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 !,- &°+  

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 !,- &°+  

AB PBO RK JRIL L RK JRILƿL ÄI BP RK @>?>IIL QO>Q>KAL AB PBO RK


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 )  -)  / %  )  !

BP@OFQ> AB !FLP @LKCFOJ>A> MLO BI "PMÈOFQR -BAOL AFGL BK BI


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 !,- &°+  

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JLPQO>OIBP NRB BP I> 3BOA>A ELO> MBOJÈQ>KJB IBBO O½MFA>JBKQB
BPB SBOPÈ@RIL LQO> SBW
/@AKN @OÐRSNK CD )DRTBQHRSN ONQ K@ UNKTMS@C CD
#HNR KL MLO I> SLIRKQ>A ABI ELJ?OB @ KNR R@MSNR X
@LKGRK@FÍK EHDKDR DM "QHRSN )DRÖR PTD DRSÀM DM $EDRN
 0FDKFCF@> NRB e"IILP E>K PFAL II>J>ALP CRBO> PBM>O>ALP V
>ELO> E>K PFAL ?>RQFW>ALP MLO BI "PMÈOFQR 0>KQL V BPQ½K BK OFPQL
'BPÓP 6L BPQLV AFOFDFBKAL BPQ> BMÈPQLI> > 2AP JFP >J>ALPq
\,EƮ 6L MFBKPL BK ->?IL >II½ @LK BIILP >ELOFQ> JFPJL \LE @R½K
@LKQBKQLƮ  BPB MBNRBÌL >MÍPQLI IB @LOQ>OLK PR @>?BW> >II½ 6L
JB M>OÄ GRKQL >I IRD>O ALKAB BIILP IB @LOQ>OLK PR @>?BW> -BOL
LE PR @>?BW> BPQ½ MRBPQ> BK BPB KRBSL @RBOML V KRK@> MRBAB PBO
@LOQ>A> AB KRBSL 6 ÄI BPQ½ M>O>AL >II½ @LK BIILP BK BPQB JFPJL
JLJBKQL BI JFPJL >MÍPQLI NRB BP@OF?FÍ BPQL 6 AFGL e\ SLPLQOLP
NRB BPQ½FP BK OFPQL 'BPÓPƮ -LO RK PLIL "PMÈOFQR CRFJLP QLALP
?>RQFW>ALP BK BPQB RBOMLq ELO> JFOBK
&Q@BH@ X O@Y @ UNRNSQNR CD #HNR MTDRSQN /@CQD X CDK
2DÏNQ )DRTBQHRSN
!DMCHSN RD@ DK #HNR X /@CQD CD MTDRSQN 2DÏNQ
)DRTBQHRSN PTD MNR ADMCHIN BNM SNC@Dž,E tLVB
2A BPL E>OIFBDžADMCHIN BNM SNC@ ADMCHBHÐM
DROHQHST@KDž
 +L PLI>JBKQB >IDRK>P M>O> ILP >MÍPQLIBP V >IDRK>P M>O> DRSN
MBOL "I KLP ?BKAFGL @LK QLA> ?BKAF@FÍK BPMFOFQR>I "I JFPJL
"PMÈOFQR 0>KQL NRB @>VÍ BK BI !È> AB -BKQB@LPQÄP BP BI JFPJL
"PMÈOFQR 0>KQL >NRÈ BPQ> KL@EB "I JFPJL "PMÈOFQR 0>KQL NRB EFWL
> *>OÈ> DOFQ>O V E>?I>O BK IBKDR>P V QBKBO RK QFBJML J>O>SFIILPL
V OBDL@FG>OPB V I>P @LP>P NRB BII> EFWL BP BI JFPJL "PMÈOFQR 0>KQL
>NRÈ BPQ> KL@EB "I JFPJL "PMÈOFQR 0>KQL NRB ABGÍ > ->?IL BK
>NRBII> K>SB ALKAB M>OB@È> @LJL NRB BPQ>?> FKRKA>AL V BPQ>?>
MBOAFAL @>QLO@B AÈ>P V KL@EBP PFK IRK> L BPQOBII>P "I JFOÍ E>@F>
>CRBO> V @>A> LI> QBKÈ> RK AF>?IL BK BII> JFO>KAL V ABPQBII>KAL
PRP AFBKQBP V AFGL e1B SLV > ERKAFO >ELO> JR@E>@EL ELO>
QB QBKDLq
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 6 JFBKQO>P ->?IL CRB > LO>O RK ML@L >IIÈ PB M>OÍ RK KDBI


AFGL e+L QBJ>P ->?IL "PQ> K>SB S> > K>RCO>D>O BK RK> @FBOQ>
FPI> 3B V @LJB QR @BK> QLAL BPQ½ ?FBK >ELO>q
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MLONRB BI !FLP BI KDBI AB !FLP AB NRFBK PLV PFBOSL BPQRSL
@LKJFDL V AFGL =->?IL KL QBJ>Pq "PB JFPJL "PMÈOFQR 0>KQL
BPQ½ >NRÈ BPQ> KL@EB BI JFPJL "PMÈOFQR AB !FLP JFKFPQO½KALKLP
I>P JFPJ>P ?BKAF@FLKBP BPMFOFQR>IBP
DžMNR ADMCHIN BNM SNC@ ADMCHBHÐM DROHQHST@K DM KNR
KTF@QDR BDKDRSH@KDRDž
 ,E M>OBJLP >NRÈ PÍIL RK JFKRQL J½P e"K IRD>OBP
@BIBPQF>IBPq ELO> KL BK @R>INRFBO M>OQB PFKL BK IRD>OBP
@BIBPQF>IBP "PQ>JLP OBRKFALP BK e@BIBPQF>IBPq PFDKFCF@> I>
MLPF@FÍK ABI @OBVBKQB .RB PF VL BPQLV MOBM>O>AL BK LO>@FÍK
2AP BPQ½K MOBM>O>ALP BK LO>@FÍK L I> FDIBPF> BPQ½ MOBM>O>A> BK
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@LJL P>KQLP II>J>ALP CRBO> ?>RQFW>ALP @LK BI "PMÈOFQR 0>KQL
IIBKLP @LK I>P ?BKAF@FLKBP AB !FLP II>J>ALP BIBDFALP BPQ>JLP
GRKQLP BK IRD>OBP BIBPQF>IBP >ELO> PLJLP BIBPQF>IBP BK KRBPQO>P
>IJ>P +RBPQOLP BPMÈOFQRP KLP E>K QO>ÈAL > RK> >QJÍPCBO>
BIBPQF>I \,E EBOJ>KLƮ \IIÈ IL QFBKBK RK> >QJÍPCBO> BIBPQF>IƮ
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BIBPQF>I V BI "PMÈOFQR 0>KQL JLSFÄKALPB PL?OB @>A> @LO>WÍK
NRB E> PFAL OBDBKBO>AL V E> IIBD>AL > PBO RK> KRBS> @OF>QRO>
BK OFPQL 'BPÓP 1LALP ILP MB@>ALP BPQ½K ?>GL I> 0>KDOB BK
MBOCB@Q> >ALO>@FÍK @LK KRBPQO>P J>KLP >IW>A>P > !FLP V KRBPQOLP
@LO>WLKBP IBS>KQ>ALP PBKQ>ALP BK IRD>OBP BIBPQF>IBP BK OFPQL
'BPÓP >ALO>KAL GRKQLP BK ILP IRD>OBP BIBPQF>IBP
 t0B E>K PBKQ>AL >IDRK> SBW BK RKL ,E VL JB EB PBKQ>AL
E>PQ> IILO>O AB DLWL V AB@FO e!FLP KRK@> ABGBP NRB JB S>V> AB
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BIBPQF>IBP V DLWL FKBC>?IB V IIBKL AB $ILOF> @>A> @LO>WÍK IIBKL
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BIBPQF>IBP KF RK PLIL J>I MBKP>JFBKQL BKQOB KLPLQOLP KF RK
PLIL @FD>OOFIIL CRJ>AL KF RK PLIL SBPQFAL @LOQL KF RK PLIL DRSN
@PTDKKN L IL NSQN KF RK PLIL J>I MBKP>JFBKQL K>AFB QFBKB >IDL
BK @LKQO> BI RKL ABI LQOL QLALP E>?I>KAL BK >JLO V >OJLKÈ>
QLALP RK½KFJBP GRKQLP eBKQLK@BP AB OBMBKQB SFKL ABI FBIL RK
BPQORBKAL @LJL AB RK SFBKQL OB@FL NRB PLMI>?>q IIÈ IL QFBKBK
e+LP ?BKAFGL @LK QLA> ?BKAF@FÍK BPMFOFQR>Iq
 "KQLK@BP BI "PMÈOFQR 0>KQL MRAFBO> @>BO PL?OB >IDRFBK V
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PR@BABO AB BP> J>KBO> 8"I %BOJ>KL O>KE>J QORBK> PRP ABALP
ALP SB@BP :
 e+LP ?BKAFGL BK QLA>P I>P ?BKAF@FLKBP BIBPQF>IBP BK IRD>OBP
BIBPQF>IBP \,?PBOSBKƮ
2DFÖM MNR DRBNFHÐDž
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CD ÇK
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 t R½KAL KLP BP@LDFÍ !FLP t R½KAL ILP BP@LDFÍ !FLP > 2AP
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CRKA>@FÍK ABI JRKAL "I ILP BP@LDFÍ 6 BKSFÍ > 'BPÓP M>O> NRB
"I MRAFBO> PBO I> MOLMF@F>@FÍK AB PRP MB@>ALP M>O> II>J>OILP >
OB@LK@FIF>@FÍK > "I JFPJL >I >JLO ,E ABPB>OÈ> NRB QRSFÄO>JLP
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M>O> NRB PB> EFGL *ÈL L RK MBNRBÌFQL QBJMLO>I L >CF@FLK>AL
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KL BP >RQLBUFPQBKQB "I BUFPQB @LK 0R C>JFIF> "I>E "I>E "ILEFJ
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@LK 0R C>JFIF>q ELO> !FLP EFWL >I ELJ?OB M>O> NRB CRBO> BI
MOBALJFK>KQB PL?OB QLA> I> QFBOO> ÄI QBKÈ> ALJFKFL 6 I> QFBOO>
BO> BI ALJFKFL ABI ELJ?OB t"P BPL "P@OFQRO> "KQLK@BP PF BPB
BO> PR ALJFKFL ÄI BO> AFLP PL?OB I> QFBOO> "I MLAÈ> E>?I>O V >PÈ
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NRB RK> SBW BUFPQÈ> BK >RQLBUFPQBK@F> MBOL >ELO> BUFPQB @LK 0R
C>JFIF> V 0RP MBNRBÌFQLP @LK "I IIÈ IL QFBKBK
 )  -)  / %  )  !

  ELO> IB>K BPL "KQO>OBJLP BK BIIL BI JFÄO@LIBP BK I>


KL@EB @R>KAL QBKD>JLP J½P QFBJML 0ÍIL QBKBJLP @LJL NRFK@B
JFKRQLP J½P V S>JLP >ƿ6L MBKPÄ NRB IIBD>OÈ> > RK @FBOQL
MRKQL >NRÈ MBOL KL IL E>OBJLP > ALKAB BPQ>JLP PBII>ALP @LK BI
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  ELO> t@R½KAL CRFJLP II>J>ALP > PBO PFBOSLP AB !FLP
t R½KAL CRB II>J>AL ,OJ>K +BSFIIB > PBO RK PFBOSL AB !FLP \,E
EBOJ>KLPƮ *B >PLJ?O> )BP AFOÄ SB>JLP >IDRK>P "P@OFQRO>P 6L
NRFBOL NRB 2A ?RPNRB -OFJBO> AB -BAOL  6 ->Q ?RPNRB
ML@>IFMPFP  6 VL ?RP@>OÄ ML@>IFMPFP  ELO> NRBOBJLP
BP@R@E>O >NRÈ 2AP NRFBOBK P>?BO @R½KAL ILP II>JÍ !FLP M>O>
PBO OFPQF>KLP ,E >JL BPQL "PQL BP e+L PÍIL AB M>K SFSFO½
BI ELJ?OB PFKL AB QLA> ->I>?O> NRB P>IB AB I> ?L@> AB !FLPq
*RV ?FBK %BOJ>KL +BSFIIB 2A QFBKB -OFJBO> AB -BAOL  8"I
%BOJ>KL +BSFIIB AF@B e q ǀ"AFQLO: PÈ NRB IB>  V 
"P@R@EBK BPQL 8e V  q : 0È 8"I %BOJ>KL +BSFIIB IBB -OFJBO>
AB -BAOL 
 :
2HMN BNM K@ R@MFQD OQDBHNR@ CD "QHRSN BNLN CD TM
BNQCDQN RHM L@MBG@ X RHM BNMS@LHM@BHÐM
8@ CDRSHM@CN CDRCD @MSDR CD K@ ETMC@BHÐM CDK LTMCN
ODQN L@MHEDRS@CN DM KNR ONRSQDQNR SHDLONR ONQ @LNQ CD
UNRNSQNR
  t R½KAL CRB ABPQFK>AL "I KQBP AB I> CRKA>@FÍK ABI JRKAL
%BOJ>KL ->Q IB> ML@>IFMPFP  MLO JÈ 8"I %BOJ>KL ->Q IBB
ML@>IFMPFP  ǀ"AFQLO:
+@ ADRSH@ PTD G@R UHRSN DQ@ X MN DR X DRSÀ O@Q@
RTAHQ CDK @AHRLN D HQ @ ODQCHBHÐM X KNR LNQ@CNQDR
CD K@ SHDQQ@ @PTDKKNR BTXNR MNLAQDR MN DRSÀM DRBQHSNR
CDRCD K@ ETMC@BHÐM CDK LTMCN DM DK KHAQN CD K@ UHC@ RD
@RNLAQ@QÀM UHDMCN K@ ADRSH@ PTD DQ@ X MN DR X RDQÀ
  t.RFÄK S> > PBO BKD>Ì>AL t.RFÄK S> > PBO BKD>Ì>AL
MLO BPQ> MBOPLK> OBIFDFLP> @LJL IL CRB 0>ÓI "PL CRB Q>K
>PQRQL V Q>K MBOCB@QL >I DO>AL NRB BKD>Ì>OÈ> > ILP tNRÄ 
ILP "
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IBDFALP ǀ"AFQLO: PFƿ
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MBOJÈQ>KJB IBBOIL M>O> 2AP
8 K@ @CNQ@QNM SNCNR KNR LNQ@CNQDR CD K@ SHDQQ@DžK@
@CNQ@QNM SNCNR KNR LNQ@CNQDR CD K@ SHDQQ@ BTXNR MNLAQDR
MN CRBOLK DRBQHSNR DM DK KHAQN CD K@ UHC@ CDK "NQCDQN PTD
ETD HMLNK@CN >KQBP ABI OQHMBHOHN CDK LTMCN
  t R½KAL CRBOLK MRBPQLP KRBPQOLP KLJ?OBP BK BI )F?OL AB I>
3FA> ABI LOABOL R>KAL BI LOABOL CRB FKJLI>AL >KQBP ABI
MOFK@FMFL ABI JRKAL R>KAL !FLP BO> 'BELS½ "I "I>E "ILEFJ
BI >RQLBUFPQBKQB PÈ @LJL RK !F>J>KQB JRV DO>KAB V "I KL
MLAÈ> PBO K>A> J½P MBOL >ABKQOL AB BPQB !F>J>KQB 0RP >QOF?RQLP
E>?È> RK 0>IS>ALO "K BPQLP >QOF?RQLP ABKQOL AB "I E>?È> RK
0>K>ALO RBKL KL E>?È> K>A> NRB P>IS>O V K>A> NRB P>K>O MBOL
 !,- &°+  

0RP >QOF?RQLP IL MOLARGBOLK PÈ NRB BKQLK@BP >KQBP ABI MOFK@FMFL


ABI JRKAL @R>KAL "I P>?È> NRB BI DO>K ABPMIFBDRB AB "I >NRÈ
NRB "I PBOÈ> RK 0>IS>ALO NRB "I SBKAOÈ> V PBOÈ> EB@EL @>OKB V
JLO>OÈ> BKQOB KLPLQOLP V "I P>?È> NRB MLO 0RP II>D>P PBOÈ>JLP
@RO>ALP "I FKJLIÍ >I LOABOL BK 0R )F?OL >KQBP ABI MOFK@FMFL
ABI JRKAL V BP@OF?FÍ BI KLJ?OB AB 2AP BK BPB )F?OL >KQBP ABI
MOFK@FMFL ABI JRKAL \,EƮ
  \"P@R@EBK "PQLƮ -OBABPQFK>@FÍK JFO> E>@F> >QO½P >I MOBSFL
@LKL@FJFBKQL NRFBOL AB@FO > I> BIB@@FÍK "IB@@FÍK JFO> E>@F>
>QO½P >I MOBSFL @LKL@FJFBKQL V MOBABPQFK>@FÍK JFO> E>@F> BI
ABPQFKL +L LISFABK BPL NRB BIB@@FÍK JFO> >NRÈ >QO½P >NRÈ BPQ½
e6L BO> RK> BPMFK> 6L K>@È BK MB@>AL CRF CLOJ>AL BK FKFNRFA>A
SFKB >I JRKAL E>?I>KAL JBKQFO>P K>@È BKQOB MB@>ALOBP ->M½ V
J>J½ V QLA> JF C>JFIF> BKQBO> MB@>ALOBP 6L BO> RK> BPMFK>
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PR@BAFÍq "PL tNRÄ BP BPL "IB@@FÍK !FLP >KQBP AB I> CRKA>@FÍK
ABI JRKAL BIFDFÍ NRB I> BPMFK> F?> > @LKSBOQFOPB BK RK DO>KL
AB QOFDL eELO> PÄ NRB PLV RK DO>KL AB QOFDL MLONRB PLV P>ISL
t ÍJL IL E>DLq 3BL E>@F> >QO½P V SBL NRB "I IL MOBABPQFKÍ
E>@B JR@EL QFBJML -LO JBAFL AB MOBSFL @LKL@FJFBKQL "I SFL
NRB IL >J>OÈ> >PÈ NRB "I EFWL RK> MOLMF@F>@FÍK > QO>SÄP AB 0R
MOLMFL %FGL M>O> NRB > QO>SÄP AB "I VL MRAFBO> @LKSBOQFOJB
AB RK> BPMFK> > RK DO>KL AB QOFDL eELO> tBK AÍKAB BPQLV
>ELO>q 0LV P>ISL BPQLV @>JFK>KAL BK I> DO>@F> AB !FLP et.RÄ
SB I> MOBABPQFK>@FÍKq I ABPQFKL etAÍKAB JB S> > IIBS>O "I V
>AÍKAB SLVq JÄK "PL IL QFBKB > RKL >D>OO>AL IIÈ IL QFBKBK
 ELO> IB>JLP PÍIL RK MLNRFQL J½P >ABI>KQB V BKQLK@BP
QBKAOBJLP NRB QBOJFK>O ABKQOL AB JRV ML@L
2DFÖM MNR DRBNFHÐ DM ÇK @MSDR CD K@ ETMC@BHÐM CDK
LTMCN O@Q@ PTD ETÇRDLNR R@MSNRDžRHM L@MBG@ CDK@MSD
CD ÇK
$M @LNQ G@AHÇMCNMNR OQDCDRSHM@CN O@Q@ RDQ
@CNOS@CNR MOBABPQFK>ALP O@Q@ RDQ @CNOS@CNR GHINR
RTXNR ONQ LDCHN CD )DRTBQHRSN RDFÖM DK OTQN @EDBSN CD
RT UNKTMS@C
  t.RÄ EFWL "I "I MLO MOBSFL @LKL@FJFBKQL KLP SFL
>KQF@FM>A>JBKQB P>?FBKAL NRB "I BO> RK 0>IS>ALO
>RQLBUFPQBKQB +L E>?È> KDBIBP K>A> PÍIL !FLP "I>E "ILEFJ
"I >RQLBUFPQBKQB K>AFB J½P PFKL "I PLIL -BOL BK "I E>?È> RK
0>IS>ALO -RBP tNRÄ BP IL NRB "I F?> > P>IS>O KL E>?È> K>A>
MBOAFAL 0>?FBKAL BPL BKQLK@BP "I P>?È> NRB BPQB DO>K >QOF?RQL
BK "I MOLVB@Q>OÈ> >IDL J½P >ABI>KQB NRB "I MLAOÈ> P>IS>O
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JFOÍ E>@F> >?>GL V SFL > @>A> RKL NRB IL >@BMQ>OÈ> 6 BKQLK@BP
>I E>@BOIL >PÈ "I AFGL e->O> P>IS>O BPL I> ÓKF@> J>KBO> BK NRB
MRBAL E>@BOIL PBO½ ABP@BKABO 6L JFPJL V PBO EB@EL @>OKB V
MLKBO BI MB@>AL ABI ELJ?OB PL?OB "I V JLOFO MLO ÄI M>O> NRB
 )  -)  / %  )  !

6L MRBA> PBO BI NRB BP >ALO>ALq MLONRB "I BP !FLP BI L?GBQL AB


>ALO>@FÍK
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"I EFWL BPL "I EFWL BPL AB J>KBO> NRB "I MRAFBO> P>IS>OILP >
2AP NRFBKBP NRFBOBK PBO P>IS>ALP t3BK 2AP IL NRB NRFBOL AB@FO
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10 #09  +&''&340/7*--& */%*"/"  &6"
XXXCSBOIBNPSH
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