You are on page 1of 6

)5F9CD1 $Q4931 45 <1 ,* +?

BBT>D57E9-9J31BB1 )

,> @B?7B1=1 45 9>D5BF5>39T> 5> =E:5B5C FR3D9=1C 45 F9?<5>391 9>DB161=9<91B


)?C1<21 +?BBT>D57E9-9J31BB1  $1BR1 45< ) <?B5C%1F9414 5<9@5 '5B1J11B1I
EB?B1 45<  ?BB57?,BB51
 ?>C5:? CD1D1< @1B1 <1 'B5F5>39T> I D5>39T> 45 <1 -9?<5>391 !>DB161=9<91B E<913P> $QH93?
 ,>9F5BC9414 EDT>?=1 45 *9>1<?1 E<913P> $QH93?
)539294? "E<9?  135@D14?  &3DE2B5

')#
F1<E1B E>1 @B?@E5CD1 45 9>D5BF5>39T> D5B1@QED931 3?> 5>6?AE5 45 <1 'C93?D5B1@91 !>D57B14?B1 E=1>9CD1 '! 
5> =E:5B5C -R3D9=1C 45 F9?<5>391 9>DB161=9<91B -! >1<9J1B <1 !>D5<975>391 =?39?>1< 5> FR3D9=1C 45 -! 3?=? E>
135B31=95>D? @1B1 6E>41=5>D1B <1 9>D5BF5>39T> D5B1@QED931 3?> 5>6?AE5 8E=1>RCD93? 21C14? 5> 5< =5:?B1=95>D? 45 <1C
8129<94145C 5=?39?>1<5C 45 <1C =E:5B5C AE5 81> CE6B94? 17B5C9T> '% + !'##&
*5 B51<9JT E> 5CDE49? @B?C@53D9F?
3?=@1B1D9F? 5> E>1 =E5CDB1 1<51D?B91 45 =E:5B5C FR3D9=1C 45 -! AE5 13E495B?> 1< ?>C5:? CD1D1< @1B1 <1 'B5F5>39T>
I D5>39T> 45 <1 -9?<5>391 !>DB161=9<91B '-! 5> *9>1<?1 $QH93? *5 ED9<9J1B?> <?C 9>CDBE=5>D?C 45 5@B5C9T> 45
0E>7 >C95414 45 53; 5 !>D5<975>391 =?39?>1< +$$*  *5 ED9<9J1B?> @BE521C 893E14B141 I <1 @BE521 45 .9<3?H?>
I C5 5CD9=T 5< 3?5K395>D5 45 3?BB5<139T> 45 *@51B=1> #?C @B?3549=95>D?C 5CD14RCD93?C C5 B51<9J1B?> 5> *'** F  ,>
@F1<?B =5>?B 1  C5 3?>C945BT 5CD14RCD931=5>D5 C97>9K31D9F? &( '#&
%? C5 ?2C5BF1B?> 31=29?C C97>9K31D9F?C 5>
'5B35@39T> @   >9 ?=@B5>C9T> @  I <1 )57E<139T> C5 9>3B5=5>DT C97>9K31D9F1=5>D5 @  9C=9>EI5B?>
C97>9K31D9F1=5>D5 <?C >9F5<5C 45 >C95414 @  I 5@B5C9T> @  < U>93? 613D?B 45 !>D5<975>391 5=?39?>1< 1C?3914?
C97>9K31D9F1=5>D5 3?> >C95414 I 5@B5C9T> 6E5 )57E<139T> 3?> @ #" (&."
#1 @B?@E5CD1 45 9>D5BF5>39T>
D5B1@QED931 8E=1>RCD931 9>D57B14?B1 '!  @1B1 1D5>45B 1 =E:5B5C FR3D9=1C 45 -! @B5C5>D141 5> 5CD1 9>F5CD97139T> <1
3E1< C5 6E>41=5>D1 5> <1 9>D57B139T> =5D?4?<T7931 <1C 5CDB1D5791C 5H@5B95>391<5C <1 @5BC@53D9F1 C9CDQ=931 8?<RCD931 I <1
K<?C?6R1 5H9CD5>391< 5C 5653D9F1 I1 AE5 @5B=9D9T B54E39B <?C >9F5<5C 45 1>C95414 I 45@B5C9T> 1< DQB=9>? 45< DB1D1=95>D?
 %&  )
-9?<5>391 9>DB161=9<91B !>D5BF5>39T> 5@B5C9T> >C95414 !>D5<975>391 5=?39?>1<

')
+? 5F1<E1D5 1 @B?@?C54 D85B1@5ED93 9>D5BF5>D9?> G9D8 1 6?3EC ?> !>D57B1D9F5 E=1>9CD93 'CI38?D85B1@I 9>
G?=5> F93D9=C ?6 4?=5CD93 F9?<5>35 >1<IJ5 D85 5=?D9?>1< 9>D5<<975>35 ?6 4?=5CD93 F9?<5>35 F93D9=C 1C 1> 1@B?H9=1D9?>
D? CE@@?BD 1 D85B1@5ED93 9>D5BF5>D9?> G9D8 1> 8E=1>9CD93 1@@B?138 21C54 ?> 9=@B?F9>7 D859B 5=?D9?>1< C;9<<C '%
" !'#&
.5 @5B6?B=54 1 @B?C@53D9F5 3?=@1B1D9F5 3?8?BD 1 B1>4?= C1=@<5 ?6 65=1<5 F93D9=C ?6 4?=5CD93 F9?<5>35
1DD5>49>7 D85 *D1D5 ?E>39< 6?B D85 'B5F5>D9?> 1>4 ?=5CD93 -9?<5>35 9> *9>1<?1 $5H93? !>CDBE=5>DC G5B5 EC54 0E>7
5@B5CC9?> 53; >H95DI 1>4 =?D9?>1< !>D5<<975>35 +$$*  .5 EC54 89CAE1B5 D5CD 1>4 .9<3?H?> D5CD 1>4 5CD9=1D54
D85 *@51B=1> 3?BB5<1D9?> 3?5N395>D +85 CD1D9CD931< @B?354EB5C G5B5 @5B6?B=54 9> *'** F   @F1<E5 <5CC D81> 
G1C 3?>C945B54 CD1D9CD931<<I C97>9K31>D &( '&
+85B5 G5B5 >? C97>9K31>D 381>75C 9> '5B35@D9?> @    ?B 9>
?=@B585>C9?> @   1>4 )57E<1D9?> 9>3B51C54 C97>9K31>D<I @   *97>9K31>D<I 453B51C54 <5F5<C ?6 >H95DI
@   1>4 5@B5CC9?> @   +85 ?><I =?D9?>1< 9>D5<<975>35 613D?B C97>9K31>D<I 1CC?391D54 G9D8 >H95DI 1>4
5@B5CC9?> G1C )57E<1D9?> G9D8 @  #" (&#"&
+85 @B?@?C54 9>D57B1D9F5 8E=1>9CD93 D85B1@5ED93 9>D5BF5>D9?>
D? DB51D9>7 65=1<5 F93D9=C ?6 4?=5CD93 F9?<5>35 @B5C5>D54 9> D89C B5C51B38 G8938 9C 21C54 ?> D85 9>D57B1D9?> =5D8?4?<?7I
CDB1D5795C 5H@5B95>D91< 8?<9CD93 1>4 CICD5=93 @5BC@53D9F5 ?6 5H9CD5>D91< @89<?C?@8I 9C 5O53D9F5 2531EC5 9D 1<<?G54 B54E35
<5F5<C ?6 1>H95DI 1>4 45@B5CC9?> 1D D85 5>4 ?6 DB51D=5>D
+ *#%&
?=5CD93 F9?<5>35 !>D5BF5>D9?> 5@B5CC9?> >H95DI =?D9?>1< !>D5<<975>35

 "'%#(."

% #&  #%%#"'( ,%% 'C93?D5B1@5ED1 5> 5< #1 F9?<5>391 5C E> @B?2<5=1 45 C1<E4 @U2<931 45
PB51 45 1D5>39T> 1 FR3D9=1C 45 F9?<5>391 9>DB161=9<91B (ER=93? 1<31>35 =E>491< > 5< 31C? 45 <1C =E:5B5C <1 F9?
PB=13?9T<?7? $15CDBR1 5> 'C93?D5B1@91 5CD1<D 31>4941D1
1 ?3D?B1 5> 'C93?D5B1@91C H9CD5>391<5C "E29<141 45 <1 ,* <5>391 45 @1B5:1 81 3?2B14? E>1 9=@?BD1>391 5C@5391<
#%%&$#""
B1F? %?  CEB 1<3?>5C 45< %E5F? D1>D? @?B CE 6B53E5>391 3?=? @?B <1 31B71 45 5>65B
E<913P>  '    E<913P> *9>1<?1 $QH93? =5414 AE5 @B?F?31 5 13E5B4? 1 <1 %?B=1 &K391<
?BB5?5 B?C1<21D?BB?>D57E98?D=19< 3?=

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5


+?BBT>D57E9-9J31BB1 ) -9?<5>391 9>DB161=9<91B

$5H931>1 %&$  **   @1B1 <1 @B5CD139T> 45 CD1D1< @1B1 <1 'B5F5>39T> I D5>39T> 45 <1 -9?<5>
*5BF939?C 45 *1<E4 B9D5B9?C @1B1 <1 1D5>39T> =Q4931 391 !>DB161=9<91B '-! 5< 3E1< 5C @?B =1>41D?
45 <1 F9?<5>391 61=9<91B 45K>5 3?=? F9?<5>391 61=9<91B 45 <5I L5< TB71>? B5C@?>C12<5 45< 1@?I? >?B=1D9F?
L1< 13D? E ?=9C9T> U>93? ? B5@5D9D9F? 3?=5D94? @?B E> 3?>CE<D1 5F1<E139T> I 3??B49>139T> 45 <1C D1B51C I
=95=2B? 45 <1 61=9<91 5> B5<139T> 1< @?45B 5> 6E> 1339?>5C AE5 B51<935> <?C ?B71>9C=?C 613E<D14?C C?2B5
39T> 45< C5H? <1 5414 ? <1 3?>4939T> 6RC931 5> 3?>DB1 <1 -! 5> 5< CD14? 45 *9>1<?1M #?C C5BF939?C AE5
45 ?DB? E ?DB?C 9>D57B1>D5C 45 <1 =9C=1 C9> 9=@?BD1B <1 9>CD9DE39T> @B5CD1 1 <1C FR3D9=1C 45 -! C?> 1@?I?
5< 5C@139? 6RC93? 4?>45 ?3EBB1 5< =1<DB1D? @C93?<T793? @C93?<T793? 1C5C?BR1 I 13?=@1S1=95>D? <571< 1CR 3?=?
C5HE1< 6RC93? ? 121>4?>?M CR =9C=? 5CD12<535 AE5 <1 1D5>39T> 9>9>D5BBE=@941 <1C  8?B1C 45< 4R1 45
<1 F9?<5>391 3?>DB1 <1C =E:5B5C 5C 3?>C53E5>391 45< ?B <1 <R>51 45 5=5B75>391  < ?2:5D9F? D5B1@QED93?
45> 45 7Q>5B? AE5 C5 9>CD1EB1 5> <1 C?395414 5< 3E1< AE5 C5 @5BC97E5 5C @?>5B K> 1< =1<DB1D? I <?7B1B <1
45D5B=9>1 E>1 :5B1BAER1 I @?45B 49CD9>D?C @1B1 1=2?C CE@5BF9F5>391 45 <1C FR3D9=1C 45 F9?<5>391 <925B1B <1C
C5H?C 5 13E5B4? 1 5CD5 ?B45> <1C =E:5B5C C5 5>3E5> 31@1394145C ?@B9=941C 45 <1C =E:5B5C =1<DB1D141C 45
DB1> 5> E>1 @?C939T> CE2?B49>141 1>D5 <?C 8?=2B5C C1BB?<<1>4? 45C45 5< 1@?I? @C93?<T793? <1 1BD93E<139T>
C95>4? <1 F9?<5>391 E>1 =1>965CD139T> 45 5CD5 @?45B 1295BD1 I =1>9K5CD1 45 CEC >535C94145C I 45B538?C
5 13E5B4? 3?> 5< !>6?B=5 $E>491< C?2B5 <1 -9? "'%)"." '%$-('
<5>391 I <1 *1<E4 45 <1 &B71>9J139T> $E>491< 45 <1 ,>1 45 <1C 31B13D5BRCD931C C9>7E<1B5C 45< =1<DB1D?
*1<E4 1 @1BD9B 45  5>3E5CD1C B51<9J141C 5> 49F5BC?C 4?=QCD93? 5C @?B E> <14? 5< 3?=95>J? D5=@B1>? 5>
@1RC5C C5 5>3?>DBT AE5 5>DB5 I  45 <1C =E <1 89CD?B91 45 <1 B5<139T> I @?B ?DB? <14? <1 3B?>939
:5B5C 5>3E5CD141C =5>39?>1B?> 8125B C94? 17B54941C 414 CD? 3?><<5F1 1 AE5 C5 @B5C5>D5> B57E<1B=5>D5
6RC931=5>D5 @?B CE @1B5:1 5> 1<7U> =?=5>D? 45 CEC 5> <1 FR3D9=1C 45 -! 1<7E>1C F1B912<5C @C93?<T7931C
F941C #1 >3E5CD1 %139?>1< 45 -9?<5>391 3?>DB1 <1C 3?=? C?> =9>9=9J139T> 45< @B?2<5=1 3?=? B5CE<D14?
$E:5B5C 5> $QH93?  >?C 4935 AE5 5<  5C 4539B 45 E>1 395BD1 8129DE139T> 1 <1 C9DE139T> 45 D5>C9T>
E>1 45 3141 39>3? =E:5B5C @14539T 1<7E>1 17B5C9T> 5< =954? <1 9>4565>C9T> 75>5B141 <1 B5C9CD5>391 1 B5
45 CE @1B5:1 5> <?C =5C5C @B5F9?C 1 <1 5>DB5F9CD1 3?>?35B 5< 6B131C? 45 <1 B5<139T> 5< D5=?B 1< 6EDEB? 5>
*57U> 41D?C 45< !%!   =E5CDB1> AE5 <1 F9?<5> C?<5414 5D3  #1C 1<D5B139?>5C @C93?@1D?<T7931C 1C?
391 61=9<91B ?3E@1 5< D5B35B <E71B 5> @QB4941 45 1S?C 39141C 5CDP> 295> 4?3E=5>D141C ?2C5BFP>4?C5 AE5 <1
45 F941 C1<E412<5 5> <1 39E414 45 $QH93? 45C@EQC 45 45@B5C9T> <1 1>C95414 I 5< DB1CD?B>? @?B 5CDBQC @?C
<?C @B?2<5=1C 45 @1BD? I 49125D5C C95>4? 5CD1 U<D9=1 DB1E=PD93? C?> <1C 1<D5B139?>5C =PC 6B53E5>D5C 5> <1C
<1 AE5 ?3E@1 5< @B9=5B <E71B =E:5B5C FR3D9=1C 45 =1<DB1D? 6RC93? I
? @C93?<T793? 
> *9>1<?1 45 13E5B4? 1 <1 9>6?B=139T> @B?@?B < DB1D1=95>D? 3?7>9D9F? 3?>4E3DE1< + 5C
39?>141 @?B <1 >3E5CD1 %139?>1< C?2B5 <1 9>P=931 13DE1<=5>D5 I 1 61<D1 45 9>F5CD97139?>5C B97EB?C1C
45 <1C )5<139?>5C 5> <?C ?71B5C %!)    AE5 <? 3?=@1B5> 3?> ?DB?C DB1D1=95>D?C @C93?D5
45 3141 =E:5B5C 45  1S?C I =PC 81> @145394? B1@QED93?C 5< DB1D1=95>D? 45 @B9=5B1 5<5339T> 5> <?C
1<7U> 9>3945>D5 45 F9?<5>391 I1 C51 5> CE B5<139T> 45 DB1CD?B>?C 45 1>C95414 
#1C 5CDB1D5791C D5B1@QED931C
@1B5:1 ? 5> <?C 5C@139?C 3?=E>9D1B9? <12?B1< 61=9<91B =PC 6B53E5>D5C C?> @C9 3?54E3139T> B5<1:139T> 5>DB5
? 5C3?<1B #1 F9?<5>391 =PC 6B53E5>D5 5C <1 5:5B3941 @?B >1=95>D? 5> B5C@9B139T> 4916B17=PD931 B53?>CDBE339T>
5< 13DE1< ? U<D9=? 5C@?C? ? 3?=@1S5B? 453<1B141 @?B 3?7>9D9F1 35>DB141 5> <1C 9>D5B@B5D139?>5C 31D1CDBT
5<   45 <1C =E:5B5C 45  1S?C I =PC 5 3141 K31C 5H@?C939T> 5>DB5>1=95>D? 5> 1C5BD9F9414 DQ3
=E:5B5C  81> @145394? F9?<5>391 5=?39?>1< =5>?C >931C 45 B5C?<E39T> 45 @B?2<5=1C I 45C1BB?<<? 45 5C
@B539?C 1=5>1J1C @B?892939?>5C <1C 97>?B1> 5D3  DB1D5791C 45 16B?>D1=95>D? 1>D5 <1 14F5BC9414 3?=?
F9?<5>391 53?>T=931 <5C >9571> ? 3?>4939?>1> 5< 71CD? DB1D1=95>D?C 9>45@5>495>D5C ? 3?=29>14?C 
<5C @B?8R25> DB121:1B <5C AE9D1> CE 49>5B? ? 295>5C 5 13E5B4? 1 <1C 9>F5CD97139?>5C @B5C5>D141C @?B
5D3   F9?<5>391 6RC931 5=@E:?>5C @1D141C 7?<@5C B55>25B)935 I <<9?D 5CD1 @C93?@1D?<?7R1 @E545
17B5C9?>5C 3?> 1B=1C 5D3  I  F9?<5>391 C5HE1< <1C 5H@<931BC5 45C45 5< 5>6?AE5 45 <1 !>D5<975>391 =?
?2<971> 1 D5>5B B5<139?>5C C5HE1<5C ? 1 B51<9J1B 13D?C 39?>1< !  3?=? E>1 49C6E>39T> 5=?39?>1< AE5
5> 3?>DB1 45 CE F?<E>D14 5D3  @E545 C5B 452941 295> 1 E> 1@B5>49J1:5 5=?39?>1<
< 45 :E<9? 45  C5 3B51 5> *9>1<?1 5< ?>C5:? 49CD?BC9?>14? ? 295> @?B E>1 5H@5B95>391 5=?39?>1<

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5


)5F9CD1 $Q4931 45 <1 ,* +?BBT>D57E9-9J31BB1 )

DB1E=PD931 '1B1 *1<?F5I I $1I5B E>1 @5BC?>1   #?C F1B912<5C 31D57TB931C C5 =E5CDB1> 5> 6B5
5=?39?>1<=5>D5 9>D5<975>D5 5C 1AE5<<1 AE5 @?C55 <1 31 3E5>391C I @?B35>D1:5C I <1C >E=QB931C 5> =5491C 
@139414 45 B53?>?35B <1C @B?@91C 5=?39?>5C I C125B 45CF9139T> 5CDP>41B '1B1 3?=@1B1B <?C B5CE<D14?C
=1>5:1B<1C ED9<9J1B 5< @?D5>391< 5H9CD5>D5 C125B @? 1>D5C I 45C@EQC 45 <1 9>D5BF5>39T> C5 ED9<9J1B?> @BE5
>5BC5 5> 5< <E71B 45 <?C 45=PC 1CR 3?=? 3B51B B5<139?>5C 21C 893E14B141 I <1 @BE521 45 .9<3?H?> #?C @B?
C?391<5C < CE@E5CD? 2PC93? 5C AE5 <1 @5BC?>1 >535C9D1 3549=95>D?C 5CD14RCD93?C C5 B51<9J1B?> 5> *'** F 
1D5>45B I 3?=@B5>45B CE 5H@5B95>391 5=?39?>1< 45 ,> @F1<?B =5>?B 1  C5 3?>C945BT 5CD14RCD931=5>D5
E> =?4? 3?>C395>D5 @1B1 @?45B 9>D57B1B<1 5> F9CD1 1 C97>9K31D9F?
C?<E39?>1B @B?2<5=1C I ?B95>D1BC5 141@D1D9F1=5>D5 1<
=E>4?
 &( '#&
> <1 @B5C5>D5 9>F5CD97139T> C5 81 @E5CD? 1 @BE521
E> @B?7B1=1 D5B1@QED93? 8?<RCD93? AE5 B5D?=1 5< #1 =E5CDB1 3?>C9CD9T 5>  =E:5B5C FR3D9=1C 45 -!
$?45<? !>D57B14? 45 D5>39T> 45 '-! *9>1<?1 3?> 5414 @B?=549? 45   1S?C 5> E> B1>7? 45
5< 3E1< D95>5 CEC 21C5C 5> <1 9>D5BF5>39T> 5> 3B9C9C I <?C 1 <?C  1S?C #1 =1I?BR1 45 <1C FR3D9=1C
@B?@?>5 3?=? =?45<? 45 9>D5BF5>39T> D5B1@QED931 <1 1C141C   5> =1C91D?     ?>3E
6E>41=5>D139T> I @B9>39@9?C 2PC93?C 45 <1 + #1 29>1D?    *?<D5B1   I   F9E41
9>>?F139T> 3?>C9CD5 5> 9>3?B@?B1B <1 6E>41=5>D139T> $14B5C 45 61=9<91 5<    ?> ?3E@139?>5C 5>
D5TB931 @BP3D931 45 <1 'C93?D5B1@91 !>D57B14?B1 E 5< ?71B    I 5< B5CD? 3?> DB121:? B5=E>5B
=1>9CD1 '!  81395>4? Q>61C9C 5> <1 F9>3E<139T> 14? ,> D?D1< 45    >? =1>965CD1B?> @B?2<5
5>DB5 F9?<5>391 I 7Q>5B? 1CR 3?=? 5< 12?B41:5 45 49F5B =1C 45 C1<E4    3?> 1<D5B139T> 45 <1 @B5C9T>
C?C 5>6?AE5C D5TB93?C D1<5C 3?=? <1C D5?BR1C 45< 393<?    3?> 1<D5B139T> 45< C9CD5=1 >5BF9?C? E14B?
45 <1 F9?<5>391 @B9>39@9?C I DQ3>931C 45 <1 @C93?D5
B1@91 7E5CD1<D I 5H9CD5>391< 1CR 3?=? 5< 3?>CDBE3D? (%#  1B13D5BRCD931C C?39?45=?7BPK31C 45
D5TB93? 45 !>D5<975>391 =?39?>1<
5>DB5 ?DB1C <1C FR3D9=1C 45 -!

 ')#&

CD1 9>F5CD97139T> @5BC97E5 4?C ?2:5D9F?C 6E>41


=5>D1<5C
 F1<E1B 3?> 21D5BR1 45 D5CD @B5D5CD@?CD5CD E>1
@B?@E5CD1 45 9>D5BF5>39T> D5B1@QED931 3?> 5>6?AE5 45
<1 '! 5> =E:5B5C FR3D9=1C 45 -!
 ?>?35B <1C F1B912<5C 45 !>D5<975>391 =?39?>1<
 @5B35@39T> 3?=@B5>C9T> I B57E<139T> 5> FR3D9=1C
45 -! 3?=? E> 135B31=95>D? @1B1 6E>41=5>D1B
<1 9>D5BF5>39T> D5B1@QED931 3?> 5>6?AE5 8E=1>RCD93?
21C14? 5> 5< =5:?B1=95>D? 45 <1C 8129<94145C 5=?
39?>1<5C 45 <1C =E:5B5C AE5 81> CE6B94? 17B5C9T>

 '% + -'##&

*5 B51<9JT E> 5CDE49? 1<51D?B9? @B?C@53D9F? 3?=


@1B1D9F? 5> E>1 3?8?BD5 45 =E:5B5C FR3D9=1C 45 -!
AE5 13E495B?> 1< ?>C5:? CD1D1< @1B1 <1 'B5F5>39T>
I D5>39T> 45 <1 -9?<5>391 !>DB161=9<91B 5> *9>1<?1
$QH93? 4EB1>D5 "E<9? 1 %?F95=2B5 45  *5 ED9
<9J1B?> <?C 9>CDBE=5>D?C 45 45@B5C9T> 45 0E>7  1>
C95414 45 53; 5 !>D5<975>391 =?39?>1< +$$*

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5


+?BBT>D57E9-9J31BB1 ) -9?<5>391 9>DB161=9<91B 

#1 =1I?BR1 45 <1C FR3D9=1C B5@?BDT F9?<5>391 'C9 5C@EQC 45 <1 9>D5BF5>39T> <?C >9F5<5C 45 45@B5C9T>
3?<T7931   3?>T=931   RC931   49C=9>EI5B?> C97>9K31D9F1=5>D5 @  1< 9>939?
I *5HE1<    97   =?CDB121> >9F5< >?B=1< 45 45@B5C9T> 
  <5F5     =?45B141 I   45@B5
  -9?<5>391 9>DB161=9<91B B5@?BD141 C9T> C5F5B1 45C@EQC 45 <1 9>D5BF5>39T> C5 ?2C5BF1B?>
   3?> 45@B5C9T> >?B=1<    <5F5
  <5F5 I C5F5B1 97 
  %9F5<5C 45 45@B5C9T> 1>D5C I 45C@EQC 45
<1 9>D5BF5>39T> 5> =E:5B5C FR3D9=1C 45 F9?<5>391 9>
DB161=9<91B

%? C5 ?2C5BF1B?> 31=29?C 5CD14RCD931=5>D5 C97>9


K31D9F?C 5> '5B35@39T> @   1>D5C 45 <1 9>D5B
F5>39T> C5 ?2C5BF1B?>    45 =E:5B5C 3?> @5B
35@39T> 1453E141 I    @?CD5B9?B 1 <1 9>D5B
F5>39T> > ?=@B5>C9T> 5< >U=5B? 45 =E:5B5C 3?> +1=29Q> C5 ?2C5BFT E> B54E339T> C97>9K31D9F1
>9F5< H35<5>D5 1E=5>DT 45    1   @  5> <?C >9F5<5C 5<5F14?C 45 1>C95414 45 <1C
3?> @  > )57E<139T> C5 9>3B5=5>DT C97>9K31 FR3D9=1C 1>D5C 45 <1 9>D5BF5>39T>   =?CDB1
D9F1=5>D5 @  5< >U=5B? 45 =E:5B5C 3?> >9F5<5C 21> 1>C95414 21:1    =?45B141 I   
45 B57E<139T> 1453E14?C 45    1   C5F5B1 I 45C@EQC 45 <1 9>D5BF5>39T> C5 ?2C5BF1B?>
-5B E14B?   3?> 1>C95414 21:1    =?45B141 I
C?<?   3?> 1>C95414 C5F5B1 97 
(%#  9CDB92E39T> 45< >9F5< 45 !>D5<975>391
5=?39?>1< @?B 613D?B 1>D5C I 45C@EQC 45 <1 9>D5B   %9F5<5C 45 1>C95414 1>D5C I 45C@EQC 45
F5>39T> <1 9>D5BF5>39T> 5> =E:5B5C FR3D9=1C 45 F9?<5>391 9>
DB161=9<91B

*5 ?2C5BFT AE5 <1 45@B5C9T> I <1 1>C95414 C?<? C5


1C?391> C97>9631D9F1=5>D5 @  3?> 5< 613D?B )57E
<139T> 45 9>D5<975>391 5=?39?>1< 3?> E>1 3?BB5<139T>

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5


 )5F9CD1 $Q4931 45 <1 ,* +?BBT>D57E9-9J31BB1 )

>571D9F1 1 =54941 AE5 1E=5>D1 <1 B57E<139T> 1CR 3E5CD141C 3?9>39495B?> 5> @B5C5>D1B E>1 45K395>391 45
49=9>EI5 <1 45@B5C9T> I 1>C95414 -5B E14B?  3?=@5D5>391C 5=?39?>1<5C ! 5< DB1D1=95>D? C5 5>
> 5653D?  45 <1C  FR3D9=1C 3?> 1>C95414 C5F5B1 6?3T 5> 5< 45C1BB?<<? 5> <1C 8129<94145C 45 @5B35@39T>
=?CDB1B?> 21:1 B57E<139T> C9=9<1B=5>D5 <1C FR3D9 3?=@B5>C9T> I B57E<139T> +?=1>4? 3?=? 21C5 1<7E
=1C 3?> 45@B5C9T> =?45B141 ? C5F5B1 >1C 45 <1C 9>F5CD97139?>5C AE5 >?C 812<1> 45 <1 B554E
3139T> ? B5C?391<9J139T> 5=?39?>1< 45 FR3D9=1C 45 -!
   C9> @5B45B 45 F9CD1 <1 6E>41=5>D139T>
(%#  C?39139T> 5>DB5 1>C95414 45 >E5CDB1 @B?@E5CD1 '! >?C 5>6?31=?C 5> 5< 45
45@B5C9T> 5 9>D5<975>391 5=?39?>1< 5> C1BB?<<? 45 <1C 31B5>391C 5=?39?>1<5C D1<5C 3?=? 81
=E:5B5C FR3D9=1C 45 F9?<5>391 9>DB161 29<94145C 5> <1 B5<139T> 3?> ?DB1C @5BC?>1C 3?=E>9
=9<91B 3139T> 1C5BD9F9414 5> <1 D?=1 45 4539C9?>5C B5C@?>C
129<9414 41BC5 3E5>D1 =1>5:? 45< 5CDBQC =?D9F139T>
141@D129<9414 I C5>D94? 45 F941

 #" (&."

'?45=?C 1C5F5B1B AE5 <1 @B?@E5CD1 45 9>D5BF5>


39T> D5B1@QED931 8E=1>RCD931 9>D57B14?B1 '!  @B5
C5>D141 5> 5CD1 9>F5CD97139T> @1B1 1D5>45B 1 =E:5B5C
 &(&." FR3D9=1C 45 -! <1 3E1< C5 6E>41=5>D1 5> <1 9>D5
7B139T> =5D?4?<T7931 <1C 5CDB1D5791C 5H@5B95>391<5C
#1C FR3D9=1C 45 -! AE5 =?CDB1B?> DB1CD?B>?C 45
<1 @5BC@53D9F1 C9CDQ=931 8?<RCD931 I <1 K<?C?6R1 5H9CD5>
1>C95414 3?BB5<139?>1> >571D9F1=5>D5 3?> <1 3<1B9414
391< 5C 5653D9F1 I1 AE5 @5B=9D9T B54E39B <?C >9F5<5C 45
B5@1B139T> 5 ! D?D1< I @B5C5>D1> E>1 5<5F141 1D5>
1>C95414 I 45@B5C9T> 1< DQB=9>? 45< DB1D1=95>D?
39T> 1 CEC 5=?39?>5C ?>C945B1=?C AE5 5CD? B5C
*5 CE795B5 AE5 D1>D? <1C FR3D9=1C 45 -! 3?=? 5<
@?>45 1 <1C @B?@91C =1>965CD139?>5C AE5 @B5C5>D1> <1C
17B5C?B =9C=? @1BD939@5> 3141 E>? @?B C5@1B14? 5>
=E:5B5C =1<DB1D141C 3?=? 31B13D5BRCD931 5C5>391< 45<
E> @B?7B1=1 45 5>DB5>1=95>D? 45 8129<94145C 5=?
=954? 5CDBQC 3E<@1 B5C9CD5>391 1 B53?>?35B 5< 6B131C?
39?>1<5C '?D5>3914? 5< 1ED?3?>DB?< 5=@1DR1 3?=E
45 <1 B5<139T> D5=?B 1< 6EDEB? 5> C?<5414 45C5C@5
>93139T> 1C5BD9F1 5H@B5C1>4? 5> D?4? =?=5>D? CEC
B1>J1 14AE9B941 5> <1 3?>F9F5>391 3?> 5< 17B5C?B 5D3
?@9>9?>5C C5>D9=95>D?C I 5=?39?>5C C9> FE<>5B1B <?C
#1 1>C95414 @5BC9CD5>D5 5> AE5 C5 F9F5> <1C <<5F1 1
45B538?C 8E=1>?C 2PC93?C 45 <?C 45=PC < DQB=9>?
49B979B D?41 CE 1D5>39T> 1 CEC 5=?39?>5C I C5>D9=95>
45 5CD?C 5>DB5>1=95>D?C C5 CE795B5 3?>D9>E1B 3?> 5<
D?C @1B1 7E91B CE @5>C1=95>D? I CE 1339T> F9F9B 5>
1@?I? D5B1@QED93? 45 @1B5:1 I D5B1@91 61=9<91B
<1 61>D1CR1 45< @5>C1=95>D? 2EC31>4? B5C@E5CD1C @1B1
*5 CE795B5 B5D?=1B 5CD1 <R>51 45 9>F5CD97139T> I
3<1B9K31B CE C9DE139T> <1C <<5F1 9BB5=54912<5=5>D5 1 E>
3?=@<5=5>D1B<1 3?> 9>F5CD97139T> 3E1<9D1D9F1 65>?
31<<5:T> C9> C1<941 5<5F1>4? CE >9F5< 45 1>C95414 I 1<
=5>?<T7931 5CDE49? 45 31C?C
=9C=? D95=@? 49C=9>EI5>4? CE 31@139414 45 3<1B9K31B
I B5@1B1B CEC 5CD14?C 5=?39?>1<5C >571D9F?C
#1 ! >? CE6B5 F1B9139T> C97>9K31D9F1 45C@EQC 45< %"&
DB1D1=95>D? 5CD? C5 3?BB5C@?>45 3?> <?C B5CE<D14?C 3852EBU1  ?BB1< ' =?B '" *1B1CU1 
AE5 >?C @B5C5>D1> '12<? 5B>P>45J 5BB?31< I %1 0E29J1BB5D1 ! )5@5B3EC9?>5C 'C93?@1D?<T7931C
D1<91 HDB5=1B1 '13853?  > 5C5 5CDE49? 3?>3<EI5> 45 <1 -9?<5>391 ?=QCD931 5> <1C $E:5B5C )5
AE5 C5BP >535C1B9? E> C57E9=95>D? 45 <?C @B?7B1=1C 45 F9CD1 'C93?@1D?<?7R1 I 'C93?<?7R1 <R>931 
 =5C5C 3E1>4? =5>?C @1B1 @?CD5B9?B=5>D5 1@<931B   
E> C57E>4? @?C D5CD AE5 9>3<EI1 =54941C 45 31=29?
3?=@?BD1 =5>D1<5C 45 <?C 8P29D?C I >? C?<? 45 CEC 13 =?B '" 3852EBU1  ?BB1< ' 0E29J1BB5D1
D9DE45C ? 45 CEC 3?>?39=95>D?C @?BAE5 C?> @B5493D?B5C ! *1B1CU1  )5@5B3EC9?>5C @C93?@1D?<T7931C 45
9>CEK395>D5C 45 CE 3?=@?BD1=95>D? 6EDEB? <1 F9?<5>391 4?=QCD931 5> <1 =E:5B 5> 6E>39T>
5 97E1< 6?B=1 414? AE5 <1 =1I?BR1 45 <1C 5> 45 <1C 39B3E>CD1>391C 45< =1<DB1D? )5F9CD1 !>

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5


+?BBT>D57E9-9J31BB1 ) -9?<5>391 9>DB161=9<91B 

D5B>139?>1< 45 'C93?<?7R1 <R>931 I 45 <1 *1<E4  <?B5C % ) 5B>P>45J  1B3R1 )  3?<12?


     B14?B5C 45 '-! *9>1<?1 $?45<? !>D57B14?
@1B1 <1 'B5F5>39T> I D5>39T> 45 <1 -9?<5>391
 3852EBU1  ?BB1< ' =?B '" F1<E139T> !>DB161=9<91B I C5HE1< $1>E1< &@5B1D9F? 
45< 41S? @C93?<T793? 5> <1C FR3D9=1C 45 45<9D?C
F9?<5>D?C 'C93?D85=1      *1<1=1 'C93?D5B1@91 5CD1<D @B?35C? I
=5D?4?<?7R1 41 4939T> 4 <61?=571
 $1DE4 ' !=@13D? 45 <1 F9?<5>391 4?=QCD931 5>
<1 =E:5B =1<DB1D141 'C93?D85=1  
  1B4>5B B1=5C ?6 =9>4 D85 D5?BI ?6 =E<D9
@<5 9>D5<<975>35C %5G /?B; 1C93 ??;C 
 .1<;5B # +85 21DD5B54 .?=5> CR>4B?=5
%5G /?B; *@B9>75B 'E2<9C89>7 ?=@1>I  *D5B>25B7 ) +85 3?>35@D ?6 9>D5<<975>35 1>4 9DC
B?<5 9> <965<?>7 <51B>9>7 1>4 CE335C =5B931>
 9C85B ' EB81= ) )53?F5BI B1D5C 9> 75> 'CI3?<?79CD 
5B1<9J54 1>H95DI 49C?B45B 6?<<?G9>7 @CI38?<?7I
31< D85B1@I 1> 1>1<IC9C ?6 3<9>931<<I C97>9K31>D  *1<?F5I ' $1I5B " L=?D9?>1< !>D5<<975>35M
381>75 9> D85 *+!+ 13B?CC ?ED3?=5 CDE495C !=179>1D9?> ?7>9D9?> 1>4 '5BC?>1<9DI 
C9>35  'CI38?<?7931< $54939>5 
 ?>45 - C3B92P " !JAE95B4? " F1<E139T>
 ?E<4 )$ &DD? ' /1@ $ ?7>9D9F5 2581F 5CD14RCD931 I 141@D139T> 31CD5<<1>1 45 <1 5C31<1
9?EB1< 1>4 681B=13?<?7931< DB51D=5> ?6 75>5B 1ED?1@<93141 @1B1 <1 45@B5C9T> 45 0E>7 B38
1<9J54 1>H95DI 49C?B45BC 1>4 @5BC?>1<9DI 49C?B %5EB?29?<     
45BC@B5<9=1BI =5D1>1<IC9C 581F9?EB +85B
1@I     53; + @CD59> % B?G>  *D55B ) 5D 1<
> 9>F5>D?BI 6?B =51
 EB81= ) +B51D=5>D ?6 75>5B1<9J54 1>H95DI
49C?B45B 'CI3891DBI    8DD@

5> C395>D9K33?==?>C ?B7


 

 *E9>> ) )9381B4C?>  >H95DI $1>175=5>D #12B14?B " BEJ14? " I $ES?J $ $1>E1<
+B19>9>7 1 >?>C@539K3 2581F9?B D85B1@I 6?B 45 DQ3>931C 45 =?49K3139T> I D5B1@91 45 3?>
1>H95DI 3?>DB?< 851F9?B +85B1@I  4E3D1 $14B94 4939?>5C '9BP=945 

B55>25B #* )935 #% <<9?D ) 139<9D1>4? 5< 1B&> ) +85 5=?D9?>1< (E?D95>D !>F5>
31=29? 5=?39?>1< 5< @B?35C? D5B1@QED93? @E>D? D?BI (9 1 D5CD 5=?D9?>1< 9>D5<<975>35
@?B @E>D? 1B35<?>1 '194TC  +?B?>D?$E<D9 51<D8 *ICD5=C 

*1<?F5I ' $1I5B " =?D9?>1< !>D5<<975>35


!=179>1D9?>?7>9D9?> 1>4 '5BC?>1<9DI  


9=5>?1IT>  )?C1< 'C93?D5B1@91 !>D5


7B14?B1 E=1>9CD1  -?<E=5>  $1>E1< @1B1
5< DB1D1=95>D? 45  @B?2<5=1C @C93?C5>C?B91<5C
3?7>9D9F?C I 5=?39?>1<5C 9<21? 5C3<Q5 45
B?G5B

)5F $54 ,* %E5F1 Q@?31 -?<  %?  &3DE2B5  9395=2B5

You might also like