9>H:xD

:HIG6Iw<>8D
<j†VBZidYda‹\^XV
 :9>8>âC ;jcYVX^‹cEgdY^ciZX
8ZcigdIZXcda‹\^XdeVgVZa9^hZŠdnaVEgdYjXX^‹c>cYjhig^VaYZ6hijg^Vh#
:Y^ÒX^d8ZcigdhIZXcda‹\^Xdh#EVgfjZ8^Zci†ÒXdnIZXcda‹\^Xd#(('%(<^_‹c6HIJG>6H:heVŠV
I ().-)(.%%+%
:^c[d5egdY^ciZX#Xdb
Llll#egdY^ciZX#Xdb

E6IGD8>C>D ;dcYd:jgdeZdYZ9ZhVggdaadGZ\^dcVa;:9:G
B^c^hiZg^dYZ>cYjhig^V!Ijg^hbdn8dbZgX^d
EaVcYZ8dchda^YVX^‹cn8dbeZi^k^YVYYZaVEnbZ
 :FJ>ED9:EGDN:8ID! ;jcYVX^‹cEgdY^ciZX
G:9688>âCN8DDG9>C68>âC ?Zhh;Zgc{cYZo<VgX†V
K^XidgA‹eZo<VgX†V
?dhZ8Vgadh;Zgc{cYZoBdg{c

8DCHJAIDG"I:MIDH
BVcjZaAZXjdcV#
<gjedYZ>ckZhi^\VX^‹cn<Zhi^‹cYZ9^hZŠd"><9#
Jc^kZgh^YVYEda^i‚Xc^XVYZKVaZcX^V"JEK#

EG:H:CI68>âC
Mƒc^VK^aVY|h

9>H:xD EjcidhjheZch^kdh
HVc7ZgcVgYd!)'&°>of#(('%'#<^_‹c6HIJG>6H:heVŠV
I ().-)(.+*((
:aj^hbV5ejcidhjheZch^kdh#Xdb
Llll#ejcidhjheZch^kdh#Xdb

I>ED<G6;Þ6 ;;9Vm=VchGZ^X]ZaYZ&..*#

>BEG:H>âC <g{ÒXVhG^\Za

9:EâH>IDA:<6A 6H"(&)"'%&%

>H7C .,-"-)"+&(",,&&")
ÞC9>8:
% E#. & E#&)"'( ' E#')"(&
EG:H:CI68>âC# >CIGD9J88>âC# CD8>âC:HIG6Iw<>86
EdgMƒc^VK^aVY|h &#&:aXdciZmidYZaVcZXZh^YVYYZY^hZŠd#
9:A9>H:xD#
&#'AV\adWVa^oVX^‹cXdbdXdciZmid# '#&9ZaVhXdbeZiZcX^VhigVY^X^dcVaZh
VadhcjZkdhgdaZh#
&#(:agZidYZaVhbjiVX^dcZhYZaXdciZmid#
'#'9ZaVZhigViZ\^VYZZbegZhV
VaVeaVc^ÒXVX^‹c\adWVa#
'#(:aeVeZaYZaY^hZŠdZcaV
egZk^h^‹cVigVk‚hYZadh
ZhXZcVg^dh#
( E#('")*
9:;>C>8>DC:H#
(#&JcVcjZkV[dgbVYZdWhZgkVg/
aV\Zhi^‹cZhigVi‚\^XVYZaY^hZŠd#
(#'9ZÒc^X^‹cYZaV<Zhi^‹c
:higVi‚\^XVYZa9^hZŠd#
(#'#&:a{bW^idYZaV<Zhi^‹c#
(#'#':a{bW^idYZaVZhigViZ\^V#
(#(:aeVeZaYZ<Zhi^‹c
:higVi‚\^XVYZa9^hZŠd
ZcaVhenbZh#
) E#)+".(
BD9:ADH9::HIG6I:<>6
:BEG:H6G>6A#
)#&>YZci^ÒXVX^‹cYZabdYZadZbegZhV"
g^VaZhigVi‚\^XdYZ\Zhi^‹c#
)#&#&:abdYZadYZ:begZhVg^d"
9^hZŠVYdg#
)#&#'AVZhigViZ\^VYZXdhiZhYZ
aVcoVb^ZcidegZX^d#
)#&#(AVZhigViZ\^VYZY^[ZgZcX^VX^‹c
YZY^hZŠd#
)#&#)AVZhigViZ\^VYZdg^ZciVX^‹c
VabZgXVYd#
)#'EgdejZhiVheVgV[dgbjaVgZhigViZ"
\^VhYZY^hZŠd#
)#'#&AVegdejZhiVYZedh^X^dcVb^Zcid#
)#)#)>beaZbZciVX^‹cngZhjaiVYdh#
)#)#*6\ZciZh^bea^XVYdh#
)#)#+:fj^edhYZigVWV_d
)#)#+#&:aY^hZŠVYdgXdbdZfj^ed
ZhigVi‚\^Xd#
)#)#+#':fj^edh^ciZgcdh[gZciZV
Zfj^edhZmiZgcdh#
)#)#+#(IgVWV_VgXdcXdchjaidg†VhYZ
Y^hZŠd#
)#)#+#)8gZVX^‹cYZjcgZXjghdYZ
Y^hZŠdÓZm^WaZnkZgh{i^a#

)#'#'AVegdejZhiVYZ†beZij#
)#'#(AVegdejZhiVYZV\^a^YVY#
)#'#)AVegdejZhiVYZÆNdiVbW^‚cÇ#
)#(9ZhVggdaadYZegdejZhiVheVgV
aVZhigViZ\^VYZY^hZŠd#
)#(#&8dbjc^XVX^‹cYZaVZhigViZ\^V
YZY^hZŠd#
)#(#'EgdbdX^‹cnkZciVYZaVZhigViZ\^V
YZY^hZŠd#
)#)>beaZbZciVX^‹cYZaVZhigViZ\^V#
)#)#+#*GZXjghdh#
)#)#,wm^id$;gVXVhdYZajhdYZaY^hZŠd#
)#)#,#&8‹bdYZÒc^gaVgZciVW^a^YVY
YZaY^hZŠd#
)#)#,#'6egdkZX]VgZa‚m^idYZa
Y^hZŠd#
)#)#,#(JcWjZcY^hZŠdcdh^ZbegZ
\VgVci^oV‚m^id#
)#)#,#);VXidgZhXdcigdaVWaZh#

)#)#&HZaZXX^‹cYZjcVgjiVYZYZhVggdaad )#)#,#*;VXidgZhYZ[gVXVhd#
YZZhigViZ\^VYZY^hZŠd#
)#)#,#+8aVkZheVgVZa‚m^id#
)#)#'>beaZbZciVX^‹cYZaVZhigViZ\^V
YZ\Zhi^‹cYZaY^hZŠd
)#)#(>cigdYjX^gZaY^hZŠdZcZa
h^hiZbVdg\Vc^oVi^kdYZidbVYZ
YZX^h^dcZh#
* E#.)"&**
;DGBJA68>âC9:
A6<:HI>âC:HIG6Iw<>86
9:A9>H:xD
*#&AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd
XdbddW_Zi^kddg\Vc^oVi^kd#
*#&#&;jZgoVhfjZ^cÓjnZcZcadhdW_Zi^kdh
YZaVZbegZhV#
*#&#&#&AVb^h^‹cYZaVZbegZhV#
*#&#&#'>YZci^YVYXdgedgVi^kVYZaV
ZbegZhV#
*#&#'C^kZaZhYZ^ciZ\gVX^‹cZhigViZ\^V$
Y^hZŠd#
*#';VhZh!c^kZaZh!dW_Zi^kdhn
]ZggVb^ZciVhYZaV\Zhi^‹c
ZhigVi‚\^XVYZaY^hZŠd#
*#'#&;dgbjaVX^‹cYZaV\Zhi^‹c
ZhigVi‚\^XVYZaY^hZŠd#
*#'#'#&<Zhi^‹cYZY^hZŠdXdbd
Vc{a^h^hXdbeZi^i^kd#
*#'#'#'6c{a^h^hZmiZgcd/
Dedgijc^YVYZhn6bZcVoVh#
*#'#'#(6c{a^h^h^ciZgcd/
;jZgoVhn9ZW^a^YVYZh#
*#'#'#)6jY^idg^V:higVi‚\^XVYZa
9^hZŠd#
*#'#'8‹bd^YZci^ÒXVgaVhdedgijc^YVYZh
YZY^hZŠd#
*#'#'#&8^gXjchiVcX^VhXVbW^VciZh#
*#'#(=ZggVb^ZciVhnb‚idYdh *#'#)8gZVX^‹cYZaVZhigViZ\^VYZY^hZŠd#
eVgV^YZci^ÒXVgaVhdedgijc^YVYZh
YZY^hZŠd# *#'#)#&EaVc^ÒXVX^‹cYZaVZhigViZ\^V
YZY^hZŠdVaVg\deaVod#
*#'#(#&9ZhXg^eX^‹cYZ]ZggVb^ZciVh
YZVnjYVZcZaYZhVggdaad *#'#)#'BdYZadhÆiVc\^WaZhÇYZaV
YZaVhXVeVX^YVYZhYZaV <Zhi^‹c:higVi‚\^XVYZa9^hZŠd#
ÆeaVc^ÒXVX^‹cYZY^hZŠdÇ# *#'#)#(BdYZadYZÆXdc[dgbVX^‹c
*#'#(#'9ZhXg^eX^‹cYZ]ZggVb^ZciVh YZaegdYjXidÇYZaV<Zhi^‹c
fjZVnjYVcZcZaYZhVggdaad ZhigVi‚\^XVYZY^hZŠd#
YZaVhXVeVX^YVYZhYZadh *#'#*6c{a^h^hegZa^b^cVg#
ÆegdXZhdhYZY^hZŠdÇ#
*#'#*#&6c{a^h^hYZaZcidgcd/
*#'#(#(9ZhXg^eX^‹cYZ]ZggVb^ZciVh XdbeaZ_^YVYYZadhZhXZcVg^dh#
YZVnjYVZcZaYZhVggdaadYZ
*#'#*#'DW_Zi^kdhZhigVi‚\^XdhYZa
aVhXVeVX^YVYZhYZaÆegdXZhd
egdnZXid#
YZY^hZŠdÇ#
*#'#(#)9ZhXg^eX^‹cYZ]ZggVb^ZciVh
YZVnjYVZcZaYZhVggdaad
YZaVhXVeVX^YVYZhYZadh
ÆgZXjghdhYZaY^hZŠdÇ#
*#'#(#*9ZhXg^eX^‹cYZ]ZggVb^ZciVh
YZVnjYVZcZaYZhVggdaadYZ
aVhXVeVX^YVYZhYZaÆeZghdcVa
YZaY^hZŠdÇ#
*#'#(#+9ZhXg^eX^‹cYZ]ZggVb^ZciVh
YZVnjYVZcZaYZhVggdaadYZ
aVhXVeVX^YVYZhYZaVÆXjaijgV
YZaY^hZŠdÇ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV.

% EG:H:CI68>âC
EDGMÝC>6K>A69¿H
;bheb[ijhWjƒ]_YeZ[bZ_i[‹e
=jWdjci^Zbed"cdbjnaZ_Vcd"ZcfjZaVbVndg†VYZaVhZbegZhVhgZXZaVWVc
YZa Y^hZŠd! Xdch^YZg{cYdad iVc XVgd Xdbd hjeZgÓjd# Edg VfjZa ZcidcXZh!
Za XgZX^b^Zcid ZXdc‹b^Xd YZ adh eV†hZh b{h YZhVggdaaVYdh \ZcZgVWV jcV
YZbVcYV h^ZbegZ {k^YV YZ idYd i^ed YZ egdYjXidh n aV d[ZgiV! Zc a†cZVh
\ZcZgVaZh!hZXdc[dgbVWVXdchZgXVeVoYZ\ZcZgVgZakdajbZccZXZhVg^dYZ
bZgXVcX†VheVgVhVi^h[VXZgaV#

 =dnZabZgXVYdZhXdbeaZ_dnVoVgdhdnaVYZbVcYV!VjcfjZ\adWVabZciZ
XgZX^ZciZ!ZhY^[†X^aYZadXVa^oVgnYZXdciZciVg#:hiZXVbW^d]V]ZX]dZkdajX^dcVgiVbW^‚caV
VXi^ijY]VX^VZaY^hZŠd/]ZbdheVhVYdYZjcV‚edXVYZYZhXdcdX^b^ZcidZ^cXdbegZch^‹cV
jcVZiVeVZcaVfjZjcV\gVcbVndg†VYZcZ\dX^dh!iVaXdbdgZÓZ_VcadhZhijY^dhgZVa^oVYdh!
hdcXdchX^ZciZhYZfjZZaY^hZŠdZhjcV]ZggVb^ZciV^bedgiVciZeVgVad\gVgZa‚m^idZcZa
bZgXVYd!nVfjZeZgb^iZXdcXZW^gjcegdYjXidb{hVYZXjVYdVaVhcZXZh^YVYZhYZajhjVg^dn
]VX‚ghZadaaZ\VgZcbZ_dgZhXdcY^X^dcZh#

 :chjji^a^oVX^‹cb{higVY^X^dcVa!ZaY^hZŠdhZdXjeVYZXdcÒ\jgVgXVYVjcdYZ
adhfjZaaVbVbdhÆkZXidgZhYZk^h^W^a^YVYÇYZaVZbegZhV!ZhidZh!VfjZaadhhdedgiZhV
igVk‚hYZadhXjVaZhhZYVVXdcdXZgZcZabZgXVYdnfjZhdc!Zch†ciZh^h/ZaegdYjXid!aV
Xdbjc^XVX^‹cnZaZheVX^dYdcYZaaZkVVXVWdhjhVXi^k^YVYZh#:cZhiZXdciZmid!ZaY^hZŠd
ZhgZhedchVWaZYZfjZidYVhaVhbVc^[ZhiVX^dcZhYZaVZbegZhVhZVcXd]ZgZciZhXdchj
egdedh^X^‹cZhigVi‚\^XV!eVgVfjZhZgZ[jZgXZcZcigZh^nfjZYZZhiV[dgbVhZdei^b^XZcadh
gZXjghdh^ckZgi^YdhnbZ_dgZhjXdbeZi^i^k^YVY#9ZhYZjcVXdcXZeX^‹cb{hVkVcoVYV!h^c
ZbWVg\d!ZaY^hZŠdcdi^ZcZXViZ\dg†Vhc^Zi^fjZiVh!h^cdfjZZh\adWVa/YZab^hbdbdYdZc
fjZZaegdYjXidigVhX^ZcYZad[†h^XdeVgVVWVgXVgjcVd[ZgiVXdc_jciVYZW^ZcZhnhZgk^X^dh!Za
Y^hZŠdigVchX^ZcYZZadW_ZidnXdcfj^hiViZgg^idg^dh^ciVc\^WaZhfjZVciZhaZZhiVWVckZYVYdh!
XdbdhdcaV^ciZgVXX^‹c!adhhZgk^X^dhdaVZmeZg^ZcX^V!idYdVfjZaadfjZZckjZakZ!XjVa^ÒXV!
Y^[ZgZcX^Vnedh^X^dcVjcegdYjXidVkVcoVYd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&

 AVZkdajX^‹cYZaY^hZŠd]VhiVadhiZgg^idg^dhb{h^cbViZg^VaZh]Vh^Ydedh^WaZ
\gVX^VhVjcVbZidYdad\†Vegde^VfjZhZWVhVZc/aVXVeVX^YVYeVgVbVcZ_VghZZcZhXZcVg^dh
XdbeaZ_dh!aV]VW^a^YVYeVgVaZZg^cY^X^dhnVci^X^eVgiZcYZcX^Vh!aV[VX^a^YVYeVgVk^hjVa^oVg
XdcXZeidhneVgVXdbjc^XVgadhYZbVcZgVZÒX^ZciZ!nidYdZaadXZcigVYdZcZajhjVg^dn
VYVei{cYdhZVaV[gdciZgVYZedh^W^a^YVYZhYZXVYVegdnZXid#AdhZmeZgidhZc\Zhi^‹chZ]Vc
YVYdXjZciV"XdcX^ZgiVhdgegZhV"YZfjZ‚hiVhhdcaVh]VW^a^YVYZhW{h^XVhfjZhZgZfj^ZgZc
ZcaVZbegZhVeVgVYZhZckdakZghZXdchdakZcX^VZcZaXdbeaZ_dbZgXVYdYZ]dnnYZZhiV
[dgbV!ZaY^hZŠdZhi{ZbeZoVcYdVXVe^iVa^oVgjcVcjZkVb^h^‹cZhigVi‚\^XVZcZa{bW^id
YZaV\Zhi^‹cVigVk‚hYZadfjZhZ]VYVYdZcaaVbVgYZh^\ci]^c`^c\deZchVb^ZcidYZ
Y^hZŠdnfjZZhi{h^ZcYdVYdeiVYdedgaVhdg\Vc^oVX^dcZhejciZgVhZcidYdZabjcYd#

 :aÒcai^bdYZaY^hZŠdZhaVbZ_dgVYZadhegdYjXidhnegdXZhdheVgVjcVbVndg
hVi^h[VXX^‹cYZaVheZghdcVhnjcVbZ_dgVYZaW^ZcZhiVgYZaVhdX^ZYVYZc\ZcZgVa0^c^X^Vi^kVh
XdbdaVYZÆ9^hZŠdZhigVi‚\^XdÇ!aVcoVYVedgEgdY^ciZX!Xdcig^WjnZcVZhiZdW_Zi^kdVa[VX^a^iVg
fjZaVhZbegZhVhejZYVcVegdkZX]VgidYdZaediZcX^VaZhigVi‚\^XdYZaY^hZŠd!Y{cYdaZhaVh
]ZggVb^ZciVhnegdXZY^b^ZcidhcZXZhVg^dheVgVfjZejZYVcaaZkVgadVXVWdYZ[dgbVhdakZciZ
nXdcigdaVcYdZag^Zh\dZcZaegdXZhdYZidbVYZYZX^h^dcZh#AV<j†VBZidYda‹\^XVfjZgZXd\Z
ZaXdciZc^YdYZaegd\gVbVhZXdck^ZgiZVh†ZcjcVgZ[ZgZcX^V^begZhX^cY^WaZeVgVidYdhadhfjZ
VejZhiZcedgZaY^hZŠdZhigVi‚\^XdXdbdeVaVcXVYZ^ccdkVX^‹cn‚m^idZcZabZgXVYd#

Mƒc^VK^aVY|h#
:Xdcdb^hiV!B76!XdchjaidgVZc\Zhi^‹cYZaY^hZŠd#
lll#mkYbX#Zh
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&(

&
>CIGD9J88>âC
&#&:A8DCI:MID9:A6C:8:H>9699:9>H:xD#
&#'A6<AD76A>O68>âC8DBD8DCI:MID#
&#(:AG:ID9:A6HBJI68>DC:H9:A8DCI:MID#
8696EGD9J8IDI>:C:
9:IGÛHJC9>H:xD!
B6I>O<:C:G69DG9:
A69>;:G:C8>6:CIG:JC
EGD9J8IDNDIGD#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&*

'$' ;bYedj[njeZ[bWd[Y[i_ZWZZ[Z_i[‹e$
8VYVegdYjXidi^ZcZYZig{hjcY^hZŠd!bVi^o\ZcZgVYdgYZaVY^[ZgZcX^VZcigZ
jcegdYjXidndigd#:cZaZhijY^dYZaV;jcYVX^‹c8diZX& XdcZadW_Zi^kdYZ
hZch^W^a^oVg V aVh ZbegZhVh enbZh! VXZgXV YZ adh WZcZÒX^dh YZ ^ciZ\gVg
Za Y^hZŠd V hjh VXi^k^YVYZh! hZ X^iVc Z_Zbeadh eg{Xi^Xdh YZ ZbegZhVh fjZ
gZXjgg^ZcYdVZhiVY^hX^ea^cV]Vcig^jc[VYd!XdbdZhZaXVhdYZa\gjed‹ei^Xd
>cYd! Za [VWg^XVciZ YZ bViZg^Va Za‚Xig^Xd H^b‹c d aV ZbegZhV YZ \g^[Zg†V
HjeZg\g^[ZhiVZbegZhVhZgZ^ckZci‹ZcZa'%%'eVgVhdWgZk^k^g!YZhej‚hYZ
fjZaVWg^i{c^XV9ZaiVYZ_VgVYZXdch^YZgVgaVZhigVi‚\^XVigVhaVXdbegVedg
eVgiZ YZ hjh Y^gZXi^kdh! n Zhid ad ]^od \gVX^Vh Va Y^hZŠd! n \gVcYZh ÒgbVh
XdbdHlViX]#IdYdhZhidhXVhdhedcZcYZbVc^ÒZhidXdbd\gVceVgiZYZhj
‚m^idhZYZWZVaV^ciZ\gVX^‹cYZaY^hZŠd#


 EZgd!edgV]dgV!cdidYVhaVhZbegZhVhZheVŠdaVhi^ZcZcXaVgVhhjhWdcYVYZh#H‹adZa
)'XgZZfjZh^gkZeVgVbZ_dgVghjhkZciVh!hZ\cadhYVidhYZa^c[dgbZYZaVHdX^ZYVY:hiViVa
eVgVZa9ZhVggdaadYZa9^hZŠdnaV>ccdkVX^‹cYY^'#:cidYdXVhd!ZhjcVkVcXZgZheZXidVa)%
YZ'%%*#AVXdchZ_ZgVYZaZ\VYVYZYY^!hZŠVaVfjZaVhZbegZhVhZhi{cZbeZoVcYdVji^a^oVg
ZhiV]ZggVb^ZciV!bjna^\VYVVaV^ccdkVX^‹c!ÆXdbdjc[VXidgZhigVi‚\^XdÇ#:aegdWaZbVZhfjZ
bjX]Vhad]VXZcVaÒcVaYZaYZhVggdaadYZjcegdYjXid!XjVcYdad^YZVaZhfjZZhi‚ÆZc\gVcVYdYZ
[dgbVXdci^cjVZcaV\Zhi^‹cZbegZhVg^VaÇ#AVbVndg†VYZaVhfjZad]VXZchdc\gVcYZhZbegZhVh#

 :cigZZa'nZa&%YZaXdhiZYZaYZhVggdaadYZjcegdYjXidZhadfjZaVhZbegZhVh
YZhi^cVcVaY^hZŠd#>cYZeZcY^ZciZbZciZYZadVbea^dYZZhV]dgfj^aaV!ZhVXVci^YVYZhÆgZaVi^kV"
bZciZeZfjZŠVÇ!YVYdfjZhjVjbZcidhjedcYg†VjcVgZYjXX^‹cYZag^Zh\dYZ[gVXVhdVaV]dgV
YZhVXVgVaVajojccjZkdegdYjXiddjcVbZ_dgVYZjcdnVZm^hiZciZ#Nh^hZ]^X^ZgVjcZhijY^d
hdWgZadfjZaVhZbegZhVh^ck^ZgiZcXVYVVŠdZcY^hZŠdaVX^[gVhZg†VÆZheZXiVXjaVgÇ#:aai^bd
^c[dgbZ!ejWa^XVYdZc'%%&edgaV;ZYZgVX^‹c:heVŠdaVYZ:ci^YVYZhYZEgdbdX^‹cYZ9^hZŠd!
h^ijVWVaVX^[gVYZcZ\dX^dYZahZXidgZc-&'b^aadcZhYZZjgdh!Za%!&'YZaE>7YZZhZVŠd#
 '$( BW]beXWb_pWY_ŒdYeceYedj[nje$
'UCEDJ7y7"@ehZ_%CEBB"?iWX[b$:_i[‹e[
_ddelWY_Œd$BW][ij_ŒdZ[bZ_i[‹e[dbW[cfh[iW$
<kdZWY_Œd9ej[YfWhWbW?ddelWY_ŒdJ[YdebŒ]_YW$
CWZh_Z(&&.$?I8D0/-.#.*#/+)),#-.#'
(UIeY_[ZWZ;ijWjWbfWhW[b:_i[‹eobW?ddelWY_Œd::?$
mmm$ZZ_$_d\e
)U<?D?P?E"=_de$:;I?=DC7D7=;C;DJ0][ij_h[
bÊ_Z[W$IA?H7[Z_jeh["=_d[XhW"C_bWde?jWb_W
?I8D..#.*/'#'-(#/
*U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$:[i_]d_dXk#
i_d[ii"IjhWj[]_Y?ddelWj_edJ^hek]^:[i]_d$F[Wh#
ied;ZkYWj_edB_c_j[Z"(&&(>Whbem"?d]bWj[hhW$
+U<?D?P?E"=_de$:[i_]dCWdW][c[dj0][ij_h[
bÊ_Z[W$IA?H7[Z_jeh["C_bWde$
IgVY^X^dcVabZciZ! aV XdbeZi^i^k^YVY YZ jc eV†h hZ Zmea^XVWV V igVk‚h YZ aV
iZdg†VXa{h^XVYZaVhkZciV_VhXdbeZi^i^kVh!Zc[Vi^o{cYdhZZmXajh^kVbZciZaV
VWjcYVcX^VYZgZXjghdhcVijgVaZhn[VXidgZhegdYjXi^kdh#6ÒcVaZhYZadh-%
ZhiV iZdg†V! fjZ Zc g^\dg cd Zh i^a eVgV Zmea^XVg Za YZhVggdaad ZXdc‹b^Xd
YZ c^c\jcV ZXdcdb†V ^cYjhig^Va^oVYV! hZ gZkZa‹ Xdbd Zbe†g^XVbZciZ [VahV
n XdcigVY^Xidg^V# AV XdbeZiZcX^V Zc adh bZgXVYdh cd Zh eZg[ZXiV! Zc iVcid
ZbegZhVh Xdbd \dW^Zgcdh ejZYZc VXijVg ZhigVi‚\^XVbZciZ V[ZXiVcYd adh
Ój_dhXdbZgX^VaZhn!edgiVcid!Zac^kZaYZg^fjZoVYZjcVcVX^‹c#
 AVeg^cX^eVabZiVZXdc‹b^XVnhdX^VaYZjch^hiZbVeV†hZhZaZkVgYZ[dgbV
XdchiVciZnXgZX^ZciZZac^kZaYZk^YVYZhjedWaVX^‹c#:hidcdYZeZcYZYZaVXdbeZi^i^k^YVY
cVX^dcVa!h^cdYZaVegdYjXi^k^YVYXdcfjZhZji^a^XZcadh^chjbdhgZXjghdh]jbVcdhn
XVe^iVaZh#:m^hiZjcVXdcZm^‹cY^gZXiVZcigZaVXdbeZi^i^k^YVYYZjch^hiZbVeV†hnaV
XVeVX^YVYYZhjh^hiZbV^cYjhig^VaeVgVXdbeZi^gZm^idhVbZciZZcbZgXVYdh^ciZgcVX^dcVaZh#
 AVc^XV[dgbVYZbVciZcZgkZciV_VhXdbeZi^i^kVhVc^kZa^ciZgcVX^dcVaZhXdcX^W^ZcYd
cjZkVh[dgbVhYZaaZkVgVXVWdaVhVXi^k^YVYZhZbegZhVg^VaZh!ZbeaZVcYdcjZkdhegdXZY^b^Zcidh!
VXijVa^oVcYdXdchiVciZbZciZaVhXdcY^X^dcZhi‚Xc^XVhYZegdYjXX^‹cngZkdajX^dcVcYdaV
Xdbjc^XVX^‹c#:a9^hZŠdZh]dnjcV]ZggVb^ZciVXaVkZeVgV\ZcZgVgZhiVhkZciV_VhXdbeZi^i^kVh#
 :aY^hZŠd]VkZc^YdZkdajX^dcVcYdVigVk‚hYZai^Zbed]VhiVZaejcidfjZ
VXijVabZciZejZYZVYZcigVghZb{hVaa{YZaegdnZXid!aVXdc[dgbVX^‹cYZdW_ZidhnaVh
Xdbjc^XVX^dcZhk^hjVaZh!]VhiVaaZ\VgVaeaVciZVb^ZcidYZZhigViZ\^Vh^ccdkVYdgVhfjZVednZc
ZaYZhVggdaadYZZbegZhVhZ^chi^ijX^dcZh#9ZhYZZhiVeZgheZXi^kVedYZbdhVÒgbVgfjZZa
Z_ZgX^X^degd[Zh^dcVaYZa9^hZŠd!hZZcXjZcigVZcjcZhiVYdfjZVejciVVaVcZXZh^YVYYZ
YZhVggdaaVgXdcdX^b^Zcidhn]VW^a^YVYZhfjZgZWVhZcZaVheZXidYZÆYdb^c^dYZadÒX^dÇ!eVgV
VYZcigVghZZcZaXVbedYZaeZchVb^ZcidZhigVi‚\^XdWVhVYdZc]VW^a^YVYZhYZ^ckZhi^\VX^‹c
nVc{a^h^h!eZgb^iVVadhZ\gZhVYdhYZaVhbVZhig†Vh^chZgiVghZZcZaXVbedaVWdgVaVc^kZacd
YZÆhdajX^‹cYZegdWaZbVhÇ!h^cdYZegdejZhiVh^ccdkVYdgVhfjZegdedc\VccjZkdhZc[dfjZh!
ZhigViZ\^Vh!egdYjXidhnhZgk^X^dhnfjZeZgb^iVcVaVhZbegZhVhZ^chi^ijX^dcZh!^c^X^Vg
Zh[jZgodhegdVXi^kdhYZYZhVggdaadncdh‹adgZVXi^kdhYZhjeZgk^kZcX^V#
 9ZcigdYZaegdXZhdYZY^hZŠd!ZhiVk^h^‹c^bea^XVfjZZaZhigViZ\VZcY^hZŠd
XVbW^Vhj[dXdYZViZcX^‹c]VX^VZaVc{a^h^hYZaVegdWaZb{i^XVnYZaegdWaZbV0ZhZcZhiV
VXi^k^YVYYdcYZedYZbdhjW^XVgZaXdcXZeidYZÆ^ccdkVX^‹cÇ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&,

:[djheZ[bfheY[ieZ[Z_i[‹e"[ijWl_i_Œd_cfb_#
YWgk[[b[ijhWj[]W[dZ_i[‹eYWcX_Wik\eYe
Z[Wj[dY_Œd^WY_W[bWd|b_i_iZ[bWfheXb[c|j_#
YWoZ[bfheXb[cW1[i[d[ijWWYj_l_ZWZZedZ[
feZ[ceikX_YWh[bYedY[fjeZ[Ç_ddelWY_ŒdÈ$

'$) ;bh[jeZ[bWickjWY_ed[iZ[bYedj[nje$
6ciZh YZ aV VXijVa Xg^h^h! Za ZhXZcVg^d \adWVa YZ adh eV†hZh ^cYjhig^Va^oVYdh
XVbW^VWV Zc [jcX^‹c YZ adh [VXidgZh eda†i^Xdh! hdX^VaZh! ZXdc‹b^Xdh½ V iVa
kZadX^YVYfjZadh\ZgZciZhYZaVhZbegZhVhiZc†VcY^ÒXjaiVYZhVaV]dgVYZ
V[gdciVghjhegd\gVbVhYZYZhVggdaad#(

 AVhZhigViZ\^VhZbegZhVg^VaZhZgVcX^ZgiVbZciZiZXc‹XgViVhZm^\^WaZheVgV
aVgZVa^oVX^‹cYZZhijY^dhYZbZgXVYdh!Vc{a^h^hYZadhXdbeZi^YdgZh!YZiZXX^‹cYZ
XVeVX^YVYZh½!adfjZeZgb^i†Vk^hjVa^oVgdedgijc^YVYZh!kVadgVX^dcZh½Vh^\c{cYdhZedg
ZaadgZXjghdheVgVhjb^c^higVgegdYjXidhV_jhiVYdhVegZX^d!edh^X^dcVb^Zcidni^Zbed#IVaZh
egdXZhdhZhigVi‚\^Xdhh^gk^ZgdcVbjX]VhenbZh!aVhXjVaZh[jcX^dcVgdcZÒXVobZciZ#EZgd
ZhiV^ciZgegZiVX^‹cZhigVi‚\^XVbZcdhegZX^VaVXgZVi^k^YVY!bZY^VciZ[dgbjaVhXdcXgZiVYVh
aZ_dhYZaVgZVa^YVYYZabZgXVYd!VigVk‚hYZaVZkVajVX^‹cYZcZXZh^YVYZhaViZciZhYZadh
Xa^ZciZhZcWVhZVVc{a^h^hbZgVbZciZZhiVY†hi^Xdh#)

 :cbZY^dYZaVVXijVah^ijVX^‹cYZXg^h^hZhigjXijgVanÒcVcX^ZgVVc^kZabjcY^Va!
hZeZgÒaVc[jZgiZhiZch^dcZh]VX^VcjZkdhh^hiZbVhYZk^YV!YZegdYjXX^‹c!YZXdchjbd½
fjZdg^ZciVc]VX^VaVbjiVX^‹cVadhigVY^X^dcVaZhegdXZY^b^ZcidhYZVc{a^h^hnegZk^h^‹c!
WVhVYdhZcaVaZXijgVYZadh[Zc‹bZcdheZXja^VgZhnZheZX†ÒXdhVXVYVhZXidg#AVViZcX^‹cZc
ZaeVhVYdhZ[dXVa^o‹ZcVheZXidhYZbVh^VYdeVgX^VaZh!egde^X^{cYdhZX^ZgiVcZ\a^\ZcX^V]VX^V
adhXVbW^dh\adWVaZhYZbVndggZeZgXjh^‹c#*
  8dbdXdbZciV<Vgn=VbZa!+VXijVabZciZbjX]VhZbegZhVhVWdgYVcaV[dgbj"
aVX^‹cZhigVi‚\^XVk^cXja{cYdaVVY^[ZgZciZhk^h^dcZh!^c^X^{cYdhZaVVYdeX^‹cYZYZX^h^dcZh
^cij^i^kVhYZbVcZgVXdaZ\^VYV!hdWgZidYdXjVcYdadhgZXjghdhgVX^dcVaZhnVcVa†i^XdhhZ
Zc[gZciVcVaVhk^h^dcZhYZadhY^g^\ZciZhYZcjZkVh^YZVh!b{h^cij^i^kVhZ^bV\^cVi^kVh#
:hiVbdhVciZaVbViZg^Va^oVX^‹cYZaVhZhigViZ\^VhYZhYZjcVeVjiVVbea^VbZciZXdchZchjV"
YV!YdcYZaV\ZgZcX^VVWVcYdcVZabdcdeda^dhdWgZaVZaVWdgVX^‹cYZaVZhigViZ\^V!edgad
fjZ^ccdkVgZcadhcZ\dX^dh^bea^XV^ccdkVgZcaVheda†i^XVh#AVhZhigViZ\^VhYZiZgb^cVg{cZa
[jijgd!ZaXjVacdejZYZZhiVgc^XVbZciZÒ_VYdedgadhZhijY^dhnVc{a^h^hYZbZgXVYd#

:c aVh eg‹m^bVh Y‚XVYVh! Za Y^hZŠd cd hZg{ egZggd\Vi^kV YZ jc c^Xd eZgÒa
egd[Zh^dcVa ZhigjXijgVYd iVa Xdbd ad XdcdXZbdh VXijVabZciZ! YZW^Yd V aVh
igVch[dgbVX^dcZhiZXcda‹\^XVhnXjaijgVaZhfjZhZZhi{cegdYjX^ZcYd#,

 ™ :a Y^hZŠd ZhigVi‚\^Xd Zh nV jcV cjZkV bVcZgV YZ eZchVg Za Y^hZŠd Zc
jc XdciZmid bjiVciZ! Va ji^a^oVg idYdh adh [VXidgZh fjZ VXiVc Y^gZXiV d
^cY^gZXiVbZciZ Zc jc egdnZXid0 VXi^k^YVY fjZ [gVcfjZV Za eVgVY^\bV
bZX{c^XdZcedhYZaeVgVY^\bVY^\^iVa!YdcYZadha†b^iZhYZaVhY^hX^ea^cVhn
YZaVhi^edad\†VhYZadhegdWaZbVhVgZhdakZghZZcXjZcigVcZceZgbVcZciZ
]^Wg^YVX^‹cZ^ciZgVXX^‹c!edgadfjZZmXZYZcadhZhXZcVg^dhk^\ZciZh]VhiV
]VXZedXVhY‚XVYVh#

,U>7C;B"=Who%8H;;D"8_bb$
J^[<kjkh[e\CWdW][c[dj$>WhZYel[h"
EYjeX[h."(&&-$
-UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$
F|]$()
™ :a Y^hZŠd ZhigVi‚\^Xd hZ cjigZ YZ jcV gZY YZ XdcZm^dcZh n Y^c{b^XVh
\adWVa^oVYVh!YdcYZXdcÓjnZcadhXdcXZeidhnVXdciZX^b^ZcidhYZaegdnZXid/aV
WjgdXgVX^V!aVZXdcdb†V!aVhXdgedgVX^dcZh!aVh^YZci^YVYZh!aV^ckZhi^\VX^‹c!
aV ZchZŠVcoV! Za Xdchjbd! adh dW_Zidh! adh hj_Zidh½ Xdck^gi^‚cYdhZ b{h
Xdbd eZchVb^Zcid Zfj^eVYd eVgV eaVciZVg ^ciZggd\VciZh Z ^ciZgVXijVg!
XdcdX^ZcYdadfjZhZhVWZnadfjZhZYZhXdcdXZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&.

;bf[diWc_[dje[ijhWjƒ]_Yef[hc_j[WbZ_i[‹e
dWl[]WhfehbWh[Z"Z[j[YjWhbWiYed[n_ed[i"
beii_]deiobeih_jkWb[i"Z_Wbe]WhYedbei
WYjeh[i^kcWdeioWhj_ÓY_Wb[i"Wi‡Yece
d[]eY_WhYedbWi[dj_ZWZ[ifh_lWZWi"f‘Xb_YWi"
feb‡j_YWioYeckd_jWh_Wi$

™:aeZchVb^ZcidZhigVi‚\^XdeZgb^iZVaY^hZŠdcVkZ\VgedgaVgZY!YZiZXiVg
aVhXdcZm^dcZh!adhh^\cdhnadhg^ijVaZh!Y^Vad\VgXdcadhVXidgZh]jbVcdhn
Vgi^ÒX^VaZh!Vh†XdbdcZ\dX^VgXdcaVhZci^YVYZheg^kVYVh!eWa^XVh!eda†i^XVhn
Xdbjc^iVg^Vh#:hiZgZXdgg^Ydh^hi‚b^XdZ^ciZgVXi^kd[VX^a^iVg{aVXddgY^cVX^‹c
YZjcegdXZhdYZY^hZŠdfjZ]jbVc^oVnbZ_dgVaVgZaVX^‹cZcigZVgiZ[VXidh
n\ZciZ[gZciZV^ciZg[VXZhXdcÓ^Xi^kVhZcigZiZXcdad\†VnhdX^ZYVY#

™H^YZcigdYZaVgZYYZXdcZm^dcZhbZcX^dcVYVX^gXjchXg^W^bdhZaXVbed
YZ VXX^‹c YZa Y^hZŠd V aV ZiVeV ÒcVa YZ hj bViZg^Va^oVX^‹c! edYgZbdh
dWhZgkVg fjZ aV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd ^cXajnZ! VYZb{h! aV
^ciZgVXX^‹cXdcidYVhaVhVXi^k^YVYZhcZXZhVg^VheVgVXdbjc^XVg!eaVc^ÒXVg
Z^beaZbZciVgZaegdnZXidZcZa {bW^id YZ aV ZbegZhV n YZa bZgXVYd#
:a XdcdX^b^Zcid YZ Zhidh iZbVh Zh ^begZhX^cY^WaZ eVgV adh V\ZciZh YZ
aV ZXdcdb†V! gZhedchVWaZh YZ aV ^ccdkVX^‹c n YZ aV eaVc^ÒXVX^‹c YZ adh
egdYjXidh! nV fjZ egZX^hVbZciZ adh VheZXidh ^cbViZg^VaZh YZa egdYjXid
ÄhdX^VaZh! XjaijgVaZh n YZ h^\c^ÒXVX^‹c" ^cÓjnZc YZ bVcZgV hjhiVcX^Va n
XgZX^ZciZZcadhgZhjaiVYdhZXdc‹b^XdhYZacZ\dX^d#
 ;bZ_i[‹e[ijhWjƒ]_YeZ[X[d[Y[iWh_Wc[dj[
Yec[dpWhWfWhj_hZ[kdYedY[fjegk[[dkdY_[Yed
fh[Y_i_ŒdbWifhef_[ZWZ[icWj[h_Wb[i[_dcWj[h_Wb[i
Z[bfheZkYje"ik]hWZeZ[_ddelWY_Œdo"ieXh[jeZe"
[bi[dj_Zegk[fh[j[dZ[jhWdic_j_hWbW][dj[$

 CdhZZhi{hj\^g^ZcYdfjZadhVXidgZhZXdc‹b^XdhYZWVchVWZgY^hZŠVg!c^fjZadh
Y^hZŠVYdgZhhZVcZmeZgidhZcZXdcdb†V!eZgdh†fjZVbWdhXdcdoXVcadhdW_Zi^kdhXdbj"
cZhfjZYZWZcVgi^XjaVghZZcaVXgZVX^‹cYZjcegdYjXidnfjZ!YZZhiVbVcZgV!Zhi‚cZc
XdcY^X^dcZhYZ^ciZgVXijVgdYZYZaZ\VgiVgZVh#6YZb{h!ÆZcZa{bW^idYZaVZbegZhVVjc
aV\Zhi^‹c]Vh^Yd^c[gVkVadgVYVZcadhai^bdhVŠdhnZcbjX]dhXVhdhhZ]VXdckZgi^YdZc
jcViZXcdXgVX^VkVX†VYZeZchVb^Zcidji‹e^Xd#JcV\Zhi^‹ch^cjide†VhfjZhZXdchigjnZc
h^ce^hVgZahjZadcdbdY^ÒXVaVgZVa^YVY#-6h†!b^ZcigVhadhY^hZŠVYdgZhcdXdcdXZchjÒX^Zc"
iZbZciZaVheVjiVhZXdc‹b^XVh!ÒcVcX^ZgVh!WjgdXg{i^XVhnYZbZgXVYd^ckdajXgVYVhZcZa
YZhVggdaadYZjcY^hZŠd!ZcZa{gZVZXdc‹b^XV!adhgZhedchVWaZhYZaegdYjXid^\cdgVcadhkV"
adgZhhdX^VaZhnXjaijgVaZhfjZ^cX^YZcZcaV^ccdkVX^‹c#:hedh^WaZhjedcZgfjZZcjc[jijgd
XZgXVcdaV\Zhi^‹cYZaegdYjXidhZg{bViZg^V[jcYVbZciVaZcaV[dgbVX^‹cYZadhB76#

 :cadfjZXdcX^ZgcZVai‚gb^cdÆZhigVi‚\^XdÇXdbdVY_Zi^kdYZaY^hZŠd!edYZbdh
VÒgbVgfjZZab^hbdZc[Vi^oVaVcZXZh^YVYYZYZÒc^gadhdW_Zi^kdhYZaegdnZXidVhZg
.U<?D?P?E"=_de$:[i_]dCWdW][c[dj0 VaXVcoVYdhVaVg\d!bZY^dnXdgideaVodYZVXjZgYdVjcdgYZcYZeg^dg^YVYZh!YZbZiVhV
][ij_h[bÊ_Z[W$IA?H7[Z_jeh["=_d[XhW"C_bWde$ Xjbea^gYZcigdYZYZiZgb^cVYdhb{g\ZcZhYZg^Zh\d#

/U^jjf0%%mmm$k_W$cn%m[X%i_j[%jfb#D_l[b($f^f5  :aY^hZŠdZhigVi‚\^XdYZWZcZXZhVg^VbZciZXdbZcoVgVeVgi^gYZjcXdcXZeid
c[dk3WZ7if_hWdj[ii[YY_ed3C:_i[de[ijhWj[]_Ye fjZZcjcX^ZXdcegZX^h^‹caVhegde^ZYVYZhbViZg^VaZhZ^cbViZg^VaZhYZaegdYjXid!
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV'&

7Z[c|iZ[bWiYWfWY_ZWZ[iYb|i_YWi
fhe\[i_edWb[i"WZc_d_ijhWj_lWi"
eh]Wd_pWY_edWb[ioZ[c[hYWZe"i[
^WY[d[Y[iWh_eikcWhbeifheY[iei
Z[YedY[fjkWb_pWY_ŒdZ[Z_i[‹eoZ[
Yeckd_YWY_Œd"fWhWgk[[dYed`kdjefk[ZWd
jhWZkY_hi[[ddk[lWifhefk[ijWi
Z[eX`[jeioi[hl_Y_ei$

hj\gVYdYZ^ccdkVX^‹cn!hdWgZidYd!ZahZci^YdfjZegZiZcYZigVchb^i^gVaV\ZciZ#Jc
XdcXZeid!edYg†VbdhYZX^g!fjZYZÒcVaV^YZci^YVY\Zc‚i^XVYZaegdYjXid#IVaXdcXZeid
hZXdchigjnZ!XdbdY^_^bdh!ZcaVgZYYZÆXdcZm^dcZhÇZcaVXjVahZXdcZXiVcidYVhaVh
VXX^dcZhnadhVXdciZX^b^ZcidhfjZeVgi^X^eVcYZaegdnZXid#:aXdcXZeidYZY^hZŠdVXiV
XdbdjchZaZXidgYZeg^dg^YVYZhnYZXVb^cdhegdnZXijVaZh0nZcZaXVhdYZadhZfj^edh
YZY^hZŠd!XdbdjcVbVgXV^ciZgcVfjZXgZVeZgiZcZcX^V#

 :h^bedgiVciZhjWgVnVgfjZZaegde‹h^idYZaV\Zhi^‹c^ciZgY^hX^ea^cVgYZaY^hZŠdcd
ZhZaYZVYfj^g^gadhXdcdX^b^ZcidhcZXZhVg^dheVgVVXijVgZcZaXVbedZheZX†ÒXdYZdigVh
Y^hX^ea^cVh!h^cdb{hW^ZcZaYZXdbegZcYZgadhejcidhYZk^hiVYZZhVhY^hX^ea^cVheVgVedYZg
^ciZgVXijVgXdcaVhb^hbVh#8dcaVhVijgVX^‹cVXijVaYZabZgXVYd!YZd[ZgiVhnegdYjXidh!
aVhZbegZhVhYZWZcY^[ZgZcX^VghZeVgVXdbeZi^gngZhedcYZgVaVhcZXZh^YVYZhXVbW^VciZh
YZadhjhjVg^dh#Adh^chigjbZcidhYZaVXjaijgV\ZgZcX^VahdccZXZhVg^dheZgdnVcdhdc
hjÒX^ZciZheVgVV[gdciVgZhiZgZid#.

 6YZb{hYZaVhXVeVX^YVYZhXa{h^XVhegd[Zh^dcVaZh!VYb^c^higVi^kVh!dg\Vc^oVX^dcVaZh
nYZbZgXVYd!hZ]VXZcZXZhVg^dhjbVgadhegdXZhdhYZXdcXZeijVa^oVX^‹cYZaY^hZŠdnYZ
aVXdbjc^XVX^‹c!eVgVfjZZcXdc_jcidejZYVcigVYjX^ghZZccjZkVhegdejZhiVhYZdW_Zidh
nhZgk^X^dh#:hiVegdejZhiVYZVgi^XjaVX^‹cY^hX^ea^cVgZ^chigjbZciVaZhaVZhigViZ\^VfjZ
eZgb^iZji^a^oVgVab{m^bdadhgZXjghdhYZaVZbegZhV!eVgVediZcX^VgZaY^{ad\dZcigZY^hZŠd
n\ZgZcX^V!Xdbd[VXidg[jcYVbZciVaeVgVaV^ccdkVX^‹c#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV'(

CD8>âC
' :HIG6Iw<>86
9:A9>H:xD
($':;B7I9ECF;J;D9?7IJH7:?9?ED7B;I7BEIDK;LEIHEB;I$
($(:;B7;IJH7J;=?7:;;CFH;I77B7FB7D?<?979?ãD=BE87B$
($);BF7F;B:;B:?I;yE;DB7FH;L?I?ãD7JH7LxI:;BEI;I9;D7H?EI$
 










:aY^hZŠdYZhZbeZŠV


jceVeZa^bedgiVciZ
ZcaVegdbdX^‹cYZaV
^ccdkVX^‹c###
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV'*

($' :[bWiYecf[j[dY_WijhWZ_Y_edWb[i
Wbeidk[leiheb[i$
:aY^hZŠdYZhZbeZŠVjceVeZa^bedgiVciZZcaVegdbdX^‹cYZaV^ccdkVX^‹c!
Vak^cXjaVghZXVYVkZob{hVaV^ckZhi^\VX^‹cYZcjZkVhbdYVa^YVYZhYZjhdYZ
adhegdYjXidh!hjhXVgVXiZg†hi^XVh!bdYVa^YVYZhYZkZciV½YZhXdciZmijVa^oVcYd
adh bdYZadh igVY^X^dcVaZh YZ gZaVX^‹c ZcigZ ZbegZhV"Y^hZŠd# :hiV h^ijVX^‹c
YZg^kV YZ aV Vbea^VX^‹c YZ aVh XdbeZiZcX^Vh igVY^X^dcVaZh YZa Y^hZŠd! Xdc
ZadW_ZidYZXjbea^gaVhZmeZXiVi^kVhnZm^\ZcX^VhfjZZcZabjcYdYZadh
cZ\dX^dh!^cYjhig^VaZ^chi^ijX^dcVahZaZeaVciZVc#

 :hidh[Zc‹bZcdhhdceVgi^XjaVgbZciZZk^YZciZhZchZXidgZhXdbdadhYZW^ZcZhYZ
Xdchjbd^cbZY^Vid^ajb^cVX^‹c!bjZWaZ!XZg{b^XVYZgZkZhi^b^ZcidhnYZXdgVi^kV!iZmi^"
aZheVgVZa]d\Vg!bdYV½!eZgdiVbW^‚cZchZXidgZhXdbdZaYZaVjidb‹k^aVigVk‚hYZaV
WhfjZYVYZcjZkVhi^edad\†VhYZigVchedgiZ!hZgb{hhZch^WaZhVaZcidgcd!b{hhZ\jgVhn
Xdc[dgiVWaZh!YVYdfjZZcZahZXidgVjidbdk^a†hi^XdaVhedh^W^a^YVYZhYZjcV^ccdkVX^‹cZ[ZXi^"
kVVigVk‚hYZaegdnZXidnZaY^hZŠdigVheVhVcadhXdcÒcZhYZadW_ZidnhZ^ciZggd\VhdWgZ
hjegde^VcVijgVaZoV#

 6ZhiVhcjZkVhXdcXZeX^dcZhYZaY^hZŠdhZ^ciZ\gVaVZhigVi‚\^XV!fjZ]VXdbZc"
oVYdVYZhZbeZŠVgjceVeZa[jcYVbZciVaYZcigdYZaegd\gZhdiZXcda‹\^Xd!ZceVgi^XjaVgYZ
aVZaZXig‹c^XVZ^c[dgb{i^XV!fjZ]Vck^hidZcZaY^hZŠdjc^chigjbZcideVgVaVZmeadiVX^‹c
YZiZXcdad\†VhVkVcoVYVh!fjZVigVk‚hYZaVXjaijgVYZaegdnZXidhZigVYjXZcZcVea^XVX^d"
cZhji^a^oVWaZh#whiZZhZadW_Zi^kd!edgZ_Zbead!YZa8Zcigd9^hZŠdE]^a^eh&%!jcVZhigjXijgV
 ;bfej[dY_Wb[ijhWjƒ]_YeZ[bZ_i[‹edej_[d[
b‡c_j[ifkZ_[dZeceijhWheh_]_dWb[iWfb_YWY_ed[i
[dikiWX[hfheo[Yj_le"[l_Z[dY_WdZegk[bW
Wfhen_cWY_Œd][d[hWb_pWZWZ[bWi[cfh[iWiWb
Z_i[‹ed[Y[iWh_Wc[dj[j_[d[gk[[ijWhZ_h_]_ZW
WYWcX_WhikYWh|Yj[hZ[\[dŒc[de[nY[fY_edWb
oZ[\kdY_ŒdZ_\kiW[dbW[cfh[iW$

'&U;b9[djheYk[djWYedjh[iY_[djeiY_dYk[djW
Z_i[‹WZeh[ifheY[Z[dj[iZ[l[_dj_Y_dYefW‡i[i"gk[
jhWXW`Wd[d[ijh[Y^eYedjWYjeYed[nf[hjei[_dl[i#
j_]WZeh[iZ[lWh_WiZ_iY_fb_dWi$:_h_]_ZeWbfh_dY_f_e
Z[beiÊ/&fehIj[\WdeCWhpWde"^WZ[iWhhebbWZe
kdcƒjeZefheo[Yj_le_ddelWZeh"gk[fWhj[Z[b
YedeY_c_[dje_djk_j_leZ[d[Y[i_ZWZ[i[c[h][dj[i"
_dYbkieZ[d[Y[i_ZWZ[iW‘dde[nfh[iWZWi[_d[n_i#
j[dj[i$Beifheo[YjeidWY[dfk[iZ[kdWl_i_Œd
Z[bfheZkYjegk[i[Whj_YkbW[dbW_dj[hWYY_Œd[djh[
_dl[ij_]WY_ŒdoceZ[beiZ[Wfb_YWY_Œd$;b9[djhe
^WZ[iWhhebbWZekdWWfhen_cWY_ŒdWbfheZkYjegk[
i[Z[iZeXbWWbYedYh[jWhbWifei_X_b_ZWZ[iZ[bWi
dk[lWij[Ydebe]‡WioYh[Whl‡dYkbeiYedbeiZ[i[ei"
beilWbeh[i"bWiWif_hWY_ed[iobWid[Y[i_ZWZ[iZ[
kdf‘Xb_YeZ[fh|Yj_YWickjWXb[io[dYedj_dkW
[lebkY_Œd$Beifheo[Yjei[nf[h_c[djWb[ifWhj[dZ[
bWZ[Ód_Y_ŒdZ[kdYedY[fje"gk[fk[Z[i[hkdeX#
`[jeekd[iY[dWh_eZ[YecfehjWc_[djei"fWiWdZe
WbZ[iWhhebbe\ehcWb"[if[Y_ÓYWdZebWifh[ijWY_ed[i
_Z[Wb[ih[bWY_edWZWi[if[Y‡ÓYWc[dj[WbWifei_X_#
b_ZWZ[ij[YdebŒ]_YWi"l_ikWb_pWZWiWjhWlƒiZ[kdW
h[fh[i[djWY_Œd[ic[hWZW[d[b\kdY_edWc_[djeoik
Wfb_YWY_Œd[dbWZ[h_lWYej_Z_WdW$
fjZ^cigdYjXZZaXdcXZeidYZZfj^ed!Zchjhi^ijX^‹cYZaVÒ\jgVigVY^X^dcVaYZaY^hZŠVYdg#9Z
ZhiVhWhfjZYVh]VccVX^YdeZfjZŠdh^chigjbZcidhYZXdbjc^XVX^‹c!VijZcYdhbjai^bZY^V!
gZad_Zhk^YZdiZa‚[dcd!b{\^XdhXdciZcZYdgZhYZZbdX^dcZh!iZaZ"X{bVgVhYZjhdYdb‚hi^Xd!
eVciVaaVhÓZm^WaZhfjZgZZbeaVoVcVaVhigVY^X^dcVaZh\j†VhYZk^V_Z#:a8Zcigd9^hZŠdE]^a^eh
]VYZhVggdaaVYdjcVbjai^ijYYZdW_ZidhfjZedYZbdhYZÒc^gXdbd^ccdkVYdgZhZchjXdc"
XZeX^‹c!gZheZXidYZaVXjVahdckVadgVYVhaVhXdch^YZgVX^dcZh[dgbVaZhZhi^a†hi^XVh#
 :a^ciZg‚hedgjcVXdcXZeX^‹cb{hZhigVi‚\^XVYZaY^hZŠdiVbW^‚chZ]VZmiZcY^YdV
hZXidgZhfjZigVY^X^dcVabZciZhZWVhVgdcZcgZXjghdhXgZVi^kdhYZcVijgVaZoVb{hVgi†hi^XV#:a
hZXidgYZaVbdYV!gZegZhZciVjchZXidgVkVcoVYd!hjbVbZciZ^cYjhig^Va^oVYd!VaVWhfjZYV
YZjccjZkdi^edYZgZaVX^‹cXdcZaXdchjb^YdgXdcaVVnjYVYZaY^hZŠdnZabVg`Zi^c\#
 :aediZcX^VaZhigVi‚\^XdYZaY^hZŠdcdi^ZcZa†b^iZhejY^ZcYdbdhigVgdg^\^cVaZhVea^XV"
X^dcZhZchjhVWZgegdnZXi^kd!Zk^YZcX^VcYdfjZaVVegdm^bVX^‹c\ZcZgVa^oVYVYZaVhZbegZhVh
VaY^hZŠdcZXZhVg^VbZciZi^ZcZfjZZhiVgY^g^\^YVVXVbW^VghjXVg{XiZgYZ[Zc‹bZcdZmXZeX^d"
cVanYZ[jcX^‹cY^[jhVZcaVZbegZhV#AV[‹gbjaVi†e^XVZcaVhenbZhWVhVYVZcaV\Zc^Va^YVY
YZjcdhedXdhnhZaZXidhY^hZŠVYdgZhZhjcbdYZadY^[†X^abZciZhjhiZciVWaZ0aVhXVbW^VciZh
XdcY^X^dcZhbjcY^VaZhVggd_VcVaVhenbZhVjcbZgXVYdY‹cYZaVXdbeZiZcX^V\adWVa^oVYV
]VVegZcY^YdVYZhVggdaaVgjc‹ei^bdc^kZaegdnZXi^kdXdcbZ_dgZhedh^W^a^YVYZhYZ\Zhi^‹cn
dg\Vc^oVX^‹c#?jcidVaVh[jcX^dcZhYZaY^hZŠdZhedgiVcidcZXZhVg^dYZhVggdaaVgjcVVYZXjVYV
dg\Vc^oVX^‹c\ZhidgVXdcaViVgZVYZadXVa^oVg!YZhVggdaaVgnXddgY^cVgadhgZXjghdhXgZVi^kdh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV',

($( :[bW[ijhWj[]_W[cfh[iWh_Wb
WbWfbWd_ÓYWY_Œd]beXWb$
:a Vc{a^h^h YZ adh [Zc‹bZcdh fjZ ]Vc ^bejahVYd adh XVbW^dh YZ aV ZbegZhV
bdYZgcVZm^\Z^cigdYjX^gZaXdcXZeidYZeaVc^ÒXVX^‹c\adWVa#:cZaeVhVYdgZX^ZciZ
aVhenbZhhZ]Vcdg^ZciVYdVaVegdYjXX^‹c!Zhi^bVcYdaVXdcfj^hiVYZbZgXVYdh
bZY^VciZ Za edYZg egdYjXi^kd n ÒcVcX^Zgd# EZgd aVh ZbegZhVh cd VYk^gi^Zgdc
aV cZXZh^YVY YZ VcVa^oVg Za \gVYd YZ XdcdX^b^Zcid YZ adh bZgXVYdh! fjZ ]dn
YZÒc^g†VbdhXdbdYZhVggdaaVYdh!Vh†XdbdYZaVhXVeVX^YVYZhZhigVi‚\^XVhYZadh
egdYjXidgZh#HjXZh^kVbZciZZaVjbZcidYZacbZgdYZZbegZhVhegdYjXidgVh!
aVegd\gZh^kVhVijgVX^‹cYZaVYZbVcYV!ZaXgZX^b^ZcidYZac^kZaXjaijgVaYZaV
edWaVX^‹cnYZaVhZmeZXiVi^kVh!]^odb{hXdbeZi^i^kdVah^hiZbV#

 AVhZbegZhVhZcXdcigVgdcbVndgZhY^ÒXjaiVYZhZchjhdW_Zi^kdhYZXdcfj^hiVYZ
bZgXVYdh!edgadfjZhZ]^odcZXZhVg^d^cigdYjX^g^chigjbZcidhb{hegd[jcYdhYZVc{a^h^h
YZaXdchjb^Ydg#HZVYdei‹aVZmegZh^‹cXa^ZciZ^ciZa^\ZciZ!ZhYZX^gXVeVoYZeZchVg!VcVa^oVg
nZaZ\^gfj‚egdYjXidhVYfj^g^g#:aXa^ZciZZhZaeg†cX^eZYZabZgXVYd!aVeZghdcVVhZgk^g!YZ
fjZgZgeVgVhZgfjZg^Ydh#AVZbegZhVVYdeiVaVZhigViZ\^VYZXdcXZYZg!YZYZaZ\VgVaXdc"
hjb^YdgZaeVeZaeg^bVg^d!egZ[Zg^WaZVaYZXdbeZi^Ydg#:hiVVXi^ijY!XdcYj_dVjcVbVndgn
b{hY^[jhVnX^Zci†ÒXVVea^XVX^‹cYZadheg^cX^e^dhYZabVg`Zi^c\#HdcVbea^VbZciZXdcdX^YVh
aVheda†i^XVhYZegdYjXid!YZegZX^d!YZY^hig^WjX^‹cnYZXdbjc^XVX^‹cfjZidbVcZacdbWgZ
YZbVg`Zi^c\!aV[‹gbjaVeVgV]VXZgb{hhZYjXidgVaVd[ZgiV#=dnhdbdhXdchX^ZciZhfjZZa
‚m^idYZZhiVh[‹gbjaVhbjX]VhkZXZhYZeZcY^‹YZa]ZX]dYZfjZZaXdchjb^YdgcdZhiVWV
egZeVgVYdgZVabZciZ!eZgdXdcaVY^hedc^W^a^YVYZXdc‹b^XVnaVegZY^hedh^X^‹cVhVi^h[VXZgZa
YZhZdYZW^ZcZhhjeZgÓjdh#
BW]beXWb_pWY_Œdde[ifhef_[ZWZZ[bWi
ckbj_dWY_edWb[iodej_[d[gk[h[fh[i[djWhkdW
Wc[dWpWfWhWbWiYkbjkhWif[h_\ƒh_YWigk[fk[Z[d"
YedZ_c[di_ed[ih[ZkY_ZWio[ijhkYjkhWiÔ[n_Xb[i"
jhWibWZWhbWil_i_ed[ibeYWb[iWbckdZe[dj[he$

 :aZhXZcVg^dXdciZbedg{cZdegZhZciVjcVjaiZg^dgZkdajX^‹c!gZegZhZciVYVZceg^bZg
aj\VgedgjcVVji‚ci^XVigVch[dgbVX^‹cYZaXdchjb^Ydg#:bVcX^eVYd!^c[dgbVYd!XVeVoYZ
ZaZ\^gnYZhZdhdYZ]VXZgad!VYfj^ZgZXdcX^ZcX^VYZhj[jZgoVnhZkjZakZgZVabZciZeg†cX^eZ0
h^cZbWVg\d!jceg†cX^eZedWgZ!XdcbZcdgY^hedc^W^a^YVYZXdc‹b^XV#HjhegZ[ZgZcX^VhhdcYZ
Y^[†X^aaZXijgV!edgfjZhdcVab^hbdi^ZbedZbdX^dcVaZh!ngVX^dcVaZh#6YZb{hhdcbdi^kVYVh
ngZheVaYVYVhedgZaZbZcidhi‚Xc^Xdh!YZVh^hiZcX^VYjgVciZnYZhej‚hYZaVVYfj^h^X^‹c!YZ
jcVZmeZXiVi^kVYZhZgk^X^dXdchiVciZ#CVXZejZhaVZbegZhVegdnZXi^kV!aVZbegZhVYZh^\c
dg^ZciZY#:aXdbZi^YdYZaVZbegZhVhZ\j^g{Xdc[dgbVcYdZa{gZVYZ^ciZg‚hZcaVZhigViZ\^V
ZbegZhVg^VanaVhodcVh[‚gi^aZh###VaiZcZgfjZbZY^ghZXdcjceWa^Xd^ciZa^\ZciZniZcZgfjZ
egdYjX^gegdYjXidhgZVaZh!VYZXjVYdh![jZgVYZaVbZgVZheZXjaVX^‹cXdchjb^hiV#

 AVkZgYVYZgVXdcfj^hiVYZaeWa^XdhZYZheaVoVYZjceaVcdZ[†bZgdVdigdgZVa!
YjgVYZgd!fjZigVchb^iZVjiZci^X^YVY#:caVkZgVX^YVYYZaegdYjXidZhi{hjcVijgVaZoVegd"
nZXi^kV#6ciZhfjZ[‹gbjaVh^c[Va^WaZhZm^hiZcXdcY^X^dcZh^begZhX^cY^WaZheVgV\VgVci^oVgaV
egZhZcX^VZcZabZgXVYd#

 6ciZidYd]VXZ[VaiVjcXdbZi^YdW^Zc^YZci^ÒXVYd!jcVZhigViZ\^VXd]ZgZciZZcZa
i^Zbed!jcVZhigjXijgVh‹a^YVnÓZm^WaZ!ZheZX^ÒXVX^dcZh![jZgoVdeZgVi^kVfjZejZYVZmegZhVg
\adWVabZciZaVk^h^‹cYZa[jijgdnedgadiVcidaV^ccdkVX^‹cYZaVZbegZhVVigVk‚hYZaY^hZ"
Šd#AV\adWVa^oVX^‹ccdZhegde^ZYVYYZaVhbjai^cVX^dcVaZhncdi^ZcZfjZgZegZhZciVgjcV
VbZcVoVeVgVaVhXjaijgVheZg^[‚g^XVhfjZejZYZc!XdcY^bZch^dcZhgZYjX^YVhnZhigjXijgVh
ÓZm^WaZh!igVhaVYVgaVhk^h^dcZhadXVaZhVabjcYdZciZgd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV'.

($) ;bfWf[bZ[bZ_i[‹e[dbWfh[l_i_Œd
WjhWlƒiZ[bei[iY[dWh_ei$
AVh enbZh \adWVa^oVYVh deZgVc bZY^VciZ jcV eaVc^ÒXVX^‹c ZhigVi‚\^XV V
igVk‚hYZZhXZcVg^dh!hjhiZciVYdhZcadhgZhjaiVYdhXjVci^iVi^kdhYZbdYZadh
YZ egZk^h^‹c Xa{h^Xdh# AV ^ciZ\gVX^‹c ZcigZ egdheZXi^kV n egZk^h^‹c ^cX^iV V
jc Vc{a^h^h b{h VXijVa n gZhedcYZ V Va\jcVh cZXZh^YVYZh [jcYVbZciVaZh
Xdbd Zmea^XVX^‹c! ]^e‹iZh^h n XjVci^ÒXVX^‹c# :c Za XdciZmid VXijVa YZ
Xdci^cjVhbjiVX^dcZh!aVaZXijgVYZadhZhXZcVg^dhnaV^YZci^ÒXVX^‹cYZaVh
iZcYZcX^VhhZ]VXZc^cY^heZchVWaZheVgVjcVZbegZhVdg^ZciVYVVaY^hZŠdfjZ
fj^ZgZbdciVghZVaXVbW^d#

 ;gZciZ V jc bZgXVYd fjZ hZ egZhZciV XVYV kZo b{h hZ\bZciVYd! XdbeaZ_d! Zc
WjhXVYZcjZkVh{gZVhYZYZhVggdaadZcaV‹ei^XVYZaV\adWVa^oVX^‹c!egZkZgaVdg^ZciVX^‹cn
aVhiZcYZcX^VhZhXVYVkZob{hY^[†X^a#6eZhVgYZaVY^hedc^W^a^YVYYZ^chigjbZcidhni‚Xc^XVh
hdÒhi^XVYVh eVgV aV ^YZci^ÒXVX^‹c YZ hZ\bZcidh n Zhi^adh YZ k^YV! adh XdbedgiVb^Zcidh YZ
XdbegVh^\jZcbVciZc^ZcYdjcVaid\gVYdYZ^begZk^h^‹cZ^cXdbegZch^‹ceVgVaVhZbegZhVh#
:c\ZcZgVaZaXdchjb^YdgZhb{hXdchX^ZciZ!^cY^k^YjVa^hiVnXVeVoYZ^ciZgegZiVgZaegdYjXid!
YZgZXdcdXZghj^YZci^YVY#I^ZcYZVhjhigVZghZYZa‹\^XVhYZbVh^ÒXVX^‹c!YZhZVY^hi^c\j^ghZ!
i^ZcZ cZXZh^YVYZh n Vhe^gVX^dcZh YZ ^ciZgegZiVX^‹c cd XdckZcX^dcVaZh# Cd YZ_V Va VoVg aVh
XVa^YVYZh Zhi‚i^XVh YZa egdYjXid! YVYd fjZ hZ Xdck^ZgiZc Zc Za eVg{bZigd YZ ZaZXX^‹c b{h
^bedgiVciZ!ZcVjhZcX^VYZdigVhXVgVXiZg†hi^XVhkVadgVWaZheVgVZaXdchjb^YdgZcaV^cbZchV
d[ZgiVYZegdYjXidhh^b^aVgZh#

 :c YZÒc^i^kV Za Vc{a^h^h n Za bVndg XdcdX^b^Zcid YZa bZgXVYd ]Vc ]dbdad\VYd
aV egdYjXX^‹c n Zc bjX]dh XVhdh ^c]^W^Yd aV ^ccdkVX^‹c# EgdnZXiVg egdYjXidh Y^g^\^Ydh
ZheZX†ÒXVbZciZ V jc i^ed YZ Xdchjb^Ydg! fjZ h^\jV Va e^Z YZ aV aZigV aVh ^cY^XVX^dcZh YZa
bZgXVYd! ]VXZ b{h Y^[†X^a egdYjX^g Va\d fjZ \jhiZ V idYdh! XVeVo YZ hjhX^iVg Za ^ciZg‚h YZ
cjZkdhXdchjb^YdgZh!igVchkZghVabZciZVadhhZ\bZcidhYZabZgXVYd#6ab^hbdi^ZbedZh
XVYV kZo b{h [gZXjZciZ Za ‚m^id YZ ZbegZhVh fjZ! \gVX^Vh V jc cjZkd bdYd YZ XdcXZW^g
Za Y^hZŠd! ad\gVc VaXVcoVg jcV kVhiV edgX^‹c YZa hZ\bZcid YZ bZgXVYd Zc fjZ deZgVc Xdc
egdYjXidhYZVaidXdci^ZcYdXdcXZeijVa!^YZVh^ccdkVYdgVh!fjZhVi^h[VXZccZXZh^YVYZhidYVk†V
cdZmegZhVYVh!VYZaVciVcYdVaeWa^XdVa\dfjZ‚hiZcd^bV\^c‹c^YZhZ‹idYVk†V#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV(&

( 9:;>C>8>DC:H
)$'KD7DK;L7<EHC7:;E8I;HL7H0B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE$
)$(:;<?D?9?ãD:;B79K;IJ?ãD;IJH7Jx=?97:;B:?I;yE$
)$);BF7F;B:;B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE;DB7IFOC;I
6igVk‚hYZaV<Zhi^‹c
:higVi‚\^XVYZa9^hZŠd
aVZbegZhVV[gdciVYZ
bVcZgVb{hZÒX^ZciZ
ZabZgXVYd###
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV((

)$' KD7DK;L7<EHC7:;E8I;HL7H0
B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE$

AV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd Zh jcV cdX^‹c ^ccdkVYdgV fjZ
gZX^ZciZbZciZ Zhi{ h^ZcYd ^ciZg^dg^oVYV YZcigd YZa YZhVggdaad YZ adh
egd[Zh^dcVaZhYZaY^hZŠd!XdcZadW_ZidYZ^ciZ\gVgaVZcidYVhjVbea^ijY
ZcaVXVYZcVYZkVadgeVgVVa^cZVgaVhZhigViZ\^VhZbegZhVg^VaZh#

 AV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd Xdbd VXi^k^YVY cVXZ Zc Za hZcd YZ aV XjaijgV
^cYjhig^Va!XdcZadW_ZidYZ^ciZ\gVgidYVhaVhVXi^k^YVYZhXdcXZgc^ZciZhVZhiVY^hX^ea^cVn
hjgZaVX^‹cXdcZaYZhVggdaadYZaVgZYYZkVadgZcaVZbegZhV#:aXdcXZeid^cXaj^YdZcZhiV
eZgheZXi^kV hZ XdcdXZ Xdbd h^hiZbV"egdYjXid! YZW^ZcYd ZciZcYZghZ edg Zaad Va XjZged
^ciZ\gVYdgYZegdYjXidh!Xdbjc^XVX^dcZhnhZgk^X^dhZhigVi‚\^XdhfjZjcVeZghdcVdgZYZhYZ
eZghdcVheZgiZcZX^ZciZhVZbegZhVhZ^chi^ijX^dcZh!adhXdcX^WZcnYZhVggdaaVceVgVdWiZcZg
jcdhgZhjaiVYdhZhigVi‚\^XdhZheZX†ÒXdh!ZcZabZgXVYdYdcYZhZYZhZckjZakVc#&&

 AVXdbeaZ_^YVYYZadZhigVi‚\^XdZhig^WVnZhi{ZcgZaVX^‹cY^gZXiVVaVXVYVkZo
bVndg edh^W^a^YVY YZ ZhXZcVg^dh VaiZgcVi^kdhedh^WaZhhdWgZadhfjZVXijVg#6XijVabZciZ
Zc idYdh Zaadh hdc bai^eaZh adh VXidgZh fjZ ^ciZgVXiVc! YZ Òhdcdb†Vh n XVgVXiZg†hi^XVh
XVbW^VciZh# Edg ad iVcid! aV Y^ÒXjaiVY YZ Ydb^cVg ad ZhigVi‚\^Xd Zhig^WV Zc aV XVeVX^YVY
YZ \VgVci^oVg fjZ hZ Zhi{c kVadgVcYd adh ÆbZ_dgZh gZhjaiVYdh edh^WaZhÇ Zc aVh Y^kZghVh
h^ijVX^dcZhedh^WaZh#
 )$( :;<?D?9?ãD:;B7=;IJ?ãD;IJH7Jx=?97
:;B:?I;yE$
)$($' ;b|cX_jeZ[bW=[ij_Œd$

JcV Zmea^XVX^‹c YZ aV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd edYg†V Z[ZXijVghZ V
igVk‚h YZ aV VXdiVX^‹c YZa i‚gb^cd Æ\Zhi^‹cÇ Zc Za iZgg^idg^d YZa Y^hZŠd/ aV
^beaVciVX^‹cYZaY^hZŠdXdbdegd\gVbV[dgbVaYZVXi^k^YVYZhYZcigdYZaV
ZbegZhV!edc^ZcYdYZbVc^ÒZhidaV^bedgiVcX^VYZaY^hZŠdZcadhdW_Zi^kdh
XdgedgVi^kdhVXdgid!bZY^dnaVg\deaVod!XddgY^cVcYdaV^ciZgkZcX^‹cYZadh
gZXjghdh YZ Y^hZŠd V idYdh adh c^kZaZh YZ aV VXi^k^YVY ZbegZhVg^Va Xdc Za
dW_ZidYZVaXVcoVgadhdW_Zi^kdhXdgedgVi^kdh#9ZV]†fjZaVÒ\jgVYZa9Zh^\c
BVcV\ZgiZc\VjcYdWaZeVeZa/

™:ceg^bZgaj\Vg!igVhaVYVgaV^bedgiVcX^VYZaY^hZŠdVab{hVaidc^kZaYZaVZbegZhV!
ZhYZX^g!igViVgZaY^hZŠdXdbdjcV]ZggVb^ZciVZhigVi‚\^XVYZeg^bZgdgYZccdh‹ad
eVgVZaYZhVggdaadYZaegdYjXidnYZaVhbVgXVh!h^cdiVbW^‚ceVgVXdbjc^XVgjcV
YZiZgb^cVYV^YZci^YVYYZZbegZhV0

™:chZ\jcYdaj\Vg!\Zhi^dcVgZaY†VVY†VYZjc{gZVXdbeaZ_V!fjZiZcYg{eZghdcVh
YZcigd n [jZgV YZ aV dg\Vc^oVX^‹c! n fjZ Zhi{ Zc XdchiVciZ gZaVX^‹c Xdc digVh
{gZVh$YZeVgiVbZcidh#

 AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd!VWVgXVXdbdY^bZch^‹cYZÆ\Zhi^‹cÇaVYZidYdh
adhZaZbZcidhk^hjVaZhYZaVZbegZhV!ZhYZX^g!aV\Zhi^‹cYZaV[dgbVa^oVX^‹cYZadhegdYjXidh!
YZaVXdbjc^XVX^‹c!YZadhZheVX^dhk^h^WaZhYZaVZbegZhVZ^cXajhdZcVa\jcdhVheZXidhYZ
hjeZghdcVa#:a9Zh^\cBVcV\Zg]VYZXdcdXZgcdh‹adadh[jcYVbZcidh]VW^ijVaZhYZXjVafj^Zg
iVgZV YZ Y^gZXX^‹c! Xdbd ad hdc aV \Zhi^‹c YZ adh gZXjghdh ]jbVcdh!  adh XdcdX^b^Zcidh
YZ VYb^c^higVX^‹c n Xdcigda! h^cd VYZb{h adh gZaVi^kdh V aV egde^V [jcX^‹c YZa Y^hZŠd! n aVh
[jcX^dcZh gZaVX^dcVYVh bVg`Zi^c\! Xdbjc^XVX^‹c! egdYjXX^‹c! ^c\Zc^Zg†V Z ^ckZhi^\VX^‹c n
''U^jjf0%%mmm$cZ[kl$Yb YZhVggdaad# N cd h‹ad Zhid! h^cd VYZb{h Zc hj eVeZa YZ igVchb^hdg YZ aV ^bedgiVcX^V YZa
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV(*

BWZ_c[di_ŒdÇ][ijehWÈZ[djheZ[bW=[ij_Œd
;ijhWjƒ]_YWZ[b:_i[‹ej_[d[gk[l[hYedbW
YWfWY_ZWZZ[bWif[hiedWifWhWbe]hWhXk[dWi
j|Yj_YWiWZ[YkWZWiYedbWigk[W\hedjWh
YkWbgk_[hYedj_d][dY_Woh[je$

Y^hZŠdZcaVZhigViZ\^VXdgedgVi^kV!YZWZiZcZgaVXVeVX^YVYnaVgZaZkVcX^VZcZadg\Vc^\gVbV
YZaVXdbeVŠ†VeVgVedYZg^cÓj^gZcaVhYZX^h^dcZh#:caVhZbegZhVheZfjZŠVhnbZY^VcVh
aV\Zhi^‹cYZaY^hZŠdnedgZcYZaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdYZWZZhiVgZcbVcdhYZa
b{m^bdgZhedchVWaZYZaVZbegZhV#

 AVh[jcX^dcZhYZZhiVY^bZch^‹cZcaVVXi^ijY\adWVaYZaV<Zhi^‹c
:higVi‚\^XVYZa9^hZŠdejZYZcgZhjb^ghZZcaVhh^\j^ZciZh/&'

 &#8dcig^Wj^gVaVXdchZXjX^‹cYZadhdW_Zi^kdhXdgedgVi^kdh

 '#EVgi^X^eVgZcaV^YZci^ÒXVX^‹cYZaVhcZXZh^YVYZhYZadhXdchjb^YdgZh

 (#<Zhi^dcVgadhgZXjghdhYZY^hZŠd

 )#<Zhi^dcVgZaegdXZhdYZY^hZŠd

 *#8gZVgaVgZYYZ^c[dgbVX^‹cnYZ\ZcZgVX^‹cYZ^YZVh

 AVY^bZch^‹cÆ\ZhidgVÇYZcigdYZaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdi^ZcZfjZkZgXdcaVXVeVX^YVY
YZ aVh eZghdcVh eVgV ad\gVg WjZcVh i{Xi^XVh VYZXjVYVh Xdc aVh fjZ V[gdciVg XjVafj^Zg Xdci^c\ZcX^V n gZid#
HjedcZeVgVZa\ZcZgVYdg$VXi^kVYdgYZadhegdnZXidh!hZVXjVahZVhj†cYdaZ!edYZgZhiVWaZXZgjceaVcVhZ\j^g
eVgVad\VgYZ[dgbV‹ei^bVZagZhjaiVYdWjhXVYd#9^X]VÒcVa^YVYhZVaXVcoVg{YZ[dgbVb{hZmeZY^i^kVh^!Zc
eg^bZgaj\Vg!hZeaVcZVW^ZcZaY^hZŠdZhigVi‚\^XdnZchZ\jcYV^chiVcX^V!h^hZ^beaZbZciVW^Zc!XdcXVjiZaV
nZÒXVX^VadegdejZhidedgZaY^hZŠdZhigVi‚\^Xd#
 ;ijWZ_c[di_ŒdZ[djheZ[bW=[ij_Œd;ijhWjƒ]_YW
Z[b:_i[‹e"Wbeigk[c|i_dj[hƒiZ[if_[hjW[iW
bWi[cfh[iWigk[d[Y[i_j[dYWcX_WhikhkcXe"
fWhWbe]hWhc[`eh[ih[ikbjWZeio]WdWdY_Wi
'(U^jjf0%%jZZ$[b_iWlW$d[j%Yeb[YY_ed%('%cedjWDW#[i
')U^jjf0%%mmm$h[Yh[W#[Z$Yb%Z_i[de%[ijhWj[]_Ye$^jc
'*UC7DP?D?";p_e$CWij[h[d:_i[‹e;ijhWjƒ]_Ye$
Feb_jƒYd_YeZ[C_b|d$I[fj_[cXh[Z['///$
^jjf0%%mmm$YWj[ZhW]WbWd$Yec$Wh%WhY^_lei%)WY[
/,\)./-/,Y+,(\/Z.*.XZX*X)[*)UcWdp_d_$ZeY
'+UB;?HE"H[_dWbZe@$
:_i[‹e0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$
8k[dei7_h[i"7h][dj_dW$F|]$',&
AV Y^bZch^‹c Æ\ZhidgVÇ YZcigd YZ aV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd VnjYV
eg^cX^eVabZciZVYdhXdhVh/
™Eg^bZgd!bVndgZÒXVX^VYZaegdnZXidegdejZhidhZad\gVg{cidYVhaVh
bZiVh^bejZhiVhZcZaegdnZXid0
™:chZ\jcYdaj\Vg!hZg{b{hk^VWaZZaegdnZXid!ejZheZgb^i^g{fjZadh
gZXjghdhfjZhZkVcV^ckZgi^ghZVcadhVYZXjVYdh!ZhYZX^g!Zhi‚idYd
V_jhiVYd#6h†aVdg\Vc^oVX^‹cfjZadÒcVcX^V!ejZYZZciZcYZgfjZZaXdhid
cdZhiVg{hdWgZZaZkVYd!VeVgiZYZVaXVcoVgWjZcdhgZhjaiVYdh#
 :hiVY^bZch^‹cYZcigdYZaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd!VadhfjZb{h^ciZg‚hYZhe^ZgiVZhV
aVhZbegZhVhfjZcZXZh^iZcXVbW^VghjgjbWd!eVgVad\gVgbZ_dgZhgZhjaiVYdhn\VcVcX^Vh#EVgVZaadZm^hiZc
ZheZX^Va^hiVhfjZhdcZmeZgidhZcY^hZŠdZhigVi‚\^XdnfjZVigVk‚hYZhjVhZhdgVb^ZcidejZYVc]VXZgfjZ
Y^X]Vh ZbegZhVh bZ_dgZc hjh gZhjaiVYdh i‚Xc^Xdh n ejZYV dWiZcZg b{h \VcVcX^Vh! bZ_dgZh ]dg^odciZh n
egdnZXiVghZZcZa[jijgd&(#
 6XijVabZciZaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdYZhYZhjY^bZch^‹cÆ\ZhidgVÇZhjcVVXi^k^YVYY^[jhV!
edgfjZZc\ZcZgVacdhZaVgZXdcdXZ#EVgVidbVgXdcX^ZcX^VYZZaaVZhcZXZhVg^dVYZXjVgZabdYZadYZ
Vc{a^h^hVaVcjZkVgZVa^YVYYZadhXdciZmidhdeZgVi^kdh!]VW^YVXjZciVYZaVhigVch[dgbVX^dcZh
fjZ]VciZc^YdnZhi{ciZc^ZcYdaj\VgZc‚a&)#AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdZhjcVVXi^k^YVY
b{hVaa{YZadegdnZXijVa!XjnddW_ZidZhZaXdc_jcid^ciZ\gVYdYZadhegdYjXidh!YZadhhZgk^X^dh
nXdbjc^XVX^dcZhXdcaVhXjVaZhjcVZbegZhVhZegZhZciVVabZgXVYdhZXdadXVZcaVhdX^ZYVY
n!ZcZhiZ]VXZg!YV[dgbVVaVegde^VZhigViZ\^V#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV(,

)$($( ;b|cX_jeZ[bW[ijhWj[]_W$
AV ZhigViZ\^V Zh jcV ZcXVYZcVb^Zcid YZ YZX^h^dcZh fjZ ÒcVa^oVc Zc jc
dW_Zi^kd jW^XVYd YZcigd YZ jc XdciZmid ^begZYZX^WaZ aV ZhigViZ\^V Zh ad
dejZhid V aV eaVc^ÒXVX^‹c! V igVk‚h YZ aV XjVa hZ VhjbZ fjZ Za egdXZhd
Zh XdcdX^Yd n egZY^X^WaZ# AVh VXi^k^YVYZh egdnZXijVaZh ejZYZc VYdeiVg jcV
VXi^ijYeaVc^ÒXVYdgVdjcVVXi^ijYZhigVi‚\^XV/XjVcYdb{hijgWjaZcidZhZa
XdciZmid!b{hYdb^cVciZgZhjaiVaVVegdm^bVX^‹cZhigVi‚\^XV#

 6 Xdgid eaVod! aV XdbeZi^i^k^YVY gZfj^ZgZ YZ aVh ZbegZhVh jcV ZhigViZ\^V YZ
edh^X^dcVb^Zcid! eZgd V bZY^d n aVg\d eaVod! ZhiV b^hbV XdbeZi^i^k^YVY gZfj^ZgZ YZ aVh
ZbegZhVh jcV ZhigViZ\^V YZ dg^ZciVX^‹c Zh YZX^g Za egdnZXid YZ jc XVb^cd eVgV VaXVcoVg
Za cjZkd dgYZc fjZ Za XVbW^d kdakZg{ ^cZmXjhVWaZ# :h V]† YdcYZ hZ bViZg^Va^oV Za Y^hZŠd
Xdbd [VXidg ZhigVi‚\^Xd! n edg ad iVcid aV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd Xdbd Xdc_jcid YZ
XVeVX^YVYZhYZXdbW^cVgZhigViZ\^VYZXVbW^dXdcZhigViZ\^VYZedh^X^dcVb^Zcid#

 :ai‚gb^cdÆZhigVi‚\^XdÇXdbdVY_Zi^kdVaV\Zhi^‹cnVaY^hZŠdZc[Vi^oVaVcZXZh^YVY
YZYZÒc^gadhdW_Zi^kdhZheZX†ÒXdhnh^\c^ÒXVi^kdhYZaegdYjXidnYZaegdnZXid!XdcXZcigVcYd
Zcadhb^hbdhadhgZXjghdhY^hedc^WaZhYZaVZbegZhVnadhVig^Wjidheg^dg^iVg^dhgZfjZg^Ydhedg
aVhdX^ZYVYnZabZgXVYd#:caVYZÒc^X^‹cYZadhdW_Zi^kdhZhigVi‚\^XdhhZiZcYg{cZcXjZciV!
VYZb{h!aVhedh^WaZhiZcYZcX^VhYZZkdajX^‹cYZaVhkVg^VWaZhZXdc‹b^XVh!hdX^VaZhnXjaijgVaZh#
9^X]dYZdigVbVcZgV!ZaY^hZŠdZhigVi‚\^Xd^bea^XVeg^dg^oVgX^ZgiVhegde^ZYVYZhXdch^YZgVYVh
YZÒc^idg^VhYZaegdnZXidedgZcX^bVYZdigVhYZbZcdgeVgi^X^eVX^‹cZcadhdW_Zi^kdhXZcigVaZh
YZaegdYjXid#:hedh^WaZVÒgbVgfjZaVZhigViZ\^VZhZagZhjaiVYdYZjch^hiZbVYZeg^dg^YVYZh
Vea^XVYdiVcidVaV\Zc‚i^XVYZaegdYjXidXdbdVaVXdcXZcigVX^‹cYZadhgZXjghdhcZXZhVg^dh
eVgVhj\Zhi^‹c#&*

 :a dW_Zid eg^cX^eVa YZ aV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd YZcigd YZ aVh enbZh Zh
ejZh Za h^hiZbV egdYjXid/ Za Xdc_jcid ^ciZ\gVYd edg egdYjXidh! hZgk^X^dh n Xdbjc^XVX^dcZh
Xdchi^iji^kdhYZaVd[ZgiVYZaVZbegZhV#AVd[ZgiVYZaVZbegZhVcdhdchdadÆXdhVhÇ!b{hW^Zc
ÆXdhVhnZkZcidhÇfjZ!ZchjXdc_jcid!Xdchi^ijnZcZah^hiZbVYZ^ciZgVXX^‹cfjZÒcVa^oVXdcaV
egdYjXX^‹cYZkVadgZh#>ciZgVXX^dcZhYZg^kVYVhZcaVegdYjXX^‹cXdckZg\ZcX^V!XdegdnZXiVX^‹c
n egdnZXiVX^‹c eVgi^X^eVi^kV# >ciZgVXX^‹c YjgVciZ aV egdYjXX^‹c egdYjXX^‹c edg eZY^Yd!
 egdYjXX^‹c Zc Za ejcid YZ kZciV! egdejZhiVh YZ ]{\Vad jhiZY b^hbd# >ciZgVXX^‹c
YZg^kVYV Zc aV egdYjXX^‹c hZgk^X^d YZ kZciV n edhkZciV! VXi^k^YVY YZ egdbdX^‹c
adXVa^oVYV# 6h†YZcigdYZa{bW^idYZaVhZhigViZ\^VhaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd
YZWZYZ^ciZgegZiVghZdXdcXZW^ghZXdbd^ciZg[VXZZbegZhV$Xa^ZciZ$hdX^ZYVY#

 6]dgVW^Zc!Xdch^YZgZbdhiVbW^‚cadfjZcdZhÆZhigVi‚\^XdÇ!
VcVa^oVcYdVa\jcVhÆZi^fjZiVhZhigVi‚\^XVhÇ[gZXjZciZbZciZjhVYVh/

"  AV VhdX^VX^‹c YZ Ydh VXidgZh ZbegZhVh d eZghdcVh cd XdcÒ\jgV
jcV [jh^‹c ZhigVi‚\^XV! h^cd jcV hjbV YZ gZXjghdh bViZg^VaZh Z
^cbViZg^VaZh! jcV deZgVX^‹c XjVci^iVi^kV# EdYZbdh ]VWaVg YZ jcV
Va^VcoVZhigVi‚\^XVh‹adh^aVjc^‹chZgZVa^oVXdcZaÒcYZXgZVgcjZkdh
dW_Zi^kdhXdbjcZheVgVgZZbeaVoVgadhZm^hiZciZh!dh^aV[jh^‹cZhi{
Y^g^\^YV V ZhiVWaZXZg jcV XdbeaZbZciVg^ZYVY ZcigZ aVh eVgiZh! fjZ
aZheZgb^iVVXXZYZgVcjZkdhegdYjXidh!iZXcdad\†VhdbZgXVYdh#:h
YZX^g!h^hZigViVYZjcXgZX^b^ZcidXjVa^iVi^kd#

"JcY^hZŠdcdZhZhigVi‚\^Xdh‹adZc[jcX^‹cYZhj‚m^idZcZabZgXVYd#:h
egZX^hdfjZVci^X^eZjccjZkdbdYZadYZXdcZm^dcZh!YZ^ciZgadXjidgZh!
YZXdbedgiVb^ZcidhnYZ^c[dgbVX^‹c#:hcZXZhVg^dfjZegdedc\VkVadgZh
nfjZVci^X^eZcZXZh^YVYZh!YZhZdhnXdbedgiVb^ZcidhYZaV\ZciZ#

"AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd^bea^XVcZXZhVg^VbZciZjcV\Zhi^‹c
^ciZgVXi^kV Xdc idYdh adh [VXidgZh YZa egdnZXid! iVcid eVgV Vbea^Vg
hj {bW^id YZ ^c[dgbVX^‹c Xdbd eVgV eVgi^X^eVg YZ aVh YZX^h^dcZh
YZ egdYjXid# Jc hjbVidg^d YZ \Zhi^dcZh cd XdcÒ\jgV jcV \Zhi^‹c
ZhigVi‚\^XV h^ Y^X]Vh VXX^dcZh cd ^ciZ\gVc jc b^hbd h^hiZbV YZ
YZX^h^dcZhnYZhZ\j^b^ZcidYZaegdnZXid#AVZhigViZ\^VYZY^hZŠdhZ
^c^X^VXdcaVZaZXX^‹cYZjch^hiZbVYZeg^dg^YVYZhfjZeZgb^iVXdc[Zg^g
VaegdYjXidjcV\Zc‚i^XVeVgi^XjaVg#AVZaZXX^‹cYZaVheg^dg^YVYZhhZg{
',U^jjf0%%mmm$h[Yh[W#[Z$Yb%Z_i[de%[ijhWj[]_Ye$^jc ZagZhjaiVYdYZjcVcZ\dX^VX^‹cXdcidYdhadhVXidgZhYZaegdnZXid#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV(.

7jhWlƒiZ[bW=[ij_Œd;ijhWjƒ]_YWZ[b:_i[‹e
bW[cfh[iWW\hedjWZ[cWd[hWc|i[ÓY_[dj[
[bc[hYWZe"[bYkWbfbWdj[WZ_ÓYkbjWZ[i"
YeokdjkhWioh[jeiZ_l[hieiWbeigk[^Wogk[
[d\h[djWhi[Z[cWd[hW[ijhWjƒ]_YW"i_dZ[`Wh
Z[bWZegk[beij_[cfeilWdlWh_WdZe$$$

)$) ;BF7F;B:;B7=;IJ?ãD;IJH7Jx=?97
:;B:?I;yE;DB7IFOC;I$

AV <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd [dgbV eVgiZ YZa XdcXZeid ^ciZ\gVa YZ aV
<Zhi^‹cYZa9^hZŠdZcaVhZbegZhVh!XdbdiVaVciZeaZcVbZciZZhigVi‚\^Xd!
Vhjb^ZcYd d iZc^ZcYd  Xdbd \gVc ÒcVa^YVY dWiZcZg Y^[ZgZciZh XdhVh! jcV
YZZaaVhhdcbZ_dgVgaVk^h^‹cZhigVi‚\^XVYZaVZbegZhV!XdcadfjZad\gVg
bZ_dgZhdW_Zi^kdh!XaVg^ÒXVgadhnZhigVi^ÒXVgadh#:hidegZhjedcZ!fjZVigVk‚h
YZZaaVYZWZceaVciZVghZÒcVa^YVYZhVhZ\j^g!eZgdiZc^ZcYdjcVk^h^‹cdjcV
]^e‹iZh^hYZadfjZhZfj^ZgZ!YZZhiV[dgbVaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd
VnjYVVVaXVcoVgdW_Zi^kdhYZbVcZgVb{hZÒX^ZciZnZadXjZciZ#&+
 
6igVk‚hYZaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdaVZbegZhVV[gdciVYZbVcZgVb{hZÒX^ZciZZa
bZgXVYd!ZaXjVaeaVciZVY^ÒXjaiVYZh!XdnjcijgVhngZidhY^kZghdhVadhfjZ]VnfjZZc[gZciVghZ
YZ bVcZgV ZhigVi‚\^XV! h^c YZ_Vg YZ aVYd fjZ adh i^Zbedh kVc kVg^VcYd n h‹ad jcV <Zhi^‹c
:higVi‚\^XVYZa9^hZŠdejZYZVedgiVg!hZ\cZabdbZcidZcfjZhZdeZgZ!fjZaVZbegZhV
ejZYVnhZeVVXa^bViVghZ#:hidejZYZkZg^ÒXVghZZcY^kZghdhXVhdhnh^ijVX^dcZh!ZcaVhfjZ
 Feh[`[cfbe"i_bW[cfh[iWgk_[h[Z[ceijhWh
gk[[ifWhWbei`Œl[d[i"gk[WfkdjWW[i[
d_Y^eZ[f[hiedWi"Z[X[ZWhbW_cW][dZ[
gk[[ijWfh[eYkfWZWegk[bei[dj_[dZ[$
;iW[ibW_Z[WZ[bW_cW][d$

ZbegZhVh edg fjZYVghZ Zc Za eVhVYd! cd ]Vc hVW^Yd ]VXZg [gZciZ V adh cjZkdh
i^ZbedhnX^gXjchiVcX^Vh!cdhZ]Vcb^bZi^oVYdXdcadb{hVXijVa#H^cdhZad\gV
Zhid!XaVgVbZciZZhY^[†X^aaaZ\VgVabZgXVYd!fjZXdbdhZhVWZ!Zhi{Xdchi^ij^Ydedg
edWaVX^‹cXVbW^VciZhZ\cadhVŠdhnaVhcZXZh^YVYZhfjZkVnVegZhZciVcYd#JcV
ZbegZhVh^fj^ZgZhZgZm^idhVaZXdck^ZcZ[dg_VgjcVWjZcV<Zhi^‹c:higVi‚\^XVYZa
9^hZŠd!eVgVedhZZgjcVZhigViZ\^VY^\cVYZ\VcVgXa^ZciZhnedgadiVcid!iZcZgadh
gZidgcdhZhi^bVYdhZcWVhZVhjh^ckZgh^dcZh#

 6]dgVW^Zc![dXVa^o{cYdcdhb{hVadfjZhZfj^ZgZgZ\^higVgXdc<Zhi^‹c
:higVi‚\^XV YZa 9^hZŠd XdbegdWVgZbdh! fjZ jcd YZ hjh eg^cX^eVaZh [dXdh YZ
ViZcX^‹cZhjcdYZadhZaZbZcidhb{h^bedgiVciZhYZcjZhigdi^Zbed!aV^bV\Zc
fjZegdnZXiVjcVZbegZhV#AV^bV\ZcXdbdhZhVWZZhXdbdeZgX^W^g{aV\ZciZV
aVZbegZhV!b{hVaa{YZadbZgVbZciZ[†h^Xd!b{hhdWgZZaXdcXZeidfjZaV\ZciZ
dWiZcYg{ZchjXdbegZch^‹cYZY^X]VZbegZhV!hZVadfjZhZfj^ZgVegdnZXiVg#Edg
Z_Zbead!h^aVZbegZhVfj^ZgZYZbdhigVgfjZZheVgVadh_‹kZcZh!fjZVejciVVZhZ
c^X]dYZeZghdcVh!YZWZYVgaV^bV\ZcfjZYZZhiVegZdXjeVYVdfjZadhZci^ZcYZ#
:hVZhaV^YZVYZaV^bV\Zc#

'-U8;IJ"AWj^hod$CWdW][c[djZ[bZ_i[‹e";ijhW#
j[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$(-
 AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdVhjbZadheaVciZVb^ZcidhYZWVhZYZ
aV<Zhi^‹cYZa9^hZŠd!ZhYZX^g!hZXdcXZcigVZceZchVgZcaVZhigViZ\^Vdg\Vc^oVi^kV
YZhYZ Za ejcid YZ k^hiV YZa Y^hZŠd! ^YZci^ÒXVcYd aVh dedgijc^YVYZh YZ Y^hZŠd!
^ciZgegZiVcYdaVhcZXZh^YVYZhYZaVZbegZhVnhjhXa^ZciZh!nVcVa^oVcYdaV[dgbV
ZcfjZZaY^hZŠdejZYZXdcig^Wj^gVacZ\dX^d\adWVabZciZ#&,9ZhYZZaaVhZVa^ZciVaV
VXi^ijYVigVk‚hYZaVXjVahZXdcX^WZcadhegdnZXidhYZY^hZŠd!YdcYZad^bedgiVciZ
Zh^YZci^ÒXVgnXgZVgaVhXdcY^X^dcZhZcaVhfjZejZYZcegdedcZghZ!ZcXVg\VghZn
egdbdkZghZadhegdnZXidhYZY^hZŠd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV)&

6h†ejZh!aV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdegZhjedcZ/

":higViZ\^VVaYZÒc^ghZjcVZhigViZ\^VYZY^hZŠd!fjZZcaVZhigViZ\^VYZaVZbegZhV
hZ^cXdgedgZcadhdW_Zi^kdhYZaY^hZŠd!Vh†XdbdVhZ\jgVgfjZaVZhigViZ\^VYZY^hZŠd
gZV\gjeZVadhegdYjXidh!aVXdbjc^XVX^‹c!adhZheVX^dhnaV^c[dgbVX^‹c#

"EaVcc^c\Vaegd\gVbVghZZaY^hZŠdYZadhegdYjXidh!Zhi^bjaVcYdegjZWVhn
kZg^ÒXVX^dcZhhdWgZadhY^hZŠdh!Vh†XdbdaVYZÒc^X^‹cYZZhi{cYVgZhYZY^hZŠd/
\g{ÒXd!Vgfj^iZXijgVYZaegdYjXidncdgbVhZhigjXijgVaZh#

":higjXijgVjW^XVcYdVaY^hZŠdZcZac^kZahjeZg^dgYZ\Zhi^‹cYZaVZbegZhV!edgad
fjZhZXgZVjcVVXi^ijY[VkdgVWaZ]VX^VZaY^hZŠd#

";^cVcoVhVabZY^ghZadhXdhiZhYZaY^hZŠd!hjVhZciVb^ZcidZcaVXdciVW^a^YVYnaV
gZk^h^‹cYZXjZciVh!adfjZeZgb^iZiZcZgVXXZhdVjcegZhjejZhideVgVaVejZhiVZc
eg{Xi^XVYZaVZhigViZ\^VYZY^hZŠd0gZXjghdh]jbVcdhXgZVcYdjcVbW^ZciZegde^X^d
eVgVY^hZŠVg!^cÓjnZcYdZcaVXdcigViVX^‹cnaV\Zhi^‹cYZadheZgÒaZhZheZX†ÒXdh#

">c[dgbVX^‹cVaXdbjc^XVgaVb^h^‹cYZaY^hZŠdZcaVZbegZhV!Vh†XdbdeVgVZa
ZcidgcdVa^bZciVcYdaVVXi^ijYYZk^\^aVcX^VeVgVaVYZiZXX^‹cYZiZcYZcX^Vh#

"8dbjc^XVX^‹cXgZVcaVk^h^‹cYZhZgXdbeZiZciZhZci‚gb^cdhYZY^hZŠd!VaVkZo
fjZXdbjc^XVhdWgZadhXdcXZeidhYZaegdYjXid#
 "G9VXi^kVaVhgZaVX^dcZhZcigZY^hZŠd!bVg`Zi^c\nYZiZXX^‹ciZXcda‹\^XVYZiZcYZcX^Vh#

"9^gZXX^‹cYZegdnZXidhgZk^hVcYdaVhYZX^h^dcZhXaVkZYZXVYV[VhZ!^ciZ\gVcYdVa
Y^hZŠdZcaV[VhZYZ\ZcZgVX^‹cYZ^YZVh0bVgXV^beaVciVgZXjghdhnXVeVX^YVYZh
YZaY^hZŠdZcZabVg`Zi^c\ZhigVi‚\^Xd#

"BVgXVXgZVcYd^YZVhhdWgZedh^WaZhbVgXVh#
'.U9W`WZ[^[hhWc_[djWiZ[bW=[ij_Œd#
Z[b:_i[‹e$8h_]_jj[8eh`WZ[CepejW" ":kVajVX^‹cXdiZ_VcYdZagZcY^b^ZcidYZaY^hZŠdXdcadhgZhjaiVYdh\ZcZgVaZhYZaV
8h_]_jj[$ ZbegZhV!VaVkZofjZhZkZg^ÒXVaVXd]ZgZcX^VYZah^hiZbVYZY^hZŠd#&-

<Zhi^‹cDeZgVi^kV
;ijhWj[]_W "9ZÒcZaVeda†i^XVYZY^hZŠdZc 8ddgY^cVaVZhigViZ\^VYZY^hZŠdXdcadh
ZaegdYjXidnaVheda†i^XVhYZ YZeVgiVbZcidhYZbVg`Zi^c\!^ccdkVX^‹cn
Xdbjc^XVX^‹c#
"9ZÒcZjcVeda†i^XVYZbVgXV
nZaeVeZafjZZaY^hZŠd_jZ\V
ZcaVbVgXV#
FbWdd_d] ">c[dgbVYZadhegdnZXidhYZ
Y^hZŠd#
;ijhkYjkhW "HZaZXX^dcVY^hZŠVYdgZh#
"9ZÒcZZfj^edhn\ZciZfjZ
ZhiVg{ZcXdciVXidXdcadh
Y^hZŠVYdgZh#
"CdbWgVVjcÆXVbeZ‹cYZ
Y^hZŠdÇ#
<_dWdpWi "<Zhi^dcVadhegZhjejZhidhYZ
adhegdnZXidhYZY^hZŠd#
":hi^bVadhXdhiZhYZY^hZŠd#
H[Ykhiei "9ZÒcZaVXdbeZiZcX^VYZa
^kcWdei Y^hZŠd#
?d\ehcWY_Œd "9ZhVggdaaVZ^ciZgegZiVadh
dW_Zi^kdhYZaVZbegZhVZcigZ
adhY^hZŠVYdgZh#
"EgZeVgVaVYdXjbZciVX^‹cn
XdcigdaYZaegdnZXid#
9eckd_YWY_Œd ";dgbVgZaVX^dcZhXdcaVh
ZhXjZaVhYZY^hZŠd#
"8gZVjcVXVgiV\g{ÒXV
H: "6ednVaVigVch[ZgZcX^VYZ
iZXcdad\†V#
<k[dj[09W`WZ[^[hhWc_[djWiZ[bW=[ij_ŒdZ[b:_i[‹e"
8h_]_jj[8eh`WZ[CepejW
<Zhi^‹c;jcX^dcVa
Xdbjc^XVX^‹c#
">c[jcYZjcVZhigViZ\^VYZY^hZŠdZcaV^beaZ"
bZciVX^‹cYZaVZhigViZ\^VYZcZ\dX^d#
"9ZÒcZegdXZY^b^Zcidh$egd\gVbVh
"9ZÒcZaVhcdgbVhYZ[jcX^dcVb^ZcidYZa
Y^hZŠd#
"9ZÒcZaVhgZaVX^dcZhZcigZY^hZŠdnXVa^YVY#
"9ZÒcZZaeVeZa!ZaZheVX^dYZigVWV_dnaVh
iVgZVhYZaY^gZXidgYZY^hZŠdZcaVZhigjXijgV
YZcZ\dX^d#
"8gZVjcVbVig^obdYZadeVgVaV^ccdkVX^‹cn
adhegdnZXidh#
"EdcZZceg{Xi^XVjchZgk^X^dYZY^hZŠd^ciZgcd#
"A^hiVYZegdkZZYdgZhnY^hZŠVYdgZhfjZ
XdaVWdgVc#
"<VgVci^oVfjZZaegZhjejZhidZhi{egZk^hid#
"8gZVY^hZŠdXdbegZcY^YdZcigZadhhdX^dhYZ
aVZbegZhV#
"EgZeVgVZabVg`Zi^c\!Y^hZŠdneaVcZhYZ
egdYjXX^‹c#
"9^[jcYZZaXdcdX^b^ZcidYZY^hZŠdZcaV
ZbegZhV#
"<Zhi^dcVaVgZaVX^‹cZcigZad\g{ÒXdnad
ZhigjXijgVa#
"<Zhi^dcVaVhgZaVX^dcZhXdcadhegdkZZYdgZh#
"9ZaVeda†i^XVYZXVa^YVY#
9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV)(
<Zhi^‹c:higVi‚\^XV
"9ZÒcZjcVZhigViZ\^VYZcZ\dX^dfjZ
^cXdgedgVdW_Zi^kdhYZY^hZŠd#
"9ZÒcZjcVZhigViZ\^VYZY^hZŠd#
"6hZ\jgVfjZaVZhigViZ\^VYZY^hZŠd
gZV\gjeZegdYjXidh!Xdbjc^XVX^‹c!ZheVX^d
Z^c[dgbVX^‹c#
"Egd\gVbVadhegdnZXidhYZY^hZŠd#
"AVcoVegjZWVhYZY^hZŠd#
"9ZÒcZZhi{cYVgZhYZY^hZŠd/\g{ÒXd!egd"
YjXidncdgbVhZhigjXijgVaZh#
"GZegZhZciVZaY^hZŠdZcZac^kZahjeZg^dgYZ
\Zhi^‹c#
"8gZVjcVVXi^ijYfjZZh[VkdgVWaZVaY^hZŠd#
"9ZÒcZaVhcdgbVhYZ\Zhi^‹cYZaY^hZŠd#
"6hZ\jgVfjZ]VnjcegZhjejZhideVgV
^beaZbZciVgaVZhigViZ\^VYZY^hZŠd#
"8gZVjcXa^bV[VkdgVWaZVaY^hZŠd#
">cÓjnZZcaVXdcigViVX^‹cnaV\Zhi^‹cYZ
adhZheZX^Va^hiVhYZaY^hZŠd#
"8dbjc^XVaVb^h^‹cYZaY^hZŠdZcaV
ZbegZhV#
>beaZbZciVaVYZiZXX^‹cYZiZcYZcX^Vh#
"8gZVXdciZmidhYZY^hZŠd#
"8dbjc^XVXdcXZeidhYZaegdYjXid#
"8gZVjcVgZaVX^‹cZcigZY^hZŠdnYZiZXX^‹c
iZXcda‹\^XVYZiZcYZcX^Vh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV)*

BD9:ADH
) 9::HIG6I:<>6
:BEG:H6G>6A
*$'?:;DJ?<?979?ãD:;BCE:;BE;CFH;I7H?7B;IJH7Jx=?9E:;=;IJ?ãD$
*$(9K7JHEFHEFK;IJ7I:;<EHCKB7H;IJH7Jx=?7I$
*$):;I7HHEBBE:;FHEFK;IJ7IF7H7B7;IJH7Jx=?7:;:?I;yE$
*$*?CFB;C;DJ79?ãD:;B7;IJH7J;=?7$
6igVk‚hYZaV<Zhi^‹c
:higVi‚\^XVYZa9^hZŠd
aVZbegZhVV[gdciVYZ
bVcZgVb{hZÒX^ZciZ
ZabZgXVYd###
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV),

*$' ?:;DJ?<?979?ãD:;BCE:;BE;CFH;I7H?7B
;IJH7Jx=?9E:;=;IJ?ãD$
AVbVndg†VYZaVhZbegZhVhVYdeiVcjcbdYZadZhigVi‚\^XdÆVYfj^g^YdÇV
igVk‚hYZadhhjXZh^kdhc^kZaZhYZVegZcY^oV_ZnXjgkVhYZZmeZg^ZcX^V!edg
adXjVaaVZhigViZ\^VYZY^hZŠdkVg^Vg{YZeZcY^ZcYdYZai^edYZcZ\dX^d/

#KdeiZedZ[[bZ_i[‹ei_[cfh[`k[]WkdfWf[b[ijhWjƒ]_Ye"W
c[dkZeWYWkiWZ[bWlebkdjWZZ[b\kdZWZeh$

#EjheiZedZ[[bZ_i[‹e`k[]Wfhe]h[i_lWc[dj[kdfWf[b
c|i[ijhWjƒ]_Ye$
 *$'$' ;bceZ[beZ[;cfh[iWh_e#:_i[‹WZeh$
'/U8EH@7:;CEPEJ7"8h_]_jj[$:[i_]dCWdW][c[dj"
Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ9ehfehWj[$
7bbmehj^Fh[ii"(&&)$D[mOeha$F|]$(*-
BjX]VhZbegZhVhhZV_jhiVcVabdYZadYZZbegZhVg^d"Y^hZŠVYdg!Xdbd
ZahZXidgYZaVbdYV!bjZWaZ!^ajb^cVX^‹c!iZmi^aeVgVZa]d\Vg!Vgi†Xjadh
YZ aj_d! _dnZg†V n YZXdgVX^‹c! edgfjZ Vjidb{i^XVbZciZ aV XgZVX^‹c
_jZ\V jc eVeZa ZhigVi‚\^Xd! eZgd iVbW^‚c ZhiZ bdYZad hZ ji^a^oV Zc
digVh^cYjhig^Vh#&.
 AVZhigViZ\^VYZ:begZhVg^d"9^hZŠVYdgZhÆ^ccViVÇVaV^YZVYZa
[jcYVYdgnX^ZggVaVZhigViZ\^VYZacZ\dX^d#:hiVZhigViZ\^VZmegZhVaV
gZaVX^‹cZcigZaVZhigViZ\^VhYZhYZZaejcidYZk^hiVYZac^kZahjeZg^dg
YZY^gZXX^‹cnaVhZhigViZ\^VYZY^[ZgZciZhVXi^k^YVYZhdeZgVi^kVhZcigZ
k^h^‹c Z ^beaZbZciVX^‹c# 8VYV ZhigViZ\^V eg^k^aZ\^V jcV YZ aVh igZh
ÆY^bZch^dcZhYZ[dgbVÇ/
"AVZhigViZ\^VYZXdhiZhYZaVcoVb^Zcideg^k^aZ\^VaVY^bZch^‹cZhigjXijgVa#
"AVZhigViZ\^VYZ^bV\ZcYZaVcoVb^Zcid!aVY^bZch^‹ch^bW‹a^XV#
"AVZhigViZ\^VYZaVcoVb^ZcidYZbZgXVYd!aVY^bZch^‹c[jcX^dcVa#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV).






 ;beX`[j_leWi_]dWZeWbZ_i[‹e[i_ddelWho
 XW`WhbeiYeij[iZ[fheZkYY_ŒdfWhWcWdj[d[h
 [bcWdZej[YdebŒ]_Ye"[bYkWb_dYbko[
 jhWXW`Wh[dbeifheY[ieiZ[\WXh_YWY_Œd"
 ZeYkc[djWY_ŒdjƒYd_YWZ[beifheZkYjeiobW
 Whgk_j[YjkhWZ[fheZkYY_Œd$


<k[dj[0;ijhWj[]_WiZ[Z_i[‹eWYk[hZeYedbWi
[ijhWj[]_Wi][dƒh_YWiZ[Fehj[h


8dhiZhYZaVcoVb^ZcidYZaV\Zhi^‹c >bV\ZcYZaVcoVb^ZcidYZaV\Zhi^‹c BZgXVYdYZaVcoVb^ZcidYZaV\Zhi^‹c

ZhigVi‚\^XVYZaegdYjXid ZhigVi‚\^XVYZaY^hZŠd ZhigVi‚\^XVYZaY^hZŠd

:higViZ\^VYdb^cVYVedgadhXdhiZh :higViZ\^VYZY^[ZgZcX^VX^‹c :higViZ\^VYZXdcXZcigVX^‹c

:aeVeZaYZaY^hZŠdZhbZ_dgVg :aeVeZaYZaY^hZŠdZhgZ[dgoVgaVXjdiVYZ :aeVeZaYZaY^hZŠdZhVnjYVgVedh^X^dcVg

aVegdYjXi^k^YVY

:aedh^X^dcVb^ZcidZhi‚i^XdYZaVZbegZhV
[VkdgZXZaVY^bZch^‹cZhigjXijgVaYZa
h^hiZbVYZY^hZŠdXdgedgVi^kd
bZgXVYdYZaVZbegZhVedgaVXVa^YVYYZ
hj^bV\ZcnbVgXVh
aVZbegZhVXdbdjcZheZX^Va^hiVfjZVeZ"
aVVjcVX^ZgiVXaVhZYZjhjVg^d
:aedh^X^dcVb^ZcidZhi‚i^XdYZaVZbegZhV
[VkdgZXZaVY^bZch^‹chZb{ci^XVYZah^hiZ"
:aedh^X^dcVb^ZcidZhi‚i^XdYZaVZbegZhV
[VkdgZXZaVY^bZch^‹c[jcX^dcVaYZah^hiZ"
bVYZY^hZŠdXdgedgVi^kd bVYZY^hZŠdXdgedgVi^kd
*$'$( BW[ijhWj[]_WZ[Yeij[iZ[bWdpWc_[djefh[Y_e$
:hXdckZc^ZciZeVgVaVhZbegZhVhfjZYZceg^dg^YVYZchjkZciV_VXdbeZi^i^kVV
aVh iZXcdad\†Vh VkVcoVYVh# :hiZ YZhVggdaad YZ aVcoVb^Zcid iZXcda‹\^Xd XgZV jcV
edh^X^‹cYZY^hZŠdXZgXVcVVG9!XVa^ÒXVYdedgeda†i^XVhYZY^hZŠdY^g^\^YVhhZ\c
ZaY^hZŠdYZegdYjXidnhdhiZc^YdedgaV^ciZg[VoYZajhjVg^dnZaZcidgcdYZY^hZŠd#:a
dW_Zi^kdVh^\cVYdVadhY^hZŠVYdgZhZh^ccdkVgnWV_VgadhXdhiZhYZegdYjXX^‹ceVgV
bVciZcZgZabVcYdiZXcda‹\^Xd!ZaXjVa^cXajnZigVWV_VgZcadhegdXZhdhYZ[VWg^XVX^‹c!
YdXjbZciVX^‹ci‚Xc^XVYZadhegdYjXidhnaVVgfj^iZXijgVYZegdYjXX^‹c#

*$'$) BW[ijhWj[]_WZ[Z_\[h[dY_WY_ŒdZ[Z_i[‹e$
:hiVZhigViZ\^VXdcX^ZgcZVaVhZbegZhVhfjZWVhVchjkZciV_VXdbeZi^i^kVZcZa
edYZgYZhjbVg`Zi^c\naVXVa^YVYYZ^bV\Zc#AdhVheZXidh^bedgiVciZhYZZhiV
ZhigViZ\^VhdcZaedh^X^dcVb^ZcidYZaVbVgXVYZaVZbegZhVnhjheVgi^X^eVX^dcZh
ZcZabZgXVYd#AVZhigViZ\^VYZY^hZŠdYZWZgZ[dgoVgaVZaZXX^‹cYZaedh^X^dcVb^Zcid
ZcZabZgXVYdnXdcig^Wj^gVgZ[dgbjaVgadZcjcZcidgcdXdbeZi^i^kdeVgVbVciZcZg
ZabVcYdZci‚gb^cdhYZ^bV\Zc#

 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV*&

:hiZYZhVggdaadVigVk‚hYZabVg`Zi^c\XdcYjXZV/

"Jcedh^X^dcVb^ZcidZhi‚i^XdY^[ZgZciZfjZZc[Vi^oVaVY^bZch^‹ch^bW‹a^XV
YZaegdYjXidnhj^beVXidXdbjc^XVi^kd#

"JcVedh^X^‹cYZY^hZŠdXZgXVcVVabVg`Zi^c\!aVejWa^X^YVYnadh
YZeVgiVbZcidhYZXdbjc^XVX^‹c#

"JcVZhigViZ\^VYZY^hZŠdfjZ^ch^hiZZcaVZfj^YVYYZbVgXVVigVk‚hYZ
idYVhaVhY^hX^ea^cVhYZaY^hZŠdnXgZVX^‹cYZkVadgdg^ZciVYVVaXa^ZciZ#

IVbW^‚cZm^hiZcZhigViZ\^VhYZY^hZŠd]†Wg^YVhfjZYZeZcYZcYZaVhkZciV_Vh
YZXdhiZhnY^[ZgZcX^VX^‹c#




*$'$* BW[ijhWj[]_WZ[eh_[djWY_ŒdWbc[hYWZe$


:hiVZhigViZ\^VXdcX^ZgcZVaVhZbegZhVhfjZhZZheZX^Va^oVcZcjchZ\bZcid
d jhVc jcV ZhigViZ\^V YZ XdcXZcigVX^‹c# Hj kZciV_V XdbeZi^i^kV Zh jcV
\VgVci†V eVgV hj a^YZgVo\d Zc aV XdbegZch^‹c YZ jc bZgXVYd eVgi^XjaVg d
jcX^Zgidi^edYZjhjVg^d#:aY^hZŠdYZWZZcidcXZhgZ[dgoVghja^YZgVo\dZc
ZcXdcigVgbZ_dgVhnY^[ZgZcX^VhZcaVhY^bZch^dcZh[jcX^dcVaZhYZaegdYjXid!
VYVei{cYdhZVhjhjhdheZgdiVbW^‚cVci^X^e{cYdhZVadhcjZkdhjhdh#
 :hiZYZhVggdaadXdcYjXZV/

"Jcedh^X^dcVb^ZcidYZY^[ZgZcX^VZhi‚i^XVfjZZc[Vi^oVaVY^bZch^‹c
[jcX^dcVaYZaY^hZŠd/jhd!^ciZg[VoYZajhjVg^dnZmeZg^ZcX^VYZajhjVg^d#

"Jcedh^X^dcVb^ZcidYZY^hZŠdZcigZegdYjXX^‹cnbVg`Zi^c\

"JcVZhigViZ\^VYZY^hZŠdfjZeg^k^aZ\^ZZaY^hZŠdYZegdYjXidnaV
^ckZhi^\VX^‹cYZaXdbedgiVb^ZcidYZaXdchjb^Ydg#

"AVZhigViZ\^VYZXdhiZhYZaVcoVb^ZcidhZXdcXZcigVZcaVZXdcdb†VnaV
gZYjXX^‹cYZXdhiZhZcZah^hiZbVYZaVZbegZhV#:adigd[dXdYZZhigViZ\^Vh
ZcaVXgZVX^‹cYZkVadgZhXjVa^iVi^kdhZcZah^hiZbVYZaVZbegZhV#

"AVZhigViZ\^VYZY^hZŠdnhjedh^X^dcVb^ZcidZhi‚i^Xdd[gZXZjcVY^gZXX^‹c
eVgVaVY^gZXX^‹cYZY^hZŠdfjZYZWZhZg^c[jcY^YVZcZah^hiZbVYZidbV
YZYZX^h^dcZhYZaVZbegZhV/

"6igVk‚hYZah^hiZbVYZVh^\cVX^‹cÒcVcX^ZgVYZ^ckZgh^dcZhnegdedgX^dcZh!
egZhjejZhidhV[ZXiVYdhedgZaY^hZŠd!aVYZÒc^X^‹cYZaVh]ZggVb^ZciVhYZ
ZkVajVX^‹cYZaY^hZŠd!Y^hZŠdYZaVbZY^YVYZ[jcX^dcVb^ZcidZci‚gb^cdh
(&UCEDJ7y7"@ehZ_%CEBB"?iW$9WieiZ[ƒn_je" YZaV^ciZgegZiVX^‹cYZaVZbegZhV#
;bZ_i[‹e[dbW[cfh[iW$7:9L"(&&-$LWb[dY_W$F|]$')

":caVhXdbjc^XVX^dcZhnh^hiZbVhYZZcigZcVb^Zcid!h^\c^ÒXVcYd
('U;bjƒhc_de\k[kj_b_pWZefehfh_c[hWl[pfehH$ Y^[jcY^gXdcdX^b^ZcidYZY^hZŠdZcaVZbegZhVedgjcVXdcZm^‹cXdcZa
;$<h[[cWd[dikeXhW0ÇIjhWj[]_YCWdW][c[dj07
IjWa[^ebZ[h7ffheWY^È"F_jcWd"'/.*fWhWh[\[h_hi[
YZeVgiVbZcidYZY^gZXX^‹cYZgZXjghdh]jbVcdh#
Wgk_[d[ifk[Z[dW\[YjWheiedW\[YjWZeifehbWi
WYj_l_ZWZ[iZ[kdW[cfh[iW$ "EdgaVY^gZXX^‹cYZaeVeZaYZaY^hZŠdZch^hiZbVhYZ^c[dgbVX^‹c#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV*(

I_jkWhikƒd\Wi_i[dbeiYb_[dj[i"[d[bi[dj_Ze
Z[WdWb_pWhikid[Y[i_ZWZ[i"i[YedeY[[b
fheY[ieZ[YecfhW"i[c_Z[ikiWj_i\WYY_Œd
oi[j_[d[d[dYk[djWikiik][h[dY_Wi$

9^[ZgZciZhVc{a^h^h]VchZŠVaVYdfjZaVhZbegZhVhdg^ZciVYVh
VaY^hZŠdhjZaZciVbW^‚cdg^ZciVghZVabZgXVYd#AVdg^ZciVX^‹c
VabZgXVYdZhjcVÒadhd[†VfjZYZWZhZgZciZcY^YVn
XdbeVgi^YVedgidYVaVZbegZhV!VaVkZofjZXjbea^gjcVhZg^Z
YZgZfj^h^idh/'%

"H^ijVghj‚c[Vh^hZcadhXa^ZciZh!ZcZahZci^YdYZVcVa^oVghjh
cZXZh^YVYZh! hZ XdcdXZ Za egdXZhd YZ XdbegV! hZ b^YZ hj
hVi^h[VXX^‹cnhZi^ZcZcZcXjZciVhjhhj\ZgZcX^Vh#

" AV ^c[dgbVX^‹c Zh ^bedgiVciZ n Zhi{ ZhigjXijgVYV Xdc

jc egZhjejZhid Vh^\cVYd# HZ i^ZcZ ^c[dgbVX^‹c YZ aV
Y^hig^WjX^‹c!ZabZgXVYd!aVXdbeZiZcX^V!aVde^c^‹cYZidYdh
adhhiV`Z]daYZgh'&nYZabVXgd"Zcidgcd#

"  :m^hiZ jcV XddgY^cVX^‹c ZcigZ aVh Y^hi^ciVh [jcX^dcZh YZ aV
ZbegZhVnaV[jcX^‹cYZbVg`Zi^c\!YZbdYdfjZadhXa^ZciZh
i^ZcZc XdciVXid Xdc aVh Y^hi^ciVh {gZVh! aV ^c[dgbVX^‹c YZ
bZgXVYdhZY^[jcYZZcigZidYVhZaaVhnZcZaYZhVggdaadYZ
ZhigViZ\^VhYZbVg`Zi^c\eVgi^X^eVcdigdhYZeVgiVbZcidh#

"AVgZXZei^k^YVYnaVVXijVX^‹c[gZciZVadhXVbW^dhYZabZgXVYd
hjedcZfjZaVhYZbVcYVhYZabZgXVYdnadhXVbW^dhYZaZcidgcd
hdcZabdidgYZaY^hZŠdnYZhVggdaadYZcjZkdhegdYjXidh#
 AV dg^ZciVX^‹c Va bZgXVYd hZ WVhV Zc Za XdcXZeid YZ bVg`Zi^c\ bVg`Zi
dg^ZciZY# :a XdcXZeid hdX^Va YZ bZgXVYd Xdch^hiZ Zc jcV dg^ZciVX^‹c Va
Xa^ZciZhjhiZciVYdedgjcbVg`Zi^c\^ciZ\gVaeVgVegdYjX^gaVhVi^h[VXX^‹cYZa
Xa^ZciZnZaW^ZcZhiVgVaVg\deaVodYZaXdchjb^Ydg!XdbdegZhjejZhideVgV
ad\gVggZheZiVgadhdW_Zi^kdhYZaVZbegZhV#EdgiVcid!aVZbegZhVdg^ZciVYVVa
bZgXVYdhZXVgVXiZg^oVedgZaYZhVggdaadYZ[jcX^dcZhegZX^hVh/''

"9ZhVggdaadYZegdYjXidXdcY^hZŠdngZY^hZŠd#
((U<?D?P?E"=_de$:[i_]dCWdW][c[dj0
"EgdXZYZgVaVkZciVYZegdYjXidhZchZ\bZcidh^YZci^ÒXVYdh#
][ij_h[bÊ_Z[W$IA?H7[Z_jeh["C_bWde$

"EjWa^X^YVYZcadhbZY^dhYZXdbjc^XVX^‹c!aVhegdbdX^dcZh!
()U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$
:[i_]d_dXki_d[ii"IjhWj[]_Y?ddelWj_edJ^hek]^
aVhgZaVX^dcZheWa^XVh#
:[i]_d$F[Whied;ZkYWj_edB_c_j[Z"(&&($
>Whbem"?d]bWj[hhW$F|]$,.$ "8dcigdaVigVk‚hYZaVXdbjc^XVX^‹cYZidYVhaVhVXX^dcZheZgXZei^WaZh#

E6GI:H>CI:G:H696H:MI:GC6H

E6GI:H>CI:G:H696H>CI:GC6H

EgdkZZYdgZh

HdX^ZYVY
:beaZVYdh

<k[dj[0H$;$<h[[cWdÇIjhWj[]_YCWdW][c[dj07 <ZgZciZh :BEG:H6H <dW^Zgcd

IjWa[^ebZ[h7ffheWY^È

6XgZZYdgZh
Egde^ZiVg^dh

8a^ZciZh
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV**


*$( Fhefk[ijWifWhW\ehckbWh[ijhWj[]_Wi Z[Z_i[‹e$
HZ ejZYZc ZhiVWaZXZg XjVigd egdejZhiVh YZ [dgbjaVX^‹c YZ ZhigViZ\^Vh YZ
Y^hZŠd/edh^X^dcVb^Zcid!†beZij!V\^a^YVYnÆndiVbW^‚cÇ#:cZaaVhhZejZYZc
VcVa^oVgndWhZgkVgZaeVeZaYZaY^hZŠdnYZhjheZgÒaZheVgVXVYVXVhd#

*$($' BWfhefk[ijWZ[fei_Y_edWc_[dje$
Edh^X^dcVb^Zcid Zh XjVcYd Za Zfj^ed Y^gZXi^kd YZiZgb^cV! edg VYZaVciVYd!
Y‹cYZfj^ZgZcjW^XVghZZcZabZgXVYdnYZhVggdaaVaVhXVeVX^YVYZhcZXZhVg^Vh
eVgVXdchZ\j^gad

JcVZbegZhVfjZVYdeiVjcVZhigViZ\^VYZedh^X^dcVb^Zcidad\gVg{/'(

"8ZcigVghZZcbZgXVYdhZheZX†ÒXdhn$dediZcX^VaZh#

"9ZhVggdaaVgYZjcedgiV[da^dYZXVeVX^YVYZhcZXZhVg^Vh#

"8dcXZW^gegdYjXidhfjZiZcYg{ckZciV_VhXdbeZi^i^kVhZcZa
bZgXVYdhZaZXX^dcVYd# Edh^X^dcVb^Zcid

">ccdkVgedgadbZcdhiVcg{e^YdXdbdadhg^kVaZhYZahZ\bZcidYZa
bZgXVYdhZaZXX^dcVYd# 6\^a^YVY ÞbeZij

">cXdgedgVgcjZkVhiZXcdad\†VhfjZgZ[jZgXZcaVedh^X^‹cYZaegdYjXid
ZcZabZgXVYd# NdiVbW^‚c

"HZŠVaVgVabZgXVYdhZaZXX^dcVYdhjkVadghjeZg^dg#
<k[dj[0CWh]Wh[j8hkY[o@e^d8[iiWj$
FWhWkdWÓhcWgk[WZefjWkdWfhefk[ijW
Z[fei_Y_edWc_[djeYecekdW[ijhWj[]_W
Yecf[j_j_lW"[bfWf[bZ[bZ_i[‹WZeh"e
Wbc[dei[dbegk[bWZ_h[YY_Œdikf[h_eh
[ij|_dj[h[iWZW"[iZ_i[‹WhfheZkYjeigk[
j[d]WdjeZWibWiYWhWYj[h‡ij_YWid[Y[iWh_Wio
ikfb[c[djeiYedl_dY[dj[iZ[ceZegk[bei
Yb_[dj[i[ijƒd_dj[h[iWZei[dYecfhWh$

 EVgV jcV ÒgbV fjZ VYdeiV aV egdejZhiV YZ edh^X^dcVb^Zcid Xdbd ZhigViZ\^V
XdbeZi^i^kV! Za eVeZa YZa Y^hZŠVYdg! d Va bZcdh Zc ad fjZ aV Y^gZXX^‹c YZ aV ZbegZhV Zhi{
^ciZgZhVYV!ZhY^hZŠVgegdYjXidhfjZiZc\VcidYVhaVhXVgVXiZg†hi^XVhcZXZhVg^VhnXdck^cXZciZh
YZ bdYd fjZ adh Xa^ZciZh Zhi‚c ^ciZgZhVYdh Zc XdbegVgad# :c ZhiZ XVhd Za Y^hZŠVYdg VXiV
XdbdjcVgiZhVcd#I^ZcZjc^c[dgbZnVea^XVY^hi^ciVhi‚Xc^XVhn]VW^a^YVYZhZchjiVgZV#=Vn
bjX]dhbdbZcidhXgZVi^kdh#EZgdaVbVndg†VYZaigVWV_dhZg{bZi^Xjadhd!gji^cVg^dnYZiVaaVYd#
6egZhjgVghZVabZgXVYdZhVbZcjYdjcV[jZgoV^beaVXVWaZfjZXdcYjXZZaegdXZhdYZY^hZŠd
]VX^VVYZaVciZ#

*$($( BWfhefk[ijWZ[‡cf[jk$
AVegdejZhiVYZ†beZijZhYdcYZZaZfj^edhjeZg^dgYZiZgb^cV!edgVYZaVciVYd!
fj‚XVeVX^YVYZhYZhZVcYZhVggdaaVgZ^ckZhi^\VgZcaVhVXi^k^YVYZhcZXZhVg^Vh
eVgVVYfj^g^gaVh#6a\jcVhÒgbVhejZYZcYZX^g!Æ9ZhVggdaaZbdhjcY^hZŠdZÒXVo
Zc aV XVeVX^YVY YZ [VWg^XVX^‹c fjZ egdedgX^dcVg{ jcV k†V YZ YZhVggdaad YZ
egdYjXidfjZejZYZhZgjhVYVeVgVbjX]dhegde‹h^idhÇ#6fj†aVÒgbVXZcigV
hjhZhigViZ\^VhZcZaYZhVggdaadYZXVeVX^YVYZh#')
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV*,

JcVÒgbVfjZVYdeiVjcVZhigViZ\^VYZWZg{/

"8ZcigVghZZcZaYZhVggdaadYZXVeVX^YVYZhYZÒc^YVh#

" HZaZXX^dcVgaVhXVeVX^YVYZhfjZegdedgX^dcZc[jcYVbZcidh
YZkVadgeVgVhZgXgZVYdh#

"9ZhVggdaaVgXVeVX^YVYZhVabZcdhiVcg{e^YVhXdbdaVXdbeZiZcX^V#

"9ZhVggdaaVgiZXcdad\†VhfjZgZ[jZgXZcaVXVgiZgVYZXVeVX^YVYZhYZaVZbegZhV#

":meadiVgXVeVX^YVYZhfjZegdedgX^dcZcegdYjXidhhjeZg^dgZh#

 :cZhiVegdejZhiVZa\ZhidgYZaY^hZŠdhZXdck^ZgiZZcjcgZXjghdXaVkZeVgVaVZbegZhV# (*U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$
7aVX`9ZX`Zg!]VZhiVYd^ccdkVcYd]ZggVb^ZciVhYjgVciZ\ZcZgVX^dcZhnY^kZgh^ÒXVcYdhjh :[i_]d_dXki_d[ii"IjhWj[]_Y?ddelWj_edJ^hek]^
:[i]_d$F[Whied;ZkYWj_edB_c_j[Z"(&&($
VXi^k^YVYZh]VX^V]ZggVb^ZciVhYZ_VgY†c!Zfj^eVb^ZcidYZXdX^cV!ZiX#7aVX`9ZX`Zgcdi^ZcZ
>Whbem"?d]bWj[hhW$
Y^hZŠVYdgZhigVWV_VcYdZcegdnZXidhZheZX†ÒXdh!]VXdchigj^YdjcXZcigdYZY^hZŠdfjZejZYZ
egdYjX^gVeVgVidh^ciZa^\ZciZh!VWV_degZX^dZ^ccdkVcYdeVgVjcbZgXVYdYZbVhVh#BjX]Vh
ÒgbVhYZaV^cYjhig^V[VgbVX‚ji^XVnhd[ilVgZh^\jZcaVb^hbVZhigViZ\^V#:aY^hZŠdcdhZXdcX^WZ (+U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$
:[i_]d_dXki_d[ii"IjhWj[]_Y?ddelWj_ed
XdbdegdnZXidh^cdXdbdjcgZXjghdY^c{b^XdeVgVaVZbegZhV#
J^hek]^:[i]_d$F[Whied;ZkYWj_edB_c_j[Z"
(&&($>Whbem"?d]bWj[hhW$
*$($) BWfhefk[ijWZ[W]_b_ZWZ$
:cZhiVegdejZhiVZaZfj^edY^g^\ZciZYZX^YZ!Zci^ZbedgZVa!fj‚XVeVX^YVYZh
YZhZVc YZhVggdaaVg d VYfj^g^g iZbedgVabZciZ n fjZ dedgijc^YVYZh YZhZVc
ZmeadiVg#BjX]Vh^cYjhig^VhYZaZcigZiZc^b^ZcidnbdYVh^\jZcZhiVZhigViZ\^V#
:adW_Zi^kdZhhZgZÒXVo!dedgijc^hiVnÓZm^WaZ#IVaZhZbegZhVhhj\^ZgZchZg
hjbVbZciZ gZXZei^kVh eVgV adh Xa^ZciZh n gZjc^g gZXjghdh eVgV egdnZXidh
ZheZX†ÒXdhXdc_jcidh#'*

(,U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$
:[i_]d_dXki_d[ii"IjhWj[]_Y?ddelWj_edJ^hek]^
:[i]_d$F[Whied;ZkYWj_edB_c_j[Z"(&&($
>Whbem"?d]bWj[hhW$F|]$,.$
JcVZbegZhVfjZVYdeiVjcVZhigViZ\^VYZV\^a^YVYad\gVg{/
"8ZcigVghZZcaVXgZVX^‹cnYVghZXjZciVYZaVhdedgijc^YVYZh#
"6Yfj^g^gXVeVX^YVYZhfjZcZXZh^iVcnZb^i^gaVhXjVcYdb{haVhgZfj^ZgZc#
"9ZhVggdaaVgjcVdg\Vc^oVX^‹cgZXZei^kVnZbegZhVg^Va#
 :c ZhiV egdejZhiV Za Y^hZŠVYdg Zh eVgiZ YZa Zfj^ed ZhigVi‚\^Xd! fj^o{h Za a†YZg# JcV
ÒgbVfjZVYdeiVjcVZhigViZ\^VYZV\^a^YVYZhZbegZhVg^VaedgZmXZaZcX^V!cdh^beaZbZciZZc
adfjZb{hgZfj^ZgZc!h^cdZcbai^eaZhVheZXidh#CjZkVh^YZVh!^ciZa^\ZciZhXdbW^cVX^dcZhYZ
XdcdX^b^ZcidhnZcXjZcigdYZadhbdYdh^cZheZgVYdhYZZmeadiVgcZXZh^YVYZhZ[†bZgVhhdcaV
ZhZcX^VYZaWZcZÒX^dYZaVZbegZhV#:aY^hZŠVYdgZcZhiVZbegZhVbVci^ZcZVXi^ijYZhXdcXgZiVh
Æ´Edgfj‚cd]VXZbdhZhid4Ç#:hd!h^hZVYdeiV!hZXdck^ZgiZZcaVZhigViZ\^VVXdgideaVod#
;^gbVhYZaV^cYjhig^VYZadh_jZ\dhZaZXig‹c^Xdh!edgZ_Zbead![gZXjZciZbZciZigVWV_VcYZZhiV
bVcZgV#AVbdYVeVhV_ZgVVeVgZXZg{e^YVbZciZnYZhVeVgZXZYZaVb^hbV[dgbV#AVZhZcX^VYZ
aVhkZciV_VhXdbeZi^i^kVhZhZhiVgXjVcYdaVdaVhZZhi{[dgbVcYd#
 :ciVaZhZbegZhVhZaY^hZŠVYdgcdZhZhXaVkdYZaVZhigViZ\^Vh^cdZaa†YZg#CdZh
Y^[†X^aYVghZXjZciVfjZjcV[‹gbjaVYZ‚m^idZhhVX^VgaVcZXZh^YVYjg\ZciZYZadhXa^ZciZhXdc
ZaegdYjXidXdggZXidVciZhfjZdigdh#IZcZgegdXZhdhg{e^YdhZhiZcZgbZY^VWViVaaV\VcVYV!
eZgd d[gZXZg Za egdYjXid XdggZXid Zh k^iVa# :h Vfj† YdcYZ Za Y^hZŠVYdg Zh ^begZhX^cY^WaZ# :a
Y^hZŠVYdgegdedgX^dcV^YZVh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV*.

BWi[ijhWj[]_WiÇOejWcX_ƒdÈfk[Z[di[h
h[djWXb[i0[bc[hYWZe[ij|fheXWZeobei
Yeij[iZ[[djhWZWfk[Z[di[hXW`ei$7gk‡
[bZ_i[‹WZeh^WY[kdWYedjh_XkY_ŒdZ_ij_djW"
jecWkdW_Z[W[ijWXb[Y_ZW"bWc[`ehWo
fei_Xb[c[dj[h[ZkY[ikYeij[$

*$($* BWfhefk[ijWZ[ÇOejWcX_ƒdÈ$
8dcaVegdejZhiVÆNdiVbW^‚cÇZaZfj^edY^gZXi^kdYZX^YZZmeadiVgdedgijc^YVYZh
YZ ‚m^id Zc aVh fjZ digdh VciZh ]Vc h^Yd e^dcZgdh# :c X^Zgid bdYd Zhid
eVgZXZ jcV igVbeV hZ\c adh bVcjVaZh YZ ZhigViZ\^Vh YdcYZ hZ eaVciZV
h^hiZb{i^XVbZciZfjZZac^XdbdYdYZiZcZg‚m^idZhh^ZcYdc^Xd#:cdigVh
eVaVWgVh!Zh[dgoVghZedgkZcYZgVa\dfjZcVY^Zb{hejZYZ#6ig^Wjidhc^Xdh
YZaegdYjXidejZYZchjedcZgjcbdcdeda^diZbedgVadidg\VcYdb{g\ZcZh
Vbea^dh#6a\jcVhZbegZhVh[VgbVX‚ji^XVh!\gjedhYZededZfj^edhYZ[iWda
]Vc XdchZ\j^Yd Y^[ZgZcX^VX^‹c! Va bZcdh YjgVciZ jc i^Zbed! n WZcZÒX^dh
ZcdgbZh#EZgdbjX]VhYZZhiVhÒgbVhcdejZYZcdhiZciVgaVZmXajh^k^YVY#'+

 AVh ZhigViZ\^Vh ÆNd iVbW^‚cÇ ejZYZc hZg gZciVWaZh/ Za bZgXVYd

Zhi{ egdWVYd n adh XdhiZh YZ ZcigVYV ejZYZc hZg WV_dh# 6fj† Za Y^hZŠVYdg
]VXZ jcV Xdcig^WjX^‹c Y^hi^ciV! idbV jcV ^YZV ZhiVWaZX^YV! aV bZ_dgV n
edh^WaZbZciZgZYjXZhjXdhiZ#9Z]ZX]d!ZaY^hZŠVYdgcdZhjcXgZVYdgh^cd
jc\ZcZgVYdgYZbZ_dgVh#
  JcVZbegZhVfjZVYdeiVjcVZhigViZ\^Vi^edÆNdiVbW^‚cÇad\gVg{/

™9Z_VgVdigdhaaZkVgZabdidgYZaVeg^bZgVedh^X^‹c#

™:cXdcigVgcjZkdhegdYjXidhnegdXZhdhfjZejZYZchZgVYdeiVYdh#

™BZ_dgVgaVh^YZVhÄcdh^beaZbZciZXde^VgaVh#

™6egdkZX]VghZYZadhWV_dhXdhiZhYZZcigVYVeVgVXdWgVgWV_dhegZX^dh#

 AVZhigViZ\^VÆNdiVbW^‚cÇejZYZ[jcX^dcVgbVgVk^aadhVbZciZW^Zc!
ZheZX^VabZciZh^ZacjZkdg^kVaejZYZbZ_dgVgZaegdYjXidd[gZX^Yd#

*$) :[iWhhebbeZ[fhefk[ijWifWhWbW
[ijhWj[]_WZ[Z_i[‹e$
JcVkZofjZhZ]VZhiVWaZX^YdaVcZXZh^YVYYZY^hedcZgYZjcVZhigViZ\^VYZ
Y^hZŠd!Za9Zh^\cBVcV\ZgZhZagZhedchVWaZYZXgZVgaVhdedgijcVhegdejZhiVh#
:m^hiZcY^[ZgZciZh[dgbVhYZYZhVggdaaVgZhiVhegdejZhiVheVgVXjWg^ggZfj^h^idh
ZheZX†ÒXdh!nZa9Zh^\cBVcV\ZgejZYZdeZgVghdaddZcXdaVWdgVX^‹cXdcjc
Zfj^edYZY^hZŠd^ciZgcddXdcjcVXdchjaidg†VZmiZgcV#',
(-U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e";ijhW#
j[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$+&
 :cZhiV[VhZ!aVhegdejZhiVhYZY^hZŠdcdd[gZXZchdajX^dcZhYZigVWV_dXdcXgZiVh!h^cd
jcV^YZV\ZcZgVahdWgZaVbVcZgVZcfjZZaZfj^edYZY^hZŠddaVXdchjaidg†VedYg†VchVi^h[VXZg
(.U8EH@7:;CEPEJ7"8h_]_jj[$:[i_]dcWdW][#
c[dj"Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ9ehfe# aVhcZXZh^YVYZhYZY^hZŠdYZaVZbegZhV#CdgbVabZciZ!aVegdejZhiVZhjcYdXjbZcidZhXg^id
hWj[$7bbmehj^Fh[ii"(&&)$D[mOeha$F|]$(*,$ Wg^Z[fjZYZhXg^WZadhhZgk^X^dhYZY^hZŠdnhjXdhiZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV+&

*$)$' 9eckd_YWY_ŒdZ[bW[ijhWj[]_WZ[Z_i[‹e$
JcdYZadhigVWV_dhYZaY^hZŠdZh]VXZgaVZhigViZ\^VYZaVZbegZhVk^h^WaZ#JcV
ZhigViZ\^VYZY^hZŠdZhi{WVhVYVZcjcV^bV\Zc\adWVaYZidYdhadhVheZXidh
YZaVZbegZhVZci‚gb^cdhYZXdbjc^XVX^dcZh!egdYjXidhnedh^X^dcVb^Zcid#
:hidhZdg\Vc^oVVagZYZYdgYZYdhdW_Zi^kdh#'-

™:adW_Zi^kdYZ8d]ZgZcX^V#AV\Zhi^‹cYZah^hiZbVk^hjVaYZaVZbegZhV^bea^XV
jcjhdZÒXVonXd]ZgZciZYZidYVhaVhYZX^h^dcZhYZY^hZŠdZcZabZgXVYd
YZaVZbegZhV#EZgdaVdWa^\VX^‹c]VX^VaVXd]ZgZcX^Vcd^bea^XVhZgVWjgg^Yd!
Zh^bedgiVciZYZÒc^gaVhcdgbVhYZY^hZŠdeVgVaVZbegZhV!^c[dgbVghdWgZ
ZaaVhnVea^XVgaVh!eZgdiVbW^‚cVXZeiVgY^\gZh^dcZhYZaVcdgbV!VÒcYZ
\ZcZgVgkVg^VX^‹c#:ah^hiZbVYZ\Zhi^‹cYZaY^hZŠdi^ZcZfjZ\Zhi^dcVgaV
hjeZgk^h^‹cYZaVXd]ZgZcX^VZcigZhc^kZaZh/Xd]ZgZcX^VZcigZadhZaZbZcidh
ZcZah^hiZbVk^hjVa!Xd]ZgZcX^VYZah^hiZbVk^hjVanaVZhigViZ\^VYZY^hZŠd!
nXd]ZgZcX^VYZah^hiZbVk^hjVaXdcZaY^hZŠdYZedh^X^dcVb^Zcid#

™AVYZÒc^X^‹cYZjcVcdgbVYZY^hZŠd#EVgVYZÒc^gaVhÆcdgbVhÇYZY^hZŠdYZ
aVZbegZhV!dhjÒadhd[†VZcXjVcidVaY^hZŠd!ZheZX^ÒXVgZbdh/

"Aj\VgYZaY^hZŠdZcadh[VXidgZhXaVkZYZ‚m^idZcXVYVjc^YVYYZcZ\dX^d
ZhigVi‚\^Xd#

"AVgZhedchVW^a^YVYYZaYZeVgiVbZcidYZY^hZŠd[gZciZVdigdh
YZeVgiVbZcidhYZaVZbegZhV#:cdigVheVaVWgVh!Zh^bedgiVciZVXaVgVg
ZaeVeZaXdcYjXidgfjZhZaZYVVadhY^hZŠVYdgZh[gZciZVdigVh[jZgoVh
XgZVi^kVhYZaVZbegZhV!eVgi^XjaVgbZciZaVhXdbjc^XVX^dcZhXdgedgVi^kVh!
ZaYZeVgiVbZcidYZG9nZaXdb^i‚YZYZhVggdaadYZcjZkdhegdYjXidh/

AVgZhedchVW^a^YVYYZaY^hZŠdXdbd[VXidgXaVkZYZa‚m^idZcaVbViZg^Va^oVX^‹cYZaVhkZciV_Vh
XdbeZi^i^kVh!ZhYZiZgb^cVciZeVgVaVkVadgVX^‹cYZhj^cÓjZcX^VZcaVhZhigViZ\^VhYZ^ccdkVX^‹c!
^c[dgbVX^‹cnXdbjc^XVX^‹c#:hidYZiZgb^cVg{adhgZXjghdhVh^\cVYdhVaY^hZŠd!Zaedh^X^dcVb^Zcid
YZaY^hZŠdZcaVZbegZhVnaVhZaZXX^‹cYZaVXdbedh^X^‹cYZaZfj^edYZY^hZŠd#
$$$[i_cfehjWdj[WYbWhWh[bfWf[bYedZkYjeh
gk[i[b[ZWWbeiZ_i[‹WZeh[i\h[dj[W
ejhWi\k[hpWiYh[Wj_lWiZ[bW[cfh[iW"
fWhj_YkbWhc[dj[bWiYeckd_YWY_ed[i
YehfehWj_lWi"[bZ[fWhjWc[djeZ[H:o[b
Yec_jƒZ[Z[iWhhebbeZ[dk[leifheZkYjei$

*$)$( FheceY_Œdol[djWZ[bW[ijhWj[]_W
Z[Z_i[‹e
>cYZeZcY^ZciZbZciZ YZ h^ aV ZhigViZ\^V YZ Y^hZŠd hZ YZhVggdaaV ^ciZgcV d
ZmiZgcVbZciZ! Za 9Zh^\c BVcV\Zg cZXZh^iV jcV bZciVa^YVY bjn ZbegZhVg^Va
eVgVegdbdkZgnkZcYZgXdc‚m^idaVZhigViZ\^VYZY^hZŠdVidYVaVZbegZhV#
EVgVZaad!YZWZg{XdcX^ZcX^VgVadheg^cX^eVaZh\gjedhYZ^ciZg‚heVgV\VgVci^oVgaV
XdggZXiVXdbegZch^‹cYZZhiVZhigViZ\^VneZghjVY^gYZhj^bedgiVcX^Vnk^VW^a^YVY
VVfjZaaVheZghdcVhXjnVXdcig^WjX^‹cZh[jcYVbZciVaeVgVfjZiZc\V‚m^id#'.

 EVgV ^YZci^ÒXVg V adh eg^cX^eVaZh V\ZciZh ^bea^XVYdh! Zh cZXZhVg^d ZhijY^Vg Za
dg\Vc^\gVbV YZ aV ZbegZhV! YdcYZ hZ YZhXg^WZc aVh [jcX^dcZh YZ adh Y^[ZgZciZh \gjedh Z
^cY^k^Yjdh#DWk^VbZciZ!aVXVci^YVYYZegdbdX^‹ccZXZhVg^VYZeZcYZg{YZaVeZgXZeX^‹cYZa
Y^hZŠdfjZZm^hiZZcaVZbegZhVnYZaVhYdiZhYZeZghjVh^‹cYZa9Zh^\cBVcV\Zg#

 :cZhiV[VhZgZhjaiVi^aXdch^YZgVgaVZhigViZ\^VYZY^hZŠdXdbdjceaVcZbegZhVg^Va#
:hedh^WaZfjZZadW_Zi^kdYZa9Zh^\cBVcV\ZghZVXgZVgnVbea^VgadhgZXjghdhYZY^hZŠdYZcigd
YZaVZbegZhV!b^ZcigVhfjZZadW_Zi^kdYZjcEgdnZXiBVcV\ZgYZjcVXdchjaidg†VhZVkZcYZg
XdcXZeidh V hjhXa^ZciZh!eZgdZcXjVafj^ZgXVhd!aVhegZ\jciVhXaVkZfjZYZWZceaVciZVghZ
hdc/ ´8j{aZh hdc aVh kZciV_Vh eVgV aV ZbegZhV n hjh Xa^ZciZh4 ´8j{cid i^Zbed gZfj^ZgZ hj
^beaVciVX^‹cnXj{aZhZaXdhiZ4´Fj‚gZXjghdhhZcZXZh^iVc4´8j{aZhhdcaVhkZciV_VhVXdgid
naVg\deaVod4AVhgZhejZhiVhVZhiVhegZ\jciVhhZg{cjcVWjZcVWVhZeVgVXgZVgjcVhdajX^‹c
ZXdc‹b^XVbZciZk^VWaZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV+(

*$)$($'9eckd_YWY_ŒdZ[bfheo[Yje$
AVegZhZciVX^‹cYZaegdnZXidZcZa{bW^idYZaVZbegZhVZhiVbW^‚cjcegdXZhd
ZhigVi‚\^XdfjZYZWZhZgeaVc^ÒXVYdiZc^ZcYdZcXjZciVidYdhadhVheZXidhk^cXjaVYdh
XdcaV[VXi^W^a^YVYYZhjgZVa^oVX^‹c#6h^b^hbd!hZg{cZXZhVg^dXdch^YZgVg/ZaZheVX^d
[†h^XdZcZafjZhZgZVa^oVg{ZaZkZcid!ZaZfj^eVb^ZcidY^\^iVaVji^a^oVgnaVXVci^YVY
nXdbeZiZcX^VYZadhVh^hiZciZh#(%

 AVegZhZciVX^‹cYZaegdnZXidYZWZgZVa^oVghZXdch^YZgVcYdYZadhh^\j^ZciZh
dW_Zi^kdh/

"9ZhZgcZXZhVg^d!^c[dgbVghdWgZadhVciZXZYZciZhegd[Zh^dcVaZhYZadhY^hZŠVYdgZh#
:hiV^c[dgbVX^‹ccdYZWZg†VVeZaVgVaVXgZY^W^a^YVYYZadhYZhi^cViVg^dhYZaegdnZXid
edgbZY^dYZVjidZkVajVX^dcZh!h^cdigVchb^i^gYVidhXdcXgZidhVXZgXVYZaVdWgV
gZVa^oVYVegdnZXidhnegdYjXidh#9ZX^bdhYZhZgcZXZhVg^d!h^adhegd[Zh^dcVaZh
edhZZcVciZXZYZciZhXdcdX^Ydh!aVXdbjc^XVX^‹cYZadhb^hbdhYZWZg†Va^b^iVghZV
aVhgZVa^oVX^dcZhb{hgZX^ZciZh#

"EgdedgX^dcVgjcV^c[dgbVX^‹ch^ci‚i^XVhdWgZaVhXVgVXiZg†hi^XVhYZaegdnZXidZc
gZaVX^‹cXdcaVZhigjXijgV!aV\Zhi^‹cnadhgZXjghdhYZaVZbegZhVfjZadaaZkVg{
VXVWd#

">c[dgbVghdWgZadhVheZXidheg^dg^iVg^dhYZaegdYjXid#

"KVadgZhhdX^dXjaijgVaZh#

"EgZhiVX^dcZhiZXcda‹\^XVhnYZh^\c^ÒXVX^‹c# (/U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e";ijhW#
j[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW;ifW‹W$
"<gVYdYZ^ccdkVX^‹cXdcgZheZXidVabZgXVYd^ciZgcdnZmiZgcd# F|]$+*

"HjhiZciVW^a^YVYYZaY^hZŠd#
)&UB;?HE"H[_dWbZe@$:_i[‹e0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$
"8^XadYZk^YV# F|]$'/(

)'U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e";ijhWj[]_W"
fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$FWhhWced
;Z_Y_ed[i"(&&-$8WhY[bedW;ifW‹W$F|]$+,
"Hjb^c^higVgjcVZkVajVX^‹cYZaegdnZXidXdcgZheZXidVabZgXVYd/Xdhidh!
edh^X^dcVb^Zcid!kZciV_Vh!YZhkZciV_Vhng^Zh\dhegZk^hidh#
">c[dgbVghdWgZaVeaVc^ÒXVX^‹cZXdc‹b^XVnÒcVcX^ZgVnadhgZhjaiVYdh
VaiZgcVi^kdhYZacZ\dX^d#
">c[dgbVghdWgZaVegd\gVbVX^‹cYZZiVeVhni^ZbedhYZaegdnZXid#
 8dck^ZcZhZŠVaVgfjZaVVegdWVX^‹cYZjcegdnZXidXdb^ZcoVbjX]dVciZhfjZZa
egdXZhdYZY^hZŠd!VigVk‚hYZjc^ciZgXVbW^dgZX†egdXdYZ^c[dgbVX^‹cZcigZaVhY^hi^ciVh{gZVh
YZaVZbegZhVnadhXdchjaidgZhZmiZgcdhYZaVb^hbV#:cZhiZegdXZhdYZXdbjc^XVX^‹cnXdc
aVVYZXjVYVXdch^YZgVX^‹cnZkVajVX^‹cYZadhVheZXidhiZXcda‹\^Xdh!egdYjXi^kdh!ZXdc‹b^Xdh
nYZXdbZgX^Va^oVX^‹c!ZaY^hZŠVYdgZhiVg{ZcXdcY^X^dcZhYZ^ciZ\gVgZaegdXZhdYZYZX^h^dcZh
gZheZXid YZa egdYjXid n eVgi^ZcYd YZ ZhiV edh^X^‹c VXXZYZg{ V XddgY^cVg n ZkZcijVabZciZ
a^YZgVgaVhXdcXajh^dcZhÒcVaZh#
*$)$($(9h[WY_ŒdZ[fWhjd[hioWb_WdpWi$
:aY^hZŠdcdhjZaZYZhVggdaaVghZYZjcV[dgbVV^haVYVYZcigdYZaVZbegZhV
h^cXdcZm^‹cVa\jcVXdcaVhjc^YVYZhYZcZ\dX^d#EVgVfjZjcVZhigViZ\^VYZ
Y^hZŠdiZc\V‚m^id!ZhcZXZhVg^dXgZVgeVgicZghnVa^VcoVhXdcY^[ZgZciZh\gjedh
Z^cY^k^YjdhiVcid[jZgVXdbdYZcigdYZaVZbegZhVfjZYZWZc\Zhi^dcVghZ
YZ [dgbV Xd]ZgZciZ eVgV VjcVg aVh ZmeZXiVi^kVh YZ aVh eVgiZh ^bea^XVYVh!
VYb^c^higVgXdggZXiVbZciZadhZaZbZcidhgZaVi^kdhVaV^YZci^YVYXdgedgVi^kV!
cd egdkdXVg aV Xdc[jh^‹c YZ adh Xdchjb^YdgZh n egdiZ\Zg aZ\VabZciZ adh
VXi^kdh#(&
 AdheVgiZcVg^VYdhYZhXg^WZcaVgZaVX^‹cZcigZYdhdb{heZghdcVh!\gjedhdZci^YVYZh
fjZgZVa^oVcjcVb^hbVVXi^k^YVYnfjZXdaVWdgVcZcigZh†ZcVgVhYZjcdW_Zi^kdXdbc#Edg
Z_Zbead!ZcZaGZ^cdJc^Yd!aVG:9Jc^iYZa9Zh^\c8djcX^aVcVa^oVhdajX^dcZheVgVgZhdakZg
egdWaZbVh hdX^VaZh n ZXdc‹b^Xdh bZY^VciZ Za ZbeaZd YZa Y^hZŠd# Hj Zc[dfjZ hZ WVhV Zc
aV XgZVX^‹c YZ Va^VcoVh ^ciZgY^hX^ea^cVgZh/ eZfjZŠdh Zfj^edh YZ Y^hZŠd fjZ igVWV_Vc Xdc
ZXdcdb^hiVh! X^Zci†ÒXdh n Vcigde‹ad\dh! ZcigZ digdh ZmeZgidh! n XdaVWdgVc Xdc Zci^YVYZh n
gZegZhZciVciZhYZahZXidgeWa^Xdneg^kVYd#HjdW_Zi^kdZhXdaVWdgVgXdcdigVhZci^YVYZhZc
egdnZXidh!ejWa^XVX^dcZhnhZb^cVg^dheVgVdWiZcZg^c[dgbVX^‹cVkVcoVYVhdWgZaVheda†i^XVh
\jWZgcVbZciVaZhnedYZg[dgoVgZaXVbW^d#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV+*

 Edg digd aVYd! jcV Va^VcoV Zh aV VhdX^VX^‹c YZ Ydh d b{h \gjedh! ^cY^k^Yjdh j
dg\Vc^oVX^dcZhfjZVXjZgYVcXdaVWdgVgZcigZh†eVgVad\gVgjcdW_Zi^kdXdbc#AVhZbegZhVh
fjZ[dgbVcVa^VcoVhZhigVi‚\^XVhhjZaZciZcZgdW_Zi^kdhdXVgVXiZg†hi^XVhh^b^aVgZh#EdgZ_Zbead!
YdhZbegZhVhejZYZcXgZVgjcVVa^VcoVeVgVdWiZcZgeVigdX^c^dda^XZcX^VhYZegdYjXidh!d
W^ZceVgVaaZkVgVXVWdjcVXVbeVŠVYZXdWgVcY^c\XjVcYdYdhdb{hbVgXVhhZji^a^oVc
Xdc_jciVbZciZeVgVXdbZgX^Va^oVgegdYjXidh!hZgk^X^dhdVXi^k^YVYZhZheZX†ÒXVh#

 Adh WjZcdh gZhjaiVYdh YZ jcV ZbegZhV hZ WVhVc Zc jcVh WjZcVh gZaVX^dcZh#
HZ\c 8]g^h I]dbehdc! ÆaV ^ccdkVX^‹c Zh Za egdYjXid YZ jcV gZY YZ ZbegZhVh! n igViVg V
adh egdkZZYdgZh eg^cX^eVaZh Xdbd VYkZghVg^dh Zc aj\Vg YZ V\ZciZh XdbeaZbZciVg^dh Zh jc
ZggdgÇ#IVcidh^hZigVWV_VXdcXa^ZciZhXdbdXdcegdkZZYdgZh!hdX^dh!Va^VYdhdZbeaZVYdh!aV
XdcÒVcoVnXdbeVgi^gadhWZcZÒX^dhhdcZaZbZcidhZhZcX^VaZheVgVYZhVggdaaVgXdc‚m^idjcV
gZaVX^‹cVaVg\deaVod#

*$* ?cfb[c[djWY_ŒdZ[bW[ijhWj[]_W$
*$*$' I[b[YY_ŒdZ[kd_j_d[hWh_eZ[Z[iWhhebbe
Z[bW[ijhWj[]_WZ[Z_i[‹e$
8dbd Xdc aV [dgbjaVX^‹c YZ ZhigViZ\^Vh! Za {gZV YZ Y^hZŠd eVgi^X^eV Zc aV
hZaZXX^‹c YZ jcV gjiV eVgV ^beaZbZciVg aV ZhigViZ\^V ZaZ\^YV! ZcidcXZh
YZhVggdaaVaVhVXX^dcZhYZY^hZŠdfjZhZXdcZXiVcVY^X]VgjiV#Adheg^cX^eVaZh
^i^cZgVg^dhYZhVggdaaVYdhhdc/

&#>ciZ\gVX^‹c]VX^VVgg^WVd]VX^VVWV_d#
'#>ccdkVX^‹c#
(#9^kZgh^ÒXVX^‹c#
)#>ciZgcVX^dcVa^oVX^‹c#
*#GZi^gVYV#
+#6a^VcoVh#
  :hidh ^i^cZgVg^dh ejZYZc ^beaZbZciVghZ bZY^VciZ aV VYfj^h^X^‹c egd\gZh^kV YZ
cjZkdhXdcdX^b^Zcidh^ciZgcVbZciZedg^ccdkVX^‹c!^ciZ\gVX^‹cZ^ciZgcVX^dcVa^oVX^‹c!eZgd
iVbW^‚c!b{hVbZcjYd!ZmiZgcVbZciZedg[jh^‹c!VYfj^h^X^‹cnVa^VcoV#

>cYZeZcY^ZciZbZciZYZa^i^cZgVg^dZhXd\^Yd!ZaY^hZŠdejZYZVci^X^eVgcjZkdh
^i^cZgVg^dh Zc XdcXdgYVcX^V Xdc Za Vc{a^h^h ZhigVi‚\^Xd d _j\Vg jc eVeZa YZ
^beaZbZciVX^‹c/

"EVgVVhjb^gaV^ciZgcVX^dcVa^oVX^‹c0XgZVcYdedgZ_ZbeadjcXZcigdYZ
Y^hZŠdZcY^[ZgZciZheV†hZhdbdciVgjcZfj^edbjai^XjaijgVaYZY^hZŠd#

"EVgVXdcXZW^gjcVcjZkVd[ZgiVZcaVY^c{b^XVYZaV^ccdkVX^‹cd
\ZcZgVgY^kZgh^ÒXVX^‹c#

"EVgVVYdeiVgjcV^YZci^YVYk^hjVacjZkVedg[jh^‹cdVYfj^h^X^‹c!
dbZY^VciZjcVZhigViZ\^VYZ^ccdkVX^‹cYZYZhVggdaadYZVa^VcoVh#

*$*$( ?cfb[c[djWY_ŒdZ[bW[ijhWj[]_W
Z[][ij_ŒdZ[bZ_i[‹e$
AVZhigViZ\^VfjZZa9Zh^\cBVcV\ZgVYdeiV!Zhi{Vh^hi^YVYZb‚idYdh
ZheZX†ÒXdhYZY^[jh^‹cYZaY^hZŠdXdbdjc[VXidgXaVkZYZ‚m^idZcaVZbegZhV#

=ZggVb^ZciVhYZaVZhigViZ\^VYZ\Zhi^‹cYZY^hZŠd

™9ZÒc^gjcVbVig^oYZY^hZŠd#AVVh^\cVX^‹cYZadhgZXjghdhYZY^hZŠdnZa
egZhjejZhidZcigZaVhY^[ZgZciZh{gZVhYZaY^hZŠdegdYjXid!Xdbjc^XVX^‹c!
ZheVX^dh Vgfj^iZXi‹c^Xdh½ YZ aV ZbegZhV# :megZhV aV Y^k^h^‹c YZa
egZhjejZhidYZY^hZŠdZcigZaVhY^[ZgZciZhY^hX^ea^cVhYZY^hZŠdYZVXjZgYd
XdcaVZhigViZ\^VYZY^hZŠd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV+,

  H^ aV ZbegZhV Xdch^YZgV fjZ hjh b{h ^bedgiVciZh XdbedcZciZh

k^hjVaZhhdchjhYdXjbZcidhYZcZ\dX^d!hZ[VkdgZXZg{ZaY^hZŠd\g{ÒXd#
H^ aV ZbegZhV edcZ aV bVndg eVgiZ YZ hjh ZcZg\†Vh Zc adh egdYjXidh!
eVX`V\^c\nY^hZŠdYZegdYjXid!dZaÆY^hZŠd]VX^VZajhjVg^dÇ!aV^ciZg[VXZ
VhjbZZaa^YZgVo\d#H^aVeg^dg^YVYhZYVVaVhi^ZcYVhnZheVX^dhYZigVWV_d!
aV^ckZgh^‹cedgZaY^hZŠdYZZcidgcdhZkZg{[VkdgZX^YV#

  EdgadiVcid!aV^ciZ\gVX^‹cYZaY^hZŠdZcaVZbegZhV^bea^XVYZiZgb^cVg
jcVeg^dg^YVYXVYVVŠdnZhiVWaZXZgjcVXd]ZgZcX^VVi‚gb^cdbZY^dZcigZ
aVhY^[ZgZciZh^ckZgh^dcZheVgVZmVb^cVgaVXdch^hiZcX^VZcigZaVbVig^oYZ
Y^hZŠdnaVbVig^oYZbZgXVYd!daVbVig^oYZY^hZŠdnaVh^ckZgh^dcZhZc
Xdbjc^XVX^dcZhXdgedgVi^kVh#

  6aeVgi^X^eVgZcZaVc{a^h^hZhigVi‚\^Xd!Za9Zh^\cBVcV\ZgYZÒcZadh
dW_Zi^kdh]VX^VadhXjVaZhaVh{gZVhYZY^hZŠdigVWV_Vg{c!YZÒc^ZcYdaVh
^ckZgh^dcZhZcY^hZŠdnadhegZhjejZhidhcZXZhVg^dheVgVadhegd\gVbVh#
AVZÒXVX^VYZaVVh^\cVX^‹cYZegZhjejZhidYZg^kVYZaVXdcÒVcoVejZhiV
ZcZaY^hZŠdnYZaVXddgY^cVX^‹cZcigZZaegZhjejZhidYZY^hZŠdnZaYZ
adhdigdhYZeVgiVbZcidhYZaVZbegZhV#

™8dcigdaYZa[jcX^dcVb^ZcidYZaY^hZŠd#8dcigdaVgadhgZhjaiVYdhYZaY^hZŠdn
hjZÒX^ZcX^V!YZeZcYZYZaVh]ZggVb^ZciVhjhVYVheVgVZkVajVgadhdW_Zi^kdh!
iVaZhXdbdZagZidgcdYZaV^ckZgh^‹cZcY^hZŠdnhj^beVXidZcaVZbegZhV#
AV Y^gZXX^‹c ZhigVi‚\^XV YZa Y^hZŠd ^bea^XV aV gZk^h^‹c ÒcVcX^ZgV# whiV hZ
igVWV_VZcigZY^hZŠdnZa{gZVÒcVcX^ZgVYZaVZbegZhVeVgVVnjYVgVadh
Y^hZŠVYdgZhV^chZgiVghjigVWV_dZcaVY^gZXX^‹cYZaVZbegZhV#

  AV ^ciZ\gVX^‹c YZ aV [jcX^‹c YZa Y^hZŠd ^bea^XV Za ZhiVWaZX^b^Zcid
YZ Xg^iZg^dh fjZ b^YVc Za kVadg ZhigVi‚\^Xd YZa Y^hZŠd# Edg Z_Zbead! aV
bZY^X^‹cYZa^beVXidYZaY^hZŠdZcaVk^h^‹cYZaVZbegZhV!aVXgZVX^‹c
YZbZgXVYdnaVXVYZcVYZkVadgYZaV^cYjhig^V!dbZY^gaV^cÓjZcX^VYZa
Y^hZŠdZcZakVadgYZabZgXVYdYZaVZbegZhV#
BWYh[WY_ŒdZ[kdYb_cW\WlehWXb[defk[Z[
h[Wb_pWhi[i_dWY[djkWhbW_dÔk[dY_WZ[bZ_i[‹e
[dZ[Y_i_ed[iZ[YedjhWjWY_ŒdeZ[Y_i_ed[iZ[
bWZ_h[YY_ŒdZ[fheo[Yjei$

 :a Xdcigda cd YZWZ ZhiVg a^b^iVghZ V adh gZhjaiVYdh ÒcVaZh0 YZWZ iZcZghZ
ZcXjZciVZa\gVYdYZY^[jh^‹cYZaY^hZŠdZcaVZbegZhV#9ZWZbZY^ghZ
Za ^beVXid YZ aV eda†i^XV YZ Y^hZŠd Zc XVYV {gZV$YZeVgiVbZcid YZ aV
ZbegZhV! Zc XVYV c^kZa YZ idbV YZ YZX^h^dcZh! Vh† Xdbd ZcXdcigVg adh
ejcidh YZ ZcigVYV eVgV ejWa^XVX^dcZh YZ Y^hZŠd Zc egdXZY^b^Zcidh YZ
Y^gZXX^‹cYZgZXjghdh]jbVcdhnXVeVX^YVYZh#

™9^gZXX^‹cYZY^hZŠdYZadhgZXjghdh]jbVcdh#:aY^hZŠdZhjc^chi^\VYdgVa
XVbW^dYZXdcYjXiVhnYZbZciVa^YVY#:a{gZVYZY^hZŠdejZYZVnjYVgVa
YZeVgiVbZcidYZgZXjghdh]jbVcdhnXdbjc^XVX^‹c^ciZgcVZc/

"8gZVgnbVciZcZgaV^c[dgbVX^‹cZmiZgcVZ^ciZgcVXdcZXiVYVn
ZhiVWaZXZgaj\VgZheVgVZa^ciZgXVbW^dYZ^c[dgbVX^‹c#

"8dchigj^ggZaVX^dcZhZmiZgcVhZ^ciZgcVhVaVg\deaVod!
eVgi^XjaVgbZciZeVgVXdchigj^ggZaVX^dcZhXdcaVhZhXjZaVhYZY^hZŠd#

">YZci^ÒXVgaVhZmeZXiVi^kVhgZX†egdXVhYZaXdaVWdgVYdg!Xa^ZciZn
Y^hZŠVYdg#:aY^hZŠdejZYZ[VX^a^iVgcjZkVhZmeZXiVi^kVheZghdcVaZh
Zci‚gb^cdhYZVjidcdb†VZ^cY^k^YjVa^hbd#

AVXgZVX^‹cYZjcXa^bV[VkdgVWaZcdejZYZgZVa^oVghZh^cVXZcijVgaV^cÓjZcX^VYZaY^hZŠdZc
YZX^h^dcZhYZXdcigViVX^‹cdYZX^h^dcZhYZaVY^gZXX^‹cYZegdnZXidh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV+.

*$*$) ?djheZkY_h[bZ_i[‹e[d[bi_ij[cW
eh]Wd_pWj_leZ[bWjecWZ[Z[Y_i_ed[i$
EVgV Xdch^YZgVg Za Y^hZŠd Xdbd jc [VXidg XaVkZ Zc Za ‚m^id YZ aV ZbegZhV!
YZWZcXdch^YZgVghZaVh]ZggVb^ZciVheVgV^cigdYjX^gZaY^hZŠdZcZah^hiZbV
YZidbVYZYZX^h^dcZh#('

™9^hZŠdZcaVY^gZXX^‹cYZVaidc^kZa#:aY^hZŠdZhgZegZhZciVYdZc
aV_jciVY^gZXi^kVedgZaY^gZXidgYZY^hZŠdjcVedh^X^‹cVhjb^YVVkZXZh
edgjcY^hZŠVYdgZbegZhVg^dd[jcYVYdg!edgZa\ZhidgYZaY^hZŠddedg
jcY^gZXidgXdc_jcidYZXdcigdaYZXVa^YVYnY^hZŠddXdbjc^XVX^dcZhn
Y^hZŠd# EZgd aV ^bedgiVcX^V YZa Y^hZŠd iVbW^‚c hZg{ XdbeVgi^YV edg Za
Y^gZXidg\ZcZgVaZchjidiVa^YVY#

™:higjXijgVgZaYZeVgiVbZcidYZY^hZŠd#<gVcYZhZbegZhVhXdcjc )(U8EH@7:;CEPEJ7"8h_]_jj[$
:[i_]dCWdW][c[dj"Ki_d]Z[i_]dje8k_bZ
YZeVgiVbZcid^ciZgcdYZY^hZŠdZheZX^ÒXVg{cZaeVeZaYZadhY^[ZgZciZh 8hWdZLWbk[WdZ9ehfehWj[$
Zfj^edh n YZY^XVg{c Va\jcdh Zfj^edh V aV b^h^‹c YZ k^h^dcVg Za Y^hZŠd 7bbmehj^Fh[ii"(&&)$D[mOeha$F|]$(+'

V aVg\d eaVod! nV hZV ^ciZgcV d ZmiZgcVbZciZ# :a eVeZa YZa Y^gZXidg YZ
Y^hZŠd Zh! edg ad iVcid! XgZVg jcV VXi^ijY fjZ VhjbV Za Y^hZŠd Zc XVYV
YZeVgiVbZcidYZaVZbegZhV#

:hidhZad\gVVa/

"9ZÒc^gjcYZeVgiVbZcidYZY^hZŠdfjZZkdajX^dcZ_jcidVaV
XdchigjXX^‹cYZaVZhigViZ\^V#

"8gZVg]VW^a^YVYZhYZY^gZXX^‹cZheZX†ÒXVhZcXVYVYZeVgiVbZcid!
eVgi^XjaVgbZciZZcXdciVW^a^YVYnÒcVcoVh!gZXjghdh]jbVcdhn
XdcigdaYZXVa^YVY#
 ™>c[jcY^gXjaijgVYZdg\Vc^oVX^‹c#:adW_Zi^kdZhVa^cZVgZa
Y^hZŠdXdcadhg^idhYZaVZbegZhV#

™IgVch[dgbVgadhh^hiZbVhYZ^c[dgbVX^‹c#AVY^gZXX^‹cYZ
Y^hZŠdcdejZYZY^hdX^VghZYZaVejZhiVZceg{Xi^XVnaVbZ_dgVYZ
adhh^hiZbVhYZ^c[dgbVX^‹cYZaVZbegZhVZcY^[ZgZciZhc^kZaZh#
AVZaZXX^‹cYZadhh^hiZbVhYZdgYZcVX^‹c^cÓjnZZcaVY^gZXX^‹c
YZaY^hZŠd!ZcaV^ccdkVX^‹c!ZcaVXdbjc^XVX^‹cnZcaVhY^[ZgZciZh
ZiVeVhYZY^g^\^gZaaVcoVb^ZcidYZjccjZkdhegdYjXidh#
:heVgi^XjaVgbZciZ^bedgiVciZXjVcYdZaY^hZŠdWVgV_VXdbdcjZkd
ZaZbZcidaVXVeVX^YVYYZaXa^ZciZ#

9ZidYdhbdYdhdigVhdeX^dcZhYZdgYZcVYdgejZYZchZg^\jVabZciZi^aZheVgVaV
Y^gZXX^‹cYZY^hZŠd!iVaZhXdbdYZX^h^dcZh]ZX]VhZci‚gb^cdhYZh^hiZbVhYZ^c[dgbVX^‹c!
ZceVgi^XjaVg!adhYdXjbZcidhjhVYdheVgVXdbjc^XVgadhVheZXidhÒcVcX^ZgdhYZaVZbegZhV
n hj [jcX^dcVb^Zcid! eVhVc V idYdh adh ^ckdajXgVYdh# :a Y^hZŠd YZ aV ^c[dgbVX^‹c VnjYV V
idYdZabjcYdVXdbegZcYZgn[dgbVgeVgiZZcaVhYZX^h^dcZhZhigViZ\^XVh#IVbW^‚cXgZVjc
Zhi{cYVg!edgadiVcididYdhadhYdXjbZcidhYZaVZbegZhVhdcXdch^hiZciZhnW^ZcY^hZŠVYdh
ÄZhdhYdXjbZcidhcdh‹adhdcZmiZgcdh!h^cdiVbW^‚chZZcXjZcigVc^c[dgbZh!cdiVh!VejciZh
dbZchV_ZhZaZXig‹c^Xdh^ciZgcdh#

AVegZhZciVX^‹cYZYVidhnZaY^hZŠdYZaV^c[dgbVX^‹cZcaVZbegZhVi^ZcZcjc^beVXidZc
adhegdXZhdhYZidbVYZYZX^h^dcZh#HjeZgk^hVgaVXdch^hiZcX^VYZaY^hZŠdnaVZhigViZ\^VYZZbegZhV
^bea^XVaVk^hjVa^oVX^‹cYZjch^hiZbVYZ^c[dgbVX^‹cfjZZhdei^b^oVYdedgZaY^hZŠd#

™IgVch[dgbVgaVk^h^‹cYZaVZbegZhV#8jVcYdZaY^hZŠd
))U8EH@7:;CEPEJ7"8h_]_jj[$
ZhXdch^YZgVYdXdbdjc[VXidgXaVkZYZa‚m^id!ZhegdWVWaZfjZaV
:[i_]dCWdW][c[dj"Ki_d]Z[i_]dje8k_bZ
8hWdZLWbk[WdZ9ehfehWj[$ Y^gZXX^‹cYZY^hZŠdeVgi^X^eZZcZaY^V\c‹hi^XdZhigVi‚\^XdY^g^\^YdV
7bbmehj^Fh[ii"(&&)$D[mOeha$F|]$(+' igVch[dgbVgnVci^X^eVgcjZkVhk^h^dcZhYZcZ\dX^dYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV,&

BWfh[i[djWY_ŒdZ[ZWjeio[bZ_i[‹eZ[bW
_d\ehcWY_Œd[dbW[cfh[iWj_[d[dkd_cfWYje
[dbeifheY[ieiZ[bWjecWZ[Z[Y_i_ed[i$
Ikf[hl_iWhbWYedi_ij[dY_WZ[bZ_i[‹eobW
[ijhWj[]_WZ[[cfh[iW_cfb_YWbWl_ikWb_pWY_Œd
Z[kdi_ij[cWZ[_d\ehcWY_Œdgk[[i
efj_c_pWZei[]‘d[bZ_i[‹e$

™=VW^a^YVYZcZaY^hZŠdYZkZciVh#;^gbVhXdbdE]^a^eh
XdbZcoVgdcedgYZhVggdaaVgXVeVX^YVYZh^ciZgcVhYZY^hZŠd!Y^gZXX^‹c
YZY^hZŠdnY^hZŠdYZXdcXZeid#IVbW^‚cgZjc^Zgdc^c[dgbVX^‹c
eVgVVcVa^oVgaVhiZcYZcX^VhYZY^hZŠd#:hiZXdcdX^b^ZcidZheVgiZ
YZadhgZXjghdhXaVkZYZaVZbegZhVnhZXdck^ZgiZZcZabdYdYZ
eZcZigVgZcdigdhbZgXVYdheVgVigVch[dgbVgZaYZeVgiVbZcidYZ
Y^hZŠdZcjcVÒa^VafjZejZYZigVWV_VgZcidcXZhZcdigdhhZ\bZcidh
YZbZgXVYd#:hiVY^kZgh^ÒXVX^‹cYZaV[jcX^‹cYZY^hZŠdejZYZ
iVbW^‚cXdckZgi^ghZZcjcV]ZggVb^ZciVeVgVZcg^fjZXZgadhgZXjghdh
XdbeZi^i^kdhniZXcda‹\^XdhnaVdWhZgkVX^‹c#

™9ZiZXiVgedh^WaZhiZcYZcX^VhYZY^hZŠd#6adWhZgkVgadh
a^\ZgdhXVbW^dhZcZabjcYdZmiZg^dg!ZaY^hZŠVYdgejZYZegZkZg
XdbdV[ZXiVg{cVaZcidgcdnVadhdW_Zi^kdhYZaVZbegZhV#AV\Zhi^‹c
YZaY^hZŠdVXiVXdbdjcXdchZ_ZgdZci^ZbedYZ^cXZgi^YjbWgZ!
VhZhdgVVaVZbegZhVhdWgZY‹cYZZcXdcigVgcjZkVh{gZVhYZ
^c[dgbVX^‹cfjZejZYZchjg\^g#AVhZbegZhVhfjZZhi{c^bea^XVYVh
ZcVbW^ZciZhÓjXijVciZhedcZcXVYVkZob{hXdcÒVcoVZchjh
Y^hZŠVYdgZheVgV[dgbjaVgcjZkVhdedgijc^YVYZhYZegdYjXidhn
k^h^dcZhXdbeZi^i^kVh#((

)*U8;IJ"AWj^hod$
CWdW][c[djZ[b:_i[‹e";ijhWj[]_W"
fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$+.
 :hiZbdYZadYZbjZhigVjcZhi{cYVgeVgVYZiZXiVgiZcYZcX^VhWVhVYVhZcZa
:a YZeVgiVbZcid YZ Y^hZŠd i^ZcZ ZcidcXZh fjZ dg\Vc^oVg eVgV VÒgbVg
XaVgVbZciZhjk^h^‹cYZ[jijgdhegdYjXidhnbZgXVYdh#AV\Zhi^‹cYZaY^hZŠd
i^ZcZXdbddW_Zid/
"9Za^b^iVgZaZheVX^dYZY^XVYdVaVXgZVX^‹c#
" 6hZ\jgVg jcV ^ckZhi^\VX^‹c YZ Y^hZŠd Vci^X^eVYdgV YZ cjZkdh
XdcXZeidhYZegdYjXid#
"Ji^a^oVgaVYZiZXX^‹cYZiZcYZcX^Vh!Vh†XdbdYZgZXjghdhiZXcda‹\^Xdh#
 AV ZbegZhV ejZYZ hjWhXg^W^ghZ V ^c[dgbZh YZ iZcYZcX^Vh# Adh bVeVh k^hjVaZh YZ
iZcYZcX^Vh VnjYVc V aV ZbegZhV V Xdchigj^g jcV gZegZhZciVX^‹c YZ hjh eZgXZeX^dcZh YZa
ZcidgcdnVVci^X^eVgXVbW^dhYZ[jijgd#IVbW^‚cVnjYVVYZÒc^ggZaVX^dcZhZcigZjcdW_Zidn
hjXdciZmidnVVgbdc^oVghjY^hXjghdXdciZcYZcX^Vheh^XdhdX^da‹\^XVhnkVadgZh#
 9Z V]†! aV ^YZV YZ XgZVg bVeVh YZ iZcYZcX^Vh eVgV Y^hZŠVg cjZkVh [dgbVh# :hiV
]ZggVb^ZciVkVb{hVaa{YZaVXdbjc^XVX^‹cdaV\ZcZgVX^‹cYZXdcXZeid!nVfjZZhi{Y^g^\^YVV
ZhiVcYVg^oVgZaegdXZhdXdcXZeijVanYZYjX^gjcb‚idYdeZgXZei^kdYZYZiZXX^‹cYZiZcYZcX^Vh
n[dgbjaVX^‹cYZZhigViZ\^Vh#
ZhijY^dYZ/
"=VW^a^YVYZhYZY^hZŠdZheZX†ÒXVh#
"9^hZŠd\adWVaiVaXdbd[jZXgZVYdedgadh[VWg^XVciZh#
"9^hZŠdiVaXdbd[jZeZgX^W^YdedgadhXdchjb^YdgZh#
"9^hZŠdiVaXdbd[jZXgZVYdedgadhegdkZZYdgZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV,(

BW[cfh[iWfk[Z[ikXiYh_X_hi[W_d\ehc[iZ[
j[dZ[dY_Wi$BeicWfWil_ikWb[iZ[j[dZ[dY_Wi
WokZWdWbW[cfh[iWWYedijhk_hkdWh[fh[#
i[djWY_ŒdZ[ikif[hY[fY_ed[iZ[b[djehdeoW
Wdj_Y_fWhYWcX_eiZ[\kjkhe$

™AV^ciZ\gVX^‹cYZaY^hZŠdZcaVZbegZhV#AV^cigdYjXX^‹c
YZjcVZhigViZ\^VYZY^hZŠdZcjcVZbegZhVejZYZV[ZXiVgVa
[jcX^dcVb^ZcidYZaVhY^hi^ciVhVgXVhYZaVb^hbV#H^nVZm^hi†VZc
aVZbegZhVjcZfj^edYZY^hZŠd^ciZ\gVYdYZcigdYZdigV{gZV!hj
XdckZgh^‹cZcjcYZeVgiVbZcid^cYZeZcY^ZciZegdkdXVg{XVbW^dhZc
aVhgZhedchVW^a^YVYZhnadhXVcVaZhYZXdbjc^XVX^‹c!
nfj^o{hZVcZXZhVg^dbdY^ÒXVgVa\jcVhYZaVh{gZVh[jcX^dcVaZh
nXgZVgcjZkVhZhigjXijgVhdg\Vc^oVi^kVhncjZkdhbdYZadh
ZbegZhVg^VaZh#EdgdigdaVYd!ZaY^gZXidgYZY^hZŠdYZWZeaVc^ÒXVgXdc
i^ZbedeVgVYZiZgb^cVgZaedh^X^dcVb^Zcidb{hk^VWaZYZaZfj^edYZ
Y^hZŠdZcXgZX^b^Zcid#()

 :c dXVh^dcZh! jcV ZbegZhV YZWZ gZdg\Vc^oVghZ eVgV fjZ hj ZhigViZ\^V YZ Y^hZŠd [jcX^dcZ
XdggZXiVbZciZ!naVXgZVX^‹cYZcjZkVh{gZVhYZcZ\dX^dZhjcVeg{Xi^XV]VW^ijVaXjVcYdaV
cZXZh^YVYYZjccjZkdYZeVgiVbZcidZh^bedgiVciZeVgVZa‚m^idYZaVZbegZhV#EdgZ_Zbead!
bjX]VhZbegZhVhXgZVgdcjcVcjZkV{gZVYZcZ\dX^deVgV\Zhi^dcVgaVh^cigVcZihXdgedgVi^kVh
XjVcYdYZhXjWg^ZgdcaV^bedgiVcX^VYZbZ_dgVgZaÓj_d^ciZgcdYZ^c[dgbVX^‹c#

 AV^ciZ\gVX^‹cYZaY^hZŠdZcjcVZbegZhVejZYZhZgZagZhjaiVYdYZ]VWZgVcVa^oVYdaVhY^hi^ciVh
[dgbVhYZd[gZXZgkZciV_VhVadhXa^ZciZhnYZeaVciZVghZaVh^\j^ZciZegZ\jciV/´X‹bdZhedh^WaZ
gZXdcÒ\jgVgZaegdXZhdYZXgZVX^‹cYZegdYjXidhnhZgk^X^dheVgVfjZ\^gZVagZYZYdgYZaXa^ZciZ
Zcaj\VgYZVagZYZYdgYZaVZhigjXijgV^ciZgcVYZaVZbegZhV48jVcYdhZVcVa^oVcaVhh^ijVX^dcZh
YZhYZZaejcidYZk^hiVYZadhXa^ZciZh!hZdWi^ZcZjcVbZ_dgk^h^‹cYZX‹bdedYg†VcbZ_dgVghZadh
egdXZhdhnYZaVhdedgijc^YVYZhYZYZhVggdaadYZadhcjZkdhegdYjXidhnhZgk^X^dh#
 BW_dj[]hWY_ŒdZ[bZ_i[‹e[dkdW[cfh[iW
fk[Z[i[h[bh[ikbjWZeZ[^WX[hWdWb_pWZe
bWiZ_ij_djWi\ehcWiZ[e\h[Y[hl[djW`WiWbei
Yb_[dj[ioZ[fbWdj[Whi[bWi_]k_[dj[fh[]kd#
jW0µYŒce[ifei_Xb[h[YedÓ]khWh[bfheY[ie
Z[Yh[WY_ŒdZ[fheZkYjeioi[hl_Y_eifWhWgk[
]_h[Wbh[Z[ZehZ[bYb_[dj[[dbk]WhZ[Wbh[Z[#
ZehZ[bW[ijhkYjkhW_dj[hdWZ[bW[cfh[iW5

*$*$* ?cfb[c[djWY_Œdoh[ikbjWZei$
:aÒcVaYZaVZhigViZ\^VYZY^hZŠdXdch^hiZZchj^beaZbZciVX^‹cnejZhiV
Zceg{Xi^XV!fjZhZigVch[dgbVZcjcdhgZhjaiVYdhXdcXgZidh#:hiV[VhZZhZa
XdgVo‹cYZaegdXZhdYZY^hZŠd!fjZZbe^ZoVXdcjcVZhigViZ\^VnjcVh^YZVh
\ZcZgVaZhfjZhZigVch[dgbVg{cZcXdcXZeidhnfjZÒcVa^oVg{XdcjcegdYjXid
YZhVggdaaVYdnjcbZgXVYdegZeVgVYdeVgVZaaVcoVb^ZcidÒcVa#AdhXg^iZg^dh
eVgVkZgh^aVZhigViZ\^VYZY^hZŠdZhXdggZXiV]VcYZZhiVgZhiVWaZX^YdhYZhYZ
Za^c^X^dYZaegdXZhd!eZgdcdZh]VhiVZaÒcVafjZhZejZYZcbZY^g#(*

AdhgZhjaiVYdhYZaVXdggZXiV^beaZbZciVX^‹cYZaegdXZhdYZY^hZŠdhZb^YZc
bZY^VciZ/

"AVcdkZYVYYZadhY^hZŠdhnZa\gVYdYZ^ccdkVX^‹cfjZVedgiVc#
)+UCEDJ7y7"@ehZ_oCEBB"?iW$
9WieiZ[ƒn_je";bZ_i[‹e[dbW[cfh[iW$7:9L$
LWb[dY_W"(&&-$LWb[dY_W$F|]$'( "AVXd]ZgZcX^VnaVhh^cZg\^VhXdcadhdigdhegdYjXidhYZaVZbegZhV#

"AVXVa^YVYYZadhegdYjXidhgZhjaiVciZhZcXjVcidV[jcX^dcVa^YVY!
),U8;IJ"AWj^hod$
CWdW][c[djZ[b:_i[‹e";ijhWj[]_W" Zg\dcdb†V!Zhi‚i^XV!gZheZidbZY^dVbW^ZciVanhVi^h[VXX^‹cYZ
fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$ cZXZh^YVYZhYZadhjhjVg^dh#
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$+*

"AdhcjZkdhY^hZŠdhgZegZhZciVcjcedgXZciV_Zh^\c^ÒXVi^kdYZaVhX^[gVh
)-U^jjf0%%jZZ$[b_iWlW$d[j%Yeb[YY_Œd%('%cedjWDW#[i YZkZciVhYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV,*

*$*$+ 7][dj[i_cfb_YWZei$
BWYed\ehc_ZWZZ[beifh_dY_fWb[iW][dj[i_cfb_YWZei$
:hb{h[{X^aXdbegZcYZgjcVZhigViZ\^VYZY^hZŠdh^hZZhi{^bea^XVYdZchj
egdXZhdYZ[dgbjaVX^‹c#Adheg^cX^eVaZhV\ZciZh^bea^XVYdhhZ]VaaVciVcid
YZcigdXdbd[jZgVYZaVZbegZhV0ZcigZadh\gjedhYZ^ciZg‚h^ciZgcdhhZ
ZcXjZcigVc adh Y^gZXidgZh YZ adh YZeVgiVbZcidh d {gZVh YZ ZbegZhV! Za
Y^gZXidgYZaVXdbeVŠ†VdadhVaidhY^gZXi^kdh!b^ZcigVhfjZZcigZadhV\ZciZh
ZmiZgcdhYZhiVXVcadhaZ\^haVYdgZh!adhXdchjaidgZhnadhZmeZgidh#(+

 Adh 9Zh^\c BVcV\Zg ^bea^XVc Zc Za egdXZhd V adh eg^cX^eVaZh \gjedh YZ ^ciZg‚h
V Òc YZ dWiZcZg hj Vednd n VegdWVX^‹c# EVgV Zaad! gZhjaiV i^a YZhXg^W^g aV ZhigViZ\^V YZ
Y^hZŠd n aVh kZciV_Vh eVgV adh YZeVgiVbZcidh YZ aV ZbegZhV# Edg Z_Zbead! h^ jcd YZ adh
V\ZciZh^bea^XVYdhZhZaY^gZXidgYZgZXjghdh]jbVcdh!ejZYZcYZhXg^W^ghZaVhkZciV_VhYZ
aVZhigViZ\^VYZY^hZŠdeVgVaVXdcigViVX^‹cYZcjZkdhZbeaZVYdh#H^aVZhigViZ\^VhZkZcYZ
V \gjedh YZ ^ciZg‚h bjn Y^[ZgZciZh! Za 9Zh^\c BVcV\Zg YZWZg{ ZcXdcigVg hjh ejcidh Zc
XdbcnYZhXg^W^g!edgZ_Zbead!aVhkZciV_VhYZaVZhigViZ\^VeVgVadhXdchjb^YdgZh#9VYd
fjZc^c\jcVZbegZhVejZYZhjWh^hi^gh^chjhXa^ZciZh!ZhYZ^ciZg‚heVgVidYVhaVheVgiZh
^bea^XVYVhZcXdcigVg[dgbVhYZbZ_dgVgaVZmeZg^ZcX^V\ZcZgVaYZhjhXdchjb^YdgZh#

 6abZcdhYZWZ]VWZgjcb^ZbWgdYZaV_jciVY^gZXi^kVfjZZhi‚eZghdcVanegd[Zh^dcVabZciZ
^bea^XVYdZcZaY^hZŠd#whiZYZWZ^cXaj^ghZZcaVV\ZcYVYZaVhgZjc^dcZhYZaV_jciV!nadheaVcZh
ZbegZhVg^VaZhYZWZcXdciZcZgjcVeda†i^XVhdWgZZaY^hZŠd#9ZZhZbdYd!aVh^c^X^Vi^kVhXdciVg{c
XdcZaVedndYZÆadhYZVgg^WVÇ!^begZhX^cY^WaZh^hZYZhZV^beaVciVgjcegdnZXidYZY^hZŠd#

 C:8 8dgedgVi^dc Zh jcd YZ adh eg^cX^eVaZh egdkZZYdgZh YZ >ciZgcZi! WVcYV VcX]V!
gZYZh n hdajX^dcZh ZbegZhVg^VaZh YZa bjcYd# :c Za \g{ÒXd hZ bjZhigVc adh eg^cX^eVaZh
V\ZciZh^bea^XVYdhZcaVhVXi^k^YVYZhbZY^dVbW^ZciVaZhYZC:8!hZ\chZejWa^XVZchj
>c[dgbZBZY^dVbW^ZciVa6cjVa#C:8egdbjZkZaV\Zhi^‹cgZhedchVWaZYZabZY^dVbW^ZciZ
njcVk^h^‹cYZjcVhdX^ZYVYhdhiZc^WaZfjZhZWVhVZcaVaVWdgYZY^[ZgZciZh\gjedhYZ
^ciZg‚h#;jZciZ/C:88dgedgVi^dc#

 AV ^YZV YZ fjZ Æjc WjZc Y^hZŠd Zh jc WjZc cZ\dX^dÇ Zhi{ Vhjb^YV edg bjX]dh
ZbegZhVg^dh#H^cZbWVg\d!ZaWjZcY^hZŠdcdhZXdbegVV`^adh#8dchZ\j^gjcWjZcY^hZŠd
ZhjcVXjZhi^‹cYZ\Zhi^‹cZbegZhVg^Va#JcWjZcY^hZŠd^bea^XVjcVWjZcV\Zhi^‹c#(,
BW_Z[WZ[gk[ÇkdXk[d
Z_i[‹e[ikdXk[dd[]eY_eÈ
[ij|Wikc_ZWfehckY^ei
[cfh[iWh_ei$I_d[cXWh]e"
[bXk[dZ_i[‹edei[
YecfhWWa_bei$9edi[]k_hkd
Xk[dZ_i[‹e[ikdWYk[ij_Œd
Z[][ij_Œd[cfh[iWh_Wb$

KdXk[dZ_i[‹e_cfb_YW JhjVg^dh
kdWXk[dW][ij_Œd$ YZaegdYjXid
Xa^ZciZh

>ckZghdgZh
nVXX^dc^hiVh
:beaZVYdh
nhjh[Vb^a^Vh

6<:CI:H
>BEA>869DH 6jidg^YVYZh
eWa^XVh

8^jYVYVcdh

HdX^dh
XdbZgX^VaZh
I_i[iWX[Yk|b[iiedbWifh_dY_fWb[ifWhj[i_cfb_#
YWZWi[dkdW[ijhWj[]_WZ[Z_i[‹e"[ifei_Xb[Z[j[h# EgdkZZYdgZh
c_dWhYk|b[iZ[X[d_dlebkYhWhi[[d[bfheY[iefWhW
Yh[WhkdW[ijhWj[]_Wl_WXb[$<k[dj[0D;99ehfehWj_ed
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV,,

 EVgV XdchZ\j^g aV Xd]ZgZcX^V cZXZhVg^V Zc idYdh adh {bW^idh YZa
Y^hZŠd Zh egZX^hV jcV ZhigjXijgV YZ Y^gZXX^‹c# Jc Y^hZŠVYdg Xdc jcV \gVc
ZmeZg^ZcX^V Zc egd\gVbVh XdgedgVi^kdh ZhiVWaZXZ ad fjZ YZcdb^cVbdh adh
h^ZiZbVcYVb^ZcidhYZaVY^gZXX^‹cYZaY^hZŠd/

"Eg^bZgd!YZWZZm^hi^gZcZaXdchZ_dYZVYb^c^higVX^‹cYZaVXdbeVŠ†Vjc
XdchZ_ZgdgZhedchVWaZYZaY^hZŠdfjZVXiZXdbdYZ[ZchdgnYZcjcX^Z $$$Z[X[[n_ij_h[d
XjVafj^Zgi^edYZ^cXd]ZgZcX^V#
[bYedi[`eZ[WZ#
"HZ\jcYd!ZagZhidYZaXdchZ_dYZWZZhiVgXdckZcX^YdYZaVjc^YVYYZ c_d_ijhWY_ŒdZ[bW
Y^hZŠdnegZhiVggZheVaYdYZ[dgbVXdci^cjVYV#
YecfW‹‡WkdYed#
"IZgXZgd!ZcjchZ\jcYdc^kZaYZaVZbegZhVYZWZZm^hi^gjcVeZghdcV i[`[heh[ifediWXb[
gZhedchVWaZYZaVY^gZXX^‹cdeZgVi^kVYZaY^hZŠdVXijVcYdhdWgZaVh
Y^[ZgZciZhjc^YVYZh# Z[bZ_i[‹egk[WYj‘[
"8jVgid!YZWZ]VWZgjcVhZg^ZYZZfj^edhYZigVWV_deVgVgZVa^oVgZaY^hZŠd
YeceZ[\[diehoZ[#
YZadhY^[ZgZciZh{bW^idh/egdYjXid!Xdbjc^XVX^‹c!Zcidgcd!ZiX#CdZh dkdY_[YkWbgk_[hj_fe
cZXZhVg^dfjZZhidhZfj^edhZhi‚c[dgbVYdh†ciZ\gVbZciZedgeZghdcVa
YZaVZbegZhV!ejZYZchZgZfj^edhYZ[gZZaVcXZgh#
Z[_dYe^[h[dY_W$
"Fj^cid!YZWZ]VWZgVa\ci^edYZbVcjVafjZXdY^ÒfjZadhb{h
^bedgiVciZhVheZXidhYZaY^hZŠdYZaVXdbeVŠ†V#
$$$Z[X[^WX[hkd
"HZmid!YZWZ]VWZgjcegd\gVbVXdci^cjVYdXdcdW_Zi^kdh!gZhedchVWaZhn Yecfhec_ieZ[Z[#
i^ZbedhYZgZVa^oVX^‹cYZbdYdfjZhZejZYVXdcigdaVgnZkZcijVabZciZ
bdY^ÒXVg# Z_YWY_ŒdZ[h[Ykhiei
"H‚ei^bd!YZWZ]VWZgjcXdbegdb^hdYZYZY^XVX^‹cYZgZXjghdh
ÓdWdY_[heifWhW[b
ÒcVcX^ZgdheVgVZaY^hZŠd# Z_i[‹e$
  :cgZhjbZc!aVeda†i^XVYZY^hZŠdYZaVZbegZhVZhegZX^hVbZciZZhid!jcVeda†i^XV
ZbegZhVg^VanZcXdchZXjZcX^VYZWZZhiVWaZXZghZdYZÒc^ghZedgadh‹g\VcdhXdbeZiZciZhZc
Ò_VgaVheda†i^XVhYZaVZbegZhV!ZhYZX^g!aVb{hVaiV^chiVcX^V!ZaXdchZ_dYZVYb^c^higVX^‹cn
aVVaiVY^gZXX^‹c#AVeda†i^XVYZY^hZŠd]VYZkZc^gYVYVYZhYZVgg^WVdcdhZg{Z[ZXi^kV#

 :cXjVcidVa9Zh^\cBVcV\Zg!]VYZiZcZgjcVedh^X^‹cZcaVdg\Vc^oVX^‹cfjZaZ
eZgb^iV]VXZgZ[ZXi^kVaVeda†i^XVZhiVWaZX^YV#:aY^hZŠd^ciZgk^ZcZZcbjX]dhYZeVgiVbZcidh
XaVgVbZciZYZÒc^YdhZcZhiV[jcX^‹cYZhYZ^c\Zc^Zg†V!^ckZhi^\VX^‹cnYZhVggdaad!egdYjXX^‹c!
bVg`Zi^c\]VhiVdigdhbZcdhXaVgdh#HZ\jgdfjZbjX]VhYZX^h^dcZhfjZV[ZXiVg{cVaVeda†i^XV
YZ Y^hZŠd YZ aV ZbegZhV hZ idbVg{c Zc aj\VgZh Y^kZghdh0 Za YZeVgiVbZcid YZ XdbegVh
YZX^Y^g{ZaZbZcidhXaVkZYZbdW^a^Vg^d!gZaVX^dcZheWa^XVhXdcigViVg{jchiVcYZcjcV[Zg^V!
VYb^c^higVX^‹cYZeZghdcVaXdbegVg{jcdhjc^[dgbZhdYZX^Y^g{egZhX^cY^gYZadhVci^\jdh!cVY^Z
hZdXjeVg{YZabZchV_ZfjZigVchb^iVcaVheZghdcVhZcXVg\VYVhYZaiZa‚[dcd!bVciZc^b^Zcid
XVbW^Vg{aVheVeZaZgVhYZadheVh^aadhnaVhcjZkVhdÒX^cVhaVhZcXVg\Vg{ZaY^gZXidg\ZcZgVa
VjcVgfj^iZXidh^cVXdgYVghZfjZZhid[dgbVWVeVgiZYZaVeda†i^XVYZ^bV\ZcnedgiVcidYZ
Y^hZŠdYZaVZbegZhV#8ddgY^cVgidYVhZhiVhVXX^dcZhcdZhiVgZV[{X^a#

*$*$, ;gk_feiZ[jhWXW`e$
=ZbdhdWhZgkVYdVaVZhigViZ\^VXdbdjcÓj_dYZYZX^h^dcZhnXdbegdb^hdhXdc
adfjZhZ]VXZb{h[{X^aYZÒc^gZaeVeZaYZadhfjZY^hZŠVcegdYjXidhnhZgk^X^dh#
AdhY^hZŠVYdgZh_jZ\VcjceVeZaXaVkZZcegdkZZgYVidhnk^hjVa^oVX^dcZheVgVaV
idbVYZYZX^h^dcZh#H^gZVa^oVchj[jcX^‹cYZbVcZgVVegde^VYVVWgZcÆejZgiVh
YZdedgijc^YVYZhÇ#6njYVcVidbVgYZX^h^dcZheVgVZmeadgVgVaiZgcVi^kVh[jijgVh#
HjiVgZVZh^ckZciVg!YZhXjWg^gnXdbjc^XVg[dgbVhYZegd\gZhVgZcaVgZVa^oVX^‹c
YZahZci^YdXdaZXi^kdYZaVÒgbVhdWgZfj‚]VXZgYZhej‚h#

AdhY^hZŠVYdgZh_jZ\VcigZheVeZaZhXaVkZeVgVZcXdcigVgcjZkVhdedgijc^YVYZh#
:hidheVeZaZhejZYZchZgjcXdcÓ^Xid#

&#AdhY^hZŠVYdgZhVhjbZcZaa^YZgVo\dVciZaVhcjZkVhcdX^dcZh#

'#8dggdWdgVcedh^W^a^YVYZheVgVaVgZVa^oVX^‹cYZeZfjZŠVh^YZVhZcjc
egdnZXidedgZ_Zbead!ZcaVgZVa^oVX^‹cYZjcegdidi^ed#

(#AjX]Vcedghjh^YZVh!^cigdYjX^ZcYdVWgVh^‹c[jcX^dcVaZcZaegdXZhd
YZX^hdg^dYZY^gZXX^‹c#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV,.

IkjWh[W[i_dl[djWh"Z[iYkXh_hoYeckd_YWh
\ehcWiZ[fhe]h[iWh[dbWh[Wb_pWY_ŒdZ[b
i[dj_ZeYeb[Yj_leZ[bW[cfh[iWoieXh[gkƒ
^WY[hZ[ifkƒi$

 :hiV iVgZV Zh b{h ^bedgiVciZ YZ ad fjZ V bZcjYd hZ Vig^WjnZ V
adhY^hZŠVYdgZh!YVYdfjZcdidYVhaVhedh^W^a^YVYZhhdck{a^YVh#6ciZhYZ
fjZ jcV edh^W^a^YVY hZ Xdck^ZgiV Zc jc Xdbegdb^hd cZXZh^iV iZcZg [jZgiZh
edh^W^a^YVYZhYZXgZVX^‹c!YZZhZbdYdVjbZciVaV[jZgoVXdbeZi^i^kVYZaV
ÒgbV#´Edgfj‚Xdbe^iZaVZbegZhV4AVgZhejZhiVZhh^ZbegZaVb^hbV#=Vn
igZhZaZbZcidhk^iVaZhZ^cYZeZcY^ZciZh#JccZ\dX^dhdadegdheZgVedgfjZ/

&#JchjÒX^ZciZcbZgdYZXa^ZciZhfj^ZgZcdcZXZh^iVchjhegdYjXidhd
hZgk^X^dhnhdcXVeVXZhYZeV\VgedgZaadh#

'#H^ZbegZnXjVcYdadhegdYjXidhiZc\VcjchjhiVcX^dhdbVg\ZcYZWZcZÒX^d#

(#AdhXa^ZciZhegZÒZgZcXdbegVgVaVÒgbVZckZoYZVdigdh#

 AdhY^hZŠVYdgZhVnjYVcVaVZbegZhVVYVghZci^YdVadfjZadhXa^ZciZhfj^ZgZcn EgdedgX^dcVcYd <VcVcYd

kVadgZh hj[^X^ZciZh
cZXZh^iVc#AdhY^hZŠVYdgZhXgZVcXdcXZeidhYZkVadgZhVkZXZheVgVegdedgX^dcVgVa\dfjZjc hjeZg^dgZh Xa^ZciZh

Xa^ZciZediZcX^VacdYZhZV]VhiVfjZadkZVZcgZVa^YVY#9^hZŠVcegdYjXidhnhZgk^X^dhZcadh
fjZVXjbjaVcXdhidhbZcdgZhfjZadh^c\gZhdhgZX^W^Ydh#AZYVcVaVÒgbVVa\dY^hi^ci^kdeVgV
kZcYZgfjZZkdXVZcijh^Vhbd!VYb^gVX^‹c!YZhZdnaZVaiVY#GZ[gZhXVc!Vbea†VcnXdchigjnZc
dedgijc^YVYZh fjZ hdc d[ZgiVh YZiZgb^cVciZh eVgV aV ZbegZhV# Adh Y^hZŠVYdgZh hdc! h^ ad
hVWZcdcd!ZaZfj^edZhigVi‚\^XdYZaVÒgbV#

 AVhZhigViZ\^VhXdbeZi^i^kVhgZfj^ZgZcbVciZcZgigZhWVadcZhZcZaV^gZVab^hbd 9^g^\^ZcYd
XdhiZh
i^Zbed/egdedgX^dcVcYdkVadgZhhjeZg^dgZh!\VcVcYdhjÒX^ZciZhXa^ZciZhnY^g^\^ZcYdXdhiZh#
>ciZ\gVYdZcZhiVYZÒc^X^‹cZhiVg†VZaXdcXZeidYZdedgijc^YVY# H[gk_i_jeiZ[bWi[ijhWj[]_WiYecf[j_j_lWi$
 :_i[‹WZeh[i"l_i_edWh_ei"Z[iWhhebbWZeh[iZ[
YedY[fjeio][dj[Yh[Wj_lWik[b[d[ijWhZ[i#
Yedi_Z[hWZei[dckY^WiZ[bWiZ[Y_i_ed[i
[ijhWjƒ]_YWiZ[bWi[cfh[iWi$;id[Y[iWh_e
][d[hWh[dbWY[i[djh[bWiZ[Y_i_ed[iZ[\WXh_#
YWY_ŒdobeiYh[WZeh[i$;bZ[iWhhebbeZ[[ijhW#
j[]_WiZ[cWdZW_cW]_dWY_Œd"$$$

).U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$
:[i_]d_dXki_d[ii"IjhWj[]_Y?ddelWj_edJ^hek]^
:[i]_d$F[Whied;ZkYWj_edB_c_j[Z"(&&($
>Whbem"?d]bWj[hhW$F|]$-'
*$*$,$';bZ_i[‹WZehYece[gk_fe[ijhWjƒ]_Ye$
9^hZŠVYdgZh! k^h^dcVg^dh! YZhVggdaaVYdgZh YZ XdcXZeidh n \ZciZ XgZVi^kV
hjZaZcZhiVgYZhXdch^YZgVYdhZcbjX]VhYZaVhYZX^h^dcZhZhigVi‚\^XVhYZaVh
ZbegZhVh#:hcZXZhVg^d\ZcZgVgZcaVXZhZcigZaVhYZX^h^dcZhYZ[VWg^XVX^‹cnadh
XgZVYdgZh#:aYZhVggdaadYZZhigViZ\^VhYZbVcYV^bV\^cVX^‹c!^ciVc\^WaZhXdbd
XdcXZeidh!^ciZcX^dcZh!h^\c^ÒXVYdh!a‹\^XVhn[jijg^WaZh#IdYdZaadegZhjedcZ
fjZadhY^hZŠVYdgZhcZXZh^iVc^YZci^ÒXVghZnVhjb^gZagdaYZaZfj^edZhigVi‚\^Xd#
BVg\VgZi7gjXZZhWdoVh^ZiZXdchZ_dhfjZejZYZcVnjYVgVadhY^hZŠVYdgZhV
idbVgXdcX^ZcX^VYZaV^bedgiVcX^VYZaVhZhigViZ\^VhZchjheVeZaZh/(-

&#9VghZXjZciVfjZ!VkZXZh!ejZYZhhZgjceZchVb^Zcida†YZgZcaVÒgbV#

'#CZXZh^iVgVigVhVg#

(#HZgg^\jgdhd#

)#:hXjX]VgbjX]d#

*#:hiVgY^hejZhidVeZchVgZcad^cXdcXZW^WaZ#

+#<VcVgVb^\dh#

,#HZgÓZm^WaZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV-&

*$*$,$(;gk_fei_dj[hdei\h[dj[W[gk_fei[nj[hdei$
:cdXVh^dcZh!jcVZbegZhVhda^X^iVadhhZgk^X^dhYZjcVXdchjaidg†VZmiZgcVeVgVfjZegZhZciZjcVegdejZhiVYZ
ZhigViZ\^VYZY^hZŠd#EVgVfjZaVZhigViZ\^VYZY^hZŠdiZc\V‚m^id!Zh[jcYVbZciVafjZaVXdchjaidg†VZmiZgcV
XjZciZ Xdc aV XdaVWdgVX^‹c YZ aVh Y^hi^ciVh jc^YVYZh YZ cZ\dX^d# AVh egdejZhiVh YZ jcV Xdchjaidg†V ZmiZgcV
hjZaZc\doVgYZjcVaid\gVYdYZdW_Zi^k^YVY!ejZhidfjZcdZhi{chj_ZiVhVegZh^dcZh^ciZgYZeVgiVbZciVaZhc^
VaVheda†i^XVh^ciZgcVhYZaVZbegZhV#JcVXdchjaidg†VZmiZgcViVbW^‚cejZYZXdbeaZbZciVgaVaVWdgYZaZfj^ed
^ciZgcd YZ Y^hZŠd d[gZX^ZcYd eZgheZXi^kVh cjZkVh! \j^VcYd d Y^g^\^ZcYd jc egdnZXid ZheZX†ÒXd d VedgiVcYd
]VW^a^YVYZhdZmeZg^ZcX^VhZheZX†ÒXVh#AdhXdchjaidgZhZmiZgcdhejZYZcigVWV_VgZcjcegdnZXidZheZX†ÒXdV
XdgideaVodeVgVXjbea^gjcdW_Zi^kdYZiZgb^cVYddW^ZcigVWV_VgXdcjcVZbegZhVVaVg\deaVodXdbdVhZhdgZh
ZhigVi‚\^Xdh# :m^hiZc bjX]dh i^edh YZ Xdchjaidg†Vh fjZ d[gZXZc Y^[ZgZciZh hZgk^X^dh# DigV deX^‹c Xdch^hiZ Zc
XdcigViVgVjcV\gVcXdchjaidg†VfjZVhjkZoXdcigViVadhhZgk^X^dhYZV\ZcX^Vhb{heZfjZŠVh!eZgdZhjcV
VaiZgcVi^kVWVhiVciZXdhidhV#Jcb‚idYdb{hZXdc‹b^XdXdch^hiZZcfjZaVZbegZhVXdcigViZVkVg^VhV\ZcX^Vh
ZheZX^Va^oVYVhYZiVbVŠdeZfjZŠd!eZgdZa^cXdckZc^ZciZZhfjZ‚hiVhajX]Vg{cXdci^cjVbZciZZcigZh†edg
dXjeVgZaeg^bZgejZhidZcaVa^hiVYZV\ZcX^VhXdcigViVYVh#

L[djW`Wi[_dYedl[d_[dj[iZ[kj_b_pWh[gk_feiZ[Z_i[‹e_dj[hdeie[nj[hdei


 KZciV_Vh >cXdckZc^ZciZh
 ;gk_feZ[Z_i[‹e_dj[hde "AdhY^hZŠVYdgZh[dgbVceVgiZaVZbegZhV# "G^Zh\dYZZhigZX]ZoYZb^gVh!
 "IgVWV_VgXdcjchdadÆXa^ZciZÇeZgb^iZjcVZmeZg^ZcX^Vbjn VjidXdbeaVXZcX^VdYZ[VaiVYZ
 ZheZX^Va^oVYV# dW_Zi^k^YVY#:hb{hegdWVWaZfjZhZY^\V
fjZÆh^ÇVidYd#
 "AVegdm^b^YVYYZaVhdigVhjc^YVYZhYZcZ\dX^d[VX^a^iVZaigVWV_d
YZZfj^edbjai^Y^hX^ea^cVg^dnjcdhdW_Zi^kdhXdbeVgi^Ydh# "9ZWZXdbeVi^W^a^oVghZZahiVijXdc
 "HZejZYZ^cÓj^ghdWgZaVXjaijgVYZY^hZŠdYZaVZbegZhV#
Vbea^Vgadha†b^iZh#
"Fj^o{hZYZWVXdbeZi^gXdcdigVh
"6XXZhdb{h[{X^aVadhgZhedchVWaZhYZaVidbVYZYZX^h^dcZh#
jc^YVYZhYZcZ\dX^dedgadhgZXjghdh#
;gk_feZ[Z_i[‹e[nj[hde ":aigVWV_dXdcbai^eaZhXa^ZciZhd[gZXZjcVVbea^VZmeZg^ZcX^V# "I^ZcYZVhZgjcVdeX^‹cb{hXVgV#
":fj^eddW_Zi^kdnVeda†i^Xd#EjZYZYZX^gfjZÆcdÇ# "AVhXdchjaidg†VhejZYZcegdedcZgcjZkVh
":hegdWVWaZfjZadhXa^ZciZhZhXjX]Zcb{h#AVXdchjaidg†VejZYZ ^YZVhfjZcdhZV_jhiZcVaVbVgXVdfjZ
d[gZXZgjcVeZgheZXi^kVb{h^ccdkVYdgVeVgVaVgZhdajX^‹cYZ cdhZVck^VWaZhXdbdd[ZgiVZbegZhVg^Va#
egdWaZbVh#
"EjZYZXdcXZcigVghZh‹adZcZaegdWaZbVnd[gZXZghdajX^dcZh
[dXVa^oVYVh#

)/U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW;ifW‹W$F|]$+&
*&U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW;ifW‹W$F|]$,&
*'UCEDJ7y7"@ehZ_%CEBB"?iW$
9WieiZ[ƒn_je";bZ_i[‹e[dbW[cfh[iW$
7:9L$LWb[dY_W$(&&-$F|]$''
*$*$,$)JhWXW`WhYedYedikbjeh‡WiZ[Z_i[‹e$
µ9ŒceYedjhWjWkdW[cfh[iWWkdWYedikbjeh‡WZ[Z_i[‹efWhW
gk[b[WokZ[WYh[Whik[ijhWj[]_WZ[Z_i[‹e5;dfh_c[hbk]Wh"[b
Z_h[YjehZ[Z_i[‹eZ[Ód[beih[gk_i_jeiZ[bfheo[YjeoYed\[YY_edWkdW
Xh[l[b_ijWZ[Yedikbjeh‡WiYed[nf[h_[dY_W[d[ij[j_feZ[fheo[Yjei$7
Yedj_dkWY_Œd"i[_dl_jWW[ijWiYedikbjeh‡WiWfWhj_Y_fWh[dkdYedYkhie
fWhW fh[i[djWh iki fhefk[ijWi" cƒjeZei Z[ jhWXW`e o YedY[fjei$
;b YedYkhie [i kd Xk[d cƒjeZe fWhW gk[ bW [cfh[iW [dYk[djh[ bW
Yedikbjeh‡W c|i WZ[YkWZW fWhW Z[iWhhebbWh kd fheo[Yje YedYh[je"
Wi‡YecefWhWZ[b_c_jWh[bWbYWdY[Z[bc_ice"ikfh[ikfk[ijeobei
^edehWh_eiZ[Wi[ieh‡W$)/
 EVgVjcVXdchjaidg†V!jcXdcXjghdcdZhjcVeaViV[dgbVZcaVfjZhZegZhiVchZgk^X^dh
YZY^hZŠd\gVij^id!h^cdjcVdedgijc^YVYeVgVYZbdhigVgnegZhZciVgVadhÆXdbegVYdgZhÇYZ
Y^hZŠdZakVadgYZhjh^YZVheVgVgZhdakZgaVhcZXZh^YVYZhYZaVZbegZhV#JcZggdg[gZXjZciZ
fjZ XdbZiZc aVh Xdchjaidg†Vh Zc adh XdcXjghdh Zh YZY^XVg YZbVh^VYd i^Zbed V ]VWaVg YZ
hjh]VW^a^YVYZh!Zcaj\VgYZYZbdhigVgfjZXdbegZcYZcVaXa^ZciZnhjegdnZXid#6jcfjZZh
^bedgiVciZ fjZ jcV V\ZcX^V YZhiVfjZ hjh XgZYZcX^VaZh! YjgVciZ Za XdcXjghd Za Xa^ZciZ Zhi{
b{h^ciZgZhVYdZcaVedh^W^a^YVYYZXgZVgjcVgZaVX^‹caVWdgVaXdcjcZfj^edYZY^hZŠdfjZ
XjWgVhjhcZXZh^YVYZhnWjhfjZhdajX^dcZhYZY^hZŠdXgZVi^kVhnk^VWaZh#6h^b^hbd!VaXa^ZciZ
aZ^ciZgZhVjcVXdchjaidg†VXVeVoYZYZbdhigVgfjZZci^ZcYZaVhbdi^kVX^dcZhnVhe^gVX^dcZh
YZhjcZ\dX^dnhjhXdchjb^YdgZh#
 EVgVZaY^gZXidgYZY^hZŠdZh^bedgiVciZZcXdcigVgaVXdchjaidg†Vb{hVYZXjVYVeVgV
hj egdnZXid n aVh [jZciZh fjZ bZ_dg ejZYZc VnjYVgaZ Zc hj ZaZXX^‹c hdc adh dg\Vc^hbdh n
VhdX^VX^dcZh YZa Y^hZŠd! ejZhid fjZ d[gZXZc hZgk^X^dh YZ gZ[ZgZcX^V eVgV hjh b^ZbWgdh Vh†
Xdbd a^hiVh YZ egdkZZYdgZh! gZk^hiVh ZheZX^Va^oVYVh n Y^hZŠVYdgZh \VcVYdgZh YZ egZb^dh!
VYZb{hYZjcVgZaVX^‹cYZaVhXdchjaidg†VhXdcaVhfjZXdaVWdgVcaVhZbegZhVhYZahZXidg#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV-(

*$*$,$*9h[WY_ŒdZ[kdh[YkhieZ[Z_i[‹eÔ[n_Xb[ol[hi|j_b$
EVgV edYZg VYVeiVghZ V Zcidgcdh n X^gXjchiVcX^Vh XVbW^VciZh! aV ZhigViZ\^V
YZY^hZŠdYZWZhZgÓZm^WaZn!eVgVfjZXgZoXVVaVg\deaVod!ZaY^gZXidgYZ
Y^hZŠdYZWZ\VgVci^oVghjZmeVch^‹cYZbdYdfjZejZYVZkdajX^dcVgXjVcYd FWhWkdWYedikbjeh‡W"
hZY^[jcYVYZcigdYZaVZbegZhVnVjbZciZhjegZhi^\^dXdbdgZhjaiVYdYZa
‚m^idYZY^[ZgZciZhegdnZXidh#)%
kdYedYkhiede[ikdW
fbWjW\ehcW[dbWgk[
 :h^bedgiVciZfjZaVZbegZhVY^hedc\VYZadhh^hiZbVhcZXZhVg^dheVgVd[gZXZgjc
VXXZhd[{X^aneZgbVcZciZVadhZfj^edhngZXjghdhYZY^hZŠd#9^X]dhh^hiZbVhejZYZcWVhVghZ
i[fh[ijWdi[hl_Y_eiZ[
ZcaVXgZVX^‹cYZjcZfj^edYZY^hZŠd^ciZgcd!ZcaVXdcigViVX^‹cYZZmeZgidhZmiZgcdhdZcaV Z_i[‹e]hWjk_je"i_de
[dgbVX^‹cYZeVgiZcVg^VYdhXdcXdchjaidg†VhYZY^hZŠd!Vh†XdbdZcegd\gVbVhYZVh^\cVX^‹cYZ
iVgZVhYZY^hZŠdnZcaVXdbW^cVX^‹cYZY^hi^cidhZc[dfjZheVgVY^[ZgZciZhi^edhYZegdnZXidh# kdWefehjkd_ZWZfWhW
Z[ceijhWhofh[i[djWh
*$*$,$+H[Ykhiei#
WbeiÇYecfhWZeh[iÈ
Cd]VnZhigViZ\^Vh^cgZXjghdh#:heZX^VabZciZZcZaY^hZŠd!jcV[jcX^‹cWVhVYV
b{hZcgZXjghdh]jbVcdhfjZZcgZXjghdhiZXcda‹\^Xdh0jcV[jcX^‹cZcaVfjZ
Z[Z_i[‹e[blWbehZ[
aVhXVeVX^YVYZh]jbVcVh!ZaXdcdX^b^Zcid!aVh]VW^a^YVYZhYZaZfj^edcdhZ iki_Z[WifWhWh[ieb#
ejZYZc^begdk^hVgYZjcY†VeVgVdigd#:ahZXidgYZaY^hZŠdegZhZciVaVkZciV_V
YZaVZm^hiZcX^VYZjccjbZgdhdXdaZXi^kdYZegd[Zh^dcVaZh[gZZaVcXZfjZZc
l[hbWid[Y[i_ZWZ[i
bjX]dhXVhdh[VX^a^iVaV^ciZgkZcX^‹cYZjcY^hZŠVYdgYZ[dgbV^cbZY^ViV#)& Z[bW[cfh[iW$
 :aZfj^edYZY^hZŠdgZegZhZciVeVgVaVZbegZhVjckZgYVYZgdXVe^iVa
^ciZaZXijVafjZhZ]VYZ\Zhi^dcVgYZ[dgbVVYZXjVYVVigVk‚hYZ/

"AVXgZVX^‹cYZZfj^edhYZY^hZŠVYdgZh^ciZgcdhnZmiZgcdhfjZigVWV_Zc
XdcadhdigdhYZeVgiVbZcidhYZaVZbegZhV#

":aYZeVgiVbZcidYZY^hZŠdi^ZcZdW_Zi^kdh!gZhedchVWaZnegZhjejZhid#

":aXdcdX^b^ZcidYZY^hZŠdZhi{W^ZcYdXjbZciVYdngZ\^higVYd#

" =Vn eaVcZh YZ [dgbVX^‹c eVgV adh Y^hZŠVYdgZh n adh ZbeaZVYdh fjZ
^ciZgk^ZcZcZcZaY^hZŠd#
 *$*$- xn_je%\hWYWieZ[bkieZ[bZ_i[‹e$
*(U8;IJ"AWj^hod$CWdW][c[djZ[bZ_i[‹e"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[#
‹e$FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$+(
*)U8;IJ"AWj^hod$CWdW][c[djZ[b:_i[‹e"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[b
Z_i[‹e$FWhhWced;Z_Y_ed[i"(&&-$
8WhY[bedW;ifW‹W$F|]$,&
**U<$9K<<7HE":Wd_[b1LE=;B"8h_WdoC7JJ"8h_Wd$
:[i_]dCWdW][c[dj@ekhdWb":[i_]dWi?dj[h\WY[$
Lebkc[')"DkcX[h'"M_dj[h(&&($8eijed$
*$*$-$'9ŒceZ[Ód_hbWh[djWX_b_ZWZZ[bZ_i[‹e$
IVcid h^ Za Zfj^ed YZ Y^hZŠd Zh ^ciZgcd Xdbd ZmiZgcd! Za Y^hZŠd Zh jc
gZXjghdfjZYZWZXdggZgVXVg\dYZaXa^ZciZaVZbegZhV!eZgdcjcXVZh[{X^a
XdbegZcYZgaVhZmeZXiVi^kVhYZaXa^ZciZXjVcYdhZedcZegZX^dVaigVWV_dfjZ
YZWZgZVa^oVghZeVgV‚a!edgfjZadhWZcZÒX^dhÒcVcX^ZgdhYZaegdnZXidcdhZ
XdcdXZc YZhYZ Za eg^cX^e^d eVgV edYZg hZg ZkVajVYdh# Edg ad iVcid! ´X‹bd
ejZYZcZhiVWaZXZghZjcdh]dcdgVg^dhfjZgZhjaiZc_jhidhnVXZeiVWaZheVgV
VbWVheVgiZh4)'
 EVgVaVXdchjaidg†V!jcdh]dcdgVg^dhgZciVWaZhhdcVfjZaadhfjZXjWgZcZaXdhiZYZ
aaZkVg Za cZ\dX^d n fjZ eZgb^iZc gZ^ckZgi^g jcV eVgiZ YZ adh WZcZÒX^dh# Adh hVaVg^dh YZ adh
ZbeaZVYdhnaVhjWXdcigViVX^‹cYZhZgk^X^dhXdchi^ijnZcaVeVgiZb{h^bedgiVciZYZaXdhiZYZa
Y^hZŠd#AVhgZk^hiVhZheZX^Va^oVYVhhjZaZcejWa^XVgaVhiVg^[VhbZY^Vhedg]dgV!adhhVaVg^dhn
adhegZX^dhYZbZgXVYdb{h]VW^ijVaZheVgVaVhY^[ZgZciZh[jcX^dcZhniVgZVhYZaY^hZŠd!fjZ
ejZYZcji^a^oVghZXdbdejcidYZeVgi^YVeVgVZhiVWaZXZgZaegZX^dYZadhgZXjghdh]jbVcdh
^ckZgi^YdhZcZaegdnZXidYZaXa^ZciZ#
 DWk^VbZciZ!aVhiVg^[Vhnadh]dcdgVg^dhYZaVhXdchjaidg†VhYZY^hZŠdkVg†VcZc[jcX^‹c
YZaVZmeZg^ZcX^VnYZabZgXVYd#JcWjZcb‚idYdeVgVZhiVWaZXZghjh]dcdgVg^dhXdch^hiZZc
XVaXjaVg Za ^bedgiZ VcjVa YZ adh \Vhidh \ZcZgVaZh n Y^k^Y^gad edg Za cbZgd Vegdm^bVYd YZ
]dgVh igVWV_VYVh n [VXijgVWaZh V jc Xa^ZciZ cdgbVabZciZ &#%%%# AVh ]dgVh cd [VXijgVWaZh
hdcZai^ZbedYZY^XVYdVVXi^k^YVYZhYZVYb^c^higVX^‹cnbVg`Zi^c\nVgZYVXiVgegdejZhiVh!
gZVa^oVgegZhZciVX^dcZheVgVadhXa^ZciZhnXdcigViVgeZghdcVa#9ZZhiZbdYdhZdWi^ZcZjcV
iVg^[Vedg]dgVfjZXjWgZadh\VhidhYZaaZkVgZacZ\dX^dVh†XdbdZai^ZbedgZVaYZY^XVYdVa
Y^hZŠd#
 EVgV XVaXjaVg aV iVg^[V edg ]dgV [VXijgVWaZ YZ jc b^ZbWgd YZa Zfj^ed YZ Y^hZŠd
eVgi^ZcYdYZaVWVhZfjZYZY^XVaVbVndgeVgiZYZhji^ZbedVigVWV_VgZcegdnZXidhYZadh
Xa^ZciZhYZWZY^k^Y^ghZhjhVaVg^dedg&#*%%]dgVh#Adh]dcdgVg^dhYZadhXdchjaidgZhiVbW^‚c
eZgb^iZcXVaXjaVgh^jcegdnZXidejZYZgZVa^oVghZYZ[dgbVgZciVWaZVaYZiZgb^cVgh^ZaegZX^d
YZahZgk^X^dXjWgZZai^ZbedYZY^hZŠdnadh\Vhidh\ZcZgVaZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV-*

*$*$-$(7fhel[Y^Wh[bƒn_jeZ[bZ_i[‹e$
AVbZ_dgbVcZgVYZediZcX^VgZakVadgYZaY^hZŠdZhXgZVgegdnZXidhYZ‚m^id! BWYecfW‹‡W
fjZejZYZchZgejcijVaZhdYZXdaVWdgVX^‹cVaVg\deaVodXdcY^hZŠVYdgZhYZ
gZXdcdX^YdegZhi^\^d#EjZhidfjZcdh^ZbegZZh[{X^abZY^gZakVadgYZaY^hZŠd!Zh
`Wfed[iWCk`_[i
^bedgiVciZZcXdcigVg[dgbVhYZY^[jcY^ghj‚m^id#EdgZ_Zbead!ZcZaGZ^cdJc^Yd! kd]hWd[`[cfbe
aVCVi^dcVaEVi^ZciHV[Zin6\ZcXnV\ZcX^VcVX^dcVaYZhZ\jg^YVYYZaeVX^ZciZ
b^YZZa‚m^idYZhjegd\gVbVYZhZ\jg^YVYedgZacbZgdYZk^YVhfjZhVakV#)( Z[YŒcefk[Z[
Wfhel[Y^Whi[[b
 =ZgbVc B^aaZg Zh jcV ZbegZhV ^ccdkVYdgV Zc Za XVbed YZa Y^hZŠd YZ bdW^a^Vg^d
XdciZbedg{cZd iVcid eVgV Za ]d\Vg n aV dÒX^cV Xdbd eVgV XZcigdh YZ Vh^hiZcX^V hVc^iVg^V# ƒn_jeZ[bZ_i[‹e$;d
Hj Xdbegdb^hd YZ ^ciZ\g^YVY V aVg\d eaVod Zc aV XVa^YVY YZ adh egdYjXidh n aVh gZaVX^dcZh
ZbegZhVg^VaZh hZ ]V YZhVggdaaVYd bZY^VciZ gZaVX^dcZh Xdc Va\jcdh YZ adh Y^hZŠVYdgZh b{h
[bW‹e(&&+"Ck`_
egZhi^\^dhdh YZ ZhiZ h^\ad# Edg Z_Zbead! =ZgbVc B^aaZg ]V ZciVWaVYd jcV egdYjXi^kV gZaVX^‹c ]WdŒdk[l[fh[c_ei
aVWdgVaXdcZab†i^XdY^hZŠVYdg8]VgaZh:VbZh#:caV^bV\ZchZbjZhigVcaVh[VbdhVhh^aaVhYZ
ea{hi^XdbdaYZVYd:VbZhegdYjX^YVhedg=ZgbVcB^aaZg#<gVX^VhVaVXdcigViVX^‹cYZY^hZŠVYdgZh _<feh[bZ_i[‹e
ZmiZgcdhYZ\gVciVaZcid!ZhiVZbegZhVZhVXijVabZciZa†YZgZc^ccdkVX^‹cnY^hZŠd#
Z[ikifheZkYjei$
 AVXdbeVŠ†V_VedcZhVBj_^Zhjc\gVcZ_ZbeadYZX‹bdejZYZVegdkZX]VghZZa‚m^id ;ijeifh[c_eiied
YZaY^hZŠd#:cZaVŠd'%%*!Bj_^\Vc‹cjZkZegZb^dh^;edgZaY^hZŠdYZhjhegdYjXidh#:hidh
egZb^dhhdcjcgZXdcdX^b^ZcidVaVZmXZaZcX^VYZaY^hZŠdYZadhegdYjXidhegdYjX^YdhedgZhiV kdh[YedeY_c_[dje
ZbegZhVYjgVciZhjh'*VŠdhYZk^YV#
WbW[nY[b[dY_W
*$*$-$)KdXk[dZ_i[‹edei_[cfh[]WhWdj_pWƒn_je$ Z[bZ_i[‹eZ[
6WjcYVc aVh ]^hidg^Vh YZ adh \gVcYZh Y^hZŠdh fjZ cd kVc V c^c\jcV eVgiZ#
beifheZkYjei
9Vc^Za;#8j[[Vgd!_jcidXdchjhXdaZ\Vh7g^VcKd\Zan7g^VcBVii!ZmVb^cVedg fheZkY_Zeifeh[ijW
fj‚aVhXdhVhhVaZcbVa!nXdciZhiVhdWgZiVaZhgZhjaiVYdh!egdedcZjcbdYZad
YZY^hZŠdfjZVXZciVaVdgfjZhiVX^‹cYZaVZmeZg^ZcX^VYZaXdchjb^YdgidiVa!
[cfh[iWZkhWdj[iki
YZaVXdcX^ZcX^VnZaXdcigVidedgaVegde^ZYVYnZaZbeaZd#)) (+W‹eiZ[l_ZW$
 H^aVZmeZg^ZcX^VidiVaYZaXdchjb^YdgfjZgdYZVVjcegdYjXidZhbVaV!ejZYZgZZbeaVoVg
idYdhdWgZZaegdYjXid!]VhiVhjZmXZeX^dcVaY^hZŠd#AVZmeZg^ZcX^VYZaXdchjb^Ydg!XdbegZcYZ
bjX]dh [VXidgZh! Xdb^ZcoV XjVcYd ‚a d ZaaV hZ YVc XjZciV YZa egdYjXid edg aV ejWa^X^YVY d
gZXdbZcYVX^dcZh!nhZiZgb^cVcXjVcYdZai^ZbedYZhZgk^X^dYZaegdYjXidÒcVa^oV#
 $$$i[]‘d@ehZ_CedjW‹WbWh[djWX_b_ZWZZ[b
Z_i[‹ei[fk[Z[Z[ceijhWhdkcƒh_YWc[dj[$CW#
oeh[ih[Ykhiei[dZ_i[‹eWkc[djWdYedi_Z[hWXb[#
c[dj[bWifheXWX_b_ZWZ[iZ[ƒn_jeZ[bfheZkYje"
Z[\ehcWgk[[bX[d[ÓY_e[if[hWZe[icWoeh$

*$*$-$*<WYjeh[iYedjhebWXb[i$
H^ZbegZ ]VWg{c [VXidgZh fjZ Zhi‚c [jZgV YZ cjZhigd Xdcigda! edg Zaad Za
egdYjXidYZWZbVm^b^oVgaVhXjVa^YVYZhYZXVYV[VXidgfjZZhi‚YZcigdYZ
hjXdcigda#8jVcidbZ_dgdei^b^oVYdhZhi‚cZhdh[VXidgZhXdcigdaVWaZh!bVndg
egdWVW^a^YVYYZfjZZaXa^ZciZcdWVhZhjde^c^‹cYZaegdYjXidZc[VXidgZhZc
adhfjZZa[VWg^XVciZcdi^ZcZc^c\cXdcigda#

 Adh[VWg^XVciZhfjZXdch^YZgVcidYdhadh[VXidgZhYZ‚m^idbZcX^dcVYdhVciZg^dgbZciZ
ejZYZcYZhVggdaaVgZhigViZ\^VhZcaVhfjZaVh[jZgoVhnaVhYZW^a^YVYZhYZXVYV[VXidghZi^ZcZc
ZcXjZciV#EdgZ_Zbead!h^ZaegZhjejZhideVgVejWa^X^YVYZheZfjZŠd!aVViZcX^‹cYZaXa^ZciZ
YZWZhZgVaXVcoVYVYZdigdbdYd#H^jcVZbegZhVXdc[†VZcXVeiVgaVViZcX^‹cYZaXdchjb^Ydg
bZY^VciZZaWdXVVWdXV!ZaXdcXZeidYZaegdYjXidYZWZhZgh^beaZndWk^d#:aY^hZŠdYZWZhZg
gZXdcdX^WaZnaaVbVi^kd!nZaZckVhZYZWZhZgY^hZŠVYdeVgVZYjXVgngZ[dgoVgaVYZX^h^‹cYZa
XdbegVYdg#6h†ZhX‹bdZaY^hZŠdhZXdck^ZgiZZceVgiZYZjcVZhigViZ\^VfjZi^ZcZZcXjZciV
aVZmeZg^ZcX^VYZaXdchjb^Ydg#

*+U^jjf0%%jZZ$[b_iWlW$d[j%Yeb[YY_ed%('%cedjWDW#[i
*,U<$9K<<7HE":Wd_[b1LE=;B"8h_WdoC7JJ"8h_Wd$
:[i_]dCWdW][c[dj@ekhdWb":[i_]dWi?dj[h\WY[$
Lebkc[')"DkcX[h'"M_dj[h(&&($8eijed$
 :cadfjZgZheZXidVaegdYjXid!hZ\c?dgY^BdciVŠV)*aVgZciVW^a^YVYYZaY^hZŠdhZ
ejZYZYZbdhigVgcjb‚g^XVbZciZ#BVndgZhgZXjghdhZcY^hZŠdVjbZciVcXdch^YZgVWaZbZciZ
aVh egdWVW^a^YVYZh YZ ‚m^id YZa egdYjXid! YZ [dgbV fjZ Za WZcZÒX^d ZheZgVYd Zh bVndg# 6a
b^hbdi^ZbedbVndgZhgZXjghdhZcaV[VhZYZY^hZŠdZk^iVcZggdgZhnXVbW^dhZcaVh[VhZh
YZegdYjXX^‹cnaVcoVb^Zcid!adfjZ^cX^YZZcjcbZcdgXdhiZegZX^hVbZciZZcaVh[VhZhfjZ
XdbeVgVi^kVbZciZgZfj^ZgZcbZcdg^ckZgh^‹c#9ZWZiZcZghZZcXjZciVfjZZcigZZahZiZciVn
ZadX]ZciVedgX^ZcidYZaV^ckZgh^‹cZcjccjZkdegdYjXidhZgZVa^oVZcaV[VhZYZegZeVgVX^‹c
YZaVegdYjXX^‹cnZcZaaVcoVb^Zcid0nfjZedh^WaZbZciZh‹adZcigZZaX^cXdnZaY^Zoedg
X^ZcidhZYZY^XVVaY^hZŠd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV-,

*$*$-$+<WYjeh[iZ[\hWYWie$
8jVcYd jc egdYjXid Zh gZXdcdX^Yd edg ]VWZg XdchZ\j^Yd jc WjZc Y^hZŠd!
Zm^hiZcZmeZXiVi^kVhYZfjZhZg{jc‚m^idZcZabZgXVYd#H^cZbWVg\d!XjVcYd
jcegdYjXid[VaaVZcZabZgXVYd!adhY^hZŠVYdgZhhdcg{e^YdhZcZX]VgaZaVXjaeV
Vdigdh[VXidgZh#:hegdWVWaZfjZVa\jcdh[gVXVhdhejZYVcZhiVgVig^Wj^YdhVa
egde^d Y^hZŠd! eZgd bjX]dh hdc gZVabZciZ YZW^Yd V [VXidgZh b{h Vaa{ YZa
VaXVcXZYZaYZhVggdaadYZaegdYjXid#6jcfjZjcVXdbeVŠ†VejZYZeZgb^i^ghZ
iZcZgjcWjZcY^hZŠd^cYjhig^VanegdXZhdhYZ^c\Zc^Zg†V!ejZYZiZcZg[VaadhV
aV]dgVYZXdch^YZgVgaVZmeZg^ZcX^VidiVaYZaXdchjb^Ydg#)+

 :[cWd[hWi_c_bWh"kdcWbfheY[ieZ[Z_i[‹efk[Z[[nf[h_c[djWh
Wb]kdei ƒn_jei Yedikc_Zei feh kd c[hYWZe W]h[i_le" f[he bei
h[ikbjWZeiieddehcWbc[dj[Z[Yehjef[h_eZe$9kWdZekdWYecfW‹‡W
\WbbW YedY_[dY_WdZe Wb Yb_[dj[ fWhW kd fheZkYje X_[d Z_i[‹WZe" f_[hZ[
kdW efehjkd_ZWZ" jWcX_ƒd kdW ]hWd _dl[hi_Œd$ Kd cWb [dlWi[ fk[Z[
Z[]hWZWhkdXed_jeZ_i[‹e$BWZ_ifed_X_b_ZWZfk[Z[[ijWhb_c_jWZWfehbW
YWfWY_ZWZZ[fheZkYY_ŒdebWYedÓWdpW[dkdYecfed[dj[gk[Z_ÓYkbjW
bW\k[dj[Z[_d]h[iei$µGkƒj_[d[djeZei[ijei\WYjeh[i[dYec‘d5
JeZei[bbeiiedYedjhebWXb[i$FehbejWdje0
"JcVZheZX^ÒXVX^‹cYZaegdYjXidfjZZhi{[jZgVYZabZgXVYdcdhZ^ckZhi^\‹
hjÒX^ZciZ0ZaegdYjXidcdhVi^h[VXZZadW_Zi^kdYZaXa^ZciZ

"AVXVgZcX^VYZhZch^W^a^YVYVjciZggZcdXdbeZi^i^kddaViZXcdad\†VXdgg^ZciZ
fjZXVbW^V

"JcZfj^edY^gZXi^kdfjZ[VaaVidbVcYdYZX^h^dcZh

"JcZfj^edY^gZXi^kdfjZZhiVXVŠdnYZedXdhXVbW^dhZcadhegdXZhdhdegdYjXidh

"JcegZX^dYZeVgi^YVfjZZhZgg‹cZdhZ\cadhgVh\dhdXjVa^YVYZhYZaegdYjXid
 *$*$-$,9bWl[ifWhW[bƒn_je$
AVhXdbeVŠ†VhfjZYZX^YZcXdch^YZgVgaVZmeZg^ZcX^VidiVaYZaXdchjb^YdgcZXZh^iVc
gZXdcdXZgfjZhZgZfj^ZgZjcWjZcegdXZhdYZY^hZŠdeVgVXdchZ\j^gWjZcdh
gZhjaiVYdh#9ZWZceZgb^i^gngZheZiVgjcWjZcegdXZhd]VX^ZcYdadh^\j^ZciZ/),

":ciZcYZgZadW_Zi^kdYZadhXa^ZciZh#CdhdadZci‚gb^cdhYZ^c\gZhdhn
c^kZa ZYjXVi^kd! h^cd iVbW^‚c Zc i‚gb^cdh YZ XdhVh fjZ adh ÆbjZkVcÇ#
6jcfjZadhXdchjb^YdgZhcdejZYVchZgXdchX^ZciZhYZaVegd[jcY^YVYYZ
hjgZhejZhiVeVgVY^hZŠVg!ZaadhgZVabZciZgZhedcYZceVgV[dgbVg!YZiVaaVg!
XdadgZVg!Zfj^a^WgVg!ZiX‚iZgV#:hid^cX^iVVgZaVX^dcVgZaY^hZŠdXdcidYdh
adh [VXidgZh k^hjVaZh n i{Xi^aZh YZ aV ZmeZg^ZcX^V# Jc ZciZcY^b^Zcid YZ
aVhgZVXX^dcZhXdbjcZhYZaeWa^XddW_Zi^kdeZgb^iZZc[dXVgZaY^hZŠdV
[VXidgZhVegde^VYdh#

"9ZhVggdaaVgjcbVeVYZaVhZmeZg^ZcX^VhidiVaZhYZadhejcidhYZk^hiVYZa
jhjVg^d ÒcVa# :hid ^cXajnZ jcV ZhigViZ\^V eVgV XdcX^ZcX^Vg! hZaZXX^dcVg adh
XVcVaZhYZY^hig^WjX^‹c!nXgZVgjceVX`V\^c\Vegde^VYd!gZ[dgoVcYdaVbVgXVn
aVYZX^h^‹cYZVYfj^g^g!nXgZVgjcVZmeZg^ZcX^Vedh^i^kV^c^X^VaYZaegdYjXid#

"6h^\cVgjcWjZcY^hZŠdVaegdYjXidYZhi^cVYdVaeWa^XddW_Zi^kd#8jVcYd
*-U<$9K<<7HE":Wd_[b1LE=;B"8h_WdoC7JJ"8h_Wd$
:[i_]dCWdW][c[dj@ekhdWb":[i_]dWi?dj[h\WY[$
Lebkc[')"DkcX[h'"M_dj[h(&&($8eijed$
adhb^ZbWgdhYZaZfj^edYZY^hZŠdZci^ZcYZcadhbdk^b^ZcidhYZaXa^ZciZ!
ejZYZcXVgVXiZg^oVgVaegdYjXidXdcjcaZc\jV_ZfjZaZY^\VVaXa^ZciZaVh
eZgXZeX^dcZh YZ ji^a^YVY! XjVa^YVY! kVadg n [jcX^‹c# :a Zfj^ed YZ Y^hZŠd
YZWZ hZg XVeVo YZ eZghZ\j^g jc egdXZhd fjZ aZh eZgb^iV hVWZg ad fjZ
e^ZchVc adh Xa^ZciZh! k^hjVa^oVg Zc i‚gb^cdh \ZcZgVaZh n eZg[ZXX^dcVg n
XVeijgVgZaY^hZŠdegdejZhid#:aWjZcY^hZŠdcdZbe^ZoVniZgb^cVXdc
aVYZÒc^X^‹cYZaVZhi‚i^XV#9ZWZ^cXaj^gXVgVXiZg†hi^XVhVYZXjVYVhnjcV
[jcX^dcVa^YVYYZÒc^YV!iVbW^‚cjcVYZhiVXVYVZ_ZXjX^‹cZcadhegdXZhdh
YZ^c\Zc^Zg†Vn[VWg^XVX^‹c#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV-.

7i_]dWhkdXk[dZ_i[‹eWbfheZkYjeZ[ij_dWZe
Wbf‘Xb_YeeX`[j_le$9kWdZebeic_[cXheiZ[b
[gk_feZ[Z_i[‹e[dj_[dZ[dbeicel_c_[djeiZ[b
Yb_[dj["fk[Z[dYWhWYj[h_pWhWbfheZkYjeYedkd
b[d]kW`[gk[b[Z_]WWbYb_[dj[bWif[hY[fY_ed[i
Z[kj_b_ZWZ"YkWb_ZWZ"lWbeho\kdY_Œd$

"6hZ\jgVgfjZZcaVejWa^X^YVY!ZcZaZckVhZnZcZaY^hZŠdYZaegdYjXidhZ
Xdbjc^XVZabZchV_ZXdchiVciZYZaVbVgXV#6YZb{h!jcVZbegZhVejZYZ
jhVg ZhigViZ\^Vh YZ bVgXV eVgV gZaVX^dcVg Va\jcVh a†cZVh YZ egdYjXidh
ZcigZh^nb{hVYZaVciZVednVgaVbVgXV#

" 6ednVg Za egdYjXid igVh hj XdbegV# 6ednVcYd Za egdYjXid! VedgiVcYd
Vh^hiZcX^V Xdc Za jhd ^c^X^Va d ZhigjXijgV! egdedgX^dcVcYd jc hdedgiZ YZ
\VgVci†V!hjhi^ijX^‹cYZeVgiZhdgZeVgVX^‹cYZZaZbZcidh!nedh^W^a^YVYYZ
gZXaVbVgaVYZkdajX^‹cYZaegdYjXid#

"  :aZ\^g XdbeVŠZgdh Zc ZhiZ egdXZhd fjZ iZc\Vc jcV bZidYdad\†V eVgV aV
XdbegZch^‹cYZadW_Zi^kdYZaXa^ZciZnedYZgigVZgjcVaidc^kZaYZ]VW^a^YVY
XdcXVYV[VXidgYZaVZmeZg^ZcX^VidiVaYZaXa^ZciZ#:hdhXdbeVŠZgdhejZYZc
eZgiZcZXZg V aV egde^V ZbegZhV! iVaZh Xdbd XdchjaidgZh! kZcYZYdgZh d
[VWg^XVciZh ZmiZgcdh# 8jVcYd hZ hZaZXX^dcVc adh gZXjghdh ZmiZgcdh! aVh
YZX^h^dcZhYZWZgZhiVgWVhVYVhZcad\gdhnc^kZaZhXdch^hiZciZhYZXVa^YVY#
CWfWZ[bW[nf[h_[dY_WjejWbZ[bYedikc_Zeh

µ9Œce[bYb_[dj[YedeY[h|[bfheZkYje5 "I^ZcYVh
"8Vi{ad\dh
"EjWa^X^YVY^begZhV
"6cjcX^dhiZaZk^h^kdh
"EgdbdX^‹cYZaegdYjXid
"JW^XVX^‹cYZaegdYjXid
"EdgVb^\dhd[Vb^a^VgZh
"GZX^W^YdXdbdgZ\Vad

µ9Œce[bYb_[dj[i[^Wh|Yed[bfheZkYje5 "EZY^YdedgXVi{ad\d
"EZY^Ydedg>ciZgcZi
"6Yfj^g^YdZci^ZcYV
"GZX^W^YdXdbdgZ\Vad

 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV.&

µGkƒ[nf[h_[dY_Wi[gk[hh|Yeckd_YWh5 "IVaaV$eZhd
"IgVchedgiZ
":higZcVg$YZhegZX^ciVgZaZckVhZ
"8dbegZch^‹c^c^X^Va
"8dbegZch^‹cYZaVhXVgVXiZg†hi^XVhn[jcX^dcZh
µGkƒYeckd_YWh|[bkie_d_Y_WbZ[bfheZkYje5 "Eg^bZgV^begZh^‹c
":higjXijgVX^‹c
µGkƒYeckd_YWh|[bfheZkYjeZkhWdj[ikkie5 "JhdgZ\jaVg
"9ZhbdciV_ZZcXjghdnZhigjXijgVX^‹c
"GZeVgVX^‹cd9Zedh^‹c#
";^cYZk^YV
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV.(

;DGBJA68>âC

*
9:A6<:HI>âC
:HIG6Iw<>86
9:A9>H:xD
+$'B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE9ECEE8@;J?LEEH=7D?P7J?LE$
+$(<7I;I"D?L;B;I"E8@;J?LEIO>;HH7C?;DJ7I:;B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE$
9ZiZgb^cVgaV‚i^XV
ZbegZhVg^VaZcWVhZ
Vaedh^X^dcVb^Zcid
\adWVaYZaVZbegZhV
gZheZXidYZaVhhjh
gZhedchVW^a^YVYZh
[gZciZVaVXdbjc^YVY#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV.*

+$' B7=;IJ?ãD;IJH7Jx=?97:;B:?I;yE
9ECEE8@;J?LEEH=7D?P7J?LE$

AV[dgbjaVX^‹cYZZhigViZ\^VhcdYZeZcYZhdadYZadh
gZhjaiVYdhVYZXjVYdhZcZaVc{a^h^h^ciZgcdnZmiZgcd0
iVbW^‚c YZeZcYZ Zc \gVc ^bedgiVcX^V YZa eVeZa
_j\VYdedgadh^cY^k^YjdhZcZaegdXZhdZhigVi‚\^Xd#:h
^bedgiVciZXdbegZcYZgaVbZoXaVYZ^cÓjZcX^VhfjZ
YZiZgb^cVcadhdW_Zi^kdhYZaVZbegZhV#




 
+$'$' <k[hpWigk[_dÔko[d[dbeieX`[j_lei
Z[bW[cfh[iW$
*.U8EH@7:;CEPEJ7"8h_]_jj[$:[i_]dCWdW#
][c[dj"Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ
9ehfehWj[$7bbmehj^Fh[ii"(&&)$D[mOeha$
*/U8EH@7:;CEPEJ7"8h_]_jj[$:[i_]dCWdW#
][c[dj"Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ
9ehfehWj[$7bbmehj^Fh[ii"(&&)$D[mOeha$
+&U<?D?P?E"=_de$:[i_]dCWdW][c[dj0][ij_h[
bÊ_Z[W$IA?H7[Z_jeh["C_bWde$
8dbdeaVciZV7g^\^iiZ7dg_VYZBdcodiV)-!aV<Zhi^‹c:higVi‚\^XVYZa9^hZŠd
YZWZWjhXVgXjVigd[jZgoVhYZiZgb^cVciZh/
&#AVWjZcVY^gZXX^‹cYZjcVZbegZhVZhaVfjZYZiZgb^cVfj‚^ciZgZhZh
YZWZViZcYZgaVZbegZhVnYZfj‚bVcZgVhjheg^dg^YVYZhndW_Zi^kdh
YZWZchZgZhiVWaZX^Ydh#AVY^gZXX^‹cXdgedgVi^kVhZ]VkjZaidXVYVkZo
b{hXdbeaZ_VYZW^YdVaVhZeVgVX^‹cZcigZegde^ZYVYn\Zhi^‹c#
'#AVÆbVig^oYZedYZg$^ciZg‚hÇ!YZÒcZVadh^ckZghdgZhYZVXjZgYdXdcZa
edYZgfjZZaadhbVci^ZcZcnZa^ciZg‚hfjZi^ZcZcZcaVZhigViZ\^VYZaV
ZbegZhV#>cXajhdh^]VnjcVXjZgYdhdWgZdW_Zi^kdh\ZcZgVaZh!VbZcjYd
]VnY^[ZgZcX^VhZcaVhZmeZXiVi^kVhYZ^ciZgZhZh!nZhi^aeVgVVcVa^oVg
Y^X]VhY^[ZgZcX^Vh#
(#9ZiZgb^cVgaV‚i^XVZbegZhVg^VaZcWVhZVaedh^X^dcVb^Zcid\adWVaYZaV
ZbegZhVgZheZXidYZhjhgZhedchVW^a^YVYZh[gZciZVaVXdbjc^YVY#:hiZ
edh^X^dcVb^ZcidejZYZXVbW^VgZcWVhZVaejcidYZk^hiVVYdeiVYd/ZhigZ"
X]dXjVcYdhZZc[Vi^oVcadh^ciZgZhZhYZadh^ckZghdgZhVXdgideaVod0djc
ejcidYZk^hiVb{hVbea^dXjVcYdaVZbegZhVfj^ZgZXVbW^VgaVhdX^ZYVY#
)#:aXdciZmidXjaijgVaVY^[ZgZciZhc^kZaZh/XjaijgVcVX^dcVanegd[Zh^dcVa#
=VnbjX]Vh[jZgoVh^cÓjnZciZhZcXdcÓ^XidZcaVYZÒc^X^‹cYZadhdW_Zi^"
kdhYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV.,

+$'$( EX`[j_leiZ[bW[cfh[iW0C_i_Œd[?Z[dj_ZWZ$
+$'$($'BWc_i_ŒdZ[bW[cfh[iW$
AVhZbegZhVhZc[jcX^‹cYZhjkdXVX^‹ceg^cX^eVai^ZcZcfjZhZgk^h^dcVg^Vh!VXaVgVg
hj^ciZcidYZZhigViZ\^Vn]VXZgkVaZghjhkVadgZhW{h^Xdh#:aY^hZŠdeVgi^X^eVZcZa
YZhVggdaadYZjcVk^h^‹ceVgVaVZb^h^‹cYZXdcXZeidhfjZjc^ÒXVcaVhXdbjc^XVX^dcZh
YZaVZbegZhVnadhkVadgZhZhigVi‚\^Xdh#:hidZheVgi^XjaVgbZciZgZVa^hiVXjVcYdjcV
ZbegZhVXVbW^VhjbVgXdYZVXi^k^YVY#).

 :cZhiZegdXZhdYZk^h^dcVYd!aV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdYZhVggdaaVbVndg^ciZg‚hZc
aVhZhigjXijgVhXd\c^i^kVhnegdXZhdhYZeZchVb^Zcid!ZcaVYZX^h^‹cYZbVgXVYdgZh#AVVedgiVX^‹c
Zh^ciZ\gVghZZcaVXdchigjXX^‹chdX^VangZegZhZciVX^‹cYZaegdXZhdYZ[dgbjaVX^‹cYZZhigViZ\^V#AV
<Zhi^‹c:higVi‚\^XVYZa9^hZŠdYZWZYZhVggdaaVg]ZggVb^ZciVheVgV^YZci^ÒXVgZaÆVcXaV_ZÇhdX^VaYZaVh
gZegZhZciVX^dcZhbZciVaZh#

 JcVZbegZhVejZYZYZÒc^ghZXdbdjcVVXi^k^YVYZXdc‹b^XVdg\Vc^oVYVXdcZadW_ZidYZ
egdYjX^gnXdbZgX^Va^oVgW^ZcZhdhZgk^X^dh#AVÒcVa^YVYZXdc‹b^XVgZegZhZciVX^ZgiVbZciZZabdidgeg^c"
X^eVaYZXjVafj^ZgVXi^k^YVYZbegZhVg^Va!eZgdY^X]deVg{bZigdcdZhhjÒX^ZciZeVgVYZhXg^W^gaVXdbeaZ_V
cVijgVaZoVYZaVb^hbV#AVk^YVYZaVZbegZhVhZWVhVhdWgZidYdZcjcV^YZVW{h^XV!fjZhZYZÒcZ
Xdbdb^h^‹cZci‚gb^cdhi‚Xc^Xdh#AVb^h^‹cZhZahZgYZaVZbegZhV*%

 AVb^h^‹cbVci^ZcZjcVZhigZX]VgZaVX^‹cXdcZaXgZX^b^ZcidYZaVZbegZhV!^cÓjnZZchj
igVnZXidg^V!eZgdVhjkZoZh^cÓjZcX^VYVedg‚hiVZcaVbZY^YVZcfjZVigVk‚hYZaVb^hbVgZ\^higV
aVhbjiVX^dcZhYZaZhXZcVg^d!iZc^ZcYdfjZVYZaVciVghZeVgVZmeadiVgcjZkVhdedgijc^YVYZh#CVijgVa"
bZciZhZg†VZfj^kdXVYdXdch^YZgVgVaVb^h^‹cXdbddW_Zi^kdÒ_d!nVfjZcZXZh^iVhZgXdchiVciZbZciZ
Va^bZciVYV!eVgVZk^iVgWdggVgaVY^gZXig^oYZaV^YZV^c^X^Va!eZgYZgXd]ZgZcX^VncZ\VgaVa‹\^XVfjZaV
]VXdcYjX^YdVXdchigj^gaVZbegZhV#
  ´8‹bdcVXZaVb^h^‹c4AVb^h^‹ccVXZYZjcV^YZV^c^X^Va!YZjcV^cij^X^‹cYZegd"
YjXidnbZgXVYd!YZjcV^c^X^Vi^kVZbegZhVg^Va#:aZc[dfjZYZaVb^h^‹cXd^cX^YZXdcaVXdc"
X^ZcX^VYZaegde^ddW_Zi^kdnaV^YZVfjZadhjhiZciV#8dbd]ZbdhY^X]d!aVb^h^‹ciVbW^‚c
Zh^cÓjZcX^VYVedgdigdhbjX]dhVheZXidh!adhgZXjghdh^ciZgcdhnZmiZgcdh!ZaXdcdX^b^Zcid
YZadhejcidh[jZgiZh!eZgdiVbW^‚cYZadha†b^iZh#

:cigZadhVheZXidhfjZXdchigjnZcZaXdciZc^YdYZaVb^h^‹cZhiVg†Vc/

AV]^hidg^V/ZaeVhVYd!adhegZXZYZciZhfjZ]VcYZiZgb^cVYdadh‚m^idhn
[gVXVhdh]^hi‹g^XVbZciZYdXjbZciVcnXdchigjnZcZaXVgc‚YZ^YZci^YVY
YZaVZbegZhV#

GZXjghdh]jbVcdh/aVXdbedh^X^‹cnaVha†cZVhbVZhigVhYZaXdchZ_d
ZbegZhVg^VaYZÒcZcaVegde^ZYVYYZaVZbegZhV#

6heZXidhVbW^ZciVaZh/adhZaZbZcidhZmiZgcdhfjZ^cÓjnZcZcadhÒcZh
YZaVZbegZhV!ZcYZÒc^i^kV!VbZcVoVhndedgijc^YVYZhd[gZX^YVhedgaV
gZVa^YVYX^gXjchiVciZ#

@cdl"]dl/aVY^hedc^W^a^YVYYZgZXjghdh]jbVcdh!ZXdc‹b^XdhniZXcda‹\^Xdh#

:heZX^ÒX^YVY/aVhXVgVXiZg†hi^XVhfjZ]VceZgb^i^YdVaVdg\Vc^oVX^‹c
+'U<?D?P?E"=_de$:[i_]dCWdW][c[dj0][ij_h[ Y^hi^c\j^ghZZcZabZgXVYdnfjZXdchi^ijnZcaVWVhZYZaVhZaZXX^dcZhn
bÊ_Z[W$IA?H7[Z_jeh["C_bWde$ aVhb^hbVhÒcVa^YVYZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV..

BWXk[dWZ_h[YY_ŒdZ[kdW[cfh[iW[i
bWgk[Z[j[hc_dWgkƒ_dj[h[i[iZ[X[Wj[dZ[h
bW[cfh[iWoZ[gkƒcWd[hWikifh_eh_ZWZ[i
oeX`[j_leiZ[X[di[h[ijWXb[Y_Zei$

+$'$($(?Z[dj_ZWZYehfehWj_lWZ[bW[cfh[iW$
9ZhYZ]VXZi^ZbedeVgiZYZabjcYdZbegZhVg^Va]VXdbegZcY^Ydaddedgijcd
YZhjeZgVgZaXdcXZeidYZ^bV\ZcZc[VkdgYZaYZhVggdaadYZjcVbVndg!b{h
egd[jcYVnXdchX^ZciZ^YZci^YVY!WVhVYVhdWgZXdciZc^YdhZheZX†ÒXdhXVeVXZh
YZhZgZmegZhVYdh#

 AVY^ÒXjaiVYYZXdcdXZgnVYb^c^higVgaV^bV\Zc!nZagZhjaiVYdYZidYdhhjhZ[ZXidh
eZgXZei^WaZh!]V^cYjX^YdVbjX]VhZbegZhVhVegZ\jciVghZhdWgZhjeVeZa!cdh‹adZc
i‚gb^cdhYZ^YZci^ÒXVX^‹cZcZabZgXVYd!YZeda†i^XVhYZXdbjc^XVX^‹c!h^cdhdWgZidYdZc
gZaVX^‹cVadhdW_Zi^kdhZhigVi‚\^XdhnVXX^dcZhVYZhVggdaaVgcZXZhVg^VheVgVXdchZ\j^gadh#*&

 AVXdcX^ZcX^VYZaV^YZci^YVYZbegZhVg^VahZ]VigVYjX^YdZcaVWhfjZYVYZjcV
^ciZ\gVX^‹cnXd]Zh^‹cZcigZidYVhaVhVXi^k^YVYZh!YZhYZaVXdcXZeX^‹cVaVegdYjXX^‹c!YZaV
kZciVVaVXdbjc^XVX^‹c#:hiVXdcX^ZcX^V]VeZgb^i^YdVaVhbZ_dgZhZbegZhVhYZhVggdaaVgjcV
^YZci^YVY[jZgiZeVgVeVhVgYZedh^X^dcZhYZ[Zch^kVhVedh^X^dcZhd[Zch^kVhZcjcbZgXVYd
fjZZhi{XVYVkZob{hVWVggdiVYd!^begZk^h^WaZn\adWVa#:hiVhZbegZhVhVhe^gVcVegdnZXiVg"
hZZcZabZgXVYd!ZckZoYZeVYZXZgad!nVfjZhZegZhZciVcXdbda†YZgZhVWhdajidh\gVX^Vh
VhjeZghdcVa^YVY#AV‹ei^XVXdcfjZV[gdciVcaVajX]VXdch^YZgVaVXgZVX^‹cYZjcbZgXVYd
egde^dVciZhfjZaVYZ[ZchVdXdcfj^hiVYZedh^X^dcZhgZheZXidYZadhXdbeZi^YdgZh#

 AV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdVedgiVVaVZaVWdgVX^‹cYZaV^YZci^YVYXdgedgVi^"
kVYZaVZbegZhVÆ^ciZgVXX^‹cÇ#6igVk‚hYZaaZc\jV_Z!Za9Zh^\cBVcV\ZghZ^ckdajXgVZcZa
Zc[dfjZXdchigjXi^kdYZaVgZVa^YVYXdchigj^YV#6h†ejZhZaY^hZŠdZhXaVkZeVgVaV\ZcZgVX^‹c
nY^[jh^‹cYZVbWVhgZegZhZciVX^dcZh!nVhZVcVWhigVXiVhdk^hjVaZh#AVhgZegZhZciVX^dcZhhZ
]VXZck^h^WaZhVigVk‚hYZjcV^YZci^YVYk^hjVanaVZaZXX^‹cYZaV^YZci^YVY[dXdYZaVZbegZhV#
 BW_cW][dZ[[cfh[iW"Z_l_Z_ZW[djh[i
[b[c[djei0bW_cW][dZ[[cfh[iW"bW_cW][d
fhe\[i_edWbo[bfeZ[h]h|ÓYe$
+(U8HK9;"CWh]Wh[j%8;II7DJ"@e^d$:;I?=D?D8K#
I?D;II"IjhWj[]_Y?ddelWj_edJ^hek]^:[i]_d$F[Whied
;ZkYWj_edB_c_j[Z"(&&($>Whbem"?d]bWj[hhW$F|]$.
AdhXdbedcZciZhYZjcV^YZci^YVYXdgedgVi^kVYZaVZbegZhVhdc/
"AdhZaZbZcidhh^bW‹a^Xdh/kVadgZhXdgedgVi^kdh!b^idh!g^idhniVWZh#
"AV^bV\ZcYZZbegZhV!Y^k^Y^YVZcigZhZaZbZcidh/aV^bV\ZcYZZbegZ"
hV!aV^bV\Zcegd[Zh^dcVanZaedYZg\g{ÒXd#
":aZhi^adYZa^YZgVo\dejZYZkVg^VgYZcVgX^h^hiVVedhZh^kd!
YZhZYjXidgdhVW^d#
8ZcigVgaV^YZci^YVYYZjcVZbegZhVZhjcegdXZhdYZ/
"8ZcigVghZZcZaa†YZg!ejZhadhY^gZXi^kdhnZbeaZVYdhhZ^YZci^ÒXVg{cXdc
aV^bV\ZcegZh^YZcX^Va!^ciZgcVnZmiZgcVbZciZ#
"8ZcigVghZZcaVVXi^k^YVYYZacZ\dX^d!nVfjZY^gZXidgZhnZbeaZVYdhhdc
egd[Zh^dcVaZhnZheZX^Va^hiVhYZcigdYZjcV^cYjhig^V#:hidXdcaaZkVegd"
WaZbVhXjVcYdZaXdciZmidZm^\ZgZYjXX^‹c!XgZVX^‹cdY^kZgh^ÒXVX^‹cYZ
YZiZgb^cVYVhVXi^k^YVYZh#
"8ZcigVghZZcZaXdbedgiVb^Zcid!nVhZVWjgdXg{i^Xd!XdcjcZc[dfjZZcVX"
X^dcZhYZcZ\dX^dhXaVgVbZciZYZÒc^YVh!VbZcjYda^b^iVYdedgcdgbVh
egZX^hVhfjZeZgb^iVcjcedXdYZ^c^X^Vi^kVVYb^c^higVX^dcZhdXdbeVŠ†Vh
Zc^cYjhig^VhZhiVWaZh!dÓZm^WaZh!XZcigVYdhZcaVh]VW^a^YVYZhYZadh
Y^gZXidgZhnZbeaZVYdheVgVVYVeiVghZg{e^YVbZciZVaVhcjZkVhiVgZVhn
dXjeVX^dcZh#
;^cVabZciZ!aV\Zhi^‹cYZaY^hZŠdeVgi^X^eVZcaVXdchigjXX^‹cYZjcV^YZci^YVYXdch^hiZciZ!edg
adiVcidaV^bV\ZcZmiZgcVZhjcWjZc^cY^XVYdgYZaV^bV\Zc^ciZgcVYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&%&

+$'$) D_l[b[iZ[_dj[]hWY_Œd[ijhWj[]_W%Z_i[‹e
AV ZbegZhV! eVgV VaXVcoVg adh dW_Zi^kdh fjZ hZ eaVciZV! Xd]ZgZciZh Xdc hj
ÒcVa^YVYZbegZhVg^Va!YZÒcZZhigViZ\^VhVXdgidnbZY^deaVod!Vea^XVWaZhV
igVk‚hYZeaVcZhdeZgVi^kdh#8dch^YZgVcYdfjZaVhZbegZhVhXdciZbedg{cZVh
hZZcXjZcigVcdXjeVYVhZcjcVaVg\VnZmiZcjVciZWViVaaVedgaVhjeZgk^kZcX^V
YZiZgb^cVYVedgaVijgWjaZcX^VYZadhbZgXVYdhnaVYZhe^VYVYVXdbeZiZcX^V
Zhi^aegZX^hVgfjZaVeaVc^ÒXVX^‹cZhigVi‚\^XVcdZhdigVXdhVfjZjcegdXZhd
eVgV YZhVggdaaVg n bVciZcZg jcV gZaVX^‹c jc†kdXV ZcigZ adh dW_Zi^kdh! adh
gZXjghdh n aVh b^hbVh dedgijc^YVYZh YZa Zcidgcd n YZa bZgXVYd# HdcYZVg
aV gZhejZhiV YZa bZgXVYd gZigdVa^bZciVX^‹c Zh YZ k^iVa ^bedgiVcX^V eVgV
aVYZÒc^X^‹cnaVejZhiVVaY†VYZaeaVcdeZgVi^kd!VYZb{hYZeVgVkVadgVgaV
ZÒXVX^VYZaVZhigViZ\^V#*'

 EaVcZVgfj^ZgZYZX^g[dgbVa^oVgaVhYZX^h^dcZh[jcYVbZciVaZhZceda†i^XVZbegZ"
hVg^Va#AdhZaZbZcidhfjZ^cÓjnZcZcaVYZÒc^X^‹cYZjcVZhigViZ\^Vhdc!Zch†ciZh^h!aV
i^edad\†VYZaVZbegZhVegdYjXidg^ZciZYdbVg`Zidg^ZciZY!ZaZcidgcdZcegd\gZhdd
Zhi{i^Xd!aVXVeVX^YVYdg\Vc^oVi^kVYZaVZbegZhV^ccdkVYdgVdWjgdXg{i^XV!aVgZciVW^a^YVY
gZ^ckZgh^‹cYZadhWZcZÒX^dhZc^ckZhi^\VX^‹cdbVciZc^b^ZcidYZadhXdhiZhÒ_dh#

 AdhVc{a^h^hnaVhYZX^h^dcZhYZWZcYZiZcZgZcXjZciVZaiZgg^idg^dXdbeZi^i^kdZc
ZafjZaVZbegZhVVXiV!adhk†cXjadh!aVhdedgijc^YVYZhYZaZcidgcdnYZaVXdbeZiZcX^V#
JcV^ckZhi^\VX^‹cYZiVaaVYVhdWgZaVZhigjXijgVYZahZXidgh^\c^ÒXVkVadgVghjY^bZch^‹c!hjh
ediZcX^Va^YVYZhYZYZhVggdaadZcZai^Zbed!aVgZciVW^a^YVY!adhXdhiZh!Za\gVYdYZ^ccdkVX^‹c
iZXcda‹\^XV#6c{ad\VbZciZdXjggZXdcZaVc{a^h^hYZaVYZbVcYV/jcVZhigViZ\^VYZ‚m^id
i^ZcZfjZWVhVghZZcaVhVi^h[VXX^‹cYZaVhcZXZh^YVYZhYZadhXdchjb^YdgZhnhdWgZZaVc{a^"
h^hYZaXdbedgiVb^ZcidYZaVXdbegVkZg^ÒXVX^‹cYZadhhZ\bZcidhYZbZgXVYd!hZ\bZcidh
]dbd\‚cZdhYZXdchjb^YdgZh####Adb^hbdXdcaVXdbeZiZcX^V!Vc{a^h^hfjZeZgb^iZVkZg^"
\jVgXdbdadhVYkZghVg^dhZXdc‹b^XdhhZbjZkZcZcZab^hbdbZgXVYdfjZaVZbegZhV#
  :abZgXVYdZhi{^cZk^iVWaZbZciZ^cÓjZcX^VYdedgZaZcidgcdZmiZgcdneVYZXZhjh
dhX^aVX^dcZh#:m^hiZc[VXidgZhhdWgZadhfjZaVZbegZhVcdejZYZiZcZgXdcigdanZhidhhdc
\ZcZgVabZciZaViZXcdad\†V!aVY^hedc^W^a^YVYYZbViZg^Vheg^bVh!aVbVcdYZdWgV!ZaZcidg"
cdZXdc‹b^Xd!aVaZ\^haVX^‹c!aVXdbeZiZcX^VVXdgideaVod#:m^hiZcdigdh[VXidgZh!ZcXVbW^d!
hdWgZadhXjVaZhejZYZni^ZcZfjZZ_ZgXZghj^cÓjZcX^VnZhidhhdcZa`cdl"]dl!ZaWV\V_Z
iZXcda‹\^XdY^hedc^WaZ!ZaXdchjb^Ydg#9ZaVVYfj^h^X^‹cYZZhidhZaZbZcidhZhedh^WaZZhiV"
WaZXZgXjVaZhhZg{cadhk†cXjadhYZadgZVa^oVYdedgaVZbegZhV#

 AVgZaVX^‹cXdcZaZcidgcdZh^\jVabZciZ^bedgiVciZnadhZaZbZcidhfjZjcV
ZbegZhVYZWZiZcZgWV_dXdcigdahdcaVYZbd\gV[†V!aVZXdcdb†V!aViZXcdad\†V!Za{bW^id
hdX^dXjaijgVaYZadhbZgXVYdhZhXZcVg^dh\Zd\g{ÒXdhnXjaijgVaZhZcYdcYZfj^ZgZVXijVg#

9bWi_ÓYWY_ŒdZ[bWi[ijhWj[]_WiZ[Z_i[‹efeh|h[Wi"i[]‘dJhk[cWd'//.

9^hZŠdZhigViZ\^V 6ig^WjidhYZY^hZŠd DW_Zi^kdhYZZbegZhV

LWbeh ":hi^a^hbdYZaegdYjXid EVgVVŠVY^gkVadgVaXdchjb^Ydg
":hi‚i^XV BZ_dgVgaVgZejiVX^‹cYZaV
"8Va^YVY ZbegZhV
":hi{cYVgZh
"KVadgVŠVY^Yd
?cW][d "9^[ZgZcX^VX^‹cYZaegdYjXid >bV\ZcYZZbegZhVnZhigViZ\^V
"9^kZgh^ÒXVX^‹cYZaegdYjXid
">YZci^YVYYZaegdYjXid
">YZci^YVYYZaVbVgXV
"8gZVX^‹cYZbVgXV
FheY[iei "<ZcZgVgcjZkVh^YZVh 8jaijgVeVgVcjZkVh^YZVh!
">YZVYZXdbjc^XVX^‹c XgZVi^k^YVYZ^ccdkVX^‹c
">YZVhYZ^ciZgegZiVX^‹c
">YZVhYZ^ciZ\gVX^‹c
"EgdbdkZgegdYjXidh
FheZkYY_Œd "GZYjXX^‹cYZaVXdbeaZ_^YVY BZ_dgVngZYjXX^‹cYZaeaVodYZ
"JhdYZcjZkVh XdbZgX^Va^oVX^‹c
iZXcdad\†Vh$bViZg^VaZh
"GZYjXX^‹cYZai^ZbedYZegdYjXX^‹c
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&%(

+$( <Wi[i"d_l[b[i"eX`[j_leio^[hhWc_[djWi
Z[bW][ij_Œd[ijhWjƒ]_YWZ[bZ_i[‹e$
AVY^gZXX^‹cYZaVZbegZhVYZWZXgZVgjcV[dgbjaVYZgZaVX^‹cZcigZY^hZŠd!
ZhigViZ\^V! ^YZci^YVY n XjaijgV ZbegZhVg^Va! Xdc Za dW_Zid YZ XdcigdaVg aV
ZhiVW^a^YVYYZaYZhVggdaadYZaY^hZŠdZcaVZbegZhV!VaVkZofjZegdbdkZgaV
^ciZ\gVX^‹cYZaY^hZŠdZcaVh[jcX^dcZhYZaV[dgbjaVX^‹cZhigVi‚\^XV#:a9Zh^\c
BVcV\ZghZXdck^ZgiZedgZaadZcjcVhZhdgZhigVi‚\^Xd!eVeZafjZiVbW^‚c
ejZYZhZgVhjb^YdedgjcV6hZhdg†VYZ9^hZŠdZmiZgcV!aVXjVaegdedgX^dcVg{
aV^YZdad\†VYZY^hZŠd^Y‹cZVVaVb^h^‹cYZaVZbegZhV#:cVbWdhXVhdhZh
^bedgiVciZdeiVgedgjcVk^h^‹cYZaY^hZŠdVaVg\deaVod#EdgadXdbZciVYd!aV
<Zhi^‹c:higVi‚\^XVYZa9^hZŠdiZcYg{XjVigdeVeZaZhZhZcX^VaZhVYZhZbeZŠVg!
fjZ^bea^XVgVcjcVeaVc^ÒXVX^‹ck^hjVaYZaVZhigViZ\^V!ZcaVfjZXa^ZciZhn
Y^hZŠVYdgZhhZg{cXdche^gVYdgZh/

&#K^hjVa^oVgaVZhigViZ\^VYZacZ\dX^d#

'#7jhXVgZaXZcigdYZaVXdbeZiZcX^V#

(#GZjc^g^c[dgbVX^‹cYZabZgXVYd#

)#>ccdkVgZcadhegdXZhdhY^gZXi^kdh#

:caVeg{Xi^XV!aVZhigViZ\^VZhb{hW^ZcjcVigVnZXidg^VfjZjcVhjXZh^‹cYZ
YZX^h^dcZhigVhXZcYZciVaZh#Adhb‚idYdhYZaV<Zhi^‹c:higVi‚\^XdYZa9^hZŠd
kVg†VcZc[jcX^‹cYZaVXdcÒ\jgVX^‹cYZaYZhVggdaadYZaVZhigViZ\^V/

&#:higViZ\^VXdchigj^YV!edgZa^cXgZbZcidYZaVeaVc^ÒXVX^‹cZhigVi‚\^XV!
eZghdc^ÒXVX^‹cgVX^dcVa!eda†i^XV!d^cÓjZcX^VXjaijgVa#

'#:higViZ\^V^bejZhiV!edgYZeZcYZcX^VYZaZcidgcdZmiZgcddZhigViZ\^VYZa\gjed#
 FheY[ieZ[bW][ij_Œd[ijhWjƒ]_YWZ[bZ_i[‹e

;VhZh 8jZhi^dcZhVVcVa^oVg =ZggVb^ZciVh

'$<ehckbWY_ŒdZ[bW 6c{a^h^hXdbeZi^i^kd^ciZgcdVigVXi^kdYZaVZbegZhV 6c{a^h^hÆE:HIÇ
[ijhWj[]_W Dedgijc^YVYZhnVbZcVoVh BdYZadÆEdgiZgYZX^cXd[jZgoVhÇ
:hXZcVg^dh
<gjedZhigVi‚\^Xd
HZ\bZciVX^‹c
BVig^o6igVXi^kd$6Xi^kd
6c{a^h^hXdbeZi^i^kd>ciZgcd 8VYZcVYZkVadg
8VeVX^YVYZhigVi‚\^XV EjcidYZgZ[ZgZcX^V
;VXidgZhXaVkZYZa‚m^id 6c{a^h^hYZabjZhigVg^d
;jZgoVhnYZW^a^YVYZh
DW_Zi^kdhdg\Vc^oVi^kdh H†ciZh^h 6c{a^h^hHLDI96;D
9^gZXX^‹cXdgedgVi^kV BVig^o[jZgoV$^ciZg‚h
:meZXiVi^kVhYZadh^ckdajXgVYdh ;dXVa^oVX^‹cYZ^YZci^YVY
wi^XVYZcZ\dX^d
 8jaijgV
K^hjVa^oVX^‹cYZaVB^h^‹c 6jY^idg^V\Zhi^‹cZhigVi‚\^XVY^hZŠd
($I[b[YY_ŒdZ[bW 7VaVcXZ/DW_Zi^kdhY^gZXX^‹c$6c{a^h^h96;D 8dcYjXidgYZZhigViZ\^Vh\Zc‚g^XVh
[ijhWj[]_W "KdajbZc$egZX^d
"9^[ZgZcX^VX^‹c
)$?cfb[c[djWY_Œd GjiVhYZYZhVggdaadZhigVi‚\^Xd >ciZ\gVX^‹ckZgi^XVa
Z[bW[ijhWjƒ]_YW 9^kZgh^ÒXVX^‹c
>ciZgcVX^dcVa^oVX^‹c


<k[dj[0AWj^hod8[ij$CWdW][c[djZ[bZ_i[‹e"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$

:hiZc^kZaÒcVaYZaV\Zhi^‹cYZY^hZŠd]VXZZXdYZadhegdXZhdhZhigVi‚\^XdhYZaVXdbeVŠ†V
Xdcb‚idYdhYZ[dgbjaVX^‹cYZZhigViZ\^Vh!hZaZXX^‹cZ^beaZbZciVX^‹c#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&%*

;b:[i_]dCWdW][h[dYk[djhW[bc[`ehYh_j[h_e
fWhWZ[j[hc_dWhbeii[]c[djeiZ[c[hYWZe
f[hj_d[dj[iobWYehh[YjWWi_]dWY_ŒdZ[beih[Ykhiei

+$($' <ehckbWY_ŒdZ[bW][ij_Œd[ijhWjƒ]_YW
Z[bZ_i[‹e$
AV <Zhi^‹c ZhigVi‚\^XV YZa Y^hZŠd Zc eg^bZg aj\Vg YZWZ eVgi^X^eVg Zc aV
[dgbjaVX^‹cYZZhigViZ\^VnhZaZXX^‹cYZegdXZhdh]VX^ZcYdjcZh[jZgodeVgV
igVZgXdcdX^b^ZcidYZY^hZŠdZcaVk^h^‹cigVch[dgbVWaZYZabZgXVYd!eZgd
iVbW^‚chjeZgk^hVgaVeZcZigVX^‹cYZaZhe†g^ijYZY^hZŠdZcadhdW_Zi^kdhYZ
cZ\dX^d#AV\Zhi^‹cYZaY^hZŠdeVgi^X^eVZcidYVhaVhY^[ZgZciZh[VhZhYZaV
[dgbjaVX^‹cYZZhigViZ\^Vh#

+$($'$'=[ij_ŒdZ[Z_i[‹eYeceWd|b_i_iYecf[j_j_le$
:a Vc{a^h^h XdbeZi^i^kd igViV YZ YZiZgb^cVg adh VigVXi^kdh YZ aV ZbegZhV!
bdYZgVYdeg^bZgdedgZabVg\ZcYZgZciVW^a^YVYYZXVe^iVa^ckZgi^YdnajZ\d
edg[VXidgZhYZ‚m^idXaVkZh!adhXjVaZhidYdcZ\dX^dcZXZh^iVhVWZgnaaZ\VgV
Ydb^cVgeVgVhdWgZk^k^g#IdbVaV[dgbVYZYdhZkVajVX^dcZhhjXZh^kVhnjcV
h†ciZh^hYZaVc{a^h^h96;D[jZgoVh!YZW^a^YVYZh!dedgijc^YVYZhnVbZcVoVh#*(

+$($'$(7d|b_i_i[nj[hde0Efehjkd_ZWZ[io7c[dWpWi$
:aVc{a^h^hYZaZcidgcdZmiZgcdYZaVZbegZhVhZZhiVWaZXZZcYdhc^kZaZh/
aVhdedgijc^YVYZhYZaZcidgcdnaVhVbZcVoVheVgVaVZbegZhVnaVh
[jcX^dcZhYZY^hZŠd#
 9_dYe\k[hpWiYecf[j_j_lWiZ[C$Fehj[h$

ÇFehj[hZ_WcedZÈZ[C$Fehj[h$

EVgVVcVa^oVgadhVigVXi^kdhYZaVZbegZhV!Za9Zh^\cBVcV\ZgZmVb^cVg{/*)

"AVh^cÓjZcX^VhYZaZcidgcd^bedgiVciZhZcZaeVhVYdnhj^beVXid[jijgd#

"AVhkZciV_VhXdbeZi^i^kVhYZabZgXVYdcVX^dcVajhVcYdaV]ZggVb^ZciVYZa
ÆEdgiZgY^VbdcYÇ/ZhigViZ\^VhYZcZ\dX^d!XdcY^X^dcZhZheZX†ÒXVh!YZbVcYVh
adXVaZhnh^bjaVX^dcZhXdbjcZhZcigZ^cYjhig^Vh#

+)U8EH@7:;CEPEJ7"8h_]_jj[$:;I?=D
C7D7=;C;DJ"Ki_d]Z[i_]dje8k_bZ8hWdZ
LWbk[WdZ9ehfehWj[$7bbmehj^Fh[ii"(&&)$
D[mOeha$FW]$().
+*U8EH@7:;CEPEJ7"8h_]_jj[$:;I?=D
C7D7=;C;DJ"Ki_d]Z[i_]dje8k_bZ8hWdZ
LWbk[WdZ9ehfehWj[$7bbmehj^Fh[ii"(&&)$
D[mOeha$FW]$().
"AVh[jZgoVhfjZYZiZgb^cVcaVcVijgVaZoVYZaZcidgcdXdbeZi^i^kdYZa
cZ\dX^daVhÆX^cXd[jZgoVhÇedgWVggZgVhYZZcigVYV!aV^ciZch^YVYYZaV
g^kVa^YVYZcigZadhXdbeZi^YdgZhegZhZciZh!aVhVbZcVoVhYZadhcjZkdh
XdbeZi^YdgZhediZcX^VaZh!aV[jZgoVYZedYZgYZXa^ZciZhnegdkZZYdgZhn!
ÒcVabZciZ!aVhVbZcVoVhYZegdYjXidhhjWhi^ijidh#
:hiZVc{a^h^hiZgb^cVXdcaVXdchigjXX^‹cYZZhXZcVg^dhWVhVYdhZc^YZci^ÒXVg^cÓjZcX^VhXaVkZn
[VXidgZhYZXVbW^d#AVeaVc^ÒXVX^‹cYZZhXZcVg^dhYZeZcYZYZjcVgZegZhZciVX^‹ceaVjh^WaZfjZ
ejZYZhZgegZk^hiVX^cXdVŠdhZcVYZaVciZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&%,

FWhWZ[j[hc_dWhbeiZec_d_eiZ[
WYj_l_ZWZ[ijhWjƒ]_YeiZ[bW[cfh[iW$
;bZ_h[YjehZ[Z_i[‹efhefedZh|[ij[Wd|b_i_i1
i_bW[djhWZWfej[dY_WbZ[Z_i[‹e[ibWcWd[hW
Z[gk[bWYecfW‹‡Wf[hY_XWikWYj_l_ZWZ$

9Zhej‚h!Za9Zh^\cBVcV\ZgVcVa^oVaVh^ijVX^‹cXdbeZi^i^kVYZaVXdbeVŠ†V/

"EVgVYZiZgb^cVg\gjedhZhigVi‚\^XdhgZVa^oVcYdjcVgZV\gjeVX^‹cYZZbegZhVh
eZgiZcZX^ZciZhVjcV^cYjhig^VfjZi^ZcZch^b^aVgZhXVgVXiZg†hi^XVhZhigVi‚\^XVh#

"EVgVYZiZgb^cVgadhYdb^c^dhYZaVVXi^k^YVYZhigVi‚\^XVYZaVZbegZhV#
:aY^gZXidgYZY^hZŠdegdedcYg{ZhiZVc{a^h^h0aVk^hjVa^oVX^‹cediZcX^VaYZa
Y^hZŠdZhaVbVcZgVYZfjZaVZbegZhVeZgX^WVhjVXi^k^YVY#

"EVgVYZiZgb^cVghZ\bZcidhYZbZgXVYdfjZi^ZcZch^b^a^ijYZhdY^[ZgZc"
X^VhZci‚gb^cdhYZXa^ZciZhdjhjVg^dh#AdhXg^iZg^dhYZhZ\bZciVX^‹chdc/

 8g^iZg^dhYZYZbVcYV/i^edYZXa^ZciZ![jcX^dcZhYZjhd!bdYdYZY^h"
ig^WjX^‹cnodcV\Zd\g{ÒXV#

 8g^iZg^dhYZhjb^c^higd/i^edYZiZXcdad\†V!ZhigjXijgVhYZXdhiZnXdc"
igdaYZaVXdbeZiZcX^VVXdgYZXdcaVhXaVkZhYZadh[VXidgZhYZ‚m^id#

 :a9Zh^\cBVcV\ZgZcXjZcigVZabZ_dgXg^iZg^deVgVYZiZgb^cVgadhhZ\bZcidhYZ
bZgXVYdeZgi^cZciZhnaVXdggZXiVVh^\cVX^‹cYZadhgZXjghdh#

 ;^cVabZciZ!aVbVig^oYZadhVigVXi^kdhnVXi^kdhYZedh^X^dcVb^ZcidYZXVYVYdb^"
c^dYZVXi^k^YVYZhigVi‚\^XVYZVXjZgYdXdcZaVigVXi^kdnaVXdbeZi^i^k^YVYYZaV^cYjhig^VYZ
W^ZcZhYZaVZbegZhV#
 BWi\k[hpWigk[Z[j[hc_dWdbWdWjkhWb[pWZ[b
[djehdeYecf[j_j_leZ[bd[]eY_ebWiÇY_dYe
\k[hpWiÈfehXWhh[hWiW[djhWZW"bW_dj[di_ZWZ
Z[bWh_lWb_ZWZ[djh[beiYecf[j_Zeh[i
fh[i[dj[i"bWiWc[dWpWiZ[beidk[lei
Yecf[j_Zeh[ifej[dY_Wb[i"[bfeZ[hZ[Yb_[dj[i
ofhel[[Zeh[io"ÓdWbc[dj["bWiWc[dWpWi
Z[fheZkYjeiikXij_jkj_lei$

9WZ[dWZ[LWbeh$C_Y^W[b;$Fehj[heXhW9ecf[j_j_l[7ZlWdjW][09h[Wj_d]WdZIkijW_d_d]Ikf[h_ehF[h\ehcWdY$
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&%.

+$($'$)7d|b_i_i_dj[hde0<k[hpWio:[X_b_ZWZ[i$
JcVc{a^h^hYZ[dgiVaZoVhnYZW^a^YVYZhZci‚gb^cdhYZgZXjghdhYZaVZbegZhV
d hj XVeVX^YVY ZhigVi‚\^XV iVbW^‚c i^ZcZ Ydh c^kZaZh/ aVh [dgiVaZoVh n
YZW^a^YVYZhYZaVZbegZhVnaVhYZaVh[jcX^dcZhYZY^hZŠdYZaVZbegZhV#

:hiZVc{a^h^hXdch^hiZZc/**

"GZk^h^‹cYZgZXjghdhfjZ^YZci^ÒfjZcnXaVh^ÒfjZcadhgZXjghdhYZaV
ZbegZhVfjZejZYZcVYfj^g^g^ciZgcVbZciZdZmiZgcVbZciZeVgVVednVg
hjhZhigViZ\^VhnY^hi^c\j^gZhdhgZXjghdhfjZhdcc^Xdh#
Kdi[]c[dje
"8VeVX^YVYYZaVWVhZYZVc{a^h^hVigVk‚hYZjcVc{a^h^hYZaVXVYZcVYZkVadg#
[ijhWjƒ]_Ye[i
":kVajVX^‹cXdbeVgVi^kV!fjZZhaVXVeVX^YVYZhigVi‚\^XVYZaVZbegZ" kdWWYj_l_ZWZ
hV!Zhh^ZbegZjcVcdX^‹cgZaVi^kVnVYZb{h!hZjhVeVgVXdcYjX^gjc
Vc{a^h^hXdbeVgVi^kd!XdcdX^YdXdbdaVZkVajVX^‹cXdbeVgVi^kV#åai^bdh ^ece]ƒd[WZ[
Vc{a^h^hncdgbVhhZXidg^VaZhhdcnVjcV[jZciZYZ^c[dgbVX^‹c!eZgdZh Zec_d_e_Z[dj_ÓYWZe
^chigjXi^kdXdbeVgVgaVXVeVX^YVYYZaVZbegZhVXdcaVhbZ_dgZheg{Xi^"
XVhVea^XVYVhZcdigVh^cYjhig^Vh# fehkdWYecX_dWY_Œd
"8VgiZgVYZcZ\dX^dhZfj^a^WgVYV!jcV]ZggVb^ZciVfjZVnjYVVkZg^ÒXVgaV
Z[\WYjeh[iYbWl[
eZgi^cZcX^VYZaVXVgiZgVYZVXi^k^YVYZhYZaVZbegZhV# Z[ƒn_jefWhW[ij[
Zec_d_e[if[Y‡ÓYe[
 AVZbegZhVejZYZZhiVgY^k^Y^YVYZkVg^VhbVcZgVh#6h†!ZhcZXZhVg^dY^k^Y^gaVZb"
_dZ[f[dZ_[dj[c[dj[
egZhVZcjccbZgdYZhjWXdc_jcidh]dbd\‚cZdhdhZ\bZcidhZhigVi‚\^Xdh#JchZ\bZcid Z[ejhei[dbeigk[
ZhigVi‚\^XdZhjcVVXi^k^YVY]dbd\‚cZVYZYdb^c^d^YZci^ÒXVYdedgjcVXdbW^cVX^‹cYZ
[VXidgZhXaVkZYZ‚m^ideVgVZhiZYdb^c^dZheZX†ÒXdZ^cYZeZcY^ZciZbZciZYZdigdhZcadh bW[cfh[iW[ij|
fjZaVZbegZhVZhi{^ckdajXgVYV#8VYVhZ\bZcidZhigVi‚\^Xdbdk^a^oVjcYZiZgb^cVYdXdcd"
X^b^ZcidZcadhfjZaVZbegZhVi^ZcZZmeZg^ZcX^VnWjhXVjcVkZciV_VXdbeZi^i^kV#
_dlebkYhWZW$
  JcdYZadhY^[ZgZciZhYdb^c^dhYZVXi^k^YVYYZaVZbegZhVZhY^k^Y^gZchZ\bZcidh
ZhigVi‚\^Xdh!fjZhZ]VXZccZXZhVg^dkVadgVgVadaVg\dYZYdhkVg^VWaZh/aVedh^X^‹cXdbeZi^"
i^kVYZaVZbegZhVZcXVYVjcdYZZhdhhZ\bZcidhnZakVadgYZXVYVhZ\bZcid#AVbVig^o
bdYZadYZadhhZ\bZcidhZhigVi‚\^Xdh!XdbdadhYZhVggdaaVYdhedgaVXdchjaidg†V78<!6gi]jg
9#A^iiaZ!nBX@^chZn!\ZcZgVjcVZhigViZ\^VYZY^hZŠdZhigVi‚\^XdedghZ\bZcid#

 :aVc{a^h^hXdbeZi^i^kdZhgZhjb^YdVXjZgYdXdcZaVc{a^h^h^ciZgcdn
ZmiZgcdYZaVbVig^o96;D#:aVc{a^h^h96;DZhjcV]ZggVb^ZciVW{h^XVYZVc{"
a^h^hYZZhigViZ\^VhfjZZheZg[ZXiVbZciZVYVeiVWaZVaVZhigViZ\^VYZ\Zhi^‹c
YZaY^hZŠd#H^ciZi^oVaVh^ijVX^‹cYZaVZbegZhVZchjhXdciZmidhnYZiZgb^cV
adh[VXidgZhXaVkZYZ‚m^idViZcZgZcXjZciVZcaV\Zhi^‹cYZaY^hZŠd#

+$($'$*7kZ_jeh‡W;ijhWjƒ]_YWZ[b:_i[‹e$
AV VjY^idg†V :higVi‚\^XV YZa 9^hZŠd egdedgX^dcV jcV k^h^‹c cjZkV! dW_Zi^kV
nh^chZh\dhYZabdYdZcfjZaVZbegZhV^ciZ\gVZaY^hZŠdeVgVegdbdkZg
hj bVgXd YZ VXi^k^YVY*+# AV [dgbV Zc fjZ aV ZbegZhV ji^a^oV n \Zhi^dcV Za
Y^hZŠdgZkZaVhjkZgYVYZgVVXi^ijY]VX^VZab^hbdnZaXdcdX^b^ZcidYZaV
eZgXZeX^‹c fjZ YZ aV ZbegZhV i^ZcZc hjh Xa^ZciZh# Edg Zaad hZ Zh[jZgoV Zc
VcVa^oVgaV^ciZ\gVX^‹cYZaY^hZŠdZcadhegdXZhdhYZ[dgbjaVX^‹cZhigViZ\^Vn
aV[dgbjaVdg\Vc^oVi^kVYZaVZbegZhV#

++U8EH@7:;CEPEJ7"8h_]_jj[$:;I?=DC7D7=;#
C;DJ"Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ9ehfehW#
"EgZiZcYZ/6cVa^oVgaVZÒXVX^VYZadhXdbedcZciZhYZaY^hZŠd!fj‚[jcX^d"
j[$7bbmehj^Fh[ii"(&&)$D[mOeha$FW]$().
cVnfj‚cd!nh^hZZhi{Vea^XVcYdXdcZÒXVX^VZaegZhjejZhidYZY^hZŠd#
+,U8EH@7:;CEPEJ7"8h_]_jj[$:;I?=DC7D7=;#
C;DJ"Ki_d]Z[i_]dje8k_bZ8hWdZLWbk[WdZ9ehfehW#
j[$7bbmehj^Fh[ii"(&&)$D[mOeha$FW]$(**$
 9ZiZgb^cVh^VigVk‚hYZaY^hZŠdhZcdi^ÒXVcbZchV_ZhXd]ZgZciZhVaZmiZg^dg#
+-U8;IJ"AWj^hod$C7D7=;C;DJ:;B:?I;yE"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[b
 GZÓZ_VZcfj‚bZY^YVZaY^hZŠdZhXdch^YZgVYdjcVXi^kdkVa^dhdfjZVnjYV
Z_i[‹e$FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW VXjbea^gadhdW_Zi^kdhZhigVi‚\^XdhYZaVZbegZhV#:h^bedgiVciZZkVajVgaV
;ifW‹W$F|]$**$ Z[ZXi^k^YVYnXd]ZgZcX^VYZaVhYZX^h^dcZhYZY^hZŠdYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&&

7b_dl[ij_]WhbW\ehcW[dgk[kdW[cfh[iW
i[fh[i[djWWi‡c_icW"bWWkZ_jeh_WZ[Z_i[‹e
h[l[bWi_[bZ_i[‹eYeckd_YWZ[\ehcWYe^[h[dj[
bWiYedl_YY_ed[iobeilWbeh[iZ[bW[cfh[iW$

 6YZb{h!aVVjY^idg†VXdbeVgVaVXdcYjXiVnZa[jcX^dcVb^Zcid^ciZg"
cdYZaVb^hbVedgZ_Zbead!ZaY^hZŠdYZhjZcidgcdYZigVWV_dXdc
hj^bV\ZcZ^YZci^YVYZmiZgcVedgZ_Zbead!hj^bV\ZcXdgedgVi^kVn
hjh\VbVhYZegdYjXidh#9ZZhiZbdYdejZYZ^YZci^ÒXVghZXjVafj^Zg
^cXd]ZgZcX^VZcZaY^hZŠdYZadhZY^ÒX^dh!^ciZg^dgZh!egdYjXidh!hZgk^X^dh!
ZckVhZ!bViZg^Va\g{ÒXd!ejWa^X^YVYnh^i^dhlZWYZaVZbegZhV#

 Hj\^ZgZ[dgbVhYZbZ_dgVgZaY^hZŠdYZaVZbegZhV!VahZgjcVc{a^h^hh^h"
iZb{i^XdYZaVh^ijVX^‹cVXijVaYZaVZbegZhVnd[gZXZgZXdbZcYVX^dcZh
eVgVbZ_dgVghjh^ijVX^‹cZcZa[jijgd#

 JcgZVa^oVX^‹cXdbeaZiVYZZhiZi^edYZVjY^idg†VZhedXd]VW^ijVa!eZgd
VjY^idg†VheVgX^VaZhejZYZcaaZkVghZVXVWd!XdbdYZaVheg{Xi^XVhYZ
\Zhi^‹cYZY^hZŠd!Za^ckZciVg^dYZadhegdXZY^b^ZcidhYZigVWV_dXdc
ZbegZhVhZmiZgcVhYZY^hZŠd!egdXZY^b^ZcidhYZhZaZXX^‹cYZY^hZŠV"
YdgZh!aV\Zhi^‹cYZegdnZXidhbZY^VciZbdYZadhYZXdcigVidh!ÒX]VhYZ
ZkVajVX^‹cnWVaVcXZ#

"8dciZc^Yd/JcVgZk^h^‹cYZaVZbegZhVnYZhjZcidgcdYZbVg`Zi^c\!Za
bViZg^VagZXde^aVYdYjgVciZaVVjY^idg†V!jcVc{a^h^hYZajhdYZaY^hZŠd!
jcVXdcXajh^‹cngZXdbZcYVX^dcZhYZbZ_dgV#*,

 JcZ_ZgX^X^di^aZhVjY^iVgZajhdYZaY^hZŠdedgeVgiZYZaVZbegZhVn
Zcfj‚bZY^YV‚hiZXdbjc^XVngZ[jZgoVadhdW_Zi^kdh\ZcZgVaZhYZaV
ZbegZhV#6a^ckZhi^\VgaV[dgbVZcfjZjcVZbegZhVhZegZhZciVVh†
b^hbV!aVVjY^idg†VYZY^hZŠdgZkZaVh^ZaY^hZŠdXdbjc^XVYZ[dgbV
Xd]ZgZciZaVhXdck^XX^dcZhnadhkVadgZhYZaVZbegZhV#
"HjedcZ/JcVc{a^h^hXdbeVgVi^kdYZadhgZhjaiVYdhdWiZc^YdhZcaVZh"
igViZ\^VYZegdYjXid!YZah^hiZbVYZ^c[dgbVX^‹cnXdbjc^XVX^‹c#H^Za
Vc{a^h^hgZkZaVjcVh^cZg\^VY‚W^adcdZm^hiZciZZcigZZhidhigZhZaZbZc"
idh!hZZ[ZXijVg{jccjZkdVc{a^h^h#

 GZYVXiVgjc^c[dgbZfjZgZhjbVaVb^h^‹cYZaVZbegZhV!hjYdb^c^dYZ
VXi^k^YVY!bZgXVYdXdbeZi^i^kd!ZhigViZ\^VYZegdYjXidnZhigViZ\^VYZ
Xdbjc^XVX^‹c!hZgZXd\ZcadhYdXjbZcidhZck^VYdhVY^[ZgZciZhXdci^c"
\ZcX^VheWa^XVhYjgVciZadhigZhVŠdhVciZg^dgZh#

"GZfj^h^idh/EjZYZaaZkVghZVZ[ZXidiVcidedggZXjghdhZmiZgcdhXdbd
^ciZgcdhYZaVZbegZhV#CddWhiVciZ!aVji^a^oVX^‹cYZjcVXdchjaidg†VZm"
iZgcVd[gZXZkVg^VhkZciV_Vh!YVYdfjZZhb{hegdWVWaZfjZjcXdchjaidg
ZmiZgcdhZVb{hdW_Zi^kdncdhZYZ_Z^cÓj^gedgadhegZ_j^X^dhdeda†i^XVh
^ciZgcVhYZaVZbegZhV#

 6YZb{h!jcVXdchjaidg†VZmiZgcVejZYZiZcZgb{hZmeZg^ZcX^VZcZa{b"
W^idYZaY^hZŠdn!ejZhidfjZhZigViVYZjcVZci^YVYV_ZcVVaVZbegZhV!
Zhedh^WaZfjZhjhGG#==#hZbjZhigZcb{hVW^ZgidhZchjhXdbZciVg^dh
XjVcYdhZaZhegZ\jciZhdWgZZajhdYZaY^hZŠdZcaVZbegZhV#

 AVVjY^idg†VhZgZVa^oVXdcgZXjghdhZmiZgcdhVadhY^[ZgZciZhYZeVg"
iVbZcidhd{gZVhYZaVZbegZhV#:hgZXdbZcYVWaZhjgZVa^oVX^‹cedg
gZXjghdhZmiZgcdh!fj^ZcZhigVhaVhgZjc^dcZhXdcaVhY^[ZgZciZh[jcX^dcZh
YZXdbZgX^Va^oVX^‹c!egdYjXX^‹c!> 9!XdcaV[jZgoVYZkZciVhZcejcidh
YZkZciV!k^h^iVhVadhejcidhYZkZciVYZaVZbegZhV![{Wg^XVhndÒX^cVh#
:hidhXdciVXidhnk^h^iVhhdceVgVgZXd\ZgaV^c[dgbVX^‹ccZXZhVg^VeVgV
gZVa^oVgjcVZkVajVX^‹cÒcVa!XdcaVVnjYVYZXjZhi^dcVg^dh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&(

"EgdXZhd/AVVjY^idg†Vh^\jZjcVhZg^ZYZeVjiVhfjZhZbjZhigVcZcaV
Ò\jgVh^\j^ZciZ#:aegdXZhdXdb^ZcoVXdcaV^YZci^ÒXVX^‹cYZaVVXi^k^YVY
WV_dVc{a^h^h!hZgZaZkVcadh^ciZgZhVYdh^YZci^ÒXVYdhnhZZkVaVbZ"
Y^VciZ^ciZggd\Vidg^d!dWhZgkVX^‹cngZXdbZcYVX^dcZheVgVZaXVbW^dnZa
YZhVggdaadgZVa^oVYd#6a\jcVhgZXdbZcYVX^dcZhejZYZchZgVea^XVYVhYZ
^cbZY^Vid!digdhhZg{cb{hVaVg\deaVod#8jVcYdhZkZYZZhiV[dgbVaV
VjY^idg†VZhjcV]ZggVb^ZciVXZcigVYVZcaV^YZci^ÒXVX^‹cYZ{gZVheVgV
ZaXVbW^dZcjcVZbegZhV#

;bfheY[ie][dƒh_YeZ[WkZ_jeh_W[ijhWjƒ]_YW[dZ_i[‹eZ[9eef[hoFh[ii
"C^kZaZh/8ddeZgnEgZhhegdedgX^dcVcjcbdYZadi^aYZadhc^kZaZhfjZaV
dg\Vc^oVX^‹cYZaVVjY^idg†VYZY^hZŠdedYg†VcVWdgYVg!ZcWVhZVaVXjVa
hZegdedcZcXjVigdc^kZaZh/

™AVhXjZhi^dcZhVbW^ZciVaZhfjZgZeZgXjiZcZcaVZhigViZ\^V
XdgedgVi^kVnZcaVZhigViZ\^VYZY^hZŠd!XdbdaVaZ\^haVX^‹c!aVh
iZcYZcX^VhYZabZgXVYdnaVhiZcYZcX^VhYZaVXdbeZiZcX^V#

™AVXjaijgVZbegZhVg^Va!adhc^kZaZhYZXdcX^ZcX^VYZY^hZŠd!^cXaj"
nZcYdkVadgZhnk^h^‹c!aVZhigViZ\^VYZY^hZŠd^bea†X^iddYZdigV
bVcZgVnZah^aZcX^dhdY^hZŠdYZaVidbVYZYZX^h^dcZh#

™AVÆ\Zhi^‹cÇYZY^hZŠdnegdnZXidhYZY^hZŠdnZaY^hZŠdYZegd"
XZhdhYZY^hZŠdnXVeVX^YVYZhYZfjZY^hedcZ#

™AVhbVc^[ZhiVX^dcZh[†h^XVhYZaY^hZŠd!ZaegdYjXid$hZgk^X^d!Za
aj\VgnaVXdbjc^XVX^‹cZcaVhVXi^k^YVYZhYZaVdg\Vc^oVX^‹c#

"GZVa^oVX^‹c#:aeg^bZgeVhdZhdWiZcZgjcV^bV\ZcYZaVY^bZch^‹c
nZhXVaVYZaVZbegZhVnhjhVXi^k^YVYZh/

™>YZci^ÒXVgaVcVijgVaZoV!ZaeVeZanaV[jcX^‹cYZaVZbegZhVn
gZk^hVghjb^h^‹cdÒadhd[†VXdgedgVi^kV#

™6cVa^oVghjZhigjXijgVVh†XdbdhjhXVg\dhb{hgZaZkVciZh!hjh
bVgXVhVXijVaZhnhjhegdXZY^b^Zcidh!eda†i^XVhnY^gZXig^XZhXdc
gZheZXidVaY^hZŠd#

™>YZci^ÒXVgadhbZgXVYdhZcadhfjZdeZgVedh^X^dcVb^ZcidYZ
bZgXVYdnZkVajVgadhbZgXVYdhY^hedc^WaZhbZY^VciZjcVc{a^"
h^hYZaVhXdcY^X^dcZhYZabZgXVYdnYZaVXdbeZiZcX^V#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&*

 :ahZ\jcYdeVhdZhXdbegZcYZgZabdYdZcfjZhZeZgX^WZaVZbegZhV
š?Z[dj_ZWZl_ikWb"
^ciZgcVnZmiZgcVbZciZ#EVgVXdcdXZghj^bV\Zc^ciZgcVZhcZXZhVg^d/ decXh[o[ij_be
™GZVa^oVgZcigZk^hiVhVadhXVg\dhb{hY^gZXi^kdhXdchZ_ZgdYZaZ\V"
Z[bbe]ej_fe"
Yd!Y^gZXidg\ZcZgVa!gZhedchVWaZYZY^hZŠdd9Zh^\cBVcV\Zg# c[cXh[j[i"cWj[h_Wb
™GZVa^oVgZcigZk^hiVhVY^kZghdhZbeaZVYdh# _cfh[ie"[dlWi[i"
™GZVa^oVgZcigZk^hiVhXdcadhXa^ZciZhVXijVaZhnediZcX^VaZhYZaV
cWj[h_WbfkXb_Y_jWh_e
ZbegZhVeVgVXdcdXZgaV^bV\ZcZmiZg^dg# oi_j_eim[X$
 :aiZgXZgeVhdZhaVY^V\cdh^hk^hjVaYZadhZaZbZcidhfjZeZgb^iZcZkV"
ajVgZaY^hZŠdYZaVZbegZhVYZhYZ/
š;Z_ÓY_eioeÓY_dWi"
iWbWiZ[[nfei_Y_Œd
™>YZci^YVYk^hjVa!cdbWgZnZhi^adYZaad\di^ed!bZbWgZiZh!bViZ"
g^Va^begZhd!ZckVhZh!bViZg^VaejWa^X^iVg^dnh^i^dhlZW# [dbeifkdjeiZ[
l[djW"i[‹Wb_pWY_Œd"
™:Y^ÒX^dhndÒX^cVh!hVaVhYZZmedh^X^‹cZcadhejcidhYZkZciV!hZ"
ŠVa^oVX^‹c!adXVa^oVX^‹cYZaVh^chiVaVX^dcZh!kZ]†Xjadhnjc^[dgbZh# beYWb_pWY_ŒdZ[
™HZgk^X^dYZViZcX^‹cVaXa^ZciZnaVVXi^ijYYZhjhZbeaZVYdh#
bWi_dijWbWY_ed[i"
l[^‡Ykbeio
 :aXjVgideVhdZhaVgZk^h^‹cYZaZbeaZdYZaY^hZŠdXdcYjXZciZVjcV
eZgXZeX^‹cXd]ZgZciZd^cXd]ZgZciZYZaVZbegZhV# kd_\ehc[i$
™6Xi^k^YVYZhYZXdbjc^XVX^‹cYZaVZbegZhV# šI[hl_Y_eZ[
™8‹bdZheZgX^W^Ydnji^a^oVYdZaY^hZŠdedgadhZbeaZVYdh# Wj[dY_ŒdWbYb_[dj[
™EZgXZeX^‹cZmiZg^dgYZaY^hZŠdYZaVZbegZhV!adfjZ\jhiVncd
obWWYj_jkZZ[iki
\jhiVVadhXa^ZciZh!nhjhZmeZg^ZcX^Vhnbdi^kdhYZegZdXjeVX^‹c# [cfb[WZei$
BW_Z[dj_ZWZYehfehWj_lW[nfh[iWbeilWbeh[i
oYh[[dY_WiZ[kdW[cfh[iW"oƒijeii[
h[Ô[`Wd[dbWcWhYWoc_i_ŒdYehfehWj_lWi$

:afj^cideVhdhjedcZaVZcigZ\VYZadhgZhjaiVYdhYZaVVjY^idg†V/

™8dbe^aVgnZkVajVgadhgZhjaiVYdh#

™:aVWdgVgjc^c[dgbZfjZ^cXajnZZadW_Zi^kdYZaVVjY^idg†V!
ZaegdXZhdnadhgZhjaiVYdh#

™GZYVXiVggZXdbZcYVX^dcZhnVXX^dcZhfjZYZW^ZgVcaaZkVgVXVWd
ZcaVZbegZhV#

"Ji^a^YVYYZaVVjY^idg†V/AVVjY^idg†VYZaY^hZŠdZhjcV]ZggVb^ZciVbjni^aeVgVZa
9Zh^\cBVcV\Zg!XdbdgZhedchVWaZiVcidYZaVXd]ZgZcX^VYZabZchV_ZYZY^hZŠdXdbd
YZ\VgVci^oVgfjZ‚hiZXdcXjZgYZXdcaVZhigViZ\^VYZaVZbegZhV#AVVjY^idg†VgZÓZ_VaVh
edh^WaZh^cXd]ZgZcX^VhYZY^hZŠdVh†XdbdaVhdedgijc^YVYZhcdVegdkZX]VYVh!nhj\^ZgZ
hdajX^dcZheVgVfjZZaY^hZŠdYZhZbeZŠZjceVeZab{hVXi^kdVaV]dgVYZVednVgadh
dW_Zi^kdhYZaVZbegZhV#

  8dchjgZXde^aVX^‹cYZbViZg^Vak^hjVangZXdbZcYVX^dcZh!aVVjY^idg†VejZYZXdch"
i^ij^gaVWVhZYZjcVVjY^idg†Vb{hVbea^VfjZZmeadgZaV\Zhi^‹cYZaY^hZŠdnhjVednd
VXi^kdVaVZhigViZ\^VZbegZhVg^Va#AVhgZXdbZcYVX^dcZhhdcbjni^aZheVgVVXijVa^oVg
adhgZXjghdhYZY^hZŠdYZadhZfj^edhYZjcV[dgbVZ[ZXi^kVnegdYjXi^kVngZÓZ_VgaVh
cZXZh^YVYZhYZY^hZŠdYZaVZbegZhV#

  ;^cVabZciZ!aVVjY^idg†VejZYZegdedgX^dcVgbViZg^VahjÒX^ZciZeVgV^cYjX^gVaXVb"
+.U8;IJ"AWj^hod$C7D7=;C;DJ:;B:?I;yE";ijhW#
W^dnVaVVXijVa^oVX^‹cYZaVh^ckZgh^dcZhZcY^hZŠd!adfjZeZgb^i^g†VVhjkZoVaY^gZXidg
j[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$ YZY^hZŠdVbea^VghjZfj^ed^ciZgcdVh†XdbdhjegZhjejZhidnegdbdkZgZakVadgYZa
FWhhWced;Z_Y_ed[i"(&&-#8WhY[bedW$ Y^hZŠdYZcigdYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&,

9edikh[Yef_bWY_ŒdZ[cWj[h_Wbl_ikWb
oh[Yec[dZWY_ed[i"bWWkZ_jeh_Wfk[Z[
Yedij_jk_hbWXWi[Z[kdWWkZ_jeh_Wc|i
Wcfb_Wgk[[nfbeh[bW][ij_ŒdZ[bZ_i[‹eo
ikWfeoeWYj_leWbW[ijhWj[]_W[cfh[iWh_Wb$

+$($( 9Œce_Z[dj_ÓYWhbWiefehjkd_ZWZ[iZ[Z_i[‹e$
AVhdedgijc^YVYZheVgVcjZkdhegdnZXidh!egdXZhdhnXdcXZeidhYZY^hZŠdhjg\Zc
iVcid^ciZgcVbZciZ!YZaVhdg\Vc^oVX^dcZhYZXa^ZciZhnaVhXdchjaidg†Vh!Xdbd
ZmiZgcVbZciZ!YZaXdciZmidb{hVbea^dYZaZcidgcdhdX^Va!XjaijgVanZXdc‹b^Xd#
CdZm^hiZc^c\jcV[‹gbjaVZheZX†ÒXVeVgV^YZci^ÒXVgaVhdedgijc^YVYZhYZY^hZŠd
YZcigdYZjcVZbegZhV!h^cdfjZhdcadhegde^dhdW_Zi^kdhnVhe^gVX^dcZhYZaV
ZbegZhV!hjÆdW_Zi^kdXdgedgVi^kdÇdhjÆ^YZci^YVYYZbVgXVÇadhfjZYZiZgb^cVc
aVh dedgijc^YVYZh VYZXjVYVh eVgV XVYV XdbeVŠ†V n adh bZ_dgZh gZXjghdh YZ
Y^hZŠdeVgV‚hiVh#*-

 AV^YZci^YVYXdgedgVi^kVZmegZhVadhkVadgZhnXgZZcX^VhYZjcVZbegZhV!n‚hidhhZ +.U8;IJ"AWj^hod$C7D7=;C;DJ:;B:?#
gZÓZ_VcZcaVbVgXVnb^h^‹cXdgedgVi^kVh#EdhiZg^dgbZciZ!ZhidhkVadgZhnXgZZcX^VhhZigVch" I;yE";ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW
][ij_ŒdZ[bZ_i[‹e$FWhhWced;Z_Y_ed[i"
[dgbVcZcadhdW_Zi^kdhZbegZhVg^VaZhneaVcZhZhigVi‚\^XdhYZadhY^hi^cidhYZeVgiVbZcidhYZ
(&&-#8WhY[bedW$
aVZbegZhVnhZbVc^ÒZhiVcZchjhZcidgcdh!Xdbjc^XVX^dcZh!egdYjXidhnhZgk^X^dh#AdhkVadgZh
nXgZZcX^VhYZaVZbegZhVgZÓZ_VcadhkVadgZhnXgZZcX^VhYZhjhXa^ZciZh!YZaVheZghdcVhfjZ
jhVc!XdbegVcdXdbeVgiZcaVZmeZg^ZcX^VYZaVbVgXV#

 H^ZadW_Zi^kdYZaV\Zhi^‹cYZaY^hZŠdZh^YZci^ÒXVgnXdbjc^XVgaVh[dgbVhZcfjZ‚hiZ
ejZYZXdcig^Wj^gVakVadgZhigVi‚\^XdYZjcVZbegZhV!ZcidcXZh^YZci^ÒXVgaVhdedgijc^YVYZhYZ
Y^hZŠdZhZaeg^bZgeVhdeVgVad\gVgZhiZÒc#
 +$($($'9_hYkdijWdY_WiYWcX_Wdj[i$
AVhdedgijc^YVYZhYZY^hZŠdVbZcjYdYZg^kVcYZadhXVbW^dhYZX^gXjchiVcX^Vh
YZaVhcjZkVhYZbVcYVh!^ciZgcVhdZmiZgcVh!fjZgZXVZcZcjcVZbegZhV#

 :cZahZcdYZjcVZbegZhV!aVhdedgijc^YVYZhYZY^hZŠdejZYZc]VaaVghZZcZa
cdbWgZ!aVbVgXV!aVb^h^‹c!aVZhigViZ\^VXdgedgVi^kVadhdW_Zi^kdh\ZcZgVaZhYZaVZbegZ"
hV!aVZhigViZ\^VZbegZhVg^VaadhdW_Zi^kdhYZadhYZeVgiVbZcidhfjZVednVcaVZhigViZ\^V
XdgedgVi^kVdZcaVZhigViZ\^VdeZgVi^kVdW_Zi^kdhYZadhegdnZXidh#:hiVhdedgijc^YVYZh
iVbW^‚cejZYZchjg\^gYZadhegdXZhdhYZ[jh^‹cnVYfj^h^X^‹c!YZaVhgZZhigjXijgVX^dcZhdg"
\Vc^oVi^kVhdYZaVY^kZgh^ÒXVX^‹cYZaVhVXi^k^YVYZhYZaVZbegZhV!dW^ZcYjgVciZgZjc^dcZh
[dgbVaZhdXdckZghVX^dcZh^c[dgbVaZhXdcdigdhYZeVgiVbZcidh#*.

 ;jZgVYZaVZbegZhV!aVhdedgijc^YVYZhejZYZchZg[gjidYZadhXVbW^dhZcaVeda†"
+/U8;IJ"AWj^hod$C7D7=;C;DJ:;B:?I;yE" i^XVadXVa!cVX^dcVad^ciZgcVX^dcVa!ZcaVZXdcdb†V!aVXjaijgVnaVhdX^ZYVY!dZcaVhiZcYZc"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$ X^VhYZbd\g{ÒXVh!iZXcda‹\^XVhnaZ\^haVi^kVh#AVhdedgijc^YVYZhiVbW^‚cejZYZciZcZgjcdh
FWhhWced;Z_Y_ed[i"(&&-#8WhY[bedW dg†\ZcZhb{hbdYZhidh!Xdbdjch^beaZVgi†XjadYZeZg^‹Y^XddjcVXdckZghVX^‹cXVhjVa#

 CddWhiVciZ!fj^o{aVbZ_dg[jZciZYZdedgijc^YVYZhYZY^hZŠdhZVcadhegde^dh
Xa^ZciZh/W^ZchjXdcYjXiVVaji^a^oVgjcegdYjXidYZiZgb^cVYd!W^Zchjhde^c^dcZhXdcgZheZX"
idVabdYdYZbZ_dgVgjchZgk^X^d#

:[i[dYWZ[dWdj[iZ[bZ_i[‹e[dkdW[cfh[iW

<k[dj[08eh`WZ[CepejW"(&&)
DW_Zi^kdZbegZhVg^Va
BdciVgjcVZbegZhV
HZga†YZgZcY^hZŠd
AVcoVgjccjZkdegdYjXiddi^ZcYV
AVcoVgjcVbVgXV
6jbZciVgaVXjdiVYZbZgXVYd
GZXjeZgVgaVXjdiVYZbZgXVYd
9^kZgh^ÒXVg]VX^VjccjZkdbZgXVYd
BZ_dgVgaVheda†i^XVhYZ> 9
CZXZh^YVYYZY^hZŠd
Ad\di^ed
9^hZŠd\adWVa
9ZhVggdaadYZaXdcXZeidnYZcjZkdhegdYjXidh
9ZhVggdaadYZacdbWgZnYZaY^hZŠd\g{ÒXd
9^hZŠdYZaVe{\^cVlZWnYZaZckVhZ
GZY^hZŠd
9^hZŠdYZegdYjXidhdZmiZch^‹cYZaVbVgXV
9ZhVggdaadYZXdcXZeidh
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&&.

;nf[h_[dY_Wigk[fheck[l[[bZ_i[‹e

8VbW^d 8dciZmid 8dchZXjZcX^Vh

8VbW^dYZbd\g{ÒXd :hi^adhYZk^YVVaiZgcVi^kdhfjZegdkdXVcaVYZbVcYVYZcjZkdhegdYjXidhnhZgk^X^dh#
:higjXijgVh[Vb^a^VgZh :abdYZadYZaV[Vb^a^VigVY^X^dcVaZhgZZbeaVoVYdedgdigdhbdYZadhb{hÓZm^WaZh#

IeY_Wb
CjZkdhkVadgZhYZadhXdchjb^" BVndgkVadgYZabZY^dVbW^ZciZ!bVndgX^c^hbdXdcgZheZXidVadhegdYjXidhÆYZ
YdgZh bVgXVÇ#
EVigdcZhYZigVWV_d :beaZdÓZm^WaZ!igVWV_VgXdbdVji‹cdbd!cjZkVhgZaVX^dcZhZcigZaV
ZYjXVX^‹c!ZaigVWV_dnZadX^d#
BZY^dVbW^ZciZ JcVaZ\^haVX^‹cfjZ[dbZciVjcV[dgbVYZeZchVgb{hhdhiZc^WaZ#
:Xdcdb†VXgZVi^kV JcVaZ\^haVX^‹cfjZVednVZacZ\dX^dnaV[dgbVX^‹cZcadhhZXidgZhXgZVi^kdh#
Feb‡j_Ye H^hiZbVhYZbdXg{i^Xdh B{hegdXZhdheVgi^X^eVi^kdhnXdchjai^kdhnbVndgegZhZcX^VZcadh\dW^ZgcdhadXVaZhn
gZ\^dcVaZh#
9Za^idhnYZgZX]dhYZVjidg JhdYZaViZXcdad\†VnZaY^hZŠdeVgVegdiZ\ZgadhYZgZX]dhYZVjidg#
 9^[ZgZcX^VX^‹cZ^ccdkVX^‹cYZ CjZkVhiZXcdad\†VhnbZgXVYdhY^kZgh^ÒXVYdhfjZeZgb^iZchVi^h[VXZgaVhcZXZh^YVYZh
egdYjXidh YZadhXa^ZciZh#
<k[hpWiZ[b ;VX^a^YVYYZjhd 6j\ZYZY^hZŠdhb{hVegdkZX]VWaZhZ^cXajh^kdheVgVadhXdchjb^YdgZh
c[hYWZe ZmeZg^bZciVYdhnjcVedWaVX^‹cXVYVkZob{hZckZ_ZX^YV#
EZghdcVa^oVX^‹c 9ZbVcYVYZegdYjXidhnhZgk^X^dh^cY^k^YjVa^oVYdh#
:hi^adhYZk^YVZXda‹\^Xdh 6kVcXZ]VX^VZhi^adhYZk^YVhdhiZc^WaZhneg{Xi^XVhYZgZYjXX^‹cYZgZh^Yjdh#
IZXcdad\†VaaZkVWaZ 6j\ZYZegdYjXidhZaZXig‹c^Xdh!Vgi†XjadhYZbdYVn_dnVhWVhVYdhZcZaXjZged#
H^hiZbVhYZXdbjc^XVX^dcZh CjZkdheVigdcZhYZk^YV!igVWV_dn[dgbVX^‹cWVhVYdhZc>ciZgcZi#
J[YdebŒ]_Ye BViZg^VaZh^ciZa^\ZciZh >ccdkVX^dcZh^ciZa^\ZciZhZcbViZg^VaZh!egdYjXidhnh^hiZbVh#
:begZhVh^ciZa^\ZciZh 8dgedgVX^dcZhnXdbjc^YVYZhk^gijVaZhfjZhjhX^iVcXVbW^dhZcaVh
ZhigjXijgVhdg\Vc^oVi^kVh#

+$($) >[hhWc_[djWiocƒjeZeifWhW?Z[dj_Ó#
YWhbWiefehjkd_ZWZ[iZ[Z_i[‹e$
,&U8;IJ"AWj^hod$C7D7=;C;DJ:;B:?I;yE"
;ijhWj[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[b
Z_i[‹e$FWhhWced;Z_Y_ed[i"(&&-#8WhY[bedW
;ifW‹W$F|]$(.

:m^hiZcY^kZghVh]ZggVb^ZciVhnb‚idYdhfjZeZgb^iZc^YZci^ÒXVgnYZhVggdaaVg
egdVXi^kVbZciZaVhdedgijc^YVYZhYZY^hZŠd!nadhfjZhZegZhZciVcVXdci^cjVX^‹c
Xdchi^ijnZcjcdhWjZcdhejcidhYZeVgi^YVeVgVYZhXg^W^gaVgZaVX^‹cYZaVZbegZhV
XdcZabjcYdZmiZg^dg!ncdZabjcYd^ciZg^dgYZaVZbegZhV!ZafjZYZiZgb^cVh^
Zm^hiZjcbZgXVYdeVgVadhY^[ZgZciZhegdYjXidhnhZgk^X^dh#+%
+$($)$':[iYh_fY_ŒdZ[^[hhWc_[djWiZ[WokZW[d[bZ[iW#
hhebbeZ[bWiYWfWY_ZWZ[iZ[ÇfbWd_ÓYWY_ŒdZ[Z_i[‹eÈ$
6c{a^h^hE:HI#9ZhXg^WZadh[VXidgZhEda†i^Xdh!:Xdc‹b^Xdh!HdX^VaZhnIZXcda‹\^Xdh
fjZejZYZcV[ZXiVgVjcegdYjXiddhZgk^X^dYZjcVZbegZhV#H^hZ^YZci^ÒXVc
aVhiZcYZcX^VhZbZg\ZciZhnadh[VXidgZhfjZ^cÓjnZcZcZhiVhXjVigd{gZVh!
aVh ZbegZhVh ejZYZc eaVc^ÒXVg jcV cjZkV d[ZgiV eVgV ]VXZg [gZciZ V aVh
cZXZh^YVYZhYZadhcjZkdhbZgXVYdhZcYZhVggdaaddYZadhXdchjb^YdgZh#:a
Vc{a^h^hE:HIiVbW^‚cejZYZji^a^oVghZXdbdh^hiZbVYZVk^hdVci^X^eVYdeVgV
YZiZgb^cVgh^aVhiZcYZcX^VhYZ[jijgdejZYZcV[ZXiVgVaVd[ZgiVVXijVaYZaV
ZbegZhVn!ZciVaXVhd!Xj{aZhhdcaVhbZY^YVhfjZYZWZcidbVghZ#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&'&

7d|b_i_i:7<E$?Z[dj_ÓYWbWi:[X_b_ZWZ[i"
7c[dWpWi"<ehjWb[pWioEfehjkd_ZWZ[iZ[
kdW[cfh[iWekdc[hYWZe$I_i[YedeY[dbei
\WYjeh[i[nj[hdeie_dj[hdeigk[fk[Z[d_dÔk_h"
egk[_dÔko[d"[dkdWYecfW‹‡W"ƒijWfk[Z[
Z[iWhhebbWhbWih[ifk[ijWic|iWfhef_WZWi$

 6c{a^h^h96;D#>YZci^ÒXVaVh9ZW^a^YVYZh!6bZcVoVh!;dgiVaZoVhnDedgijc^YVYZhYZ
jcVZbegZhVdjcbZgXVYd#H^hZXdcdXZcadh[VXidgZhZmiZgcdhd^ciZgcdhfjZejZYZc^cÓj^g!d
fjZ^cÓjnZc!ZcjcVXdbeVŠ†V!‚hiVejZYZYZhVggdaaVgaVhgZhejZhiVhb{hVegde^VYVh#

 6c{a^h^hYZaVXdbeZiZcX^V#AVhbVig^XZhhdcjcb‚idYdkVa^dhdeVgVYZhXj"
Wg^gaVhdedgijc^YVYZhediZcX^VaZhYZabZgXVYd!ejZhidfjZeZgb^iZcgZegZhZciVgaVhgZaVX^d"
cZhZcigZadhegdYjXidhdhZgk^X^dhYZjcVZbegZhVnadhegdYjXidhdhZgk^X^dhYZaVXdbeZ"
iZcX^V!Vh†Xdbdadhedh^WaZh]jZXdhZcZabZgXVYd#:cZhiZi^edYZVc{a^h^h!adhegdYjXidhd
hZgk^X^dhhZedh^X^dcVcZcjcÆbVeVÇeVgVXdbeVgVgadhnXdcigVhiVgadhZcigZh†n!hZ\chjh
edh^X^dcZh!hZZhiVWaZXZcXg^iZg^dheVgVY^[ZgZcX^VgaVd[ZgiVegdejZhiVedgaVZbegZhVYZaV
d[gZX^YVedgaVXdbeZiZcX^V#6YZb{h!adhbVeVhYZedh^X^dcVb^Zcid^YZci^ÒXVcZaediZcX^Va
YZXgZX^b^ZcidYZjccjZkdegdYjXiddhZgk^X^dZcjcVcjZkV{gZVYZbZgXVYd#

 EVgVY^\bVYZaXVbW^d#HZ\cZabdYZadYZaeVgVY^\bVYZaXVbW^d!YZ9gjX"
`Zg!idYVZbegZhVZm^hiZh^bjai{cZVbZciZZcigZhodcVh]dgVg^VhY^hi^ciVhfjZ^ciZgVXiVc
ZcigZh†/ZaeVhVYd!ZaegZhZciZnZa[jijgd#

 EVgV;aV]Zgin&...!ZhiVhodcVhhZigVYjXZcZcigZhÆY^bZch^dcZhÇZbegZhVg^V"
aZh/aVigVY^X^dcVa!aVigVch^X^dcVanaVigVch[dgbVX^dcVa#:hiVhY^bZch^dcZhhdcjcWjZcejcid
YZeVgi^YVeVgV^YZci^ÒXVgaVhdedgijc^YVYZhYZY^hZŠdnZmeadgVgaV[dgbVZcfjZZaY^hZŠd
ejZYZXjWg^gY^hi^cidhVheZXidhdeZgVi^kdhYZjcVZbegZhV#
 ;aV]Zgin^YZci^ÒXVigZh[dgbVhYZ\Zhi^‹ceVgVXVYVjcVYZZhiVhY^bZch^dcZh
ZbegZhVg^VaZhn!YZcigdYZaXdciZmidYZaV\Zhi^‹cYZaY^hZŠd!XVYVjcVeaVciZVY^[ZgZciZh
egZ\jciVhhdWgZZaeVeZaYZaY^hZŠd/

&#<Zhi^‹cYZaVZbegZhVigVY^X^dcVabZ_dgVYZaVhdeZgVX^dcZhVXijVaZh/
´8‹bdejZYZVnjYVgZaY^hZŠdVbZ_dgVgaVhdeZgVX^dcZhVXijVaZhYZjcV
ZbegZhV4EdgZ_Zbead!XdcXZcig{cYdhZZchjhejcidh[jZgiZhdbZ_dgVc"
YdaVZÒXVX^VYZhjhegdXZhdhegdYjXi^kdh#

'#<Zhi^‹cYZaVZbegZhVigVch^X^dcVaVYVeiVX^‹cVcjZkVhdedgijc^YVYZh/
´8‹bdejZYZVnjYVgZaY^hZŠdV^YZci^ÒXVgcjZkVhdedgijc^YVYZh4Edg
Z_Zbead!igViVcYdYZhVi^h[VXZgaVhcZXZh^YVYZhcdXjW^ZgiVhYZadhXa^Zc"
iZhdVigVnZcYdVcjZkdhXa^ZciZh#

(#<Zhi^‹cYZaVZbegZhVigVch[dgbVX^dcVaZc[dfjZWVhVYdZcaV^ccdkV"
X^‹cdZcXVbW^dheaVc^ÒXVYdh/´8‹bdejZYZZaY^hZŠdVnjYVgVjcV
ZbegZhVVVkVcoVg]VX^VjcVcjZkVk^h^‹c4EdgZ_Zbead!ZmeadiVcYdXdc
‚m^idaVh^YZVhYZYZhVggdaadYZadhcjZkdhegdYjXidh#

 EaVc^ÒXVX^‹cYZaZhXZcVg^d#EVgV^bV\^cVgjc[jijgdkZgdh†b^aYdcYZZmead"
gVgaVhcjZkVhdedgijc^YVYZhYZY^hZŠdZhi^aXgZVgY^[ZgZciZhZhXZcVg^dh#AdhZhXZcVg^dh
ZhiVWaZXZcjcXdciZmidYZcigdYZaXjVaZhedh^WaZgZXgZVgVadhXdchjb^YdgZhji^a^oVcYdadh
[jijgdhegdYjXidhdhZgk^X^dh#H^ZaZfj^edYZY^hZŠdejZYZ^bV\^cVghZaVhZmeZg^ZcX^Vhn
XdcYjXiVhY^Vg^VhYZadhXdchjb^YdgZhYZcigdYZjcZhXZcVg^dYZiZgb^cVYd!edYg{XdbegZc"
YZgbZ_dgVhjeWa^XddW_Zi^kdnVcVa^oVgaVhgZaVX^dcZhZm^hiZciZhZcigZaVXdcYjXiVYZadh
Xdchjb^YdgZh!hjXdciZmidnhjhegdYjXidhnhZgk^X^dh#6YZb{h!XjVcYdhZZmeZg^bZciVXdc
ZhidhZhXZcVg^dh!nVhZVcZhXZcVg^dhY^Wj_VYdhdZhXg^idh!dYZhXg^eX^dcZhkZgWVaZh!h^ZbegZ
ejZYZchjg\^gcjZkVh^YZVheVgVegdYjXidhdhZgk^X^dh#

 GdaaZhidcZ'%%(hZŠVaVdigVkZciV_VYZadhZhXZcVg^dh/ejZhidfjZadhZhXZcVg^dhhZ
XZcigVcZmXajh^kVbZciZZcZaXdchjb^YdgnZchjhXdcYjXiVhnZmeZg^ZcX^Vh!ZaZfj^edYZY^hZŠd
hZkZ[dgoVYdVgZVa^oVgZaVc{a^h^hYZhYZZaejcidYZk^hiVYZaXa^ZciZnYZ_VgYZaVYdhjhegZ_j^X^dh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&'(

I_kdW[cfh[iWYe#
i[Y^WYehh[YjWc[dj[
bWii[c_bbWiZ[bYh[#
 HdcbjX]VhaVh^YZVhXgZVi^kVhfjZhjg\ZcYjgVciZZaYZhVggdaadYZaVegde^VVXi^" Y_c_[djeZ[bZ_i[‹e"
k^YVYZbegZhVg^Va!eZgdh^hZXVgZXZYZjcXdciZmidZbegZhVg^Vak^VWaZ!cdZhegdWVWaZfjZ
ZhiVh^YZVhXgZVi^kVhiZc\Vc‚m^id#IVcidh^hZVcVa^oVZaXdciZmid^ciZg^dgXdbdZaZmiZg^dgYZ
j[dZh|bWYWfWY_ZWZ
jcVZbegZhV!ZadW_Zi^kdYZaY^hZŠdZhVednVgadhdW_Zi^kdhnkVadgZhYZaVZbegZhVnhVi^h" Z[h[iebl[hfheXb[#
[VXZgaVhcZXZh^YVYZhYZadhXa^ZciZh!Vh†Xdbd^YZci^ÒXVg!XgZVgnegdbdkZgdedgijc^YVYZh
YZY^hZŠd#H^jcVZbegZhVXdhZX]VXdggZXiVbZciZaVhhZb^aaVhYZaXgZX^b^ZcidYZaY^hZŠd! cWiZ[Z_ij_djej_fe"
iZcYg{aVXVeVX^YVYYZgZhdakZgegdWaZbVhYZY^hi^cidi^ed!YZXdcX^a^VgY^hi^ciVhV\ZcYVhn
YZ[dg_VghZjcXVb^cd]VX^VZa[jijgd!VbZcjYdZcXdaVWdgVX^‹cXdcdigVheZghdcVh[†h^XVh!
Z[YedY_b_WhZ_ij_djWi
Y^hX^ea^cVh!jc^YVYZhdZci^YVYZh# W][dZWioZ[\eh`Wh#
+$($)$(:[iYh_fY_ŒdZ[^[hhWc_[djWigk[WokZWd[d[b i[kdYWc_de^WY_W
Z[iWhhebbeZ[bWiYWfWY_ZWZ[iZ[ÇfheY[ieiZ[Z_i[‹eÈ$ [b\kjkhe"Wc[dkZe
C^kZaZhYZ^ccdkVX^‹c#JcV]ZggVb^ZciVfjZVnjYVVÒaigVgaVh^YZVhYZadh
[dYebWXehWY_ŒdYed
c^kZaZhYZ^ccdkVX^‹ch^b^aVgZhZc\gjedhfjZajZ\dhZk^hjVa^oVcVÒcYZ ejhWif[hiedWi\‡i_#
[VX^a^iVgaVidbVYZYZX^h^dcZh#8jVcYdhZeaVc^ÒXV!hZejZYZc\ZcZgVgjcV
\gVc kVg^ZYVY YZ ^YZVh# AV k^hjVa^oVX^‹c YZ ZhiVh ^YZVh Zc adh Y^[ZgZciZh
YWi"Z_iY_fb_dWi"kd_#
c^kZaZh!VnjYVVaZfj^edVeaVc^ÒXVgZaY^hZŠdaaZ\VcYdVjcXdchZchdhdWgZ ZWZ[ie[dj_ZWZ[i$
aV[jijgVY^gZXX^‹c#

 Edgi[da^doVee^c\#JcV]ZggVb^ZciVfjZeZgb^iZfjZadhegdnZXidhVXijVaZhn[jijgdh
fjZ ejZYVc VcVa^oVghZ eVgV ZkVajVg hj Xdcig^WjX^‹c V aV XdbeZi^i^k^YVY YZ jcV ZhigViZ\^V
\adWVaYZaVZbegZhV#6bZcjYd!ZcaVeaVc^ÒXVX^‹cYZaVVXi^k^YVYYZY^hZŠdZhY^[†X^adWiZcZg
jceVcdgVbV\adWVaYZidYVhaVhVXi^k^YVYZhVXijVaZhnediZcX^VaZhYZaegdnZXidYZY^hZŠd#
AdhbVeVhYZaedgiV[da^degdedgX^dcVcjckZ]†XjadeVgVZaad\gdYZZhiVk^h^‹c\ZcZgVa#:hidZh
jhVYdeVgi^XjaVgbZciZZcZaY^hZŠdYZcjZkdhegdYjXidhnhZgk^X^dh#

 BVeVhegZXZeiVaZh#JcV]ZggVb^ZciVfjZYZiZgb^cVaVheZgXZeX^dcZhYZaXa^ZciZ
YZadhegdYjXidhnhZgk^X^dhhdWgZadhZ_ZhhZaZXX^dcVYdhXj^YVYdhVbZciZ#JcV[dgbVi^aYZ
iZcZghZci^YdYZaV^c[dgbVX^‹chdWgZegdYjXidhYZaVXdbeZiZcX^V!hZgk^X^dhd^bV\Zc#Jc
eVhdZhZcX^VaZcaVeaVc^ÒXVX^‹cYZY^hZŠdYZcigdYZXjVafj^ZgcZ\dX^d#
+$($)$):[iYh_fY_ŒdZ[^[hhWc_[djWiZ[WokZW[d[b
Z[iWhhebbeZ[bWiYWfWY_ZWZ[iZ[bÇfheY[ieZ[Z_i[‹eÈ$
:heZX^ÒXVX^dcZh YZ Y^hZŠd# Edg ad \ZcZgVa Zc [dgbV YZ a^hiVh YZ Xdcigda fjZ
VXiVcXdbd^chigjXX^dcZheVgVadhZcXVg\VYdhYZYZÒc^gadhgZfj^h^idhYZY^hZŠd#
EZgb^iZjcVa^hiVYZgZfj^h^idhYZY^hZŠdfjZhdcZhiVWaZX^Ydh[{X^abZciZZc
ZaegdXZhdYZY^hZŠd#:caVhY^[ZgZciZh[VhZhYZaegdXZhdYZY^hZŠd!ZaY^hZŠd
ejZYZhZggZXdch^YZgVYdZcXdcigVhi{cYdhZXdcaVa^hiVYZgZfj^h^idh#

 EaVc^ÒXVX^‹cYZegdidi^edh#=ZggVb^ZciVeg{Xi^XVeVgVaVeaVc^ÒXVX^‹cYZajhd
YZegdidi^edhZcZaegdXZhdYZY^hZŠd#Adhegdidi^edhYZhZbeZŠVcjceVeZa^bedgiVciZZc
aV\Zhi^‹cYZaegdXZhdYZY^hZŠd#EjZYZcVXijVgXdbd]^idh!Y^hedh^i^kdhYZXdbjc^XVX^‹cZ
^c[dgbVX^‹c^ciZ\gVYdgZh#AVeaVc^ÒXVX^‹cYZegdidi^edhejZYZji^a^oVghZZcidYVhaVh[VhZh
YZaegdnZXidYZY^hZŠd

 :a[gVXVhdYZbdYZadhnadhZ[ZXidhYZVc{a^h^h#=ZggVb^ZciVeVgVegZYZX^g
edh^WaZh[VaadhYZY^hZŠdZcjcV[VhZiZbegVcVYZaegdXZhdYZY^hZŠd!XjVcYdidYVk†VZhedh^"
WaZedcZgaZhgZbZY^d#JcZ_ZbeadYZjcV]ZggVb^ZciVYZabjcYdYZaV^c\Zc^Zg†VfjZejZYZ
hZgVea^XVYdZcidYdhadh{bW^idhYZaVVXi^k^YVYYZaY^hZŠdnZcY^[ZgZciZhZiVeVhVadaVg\d
YZaegdXZhdYZY^hZŠd#:m^hiZcbjX]VhdigVh]ZggVb^ZciVhi^aZhYZcigdYZZhiVY^hX^ea^cV#

 EVciVaaVhYZZkVajVX^‹c#=ZggVb^ZciVeVgVZhigjXijgVgZaZmVbZcYZadh
gZhjaiVYdhYZaegdXZhdYZY^hZŠd!eZgb^i^ZcYdgZk^h^‹cdW_Zi^kVbZY^VciZXg^iZg^dhXj^YVYd"
hVbZciZhZaZXX^dcVYdh#JcVZmXZaZciZ]ZggVb^ZciVeVgVZhigjXijgVgaVhYZX^h^dcZhZcidYdZa
egdXZhdYZY^hZŠd#:hidVnjYVg{V\Zhi^dcVgZaegdXZhdYZg^Zh\d#AV]ZggVb^ZciVejZYZhZg
[{X^abZciZVYVeiVYVVaVhcZXZh^YVYZhYZaVhenbZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&'*

+$($)$*:[iYh_fY_ŒdZ[^[hhWc_[djWiZ[WokZW[d[b
Z[iWhhebbeZ[bWiYWfWY_ZWZ[iZ[Çh[YkhieiZ[bZ_i[‹eÈ$
6c{a^h^hÒcVcX^Zgd!Vc{a^h^hYZK6C#JcV]ZggVb^ZciVeVgVaVbdYZa^oVX^‹cYZa
gZcY^b^ZcidYZaV^ckZgh^‹cVhdX^VYVVegdnZXidhYZYZhVggdaadYZegdYjXidh
WVhVYdhZcZaVc{a^h^hYZakVadgVXijVacZidK6C#

 EgdedgX^dcVjcbdYZadYZedh^WaZgZidgcdYZaV^ckZgh^‹c#:hidVnjYVg{VjcV
ZbegZhVV_jhi^ÒXVgaVVh^\cVX^‹cYZgZXjghdheVgVaVVXi^k^YVYYZaY^hZŠd#EZgb^iZVjcVZb"
egZhVYZhZbeVfjZiVgZaediZcX^VaÒcVcX^ZgdYZjcegdnZXidZcidYVhaVhZiVeVhYZaegdXZhd
YZY^hZŠd#:hidVnjYVZcaV\Zhi^‹cYZadhg^Zh\dhYZaVVXi^k^YVYYZaY^hZŠd#

 8^XadYZk^YVYZaegdYjXid#Jc^chigjbZcidfjZVnjYVVbdYZaVgZaVXjbj"
aVYdYZkZciVhnadhWZcZÒX^dhVhdX^VYdhVjcegdYjXiddhZgk^X^d#JcXdcXZeid^bedgiVciZ
ZcaVVh^\cVX^‹cYZgZXjghdhVadhegdnZXidh#AVXdbegZch^‹cYZadhX^XadhYZk^YVYZadhegd"
YjXidhYZcigdYZjcVZbegZhVVnjYVg{VaV]dgVYZ]VXZgegZY^XX^dcZhhdWgZZagZcY^b^Zcid
ÒcVcX^Zgd#

 EgZX^dYZakVadgYZadhbVeVhnÒ_VX^‹cYZegZX^dh#JcVXdaZXX^‹cYZ]ZggV"
b^ZciVhfjZeZgb^iZcÒ_VgadhegZX^dhdW_Zi^kdheVgVadhcjZkdhegdYjXidhnhZgk^X^dh#JcZaZbZc"
id^bedgiVciZZcaVVh^\cVX^‹cYZgZXjghdhZhZaX{aXjadYZadhgZcY^b^Zcidh[jijgdh#EgZX^hVgaV
Ò_VX^‹cYZegZX^dhZhjcVeVgiZ^bedgiVciZYZaVegZY^XX^‹cYZ[jijgVhkZciVhn\VcVcX^Vh#

 :aVc{a^h^hYZkVadg#JcV]ZggVb^ZciVfjZVnjYVVbdYZaVgaVXdcig^WjX^‹c
gZaVi^kVÒcVcX^ZgVYZZaZbZcidhY^[ZgZciZhYZcigdYZjcegdYjXiddZahZgk^X^dZcaVhbZciZh
YZaXdchjb^Ydg#Jcb‚idYdi^aeVgVXjVci^ÒXVgaVXdcig^WjX^‹cYZaVhXjVa^YVYZhhjW_Zi^kVhYZ
Y^hZŠdXdbdaVZhi‚i^XVYZcigdYZjcegdYjXiddhZgk^X^d#:fj^eVYdXdcZhiVXdbegZch^‹c!jcV
ZbegZhVhZg{XVeVoYZVcVa^oVgn_jhi^ÒXVgaVhedh^WaZh^ckZgh^dcZhZcY^hZŠd#
+$($)$+:[iYh_fY_ŒdZ[^[hhWc_[djWiZ[WokZW[d[b
Z[iWhhebbeZ[bWiYWfWY_ZWZ[iZ[Çf[hiedWbZ[bZ_i[‹eÈ$
F;9# 9Zhea^Z\jZ YZ aV [jcX^‹c YZ XVa^YVY! jcV ]ZggVb^ZciV fjZ igVYjXZ aV
kdoYZaXa^ZciZZcadhgZfj^h^idhYZY^hZŠd#6njYVVXddgY^cVgZ^ciZ\gVgaVh
Xdcig^WjX^dcZhYZeZghdcVai‚Xc^Xd!eZghdcVaYZbVg`Zi^c\!Y^hZŠVYdgZhnadh
Xa^ZciZh!VnjYVcYdVh†VaVXdbjc^XVX^‹cbjai^Y^hX^ea^cVg#EjZYZhZgji^a^oVYV
eVgVcjZkdhegdYjXidhnhZgk^X^dh#

 EgdXZhdYZbVeZVYd#JcVkVg^ZYVYYZb‚idYdheVgVaVeaVc^ÒXVX^‹cZcaVZb"
egZhVYZaegdXZhdYZY^hZŠdeVgVeZgb^i^ghjVc{a^h^hnbZ_dgV#AdhbVeVhYZaegdXZhdYZY^hZ"
ŠdVnjYVcV^YZci^ÒXVgaVXdcig^WjX^‹cfjZaVhY^[ZgZciZhY^hX^ea^cVhYZWZc]VXZgZcZaegdXZhd
YZY^hZŠdnXjVcYd‚hiVXdcig^WjX^‹cYZWZ]VXZghZ#:hiV^c[dgbVX^‹cZhbjni^aeVgVXjVafj^Zg
eZghdcVfjZigViZYZXddgY^cVgjcZfj^edYZY^hZŠdbjai^Y^hX^ea^cVg#

 EgjZWVheh^Xdb‚ig^XVh# =ZggVb^ZciVhfjZgZigViVcadhejcidh[jZgiZhnY‚W^aZh
YZadhY^[ZgZciZhgVh\dhYZeZghdcVa^YVY#7ZaW^c]VVcVa^oVYdZaXdbedgiVb^ZcidYZadhZfj^"
edhXdcY^[ZgZciZhi^edhYZeZghdcVa^YVYfjZeVgi^X^eVcZcY^[ZgZciZhi^edhYZVXi^k^YVYZhYZ
Y^hZŠd# Hj igVWV_d egdedgX^dcV ^c[dgbVX^‹c hdWgZ edg fj‚ Va\jcdh Zfj^edh [jcX^dcVc W^Zc!
b^ZcigVhfjZdigdh[VaaVc#

 HZaZXX^‹cYZaXdcXZeidYZY^hZŠd#B‚idYdeVgVeZgb^i^gaVZkVajVX^‹cdW_Zi^kV
YZadhXdcXZeidhYZY^hZŠdZc[jcX^‹cYZXg^iZg^dhXj^YVYdhVbZciZYZÒc^Ydh#6XiVXdbdjc
bZXVc^hbd ZmXZaZciZ eVgV Za \gjed YZ idbV YZ YZX^h^dcZh! jcV eVgiZ ZhZcX^Va YZa Zfj^ed
bjai^Y^hX^ea^cVg^dYZigVWV_d#EVgi^XjaVgbZciZi^aeVgVYZX^Y^gZcigZadhXdcXZeidhYZY^hZŠd
fjZejZYZhZgjcVVXi^k^YVYZbdi^kV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&',

+$($)$,:[iYh_fY_ŒdZ[^[hhWc_[djWiZ[WokZW[d[b
Z[iWhhebbeZ[bWiYWfWY_ZWZ[iZ[ÇYkbjkhWZ[bZ_i[‹eÈ$
IdgbZciVYZ^YZVh#JcV]ZggVb^ZciVfjZeZgb^iZVaV\ZciZgZjc^ghZZ^che^gVgV
adhYZb{hZcaVXgZVX^‹c!aV\ZcZgVX^‹cYZaV^YZV^c^X^VaYZaegdXZhdYZY^hZŠd#

 D[gZXZjcVdedgijc^YVYeVgVfjZaVheZghdcVhejZYVcVedgiVg^YZVhhdWgZX‹bdaVh
hdajX^dcZhYZY^hZŠdejZYZchZgYZhVggdaaVYVhnVea^XVYVhYZcigdYZjcVZbegZhV#H^cXZg^"
YVYnY^hedh^X^‹chdc[VXZiVh^bedgiVciZhYZaVXjaijgVZbegZhVg^Va#

 K^hjVai]ZbZWdVgYh#8daZXX^‹cYZ]ZggVb^ZciVheVgVaVXVeijgVYZaVXVa^YVYk^"
hjVaYZadhXdchjb^YdgZhadhZhi^adhYZk^YV!egdYjXidheVgVaZadhn[jZciZhYZ^che^gVX^‹ck^hjVa#
8dcZaÒcYZYZhVggdaaVgjcVXjaijgVfjZVednVZaY^hZŠd!YZWZYZXgZVghZjcVXdbegZch^‹c
k^hjVaYZidYdZaeZghdcVa#AdhbVeVhgZegZhZciVYdhZc[dgbVe^Xi‹g^XVYZhZbeZŠVcjceVeZa
^bedgiVciZZcZaZhiVWaZX^b^ZcidYZaY^{ad\dk^hjVaYZjcVZbegZhV

 HZ^heZchVb^Zcidh# =ZggVb^ZciVfjZeZgb^iZVjcZfj^edVcVa^oVgh^hiZb{i^XV"
bZciZaVhY^hi^ciVh[VXZiVhYZjcegdWaZbVji^a^oVcYdY^[ZgZciZhZhi^adhYZeZchVb^Zcid#AV
[dgbVX^‹cYZjcVVbea^V\VbVYZZbeaZVYdhZcb‚idYdhYZeZchVb^Zcid!iVaZhXdbdÆadh
hZ^hhdbWgZgdhÇeZgb^i^g{VaVZbegZhVidbVgYZX^h^dcZhVXZgXVYZaVh^YZVhYZjcV[dgbV
bjX]db{hdW_Zi^kVn!egdWVWaZbZciZ!b{hg{e^YV#

 IdiZb^Xh#JcV]ZggVb^ZciVfjZYZhVggdaaVaVXdbegZch^‹cXdbeVgi^YVYZjcV^YZV
eVgVaVXdchigjXX^‹cYZjcVÆbZi{[dgVYZgjiVÇbZY^VciZ^b{\ZcZhk^hjVaZh#6njYVVYZhV"
ggdaaVgZakdXVWjaVg^dk^hjVaYZaVZbegZhVnaVXdbegZch^‹cYZaVe‚gY^YVYZaedYZgYZaVh
^b{\ZcZhk^hjVaZh#JcVi‚Xc^XVZheZX^VabZciZi^aeVgVZaYZhVggdaadYZaVXdbegZch^‹ck^hjVa
YZeZghdcVaXdcZmeZg^ZcX^Va^b^iVYVZcY^hZŠd#
=ZggVb^ZciV 9ZhXg^eX^‹c >beVXidÆeaVc^ÒXVX^‹cYZaY^hZŠdÇ
7d|b_i_iF;IJ :aVc{a^h^hE:HIYZhXg^WZadh[VXidgZhEda†i^Xdh! H^hZ^YZci^ÒXVcaVhiZcYZcX^VhZbZg\ZciZhnadh[VXidgZhfjZ^cÓjnZcZc
:Xdc‹b^Xdh! HdX^VaZh n IZXcda‹\^Xdh fjZ ZhiVhXjVigd{gZVh!aVhZbegZhVhejZYZceaVc^ÒXVgjcVcjZkVd[ZgiVeVgV
ejZYZcV[ZXiVgVjcegdYjXiddhZgk^X^dYZ ]VXZg [gZciZ V aVh cZXZh^YVYZh YZ adh cjZkdh bZgXVYdh Zc YZhVggdaad
jcVZbegZhV# dYZadhXdchjb^YdgZh#:aVc{a^h^hE:HIiVbW^‚cejZYZji^a^oVghZXdbd
h^hiZbVYZVk^hdVci^X^eVYdeVgVYZiZgb^cVgh^aVhiZcYZcX^VhYZ[jijgd
ejZYZcV[ZXiVgVaVd[ZgiVVXijVaYZaVZbegZhVn!ZciVaXVhd!Xj{aZhhdc
aVhbZY^YVhfjZYZWZcidbVghZ#
FWhWZ_]cWZ[b >YZci^ÒXV ÆY^bZch^dcZhÇ ZbegZhVg^VaZh IgZhbdYZadhYZ\Zhi^‹cYZaY^hZŠdZcaVhZbegZhVh/
YWcX_e Xdbd ejcid YZ eVgi^YV eVgV c^kZaVg aVh IgVY^X^dcVabZ_dgVYZaVhdeZgVX^dcZhVXijVaZhIgVch^X^dcVaVYVeiVX^‹cV
dedgijc^YVYZhYZY^hZŠdnZmeadgVgaV[dg" cjZkVhdedgijc^YVYZh
bVZcfjZZaY^hZŠdejZYZXjWg^gY^hi^c"
IgVch[dgbVX^dcVa Zc[dfjZ WVhVYd Zc aV ^ccdkVX^‹c d Zc XVbW^dh
idhVheZXidhdeZgVi^kdhYZjcVZbegZhV#
eaVc^ÒXVYdh#

7d|b_i_iZ[bW >YZci^ÒXVg aVh dedgijc^YVYZh ediZcX^VaZh Adh egdYjXidh$hZgk^X^dh hZ edh^X^dcVc Zc jc ÆbVeVÇ eVgV XdbeVgVgadh n
Yecf[j[dY_W YZa bZgXVYd! XdbeVgVcYd adh egdYjXidh XdcigVhiVgadhZcigZh†!ZhiVWaZX^‚cYdhZXg^iZg^dheVgVY^[ZgZcX^VgaVd[ZgiVYZ
d hZgk^X^dh YZ aV XdbeZiZcX^V! Zc aV aVZbegZhVnYZaVXdbeZiZcX^V#AdhbVeVhYZedh^X^dcVb^Zcid^YZci^ÒXVc
WhfjZYV YZ adh edh^WaZh ]jZXdh Zc Za ZaediZcX^VaYZXgZX^b^ZcidYZjccjZkdegdYjXiddhZgk^X^d#
bZgXVYd#
FbWd_ÓYWY_Œd >YZci^ÒXV V adh XdcYjXidgZh fjZ edYg†Vc EaVc^ÒXVX^‹cYZZhXZcVg^dhZhjcV[dgbVi^aYZVbea^Vgadh]dg^odciZh
Z[[iY[dWh_ei ^cÓj^g Zc Za [jijgd! Xdci^cV Xdc aV YZ eaVc^ÒXVX^‹c YZcigd YZ jcV ZbegZhV# EgdedgX^dcV jcV ZhigjXijgV
XdchigjXX^‹cXdcXZeijVaYZadhZhXZcVg^dh i‚Xc^XVeVgVbdYZaVgZa[jijgdnejZYZhZgVea^XVYdVXjVafj^Zg[dgbVYZ
VciZhYZhj\Zg^gVXX^dcZh
 VXi^k^YVYYZY^hZŠd!nVhZVZaYZhVggdaadYZaegdYjXidd^YZci^YVYk^hjVa
D_l[b[iZ[ 6njYVVÒaigVgaVh^YZVhYZadhc^kZaZhYZ 8jVcYd hZ eaVc^ÒXV! hZ ejZYZc \ZcZgVg jcV \gVc kVg^ZYVY YZ ^YZVh# AV
_ddelWY_Œd ^ccdkVX^‹ch^b^aVgZhZc\gjedhfjZajZ\d k^hjVa^oVX^‹cYZZhiVh^YZVhZcadhY^[ZgZciZhc^kZaZhYZVnjYVVaZfj^edYZ
hZk^hjVa^oVcVÒcYZ[VX^a^iVgaVidbVYZ eaVc^ÒXVX^‹cYZY^hZŠdYZaaZ\VgVjcXdchZchdhdWgZaVY^gZXX^‹c[jijgV

YZX^h^dcZh
Fehj\eb_e
pWff_d] 
EZgb^iZ fjZ adh egdnZXidh VXijVaZh n
[jijgdhejZYVcVcVa^oVghZeVgVZkVajVghj
6bZcjYd!ZcaVeaVc^ÒXVX^‹cYZaVVXi^k^YVYYZY^hZŠdZhY^[†X^adWiZcZgjc
eVcdgVbV\adWVaYZidYVhaVhVXi^k^YVYZhVXijVaZhnediZcX^VaZhYZaegdnZXid


Xdcig^WjX^‹c V aV XdbeZi^i^k^YVY YZ jcV
ZhigViZ\^V\adWVaYZaVhZbegZhVh
YZY^hZŠd#AdhbVeVhYZaedgiV[da^degdedgX^dcVcjckZ]†XjadeVgVZaad\gd
YZZhiVk^h^‹c\ZcZgVa#:hidZhjhVYdeVgi^XjaVgbZciZZcZaY^hZŠdYZcjZkdh
 egdYjXidhnhZgk^X^dh
CWfWi
fh[Y[fj‘Wb[i 
9ZiZgb^cVaVheZgXZeX^dcZhYZaXa^ZciZYZ JcV [dgbV i^a YZ iZcZg hZci^Yd YZ aV ^c[dgbVX^‹c hdWgZ egdYjXidh YZ
egdYjXidh n hZgk^X^dh Zc [jcX^‹c YZ Z_Zh aV XdbeZiZcX^V! hZgk^X^dh d ^bV\Zc# Jc eVhd ZhZcX^Va Zc Za Y^hZŠd YZ


hZaZXX^dcVYdhXj^YVYdhVbZciZ eaVc^ÒXVX^‹cYZcigdYZXjVafj^ZgcZ\dX^d




 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&'.

=ZggVb^ZciV 9ZhXg^eX^‹c >beVXidÆZheZX^ÒXVX^dcZhYZaY^hZŠdÇ

;if[Y_ÓYWY_ed[i
Z[Z_i[‹e
A^hiVYd \ZcZgVa YZ Xdcigda fjZ VXiV Xdbd A^hiV YZ gZfj^h^idh YZ Y^hZŠd fjZ hdc [VX^abZciZ
^chigjXX^dcZh eVgV adh ZcXVg\VYdh YZ YZÒc^g adh ^YZci^ÒXVWaZh Zc Za egdXZhd YZ Y^hZŠd# :c aVh

 gZfj^h^idhYZY^hZŠd Y^[ZgZciZh [VhZh YZa egdXZhd YZ Y^hZŠd! Za Y^hZŠd

ejZYZ hZg gZXdch^YZgVYd XdchigVhiVYVbZciZ Xdc aV
FbWd_ÓYWY_ŒdZ[ a^hiVYZgZfj^h^idh#

fhejej_fei =ZggVb^ZciVeg{Xi^XVeVgVaVeaVc^ÒXVX^‹cYZajhdYZ Adh egdidi^edh YZhZbeZŠVc jc eVeZa ^bedgiVciZ Zc

egdidi^edhZcZaegdXZhdYZY^hZŠd aV\Zhi^‹cYZaegdXZhdYZY^hZŠd#EjZYZcVXijVgXdbd

 ]^idh! Y^hedh^i^kdh YZ Xdbjc^XVX^‹c Z ^c[dgbVX^‹c

^ciZ\gVYdgZh# AV eaVc^ÒXVX^‹c YZ egdidi^edh ejZYZ
;b\hWYWieZ[ ji^a^oVghZZcidYVhaVh[VhZhYZaegdnZXidYZY^hZŠd

ceZ[beio EgZYZX^g edh^WaZh [Vaadh YZ Y^hZŠd Zc jcV [VhZ Jc Z_Zbead YZ jcV ]ZggVb^ZciV YZa bjcYd YZ aV
iZbegVcV YZa egdXZhd YZ Y^hZŠd! XjVcYd idYVk†V Zh ^c\Zc^Zg†VfjZejZYZhZgVea^XVYdZcidYdhadh{bW^idh

bei[\[YjeiZ[
Wd|b_i_i
edh^WaZedcZgaZhgZbZY^d YZ aV VXi^k^YVY YZ Y^hZŠd n Zc Y^[ZgZciZh ZiVeVh V
adaVg\dYZaegdXZhdYZY^hZŠd#:m^hiZcbjX]VhdigVh
FWdjWbbWiZ[ ]ZggVb^ZciVhi^aZhYZcigdYZZhiVY^hX^ea^cV

[lWbkWY_Œd :higjXijgVZaZmVbZcYZadhgZhjaiVYdhYZaegdXZhdYZ JcV ZmXZaZciZ ]ZggVb^ZciV eVgV ZhigjXijgVg aVh

Y^hZŠd! eZgb^i^ZcYd gZk^h^‹c dW_Zi^kV Zc [jcX^‹c YZ YZX^h^dcZh Zc idYd Za egdXZhd YZ Y^hZŠd# 6njYV V

 Xg^iZg^dhXj^YVYdhVbZciZhZaZXX^dcVYdh \Zhi^dcVgZag^Zh\dZcidYdZaegdXZhd#AV]ZggVb^ZciV
ejZYZhZg[VX^abZciZVYVeiVYVVaVhcZXZh^YVYZhYZ
 aVhenbZh#












=ZggVb^ZciV 9ZhXg^eX^‹c >beVXidÆgZXjghdhYZaY^hZŠdÇ
7d|b_i_i:7<E 6c{a^h^h fjZ ^YZci^ÒXV aVh 9ZW^a^YVYZh! 6bZcVoVh! H^ hZ XdcdXZc adh [VXidgZh ZmiZgcdh d ^ciZgcdh fjZ ejZYZc
;dgiVaZoVh n Dedgijc^YVYZh YZ jcV ZbegZhV d jc ^cÓj^g!dfjZ^cÓjnZc!ZcjcVXdbeVŠ†V!‚hiVejZYZYZhVggdaaVg
bZgXVYd# aVhgZhejZhiVhb{hVegde^VYVh#
7d|b_i_i ÓdWdY_[he" BdYZa^oVX^‹c YZa gZcY^b^Zcid YZ aV ^ckZgh^‹c EgdedgX^dcV jc bdYZad YZ edh^WaZ gZidgcd YZ aV ^ckZgh^‹c#
Wd|b_i_iZ[L7D VhdX^VYV V egdnZXidh YZ YZhVggdaad YZ egdYjXidh 6njYVg{VVaVZbegZhVV_jhi^ÒXVgaVVh^\cVX^‹cYZgZXjghdheVgV
WVhVYdhZcZaVc{a^h^hYZakVadgVXijVacZidK6C aVVXi^k^YVYYZY^hZŠd#EZgb^iZVaVZbegZhVYZhZbeVfjZiVg
ZaediZcX^VaÒcVcX^ZgdYZjcegdnZXidZcidYVhaVhZiVeVhYZa
egdXZhd YZ Y^hZŠd# 6njYV Zc aV \Zhi^‹c YZ adh g^Zh\dh YZ aV
VXi^k^YVYYZY^hZŠd
9_Ybei Z[ l_ZW Z[b BdYZaVg Za VXjbjaVYd YZ kZciVh n adh WZcZÒX^dh Jc XdcXZeid ^bedgiVciZ Zc aV Vh^\cVX^‹c YZ gZXjghdh V adh
fheZkYje VhdX^VYdhVjcegdYjXiddhZgk^X^d egdnZXidh#AVXdbegZch^‹cYZadhX^XadhYZk^YVYZadhegdYjXidh
YZcigdYZjcVZbegZhVVnjYVg{VaV]dgVYZ]VXZgegZY^XX^dcZh
hdWgZZagZcY^b^ZcidÒcVcX^Zgd
Fh[Y_e Z[b lWbeh Z[ 8daZXX^‹c YZ ]ZggVb^ZciVh fjZ eZgb^iZc Ò_Vg adh Jc ZaZbZcid ^bedgiVciZ Zc aV Vh^\cVX^‹c YZ gZXjghdh Zh Za
beicWfWioÓ`WY_Œd egZX^dh dW_Zi^kdh eVgV adh cjZkdh egdYjXidh n X{aXjad YZ adh gZcY^b^Zcidh [jijgdh# EgZX^hVg aV Ò_VX^‹c YZ
Z[fh[Y_ei hZgk^X^dh egZX^dh Zh jcV eVgiZ ^bedgiVciZ YZ aV egZY^XX^‹c YZ [jijgVh
kZciVhn\VcVcX^Vh
;bWd|b_i_iZ[lWbeh BdYZaVg aV Xdcig^WjX^‹c gZaVi^kV ÒcVcX^ZgV YZ Jcb‚idYdi^aeVgVXjVci^ÒXVgaVXdcig^WjX^‹cYZaVhXjVa^YVYZh
Y^[ZgZciZh ZaZbZcidh YZcigd YZ jc egdYjXid d Za hjW_Zi^kVhYZaY^hZŠdXdbdaVZhi‚i^XVYZcigdYZjcegdYjXid
hZgk^X^dZcaVhbZciZhYZaXdchjb^Ydg d hZgk^X^d# :fj^eVYd Xdc ZhiV XdbegZch^‹c! jcV ZbegZhV
hZg{ XVeVo YZ VcVa^oVg n _jhi^ÒXVg aVh edh^WaZh ^ckZgh^dcZh Zc
Y^hZŠd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&(&

=ZggVb^ZciV 9ZhXg^eX^‹c >beVXidÆeZghdcVaYZY^hZŠdÇ

G<: 9Zhea^Z\jZYZaV[jcX^‹cYZXVa^YVY! 6njYV V XddgY^cVg Z ^ciZ\gVg aVh Xdcig^WjX^dcZh YZa eZghdcVa i‚Xc^Xd! eZghdcVa
jcV]ZggVb^ZciVfjZigVYjXZaV YZ bVg`Zi^c\! Y^hZŠVYdgZh n adh Xa^ZciZh! VnjYVcYd Vh† V aV Xdbjc^XVX^‹c
kdoYZaXa^ZciZZcadhgZfj^h^idhYZ bjai^Y^hX^ea^cVg#EjZYZhZgji^a^oVYdeVgVcjZkdhegdYjXidhnhZgk^X^dh
Y^hZŠd
FheY[ieZ[ KVg^ZYVYYZb‚idYdheVgVeaVc^ÒXVg Adh bVeVh YZa egdXZhd YZ Y^hZŠd VnjYVc V ^YZci^ÒXVg aV Xdcig^WjX^‹c fjZ
cWf[WZe ZcaVZbegZhVZaegdXZhdYZY^hZŠd! aVh Y^[ZgZciZh Y^hX^ea^cVh YZWZc ]VXZg Zc Za egdXZhd YZ Y^hZŠd n XjVcYd ‚hiV
eZgb^i^ZcYdhjVc{a^h^hnbZ_dgV# Xdcig^WjX^‹cYZWZ]VXZghZ#:hiV^c[dgbVX^‹cZhbjni^aeVgVXjVafj^ZgeZghdcV
fjZigViZYZXddgY^cVgjcZfj^edYZY^hZŠdbjai^Y^hX^ea^cVg
Fhk[XWi =ZggVb^ZciVhfjZgZigViVcadhejcidh 7ZaW^c]VVcVa^oVYdZaXdbedgiVb^ZcidYZadhZfj^edhXdcY^[ZgZciZhi^edhYZ
fi_Yecƒjh_YWi [jZgiZhnY‚W^aZhYZadhY^[ZgZciZh eZghdcVa^YVYfjZeVgi^X^eVcZcY^[ZgZciZhi^edhYZVXi^k^YVYYZY^hZŠd#HjigVWV_d
gVh\dhYZeZghdcVa^YVY egdedgX^dcV^c[dgbVX^‹chdWgZedgfj‚Va\jcdhZfj^edh[jcX^dcVcW^Zc!b^ZcigVh
fjZdigdh[VaaVc
I[b[YY_ŒdZ[b B‚idYdeVgVeZgb^i^gaVZkVajVX^‹c 6XiVXdbdjcbZXVc^hbdZmXZaZciZeVgVZa\gjedYZidbVYZYZX^h^dcZh!jcV
YedY[fjeZ[Z_i[‹e dW_Zi^kVYZadhXdcXZeidhYZY^hZŠd eVgiZZhZcX^VaYZaZfj^edbjai^Y^hX^ea^cVg^dYZigVWV_d#EVgi^XjaVgbZciZi^aeVgV
bZY^VciZadhXg^iZg^dhXj^YVYdhVbZciZ YZX^Y^gZcigZadhXdcXZeidhYZY^hZŠdfj‚ejZYZhZgjcVVXi^k^YVYZbdi^kV
YZÒc^Ydh

=ZggVb^ZciV 9ZhXg^eX^‹c >beVXidÆXjaijgVYZaY^hZŠdÇ

Jehc[djWZ[_Z[Wi =ZggVb^ZciVfjZeZgb^iZVaV\ZciZgZjc^ghZZ D[gZXZjcVdedgijc^YVYeVgVfjZaVheZghdcVhejZYVcVedgiVg^YZVh
^che^gVgVadhYZb{hZcaVXgZVX^‹c!aV\ZcZgVX^‹c hdWgZ X‹bd aVh hdajX^dcZh YZ Y^hZŠd ejZYZc hZg YZhVggdaaVYVh n
YZaV^YZV^c^X^VaYZaegdXZhdYZY^hZŠd Vea^XVYVhYZcigdYZjcVZbegZhV#H^cXZg^YVYnY^hedh^X^‹chdc[VXZiVh
^bedgiVciZhYZaVXjaijgVZbegZhVg^Va
L_ikWbj^[c[XeWhZi 8daZXX^‹cYZ]ZggVb^ZciVheVgVaVXVeijgVYZaV 8dc Za Òc YZ YZhVggdaaVg jcV XjaijgV fjZ VednV Za Y^hZŠd!YZWZYZ
XVa^YVYk^hjVaYZadhXdchjb^YdgZhYZZhi^adhYZ XgZVghZ jcV XdbegZch^‹c k^hjVa YZ idYd Za eZghdcVa# Adh bVeVh
k^YV!egdYjXidheVgVaZadhn[jZciZhYZ^che^gVX^‹c gZegZhZciVYdhZc[dgbVe^Xi‹g^XVYZhZbeZŠVcjceVeZa^bedgiVciZ
k^hjVa ZcZaZhiVWaZX^b^ZcidYZaY^{ad\dk^hjVaYZjcVZbegZhV
I[_if[diWc_[djei =ZggVb^ZciV fjZ eZgb^iZ V jc Zfj^ed VcVa^oVg AV [dgbVX^‹c YZ jcV Vbea^V \VbV YZ ZbeaZVYdh Zc b‚idYdh YZ
h^hiZb{i^XVbZciZ aVh Y^hi^ciVh [VXZiVh YZ eZchVb^Zcid!iVaZhXdbdÆadhhZ^hhdbWgZgdhÇeZgb^i^g{VaVZbegZhV
jc egdWaZbV ji^a^oVcYd Y^[ZgZciZh Zhi^adh YZ idbVg YZX^h^dcZh VXZgXV YZ aVh ^YZVh YZ jcV [dgbV bjX]d b{h
eZchVb^Zcid dW_Zi^kVn!egdWVWaZbZciZ!b{hg{e^YV
Jej[c_Yi =ZggVb^ZciV fjZ YZhVggdaaV aV XdbegZch^‹c 6njYVVYZhVggdaaVgZakdXVWjaVg^dk^hjVaYZaVZbegZhVnaVXdbegZch^‹cYZ
XdbeVgi^YVYZjcV^YZVeVgVaVXdchigjXX^‹cYZjcV aVe‚gY^YVYZaedYZgYZaVh^b{\ZcZhk^hjVaZh#JcVi‚Xc^XVZheZX^VabZciZ
ÆbZi{[dgVYZgjiVÇbZY^VciZ^b{\ZcZhk^hjVaZh i^aeVgVZaYZhVggdaadYZaVXdbegZch^‹ck^hjVaYZaeZghdcVaXdcZmeZg^ZcX^V
a^b^iVYVZcY^hZŠd
 +$($* 9h[WY_ŒdZ[bW[ijhWj[]_WZ[Z_i[‹e$
EVgV XgZVg jcV ZhigViZ\^V YZ Y^hZŠd! eg^bZgd Zh cZXZhVg^d ZaVWdgVg jc XVhd
ZbegZhVg^Va fjZ gZÓZ_Z aVh cZXZh^YVYZh YZ Y^hZŠd YZ aV ZbegZhV# Edg gZ\aV
\ZcZgVa!ZhiViVgZVhjZaZhZggZhedchVW^a^YVYYZa9Zh^\cBVcV\Zg!fj^ZcejZYZ
hda^X^iVgVhjkZoaVVh^hiZcX^VYZjcVXdchjaidg†VdV\ZcX^VYZY^hZŠd#:adW_Zi^kd
Zhji^a^oVgZaXVhdZbegZhVg^VaeVgVXdckZcXZgVaVY^gZXX^‹cYZaVZbegZhVnV
adhVXX^dc^hiVhYZaVcZXZh^YVYYZ^beaVciVgjcVZhigViZ\^V!jcV^c^X^Vi^kVdjc
gZXjghdYZY^hZŠdfjZkVnVb{hVaa{YZaVXijVajhdYZaY^hZŠd#+&

 AVVjY^idg†VYZaY^hZŠdVnjYVVegdbdkZgZhiVZhigViZ\^V!eZgdh^VYZb{hhZgZXgZV
jcXVhdZbegZhVg^Va!Zhedh^WaZYZbdhigVgaVbVcZgVZcfjZZaY^hZŠdgZ[jZgoVaVb^h^‹c!adh
dW_Zi^kdhnaVhcZXZh^YVYZhdeZgVi^kVhYZaVZbegZhV#JcWjZcXVhdZbegZhVg^Va\VgVci^oVaV
k^h^W^a^YVYYZaVhedh^WaZhkZciV_Vh^bea^XVYVh#H^aVY^gZXX^‹cYZaVZbegZhVXdbegZcYZZakVadg
YZaY^hZŠd!Xdbjc^XVYdbZY^VciZjcaZc\jV_ZÒcVcX^ZgdnYZbVg`Zi^c\!Zm^hiZcb{hedh^W^"
a^YVYZhYZfjZZaeaVchZVVegdWVYd#IVbW^‚cZh^bedgiVciZYZÒc^gadha†b^iZhYZaV^c^X^Vi^kV
YZY^hZŠdeVgVfjZaVhZmeZXiVi^kVhhZVcaVhXdggZXiVh#

HZ\c7g^\^iiZ7dg_VYZBdodiVYZWZcidbVghZYdhYZX^h^dcZh/

™:ceg^bZgaj\Vg´fj^‚chZg{ZagZhedchVWaZYZaY^hZŠdZcaVZbegZhV4AVgZh"
ejZhiV^bea^XVZacdbWgVb^ZcidYZjceVigdX^cVYdgda†YZgYZY^hZŠd!fjZ
YZWZg{hZgjcVeZghdcVXdcgZegZhZciVX^‹cZcZa‹g\VcdYZY^gZXX^‹cYZ
aVZbegZhV#:cbjX]dhXVhdh!ZhiVeZghdcVZhZa9Zh^\cBVcV\Zg!eZgdZc
Va\jcVhZbegZhVhejZYZhZgZaY^gZXidgYZbVg`Zi^c\dZaY^gZXidgYZ> 9#AV
[jcX^‹cYZZhiVeZghdcVXdch^hi^g{ZcegdbdkZgZaXdbegdb^hdXdcZaY^hZŠd
ZcidYdhadh{bW^idhYZaVZbegZhV#

™HZ\jcYdaj\Vg´X‹bdhZYZaZ\Vg{caVh]ZggVb^ZciVhYZ\Zhi^‹cYZaY^hZŠd
YZcigdYZaVZbegZhV4:a9Zh^\cBVcV\ZghZg{ZaegZXjghdgn\jVgY^{cYZaVh
]ZggVb^ZciVhYZ\Zhi^‹cYZaY^hZŠdZbeaZVYVheVgVY^[jcY^gZaXdcXZeidYZa
Y^hZŠdedgidYVaVZbegZhV#:cigZZhiVh]ZggVb^ZciVhhZZcXjZcigVceda†i^XVh!
,'U8;IJ"AWj^hodCWdW][c[djZ[b:_i[‹e";ijhW#
j[]_W"fheY[ieofh|Yj_YWZ[bW][ij_ŒdZ[bZ_i[‹e$ ZhigViZ\^Vh!V\ZcYVhnY^gZXig^XZhYZY^hZŠd!Vh†XdbdiVaaZgZh!^c[dgbZh!WdaZ"
FWhhWced;Z_Y_ed[i"(&&-$8WhY[bedW$F|]$*. i^cZh!a^Wgdh!gZk^hiVhZheZX^Va^oVYVhnh^i^dhlZWgZaVX^dcVYdhXdcZaY^hZŠd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&((

EVgVYZÒc^gaVhkZciV_VhYZaY^hZŠd!ZhcZXZhVg^dVcVa^oVgZaY^hZŠd!hjheda†i^"
XVhnZhigViZ\^VhZcigZhc^kZaZhY^hi^cidh/
BWWkZ_jeh_WZ[bZ_i[#
™:cZa{bW^idYZaVY^gZXX^‹c!aVegZ\jciVfjZYZWZeaVciZVghZZh/´X‹bd
ejZYZZbeaZVghZZaY^hZŠdZcZa{bW^idZhigVi‚\^Xd4EdggZ\aV\ZcZgVa!hZ ‹eWokZWWfhece#
ji^a^oVeVgVgZhedcYZgVjcVcZXZh^YVYZhigVi‚\^XVeZgX^W^YV# l[h[ijW[ijhWj[]_W"
™:cZac^kZa^ciZgbZY^d!aVegZ\jciVZh/´X‹bdejZYZVea^XVghZZaY^hZŠdZc f[hei_WZ[c|ii[
Za{bW^idZbegZhVg^Va4:cZhiZXVhd!hZji^a^oVeVgVigVYjX^gaVhcZXZh^YV" h[Yh[WkdYWie[c#
YZheZgX^W^YVhZccjZkdhegdYjXidh!hZgk^X^dh!egdXZhdhdXdcXZeidh#
fh[iWh_Wb"[ifei_Xb[
™:cadgZ[ZgZciZVaVVXi^k^YVYYZY^hZŠd!aVegZ\jciVhZg†V/´X‹bdejZYZ
Xdcig^Wj^gZaY^hZŠdVaYZhVggdaadYZjcegdnZXid4:cZhiZc^kZa!ZaY^hZŠd
Z[ceijhWhbWcWd[#
VnjYVVYZhVggdaaVgZaegdYjXiddhZgk^X^dYZiVabdYdfjZ\VgVci^XZjcV hW[dgk[[bZ_i[‹e
gZhejZhiVVaVcZXZh^YVYYZiZXiVYV#
h[\k[hpWbWc_i_Œd"
6eZhVgYZfjZjcVZhigViZ\^VYZY^hZŠdcdZhadb^hbdfjZjcVeda†i^XVYZ beieX`[j_leiobWi
Y^hZŠd!VbWVhhdcXdbeaZbZciVg^Vh#
d[Y[i_ZWZ[ief[hWj_#
™AVZhigViZ\^VYZY^hZŠdZhiVWaZXZZabdYdZcfjZjcVZbegZhVYZhZVji^" lWiZ[bW[cfh[iW$
a^oVg‚hiZVh†XdbdaVbVcZgVZcfjZadhegdXZhdhYZY^hZŠdejZYZcXjWg^g
bZ_dgaVhcZXZh^YVYZhdeZgVi^kVhYZaVZbegZhV#

™AVeda†i^XVYZY^hZŠdYZhXg^WZaVcdgbVi^kVfjZVednVZaegdXZhdZ^bea^XV
XddgY^cVgaV^c[dgbVX^‹chdWgZaVeaVc^ÒXVX^‹cnaVhY^[ZgZciZhY^gZXig^XZh
YZY^hZŠdeVgVXjWg^gaVhcZXZh^YVYZhYZidYdhadhV\ZciZh^bea^XVYdh#

 :cbjX]dhhZci^Ydh!aVZhigViZ\^VYZY^hZŠdZhaVk^h^‹cfjZi^ZcZjcVZbegZhVZc
idYdhadh{bW^idh!b^ZcigVhfjZaVeda†i^XVYZY^hZŠdhZXdbedcZYZjcVhZg^ZYZYZX^h^dcZh
[jcYVbZciVaZhfjZVnjYVcV]VXZggZVa^YVYZhiVk^h^‹c#

,(UM;?II"BWkhW$:;I?=DC7D7=;C;DJ@EKHD7B"
:[i_]dWi?dj[h\WY[$Lebkc[')"DkcX[h'"M_dj[h
(&&($8eijed$FW]$))
,)UM;?II"BWkhW$:;I?=DC7D7=;C;DJ@EKHD7B"
:[i_]dWi?dj[h\WY[$Lebkc[')"DkcX[h'"M_dj[h
(&&($8eijed$FW]$))
,*UCEDJ7y7"@ehZ_oCEBB"?iW$97IEI:;xN?JE"
;bZ_i[‹e[dbW[cfh[iW$7:9L7ieY_WY_ŒdZ[
:_i[‹WZeh[iZ[bW9eckd_ZWZLWb[dY_WdW"(&&-$
LWb[dY_W$F|]$+
+$($*$'FbWd_ÓYWY_ŒdZ[bW[ijhWj[]_WZ[Z_i[‹eWbWh]efbWpe$
:a Y^hZŠd cd hZ YZhVggdaaV Zc jc Zcidgcd V^haVYd# AVh ZbegZhVh egZhZciVc
Y^[ZgZciZh [VhZh YZ YZhVggdaad YZa Y^hZŠd Zc [jcX^‹c YZ hjh XVgVXiZg†hi^XVh!
edgadXjVaaV^ciZ\gVX^‹cYZaY^hZŠdZhigViZ\^Vhneda†i^XVhYZeZcYZYZai^ed
YZZbegZhVnYZaVhVhe^gVX^dcZhfjZiZc\V‚hiVXdcgZheZXidVaY^hZŠdnhj
bVgXdYZVXi^k^YVY#EVgVeaVc^ÒXVgjcXgZX^b^ZcidYZaY^hZŠdVaVg\deaVod!
jcVZbegZhVYZWZaaZkVgVXVWdY^[ZgZciZhVXX^dcZh/+'
™:ceg^bZgaj\Vg!YZWZbdhigVghZVW^ZgiVVcjZkVhdedgijc^YVYZhnÓZm^WaZ
VciZaVhX^gXjchiVcX^VhXVbW^VciZh#
™:chZ\jcYdaj\Vg!YZWZXgZVgjcZfj^edYZY^hZŠdYZXdcÒVcoVfjZYZ"
ÒZcYVVXi^kVbZciZZaZbeaZdYZaY^hZŠdYZcigdn[jZgVYZaVZbegZhV#
™:ciZgXZgaj\Vg!YZWZbdhigVgZmea†X^iVbZciZZakVadgnaVhkZciV_VhYZaY^hZ"
Šd!naVZhigViZ\^VYZY^hZŠdYZWZWVhVghZZcegdnZXidhYZ‚m^ideVgVYdiVg"
aVYZaZ\^i^b^YVYnVjidg^YVY#:hVXdchZ_VWaZ^c^X^VgegdnZXidhYZeZfjZŠV
ZhXVaVfjZegdYjoXVcgZhjaiVYdh^cbZY^Vidh!i^aZhnYZXdhiZgZYjX^Yd!Xdc
ZadW_ZidYZ\ZcZgVgXdcÒVcoVnkVadgVX^‹cedh^i^kVYZhYZaVZbegZhV#
+$($*$(CeZ[beiÇjWd]_Xb[iÈZ[bW=[ij_Œd;ijhWjƒ]_YWZ[b:_i[‹e$
:c jc bdYZad k^h^WaZ hZ Zci^ZcYZ edg <Zhi^‹c :higVi‚\^XV YZa 9^hZŠd aV \Zhi^‹c
YZadhY^hi^cidh^cejihYZY^hZŠdXdcadhfjZ]VYZigVWV_VgaVZbegZhV/Y^hZŠd
YZ egdYjXid! Y^hZŠd YZ ZckVhZh n ZbWVaV_Zh! Y^hZŠd \g{ÒXd! ^ciZg^dg^hbd# Edg
iVcid!ZaY^hZŠdZhjcXdc_jcidYZegdXZhdhYZcigdYZaegdXZhdYZ^ccdkVX^‹cZc
aVZbegZhV#:cXdchZXjZcX^V!ZaY^hZŠd^ciZgk^ZcZ!ZcbVndgdbZcdg\gVYd!Zc
idYVhaVhVXi^k^YVYZhW{h^XVhYZaegdXZhdYZ^ccdkVX^‹c/ZcaV\ZcZgVX^‹cYZcjZkdh
XdcXZeidh!ZcZaYZhVggdaadYZcjZkdhegdYjXidh!ZcaVgZYZÒc^X^‹cYZadhegdXZhdh
YZXdbZgX^Va^oVX^‹cnZcaV\Zhi^‹cYZaXdcdX^b^ZcidnYZaViZXcdad\†V#
 :aY^hZŠdZhejZhjcegdXZhdZhigVi‚\^XdfjZhZ]VY^k^Y^YdZcXjVigdVXi^k^YVYZhW{h^XVh
fjZ[dgbVceVgiZYZabdYZadegdejZhid!ZcbVgXVYVhidYVhZaaVhedgaVXjaijgVYZaVY^gZXX^‹c!YZ
aVegde^ZYVYYZaVZbegZhV!hjdg^ZciVX^‹cVaY^hZŠdniVbW^‚cedgaVdg^ZciVX^‹cYZaVZbegZhVVa
bZgXVYd#:cYZÒc^i^kVaVhZiVeVhfjZYZWZg{Vhjb^gaV<Zhi^‹c:higVi‚\^XVYZa9^hZŠdhdc/+(
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&(*

;iZ[l_jWb_cfehjWd#
Y_Wgk[bWZ_h[YY_Œd
obWfhef_[ZWZZ[bW
&#8jaijgVXdgedgVi^kVndg^ZciVX^‹cVaY^hZŠd#:hYZk^iVa^bedgiVcX^VfjZaV [cfh[iW[ijƒd_dle#
Y^gZXX^‹cnaVegde^ZYVYYZaVZbegZhVZhi‚c^ckdajXgVYVhZcaV\Zhi^‹c bkYhWZWi[dbW][i#
YZaY^hZŠd#:hZaeg^bZgeVhdeVgV\Zhi^dcVgZaegdXZhdYZY^hZŠdYZ[dgbV
ZÒXVo#Cdi^ZcZhZci^YdXdch^YZgVgZaY^hZŠdXdbdjcVVXX^‹cZhedg{Y^XV j_ŒdZ[bZ_i[‹e$
nXdcedXVk^cXjaVX^‹cVaVZhigViZ\^VXdgedgVi^kV# ;i[bfh_c[hfWie
 AVY^gZXX^‹cnaVegde^ZYVYYZaVZbegZhV]VcYZXgZZgZcadhWZcZÒX^dhfjZejZYZ fWhW][ij_edWh[b
VedgiVgaVVXi^k^YVYYZaY^hZŠdn]VcYZ^ckdajXgVgeZghdcVaXjVa^ÒXVYdeVgV\Zhi^dcVgad
XdggZXiVbZciZ#:hZaeg^bZgeVhdeVgVZhigjXijgVgYZcigdYZaVZbegZhVadhegdXZhdhnadh fheY[ieZ[Z_i[‹e
gZXjghdhcZXZhVg^dheVgVaVVXi^k^YVYYZaY^hZŠd#
Z[\ehcW[ÓYWp$
  8jVigdhdcadhZaZbZcidhfjZYZÒcZcaVXjaijgVXdgedgVi^kVdg^ZciVYV
VaY^hZŠd/+)

™:aY^hZŠdZhi{egZhZciZZcaVeaVc^ÒXVX^‹cZhigVi‚\^XVYZaVZbegZhV!
hZVZhiVeaVc^ÒXVX^‹c[dgbVad^c[dgbVa#

™AVY^gZXX^‹c\Zhi^dcVY^gZXiVbZciZZaY^hZŠdnaVhYZX^h^dcZhYZ
Y^hZŠdhZidbVcVab{hVaidc^kZaZbegZhVg^Va#

™ AV Y^gZXX^‹c igVchb^iZ n Xdbjc^XV ^ciZgcV n ZmiZgcVbZciZ hj

Xdbegdb^hdXdcZaY^hZŠd#

™HZVXZeiVfjZaVVejZhiVedgZaY^hZŠdi^ZcZjcg^Zh\dnhZVXZeiVc
cjZkdhXdcXZeidhncjZkVh[dgbVheVgVXdbeZi^gZÒXVobZciZ#

'#<ZcZgVX^‹cYZXdcXZeidh#HZigViVYZkZgX‹bdZaY^hZŠd^ciZgk^ZcZZc
aV\ZcZgVX^‹cYZ^YZVh!ZcaVYZÒc^X^‹cYZXdcXZeidhYZegdYjXid!ZcaV
gZaVX^‹cYZaY^hZŠdXdcbVg`Zi^c\!ZcaVXVeiVX^‹cYZdedgijc^YVYZh!Zc
aVgZaVX^‹cXdcadhdigdhYZeVgiVbZcidhYZaVZbegZhVnZcZaVegdkZX]V"
b^ZcidYZaVhXVeVX^YVYZh^ciZgcVh#
 ;dh[Wb_ZWZ"i_i[gk_[h[_hfehZ[bWdj[
Z[bWYecf[j[dY_W"i[^WdZ[Z[iYkXh_h
Wdj[ibWiefehjkd_ZWZ[io[ijefWiWfeh[b
YedeY_c_[djefhe\kdZeZ[bWid[Y[i_ZWZ[i
h[Wb[iZ[beikikWh_eioZ[beiYedikc_Zeh[i$

  7VhiVciZhZhijY^dhk^cXjaVcaVXVeVX^YVYYZ\ZcZgVg^YZVhVa‚m^idYZ
cjZkdhegdYjXidhncjZkdhY^hZŠdh#EdgadiVcid!Zh^begZhX^cY^WaZiZcZg
ZhigjXijgVYVjcV[jZciZYZ^YZVhfjZVa^bZciZeZgbVcZciZbZciZVaYZ"
eVgiVbZcidYZY^hZŠd#

  6ciZhYZ^c^X^VgZaegdXZhdYZY^hZŠdhZ]VcYZeVhVgaVh^YZVhVXdc"
XZeidh#AVedh^W^a^YVYYZ]VXZgjciZhiYZaXdcXZeidniZcZgY^[ZgZciZhXdc"
XZeidhVaiZgcVi^kdhYVjcVbVndgZÒXVX^VVaegdXZhdYZY^hZŠdnZcg^fjZXZ
adhgZhjaiVYdhÒcVaZh#AVZbegZhVnadhYZeVgiVbZcidhYZbVg`Zi^c\nYZ
Y^hZŠd]VcYZhZgXVeVXZhYZYZhVggdaaVgY^[ZgZciZhXdcXZeidhVaiZgcVi^kdh
VeVgi^gYZjcV^YZV#AVedh^W^a^YVYYZY^[ZgZcX^VghZYZ[dgbVXgZVi^kVYZ
aVXdbeZiZcX^VejZYZhZgVigVk‚hYZaV^ccdkVX^‹cYZXdcXZeidh#+*

  HdaVbZciZaVk^hiVejZhiVZcadhjhjVg^dhnadhXdchjb^YdgZheZgb^i^"
,+UCEDJ7y7"@ehZ_oCEBB"?iW$97IEI:;xN?JE"
;bZ_i[‹e[dbW[cfh[iW$7:9L7ieY_WY_ŒdZ[
g{^YZci^ÒXVgdedgijc^YVYZhVi^Zbed#:aigVWV_dYZY^hZŠd]VYZZhiVgbjn
:_i[‹WZeh[iZ[bW9eckd_ZWZLWb[dY_WdW" eg‹m^bdVaigVWV_dYZbVg`Zi^c\#:cgZVa^YVY!h^hZfj^ZgZ^gedgYZaVciZYZ
(&&-$LWb[dY_W$F|]$+ aVXdbeZiZcX^V!hZ]VcYZYZhXjWg^gVciZhaVhdedgijc^YVYZhnZhideVhV
,,UCEDJ7y7"@ehZ_oCEBB"?iW$97IEI:;xN?JE" edgZaXdcdX^b^Zcidegd[jcYdYZaVhcZXZh^YVYZhgZVaZhYZadhjhjVg^dhn
;bZ_i[‹e[dbW[cfh[iW$7:9L$LWb[dY_W"(&&-$ YZadhXdchjb^YdgZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&(,

  EZgdiVbW^‚cZaY^hZŠd]VYZZhiVgbjna^\VYdVaVhXVeVX^YVYZh^c"
iZgcVhYZaVZbegZhV#:heZX^VabZciZjcVZhigZX]VgZaVX^‹cXdcegdYjXX^‹c
Zh[jcYVbZciVa#7^ZchZVeVgVY^hZŠVgYZVXjZgYdXdcadhbZY^dhYZegd"
YjXX^‹cZm^hiZciZh!W^ZchZVeVgVegdedcZgcjZkVhi‚Xc^XVhYZegdYjXX^‹c
fjZejZYVc]VXZgYZacjZkdegdYjXidjcV^ccdkVX^‹c#

  :a^c^X^dYZaegdXZhdYZY^hZŠdXdch^hiZZcaV\ZcZgVX^‹cYZ^YZVhn
YZXdcXZeidh#EVgVZaadYZWZcXdch^YZgVghZadhh^\j^ZciZhZaZbZcidh/

™9ZWZ]VWZgjch^hiZbVXdci^cjdeVgVaVXVeiVX^‹cYZ^YZVhWVhVYd
ZcZaZhijY^dYZaZcidgcdnYZaVXdbeZiZcX^V#

™ AVh ^YZVh YZWZc eaVhbVghZ Zc XdcXZeidh fjZ iZc\Vc Zc XjZciV
[jcYVbZciVabZciZVfj^‚ckVY^g^\^YdZaegdYjXidnfj‚WZcZÒX^dh
W{h^XdhYZWZVedgiVg#

™AVh^YZVhnXdcXZeidhYZWZcZhiVgWVhVYdhZcZabZgXVYdnZcaVh
cZXZh^YVYZhYZadhXa^ZciZhnYZadhjhjVg^dh#:aeaVcYZbVg`Zi^c\
hZYZhVggdaaVZceVgVaZadVaegdXZhdYZY^hZŠd#

™ AVh ^YZVh n XdcXZeidh iVbW^‚c YZWZc iZcZg Zc XjZciV aVh XVeV"
X^YVYZh^ciZgcVhnaVhdigVh[jcX^dcZhYZaVZbegZhV!ZcZheZX^Va
egdYjXX^‹c!ad\†hi^XVnÒcVcoVh#

(#:higViZ\^VYZY^hZŠd#HZ]VYZÒc^YdZhiVVXi^k^YVYYZcigdYZaVhVXi^k^YV"
YZhYZ\Zhi^‹cYZaY^hZŠdXdbdaVXdcig^WjX^‹cYZaY^hZŠdVadhdW_Zi^kdh
ZhigVi‚\^XdhYZaVZbegZhV#:ch†ciZh^h!hZigViVYZkZgfj‚eVeZai^ZcZZa
Y^hZŠdZcaVZhigViZ\^VZbegZhVg^Va!Xj{aZhaVZhigViZ\^VYZYZhVggdaadYZ
cjZkdhegdYjXidh!Xj{aZhaVZhigViZ\^VYZaVbVgXV!X‹bd^ciZgk^ZcZZa
Y^hZŠdZcadhY^[ZgZciZh^chigjbZcidheVgVaVXgZVX^‹cYZbVgXVnX‹bd
hZeaVc^ÒXVZaegdXZhdYZY^hZŠd#++

  :aY^hZŠd]VYZZhiVgVac^kZab{hVaidYZaVZhigViZ\^VYZaVZbegZhV#
NV]ZbdhXdbZciVYdXdbdeVgVB#EdgiZgaVcVijgVaZoVYZaVXdbeZi^i^k^"
YVYgVY^XVZcX^cXd[jZgoVhXdbeZi^i^kVh/aVVbZcVoVYZcjZkdhZcigVciZh!
 aVVbZcVoVYZegdYjXidhdhZgk^X^dhhjhi^iji^kdh!ZaedYZgcZ\dX^VYdgYZadh
egdkZZYdgZh!ZaedYZgcZ\dX^VYdgYZadhXdbegVYdgZhnaVg^kVa^YVYZm^hiZciZ
ZcigZadhXdbeZi^YdgZhZm^hiZciZh#6ciZZhiVZhigjXijgVjcVZbegZhVejZYZ
dWiZcZgkZciV_VhXdbeZi^i^kVhYZhVggdaaVcYdY^[ZgZciZhZhigViZ\^Vh\Zc‚g^XVh
dY^[ZgZciZh[dgbVhYZXdchZ\j^gXVgVXiZg†hi^XVhn[jcX^dcZhhjeZg^dgZhVhjh
XdbeZi^YdgZh#JcVZhkVg^VcYdhjeVcdgVbVXdbeZi^i^kd!ZhYZX^g!Y^g^\^‚cYd"
hZVjchZ\bZcidgZYjX^YddVjchZ\bZcidbjnVbea^d!ndigVZhkVg^VcYd
hjkZciV_VXdbeZi^i^kV!ZhYZX^g!XZcig{cYdhZZciZcZgZabZ_dgXdhiZdXdch^"
\j^ZcYdjcVY^[ZgZcX^VX^‹cVegZX^VWaZnVegZX^VYVedgadhXdchjb^YdgZh#

  9Z]ZX]dZaY^hZŠd^ciZgk^ZcZY^gZXiVbZciZZcaVZhigViZ\^VXdbeZ"
i^i^kVYZaVZbegZhVXZcigVYVZcadhh^\j^ZciZhVheZXidh/

™:hiVgWVhVYVZcaVZhigViZ\^VYZaVZbegZhV#:aY^hZŠdZheVgiZYZ
hjkZciV_VXdbeZi^i^kV#

™AVZhigViZ\^VYZcjZkdhegdYjXidhZhi{eZg[ZXiVbZciZYZÒc^YVn
Zh!ZcaVbVndg†VYZaVhdXVh^dcZh!jcVZhigViZ\^VegdVXi^kV#

™=VnjcVZhigViZ\^VYZXgZVX^‹cYZbVgXVfjZZhi{edgZcX^bVYZ
aV XgZVX^‹c YZ egdYjXidh# :aad ^bea^XV aV XddgY^cVX^‹c YZa Y^hZŠd
YZ egdYjXid! YZa Y^hZŠd YZ aV Xdbjc^XVX^‹c Z ^cXajhd YZa Y^hZŠd
Vgfj^iZXi‹c^Xd n YZ ^ciZg^dgZh YZ aV ZbegZhV# =Vn jcV ZhigViZ\^V
^ciZ\gVaYZY^hZŠd#

™:aegdXZhdYZY^hZŠdZhjcegdXZhdeaVc^ÒXVYdXdcZiVeVhVXjbea^g
Zchjh[ZX]VhnXdcgZhedchVWaZh#

)#GZXjghdh#AV\Zhi^‹cYZadhgZXjghdhYZY^hZŠdVWdgYVX‹bdhZji^a^oVcadh
Zfj^edh^ciZgcdhnZmiZgcdhYZY^hZŠd!fj‚cZXZh^YVYZh]VnZcaVZbegZhV
eVgVZaYZhVggdaadYZaZfj^ed]jbVcd!X‹bdZhaVXgZVX^‹cYZXdcdX^b^Zcid
naV[dgbVX^‹cYZadhY^hZŠVYdgZhnX‹bdhZegdiZ\ZZhiZXdcdX^b^Zcid#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&(.

*#>beaZbZciVX^‹cngZhjaiVYdh#:haVZ_ZXjX^‹cYZaegdXZhdYZY^hZ"
Šd!fj‚\gVYdYZcdkZYVYnYZ^ccdkVX^‹ci^ZcZZaY^hZŠdZcaV
ZbegZhV!X‹bdhZgZaVX^dcVcadhY^[ZgZciZhegdXZhdhYZY^hZŠd!
X‹bdhZZkVaVZaY^hZŠdnXj{aZhhdcadhgZhjaiVYdhÒcVaZheVgV
aVZbegZhV#

+#Dg^ZciVX^‹cVabZgXVYd#:hiVdg^ZciVX^‹cZhjceaVciZVb^Zcidi†"
e^XdYZaVhZbegZhVhZc[dXVYVhVaY^hZŠd!XVgVXiZg^o{cYdhZedgZa
‚c[Vh^hVadhXa^ZciZh!edgaV^bedgiVcX^VfjZhZYVVaV^c[dgbV"
X^‹c!edgaVXddgY^cVX^‹cZcigZaVhVXi^k^YVYZhYZbVg`Zi^c\naVh
Y^hi^ciVh[jcX^dcZhYZaVZbegZhV!Vh†XdbdedgaVgZXZei^k^YVYn
VXijVX^‹cYZVXjZgYdVadhXVbW^dhYZabZgXVYd#

8jaijgVXdgedgVi^kVndg^ZciVX^‹cVaY^hZŠd

<ZcZgVX^‹cYZXdcXZeidh :higViZ\^VYZ9^hZŠd

>beaZbZciVX^‹cngZhjaiVYdh GZXjghdh

Dg^ZciVX^‹cVabZgXVYd <k[dj[0BWkhWM[_ii$:[i_]dCWdW][c[dj@ekhdWb"
:[i_]dWi?dj[h\WY[

:hiZ bdYZad hZ ]V Vea^XVYd Zc cjbZgdhVh dXVh^dcZh# EZhZ V aV Y^heVg^YVY YZ aVh
ZbegZhVhZcaVhfjZhZ]VZbeaZVYdiVcidZciVbVŠd!ZheZX^Va^oVX^‹cndg^ZciVX^‹c
ZhigVi‚\^XV!ZabdYZadhZ]VkZg^ÒXVYdeaZcVbZciZeVgVidYdhadhhZXidgZh^cYjhig^V"
aZhnYZhZgk^X^dh#HZ]VVea^XVYdiVbW^‚cZcZaZhijY^dYZXVhdhYZZbegZhVh#
 ^YZV Vc{a^h^h h^hiZbV
XdcXZeid egZa^b^cVg YZeg^dg^YVYZh
egZ[^\jgVX^‹c YZaegdnZXid

VXidgZhYZa :BEG:H6
hjhiZciVW^a^YVY egdnZXid dW_Zi^kdh [VXi^W^a^YVY
\Zhi^‹c B:G869D ZhigVi‚\^Xdh YZaegdnZXid
YZaegdnZXid
egd[Zh^dcVa HD8>:969

^beaZbZciVX^‹c Xdbjc^XVX^‹c gZhjaiVYdh

YZaegdnZXid VdWiZcZg
ZkVajVX^‹cYZ
gZhjaiVYdh <k[dj["H[_dWbZe@$B[_he:_i[‹e0
;ijhWj[]_Wo=[ij_Œd$;Z_Y_ed[i?dÓd_je"(&&,

+$($*$) CeZ[be Z[ ÇYed\ehcWY_Œd Z[b fheZkYjeÈ [d bW

=[ij_Œd[ijhWjƒ]_YWZ[Z_i[‹e$
AdhdW_Zi^kdhYZaegdnZXidhZegd\gVbVcedgad\ZcZgVaVXdgid!bZY^Vcdd
aVg\deaVod#:hiVhbZiVhajZ\dhZg{c^beaZbZciVYVhedgbZY^dYZVXX^dcZh
eaVc^ÒXVYVhneZgbVcZciZbZciZV_jhiVYVhYZVXjZgYdXdcaVhbdY^ÒXVX^dcZh
fjZ hZ egdYjoXVc iVcid Zc Za ^ciZg^dg YZa egdnZXid Xdbd Zc Za {bW^id Zc
Za fjZ Za b^hbd ]VWg{ YZ ^chiVaVghZ# EZgd VYZb{h! aV YZÒc^X^‹c YZ Zhidh
dW_Zi^kdh[dgbVeVgiZYZjcegdXZhdb{hZmiZchd!aVÆ\Zhi^‹cZhigVi‚\^XVYZ
Y^hZŠdÇ!ZcZaXjVaZhi{XdbegZcY^YVaVidiVa^YVYYZVXX^dcZh^ciZgVXi^kVhYZa
Y^hZŠdXdcadhVXidgZhYZaVZbegZhVnYZdigVh{gZVhgZaVX^dcVYVhY^gZXiVZ
^cY^gZXiVbZciZXdcZaegdnZXid#:hiZegdXZhdhZYZhVggdaaVZcYZiZgb^cVYVh
[VhZhfjZcdXdcÒ\jgVcc^gZfj^ZgZcjcVhZXjZcX^Va^cZVa!YVYdfjZhZ\cadh
XVhdhhZegdYjXZch^bjai{cZVbZciZdhZ^ciZgXVaVcYZbVcZgVVaZVidg^V#+,

 AV\Zhi^‹cYZY^hZŠdi^ZcZaj\VgVciZh!YjgVciZnYZhej‚hYZaVhiVgZVhYZegdnZXid
igVY^X^dcVaZh# Edg ad iVcid! h^ W^Zc VcVa^oVgZbdh aVh Y^kZghVh [VhZh YZ aV \Zhi^‹c! iZc\Vbdh
,-UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$ egZhZciZfjZaVXVgVXiZg†hi^XVW{h^XVYZaV\Zhi^‹cZhigVi‚\^XVVhe^gVVaVh^bjaiVcZ^YVYZcaV
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$ Xdch^YZgVX^‹cYZidYdhadh[VXidgZh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&)&

 :aegdXZhdYZY^hZŠdejZYZXdbZcoVgVeVgi^gYZjcV
^c^X^Vi^kVYZaVZbegZhVdg^\^cVYV\ZcZgVabZciZZcjcVdedgijc^YVY
YZiZXiVYVZcZabZgXVYd!dXdbdXdchZXjZcX^VYZjcVegdejZhiVYZa
Y^hZŠVYdgfjZ^cXajnVjcXdcXZeidYZ^ccdkVX^‹cnYZegdYjXidfjZ
gZhjaiZ^ciZgZhVciZeVgVaVZbegZhVn!edgadiVcidjcbdi^kdeVgV
^c^X^VgaVXdch^YZgVX^‹cYZaegdnZXid#JcV[VhZedhiZg^dgXdch^hiZZcZa
Vc{a^h^hegZa^b^cVgYZaegdnZXidZcgZaVX^‹cXdchjXdciZmid!ZhYZX^g!
Za{bW^idZcZaXjVahZegdYjX^g{ZaZbegZcY^b^ZcidÄaVZbegZhV"n
ZaZheVX^dZcZafjZajZ\dhZ^chiVaVg{"aVhdX^ZYVYnZabZgXVYd"#HZ"
\cadhXVhdh!ejZYZgZhjaiVgdedgijcdfjZZhiZVc{a^h^hhZZmi^ZcYVV
aVZkVajVX^‹cYZadhgZXjghdhegd[Zh^dcVaZhYZaZfj^edYZY^hZŠd!Zh"
eZX^VabZciZh^aVbV\c^ijYdaVXdbeaZ_^YVYYZaegdnZXidad_jhi^ÒXVc#
<k[dj["H[_dWbZe@$B[_he:_i[‹e0
;ijhWj[]_Wo=[ij_Œd$;Z_Y_ed[i?dÓd_je"(&&,
 :hiZVc{a^h^hegZa^b^cVgYZaegdnZXidegdedgX^dcVg{aV^c[dg"
bVX^‹ccZXZhVg^VhdWgZadhVheZXidhedh^i^kdhnaVhYZW^a^YVYZhYZa
b^hbd!iVcidXdcgZheZXidVabZgXVYdXdbdVaVZhigjXijgVdeZgVi^kV <:HI>âC9:AEGDN:8D
YZaVZbegZhVnYZaZfj^edYZY^hZŠd#NYZaVZkVajVX^‹cYZZhiV
^YZV
^c[dgbVX^‹cYZeZcYZg{Zc\gVceVgiZaV[VXi^W^a^YVYYZXdci^cjVgXdc
ZaegdnZXid!YZVXjZgYdXdcaVhVYZXjVX^dcZhfjZhZZhi^bZcXdckZ"
egd\gVbVegdk^hdg^dYZegdYjXid
c^ZciZh#9ZhZgVh†!ZaVheZXid[jcYVbZciVaYZZhiZVc{a^h^hegZa^b^cVg
gZh^YZZcfjZYZ‚ahjg\^g{cadhdW_Zi^kdhZhigVi‚\^XdhfjZYZÒc^g{cZa Vc{a^h^hegZa^b^cVgYZaegdnZXid
Xjghd^c^X^VaYZaegdnZXidnYZadhfjZYZeZcYZg{Zc\gVcbZY^YVhj
‚m^id#:hidhdW_Zi^kdhhjZaZcZhiVgY^g^\^YdhVaegdYjXid!VabZgXVYdn
VaVXdbeZiZcX^V#:cadhXVhdhZcfjZZaegdnZXidadgZfj^ZgV!edghj gZ[Zg^YdhVaV\Zhi^‹cegd[Zh^dcVa gZ[Zg^YdhVaXdciZmid
XdcdX^b^ZcidegdnZXijVa0 aVZbegZhV
bV\c^ijYdXdbeaZ_^YVY!adhdW_Zi^kdhiVbW^‚cedYg{cXdbegZcYZg VjidZkVajVX^‹c b^h^dcZh
ZhigVi‚\^V^chi^ijX^dcVanXdbZgX^Va

Va\jcdhVheZXidhYZaVdg\Vc^oVX^‹cZbegZhVg^VadYZgZ^c\Zc^Zg†VYZ ZkVajVX^‹cYZaV[VXi^W^a^YVY
ZXdc‹b^Xd"[^cVcX^ZgVYZaegdnZXid
eda†i^XVYZXdbjc^XVX^‹cXdgedgVi^kV
h^hiZbVYZYZX^h^dcZhhdWgZZaegdYjXid

hjhgZXjghdh]jbVcdh# Y^hZŠdhjhiZciVWaZ ZabZgXVYd

Xdbjc^XVX^‹cYZaegdnZXid
gZXjghdh]jbVcdh/
 :cadfjZgZheZXiVVaegdXZhdYZY^hZŠdYZaegdYjXid!Xdc" [aZm^W^a^YVYdg\Vc^oVi^kV
egdYjXidh^chiVaVYdh/ZkVajVX^‹c
edh^X^dcVb^ZcidYZaegdYjXid
iZcYZcX^VhYZZkdajX^‹c
aVhdX^ZYVY
cZXZh^YVYZh

h^YZgVgZbdhaV^YZV!ZaXdcXZeidYZY^hZŠd!Zah^hiZbVYZeg^dg^YVYZh ^beaZbZciVX^‹cYZaegdnZXid cjZkdhegdWaZbVh

iZcYZcX^VhYZZkdajX^‹c

egdnZXijVaZh!aVgZ[dgbjaVX^‹cYZaegd\gVbVnaVegZhZciVX^‹cYZa
egdnZXidVaVZbegZhV!ZcigZdigdhVheZXidh#
[VXi^W^a^YVY dW_Zi^kdhZhigVi‚\^Xdh

 :hedh^WaZXdch^YZgVgaV\Zhi^‹cYZaegdnZXidXdbdjcV
Xdbjc^XVX^‹c Y^hZŠd
gZY^ciZ\gVYV!ZcigZdigVh!edgaVhh^\j^ZciZh^chiVcX^VhfjZ!XdbdnV
bZcX^dcVbdh!cd\jVgYVcjcVYZiZgb^cVYVhZXjZcX^VngZfj^ZgZcjc
^beaZbZciVX^‹c
igViVb^Zcid^ciZgVXi^kdnh^bjai{cZdYZidYdhadhVheZXidhXdch^YZgVYdh/
 ?Z[W$AVh^YZVhYZY^hZŠdcdYZWZchZgVYdeiVYVhc^gZX]VoVYVhh^cVciZh
hdbZiZgaVhVjcVc{a^h^hXg†i^XdYZgZÓZm^dcZhnkZg^ÒXVX^dcZh#9ZZhiVbVcZ"
gV!fjZYVceaVciZVYVhXdbdegdk^hdg^VhnVjcfjZcdegdheZgZcejZYZcYVg
aj\VgVdigVh!edgVcVad\†VdedgXdcigVedh^X^‹c#GZhjaiVVYZb{hWZcZÒX^dhd
YZhiVXVgYZcigdYZaV^YZV^c^X^Va!ZaXdcXZeidnZkZcijVabZciZaVegZÒ\jgV"
X^‹cYZadW_Zi^kdegZhZciZ#JcVkZoegd[jcY^oVYVaV^YZV^c^X^VagZhjaiV^begZh"
X^cY^WaZYZÒc^gnZkVajVgZaÆXdcXZeidYZaegdYjXidÇZheZX^VabZciZZcidYdh
adhVheZXidheg^dg^oVYdhZcaVegdejZhiVnfjZedgadiVcidaVXVgVXiZg^oVc#+-

  AVegZÒ\jgVX^‹c[dgbVeVgiZYZaegdXZhdegdnZXijVaeZgdhZYZWZg†Vc
Xj^YVghj^cX^YZcX^VZcZaÆXdcXZeidYZaegdYjXidÇnVfjZXdchi^ijnZjc
egZ"Y^hZŠdnhj\^ZgZedgadiVcidjcVhdajX^‹cbViZg^Va^oVYVYZaXdcXZeid#
EdgdigVeVgiZ!aVegZÒ\jgVX^‹cYZaegdYjXidYZWZhZgXg†i^XVbZciZZkVajV"
YVXdcZaÒcYZcdXdcY^X^dcVgegZbVijgVbZciZZaXdciZc^Ydk^hjVaYZaV
egdejZhiV#

  8dcgZheZXidVaVedhiZg^dgYZÒc^X^‹cYZadhdW_Zi^kdhYZaegdnZXid!Zh
cZXZhVg^dVcVa^oVgZa\gVYdYZ^ccdkVX^‹cYZaV^YZVegdejZhiV!ZhYZX^g!
^cYV\Vgh^aV^YZV^bea^XV/jcgZY^hZŠd!jcXVbW^dhjhiVcX^VadjcXVbW^d
YZadhX‹Y^\dhk^\ZciZh#

  AVÆkVadgVX^‹cdW_Zi^kVÇYZaV^ccdkVX^‹cZh[jcYVbZciVaeVgVZaed"
h^X^dcVb^ZcidYZaegdYjXidnaVZhigViZ\^VYZaegdnZXid#

  8jVcYdjcVcjZkVXdcXZeX^‹caaZ\VVaVZbegZhVgZfj^ZgZjcVVjidg†V
XdbeVgi^YV#H^adhVXidgZhYZaVZbegZhVZcaVfjZhZYZhVggdaaVg{Zaegd"
YjXidcdhZ^ckdajXgVcZcZaegdnZXidYZhYZZa^c^X^d!aVhY^ÒXjaiVYZheVgV
aaZkVgadVYZaVciZhZg{cbjX]dbVndgZh#:aY^hZŠVYdgYZWZXZYZgeViZgc^YVY
YZhYZZaXdb^ZcodYZaegdnZXidnjW^XVghZXdbdjcXddgY^cVYdgYZaegd"
,.UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$ XZhd#6h†!edYg{iZcZgjcVbZ_dgeVgi^X^eVX^‹cZcaVhYZX^h^dcZhgZ[Zg^YVhVa
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$ Y^hZŠdnjcV^ciZgVXX^‹cZÒX^ZciZXdcaVhY^hi^ciVh{gZVhYZaVZbegZhV#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&)(

BWi_Z[WiZ[Z_i[‹edeZ[X[di[hWZefjWZWi
d_h[Y^WpWZWii_dWdj[iiec[j[hbWiWkd
Wd|b_i_iYh‡j_YeZ[h[Ô[n_ed[iol[h_ÓYWY_ed[i$

  Edgad\ZcZgVaVeVgi^gYZaV^YZVi^ZcZaj\VgjcVZiVeVZcaVfjZhZ
gZVa^oVjcVÆ[dgbjaVX^‹cegdk^hdg^VYZaegd\gVbVYZaegdYjXidÇfjZXdc"
h^hiZZcaVYZhXg^eX^‹c\Zc‚g^XV!i^eda‹\^XVYZab^hbd!h^cjcVVh^\cVX^‹c
ZhigVi‚\^XV YZ eg^dg^YVYZh V adh Y^kZghdh VheZXidh fjZ Xdc[dgbVc Y^X]d
egd\gVbV#:hYZX^g!hZigViVYZjcegd\gVbVfjZVccd^cXajnZaVh^ciZc"
X^dcZhZhigVi‚\^XVhYZY^hZŠd#:hiVeg^bZgVkVadgVX^‹cYZVheZXidhViZcZg
ZcXjZciVeZgb^i^g{/

"8dbZcoVgaVXdcXZeijVa^oVX^‹cYZaiZbVZheZX†ÒXdVgZhdakZgnYZ
adhY^kZghdhVheZXidhfjZajZ\dYZÒc^g{caVhXVgVXiZg†hi^XVh^ccdkV"
YdgVhYZaegdYjXid#

"8dcdXZgaVZhigjXijgVYZaVZbegZhV/

™dW_Zi^kdh^chi^ijX^dcVaZhnXdbZgX^VaZh

™edh^W^a^YVYZhZXdc‹b^XVhnÒcVcX^ZgVh

™Xdbjc^XVX^‹cXdgedgVi^kV!bVgXVhnedh^X^dcVb^Zcid
ZcZabZgXVYd

"8dcdXZgZci‚gb^cdh\ZcZgVaZhadhegdYjXidhh^b^aVgZhYZabZgXVYd
ZcXjVcidVegZhiVX^dcZhiZXcda‹\^XVh!aZc\jV_Zh!egZX^dh!bVgXVh#
 6c{a^h^hegZa^b^cVg!Vc{a^h^hYZaZcidgcd/XdbeaZ_^YVYYZadhZhXZcVg^dh#

 :aXdcXZeidYZZhigViZ\^Vh^ZcYdVci^\jdZhYZgZX^ZciZ^cXdgedgVX^‹cZcaVhY^hX^ea^"
cVhYZaVZXdcdb†V!aViZXcdad\†VnZaY^hZŠd!cd^bea^XVaVVeVg^X^‹cYZjccjZkdXdcXZeidV
Vea^XVg#:haVigVch[dgbVX^‹cYZaXdciZmidVjcZhXZcVg^dXdbeaZ_d!\adWVa^oVYd!bjiVciZ!Xdc
XVgVXiZg†hi^XVhfjZ!ZcbjX]dhVheZXidh!]VcVYfj^g^YdaVV\gZh^k^YVYnadhg^Zh\dhegde^dhYZ
jcXdcÓ^XidYZhjWh^hiZcX^VZXdc‹b^XV!adfjZh^cdhdWa^\VV^cXdgedgVgcjZkVhk^h^dcZh!nedg
adiVcidcjZkdhXdcXZeidhYZcigdYZaVVXi^ijYZhigVi‚\^XV#+.

 :cadfjZXdcX^ZgcZVaY^hZŠdXdbdegdXZhd!XdbdiVa]VXdch^YZgVYdXg†i^XVbZciZ
aVhkZciV_VhnaVhY^ÒXjaiVYZhfjZadhXVbW^dhiZXcda‹\^XdhnaVhigVch[dgbVX^dcZhhdX^dXjaij"
gVaZheaVciZVciVcidZcZa{bW^idadXVaXdbdZcZa\adWVa#6a\jcdhYZadhiZbVhb{hh^\c^ÒXV"
i^kdhYZZhiZcjZkdZhXZcVg^dejZYZchZg/

&#H^hiZb{i^XVY^\^iVa"k^gijVa#

 EZgb^iZjcVc{a^h^hZm]Vjhi^kdYZVaiZgcVi^kVhnYZcjZkdhZhXZ"
,/UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$
cVg^dh! iVcid eVgV aV ZkVajVX^‹c Xdbd eVgV aV Xdbjc^XVX^‹c YZa
egdYjXid# 6 ZhiV ^c[dgbVX^‹c i^ZcZc VXXZhd! Xdc Y^hi^ciV egd[jc"
Y^YVY i‚Xc^XV! adh gZhedchVWaZh YZa Y^hZŠd n adh Y^gZXi^kdh YZ aVh
ZbegZhVh# 9^gZXi^kdh! Xdc ^cYZeZcYZcX^V YZ hj c^kZa YZ Ydb^c^d
egdnZXijVa!i^ZcZcaVedh^W^a^YVYedgXdcdX^b^ZcidhdedghjjW^"
XVX^‹cZcZadg\Vc^\gVbVZbegZhVg^VaYZde^cVghdWgZjccjZkd
egdnZXidVjcfjZcdh^ZbegZXVeVX^iVYdheVgV^bV\^cVgnZkVajVg
VfjZaadfjZ!edgigViVghZYZjcV^ccdkVX^‹c!cdegZhZciVgZ[ZgZc"
X^Vh Va jc^kZghd YZ egdYjXidh Zm^hiZciZ# AV ^ciZgVXX^‹c gZfjZg^YV
eVgVZaVc{a^h^hnaVZkVajVX^‹cYZZhiZcjZkdZhXZcVg^dZcZafjZ
Za Y^hZŠd Zh eVgiZ YZa cZ\dX^d! gZfj^ZgZ fjZ Za Y^hZŠVYdg ejZYV
ZhiVWaZXZgjcVXdbjc^XVX^‹cYZYdWaZk†VXdcadhY^gZXi^kdhYZaVh
ZbegZhVh!Y^hZŠVcYdaVXdbjc^XVX^‹cVYZXjVYVVhjhYZhi^cViVg^dh
iVcidYZadhVheZXidhk^hjVaZhnXjaijgVaZhYZaegdYjXidXdbdYZ
hjhkVg^VWaZhZXdc‹b^XVhnYZbZgXVYd#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&)*

 AVbdYZa^oVX^‹cegZk^VYZaegdYjXideVgVhjZkVajVX^‹cZcZa BW^ece][d[_ZWZ
{bW^idYZaVZbegZhVYZWZXZcigVghZZcadhVheZXidhh^\c^ÒXVi^kdh
YZa egdnZXid! Xdc adh Xdbegdb^hdh ^begZhX^cY^WaZh YZ Y^hZŠd! nV Z[beifheZkYjei
fjZjcZmXZhdYZi^ZbedYZY^XVYdV^ciZch^ÒXVgaVeg^bZgVegZ" ]beXWb_pWZei
hZciVX^‹cYZaegdnZXidejZYZgZigVhVgZaegdXZhdYZY^hZŠdedhiZg"
\VcYdaVYZiZXX^‹cYZVheZXidhcZ\Vi^kdheVgVjcVZiVeVZcfjZ dŒcWZWi
aVhXdggZXX^dcZhhdcYZY^[†X^ahdajX^‹c#:cZhiZhZci^Yd!aVZmeZg^Zc" fei_X_b_jWkdWc[`eh
X^V^cYjhig^VaiZXcda‹\^XVbZciZVXijVa^oVYV]VYZbdhigVYdfjZadh
ZggdgZhfjZi^ZcZcaj\VgZcaVh[VhZh^c^X^VaZhYZjcY^hZŠdejZYZc i_ij[cWj_pWY_ŒdZ[b
aaZ\VgVhZgiVcXdhidhVhYZgZhdakZgVedhiZg^dg^XdbdZa[gVXVhdYZa fheZkYje[nfehjWXb[
egdYjXid#:cZhiZhZci^YdaVbdYZa^oVX^‹cVYZXjVYV[VX^a^iVegZkZg
g^Zh\dh^ggZeVgVWaZh# f[he"fehejhWfWhj["
'#HZbZ_VcoVnjc^[dgb^YVYYZaegdYjXid#
_cfb_YWkdWWf[hjkhW
[nY[i_lWWbZ_i[‹e
 AV]dbd\ZcZ^YVYYZadhegdYjXidh\adWVa^oVYdhc‹bVYVhedh^"
W^a^iVjcVbZ_dgh^hiZbVi^oVX^‹cYZaegdYjXidZmedgiVWaZeZgd!edg ]beXWb[dbWih[]_ed[i
digV eVgiZ! ^bea^XV jcV VeZgijgV ZmXZh^kV Va Y^hZŠd \adWVa Zc aVh YedXW`ed_l[bZ[
gZ\^dcZhXdcWV_dc^kZaYZYZhVggdaad#
Z[iWhhebbe$
 AVh^bedgiVX^dcZhYZaHjYZhiZ6h^{i^Xd^chiVaVcVgiZ[VXidhYZbjnWV_d
Xdhid!adfjZeVgVeV†hZhZbZg\ZciZhejZYZh^\c^ÒXVgVjcVaXVcoVcYd
Zac^kZaYZZfj^eVb^Zcid^cYjhig^VacZXZhVg^djcVedhiZg\VX^‹cYZaV
gZVXi^kVX^‹c^cYjhig^VanYZaY^hZŠdadXVaZcidYdhVfjZaadhhZ\bZcidh
ZcadhfjZZaegZX^dZhZaVig^Wjideg^cX^eVaYZaegdYjXid#

(#;gV\bZciVX^‹cYZaXdchjbd#

 AVeaVc^ÒXVX^‹cfjZaVZbegZhV]VXZ[gZciZVaVhZ\bZciVX^‹cYZa
Xdchjbd Xdc Za Òc YZ VXgZXZciVg hj bZgXVYd bZY^VciZ aV ÆY^"
[ZgZcX^VX^‹cÇ YZ aV d[ZgiV# :hid dg^\^cV jcV egZh^‹c V aV <Zhi^‹c
:higVi‚\^XV YZa 9^hZŠd Zc Za hZci^Yd YZ egdkdXVg aV [g^kda^YVY Zc
aVhegdejZhiVh#:cZhiZhZci^YdbZcX^dcVgfjZbVg`Zi^c\i^ZcZjc
XdcXZeidYZ^ccdkVX^‹cY^[ZgZciZYZafjZhdhi^ZcZY^hZŠd!edgad
fjZaVcZ\dX^VX^‹cZcigZVbWVh{gZVhZh^begZhX^cY^WaZ#
 )#9^bZch^‹cVbW^ZciVaYZaegdYjXid#

 AVY^[ZgZcX^VX^‹cYZaegdYjXidVigVk‚hYZaVegdYjXX^‹cYZdeX^dcZh
YZXdchjbd!gZegZhZciVjcXdcÓ^Xid[gZciZVaVcZXZh^YVYhdX^VaYZ
Z_ZgXZgjcVYZXjVYdXdcigdahdWgZaVd[ZgiVidiVaYZegdYjXidh#:hiZ
XdcÓ^XidhZ]VXZXdbeaZ_dVcb{hVciZaVVjhZcX^VYZh^hiZbVh
ZÒXVXZheVgVaVZa^b^cVX^‹cYZadhgZh^YjdhnZaXdcigdaYZaVedaj"
X^‹cVbW^ZciVa#EdYg†VbdhYZX^g/cdY^hZŠVgc^egdYjX^gb{hYZad
VWhdajiVbZciZcZXZhVg^d!adfjZhZg†V^bedh^WaZYZXdchZ\j^g#

*#9ZhbViZg^Va^oVX^‹c#

 AVYZhbViZg^Va^oVX^‹cYZaegdYjXidXdbdgZhjaiVYdYZaVb^XgdZaZX"
ig‹c^XVegZhZciVjcViZcYZcX^VZchZci^YddejZhidVaVgZkVadg^oV"
X^‹cYZaV[dgbVnYZaaZc\jV_ZYZaegdYjXid!VheZXidhfjZ]VXZc
edh^WaZjcV^ciZg[VXZb{h]jbVc^oVYVXdcaVXdbeaZ_^YVYYZaVh
egZhiVX^dcZh Y^\^iVaZh! Vh^\c{cYdaZ Va ÆXjZgedÇ YZa VgiZ[VXid jcV
bVndgeVgi^X^eVX^‹cZcaVhdX^Va^oVX^‹cYZaViZXcdad\†V#

+#GVe^YZoYZadhXVbW^dh#

 AVVXZaZgVX^‹cnaV^begZk^h^W^a^YVYYZadhXVbW^dhZcZaZhXZcVg^d
-&UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$
-'UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$
YZaY^hZŠdXdchi^ijnZc!h^cYjYV!Za[VXidgYZbVndg^cX^YZcX^VZc
aVXdbeaZ_^YVYYZaY^V\c‹hi^XdnaVeaVc^ÒXVX^‹cYZaegdYjXid!YVYd
fjZ adh g^Zh\dh gZhjaiVciZh YZ jcV egZk^h^‹c Zfj^kdXVYV Zh XVYV
Y†VbVndg#H^W^ZcaV^ckZhi^\VX^‹cYZiZcYZcX^VhYZZkdajX^‹cnaV
Xdc[dgbVX^‹c[jijgVYZcjZkdhZhXZcVg^dh]VVYfj^g^Ydjch^\c^Ò"
XVi^kdYZhVggdaadZcadhai^bdhVŠdh!gZhjaiVfj^o{b{hZhi^bjaVciZ
eZchVg fjZ Y^hZŠd ejZYV XVeVX^iVg n XVe^iVa^oVg aV ^cij^X^‹c eVgV
egdedcZgbdYZadhYZXVbW^d!^cYZeZcY^ZciZbZciZYZaVh^cY^XV"
X^dcZhYZaVhZcXjZhiVh#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&),

DW_Zi^kdhZhigVi‚\^XdhYZaegdnZXid# AV[dgbjaVX^‹cYZadhdW_Zi^kdh
ZhigVi‚\^XdhYZWZgZhedcYZgVYdhVheZXidh/XjWg^gidYdhadhiZbVh^ckdajXgV"
YdhZcZaegdnZXidnji^a^oVgjcV[dgbjaVX^‹c!VYZXjVYVVaVhZm^\ZcX^VhYZ
jcYZhVggdaadZhigVi‚\^Xd#AV[dgbjaVX^‹cYZadhdW_Zi^kdhYZaegdnZXidhZg{
Xdch^YZgVYVZcYdhZcXjVYgZh/,%

BZiVhiZb{i^XVh

:hiVhbZiVhYZiZgb^cVcadhgZhjaiVYdhVhZgVaXVcoVYdhedgZaegdnZXiddedgZaegdYjXidXdc
gZheZXidVabZgXVYdZc\ZcZgVa!VahZ\bZcidYZabZgXVYdZceVgi^XjaVgnVadhegdYjXidhYZ
aVXdbeZiZcX^V!ZcZaXdgid!bZY^VcdnaVg\deaVod!egZk^ZcYdVaiZgcVi^kVhng^Zh\dhZc[jcX^‹c
YZaVhigVch[dgbVX^dcZhedh^WaZhYZaXdciZmid#:ci‚gb^cdh\ZcZgVaZh!Zhedh^WaZVÒgbVgfjZ
Y^X]dhdW_Zi^kdhYZWZc[dgbjaVghZXdcgZheZXidVadhh^\j^ZciZhiZbVh/

™BVgXVYZaegdYjXidnXdbjc^XVX^‹c^chi^ijX^dcVaYZaVZbegZhV#EjZYZigV"
iVghZYZjcVbVgXVZm^hiZciZgZaVX^dcVYVY^gZXiVd^cY^gZXiVbZciZXdcZa
egdYjXiddYZjcVbVgXVVXgZVg#:cZaeg^bZgXVhdegZkVaZXZaV^cX^YZcX^V
YZaVbVgXVhdWgZZaegdYjXidnVfjZjcVbVgXVXdchi^ijnZ!XdbdnV]Z"
bdhbZcX^dcVYdVciZg^dgbZciZ!jcegZ_j^X^dÄcZ\Vi^kddedh^i^kd"njcV
ZmeZXiVi^kVhdWgZZaegdYjXid#:cZahZ\jcYdXVhdaV^YZci^YVYYZaY^hZŠd
nYZaVZbegZhVVh†XdbdZabZgXVYdVaXjVaZhiVg{Y^g^\^YdZaegdYjXid
\jVgYVcgZaVX^‹chjhiVcX^VaXdcaVbVgXVVXgZVg#:ci‚gb^cdh\ZcZgVaZh
edYZbdh VÒgbVg fjZ ^cYZeZcY^ZciZbZciZ YZ hj XVa^YVY YZ Y^hZŠd Za
egdYjXidgZfj^ZgZZahdedgiZYZaVbVgXVnYZaVXdbjc^XVX^‹cVYZXjVYV#
:ccjZhigVde^c^‹caVXdbjc^XVX^‹c_jZ\VjceVeZaiVc^bedgiVciZdb{h
fjZZaYZaegdYjXid#,&

™<gVYdYZh^\c^ÒXVX^‹c#:hZakVadgÆ^cbViZg^VaÇfjZhZg{igVchb^i^YdedgZaaZc"
\jV_ZYZaegdYjXidnedgaVXdbjc^XVX^‹cYZaVZbegZhV#ZhiZkVadgYZÒcZaV
XVa^YVYXjaijgVaYZaegdYjXidni^ZcZcjcVhjhiVcX^Va^cX^YZcX^VZcaVgZaVX^‹cYZa
b^hbdXdcaV\ZciZn!edgadiVcid!Xdchjedh^X^dcVb^ZcidZcZabZgXVYd#
 ™Egde^ZYVYZhÆbViZg^VaZhÇYZaegdYjXid#9ZhjhiZciVW^a^YVY!YZjhd!YZ
XVa^YVY!YZadhVig^Wjidh[dgbVaZh!YZbVciZc^b^Zcid!YZXdhidh#NaVh
egZhiVX^dcZhiZXcda‹\^XVhZcZheZX^Va#

™7VggZgVhiZXcda‹\^XVhnYZY^hZŠd#:hiVhWVggZgVhZmegZhVcc^kZaZhiZXcd"
a‹\^XdhdegdYjXi^kdhfjZY^ÒXjaiVcZaVXXZhdVYZiZgb^cVYVhegde^ZYV"
YZhYZaegdYjXidedgeVgiZYZaVXdbeZiZcX^VdgZiVgYVchjÒX^ZciZbZciZ
Y^X]dVXXZhd#

™8^XadYZk^YV#AVhZiVeVhfjZYZÒcZcaVeZgbVcZcX^Vb{hdbZcdh
VXi^kVYZjcegdYjXidZcZabZgXVYdYZeZcYZcYZaVhWVggZgVhiZXcda‹\^"
XVh!YZaVhegZhiVX^dcZh^ccdkVYdgVhYZaegdnZXidnYZaVhiZcYZcX^VhYZ
ZkdajX^‹cYZaVi^edad\†VYZaegdYjXid#

™HZ\bZcidYZabZgXVYdhZaZXX^dcVYdeVgVZaegdnZXid#:hiZdW_Zi^kdYZWZ
hZgYZÒc^Ydh^caV^cÓjZcX^VYZVhe^gVX^dcZhZbdX^dcVaZhdkda^i^kVh!
iZc^ZcYdZcXjZciVaVhegde^ZYVYZhYZaegdYjXid!hjbVgXV!hjXdhid!Vh†
XdbdaVYZbVcYVZheZX†ÒXVbViZg^Va!^cbViZg^VanYZXdhidYZahZ\"
bZcidZaZ\^Yd#

™EVgi^X^eVX^‹cedgXZcijVaegZk^hiVYZaegdYjXid#9ZegdYjXX^‹cd[VXijgV"
X^‹c!ZcZadadhhZ\bZcidhhZaZXX^dcVYdh#

™H^hiZbVYZXdbZgX^Va^oVX^‹cnYZhZgk^X^dhYZkZciVnedhkZciV#:hiZ
h^hiZbVYZWZZhiVgY^hZŠVYdXdbdjcVeVgiZYZaegdYjXid!iVcidZchjh
XdbedcZciZhbViZg^VaZhZmedh^X^dcZh!Zm]^W^YdgZh!kZ]†Xjadh!eVeZaZg†V!
kZhi^bZciV!ZiX#XdbdZchjhegdXZhdhnhZgk^X^dh#

™IZXcdad\†V!egdYjXX^‹cnY^hig^WjX^‹cYZaegdYjXid

™6aiZgcVi^kVhYZZmeVch^‹c#9ZZm^hi^gegZk^h^dcZhYZXgZX^b^Zcidd[jh^d"
cZh!aVhb^hbVhYZWZg†VcXdciVgXdcadhZheVX^dhcZXZhVg^dhZcZah^hiZ"
-(UB;?HE"H[_dWbZe@$:?I;yE0;ijhWj[]_Wo=[ij_Œd$ bVYZaegdnZXidYZhYZZa^c^X^dYZab^hbd!XdcZaÒcYZZk^iVgXVbW^dh
;Z_Y_ed[i?dÓd_je"(&&,$8k[dei7_h[i"7h][dj_dW$ egd[jcYdhZceaZcdYZhVggdaadYZaegdnZXid#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&).

:higjXijgVYZadhdW_Zi^kdhYdcYZhZ^ciZciVYZÒc^gaVbdYVa^YVYYZ[dgbjaVX^‹c
b{hVYZXjVYVYZY^X]VhbZiVh#,'

™9ZhXg^eX^‹cegZX^hV#JcdW_Zi^kdZhigVi‚\^XdYZWZYZhXg^W^gXdcaVbVndg
egZX^h^‹c edh^WaZ adh gZfjZg^b^Zcidh V XjWg^g Äh^c VY_Zi^kVX^dcZh" n hZg
XdbegZch^WaZ eVgV idYdh adh VXidgZh fjZ eVgi^X^eZc Zc Za YZhVggdaad YZa
egdnZXid#:hiVX^gXjchiVcX^V[VX^a^iVg{aV^ciZgVXX^‹cYZY^X]dhVXidgZhbZ"
Y^VciZ^chigjXX^dcZhY^g^\^YVhVbZiVhgZXdcdX^WaZh#:hhjbVbZciZY^[†X^a
VaXVcoVgjcdW_Zi^kdYZÒX^ZciZbZciZYZÒc^Yd#

  8dcgZheZXidVaVVbea^ijYYZaXVbedVWVgXVYdedgjcdW_Zi^kd!jcV
bZiVZmXZh^kVbZciZ\ZcZgVa^oVYVejZYZ^bea^XVgjcbZcdgg^Zh\dÄYZ"
W^YdVabZcdgXdbegdb^hdfjZ^bea^XV"eZgdhZ\jgVbZciZVXdhiVYZhj
V\^a^YVY n YZ hj XVeVX^YVY ^ccdkVYdgV# 6YZb{h YZ aV ZmXZh^kV \ZcZgV"
a^oVX^‹cYZaVbZiVXgZVjcV^cXZgi^YjbWgZg^Zh\dhVeVgVaVZaZXX^‹cYZ
XVb^cdhVaiZgcVi^kdh#:aXVbedZheZX†ÒXdneg^dg^iVg^dYZaegdnZXidYZWZ
hZgYZW^YVbZciZhZŠVaVYd#

  :cZaXVhdYZfjZaV[VaiVYZXaVg^YVYYZadW_Zi^kdhZVZagZhjaiVYdYZ
jcV gZYVXX^‹c ^cVYZXjVYV! ZhiV Y^ÒXjaiVY edYg{ hjWhVcVghZ [{X^abZciZ!
eZgdh^gZhedcYZVjcV^cYZÒc^X^‹cXdcXZeijVahZg{cZXZhVg^dgZk^hVgadh
XdciZc^Ydh^c^X^VabZciZegdejZhidhnaVhkVadgVX^dcZhYZadhb^hbdh#

  >beaZbZciVgjcegdXZhdYZgZigdVa^bZciVX^‹cgZhjaiV^cY^heZchVWaZ
eVgVZahZ\j^b^ZcidYZaVhY^hi^ciVhVXX^dcZhfjZhZaaZkVcVXVWd!eZgb^"
i^ZcYdjcVXdbjc^XVX^‹c^ciZggjbe^YVXdcidYdhadhVXidgZhgZaVX^dcVYdh
XdcZaegdnZXid#
™BZiVÒcVanZiVeVh^ciZgbZY^Vh#JcdW_Zi^kdZhigVi‚\^XdZhi{Xdc[dgbVYd!
Zci‚gb^cdh\ZcZgVaZh!edgYdhdb{hhZXjZcX^Vh#

  AV bZiV ÒcVa hZ VaXVcoV Zc ZiVeVh ^ciZgbZY^Vh i{Xi^XVh fjZ eZg"
b^iZcji^a^oVgadhgZXjghdhegde^dhYZbVcZgV\gVYjVa!YZVXjZgYdXdcaVh
eg^dg^YVYZhVXXZh^WaZhZcXVYVdedgijc^YVY#:hbjnY^[†X^afjZjcVbZiV
ÒcVaejZYVhZgVaXVcoVYVZcjcVhdaVVXX^‹c#EVgVXVYVjcVYZZhiVhZiV"
eVh^ciZgbZY^Vh!]VWg{fjZhZaZXX^dcVgaVhVXX^dcZhnadhdW_Zi^kdhfjZhZ
Xdch^YZgZcb{hVYZXjVYdhVadhgZXjghdh!Vadhg^Zh\dhnVadhi^ZbedhYZa
egdnZXid#JcVWjZcVÆ^YZVÇcdZhedgh†b^hbVjcdW_Zi^kdZhigVi‚\^Xd!
h^cdjcVeVgiZYZab^hbd#

™8dciZmidVbea^VYd#AVYZÒc^X^‹cYZadW_Zi^kdYZWZg†VhZgZagZhjaiVYdYZ
jcVZiVeVegZk^VZcaVfjZhZVcVa^XZXdcaVbVndgVbea^ijYedh^WaZZa
XdciZmidYZaegdnZXidVjc[jZgVYZaiZgg^idg^degdnZXijVaZheZX†ÒXd#>cXajhd
ZcigZYdhi^edad\†VhY^[ZgZciZhYZegdYjXidhZhedh^WaZYZiZXiVgh^b^a^ij"
YZh YZ bViZg^VaZh! YZ iZXcdad\†Vh d YZ aZc\jV_Z# B{h Vc! Za XdciZmid
Vbea^VYdejZYZVedgiVg^c[dgbVX^‹chdWgZiZcYZcX^VhnXdbedgiVb^Zcidh
YZaV\ZciZfjZidYVk†VcdhdcVeVgZciZhZcjc{bW^idb{hgZYjX^Yd#

  JcVkZoXdch^YZgVYVhaVhedh^WaZhk^cXjaVX^dcZhYZcigdYZaZheZXigd
\adWVabZcX^dcVYdnZc[jcX^‹cYZZhiVhXdcXajh^dcZh!ZadW_Zi^kdYZWZg†V
YZÒc^g hj XVbed YZ VXX^‹c Zc bZiVh XdcXgZiVh! VXdiVYVh n XaVgVbZciZ
ZcjcX^VYVh#:hYZX^g!YZjcXdciZmidVbea^VYdYZWZbdheVhVgVaVh†ciZ"
h^hYZaVhbZiVhVVaXVcoVgZcadhY^kZghdhVheZXidhYZaegdnZXid#;^_VgZa
a†b^iZYZadhXdciZmidhVXdch^YZgVgZhjcViVgZVXdbeaZ_VeZgd^cZk^iVWaZ
eVgVjcVbZ_dgXdbegZch^‹cYZaegdWaZbVVgZhdakZg#

™H^hiZbVYZeg^dg^YVYZh#8dbdbZcX^dcVbdhZcZaVeVgiVYdVciZg^dg!iVcid
jcegdnZXidXdbdjcegdXZhdYZY^hZŠdgZfj^ZgZcXVYVjcdYZhjhdW_Z"
i^kdhhZVhZaZXX^dcVYdnkVadg^oVYdbZY^VciZjch^hiZbVYZeg^dg^YVYZh#
9ZadXdcigVg^d!hZXdggZZag^Zh\dYZfjZc^c\jcdYZZhdhdW_Zi^kdhVa"
XVcXZZac^kZaYZhZVYdYZW^YdVfjZadhgZXjghdhbViZg^VaZhnXgZVYdgZh
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&*&

;ickoZ_\‡Y_bgk[kdWc[jWÓdWbfk[ZWi[h
WbYWdpWZW[dkdWiebWWYY_Œd$FWhWYWZW
kdWZ[[ijWi[jWfWi_dj[hc[Z_Wi"^WXh|gk[
i[b[YY_edWhbWiWYY_ed[iobeieX`[j_leigk[i[
Yedi_Z[h[dc|iWZ[YkWZeiWbeih[Ykhiei"W
beih_[i]eioWbeij_[cfeiZ[bfheo[Yje$KdW
Xk[dWÇ_Z[WÈde[ifehi‡c_icWkdeX`[j_le
[ijhWjƒ]_Ye"i_dekdWfWhj[Z[bc_ice$

Y^hedc^WaZh i^ZcZc jc a†b^iZ! n hj Y^heZgh^‹c gZhiV gZXjghdh V aVh bZiVh
b{hh^\c^ÒXVi^kVhYZaegdnZXid#EdgdigVeVgiZ!aV^ccdkVX^‹cXVh^h^ZbegZ
^bea^XVaVedhiZg\VX^‹cdVcjaVX^‹cYZVa\jcdhYZadhVig^WjidhÄdak^Ydh
ZhigVi‚\^Xdh"!Vh†XdbdaVgZkVadg^oVX^‹cd^cXajh^‹cYZdigdh#9ZZhiVbV"
cZgV!Zah^hiZbVYZeg^dg^YVYZhXdcÒ\jgVaVeg^bZgVYZÒc^X^‹cZhigVi‚\^XV
YZjcegdXZhdYZY^hZŠdnYVaj\VgVaVYZÒc^X^‹cYZdW_Zi^kdhÆedh^WaZhÇ#
:hidhdW_Zi^kdhYZÒc^YdhXdbdgZhjaiVYdYZVea^XVgVaegd\gVbVYZY^hZŠd
jcXg^iZg^dYZeg^dg^YVYZh"gVgVbZciZhdcadh‹ei^bdheVgVXVYVjcdYZ
adhVheZXidhXdch^YZgVYdh!VjcfjZh†ejZYZchZgadeVgVaV\adWVa^YVYYZa
egdnZXid#

™G^Zh\degZk^hid#IdYddW_Zi^kdYZWZZhiVggZaVX^dcVYdXdcZag^Zh\dediZc"
X^VafjZhZaZ]VVh^\cVYdVaegdnZXid#8dbdnVhZŠVaVbdhb{hVgg^WV!
XjVcid bVndg Zh Za Xdhid YZ ^beaZbZciVg jc egdYjXid Zc Za bZgXVYd!
XdcaVhXdch^\j^ZciZhWVggZgVhiZXcda‹\^XVh!bVndghZg{aVedh^W^a^YVYYZ
‚m^idYZaegdnZXidnbVndghZg{iVbW^‚cZaXdhidYZjc[gVXVhd!YZW^YdV
adhgZXjghdh^ckZgi^Ydh#:hYZX^g!Za‚m^idnZag^Zh\dYZjcegdnZXid!edgad
\ZcZgVa!hZegZhZciVcZcY^bZch^dcZhh^b^aVgZh#
™;aZm^W^a^YVY#IVcidaVbZiVÒcVaXdbdXVYVjcVYZaVhZiVeVh^ciZgbZY^Vh
YZaegdnZXidYZWZhZgeZg^‹Y^XVbZciZgZk^hVYVXdcgZheZXidVaVhbdY^"
ÒXVX^dcZhYZabZgXVYd!VaVVXi^k^YVYYZaVXdbeZiZcX^VnVadhgZXjghdh
egd\gVbVYdh!ZcjcegdXZhd^ciZgVXi^kdZcZafjZeVgi^X^eZcaVidiVa^YVY
YZaVh{gZVh^ckdajXgVYVh#EdgadiVcid!ZadW_Zi^kdZhigVi‚\^XdYZWZiZcZg
aVÓZm^W^a^YVYgZfjZg^YVeVgV[VX^a^iVgaVhedh^WaZhVYZXjVX^dcZhVaVhXVgVX"
iZg†hi^XVhYZaXdciZmid!h^chZgZgg{i^Xd#:hiVÓZm^W^a^YVYYZWZg†V\gVYjVghZ
YZbVcZgVfjZeZgb^iVbVciZcZgadhkVadgZhgZegZhZciVi^kdhYZaegdnZXid
ZcaVhY^kZghVhVaiZgcVi^kVhegZk^hiVhnXdcgZheZXidVÆjbWgVaZhÇb†c^"
bdhegZk^VbZciZYZiZgb^cVYdh#9ZZhiVbVcZgV!hZg{edh^WaZegdiZ\Zgad
ZheZX†ÒXdYZaegdnZXid[gZciZVaV^cXZgi^YjbWgZYZhjegdXZhdYZbViZ"
g^Va^oVX^‹c#

™  EgZhZciVX^‹c ^ciZgcV YZa egdnZXid# 9ZhYZ Za Xdb^Zcod YZa egdnZXid Zh
XdckZc^ZciZVh^\cVgaZjccdbWgZ!VjcfjZhZigViZYZjccdbWgZdjcV
bVgXVegdk^hdg^dh#:hid[VX^a^iVfjZidYdhadheVgi^X^eVciZhYZab^hbdhZ
^YZci^ÒfjZcXdcaV\Zhi^‹cnfjZaVÆbVgXVÇVXiZXdbdjcVZcZg\†VVY^"
X^dcVaZcaVVXi^k^YVYYZaZfj^ed#:aaVcoVb^ZcidYZaegdYjXidYZWZZhiVg
egd\gVbVYdXdcaVVciZaVX^‹ccZXZhVg^VeVgVVhZ\jgVgfjZidYdhadh^c"
iZ\gVciZh YZa h^hiZbV egdYjXid"\g{ÒXV! Y^[jh^‹c n ad\†hi^XV VedgiZc jc
YZhVggdaadeaVc^ÒXVYdYZaVhZiVeVhgZfjZg^YVhedgaVhY^kZghVhY^hX^ea^cVh
fjZ^ciZgk^ZcZcZcZaYZhVggdaadYZaegdnZXid#

8JAIJG69:A6DG<6C>O68>âC
>ccdkVX^‹c
"6eZgijgVVbjcYdhZcigdcd
^cYjhig^VaeVgVgZXdaZXiVg
egVXi^XVhbVg\^cVaZhnVcdbVa†Vh
":meZg^bZcidhXdccjZkVheg{Xi^XVh
niZXcdad\†Vh
8Va^YVY
":hi{cYVgZhnXZgi^[^XVX^dcZh
"EgdXZhdhYZcZ\dX^dnbZidYdad\†Vh
"9ZhVggdaadYZ]VW^a^YVYZhn
XVggZgVhegd[Zh^dcVaZh
9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&*(
>YZci^YVYnd[ZgiV
"B^h^‹c/Xdbegdb^hdYZhjeZgVg
jcVVcdbVa†V
"8dbjc^XVX^‹c/edh^X^dcVgaVd[ZgiV
XdbdaVbVgXVYZkVadg GZYZhYZgZaVX^dcZh
>ciZ\gVX^‹cn[dgiVaZX^b^ZcidYZ
gZYZhhdX^VaZhYZXdaVWdgVX^‹cn
Va^VcoVh^ciZgcVhnZmiZgcVhVaV
dg\Vc^oVX^‹c
8ddgY^cVX^‹cYZaVdeZgVX^dcVa
"Eg{Xi^XVhYZXddgY^cVX^‹cYZ
Xdbegdb^hdhnXdaVWdgVX^dcZh
"GZYZhYZXdbegdb^hdhYZ BZ_dgVXdci^cjV
hVi^h[VXX^‹cVaXa^ZciZ
CjZkVhd[ZgiVhVeVgi^gYZaXdciVXid
eZgbVcZciZXdcZaXa^ZciZeVgV
ZhXjX]Vg^chVi^h[VXX^dcZhnXVbW^d
YZZmeZXiVi^kVh
:hiVYdhYZÛc^bd
EZgbVcZciZVeZgijgVVaXVbW^dn
gZ^ckZcX^‹c!XZaZWgVcYdaV
Vjidcdb†V!aVXgZVi^k^YVY!aV
gZhedchVW^a^YVYnaVVaZ\g†V
I_[j[Z_c[di_ed[iZ[bZ_i[‹e[ijhWjƒ]_Ye"
i_ckbj|d[Wi[_dj[hh[bWY_edWZWii[]‘d
<[hdWdZe<beh[i$
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&**

+ 7>7A>D<G6;Þ6
6
66#KK#:[i_]dWdZ8ki_d[ii 66#KK#CWdW]_d]:[i_]d
7
76MI:G!B^`Z#FheZkYj 7DG?69:BDODI6!7g^\^iiZ#
8
8DA:!<#6#IjhWj[]_Y
F[h\ehcWdY[07Y^_[\ jei^Whf[d[\\[Yj_l[d[ii$ :[i_]d$FhWYj_YWbc[j^eZi\eh J^„i[ZeYjehWjiY_[dY[iZ[ CWdW][c[dj$J^[ehoWdZ
[n[Ykj_l[Êi^WdZXeea$ 8]VgiZgZYHdX^Zind[ j^[ioij[cWj_YZ[l[befc[dj ][ij_ed$EVg†h#&.-*# FhWYj_Y[$9EEjWa^XVi^dchAiY#
9ZeVgibZcid[IgVYZVcY 9Zh^\cZgh#AdcYdc#&..*# e\d[mfheZkYji$8]VebVc AdcYdc#&..)#
>cYjhign#I]Z9Zh^\c8djcX^a# VcY=Vaa#AdcYdc#&..*# 7DG?69:BDODI6!7g^\^iiZ$
AdcYdc#&..'# 66#KK#CWdkWbZ[=[ij_ŒdZ[b 8A>EHDC!8da^c$D68@A:N! 8DDE:G!GVX]Za$EG:HH!
:_i[‹e$9O#8ZcigdYZ9^hZŠd 7:HI!@Vi]gnc#:[i_]d BVg`#:[i_]dCWdW][c[dj0 B^`Z#J^[:[i_]d7][dZW$
66#KK#:[i_]dcWdW][c[dj >cYjhig^Va#7^aWVd#&..*# CWdW][c[dj0CWdW]_d] W^WZXeeae\_iik[iWdZ L^aZn#8]^X]ZhiZg#J#@#&..*#
_d8J$Feb_YoWdZIjhkYjkh[$ :[i_]dIjhWj[]o"FheY[ii c[j^eZi$7aVX`lZaaGZ[ZgZcXZ#
EjWa^h]ZYWn7I8dgedgViZ# 66#KK#J^[_dZkijh_Wb:[i_]d WdZ?cfb[c[djWj_ed$6K6 7Vh^a7aVX`lZaaAiY#Dm[dgY# 8DHI6!?dVc#?cW][d
9Zh^\cBVcV\ZbZci#7I H[gk_h[c[djie\_dZkijho$ EjWa^h]^c\!'%%+# &..%# 9ehfehWj_lW[d[bi_]beNN?$
8dgedgViZGZaVi^dch#J#@#&..(# >c[dgbZXdb^h^dcVYdedgZa AV8gj_†V:Y^X^dcZh!6g\Zci^cV
9ZeVgibZcid[:YjXVi^dcVcY 7:HI!@Vi]gnc#CWdW][c[dj 7GJ8:!B$BDGG>H!7# '%%(#
66#KK#:_i[‹e?dZkijh_Wb$<j†V HX^ZcXZnI]Z9Zh^\c8djcX^a# Z[bZ_i[‹e0[ijhWj[]_W"fheY[ie IjhWj[]_YcWdW][c[dje\KA
BZidYda‹\^XVEgZY^XV!:heVŠV 8]g^h=VnZh6hhdX^ViZhVcY ofh|Yj_YWZ[bW][ij_ŒdZ[b :[i_]d9edikbjWdji$JB>HI# 8G6L;DG9!IVY$9DB6C
'%%+# @ZaaZg9dghZn6hhdX^ViZh#I]Z Z_i[‹e$EVggV\‹c#7VgXZadcV# &..)# 7GJ8@:kV!<ehcWjei
9Zh^\c8djcX^a#AdcYdc#&.-(# '%%,# b[]Wb[ioZ[d[]eY_ei"fWhW
66#KK#;b:_ii[do0kdlWbeh 7GJ8:!B$7:HH6CI!?#G# Z_i[‹WZeh[i]h|ÓYeiL
d[Y[iiWh_$9_dYYWieiZÊ[ijkZ_$ 6G7DC>:H!6# 7DDO!6aaZcVcY=Vb^aidc# :[i_]d_d8ki_d[ii0IjhWj[]_Y [dYWij[bbWdeZ[;dh_gk[
7VgXZadcV8ZcigdYZ9^hZŠd CjZkdhZc[dfjZhZcaV D[mFheZkYjiCWdW][c[dj ?ddelWj_edj^hek]^Z[i_]d$ 7h[bbWde$9^k^cZ:\\"
789#7VgXZadcV!'%%( ^ccdkVX^‹cYZegdYjXidheVgV \ehj^['/.&i#7ddo!6aaZcVcY ;^cVcX^VaI^bZh$EgZci^XZ=Vaa! EjWa^XVX^dcZh
aVZbegZhV^cYjhig^Va#:Y^i# =Vb^aidc>cX#CZlNdg`!&.-'# ?VcjVgn'%%'#
66#KK#;bcƒjeZeZ[bYWieo 9†VoYZHVcidh#BVYg^Y#&..(# 8=6K:O!CdgWZgid#BW
bW\ehcWY_Œd[d][ij_Œd$<j†V 7DG?69:BDODI6!7g^\^iiZ# _cW][dYehfehWj_lW0j[eh‡W
eg{Xi^XV#>BE>K6#KVaZcX^V# 6GI=JG9#A>IIA: :[i_]dCWdW][c[dj$ÜY^i^dch oc[jeZebe]‡WZ[bW
&..&# >CI:GC6I>DC6A#FhWn_i YÉDg\Vc^hVi^dc#EVg†h!'%%' _Z[dj_ÓYWY_Œd_dij_jkY_edWb$
Z[b:[i_]dCWd][c[dj$ :Y^idg^Va<jhiVkd<^a^!H6!
66#KK#BWYWb_ZWZ[d[b|h[W ;gVc`[jgi$BV^c#&..%# 7VgXZadcV!&.--#
Z[Z_i[‹e$6hdX^VX^‹cYZ
aV>cYjhig^VCVkVggV6>C# 8=6K:H!CdgWZgid$
:Y^X^dcZh9^VoYZHVcidhh#V# 7:AAJ88>6!GVa#BWcWhYW
BVYg^Y!&..&# YehfehWj_lW0][ij_ŒdoZ_i[‹eZ[
i‡cXebeiobe]ej_fei$EV^Y‹h#
66#KK#BW=[ij_Œd[cfh[iWh_Wb 7jZcdh6^gZh#'%%*#
Z[b:_i[‹e$B>C:G">BE>#
9Vc^h]9Zh^\c8djcX^a#
:Y^X^dcZhYZ9^hZŠd#
8deZc]V\jZ$BVYg^Y#&.-,#

:
:>GD!GZ^cVaYd?#:?I;yE0
;ijhWj[]_Wo=[ij_Œd$
:Y^X^dcZh>cÒc^id!
7jZcdh6^gZh!6g\Zci^cV#'%%+#
:H8DGH6!=:G7DAO=:>B:Gn
HDAw#:_i[‹e?dZkijh_Wboik
][ij_Œd[dbWFOC;[ifW‹ebW$
:_[pYWieih[Wb[i$:Y^X^dch
JE8#7VgXZadcV#&..*#
;
;:GCÛC9:O<z:AA!?dh‚B^"
\jZa#;bZ_i[‹eZ[[iY[dWh_ei
[d[b|cX_je[cfh[iWh_Wb$
:Y#E^g{b^YZ#BVYg^Y#'%%)#
9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&*,
<
<>CD!;^c^o^d$96A>H>!
=
=6B:A!<Vgn$7G::C!7^aa#
>
>K6x:O<>B:CD!?dh‚BVg†V#
G^XVgYd#9h[Wj_l_j}":[i_]d[ J^[<kjkh[e\CWdW][c[dj$ BW][ij_ŒdZ[bZ_i[‹e[dbW
CWdW][c[dj$F[hYehi_d[bbW =VgYXdkZg!DXidWZg-!'%%,# [cfh[iW$BVX<gVl"]^aaYZ
YkbjkjWZ[bfhe][jje$ BVcV\ZbZci#BVYg^Y!'%%%#
:aZXiVCVeda^#>iVa^V!'%%'# =DAA>CH!<$=DAA>CH!7#JejWb
:[i_]d0CWdW]_d]j^[:[i_]d
<>CD!;^c^o^d#:[i_]d FheY[ii_dj^[I[hl_Y[I[Yjeh"
cWdW][c[djj$=[ij_h[bÊ_Z[W$ E^ibVc!AdcYdc#&..&#
:YH`^gV#BaVcd!'%%'#
<DG7!EZiZg#:[i_]d
CWdW][c[dj$FWf[hi\hec
j^[BedZed8ki_d[iiIY^eeb#
6gX]^iZXijgZ9Zh^\cVcY
IZX]cdad\nEgZhh#AdcYdc#
&..%#
<DG7#EZiZg#:[i_]d
CWdW][c[dj$KVcCdhigVcY
GZ^c]daY#CZlNdg`#&..%#
@ A
@DIA:G!E]^a^e$AVcZ!@Zk^c# ADH696?#8#XddgY##=[ij_Œd
:_h[YY_ŒdZ[CWha[j_d]$&'¯ Z[bWYeckd_YWY_Œd[dbWi
ZY^X^‹c#EZVghdc#EgZci^XZ=Vaa# eh]Wd_pWY_ed[i0Yeckd_YWY_Œd
'%%+# _dj[hdW"YehfehWj_lW
oZ[cWha[j_d]$6g^Za
8dbjc^XVX^dcZh#7VgXZadcV!
'%%)
B D
BDCI6x6!?dgY^$BDAA!
>hV#:[i[dlebkfWc[djZ[
fheZkYj[0bW][ij_ŒZ[b
Z_ii[do$<ZcZgVa^iViYZ
8ViVajcnV#8ZcigZYÉ^ccdkVX^‹>
9ZhZckdajeVbZci:begZhVg^Va
8>9:B#7VgXZadcV!'%%(#
BDCI6x6!?dgY^$BDAA!>hV#
:_i[‹e0h[djWX_b_ZWZieY_Wbo
h[djWX_b_ZWZ[YedŒc_YW$
B^c^hiZg^dYZ8^ZcX^Vn
IZXcdad\†V!;jcYVX^‹c789!
7VgXZadcV!'%%&#
BDCI6x6!?dgY^#:_i[‹e
o;ijhWj[]_WZ[FheZkYje$
;jcYVX^‹c7897VgXZadcV
8ZcigZYZ9^hhZcn#&.-*#
BDCI6x6!?dgY^$BDAA!
>hV#:_ii[do__ddelWY_Œ[d
fWYaW]_d]$9_dYYWieiZÊ[ijkZ_$
7VgXZadcV8ZcigdYZ9^hZŠd
789#7VgXZadcV!'%%)#
D6@A:N!BVg`#?djheZkYY_Œd0
:[i_]dCWdW][c[dj0
W^WdZXeeae\_iik[i
WdZc[j^eZi#7aVX`lZaa
GZ[ZgZcXZ#7Vh^a7aVX`lZaa
AiY#Dm[dgY#&..%#
E
E>7:GC6I!Dg^da#;b:_i[‹e
[dbW[cfh[iW$>C;:
>chi^ijidCVX^dcVaYZ
;dbZcidYZaV:medgiVX^‹c#
BVYg^Y&.-+#
EGD9>CI:8#
=k‡Wc[jeZebŒ]_YW:?I;H=E$
;h]edec‡W0Z_i[‹eY[djhWZe
[d[bkikWh_e#'%%.#
EGD9>CI:8#
Fheo[Yje:?I7HJ$
'%%.#
EGD9>CI:8#
DEHF79A0;dlWi[o
[cXWbW`[0c[jeZebe]‡WZ[
Z_i[‹e[_ddelWY_Œd$
'%%.#
EGD9>CI:8#
9Wieifh|Yj_YeiZ[Fh[Z_YW($
'%%.#
 9>H:xD:HIG6Iw<>8D$<j†VbZidYda‹\^XV&*.

H I J K
EGD9>CI:8# H>AK:GHI:>C!B^X]VZa?# IG:HH:GG6H!?dhZe]$ JG7>:G<D86HI>AAD!?jVc K>IG68!?#E#<6Iw!?#8#BW[ijhW#
;9E:?I;y7I0Fheo[YjeZ[ BWi[ZkYY_ŒdZ[bbk`e0fehgkƒ K:G96<J:G!CVgX†h$ BVcjZa#=k‡Wfh|Yj_YWZ[b j[]_WZ[fheZkYjeo:_i[‹e[d
[YeZ_i[‹efWhWFOC;I1 beiYedikc_Zeh[igk_[h[d :HE>C68=!MVk^Zg# Z_i[‹e_dZkijh_Wb$<dW^ZgcdYZ [bfbWdZ[cWha[j_d]$&..)#
=k‡WC[jeZebŒ]_YW$ fheZkYjeiZ[dk[lebk`eo Þn_jZ[c[hYWj_Z_ii[do$ 6gV\‹c!9ZeVgiVbZcidYZ>c" 7VgXZadcV#<Zhi^‹c'%%%#
'%%.# YŒcebeiYh[WdbWi[cfh[iWi$ <ZcZgVa^iViYZ8ViVajcnV# Yjhig^V!8dbZgX^dn9ZhVggdaad#
9Zjhid#7VgXZadcV#'%%+# 8ZcigZYÉ^ccdkVX^‹ OVgV\doV!'%%(# K>A69¿H!Mƒc^V#
EGD9>CI:8# >9ZhZckdajeVbZci :_i[‹eh[djWXb[$:_[pj[cWiW
:?I;yE?D:KIJH?7B1 HI:E=6CL>AA>6CH!I]Zd# :begZhVg^Va8>9:B# Z[XWj[$>cYZmWdd`#7VgXZadcV#
=k_Wc[jeZebŒ]_YWFH;:?97$ BW]k‡WZ[bZ_i[‹WZeh]h|ÓYe 7VgXZadcV#'%%*# '%%-
'%%+# ieXh[jWh_\Wi"[ij_cWY_ed[i
ofh[ikfk[ijei$9^k^cZ:<<
EGD9>CI:8# EjWaXVX^dcZh#7VgXZadcV!'%%*#
:_i[‹e?dZkijh_Wb[d7ijkh_Wi$
'%%*#

EGD9>CI:8#
7HJ;I7Dß70
;ijkZ_eZ[bWWhj[iWd‡W[d
7ijkh_Wi"Whj[iWd‡W"Z_i[‹eo
dk[lWij[Ydebe]‡Wi$
'%%+#

EGD9>CI:8#
9Wieifh|Yj_YeiZ[Fh[Z_YW?$
(&&-$