.!

02 &-30
EY^KV COaK\N]

5:3AE7C

!+)"+$%&# ", '"(*

*%!0,),' -32#-+%1

0%/3)0%$ .0-&%11)-,!* #!.!")*)2)%1 0.#

38E7C DEF6J;?9 E:;D 5:3AE7C& J@F D:@F=6 47

34=7 E@

e >YXS^Y\] ^RO MYWZO^S^S`OXO]]

7X]_\O] MYWZVSKXMO aS^R

YP ^RO ^Y^KV MYWZOX]K^SYX

VOQKVVc \O[_S\ON Z\YQ\KW]

]^\K^OQc YX KX YXQYSXQ LK]S]

7IA=3;? ^RO ]^\K^OQSM SWZY\^KXMO YP ^Y^KV
\OaK\N]&

e >YXS^Y\] ^RO MYWZO^S^S`OXO]]

7IA=3;? SX NO^KSV OKMR YP ^RO ^R\OO ]^KQO] SX

YP ^RO MYWZOX]K^SYX Z\Y%

Q\KW \OVK^S`O ^Y MYWZK\KLVO

O]^KLVS]RSXQ ZKc \K^O]&

Y\QKXSdK^SYX]

6;D5FDD MYWZO^OXMc%LK]ON ZKc&

67D5C;47 ^RO PS`O LK]SM OVOWOX^] YP MYWZOX%
]K^SYX PY\ WKXKQO\]&
678;?7 ZKc O[_S^c KXN 7IA=3;? S^] SWZY\^KXMO
^YNKc&

e A\Y`SNO] PY\ NOVS`O\c YP ZKc\YVV

]O\`SMO] SX MYWZVSKXMO aS^R
KZZVSMKLVO VOQS]VK^SYX KXN
MYWZKXc ZYVSMc KXN KN`S]O]
^RO Y\QKXSdK^SYX YX \OVK^ON
WK^^O\]

7X]_\O] KMM_\K^O KXN ^SWOVc

NOVS`O\c YP ZKc
7X]_\O] ZKc \OMY\N] K\O
KMM_\K^O KXN MYWZVO^O
COMYWWOXN] TYL Z\SMO KXN
ZKc \KXQO] LK]ON YX \OVO`KX^
SX^O\XKV KXN Ob^O\XKV PKM^Y\]

")$

/3?A $ 2=A3; 07B3?6@

8,) 786%8)+-' -14368%2') 3* 838%0

)1403=1)28 6);%6(7
HGH GFH IE F
FHHE G IE
LGFH FE FGFKGFH
HF FE FHF FE
G F G H
GFH

GFHG H GHHF G
H HGH GFHGF HH
GF F GFGF

9`^aV_dReZ`_ R_U cVhRcUd ^R_RXV^V_e Zd ViecV^V]j Z^a`ceR_e e` VgVcj

V^a]`jVV' J`eR] V^a]`j^V_e cVhRcUd cVWVc e` R_ Z_eVXcReVU aRT\RXV `W R]]
cVhRcUd XRZ_VU Sj V^a]`jVVd RcZdZ_X Wc`^ eYVZc V^a]`j^V_e' JYVdV cVhRcUd
V_T`^aRdd VgVcjeYZ_X eYRe V^a]`jVVd gR]fV Z_ eYV V^a]`j^V_e cV]ReZ`_dYZa'
JYVcV RcV R gRcZVej `W ^`UV]d eYRe ReeV^ae e` UVWZ_V eYV V]V^V_ed `W e`eR]
V^a]`jVV cVhRcUd' I`^V ^`UV]d dVX^V_e cVhRcUd SRdVU `_ eYV ^`_VeRcj
"ViecZ_dZT#% _`_ ^`_VeRcj "Z_ecZ_dZT# UZgZUV% hZeY WfceYVc UZWWVcV_eZReZ`_
SVehVV_ SRdY aRj^V_ed R_U SV_VWZed eYRe YRgV RcV R TRdY ViaV_dV W`c eYV
`cXR_ZkReZ`_% Sfe RcV _`e aRZU Rd TRdY e` eYV V^a]`jVVd% Rd Z]]fdecReVU Z_
<ZXfcV **'*'*
7]eVc_ReZgV]j% M`c]UReM`c\ T`_TVaefR]ZkVU eYV e`eR] cVhRcUd ^`UV] hZeYZ_
eYcVV Sc`RU TReVX`cZVd3
0GEH=FK9LAGF
=PLJAFKA;#% :=F=>ALK =PLJAFKA; ! R_U FGF"EGF=L9JQ J=O9J<K
AFLJAFKA; # HVTV_e]j% eYV h`c\ ViaVcZV_TV TReVX`cj hRd WfceYVc cVWZ_VU Sj da]Ze&
eZ_X Ze Z_e` eYcVV aRcednh`c\&]ZWV ac`XcR^d% aVcW`c^R_TV R_U cVT`X_ZeZ`_%
R_U UVgV]`a^V_e R_U TRcVVc `aa`cef_ZeZVdncVdf]eZ_X Z_ WZgV TReVX`cZVd `W e`eR]
cVhRcUd% Rd dY`h_ Z_ <ZXfcV **'+'
JYV e`eR] cVhRcUd Raac`RTY% Rd `aa`dVU e` eYV acVgZ`fd Raac`RTY `W ^R_&
RXZ_X UZWWVcV_e V]V^V_ed `W T`^aV_dReZ`_ Z_ Zd`]ReZ`_% YRd RcZdV_ Wc`^ eYV
TYR_XZ_X SfdZ_Vdd V_gZc`_^V_e `W eYV ]Rde dVgVcR] UVTRUVd' JYV VT`_`^ZVd
`W UVgV]`aVU _ReZ`_d ]Z\V 9R_RUR YRgV Vg`]gVU Wc`^ R ]RcXV]j Z_UfdecZR]&
ZkVU SRdV e` SVT`^V WRc ^`cV gZcefR]% \_`h]VUXV&SRdVU% R_U dVcgZTV&SRdVU%
hYVcV V^a]`jVVd RcV Z_TcVRdZ_X]j cVXRcUVU Rd UcZgVcd `W ac`UfTeZgZej' 7 e`eR]
cVhRcUd Raac`RTY T`_dZUVcd Z_UZgZUfR] cVhRcU T`^a`_V_ed Rd aRce `W R_
Z_eVXcReVU hY`]V e` UVeVc^Z_V eYV SVde ^Zi `W cVhRcUd eYRe RcV R]ZX_VU hZeY

,93>A7? !! 1A?3A78:5 /3C /;3<@ ")%

((&)

ERO EY^KV COaK\N] >YNOV

BBE G
CHH HG HHH GHH FE BHF G

*-!) +%.!+$,
,-+!-%&/

AGFHGF
D

%8;7:@33

"?=593==

!+%*$!"+%('

#)$()&!'"

'03,5)3+

;_XRXV^V_e

+3=?7>=

D
F A

A
I 9' IHH /1

BCBACBCBC CB D BFHE IH GF G GEHG CGHHE D IIIIGEHIGG

SfdZ_Vdd decReVXj R_U eYRe ac`gZUV V^a]`jVV gR]fV% R]] hZeYZ_ eYV T`de T`_&
decRZ_ed `W eYV `cXR_ZkReZ`_' 7]ZX_^V_e Zd eYV VieV_e e` hYZTY cVhRcUd dfaa`ce
`feT`^Vd eYRe RcV Z^a`ceR_e e` RTYZVgZ_X eYV `cXR_ZkReZ`_qd decReVXZT `S[VT&
eZgVd' <`c ViR^a]V% hYV_ T`^aVeZeZgV RUgR_eRXV cV]ZVd `_ cV]V_e]Vdd Tfde`^Vc
dVcgZTV% eYZd SVYRgZ`fc dY`f]U SV cVZ_W`cTVU' ;^a]`jVV gR]fV Zd TcVReVU hYV_
cVhRcUd RcV ^VR_Z_XWf] e` V^a]`jVVd R_U Z_W]fV_TV eYVZc RWWZ]ZReZ`_ hZeY eYV
`cXR_ZkReZ`_'+

8EB *FRB 'KILKJBJPO KC 8KP>H 6BS>NAO

*'

0GEH=FK9LAGF# JYZd TReVX`cj Z_T]fUVd UZcVTe WZ_R_TZR] aRj^V_ed Z_ eYV W`c^

`W hRXVd% dR]RcZVd% Z_TV_eZgVd% T`^^ZddZ`_d% R_U S`_fdVd' MRXVd R_U dR]RcZVd
RcV UZdTfddVU Z_ eYZd TYRaeVc% R_U `eYVc UZcVTe WZ_R_TZR] aRj^V_ed RcV UZd&
TfddVU Z_ 9YRaeVc *+'

+' /=F=>ALK# JYZd TReVX`cj Z_T]fUVd Z_UZcVTe aRj^V_ed Z_ eYV W`c^ `W WZ_R_TZR] SV_&
VWZed% ]Z\V V^a]`jVc&aRZU Z_dfcR_TV R_U gRTReZ`_d' ?e R]d` Z_T]fUVd V^a]`jVV
dVcgZTVd% Rd UZdTfddVU Z_ 9YRaeVc *,'
,'

8GJC"DA>= HJG?J9EK# JYZd TReVX`cj `W cVhRcUd cV]ReVd e` ac`XcR^d eYRe

YV]a V^a]`jVVd U` eYVZc [`Sd VWWVTeZgV]j% dfTY Rd W]ViZS]V dTYVUf]Z_X% eV]V&
T`^^feZ_X% TYZ]UTRcV% R_U d` `_' M`c\n]ZWV ac`XcR^d RcV UZdTfddVU Z_
9YRaeVc *,'

-'

6=J>GJE9F;= 9F< J=;G?FALAGF# JYZd TReVX`cj Z_T]fUVd aRj&W`c&aVcW`c^R_TV

R_U cVT`X_ZeZ`_ ac`XcR^d' JYVdV ac`XcR^d RcV UZdTfddVU Z_ 9YRaeVc *+'

")&

/3?A $ 2=A3; 07B3?6@

.'

1=N=DGHE=FL 9F< ;9J==J GHHGJLMFALA=K# JYZd TReVX`cj `W cVhRcUd W`TfdVd

`_ a]R__Z_X W`c eYV RUgR_TV^V_e `c TYR_XV Z_ cVda`_dZSZ]ZeZVd e` SVde
dfZe Z_UZgZUfR] d\Z]]d% eR]V_ed% R_U UVdZcVd' JfZeZ`_ RddZdeR_TV% ac`WVddZ`_R]
UVgV]`a^V_e% dRSSReZTR]d% T`RTYZ_X R_U ^V_e`cZ_X `aa`cef_ZeZVd% dfTTVd&
dZ`_ a]R__Z_X% R_U RaacV_eZTVdYZad RcV R]] ViR^a]Vd `W TRcVVc&V_YR_TZ_X
ac`XcR^d'

JYV h`c]Uqd ^`de RU^ZcVU T`^aR_ZVd ViTV] Re eR\Z_X R e`eR] cVhRcUd Raac`RTY%
Rd UZdTfddVU Z_ eYV IecReVXZT >H S`i'

786%8)+-' (0
COaK\N] A\YQ\KW 7PPOM^S`OXO]] K^ ^RO HY\VNg]
>Y]^ 3NWS\ON 5YWZKXSO]

A FEHFE HH G GHHE
G HF GF G HG H
HGH IE G GF FGH H HF

H IGE GH EE GF L A

IE FFH FE GH GFH
FH H G FHF IE K
GIH GGHFH H G IG GFHGF FE
IG H

HE F %35782. F F H
GF E F HE HG IE
G HF

GF GF F F H HGF G IE
G
FF H IE G FE IH
GFHGF G HH FE H

GGHF HGH IE I G H GFK

HGF FE H F FHF IE

F HGF G G EGF HFH G

IHF HF F GI HF HH G
H

HH F H F F IE
G FHHGF

FGF B G F F F E H
HHF IE G FHG HGF

A F GI HF H
F A GH FH
F G FFH FE GGF G
HF GH GFHGF GH H H
G H HH A GF FHF IE
EGFH HGF GG
G GGIF HFH HG GG G IF G FK
G H FH GF F F
HF HFH
FHGF HFE HG FE H GH H EF
G H IE G H H GF K
IH FEHE EF
FGH I IE G F IG I H H
I H H FHG HGF FE HF HFE H
GFHGF HH E H HF

F GF A G H FF
H IE G IH H GFHGF G
HH H HFE HG H G G FHE
G HG FF IE HH GFHGF
HH FE GF FFH G
G H GFHF H F HHK
HG F FE G GF
GFHGF G HFE HG H IE F

,:?<13

7URaeVU Wc`^ J' CTCf]]T_% C& H`jR]% R_U &L?' IeRc\%

oHVhRcUd&Fc`XcR^
7U^ZcVU

;WWVTeZgV_Vdd3

9`^aR_ZVd

=cVRe6p

MYRe

CR\Vd

.:<720>.:<6

eYV M`c]Uqd C`de

(:?<907%

?I%

_`'

*%

aa' /.n0-' 9`_eV_ed m +))2' HVacZ_eVU hZeY aVc^ZddZ`_ Wc`^

M`c]UReM`c\'

9`_eV_e

Zd

]ZTV_dVU

W`c

fdV

Sj

afcTYRdVc

`_]j'

D` aRce `W eYZd RceZT]V ^Rj SV cVac`UfTVU% ViTVcaeVU% `c cVUZd&

ecZSfeVU Z_ R_j W`c^ hZeY`fe ViacVdd hcZeeV_ aVc^ZddZ`_ Wc`^
M`c]UReM`c\'

-IL>@P KC 6BS>NAO
GI F LFGI FGIF
GI HGF
666 306+126)320/ *0.

JYV afca`dVd `W cVhRcUd RcV e` ReecRTe% cVeRZ_% ^`eZgReV% R_U V_XRXV V^a]`jVVd'
2F?9?=E=FL cVWVcd e` R a`dZeZgV V^`eZ`_R] T`__VTeZ`_ e` eYV V^a]`jVc R_U
R T]VRc f_UVcdeR_UZ_X `W eYV decReVXZT dZX_ZWZTR_TV `W eYV [`S% hYZTY cVdf]ed
Z_ UZdTcVeZ`_Rcj VWW`ce `_ eYV aRce `W eYV V^a]`jVV' JYV &$$*"&$$+ 4DG:9D

,93>A7? !! 1A?3A78:5 /3C /;3<@ ")'

8GJC>GJ;= 7LM<Q Sj J`hVcd FVccZ_ "_`h \_`h_ Rd J`hVcd MRed`_# T`_df]eR_ed

W`f_U eYRe% W`c 9R_RUZR_d% T`^aVeZeZgV SRdV aRj hRd eYV _f^SVc `_V WRTe`c Z_
ReecRTeZ_X V^a]`jVVd e` R_ `cXR_ZkReZ`_% YRgZ_X ViTV]]V_e TRcVVc `aa`cef_ZeZVd
hRd eYV ^`de Z^a`ceR_e WRTe`c Z_ cVeRZ_Z_X V^a]`jVVd% R_U dV_Z`c ^R_RXV^V_eqd
Z_eVcVde Z_ V^a]`jVV hV]]&SVZ_X hRd eYV e`a WRTe`c Z_W]fV_TZ_X V^a]`jVV
V_XRXV^V_e' IZ^Z]Rc]j% R defUj `W --/ `cXR_ZkReZ`_d RTc`dd 9R_RUR Sj
MVdeVc_ 9`^aV_dReZ`_ R_U 8V_VWZed 9`_df]eR_ed W`f_U eYRe eYV ^`de VWWVTeZgV
ReecRTeZ`_ decReVXj hRd `WWVcZ_X T`^aVeZeZgV SRdV dR]RcZVd% R_U eYV e`a cVRd`_
W`c efc_`gVc R^`_X V^a]`jVVd hRd UZddReZdWRTeZ`_ hZeY TRdY T`^aV_dReZ`_'
Eaa`cef_ZeZVd W`c RUgR_TV^V_e% h`c\&]ZWV SR]R_TV ac`XcR^d% R_U T`^aVeZeZgV
SV_VWZed ac`XcR^d RcV R]d` fdVU Sj `gVc 0) aVcTV_e `W 9R_RUZR_ T`^aR_ZVd e`
ReecRTe eR]V_e'-

&%7-' '327-()6%8-327 -2 ()8)61-2-2+

4%= 6%8)7
<`fc SRdZT T`_dZUVcReZ`_d Z_W]fV_TV eYV W`c^f]ReZ`_ `W R_j aRj a]R_3 ]VXR]
cVbfZcV^V_ed% f_Z`_ ZddfVd% T`^aV_dReZ`_ a`]ZTj% R_U VbfZej'

0BD>H 'KJOFABN>PFKJO FJ 'KILBJO>PFKJ

CB
:SX^] A A

7]] `W eYV *- [fcZdUZTeZ`_d cVXf]ReZ_X V^a]`j^V_e Z_ 9R_RUR "eV_ ac`gZ_TVd%

eYcVV eVccZe`cZVd% R_U eYV WVUVcR] [fcZdUZTeZ`_# YRgV ]Rhd cVXf]ReZ_X T`^aV_dReZ`_'
JYfd% >H ^R_RXVcd ^fde aRj TRcVWf] ReeV_eZ`_ e` hYZTY ]VXZd]ReZ`_ RWWVTed eYVZc
V^a]`jVVd' <fceYVc% eYVdV ]Rhd RcV T`_deR_e]j TYR_XZ_X R_U cVbfZcV T`_eZ_fR]
^`_Ze`cZ_X e` V_dfcV T`^a]ZR_TV' BVXZd]ReZ`_ RWWVTeZ_X T`^aV_dReZ`_ RU^Z_Zd&
ecReZ`_ Zd UZdTfddVU SV]`h'

;^a]`j^V_e(BRS`fc IeR_URcUd 7Ted "9R_RUR BRS`fc 9`UV#

;^a]`j^V_e(]RS`fc ]Rhd dVe ^Z_Z^f^ deR_URcUd cVXRcUZ_X aRj% Z_T]fUZ_X ^Z_Z&
^f^ hRXV% ^RiZ^f^ Y`fcd `W h`c\% `gVceZ^V aRj% aRZU gRTReZ`_% aRZU deRef&
e`cj Y`]ZURjd% eVc^Z_ReZ`_ aRj% cVT`cU \VVaZ_X `W aRj Z_W`c^ReZ`_% R_U ^`cV'
JYVcV RcV gRcZReZ`_d Z_ d`^V `W eYV ^Z_Z^f^ deR_URcUd W`c defUV_ed% ecRZ_VVd%
U`^VdeZTd% _R__ZVd% dVRd`_R] RXcZTf]efcR] h`c\Vcd% R_U `eYVcd' ;iVTfeZgV% RU^Z_&
ZdecReZgV% R_U ac`WVddZ`_R] V^a]`jVVd RcV XV_VcR]]j ViV^ae Wc`^ eYV `gVceZ^V
aRj cVbfZcV^V_ed'

FRj ;bfZej 7Ted

FRj VbfZej ]Rhd hVcV V_RTeVU e` RUUcVdd eYV YZde`cZTR] f_UVcgR]fReZ`_ `W
oh`^V_qd h`c\p Sj ac`gZUZ_X VbfR] aRj W`c h`c\ `W VbfR] "`c T`^aRcRS]V#
gR]fV aVcW`c^VU Sj ^V_ R_U h`^V_' ;^a]`jVcd RcV cVbfZcVU e` ZUV_eZWj ^R]V&
R_U WV^R]V&U`^Z_ReVU [`Sd% R_U eYV_ fdV R XV_UVc&_VfecR] [`S VgR]fReZ`_ djdeV^
SRdVU `_ daVTZWZT T`^aV_dRS]V WRTe`cd "dfTY Rd d\Z]]% VWW`ce% cVda`_dZSZ]Zej% R_U
h`c\Z_X T`_UZeZ`_d# e` VgR]fReV eYV [`Sd' FRj W`c WV^R]V&U`^Z_ReVU [`Sd eYRe RcV
VbfZgR]V_e Z_ gR]fV e` ^R]V&U`^Z_ReVU [`Sd ^fde SV Z_TcVRdVU e` eYV aRj ]VgV]
`W eYV T`^aRcRS]V ^R]V&U`^Z_ReVU [`S' D`e R]] 9R_RUZR_ [fcZdUZTeZ`_d YRgV aRj
VbfZej ]Rhd% Rd hZ]] SV UZdTfddVU ]ReVc Z_ eYZd TYRaeVc'

")(

/3?A $ 2=A3; 07B3?6@

>f^R_ HZXYed 7Ted

7]] [fcZdUZTeZ`_d YRgV V_RTeVU Yf^R_ cZXYed ]Rhd e` ac`eVTe 9R_RUZR_d Wc`^
UZdTcZ^Z_ReZ`_ `_ R _f^SVc `W Xc`f_Ud Z_ V^a]`j^V_e R_U `eYVc RcVRd' JYVdV
Xc`f_Ud UZWWVc d`^VhYRe R^`_X [fcZdUZTeZ`_d% Sfe ^`de ac`YZSZe UZdTcZ^Z_ReZ`_
Z_ V^a]`j^V_e "dfTY Rd Z_ T`^aV_dReZ`_ R_U ac`^`eZ`_# `_ eYV SRdZd `W RXV%
dVi% T`]`fc% cRTV(R_TVdecj(a]RTV `W `cZXZ_% cV]ZXZ`_(TcVVU% ^RcZeR](WR^Z]j deRefd%
R_U aYjdZTR] `c ^V_eR] UZdRSZ]Zej'

9R_RUR(GfVSVT FV_dZ`_ F]R_

F GF IH
E G

7]] V^a]`jVVd R_U eYVZc V^a]`jVcd ^fde T`_ecZSfeV e` eYV 9R_RUR(GfVSVT

FV_dZ`_ F]R_ eYc`fXY`fe eYV V^a]`jVVqd h`c\Z_X ]ZWV' FV_dZ`_ SV_VWZed SRdVU `_
eYV V^a]`jVVqd RgVcRXV VRc_Z_Xd RcV aRZU UfcZ_X cVeZcV^V_e' :VeRZ]d `W eYVdV R_U
`eYVc SV_VWZed RcV ac`gZUVU Z_ 9YRaeVc *,'

EeYVc BVXZd]ReZ`_ 7WWVTeZ_X 9`^aV_dReZ`_

GHGF G G
AGFHGF GE G AFE
aaa&KaMLM&Y\Q

;RTY ac`gZ_TV R_U eVccZe`cj% Rd hV]] Rd eYV WVUVcR] X`gVc_^V_e% YRd Zed `h_
OGJC=JKR ;GEH=FK9LAGF D9OK# JYV `S[VTeZgV `W eYVdV ]Rhd Zd e` ac`gZUV R ac`^ae%
dfcV% R_U cVRd`_RS]V Z_T`^V e` gZTeZ^d `W h`c\&cV]ReVU RTTZUV_ed R_U Z]]_VddVd'
JYV ;^a]`j^V_e ?_dfcR_TV 7Te Zd RZ^VU Re ac`eVTeZ_X 9R_RUZR_ h`c\Vcd Wc`^
e`eR] VT`_`^ZT UVdeZefeZ`_ Z_ eYV VgV_e `W V^a]`j^V_e eVc^Z_ReZ`_ eYRe Zd SVj`_U
eYVZc T`_ec`]' ;^a]`jVcd R_U V^a]`jVVd S`eY T`_ecZSfeV e` eYV SV_VWZed ac`gZUVU
Sj eYZd RTe' JYZd RTe R]d` ac`gZUVd fa e` -. hVV\d `W T`^aV_dReZ`_ W`c h`c\Vcd
f_V^a]`jVU eYc`fXY _` WRf]e `W eYVZc `h_ "UVaV_UZ_X `_ eYV f_V^a]`j^V_e
cReV Z_ eYV T]RZ^R_eqd cVXZ`_ R_U `eYVc WRTe`cd#' CReVc_Zej ]VRgV% aRcV_eR] ]VRgV%
R_U T`^aRddZ`_ReV TRcV ]VRgV SV_VWZed RcV R]d` ac`gZUVU f_UVc eYV ;^a]`j^V_e
?_dfcR_TV 7Te'.

9JFKJ -JCHQBJ@BO KJ 'KILBJO>PFKJ

(B@FOFKJO
K_Z`_d R_U ]RS`fc cV]ReZ`_d ]Rhd R]d` Z_W]fV_TV Y`h
aRj a]R_d RcV UVdZX_VU' >Zde`cZTR]]j% hRXV cReVd YRgV
SVV_ eYV ^RZ_ ZddfV Z_ T`]]VTeZgV SRcXRZ_Z_X' >`hVgVc%
`eYVc ZddfVdnZ_T]fUZ_X eZ^V `WW hZeY aRj% Z_T`^V
dVTfcZej "W`c eY`dV Z_ Z_UfdecZVd hZeY aVcZ`UZT ]Rj`WWd#%
T`de&`W&]ZgZ_X RU[fde^V_ed% R_U aV_dZ`_dnRcV R]d`
Z^a`ceR_e'/
JYV 9R_RUR ?_UfdecZR] HV]ReZ`_d 8`RcU R_U dZ^Z]Rc
G HG H G EHHGF IH F FES`UZVd Z_ VRTY ac`gZ_TV R_U eVccZe`cj `gVcdVV V^a]`jVc
GH G G GFHGF FGF
acRTeZTVd R_U V_dfcV eYRe V^a]`jVVd RcV ecVReVU Z_
RTT`cUR_TV hZeY eYVZc ]VXR] cZXYed' JYVZc UVTZdZ`_d f_UVcdT`cV eYV _VVU e` Z_g`]gV
f_Z`_ `WWZTZR]d Z_ UVgV]`aZ_X eYV T`^aV_dReZ`_ aRT\RXV'

K_Z`_ 7eeZefUVd e`hRcU 9`^aV_dReZ`_ :VTZdZ`_d

CO]OK\MR

IVgVcR] T]RddZT defUZVd dYVU ]ZXYe `_ f_Z`_ ReeZefUVd e`hRcU T`^aV_dReZ`_ a]R_d
R_U `_ T`^^`_]j YV]U f_Z`_ WVRcd'0 CR_j f_Z`_ ]VRUVcd WVRc eYRe R_j djd&
eV^ fdVU e` VgR]fReV eYV h`ceY `W R [`S TR_ SVT`^V R e``] W`c ^R_RXV^V_e
^R]acRTeZTV' JYVj eV_U e` SV]ZVgV eYRe _` `_V TR_ [fUXV eYV cV]ReZgV gR]fV `W [`Sd
SVeeVc eYR_ eYV h`c\Vcd eYV^dV]gVd' ?_ RUUZeZ`_% eYVj SV]ZVgV eYRe ^R_RXV^V_eqd

,93>A7? !! 1A?3A78:5 /3C /;3<@ "))

fdfR] ^VeY`U `W fdZ_X dVgVcR] T`^aV_dRS]V WRTe`cd "]Z\V oUVXcVV `W cVda`_dZSZ]Zejp#

e` VgR]fReV R_U cR_\ eYV h`ceY `W [`Sd TR_ SV R ^R_Zaf]ReZgV UVgZTV W`c cVdecZTe&
Z_X `c ]`hVcZ_X eYV aRj `W h`c\Vcd' E_V Z^a]ZTReZ`_ Zd eYRe eYV SVde hRj Z_
hYZTY e` XRZ_ eYV T``aVcReZ`_ `W f_Z`_ ^V^SVcd Z_ VgR]fReZ_X eYV h`ceY `W [`Sd
Zd e` XVe eYVZc RTeZgV Z_g`]gV^V_e Z_ eYZd ac`TVdd R_U Z_ RddZX_Z_X WRZc cReVd `W aRj
e` eYVdV [`Sd' >`hVgVc% ^R_RXV^V_e YRd e` V_dfcV eYRe Zed acVc`XReZgVdndfTY
Rd eYV cZXYe e` fdV eYV Raac`acZReV [`S VgR]fReZ`_ eVTY_ZbfV e` RddVdd eYV cV]ReZgV
h`ceY `W [`SdnRcV _`e dfccV_UVcVU'

'KILBJO>PFKJ 4KHF@FBO
A\Y`SNO] PY\ NOVS`O\c YP ZKc\YVV
]O\`SMO] SX MYWZVSKXMO aS^R
KZZVSMKLVO VOQS]VK^SYX KXN
MYWZKXc ZYVSMc KXN KN`S]O] ^RO
Y\QKXSdK^SYX YX \OVK^ON WK^^O\]

7_ V^a]`jVcqd T`^aV_dReZ`_ a`]ZTZVd ac`gZUV Z^a`ceR_e XfZUV]Z_Vd cVXRcUZ_X eYV

hRXVd R_U SV_VWZed eYRe Ze aRjd' 7 _f^SVc `W WRTe`cd RcV eR\V_ Z_e` RTT`f_e hYV_
UVgV]`aZ_X R T`^aV_dReZ`_ a`]ZTj% Z_T]fUZ_X hYVeYVc eYV `cXR_ZkReZ`_ hR_ed
e` SV R ]VRUVc `c R W`]]`hVc cVXRcUZ_X aRj% SfdZ_Vdd decReVXj% R_U eYV T`de `W
UZWWVcV_e ejaVd `W T`^aV_dReZ`_' ?^a`ceR_e a`]ZTZVd Z_T]fUV eYV SRdZd W`c dR]Rcj
Z_TcVRdVd% ac`^`eZ`_ R_U UV^`eZ`_ a`]ZTZVd% `gVceZ^V aRj a`]ZTj% R_U a`]ZTZVd
cVXRcUZ_X ac`SReZ`_Rcj aRj R_U ]VRgVd W`c ^Z]ZeRcj dVcgZTV% [fcj Ufej% R_U
Y`]ZURjd' 9`^aV_dReZ`_ a`]ZTZVd RcV fdfR]]j hcZeeV_ Sj eYV >H `c T`^aV_dReZ`_
^R_RXVc Z_ T`_[f_TeZ`_ hZeY dV_Z`c ^R_RXV^V_e'1

)MQFPU >JA -PO -IL>@P KJ 4>U 6>PBO

Ob^O\XKV O[_S^c 7WZVYcOO]
ZO\MOS`O] RS] Y\ RO\ ZKc K] PKS\
QS`OX ^RO ZKc \K^O] SX Y^RO\
Y\QKXSdK^SYX]&
SX^O\XKV O[_S^c 7WZVYcOO] ZO\MOS`O]
RS] Y\ RO\ ZKc K] PKS\ QS`OX ^RO ZKc
\K^O] YP Y^RO\] SX ^RO Y\QKXSdK^SYX&

7 TcfTZR] WRTe`c Z_ UVeVc^Z_Z_X aRj cReVd Zd eYV _VVU W`c VbfZej% daVTZWZTR]]j VieVc_R]
VbfZej R_U Z_eVc_R] VbfZej' HVdVRcTY YRd Z_UZTReVU eYRe V^a]`jVV aVcTVaeZ`_d
`W WRZc_Vdd RcV `_V `W eYV eh` \Vj T`_UZeZ`_d W`c VWWVTeZgV cVhRcU ac`XcR^d'2
;ieVc_R]]j% aRj ^fde T`^aRcV WRg`fcRS]j hZeY cReVd Z_ `eYVc `cXR_ZkReZ`_d `c
R_ V^a]`jVc hZ]] WZ_U Ze YRcU e` ReecRTe R_U cVeRZ_ bfR]ZWZVU V^a]`jVVd' FRj cReVd
^fde R]d` SV VbfZeRS]V Z_eVc_R]]j3 ;RTY V^a]`jVV dY`f]U gZVh YZd `c YVc aRj Rd
VbfZeRS]V XZgV_ `eYVc aRj cReVd Z_ eYV `cXR_ZkReZ`_'

)78%&0-7,-2+ 4%= 6%8)7

CA5
F H FE H
E G

?_ acRTeZTV% eYV ac`TVdd `W VdeRS]ZdYZ_X aRj cReVd eYRe RcV S`eY VieVc_R]]j R_U
Z_eVc_R]]j VbfZeRS]V cVbfZcVd eYcVV deRXVd3
*' :VeVc^Z_V eYV h`ceY `W [`Sd hZeYZ_ eYV `cXR_ZkReZ`_ eYc`fXY [`S VgR]fReZ`_
"e` V_dfcV Z_eVc_R] VbfZej#% R_U Xc`fa [`Sd hZeY dZ^Z]Rc h`ceY Z_e` aRj XcRUVd'
+' 9`_UfTe R hRXV(dR]Rcj dfcgVj `W hYRe `eYVc V^a]`jVcd RcV aRjZ_X W`c T`^&
aRcRS]V [`Sd "e` V_dfcV VieVc_R] VbfZej#'
,' 9`^SZ_V eYV [`S VgR]fReZ`_ "Z_eVc_R]# R_U dR]Rcj! dfcgVj "VieVc_R]# Z_W`c^R&
eZ`_ e` UVeVc^Z_V aRj cReVd W`c eYV [`Sd Z_ eYV `cXR_ZkReZ`_'
;RTY `W eYVdV deRXVd hZ]] SV Via]RZ_VU Z_ efc_'

7P>DB !$ .K? )R>HQ>PFKJ

TYL O`KV_K^SYX 3 ]c]^OWK^SM
MYWZK\S]YX ^Y NO^O\WSXO ^RO
\OVK^S`O aY\^R YP TYL] aS^RSX K PS\W&

@`S VgR]fReZ`_ Zd RZ^VU Re UVeVc^Z_Z_X R [`Sqd cV]ReZgV h`ceY' ?e Zd R W`c^R]

R_U djdeV^ReZT T`^aRcZd`_ `W [`Sd hZeYZ_ R WZc^ e` UVeVc^Z_V eYV h`ceY
`W `_V [`S cV]ReZgV e` R_`eYVc% R_U Ze VgV_efR]]j cVdf]ed Z_ R [`S YZVcRcTYj'

/3?A $ 2=A3; 07B3?6@

F G G HH
H HG H GHGF G
HH GGF GFE F GH
GFHGF

JYV SRdZT ac`TVUfcV Zd e` T`^aRcV eYV T`_eV_e `W [`Sd Z_ cV]ReZ`_ e` `_V

R_`eYVc% W`c ViR^a]V% Z_ eVc^d `W eYVZc VWW`ce% cVda`_dZSZ]Zej% d\Z]]d% R_U h`c\&
Z_X T`_UZeZ`_d' @`S VgR]fReZ`_ fdfR]]j W`TfdVd `_ SV_TY^Rc\ [`Sd eYRe RcV
TcZeZTR] e` eYV WZc^qd `aVcReZ`_d `c eYRe RcV T`^^`_]j W`f_U Z_ `eYVc `cXR_Z&
kReZ`_d' H`Y^ R_U >RRd% R ^f]eZ_ReZ`_R] TYV^ZTR] T`^aR_j% V_dfcVd eYRe Zed
SV_TY^Rc\ [`Sd cVacVdV_e R]] eYV gRcZ`fd SfdZ_Vdd f_Zed R_U UVaRce^V_ed Z_ eYV
`cXR_ZkReZ`_% RcV UcRh_ Wc`^ R]] ]VgV]d `W eYV `cXR_ZkReZ`_% YRgV ]RcXV _f^SVcd
`W Z_Tf^SV_ed% RcV T]VRc R_U hV]] \_`h_ Z_ eYV Z_Ufdecj% RcV deRS]V R_U VRdZ]j
f_UVcde``U Z_ eVc^d `W afca`dV R_U h`c\ T`_eV_e% R_U RcV gZdZS]V R_U hV]]
f_UVcde``U Sj R]] V^a]`jVVd'*) JYV cVdf]eZ_X VgR]fReZ`_d `W SV_TY^Rc\ [`Sd
RcV fdVU Rd cVWVcV_TV a`Z_ed Rc`f_U hYZTY `eYVc [`Sd RcV RccR_XVU Z_ `cUVc `W
cV]ReZgV h`ceY'

9`^aV_dRS]V <RTe`cd
@`Sd TR_ SV T`^aRcVU Z_efZeZgV]j Sj UVTZUZ_X eYRe `_V [`S Zd o^`cV Z^a`ceR_ep `c
o`W XcVReVc gR]fV `c h`ceYp eYR_ R_`eYVc hZeY`fe UZXXZ_X R_j UVVaVc Z_e` hYj Z_
eVc^d `W daVTZWZT [ `S&cV]ReVU WRTe`cd' JYZd Raac`RTY% TR]]VU eYV J9FCAF? E=L@G<! Zd
YRcU e` UVWV_U e` V^a]`jVVd `c `eYVcd hY` ^Rj _`e RXcVV hZeY eYV cVdf]eZ_X [`S
YZVcRcTYj' 7d R_ R]eVc_ReZgV% [`Sd TR_ SV T`^aRcVU Sj W`TfdZ_X `_ TVceRZ_ SRdZT
WRTe`cd eYRe eYVj YRgV Z_ T`^^`_' ?_ T`^aV_dReZ`_ ^R_RXV^V_e% eYVdV SRdZT
GF HG FEFH WRTe`cd RcV TR]]VU T`^aV_dRS]V WRTe`cd' JYVj RcV eYV WRTe`cd eYRe UVeVc^Z_V eYV
GF FH G G UVWZ_ZeZ`_ `W [`S T`_eV_e% VdeRS]ZdY Y`h eYV [`Sd T`^aRcV hZeY `_V R_`eYVc% R_U
GH GFH FE
dVe eYV T`^aV_dReZ`_ aRZU W`c VRTY [`S'
IGF GFEHGF
I`^V V^a]`jVcd UVgV]`a eYVZc `h_ T`^aV_dRS]V WRTe`cd' >`hVgVc% ^`de
fdV WRTe`cd eYRe YRgV SVV_ a`af]RcZkVU Sj aRT\RXVU [`S VgR]fReZ`_ djdeV^d `c
Sj ]VXZd]ReZ`_' <`c ViR^a]V% ^`de `W eYV aRj VbfZej RTed Z_ 9R_RUR W`Tfd `_
W`fc T`^aV_dRS]V WRTe`cd3 KCADD! =>>GJL! J=KHGFKA:ADALQ! R_U OGJCAF? ;GF<ALAGFK#
7d R_`eYVc ViR^a]V% eYV [`S VgR]fReZ`_ ^VeY`U a`af]RcZkVU Sj eYV >Rj
=c`fa T`_df]eZ_X WZc^ W`TfdVd `_ W`fc T`^aV_dRS]V WRTe`cd3 CFGO"@GO!
HJG:D=E KGDNAF?! 9;;GMFL9:ADALQ! R_U OGJCAF? ;GF<ALAGFK# EWeV_% UZWWVcV_e [`S
VgR]fReZ`_ djdeV^d RcV fdVU W`c UZWWVcV_e UVaRce^V_ed% V^a]`jVV Xc`fad% `c
SfdZ_Vdd f_Zed'
?UV_eZWjZ_X T`^aV_dRS]V WRTe`cd a]Rjd R aZg`eR] c`]V Z_ [`S VgR]fReZ`_' 7]]
[`Sd Z_ VRTY V^a]`jVV Xc`fa% UVaRce^V_e% `c SfdZ_Vdd f_Ze RcV VgR]fReVU MKAF?
L@= K9E= ;GEH=FK9:D= >9;LGJK# 7_ V^a]`jVc eYfd VgR]fReVd eYV dR^V V]V^V_eR]
T`^a`_V_ed W`c VRTY [`S hZeYZ_ eYV h`c\ Xc`fa R_U Zd eYV_ SVeeVc RS]V e` T`^&
aRcV [`SdnW`c ViR^a]V% Z_ eVc^d `W eYV UVXcVV `W d\Z]]% VWW`ce% cVda`_dZSZ]Zej% R_U
h`c\Z_X T`_UZeZ`_d acVdV_e Z_ VRTY'**

@`S ;gR]fReZ`_ 9`^^ZeeVV

@`S VgR]fReZ`_ Zd ]RcXV]j R [fUX^V_eR] ac`TVdd R_U `_V eYRe UV^R_Ud T]`dV T``a&
VcReZ`_ R^`_X dfaVcgZd`cd% T`^aV_dReZ`_ daVTZR]Zded% R_U eYV V^a]`jVVd R_U
eYVZc f_Z`_ cVacVdV_eReZgVd' JYV ^RZ_ deVad Z_g`]gVU Z_T]fUV ZUV_eZWjZ_X eYV _VVU
W`c eYV ac`XcR^% XVeeZ_X T``aVcReZ`_% R_U TY``dZ_X R_ VgR]fReZ`_ T`^^ZeeVV4 eYV
G HGF GHH
E G LFEF
T`^^ZeeVV eYV_ TRccZVd `fe eYV RTefR] [`S VgR]fReZ`_'*+
G B H F
7 [`S VgR]fReZ`_ T`^^ZeeVV Zd VdeRS]ZdYVU e` V_dfcV eYV cVacVdV_eReZ`_ `W
FE FGF FHH
eYV a`Z_ed `W gZVh `W gRcZ`fd aV`a]V hY` RcV WR^Z]ZRc hZeY eYV [`Sd Z_ bfVdeZ`_%
HE HG F H FE
VRTY `W hY`^ ^Rj YRgV R UZWWVcV_e aVcdaVTeZgV cVXRcUZ_X eYV _RefcV `W eYV
GF FHHGF G
H FH FE FH G H [`Sd' JYV T`^^ZeeVV ^Rj Z_T]fUV V^a]`jVVd% >H deRWW% ^R_RXVcd% R_U f_Z`_
G F HGF
cVacVdV_eReZgVd'

,93>A7? !! 1A?3A78:5 /3C /;3<@ # !

JYV VgR]fReZ`_ T`^^ZeeVV WZcde ZUV_eZWZVd *) `c *.

\Vj SV_TY^Rc\ [`Sd' JYVdV hZ]] SV eYV WZcde [`Sd e` SV
VgR]fReVU R_U hZ]] dVcgV Rd eYV R_TY`cd `c SV_TY^Rc\d
RXRZ_de hYZTY eYV cV]ReZgV Z^a`ceR_TV `c gR]fV `W R]]
`eYVc [`Sd TR_ SV T`^aRcVU' JYV_ eYV T`^^ZeeVV efc_d
e` Zed ^`de Z^a`ceR_e Wf_TeZ`_nRTefR]]j VgR]fReZ_X
eYV h`ceY `W VRTY [`S' <`c eYZd% eYV T`^^ZeeVV hZ]]
ac`SRS]j fdV VZeYVc eYV [`S T]RddZWZTReZ`_ ^VeY`U `c
eYV a`Z_e ^VeY`U'

9]RddZWZTReZ`_ CVeY`U
JYV T]RddZWZTReZ`_(XcRUZ_X ^VeY`U Z_g`]gVd TReVX`&
cZkZ_X [`Sd Z_e` Xc`fad' JYV Xc`fad RcV TR]]VU T]RddVd
ZW eYVj T`_eRZ_ dZ^Z]Rc [`Sd `c XcRUVd ZW eYVj T`_&
G HGF GHH H
FE G
eRZ_ [`Sd eYRe RcV dZ^Z]Rc Z_ UZWWZTf]ej Sfe `eYVchZdV
FE H GHFH H G H
F H IGH G G F
GF HG
UZWWVcV_e'
JYZd ^VeY`U Zd hZUV]j fdVU Z_ eYV afS]ZT dVTe`c' JYV WVUVcR] X`gVc_^V_eqd
KJ "K_ZgVcdZej JVRTYZ_X# [`S Xc`fa Zd R_ ViR^a]V `W R [`S T]Rdd SVTRfdV Ze T`_&
B B
eRZ_d dZ^Z]Rc [`Sd Z_g`]gZ_X cVRTYZ_X% cVdVRcTY% R_U T`_df]eZ_X' 9`_gVcdV]j% eYV
7L "7fUZe% 9`^^VcTV% R_U FfcTYRdZ_X# [`S Xc`fa Zd R_ ViR^a]V `W R [`S XcRUV
HGFEF HGE
SVTRfdV Ze T`_eRZ_d UZddZ^Z]Rc [`Sd% Z_g`]gZ_X RfUZeZ_X% VT`_`^ZT UVgV]`a^V_e
HGE G HGF G FHG
G
T`_df]eZ_X% R_U afcTYRdZ_X'
JYVcV RcV dVgVcR] hRjd Z_ hYZTY e` TReVX`cZkV [`Sd' E_V Zd e` UcRh fa T]Rdd
G G G E GF
UVdTcZaeZ`_d "dZ^Z]Rc e` [`S UVdTcZaeZ`_d# R_U a]RTV [`Sd Z_e` T]RddVd SRdVU `_
H G G
GFH G FEFEFH EFH eYVZc T`ccVda`_UV_TV e` eYVdV UVdTcZaeZ`_d' 7_`eYVc Zd e` UcRh fa R dVe `W T]Rd&
GH FE G GH
dZWjZ_X cf]Vd W`c VRTY T]Rdd "W`c Z_deR_TV% eYV R^`f_e `W Z_UVaV_UV_e [fUX^V_e%
A GFHF
d\Z]]% aYjdZTR] VWW`ce% R_U d` `_ eYRe eYV T]Rdd `W [`Sd cVbfZcVd#' JYV_ eYV [`Sd RcV
G H
TReVX`cZkVU RTT`cUZ_X e` eYVdV cf]Vd'
E G G G E GF
JYV fdfR] ac`TVUfcV Zd e` TY``dV T`^aV_dRS]V WRTe`cd R_U eYV_ UVgV]`a T]Rdd
H G G E I
`c XcRUV UVdTcZaeZ`_d eYRe UVdTcZSV VRTY T]Rdd Z_ eVc^d `W eYV R^`f_e `c ]VgV] `W
G F EH H
T`^aV_dRS]V WRTe`c"d# Z_ [`Sd' JYV WVUVcR] X`gVc_^V_eqd T]RddZWZTReZ`_ djdeV^% W`c
GHI EFH E GHF
ViR^a]V% V^a]`jd UZWWVcV_e T`^aV_dRS]V WRTe`cd W`c gRcZ`fd [`S Xc`fad' 8RdVU `_
GFHF E G
eYVdV T`^aV_dRS]V WRTe`cd% R XcRUV(Xc`fa UVdTcZaeZ`_ "]Z\V eYRe Z_ <ZXfcV **',#
H F FE
Zd hcZeeV_' JYV_% eYV VgR]fReZ`_ T`^^ZeeVV cVgZVhd R]] [`S UVdTcZaeZ`_d R_U d]`ed
H
VRTY [`S Z_e` Zed Raac`acZReV T]Rdd `c XcRUV'
EG EHGF IHHF
JYV [`S T]RddZWZTReZ`_ ^VeY`U YRd dVgVcR] RUgR_eRXVd' JYV ^RZ_ `_V Zd eYRe
EHGF G H G GFK
^`de V^a]`jVcd fdfR]]j V_U fa T]RddZWjZ_X [`Sd R_jhRj% cVXRcU]Vdd `W eYV [`S
HG E G F
E E HG GF VgR]fReZ`_ ^VeY`U eYRe eYVj fdV' JYVj U` eYZd e` Rg`ZU YRgZ_X e` h`c\ hZeY R_U
G FHG E G
UVgV]`a aRj cReVd W`c R_ f_^R_RXVRS]V _f^SVc `W [`Sd4 hZeY eYV [`S T]RddZWZTR&
eZ`_ ^VeY`U% R]] [`Sd RcV R]cVRUj Xc`faVU Z_e` dVgVcR] T]RddVd' JYV UZdRUgR_eRXVd
RcV eYRe Ze Zd UZWWZTf]e e` hcZeV eYV T]Rdd `c XcRUV UVdTcZaeZ`_d R_U eYRe T`_dZUVc&
RS]V [fUX^V_e Zd cVbfZcVU Z_ Raa]jZ_X eYV^' OVe ^R_j V^a]`jVcd fdV eYZd ^VeY`U
hZeY dfTTVdd'

ESZ]

GFH HGE G HGF

HGE F I F G
GF HG EFHK
E H E HG I G
H HG FH F H G
EHFE FE F G GFH
HE

F`Z_e CVeY`U
JYV a`Z_e ^VeY`U Zd hZUV]j fdVU Z_ eYV acZgReV dVTe`c R_U cVbfZcVd ZUV_eZWjZ_X
dVgVcR] T`^aV_dRS]V WRTe`cd' JYV VieV_e `c UVXcVV e` hYZTY VRTY WRTe`c Zd acVdV_e
Z_ eYV [`S Zd VgR]fReVU% R T`ccVda`_UZ_X _f^SVc `W a`Z_ed Zd RddZX_VU W`c VRTY
WRTe`c% R_U eYV _f^SVc `W a`Z_ed W`c VRTY WRTe`c Zd df^^VU e` RccZgV Re R_ `gVcR]]
a`Z_e gR]fV W`c eYV [`S'

# "

/3?A $ 2=A3; 07B3?6@

((&*

7bKWZVO YT K 9\Y_Z 6OPSXS^SYX SX ^RO 8ONO\KV 9Y`O\XWOX^

A F ACH A D
AGHGF C AG G GHGF HH FGE F H HGE GFHG FE GHGF FF G FH F
H FHHHGF G AGHGF C AFE FE H HFF G H FE F HGE FE GHGF IG H CH AG G
AGHGF C AFE

GHIHHFEF H FH G H GGF G H HFH H FE GHGF HH H G GFH G

GF G G G H GGIF HH
H HGE FE GFHG G FH FE H H G H FHHHGF

H HGE FE GFHG G EHF F E FE HGF FE B GHHGF H LB CH AHH

O H GHGF FF G FH IH H GFHFF GFH HG H H FE H HG FH

H EGF FE E G FH FE H GFHG G FH H FE GGFEF

H GFHGF FE FHHGF G HGF HH H F FE GFHG G FH FE F HHH FE H

HGE FE G HGF FH

H HFF G H F HGE FE GHGF GE FE HF FE

H E G F G H G HH

GHGF EE G H AGHGF C G HG IG G FEE F H EFHGF G F GH G G

HG F I GF G G G H GGIF HH G GHF
H GHGF G HF FH I H FE IH FE H GGF G FHFF
H GGF G HFH HH H HGF G GF FGIE G G E H F FE FH
H
O H GGF G FE HG FH FE

H FHHGF G FH F IGG H FE HFF G

)385,.$ AGHGF C LA AHGF CHFEE IIIHKHEKF E G AFE CHH

BGEE IH H GF G H FH G G FE GFFH C AFE

*'

6J=DAEAF9JQ 67.46 J` fdV eYV a`Z_e ^VeY`U% Ze Zd _VTVddRcj e` YRgV TfccV_e

[`S UVdTcZaeZ`_d R_U [`S daVTZWZTReZ`_d SRdVU `_ R eY`c`fXY [`S R_R]jdZd' JYV
W`f_UReZ`_ `W eYV [`S VgR]fReZ`_ a]R_ Zd R _f^SVc `W T`^aV_dRS]V WRTe`cd eYRe
^fde SV RXcVVU fa`_' ?_ 9R_RUR% W`fc T`^aV_dRS]V WRTe`cd RcV T`^^`_]j
fdVU3 d\Z]]% VWW`ce% cVda`_dZSZ]Zej% R_U h`c\Z_X T`_UZeZ`_d' JYVdV WRTe`cd RcV
XV_VcR] R_U TR_ ^VR_ UZWWVcV_e eYZ_Xd Z_ UZWWVcV_e h`c\a]RTVd' JYVcVW`cV dfS&
WRTe`cd `W VRTY `_V ^Rj R]d` SV UVeVc^Z_VU e` T]RcZWj eYV daVTZWZT ^VR_Z_X `W
VRTY WRTe`c% Rd dY`h_ SV]`h'
HG

CKHG

EHGF FE F
FHGF C

GH

GH
FH GH

BGFH

CGF G H FFF

GF AGFEHGF

FGFFH

;RTY dfS&WRTe`c ^fde SV TRcVWf]]j UVWZ_VU e` V_dfcV eYRe eYV VgR]fReZ`_ T`^^Ze&
eVV ^V^SVcd hZ]] Raa]j eYV^ T`_dZdeV_e]j' 7_ ViR^a]V `W R dfS&WRTe`c UVWZ_ZeZ`_
Zd acVdV_eVU Z_ <ZXfcV **'-'

,93>A7? !! 1A?3A78:5 /3C /;3<@ # #

(( &+ %

D_L%8KM^Y\ 6OPSXS^SYX

D
KHG E HG H GFH HH H FFH G H GHGF G
H EHGF FEG GF G GFH HF GFHHG FE H GGIF
HH G H IG HG GFEE F HF H FH G GF F E
H GF GFHH G H G FHGF EF LGIKHG FE H F G G G
GH EHEE GF GF HH GE EF H F G H
G GF HGF G FGH HG GFEE KHG EG FE H
E GF G HEFH G H HH G GH GHE G F GKH
HGF

)385,.$ E GF H FH A G G HGF F IIIIGFHH

LE O

1=L=JEAF= >9;LGJ O=A?@LK 9F< <=?J==K# JYV _Vie deVa Zd e` UVTZUV `_ eYV
^RiZ^f^ _f^SVc `W a`Z_ed "TR]]VU ohVZXYep# e` RddZX_ e` VRTY WRTe`c'
7ddZX_Z_X WRTe`c hVZXYed Zd XV_VcR]]j U`_V Sj eYV VgR]fReZ`_ T`^^ZeeVV' JYV
T`^^ZeeVV ^V^SVcd TRcVWf]]j defUj VRTY WRTe`c R_U UVeVc^Z_V eYV cV]ReZgV
gR]fV `W eYV WRTe`cd' <`c ViR^a]V3
C

O FH

GH

O FH

BGFH

O FH

GF GFEHGF

FH
FH

JYV_ UVWZ_ZeZ`_d `W gRcjZ_X R^`f_ed "TR]]VU oUVXcVVdp `c o]VgV]dp# `W VRTY

dfS&WRTe`c "`c `gVcR]] WRTe`c ZW _` dfS&WRTe`cd RcV fdVU# RcV acVaRcVU d` eYRe
cReVcd TR_ [fUXV eYV UVXcVV `W R dfS&WRTe`c(WRTe`c ViZdeZ_X Z_ R [`S' JYfd% dfS&
WRTe`c oaYjdZTR] V_gZc`_^V_ep W`c eYV WRTe`c oh`c\Z_X T`_UZeZ`_dp ^ZXYe YRgV
eYcVV UVXcVVdn`TTRdZ`_R]% WcVbfV_e% T`_eZ_f`fdnUVWZ_VU Rd W`]]`hd3
1=?J== %- 5;;9KAGF9Dn]Vdd eYR_ ,) aVcTV_e `W eYV eZ^V `_ R_ R__fR] SRdZd'
JjaZTR]]j `TTfcd `_TV Z_ R hYZ]V% Sfe _`e VgVcj URj% `c VgVcj URj W`c ]Vdd eYR_
,) aVcTV_e `W eYV URj'
1=?J== &- 3J=IM=FLn,) aVcTV_e e` /) aVcTV_e `W eYV eZ^V `_ R_ R__fR]
SRdZd' 7 cVXf]Rc WVRefcV `W eYV [`S eYRe `TTfcd UfcZ_X R_j XZgV_ URj% hVV\%
`c dVRd`_'
1=?J== '- 0GFLAFMGMKnC`cV eYR_ /) aVcTV_e `W eYV eZ^V `_ R_ R__fR]
SRdZd' JjaZTR]]j `TTfcd W`c ^`de `W eYV cVXf]Rc h`c\ URj% R]] jVRc c`f_U "`_
RgVcRXV#'
JYV _f^SVc `W UVXcVVd fdfR]]j U`Vd _`e ViTVVU WZgV `c dZi% R_U eYV RTefR] _f^&
SVc UVaV_Ud ^`de]j `_ [fUX^V_e' ?e Zd _`e _VTVddRcj e` YRgV eYV dR^V _f^SVc `W
UVXcVVd W`c VRTY WRTe`c% R_U UVXcVVd dY`f]U SV ]Z^ZeVU e` eYV _f^SVc _VTVddRcj
e` UZdeZ_XfZdY R^`_X [`Sd'
,'

.KKA?F HGAFLK >GJ =9;@ <=?J== G> =9;@ KM:">9;LGJ# F`Z_ed RcV eYV_ RddZX_VU e`
VRTY WRTe`c% Rd Z_ JRS]V **'*' <`c ViR^a]V% dfaa`dV eYRe Ze Zd UVTZUVU e` fdV R
e`eR] _f^SVc `W * ))) a`Z_ed Z_ eYV a`Z_e a]R_' JYV_% dZ_TV eYV WRTe`c od\Z]]p
YRU R hVZXYe `W ,) aVcTV_e% Ze h`f]U SV RddZX_VU R e`eR] `W ,) aVcTV_e `W

# $

/3?A $ 2=A3; 07B3?6@

AYSX^ >O^RYN <YL 7`KV_K^SYX AVKX

* ))) 5 ,)) a`Z_ed' JYZd Rfe`^ReZTR]]j ^VR_d eYRe eYV YZXYVde UVXcVV W`c VRTY
dfS&WRTe`c `W eYV d\Z]] WRTe`c h`f]U SV ,)) a`Z_ed' F`Z_ed RcV eYV_ RddZX_VU
e` eYV `eYVc UVXcVVd W`c eYZd WRTe`c% Z_ VbfR] R^`f_ed Wc`^ eYV ]`hVde e`
eYV YZXYVde UVXcVV' JYZd deVa Zd cVaVReVU W`c VRTY WRTe`c R_U Zed dfS&WRTe`cd%
cVdf]eZ_X Z_ eYV WZ_R] [`S VgR]fReZ`_ a]R_% Rd dY`h_ Z_ JRS]V **'*' 7]] eYVdV
UVTZdZ`_d RcV cVT`cUVU Z_ R [`S VgR]fReZ`_ ^R_fR] e` SV fdVU Sj eYV [`S VgR]f&
ReZ`_ T`^^ZeeVV'
-'

2N9DM9L= L@= BG:K# E_TV eYV ^R_fR] Zd T`^a]VeV% eYV RTefR] VgR]fReZ`_d TR_
SVXZ_' ;RTY [`S Zd VgR]fReVU WRTe`c Sj WRTe`c e` UVeVc^Z_V eYV _f^SVc `W
a`Z_ed eYRe dY`f]U SV RddZX_VU e` Ze' <Zcde% T`^^ZeeVV ^V^SVcd UVeVc^Z_V eYV
UVXcVV "WZcde UVXcVV% dVT`_U UVXcVV% R_U d` `_# e` hYZTY VRTY WRTe`c Zd acVdV_e
Z_ eYV [`S' JYV_ eYVj _`eV eYV T`ccVda`_UZ_X a`Z_ed "dVV JRS]V **'*# eYRe hVcV
RddZX_VU e` VRTY `W eYVdV UVXcVVd' <Z_R]]j% eYVj RUU fa eYV a`Z_ed W`c R]] WRT&
e`cd% RccZgZ_X Re R e`eR] a`Z_e gR]fV W`c eYV [`S' HReVcd XV_VcR]]j deRce Sj cReZ_X
SV_TY^Rc\ [`Sd R_U `SeRZ_Z_X T`_dV_dfd `_ eYVdV% R_U eYV_ eYVj cReV eYV cVde
`W eYV [`Sd'

F`Z_e djdeV^d Z_g`]gV R bfR_eZeReZgV eVTY_ZbfV eYRe Zd VRdZ]j Via]RZ_VU e` R_U

fdVU Sj V^a]`jVVd' <]`hVgVc% Ze TR_ SV UZWWZTf]e R_U eZ^V&T`_df^Z_X e` UVgV]`a
R a`Z_e a]R_ R_U e` VWWVTeZgV]j ecRZ_ eYV [`S VgR]fReZ`_ fdVc Xc`fa' JYZd Zd `_V
cVRd`_ hYj ^R_j `cXR_ZkReZ`_d RU`ae R a`Z_e a]R_ UVgV]`aVU R_U ^Rc\VeVU
Sj R T`_df]eZ_X WZc^' ?_ WRTe% eYV RgRZ]RSZ]Zej `W R _f^SVc `W cVRUj&^RUV a]R_d
ac`SRS]j RTT`f_ed Z_ aRce W`c eYV hZUV fdV `W a`Z_e a]R_d Z_ [`S VgR]fReZ`_'
?W eYV T`^^ZeeVV RddZX_VU aRj cReVd e` VRTY Z_UZgZUfR] [`S% Ze h`f]U SV UZW&
WZTf]e e` RU^Z_ZdeVc dZ_TV eYVcV ^ZXYe SV UZWWVcV_e aRj cReVd W`c Yf_UcVUd `c VgV_
eY`fdR_Ud `W [`Sd' ;gV_ Z_ d^R]]Vc `cXR_ZkReZ`_d eYVcV Zd R eV_UV_Tj e` ecj e`
dZ^a]ZWj hRXV R_U dR]Rcj decfTefcVd Rd ^fTY Rd a`ddZS]V' JYVcVW`cV% eYV T`^^Ze&
eVV hZ]] ac`SRS]j hR_e e` Xc`fa dZ^Z]Rc [`Sd "Z_ eVc^d `W eYVZc _f^SVc `W a`Z_ed%
W`c Z_deR_TV# Z_e` XcRUVd W`c aRj afca`dVd' JYV_% Z_deVRU `W YRgZ_X e` UVR] hZeY

,93>A7? !! 1A?3A78:5 /3C /;3<@ # %

E AG G G
GH

aRj cReVd W`c Yf_UcVUd `W [`Sd% Ze ^ZXYe `_]j YRgV e` W`Tfd `_ aRj cReVd W`c *)
`c *+ Xc`faZ_Xd `W [`Sd'
7 aRj XcRUV T`^acZdVd [`Sd `W Raac`iZ^ReV]j VbfR] gR]fV `c Z^a`ceR_TV%
Rd UVeVc^Z_VU Sj [`S VgR]fReZ`_' ?W eYV a`Z_e ^VeY`U hRd fdVU% eYV aRj XcRUV
T`_dZded `W [`Sd WR]]Z_X hZeYZ_ R cR_XV `W a`Z_ed' ?W eYV T]RddZWZTReZ`_ djdeV^
hRd fdVU% eYV_ eYV [`Sd RcV R]cVRUj TReVX`cZkVU Z_e` T]RddVd `c XcRUVd' JYV
_Vie deRXV Zd e` `SeRZ_ Z_W`c^ReZ`_ `_ ^Rc\Ve aRj cReVd Sj T`_UfTeZ_X R hRXV(
dR]Rcj dfcgVj'

7P>DB "$ 'KJAQ@P > ;>DB 7>H>NU 7QNRBU

I
E H EHFF F
I H GGE
GE I H G
G G G IHHF
HGFF H GH
GF

9`^aV_dReZ`_ `c hRXV(dR]Rcj dfcgVjd a]Rj R TV_ecR] c`]V Z_ UVeVc^Z_Z_X aRj

cReVd W`c [`Sd'*, 7_ V^a]`jVc ^Rj fdV hRXV(dR]Rcj dfcgVjd Z_ eYcVV hRjd' <Zcde%
dfcgVj UReR RcV fdVU e` UVeVc^Z_V aRj cReVd W`c SV_TY^Rc\ [`Sd eYRe dVcgV Rd
cVWVcV_TV a`Z_ed `c R_TY`cd W`c eYV V^a]`jVcqd aRj dTR]V% ^VR_Z_X eYRe `eYVc [`Sd
RcV eYV_ aRZU SRdVU `_ eYVZc cV]ReZgV h`ceY T`^aRcVU e` eYV SV_TY^Rc\ [`Sd'
IVT`_U% R_ Z_TcVRdZ_X _f^SVc `W a`dZeZ`_d RcV aRZU d`]V]j SRdVU `_ eYV ^Rc\Ve&
a]RTV "cReYVc eYR_ cV]ReZgV e` eYV WZc^qd SV_TY^Rc\ [`Sd#'*-
7d R cVdf]e `W eYV TfccV_e dYZWe RhRj Wc`^ ]`_X&eVc^ V^a]`j^V_e%
T`^aV_dReZ`_ Zd Z_TcVRdZ_X]j dYRaVU Sj ^Rc\Ve hRXVd R_U ]Vdd Sj Y`h Ze WZed
Z_e` eYV YZVcRcTYj `W [`Sd Z_ `_V `cXR_ZkReZ`_' <Z_R]]j% dfcgVjd R]d` T`]]VTe UReR
`_ V^a]`jVV SV_VWZed% h`c\&]ZWV ac`XcR^d% aRj&W`c&aVcW`c^R_TV a]R_d% cVT`X_Z&
eZ`_ a]R_d% R_U d` `_ e` ac`gZUV R SRdZd `_ hYZTY e` ^R\V UVTZdZ`_d cVXRcUZ_X
`eYVc ejaVd `W cVhRcUd'

<`c^R] R_U ?_W`c^R] IfcgVjd Sj eYV ;^a]`jVc

C`de V^a]`jVcd cV]j YVRgZ]j `_ W`c^R] `c Z_W`c^R] dfcgVjd `W hYRe `eYVc V^a]`j&
Vcd RcV aRjZ_X'*. ?_W`c^R] eV]VaY`_V dfcgVjd RcV X``U W`c T`]]VTeZ_X UReR `_ R
cV]ReZgV]j d^R]] _f^SVc `W VRdZ]j ZUV_eZWZVU R_U bfZT\]j cVT`X_ZkVU [`Sd% dfTY
Rd hYV_ R SR_\qd >H UZcVTe`c hR_ed e` UVeVc^Z_V eYV dR]Rcj Re hYZTY R _Vh]j
`aV_VU Tfde`^Vc dVcgZTV cVacVdV_eReZgVqd [`S dY`f]U SV RUgVceZdVU' ?_W`c^R] UZd&
TfddZ`_d R^`_X Yf^R_ cVd`fcTVd daVTZR]Zded Re cVXf]Rc ac`WVddZ`_R] Rdd`TZReZ`_
^VVeZ_Xd RcV `eYVc `TTRdZ`_d W`c Z_W`c^R] dR]Rcj dfcgVjd' I`^V V^a]`jVcd fdV
W`c^R] bfVdeZ`__RZcV dfcgVjd e` T`]]VTe T`^aV_dReZ`_ Z_W`c^ReZ`_ Wc`^ `eYVc
V^a]`jVcd% Z_T]fUZ_X eYZ_Xd ]Z\V _f^SVc `W V^a]`jVVd% `gVceZ^V a`]ZTZVd% deRceZ_X
dR]RcZVd% R_U aRZU gRTReZ`_d'

9`^^VcTZR]% Fc`WVddZ`_R]% R_U =`gVc_^V_e IR]Rcj IfcgVjd

CR_j V^a]`jVcd R]d` cV]j `_ dfcgVjd afS]ZdYVU Sj gRcZ`fd T`^^VcTZR] WZc^d%
ac`WVddZ`_R] Rdd`TZReZ`_d% `c X`gVc_^V_e RXV_TZVd' <`c ViR^a]V% IeReZdeZTd
9R_RUR ac`gZUVd ^`_eY]j UReR `_ VRc_Z_Xd Sj XV`XcRaYZT RcVR% Sj Z_Ufdecj% R_U
Sj `TTfaReZ`_' JRS]V **'+ ac`gZUVd R_ ViR^a]V `W VRc_Z_Xd UReR Sj Z_Ufdecj R_U
`TTfaReZ`_'
JYV J`c`_e` 8`RcU `W JcRUV T`_UfTed WZgV T`^aV_dReZ`_ dfcgVjd R__fR]]j%
T`gVcZ_X ViVTfeZgV4 ^R_RXV^V_e4 ac`WVddZ`_R]% dfaVcgZd`cj% R_U dR]Vd4 Z_W`c^R&
eZ`_ eVTY_`]`Xj4 R_U RU^Z_ZdecReZgV R_U dfaa`ce a`dZeZ`_d' JYV dfcgVjd Z_T]fUV
Z_W`c^ReZ`_ Wc`^ d^R]]% ^VUZf^% R_U ]RcXV V^a]`jVcd Z_ eYV =cVReVc J`c`_e`
7cVR' 7 dVaRcReV dfcgVj `W V^a]`jVV SV_VWZed R_U V^a]`j^V_e acRTeZTVd Zd R]d`
T`_UfTeVU'

# & /3?A $ 2=A3; 07B3?6@

3`O\KQO HOOUVc 7K\XSXQ] Lc SXN_]^\c )''+f)''0

.7=8?3>9C*,3<363

G G G
HFEF GH

FcZgReV T`_df]eZ_X `c ViVTfeZgV cVTcfZeZ_X T`^aR_ZVd% dfTY Rd J`hVcd

MRed`_% CVcTVc% R_U >VhZee 7dd`TZReVd% R__fR]]j afS]ZdY UReR T`gVcZ_X eYV
T`^aV_dReZ`_ `W dV_Z`c R_U ^ZUU]V ^R_RXVcd R_U ^V^SVcd `W S`RcUd `W UZcVT&
e`cd' Fc`WVddZ`_R] `cXR_ZkReZ`_d% dfTY Rd eYV 9VceZWZVU =V_VcR] 7TT`f_eR_ed R_U
Fc`WVddZ`_R] ;_XZ_VVcd E_eRcZ`% T`_UfTe dfcgVjd `W T`^aV_dReZ`_ acRTeZTVd
R^`_X ^V^SVcd `W eYVZc Rdd`TZReZ`_d'
<`c d`^V [`Sd% dR]RcZVd RcV UVeVc^Z_VU UZcVTe]j SRdVU `_ W`c^R] `c Z_W`c^R]
GFH C FH AFH
HHKEGFH
dR]Rcj! dfcgVjd ]Z\V eY`dV RgRZ]RS]V Wc`^ C`_deVc'TR' ?_ ^`de TRdVd% eY`fXY% dfc&
CK FH
gVjd RcV fdVU e` acZTV SV_TY^Rc\ [`Sd Rc`f_U hYZTY `eYVc [`Sd RcV eYV_ d]`eeVU
SRdVU `_ eYVZc cV]ReZgV h`ceY Rd UVeVc^Z_VU eYc`fXY [`S VgR]fReZ`_'

IR]Rcj IfcgVj ?_eVcacVeReZ`_ R_U KdV

GFHG H GHHF
G H GFHGF G
H HG G
GFHGF

:ReR Wc`^ eYV >Rj =c`fa T`_df]eZ_X WZc^ Z_UZTReV eYRe ]RcXV `cXR_ZkReZ`_d aRc&
eZTZaReV Z_ R_ RgVcRXV `W ** T`^aV_dReZ`_ dfcgVjd R_U fdV Z_W`c^ReZ`_ Wc`^
dVgV_ `W eYV^ e` RU^Z_ZdeVc eYVZc `h_ T`^aV_dReZ`_ acRTeZTVd'*/
KahRcU SZRd TR_ SV R ac`S]V^ cVXRcU]Vdd `W eYV ejaV `W T`^aV_dReZ`_ dfcgVj
fdVU' 7e ]VRde `_V T`^aV_dReZ`_ ViaVce RcXfVd eYRe eYV hRj Z_ hYZTY ^`de
dfcgVjd RcV T`_decfTeVU% Z_eVcacVeVU% R_U fdVU ]VRUd R]^`de Z_gRcZRS]j e` R dZef&
ReZ`_ Z_ hYZTY WZc^d dVe YZXYVc hRXVd eYR_ eYVj `eYVchZdV ^ZXYe' <`c ViR^a]V%
oT`^aR_ZVd ]Z\V e` T`^aRcV eYV^dV]gVd RXRZ_de hV]]&cVXRcUVU% YZXY&aRjZ_X% R_U
YZXY&aVcW`c^Z_X T`^aR_ZVd%p d` SRdV]Z_V dR]RcZVd eV_U e` SV SZRdVU fahRcU'

,93>A7? !! 1A?3A78:5 /3C /;3<@ # '

ESZ]

8@C E:7 8C@?E=;?7

IZ^Z]Rc]j% oT`^aR_ZVd eYRe da`_d`c dfcgVjd `WeV_ U` d` hZeY R_ Z^a]ZTZe "R]SVZe

f_deReVU# `S[VTeZgV3 e` dY`h eYV T`^aR_j PZdQ aRjZ_X VZeYVc T`^aVeZeZgV]j `c
d`^VhYRe SV]`h eYV ^Rc\Ve% d` Rd e` [fdeZWj a`dZeZgV T`ccVTeZgV RTeZ`_'p <`c eYVdV
R_U dZ^Z]Rc cVRd`_d% Ze Zd ac`SRS]j hZdV e` cVgZVh dfcgVj cVdf]ed hZeY R d\VaeZTR] VjV
R_U e` RT\_`h]VUXV eYRe fahRcU SZRd ^Rj ViZde R_U dY`f]U aVcYRad SV
T`_dZUVcVU hYV_ ^R\Z_X UVTZdZ`_d'*!
MYReVgVc eYV d`fcTV `W eYV dfcgVj% eYV UReR ^fde SV TRcVWf]]j RddVddVU W`c
RTTfcRTj SVW`cV eYVj RcV fdVU e` ^R\V T`^aV_dReZ`_ UVTZdZ`_d' Fc`S]V^d TR_ RcZdV
hYV_ eYV `cXR_ZkReZ`_qd [`S UVdTcZaeZ`_d `_]j aRceZR]]j ^ReTY eYV UVdTcZaeZ`_d
T`_eRZ_VU Z_ eYV dfcgVj% eYV dfcgVj UReR hVcV T`]]VTeVU dVgVcR] ^`_eYd SVW`cV
eYV eZ^V `W fdV% eYV aRceZTZaR_ed Z_ eYV dfcgVj U` _`e cVacVdV_e eYV Raac`acZReV
]RS`fc ^Rc\Ve W`c eYV [`Sd SVZ_X ^ReTYVU% R_U d` `_'*1
D`h R]] eYV Z_W`c^ReZ`_ _VTVddRcj e` ^`gV e` eYV _Vie deRXVnUVeVc^Z_Z_X
aRj W`c [`SdnYRd SVV_ `SeRZ_VU'

7P>DB #$ 'KI?FJB PEB .K? )R>HQ>PFKJ >JA 7>H>NU

7QNR BU -JCKNI>PFKJ PK (BPBNIFJB 4>U CKN .K?O
COMYWWOXN] TYL Z\SMO KXN ZKc
\KXQO] LK]ON YX \OVO`KX^ SX^O\XKV
KXN Ob^O\XKV PKM^Y\]
aKQO M_\`O 3 Q\KZRSM NO]M\SZ^SYX
YP ^RO \OVK^SYX]RSZ LO^aOOX ^RO
`KV_O YP ^RO TYL KXN ^RO K`O\KQO
aKQO ZKSN PY\ ^RS] TYL&

JYV WZ_R] deRXV Zd e` RddZX_ aRj cReVd e` VRTY aRj XcRUV' "EW T`fcdV% ZW [`Sd hVcV
_`e Xc`faVU Z_e` aRj XcRUVd% Z_UZgZUfR] aRj cReVd h`f]U YRgV e` SV RddZX_VU
e` VRTY [`S'# 7ddZX_Z_X aRj cReVd e` VRTY aRj XcRUV "`c e` VRTY [`S# Zd fdfR]]j
RTT`^a]ZdYVU hZeY R hRXV TfcgT'
JYV hRXV TfcgV XcRaYZTR]]j UVaZTed eYV ^Rc\Ve aRj cReVd TfccV_e]j SVZ_X
aRZU W`c [`Sd Z_ VRTY aRj XcRUV% cV]ReZgV e` eYV [`S VgR]fReZ`_ a`Z_ed W`c VRTY
[`S `c XcRUV' 7_ ViR^a]V `W R hRXV TfcgV Zd acVdV_eVU Z_ <ZXfcV **'.' D`eV
eYRe aRj cReVd RcV dY`h_ `_ eYV gVceZTR] RiZd% hYZ]V eYV a`Z_ed W`c aRj XcRUVd
RcV dY`h_ R]`_X eYV Y`cZk`_eR] RiZd' JYV afca`dV `W eYV hRXV TfcgV Zd e` dY`h
eYV cV]ReZ`_dYZa SVehVV_ eYV gR]fV `W eYV [`S Rd UVeVc^Z_VU Sj `_V `W eYV [`S
VgR]fReZ`_ ^VeY`Ud R_U eYV TfccV_e RgVcRXV aRj cReVd W`c VRTY [`S `c XcRUV'

AVY^^SXQ K HKQO 5_\`O

# (

/3?A $ 2=A3; 07B3?6@

JYVcV RcV dVgVcR] deVad Z_ UVeVc^Z_Z_X aRj W`c aRj

XcRUVd fdZ_X R hRXV TfcgV' <Zcde% WZ_U eYV RgVcRXV aRj
W`c VRTY aRj XcRUV% dZ_TV VRTY `W eYV aRj XcRUVd T`_dZded
H GE G EG IF H GH G HF
`W dVgVcR] [`Sd' DVie% a]`e eYV aRj cReVd W`c VRTY aRj
H G FE H FFGH HHH F IG F H
XcRUV% Rd hRd U`_V Z_ <ZXfcV **'.' JYV_ WZe R ]Z_V "TR]]VU
H H G H G H F G HH
R ohRXV ]Z_Vp# eYc`fXY eYV a`Z_ed [fde a]`eeVU' JYZd TR_
G GI GE GH G LIHGH GH F H
SV U`_V VZeYVc WcVVYR_U `c Sj fdZ_X R deReZdeZTR] ^VeY`U
GF F H F E
\_`h_ Rd cVXcVddZ`_ R_R]jdZd' <Z_R]]j% UVeVc^Z_V aRj
W`c [`Sd' MRXVd R]`_X eYV hRXV ]Z_V RcV eYV eRcXVe hRXVd `c dR]Rcj cReVd W`c
eYV [`Sd Z_ VRTY aRj XcRUV'

3X -A9:53; 6SVOWWK

:VgV]`aZ_X HReV HR_XVd

ZKc \KXQO] 3 ]O\SO] YP ]^OZ] Y\
VO`OV] aS^RSX K ZKc Q\KNO$ _]_KVVc
LK]ON YX cOK\] YP ]O\`SMO&

C`de V^a]`jVcd U` _`e [fde aRj `_V cReV W`c R]] [`Sd Z_ R aRceZTf]Rc aRj XcRUV'
?_deVRU% eYVj UVgV]`a aRj cR_XVd W`c VRTY XcRUV d` eYRe eYVcV ^ZXYe% W`c Z_deR_TV%
SV *) ]VgV]d `c odeVadp R_U *) T`ccVda`_UZ_X aRj cReVd hZeYZ_ VRTY aRj XcRUV'
JYZd Raac`RTY Zd Z]]fdecReVU Z_ JRS]V **',% hYZTY dY`hd eYV aRj cReVd R_U ]VgV]d
W`c d`^V `W eYV WVUVcR] X`gVc_^V_e aRj XcRUVd' 7d `W eYV eZ^V `W eYZd aRj dTYVU&
f]V% W`c Z_deR_TV% V^a]`jVVd Z_ a`dZeZ`_d eYRe hVcV T]RddZWZVU Z_ XcRUV 9N&* T`f]U
SV aRZU R__fR] dR]RcZVd SVehVV_ .+ /)- R_U // -*,% UVaV_UZ_X `_ eYV ]VgV] Re
hYZTY eYVj hVcV YZcVU Z_e` eYV XcRUV% eYV R^`f_e `W eZ^V eYVj hVcV Z_ eYV XcRUV%
R_U eYVZc ^VcZe Z_TcVRdVd "ZW R_j#' 7_`eYVc hRj e` UVaZTe eYV cReV cR_XVd W`c VRTY
XcRUV Zd hZeY R hRXV decfTefcV% Rd Z_ <ZXfcV **'/' JYV hRXV decfTefcV XcRaYZTR]]j
UVaZTed eYV cR_XV `W aRj cReVd "Z_ eYZd TRdV% aVc Y`fc# e` SV aRZU W`c VRTY XcRUV'
JYV fdV `W aRj cR_XVd W`c VRTY aRj XcRUV YRd dVgVcR] SV_VWZed' <Zcde% eYV
V^a]`jVc TR_ eR\V R ^`cV W]ViZS]V deR_TV hZeY cVdaVTe e` eYV ]RS`fc ^Rc\Ve4
W`c ViR^a]V% d`^V W]ViZSZ]Zej ^R\Vd Ze VRdZVc e` ReecRTe ViaVcZV_TVU% YZXYVc&aRZU
V^a]`jVVd Z_e` R aRj XcRUV hYVcV eYV deRceZ_X dR]Rcj W`c eYV ]`hVde deVa ^Rj SV
e`` ]`h e` ReecRTe dfTY ViaVcZV_TVU aV`a]V' FRj cR_XVd R]d` R]]`h V^a]`jVcd e`
ac`gZUV W`c aVcW`c^R_TV UZWWVcV_TVd SVehVV_ V^a]`jVVd hZeYZ_ eYV dR^V XcRUV
`c SVehVV_ eY`dV hZeY UZWWVcZ_X dV_Z`cZej' 7d Z_ <ZXfcV **'/% ^`de V^a]`jVcd
decfTefcV eYVZc aRj cR_XVd e` `gVc]Ra R SZe d` eYRe R_ V^a]`jVV hZeY XcVReVc ViaV&
cZV_TV `c dV_Z`cZej ^Rj VRc_ ^`cV eYR_ R_ V_ecj&]VgV] aVcd`_ Z_ eYV _Vie YZXYVc
aRj XcRUV'

L\YKNLKXNSXQ CON_MSXQ ^RO

X_WLO\ YP ]KVK\c Q\KNO] KXN
\KXQO] SX^Y T_]^ K POa aSNO VO`OV]
Y\ LKXN]$ OKMR YP aRSMR ^ROX
MYX^KSX] K \OVK^S`OVc aSNO \KXQO YP
TYL] KXN ]KVK\c VO`OV]&

8c`RUSR_UZ_X
JYV ecV_U e`URj Zd W`c V^a]`jVcd e` cVUfTV eYVZc dR]Rcj XcRUVd R_U cR_XVd
Wc`^ I `c ^`cV U`h_ e` eYcVV e` WZgV% R ac`TVdd eYRe Zd TR]]VU
8c`RUSR_UZ_X ^VR_d T`^SZ_Z_X dR]Rcj XcRUVd R_U cR_XVd Z_e` [fde R WVh hZUV

8ONO\KV 9Y`O\XWOX^ AKc DMRON_VO] 5I%( KXN 5I%)

BH IHF E
E

"

AK

AK

,93>A7? !! 1A?3A78:5 /3C /;3<@ # )

]VgV]d `c oSR_Ud%p VRTY `W hYZTY eYV_ T`_eRZ_d R cV]ReZgV]j hZUV cR_XV `W [`Sd
R_U dR]Rcj ]VgV]d "dVV <ZXfcV **'0#'
8c`RUSR_UZ_X R aRj djdeV^ Z_g`]gVd dVgVcR] deVad' <Zcde% eYV _f^SVc `W
SR_Ud Zd UVTZUVU `_ R_U VRTY Zd RddZX_VU R dR]Rcj cR_XV' JYV SR_Ud fdfR]]j YRgV
hZUV dR]Rcj cR_XVd R_U R]d` `gVc]Ra dfSdeR_eZR]]j' 7d R cVdf]e% eYVcV Zd ^fTY
^`cV W]ViZSZ]Zej e` ^`gV V^a]`jVVd Wc`^ [`S e` [`S hZeYZ_ SR_Ud R_U ]Vdd _VVU
e` oac`^`eVp eYV^ e` _Vh XcRUVd [fde e` XZgV eYV^ YZXYVc dR]RcZVd'
8c`RUSR_UZ_Xqd SRdZT RUgR_eRXV Zd eYRe Ze Z_[VTed XcVReVc W]ViZSZ]Zej Z_e`
V^a]`jVV T`^aV_dReZ`_'*2 JYV _Vh% Sc`RU dR]Rcj SR_Ud TR_ Z_T]fUV S`eY
dfaVcgZd`cd R_U eY`dV cVa`ceZ_X e` eYV^' 8c`RUSR_UZ_X R]d` WRTZ]ZeReVd ]Vdd
daVTZR]ZkVU% S`f_URcj]Vdd [`Sd R_U `cXR_ZkReZ`_d' BVdd daVTZR]ZkReZ`_ R_U ^`cV
aRceZTZaReZ`_ Z_ Tc`dd&UVaRce^V_eR] ac`TVddVd XV_VcR]]j ^VR_ V_]RcXVU UfeZVd `c
TRaRSZ]ZeZVd R_U ^`cV a`ddZSZ]ZeZVd W`c R]eVc_ReZgV TRcVVc ecRT\d'

9`ccVTeZ_X Efe&`W&BZ_V HReVd

JYV RTefR] hRXV cReV W`c R [ `S ^Rj WR]] hV]] `WW eYV hRXV ]Z_V `c hV]] `fedZUV eYV
cReV cR_XV W`c Zed XcRUV' JYZd ^VR_d eYRe eYV RgVcRXV aRj W`c eYRe [`S Zd TfccV_e]j
e`` YZXY `c e`` ]`h cV]ReZgV e` `eYVc [`Sd Z_ eYV WZc^' ?W R a`Z_e WR]]d hV]] SV]`h
eYV ]Z_V% R aRj cRZdV W`c eYV [`S ^Rj SV cVbfZcVU' ?W eYV a]`e WR]]d hV]] RS`gV eYV
hRXV ]Z_V% aRj Tfed `c R aRj WcVVkV ^Rj SV cVbfZcVU'

#!

/3?A $ 2=A3; 07B3?6@

8;9FC7 ((&.

+?=3643<6 :<8

-)(,0)/ =Y_S]K =S^^

FE A

FE
E EE HG
O GE FE
FE
G HGF GFH
666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666666667666

F GE H
FE GH
E H H G
HH G H F

K_UVcaRZU V^a]`jVVd dY`f]U YRgV eYVZc hRXVd cRZdVU e` eYV ^Z_Z^f^ `W eYV
cReV cR_XV W`c eYVZc aRj XcRUV% Rddf^Z_X eYRe eYV `cXR_ZkReZ`_ hR_ed e` cVeRZ_
eYV V^a]`jVVd R_U YRd eYV Wf_Ud' JYZd TR_ SV U`_V VZeYVc Z^^VUZReV]j `c Z_ `_V
`c eh` deVad'
FRj cReVd `W `gVcaRZU V^a]`jVVd RcV `WeV_ TR]]VU cVU TZcT]V aRj cReVd% R_U
eYVcV RcV dVgVcR] hRjd e` T`aV hZeY eYZd ac`S]V^' E_V Zd e` WcVVkV eYV cReV aRZU
e` V^a]`jVVd Z_ eYZd XcRUV f_eZ] XV_VcR] dR]Rcj Z_TcVRdVd ScZ_X eYV `eYVc [`Sd Z_e`
]Z_V hZeY Ze' 7 dVT`_U R]eVc_ReZgV Zd e` ecR_dWVc `c ac`^`eV d`^V `c R]] `W eYV
V^a]`jVVd Z_g`]gVU e` [`Sd W`c hYZTY eYVj TR_ ]VXZeZ^ReV]j SV aRZU eYVZc TfccV_e
aRj cReVd' JYV eYZcU R]eVc_ReZgV Zd e` WcVVkV eYV cReV W`c dZi ^`_eYd% UfcZ_X hYZTY
eZ^V ReeV^aed RcV ^RUV e` ecR_dWVc `c ac`^`eV eYV `gVcaRZU V^a]`jVVd' ?W eYZd Zd
_`e a`ddZS]V% eYV_ eYV cReV Re hYZTY eYVdV V^a]`jVVd RcV aRZU Zd Tfe e` eYV ^RiZ&
^f^ Z_ eYV aRj cR_XV W`c eYVZc XcRUV'

4%= *36 /23;0)(+)

FRj&W`c&\_`h]VUXV djdeV^d RcV \_`h_ Rd ;GEH=L=F;Q":9K=< H9Q "W`c ^R_&
RXV^V_e R_U ac`WVddZ`_R] V^a]`jVVd# R_U KCADD":9K=< H9Q "W`c ^R_fWRTefcZ_X
V^a]`jVVd#' JYVdV a]R_d aRj V^a]`jVVd W`c eYV cR_XV% UVaeY% R_U ejaVd `W \_`h]&
VUXV eYRe eYVj RcV TRaRS]V `W fdZ_X% cReYVc eYR_ W`c eYV [`S eYRe eYVj TfccV_e]j
Y`]U' 9`^aVeV_TZVd RcV Z_UZgZUfR] \_`h]VUXV% d\Z]]d% R_U SVYRgZ`fcd eYRe RcV
TcZeZTR] e` dfTTVddWf] Z_UZgZUfR] `c T`ca`cReV aVcW`c^R_TV SRdVU `_ eYVZc cV]ReZ`_
e` eYV `cXR_ZkReZ`_qd gZdZ`_d% gR]fVd% R_U SfdZ_Vdd decReVXj'
0GJ= ;GEH=L=F;A=K UVdTcZSV \_`h]VUXV R_U SVYRgZ`fcd eYRe V^a]`jVVd
eYc`fXY`fe eYV `cXR_ZkReZ`_ ^fde ViYZSZe W`c eYV `cXR_ZkReZ`_ e` dfTTVVU% dfTY Rd
oTfde`^Vc dVcgZTV `cZV_eReZ`_p W`c R]] Y`eV] V^a]`jVVd' 3MF;LAGF9D ;GEH=L=F;A=K
RcV Rdd`TZReVU hZeY R aRceZTf]Rc `cXR_ZkReZ`_R] Wf_TeZ`_% dfTY Rd o_VX`eZR&
eZ`_ d\Z]]dp W`c dR]VdaV`a]V% `c odRWVej `cZV_eReZ`_p W`c aZ]`ed' /=@9NAGMJ9D
;GEH=L=F;A=K RcV ViaVTeVU SVYRgZ`fcd% dfTY Rd oR]hRjd hR]\Z_X R Tfde`^Vc e`
eYV ac`UfTe eYVj RcV ]``\Z_X W`c cReYVc eYR_ a`Z_eZ_X'p+* 7 aRj&W`c&\_`h]VUXV
ac`XcR^ dY`f]U Z_T]fUV eYV W`]]`hZ_X3

ESZ] B B

9`^aVeV_TZVd R_U d\Z]]dnUZcVTe]j Z^a`ceR_e e` [`S aVcW`c^R_TVneYRe TR_

SV UVWZ_VU Z_ ^VRdfcRS]V R_U `S[VTeZgV eVc^d' I\Z]]d eV_U e` SV VRdZVc e` UVWZ_V
R_U ^VRdfcV eYR_ T`^aVeV_TZVd'

,93>A7? !! 1A?3A78:5 /3C /;3<@ #!!

DVh R_U UZWWVcV_e T`^aVeV_TZVd eYRe cVa]RTV `Sd`]VeV T`^aVeV_TZVd

`c T`^aVeV_TZVd eYRe RcV _` ]`_XVc Z^a`ceR_e e` [`S aVcW`c^R_TV' ?W
RUUZeZ`_R] T`^aVeV_TZVd RcV _VVUVU% eYV `Sd`]VeV T`^aVeV_Tj dY`f]U
SV cV^`gVU Wc`^ eYV ac`XcR^'

E_&eYV&[`S ecRZ_Z_X% _`e oZ_ eYV T]Rddc``^p ecRZ_Z_X' JY`dV hY`

a`ddVdd eYV T`^aVeV_TZVd `c d\Z]]d dY`f]U eVRTY eYV^' 7]d` Z_T]fUV
`_&eYV&[`S RddVdd^V_e% hYZTY TR_ SV dfaa]V^V_eVU Sj aRaVc&R_U&
aV_TZ] ViR^d RU^Z_ZdeVcVU `_ eYV [`S'++

7d R_ ViR^a]V% Z_ R ^R_fWRTefcZ_X a]R_e dVeeZ_X% h`c\Vcd h`f]U SV aRZU

SRdVU `_ eYVZc ReeRZ_VU d\Z]] ]VgV]d' ?_ R eYcVV&]VgV] a]R_3
*' BVgV] * h`f]U Z_UZTReV ]Z^ZeVU RSZ]Zej!% dfTY Rd \_`h]VUXV `W SRdZT
WRTed R_U RSZ]Zej e` aVcW`c^ dZ^a]V eRd\d hZeY`fe UZcVTeZ`_'
+' BVgV] + h`f]U ^VR_ eYRe eYV V^a]`jVV YRd ReeRZ_VU aRceZR] ac`WZTZV_Tj
R_U T`f]U% W`c Z_deR_TV% Raa]j eVTY_ZTR] acZ_TZa]Vd `_ eYV [`S'
,' BVgV] , h`f]U ^VR_ eYRe eYV V^a]`jVV Zd Wf]]j T`^aVeV_e Z_ eYV RcVR
R_U T`f]U% W`c ViR^a]V% R_R]jkV R_U d`]gV ac`UfTeZ`_ ac`S]V^d'
?_TcVRdVU h`c\W`cTV W]ViZSZ]Zej Zd `_V `W eYV ^`de dZX_ZWZTR_e RUgR_&
eRXVd `W aRj W`c \_`h]VUXV' ;^a]`jVVd c`eReV SVehVV_ UZWWVcV_e [`Sd
`c ac`UfTeZ`_ RcVRd e` V_T`fcRXV eYV ]VRc_Z_X `W _Vh T`^aVeV_TZVd
R_U d\Z]]d' JYZd ac`TVdd W`deVcd W]ViZSZ]Zej Sj V_T`fcRXZ_X h`c\Vcd e` ]VRc_
^f]eZa]V T`^aVeV_TZVd R_U d\Z]]d R_U e` hZ]]Z_X]j dhZeTY eRd\d'+,
;iaVcZV_TV YRd dY`h_ eYRe T`^aVeV_Tj&SRdVU aRj Zd ^`cV VWWZTZV_e Z_ eYV WZcde
jVRcd `W Zed ViZdeV_TV' JYV XcVReVde TYR]]V_XV Zd ^VRdfcV^V_e `W T`^aVeV_TZVd'
7d eZ^V X`Vd `_% V^a]`jVVd `WeV_ SVT`^V UZddReZdWZVU ZW eYVdV ^VRdfcV^V_ed RcV
_`e gR]ZU `c ZW eYV aV`a]V cVda`_dZS]V W`c RddVddZ_X T`^aVeV_TZVd RcV T`_dZUVcVU
Z_T`^aVeV_e `c SZRdVU'+-
7_`eYVc ^R[`c V^a]`jVV T`_TVc_ Zd eYRe aRj SV ]Z_\VU dfWWZTZV_e]j e`
aVcW`c^R_TV Rd hV]] Rd T`^aVeV_TZVd' I`^V T`^aV_dReZ`_ T`_df]eR_ed dfXXVde
eYRe WZc^d dY`f]U _`e aRj W`c T`^aVeV_TZVd Re eYV ViT]fdZ`_ `W cVhRcUd W`c YZXY
aVcW`c^R_TV cVdf]ed' <`c ViR^a]V% T`^aVeV_TZVd T`f]U SV ]Z_\VU e` eYV UVeVc^Z&
_ReZ`_ `W SRdV dR]Rcj T`^SZ_VU hZeY S`_fdVd eYRe RcV SRdVU `_ aVcW`c^R_TV'+.
E_V WZ_R] ZddfV W`c ^R_j 9R_RUZR_ T`^aR_ZVd Zd eYRe aRj&W`c&\_`h]VUXV djdeV^d
U` _`e ^VVe aRj VbfZej cVbfZcV^V_ed'+/
7]eY`fXY `_]j RS`fe *. e` +) aVcTV_e `W h`c\a]RTVd fdV aRj W`c \_`h]&
VUXV Re acVdV_e% ViaVced acVUZTe eYRe eYV gZVha`Z_e eYRe aV`a]V% cReYVc eYR_
[`Sd% ac`gZUV RUgR_eRXVd e` `cXR_ZkReZ`_d hZ]] T`_eZ_fV e` Xc`h Z_ a`af]RcZej'
JYVj W`cVdVV eYV V^VcXV_TV `W _Vh aRj djdeV^d T`^SZ_Z_X T`^aVeV_TZVd R_U
^Rc\Ve gR]fVd0

AGFHHGF IG HGE GHF

GFHE G H IG HG H
HGE G KE

4%= *36 )<)'98-:) 1%2%+)6-%0 %2(

463*)77-32%0 .3&7
:VgV]`aZ_X R T`^aV_dReZ`_ a]R_ e` aRj ViVTfeZgV% ^R_RXVcZR]% R_U ac`WVddZ`_R]
V^a]`jVVd Zd dZ^Z]Rc Z_ ^R_j cVdaVTed e` UVgV]`aZ_X R a]R_ W`c `eYVc V^a]`jVVd'+1
JYV SRdZT RZ^d `W eYV a]R_ RcV eYV dR^V Z_ eYRe eYV X`R] Zd e` ReecRTe X``U V^a]`j&
VVd R_U ^RZ_eRZ_ eYVZc T`^^Ze^V_e' OVe W`c ViVTfeZgV% ^R_RXVcZR]% R_U ac`WVd&
dZ`_R] [`Sd% [`S VgR]fReZ`_ ac`gZUVd `_]j R aRceZR] R_dhVc e` eYV bfVdeZ`_ `W

#!"

/3?A $ 2=A3; 07B3?6@

Y`h e` aRj eYVdV V^a]`jVVd' ;iVTfeZgVd% ^R_RXVcd% R_U ac`WVddZ`_R]d RcV R]^`de
R]hRjd aRZU SRdVU `_ eYVZc aVcW`c^R_TV Rd hV]] Rd `_ eYV SRdZd `W deReZT [`S
UV^R_Ud% ]Z\V h`c\Z_X T`_UZeZ`_d'

'KILBJO>PFJD )TB@QPFRBO >JA 1>J>DBNO

JYVcV RcV WZgV V]V^V_ed Z_ R_ ViVTfeZgV(^R_RXVcZR] T`^aV_dReZ`_ aRT\RXV3
dR]Rcj% SV_VWZed% dY`ce&eVc^ Z_TV_eZgVd% ]`_X&eVc^ Z_TV_eZgVd% R_U aVcbfZdZeVd'+2
JYV R^`f_e `W dR]Rcj aRZU fdfR]]j UVaV_Ud `_ eYV gR]fV `W eYV aVcd`_qd h`c\ e`
eYV `cXR_ZkReZ`_ R_U Y`h hV]] eYV aVcd`_ Zd Y`_`fcZ_X YZd `c YVc cVda`_dZSZ]ZeZVd'
IR]Rcj Zd eYV T`c_Vcde`_V `W ViVTfeZgV T`^aV_dReZ`_% SVTRfdV Ze Zd eYV V]V^V_e
`_ hYZTY eYV `eYVcd RcV ]RjVcVU% hZeY SV_VWZed% Z_TV_eZgVd% R_U aVcbfZdZeVd `WeV_
RhRcUVU Z_ d`^V ac`a`ceZ`_ e` SRdV aRj'
;iVTfeZgV T`^aV_dReZ`_ eV_Ud e` V^aYRdZkV aVcW`c&
^R_TV Z_TV_eZgVd ^`cV eYR_ `eYVc V^a]`jVV aRj a]R_d
U`% dZ_TV `cXR_ZkReZ`_R] cVdf]ed RcV ]Z\V]j e` cVW]VTe eYV
;] S^ \SQR^ ^RK^ 57@] OK\X OXY\WY_] KWY_X^] YP WYXOc aROX
T`_ecZSfeZ`_d `W ViVTfeZgVd ^`cV UZcVTe]j eYR_ eY`dV
WY]^ OWZVYcOO] K\O QO^^SXQ ]WKVV SXM\OK]O] OKMR cOK\ !]YWO%
`W `eYVc V^a]`jVVd' JYV YVRgj Z_TV_eZgV T`^a`_V_e `W
^SWO] O`OX VO]] ^RKX SXPVK^SYX"2
ViVTfeZgV T`^aV_dReZ`_ TR_ SV Z]]fdecReVU Sj fdZ_X d`^V
`W 9R_RURqd SVde&aRZU ViVTfeZgVd Rd R_ ViR^a]V',) JYV
YZXYVde aRZU ViVTfeZgV Z_ 9R_RUR Z_ +)*) hRd >R_\ IhRce`fe% 9;E `W FcVTZdZ`_
:cZ]]Z_X 9`ca`cReZ`_% hY` VRc_VU R e`eR] T`^aV_dReZ`_ `W 0- 1+- ,,*% `W
hYZTY 1-) ))) hRd SRdV dR]Rcj' >f_eVc >RccZd`_% 9;E `W 9R_RUZR_ DReZ`_R]
HRZ]hRj% cVTVZgVU e`eR] T`^aV_dReZ`_ `W ./ +*2 -2-% hYZTY Z_T]fUVU YZd SRdV
C
dR]Rcj `W * //. 2.)' 7 defUj `_ 9;E aRj UVeVc^Z_VU eYRe WZc^ dZkV RTT`f_ed W`c
-) aVcTV_e `W eYV gRcZR_TV `W e`eR] 9;E aRj% hYZ]V WZc^ aVcW`c^R_TV RTT`f_ed
W`c ]Vdd eYR_ . aVcTV_e `W eYV gRcZR_TV',*
JYVcV YRd SVV_ T`_dZUVcRS]V UVSReV cVXRcUZ_X hYVeYVc e`a ViVTfeZgVd RcV
h`ceY hYRe eYVj RcV aRZU' I`^V RcXfV eYRe eYV [`S `W R_ ViVTfeZgV Zd Z_TcVRd&
Z_X]j UZWWZTf]e' JYV deR\Vd RcV YZXY% R_U [`S eV_fcV Zd `WeV_ dY`ce' ;iaVTeReZ`_d
RcV XVeeZ_X YZXYVc% eYV bfVdeZ`_d Wc`^ dYRcVY`]UVcd RcV ^`cV UZcVTe% R_U eYV
TYR]]V_XV `W _RgZXReZ_X R_ `cXR_ZkReZ`_ eYc`fXY UZWWZTf]e VT`_`^ZT eZ^Vd
YRd _VgVc SVV_ d` XcVRe' >`hVgVc% dYRcVY`]UVc RTeZgZd^ cVXRcUZ_X ViVTfeZgV
aRj YRd ReeV^aeVU e` eZXYeV_ eYV cVdecZTeZ`_d `_ hYRe WZc^d aRj eYVZc e`a
ViVTfeZgVd'
I`^V SV]ZVgV eYRe aRj W`c aVcW`c^R_TV Zd eR\Z_X Y`]U% hZeY T`^aR_ZVd _`h
^R\Z_X dec`_XVc ]Z_\d SVehVV_ T`^aR_j aVcW`c^R_TV R_U 9;E e`eR] T`^aV_&
dReZ`_' EeYVcd SV]ZVgV eYRe ]Z_\Z_X aRj e` aVcW`c^R_TV Zd deZ]] Z_RUVbfReV Z_ eYV
^R[`cZej `W T`^aR_ZVd' C`de RXcVV eYRe SVeeVc UZdT]`dfcV `W ViVTfeZgV aRj Zd
cVbfZcVU% R_U Xc`fad dfTY Rd eYV 9R_RUZR_ IVTfcZeZVd 7U^Z_ZdecRe`cd R_U eYV
9R_RUZR_ 9`R]ZeZ`_ W`c =``U =`gVc_R_TV RcV acVddZ_X W`c UcR^ReZT TYR_XVd Z_
ViVTfeZgV T`^aV_dReZ`_ UZdT]`dfcV',+

3X -A9:53; 6SVOWWK

CO]OK\MR

'KILBJO>PFJD 4NKCBOOFKJ>H )ILHKUBBO

9`^aV_dReZ_X _`_&dfaVcgZd`cj ac`WVddZ`_R] V^a]`jVVd% ]Z\V V_XZ_VVcd R_U
dTZV_eZded% acVdV_ed f_ZbfV ac`S]V^d' 7_R]jeZTR] [`Sd cVbfZcV TcVReZgZej R_U ac`S&
]V^ d`]gZ_X% T`^aV_dRS]V WRTe`cd _`e VRdZ]j T`^aRcVU `c ^VRdfcVU' <fceYVc^`cV%
eYV ac`WVddZ`_R]qd VT`_`^ZT Z^aRTe `_ eYV WZc^ Zd `WeV_ cV]ReVU `_]j Z_UZcVTe]j
e` eYV aVcd`_qd RTefR] VWW`ced4 W`c ViR^a]V% eYV dfTTVdd `W R_ V_XZ_VVcqd Z_gV_eZ`_
UVaV_Ud `_ ^R_j WRTe`cd% ]Z\V Y`h hV]] Ze Zd ac`UfTVU R_U ^Rc\VeVU'

,93>A7? !! 1A?3A78:5 /3C /;3<@ #!#

?_ eYV`cj% eYV [`S VgR]fReZ`_ ^VeY`Ud Via]RZ_VU acVgZ`fd]j TR_ SV fdVU W`c
VgR]fReZ_X ac`WVddZ`_R] [`Sd',, JYV T`^aV_dRS]V WRTe`cd YVcV eV_U e` W`Tfd `_
ac`S]V^ d`]gZ_X% TcVReZgZej% [`S dT`aV% R_U eVTY_ZTR] \_`h]VUXV R_U ViaVceZdV'
JYV [`S T]RddZWZTReZ`_ ^VeY`U Zd T`^^`_]j fdVUnR dVcZVd `W XcRUV UVdTcZa&
eZ`_d RcV hcZeeV_% R_U VRTY a`dZeZ`_ Zd d]`eeVU Z_e` eYV XcRUV YRgZ_X eYV ^`de
Raac`acZReV UVWZ_ZeZ`_'
YZ acRTeZTV% ecRUZeZ`_R] ^VeY`Ud `W [`S VgR]fReZ`_ RcV cRcV]j fdVU W`c ac`WVd&
dZ`_R] [`Sd dZ_TV Ze Zd d` UZWWZTf]e e` ZUV_eZWj T`^aV_dRS]V WRTe`cd R_U UVXcVVd `W
WRTe`cd eYRe ^VR_Z_XWf]]j TRaefcV eYV gR]fV `W ac`WVddZ`_R] h`c\' oA_`h]VUXV
R_U eYV d\Z]] `W Raa]jZ_X Ze%p Rd `_V ViaVce _`eVd% oRcV ViecV^V]j UZWWZTf]e e`
bfR_eZWj R_U ^VRdfcV'p,-
7d R cVdf]e% ^`de V^a]`jVcd fdV R E9JC=L"HJA;AF? 9HHJG9;@ Z_ VgR]fReZ_X
ac`WVddZ`_R] [`Sd' JYVj acZTV ac`WVddZ`_R] [`Sd Z_ eYV ^Rc\Vea]RTV e` eYV SVde
`W eYVZc RSZ]Zej e` VdeRS]ZdY eYV gR]fVd W`c SV_TY^Rc\ [`Sd' JYVdV SV_TY^Rc\
[`Sd R_U eYV V^a]`jVcqd `eYVc ac`WVddZ`_R] [`Sd RcV eYV_ d]`eeVU Z_e` R dR]Rcj
decfTefcV' IaVTZWZTR]]j% VRTY ac`WVddZ`_R] UZdTZa]Z_V "]Z\V ^VTYR_ZTR] V_XZ_VVc&
Z_X `c V]VTecZTR] V_XZ_VVcZ_X# fdfR]]j V_Ud fa YRgZ_X W`fc e` dZi XcRUV ]VgV]d%
VRTY `W hYZTY cVbfZcVd R WRZc]j Sc`RU dR]Rcj cR_XV' JYZd Raac`RTY YV]ad V_dfcV
eYRe eYV V^a]`jVc cV^RZ_d T`^aVeZeZgV hYV_ SZUUZ_X W`c ac`WVddZ`_R]d hY`dV
ReeRZ_^V_ed gRcj hZUV]j R_U hY`dV a`eV_eZR] V^a]`jVcd RcV W`f_U ]ZeVcR]]j
h`c]UhZUV'

4%= )59-8=

H GEF HG
KEGFHE G FE
KEGFHE G G
HG H G

>Zde`cZTR]]j% eYV RgVcRXV aRj W`c 9R_RUZR_ h`^V_ YRd SVV_ T`_dZUVcRS]j
]`hVc eYR_ eYRe W`c ^V_' ?_ *2/0% h`^V_qd RgVcRXV hRXVd hVcV -/'* aVcTV_e
`W ^V_qd RgVcRXV hRXVd' JRS]V * *'- dY`hd eYV ^`de cVTV_e hRXV XRa
deReZdeZTd' I`^V `W eYZd XRa Zd UfV e` eYV WRTe eYRe h`^V_ U` ^`cV aRce&eZ^V
h`c\ eYR_ ^V_% Sfe VgV_ hYV_ Wf]]&jVRc% Wf]]&eZ^V h`c\Vcd RcV T`^aRcVU%
eYV XRa YRd deR]]VU Re Raac`iZ^ReV]j ,) aVcTV_e dZ_TV *221 "dVV M`c\W`cTV
:ZgVcdZej S`i#' JYV hRXV XRa Zd _Rcc`hVc W`c dZ_X]V h`^V_ `gVc eY`dV
hY` RcV ^RccZVU% R_U W`c j`f_XVc h`^V_ hYV_ T`^aRcVU e` eY`dV hY`
RcV `]UVc'
C`cV`gVc% eYV XRa aVcdZded VgV_ hYV_ h`^V_ YRgV eYV dR^V bfR]ZWZTR&
eZ`_d R_U U` eYV dR^V ejaV `W h`c\ Rd ^V_' 7 +))- defUj dY`hVU eYRe% eh`
jVRcd RWeVc XcRUfReZ`_% WV^R]V f_ZgVcdZej XcRUfReVd Z_ eYV CRcZeZ^V ac`gZ_TVd
h`c\Z_X Wf]] eZ^V VRc_VU 01 aVcTV_e `W eYV hVV\]j hRXV `W ^R]Vd% VgV_ RWeVc
RTT`f_eZ_X W`c UZWWVcV_TVd Z_ WZV]U `W defUj% `TTfaReZ`_% ]`TReZ`_% R_U Y`fcd
h`c\VU',0
7]eY`fXY dfTY WRTe`cd Rd UZWWVcV_TVd Z_ Y`fcd h`c\VU% ViaVcZV_TV ]VgV]d%
VUfTReZ`_ ]VgV]d% R_U ]VgV] `W f_Z`_ZkReZ`_ T`_ecZSfeV e` eYV hRXV XRa% djdeV^ZT
UZdTcZ^Z_ReZ`_ Zd R]d` acVdV_e' JYV afca`dV `W aRj VbfZej ]VXZd]ReZ`_ Zd e`
cVUcVdd djdeV^ZT XV_UVc UZdTcZ^Z_ReZ`_ Z_ T`^aV_dReZ`_ W`c h`c\ aVcW`c^VU
Sj V^a]`jVVd Z_ WV^R]V&U`^Z_ReVU [`S T]RddVd' FRj VbfZej cVbfZcVd eYRe VbfR]
hRXVd SV aRZU W`c [`Sd `W VbfR] gR]fV `c oh`ceYp e` eYV V^a]`jVc% Rd UVeVc&
^Z_VU Sj XV_UVc&_VfecR] "Z'V'% WcVV `W R_j SZRd SRdVU `_ XV_UVc# [`S VgR]fReZ`_
eVTY_ZbfVd'
JYV ]VXR] ac`TVdd Z_g`]gVU TR_ SV ]V_XeYj' 7 WZ_R] UVTZdZ`_ Zd deZ]] aV_U&
Z_X Z_ R aRj VbfZej T`^a]RZ_e WZ]VU RXRZ_de 9R_RUR F`de Z_ *21, T]RZ^Z_X eYRe
/ ))) T]VcZTR] h`c\Vcd YRU SVV_ dfS[VTeVU e` djdeV^ZT UZdTcZ^Z_ReZ`_#%, ?_ +))/%

#!$

/3?A $ 2=A3; 07B3?6@

E34=7 ((&+

>KVO%8OWKVO 3`O\KQO 7K\XSXQ] CK^SY# PY\ 8_VS%JOK\$ 8_VV%ESWO HY\UO\]$ (00/%)''/

GAFE
(01- HHK KH IG

FF HHE F GFHFH EG
BC CHHH AFE A C K HHHHHHFKIFACA LE H

;36/*36') $ ) 4 % 0 1 ) 2 5
HYWOX HY\U PY\ 8\OO K] YP DOZ^OWLO\ (.

I GE GFG G ! # &03+*0
&.2-.5 &*4 (.4357 HE H G FE K

G IGF F FHG H EE G CH F
G HF H FE G H H FE
G H FE HH H F H GF

FHGF J F FHF GFG G K

F H GHFH F GFH FE
GFFH FH G H FGFH
FHG H IGF HGGH H

G CH H FH G H I
HG FE IH IGF F FHG FF F
G FH G EG F F H G
H E IGF HH IGF G GEF HG H
AGHGF
H F G FH FE IGF
H EFE H G CH
FH H FE G H I F H H
HH H GHGF FHG H H I
HFE GE F I GE HG FE H
EHGF F G HG IGF FE
F G H IF H I G G
EE G O FH F
HG FH HGE H HH H HGG
GEF HG H GHGF
AFE F FHFH GF FHGF G
GFG AGKGHGF FE GFH GFH FE
FE H FHE CHH I O FH

FFF IH H H G FE GFHFF FHG

HFH GF IGF EHF G GG
F FH HF GG EH
GF IGF EHF G FH F FH
IEF H
G EF FG G HE IGF
GH HH G HE F H H
EE HG FGG FF G G IGK
F IGF HHF H HGH G IGF HG
HIF CN FE CN GF EFEF GF
EHGF
,:?<13 7URaeVU Wc`^ oM`^V_ M`c\ W`c <cVV Rd `W IVae' *0%p
#0902509 '+ +3;:<>3< "IVaeV^SVc *1% +))1 @4 R_U C' 9`c_ZdY%
oCfTY M`c\ e` 8V :`_V `_ FRj ;bfZej%p #0902509 '+ +3;:<>3<
"<VScfRcj +1% +))1#' HVacZ_eVU Sj aVc^ZddZ`_ `W 9R_RUZR_ >H
HVa`ceVc'

9`ajcZXYe

JY`^d`_

HVfeVcd

9R_RUR

J`c`_e`% E_eRcZ`% *&1))&,10&.*/-' MVS3 hhh'YccVa`ceVc'T`^

BeU'%

"+)*+#

,93>A7? !! 1A?3A78:5 /3C /;3<@ #!%

eYV IfacV^V 9`fce `W 9R_RUR cf]VU RXRZ_de R 9R_RUZR_

>f^R_ HZXYed JcZSf_R] UVTZdZ`_ eYRe WV^R]V 7Zc 9R_RUR
W]ZXYe ReeV_UR_edq [`Sd T`f]U _`e SV T`^aRcVU hZeY eY`dV
`W ^RZ_]j ^R]V ^VTYR_ZTd R_U aZ]`ed R_U dV_e eYV TRdV
SRT\ e` eYV ecZSf_R]' JYV T`fce T`_UV^_VU 7Zc 9R_RURqd
fdV `W ]VXR] eVTY_ZTR]ZeZVd e` UV]Rj eYV TRdV% hYZTY SVXR_
Z_ *22*'-)
IZi ac`gZ_TVd "E_eRcZ`% GfVSVT% CR_Ze`SR% D`gR
IT`eZR% DVh 8cf_dhZT\% R_U FcZ_TV ;UhRcU ?d]R_U# YRgV
TcVReVU dVaRcReV ac`RTeZgV ]VXZd]ReZ`_ eYRe daVTZWZTR]]j
cVbfZcVd eYRe aRj VbfZej SV RTYZVgVU' E_eRcZ` R_U GfVSVT
cVbfZcV aRj VbfZej Z_ S`eY eYV afS]ZT R_U eYV acZgReV dVT&
e`cd% hYVcVRd eYV ]VXZd]ReZ`_ Z_ eYV `eYVc W`fc ac`gZ_TVd
CHIF IG EGFHH G H
Raa]ZVd `_]j e` eYV afS]ZT dVTe`c' ?_ eYV WVUVcR] [fcZdUZTeZ`_
R_U eYV Of\`_ "afS]ZT dVTe`c `_]j#% Yf^R_ cZXYed ]VXZd]R&
eZ`_ cVbfZcVd VbfR] aRj W`c h`c\ `W VbfR] gR]fV'
JYV hRXV XRa YRd _Rcc`hVU dZ_TV eYV Z_ec`UfTeZ`_ `W aRj VbfZej ]VXZd]ReZ`_%
Sfe eYVcV Zd deZ]] _` Via]R_ReZ`_ `eYVc eYR_ djdeV^ZT UZdTcZ^Z_ReZ`_ W`c ^fTY
`W eYV ,) aVcTV_e XRa eYRe deZ]] aVcdZded'-* ?_ eYV ]`_X eVc^% eYV SVde hRj e`
cV^`gV eYV a`ceZ`_ `W eYV hRXV XRa cVdf]eZ_X Wc`^ djdeV^ZT UZdTcZ^Z_ReZ`_ Zd e`
V]Z^Z_ReV ^R]V& R_U WV^R]V&U`^Z_ReVU [`Sd Sj V_dfcZ_X eYRe h`^V_ YRgV VbfR]
RTTVdd e` R_U RcV VbfR]]j cVacVdV_eVU Z_ R]] [`Sd'

#!&

/3?A $ 2=A3; 07B3?6@

'E>LPBN
*' 7 e`eR] cVhRcUd Raac`RTY T`_dZUVcd Z_UZgZUfR]
cVhRcU T`^a`_V_ed Rd aRce `W R_ Z_eVXcReVU
hY`]V e` UVeVc^Z_V eYV SVde ^Zi `W cVhRcUd eYRe
RcV R]ZX_VU hZeY SfdZ_Vdd decReVXj R_U ac`gZUV
V^a]`jVV gR]fV% R]] hZeYZ_ eYV T`de T`_decRZ_ed
`W eYV `cXR_ZkReZ`_' 7]ZX_^V_e Zd eYV VieV_e
e` hYZTY cVhRcUd dfaa`ce `feT`^Vd eYRe RcV
Z^a`ceR_e e` RTYZVgZ_X eYV `cXR_ZkReZ`_qd decR&
eVXZT `S[VTeZgVd' <`c ViR^a]V% hYV_ T`^aVeZeZgV
RUgR_eRXV cV]ZVd `_ cV]V_e]Vdd Tfde`^Vc dVcgZTV%
eY Zd SVYRgZ`fc dY`f]U SV cVZ_W`cTVU' ;^a]`jVV
gR]fV Zd TcVReVU hYV_ cVhRcUd RcV ^VR_Z_XWf] e`
V^a]`jVVd R_U Z_W]fV_TV eYVZc RWWZ]ZReZ`_ hZeY eYV
`cXR_ZkReZ`_'
+' ;deRS]ZdYZ_X aRj cReVd Z_g`]gVd eYcVV deRXVd3 [`S
VgR]fReZ`_ "e` V_dfcV Z_eVc_R] VbfZej#% T`_UfTeZ_X
hRXV(dR]Rcj dfcgVjd "e` V_dfcV VieVc_R] VbfZej#%
R_U T`^SZ_Z_X [`S VgR]fReZ`_ R_U dR]Rcj dfcgVj
cVdf]ed e` UVeVc^Z_V aRj cReVd' @`S VgR]fReZ`_ Zd
RZ^VU Re UVeVc^Z_Z_X eYV cV]ReZgV h`ceY `W [`Sd
hZeYZ_ R WZc^' ?e T`^aRcVd [`Sd hZeY `_V R_`eYVc
SRdVU `_ eYVZc T`_eV_e% hYZTY Zd fdfR]]j UVWZ_VU
Z_ eVc^d `W T`^aV_dRS]V WRTe`cd% dfTY Rd d\Z]]%
VWW`ce% cVda`_dZSZ]Zej% R_U h`c\Z_X T`_UZeZ`_d'
@`Sd `W Raac`iZ^ReV]j VbfR] gR]fV RcV T`^SZ_VU
Z_e` aRj XcRUVd W`c aRj afca`dVd' IR]Rcj dfcgVjd
T`]]VTe UReR Wc`^ `eYVc V^a]`jVcd Z_ eYV ^Rc&
\Vea]RTV hY` RcV T`^aVeZ_X W`c V^a]`jVVd Z_
dZ^Z]Rc \Z_Ud `W a`dZeZ`_d' JYV hRXV TfcgV dY`hd

eYV RgVcRXV ^Rc\Ve hRXV W`c VRTY aRj XcRUV "`c

[`S#' ?e Z]]fdecReVd hYRe eYV RgVcRXV hRXV W`c VRTY
XcRUV dY`f]U SV R_U hYVeYVc R_j acVdV_e hRXVd
`c dR]RcZVd RcV `fe `W ]Z_V'
,' 9`^aVeV_Tj&SRdVU aRj a]R_d ac`gZUV V^a]`jVV
T`^aV_dReZ`_ SRdVU `_ eYV d\Z]]d R_U \_`h]VUXV
eYRe eYVj RcV TRaRS]V `W fdZ_X% cReYVc eYR_ eYV [`S
eYRe eYVj TfccV_e]j! Y`]U'
-' JYV WZgV SRdZT V]V^V_ed `W T`^aV_dReZ`_ W`c ^R_&
RXVcd RcV dR]Rcj!% SV_VWZed% dY`ce&eVc^ Z_TV_eZgVd%
]`_X&eVc^ Z_TV_eZgVd% R_U aVcbfZdZeVd'
.' FRj VbfZej Zd Z_eV_UVU e` cVUcVdd djdeV^ZT XV_UVc
UZdTcZ^Z_ReZ`_ Rd ^VRdfcVU Sj eYV hRXV XRa%
hYZTY Z_UZTReVd eYRe Wf]]&eZ^V h`c\Z_X h`^V_
Z_ 9R_RUR ^R\V RS`fe 0* TV_ed W`c VgVcj U`]&
]Rc ^RUV Sj Wf]]&eZ^V h`c\Z_X ^V_' FRj VbfZej
cVbfZcVd VbfR] aRj W`c WV^R]V&U`^Z_ReVU [`Sd `W
VbfR] gR]fV e` ^R]V&U`^Z_ReVU [`Sd "hYVcV gR]fV
Zd UVeVc^Z_VU eYc`fXY [`S VgR]fReZ`_#'

( !&!$#%#&' !"
GS]S^ >c>KXKQOWOX^=KL ^Y KMMO]] K ZO\]YXKVSdON D^_Nc
AVKX KXN KNNS^SYXKV ]^_Nc ^YYV] PY\ ^RS] MRKZ^O\&

/BU E7C>D
SV_TY^Rc\ [`S H# '$$
Sc`RUSR_UZ_X H# '$+
T]RddVd H# '$%
T]RddZWZTReZ`_(XcRUZ_X ^VeY`U H# '$%
T`^aV_dRS]V WRTe`c H# '$$
VieVc_R] VbfZej H# &,,
XcRUV(Xc`fa UVdTcZaeZ`_ H# '$%
XcRUVd H# '$%
Z_eVc_R] VbfZej H#&,,
[`S VgR]fReZ`_ H# &,,

[`S VgR]fReZ`_ T`^^ZeeVV H# '$$

aRj VbfZej H# '%'
aRj XcRUV H# '$)
aRj cR_XVd H# '$+
a`Z_e ^VeY`U H# '$%
cVU TZcT]V aRj cReV H# '%$
e`eR] V^a]`j^V_e cVhRcUd H# &,(
hRXV TfcgV H# '$*
hRXV(dR]Rcj dfcgVj H# '$)

,93>A7? !! 1A?3A78:5 /3C /;3<@ #!'

6BRFBS >JA (FO@QOOFKJ BF7DE;@?D

*' MYRe RcV eYV WZgV T`^a`_V_ed `W e`eR] cVhRcUd6
+' :VdTcZSV hYRe Zd ^VR_e Sj eYV eVc^
oSV_TY^Rc\ [`S'p
,' ?UV_eZWj R_U ScZVW]j UVdTcZSV eYV eYcVV deRXVd Z_
VdeRS]ZdYZ_X aRj cReVd'
-' MYRe RcV eYV ac`d R_U T`_d `W eYV W`]]`hZ_X
^VeY`Ud `W [`S VgR]fReZ`_3 cR_\Z_X% T]RddZWZTR&
eZ`_% WRTe`c T`^aRcZd`_% a`Z_e ^VeY`U6

/' ;ia]RZ_ hYRe Zd ^VR_e Sj eYV ^Rc\Ve&acZTZ_X

Raac`RTY Z_ VgR]fReZ_X ac`WVddZ`_R] [`Sd'
0' ;ia]RZ_ hYRe aRj VbfZej ]VXZd]ReZ`_ Zd Z_eV_UVU
e` RTT`^a]ZdY% hYRe RTeZ`_ Zd cVbfZcVU Sj eYV
]VXZd]ReZ`_ e` RTT`^a]ZdY Ze% R_U Y`h VWWVTeZgV
eYV ]VXZd]ReZ`_ YRd SVV_ Z_ RTT`^a]ZdYZ_X Zed
`S[VTeZgVd'

.' ;ia]RZ_ eYV eVc^ oT`^aVeV_TZVdp R_U Via]RZ_ eYV

UZWWVcV_TVd R^`_X T`cV% Wf_TeZ`_R]% R_U SVYRg&
Z`fcR] T`^aVeV_TZVd'

'NFPF@>H 8EFJGFJD
*' :` j`f eYZ_\ eYRe ecR_dRTeZ`_R] `c cV]ReZ`_R]
cVhRcUd YRgV ^`cV Z^aRTe `_ `gVcR]] `cXR_ZkR&
eZ`_R] aVcW`c^R_TV6
+' MYj U` T`^aR_ZVd aRj W`c T`^aV_dReZ`_ dfc&
gVjd hYVcV [`S ^ReTYZ_X ^Rj SV UZWWZTf]e cReYVc
eYR_ T`_UfTeZ_X eYVZc `h_ dfcgVjd6
,' ?e hRd cVTV_e]j cVa`ceVU Z_ eYV _Vhd eYRe eYV
SRdV aRj W`c 9R_RUZR_ SR_\ 9;Ed cR_XV Z_ eYV
^Z]]Z`_d `W U`]]Rcd% R_U eYV aRj W`c eYV X`gVc_`c
`W eYV 8R_\ `W 9R_RUR Zd ]Vdd eYR_ YR]W `W eYRe `W
eYV ]`hVde aRZU SR_\ 9;E' >`h U` j`f RTT`f_e

W`c eYZd UZWWVcV_TV6 IY`f]U R_jeYZ_X SV U`_V

RS`fe eYZd6 MYj `c hYj _`e6
-' :` j`f RXcVV hZeY aRjZ_X aV`a]V W`c T`^aVeV_&
TZVd R_U d\Z]]d eYRe eYVj RcV cRcV]j cVbfZcVU e` fdV
`_ eYV [`S6
.' MYRe RcV d`^V `W eYV a`eV_eZR] cVRd`_d eYRe
XV_UVc&SRdVU aRj UZdTcZ^Z_ReZ`_ Zd d` YRcU e`
VcRUZTReV6
/' MYj U` j`f eYZ_\ eYVcV Zd dfTY R UZdTcVa&
R_Tj SVehVV_ eYV aRj cReVd `W ViVTfeZgVd R_U
V^a]`jVVd6 ?d eYZd WRZc6 MYj `c hYj _`e6

#!(

/3?A $ 2=A3; 07B3?6@

)TLBNFBJPF>H 7I7C5;D7D
*' M`c\Z_X Z_UZgZUfR]]j `c Z_ Xc`fad% T`_UfTe
dR]Rcj dfcgVjd W`c eYV a`dZeZ`_d `W V_ecj&]VgV]
RTT`f_eR_e R_U V_ecj&]VgV] TYV^ZTR] V_XZ_VVc'
MYRe d`fcTVd UZU j`f fdV% R_U hYRe T`_T]fdZ`_d
UZU j`f cVRTY6 ?W j`f hVcV eYV >H ^R_RXVc W`c
R ]`TR] V_XZ_VVcZ_X WZc^% hYRe h`f]U j`f cVT`^&
^V_U eYRe VRTY [`S SV aRZU6

VgR]fReZ`_ djdeV^ j`f ac`a`dV Rd hV]] Rd W`c eYV

^VeY`U j`f dfXXVde e` `SeRZ_ T`^aRcRS]V dR]Rcj
UReR' JYV [`Sd YV Zd ^`de T`_TVc_VU RS`fe RcV

+' ESeRZ_ Z_W`c^ReZ`_ `_ eYV aRj XcRUVd R_U cReV

cR_XVd W`c VRTY aRj XcRUV Re j`fc T`]]VXV `c
f_ZgVcdZej' :` eYVj RaaVRc e` SV Sc`RUSR_Ud6 ?W
_`e% ac`a`dV daVTZWZT Sc`RUSR_Ud eYRe T`f]U SV
Z^a]V^V_eVU'

l RTT`f_ed cVTVZgRS]V T]Vc\

,' O`f YRgV SVV_ Rd\VU Sj eYV `h_Vc `W j`fc

^VUZf^&dZkVU Z^a`ce R_U Via`ce T`^aR_j
"+))$ aV`a]V# e` UVgV]`a R hRj e` deR_URcUZkV
aRj cR_XVd W`c UZWWVcV_e [`Sd Z_ eYV T`^aR_j'
>V dRjd YV Zd eZcVU `W V^a]`jVVd T`^a]RZ_Z_X
RS`fe eYV aRj eYVj XVe T`^aRcVU e` `eYVcd R_U
Zd T`_TVc_VU eYRe ZW YV U`Vd _`eYZ_X d`^V`_V
hZ]] T`^a]RZ_ RS`fe Z_VbfZeRS]V aRj acRTeZTVd'
Efe]Z_V eYV deVad j`f hZ]] W`]]`h e` U` eYZd'
CR\V dfcV e` XZgV R cReZ`_R]V W`c eYV ejaV `W [`S

l dR]Vd cVacVdV_eReZgV
l dYZaaZ_X R_U cVTVZgZ_X ^R_RXVc
l ^f]eZ]Z_XfR] T`_ecRTe _VX`eZRe`c
l dYZaaZ_X T]Vc\'
-' O`f RcV eYV >H ^R_RXVc Re R ]RcXV T`_decfT&
eZ`_ WZc^ YVRUbfRceVcVU Z_ ;U^`_e`_' C`de
`W eYV T`^aR_jqd RU^Z_ZdecReZgV deRWW RcV R]d`
Z_ ;U^`_e`_' O`f YRgV cVXZ`_R] R_U ]`TR] dZeV
`WWZTVd RTc`dd eYV T`f_ecj' :cRWe R ^V^` e`
V^a]`jVVd RS`fe j`fc T`^aR_jqd _Vh aRj&
W`c&\_`h]VUXV R_U d\Z]]d a`]ZTj' CR\V dfcV
e` U`Tf^V_e Re ]VRde `_V Wf]]j T`^a]VeV dVTeZ`_
`_ Y`h eYZd a`]ZTj hZ]] SV RU^Z_ZdeVcVU'
O`fc ac`WVdd`c ^Rj XZgV j`f d`^V ZUVRd `_
hYRe ^ZXYe SV T`_dZUVcVU `c j`f ^Rj TcVReV
j`fc `h_ TZcTf^deR_TVd f_UVc hYZTY aRj W`c
\_`h]VUXV R_U d\Z]]d hZ]] SV Raa]ZVU'

,93>A7? !! 1A?3A78:5 /3C /;3<@ #!)

6QJJFJD
C_XXSXQ 5K]O1 =OK\XVX>Y^SYX&MYW
JYV DVh FRj F]R_
BVRc_?ZZC`eZ`_'T`^ U`Vd _`e YRgV R W`c^R] hRXV
decfTefcV% _`c U`Vd Ze YRgV cReV cR_XVd `c fdV T`^&
aV_dRS]V WRTe`cd' @V__ZWVc R_U FZVccV SRdV hRXV
cReVd R]^`de ViT]fdZgV]j `_ eY`dV acVgRZ]Z_X Z_ eYV
dfcc`f_UZ_X T`^^f_Zej% R_U eYVj eV^aVc eYVdV Sj
ecjZ_X e` ^RZ_eRZ_ d`^V dV^S]R_TV `W VbfZej R^`_X
hYRe h`c\Vcd hZeY UZWWVcV_e cVda`_dZSZ]ZeZVd RcV aRZU'
7d @V__ZWVc dRjd% o:VTZUZ_X hYRe e` aRj U`e&T`^
V^a]`jVVd Zd R_ RUgV_efcV3 MRXVd W`c [`Sd ]Z\V hVS
UVdZX_Vc R_U `_]Z_V dR]VdaVcd`_ RcV R]hRjd T]Z^SZ_X
UcR^ReZTR]]j% R_U eYVcVqd _`e R_ RhWf] ]`e `W ]`jR]ej!
Z_g`]gVU hYV_ d`^V`_V V]dV `WWVcd j`f ,) aVcTV_e
`c -) aVcTV_e ^`cV eYR_ j`fqcV TfccV_e]j ^R\Z_X'p
@V__ZWVc R_U FZVccV RcV eYVcVW`cV T`_eZ_fR]]j dTR_&
_Z_X gRcZ`fd d`fcTVd e` dVV hYRe `eYVcd RcV aRj&
Z_X W`c a`dZeZ`_d ]Z\V eYVZcd' JYVj aVcfdV eYV hR_e
RUd R]^`de VgVcj URj R_U T`_UfTe Z_W`c^R] dfcgVjd
R^`_X eYVZc WcZV_Ud Re `eYVc U`e&T`^d' E_TV `c ehZTV
R hVV\% eYVj R]d` TYVT\ T`^aV_dReZ`_ hVSdZeVd ]Z\V
C`_deVc 'TR'
7]eY`fXY eYV T`^aR_j YRd eR\V_ R d`^VhYRe
f_decfTefcVU% Z_W`c^R] Raac`RTY e` VdeRS]ZdYZ_X Zed
T`^aV_dReZ`_ a]R_% eYV WZc^qd RTefR] dR]Rcj dTYVUf]V
Zd XfZUVU Sj dVgVcR] SRdZT aRj a`]ZTZVd' <`c `_V eYZ_X%
eYV UZWWZTf]ej eYVj YRU cVTcfZeZ_X R_U YZcZ_X V^a]`j&
VVd TRfdVU eYV^ e` aRj dR]RcZVd *) e` +) aVcTV_e
RS`gV hYRe eYV ^Rc\Ve h`f]U dVV^ e` Z_UZTReV'
@V__ZWVc R_U FZVccV hcZeV eYZd `WW e` eYV _VVU e`
XVe R_U \VVa X``U V^a]`jVVd' 7d @V__ZWVc dRjd%

o?W j`fqgV X`e *) hVS UVdZX_Vcd h`c\Z_X W`c j`f%

j`f TR_ RWW`cU e` X` R WVh ViecR hVV\d hZeY&
`fe YZcZ_X R_`eYVc `_V% Sfe hYV_ j`f _VVU `_V
UVdZX_Vc R_U j`f YRgV _`_V% j`fqgV X`e e` U`
hYReVgVc j`f TR_ e` XVe eYRe `_V UVdZX_Vc YZcVU'p
JYVZc d`^VhYRe Z_W`c^R] Raac`RTY YRd R]d` ]VU
e` d`^V a`eV_eZR] Z_VbfZeZVd' <`c ViR^a]V% eYV
eh` dR]VdaV`a]Vn`_V R ^R_% eYV `eYVc R h`^R_n
RcV VRc_Z_X UZWWVcV_e dR]RcZVd% R_U eYV ^R_ Zd ^R\Z_X
RS`fe ,) aVcTV_e ^`cV' ?W VgVcjeYZ_X hRd X`Z_X
WZ_VnW`c Z_deR_TV% ZW dR]Vd hVcV fa R_U eYV TR]V_&
URc hRd Wf_TeZ`_R]naVcYRad eYVj h`f]U_qe SV h`c&
cZVU' >`hVgVc% eYV WRTe Zd eYRe eYV eh` `h_Vcd RcV
h`_UVcZ_X ZW R ^`cV decfTefcVU aRj a]R_ h`f]U SV
R X``U ZUVR' D`h eYVj hR_e j`f% eYVZc ^R_RXV^V_e
T`_df]eR_e% e` YV]a eYV^ UVTZUV hYRe e` U`'

BF7DE;@?D
* :VdTcZSV eYV e`eR] cVhRcUd ^`UV] R_U Zed WZgV
T`^a`_V_ed R_U hYVeYVc Ze h`f]U SV_VWZe
BVRc_]_C`eZ`_'
+

MYRe RcV d`^V SRdZT T`_dZUVcReZ`_d Z_ UVeVc&

^Z_Z_X aRj cReVd eYRe BVRc_]_C`eZ`_ ^fde SV
RhRcV `W6

KdZ_X eYV eYcVV deRXVd `W VdeRS]ZdYZ_X aRj cReVd%

ac`gZUV cVT`^^V_UReZ`_d e` BVRc_]_C`eZ`_ Z_
cVXRcU e` [`S VgR]fReZ`_% hRXV(dR]Rcj dfcgVjd%
R_U Y`h e` T`^SZ_V eYV WZcde eh` deVad e`
UVeVc^Z_V aRj cReVd W`c BVRc_]_C`eZ`_qd [`Sd'

#"

/3?A $ 2=A3; 07B3?6@

5K]O ;?5;67?E
DKVK\c ;XO[_S^SO] K^ 3MWO >KX_PKM^_\SXQ
@`V 8]RT\V_dYZa hRd ecjZ_X e` WZXfcV `fe hYRe e` U`
RS`fe R ac`S]V^ dR]Rcj dZefReZ`_ eYRe YV YRU Z_ YZd
a]R_e' 8]RT\V_dYZa cVTV_e]j e``\ `gVc Rd acVdZUV_e `W
7T^V CR_fWRTefcZ_X' JYV W`f_UVc% 8Z]] =V`cXV% YRU
SVV_ acVdZUV_e W`c ,. jVRcd' JYV T`^aR_j Zd WR^Z]j&
`h_VU R_U ]`TReVU Z_ R d^R]] VRdeVc_ CR_Ze`SR e`h_'
?e YRd Raac`iZ^ReV]j +.) V^a]`jVVd R_U Zd eYV ]RcXVde
V^a]`jVc Z_ eYV T`^^f_Zej' 8]RT\V_dYZa Zd R ^V^&
SVc `W eYV WR^Z]j eYRe `h_d 7T^V% Sfe YV YRU _VgVc
h`c\VU W`c eYV T`^aR_j acZ`c e` SVT`^Z_X acVdZUV_e'
>V YRd R_ C87 R_U R ]Rh UVXcVV% a]fd *. jVRcd `W
^R_RXV^V_e ViaVcZV_TV hZeY R ]RcXV ^R_fWRTefcZ_X
`cXR_ZkReZ`_ hYVcV YV hRd dV_Z`c gZTV&acVdZUV_e `W
Yf^R_ cVd`fcTVd hYV_ YV ^RUV YZd ^`gV e` 7T^V'
7 dY`ce eZ^V RWeVc [`Z_Z_X 7T^V% 8]RT\V_dYZa
deRceVU e` _`eZTV eYRe eYVcV hRd T`_dZUVcRS]V Z_VbfZej
Z_ eYV aRj decfTefcV W`c dR]RcZVU V^a]`jVVd' 7 UZd&
TfddZ`_ hZeY eYV >H UZcVTe`c ]VU YZ^ e` SV]ZVgV eYRe
dR]RcZVU V^a]`jVVdq aRj hRd gVcj ^fTY R ^ReeVc `W
Z_UZgZUfR] SRcXRZ_Z_X hZeY eYV aRde acVdZUV_e' >`fc]j
aRZU WRTe`cj h`c\Vcd hVcV _`e aRce `W eYV ac`S]V^
SVTRfdV eYVj hVcV f_Z`_ZkVU R_U eYVZc hRXVd hVcV
dVe Sj T`]]VTeZgV SRcXRZ_Z_X' 7_ ViR^Z_ReZ`_ `W eYV
dR]RcZVU aRjc`]] dY`hVU eYRe eYVcV hVcV +. V^a]`j&
VVd% hY`dV aRj cR_XVU Wc`^ eYRe `W eYV acVdZUV_e e`
eYRe `W eYV cVTVaeZ`_Zde' 7 T]`dVc ViR^Z_ReZ`_ dY`hVU
eYRe *- `W eYV dR]RcZVU V^a]`jVVd hVcV WV^R]V' JYcVV
`W eYVdV hVcV Wc`_e&]Z_V WRTe`cj dfaVcgZd`cd% R_U `_V
hRd eYV >H UZcVTe`c' JYV cVde hVcV _`_&^R_RXV^V_e
V^a]`jVVd'
JYZd ViR^Z_ReZ`_ R]d` dY`hVU eYRe eYV >H
UZcVTe`c RaaVRcVU e` SV f_UVcaRZU R_U eYRe eYV eYcVV
WV^R]V dfaVcgZd`cd hVcV aRZU d`^VhYRe ]Vdd eYR_
R_j `W eYV ^R]V dfaVcgZd`cd' >`hVgVc% eYVcV hVcV
_` dZ^Z]Rc dfaVcgZd`cj [`Sd Z_ hYZTY eYVcV hVcV S`eY
^R]V R_U WV^R]V Z_Tf^SV_ed' MYV_ Rd\VU% eYV >H

UZcVTe`c dRZU eYRe dYV eY`fXYe eYV WV^R]V dfaVcgZd`cd

^Rj YRgV SVV_ aRZU Re R ]`hVc cReV ^RZ_]j SVTRfdV
eYVj hVcV h`^V_% R_U aVcYRad =V`cXV UZU _`e eYZ_\
eYRe h`^V_ _VVUVU Rd ^fTY ^`_Vj SVTRfdV eYVj YRU
h`c\Z_X YfdSR_Ud' >`hVgVc% dYV RUUVU eYV eY`fXYe
eYRe eYVj ^ZXYe SV aRZU ]Vdd SVTRfdV eYVj dfaVcgZdVU
]VddVc&d\Z]]VU V^a]`jVVd eYR_ UZU ^R]V dfaVcgZd`cd'
8]RT\V_dYZa hRd _`e dfcV eYRe eYZd hRd ecfV'
JYV T`^aR_j Wc`^ hYZTY 8]RT\V_dYZa YRU ^`gVU
YRU R X``U [`S VgR]fReZ`_ djdeV^' 7]eY`fXY YV hRd
eY`c`fXY]j WR^Z]ZRc R_U TRaRS]V hZeY eYZd T`^aV_dR&
eZ`_ e``]% 8]RT\V_dYZa UZU _`e YRgV eZ^V e` TcVReV R
[`S VgR]fReZ`_ defUj Re 7T^V' JYVcVW`cV% YV UVTZUVU
e` YZcV R T`^aV_dReZ`_ T`_df]eR_e Wc`^ R _VRcSj f_Z&
gVcdZej e` YV]a YZ^' J`XVeYVc% eYVj UVTZUVU eYRe R]]
+. dR]RcZVU [`Sd dY`f]U SV Z_ eYV dR^V [`S VgR]fReZ`_
T]fdeVc% eYRe R ^`UZWZVU cR_\Z_X djdeV^ `W [`S VgR]f&
ReZ`_ dY`f]U SV fdVU% R_U eYRe eYV [`S UVdTcZaeZ`_d
cVTV_e]j T`^a]VeVU Sj eYV >H UZcVTe`c hVcV TfccV_e%
RTTfcReV% R_U fdRS]V Z_ eYV defUj'
JYV [`S VgR]fReZ`_ dY`hVU eYRe eYVcV hRd _` VgZ&
UV_TV `W dVcZ`fd Z_VbfZeZVd `c UZdTcZ^Z_ReZ`_ Z_ eYV
_`_&^R_RXV^V_e [`Sd% Sfe eYRe eYV >H UZcVTe`c R_U
eYV eYcVV WV^R]V dfaVcgZd`cd hVcV SVZ_X f_UVcaRZU
cV]ReZgV e` T`^aRcRS]V ^R]V dR]RcZVU V^a]`jVVd'
8]RT\V_dYZa hRd _`e dfcV hYRe e` U`' >V \_Vh
eYRe ZW eYV f_UVcaRZU dfaVcgZd`cd e``\ eYVZc TRdV e`
eYV ]`TR] aRj VbfZej T`^^ZddZ`_% eYV T`^aR_j T`f]U
SV W`f_U XfZ]ej `W dVi UZdTcZ^Z_ReZ`_ R_U eYV_ YRgV e`
aRj T`_dZUVcRS]V SRT\ hRXVd' >V hRd RWcRZU eYRe ZW YV
XRgV eYVdV h`^V_ R_ Z^^VUZReV dR]Rcj Z_TcVRdV ]RcXV
V_`fXY e` ScZ_X eYV^ fa e` hYVcV eYVj dY`f]U SV%
eYV ^R]V dfaVcgZd`cd h`f]U SV fadVe R_U eYV WV^R]V
dfaVcgZd`cd ^ZXYe T`^acVYV_U eYV e`eR] dZefReZ`_ R_U
hR_e SRT\ aRj' JYV >H UZcVTe`c e`]U 8]RT\V_dYZa
eYRe eYV WV^R]V&dfaVcgZd`cd YRU _VgVc T`^a]RZ_VU
RS`fe aRj UZWWVcV_TVd% R_U eYVj ac`SRS]j UZU _`e
\_`h eYV ]Rh e` R_j VieV_e'

#! "%!$ &04,2) &,33

,93>A7? !! 1A?3A78:5 /3C /;3<@ #"!

JYV >H UZcVTe`c RXcVVU e` eR\V R dZkRS]V dR]Rcj

Z_TcVRdV hZeY _` SRT\ aRj% d` eYZd aRce `W eYV ac`S&
]V^ hRd d`]gVU' 8]RT\V_dYZa SV]ZVgVU eYRe YV YRU W`fc
TY`ZTVd cV]ReZgV e` eYV WV^R]V dfaVcgZd`cd3
l :` _`eYZ_X'

, MYj h`f]U j`f dfXXVde eYRe 8]RT\V_dYZa afcdfV

j`fc dfXXVdeVU R]eVc_ReZgV6
,:?<13 8RdVU `_ R VRdV acVaRcVU Sj Fc`WVdd`c @R^Vd 9' >`UXTeed :4
eYV <`XT]^R_ 9`]]VXV `W 8fdZ_Vdd R_U ;T`_`^ZTd Re eYV K_ZgVcdZej
`W CV^aYZd' 7]] _R^Vd RcT UZdXfZdVU' KdVU hZeY aVc^ZddZ`_'

l ?_TcVRdV eYV WV^R]V dfaVcgZd`cdq dR]RcZVd XcRUfR]]j'

l ?_TcVRdV eYVZc dR]RcZVd Z^^VUZReV]j'
l

9R]] eYV eYcVV dfaVcgZd`cd Z_e` YZd `WWZTV% UZdTfdd

eYV dZefReZ`_ hZeY eYV^% R_U [`Z_e]j UVTZUV hYRe
e` U`'

BF7DE;@?D
* MYRe h`f]U j`f U` ZW j`f hVcV 8]RT\V_dYZa6
+

>`h U` j`f eYZ_\ eYV T`^aR_j X`e Z_e` R dZefR&

eZ`_ ]Z\V eYZd Z_ eYV WZcde a]RTV6

( !&!$#%#&' !"
GS]S^ >c>KXKQOWOX^=KL ^Y KMMO]] K ZO\]YXKVSdON
D^_Nc AVKX KXN KNNS^SYXKV ]^_Nc ^YYV] PY\ ^RS] MRKZ^O\&