:HH:CI>6A ;G::L>I=

H]ddi^c\ <J>9: E]did\gVe]n

EgVXi^XVa

7A68@
L=>I:
9"HAG
dcndjg9"HAG
=DLID
HZZi]Z
ldgaY^c
bdcd
Ki_d]j^[h_]^jÄbj[hi
9edl[hj_d]H7MÄb[i
8h_d]ekjj^[ceeZ
CWa[f[h\[Yjfh_dji
F^ejei^efj[Y^d_gk[i

Ÿ 8gZViZ\gVe]^XWaVX`l]^iZ
^bV\Zhl^i]h^beaZhjW_ZXih
 8dciZcih

HZZ^c\^cWaVX`l]^iZ
NIdcVa^in·l]Viidadd`[dg +

N8gZViZ\gVe]^X^bV\Zh &%

N8VeijgZbddYVibdhe]ZgZ &'

H]ddi^c\^cWaVX`l]^iZ
N8VbZgVhZii^c\h &+

NDei^XVaÄaiZgh &-

8dckZgh^dcZc]VcXZbZci
N8dckZgi^c\G6Lh[dgbdcd ''

N<dWaVX`l]^iZ^cE]didh]de ')

I]ZgV^c"heaViiZgZY N<dWaVX`l]^iZ^c:aZbZcih '+

gV^a^c\hVcYXVcVa
idleVi]lZgZcdi
N6YYXdcigVhil^i]AZkZah8jgkZh '-
^chiVcianZc\V\^c\#
N9dY\^c\Wjgc^c\ (%
7jiXdckZgiZYid
WaVX`l]^iZ!i]Zc
YdY\ZYWjgciid
Wg^c\djii]ZidcZh! Eg^ci^c\egZhZciVi^dc
^iXdbZhida^[Z#
NEgZhZciVi^dc (+

LZaXdbZ[gdbEgVXi^XVaE]did\gVe]nZY^idg6cYgZl?VbZh
CDI=>C<FJ>I:\gVWhi]ZViiZci^dc
a^`ZVWaVX`l]^iZ^bV\Z#>iXVcWZ
XaVhh^X!i^bZaZhh!VcYY^gZXi#>adkZ^i#
>ci]^hWdd`aZi·i]Zh^mi]^cdjg
]j\ZanedejaVgegVXi^XVahZg^ZhVWdji
ediZci^Va^cVhXZcZ!VhlZaaVhi]Z
^bV\^c\iZX]c^fjZhgZfj^gZYid
YZkZadei]ViediZci^Va#L]ZgZi]Z
Äabe]did\gVe]ZgdcXZgZa^ZYdci]Z
Vabdhibnhi^XVa`cdl"]dld[i]Z
NEVeZgX]d^XZ (-
ndjg9"HAGl^aahjXXZhh[jaanXdckZgi
N<ZicZjigVaWaVX`l]^iZeg^cih )%
^cidVedlZg[jaVcYZc\V\^c\WaVX`
l]^iZ#>¼Yhj\\Zhii]Vi^[ndjX]ddhZ
idZmeadgZi]Z_dnhd[bdcdi]Zcndj I=>H<J>9:>H
\ddji^chZVgX]d[i]ZbheZX^ÄXVaan! 7GDJ<=IIDNDJ7N###
gVi]Zgi]Vch]ddi^ci]Z]deZi]Vi ;PWW\QVOJTIKS_PQ\MWVaW]Z,;4:^hWgdj\]iidndjWn
8ZIK\QKIT8PW\WOZIXPaVcY^hejWa^h]ZYWn:B6E6Xi^kZ
dcZdgildb^\]i!WnX]VcXZ!]VkZ A^b^iZY#CdeVgid[i]^hWdd`aZiXVcWZgZegdYjXZYl^i]dji
i]ZejWa^h]Zg¼heZgb^hh^dc#;dgbdgZVWdjiEE!k^h^i/

jh^c\ndjg9"HAG·lZZmVb^cZbVcn YVg`gddb!i]ZhZYVnhi]Z9"HAG i]Zg^\]i^c\gZY^Zcih#Bnh]did[V lll#egVXi^XVae]did\gVe]n#Xd#j`

d[i]ZVheZXihndj¼aacZZYidbVhiZg
^cdgYZgidWZXdbZVhjXXZhh[jaWaVX`
l]^iZe]did\gVe]Zg#I]Vi^cXajYZh
dlcZgejih]^h[V^i]^chd[ilVgZa^`Z
E]didh]deidWg^c\]^h^bV\Zhida^[Z#
>i¼h^bedgiVciided^cidjii]Vicdi
XVcVaVWdkZ^hVXVhZ^ced^ci#>i
lVhVYgVW!YjaahXZcZ^cXdadjgWji^c
idcZhd[WaVX`l]^iZ^i¼hV[VgbdgZ
;^ZaY\j^YZZY^idg/7Zc=Vl`^ch
;^ZaY\j^YZVgiZY^idg/8]g^hG^\Wn
6YY^i^dcValdgYh$e]did\gVe]n/
8]g^hGjiiZg!7ZcIjgcZg6cYgZl?VbZh
6YY^i^dcVaegdYjXi^dc/H]VcZ8daa^ch
6YY^i^dcVaYZh^\c/GdW=dabZh

Wdi]i]Zh`^aah^cgZXd\c^h^c\i]Z ZkZgnXdadjg^bV\ZndjiV`Zl^i] \gVe]^XVcYbddYne]did#

'qH]ddi^c\WaVX`l]^iZdcndjg9"HAG (
HZZ^c\^cWaVX`l]^iZ
H=DDI>C<7A68@L=>I:DCNDJG9"HAG

HZZ^c\^c
WaVX`l]^iZ
IgV^c^c\i]ZWgV^cidk^Zli]ZldgaY^ch]VYZhd[\gZn^h
ZVh^ZghV^Yi]VcYdcZ#7jiaZi¼hhiVgiWnadd`^c\Vi]dlid
^ciZgegZiXdadjghXZcZhVcYl]ViXVcWZVX]^ZkZY^cbdcd###

44qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q*
HZZ^c\^cWaVX`l]^iZ

IdcVa^in·l]Viidadd`[dg  ;A6IIDC:H
I]ZYVeeaZY\gZZchVcY

I
]Z`ZnidiV`^c\\gZViWaVX`l]^iZe^XijgZh^h
WZ^c\VWaZidk^hjVa^hZ]dli]ZXdadjgh^ci]Z
hXZcZl^aaXdckZgiidi]ZY^[[ZgZciidcZh^ci]Z
ÃcVa^bV\Z#6hndj¼aaÃcYdji[jgi]Zgdc^ci]^h
Wdd`aZi!ndjXVc^cÄjZcXZi]^hWni]ZlVni]Vindj
egdXZhhdgXdckZgindjgY^\^iVaÃaZh!Wjii]ZgZVgZhi^aa
hdbZh^beaZeg^cX^eaZhi]Vil^aa]ZaendjegdYjXZi]Z
bdhihjXXZhh[jaWaVX`l]^iZe]did\gVe]h#Bdcd
^bV\Zhldg`WZXVjhZd[i]ZidcVa^inVcYXdcigVhii]Vi gZYhd[i]ZWVX`\gdjcYVgZÅVi
i]ZnXdciV^c#Jc[dgijcViZan!VhlZhZZ^cXdadjg!cdi VcYiddjc^[dgbdcXZXdckZgiZY
idWaVX`l]^iZ#
WaVX`l]^iZ!^i^hd[iZci]ZXdadjghVijgVi^dcdgXdadjg
XdcigVhihi]ViVXijVaanViigVXihjhideVgi^XjaVghjW_ZXih#
L]^aZi]ZhZfjVa^i^ZhXVchdbZi^bZhWZigVchaViZYid
XgZViZV\ddYWaVX`l]^iZ^bV\Z!ndjl^aacZZYid
WZVWaZidgZXd\c^hZl]Zci]^hl^aaldg`lZaaVcY
l]Zc^ih^beanldc¼i#

‹HjW_ZXihVcYfjVa^i^Zh
i]ViLWVs\XdckZgilZaa
>bV\Zhi]VigZandci]ZXdcigVhi
WZilZZcilddgbdgZXdadjghd[iZc
Ydc¼ildg`lZaa^cWaVX`l]^iZ#
6ai]dj\]i]Znadd`kZgnY^[[ZgZci^c
Xdadjg!i]ZnXVcWZXdbZVh^b^aVg
idcZl]ZcXdckZgiZYidWaVX`
l]^iZVcYbZg\Z^cidZVX]di]Zg#

8DADJG:9768@<GDJC9
I]ZWajggZYedee^Zh^ci]ZWVX`\gdjcY
ZX]di]ZgZYd[i]ZbV^cÅdlZg!VcYVahd
 ADH:H>BE68I
I]Zedeen]VhadhiVaa^ih
^beVXi^cWaVX`l]^iZ!Vhi]Z
VYY^ciZgZhiidi]Z\gZZcXdadjghd[i]Z gZY]VhWZXdbZVb^Y"\gZn#
\gVhhZh^ci]ZWVX`\gdjcY#

H6IJG6I:98DADJGH
I]^h^bV\Zldg`h^cXdadjgWZXVjhZd[i]Z
higdc\gZYd[i]Zedeen#8dadjgXdcigVhih
i]Vi]VkZh^b^aVgidcVakVajZhYdc¼iValVnh
XdckZgilZaaidbdcd#

 CD8DCIG6HI
DkZgVaai]Z^bV\Z]VhWZXdbZ
iddÅViidWZhjXXZhh[ja#I]ZgZ¼hidd
a^iiaZXdcigVhiVcYi]ZbV^chjW_ZXi
8DCIG6HI>C<8DADJGH ]VhbZg\ZY^cidi]ZWVX`\gdjcY#
I]Z\gZZcd[i]ZWVX`\gdjcYXgZViZhV
higdc\XdcigVhil^i]i]ZgZYhd[i]ZÅdlZgh#
I]^h]Zaehi]ZbV^cÅdlZgidhiVcYdji!
VcY\^kZhWV\hd[ZnZ"XViX]^c\^beVXi#

+qH]ddi^c\WaVX`l]^iZdcndjg9"HAG ,
HZZ^c\^cWaVX`l]^iZ

IdcVa^in·l]Viidadd`[dg
‹HjW_ZXihVcYfjVa^i^Zhi]ViLWXdckZgilZaa  IDC6AG6C<:
6h^iXdciV^chVgVc\Z
d[Y^[[ZgZciidcZh!i]ZYZiV^a
>bV\Zhi]ViXdckZgihjXXZhh[jaan^cidWaVX`l]^iZd[iZcXdciV^ch^beaZ\gVe]^X ^ci]Zh`n^hgZiV^cZYl]Zc
h]VeZhdgXdbeaZmiZmijgZh!Wdi]d[l]^X]XgZViZ^ciZgZhiVcY^beVXi^ci]Z i]Z^bV\Z^hXdckZgiZY#
bdcdidcZ^bV\Z#Add`[dghjW_ZXihi]ViXdciV^cVgVc\Zd[idcZh!gVi]Zgi]Vc
_jhiXdadjg!id\^kZeaZcind[XdcigVhi^cndjgÄcVa^bV\Z#

H@N9:I6>A
I]Zh`n]VhVgVc\Zd[
idcZhi]Vil^aaXdckZgi
lZaaidWaVX`l]^iZ!
VcYVahdgZiV^ceaZcin
 HIGDC<8DCIG6HI
I]^hYVg`igZZXgZViZhV
h^beaZ!\gVe]^XXdbedh^i^dci]Vi
d[YZiV^aidVYY^ciZgZhi ldg`heZg[ZXian^cWaVX`l]^iZ#
idi]Zh`n#

;D86AED>CI
EaVX^c\i]ZYVg`igZZ
V\V^chii]Za^\]iZg
\gVhhZhVcYh`nldg`h
lZaa^cXdadjg!Wjii]Z
igZZYdZhbZg\Zl^i]
i]ZcZjigVaidcZhd[i]Z
[VgY^hiVcXZ#

I:MIJG:
I]ZlVgbidcZhd[i]Z
\gVhh^ci]Z[dgZ\gdjcY
iZcYiddkZgedlZgi]Z
^bV\Z#I]Zhigdc\
 :C=6C8:99:I6>A
I]ZiZmijgZVcYh]VeZh
XgZViZYWni]Z\gVhh^ci]Z
XdadjgVahdbZVchi]Vi [dgZ\gdjcYWZXdbZZkZcbdgZ
hdbZd[i]ZÄcZYZiV^a VeeVgZcil]Zci]Z^bV\Z^h
VcYiZmijgZ^ci]Z\gVhh XdckZgiZYidWaVX`l]^iZ#
^hadhi#

-qH]ddi^c\WaVX`l]^iZdcndjg9"HAG .
HZZ^c\^cWaVX`l]^iZ

JhZa^\]iVcYXdbedh^i^dc IZmijgZ
6hlZaaVhh]VeZVcY[dgb!WaVX`l]^iZ^hVahd
ZmXZaaZci[dg]^\]a^\]i^c\VhjW_ZXi¼hiZmijgZ#I^\]i

idXgZViZ\gVe]^X^bV\Zh [gVb^c\!hdi]Vii]ZiZmijgZd[i]ZhjW_ZXiÃaahi]Z
l]daZ[gVbZ!XVcXgZViZVcVWhigVXi^bV\Z#
6aiZgcVi^kZan!ndjXVcjhZi]ZiZmijgZd[VhjW_ZXiVh

L
^i]djii]Z^beVXidgZbdi^dcd[Xdadjgid\gVW
ndjgViiZci^dc!WaVX`l]^iZ^bV\ZhcZZYid
XdciV^cbdgZ\gVe]^XfjVa^i^Zhidldg`
hjXXZhh[jaan#I]ZbV^cZaZbZcihidadd`dji[dgVgZ
h]VeZVcY[dgb!dgiZmijgZi]ViXVcWZjhZYid]Zae
i]Z^beVXiVcYXdbedh^i^dcd[ndjgWaVX`l]^iZ eVgid[i]ZdkZgVaaXdbedh^i^dc!l]Zcdi]ZgdW_ZXih
h]dih#6hlZaaVhi]ZhjW_ZXi^ihZa[!higdc\Y^gZXi^dcVa VgZ^cXajYZY^ci]ZhXZcZ#
a^\]i^c\![djcYbdhigZVY^anZVganVcYaViZ^ci]ZYVn!
XVc]ZaeidZc]VcXZWdi]h]VeZVcYiZmijgZidXgZViZ
^cXgZY^Wan\gVe]^X^bV\Zh#

€H]VeZVcY[dgb
Higdc\!\gVe]^Xh]VeZh]ZaeidVYY
^beVXiidndjgbdcd^bV\Zh·add`
dji[dgWdi]bVc"bVYZVcYcVijgVa
hjW_ZXihi]Vi]VkZh^beaZ!\gVe]^X
h]VeZh!dghjWiaZXjgkZh#H^bea^X^in^h
d[iZci]Z`Znidjh^c\h]VeZVcY
[dgb^cndjgWaVX`l]^iZ^bV\Zh!
hdignidZchjgZi]Vii]ZhjW_ZXiÄaah
i]Z[gVbZ[dgbVm^bjb^beVXi!dg
ignidXgdedjiVcnY^higVXi^c\
ZaZbZcihidbV`Zi]Zh]VeZdg
eViiZgchiVcYdji#I]^h^hVahdV\gZVi
lVnd[XgZVi^c\VWhigVXi^bV\Zh!
l]ZgZh]VeZVcY[dgbWZXdbZhi]Z
bdhi^bedgiVcihjW_ZXi!gVi]Zgi]Vc
i]ZdW_ZXii]VindjVgZh]ddi^c\#

‹H^YZa^\]i^c\
Higdc\!Y^gZXi^dcVaa^\]i^c\]Zaeh
idXgZViZh]VYdlhVcY]^\]a^\]ih
i]ViWg^c\djiWdi]h]VeZVcY
iZmijgZd[i]ZhXZcZ#;dgdjiYddg
^bV\Zhignidh]ddil]Zci]Zhjc
^hadl^ci]Zh`n!gVi]Zgi]Vc
dkZg]ZVY!VcYX]ddhZndjg
edh^i^dchdi]Vii]Za^\]i^h
Xdb^c\[gdbdcZh^YZd[i]Z
hjW_ZXigVi]Zgi]Vc[gdbWZ]^cY
dg^c[gdcid[i]ZXVbZgV#>[ndj
VgZjh^c\VXdcigdaaVWaZa^\]i
hdjgXZ!hjX]VhVÅVh]\jcdg
aVbe!edh^i^dc^iVlVn[gdbi]Z
XVbZgV#Dc"XVbZgVÅVh]![dg
^chiVcXZ!XgZViZhkZgnÅVigZhjaih
VcYhd^hkZgneddgVigZkZVa^c\
i]Zh]VeZdgiZmijgZd[VhjW_ZXi#

&%qH]ddi^c\WaVX`l]^iZdcndjg9"HAG ,
HZZ^c\^cWaVX`l]^iZ

8VeijgZbddY €6ibdhe]ZgZ
CVijgVaanVibdhe]Zg^XXdcY^i^dch
hjX]VhYgVbVi^Xh`^ZhVcYb^hiVgZ

VcYVibdhe]ZgZ eZg[ZXihjW_ZXih[dgWaVX`l]^iZ#
I]ZejgZidcZhd[bdcdVaadlndj
idXdcXZcigViZVaandjgViiZci^dcdc
bV`^c\i]Zbdhid[i]ZhZ
XdcY^i^dch#NdjXVcbVm^b^hZi]Z
Z[[ZXiWnjh^c\VcC9\gVYÄaiZgid
YVg`Zci]Zh`nl]ZcndjiV`Zi]Z
h]di!WjiYdc¼i[dg\Zii]VindjXVc
VahdjhZi]ZYdY\^c\VcYWjgc^c\
iZX]c^fjZh[djcYdceV\Z(%#

7A68@L=>I:I>E
I]Zhigdc\Zgi]ZC9\gVYÄaiZgndj
jhZ!i]ZYVg`Zgi]Zh`nl^aaWZ#Hd
jhZV&"hidedg%#(C9\gVY^[ndj
6%#.C9\gVYÄaiZg dcanlVciidVYYhjWiaZYZiV^a!jhZ
lVhjhZYid^cXgZVhZ V'"hidedg%#+C9\gVY^[ndjlVci
i]ZYgVbV^ci]^h idhiZejei]ZYgVbVVcYjhZV
hijcc^c\k^Zld[ ("hidedg%#.C9\gVY[dgbVm^bjb
GVccdX]Bddg# ^beVXi#I]ZX]d^XZ^hndjgh

I
]ZVWhigVXi €‹BddY
cVijgZd[WaVX` I]ZgVc\Zd[idcZh^ci]Z^bV\Z
l]^iZVahd aVg\ZanYZiZgb^cZhi]ZdkZgVaa
bV`Zh^iZmXZaaZci[dg bddYd[ndjgWaVX`l]^iZh]dih#
XgZVi^c\bddYnVcY 6c^bV\Z[jaad[YVg`idcZh
Vibdhe]Zg^X^bV\Zh# edgigVnhVbjX]]ZVk^Zg!bdgZ
I]Zh^bea^X^ind[ YgVbVi^XbddYi]VcdcZ
XdadjgaZhh^bV\Zh! XdciV^c^c\bV^cana^\]iZgidcZh#
VcYi]Z[VXii]Vii]Zn I]^hgVc\Zd[idcZhXVcWZ
VgZhd[VggZbdkZY VX]^ZkZYl]ZcndjVgZh]ddi^c\
[gdbi]ZlVnlZhZZ ndjgbdcd^bV\ZhWn
i]ZldgaYVgdjcYjh! dkZgZmedh^c\WnV&$'id&hide[dg
bZVchi]ZnVgZd[iZc a^\]iZg^bV\Zh!VcYjcYZgZmedh^c\
WZiiZgViXdckZn^c\ WnVh^b^aVgVbdjci[dgYVg`Zg
i]ZhZbddYhi]Vc dcZh#6hl^i]igVY^i^dcVaWaVX`
Xdadjg^bV\Zh#>c l]^iZe]did\gVe]n!ndjXVcVahd
\ZcZgVa!^bV\ZhXdciV^c^c\adihd[YVg`ZgidcZh JgWVcedgigV^ih[jaa VY_jhindjg^bV\Zhidhj^ii]Z
d[iZcVeeZVgbddY^Zgi]VcbdgZidcVaanWVaVcXZY d[YVg`ZgidcZh!cdi Z[[ZXii]VindjVgZV[iZg#Jh^c\i]Z
idbZci^dcXdcXgZiZ
^bV\Zh!l]^aZa^\]iZgidcZh\^kZh]dihV[gZh]Zg! 8jgkZhVcYAZkZahVY_jhibZcih
VcY\gV[Äi^!VgZ
]Vee^ZgbddY#Hdadd`[dghjW_ZXihi]ViaZcY VkV^aVWaZ^cE]didh]dendjXVc <Vaade^c\oZWgVhVgZVYn"
eZg[ZXiWaVX`
i]ZbhZakZhidZ^i]Zgd[i]ZhZigZVibZcih!VcYi]Zc bV`Zndjg^bV\Za^\]iZgdgYVg`Zg bVYZWaVX`l]^iZhjW_ZXi^[
l]^iZ[dYYZg#
ZkZgi]ZgZlVhdcZ`^X`^c\je
ha^\]ianjcYZgZmedhZndjgh]di[dgVYVg`Zg^bV\Z! idhj^ii]ZbddYd[ndjg^bV\Z·
Y^gibV`ZhWV\hd[Vibdhe]ZgZ#
dgha^\]iandkZgZmedhZ[dgVa^\]iZg^bV\Z# ijgcideV\Z'-[dgbdgZ^c[d#

&'qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q&(
HZZ^c\^cWaVX`l]^iZ

H=DDI>C<7A68@L=>I:DCNDJG9"HAG

H]ddi^c\^c
WaVX`l]^iZ
8]Vc\^c\V[Zl^c"XVbZgVhZii^c\hVcYjh^c\dei^XVaÄaiZgh
hjX]Vh\gVYhVcYedaVg^hZghXVc\gZVian]Zaendj^begdkZ
ndjgbdcdbVhiZge^ZXZhWZ[dgZi]ZnZkZcgZVX]ndjgE8#

44qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q*
H]ddi^c\^cWaVX`l]^iZ

8VbZgVhZii^c\h
D
cZd[i]Z\gZViZhiVYkVciV\Zhd[h]ddi^c\
Y^\^iVadkZgÃab^hi]VindjXVch]ddiWdi]
XdadjgVcYWaVX`l]^iZ^bV\Zhl^i]djii]Z
]VhhaZd[X]Vc\^c\XVbZgVhdgÃabh#NdjXVcZkZc
h]ddiZkZgni]^c\^cXdadjgVcYYZX^YZl]^X]idXdckZgi
idWaVX`l]^iZaViZgdcVcY!^[ndjh]ddi^cG6L
[dgbVi!ndjXVcjhZZmVXiani]ZhVbZXVbZgVhZii^c\h
[dgWdi]#Id\Zii]ZWZhiWaVX`l]^iZgZhjaih[gdb
?E:<h!]dlZkZg!ndjbVncZZYidX]Vc\ZVXdjeaZd[
hZii^c\h[gdbi]dhZi]VindjldjaYcdgbVaanjhZ#

H]VgeZc^c\
I]ZbV^chZii^c\idXdch^YZg^hi]Z^c"XVbZgVh]VgeZc^c\#;dg
Xdadjg^bV\Zhi]Vindjl^aajhZhigV^\]i[gdbi]ZXVbZgVi]^h^h
d[iZchZiidi]ZcdgbVadg]^\]hZii^c\h!WjiWdi]d[i]ZhZXVc
XVjhZegdWaZbhl^i]a^cZhVcY]VadhVgdjcYhdbZYZiV^ahl]Zc
ndjXdbZidXdckZgii]ZhZXdadjg^bV\ZhidWaVX`l]^iZ#Hd
[dg]^\]fjVa^inWaVX`l]^iZh]dihndjbVnlVciidijgci]Z
^c"XVbZgVh]VgeZc^c\d[[VcYi]ZcjhZndjghd[ilVgZidh]VgeZc
i]Z^bV\ZhV[iZgndj¼kZXdbeaZiZYndjgXdckZgh^dcVcYVcn
^bV\ZZc]VcXZbZci#;^cYdji]dlidYdi]^hdci]ZedejaVg
8Vcdc:DH)%%9VcYC^`dc9-%9"HAGhWZadl###

fi8Vcdc:DH)%%9 fiC^`dc9-% ›>C"86B:G6H=6GE:C>C< ›CD>C"86B:G6H=6GE:C>C<

L^i]i]Z^c"XVbZgVh]VgeZc^c\hZiidcdgbVandjXVc
ÄcYi]Vindj\Zia^cZhVgdjcYYZiV^ah!eVgi^XjaVgandc
VgZVhVY_d^c^c\WajZh`n#Dci]^hZmVbeaZndjXVchZZ
VcdWk^djha^cZVWdkZi]Z]^aahl]ZgZi]Zh]VgeZc^c\
]VhWZZcVeea^ZY#
Ijgc^c\i]Z^c"XVbZgVh]VgeZc^c\d[[Vaadlhndjid\Zi
VWZiiZgWaVX`l]^iZXdckZgh^dc[gdbndjgXdadjg
^bV\Zh#GZbZbWZgidVeeanhdbZh]VgeZc^c\dcXZ
ndj¼kZÄc^h]ZYVY_jhi^c\ndjg^bV\ZVcYWZ[dgZndj
eg^ci^idji!i]dj\]#

7A68@L=>I:I>E CDGB6A

IdcZXdbeZchVi^dc
IdXdeZl^i]]^\]XdcigVhihjW_ZXihndj

&
DeZci]ZhZXdcYhXgZZcd[i]Z8VbZgVHZii^c\h
bZcjWnegZhh^c\i]ZBZcjWjiidcVcY
jh^c\i]Z[djg"lVncVk^\Vi^dcWjiidch#I]ZchXgdaa
Ydlcidi]ZE^XijgZHinaZdei^dcVcYegZhhi]ZHZiWjiidc
iddeZci]ZVkV^aVWaZhZii^c\h#
&
EgZhhi]ZBZcjWjiidcVcYjhZi]ZjeVcYYdlc
Wjiidchdci]Z9"eVYidX]ddhZi]Z\gZZcXVbZgV
^Xdcdci]ZaZ[iiddeZci]ZH]ddi^c\BZcj#I]Zc
jhZi]Zg^\]iWjiidcd[i]Z9"eVYiddeZci]ZDei^b^oZ
^bV\Zdei^dc#
XVcVahdVY_jhii]ZXdcigVhidgidcVa
gVc\ZhZii^c\hdcndjgY^\^iVaHAG#I]^h
^hhZii]gdj\]i]ZhVbZDei^b^oZ
^bV\ZdgE^XijgZHinaZbZcjhVhi]Z
h]VgeZc^c\#;dg]^\]XdcigVhihjW_ZXih
ndjcZZYidjhZVhZii^c\i]ViVaadlh
i]ZXVbZgVidXVeijgZVl^YZggVc\Z
d[idcZh^ci]Z^bV\Z!hdjhZVadlZg
XdcigVhihZii^c\#

ADL:G8DCIG6HI

' '
;gdbi]Za^hid[hZii^c\hhXgdaaYdlcidi]ZCZjigVa JhZi]ZjeVcYYdlcWjiidchd[i]Z9"eVYidX]ddhZ
dei^dcjh^c\i]ZjeVcYYdlcWjiidch#BV`ZhjgZ i]Z8jhidbhZii^c\!i]ZcegZhhi]Zg^\]iWjiidcid
i]Vii]ZcjbWZg[dgi]Zh]VgeZc^c\hZii^c\dci]Z deZci]ZVkV^aVWaZhZii^c\h#HZaZXi>bV\Z
aZ[id[i]Za^hi^h%!i]ZcegZhhi]ZHZiWjiidcidXdcÄgb h]VgeZc^c\VcYX]ddhZCdcZWnjh^c\i]ZjeVcYYdlc
i]ZhZhZii^c\h# Wjiidchdci]Z9"eVY!i]ZcegZhhD@#

&+qH]ddi^c\WaVX`l]^iZdcndjg9"HAG &,
H]ddi^c\^cWaVX`l]^iZ
Dei^XVaÄaiZgh
L
]Zch]ddi^c\WaVX`
l]^iZÃabndjjhZ
XdadjgZYÃaiZghidX]Vc\Z
i]ZlVni]ViXdadjghVgZgZXdgYZY
VhidcZh^ci]ZÃcVa^bV\Z#6hi]^h
idcVaVY_jhibZciXVccdlWZYdcZ
l]ZcndjXdckZgindjgY^\^iVa
^bV\Z[gdbXdadjgidWaVX`
l]^iZ!jh^c\ÃaiZghdcndjg9"HAG^h
bdgZVWdjiZchjg^c\i]Vindjg
^bV\ZXdciV^chV[jaagVc\Zd[
idcZhi]VcVaiZg^c\]dli]ZhZ
idcZhl^aaWZgZXdgYZY#DcZd[i]Z
XaVhh^XjhZhd[ÃaiZgh^cWaVX`
l]^iZe]did\gVe]n^hid^cXgZVhZ
i]ZXdcigVhiWZilZZcWajZh`nVcY
l]^iZXadjY#6`ZniZX]c^fjZ[dg
hjXXZhh[jaY^\^iVaWaVX`l]^iZ^h
bV`^c\hjgZi]Zh`nXdciV^chV[jaa
gVc\Zd[idcZhhdi]Vii]ZgZ^h
%#+C9<G69
&-qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
EDA6G>H:G
CD;>AI:GH
eaZcind[hXdeZ
idVY_jhii]ZhZ
l]Zcndj
XdckZgindjg
^bV\Z#>i¼h
Vabdhi
^bedhh^WaZid
`ZZeYZiV^a^c
i]Zh`nl]^aZVi
i]ZhVbZi^bZ
XdggZXianZmedh^c\i]Z[dgZ\gdjcY ›CD;>AI:GH
l^i]djijh^c\VcnÃaiZghdci]Z L]^aZi]ZhXZcZ]VhWV\hd[WaVX`
XVbZgV#L]ZcXdckZgiZY^cidWaVX` l]^iZediZci^Va!i]Zdg^\^cVae]did!
l]^iZndj¼aah^beanZcYjel^i] iV`Zcl^i]cdedaVg^hZgdgC9\gVYh!
VÄVi!WaVcYh`n#HdgVi]Zgi]VcjhZ hj[[Zgh[gdbVaVX`d[^beVXi#I]Zbdhi
dWk^djhegdWaZb^hi]ZaVX`d[idcVa
i]ZigVY^i^dcVagZY!nZaadlVcY kVg^Vi^dc^ci]Zh`n!bZVc^c\i]ZgZ¼h
\gZZcÃaiZgh!i]ZgZVgZildineZhd[ VgZYjXZYXdcigVhii]gdj\]dji#
ÃaiZghi]ViVgZeVgi^XjaVganjhZ[ja
[dgh]ddi^c\Y^\^iVaWaVX`l]^iZ·
C9\gVYhVcYedaVg^hZgh#
›EdaVg^hZg
€C9\gVY EdaVg^hZghhideXZgiV^cineZhd[a^\]igZVX]^c\i]ZhZchdgVcYVgZjhZYid
L]Zi]Zgndj¼gZh]ddi^c\^c YVg`ZcWajZh`^ZhVcY^cXgZVhZXdcigVhiWZilZZch`nVcYXadjYh#NdjcZZYid
XdadjgdgWaVX`l]^iZ!VcC9 gdiViZi]ZÄaiZg[dgbVm^bjbZ[[ZXi!l]^X]ndjXVchZZi]gdj\]ndjg
\gVYÄaiZgVaadlhndjidYVg`Zc k^ZlÄcYZg#HadlangdiViZi]ZÄaiZgVcYhidel]Zci]Zh`n^hVi^ihYVg`Zhi#
i]Zh`nl]^aZaZVk^c\i]Z
[dgZ\gdjcYjcV[[ZXiZY#I]^hl^aa
]Zaendjid\ZibdgZXdcigVhi^c
7A68@L=>I:I>E
i]Zh`nVcYXgZViZVejcX]^Zg %#+C9<G69L>I=EDA6G>H:G
^bV\Zl]ZcndjgZVX]i]Z
XdckZgh^dchiV\Z#C9\gVYh
XdbZ^cVgVc\Zd[higZc\i]h!
bdhiXdbbdcan\^k^c\V&!'dg
("hideVahd`cdlcVh%#(!%#+
VcY%#.C9gZheZXi^kZan
Y^[[ZgZcXZWZilZZci]ZXaZVgZhi
VcYYVg`ZhieVgid[i]ZÄaiZg#;dg
h]dihd[WajZh`^Zhndj¼aaÄcYV
&dg'"hideÄaiZghj[ÄX^Zciid
gZiV^cYZiV^a!l]^aZh]ddi^c\
idlVgYhi]Zhjcndj¼aacZZYVi
aZVhiV("hide\gVYidgZiV^c
YZiV^a^ci]ZWg^\]iZhiVgZVhd[
i]Zh`n#;dgi]^hh]di!lZjhZYV
;dgZkZc\gZViZg^beVXindjXVcVahdXdbW^cZi]ZZ[[ZXid[VedaVg^hZgVcY
%#+C9\gVYidYVg`Zci]Zh`nWn
C9\gVYÄaiZgh#I]^hXVcegdYjXZYgVbVi^XYVg`h`^ZhVcY]ZaeidVYYidi]Z
'hideh# bddYd[ndjgWaVX`l]^iZaVcYhXVeZh]dih#
&.
HZZ^c\^cWaVX`l]^iZ

H=DDI>C<7A68@L=>I:DCNDJG9"HAG

8dckZgh^dc
Zc]VcXZbZci
IV`Z[jaaVYkVciV\Z
d[E]didh]deVcY
:aZbZcihidXgZViZ
hijcc^c\WaVX`
l]^iZ^bV\Zh![gdb
G6LXdckZgh^dcVcY
ÄaiZghid8jgkZh!
AZkZah!YdY\^c\VcY
Wjgc^c\#AZi¼hiV`ZV
bdgZYZiV^aZYadd`###

44qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q*
8dckZgh^dcZc]VcXZbZci
8dckZgi^c\G6Lh[dgbdcd
H
]ddi^c\G6LhgVi]Zgi]Vc
?E:<h^hjcYdjWiZYani]ZWZhi
lVnid\ZifjVa^inWaVX`
l]^iZ^bV\Zh#=dlZkZg!ndjcZZY
idZchjgZi]VindjVgZegdXZhh^c\
ndjgG6LÃaZhXdggZXianid\Zii]Z
bdhi[gdbi]Zb!VcYVgZiV`^c\
VYkVciV\Zd[i]ZZmigVfjVa^ini]Vi
G6LÃaZhd[[Zg#
‹L]ViG6LhZii^c\h
h]djaY>jhZ4
BdhiG6LXdckZgiZghd[[Zg[Zl
dei^dch[dgXgZVi^c\WaVX`l]^iZ
^bV\ZhVeVgi[gdbYgV\\^c\i]Z
hVijgVi^dcha^YZgYdlcid%hdVaai]Z
Xdadjg^hhjX`ZYdjid[ndjg^bV\Z#
>cbdhih^ijVi^dchi]^hldc¼i\^kZjh
i]ZWZhigZhjaih!eVgi^XjaVgan^[ndj
]VkZE]didh]dedg:aZbZcih*#L]Vi
ndjVXijVaancZZYidYd^hegdXZhhV
hiVcYVgYXdadjg^bV\Z^ci]ZG6L
XdckZgiZgi]ZcXdckZgi^iidWaVX`
l]^iZ^cndjg^bV\^c\hd[ilVgZ
V[iZglVgYh#LZ¼aaiVa`bdgZVWdji
E]didh]deVcY:aZbZcihaViZg!Wji
]ZgZlZ¼gZ\d^c\idadd`Vil]Vi
G6LhZii^c\hndjh]djaYWZldgg^ZY
VWdjil]Zcldg`^c\l^i]Vbdcd
^bV\Z^cb^cY#LZ¼gZjh^c\i]Z
:aZbZcih*G6LXdckZgiZg^ci]^h
ZmVbeaZ!Wjih^b^aVghZii^c\hXVcWZ
[djcY^cdi]ZgaZVY^c\G6L
XdckZgiZghidd#
7A68@L=>I:I>E
I]ZXdadjg^bV\Zhl^i]i]Zbdhi
ediZci^VaVgZi]dhZl^i]eaZcind[
XdcigVhi^cWdi]Wg^\]icZhhVcY
Xdadjg#I]ZigZZh^ci]Z^bV\ZVWdkZ
VgZeVgi^Vaanh^a]djZiiZY!l]^X]l^aa
igVch[ZglZaaidWaVX`l]^iZ#6ahd!
i]Z\gZZc\gVhhXdcigVhihl^i]i]Z
WajZh`n·i]^hY^[[ZgZcXZXVcWZ
Zc]VcXZY^ci]Z8]VccZaB^mZg#
''qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
H=69DLH6C9
=><=A><=IH
8A>EE>C<
L^i]i]ZhZdei^dchi^X`ZY
ndj¼aaWZVWaZidhZZ^[ndj¼gZ
dkZgYd^c\ndjgVY_jhibZcih
VcYVgZa^`ZanidadhZe^XijgZ
^c[dgbVi^dc!hjX]Vhh]VYdl
YZiV^a#>[i]ZgZ¼hVegdWaZb!
i]ZVgZV^cfjZhi^dcl^aaijgc
VXdcigVhi^c\lVgc^c\Xdadjg!
Vil]^X]ed^cindj¼aa`cdl
idZVhZWVX`dci]Z
VY_jhibZcihndjVgZbV`^c\#
=dlZkZg!ndjh]djaYjhZ
ndjgdlc_jY\ZbZciidd#
L=>I:76A6C8:
>i¼h\ZcZgVaanWZhiidhZaZXi
i]ZXdggZXil]^iZWVaVcXZ
egZhZi!dgjhZi]Z
ZnZYgdeeZg!id\^kZndjg
^bV\ZVXXjgViZVcYcZjigVa
Xdadjgh#I]^hl^aa]Zae
hZeVgViZi]ZXdadjghVcY
bV`Za^[ZZVh^Zg^c
E]didh]de#
H=69DLH!
8DCIG6HI6C9
7G><=IC:HH
NdjXVcjhZi]ZhZha^YZgh
idVYYejcX]idndjg
^bV\ZVcYX]Vc\Zi]Z
Wg^\]icZhhd[i]Zb^YidcZh#
=dlZkZg!i]^hXVcValVnh
WZYdcZ^cE]didh]de
V[iZglVgYhVcYndj¼aa]VkZ
bdgZXdcigdai]ZgZ!hdjhZ
i]ZhZha^YZghheVg^c\an#
-"7>I6C9&+"7>I H=6GEC:HH HBDDI=>C<$ H6IJG6I>DC
HZaZXi^c\&+"W^il^aa\^kZndjhbddi]ZgidcZhVXgdhh H]VgeZc^c\l^aa CD>H:G:9J8I>DC Hjgeg^h^c\an!XdadjghVijgVi^dc
ndjg^bV\Z!l]^X]^h^bedgiVci^[ndj¼gZa^`ZanidbV`Z ^begdkZi]ZXaVg^ind[ 6kd^Yjh^c\Vcncd^hZ XVcbVhh^kZanV[[ZXi]dli]Z
hZkZgZXdcigVhiVY_jhibZcih^cE]didh]de#I]ZgZVhdc ÄcZYZiV^aWji^iXVc gZYjXi^dcjcaZhhndjgZVaan ^bV\Zl^aaadd`l]Zc
[dgi]^h^hi]Vindjgdg^\^cVaG6L^ha^`ZanidWZ&'"W^idg XVjhZegdWaZbhl]Zc ]VkZid#8dadjgcd^hZ XdckZgiZYidWaVX`l]^iZ!
&)"W^i!VcYVhhjX]XVcY^[[ZgZci^ViZWZilZZcViaZVhi ndj\dbdcd· gZYjXi^dcbVnadd`ÄcZ eVgi^XjaVgan^[ndj¼gZjh^c\i]Z
)%.+Y^[[ZgZcih]VYZhd[\gZn#HiVcYVgY^bV\ZhVgZ-"W^i h]VgeZc^c\]VadhXVc l^i]Xdadjg^bV\ZhWji 8]VccZaB^mZg#JhZi]^hha^YZg
VcYXVcdcanYZhXg^WZ'*+h]VYZhd[\gZn#I]^hadhhd[ WZXdbZbjX]bdgZ XVcWZVW^\egdWaZbl^i] idXgZViZVlZaa"hVijgViZY!Wji
YViVXVcWZXdbZdWk^djhl]ZcndjhiVgiYdY\^c\VcY k^h^WaZVgdjcYhigdc\ WaVX`l]^iZ!\^k^c\ndjg hi^aacVijgVa"add`^c\!^bV\Z#
Wjgc^c\VcYjh^c\AZkZahdg8jgkZh#L^i]&+"W^i! ZY\Zh#JhZh]VgeZc^c\ ^bV\ZhVhd[iVeeZVgVcXZ#
]dlZkZg!ndjbVnÄcYi]VibVcnE]didh]de[ZVijgZh heVg^c\an^[ndjbjhi!
VgZY^hVWaZY!^cXajY^c\i]ZjhZd[AVnZgh^c:aZbZcih# dgY^hVWaZ^iVaid\Zi]Zg#
q'(
8dckZgh^dcZc]VcXZbZci
<dWaVX`l]^iZ
^cE]didh]de
I
]ZgZ^hc¼iVhiVcYVgYlVnidgZbdkZi]ZXdadjgh[gdbndjg^bV\Zid
\^kZVXaVhh^XejcX]nbdcd^bV\Z·i]ZgZVgZadVYhd[Y^[[ZgZcilVnh
VcYVaad[i]ZbXgZViZhjWianY^[[ZgZciZ[[ZXih#=ZgZlZ¼gZ\d^c\idadd`
Vidjgild[Vkdjg^iZiZX]c^fjZhjh^c\i]Z[jaakZgh^dcd[E]didh]deVcY!
[gVc`an!i]ZnVgZegdWVWani]ZdcanildiZX]c^fjZhndj¼aaZkZgcZZY°
‹I]Z8]VccZaB^mZg
I]Z8]VccZaB^mZgd[[Zghi]Zbdhi
ÅZm^WaZVcY^ciZgVXi^kZlVnid
gZbdkZi]ZXdadjgh[gdbndjgh]dih!
Vh^iVaadlhndjidegZX^hZanVY_jhi
i]ZidcZVcYXdcigVhid[i]ZÄcVa
WaVX`l]^iZ^bV\Z#I]ZgZVhdc^i¼h
hdheZX^Va^hWZXVjhZ^ildg`hWn
XdckZgi^c\i]ZhZeVgViZgZY!\gZZc
VcYWajZG<7X]VccZah^cid
\gVnhXVaZ^bV\Zh#:VX]X]VccZa
Y^heaVnha^\]iZge^mZahl]ZgZi]ZgZ^h
eaZcind[i]ViX]VccZa¼hXdadjg
egZhZci!VcYYVg`Zge^mZahl]ZgZ
i]ZgZ^hkZgna^iiaZd[i]ViXdadjg#;dg
ZmVbeaZ!VWg^\]igZYedhiWdm
XdciV^chadihd[gZYhdl^aaVeeZVg
Vabdhil]^iZ^ci]ZgZYX]VccZa!Wji
i]ZhVbZedhiWdml^aaadd`Vabdhi
WaVX`idi]Zdi]ZgX]VccZahVh^i
YdZhc¼iXdciV^cVcn\gZZcdgWajZ#
I]^heg^cX^eaZ^hh^b^aVgidi]Vid[
jh^c\Y^[[ZgZciXdadjgZYXdcigVhi
XdcigdaÄaiZghl^i]WaVX`l]^iZ
ÄabidbV`Zi]Zh`nYVg`Zgdg
[da^V\ZWg^\]iZg#I]Z8]VccZaB^mZg
Vaadlhjhidb^mVcYWaZcYi]Z
G:98=6CC:A
')qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
B>M:98=6CC:AH
Y^[[ZgZciX]VccZahid\Zi]ZgidXgZViZ
V]j\ZgVc\Zd[Y^[[ZgZcibdcd
Z[[ZXihkZgnfj^X`an#
Jh^c\i]Z8]VccZaB^mZg
>ibVnhdjcYkZgnXdbea^XViZY!Wji
^i¼hVXijVaangZVaanZVhnidjhZ#;^ghi!
Wg^c\jei]Z8]VccZaB^mZgWn\d^c\
id1UIOM&)LR][\UMV\[&+PIVVMT
5Q`MZ#Cdli^X`i]ZBdcdX]gdbZ
Wdmidijgcndjg^bV\ZWaVX`
l]^iZ#Ndj]VkZi]gZZbV^cha^YZgh
i]VigZegZhZcii]ZWg^\]icZhhd[i]Z
i]gZZXdadjgX]VccZah#6aandj¼kZ\di
idYdcdl^hb^mi]ZbjeidVY_jhi
i]Zadd`d[i]ZY^[[ZgZciXdadjgZY
VgZVhVcYegdYjXZVedlZg[jabdcd
^bV\Z#7Z[dgZlZYdi]^h!hiVgiWn
add`^c\ViZVX]X]VccZa^c^hdaVi^dc
id\ZiV[ZZa[dgl]Vindj¼gZYd^c\#
IdYdi]^hh^beanZciZg &%%[dg
ZVX]X]VccZa^cijgc!Zchjg^c\i]Vi
i]Zdi]ZgildX]VccZahVgZhZiid
%#6ahd!gZbZbWZgi]Vii]ZbdgZ 6WdkZ/I]ZÄcVa^bV\Z
d[Vh^c\aZX]VccZandjVYY^c!i]Z lVhXgZViZYWnb^m^c\ A678DCK:GH>DC
Wg^\]iZgi]ZgZaZkVciXdadjghl^aaWZ# i]Zi]gZZX]VccZah I]^hiZX]c^fjZYdZhc¼id[[ZgVcnXdcigda
id\Zi]ZghZZ^chZi# dkZgi]Zadd`d[i]ZÄcVaWaVX`l]^iZ
6YY^c\adihd[\gZZc
<G::C8=6CC:A 7AJ:8=6CC:A ]VhbVYZi]Z\gVhh
XdckZgh^dc!Wji^iYdZhegdYjXZ^cXgZY^Wan
hbddi]VcYYZiV^aZYbdcd^bV\Zh#Idign
c^XZVcYWg^\]i!VcY i]^hiZX]c^fjZndjghZa[!Äghi\did1UIOM&
hjWigVXi^c\WajZ]Vh 5WLM&4IJ+WTWZ#CdlWg^c\jei]Z8]VccZah
YVg`ZcZYi]Zh`n# eVaZiiZ?QVLW_&+PIVVMT[VcYXa^X`dc
i]ZA^\]icZhhX]VccZa·i]^hl^aaijgcndjg
^bV\ZWaVX`l]^iZ!l]^X]^hi]ZZmVXi
gZhjailZlVci!WjilZ¼gZcdiYdcZnZi#Id
Äc^h]!Y^hXVgYi]Zdi]Zgild8]VccZahWn
\d^c\higV^\]iid1UIOM&5WLM&/ZIa[KITM
VcYXa^X`D@l]ZcegdbeiZY#
q'*
8dckZgh^dcZc]VcXZbZci
JH>C<8DCK:GIID7A68@6C9L=>I:;>AI:G

<dWaVX`l]^iZ
^c:aZbZcih
:
aZbZcihjhZghVgZVW^ia^b^iZYl]Zc^iXdbZhidi]ZcjbWZgd[lVnh
ndjXVcXdckZgindjgXdadjg^bV\ZhidWaVX`l]^iZ#=Vk^c\hV^Y ›<gVnhXVaZ
i]Vi!\gZVigZhjaihXVchi^aaWZ]VY!eVgi^XjaVgan^[ndj]VkZi]ZaViZhi >[ndjg^bV\Z^hVagZVYnkZgn
kZgh^dc!:aZbZcih*#=ZgZVgZdjg[Vkdjg^iZlVnhidijgcndjgh]dih^cid XdcigVhin!dgYdZhc¼iXdciV^cbjX]
WaVX`l]^iZbVhiZge^ZXZh^cE]didh]de:aZbZcih# Xdadjg!i]ZcndjbVnÄcYi]Vi
hbddi]ZggZhjaihXVcWZ]VY^[ndj
bV`ZVhigV^\]i<gVnhXVaZ
‹8dckZgiid7aVX`VcYL]^iZÃaiZg XdckZgh^dc#I]^hiZX]c^fjZVahd
I]^hÄaiZg^hcZlid:aZbZcih*hd kZgnh^b^aVglVnidE]didh]de¼h Vaadlhndjidldg`dcV[jaa&+"W^i
ndjldc¼iÄcY^i^ci]ZegZk^djh 8]VccZaB^mZgWji^hbjX]bdgZ ^bV\ZgVi]Zgi]Vc]Vk^c\idXdckZgi
kZgh^dch!Wji^i^hVgZVaanedlZg[ja k^hjVaVcYd[[ZghhdbZ]VcYn id-"W^ih$8]VccZaÄghiYZeZcY^c\
[ZVijgZVcY^hZVh^andjg[Vkdjg^iZ egZhZihidd#Idgjci]^hÄaiZg!\did dcndjgkZgh^dcd[:aZbZcih#I]^h
lVnidXdckZgindjg^bV\ZhidWaVX` 1UIOM-VPIVKM&+WV^MZ\\W*TIKSIVL l^aaaZVYidhbddi]ZggZhjaihaViZgdc
l]^iZ^c:aZbZcih#>ildg`h^cV ?PQ\MdgjhZi]Z6ai 8iga 7h]dgiXji# ^[ndj¼gZ\d^c\idbV`ZhZkZgZ
XdcigVhiVY_jhibZcihhjX]Vh
8DCK:GIID7A68@ YdY\^c\!Wjgc^c\VcYAZkZah#
6C9L=>I::MEA6>C:9### 8dckZgi^c\idWaVX`l]^iZl^i]
<gVnhXVaZ^hgZVaanfj^X`VcYZVhn#6aa
7:;DG:$6;I:G ndj]VkZidYd^h\did
=ZgZndjXVchZZVi]jbWcV^akZgh^dcd[ 1UIOM&5WLM&/ZIa[KITMVcYXa^X`
ndjghiVgiVcYÄc^h]^bV\ZhhdndjXVc
D@l]ZcVh`ZY^[ndjlVciid
fj^X`an^YZci^[ni]ZY^[[ZgZciXdadjgVgZVh
^cndjgdg^\^cVaVcYY^gZXianXdbeVgZ^i Y^hXVgYi]ZXdadjg^c[dgbVi^dc#
l^i]i]ZÄcVagZhjai#

HINA: <D7A68@L=>I:>CI=:G6L8DCK:GI:G
=ZgZndj¼aaÄcYVgVc\Zd[egZhZihi]Vi >[ndjYdc¼i]VkZ:aZbZcih*i]Zcndj
XgZViZY^[[ZgZciadd`hid\ZindjhiVgiZY# bVnVahdlVciidignbV`^c\WaVX`
>[ndj¼gZcdi]Veenl^i]Vcnd[i]ZhZ l]^iZ^bV\ZhY^gZXian^c:aZbZcih¼
i]ZcndjXVcZVh^anbdY^[ni]Zbjh^c\ G6LXdckZgiZg#=ZgZlZ¼gZ\d^c\id
i]ZVY_jhibZciWjiidch# gZkZVaV[Zlh^beaZig^X`hi]Vil^aa
VaadlndjidVY_jhii]ZWaVX`VcY
l]^iZidcZh^cndjg^bV\Zid\^kZ
69?JHIB:CI>CI:CH>IN hdbZXdcigdadkZgi]Zadd`d[i]ZÄcVa
I]^hha^YZgX]Vc\Zhi]ZhZkZg^ind[i]Z gZhjai#GZbZbWZg!i]^hdcanldg`hl^i]
VY_jhibZcih#>[ndjYgV\^iidi]Zg^\]i! XdbeVi^WaZG6L^bV\Zh!cdi?E:<h#
ndj¼aacdi^XZi]Vii]ZY^[[ZgZcXZWZilZZc ;^ghid[Vaa!YgV\i]ZHVijgVi^dcha^YZg
i]Zi]jbWcV^ahidi]Zg^\]iWZXdbZh Ydlcid%idgZbdkZVaaXdadjg#I]Zc
bdgZegdcdjcXZY#Bdk^c\i]Zha^YZgid ZmeZg^bZcil^i]i]Z:medhjgZ!8dcigVhi
i]ZaZ[il^aaVaadl[dgÄcZgVY_jhibZcih# VcY7g^\]icZhhha^YZghid\^kZndjg
^bV\ZhdbZejcX]#Cdl!i]ZhZXgZid[
i]^hiZX]c^fjZVXijVaangZa^Zhdci]Z
L]^iZ7VaVcXZhZii^c\h·WnVY_jhi^c\
69?JHIB:CI7JIIDCH G:H:I i]Zl]^iZWVaVcXZha^YZghlZXVc
I]^h^hl]ZgZi]ZbV\^X]VeeZch#H^beanXa^X`i]ZBdgZGZY!BdgZ<gZZcVcYBdgZ7ajZ H]djaYndjbV`ZVbZhhd[ X]Vc\Zi]Zadd`d[i]Z^bV\Z#Ign
i]jbWcV^ahida^\]iZci]ZgZaZkVciXdadjgVgZVh^cndjg^bV\Z#8a^X`^c\BdgZ7ajZ]ZgZ ndjg^bV\Zh^beanXa^X`]ZgZ bdk^c\i]ZIZbeZgVijgZVcYI^ci
l^aaa^\]iZci]ZWajZh`n#8dckZghZan!i]ZAZhhWjiidchl^aaYVg`Zci]ZgZaZkVciXdadjg idgZhZiVaad[i]ZkVajZhid ha^YZghidÄcYVcZ[[ZXindja^`Z#
VgZVh#I]Zildi]jbWcV^ahdci]Z[Vgg^\]iXdcigdai]ZdkZgVaaXdcigVhi!VcYndj¼aa i]Z^gYZ[Vjaiedh^i^dchhdndj
egdWVWancZZYidjhZi]ZhZ^cXdc_jcXi^dcl^i]Vadl6Y_jhibZci>ciZch^in# XVchiVgi[gdbhXgViX]#

'+qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q',
8dckZgh^dcZc]VcXZbZci
6;I:GA:K:AH8JGK:H

6YYXdcigVhil^i]
AZkZahVcY8jgkZh
8
dcigVhi^hegdWVWani]Zh^c\aZbdhi^bedgiVci VcYndj¼aaadhZkVajVWaZ^bV\ZYZiV^aVhY^[[ZgZciidcZh
Xdch^YZgVi^dcl]Zcldg`^c\dcndjge^XijgZh^c hiVgiidWaZcY^ciddcZVcdi]Zg#L]VindjcZZY^h
ndjg^bV\ZZY^idg#CdiZcdj\]XdcigVhiVcYndjg egZX^hZXdcigdadkZgi]ZXdcigVhi!VcYi]ZgZVgZ_jhiild
e^XijgZhl^aaadd`ÄViVcYjc^che^g^c\#IddbjX]XdcigVhi iddahndjcZZY[dgi]^h_dW·AZkZahVcY8jgkZh#

‹AZkZah 6;I:GA:K:AH
I]ZAZkZahXdbbVcYXVcWZ[djcY^c
Wdi]:aZbZcihVcYE]didh]de!VcYZkZc
hdbZG6LXdckZgiZgh#>ihbV^cejgedhZ
^hidZchjgZi]Vii]ZgZ^hV[jaagVc\Zd[
idcZh^ci]Z^bV\Z!gVc\^c\[gdbejgZ
WaVX`i]gdj\]idejgZl]^iZ#BdhiWaVX`
l]^iZ^bV\Zhdcan^cXajYZkZgnYVg`
\gZnhVcYa^\]i\gZnhVii]Z^gZmigZbZh#
IdjhZAZkZahÄghi]^i8iga AidWg^c\jei]ZY^Vad\jZWdm#Add`[dg\VehdcWdi]
h^YZhWZilZZci]ZZY\Zd[i]Z]^hid\gVb¼h»bdjciV^cgVc\Z¼VcYi]Z
hjggdjcY^c\Wdm#>[i]ZgZVgZVcn!h^beanbdkZi]Zha^YZgh[djcYVii]ZWdiidb
XdgcZghd[i]Z]^hid\gVbWdmhdi]Zna^cZjel^i]i]Z\gVe]ZY\ZhVhh]dlc#
NdjXVcVahdVY_jhii]ZWg^\]icZhhd[i]Zb^YidcZhjh^c\i]Zb^YYaZha^YZg^[ndj
l^h]·YgV\^iidi]ZaZ[iidWg^\]iZci]Zb^YidcZhdgidi]Zg^\]iidYVg`Zci]Zb#

‹8jgkZh
8jgkZhXVcdcanWZ[djcY^ci]Z[jaa
kZgh^dcd[E]didh]deVcYhdbZ
G6LXdckZgiZgh#:aZbZcih*YdZh
d[[Zgi]Z8dadg8jgkZhXdbbVcY!
l]^X]XVcWZjhZYidVX]^ZkZV
h^b^aVgZ[[ZXi!Wji^iYdZh]VcYaZ
kZgnY^[[ZgZcian#8jgkZh\^kZhbdgZ
Xdcigdai]VcAZkZahVh^iVaadlhndj
id^cYZeZcYZcianVY_jhii]Z
Wg^\]icZhhd[i]ZY^[[ZgZciidcZh^c
ndjg^bV\Z#>icZZYc¼igZeaVXZ
AZkZahVaid\Zi]Zgi]dj\]#Ndj¼aa
egdWVWanÄcYi]ZWZhigZhjaihXVcWZ
]VYjh^c\AZkZahÄghii]Zc8jgkZh[dg
VgZVaanhigdc\Z[[ZXi#=ZgZlZ¼gZ
_jhi\d^c\idadd`ViV`Zn8jgkZh
iZX]c^fjZ·Wddhi^c\i]Zb^YidcZ
XdcigVhil^i]Vc»h¼XjgkZ#IdVX]^ZkZ
i]^h!ÄghiWg^c\je8jgkZhWn\d^c\id
1UIOM&)LR][\UMV\&+]Z^M[Wn
]^ii^c\8iga B#IdXgZViZVhiVcYVgY
»h¼XjgkZ!ÄghiXa^X`dci]ZWdiidb
fjVgiZgd[i]ZY^V\dcVaa^cZidXgZViZ
VWdm»]VcYaZ¼#CdlYgV\i]^hWdm
YdlcidXgZViZVh^beaZYdlclVgY
[VX^c\XjgkZ·i]^hl^aaYVg`Zci]Z 7:;DG:69?JHIB:CI
Zci^gZ^bV\Z#CZmi!Xa^X`dci]Zide
fjVgiZgd[i]Za^cZVcYYgV\^ijeVc
ZfjVaVbdjci#I]^hhiZel^aaa^\]iZc
i]Z]^\]a^\]ihWjii]Zh]VYdlhl^aa
hiVnYVg`WZXVjhZi]ZÄghi»]VcYaZ¼
^he^cc^c\i]ZXjgkZ^ceaVXZ#Ndj
XVccdlilZV`i]ZhZii^c\hid
XgZViZVadd`i]Vindja^`Z#JhZi]Z 6WdkZ/6WVh^X
adlZgaZ[i"]VcYWdmidVY_jhii]Z »h¼XjgkZXVcWZ
YVg`idcZh!VcYbdkZi]ZjeeZg bVYZidWddhi
WdmidVY_jhii]Z]^\]a^\]ih#6YY^c\ i]ZXdcigVhid[ AZkZahlVhjhZYidhZii]Z
bdgZ»]VcYaZh¼l^aaVaadlndjid Vcn^bV\Z# WaVX`VcYl]^iZed^cih[dg
WZiiZgXaVg^in#I]Zc8jgkZh
XgZViZbdgZXdbeaZmXjgkZhWji G^\]i/NdjbVncZZYidXjhidb^hZi]Z lVhVeea^ZYidWg^\]iZci]Z
ndj¼aahZaYdbcZZYbdgZi]Vc XjgkZidhj^indjg^bV\Z#=ZgZlZ¼kZ ]^\]a^\]ihVcYb^YidcZhid
i]gZZdg[djged^cihidVX]^ZkZi]Z gZVaanWddhiZYi]Z]^\]a^\]ihid VYYhinaZVcY^beVXi#
WZhigZhjaih# WaZVX]djii]ZWVX`\gdjcY#

'-qH]ddi^c\WaVX`l]^iZdcndjg9"HAG '.
8dckZgh^dcZc]VcXZbZci

9dY\^c\VcYWjgc^c\ HI:E&/JH>C<H:A:8I>DCH
;^ghilZcZZYidhea^ii]ZegdedhZYXdggZXi^dch^cid Wdiidb]Va[d[i]Z^bV\Z#;dgi]ZhZildXdggZXi^dch

<
adWVaXdcigVhiVY_jhibZcih!bVYZVXgdhhi]Z ;>C>H=:9>B6<: ildY^hi^cXi\gdjeh·aVg\ZVgZVVY_jhibZcihVcY lZ¼aaWZjh^c\VhZeVgViZiZX]c^fjZi]Vi\^kZhV
l]daZd[ndjg^bV\Z!ldc¼iValVnhWZi]Z hbVaaVgZVVY_jhibZcih#>i¼hWZhiidhiVgil^i]i]ZW^\ hbddi]ZgÃc^h]#L]VilZ¼gZ\d^c\idYd^hbV`ZV
VchlZgid\Zii^c\i]ZWZhi"add`^c\bdcd VY_jhibZcihÃghi!idXgZViZV\ddY[djcYVi^dc[dgi]Z gdj\]hZaZXi^dcdkZgi]Zd[[ZcY^c\VgZVVcYi]Zc
bVhiZge^ZXZ#Id\^kZVc^bV\ZgZVaejcX]!VcYid ÃcZgVY_jhibZcihaViZg!hdaZi¼hadd`Vii]ZhZÃghi#>c hbddi]djidjghZaZXi^dchdcd_d^chVgZk^h^WaZ#I]Zc
Zc]VcXZi]ZiZmijgZhVcYYgVli]Zk^ZlZg¼h i]ZaVg\ZVgZVXViZ\dgn!lZ]VkZ_jhiildXdggZXi^dch lZ¼gZ\d^c\idjhZAZkZahdg8jgkZhdci]ZhZaZXi^dc
ViiZci^dcidndjg[dXVaed^cih!ndj¼aacZZYidbV`Z ·YVg`Zc^c\i]ZZci^gZh`nVcYVYY^c\XdcigVhiidi]Z idWg^\]iZc^i!YVg`Zc^idgVYYbdgZXdcigVhi#
XdcigVhiVY_jhibZcihidhbVaaZgVgZVhd[i]Z^bV\Z
idd#I]^h^YZV^hZkZcbdgZXgjX^Val]Zcldg`^c\ HI:E&G:HJAI
dce]didhi]ViXdciV^cWdi]kZgnWg^\]iVcYYVg`
VgZVh!Vh^cdjg^bV\Z]ZgZ#<adWVaXdcigVhi
VY_jhibZcihl^aa_jhiZmVXZgWViZi]ZY^[[ZgZcXZ#
AZi¼hiV`ZVXadhZgadd`Vii]^hZmVbeaZ^bV\Z!VcY
^YZci^[nl]VicZZYhidWZYdcZid^begdkZi]Z
dkZgVaaVZhi]Zi^Xd[i]Zh]di#

HI6GI>B6<:
6YYXdcigVhiVcY
YgVbVidndjg^bV\Zh### 8ADJ9H
I]ZYVg`VcYa^\]i
VgZVhd[i]ZXadjYh
XdjaYWZZmV\\ZgViZY
idbV`Z^ibdgZ
hidgbnVcYYgVbVi^X#

& '
AVhhd ;ZVi]Zg
i]ZVgZV/ VcY
;^ghi XdggZXi/
hZaZXii]ZAVhhd CZmindjcZZY
iddaVcYYgV\V idhd[iZci]Z
addhZhZaZXi^dc ZY\Zhd[i]Z
VgdjcYi]ZVgZV hZaZXi^dc#IdYd
ndjl^h]id i]^h\did
VY_jhi#>i¼h ;MTMK\&.MI\PMZ
^bedgiVcii]VindjghZaZXi^dc\dZhg^\]ijeidi]ZZY\Zh VcYZciZgWZilZZc&*%VcY'%%e^mZah[dgi]ZGVY^jh!
d[i]Z^bV\Zl]ZgZgZaZkVci·YgV\\^c\VhZaZXi^dci]Vi i]ZcXa^X`D@#Ndj¼gZcdlgZVYnidWg^c\jeAZkZahdg
H@N ;DG:<GDJC9 9:I6>A =JI VXijVaangjchdjih^YZi]ZZY\Zhd[i]Z^bV\ZXVcYd 8jgkZhidXdggZXii]ZhZaZXiZYVgZV#=ZgZlZYVg`ZcZY
I]Zl]daZh`n^hidd I]ZWdiidb]Va[d[ I]ZgZVgZadihd[hbVaa I]Z[gdcid[i]^h]ji^h i]^h#L]ZcndjgZaZVhZi]ZbdjhZWjiidc!i]ZdkZgh^oZY i]Zh`njh^c\i]Zb^YidcZha^YZg^cAZkZahVcYVeea^ZY
Wg^\]iVcYcZZYhid i]Z^bV\Z^haVX`^c\ YZiV^ahdci]Z\gdjcY! VW^iYjaaVcYcZZYhid
hZaZXi^dcl^aah]g^c`idÄii]Z^bV\ZeZg[ZXian# Vc»h¼XjgkZidi]ZWdiidbd[i]Z^bV\Z#
WZYVg`ZcZYid XdcigVhiVcYXdjaY l]^X]XdjaYWZ WZWg^\]iZcZY#6YY^c\
Wg^c\djii]ZXadjY Ydl^i]Va^[i# Wgdj\]idjiidVYY Va^iiaZXdcigVhi]ZgZ
YZiV^aVcYWVaVcXZ bdgZiZmijgZVcY l^aaVahdbV`Z^iV
i]Z^bV\Z# ^ciZgZhiidi]Z^bV\Z# higdc\Zg[dXVaed^ci# IjgcidhZZl]ViVY^[[ZgZcXZYdY\^c\VcYWjgc^c\XVcbV`Zidndjg^bV\Zh###
£
(%qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q(&
8dckZgh^dcZc]VcXZbZci

9dY\^c\VcYWjgc^c\
HI:E'/9D9<:7JGCIDDAH
L^i]i]Z^bV\Zgdj\]anWVaVcXZYdjijh^c\aVg\ZhZaZXi^dch!^i¼hi^bZid
ijgcndjgViiZci^dcidi]ZÃcZgYZiV^ah#IdiVX`aZi]ZgZbV^c^c\XdggZXi^dch
lZ¼gZ\d^c\idjhZi]Z9dY\ZVcY7jgciddah#I]ZhZiddahVaadljhid
YVg`Zci]Zh]VYdlVgZVhVcYa^\]iZci]Z]^\]a^\]ihgZheZXi^kZan!idVYY
ZmigVXdcigVhiiddjg^bV\Z#I]ZhZiddahd[[ZgegZX^hZXdcigdahdVgZWZiiZg
hj^iZY[dgldg`dchbVaaZgYZiV^ah#=ZgZ¼h]dlidjhZi]Zb###

;>C>H=:9>B6<:

›I]Z9dY\Zidda
9dY\^c\^hi]ZegdXZhhd[
a^\]iZc^c\VcVgZVd[V
e]did#IgVY^i^dcVaan!i]^h
ldjaYWZYdcZWne]nh^XVaanh]VY^c\
VcVgZVd[i]Zeg^ciYjg^c\ZmedhjgZ!
Wji^cE]didh]delZ]VkZi]Z
]VcYn9dY\Zidda!l]^X]^hbjX]
bdgZXdcigdaaVWaZ#>i¼hjhjVaan[djcY
\gdjeZYid\Zi]Zgl^i]i]Z7jgcVcY
Hedc\Ziddah^ci]ZiddaWdm!hdXa^X`
VcY]daYdcZ^i]Zgd[i]ZhZiddahid
Wg^c\^ije^[ndjXVc¼ihZZ^i#=ZgZ
lZ¼gZ\d^c\idhZijei]Zidda[dg
Wg^\]iZc^c\i]Z]^\]a^\]ih^cdjg
^bV\Z!Vhi]^h^hi]ZbdhijhZ[ja
VggVc\ZbZci#=dlZkZg!^iXVcVahd
WZjhZYidWg^\]iZcb^YidcZhVcY
h]VYdlhidd^[cZZYZY#>ci]Z
Dei^dchWVgVii]Zided[i]ZhXgZZc!
hZaZXi=^\]a^\]ih[gdbi]ZGVc\Z
bZcjVcYYgdei]Z:medhjgZYdlc
idVgdjcY*#Cdl!X]ddhZVaVg\Z
hd[i"ZY\ZYWgjh][gdbi]Z7gjh]
bZcj·VgdjcY(%%em[dgi]Z
9^VbZiZg^hVWdjig^\]i#CdlVaandj
cZZYidYd^heV^cidkZgi]ZVgZVh
d[i]Z^bV\ZndjlVciida^\]iZc·
gZbZbWZgi]Vi^i¼aaV[[ZXii]Z
]^\]a^\]ihbdgZi]Vci]Zh]VYdlh
VcYb^YidcZh!hdXdcXZcigViZdc
i]ZhZa^\]iZgdW_ZXih#I]ZZ[[ZXil^aa
iV`ZVl]^aZidWj^aYje!Wjii]^h^h
^YZVaVh^i¼h[VgbdgZXdcigdaaVWaZid
jhZ#=ZgZlZYdY\ZYi]Z[gdci[VXZ
d[i]Z]ji!i]Za^\]iVgZVhd[XadjY
VcYi]ZgdX`hdci]Z\gVhh#
‹I]Z7jgcidda
I]^hiddaYdZhi]ZZmVXi
deedh^iZd[i]Z9dY\Z
iddaVcYYVg`ZchVgZVh
d[ndjg^bV\Z#>iXVcWZjhZYid
YVg`Zci]Zh]VYdlh!b^YidcZhdg
]^\]a^\]ih^cYZeZcYZcian!Wji
cdgbVaan^i¼hWZhil]ZcjhZY[dg
YVg`Zc^c\hZaZXih]VYdlVgZVh
·i]^hl^aabV`Zi]ZbZkZcbdgZ
^ciZchZVcYXg^he#IdegZeVgZi]^h
idda[dgVXi^dc!ÄghihZaZXi^i[gdb
i]ZiddaWdm!i]ZcX]ddhZ
H]VYdlh[dgi]ZGVc\ZVcY*
[dg:medhjgZ#6aVg\Z(%%em
hd[i"ZY\ZYWgjh]^hVahd
gZXdbbZcYZY!Vh^i¼aa\^kZVaZhh
eViX]nÄc^h]VcYe^mZa"eZg[ZXi
VXXjgVXn^hcdigZfj^gZY#Ndj¼gZcdl
gZVYnideV^cidkZgi]Zh]VYdlhdc
ndjg^bV\Zi]VindjlVciid
^ciZch^[n#Ndj¼aa]VkZid`ZZe\d^c\
dkZgi]ZVgZVhidWj^aYjei]Z
YZh^gZYZ[[ZXidkZgi^bZ!Wji_jhi
`ZZei]ZWgjh]bdk^c\VcYndj¼aa
\Zii]ZgZ^ci]ZZcY#LZWjgcZY^c
i]Z\gVhh!i]ZYVg`VgZVhd[XadjY
VcYi]Zide"g^\]id[i]Zh`nidÄc^h]
d[[i]Zdg^\^cVaXdggZXi^dchlZ
^YZci^ÄZY#=dlZkZg!lZVahdY^Y
hdbZldg`dci]ZigZZh!i]Zgdd[
VcYi]Z]ji¼hh]VYdlidd!_jhiid
\^kZi]Z^bV\ZVW^ibdgZXadji#

('qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q((
HZZ^c\^cWaVX`l]^iZ

H=DDI>C<7A68@L=>I:DCNDJG9"HAG

Eg^ci^c\ L]^X]eVeZgh]djaY>jhZ4=dl
XVc>WZhiegZhZcibnldg`4=dl
Yd>XgZViZcZjigVaWaVX`l]^iZ

egZhZciVi^dc eg^cih4Ijgci]ZeV\ZidÄcYVaa
ndjgfjZhi^dchVchlZgZY###

44qH]ddi^c\WaVX`l]^iZdcndjg9"HAG q*
Eg^ci^c\egZhZciVi^dc

EgZhZciVi^dc ‹8VckVheg^cih
L]ZchdbZi]^c\]^ihi]Z
>`ZVh]dlgddbhndj`cdl

>
i¼hVaakZgnlZaaWZ^c\VWaZidh]ddihijcc^c\WaVX` i]ZWVX`eV\Zhd[8ZIK\QKIT8PW\WOZIXPa!^i¼hcZkZg ^i¼h\d^c\idedejaVg
l]^iZe]didh!Wji^[ndj¼gZcdi\d^c\idh]dli]Zb WZZcZVh^ZgidXgZViZegd[Zhh^dcVaadd`^c\eg^cih[dg 8VckVheg^cihVgZV
d[[^ci]Z^gWZhia^\]ii]Zcndj¼gZb^hh^c\Vig^X`# bVm^bjb^beVXi#Cdli]Vindj¼kZh]dindjg^bV\Z! gZaVi^kZanX]ZVeVcYZVhn
L^i]]dbZeg^ci^c\WZ^c\hdV[[dgYVWaZ!VcYl^i]hd XdckZgiZYndjgG6LÃaZVcYXgV[iZYi]ZeZg[ZXibdcd lVnidh]dld[[ndjg
bVcncZlVcYZmX^i^c\egZhZciVi^dc^YZVhVidjg ^bV\Z!_jhiV[ZlXa^X`h^cE]didh]del^aa\^kZndjg ldg`·eg^XZhhiVgiVi
Y^hedhVa_jhiadd`Vii]ZeaZi]dgVd[XaVhh^ÃZYVYh^c e^XijgZhi]ViÃc^h]^c\idjX]#=ZgZ¼h]dl### VgdjcY—)*[dgV
)%m)%XbXVckVh·VcY
XVcZkZcWZbVYZid
6YYVhigd`Z bZVhjgZ^[ndj¼kZV
6higd`Z!dg]V^ga^cZWdgYZg!^hh^bean eZcX]Vci[dg
Vi]^ca^cZi]VilgVehVgdjcYndjg eVcdgVb^Xh#E^XijgZh
^bV\ZVcY^hYZh^\cZYidXdciV^c VgZeg^ciZYdcid
VcYYZÄcZ#6higd`ZXVcWZVYYZYid XVckVhadd`dji[dg
Vcn^bV\ZWji^heVgi^XjaVgan XdbeVc^Zhi]VijhZ
Z[[ZXi^kZl]Zci]ZgZVgZZ^i]ZgkZgn ldkZcVgi^hih¼XVckVh
a^\]iidcZhdgkZgnYVg`idcZh Vhi]^h^hVbdgZYjgVWaZbViZg^VaVcY
idlVgYhi]ZZY\Zhd[i]Z[gVbZ! higZiX]ZYdkZgVlddYZc[gVbZ!gZVYnid]Vc\#
l]^X]ldjaYdi]Zgl^hZWZadhi#
DcXZndj¼kZVYYZYVhigd`Z!ndjXVc
‹E]didWdd`h
& '
VahdVYYVi]^cWdgYZg!XgZVi^c\Vc DeZcndjg^bV\Z^cE]didh]dedg IdVYYVWdgYZg!\did1UIOM&+IV^I[
^bV\Zi]VildjaYc¼iadd`Vb^hh^cV :aZbZcih!Xa^X`8iga 6idhZaZXiVaaVcY ;QbMdg1UIOM&:M[QbM&+IV^I[;QbM^c IdXgZViZVcVaWjbVaandj]VkZidYd^hjeadVY
\did-LQ\&;\ZWSM#:ciZgVe^mZakVajZ :aZbZcihVcYi^X`i]ZGZaVi^kZWdm#
ÄcZVgi\VaaZgn# ndjge^XijgZh!X]ddhZVcVaWjbVcYi]gdl^cV[Zl
^ci]ZL^Yi]Wdm·i]Z]^\]Zgi]ZcjbWZg JhZi]Z8VckVhZmiZch^dcYgde"YdlcbZcj
i]Zi]^X`Zgi]Zhigd`Z·VcYhZaZXiVhigd`Z XVei^dch!VcYlV^i[dgi]ZedhibVcidYZa^kZgndjg
Vii]ZWdiidbd[i]ZY^Vad\jZWdmidhZaZXi
Xdadjg[gdbi]Z8dadgE^X`ZgeVaZiiZ#>ci]Z Vhj^iVWaZXdadjg·l]^iZVcYWaVX`VgZ VaWjb#6cYi]Zn¼gZcdiVhZmeZch^kZVhndjb^\]i
AdXVi^dcWdmXa^X`>ch^YZVcYaZVkZi]Z dWk^djhX]d^XZh·VcY^ci]ZL^Yi]VcY i]^c`·?ZhhdehE^XijgZ=djhZk^h^illl#_Zhhdeh#
7aZcY^c\dei^dcdci]Z^gYZ[VjaihhZii^c\h# =Z^\]iWdmZhZciZgndjgWdgYZgh^oZ# Xdbd[[Zgh]VgYXdkZg!eVeZgWVX`VcYedX`Zi"h^oZY
BZbdgn7dd`h!l^i]eg^XZhhiVgi^c\Vi_jhi—,#..#

€E^XijgZ[gVbZh
HjWiaZin^hi]Z`ZnidhjXXZhh[jaan[gVb^c\VcY
]Vc\^c\WaVX`l]^iZeg^cih#I]ZgZ¼ha^iiaZ
ed^ci^cheZcY^c\]djghÄcZanXgV[i^c\V
idcVaaneZg[ZXibdcdeg^cidcanidhaVeV
cZdce^c`[gVbZVgdjcY^i#8dch^YZgndjg
Y‚XdgWaVX`!l]^iZdgcZjigVaXdadjgZY
[gVbZhVcYbdjcihVgZegZ[ZgVWaZl]Zc
YZVa^c\l^i]bdcde^XijgZh!Y^heaVnVi
ZnZ"aZkZa[dgbVm^bjb^beVXi^[ViVaa
edhh^WaZ!Vkd^Y]Vc\^c\e^XijgZh
deedh^iZaVg\Zl^cYdlhVcYVWdkZ
gVY^VidghidVkd^YYVbV\Z!VcY]Vc\
^c]jb^YXdcY^i^dchid`ZZeYgn#;^cY
^c[ddceVeZgX]d^XZdkZgi]ZeV\Z#

q(,
Eg^ci^c\egZhZciVi^dc
EVeZgX]d^XZ
:
ehdcWd[ÃchegZY^Xii]ViWn'%%.dkZg*(W^aa^dc
^bV\Zhl^aaWZiV`ZcVcYhidgZYZVX]nZVg^c
LZhiZgc:jgdeZVadcZ#>[ZkZc&d[i]ZhZ
^bV\ZhVgZeg^ciZY!i]Vi¼hV]Zaad[Vadid[eg^cihI]Z
^cXgZVh^c\anedejaVg9>NgdjiZcZXZhh^iViZhi]gZZ`Zn
›EdgigV^ih
>[ndjgedgigV^ie^XijgZhVgZ\d^c\idWZ]VcYaZY·
lZYY^c\e]didh![dgZmVbeaZ·VhZb^"\adhhe]did
eVeZgVahd`cdlcVhhVi^cdgeZVga^hi]Z^YZVa
X]d^XZVh^i¼haZhha^`Zanidh]dlÄc\Zgeg^cihIgn
?ZhhdehE]didHVi^cVcY:ehdcEgZb^jbHZb^"
\adhh#;dgejcX]nedgigV^ihl^i]WV\hd[XdcigVhi!V
\adhhne]didÄc^h]^hi]ZdWk^djhX]d^XZ#<^k^c\V
hbddi]VcYhjeZgh]^cnVeeZVgVcXZi]ViXdjaY
ZVh^anWZb^hiV`Zc[dgigVY^i^dcVa
e]didaVWeg^cih!\adhhne]did
eVeZghadd`ZmeZch^kZVcY\^kZ
bVm^bjb^beVXi#8dch^YZg
?ZhhdehE]did<adhhVcY:ehdc
EgZb^jb<adhhn#
(-qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
^c\gZY^Zcih·Veg^ciZg!^c`VcY!d[XdjghZ!eVeZg#Hd
]dlYdndj\dVWdjiX]ddh^c\[gdbi]ZbVhh^kZVggVn
d[e]dideVeZgVkV^aVWaZ4LZaa!i]ZgZVgZ[djg`Zn
[VXidghidXdch^YZg·Ãc^h]!lZ^\]i!h^oZVcYa^[ZheVc#
LZ¼gZ\d^c\idXdcXZcigViZdci]ZÃghiVcYVg\jVWan
›;^cZVgi
HjW_ZXihhjX]VhYZa^XViZhi^aaa^[ZVcYVgi^hi^XcjYZh
d[iZcgZfj^gZeVeZgVWdkZVcYWZndcYi]Zdi]Zgi]gZZ
dei^dch]ZgZ#>[ndj¼gZegZeVgZYideVnV[Zlfj^YZmigV!
i]ZgZ¼hVl]daZldgaYd[iZmijgZYeVeZghi]Vid[[ZgV
bdgZVgi^hi^XÄc^h]#>a[dgY!EZgbV_ZiVcY=VgbVcZVX]
d[[ZgVXdbegZ]Zch^kZgVc\Zd[ÄcZVgieVeZgh![gdb
a^\]ianiZmijgZYbViihjg[VXZhideVgX]bZci!a^cZcVcY
lViZgXdadjghjg[VXZh#IgnVÄWgZ"WVhZYeVeZghjX]Vh
=VgbVc>c`_Zi=ZVknlZ^\]iBVii[dghiVgiZgh#<QX"
HdbZÄcZVgieVeZghVgZ
dcanXdViZYdcdcZh^YZ!
l]^X]iZcYhidWZhi^X`^Zg#
IdÄcYdjil]^X]^hi]Z
XdViZYh^YZ!a^X`ndjgÄc\Zgh
VcYhZZl]^X]h^YZhi^X`h
i]Zbdhi^bedgiVci[VXidg!Ãc^h]#IdjcaZVh]ndjg
e]did¼higjZediZci^Va!ndjcZZYidX]ddhZVeVeZg
Ãc^h]i]ViWZhiXdbeaZbZcih^ihXdciZci!l]Zi]ZgV
edgigV^i!aVcYhXVeZdgÃcZVgihijYn#=ZgZVgZV[Zl
hj\\Zhi^dchid\ZindjhiVgiZY°
›<gVe]^X
<gVe]^X^bV\ZhVgZVaaVWdjiXdcigVhihVcY
ZmigZbZh·eaZcind[WaVX`h!eaZcind[l]^iZhVcY
cdiVadi^cWZilZZc#HjW_ZXihhjX]VhVgX]^iZXijgVa
hijY^Zh!b^c^bVa^hiaVcYhXVeZhVcYZkZc]^\]"`Zn
edgigV^ihgZfj^gZVe]dideVeZgi]ViXVcXdeZl^i]
hjX]YZbVcYh#<adhhn^hi]ZVchlZg#<adhhne]did
eVeZghjX]Vh?ZhhdehE]did<adhhVcY:ehdc
EgZb^jb<adhhn\^kZhZmigVXdcigVhi!l^i]YZZeZg
WaVX`h!Xg^heh]VYdlYZiV^aVcY
l]^iZgl]^iZh#6ahdXdch^YZg
>a[dgY<VaZg^ZHbddi];^cZ6gi
EVeZg[dgVXaVhh^ZgidjX]#
I=>C@>C<D;H:AA>C<NDJGLDG@4
>[ndjge]did\gVe]n^hbdgZi]VcV]dWWnVcYndj¼Y
a^`ZidhZaandjgldg`!i]Z<^Xa‚ZÄcZVgieg^ci^hi]Z
lVn[dglVgY#6<^Xa‚Z^hVY^\^iVaeg^cibVYZl^i]
ZmXZei^dcVaan]^\]"gZhdaji^dceg^ciZghVcYheZX^Va
e^\bZci"WVhZY^c`hi]ViXVcWZjhZYdck^gijVaanVcn
Vgi^hih¼bViZg^Vah#>i¼hcdihdbZi]^c\ndjXVcYdVi
]dbZl^i]djiZmeZch^kZZfj^ebZciVcYndjldc¼i
ÄcY^idci]Z]^\]higZZiZ^i]Zg#IV`ZVadd`^cEE¼h
XaVhh^ÄZYVYkZgi^h^c\hZXi^dc[dgheZX^Va^hieg^ciZgh#
›AVcYhXVeZh
>[ndjgaVcYhXVeZhVgZaVYZcl^i]eVhiZahjchZihVcY
\ZciaZXdcidjgh!i]Zhbddi]VcYkZakZinÄc^h]d[VbVii
e]dideVeZghjX]Vh?ZhhdehE]didBVii=ZVknlZ^\]i
l^aaaZcYndjghXZc^XhVegd[Zhh^dcVaidjX]#6i^ihWZhi
bViie]dideVeZgXVc\^kZndjge]didhVcVgi^hi^Xadd`
VcY[ZZa#6i^ihldghZ^iXVcadd`Va^iiaZYjaa!gZhZbWa^c\
_jhiVcdi]Zgh]ZZid[l]^iZXVgYdgi]^X`eVeZg#EZg]Veh
^ih\gZViZhiVhhZi^hi]Vi^i¼h
eZg[ZXi[dg[gVb^c\!Vh^ihcdc"
gZÅZXi^kZhjg[VXZbZVchi]Vi
hedia^\]ihldc¼iXVjhZjch^\]ian
\aVgZh#;dgVbdgZbdYZgc[ZZa!
l^i]ha^\]ianbdgZXdcigVhi!jhZ
VhZb^"\adhhÄc^h]#
(.
Eg^ci^c\egZhZciVi^dc

=dlid\Zi
cZjigVaWaVX`
l]^iZeg^cih
>
c`_Zieg^ciZgh]VkZbVYZ^ih^beaZidegdYjXZeg^cih
[gdbY^\^iVaWaVX`l]^iZ^bV\Zh#LZ¼kZXdkZgZY
i]ZWVh^Xhd[l]^X]eVeZghidjhZ!Wji^iXVchi^aa
iV`ZVa^iiaZi^bZVcYZ[[dgiid\Zii]ZWZhifjVa^in
gZhjaih[gdbndjgX]d^XZd[eVeZg#I]ZbV^c]jgYaZ^h
idVkd^YXdadjgXVhihVcY\ZicZjigVaeg^cih#>[ndj¼gZ
gZVaanajX`nndjb^\]i\ZicZjigVagZhjaihl^i]dji
]Vk^c\idX]Vc\ZVcnd[i]ZhZii^c\h!Wji^i¼ha^`Zan
i]Vindj¼aacZZYidÃcZ"ijcZi]ZhZii^c\h[dgZVX]
ineZd[eVeZgndjjhZ!ZheZX^Vaan^[ndjlVciidjhZ
Y^[[ZgZcieVeZgh[dgY^[[ZgZciZ[[ZXih#

E8hVcYeg^ciZgh]VkZ
gZeaVXZYlZiYVg`gddbh^c
B6@:6I:HIEG>CI bVcneZdeaZ¼h]dbZhVcYd[[ZgbdgZ
XdcigdaVcYkZghVi^a^ini]VcZkZgWZ[dgZ#

‹L]Vi¼hViZhieg^ci4 ‹L]^X]^bV\ZidjhZ4 AZVkZhdbZheVXZidlg^iZ

6iZhieg^ci^hVlVnd[hVk^c\Wdi]
i^bZVcYegZX^djh^c`VcYeVeZg#7n
jh^c\Vhj^iVWaZ^bV\ZVadc\l^i]V
h^beaZ\gVnhXVaZ!ndjXVc\Zii]Z
hZii^c\hg^\]i[dgi]ZiZhieg^ci!i]Zc
jhZi]ZhVbZhZii^c\hl]Zcndj
bV`ZndjgVXijVaeg^cih#I]^h^hV
h^beaZlVnd[XVa^WgVi^c\ndjg
eg^ciZg!^c`hVcYeVeZgWjindjl^aa
cZZYidbV`ZVcZliZhieg^cil]Zc
L]Zc^iXdbZhidX]ddh^c\^bV\Zh
idjhZVhiZhieg^cihndjXVcjhZ
h]dihd[VabdhiVcnhjW_ZXi!Wji
bV`ZhjgZi]Vii]ZnVgZejgZWaVX`
l]^iZ·Ydc¼ijhZdcZhi]Vindj
]VkZidcZYdgVYYZYVcnXdadjgid#
I]ZnVahdldg`WZhi^[i]Z^bV\Z]Vh
V[jaagVc\Zd[idcZh![gdbhda^Y
WaVX`idhda^Yl]^iZ!l^i]eaZcind[
b^YidcZhid]ZaendjVhhZhhVcn
cdiZhdci]Zeg^ci!hjX]Vhi]Z
YViZ!eVeZgineZVcY^c`hjhZY#
‹EgdYjX^c\
ndjgiZhieg^ci
DcXZndj¼kZYZX^YZYdcndjgiZhi
^bV\Z!eg^ci^idjijh^c\ndjgcdgbVa
hZii^c\h!Vaadl^iidYgn[jaanVcYi]Zc
k^Zl^ijcYZgcdgbVaYVna^\]iid
X]ZX`[dgVcnXdadjgXVhih#Jh^c\i]Z
8DADJG86HIH
=Va[i]ZWViiaZid\Zii^c\cZjigVa
eg^cih^hgZXd\c^h^c\l]Zci]ZgZ^hV
XdadjgXVhidcndjg^bV\Zh#I]Zcndj
cZZYidVY_jhindjgeg^ciZghZii^c\h
idXdbeZchViZ[dg^i#L]Zc^iXdbZh
idVhhZhh^c\ndjgeg^cih!^i¼hWZhiid
8DADJG86HII67A:
aZindjgiZhieg^cihYgn[jaan^YZVaan
[dg')]djgh!i]Zck^Zli]ZbjcYZg
cdgbVaYVna^\]igVi]Zgi]VcVgi^ÄX^Va
a^\]ihidbV`ZhjgZi]VindjXVc
VXXjgViZanhediVcnXdadjgXVhih#
6heg^ciZghVgZWVhZYdci]Zeg^cX^eaZ
d[XdbW^c^c\XnVc!bV\ZciVVcY
nZaadlXdadjgZY^c`h!^iXVcWZ
Y^[ÄXjaiid`cdll]^X]hZii^c\hndj
cZZYidVY_jhiidXdbeZchViZ[dg
XdadjgXVhihdcndjgeg^cih#I]^hiVWaZ
h]djaY]Zaendj°

8DADJG86HI
8N6C G:9 B6<:CI6 <G::C N:AADL 7AJ:

ndjX]Vc\ZZ^i]ZgeVeZgdg^c`#
7A68@L=>I:I>E
Bdhi^c`_Zieg^ciZghd[[ZgVcdei^dc
iddcanjhZi]ZWaVX`^c`#I]^hXVc
bV`Z^iZVh^Zgid\ZicZjigVa
gZhjaih!WjidjgVYk^XZ^hidhi^X`
l^i]jh^c\i]ZXdadjg^c`hVhndj¼aa
\Zihbddi]Zg!]^\]ZggZhdaji^dc
gZhjaih[gdbbdhibdYZah#I]Z
ZmXZei^dcidi]^h^hi]ZYZY^XViZY
WaVX`l]^iZbdYZd[[ZgZYWn
hdbZ]^\]"ZcY^c`_Zieg^ciZgh#
)%qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
£
XdadjgXVhih^cY^[[ZgZcih]VYZh^c gZ[ZgZcXZX]Vgig^\]iVY_jhii]Z DCI=:EG>CI
i]Zeg^ci# hZii^c\h^cndjgeg^ciZgYg^kZgid
6hlZaaVhi]Z^bV\Z^ihZa[!^i¼h XdggZXii]ZXdadjgh!i]ZcgZeZVii]Z
Vahd]VcYnid^cXajYZV\gVnhXVaZid egdXZYjgZjci^andjVgZ]Veenl^i]
bV`Z^iZkZcZVh^ZgidhediVcn i]ZgZhjai#@ZZeVcdiZd[i]ZhZ
ediZci^VaegdWaZbh#I]^h^hV hZii^c\hl^i]i]ZeVeZgndj]VkZ
\gVYjViZYWadX`i]Vi^cXajYZhV jhZY_jhi^cXVhZ#NdjXVcVahdhVkZ
gVc\Zd[idcZh[gdbWaVX`idl]^iZ# i]ZhZii^c\h^ci]Zeg^ciZgYg^kZg!l^i]
GZbZbWZgidaZVkZhdbZheVXZid i]ZeVeZgineZVhi]ZÄaZcVbZ#I]^h 8DBE:CH6I>DC G:9J8: >C8G:6H: G:9J8: >C8G:6H: G:9J8: >C8G:6H:
lg^iZcdiZh!hjX]Vhi]ZYViZ!eVeZg bZVchndjXVcjhZi]ZhZhZii^c\h C::9:9 8N6C 8N6C B6<:CI6 B6<:CI6 N:AADL N:AADL
ineZVcY^c`hjhZYidbV`Z^iZVh^Zg V\V^ch^beanVcYZVh^anWnhZaZXi^c\
idgZ[ZgWVX`idl]ZcndjX]Vc\Z i]^hÄaZl]ZcndjegdYjXZVcdi]Zg
Vcnd[i]ZhZii^c\h# eg^cidci]^heVeZg# IjgcidÄcYdjiVWdjiXdciVXih]ZZihVcYndjgeg^ciZg¼hXdadjgXdcigdah###
£
q)&
Eg^ci^c\egZhZciVi^dc
=dlid\ZicZjigVa
WaVX`l]^iZeg^cih
‹Eg^ciZgYg^kZg
IdVY_jhii]ZXdadjgh
d[ndjgWaVX`l]^iZ
eg^cihndj¼aacZZYid
VXXZhhi]ZXdadjg
Xdcigdah^ci]Zeg^ciZg
Yg^kZgd[bdhi^c`_Zi
eg^ciZgh#Ndj¼aaÄcYi]^h
^ci]ZVYkVcXZYdei^dc
d[bdhieg^ciZgh!VcY^i
l^aaVaadlndjidÄcZ"
ijcZi]ZXdadjghndj
\Zi[gdbi]Zeg^ciZg#
L=6I>H68DCI68IH=::I4
>ci]ZigVY^i^dcVaYVg`gddb^i^h
XdbbdcegVXi^XZideg^ciV
cjbWZgd[cZ\Vi^kZhViVXijVa
h^oZWneaVX^c\i]ZbdcVh]ZZi
d[e]did\gVe]^XeVeZg#>i¼h
`cdlcVhVXdciVXih]ZZi
WZXVjhZi]ZÄab^hVXijVaan^c
XdciVXil^i]i]ZeVeZgl]Zc
ndjeg^ci^i#DcXZ^i^hegdXZhhZY
i]^hXdciVXih]ZZiVaadlhndjid
fj^X`ank^ZlVcYVhhZhhndjg
^bV\Zh!hVk^c\i]Z]VhhaZd[
]Vk^c\ideg^ciZVX]^cY^k^YjVa
[gVbZdggZan^c\dcndjgVW^a^in
idgZXd\c^hZV\gZVih]di[gdb
add`^c\Vii]ZgZkZghZY^bV\Z
dci]ZÄab^ihZa[#
NdjXVcegdYjXZVh^b^aVg
eg^cil^i]Y^\^iVa^bV\ZhWn
XdbW^c^c\hZkZgVai]jbWcV^a
^bV\ZhdcVh^c\aZ^bV\Z!i]Zc
)'qH]ddi^c\WaVX`l]^iZdcndjg9"HAG
eg^ci^c\i]Zbdcndjg^c`_Zi
eg^ciZg#>c:aZbZcih*\did
.QTM&8ZQV\5]T\QXTM8PW\W[id
ÄcYi]ZXdciVXieg^cidei^dc#>c
i]Zeg^ci^c\l^cYdlndjXVc
X]ddhZi]Z8dciVXiH]ZZi
dei^dc[gdbi]ZYgde"Ydlc
bZcjjcYZgi]ZHZaZXiIneZd[
Eg^ci]ZVY^c\!i]ZcXa^X`i]Z
6YYWjiidcid^cXajYZi]Z
^bV\ZhndjlVciideg^ci#
I]ZegdXZYjgZ[dgXgZVi^c\
XdciVXieg^cih^cE]didh]de8H^h
ha^\]ianY^[[ZgZci#<did
.QTM&)]\WUI\M&+WV\IK\;PMM\11
VcYX]ddhZi]Z^bV\Zhndj
lVciid^cXajYZ#>cE]didh]de
ndj¼aaÄcY^iZVh^ZgidadXViZi]Z
h]dihndjVgZV[iZg^[i]ZnVgZ^c
VheZX^ÄX[daYZg!Wji^c:aZbZcih
ndjXVcjhZi]ZDg\Vc^oZgid
\gdjendjg^bV\Zhid\Zi]Zg#
6[iZgXdggZXi^c\i]Z\gZZc
XdadjgXVhilZlZgZVWaZ
idegdYjXZi]^hcZjigVa
<G::C86HI eg^cid[i]ZNdg`h]^gZ9VaZh#
›EJII>C<>I>CIDEG68I>8:
6[iZgegdYjX^c\i]ZÄghieg^cil^i]cd
VY_jhibZcihlZ[djcYi]Vi^i]VYV\gZZcXVhi#Hd
lZVYYZY *dci]ZbV\ZciVha^YZg^ci]Zeg^ciZg
Yg^kZghZZWZadl
WZ[dgZlZegdYjXZYi]Z
cZmieg^ci#I]^hXdggZXiZY
i]ZXdadjgXVhiVcY\VkZ
jhVcZjigVaeg^ci#DcXZ
lZ¼YVX]^ZkZYVcZjigVa
eg^cilZlZciidi]Z
HVkZdei^dcd[i]Z
eg^ciZgYg^kZgg^\]iVcY
hVkZYi]ZhZhZii^c\h[dg
[jijgZjhZ#