Download as pdf or txt
Download as pdf or txt
You are on page 1of 369




FGPI@>?KU9P$I8EK1?FDGJFE

&EKIF;L:K@FEU9P &EJKIL:K89C<J :FD

CC /@>?KJ /<J<IM<; +F G8IK F= K?@J 9FFB D8P 9< I<GIF;L:<;


@E 8EP D8EE<I N@K?FLK K?< <OGI<JJ NI@KK<E :FEJ<EK F= K?<
GL9C@J?<I
<O:<GK @E K?< :8J< F= 9I@<= <O:<IGKJ @E :I@K@:8C
I<M@<NJ FI 8IK@:C<J CC @EHL@I@<J J?FLC; 9< 8;;I<JJ<; KF
0BP?FIJ< -L9C@J?@E>
 4<JK K? 0KI<<K
K? #CFFI
+<N
6FIB
+6

0BP?FIJ< -L9C@J?@E> 9FFBJ D8P 9< GLI:?8J<; @E 9LCB 8K


JG<:@8C ;@J:FLEKJ =FI J8C<J GIFDFK@FE
:FIGFI8K< >@=KJ

=LE; I8@J@E>
FI <;L:8K@FE8C GLIGFJ<J 0G<:@8C <;@K@FEJ :8E
8CJF 9< :I<8K<; KF JG<:@=@:8K@FEJ #FI ;<K8@CJ
:FEK8:K K?<
0G<:@8C 08C<J !<G8IKD<EK
0BP?FIJ< -L9C@J?@E>
 4<JK
K? 0KI<<K
K? #CFFI
+<N 6FIB
+6  FI
@E=FJBP?FIJ<GL9C@J?@E> :FD

0BP?FIJ<T 8E; 0BP?FIJ< -L9C@J?@E>T 8I< I<>@JK<I<;


KI8;<D8IBJ F= 0BP?FIJ< -L9C@J?@E>
&E: T
8 !<C8N8I<
:FIGFI8K@FE

NNN JBP?FIJ<GL9C@J?@E> :FD



)@9I8IP F= FE>I<JJ 8K8CF>@E> @E -L9C@:8K@FE !8K8 @J


8M8@C89C<FE=@C<

FM<I;<J@>E9P,N<E FII@>8E

FM<IG?FKFJ9P$I8EK1?FDGJFE


-I@EK&0+    

"9FFB&0+    

-I@EK<;@E ?@E8

!@J:C8@D<I

1?@J 9FFB @J @EK<E;<; KF F==<I ><E<I8C >L@;8E:< &K @J JFC; N@K?


K?< LE;<IJK8E;@E> K?8K <M<IP <==FIK N8J D8;< KF GIFM@;< K?<
DFJK :LII<EK 8E; 8::LI8K< @E=FID8K@FE %FN<M<I
<IIFIJ 8E;
FD@JJ@FEJ 8I< JK@CC GFJJ@9C< EP LJ< FI D@JLJ< F= K?<
@E=FID8K@FE :FEK8@E<; ?<I<@E @J JFC<CP K?< I<JGFEJ@9@C@KP F= K?<
LJ<I
8E; K?< 8LK?FI 8E; GL9C@J?<I D8B< EF N8II8EK<<J FI
:C8@DJ 8J KF K?< KILK? FI M8C@;@KP F= K?< @E=FID8K@FE 1?<
8LK?FI 8E; GL9C@J?<I J?8CC ?8M< E<@K?<I C@89@C@KP EFI
I<JGFEJ@9@C@KP KF 8EP G<IJFE FI <EK@KP N@K? I<JG<:K KF 8EP CFJJ
FI ;8D8>< :8LJ<;
FI 8CC<><; KF ?8M< 9<<E :8LJ<;
;@I<:KCP FI
@E;@I<:KCP
9P K?< @E=FID8K@FE :FEK8@E<; @E K?@J 9FFB
#LIK?<IDFI<
K?@J 9FFB @J EFK @EK<E;<; KF >@M< GIF=<JJ@FE8C
;@<K8IP
K<:?E@:8C
FI D<;@:8C 8;M@:< -C<8J< I<=<I KF 8E;
=FCCFN 8EP CF:8C C8NJ N?<E LJ@E> 8EP F= K?< @E=FID8K@FE
:FEK8@E<;?<I<@E
8E;8:KI<JGFEJ@9CP8E;J8=<CP8K8CCK@D<J


189C<F= FEK<EKJ

&EKIF;L:K@FE

0<:K@FE0LDD<I%8:BJ

1<E)@=<%8:BJ6FL+<<;KF(EFN=FI8<KK<I0LDD<I

%FNKF*8B<8-3 48K<I @I 38:LLD-LDG

0D8J?K?<0LDD<I%<8KN@K?1?<J<!&648K<I4<8GFEJ

%FD<D8;< 0G8IBC<IJ =FI K?< #FLIK? F= 'LCP &DGIFM@J<;


%8E;?<C;#@I<NFIBJ

0<:K@FE#FF;%8:BJ

*8B<8E";@9C<GGC<0N8E

%<8CK?@<I )@M@E> 9P *8B@E> LKK<I 0?8B@E> I<8D @EKF


LKK<I

%FN KF *8B< 8 0<C= #I<<Q@E> F:8 FC8 FI EP


&EJK8EK 0F;80CLIG<<

*8B< &K /8@E !FNE ?F:FC8K< =FI /<8C %FN KF *8B< 6FLI
,NE-E<LD8K@: 8E;P 8EEFE

*8B<8LKK<I 8E;C<
*8:$PM<I 0KPC<

#@>?K CL90F8G8:FE8E;!I8@E C<8E<I0F8G

0<:K@FE0G<:@8C ,::8J@FE%8:BJ


1<E)@=<%8:BJ6FL+<<;KF(EFN=FI ?I@JKD8J

-@< /FK<:?E@:1?8EBJ>@M@E>!<JJ<IK*<>8!8E><IFLJ

1FG+@E<48PJKF#FC;N<JFD<%FC@;8P+8GB@EJ

%FNKF*8B<8E"OGCF;@E>-LDGB@E#8:<C8JK , )8EK<IE

%FN KF *8B< 8I9FE8K<; &:< I<8D


Y%8CCFN<<E 0KPC<Z
!IP&:< I<8D

1?@E>JKF!F8K8@IK?;8P-8IKPN@K?)@HL@;+@KIF><E

0<:K@FE*FE<P 08M@E>%8:BJ

%FNKF*8B<80LG<I0<:I<K08=<=FI)<JJ1?8E

%FD<1?<8K<I=FI*8I:?*8;E<JJ

*8B<8/<8C4FIB@E>0G<8B<I=FI)<JJ1?8E

%FNKF*8B<8,E< 48P ?<:B38CM<=FI ?<8G

0<:K@FE48K<I
&:<
8E;!IP&:<%8:BJ

N<JFD<1I@:BJ8E;-I8EBJN@K?!IP&:<

&EJK8EK&:<%FNKFY48K<I <E;Z@E/<8C)@=<

%FNKF*8B<!IP&:<N@K?8#@I<"OK@E>L@J?<I

%FN KF FEM<IK 48K<I @EKF #L<C 9P L@C;@E> 8 !&6


,OP?P;IF><E$<E<I8KFI


0<:K@FE"E<I>@Q@E>%8:BJ

1?<0:8I@8:-FFI*8E\J38I@89C<-FN<I FEKIFCC<I

*8B<8E"D<I><E:P-?FE< ?8I><I
*8:$PM<I 0KPC<

%FNKF*8B<8KK<I@<J=IFD0G8I< ?8E><

 3FCK Y0?F:B@E>Z "C<:KI@: !<:B F= 8I;J "C<:KI@: 0?F:B


(@JJ@E>-I8EB

0<:K@FE*<K8C%8:BJ

*8B@E>8E/ 4<C;<I-8IK,E<

*8B@E>8E/ 4<C;<I-8IK1NF

%FD<D8;<0K@:B4<C;<I=IFD*@:IFN8M<-8IKJ

%FNKF*8B<80GFK4<C;<I=FI ?<8G

%FNKF*8B<K?<*<K8C*<CK<I

0<:K@FE*@J:<CC8E<FLJ%8:BJ

%FNKF*8B< ?8I CFK?N@K?81LE8 8E

%FNKF*8B<0C@D<+@EA81LIKC<,FQ<

%FNKF*8B<8$I8M@KP-LQQC<I8@E$8D<

1LIE8*FLJ<KI8G@EKF8-FN<I=LC%8E;>LE


&EKIF;L:K@FE

$I8EK 1?FDGJFE
K?< (@E> F= /8E;FD
BEFNJ N?8K ?@J
JL9A<:KJ N8EK KF J<< %< <8IE<; ?@J :IFNE N@K? J<<D@E>CP
I8E;FD GIFA<:KJ 8E; M@;<FJ K?8K C<; KF 8E 8L;@<E:< F= D@CC@FEJ
8:IFJJ 6FLKL9<
&EJKIL:K89C<J
#8:<9FFB
8E; 8EPN?<I< <CJ<
K?8K =8J:@E8K@E> 8E; =LE :FEK<EK :8E 9< J?8I<;  D8;
J:@<EK@JK N@K? 8E <P< KFN8I; D8B@E> K?< NFIC; 8E 8DLJ@E>

@EK<I<JK@E>
8E; G8IK@:@G8KFIP <OG<I@<E:<
K?<I<\J EFK?@E>
I8E;FD89FLKK?<(@E>

$I8EK\J GIFA<:KJ NFIB JF N<CC 9<:8LJ< K?<P <OGFJ< LE=8D@C@8I


9LK 8N<JFD< =8:<KJ F= <M<IP;8P K?@E>J K?8K DFJK G<FGC< ALJK
:FEJLD< FI @>EFI< %@J GIFA<:KJ 8I< J@DGC<
:C<8I
8E; <8JP KF
KIP 8K ?FD< 0FD< 8I< =I@MFCFLJ
9LK DFJK 8I< :C<M<I I<JGFEJ<J
KF :FDDFE GIF9C<DJ 6FL D8P EFK E<<; KF D8B< JF8G =IFD
;I8@E :C<8E<I 8E; 98:FE FI I@> 8 JK@:B N<C;<I =IFD D@:IFN8M<
:FDGFE<EKJ LK K?< (@E> F= /8E;FD N@CC J?FN PFL ?FN
8EPN8P

&E K?@J 9FFB


PFL\CC =@E; EFM<C N8PJ KF <EAFP JLDD<I
GI<G8I<
8E; :FEJLD< =FF;
:<C<9I8K< K?< ?FC@;8PJ
J8M< DFE<P
GC8P
N@K? @:<
J8M< <E<I>P
NFIB N@K? D<K8C
8E; ;@J:FM<I FK?<I
KN<8BJ8E;8;ALJKD<EKJK?8KD8B<C@=<<8J@<IFIDFI<=LE

E;N?F;F<JE\KN8EKK?<@IC@=<KF9<<8J@<I8E;DFI<=LE


4?8K@J&EJKIL:K89C<J

&EJKIL:K89C<J :FD @J 8 9FE8 =@;< &EK<IE<K J<EJ8K@FE


8
N<9 98J<; :FDDLE@KP F= DFK@M8K<; ;F @K PFLIJ<C=<IJ N?F
:FEKI@9LK< @EM8CL89C< ?FN KF >L@;<J KF K?< J@K< FE 8 N@;<
I8E>< F= KFG@:J
=IFD >8I;<E@E> 8E; ?FD< I<G8@I KF I<:@G<J KF
>8;><KJ K?8K ;<=P :8K<>FI@Q8K@FE 1?< J@K< ?FJKJ DFI< K?8E

 GIFA<:KJ *FI< K?8E =@=K<<E D@CC@FE G<FGC< M@J@K K?<
J@K< <8:? DFEK?
C<8M@E> :FDD<EKJ 8E; JL>><JK@FEJ FE K?<
<M<I >IFN@E>C@JKF=;F @K PFLIJ<C=GIFA<:KJ

 0G<:@8C K?8EBJ KF &EJKIL:K89C<J &EK<I8:K@M< !<J@>E<I $8IP )L


=FIK?<&EJKIL:K89C<J/F9FK@CCLJKI8K@FEJ


0<:K@FE

0LDD<I%8:BJ


1<E)@=<%8:BJ6FL+<<;KF(EFN=FI8<KK<I0LDD<I

%<I< 8I< K<E 8D8Q@E> K@GJ 8E; KI@:BJ PFL :8E LJ< KF @DGI<JJ
PFLI=I@<E;J8E;D8B<PFLIJLDD<I8C@KKC<<8J@<I

& NIFK< K?@J @E ?FG<J K?8K 8CC F= PFL NFLC; <EAFP K?@J
:FDG@C8K@FE F= K<E YC@=< ?8:BJZ K?8K ?8J ?<CG<; 8E; @EJG@I<;
D<

& =FLE; D8EP F= K?<D FE J@K<J JL:? 8J )@=<%8:B<I :FD

-@EK<I<JK :FD
8E; $FF>C< :FD 1?< D8E>F 8E; =IL@K =CP
GIFA<:KJ N<I< @EJG@I<; 9P DP N@=< =IFD 8 KI@:B J?< C<8IE<;
N?@C<M@J@K@E>I><EK@E8

4/+&+$

1?<J< GIFA<:KJ 8E; I<JLCKJ 8I< ;<G@:K@FEJ F= DP FNE G<IJFE8C


<OG<I@<E:<J 6FLI I<JLCKJ D8P M8IP ;<G<E;@E> FE PFLI
CF:8K@FE 8E; DF;@=@:8K@FEJ KF GIFA<:K @;<8J 1?<I< D8P 9<
I@JBJ 8JJF:@8K<; N@K? JFD< F= K?<J< GIFA<:KJ K?8K I<HL@I< 8;LCK
JLG<IM@J@FE


&:P!I@EBJ"M<IP1@D<

4?<E PFL E<<; 8 ;I@EB KF :FFC ;FNE


?FK N8K<I :8E K8JK<
;@J>LJK@E> 1IP =@CC@E> PFLI N8K<I 9FKKC<J 8 HL8IK<I F= K?< N8P

JF K?8K N?<E K?<P\I< FE K?<@I J@;<J


K?< N8K<I J<KKC<J ALJK
9<CFN K?< 9FKKC< E<:B +FN JK@:B PFLI 9FKKC<J @E K?< =I<<Q<I
8E; >F FE N@K? PFLI ;8P 4?<E K?< N8K<I @J =IFQ<E @K N@CC
D8B< 8E @:< 9CF:B FE K?< J@;< F= K?< 9FKKC<
9LK ;F<JE\K 9CF:B
K?< FG<E@E> +FN N?<E PFL E<<; KF :FFC F==
ALJK K8B< 8 9FKKC<


=IFD K?< =I<<Q<I
=@CC @K LG N@K? PFLI =8MFI@K< ;I@EB
8E;
PFL\M<>FK8E@EJK8EK@:P:FC;9<M<I8><I<8;PKF>F

*8E>F%8:B

$I89 PFLIJ<C= 8 D8E>F 8E; KIP K?@J C@KKC< KI@:B 8I<=LCCP :LK
F== K?< KNF J@;<J F= K?< =IL@K 8E; ?FC; FE< G@<:< @E PFLI ?8E;


6FL :8E ><EKCP :LK 8 =<N C@E<J M<IK@:8CCP 8E; 8 =<N DFI<
?FI@QFEK8CCP LEK@C K?< G8KK<IE I<J<D9C<J 8 :?<:B<I9F8I; +FN
K8B< @K N@K? 9FK? ?8E;J 8E; ><EKCP GLJ? =IFD K?< 98:B 6FL\CC
J<< 9@K< J@Q<; G@<:<J GFG I@>?K LG 8E; K?<P\I< I<8;P KF <8K
6FL :8E LJ< 8 JGFFE KF J:I8G< K?<D @EKF 8 9FNC FI ALJK <8K
K?<D I@>?K F== K?< G<<C &K\J =8JK
<8JP
8E; K?<P NFE\K ><K
JKL:B@EPFLIK<<K?

"8K6FLI%8D9LI><I2GJ@;< !FNE

1?< E<OK K@D< PFL <8K 8 >@8EK ?8D9LI><I


KIP KLIE@E> PFLI
J8E;N@:? LGJ@;< ;FNE 1?< KFGJ 8I< E<8ICP KN@:< 8J K?@:B 8J
K?< 9FKKFDJ 8E; 8 CFK DFI< ;LI89C<
JF 9< JD8IK 8E; <8K PFLI
?8D9LI><IJLGJ@;< ;FNE

EK@ EK%8:B


&= PFL\M< >FK 8EKJ 8E; PFL\I< CFFB@E> =FI 8 E8KLI8C =FID F=
G<JK :FEKIFC
KIP D<8JLI@E> FLK 8 :LG F= GFG:FIE B<IE<CJ -LK
K?<D @E 8 9C<E;<I FE ?@>? JG<<; =FI 89FLK K?@IKP J<:FE;J 8E;
PFL\CC <E; LG N@K? 8 98K:? F= =I<J? ?FD<D8;< :FIED<8C 'LJK
D8B< 8 =<N G@C<J 8IFLE; K?< 8EK KI8@CJ
8E; N@K?@E 8 =<N ;8PJ

PFLI8EKGIF9C<DJN@CCC@K<I8CCP;@J8GG<8I

FM<IK FEK8@E<I


4?<E PFL\I< 8K K?< 9<8:?
I<;L:< K?< :?8E:<J F= K?@E>J
><KK@E> JKFC<E 9P D8B@E> 8 :FM<IK :FEK8@E<I 'LJK K8B< PFLI FC;
J?8DGFF 9FKKC< 8E; KN@JK K?< KFG JF K?8K @K GFGJ I@>?K F==
C<8E @K FLK 8E; :LK 8 ?FC< @E K?< KFG K?8K\J ALJK 9@> <EFL>? KF
JK8J? PFLI M8CL89C< @K<DJ @EJ@;< +FN PFL :8E JE8G K?< KFG
98:B FE 8E; PFLI @K<DJ 8I< G<I=<:KCP :FE:<8C<; EPFE< N?F
J<<J K?@J N@CC ALJK K?@EB @K\J 8 J?8DGFF 9FKKC<
8E; :?8E:<J 8I<

EF9F;PN8EKJKFJK<8CPFLIJ?8DGFF


0F;8 8EJ8E;0KI8NJ

%8M< PFL <M<I EFK@:<; K?8K N?<E PFL GLK 8 JKI8N @E 8 :8E F=
JF;8
@K ;F<JE\K N8EK KF JK8P 1IP 9<E;@E> K?< K89 F= K?< :8E
FM<I K?< ?FC< 8E; JC@;@E> PFLI JKI8N ;FNE K?IFL>? K?< K89 +F
DFI<=CF8K@E>JKI8NJ
9<:8LJ<EFN@K\J?<C;@EGC8:<

#IL@K#CP%8:B


&K\J K?< J<8JFE =FI =IL@K =C@<J
JF 9<=FI< K?<P K8B< FM<I PFLI
B@K:?<E
JC@:< 8 =<N G@<:<J F= 98E8E8 8E; D@O K?<D N@K? JFD<
F= PFLI C<=KFM<I D8E>F G<<CJ #@E; 8 :FLGC< F= JD8CC
:FEK8@E<IJ 8E; 8;; K?< =IL@K +FN ALJK JKI<K:? 8 G@<:< F=
GC8JK@: NI8G FM<I K?< KFG 8E; LJ< JFD<K?@E> C@B< K?< K@G F= 8
:?FGJK@:B KF GFB< 8 JD8CC ?FC< @E K?< :<EK<I K?8K\J ALJK 9@>><I
K?8E K?< =CP +FN PFL :8E J<K @K 8E; =FI><K 89FLK @K 4@K?@E 8
=<N D@ELK<J
K?< =C@<J N@CC 9< :?<:B@E> K?@E>J FLK
8E; FE:<
FE< >F<J @E
PFL :8E 9< JLI< ?@J =I@<E;J N@CC =FCCFN 4@K?@E 8
:FLGC< F= ;8PJ
K?<P\CC 8CC 9< ?8M@E> 8 IF:B@E> =IL@K G8IKP E;
EFN PFL :8E J@DGCP K8B< K?< C@; F= K?< :FEK8@E<I 8E; GI<JJ @K
FE
J<8C@E>K?<D@EJ@;< +FNPFL8I<K?<CFI;F=K?<=C@<J

!I@GG@E>-FGJ@:C<#@O


0LDD<I D<8EJ GFGJ@:C<J
8E; GFGJ@:C<J D<8E PFLI B@;J 8I<
>F@E> KF ><K JK@:BP =@E><IJ $I89 8 JD8CC G8G<I :LG
8E;
:8I<=LCCP GFB< 8 ?FC< @E K?< 9FKKFD
89FLK K?< J@Q< F= 8
GFGJ@:C< JK@:B +FN N?<E PFL GLJ? 8 GFGJ@:C< @EJ@;<
PFL\M<
>FK 8E @EJK8EK ;I@G :8K:?<I 8E; EF DFI< JK@:BP =@E><IJ P K?<
N8P
K?@JNFIBJ>I<8KN@K?:LG:8B<C@E<IJ8JN<CC

.L@:B8E; C<8E FE;@D<EKJ


6FL\M< GIF989CP 9<<E KF 8 98I9<:L< N?<I< K?< :FE;@D<EKJ
K8B< LG ?8C= K?< K89C<
8E; K?< C@E<LGJ =FI LJ@E> K?<D K8B<
=FI<M<I 0FCM< K?< GIF9C<D N@K? 8 DL==@E G8E 1?@J N8P
PFLI
:FE;@D<EKJ 8I< <8JP KF 8::<JJ 8E; PFLI C@E<J N@CC DFM< 8CFE>
HL@:BCP 6FL\CC 8CJF ;I8D8K@:8CCP @E:I<8J< PFLI K89C< JG8:<
8E;:LK;FNEFEK?<K?@E>JKF:C<8ELG8=K<IN8I;

&EJK8EK0E8:BFNC


1?< E<OK K@D< PFL\I< 8K 8 G8IKP 8E; JFD<FE< ?8J 98>J F=
:?@GJ CP@E> 8IFLE;
@DGI<JJ PFLI =I@<E;J 9P D8B@E> K?<D @EKF
:LJKFD JE8:B 9FNCJ 6FL :8E =FC; K?< KFG <;>< @EJ@;< K?< 98>
=@IJK
K?<E 9<>@E IFCC@E> K?< 9FKKFD :FIE<IJ
LG @EKF K?< 98J< F=
K?< 98>
GLJ?@E> K?< :?@GJ LG 8J PFL >F 6FL\CC <E; LG N@K? 8
:LJKFDJE8:B9FNCN@K?:?@GJFM<I=CFN@E>


%FNKF*8B<8-3 48K<I @I 38:LLD-LDG

&E K?@J GIFA<:K


PFL\CC C<8IE ?FN KF D8B< 8 :LJKFD@Q89C< -3
?8E; GLDG K?8K N@CC :I<8K< M8:LLD JL:K@FE
GLDG N8K<I
FI
:FDGI<JJ 8@I  GI< I<HL@J@K< KF D8B@E> K?< GLDG N@CC 9< KNF
?FD<D8;<:?<:BM8CM<J

4/+&+$

-FN<I KFFCJ
C@B< 8 K89C< J8N
GFJ< I@JBJ F= J<I@FLJ @EALIP
;<HL8K< KI8@E@E> 8E; <OG<I@<E:< 8I< I<HL@I<; 9<=FI<
FG<I8K@E> 1?< I<JLCKJ 8E; :C8@DJ F= K?@J GLDG 8I< 98J<;
JFC<CP FE DP G<IJFE8C <OG<I@<E:<J &E;@M@;L8C I<JLCKJ D8P
M8IP 1?< GLDG @J 8 J@DGC< ;<J@>E 8E; EFK D8;< KF 9< LJ<; @E
8EP ?<8MP ;LKP FG<I8K@FEJ FI I<C8K@M<CP ?@>? GI<JJLI<J 2J< F=
K?@J:FEK<EK@J8KPFLIFNEI@JB

0K<G4?8K6FL\CC+<<;


4?<K?<I PFL\I< LJ@E> M8:LLD GFN<I
DFM@E> N8K<I
FI
:FDGI<JJ@E> 8@I
:?8E:<J 8I< PFL\I< LJ@E> JFD< KPG< F= 8
GLDG

& K?FL>?K @K D@>?K 9< >FF; KF 9L@C; 8 J@DGC< GLDG


D8@ECP =FI
C<8IE@E> GLIGFJ<J
8E; & N8EK<; KF ;F @K N@K? CFN :FJK
D8K<I@8CJ

&\M< N8EK<; KF 9L@C; 8 -3 N8K<I GLDG =FI 8 N?@C<


9LK K?<
:?<:B M8CM<J N<I< 8IFLE; K<E ;FCC8IJ <8:? 1?8K J<<D<; 8
C@KKC<JK<<G=FI8-3 9L@C;
JF&D8;<DPFNE


& N8J @EJG@I<; FE K?< GLDG G@JKFE 8E; :?8D9<I 9P 8 G@:KLI< &
J8N FE 8 $FF>C< @D8>< J<8I:? 9P JFD<FE< N?F LJ<; K?< ^Z
8E; Z J@Q<J F= KL9<J
8E; ?< D<EK@FE<; ?< :LK K?< >IFFM<J =FI
K?< , I@E> FE 8 K89C< J8N 1?8K N8J 8 E<N @;<8 KF D< 8E;
>8M<D<K?<@EJG@I8K@FEKFGLKK?@JKF><K?<I

1?<D8K<I@8CJ&LJ<;8I<FLKC@E<;@E;<K8@C@EK?<G@:KLI<

0K<G*8B@E>K?<-@JKFE


6FL :8E J<< ?<I< K?8K K?< Z G@G< =@KJ :CFJ<CP @EJ@;< F= K?<
^Z -3 G@G< 1?<I< @J ALJK 8 C@KKC< >8G
9LK N< 8:KL8CCP E<<;
K?@J KF 9< 8@I K@>?K KF D8B< 8 GIFG<I G@JKFE 1?< 9<JK N8P K?8K
& BEFN KF D8B< 8E 8@I K@>?K J<8C @J 9P LJ@E> JFD< IL99<I ,
I@E>

1F :LK >IFFM<J =FI K?< I@E>J


& LJ<; 8 K89C< J8N 8E; 8;ALJK<;
K?< 9C8;< 9P ?FC;@E> K?< G@G< =C8K FE K?< K89C< KFG 8E;
CFN<I@E> K?< 9C8;< LEK@C & :FLC; J<< K?8K @K NFLC; FECP :LK
89FLK ?8C=N8P K?IFL>? K?< GC8JK@: 1?< >F8C @J KF D8B< 8 E@:<
>IFFM< =FI K?< , I@E>
9LK EFK KF :FDGIFD@J< K?< JKIL:KLI8C
@EK<>I@KPF=K?<-3 G@G<KFFDL:?

& :LK KNF >IFFM<J =FI I<;LE;8E:P ,E< 8K Z 8E; 8EFK?<I 8K


K?<ZD8IB

& LJ<; JFD< NFF;<E 9I8:<J KF B<<G K?< G@G< JK<8;P 8E; D8;<
K?< :LKJ 9P LJ@E> FE< ?8E; KF ?FC; K?< G@G< FE K?< 9C8;< 8E;
K?< FK?<I ?8E; KF IFK8K< K?< G@G< JCFNCP ,= :FLIJ<
J8=<KP
8E; :8LK@FE 8I< KFG GI@FI@K@<J N?<E NFIB@E> 8IFLE; GFN<I


KFFCJ 8E; FG<E :LKK@E> 9C8;<J  1?< , I@E> =@K G<I=<:KCP @EKF
GC8:<

1?@J <E; F= K?< G@G< 8CJF E<<;J KF 9< :8GG<; F== KF J<8C @K
8@I K@>?K

6FL :8E\K I<8CCP K<CC @E K?< G@:KLI<


9LK &\M< >CL<; FE 8E <E;
GCL> K?8K @J JFC@; &E K?< ;@8>I8D
& J8@; @K N8J 8 Z GCL>
9LK
@E I<8C@KP @K N8J 8 _Z GCL> K?8K & J8E;<; ;FNE KF =@K @EJ@;< K?<
<E;F=K?@JZG@G<

+FNK?@J<E;F=K?<KL9<@J:FDGC<K<CPJ<8C<;

0K<G#@E@J?@E>K?<-@JKFE8E; ?8D9<I


1F =@E@J? K?< G@JKFE
N< E<<; KF ;F 8 C@KKC< NFIB FE K?<
<OK<I@FIKL9<

& >FK 8 ^Z JC@G :8G 8E; LJ<; 8  Z #FIJKE<I 9@K KF ;I@CC 8
?FC<@EK?<:<EK<I

E , I@E> N8J 8;;<; @EKF K?< @EJ@;< F= K?< :8G 8IFLE; K?<
?FC<
8E; GLK KF K?< J@;< =FI 8 D@ELK< 1F @EJ<IK K?< G@JKFE
K?<
, I@E> E<<; JFD< CL9I@:8K@FE FI K?< =I@:K@FE FE K?< @EJ@;<
N8CCJ F= K?< G@G< N@CC ;8D8>< K?<D & LJ<; 38J<C@E<
9LK JFD<
G<FGC< ?8M< JL>><JK<; 38J<C@E< N@CC <8K K?< , I@E> FM<I K@D<

8E;K?8KJFD<KPG<F=J@C@:FE>I<8J<NFLC;9<9<KK<I


1F K?< 9FKKFD F= K?< ^Z G@G< & :<D<EK<; FE K?< :FLGC@E>

_Z I<;L:<I 9LJ?@E>
J?FIK I@J<I
8E; K?I<8;<; K<< 4@K? K?<
KNF , I@E> CL9I@:8K<;
K?< G@JKFE J?FLC; GLJ? 8@I K@>?K @EKF K?<
C8I><IG@G<

1?< DF;@=@<; JC@G :8G :8E 9< :<D<EK<; FE KFG EFN


8E; N?<E
K?< G@JKFE @J 9FKKFD<; FLK
K?<I< J?FLC; ALJK 9< 8 :FLGC< F=
@E:?<JF=G@G<GFB@E>FLKK?<KFG

0K<G-8@EK@E>8E; <D<EK@E>


& :?FJ< KF G8@EK K?< =@KK@E>J 9C8:B 8E; K?< G@G< 9CL<
ALJK =FI
:FEKI8JK

1?< ?8E;C< @J D8;< =IFD KNF G@<:<J F= ]Z O Z -3 G@G<


:LK=IFDK?<J:I8GJF==F=K?<G@JKFE

"M<IPK?@E> @J :<D<EK<; KF><K?<I 8J J?FNE @E K?< G@:KLI<


8E;
N?<E K?< ?8E;C< @J :FDGC<K<
@K :<D<EKJ FEKF K?FJ< :FLGC< F=
@E:?<J F= G@JKFE G@G< JK@:B@E> FLK F= K?< ?P;I8LC@: G@JKFE
:?8D9<I

1?@J :FDGC<K<J K?< G@JKFE


8E; 8;;@E> KNF :?<:B M8CM<J KF K?<
K?I<8;<;1<<8KK?<9FKKFDN@CC:FDGC<K<K?<GLDG

+,1"


*8B<JLI<PFLI:?<:BM8CM<J8I<GF@EK@E>K?<I@>?KN8P

0K<G1<JK@E>K?<-LDG


0@E:< K?< :?<:B M8CM<J 8I< K?I<8;<;
K?<P :8E 9< DFM<;
8IFLE;
:?8E><;FLK
FIGFJ@K@FE<;@ED8EP:I<8K@M<N8PJ

2J@E> 8;;@K@FE8C -3 G@G< 8E; =@KK@E>J FG<EJ LG D8EP


;@==<I<EKFGK@FEJ 1?<@D8>@E8K@FE@JK?<C@D@K8K@FE

6FL :FLC; KIP D8B@E> K?@J @EKF 8 GLDG KF DFM< N8K<I


M<IK@:8CCP
FI C<M<I8>< @K N@K? PFLI =<<K =FI DFI< F= 8 9@C><
GLDG KPG< 8GGIF8:? 1?@J GLDG J<<D<; KF DFM< ALJK FM<I
KNF:LGJF=N8K<IG<I:P:C<

4@K? K?< M<IK@:8C GLDG 8GGIF8:?


& :FLC; GLDG 8IFLE; K?I<<
>8CCFEJ G<I D@ELK< 4@K? K?< ?FI@QFEK8C 8GGIF8:?
& :FLC;
DFM< FM<I =@M< >8CCFEJ G<I D@ELK< 9<:8LJ< & :FLC; GLK DP
N<@>?K@EKF@K8E;DFM<@K=8JK<I

0K<G;;@K@FE8C#<8KLI<J


1?< GLDG N8J D8;< =FI GLDG@E> N8K<I
9LK @K GIFM<J
<OKI<D<CP <==<:K@M< =FI :FDGI<JJ@E> 8@I 8J N<CC 8J :I<8K@E> 8


M8:LLD 1?< GLDG ?8J 8E @EK8B< J@;<
8E; 8E FLK=CFN J@;< &=
PFL?FFBLGKFK?<@EK8B<
PFL:I<8K<8M8:LLD

& 9C<N LG 8 98CCFFE 8E; 8KK8:?<; @K KF K?< @EK8B< J@;<


8E; FE
<M<IP JKIFB< @K >FK JD8CC<I 8E; JD8CC<I LEK@C @K N8J 8:KL8CCP
JL:B<; @EJ@;< K?< KL9< & KI@<; 9CF:B@E> K?< M8CM<J =IFD 9FK?
;@I<:K@FEJ
8E; N?<E & GLCC<; 98:B FE K?< G@JKFE
& N8J D<K
N@K? 8 JKIFE> M8:LLD @E K?< :?8D9<I
N?@:? GLCC<; K?< G@JKFE
98:B@EJ@;<N@K?:FEJ@;<I89C<=FI:<N?<E&C<K>F

<:8LJ< K?< G@JKFE @JE\K G?PJ@:8CCP 8KK8:?<; KF 8EPK?@E>


K?<
?8E;C<:8EIFK8K<8=LCC;<>I<<J

&= PFL E<<; KF :C<8E K?< G@JKFE


FI 8;; JFD< DFI< CL9I@:8K@FE

PFL :8E GLCC K?< N?FC< ?8E;C< FLK C@B< 8E FM<IJ@Q<; GCLE><I
&K>F<J98:B@EK?<J8D<N8P@K:8D<FLK

&\D GC8EE@E> KF LJ< K?@J G@JKFE ;<J@>E @E =LKLI< GIFA<:KJ K?8K


I<HL@I<GE<LD8K@:8E;?P;I8LC@:G@JKFEJ

&E DP K<JK@E>
K?< M8CM<J NFIB >I<8K N@K? 8@I 8E; N8K<I &
;@;E\K ?8M< 8EP >8L><J KF K<JK K?< JKI<E>K? F= K?< M8:LLD JF
:8E\K J8P ?FN JKIFE> K?< M8:LLD NFLC; 9<
9LK @K :<IK8@ECP
;F<J:I<8K<FE<

0K<G#@E8C1?FL>?KJ


4?@C< K?<I< 8I< JFD< JG<:@8C KFFCJ LJ<; KF :I<8K< K?@J GLDG
K89C< J8N 8E; #FIJKE<I ;I@CC 9@K
& 9<C@<M< K?8K N@K? 8 C@KKC<
:I<8K@M@KP
K?< GLDG :FLC; 9< D8;< ALJK 8J <==<:K@M<CP N@K?FLK
K?<D
D8B@E>K?@J8J@DGC<8E;<8JP KF ;LGC@:8K<;<J@>E

0D8J?K?<0LDD<I%<8KN@K?1?<J<!&648K<I4<8GFEJ

I@E>FLKK?<9@>>LEJ

%8M< PFL <M<I J<<E 8 N8K<I 98CCFFE J?FK>LE %<I<\J ?FN KF


D8B< 8 ?@>? GFN<I N8K<I 98CCFFE J?FFK<I K?8K N@CC =@I<
J<M<EK<<E98CCFFEJ8KFE:<

4/+&+$

;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E> @J I<:FDD<E;<;


*@JLJ< FI :8I<C<JJ LJ< F= <HL@GD<EK FI GIFA<:KJ D8P I<JLCK @E


J<I@FLJ @EALIP
GIFG<IKP ;8D8><
8E; FI ;<8K? 2J< F= :FEK<EK
@J8KPFLIFNEI@JB

/F:B<K/@=C<8E; 8E;P 8EEFE

1?@J GIFA<:K @J 8 ;FE< N@K? 8 J@DGC< DF;@=@:8K@FE KF JFD< F=


DP GI<M@FLJ GIFA<:KJ 1?@J N@CC 8CJF NFIB N@K? K?< Y 8E;P
8EEFEZG8><
8E;EFDF;@=@:8K@FE@JE<:<JJ8IP

0K<G*F;@=PK?</F:B<K/@=C<N@K?K?< 8EEFE;8GKFI


1F DF;@=P K?< /F:B<K /@=C< @EKF 8 48K<I 8CCFFE 0?FK>LE
8CC
PFL\CC E<<; KF ;F @J LEJ:I<N K?< 98II<C 8E; I<GC8:< @K N@K? K?<
8EEFE;8GKFI

1?< 8EEFE ;8GKFI @J J@DGCP 8 \ C<E>K? F= Z -3 G@G<


8
Z :FLGC@E>
8E; JFD< I<;L:<I 9LJ?@E>J KF 9I@E> K?< K?I<8;J
;FNE KF Z )8JKCP
8 Z :CFJ< J?FIK -3 I@J<I JF @K N@CC
J:I<N @EKF K?< JGI@EBC<I M8CM< FE K?< I@=C< & 8;;<; JFD<
:8DFL=C8><G8@EKKFD8K:?K?<>LE

0K<G0?FFK@E>48K<I8CCFFEJ



4?<E J?FFK@E> N8K<I 98CCFFEJ
FE< :?8CC<E>< PFL E<<; KF 9<
8N8I< F= @J K?< GFJJ@9@C@KP K?8K K?< GI<JJLI< =IFD K?< >LE
9LIJKJK?<98CCFFE9<=FI<@K<M<E><KJFLKF=K?<98II<C

1?<I<8I<=FLIJK<GJPFL:8EK8B<KF><K8JL::<JJ=LCC8LE:?

 48;;@E>

6FL E<<; JFD<K?@E> K?8K N@CC :LJ?@FE K?< GI<JJLI< FE K?<


98CCFFE 8J @K\J C8LE:?<; & D8;< JFD< N8;J N@K? GC8JK@: :LGJ
1?<P 8I< =@ID 9LK :LJ?@FE K?< 98CCFFE <EFL>? ;LI@E> K?<
8::<C<I8K@FE KF B<<G @K @EK8:K 6FL :FLC; 8CJF LJ< :CFK? FI <M<E
8JJFD<K?@E>8JJ@DGC<8J8DF@JK<E<;IFCC<;LGJF:B

6FL :8E LJ< K?< 98II<C =IFD PFLI IF:B<K I@=C< 8J 8 I8D IF; KF
GLJ? K?< N8; KF K?< 9FKKFD F= K?< 98II<C &K J?FLC; 9< 8J :CFJ<
KF8E8@I K@>?K=@K8JPFL:8E><K

 )L9I@:8K@FE

&= K?< 98II<C @J ;IP


K?< 98CCFFE N@CC GFG N?<E @K\J =@I<; 1?@J
@J9<:8LJ<F=K?<=I@:K@FE;LI@E>G8PCF8;8::<C<I8K@FE

& =FLE; K?8K LJ@E> 8 9@K F= M<><K89C< F@C KF :F8K K?< J@;<J F= K?<
98II<C <C@D@E8K<; K?@J GIF9C<D &K 8CJF ?<CGJ CL9I@:8K< K?<
;@8G?I8>D @E K?< JGI@EBC<I M8CM< KF GI<M<EK @K =IFD CF:B@E>
LG

48K<I NFIBJ 8J CL9I@:8K@FE 8J N<CC


9LK FM<I K@D<
K?<
D@E<I8CJ =IFD K?< N8K<I N@CC ;IP @EJ@;< K?< M8CM< 8E; D8P
D8B< @K CF:B LG 8K ?@>?<I GI<JJLI<J KF K?< GF@EK N?<I< K?< 3
98KK<IP@JE\KJKIFE><EFL>?KFFG<E@K


 0@Q<F=98CCFFE

1?< JD8CC<I K?< 98CCFFE


K?< JKIFE><I @K N@CC 9< & ?8; >I<8K
I<JLCKJ N@K? 98CCFFEJ K?8K ?8; 8 JC@>?KCP JD8CC<I ;@8D<K<I K?8E
K?< 98II<C &= K?<P 8I< N@;<I K?8E K?< 98II<C
PFL :8E JK@CC D8B<
K?<D =@K
9LK K?<I< N@CC 9< DFI< =I@:K@FE 8J K?<P <O@K
8E; 8
>I<8K<I:?8E:<F==8@CLI<

 2J@E>K?<I@>?KGI<JJLI<

& =FLE; K?8K W -0& NFIBJ >I<8K =FI 8 J@E>C< N8K<I 98CCFFE
K K?@J GI<JJLI<
PFL :8E <OG<:K 8 98CCFFE KF =CP 8IFLE; 
=<<K

6FL :8E =@K DLCK@GC< 98CCFFEJ @E K?< 98II<C 8E; N@CC E<<; KF
8;ALJK K?< GI<JJLI< LG JC@>?KCP N@K? <8:? FE< PFL 8;; & K<JK<;
8CC K?< N8P LG KF J<M<EK<<E 98CCFFEJ 8K  -0& N@K? >I<8K
I<JLCKJ

0K<G0<M<EK<<E48K<I8CCFFEJ8K,E:<


 \ 98II<C N@CC ?FC; 8IFLE; J<M<EK<<E N8K<I 98CCFFEJ 1?@J
@E:I<8J<J K?< N<@>?K F= K?< G8PCF8; J@>E@=@:8EKCP
JF 8
GI<JJLI< F= 8IFLE;  -0& @J I<:FDD<E;<; =FI CFE> ;@JK8E:<
J?FKJ ,K?<IN@J<
K?<P N@CC ALJK GCFG FLK F= K?< <E; #LEEP

9LKEFKM<IP<==<:K@M<

1?<I< @J HL@K< 8 9@K F= B@:B 8J K?< 98CCFFEJ 8I< =@I<; FLK


JF
LJ@E> K?< 8E;P 8EEFE 8J 8 48K<I 8CCFFE *FIK8I @J K?<
<8J@<JK FGK@FE
8E; K?< 98II<C :8E 9< K@CK<; =FI KI8A<:KFIP
%FN<M<I
LJ@E> K?< /F:B<K /@=C< KF J?FFK DLCK@GC< 98CCFFEJ
?8J 8 >I<8K 8E; GFN<I=LC =<<C@E> KF @K K?8K PFL :8E\K ><K N@K?
K?< 8E;P 8EEFE

#FI GFIK89@C@KP
K?< D8EL8C 98CC M8CM< E<8I K?< =@CC GFIK :8E 9<
:CFJ<;
D8@EK8@E@E> K?< GI<JJLI< :?8I>< @E PFLI N8K<I
N<8GFE &K N@CC GIF989CP FECP 9< >FF; =FI FE< J?FK
9LK N@CC
>@M< PFL K?< FGK@FE KF ;@J:FEE<:K =IFD K?< 8@I ?FJ< 8E; >F
8EPN?<I< 1?<GI<JJLI<:?8I><J?FLC;?FC;@E;<=@E@K<CP


%FD<D8;< 0G8IBC<IJ =FI K?< #FLIK? F= 'LCP &DGIFM@J<;
%8E;?<C;#@I<NFIBJ

&E K?@J GIFA<:K


N<\I< D8B@E> ?8E;?<C; JG8IBC<IJ =FI K?<
#FLIK? F= 'LCP 4?<E @K\J K@D< KF :<C<9I8K< N@K? =@I<NFIBJ

PFL :FLC; ALJK 9LP K?<D ,I PFL :FLC; @DGIFM@J< 8E; D8B<
PFLIFNE

4/+&+$

1?<I< @J 8 M<IP I<8C I@JB KF ?<8CK? 8E; J8=<KP 1?@J GIFA<:K


J?FLC; EFK 9< 8KK<DGK<; N@K?FLK 8;LCK JLG<IM@J@FE 8E;
8;<HL8K< KI8@E@E> -PIFK<:?E@:J 8I< EFK KFPJ 8E; J?FLC; 9<
?8E;C<; N@K? <OKI<D< :8LK@FE 8E; I<JG<:K %@>? K<DG<I8KLI<J
FE K?< JKFM< FI FM<E D8P :8LJ< 8LKF @>E@K@FE F= K?<
GPIFK<:?E@: :FDGFJ@K@FE
N?@:? D8P C<8; KF J<I@FLJ @EALIP

;<8K?
8E; FI G<ID8E<EK ;8D8>< KF <HL@GD<EK 8E; GIFG<IKP
&>E@K@FE F= 8E @E:<E;@8IP FI <OGCFJ@M< D8K<I@8C D8P EFK 9<
C<>8C @E PFLI 8I<8
8E; I<JLCK@E> ;8D8>< D8P EFK 9< :FM<I<;
9P PFLI @EJLI8E:< ?<:B :@KP C8NJ 8E; FI;@E8E:<J 9<=FI<
8KK<DGK@E>

0K<G0G8IBC<0K@:B/<:@G<



1?@J JG8IBC<I
FI JG8IBC< JK@:B
NFIBJ 9<JK 8K E@>?K FI @E
CFN C@>?K :FE;@K@FEJ !LI@E> K?< ;8P
PFL J<< DFI< JDFB<
K?8EPFL;FJG8IBJ
9LK9FK?<==<:KJ8I<GI<KKP=LE

1?@J@JK?<I<:@G<=FID8B@E>8YJG8IBC<JK@:BZ

SD)N8K<I?<8K<;FED<;@LD?<8K

S  >I8DJ (+, GFK8JJ@LD E@KI8K<


N?@:? & F9K8@E<; @E K?<
=FIDF=JKLDGI<DFM<I

S>I8DJN?@K<JL>8I

SW;IFGJF==FF;:FCFI@E>:FCFIKFJL@KPFLIGI<=<I<E:<

+,1"

4?@K< >I8P JDFB< @J K?< FECP :FCFI <D@KK<;


<M<E @= PFL LJ<
;@==<I<EK :FCFI<; ;P<J FCFI<; JDFB< :8EEFK 9< D8;< N@K?
(+,

0?8B< K?< JL>8I 8E; (+, KF><K?<I KF ><K 8E @EK@D8K<


D@OKLI<
K?<EGFLI@EKFK?<N8K<I8E;JK@ILEK@C;@JJFCM<;

0F8B 89FLK  =<<K F=  G<I:<EK :FKKFE P8IE @E K?< JFCLK@FE

K?<EJG8:<<M<ECPFE8:FFB@<KI8P


8B< @E 8E FM<E 8K V V# =FI 89FLK KN<EKP D@ELK<J

D8B@E> JLI< KF C@=K K?< P8IE 8K K<E D@ELK<J KF D8B< JLI< @K


;F<JE\KJK@:BKFK?<G8E

)<K:FFC=FI=@M<KFK<ED@ELK<J

0K<G LKKF!<J@I<;0@Q<J


4?<E PFLI JG8IBC< :FI;J 8I< :FFC<; ;FNE
PFL :8E <8J@CP :LK
K?<D KF 8EP ;<J@I<; J@Q< N@K? 8 G8@I F= J:@JJFIJ 8E; GC8:< @E
:CFK?<JG@E & D8;< 8 :FLGC< F= ;@==<I<EK 98K:?<J @E ;@==<I<EK
:FCFIJ=FIK?<?FC@;8P

0K<G)@>?K@E>6FLI0G8IBC<IJ


+FN PFL :8E GLK FE >CFM<J 8E; J8=<KP >C8JJ<J
C@>?K PFLI
JG8IBC<I
8E;<EAFP

$CFM<J 8I< I<:FDD<E;<; 8J 9@KJ F= 9LIE@E> =L<C N@CC


F::8J@FE8CCP=CPF==8E;:8E9LIEK?<JB@E

&= K?< JG8IBC<I 9LIEJ KFF =8JK


N8@K 8 =<N ?FLIJ FI ;8PJ KF KIP
8>8@E 1?< :FDGFJ@K@FE @J ?P>IFJ:FG@: 8E; N@CC 89JFI9


DF@JKLI< =IFD K?< 8@I
I<;L:@E> K?< I8K< F= 9LIE LEK@C
<M<EKL8CCP@KNFE\KC@>?K8K8CC

&= PFL N8EK KF I<M@M< 8E FC; 98K:? K?8K ?8J 89JFI9<; KFF DL:?
DF@JKLI<
I< 98B< @E K?< FM<E =FI KN<EKP D@ELK<J 8K V
V#

1?<J< KPG<J F= ;<M@:<J D8P EFK 9< C<>8C KF D8B< FI LJ< @E


PFLI 8I<8
JF :?<:B CF:8C C8NJ 9<=FI< 8KK<DGK@E> KF ;LGC@:8K<
K?@J GIFA<:K
8E; 8J 8CN8PJ
9< J8=< 8E; 8N8I< F= PFLI
<EM@IFED<EK9<=FI<@>E@K@E>8EPK?@E>=C8DD89C<

"EAFP


1?< 9<JK G8IK @J K?8K PFL :8E D8B< ?LE;I<;J F= K?<J< JG8IBC<IJ
=FI FECP 8 =<N ;FCC8IJ
8E; K?< :C@GG@E>J :8E 9< 9LIE<;
KF><K?<I=FI8DFI<;I8D8K@:;@JGC8P

4<CC
EFN PFL BEFN ?FN KF D8B< JFD< @DGIFM@J<; ?8E;?<C;
=@I<NFIBJKF:<C<9I8K<PFLIJG<:@8CF::8J@FE


0<:K@FE

#FF;%8:BJ


*8B<8E";@9C<GGC<0N8E

%FN KF D8B< 8 ;<:FI8K@M<


8E; :FDGC<K<CP <;@9C<
8GGC<
JN8E & D8;< 8 =<N DF;@=@:8K@FEJ KF K?< FI@>@E8C @;<8
KF ><K
K?<<==<:KPFLJ<<?<I<

4/+&+$

1?<I< D8P 9< I@JBJ 8JJF:@8K<; N@K? K?<J< GIFA<:KJ K?8K I<HL@I<
8;LCKJLG<IM@J@FE

0K<G ?FFJ<6FLIGGC<


CC PFL I<8CCP E<<; =FI K?@J C@KKC< KI@:B @J 8E 8GGC< 8E; 8 BE@=<
1NF 8;;@K@FE8C 9LKK<I BE@M<J 8I< ?<CG=LC
9LK FGK@FE8C 1IP
:LKK@E> PFLI 8GGC< 8K 8 JC@>?K ;@8>FE8C JF K?8K @K :LKJ I@>?K
K?IFL>? K?< :<EK<I F= K?< 8GGC< :FI< 1?@J @J @DGFIK8EK
9<:8LJ< @K N@CC >@M< PFL 8::<JJ KF K?< J<<;J @EJ@;<
8E; N<
E<<;KNF 6FL\CCJ<<N?PC8K<IFE

0K<G*8B@E>GGC<4<;><J


18B< K?< ?8C= F= K?< 8GGC< K?8K JK@CC ?8J K?< 9FKKFD 8KK8:?<;
8E;GC8:<@K=8:<;FNEFE8:LKK@E>9F8I;

4<\I< >F@E> KF 9< D8B@E> :8I<=LC :LKJ @EKF K?< 8GGC<


8E; &
=FLE; @K N8J M<IP ?<CG=LC KF LJ< KNF 9LKK<I BE@M<J GC8:<;
G<IG<E;@:LC8IKFK?<KFG8E;9FKKFD

+FN LJ< PFLI BE@=< KF :8I<=LCCP :LK ;FNE @EKF K?< 8GGC< =IFD
K?< KFG
8E; ALJK KF K?< I@>?K J@;< F= K?< 8GGC< :FI< 6FL
J?FLC; 9< 89C< KF GI<JJ ;FNE LEK@C K?< BE@=< 9FKKFDJ FLK FE
K?< FK?<I KNF 9LKK<I BE@M<J
8E; K?<E LJ< K?< 9LKK<I BE@M<J 8J
D8B<J?@=K JG8:<IJ KF C@E< PFLI BE@=< LG
8E; :LK @E =IFD K?<
J@;<

4?<E K?< KNF :LKJ D<<K


PFL D8P =<<C 8 C@KKC< YGFGZ 8J K?<
N<;>< @J I<C<8J<; &= EFK
@K D<8EJ K?< :LKJ ?8M<E\K =LCCP D<K
P<K
JF ALJK ><EKCP N@>>C< K?< 9C8;< =IFD 9FK? ;@I<:K@FEJ LEK@C
K?<:LKJ8C@>E


/<G<8K K?< GIF:<JJ FE K?< FK?<I J@;< F= K?< 8GGC< JF K?8K
PFL\I< C<=K N@K? KNF 8GGC< N<;><J J@D@C8I KF K?FJ< J<<E @E K?<
G@:KLI<J

0K<G$@M<@K4@E>J


1?< >F8C @J KF :LK <8:? F= K?<J< E<N N<;><J @EKF K?I<< JD8CC<I
N<;><J
K?<E C8P<I K?<D KF><K?<I KF >@M< K?< <==<:K F= =<8K?<IJ
8E;N@E>J

1?< GIF:<JJ @J M<IP J@D@C8I KF ?FN PFL :LK K?<D 9<=FI<


9LK
K?@J K@D<
I8K?<I K?8E JC@:@E> @E =IFD K?< J@;<
KIP KLIE@E> K?<
N<;>< FM<I KF K?< C<=K
8E; JC@:@E> ;FNE 1?@J J?FLC; >@M<
PFL DFI< :FEKIFC 8E; J8M< PFL 8 =<N GFK<EK@8C :LKJ KF PFLI
=@E><IJ

4?<E 9FK? N<;><J ?8M< 9<<E :LK


C8P<I K?< G@<:<J 98:B
KF><K?<I KF =FID 8 K<8I;IFG J?8G<
8E; I<GC8:< K?<D 98:B @EKF
K?< 8GGC< Y9F;P Z 1?< <==<:K J?FLC; 9< KNF 9<8LK@=LC JN8E
N@E>J

4< JK@CC E<<; KF D8B< 8 GC8:< =FI K?< ?<8; KF J@K


JF D8B< 8
:FLGC< F= GI<:@J@FE :LKJ E<8I K?< =IFEK F= K?< 9F;P 8E; I<DFM<
K?< G@<:<J KF C<8M< 8 :C<8E 8E; =8@ICP ;<<G >IFFM<
8J J<<E @E
K?<G@:KLI<

0K<G*8B@E>K?<%<8;


1F =FID K?< ?<8;
N< :8E LJ< K?< FK?<I ?8C= F= K?< 8GGC< 8E;
GC8:< @K @E 9<KN<<E FLI 9LKK<IBE@=< JG8:<IJ 8J N< ;@; K?< FK?<I
FE<
<O:<GKK?@JK@D<N<\I<EFK>F@E>KF:LKFLK8EPN<;><J

8I<=LCCP :LK J@;<N8PJ 8CFE> K?< 9LKK<I BE@M<J KF :I<8K< 8E


8GGC< JC@:< 89FLK ^Z K?@:B &= PFL I<G<8K K?@J K?I<< FI =FLI
K@D<J
PFL\CC <E; LG N@K? ;@==<I<EK :IFJJ J<:K@FEJ K?8K JGFIK 8
M8I@<KPF=J?8G<J8E;J@Q<J

-@:B 8 G@<:< K?8K CFFBJ C@B< 8 ?<8IK K?8K\J 9<<E =C8KK<E<; 8K K?<
KFG &\M<=FLE;K?<J<J?8G<JNFIBK?<9<JK

CC N< E<<; KF =FID K?< ?<8; 8I< K?I<< JKI8K<>@: :LKJ @EKF K?<
8GGC< JC@:< & D8;< FE< :LK 8K K?< KFG 8K 89FLK 8  ;<>I<<
8E>C<
K?<E 8 J<:FE; :LK ?FI@QFEK8C 8E; KF K?< I@>?K 1?< C8JK


:LK E<8I K?< 9FKKFD N8J JCFG<; 8K 89FLK  ;<>I<<J ;FNE 8E;
KF K?< C<=K 6FL J?FLC; 9< 89C< KF J<< K?8K K?< KFG :LK N8J
JK8IK<; ALJK FE K?< FK?<I J@;< F= K?< 8GGC< :<EK<I
8E; K?@J @J
;FE< FE GLIGFJ< KF >@M< K?< JCFG<; =8:<
8E; K?< <==<:K F= 8
JN8E\J9<8B

%FC;@E> K?< G@<:< LG EFN J?FLC; C<8M< PFL N@K? JFD<K?@E>


J@D@C8IKFK?<G@:KLI<

0K<G-LKK@E>&KCC1F><K?<I

1F =@E@J? LG
ALJK K8B< PFLI 8GGC< J<<;J 8E; GC8:< K?<D N?<I<
PFL\; C@B< K?< <P<J KF >F
K?<E GI<JJ K?<D @EKF GC8:< N@K? K?<
J@;<F=FE<F=K?<9LKK<IBE@M<J


4?<E 9FK? <P<J 8I< @E GC8:<
J@DGCP ;IFG K?< E<:B ;FNE @EKF
GC8:<
8E;PFLI8GGC<JN8E@J=@E@J?<;

& KI@<; JGI@KQ@E> D@E< N@K? 8 C@KKC< C<DFE AL@:< KF ?<CG GI<M<EK
@K =IFD KLIE@E> 9IFNE
K?<E N< J<K @K FLK =FI <EK<IK8@E@E>
>L<JKJN<?8M<FM<I=FI;@EE<IK?8K<M<E@E>

0K<G38I@8K@FEJ

&= PFL KIP K?@J N@K? ;@==<I<EK 8GGC<J


PFL ><K ;@==<I<EK CFFB@E>
9@I;J +F KNF 9@I;J N@CC CFFB <O8:KCP K?< J8D< &E =8:K
& K?@EB
JFD<F=D@E<CFFBDFI<C@B<;L:BJ


%<8CK?@<I )@M@E> 9P *8B@E> LKK<I 0?8B@E> I<8D @EKF
LKK<I

%<8CK?P C@M@E> ALJK >FK 8 C@KKC< 9LKK<I 8LK@FE 0?8B@E> :I<8D


@EKF9LKK<ID8B<JG<FGC<C8L>?8KPFL

+,1"

1?@J D<K?F; K8B<J =@M< KF K<E D@ELK<J


9LK !8E /FA8J N@K?
$I<<E-FN<I0:@<E:< =FLE; 8 N8P KF D8B< K?< 9LKK<I @E LE;<I
8D@ELK<9PLJ@E>8N8K<I9FKKC<

4/+&+$

2J< J8=< GI8:K@:<J N?<E ?8E;C@E> =FF; KF 8MF@;


:FEK8D@E8K@FE
8E; FECP LJ< D@CB FI :I<8D =IFD KILJK<; 8E;
8GGIFM<; JFLI:<J 0?8B@E> :I<8D @EKF 9LKK<I D8P I<JLCK @E 8E
8D8Q@E>NFIBFLK

0K<G$<K0FD<%<8MP I<8DFI4?@GG@E> I<8D


#FI K?@J GIFA<:K
& ;<:@;<; KF KIP D8B@E> 9LKK<I N@K? D@CB & >FK
JKI8@>?K=IFDK?<:FN


*P N@=< BEFNJ 8 C8;P N@K? 8 :FN
JF FE< E@>?K N< JKFGG<;
9P 8E; G@:B<; LG 8 >8CCFE =K<I C<KK@E> @K J@K @E K?<
I<=I@><I8KFI FM<IE@>?K
N< :FLC; J<< 8 =8@EK C@E< J?FN@E>
N?<I< K?< :I<8D ?8; I@J<E KF K?< KFG N@K? K?< D@CB
LE;<IE<8K?

1?< KI@:B @J KF JB@D K?< :I<8D F== K?< KFG 8E; :8GKLI< @K @EKF 8
:FEK8@E<I &LJ<;8N@;< DFLK?D8JFEA8I

+,1"

&= PFL ;FE\K ?8M< 8::<JJ KF 8 :FN


8 ?<8MP :I<8D FI N?@GG@E>
:I<8DN@CCNFIBALJK8JN<CC

0K<GLKK<I ?LIE@E>X

CCPFL?8M<KF;FKFD8B<:I<8D@EKF9LKK<I@JJ?8B<@K


1?< D<K?F; K?8K NFIB<; N<CC =FI D< N8J KF J?8B< K?< A8I LG
8E; ;FNE =FI KNF KF K?I<< D@ELK<J 8J ?8I; 8E; 8J HL@:BCP 8J &
:FLC;

&= PFL\I< LJ@E> N?@GG@E> :I<8D


K?<E 8=K<I K?I<< D@ELK<J PFL
J?FLC;E\K ?<8I 8EP DFI< JCFJ?@E> 8IFLE; @E K?< A8I &= PFL
K8B< K?< C@; F== KF G<<B @EJ@;<
PFL J?FLC; =@E; K?8K @K\J KLIE<;
KF8C@>?K8E;=CL==PN?@GG<;:I<8D

6FL :FLC; 8;; 8 C@KKC< JL>8I 8E; JKFG ?<I< @= PFL N8EK<; LK
@=PFLN8EK9LKK<I
PFL\CCE<<;KF:FEK@EL<FE

/<D@E;<I 1?@J D<K?F; K8B<J 8 C@KKC< N?@C< 9<:8LJ< K?< J@;<J


F=K?<A8I8I<JDFFK?

0K<GLKK<I ?LIE@E>X

4?<E PFLI :I<8D ?8J KLIE<; KF N?@GG@E> :I<8D


=<<C =I<< KF
K8B<8K?I<< D@ELK<9I<8B

1?@J J<<DJ KF ?<CG K?< N?@GG@E> :I<8D J<KKC< KF K?< 9FKKFD 8


9@K
D8B@E>K?<E<OKJK<G8CFK<8J@<I8E;HL@:B<I

0K<GLKK<I ?LIE@E>X



0?8B< 8J ?8I; 8E; 8J =8JK 8J PFL :8E 6FL 8I< FE K?<
?FD< JKI<K:? KF ><KK@E> 9LKK<I 1?< ?8I;<I 8E; =8JK<I PFL
J?8B<
K?< HL@:B<I K?< :I<8D @J >F@E> KF 9I<8B 4?<E PFL
9<>@E KF ?<8I C@HL@; JCFJ?@E> 8IFLE; @E K?< A8I 8>8@E
PFL\I<
8CDFJK ;FE< 'LJK J?8B< 8 C@KKC< 9@K CFE><I KF D8B< JLI< @K\J 8CC
:FDGC<K<

1?@J K@D< N?<E PFL CFFB @E K?< A8I


PFL J?FLC; J<< KNF
;@JK@E:K JL9JK8E:<JX8 98CC F= JFD<K?@E> :I<8DP 8E; P<CCFN
8E; JFD< C@HL@; 1?< :I<8DP P<CCFN 98CC @J 9LKK<I 8E; @J I<8;P
KF <8K &K J?FLC; 9< >FF; =FI 8 :FLGC< F= ;8PJ
9LK @= PFL N8EK
@K KF C8JK CFE><I
I@EJ< @K @E :FC; N8K<I LEK@C K?< N8K<I KLIEJ
:C<8I8E;D@O@E8G@E:?F=J8CK &K:8EC8JK8IFLE;KNFN<<BJ

& :FDG8I<; K?@J ?FD<D8;< 9LKK<I N@K? JFD< F= K?< ?@>?<JK


HL8C@KP 9LKK<I N< >FK =IFD K?< JKFI< 8E PFL J<< K?<
;@==<I<E:< 1?< ?FD<D8;< 9LKK<IJ 8I< 8K K?< KFG 8E; I@>?K F=
K?<C8JKG@:KLI<

0K<G1I8;@K@FE8CLKK<ID@CB8E;%FE<PLKK<I


1?<<O:<JJC@HL@;@JYKI8;@K@FE8C9LKK<ID@CB Z

4< KI@<; LJ@E> K?@J KF D8B< N?FC< N?<8K 9LKK<ID@CB N8==C<J


8E;K?<PKLIE<;FLK>I<8K

& LJ<; JFD< I8N FI>8E@: ?FE<P 8E; 8 =<N FK?<I @E>I<;@<EKJ

C@B< M8E@CC8 8E; J8CK KF D8B< ;<C@:@FLJ ?FE<P 9LKK<I P K?<


N8P
K?@JK8JK<J8D8Q@E>FEPFLI=I<J?9LKK<ID@CBN8==C<J

%FN KF *8B< 8 0<C= #I<<Q@E> F:8 FC8 FI EP


&EJK8EK 0F;80CLIG<<


*8B< 8EP 9FKKC< F= JF;8 =I<<Q< FE :FDD8E; 1?@J YJLG<I
:FFCZ KI@:B NFIBJ N@K? :8EJ F= JF;8 8J N<CC & BE<N N8K<I
:FLC; 9< KLIE<; KF @EJK8EK @:<
9LK N8J 8D8Q<; KF J<< K?8K JF;8
:FLC;9<JLG<I :FFC<;8JN<CC

4/+&+$

)<8M@E> JF;8 @E K?< =I<<Q<I KFF CFE> :8E I<JLCK @E =8@CLI< F=


K?< :FEK8@E<I 8E; 8 9@> D<JJ $C8JJ 9FKKC<J 8I< EFK
I<:FDD<E;<;
8J K?< @:< <OG8E;J N?<E =I<<Q@E> 8E; :8E
J?8KK<IK?<>C8JJ<OGCFJ@M<CP

0<C= #I<<Q@E>0F;8

1?< 8EFD8CP F= YJ<C= =I<<Q@E> JF;8Z ?8J 9<<E F9J<IM<; 9P


D8EPG<FGC<
LJL8CCP9P8::@;<EK

0FD< G<FGC< GLK 8 JF;8 @E K?< =I<<Q<I KF :?@CC @K 9LK K?<E


=FI><K 89FLK @K 4?<E K?<P\M< I<D<D9<I<; 8E; >FE< KF ><K @K

@K\J C@HL@; LEK@C K?<P FG<E @K


C<8M@E> K?<D GLQQC<; 0FD<
G<FGC< ?8M< EFK@:<; K?< <==<:K 9P C<8M@E> K?< JF;8 FLKJ@;< @E
:FC;K<DG<I8KLI<J

1?<I< @J 8 M<E;@E> D8:?@E< @E %FE> (FE> K?8K J<CCJ


JLG<I :FFC<; FB< 9FKKC<J
8E; K?< @EJKIL:K@FEJ KF KI@>><I
EL:C<8K@FE @J K?< J8D< 8J @E K?@J M@;<F
?FN<M<I K?<P
I<:FDD<E; K8B@E> 8 J@G N?<E K?< :8G @J FE & 9<C@<M< K?@J @J KF
@E:I<8J< K?< :?8E:<J F= @DGLI@K@<J 9<@E> @EKIF;L:<; @EKF K?<
C@HL@;
D8B@E>EL:C<8K@FEDFI<C@B<CP

#IFD N?8K &\M< J<<E


K?< I<JLCKJ @E K?@J <OG<I@D<EK =FID 8E
<M<EK?@:B<IJCLJ?K?8EK?<M<E;@E>D8:?@E<@E%FE>(FE>


0LG<I :FFC6FLI0F;8


1F ><K K?@J <==<:K
& J?FFB LG =FLI 9FKKC<J F=  D)   FQ
JF;8 @E 8 =I<<Q<I J<K 8K WV# WV  =FI 9<KN<<E K?I<< ?FLIJ
8E; =@=K<<E D@ELK<J KF =FLI ?FLIJ 1?< CFE><I K?<P 8I< @E
K?<
DFI< ;I8D8K@: 8E; JFC@; K?< JCLJ?P =I<<Q< N@CC 9< %FN<M<I

8EP CFE><I K?8E K?I<< ?FLIJ 8E; =@=K<<E D@ELK<J @E:I<8J<J K?<
:?8E:< F= K?<D =I<<Q@E> 9<=FI< PFL K8B< K?<D FLK 0?8B@E>
K?<D LG @E:I<8J<J K?< GI<JJLI< @E K?< 9FKKC<
8E; 8:KL8CCP
CFN<IJK?<=I<<Q@E>GF@EK8C@KKC<

"M<IP =I<<Q<I N@CC 9< 8 C@KKC< ;@==<I<EK K<DG<I8KLI<


8E; &\M<
EFK@:<; K?< CF:8K@FE F= PFLI 9FKKC<J @E K?< =I<<Q<I D8B<J 8
;I8D8K@: ;@==<I<E:< FE =I<<Q< K@D<J #FI 9<JK I<JLCKJ
:?FFJ<
FE< :FEJ@JK<EK CF:8K@FE @E PFLI =I<<Q<I
8E; GC8P 8IFLE; N@K?
=I<<Q< K@D<J KF J<< N?8K NFIBJ 9<JK =FI PFL &E DP =I<<Q<I
K?<
D@;;C< F= K?< :<EK<I I8:B J<KKC<J 8K WV WV# 8E; K8B<J
K?I<<?FLIJ8E;=@=K<<ED@ELK<JKFJLG<I :?@CC=FLI9FKKC<J


/<D<D9<I K?8K K?< CFE><I K?< =I<<Q<I ;FFI @J FG<E
K?< DFI<
:FC; 8@I N@CC <J:8G<
8E; @K N@CC D8B< PFLI =I<<Q< K@D<J K8B<
DL:? CFE><I 9<:8LJ< PFLI =I<<Q<I ?8J KF :FFC ;FNE 8>8@E
&\M< 8CJF EFK@:<; K?8K K?< DFI< =IFQ<E @K<DJ PFL ?8M< @E PFLI
=I<<Q<I
K?< =8JK<I PFLI JF;8 N@CC :?@CC &E :FEKI8JK
K?< =<N<I
@K<DJ @E PFLI =I<<Q<I
K?< CFE><I PFLI JF;8 N@CC K8B< KF :FFC
FKKFD C@E< @J K?8K @= PFL LJ< 8 :FEJ@JK<EK <EM@IFED<EK =FI
PFLI<OG<I@D<EKJ
PFL\CC><K:FEJ@JK<EKI<JLCKJ

1?< KI@:B KF ><KK@E> K?< K?I<< J<:FE; JCLJ? @J HL@:BCP I<C<8J@E>


K?< GI<JJLI< @E K?< 9FKKC< 8E; I< J<:LI@E> K?< :8G
=C@GG@E> K?<
9FKKC< LGJ@;< ;FNE 8E; 98:B LGI@>?K 8>8@E 1?@J @J 9<:8LJ<
K?< =FID@E> @:< :IPJK8CJ N@CC 9< DFM<; 8IFLE; K?< C<E>K? F=
K?<9FKKC<8E;KI@>><IEL:C<8K@FE=FIK?<I<JKF=K?<JF;8

&= PFL N<I< KF ALJK K8B< K?< :8G F==


@:< N@CC =FID
8E; @K N@CC
JCFNCP JGI<8; ;FNEN8I;
9LK D@>?K K8B< LGN8I;J F= KNF
D@ELK<J=FIK?<9FKKC<KF:FDGC<K<CP=I<<Q<

1?@E>JKF1IP


,E:< PFL\M< @:<; PFLI JF;8
KIP GFLI@E> @K @EKF 8 >C8JJ KF J<<
?FN JCLJ?P @K I<8CCP @J &K ?8J 8 :FEJ@JK<E:P J@D@C8I KF K?8K F= 8
0CLIG<<

&K\J 8:KL8CCP K?< N8K<I K?8K @J =FID@E> K?< @:< :IPJK8CJ


8E;
PFL\CC EFK@:< K?< @:< N@CC 9<>@E KF =CF8K KF K?< KFG
KI8GG@E>
JFD< F= K?< JF;8 JPILG
8E; D8B@E> ;<C@:@FLJ :8I9FE8K<; @:<
JCLJ? &= PFL N<I< KF I<DFM< K?< @:<
K?< I<JK F= K?< JPILG


NFLC; 9< DFI< :FE:<EKI8K<; ;L< KF 8CC K?< N8K<I K?8K N8J
K8B<EFLK=IFD@K

& =FLE; K?8K @= PFL FG<E<; K?< :8G ALJK <EFL>? KF ?<8I K?<
9FKKC< ?@JJ@E> 8E; ?<C; @K K?<I< LEK@C @K JKFGG<;
PFL :FLC;
I<DFM<K?<:8G:FDGC<K<CP8E;K?<JF;8NFLC;JK8P8C@HL@;

& GLK 8 D<K8C 9FNC @E K?< =I<<Q<I =FI 89FLK K?@IKP D@ELK<J
8E;
N?<E @K :8D< FLK
@K >FK =IFJKP =IFD K?< DF@JKLI< @E K?< 8@I &=
PFL GFLI PFLI JLG<I :FFC<; JF;8 @EKF 8 =IFJKP 9FNC
@K\J
<EFL>? F= 8 EL:C<8K@FE GF@EK KF KI@G K?< @:< :IPJK8CC@Q8K@FE
8E;
PFL\CC9<89C<KFGFLIPFLIJ<C=8EY@EJK8EKJCLJ?P Z

0FD< G<FGC< ?8M< 8JB<; N?8K NFLC; ?8GG<E @= PFL N<I< KF


;I@EB 8 JLG<I :FFC<; JF;8 0@DGC< 8EJN<I @J K?8K @K\J :FFC 8E;
I<=I<J?@E>

J K?< JF;8 @:<J


C8K<EK ?<8K @J I<C<8J<; @E K?< :IPJK8CC@Q8K@FE
8E; @K 8:KL8CCP N8IDJ LG KF ALJK 9<CFN =I<<Q@E> 1?8K\J J@D@C8I
KF ALJK ?8M@E> 8 ;I@EB N@K? @:< :L9<J =CF8K@E> @E @K
JF >F 8?<8;
8E;<EAFP@K

*FI<1?@E>JKF1IP


&= PFL KIP GFLI@E> PFLI JLG<I :FFC<; JF;8 @EKF 8 I<>LC8I :C<8E
9FNCFI>C8JJ
@KN@CCALJKCFFBC@B<I<>LC8IJF;8

+FN ;IFG 8 =C8B< F= @:< FI @:< :L9< @EKF K?< C@HL@; J @= 9P


D8>@:
K?< JF;8 N@CC :IPJK8CC@Q< LEK@C K?< N?FC< 9FNC 9<:FD<J
JCLJ? 1?<I<\JFE<K8JKPKI<8KI<8;P=FIJ<IM@E>


1?@J 8CJF NFIBJ N@K? :8EJ F= JF;8 8J N<CC
9LK @K @J KFL>?<I
1?< =I<<Q< K@D< @J 89FLK K?< J8D<
8E; K?< B<P KF D8B@E> @K
NFIB @J I<C<8J@E> K?< GI<JJLI< =IFD K?< :8E M<IP
M<IP JCFNCP
1?@J @J DL:? ?8I;<I KF ;F K?8E FG<E@E> 8 K89
9LK @K @J
GFJJ@9C<
8E; K?< JF;8 ?8J K?< J8D< GIFG<IK@<J 8J K?< JKL==
=IFDK?<9FKKC<J
F9M@FLJCP

,K?<I"OG<I@D<EKJ


& 8CJF <OG<I@D<EK<; N@K? KNF C@K<I 9FKKC<J 8E; ?8; >I<8K
I<JLCKJ =I<<Q@E> K?<D 9<KN<<E =FLI 8E; =@M< ?FLIJ 1?< N?FC<
9FKKC< 9<:FD<J JCLJ?P @E 8E @EJK8EK @= PFL J?8B< @K LGJ@;<
;FNE=FI8J<:FE;

& <OG<I@D<EK<; N@K? $8KFI8;<


#I<J:8
*<O@:8E 0GI@K<
IFFK
9<<I
FI8E>< JF;8J
FB<
!@<K FB<X@E 9FKKC< =FID 8J N<CC
8J@E:8EJ &?8;JLG<I :FFC<;JL::<JJN@K?K?<D8CC

/<DFM@E> K?< GI<JJLI< M<IP JCFNCP =IFD K?< 9FKKC< :8E B<<G
K?< JF;8 C@HL<=@<; 8E; >@M< PFL K?< :?F@:< FGGFIKLE@KP KF GC8P
N@K?JLG<I :FFC<;JF;8FLKJ@;<F=K?<9FKKC<

4<CC
K?<I< PFL ?8M< @K 1?8K\J ?FN KF =I<<Q< JF;8 @EJK8EKCP &=
PFL\I< EFK 8 JF;8 ;I@EB<I
PFL :8E ;F K?@J J8D< KI@:B N@K?
N8K<I

*8B< &K /8@E !FNE ?F:FC8K< =FI /<8C %FN KF *8B< 6FLI
,NE-E<LD8K@: 8E;P 8EEFE

< K?< :FFC<JK G<IJFE FE K?< 9CF:B 9P 9L@C;@E> 8 GE<LD8K@:


;<M@:< K?8K N@CC C8LE:? :8E;P  =<<K @E K?< 8@I 8E; D8B< @K
I8@E;FNE8CCB@E;JF=JL>8IPKI<8KJ

&K\J=LEKFD8B<8E;8?L><?@K8K9@IK?;8PG8IK@<J

4/+&+$

1?@J GIFA<:K LJ<J :FDGI<JJ<; 8@I 8J K?< D<;@LD =FI GIFA<:K@E>


:8E;P
8E; K?<I<9P GFJ<J M8I@FLJ J8=<KP I@JBJ 1?@J GIFA<:K
J?FLC; EFK 9< 8KK<DGK<; N@K?FLK 8;LCK JLG<IM@J@FE 8E;
8;<HL8K< KI8@E@E> *@JLJ< FI :8I<C<JJ LJ< F= KFFCJ FI GIFA<:KJ
D8PI<JLCK@EJ<I@FLJ@EALIPFI;<8K? 2J<8KPFLIFNEI@JB


4?8K&J8 8E;P 8EEFE


1?@J @J K?< 8E;P 8EEFE &K LJ<J 8E <C<:KI@:8CCP 8:K@M8K<;
@E C@E< JGI@EBC<I M8CM< I8K<; 8K  -0& 8J K?< KI@>><I
D<:?8E@JDKFI<C<8J<:FDGI<JJ<;8@IK?IFL>?K?<98II<C

'LJK :?8I>< K?< JPJK<D LG KF 8IFLE;  -0& 8E; GI<JJ K?<
;<KFE8KFI 9LKKFE KF D8B< @K =@I< & 9L@CK K?@J FE< =FI DP JFE\J
K?@I; 9@IK?;8P G8IKP KF GIFG<C 8 G8PCF8; F= :8E;P KF 8E 8CK@KL;<
F= 8IFLE;  =<<K
8K N?@:? GF@EK K?< :8E;P 9<>@EJ KF JGI<8;
FLK @EKF 8 >@8EK :CFL; F= JL>8IP KI<8KJ 8E; ;IFG 98:B ;FNE

D8B@E>@KI8@E:8E;P

6FL :8E GIF989CP @D8>@E< K?< <O:@K<D<EK F= K?< B@;J N@K?


K?<@I C@KKC< KI<8K 98>J ILEE@E> 8CC 8IFLE; K?< P8I; FE 8 :8E;P
KI<8JLI<?LEK

0K<G*8K<I@8CJ6FL\CC+<<;


& LJ<; -3 JGI@EBC<I G8IKJ
8J N<CC 8J JFD< ;FFI9<CC N@I<

K?I<8; K8G<
8 GE<LD8K@: 8;8GK<I
8E; 8 GLJ? 9LKKFE JN@K:?
4@K?FLK C@JK@E> @E;@M@;L8C G8IKJ
& ?FG< K?< G@:KLI< >@M<J
<EFL>?F=8E@;<8=FIPFLKF;LGC@:8K<K?<GIFA<:K

& LJ<; Z J:?<;LC<  -3 G@G< =FI K?< 8@I K8EBJ 8E; Z


J:?<;LC<  -3 G@G< =FI <M<IPK?@E> <CJ< 6FL J?FLC; 9< 89C<
KF =@E; 8CC K?<J< D8K<I@8CJ 8K 8 ?FD< @DGIFM<D<EK JKFI< FI
JGI@EBC<IJLGGCP:FDG8EP

J@;< =IFD K?FJ<


PFL\CC GIF989CP N8EK 8 _Z D8EL8C 98CC
M8CM<
8E; JFD< FK?<I _Z =@KK@E>J K?8K N@CC 8CCFN PFL KF AF@E @K
KFK?<=I8D<

6FL\CC8CJFE<<;8Z#&-1@E C@E<JGI@EBC<IM8CM<

1F D8B< K?< 8@I K8EBJ


:LK KNF J<:K@FEJ F= K?< Z -3 G@G<J
ZCFE>

LK PFLI Z G@G< KF :LJKFD C<E>K?J EPN?<I< =IFD ZWZ


#<<C =I<< KF LJ< JFD< :I<8K@M@KP KF DF;@=P K?< JPJK<D
9LK
98J@:8CCP @K N@CC CFFB C@B< K?@J N?<E K?< G@<:<J 8I< ;IP =@K
KF><K?<I

1?< JPJK<D @J ;<J@>E<; KF 8::<GK :FDGI<JJ<; 8@I K?IFL>? 8


GE<LD8K@: 8;8GKFI N<\CC 8;; KF K?< :8G E<8I K?< D8EL8C 98CC
M8CM< 1?@J M8CM< 8CCFNJ PFL KF :CFJ< F== K?< JPJK<D
8E; K?<
:8EEFE N@CC JK8P GI<JJLI@Q<; <M<E @= PFL ;@J:FEE<:K =IFD PFLI
JFLI:<F=:FDGI<JJ<;8@I

 M 98KK<IP N@CC 9< LJ<; KF 8:K@M8K< K?< JGI@EBC<I M8CM< 1?<


M8CM< @J 8:KL8CCP I8K<; 8K  MFCKJ
9LK &\M< =FLE; 8 J@E>C< M
J<<DJKFNFIB=FIK?@JGLIGFJ<


&= PFL\I< ?8GGP N@K? ?FN K?< G@<:<J =@K KF><K?<I
K?<E @K\J K@D<
KFD8B<@KG<ID8E<EK9P:<D<EK@E>@KKF><K?<I

P K?< N8P
;@; PFL EFK@:< K?<J< G8IKJ JKIFE>CP I<J<D9C< K?<
G8IKJ&LJ<;@EDP/F:B<K/@=C<GIFA<:K

0K<G*8B<&K-<ID8E<EK

1F :<D<EK -3 GIFG<ICP
PFL\CC E<<; JFD< GLIGC< GI@D<I 8E;
JFD< -3 :<D<EK 0FD< 9I8E;J F= -3 :<D<EK 8I< J<C=
GI@D@E> E <O8DGC< NFLC; 9< JFD<K?@E> C@B< ?I@JKP\J /<;
%FKCL<$CL<

*8B< JLI< KF I<8; K?< @EJKIL:K@FEJ :8I<=LCCP FE 9FK? K?< :8E F=


GI@D<I 8E; :8E F= -3 :<D<EK 1?<I< 8I< ;8E><IJ 8JJF:@8K<;
N@K? <8:?
8E; 8KK<EK@FE KF ;<K8@C @J I<HL@I<; @E FI;<I KF ><K 8
>FF; :FEE<:K@FE K?8K :8E N@K?JK8E;  -0& /<D<D9<I
K?@J
JPJK<D @J >F@E> KF 9< :FEK8@E@E> 8 ;8E><IFLJ 8DFLEK F=
GI<JJLI<
JFPFL\CCN8EKKF;F@KI@>?KK?<=@IJKK@D<

-I@D< 8CC K?< G8IKJ K?8K N@CC 9< @E :FEK8:K


8E; N?<E K?<P 8I<
;IP
:<D<EK@KLG8J@EJKIL:K<;FEK?<:8E

0K<G 8EEFE48;J


1F D8B< JLI< K?< :8E;P C8LE:?<J <==@:@<EKCP
PFL D8P N8EK KF
D8B<898J@::8EEFEN8;=IFDKNFGC8JK@::LGJ

& :LK ^Z F== K?< KFG F= 8 JD8CC K?I<< FLE:< GC8JK@: :LG 8E; :LK
K?< 9FKKFD G8IK F== 8 I<>LC8I J@Q<; :LG K?<E & =@K K?<D KF><K?<I
KF D8B< K?@J C@KKC< :FEK8@E<I 1?@J ;<J@>E ?8; @DGI<JJ@M<
JKIL:KLI8C @EK<>I@KP
N?@:? D<8EK @K :FLC; N@K?JK8E; K?< 9C8JKJ
F= ?@>? 8@I GI<JJLI<
8E; 9< LJ<; DLCK@GC< K@D<J 9<=FI< ?8M@E>
KF D8B< 8 E<N FE< 1?< ;@8D<K<I F= K?< N8; @J 89FLK 8J
G<I=<:K8J&:FLC;=@E;=FIK?<@EJ@;<F=K?<Z:8E;P98II<C

6FL D8P 8CJF EFK@:< 8 :F@C F= N@I< @E K?< 98:B>IFLE; F= K?<


G@:KLI< 1?@J @J ;FFI9<CC N@I< K?8K :FEE<:KJ K?< M8CM< KF K?<
;<KFE8KFI 9LKKFE & NI8GG<; K?< N@I< 8IFLE; 8 C<E>K? F= K?< Z
G@G<KF=FIDK?<:F@C

0K<G#@E@J?@E>1FL:?<J


%<I< PFL :8E J<< N?<I< K?< GE<LD8K@: 8;8GKFI @J 8KK8:?<;

8E; @= PFL C@B<


PFL :8E >@M< PFLI JPJK<D 8 G8@EK AF9 C@B< & ;@;
?<I< &:?FJ<I<;8E;9C8:BJGI8PG8@EK=FID@E<

1?< GE<LD8K@: 8;8GK<I @J N?<I< 8E 8@I ?FJ< :8E 9< :FEE<:K<;


KF :?8I>< @K LG
8E; K?< D8EL8C 98CC M8CM< >@M<J K?< FGK@FE F=
:CFJ@E> F== K?< JPJK<D 1?@J D<8EJ K?< JPJK<D :FLC; D8@EK8@E
GI<JJLI< <M<E N?@C< K?< 8@I ?FJ< N8J ;@J:FEE<:K<;
K?LJ
D8B@E>@KGFIK89C<

&= PFL ;FE\K ?8M< 8E 8@I :FDGI<JJFI


PFL :FLC; :?8E>< FLK K?<
GE<LD8K@: 8;8GKFI N@K? 8 M8CM< JK<D KF 9< LJ<; N@K? 8 9@B<
GLDG

0K<G*8B@E>&K4FIB


1?< N8; >F<J @E =@IJK 8E; @J GLJ?<; KF K?< 9FKKFD N@K? 8
I8DIF;
8E; K?<E :8E;P ><KJ @EJ<IK<; & LJ<; 8 9@> 98> F= A<CCP
:8E;@<J=FIGI8:K@:<

&E;@M@;L8CCP NI8GG<; :8E;@<J 8I< 8 9<KK<I :?F@:< N?<E


8:KL8CCP LJ@E> =FI 8 G8IKP %FN<M<I
K?<J< A<CCP :8E;@<J N<I<
D8@ECP=FIK<JK@E>K?<98CC@JK@:JF=JD8CC
;<EJ<:8E;@<J

4?<E K?< ;<KFE8KFI 9LKKFE @J GI<JJ<;


K?< JGI@EBC<I M8CM<
FG<EJ 8E; 9C8JKJ K?< :8EEFE N8; LGN8I; 1?< N8; GLJ?<J 8CC
K?< :8E;P FLK N@K? 8 :FEJ@;<I89C< =FI:< &E K?@J :8J<
K?I<<
GFLE;JF=:8E;PN8JC8LE:?<;LG8IFLE;=<<K@EK?<8@I

1?@J ?8J 9<:FD< 8 ?@K 8K 9@IK?;8P G8IK@<J


8E; N< 8I< D8B@E>
@K 8 KI8;@K@FE KF ;F 8 :8E;P C8LE:? 8K <8:? F= FLI B@;J\
9@IK?;8PJ E;
F= :FLIJ<
K?< 9@IK?;8P 9FP @J K?< FE< N?F
><KJKFGLJ?K?<;<KFE8KFI9LKKFE


*8B<8LKK<I 8E;C<
*8:$PM<I 0KPC<

*FJK G<FGC< NFLC;E\K K?@EB F= 9LKK<I 8J 8 =C8DD89C<


JL9JK8E:<
9LK @E K?@J GIFA<:K @K @J 4<\I< D8B@E> <D<I><E:P
:8E;C<J K?8K 9LIE =FI ?FLIJ LJ@E> JFD< KF@C<K G8G<I 8E; 8 9@K
F=9LKK<I

4/+&+$

E FG<E =C8D< GFJ<J 8 =@I< ?8Q8I; !F EFK LJ< E<8I 8EP


=C8DD89C< FI <OGCFJ@M< D8K<I@8C 2J< F= K?@J :FEK<EK @J 8K
PFLIFNEI@JB


0K<G*8K<I@8CJ6FL\CC+<<;

1?@J@J89FLK8JJ@DGC<8J@K><KJ

SLKK<I

S1F@C<KG8G<I

S0FD<K?@E>KFGFB<8?FC<

'LJK =@E; JFD< 9LKK<I D8I>8I@E< N@CC GIF989CP NFIB 8J N<CC


8E; 8 JD8CC G@<:< F= KF@C<K G8G<I -8G<I KFN<C N@CC 8CJF NFIB
=@E<

0K<G-I<G8I<6FLI*8K<I@8CJ



6FL :8E :LK K?< 9CF:B F= 9LKK<I @EKF 8J D8EP G@<:<J 8J PFL
N8EK J 8 ILC< F= K?LD9
&\M< =FLE; K?8K FE< K89C<JGFFE F=
9LKK<I N@CC 9LIE =FI 89FLK FE< ?FLI & LJ<; 8 =FLI FLE:< 98I F=
9LKK<I <@>?K K89C<JGFFEJ 8E; :LK @K @E ?8C= KF >@M< D< KNF
=FLI ?FLI:8E;C<J=FLIK89C<JGFFEJ<8:?

LKK@E> K?< 98I N@K? K?< J<8D 8K K?< KFG N@CC ?<CG D@E@D@Q<
K?< G8G<I =IFD I@GG@E> 8J PFL :LK K?IFL>? K?< 9CF:B CJF
K?<
:FC;<I =@ID<IK?<9LKK<I@J
K?<:C<8E<IPFLI:LKN@CC9<

&= PFL\I< LJ@E> K?< J8D< D8K<I@8CJ PFL J?FLC; ?8M< KNF
?8CM<JN@K?K?<<OGFJ<;9LKK<IJ@;<=8:@E>LGN8I;

18B< JFD<K?@E> C@B< 8 JB<N<I FI KFFK?G@:B 8E; GFB< 8 ?FC< @E


K?< KFG 8K K?< :<EK<I 1?< ?FC< J?FLC; I<8:? 8CC K?< N8P KF K?<
9FKKFD

+<OK
K8B<PFLIG@<:<F=KF@C<KG8G<I8E;KN@JK@KK@>?KCP

& GLK 8 9<E; 8K K?< 9FKKFD JF K?8K N?<E @K JK8E;J E<OK KF K?<
9CF:BF=9LKK<I
FECP89FLK^Z@J<OGFJ<;8KK?<KFG

6FLI9LKK<I:8E;C<@JEFNI<8;P=FI8JJ<D9CP

0K<G4@:B


2J@E> PFLI JB<N<I FI KFFK?G@:B
GLJ? K?< D8B<J?@=K N@:B
;FNE @EKF K?< ?FC< LEK@C @K KFL:?<J K?< 9FKKFD $@M< @K 8 C@KKC<
KN@JKKFI<C<8J<8E;GLCCK?<JK@:B98:BFLK

&= PFL ;@; @K I@>?K


PFL J?FLC; FECP ?8M< ^Z F= K?< N@:B
GFB@E>FLKF=K?<:<EK<I

1?< N@:B E<<;J 8 C@KKC< JK8IK<I =L<C


N?@:? :8E 9< 8;;<; 9P
IL99@E>K?<N@:BK@G;FNE@EKFK?<<OGFJ<;9LKK<I8KK?<KFG


1@D<KFC@>?K@K

4?<E PFL JKI@B< PFLI D8K:?


?FC; K?< =C8D< E<8I K?< 9LKK<I 8K
K?< 98J< F= K?< N@:B 1?< 9LKK<I E<<;J KF D<CK 8 C@KKC< =FI K?<
=C8D< KF 9<:FD< J<C= JLJK8@E@E>
JF @K D8P K8B< 8 :FLGC< F=
J<:FE;J

0K<G4<%8M<)@>?K


6FL D8P J<< K?< =C8D< ;@D ;FNE =FI 8 =<N J<:FE;J 8K K?<
9<>@EE@E>
9LK FE:< K?< 9LKK<I N8IDJ LG 8 C@KKC<
K?< =C8D<
J?FLC;>IFNI@>?K98:BLGKF=LCCJ@Q<

1?@J NFIBJ =FI K?< J8D< I<8JFE 8 :8E;C< ;F<J J K?< 9LKK<I
D<CKJ
@K\J N@:B<; LG @EKF K?< KF@C<K G8G<I JK<D 8E; M8GFI@Q<;
9P K?< ?<8K 1?< M8GFI @J =C8DD89C<
8E; @K\J 8:K@E> 8J K?< =L<C
=FIK?<=C8D<

1?<J< 9LKK<I :8E;C<J 9LIE<; =FI =FLI ?FLIJ <8:?


>@M@E> 8 KFK8C
F=<@>?K?FLIJF=?<8K8E;C@>?K=IFDK?<FI@>@E8C98I

+,1"


=K<I 8 :FLGC< F= ?FLIJ
K?< 9LKK<I N8IDJ LG KF K?< GF@EK
N?<I< @K D<CKJ 8E; K?< N@:B D8P =8CC FM<I &E K?@J :8J<
@K\J
LJ<=LC KF K8B< 8 G8G<I:C@G 8E; D8B< 8 JLGGFIK =FI K?< N@:B 1F
;F K?@J =IFD K?< 9<>@EE@E>
ALJK @EJ<IK K?< N@:B 8E; G8G<I:C@G
KF><K?<I=IFDK?<9FKKFDF=K?<9LKK<I9CF:B

!IFGG@E> K?< :8E;C<J ;FNE @EKF JFD<K?@E> C@B< 8 >C8JJ :8E


?<CG GIFK<:K K?<D =IFD ;I8=KJ 8E; I<;L:< K?< I@JB F= PFLI
:8E;C< 9<:FD@E> 8 =@I< ?8Q8I; 6FL 8CJF ?8M< K?< 8;;<;
9<E<=@KF=8E@EK<I<JK@E>!&68D9@8E:<KFPFLIIFFD

4<CC
EFN PFL BEFN ?FN KF D8B< 8 J@DGC< <D<I><E:P :8E;C<
N@K?JFD<KF@C<KG8G<I8E;89@KF=9LKK<I

#@>?K CL90F8G8:FE8E;!I8@E C<8E<I0F8G


8:FE !I8@E C<8E<I  0F8G 6<J
8E; @K JD<CCJ C@B<
:@EE8DFE

-IFA<:K@EJG@I<;9P#@>?K CL9

0G<:@8C K?8EBJ KF 0F8G 8C: E<K =FI LJ< F= K?<@I FEC@E< JF8G
D8B@E>:8C:LC8KFI

4/+&+$

2J< 8K FNE I@JB 0F;@LD %P;IFO@;< +8,% @J ?@>?CP :8LJK@:

GF@JFEFLJ
8E; :8E :8LJ< J<I@FLJ ;8D8>< KF K@JJL< 8E; FI
GIFG<IKP )P< J?FLC; 9< 8GGIF8:?<; N@K? :8I< 8E; :8LK@FE

<EJLI@E> 8CC JL>><JK@FEJ C@JK<; FE K?< :FEK8@E<I 8I< :FDGC@<;


N@K? 8E; ?8E;C<; N@K? >CFM<J FI FK?<I GIFK<:K@FE 1?<I< 8I<
I@JBJ 8JJF:@8K<; N@K? K?<J< GIFA<:KJ K?8K I<HL@I< 8;LCK
JLG<IM@J@FE

0K<G1NF*8@E&E>I<;@<EKJ


#FI K?@J GIFA<:K & KI@<; D8B@E> KI8;@K@FE8C CP< JF8G
N?@:?
:FEJ@JKJ F= KNF D8@E @E>I<;@<EKJX8E@D8C =8KJ 8E; CP<
JF;@LD?P;IFO@;<

& GI8:K@:<; N@K? I<E;<I@E> 9<<= =8K KF <OKI8:K YK8CCFN


Z 8E;
8=K<I 8 =<N JL::<JJ=LC 8KK<DGKJ 8K D8B@E> JF8G
& NFE;<I<; @=
@K:FLC;9<;FE<N@K?98:FE=8K

1F >@M< K?@J GIFA<:K 8 9@K F= 8 KN@JK


& KI@<; LJ@E> FE< GFLE; F=
YD<I@:8E JKPC<Z 98:FE 9<:8LJ< @K\J M<IP =8KKP
8E; JFD<
:IPJK8C ;I8@E FG<E<I D8IB<; 8J  G<I:<EK CP< &K\J M<IP
@DGFIK8EK K?8K K?@J @J  G<I:<EK CP<
8E; @= K?<I< 8I< 8EP
;FL9KJ
@K J?FLC;E\K 9< LJ<; 1?< >F8C ?<I< @J  G<I:<EK
JF;@LD ?P;IFO@;<
N?@:? K?@J :FEK8@E<I @J
8::FI;@E> KF K?<
*8K<I@8C08=<KP!8K80?<<K*0!0

0K<G/<E;<IK?<#8K



8:FE @J J8CKP 8E; F;FIFLJ
8E; KF <OKI8:K K?< GLI< =8K
N<
E<<;KFI<E;<I@K

1?@J @J 9<JK 8:?@<M<; 9P :LKK@E> K?< 98:FE @EKF M<IP JD8CC


G@<:<J 8E; GC8:@E> @E 8 GFK N@K? 8 C@; FE CFN ?<8K 1F ><K
:C<8E
N?@K< =8K
D8B< JLI< PFL J@DD<I FE 8 M<IP CFN
?<8KXK?< CFN<I K?< ?<8K
K?< 9<KK<I %@>?<I K<DG<I8KLI<J N@CC
:8LJ< K?< =8K KF KLIE 9IFNE 8E; I<K8@E JFD< F= K?< JD<CC 6<J

@K N@CC K8B< CFE><I KF <OKI8:K K?< =8K FE CFN K<DGJ


9LK K?<
HL8C@KPN@CC9<NFIK?@K

& =FLE; K?8K 8 K<DG<I8KLI< F= 8IFLE; R R# N8J


<EFL>?KFD<CKK?<=8K8E;B<<G@KE@:<8E;:C<8E

=K<I 89FLK <@>?K ?FLIJ F= J@DD<I@E>


K?< 98:FE J?FLC; CFFB
:FFB<;
8E;PFLI?FLJ<N@CCJD<CC;<C@:@FLJ

& LJ<; K?< C@; 8J 8 JKI8@E<I KF GFLI K?< =8K @EKF 8 :FEK8@E<I
9LK
K?@J :IL;< D<K?F; ;F<J 8CCFN JFD< @DGLI@K@<J KF G8JJ
K?IFL>? 1F Y:C8I@=PZ K?< =8K
ALJK GFLI 8 9@K F= N8K<I @E K?<
:FEK8@E<I
8E; N8K:? K?< D@OKLI< J<G8I8K< @EKF KNF ;@==<I<EK
C8P<IJ 1?< :C8I@=@<; =8K =CF8KJ FE K?< KFG
N?@C< K?< N8K<I 8E;
@DGLI@K@<JJ@EBKFK?<9FKKFD

#IFD ?<I<
@K\J <8JP KF :FFC K?< D@O @E K?< =I@;>< 8E; JB@D K?<
=8K=IFDK?<KFG


4?8KPFL\I<C<=KN@K?@J89<8LK@=LC
=FF; >I8;<98CCF=C8I;

#IFD K?@J G8:B F= 98:FE


& I<:FM<I<; J<M<EKP >I8DJ F=
I<E;<I<;8E;:C8I@=@<;C8I; -<I=<:K=FI8J@E>C<98IF=JF8G

0K<G1?</<:@G<


1F =@>LI< FLK K?< 9<JK I<:@G< =FI KI8;@K@FE8C CP< JF8G LJ@E>
GFIB C8I;
& M@J@K<; 0F8G 8C: E<K =FI LJ< F= K?<@I FEC@E<
JF8G D8B@E> :8C:LC8KFI #FI  >I8DJ F= GFIB C8I;
K?< I<:@G<
:8CC<; =FI  >I8DJ F= ;@JK@CC<; N8K<I 8E; E@E< >I8DJ F=
JF;@LD ?P;IFO@;< 1?< GFIB C8I; N<EK @E 8 :C<8E GFK 8E;
JK8IK<; D<CK@E> FE CFN ?<8K
N?@C< K?< N8K<I 8E; +8,% N<I<
D@O<;KF><K?<I

+,1"

4?<E NFIB@E> N@K? 0F;@LD %P;IFO@;<


9< D@E;=LC F= 8CC K?<
I@JBJ 8E; ;8E><IJ 8JJF:@8K<; N@K? K?@J :?<D@:8C
9<:8LJ< K?<I<
8I<D8EP0<<Y!8E><IJF=)P<ZG@:KLI<=FI<O8DGC<J

4@K? K?< C8I; D<CK<;


K?< CP< JFCLK@FE N8J :8I<=LCCP GFLI<; @E
8E; JK@II<; :FEJK8EKCP FE CFN ?<8K =FI =@M< D@ELK<J
K?<E C<=K
KF J@K =FI =@M< D@ELK<J DFI< "M<IP =@M< D@ELK<J 8=K<I K?8K
&
:8D< 98:B 8E; JK@II<; =FI KNF D@ELK<J
K?<E C<K J@K =FI 8EFK?<I
=@M< 1?@J N8J I<G<8K<; LEK@C K?< D@OKLI< ?8; K?< :FEJ@JK<E:P


F= M8E@CC8 GL;;@E>
8E; N?<E ;I@GG<; FE @KJ<C=
@K NFLC; C<8M<
9CF9J8E;I@;><J 1?@JJK8><F=K?<D@O@J:8CC<;YKI8:< Z

0K<G08GFE@=@:8K@FE


K K?< YKI8:<Z JK8><
8IFD8J 8E; :FCFIJ :FLC; 9< 8;;<; KF
D8B< K?< 98I 8 C@KKC< DFI< 8KKI8:K@M< @= ;<J@I<; &= K?< C8I; N8J
I<E;<I<; GIFG<ICP
@K J?FLC; 9< E@:< 8E; N?@K< 8E; K?<I<
J?FLC; ?8I;CP 9< 8EP JD<CC F= 98:FE 8K 8CC #FI 8IFD8
& :?FJ<
KF LJ< J<M<E ;IFGJ F= Y 8JJ@8Z <JJ<EK@8C F@C JD<CCJ C@B<
:@EE8DFE

#FI :FCFI
& LJ<; J<M<E ;IFGJ F= I<; =FF; :FCFI@E> #FI
D8B@E> JF8GJ
=FF; :FCFI@E> GIF989CP @JE\K I<:FDD<E;<;
9LK
@KNFIB<;>I<8K=FIK?@JGLIGFJ<

4?<E K?< D@O N8J JK@II<; KF><K?<I


@K 8CC KLIE<; 8 9I@>?K G@EB
8E; N8J I<8;P =FI :8JK@E> & ?8; =8J?@FE<; 8 JD8CC J@C@:FE<
DFC; =FI K?< 98I F= JF8G & N8EK<;
8E; GFLI<; K?< D@O @E KF C<K
@K:LI<

1?< :LI@E> GIF:<JJ @J :8CC<; YJ8GFE@=@:8K@FE


Z N?@:? 98J@:8CCP
D<8EJ K?< =8KJ 8E; 8CB8C@E< JFCLK@FE 8I< :FD9@E@E> KF =FID
JF8G 1F ?<CG JG<<; K?< GIF:<JJ
& GC8:<; K?< JF8G DFC; @E 8E


FM<E N@K? K?< ;FFI :CFJ<; =FI W ?FLIJ 1?< ?<8K =IFD K?<
FM<E C@>?K @J <EFL>? KF ?<CG K?< J8GFE@=@:8K@FE K8B< GC8:<
DL:? HL@:B<I
8E; =@ID LG K?< 98I 6FL :8E J<< K?8K N?<E K?<
98IN8JI<DFM<;
@K?8;E@:<CPK8B<EK?<J?8G<F=K?<DFC;

+,1"

1?< 9L99C<J @E K?< JF8G N<I< :8LJ<; 9P 8 D@JK8B< FE DP G8IK


& GI< ?<8K<; K?< FM<E KF R# R  9<=FI< 8;;@E> K?<
JF8G
8E; K?@J DL:? ?<8K ;<=FID<; K?< 98I N@K? 9L99C<J !F
EFK GI< ?<8K K?< FM<E 8K 8CC
8E; PFLI 98I J?FLC; :FD< FLK
:C<8E8E;JDFFK?

0K<G$<KK@E>K?<8I/<8;P=FI2J<


<=FI< PFL LJ< PFLI 98I F= JF8G
PFL E<<; KF D8B< JLI< @K\J
=LCCPJ8GFE@=@<;FI<CJ<K?<CP<@EK?<98I:8E9LIEPFLIJB@E

1?< <8J@<JK N8P KF K<CC @= K?< 98I @J I<8;P @J KF C@:B @K &= @K


K8JK<J C@B< 8 98I F= JF8G
@K @J ,E K?< FK?<I ?8E;
@= @K Q8GJ PFL
C@B<C@:B@E>8E@E< MFCK98KK<IP
@KE<<;JDFI<K@D<KF:LI<

& C<K DP 98I :LI< =FI J@O N<<BJ ALJK KF 9< J8=< 1?< I<JLCK N8J
8 DL:? =@ID<I 98I K?8K ?FC;J LG JL9JK8EK@8CCP CFE><I @E K?<
J?FN<I8E;N8JI@:?<I@E:FCFI

& K<JK<; K?< G% M8CL< N@K? C@KDLJ G8G<I 8E; >FK 8 M8CL<
JFD<N?<I< 8IFLE;   EPN?<I< 9<KN<<E J<M<E 8E; K<E
J?FLC;9<=@E<=FIPFLIJF8GJ


48J?@E> DP ?8E;J
PFL :8E J<< K?< JF8G 9L99C<J C@B< PFL\;
<OG<:K &= PFL N8EK DFI< F= 8 C8K?<I
K?<I< 8I< FK?<I F@CJ PFL
:8E 8;; =FI ;@==<I<EK <==<:KJ C@B< ?8I;E<JJ
C8K?<I
:C<8EJ@E>

<K: 0F8G:8C: E<K J?FLC; ?8M< GC<EKP F= @E=F @= PFL J<8I:?


8IFLE;

1?@J @J >CP:<I@E JF8G


D<8E@E> K?< >CP:<I@E N8J C<=K @E K?< 98I
*FJK D8EL=8:KLI<IJ <OKI8:K K?< >CP:<I@E FLK F= K?< JF8G KF
I<J<CC 8J 8 ;@==<I<EK GIF;L:K 0F @E 8 N8P
K?@J JF8G D8P 9<
JLG<I@FIKFD8EPJF8GJ9FL>?K8KK?<JKFI<

1?< >CP:<I@E ?<CGJ DF@JKLI@Q< 8E; JF=K<E K?< JB@E & G<IJFE8CCP
K<JK<; K?<J< 98IJ @E K?< J?FN<I FM<I 8 G<I@F; F= KNF DFEK?J
1?<P I<K8@E<; K?<@I :@EE8DFE J:<EK 8E; :FCFI 8E; ;@; 8 >FF;
AF9:C<8E@E>K?<9F;P

+FKJLIGI@J@E>CP
K?<PNFIBALJKC@B<JF8G

0K<G8:FE@KJ


/<D<D9<I K?< C<=KFM<I 98:FE @E K?< GFK 1IP LJ@E> @K KF D8B<
=I<J? ?FD<D8;< 98:FE 9@KJ 4< LJ<; K?<J< FE<J =FI ;@EE<I FE
FLI98B<;GFK8KF<J

4<CC
EFN PFL BEFN ?FN KF D8B< 8 9<8LK@=LC 98I F= >CP:<I@E
JF8G=IFD?FLJ<?FC;;I8@E:C<8E<I8E;8G8:BF=98:FE


0<:K@FE

0G<:@8C ,::8J@FE%8:BJ


1<E)@=<%8:BJ6FL+<<;KF(EFN=FI ?I@JKD8J

1<E8D8Q@E>K@GJ8E;KI@:BJ
=FI%FC@;8P:?8CC<E><J

&EK?@JGIFA<:K
PFL\CCJ<<?FNKF

S FEM<IK898>F=:?@GJ@EKF;<:FI8K@M<NI8GG@E>G8G<I

S -IFK<:KPFLINI8GG@E>G8G<I=IFDLEI8M<C@E>@EJKFI8><

S 0<E; ?I@JKD8JC<KK<IJN@K?FLK?8M@E>KF9LP<EM<CFG<J

S *8B<:LJKFD=<JK@M<G8E:8B<J@E8EPJ?8G<

S MF@;K?<:?8CC<E><JF=G8:B@E>K8G<JK@:B@E>KF@KJ<C=

S *8B<PFLI?FLJ<JD<CCC@B<=I<J? :LKG@E<

S !<:FI8K<JL>8I:FFB@<JN@K?EFD<JJKF:C<8ELG

S -I<M<EKPFLI ?I@JKD8JC@>?KJ=IFDK8E>C@E>@EJKFI8><

S *8B<:LJKFD:?F:FC8K<>8IE@J?<J=FI<EK<IK8@E@E>


S 1LIEPFLI ?I@JKD8JDFIE@E>>8I98><@EKF:LJKFD:8I;J

0E8:B-8:B$@=K4I8G

&=PFL\I<@EE<<;F=8C8JKD@ELK<>@=K@;<8
:?<:BK?@JFLK

$I89 8E <DGKP 98> F= :?@GJ 8E; J<8I:? 8IFLE; K?< ?FLJ< =FI
JFD<K?@E>PFLK?@EB:FLC;NFIB8J8>@=K

C<8E K?< :?@G 98> 8E; KLIE @K @EJ@;< FLK


K?<E :8I<=LCCP GC8:<
PFLI>@=K@EJ@;<8E;KN@JKK?<98>8KK?<KFG

CC PFL E<<; KF ;F EFN @J >I89 8 I@99FE


K@< 8 9FN
8E; PFLI
@EJK8EK>@=K@JI<8;PKF>F


+FN
@= PFL ;FE\K ?8M< 8 I@99FE ?8E;P
@K\J EF GIF9C<D 'LJK
:LK K?< KFG @E:? F== K?< :?@G 98> 8E; K@< K?8K FE @EJK<8; &K
J?FLC;9<ALJK<EFL>?KF><KPFL9P@EPFLIK@D<F=E<<;

-8G<I(<<G<I

&= PFL\M< >FK IFCCJ F= NI8GG@E> G8G<I K?8K PFL N8EK GI<J<IM<;

?<8; KF K?< B@K:?<E 8E; =@E@J? LG JFD< C<=KFM<IJ JF PFL :8E


J8CM8><K?<8CLD@ELD=F@C

+FN :LK K?< =F@C @EKF 8 JHL8I< K?8K\J 8 :FLGC< @E:?<J CFE><I
K?8E8KF@C<KG8G<IKL9<


+<OK PFL\CC E<<; KF D8B< 8 :LK ;FNE K?< J@;< F= K?< KF@C<K
KL9<
JF PFL :8E NI8G K?< =F@C 8IFLE; K?< FLKJ@;<
8E; =FC; K?<
<;><J@EN8I;KF?FC;@K@EGC8:<

-LJ? K?< =F@C @E 8K K?< <E;J 8E; EFN PFL\M< >FK 8 ;<:FI8K@M<
:C8JG K?8K N@CC :C8DG 8IFLE; PFLI KL9< 8E; ?FC; PFLI
NI8GG@E>G8G<I@EGC8:<

6FLI;<:FI8K@M<NI8G@JGI<J<IM<;=FI8EFK?<IP<8I

<KK<I)<KK<IJ

4@K? @EK<IE<K 8E; <D8@C 9<:FD@E> JF :FDDFE


PFL D8P EFK
?8M<8EP<EM<CFG<JKFJ<E;FLK ?I@JKD8JC<KK<IJ

/8K?<I K?8E >F@E> FLK 8E; 9LP@E> JFD<


ALJK K8B< PFLI C<KK<I
8E; :I<8J< @K @E K?< :<EK<I
K?<E =FC; FGGFJ@K< :FIE<IJ @EKF K?<
:<EK<IC@E<

#FC; K?< KNF <;><J E<OK


8E; K?<E N@K? 8 JC@>?K KLIE
K?< K@GJ
8I<=FC;<;@EKF:FDGC<K<8I<:K8E>C<


4?<E PFL KL:B K?<J< KNF :FIE<IJ @EKF K?< =C8GJ LE;<IE<8K?
K?<D
PFLIC<KK<I?8JALJKKI8EJ=FID<;@EKF@KJFNE<EM<CFG<

CC PFL E<<; KF ;F EFN @J 8;;I<JJ @K


8;; 8 JK8DG
8E; PFLI
C<KK<I@JI<8;P=FIGFJK@E>

-FJ?-8E:8B<J

1F D8B< 8 =LE 8E; =<JK@M< 9I<8B=8JK


JK8IK 9P GFLI@E> PFLI
G8E:8B<D@O@EKF8:C<8E<; FLK:FE;@D<EK9FKKC<

+FN
;@G JFD< C8I>< D<K8C :FFB@< :LKK<IJ @EKF 8 JD8CC KI8P F=
:FFB@E> F@C 8E; J<K @K FE 8 GI< >I<8J<; 8E; GI< ?<8K<; :FFB@E>
G8E


+FN ALJK GFLI @E JFD< G8E:8B< 98KK<I 8E; >@M< @K 8 D@ELK< KF
:FFB

4?<E K?< 98KK<I @J =@ID


>F 8?<8; 8E; I<DFM< K?< :FFB@<
:LKK<I N@K? 8 :C<8E G8@I F= GC@<IJ
8E; PFLI G8E:8B< N@CC ?FC;
@KJJ?8G<

+FN ALJK =@E@J? K?<D LG @E K?< LJL8C N8P


8E; K?<E D8B< 8
N?FC<9LE:?DFI<

;; JFD< 9LKK<I 8E; 8 ;I@QQC< F= D8GC< JPILG


8E; PFL\M< >FK
8=<JK@M<8E;@DGI<JJ@M<?FC@;8P9I<8B=8JK

$I89189

4?<E PFL\I< NI8GG@E> G8:B8><J


PFL BEFN K?< =ILJKI8K@FE
K?8K :FD<J N?<E PFL :8E\K =@E; K?< <;>< F= K?< K8G< E;
N?<E PFL ;F =@E; @K
@K\J JLIGI@J@E>CP ;@==@:LCK KF ><K @K LG 1?<
JFCLK@FE@J8J@DGC<9I<8;:C@G

1?<I<\J 8 >FF; :?8E:< PFL ?8M< FE< F= K?<J< CP@E> 8IFLE;

8E; 8CC PFL E<<; KF ;F @J ALJK KL:B @K LE;<I K?< <;>< F= K?<
K8G<

1?@J :LJKFD Y>I89 K89Z N@CC J8M< PFLI JGFK N@K?FLK ;8D8>@E>
K?< K8G< 8K 8CC
8E; D8B<J 8 E@:< C@KKC< ?8E;C< =FI GLCC@E> K?<
K8G<LGN?<EPFLE<<;@K


&=PFL;FE\K?8M<89I<8;:C@G
KIPLJ@E>8G<EEP@EJK<8;

@I 8I<

6FLI ?I@JKD8J KI<< D8P 9< =8B<


9LK PFL :8E JK@CC <EAFP K?<
J:<EKF=8=I<J? :LKKI<<

'LJK K8B< K?< 8@I =@CK<I =IFD PFLI =LIE8:< 8E; G@:B LG 8 9FKKC<
F=G@E<<JJ<EK@8CF@C

E;I<D<D9<IK?8K8C@KKC<>F<J8CFE>N8P

+FN 8;; W ;IFGJ FE K?< 98:BJ@;< F= K?< =@CK<I


8E; K?<E
GC8:<@K98:B@EKFGFJ@K@FE

,G<E LG PFLI 8@I I<>@JK<I


J@K 98:B
8E; <EAFP K?< =I<J? G@E<P
8IFD8

+@:<I FFB@<&:<I


4?<E K?< :FFB@<J 8I< 98B<; 8E; I<8;P =FI =IFJK@E>
@K :8E 9< 8
GI<KKP D<JJP AF9 E; EF D8KK<I ?FN ?8I; PFL KIP
K?<P JK@CC
CFFB C@B< K?<P N<I< =IFJK<; 9P 8 =FLI P<8I FC; 6FL :8E N@E
K?@J :?8CC<E>< 9P GFLI@E> PFLI =IFJK@E> @EKF 8 =<N ;@==<I<EK
:FE;@D<EK:FEK8@E<IJ

0:I<N K?< :8GJ FE K@>?K


8E; EFN PFL\M< >FK 8 DL:? E@:<I
:FFB@<@:<I

1?@J N@CC >@M< PFL JF DL:? ;<:FI8K@E> GI<:@J@FE K?8K PFLI


@D8>@E8K@FE@JK?<FECPC@D@K8K@FE

1?<I<\J EF JL>8IP D<JJ KF :C<8E LG


8E; @= PFL GI<JJ K?< :8G
98:BFE
PFLI=IFJK@E>N@CCJK8P>FF;=FI;8PJ

)@>?K08M<I


4?<E K?< J<8JFE\J FM<I 8E; @K\J K@D< KF K8B< K?< ?I@JKD8J
C@>?KJ ;FNE
PFL BEFN K?8K K?IFN@E> K?<D @E 8 9@E ALJK D<8EJ
PFL\CC?8M<8D8AFII8K\JE<JKKF;<8CN@K?E<OKP<8I

1IP LJ@E> 8 J@DGC< <OK<EJ@FE :FI; ?FC;<I @EJK<8; 6FL :8E


=@E;K?<J<8K?8I;N8I<JKFI<J=FI89FLK8;FCC8I8E;8?8C=

4?<E PFLI C@>?KJ 8I< NI8GG<;


GCL> K?< KNF <E;J F= K?< :FI;
KF><K?<I
8E;EFNPFL\I<>L8I8EK<<;KF9<K8E>C<=I<<

P K?< N8P
@= PFL :8E\K =@E; FE< F= K?<J< :FI; NI8GG<IJ
KIP
D8B@E> FE< FLK F= 8 G@<:< F= :8I;9F8I; &K N@CC NFIB ALJK 8J
N<CC
8E;EFK?@E>9<8KJK?<GI@:<F==I<<

0?8M@E>J=FI I8M@E>J


4?<E PFL\I< <EK<IK8@E@E> =I@<E;J N@K? 8 E@:< N8ID :?F:FC8KP
;I@EB
>F FE< JK<G =8IK?<I 9P >I899@E> 8 GFK8KF G<<C<I 8E;
K?<@I=8MFI@K<:?F:FC8K<98I

8I<=LCCP J?8M< ;FNE K?< J@;< F= K?< :8E;P 98I


8E; PFL\CC J<<
@K:I<8K<J8;<:FI8K@M<:?F:FC8K<>8IE@J?@E>

6FL :8E LJ< K?<J< K8JKP J?8M@E>J KF ;<C@:@FLJCP >8IE@J? K?<@I


;I@EBFI;<:FI8K<8EPK?@E><CJ<PFL:8EK?@EBF=

6FLI =I@<E;J N@CC 9< JLG<I @DGI<JJ<; 8E; NFE;<I N?P K?<P
E<M<IK?FL>?KF=K?@J

2G P:C<;GGI<:@8K@FE


/8K?<I K?8E C<KK@E> 8CC K?8K NI8GG@E> G8G<I >F KF N8JK<
KIP
I<DFM@E> C@KKC< ;<:FI8K@FEJ
C@B< I@99FEJ 8E; 9FNJ
8E; K?<E
LJ< >CL< FI JGI8P 8;?<J@M< KF 8KK8:? K?< NI8GG@E> G8G<I 98:B
KFK?<9FOPFLIGI<J<EK:8D<@E

+FN
:LK 8 I<:K8E>C< 89FLK K?< J@Q< F= 8 GFJK:8I; 8E; I<8KK8:?
K?<9FNJ8E;I@99FEJ

'LJK C@B< K?8K


PFL\M< >FK 8E @DGI<JJ@M< YK?8EB PFLZ :8I; KF
I<KLIEPFLI8GGI<:@8K@FE

6FLI =8D@CP 8E; =I@<E;J N@CC 9< 9CFNE 8N8P


8E; ?<P
@K\J
9<KK<I=FIK?<<EM@IFED<EK8EPN8P

&E CFJ@E>

4<CC
K?<I< 8I< 8 =<N @;<8J K?8K N@CC ?FG<=LCCP D8B< PFLI
?I@JKD8J8C@KKC<D<II@<I

-@< /FK<:?E@:1?8EBJ>@M@E>!<JJ<IK*<>8!8E><IFLJ


E @EEF:<EK CFFB@E> GLDGB@E G@< <ILGKJ @E 8E @EJ8E< =FLEK8@E
F==C8D<J8E;=@I<

4/+&+$

1?@J GIFA<:K @J =FI ;<DFEJKI8K@FE8C


<;L:8K@FE8C
8E;
<EK<IK8@ED<EK GLIGFJ<J FECP &K @J EFK @EK<E;<; KF 9<
;LGC@:8K<; 1?@J <OG<I@D<EK J?FLC; FECP 9< 8KK<DGK<; 9P
<OG<I@<E:<;GIF=<JJ@FE8CJ 2J<F=:FEK<EK@J8KFNEI@JB

!@J:C8@D<I

48CB@E> K?IFL>? K?< 98B<IP 8K K?< >IF:<IP JKFI< K?< FK?<I ;8P

& KFFB 8 :CFJ< CFFB 8K K?< GLDGB@E G@<J FE ;@JGC8P 1?<P D8;<
D< I<8C@Q< ?FN J@D@C8I Y/ :8E;PZ 8E; GLDGB@E G@< 8I< @E
8GG<8I8E:< 1?8K >FK K?< N?<<CJ JG@EE@E> 8E; JG8NE<; K?@J
M@;<F

+,1"

1?@J @J =FI <EK<IK8@ED<EK GLIGFJ<J FECP


8E; @JE\K @EK<E;<; KF
9<;LGC@:8K<;

%FN<M<I
?8M@E>J8@;K?8K
?<I<\J?FN&D8;<@K


0K<G FDGFJ@K@FE

1?< YG@< =@CC@E>Z :FDGFJ@K@FE @J EFK?@E> DFI< K?8E 8 


G<I:<EK G<I:<EKD@O9PN<@>?KF=(+,8E;JL>8I

& LJ<; 8 ;@>@K8C J:8C< KF D<8JLI< K?< @E>I<;@<EKJ KF><K?<I


8E;
K?<E J?FFB K?<D KF><K?<I @E 8 C8I>< D@O@E> 9FNC KF <EJLI<
LE@=FID:FDGFJ@K@FE

1?< D@OKLI< N8J :FFB<; FE D<;@LD ?<8K


N?@C< JK@II@E> 8J
F=K<E 8J N8J I<HL@I<; LEK@C K?< D@O 9<:8D< C@>?K 9IFNE @E
:FCFI8E;K?<:FEJ@JK<E:<F=G@<=@CC@E>

0K<G0<KK@E>2G


4?<E K?< / :8E;P D@O N8J K?< I@>?K :FEJ@JK<E:P
& GFLI<; @K
@EKF8JD8CCG@<:ILJK

#@M< D@ELK<J C8K<I


& @EJ<IK<; 8 =LJ< =FI :FEM<E@<E:< @E
@>E@K@E> K?< D@O & :?FJ< =@M< D@ELK<J
9<:8LJ< 8EP JFFE<I

8E; K?< =LJ< N@CC =8CC FM<I @EKF K?< D@O


8E; 8EP C8K<I
8E; PFL
ILE K?< I@JB F= K?< :FDGFJ@K@FE J<KK@E> LG 8J =@ID 8J ?8I;
:8E;P =K<IK?8K
EFK?@E>N@CC>F@ELEC<JJPFL;I@CC8?FC<

#@E8CCP
& 8;;<; N?@GG@E> :I<8D 8IFLE; K?< KFG 1?@J J<IM<;
KNFGLIGFJ<J

S &KD8B<J@KCFFB<M<EDFI<C@B<8G@<


S &K 8;;<; 8 C8P<I F= GIFK<:K@FE =IFD K?< 9LIE@E> =LJ<
<D9<IJ 4@K?FLK K?@J C8P<I
K?< G@< :8E @>E@K< GI<D8KLI<CP 8E;
8KLEGI<;@:K89C<JGFKJ;L<KFK?<JGI8PF=9LIE@E><D9<IJ

0K<G&>E@K@FE

6FL :8E J<< @E K?< G@:KLI< K?8K K?< G@< <ILGKJ C@B< 8 MFC:8EF

JG<N@E>DFCK<E=L<CLG8E;FLK

1?<JD8CCG@<J9LIEM@FC<EKCP=FI89FLKWJ<:FE;J

0K<G$F@>><I



&K K8B<J 8 :FEJ@;<I89C< 8DFLEK F= :FDGFJ@K@FE KF =@CC 8 C8I><
G@< :ILJK
N?@:? D<8EJ 8 CFK DFI< JKFI<; <E<I>P N8@K@E> KF 9<
I<C<8J<;

,E< #8:<9FFB =8E J8@; K?8K K?@J @J K?< G@< K?8K Y9LIEJ @KJ FNE
:8CFI@<J Z&8>I<<

0K<G0C@>?KCP,M<I:FFB<;

&K\J NFIK? D<EK@FE@E> K?8K 8CK?FL>? FE< F= K?< D8@E


@E>I<;@<EKJ@JJL>8I
K?<=L<C@JEFK<;@9C<

1FG+@E<48PJKF#FC;N<JFD<%FC@;8P+8GB@EJ


4/+&+$

!@EE<I >L<JKJ D8P 9<:FD< FM<ICP @EK@D@;8K<; 9P PFLI


8D8Q@E>E8GB@E=FC;@E>JB@CCJ 2J<F=:FEK<EK@J8KFNEI@JB

&E K?@J GIFA<:K


& ;<:@;<; KF GC8P N@K? K?< 8IK F=
E8GB@E =FC;@E>
8E; K?<J< 8I< K?< E@E< K?8K & C@B<; K?< DFJK =FI
K?@J?FC@;8PJ<8JFE

#8E:P+8GB@E1?<Y IFNEZ

*8B@E> K?< Y IFNEZ @J 8J J@DGC< 8J =FCCFN@E> <@>?K <8JP


JK<GJ

 )8P FLK 8 JHL8I< E8GB@E 8E; 9<>@E 9P =FC;@E> @K LG


;@8>FE8CCPKF=FID8KI@8E>C<


 #FC; LG <8:? F= K?< 9FKKFD :FIE<IJ KF D<<K K?< GF@EK 8K K?<
KFG &= PFLI E8GB@E @JE\K G<I=<:KCP JHL8I<
ALJK ;F K?< 9<JK PFL
:8EN@K?N?8KPFL?8M<

 +FN=FC;K?<9FKKFDGF@EKK?I<<HL8IK<IJF=K?<N8PLG

 =K<I K?@J
=FC; @K 98:B FE @KJ<C= JF K?< GF@EK @J 98:B 8K K?<
9FKKFD

 $F8?<8;8E;=C@G@KFM<I

 18B< FE< F= K?< 98:B <;><J 8E; =FC; @K 8 K?@I; F= K?< N8P
@E

 1?< FK?<I J@;< =FC;J FM<I E<OK 8E; @J J<:LI<; 9P KL:B@E>


K?<:FIE<I@EKFK?<=C8G8KK?<9FKKFD

 #C@G @K FM<I FE< DFI< K@D< 8E; EFN ALJK G<<C K?< KNF J@;<J
;FNEC@B<PFL\I<G<<C@E>898E8E8

 ,G<E K?< 98J<


JK8E; @K LGI@>?K
8E; PFLI :CFK? :IFNE @J
=@E@J?<;

1?@J J@DGC< =FC; @J HL@:B 8E; <8JP


8E; :8E 8;; 8 M<IP <C<>8EK
KFL:?KFPFLIK89C<J<KK@E>J

&= PFL ;FE\K ?8M< 8EP :CFK? E8GB@EJ


KIP LJ@E> G8G<I E8GB@EJ
@EJK<8;

#8E:P%FC@;8P+8GB@E1?<Y 8E;C<Z


1F=FC;K?<:8E;C<
N<\I<>F@E>KF=FCCFN<@>?KJ@DGC<JK<GJ

 0K8IK N@K? 8 JHL8I< E8GB@E 8E; KLIE @K JC@>?KCP JF K?8K FE<


GF@EK@J=8:@E>LG

 +FN K8B< K?< 9FKKFD K@G 8E; =FC; @K LG KFN8I; K?< KFG LEK@C
K?<KNF:FIE<IJD8K:? 1?@JJ?FLC;=FID8IFL>?KI@8E>C<

 1?< E<OK JK<G @J KF =FC; K?< 98J< LG ALJK 8 :FLGC< F= @E:?<J


8E;GI<JJ@K;FNE=C8K

 K K?@J GF@EK
N< :8E =C@G K?< N?FC< K?@E> FM<I JF K?<
KI@8E>C<@JGF@EK@E>KFK?<C<=K

 18B< K?< 9FKKFD GF@EK 8E; =FC; @K LG JF K?< K@G @J ALJK G8JK
K?<:<EK<I

 0K8IK IFCC@E> K?< N?FC< K?@E> @EKF 8 KL9<


JK8IK@E> =IFD K?<
9FKKFD 8E; NFIB@E> KFN8I; K?< KFG 4?<E PFLI IFCC @J
=@E@J?<;
PFL D@>?K N8EK KF GLJ? K?< LE<M<E <E;J 98:B @EKF
K?< KL9<
8E; K?<E KL:B K?< CFFJ< <E; E<8KCP @EKF K?< :L== 1?@J
J?FLC; >@M< PFL 8 E@:< JKLI;P 98J< KF ?FC; PFLI E8GB@E
LGI@>?K

 1F=@E@J?F==
ALJKKLIEFE<C8P<IF=K?<K@G;FNE

 =K<IK?@J
J?8G<K?<FK?<IC8P<IKFCFFBC@B<8=C8D<


+FN PFLI :8E;C< CFFBJ C@B< @K\J 9LIE@E> N@K? 8 9@K F= N8O
;I@GG@E> F== K?< KFG &K\J :FDGC<K<CP =@E@J?<; 8E; I<8;P KF
@DGI<JJ

+FN
@= PFL ;FE\K ?8M< :CFK? E8GB@EJ
KIP D8B@E> K?@J N@K? 8
G8G<I E8GB@E @EJK<8; &K NFIBJ ALJK 8J N<CC 8J CFE> 8J PFL\I<
><EKC<8E;:8I<=LCEFKKFK<8IK?<G8G<I

#8E:P+8GB@E0@DGC<Y0@CM<IN8I<-FL:?Z

4<:8ED8B<8=8E:PJ@CM<IN8I<GFL:?@EALJKJ@O<8JPJK<GJ

 0K8IK 8K K?< 9FKKFD F= 8 JHL8I< E8GB@E 8E; =FC; K?< KNF


:FIE<IJLGJFK?<<;><JC@E<LG8KK?<KFG

 +FN K8B< K?< I@>?K J@;< 8E; =FC; K?< E8GB@E @E ?8C= 8>8@E
KF=FID8JHL8I<

 #FC; K?< KFG C<=K :FIE<I F= K?< KFG C8P<I ;FNE KF K?<
FGGFJ@K<J@;<

 $F8?<8;8E;=C@GK?<N?FC<K?@E>FM<I

 #FC;K?<I@>?KJ@;<8K?@I;F=K?<N8P@E

 =K<I K?8K
=FC; K?< C<=K <;>< 98:B FM<I KFG 8E; KL:B K?<
9FKKFD:FIE<I;FNE@EJ@;<K?<GF:B<KFEK?<FK?<I


4?<E @K\J =C@GG<; I@>?K J@;< LG
PFL :8E J<< K?< GFL:? @J
:FDGC<K<CP =@E@J?<;
JF ALJK 8;; JFD< J@CM<IN8I< 8E; J<K @K FLK
KF@DGI<JJ

,= :FLIJ<
@= PFL ;FE\K ?8M< 8EP :CFK? E8GB@EJ
K?<J< =FC;J
N@CCNFIBALJK8JN<CCN@K?G8G<IE8GB@EJ8E;GC8JK@:LK<EJ@CJ

#8E:P+8GB@E1?<Y-PI8D@;Z

1?< Y-PI8D@;Z @J J@DGC<


8E; :8E 9< ;FE< @E ALJK J@O <8JP
JK<GJ

 )8P FLK 8 JHL8I< E8GB@E 8E; 9<>@E 9P =FC;@E> @K LG


;@8>FE8CCPKF=FID8KI@8E>C<

 #FC; LG FE< F= K?< 9FKKFD :FIE<IJ KF D<<K K?< GF@EK 8K K?<


KFG

 !FK?<J8D<K?@E>N@K?K?<GF@EKFEK?<FK?<IJ@;<

 #C@GK?<N?FC<K?@E>FM<I

 +FNALJK=FC;@K@E?8C==IFDK?<KFGKFK?<9FKKFD

 )@=K@K=IFDK?<:<EK<IJFK?8K@K=FC;J@EFE@KJ<C=


4?<E PFL JK8E; @K LGI@>?K
PFLI ;<:FI8K@M< E8GB@E GPI8D@; @J
=@E@J?<;

6FL :8E GIF989CP >L<JJ K?8K K?@J N@CC NFIB N@K? G8G<I
E8GB@EJ8JN<CC

#8E:P+8GB@E1?<Y"C=0?F<Z

4<:8ED8B<K?<Y"C=0?F<Z@E<@>?K=8@ICPJ@DGC<JK<GJ

 #FC;8JHL8I<E8GB@E@E?8C==IFDK?<9FKKFDKFK?<KFG

 =K<IK?8K
=FC;@K8>8@E=IFDK?<KFGKFK?<9FKKFD

 +FN =@E; K?< :<EK<I 8E; =FC; K?< KNF J@;<J @E K?< J8D<
N8PPFL\;=FC;8G8G<I8@IGC8E<

 $F 8?<8; 8E; :FEK@EL< K?@J @;<8 9P =FC;@E> K?< J@;<J @E


8>8@E
=FID@E>8J?8IGGF@EK8KK?<K@G

 K K?@J GF@EK
K?< KNF ?8CM<J :8E =FC; FM<I FE <8:? FK?<I

8E; N?<E PFL =C8KK<E K?<D FLK


:?<:B N?@:? J@;< @J FG<E 8E;
D8B<JLI<@K\J=8:@E>KFK?<9FKKFD

 +FN =F:LJ FE K?< CFFJ< G8IKJ 8K K?< 98:B 8E; =FC; K?< KFG
C8P<ILG8E;FLKF=K?<N8P


 1?< 9FKKFD C8P<I =FC;J @E ?8C=
8E; K?<E NI8GJ FM<I K?<
KFG C8P<I
KL:B@E> E<8KCP @EKF K?< C@KKC< =C8G @E K?< J@;< F= K?<
J?F<

 CC K?8K\J C<=K EFN @J KF KLIE ;FNE K?< CFFJ< D8K<I@8C


JK@:B@E>LG8KK?<KFGKF=FID8C@KKC<:L==

6FLI C@KKC< <C= J?F< E8GB@E @J =@E@J?<; 8E; I<8;P =FI J?FN@E>
F== &= PFL KIP D8B@E> FE< FLK F= 8 G8G<I E8GB@E
@K N@CC
GIF989CPCFFBJFD<K?@E>C@B<K?@J

#8E:P+8GB@E1?<Y8JB<KZ

1FD8B<K?<Y8JB<K
ZN<\I<>F@E>KF=FCCFNJ<M<EJK<GJ

 #@IJK
=FC;8JHL8I<E8GB@E;@8>FE8CCPKF=FID8KI@8E>C<

 #FC; K?< 98J< LG 89FLK K?I<< FI =FLI @E:?<J =IFD K?<


9FKKFD

 +FN =C@G K?< N?FC< K?@E> FM<I JF K?< KI@8E>C< @J GF@EK@E>


KFK?<C<=K

 18B< K?< KFG GF@EK 8E; =FC; @K ;FNE JF @K\J ALJK J?FIK F= K?<
9FKKFD9P8:FLGC<F=@E:?<J


 #FC; K?< 9FKKFD GF@EK 8 =<N @E:?<J G8JK K?< KFG <;>< 8E;
KL:B@K8IFLE;K?<98:BJ@;<F=K?<GFL:?

 #FC; K?< GF@EK F= K?< KFG C8P<I ;FNE FM<I K?< =IFEK F= K?<
GFL:?

 #FC;K?<98:BC8P<I;FNEFM<IK?<98:BJ@;<

$F 8?<8; 8E; JKI8@>?K<E LG K?< <;><J


=CL== LG K?< GFL:? 8 9@K

8E;PFLI98JB<K@J=@E@J?<;

&= PFL K@< 8 I@99FE 8IFLE; K?< KFG


@K 8;;J 8E 8D8Q@E> 8DFLEK
F= JK89@C@KP
8E; F= :FLIJ<
K?< J8D< =FC;J N@CC NFIB FE G8G<I
E8GB@EJ 8J N<CC +FN PFL BEFN ?FN KF =FC; 8 ;<:FI8K@M<
E8GB@E98JB<K

#8E:P+8GB@E1?<Y/FJ<Z

1?<Y/FJ<Z:8E9<=FC;<;@EALJKJ@O<8JPJK<GJ

 $<K JK8IK<; N@K? 8 JHL8I< E8GB@E 8E; =FC; <8:? F= K?< =FLI
:FIE<IJ @EKF K?< :<EK<I 8J 9<JK PFL :8E *FJK E8GB@EJ 8I<E\K
G<I=<:KCP JHL8I<
9LK ALJK ;F K?< 9<JK PFL :8E N@K? N?8K
PFL\M<>FK

 1?< E<OK JK<G @J KF K8B< K?< =FLI E<N :FIE<IJ 8E; =FC;
K?<D@EKFK?<:<EK<I8JN<CC


 +FN ALJK ?FC; <M<IPK?@E> KF><K?<I 8K K?< D@;;C< 8E; =C@G
K?<E8GB@EFM<I

 )<K\J I<G<8K K?< GIF:<JJ 8>8@E 9P K8B@E> K?<J< =FLI :FIE<IJ


8E;=FC;@E>K?<D@EKFK?<D@;;C<C@B<N<;@;K?<FK?<IJ

 ,B8P
N<\I< ALJK 89FLK ;FE<
JF KF =@E@J? LG
?FC; K?<
:<EK<I =@IDCP N@K? FE< ?8E; 8E; ><EKCP GLCC K?< K@GJ =IFD
LE;<IE<8K?K?<:FIE<IJLEK@CK?<PCFFBC@B<=CFN<IG<K8CJ

 4?<E PFL\M< ;FE< K?@J KF <8:? F= K?< =FLI :FIE<IJ


;F K?<
J8D< K?@E> KF K?< LE;<IJ@;<J F= K?< <;><J 1?@J N@CC D8B<
C@KKC< GF@EKJ JK@:B FLK 9<KN<<E PFLI IFJ< G<K8CJ 8E; >@M< K?<
N?FC<K?@E>8E@:<JPDD<KI@:8C98C8E:<

1?@J 8;;J 8E 8D8Q@E> ;<:FI8K@M< =C8I< KF PFLI ;@EE<I


GI<J<EK8K@FE
8E; @= PFL ;FE\K ?8M< 8EP :CFK? E8GB@EJ
K?<J<
:8ECFFB>I<8KN@K?G8G<IE8GB@EJ8JN<CC

#8E:P+8GB@EY@I;F=-8I8;@J<Z

1F D8B< K?< Y@I; F= -8I8;@J<


Z N<\I< >F@E> KF =FCCFN <@>?K
J@DGC<JK<GJ

 1F ><K JK8IK<;
=FC; 8 JHL8I< E8GB@E @EKF HL8IK<IJ 8E; KLIE
@KJFK?<FG<E<E;J8I<GF@EK@E>8N8P=IFDPFL


 +FN =FC; K?< 9FKKFD <E; LG KF K?< KFG JF @K =FIDJ 8
KI@8E>C<

 #C@GK?<N?FC<K?@E>FM<I

 +<OK N<\CC E<<; KF =FC; K?< KNF J@;<J @E JF K?<P D<<K @E


K?< D@;;C<
N?@:? J?FLC; 9< <8JP KF ;F @= PFL K?@EB F= =FC;@E>
8G8G<I8@IGC8E<

 4?<EK?<KNFJ@;<J8I<=C8KK<E<;FLK
=C@G@KFM<I8>8@E

 #FC; K?< KNF KI@8E>LC8I K89J 8K K?< 98:B @E KFN8I; K?<


:<EK<I

 +FN ALJK =FC; K?< KI@8E>C< @E ?8C= C<E>K?N@J< 8E; :I8;C< @K


@EPFLI?8E;JFK?8KK?<FG<E<E;J8I<=8:@E>@EKFPFLIG8CD

 $F 8?<8; 8E; G<<C 98:B <8:? F= K?< =FLI C8P<IJ @EJ@;<


8E;
N?<E K?<P\I< JG8:<; K?< N8P PFL N8EK K?<D
PFLI =8E:P
E8GB@E@JI<8;PKF;8QQC<

1?@J CFFBJ 8N<JFD< N@K? 8 :CFK? E8GB@E


9LK & =FLE; PFL :8E
D8B< @K N@K? 8 G8G<I E8GB@E 8J N<CC 'LJK 9< ><EKC< N?<E PFL
GLCCK?<C8P<IJ8G8IKJFK?<P;FE\KI@G

#8E:P+8GB@E1?<Y@J?FG\J%8KZ


4<:8ED8B<K?<@J?FG\J%8K@E<@>?K<8JPJK<GJ

 0K8IK 9P =FC;@E> 8 JHL8I< E8GB@E @E ?8C= =IFD KFG KF


9FKKFD8E;:I<8J<@K@EK?<D@;;C<

 +FN =FC; K?< 9FKKFD C<=K :FIE<I LG KF K?< D@;;C< F= K?<


KFG<;><

 #FC;K?<KFGI@>?K:FIE<IKFK?<D@;;C<F=K?<9FKKFD<;><

 $F8?<8;8E;=C@G@KFM<I

 #FC; FE< F= K?< <;><J LG KF D<<K K?< FK?<I


8E; K?<E GLCC
K?<GF@EKFLK=IFDLE;<IK?<KFG=FC;

 1F =@E@J? LG
ALJK :I<8J< K?< C<=K J@;< KI@8E>C< @E ?8C= 8E;
KL:B@K@EKFK?<=FC;F=K?<FK?<I

 +FN=C@G@KFM<I8>8@E

 /<G<8K K?< J8D< K?@E> FE K?< FK?<I J@;<


8E; N?<E K?8K\J
KL:B<; @EKF GC8:<
><EKCP GLCC K?< E8GB@E FG<E 8K K?< 9FKKFD
8E;J<K@KLGI@>?K

6FL :8E J<< K?<J< 8I< J@DGC< KF D8B<


8E; J<KK@E> K?<D FE
PFLI;@EE<IGC8K<J8;;J8;8J?F=:C8JJ

0<:I<K+8GB@E


4<CC
EFN PFL BEFN ?FN KF =FC; E@E< ;@==<I<EK ;<:FI8K@M<
E8GB@EJ =FI K?< ?FC@;8P J<8JFE
JF >F FLK 8E; @DGI<JJ
JFD<FE<

%FNKF*8B<8E"OGCF;@E>-LDGB@E#8:<C8JK , )8EK<IE

"OGCF;@E> -LDGB@E #8:<J 6FL :FLC; KIP D8B@E> K?<D K?@J


%8CCFN<<E
9LKGIF989CPJ?FLC;E\K %8GGP%8CCFN<<E

4/+&+$

1?@J GIFA<:K @J =FI ;<DFEJKI8K@FE8C


<;L:8K@FE8C
8E;
<EK<IK8@ED<EK GLIGFJ<J FECP &K @J EFK @EK<E;<; KF 9<
;LGC@:8K<; 8  D@O<; N@K? N8K<I GIF;L:<J 8:<KPC<E< >8J

N?@:?
N?<E D@O<; N@K? FOP><E
:I<8K<J 8E <OKI<D<CP
=C8DD89C<>8J


0K<G#FID@E>K?<$8J

 M<IP =C8DD89C< >8J 8:<KPC<E< @J GIF;L:<; @EJ@;< 8


GI< :8IM<; GLDGB@E J?<CC 9P D@O@E> 8  8E; N8K<I 4?<E
K?< >8J @J @>E@K<;
K?< GI<JJLI< @EJ@;< 9L@C;J I8G@;CP
=FI:@E>
K?<:8IM<;G@<:<JKF9C8JKFLK;I8D8K@:8CCP

0K<G&>E@K@FE


& :?FJ< KF @>E@K< K?< >8J N@K? 8 G@<:< F= 3@J:F =LJ< & =FLE; @K
8:KL8CCP @>E@K<J DFJK :FEJ@JK<EKCP N@K? 8 ?FC< ALJK JD8CC
<EFL>? KF GFB< K?< =LJ< K?IFL>?
8E; NFIBJ 9<KK<I 8K K?< 98:B
F= K?< GLDGB@E & FECP GC8:<; @K 8K K?< KFG ?<I< JF @K NFLC; 9<
M@J@9C< &E I<8C@KP
GC8:@E> K?< =LJ< E<8I K?< FG<E@E> 8K K?< KFG
C<8;J KF GI<D8KLI< @>E@K@FE DFI< F=K<E K?8E EFK
8E; @JE\K
I<:FDD<E;<;

0K<G"OGCF;@E>-LDGB@E#8:<J


%8GGP%8CCFN<<E

%FN KF *8B< 8I9FE8K<; &:< I<8D


Y%8CCFN<<E 0KPC<Z
!IP&:< I<8D

8I9FE8K<; @:< :I<8D /<8CCP E; ?<I<\J ?FN KF D8B< @K


N@K?8=<NJ@DGC<@E>I<;@<EKJ8E;89@KF=;IP@:<

4/+&+$

!IP @:< @J <OKI<D<CP :FC; W W# 8E; :8E :8LJ< @EJK8EK
=IFJK9@K< KF <OGFJ<; JB@E 1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<;
N@K?FLK 8;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E> &E><JK@FE F=
;IP @:< D8P :8LJ< J<I@FLJ @EK<IE8C K@JJL< ;8D8>< &= ;IP @:< @J


@E><JK<;
;I@EB :FG@FLJ 8DFLEKJ F= N8ID N8K<I 8J JFFE 8J
GFJJ@9C< *@JLJ<FI:8I<C<JJLJ<D8PI<JLCK@EJ<I@FLJ@EALIP

!IP&:<4@K?8#@I<"OK@E>L@J?<I


6FL D8P I<D<D9<I @E 8 GI<M@FLJ GIFA<:K ?FN N< LJ<; 8
:8I9FE ;@FO@;<  , =@I< <OK@E>L@J?<I KF GIF;L:< ;IP @:<
#FI K?@J GIFA<:K
& KI@<; ;@J:?8I>@E> K?< <EK@I<  GFLE;
<OK@E>L@J?<I KF J<< ?FN DL:? N< :FLC; ><K
8E; <E;<; LG
N@K?GFLE;JF=;IP@:< +FK98;

<IK8@E =@I< <OK@E>L@J?<IJ LK@C@Q< , 8J K?< D<;@LD =FI


JLGGI<JJ@E> =@I<J 1?<J< KPG<J 8I< D8@ECP =FLE; @E I<JK8LI8EK
B@K:?<EJ
D<:?8E@:8C IFFDJ
8E; @E 8I<8J K?8K ?FC; J<EJ@K@M<
<HL@GD<EKC@B<:FDGLK<IJ

, =@I< <OK@E>L@J?<IJ 8I< LJL8CCP :?8I><; N@K? =FF; >I8;<


, 8E; 8I< I<=<II<; KF @E K<IDJ F= GFLE;J #FI <O8DGC<
8
 GFLE; , <OK@E>L@J?<I @J :?8I><; N@K? 8  GFLE; N<@>?K
F=C@HL@; , 1?<<OK@E>L@J?<I@JK?<E?@>?CPGI<JJLI@Q<;

, =@I< <OK@E>L@J?<IJ 8I< D8IB<; N@K? JK@:B<IJ FI ?FC<J


GLE:?<; @E K?< J<IM@:@E> C89<CJ 1?<P 8CJF ?8M< LELJL8CCP
C8I><;@J:?8I><?FIEJ8E;EFGI<JJLI<>8L><J

,= :FLIJ<
@= PFL ;FE\K ?8M< 8::<JJ KF 8 , =@I<
<OK@E>L@J?<I
KIP ><KK@E> JFD< ;IP @:< 8K PFLI CF:8C >IF:<IP
JKFI< 1?@J N@CC NFIB ALJK 8J N<CC 8E; 8 CFK :?<8G<I K?8E
><KK@E>@K8EPFK?<IN8P

0K<G4?8K6FL\CC+<<;


1?@JJ@DGC<M8E@CC8@:<:I<8DI<:@G<@J<8JP8E;;<C@:@FLJ

S :LGJ%8C=%8C=

S KJG M8E@CC8<OKI8:K

S  :LGGFN;<I<;JL>8I

+,1"

%8C=  %8C= @J 8 ;8@IP GIF;L:K :FEJ@JK@E> F= ?8C= C@>?K :I<8D


8E; ?8C= D@CB &= PFL ?8M< ?<8MP N?@GG@E> :I<8D 8E; D@CB

PFL :8E D8B< ?8C= 8E; ?8C= 9P :FD9@E@E> =FLI G8IKJ N?FC<
D@CB N@K? FE< G8IK ?<8MP :I<8D &= PFL FECP ?8M< C@>?K
N?@GG@E> :I<8D
LJ< K?I<< G8IKJ N?FC< D@CB 8E; FE< G8IK C@>?K
N?@GG@E>:I<8D

0K<G;;K?< FC;


*@O 8CC @E>I<;@<EKJ KF><K?<I 8E; 8;; ;IP @:< 1?< ;IP @:< :FFCJ
K?< C@HL@; D@OKLI< KF K?< GF@EK N?<I< @K K8B<J FE K?< =8D@C@8I
HL8C@K@<JF=@:<:I<8D

" /"#2) &= PFL 8;; KFF DL:? ;IP @:< 8CC 8K FE:<
PFLI
@:< :I<8D D@O N@CC 9L99C< FM<I 8E; JG@CC FLK 8CC FM<I PFLI
:FLEK<I 1?@J D8B<J 8 M<IP 9@> D<JJ
JF 8MF@; K?< ?8JJC< 9P
8;;@E> ;IP @:< @E DF;<I8K@FE
8J K?< D@O E<<;J @K & CFM< K?@J


D<K?F; 9<:8LJ< @K 8;;J 8 DPJK<I@FLJ =CFN@E> =F> HL8C@KP KF
K?<GIF:<JJK?8K\JM<IPM@JL8CCPJK@DLC8K@E>8E;>I8K@=P@E>

4?<E K?< =F> JKFGJ


K?< ;IP @:< ?8J DFJK C@B<CP 8CC JL9C@D8K<;
FLK
9LK 9< :8I<=LC N?<E <8K@E>
8E; N8K:? =FI 8EP JD8CC
G@<:<J K?8K D8P ?8M< 9<<E D@JJ<;
8E; 8MF@; <8K@E> K?<D
<:8LJ< K?< , JL9C@D8K<J ;@I<:KCP @EKF 8 >8J
@K\J M<IP
:C<8E8E;;F<JE\KC<8M<9<?@E;8EPI<J@;L<

!IP @:< @J JFC@; ,


8E; 8J @K JL9C@D8K<J K?IFL>? K?< D@O
@K
=FIDJ :8I9FE@: 8:@; N@K? JFD< F= K?< N8K<I @E K?< D@O
>@M@E>
K?< @:< :I<8D K?< =8D@C@8I =@QQP :8I9FE8K<; K8JK< K?8K N<
8JJF:@8K<N@K?JF;8

0K<G/<8;PKF0<IM<


1?< @:< :I<8D J?FLC; 9< I<8;P N?<E @K CFFBJ 8E; =<<CJ C@B<

N<CC
@:<:I<8D

4?<E PFL 8I< :FEM@E:<; K?<I< 8I< EF DFI< :?LEBJ F= ;IP @:<
@E K?< D@O
8E; EF DFI< M8GFI @J I@J@E> =IFD K?< @:< :I<8D

@K\J8GI<KKPJ8=<9<KK?8K8CCK?<;IP@:<?8JJL9C@D8K<;FLK

1?< 8N<JFD< K?@E> 89FLK LJ@E> 8 :FFC@E> D<;@LD C@B< ;IP @:<
@J K?8K @K ;F<JE\K C<8M< 9<?@E; 8EP N8K<IP I<J@;L< @E K?< D@O
&K 8CC ALJK M8GFI@Q<J FLK
C<8M@E> K?< :?@CC<; @:< :I<8D 9<?@E;
4?<E PFL\I< JLI< @K\J J8=< KF <8K
>F 8?<8; 8E; KI8EJ=<I @K KF 8
:FE<FI8;@J?=FIJ<IM@E>

0K<G"EAFP

6FL\M< ALJK :I<8K<; 8 :8I9FE8K<; @:< :I<8D :FE< 1?8K D<8EJ


@K\J JC@>?KCP =@QQP 8E; N@CC K@E>C< PFLI KFE>L< 8 9@K 4?<E DP
B@;J>FK8K8JK<F=K?<K@E>CPKI<8K
K?<P:FLC;E\K><K<EFL>?

4<CC
EFN PFL BEFN ?FN KF D8B< 8 ;<C@:@FLJ :8I9FE8K<; @:<
:I<8D @E 8 N8P K?8K\J 8GGIFGI@8K< =FI %8CCFN<<E
9LK =LE 8EP
K@D<F=K?<P<8I


1?@E>JKF!F8K8@IK?;8P-8IKPN@K?)@HL@;+@KIF><E

0FD< KI@:BJ N@K? C@HL@; E@KIF><E K?8K PFL :FLC; KIP 8K PFLI
E<OKG8IKP9LKGIF989CPJ?FLC;E\K

4/+&+$

1?<J< GIFA<:KJ 8E; I<JLCKJ 8I< ;<G@:K@FEJ F= DP FNE G<IJFE8C


<OG<I@<E:<J
N?@:? D8P M8IP ;<G<E;@E> FE CF:8K@FE 8E;
DF;@=@:8K@FEJ KF GIFA<:K @;<8J 1?<I< D8P 9< I@JBJ 8JJF:@8K<;
N@K? JFD< F= K?<J< GIFA<:KJ K?8K &\D EFK 8N8I< F= )@HL@;
+@KIF><E @J WR# 8E; :8E :8LJ< J<M<I< K@JJL< ;8D8>< 8E;


J<I@FLJ ;8D8>< 8=K<I GIFCFE><; <OGFJLI< 2J< F= K?@J :FEK<EK
@J8KPFLIFNEI@JB

#LKLI@JK@:&:< I<8D!@GG@E\!FKJ


$<K FLK PFLI :FEK8@E<I F= C@HL@; E@KIF><E 8E; >I89 8 9FO F=
+<8GFC@K8E @:< :I<8D 1?@J @J K?< KPG< F= @:< :I<8D K?8K ?8J
K?I<< =C8MFIJ @E FE<
JF >F 8?<8; 8E; J<G8I8K< K?< :FCFIJ @EKF
;@==<I<EK :FEK8@E<IJ
8E; >@M< K?<D 8 :FLGC< F= D@ELK<J KF
D<CK

&E K?< D<8EK@D<


N<\CC E<<; KF =@CC 8 9FNC N@K? C@HL@;
E@KIF><E 1?@J JKL== @J WV# WV 
N?@:? D<8EJ @K N@CC
9<N<CC9<CFNK?<=I<<Q@E>GF@EK

+FN @= PFL KIP ;I@GG@E> PFLI =C8MFIJ @E FE< ;IFG 8K 8 K@D<

PFL\CCEFK@:<K?<P@EJK8EKCP9<8;LG8E;=I<<Q<JFC@;


4?<E PFL\M< >FK 8CC K?< =C8MFIJ PFL E<<;
J@DGCP J:FFG K?<
K8JKP G<CC<KJ @EKF 8 J<IM@E> 9FNC 8E; MF@C8 6FL\M< >FK 8
=LKLI@JK@:@:<:I<8DI<8;PKFJ<IM<8E;<EAFP

?@CC-@CCJ


)F8; LG 8 9FNC N@K? D@E@ D8IJ?D8CCFNJ
8E; JGI@EBC< C@HL@;
E@KIF><E FM<I K?< KFG 1?< D8IJ?D8CCFNJ J?FLC; =I<<Q<
@EJK8EKCP
9LK >F 8?<8; 8E; C<K K?<D JF8B =FI 89FLK K?@IKP
J<:FE;JALJKKF9<JLI<

1?< <E; I<JLCK @J 8 JL9 Q<IF Y:?@CC G@CCZ K?8K\J G<I=<:KCP =@E< KF
<8K8E;C<KJPFLJ<<PFLI9I<8K?N?<EPFL:ILE:?@EKF@K

+FN @= PFL =C8J? =I<<Q< 8 C8I><I D8IJ?D8CCFN


I8K?<I K?8E
<8K@E> @K
KIP GC8:@E> @K FE 8 GC8K< 8E; >@M@E> @K 8 JD8:B &K\CC
J?8KK<I@EKF8K?FLJ8E;G@<:<J

+F@J<*8B<IJ



#FI K?@J KI@:B PFL\CC E<<; 8 >C8JJ 9FKKC< N@K? 8 E8IIFN E<:B
8E; 8 G8IKP ?FIE N@K? 8 C@KKC< ?FK >CL< 8;;<; 8IFLE; K?<
9FKKFD 4?<E @K ><KJ GC8:<; @E K?< 9FKKC<
@K J?FLC; D8B< 8
E@:<
JEL>=@K

+FN :8I<=LCCP GFLI K?< C@HL@; E@KIF><E JF K?< 9FKKC< @J 8


HL8IK<I =LCC
=FCCFN<; 9P 8 J?FK F= ?FK N8K<I 6FL :8E J<< K?8K
N?<E K?< ?FIE @J GI<JJ<; @EKF GC8:<
@K 9<:FD<J 8 :I8QP
EF@J<D8B<IK?8K9CFNJ8CCFE@KJFNE

&= PFL ><K 8 =<N F= K?<J< >F@E>


PFL :8E I<8CCP D8B< JFD<
EF@J<

8CCFFECFN<IJ


4?<E K?<I< @JE\K <EFL>? GI<JJLI< KF B<<G K?< ?FIEJ >F@E>
KIP
8;;@E> DFI< ?FK N8K<I KF K?< 9FKKC< 8E; GC8:< 8 98CCFFE FM<I
K?<KFG

1?<I< N@CC JK@CC 9< <EFL>? GI<JJLI< J?FFK@E> LG KF @E=C8K< K?<


98CCFFEJ 8CC FE K?<@I FNE &K N@CC J8M< PFL K?< <==FIK
8E; K?<
>8J@EJ@;<@J:FDGC<K<CP?8IDC<JJ

?@GJK?8KY@K<8:BZ


#@E; 8 98> F= PFLI =8MFI@K< :?@GJ 8E; ;LDG K?<D 8CC @EKF 8
9FNC F= C@HL@; E@KIF><E KF J@K =FI 8 :FLGC< F= D@ELK<J +FN @K
D8P CFFB C@B< K?<P\I< 9F@C@E>
9LK K?<P\I< 8:KL8CCP 9<@E>
:FFC<; KF 8 I@;@:LCFLJCP CFN K<DG<I8KLI< 4?<E K?< Y9F@C@E>Z
JKFGJ
=<<C =I<< KF J:FFG K?<D FLK 8E; GLK K?<D FEKF 8 GC8K<
=FIJ<IM@E>

&= PFL KIP <8K@E> FE< F= K?<J< I@>?K EFN


PFL D@>?K =<<C 8
J?8IG JK@E> FE PFLI KFE>L<
C@B< K?< :?@G @J KIP@E> KF 9@K< PFL
98:B LK @= PFL >@M< K?<D ALJK 8 D@ELK<
K?<E KIP :?<N@E>
N@K? PFLI DFLK? :CFJ<;
@K J?FLC; K8B< PFLI :?@G <8K@E>
<OG<I@<E:<KF8N?FC<E<NC<M<C

)@HL@;,OP><E


LK K?< KFG F== 8E <DGKP JF;8 :8E 8E; =@CC @K LG N@K? C@HL@;
E@KIF><E 6FL :8E J<< K?8K ?FC;@E> 8 =C8D< @EKF K?< :8E N@CC


D8B< @K >F FLK LK @= PFL C<K K?< :8E J@K =FI 8 =<N D@ELK<J
K?<
<OKI<D< :FC; N@CC GLCC FOP><E FLK F= K?< 8@I 8E; KI8G @K 8K K?<
9FKKFD

+FN KIP ;@GG@E> 8 JLG<I JKIFE> D8>E<K @EKF K?< C@HL@;


8E;
N?<E PFL GLCC @K FLK
PFL\CC ?8M< C@HL@; FOP><E JKL:B KF K?<
9FKKFD KC<8JKLEK@C@KN8IDJLG8E;9F@CJF==

@IK?;8PCFNFLK


08M< FE< F= K?< :8E;C<J =IFD PFLI 9@IK?;8P :8B< 8E; ?FC; @K
FM<IK?<:8E

6FL\CC EFK@:< K?8K K?@J K@D< K?< =C8D< 8:KL8CCP ><KJ 9I@>?K<I
1?@J @J 9<:8LJ< K?< E@KIF><E ?8J <M8GFI8K<; 8E; C<=K K?<
FOP><E 9<?@E; -LI< FOP><E @J <OKI<D<CP I<8:K@M<
8E; @= PFL
;IFG 8 :8E;C< ;FNE @EKF K?< C@HL@;
PFL :8E J<< @K ><KJ JF ?FK
K?8K K?< D<K8C :8E 8:KL8CCP D<CKJ @E ALJK 8 =<N J<:FE;J
8E;
K?<E<OGCF;<J
JG<N@E>DFCK<ED<K8C8CCFM<IK?<GC8:<

1?@J @J 8 KI@:B K?8K J?FLC; 9< ;FE< FLKJ@;<


B<<G@E> K?< J8=<KP
F=PFL8E;PFLI>L<JKJ8KFGGI@FI@KP

8CCFFE89@<J


CFN LG 8 9LE:? F= C@KKC< G8IKP 98CCFFEJ 8E; JF8B K?<D @E 8
:FEK8@E<IF=C@HL@;E@KIF><EJFK?<PJ?I@EB;FNEKFEFK?@E>

1?<E
HL@:BCP J:FFG K?<D 8CC @EKF 8 9FNC 8E; JK8E; 98:B KF
N8K:? K?< D8>@: /@J@E> =IFD 8 C8P<I F= DPJK<I@FLJ =CFN@E>
=F>
PFLI C@KKC< 98CCFFE 989@<J 9<>@E KF >IFN I@>?K 9<=FI< PFLI
<P<J
JG@CC@E>FM<I8E;:FM<I@E>K?<K89C<

1?<P>IFNLGJF=8JK
;FE\KK?<P

#CP89@<J


#@CC FE< F= PFLI JD8CC 98CCFFEJ N@K? ?<C@LD 8E; J?I@EB @K
;FNE@EC@HL@;E@KIF><EC@B<PFL;@;K?<FK?<IJ

0:FFG@KFLK8E;GC8:<@K;FNEFE8K89C<KFJ<<N?8K?8GG<EJ

6FL\CC EFK@:< K?8K 8=K<I 8 =<N J<:FE;J


@K JL;;<ECP GFGJ
LGI@>?K8E;K8B<JF==C@B<8C@KKC<2#,

6FLI =I@<E;J J?FLC; 9< @DGI<JJ<; KF J<< PFLI C@KKC< :I<8K@FE


>IFNLG
JGI<8;@KJN@E>J
8E;9<>@EKF=CP

(IPGKFE@8EY0LG<II<8K?Z



#FI K?@J C8JK KI@:B
N<\CC E<<; 8 J?FK >C8JJ FI 8 JD8CC
:FE;@D<EK :LG -FLI @E 8 K@EP 9@K F= C@HL@; E@KIF><E 8E; ><K
I<8;PKFGLK@K@EPFLIDFLK?

J CFE> 8J PFL JG@K @K 98:B FLK @DD<;@8K<CP


PFL\CC >8@E K?<
(IPGKFE@8EGFN<IF=JLG<I9I<8K?

'LJK D8B< JLI< EFK KF JN8CCFN FI K8B< KFF CFE> ><KK@E> @K 98:B
FLK 1?8KGIF989CPNFLC;E\K<E;N<CC


0<:K@FE

*FE<P 08M@E>%8:BJ


%FNKF*8B<80LG<I0<:I<K08=<=FI)<JJ1?8E

&E K?@J GIFA<:K PFL\CC C<8IE ?FN KF D8B< 8 JLG<I J<:I<K J8=<
K?8K EF9F;P N@CC I<:F>E@Q<
<M<E @= K?<P\I< CFFB@E> JKI8@>?K 8K
@K

& J8N 8 G@:KLI< F= 8 ?@;;<E N8CC J8=< FE )@=<%8:B<I :FD 8E;


=FLE; @K N8J 8 GIF;L:K 9<@E> JFC; =FI 89FLK <@>?K ;FCC8IJ =IFD
1?@EB$<<B :FD

/8K?<I K?8E FI;<I FE<


@K J<<D<; =<8J@9C< KF D8B< FE< N@K?
ALJK 8 :FLGC< F= D8K<I@8CJ =IFD K?< ?8I;N8I< JKFI< +FK KF
D<EK@FE
@K\JDL:?:?<8G<I

1?<I< 8I< JF D8EP M8I@8K@FEJ K?8K :FLC; 9< D8;< KF K?@J @;<8 &
;<DFEJKI8K<; =FLI K?8K & :8D< LG N@K?
8E; G<I?8GJ K?< 9<JK
FE< @J K?< 9FO 9<?@E; PFLI :89C< &= PFL LJ< FE< F= K?FJ<
@K\J
:FDGC<K<CP =I<< 8E; PFL ;FE\K ?8M< KF :LK 8EP E<N ?FC<J @E
PFLIN8CCJ

4/+&+$


"OKI<D< :8LK@FE J?FLC; 9< LJ<; N?<E :LKK@E> @EKF J?<<KIF:B
1?<I< D8P 9< <C<:KI@:8C N@I<J FI FK?<I J<EJ@K@M< D8K<I@8CJ
9<?@E; K?< N8CC K?8K :8E\K 9< J<<E
8E; :FLC; 9< ;8D8><;
N?<E:LKK@E> 2J<F=:FEK<EK@J8KFNEI@JB

4?P80<:I<K08=<


0FD<K@D<J K?< 9<JK GC8:< KF ?@;< JFD<K?@E> @J N?<I< G<FGC<
C<8JK<OG<:K@K

&E K?@J GIFA<:K


N<\I< D8B@E> 8 JLG<I J<:I<K J8=< K?8K FECP
PFL\CCBEFN89FLK

6FL\CC E<<; FE< F= K?<J< <OKI8 CFE> <C<:KI@:8C >8E> 9FO<J


D8;< =FI <O@JK@E> N8CCJ 6FL\CC 8CJF E<<; 8 9C8EB N8CC GC8K<

C@B<K?@J

0K<G&EJK8CC8K@FE


1F GC8:< K?< J8=<
J<8I:? 8IFLE; PFLI ?FLJ< =FI 8 :C<8E
J<:K@FE F= N8CC 8E; LJ< 8 JKL; =@E;<I KF CF:8K< 8E 8I<8 9<KN<<E


K?< JKL;J 4?<E PFL\M< =FLE; 8 JGFK K?8K NFIBJ
D<8JLI< 8
?<@>?KK?8KD8K:?<JK?<FLKC<KJE<8I9P8E;8;;?8C=8E@E:?

+<OK
C@E< LG K?< D8IB N@K? K?< 9FKKFD C<=K :FIE<I F= K?< 9FO
8E; KI8:< 8IFLE; K?< J@;<J 1?@J @J N?<I< PFL\CC E<<; KF :LK
@EKFK?<N8CC

& :?FJ< KF JK@:B 8E <EM<CFG< LE;<I K?< D8IB@E>J


JF K?8K N?<E
:LKK@E> @EKF K?< J?<<KIF:B
K?< <EM<CFG< :8K:?<J K?< ;LJK

I<;L:@E>K?<D<JJK?8K?8JKF9<:C<8E<;LGC8K<I

&K\J @DGFIK8EK KF :LK :8I<=LCCP 8E; N@K? J?8CCFN JKIFB<J


9<:8LJ< K?<I< :FLC; 9< <C<:KI@:8C N@I<J 9<?@E; K?< N8CC 8E;
PFL;FE\KN8EKKF:LKK?<D9P8::@;<EK

0K<G0<:LI@E>KFK?<48CC


4?<E @K\J 8CC :LK FLK
PFL J?FLC; =@E; K?8K PFLI 9CL< 9FO
GLJ?<J@EG<I=<:KCP8E;I<JKJ=C8K8>8@EJKK?<N8CC

4?<E PFL 8;ALJK K?< J:I<NJ @E K?< :FIE<IJ


PFL :8E J<< K?8K @K
K@>?K<EJ K?< =C8GJ 8K K?< 98:B
J<:LI@E> K?< 9FO K@>?K KF K?<
N8CC


K K?@J GF@EK
PFL :8E JK8IK CF8;@E> PFLI J8=< N@K? JFD<K?@E>
@DGFIK8EK -<I?8GJ JFD< JK8DGJ PFL N8EK KF J8M<  J<K F=
JG8I<B<PJ4?8K89FLK<D<I><E:P8DDLE@K@FE

0K<G%@;@E>6FLI1I<8JLI<J


4?<E N?8K<M<I PFL GLK @E K?<I< @J 8CC KL:B<; 8N8P
J@DGCP
8;; K?< :FM<I GC8K< 8E; J:I<N @K KF><K?<I ?8E:<J 8I<
EF FE<
N@CC<M<I>L<JJK?<I<\J8EPK?@E>?@;;<E@EJ@;<

&= PFL N8EK KF >F FE< JK<G =LIK?<I


KIP GLJ?@E> JFD< =LIE@KLI<
@E=IFEKF=K?<:FM<I
9<:8LJ<FLKF=J@>?KD<8EJFLKF=D@E;

+FN @= K?< K@D< :FD<J N?<I< PFL E<<; KF FG<E PFLI J8=< 8E;
PFL ;FE\K ?8M< 8 J:I<N;I@M<I
EF GIF9C<D 'LJK LJ< K?< GIFE>J
=IFD 8 GCL> 1?< 9C8;<J =@K G<I=<:KCP @EKF K?< J:I<N ?<8;J

8CCFN@E>PFL=LCC8E;LEC@D@K<;8::<JJ

0K<G"8JP::<JJ8E;*F;@=@:8K@FEJ


+FN K?<I< 8I< GC<EKP F= DF;@=@:8K@FEJ PFL :8E D8B< KF K?@J
K?@E> #FI <O8DGC<
@= PFL GC8E FE LJ@E> K?@J 8 CFK 8E; :8E\K 9<
9FK?<I<; N@K? LEJ:I<N@E> @K <M<IP K@D<
KIP ;I@CC@E> FLK K?<
J:I<N ?FC<J N@K? 8  Z ;I@CC 9@K 1?<E 8;; 8 ;89 F= JLG<I
>CL<KFN?<I<K?<J:I<NJD<<KK?<:FM<IGC8K<


1?@J N8P
K?< J:I<NJ N@CC 9< ?<C; =8JK @E GC8:< 8E; EFN PFL
:8EALJKC@E<LGK?<?FC<J8E;GI<JJ@KKF><K?<I@E8E@EJK8EK

&= PFL N8EK K?@J KF 9C<E; 9<KK<I N@K? K?< JLIIFLE;@E>J


KIP
8;;@E> 8E FLKC<K KF K?< =IFEK F= K?< 9FO 8E; 8 =@E@J?@E> GC8K<
FM<I K?8K +FN PFLI J<:I<K J8=< CFFBJ C@B< 8CC K?< FK?<I FLKC<KJ
@EPFLI?FLJ<

%8M< PFL >FK JF DL:? JKL== K?8K PFL E<<; 8 9@>><I J8=< 1IP
LG>I8;@E> KF 8 ;FL9C< >8E> 1?@J >@M<J PFL E<8ICP KN@:< K?<
JKFI8><JG8:<8E;@EJK8CCJALJK8J<8J@CP8JK?<FK?<IJ

0K<G"8JP
#I<<
8E;-I< "O@JK@E>

J 8 =@E8C K?FL>?K
@= PFL ;FE\K N8EK KF JG<E; K?<  FE
D8K<I@8CJ FI :LK ?FC<J @E PFLI N8CCJ
ALJK CFFB =FI FE< F= K?<J<
:89C<A8:BJ8IFLE;K?<?FLJ<


1?< :89C<\J GIFK<:K<;
K?<I<\J GC<EKP F= JG8:< @EJ@;<
8E; @K\J 8
>I<8K GC8:< =FI ?@;@E> K?@E>J
C@B< PFLI C@JK F= :FDGLK<I
G8JJNFI;J

+FK FECP @J K?@J FGK@FE =I<<


9LK :?8E:<J 8I<
PFL\M< 8CI<8;P
>FKK?<D8CCFM<IK?<?FLJ<

0K<G$L8I;6FLI0<:I<KJ

4<CC
EFN PFL BEFN ?FN KF D8B< 8E <8JP J<:I<K J8=< =FI
?@;@E>@DGFIK8EKJKL==

%FD<1?<8K<I=FI*8I:?*8;E<JJ


'LJK @E K@D< =FI *8I:? *8;E<JJ %<I<\J ?FN KF :FEM<IK PFLI
C8GKFG
JD8IKG?FE<
FI K89C<K @EKF 8 D8B<J?@=K GIFA<:KFI &K\J
I<8CCP :?<8G 8E; :8E 8;; 8 9@K F= :I<8K@M< =LE KF PFLI E<OK
JGFIKJG8IKP

1?@J GIFA<:K @J ><8I<; D8@ECP KFN8I; :FCC<>< JKL;<EKJ CFFB@E>


=FI 8 N8P KF KLIE ;<M@:<J K?<P 8CI<8;P ?8M< @EKF 8 GIFA<:KFI
=FI JGFIK@E> <M<EKJ FI G8IK@<J &K\J DFI< F= 8 EFM<CKP K?8E
8EPK?@E> GI8:K@:8C
9LK @E DP <OG<I@<E:<
K?< @D8>< @J
N8K:?89C< 8E; K?< @;<8 N@CC ?FG<=LCCP 9< <EAFP<; &= 8EPK?@E>

@K\J 8 G8IKP KI@:B PFL :8E GLCC FLK =FI PFLI E<OK ><K KF><K?<I
N@K?=I@<E;J

+,1"

1?< @D8>< GIFA<:K<; FE K?< N8CC N@CC 9< YD@IIFI @D8><Z FI


Y=C@GG<; ?FI@QFEK8CCPZ =IFD K?< FI@>@E8C @D8>< 1?@J N@CC
D8B< 8EP K<OK FI ELD9<IJ 8GG<8I 98:BN8I; 1?< C@>?K =IFD
K?< C8GKFG
JD8IKG?FE<
FI K89C<K @J K?< FECP JFLI:< F= C@>?K
JF
8J K?< @D8>< @J D8;< 9@>><I
K?< @EK<EJ@KP F= K?< C@>?K FE K?<
J:I<<E ><KJ N<8B<I LEK@C <M<EKL8CCP K?< @D8>< 9<:FD<J
@E;@J:<IE@9C<

0K<G4?8K6FL\CC+<<;


J@;< =IFD 8CI<8;P FNE@E> 8 C8GKFG
JD8IKG?FE<
FI K89C<K

PFL\I<>F@E>KFE<<;K?I<<@K<DJKFD8B<K?@JGIFA<:KFI

 8I;9F8I;

 !L:KK8G<

 #LCC G8><#I<JE<CC<EJ


8I;9F8I; & >FK DP :8I;9F8I; 9FO 8K 8 48CD8IK & ALJK N<EK
@EKF K?< G?FKF C89 8I<8 8E; 8JB<; @= K?<P ?8; 8EP 9FO<J &
:FLC; LJ< =FI 8 GIFA<:K 1?<P ?8; DFI< K?8E K?<P :8I<; KF
?8M< & :?FJ< FE< K?8K N8J 8 :FLGC< =<<K CFE>
8E; K?< =IFEK
=8:<N8JALJKC8I><IK?8EDP@-8;

18G< #FI K8G<


& >FK 9C8:B ;L:K K8G< 8CJF =IFD 48CD8IK
9LK
<M<EG8:B@E>K8G<FID8JB@E>K8G<:8ENFIBALJK>I<8K

#I<JE<C C<EJ & =FLE; DP #I<JE<C C<EJ FE <8P =FI 89FLK


  0@E:< K?<E
&\M< J<<E K?<D 8J CFN 8J   1?< J@Q< @J
JFD<N?<I< 8IFLE; Z O Z 1?<J< 8I< KPG@:8CCP LJ<; 8J =LCC
G8><D8>E@=@<IJ=FII<8;@E>JD8CCK<OK

0K<G LKK@E>K?< 8I;9F8I;


&;<8CCP
N< N8EK 8 ?FC< @E K?< =IFEK F= K?< 9FO 89FLK ]Z
JD8CC<I K?8E K?< C<EJ & LJ<; K?< 8:KL8C C<EJ 8J 8 K<DGC8K< KF
KI8:< 8IFLE; K?< <;><J 8E; K?<E ;I<N 8EFK?<I I<:K8E>C< ]Z
@EJ@;< K?< =@IJK &K\J K?@J @EE<I I<:K8E>C< K?8K N<\CC 9< :LKK@E>
FLK
8E; @K J?FLC; C<8M< 8 ]Z C<;>< =FI LJ KF K8G< K?< C<EJ
FEKF 6FL :8E 8CJF LJ< JFD<K?@E> C@B< 8 :I<;@K :8I; FI ?FK<C
B<P KF KI8:< 8 I<:K8E>C< @E K?< :<EK<I 4?<E @K\J 8CC :LK FLK

PFL J?FLC; ?8M< 8 C<=K FM<I G@<:<


8J J<<E @E K?< G@:KLI<
8E;
PFLD8PN8EKKF?8E>FEKFK?8K

+FN PFL :8E LJ< JFD< K8G< KF J<:LI< K?< C<EJ FE K?< @EJ@;< F=
K?<9FO

+,1"

1?< >IFFM<; G8IK F= K?< C<EJ J?FLC; 9< =8:@E> @EJ@;< K?< 9FO

8E;K?<=C8KJDFFK?J@;<J?FLC;9<=8:@E>FLKN8I;

0K<G#@E@J?<;-IFA<:KFI8E;38I@8K@FEJ=FI)8GKFGJ


4?<E K?< C<EJ @J J<K
PFL :8E :CFJ< LG K?< 9FO KF >@M< @K
JK89@C@KP 6FLI K89C<K FI JD8IKG?FE< N@CC >F @EJ@;< 8E; GIFA<:K
FLKN8I;K?IFL>?K?<C<EJ

& >8M< D@E< 8 HL@:B G8@EK AF9 KF D8B< @K 8 C@KKC< E@:<I


8E;
D8;< 8 GIFA<:K@FE J:I<<E N@K? 8 G@<:< F=  Z %@ &DG8:K


0KPI<E< & >FK =IFD 8 J@>E JLGGCP :FDG8EP =FI ALJK FM<I  
&K\J  =<<K N@;< 8E; K?< 9C8:B ;L:K K8G< D8;< 8 E@:< 9FI;<I
KI@D FE K?< GC8JK@: J?<<K & ?8; ALJK <EFL>? K8G< C<=K FM<I KF
GLK@KLGFEK?<N8CC8E;I@>LG8D8B<J?@=K?FD<K?<8K<I

4?<E LJ@E> 8 C8GKFG


K?@J :FE=@>LI8K@FE N@CC 9< KFF JD8CC &
=FLE; K?8K 8 ?FC< :FLC; 9< :LK FE K?< 98:B F= 8 ;@==<I<EK 9FO

8E; K?< C8GKFG KLIE<; LGJ@;< ;FNE 8E; JC@; @EKF GC8:< 1?@J @J
9P =8I K?< HL@:B<JK 8E; <8J@<JK J<K LG
8E; K?< C8GKFG >@M<J K?<
9<JKI<JLCKJ9<:8LJ<K?<J:I<<E@JK?<9@>><JK8E;9I@>?K<JK

0K<G$<K/<8;P=FI6FLI3@;<F


1?< @D8>< K?8K ><KJ GIFA<:K<; FE K?< J:I<<E N@CC 9< =C@GG<;
?FI@QFEK8C 8E; LGJ@;< ;FNE 6FL :8E D8B< @K I@>?K J@;< LG 9P
KLIE@E> PFLI K89C<K
JD8IKG?FE< FI C8GKFG LGJ@;< ;FNE @E K?<
GIFA<:KFI

&= PFL\I< LJ@E> 8 K89C<K C@B< 8E @-8;


PFL\CC 8CJF E<<; KF >F
@EKF K?< J<KK@E>J D<EL 8E; D8B< JLI< KF CF:B K?< IFK8K@FE F=
K?< J:I<<E JF K?8K @K\J J@;<N8PJ ,K?<IN@J< N?<E PFL KLIE @K
FM<I
K?<@D8><NFE\KJK8PLGJ@;<;FNE


4?8K<M<I ;<M@:< PFL\I< LJ@E>
PFL\CC 8CJF E<<; KF 9I@E> K?<
9I@>?KE<JJ LG KF D8O@DLD KF ><K K?< DFJK C@>?K &= PFLI G?FE<
;F<JE\K ?8M< 8E FGK@FE KF CF:B K?< J:I<<E
PFL D8P E<<; KF
;FNECF8;8E8GG

1F ?FC; K?< ;<M@:< @E K?< GIFA<:KFI


PFL\CC GIF989CP N8EK KF
=@E; JFD<K?@E> JKLI;P
C@B< 8 :FLGC< F= K<OK 9FFBJ FI 8 JKLI;P
9FO & LJ<; 8 9FO F= KFD8KF G8JK< K?8K N8J 89FLK K?< J@Q< F= 8E
@-8;

2J@E> 8 :FLGC< F= IL99<I 98E;J KF J<:LI< K?< ;<M@:< @E 8E


LGJ@;< ;FNE GFJ@K@FE
@K\J EFN I<8;P KF >F @E K?< GIFA<:KFI
8E;GC8PPFLIDFM@<

+,1"

1?< @D8>< J?FLC; 9< I@>?K J@;< LG


9LK @K N@CC JK@CC 9< =C@GG<;
?FI@QFEK8CCP 1?@J D<8EJ K?8K 8EP NFI;J FI ELD9<IJ FE K?<
J:I<<EN@CCJK@CC9<98:BN8I;

0K<G0L::<JJ


& =FLE; K?8K LJ@E> 8 C8GKFG NFIBJ K?< 9<JK
9<:8LJ< K?< J:I<<E
@J C8I><I KF 9<>@E N@K? 8E; K?< 9I@>?KE<JJ C<M<C :8E 9< KLIE<;
LG 1?@J @J >FF; 9<:8LJ< 8J K?< @D8>< @J D8;< 9@>><I
K?<
@EK<EJ@KP F= K?< C@>?K FE K?< J:I<<E @J C<JJ<E<; E @D8>< F=
Z @J M<IP N8K:?89C< FE 8 C8GKFG 8J N<CC 8J 8 K89C<K 89FLK K?<
J@Q< F= 8E @-8; ,= :FLIJ<
K?< :CFJ<I PFL 9I@E> K?< GIFA<:KFI
KF K?< J:I<<E
K?< JD8CC<I K?< @D8>< N@CC 9<
9LK K?< 9I@>?K<I
8E; DFI< =F:LJ<; @K N@CC 9<:FD< & =FLE; K?8K @= PFL :FM<I 8CC
PFLI N@E;FNJ 8E; :CFJ< 8EP ;FFIJ KF D8B< JLI< K?< IFFD @J
:FDGC<K<CP ;8IB
K?@J N@CC ?<CG K?< @D8>< 8GG<8I :I@JG<I 8E;
9I@>?K<I

<:8LJ< K?< #I<JE<C C<EJ @J D8;< =C8K


K?<I< 8I< JFD< FGK@:8C
;@J8;M8EK8><J K?8K 8GG<8I @E K?< @D8>< #FI <O8DGC<
K?<
<;><J F= K?< J:I<<E D8P 9< 8 C@KKC< 9CLIIP N?@C< K?< :<EK<I @J @E
=F:LJ 1F 8;;I<JJ K?@J GIF9C<D
8 J?IFL; :8E 9< 8;;<; KF K?<
C<EJ N@K? 8 I<:K8E>LC8I ?FC< @E K?< :<EK<I 89FLK K?< J@Q< F= 8
:I<;@K :8I; 1?@J N@CC :?FB< ;FNE K?< 8G<IKLI< 8E;
;I8D8K@:8CCP @DGIFM< K?< =F:LJ 1?< KI8;< F== @J K?8K K?<I< N@CC
9< C<JJ C@>?K <D@KK<; =IFD K?< GIFA<:KFI
JF K?< @D8>< FE K?<
J:I<<EN@CC9<;@DD<;


 JD8IKG?FE< NFIBJ K?< J8D< N8P
9LK K?< J:I<<E J@Q< :8E\K
>F DL:? FM<I Z FI K?< @D8>< @J LEN8K:?89C< 1?< Z
NFIB<;>I<8K8E;ZN8JFB

0K<G FE:CLJ@FE

0@E:< K?< ;@JJ@G8K@FE F= K?< C@>?K I<;L:<J K?< 9I@>?KE<JJ FE K?<


J:I<<E
@K\J DFI< F= 8 EFM<CKP K?8E 8EPK?@E> GI8:K@:8C
9LK @E
DP <OG<I@<E:<
K?< @D8>< @J N8K:?89C< 8E; K?< @;<8 N@CC
?FG<=LCCP9<<EAFP<;

&= 8EPK?@E>
@K\J 8 G8IKP KI@:B PFL :8E GLCC FLK =FI PFLI E<OK
><K KF><K?<IN@K?=I@<E;J

*8B<8/<8C4FIB@E>0G<8B<I=FI)<JJ1?8E

%<I<\J ?FN KF D8B< 8 I<8C NFIB@E> G8G<I GC8K< JG<8B<I =FI


LE;<I8;FCC8I


-8G<I-C8K<0G<8B<I

8:B @E 
6FL1L9< LJ<I %FLJ<?FC;%8:B<I GFJK<; 8
G8IF;P M@;<F FE ?FN KF D8B< 8 ?@>? ;<=@E@K@FE JG<8B<I =FI
LE;<I 8 9L:B *PK?LJK<IJ KFFB FE K?< :?8CC<E>< 8E; 9LJK<;
@K

CK?FL>? K?8K G8IK@:LC8I D<K?F; ;F<JE\K J<<D KF NFIB


@K
;F<JE\K D<8E PFL :8E\K D8B< PFLI FNE JG<8B<I =FI LE;<I 8
;FCC8I :KL8CCP
PFL:8E
8E;@K\JI<8CCP<8JP

%FN!F<J80G<8B<I4FIB


1FLE;<IJK8E;?FN8JG<8B<INFIBJ
&KFFBFE<8G8IK

&E @KJ J@DGC<JK =FID


8 JG<8B<I @J ALJK 8 :F@C F= N@I< >CL<; KF 8
G@<:< F= G8G<I 8E; GC8:<; E<8I 8 G<ID8E<EK D8>E<K 4?<E 8E
8CK<IE8K@E> :LII<EK =CFNJ K?IFL>? K?< :F@C<; N@I<
@K @J <@K?<I
8KKI8:K<;FII<G<CC<;9PK?<G<ID8E<EKD8>E<K

1?< 8L;@F J@>E8C =IFD PFLI JK<I<F @J 8 =FID F= 8CK<IE8K@E>


:LII<EK 4?<E 8KK8:?<; KF 8 :F@C F= N@I< 8E; J<K E<8I 8 JK89C<
D8>E<K@: =@<C;
K?< M8I@8K@FEJ @E GFC8I@KP 8E; 8DGC@KL;< N@CC
D8B< @K M@9I8K< K?FLJ8E;J LGFE K?FLJ8E;J F= K@D<J G<I
J<:FE;

&= K?@J :F@C<; N@I< @J 8KK8:?<; KF 8 ;@8G?I8>D


K?< M@9I8K@FEJ
N@CC GLJ? 8 C8I><I MFCLD< F= 8@I 8E; ><E<I8K< JFLE; N8M<J
K?8KN<:8E?<8I

&E K?< G@:KLI<J 89FM<


PFL :8E J<< 8 G8G<I JG<8B<I :FE<
K?<
P<CCFN JG@;<I N?@:? ?FC;J K?< MF@:< :F@C @E GC8:< FM<I K?<
D8>E<K
K?< MF@:< :F@C N@K? NI8GG@E>J F= D8>E<K N@I< 8IFLE;
@K
8E; 8 JKIFE> G<ID8E<EK D8>E<K 8K K?< 9FKKFD F= K?<
8JJ<D9CP

1?< KNF <E;J F= K?< MF@:< :F@C N@I< 8I< N?8K :FEE<:K KF PFLI
JK<I<F JPJK<D 1?8K\J 8CC K?<I< @J KF @K +FN C<K\J J<< @= N< :8E
D8B<FE<


$8K?<I6FLI*8K<I@8CJ


#FIK?@JGIFA<:K
C<K\JLJ<

S =F8D9FNC=FIK?<JG<8B<I98JB<K

S  G8G<I GC8K< K?8K =@KJ FEKF K?< KFG F= K?< 9FNC 8J K?<
JG<8B<I:FE<

S LKKFED8>E<KJK?8K:8E9<JK8:B<;@EKF8:PC@E;<I

S J?<<KF=GI@EK<IG8G<IKF=FIDK?<MF@:<:F@CJLGGFIK

S *8>E<K N@I< KF =FID K?< 8:KL8C MF@:< :F@C *8>E<K N@I< @J


K?@E <E8D<C<; :FGG<I N@I< 8E; :8E 9< J8CM8><; =IFD D8EP
<C<:KIFE@: ;<M@:<J =FI =I<<
FI 9FL>?K 8K GC8:<J C@B< /8;@F
0?8:B

S ?FK>CL<>LE8E;JFD<J:@JJFIJ

'LJK =FI =LE


& LJ<; 8 BE@=< 8E; :LK ?FC<J @E K?< J@;<J F= K?<
=F8D9FNCJF@KCFFB<;DFI<C@B<8JG<8B<I:FE<


+,1"

+FE< F= K?<J< D8K<I@8CJ 8I< JFC; @E;@M@;L8CCP 9<:8LJ< K?<P


FECP :FD< @E G8:BJ
9LK @= K?< G@<:<J 8I< GIF I8K<;
K?< :FJK @J
8IFLE;<@>?KP:<EKJG<IJG<8B<I

& =FLE; JFD< D8>E<K N@I< @EJ@;< 8E FC; 13 *8EP F= K?<


JD8CC KI8EJ=FID<IJ FE K?< :@I:L@K 9F8I; N<I< CF8;<; N@K? K?<
G<I=<:KN@I<=FIK?@J

4/+&+$

< 8N8I< @= PFL 8I< J8CM8>@E> <C<:KIFE@:J 8K ?FD< 8G8:@KFIJ


FE K?< :@I:L@K 9F8I;J D8P JK@CC ?FC; 8 :?8I>< 8E; GFJ< 8 I@JB F=
<C<:KI@: J?F:B 1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<; N@K?FLK
8;LCKJLG<IM@J@FE8E;8;<HL8K<KI8@E@E>

*8B<8E"@>?KP <EK0G<8B<I


6FL><KN?8KPFLG8P=FI
9LK@KNFIBJ

0K<G  0K8:B 89FLK =@M< KF J@O 9LKKFE D8>E<KJ KF =FID 8


FE< @E:?KFKNF @E:?:PC@E;<I

0K<G  LK 8 JKI@G F= G8G<I 8E; IFCC @K 8IFLE; K?< JK8:B F=


D8>E<KJ
8E;K?<EK8G<@KKF@KJ<C=


0K<G  LK 8 J<:FE; JKI@G F= G8G<I 8E; IFCC @K FM<I K?< =@IJK

8E;K?<EK8G<@KKF@KJ<C=

+,1"

1?< KNF G@<:<J F= G8G<I J?FLC; EFK 9< :FEE<:K<; KF <8:?


FK?<I &EJK<8;
K?<P J?FLC; 9< 89C< KF JC@;< 8G8IK =I<<CP 1?<
@EE<I G8G<I @J >F@E> KF J<IM< 8J 8 JG8:<I
9<:8LJ< N?<E @K\J
I<DFM<;
@K N@CC :I<8K< 8 JC@>?K >8G 9<KN<<E K?< KFG KL9< 8E;
K?<D8>E<KJ

0K<G  4I8G 89FLK  KLIEJ F= N@I< 8IFLE; K?< KL9< &K


;F<JE\K?8M<KF9<JLG<IK@>?K
9LKJ?FLC;9<=@ID

0K<G 0<:LI<K?<N@I<:F@C@EGC8:<N@K?JFD<?FK>CL<

0K<G  -LCC K?< JK8:B F= D8>E<KJ 8E; @EE<I :F@C F= G8G<I FLK
F=K?<KL9<

6FL J?FLC; EFN ?8M< 8 ?FCCFN KL9< N@K? 8 N@E;@E> F= N@I<


8IFLE;@K 1?@J@JPFLIYMF@:<:F@C Z

0K<G $CL<K?<MF@:<:F@CKFK?<9FKKFDJ@;<F=8G8G<IGC8K<

0K<G  LK K?< MF@:< :F@C KF 8 C<E>K? K?8K N@CC JC@;< FM<I K?<
D8>E<K JK8:B
8E; ?FM<I K?< N@I< :F@C E<8I K?< KFG F= K?<
D8>E<KJ

0K<G  #@K K?< G8G<I GC8K< N@K? K?< MF@:< :F@C FM<I K?< KFG F=
K?<D8>E<KJ8E;>CL<K?<GC8K<@EGC8:<

& :?FJ< KF G8@EK K?< JG<8B<I 9C8:B @E 8E 8KK<DGK KF D8B< @K


CFFB8C@KKC<9<KK<I


0K<G  /<DFM< K?< :F8K@E> =IFD K?< K@GJ F= K?< N@I<J 6FL
:8ELJ<J8E;G8G<IFI8EFG<E=C8D<KF9LIEF==K?<<E8D<C

0K<G  %FFB PFLI JG<8B<I LG KF 8 JK<I<F N@K? 8 9L@CK @E


8DGC@=@<I8E;GI<JJGC8P

6FL J?FLC; ?<8I PFLI DLJ@: GC8P@E> FLK F= PFLI G8G<I GC8K<
&K\J EFK >F@E> KF 9< M<IP CFL; 9<:8LJ< 8EP D8>E<K PFL :8E ><K
=FI K?@J :?<8G @J >F@E> KF 9< M<IP GFFI HL8C@KP LK @K ;F<J
NFIB8E;@K\J8=LEGIFA<:K

1IFL9C<J?FFK@E>

&= PFL ;FE\K ?<8I 8EPK?@E>


;FL9C< :?<:B PFLI :FEE<:K@FEJ
1?< KNF N@I<J =IFD K?< MF@:< :F@C J?FLC; :FEE<:K KF K?<
GFJ@K@M< 8E; E<>8K@M< K<ID@E8CJ F= FE< :?8EE<C F= PFLI
JPJK<D &K ;F<JE\K I<8CCP D8KK<I N?@:? N@I< >F<J N?<I<
8J
9FK?N@CCNFIB

6FLI JK<I<F N@CC 8CJF E<<; KF ?8M< 8 9L@CK @E 8L;@F 8DGC@=@<I


KF GLJ? 8 ?@>?<I N8KK8>< KF K?< GC8K< &= PFL\I< KIP@E> KF ILE
K?@J =IFD PFLI @-?FE< FI *- GC8P<I
PFL D@>?K ?<8I 8 =8@EK
EF@J<
9LK PFLI I<JLCKJ N@CC 9< DL:? 9<KK<I @= PFL =@IJK 8DGC@=P
K?<GFN<IFLKGLK

&= PFL JK@CC ;FE\K ?<8I 8EPK?@E>


PFLI N@I< @J ;8D8><;
J?FIK@E> FLK FI 9IFB<E
PFL ;FE\K ?8M< 8 >FF; :FEE<:K@FE
N@K? PFLI N@I<J KF PFLI 8L;@F JFLI:<
FI PFLI D8>E<KJ 8I<E\K
JKIFE><EFL>?

4?8K ;@==<I<E:< NFLC; 8 JKIFE><I D8>E<K D8B< )<K\J =@E;


FLK


4?8K*8B<JK?<0G<8B<I<KK<I


1?< JKI<E>K? F= PFLI D8>E<K GC8PJ 8 ?L>< G8IK FE K?< JKI<E>K?
F=K?<JFLE;

& D8;< 8EFK?<I JG<8B<I LJ@E> 8 +<F;PD@LD D8>E<K 1?<J<


8I<8DFE>K?<NFIC;\JJKIFE><JKD8>E<KJ

1?< MF@:< :F@C @J D8;< K?< J8D< N8P 9P NI8GG@E> G8G<I 8E;
N@I< 8IFLE; K?< D8>E<K
8E; K?<E I<DFM@E> K?< MF@:< :F@C
J?<CC8E;:LKK@E>@KKFJ@Q<

& LJ<; J:I8G N@I< & =FLE; FE 8E FC; JLDG GLDG DFKFI =FI K?@J
FE<

1?@J K@D<
@EJK<8; F= LJ@E> 8 =F8D 9FNC =FI K?< JG<8B<I
98JB<K
& ALJK >CL<; K?< D8>E<K KF 8EFK?<I G8G<I GC8K< =FI 8
98J<
8E; D8;< JFD< 8::FI;@FE JKPC< JLGGFIKJ KF ?FC; K?< :F@C
FM<IK?<D8>E<K

4?<E K?< C<8;J N<I< :FEE<:K<; 8E; K?< DLJ@: KLIE<; LG


&
N8J8D8Q<;8KK?<I<JLCKJ&KN8JIF:B@E>FLK


-FLI@E> N8K<I @EKF K?< GC8K< J?FNJ ALJK ?FN GFN<I=LC K?<
M@9I8K@FEJ 8I< N@K? K?< JKIFE><I D8>E<K@: =@<C; &K 8CJF D8B<J
HL@K<8D<JJ

%FNKF*8B<8,E< 48P ?<:B38CM<=FI ?<8G

&K\J JLDD<I &= PFL\I< >F@E> KF 9L@C; PFLIJ<C= 8 N8K<I >LE FI


8 N8K<I GLDG
PFL\CC E<<; JFD< :?<:B M8CM<J 1?<J< J?FLC;
NFIB=FIPFL-3 9L@C;@E><EK?LJ@8JKJ

1?< DFJK <OG<EJ@M< G8IKJ F= 8 N8K<I GLDG FI !&6 0LG<I


0F8B<I 8I< LJL8CCP K?< :?<:B M8CM<J &E K?@J GIFA<:K
N<\I<
D8B@E> JFD< =IFD J:I8K:? =FI 8J C@KKC< 8J K?@IKP =@M< :<EKJ
<8:?

4/+&+$

1?< GI<JJLI< K<JKJ 8E; :C8@DJ D8;< FE K?<J< :?<:B M8CM<J 8I<
98J<; JFC<CP FE DP G<IJFE8C <OG<I@<E:<J &E;@M@;L8C I<JLCKJ
D8P M8IP
8E; :8LK@FE 8E; :8I< J?FLC; 9< K8B<E N?<E CF8;@E>
K?< M8CM<J N@K? ?@>? GI<JJLI< 1?< I@JB F= ?@>?<I GI<JJLI<J @J
K?8K K?< 98CCJ D8P 9< =FI:<; =IFD K?< 8;8GKFI
J?FFK@E> FLK
C@B< GIFA<:K@C<J %@>? GI<JJLI<J D8P 8CJF :8LJ< K?< 98CC KF CF:B
LG
GI<M<EK@E> EFID8C FG<I8K@FE F= K?< M8CM< FI GFJJ@9CP <M<E


JKIL:KLI8C =8@CLI< F= K?< M8CM< 8CKF><K?<I 1?<J< M8CM<J 8I< EFK
D8;< KF 9< LJ<; @E 8EP ?<8MP ;LKP FG<I8K@FEJ 2J< F= K?@J
:FEK<EK@J8KPFLIFNEI@JB

1?<"8J@<JK ?<:B38CM<


&E K?@J GIFA<:K
&\CC J?FN KNF ;@==<I<EK N8PJ KF D8B< 8 J@DGC<
:?<:B M8CM< ,E< @J <8JP J@DGC< 9LK =FI CFN GI<JJLI<
8GGC@:8K@FEJ FECP
8E; FE< 8 C@KKC< DFI< :FDGC<O >FF; LG KF
8IFLE;W-0&

&E9FK?:8J<J
K?<M8CM<JN@CCJ?8I<KNF:FDDFEG8IKJ

 ,E<_ZD8C<-3 JC@G8;8GKFI

 C<E>K?F=_Z-3 KL9@E>]ZFICFE><I

1FD8B<K?<HL@:B8E;<8JPM8CM<

 #@E; 8 _Z IL99<I 9FLE:P 98CC 8E; JCFNCP :LK F== K?< KFG
FE<K?@I;

 -C8:< K?< 98CC @EJ@;< K?< -3 JC@G 8;8GKFI N@K? K?< IFLE;
J@;<=8:@E>;FNE
8E;K?<=C8KJ@;<=8:@E>LG

 -I<JJ K?< _Z -3 KL9< @EKF K?< JC@G 8;8GKFI ;FNE =8I


<EFL>? K?8K @K @J =@ID 8E; K@>?K
9LK C<8M@E> <EFL>? IFFD =FI
K?<98CCKFDFM<8IFLE;89@K@EJ@;<

1?8K\J@K


#FI CFN GI<JJLI< 8GGC@:8K@FEJ
C@B< 9CFN@E> LG 98CCFFEJ
K?@J
C@KKC< ;<M@:< N@CC D8B< PFLI C@KKC< B@;J =<<C C@B<
98CCFFE 9CFN@E>:?8DG@FEJ

1?< M8CM< 8CCFNJ 8@I @EKF K?< 98CCFFE


8E; N?<E PFL JKFG
9CFN@E>
K?< M8CM< :CFJ<J 8E; K?< 8@I JK8PJ @E K?< 98CCFFE
@E;<=@E@K<CP

)@KKC<*FI< FDGC<O


#FI K?@J M8CM<
N<\CC LJ< K?< ?8I;<I GC8JK@: 98CC 8E; 8E , I@E>
1?<J<8I<D8;<KF9<8C@KKC<DFI<;LI89C<

-I<G8I<K?<KL9<

 0K8IK 9P K8B@E> 8 G@<:< F= _Z -3 KL9@E> D@E@DLD ]Z


8E;D<8JLI<  Z=IFDK?<9FKKFD

 !I@CC 8 ?FC< 8K K?< D8IB K?8K >F<J K?IFL>? 9FK? N8CCJ F= K?<
KL9@E>

 #@E; 8 JKIFE> G@<:< F= D<K8C


C@B< 8 K?@:B G8G<I:C@G FI 8
E8@CKF@EJ<IK@EKFK?<?FC<J

 1I@D K?< ?<8; F== K?< E8@C JF K?8K 9FK? <E;J F= K?< E8@C FI
G8G<I:C@G8I<=CLJ?N@K?K?<FLKJ@;<N8CCJF=K?<KL9<

+,1"

1?@J M8CM< :8E 9< 9L@CK @EKF 8EP C<E>K? F= -3 G@G< PFL
:?FFJ<


-I<G8I<K?<JC@G8;8GKFI=FI:FEE<:K@E>
8E;K?<E

 -I@D< K?< @EJ@;< N8CCJ F= K?< 8;8GKFI


8J N<CC 8J K?< G8IK F=
K?<KL9<K?8KN@CCJC@;<@EKF@K

 &EJ<IK K?< , I@E> 8E; GC8JK@: 98CC @EKF K?< 8;8GKFI 8E;
:?<:B=FI8>FF;=@K8E;>FF;J<8C

 $CL< K?< G8IKJ K?8K N<I< GI@D<;


8E; JC@;< K?< KL9< @EKF K?<
8;8GKFILEK@CK?<E8@C?FC<J;@GALJK9<CFNK?<JLI=8:<

+,1"

!FE\K GI<JJ JF ?8I; K?8K K?< 98CC @J KI8GG<; @E K?< :CFJ<;


GFJ@K@FE 6FL N@CC E<<; 8 C@KKC< >8G =FI K?< 98CC JF K?< M8CM<
:8EFG<E8E;:CFJ<

 )<KK?<:<D<EK:LI<=FI89FLKKNF?FLIJ9<=FI<LJ<

*8B<1?<D*LCK@ 2J<


1F D8B< K?<J< M8CM<J DFI< :FEM<E@<EK
& KI@<; 8;;@E> 8EFK?<I
JC@G 8;8GKFI KF K?< FK?<I <E; F= K?< ]Z G@G< 1?@J @E:I<8J<J
K?<:FJK9PK?@IKP =FLI:<EKJ
9LK@K\JNFIK?@K

& :?FJ< ]Z 8J K?< G@G< C<E>K? 9<:8LJ< N?<E K?< 8;8GKFIJ 8I<
GLJ?<; KF><K?<I
@K C<8M<J FECP 8 M<IP JD8CC >8G 8E; D8B<J
K?< LE@K M<IP :FDG8:K &E K?< G@:KLI<
PFL :8E J<< K?< 98CC ?<C;
@E K?< LE@K 9P K?< 8;8GKFI 8E; K?< I<K8@E@E> E8@C GI<M<EK@E> @K
=IFDIFCC@E>@KFLKF=K?<KL9<


& 8CJF >8M< K?<D 8 HL@:B G8@EK AF9 N@K? JFD< JGI8P G8@EK 8E;
8;;<; <C<:KI@:8C K8G< KF FE< J@;< JF K?< ;@I<:K@FE F= =CFN :8E
9< <8J@CP @;<EK@=@<;
J@D@C8I KF K?< J:?<D8K@: JPD9FC =FI 8E
<C<:KI@:8C;@F;<

1<JK@E>8E;GGC@:8K@FEJ


1F K<JK PFLI M8CM<
LJ< @K KF 9CFN LG 8 98CCFFE 1?< 98CCFFE
J?FLC;JK8P@E=C8K<;<M<EN?<EPFLJKFG9CFN@E>

-C8:< K?< M8CM< @EKF 8 9FNC F= N8K<I &= K?<I< @J 8EP 8@I
<J:8G@E> 8K 8CC
PFL N@CC J<< C@KKC< 9L99C<J :FD@E> =IFD K?<
M8CM< &= K?<I< 8I< EF 8@I 9L99C<J
K?8K D<8EJ PFLI M8CM< @J
9FK?8@I K@>?K8E;N8K<I K@>?K


<:8LJ< N< LJ<; K?< JC@G 8;8GKFIJ
K?< <E;J F= K?<
:FEE<:K@FEJ 8I< K?I<8;<; 8E; 8CCFN K?< M8CM<J KF 9< @EK<>I8K<;
@EKF8EPJPJK<D8E;JN@K:?<;8IFLE;8KN@CC

*P DFK@M8K@FE @E 9L@C;@E> K?<J< M8CM<J JK<DD<; =IFD 8


;<J@I< KF 9L@C; 8 -3 N8K<I GLDG
9LK K?< :?<:B M8CM<J N<I<
8IFLE; K<E ;FCC8IJ <8:? 1?8K J<<D<; 8 C@KKC< JK<<G =FI 8 -3
9L@C;
JF N?@C< CFFB@E> =FI 8CK<IE8K@M< FGK@FEJ
& J<KKC<; FE K?@J
;<J@>E
N?@:? @J 89FLK K?< :?<8G<JK
N?@C< JK@CC 9<@E> GI8:K@:8C
8E;LJ<=LC

& KI@<; LJ@E> KNF F= K?<J< :?<:B M8CM<J KF D8B< 8 -3 N8K<I


GLDG &K :8E 9< LJ<; 8J 8E 8@I GLDG
8 M8:LLD GLDG
FI 8
N8K<IGLDGK?8KN@CCGLDGLGKF=@M<>8CCFEJG<ID@ELK<

&E DP K<JK@E>
K?< M8CM<J NFIB >I<8K N@K? 8@I 8E; N8K<I @I
GI<JJLI<J LG KF  -0& J<<D<; KF 9< =@E< =FI EFID8C
FG<I8K@FE
N?@C< GI<JJLI<J 89FM<  -0& F::8J@FE8CCP :8LJ<;
K?< 98CC KF CF:B @EKF K?< , /@E>
8E; I<HL@I<; JL9JK8EK@8C
Y98:BGI<JJLI<ZKFLECF:B@K

&E CFJ@E>

&= PFL KIP LJ@E> IL99<I 9FLE:P 98CCJ 8J K?< M8CM< D<:?8E@JD

FECP LJ< K?<D @E M<IP CFN GI<JJLI< 8GGC@:8K@FEJ


C@B< 9CFN@E>
LG 98CCFFEJ
8E; GFJJ@9CP =FI @DGIFM@J<; N8K<I >LEJ
/<C8K@M<CP ?@>? GI<JJLI< LJ<; N@K? K?<J< 98CCJ J<<DJ KF


<M<EKL8CCP =FI:< K?<D FLK F= K?< 8;8GKFI 8E; :8E J?FFK K?<D
FLK8KJLIGI@J@E>M<CF:@K@<J

,M<I8CC
&\D I<8CCP ?8GGP N@K? K?< M8CM<J 9<:8LJ< K?<P :8E 9<
=@K @EKF 8EP G8IK F= 8 -3 JPJK<D
8E; :8E 9< ;LGC@:8K<;
HL@:BCP
<8J@CP
8E;=FIM<IP
M<IPCFN:FJK


0<:K@FE

48K<I
&:<
8E;!IP&:<%8:BJ


N<JFD<1I@:BJ8E;-I8EBJN@K?!IP&:<

6FL ;FE\K ?8M< KF N8@K =FI %8CCFN<<E KF GC8P N@K? ;IP @:<
%<I< 8I< =@M< YEFE %8CCFN<<EZ N8PJ KF LJ< ;IP @:< =FI KI@:BJ
8E;GI8EBJ

4?<I< @E K?< NFIC; ;F PFL ><K ;IP @:< 1IP J<8I:?@E>


!IP&:<!@I<:KFIP :FD =FI8CF:8K@FEE<8IPFL

4/+&+$

2J< :FEK<EK 8K PFLI FNE I@JB !IP @:< @J WR 8E; @J M<IP
:FC; 8E; GFJ<J I@JB =FI @EJK8EK =IFJK9@K< FE 98I< JB@E 1F 8MF@;
=IFJK9@K< FE 98I< JB@E
?8E;C@E> F= ;IP @:< J?FLC; 9<
8GGIF8:?<; N@K? :8LK@FE 8E; 8KK<DGK<; N@K? >CFM<J FI FK?<I
GIFK<:K@FE 1?<I< 8I< I@JBJ 8JJF:@8K<; N@K? K?<J< GIFA<:KJ K?8K
I<HL@I<8;LCKJLG<IM@J@FE

&DGFJJ@9C< 8E;C</<C@>?K



#FI K?@J GI8EB
K8B< 8 =C8D@E> :8E;C< 8E; GC8:< @K ;FNE @EKF 8
:FEK8@E<IC@B<89FNCFI8>C8JJ

8I<=LCCP GFLI JFD< :ILJ?<; ;IP @:< ;FNE 8IFLE; K?< 98J< F=
K?< :8E;C< E; N@K?@E ALJK 8 =<N J<:FE;J
PFL\CC EFK@:< K?<
=C8D<>F<JFLK8E;K?<>8JKLIEJ:FDGC<K<CP@EM@J@9C<

+FN :?8CC<E>< FE< F= PFLI =I@<E;J KF KIP 8E; I<C@>?K K?<


:8E;C< @EJ@;< K?< >C8JJ 1?<P NFE\K 9< 89C< KF ;F @K 8E; K?<P\CC
?8M< EF @;<8 N?P "M<E 8=K<I DLCK@GC< 8KK<DGKJ
K?< =C8D<
>F<JFLK<M<IPK@D<

+FN J@DGCP 9CFN @EKF K?< KFG F= K?< >C8JJ KF GLJ? K?< >8J FLK
8E; J?FN PFLI =I@<E;J K?8K @K I<8CCP @JE\K K?8K ;@==@:LCK 8=K<I 8CC
1?<:8E;C<N@CCI<C@>?K<8J@CP

0<C= &E=C8K@E>-8IKP8CCFFEJ


#FI K?@J KI@:B
=@E; 8 9CF:B F= ;IP @:< 8E; 9I<8B @K @EKF G@<:<J
K?<J@Q<F=JD8CCIF:BJ


8I<=LCCP GC8:< FE< FI KNF F= K?< G@<:<J @EJ@;< F= 8 98CCFFE
8E; K@< @K F== 6FL\CC EFK@:< K?< 98CCFFE 9<>@EJ KF @E=C8K< 8CC 9P
@KJ<C=

+FN KIP ;F@E> K?@J N@K? 8 9LE:? F= FK?<I 98CCFFEJ 8E; K?IFN
K?<D8CC@EKF898JB<K

,M<I K?< :FLIJ< F= 89FLK KN<EKP =@M< D@ELK<J


K?< 98CCFFEJ
N@CCB<<G>IFN@E>LEK@CPFL\M<>FK898JB<KFM<I=CFN@E>

7@GCF:-FGG<IJ


0K8IK K?@J GI8EB 9P FG<E@E> LG 8 7@GCF: 98> 8E; 8;;@E> 8 =<N
:?LEBJF=;IP@:<=FCCFN<;9P8C@KKC<9@KF=N8IDN8K<I

+FN J<8C K?< 98> JF @K\J :FDGC<K<CP 8@I K@>?K


8E; =@E; 8 GC8:<
KF ?@;< @K =K<I 8 D@ELK< FI KNF
K?< 98> N@CC 9< :FDGC<K<CP
GI<JJLI@Q<; 8E; I<8;P KF <OGCF;< &K N@CC D8B< 8E @DGI<JJ@M<
98E>4?F:FLC;PFLJ:8I<N@K?K?@J

+FN K?@J @J :FDGC<K<CP J8=<


8E; PFL :8E ;F @K N@K? ?<8MP
;LKP =I<<Q<I 98>J 8J N<CC 1?< GC8JK@: @J 8 C@KKC< K?@:B<I
JF 8
9@KDFI<GI<JJLI<:8E9L@C;9<=FI<K?<P>FF==

0HL<8C@E>0GFFEJ8E;0?@M<I@E>.L8IK<IJ


#FI K?@J G8IKP KI@:B
K8B< 8 C8I>< D<K8C JGFFE 8E; GI<JJ @K
;FNE @EKF 8 9CF:B F= ;IP @:< &K C<KJ FLK 8E 8N=LC JHL<8C 8E;
G<FGC< N@CC 9<> PFL KF JKFG 6FL :8E D8B< 8 HL8IK<I J:I<8D
K?< J8D< N8P 'LJK C8P @K =C8K FE K?< @:<
8E; GI<JJ ;FNE @EKF
@K P K?< N8P
@K\J GIF989CP 8 >FF; @;<8 KF LJ< >CFM<J

9<:8LJ<K?<J<><KM<IP:FC;M<IPHL@:BCP


#FI 8 9FELJ KI@:B
KIP JK@:B@E> K?< HL8IK<I @E J@;<N8PJ &K\CC
JK8IKJ?8B@E>LE:FEKIFCC89CP

)<M@K8K@E>L99C<J

#FI K?@J C8JK KI@:B


8;; JFD< :ILJ?<; ;IP @:< @EKF 8 C8I>< :C<8I
9FNC +FNN8@K=FIK?<>8JKF=@CC@KLG8E;KLIE@EM@J@9C<

K K?@J GF@EK
KIP 9CFN@E> K?< 9@>><JK 9L99C< PFL :8E
8E;
;IFG@KI@>?K@EK?<:<EK<I

&EJK<8; F= GFGG@E> FE K?< 9FKKFD


@K C<M@K8K<J 8IFLE; @E
D@; 8@I
8E; N@CC D8B< PFLI =I@<E;J NFE;<I
Y4?8K B@E; F=
JFI:<IP@JK?@JZ


&EJK8EK&:<%FNKFY48K<I <E;Z@E/<8C)@=<

-FLI 8 >C8JJ F= N8K<I 8E; N8K:? @K KLIE KF @:< @EJK8EKCP 1?@J


JK<G 9P JK<G KLKFI@8C N@CC J?FN PFL <M<IPK?@E> PFL E<<; KF
BEFN 89FLK @EJK8EK @:< 1?@J @J ?FN KF YN8K<I 9<E;Z @E I<8C
C@=<

Y0LG<I FFCZ48K<I1I@:B


 :FLGC< F= P<8IJ 8>F
8 =I@<E; 8K NFIB KFC; D< ?< C<=K N8K<I
9FKKC<J FLKJ@;< FM<IE@>?K @E =I<<Q@E> K<DG<I8KLI<J 1?<E ?<
>FKK?<N8K<IKF=I<<Q<@EJK8EKCP9PJ?8B@E>K?<D

& N8J =8J:@E8K<; 9P K?< @;<8


8E; 9<>8E KF I<J<8I:? K?< FEC@E<
I<JFLI:<J ;<DFEJKI8K@E> K?< <==<:K F= JLG<I :FFC<; N8K<I
8E;
9<>8E KF <OG<I@D<EK N@K? @K FE DP FNE & :8E :FE=@ID
8CFE>
N@K? ?LE;I<;J F= FK?<IJ
K?8K K?@J G?<EFD<EFE @J C<>@K
8E;
?<I<\J?FNKF;F@KJK<G 9P JK<G

 #@E; JFD< GLI@=@<; N8K<I K?< <8J@<JK GC8:< KF =@E; K?@J @J


8ELEFG<E<;9FKKC<F=N8K<I

 -LK @K @E K?< =I<<Q<I =FI K?< <O8:K 8DFLEK F= K@D< KF


JLG<I :FFC@KDFI<FEK?@JC8K<I

 &E@K@8K< EL:C<8K@FE F= K?< @:< :IPJK8CJ <8J@<I K?8E @K


JFLE;J

%FNKF0LG<I FFC48K<I


"M<IP 9FKKC< @J >F@E> KF 9< 8 C@KKC< 9@K ;@==<I<EK 0FD< =8:KFIJ
K?8K8==<:KK?<K@D<KF=I<<Q<8I<

S 3FCLD<F=N8K<I@EK?<9FKKC<


S 0@Q<8E;J?8G<F=K?<9FKKC<

S 1<DG<I8KLI<F=N8K<I9<=FI<@K>F<J@EK?<=I<<Q<I

S 1<DG<I8KLI<F=K?<=I<<Q<I

S -FJ@K@FEF=K?<9FKKC<@EK?<=I<<Q<I

S &DGLI@K@<J@EK?<N8K<I

1?< <8J@<JK N8P KF =@E; FLK K?< @;<8C =I<<Q< K@D< =FI PFLI
9FKKC<J @J KF JK8IK N@K? 9FKKC<J 8K IFFD K<DG<I8KLI< 8E; GLK
DLCK@GC< 9FKKC<J @E K?< =I<<Q<I 8K K?< J8D< K@D< 1?@J N@CC
@E:I<8J<PFLI:?8E:<J=FIJL::<JJ

1F;<K<ID@E<K?<=FIDLC8=FIPFLIJG<:@=@:9FKKC<J

S *8B<8EFK<F=K?<K@D<

S ?<:B PFLI 9FKKC<J 8=K<I E@E<KP D@ELK<J


8E; K?<I<8=K<I
<M<IP=@=K<<ED@ELK<JLEK@CFE<=I<<Q<J

S *8IB K?< K@D< F= K?< =IFQ<E 9FKKC< 8E; JL9KI8:K =@=K<<E


D@ELK<J

6FLI JG<:@=@: 9FKKC<J J?FLC; NFIB N@K?@E K?@J N@E;FN F=


FGGFIKLE@KP &E DP :8J<
K?< =@IJK 9FKKC< =IFQ< 8=K<I KNF ?FLIJ
8E; =FIKP =@M< D@ELK<J
8E; & =FLE; 8CC K?< 9FKKC<J NFIB<;
:FEJ@JK<EKCP =IFD 9<KN<<E KNF 8E; 8 ?8C= ?FLIJ 8E; KNF ?FLIJ
8E;=FIKP =@M<D@ELK<J

%FNKF1<JK6FLI0LG<I FFC<;48K<I



1?< I<JK F= K?< LE=IFQ<E 9FKKC<J @E K?< =I<<Q<I J?FLC; 9<
JLG<I :FFC<;8E;I<8;P=FI8:K@FE

4?<E PFL K8B< K?<D =IFD K?< =I<<Q<I


9< M<IP ><EKC< 1?<P
8I< JLG<I J<EJ@K@M< 8E; :8E =I<<Q< N@K? <M<E K?< JC@>?K<JK AFCK
1F K<JK FE<
ALJK >@M< @K 8 N?8:B FE K?< 9FKKC< 8EPN?<I< PFL
N8EK &= PFL ?@K @K ?8I; <EFL>?
PFL J?FLC; J<< K?< N8K<I
@EJK8EKCP 9<>@E KF =I<<Q< =IFD K?< KFG KF K?< 9FKKFD 1?< I<JLCK
N@CC 9< 8 :C<8I C@HL@; KLIE@E> KF 8E FG8HL< N?@K<
8J J<<E @E
K?<G@:KLI<J

6FL :8E 8CJF =I<<Q< K?< N8K<I LJ@E> 8 G@<:< F= @:< 8J 8


EL:C<8K@FE GF@EK 'LJK GFLI K?< N8K<I FE KFG F= K?< @:< 8E;
N8K:? PFLI @:< G@CC8IJ >IFN I@>?K 9<=FI< PFLI <P<J &= K?<P
;FE\K >IFN M<IP =8JK
KIP C<8M@E> PFLI 9FKKC<J @E K?< =I<<Q<I =FI
8EFK?<I K<E D@ELK<J &= PFLI 9FKKC<J 8I< =I<<Q@E> N@K? FECP 8
JC@>?K KFL:? FI 9<=FI< PFL N8EK K?<D KF
KIP K8B@E> PFLI
9FKKC<JFLKF=K?<=I<<Q<I=@M<D@ELK<J<8IC@<I

J K?< N8K<I =I<<Q<J


@K 8:KL8CCP I<C<8J<J C8K<EK ?<8K @EKF K?<
@:< 8E; K?< K<DG<I8KLI< N8IDJ LG KF ALJK 9<CFN =I<<Q@E> 1?@J


C<8M<J PFL N@K? 8 ;<C@:@FLJ <;@9C< JCLJ? N@K? K?< :FEJ@JK<E:P
F=8N<KJEFN98CC

&EEFK?<I FEK8@E<I


6FL :8E KIP GFLI@E> PFLI N8K<I @EKF 8E <OKI<D<CP :C<8E >C8JJ
&= @K\J JK@CC C@HL@; 8K K?@J GF@EK
KIP ;IFGG@E> 8E @:< :L9< @EKF
K?< :<EK<I 8E; N8K:? K?< N?FC< K?@E> :IPJK8CC@Q< 6FL :8E ;F
K?< J8D< K?@E> 9P ALJK ?FC;@E> 8E @:< :L9< FE K?< JLI=8:< F=
K?<N8K<I

FCFI<;&:<


& =FLE; PFL :FLC; :FCFI PFLI :IPJK8CC@Q8K@FE 9P 8;;@E> 8
:FLGC< F= ;IFGJ F= =FF; :FCFI@E> KF K?< N8K<I 9<=FI< K?<P >F
@E K?< =I<<Q<I &E K?@J :8J<
& LJ<; KNF ;IFGJ F= 9CL< =FF;
:FCFI@E>

& KI@<; GFLI@E> FLK 8E <EK@I< 9FKKC< FE 8 9<; F= @:< KF =FID 8E


Y@EJK8EK JEFN :FE<
Z 8E; K?<E LJ<; JFD< AL@:< =IFD D<CK<;
=I<<Q< GFGJ 8J D8B<J?@=K JPILGX8 =LE 8E; <EK<IK8@E@E> KI<8K
=FI8?FKJLDD<I;8P

4<CC
K?<I< PFL ?8M< @K 1?8K\J ?FN KF =I<<Q< N8K<I @EJK8EKCP
C@B<8YN8K<I 9<E;@E>ZD8JK<I

%FNKF*8B<!IP&:<N@K?8#@I<"OK@E>L@J?<I


%<I<\J ?FN KF D8B< ;IP @:< 8K ?FD< FI N?<I<M<I PFL =<<C C@B<
@KCCPFLE<<;@J8G@CCFN:8J<8E;8 ,=@I<<OK@E>L@J?<I

1?@JGIFA<:KN8J@EJG@I<;9P1?<F$I8P*8;0:@<E:<

4/+&+$

!IP @:< @J <OKI<D<CP :FC; WR WR# 8E; :8E :8LJ<


@EJK8EK =IFJK9@K< KF <OGFJ<; JB@E 1?@J GIFA<:K J?FLC; EFK 9<
8KK<DGK<; N@K?FLK 8;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E>
*@JLJ< FI :8I<C<JJ LJ< F= KFFCJ FI GIFA<:KJ D8P I<JLCK @E
J<I@FLJ@EALIP 2J<F=K?@J:FEK<EK@J8KPFLIFNEI@JB

$<KK@E>K?<"HL@GD<EK


1F D8B< ;IP @:<
PFL E<<; KF J<:LI< 8 I<8;P JFLI:< F=
:FDGI<JJ<;C@HL@; , %FN89FLK8 ,=@I<<OK@E>L@J?<I

0FD< =@I< <OK@E>L@J?<IJ LK@C@Q< , 8J K?< D<;@LD =FI


JLGGI<JJ@E> =@I<J 9<:8LJ< @K\J M<IP :C<8E 8E; ;F<JE\K C<8M<
9<?@E; 8EP I<J@;L< 4?<E GI<JJLI@Q<; C@HL@; , @J HL@:BCP
;<GI<JJLI@Q<;
K?< , <OG8E;J KF 8 >8J 8E; :FFCJ @KJ
JLIIFLE;@E>J 1?@J @J :8CC<; 8;@898K@: :FFC@E> <:8LJ< K?<


, JL9C@D8K<J ;@I<:KCP @EKF 8 >8J
K?<I<\J EF D<JJ KF :C<8E
LG8=K<I;@J:?8I><

4?<I<KF=@E;FE<

& :8CC<; 8IFLE; KF JFD< =@I< <HL@GD<EK :FDG8E@<J 8JB@E>


89FLK , =@I< <OK@E>L@J?<IJ & ?8;E\K J<<E K?<J< KPG<J F=
<OK@E>L@J?<IJ DL:? 8E; N8J CFFB@E> =FI N?<I< & :FLC; 9LP
FE<LJ<;FII<EKFE<ALJK=FI<OG<I@D<EK@E>

P :?8E:<
FE< D8E & K8CB<; KF J8@; ?< ?8; 8  GFLE; ,
<OK@E>L@J?<I @E JKFI8><
N?@:? ?< NFLC; >@M< KF D< =FI =I<< &=
PFL ;FE\K ><K 8J CL:BP
KIP :8CC@E> 8 :FDG8EP K?8K I<:?8I><J
, <OK@E>L@J?<IJ 8E; 8JB K?<D @= PFL :8E I<EK FE< FI
9FIIFNFE<=FI8J:@<E:<GIFA<:K

*FJK =@I< <OK@E>L@J?<IJ PFL J<< 8I< =@CC<; N@K? ;IP :?<D@:8C
1?<J< 8I< +,1 N?8K PFL N8EK &K ?8J KF 9< :8I9FE ;@FO@;<
6FL :8E ;@JK@E>L@J? 8 , =@I< <OK@E>L@J?<I @E 8 =<N ;@==<I<EK
N8PJ

S )FFB =FI JK@:B<IJ FI D8IB@E>J FE K?< J@;< F= K?< K8EB K?8K


@E;@:8K<Y:8I9FE;@FO@;<ZFIY , Z

S )FFB =FI 8 J<IM@:@E> JK@:B<I FI K8> N@K? 8 ?FC< GLE:?<;


E<OKKFY , Z

S )FFB =FI 8E LELJL8CCP C8I>< ;@J:?8I>< ?FIE 1?@J @J 8E


FM<IJ@Q<;C8I><9C8:BEFQQC<8KK?<<E;F=K?<?FJ<

S +FK?8M@E>GI<JJLI<>8L><J@J8CJF8>FF;@E;@:8K@FE


1?<J< KPG<J F= <OK@E>L@J?<IJ 8I<E\K KPG@:8CCP @E GL9C@: M@<N
1?<P 8I< D8@ECP =FLE; @E I<JK8LI8EK B@K:?<EJ
D<:?8E@:8C
IFFDJ
8E; @E 8I<8J K?8K ?FC; J<EJ@K@M< <HL@GD<EK C@B<
:FDGLK<IJ &EK<I<JK@E>CP <EFL>?
K?< , @J Y=FF; >I8;<
, Z

8I9FE ;@FO@;< =@I< <OK@E>L@J?<IJ 8I< LJL8CCP I<=<II<; KF @E


K<IDJ F= GFLE;J #FI <O8DGC<
8  GFLE; , <OK@E>L@J?<I
@J :?8I><; N@K? 8  GFLE; N<@>?K F= C@HL@; ,
8E; K?@J :8E
9< @;<EK@=@<; 9P D8IB@E>J FE K?< ?8E;C< J?FN@E> K?< =LCC 8E;
<DGKPN<@>?KJ

*8B@E>!IP&:<


,G<I8K@FE F= K?< =@I< <OK@E>L@J?<I @J K?< J8D< 8J 8EP FK?<I
'LJKI<DFM<K?<CF:B@E>G@E8E;GI<JJ;FNEFEK?<?8E;C<

4?8K PFL\CC J<< @J 8 =FI:<=LC A<K F= :8I9FE ;@FO@;< M8GFI


9C8JK@E> =IFD K?< ;@J:?8I>< ?FIE 1?< >8J @J <OKI<D<CP :FC;
8E;D8PK8B<PFLI9I<8K?8N8P@=PFL><KKFF:CFJ<


1?<KI@:BKF><KK@E>;IP@:<

%<I<\JK?<KI@:BXKI8GK?<:FC;

2J@E> 8 GFIFLJ :CFK? D8K<I@8C


C@B< 8 G@CCFN:8J<
:FM<I K?< <E;
F=K?<;@J:?8I><?FIE8E;GLCCLG8CCK?<CFFJ<D8K<I@8C

4?<E PFL ?8M< 8 >FF; >I@G


>@M< @K 8 =FLI KF J@O J<:FE;
9C8JK %8E> FE K@>?K
9<:8LJ< K?<I< N@CC 9< 8 CFK F= GI<JJLI<
GLDG@E> @EKF PFLI G@CCFN:8J< 8E; PFL E<<; KF B<<G @K =IFD
9CFN@E>8N8P

,? P<8?
@K\J 8CJF >F@E> KF 9< GI<KKP CFL;
JF N8IE PFLI =8D@CP
9<=FI<PFL;F@K 1?8K\JJG<8B@E>=IFD<OG<I@<E:<

4?<E PFL I<DFM< K?< G@CCFN:8J<


K?<I< N@CC 9< 8 JFC@;
9L@C;LG 8K K?< 9FKKFD F= K?< 98>
8J N<CC 8J FE K?< EFQQC<
*8B< JLI< KF J8M< K?8K @EKF K?< 98>
8E; K?<E FG<E @K LG KF J<<
N?8KPFL>FK

& =FLE; :?LEBJ F= ;IP @:< JEFN


8E; ;@>>@E> ;FNE E<8I K?<
9FKKFD
& =FLE; <EFL>? KF D8B< 8 >FF; J@Q<; ;IP @:<
JEFN98CC

!IP @:< @J WR


JF LJ@E> @EJLC8K<; >CFM<J @J I<:FDD<E;<; &
;@;E\K LJ< >CFM<J
8E; N?@C< & ;@; =<<C 8 C@KKC< :FC; E@G <M<IP
EFN 8E; 8>8@E
& =FLE; =FI K?< DFJK G8IK K?8K @= & B<GK K?< @:<
DFM@E> 8IFLE; HL@:BCP
@K ;@;E\K ?8M< 8 :?8E:< KF J@K CFE>
<EFL>?KF>@M<D<=IFJK9@K<

1?< ;IP @:< JL9C@D8K<J ;@I<:KCP =IFD 8 JFC@; KF 8 >8J


JF @E 8E
8KK<DGK KF D8B< @K C8JK CFE><I
& KI8EJ=<II<; @K KF 8 JD8CC 9FNC
KFB<<G@KKF><K?<I8E;I<;L:<K?<<OGFJ<;JLI=8:<8I<8


1?@E>JKF!FN@K?!IP&:<


1?< :C8JJ@: ;IP @:< <OG<I@D<EK @J KF GC8:< 8 =<N :?LEBJ @E 8
:FEK8@E<I8E;GFLIJFD<N8IDN8K<IFM<I@K

1?@J :I<8K<J 8 =CFN@E> =F> <==<:K K?8K @J :FDDFE 8K %8CCFN<<E


G8IK@<J @E JFD<K?@E> C@B< 8 N@K:?<J 9I<N 1?< =F> :8E <M<E 9<
GFLI<; FLK KF =FID 8 :8J:8;@E> N8K<I=8CC F= D@JK K?8K N@CC =CFN
>I8:<=LCCP FM<I PFLI :FLEK<IKFG 1?< 9<JK G8IK @J K?8K K?<I<\J
EFD<JJKF:C<8ELG

& GLK 8 =<N :?LEBJ @E 8 :FE;@D<EK :FEK8@E<I 8E; J:I<N<; FE 8


C@; N@K? 8 M<EK ?FC< @E K?< :8G 4?<E & J?FFB @K LG
K?<
I<8:K@FE 8::<C<I8K<; 8E; & >FK 8 C@KKC< , ><PJ<I IF:B<K@E>
FLK F= K?< KFG 1?< GI<JJLI< N8J <EFL>? KF D8B< D< NFE;<I
@=@K:FLC;9<LJ<;KF;I@M<8JD8CCDFKFIF=JFD<JFIK

& KI@<; D8B@E> 8 GFFI D8E\J M<IJ@FE F= C@HL@; E@KIF><E


N?@:?
8:KL8CCP=C8J? =IFQ<8EFI8E><

1?< I<D8@E;<I F= K?< ;IP @:< N<EK @EKF D8B@E> 8 E@:< 98K:? F=
:8I9FE8K<;@:<:I<8D !<C@:@FLJ

,K?<I-IFA<:KJ

4<CC
K?<I<\J ?FN KF D8B< YFE ;<D8E;Z ;IP @:< @E 8 GFIK89C<
8E;Y;F @K PFLIJ<C=Z=8J?@FE


08P@E> K?8K
& J?FLC; D<EK@FE K?8K @K :FJK ALJK LE;<I K?@IKP
;FCC8IJ KF I<=@CC K?< K8EB KF ><K 89FLK =@M< GFLE;J F= ;IP @:<
FEKI8JK@E> K?8K N@K? K?< :FJK F= ;IP @:< 8K K?< CF:8C >IF:<IP
JKFI<  C9  ;F<JE\K D8B< =@E8E:@8C J<EJ<
9LK K?@J D<K?F; @J
DL:?DFI<=LE

%FN KF FEM<IK 48K<I @EKF #L<C 9P L@C;@E> 8 !&6


,OP?P;IF><E$<E<I8KFI

%<I<\J ?FN KF 9L@C; 8 J<OP CFFB@E> ><E<I8KFI K?8K LJ<J


<C<:KI@:@KP KF :FEM<IK N8K<I @EKF 8E <OKI<D<CP GFN<I=LC =L<C
&E K?@J GIFA<:K
PFL\CC C<8IE ?FN KF 9L@C; 8E ,OP%P;IF><E
><E<I8KFI=IFDJ:I8K:?

4?8K&J8E,OP%P;IF><E$<E<I8KFI

E FOP?P;IF><E ><E<I8KFI
C@B< K?@J FE<
LJ<J <C<:KI@:@KP =IFD
PFLI :8I 98KK<IP KF JGC@K N8K<I @EKF ?P;IF><E 8E; FOP><E >8J<J
<C<:KI@:@KP % WW % , 1F><K?<I
K?<J< D8B< 8
=L<C K?8K @J DL:? DFI< GFN<I=LC K?8E >8JFC@E<
8E; K?< FECP
<D@JJ@FEI<C<8J<;@JN8K<I


,= :FLIJ<
KF 9< 8 :FDGC<K<CP :C<8E =L<C
K?< <C<:KI@:@KP LJ<;
KF ><E<I8K< K?< >8J E<<;J KF 9< =IFD 8 :C<8E JFLI:< 0FC8I

N@E;
FIN8K<IGFN<I:FLC;9<8=<N<O8DGC<J

+,1"

1?< 8DFLEK F= <C<:KI@:8C <E<I>P I<HL@I<; KF D8B< K?< >8J @J


DFI< K?8E K?< <E<I>P PFL :8E F9K8@E =IFD @K 1?@J @J +,1 8E
<E<I>P><E<I8KFIJFDL:?8J@K@J8E<E<I>P:FEM<IK<I

$<KK@E>*<K8C=FIK?<$<E<I8KFI-C8K<J

#FI K?@J GIFA<:K


PFL\I< >F@E> KF E<<; JFD< JK8@EC<JJ JK<<C 8E;
JFD< 0 G@G< =@KK@E>J & M@J@K<; 8 CF:8C =89I@:8K@FE :FDG8EP

8E; EFK FECP ;@; K?<P ?8M< GC<EKP F= J:I8G D<K8C KF :?FFJ<


=IFD
K?<P N<I< <M<E N@CC@E> KF ?<CG D< :LK @K KF :LJKFD J@Q<J
 AF9 K?8K NFLC; ?8M< K8B<E D< ?FLIJ N@K? 8 G8@I F= K@E JE@GJ
8E; 8 ?8:BJ8N KFFB FECP 8 D8KK<I F= D@ELK<J N@K? K?<@I
<HL@GD<EK

& LJ<;  >8L>< JK8@EC<JJ JK<<C


8E; N@K? K?< ?<CG F= K?<@I
?P;I8LC@: GLE:?
:LK GI<:@J< ?FC<J @E K?< KFGJ 8E; 9FKKFDJ F=
K?< GC8K<J 4?<E =@E@J?<;
& ?8; KN<CM< GC8K<J D<8JLI@E> Z O
Z
=FLI GC8K<J 8K ]Z O Z
8E; K?I<< Z :FEE<:KFI 98E;J K?8K
N<I< Z
]Z 8E; ^Z  9<CK J8E;<I N8J LJ<; =FI JDFFK?@E>
;FNEK?<A8>><;<;><J8IFLE;K?<?FC<

&E:I<8J@E>K?<-C8K<J\0LI=8:<I<8

+<OK
& LJ<;  >I@K J8E;G8G<I KF J8E; <8:? F= K?< GC8K<J
;@8>FE8CCP 6FL :8E J<< K?< Y5Z G8KK<IE & J8E;<; @EKF 9FK?
J@;<J F= K?< GC8K<J 1?@J @E:I<8J<J K?< JLI=8:< 8I<8 F= K?< GC8K<
8E;N@CC8JJ@JK@EGIF;L:@E>DFI<>8J

FE=@>LI@E>K?<-C8K<JJ<D9CP


1?< GC8K<J 8I< AF@E<; @E 8 :FE=@>LI8K@FE JF K?8K K?< KNF @EE<I
GC8K<J 8I< :FEE<:K<; KF FE< <C<:KI@:8C K<ID@E8C
8E; K?< KNF
FLK<I GC8K<J :FEE<:K<; KF K?< FK?<I K<ID@E8C -C8JK@: IF;J

GC8JK@: N8J?<IJ
8E; JK8@EC<JJ JK<<C ELKJ ?<CG KF =FID K?<
GIFG<I<C<:KI@:8C:FEE<:K@FEJ

1?< ><E<I8KFI GC8K<J 8I< 8JJ<D9C<; @E K?< FI;<I F= GC8K<

GC8JK@: N8J?<IJ
GC8K<
JK8@EC<JJ JK<<C A8D ELKJ LEK@C <@>?K
GC8K<J?8M<9<<E:FEE<:K<;


4?<E K?< GC8K<J 8I< 8JJ<D9C<;
8 Z 0 :C<8EFLK GCL> @J
8KK8:?<;8KK?<KFGN@K?JFD<JK8@EC<JJJK<<C9FCKJ

*8B@E>K?<$<E<I8KFIF;P


1?< 9F;P @J D8;< =IFD KNF Z 0 :C<8EFLK 8;8GK<IJ N@K? 8
Z GCL> @EM<IK<; 8E; :<D<EK<; @EKF K?< 9FKKFD  Z KL9< F=
8:IPC@: FI 0 D8B<J K?< 9F;P
8E; K?< ><E<I8KFI GC8K<J 8E;
:8GJ:I<N;FNE@EKFK?<KFG

 N8K<I 9L99C<I @J D8;< @E 8 J@D@C8I =8J?@FE FLK F= Z :C<8I


8:IPC@:KL9@E>
9LKE<<;J8N8PKF:C@GFEKFK?<J@;<

*8B@E> C@GJ=FIK?<L99C<I


C@GJ :8E 9< D8;< =IFD J:I8G 8:IPC@: FI 0 KL9@E> 8E;
>CL<;KFK?<J@;<F=K?<9F;P

1F D8B< K?<J< :C@GJ


& :LK _Z F== K?< Z KL9@E> & LJ<; KF D8B<
K?< 9L99C<I
8E; K?<E :LK K?< KFG  Z F== KF =FID 8 :C8N
1?<J< N<I< K?<E :<D<EK<; KF 8:IPC@: IF;J
8E; 8KK8:?<; KF K?<
J@;<F=K?<><E<I8KFI9F;P

;;@E>8 ?<:B38CM<

0FD< GFCP KL9< 8E; 8 FE< N8P :?<:B M8CM< @J 8;;<; KF K?< KFG
<C9FN
D8B@E> JLI< K?< M8CM< N@CC C<K >8J FLK
9LK EFK?@E>
98:B@E


*8B@E>K?<"C<:KIFCPK<

1?< <C<:KIFCPK< @J ;@JK@CC<; N8K<I 8E; 89FLK KNF KF =FLI


K<8JGFFEJ F= (,% GFK8JJ@LD ?P;IFO@;< 08CK FI 98B@E> JF;8
:FLC; 8CJF 9< LJ<; 9LK D8P ;@IKP 8E; :FIIF;< K?< GC8K<J FM<I
K@D<

& JK@II<; K?< (,% =C8B<J @EKF K?< N8K<I


8E; K?<E LJ<; 8 :F==<<
=@CK<I KF JKI8@E K?< JFCLK@FE @EKF K?< ><E<I8KFI :8J@E> 8=K<I @K
?8;9<<E:C<8E<;K?FIFL>?CP


+,1"

-FK8JJ@LD %P;IFO@;< @J :8LJK@: 8E; :8E 9LIE K?< JB@E MF@;


;@I<:K:FEK8:K

#@E@J?@E>1FL:?<J

48K<I @J 8;;<; KF K?< 9L99C<I


K?<E K?< :8G @J GLK 98:B FE 8E;
K?<GFCPKL9<J8I<?FFB<;LG


& K<JK<; @K FLK N@K? 8  MFCK :8I 98KK<IP 8E; JFD< ALDG<I
:89C<J 1?< >8J =FID<; @J :FCC<:K<; @E 8 JD8CC N8K<I 9FKKC< 8E;
@>E@K<;N@K?8=C8D<

,E  MFCKJ
K?@J GIF;L:<J 89FLK   )-* & 8CJF ?FFB<; @K KF
KNF :8I 98KK<I@<J @E J<I@<J
8E; FE K?@J ?@>?<I  MFCK8><
K?<
JPJK<D GIF;L:<; FM<I  )-* 8E; =@CC<; LG 8 >8CCFE D@CB AL>
@EJ<:FE;J

+,1"

%@>?<I MFCK8><J 8CCFN DFI< :LII<EK KF =CFN K?IFL>? K?<


JPJK<D
8E; @K ?<8KJ LG HL@:BCP FM<I K@D< &= 8CCFN<; KF
:FEK@EL<
K?<I< @J 8 I@JB K?< GC8JK@: :8J@E> N@CC D<CK =IFD
GIFCFE><;<OGFJLI<KF?@>?K<DG<I8KLI<J

%FN-FN<I=LC&JK?<$8J

1?@J JPJK<D N8J EFK ;<J@>E<; =FI LJ< @E 8 M<?@:C<


9LK DFI<
8J 8 ;<M@:< KF ;<DFEJKI8K< K?< <C<:KIFCPJ@J F= N8K<I 8E; N?8K
K?<>8J:8E;F


0<:K@FE

"E<I>@Q@E>%8:BJ


1?<0:8I@8:-FFI*8E\J38I@89C<-FN<I FEKIFCC<I

*@O@E> N8K<I N@K? <C<:KI@:@KP @J I@JBP 8E; :8E 9< C<K?8C


%FN<M<I
@E K?@J GIFA<:K N<\I< LJ@E> @K KF D8B< FE< F= K?<
:?<8G<JKB@E;JF=GFN<I:FEKIFCC<I 1?<0:8I@8:

4/+&+$

1?@J GIFA<:K @J <OKI<D<CP ;8E><IFLJ 8E; J?FLC; FECP 9<


8KK<DGK<; 9P K?FJ< ?@>?CP JB@CC<; @E NFIB@E> N@K? <C<:KI@:@KP
%@>? MFCK8><J 8E; ?@>? :LII<EKJ G8JJ@E> K?IFL>? K?< N8K<I
GIFM@;< 8E FG<E ?8Q8I; F= <C<:KIF:LK@FE 8E; D8P :8LJ< ;<8K?
1?@J ;<J@>E ;F<J EFK @E:CL;< 8EP <C<:KI@:8C >IFLE; 1?@J
JPJK<D @J EFK I<:FDD<E;<; 8J 8 J8=< ;<M@:< &KJ GLIGFJ<

I8K?<I
@J KF I<>LC8K< <C<:KI@:8C :LII<EK @E 8 J@DGC< 8E;
CFN :FJK N8P 1FO@: >8J<J D8P 9< I<C<8J<; =IFD K?< JFCLK@FE
;LI@E> FG<I8K@FE 1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<;
N@K?FLK 8;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E> *@JLJ< FI
:8I<C<JJ LJ< F= KFFCJ FI GIFA<:KJ D8P I<JLCK @E J<I@FLJ @EALIP
2J<8KPFLIFNEI@JB

38I@8:M<IJLJ0:8I@8:


& E<<;<; 8 N8P KF 8;ALJK K?< GFN<I ILEE@E> KF DP ?FD<D8;<
JK@:B N<C;@E> JPJK<D "M<E N@K? <EFL>? GFN<I KF K?< N<C;<I

K?< D8@E GIF9C<D N8J =@E;@E> 8 JPJK<D K?8K :FLC; M8IP


<C<:KI@:8C:LII<EKN@K?FLK:FJK@E>8E8ID8E;8C<>

&E 8 K@>?K J@KL8K@FE


@K\J >FF; KF 9< 8N8I< F= FGK@FEJ
8E; K?8K\J
N?P&N8J?8GGPKFC<8IE89FLKK?<@;<8F=K?<N8K<II<J@JKFI

1?< @;<8 @J KF LJ< 8 N8K<I 98J<; D<;@LD 8J 8E <C<:KIFCPK@:


I<J@JKFI  9@K F= <C<:KIFCPK< @J 8;;<; KF K?< JFCLK@FE KF D8B< @K
JC@>?KCP :FE;L:K@M<
8E; N?<E KNF <C<:KIF;<J 8I< GC8:<; @E K?<
JFCLK@FE
K?<P 8CCFN DFI< FI C<JJ :LII<EK KF =CFN
;<G<E;@E>
FEN?<K?<IK?<I<8I<:CFJ<IFI=8IK?<I8G8IK

Y%FN & !@;Z3<IJLJY%FN KFZ


&E @KJ J@DGC<JK =FID
K?@J ;<M@:< @J ALJK 8 >CFI@=@<; M<IJ@FE F=
KNFN@I<J@E89L:B<KF=N8K<I

CK?FL>? &\M< K8B<E K?FL>?K KF D@E@D@Q< I@JBJ @E FG<I8K@FE


&
?8M< KF JKI<JJ K?8K & ;FE\K :FEJ@;<I K?@J ;<M@:< J8=< FI
=FFCGIFF= &K ?8J K?< GFK<EK@8C KF 9< C<K?8C
8E; <M<E K?FL>? &
J?FN JK<G 9P JK<G ?FN @K N8J D8;<
K?@J @J DFI< F= 8
Y?FN & ;@;ZGIFA<:KI8K?<IK?8E8Y?FN KF Z

1?< JPJK<D ?8J 8 GFN<I C<M<I KF M8IP :LII<EK FLKGLK


8E; 8
CFFG F= N@I< =FI :FEE<:K@E> 8E 8DD<K<I 1?< FLKC<K FE K?<
9F8I; @J N?<I< K?< ;<M@:<J GCL> @E
8E; K?< JN@K:? 8:KJ 8J 8
B@CC JN@K:?KFKLIEK?<;<M@:<:FDGC<K<CPFEFIF==8KN@CC

!!&1&,+)4/+&+$

1?<I< @J EF >IFLE;@E> N@I< :FEE<:K<;


8E; 8CN8PJ GFJJ@9@C@KP
F= =8@CLI< @E 8EP G8IK F= K?< JPJK<D
JF <OKI<D< :8LK@FE 8E;
I<JG<:K @J E<<;<; N?<E FG<I8K@E> 1?< ;<M@:< ;F<JE\K ?8M<
8EP @EK<IE8C =LJ< :@I:L@K 9I<8B<I :LII<EK C@D@K@E> ;<M@:< JF
K?<I< @J 8CJF I@JB F= =@I< @= K?< JPJK<D J?FIK<; FLK 8E; PFLI
?FD< :@I:L@K GIFK<:K@FE JPJK<D =8@CJ 1?@J =@I< :FLC;
GFK<EK@8CCP?8GG<E@EJ@;<K?<N8CCJF=PFLI?FD<

"C<:KIFCPK<8J38I@89C</<J@JKFI


& LJ<; 8 N8K<I 98J<; D<;@LD =FI K?< M8I@89C< I<J@JK8E:<
KNF
>8CCFEJ F= K8G N8K<I ;@JK@CC<; N8K<I N@CC 8CJF NFIB >I<8K
9LK
@J DFI< <OG<EJ@M<
8E; ^ K<8JGFFE F=  G<I:<EK CP<
+8,% "M<E K?FL>? K?< 8DFLEK F= CP< @J M<IP CFN
@K D8B<J
K?< N8K<I :FE;L:K M<IP HL@:BCP & =FLE; DP CP< @E 8 ;I8@E
:C<8E<I=IFDK?<?8I;N8I<JKFI<XG<I:<EKCP<
@E=8:K

EP J8CK :FLC; GIF989CP 9< LJ<; 8J 8E <C<:KIFCPK<


9LK LJ@E>
JFD<K?@E> C@B< K89C< J8CK +8 C J<<D<; KF @EKIF;L:< K?<
GFJJ@9@C@KP F= ><E<I8K@E> ?CFI@E< >8J
8E; K?8K\J N?P & N<EK
N@K?K?<+8,%@EJK<8;

;;@K@FE8C FEJ@;<I8K@FEJ

!LI@E> FG<I8K@FE
K?< <C<:KIFCPJ@J ;F<J GIF;L:< JFD< >8J
%FN<M<I
@K J<<DJ KF 9< D@E@D8C N?<E JLGGCP@E> N@K? 
GFN<I ! NFLC;9<8DL:?>I<8K<I:FE:<IE

1?< JPJK<D @J 8CJF FG<E M<EK@C8K<;


JF 8EP >8J ><E<I8K@FE
<J:8G<J HL@:BCP &E DP <OG<I@<E:<
K?@J ;F<JE\K >@M< ?P;IF><E


8E; FOP><E >8J<J <EFL>? K@D< KF 9L@C; LG KF 8 ;8E><IFLJ
C<M<C
8E; & N8JE\K 89C< KF 8:?@<M< 8EP >8J <OGCFJ@FEJ
<M<E 8K
LCKI8 ?@>? GFN<I J<KK@E>J
;<JG@K< KIP@E> %FN<M<I
@K @J >FF;
KF 9< 8N8I< F= K?< I@JBJ 8E; FG<I8K< @E 8 N<CC M<EK@C8K<; 8I<8
8J8GI<:8LK@FE

4<CC
K?<I< PFL ?8M< @K 1?8K\J ?FN & J8:I@=@:<; J8=<KP KF 9L@C;
8M8I@89C<GFN<I:FEKIFCC<IFE8M<IPJD8CC9L;><K

*8B<8E"D<I><E:P-?FE< ?8I><I
*8:$PM<I 0KPC<

&E K?@J M@;<F


PFL\CC C<8IE ?FN KF Y*8:$PM<IZ 8  N8KK
<C<:KI@:8C ><E<I8KFI =IFD 8 :FI;C<JJ ;I@CC 8E; 8 =<N ?FLJ<?FC;
@K<DJ %<I<\J ?FN KF :?8I>< 8 G?FE<
@CCLD@E8K< JD8CC C@>?KJ

8E;D8B<<C<:KI@:@KP@E8G@E:?

+,1"

1?@J GIFA<:K @J @EK<E;<; KF 9< 8 Y98I< 9FE<JZ 8GGIF8:? KF


><E<I8K@E> <C<:KI@:@KP @E 8 K@>?K J@KL8K@FE 1?<I< 8I< EF MFCK8><
I<>LC8KFIJ
EF ;@F;<J
8E; EF :8G8:@KFIJ KF JDFFK? K?< :LII<EK
1?<I< D8P 9< 8 I@JB F= FM<I?<8K@E> 8E; ;8D8>@E> <HL@GD<EK


N?<E FG<I8K@E> <C<:KI@:8C ;<M@:<J N@K?FLK 8 GIFG<I :@I:L@K
I<:FDD<E;<;9PK?<D8EL=8:KLI<I

&K NFIB<; =@E< =FI D<


9LK @= PFL KIP K?@J FE PFLI G?FE<
D8B<
JLI< PFL LE;<IJK8E; 8E; 8I< :FD=FIK89C< N@K? K?< I@JBJ 8:B
LG PFLI ;8K8 @E :8J< PFLI G?FE< @J 8;M<IJ<CP 8==<:K<; 8E;
PFLI;8K8FI<HL@GD<EK@J;8D8><;8J8I<JLCK

%FLJ<?FC;&K<DJ

1?<I<\J EF :?8I>< =FI K?@J <C<:KI@:@KP CC PFL\CC E<<; =FI K?@J
GIFA<:K @J 8 :FI;C<JJ ;I@CC 8E; 8EPK?@E> PFL :8E =@E; KF ?<CG
J<:LI<@K@EGC8:<8E;JG@E@K9P?8E;

&LJ<;

S G@<:<F=ZOZNFF;

S 0FD<P8IE

S ,E<D@O@E>9<8K<I

S ,E<J8C8;=FIB

S G@<:<F=8CLD@ELD=F@C

S 0FD<J:FK:?K8G<


,E<*FI<1?@E>6FL\CC+<<;

6FL\CC E<<; 8 N8P KF :FEE<:K K?< GFN<I PFL ><E<I8K< KF PFLI


G?FE<

)FFB =FI 8E FC; G?FE< :?8I><I PFL D@>?K ?8M< 8E; :LK @K @E
?8C= 4< ALJK E<<; K?< G@<:< K?8K GCL>J @EKF K?< G?FE< 6FL
:FLC;<M<ELJ<820:?8I><I:89C<C@B<K?<FE<&=FLE;

&EJ@;< K?< :89C< PFL J?FLC; J<< =FLI N@I<JXN?@K<


>I<<E
I<;

8E; 9C8:B 1?< I<; 8E; 9C8:B FE<J 8I< K?< FECP FE<J N<\CC
E<<;=FIK?@JGIFA<:K

+,1"


#FI K?@J GIFA<:K
& LJ<; 8E FC; C8:B9<IIP -<8IC &= PFL 8I<
LJ@E> 8 JD8IK G?FE<
K?< N?@K< 8E; >I<<E N@I<J D8P E<<; KF
9< J?FIK<; FLK FI :FEE<:K<; KF 8 Y;LDDP CF8;Z KF ><K 8
JL::<JJ=LC I<JLCK & ?8M<E\K K<JK<; K?@J D<K?F; P<K
9LK ?8M<
?8;=<<;98:B=IFDFK?<IM@<N<IJJL>><JK@E>K?@J@JK?<:8J<

*8B@E>8%8E; I8EB$<E<I8KFI


0K<G  /<DFM< K?< 98KK<IP =IFD K?< :FI;C<JJ ;I@CC 8E; CFFB
LG @EJ@;< 6FL J?FLC; J<< KNF K<ID@E8CJ N?<I< K?< 98KK<IP
GIFM@;<JGFN<IKFK?<;I@CC

0K<G  2J< K?< 8CLD@ELD =F@C KF =8J?@FE D8B<J?@=K N@I<J K?8K


:FEE<:K KF K?< K<ID@E8CJ J8CM8><; :FGG<I N@I< @J <M<E 9<KK<I
@=PFL:8E=@E;JFD<

0K<G  0<:LI< PFLI ;I@CC KF 8 JLI=8:< C@B< 8 G@<:< F= Z O Z


N@K? K?< KI@>><I GI<JJ<; FE & LJ<; GC<EKP F= P8IE KF ?FC; @K
;FNEK@>?K

+,1"

1?< KI@>><I E<<;J KF 9< FE


8E; K?< KFIHL< J<KK@E> 8K @KJ
?@>?<JK

0K<G  &EJ<IK K?< D@O@E> 9<8K<I @EKF K?< ;I@CC :?L:B 8E; D8B<
JLI<@K\JK@>?K<E<;JFK?<9<8K<INFE\K:FD<FLK

0K<G  ;; K?< J8C8; =FIB K?IFL>? K?< D@O@E> 9<8K<I KF 8:K 8J
8 :I8EB ?8E;C< 8E; ?FFB LG PFLI :?8I><I :89C< %FFB K?< I<;


N@I< KF K?< GFJ@K@M< C<8;
8E; K?< 9C8:B N@I< KF K?< E<>8K@M<
C<8;

+,1"

-FC8I@KP ;F<J D8KK<I &= PFLI 98KK<IP @JE\K :?8I>@E>


PFL\M<
GIF989CP >FK K?< GFC8I@KP I<M<IJ<; 6FL :8E <@K?<I JN@K:? K?<
:89C<J FI J<K PFLI ;I@CC KF I<M<IJ< 8E; :I8EB K?< FGGFJ@K<
;@I<:K@FE 1?@J N@CC I<M<IJ< K?< GFC8I@KP PFL ><E<I8K< 8E;
J?FLC;=@OK?<GIF9C<D

4<\M<$FK-FN<I


+FN 8CC PFL ?8M< KF ;F @J KN@JK K?< IFK8K@E> <E; F= K?< ;I@CC
8E; PFL\CC 9< ><E<I8K@E> <C<:KI@:@KP 8K K?< :FEK8:K GF@EKJ
N?<I<K?<98KK<IPNFLC;EFID8CCP:FEE<:K

1?< C@KKC< GCL> JPD9FC FE K?@J G?FE< 8GG<8IJ 8K 8IFLE; =@M<


MFCKJ 8E; J?FNJ K?8K @K\J :?8I>@E> & ;<:@;<; KF :I8EB ALJK =8JK
<EFL>? KF B<<G K?< :?8I>@E> JPD9FC ;@JGC8P<; KF I<;L:< K?<
I@JB F= FM<I MFCK8>< ,E DP ;I@CC
8 :I8EB@E> JG<<; F= 
/-*P@<C;<;89FLK=@M<MFCKJ!

& LJ<; JFD< :C8DGJ KF J<:LI< K?< ;<M@:< KF 8 ;<JB =FI 9<KK<I
C<M<I8>< 0?FIK@E> FLK K?< C<8;J FE DP DLCK@D<K<I I<KLIE<; 8
M8CL< F= =@M< KF J@O MFCKJ 8K J<M<E KF <@>?K 8DGJ 1?8K\J 8
 N8KK?LD8E GFN<I<;?8E; :I8EB><E<I8KFI

1?< =8JK<I 8E; ?8I;<I PFL :8E :I8EB K?< ;I@CC


K?< ?@>?<I K?<
MFCK8><8E;DFI<8DG<I8><PFL:8E<OKI8:K

&;<8CCP
K?@J :FLC; 9< ?FFB<; LG KF 8 9@B<
N8K<I GFN<I
FI
<M<E 8 N@E;D@CC KF ><E<I8K< <==FIKC<JJ <E<I>P E; @= ;FE<
:8I<=LCCP
K?<<E<I>P:FLC;9<JKFI<;@E898KK<IP=FIC8K<ILJ<

/<JLCKJ


&K KFFB 89FLK K?I<< ?FLIJ F= :I8EB@E>
9LK & >FK DP G?FE< =LCCP
:?8I><; 1?< G?FE< FECP 8::<GKJ 8 M<IP JD8CC :LII<EK 89FLK
 D @E DP :8J<
JF @K\J EFK ?8I; 8K 8CC KF :I8EB LK @= K?<
><E<I8KFI C<8;J 8I< J?FIK<; FLK FI ?FFB<; LG KF 8 I<:?8I><89C<
98KK<IP
K?< <==FIK KF :I8EB @E:I<8J<J HL@K< 8 9@K 1?@J @J
9<:8LJ<PFL\I<GLJ?@E>DFI<:LII<EK

&E I<KIFJG<:K
& K?@EB @K NFLC; ?8M< 9<<E DFI< <==@:@<EK KF
JG<E; =@=K<<E D@ELK<J :I8EB@E> 8 C8I><I :LII<EK @EKF 8 C8I><


 MFCK 98KK<IP 8E; K?<E :?8I>@E> K?< G?FE< =IFD K?8K
9LK PFL
;FN?8KPFL:8EN@K?N?8KPFL?8M<

1?< :?8I><I @CCLD@E8K<; 8E @E:8E;<J:<EK =C8J?C@>?K 9LC9


8
JLG<I 9I@>?K N?@K< )"!
8E; K?<I< N8J <M<E <EFL>? GFN<I KF
:FEM<IK N8K<I @EKF =L<C N@K? K?< ,OP%P;IF><E ><E<I8KFI
D8;<@E8GI<M@FLJGIFA<:K

,K?<I-IFA<:KJ

4<CC
K?<I<\J 8 98I< 9FE<J  N8KK <C<:KI@:8C ><E<I8KFI K?8K
PFL :8E D8B< @E 8 G@E:? K?8K N@CC :?8I>< 98KK<I@<J
@CCLD@E8K<
C@>?KJ
8E;GIFM@;<8C@KKC<<C<:KI@:@KP@E8G@E:?

%FNKF*8B<8KK<I@<J=IFD0G8I< ?8E><

4?8K\J 8 G<EEP NFIK? K?<J< ;8PJ +FK DL:?


9LK :FLC; K?<I<
9< JFD< =I<< <E<I>P ?@;;<E @EJ@;< PFLI JG8I< G<EE@<J 6FL\;


9< JLIGI@J<; FEK@EL< I<8;@E> KF C<8IE ?FN PFL :8E GLK
KF><K?<I JK8:BJ F= G<EE@<J KF =FID D8B<J?@=K 98KK<I@<J K?8K :8E
;I@M<JD8CC :LII<EK;<M@:<JC@B<)"!J8E;:8C:LC8KFIJ

0K<G4?8K(@E;F=-<EE@<J

20 G<EE@<J K?8K 8I< E<N<I K?8E  N@CC NFIB =FI 9FK? F=
K?<J<<OG<I@D<EKJ9<:8LJ<K?<P\I<E<8ICPG<I:<EKQ@E:

-FN<I8 8C:LC8KFIN@K?1?I<<-<EE@<J


%<I<\J8=LE<OG<I@D<EK

-@:B LG 8 :8C:LC8KFI =IFD K?< ;FCC8I JKFI< 8E; I<DFM< K?<


J:I<NJ FE K?< 98:B JF PFL :8E ><K KF K?< 98KK<IP /<DFM< @K
8E;J8M<@K=FI8EFK?<IGIFA<:K

+FN GLCC K?< E<>8K@M< 8E; GFJ@K@M< C<8;J FLK F= K?< :8J@E> 8E;
8KK8:? N@I<J KF K?< K<ID@E8CJ @= PFL :8E & ALJK KN@JK<; K?<
N@I<J KF K?< 98KK<IP C<8;J 8E; LJ<; <C<:KI@:8C K8G< KF ?FC; K?<D
KF><K?<I

+FN @K\J K@D< KF D8B< K?< G<EEP 98KK<IP & =FLE; K?< <8J@<JK
N8P KF D8B< FE< @J KF :FD9@E< K?< G<EE@<J N@K? JFD< Q@E:
N8J?<IJ =IFD K?< ?8I;N8I< JKFI<  G8:B F= K?@IKP @J 89FLK 8
;FCC8I

$<K JFD< :8I;9F8I; 8E; :LK :@I:LC8I G@<:<J JF K?8K K?< <;><J
8I< ALJK 9@>><I K?8E K?< G<EE@<J )<K K?<D JF8B @E N?@K<
M@E<>8I=FI89FLKFE<KFKNFD@ELK<J

+,1"


EP B@E; F= M@E<>8I J?FLC; NFIB
8E; @= PFL ;FE\K ?8M<
M@E<>8I
KIP J8CK N8K<I FI C<DFE AL@:< 1?<P N@CC 8CC NFIB ALJK
=@E<

0K8IK PFLI 98KK<IP :<CC 9P GC8:@E> 8 G@<:< F= 8CLD@ELD =F@C FE


PFLI NFIBJG8:< 8E; GC8:< FE< Q@E: N8J?<I 8K K?< <E; +<OK

K8B< 8 G@<:< F= :8I;9F8I; JF8B<; @E M@E<>8I


9CFK ;IP @K FE
JFD< G8G<I KFN<C
8E; GC8:< @K FE KFG F= K?< N8J?<I )8JKCP

GC8:< K?< :FGG<I G<EEP FE KFG F= K?< :8I;9F8I;


8E; K?<
98KK<IP@J;FE<

E @E;@M@;L8C 98KK<IP :<CC @J 8 Q@E: 9FKKFD


:FGG<I KFG
8E;
J<G8I8K<; 9P 8 D8K<I@8C C@B< G8G<I FI :8I;9F8I; K?8K\J 9<<E
JF8B<;@E8E<C<:KIFCPK<

#IFD DP K<JK@E>
<8:? :<CC P@<C;J ALJK FM<I   MFCKJ 8E;
8IFLE; D 1?< :FGG<I KFG @J GFJ@K@M< 8E; K?< Q@E:
9FKKFD @J E<>8K@M< 1?@J :8C:LC8KFI E<<;J 8IFLE;   MFCKJ
JF
& LJ<; K?I<< G<EE@<J
K?I<< N8J?<IJ
8E; K?I<< G@<:<J F=
:8I;9F8I; JF8B<; @E N?@K< M@E<>8I K?I<< :<CCJ O   MFCKJ 
8GGIFO@D8K<CP MFCKJ

& 8;;<; N@I<J KF K?< KFG 8E; 9FKKFD =FI <8J< F= LJ<
8E; K?<E
LJ<; JFD< <C<:KI@:8C K8G< KF ?FC; @K KF><K?<I 1?< 8CLD@ELD
=F@C@JEFCFE><IE<<;<;

1?@J KPG< F= 98KK<IP :<CC @J GI<KKP DL:? K?< J8D< 8J K?< =@IJK
FE< <M<I @EM<EK<; 9P C<JJ8E;IF 3FCK8 @E K?< <8ICP J

N?@:?:8D<KF9<BEFNE8JK?<YMFCK8@:G@C< Z

0K<G&K4FIBJ


1?< N@I<J :8E EFN 9< :FEE<:K<; KF K?< :FII<:K 98KK<IP C<8;J
K?8K N<I< GLCC<; FLK <8IC@<I
8E; N?<E PFL GI<JJ K?< YFEZ
9LKKFE
K?<:8C:LC8KFIN@CC=@I<I@>?KLG

& K<JK<; FLK 8 =<N =LE:K@FEJ 8E; <M<IPK?@E> :8C:LC8K<;


:FII<:KCP

&K\J 8D8Q@E> KF K?@EB PFL :8E ILE CFN :LII<EK <C<:KI@:8C


;<M@:<J FE K?@J G<EEP GFN<I ?8:B &K NFIBJ >I<8K
8E; 8J CFE>
8JK?<:8I;9F8I;@JDF@JKN@K?<C<:KIFCPK<
@KJ?FLC;NFIB

&= PFLI 98KK<IP JKFGJ NFIB@E>


KIP I< JF8B@E> K?< :8I;9F8I; @E
8 C@KKC< DFI< M@E<>8I KF ><K @K N<K
K?<E KIP 8>8@E &K J?FLC; =@I<
I@>?K98:BLG

*8B@E>8)8I><I4<K <CC8KK<IP


%<I<\J 8EFK?<I N8P KF D8B< K?< 98KK<IP @= PFL ;FE\K ?8M<
8::<JJKFQ@E:N8J?<IJ

-@:B FLK K<E G<EE@<J E<N<I K?8E  8E; LJ<  >I@K
J8E;G8G<I KF J8E; FE< =8:< F= K?< G<EEP 1?< <EK@I< @EJ@;< F=
K?< G<EEP @J Q@E:
JF J8E; K?< =8:< LEK@C K?< N?FC< JLI=8:<
<OGFJ<JK?<Q@E:

,E:< 8>8@E
:8I;9F8I; E<<;J KF 9< :LK 8E; JF8B<; @E 8E
<C<:KIFCPK<
C@B< M@E<>8I
J8CK N8K<I
FI C<DFE AL@:< &E K?@J
:8J<
& ;@;E\K IFLE; K?< <;><J 6FL :8E J<< K?< J?8IG :FIE<IJ

8E; K?8K\J FB8P 8J CFE> 8J K?<P ;FE\K KFL:? &= K?< :8I;9F8I;
G@<:<J KFL:?
K?8K J<:K@FE F= K?< 98KK<IP N@CC J?FIK FLK 8E;
;<:I<8J<K?<G<I=FID8E:<F=K?<LE@K8J8N?FC<

6FL :8E 9L@C; PFLI 98KK<IP :<CCJ K?< J8D< N8P PFL ;@; N@K?
K?< N8J?<IJ 8J CFE> 8J K?< G<EE@<J 8I< 8CC =8:@E> K?< J8D<
;@I<:K@FE 4@K? K?@J D<K?F;
K?< Q@E: KFG @J K?< GFJ@K@M< 8E;
K?<:FGG<I9FKKFD@JE<>8K@M<


P :FEE<:K@E> K<E :<CCJ @E J<I@<J JK8:B@E> K?<D FE KFG F=
<8:? FK?<I
K?< <C<:KI@:8C GFK<EK@8C N@CC ALDG KF E<8ICP 
MFCKJ 1?@J J?FLC; 9< DFI< K?8E <EFL>? MFCK8>< KF ;I@M< 8E
)"!   FI14,

6FL :8E ><K 8E )"! KF C@>?K LG 9P GI<JJ@E> K?< CFE> C<8; F=


K?< )"! GFJ@K@M< FE K?< KFG 8E; K?< J?FIK C<8; F= K?< )"!
E<>8K@M<FEK?<8CLD@ELD=F@C98J<

)"$)&1&"0

0FD< G<FGC< ?8M< 8JB<; 89FLK K?< C<>8C@KP F= KI<8K@E> G<EE@<J


@E K?@J D8EE<I 1?< =<;<I8C C8N JK8K<J K?8K K?<I< 8I<
<O:<GK@FEJ D8;< =FI LJ< 8J Y<;L:8K@FE8C
8DLJ<D<EK
EFM<CKP

A<N<CIP
8E; J@D@C8I GLIGFJ<J 8J CFE> 8J K?< MFCLD<J KI<8K<;
8E; K?< E8KLI< F= K?< KI<8KD<EK D8B< @K :C<8I K?8K JL:?
KI<8KD<EK @J EFK @EK<E;<; 8J 8 D<8EJ 9P N?@:? KF GIF=@K JFC<CP
=IFDK?<M8CL<F=K?<D<K8C:FEK<EKF=K?<:F@EJ Z

%FN)FE>!F<J8E)"!0K8P,E

4@K? K?< JK8:B F= K<E G<EE@<J


& 8KK8:?<; 8 >I<<E )"! 8E;
NI8GG<; @K 8CC LG N@K? <C<:KI@:8C K8G< @E ?FG<J KF D8B< @K
8@I K@>?K

& J<K @K FE DP J?<C= 8E; N8K:?<; @K =FI 8 =<N ?FLIJ KF J<< N?<E
@K NFLC; ;@< FLK & N8J 8D8Q<; K?8K K?< C@>?K 8:KL8CCP JK8P<; C@K


=FI FM<I J@OK<<E ;8PJ & I<8CCP 8D @DGI<JJ<; 8K ?FN N<CC K?8K
NFIB<;FLK

4<CC
K?<I<\J8E<E<I>P@;<8K?8K\JNFIK?8=<N:<EKJ

 3FCK Y0?F:B@E>Z "C<:KI@: !<:B F= 8I;J "C<:KI@: 0?F:B


(@JJ@E>-I8EB

%<I<\J ?FN KF D8B< 8 ;<:B F= :8I;J K?8K N@CC GLDG FLK 8


J?F:B@E>  MFCKJ F= <C<:KI@:@KP 0KL8IK ";>< LJ<; @K @E ?@J
Y"C<:KI@: 0?F:B (@JJ@E> -I8EBZ KF J?FN K?< C8;@<J ?FN 8 D8E
:8EI<8CCPGLKK?<JG8IBJ@E8B@JJ

4/+&+$

1?@J <C<:KI@: J?F:B<I FLKGLKJ 8IFLE;  MFCKJ ! 8E;


;<C@M<IJ 8 JLIGI@J@E> AFCK < =8D@C@8I N@K? ;8E><IJ 8JJF:@8K<;
N@K? <C<:KI@: J?F:BJ
D@EFI 9LIEJ
;8D8>< KF K@JJL<J
8E;
GFJJ@9@C@KP F= :8I;@8: 8II<JK 1?@J GIFA<:K J?FLC; EFK 9<
8KK<DGK<; N@K?FLK 8;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E>
*@JLJ< FI :8I<C<JJ LJ< F= KFFCJ FI GIFA<:KJ D8P I<JLCK @E
J<I@FLJ@EALIP 2J<8KPFLIFNEI@JB


*F;@=@<;!<:BF= 8I;JX)FFBJ+FID8C"EFL>?

1?@J ;<:B F= :8I;J D8P CFFB EFID8C <EFL>?


9LK @K ?8J 8 M<IP
J?F:B@E>J<:I<KMFCKJ
KF9<<O8:K

& D8;< K?@J >8;><K =FI 0KL8IK ";>< KF LJ< @E ?@J Y"C<:KI@:
0?F:B (@JJ@E> -I8EB Z 2J@E> 8 D8>@: :8I; KI@:B 8J 8 ;<:FP

0KL8IK 8E; ?@J =I@<E;


(8@KC@E 0EFN
>FK MFCLEK<<IJ KF B@JJ
K?<D KF J<< @= K?<P :FLC; Y=<<C K?< D8>@: Z 4?<E K?<@I C@GJ
KFL:?<;
8  MFCK :FEE<:K@FE N8J D8;< 8E; K?< JG8IBJ N<I<
=CP@E>

LK?FN;F<J@KNFIB1?@J@J?FN&D8;<@K

1?<0<:I<K4@K?@E


1?< J<:I<K @J @E K?< J?F:B<I :@I:L@K @EK<>I8K<; @EKF K?< ;<:B
4?<E K?< JK<8CK?P F@C K8G< <C<:KIF;<J 8I< KFL:?<; 9P K?< LJ<I
8E; K?< MFCLEK<<I
FECP FE< DFI< :FEE<:K@FE E<<;J KF 9<
D8;< KF :FDGC<K< K?< :@I:L@K &E K?@J :8J<
K?< :@I:L@K @J
:FDGC<K<; N@K? 8 B@JJ
8E; K?8K @J N?<I< K?< D8AFI@KP F= K?<
<C<:KI@:J?F:B@J=<CK %8M<PFL<M<I=<CKD8>@:@E8B@JJ

2J@E> K?< ;<:B KF :?8I>< 8 :8G8:@KFI 8E; ;@J:?8I>@E> FE 8


G@<:< F= 8CLD@ELD =F@C ;<DFEJKI8K<J K?< GFN<I K?8K :8E 9<
:8GKLI<;=IFDK?<;<M@:< %<I<\J?FNKF9L@C;@K

1?<0?F:B<I @I:L@K



& JK8IK<; 9P ?<8;@E> KF 8 CF:8C ;IL> JKFI< 8E; JKFGG@E> 8K K?<
G?FKF :<EK<I 1?<P LJL8CCP ?8M< 8 N?FC< 9@E =LCC F= ;@JGFJ89C<
:8D<I8J I<8;P KF 9< J?@GG<; =FI I<:P:C@E>
8E; & ><K K?<D =I<<
<8:? K@D< & 8JB #FI K?@J GIFA<:K
& ?8; 8 #LA@#@CD 8D<I8

DF;<C ) +F G8IK@:LC8I I<8JFE =FI K?@J 9I8E;X@K\J


ALJKK?<FE<&G@:B<;=@IJK

&= PFL N8EK KF =FCCFN K?< E<OK JK<GJ <O8:KCP


PFL :8E CFFB =FI
K?<DF;<CELD9<IFEK?<FLKJ@;<F=K?<:8J@E>

,G<E@E> K?< :8J<


PFL\CC =@E; 8 :@I:L@K 9F8I; 1?@J 9F8I;
;I@M<J K?< :8D<I8 =C8J? 8E; :?8I><J 8E <C<:KIFCPK@: :8G8:@KFI


N@K?  MFCKJ 6FL\CC GIF989CP ><K J?F:B<; @= PFL K8B< @K FLK
98I<?8E;<; 1F 8MF@; ><KK@E> J?F:B<;
LJ< 8 G@<:< F= D<K8C KF
J?FIK FLK K?< KNF C<8;J FE K?< :8G8:@KFI
8J J<<E @E K?<
G@:KLI<J

1?< :@I:L@K E<<;J KF 9< :FE:<8C<; @EJ@;< K?< ;<:B


JF @K ?8J KF
9< D8;< JD8CC<IXDL:? JD8CC<I 1F ;F K?@J
LEJFC;<I K?< =@M<
:FDGFE<EKJ 8E; JFC;<I K?< :FDGFE<EKJ ;@I<:KCP KF K?<DJ<CM<J
8J ;<G@:K<; & 8CJF :?FJ< KF 8;; 8  98KK<IP ?FC;<I 8E; 8
*,?DKLE@E>GFK<EK@FD<K<IKF8;ALJKK?<MFCK8><FLKGLK

1?I<< N@I<J :FD< F== K?< KI8EJ=FID<I ,E< >F<J KF K?<


GFK<EK@FD<K<I
FE< >F<J KF 98KK<IP GFJ@K@M<
8E; K?< FK?<I >F<J
KF 98KK<IP E<>8K@M< 8E; :FEK@EL<J FE FLK 1?@J J?FLC; C<8M<
KNF C<8;J <OGFJ<;
N?@:? N@CC C8K<I 9< 8KK8:?<; KF K?< J?F:B<I
G8;J

1?< C8JK JK<G @J KF =FC; JFD< G8G<I 8IFLE; K?< :@I:L@K 8E; =@CC
N@K? :FG@FLJ 8DFLEKJ F= ?FK >CL< 1?@J J?FLC; JKI<E>K?<E K?<
:FDGFE<EKJ9P?FC;@E>K?<D=@IDCP@EGC8:<

/@>K?<!<:B



*P J?F:B<I :@I:L@K N8J K?< <HL@M8C<EK F= =FIKP :8I;J K8CC
JF &
LJ<; 8 ?F99P BE@=< 8E; 8 GC8JK@: K<DGC8K< & D8;< KF :LK 8CC
=FIKP :8I;J @E 8 N8P K?8K NFLC; 8::FDDF;8K< K?< :@I:L@K 1?<
:@I:L@K @J 8 >FF; =@K
8E; 9<:8LJ< EFK?@E> @J >CL<; KF><K?<I
K?<
:8I;J :8E DFM< =I<<CP
>@M@E> K?< @CCLJ@FE K?8K @K\J ALJK 8
EFID8C;<:B

1F D8B< K?< J<:I<K J?F:B<I G8;J


& :LK 8 ?FC< @E K?< 9FKKFD
:8I; 8E; NI8GG<; :FE;L:K@M< =F@C K8G< =IFD DFJK ?8I;N8I<
JKFI<J K?IFL>? K?< ?FC< 8E; 8IFLE; 9FK? J@;<J 1?< J?F:B<I
:@I:L@K J@KJ FE KFG 8E; K?< N@I<J :FEE<:K KF <8:? I<JG<:K@M<
G8;

+,1"

1?< ?FC< E<<;J KF 9< C8I>< <EFL>? K?8K K?< G8;J NFE\K KFL:?
<8:? FK?<I 8E; J?FIK FLK
8E; K?< LJ<I E<<;J KF 9< 8N8I< K?8K
KFL:?@E> K?<D 9FK? 8K K?< J8D< K@D< N@CC I<JLCK @E 8E
8::@;<EK8CJ<C=J?F:B


1?< C8JK <C<M<E FI KN<CM< :8I;J ALJK J@K FE KFG
:8E J?L==C<
=I<<CP
8E; >@M< K?< 8GG<8I8E:< <M<IPK?@E> @J EFID8C 1?< 9<JK
G8IK@JK?8K@K8CC=@KJ98:B@EKFK?<FI@>@E8CG8:B8>@E>

1I8EJ=<I


0KL8IK ";>< 9IFL>?K D< 8 E@:<I :8IIP@E> :8J<
8E; @K N8J 8E
<8JP KI8EJ=<I +FN K?@J >8;><K N8J  G<I:<EK I<8;P =FI ?@J
B@JJ@E> GI8EB M@;<F 6FL :8E J<< ?@D ?FC;@E> FE< J@;< F= K?<
:8I;J FE< <C<:KIF;< 8E; K?< >L<JK ?FC;@E> K?< FK?<I J@;<
FGGFJ@K< <C<:KIF;< 4?<E K?<P B@JJ
;F K?<P =<<C K?< D8>@:
6FL9<K?<AL;><

&K\J @DGFIK8EK KF I<D<D9<I K?8K <M<E K?FL>? K?< 8DFLEK F=


:LII<EK =CFN@E> @E K?@J :@I:L@K @J <OKI<D<CP CFN
K?<I< D8P 9<
I@JBJ 8JJF:@8K<; N@K? <C<:KI@: J?F:BJ &K\J @DGFIK8EK KF 9<
8N8I<F=K?<I@JBJ8E;D8B<J8=<KP8KFG:FE:<IE

CFJ@E>2G

4<CC
K?<I< PFL ?8M< @K 1?8K\J ?FN KF GLK K?< <C<:KI@:@KP @E
PFLIB@JJ +FN@K\JLGKFPFLKF=@E;PFLIG8IKE<I



0<:K@FE

*<K8C%8:BJ


*8B@E>8E/ 4<C;<I-8IK,E<

%FN KF :FEM<IK J:8M<E><; D@:IFN8M< G8IKJ @EKF 8 LJ<=LC 8I:


N<C;@E> D8:?@E< 1?@J @J G8IK FE< F= KNF
8E; =F:LJ<J FE K?<
DF;@=@:8K@FEF=K?<KI8EJ=FID<IJ

4/+&+$

0K@:B N<C;@E> 8E; FI K?< DF;@=@:8K@FE F= 8 *@:IFN8M< ,M<E


1I8EJ=FID<I *,1 :8E 9< M<IP ;8E><IFLJ 8E; GI<J<EKJ I@JBJ
F= 23 I8;@8K@FE
J?F:B ?8Q8I;J
9LIEJ
=@I<J
=LD<J
8E; 8
DLCK@KL;< F= FK?<I I@JBJ 1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<;
N@K?FLK 8 K?FIFL>? LE;<IJK8E;@E> F= <C<:KI@:@KP
8;LCK
JLG<IM@J@FE
8E; 8;<HL8K< KI8@E@E> *@JLJ< FI :8I<C<JJ LJ< F=
KFFCJ FI GIFA<:KJ D8P I<JLCK @E J<I@FLJ @EALIP 8E; FI ;<8K? 2J<
F=K?@J:FEK<EK@J8KPFLIFNEI@JB

* , 1 *@:IFN8M<,M<E1I8EJ=FID<I


&E 8 GI<M@FLJ GIFA<:K
& D<CK<; K?< C<8; N@I<J FE DP =@IJK
D<K8C D<CK<I G8><  LK K?< KI8EJ=FID<I :FI< N8J JK@CC @E
>I<8K:FE;@K@FE
JF&I< LJ<;@KKFD8B<8E JK@:BN<C;<I


1?< 8I: N<C;<I D8;< JG8IBJ =CP
9LK @E K?< <E;
@K N8JE\K
<EFL>? GFN<I KF D8B< K?< D<K8C JK@:B
8E; K?< N<C;<; G@<:<J
NFLC; 9I<8B 8G8IK N@K? M<IP C@KKC< <==FIK &= & KI@<; GLDG@E>
DFI< GFN<I @EKF K?< N<C;<I
K?< N@I<J NFLC; FM<I?<8K 8E;
D<CK

0F
KF 8;;I<JJ K?@J :?8CC<E><
N<\CC 9< LJ@E> KNF *,1J
*@:IFN8M< ,M<E 1I8EJ=FID<IJ 9<:8LJ< DFI< KI8EJ=FID<IJ
D<8EDFI<GFN<I

0K<G1I8EJ=FID<IJ1I8EJ=FID


-I<G8I@E> K?< *,1J =FI 8 E<N J<:FE;8IP @J <O8:KCP K?< J8D<
8J K?< =@IJK =<N JK<GJ @E K?< *<K8C *<CK<I GIFA<:K J @K\J 8
C@KKC< I<;LE;8EK
& NFE\K JG<E; DL:? K@D< FE K?< JK<G 9P JK<G
@EJKIL:K@FEJ =FI K?8K
9LK @= PFL ?8M<E\K J<<E @K P<K
PFL :8E
I<=<I<E:<K?<&EJKIL:K89C<FE G8><

0K<G+<N0<:FE;8IP



1F D8B< C@=< 8 CFK <8J@<I
PFL\I< >F@E> KF E<<; KF 9L@C; 8 C@KKC<
A@> =FI N@E;@E> PFLI J<:FE;8IP &K\J LEC@B<CP PFL\CC ><K 8CC K?<
I<HL@I<;KLIEJF=N@I<@EJL:?8K@>?KJG8:<N@K?FLKFE<

1F D8B< K?@J A@>


& LJ<; 8 G@<:< F= J:I8G NFF; 8E; :LK @K JF
K?8K @K N8J 8J N@;< 8J K?< :<EK<I F= K?< KI8EJ=FID<I
8E; ALJK 8
C@KKC< J?FIK<I K?8E K?< KFG 1?< C<E>K? N8J :LK JF K?8K @K
FM<I?LE> 89FLK ]Z =IFD K?< <E;J & J:I<N<; NFF; G8E<CJ FE
K?< KFG 8E; 9FKKFD KF >L@;< K?< N@I<J 8E; B<<G K?<D @E GC8:<

K?<E =FC;<; 8 G@<:< F= G8G<I JF K?8K @K =@K @E K?< >IFFM< ,E:<


DFLEK<; @E 8 9<E:? M@:< =FI C<M<I8><
K?< :89C< :8E 9< NFLE;
FE

#FI K?@J GIFA<:K


KIP KF IFLE; LG 8IFLE; \ F=  4$
JKI8E;<; :FGG<I :89C< =IFD 8 CF:8C ?8I;N8I< JKFI< 6FL :FLC;
GIF989CP J8M< JFD< DFE<P 9P J:8M<E>@E> =FI =I<< N@I<
9LK &
;<:@;<; KF CFFB 8K K?< Y<E; F= :F@CZ J<:K@FE 8K K?< ?8I;N8I<
JKFI<
8E; N8J 89C< KF E<>FK@8K< 8 ;<8C =FI ?8C= GI@:< FE K?<
:89C<
JFK?<\FECP:FJKD<89FLKJ<M<EK<<E;FCC8IJ


1?<J< DF;@=@<; *,1J N@CC E<<; 8 E<N J<:FE;8IP K?8K @J
<@>?K<<E KLIEJ F= K?<  4$ :89C<
8E; 9FK? * , 1 J N@CC 9<
K@<; KF><K?<I @E J<I@<J & 8CJF =FLE; & E<<;<; KF ILE K?< JPJK<D
FE  MFCKJ  KF ><K K?< GFN<I FLKGLK =FI >FF; N<C;@E>
*P >F8C N8J  MFCKJ  N@K? 8 M8I@89C< 8DG<I8>< =IFD
W DGJ

&E GI8:K@:8C K<IDJ


K?@J D<8EJ PFL E<<; KF N@E; K?< :F@C FE K?<
=FID JF K?8K PFL <E; LG N@K? J@O :89C< C<E>K?J ?@>? 8E; K?I<<
:89C< C<E>K?J N@;< ,? P<8?
8E; @K 8CC E<<;J KF 9< 89C< KF =@K
98:B@EK?<KI8EJ=FID<I
JFN@E;@KK@>?K

1?< =@IJK C8P<I @JE\K KFF 98;


9LK N@E;@E> K?< J<:FE; C8P<I 8E;
K?@I; ><K GIF>I<JJ@M<CP DFI< ;@==@:LCK 8E; D8P J<<D E<8I
@DGFJJ@9C< ,E:< PFL ><K K?< <@>?K<<E KLIEJ F= N@I< KF =@K @E
K?< >IFFM<
PFL :8E =FC; K?< G8G<I FM<I
8E; K8G< @K KF><K?<I KF
?<CG K?< :F@C ?FC; KF><K?<I %<I<\J K?< KI@:BP G8IKX><K @K F==
K?< A@> N@K?FLK C<KK@E> @K LEI8M<C 1?< KFG 8E; 9FKKFD G8E<CJ
:8E 9< I<DFM<; 8E; K?< 9CF:B GLJ?<; FLK =IFD K?< :<EK<I F=
K?< :F@C & LJ<; <C<:KI@:8C K8G< KF D8B< JLI< K?< :F@CJ JK8P<;
K@>?K

0K<G*8B<K?<1I8EJGC8EK



-LKK@E> K?< J<:FE;8IP :F@C @E K?< KI8EJ=FID<I @J 8 M<IP K@>?K =@K
& ?8; K?< 9<JK JL::<JJ 9P LJ@E> 8 J<K F= :C8DGJ KF JHL<<Q< K?<
J@;<J F= K?< :F@C @E
N?@C< & LJ<; 8 IL99<I ?8DD<I KF ><EKCP
K8GK?<:F@C;FNE

4?<E @K\J @E
K?< :F@C J?FLC; =@K 9<CFN K?< KFG <;>< F= K?<
KI8EJ=FID<I ,K?<IN@J<
PFL NFE\K 9< 89C< KF ><K K?< KFG 98:B
FE

8J@:8CCP
LJ< KNF G8IK <GFOP >CL< KF :FM<I K?< <EK@I< KFG
JLI=8:<
K?<E I<GC8:< K?< @IFE C@; 8E; GI<JJ @K KF><K?<I K@>?KCP
@E :C8DGJ FI 8 C8I>< M@:< &K\J <OKI<D<CP @DGFIK8EK KF ?8M< 8
CFK F= GI<JJLI< FE K?< AF@EK N?@C< K?< <GFOP @J J<KK@E> & C<K
D@E<J<K=FI89FLKKN<EKP =FLI?FLIJ

1?< DF;@=@<; KI8EJ=FID<I @J :FDGC<K< 1?< J<:FE;8IP :F@C @J


JF K@>?K @E K?<I< K?8K 8EP M@9I8K@FEJ =IFD K?<  %Q D8@EJ
GFN<I N@CC 9< B<GK KF 8 D@E@DLD 4?<E 9FK? KI8EJ=FID<IJ
8I< DF;@=@<; @E K?< <O8:K J8D< N8P
N<\M< 98J@:8CCP >FK N?8K
N< E<<; =FI N<C;@E> CC K?8K\J C<=K @J KF :C<8E @K LG 8 9@K 8E;
D8B< @K DFI< LJ<=LC 8E; GI<J<EK89C< P K?< N8P
K?<J< KNF
<OGFJ<; N@I<J =IFD K?< J<:FE;8I@<J N@CC 9<:FD< FLI >IFLE;
:C@G8E;JK@E><I

0K<G0<<-8IK1NF


4<CC
K?<I< K?<P 8I<XK?< 98J@: D8B@E>J F= 8E  JK@:B
N<C;<I

*8B@E>8E/ 4<C;<I-8IK1NF


%FN KF :FEM<IK J:8M<E><; D@:IFN8M< G8IKJ @EKF 8 LJ<=LC 8I:
N<C;@E> D8:?@E< 1?@J @J G8IK KNF F= KNF
8E; @K =F:LJ<J FE
K?<<C<:KI@:8CJPJK<D8E;=@E@J?@E>KFL:?<J

4/+&+$

0K@:B N<C;@E> 8E; FI K?< DF;@=@:8K@FE F= 8 *@:IFN8M< ,M<E


1I8EJ=FID<I *,1 :8E 9< M<IP ;8E><IFLJ 8E; GI<J<EKJ I@JBJ
F= 23 I8;@8K@FE
J?F:B ?8Q8I;J
9LIEJ
=@I<J
=LD<J
8E; 8
DLCK@KL;< F= FK?<I I@JBJ 1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<;
N@K?FLK 8 K?FIFL>? LE;<IJK8E;@E> F= <C<:KI@:@KP
8;LCK
JLG<IM@J@FE
8E; 8;<HL8K< KI8@E@E> *@JLJ< FI :8I<C<JJ LJ< F=
KFFCJ FI GIFA<:KJ D8P I<JLCK @E J<I@FLJ @EALIP 8E; FI ;<8K? 2J<
F=K?@J:FEK<EK@J8KPFLIFNEI@JB

0K<G1I8EJ=FID<I-C8K=FID


& JK8IK<; K?@J G8IK F= K?< GIFA<:K N@K? 8 J:I8G G@<:< F= _Z 9@I:?
& ?8; C<=K FM<I =IFD DP Y/FLK<I 189C<Z GIFA<:K 1?<
D<8JLI<D<EKJ =FI K?< 9F8I; N<I< Z O Z
8E; K?8K B<<GJ K?@J
89FLK 8J :FDG8:K 8J GI8:K@:8C & =FLE; 8 G@<:< F=  O  8J N<CC
8E; J:I<N<; @K FEKF K?< :<EK<I F= K?< 9F8I; 89FLK 8E @E:? =IFD
K?<<;><

1NF G@CFK ?FC<J N<I< ;I@CC<; @E K?< KFG KF 8::FDDF;8K< FLI


<C<:KIF;< CL>J & ;<:@;<; KF LJ< CL>J ?<I< I8K?<I K?8E B<<G @K
8CC FE< :FEK@ELFLJ :89C<
9<:8LJ< @K >@M<J K?< FGK@FE F=
:?8E>@E> FLK <C<:KIF;< :89C<J
FI <8J@CP DF;@=P@E> K?<
<C<:KI@:8CFLKGLK=FI=LKLI<GIFA<:KJ

0K<G*8B@E>8E; I@DG@E> FGG<I)L>J


FGG<I CL>J :8E 9< GI@:P
9LK & =FLE; K?8K @= & LJ<; 8 Z C<E>K?
F= ]Z :FGG<I KL9@E>
& :FLC; D8B< DP FNE & LJ<; 8 9<E:?
M@J< KF :I@DG Z F= K?< KL9@E> :FDGC<K<CP =C8K
8E; K?<E ;I@CC<;
8 ?FC< @E K?< =C8K G@<:<  9<CK J8E;<I ?<CG<; KF :C<8E LG K?<
<;><J 8 9@K KF D8B< @K <8J@<I KF ?8E;C<
8E; D8B< @K CFFB 8 9@K
E@:<I8JN<CC

#FI K?< <C<:KIF;< :89C<J


& LJ<; JFD< F= K?<  4$ :89C< C<=K
FM<I=IFDN?<EN<NFLE;K?<KI8EJ=FID<I:F@CJ

+<OK
& <OGFJ<; K?< :FGG<I FE K?< <E; F= K?< :89C<
8E; 9<EK @K
FM<I JF @K NFLC; =@K @EJ@;< K?< CFN<I G8IK F= K?< CL> & =C8KK<E<;
@K N@K? 8 9<E:? M@J< KF D8B< 8 JFC@; <C<:KI@:8C :FEE<:K@FE
8E;


@E DP K<JK@E>
K?< :FEE<:K@FE ;F<JE\K :FD< 8G8IK &= PFL ;FE\K
?8M< 8 9<E:? M@J<
& @D8>@E< 8 ?8DD<I :FLC; NFIB N@K? M<IP
J@D@C8II<JLCKJ

0K<G FEE<:K@E>K?<"C<:KIF;<J


0@E:< K?< JPJK<D @J 
K?<I< I<8CCP @J EF Y>IFLE;Z
:FEE<:K@FE 8E; @K ;F<JE\K I<8CCP D8KK<I N?@:? :89C< :FEE<:KJ
KF N?@:? J@;<
9LK & ;<:@;<; KF GLK 8 Y>IFLE;Z :C8DG FE K?<
C<=KJ@;<
8E;K?<<C<:KIF;<?FC;<IFEK?<I@>?K

& 8CJF JGC@:<; K?< :89C< 9<KN<<E K?< KNF KI8EJ=FID<IJ 8E;
:FEE<:K<; K?<D KF 8 :FDDFE CL> JF & :FLC; ?8M< K?< FGK@FE KF
:<EK<I K8G K?< KI8EJ=FID<IJ =FI =LKLI< GIFA<:KJ
C@B< GFN<I@E>
8E8I:=LIE8:<=FI<O8DGC<

#FI K?< :C8DG


& =FLE; K?@J D<K8C FE< 8K K?< ?8I;N8I< JKFI< =FI
FECP E@E<KP E@E< :<EKJ 4?<E K?< IL99<I K@GJ N<I< I<DFM<;
@K
:FLC; :FE;L:K <C<:KI@:@KP & :I@DG<; 8 G@<:< F= :FGG<I KL9@E>
KF K?< N@I<
8E; K?<E J<:LI<; K?< KL9< KF K?< :C8DG N@K? 8
J:I<N #FI 9<@E> JF :?<8G
K?< :C8DG ?8; 8 JLIGI@J@E> 8DFLEK
F= :C8DG@E> =FI:<
N?@:? N8J >I<8K =FI 9@K@E> FEKF K?< NFIB
G@<:<


& 9FL>?K 8 I<GC8:<D<EK <C<:KIF;< ?FC;<I =FI K?@IK<<E ;FCC8IJ
I8K?<I K?8E D8B@E> DP FNE &K CFFB<; 9<KK<I 8E; N8J DL:?
DFI<GI8:K@:8C=FIN<C;@E>N@K?

0K<G4@I@E>K?<"C<:KI@:8C0PJK<D


& LJ<; FE< F= K?< :FI;J J8M<; =IFD FE< F= K?< D@:IFN8M<J 8E;
:LK F== K?< >I<<E N@I< & J<:LI<; K?< :89C< KF K?< NFF; 98J< KF
GI<M<EKK?<:89C<J=IFDGLCC@E>F==K?<:FEE<:K@FEJ

1?< 9C8:B :89C< :FEE<:KJ KF FE< F= K?< GI@D8IP K<ID@E8CJ FE


FE< F= K?< KI8EJ=FID<IJ
8E; K?< N?@K< N@I< :FEE<:KJ KF FE< F=
K?< FK?<I KI8EJ=FID<IJ GI@D8I@<J &K ;F<JE\K I<8CCP D8KK<I
N?@:? FE< & LJ<; 8EFK?<I G@<:< F= N@I< KF :FEE<:K K?< FK?<I
KNF GFJKJ KF><K?<I
<JJ<EK@8CCP :FEE<:K@E> K?< KNF
KI8EJ=FID<IJ@EJ<I@<J

)8K<I FE
N?<E K?< ;<M@:< @J K<JK<;
K?< KNF <C<:KIF;<J J?FLC;
9< FLKGLKK@E> 8IFLE;  MFCKJ &= PFL\I< J<<@E> M<IP CFN
MFCK8><
C@B<   @E DP :8J<
K?8K D<8EJ K?< KI8EJ=FID<IJ 8I<


:8E:<C@E> <8:? FK?<I FLK
8E; K?@J :8E 9< =@O<; 9P ALJK
JN@K:?@E>K?<:FEE<:K@FEJFEFE<F=K?<KI8EJ=FID<IJ

& N<EK 8?<8; 8E; ;@; K?8K 8E; <E;<; LG N@K? 89FLK  MFCKJ
9<KN<<EDP>IFLE;:C@G8E;<C<:KIF;<?FC;<I

0K<G3


& E<<;<;  MFCKJ  KF GFN<I K?@J JPJK<D
JF & LJ<; KNF
GCL>J
8:FEE<:KFI
8E;JFD<4$N@I<

"8:? F= K?< FLKC<KJ @E DP ?FLJ< FLKGLK 8IFLE;  3


8E;
K?< :@I:L@KJ 8CC :FEE<:K 98:B KF K?< 9I<8B<I 9LJ 98IJ 1?<I< 8I<


 9LJJ<J
8E; & C<8IE<; K?8K @= & KFFB 8 ?FK C@E< =IFD <8:? 9LJ

K?<<C<:KI@:8CGFK<EK@8C9<KN<<EK?<DN8J3

/8K?<I K?8E K8GG@E> @EKF K?< 9I<8B<I 9FO ;@I<:KCP


& LJ<;
<OK<EJ@FE :FI;J 8E; :FEE<:K<; KF KNF ;@==<I<EK FLKC<KJ K?8K
N<I<  FLK F= G?8J< FE J<G8I8K< 9LJ 98IJ 4?<E K?<P N<I<
:FEE<:K<;KFDP8;8GKFI
K?<I<JLCKN8J3

&K\J @DGFIK8EK KF B<<G @E D@E; K?8K K?@J N<C;<I ;F<JE\K ?8M< 8E


FE F== JN@K:? 8E; EF :LII<EK C@D@K@E> F= @KJ FNE 1?8K\J N?P &
?8; KF 9L@C; 8 J<G8I8K< GFN<I :FEKIFCC<I & :8CC K?< Y0:8I@8: Z
&K\J C@B< 8 Y38I@8:
Z <O:<GK DL:? DFI< ;8E><IFLJ LK @K @J
GI<KKP :?<8G 8E; ><KJ K?< AF9 ;FE< )FFB =FI ?FN KF 9L@C; K?<
0:8I@8:@E8;@==<I<EKGIFA<:K

0K<G0<KK@E>K?< LII<EK


1F J<K K?< :LII<EK =FI N<C;@E>  K? IF;J
& :FEE<:K<; K?<
>IFLE; :C8DG 8E; <C<:KIF;< ?FC;<I KF><K?<I
<==<:K@M<CP
J?FIK@E> FLK K?< JPJK<D 1?< 0:8I@8: ?8J 8 CFFG F= N@I< 9L@CK
@E K?8K 8CCFNJ D< KF DFE@KFI K?< GI@D8IP :LII<EK
8E; N?<E
@K\J J<K KF 89FLK   8DGJ FE K?< GI@D8IP
@K >@M<J D< 8IFLE;
8DGJFEK?<J<:FE;8IP


I8EB@E> LG K?< GFN<I FE K?< 0:8I@8: :8E ><K K?< N<C;@E>
:89C<J LG FM<I  8DGJ
9LK & I<8CCP ;FE\K I<:FDD<E;
ILEE@E> K?<D K?8K ?@>? =FI DFI< K?8E 8 =<N J<:FE;J FI K?<
GC8JK@: :F8K@E> FE K?< :89C<J N@CC FM<I?<8K 8E; D8P JK8IK
D<CK@E> &E 8EP :8J<
PFL :8E J<< K?<I< @J :<IK8@ECP <EFL>?
GFN<I=FIN<C;@E>

& 9LIE<; K<E   IF;J @E 8 IFN


8E; K?< JPJK<D N8J FECP
N8ID KF K?< KFL:? 1?@J >@M<J D< K?< @DGI<JJ@FE @K\J >FK 8
GI<KKP >FF; ;LKP :P:C< =FI LJ< N@K? K?< JD8CC<I IF;J
8E; K?<J<
8I< GIF989CP K?< FECP FE<J &\CC I<8CCP E<<; =FI DP ?F99P LJ<
8EPN8P

0K<G#@E@J?@E>1FL:?<J


/8K?<I K?8E C<8M@E> 8CC K?< K<ID@E8CJ <OGFJ<;
& G@:B<; LG 8
GC8JK@: :FEK8@E<I
G8@EK<; @K 9C8:B
8E; ;I@CC<; 8 =<N ?FC<J =FI
K?< :89C<J & LJ<; K?< KFG 8J K?< 98J< 8E; K?< 9FKKFD 8J K?<
KFG &KJ<<D<;KFNFIBGI<KKPN<CC

1?<I< 8I< 8CJF M<EK@C8K@FE ?FC<J :LK @E K?< J@;<J KF 8CCFN


8@I=CFN FM<I K?< :F@CJ
8E; <M<E :FEJ@;<I8K@FE D8;< =FI
8KK8:?@E> 8 =8E KF 9CFN :FFC 8@I 8E; ?<CG I<>LC8K< K?<
K<DG<I8KLI< N?@C< N<C;@E> K K?@J GF@EK
K?< JPJK<D @J
:FDGC<K<CP=@E@J?<;8E;I<8;P=FIN<C;@E>

%FD<D8;<0K@:B4<C;<I=IFD*@:IFN8M<-8IKJ


!@; PFL BEFN PFL :8E D8B< 8E  8I: N<C;<I LJ@E> G8IKJ
=IFD PFLI D@:IFN8M< & ALJK =@E@J?<; D@E<
JF AF@E D< 8J N<
GLK@KJN<C;@E>:8G89@C@K@<JKFK?<K<JK

4/+&+$

& ILE K?< JPJK<D FE  3


N?@:? @J D<K<I<; 9P 8 GFN<I
:FEKIFCC<I & 9L@CK :8CC<; K?< Y0:8I@8: Z &K\J J@D@C8I KF K?< @;<8
F= 8 38I@8: M8I@89C< 8LKF :FEKIFCC<I
9LK N@K? 8 =<N DFI<
?8Q8I;J KF 9< 8N8I< F= 1?< *@:IF 4<C;<I @KJ<C= ;F<J EFK
?8M< 8E FE F== JN@K:?
8E; :8E GFJ< 8 =@I< ?8Q8I; @= GCL>><;
;@I<:KCP @EKF 8 D8@E\J GFN<I JF:B<K & D8;< K?@J KF 9< LJ<;
<O:CLJ@M<CP N@K? K?< 0:8I@8: CFFB =FI ?FN KF 9L@C; K?8K @E
8EFK?<I GIFA<:K 0K@:B N<C;@E> 8E; FI K?< DF;@=@:8K@FE F= 8
*@:IFN8M< ,M<E 1I8EJ=FID<I *,1 :8E 9< M<IP ;8E><IFLJ
8E; GI<J<EKJ I@JB F= 23 I8;@8K@FE
J?F:B ?8Q8I;J
9LIEJ
=@I<J

=LD<J 8E; 8 DLCK@KL;< F= FK?<I I@JBJ 1?@J GIFA<:K J?FLC; EFK


9< 8KK<DGK<; N@K?FLK 8;LCK JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E>
*@JLJ< FI :8I<C<JJ LJ< F= KFFCJ FI GIFA<:KJ D8P I<JLCK @E
J<I@FLJ@EALIP 2J<K?@J:FEK<EK8KPFLIFNEI@JB

4?8K&J8*,1 0K@:B4<C;<I

.L@K< J@DGCP
8 *,1 JK@:B N<C;<I @J 8E  8I: N<C;<I D8;<
9P :FEM<IK@E> DF;@=P@E> KNF *@:IFN8M< ,M<E 1I8EJ=FID<IJ
*,1JFK?<PN@CCN<C;D<K8CLJ@E>8N<C;@E>IF;JK@:B


 *,1 *@:IFN8M< ,M<E 1I8EJ=FID<I N8J DF;@=@<; @E 8
GI<M@FLJ GIFA<:K @EKF 8 JGFK N<C;<I
N?@:? @J 8 ;@==<I<EK =FID
F= N<C;<I
9LK @E K?@J GIFA<:K & N8EK<; KF :FEM<IK @K KF 8I:
N<C; 1?8K I<HL@I<J 8 ;@==<I<EK DF;@=@:8K@FE
N?@:? 8CCFNJ 8E
FLKGLKF=89FLKMFCKJ 8E;8IFLE;8DGJ

&\D ?8GGP KF J8P K?8K K?< N<C;<I @E K?@J GIFA<:K ;F<J NFIB =FI
D< &K N<C;J  Z  IF;J M<IP N<CC
8E; & 9<C@<M< @K\J M<IP
I<8JFE89C< 8E; JLJK8@E89C< =FI K?< 8DFLEK F= N<C;@E> & GC8E KF
;F8J8J@DGC<?F99P@JKN<C;<I

!@J:C8@D<I

& 8D EFK 8 N<C;<I 1?@J GIFA<:K @J DP @EKIF;L:K@FE @EKF K?<


NFIC; F= N<C;@E>
JF @= PFL 8I< <OG<I@<E:<; @E N<C;@E> 8E;
D<K8C NFIB@E>
&\D FG<E KF JL>><JK@FEJ 8E; :I@K@HL<J
%FN<M<I & ;F 8JB K?8K PFL I<=I8@E =IFD 9<@E> FM<ICP :I@K@:8C
F= DP N<C;J 1?<P 8I< JFD< F= DP =@IJK 1?< GIFA<:K @J D8@ECP
KF ;<DFEJKI8K< N?8K 8 N<C;<I D8;< =IFD D@:IFN8M< FM<E
G8IKJ:8E;F

0K<G.L@:B-IFA<:K%@JKFIP


1?@J GIFA<:K JK8IK<; 9P =@E;@E> 8 :FLGC< F= D@:IFN8M< FM<EJ
=FI =I<<
C@B< & ;@; 1NF *,1J N<I< DF;@=@<; JF K?8K K?<


FLKGLK N8J 8IFLE;  3 8E; K?< 8DG<I8>< I8E><; =IFD
W8DGJ

& G@:B<; LG JFD< J:I8G D<K8C =IFD 8 N<C;@E> :FDG8EP ;FNE


K?< IF8; 8E; :?8E><; FLK K?< 9C8;< FE DP D@K<I J8N N@K? 8
ZD<K8C:LKK@E>N?<<C

& :LK FE< F= K?< D<K8C G@<:<J @EKF JD8CC<I 9@KJ JF &\; ?8M<
DFI<G@<:<J&:FLC;LJ<KFGI8:K@:<N<C;@E>N@K?

1?< *,1 JK@:B N<C;<I @JE\K 8 E<N @;<8


9LK @E DP <OG<I@<E:<
F= KIP@E> KF ;LGC@:8K< FK?<I *,1 JK@:B N<C;<I GIFA<:KJ FE K?<
@EK<IE<K
K?< N<C;<I <@K?<I >FK JF ?FK K?8K K?< @EJLC8K@FE FE K?<
N@I<J D<CK<; 8E; J?FIK<; @K FLK 8E; FI @K ;@;E\K GIFM@;<
<EFL>? GFN<I KF JKI@B< 8E; D8@EK8@E 8E 8I: &\D LE;<I K?<
@DGI<JJ@FE K?8K LG LEK@C EFN
K?<P ?8M<E\K NFIB<; =FI 8EP
GI8:K@:8CLJ<

1F ;8K<
& ?8M<E\K J<<E 8 M@;<F FI GIFA<:K N?<I< 8EPFE<
8:KL8CCP N<C;<; 8EPK?@E> LJ<=LC N@K? FE< F= K?<J< JF :8CC<;
D@:IFN8M< N<C;<IJ 1?< DFJK K?8K\J 9<<E J?FNE @J KF C8P 8
9<8; FE 8 G@<:< F= D<K8C LK K?@J ;F<JE\K GIFM< @K :8E N<C;
*P <8IC@<I 8KK<DGKJ :FLC; 8CJF C8P 8 9<8;
9LK K?<P ;@;E\K
?8M<<EFL>??<8KFIG<E<KI8K@FEKFD8B<8EPK?@E>JK@:B

 N<C;<I 8CJF E<<;J 8 N8P KF I<C@89CP :FEKIFC K?< 8DG<I8><


N?@:? & ?8M<E\K J<<E FK?<I GIFA<:KJ ;F & J8N FE< GIFA<:K
N?<I< ;@DD<I JN@K:?<J N<I< LJ<; FE K?< GI@D8IP :F@CJ
%FN<M<I
;@DD<I JN@K:?<J 8I< FECP 89C< KF ?8E;C< 8IFLE;
 N8KKJ
8E; K?<J< JK@:B N<C;<IJ I<HL@I< LGN8I;J F=

W
 N8KKJ &E DP <OG<I@<E:<
K?< ;@DD<I JN@K:?<J
=8@CM<IPHL@:BCP


& ;FE\K :C8@D KF 9< K?< =@IJK KF D8B< 8 *,1 N<C;<I NFIB *P
:C8@D @J FECP K?8K K?@J @J 8 N8P &\M< =@>LI<; FLK K?8K 8:KL8CCP
;F<JNFIBN@K?J8K@J=P@E>I<JLCKJ

#@IJK4<C;J


& LJ<; FE< F= K?< C8I>< G@<:<J F= D<K8C 8J 8 98J< GC8K< 8E;
:FEE<:K<;K?<>IFLE;@E>:C@GKFK?8K

2J@E> 8   Z :<CCLCFJ< :F8K<; IF; :FDG8K@9C< N@K?



& KI@<; D8B@E> DP =@IJK N<C;J FE KNF F= K?< G@<:<J & :LK
<8IC@<I

0KI@B@E> K?< 8I: N8J C@B< JKI@B@E> 8 D8K:?


8E; & N8J ?8GGP KF
J<< K?< 8I: N8J JLJK8@E89C< 1?8K D<8EK K?8K K?< MFCK8>< 8E;
8DG<I8><N<I<>FF;

& I<>LC8K<; K?< :LII<EK N@K? 8 ;<M@:< & :8CC K?< Y0:8I@8: Z &K
NFIBJ 8J 8 :LII<EK :FEKIFCC<I KF M8IP K?< 8DG<I8>< KF K?<
N<C;<I &EJKIL:K@FEJ:8E9<=FLE;FE G8><

4?<E K?< JC8> N8J BEF:B<; F== K?< N<C;


K?< FECP N8P &
I<8CCP ?8; F= K<JK@E> @K N8J 8 ;<JKIL:K@M< K<JKX9<E;@E> @K LEK@C
@K9IFB<


& GC8:<; K?< D<K8C @E DP 9<E:? M@:< 8E; 9<EK @K 8CC K?< N8P
FM<I & N8J 8:KL8CCP JLIGI@J<; N?<E K?< N<C; ?<C; JKIFE>
0L::<JJ

& KI@<; K?< J8D< K?@E> N@K? 8EFK?<I G@<:<


8E; ;@; <M<EKL8CCP
><K K?< D<K8C KF I@G
9LK @K KFI< 9<CFN K?< N<C; 1?< N<C;J
E<M<I;@;9I<8B

0<:FE;,G@E@FE

& KFFB DP LE@K KF 8 =I@<E; N?F 8:KL8CCP @J 8E <OG<I@<E:<;


N<C;<I & N8EK<; KF ><K 8 DFI< GIF=<JJ@FE8C FG@E@FE %< K<JK<;
@KFLKFEJFD<JK8@EC<JJJK<<C
8E;>8M<JFD<>I<8K=<<;98:B

%@J <OG<I@<E:< N8J K?8K K?< N<C; :FDGC<K<CP G<E<KI8K<; K?<


D<K8C
8E; ?< J8@; @K NFIB<; 8J N<CC 8J K?< FE< ?< ?8; @E ?@J


J?FG 4< KI@<; 9I<8B@E> K?< N<C;
8E; 8>8@E GIFM<; @K ?<C;
=8JK 1?<D<K8CFLKJ@;<K?<N<C;KFI<
9LKK?<9<8;;@;E\K

*FI<4<C;@E>=FI-I8:K@:<


#FI <OKI8 GI8:K@:<
& N<C;<; 8CC K?< JD8CC G@<:<J F= D<K8C 8E;
8EPK?@E> <CJ< & ?8; CP@E> 8IFLE; 0FD< =I8D@E> E8@CJ 8E;
:?8@E >FK @E:CL;<;
8E; GI<KKP JFFE & ?8; JFD< D<K8C 8IK K?8K
CFFB<;JFD<K?@E>C@B<8N<8GFE=FI8QFD9@<8GF:8CPGJ<

& 8CJF KI@<; D8B@E> K?< :C8JJ@: ?FIJ< J?F< GLQQC< LJ@E> KNF
?FIJ<J?F<J
JFD< C<E>K?J F= :?8@E
8E; 8 Z JK<<C I@E> &K
NFIB<;FLKGI<KKPN<CC

1?< >F8C @J KF KIP 8E; ><K K?< I@E> F==


N?@:? J<<DJ
@DGFJJ@9C< 9<:8LJ< @K\J KFF JD8CC
9LK & C<K DP N@=< GC8P
8IFLE;N@K?@K8E;J?<GIFM<;@K:8E9<;FE<

;;@K@FE8C#<8KLI<J


& KI@<; N<C;@E> N@K? JFD< C8I><I  Z IF;
9LK K?< N<C;<I
JK8IK<; KF FM<I?<8K =8JK 1?< N<C;J I<HL@I<; DL:? DFI<
:LII<EK
N?@:? D8;< K?< :F@CJ ><K ?FK 8E; GLK K?<D @E ;8E><I
F=D<CK@E>


& GIF989CP NFLC;E\K LJ< K?@J KF N<C; N@K?  Z FE 8 I<>LC8I
98J@J
9LK KF :FD98K K?< <OKI8 ?<8K
& LJ<; 8 =8E J8CM8><; =IFD
FE< F= K?< D@:IFN8M<J 8E; GC8:<; @K LG KF 8 M<EK ?FC< @E K?<
J@;< F= K?< N<C;<I\J :8J@E> 1?@J 9CFNJ 8@I FM<I K?< :F@CJ 8E;
<O?8LJKJ K?< 8@I FLK K?< FK?<I J@;< &E K?< <M<EK F= <OKI<D<
FM<I?<8K@E>
K?< <EK@I< KFG :8E 9< I<DFM<; =FI D8O@DLD
:FFC@E>

0L::<JJ

4<CC
K?<I<@K@J*,1JK@:BN<C;<IK?8K@JGIFM<EKFNFIB

%FNKF*8B<80GFK4<C;<I=FI ?<8G

6FL*@>?K<0LIGI@J<;%FN ?<8G&K 8E<


 KPG@:8C I<J@JK8E:< 0GFK 4<C;<I :8E I8E>< @E GI@:< =IFD
89FLK  KF 
9LK N@K? 8 C@KKC< I<JFLI:<=LCE<JJ 8E; 8 9@K
F==I<<K@D<
PFL:8ED8B<FE<C@B<K?@J=FI89FLKFIC<JJ

0GFK N<C;<IJ 8I< LJ<; KF =LJ< K?@E J?<<KJ F= D<K8C KF><K?<I


1?<P 8I< DFJK C@B<CP LJ<; @E K?< 8LKF @E;LJKIP 8J N<CC 8J
%3 =FIN<C;@E>D<K8C;L:K@E>

0K<G18B<0FD<*<8JLI<D<EKJ


*<8JLI@E> K?< 98J< F= DP *<K8C *<CK<I
& =FLE; @K N8J 89FLK
^Z

& =FLE; 8 J@O =FFK C<E>K? F= O :FDDFE 9F8I; =FI 89FLK =FLI
;FCC8IJ
N?@:? 8:KL8CCP D<8JLI<J FLK 8K ]Z
JF @K N@CC NFIB
ALJK=@E<

1NF G@<:<J F= K?< 9F8I; N@CC E<<; KF 9< :LK KF Z C<E>K?J
]Z O Z
9LK K?< I<JK :8E 9< GLJ?<; K?IFL>? 8 K89C< J8N KF
KI@D K?< N@;K? ;FNE KF ]Z ^Z N@;<I K?8E K?< KI8EJ=FID<I
98J<

0K<G/FL>?@E>K?< 8J<1F><K?<I


1?< G@<:< F= :FDDFE 9F8I; K?8K PFL ALJK KI@DD<; ;FNE KF
]ZN@;<:8E9<:LK@EKFK?I<<G@<:<JD<8JLI@E>

S ZO]Z

S ZO]Z

S ZO]Z

1?<FK?<IKNFG@<:<JF=K?<:FDDFE9F8I;J?FLC;D<8JLI<


S ZO]ZOKNFG@<:<J

S 6FL\CC8CJFE<<;=FLIG@<:<JF=OD<8JLI@E>

S ZOZO]ZOKNFG@<:<J

S ZOZOZOKNFG@<:<J

1?@J@J8CCK?<NFF;PFL\CCE<<;=FI9L@C;@E>K?<:8J@E>

& LJ<; 8 _Z IFLE;@E> 9@K 8E; DP IFLK<I KF JDFFK? K?< <;><J


8E;>@M<@K8:C<8E<ICFFB

1?@J@JIFL>?CP?FN@KN@CCCFFBN?<E@K\J8JJ<D9C<;

0K<G-I<GG@E>K?<-@<:<J


 EFK:? E<<;J KF 9< :LK FE FE< F= K?< O 8IDJ
8E; PFL\CC
J<< N?8K K?@J @J =FI C8K<I FE & =FLE; K?8K 8 G@<:< F= J:I8G :8E
9<LJ<;8J8K<DGC8K<

1?< EFK:? :8E 9< :LK FLK N@K? 8 98E; J8N


NFF; J8N
FI 8EP
FK?<I J8N PFL :8E ><K :I<8K@M< N@K? & LJ<; 8 A@> J8N
9LK
NFLC;E\KI<:FDD<E;@K8JK?<J8=<JKFGK@FE

1?< 98:B G8E<C Z O ]Z 8CJF ><KJ ?FC<J :LK K?8K N@CC
8::FDDF;8K< 8E <C<:KI@:8C C@>?K JN@K:? 8E; 8 EFK:? =FI 8
GFN<I:89C<

1?< G@<:<J ><K J8E;<;


GI@D<;
8E; G8@EK<; & :?FJ< KF G8@EK
K?@J9C8:B8E;P<CCFN

0K<G;;@K@FE8C*8K<I@8CJ


4?<E & J8CM8><; K?< *@:IFN8M< ,M<E 1I8EJ=FID<I @E 8
GI<M@FLJ GIFA<:K
& J8M<; JFD< F= K?< FK?<I :FDGFE<EKJ K?8K
:8E9<LJ<;=FIFLI0GFK4<C;<I

S 1?<GFN<I:FI;

S 1?<;FFI?8E;C<


S 4@I<J =FI K?< KI8EJ=FID<I K<ID@E8CJ N@K? @EJLC8K<; JG8;<
:FEE<:KFIJ

S -FN<IJN@K:?N@K?N@I<J8E;@EJLC8K<;JG8;<:FEE<:KFIJ

J@;<=IFDK?<J<
K?<FECPFK?<I@K<DJPFL\CCE<<;8I<

S 0@DGC<C@>?KJN@K:?
N@K?=8:<GC8K<

S FGG<IF==J<KK<ID@E8CCL>JK?8KN@CC?FC;OKNF

S ^Z?<OJ:I<NJOKNF

S 0D8CCE8@CJOKNF

S )<E>K? F= JFC@; :FGG<I N@I<  4$ @J 9<KK<I


9LK & LJ<; 
4$@EK?@JGIFA<:K

1?< JFC@; :FGG<I N@I< :8E 9< JE@GG<; @EKF Z C<E>K?J K?8K =@K
E@:<CP@EKFK?<K<ID@E8CCL>J

1?< CL>J ?8M< 8 D<:?8E@JD K?8K :8E 9< K@>?K<E<; N@K? 8


J:I<N;I@M<I KF J<:LI< K?< :FEE<:K@FE N@K? K?< N@I< 1?<
K@>?K<I
K?<9<KK<I

0K<G0K8IKJJ<D9CP


+FN K?8K K?< NFF; @J G8@EK<;
=@E@J?<;
8E; ;IP & >8M< @K
89FLKKNF;8PJ
K?<LE@K:8E9<8JJ<D9C<;

1?<98:BG8E<C@J=FI8C@>?KJN@K:?8E;8GFN<I:FI;

<=FI< J:I<N@E> K?< G8E<C @EKF K?< 98J<


D8B< JLI< PFLI :FI;
>F<J @E =@IJK 1?< K?@:B G@<:< 8K K?< <E; F= K?< :FI; GI<M<EKJ @K
=IFDGLCC@E>98:BK?FL>?K?<?FC<

1?@J @J 8CJF K?< K@D< KF 8;; K?< KNF G@<:<J F= Z O Z O Z


JLGGFIK 9CF:BJ KF K?< 98J< < JLI< F= PFLI D<8JLI<D<EKJ
9<=FI< PFL J:I<N K?<D ;FNE 6FL N8EK K?<D KF <E; LG =CLJ?
N@K?K?<J@;<G8E<CJN?<E@K\J;FE<


1?< *<K8C *<CK<I :8E 9< GC8:<; @EJ@;< EFN
8E; N?<E 8 >FF;
GFJ@K@FE @J =FLE;
@K :8E 9< J:I<N<; KF K?< 98J< N@K? 8 :FLGC<
F=JD8CCJ:I<NJ

+FN@K\JK@D<KFN@I<LGK?<<C<:KI@:8CJPJK<D

0K<G1?<"C<:KI@:8C0PJK<D


0K8IK@E> N@K? K?< GFN<I :FI; :FD@E> @EKF K?< :8J@E>
&
JKI@GG<; K?< 9C8:B N@I< 8E; 8KK8:?<; @K KF K?< 9FKKFD K<ID@E8C
F=K?<C@>?KJN@K:?

+<OK
& 8KK8:?<; FE< F= K?< N@I<J & ?8; J8CM8><; KF K?< I@>?K
K<ID@E8C FE K?< KI8EJ=FID<I
JKI@GG<; K?< FK?<I <E;
8E;
8KK8:?<;K?8KKFK?<KFGF=K?<C@>?KJN@K:?

1?< <C<:KI@:8C :FLC; 8CDFJK 9< =@E@J?<; ?<I<


9LK & N8EK<; KF
8;; 8EFK?<I JN@K:? =FI J8=<KP 8E; :FEM<E@<E:<
8E; K?8K\J
N?<I< K?< J8CM8><; JN@K:? =IFD K?< D@:IFN8M< ?8:B :FD<J
@E

1?< KNF N@I<J 8KK8:?<; KF K?< JN@K:? :8E 9< NI8GG<; N@K?
<C<:KI@:8C K8G< KF J<:LI< K?< :FEE<:K@FE 8E; ?<CG @EJLC8K< =IFD
<C<:KI@:J?F:B

1?<E 9FK? <E;J F= K?< N@I<J 8I< JKI@GG<; JF K?< :FGG<I N@I< @J
<OGFJ<;


,E< N@I< :FEE<:KJ KF K?< C<=K K<ID@E8C F= K?< *<K8C *<CK<I\J
GI@D8IP :F@C
8E; K?< FK?<I N@I< :FEE<:KJ KF K?< N?@K< N@I< FE
K?<GFN<I:89C<K?8KILEJ98:BKFK?<?FLJ<

1?<<C<:KI@:8CJPJK<D@J:FDGC<K<

0K<G CFJ<&K2G8E;;;K?<IDJ


1?< J@;<J :8E 9< J:I<N<; FE N@K? J@O NFF; J:I<NJ FE <8:?
J@;< & LJ<; Z NFF; J:I<NJ 8=K<I ;I@CC@E> G@CFK ?FC<J KF D8B<
JLI<K?<NFF;;@;E\KJGC@K

1?< KI@>><I JN@K:? @J 8KK8:?<; E<8I K?< K@G F= K?< KFG N<C;<I
8ID 8E; 8K 8 9@K F= 8E 8E>C<
JF @K :8E 9< GI<JJ<; <8J@CP &
=FLE;K?8KKNFJD8CCE8@CJ?<C;K?@J@EGC8:<G<I=<:KCP

FK? 8IDJ :8E ><K @EJ<IK<; @EKF K?< =IFEK F= K?< :8J@E>
8E;
N@K? 8 9@K F= >L<JJNFIB
8 ?FC< :8E 9< ;I@CC<; K?IFL>? K?< J@;<
F= K?< :8J@E> 8E; @EKF K?< <E; F= K?< 8IDJ JF K?8K N?<E 8 E8@C
@J@EJ<IK<;
@KN@CCG@MFK

+FNPFL:8EJ<<N?PN<E<<;<;K?<EFK:?@EK?<8ID

1F ?<CG K?< 8ID JK8P @E 8E LGI@>?K GFJ@K@FE


& 8;;<; 8 :FLGC<
F=J:I<NJ8E;IL99<I98E;JKFB<<GK?<K<EJ@FE

1?@J 8CJF GIFM@;<J 8 C@KKC< 98:B GI<JJLI< 8E; JK89@C@Q8K@FE


N?<ELJ@E>K?<N<C;<I


0K<G;;@E>K?<"C<:KIF;<J

1?<:FGG<ICL>J:8E9<8;;<;KFK?<K@GJF=K?<8IDJ

& ;I@CC<; G@CFK ?FC<J N@K? 8  K? ;I@CC 9@K


K?<E J<:LI<; K?<
CL>J 9P GLJ?@E> K?< ?<O 9FCKJ =@IJK K?IFL>? K?< ?FC< @E K?<
CL>J
K?<E K?IFL>? K?< CL>J FE K?< *<K8C *<CK<I
K<ID@E8CJXFE< @E K?< KFG 8E; FE< @E K?< 9FKKFD &K J?FLC;E\K
D8KK<I N?@:? N8P K?<P >F
9LK & :?FJ< KF D8B< DP KFG :89C<
FEK?<J8D<J@;<8JK?<JN@K:?9<:8LJ<@KN8J<8J@<IKF?8E;C<


&= K?< <C<:KIF;< K@GJ ;FE\K C@E< LG G<I=<:KCP
@K\J <8JP KF 9<E;
K?<D8C@KKC<LEK@CK?<P;F

0K<G1?<#@E@J?<;/<JLCK

1?<0GFK4<C;<I@J=@E@J?<;


&K N@CC FECP NFIB @= K?< J8=<KP JN@K:? FE K?< 98:B @J KLIE<; FE

8E; <M<E K?<E


EF GFN<I @J ;<C@M<I<; LEK@C K?< K?LD9 FG<I8K<;
JN@K:?@JGI<JJ<;

1F LJ<
GC8:< K?@E J?<<KJ F= D<K8C 9<KN<<E K?< <C<:KIF;< K@GJ

K?<E GI<JJ K?< 9LKKFE N@K? PFLI K?LD9 =FI 89FLK K?I<< FI =FLI
J<:FE;J

1?< D8JJ@M< <C<:KI@:8C :LII<EK GLJ?@E> K?IFL>? K?< D<K8C


?<8KJ@KLGKFK?<GF@EKN?<I<@K=LJ<JN@K?K?<FK?<IJ?<<K

6FL :8E I<C<8J< PFLI K?LD9 =IFD K?< JN@K:? 8E; N8@K LEK@C
K?<N<C;:FFCJ<EFL>?KF?8E;C<

4<C;@E> K?<J< D<K8C N8J?<IJ NFIB<; JF N<CC K?8K & :FLC;E\K


9I<8B K?<D 9P ?8E; & ?8; KF LJ< KNF G8@IJ F= GC@<IJ KF ><K
K?<DKFJE8G

4?<E K?< <E<I>@Q<; <C<:KIF;< K@GJ KFL:? <8:? FK?<I


PFL :8E
J<<K?<?@>? 8DGJG8IBJ

+,1"

LIE@E> >8CM8E@Q<; D<K8CJ D8P I<C<8J< Q@E: FO@;< =LD<J


4<C;@E>J?FLC;9<;FE<@E8N<CCM<EK@C8K<;8I<8

0K<G;;@K@FE8C#<8KLI<J



1?< <C<:KIF;< 8IDJ 8I< FECP ?<C; @E N@K? E8@CJ
JF @= K?< E8@CJ
8I< I<DFM<;
K?< 8IDJ :8E 9< I<DFM<; KF <OK<E; K?< N<C;<IJ
I<8:?8E;8::<JJ;@==@:LCK8E>C<J

1?<P >F 98:B KF><K?<I M<IP <8J@CP 8E; K?< <C8JK@: :8E 9<
:FEM<E@<EKCPI<GC8:<;N?<EE<:<JJ8IP

4?<E K?< <C<:KIF;< K@GJ 8I< JG<EK


@K\J <8JP KF LEJ:I<N K?<
9FCK ?FC;@E> K?<D @E GC8:< 8E; 8;; 8 =I<J? G@<:< F= :FGG<I
N@I<

FGG<I N@I< @J I<C8K@M<CP :?<8G 6FL :8E ><K 8 G@<:< F= Z 


4$ N@I< =FI 89FLK 8 ;FCC8I 1?8K D<8EJ <8:? K@G @J C<JJ K?8E
K<E:<EKJ<8:?

1?< GFN<I F= K?< D<K8C D<CK<I @J JK@CC <M@;<EK @E K?< N8P K?@J
:8E 9I@E> @IFE D<K8C KF 8 9F@C < :8I<=LC ILEE@E> K?< N<C;<I
KFF CFE>
9<:8LJ< K?<I< @J 8 :?8E:< K?< N@I<J N@CC ><K JF ?FK
K?8KK?<@EJLC8K@FEFEK?<:89C<JN@CCJK8IKJDFB@E>8E;D<CK


+FN PFL BEFN ?FN KF D8B< DP M<IJ@FE F= 8 :?<8G 0GFK
4<C;<I

%FNKF*8B<K?<*<K8C*<CK<I

&E K?@J GIFA<:K PFL\CC C<8IE JK<G 9P JK<G ?FN KF DF;@=P 8


D@:IFN8M< FM<E KI8EJ=FID<I @EKF 8 ?@>? :LII<EK ;<M@:< K?8K
:8EGLDGFLK8DGJF=<C<:KI@:8C:LII<EK

&= PFL C@B<; K?< *<K8C *<CK<I PFL J8N @E 8 GI<M@FLJ GIFA<:K

?<I<\J?FNPFL:8ED8B<PFLIFNE

0K<G#@E;8E,C;*@:IFN8M<


0K8IK 9P =@E;@E> 8E FC; D@:IFN8M< =FI =I<<XK?< 9@>><I
K?<
9<KK<I

6FL :8E =@E; K?<D @E M8I@FLJ GC8:<J


C@B< FE =I<< :C8JJ@=@<;
8;J FI @E PFLI E<@>?9FI\J >8I98>< :8E
C@B< N?<I< & =FLE; K?@J
FE<

0K<G%8IM<JKK?<1I8EJ=FID<I


1?< KI8EJ=FID<I @J K?< G@<:< K?8K PFL\CC E<<;
8E; @K CFFBJ C@B<
K?@J

21&,+

*8B< JLI< PFL\I< =8D@C@8I N@K? K?< ;8E><IJ F= FG<E@E> 8


D@:IFN8M< 9<:8LJ< K?<I< 8I< :FDGFE<EKJ @EJ@;< K?8K D8P JK@CC


:8IIP 8 :?8I>< 8E; :FLC; ?LIK FI <M<E B@CC PFLX<M<E @= K?<
D@:IFN8M<@JE\KGCL>><;@E

1?< KI8EJ=FID<I :FI< @J FECP ?<C; KF><K?<I 9P KNF M<IP K?@E


N<C;J
8JJ<<EFEK?<J@;<F=K?@JFE<

 ?8:BJ8N FI 8E>C< >I@E;<I :8E 9< LJ<; KF :LK K?< N<C;


8E;
K?<E 8 ?8DD<I 8E; :?@J<C :8E 9< LJ<; KF 9I<8B @K FG<E
>@M@E>
PFL8::<JJKFK?<GI@D8IP8E;J<:FE;8IP:F@CJ

< M<IP :8I<=LC K8B@E> K?< GI@D8IP :F@C FLK


9<:8LJ< PFL\CC
E<<; @K 8>8@E *8B< JLI< EFK KF 9<E;
9I<8B
FI J:I8K:? @K @E
8EPN8P

+,1"

1?< J<:FE;8IP :F@C @J ?8I;<I KF ><K FLK


8E; D8P 9< ;8D8><;
9P K?< K@D< PFL ;F
9LK K?8K\J FB 9<:8LJ< N< ;FE\K E<<; @K =FI
K?@J GIFA<:K %FN<M<I
@= PFL :8E J8CM8>< @K @EK8:K
@K D8P 9< 8
JFLI:<F=K?@E>8L><<E8D<C<;:FGG<IN@I<=FI=LKLI<GIFA<:KJ

0K<G/<N@E;K?< F@CJ


,B8P
PFLI KI8EJ=FID<I :FI< J?FLC; EFN 9< 98I< 1?<J< 8I<
K?< Y"Z 8E; Y&Z J<:K@FEJ F= K?< :FI<
8E; ?8M< 9<<E J:I8G<;
N@K?8:?@J<CKFI<DFM<>CL<8E;G8G<IJKL:BKFK?<@EJ@;<J

1?< E<OK JK<G @J KF :8I<=LCCP I<GC8:< K?< GI@D8IP :F@C 8E;


<EJLI< @K\J JEL> 8K K?< 9FKKFD F= K?< :FI< =K<I K?8K
8;; 8 \
C<E>K? F=  4$ @EJLC8K<; :FGG<I :89C< 1?@J K?@:B<I :89C<
N@CC <OK<E; K?< 8DFLEK F= K@D< 8 D8JJ@M< <C<:KI@:8C :LII<EK
:8E=CFN9<=FI<K?<:89C<FM<I?<8KJ


1?< J<:FE;8IP :89C< @J FECP NI8GG<; FE< 8E; _ K@D<J 8IFLE;
K?<:<EK<I

0K<G$CL<&K8:B1F><K?<I

&= PFL ;FE\K ?8M< 8 N8P KF N<C; K?< 98J< 98:B FE


PFL :8E LJ<
JFD< KNF G8IK <GFOP >CL< 8E; 8GGCP KF 8CC K?< JLI=8:<J K?8K
N@CC9<@E:FEK8:K


=K<I K?8K
:C8DG @K KF><K?<I KF C<K K?< >CL< J<K & LJ<; DP
9<E:?M@J<8J8:C8DG8E;@KNFIB<;G<I=<:KCP

4?<E K?< >CL< @J ;IP


EFE< F= K?< N@I<J J?FLC; 9< KFL:?@E>
<8:?FK?<I
9LKN?8K@K:8E;F@JM<IP@DGI<JJ@M<

0K<G*<CK0FD<*<K8C


1?< FLKGLK MFCK8>< FE K?@J @J ALJK 98I<CP FM<I KNF MFCKJ
9LK
K?< 8DGJ 8I< :CFJ<I KF  1?8K\J <EFL>? :LII<EK KF D<CK @IFE
E8@CJ8E;JK<<C9FCKJFE:FEK8:K

0K<G0GFK4<C;<I

& =FLE; 8 GI8:K@:8C LJ< =FI 1?< *<K8C *<CK<I @E D8B@E> 8 0GFK
4<C;<I C@B< K?@J FE< 1?< <C<:KI@:8C :LII<EK :8E 9<
:FE:<EKI8K<; KF 8 J@E>C< GF@EK KF =LJ< K?@E J?<<KJ F= D<K8C
KF><K?<I 1?@J@JBEFNE8J8YJGFKN<C; Z

6FL:8EJ<<?FN&D8;<K?@J@E8;@==<I<EKGIFA<:K

+FN6FL(EFN


+FNPFLBEFN?FNKFD8B<K?<*<K8C*<CK<I


0<:K@FE

*@J:<CC8E<FLJ%8:BJ


%FNKF*8B< ?8I CFK?N@K?81LE8 8E

& J8:I@=@:<; DP B@;J\ :CFK?<J 8E; 8 :8E F= KLE8 KF D8B< JFD<


?@>? HL8C@KP =@I< JK8IK<I %<I<\J ?FN KF D8B< 8 >I<8K 98K:? F=
:?8I:CFK?KF8;;KFPFLI<D<I><E:PB@K

4/+&+$

1?@J GIFA<:K J?FLC; EFK 9< 8KK<DGK<; N@K?FLK 8;LCK


JLG<IM@J@FE 8E; 8;<HL8K< KI8@E@E> *@JLJ< FI :8I<C<JJ LJ< F=
=@I< 8E; =C8DD89C< D8K<I@8CJ D8P I<JLCK @E J<I@FLJ @EALIP

GIFG<IKP ;8D8><
8E; FI ;<8K? 2J< F= K?@J :FEK<EK @J 8K PFLI
FNEI@JB

4?8K&J ?8I CFK?


?8I :CFK? @J =@I< JK8IK@E> K@E;<I K?8K ?8J K?< 89@C@KP KF :8GKLI<
8E; ?FC; 8 JG8IB 8D8Q@E>CP N<CC
8E; =FI 8 :FEJ@;<I89C<
8DFLEKF=K@D<

::FI;@E>KF4@B@G<;@8

Y ?8I :CFK? 8CJF :8CC<; :?8IG8G<I @J 8 JN8K:? F= =89I@: D8;<


=IFD M<><K89C< =@9<I JL:? 8J C@E<E
:FKKFE FI ALK< K?8K ?8J
9<<E :FEM<IK<; M@8 GPIFCPJ@J @EKF 8 JCFN 9LIE@E> =L<C F= M<IP
CFN@>E@K@FEK<DG<I8KLI<

Y&K @J :8G89C< F= 9<@E> @>E@K<; 9P 8 J@E>C< JG8IB K?8K :8E @E


KLIE9<LJ<;KF@>E@K<8K@E;<I9LE;C<KFJK8IK8=@I<

Y&K @J JFD<K@D<J D8EL=8:KLI<; 8K ?FD< =FI LJ< 8J K?< @E@K@8C


K@E;<I N?<E :FFB@E> FI :8DG@E> 8E; ?@JKFI@:8CCP LJL8CCP
GIFM@;<; K?< [K@E;<I\ :FDGFE<EK F= 8 K@E;<I9FO &K @J F=K<E
D8;< 9P GLKK@E> :CFK? @EKF 8E 8CDFJK 8@IK@>?K K@E N@K? 8 JD8CC


?FC< @E @K
8E; :FFB@E> @K @E :8DG=@I< :F8CJ LEK@C K?< JDFB@E>
JCFNJ8E;K?<:CFK?@JGIFG<ICP:?8II<;

Y ?8I :CFK? @>E@K<J N@K? <M<E K?< JD8CC<JK JG8IB


8E; @J
K?<I<=FI<:FDDFECPLJ<;N@K?8=C@EK8E;JK<<C Z

0K<G*8K<I@8CJ6FL\CC+<<;

1?@J GIFA<:K :8E 9< ;FE< N@K? @K<DJ PFL GIF989CP 8CI<8;P
?8M<8IFLE;K?<?FLJ<

S 1LE8 8E

S Y)@;C@=K<IZJKPC<:8E FG<E<I

S +8@C
GLE:?
FIJD8CCJ:I<N;I@M<I


S FKKFE=89I@:

#FI :FKKFE =89I@:


FC; 1 J?@IKJ NFIB M<IP N<CC @= K?<P\I< 
G<I:<EK :FKKFE 6FL :8E =@E; K?@J @E=FID8K@FE FE K?< K8> @EJ@;<
K?< J?@IK & 8CJF =FLE; K?8K :FKKFE 98CCJ NFIB <OKI<D<CP N<CC

8E;?8M<9<:FD<DPE<N=8MFI@K<

0K<G FFBK?< FKKFE


1FD8B<K?<:?8I:CFK?:FFB<I
ALJK=FCCFNK?<J<JK<GJ

 &= GFJJ@9C<
LJ< 8 YC@; C@=K<IZ JKPC< :8E FG<E<I KF FG<E K?<
:8E 1?@J:LKJK?<KFGF==8CFE>K?<J@;<F=K?<:8E

 C<8E FLK PFLI KLE8 :8E 8E; D8B< JLI< @K\J ;IP 8E; =I<< F=
:FEK8D@E8EKJ

 -C8:< =FLI KF <@>?K :FKKFE 98CCJ @EJ@;< K?< :8E FI 89FLK
=FLIIFLE;G@<:<JF=:FKKFE=89I@:=IFDPFLI1 J?@IK

 /<GC8:< K?< C@; 8E; GI<JJ @K 98:B @EKF GC8:< EFK< &= PFL
:LK @K N@K? 8 YC@; C@=K<IZ JKPC< :8E FG<E<I
@K J?FLC; GI<JJ 8E;
?FC;KF><K?<IC@B<@KN8JD<8EKKF9<

 #C@G K?< :8E FM<I 8E; LJ< PFLI GLE:? KF D8B< 8 JD8CC ?FC<
@EK?<YKFGZF=K?<:FFB<I

6FLI:FFB<I@J:FDGC<K<8E;I<8;PKF>F

0K<G#@I<&K2G


1?< >F8C @J KF ?<8K K?< :FEK8@E<I LG FM<I R# R 

N?@:?:8E9<;FE<@E8M8I@<KPF=N8PJ #FI<O8DGC<

S 2J<JFC8IGFN<I


S -C8:<;@I<:KCP@E8EFG<E=C8D<

S EP FK?<I FLK;FFI D<K?F; F= @E;L:@E> ?<8K FLK;FFIJ


9<:8LJ< GFK<EK@8CCP ?8ID=LC >8J<J N@CC 9< I<C<8J<; 8E; :8E
JD<CCLGPFLI?FLJ<

4?<E K?< :FEK8@E<I ><KJ ?FK <EFL>?


K?< :FKKFE I<C<8J<J
>8J<J
@E:CL;@E> ?P;IF><E 8E; D<K?8E< >8J<J J K?<J< >8J<J
8I< :FFB<; FLK
K?< =@9<I 9<:FD<J :8I9FE@Q<; K?IFL>? 8
GIF:<JJ :8CC<; YGPIFCPJ@J Z 1?@J D<8EJ K?8K K?< =@9<I @J
:?8II<;9LKEFK9LIE<;

6FL :8E K<CC K?< GIF:<JJ @J NFIB@E> 9<:8LJ< PFL\CC J<< K?< >8J
M<EK@E> K?IFL>? K?< ?FC< @E K?< KFG F= K?< :FEK8@E<I 1?<J<
>8J<J 8I< =C8DD89C< 8E; D8P @>E@K< !FE\K NFIIP @= K?<P ;F
9<:8LJ<K?8K\JEFID8C8E;ALJK=@E<

1?< :FFB@E> @J ;FE< N?<E K?< >8J JKFGJ 8E; K?< =C8D< >F<J
FLK

+,1"

&\M< =FLE; K?8K :FFB@E> K?<D 9<PFE; K?< GF@EK N?<I< K?<
>8J<J JKFG 8E; =C8D< >F<J FLK :8E E<>8K@M<CP 8==<:K K?<@I
G<I=FID8E:<
JF K8B< K?< :FEK8@E<I F== K?< =@I< 8J JFFE 8J
GFJJ@9C<

+<OK

S -C8:< 8 C8P<I F= 8CLD@ELD =F@C FM<I K?< ?FC< KF GI<M<EK 8@I


=IFDJL:B@E>98:B@EKFK?<:FEK8@E<I

S )<K:FFC=FI89FLK=@M<D@ELK<J


+,1"

1?< :FEK8@E<I @J M<IP ?FK


JF LJ< GIFK<:K@FE FE PFLI ?8E;J KF
8MF@;9<@E>9LIE<;N?@C<8GGCP@E>K?<=F@C

%FN!@;&K1LIE,LK


4?<E K?< :FEK8@E<I ?8J :FFC<; F== :FDGC<K<CP
FG<E @K LG 8E;
K?< =@IJK K?@E> PFL\CC ?FG<=LCCP J<< @J K?8K PFLI N?@K< :FKKFE
=89I@:FI:FKKFE98CCJ?8M<KLIE<;:FDGC<K<CP9C8:B

+,1"

&= K?<I< 8I< G8IKJ K?8K 8I< JK@CC N?@K< FI 9IFNE


@K\J EFK :FFB<;
:FDGC<K<CP8E;E<<;JDFI<K@D<FEK?<=@I<

1F K<JK PFLI 98K:? F= :?8I :CFK?


9ILJ? ><EKCP N@K? 8E FG<E
=C8D< 1?< :CFK? J?FLC; :8GKLI< K?< ?<8K 8E; =FID 8 JD8CC
JG8IB K?8K N@CC :FEK@EL< KF JDFC;<I =FI 8E @DGI<JJ@M< 8DFLEK
F=K@D< ,E<:FKKFE98CC:8EC8JK8:FLGC<F=D@ELK<J

P 9CFN@E> 8@I FEKF K?< JG8IB


?<8K N@CC KI8EJ=<I HL@:BCP 8E;
:8E <E>LC= K?< <EK@I< :CFK? 1?@J @J K?< >I<8K 8;M8EK8>< F= K?<
:CFK? &K :8E ;<C@M<I 8 CFK F= ?<8K N?<E PFL E<<; @K 9P
9CFN@E> FE @K FI ALJK ?FC; 8 JG8IB =FI 8 :FLGC< F= D@ELK<J
N?@C<PFL\I<><KK@E>PFLIK@E;<I9LE;C<I<8;P

&E CFJ@E>

4<CC
K?<I<\J ?FN KF D8B< 8 98K:? F= :?8I :CFK? LJ@E>
D8K<I@8CJ =IFD 8IFLE; K?< ?FLJ< &K\J >I<8K =FI <D<I><E:@<J

JF>FD8B<898K:?=FIPFLI<D<I><E:PB@KI@>?KEFN


%FNKF*8B<0C@D<+@EA81LIKC<,FQ<

%<P
CFFB 8K K?@J 1?<I<\J 8 9IFB<E :8E@JK<I F= DLK8EK FFQ<
C<8B@E> ;FNE @EKF K?< J<N<IJ LK ;FE\K NFIIP 9<:8LJ< K?@J
JK@:BP JC@D< @J EFE KFO@:
8E; @K\J JF <8JP KF D8B<
8
K?I<< P<8I FC;:8E;F@K

0K<G$8K?<I1?<J<*8K<I@8CJ


&EJG@I<; 9P !I EE< %<CD<EJK@E< N@K? 9FLK :FD
DP B@;J
8E;&=FLE;8E;JC@>?KCPDF;@=@<;8I<:@G<=FID8B@E>JC@D<

*P B@;J N<EK :I8QP =FI @K &K\J >I<8K JKL== 9<:8LJ< @K\J
98J@:8CCP ?8IDC<JJ 8E; <OKI<D<CP <8JP KF D8B< 0F <8JP
@E
=8:K
K?8K DP C@KKC< K?I<< P<8I FC; ;@; @K ?@DJ<C= N@K? 8 C@KKC<
:F8:?@E>
F=:FLIJ<

&=PFL\;C@B<KFD8B<@K8K?FD<
?<I<\J?FNN<;@;@K

0K<G$8K?<I6FLI*8K<I@8CJ

6FLN@CCE<<;

S ] K<8JGFFE 9FI8O C8LE;IP 9FFJK<I =FLE; @E >IF:<IP JKFI<J


@EK?<C8LE;IP;<K<I><EKJ<:K@FE

S  FLE:<J :C<8I J:?FFC >CL< LJL8CCP @E K?< :I8=K J<:K@FE F=


JFD<>IF:<IPJKFI<J
FIJKFI<JC@B<48CD8IK

S $I<<E8E;P<CCFN=FF;:FCFI@E>

S 48K<I

0K<G*8B<K?<0FCLK@FEJ


*8B<0FCLK@FEYZ

&EFE<:FEK8@E<I
D@O


S :LGF=N8IDN8K<I

S ]KJGF=9FI8O

0K@IKF;@JJFCM<8JDL:?8JGFJJ@9C<

*8B<0FCLK@FEYZ

&E8J<G8I8K<:FEK8@E<I
D@OKF><K?<I

S ]:LGF=N8K<I

S "EK@I<FLE:<9FKKC<F=:C<8I>CL<

S 0K@I@E;IFGJF=>I<<E=FF;:FCFI@E>

S 0K@I@E;IFGJF=P<CCFN=FF;:FCFI@E>

0K<G*@OK?<0FCLK@FEJ


-FLI JFCLK@FE YZ @EKF JFCLK@FE Y Z E; I@>?K 9<=FI< PFLI
<P<JN@CCD8>@:8CCP8GG<8I8>FF<P>I<<E=CL99<I

%FC;@E> K?@J @E =IFEK F= 8 C@>?K D8B<J @K CFFB C@B< JFD< JFIK F=


:I<<GP8C@<E<OG<I@D<EK

0K<G*8B<8 FFC,FQ< 8E@JK<I


& N8EK<; KF D8B< 8 =LE :FEK8@E<I =FI K?@J FFQ<
8E; LJ@E>
K?<J<D8K<I@8CJ
&:8D<LGN@K?K?@JFE<

*8K<I@8CJ

S 9C8:BZ0:C<8E FLK8;8GKFIJ

S 9C8:BZ0GCL>J=IFD%FD<!<GFK

S #FIK?<KL9<

S ZKL9<F=8:IPC@:ZK8CCNFIBJ9<JK

,/

S -C8JK@:JF;89FKKC<

0K<G*8B<&K$CFN


4@K? K?< FFQ< @EJ@;< K?< :FEK8@E<I
& KI@<; 8;;@E> 8 P<CCFN
>CFNJK@:BKFJ<<N?8K<==<:K@KNFLC;?8M<

&K D8;< K?< JC@D< >CFN 8E <<I@< >I<<E C@>?K 8E; D8B<J @K CFFB
I8;@F 8:K@M<

& 8CJF EFK@:<; K?8K GLKK@E> K?< >CFN JK@:B @E K?< D@:IFN8M< =FI
=FLIJ<:FE;J:FLC;D8B<@K>CFNK?I<<K@D<J8J9I@>?K

0K<G,K?<I-IFA<:KJ

1?8K\J?FNKFD8B<PFLIM<IPFNE+@EA81LIKC<,FQ<

%FNKF*8B<8$I8M@KP-LQQC<I8@E$8D<


1?@J C@KKC< 9I8@E >8D< @J 8CC 89FLK <E>@E<<I@E> 8 CFN<I :<EK<I
F= >I8M@KP 1?< @;<8 ?8J 9<<E 8IFLE; =FI<M<I
9LK DFJK G<FGC<
JK@CC :8E\K ;F @K 1?< :?8CC<E>< @J J@DGC< ALJK 98C8E:< K?<J<
=FLIK<<E E8@CJ FE FE< E8@C ?<8; 1?< E8@CJ :8E\K KFL:?
8EPK?@E> <O:<GK <8:? FK?<I
8E; K?<P 8CC ?8M< KF 9< 98C8E:@E>
8KK?<J8D<K@D<

&E K?@J GIFA<:K


PFL\CC C<8IE ?FN KF D8B< 8 =LE C@KKC< D@E;
GLQQC< =FI >@M@E> 8J 8 >@=K FI =FI <EK<IK8@E@E> >L<JKJ 6FL\CC
8CJF C<8IE K?< J<:I<K KF ><KK@E> 8CC E8@CJ K?<J< KF 98C8E:< 8K
FE:<

0K<G)FFB8KK?<#@E@J?<;-IFA<:K


CC K?@J GIFA<:K I<8CCP E<<;J @J 89FLK =@=K<<E =I8D@E> E8@CJ Z
NFIB N<CC 8E; JFD<K?@E> KF ?8DD<I FE< F= K?<D @EKF &K\J 8J
<8JP8JK?8K

%FN<M<I
KF D8B< K?@J @EKF 8 GIFG<I GIFA<:K
PFL\I< >F@E> KF
E<<; KF >CFI@=P K?< @;<8 8 C@KKC< 9P D8B@E> 8 E@:< GI<J<EK8K@FE
JK8E;

& LJ<; 8 J@DGC< JGI<8;J?<<K GIF>I8D KF D8B< 8 K<DGC8K< K?8K


NFLC; 8::FDDF;8K< K?< =@=K<<E E8@CJ FE 8 9F8I; F= NFF; N@K?
FE<E8@CI@>?K@EK?<:<EK<I

0K<G*8B<K?<+8@C8J<



& =FLE; 8 G@<:< F= J:I8G NFF; 8K 8 CF:8C ?8I;N8I< JKFI< %FD<
!<GFK K?8K K?<P ALJK >8M< D< =FI =I<<
9LK K?<P N@CC LJL8CCP
J<CCJ:I8GG@<:<J=FI89FLK=@=KP:<EKJ<8:?

P K8G@E> K?< K<DGC8K< KF K?< KFG F= K?< NFF;


@K\J HL@:B 8E;
<8JP KF D8B< K?< :LKJ 8E; ;I@CC K?< ?FC<J 1?<I< 8I< =@=K<<E
?FC<J @E K?< K<DGC8K< KF 8::FDDF;8K< =@=K<<E =I8D@E> E8@CJ
&K\J @DGFIK8EK K?8K K?< E8@CJ ?8M< =C8K ?<8;J 8K K?< KFG 6FL\CC
J<<N?PC8K<IFE

4< N8EK ?FC<J K?8K 8CCFN LJ KF D8E@GLC8K< K?< E8@CJ @E 8E;


FLK
9LK JD8CC <EFL>? KF GI<M<EK K?<D =IFD =CFGG@E> 8IFLE; &
=FLE;K?8K8  Z;I@CC9@KNFIB<;G<I=<:KCPN@K?K?<J<E8@CJ

4?<E ;I@CC@E> K?< ?FC<J


D8B< JLI< PFL ;FE\K ;I@CC 8CC K?< N8P
K?IFL>? K?< NFF; LEC<JJ PFL GC8E KF >CL< 8EFK?<I G@<:< KF K?<
98J< & LJ<; 8 ;I@CC GI<JJ KF >8L>< K?< ;<GK? F= K?< ?FC<J
8E;
8=K<I ;I@CC@E> 8CC K?< ?FC<J
& @EJ<IK<; E8@CJ KF D8B< JLI< 8CC K?<
KFGJN<I<C<M<C

+FN K?< <;><J :8E 9< :LK & LJ<; 8 :?FG J8N KF D8B< K?< :LKJ

8E; 8K K?@J GF@EK PFL 8I< =@E@J?<; N@K? K?< K<DGC8K< 1?< G8G<I
:8E9<I<DFM<;8E;K?IFNE8N8P

1F D8B< K?< E8@C 98J< CFFB DFI< GIF=<JJ@FE8C


& LJ<; DP
IFLK<I K89C< 8E; 8 9<8;@E> 9@K KF J:LCGK K?< <;><J
K?<E JFD<
=@E<J8E;G8G<IKF:C<8E@KLG8E;><K@KI<8;P=FIJK8@E@E>


& LJ<; 8 IFJ<NFF; JK8@E 9<:8LJ< @K\J N?8K & ?8; FE ?8E; 1NF
:F8KJ F= JK8@E N<EK FE
C<KK@E> @K J@K =FI K?I<< D@ELK<J 9<=FI<
N@G@E> F== K?< <O:<JJ
8E; K?<E =@E@J?@E> @K N@K? JFD< J?<CC8:
KF8;;JFD<>CFJJ8E;J<8CK?<NFF;

K K?@J GF@EK
PFL J?FLC; ?8M< 8 E8@C 98J< K?8K CFFBJ C@B< K?<
FE<@EK?<G@:KLI<J

&K D@>?K J<<D C@B< 8 CFK F= NFIB


9LK @K\J I<8CCP GI<KKP J@DGC<
E; I<D<D9<I
PFL :8E LJ< K?@J 8J 8 ;<:FI8K@FE G@<:< FI 8
>8D< =FI <EK<IK8@E@E> >L<JKJ
JF K8B< JFD< GI@;< @E PFLI
NFIB

=K<I @K\J ;I@<; =FI 8 :FLGC< F= ?FLIJ


@K\J =@E@J?<; 8E; I<8;P
KFLJ<FEPFLI=I@<E;J

0K<GCK<IE8K@M<+8@C8J<J&=PFL\I<=<<C@E>C8QP


,= :FLIJ< @= PFL\I< =<<C@E> C8QP FI ;FE\K ?8M< K?< KFFCJ KF GLK
K?@J DL:? NFIB @EKF K?< GIFA<:K
PFL :8E ALJK LJ< 8 ?8DD<I
8E;8J:I8GG@<:<F=NFF;

&= PFL ;FE\K ?8M< 8 ?8DD<I


D8P9< PFL :8E =@E; 8 IF:B &=
PFL ;FE\K ?8M< NFF;
?8DD<I
FI 8 IF:B
?FG<=LCCP PFL ?8M<
JFD<FE< N?F C@B<J PFL <EFL>? KF ALJK ?FC; K?< E8@C LGI@>?K
&K\JI<8CCPK?8K<8JP

+FN=FIK?<:?8CC<E><

8C8E:< K?< I<D8@E@E> =FLIK<<E E8@CJ FE K?@J FE< E8@C ?<8;


1?< E8@CJ :8E\K KFL:? 8EPK?@E> <O:<GK <8:? FK?<I
8E; K?<P 8CC
?8M<KF9<98C8E:@E>8KK?<J8D<K@D<

4?@C< K?@J KI@:B ?8J GIF989CP 9<<E 8IFLE; J@E:< 9<=FI< 8EP F=
LJN<I<9FIE
DFJKG<FGC<JK@CC;FE\KBEFN?FNKF;F@K

0K<G0FCM@E>K?<-LQQC<



%8M<PFLKI@<;KFJFCM<K?<GLQQC<FEPFLIFNEP<K

6FL D8P N8EK KF >@M< @K 8 >F 9<=FI< J<<@E> K?< JFCLK@FE 1?@J
@J FE< F= K?FJ< GLQQC<J K?8K J<<DJ @DGFJJ@9C< LEK@C PFL C<8IE
K?<JLG<IJ@DGC<G8KK<IEK?8KD8B<J@KNFIB
K?<E@K\J<8JP

0FCM@E>K?<GLQQC<

0K8IK 9P GC8:@E> 8 E8@C FE K?< K89C< 8E; JK8>><I@E> K?< FK?<I


E8@CJ FE KFG JF K?<P 8CK<IE8K< ;@I<:K@FEJ
8J J<<E @E K?<
G@:KLI<J
8E; JF K?8K K?<I< @J ALJK <EFL>? IFFD 9<KN<<E K?<
FGGFJ@E> ?<8;J JF K?8K K?< C8JK E8@C :8E 9< C8@; ;FNE FE KFG
1?@J C8JK E8@C =8:<J K?< FGGFJ@K< ;@I<:K@FE KF K?< =@IJK FE< C8@;
FEK?<K89C<

+FN PFL :8E K8B< K?< E8@C FE K?< 9FKKFD 8E; JCFNCP C@=K
LGN8I;J LEK@C K?< FK?<I E8@CJ ;I8G< ;FNE
9@E;@E> K?<@I ?<8;J
FEK?<KFGFM<IC8P@E>E8@C

#IFD ?<I<
@K\J <8JP KF 98C8E:< K?< <EK@I< :FEKI8GK@FE FE K?<
CFE<E8@C?<8;

1?< :<EK<I F= >I8M@KP @J EFN CFN<I K?8E K?< 98C8E:@E> GF@EK

JF K?@J JKIL:KLI< @J =8@ICP JK89C< 8E; I<J@JKJ =8CC@E> N?<E @K\J


9LDG<;
9CFNEFE
FIK8GG<;


#FI 8EFK?<I :?8CC<E><
J<< @= PFL :8E 98C8E:< =@=K<<E NFF;<E
D8K:?<J C@B< K?@J &K\J DL:? ?8I;<I
9LK FE:< K?<P 98C8E:<

K?<P8I<8D8Q@E>CPJK89C<8JN<CC

,E<*FI< ?8CC<E><

& =FLE; K?8K N?<E K?< :FEKI8GK@FE @J 98C8E:@E>


K?< E8@CJ :FLC;
9< GLJ?<; :CFJ<I KF><K?<I 8E; DFI< E8@CJ :FLC; 9< 8;;<; &
>FK<8:?LE@KLGKFKN<EKP K?I<<E8@CJ

1?< E<OK HL<JK@FE N8J ?FN D8EP :FLC; 9< JK8:B<; FE KFG F=
K?8K

& I<G<8K<; M8I@8K@FEJ F= K?@J G8KK<IE 8E; JK8:B<; =FLI LE@KJ F=


89FLK KN<EKP KNF E8@CJ <8:? =FI 8 KFK8C F= <@>?KP E@E< E8@CJ
98C8E:@E>8KFE:<

%FND8EP:8EPFL><K

1LIE8*FLJ<KI8G@EKF8-FN<I=LC%8E;>LE


%<I<\J ?FN KF KLIE 8 DFLJ<KI8G @EKF 8 =LE C@KKC< ?8E;>LE K?8K
J?FFKJ LG KF =FIKP =<<K 1?@J @J 8 >I<8K GIFA<:K 9<:8LJ< @K :8E
9< D8;< N@K? J@DGC< D8K<I@8CJ
N@K? M<IP 98J@: KFFCJ
8E; @E
ALJK8=<ND@ELK<J

0K<G4?8K6FL4@CC+<<;

1?@J G8:B F= KNF DFLJ<KI8GJ N8J FECP E@E<KP <@>?K :<EKJ


=IFD)FN<J?FD<@DGIFM<D<EKJKFI<

J@;<=IFDK?FJ<
8CCPFL\I<>F@E>KFE<<;8I<

S 1NFJD8CCJ:I<NJC@B<K?<B@E;FEPFLI;FFI?@E><J

S JD8CCG@<:<F=O


0L>><JK<;KFFCJKFD8B<K?<AF9<8J@<I8I<

S 0:I<N;I@M<I

S +<<;C< EFJ<GC@<IJ

S 4@I<JE@GJ

0K<G-I<G8I<K?<*FLJ<KI8G

LK K?< G@<:< F= NFF; JF K?8K @K =@KJ :FD=FIK89CP @E PFLI ?8E;

8E; K?<E ;I@CC K?I<< ?FC<J N@K? 8 `Z ;I@CC 9@K @E K?< GC8:<J
J?FNE@EK?<G@:KLI<


1?< KNF J:I<NJ N@CC J<:LI< K?< KI8G KF K?< NFF; ?8E;C< *8B<
JLI<PFLC<8M<ALJK8C@KKC<FM<I?8E>8KK?<98:B

0K<G*8B<K?<#@I@E>*<:?8E@JD

1?< =@I@E> D<:?8E@JD @J D8;< 9P DF;@=P@E> K?< CF:B@E> G@E


@EKF8JHL<<Q< GLCCKI@>><I

*F;@=P K?< CF:B@E> G@E JF K?8K @K\J KI@DD<; ;FNE @E 8 N8P


K?8K @K FM<IC8GJ K?< DFJK =FIN8I; ?FC< PFL ;I@CC<;
8E; K?<E
9<E;K?<K@GF=K?<G@ELG8K8 ;<>I<<8E>C<

1?< E<OK JK<G @J KF LJ< K?< CF:B@E> G@E =IFD K?< FK?<I KI8G 8J
K?< KI@>><I -LJ? K?< G@E LG K?IFL>? K?< 9FKKFD F= K?< ?FC<

K?<E KI@D @K =CLJ? N@K? K?< KFG F= K?< JGI@E> 8E; 9<E; @K FM<I @E


8E YEZ J?8G< 1?@J N@CC GI<M<EK @K =IFD JC@GG@E> 98:B ;FNE
K?IFL>?K?<?FC<

0K<G;;K?<)8LE:?@E>-8;

1?< 98@K G8; :8E 9< :FEM<IK<; @EKF 8 C8LE:?@E> GC8K=FID K?8K
N@CCJ?FFK8EPKPG<F=JD8CC8DDLE@K@FE

4@K? K?< KI8G ?8DD<I I<C8O<;


:C@G K?< 98@K G8; N@K? K?<
?FFBJ =8:@E> LGN8I;
8E; K?<E :8I<=LCCP C@=K K?< ?8DD<I
KL:B
K?< G8; LE;<IE<8K?
8E; I<C8O K?< ?8DD<I 98:B ;FNE FEKF K?<
KI8G98J<


6FLI>LE@J=@E@J?<;8E;I<8;P=FIK<JK@E>

0K<G)F8;@E>K?<*FLJ<KI8G$LE

1F :F:B K?< >LE


GLCC K?< ?8DD<I 98:B @E K?< J8D< N8P PFL
NFLC; J<K K?< DFLJ<KI8G 8I<=LCCP FM<IC8G K?< CF:B@E> G@E
8E; J<K K?< K@G JF K?8K @K ?FC;J =@ID @E K?< ?FFB PFL D8;< FE
K?<KI@>><IG@E


< :8I<=LC N@K? K?@J JK<G 8E; D8B< JLI< PFLI =@E><IJ 8I< :C<8I

9<:8LJ< @= K?< G@E JC@GJ


K?< KI8G ?8DD<I N@CC JE8G FM<I 8E;
>@M<PFLI=@E><IJ8JD8:B

& D8;< 8 C@KKC< K8I><K =FI GI8:K@:< &E K?< E<OK JK<G
PFL\CC J<<
;@==<I<EKKPG<JF=8DDFK?8KNFIBN<CC=FIJ?FFK@E>

0K<G1PG<JF=DDLE@K@FE


& =FLE; K?8K @IJF=K J NFIB G<I=<:KCP 1?< C@KKC< ;@MFK @E K?<
:<EK<I F= K?< G8; @J G<I=<:KCP J@KL8K<; KF J?FFK K?<J< J
JKI8@>?K =FIN8I; 8E; 8K ;@JK8E:<J LG KF =FIKP =<<K 1?<P 8I<
JD8CC
=8JK
8E; ;FE\K ;F KFF DL:? ;8D8>< KF 8EPK?@E> K?<P
?@K

,K?<IKPG<JF=8DDLE@K@FE&=FLE;NFIBN<CC8I<

S -<EE@<J

S 0D8CCIF:BJ

S -C8JK@:9FKKC<:8GJ

S $C8JJ9<8;J

8J@:8CCP
8EP@K<DK?8K\JJD8CC8E;;<EJ<NFIBJ>I<8K

*FM@E> K?< 8DDF =FIN8I; FE K?< G8; D8B<J K?< >LE J?FFK
CFN 8E; =8JK
C@B< 8 >LE 0?@=K@E> K?< 8DDF I<8IN8I; :8LJ<J
K?<F9A<:KKF9<C8LE:?<;?@>?8E;=8I
C@B<8:8K8GLCK

6FL :8E GC8P 8IFLE; N@K? ;@==<I<EK GFJ@K@FEJ KF J<< ?FN PFLI
J?FFK@E>G8KK<IEJ8I<8==<:K<;

0K<G#@E@J?<;


1?@J J@DGC< ;<M@:< C8LE:?<J GIFA<:K@C<J N@K? 9FK? GFN<I 8E;
GI<:@J@FE  FJKN8J89FLK8;FCC8I

'LJK =FI =LE


& D8;< 8 K?@I; >LE 8E; G8@EK<; @K 9C8:B KF J<<
?FN@KNFLC;:FEKI8JKN@K?K?<P<CCFNC8LE:?G8;


,+3"/0&,+1)"0

,E< G<IJFE\J @E:? @J 8EFK?<I G<IJFE\J :<EK@D<K<I


&EJKIL:K89C<J GIFA<:KJ :FD< =IFD 8CC FM<I K?< NFIC;
JF ?<I<\J
8 ?8E;P I<=<I<E:< >L@;< K?8K N@CC ?<CG B<<G PFLI GIFA<:K FE
KI8:B



8CJF8M8@C89C<

8:BP8I;/F:B<KJ

)<8IE KF *8B< 8E; )8LE:? /F:B<KJ


*@JJ@C<J
8EEFEJ
8E;
,K?<I-IFA<:K@C<J

9P &EJKIL:K89C<J :FD
<;@K<;9P*@B<48II<E

,I@>@E8K@E> =IFD &EJKIL:K89C<J


8 GFGLC8I GIFA<:K 98J<;
:FDDLE@KP D8;< LG F= 8CC JFIKJ F= :?8I8:K<IJ N@K? N8:BP
?F99@<J 8E; 8 ;<J@I< KF G8JJ FE K?<@I N@J;FD KF FK?<IJ

8:BP8I; /F:B<KJ @J D8;< LG F= GIFA<:KJ =IFD 8 D<;C<P F=


8LK?FIJ N?F ?8M< :FCC<:K<; 8E; J?8I<; 8 KI<8JLI< KIFM< F=
IF:B<K C8LE:?@E> GC8EJ 8E; K?< BEFNC<;>< KF D8B< K?<@I
GIFA<:KJJF8I

8:BP8I; /F:B<KJ >@M<J JK<G 9P JK<G @EJKIL:K@FEJ


N@K?
G@:KLI<J KF >L@;< K?< N8P
FE ?FN KF C8LE:? PFLI M<IP FNE
GIFA<:K @EKF K?< JBP CC F= K?<J< 8LK?FIJ ?8M< C89FI<; FM<I
K?<@I <E;<8MFIJ KF G8JJ K?<@I BEFNC<;>< FE 8E; D8B< @K <8J@<I
=FIFK?<IJKF8KK<DGK


20 G8G<I98:B&0+    

2ELJL8C2J<J=FI,I;@E8IP1?@E>J

CK<IE8K@M<48PJKF2J<"M<IP;8P&K<DJ

9P &EJKIL:K89C<J :FD
<;@K<;9P48;<4@C>LJ

*FJK G<FGC< LJ< E8@C GFC@J? I<DFM<I KF I<DFM< E8@C GFC@J?


1?<P LJ< :F==<< >IFLE;J KF D8B< :F==<< 8E; ?8@I ;IP<IJ KF ;IP
K?<@I ?8@I 1?< D8AFI@KP F= G<FGC< D8P 8CJF K?@EB K?8K K?< LJ<
F= <>>J
C<DFEJ
DLJK8I;
9LKK<I
8E; D8PFEE8@J< J?FLC; 9<
I<JKI@:K<; KF D8B@E> ;<C@:@FLJ =FF; @E K?< B@K:?<E 1?<
&EJKIL:K89C<J :FD :FDDLE@KP NFLC; ;@J8>I<< N@K? K?@J
CF>@:XK?<P ?8M< ;@J:FM<I<; ?LE;I<;J F= @EM<EK@M< 8E;
JLIGI@J@E> N8PJ KF LJ< K?<J< 8E; FK?<I :FDDFE ?FLJ<?FC;
D8K<I@8CJKF@DGIFM<;8P KF ;8PC@=<

!@; PFL BEFN K?8K K<EE@J 98CCJ :8E GIFK<:K PFLI =CFFIJ
=CL==
PFLI C8LE;IP
8E; B<<G PFL =IFD 98:B@E> KFF =8I @EKF 8E;
K?LJ ;<JKIFP@E> PFLI >8I8>< %FN DL:? ;F PFL BEFN 89FLK
8JG@I@E 0LI<
@K D8P 8CC<M@8K< G8@E
9LK @K :8E 8CJF 9< LJ<; KF
I<DFM< JN<8K JK8@EJ
KI<8K 9L> 9@K<J 8E; JK@E>J
8E; GIFCFE>


K?< C@=< F= PFLI JGLKK<I@E> :8I 98KK<IP 1?<J< 8I< ALJK 8 =<N F=
K?< HL@IBP @;<8J K?8K 8GG<8I @E 2ELJL8C 2J<J =FI ,I;@E8IP
1?@E>J

20 G8G<I98:B&0+    

%FNKF#@O9JFCLK<CPEPK?@E>

%FD<FNE<I\J$L@;<

9P &EJKIL:K89C<J :FD
<;@K<;9P+@:FC<0D@K?

1?<I< 8I< 8 D@CC@FE K?@E>J K?8K :8E >F NIFE> @E PFLI ?FD<
#8L:<KJ C<8B #CFFI9F8I;J :I<8B -8@EK =C8B<J ?8@IJ 9I<8B
4@K? %FN KF #@O 9JFCLK<CP EPK?@E>
PFL\CC ?8M<
JK<G 9P JK<G @EJKIL:K@FEJ KF K8:BC< <M<E K?< DFJK :FE=FLE;@E>
I<G8@IJ@EPFLI?FD<
@E:CL;@E>

S &EJK8CC@E>8KF@C<K

S /<GC8:@E>K?<9<CKJFEPFLIN8J?<I8E;;IP<I

S -8K:?@E>LG8?FC<@EK?<N8CC


S I@E>@E>8GFN<I8;8GK<I98:BKFC@=<

S /< :FM<I@E>:?8@IJ

S $<KK@E>N8OFLKF=PFLI:8IG<K

S E;D8EPDFI<

#IFD :?8E>@E> C@>?K9LC9J KF =@O@E> 8 B@K:?<E :89@E<K ?@E><

%FN KF #@O 9JFCLK<CP EPK?@E> @J 8 :FCC<:K@FE F= K?< DFJK


@E;@JG<EJ89C< 8;M@:< 8E; K@GJ =IFD G<FGC< 8:IFJJ K?< NFIC;
N?F =8:< K?< J8D< GIF9C<DJ PFL ;F %LE;I<;J F= :FCFI
G?FKF>I8G?J 8E; <8JP KF =FCCFN @EJKIL:K@FEJ D8B< K?@J 9FFB
G<I=<:K =FI 8CC C<M<CJ F= <OG<I@<E:< &K\J 8 EF 9I8@E<I =FI 8EP
?FD<FNE<I
8E; K?< FE< >@=K KF ><K 8EP =I@<E;
=8D@CP
D<D9<I
FI CFM<; FE< C@M@E> FE K?<@I FNE =FI K?< =@IJK K@D<
IFB< K?< D@:IFN8M< ?8E;C< 8E; ;FE\K BEFN N?8K KF ;F
4@K? %FN KF #@O 9JFCLK<CP EPK?@E>
K?< JFCLK@FE @J FECP 8
=<NG8><J8N8P

 G8G<I98:B&0+    

N<JFD<-IFA<:KJ=IFD2E<OG<:K<;-C8:<J


FKKC< 8G 189C<J
1I<< I8E:? F8K /8:BJ
@>8I FO
$L@K8IJ
8E;,K?<I FFC&;<8J=FI6FL8E;6FLI%FD<

9P &EJKIL:K89C<J :FD
<;@K<;9P+F8?4<@EJK<@E

N<JFD< -IFA<:KJ =IFD 2E<OG<:K<; -C8:<J =<8KLI<J DFI<


K?8E K?@IKP GIFA<:KJ ;<J@>E<; 9P K?< LJ<IJ F=
@EJKIL:K89C<J :FD 1?<J< LJ<IJ ?8M< I<GLIGFJ<; 8E; I<LJ<;
<M<IP;8P @K<DJ K?<P\M< =FLE; 8IFLE; K?<@I ?FD<J
@E K?<@I
98:BP8I;J
FI <M<E @E CF:8C ALEBP8I;J KF :I<8K< LE@HL<
=LIE@J?@E>J 8E; ;<:FI8K@FEJ =FI K?<@I ?FD<J 8E; D<8E@E>=LC
>@=KJ =FI FK?<IJ 1?<J< GIFA<:KJ 8I< 8K K?< :FI< F= K?< D8B<I
DFM<D<EK8E;:8E@EJG@I<LJ8CC

/<8;<IJN@CCC<8IE?FNKF:FEJKIL:K

S FKKC<:8GK89C<J

S FE:I<K<C8DGJ

S !JKI@E>8IK

S 08E;=@I<>8I;<EJ

S 0:I<N ELK8E;NFF;<EI@E>J

S -8I8:FI;9I8:<C<KJ

S @>8I9FO>L@K8IJ

S 4FF;<E9<<IDL>J

S 1<JKKL9<JG@:<I8:BJ


S *<K8CIFJ<J

S E;DFI<

20 G8G<I98:B&0+    



You might also like