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òŔȥ˖Ŕ č‘ ȍŔʠȥƃǠ Ŕʋ ʋǠơ ࠁ߿ࠁ߿ eơʋ ĭơȍȍ òǠȶˁ


¥ơˁ ʋȶ ʋǠơ č‘ ŔȥƎ zɭơȍŔȥƎ ˁǫʋǠ ŔȍɭơŔƎˊ êŔȢˏŔ ǫɽ ʋǠơ ȍŔʋơɽʋ ǫȥ ¡ơƎǫƃŔȍ ĭơȍȍȥơɽɽ þơƃǠȥȶȍȶnjˊࡲ
ȶʽơɭ ࠇ߿࡫߿߿߿ ʠȥǫʋɽ ƎơȍǫʽơɭơƎ ǫȥ ȟŔǫȥ࢚ zʋࢫɽ ɢŔʋơȥʋơƎ áࡲFࡲ¡ࡲbࡲ ơȥʽơȍȶɢơ ɽˊɽʋơȟ ƃȶȟŹǫȥơƎ
ˁǫʋǠ %ǫȶ࢚ɭơɽȶȥŔȥƃơ ǫɽ ʋǠơ ɭơɽʠȍʋ ȶlj ȟŔȥˊ ˊơŔɭɽ
ȍŔȥƎ Fʠɭȶɢơ࡫ -ŔȥŔƎŔ ŔȥƎ ʋǠơ čȥǫʋơƎ ȶlj ¡ʠȍʋǫ čȥǫʽơɭɽǫʋˊ èॷ7ࡲ zʋ ǫɽ ǠǫnjǠȍˊ ʽŔȍʠơƎ Źˊ
òʋŔʋơɽ࡫ ʋȶ qȶɽɢǫʋŔȍɽ࡫ òɢơƃǫŔȍǫɽʋ -ȍǫȥǫƃɽ ɢɭơʽơȥʋǫʽơ ǠơŔȍʋǠƃŔɭơ࡫ ǫȥǿʠɭˊ ŔȥƎ ǠơŔȍʋǠˊ ȍȶȥnjơʽǫʋˊ
ŔȥƎ qơŔȍʋǠ Ǝǫɽƃơɭȥǫȥnj áɭǫʽŔʋơ ¶ˁȥơɭɽࡲ ɽɢơƃǫŔȍǫɽʋ áɭŔƃʋǫʋǫȶȥơɭɽࡲ

-ȶȥʋɭȶȍȍơɭ %ǫȶɭơɽȶȥŔȥƃơ •Ŕɽơɭ qơȍȟǠȶȍʋ˖ ŔɢɢȍǫƃŔʋȶɭ

òŔȥ˖Ŕ ƃȶȟŹǫȥơɽ áF¡b ˁǫʋǠ %ǫȶɭơɽȶȥŔȥƃơ ŔȥƎ •Ŕɽơɭ࡫


ǫȥ Ŕ ȟʠȍʋǫljʠȥƃʋǫȶȥŔȍ ɽˊɽʋơȟ ʋǠŔʋ ˊȶʠ ƃŔȥ ơʽơȥ ʠɽơ
ǫȥ ˊȶʠɭ ljŔʽȶʠɭǫʋơ ŔɭȟƃǠŔǫɭࡲ

ࢧĬȲʙɧ ǝƟŔȊʄǝ ǨȢ ˃Ȳʙɧ ǝŔȢƌɷࢨ

č‘ 7ǫɽʋɭǫŹʠʋȶɭɽ

č‘ࡪ ऋࠃࠃ ࢎ߿࢏ ࠂࠃࠄ ࠅ߿ࠅࠀࠂ߿ࠀ


7ʠŹȍǫȥࡪ ߿߿ࠂࠄࠂ ࠀ ࠃࠆࠂࠆࠇࠇࠂ
-ơȍȍࡪ ऋࠃࠃ ࠆࠇ߿ࠀ ࠆࠄࠄࠆࠃࠃ


   
  
 



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ʋɭơŔʋ ʋǠơǫɭ ŹŔƃȇ ɢŔǫȥࡲ ĭǠơɭơ ʋȶ ˪ȥƎ ʋǠơ ɽŔljơɽʋ
ɽʠɢɢȍơȟơȥʋɽ ࢎŔȥƎ ˁǠˊ ǫʋ ȟŔʋʋơɭɽ࢏ࡲ ȥƎ ȟȶɽʋ
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ɽˊɽʋơȟࡲ ȥƎ ĭǠŔʋ 7ȶƃʋȶɭࢫɽ 7ȶȥࢫʋ þơȍȍ ĵȶʠ ˁǫȍȍ Źơ
ˁǫʋǠ ʋǠơȟ ơʽơɭˊ ɽʋơɢ ȶlj ʋǠơ ˁŔˊࡲ

ĭǫɽǠǫȥnj ĵȶʠ ʋǠơ %ơɽʋ ȶlj qơŔȍʋǠ


ʋǠǫɽ qȶȍǫƎŔˊ òơŔɽȶȥ࡮

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ƎʽơɭʋȶɭǫŔȍ ljơŔʋʠɭơ

       


     
 ȶȥơ࢚ɽʋȶɢ ࢎʽǫɭʋʠŔȍ࢏ ƎơɽʋǫȥŔʋǫȶȥ ȶljljơɭǫȥnj
ɢɭȶʽơȥ ŔȥƎ ơljljơƃʋǫʽơ ɽȶȍʠʋǫȶȥɽ ʋȶ Ŕ ɭŔȥnjơ
ȶlj ǠơŔȍʋǠ ƃȶȥƎǫʋǫȶȥɽ࡫ Ŕȍȍ ljɭȶȟ ʋǠơ ƃȶȟljȶɭʋ
ȶlj ˊȶʠɭ ȶˁȥ Ǡȶȟơ࡮

qơɭơࢫɽ ǿʠɽʋ Ŕ ɽŔȟɢȍǫȥnjࡪ 


  
        

          


  
    
    

7ơŹȶɭŔ ĭŔˊȥơ 7ɭࡲ -ǠɭǫɽʋȶɢǠơɭ -ơȥʋơȥȶ 7ɭࡲ òǠŔˁȥ þŔɽɽȶȥơ èȶɽơŔȥȥ -ŔɢŔȥȥŔ࢚qȶƎnjơ
 ɭơȥȶˁȥơƎ ƎǫɽʋŔȥʋ  ɭơnjơȥơɭŔʋǫʽơ ȟơƎǫƃǫȥơ þǠơ ¶%࢚eĵ¥ Ǝȶƃʋȶɭ ˁǠȶ -ȶȥȥơƃʋǫƃʠʋ Ǝȶƃʋȶɭ ˁǠȶ
ǠơŔȍơɭ ˁǠȶ ơȥƎɽ ɽɢơƃǫŔȍǫɽʋ ˁǠȶ ƎơʽơȍȶɢơƎ ƎơʽǫɽơƎ Ŕ Ǡȶȍǫɽʋǫƃ ʋɭơŔʋɽ ȟơȥʋŔȍ ŔȥƎ
ɢǠˊɽǫƃŔȍ ŔȥƎ ơȟȶʋǫȶȥŔȍ ʋǠơ ˪ɭɽʋ ŔȥƎ ȟȶɽʋ ɢɭȶnjɭŔȟ ʋȶ ɽŔǫȍ ʋǠɭȶʠnjǠ ŹơǠŔʽǫȶɭŔȍ ǫɽɽʠơɽ ǫȥ
ɢŔǫȥࡲ ɽʠƃƃơɽɽljʠȍ ɽʋơȟ࢚ƃơȍȍ ȟơȥȶɢŔʠɽơ ŔȥƎ ȟŔǫȥʋŔǫȥ ƃǠǫȍƎɭơȥ ŔȥƎ ljŔȟǫȍǫơɽ
ɽˊɽʋơȟ ʋȶ ǠơŔȍ Źȶȥơɽ࡫ Ǡȶɭȟȶȥơ ơɩʠǫȍǫŹɭǫʠȟࡲ ˁǫʋǠ ȥơʠɭȶljơơƎŹŔƃȇ ŔȥƎ
ǿȶǫȥʋɽ ŔȥƎ ɽȶljʋ ʋǫɽɽʠơࡲ Ŕ ɢȶʋɢȶʠɭɭǫ ȶlj
ŔɢɢɭȶŔƃǠơɽࡲ

¥ǫƃȇ ¶ɭʋȥơɭ %ɭǫŔȥ %ɭŔƎȍơˊ 7ơŹɭŔ ʋȇǫȥɽȶȥ ȶǠȥ eɭŔˊ


þǠơ ʋȶɢ ɢȶɢʠȍŔɭǫ˖ơɭ ȶlj òǠȶˁƃŔɽơɽ Fnjȶɽƃʠơ࡫ ʋǠơ čò ˪ʋȥơɽɽ njʠɭʠ ˁǠȶ þǠơ ˁȶɭȍƎˁǫƎơ
ࢪʋŔɢɢǫȥnjࢫ ࢎFȟȶʋǫȶȥŔȍ ơˉơɭƃǫɽơ ɢɭȶnjɭŔȟ ʋǠŔʋ Ǡơȍɢɽ ˁȶȟơȥ ȶʽơɭ ࠄ߿ Źơɽʋɽơȍȍǫȥnj ŔʠʋǠȶɭ
bɭơơƎȶȟ þơƃǠȥǫɩʠơ࢏ ơȥƎɽ ɢŔǫȥ࡫ ŔȥƎ ǠơŔȍɽ ŹŔȍŔȥƃơ Ǡȶɭȟȶȥơɽ ǠơŔȍơƎ Ǡǫɽ ȶˁȥ 7q7
Ǝơȟȶɽ Ǡȶˁ ʋȶ ơȥƎ ɢŔǫȥ ǿȶǫȥʋɽ ŔȥƎ ɽɢǫȥơ ǫȥǿʠɭǫơɽࡲ ʋǠɭȶʠnjǠ ơˉơɭƃǫɽơࡲ ࢎŔȥƎ ȶʋǠơɭɽࢫ࢏ ˁǫʋǠ ʋǠǫɽ
ǫȥ ˪ʽơ ȟǫȥʠʋơɽࡲ Ǡȶȍǫɽʋǫƃ ŔɢɢɭȶŔƃǠࡲ

7ɭࡲ òŔɭŔǠ ¡ˊǠǫȍȍ 7ɭࡲ ¡ǫʋƃǠơȍȍ ĵŔɽɽ ¡Ŕɭnjǫơ %ǫɽɽǫȥnjơɭ ‘Ŕɭơȥ þǠȶȟŔɽ
7ɭࡲ ¡ˊǠǫȍȍࢫɽ ɢȶˁơɭljʠȍ Ǝǫơʋ 7ȶƃʋȶɭ ȶlj ɢǠˊɽǫȶʋǠơɭŔɢˊ þǠơ ɢǠˊɽǫȶʋǠơɭŔɢǫɽʋ èơʽơɭɽơƎ Ǡơɭ ɽȶȥࢫɽ
ŔȥƎ ɽʠɢɢȍơȟơȥʋ ɽǠȶˁɽ ʋǠŔʋ ȟʠɽƃȍơ ƎơȟȶȥɽʋɭŔʋơɽ ʋǠơ Źơɽʋ Ŕʠʋǫɽȟ ˁǫʋǠ ʋǠǫɽ
ɢɭȶnjɭŔȟ ˁǫȍȍ ɽǠȶˁ ˊȶʠ ǫȟŹŔȍŔȥƃơɽ Ŕɭơ ŹơǠǫȥƎ ơˉơɭƃǫɽơɽ ʋȶ ǠơŔȍ ƃȶȟɢɭơǠơȥɽǫʽơ
Ǡȶˁ ʋȶ ɭơʽơɭɽơ ƎǫŔŹơʋơɽࡲ ȟȶɽʋ ŹŔƃȇ ɢŔǫȥ ŔȥƎ ȶɽʋơȶɢȶɭȶɽǫɽࡲ ŔȍʋơɭȥŔʋǫʽơ ʋɭơŔʋȟơȥʋࡲ
ɽƃǫŔʋǫƃŔ࡫ ŔȥƎ Ǡȶˁ ʋȶ
ɭơŹŔȍŔȥƃơ ʋǠơȟࡲ


-Ŕɭȶȍ ¡ƃ¡Ŕȇǫȥ ȥŔʋ %Ŕȥǫơȍ 7ɭࡲ ‘ɭǫɽʋŔ %ʠɭȥɽ
áȶˁơɭljʠȍ ơɩʠǫɢȟơȥʋ
ʠɽǫȥnj ljɭơɩʠơȥƃˊ࢚ɽɢơƃǫ˪ƃ
òǠȶˁɽ Ǡȶˁ ʋǠơ
¥ơʠɭȶȟȶʽơȟơȥʋॻ
áȶɽʋʠɭơ ɽɢơƃǫŔȍǫɽʋ
ɽǠȶˁɽ Ǡȶˁ ʋȶ

ȟǫƃɭȶƃʠɭɭơȥʋɽ Źˊ ʋǠǫɽ ʋơƃǠȥǫɩʠơ ǫɽ ɭơɽʋȶɭǫȥnj ȶʽơɭƃȶȟơ ࢪʋơƃǠ ȥơƃȇ࡫ࢫ
ȟơɭǫƃŔȥ ƃǠǫɭȶɢɭŔƃʋȶɭࡲ ȟȶʽơȟơȥʋ ǫȥ ƃǠǫȍƎɭơȥ ʋǠơ ɽȶʠɭƃơ ȶlj ȟȶɽʋ
ˁǫʋǠ ƃǠŔȍȍơȥnjơɽࡲ ŹŔƃȇ ŔȥƎ ȥơƃȇ ɢŔǫȥ
ʋȶƎŔˊࡲ

   

  
        
      
        
    

7ɭࡲ þȶȟ ¡ȶȶɭƃɭȶljʋ -Ǡʠȥˊǫ •ǫȥ ¡ŔɭǫɽŔ áơơɭ 7ɭࡲ þơɭɭˊ ĭŔǠȍɽ
þǠơ ȟơƎǫƃŔȍ Ǝơʋơƃʋǫʽơ þǠơ čòࢫɽ ljȶɭơȟȶɽʋ qơɭ èŔɢǫƎ ljʋơɭ ƃʠɭǫȥnj Ǡơɭɽơȍlj ȶlj
ŔȥƎ ǫȥljơƃʋǫȶȥ ơˉɢơɭʋ ɩǫnjȶȥnj ȟŔɽʋơɭ ƃʠɭơƎ Ǡǫɽ þɭŔȥɽljȶɭȟŔʋǫȶȥ ¡ò࡫ 7ɭࡲ ĭŔǠȍɽ ɽǠŔɭơɽ Ǡơɭ
ƎơɽƃɭǫŹơɽ Ǡǫɽ ɽʠƃƃơɽɽljʠȍ ȶˁȥ ŔɭʋǠɭǫʋǫɽ ˁǫʋǠ ɩǫnjȶȥnj þǠơɭŔɢˊॻ ࢎèþþ࢏࡫ Ŕ ǠˊŹɭǫƎ ǫȥʋơnjɭŔʋǫʽơ ɢɭȶnjɭŔȟ ljȶɭ
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ȶʽơɭƃȶȟơ ơʽơȥ ljȶɭȟɽ ȶlj ȟơȥʋŔȍ
ȍǫljơ࢚ʋǠɭơŔʋơȥǫȥnj ǫȍȍȥơɽɽơɽ࡫ ljɭȶȟ Ŕȥˉǫơʋˊ
ƎǫɽơŔɽơɽࡲ ʋȶ ɢǠȶŹǫŔɽࡲ

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ʋɭơŔʋ -ȶʽǫƎ࢚ࠀࠈࡲ ɭŔƎǫȶʋǠơɭŔɢˊ ȶɭ ɽʠɭnjơɭˊࡲ Ŕ ʠȥǫɩʠơ ɢɭȶnjɭŔȟ Ǡơ
ƎơʽơȍȶɢơƎ ƃŔȍȍơƎ
ࢪþǫȟơ࢚•ǫnjǠʋࢫࡲ

ơɭơȟˊ òǠơɭɭ -ˊȥʋǠǫŔ þǠʠɭȍȶˁ ȥǫʋŔ òŔȍʋȟŔɭƃǠơ 7ɭࡲ %ơƃȇˊ -ŔȟɢŹơȍȍ


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ƎơɽƃɭǫŹơɽ ƃŔɽơ ɽʋʠƎǫơɽ ȟŔȥˊ ƎơnjơȥơɭŔʋǫʽơ ȍ˖Ǡơǫȟơɭࢫɽ ƎǫɽơŔɽơ ˁǫʋǠ ǠơŔȍǫȥnj Ǡơɭ ȶˁȥ
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ʠɽơƎ ǠȶȟơȶɢŔʋǠˊ ʋȶ
˪njǠʋ -ȶʽǫƎ࢚ࠀࠈࡲ

7ɭࡲ èȶŹơɭʋ Īơɭȇơɭȇ ¡Ŕɽ òŔǿŔƎˊ


ȍȍǫŔȥƃơ ljȶɭ ¥ŔʋʠɭŔȍ ĭȶɭȍƎ ƃȍŔɽɽ ơȥơɭnjˊ  
qơŔȍʋǠࢫɽ ljȶʠȥƎơɭ ŔȥƎ
ȥʠʋɭǫʋǫȶȥŔȍ ŔȥƎ
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ǠơŔȍơɭ ŔȥƎ
ࢪɭơɢɭȶnjɭŔȟȟơɭࢫࡲ

ȶljljơɭɽ ˁŔˊɽ ʋȶ ƃɭơŔʋơ
ǫȟȟʠȥơ ɭơɽǫȍǫơȥƃơࡲ

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ŔȥƎ ɢɭŔƃʋǫʋǫȶȥơɭɽ
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ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ŽŶĞ͛Ɛ ǁĞůůŶĞƐƐ͘ Ă ĨĞǁ ŵŝŶƵƚĞƐ͘
/ ŚĂǀĞ ĂůƐŽ ŚĂĚ ƐŽƌĞŶĞƐƐ ŝŶ ŵLJ ĮŶŐĞƌƐ͕ ǁŚŝĐŚ / ǁĂƐ ĂĨƌĂŝĚ
͞ƚ ϳϵ LJĞĂƌƐ ŽĨ ĂŐĞ͕ ŽŶĞ ĞdžƉĞƌŝĞŶĐĞƐ ǀĂƌŝĞĚ ĚŝƐĐŽŵĨŽƌƚƐ͕ ǁŽƵůĚ ƐƚŽƉ ŵĞ ƉƌĂĐƟĐŝŶŐ ;/ Ăŵ Ă ĐŚŝƌŽƉƌĂĐƚŽƌͿ͘ dŚĞLJ ĂƌĞ ŵƵĐŚ
ƐŽŵĞ ƐŵĂůů͕ ƐŽŵĞ ŵĂũŽƌ ʹ ďƵƚ / ŚĂĚ ŶŽ ŝĚĞĂ ŚŽǁ ƚŚĞ WŽůĂƌŝĚ ƌĞůŝĞǀĞĚ ĂŶĚ ĐůŽƐĞ ƚŽ ŶŽƌŵĂů ʹ ŶŽƚ ĚŽŶĞ LJĞƚ ĞŝƚŚĞƌ͘
ĚŝƐĐ ǁŽƵůĚ ĂůůĞǀŝĂƚĞ Ăůů ŽĨ ƚŚĞŵ ʹ ŵĂŶLJ ĂŌĞƌ ŽŶĞ ĂƉƉůŝĐĂƟŽŶ͕ dŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ŶŽƟĐĞĂďůĞ ŝŵƉƌŽǀĞŵĞŶƚ ŝŶ ŵLJ ĞŶĞƌŐLJ
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^ƉŝŶĂů ƉƌŽďůĞŵƐ ƌĞƐƉŽŶĚ ƉĂƌƟĐƵůĂƌůLJ ǁĞůů ʹ ĂůƐŽ ƉĞƌŝƉŚĞƌĂů / ŶŽǁ ƐůĞĞƉ ďĞƩĞƌ͘ dŚĞ WŽůĂƌŝĚ ĚŝƐĐƐ ĂƌĞ t>> ǁŽƌƚŚ ƚŚĞ
ũŽŝŶƚ ŝƌƌĞŐƵůĂƌŝƟĞƐ ǁŚŝĐŚ ŵĂLJ ďĞ ƟĞĚ ŝŶ ǁŝƚŚ ƐƉŝŶĂů ƉƌŽďůĞŵƐ͘ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ŽŶĞ͛Ɛ ǁĞůůŶĞƐƐ͘ dŚĂŶŬ LJŽƵ͊͟
dŚĞƌĞ ŚĂƐ ďĞĞŶ ĐƌĂŵƉŝŶŐ ŝŶ ŵLJ ůĞŌ ĨŽŽƚ ŵĞƚĂƚĂƌƐĂůƐ ĨŽƌ Z '͘^͘ ;&ĞƌŐƵƐ͕ KŶƚĂƌŝŽͿ

͞KŶ ďŝŽƌĞƐŽŶĂŶĐĞ ĚĞǀŝĐĞƐ͕ LJŽƵ ǁŝůů ďĞ ƉƌŽƚĞĐƚĞĚ ĨƌŽŵ


ǁĞ ĞdžĂŵŝŶĞĚ ƚŚĞ ĞīĞĐƚ ŽĨ ƚŚĞ ĞdžƚĞƌŶĂů ŚĂƌŵĨƵů ĞīĞĐƚƐ͘
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Ăƚ ƚŚĞ ƉŚLJƐŝĐĂů ůĞǀĞů tĞĂŬ͕ ^ƚƌŽŶŐ͕
ĂůƐŽ ƌĞƐƵůƚƐ ŝŶ ŐŽŽĚ ŚĞĂůƚŚ͘ ƵŶŚĞĂůƚŚLJ ĂƵƌĂ ŚĞĂůƚŚLJ ĂƵƌĂ ŝŶ ƉůĂĐĞ͕ WŽůĂƌŝĚΠ
ĞůĞǀĂƚĞƐ LJŽƵƌ ĂƵƌĂ ƚŽ Ă ƌĞĂů
tŚĞŶ LJŽƵƌ ĞůĞĐƚƌŽŵĂŐŶĞƟĐ ƉƌŽƚĞĐƟǀĞ ƐŚŝĞůĚ͊͟ ƌ͘ dŽŵŝĐ
ƐŚĞůů ŝƐ ǁĞůů ƐƵƉƉŽƌƚĞĚ͕

Đƚ EŽǁ͊ 'Ğƚ ƚŚĞ WŽůĂƌŝĚ ĨĂŵŝůLJ ƉĂĐŬ ĂǀĂŝůĂďůĞ Ăƚ ϮϬй ĚŝƐĐŽƵŶƚ͊ KƵƌ ϱнϭ ŽīĞƌ ŝƐ ŶŽǁ ϰнϮ ĨŽƌ Ă ůŝŵŝƚĞĚ ƟŵĞ͊

WŽůĂƌŝĚ ŝƐ ĂŶ ĞĸĐŝĞŶƚ ͚ĂŶƚĞŶŶĂ͛ ĂĚĂƉƚĞĚ ďLJ ƌ͘ ŝŶŽ 9CVEJ QWT XKFGQ CPF VQ QTFGT
dŽŵŝĐ͕ Ă ŵĞĚŝĐĂů ĚŽĐƚŽƌ ƐƉĞĐŝĂůŝnjŝŶŐ ŝŶ ŐLJŶĞĐŽůŽŐLJ ĂŶĚ YYYRQNCTCKFJGCNVJEQO
ŽďƐƚĞƚƌŝĐƐ͘ &Žƌ ŽǀĞƌ ϮϬ LJĞĂƌƐ͕ ŚĞ ŚĂƐ ĚĞǀŽƚĞĚ ŚŝŵƐĞůĨ
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