B6CJ:A:AÏ6H<JI>wGG:O

<J696AJE:C>:ID
I6C>6<6G;>6H:HE:?D

&+ 8>:C8>6N9:H6GGDAAD&,)
:cB‚m^Xd!aVheja\VhYZV\jVhdcgZaVi^kVbZciZXdcdX^YVhn
adhVÃX^dcVYdhVadhVXjVg^dhaVhji^a^oVcXdbdVa^bZcidk^kd
eVgVeZXZh!VjcfjZeVgVbjX]V\ZciZgZhjaiVjcVhdgegZhVZa
]ZX]dYZfjZZhi‚cb{hZbeVgZciVYVhXdcadhXVbVgdcZhn
adhXVc\gZ_dhfjZXdcaVheja\VhfjZhjZaZcVidgbZciVgXdc
hjhe^XVYjgVh#
:cgZVa^YVY!hdcXgjhi{XZdhXdbdadhXVbVgdcZh!nk^kZc
ÄdiVcYdZcZaV\jV!dVhdX^VYVhVa[dcYddXdcVa\ci^edYZ
hdedgiZ!XdbdaVheaVciVhhjbZg\^YVh!ngZX^WZcZhiZcdb"
WgZedgcVYVgXdbdh^Y^ZgVceZfjZŠdhhVaidhZcZaV\jVVa
^bejahVghZXdchjhhZ\jcYVhVciZcVh!hjeg^cX^eVa‹g\VcdYZ
adXdbdX^‹cÃ\jgV&#
HZ XVgVXiZg^oVc edg iZcZg Za XjZged XjW^Zgid edg jc
XVeVgVo‹c W^kVakd& n! \ZcZgVabZciZ! hZ Va^bZciVc ÃaigVcYd
XdcaVhhZYVh'YZhjhVe‚cY^XZhidg{X^XdheZfjZŠVhVa\Vhd
WVXiZg^VhfjZhZZcXjZcigVcZcZaV\jV#AVheVgi†XjaVhYZVa^"
bZcidhdcVigVeVYVhZcZhidh¸Ãaigdh¹naaZkVYVhVaVWdXVedg
bZY^dYZhjgXdhVa^bZci^X^dhÃ\jgV'#IVbW^‚chZcjigZc
¸gVheVcYd¹Za[dcYdnVa^bZci{cYdhZYZabViZg^VafjZhjh"
eZcYZcYZZhiV[dgbVÃ\jgV(#EgZhZciVcjcVegdnZXX^‹c
YZa VWYdbZc edhiVWYdbZc fjZ iZgb^cV Zc Ydh \VggVh!
VgbVYVh Xdc jcV hZg^Z YZ Y^ZciZX^aadh Zc [dgbV YZ eZ^cZh
Ã\jgVh&n&%#AV[jcX^‹cYZaedhiVWYdbZcZha^be^Vgadh
Ve‚cY^XZhidg{X^XdhZcaVbVndg†VYZadhXVhdh#
EVgVadhW^‹ad\dhaVheja\VhYZV\jVlViZgÄZVhZc^c"
\a‚h eZgiZcZXZc Va \gjed YZcdb^cVYd 8aVYdXZgV! VjcfjZ
hZ Y^hXjiZ aV kVa^YZo YZa b^hbd edg ad ZhXVhd n XdbeaZ_d
fjZgZhjaiVidYVk†VZaXdcdX^b^ZcidYZZhidhhZgZhY^b^cj"
idh# Edg ZhiV gVo‹c aV YZhXg^eX^‹c YZ aVh cjZkVh ZheZX^Zh n
\‚cZgdh YZ eja\Vh YZ V\jV gZhjaiV iVc ^bedgiVciZ eVgV aV
X^ZcX^V#:cB‚m^Xd!Zcadhai^bdhhZ^hVŠdhhZgZXdcdX^Zgdc
VabZcdhcjZkZZheZX^ZhcjZkVhnYdhhjWZheZX^Zh#JcVYZ
ZaaVh! aV He^cVadcV Vcde]iVabV! Zh ^cXajhd jc \‚cZgd cjZkd/
ZhaVeg^bZgV!n]VhiVV]dgVc^XV!eja\VX^Z\VZcZaXdci^"
cZciZVbZg^XVcdÃ\jgV)#H‹ad]VW^iVZccjZhigdeV†h!Zc
jcV aV\jcV ^ciZgb^iZciZ XZgXVcV Va ejZWad YZ HVc EZYgd
adh7VŠdh!:hiVYdYZB‚m^Xd8^gdh"E‚gZon:a†Vh"<ji^‚ggZo
&..,# IVbW^‚c c^XV edg V]dgV n &%% bZm^XVcV! digV
eja\V^bedgiVciZZhaV>andXgneijhcZkVYZch^h!XjndcdbWgZ
]VXZ]dcdgVah^i^dYdcYZhZaZZcXjZcigV/ZaXg{iZgYZakdaX{c
CZkVYdYZIdajXV8ZgkVciZh"BVgi†cZoZiVa#'%%%#
=VhiV Za bdbZcid hZ XdcdXZc jcVh +%% ZheZX^Zh YZ
XaVY‹XZgdh! aV bVndg†V YZ aVh XjVaZh k^kZ Zc V\jVh YjaXZh!
aV\dh!ZhiVcfjZh!neZfjZŠdhX]VgXdhiZbedgVaZh!eZgdVa\j"
cVhk^kZcZcZabVg#:cB‚m^Xdh‹adhZXdcdXZcYdhZheZX^Zh
bVg^cVh/EhZjYZkVYcZiZg\Zhi^cVnEZc^a^VVk^ghdig^h#GZX^ZciZ"
&#;dgbVYdedgYdhe^ZoVhYjgVhnb‹k^aZh#
'#:higjXijgVheVgZX^YVhVeZa^aadh#
bZciZhZejWa^X‹jc^ciZgZhVciZZhijY^dhdWgZaVeg^bZgVZc
Za 8Vg^WZ BZm^XVcd 8VhiZaaVcdh"Dhdg^d n :a†Vh"<ji^‚ggZo
&...#
BVhZa^ciZg‚hedgaVheja\VhYZV\jVcdh‹adZhX^Zci†"
ÃXd! iVbW^‚c i^ZcZc jc \gVc kVadg ZXdc‹b^Xd"ZXda‹\^Xd
Xdbd ^cY^XVYdgZh YZ aV XVa^YVY YZa V\jV# :c Za ejZWad YZ
IaVX]VadnV!XZgXVcdVaVX^jYVYYZIdajXV!hZYZhVggdaa‹ZcaV
Y‚XVYVYZ&.-%jcVeZhfjZg†VYZ\gVc^bedgiVcX^V!YZjcV
eja\VYZa\‚cZgd9Ve]c^VK{ofjZoZiVa#&.-+!aaZ\{cYdhZ
V dWiZcZg ]VhiV +% idcZaVYVh YZ eZhd hZXd Zc Za eZg^dYd
&.-%"-&!ZmedgiVYVhZchj\gVcbVndg†V!V:jgdeV!YdcYZ
hZji^a^oVcXdbdWVhZegdiZ†c^XVYZVa^bZcideVgVVc^bVaZh#
6XijVabZciZ! Zc cjZhigd eV†h aVh eja\Vh hZ XdbZgX^Va^oVc
eg^cX^eVabZciZXdbdVa^bZcidk^kdYZeZXZhYZVXjVg^d#AV
ZheZX^Zb{hji^a^oVYVeVgVZhiZÃcZhaVBd^cVbVXgdXdeV#:c
digVheVgiZhYZabjcYdhZ]VYZhVggdaaVYdjcViZXcdad\†VeVgV
hjjhdXdbdVa^bZcidZch^hiZbVhYZegdYjXX^‹cYZeZXZh#
EdgdigdaVYd!aVheja\VhYZV\jVcdhVnjYVciVbW^‚cV
bVciZcZghVcdZabZY^dVbW^ZciZ#6XijVabZciZZm^hiZjcV
CdgbVDÃX^VaBZm^XVcVeVgVaVZkVajVX^‹cYZaVidm^X^YVY
V\jYV YZ hjhiVcX^Vh Y^hjZaiVh Zc Za V\jV! fjZ idbV Xdbd
bdYZadjcXaVY‹XZgdXdcdX^YdXdbd9Ve]c^VbV\cVCBM¶
66¶%-,¶&..*¶H8;>!XdcadfjZhZYZbjZhigVhjkVadgeVgV
Vc{a^h^h VbW^ZciVaZh# 6jcfjZ hZ ji^a^oVc digVh ZheZX^Zh YZ
eja\Vh Zc digdh! aV [Vkdg^iV b{h ji^a^oVYV h^\jZ h^ZcYd aV
9Ve]c^V bV\cV# :c ZhiZ iZggZcd! Zh bjn ^bedgiVciZ hVWZg
Xdc egZX^h^‹c YZ fj‚ ZheZX^Z n XZeV hZ igViV! ejZh aV hZc"
h^W^a^YVYVX^ZgiVhhjhiVcX^VhejZYZkVg^VgYVcYdgZhjaiVYdh
XdcigVY^Xidg^dhdedXdXaVgdh#
JcVkZciV_VfjZi^ZcZZajhdYZZhidhdg\Vc^hbdhXdbd
^cY^XVYdgZh Zh fjZ aV bVndg eVgiZ YZa i^Zbed hZ gZegdYj"
XZcedgeVgiZcd\‚cZh^h![Zc‹bZcda^b^iVYdVjcdhXjVcidh
\gjedh Vc^bVaZh# :c aVh edWaVX^dcZh cVijgVaZh n Xjai^kVYVh
YZ ZhiVh ZheZX^Zh h^ZbegZ egZYdb^cVc aVh ]ZbWgVh! Xjndh
]jZkdh bVYjgVc h^c cZXZh^YVY YZ [ZXjcYVX^‹c n \ZcZgVc
c^XVbZciZ ]ZbWgVh! fjZ kjZakZc V gZegdYjX^ghZ Zc ad
fjZgZhjaiVjcX^Xadk^iVa#9ZZhiV[dgbV!aVYZhXZcYZcX^VYZ
]ZbWgVheVgiZcd\Zc‚i^XVhXdch^hiZZc^cY^k^YjdhXVh^^\jVaZh
\Zc‚i^XVbZciZ# Edg ZhiV gVo‹c! hj XgZX^b^Zcid edWaVX^dcVa
ejZYZ hZg bjn g{e^Yd/ jcV hdaV 9Ve]c^V bV\cV! ejZYZ
dg^\^cVg(-cZdcVidhedgXVbVYVXVYVhZ^hY†Vh!adfjZYV
jcidiVaYZXZgXVYZ+%%YZhXZcY^ZciZh!XjnVadc\Zk^YVYZh
XZgXVcVVadh,,Y†Vh#H^Xdch^YZgVbdhfjZXVYV]^_VhZejZYZ
gZegdYjX^g edg eg^bZgV kZo V adh && d &' Y†Vh! iZcYgZbdh
jcV^YZVYZaZcdgbZediZcX^VaYZYZhVggdaadfjZi^ZcZcZhidh
dg\Vc^hbdh!eZhZVfjZZhidhYVidhegdXZYVcYZXjai^kdhZc
XdcY^X^dcZh ^YZVaZh BVgi†cZo"?Zg‹c^bd! &..* n ejZYZc
kVg^VgZcdgbZbZciZ#
:C:GD™;:7G:GD9:'%%) &,
 & ' (

) * +

, -
;^\jgV&#"6adcZaaVWgVh^a^Zch^h!jcVZheZX^ZbjngVgV!gZX^ZciZbZciZYZhXjW^ZgiVZcZaG†d=dcYd[gdciZgVB‚m^Xd"
7Za^XZ#AVÄZX]VcZ\gVhZŠVaVaVhhZ\jcYVhVciZcVh!eg^cX^eVa‹g\VcdYZadXdbdX^‹c!naVWaVcXVZaedhiVWYdbZc#Adh
Ve‚cY^XZhidg{X^XdhZhi{cXjW^ZgidhedgZaXVeVgVo‹cW^kVakd#
;^\jgV'#"6e‚cY^XZhidg{X^XdhYZjcVZheZX^ZYZBd^cV!hZVegZX^VcaVhhZYVhdhZiVh[dgbVcYdjcVZheZX^ZYZÃaigd!
YdcYZfjZYVcVigVeVYVhaVheVgi†XjaVhVa^bZci^X^Vh#EdhiZg^dgbZciZhdcaaZkVYVhVaVWdXVeVgVhj^c\Zhi^‹c#
;^\jgV(#"6e‚cY^XZhidg{X^Xdh>n>>YZjcVZheZX^ZYZBVXgdi]g^m!aVhhZiVhhZ]VcigVch[dgbVYdZcjcVZheZX^ZYZ
eZ^cZhhZŠVaVYdhedgÄZX]VhfjZh^gkZceVgVgVheVghjVa^bZcidYZhjhigVidhYjgdhXdbdeaVciVhVXj{i^XVhdgdXVh
hjbZg\^YVh#
;^\jgV)#"8jZgedYZjcV]ZbWgVeVgiZcd\Zc‚i^XVYZHe^cVadcVVcde]iVabV!eg^bZgnc^XdXaVY‹XZgdX^Z\dYZhXg^id
ZcZaXdci^cZciZVbZg^XVcd#
;^\jgV*#"K^hiVaViZgVaYZBVXgdi]g^mZaZ\Vch!ZheZX^ZbjnXdbcZcZahjgZhiZbZm^XVcd#
;^\jgV+#"K^hiVYZaVeVgiZVciZg^dgYZBVXgdi]g^mZaZ\Vch!hZdWhZgkVcaVheg^bZgVhVciZcVh!VgbVYVhYZcjbZgdhVh
Zhe^cVhXjnV[jcX^‹cZhYZhXdcdX^YV#:caVejciVYZXVYVVciZcV]VncjZkZZhiZiVhXdhhZchdg^VaZh#:caVVWZgijgVYZaVh
kVakVhhZVegZX^VZaeg^bZgeVgYZeViVh!XdchjhhZiVhgVheVYdgVh#
;^\jgV,#"K^hiVaViZgVaYZ<g^bVaY^cVWgVooV^!XaVY‹XZgdYZahjgZhiZbZm^XVcd#C‹iZhZaV]ZgbdhVdgcVbZciVX^‹cYZ
aVhkVakVh#
;^\jgV-#"8jZgedYZ>andXgneijh#:cZhiZXVhdaVhkVakVhhZZcXjZcigVcXjW^ZgiVhedg\gVcdhYZhZY^bZcidYZa[dcYd!jcV
ZhigViZ\^VeVgVXVbjÄVghZYZadhYZegZYVYdgZh#

&- 8>:C8>6N9:H6GGDAAD&,)
AVheja\VhYZV\jVcdh‹adi^ZcZc^ciZg‚hX^Zci†ÃXd!iVbW^‚c
i^ZcZc \gVc kVadg ZXdc‹b^Xd"ZXda‹\^Xd Xdbd ^cY^XVYdgZh YZ
aVXVa^YVYYZaV\jV
AVgZegdYjXX^‹ceVgiZcd\Zc‚i^XVhZhjheZcYZZcZabd"
bZcidYZjcZhig‚hVbW^ZciVa!XVjhVYdedgaVY^hb^cjX^‹c
YZVa^bZcidn$daVgZYjXX^‹cYZa[dideZg^dYdbZcdh]dgVh
YZajo#:cZhZbdbZcid!aVh]ZbWgVhZbe^ZoVcVegdYjX^g
]jZkdh Y^ead^YZh Xdc Za cbZgd YZ XgdbdhdbVh cdgbVa!
'c!VeVgi^gYZadhXjVaZhhZYZhVggdaaVcbVX]dhY^ead^YZh
Ã\jgV&&#whidhbVYjgVcg{e^YVbZciZnh^ZbegZhdcb{h
eZfjZŠdhfjZaVh]ZbWgVh#B^ZcigVhiVcid!Va\jcVhYZZaaVh
Zbe^ZoVc V egdYjX^g ]jZkdh ]Vead^YZh Xdc aV b^iVY YZa
cbZgdYZXgdbdhdbVh!&cZcbZcdgXVci^YVY\ZcZgVa"
bZciZ&d'nYZidcddhXjgd0ZhiVh]ZbWgVhhZVXdeaVcXdc
adhbVX]dh#Adh]jZkdh[ZXjcYVYdhgZhjaiVcY^ead^YZh!nhZ
igVch[dgbVcZcZhigjXijgVhYZgZh^hiZcX^VaaVbVYVhZÃe^dh!
aVhXjVaZhejZYZc[jh^dcVghZXdcZaXVeVgVo‹cfjZgdYZVZa
XjZgedYZadg\Vc^hbd!eVgVhZeVgVghZZcZabdbZcidYZaV
bjYV#9^X]dhZÃe^dhejZYZcÃ_VghZVa[dcYddÄdiVg!eZgd
ZcbjX]VhdXVh^dcZhiVbW^‚ch^gkZceVgVaVY^heZgh^‹c!ejZh
gZh^hiZcZaeVhdedgZaigVXidY^\Zhi^kdYZVkZhneZXZh!dhZ
VY]^ZgZcZceajbVhdeZadYZdg\Vc^hbdhVXj{i^Xdh#IVb"
W^‚c hdedgiVc aV YZhZXVX^‹c idiVa# Adh ZÃe^dh eZgbVcZXZc
aViZciZh]VhiVfjZaVhXdcY^X^dcZhYZabZY^dVbW^ZciZkjZa"
kZcVhZg[VkdgVWaZh!YVcYddg^\ZcV]ZbWgVheVgiZcd\Zc‚"
i^XVhcjZkVbZciZ!XdcadfjZXdci^cVZaX^Xadk^iVa#
Jc ZÃe^d eZgbVcZXZ k^VWaZ edg *% VŠdh d b{h# 8VWZ
]VXZgcdiVgfjZbjX]VhZheZX^ZhejZYZceZgbVcZXZggZegd"
YjX^‚cYdhZedgeVgiZcd\‚cZh^h^cYZÃc^YVbZciZ!edgadXjVa
cd hZ aaZ\Vc V XdcdXZg adh bVX]dh n adh ZÃe^dh# IVbW^‚c
Zm^hiZc ehZjYdZÃe^dh! ZhigjXijgVh bjn hZbZ_VciZh V adh
ZÃe^dhZc[dgbVn[jcX^‹c!fjZhZ\ZcZgVcedgeVgiZcd\‚cZh^h#
9ZW^YdVaVegZhZcX^VYZadhZÃe^dhnVhjVaiVXVeVX^YVY
YZY^heZgh^‹c!hZeZch‹ZcZaeVhVYdfjZidYVhaVhZheZX^ZhYZ
XaVY‹XZgdh ZgVc Xdhbdeda^iVh# =dn hZ hVWZ fjZ Zhid cd Zh
X^Zgid#:m^hiZccjbZgdhVhZheZX^Zhbdg[da‹\^XVbZciZh^b^"
aVgZh fjZ [dgbVc XdbeaZ_dh Vbea^VbZciZ Y^hig^Wj^Ydh Zc
idYdZabjcYd!nXdci^cjVbZciZhZgZVa^oVcXdcig^WjX^dcZh
X^Zci†ÃXVhZcZhiZhZci^Yd#
Digd[Zc‹bZcdbjnXjg^dhdfjZegZhZciVckVg^dh\gj"
edhYZXaVY‹XZgdhZhaVX^Xadbdg[dh^h!fjZXdch^hiZZcjcV
hZg^ZYZbjiVX^dcZhZhiVX^dcVaZhZcaVbdg[dad\†VZmiZgcVYZa
Vc^bVafjZhZYVcXdbdgZhejZhiVVXVbW^dhZcZabZY^d
VbW^ZciZdVaVYZegZYVX^‹c#:cVa\jcdhXVhdh!ZhiZ[Zc‹"
bZcd egdYjXZ [dgbVh ZmigVŠVh! Xdc \gVcYZh egdnZXX^dcZh
YZaVXVWZoV!eVgi^XjaVgbZciZZcZa\‚cZgd9Ve]c^VÃ\jgV
&'# HdWgZ Zhid hZ ]Vc gZVa^oVYd X^Zcidh YZ ejWa^XVX^dcZh
X^Zci†ÃXVh!igViVcYdYZZmea^XVghjk†cXjadXdcaVijgWjaZcX^V
YZaV\jV!adhXVbW^dhZcYZch^YVYZcgZaVX^‹cXdcaViZbeZ"
gVijgV!ZiX#=VXZVa\jcdhVŠdh!hZXdcXajn‹9dYhdc!&.-.
fjZaV^cYjXX^‹cYZnZabdhnZhe^cVhZcVa\jcdhXaVY‹XZgdh
h^\c^ÃXVZaYZhVggdaadYZkZciV_VhZcaVVYVeiVX^‹cVabZY^d
eVgVZk^iVgaVYZegZYVX^‹c!nZhXVjhVYVedgaVhZŠVafj†b^XV
Zb^i^YVedgjcVhjhiVcX^VY^hjZaiVZcZaV\jVnYZhegZcY^YV
edgZaYZegZYVYdg#6aeVgZXZgadhZbWg^dcZhZcYZhVggdaad
ZgVcb{hhZch^WaZhVZhidhXVbW^dhZcZabZY^d!VjcfjZhZ
h^\jZY^hXji^ZcYdZ^ckZhi^\VcYdhdWgZaVhXVjhVhnZ[ZXidh
YZZhiZeZXja^Vg[Zc‹bZcd#
IVbW^‚cZh^ciZgZhVciZhZŠVaVgfjZ!YZW^YdVaVegZhZc"
X^VYZjcZmdZhfjZaZidb{hdbZcdhYjgd!XdbdZcidYdh
adhVgig‹edYdh!adhgZhidhYZZhidhdg\Vc^hbdhejZYZceZg"
YjgVgXdbdhjW[‹h^aZhZcZa[dcYdYZadhaV\dh![dgbVcYd
XVeVh ^c[dgbVi^kVh VXZgXV YZ adh XVbW^dh ZXda‹\^Xdh n aVh
XdcY^X^dcZh Xa^b{i^XVh Zm^hiZciZh YjgVciZ aVg\dh eZg^dYdh!
Vh†XdbdYZaVhjXZh^‹cfjZhZ]VYVYdYZcigdYZaVXdbjc^"
YVYVXj{i^XV#Hj^ciZgegZiVX^‹cejZYZ¸XdciVg¹aV]^hidg^VYZ
jcaV\dnhjZcidgcdVbW^ZciVa#
8jg^dhVbZciZ! Xdbd gZhjaiVYd YZ aV ^cigdYjXX^‹c YZ
ZheZX^ZhZm‹i^XVh!Va\jcdhXaVY‹XZgdhXdbdaV9Ve]c^Vajb"
]daio^hZ]VckjZaid^ckVh^kdh#Edh^WaZbZciZ!ZhiZdg\Vc^hbd
[jZ^cigdYjX^YdZc&.-(VIZmVh_jcidXdcjceZo!aVeZgXV
YZaC^ad=VkZan=ZWZgi!&..(#6XijVabZciZhZZcXjZcigV
Zc idYd Za ZhiZ YZ adh :hiVYdh Jc^Ydh! ]VhiV adh <gVcYZh
AV\dh!WVhiVciZb{hVacdgiZYZah^i^ddg^\^cVaYZ^cigdYjX"
X^‹cBjo^c^X!'%%%#9ZhYZZaejcidYZk^hiVZXda‹\^Xdcd
hZ]VYZbdhigVYdfjZaVegZhZcX^VYZZhiVZheZX^ZXVjhZVa\c
Z[ZXidVYkZghd?d]chdcn=VkZa!'%%&#H^cZbWVg\d!YZW^Yd
VfjZi^ZcZaVhZhe^cVhYZaXjZgedbjnaVg\Vh!VaeVgZXZgcdZh
ZaVa^bZcidegZ[Zg^YdYZadheZXZh!hdWgZidYdZcZiVeV_jkZc^a
HlV[[VgnD»7g^Zc!&..+@daVgnLV]a!&..-#
Edg ai^bd! edYZbdh YZX^g fjZ Za ZhijY^d YZ Zhidh
Xgjhi{XZdhZhi{ZceaZcdVj\Z!ejZhYZhYZZaejcidYZk^hiV
h^hiZb{i^Xd Zh YZX^g Za gZXdcdX^b^Zcid YZ ZheZX^Zh n hjh
gZaVX^dcZh Zkdaji^kVh ZciZcYZg aV Y^kZgh^YVY YZa \gjed ]V
YZg^kVYd Zc aV gZhdajX^‹c YZ jc gdbeZXVWZoVh bjn Xdb"
eaZ_d!edgadfjZgZhjaiVVeVh^dcVciZ!YZW^YdVaVegZhZcX^V
YZaVX^Xadbdg[dh^h!ZaegZYdb^c^dYZ]ZbWgVheVgiZcd\Zc‚"
i^XVh adh bVX]dh n ]ZbWgVh ZÃe^VaZh i^ZcZc bVndg kVadg
eVgVZagZXdcdX^b^ZcidZheZX†ÃXd!naVh^b^a^ijYYZbjX]Vh
YZZaaVh#EdgdigdaVYd!hj^cYjYVWaZkVadgeVgVZhijY^dhYZ
\Zc‚i^XVnhjediZcX^VaXdbd^cY^XVYdgYZXdciVb^cVX^‹cn
XdbdVa^bZcidk^kd!]VXZcYZZhiZ\gjed!jcdhjbVbZciZ
VigVXi^kdeVgVZaZhijY^dX^Zci†ÃXdn$diZXcda‹\^Xd#
:C:GD™;:7G:GD9:'%%) &.
 . &%

&&

V W

&'
;^\jgV.#"AZnY^\^V!jc\‚cZgdfjZhZXVgVXiZg^oVedgiZcZg\gVcXVci^YVYYZZhe^cVhZcaVeVgiZedhiZg^dgYZaVWYdbZc#
CdhZhVWZfjZ[jcX^‹ciZc\Vc#
;^\jgV&%#"8jZgedYZjcV]ZbWgVeVgiZcd\Zc‚i^XVYZAZnY^\^V!jcVkZofjZhZZmigV_ZgdcaVhkVakVh#HZVegZX^Vcadh
X^cXdVe‚cY^XZhidg{X^Xdh!XdcjcVZhigjXijgVbjnXdbeaZ_V!nZaedhiVWYdbZcXdc\gVcXVci^YVYYZZhe^cVh!Vh†XdbdaVh
\VggVhiZgb^cVaZhÄZX]VcZ\gV#AVÄZX]VWaVcXVhZŠVaVZaVe‚cY^XZ>!eVgVXdbeVgVgXdcZabVX]d#
;^\jgV &&#" 8jZged YZ jc bVX]d YZ AZnY^\^V! h^c kVakVh# AV ÄZX]V hZŠVaV adh \VcX]dh gZXjgkVYdh! bdY^ÃXVX^‹c YZa
Ve‚cY^XZ>!fjZh^gkZeVgVhj_ZiVgVaV]ZbWgVYjgVciZaV[ZXjcYVX^‹c#
;^\jgV&'#";Zc‹bZcdYZX^Xadbdg[dh^hZc9Ve]c^VVbW^\jV#6>cY^k^Yjd¸cdgbVa¹!c‹iZhZfjZaVXVWZoVZhgZYdcYZVYV#
78VWZoVYZjcdg\Vc^hbdXdcjcnZabdejci^V\jYd#6bWdhZheZX†bZcZh[jZgdcgZXdaZXiVYdhZcZa:hiVYdYZB‚m^Xd#

:caVVXijVa^YVY!ZcB‚m^XdhZZhijY^VcZc^chi^ijX^dcZh
Xdbd:a8daZ\^dYZaV;gdciZgVHjgJc^YVY8]ZijbVa!Za
>chi^ijidEda^i‚Xc^XdCVX^dcVa:hXjZaVCVX^dcVaYZ8^ZcX^Vh
7^da‹\^XVh!aVJc^kZgh^YVYCVX^dcVa6ji‹cdbVYZB‚m^Xd
;:H>oiVXVaVnaVJc^kZgh^YVYYZ6\jVhXVa^ZciZh#
GZ[ZgZcX^VhW^Wa^d\g{ÃXVh
8VhiZaaVcdh"Dhdg^dn>#!B#:a†Vh"<ji^‚ggZo#9^hig^Wji^dcVcY6WjcYVcXZ
d[ EhZjYZkVYcZ iZg\Zhi^cV 8aVjh! &-,, ^c i]Z BZm^XVc 8Vg^WWZVc
HZV! l^i] CdiZh dc ^ih 7^dad\n 7gVcX]^dedYV/ DcnX]dedYV#
6gi]gdedYVHZaZXiV-!&.../ee#*."+*#
8ZgkVciZh"BVgi†cZo!6#!B#<ji^‚ggZo"6\j^ggZnB#:a†Vh"<ji^‚ggZo#
9ZhXg^ei^dcd[>andXgneijhcZkVYZch^h7gVcX]^dedYV/6cdbdedYV!
V CZl HeZX^Zh [gdb V =^\] 6ai^ijYZ 8gViZg AV`Z ^c i]Z KdaXVcd
CZkVYdYZIdajXV!B‚m^Xd#8gjhiVXZVcV,(!'%%%/ee#(&&"('&#
8^gdh"E‚gZo!?#nB#:a†Vh"<ji^‚ggZo#He^cVadcVVcde]iVabVc#\Zc#c#
he#6cdbdedYV!8]nYdg^YVZV7a^cY:e^\ZVc8aVYdXZgVc[gdbi]Z
CZdkdaXVc^XEgdk^cXZd[BZm^Xd#=nYgdW^dad\n(*(!&..,/ee#&."'-#
9dYhdc H#! ># EgZYVidg"^cYjXZY GZVXi^dc Cdgbh# 7^dhX^ZcXZ (.!
&.-./ee#)),")*'#
=VkZa!?#:#nE#9#C#=ZWZgi#9Ve]c^Vajb]daio^^cCdgi]6bZg^XV/
6cdi]Zg :mdi^X OddeaVc`iZg# A^bcdad\n VcY DXZVcd\gVe]n (-!
&..(/ee#&-'("&-',#
?d]chdc!?#A#n?#:#=VkZa#8dbeZi^i^dc7ZilZZcCVi^kZVcY:mdi^X
9Ve]c^V/^ch^ij:meZg^bZcih#?djgcVad[EaVc`idcGZhZVgX]'(!'%%&/
ee#(,("(-,#
@daVg! 8# H# n 9# =# LV]a# 9Ve]c^Y Bdge]dad\n 9ZiZgh ;^h]
EgZYVidgh#DZXdad\^V&&+!&..-/ee#**+"*+)#

'% 8>:C8>6N9:H6GGDAAD&,)
 :8DHJG!XZcigdeWa^XdYZ^ckZhi^\VX^‹cYZah^hiZbV8dcVXni

:a8daZ\^dYZaV;gdciZgVHjg:8DHJGZhjcXZcigdeWa^XdYZ^ckZhi^\VX^‹cbjai^Y^hX^ea^cVg^VZc[dXVYdVaYZhVg"
gdaadnk^cXjaVX^‹cYZB‚m^XdZchj[gdciZgVhjg#Hjhegd\gVbVhhZdg^ZciVcVaV\ZcZgVX^‹cYZXdcdX^b^Zcidh
X^Zci†ÃXdh!aV[dgbVX^‹cYZgZXjghdh]jbVcdhZcZac^kZaYZedh\gVYdnVaVk^cXjaVX^‹c!WjhXVcYdXdcig^Wj^gVa
YZhVggdaadhjhiZciVWaZYZaV[gdciZgVhjgYZcjZhigdeV†h#
CjZhigdedh\gVYdZhi{Xdchi^ij^YdedgjcVbVZhig†VZcX^ZcX^VhZcGZXjghdhCVijgVaZhn9ZhVggdaadGjgVanjc
YdXidgVYdZcX^ZcX^VhZc:Xdad\†Vn9ZhVggdaadHjhiZciVWaZ!VbWdh^chZgiVYdhZcZaEgd\gVbV>ciZ\gVaYZ;dgiVaZX^"
b^ZcidVaEdh\gVYdE>;DE!Vjhe^X^VYdedgZa8dcVXni#
6XijVabZciZ! Za :8DHJG XjZciV Xdc X^cXd jc^YVYZh jW^XVYVh Zc adh XjVigd ZhiVYdh [gdciZg^odh YZa hjg YZ
B‚m^Xd#:c8]^VeVhZm^hiZcXZcigdhZcaVhX^jYVYZhYZHVc8g^hi‹WVaYZaVh8VhVhnIVeVX]jaV!Zc8]ZijbVa!Fj^c"
iVcVGdd!Zc8VbeZX]Z!8VbeZX]Z!nZcK^aaV]ZgbdhV!IVWVhXd#AV^chi^ijX^‹cXjZciVXdcjcVeaVciVVXVY‚b^XV
YZ&'%^ckZhi^\VYdgZhYZi^ZbedXdbeaZidnXdcXZgXVYZ&+%ZhijY^VciZhYZedh\gVYdegdXZYZciZhYZB‚m^Xd!
8ZcigdVb‚g^XV!Za8Vg^WZnHjYVb‚g^XVeg^cX^eVabZciZ#
:aigVWV_dYZ^ckZhi^\VX^‹cZhi{dg\Vc^oVYdZcigZhY^k^h^dcZhd{gZVhVXVY‚b^XVh/EdWaVX^‹cnHVajY!8dchZg"
kVX^‹cYZaV7^dY^kZgh^YVYnH^hiZbVhYZEgdYjXX^‹c6aiZgcVi^kdh#
:c aV 9^k^h^‹c YZ EdWaVX^‹c n HVajY hZ ^ckZhi^\Vc adh egdXZhdh YZ XVbW^d hdX^Va! b^\gVX^‹c Z ^ciZ\gVX^‹c
gZ\^dcVa!Xdch^YZgVcYdhjgZaVX^‹cXdcaVY^c{b^XVedWaVX^dcVa!aVhXdcY^X^dcZhYZhVajYnW^ZcZhiVg!aVhgZaVX^dcZh
‚ic^XVhnYZ\‚cZgd!aVbVg\^cVX^‹cZXdc‹b^XVgZ\^dcVanaVk^cXjaVX^‹cXdcadheV†hZhkZX^cdh#AVeZgheZXi^kVYZ
\‚cZgdZhi{egZhZciZZcaVbVndg†VYZZhiVh^ckZhi^\VX^dcZh#
AV9^k^h^‹cYZ8dchZgkVX^‹cYZaV7^dY^kZgh^YVYhZZc[dXVVagZXdcdX^b^ZcidYZaVY^kZgh^YVYW^da‹\^XVVXijVa
YZaVgZ\^‹cZcVbW^ZciZhiZggZhigZhnVXj{i^Xdh0iVbW^‚chZgZXdcdXZZajhdfjZhZYVV‚hiVnaVXdcY^X^‹cYZadh
ZXdh^hiZbVhZcfjZhZZcXjZcigV!Zc[Vi^oVcYd{gZVhYZ^bedgiVcX^VXdbdhdcaVhgZhZgkVhYZaVW^dh[ZgVdodcVh
egdiZ\^YVh#IVbW^‚chZegZiZcYZ\ZcZgVgVaiZgcVi^kVheVgVjcbVcZ_dhjhiZciVWaZYZaVÄdgVn[VjcVh^akZhigZh#
;^cVabZciZ! Zc aV 9^k^h^‹c YZ H^hiZbVh YZ EgdYjXX^‹c 6aiZgcVi^kdh hZ WjhXV XdbegZcYZg adh egdWaZbVh
hdX^VaZh!ZXdc‹b^Xdh!VbW^ZciVaZhni‚Xc^XdhYZaVegdYjXX^‹cV\g†XdaV!eZXjVg^V![dgZhiVaneZhfjZgVYZahjgZhiZ
bZm^XVcd!Vh†XdbdXdchigj^gjck†cXjadZcigZ^ckZhi^\VYdgZh!egdYjXidgZhnaVhdX^ZYVYZc\ZcZgVabZY^VciZZa
ZchVndYZegdejZhiVhiZXcda‹\^XVh!dg\Vc^oVX^‹cegdYjXi^kVngZdgYZcVb^ZcidiZgg^idg^VaeVgVjcjhdhjhiZciVWaZ
YZadhgZXjghdhYZaVgZ\^‹c#

BVcjZa :a†Vh <ji^‚ggZo Zh W^‹ad\d edg aV ;:H">oiVXVaV!

BVgi†cZo"?Zg‹c^bd! ;# 6jidZXdad\†V ZmeZg^bZciVa YZ 9Ve]c^V
bV\cV 8gjhiVXZV/ 8aVYdXZgV n hj Vea^XVX^‹c Zc ZhijY^dh YZ idm^"
Xdad\†VVXj{i^XV#:hXjZaVCVX^dcVaYZ8^ZcX^Vh7^da‹\^XVh#>chi^ijid
Eda^i‚Xc^XdCVX^dcVa!IZh^hYdXidgVa!B‚m^Xd!&..*/&*,ee#
Bjo^c^X! 8# ?# ;^ghi gZXdgY d[ 9Ve]c^V ajb]daio^ HVgh ^c i]Z <gZVi
AV`Zh#?djgcVad[<gZViAV`ZhGZhZVgX]'+!'%%%/ee#(*'"(*)#
HlV[[Vg!H#B#nL#?#D»7g^Zc#He^cZhd[9Ve]c^Vajb]daio^8gZV"iZ
;ZZY^c\9^[ÃXjai^Zh[dg?jkZc^aZ7ajZ\^aaHjcÃh]AZedb^hbVXgd"
X]^gjh#?djgcVad[EaVc`idcGZhZVgX]&-!&..+/ee#&%**"&%+&#
K{ofjZo!6#!:#Hda†h!C#BVXZYd!>#GdhVh#>cÄjZcX^VYZaVXVa^YVY
YZa V\jV hdWgZ aV dXjggZcX^V YZ 9Ve]c^V ejaZm Zc aV egZhV ?dh‚
6cidc^d6aoViZnVa\jcdhVheZXidhYZhjeZhfjZg†V#8dciVb^cVX^‹c
6bW^ZciVa'!&.-+/ee#(."*+#
JC6B! n YdXidg Zc X^ZcX^Vh edg Za >EC# ;jZ WZXVg^d
edg Za \dW^Zgcd YZ 7‚a\^XV eVgV ZcigZcVb^Zcid hdWgZ
a^bcdad\†V#=Vh^Ydegd[Zhdgi^ijaVgZcaV ;:H">oiVXVaVn
VXijVabZciZ Zh ^ckZhi^\VYdg i^ijaVg Zc :8DHJG! jc^YVY
8]ZijbVa! YZcigd YZa egdnZXid :Xdad\†V n H^hiZb{i^XV
YZaOddeaVcXidc#
BV#<jVYVajeZC^ZidA‹eZoZhbVZhigVZcX^ZcX^VniZX"
cdad\†VYZVa^bZcidh#=Vh^Ydegd[ZhdgVZcaV;VXjaiVY
YZ 8^ZcX^Vh Fj†b^XVh Zc aV Jc^kZgh^YVY 6ji‹cdbV YZ
8]^VeVhnZcZa:8DHJG#6XijVabZciZZhi‚Xc^XVb^Xgdh"
Xde^hiVZaZXig‹c^XVZcaVb^hbV^chi^ijX^‹c#
IVc^V<VgÃVh:heZ_dZhbVZhigVZcX^ZcX^Vhedg:a8daZ"
\^dYZaV;gdciZgVHjg#6XijVabZciZZhijY^VZaYdXidgVYd
Zc 7^d\Zd\gV[†V YZ XaVY‹XZgdh Zc aV b^hbV ^chi^ijX^‹c!
WZXVYVedgZa8dcVXni#=VeVgi^X^eVYdZcigZhejWa^XV"
X^dcZhZheZX^Va^oVYVhnZcjcXdc\gZhdcVX^dcVa#

:C:GD™;:7G:GD9:'%%) '&