-
Afka_`lk^gj]p][mlan]k
L`]Yfko]jkafl`ak
akkm]Yj]kmhhda]\Zq2
<YfY@Yfkgf
#)/(,,1)(01,
\YfY&`Yfkgf8]q&[ge
LgfqOYj\
#,,)*)-+-*1*)
loYj\)8mc&]q&[ge
J]khgf\af_lgY:dY[cKoYf
Hjaf[ahd]kYf\hjglg[gdk^gj
j]khgf\af_lgmf]ph][l]\
[YlYkljgh`a[]n]flk
:dY[cKoYf]n]flkYj]mfhj]\a[lYZd]Yf\`a_`dqaehY[l^mdÈY[gf[]hl\Ylaf_ZY[ck]n]jYd
[]flmja]k)&Gl`]j`a_`aehY[l]n]flkYj]\]]e]\lgZ]kgmfdac]dql`Ylalakmfj]YkgfYZdq
]ph]fkan]lghj]hYj]^gjl`]e&O]j]^]jlgl`]k][gdd][lagfkg^mf]ph][l]\]n]flk`Ynaf_
f]_Ylan]aehY[lkYk:dY[cKoYfk&
:dY[cKoYfkYj]l`gm_`llgZ]jYj]]n]flk&@go]n]j$l`]qg[[mjoal`j]_mdYjalq$a^fgl
af[j]Ykaf_^j]im]f[q&9k_dgZYdhghmdYlagfk_jgo$h]ghd]l]f\lg[gf[]fljYl]af[gYklYd[ala]k
l`YlYj]af[j]Ykaf_dqj]daYflgfY\nYf[]\l][`fgdg_a]k&9kYj]kmdl$l`]k]hghmdYlagf[dmkl]jk
Yj]`a_`dqnmdf]jYZd]lgl`]fYlmjYdYf\l][`fgdg_a[Yd\akYkl]jkl`Yllja__]j:dY[cKoYf]n]flk&
:dY[cKoYfkc]hla[kj]ljgkh][lan]dqYkk]jll`Yl[YlYkljgh`a[]n]flko]j]^mddqhj]\a[lYZd]
Z][Ymk]hgkl%]n]flafn]kla_Ylagfka\]flaÕ]\\]ka_fÖYok$afY\]imYl]eYafl]fYf[]$gjgl`]j
hYll]jfkl`Ylk`gmd\`Yn]ka_fYd]\l`]]n]flÌkdac]dqg[[mjj]f[]&Q]ll`]k]kYe]]ph]jlk^Yad]\
lghjgY[lan]dqhj]\a[ll`]]n]flÌkg[[mjj]f[]&
JYj]Zaj\k
:dY[cKoYf]n]flk]ngdn]^jgegf]^Y[lgjgjY[geZafYlagfg^^Y[lgjk$af[dm\af_`meYf]jjgj$
f]_da_]f[]$eYda[agmkY[lagfkgjY[lkg^fYlmj]&J]_Yj\d]kkg^l`]aj[Ymk]$l`]qYj]Ydac]afl`Yll`]q2
 G[[mjmfhj]\a[lYZdqgjmf]ph][l]\dq
 <]n]dghjYha\dqYf\[gflafm]^gj\Yqk$o]]ck$Yf\]n]fegfl`k
 9j][YlYkljgh`a[afk[Yd]Yf\ZjgY\afk[gh]
 Hj]k]fl`YrYj\kZ]qgf\aee]\aYl]ÕfYf[aYdjakck$b]ghYj\araf_dan]k$dgf_%l]je`]Ydl`Yf\
l`]]fnajgfe]fl
FYl`YfAn]k
#),(,0)/-)**
fYl`Yf&an]k8]q&[ge
 Afngdn]ka_faÕ[YflYkk]l\YeY_]gjdgkk
) L`]:dY[cKoYf[gf[]hloYkÕjklafljg\m[]\Zql`]hg]lBmn]fYdo`gk]h`jYk]ÉjYjYYnakafl]jjakfa_jgim]kaeaddaeY
[q_fgÊgjÉYjYj]Zaj\afl`]dYf\k$Yf\n]jqdac]Y:dY[cKoYfÊ[`YjY[l]jar]\jYj]g[[mjj]f[]kZ]^gj]l`]\ak[gn]jq
g^:dY[cKoYfkaf).1/&Af*((/$FYkkaeFa[`gdYkLYd]Z^mjl`]j\]Õf]\Yf\hghmdYjar]\l`][gf[]hlg^:dY[cKoYf
]n]flkaf`akZggc$L`]:dY[cKoYf&
)
O`YlÌkl`]akkm]7
L`]mf]ph][l]\Yf\[YlYkljgh`a[fYlmj]g^Y:dY[cKoYf]n]flf][]kkalYl]kYjgZmkl
Yf\Ö]paZd]k]lg^hjaf[ahd]kYf\hjglg[gdklgeafaear]alkaehY[lYf\]fYZd]YjYha\
j][gn]jq&L`]hjaf[ahd]kYf\hjglg[gdkhj]k]fl]\`]j]Yj]\]ka_f]\lgYa\2
 ;`a]^jakcg^Õ[]jk^Y[adalYlaf_l`]aehd]e]flYlagfg^]n]fl%j]khgfk]hjg[]kk]k
 ;`a]^gh]jYlaf_g^Õ[]jkd]Y\af_l`]]n]flj]khgfk]
 ;`a]^]p][mlan]g^Õ[]jkYf\ZgYj\kg^\aj][lgjkgn]jk]]af_l`]]n]flj]khgfk]
L`ak]p][mlan]%d]n]dafngdn]e]flakf][]kkYjqlghjgna\]YZjgY\$aehYjlaYdh]jkh][lan]
Yf\lg_Yjf]jYf\[ggj\afYl]l`]\]hdgqe]flg^f][]kkYjqafl]jfYdYf\]pl]jfYd
j]kgmj[]k^gj[geZYlaf_l`]k]ka_faÕ[Yfl]n]flk&
O`ad]Yfqgj_YfarYlagf[Yf^Y[]Y:dY[cKoYf$l`gk]oal`Y`a_`]jhgl]flaYdlgZ]
[`Ydd]f_]\af[dm\]2
 Fm[d]Yjhgo]jhdYflk
 Gadj]Õf]ja]k
 GadYf\_Yk]pljY[lgjk
 ;`]ea[YdhdYflk
 @YrYj\gmk%oYkl]ljYfkhgjlYf\klgjY_]^Y[adala]k
 9]jgkhY[]Yf\\]^]fk][gehYfa]k
 KlYl]_gn]jfe]flkYf\^]\]jYdY_]f[a]k$af[dm\af_l`]eadalYjq
,(q]Yjkg^:dY[cKoYfk
)1/(k
*
)10(k
]q&[ge'-
)11(k
*(((k
*()(k
*
O`qfgo7
KY^]lqkqkl]e^Yadmj]kYlBYhYfÌk>mcmk`aeY<Yaa[`afm[d]YjhdYfl$kljm[lmjYd[gehjgeak]
g^l`]F]oGjd]Yfkd]na]k$Yf\l`][gddYhk]g^l`]Ogjd\LjY\];]fl]jLgo]jkj]eaf\mkg^
l`]ljY_a[dgkk]kZjgm_`lgfZq:dY[cKoYf]n]flk&O`ad]]Y[`]n]floYkhgkkaZd]$fgf]oYk
hj]\a[l]\&
9:dY[cKoYf]n]fl$
Zqgmj\]^afalagf$
akmf]ph][l]\Yf\
[YlYkljgh`a[&O`Yl
qgmf]]\Yj]]Ykadq
Y\YhlYZd]hjaf[ahd]k
Yf\hjglg[gdklg_ma\]
qgmjgj_YfarYlagfÌk
j]khgfk]&
+
@go\g]kalY^^][lqgm7
Cfgod]\_]YZd]$o]dd%afl]flagf]\h]ghd]eYc]j]YkgfYZd]\][akagfkdaeal]\Zq
af^gjeYlagfYnYadYZadalq$af\ana\mYdaeY_afYlagfYf\h]jkgfYdh]jkh][lan]&:][Ymk]:dY[c
KoYfk]eYfYl]^jgegmlka\]l`]k]Zgmf\Yja]kg^]ph][lYlagf$l`]qoadd[gflafm]lg
hdY_m][gehYfa]kYf\_gn]jfe]flk&*
* O`ad]kge]:dY[cKoYf]n]flkYj]\]kajYZd]Yf\hjg\m[]hgkalan]gml[ge]k$l`]^g[mkg^l`ak\g[me]flakgfl`gk]
]n]flk`Ynaf_]plj]e]dqY\n]jk]gml[ge]k&&
+
,
O`YlÌkl`]Õp7
:dY[cKoYfkj]eYafmf]ph][l]\$kgl`]j]akfgoYqlghj]n]fll`]e&:mlqgm[Yf
hj]hYj]lgeafaear]l`]ajaehY[lYf\hgkalagfqgmjgj_YfarYlagflgj][gn]jYkima[cdqYk
hgkkaZd]&O`Yl[gehYfa]kf]]\akYfmf\]jklYf\af_g^l`]hjaf[ahd]kYf\hjglg[gdkl`Yl
_ma\]Yf]^^][lan]j]khgfk]&
9k]lg^ZjgY\dqYhhda[YZd]hjaf[ahd]kmf\]jda]kl`]eYfY_]e]flg^Yfq:dY[cKoYf2
 <]Õfalagf$gof]jk`ah$Yf\[geemfa[Ylagfg^[YlYkljgh`a[]n]flj]khgfk]hjglg[gdk&
L`]lae]lgY\ghl[YlYkljgh`a[]n]fleYfY_]e]flhjglg[gdkYf\ljYaf^gjY:dY[c
KoYf]n]flakZ]^gj]Y:dY[cKoYfg[[mjk&O`ad]:dY[cKoYfkoaddf]n]j]pY[ldqeYl[`
o`Ylak\]n]dgh]\Yf\hjY[la[]\$qgmjgj_YfarYlagfoaddZ]Z]ll]j]imahh]\lgj]khgf\
k`gmd\\akYkl]jg[[mj&
 ;d]Yjdq\]Õf]\$hj]%]klYZdak`]\]e]j_]f[qeYfY_]e]fl_gYdkYf\nYdm]k&
=klYZdak`af_[d]Yjdq\]Õf]\]e]j_]f[qeYfY_]e]fl_gYdkYf\nYdm]khjgna\]kYdd
j]khgf\]jkoal`l`]gZb][lan]kf]]\]\lgjYha\dq^gjemdYl]\][akagfkYf\Ykk]kkl`]
]^^][lan]f]kkg^j]khgfk]Y[lagfk]n]fZ]^gj]Y^gjeYdj]khgfk]hdYfak\]n]dgh]\&
 =ehgo]je]flg^dg[Ydj]khgf\]jklglYc]Y[lagf&Dg[Ydj]khgf\]jk]ph]ja]f[]Yf
]n]flÕjkl`Yf\&=fYZdaf_l`]elgY[lafY[[gj\Yf[]oal`]klYZdak`]\]e]j_]f[q
j]khgfk]hjg[]\mj]k[Yfj]kmdlafYegj]jYha\j]kgdmlagfYf\[gflYafe]flg^
Y\n]jk][gf\alagfk&
 HYjYdd]dhdYffaf_Yf\]p][mlagf&HYjYdd]dhdYffaf_Yf\]p][mlagfakYZgml
hjagjalarYlagf&Al]f[gmjY_]kl`]kaemdlYf]gmkhjg_j]kkg^k]n]jYdj]khgfk]ghlagfk$
hj]%klY_af_dYl]jY[lagfkkgl`]q[YfZ]aee]\aYl]dqaehd]e]fl]\k`gmd\l`]
hj][]\af_j]khgfk]Y[lagf^Yad&
ÉO`ad]:dY[cKoYfkoadd
f]n]j]pY[ldqeYl[`o`Ylak
\]n]dgh]\Yf\hjY[la[]\$Zq
mf\]jlYcaf_l`]]p]j[ak]$l`]
gj_YfarYlagfoaddZ]Z]ll]j
]imahh]\lgj]khgf\k`gmd\
\akYkl]jg[[mj&Ê
,
]q&[ge'-
 Afn]flgja]kg^ÕfYf[aYd$h]jkgff]d$h`qka[YdYf\cfgod]\_]j]kgmj[]k&=^^][lan]j]khgfk]
j]imaj]kka_faÕ[YflÕfYf[aYd$`meYf$h`qka[YdYf\cfgod]\_]j]kgmj[]k&D]Y\]jkk`gmd\
[gflafmYddqkmjn]ql]Yee]eZ]jkYf\gmlka\]kmhhgjl]jklgZmad\[gehd]l]afn]flgja]k
g^l`]k]j]kgmj[]k&J]kgmj[]YnYadYZadalq\YlYk`gmd\Z]Y[[gehYfa]\ZqYhhjghjaYl]
\]hdgqe]flYf\mk]%j]klja[lagfaf^gjeYlagf&
 D]n]jY_]g^]pl]jfYdh]jkh][lan]Yf\]ph]ja]f[]&J]khgf\]jkk`gmd\Z]j][]hlan]lg
]pl]jfYdh]jkh][lan]kYf\hj]hYj]\lgaf[gjhgjYl]l`]k]aflgl`]]n]flÌkeYfY_]e]fl&
 9nga\Yf[]g^^Ydk]][gfgeq&>Ydk]][gfgeqakgf]j]Ykgfgj_YfarYlagfk\gfÌlhdYfYf\
]p][ml]j]khgfk]ghlagfkafhYjYdd]d&@go]n]j$]d]nYl]\j]khgfk][gklkg^l]fhYd]af
[gehYjakgflgl`]j][gn]jq[gklg^YfY[[a\]fll`Yl]phYf\kaf\mjYlagfYf\_]g_jYh`q&
 J]b][lagfg^hgdala[YdeglanYlagfk&J]khgf\]jkYlYddd]n]dkÈYf\hYjla[mdYjdql`gk]
hgkk]kkaf_l`]`a_`]kl\][akagf%eYcaf_Yml`gjalqÈemklj]eYafYhgdala[Ydo`]f[geZYlaf_
oal`Y:dY[cKoYf&
 ;gf^jgflYlagfg^egjYdYf\]l`a[Yd\ad]eeYk&EgjYdYf\]l`a[Yd\ad]eeYkj]imaj]Yd]Y\]j
o`gak\]\a[Yl]\lgeYcaf_\][akagfkZYk]\gfo]dd%_jgmf\]\nYdm]k&O`]f\][akagfkYj]
eY\]ZYk]\gfe]j]dqo`Ylakd]_Yddq\]^]fkYZd]$hgdala[Yddq]ph]\a]fl$gjk]d^%gj[gehYfq%
k]jnaf_$\YeY_]lgl`][gehYfqÌkj]hmlYlagf[Yfj]kmdlYf\Y\n]jk]dqY^^][lalk^mlmj]
Zmkaf]kkgh]jYlagfk&
 ;gfka\]jYlagfg^[gfljYjaYf[`Ydd]f_]k&;gfljYjaYfna]ohgaflk[Yfk]]e\akjmhlan]Yf\
lae]%[gfkmeaf_ZmlhdYqYfaehgjlYfljgd]af]^^][lan]j]khgfk]eYfY_]e]fl&9\\alagfYddq$
[gfljYjaYfna]ohgaflk^jgegmlka\]l`]gj_YfarYlagf[Yfhjgna\]Yegj]\a^^]j]flaYl]\
h]jkh][lan]Y_Yafklo`a[`lg]nYdmYl]qgmjj]khgfk]&
:dY[cKoYfj]khgfk]hjaf[ahd]k
<]Õfalagf$gof]jk`ahYf\[geemfa[Ylagfg^[YlYkljgh`a[]n]flj]khgfk]
hjglg[gdk
;d]Yjdq\]Õf]\$hj]%]klYZdak`]\]e]j_]f[qeYfY_]e]fl_gYdkYf\nYdm]k
=ehgo]je]flg^dg[Ydj]khgf\]jklglYc]Y[lagf
HYjYdd]dhdYffaf_Yf\]p][mlagf
Afn]flgja]kg^ÕfYf[aYd$h]jkgff]d$h`qka[YdYf\cfgod]\_]j]kgmj[]k
D]n]jY_]g^]pl]jfYdh]jkh][lan]Yf\]ph]ja]f[]
9nga\Yf[]g^^Ydk]][gfgeq
J]b][lagfg^hgdala[YdeglanYlagfk
;gf^jgflYlagfg^egjYdYf\]l`a[Yd\ad]eeYk
9[[]hlYf[]g^Ydl]jfYlan]na]ohgaflk
-
:dY[cKoYf
j]khgfk]hjglg[gdk
 =n]flj][g_falagf
 Gj_YfarYlagfYd\]hdgqe]fl
 KalmYlagfYkk]kke]fl
 9dl]jfYlan]a\]flaÕ[Ylagf
 9dl]jfYlan]k]d][lagf
 9dl]jfYlan]]p][mlagf
 ;gflafmgmkaehjgn]e]fl
L`]k]j]khgfk]hjglg[gdkYj]fglafl]f\]\lgZ]Ykl]h%Zq%kl]hhjg[]kk&L`]qj]hj]k]fl
Y_]f]jYdY[lanalq_ma\]lgY:dY[cKoYfj]khgfk]&L`]k]hjglg[gdkhjgna\]YZYkak^gj
j]khgfk]l`Yl[YfZ]]YkadqY\Yhl]\lg]Y[`mfaim]kalmYlagf2
 =n]flj][g_falagf&:dY[cKoYfkg[[mjafYkalmYlagfklYl]2
 Gmlka\]l`]Zmkaf]kk[gflafmalqhdYfYf\Ykk]l\]ka_fZYkakdaealk
 Afka\]lglYddgkkYf\YZYf\gfe]fl[gf\alagfk
<]Õfaf_l`]k]Zgmf\YjqklYl]kakf][]kkYjqlg]^^][lan]dqj][g_far]Yf\aehd]e]fl
l`]j]khgfk]hjglg[gdk&L`]\]Õfalagfk]lak[gehd]l]\oal`l`]Y\\alagfg^e]l`g\k
^gjj]hgjlaf_l`]gfk]lg^km[`]n]flk&
 Gj_YfarYlagfYd\]hdgqe]fl&JYha\klY^Õf_g^l`]g^^%kal]]n]flj]khgfk]l]Ye$d]\
ZqYkaf_d]\][akagf%eYc]j lqha[Yddql`];GG!$ak[jala[Ydlg]Yjdq[gflYafe]flg^]n]fl
[gf\alagfkYf\eafaearYlagfg^Y\n]jk]aehY[lk&9emdla\ak[ahdafYjql]Yej]hj]k]flaf_
l`]gj_YfarYlagfÌkZj]Y\l`g^^mf[lagfYdYj]Yh]jkh][lan]kYf\]ph]jlak]kmhhgjlkl`]
\][akagf%eYc]j&=pl]jfYd]ph]jlk[Yfhjgna\]Y\\alagfYdmfaim]h]jkh][lan]k&
 KalmYlagfYkk]kke]fl&=e]j_]f[q%j]khgfk]eYfY_]jkemkl[d]Yjdqmf\]jklYf\l`]
]n]fl%kh][aÕ[akkm]k^Y[]\Yf\gml[ge]k\]kaj]\afgj\]jlg]^^][lan]dqk]d][lYf\
]p][ml]YhhjghjaYl]Y[lagfk&Oal`gmlYo]dd%\]Õf]\^g[Ydhgafl$l`]k]eYfY_]jkjakc
k]d][laf_Yf\h]j^gjeaf_af]^Õ[a]flgjafYhhjghjaYl]Y[lagfk&
 9dl]jfYlan]a\]flaÕ[Ylagf&J]khgfk]eYfY_]jkk`gmd\a\]fla^qYdYj_]Zg\qg^
Ydl]jfYlan]khjagjalar]\^gjaehd]e]flYlagfZql`]aj]klaeYl]\YZadalqlgqa]d\Y
eYpaemefmeZ]jg^\]kaj]\gml[ge]k&9dl]jfYlan]a\]flaÕ[YlagfklYjlkoal`l`]
\]n]dghe]flg^ghlagflj]]kl`Yla\]fla^ql`gk]Y[lagfkYf\j]kgmj[]kf]]\]\lg
Y\\j]kk]Y[`[jala[Yd]n]flhYjYe]l]j&
 9dl]jfYlan]k]d][lagf&L`]]e]j_]f[qj]khgfk]eYfY_]jemkl[Yj]^mddq]nYdmYl]
]Y[`Ydl]jfYlan]^gjalkYkkg[aYl]\jakckYf\[gfk]im]f[]k$Z]f]Õlk$Yf\l`]
gj_YfarYlagfÌkaehd]e]flYlagf[YhYZadala]k&O`]fYnYadYZd]$h]j^gjeYf[]eg\]dkYf\
jakc]nYdmYlagflggdkk`gmd\Z]mk]\$Yf\[jala[YdYkkmehlagfkk`gmd\Z]\g[me]fl]\
^gj^mlmj]j]^]j]f[]&
 9dl]jfYlan]]p][mlagf&=p][mlagfg^[YlYkljgh`a[]n]fleYfY_]e]flhdYfkk`gmd\
^gddgol`]]klYZdak`]\h]j^gjeYf[]klYf\Yj\kYf\hjg[]\mj]k^gjhj]\a[l]\]n]flk&
L`]k]e]l`g\kg^l]fhjgna\]l`]hgafl%g^%]p][mlagf\]lYadk^gjYf]^^][lan]j]khgfk]&
 ;gflafmgmkaehjgn]e]fl&;gflafmgmkaehjgn]e]flafngdn]k[jala[Yd$gf_gaf_
h]j^gjeYf[]Ykk]kke]flg^Yddd]n]dkg^l`]gj_YfarYlagfYf\l`]af[gjhgjYlagfg^
d]kkgfkd]Yjf]\aflg\][akagfk$hjg[]\mj]kYf\ljYafaf_hjg_jYek&
.
]q&[ge'-
LjYalk^gj]^^][lan]
j]khgfk]
 KY^]lq%[gfk[agmkogjc
]fnajgfe]fl
 9hhj][aYlagfg^l`]
gj_YfarYlagfÌkmfaim]jakck
 Im]klagfaf_Yllalm\]
 Oaddaf_f]kklga\]fla^qYf\
j]hgjlhjgZd]ek
 Gh]ff]kklgafl]jfYdYf\
]pl]jfYdgh]jYlaf_]ph]ja]f[]
Yf\kmhhgjl
 JgZmkll][`fa[Yd[geh]l]f[]
YlYddd]n]dk
O`YlÌkl`]Zgllgedaf]7
:dY[cKoYfkYj]mf]ph][l]\$mfhj]n]flYZd]$Yf\[YlYkljgh`a[&O]\gfÌlcfgoo`]f
l`]qÌddg[[mj$o`Yl^gjel`]qÌddlYc]$o`]j]l`]qÌddkljac]$o`gel`]qÌddY^^][l$gj`go
l`]qÌddZ]j]kgdn]\&:mlqgm[YfZ]hj]hYj]\lgj]khgf\&
L`]hjaf[ahd]kYf\hjglg[gdkhj]k]fl]\`]j][Yf`]dh_ma\]qgmjgj_YfarYlagfÌkj]khgfk]
lgY:dY[cKoYf]n]fl&Aehd]e]fl]\hjgY[lan]dq$l`]k]YhhjgY[`]kYf\_ma\]daf]k[Yf
hgkalagfqgmjgj_YfarYlagflgj][gn]jYkima[cdqYf\]^^][lan]dqYkhgkkaZd]&
Ogjcaf_oal`qgmjgj_YfarYlagfÌkd]Y\]jk`ahYf\gh]jYlagfkl]Yek$=jfklQgmf_[Yf
`]dhqgm[j]Yl]$]f`Yf[]$Yf\nYda\Yl]hjg[]kk]k^gjeYfY_af_mf]ph][l]\[YlYkljgh`a[
]n]flk&O]g^^]jhjgn]fe]l`g\gdg_a]kYf\d]Y\af_hjY[la[]klg`]dhqgm2
 A\]fla^q&9kk]kkqgmjjakcYhh]lal]Yf\a\]fla^ql`]ka_faÕ[Yfljakckj]dYl]\lg
qgmjZmkaf]kkgh]jYlagfk&
 <aY_fgk]&=nYdmYl]Yf\mf\]jklYf\o`]l`]jqgmjgj_YfarYlagfÌk[`YjY[l]jakla[kYda_f
oal`l`]hjaf[ahd]kg^]^^][lan]:dY[cKoYfj]khgfk]Yf\a\]fla^ql`gk]hjglg[gdk
Ydj]Y\qafhdY[]Yko]ddYkl`gk]l`YlYj]dY[caf_&
 <]ka_f&Gf[]l`]j]akY_j]]e]flgfl`]\aY_fgkla[j]kmdlk$Ykkaklqgmaf\]n]dghaf_
afalaYlan]klg[dgk]l`]hjaf[ahd]kYf\hjglg[gdk_Yhkkh][aÕ[lgqgmjgj_YfarYlagf&
 <]dan]jYf\kmklYaf&:qkmhhgjlaf_l`]aehd]e]flYlagfg^qgmjaehjgn]e]fl
afalaYlan]k$=jfklQgmf_[Yf`]dhhgkalagfqgmjgj_YfarYlagflgj]khgf\lg:dY[c
KoYf]n]flkYkima[cdqYf\]^^][lan]dqYkhgkkaZd]3eafaearaf_l`]ajaehY[lYf\
]ph]\alaf_qgmjj][gn]jq&
L`]Z]f]Õlkg^km[`YfYhhjgY[`Yj]e]Yfaf_^mdYf\[d]Yj2
 Hjgl][lagfg^`meYfda^]$`]Ydl`$Yf\o]dd%Z]af_
 J]\m[lagfaf\YeY_]lgYf\dgkkg^Ykk]lk
 Eafaear]\]fnajgfe]flYdaehY[lYf\dgo]j[gklg^[d]Yfmh
 >Ykl]jj]lmjflg[gj]Zmkaf]kkgh]jYlagfk
 Hjgl][l]\gjaehjgn]\j]hmlYlagf
:dY[cKoYfkoaddYdoYqkZ]oal`mk&L`]qYj]mf]ph][l]\Yf\g^l]fmfYnga\YZd]&
@go]n]j$ZqYhhdqaf_l`]hjaf[ahd]kYf\hjglg[gdkhj]k]fl]\`]j]$d]Y\]jk[Yf]imah
l`]ajgj_YfarYlagfklg]^^][lan]dqj]khgf\lgY:dY[cKoYf&
>gjj]dYl]\
l`gm_`ld]Y\]jk`ah
nakal]q&[ge'-
9dkg[`][cgmlgmj]phYf\]\o`al]hYh]j2
J]khgf\af_lgY
:dY[cKoYf
Hjaf[ahd]kYf\hjglg[gdk^gj
j]khgf\af_lgmf]ph][l]\
[YlYkljgh`a[]n]flk
LglYdogj\[gmflafl`akdYqgml2
Yhhjgp&.$0-(
=Y[`hY_][Yf`gd\Yhhjgp&0/-%1((ogj\k
J]khgf\af_lgY:dY[cKoYf
Hjaf[ahd]kYf\hjglg[gdk^gjj]khgf\af_
lgmf]ph][l]\[YlYkljgh`a[]n]flk
:dY[cKoYf[YlYkljgh`a[]n]flkYj]
mfhj]\a[lYZd]$Zmll`]j]Yj]kl]hkqgm
[YflYc]lghj]hYj]&L`]hjaf[ahd]kYf\
hjglg[gdkhj]k]fl]\`]j][Yf`]dhqgm
eafaear]l`]aehY[lYf\hgkalagfqgmj
gj_YfarYlagflgj][gn]jYkima[cdqYf\
]^^][lan]dqYkhgkkaZd]&
/
/
=jfklQgmf_
9kkmjYf[]tLYptLjYfkY[lagfkt9\nakgjq
O]oYfllg`]Yj^jgeqgm
Hd]Yk]d]lmkcfgoa^l`]j]
Yj]kmZb][lkqgmogmd\dac]
-2afka_`lk^gj]p][mlan]klg[gn]j&
Qgm[Yf[gflY[lmkYl2
^an]k]ja]k&l]Ye8]q&[ge
9Zgml=jfklQgmf_
=jfklQgmf_akY_dgZYdd]Y\]jafYkkmjYf[]$lYp$ljYfkY[lagf
Yf\Y\nakgjqk]jna[]k&Ogjd\oa\]$gmj),)$(((h]ghd]Yj]
mfal]\Zqgmjk`Yj]\nYdm]kYf\YfmfoYn]jaf_[geeale]fllg
imYdalq&O]eYc]Y\a^^]j]f[]Zq`]dhaf_gmjh]ghd]$gmj[da]flk
Yf\gmjoa\]j[geemfala]kY[`a]n]l`]ajhgl]flaYd&
=jfklQgmf_j]^]jklgl`]_dgZYdgj_YfarYlagfg^e]eZ]j
^ajekg^=jfklQgmf_?dgZYdDaeal]\$]Y[`g^o`a[`akY
k]hYjYl]d]_Yd]flalq&=jfklQgmf_?dgZYdDaeal]\$YMC
[gehYfqdaeal]\Zq_mYjYfl]]$\g]kfglhjgna\]k]jna[]klg
[da]flk&>gjegj]af^gjeYlagfYZgmlgmjgj_YfarYlagf$hd]Yk]
nakalooo&]q&[ge&
=jfklQgmf_DDHakY[da]fl%k]jnaf_e]eZ]j^ajeg^
=jfklQgmf_?dgZYdDaeal]\gh]jYlaf_afl`]MK&
9Zgml=jfklQgmf_Ìk9\nakgjqK]jna[]k
L`]j]dYlagfk`ahZ]lo]]fjakcYf\h]j^gjeYf[]aehjgn]e]fl
akYfaf[j]Ykaf_dq[gehd]pYf\[]fljYdZmkaf]kk[`Ydd]f_]$oal`
Zmkaf]kkh]j^gjeYf[]\aj][ldq[gff][l]\lgl`]j][g_falagf
Yf\]^^][lan]eYfY_]e]flg^jakc&O`]l`]jqgmj^g[mkakgf
Zmkaf]kkljYfk^gjeYlagfgjkmklYafaf_Y[`a]n]e]fl$`Ynaf_
l`]ja_`lY\nakgjkgfqgmjka\][YfeYc]Yddl`]\a^^]j]f[]&
Gmj*($(((Y\nakgjqhjg^]kkagfYdk^gjegf]g^l`]ZjgY\]kl
_dgZYdY\nakgjqf]logjckg^Yfqhjg^]kkagfYdgj_YfarYlagf$
\]dan]jaf_k]Ykgf]\emdla\ak[ahdafYjql]Yekl`Ylogjcoal`gmj
[da]flklg\]dan]jYhgo]j^mdYf\kmh]jagj[da]fl]ph]ja]f[]&
O]mk]hjgn]f$afl]_jYl]\e]l`g\gdg_a]klg`]dhqgmY[`a]n]
qgmjkljYl]_a[hjagjala]kYf\eYc]aehjgn]e]flkl`YlYj]
kmklYafYZd]^gjl`]dgf_]jl]je&O]mf\]jklYf\l`YllgY[`a]n]
qgmjhgl]flaYdYkYfgj_YfarYlagfqgmj]imaj]k]jna[]kl`Yl
j]khgf\lgqgmjkh][a^a[akkm]k$kgo]Zjaf_gmjZjgY\k][lgj
]ph]ja]f[]Yf\\]]hkmZb][leYll]jcfgod]\_]lgZ]YjafY
hjgY[lan]Yf\gZb][lan]oYq&9Zgn]Ydd$o]Yj][geeall]\lg
e]Ykmjaf_l`]_YafkYf\a\]fla^qaf_o`]j]l`]kljYl]_qak
\]dan]jaf_l`]nYdm]qgmjZmkaf]kkf]]\k&AlÌk`go
=jfklQgmf_eYc]kY\a^^]j]f[]&
¡*())=jfklQgmf_DDH&
9ddJa_`lkJ]k]jn]\&
K;GJ=fg&:L()+)