjkZec"^eblW]oeaWc[d”X[d5 š =oŽpŽZ`”dac[]hŒbW"^e]od_dYi#[c|ic“aZŽfkbpki#`[bWZŒ
Doec`kac[]ƒijWhjikadoeclWIjef]ecXej"c‡]WFedjei_ZŽc[]  'cƒj[h[iahp[jX[d$
d[c`[b[d_a$ š 7ip‡lWh_jc_Wh[dZip[hj[b[dcƒhƒi_[h[Zcƒdo[a[jeaep^Wj$
 ;XX[dWp[i[jX[daedpkbj|b`kdaehleikdaaWb$
$$$Waƒip”bƒad[ch[W]|b[]o]ecXhWi[c5
Dkbb|ppkab[WpŒh|jWpebZWb|db[lŽdƒ]o]ecX[]oip[hh[( $$$d_dYifkbpkiip|ca_`[bpƒi##5
c|ieZf[hYh[jhjƒdŽc[]doec|i|lWb$7dkbb|p|ikj|d|bb‡jika š ;bb[dŽh_pp”a"^e]oW`[bWZŒ[b[ajhŒZ|_d[Zl[i[ab[]o[d[a"ƒiW
X[‘`hWWp_ZŽjƒiWZ|jkcejWpWbWfX[|bb‡j|iead|b$C_dZ[dc|i `[bWZŒjW^Wipd|bWj_kjWi‡j|idWac[]\[b[bŽ[dl_i[b`”a$
X[|bb‡j|ic[djl[cWhWZ$7jel|XX_X[|bb‡j|ieaWj|jk]eh^Wj`kaWIjef š ;bb[dŽh_pp”a"^e]oj_ipjW#[W`[bWZŒ$
]ecXc[]doec|i|lWbƒidoeclWjWhj|i|lWb$ š ;bb[dŽh_pp”a"^e]od[clW]okda#[dW]o\[ip”bjiƒ]“j|ll[p[jƒa"
j[b[l‡p_Œaƒip”bƒa"ceX_bj[b[\edlW]oc|ipWlWhŒ[b[ajhec|]d[i[i
$$$Wa_`[bp[jjfkbpkiip|c"Wi[X[iiƒ]lW]oWj|lebi|]ipƒbiŽiƒ][i pWlWh\ehh|iap[bƒX[d$;bb[dŽh_pp”aWpj_i"^e]oWp[Zpƒi
ƒhjƒa[aapjj_d]WZep_alW]oj‘bcW]Wi5 h]p‡jƒiƒd[ac[]a[pZƒi[aehd_dYiWap[b”daX[d'cc|i"
7p[hŽi[b[ajhec|]d[i[i`[b[ajƒl[ia_`[bpƒi[a[j[h[Zcƒdo[pd[a$ fkbpkiip|ccƒhŽŒh|jl_i[bŽip[cƒbo$
J|lebeZ`kda[bWpeboWdb[^[jiƒ][ipWlWh\ehh|ieajŒb"c_djW š Lebj#[eboWdaWhZ_ebŒ]_W_fheXbƒc|da"Wc[bo[i[jb[]
cW]Wi\[ip”bjiƒ]“l_bbWceil[p[jƒa[a"W\eh]Wbc_b|cf|a"W c[]l|bjepjWj^WjjW;A=#`[b[_da[j5;p[i[jX[d\ehZkb`kdaehlei^ep$
l_bbWceilWikjWalW]oWl_bbWcei"W]ƒfaeYi_cejehea"a[hƒaf|h
aecfkj[h[a"cejehhWb^W`jejj[ZpŽ]ƒf[aƒiceX_bj[b[\edea $$$[]o\kjŒŒh|lWblW]ofkbpkiip|c#cƒhŽŒh|lWbh[dZ[ba[pŽc|i_a
ap[bƒX[d$>WWipƒbiŽiƒ][ifkbpkiƒhjƒa[a[pkj|d_ic[]cWhWZdWa" ip[cƒbo_dj[h\[h[dY_|jeaep5
^e]o[bj|lebeZjkdaWpWlWh\ehh|ijŒb"bWii‡jikab[Wi[X[iiƒ][jƒi Cepe]`kdaj|lebWXXWjjŒbWip[cƒbojŽb"ƒi\ebojWiikaWp[Zpƒij$
[bb[dŽh_pp”afkbpkikdaWjcWdk|b_iWd$>W‘]oƒh[pp”a"^e]oc[]\[b[b LW]o0
Wa_`[bpŽdeblWi^WjŒƒhjƒad[a"[bŽ\ehZkb^Wj"^e]oip‡lWh_jc_|dalWd$ '$ L[]o”ab[)&c|ieZf[hY_]Wc[bb”dahŽbW`[bWZŒj$J|lebeZ`kda[bW
7pWh_jc_WWb[]jXX[i[jX[dd[caecebo"[dd[a[bb[dƒh[a[h[ii”a c|i_aŒh|lWbh[dZ[ba[pŽip[cƒbojŽb$
\[behleikdaWj$ ($ J[]o”al_iipWW`[bWZŒjƒi^[bo[pp”aW\kjŒŒh|jWc[bb”da^p"
W`[bWZŒFebWhbe]Œ`Wap[bƒX[$7\kjŒYecfkj[h‘`XŒb[ba[pZ_W
$$$Wip‡l#`[bh[dZip[hj[b[d”bl_bbe]5 fkbpki`[b[aa[h[iƒiƒj$<ebojWiikaWp[Zpƒij$
š ;bb[dŽh_pp”a"^e]oWpŒhWW`[bWZŒjŒb'cƒj[h[dX[b”blWd#[$
š ;bb[dŽh_pp”a"^e]oW`[bWZŒd[cbWpkbj#[c[]Wp[ZpƒiWbWjj$


>KD --

?23?(5.INDD 
$$$W ip_cXŒbkcc[]`[b[d_a5 š > WWpŒh|j'+c|ieZf[hYdƒbjel|XXcW]kda[bŽjjjWhj`ka"W
7p[b[cb[c[h”bƒiƒd[aWp[biŽ`[b[Wa_`[bpŽdc[]`[b[dŽWbWYiedo i[X[iiƒ]#ƒij|lebi|]cƒhƒib[|bb$
[b[c\[ip”bjiƒ]_aed$Jel|XX__d\ehc|Y_Œƒhjb|iZWp+'$ebZWbj$ AWhkdacepZ‡j|i|lWb‘`hW_dZ‡j^Wj`kaWcƒhƒij$
C[]`[]opƒi0>_Z[]_ZŽX[d[bŽ\ehZkb^Wj"^e]oWpWbWYiedo š >W\kjŒfWZed\kjkdaƒiWpŒh|jWddWah‘Z`|^eph]p‡j[jj”a
[b[c\[ip”bjiƒ]ip_cXŒbkc_dZeaebWjbWdkbc[]`[b[d_a1[p[bj“d_a" cW]kda[bŽjj"cep]Wiikac[]WpŒh|jebZWb_h|doXW$
Wc_aehl_iipWjƒh”dadehc|b^Žcƒhiƒab[jh[$$
$$$a_Yi[hƒbj[cW\eejfeZ[b[cƒj"Z[Wpƒhpƒa[bŽjel|XXhWi[c
$$$Wa_`[bpŽ”h[i5 c“aZ_a5
7\kjŒaecfkj[h[d[h]_WjWaWhƒaei”p[ccŒZXWda[h”ba_W]o|hXŒb$ Aƒh`”a"a[h[ii[\[bFebWhl_ipedj[bWZŒ`|j$7^[bo_l_ipedj[bWZŒa
7aj_l|b|i|^epdoec`kac[]X|hc[bo]ecXej$;ba[pZŽZd[aWp [bƒh^[jŽiƒ][Wmmm$febWh$Äm[XebZWbedjWb|b^WjŒc[]$
WbWfX[|bb‡j|iea$Jel|XX__d\ehc|Y_Œƒhjb|iZW-$ebZWbj$
;bŽ\ehZkb^WjWp_i"^e]oWp[b[cb[c[h”bjb|iZWal[ja[pŽaƒhZƒij $$$Wa_`[bpŽdd_dYi[d[alW]oh[dZip[hj[b[d[aWi[X[iiƒ]cƒhƒi
jel|XX__d\ehc|Y_Œƒhj$ [h[Zcƒdo[_5
š J|lebeZ`kda[bc|i\eejfeZZWb\kjŒajŒb$
$$$WpŒhW[b[c[Yi[hƒh[ipehkb5 š >WWpŒh|j'+c|ieZf[hYdƒbjel|XXcW]kda[bŽjjjWhj`ka"W
@WlWiebjc_dZ[dip[hl_p[bƒijW^_lWjWbeiFebWhIp[hl_pApfedjXWd i[X[iiƒ]#ƒij|lebi|]cƒhƒib[|bb$
[blƒ][pj[jd_$7]WhWdY_Wd[cledWjaep_aWpŒhW^|jbWf`|dWa AWhkdacepZ‡j|i|lWb‘`hW_dZ‡j^Wj`kaWcƒhƒij$
iƒh”bƒi[_h["ƒiWFebWhhWbip[hpŽZƒiX[dd[c|bbŒip[hl_pX[dlƒ]p[jj
`Wl‡j|ieaal[ja[pjƒX[da[b[ja[p[jja|heahW$7FebWhIp[hl_pWp
[b[cYi[hƒjal[jŽ[db[j[ipj[b_W\kjŒaecfkj[hl‡p|bbŒi|]|j"ƒi
j[b`[iah“_ZŽipWaei[bb[dŽhpƒijlƒ][p$

$$$WÉ9^[Ya<eejfeZº”p[d[j`[b[d_ac[]Wa_`[bpŽd5
š ;bb[dŽh_pp”a"^e]oWaj_l|bjkaW\eejfeZ\kdaY_ŒjWpŒh|d$
š =oŽpŽZ`”dac[]hŒbW"^e]oW\eejfeZX[lWdaWfYieblW$
š >WW\eejfeZ\ƒdo[d[cl_b|]‡j"Wp[b[c[ja_a[bbYi[hƒbd_$7p
[b[cYi[hƒl[baWfYiebWjei_d\ehc|Y_Œƒhjb|iZ7pI'\eejfeZ
[b[cƒd[aX[^[bo[pƒi[Y‡c“hƒipjW''$ebZWbed$

-. >KD

?23?(5.INDD 
''$ CØIP7A?7:7JEA
7FebWh\kjŒaecfkj[hc[]`[b[d‡j_j[b`[i‡jcƒdo”da[h[Zcƒdo[_j"ƒii[]‡j[bƒhd_ip[cƒbo[iYƒb`W_daWj$A_`[bp_Wp[ZpƒiWbWjj_Äp_ebŒ]_W_[hŽ\[ip‡jƒi
ip_dj`ƒjƒi_dj[dp_j|i|j$D[cj[hl[pjƒac|i^Wipd|bWjhW$

7FebWhj[hcƒa[al‡p|bbŒi|]|jWp?IE((.'d[cp[jap_ipWXl|doip[h_djj[ipj[b_a$7j[hcƒa[a^|heca”bdXpŽaWj[]Œh_|XWiehebWdZŒa
l‡p|bbŒi|]kaip[h_dj$;bb[dŽh_pp”aWFebWhj[hcƒa^|jbWf`|d\[bj”dj[j[jjl‡p|bbŒi|]_\eaepWjej"ƒi^Wiedb‡jikaiip[WpWb|XX_j|Xb|pWjjWb$L[]o”a
Ä]o[b[cX["^e]o[p[aWc[]^Wj|hep|iead[c\[bjƒjb[d”bƒhlƒdo[i[ac|i]o|hjŒaj[hcƒa[_h[$

>|jbWfedb[lŽ L‡p#"[iŽYi[ff[a" <”hZƒi" FWbWYadƒba”b_ FWbWYaei L‡p|bbŒi|]_


`[bpƒi _ppWZji|]ijX$ ‘ip|i X‘l|haeZ|i X‘l|haeZ|i `[bb[cpŽa

MWj[hh[i_ijWdj  N L‡p#"[iŽYi[ff[a"
ijX$

×ip|i^epƒi
MWj[hh[i_ijWdj+&c  N  N
\”hZƒi^[p

=oWaeh_l‡pX[djhjƒdŽ
 ^Wipd|bWj^ep"
MWj[hh[i_ijWdj'&&c  N N  N
fWbWYaeiX‘l|haeZ|i#
^epWpedXWdd[c

>KD -/

?23?(5.INDD 
<KJÔAECFKJ;H @;B7:Ô
;b[cƒb[jjWhjWcW0 Dehc|b^Wipd|bWjdWf_'ŒhW"^[j_-dWf ;b[cj‡fkiW0 9H(&(+
   [i[jƒd|jbW]eiWd(ƒl ;b[cjc‡jŽ]o“h“`ƒd[a
;b[cj‡fkiW0 9H(&)( j‡fkiW0 E#h_d](&$&n'$&CWj[h_Wb<FC
C“aZƒi_^Žcƒhiƒab[j0 #'&–9ƒi!+&–9apjj ;b[cƒb[jjWhjWc0 |jbW]eiWd(ƒldWf_'ŒhW"^[j_-dWf
ÔhWip‡`WdoW]W0 feb_kh[j|d C“aZƒi_^Žcƒhiƒab[j0 #'&–9ƒi!+&–9apjj
>|jbWfƒiŒhWip‡`YiWj`|dWaWdoW]W0hepiZWc[dj[iWYƒb"iip^Wd]XWd 9iWjbWaepŒWdoW]W0 feb_Wc_Z
Wp;K/*%(-%;Kip$"Wapl[jb[d”bƒijWhjŒiWdWXŽhh[bƒh_dja[pƒiX[ zlWdoW]W0 feb_kh[j|d"feb_Wc_Z"d[`bed"feb_ƒipj[h"
a[h”bŽd_aa[bWdoW]‘j[hcƒa[aa_XeYi|j|i|hŒbipŒbŒ_h|do[blƒl[bƒi    [bWipj|d
WddWa'///%9(&+%&+ip$a_[]ƒip‡jƒiƒl[b$
I'<EEJFE:
ÔH7 C“aZƒi_^Žcƒhiƒab[j0 #'&–9ƒi!+&–9apjj
Fedjeii|]W0 dWf_¤&"+c|ieZf[hY[bjƒhƒidƒba[l[i[XX ;b[c0 []oZWhWX777cƒh[j“[b[c
   (+–9^Žcƒhiƒab[jc[bb[jj$ ;b[cƒb[jjWhjWc0 |jbW]eiWd(&”p[cŒhW
I‘bo0  ,(][b[cdƒba”b
Fkbpkiip|c#cƒhŽ Fedjeii|]0 aWb_Xh|blW¤)#d|b`eXX"l|bjepWjbWd
Fedjeii|]W0 ¤'lW]o'Xfc"c_dZ[d[i[jX[dW    \[bjƒj[b[ac[bb[jj
   cW]WiWXXƒhjƒa"|bbWdZŒj[h^[bƒi_
   ah”bcƒdo[a[i[jƒd$
Fkbpkiip|ccƒhƒi
jWhjec|doW0 '+#(*&

zIIP;IÐJÕ
7pziip[i_ZŽX[dj|heb^WjŒcWn_c|b_i_ZŽjWhjWc0////^
7pziip[iaWbŒh_|XWdj|heb^WjŒcWn_c|b_iaWbŒh_Wc[ddo_iƒ]0//////^
7pziip[i[ZpƒiX[dj|heb^WjŒcWn_c|b_i[Zpƒiip|c0////
7pziip[ij|lebi|]XWdj|heb^WjŒcWn_c|b_iac0//////^
J|heb^WjŒcWn_c|b_iahip|c0//
CWn_c|b_i[Zpƒi_ZŽ0'&&^

.& >KD

?23?(5.INDD 
'($ AEHBÍJEPEJJFEB7HD;CP;JAzP?=7H7D9?7
š 7 p_jjapbjAehb|jepejjFebWhD[cp[jap_=WhWdY_|jWj[hcƒa[jWp;]o[i”bjÍbbWceaXWd"_bb[jl[AWdWZ|XWdl|i|hbŒ\e]oWipjŒaip|c|hWW
FebWh;b[Yjhe?dY$WZ`Wa_$7Aehb|jepejjFebWhD[cp[jap_=WhWdY_|jWped\e]oWipjŒaip|c|hW"Wa_aWj[hcƒa[jc|iehip|]eaXWdl|i|hebj|a"
WFebWh;b[YjheEoWZ`Wa_$
š 7FebWh;b[Yjhe?dY$%FebWh;b[YjheEo]WhWdj|b`WWp[h[Z[j_\e]oWipjŒ%`[b[dj[hcƒal|i|hbŒ`Wip|c|hW"^e]oWj[hcƒaWl|i|hb|idWf`|jŒb
ip|c‡jejjaƒjƒl_]WdoW]#ƒi]o|hj|i_^_X|jŒbc[dj[ib[ip$
š Aƒh`”a"Žh_pp[c[]Wl|i|hb|i_]Wpeb|i|hWipeb]|bŒXbeaaejƒiWd[cp[jap_]WhWdY_Wa|hjo|j
š 7]WhWdY_Wd[cj[h`[Za_Wp[b[ch["W^[boj[b[d^Wipd|bWj"W^_X|i^Wipd|bWj"XWb[i[j[alW]oWpŒl_djƒpa[Zƒi[aX[d[cjWhj|i|XŒb
ip|hcWpŒ"W^[boj[b[daWhXWdjWhj|iXŒb"a[h[ia[Z[bc_Yƒb‘^Wipd|bWjXŒb"Wc[]h[f[ZjlW]o[bjhjjjeaeaXŒb[h[ZŽa|heahWƒiW`[bWZŒl
]kc_f|dj`|hW$
š 7]WhWdY_Wd[cj[h`[Za_i[cc_\ƒb[eboWdapl[jb[dlW]oapl[j[jja|heahW"l[ipj[iƒ][ah["abjiƒ][ah[lW]oa_WZ|ieahW"Wc[bo[aWj[hcƒa
^Wipd|bWj|XŒba_\eboŒbW]"lW]oWppWbaWfYiebWjeiWdc[h”bd[a\[b$7]WhWdY_W_ZŽjWhjWcWWbWjjWpWhhW_bb[jƒa[iip[hl_papfedjWj[hcƒa[j
Z‡`c[dj[i[dc[]`Wl‡j`W"_bb[jl[a_Yi[hƒb_$
š 7p_jjapbj]WhWdY_Wd[cX[\ebo|ieb`WW\e]oWipjŒa_Z[ledWjaepŒd[cp[j_ƒi|bbWc_`e]ipWX|boW_XŒb\WaWZŒjhlƒdo[i`e]W_j"_bb[jl[W
l[lŽd[aWpƒhjƒa[i‡jƒi_%X[ip[hpƒi_ip[hpŽZƒiXŽb\WaWZŒ"Wa[h[ia[ZŽl[bip[cX[d\[dd|bbŒ`e]W_j$

   &+)- ;pW9;&+)-`[bpƒi_]Wpeb`W"^e]oWj[hcƒac[]\[b[bW/)%*(%;;9:_h[aj‡lW[bŽ‡h|iW_dWa$

7FebWh;b[YjheEo?IE/&&'0(&&&c_dŽi‡jƒii[bh[dZ[ba[pŽYƒ]$
9efoh_]^jž(&&+FebWh;b[YjheEo"<?D#/&**&A;CF;B;"<_ddehip|]
C_dZ[d`e]\[ddjWhjlW$@[b[daƒp_adoli[cc_bo[dhƒip[d[c^Wipd|b^WjŒ\[b"_bb[jl[d[cieaipehei‡j^WjŒi[cc_bo[d\ehc|XWdƒii[cc_bo[d
[ipapp[bWFebWh;b[YjheEo[bŽp[j[i‡h|iei^epp|`|hkb|iWdƒba”b$
7\[b^Wipd|bŒ_aƒp_adolX[dƒi[p[dj[hcƒaYiecW]eb|i|dJCip_cXŒbkccWb`[bp[jjd[l[aƒibe]ŒaWFebWh;b[YjheEolƒZ`[]o[_$
7\[b^Wipd|bŒ_aƒp_adolX[dƒiWj[hcƒaYiecW]eb|i|dip_cXŒbkccWbc[]`[bbjd[l[aƒibe]ŒaWFebWh;b[YjheEoX[`[]op[jjlƒZ`[]o[_$

>KD .'

?23?(5.INDD 
')$ <;B;BÕIIx=;B>ÍHÐJÍI
š @ [b[dZeakc[djkcYiWaj|`ƒaepjWj|i_YƒbeaWjipeb]|b$7]o|hjŒ\eboWcWjei\[`b[ipjƒi_fhe]hWc`|dWac[]\[b[bŽ[dWX[dd[ip[h[fbŽ
j[hcƒal|bjepjWj|i|dWa`e]|j\[ddjWhj`ka$
š 7FebWh;b[Yjhe?dY$%FebWh;b[YjheEoYƒ]d[cl|bbWbaƒfl_i[b[j[jlW]o\[b[bŽiiƒ][jW`[b[dZeakc[djkccWb"_bb$Wp_jjb[‡hjj[hcƒaa[b
aWfYiebWjXWd$
š 7FebWh;b[Yjhe?dY$%FebWh;b[YjheEoYƒ]d[cl|bbWb\[b[bŽiiƒ][jWj[hcƒai[cc_bo[dip|dZƒaeilW]olƒb[jb[dhed]|b|iW"iƒh”bƒi["
WbaWjhƒip[bl[ip‡jƒi["W`[b[dZeakc[dj|Y_ŒlW]oWp_jjb[‡hjj[hcƒa^Wipd|bWj|XŒbip|hcWpŒWdoW]_l[ipj[iƒ]h[ledWjaepŒWd$

;p[dj[hcƒa[jW\[biehebjWaap”b[]o"lW]ojXXipWXWZWbeclƒZ_0
ME/,%(&,*&"KI,'&*/*-"KI,(--&.&"ME/-%))+'("=8()(,(*&">A'&',.+-"KI,),'+&("KI,*'.)/*"KI,+)-((-"KI+-'/.(+"
KI+.*.&(-";F'&++'+."KI,-'*.'("<?../-("<H/($&/'+&"=8((+.+.-">A)&,%'//,"I=/+/(''-#-"KI+*.,.'."<?/,).&"KI+,'')*,"
;F,,+/*-":;,/*'*),("<?''&/'+$Jel|XX_ipWXWZWbcWaX[`[]opƒi[\eboWcWjXWd$

=o|hj`W0
FebWh;b[YjheEo
Fhe\[iieh_dj_[+
<?D#/&**&A;CF;B;
J[b!)+..+(&('&&
<Wn!)+..+(&()&&
mmm$febWh$Ä

CW]oWhehip|]_\eh]WbcWpŒƒiIpWaip[hl_p0
<_jd[iiJhWZ[
''.)8kZWf[ij
=ochŽ_k$.+#/'$
J[b$0!),'%(/-#'+'&
<Wn0!),'%(/-#'+'+
mmm$Äjd[ii#jhWZ[$^k

.( >KD

?23?(5.INDD 

You might also like