8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

7:NDC9LDG9H
C:LE6GIC:GH=>EH>CIG6CHA6I>DC
AjXn7aV`ZbdgZ
AZ`h]bnEVgVbZhlVgVc
A{hoa‹=ZgXoZ\]

ÆHX^ZcXZ^hVWdjiY^hXdkZgn!Wji^i^hVahdVWdjiXdbbjc^" E>8@>C<;><=IHL>I=LDG9H
XVi^dc#6c^YZVXVc]VgYanWZhV^YidZm^hi^[ndjYdcdi
ÆBdhid[jhVgZWZiiZgVihZch^c\i]^c\h!VcY^iÉh]VgYZgid
VlV`Zci]VihVbZ^YZV^chdbZdcZZahZ#ÇBVgXjhYj
ejii]^h^cidldgYh#LZ]VkZVa^b^iZYcjbWZgd[ldgYh
HVjidn!Egd[Zhhdgd[BVi]ZbVi^XhVcY8]VgaZhH^bdcn^
lZXVcjhZÄi]ZnÉgZVXijVaanfj^iZVeddgbZY^jb[dg
Egd[Zhhdg[dgi]ZEjWa^XJcYZghiVcY^c\d[HX^ZcXZ!
ZmegZhh^dc½AVc\jV\ZbZY^ViZhVcYbjYY^Zhi]^c\h#Ç
Dm[dgYJc^kZgh^in
HeZZX]VcYAVc\jV\ZI]ZgVe^hi
L=N9D>CH><=IHC::9ID7:IG6CHA6I:94
LdgYh]VkZadc\WZZci]ZVXXZeiZYXjggZcXnd[i]Z
GZeaVXZÈhX^ZcXZÉl^i]È^ch^\]iÉ^ci]ZfjdiZVWdkZ!VcY bVg`ZigZhZVgX]egd[Zhh^dc!ZkZci]dj\]egdYjXih
ndjÉkZXVeijgZYi]ZZhhZcXZd[l]nlZ[Zaii]^heVeZg VcYWgVcYhd[iZcXdbbjc^XViZbdhiedlZg[jaan^c
cZZYZYidWZlg^iiZc#6hbVg`Zi^c\VcY^ccdkVi^dc cdc"kZgWValVnh#LZZmX]Vc\Zi]djhVcYhd[ldgYh^c
egdXZhhZhVgZXdbegZhhZY^cidh]dgiZgi^bZa^cZhVcY YdXjbZcih!egZhZciVi^dch!ZbV^ahVcYbZZi^c\hZkZgn
ViiZci^dcheVchVgZgZYjXZY!^i^hZkZcbdgZXgjX^Vaid YVn!d[iZcl^i]djifjZhi^dc^c\l]Zi]ZglZÉkZX]dhZc
Xdbbjc^XViZ^ch^\]ihcdidcanVXXjgViZan!WjiVahd^c i]ZWZhilVnidZmegZhhdjghZakZh#>iÉhcdihjgeg^h^c\!
lVnhi]ViZmX^iZVcYbdi^kViZ#IdXdbea^XViZbViiZgh! h^cXZlZÉgZZYjXViZYidZmegZhhdjghZakZhcZVianVcY
i]dhZejii^c\^ch^\]ih^cidVXi^dcXdbZ[gdbVl^YZ VXXjgViZan^cldgYh!VcY[dg\Zii]Zbjai^ijYZd[lVnh
gVc\Zd[Y^hX^ea^cZhVcYheZV`bVcnY^[[ZgZciegd[Zh" lZZmegZhhZYdjghZakZhl]ZclZlZgZX]^aYgZc
h^dcVaaVc\jV\ZhÄcdiidbZci^dca^iZgVaaVc\jV\Z i]gdj\]eaVn!YVcXZ!hdc\hVcYl]ViZkZgZahZ[ZY
WVgg^ZghWZilZZc\adWVaiZVbh# djg^bV\^cVi^dch>[lZadhZidjX]l^i]i]ZeVaZiiZd[
hZchZhVkV^aVWaZidjhl^i]l]^X]idÈgZVYÉh^ijVi^dchVcY
>cdjgldg`!lZVaacZZYidjcYZghiVcYeZdeaZÉhZmeZg^"
Xdbbjc^XViZ^YZVh!i]ZgZbVnWZcdc"kZgWVabZhhV\Zh
ZcXZh!cdi_jhiWjn^c\dgjhV\ZWZ]Vk^djgh!l]^X]eaVXZh
lZ[V^aidbV`ZjhZd[Yjg^c\Vaai]dhZbZZi^c\hVcY
[jgi]ZgYZbVcYhdc^ch^\]ihidWZXdciZmijVa^hZYVcY
egZhZciVi^dch!Wjil]^X]XdciV^ci]ZkZgnZhhZcXZd[
^ci^bViZWjiVahdgZbV^cgZaZkVcidkZgi^bZ#IgVchaVi^c\
bZVc^c\lZVgZhZZ`^c\idigVchaViZ/
ZmeZg^ZcXZhVcY^ch^\]ih^cidjcYZghiVcYVWaZ[dgbVih
[dgVcYl^i]Y^[[ZgZciVjY^ZcXZhgZYjXZhi]Zg^h`d[ ÆDcan&%d[i]ZbZVc^c\lZlVciidXdckZnXdbZh
b^h^ciZgegZiVi^dc#L]Zc^ch^\]ihVgZb^h^ciZgegZiZY! dkZg^cldgYh#)%XdbZhi]gdj\]djgidcZd[kd^XZ!VcY
bdci]hd[Z[[dgiXVcWZadhiVcYVYY^i^dcVaXdhih^cXjggZY! i]ZgZhii]gdj\]cdc"kZgWVabZVcha^`ZWdYnaVc\jV\Z#Ç
VcYi]Zi^bZhVk^c\hlZlZgZhdYZheZgViZ[dgVgZ HeZZX]AVc\jV\ZI]ZgVe^hi
[g^iiZgZYVlVnVhViiZbeihVgZbVYZidÈjce^X`ÉhigViZ\^Zh
LZÉgZVagZVYnjh^c\adihd[cdc"kZgWVaiddah^cgZhZVgX]#
VcYXdcXZeihidbV`Zi]ZbjhVWaZ#
IZX]cdad\n]VhbVYZ^iZVh^Zg[dgjhidjhZVjY^dVcY

8deng^\]i:HDB6G'%%. &
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

k^hjVaiddahidXVeijgZZmeZg^ZcXZhVcYh]dlhi^bjajh dlcVcYdi]ZghÉjhZd[ldgYh!l]Zi]Zglg^iiZc!hed`Zc
Yjg^c\ÒZaYldg`VcYegZhZciVi^dch!VcYlZVaa`cdl dg]ZVgY!XVc]Zaejhhedil]ZgZldgYhb^\]iWZ[V^a^c\
i]ZedlZgd[i]Zk^YZdXa^eidbV`ZVcVjY^ZcXZhide dgVXi^c\VhVWVgg^ZgidbZVc^c\#7Z^c\VlVgZd[i]Z
ÒY\Zi^c\VcYeVnViiZci^dc[dgV[Zlb^cjiZh>cbjX]d[ a^b^iVi^dchd[aVc\jV\ZYZbdchigViZhi]ZkVajZd[cdc"
djgZkZgnYVnXdbbjc^XVi^dc!]dlZkZg!lZÉgZhi^aagZan^c\ kZgWVa[dgbhd[Xdbbjc^XVi^dc!WjiVahd]ZaehjhjhZ
dcldgYhidXdckZnl]VilZbZVc!eZg]VehVii]Z ldgYhbdgZZ[[ZXi^kZanl]Zci]ZnVgZcZZYZY#
ZmeZchZd[VbdgZVeegdeg^ViZbZY^jb#
<>K:LDG9H68=6C8:
>gdc^XVaan!^ilVh^cVkZgWVabZY^jbi]VilZ[djcYV
ÆIZhildgYhl]ZgZkZgi]Zna^kZ0a^hiZcVcYidjX]!hbZaa!
eVgi^XjaVganVeiZmegZhh^dcd[l]nldgYhXVjhZhjX]
WZa^ZkZ#Ç8Vgda6cc9j[[n!6lVnVcYHZZ
Y^[ÒXjai^Zh[dgjh/
LZVgZcdihj\\Zhi^c\i]VildgYhh]djaYWZVWVcYdcZY
ÈLdgYh!L^YZC^\]iÉWn8Vgda6cc9j[[n
XdbeaZiZan!dgi]ViVcni]^c\lg^iiZc^cldgYhl^aaValVnh
HdbZl]ZgZdci]Zdi]Zgh^YZd[i]^hl^YZc^\]iVcYi]Z WZ]VgYZgidjcYZghiVcY#AVc\jV\Z^heVgid[^YZci^inVcY
Y^hiVcXZWZilZZcjh!>Vbi]^c`^c\d[ndj# lZXVccdia^kZl^i]dji^i#LZ]VkZhigdc\VhhdX^Vi^dch
I]Zgddb^hijgc^c\hadlanVlVn[gdbi]Zbddc# l^i]ldgYh!YZZeXdccZXi^dchi]ViVgZkVajVWaZ!eZghdcVa
I]^h^heaZVhjgVWaZ#Dgh]Vaa>Xgdhhi]VidjiVcYhVn^i^hhVY4 VcY[jaad[g^X]cZhh#7jilZcZZYidi]^c`]VgYZgVWdji
>cdcZd[i]ZiZchZh>h^c\^c\Vc^bedhh^WaZhdc\d[YZh^gZ ]dllZjhZldgYhhdcdi]^c\^hlVhiZYdgadhi!VcY
i]VindjXVccdi]ZVg# ZkZgnldgYldg`hVh]VgYVh^iXVcidXVeijgZVcY
AVaVaVaV#HZZ4>XadhZbnZnZhVcY^bV\^cZi]ZYVg`]^aah> Xdbbjc^XViZV[jaaZmeZg^ZcXZ#
ldjaY]VkZidXgdhhidgZVX]ndj#;dg>Vb^cadkZl^i]ndj
I]ZVgid[hidgn"iZaa^c\]VhgZXZ^kZYVadid[ViiZci^dc
VcYi]^h^hl]Vi^i^ha^`Zdgl]Vi^i^ha^`Z^cldgYh#
^cgZXZcinZVgh!VcY^hVh`^aal]ZgZldgYhVgZXgjX^Va#
I]ZÒcVaa^cZd[i]ZedZb!Æ6cYi]^h^hl]Vi^i^ha^`Z! 6\ddYcdkZa^hcÉi_jhildgYhdceV\Zh#6\ddYhidgn
dgl]Vi^i^ha^`Z^cldgYhÇZcXVehjaViZhWZVji^[jaandcZ XgZViZhe^XijgZh^ci]Z^bV\^cVi^dci]ViXVggni]ZgZVYZg
d[i]ZX]VaaZc\ZhlZ[VXZVhgZhZVgX]Zghl]ZclZÉgZ idldgaYh[VgVlVn[gdbi]ZVgbX]V^g]Zdgh]ZbVn
ign^c\idÈigVchaViZÉ^ch^\]ihÄi]Z[VXii]ViÆl]Vi^i^ha^`Z WZh^ii^c\^c0^ihj\\ZhihhdjcYhVcYhbZaahd[Vcdi]Zg
^cldgYhÇbVnWZhdbZi]^c\fj^iZY^[[ZgZci[gdbi]Z a^[Zi]Vii]ZgZVYZgb^\]idi]Zgl^hZcZkZgZmeZg^ZcXZ!
ZmeZg^ZcXZ^ihZa[# d[[Zg^c\Vl^cYdldcidZbdi^dcVa]^\]hVcYadlhlZ
XdjaYcÉi`cdlWZ[dgZ#I]ZldgYhldg`]VgY[gdbi]Z
>ci]Zhe^g^id[ÈeVgicZgh]^eÉVcYY^Vad\jZ!lZldjaY]VkZ
ÒghieV\Zidi]ZaVhi#
^YZVaanWZZcVWaZidiVa`idi]ZedZiVWdji]Zg^ciZci^dch^c
bdgZYZiV^a#>ci]ZVWhZcXZd[i]^h!VcZhhVndc]Zgldg` L]ZclZejiid\Zi]ZgYZWg^Z[hlZÉgZd[iZcign^c\idiZaa
egdk^YZhhdbZ^ch^\]i!YZhXg^W^c\^iVhÈigVchaVi^dchd[ VÈhidgnÉidi]ZVjY^ZcXZ!idZc\V\Zi]Zb^cdjgh]VgZY
ZmeZg^ZcXZÉ#I]Zlg^iZgB^X]VZaLddYh\dZhdcidhVn/ Y^hXdkZg^ZhVcYaZVYi]ZbidVcZcY^c\i]Vi^che^gZh
VcYbdi^kViZh#LdgYhXVcWZjhZYZ[[ZXi^kZanidgZkZVa
ƽdcZd[]ZgegZdXXjeVi^dch^hi]ZdeVX^ind[aVc\jV\Z
i]ZXdcÓ^XiVcYiZch^dci]ViZm^hih^ceZdeaZÉha^kZh#
i]Vi^hhdd[iZcVeiidXadjYXdbbjc^XVi^dcd[ejgZ
9ZhXg^W^c\l]VihdbZdcZhV^YdgY^YXdbeVgZYl]Vi
i]dj\]iVcYejgZ[ZZa^c\½Vii]Z]ZVgid[8Vgda6cc
lZaViZg[djcYdjii]ZnlZgZi]^c`^c\Vii]Zi^bZ![dg
9j[[nÉhedZign^hVXdci^cjVaVX`cdlaZY\ZbZciVcY
ZmVbeaZ!]^\]a^\]ihi]ZkZgngZVaXdbeaZm^ind[]jbVc
ZmeadgVi^dcd[i]Za^b^ihd[aVc\jV\Z#Ç
ZmeZg^ZcXZ#9ZiV^ahVcYcVggVi^dcha^`Zi]^hXVcXgZViZV
>cZkZgnYVna^[Z!lZVgZXdchiVcianYZXdY^c\VcYZcXdY^c\! XdbeZaa^c\hidgn!VcYdcZi]VilZXVcZc\V\Zl^i]dc
YZaZi^c\VcYÒaiZg^c\^c[dgbVi^dcWVhZYdcdjgdlc VcZbdi^dcVa!]jbVcaZkZa#
ZmeZg^ZcXZhVcYegZXdcXZei^dch#7Z^c\hZch^i^kZiddjg

8deng^\]i:HDB6G'%%. '
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

I=:EGD8:HH:HD;IG6CHA6I>DC IZVX]Zgh!aZXijgZgh!VXidghVcYigV^c^c\ZmeZgih[ZVijgZY
^cdjghVbeaZ!VhlZaaVhV[jgc^ijgZYZh^\cZg!^ccdkVi^dc
Id\V^cVcZleZgheZXi^kZdcdjgZbZg\^c\]ned"
XdchjaiVci!heZZX]VcYaVc\jV\Zi]ZgVe^hi!egd[Zhh^dcVa
i]ZhZh!lZcZZYZYidadd`WZndcYdjgdlche]ZgZh
aVc\jV\ZigVchaVidgh!VÒabY^gZXidg!gVY^degZhZciZg!
d[ZmeZg^ZcXZVhgZhZVgX]ZghVcYYZh^\cZgh#6agZVYn
e]did\gVe]ZgVcYZkZcVgZhiVjgViZjg#
lZ]VYcdi^XZYY^[[ZgZcXZh^cXdbbjc^XVi^dchinaZ
WZilZZci]Za^c\j^hi^X!Zc\^cZZg^c\VcYk^hjVaYZh^\c >ciZgZhi^c\an!bVcnd[i]dhZlZhed`Zid]VYVl^YZh`^aa
eZgheZXi^kZhd[[ZgZYWni]ZVji]dghd[i]^heVeZg!VcY hZiVcY^ciZgZhihdjih^YZi]Z^g_dWi]ViXdbeaZbZciZY
lZgZ`ZZcidZmeadgZ]dl[VghjX]Y^[[ZgZcXZhXdjaY ZVX]di]Zg#6hZXdcYVgnhX]ddaiZVX]Zgl]d^hVahd
iV`Zjh^cigVchaVi^c\^ch^\]ih!VcYl]Zi]ZglZb^\]i VeVgi"i^bZeaVnlg^\]iVcY^begdk^hVi^dcVaXdb^X!V
ÒcYXdbbdcVa^i^ZhVXgdhhY^hX^ea^cZhl]Zc^iXdbZhid HX^ZcXZ8dbbjc^XVi^dcaZXijgZgl]dVahdegZhZcih
i]ZegdXZhhd[ÈigVchaVi^dcÉ#LZlVciZYidhZZl]VilZ VgVY^degd\gVbbZ[dgi]Z778LdgaYHZgk^XZ!V
XdjaYaZVgc[gdbhdbZeZdeaZl]dYdcÉildg`Y^gZXian gZhZVgX]Zgl]dVahdeaVnhXZaadVcYgZ\jaVganVeeZVgh
^ci]ZbVg`Zi^c\VcYgZhZVgX]^cYjhign!VcYjcYZghiVcY ^ceaVnhÄ^ihddcWZXVbZXaZVgi]VidcZd[i]ZgZVhdch
]dli]ZniVX`aZi]ZÈigVchaVi^dcÉegdXZhh[gdb^ciZaaZXijVa djg^ciZgk^ZlZZhlZgZhd\ddYVil]Vii]ZnY^YlVh
XdcXZeiidVXi^dc![gdbWg^Z[id^beaZbZciVi^dc#HZZ i]Z^gWgZVYi]d[h`^aahVcYZci]jh^Vhb[dgaZVgc^c\VcY
Ò\jgZ&# ZmegZhh^c\i]ZbhZakZh^cVkVg^Zind[lVnh#LZWZ\Vcid
hZZi]Vii]Zn]VYhZkZgVaÈbjhXaZhÉVii]Z^gY^hedhVal^i]
LZX]dhZid^ciZgk^ZlVgVc\Zd[eZdeaZl]dXdbbjc^"
l]^X]i]ZnXdjaYXdbbjc^XViZ!WZndcY_jhildgYh#
XViZ^YZVh^ci]Z^gZkZgnYVnldg`!idignVcYjcYZghiVcY
l]VibV`Zhi]Zb\ddYVii]Z^gegd[Zhh^dc!aZVgcVWdji I]ZnVahd]VYhigdc\ZbeVi]nh`^aahVcYXdjaYWZ
i]ZiddahVcYiZX]c^fjZhi]ZnjhZVcY^YZci^[neVgVaaZah ^cXgZY^WanhZch^i^kZidi]Z]jbVcZmeZg^ZcXZ/
lZXVcWdggdl[dgdjgdlcgZhZVgX]ÈigVchaVi^dchÉ#

;><JG:&
:M6BEA:HD;I=:K6G>:9HINA:HD;CDI:HI6@:C7NI=:6JI=DGH>CG:H:6G8=>C<I=>HE6E:G#

8deng^\]i:HDB6G'%%. (
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

ÆHX^Zci^hihVgZcÉi`cdlc[dgi]Z^gZbeVi]nh`^aah!Wji XdciZcid[i]Zdg^\^cVaiZmi½A^iZgVgnigVchaVi^dc^hfj^iZV
^iÉh^bedgiVci#IdXdbbjc^XViZhX^ZcXZndj]VkZid Y^[[ZgZciZmeZgi^hZ#L^i]VedZb!VcYeVgi^XjaVgani]^hdcZ!
\Zi^cidi]Zb^cYd[hdbZdcZl]d]VhcdcZd[i]^h ]dl^i^hlg^iiZchinaZ$higjXijgZ$ldgYh^hZfjVaan^bedgiVci
aVc\jV\Z!VcYndj]VkZid`cdll]ViWjiidchidegZhhÇ# Vh!VcYgZaViZYid!]dl^ibV`Zhndj[ZZa#ÇIgVchaVidg
BVgXjhYjHVjidn
I]ZWjh^cZhh^ccdkVi^dcXdchjaiVcilZ^ciZgk^ZlZY
D[iZcdjg^ciZgk^ZlZZhÉ[Vb^a^Vg^inl^i]i]Z^ghjW_ZXi h^b^aVganlVciZYid\dWVX`idi]ZhdjgXZd[i]ZedZb!
VcYi]Z^gdlchZch^i^k^i^ZhZcVWaZYi]ZbidYZiZXiVcY ^c[VXiidh^iYdlcVcY]VkZVXjed[iZVl^i]8Vgda
Zc\V\Zl^i]di]ZghdcVY^gZXiVcY^ci^bViZaZkZa#I]Zn 6cc9j[[n=ZcZZYZYidjcYZghiVcYi]ZXdciZmi^c
gZa^ZYVhbjX]dc^cij^i^dcVhdcgVi^dcVai]dj\]iVcY l]^X]i]Ze^ZXZlVhlg^iiZc!l]VilVh]VeeZc^c\^c
iZX]c^XVah`^aah!VXi^kZanZmeadg^c\VcYVeean^c\cdc"kZgWVa i]ZldgaYVcY^c]Zga^[ZVii]Vied^ci!^cdgYZgidbV`Z
iZX]c^fjZhVcYiddahidhjeedgii]ZkZgWVa# hZchZd[i]ZedZb[dg]^bhZa[#
JH>C<ED:IGN6HHI>BJAJH I]Zci]ZgZlZgZi]dhZl]dY^YcÉilVciVcni]^c\id
Ydl^i]i]ZedZbViVaaÄYZhe^iZ]Vk^c\Xdb[dgiVWan
6heVgid[djgfjZhiidjcYZghiVcY]dl^ch^\]ihXVc
ZmegZhhZYi]ZbhZakZh^cldgYhi]gdj\]djii]Z^ciZgk^Zl
bdhiZ[[ZXi^kZanWZigVchaViZY!lZh]dlZY9j[[nÉh
ÄVcYl]Zc]VcYZYi]ZedZbZkZce]nh^XVaanY^hiVcXZY
edZbidhdbZd[djg^ciZgk^ZlZZh!idhZZ]dli]Zn
i]ZbhZakZh[gdb^i^[i]ZnXdjaY;dghdbZ^ilVhidd
gZVXiZYid^iVhVÈWg^Z[Édge^ZXZd[hi^bjajh#LZ]VY
gZb^c^hXZcid[Ve^ZXZd[hX]ddaldg`dgVcVXVYZb^X
hdbZhjgeg^h^c\gZhedchZh#HdbZ[djcY^ikZgnZVhnid
iZmiYZbVcY^c\idWZ[dgbVaanVcVanhZYVcYjcYZghiddYÄ
gZ"^ciZgegZii]ZedZb^cVcdi]ZgbZY^jb![dgZmVbeaZ
VcYegZhZci^c\eZg]VehiddÈÒmZYÉVWg^Z[4;dgi]ZhZ
djgXZaa^hi!l]d]VYcdegdWaZbÈgZVY^c\Éi]ZldgYhVh
^ciZgk^ZlZZh!i]ZedZbVabdhiWZXVbZi]Zdeedh^iZd[
i]dj\]i]ZnlZgZcdiZhdcVbjh^XVahiVkZVcYZVh^an
hi^bjajhÄh]jii^c\Ydlci]ZXdckZghVi^dc^chiZVYd[
^begdk^hZYVhdja[jae^ZXZd[bjh^XVgdjcYi]Zb#I]Z
deZc^c\^ije#B^X]VZaLddYhÒcYhVc^ciZgZhi^c\eVgVaaZa
ÒabY^gZXidglZ^ciZgk^ZlZYVYYZY[jgi]ZgYZiV^ah^c]Zg
idi]^h^cVa^cZ[gdbVcdi]ZgedZbWn9j[[n/
^ciZgegZiVi^dcd[i]ZedZb!^bV\^c^c\heZX^ÒXa^\]i^c\
Z[[ZXihidXgZViZVhigdc\ZghZchZd[Y^hXdccZXi^dc^c ÈÈ6i]^ch`^ca^Zhdci]ZaVc\jV\ZÉa^cZ&+ÄBdbZcihd[
i]ZhXZcZ!VcY^cY^XVi^c\i]ZedhijgZd[i]ZhjW_ZXi! <gVXZ!hdbZi]^c\i]ViVedZi^cZk^iVWanÒcYhY^[ÒXjaiid
X]^cdc]VcYadd`^c\^cidi]ZY^hiVcXZ# a^kZl^i]#I]^hÈi]^ch`^cÉ!a^`Zi]Z^chjaVi^dcdcVcZaZXig^X
l^gZ!egZkZcihgZVaZcZg\n[gdbWZ^c\ZmeZg^ZcXZY#
I]Zegd[Zhh^dcVaigVchaVidghlZhed`Zid[djcY^ifj^iZ
I]Z^chjaVidg^ci]ZZaZXig^XVahZchZ^h!i]dj\]!Va^[ZhVkZg
VX]VaaZc\ZidigVchaViZ^cidVcdi]ZgaVc\jV\Z!YZhe^iZ
Wji^ci]ZXVhZd[i]ZaVc\jV\Zd[edZign^i^hV`^aaZg#Ç
i]ZVeeVgZcih^bea^X^ind[i]ZaVc\jV\Z^c:c\a^h]#I]Zn
lVciZYid`cdll]Vii]Zlg^iZgÉh^ciZci^dchlZgZ!]dl :MEADG>C<I=:G6C<:D;H:CH:H
^bedgiVciXZgiV^cbdYZhd[ZmegZhh^dclZgZVcY]dl
:kZci]dj\]i]ZedZbXdciV^chk^hjVa!VjY^idgnVcY
bjX]d[i]^hcZZYZYidWZ^ci]ZigVchaViZYkZgh^dcid
`^cVZhi]Zi^XZaZbZcih![dghdbZd[djg^ciZgk^ZlZZh
bV`Z^iVkVa^YVcYÈigjZÉigVchaVi^dc#I]ZnlZgZ`ZZcid
^ilVhi]ZldgYhi]ZbhZakZhi]ViXgZViZYVWVgg^Zg#
ed^cidjii]Vii]ZgZlZgZY^[ÒXjaiYZX^h^dchidbV`ZZkZc
6i^ihldghi!i]^h^hl]ViVWVYanlg^iiZcEdlZgEd^ci
dci]Zh^beaZhid[e]gVhZhhjX]VhÈ [dg>Vb^cadkZl^i]
egZhZciVi^dcXVcWZXdbZ!VcYl]n^i]VhWZZc
ndjÉÄVcYhigZhhZYi]Via^iZgVgnigVchaVi^dc^hfj^iZV
Xg^i^X^hZYhdbjX]^cgZXZcinZVghVhVbZY^jb[dg
Y^[[ZgZcih`^aa[gdbbdgZÈ^cYjhig^VaÉineZhd[igVchaVi^dc/
Xdbbjc^XVi^dc#CdiZkZgndcZ]VhVcVijgVaV[Òc^inl^i]
Æ;dgbVcnÒZaYhd[ZmeZgi^hZ!>I!e]VgbV!ÒcVcXZ!Zc\^" ldgYh!VcYl^i]i]Z[jaagVc\Zd[hZchZhVidjgY^hedhVa
cZZg^c\ZiX#!VigVchaVidgl^aaZcYZVkdjgidgZegdYjXZV idhjeedgiVcY^aajhigViZldgYhbdgZZ[[ZXi^kZan!lZ
[V^i][jaigVchaVi^dc!hi^X`^c\VhXadhZanVhedhh^WaZidi]Z adhZVadi^[lZYdcÉiejii]ZhZidjhZ#

8deng^\]i:HDB6G'%%. )
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

6cndcZl]d]VhhijY^ZYCZjgd"A^c\j^hi^XEgd\gVbb^c\ ]^hndjc\hdc!\Zii^c\XVj\]ije^c]^hdlceZghdcVa
CAEl^aaWZVlVgZd[i]Z^bedgiVcXZd[i]ZhZchZhVcY VcVanh^hegdXZhhVh]Zig^Zhid^YZci^[nVaai]ZY^[[ZgZci
]dli]ZngZaViZidVc^cY^k^YjVaÉhÈaZVgc^c\hinaZÉ#HdbZd[ hnbbZig^Zhi]ZgZ#Hidgn"iZaa^c\a^`Zi]^heaVnhV`ZngdaZ
jh]VkZVcVijgVaegZ[ZgZcXZ[dgZ^i]Zgk^hjVa!VjY^idgndg ^c]dl]ZXVchjXXZhh[jaanZc\V\ZVcdc"bVi]ZbVi^XVa
`^cVZhi]Zi^Xhi^bjajhdgVXdbW^cVi^dcd[i]ZhZl]Zc VjY^ZcXZ^c]^\]anVYkVcXZYbVi]ZbVi^XVaXdcXZeih
lZÉgZVWhdgW^c\cZl^c[dgbVi^dc!VcYWZ^c\VlVgZd[ l^i]dji^i[ZZa^c\a^`ZVcVXVYZb^XaZXijgZ#
i]ViW^VhXVc\^kZjhXajZhVWdjil]nXZgiV^c`^cYhd[
>cVcdi]Zgd[9j[[nÉhedZbh6lVnVcYHZZ!B^X]VZa
egZhZciVi^dcdghi^bjajhVeeZVaidjhÄZkZcl]ZgZ
LddYhYgVlheVgi^XjaVgViiZci^dcidi]Z^bedgiVcXZ
i]ZnbVnXdciV^ckZgnh^b^aVg^c[dgbVi^dc#>YZci^[n^c\
d[i]ZhZchZh/
egZ[ZggZYaZVgc^c\hinaZh^cVc^ciZgk^Zldg\gdje
Y^hXjhh^dcXVcWZVkZgnedlZg[jaidda[dgjcYZghiVcY^c\ Æi]^h^hVc^ck^iVi^dcidXdcXZcigViZdci]ZVXijVa
l]nhdbZhi^bjajh^hldg`^c\WZiiZgdgldghZi]Vc ZmeZg^ZcXZd[i]^c\hgVi]Zgi]Vcldggn^c\iddbjX]
di]Zgh!VcY\^kZhjh^YZVhVWdji]dlidÈigVchaViZÉ^YZVh VWdjil]VicVbZid\^kZi]Zb#LZVgZVWaZidYZg^kZ
^cVbdgZZ[[ZXi^kZlVn# ÈbZVc^c\É[gdbhZchdgnYZiV^a^cVbjX]bdgZY^gZXi
lVn#AVc\jV\Z^h!V[iZgVaa!VXdYZlZjhZidVgi^XjaViZ
IVa`^c\iddi]Zgegd[Zhh^dchbVYZjhgZVa^hZi]Vii]ZgZ
i]VikZgnZmeZg^ZcXZ###Ç
VgZVbjai^ijYZd[lVnhlZXVc\dÈWZndcYldgYhÉid
igVchaViZ^YZVh#I]^hlVhcdidcanVeeVgZcil^i]hdbZ =Z\dZhdcidhVn/
d[i]ZbdgZdWk^djhanÈXgZVi^kZÉegd[Zhh^dchlZhed`Z
id!WjiVahdl]ZgZndjb^\]iVhhjbZi]ZgZÉhaZhhgddb ƽk^hjVaVcYVjgVaeZgXZei^dchVgZXgjX^Va[dg[ZZY^c\
[dgbjai^"hZchdgnZmegZhh^dc#>cÈ;^cY^c\Bddch]^cZÉ![dg i]ZXgZVi^kZ^bV\^cVi^dc#Ç
ZmVbeaZ!djgbVi]ZbVi^X^VcBVgXjh9jHVjidnZmeaV^ch BVcnd[djg^ciZgk^ZlZZhjhZYg^X]!hZchdgnaVc\jV\Z
]dlhnbbZign^heVgid[ZkZgnYVn!cVijgVaa^[Z/ VcYZmegZhhZYi]ZbhZakZh^cXgZY^WanlZaa#I]ZnidaY
ÆI]ZÓdlZgi]ViXVcVX]^ZkZeZg[ZXihnbbZignViigVXih jha^kZanVcY]^\]anYZhXg^ei^kZhidg^Zhid^aajhigViZi]Z^g
bdgZWZZhVcYhjgk^kZhadc\Zg^ci]ZZkdaji^dcVgnWViiaZ# ZmeZg^ZcXZh!]Zae^c\jhe^XijgZi]Zldg`i]ZnY^YbdgZ
HnbbZign^hi]ZaVc\jV\ZjhZYWni]ZÓdlZgVcYWZZid XaZVganVcYYgVlhigdc\ZgXdcXajh^dch#HZkZgValZgZ
Xdbbjc^XViZl^i]ZVX]di]Zg#;dgi]ZÓdlZg!i]Z]ZmV\dc kZgne]nh^XVaXdbbjc^XVidgh!l^i]i]ZiZVX]Zgh^c
dgi]ZeZciV\dc^ha^`ZVW^aaWdVgYh]dji^c\djiÈK^h^ibZÉ eVgi^XjaVg`ZZcidYZbdchigViZ]dli]ZnbdkZVgdjcY
;dgi]ZWZZ!ZcXdYZY^ci]ZhnbbZig^XVah]VeZ^hi]Z i]Z^gXaVhhgddbhVcYZcXdjgV\ZhijYZcihide]nh^XVaan
bZhhV\Zi]ViÈ=ZgZ^h[ddYÉHnbbZignYZcdiZhhdbZi]^c\ Zc\V\Zl^i]i]Z^gZck^gdcbZcihidbV`Zi]Z^ghjW_ZXi
heZX^Va!hdbZi]^c\l^i]bZVc^c\#6\V^chii]ZhiVi^Xl]^iZ bViiZgXdbZida^[Z#Di]ZgheaVnZYjhbjh^X!h]dlZYjh
cd^hZi]VibV`Zhjebdhid[i]ZWZZÉhk^hjValdgaY!i]Z e^XijgZhVcYjhZYegdehVgdjcYi]Zbid\Zii]Z^ged^ci
h^meZg[ZXieZiVahd[i]ZXaZbVi^hhiVcYdjia^`ZVbjh^XVa VXgdhhÄd[iZcl^i]cdcZZY[dgZcXdjgV\ZbZci[gdb
e]gVhZ[jaad[]Vgbdcn#ÇBVgXjhYjHVjidn!;^cY^c\ i]Z^ciZgk^ZlZgh
Bddch]^cZ >CIJ>I>DCÄ:C<6<>C<I=:H>MI=H:CH:½
=Z^chi^cXi^kZangZVX]Zh[dgk^hjVaVcYVjY^idgn]dd`h ÆI]ZegdXZhh^hbdhian!^cbnXVhZ!^chi^cXi^kZ###^iÉhcdi
Ä^cXajY^c\YdoZchd[YgVl^c\h^c]^hWdd`Äid]Zae hdbZi]^c\i]Vindj`cdlndjYdhiZe&i]ZchiZe'!^iÉh
jhjcYZghiVcY]dlVXdbeaZmbVi]ZbVi^XVahjW_ZXi cdihdbZi]^c\i]Vi>VbVlVgZd[###I]Z^chi^cXil]Zc
XVcgZaViZidZmeZg^ZcXZhVcYdW_ZXihlZXVcVaa^bV\^cZ ndji]^c`i]VihdbZi]^c\^h\d^c\id]VeeZci]Vindj
[gdbdjgdlcYV^ana^kZh#6idi]Zged^cih]ZiVa`hVWdji VgZgZVYnVcYndjiV`Zndjge]did#ÇE]did\gVe]Zg
i]Z&,`^cYhd[hnbbZignidWZ[djcY^c<gVcVYVÉh
6a]VbWgVeVaVXZ!VcYiZaahVhidgnVWdjiZmeadg^c\^il^i]

8deng^\]i:HDB6G'%%. *
8DCHJB:G>CH><=IH'%%.
E6GI)$>CH><=IIG6CHA6I>DC
LZcdi^XZYVheZXigjbd[ÈigVchaVi^dcÉegdXZhhZhl]Zc
iVa`^c\iddjg^ciZgk^ZlZZh![gdbi]ZgVi^dcVaidi]Z
^cij^i^kZ#6hbZci^dcZYVWdkZ!bVcnhZZbZYidgZandcV
XZgiV^cÈ^cij^i^dcÉ^ci]Z^gldg`!VcYhdbZlZgZXdchX^djh
d[i]^hVhVc^ckVajVWaZh`^aai]Vi]ZaeZYi]ZbXVggn
djii]Z^gVXi^k^i^ZhbdgZZ[[ZXi^kZan#I]ZnXdjaYhl^iX]
WZilZZcWZ^c\gVi^dcVaVcY^cij^i^kZ!VhlZaaVhjh^c\Wdi]
bdYZhh^bjaiVcZdjhan#9Zhe^iZWZ^c\Yg^kZcWn^cij^i^dc!
djge]did\gVe]Zg^hVahd]^\]anVYZeiVii]ZgVi^dcVaVcY
iZX]c^XVaiVh`ha^`ZhZaZXi^c\i]Zg^\]iXVbZgVZfj^ebZci
VcYegZX^hZe]did\gVe]^XhZii^c\hi]Vil^aaXVeijgZi]Z
hXZcZhh]Z^h^cij^i^kZanYgVlcid#LZiZcYid\^kZldgYh
VcYgVi^dcVai]dj\]i\gZViZgVji]dg^indkZg^cij^i^dc!Wji
dcZd[i]Z`ZnhidZ[[ZXi^kZigVchaVi^dcVhVgZhZVgX]Zg
^hi]ZVW^a^inidYgVldcWdi]XVeVW^a^i^ZhVhVcYl]Zc
cZXZhhVgn/
ÆAVc\jV\Z^hVhjW_ZXi^kZi]^c\!]VhVadiidYdl^i]
^cij^i^dc![ZZa^c\Äd[iZcndj`cdli]VihdbZi]^c\^hcdi
lZaa"lg^iiZcdg^heddganXdbbjc^XViZYl]ZciZmi_jhi
ÈhdjcYhVW^idYYÉÄcdihdbZi]^c\ndjXVccZXZhhVg^an
ejindjgÒc\ZgdcÇ#IgVchaVidg
L]ZgZ[VXZ"id"[VXZ^ciZgVXi^dc^h^ckdakZY!djgheZZX]
VcYaVc\jV\Zi]ZgVe^hiVahdiVa`ZYVWdjiÈb^Xgd"
ZmegZhh^dchÉÄi]dhZhea^i"hZXdcYcdc"kZgWVagZVXi^dch
hjX]VhZnZbdkZbZcihdg\ZhijgZhi]ViXVc\^kZjh
VYY^i^dcVaXajZhidjcYZghiVcY^c\l]VihdbZdcZ^h
hVn^c\#LZbVncdiWZVWaZidigVchaViZi]Z^gbZVc^c\
^cidldgYhWjilZd[iZcbV`ZhZchZd[i]Zb^cij^i^kZan#
I]^hbVnZmeaV^ci]ZY^[[ZgZcXZWZilZZci]ZbdYZgVidgÉh
^chi^cXiVWdji]dlV\gdjed[gZhZVgX]eVgi^X^eVcih[Zai
VWdjiVc^YZVYjg^c\VY^hXjhh^dc!XdbeVgZYidi]Z
hdbZl]ViÈbjiZYÉZmeZg^ZcXZ[dgi]dhZlViX]^c\WZ]^cY
Vild"lVnb^ggdg#>ci]^hXVhZ!i]ZVchlZgbVncdiWZ
^ci]ZgZXdgY^c\dgigVchXg^eih!Wjii]ZbdYZgVidgl^aa
WZVWaZid^cXdgedgViZi]^h[ZZa^c\^cidVcVanh^hidgZVX]
VbdgZbZVc^c\[jahZid[ÒcY^c\h#
7Z^c\gZhedch^kZid^ciZgcVaigVchaVi^dcegdXZhhZh
hZihi]ZhiV\Z[dgXdbbjc^XVi^dc#L]Vi^hdjg^ciZgcVa idigVchaViZi]ZhZ^ch^\]ih^cidegVXi^XVa^YZVh!lZ
XdcY^i^dc^cVcn\^kZch^ijVi^dc4=dlVgZlZ[ZZa^c\
l]ZclZbZZiVXa^Zci[dgi]ZÒghii^bZ!ZciZgVgddb ]dllZXVcVaaZmeZg^bZcil^i]lVnhd[\d^c\ÈWZndcY
[jaad[gZhedcYZcihdgdWhZgkZVeVgi^XjaVghXZcZ4
8deng^\]i:HDB6G'%%.
9ZXdY^c\djgdlchjW_ZXi^kZgZhedchZXVcWZVhiVgi^c\
ed^ci[dgjcYZghiVcY^c\Vh^ijVi^dc#>iXZgiV^canegdk^YZh
VcVYYZY]jbVcY^bZch^dcVcY^[lZXVcaZVgcidbV`Z
hZchZd[VcYigjhii]ZhZ\ji[ZZa^c\hlZXVchiVgiid
YZkZadecZlhZch^c\h`^aahi]ViWg^c\XdadjgVcYa^[Z
iddjggZhZVgX]idda`^i#9ZkZade^c\i]^hVW^a^inbVniV`Z
i^bZ!Wjil^i]ZmeZg^ZcXZVcYVl^aa^c\cZhhidhiZe
WZndcYdjgeZghdcVaWdjcYVg^ZhlZXVcY^hXdkZgV
cZliZgg^idgnd[igVchaVi^dch`^aah#
9G6L>C<>CHE>G6I>DC;DGG:H:6G8=
Bdhid[djg^ciZgk^ZlZZhlZgZeVhh^dcViZVWdji
Xdbbjc^XVi^dc!VcYi]^hlVhl]ZgZlZhiVgiZYidhZZ
h^b^aVg^i^Zhl^i]i]Z^gldg`VcYdjgdlcZmeZg^ZcXZhd[
gZhZVgX]VcY^ch^\]iigVchaVi^dc#I]Znd[iZcldg`ZYidV
ÈWg^Z[Éd[hdbZ`^cY!]Vk^c\idjcYZghiVcYVcY^ciZgegZi
i]Z^gWg^Z[^cdgYZgidldg`bdhiZ[[ZXi^kZanl^i]i]Z^g
Xa^ZcihVcYVjY^ZcXZh#BVcn]VYVe]VhZd[ldg`h^b^aVg
iddjgdlcÈÒZaYldg`ÉhiV\ZÄeVgi^XjaVgani]dhZ^ckdakZY
^ciZVX]^c\VcYi]ZgVenÄl]ZgZi]Zn]VYidWZhZch^i^kZ
idi]ZcZZYhd[VjY^ZcXZhVcYÒcYY^[[ZgZcilVnhd[
XVeijg^c\Y^[ÒXjaiZmeZg^ZcXZhVcYhjW_ZXih#I]ZgZ
lZgZVahdi]^c\hlZXdjaYaZVgcVWdjiegZhZciVi^dcVcY
YZWg^ZÒc\!VhlZaaVhXa^Zci"]VcYa^c\h`^aahÄZkZcl]ZgZ
i]ZÈXa^ZcihÉ^ci]Z^gXVhZXdjaYWZhigdeeniZZcV\Zgh^cV
XaVhhgddbdghdX^Valdg`ZghWZ^c\igV^cZYidldg`l^i]
YZbZci^VeVi^Zcih#LZVahdYgZlbVcneVgVaaZahl^i]
djgdlcVcVanh^hegdXZhhÄcdiaZVhi!i]Vii]^h^hcdii]Z
cZViVcYdgYZganegdXZhhlZb^\]ia^`Zidi]^c`^i^hdg
h^bea^[n^iVhhjX]dcXZlZÉkZÒc^h]ZY^i!Wjii]Vi^i^h
i]ZbZhh^cZhhVcYjcXZgiV^cin^cVcVanh^hVcYVaadl^c\^i
id]VeeZci]gdj\]djii]Za^[Zd[Vegd_ZXii]ViXVcVaadl
jhidegdYjXZi]ZbdhiXgZVi^kZVcY^ccdkVi^kZ^ch^\]ih#
H^cXZbVcnd[djg^ciZgk^ZlZZh[daadlZYhdbZ`^cY
d[egdXZhh[gdbWg^Z[idYZWg^Z[lZYZX^YZYidbVe
i]Z^g^ch^\]ihVcYZmVbeaZhidi]^hh^beaZWji[Vb^a^Vg
[gVbZldg`VcYYgVl^che^gVi^dc[dgcZllVnhid
\dÈWZndcYldgYhÉ^cZVX]hiV\Zd[Vegd_ZXi#@ZZc
VXXdbeVcnZVX]hZXi^dcl^i]hdbZhj\\Zhi^dchd[
ldgYhÉ^cdjggZhZVgX]#
+
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

I=:7G>:;>C<EGD8:HH dlce]did\gVe]h#L^i]^cV\gdjed[ildid[djgeZdeaZ!
h]ZVh`hdcZeZghdcidZmeaV^cVc^YZVi]ZnldjaYa^`Z
ÆI]ZWg^Z[hiV\Z^hi]ZXgZVbd[ZkZgni]^c\!^iÉhXdhn!
idXdbbjc^XViZVcY]dli]Znb^\]iigVchaViZi]^h^YZV
i]ViÉhi]ZadkZaneVgiÇ9Zh^\cZg
^cidV[dgbide]did\gVe]#I]ZnY^hXjhhVhV\gdjei]Z
ÆI]ZW^\\Zhig^h`[dgb^h^ciZgegZiVi^dc^hVii]Zed^cid[ Xdbedh^i^dc![dgZ\gdjcYVcYWVX`\gdjcY!VcY]dli]Zn
i]ZWg^Z[#Ç7jh^cZhh^ccdkVi^dcXdchjaiVci b^\]ijhZegdehidhZii]ZhXZcZ#Jh^c\hed`ZcY^Vad\jZ
VcYidjX]h]Zh]dlhi]Zb]dli]ZnXVcXgZViZV
I]ZWg^Z[^h^c^ihZa[VÈigVchaViZYÉ^iZb!igVch[ZggZY[gdb e]did\gVe]^X^bV\Z![ZZa^c\i]ZXVbZgVidjcYZghiVcY
hdbZdcZÉh^bV\^cVi^dc^cidV[dgbjaViZY^YZV[dgVXi^dc ]dl^ildg`h!iV`^c\i]Z^g]VcYidZmeaV^cadXVi^dch
WnVcdi]Zg#I]ZgZ^hValVnhVg^h`i]VilZadhZi]Z VcYedh^i^dch^ci]Zgddb#I]Zn[ZZai]Z^glVnVgdjcY
ZhhZcXZd[i]Vi^YZVYjg^c\igVchaVi^dc[gdbdcZeZghdc i]ZhXZcZ!jh^c\VidgX]id^aajb^cViZi]ZdW_ZXihVcY
idVcdi]Zg!adhZh^\]id[i]Zdg^\^cVa^ciZci^dcVcYhZi eZdeaZi]ZnldjaYa^`Zid^cXajYZ#>i^hd[iZcVc^iZgVi^kZ
d[[^cXdbeaZiZani]Zlgdc\Y^gZXi^dc7jii]ZWg^Z[Vahd VcYi^bZ"Xdchjb^c\VXi^k^in!Vhi]Znigndjie]didhi]Vi
iZcYhidVhhjbZi]Vii]Zdg^\^cVa^ciZci^dc^hVagZVYni]Z i]Ze]did\gVe]Zgi]ZcYZhXg^WZhWVX`idi]Zb!jci^a
ÈXdggZXiÉlVn[dglVgY!Wjid[iZc!^ci]ZVXid[h]Vg^c\ i]ZnÒcVaanVX]^ZkZi]ZYZh^gZYgZhjai#H]ZVXihVhi]Z^g
VcYigVchaVi^dc!Vc^YZVXVcWZZcg^X]ZYVcYZkdakZ^cid ZnZh#>ciZgZhi^c\an!h]ZYdZhcdi[ZZai]ZgZ^hVY^hi^cXi^dc
hdbZi]^c\bdgZ[dXjhhZYVcYgZaZkVci#>ci]^hhZXi^dc WZilZZceZdeaZÉhVW^a^inidhZZVcYi]Z^gVW^a^inidXgZViZ
lZZmeadgZl]ZgZÈigVchaVi^dcÉÒih^cidi]ZWg^ZÒc\hiV\Z XdbeZaa^c\^bV\Zh#HZZÒ\jgZ'#LZVaahdbZ]dl]VkZ
d[Vegd_ZXi/jcYZghiVcY^c\i]Z^ciZcid[VWg^Z[0^YZci^[n^c\Vjc^fjZlVnd[ÈhZZ^c\Éi]ZldgaYl]Zi]ZgdgcdilZ
]dllZb^\]iZmeVcYdgXdcigVXii]ZWg^Z[idbV`Z^i ]VkZh^\]i/
g^X]Zg!bdgZgdWjhiVcYbdgZgZaZkVci0VcYadd`^c\Vi
]dlidXdbbjc^XViZi]ZWg^Z[l^i]djiadh^c\^ihZhhZcXZ# Æ>iYdZhcÉibViiZg^[eZdeaZVgZWa^cYdghZZ^c\WZXVjhZ
hdbZeZdeaZ_jhik^hjVa^hZi]^c\hVcYhdbZYdcÉi###hdbZ
JcYZghiVcY^c\i]ZWg^Z[ eZdeaZ_jhihZZVigZZVcYi]Zcdi]ZgeZdeaZhZZi]ZaZVkZh
Djge]did\gVe]Zg\VkZjhVc^che^g^c\ZmVbeaZd[]dl VcYi]Za^\]i!i]Zh]VYdl!i]ZhiZbhVcYi]ZWgVcX]Zh#
VWg^Z[XVcWZjcYZghiddYi]gdj\]Y^Vad\jZÄ^c]Zg I]ZgZ^hhdbjX]idhZZ^cVigZZ!VcYnZihdbZeZdeaZ
XVhZldg`^c\l^i]Wa^cYeZdeaZid]Zaei]ZbXgZViZi]Z^g YdcÉiZkZchZZi]ZigZZ^ihZa[ÇE]did\gVe]Zg

;><JG:'
H=DDI>C<7A>C9ÄE=DID<G6E=H7NI=:K>HJ6AAN>BE6>G:9

8deng^\]i:HDB6G'%%. ,
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

?jhiVhndjXVcÉigZVaanjcYZghiVcYVXdjcign!aVc\jV\Z lZXdjaYiV`Z!WjiaZVk^c\jhi]ZÓZm^W^a^inidZmeadgZi]Z
VcYXjaijgZjcaZhhndjigVkZai]ZgZ!lZXVcÉiZmeZXiid hbVaaZggdVYhVcYhZZi]Zh^\]ihVadc\i]ZlVn4I]ZgZ^h
jcYZghiVcYdjgXa^Zcihl^i]dji\Zii^c\id`cdli]Z^g gddb[dghedciVcZ^inVcYX]Vc\Zd[eaVchl]^ahi`ZZe^c\
ÈiZgg^idgnÉ#Djg^ccdkVi^dcXdchjaiVciYZhXg^WZhi]Z igVX`d[dkZgVaaY^gZXi^dc!eVXZVcYegd\gZhh#I]ZWg^Z[
Y^[[ZgZcilVnh]ZZmeadgZh]^hXa^ZciÉhÈiZgg^idgnÉ![dXjh^c\ XVci]ZcWZhZZcVhVhiVgi^c\ed^ci[dgXdckZghVi^dc!
dcWj^aY^c\VgZaVi^dch]^eWZ[dgZiVX`a^c\i]ZWg^Z[#=Z Va^k^c\YdXjbZcig^X]l^i]Zbdi^dcVaig^\\ZghÄÈ>ÉkZ
add`hVi]dli]ZnegZhZciVcYYZhXg^WZi]ZbhZakZh ValVnhlVciZYidk^h^ii]VieaVXZÉÄVhlZaaVhgVi^dcVa
dci]Z^glZWh^iZ!k^h^ihi]Z^gd[ÒXZhVcYcdi^XZh]dl [VXihÄÈLZ_jhiYdcÉi]VkZZcdj\]i^bZid\di]ZgZÉÄ
eZdeaZWZ]VkZidlVgYhdcZVcdi]ZgdgidlVgYh]^b ]Zae^c\jhideg^dg^i^hZ#HZZÒ\jgZ(#
VhVk^h^idg!dWhZgkZh]dli]Zd[ÒXZheVXZ^hYZh^\cZY
HeZV`^c\iddjgiZVX]ZghVWdjii]^hhiV\Z!lZ]ZVgY
VcYaV^Ydji!a^hiZc^c\[dgi]ZkdXVWjaVgnjhZY^ci]Z^g
VWdji]dli]ZnZmeVcYVcYXdcigVXii]Z^gaZhhdceaVc"
bVg`Zi^c\bViZg^Vah!WjiVahd^cXdckZghVi^dch#6aai]ZhZ
c^c\!V`^cYd[gdjiZeaVc[dg]dlid\Zii]Z^ghijYZcih
VheZXihd[VXdbeVcnZmeZg^ZcXZXVcid\Zi]Zgegdk^YZ
[gdb6id7#I]ZniV`Z^cidVXXdjcii]ZZmVb^cVi^dc
g^X]XajZhVhid]dldjgXa^Zcii]^c`hVcYhZZhi]Z^g
gZfj^gZbZcihdg`Zn\dVah[dgVXZgiV^chjW_ZXi!gZaViZ
ldgaY!bVc^[ZhiVi^dchd[i]Z^gdg\Vc^hVi^dcVakVajZhVcY
i]Viidi]Z^ghX]ddaiZgbeaVchVcYXdci^cjZidgZ[ZgZcXZ
iVX^iWZa^Z[h#6agZVYni]^hbZVchlZÉgZ\d^c\WZndcYi]Z
Ydlcidi]Z^cY^k^YjVaaZhhdceaVc#>[Vc^cY^k^YjVaaZhhdc
ldgYhdci]ZeV\ZVcY^cidi]ZXdciZmiVcYXjaijgZ^c
YdZhcÉildg`!i]Zn]VkZi]ZbVeXaZVgZcdj\]^ci]Z^g
l]^X]i]ZWg^Z[bVn]VkZWZZclg^iiZc#
]ZVYhidignVY^[[ZgZciÈgdjiZÉ#I]^h[dgbd[hXde^c\je
:meVcY^c\VcYXdcigVXi^c\i]ZWg^Z[ VcYYdlc^hWdi]hnhiZbVi^XVcYXgZVi^kZ#:VX]aZkZa
@cdl^c\l]ZgZi]ZXa^Zci^hg^\]icdlVcYl]ZgZldjaY ]Vh^ihdlchZid[WdjcYVg^ZhVcYXdcY^i^dchWjildg`h
i]Zna^`Zid\d\^kZhVhZchZd[i]Z^c^i^VahXdeZd[V l^i]^ci]Z[gVbZldg`d[i]ZXaVhh!hX]ddaVcYi]Z
egd_ZXi!VkVciV\Zed^ci[gdbl]ZgZlZXVc^YZci^[n^[! cVi^dcVaXjgg^Xjajb#
]dlVcYl]ZgZVWg^Z[h]djaYWZX]VaaZc\ZY#CdiZkZgn
I]ZXdchigV^cihVcYWdjcYVg^Zhd[VWg^Z[VgZVahd
Wg^Z[cZZYhidWZX]VaaZc\ZY!Wjii]ZegdXZhhd[Yd^c\
^bedgiVci^c]Zae^c\jhid\dÈWZndcYldgYhÉ#Bdhid[
hd]ZaehjhWZXdbZ[Vb^a^Vgl^i]i]ZWdjcYVg^ZhVcY
djgegd_ZXihl^aa]VkZa^b^iZYi^bZ[gVbZh!i^\]iWjY\Zih
ÓZm^W^a^i^Zh^cVegd_ZXi#
dgX]VaaZc\^c\gZXgj^ibZciXg^iZg^V#7jiZkZci]Z^ciZg"
L]Vi^[i]ZgZhZVgX]Wg^Z[!lZgZVeegdVX]ZYVhV`^cYd[ k^ZlZZhl]d^c^i^ViZYi]Z^gdlcegd_ZXihVcYXgZViZY
k^hjVabVe!h]dl^c\l]ZgZlZÉYa^`Zid\ZiidVcYgdjiZh i]Z^gdlcWg^Z[!hjX]Vhi]Ze]did\gVe]Zg!ÒabbV`Zg

;><JG:(
>;DJGG:H:6G8=7G>:;L:G:6B6E!L:B6N@CDLL=:G:L:L6CIID<D!7JIG:B6>CDE:CIDI=:
B6CNL6NHID<:II=:G:

8deng^\]i:HDB6G'%%. -
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

VcYYZh^\cZg!bZci^dcZYi]ZcZZYidYZÒcZhZa["^cÓ^XiZY IV`^c\i]^hZmVbeaZd[bdk^ZbV`^c\[jgi]Zg!Y^gZXidgh
WdjcYVg^ZhVcYXdchigV^cihÄ^cZhhZcXZ!XdchigjXi ]VkZWZZc`cdlcidigndjiY^[[ZgZciZcY^c\h[dgi]Z^g
i]Z^gdlcX]VaaZc\Z#I]Zn`cdli]ViVhZid[a^b^iVi^dch hidg^Zhl^i]hZaZXiZYVjY^ZcXZh#EZg]VehlZXVcVagZVYn
l^aaig^\\Zgi]ZWZhid[i]Z^gXgZVi^k^in# WZi]^c`^c\VWdjidjgVjY^ZcXZh[dgVWg^Z[ÄdjgXa^Zcih
VcYi]Z^ghiV`Z]daYZgh!XgZVi^kZeVgicZgh!XdchjbZghVcY
6cdi]Zg^YZVlZY^hXdkZgZY]ZgZXVbZ[gdbdjgeaVn"
ZcYjhZghÄ]dlYdi]ZncZZYidhZZ!]ZVgdg[ZZai]^c\h
lg^\]i!l]d]VYXgZViZYVeaVnl^i]djildgYh#>cYd^c\
^ci]^hegd_ZXi4LZXdjaYVahdigndjiY^[[ZgZciediZci^Va
hd]Z[dgXZY]^bhZa[VcYi]ZVXidghldg`^c\l^i]]^bid
ÈZcY^c\hÉWZ[dgZVgZhZVgX]egd_ZXiZkZchiVgihL]ZgZ
^ckZcicZllVnhidXdbbjc^XViZl^i]dcanbdkZbZci!
VgZlZZmeZXi^c\i]ZgZhZVgX]id\d4L]Vi]nedi]ZhZh
\ZhijgZh![VX^VaZmegZhh^dchVcYhdjcY#I]^hhigViZ\nid
XVclZXgZViZVagZVYn4
gZbdkZdcZdgbdgZhZchZhXVc]Z^\]iZci]ZgZbV^c^c\
hZchZhVcYd[[ZgVaiZgcVi^kZeZgheZXi^kZh!ZcVWa^c\jh >ibVnhdjcYa^`ZVadid[ZmigVldg`je[gdci^cVegd_ZXi
idY^hXdkZg^c^i^Vaan]^YYZcVheZXihl^i]^cVWg^Z[# _jhiid\ZihiVgiZY#=dlZkZg!idhiZVaVe]gVhZ[gdb
djg^ccdkVi^dcXdchjaiVci!Èhadl^c\YdlcidheZZYjeÉ
8dbbjc^XVi^c\i]ZWg^Z[
^hVkVajVWaZhigViZ\n!ZheZX^VaanVii]ZWZ\^cc^c\d[V
8]ddh^c\]dlidXdbbjc^XViZVWg^Z[YZeZcYhdc
egd_ZXi#>iXVcWg^c\\gZViZgXgZY^W^a^inVcYfjVa^inidi]Z
jcYZghiVcY^c\ndjgVjY^ZcXZVhlZaaVhi]Zegd_ZXi
gZhZVgX]ÒcY^c\h!hZijei]Zg^\]iXdcY^i^dch[dgY^Vad\jZ
egdXZhhi]Vil^aa[daadl#>cÒabbV`^c\lZ]ZVgYi]Vi^c
idXdci^cjZi]gdj\]djii]Zegd_ZXiVcYegdk^YZVedh^i^kZ
ZhhZcXZVhZg^Zhd[Èb^c^"Wg^Z[hÉVgZXgZViZY[dgY^[[ZgZci
VcY^che^g^c\hiVgiidVegd_ZXiiZVbÄ\d^c\[VgWZndcY
bZbWZghd[i]ZXgZlVcY\^kZcidi]ZbYjg^c\heZX^ÒX
i]ZhZid[lg^iiZcÈ^chigjXi^dchÉi]VihdbZd[djgWg^Z[h
]VcYdkZged^cih^ci]ZÒabbV`^c\egdXZhh#I]ZÒabÉh
]VkZWZXdbZ
XdcXZeigZbV^chXdch^hiZciVcY^ciVXil^i]i]Zlg^iZg
VcYY^gZXidgÉhk^h^dc!WjiZVX]ZmeZgi^ckdakZY!^cXajY^c\ >YZVh[dg\d^c\WZndcYi]ZWg^Z[
i]ZVXidghi]ZbhZakZh!]Vhi]Z[gZZYdbidgZhedcYl^i] ™<dVcYZmeZg^ZcXZi]ZXa^ZciÉhdg\Vc^hVi^dc^[ndjXVc#
i]Z^gdlcXgZVi^kZigVchaVi^dcdg^ciZgegZiVi^dcl^i]^c 6h`idgZXZ^kZi]ZWg^Z[Vii]Z^gd[ÒXZh^ci]Z^gXdciZmiÄ
i]ZhZ\^kZcWdjcYVg^Zh#8dhijbZYZh^\cZghb^\]i dg]VkZVk^YZdH`neZXVaaVcYcdhnVil]ViÉh\d^c\
^begdk^hZi]gdj\]lVgYgdWZYZh^\c!hina^c\VcYXdadjg! dc^ci]ZWVX`\gdjcY
hZiYZh^\cZghYZX^YZi]ZWVX`YgdeV\V^chil]^X]i]Z ™6h`[dgbdgZ[gdbi]ZWg^Z[#GZfjZhiegdYjXihVbeaZh!
VXi^dch]djaYiV`ZeaVXZ!Xdcig^Wji^c\^ciZg^dgVgX]^iZXijgZ Vh`i]ZVYV\ZcXnidh]dli]ZaViZhiXgZVi^kZldg`!
VcYYZh^\cYZiV^ah!l]^ahii]ZhdjcYigVX`XdbedhZg VcY^cfj^gZl]Vidi]Zg!cdc"kZgWVahi^bjajhi]ZgZ
Zc]VcXZhi]ZÒabÉhVibdhe]ZgZl^i]Vbjh^XVahXdgZ b^\]iWZ[dgjhidaZVgcbdgZVWdji^i#
i]ViejcXijViZhi]Zhidgna^cZ#L^i]djiVXd]ZgZciWji ™K^h^ih]deh!gZhiVjgVcihVcYgZVaadXVi^dchVhV
ÓZm^WaZWg^Z[!i]ZhZ^bedgiVcihZchdgnidjX]ZhXdjaY gZhZVgX]iZVbWZ[dgZgZhedcY^c\idi]ZWg^Z[id\ZiV[ZZa
XVjhZXdbeaZiZX]Vdh [dgl]ZgZi]ZegdYjXihdghZgk^XZhndjVgZldg`^c\dc
VXijVaanÈa^kZÉ#L]dYdndjÒcYi]ZgZ4L]ViYdZh^ihdjcY
;^abbV`^c\Vahd\VkZjh^che^gVi^dc[dgbdgZZmeZg^Zci^Va
a^`Z4=dlYdZh^ihbZaa4L]ViYdZh^iadd`4L]ViYdndj
bZi]dYhd[XdckZn^c\VWg^Z[!\d^c\ÈWZndcYldgYhÉ#;^ab
]VkZidYdid\Zii]ZgZ4=dlYdndj[ZZak^h^i^c\i]Z
Y^gZXidghhdbZi^bZhXgZViZYncVb^XbddYWdVgYh[gdb
adXVi^dcVcYV[iZglVgYh4I]^hXVcWZVkVajVWaZZmZgX^hZ
hZaZXiZYÒabXa^ehVhVbZVchd[Wg^ZÒc\i]Z^gegdYjXi^dc
idYdVcYY^hXjhh^dcXVcjai^bViZan]ZaeWj^aYXdbbdc
XgZldci]ZfjVa^i^Zhi]ZnldjaYa^`ZidXgZViZ^ci]Z
jcYZghiVcY^c\d[i]ZWg^Z[#
Òab#8a^ehb^\]i^aajhigViZXVbZgVVc\aZh!hZiYZh^\ch!
™:meadgZndjgide^Xk^hjVaanjh^c\h^iZhhjX]Vh;a^X`g#Xdb
ZY^i^c\hinaZhdga^\]i^c\Z[[ZXihidXdckZnVXdcXZei
dgiV\\VaVmn#YZidÒcYdjil]Vi^bV\ZheZdeaZVhhdX^ViZ
dgVibdhe]ZgZ#Jh^c\i]ZgZ[ZgZcXZhVcYaVc\jV\Zd[
l^i]VWgVcYdghjW_ZXiVgZV#
ÒabVhVWg^ZÒc\bZY^jbhZZbhhj^iVWaZ[dgVcVjY^ZcXZ
™IgnYgVl^c\i]ZWg^Z[V[iZgndjÉkZgZXZ^kZY^iÄYdZh
d[Òab^cYjhignZmeZgih#

8deng^\]i:HDB6G'%%. .
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

i]^hjcXdkZgVcncZlVheZXih4L]Vi^[lZignidÒcY [dggZhZVgX]VYYh[jgi]Zgh`^aahidi]ZgZhZVgX]ZgÉh
Ve^ZXZd[bjh^XidZmegZhh^i4 iddaWdm!\d^c\WZndcYi]ZhiVcYVgY^ciZgk^ZlegdXZhh#
™H]VgZbVeh!eaVchVcY^YZVhVWdjii]ZWg^Z[l^i]
Djge]did\gVe]ZgVahdbZci^dcZYi]ZjhZd[WdYn
Xa^ZcihWZ[dgZVcnÒcVaYZX^h^dch]VkZWZZcbVYZÄ
aVc\jV\ZVcYZnZXdciVXiVhXgjX^Va[dgbV`^c\V
djgÈigVchaVi^dchÉbVn^che^gZVY^[[ZgZciY^gZXi^dcdg
XdccZXi^dcl^i]VhjW_ZXi!ZheZX^Vaan^[VaVc\jV\ZWVgg^Zg
VaiZgcVi^kZeZgheZXi^kZhdci]ZegdWaZb#
VahdZm^hih#H]Zig^ZhidXdckZni]ZbZhhV\Zd[ÈigjhibZÉ
I=:;>:A9LDG@EGD8:HH l^i]]Zgl]daZWZ^c\!WZ^c\deZc!gZaVmZYVcYegZhZci#
HjW_ZXihgZXd\c^hZi]Vih]Z^higjan^ciZgZhiZY^ci]Zb
ÆL]Vi>a^`ZVWdjiWZ^c\Ve]did\gVe]Zg^hi]ZX]VcXZid
VcYi]Zn\^kZ]ZghdbZi]^c\WVX`#
WZdci]Z[gdcigdld[hdbZdcZÉha^[Z#ÇE]did\gVe]Zg
=Zae^c\eVgi^X^eVcihidZmegZhhi]ZbhZakZh
>ciZgk^ZlhVcY\gdjeY^hXjhh^dchVgZi]ZhiV\Zd[V
EaZcind[igV^c^c\XdjghZhVcYWdd`h\^kZVYk^XZdc]dl
egd_ZXil]ZgZgZhZVgX]Zgh]VkZi]Zeg^k^aZ\ZidWZÈ^c
idXgZViZgVeedgi^c^ciZgk^ZlhVcY\gdjehVcYbV`Z
i]Z[gdciÉgdld[eZdeaZÉha^kZh#BVcnd[jh]VkZ[Zai
hjgZlZ\Zii]ZWZhijhZd[i]ZWg^Z[i^bZlZheZcY
i]^hhZchVi^dc!WZZchd^bbZghZY^chdbZdcZZahZÉh
l^i]gZhZVgX]eVgi^X^eVcih#:kZgnbdYZgVidgYZkZadeh
ldgaYi]Vii]ZWdjcYVg^ZhWajg!Wji]VkZVahd[VXZY
i]Z^gdlclVnd[Yd^c\i]^h^ci^bZ!VcYlZYdcÉiegZiZcY
i]ZX]VaaZc\Zd[ign^c\idbV`Zi]Vi^c^i^VaXdccZXi^dc
idd[[ZgVcnbV\^Xig^X`h]ZgZ=dlZkZg!Vh[VgVh
VcYWj^aYigjhifj^X`anl^i]gZhedcYZcihl]dbVnWZ
\d^c\ÈWZndcYldgYhÉ^hXdcXZgcZY!i]^h^hl]ZgZWdYn
gZajXiVciideVgi^X^eViZ#I]ZnVcYlZVgZd[iZcaZ[i
aVc\jV\ZVcYi]ZVW^a^inidÈgZVYÉdi]ZgeZdeaZXVcbV`Z
hdbZ]dlX]Vc\ZYWni]ZZmeZg^ZcXZÄVcYi]Zcl^i]
i]ZY^[[ZgZcXZWZilZZcVcVkZgV\Z^ciZgk^ZlVcYVgZVaan
i]ZX]VaaZc\Zd[Vgi^XjaVi^c\^i#
[VhX^cVi^c\dcZ#CZjgd"A^c\j^hi^XEgd\gVbb^c\VagZVYn
I]ZÒZaYldg`e]VhZ[dgdjg^ciZgk^ZlZZh]VYVcjbWZg d[[ZghVl^YZgVc\Zd[iddahVcYiZX]c^fjZhidVcndcZ
d[eVgVaaZah/gZ]ZVgh^c\VhXg^ei[dgVXidgh!heZcY^c\ l^aa^c\idheZcYVa^iiaZi^bZaZVgc^c\i]Zb!VcY]^\]a^\]ih
i^bZl^i]lV^i^c\hiV[[!X]Z[hVcYXjhidbZgh[dgi]Z h^beaZWZ]Vk^djghjX]Vhb^ggdg^c\WdYnaVc\jV\Z
gZhiVjgViZjg0adXVi^dc"hXdji^c\VhVÒabY^gZXidg#L]Vi VcYidcZd[kd^XZid]ZaeeZdeaZ[ZZabdgZXdb[dgiVWaZ#
lVhXdch^hiZcilVhVcZZYidWZVaZgiVcYZc\V\ZY 6ai]dj\]^iÉh^bedgiVciidWZdjghZakZhl]ZclZÉgZ
i]gdj\]djii]^he]VhZid\Zii]ZWZhigZhjaih#LZlZgZ bdYZgVi^c\!lZ\V^cVadi[gdbi]ZhbVaa!cdc"kZgWVa
Xjg^djhVhid]dlcdc"kZgWVah`^aahb^\]i]ZaejhVX]^ZkZ X]Vc\ZhlZbV`Z^[lZÉgZhZch^i^kZiddjg^ciZgk^ZlZZh/
hjX]Vc^ci^bVXnl^i]djgVjY^ZcXZÄl]Vi[jgi]Zgiddah
ÆBnWdYnaVc\jV\ZVcY[VX^VaZmegZhh^dc^hVW^ibdgZ
VcYiZX]c^fjZhXdjaYlZZbeadn4
ZmegZhh^kZl]Zc>Ébl^i]VeVi^Zci½ndj]VkZidWZ
GZVX]^c\ndjgVjY^ZcXZ XVgZ[jaVWdjii]^c\ha^`ZhVgXVhbidd>[eVi^ZcihYdcÉi
IZVX]ZghcZZYidXdbbjc^XViZl^i]VcY^ciZgegZii]Z [ZZai]ZnjcYZghiVcYl]VindjÉgZhVn^c\!i]Zn[ZZa
gZhedchZhd[i]Z^ghijYZcih^cbjX]i]ZhVbZlVn jehZiVcYVc\gn#NdjadhZi]Z^gigjhi^[i]ZnYdcÉi\Zi
VhVgZhZVgX]Zgl^i]Vc^ciZgk^ZlZZdg[dXjh\gdje# l]VindjÉgZign^c\idhVn½ÇHeZZX]VcYAVc\jV\Z
I]Zn]VkZidh^bea^[naZhhdchVcYWgZV`i]^c\hYdlcid I]ZgVe^hi
Xdbbjc^XViZZ[[ZXi^kZanl^i]VXaVhhdghijYZci#<ddY
IgjhiVcYXdcÒYZcXZVgZ^bedgiVci[dgZkZgndcZ^ci]Z
iZVX]ZghldcÉihi^X`g^\^Yanidi]ZaZhhdceaVc^[i]ZnhZZ
gZhZVgX]egdXZhh!Wjii]^hYdZhcdibZVci]VilZh]djaY
VcZmZgX^hZdgiZX]c^fjZ^hcÉildg`^c\#@cdl^c\i]Z
ValVnhZmeaV^ci]^c\hideVgi^X^eVcih^ci]Zh^beaZhi
jai^bViZ\dVadghigViZ\^X^ciZcid[l]Vii]ZnÉgZign^c\id
lVnedhh^WaZ#Dci]ZXdcigVgn!d[iZc^i^h^bedgiVci
VX]^ZkZ!i]ZnXVcWZÓZm^WaZVcYVeeani]Zeg^cX^eaZhi]Zn
idjhid`cdll]ZcaVc\jV\Zdg^YZVhbVncdiWZ
`ZZe^ci]Z^gWVX`edX`Zi^cdgYZgidgZVX]VeVgi^XjaVg
Xdbbjc^XVi^c\XaZVgan!hdlZXVcZmeadgZl]nXdcXZeih
XaVhhdg^cY^k^YjVa#8dch^YZg^c\i]^hÓZm^WaZVeegdVX]
VgZWZ^c\gZ_ZXiZYdg^ch^\]ihVgZ]VgYid\Vi]ZgÄVcY

8deng^\]i:HDB6G'%%. &%
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

YdhdbZi]^c\VWdji^i#I]^h^hVcdi]ZgZmVbeaZl]ZgZ I]^hldjaY\^kZ]ZgXajZhidjcbZicZZYhVcYhZgkZ
^cij^i^dcVcYViiZci^dcidb^cjiZ!cdc"kZgWVaYZiV^ahXVc Vh^che^gVi^dc[dgcZlegdYjXih#
WZZmigZbZan^bedgiVciÄl]ZgZeVgi^X^eVcihbVncdi
AVc\jV\ZiZVX]Zgheji\gZVikVajZdci]ZZmeZg^ZcXZ
l^h]idVYb^ii]ZnYdcÉiÈ\ZiÉhdbZi]^c\!dgcdilVciid
d[aZVgc^c\VaVc\jV\ZVcYk^h^i^c\Vcdi]ZgXdjcign
heZV`VWdjihdbZi]^c\lZcZZYide^X`jedci]Zh^\ch
WZXVjhZ^iWg^c\h^iida^[Z!bV`Zhi]ZldgYhbZVc
i]ViiZaajhi]^hhdlZXVcegdWZ[jgi]Zg^cdi]ZglVnh
hdbZi]^c\VcY\^kZhi]ZbViVc\^WaZXdciZmi/
id]Zaei]Zb[ZZaXdb[dgiVWaZ#
ÆI]ZldgYÈVeeaZÉhjYYZcanbZVchbjX]bdgZl]Zc
LZXVcVahd]ZaeeZdeaZidZmegZhhi]ZbhZakZhWn
ndjÉgZ]daY^c\^i^cndjg]VcY!W^i^c\^cid^i!hbZaa^c\^iVcY
\^k^c\i]ZbY^[[ZgZcidei^dch[dgXdckZn^c\[ZZa^c\hVcY
iVhi^c\^iÄndjXVcÉi\Zii]Vi^cVXaVhhgddb#ÇI:;AiZVX]Zg
de^c^dch!aZii^c\i]ZbYZX^YZ]dlVcYl]ZgZidhiVgi
i]Z^ghidgn#BdhigZhZVgX]Zgh]VkZVcZkZg"ZmeVcY^c\ I]^h^hVahdl]n^ciZgk^Zl^c\eVgi^X^eVcih^ci]Z^gdlc
idda`^id[ZmZgX^hZhVcYiZX]c^fjZhid\dWZndcY ]dbZdgldg`eaVXZ^hhdgZlVgY^c\#I]Z^gldgYhVcY
hiVcYVgYfjZhi^dc^c\!WjilZbVnhi^aaWZgZan^c\idd hidg^ZhXdbZida^[Zl]ZclZXVchZZi]Zb^ci]Z^g
bjX]dceVgi^X^eVcihÉVW^a^inidZmegZhhi]ZbhZakZh^c dlcZck^gdcbZci!VcYi]ZnVgZÈ^aajhigViZYÉWni]Z^gdlc
ldgYh!l]ZcVcdi]ZgbZY^jbbVnWZbdgZhj^iVWaZ# egdeh#6]jhWVcYÉh^ciZgZhi^cXVgh^heaV^can^aajhigViZY
HdbZi^bZh!Vh`^c\eZdeaZidXgZViZk^hjVahXVcegdk^YZ Wni]Ze^aZd[XVgbV\Vo^cZhdci]ZXd[[ZZiVWaZVcY
VcdjiaZi[dgjhidVXXZhhbdgZZbdi^dchVcYaVc\jV\Z i]ZX]^aYgZcÉh\VbZ^ci]ZXdgcZgi]VilVhgZVaanWdj\]i
Vhdjg:c\a^h]iZVX]ZgYZhXg^WZh/ l^i]9VY^cb^cYI]ZhZVgZVahdi]Zhidg^ZhVcYe^XijgZh
lZXVch]VgZl^i]djgXa^ZcihVcYgZhZVgX]eVgicZgh!hd
Æ>b^\]ihZii]ZbViVh`!hVn!idÒcY(dW_ZXihi]Vi^ciZgZhi
i]ZnXVc\ZiV[ZZa[dgl]dlZÉkZhed`ZcidVcYl]Vi
i]Zb^cVbjhZjb#I]ZgZ^hVi^bZa^b^i!hdhdbZd[i]Zb
i]Z^ga^kZhb^\]iWZa^`Z#
h`ZiX]i]ZdW_ZXiWZXVjhZi]ZnXVcÉiÒcYi]ZaVc\jV\Z
fj^X`anZcdj\]#L]ZclZÉgZWVX`^ci]ZXaVhhgddb!lZ ?jhiVhVÒabY^gZXidgb^\]i\Vi]ZgkVg^djh^c\gZY^Zcihid
XVcjhZi]ZYgVl^c\hidhiVgiiVa`^c\VWdjii]ZdW_ZXih iZaaVegZ"YZÒcZYhidgn!XVhi^c\VXidgh!adXVi^dc"hXdji^c\
VcY\ZcZgViZi]ZaVc\jV\ZVii]Vied^ci^chiZVY#Ç;djcYZg! dgX]ddh^c\VXZgiV^ci^bZd[YVnidÒabl^i]heZX^ÒX
8jaijgZYAZVgc^c\ a^\]iXdcY^i^dch!lZb^\]ii]^c`VhWgdVYan^ci]ZineZh
d[^c[dgbVi^dclZÈa^hiZc[dgÉ^cVgZhZVgX]hZhh^dc^c
A^hiZc^c\l^i]Vaai]ZhZchZh
dgYZgidgZ"XgZViZi]ZZmeZg^ZcXZ[dgdjgVjY^ZcXZh#;dg
Æ>ÉbcdiV\ddYXdbbjc^XVidghdbZi^bZh!>[V^aida^hiZc
ZmVbeaZ!iV`^c\ZmigVe]did\gVe]hd[adXVi^dchZcgdjiZ
l^i]bnZnZh!ZVghVcY[ZZa^c\h!YdcÉia^hiZcidi]ZXdciZmi
idVc^ciZgk^ZlidXdciZmijVa^hZi]ZadXVi^dc!dggZXdgY^c\
^cl]^X]i]ZnÉgZheZV`^c\Äl]d^hI=>HeZghdcheZV`^c\!
cdidcani]Z^ciZgk^ZlVjY^dWjiVahdi]ZWVX`\gdjcY
]dlVgZi]Znign^c\idXdbbjc^XViZl^i]bZ#Ç6Xidg$
cd^hZhid]ZaeaViZghZii]ZhXZcZ#HZZÒ\jgZ)#
igV^cZg
I]ZgZ^hVcVYY^i^dcVaVYkVciV\Z^c^ckdak^c\eVgicZghVcY
>iÉhVaaiddZVhnid\d^cidÈVjidbVi^XÉhdbZi^bZhl]Zc
Xa^Zcih^cÒZaYldg`#I]ZnWg^c\i]Z^gdlceZgheZXi^kZVcY
lZÉgZa^hiZc^c\idgZhZVgX]eVgi^X^eVcihÄeVgi^XjaVgan
hZch^i^k^inidVWhdgWXZgiV^cineZhd[^c[dgbVi^dc#8gZVi^c\
l]ZclZÉgZcZVg^c\i]ZZcYd[Vegd_ZXi!lZÉkZ]ZVgY
bjai^"Y^hX^ea^cVgniZVbhXVcXgZViZ]^\]anÈVWhdgWZciÉ
h^b^aVggZhedchZhVcYi]^c`lZ`cdlVagZVYnl]Vi
ÒZaYldg`VXi^k^i^Zhl^i]ZVX]Y^hX^ea^cZ]dc^c\^cdcV
i]ZÒcY^c\hb^\]iWZ#>i^hVii]^hed^cii]VilZcZZYid
Y^[[ZgZci[VXZid[^c[dgbVi^dcVcYbVm^b^h^c\i]ZaZVgc^c\
bV`ZhjgZlZÉgZhi^aa\d^c\ÈWZndcYldgYhÉVcYhiVn
^cVÒmZYVbdjcid[i^bZ#DjgXdchjaiVciZmeaV^cZY]dl
VaZgiidi]ZhjWiaZi^Zhd[Y^[[ZgZci]jbVcZmeZg^ZcXZh#
ÒZaYldg`lVhVe]VhZ^cl]^X]]ZWdjcXZY^YZVhd[[
DjgYZh^\cZgVahdYZhXg^WZYe^X`^c\jedci]ZYZiV^ad[
Y^[[ZgZcieZdeaZ!h]Vg^c\VcYgZÓZXi^c\dcXdcXZeihVcY
]jbVcWZ]Vk^djg^cejWa^XeaVXZh!cdi^X^c\i]Z[jccndg
^ch^\]ihidXdaaZXi^kZan\gVheV[jaaZgjcYZghiVcY^c\#
higVc\ZlVnheZdeaZÈb^hjhZÉh^beaZZkZgnYVndW_ZXih#

8deng^\]i:HDB6G'%%. &&
8DCHJB:G>CH><=IH'%%.
E6GI)$>CH><=IIG6CHA6I>DC
;><JG:)
L=6I@>C9D;H:CHDG>6A>C;DGB6I>DC86CNDJE>8@JEDCID86EIJG:I=:;JAA:ME:G>:C8:D;6C>CI:GK>:L4
>YZVh[dg\d^c\WZndcYi]Z^ciZgk^Zl
™;^\]i[dgdeedgijc^i^ZhidXVggndji^c"XdciZmigZhZVgX]
hjX]Vh]dbZldg``^ih!]dbZk^h^ih!ldg`eaVXZh]VYdl"
^c\!ZkZc\jZgg^aaV^ciZgk^Zl^c\^ch]deh!idZmedhZ
ndjghZa[idi]ZbdgZZmeZg^Zci^Vah^YZhd[i]ZeVgi^X^eVciÉh
hidgn#
™@ZZeVkVg^Zind[gZhZVgX]iZX]c^fjZh^cndjgÈbdYZgV"
idgÉhWVX`edX`ZiÉhdndjXVcX]ddhZi]Zbdhihj^iVWaZ
iddahViVcni^bZid\^kZndjggZhedcYZcihdeedgijc^in
idZmegZhhi]ZbhZakZh^cbVcnlVnhÄldgYh!e^XijgZh!
hdjcYh!\ZhijgZh½
™I]^c`VWdjijh^c\Vl^YZggVc\Zd[iZX]c^fjZhid
Zc]VcXZegZhZciVi^dcd[hi^bjajh!iV`^c\VaZV[[gdb
i]ZÒabY^gZXidgÉhWdd`VcYeZg]VehXdbe^a^c\VhZg^Zh
d[ÒabXa^ehi]ViZkd`Zi]ZbddYd[i]ZXdcXZei4
™8VeijgZXajZh[gdbWdYnaVc\jV\ZVcYcdc"kZgWVa
gZhedchZhÄndjgdlcVcYndjgVjY^ZcXZ#L]ZcYd
eZdeaZh^i[dglVgY4L]ZcVgZi]ZnaZhhZc\V\ZY4L]ZgZ
Ydi]Znadd`gZhedch^kZ4L]ZcVgZi]ZnaVj\]^c\dg
hb^a^c\4
™9dhdbZWVh^XCAEigV^c^c\id^cXgZVhZVlVgZcZhh
d[cdc"kZgWVaeViiZgchVcYXajZh
™GZbZbWZgi]VieVgi^X^eVcihVgZ]jbVciddÄi]Zn
\Zii^gZYVcYWdgZY!VcYi]^hbVncdiWZVÈcdgbVaÉ
VXi^k^in[dgi]Zb
8deng^\]i:HDB6G'%%.
I]ZYZWg^ZÒc\egdXZhh
Æ>ca^kZi]ZVigZ!^[ndjldg`ndjgVghZd[[!i]ZVjY^ZcXZ
XVciZaaVcYl^aa[dg\^kZndjVabdhiVcni]^c\I]Znl^aa
]VkZZbeVi]nVcYVhhdX^ViZl^i]ndj#7ji^[ndjhiVcY
i]ZgZVcYVh`i]Zbid_jY\Z^i!i]Znl^aa#Ç6XidgVcY
igV^cZg
>[lZÉkZYdcZdjg_dWlZaa!WZZcXdbbjc^XVi^c\VcY
igVchaVi^c\l^i]i]ZXa^ZciVcYegd_ZXiiZVbi]gdj\]dji!
VcYldg`ZYid\Zi]ZgidWj^aYdc^YZVh[dgi]ZVcVanh^h!
i]ZVjY^ZcXZh]djaYWZVWaZidVci^X^eViZi]Z\ZcZgVa
Y^gZXi^dcd[i]ZÒcY^c\hVii]ZYZWg^Z[egZhZciVi^dc#I]^h
YdZhcÉibZVci]ZgZhZVgX]lVh^ckV^c!WjigVi]Zgi]Vi
i]ZigVchaVi^dcegdXZhh]VhWZZc\d^c\dch^cXZi]ZWg^Z[
lVh[dgbZY!VcYi]ZYZWg^Z[WZXdbZhV[dgbVa^h^c\
d[i]Zdjieji[gdbi]ViegdXZhh#I]ZÈ[dgbVaÉYZWg^Z[
bZZi^c\XVci]ZcVXiVhVcZcZg\^hZg!XViVanhiVcY
_jbe^c\"d[[ed^ci#GVi]Zgi]VcVg\j^c\VWdjiX]d^XZd[
ldgYhVcYÒcZYZiV^a^ci]ZÒcY^c\h!i]ZiZVbXVchiVgi
idY^hXjhh^bea^XVi^dchid\Zi]ZgÄgZhjai^c\^cVhbddi]Zg
igVch^i^dcidi]ZcZmihiV\Zhd[i]Zldg`#
I]^c`^c\VWdjindjgVjY^ZcXZ½
ÆLZYZXdYZVcYZcXdYZ0WjiV]jbVcigVchaVidgl^aa
VeegdVX]i]ZiVh`ViVXdcXZeijVa$XdciZmijVaVcYcdi
&'
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

ejgZanhigjXijgVa$a^c\j^hi^XaZkZa#H^beaZcdc"]jbVc VWdji]dlidXdbbjc^XViZ]^hZmeZg^ZcXZÄl]^X]
igVchaVi^dcl^aahjWhi^ijiZldgYh^cdcZaVc\jV\Zl^i]i]Z bZVcha^hiZc^c\id^iÒghiVcY[dgZbdhi!idXVeijgZVcY
Zfj^kVaZcildgYh^cVcdi]ZgaVc\jV\Z!igZVi^c\i]Zb^c igVchaViZi]ZZaZbZcihi]Vib^\]iXdbbjc^XViZZaZbZcih
^hdaVi^dcl^i]cdXdch^YZgVi^dc\^kZcidi]ZdW_ZXi^kZd[ d[i]ZadXVi^dcidVa^hiZcZgi]djhVcYhd[b^aZhVlVn/
i]ZiZmidg^ih^ciZcYZYVjY^ZcXZ#ÇIgVchaVidg
Æ7jhnigV[ÒXcd^hZhXVceaVXZndjVcnl]ZgZ![gdb9Za]^
<ddYigVchaVidghl^aacdiZkZcViiZbeiVigVchaVi^dc idHVdEVdad#HdbZi]^c\a^`Zi]ZhdjcYd[VXaVc\^c\igVb!
l^i]dji`cdl^c\l]dcZZYhidjhZ^iVcYVYVei^c\ dci]Zdi]Zg]VcY!^hkZgnHVc;gVcX^hXdÇ
i]Z^ghinaZVcYVeegdVX]VXXdgY^c\an#LZcZZYidYd
:cXdjgV\^c\VjY^ZcXZhid^ciZgVXil^i]^YZVhVcY
i]ZhVbZl^i]djgdlcldg`!XdchiVcianXdch^YZg^c\
ZmeZg^ZcXZh
l]dcZZYhidjcYZghiVcY^i!VcYl]VibZY^jbVcY
L]ZclZÉgZigVchaVi^c\^YZVhl^i]egd_ZXiiZVbh!gVi]Zg
hinaZ^hWZhi[dgi]Zb#L]ZgZegd_ZXihiV`Z]daYZghVgZ
i]Vc[dgi]Zb!lZXVcVaaldg`l^i]i]Z^ch^\]ihbdgZ
[gdbY^kZghZWVX`\gdjcYh!lZcZZYidi]^c`XVgZ[jaan
fj^X`anVcYZVh^an#=Zae^c\Xa^ZcihVcYeVgicZgh^ciZgVXi
VWdjii]ZaVc\jV\ZlZjhZidXdbbjc^XViZl^i]iZVb
l^i]^YZVhVcYiV`ZdlcZgh]^ed[i]Zb^hVX]VaaZc\^c\
bZbWZghÄl]dbVnWZWVhZYid\Zi]Zg^ci]ZhVbZ
iVh`!WjibjX]bdgZgZlVgY^c\^ci]Zadc\gjci]Vc
d[ÒXZdgY^heZghZY^cadXVi^dchVgdjcYi]ZldgaY#6gVY^d
h^bean]VcY^c\dkZgVYdXjbZci[jaad[ldgYhÄVcY
egZhZciZg]^\]a^\]ihVgVi]ZgZmigZbZkZgh^dcd[i]^h
i]ZgZ^hbjX]lZXVcaZVgc[gdbi]ZigV^cZghVcY
Y^aZbbVl]Zcejii^c\id\Zi]Zg]^hgVY^dh]dl[dgi]Z
iZVX]ZghlZhed`Zid#IZVX]^c\:c\a^h]VhV;dgZ^\c
778LdgaYHZgk^XZ/
AVc\jV\ZI:;A]VhVcÈ-%$'%ÉgjaZidZcXdjgV\Z
Æi]ZLdgaYHZgk^XZ]Vh(.b^aa^dca^hiZcZghVgdjcYi]Z aZVgcZghid\ZcZgViZldgYhVcYaVc\jV\Z[dgi]ZbhZakZh!
ldgaY!VcY^iYdZhbV`Z^iY^[ÒXjai½>ValVnhlVciideji gVi]Zgi]Vch^beangZhedcY^c\idiVh`hVcYfjZhi^dch#
^cejch!_d`Zh!VcYXjaijgVagZ[ZgZcXZhi]Vil^aabV`Zi]Z >YZVaan!i]ZiZVX]Zgh]djaYiVa`'%d[i]Zi^bZ!VcYi]Z
WgdVYXVhibdgZa^kZanVcYZc\V\^c\!WjieZdeaZb^\]i hijYZcih-%d[i]Zi^bZ#I]ZiZVX]ZgÉhgdaZ^hidÒcY
cdijcYZghiVcY#Ndj]VkZidjhZaVc\jV\ZVhh^beanWji lVnhd[Za^X^i^c\aVc\jV\Z[gdbhijYZcih^ci]Zbdhi
Z[[ZXi^kZanVhndjXVc#ÇEgZhZciZgd[9^\^iVaEaVcZi gZaZkVcilVn!VcY\^kZi]ZbXdcÒYZcXZidjhZi]Z^gcZl
h`^aahVlVn[gdbi]ZÈhV[ZÉXaVhhgddbZck^gdcbZci#
>ci]^hXVhZ!i]ZegZhZciZg^hhVXg^ÒX^c\hdbZd[i]Z
g^X]cZhhVcY]jbdjgidbV`ZhjgZ]^hY^kZghZVjY^ZcXZ L]^ahigZhZVgX]Zghd[iZc]VkZi]ZWZcZÒid[ZmeZg^ZcX^c\
XVcjcYZghiVcYi]ZZhhZcXZd[ZVX]egd\gVbbZÄ XdchjbZghÉa^kZhViÒghi]VcY!lZVahdcZZYidXdch^YZg
hdbZi]^c\l]^X]XVcXVjhZVg\jbZcihl^i]egd\gVbbZ ]dllZXVch^bjaViZi]^h[dgXa^ZcihVcYdi]Zgh^ci]Z
egdYjXZgh!h^cXZ_jY\bZciha^`Zi]ZhZVgZValVnh egd_ZXiiZVb#6\V^c!i]ZgZlZgZhdbZ^ckZci^kZeVgVaaZah
hjW_ZXi^kZ#L]^ahilZjhjVaan]VkZcdi]^c\fj^iZhdX]Va" [gdbdjg^ciZgk^ZlZZh/
aZc\^c\Vh(.b^aa^dcY^[[ZgZcia^hiZcZgh!^i^hdjg_dWid
Æ>]VYVehnX]dad\nijidgl]d\diV[g^ZcYidWj^aY]Zg
bV`ZhjgZeZdeaZaZhhY^gZXian^ckdakZY^ci]Zegd_ZXiXVc
VeV^gd[\d\\aZhi]ViijgcZYi]ZldgaYjeh^YZYdlc
\gVhei]Z`Zned^cihZVh^anVcY^cij^i^kZanÄl]^X]jhjVaan
Äh]ZldgZi]ZbVhVcZmeZg^bZci[dg'lZZ`hVcY
bZVchaZhhXdbea^XViZY_Vg\dc!VcYbdgZVXXZhh^WaZ
hV^Yh]ZlZcibVYWni]ZZcY½I]ZGdnVaCVi^dcVa
Xdbbjc^XVi^dc!Wdi]kZgWVaVcYcdc"kZgWVa#
>chi^ijiZ[dgi]Z7a^cYjhZYid\^kZndjheZXiVXaZhi]Vi
6hVegZYdb^cVcianVjY^idgn[dgbVi!gVY^d]Vhidldg` b^b^Xh^\]i^beV^gbZcih!i]dj\]ndjXVc\Zii]ZhVbZ
ZheZX^Vaan]VgYidbV`ZXdbbjc^XVi^dcXdbZida^[Z[dg Z[[ZXi^[ndjejiV[ZlaVnZghd[HZaadiVeZdkZg\aVhhZh
i]Za^hiZcZgh#DjgegZhZciZg\dZhdcidiVa`VWdjidi]Zg Äi]ViÉhZmVXianl]VindjhZZ^[ndj]VkZXViVgVXih#
lVnh]Zig^ZhidbV`Zi]Zegd\gVbbZXdbbjc^XViZVh I]dhZ`^cYd[i]^c\hVgZ\ddYWZXVjhZi]ZnÉgZVXi^kZ#Ç
XaZVganVhedhh^WaZ#;gdbi]ZbdbZci]ZVgg^kZh^cV IgV^cZgldg`^c\l^i]YZbZci^VXVgZldg`Zgh
cZladXVi^dc[dgVgVY^dWgdVYXVhi]Z^hVagZVYni]^c`^c\

8deng^\]i:HDB6G'%%. &(
8DCHJB:G>CH><=IH'%%.
E6GI)$>CH><=IIG6CHA6I>DC
IZVX]Zgh`cdli]ViZmeZg^ZcXZhheZV`adjYZgi]Vc
ldgYh!VcYi]Vi^[i]ZnXVc\Zii]Z^ghijYZcihidXdccZXi
^YZVhide]nh^XVabdkZbZci!hdjcYhVcYk^hjVah!i]Zn
VgZbjX]bdgZa^`ZanidgZiV^ci]Zb^ci]Zadc\iZgb#I]Z
iZX]c^fjZhi]ZnjhZVgZZcYaZhhÄVcni]^c\[gdbhZii^c\
jeVgZhiVjgVcihXZcVg^d^cV<ZgbVcaZhhdc!XdbeaZiZ
l^i]bZcjhVcYÓdlZghdci]ZiVWaZ!idan^c\Ydlc
dci]ZÓddgidYZbdchigViZi]ZldgYÈjcXdb[dgiVWaZÉ
IZVX]ZghXdchiVcian^begdk^hZ!add`VgdjcYi]ZbhZakZh
VcY\gVWl]ViZkZg^hXadhZhiid]VcYidWg^c\i]Z^g
hjW_ZXiida^[Z#
Jh^c\Y^[[ZgZciiddahidÈigVchaViZÉÒcY^c\hWZndcY
ldgYh
<d^c\ÈWZndcYldgYhÉbZVchWZ^c\XdcÒYZciVcYÓZm^WaZ
Zcdj\]id\dWZndcYl]Vi^hlg^iiZc^cVegZhZciVi^dc
dgYdXjbZci!VcYjh^c\l]ViZkZgldg`hid]Zaejh
Xdbbjc^XViZl]Vii]ZgZhZVgX]iZVbcZZYhid`cdl#>[
lZcZZYide^X`jeVeVYd[eVeZgYjg^c\i]ZYZWg^Z[VcY
h`ZiX]hdbZi]^c\idXaVg^[nVed^ci!lZh]djaYYd^i#I]Z
VjY^ZcXZl^aaWZ\gViZ[ja[dgVcVaiZgcVi^kZeZgheZXi^kZ!
VcY^ib^\]i_jhiheVg`d[[cZlXdccZXi^dchVcY^YZVhlZ
]VYcÉii]dj\]iVWdjiWZ[dgZ#
LZVahdh]djaYcÉiVWVcYdci]Zcdc"kZgWVaiddah
VagZVYnVidjgY^hedhVa/
ÆLZ\ZcZgVaanYdcÉijhZ9K9h^cigV^c^c\WZXVjhZ^iejih
eZdeaZ^cidVeVhh^kZhiViZÄWjilZÉkZY^hXdkZgZYVidda
[dgigV^c^c\XVgZldg`Zgh^cYZbZci^Vl]^X]lVhcdc"
kZgWVa!VcYgZVaanZ[[ZXi^kZ#>iÉhVÒXi^dcVaVXXdjcid[V
?Zl^h]=dadXVjhihjgk^kdghj[[Zg^c\[gdbYZbZci^V!kZgn
lZaabVYZ!^iÉhkZgnZc\V\^c\!l^i]adihd[bZiVe]dghVcY
hnbWda^hbÄ^igZVaaniV`Zhjh^cid]ZgldgaY!i]ZhdjcYhd[
l]ViÉh\d^c\dcVgdjcY]ZgVcY]dl^ib^\]i[ZZa[dg]Zg#Ç
IgV^cZgldg`^c\l^i]YZbZci^VXVgZgh
6ldgYd[lVgc^c\/l^i]Vc^bbZchZgVc\Zd[dei^dch
VkV^aVWaZl^i]l]^X]idh]VgZi]ZYZWg^Z[l^i]djgiZVb!
lZb^\]iWZiZbeiZYiddkZg"Xdbea^XViZi]Z^ch^\]ihl^i]
Vbjai^"bZY^VZmigVkV\VcoVi]VihZgkZhbdgZiddWhXjgZ
i]Z^ch^\]ihi]VcbV`Zi]ZbbdgZVXXZhh^WaZ#I]Zbdhi
Z[[ZXi^kZXdbbjc^XVi^dc^hd[iZci]Zbdhih^beaZÄVcY
V\V^c!XVcWZXdbeaZiZancdc"kZgWVa/
8deng^\]i:HDB6G'%%.
ÆL]n^h^ii]VilZadkZVXidghl]dYdcdi]^c\4Ededk
i]ZXadlcldjaYXdbZVcYhlZZejeVii]ZZcYd[i]Z
VXi½;^cVaan!l]Zccdi]^c\lVhaZ[iWjii]Zhedia^\]i!
]ZÉYhiVgiidhlZZei]Vijeidd!Wgjh]^c\^ihbVaaZgVcY
hbVaaZga^`ZVX]^aY!jci^a^ilVh\dcZ#>iÉhhjX]Vh^beaZ
VXiÄVaZhhdc[dgVcndcZl]dlVcihidXdbbjc^XViZ
lZaa#Ç6XidgVcYigV^cZg
>YZVh[dg\d^c\WZndcYi]ZYZWg^Z[
™:cXdjgV\ZXa^ZcihVcYgZhZVgX]eVgicZghid\Zi
^ckdakZYl^i]i]Z^ch^\]ihWZ[dgZi]ZYZWg^Z[egZhZciVi^dc
ÄhdbZXdjaYZkZcYdhdbZ^ciZgk^Zlhi]ZbhZakZhid
\Zii]ZbdYZgVidgÉhk^ZldcVegd_ZXi#
™7ZhZch^i^kZidXa^ZcihÉViiZci^dcheVchVcYaZVgc^c\
hinaZh/_jhia^`ZgZhZVgX]eVgi^X^eVcih!cdiZkZgndcZ
egdXZhhZh^c[dgbVi^dc^ci]ZhVbZlVn#<^kZi]Zb
Y^[[ZgZcidei^dchhdi]ZnXVcÒcYV[dgbVii]ViXdbbj"
c^XViZh[dgi]ZbVcYi]Z^giZVb#
™>cigdYjXZVgVc\Zd[hZchdgnhi^bjajh^cidi]Z
YZWg^Z[ÄVcni]^c\[gdbbjh^XiddW_ZXihVcYe^XijgZh
i]ZVjY^ZcXZXVc^ciZgVXil^i]VcYgZhedcYid0i]^h
XVcWZVhh^beaZVhhVbeaZegdYjXih[gdbi]Zegd_ZXi
dgVXVgZ[jaanX]dhZcÈhdjcYigVX`Éi]VibViX]Zhdjg
XdchjbZghÉa^[ZhinaZh
™LViX]]dlegd[Zhh^dcVaÈeZg[dgbZghÉ\Zii]Z^ged^ci
VXgdhh^cY^[[ZgZcilVnhÄcdi_jhildgYh#Add`Vi
VXidghÉWdYnaVc\jV\Z!i]ZZbdi^dcVagVc\Zd[Vbjh^XVa
eZg[dgbVcXZdgi]ZZcZg\nd[VYVcXZ0^[lZXVcgZegd"
YjXZ_jhiV[gVXi^dcd[i]Z^gZmegZhh^dc!lZÉaaVagZVYn
WZbV`^c\VY^[[ZgZcXZ#
DDEHÄL=6I67DJI6C6ANH>H4
Æ>YdcÉihZZVcVanh^hVhYViV!>hZZ^iVhVbdbZci
^cbna^[Z½>iÉhV')$,VXi^k^in!>lV^i[dgi]ZYViVid
WZXdbZXaZVg#Ç7jh^cZhh>ccdkVi^dc8dchjaiVci
LZVabdhiY^YcÉilVciidlg^iZVhZeVgViZhZXi^dcdc
VcVanh^h!WZXVjhZVhdjgXdchjaiVciVWdkZed^cihdji!
^ih]djaYWZhdbZi]^c\i]ViÉh\d^c\dci]gdj\]dji
ZkZgni]^c\lZYd#>cbVcnd[i]ZVXi^k^i^ZhlZYZhXg^WZ
^ci]ZWg^ZÒc\!ÒZaYldg`VcYYZWg^Z[egdXZhhZh!lZÉgZ
VahdiVa`^c\VWdjiVcVanh^h!VaWZ^i^cY^gZXian#=dlZkZg!
i]ZgZVgZV[ZlVgZVhdjg^ciZgk^ZlZZhidjX]ZYdcl^i]
VcVanh^hi]ViVgZldgi]bZci^dc^c\hZeVgViZan#DjgÒab
&)
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

Y^gZXidg![dgZmVbeaZ!YZhXg^WZhVXdbeVgVWaZegdXZhh bn`cdlaZY\ZVcYh`^aah!WjiVahdi]ZWZcZÒid[jhi]Z
^ci]ZZkdaji^dcd[VÒabhXg^ei!l]^X]h]ZYZhXg^WZhVhV iZVbd[XVgZghiVa`^c\idZVX]di]Zg#EVi^Zcihb^\]i]VkZ
Èa^k^c\YdXjbZciÉ#I]^hXdbZhidgZÓZXii]ZXdaaVWdgVi^kZ dcZ"id"dcZhZhh^dchl^i]VhdX^Valdg`Zg!VcjghZZiXVcY
cVijgZd[i]ZÒabbV`^c\egdXZhh!VcY^hVccdiViZY i]ZclZÉaaVaa\Ziid\Zi]Zg!hVndcXZVlZZ`!VcYXdbeVgZ
Y^gZXianWnXgZlbZbWZghbVg`^c\i]Zegd\gZhhd[ i]ZbZh#L^i]^ci]ZhZY^hXjhh^dchlZÒcYi]^c\hdjii]Vi
i]ZÒab# ndjYdcÉil]ZcndjÉgZ^cY^[[ZgZciadXVi^dch#>ibZVchndjg
eaVch[dgi]ZcZmilZZ`XVcWZbjX]bdgZ[dXjhhZY½Ç
7jil]Vid[djgdlchXg^WWaZhVcYVccdiVi^dch!VcYi]Z
HeZZX]VcYAVc\jV\ZI]ZgVe^hi
h`ZiX]ZhVcYbVehlZegdYjXZi]gdj\]djiVegd_ZXiid
ad\djg^YZVhl]^ahii]ZnÉgZ[gZh]VcY^chi^cXi^kZ4?jhi ;dgbVcnd[jhi]ZVcVanh^hegdXZhh^hVagZVYnV
a^`Zi]ZI:;AiZVX]ZgÉhhijYZcihh`ZiX]^c\WZXVjhZi]Zn bjai^"eZghdcV[[V^g!VcY^iXVcbV`ZdjgÒcY^c\hVcY
XVcÉiÒcYi]ZldgYhfj^X`anZcdj\]!lZcZZYidVaadl XdcXajh^dchbjX]g^X]ZgVhVgZhjai#L]ViVWdjii]dhZ
djghZakZhidZmeadgZ^YZVh^ci]Z^gY^[[ZgZcihZchdgn l]dbVncdi]VkZXdcYjXiZY\gdjehdg^ciZgk^Zlh!Wji
[dgbhid\Zii]ZWZhidjid[djgWgV^ch# l]dcZZYidjhZi]ZgZhZVgX]VcY]VkZeZgheZXi^kZh
d[i]Z^gdlcidVYY4
AZii^c\i]^c\h\ZibZhhn
ÆBngddbVi]dbZ^hVheVXZl]ZgZ>XVcZVh^anYg^[i^c >iÉhi^bZidYZ"bnhi^[ni]ZVcVanh^hegdXZhh^cgZhZVgX]#
VcYdjid[^YZVhl^i]dji[ZZa^c\\j^ain#>i^hVcZmigZbZan 7n^cXajY^c\Xa^ZcihVcYdi]ZggZhZVgX]eVgicZgh^ci]Z
bZhhneaVXZ#=Va[i]Zi^bZi]^h\ZihbZYdlc#7ji^i VcVanh^hegdXZhh^ihZa[!lZXVcÈigVchaViZÉ^ch^\]ihl^i]
VXijVaan^hV\ddYgZÓZXi^dcd[bni]dj\]iegdXZhh#>Éaa i]Zbhdi]ViXdcXZeihVcYaVc\jV\ZWZXdbZbdgZ
hiVgiadd`^c\[dgVWdd`Wjg^ZYhdbZl]ZgZYZZe^ci]Z [Vb^a^Vg!jhVWaZVcYgZaZkVci#
engVb^Yhd[eVeZgi]Vih^iVidebnYZh`#7jiYjg^c\
7jiXVclZ^ckdakZi]ZbZkZcbdgZ^ci]ZhZhidg^Zh!
i]ZhZVgX]>Éaad[iZcXdbZVXgdhhhdbZi]^c\>]VYcÉi
ZkZc^cXajYZi]Zb^ci]ZVXijValg^i^c\d[i]Zhidgn!
WZZcadd`^c\[dgl]^X]XVciV`Zbni]dj\]iegdXZhhd[[
aZii]ZbZmeZg^ZcXZi]ZY^[[ZgZcildgaYhd[gZhZVgX]
^cVcjcZmeZXiZYY^gZXi^dc#7nbV^ciV^c^c\Vcjci^Yn
eVgi^X^eVcih[dgi]ZbhZakZhVcYjhZi]dhZZmeZg^ZcXZhid
gddb>ÉbgV^h^c\i]Za^`Za^]ddYd[bV`^c\i]ZhZgVcYdb
Zcg^X]VcYWj^aYjcYZghiVcY^c\d[hZXidghVcYbVg`Zih!
XdccZXi^dch#Çee#((!;^cY^c\Bddch]^cZ
VhlZaaVh^YZci^[nediZci^VacZl^ccdkVi^dciZgg^idg^Zh4
I]ZVji]dg^hcÉiV[gV^YidVYb^ii]Vi]ZhijbWaZhdc^YZVh >iiV`ZhV\ddYYZVad[igjhiVcYi^bZidXgZViZi]Zg^\]i
VcYWgZV`i]gdj\]h^c]^hldg`d[iZcWnVXX^YZciÄVcY gVeedgil^i]^cVgZhZVgX]iZVbidYdi]^hhjXXZhh[jaan!
^iÉhi]ZhVbZ[dgjhl]ZclZÉgZign^c\idÈXgVX`ÉgZhZVgX] Wji^iXVcgZhjai^cVedlZg[jaZmeZg^ZcXZ[dgVaa^ckdakZY
VcYbVg`Zi^c\egdWaZbhYjg^c\Vegd_ZXi#=dlbVcn VhXdaaZXi^kZan!djg^cÓjZcXZVcYXdcig^Wji^dc]VhV
i^bZh]VkZlZVaaWZZcYVn"YgZVb^c\dci]ZWjh!bV`^c\ \gZViZggZVX]#
VXjed[Xd[[ZZ!eVn^c\[dgdjgajcX]l]ZcVcZlVc\aZ
K^hjVa^h^c\VcVanh^h
dcVegdWaZbhjYYZcanXdbZhidb^cY4
DcZlVnlZXVcYZ"bnhi^[nVcVanh^h^hidignVcY
BdhieZdeaZÉhb^cYhYdcÉiegdYjXZWZVji^[jaanZmegZhhZY k^hjVa^hZhdbZd[i]ZegdXZhhZhlZ\di]gdj\]id
^ch^\]ihiddgYZg!hdlZcZZYidWZgZVYnidXVeijgZdjg gZVX]djgÒcY^c\h#6ai]dj\]i]^h^hcÉiValVnhedhh^WaZdg
i]dj\]ih^cl]ViZkZgbZhhnVcYbjai^"hZchdgn[dgb gZaZkVci!^cbVcnegd_ZXihlZbVn]VkZVagZVYnXgZViZY
i]ZnX]ddhZidZbZg\Z# hjX]k^hjVahl]ZclZXdkZgi]ZlVaahd[djgd[ÒXZh
^cedhi"^ihVcY]j\Zh]ZZihd[eVeZgidignidÈje"e^X`É
AZii^c\di]ZgeZdeaZ^cidi]ZVcVanh^hegdXZhh
ig^X`negdWaZbh^cVcVanh^h#HdbZYZh^\cZghVgZVagZVYn
Æ7Z^c\eVgid[iZVb^hVh`^aa^c^ihZa[!jcYZghiVcY^c\l]ZgZ
XVeijg^c\i]^hegdXZhhÄl]Zi]ZgWne]did\gVe]^c\dg
ndjVgZ^cgZaVi^dciddi]Zgh#>iÉhVahdjhZ[ja[dgeVi^Zcih
ine^c\jeY^V\gVbhVcYh`ZiX]ZhÄhdi]Vi^iXVcWZ
i]Vi>ÉbeVgid[ViZVb#I]Zn\Zii]ZWZcZÒid[cdidcan
Wgdj\]iida^[Z[dgXa^ZcihVcYeVgicZgh#HZZÒ\jgZ*#

8deng^\]i:HDB6G'%%. &*
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

;><JG:*
I=GDJ<=K>HJ6A>H>C<6C6ANH>HL:86C8G:6I:>CCDK6I>DC;G6B:LDG@HI=6IG:K:6ADEEDGIJC>I>:H

ÈB^cYbVehÉVgZVcdi]ZgiZX]c^fjZi]ViVaadlhjhid EJII>C<ID<:I=:G6IDDA7DM
k^hjVa^hZVcVanh^h!h]dl^c\bdgZXaZVgani]ZXdccZXi^dch
LZjcYZghiVcYi]Vi^ibVncdiWZedhh^WaZl^i]ZkZgn
VcYXdcigVY^Xi^dchVgdjcY^YZVh!VcYVaadl^c\[dgVbdgZ
Xa^Zci!iZVbdgegd_ZXiidejh]i]ZWdjcYVg^Zhd[
ÓZm^WaZVeegdVX]id^ch^\]i\ZcZgVi^dc#6cVanh^hcZZY
gZhZVgX]egVXi^XZid\dÈWZndcYldgYhÉVcY^cXajYZ
cdiWZVWdjiY^hi^aa^c\ÒcY^c\hidi]Zh^beaZhiXdbbdc
ZmeZg^bZciVaVcYVaiZgcVi^kZVeegdVX]ZhZkZgni^bZ#
ZaZbZci!WjiVaadlhXdcÓ^Xi^c\WjikVa^YÒcY^c\hidWj^aY
=dlZkZg!lZlVciZYidÈigVchaViZÉi]ZÒcY^c\hd[djg
dcdcZVcdi]ZgidXgZViZVbdgZgZVa^hi^XVaWZ^ibZhhn
dlcgZhZVgX]egd_ZXi]ZgZ^cidVegVXi^XVaiddaWdmi]Vi
e^XijgZd[i]Zl]daZ#A^[Z^h\gZnVcYbZhhn!VcYlZ
XdjaYVXiVhVjhZ[jagZ[ZgZcXZ^cign^c\id\dÈWZndcY
cZZYidadd`VilVnhd[igVchaVi^c\i]^hXdbeaZm^in
ldgYhÉ^cdjgZkZgnYVngZhZVgX]egVXi^XZ#LZÉkZVYYZY
l^i]djidkZgl]Zab^c\[jijgZjhZghd[i]ZgZhZVgX]#
hj\\Zhi^dchd[V[ZlWdd`hVcYiddahi]Vi]VkZ^che^gZY
jh^ci]Z^gdlclVn]ZgZidd½

8deng^\]i:HDB6G'%%. &+
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

<d^c\ÈWZndcYldgYhÉbZVchWZ^c\ÓZm^WaZl^i] cdc"a^cZVgegdXZhh^hXgjX^Va^[lZlVciid\ZibdgZ[gdb
i^bZ ZVX]egd_ZXi#6cVanh^h^hWncVijgZVXdchiVci!dc\d^c\
HZkZgVad[djggZhedcYZcihlZgZXdchX^djhd[hdbZ" egdXZhhVcYi]Z^iZgVi^kZaddehd[Wg^ZÒc\!ÒZaYldg`
i]^c\i]ZnXVaaZYÈg]ni]bÉdgÈÓdlÉÄhj\\Zhi^c\cdi VcYYZWg^ZÒc\h]djaYhjeedgiVcY[ZZYi]^h#
ZkZgni]^c\]VhidbdkZViWgZV`cZX`heZZYidWZ
=VkZhdbZ[jcl^i]Y^[[ZgZcieZgheZXi^kZh/EaVnl^i]
Z[[ZXi^kZ6aadl^c\djghZakZhi^bZidhadlYdlc!haZZedc
<dd\aZ:Vgi][dgV[Zl]djgh½
djgi]dj\]ihVcY^YZVhVcYbjaadkZgXdcXZeihl]^aZÈd[[
YjinÉXVcaZVYidg^X]ZgVcVanh^h!h]VgeZggZhedchZhVcY A^hiZc^c\id^cij^i^dcVcY\ji[ZZa
bdgZXgZVi^kZhdaji^dch#Hadl^c\Ydlc]Zaehndjcdi^XZ LZ^chi^cXi^kZanjhZdjghigdc\ZhiÈbjhXaZÉÄWZ^ildgYh!
hjWiaZi^ZhVcYYZkZadebdgZZbeVi]^XgZaVi^dch]^ehl^i] hdjcYh!dgh`ZiX]ZhidigVchaViZbZVc^c\fj^X`anVcY
gZhedcYZcih!eVgicZghVcYXa^Zcih#;dXjh^c\^cVcYdjid[ VXXjgViZan#LZ]VkZY^hXjhhZYi]gdj\]djii]^heVeZg
VhjW_ZXiVahd\^kZhjhi]ZeZgheZXi^kZidWZVWaZid_jbe ]dlgVi^dcVaVcY^cij^i^kZh`^aahXdbW^cZidd[[ZgYZZeZg
V]ZVYdgWVX`lVgYh^ci^bZ!gZÓZXidcVcYY^gZXidjg VXXZhhid^ch^\]iigVchaVi^dc#AZVgc^c\idhiZeWZndcY
egdXZhh#GZhZVgX]^hgZVaa^[Z!hdWg^Y\^c\djg[gZZi^bZ djgdlcXdb[dgiodcZh!igjhiVcYjai^bViZanVXidcdjg
VcYldg`i^bZVahdVaadlhjhidWg^c\cZlXdccZXi^dch ^chi^cXihVhlZaaVhdjggZVhdcZmiZcYhdjgeVaZiiZd[
VcYeZgheZXi^kZhiddjgldg`i]VilZbVncdgbVaan gZhZVgX]h`^aahWZndcYi]ZkZgWVaid^cXajYZi]Zcdc"
`ZZeVi]dbZ# kZgWVa#7g^c\^c\i]^hg^X]gVc\Zd[hZchZh^cideaVnXVc
]ZaejhXVeijgZdjggZhZVgX]ZmeZg^ZcXZhbdgZ[jaan!
BdgZ^che^gVi^dcdchadl^c\Ydlc/>cegV^hZd[hadl!
XdccZXiWZiiZgl^i]djgVjY^ZcXZhVcYjcYZghiVcYi]Z^g
8Vga=dcdg‚
gZhedchZh^cVg^X]ZglVn#
IgVchaVi^dc^ckdakZhiZVbldg`VcYXdaaVWdgVi^dc
AZVgccZliZX]c^fjZhidhjeedgindjg^chi^cXih/CAE/
Ldg`^c\VhdcZiZVbl^i]Xa^Zcih!gZhedcYZcihVcY
I]ZCZlIZX]cdad\nd[6X]^ZkZbZci!HiZkZ6cYgZVh
eVgicZghXVcWj^aYVXdbbdcaVc\jV\ZVcYh]VgZY
VcY8]VgaZh;Vja`cZg
jcYZghiVcY^c\i]ViZc]VcXZh^ch^\]iigVchaVi^dc#>[lZXVc
gZaViZidZVX]di]ZgWZndcYi]ZheZX^ÒXgdaZhlZb^\]i G:H:6G8=:G6HIG6CHA6IDG½DG
VaaeaVn^cVegd_ZXi!WZndcYi]ZY^[[ZgZciegd[Zhh^dcVa 9>EADB6I4
aVc\jV\ZhlZVaaheZV`!lZXVc\dlZaaWZndcY[VXZaZhh
ldgYh^ci]ZYdXjbZcihlZlg^iZ#8gZVi^c\i]ZXdcY^i^dch 6hgZhZVgX]Zgh!lZd[iZc]VkZi]Zeg^k^aZ\Zd[a^hiZc^c\id
[dgY^Vad\jZ!igjhiVcYgZheZXigZfj^gZhYVg^c\idhiZe Vadid[Y^[[ZgZciVjY^ZcXZhVcYbdk^c\WZilZZcY^[[ZgZci
djih^YZd[djgheZX^ÒXgdaZhVhgZhZVgX]Zgh#I]ZWZcZÒi hiV`Z]daYZgh^cegd_ZXih#L^i]cdeZghdcVaV\ZcYVdi]Zg
a^Zh^cWZ^c\VWaZidYgVldcZVX]di]ZgÉhhigZc\i]hVcY i]VcidbV`Zi]ZgZhZVgX]VhZ[[ZXi^kZVhedhh^WaZ!lZ
ÓZmXdaaZXi^kZbjhXaZh!_jhiVhdjgheZZX]i]ZgVe^hi XdjaYWZa^`Z[dgZ^\cY^eadbVih!^ciZgVXi^c\l^i]Vaai]Z
YZhXg^WZY!idYZa^kZgVbdgZbZVc^c\[jagZhjai# eVgi^Zh^ckdakZYVcYaZVgc^c\]dli]Z^gcZZYhXVcWZ
Wgdj\]iid\Zi]Zg#LZXVcYZkZadei]ZVW^a^inidheZV`
;dgVc^che^gVi^dcVaZmVbeaZd[iZVbldg`/HXdiid[i]Z ^cbVcnY^[[ZgZciegd[Zhh^dcVaÈaVc\jV\ZhÉhdlZXVc
6ciVgXi^X!9Vk^Y8gVcZ bdkZhbddi]anWZilZZcgZhZVgX]eVgi^X^eVcih!Xa^Zcih
VcYdi]ZggZhZVgX]eVgicZgh!a^hiZc^c\idVcY^ciZgegZi^c\
<Zii^c\Xdb[dgiVWaZl^i]cdc"a^cZVgegdXZhhZh
cZZYhVcYVhhZhh^c\]dli]ZnXVcWZigVchaViZYhd
VcYbZhh
i]Vidi]ZghXVcldg`l^i]i]Zb#
<d^c\ÈWZndcYldgYhÉ^cgZhZVgX]^hVbZhhnVeegdVX]
i]VieVnhd[[l^i]bdgZ^che^g^c\VcYgZVa^hi^X^ch^\]ih! DjggdaZ^hVahdbdgZi]Vc_jhiigVchaVidg!]dlZkZg!VcY!
VcYigVchaVi^dchd[ZmeZg^ZcXZi]ViVgZWZiiZgjcYZg" a^`ZV[dgZ^\cY^eadbVi!lZ]VkZidiV`ZgZhedch^W^a^in[dg
hiddY#9ZkZade^c\i]ZVW^a^inidoddb^cVcYdjid[i]Z i]ZÈigVchaVi^dchÉlZbV`ZVcYl]Vidi]ZgeZdeaZYdl^i]
YZiV^aVcYW^\\Zge^XijgZ!VcY[ZZaXdb[dgiVWaZl^i]V i]Zb#LdgYh^c^hdaVi^dcbVnadd`WZc^\cVcY^ccdXZci!

8deng^\]i:HDB6G'%%. &,
8DCHJB:G>CH><=IH'%%.

E6GI)$>CH><=IIG6CHA6I>DC

WjiaZiaddhZi]ZnXVcYdVadid[YVbV\Z^[lZYdcÉi GZ[ZgZcXZh
hjeedgii]Zb!XaVg^[ni]ZbVcYWg^c\i]Zbida^[Z^ci]Z 9jHVjidn!BVgXjh'%%-È;^cY^c\Bddch]^cZ/6
bVi]ZbVi^X^VcÉh_djgcZni]gdj\]hnbbZignÉ
lVni]ZnlZgZ^ciZcYZY;^cVaan!eVhh^dc^hVcZhhZci^Va
VcYbjX]jcYZgZhi^bViZY^c\gZY^Zci[dgigVchaVi^c\ LddYh!B^X]VZa!ÈL]Vi^i^ha^`Z^cldgYhÉ/IgVchaVi^dc!gZÓZXi^dc
^ch^\]ihÄndj]VkZidlVcieZdeaZidjcYZghiVcY# VcYgZ[gVXi^dc^ci]ZedZignd[8Vgda6cc9j[[nh]ZZgedZign#
>clg^i^c\i]^heVeZglZgZVa^hZYi]Vi\Zii^c\WVX`^c Xd#j`'%%*"'%%-
idjX]l^i]l]VilZadkZVWdjigZhZVgX]VcYWg^c\^c\
A^hid[^ciZgk^ZlZZh
i]Vi^ciddjgZkZgnYVnldg`bZVchlZcVijgVaanÒcY
BVgn7ViiaZn FjVa^iVi^kZgZhZVgX]Zg!XZaa^hiVcY
lVnhidXdckZndjg[gZh]anjcXdkZgZY^ch^\]ihid VXigZhh
VjY^ZcXZh!l^i]djiadh^c\i]ZZcZg\ni]VibVYZi]Zb
?dcVi]Vc8d]Zc HZXdcYVgnhX]ddaiZVX]Zg!eaVnlg^\]i
hdXdbeZaa^c\idhiVgil^i]# VcY^begdk^hVi^dcVaXdb^X
=ZaZc8aVg`Z HeZZX]VcYaVc\jV\Zi]ZgVe^hi
<ZgVgY=Vg`^c >ccdkVi^dc8dchjaiVci!HncZXi^Xh
:YZc\ZcZVhd[6eg^aÉ%.
BVg`=Zgdc 6Xidg!Y^gZXidgVcYigV^cZg!?B7B
igV^c^c\ÄYZVa^c\l^i]YZbZci^V
8Vgdanc?Vgk^h IgVchaVidg!A^c\d')
6ccVVcY?VbZh@Zggn HZXdcYVgnhX]ddaiZVX]Zgh/
aVc\jV\ZhVcYYZh^\ciZX]cdad\n
?d]cAZYZgZg B9VcY[djcYZgd[7gVhhZg^Z7aVcX!J@
6c_VA^\iZcWZg\ ;gZZaVcXZe]did\gVe]Zg!:^cY]dkZc
<VgZi]B^iX]Zaa EgZhZciZg!9^\^iVaEaVcZi!778
LdgaYHZgk^XZ0AZXijgZg!HX^ZcXZ
8dbbjc^XVi^dc!>beZg^Va8daaZ\Z
AdcYdc
?ja^ZiBdg\Vc :c\a^h]iZVX]ZgVcY[djcYZgd[
È8jaijgZYAZVgc^c\É
?VX`nBdgi^bZg ?B7BigV^c^c\ÄYZVa^c\l^i]
YZbZci^V
BVgXjhYjHVjidn Egd[Zhhdgd[BVi]ZbVi^Xh!
Dm[dgYJc^kZgh^inVcY8]VgaZh
H^bdcn^Egd[Zhhdg[dgi]ZEjWa^X
JcYZghiVcY^c\d[HX^ZcXZ
C^cVIdahigje 9Zh^\cZg!hijY^dbVbV!AdcYdc
Gji]Idba^chdc IgVchaVidg!A^c\d')
Hj_jK^_VnVc ;^abbV`ZgVcY[gZZaVcXZlg^iZg!Adh
6c\ZaZh

I]Z6ji]dgh
AjXn7aV`ZbdgZ^h6hhdX^ViZ9^gZXidg!<gVk^inEaVcc^c\
GZhZVgX]AiY!Jc^iZY@^c\Ydb#

AZ`h]bnEVgVbZhlVgVc^h>ccdkVi^dc9Zh^\c8dchjaiVci!
;jZa[dg!HeV^c#

A{hoa‹=ZgXoZ\]^h:meZg^ZcXZ9Zh^\c8dchjaiVci!;jZa[dg!HeV^c

8deng^\]i:HDB6G'%%. &-