City of Collision: Jerusalem and the Principles of Conflict Urbanism 9783764378684
DIE STADT JERUSALEM: EIN LABORATORIUM URBANER KONFLIKTE War has entered the cities. Since September 11, 2001 at the la
154 69 42MB
English Pages 391 [400] Year 2006
Polecaj historie
![The Churches of the Crusader Kingdom of Jerusalem: Volume 3, The City of Jerusalem: A Corpus [3]
0521390389, 9780521390385](https://dokumen.pub/img/200x200/the-churches-of-the-crusader-kingdom-of-jerusalem-volume-3-the-city-of-jerusalem-a-corpus-3-0521390389-9780521390385.jpg)
![Jerusalem: City of the Book [Illustrated]
0300222858, 9780300222852](https://dokumen.pub/img/200x200/jerusalem-city-of-the-book-illustrated-0300222858-9780300222852.jpg)
Table of contents :
0 INTRODUCTION
Preface
Cities of Collision
Conversation
1 ENCLAVES / EXCLAVES
Principles of Frontier Geography
Spaciocide
Wall and Tower
Colonization as Suburbanization
Villages under Siege
Reflections of Spatial Presentation in Sur Bahir
2 BARRIERS / LINKS
Specters of Terror
Jerusalem: from Siege to a City's Collapse?
Barriers, Walls, and Urban Ethnocracy in Jerusalem
The Politics of Roads in Jerusalem
The H20 Factor
3 MONUMENTS / NO-MAN’S-LANDS
Baring Life
Colonization by Imagination
Common Grounds that Exclude
The Heart of the Matter
Imprisoned by Dreams
4 CONFRONTATION / EXCHANGE
Caliban in Qalandiya
On the Importance of Thugs
Of Fear, Contact, Entanglement
The Softer Side of Collision
Integration, Segregation, and Control
City of Riffraff
Re-Imagining Jerusalem
5 INNOVATION / DESTRUCTION
The Thorn and the Flower
Present and Absent
The Israeli "Place" in East Jerusalem
The Planning Deadlock
Between War and Peace
To the Suburbs and Back
Interview
Alternative Narratives
Citation preview
)HZ7YPUJLU5V]LTILY 7OV[VNYHWOZVM[OL7HSLZ[PUPHU(YHI]PSSHNLVM:\Y)HOPY[OL1L^PZO0ZYHLSPZL[[SLTLU[ VM/HY/VTHHUK[OLZ\YYV\UKPUN\YIHUSHUKZJHWLVM,HZ[1LY\ZHSLT
*0;@6-*6330 :065 1LY\ZHSLTHUK[OL7YPUJPWSLZVM*VUMSPJ[hgVZa^¹EaVXZº^c:Vhi?ZgjhVaZb6#C^ioVc"H]^[iVc
((,
I]ZEaVcc^c\9ZVYadX`C#BVgdb
(),
7ZilZZcLVgVcYEZVXZH#7jaaZ
(+.
Idi]ZHjWjgWhVcY7VX`G#CVhgVaaV]
(,,
>ciZgk^Zl?#EZghZ`^Vcl^i]HPSPUN>HSS
/LIYVU9VHK
-,(9(5+
(::,9;065
:LWHYH[PVU>HSS
7HYRVM6SP]LZ :\Y)HOPY
.96>;/(5+
+,*(@
/HY/VTH )L[OSLOLT 1LY\ZHSLT*OLJRWVPU[
)L[OSLOLT
egZ[VXZ
A:6GC>Cc'%%(!lZaVjcX]ZYVcdeZcgZhZVgX]egdXZhh^cXdgedgVi^c\EVaZhi^c^Vc!>hgVZa^! VcY:jgdeZVceVgi^X^eVcih#DjgZcYZVkdghZidjiidjcYZghiVcYi]ZegdYjXi^dcd[ heVXZ^c?ZgjhVaZb!^ca^\]id[i]Z>hgVZa^"EVaZhi^c^VcXdcÄ^Xi!VcYi]ZX^in^c]VW" ^iVcih¼eVgVaaZahigViZ\^Zhd[gZh^hiVcXZ!VYVeiVi^dc!VcYhjgk^kVa#I]ZhZ^c^i^Va \dVah!]dlZkZg!lZgZhddcXVj\]ije^cYgVbVi^XYZkZadebZcihVgdjcYi]ZX^in# 6ii]Zi^bZd[i]^hejWa^XVi^dc!i]ZXdchigjXi^dcd[i]Z>hgVZa^HZeVgVi^dcLVaa^c i]Z?ZgjhVaZbVgZV^h^c^ihÃcVahiV\Zh!l^i]\gVkZXdchZfjZcXZh[dgEVaZhi^c^Vch ^ch^YZVcYdjih^YZi]ZX^in!VcYYZhe^iZVcVYbdc^idgngja^c\Wni]Z>ciZgcVi^dcVa 8djgid[?jhi^XZ^cI]Z=V\jZ#>hgVZa^dXXjeVi^dcd[i]ZgZhid[i]ZLZhi7Vc` Xdci^cjZhi]gdj\]hZiiaZbZciZmeVch^dch!eZgbVcZcigZhig^Xi^dchdcbdkZbZci! VcYX]ZX`ed^cigZ\^bZh#>cgZhedchZ!?Zl^h]?ZgjhVaZb^iZh]VkZWZZcZmedhZYid VhjhiV^cZYhZg^Zhd[YZVYanhj^X^YZViiVX`h#EgdheZXih[dgVgZcZlZYeZVXZegdXZhh hZZbbdgZY^hiVcii]VcZkZg# H^bjaiVcZdjhan!gZXZcinZVgh]VkZl^icZhhZYVc^cXgZVhZ^ck^daZciXdcÄ^Xih jc[daY^c\^cjgWVcZck^gdcbZcih#Eda^i^XVa!gZa^\^djh!Zi]c^X!dgXjaijgVaXdcÄ^Xih ]VkZV[[ZXiZY7V\]YVY!CZlNdg`!AdcYdc!EVg^h!VcY>hiVcWjaVcY^cÄjZcXZdjg eZgXZei^dchVWdji!VcYjhZd[!heVXZ#9Zhe^iZ^iheZXja^Vg^i^Zh!?ZgjhVaZbbjhiWZ Xdch^YZgZYV\V^chii]^h\adWVa]dg^odc#8^i^ZhVgZWZ^c\igVch[dgbZYi]gdj\]\dk" ZgcbZcibZVhjgZhV\V^chii]ZWVX`Ygded[VeZgkVY^c\[ZVgd[iZggdgi]gZVih¸WZ i]ZngZVadg^bV\^cZY#>ci]ZZcY!jgWVcY^kZgh^in^ihZa[^heZgXZ^kZYVhVediZc" i^Vai]gZVi/ViiVX`h[gdbl^i]^cVgZVci^X^eViZY^ci]Z[dgbd[Y^h\j^hZY[jcYV" bZciVa^hih!ZmigZb^hih!VhhVhh^ch!VcYhj^X^YZWdbWZgh![jZaa^c\hjhe^X^dcd[i]Z jc[Vb^a^Vg#HZXjg^in!Xdcigda!VcYeVc^XVgZVaa^cÄjZcX^c\XdciZbedgVgnjgWVc heVi^VaegdYjXi^dc0ZbeinheVXZh!lVhiZaVcYh!eVg`h!dggdVYhXVcWZXdbZcZl [gdci^Zgh#HjWjgWhXVcWZigVch[dgbZY^cid\ViZYZcXaVkZh!VcYhjWjgWVch]dee^c\ XZciZgh^cid[dgigZhhZh#?ZgjhVaZb¸dcXZeZgXZ^kZYVhVc^hdaViZYXVhZ!iV`Zc ]dhiV\ZVh^ilZgZWni]Z>hgVZa^"EVaZhi^c^VcXdcÄ^Xi¸hZZbhid]VkZWZXdbZcdl idWZVcVciZXZYZci[dgdi]ZgX^i^Zh¼igVch[dgbVi^dc#LZWZa^ZkZi]ViVhijYnd[ VcjgWVc^hbhdZmigZbZ!Vhi]Vid[?ZgjhVaZb!l^aaWZcZÃidjgXdbbdcjcYZg" hiVcY^c\d[i]ZgZaVi^dch]^eWZilZZceda^i^XVak^daZcXZVcYi]ZegdYjXi^dcd[ jgWVcheVXZ#>c?ZgjhVaZb!i]ZhZVheZXih]VkZ^ciZch^ÃZYdkZgYZXVYZhVcY^c ZmigZbZlVnhdcanaViZcidgaZhhegdcdjcXZY^cdi]ZgjgWVcXdciZmih#
IG>A6I:G6A>IN
''q'(
L]Zc(%EVaZhi^c^Vc!>hgVZa^!VcY:jgdeZVchijYZcihd[VgX]^iZXijgZbZi^c?Zgj" hVaZb[dgi]ZkZgnÃghii^bZ!i]ZXdcY^i^dchhjggdjcY^c\i]Z^ghijYnVeeZVgZY bdhijc[VkdgVWaZ#6ii]Z]Z^\]id[i]ZHZXdcY>ci^[VYVV\V^chii]Z>hgVZa^dXXjeV" i^dcd[i]ZhgVZa]VY^bedhZY¹XadhjgZºeda^X^Zh dci]ZdXXje^ZYLZhi7Vc`i]VibVYZEVaZhi^c^VcVXXZhhid?ZgjhVaZbVabdhi ^bedhh^WaZ#>hgVZa^igVkZaidi]ZLZhi7Vc`lVhbVYZ^aaZ\Vai]gdj\]b^a^iVgn dgYZg!VcYZkZc>hgVZa^ig^ehidi]ZZVhiZgceVgid[?ZgjhVaZblZgZXdbbdcan jcYZgiV`ZcjcYZgVgbZY\jVgY#9Zhe^iZVaadYYh!eVgi^X^eVcihgZhdakZYidZhXVeZ bdbZciVg^an[gdbi]ZWdjcYhd[XdaaZXi^kZ^YZci^inVcYhj[[Zg^c\!g^h`^c\VXXjhV" i^dchd[¹cdgbVa^oVi^dcº^ci]Z^gYZVa^c\hl^i]i]Z¹ZcZbn!º^cdgYZgidZc\V\ZVh ^cY^k^YjVah^cVegdXZhhd[_d^cigZhZVgX]# I]^hVhhZbWaV\ZlVhbVYZedhh^WaZWni]Zegd_ZXi¹cigdYjXi^dc
gZXd\c^o^c\ZVX]h^YZ¼hW^VhZh!VhlZaaVhi]ZedlZg^bWVaVcXZVildg`#;dgin adXVaVcY^ciZgcVi^dcVaZmeZgih^ci]ZÃZaYhd[VgX]^iZXijgZ!jgWVcVcYXjaijgVa hijY^ZheVgi^X^eViZY^ci]ZXdc[ZgZcXZ!¹8^i^Zhd[8daa^h^dc!º]ZaYVii]ZKVcAZZg >chi^ijiZ?ZgjhVaZb^cCdkZbWZg'%%)!XgZVi^c\VcZleaVi[dgb[gdbl]^X]id Xdch^YZg?ZgjhVaZb^ci]ZXdciZmid[gZXZci\adWVaegdXZhhZhd[jgWVcigVch[dgbVi^dc VcYcZleViiZgchd[XdcÄ^Xi#I]Z^gXdcig^Wji^dchVcYY^hXjhh^dchgZhjaiZY^ci]Z ZhhVnhejWa^h]ZY^ci]^hkdajbZ# G:69>Cci]Zedhi"&.+,ZgV!i]Z^YZVa^hi^XhZiiaZbZcihd[i]ZZVganO^dc^hiZgV]VkZ WZZcgZeaVXZYWnaVg\Z"hXVaZ!hiViZ"XdcigdaaZY^ckZhibZciegd_ZXih#Bdi^kViZY e^dcZZgh!ZV\ZgidXdchigjXiV?Zl^h]]dbZaVcY^cEVaZhi^cZ!]VkZWZZcgZeaVXZY WnhjWjgWVcYlZaaZghhZZ`^c\XdckZc^Zci!6bZg^XVc"hinaZhjWjgWVca^k^c\#Bdhi d[i]ZXjggZci)%%!%%%?Zl^h]hZiiaZgh]VkZWZZcajgZYVXgdhhi]ZhgVZa^\dkZgcbZcih]VkZ¹hjXXZZYZY^cigVch[dgb^c\bjX]d[i]ZhZiiaZ" bZciZciZgeg^hZ^cidVhdX^dZXdcdb^XVcY\Zd\gVe]^XVaegdXZhhd[bZigdeda^iVc hjWjgWVc^oVi^dcº 9Vk^YCZlbVc!eV\Z&&. # 6hVgZhjaid[^ciZchZhZiiaZbZciXdchigjXi^dc^c:Vhi?ZgjhVaZb!EVaZhi^c^Vc Xdbbjc^i^ZhVgZ[dgXZYl^i]^ci]ZheVi^VaXdciV^cbZcii]ViX]VgVXiZg^oZhi]ZhZi" iaZbZcih/i]Znadhii]Z^gV\g^XjaijgVaaVcYgZhZgkZhVcYWZXVbZZcXaVkZhl^i]^cV heVXZd[>hgVZa^]Z\Zbdcn¸gZbV^c^c\aVg\ZanZmXajYZY[gdb>hgVZa^eda^i^XVa!hdX^Va! VcYXjaijgVaa^[Z#6cVano^c\i]Z^beVXid[>hgVZa^hZiiaZbZcieda^X^ZhdcEVaZhi^c" ^Vch!HVg^=VcVÃVg\jZh!¹^ci]ZEVaZhi^c^Vc">hgVZa^XdcÄ^Xi!i]Z>hgVZa^iVg\Zi^hi]Z eaVXZº HVg^=VcVÃ!eV\Z.( #=VcVÃX]VgVXiZg^oZhi]ZhnhiZbVi^X>hgVZa^hZiiaZbZci egd_ZXiVh¹heVX^d"X^YZ#º¹I]ZlZVedchVgZcdihdbjX]iVc`h!WjiWjaaYdoZghi]Vi ]VkZYZhigdnZYhigZZih!]djhZh!XVgh!VcYYjcjbV[iZgYjcjb dcZYjcjbZfjVah &!%%%hfjVgZbZiZgh d[da^kZ\gdkZh#>i^hVlVg^cVcV\Zd[a^iZgVaV\dgVe]dW^V#º
7VSS`)YHKLU6J[VILY !7OV[VNYHWOPJQV\YUL`[OYV\NO[OL1LY\ZHSLTHYLHK\YPUN[OLMLZ[P]HSZVM@VT2PWW\YHUK9HTHKHU RT!2\MY(XHI
RT!8HSHUKP`H*OLJRWVPU[
7jiYZhe^iZi]ZYZXaVgZYV^bd[bV^ciV^c^c\V,%eZgXZci?Zl^h]bV_dg^in!
'-q'.
l]^X]^hlg^iiZc^cid?ZgjhVaZb¼hbVhiZgeaVc!>hgVZa]VhWZZcjcVWaZidhiZb EVaZhi^c^VcedejaVi^dc\gdli]!l]^X][VgZmXZZYhi]Vid[>hgVZa^h#
>cigdYjXi^dc
:cYjgVcXZVcYgZh^a^ZcXZ]VkZWZZcZ[[ZXi^kZiVXi^Xh[dgEVaZhi^c^Vch#Egd]^W^i" ZY[gdbZmeVcY^c\WZndcYZhiVWa^h]ZYWj^ai"jeVgZVh!k^aaV\ZhVcYcZ^\]Wdg]ddYh ]VkZWZXdbZYZchZan`c^i!XgdlYZY!VcYjcXdcigdaaVWaZ#;Vb^a^Zh^ckZhiXVh]^c XZbZciVcYbdgiVg!je\gVYZhVcYhbVaaZmiZch^dch!^begdk^c\YV^ana^[Z\gVYj" VaanWnVYY^c\bdYZgcXdckZc^ZcXZh#I]ZXdcÄ^XiWZilZZcbdYZgc^oVi^dcVcY b^a^iVgndXXjeVi^dc!WZilZZchijWWdgcanegZhZgkZYigVY^i^dchVcYcZla^[ZhinaZh! WZilZZc\gdl^c\Xdbbjc^i^ZhVcYaVX`d[ejWa^X^chi^iji^dch[dgXZhEVaZhi^c^Vc cZ^\]Wdg]ddYh^cid¹jgWVc^oVi^dcl^i]djijgWVc^inº GVhhZb@]VbV^h^!eV\Z&'& # 76GG>:GH$A>C@H
>c?ZgjhVaZb!¹PiR]ZfjVa^in!h^oZ!VcYcVijgZd[ZVX]gdVY!dcZb^\]ihVn!^hV[V^g ^cY^XVidgd[l]Zi]ZgEVaZhi^c^Vchdg>hgVZa^hbdkZVadc\^i¹ H]bjZahgVZa^Yg^kZgh# >cXdcigVhi!gdVYh^cEVaZhi^c^VccZ^\]Wdg]ddYhVcYk^aaV\Zhhj[[Zg[gdb X]gdc^XjcYZg^ckZhibZci#GZh^YZcihgZandcdaY!ZkdakZY¹XVe^aaVgngdVYhnhiZbhº H]bjZacYZZY! ¹i]ZbjcYVcZ^hVhigViZ\^XlZVedcº H]VgdcGdiWVgY!eV\Z&&% /V]^\]lVnY^gZXian XdccZXi^c\hZiiaZbZcihl^i]>hgVZa^iZgg^idgn^hVii]ZhVbZi^bZVc^ck^cX^WaZ WVgg^Zg[dgEVaZhi^c^Vchl]da^kZcZmiYddg!Wji]VkZcdVXXZhhid^i!VcYi]ZgZ" [dgZ^hVhnbeidbd[>hgVZa^¹Zi]cdXgVXnº DgZcN^[iVX]ZaVcY=V^bNVXdW^!eV\Z&,' # I]ZbdhidWk^djhVcYgji]aZhhZmVbeaZd[i]ZYjVaegZhZcXZd[WVgg^ZghVcY a^c`hl^i]^ci]ZhVbZ^c[gVhigjXijgVahnhiZb^hi]ZXdchigjXi^dcd[bdgZi]Vc +%`^adbZiZghd[HZeVgVi^dcLVaa^ci]Z?ZgjhVaZbVgZV!l]^X]]VhgVY^XVaan VaiZgZYe]nh^XVaVcYhdX^dZXdcdb^XgZVa^i^Zh#>ihVWhjgYanbZVcYZg^c\Xdcidjgh! XdbW^cZYl^i]cZlgdVYhVcYijccZah![jaÃahi]Zild Vii^bZhXdcigVY^Xidgn eg^cX^eaZhd[hZXjg^c\V¹jc^ÃZYX^inº[dgV?Zl^h]>hgVZa^edejaVi^dcl]^aZVii]Z hVbZi^bZZmXajY^c\bVcni]djhVcYhd[EVaZhi^c^Vc?ZgjhVaZb^iZh GVhhZb@]VbV^h^ VcYGVb^CVhgVaaV] #
BDCJB:CIH$CD"B6C¼H"A6C9H
I]ZHZeVgVi^dcLVaa]VhWZXdbZVe]did\Zc^XVhhZi[dgV\adWVabZY^VeZgh^hiZci" an^chZVgX]d[cZl^Xdc^X^bV\ZhidgZegZhZcii]Z>hgVZa^"EVaZhi^c^VcXdcÄ^Xi#7ji >hhVbCVhhVg¼hgZhZVgX]h^ijViZhi]ZHZeVgVi^dcLVaal^i]^cVaVg\Zg]^hidg^XVa Xdci^cjjbi]ViYZc^Zh6gVWEVaZhi^c^VcXjaijgVaegZhZcXZ^ci]ZgZ\^dc!YZiZXi" VWaZ^ci]Zldg`hd[:jgdeZVc8]g^hi^Vce]did\gVe]Zgh^ci]Zb^Y"&.i]XZcijgn# I]ZcEVaZhi^c^VccVi^kZhlZgZ¹gZYjXZYidVWVX`Ygdejedcl]^X]i]ZW^Wa^XVa hidgnXdjaYWZhjWhiVci^ViZY!gVi]Zgi]VcgZXd\c^oZYVhVgZVaeaVXZ^ci]ZgZVa
ldgaY¸ViiZhi^c\idgZVa]^hidg^Zhdi]Zgi]Vci]Z?jYZd"8]g^hi^VccVggVi^kZº >hhVb CVhhVg!eV\Z''' #;gdbi]^heZgheZXi^kZ!CVhhVggZXdch^YZghi]ZheVi^Va^beVXid[
i]ZHZeVgVi^dcLVaaVcY¹i]ZZ[[ZXi^i]VhdcdcZ¼h^bV\^cVi^dcd[i]ZDi]Zg#I]Z ^hhjZd[hZZ^c\!dg!^cdjgXVhZ!cdihZZ^c\!i]ZDi]ZgbVncdiWZd[Zcdgbdjh XdchZfjZcXZ^ci]Zh]dgigjc!Wji°l^aa]VkZhZg^djhadc\iZgbZ[[ZXih#º ;ZVgVcYYZc^Vad[i]ZDi]Zg^hZfjVaanegZhZcil]ZgZkZg>hgVZa^VcYEVaZhi^c" ^VcjgWVc[gV\bZcihXdaa^YZVcYegdYjXZV]dhid[[gdci^ZgheVXZh/iZgg^idg^Zhd[ [ZVgVcYVcm^Zin!V]dhi^aZl^aYZgcZhh!ZmXZhhheVXZl]ZgZ\VgWV\Z^hYjbeZYdg [gV\bZcihd[VcX^ZciV\g^XjaijgVaaVcYhXVeZhY^h^ciZ\gViZ# 8dcigVY^XidgnZaZbZcihd[YZXVnVgZ_jmiVedhZYl^i]VgZVhdgX]ZhigViZYWn >hgVZa^YZh^\cZgh!egdYjX^c\edX`Zihd[V]^\]an"Zc\^cZZgZYVcYVZhi]Zi^X nZi d[iZcZfjVaanYZhZgiZY aVcYhXVeZ#I]ZgjgVa]VhWZZcgZeaVXZYWni]ZhjWjgWVc! i]ZV\g^XjaijgVaWni]ZYZXdgVi^kZ!VaahnbeidbVi^Xd[VÃ\]idkZg^YZci^in!dlc" Zgh]^e!VcYVZhi]Zi^XYdb^cVi^dcd[i]ZjgWVcaVcYhXVeZ# 9Zh^\c^hVahdhigViZ\^XVaanjhZYidXgZViZVYZXdgVi^kZkZcZZgdcheVi^VaeaVc" c^c\i]ViZ[[ZXi^kZana^b^ihi]ZZmeVch^dcd[EVaZhi^c^VcjgWVcheVXZ#KVhiigVX`h d[EVaZhi^c^Vceg^kViZaVcY^c:Vhi?ZgjhVaZb]VkZWZZcaZ\VaanZmegdeg^ViZYVcY YZh^\cViZYVhejWa^X\gZZcodcZhWadX`ZY[gdbEVaZhi^c^VcXdchigjXi^dc!d[iZc aViZgidWZgZodcZY[dgi]ZXdchigjXi^dcd[?Zl^h]hZiiaZbZcih hZZ6b^gEVo";jX]h VcY:[gVi8d]Zc"7Vg #6cV^kZigjhi^cegd[Zhh^dcVa kZghjheda^i^XVa eaVcc^c\Zi]^Xh hZZCVVbVBZ^h]VgVcYNZ]diVaH]Ve^gV dgÃcVcX^Va^cXZci^kZhajgZh>hgVZa^eaVccZghid
VXXZeii]ZhZXdbb^hh^dch[dghZiiaZbZcih!Wajgg^c\V\ZcYVhd[\ddYYZh^\cVcY eda^i^XVaeaVcc^c\# 8DC;GDCI6I>DC$:M8=6Cc?ZgjhVaZb!mZcde]dW^V^h]Z^\]iZcZYVcYheVXZ^hY^k^YZY^cidi]Vid[¹jhºVcY ¹i]Zb!ºgZhjai^c\^c^haVcYhd[XjaijgVaXdciV^cbZciVcYhdX^VaZmXajh^dc#L]Zg" ZkZgedhh^WaZ!i]ZXgdhh^c\d[Zi]c^XWdjcYVg^Zh^hVkd^YZY#7jiVXdbeaZiZe]nh^" XVaY^hZc\V\ZbZci^hZfjVaan^bedhh^WaZ# DcZd[i]Zbdhicdidg^djhh^iZhd[^ckdajciVgn^ciZgVXi^dc^hFVaVcY^nVX]ZX`" ed^ci!l]^X]hZeVgViZhi]ZEVaZhi^c^VchjWjgWhd[?ZgjhVaZbVcYGVbVaaV]#IVbVg 7Zg\ZgYZXdchigjXihi]ZgZaVi^dch]^eWZilZZc>hgVZa^hdaY^ZghVcYEVaZhi^c^Vch# 9gVl^c\dcB^X]ZaYZ8ZgiZVj»hY^hi^cXi^dcWZilZZc¹higViZ\n!l]^X]^hi]Z YdbV^cd[i]ZedlZg[jal]dedhhZhhVeaVXZVcYeZgheZXi^kZd[i]Z^gdlc Z#\# VlViX]idlZg VcYiVXi^Xh!l]^X]^hi]Z¹Vgid[i]ZlZV`!ºi]dhZl]dVgZa^b^iZY Wni]Z\^kZchd[eaVXZVcYi^bZ#¹7Zg\ZgY^hXdkZgh¹VYZ\gZZd[EVaZhi^c^VcedlZg VcY>hgVZa^lZV`cZhh!VeaVXZd[gZh^a^ZcXZ!ZkZcYZÃVcXZ#I]ZEVaZhi^c^VchYZ[n i]ZWgjiVa^ind[i]ZX]ZX`ed^cil^i]i]Z^gkZgnegZhZcXZ/eVhh^kZ^cVeeZVgVcXZ! eVX^Ãhi^cegVXi^XZ!hZa["XdcigdaaZYVcYX^k^a!Vhi]ZnigVchkZghZVi]gZViZc^c\! ]jb^a^Vi^c\dWhiVXaZº IVbVg7Zg\Zg!eV\Z'*( # HjX]eViiZgchn^ZaYidVbjYYa^c\d[gdaZh!jckZ^a^c\i]ZhX]^ode]gZc^XXdcY^" i^dchd[VX^ini]Vi^heda^i^XVaan¹jc^ÃZYºWjiZi]c^XVaanY^k^YZY#¹IZaabZ!Y^Y ndjdXXjen:Vhi?ZgjhVaZbdgY^YlZdXXjenndj4ºVEVaZhi^c^VcXVWYg^kZg[gdb :Vhi?ZgjhVaZbVh`h]^h>hgVZa^XdaaZV\jZ[gdbLZhi?ZgjhVaZb!Xnc^XVaanVaajY" ^c\id]^hdlc>hgVZa^^YZci^inXVgY!l]^X]Vaadlh]^bidegV\bVi^XVaanZmead^i hdbZVYkVciV\Zhd[VXXZhhidi]Zdi]Zgh^YZ#¹>\dl]ZgZkZg>lVci#>ZVi^cndjg
gZhiVjgVcih!haZZel^i]ndjgldbZc!VcYiV`Zndjgldg`#>i]^c`^ilVhlZl]d
(%q(&
dXXje^ZYndj^c&.+,º NVV`dkhgVZa^XdjciZgeVgih!VcYZkZc VeeanhZiiaZbZcihZXjg^inhigViZ\^Zh# 6hhjX]!WZndcYi]Zk^h^WaZegdXZhhZhd[cZ\Vi^dc!Vi]^cVcYjcXdchX^djhXja" ijgVaZmX]Vc\Z^hjcYZglVn#I]ZgZhjai^hVcjc^ciZci^dcVajgWVcegdYjXi^k^in¸ VXdbbdcXjaijgZadXViZYWZilZZci]ZZmigZbZhd[idiVagZ_ZXi^dc!dcdcZ]VcY! VcYhjWiaZ!jcXdchX^djh]nWg^Y^in!dci]Zdi]Zg# =dlZkZg!i]ZhZfj^ZiidcZhgZcYZgZY^cVgX]^iZXijgZ!a^[ZhinaZ!dgaVc\jV\Z VgZbdhianYgdlcZYdjiWni]Zdc\d^c\cd^hZd[i]Z^ciZchZXdcÄ^Xii]Vi]Vh egdYjXZYVX^in!l]^X]VaiZgh^ihe]nh^XVa[dgb^cVcVXXZaZgViZY[Vh]^dc#JgWVc X]Vc\Z >hgVZa^gdVYeaVcc^c\!heVi^VaXadhjgZh!XdchigjXi^dcd[lVaah![ZcXZh!Wji Vahdeg^kViZEVaZhi^c^Vc]dbZh i]VildjaYcdgbVaangZfj^gZaZc\i]neaVcc^c\ egdXZhhZhVgZ^beaZbZciZYk^gijVaandkZgc^\]i¸VcjcZVhn!hdbZi^bZheVc^X`ZY YncVb^hb#>i^h¹Veda^Xnd[hXdgX]ZYZVgi]!gVi]Zgi]VceaVcc^c\###º BZgdc7Zc" kZc^hi^!eV\Z(- #CVi^dcVa^hi^ciZgZhiYZiZgb^cZhi]ZX^in¼hYZkZadebZci/eda^i^XVa
eaVcc^c\Wni]Z>hgVZa^bjc^X^eVa^inWjiVahdi]ZiVXi^XVagZhedchZhd[i]ZX^in¼h EVaZhi^c^Vc^c]VW^iVcih# :E>ADhaVb^XiZggdg^hb# >ci]^ha^\]i!?ZgjhVaZb¼hk^daZcijgWVcXdciZmiVeeZVghVhVYVc\ZgdjhY^hZVhZ id\jVgYVcYegdiZXidcZhZa[V\V^chi# I]jh!i]ZYgVhi^XbZVhjgZhVYdeiZY^ci]Z¹LVgdcIZggdgº]VkZWZZc_jhi^ÃZY VhVbZVchd[egdiZXi^c\:jgdeZVcYCdgi]6bZg^XVV\V^chidjih^YZi]gZVih#7ji ^cgZVa^in!hjX]i]gZVih]VkZWZZc[jhZYl^i]i]Z[ZVghYZg^kZY[gdb^ciZgcVaXdc" Ä^XihgZhjai^c\[gdbadc\"iZgbhigjXijgVaegdWaZbhd[i]Z:jgdeZVcVcYCdgi] 6bZg^XVcX^in/i]ZhVbZegZkZciVi^kZhZXjg^inbZVhjgZhVcYg]Zidg^XVgZgZVY" ^anjhZYid¹YZVaºl^i][V^aZY^ciZ\gVi^dcd[b^\gVciXdbbjc^i^Zhdg^cXgZVh^c\ hdX^VaedaVg^oVi^dch#A^cZhWZilZZcZmiZgcVaVcY^ciZgcVaegZhhjgZhVgZWajggZY# L]Vi^hX]Vc\^c\:jgdeZVcVcY6bZg^XVcX^i^Zh^hcdiYZhigjXi^dcWnbZVch d[hj^X^YZWdbW^c\h!Wjii]Z\gdl^c\[ZVgd[¹i]Zdi]ZgºVcYi]ZbVccZg^c l]^X]i]ZhZhjhe^X^dchVgZbVc^[ZhiZY^cjgWVcheVXZ#i^hd[iZc[dg\diiZci]Vii]ZaViZDiidbVchlZgZ ^c[VXii]Zegdbja\Vidghd[cdi^dchd[bdYZgcX^i^oZch]^e!l]^X]]VY^bbZchZ ^bea^XVi^dch[dgi]ZbdYZgc^ind[i]ZX^inVhVl]daZ#>ci]ZeZg^dYXdkZg^c\i]Z aVhii]^gYd[i]Z&.i]XZcijgnidi]ZZcYd[LdgaYLVg>!VcZljgWVc^YZci^inlVh [dgbZY^c?ZgjhVaZb!7Z^gji!9VbVhXjh!VcY^c6cVida^V!l]^X]lVhWVhZYdc XaVhhigVch[dgbVi^dc!Xdchi^iji^dcVagZ[dgb!VcYjgWVceaVcc^c\!VcYlVhd[iZc ZmegZhhZYi]gdj\]X^i^oZch¼YZeVgijgZ[gdbi]ZXdcÃcZhd[i]Z^gYlZaa^c\h^ci]Z lVaaZYX^indgigVY^i^dcVa[Vb^ancZ^\]Wdg]ddYh# 6aai]ZhZX^i^ZhlZgZXdbedhZYd[b^cdg^i^ZhVcY^i^h^bedgiVciidhiViZi]Vi >YdcdigZ[ZgidZi]c^Xb^cdg^i^Zh!l]^X]^hVgZigdheZXi^kZXdcXZeid[DiidbVc b^cdg^i^Zh#GVi]Zg!lZh]djaYheZV`d[Xdbbjc^i^ZhWZadc\^c\idY^[[ZgZcigZa^" \^dchdga^c\j^hi^X\gdjeh#I]ZbV_dgX]Vc\Zi]ViV[[ZXiZYXdZm^hiZcXZWZilZZc i]ZhZ\gdjehV[iZgi]ZXdaaVehZd[i]ZDiidbVc:be^gZVcYi]ZWZ\^cc^c\BVc" YViZeZg^dYlVhi]ZZbZg\Zcicdi^dcd[cVi^dcVa^in!l]^X]bZVcihZeVgVi^c\ [gdbi]Zcdi^dcd[bjai^Zi]c^X!bjai^XdbbjcVaDiidbVcX^i^oZch]^e#I]Zbdhi ^bedgiVcid[i]ZhZlVh!d[XdjghZ!VhZchZd[\gZViZg6gVWcZhhl^i]^cc[VXi!i]ZDiidbVch]VY^cigdYjXZYbVcn[ZVijgZhd[i]ZhZjgWVcbdYZgc^i^Zh!
()q(*
l]^X]i]Z7g^i^h]VcYi]Z;gZcX]i]ZcXaV^bZYgZigdheZXi^kZan#6agZVYni]ZÃghi \dkZgcdgd[?ZgjhVaZb!GdcVaYHidggh!YZÃcZYEVaZhi^cZVcYXZgiV^can?ZgjhVaZb cdiVhVXdjcignl^i]dcZediZci^VaX^i^oZch]^e!dgZkZcildcVi^dcVa^i^Zh!WjiVh VXdjcignVcYX^ind[i]gZZgZa^\^dch#IdZbe]Vh^oZi]^h!]ZXdbW^cZYi]ZhiVgd[ 9Vk^Y!i]ZXgZhXZci!VcYi]ZXgdhh^c]^hZbWaZb#I]^heg^cX^eaZYZiZgb^cZYi]Z lVni]Z7g^i^h]Y^k^YZYi]ZDaY8^in!^hhjZYcVi^dcVa^YZci^inXVgYhVcYeVhhedgih! VcYhddc#DcZXdjaYhVni]Vii]ZnVXijVaanXgZViZYVgZ\gZhh^dc^cVXZgiV^c WjYY^c\cdi^dcd[DiidbVcbdYZgc^in#LZhZZi]ZhZhZeVgViZYZkZadebZcih VagZVYn^ci]ZeZg^dYV[iZgLdgaYLVg>^ci]Zlg^i^c\hd[@]Va^aHV`V`^c^ dci]Z 6gVWh^YZ VcY:a^V]j:anVh]Vg dci]Z?Zl^h]h^YZ # 7ZckZc^hi^/>»bgZb^cYZYd[bn[Vi]Zgl]dlVhWdgc^cHVadc^XV^cXVcV\gZZl^i]ndjdcanjeidVed^ci#L]VindjVgZhVn^c\VWdji DiidbVcbdYZgc^inhZZbhidbZhdbZl]ViVcVX]gdc^hi^XVcYcdhiVa\^X#>c [VXi!i]ZZbZg\ZcXZd[cVi^dcVa^hblVh[dhiZgZYWni]ZDiidbVch!l]Zc^i hj^iZYi]Zb#;dg^chiVcXZ!jcYZgi]ZDiidbVch!Vhea^iWZilZZci]Z8]g^hi^Vc Xdbbjc^in^cid6AH:H=B6C96I:E:G>D9 ;^hX]ZgVcYB^hhZal^io/=dlY^Yi]Zh]^[i[gdbVc^cXajh^kZX^inidVX^ind[XdbeZi^c\
Zi]c^X^i^ZhV[[ZXii]ZheVi^VaVcYe]nh^XVa[VWg^Xd[?ZgjhVaZb4>[dcZadd`hVi ?ZgjhVaZb¼haViZ&.i]XZcijgnZmeVch^dcWZndcYi]ZDaY8^inlVaah!dcZVagZVYn ÃcYhVhjgeg^h^c\anXaZVgY^k^h^dc^cidZi]c^XVaan]dbd\ZcZdjhVgZVh/6gVWh^c
i]Zcdgi]!?Zlh^ci]Zcdgi]lZhi!ZiX#>[HVa^b¼hi]Zdgnd[DiidbVcbdYZgc^in^h
(+q(,
g^\]i!l]ZgZVgZi]ZjgWVcinedad\^Zhi]VibVc^[ZhiZYi]^h4 IVbVg^/I]^h]VeeZcZYVhi]Zb^YYaZXaVhhZhVcYegd[Zhh^dcVahbdkZYWZndcY
i]ZX^inlVaah^cidVgZVhl]ZgZi]dhZ[Vb^a^ZhedhhZhhZYdgejgX]VhZYaVcY#>c hdbZd[i]dhZVgZVh!a^`ZH]Z^`]?VggV]!l]ZgZi]ZBjha^bZa^iZh CVh]Vh]^W^h! ?VgVaaV]h!VcY=jhhZ^c^h bdkZY!lZl^icZhhXaVhhVcYgZa^\^djh^YZci^inXdbW^cZ# I]Z?Zlh]VYi]Z^geaVccZYXdbbjc^i^Zh^ci]ZlZhiZgcVgZVh!cZVgBZVH]Vg^b! NVb^cBdh]Z!dgBdci^ÃdgZ#H^b^aVgani]Zi^hdcZd[i]Z\gZVi eVgVYdmZhd[i]ZbdYZgc^ind[DiidbVc?ZgjhVaZbi]Vii]ZYZkZade^c\cZlX^in Xdch^hiZYd[gZa^\^djhanVcYheVi^VaanYZa^cZViZYXdbbjc^i^Zhd[?Zlh!8]g^hi^Vch! VcYBjha^bh!l]^X]lZgZbjX]bdgZhZ\gZ\ViZYi]VcXdbbjc^i^Zhd[i]ZDaY 8^in!ZkZci]dj\]i]ZnlZgZbdYZgcVcYhZXjaVg# 7ZckZc^hi^/>cdgYZgidjcYZghiVcYi]ZYZ\gZZd[ZcXgdVX]^c\hZeVgVi^dc!dcZ
]VhidY^[[ZgZci^ViZWZilZZcgZh^YZci^VacZ^\]Wdg]ddYhVcYi]ZWjh^cZhhY^hig^Xi# DjiZggZh^YZci^VaVgZVhlZgZValVnhhZ\gZ\ViZYYjZidaVcYdlcZgh]^e!l]^X]HVa^b YZhXg^WZY#7ji^cbdgZXZcigVaVgZVha^`ZH]Z^`]?VggV]dgGdbZbV!b^m^c\lVh ^bedgiVciViaZVhijci^ai]ZaViZ&.'%h#7ji^[lZadd`Vi?ZgjhVaZb¼hbV^cWjh^cZhh Y^hig^XiVgdjcY?ja^Vc»hLVnVcY?V[[VGdVY!lZÃcYi]Vi^ilVhXdbeaZiZanb^mZY jci^a&.)-#I]ZlVnidbZVhjgZi]ZYZ\gZZd[hZeVgVi^dc]ZgZldjaYWZidgZhZVgX] i]ZVgX]^kZhd[i]Z6gVW"dlcZYGZm8^cZbVdcEg^cXZhhBVgnHigZZi idYVn¼h H]adbo^dc=VBVa`V VcYÃcYdji]dlbVcn?ZlhlZcii]ZgZ#NdjldjaYÃcYi]Vi kVhicjbWZghViiZcYZY#:kZc>gZbZbWZg\d^c\i]ZgZVhVX]^aY^c&.)+dcHVijgYVn ZkZc^c\dg;g^YVnZkZc^c\l]ZcX^cZbVhlZgZXadhZY^c?Zl^h]VgZVh# ;^hX]ZgVcYB^hhZal^io/L]Vi^beVXiY^Yi]ZVYb^c^higVi^kZgZ[dgbhVcYeaVcc^c\
Z[[dgihd[i]Z7g^i^h]Vji]dg^i^Zh]VkZ4HVa^bbZci^dcZYZVga^Zgi]Vii]Z7g^i^h] ^cigdYjXZYhig^XiY^k^h^dchWZilZZci]gZZgZa^\^djh\gdjeh#=dlY^Yi]^hhZXiVg^Vc i]^c`^c\bVc^[Zhi^ihZa[^ci]ZhlZZe^c\gZ[dgbhi]VilZgZhjeedhZYidbdYZgc^oZ i]ZX^in4 IVbVg^/DcZd[i]ZbdhiYgVbVi^XgZ[dgbhlVhi]ZY^k^h^dcd[i]ZDaY8^in#I]Z
7g^i^h]BVcYViZVji]dg^i^ZhgZigdVXi^kZanY^k^YZYi]ZVgZV^cid[djgXdbbjc^i^Zh/ Bjha^b!6gbZc^Vc!8]g^hi^Vc! 6gVW VcY?Zl^h]#L]^aZ6gbZc^Vch!Bjha^bh! 8]g^hi^Vch!VcY?ZlhValVnhZm^hiZYVhY^hi^cXiXdbbjc^i^Zh!i]Z7g^i^h]ig^ZY idYZa^cZViZi]ZbVhVYb^c^higVi^kZanhZeVgViZfjVgiZgh#>[dcZgZVYhi]ZYZbd" \gVe]^XbVed[i]ZaViZDiidbVceZg^dY!i]ZgZlVhV\gZViYZVad[b^mijgZ^c i]ZBjha^bfjVgiZg¸l]^X]lVhhjWhiVci^Vaan^c]VW^iZYWn?ZlhVcY8]g^hi^Vch# GZa^\^djhaVWZa^c\d[i]ZhZXdbbjc^i^ZhlVhcdiZYWn[dgZ^\ck^h^idgh!WjilVh cdigZXd\c^oZYWni]ZDiidbVcVYb^c^higVi^dc!cdgWni]ZcVi^kZhd[i]ZX^in# :fjVaan!i]ZgZlZgZbVcnBjha^b[Vb^a^Zha^k^c\^ci]Zhd"XVaaZY?Zl^h]fjVgiZg! VcYV[ZlBjha^bh^ci]Z8]g^hi^VcfjVgiZg#I]ZdcanfjVgiZgl]^X]lVhVXijVaan ¹Zi]c^XVaanejgZºlVhi]Z6gbZc^VcfjVgiZg!WZXVjhZ^ilVhYZa^cZViZYWni]Z 6gbZc^VcXdckZciVcY^ihVYb^c^higVi^dc# ;^hX]ZgVcYB^hhZal^io/L]ViVWdjijgWVceaVcc^c\4I]Z7g^i^h]Vji]dg^i^Zh
ZmeZcYZY\gZViZ[[dgihcdidcan^chjgkZn^c\i]ZZm^hi^c\[VWg^X!WjiVahd^c eaVcc^c\i]Z[jijgZZmeVch^dcd[i]ZX^in#
>cigdYjXi^dc
IVbVg^/EaVcc^c\^hVkZgn^ciZgZhi^c\cdi^dc]ZgZ#:VganeaVchWnH^gL^aa^Vb
BXAZVcVcY8]VgaZh6h]WZZ!YgVlcVii]Z^ck^iVi^dcd[8dadcZaHidgghV[iZgLdgaY LVg>VcYaViZgZmeVcYZYWni]ZH^gEVig^X`ilVhejWa^h]ZY dcan[djgbdci]hV[iZgi]ZZcYd[i]Z7g^i^h]BVcYViZ^c&.)-#@ZcYVaaY^Ycdi gZVaaneaVcbjX]Wjih^beanVXXZeiZYVcYVZhi]Zi^X^oZYl]VilVh]VeeZc^c\Vcn" lVn#=ZXdjaYcdi]VkZeaVccZY^iWZXVjhZndjXVccdieaVcVb^mZY?Zl^h]"6gVW cZ^\]Wdg]ddYl]Zc?ZlhVcY6gVWhlVciZYidWj^aii]Z^gdlcVgZVh#IdbZi]Z \VgYZcX^ineaVclVhaVg\ZanYZiZgb^cZYWni]ZVW^a^inVcYhjXXZhhd[i]Z?Zlh^c Wjn^c\aVcY#L]Zci]Z?ZlhhjXXZZYZY^cejgX]Vh^c\i]ZcZ^\]Wdg]ddYd[GZ]Vk^V [gdbi]ZhgVZa^ B^c^hignd[=djh^c\]Vhi^anWj^aiVcj\ancZ^\]Wdg]ddYdcV]^aaide!VcYgj^cZYi]Z eaVXZl^i]WVYeaVcc^c\VcYWVYXdchigjXi^dc!i]ZnbdkZYdcidVcdi]ZgdcZ#>i lVhVcYhi^aa^hVeda^Xnd[hXdgX]ZYZVgi]!gVi]Zgi]VceaVcc^c\#NdjWj^aYVhZXi^dc
RT!8HSHUKP`H*OLJRWVPU[
RT!8HSHUKP`H*OLJRWVPU[
Vh^[ndjVgZVilVgVcY]VkZdcZdW_ZXi^kZ/idXdcfjZgVhigViZ\^Xhedi#L]ViZkZg
)%q)&
XdjaYWZidjX]ZYVcYXaV^bZYlVhXaV^bZY#I]ZgZVaeaVccZghVgZeda^i^X^VchVcY WjgZVjXgVih#6gX]^iZXihVcYjgWVceaVccZghWZXdbZbZgZiZX]c^X^Vch!l]dcZkZg gV^hZkVajZfjZhi^dchVcYVgZl^i]djiZi]^XVaXdch^YZgVi^dch# 6gX]^iZXijgVaeaVchYdcdiZmeaV^cl]Vi^h]VeeZc^c\cdl^c?ZgjhVaZbZ^i]Zg# >hgVZa^eaVccZgh]VkZValVnhdeedgijc^hi^XVaanhbZaaZYl]Vii]Z\dkZgcbZcidg bjc^X^eVaVji]dg^inlVcihVcYi]Zc_jbeZYdci]Zdeedgijc^in#I]ZhVbZhidgn ^hcdlgZeZVi^c\^ihZa[^ci]ZXVhZd[i]Z:"&eaVcc^c\egd_ZXil]^X]^hhjeedhZY ida^c`BVVaZ6Yjb^bVcYbjc^X^eVa?ZgjhVaZb#EaVccZghVcYVgX]^iZXihVgZ Ã\]i^c\dcZVcdi]Zgid]VkZVX]VcXZideaVci]Vibdchigdh^inl^i]djii]^c`^c\ VWdjieda^i^Xh!fjVa^in!hjhiV^cVW^a^in!VcYhddc#EaVcc^c\^hXZgiV^cancdil]Vi [dgbZYi]ZXjggZci[VWg^Xd[?ZgjhVaZb#>i»hdcani]Zeda^i^X^VchVcYi]Zk^daZcXZ i]ViYZiZgb^cZYi]ZeaVcc^c\d[?ZgjhVaZb# IVbVg^/>V\gZZi]Vieg^kViZ^ciZgZhihX]Vc\ZYi]ZBVcYViZX^inbjX]bdgZ
Z[[ZXi^kZani]VcejWa^XeaVcc^c\#7jiV[iZg&.)-!i]ZgZaVi^dch]^eWZilZZcX^k^a XdchX^djhcZhhVcYaVcYdlcZgh]^eX]Vc\ZYYgVbVi^XVaan#I]Zcdi^dcd[eg^kViZ kZghjhejWa^XdlcZgh]^ed[aVcYlVhhjWhjbZYjcYZgVY^[[ZgZcigjWg^X!l^i]i]Z ZbZg\ZcXZd[i]Z?Zl^h]hiViZVhV`ZnV\ZcXnd[edlZg#HjYYZcan!k^gijVaanVaa 6gVWegdeZginlVhZmegdeg^ViZYWni]Z?Zl^h]hiViZjcYZgi]Z6WhZciZZAVl gZ\jaVi^dch l]^X]bVYZjhZd[i]ZZmejah^dcd[EVaZhi^c^VcgZ[j\ZZh[gdbi]Z^g adXVa^i^Zh VcYi]ZccVi^dcVa^oZY^cdgYZgidXgZViZcZl?Zl^h]Xdbbjc^i^Zh ^c >hgVZa![gZZan"]ZaYeg^kViZaVcYVbdjciZYidVb^c^hXjaZeZgXZciV\Zd[i]ZidiVaaVcY VgZV l]^X]lVhi]ZcaZVhZYidcZl?Zl^h]^bb^\gVcihl]dVgg^kZYV[iZg&.)-# 6[iZg&.+,!i]ZHiViZd[>hgVZaVahdXaV^bZYaVcY^c:Vhi?ZgjhVaZbVcYi]ZLZhi 7Vc`l]^X]]VYWZadc\ZYeg^kViZanid?Zl^h]X^i^oZchWZ[dgZ&.)-¸ZkZci]dj\] i]dhZ?Zl^h]dlcZghi]ZbhZakZhlZgZjcVWaZidXaV^b^i#I]dhZVeegdeg^Vi^dch ^cXajYZYegdeZgi^Zheg^bVg^an^ci]Z?Zl^h]fjVgiZghd[?ZgjhVaZb¼hDaY8^inVcY ^c=ZWgdc!i]Zk^aaV\Zhd[H^alVcdgH]Z^`]?VggV]!dgi]ZVgZVd[CZkZNVVXdk! 6iVgdi!ZiX#Idbn`cdlaZY\Zi]ZgZ^hdcandcZdg^\^cVa[Vb^anl]dVXijVaan¹lZci WVX`ºidi]Z?Zl^h]FjVgiZgd[?ZgjhVaZb#D[XdjghZ!6gVWhlZgZcdieZgb^iiZYid gZXaV^baVcY^cLZhi?ZgjhVaZbdg>hgVZai]Vi]VYWZadc\ZYidi]ZbWZ[dgZ&.)-# I]ZhZVgZVgZVhi]ViVgZ]jcYgZYhd[YjcVbhaVg\Zgi]Vci]dhZXaV^bZYWn>hgVZa dcWZ]Va[d[VciZWZaajb?Zl^h]Xdbbjc^i^Zh#6[iZg&.+,!>hgVZaVahdXaV^bZYejWa^X egdeZgi^Zh^c:Vhi?ZgjhVaZb!WnbV`^c\^ihZa[i]ZhjXXZhhdgd[i]Z?dgYVc^Vc hiViZ#>cVYY^i^dc!kVhiigVX`hd[aVcY^c?ZgjhVaZb VhlZaaVh^ci]ZgZhid[i]Z LZhi7Vc` lZgZZmegdeg^ViZY^ci]ZejWa^X¼hcVbZ#AViZg!i]ZhZ]daY^c\hlZgZ jhZYVabdhiZmXajh^kZanidWj^aYcZ^\]Wdg]ddYh[dg?Zlh#>hgVZaXgZViZYVaZ\Va ÃXi^dc^cl]^X]i]Z¹ejWa^XºlVhYZÃcZYVhi]Z¹?Zl^h]ejWa^X!ºl]^X]VaadlZY bVcnhZiiaZgh¸l^i]\dkZgcbZciWVX`^c\¸idXaV^bEVaZhi^c^VcegdeZginVhi]Z^g dlc#>ckZgn[ZlXVhZh]VkZ>hgVZa^XdjgihVXXZeiZYX]VaaZc\Zhidi]^hbVhh^kZ hX]ZbZd[aVcYi]Z[i# 7ZckZc^hi^/9jg^c\i]ZBVcYViZeZg^dY!i]ZX^inVYb^c^higVi^dcWVgZan[jcX"
i^dcZY#IdhVni]VijcYZgi]ZBVcYViZZm^hiZYV`^cYd[X^k^X[gViZgc^in!l^i]Wdi] h^YZheVgi^X^eVi^c\^cejWa^Xa^[Z^hidiVaanlgdc\#>i»heVgid[i]ZcdhiVa\^Vi]Vi eZdeaZ[ZZaVWdjii]Z7g^i^h]BVcYViZl^i]bZbdg^Zhd[?ZlhVcY6gVWh]Vk^c\ iZVVii]Z@^c\9Vk^Y=diZa#:kZgh^cXZi]ZWZ\^cc^c\d[i]ZcVi^dcVaZgV!X^in]Vaa
>cigdYjXi^dc
lVhXdciZhiZY#:kZgni]^c\lVhWVhZYdcZi]c^X^in#>ci]ZZVganYVnhd[i]ZBVc" YViZ!i]Z?Zlhhi^aaV\gZZYidXdci^cjZi]ZigVY^i^dcd[\^k^c\i]ZbVndg¼hd[ÃXZ idi]ZBjha^bhl]^aZ8]g^hi^VchVcY?ZlhldjaYYZiZgb^cZi]ZYZejinbVndgh# 7jiiZch^dchhddcWZXVbZldghZ!VcYZkZcijVaani]Z7g^i^h]idiVaanY^hb^hhZYi]Z bjc^X^eVaXdjcX^aVcYVeed^ciZYV7g^i^h]Xdbb^hh^dcZg# IVbVg^/>i]^c`ndjVgZVahdgZXgZVi^c\VhZ\gZ\Vi^dc^hik^h^dcl]^X]lVhi]Z
egdYjXid[i]Z&.(+GZWZaa^dc#>i^higjZi]Vii]ZgZlVhhjWhiVci^VagZh^YZci^Va hZ\gZ\Vi^dc#7jiVhndj]VkZed^ciZYdjindjghZa[!i]ZgZlVhVc^ciZ\gViZYX^in# EZdeaZb^mZYcdidcanXdbbZgX^Vaanl^i]_d^ciWjh^cZhhZh!WjiVahd^ci]ZhdX^Va YdbV^c!l^i]Xdbbdcg^ijVaXZaZWgVi^dchd[VfjVh^"gZa^\^djhcVijgZ#I]ZhZ ^cXajYZYi]Z[Zhi^kVahd[CVW^GjWZZc!Va"@]VYZg Hi#ci]^hgZ\VgY!XdaaZXi^kZbZbdgn^hh]dgia^kZYVcY iZcYhideV^ciVe^XijgZd[XdcÄ^Xii]Vi\dZhWVX`id¹i^bZ^bbZbdg^Va#º 7ZckZc^hi^/I]^h^hcdibnjcYZghiVcY^c\d[]^hidgn#>bjhiWZi]ZeZhh^b^hiVcY
ndji]Zdei^b^hi#>gZbZbWZgk^k^Yan]dl>lVhgV^hZY^ci]ZaVhi]djhZdcgfjVgiZg^c@ViVbdc#Djg]djhZlVhi]ZaVhi ]djhZWZilZZc?ZgjhVaZbVcYi]Z6gVWk^aaV\Zd[Va"BVa]V#>gZbZbWZg]dllZ [dj\]il^i]i]Z6gVWX]^aYgZcVaai]Zi^bZ# IVbVg^/>lVhhVn^c\i]VihZ\gZ\Vi^dc]VeeZcZYV[iZgi]ZgZWZaa^dc!cdiWZ[dgZ#
>Vbcdidcan^cXajY^c\i]Z7g^i^h]BVcYViZnZVghWjiVahdi]ZaViZDiidbVc eZg^dYi]ViegZXZYZY^i# 7ZckZc^hi^/IdbZ!i]ZDiidbVceZg^dY^hVY^[[ZgZciZgVVaaid\Zi]Zg#>»bcdi hVn^c\i]Vii]dhZl]da^kZYjcYZgi]Z7g^i^h]Y^Ycdi]VkZ\ddY[g^ZcYhVXgdhhi]Z hZXiVg^VcY^k^YZ#7jidcZXVccdiYgVlVcnXdcXajh^dch[gdbi]Vi#I]ZcndjldjaY Vahd]VkZidXVaai]ZeZg^dYWZilZZc&.+,VcY&.,(V¹\daYZcZgVºl]Zci]ZgZlVh [gZfjZciZmX]Vc\ZWZilZZcb^YYaZXaVhh?ZlhVcY^ciZaaZXijVaEVaZhi^c^Vch# IVbVg^/I]Zed^ci^hcdii]Vi?ZlhVcY6gVWha^kZYid\Zi]ZglZaaVcYi]Zci]ZgZ
lVhVgjeijgZVcYi]Zci]ZnlZciWVX`V\V^c#>i]^c`l]Vi]VeeZcZY^hi]Vi eZdeaZY^Ycdii]^c`d[i]ZbhZakZhVh?ZlhVcY6gVWhWjii]Zn\gVYjVaanWZXVbZ ?ZlhVcY6gVWh#7Z[dgZi]Vii]ZgZlZgZXdbbjc^i^Zh^c?ZgjhVaZbVcYbVcn d[i]Z?Zlh^YZci^ÃZYl^i]cZ^\]Wdg]ddYhl^i]Bjha^bhVcY8]g^hi^Vch!l]^X] idd`i]Z[dgbd[Wjh^cZhheVgicZgh]^eh!hdX^Vak^h^iVi^dch!VcYcZ^\]WdganWdcYh# >h]djaYbZci^dc]ZgZi]Vi^c:a^V]j:anVh]Vg¼hbZbd^gh!gZaVi^dchWZilZZc HZe]VgY^X?ZlhVcYBjha^bhlZgZYZhXg^WZYVhbjX]WZiiZgi]VcWZilZZc?Zlh VcY8]g^hi^Vch!l]dk^ZYdXXjeVi^dcVaan[dgXdciZhiZYXaZg^XVaedh^i^dchl^i]^c i]Z^beZg^VaYdbV^c# EDA>I>86AEA6CC>ChgVZa^bjc^X^eVahigjXijgZ!l]^X]hZZh^ihZa[VhVc Vji]dg^in[dgV¹gZjc^ÃZYºX^in!^hXdbeaZiZanWdnXdiiZYWnEVaZhi^c^Vch^c:Vhi
?ZgjhVaZbVcYhZgk^XZh^ci]ZZVhiZgceVgiVgZeddg#I]Zbjc^X^eVa^ingZbV^ch
)'q)(
i]ZZmXajh^kZV\Zci[dg?Zl^h]X^i^oZch!nZieaVcc^c\hX]ZbZhVgZYZkZadeZYVaa i]Zi^bZ#L]ViVgZi]ZV^bhVcYdW_ZXi^kZhd[i]^hegdXZhhd[eaVcc^c\48VclZ heZV`VWdjieaVcc^c\4 7ZckZc^hi^/;^ghid[Vaa!lZ]VkZidgZbZbWZgi]Vii]Zbjc^X^eVaWdgYZghd[
edhi"&.+,VgZVc^ckZci^dcWni]Z>hgVZa^h#I]ZnlZgZYZiZgb^cZYWneda^i^Xh! cdiWneaVcc^c\#HdlZh]djaYcdiiVa`VWdji:Vhi?ZgjhVaZb!Wjid[Veda^i^XVaan" bdi^kViZY>hgVZa^^cigjh^dc^cidVgZVhi]ViY^YcdiWZadc\idi]Zb#>[6gVWhXdjaY ZfjVaanVXfj^gZaVcYVcYWj^aY^ci]ZZci^gZX^in!lZXdjaYWZ\^ciVa`^c\VWdji eaVcc^c\#6aai]Z^ckZhibZciedjgZY^cidi]^hVgZVhZgkZYi]Zeda^i^XVaV\ZcYV idXZbZcii]Z^bedhZYjc^ÃXVi^dci]gdj\][VXihdci]Z\gdjcY/i]Zh]^[i^c\d[ V]j\Z?Zl^h]edejaVi^dc^cidi]ZVgZVWZndcYi]Z[lZiVa`VWdjieaVcc^c\^c?ZgjhVaZb!lZXVccdiiVa`VWdjiWZc^\c!
edh^i^kZeaVcc^c\#BV_dgeaVcc^c\YZX^h^dch[dgi]Zadc\"gjcVgZbVYZWnXVW^cZi b^c^hiZghVcYi]ZVgbn!l^i]VabdhicdjgWVcXdch^YZgVi^dcdgXdch^hiZcii]^c`^c\# EaVccZghVcYejWa^XdW_ZXi^dchVgZVggd\Vcian^\cdgZY#HZXiVg^VcVcYeVgi^hVc >hgVZa^^ciZgZhihVgZValVnhegZYdb^cVciVcYaZ\^i^bViZEVaZhi^c^VccZZYhVgZ gZ_ZXiZYVhVcZmegZhh^dcd[]dhi^a^in# ;^hX]ZgVcYB^hhZal^io/NdjVgZYZhXg^W^c\VkZgnVhnbbZig^XVagZaVi^dch]^e
WZilZZc^chi^iji^dchhZgk^c\i]Z^ciZgZhid[?Zl^h]>hgVZa^h!VcYEVaZhi^c^Vchl]d Ydcdi]VkZVgZegZhZciVi^kZWdYnidegZhh[dgi]Z^gg^\]ih#7ji^hi]^hgZaVi^dc" h]^egZVaanh^beanVgZaVi^dch]^eWZilZZci]ZedlZg[jaVcYi]ZlZV`49Zhe^iZ i^\]ieaVcc^c\gZhig^Xi^dch!EVaZhi^c^VchXdci^cjZidWj^aYVcYZmeVcYa^`ZcZkZg WZ[dgZ#8VclZheZV`]ZgZVahdd[[VXihdci]Z\gdjcYZhiVWa^h]ZYWni]ZY^hZc" [gVcX]^hZYVcYY^hXg^b^cViZYeVgid[i]ZedejaVi^dc¸VhigViZ\n^cl]^X]^c[dgbVa eaVcc^c\^heaVnZYdjiV\V^chi[dgbVaeaVcc^c\4 IVbVg^/>i]^c`lZ]VkZidWZlVgnd[XdckZci^dcVaVXVYZb^Xl^hYdbh]ZgZ#>i
]VhWZXdbZkZgn[Vh]^dcVWaZVbdc\Vci]gdedad\^hihidiVa`VWdjii]ZdeegZhhZY gZh^hi^c\WnXgZVi^c\[VXihdci]Z\gdjcYi]gdj\]^aaZ\VaWj^aY^c\VcYhddc#I]^h hZZbhidbZVgVi]ZgjcXdck^cX^c\lVnd[YZhXg^W^c\i]^hh^ijVi^dc!eVgi^XjaVgan dci]ZeVgid[hdX^VahX^Zci^hihl]djhZi]^heVgVY^\b# >VbgZ[Zgg^c\id[Vh]^dc" VWaZ?VbZhHXdii"hinaZZmeaVcVi^dchi]VihZZ`[dgbhd[gZh^hiVcXZ^ci]ZbVccZg i]VidgY^cVgnX^i^oZchVYVeiidh^ijVi^dchd[deegZhh^dcWn¹WZcY^c\ºi]ZaVl¸[dg ZmVbeaZ!WnXgZVi^c\jcVji]dg^oZY]djh^c\hX]ZbZh# I]Z^cY^k^YjVahdaji^dchd[ Wj^aY^c\V]djhZ]ZgZdgVYY^c\Vgddbi]ZgZl^aacZkZgVXXjbjaViZidgZVafjVa^" iVi^kZ^begdkZbZcih#I]ZegdWaZbYZÃc^iZan]VhidYdl^i]i]Z]ZaeaZhhcZhhd[ dgY^cVgneZdeaZV\V^chiVXdadc^VahnhiZbi]ViXgZViZhVgZ\^bZd[Y^hXg^b^cVi^dc¸ YZcn^c\i]ZbWj^aY^c\eZgb^ih!VcYa^b^i^c\i]Z^g[gZZYdbd[bdkZbZcii]gdj\] X]ZX`ed^cihVcYWVgg^Zgh!Vaadci]ZWVh^hd[i]Z^gZi]c^X^YZci^in#
>cigdYjXi^dc
6ii]ZBVYg^YEZVXZ8dc[ZgZcXZ^c&..&¸VcY^cVaahjWhZfjZcieZVXZcZ\di^V" i^dch¸EVaZhi^c^VchlZgZ[dgXZYidXdcÃcZi]ZbhZakZhidi]Z[jijgZd[¹:Vhi ?ZgjhVaZbºVhi]ZWVh^hd[cZ\di^Vi^dch#I]^hlVhVb^hiV`Z#LZVXXZeiZY ¹LZhi?ZgjhVaZbºVh>hgVZa^YdbV^c!ZkZci]dj\]i]ZEVgi^i^dcEaVcd[&.), ZhiVWa^h]ZYi]Zl]daZX^inVhVXdgejhhZeVgVijb#I]VilVhi]ZeZg^dY ^c&..& l]ZcEVaZhi^c^Vchh]djaY]VkZhV^Y!¹NdjXaV^b6gVW?Zl^h]"dlcZYegdeZgin ^c6iVgdi!VcY^ci]Z?Zl^h]fjVgiZgd[i]ZDaY8^in!VcYlZXaV^begZ"&.)- EVaZhi^c^VcegdeZgin[gdb@ViVbdc!BVa]V!VcYhddc#ºD[XdjghZi]ViY^Ycdi ]VeeZcVcYi]ZEAD EVaZhi^cZA^WZgVi^dcDg\Vc^oVi^dc VXXZeiZYi]ZlZV`cZhh d[i]Z^gedh^i^dcVhVeVgid[i]ZcZ\di^Vi^c\eVgVY^\b#I]^haZYad\^XVaanidi]Z XdcXajh^dchi]ViJHEgZh^YZci7^aa8a^cidcVcY>hgVZa^Eg^bZB^c^hiZg:]jY7VgV` ig^ZYid^bedhZ^ci]Z8Vbe9Vk^YcZ\di^Vi^dch^c'%%%VcY^cIVWV^c'%%&! l]Zci]ZegdedhZYY^k^h^dcd[i]ZX^inlVhidY^k^YZ:Vhi?ZgjhVaZbWZilZZc EVaZhi^c^VchVcY>hgVZa^h# EA6CC>CCI;JIJG:4 ;^hX]ZgVcYB^hhZal^io/>h^iedhh^WaZidYZkZadeV_d^ci!bjijVaanVXXZeiVWaZk^h^dc[dg
i]ZX^in4L]ViV\ZcX^ZhXdjaYjcYZgiV`ZhjX]Vegd_ZXi4=dlh]djaY^iWZYdcZ4 IVbVg^/I]ZgZVgZhdbVcni]^c`iVc`hhjeedgiZYWni]Z:jgdeZVchidYVn
l]ZgZi]ZVhhjbei^dch>hj\\ZhiZYVWdkZa^b^ii]ZcVijgZd[i]Zhdaji^dc#I]^h ^hl^h][jai]^c`^c\WnhdX^VahX^Zci^hih!VhcdcZd[i]ZbVXijVaanZbWdYn^ci]Z^g eVgVY^\bhVgVY^XVafjZhi^dc^c\d[i]ZXjggZciedlZggZaVi^dch]^eWZilZZc>hgVZa VcYi]ZEVaZhi^c^Vch^cY^hXjhh^c\i]Z[jijgZd[i]ZX^in#Jide^Vck^h^dchXVcWZ jhZ[jaVhVlVnd[igVchXZcY^c\gZVa^inVcYgZb^cY^c\djghZakZhd[di]Zg[jijgZh# 7jil^i]i]ZedlZggZaVi^dchhddkZgl]Zab^c\hiVX`ZYV\V^chii]ZEVaZhi^c^Vc h^YZ!Vaai]ZhZ[jijg^hihX]ZbZhWZXdbZVWhigVXiVcYhZa["Xdc\gVijaVidgn# 7ZckZc^hi^/>idiVaanV\gZZl^i]HVa^bdci]^h^hhjZ#I]Vc`XVcV[[dgYcdi
idWZeVgid[i]^heZVXZ^cYjhign!Wjidi]ZghcZZYida^kZ#I]ZÃghihiZeh]djaYWZ idfjZhi^dci]ZheVi^Vaa^b^ihd[?ZgjhVaZb#LZh]djaY[dg\ZiVWdjii]Zcdi^dchd[ ¹:Vhi?ZgjhVaZbºVcY¹LZhi?ZgjhVaZb!ºdgi]ZkVhiVcYbdchigdjhVgZVi]Vii]Z >hgVZa^hXVaa¹ldjaYlVci^hide^ZgXZi]ViWVaaddcVcY idXdbeVXi?ZgjhVaZb!idYZ"?ZgjhVaZb^oZ?ZgjhVaZb/idgZijgcidi]ZDaY8^in VcY[dg\Zii]ZgZhi[dgi]ZcZmi*%nZVgh# AZi»hi]^c`VWdji?ZgjhVaZbVhVbjhZjb/i]ZDaY8^in#I]ZgZhi!lZ_jhi ^ckZciZY#>hZZi]^hVhVlVnd[dkZgXdb^c\[Vi^\jZ[gdbi]ZdWhZhh^dcVWdji ?ZgjhVaZb#DcZZmVbeaZd[i]^h[Vi^\jZlVhi]Z>hgVZa^ZaZXi^dch[dgi]Z?ZgjhVaZb bVndg^c'%%(#Cd>hgVZa^eda^i^X^VcdgaZ\^haVidglVhgZVYnidhiVcY[dgZaZXi^dc# L]n4EZdeaZXdjaYc»i]VkZXVgZYaZhhVWdji?ZgjhVaZb#I]dhZl]dXVgZYVWdji ?ZgjhVaZblZgZW^\dihG^\]il^c\dgi]dYdm!jaigV"dgi]dYdm!VcYbVnWZhdbZ d[i]Z6gVWh!idd#>VbhVn^c\i]VibVnWZlZ]VkZidlV^i[dg?ZgjhVaZbidWZ YgVlc^cidVhijedgd[WdgZYdb#I]ZaZhhndjY^hXjhh?ZgjhVaZb!i]ZWZiiZgi]Z X]VcXZhi]Vii]ZgZl^aaWZVhdaji^dc# IVbVg^/6cdi]ZglVn^hidejh]i]ZhZeVgVbZiZghd[Y^hXjhh^c\i]Z[jijgZd[
i]ZX^inhdVhidegdedhZi]Zb[dgi]Zl]daZXdjcign!VcYcdiida^b^ii]Zbid i]ZX^in^ihZa[#
7ZckZc^hi^/:mVXian#I]Vi^hVahdVedhh^W^a^in#:^i]ZgndjZmeVcYi]Zl]daZi]^c\
))q)*
ZcYaZhhan!dgXdcigVXi^i#NdjhVn!¹A^hiZc!l]Vi^h?ZgjhVaZb4º?ZgjhVaZb^hi]Z DaY8^in#BVnWZ^[ndjlVci!BVcYVidgn?ZgjhVaZb#AZi»hiV`Z@ZcYVaa»hEaVcVcY hVni]Vi^h?ZgjhVaZb#=ZgZlZXVc^YZci^[ni]^c\hi]ViVgZgZVaanXdciZhiZY#7ji djiZghZiiaZbZciha^`Z=Vg=dbVVgZcdi?ZgjhVaZb0i]ZnVgZgZVaaneVgid[7Z^i HV]jg#L]nYdlZ]VkZidVYYid?ZgjhVaZb¼hb^hZgnVahd=Vg=dbV!l]^X]lVh Wj^aYdcXdcÃhXViZY ^cdi]ZgldgYh!hidaZc aVcY# >XVcYZiZXihdbZ\a^bbZgd[]deZdci]Z>hgVZa^h^YZ#EZdeaZVgZ\Zii^c\ h^X`VcYi^gZYd[jh^c\i]ZcVbZd[?ZgjhVaZb^ckV^c#Ndj]ZVgYi]Vi[gdbi]Z >hgVZa^YZaZ\Vi^dcidi]ZibVnbV`Z bVcnEVaZhi^c^Vch[ZZa\ddYi]Vii]Zn]VkZi]Z^gdlceVhhedgihVcYÄV\!Wji i]ZhZVgZcdiViVaagZVa#Hd!dWk^djhanlZ]VkZidi]^c`d[i]ZeVgVY^\bi]ViXVc igVchXZcYi]^hY^X]didbnd[ildhiViZhkZghjhdcZhiViZ# 7ZckZc^hi^/7di]egdedh^i^dchVgZVagZVYneVgid[dcZXdci^cjjb!Vai]dj\]bVcn
eZdeaZjhZdcZhiViZkZghjhildhiViZhgZa^\^djhandgVh^[i]ZnVgZY^X]didbdjh# >cXZgiV^cVheZXih!lZVagZVYn]VkZildhiViZhl^i]g^\^YWdgYZgh!Wjii]dhZWdg" YZghVeeanidEVaZhi^c^Vchdcan#6ii]ZhVbZi^bZ!lZVahd]VkZVjc^iVgnhiViZ l^i]djiVcngZ\VgY[dgWdgYZgh!l]ZgZi]Z>hgVZa^hVgZYdb^cVci# DcZb^\]igZ[Zgidi]ZbdYZad[7dhc^Vdgi]Zjc^beaZbZciZYbdYZad[ 8negjh#L]Vi^hbdhi^bedgiVciP^ci]ZhZbdYZahR[dgdjgejgedhZh!^hi]Z[VXi i]Vii]Z^ciZgcVi^dcVaXdbbjc^in]VhjcYZghiddYi]ZVYkVciV\Zhd[egZhZgk^c\
>cigdYjXi^dc
iZgg^idg^Va^ciZ\g^in!egZ[Zgg^c\¹hd[iº^ciZgcVaWdjcYVg^Zhidg^\^YY^k^Y^c\a^cZh l]^X]ldjaY]VkZbVYZ^iY^[ÃXjaiidigVkZa[gZZanVcY]^cYZgZXdcdb^XgZXdkZgn# 6aiZgVi^dch^c^ciZgcVi^dcVaWdgYZghY^hijgWi]ZZm^hi^c\\Zdeda^i^XVaWVaVcXZ VcY\^kZhg^hZidiZch^dch^ccZVgWnXdjcig^Zh#;dgZmVbeaZ!gZhdaji^dcd[i]Z @jgY^h]egdWaZbk^Vi]ZeVgi^i^dcd[>gVf dgZkZcWnXgZVi^c\V[ZYZgVi^dc ldjaYhZcYYVc\Zgdjheda^i^XVah]dX`lVkZhi]gdj\]djii]Zi]gZZcZ^\]Wdg^c\ hiViZhl]^X]]VkZaVg\Z@jgY^h]b^cdg^i^Zh >gVc!Ijg`Zn!VcYHng^V #>i^hi]ZgZ" [dgZegZ[ZgVWaZidgZiV^ci]ZgZXd\c^oZY^ciZgcVi^dcVaWdgYZgh¸l]^X]VgZa^`ZV bdhV^X!^ci]ViZkZgna^iiaZX]Vc\ZY^hidgihi]Ze^XijgZVcYXVjhZhegdWaZbh¸ VcYidV^b!^[edhh^WaZ![dg¹hd[iº^ciZgcVaWdjcYVg^Zh# ;^hX]ZgVcYB^hhZal^io/8VcndjZmeaV^cVW^ibdgZ4 7ZckZc^hi^/G^\^YWdgYZgha^ZWZilZZcildhiViZhl^i]VWdgYZghZeVgVi^c\
i]Zb#I]ZgZ^hcdfjZhi^dci]VilZcZZYVXaZVg^YZci^ind[Zi]c^X^inVcY iZgg^idgn!l]^X]i]^hbdYZaegdk^YZh#7jilZ[VXZi]ZegdWaZbd[]dlid YZÃcZ^YZci^in!Zi]c^X^in!VcYiZgg^idgn#DcZh]djaYY^hXjhhi]ZdcZ"hiViZXdcXZei jh^c\Z^i]Zgi]ZLZhiZgcbdYZad[Vjc^iVgnhiViZhjX]Vh;gVcXZ!dg[VXZi]Z ^YZVd[bjai^gVX^VaHdji]6[g^XV#I]Vi^hl]n>hgVZa^hValVnhY^hXjhhYZbd\gVe]n! WZXVjhZi]ZnVgZign^c\idgZaViZYZbd\gVe]nVcYkdi^c\eViiZgch#7jii]^h^h cdiValVnhi]ZXVhZ#DcZXdjaYXgZViZV[ZYZgViZYEVaZhi^cZ">hgVZal^i]^ciZgcVa hd[iWdgYZghi]Vil^aa`ZZeZi]c^X^YZci^inViiVX]ZYidiZgg^idgn#6cYi]ZgZ[dgZ¸ idgZijgcid?ZgjhVaZb¸?ZgjhVaZbYZÃc^iZancZZYhhd[iWdjcYVg^ZhWZilZZc Zi]c^XVaan"YZÃcZYVgZVh#>i]^c`lZXVcldg`dci]Vil^i]djijh^c\i]ZY^X]di" dbnd[dcZkZghjhildhiViZh!WjigVi]Zgi]^c`VWdjidcZhiViZVcYildhiViZh VhVXdci^cjjb#LZh]djaYhZaZXiVcYX]ddhZ[gdbWdi]XdcXZeih#6jc^iVgn hiViZWn^ihZa[^hcdi\d^c\idldg`WZXVjhZi]ZegdWaZb]ZgZ^hl^i]XdaaZXi^kZ! gVi]Zgi]Vc^cY^k^YjVa!g^\]ih#7jii]ZXdcXZeid[hjg\^XVaeVgi^i^dcl^aaVahdcdi ldg`WZXVjhZi]ZXjggZciedlZggZaVi^dch]^eh\jVgVciZZi]Vi>hgVZa^^ciZgZhih l^aaegZkV^a#L]VilZ]VkZidÃcY^h^YZVaanhdbZi]^c\^cWZilZZc# ;dgi]ZÃghii^bZ^cO^dc^hi]^hidgn!>hgVZa^h]VkZcdlVX`cdlaZY\ZYi]Z[VXi i]Vii]ZgZVgZEVaZhi^c^Vch#I]ZgZVgZEVaZhi^c^Vch!VcYi]ZgZ[dgZndjXVccdi ^\cdgZi]ZbWnWj^aY^c\hZiiaZbZcih^ci]Z^gb^Yhi#HjYYZcan!i]ZnjcYZghiVcY i]Vii]ZgZVgZEVaZhi^c^Vchi]Vii]ZnXVccdiVWhdgW#6cYi]Zeg^XZ[dgi]Vi^hi]Z l^i]YgVlVa[gdbhi^aa]deZ i]Vi>hgVZa^hl^aacdiWZhjXXZhh[ja!WZXVjhZZkZcijVaani]Zh]ZZgedlZgd[i]Z ^cX^h^dcXgZViZYWni]ZlVaal^aaaZVkZi]ZLZhi7Vc`Y^k^YZY^cidild!bVnWZ i]gZZ!hZeVgViZXVcidch!l^i]gdVYWadX`hYZh^\cZYVh^ciZgcVi^dcVaXgdhh^c\h ^c7Zi]aZ]Zb!7Zijc^nV!FVaVcY^nV#EZg]VehEVaZhi^c^Vch]VkZcdX]d^XZWjiid VXXZeii]^h^ci]Zh]dgiiZgb#7jii]Zc^il^aah^bbZgVcYVXXjbjaViZ#Bdhi hdX^dad\^hih!VcYeaVccZghi]^c`i]Vii]ZgZ^hValVnhVedh^i^kZ[jijgZ#7ji i]ZgZ^hcZkZgV[jijgZ!i]ZgZ^hValVnhdcani]ZegZhZci#>[>hgVZahjXXZZYh^c ^beaZbZci^c\i]ZhVbZeg^cX^eaZh^ci]Zcdgi]ZgcVcYhdji]ZgcLZhi7Vc`i]Vi lZgZ^beaZbZciZY^ci]^c`i]ZgZVgZiddbVcn[VXidghi]Vib^i^\ViZV\V^chiVadc\"iZgbhdaji^dc#>[ l]VindjVgZhVn^c\^higjZ!i]Zci]ZlVaal^aaWZXdbZVWdgYZg!VcZi]c^XWdgYZg# 7ji^il^aaWZXdbZVcZbWVggVhhbZci!_jhiVhi]Z7Zga^cLVaalVh[dghgVZalVcihidWZeVgid[:jgdeZ!cdidcanZXdcdb^XVaanVcYeda^i^XVaan!Wji XjaijgVaan#>i]^c`^il^aaWZkZgnY^[ÃXjaiidbV^ciV^c^ihhiVijhk^h"|"k^hi]Z ^ciZgcVi^dcVaXdbbjc^inl]^aZbV^ciV^c^c\Zi]c^XhZ\gZ\Vi^dcl^i]^c^ihdlc WdjcYVg^Zh#Ijg`Zn^hVcdi]Zg\ddYZmVbeaZd[i]^higZcY#6hIjg`Zn^cX]Zh XadhZgidlVgYhi]Z:jgdeZVcJc^dc!XdcY^i^dchl^aaWZ[dgXZYdc^il]^X]l^aa bV`ZZi]c^XhZ\gZ\Vi^dcVcYa^c\j^hi^XgZhig^Xi^dch^cXgZVh^c\anY^[ÃXjai#>ci]Z [dgZhZZVWaZ[jijgZ!i]Z>hgVZa^lVaa!XjggZcian_jhi^ÃZYWnhZXjg^inVcYYZ[Zch^kZ gVi^dcVa^oVi^dch!l^aaWZXdbZhjX]Vbdchigdh^ini]Vi^il^aaX]Vc\Zi]ZVii^ijYZ d[i]Z:jgdeZVchVcYi]Z6bZg^XVchidlVgYhi]ZHiViZd[>hgVZa# 7ZckZc^hi^/Ndj`cdl!>ldjaYhVnhdbZi]^c\ZkZchigdc\Zg/i]Vii]Zl]daZ
cdi^dci]VilZVgZY^hXjhh^c\d[V\Zd\gVe]^XVaZci^inXVaaZY¹?ZgjhVaZbº^h [VahZ#?ZgjhVaZb^hVÃXi^dc#6hV]^hidg^Vc!>XdjaYcZkZgjcYZghiVcYi]Zcdi^dc i]ViWdjcYVg^ZhXgZViZXdbbjc^i^Zh#JhjVaanlZhVni]VicVi^dcVa^hbZbZg\ZY ^cVcVgZV!VcYi]ZcWdgYZghlZgZYZÃcZYVgdjcYi]ViYZÃc^i^dcd[cVi^dcVa^hb# LZVaa`cdli]Vii]ZXdadc^VaZmeZg^ZcXZ^h_jhii]Zdeedh^iZ# =ZgZ>hZZ]dlVcVYb^c^higVi^kZeda^i^XVaYZÃc^i^dcXgZViZhV\Zd\gVe]^XVa XdcXZei!VcYi]ZceZdeaZVXXZei^i#>ldjaYhj\\Zhiidndji]Vil]VilZVgZ Y^hXjhh^c\^hcdi?ZgjhVaZbWjii]ZegdWaZbhi]VilZldjaYa^`ZidViiVX]id ?ZgjhVaZbWZXVjhZlZcZZYidYZÃcZ[dgdjghZakZhVcV\ZcYV#I]ZgZ^hcd
>cigdYjXi^dc
adc\ZgVcdW_ZXi^kZZci^inhjX]Vh?ZgjhVaZb!WZXVjhZl]ZclZVh`cdl!¹L]Vi ^h?ZgjhVaZb4ºlZ\ZiVchlZghi]ViheZV`bdgZd[i]Zeda^i^XVa!ZXdcdb^Xdg XjaijgVaed^cid[k^Zld[i]ZYZÃcZg#6XXdgY^c\idi]Z>hgVZa^bjc^X^eVaYZÃc^i^dc! ?ZgjhVaZbcdlXdkZghVcVgZVd[&')hfjVgZ`^adbZiZgh#I]^h^hbdchigdjhVcY idiVaanÃXi^i^djh# ;^hX]ZgVcYB^hhZal^io/>h^ibdgZÃXi^i^djhi]Vc![dg^chiVcXZ!i]ZWdjcYVgnd[
Vcndi]ZgbZigdeda^h4 7ZckZc^hi^/LZXVccdiXdbeVgZVXdciZhiZYX^ina^`Z?ZgjhVaZb!l]ZgZWdjcYVg^Zh
VcYYZbd\gVe]nVgZXdch^YZgZYeda^i^XVa^hhjZh!idi]ZegdWaZbhd[AdcYdcdg di]ZgbZigdeda^hZh#=ZgZ!ZkZgni]^c\^hVeda^i^XVahiViZbZcibdgZi]VcVcjgWVc hiViZbZci#
7YVQLJ[.YLUaNLVNYHMPLU
*VUMSPJ[HUK LHYLUV[_LUVWOVILZ"^L^LSJVTLHSSZ[YHUNLYZ>LHYL UV[HU[P:LTP[LZ"^L]HS\L[OLLJVUVTPJZ\WLYPVYP[`VM[OL 1L^Z)\[UVUH[PVUUVNV]LYUTLU[JV\SKVWLUP[ZHYTZ[V NYV\WZ«HPTPUN[V[HRL7HSLZ[PULMYVT\Zµ.V]LYUVYVM 1LY\ZHSLT(aTP)L`
´;OLYL^LYL[^VJH]LZPU:OLPRO1HYYHOUL_[[V[OLLZ[H[LZVM (I\1ILPU^OPJO1L^ZILSPL]LK[VIL[OL[VTIVM:OPTVU[OL 1\Z[1L^PZOWPSNYPTZ]PZP[LK[OPZZHUJ[\HY`[^PJLH`LHY^OLU [OL`^V\SKZWLUK[OL^OVSLKH`PU[OLVSP]LNYV]LZ4VZ[VM [OVZL^LYL,HZ[LYU1L^Z^OVRLW[[OLPY(YHI[YHKP[PVUZ;OL`OHK HU\TILYVMPUZ[Y\TLU[HST\ZPJHSIHUKZVM^OPJO0YLTLTILY [OVZLSLKI`/HPT[OLV\KHUK]PVSPUWSH`LYHUKAHRP[OL KY\TTLYMYVT(SLWWV/LOHKHILH\[PM\S]VPJLHUK^V\SK ZPUNTVZ[S`(UKHSS\ZPHUZJVYLZ1LY\ZHSLT*OYPZ[PHUZHUK4\Z SPTZ^V\SKZOHYL[OLPY1L^PZOJVTWH[YPV[Z·KH`SVUNHJ[P]P[PLZ VMZPUNPUNHUKMLZ[P]P[PLZPU[OLWPJUPJRUV^UHZ[OL@LO\KPHµ >HZPM1H^OHYP``LO^YP[PUNPUOPZTLTVPYZ [YHUZ SH[LKI`:HSPT;HTHYPPU1LY\ZHSLT8\HY[LYS`-PSL
7HSLZ[PUPHUYPV[ZIYLHRV\[PU1LY\ZHSLTMP]L1L^ZHYLRPSSLKHUK ZL]LYHSO\UKYLK^V\UKLK
(WYPS
;OPYK^H]LVM1L^PZOPTTPNYH[PVUILNPUZJVTWYPZLKVM LHZ[LYU,\YVWLHUZTHU`Z[LLWLKPU[OLZVJPHSPZ[PKLVSVN`[OH[ MVYTLK [OL IHJRIVUL VM [OL RPII\[a TV]LTLU[ -YVT [V HUV[OLY 1L^ZHYYP]LHUKIL[^LLU HUK 5HaPZT ZW\YZ H UL^ ^H]L VM 1L^PZO PTTPNYHU[Z
)YP[PZO.LULYHS(SSLUI`KLMLH[Z6[[VTHUMVYJLZHUKLU[LYZ1LY\ZH SLT7HSLZ[PULPZWSHJLK\UKLY)YP[PZOTPSP[HY`HKTPUPZ[YH[PVU
+LJLTILY
;OL )YP[PZO -VYLPNU 6MMPJL ^YP[LZ [V 3VYK 9V[OZJOPSK PU [OL )HSMV\Y +LJSHYH[PVU [V L_WYLZZ )YP[HPU·Z JVTTP[TLU[ [V [OL LZ[HISPZOTLU[VMH1L^PZOUH[PVUHSOVTLPU7HSLZ[PUL^P[OV\[ WYLQ\K\JL [V [OL JP]PS HUK YLSPNPV\Z YPNO[ VM [OL UVU1L^PZO WVW\SH[PVU
5V]LTILY
)YP[PZO9\SL
-PYZ[ 1L^PZO ZL[[SLTLU[ V\[ZPKL 1LY\ZHSLT·Z ^HSSZ 4PZORLUV[ :OHHUHUPT JVTWSL[LK H[ [OL ILOLZ[ VM )YP[PZO 1L^PZO WOPSHU [OYVWPZ[:PY4VZLZ4VU[LMPVYL
*LUZ\ZI`6[[VTHUZZOV^Z1LY\ZHSLTWVW\SH[PVUHZJVTWYPZLK VM 1L^Z4\ZSPTZHUK *OYPZ[PHUZ
´0MAPVUPZTLYLJ[ZHZTHSSZ[H[LSPRLHSS[OLV[OLYZTHSSZ[H[LZ P[^PSSYLTHPU^P[O[OLTVU[OLWLYPWOLY`VMOPZ[VY`HUKSPRL [OLT^PSSKPZHWWLHY)\[PMPUZ[LHKP[I\PSKZ\WHZWPYP[\HSWV^LY [OLUP[^PSSYLTHPUPU[OLJLU[LYVMOPZ[VY`HUK^PSSLUK\YLµ =PLUULZLIVYUAPVUPZ[[OPURLY4HY[PU)\ILY
´;OL(YHIZJVUZPZ[PUNVM TPSSPVUWLVWSLOVSKHSHUK[OLZPaL VMOHSM,\YVWL^OPSL[OL[LUTPSSPVUWLVWSLVM0ZYHLS^HUKLYHZ UVTHKZPU[OL^VYSKUV[L]LUOH]PUNHYVJRVM[OLPYV^UHUK PZ^PZOPUN[VSH`P[ZOHUKVU[OPZSHUK[OLSHUKVM0ZYHLS>PSS[OL (YHIUH[PVUZ[HUKHIHJR&µALL]1HIV[PUÖZR` HZX\V[LKPU )LUU`4VYYPZ¶9PNO[LV\Z=PJ[PTZ!(/PZ[VY`VM[OLAPVUPZ[(YHI *VUMSPJ[
´:\KKLUS`0ZHPK[VOPT¶4Y)HSMV\YSL[·ZZ\WWVZL0WYVWVZL [OH[`V\YLWSHJL3VUKVU^P[O7HYPZ^V\SK`V\HJJLW[&·/L Z[YHPNO[LULKOPZIHJRPUOPZJOHPYHUKYLWSPLK¶)\[+VJ[VY >LP[aTHU3VUKVUPZV\YZ·¶;OH[PZ[Y\L·0ZHPK¶I\[1LY\ZH SLT^HZV\YZ^OPSL3VUKVU^HZZ[PSSHZ^HTWSHUK·*OHPT >LPaTHUU PU>YP[PUNHUK+LLK!;OL3PML4LTVYPLZVM HU0ZYHLSP7YLZPKLU[[YHUZSH[LKI`(ZOLY)HYHZO
´,HJOUH[PVU^PSSOH]L[VJYLH[LP[ZV^UOPZ[VYPJHSJ\S["LHJO WLVWSLT\Z[ILJVTLSPRL[OL1L^PZOWLVWSLHWLVWSLVM .VKµ,HYS`APVUPZ[[OPURLY4VZLZ/LZZ HZJP[LKPU(Y[O\Y /LY[aILYN·Z;OLAPVUPZ[0KLH
´0YLTLTILYVUL[PTL[OLYL^HZHIPNMLHZ[HUK2PUN(IKHSSHO ^HZH[[LUKPUN«ZVTLVUL[VSK[OLRPUN[OH[:OLPRO/\ZZHT [LHJOLZOPZKH\NO[LYZOV^[VWSH`[OLWPHUVHUKZLUKZOPZ KH\NO[LYZ[VMVYLPNUZJOVVSZ4`MH[OLYZ[VVKPUMYVU[VM[OL RPUNHUKJP[LKZVTLVM[OL7YVWOL[·ZZH`PUNZHIV\[LK\JH [PVUHUKJ\S[\YLPUMYVU[VML]LY`IVK`BHUKD[VSKOPT[OH[[OL 7YVWOL[ZHPK¶`V\ZOV\SKW\YZ\L`V\YLK\JH[PVUL]LUPMP[ [HRLZ`V\[V*OPUH·HUK[OH[LK\JH[PVU^HZHYLX\PYLTLU[ MVYL]LY`4\ZSPTTHUHUK^VTHU«µ:HPKH1HYHSSHO[OLMPYZ[ 4\ZSPT7HSLZ[PUPHU^VTHU[VZ[\K`HIYVHKPU JP[LKPU,SSLU -SLPZJOTHU·Z´4HUKH[L4LTVPYZµ1LY\ZHSLT8\HY[LYS`-PSL
´0\ZLK[VZP[PUB1LY\ZHSLT·Z7VZ[HS*HMtDL]LY`HM[LYUVVU ^OLYL^L\ZLK[VLUJV\U[LYP[ZJVZTVWVSP[HUJSPLU[LSL«;OL KPZJ\ZZPVU^HZHS^H`ZVU[OLZHTL[OLTLZ!1L^PZOTPNYH[PVU (YHIYLZPZ[HUJL1HIV[PUZR`·ZPUZ\YYLJ[PVU[OLIH[[SLVM;LS /HPPUUVY[OLYU7HSLZ[PUL[OLYLILSSPVUPU1HMMHB DHUK[OL JSHZOLZIL[^LLU(YHIZHUK1L^Z;OLZLKPZJ\ZZPVUZPUJS\KLK PKLVSVNPJHSKLIH[LZ^OPJO^LYL[YHUZSH[LK[V\ZPU[OL]LY UHJ\SHY-YVT[OLT^LILJHTLMHTPSPHY^P[O[OLIHZPJ[LUHU[Z VMZVJPHSPZTHUHYJOPZTHUKIVSZOL]PZ[KVJ[YPULZµ5HQH[P:PKRP JVTT\UPZ[H\[OVY^YP[PUNOPZTLTVPYZQ\Z[HM[LY>VYSK>HY0PU 4\KOHRRHYH[5HQH[P:PKXPLKP[LKI`/HUUH(I\/HUUH
;OL\UKLYNYV\UK0YN\UB´,[aLSµDIVTIZ1LY\ZHSLT·Z2PUN+H]PK /V[LS ^OLYL )YP[PZO NV]LYUTLU[ OLHKX\HY[LYZ ^LYL SVJH[LK ;OLNYV\WHSZVOHUNZ[^V)YP[PZOZLYNLHU[ZPUYL]LUNLMVYKLH[O ZLU[LUJLZWSHJLKVU,[aLSTLTILYZ
1\UL
)YP[PZOJLUZ\ZZOV^Z[OH[1LY\ZHSLTWVW\SH[PVUHZJVTWYPZLK VM 1L^Z 4\ZSPTZHUK *OYPZ[PHUZ
4HJ+VUHSK B´;OPYKµD >OP[L 7HWLY YLQLJ[Z MVYTLY WHY[P[PVU HUK LU]PZHNLZ H JYLH[PVU VM VUL Z[H[L ^P[O HU (YHI THQVYP[` HUK 1L^PZO WHY[PJPWH[PVU PU [OL NV]LYTLU[ 1L^PZO PTTPNYH[PVU SPTP[LK [V V]LY MP]L `LHYZ HUK [OLYLHM[LY SPTP[LK I` (YHIJVUZLU[
4H`
7LLS *VTTPZZPVU YLJVTTLUKZ [OL WHY[P[PVU VM 7HSLZ[PUL IL [^LLU(YHIZHUK1L^ZHYLJVTTLUKH[PVUHJJLW[LKI`)YP[HPU" 7HSLZ[PUPHUZLZ[HISPZO[OL(YHI/PNOLY*VTTP[[LL
5V]LTILY
7HSLZ[PUPHUZKLJSHYLNLULYHSZ[YPRL[VWYV[LZ[1L^PZOPTTPNYH[PVU
-LIY\HY`
;LUZPVUZ IYLHR PU[V VWLU ]PVSLUJL 7HSLZ[PUPHUZ JSHZO ^P[O )YP[PZOMVYJLZPU1LY\ZHSLT"YLZPKLU[ZVM/LIYVUHUK:HMLK[\YU VU[OLPY1L^PZOULPNOIVYZRPSSPUN)YP[PZOH\[OVYP[PLZKPZWH[JO [OL:OH^*VTTPZZPVU[VPU]LZ[PNH[L
(\N\Z[
7HSLZ[PUL 4HUKH[L NP]LU [V )YP[HPU I` 3LHN\L VM 5H[PVUZ /HQ (TPUHS/\ZZLPUPPZHWWVPU[LK.YHUK4\M[PVM1LY\ZHSLT
1\UL
)YP[PZO4HUKH[L)LNPUZ
´>LOH]LJSHZOPUNPU[LYLZ[Z^P[O [OLB7HSLZ[PUPHUD(YHIZL]LY`^OLYL HUK[OLZLPU[LYLZ[Z^PSSJVU[PU\L HUK[OLJSHZOLZ^PSSPUJYLHZL« HUKVUJLHNHPU0OLHY[OLHUZ^LY YPZLMYVT^P[OPUTL!VUS`HB7HS LZ[PUPHU(YHIDWVW\SH[PVU[YHUZMLY HUKL]HJ\H[PVUMYVT[OPZJV\U[Y` ZVP[ILJVTLZL_JS\ZP]LS`MVY\Z B1L^ZDPZ[OLZVS\[PVU;OPZPKLH YLTHPUZ^P[OTLLZWLJPHSS`[VKH` HUK0MPUKJVTMVY[PUP[PU[OL MHJLVM[OLLUVYTV\ZKPMMPJ\S[PLZ PU]VS]LKPUSHUKW\YJOHZLHUK ZL[[SLTLU[µ(4HYJO KPHY`LU[Y`I`@VZLM>LP[aKPYLJ[VY VM[OL1L^PZO5H[PVUHS-\UK·Z3HUK :L[[SLTLU[+LWHY[TLU[
´>LZOHSSMPNO[[OL^HYHNHPUZ[/P[SLYHZPM[OLYL^LYLUV>OP[L 7HWLYHUK[OL>OP[L7HWLYHZPM[OLYL^LYLUV^HYµ+H]PK)LU .\YPVU
´-YVT[PTL[V[PTL^LHIZVYIHSP`HOBPTTPNYH[PVUD;OLJYV^K PUNPU[OL[LU[ZNL[Z^VYZL«>LHYLSP]PUN[OYLL[VH[LU[!0 T`JOH]LYBSV]LYDHUKOLY³T`ULPNOIVY³¶U\TILY[OYLL·PU [OLMHTPS`6US`H[OPUJSV[OZLWHYH[LZ\ZMYVTOLY>LOH]L SP]LKSPRL[OPZMVY[^V`LHYZHSYLHK`«(UKZVTL[PTLZ0[OPUR! JHUZVTLVULSP]PUN\UKLYKPMMLYLU[JPYJ\TZ[HUJLZ\UKLYZ[HUK ^OH[WYPJL[OLHIZVYW[PVUVMHSP`HOKLTHUKZVMHJOH]LY RPII\[a&µ7VL[9HJOLS ^YP[PUNMYVT2PII\[a+HNHU`H
*VUMSPJ[HUKLZ[MVYHO\UKYLK`LHYZHUKOHZP[ZV^UYLH^HRLULKJ\S[\YHS TV]LTLU[µ:[H[LTLU[VM[OL(YHI/PNOLY*VTTP[[LL
1\S`
(IZLU[LL7YVWLY[`3H^WHZZLK4HYJO^OLYLI`HU`WLYZVU ^OVVU5V]LTILY ^HZHJP[PaLUVYYLZPKLU[VM(YHI Z[H[LZVY^OV^HZH7HSLZ[PUPHUJP[PaLU^OVOHKSLM[OPZVYOLY WSHJL VM YLZPKLUJL ^HZ JSHZZPMPLK HZ HU ´HIZLU[LLµ (IZLU[LL WYVWLY[`PZ]LZ[LKPU[OLJ\Z[VKPHUVMHIZLU[LLWYVWLY[`^OPJO [OLU´ZLSSZµP[[V[OL+L]LSVWTLU[(\[OVYP[`H\[OVYPZLKI`[OL 0ZYHLSPWHYSPHTLU[;OL´3H^VM9L[\YUµPZWHZZLKPU1\S`^OLYL I`HU`1L^PZLU[P[SLK[VM\SS0ZYHLSPJP[PaLUZOPW
0ZYHLS*VUZVSPKH[LZ0[Z*VU[YVS
;OLLZ[)HURYLZPKLU[Z"ZLJ\YP[`WLYTP[ZPUZ[P[\[LKMVY[YH]LS HUKJOLJRWVPU[ZLZ[HISPZOLK[VLUMVYJL[OLWVSPJ`
4HYJO
:PNUPUNVM[OL+LJSHYH[PVUVM7YPUJPWSLZIL[^LLU0ZYHLSHUK[OL 736;OLWSHUJHSSZMVYZL]LYHSZ[HNLZVM0ZYHLSP[YVVWYLKLWSV` TLU[ ILMVYL MPUHS Z[H[\Z [HSRZ V]LY IVYKLYZ THQVY ZLJ\YP[` PZ Z\LZYLM\NLLZZL[[SLTLU[ZHUK1LY\ZHSLT
:LW[LTILY
6ZSV(JJVYKZ:PNULK
0ZYHLS MPYZ[ W\ISPJPaLZ P[Z ´.YLH[LY 1LY\ZHSLTµ JVUJLW[ JVT WYPZLKVMRTHUKPUJVYWVYH[PUN[OLZL[[SLTLU[ZVM4HHSL (K\TPTHUK.P]H[ALL]HZOPUN[VU+* ZPNUPUNVM[OL6ZSVHNYLLTLU[Z
´-VY1L^PZO1LY\ZHSLT0KPKZVTL[OPUNPU[OLWHZ[ `LHYZ -VY,HZ[1LY\ZHSLT&5V[OPUN>OH[KPK0KV&5V[OPUN:PKL ^HSRZ&5V[OPUN*\S[\YHSPUZ[P[\[PVUZ&5V[VUL@LZ^LPUZ[HSSLK HZL^LYHNLZ`Z[LTMVY[OLTHUKPTWYV]LK[OL^H[LYZ\WWS` +V`V\RUV^^O`&+V`V\[OPURP[^HZMVY[OLPYNVVKMVY[OLPY ^LSMHYL&-VYNL[P[;OLYL^LYLZVTLJHZLZVMJOVSLYH[OLYL HUK[OL1L^Z^LYLHMYHPK[OL`^V\SKJH[JOP[µ;LKK`2VSSLR TH`VYVM1LY\ZHSLTMYVT
´:L[[SLTLU[[OYV\NOV\[[OLLU[PYL3HUKVM0ZYHLSPZMVYZLJ\YP[` HUKI`YPNO[«;OLKPZWVZP[PVUVM[OLZL[[SLTLU[ZT\Z[IL JHYYPLKV\[UV[VUS`HYV\UK[OLZL[[SLTLU[ZVM[OLTPUVYP[PLZ B7HSLZ[PUPHUZDI\[HSZVPUIL[^LLU[OLT;OPZPZPUHJJVYKHUJL ^P[O[OLZL[[SLTLU[WYVNYHTHKVW[LKPU.HSPSLLBPUZPKL0ZYHLSDHUK PUV[OLYWHY[ZVM[OLJV\U[Y`^P[O[OLVIQLJ[P]LVMYLK\JPUN[V [OLTPUPT\T[OLWVZZPIPSP[`MVY[OLKL]LSVWTLU[VMHUV[OLY (YHIZ[H[LPU[OLZLYLNPVUZµ N\PKLSPULZVMHZL[[SLTLU[ JVTTP[[LLVM[OL0ZYHLSPNV]LYUTLU[HUK>VYSKAPVUPZ[6YNHUP aH[PVUHZX\V[LKPU/V^HYK:HJOHY·Z(/PZ[VY`VM0ZYHLS
´1HIHS(I\.OULPTPZ[OLKVVY[V)L[OSLOLTHUKPZHKQHJLU[ [V[OL0ZSHTPJOVS`WSHJLZVMHS(XZH4VZX\LHUK[OL+VTL VM[OL9VJR>P[O[OPZZL[[SLTLU[B/HY/VTHD[OL`^HU[[V PZVSH[L[OLOVS`WSHJLZZVHZ[VOH]LMYLLYLPUPU[OLT«;OL VIQLJ[P]LPZUV[VUS`[VI\PSK OV\ZPUN\UP[ZTL[LYZ MYVT[OLHS(XZH4VZX\LI\[[VKLZ[YV`[OL0ZSHTPJHUK*OYPZ [PHUOVS`WSHJLZµ7HSLZ[PUPHU(\[OVYP[`7YLZPKLU[@HZZLY(YHMH[ PU[OLHS>HMKUL^ZWHWLY4HYJO
´;OVZLPU[OL[YHKP[PVUHSVWWVZP[PVUB[V[OLWLHJLWYVJLZZD KPKUV[WHY[PJPWH[LPU[OLLSLJ[PVU:V^OH[`V\OH]LHYL KPMMLYLU[KLNYLLZVMHNYLLTLU[HUKKPMMLYLU[WLYZWLJ[P]LZHUK HWWYVHJOLZ>LZ[PSSKVU·[OH]LHJY`Z[HSSPaLKWVSP[PJHSSPML«µ /HUHU(ZOYH^P 0UKLWLUKLU[1LY\ZHSLTTLTILYVM[OL 7HSLZ[PUPHUWHYSPHTLU[
´0ZYHLSPZUV[[VJHYY`V\[\UPSH[LYHSTLHZ\YLZ[OH[TPNO[HMMLJ[ [OLYLZ\S[ZVM[OLULNV[PH[PVUZ;OLYLPZHIPNKPMMLYLUJLIL[^LLU [OLWLHJLTLU[HSP[`HUK[OL^HYTLU[HSP[`7LHJLULLKZ[^V ZPKLZ^OPSL^HYJHUILKLJPKLKI`VULWHY[`«)HZLK\WVU HSS[OPZ^L]PL^[OL0ZYHLSPWSHUZ[VI\PSKUL^ZL[[SLTLU[ZHUK VWLU\WUL^ZL[[SLTLU[YVHKZHZHH¶KLJSHYH[PVUVM^HY·µ 736,_LJ\[P]L*VTTP[[LL4LTILYHUK\UVMMPJPHS1LY\ZHSLT TPUPZ[LY-HPZHS/\ZZLPUP [V[OL7HSLZ[PUL9LWVY[
6J[VILY
-PUHSZ[H[\Z[HSRZIYLHRKV^UH[*HTW+H]PKKLZWP[LWLYZVUHS PU[LY]LU[PVUI`OH[HYL[OL`[HSRPUNHIV\[& ;OPZ[LYYPISL[OPUN[OH[^LHYLZLLPUNPZ[OLJVU[PU\H[PVUVM [OL7HSLZ[PUPHU[LYYVYHUK^LT\Z[MPNO[HUKZ[Y\NNSLHNHPUZ[ [OPZ[LYYVYµ(YPLS:OHYVUH[[OLZP[LVMH1LY\ZHSLTI\ZIVTIPUN [OH[RPSSLK WLVWSLPUJS\KPUN[OLIVTILYHUKPUQ\YLKV]LY .\HYKPHU1\UL
´;OPZPZHUVW[PVU[OH[^L^PSS[HRLPU[VJVUZPKLYH[PVU^OLU^L MLLS[OH[[OL0ZYHLSPZHJJLW[V\YYPNO[ZHUKHKTP[[OH[^LOH]L YPNO[ZPU1LY\ZHSLT^LOH]LYPNO[ZV]LY[OLHYLH^OLYL[OL 0ZYHLSPZI\PS[ZL[[SLTLU[ZHUKI\PS[[OL0ZYHLSPHUUL_H[PVUHUK JVUMPZJH[PVU^HSSµ4LTILYVM/HTHZWHYSPHTLU[(aPa+^LPR ^OLUHZRLKPM[OLUL^7HSLZ[PUPHUNV]LYUTLU[^PSS YLJVNUPaL0ZYHLS
´0M[OL`^HU[WLHJL[OL`T\Z[RUV^[OH[^OH[PZOHWWLUPUN PU[OL.HaH:[YPWT\Z[OHWWLUPU[OL>LZ[)HURHUK,HZ[ 1LY\ZHSLTµ7HSLZ[PUPHUULNV[PH[VY:HLI,YLRH[(\N\Z[
5V]LTILY
;OL0ZSHTPZ[TV]LTLU[/HTHZ^PUZHZ^LLWPUN]PJ[VY`PU[OL 7HSLZ[PUPHU WHYSPHTLU[HY` LSLJ[PVUZ PUJS\KPUN MV\Y V\[ VM ZP_ ZLH[Z PU 1LY\ZHSLT ^OLYL 7HSLZ[PUPHUZ JHTL V\[ [V ]V[L PU \UL_WLJ[LKS`OPNOU\TILYZ;OLLSLJ[PVUZTHYR[OLKLUV\L TLU[VM[OL-H[LOTV]LTLU[HUK[OL^LHRULZZLZVM[OL6ZSV HJJVYKZ^OPJO/HTHZOHZ[`WPJHSS`YHSSPLKHNHPUZ[
1HU\HY`
0ZYHLS\UKLY[HRLZ´KPZLUNHNLTLU[µMYVT[OL.HaH:[YPWHUKMV\Y ZL[[SLTLU[ZPU[OLUVY[OLYU>LZ[)HUR;OLTV]LPZHK]VJH[LK I`7YPTL4PUPZ[LY:OHYVUHZHM\Y[OLYW\ZOMVYZLWHYH[PVUHUK HUH[[LTW[[VZ[LTKLTVNYHWOPJJVUJLYUZVMH1L^PZOTPUVYP[` JVU[YVSSPUNH7HSLZ[PUPHUTHQVYP[`
(\N\Z[
736 *OHPYTHU HUK 7HSLZ[PUPHU (\[OVYP[` 7YLZPKLU[ @HZZLY (YHMH[KPLZHM[LYTVU[OZVMJVUMPULTLU[PUOPZ9HTHSSHOOLHK X\HY[LYZ/PZHK]PZVYZYLX\LZ[[OH[OLILI\YPLKPU1LY\ZHSLT I\[0ZYHLSKLUPLZ[OLYLX\LZ[
´;OLYLPZ(TLYPJHUHJRUV^SLKNTLU[[OH[PUHU`MPUHSZ[H[\Z HNYLLTLU[[OLYL^PSSILUV0ZYHLSP^P[OKYH^HS[V[OL SPULZ«;OPZHJRUV^SLKNTLU[HWWLHYZPU[^V^H`Z!\UKLY Z[HUKPUN[OLMHJ[ZKL[LYTPULKI`[OLSHYNL0ZYHLSPZL[[SLTLU[ ISVJZZ\JOHZTHRPUNP[PTWVZZPISL[VYL[\YU[V[OL SPULZ HUKPTWSLTLU[H[PVUVM[OLJVUJLW[VM¶KLMLUZPISLIVYKLYZ·µ 7YPTL4PUPZ[LY(YPLS:OHYVU[V[OL2ULZZL[JVUJLYUPUNHU(WYPS LZ[)HUR 0ZYHLS
7HSLZ[PUL 7HSLZ[PUL )YP[PZO4HUKH[L .HaH:[YPW
*VUMSPJ[HUKHYVM 0ZYHLSNHPULKJVU[YVS V]LY,N`W[·Z:PUHP7LUPUZ\SH[OL:`YPHU.VSHU /LPNO[Z1VYKHUPHU>LZ[)HURHUK,N`W[PHU .HaH:[YPW7HSLZ[PUPHUZ[OLTZLS]LZOH]LYL]VS[LK PU[^VPU[PMHKHZ;OL6ZSV(JJVYKZ HUK [OL9VHK4HWOLSKV\[[OLWVZZPIPSP[` VMHUPUKLWLUKLU[7HSLZ[PUPHUZ[H[LI\[JVYL PZZ\LZYLTHPULK\UZVS]LK
.VSHU/LPNO[
>LZ[)HUR 0ZYHLS
.HaH:[YPW
HSSLKJP[PLZ
0ZYHLS1VYKHU(YTPZ[PJL3PUL
:LWHYH[PVU-LUJL>HSS
LZ[IHURHUUL_LK[V0ZYHLS
RPSVTL[LYZ
*VUJLW[HUKJVW`YPNO[ ;PT9PLUPL[Z7OPSPWW4PZZLS^P[a :V\YJLZ ;PTLSPUL!*OHYTHPUL:LP[a^P[O2HYLU3LL)YHJOHO4VUH+HQHUP HUK@LO\KH.YLLUMPLSK.PSH[ )·[ZLSLT;OL0ZYHLSP0UMVYTH[PVU*LU[LYMVY/\THU9PNO[ZPU[OL 6JJ\WPLK;LYYP[VYPLZ;OL>LZ[)HUR1L^PZO:L[[SLTLU[ZHUK [OL:LWHYH[PVU)HYYPLY1LY\ZHSLT 0U[LYUH[PVUHS7LHJLHUK*VVWLYH[PVU*LU[LY07**9HTP5HZYHS SHO9HZZLT2OHTHPZP4PJOHLS@V\UHU1LY\ZHSLTVU[OL4HW 1LY\ZHSLT 3L4VUKL+PWSVTH[PX\LLKP[([SHZKLY.SVIHSPZPLY\UN[Ha=LY SHNZ\UK=LY[YPLIZ.TI/)LYSPU 7YVQLJ[.YLUaNLVNYHMPLU0U[LYUH[PVUHS7LHJLHUK*VVWLYH[PVU *LU[LY07**1LY\ZHSLT)LaHSLS(JHKLT`VM(Y[HUK+LZPNU1LY\ ZHSLTVYRZOVWZ1LY\ZHSLT :\Y]L`VM7HSLZ[PUL1LY\ZHSLT(YLHZJHSL! :\Y]L`VM7HSLZ[PUL1LY\ZHSLT(YLHZJHSL! ;OL(WWSPLK9LZLHYJO0UZ[P[\[L1LY\ZHSLT(901(.LVWVSP[PJHS ([SHZVM7HSLZ[PUL;OL>LZ[)HURHUK.HaH1LY\ZHSLT LZ[)HURPZN\PKLKI`[OL ZWH[PHS WYPUJPWSL VM PZVSH[PVU ^OPJO WYV[LJ[Z PUOH IP[HU[ZHNHPUZ[HWLYJLP]LKOVZ[PSLSHUKZJHWL0U[OL WYVJLZZZL[[SLTLU[ZKPZTLTILY[OLZWH[PHSZVJPHS HUKLJVUVTPJMHIYPJVM[OLZ\YYV\UKPUN7HSLZ[PUPHU ULPNOIVYOVVKZHUK]PSSHNLZHUKKLZ[YV`[OLPYSHUK YLZLY]LZ MVY HNYPJ\S[\YHS \ZL HUK \YIHU KL]LSVW TLU[Z(ZHYLZ\S[7HSLZ[PUPHU]PSSHNLZHUKULPNOIVY OVVKZHYLMVYJLKPU[VHZWH[PHSJVU[HPUTLU[ZPTPSHY [V [OH[ VM [OL ZL[[SLTLU[Z ;OL` ILJVTL LUJSH]LZ ^P[OPUHUHYLHVM0ZYHLSPOLNLTVU``L[HYLL_JS\KLK MYVT0ZYHLSPWVSP[PJHSZVJPHSHUKJ\S[\YHSSPML
eg^cX^eaZhd[ [gdci^Zg\Zd\gVe]n :nVaLZ^obVc
>[WdgYZghVgZVWhigVXia^cZhl]^X]YZh^\cViZi]ZZY\Zhd[_jg^hY^Xi^dch!WVgg^Zgh bV`Zi]dhZa^b^ihe]nh^XVa#H^cXZi]ZbZX]Vc^oVi^dcd[lVg[VgZ^ci]Z&.i]VcY '%i]XZcijg^Zh!VcYi]ZgZaVi^kZanhnbbZig^XVaedlZgbV^ciV^cZYVXgdhhWdgYZgh WZilZZcbdgZdgaZhhZfjVaanVgbZYcVi^dcVaVgb^ZhVcYVaa^ZYXdVa^i^dch! YZ[ZchZ^hcdadc\ZgXdcXZeijVa^oZYdcVadXVadgjgWVchXVaZ!WjiVii]ZaZkZad[ ^bbZchZa^cZVgXdchigjXi^dchVadc\i]ZZY\Zhd[cVi^dcVaheVXZ#7dgYZghlZgZ [dgi^ÃZYidXdcigdai]ZbdkZbZcid[Vgb^Zh!VhlZaaVhidgZ\jaViZi]ZbdkZbZci d[\ddYh!aVWdg!^c[dgbVi^dc!lZVai]!VcYY^hZVhZ^cidi]ZWdYnd[i]ZhiViZ#I]Z YZbVgXVi^dcVcY[dgi^ÃXVi^dcd[WdgYZgh]VYVXdbeaZbZciVgnegd_ZXi/i]Z ^hhj^c\d[igVkZaYdXjbZcihVcYeVhhedgih!l]^X]lVhh^\c^ÃXVci^cXgZVi^c\VcY hjhiV^c^c\i]Zeda^i^XVabdYZad[VhdkZgZ^\ccVi^dcVaZci^in#;^mZYWdgYZghXVbZ idZbWdYnVhiViZd[¹eZVXZºl]ZgZ^ci]ZXdchda^YVi^dcd[X^i^oZch]^eVcYi]Z ]dbd\Zc^oVi^dcd[aVc\jV\ZhVcYXjaijgZhXdjaYiV`ZeaVXZ# LVg^hVcZmigZbZWdjcYVgn"[gVb^c\XdcY^i^dc#I]ZigZcX]Zhd[LdgaYLVg>¸ WVgg^ZghdcVXdci^cZciVahXVaZ¸VgZVXVhZ^ced^ci#I]ZnegdkZYi]Vih]dkZahVcY WVgWZYl^gZhXdjaYWZXdbZhigViZ\^XlZVedchXVeVWaZd[eVgVano^c\i]ZbdkZ" bZcihd[ilddeedh^c\XdVa^i^dcVgb^Zh#HiZe]Zc@ZgcYZhXg^WZYi]Zbi]jh/ ¹IgZcX]Zho^\oV\\ZYi]gdj\]i]ZaVcY!djia^c^c\i]ZZkZg"X]Vc\^c\[VXZihd[i]Z [gdciVcYa^c`^c\VgZVhd[b^a^iVgndeZgVi^dchWZ]^cY#CZVgZhii]ZZcZbnlVhi]Z [gdcia^cZ![gdbl]^X]h]Vaadl»hVeh¼gVc^cidcd"bVc¼h"aVcYVcYaZYidi]Zbdhi [dglVgYdWhZgkVi^dcedhih!\gZcVYZi]gdl^c\edhih!VcYbVX]^cZ"\jcZbeaVXZ" bZcih#6Wdjiild]jcYgZYnVgYhWZ]^cYi]VilVhi]Zhjeedgia^cZ^cl]^X]i]Z bZcheZcibdhid[i]Zi^bZa^k^c\^cYj\djihXji^cidi]ZY^gilVaah^cYZZeZg X]VbWZghijccZaZYYdlcVh[VgVhi]^gin[ZZi°HZkZgVa]jcYgZYnVgYhWZ]^cYi]Vi lVhi]ZgZhZgkZa^cZ!VcYXdbbjc^XVi^dcigZcX]ZhgVceZgeZcY^XjaVgid!VcY XdccZXiZYVaai]gZZ###;gdbVcVZg^VaeZgheZXi^kZi]ZigZcX]hnhiZb\VkZi]ZiZggV^c V8jW^hi"a^`ZXdbedh^i^dcd[^ggZ\jaVg\ZdbZig^X^oZY[dgbh#º @Zgc!'%%(/(%* Edhi"LdgaYLVg>higViZ\^XYdXig^cZgZa^ZYdci]Zeg^cX^eaZhd[a^cZVgYZ[ZchZ VhbVc^[ZhiZY^ci]gZZbV_dg[dgi^ÃXVi^dchnhiZbh!ildd[i]ZbWj^aiVadc\i]Z kdaVi^aZ;gZcX]"i^hVb^a^iVgnVcYeda^i^XVaeViiZgcd[ZaVhi^XVcYh]^[i^c\\Zd\gVe]n!V odcZd[XdciVXii]ViXVccdiWZgZegZhZciZYWna^cZh#I]Z[gdci^ZgXVcWZVhhd" X^ViZYl^i]VkVg^Zind[eda^i^XVa[dgbh!eVhiVcYegZhZci!hjX]VhX^in"hiViZh! Zbe^gZh!VcYXdadc^o^c\hiViZh#>[hdkZgZ^\cWdgYZghVgZa^cZVgVcYÃmZY![gdci^Zgh VgZYZZe![gV\bZciZY!VcYZaVhi^X# ;A:M>7A:cXV!lZgZYZZe!h]^[i^c\!VcYhXVci^anYZÃcZY YdbV^chd[XjaijgVaZmX]Vc\ZVcYlVg[VgZl]ZgZWViiaZhidd`eaVXZl^i]eZdeaZ YZÃcZYh^cXZVcX^Zcici]^hgZheZXi!i]Z\Zd\gVe]^X [dgbd[VcX^ZciZbe^gZhXdjaYWZhZZcVhVhigdc\XZciZgl^i]VÄZm^WaZX^gXjb[Zg" ZcXZ#¹7VgWVg^VchºlZgZcdidcanVcVbVa\VbVi^dcd[eg^b^i^kZlVgg^dg"ig^WZh0 i]ZnlZgZd[iZc]^\]andg\Vc^oZYVcYXjaijgZYhZiiaZYdghZb^"cdbVY^XeZdeaZh#
:cXaVkZh :mXaVkZh
OdcZhd[^beZg^VaXdcigdalZgZZmiZcYZYcdidcani]gdj\]i]ZXdcfjZhi!dXXjeV" i^dc!VcYVcc^]^aVi^dcd[¹WVgWVg^Vch!ºWjiVahdi]gdj\]i]Z^g¹VXXjaijgVi^dcºl^i] Vh^c\aZaVc\jV\ZdggZa^\^dc0i]ZÄViiZc^c\d[Y^[[ZgZcXZhVcYi]ZbZai^c\d[ ¹[dgZ^\ccZhhº^cidi]ZhdX^VaVcYZXdcdb^Xedihd[i]ZZbe^gZ# I]ZeViiZgcd[Vcn[gdci^Zg¼h\Zd\gVe]^XVaZmeVch^dc^h^ggZ\jaVg#>ih]^[ihl^i] X]Vc\^c\Xa^bViZ!\Zdad\n!VcYiZX]cdad\^XVaedhh^W^a^i^Zh#>iedjghVXgdhheVhidgVa hiZeeZ\gVhhaVcYh^cVcViiZbeiid\gVWVcY[ZcXZd[[h^oZVWaZÃZaYh0^i[daadlh i]ZcVggdlVcYhea^ciZg^c\VgiZg^Zhd[\Zdad\^XVahigViV0^iigVXZhi]Zg^Y\Zhd[ bZiVaVcYb^cZgVaYZedh^ihVWdkZ\gdjcY^cldg`XVbeh!idlch!VcYX^i^Zh!dg dXXje^Zh\Zd\gVe]^XVa¹^haVcYhºdkZg^hdaViZYZcZg\nÃZaYh#I]ZeViiZgcd[]VW^iV" i^dcVXgdhhV[gdci^ZgYgVlhVY^V\gVbcdidcand[i]ZWVaVcXZd[edlZgWZilZZc Xdadc^oZghVcY¹WVgWVg^Vch!ºWjid[i]ZZXdcdb^XVcYiZX]cdad\^XVaaZkZaVcY hdX^Vadg\Vc^oVi^dcd[i]ZXdadc^oZghi]ZbhZakZh#EdX`Zihd[XdcigdaXdci^cjdjhan ZmeVcYdgXdcigVXi#IZbedgVgna^cZhd[Zc\V\ZbZciVcYXdc[gdciVi^dc!bVg`ZY WnbV`Zh]^[iWdjcYVg^Zh!VgZcdia^b^iZYidi]ZZY\Zhd[i]ZdXXje^Zg¼hheVXZ!Wji Zm^hii]gdj\]djii]ZYZei]d[^ihiZgg^idgn# :C8A6K:H 8dciZbedgVgn\Zdeda^i^XVaheVXZ]VhhZkZgVa[gdci^ZgX]VgVXiZg^hi^Xh#>chiZVYd[ WZ^c\YZbVgXViZYWnXdci^cjdjha^cZh!^i]VhXdbZidgZhZbWaZViZgg^idg^VaeViX]" ldg`d[^cigdkZgiZcXaVkZh#6chZab;gVc`Z!>cZhLZ^obVc!VcY>]VkZYZhXg^WZY i]ZhZZcXaVkZhVh¹^haVcYh!ºVcYi]Z^gdg\Vc^oVi^dcVh¹VgX]^eZaV\dº i]dj\]l]Vi hjggdjcYhi]Zb^hcdii]ZhZV #>hdaViZY[gdbi]Z^gZmiZgcVaXdcY^i^dch!i]ZhZ ]dbd\Zc^oZYZmigViZgg^idg^VaZcXaVkZhaVndjih^YZi]Z_jg^hY^Xi^dci]Vie]nh^XVaan hjggdjcYhi]Zb#I]ZnXVcWZ[djcY^ci]Z[dgbd[odcZhd[]jbVc^iVg^Vc^ciZgkZc" i^dc!b^a^iVgnXVbeh!dg^ciZgcVi^dcVaigVchedgi!igVYZ!VcYbVcj[VXijg^c\]jWh# I]Z^ciZgcVi^dcVa"aVleg^cX^eaZhd[¹hjheZcYZYhdkZgZ^\cinºVcY¹ZmigViZgg^idg^Va _jg^hY^Xi^dc!ºjedcl]^X]¹^haVcYhºgZan!k^daViZi]ZigVY^i^dcVa_jg^Y^XVaiZgg^id" g^Va^ind[i]ZhdkZgZ^\chiViZVcYXVaai]ZLZhie]Va^VcWdgYZg"WVhZYhiViZhnhiZb ^cidfjZhi^dc# I]ZcdcXdci^\jdjhcVijgZd[WdgYZga^cZhVcYi]Z[gV\bZciVi^dcd[heVXZVgZ b^ggdgZYWniZbedgVacdchZfjZci^Va^in#6Xi^dchYdcdijc[daY^cVXdch^hiZci! a^cZVgbVccZg#6icded^ciVXgdhhi]Z6bZg^XVc;gdci^ZglVhi]ZgZVXaZVga^cZ WZilZZcXdadc^oZYiZgg^idg^ZhVcYnZi"id"WZ"Xdadc^oZYiZgg^idg^Zh#I]ZVgZV]VY WZZcWgd`Zc^cidhZiiaZbZciedX`ZihhjggdjcYZYWnjcXjai^kViZYaVcY¸^ihZa[Xji jeWn[dgih!gdVYh!VcYgV^alVna^cZh#D[iZci]^hhea^ciZgZY\Zd\gVe]n[daYh^c [gdbi]ZZY\Zd[i]ZiZgg^idgnid^ih^ciZg^dg#;gdci^ZgXdcY^i^dchXVcWZ[djcYid kVgn^c\YZ\gZZhl]ZgZkZgdcZadd`hViV\Zd\gVe]^XVaanZmeVcY^c\edlZg#I]Z ¹WVgWVg^VchºVgZcZkZgdg\Vc^oZYWZ]^cYÃmZYa^cZh!i]ZnVgZValVnhVagZVYn ^ch^YZ#I]ZWdgYZg^h^c[VXiZkZgnl]ZgZ/VgdjcYZkZgnejWa^XVcYeg^kViZegdeZgin VcY^c[gVhigjXijgZ!iV`^c\i]Z[dgbd[adXVadggZ\^dcVa[dgi^ÃXVi^dchVcYhZXjg^in VeeVgVijhZhZe^idb^oZYWnidYVn¼hgdVYWadX`h!X]ZX`ed^cih![ZcXZh!lVaah!88IK hnhiZbh!VcYhiZg^aZeZg^bZiZgh# EdejaVg[ZVgh]VkZgZXZcianegdkd`ZYi]ZgZXdcXZeijVa^oVi^dcd[i]ZWdgYZg# I]ZJH^hViiZbei^c\idgZWdgYZg^ihdlccVi^dcVaheVXZjh^c\VhZid[cZliZX]" cdad\^Zh!aVlh!VcYegVXi^XZhi]ViZmiZcY^ih_jg^hY^Xi^dc#I]Zegd_ZXid[XgZVi^c\
RT!)LNPU9VHKULHY)PY5HIHSH
RT!:O\MH[9LM\NLL*HTW
V¹k^gijVaWdgYZgºV^bhidZmiZcY6bZg^XVchjgkZ^aaVcXZcZildg`h!hdVhid
--q-.
Xdbe^aZVcYh]VgZkVhiVbdjcihd[W^dbZig^XVcYdi]ZgYViVi]VildjaYbV`Z ^iedhh^WaZid^YZci^[nVcY^ciZgXZei¹iZggdg^hihºl]^aZhi^aa¹VWgdVY#ºI]^hZmiZc"
:cXaVkZh
h^dcd[JHWdgYZghgZÄZXih!VXXdgY^c\idB^X]VZaHdg`^c!i]Z6bZg^XVc^YZdad\n
:mXaVkZh
d[i]Z[gdci^Zg#>iXgZViZhV[gdci^ZgodcZWZilZZci]ZiZgg^idgnd[i]ZJHVcY^ih ZmiZcYZYk^gijVaWdgYZgl]ZgZVcVgX]^eZaV\dd[ZmigV"iZgg^idg^VaYZiZci^dcVcY ^ckZhi^\Vi^dcXZciZghbZiZdji¹[gdci^Zg_jhi^XZºWZndcYVcnaZ\Va_jg^hY^Xi^dc# ED>CIH6C9A>C:H I]Zb^a^iVgn\ZdbZignd[i]Z]^hidg^XVa[gdci^ZglVhWVhZYdcVgZaVi^dcWZilZZc ed^cihVcYa^cZh#GZaVi^kZanVjidcdbdjh[dgihhXViiZgZYVXgdhhi]ZeZg^e]Zgnegd" k^YZYVc^cig^XViZbVig^md[XdcigdadkZgi]ZiZggV^c#Higdc\]daYh]VkZd[iZcWZZc b^a^iVgnXdadc^Zh^c]VW^iZYWnX^k^a^Vc^oZYkZiZgVch$hdaY^Zghl]dlZgZ\^kZc aVcYg^\]ih^cgZijgc[dg[jaÃaa^c\i]ZiVh`d[[gdci^ZgbVcV\ZbZciVcYYZ[ZchZ# 6Xgdhhi]Z6bZg^XVcLZhi!cVi^kZcVi^dch!XViiaZWVgdch!VcYWVcY^ihh]VgZYVi aZVhidcZi]gZVi/i]ZXgZZe^c\YdbZhi^XVi^dcd[i]ZiZgg^idgnWn[VgbZghl]d! [ZcX^c\i]ZbhZakZh^cVcYeVgXZa^c\djii]Z\gZVieaV^ch!Wgdj\]il^i]i]ZbV g^\^YXdYZd[aVlZc[dgXZbZciVcYeg^kViZegdeZgin#AVl^ihZa[lVhiZgg^idg^Va^oZY! jai^bViZani]gdj\]i]ZegdYjXi^dcd[WdjcYVg^ZhVcY]^ZgVgX]^Zh!odcZhVcY ZcXaVkZh!bVee^c\!VcYaVcYgZ\^hign#AVcYgZ\^hignegd_ZXihgVgZangZXd\c^oZY i]Zg^\]ihd[¹cVi^kZhºdkZgaVcYh^ci]Z^gedhhZhh^dci]ZlVni]ZngZXd\c^oZY i]ZdlcZgh]^eg^\]ihd[Xdadc^oZgh#6Xgdhh6jhigVa^V!CZlOZVaVcY!VcYCdgi] 6bZg^XV!aVcYg^\]ihlZgZWVhZYdci]Z&-i]XZcijgniZgg^idg^Va[VciVhnd[ViZggV cjaa^jh¸VcZbeinaVcYl]ZgZcVi^kZhlZgZcdY^[[ZgZci[gdbcVijgZ!]Vk^c\i]ZgZ" [dgZcdZhiVWa^h]ZYg^\]ihidi]ZZck^gdcbZci#>[g^\]ihlZgZ\gVciZY!hjX]Vh^c i]ZXVhZd[gZhZgkVi^dch!i]Znd[iZcY^YcdiZmiZcYkZgi^XVaanid^cXajYZcVijgVa gZhdjgXZh_jhiWZadli]Zhjg[VXZ# GdVYhVgZXgjX^Va[dg[gdci^Zg\Zd\gVe]^Zh#L^i]djii]Zb!i]ZgZXdjaYWZcd b^a^iVgnYZeadnbZci!ZmeVch^dc!dghjeean!cdXdbbZgXZ!VcYi]jh!cdXjaijgZ# 8dadc^VagdjiZh!a^`Z;gVcXZ¼hgdjiZhcVi^dcVah!YZh^\cZY^c!dg^che^gZYWni]Z HX]ddahd[=^\]lVnVcY7g^Y\Zh!lZgZaV^Y^chigV^\]ia^cZhVXgdhhbdjciV^chVcY kVaaZnh!VcYhiddY[dgi]ZgVi^dcVa!8VgiZh^VcedlZgd[i]ZhiViZ#A^cZhd[Xdbbj" c^XVi^dcVcYigVchedgiVi^dcXVc[jcXi^dcVhlZY\Zhi]VideZcje¹Va^ZciZggV^cº [dg[jgi]ZgXdadc^oVi^dc!ZcVWa^c\aVg\ZgedejaVi^dchidb^\gViZVcY^c]VW^i hZiiaZbZci"ed^cih#EVi]hd[Xdbbjc^XVi^dcbVnVahdXgZViZZ[[ZXi^kZWVgg^Zgh i]Vi]dcZnXdbWadXVaedejaVi^dch^cid^hdaViZYZcXaVkZhd[a^b^iZY]VW^iVi#>ci]^h gZheZXi!i]ZgdaZd[g^kZgh^hVc^cYZmd[i]ZY^[[ZgZcXZWZilZZc[gdci^ZgVcYWdgYZg \Zd\gVe]^Zh#;dghiViZh!g^kZghVgZd[iZc¹cVijgVaºWdgYZghi]VibVg`i]ZZY\Zd[ iZgg^idg^Zh#I]ZnhZgkZVhe]nh^XVa^Xdc[dgVc^bV\^cVi^dci]VicVijgVa^oZhi]Z hiViZVhVXdbeaZiZ!^cY^k^h^WaZiZgg^idgnd[VcV"iZbedgVaeVig^bdcn# Ed^cihVcYa^cZhVgZ^ciZgYZeZcYZci^chigjbZcihi]VibZg\Zb^a^iVgnVcY X^k^a^VcVgX]^iZXijgZ#I]ZY^hig^Wji^dcd[hZiiaZbZci"ed^cihVXgdhhi]Z[gdci^Zg gZfj^gZhVXdbeaZmhZid[a^cZhidXdccZXii]Zb#=dlZkZg!i]ZgZa^VW^a^ind[ bdkZbZciVcYigVchedgiVadc\i]ZhZa^cZhYZeZcYhdci]Zhigdc\"ed^ciheaVXZYid egdiZXii]Zb#6hhjX]!i]Z[gdci^ZggZhZbWaZhVYncVb^XWViiaZÃZaYeaVnZYdji^c hadlbdi^dc#>igZ\jaVganh]^[ih[gdbd[[Zch^kZZmeVch^dc¸hZZ`^c\i]ZiZbedgVgn
dXXjeVi^dcd[cZlhigViZ\^Xed^cihVcYhZXjg^c\i]Z^ga^cZhd[hjeean¸idYZ[Zch^kZ dg\Vc^oVi^dcYZh^\cZYidegdiZXiiZgg^idg^Va\V^ch[gdbXdjciZg"d[[Zch^kZh# ;gVcio;VcdcYZhXg^WZYXdadc^VadXXjeVi^dcVhVXdbeaZmXdbeVgibZciVa^oZY hnhiZb!l]^X]ViZkZgned^ci^hY^k^YZY^cidild#8dadc^VadXXjeVi^dc!l]Zc hZXjgZanhZiiaZY!XVcWZjcYZghiddYVhV\ZdbZignd[hiViZedlZg!WjiVii]Z ZmeVch^dchiV\Zh^ibVnZm]^W^iYncVb^Xidedad\^XVaX]VgVXiZg^hi^Xhh^b^aVgid i]ZcZildg`"WVhZY\Zd\gVe]nd[i]ZXdadc^oZY# I]Z^c^i^VagZaVi^dcVcYZcXdjciZgWZilZZcXdadc^hihVcYcVi^kZhXVchdbZ" i^bZhVeeZVg¹gZX^egdXVaºl^i][ZZYWVX`bZX]Vc^hbhd[b^b^XgnVcYXdjciZg" b^b^Xgn#GZXjgg^c\[gdci^Zgbni]hiZaad[i]Z[gV\^aZ¹^bb^\gVciº]VgYZcZY^cidV ¹cVi^kZ!ºigVch\gZhh^c\i]Za^b^iWZilZZcX^k^a^oVi^dcVcYl^aYZgcZhh!XdbWVi^c\ WVgWVg^X[dgXZh!\V^c^c\Vg^\]iidhZiiaZbZciWni]ZYZhigjXi^dcd[adXVa¹Zk^a!º VcYÃcVaanVhhjb^c\hdbZi]^c\d[i]ZX]VgVXiZgd[i]Z¹cVi^kZhº_jhiYZhigdnZY# >c]^h&-.(aZXijgZ!¹I]ZH^\c^ÃXVcXZd[i]Z;gdci^Zg^c6bZg^XVc=^hidgn!º ;gZYZg^X`?#IjgcZgVccdjcXZYi]ZXadhjgZd[i]Z6bZg^XVc[gdci^Zg!XdciZcY^c\ i]Vi6bZg^XVcYZbdXgVXnldjaYcdi]VkZYZkZadeZYVh^iY^Yl^i]dji^cXdgedgVi" ^c\hdbZd[i]Zgdj\]VcYgj\\ZYX]VgVXiZg^hi^Xhd[[gdci^Zg^cY^k^YjVa^inVcY i]ZkVajZhd[¹eZghdcVa[gZZYdbº^cidi]ZcVi^dcVagZeZgid^gZ#=ZYZhXg^WZYi]Z [gdci^ZgVha^WZgVi^dc[gdbVhi^Ä^c\:jgdeZVcXjaijgZVcYjgWVc^oZY:Vhi8dVhi# ¹L]Vii]ZBZY^iZggVcZVcHZVlVhidi]Z:GK>DA:C8: D[i]Z,%gZXd\c^oZYeda^i^XVaXdcÄ^Xih^ci]ZldgaYidYVn!dcanh^mbVc^[Zhi i]ZbhZakZhVhlVgWZilZZcilddgbdgZhdkZgZ^\chiViZh!l]^aZViaZVhi]Va[ VgZXVgg^ZYdcdjih^YZi]Z_jg^Y^XVa[gVbZldg`d[VcnhdkZgZ^\cedlZg#>c [gdci^ZgaVcYh!cdgjaZhd[XdcYjXiW^cYi]ZXdcÄ^Xi^c\eVgi^Zh#6aaWdjcYVg^Zh VgZegdk^h^dcVaVcYeZgbZVWaZ#6[Ãa^Vi^dch!Zcb^i^Zh!VcYadnVai^ZhVgZiZbed" gVgn#I]Zk^daZcXZjhZYideVX^[n[gdci^ZghXVccdiWZVXXdbbdYViZYl^i]^ci]Z aZ\Va[gVbZldg`d[i]ZbdYZgchiViZ#BjgYZgVcYdi]ZgXg^bZh\djcgZXdgYZY VcYcdigjXZhVgZeZgbVcZci#H^cXZi]Z\gVY^Zcid[hiViZ"edlZgY^b^c^h]Zh idlVgYhi]ZeZg^e]Zgn!eda^i^XVa^c^i^Vi^kZhh]^[i[gdbi]Z^chi^iji^dchd[i]Z XZciZgidi]dhZd[i]ZZY\Z#>c]VW^iVcihd[i]Z[gdci^Zgi]jhZmZgX^hZhigdc\ eda^i^XVaaZkZgV\ZdkZg¹bV^caVcYºeda^i^Xh!Vc^cÄjZcXZd[iZcb^hjhZYWni]Z
hiViZ^ihZa[#8g^i^X^oZY[dgi]Z^gWgjiVa^in!Xdadc^VaedlZgh]VkZd[iZcXaV^bZY
.%q.&
i]ZnaVX`ZYZ[[ZXi^kZbZVchidZc[dgXZi]Z^gdlcaVlhdci]ZeZg^e]Zgnd[i]Z^g iZgg^idg^Zh!dgXaV^bi]Vii]ZXg^b^cVaVXi^dchXVgg^ZYdjiWni]Z^gV\ZcihVgZ
:cXaVkZh
ZmXZei^dchi]ViYdcdigZÄZXii]ZgjaZ#D[iZc!]dlZkZg!i]ZhZedlZghegdÃi^c
:mXaVkZh
ehnX]dad\^XVaZ[[ZXiVcY$dgiZgg^idg^VaXdcigda[gdbi]ZWgjiVaVcY^aaZ\Va¹adXVa ^c^i^Vi^kZhºd[VgbZYhZiiaZghdggdj\]hdaY^Zgh!l^i]dji]Vk^c\idiV`ZgZhedc" h^W^a^in[dgi]ZaViiZg¼hVXi^dch#8dadc^o^c\hiViZhbVnZmXjhZl]Vi^hZ[[ZXi^kZan i]ZgjaZVhVcZmXZei^dc!VcYZmXZei^dchVhi]ZgjaZ#cY^V!;gZcX]WadX`]djhZhVXgdhhi]Z K^ZicVbZhZVcY6a\Zg^Vc[gdci^Zgh!6bZg^XVcV^gWVhZhdcEVX^ÃXdg6iaVci^X^haVcYh!i]ZhjWjgWVc hZiiaZgh¼djiedhihdci]ZLZhi7Vc`#
(
I]ZeVkZYgdVYhd[i]ZGdbVc:be^gZ!i]ZbdjciV^ceVhhZhd[i]Z8gjhVYZgh!i]ZgV^alVnVcYi]Z iZaZ\gVe]a^cZhd[i]Z6bZg^XVcLZhi!i]ZWneVhh]^\]lVnhd[i]ZLZhi7Vc`!i]ZZ[[ZXi^kZgdjiZh d[higViZ\^XWdbWZgh[dgi]ZJH6^g"[dgXZ#
) 6XXdgY^c\id>hgVZa^]^hidg^Vc7ZccnBdgg^h!^idcanidd`9Vk^Y7Zc9; >hgVZa^Z9Z[ZchZ;dgXZh ideWgVhh^c &.),"&.)-[dgi]ZbidaVjcX]^cidVXi^dc#
HZaZXiZY7^Wad\gVe]n 6g^ZaaV6odjaVnVcY6Y^De]^g!7VY9Vnh IZa6k^k/GZha^c\EgZhh!'%%' # On\bjci7VjbVc!¹A^k^c\ DXXVh^dcVaan9n^c\ Id\Zi]Zg^cVcJgWVcLdgaY!º^c8^i^Zh!LVgVcY IZggdg^hb!ZY#HiZkZch6lVgYZYJ#H#8dcigVXi;dg7dgYZgh!CZlNdg`I^bZh! ?jcZ'!'%%)!]iie/$$lll#cni^bZh#Xdb# 6X]^aaZBWZbWZ!¹CZXgdeda^i^Xh!ºEjWa^X8jaijgZ/&* & !'%%(# 7ZccnBdgg^h!I]Z7^gi]d[i]ZEVaZhi^c^VcGZ[j\ZZEgdWaZb!&.),"&.).! 8VbWg^Y\Z/8VbWg^Y\Z Jc^kZgh^inEgZhh!&.-, # 6cidc^dCZ\g^VcYB^X]VZa=VgYi!:be^gZ 8VbWg^Y\Z/=VgkVgYJc^kZgh^inEgZhh!'%%% # B^X]VZaHdg`^c!¹7jh]^cHeVXZ!º^cLdgaY6gX]^iZXih hZg^Zh !ZY#:nVaLZ^obVc/9dbjhBV\Vo^cZ! 9ZXZbWZg'%%)# ;gZYZg^X`?IjgcZg!¹I]ZH^\c^ÃXVcXZd[i]Z;gdci^Zg^c6bZg^XVc=^hidgn!ºdg^\^cVaangZVYVii]Z bZZi^c\d[i]Z6bZg^XVc=^hidg^XVa6hhdX^Vi^dc^c8]^XV\d!?jan&'!&-.(VcYÃghiejWa^h]ZY^ci]Z EgdXZZY^c\hd[i]ZHiViZ=^hidg^XVaHdX^Zind[L^hXdch^c!9ZXZbWZg&-.(# BVgi^cLVgc`Z!Eda^i^XVaAVcYhXVeZ!I]Z6gi=^hidgnd[CVijgZ AdcYdc/GZV`i^dc7dd`h!&..) # :nVaLZ^obVc!>cZhLZ^obVc!VcY6chZab;gVc`Z!¹>haVcYh!i]Zci^[VYV!i]ZcjbWZg d[k^Xi^bh^hgZaVi^kZanadl!XZgiV^can^[XdbeVgZYidi]Zh^mlZZ``^aa^c\gVb" eV\Z^cGlVcYVl]^X]hVlhdbZ-%%!%%%eZdeaZbVhhVXgZY#I]Z>hgVZa^Xdadc^Va egd_ZXi^hcdiV\ZcdX^YVaegd_ZXiWjiV¹heVX^d"X^YVaºdcZ#>cZkZgnXdcÄ^Xi! WZaa^\ZgZcihYZÃcZi]Z^gZcZbnVcYh]VeZi]Z^gbdYZd[VXi^dcVXXdgY^c\an# >ci]ZEVaZhi^c^Vc">hgVZa^XdcÄ^Xi!i]Z>hgVZa^iVg\Zi^hi]ZeaVXZ#I]Z?ZgjhVaZb :bZg\ZcXn8dbb^iiZZ!Vldg`^c\\gdjehZijeWn?ZgjhVaZb"WVhZYCi^hVlVg^cVcV\Zd[a^iZgVaV\dgVe]dW^V!i]Z[ZVgd[heVXZVhVgi^Xj" aViZYWn8]g^hi^VcHVabdc^c'%%'!hZZ`^c\cdii]ZY^k^h^dcd[iZgg^idgnWji^ih VWda^i^dc#6igV^ad[YZkVhiVi^dchigZiX]ZhVh[VgVhi]ZZnZXVchZZ/V_jbWaZd[ YZbda^h]ZYWj^aY^c\h!aZkZaZY]^aah^YZh!VcYÄViiZcZYkZ\ZiVi^dc!Wdi]l^aYVcY Xjai^kViZY#I]^hWVggV\Zd[YVbV\Z]VhWZZclgdj\]icdidcanWni]ZWdbWhd[ igVY^i^dcValVg[VgZ!WjiWn^cYjhig^djh!k^\dgdjhYZhigjXi^dc!l]^X]]VhideeaZY
.'q.( :cXaVkZh :mXaVkZh
egdeZgi^Zha^`ZVk^X^djhiVmVhhZhhdg#>i^h¹heVX^dX^YZ!ºcdijgW^X^YZ#>i^hbdgZ ]da^hi^X!^cXdgedgVi^c\¹hdX^dX^YZº iVg\Zi^c\EVaZhi^c^VchdX^ZinVhl]daZ ! ¹ZXdcdbdX^YZº ]^cYZg^c\i]ZbdkZbZcid[eZdeaZVcY\ddYh VcY¹eda^i^X^YZº YZhigdn^c\EVaZhi^c^VcCVi^dcVa6ji]dg^in EC6 ^chi^iji^dch!VcYdi]Zge]nh^XVa ZbWdY^bZcihd[cVi^dcVaVhe^gVi^dch #I]ZXa^bVmd[i]ZhZeda^X^Zhhd[Vg!]Vh WZZci]ZYZhigjXi^dcd[Vi]^gYd[i]Z?Zc^cGZ[j\ZZ8Vbe# I]Z>hgVZa^V\ZcYV^ci]^h>ci^[VYV '%%%·'%%* ]VhWZZcid^cYjXZl]VidcZ >hgVZa^b^c^hiZgXVaaZY¹kdajciVgnigVch[Zg!º^#Z#\Zig^Yd[i]ZEVaZhi^c^VcedejaV" i^dcWnigVch[dgb^c\i]ZEVaZhi^c^VcidedhidVide^V!Wnijgc^c\iZgg^idgn^cid bZgZaVcY#>i^hi]gdj\]heVX^dX^YZi]Vi>hgVZa^hegZeVg^c\hjX]VcZmdYjh!VcY h^cXZi]Z>ci^[VYVWZ\Vc^c'%%%!hdbZ&%%!%%%EVaZhi^c^Vch]VkZaZ[ii]ZXdjcign (#(d[i]ZEVaZhi^c^VcedejaVi^dcd[i]ZLZhi7Vc`VcYc=ZWgdc![dg ^chiVcXZ!hdbZ*!%%%eZdeaZ -*%[Vb^a^Zh ]VkZaZ[ii]ZDaY8^inidcZ^\]Wdg^c\ k^aaV\ZhWZXVjhZd[?Zl^h]hZiiaZgk^\^aVci^hbVcY>hgVZa^Vgbn^bedhZYXjg[Zlh# =djhZYZbda^i^dchVgZVcdi]ZgiVXi^XjhZYidegdkd`ZigVch[Zg#;gdbHZe" iZbWZg'%%%idHZeiZbWZg'%%*!,(!*+,]djh^c\jc^ih^ci]ZLZhi7Vc`VcYhgVZa^YZbd\gVe]^XhijY^Zh]VkZWZZcXdcYjXiZYdci]Z EVaZhi^c^VcedejaVi^dcd[i]ZdXXje^ZYiZgg^idg^Zh#I]Zdcan¹hda^YºhijY^Zh]VkZ WZZci]dhZd[>hgVZa^Vci]gdedad\^hihldg`^c\dci]Z]VbjaV XaVc hnhiZb[dg hjgkZ^aaVcXZVcYgZ\jaVi^dcejgedhZh#
HeVX^dX^YZ^hd[Vi]gZZ"Y^bZch^dcVacVijgZ!Vh:nVaLZ^obVc]VhZaVWdgViZY
.)q.*
^c¹I]ZEda^i^Xhd[KZgi^XVa^in#º8djciaZhhjchZiiaZY^hhjZhgZ\VgY^c\jcYZg\gdjcY hZlV\Z!Vfj^[Zgh!lViZggZhZgkd^gh!ijccZahVcYWg^Y\Zh!VgX]VZdad\n!ZiX#e^aZY
:cXaVkZh
jedci]Z>hgVZa^"EVaZhi^c^VccZ\di^Vi^c\iVWaZ]VkZbVYZ^iXaZVgidi]ZeVgi^Zh
:mXaVkZh
cZ\di^Vi^c\i]Z¹eZVXZegdXZhhºi]ViVild"Y^bZch^dcVahdaji^dcidi]ZXdcÄ^Xi^h jciZcVWaZ#I]Z>hgVZa^VeegdVX]]VhWZZcidd[[ZgEVaZhi^c^Vcha^b^iZYhdkZgZ^\cin dci]Z\gdjcY!l]^aZgZiV^c^c\Xdcigdad[i]ZhjWhd^aVcYi]ZV^gheVXZ#>cdi]Zg ldgYh!XgZVi^c\V`^cYd[hdkZgZ^\cinhVcYl^X]/>hgVZa"EVaZhi^cZ">hgVZa!VXgdhh i]ZkZgi^XVaY^bZch^dc#EZVXZiZX]c^X^Vch i]ZeZdeaZl]dVgZValVnhYgVl^c\ cZlbVeh[dgcZlhdaji^dch ]VkZVgg^kZYVihdbZ[Vg"[ZiX]ZYegdedhVah[dg hdak^c\i]Zi]gZZY^bZch^dcVaegdWaZbhd[^ciZgcVi^dcVaWdgYZgh# HeVX^dX^YZh]VeZhcdidcani]ZeaVXZ!WjiVahd^ihWdjcYVg^Zh#>hgVZa^Xdadc^Va egVXi^XZhZciV^ai]ZXdchiVcigZYgVl^c\d[WdgYZgh!XgZVi^c\VcZlineZd[ [gdci^Zg/edgiVWaZ!edgdjh!VcY]Von¸VWdgYZg^cbdi^dc^[ndjl^aa#I]ZWdgYZg YZh^\cViZhildheVXZhi]ViVgZXdbeaZiZanY^[[ZgZci/EVaZhi^c^VcheVXZVcY hZiiaZbZciheVXZ#I]Z>hgVZa^dXXjeVi^dcYZiZgb^cZhl]Vil^aaWZ^aajb^cViZY VcYl]Vil^aagZbV^c^ci]ZYVg`0l]Vil^aaWZgZcYZgZYk^h^WaZdg^ck^h^WaZ! VXXZhh^WaZdg^cVXXZhh^WaZ# HeVX^dX^YZV^bhidigVch[dgbi]ZEVaZhi^c^VcdXXje^ZYiZgg^idg^Zh^cid7Vc" ijhiVch!dgcdcXdci^\jdjhZcXaVkZhdg!^ci]ZldgYhd[6Y^De]^gVcY6g^ZaaV 6odjaVn!XVbeh#>i^h^ciZgZhi^c\idcdiZi]Vi^c6j\jhi'%%)!i]Z>9; >hgVZa^ 9Z[ZchZ;dgXZh egZhZciZYi]ZLdgaY7Vc`l^i]VeaVc[dgcZlgdVYh!Wg^Y\Zh! VcYijccZahidWZWj^aiVcYji^a^oZYWnEVaZhi^c^VchVcYÃcVcXZYWni]Z^ciZgcV" i^dcVadg\Vc^oVi^dc#I]Z^bea^XVi^dcWZ^c\i]Vi>hgVZa^hcdadc\ZgXdbb^iiZYid V[jijgZEVaZhi^c^VchiViZl^i]iZgg^idg^VaXdci^\j^inhdbjX]VhigVchedgiVi^dcVa Xdci^\j^in# I]^h^hheVX^dX^YZVii]ZbVXgdaZkZa#8ZgiV^can[jijgZgZhZVgX]h]djaYZmVb" ^cZ]dli]^h`^cYd[eaVcc^c\[jcXi^dchVii]Zb^XgdaZkZah!^#Z#i]Z^ciZgVXi^dc WZilZZcXdadc^oZgVcYXdadc^oZY!dg/]dlhdX^VaVXidghgZh^hii]^heaVcc^c\VcY igVch\gZhhi]ZhZedlZghigjXijgZh# 8DADC>6A7>D"EDL:G!76G:A>;:!6C9I=:HI6I:D;:M8:EI>DC =dlY^YheVX^dX^YZWZXdbZedhh^WaZ^ci]ZEVaZhi^c^VcdXXje^ZYiZgg^idg^Zh4I]Z hdkZgZ^\cedlZg!VXXdgY^c\idhgVZadgEVaZhi^c^VcgZ[j\ZZh^ci]ZY^VhedgV#I]^h egdXZhhWZXVbZedhh^WaZVhi]ZZmZgX^hZd[hdkZgZ^\cedlZg VhVXijVa^inWjiVahd VhediZci^Va^in XgZViZYcdidcanodcZhd[^cY^hi^cXi^dcWZilZZci]Z^ch^YZVcY djih^YZ d[i]ZcVi^dc!idlc!dg]dbZ !WjieZcZigViZYi]ZZci^gZeda^i^XVa$hdX^Va ÃZaY!igVch[dgb^c\^i^cidVY^hadXViZYW^d"eda^i^XVaheVXZ^cl]^X]bdYZgceda^i^XVa XViZ\dg^Zh Z#\#>haVb^hi$cVi^dcVa^hi!g^\]i$aZ[i!eg^kViZ$ejWa^X!Y^XiVidg^Va$YZbd" XgVi^X VgZZciZg^c\Vedhi"eda^i^XVagZVabd[Y^hhdaji^dc#
RT!:O\MH[9LM\NLL*HTW
RT!4LH:OLHYPT
7jihdkZgZ^\cinYdZhcdildg`VXXdgY^c\iddcZ"lVnZmXajh^dc#EVaZhi^c^Vch
.-q..
VgZZmXajYZY[gdbi]ZgZXdjghZd[i]ZaVl!WjigZbV^chjW_ZXiid^i#I]Z^ga^kZh VgZgZ\jaViZYVcYgZhig^XiZYWn>hgVZa^hiVijiZhVcYb^a^iVgndgYZghl]^X]Veean
:cXaVkZh
ZkZcidi]Zeg^kViZhe]ZgZhd[bVgg^V\ZVcYX]^aYgZc#EVaZhi^c^VcX^i^oZchd[>hgVZa
:mXaVkZh
XVccdadc\ZgbVggni]Z^gLZhi7Vc`VcYhgVZa^=^\]8djgigja^c\aZ\^i^bViZYV'%%(aVl!WVgg^c\¹[Vb^angZjc^ÃXV" i^dcº[gdb¹b^mZYºXdjeaZh#I]ZXVhZd[EVaZhi^c^Vc?ZgjhVaZb^iZh^hi]ZZe^idbZd[ ZmXajh^dc$^cXajh^dc/^cXajYZYWnk^gijZd[i]Zjc^aViZgVa>hgVZa^VccZmVi^dcd[i]Z^g X^inVcYZmXajYZY[gdbbjc^X^eVahZgk^XZh!bVhiZgeaVch!VcYX^k^aa^WZgi^ZhW^\VcY hbVaa0i]Zna^kZ^cVhZ\gZ\ViZYX^in^cl]^X]i]ZnVgZgZh^YZcih!WjicdiX^i^oZch# I]Z^ciZgcVi^dcVaXdbbjc^in»h^cVW^a^inidhZZ>hgVZaVhVXdadc^VahiViZhiZbh [gdbi]Z[VXii]Vi^ihYZbdXgVi^XegVXi^XZh[dg?Zl^h]X^i^oZcha^k^c\^ci]ZHiViZ d[>hgVZadkZgh]VYdl^ihY^XiVidg^VaegVXi^XZh[dgi]ZEVaZhi^c^Vcha^k^c\^ci]Z hiViZd[ZmXZei^dc/EVaZhi^c^VcX^i^oZchd[>hgVZa0EVaZhi^c^Vc?ZgjhVaZb^iZh0EVa" Zhi^c^VcgZh^YZcihd[i]ZY^[[ZgZciodcZhd[i]ZdXXje^ZYiZgg^idg^Zh0EVaZhi^c^Vc gZ[j\ZZh^ch^YZVcYdjih^YZi]ZXVbeh!^ch^YZVcYdjih^YZi]ZXdjcign# L^i]i]^hhiViZd[ZmXZei^dc!>hgVZa^hVWaZidgZhig^XiEVaZhi^c^VcgZh^YZci^Va XdchigjXi^dc^c:Vhi?ZgjhVaZbVcYi]Zc¹aZ\VaanºYZhigdn]djhZhWj^ail^i]djiV eZgb^i#L^i]i]ZhVbZhiViZd[ZmXZei^dc!EVaZhi^c^VcgZh^YZci^VaXdchigjXi^dc^c i]ZkVg^djhodcZhd[i]ZdXXje^ZYiZgg^idg^Zh^hVahdXdchigV^cZY#B^a^iVgndgYZg )&-!XVaaZY¹DgYZg[dgi]ZEaVcc^c\d[Idlch!K^aaV\ZhVcY7j^aY^c\h ?jYZVVcY HVbVg^V !ºdjia^cZhi]ZgZfj^gZbZcih[dgdWiV^c^c\Wj^aY^c\eZgb^ih#6gi^XaZ,! XVaaZY¹HeZX^VaEdlZgh!º\gVcihi]Z=^\]EaVcc^c\8djcX^ai]ZedlZgid¹VbZcY! XVcXZadghjheZcY[dgVheZX^ÃZYeZg^dYi]ZkVa^Y^ind[VcneaVcdgeZgb^i0id VhhjbZi]ZedlZghVaadXViZYidVcnd[i]ZXdbb^iiZZhbZci^dcZY^cVgi^XaZ'VcY *0id\gVciVcneZgb^il]^X]Vcnd[i]ZXdbb^iiZZhbZci^dcZY^cVgi^XaZ'VcY *VgZZbedlZgZYid\gVciP°R0idY^heZchZl^i]i]ZcZZY[dgVcneZgb^il]^X] i]ZAVlbVngZfj^gZ#º 8ddc!&..&/'-% >cdi]ZgldgYh!i]ZhdkZgZ^\cedlZgXVcjhZ i]ZhZZmXZei^dchidVccja^ihdlcgZ\jaVi^dch# I]^h^hVgZ\^bZd[ZmXZei^dci]VigZcYZghXdcXZ^kVWaZi]Z^YZVi]Vi^cXZgiV^c ¹aZ\VaºX^gXjbhiVcXZh!^i^hedhh^WaZid`^aal^i]dji_jY^X^Va^ciZgkZci^dc#>iXVc WZhV^Yi]Vii]ZEVaZhi^c^Vc^hV]dbdhVXZg¸dcZl]d!VXXdgY^c\id6\VbWZc! bVnWZ`^aaZYl^i]djiYjZegdXZhhVcYl^i]djii]Z`^aaZgWZ^c\ejc^h]ZY#>hgVZa¼h [gZfjZciZmigV"_jY^X^Va`^aa^c\hVgZbVYZedhh^WaZWZXVjhZ>hgVZaZmZgX^hZh^ih hdkZgZ^\cin^cVbVccZgi]VieZgb^ih^iid`^aal^i]djiXdbb^ii^c\]db^X^YZdg XZaZWgVi^c\VhVXg^ÃXZ0^i^h!gVi]Zg!i]ZVXijVa^oVi^dcd[V¹XVeVX^inidWZ`^aaZYº ^c]ZgZci^ci]ZXdcY^i^dcd[i]ZXdadc^oZY/i]ZEVaZhi^c^Vch#I]Z^ciZgcVi^dcVa Xdbbjc^in!l^i]^ihh^aZcXZVcY$dgi^b^YegdiZhiVi^dch!ZcXdjgV\Zh>hgVZaid Xdci^cjZ^ci]^hkZ^c#9jg^c\VcncjbWZgd[^ckVh^dchd[EVaZhi^c^Vcidlch!i]Z >hgVZa^Vgbn]VhYZXaVgZYi]ZidlcVXadhZYb^a^iVgnodcZ!WVgg^c\[dgZ^\cZghVcY _djgcVa^hih[gdbVXXZhh^c\^i#>ci]ZgZ\^bZd[ZmXZei^dc!^i^h^bedgiVciid`ZZe i]ZZmXZei^dc^ck^h^WaZ#>hgVZaVcYi]ZJc^iZYHiViZh]VkZ^ch^hiZY!h^cXZi]ZhZX" dcYnZVgd[i]ZXjggZci>ci^[VYV!dcVXZVhZÃgZgVi]Zgi]VcVcZcYiddXXjeVi^dc bV`^c\cZ\di^Vi^dchhZXjg^in"gZaViZYgVi]Zgi]Vceda^i^XVa# >hgVZa¼h¹heVX^dX^YZº^hZcVWaZYi]gdj\]W^deda^i^Xh!i]ZhdkZgZ^\c¼hXVeVX^inid egdXaV^bi]ZhiViZd[ZmXZei^dcVcYZc[dgXZVhiViZd[hjheZch^dc#=dlZkZg!i]Z
Xdadc^oZYYdcdiiV`Zi]ZhZbZX]Vc^hbhan^c\Ydlc#I]ZnjhZk^daZciVcYcdc" k^daZcibdYZhd[gZh^hiVcXZ!XdchigjXi^c\]dbZVcYhdX^Zin!bV`^c\i]ZbhZakZh k^h^WaZ!bdW^a^o^c\\adWVabdkZbZcih#6cYEVaZhi^c^Vc¹kdajciVgnigVch[Zgº]Vh ^ih>hgVZa^XdjciZgeVgi/^cY^XVidghh]dl>hgVZaWZ^c\¹fj^iºidd!Vhi]ZnZVg'%%( hVli]ZaZVhi^bb^\gVcihh^cXZ&.,*# G:H>HI>C6ADG9:G/I=:HJ7?:8I>K>IND;I=: 8DADC>O:9 7^deda^i^XhbV`ZheVX^dX^YZedhh^WaZ!VcYheVX^dX^YZXgZViZhYZiZgg^idg^Va^oZY WdY^Zh0EVaZhi^c^Vchl^i]djiVeaVXZ^ciZgg^idgn!gZ[j\ZZhl^i]djiaVcY#HeVX^dX^YZ aZVkZhWdYnl^i]djiheVXZ#HjX]WdY^Zh!i]Zc!ViiZbeiidgZ\V^ci]Z^ghjW_ZXi^k^in WnWadl^c\]^b$]ZghZa[jeid\Zi]Zgl^i]VcZcZbn#HeVX^d"X^YVaeda^i^Xhi]Zc WZXdbZhj^X^YVaeda^i^Xh!l]ZgZjegddiZYWdY^ZhWZXdbZWdY^ZhgZVYnidZmeadYZ# I]ZjegddiZYWdYn^hVWdYnl^i]djigZaVi^dch]^eidiZgg^idgn0^i^hVWdYn^cdgW^i! VhViZaa^iZ!VcjcXdcigdaaVWaZVcYjchjeZgk^hZYdW_ZXiWdjcYidiV`ZgZkZc\Z# >ci]Zjc^edaVgVcY>beZg^Va^hiZgVjcYZgi]Z]Z\Zbdcnd[i]ZJc^iZYHiViZh! gZkZc\ZYdZhcdiVY]ZgZid\Zd\gVe]^XVaVcYeda^i^XVaWdjcYVg^ZhWji^heaVnZY djidcV\adWVahiV\Z#7jik^daZcXZ^hcdii]Zdcan[dgbd[gZh^hiVcXZ#IdXdjciZg i]Z>hgVZa^heVX^d"X^YVaegd_ZXi!EVaZhi^c^VchigVch\gZhhi]ZgZ\^bZd[ZmXZei^dcWn XdchigjXi^c\i]Z^g]VW^iVil^i]djieZgb^ih!ZkZcVii]Zg^h`d[YZbda^i^dc#6hijYn dcEVaZhi^c^VcY^VhedgV^ckZhibZci^ci]ZdXXje^ZYiZgg^idg^Zhh]dlZY]ZVkn^ckZhi" bZci^cXdchigjXi^dc#Id\V^cV[ddi]daY^cEVaZhi^cZ!hdbZd[EVaZhi^c^Vcha^k^c\ VWgdVYWjndgWj^aYV¹kVXVi^dcºVeVgibZcidg]djhZ#Di]ZghWj^aY[dgi]Z^g[Vb^an bZbWZgh^cEVaZhi^cZ#I]ZEVaZhi^c^Vc8ZcigVa7jgZVjd[HiVi^hi^XhXdcYjXiZYVc ¹:m^hi^c\7j^aY^c\HjgkZnºVcYVhijYnd[¹:meZcY^ijgZVcY8dchjbei^dcAZkZah!º Zhi^bVi^c\^cY^k^YjVa^ckZhibZcih[gdbi]ZY^VhedgV^ceg^kViZXdchigjXi^dc^c EVaZhi^cZVihdbZ&,%b^aa^dc^c&..+VcYhdbZ'%%b^aa^dc^c&..,# E:GHE:8I>K: 7^deda^i^XhVcYi]ZgZ\^bZd[ZmXZei^dcVgZgZ^c[dgXZY!^ci]ZXVhZd[>hgVZa^VcY EVaZhi^c^VcVXidgh!Wni]ZX]V^cd[k^Xi^b^oVi^dc#>cVb^ggdgd[Y^hidgiZYeZgheZX" i^kZhVcYegd_ZXi^dch!>hgVZa^hhZZi]ZbhZakZhVhI]ZK^Xi^bh!VcZmXZei^dcVa^in hiZbb^c\[gdbi]ZZmXZei^dcVa^ind[i]Z=dadXVjhi#EVaZhi^c^VchVahdhZZi]Zb" hZakZhVhi]Zjai^bViZk^Xi^bh i]ZaVhiXdadc^oZYeZdeaZl^i]i]ZaVg\ZhigZ[j\ZZ \gdje^ci]Zadc\ZhijcgZhdakZYeda^i^XVaXdcÄ^Xi VcYXdchigjXii]^hZmXZe" i^dcVa^inWZ\^cc^c\l^i]Va"CV`WV#>ci]ZhVbZhZchZi]Vi>hgVZa^¹heVX^%X^YZº ^h^c[dgbZYWni]ZO^dc^hibni]d[¹VaVcYl^i]djieZdeaZ[dgVeZdeaZl^i]dji aVcY!ºEVaZhi^c^VcgZ[j\ZZhcjgijgZVYgZVbd[VaVcYl^i]djigZ[j\ZZh[dggZ[j" \ZZhl^i]djiVaVcY#I]ZEVaZhi^c^VcgZ[j\ZZhd[i]ZLZhi7Vc`VcYc^ciZgk^Zlh!i]Znd[iZc^ch^hidciVa`^c\VWdjiegdeZgin! aVcY!i]ZBZY^iZggVcZVcHZV!Va"6fhVBdhfjZ!7^g^b8]jgX]!WjiVkd^Yi]Z fjZhi^dcd[]dli]Znb^\]ia^kZ!VcYl^i]l]db# >Vbcdihj\\Zhi^c\i]ViXddeZgVi^dcWZilZZcEVaZhi^c^VcgZijgcZZhVcYi]Z^g ?Zl^h]cZ^\]Wdgh^h^bedhh^WaZ!Wjii]Vi^i^hcZXZhhVgnidi]^c`d[gZijgccdi dcan^ciZgbhd[\Zd\gVe]nWjiVahd^ciZgbhd[hdX^Zin#
& 6hd[DXidWZg'%%*!i]ZÃ\jgZhVgZ(!-.&EVaZhi^c^VcYZVYVcY'.!'''EVaZhi^c^Vc^c_jgZY0 &!%,)>hgVZa^YZVYVcY,!*'%^c_jgZY#;dgEVaZhi^c^VccjbWZghhZZEVaZhi^c^Vc8ZcigVa7jgZVjd[ HiVi^hi^Xh^clll#eXWh#dg\$bVgingh$a^hi#Vhem0[dg>hgVZa^cjbWZghhZZlll#^Y[#^a$H>ETHIDG6hgVZai]ZnlZgZ\dkZgcZYeg^bVg^anWneda^i^XVaX^gXjbhiVcXZ
:mXaVkZh
VcYh^\c^ÃXVcXZ#8dbeVgZYidi]ZLZhiZgcVgX]^iZXijgZi]Vi]VYi]Zajmjgnd[ XdkZg^c\^iheda^i^XVaigVX`hjcYZgWdd`hVcYbVc^[Zhidh!^c>hgVZa^i^h^bedhh^WaZ id^\cdgZVgX]^iZXijgZ¼hh^beaZ!XdcXgZiZigji]h# I]Zbdhih^\c^ÃXVciVheZXid[Wdi]>hgVZa^igVY^i^dch/VgX]^iZXijgZVcYVYg^`]Vaji! dkZgiVcYXdkZgi!VgZi]Z^geda^i^XVaY^bZch^dch#>c>hgVZa!VgX]^iZXijgZ!_jhia^`Z lVg!^hVXdci^cjVi^dcd[eda^i^XhWndi]ZgbZVch#:kZgnVgX]^iZXijgVaVXiZmZXjiZY Wn?Zlh^c>hgVZa^hVO^dc^hiVXi!WZ^iXVaXjaViZYdgcdi#I]Zeda^i^XVaegd\gVbd[ ¹Wj^aY^c\i]ZAVcYd[>hgVZaº^hV[jcYVbZciVaXdbedcZcid[ZkZgnWj^aY^c\^c>hgVZa! VcYi]Zeda^i^XVa[VXihi]ZnXgZViZVgZbdgZYdb^cVciVcYXdcXajh^kZi]VcVcn hina^hi^X!VZhi]Zi^X!ZmeZg^Zci^Va!dghZchjVa^beVXii]ZnbVn]VkZ# GZcZlVa!hZiiaZbZci!VcYXdchigjXi^dcd[i]Z?Zl^h]HiViZ]VkZWZZci]Z YZXaVgZYdW_ZXi^kZhd[i]ZO^dc^hibdkZbZci!^cXajY^c\^ihVgX]^iZXijgVaigVY^i^dch# I]ZcZlVgX]^iZXijgZ!cZl]djhZ!VcYcZlidlc]VkZWZZcWdi]h^iZVcYbZVch [dggZVa^o^c\?Zl^h]hZiiaZbZci#7j^aY^c\:gZio>hgVZa^hi]ZXZcigVakVajZVcY `ZnbZiVe]dgd[i]ZcZlcVi^dcVaZi]dh/¹LZXVbZidi]^haVcYidWj^aYVcYWZ Wj^aiº¸hVc\i]Ze^dcZZghd[i]Z&.'%h#>c>hgVZa!Wj^aY^c\^hVcZYjXVi^dcVaidda! Vcd[ÃX^VaaVc\jV\Z!Vc^YZdad\n# I]^h]VhY^XiViZYidi]Z:gZio>hgVZaVgX]^iZXi!VcYZkZcbdgZhdidi]Z>hgVZa^ VYg^`]Va!VeVgVYdm^XVaa^hid[eg^dg^i^Zh!VXXdgY^c\idl]^X]!eda^i^XVa^YZdad\nVcY VgX]^iZXijgVai]ZdgnbZg\Z!YZeZcYdcZVX]di]Zg!Xdc[gdcidcZVcdi]Zg!]^YZ VcYVgZ]^YYZc[gdbi]Zdi]Zg#:kZgnegVXi^X^c\VgX]^iZXi^c>hgVZa^hXdc[gdciZY l^i]Vh^ijVi^dcl]ZgZ^cY^hi^cXi^kZ¹VgX]^iZXijgVaºY^aZbbVhVgZ^c[jhZYl^i] Xg^i^XVaeda^i^XVa^bea^XVi^dch# ;gdb^ih^cXZei^dc!i]ZO^dc^hibdkZbZcijhZYbdYZgcVgX]^iZXijgZidXgZViZ ^iheaVXZh#>ilVhVbVgg^V\Zd[XdckZc^ZcXZ!VhWdi]hdj\]iVcZleaVXZ/i]Z [dgbZgcZZYZYdcZ!VcYi]ZaViiZghigdkZidXgZViZdcZ#6hVcZmiZch^dcd[i]Z :jgdeZVcbdYZgcVgX]^iZXijgVaYZWViZ!:gZio>hgVZa^VgX]^iZXijgZbVcV\ZYid bV^ciV^ci]ZVeeZVgVcXZd[VcdgbVa!LZhiZgc!bdYZgcVgX]^iZXijgVaigVY^i^dc# DcZbjhigZbZbWZgi]VicdgbVa^in!LZhiZgccZhhVcYbdYZgc^in]VkZValVnh WZZci]ZO^dc^hibdkZbZci¼hbdhiedlZg[jahigViZ\^XlZVedch# H^cXZi]ZYZXaVgVi^dcd[i]ZHiViZd[>hgVZa!VgX]^iZXijgZ]VhWZZcdeZcan bdW^a^oZY#I]ZcZl=ZWgZlheZV`^c\¹cVi^kZºigVY^i^dc!>hgVZa^VYg^`]Vaji!]VY idbZZii]Zeda^i^XVacZZYhd[i]Zi^bZh XdcfjZg[gdci^Zgh!dXXjeniZgg^idg^Zh! Y^hig^WjiZedejaVi^dch!]djhZ^bb^\gVcih VcY!^[edhh^WaZ!egdXaV^b^ihZa[Vh Yd^c\hd#>hgVZa^VYg^`]VahVii]Z^gWZhi]VkZWZZcigjZhZgkVcihd[i]ZeVaVXZ! hZgk^c\i]ZO^dc^hiegd_ZXiidkVgn^c\YZ\gZZhd[^ciZ\g^in!]jb^a^in!YZY^XV" i^dc!VcYgZhedch^W^a^in!Vhi]Znig^ZYidZcVWaZeda^i^XVa^YZdad\nid^cÃaigViZ i]gdj\]VgX]^iZXijgVa[dgbh!VcYh^bjaiVcZdjhanZcVWaZVgX]^iZXijgVaYdXig^cZh idZmegZhhi]ZbhZakZhi]gdj\]egd\gVbh^che^gZYdgY^XiViZYWneda^i^Xh#I]Z VgX]^iZXijgVaY^bZch^dcd[VgX]^iZXijgZ¸i]ViXjaijgVadghe^g^ijVaVjgVd[i]Z Wj^aidW_ZXiVcYi]ZhjgeajhkVajZd[i]ZWj^aY^c\VXi¸hZgkZYVi^ihWZhiVhVbZgZ VXXZhhdgn!VcYVi^ihldghiVhejgZXVbdjÄV\Z#
=Vk^c\[dghV`Zci]ZldjaY"WZjc^kZghVak^Zled^ci]ZaYWnLZhiZgcVgX]^iZXih VcY:gZio>hgVZa^VgX]^iZXih gddiZY^ci]ZY^VaZXi^Xhd[i]ZdgnVcYegVXi^XZ! >hgVZa^VYg^`]Vaji^hgddiZY^ci]ZY^VaZXi^Xhd[eda^i^XhVcYVgX]^iZXijgZ0i]^h^h l]ZgZ^ihY^aZbbVh!Wa^cYhedih!VcYeVgVYdmZhVgZidWZ[djcY#>hgVZa^VYg^`]Vaji egdYjXZh^begZhh^kZVgX]^iZXijgVadW_ZXihWjiaVX`hVXg^i^XVa!XdbegZ]Zch^kZ k^Zld[^ihZa[0bdW^a^oZYWneda^i^XVa^YZdad\^Zh!^ihZih[VXih^cXdcXgZiZi]ViVgZ ^c]ZgZcianeda^i^XVa!WjiaVX`eda^i^XVaVlVgZcZhh# I=:H:IIA:B:CID;;:CH>K: 6ai]dj\]YViZY[gdbi]ZeZg^dYd[i]Z:gZio >hgVZa^VgX]^iZXijgVaigVY^i^dc!i]Z=dbVJb^\YVa ¹LVaaVcYIdlZgº hZiiaZbZcihd[i]Z&.(%hlZgZ VÃghiZmegZhh^dcd[V?Zl^h]cVi^kZVgX]^iZXijgVa igVY^i^dc!^#Z#VYg^`]Vaji#6hVcVgX]^iZXijgVae]Z" cdbZcdc^c^i^ViZYVcYZmZXjiZYVabdhiZci^gZan ¹l^i]djiVgX]^iZXihº^ci]ZhZgk^XZd[eda^i^XVa dW_ZXi^kZh!LVaaVcYIdlZglVhVigjZgZVa^oVi^dc
KdajciZZghdci]Z^glVnid ZhiVWa^h]i]Z:^cci]^hhZiiaZbZcid[[Zch^kZi]ZbV^ciVXi^XVaidda lVh=dbVjB^\YVa¸LVaaVcYIdlZg# L6AA6C9IDL:G LVaaVcYIdlZg^hVhZZb^c\anYZ[Zch^kZ!Wji^c[VXid[[Zch^kZ!hnhiZbd[hZiiaZ" bZci^ckZciZY^c&.(+WnbZbWZghd[`^WWjioIZa6bVa idYVn`^WWjioC^g9Vk" ^Y¸V`^WWjioPeajgVa`^WWjio^bR^hVcV\g^XjaijgVaXdaaZXi^kZ[djcY^c>hgVZa ^ci]Z
7Z^iH]VVckVaaZn#I]Z^ckZci^dc!Viig^WjiZYidH]adbdhgVZa^]^hidgn#CdcZi]ZaZhh!YZhe^iZ^ih ediZcihnbWda^hbd[hVXg^ÃXZ!YZY^XVi^dcVcY]Zgd^hbhdXZcigVaidi]ZX^k^XZYj" XVi^dcd[ZkZgn>hgVZa^?Zl!VcY^ihXjggZciVcYigV\^XgZ^cXVgcVi^dc^ci]ZhZeVgV" i^dc[ZcXZ$lVaa!LVaaVcYIdlZg^hXdche^XjdjhanVWhZci[gdbi]Z>hgVZa^VgX]^iZX" ijgVaXVcdc!l]^X]]VhWjh^ZY^ihZa[^ci]ZaVhiYZXVYZl^i][VWg^XVi^c\VYjW^djh cVggVi^kZVWdjii]Z¹L]^iZ8^inºd[IZa6k^k¼hhd"XVaaZY¹7Vj]VjhºhinaZ#L]^aZ bV`^c\ZkZgnedhh^WaZZ[[dgiidXVcdc^oZi]Z>hgVZa^kZgh^dcd[i]Z>ciZgcVi^dcVa HinaZ!>hgVZa^VYg^`]Vaji]Vh^\cdgZYcdidcandcZd[i]ZbdhiVgX]^iZXidc^XVaan jc^fjZe]ZcdbZcVd[i]Z&.(%h¸VcYi]ZdcandcZgZaZkVciidi]Zeda^i^Xd"heVi^Va h^ijVi^dcidYVn¸WjiVahdi]ZhdaZadXVaVgX]^iZXijgVae]ZcdbZcdci]VigZXZ^kZY ^ciZgcVi^dcVagZXd\c^i^dc^ci]Z&.(%hi]ZbhZakZh# >i^hi]ZgZ[dgZcdihjgeg^h^c\i]Vi^c&.(,!dcZnZVgV[iZgi]ZZhiVWa^h]bZcid[ `^WWjioIZa6bVa!VbdYZad[LVaaVcYIdlZglVhX]dhZc[dgi]ZEVaZhi^cZ":gZio >hgVZaEVk^a^dcVii]ZLdgaY:medh^i^dc^cEVg^h¸i]ZZmedgZbZbWZgZY^cVgX]^iZX" ijgVa]^hidgnVhi]ZdcZi]Vi\VgcZgZYi]Z\daYbZYVa[dg6aWZgiHeZZg¼hhgVZa^Wj^ai Zck^gdcbZci!gZkZVa^c\i]ZiZch^dchWZilZZc^ih^bejahZhVcY^ciZgcVaXdcigV"
:cXaVkZh
Y^Xi^dch#>i^hi]Zh^iZd[Vaa>hgVZa^dmnbdgdch/¹d[[ZchZi]gdj\]YZ[ZchZ!º¹^cigjh^kZ
:mXaVkZh
h^Z\Z!º¹i]ZXVbeVh]dbZ!º¹^cigdkZgiZYZmeVch^dc!º¹eZgbVcZciiZbedgVa^in!º ¹]djhZ"VggZhi#ºI]ZÃ\jgZd[i]Zdmnbdgdc^hhiVbeZY^ci]Z\ZcZi^XXdYZd[i]Z O^dc^hiegd_ZXiVcY]VhVXXdbeVc^ZY^ih^cXZI]ZdYdg=ZgoalgdiZi]ZcdkZa6ai" cZjaVcY ¹I]ZDaY"CZlAVcYº !igVchaViZY^cid=ZWgZl i]Za^k^c\YZVYaVc\jV\Z h^beanVh¹IZa6k^k#ºEZg]Vehi]Z\gZViZhidmnbdgdcd[Vaa^hi]Zcdi^dcd[>hgVZa VhVº9ZbdXgVi^X?Zl^h]HiViZ#º EGDhgVZa^egVXi^XZd[[V^iVXXdbea^!LVaaVcYIdlZg^heVgVY^\" bVi^Xd[Vaa?Zl^h]VgX]^iZXijgZ^c>hgVZa!\Zgb^cVi^c\i]Zegd\gVbVcYbdaYd[ >hgVZa^VYg^`]Vaji!^#Z#^ih[jijgZX]VgVXiZg^hi^XhVXgdhhi]ZWdVgY/]VhinigVchaVi^dc d[eda^i^XVaV\ZcYVh^cidVXihd[XdchigjXi^dc0dXXjeVi^dcd[iZgg^idgn hjg[VXZh i]gdj\]hZiiaZbZci ed^cih VcY^c[gVhigjXijgZ a^cZh 0eg^dg^i^o^c\i]ZhZXjg^in [jcXi^dchVcYb^a^iVgnXVeVW^a^i^Zh Wdi]YZ[Zch^kZVcYd[[Zch^kZ d[Wj^aY^c\h0 VcYi]Z^c[dgbZYjhZd[bdYZgc^in¸dg\Vc^oVi^dc!VYb^c^higVi^dc!egZ[VWg^XVi^dc! ad\^hi^Xh!VcYXdbbjc^XVi^dc# 6hi^bZlZciWnVcYcZlhZiiaZbZcihlZgZZhiVWa^h]ZYjh^c\bdgZhde]^h" i^XViZYbZVch!i]ZildZhhZci^Va[jcXi^dchd[LVaaVcYIdlZg¸[dgi^ÃXVi^dcVcY dWhZgkVi^dc¸]ZaY[VhiVcYgZea^XViZYi]ZbhZakZhdcZkZgnhXVaZ#I]ZnY^XiViZY i]ZadXVi^dcd[cZlhZiiaZbZcihdcbdjciV^cVcY]^aaidehVcYi]ZiZX]cdad\^XVa Z[[dgihd[i]Z>hgVZa^heVXZegd\gVb hViZaa^iZh!ZiX# #I]ZnXdcidjgZYi]ZaVcY" hXVeZVhVcZildg`d[ed^cih!VhVcVjidcdbdjhaVnZghegZVYdkZgVcZm^hi^c\ aVcYhXVeZ!igVch[dgb^c\i]ZXdjcignWnY^k^Y^c\^icdiVXXdgY^c\idcVijgVa! iZgg^idg^Va!VcYXVYVhigVaY^k^h^dch!WjiVXXdgY^c\idYgdbdad\^XVaY^k^h^dch!hjX] VhigVchedgiVi^dcheZZYVcY^c[gVhigjXijgZa^cZh#I]jh!^ci]ZdXXje^ZYiZgg^idg^Zh idYVnlZÃcYildhjeZg^bedhZYXdjcig^Zh/¹?jYZVVcYHVbVg^VºVWdkZ¸i]ZaVcY d[hZiiaZbZcihVcYb^a^iVgndjiedhih![djg"aVcZWneVhhgdVYh!Wg^Y\Zh!VcYijccZah0 VcY¹EVaZhi^cZºWZcZVi]¸i]ZaVcYd[k^aaV\ZhVcYidlch!edi"]daZYgdVYh!VcYY^gi eVi]h#Jai^bViZan!LVaaVcYIdlZg]VYVYZX^h^kZZ[[ZXidci]ZlVn>hgVZa^heZgXZ^kZ i]ZheVXZ^cl]^X]i]Zna^kZ!l]^X]^cijgcbVehdjii]Z^gkVajZh/dWhZgkZghkh# dWhZgkZY!8VgiZh^Vc\]Ziidkh#X]Vdi^XeZg^e]Zgn!i]gZViZcZYXjaijgZkh#¹YZhZgi bV`Zghº ^ci]ZldgYhd[7ZchgVZa^hgZeaZiZl^i]eaVchYZiV^a^c\edhh^WaZWdgYZga^cZ hXZcVg^dh#I]ZbVed[i]ZHiViZd[>hgVZa^ha^`ZVeVa^behZhiWZVg^c\Y^[[ZgZci igVXZhd[i]^hfjZhi/i]Z&.),JCeVgi^i^dca^cZ!i]Z&.).Vgb^hi^XZ\gZZca^cZ JC"VYb^c^hiZgZYVgb^hi^XZa^cZWZilZZc>hgVZaVcY?dgYVc!&.)-"&.+, !i]Z &.+,XZVhZÃgZejgeaZa^cZ!i]Z&.,)[dgXZh¼hZeVgVi^dcWajZa^cZ!i]ZkVg^djhDhad ¹eZVXZºWdjcYVg^Zh#I]Ze]nh^XVaZmegZhh^dcd[i]ZhZWdgYZga^cZhkVgn[gdbi]Z WVgWZYl^gZd[?ZgjhVaZb¼hYZbVgXVi^dca^cZ!idi]Z¹;Vi^bV[i]Ze]ZcdbZcV d[\ViZYXdbbjc^i^Zh^hgZaVi^kZancZlidbdhiLZhiZgchdX^Zi^Zh!^c>hgVZa^i ^hfj^iZcdgbVaidÃcY`^WWjio^b!bdh]Vk^b Vbdh]VkPeajgVabdh]Vk^bR^hV XddeZgVi^kZV\g^XjaijgVahZiiaZbZci !hjWjgWh!idlch!VcYX^i^ZhhjggdjcYZYl^i] Ve]nh^XVaWdgYZga^cZ/lVaah!X]V^c"a^c`[ZcXZh!WVgWZYl^gZ!cdiidbZci^dci]Z :gjkWdgYZga^cZYZÃc^c\i]Za^b^ihd[i]ZHVWWVi]odcZ# BjX]]VhWZZchV^YVcYlg^iiZcVWdjii]Za^c`WZilZZcZmiZgcVai]gZVihdc i]ZHiViZd[>hgVZa!gZVadg^bV\^cZY!VcYi]Z[dgbVi^dcd[hdX^VaXd]Zh^dcVcY cVi^dcVajc^in#>cLVaaVcYIdlZg!lZhZZZmVXian]dli]^ha^c`^hZhiVWa^h]ZY/ i]Zeg^dg^i^Zhd[LVaaVcYIdlZgdjiedhihhi^ejaViZYi]ViÃghii]ZlVaalVhid WZWj^ai!i]Zci]ZdWhZgkVi^dced^ci!VcYaViZgi]Z]djhZh#>cXdcigVkZci^dcd[ ^ihZmeVch^dc^hiVbW^i^dch!i]ZLVaahZgkZYideZgeZijViZi]ZgZh^YZcih¼\]Ziid bZciVa^inVcY^bejahZ[dgZcXadhjgZ#HZXajh^dcl^i]^ci]ZlVaahZeVgViZhi]ZhZi" iaZbZci[gdb^ihZck^gdcbZciVcYYZÃcZhi]ZcZlXdbbjc^incdidcanVhi]dhZ l]dX]ddhZida^kZ¹^ch^YZ!ºWjiVahdVhi]dhZl]dVgZjcYZgi]gZVi[gdb¹djih^YZ#º H]adbdCI 6hVhigViZ\n!LVaaVcYIdlZggZVa^oZYi]ZYg^kZ[dgiZgg^idg^VaZmeVch^dcVcY XdcfjZhiWnZhiVWa^h]^c\cZl¹hZiiaZbZcied^cih!ºhj\\Zhi^c\i]Vii]Z¹ed^ciº dci]ZbVelVhbdgZ^bedgiVcii]Vci]Z¹hZiiaZbZciº^iYZcdiZY0i]Vi^h!i]Z adXVi^dcd[i]ZhZiiaZbZci]VYbdgZ^bedgiVcXZi]Vc^ihVXijVaZm^hiZcXZ#>c LVaaVcYIdlZg!i]ZhZiiaZbZcied^cidci]ZbVelVhVed^cil^i]^cVhigV" iZ\^XcZildg`d[ed^cih!VcY^iheaVXZbZcilVhYZiZgb^cZYWnVcdei^bVakVc" iV\Zed^ci#I]ZcZildg`lVhhegZVY^chjX]VlVn!hdi]ViZkZgndjiedhi]VY
ZnZXdciVXil^i]Vcdi]Zg!ZcVWa^c\i]ZIdlZghidigVchb^ibZhhV\Zhi]gdj\]
&%-q&%.
BdghZXdYZjh^c\ÄVh]a^\]ihWnc^\]iVcYb^ggdghWnYVn#I]ZhZiiaZbZcied^ci lVhÃghiVcY[dgZbdhiVcdWhZgkVi^dced^ci/ZgZXi^c\i]ZIdlZglVhi]Zed^ci
:cXaVkZh
^cl]daZ#
:mXaVkZh
I=:IDL:G I]ZIdlZglVhi]ZheZVg]ZVYd[^cYjhig^Va^oVi^dcVcYbdYZgc^incdidcanYjZ id^ihad\^hi^XVaVcYiZX]cdad\^XVaX]VgVXiZg^hi^Xh!WjiWZXVjhZ^iigVch[dgbZYi]Z Zck^gdcbZci^cidi]ZdW_ZXid[^cYjhig^VaVcY^chigjbZciVahXgji^cn#I]ZkVciV\Z ed^ci]VY^ihdlcVXXdbeVcn^c\iZX]cdad\^Zh!hjX]VhW^cdXjaVghVcYa^\]iegd" _ZXidgh!VcYlVhdg\Vc^oZYVhVhnhiZbVi^Xegd_ZXiidWZbVcV\ZYVcYbVccZY# 7ZndcYi]Zb^a^iVgn^bea^XVi^dchd[i]ZkVciV\Zed^ci!dgidWdggdl[gdbEVja K^g^a^d!>hZZi]ZgZ[dgZ>`^aa!i]ZeVcdei^XdWhZgkVi^dcd[i]Z¹idlZgºYZiZg" b^cZYi]ZedlZggZaVi^dchWZilZZci]ZLVaaVcYIdlZghZiiaZbZcihVcYi]Z^g hjggdjcY^c\hZkZcWZ[dgZi]ZaVcYlVhXjai^kViZYVcY^ihV\g^XjaijgVaZXdcdb^X Zmead^iVi^dcXdbbZcXZY# 6hVc^c^i^Vi^kZ^ciZcYZYiddg\Vc^oZi]Zad\^hi^Xhd[i]Z\VoZ!LVaaVcYIdlZg igVch[dgbZY!a^iZgVaan[gdbdcZYVnidi]ZcZmi!i]ZiZgg^idgn^idXXje^ZY#=Zcg^ AZ[ZWkgZX]VgVXiZg^oZYV\gVg^Vci^bZVcYheVXZVhV]ZiZgd\ZcZdjhXdbW^cVi^dc d[kVg^VWaZhhjX]VhXa^bViZ![VjcVVcYÄdgV!l]^aZXaV^b^c\i]Vi^cYjhig^Va^oZY i^bZVcYheVXZiZcYhidlVgYh]dbd\ZcZ^inVcYjc^in#9Zhe^iZi]Z[VXii]Vii]Z LVaaVcYIdlZgdjiedhihlZgZZgZXiZY^cZhiVWa^h]ZYV\gVg^VcgZ\^dch!i]Zdg\Vc" ^oZYdWhZgkVi^dced^cihlZgZhj[ÃX^Zci[dgigVch[dgb^c\i]ZhZiZgg^idg^Zh^cid ^cYjhig^Va^oZYheVXZh#6[ZlhjX]eVcdei^XdWhZgkVi^dcedhih]VYi]ZedlZgid jc^[nVcZci^gZV\gVg^VcgZ\^dcVcYZgVY^XViZ!i]gdj\]dcZhigViZ\^Xi]gZVi!i]Z XdbeaZmZXdcdb^XVcYXjaijgVaY^[[ZgZcXZhi]ViY^hi^c\j^h]ZY6gVWcdbVYh[gdb [VgbZgh[gdbjgWVc^iZh^c&.(%hEVaZhi^cZ#I]ZkZgn^chigjbZciVa^oVi^dcd[i]Z iZgg^idgnl^i]V\VoZ!^ckZhiZYi]ZaVcYhXVeZl^i]hXZcVg^dhVcYhX]ZbZh!i]gZVih VcYYVc\Zgh!^c[jh^c\eaVXZhVcYdW_ZXihl^i]iVXi^XVaedhh^W^a^i^Zh!h^ijVi^c\i]Zb l^i]^cVhigViZ\n!VcYjc^[n^c\i]Zb^ciddcZ¹eda^i^XVaºheVXZ¸idjhZAZ[ZWkgZ¼h iZgbh#LVaaVcYIdlZgigVch[dgbZYi]ZaVcYhXVeZ^cidVWViiaZÃZaY!VhXZcZd[ XdcÄ^Xih!V[gdci^Zg¸^cdi]ZgldgYh!^cidVX^in# I=:86BE6C9I=:9DB6>C 6hVcVabdhiY^bZch^dcaZhhed^ci^cheVXZ!LVaaVcYIdlZg^hbdgZd[Vcdei^XVa ^chigjbZcii]VcVeaVXZ¸VcVaa"hZZ^c\ZnZi]ViXVccdihZZ^ihZa[#CZkZgi]ZaZhh! l^i]^ihlVaa!^ihidlZg!VcY^ih[djgh]VX`h!LVaaVcYIdlZg^hVgdj\]YgV[id[ VeaVXZ#9Zhe^iZ^ihgZhZbWaVcXZid:jgdeZVcbZY^ZkVajgWVc^bV\Zgn!LVaaVcY IdlZgeV^cih^cVbdhik^k^YbVccZgi]ZXdcXgZiZhX]ZbZd[i]Z>hgVZa^eaVXZ/ i]ZXVbeVcYi]ZYdbV^c# I]ZXVbeVcYi]ZYdbV^cY^k^YZhi]ZiZgg^idgn^cidildbV^c[jcXi^dch¸ aVcYhidWZhZiiaZYVcYaVcYhidWZZmead^iZY#I]^hY^k^h^dc]Vhh]VeZYi]Z >hgVZa^Vii^ijYZidlVgYiZgg^idgn0i]Zb^a^iVgnad\^XVii]ZWVh^hd[i]ZiZgg^idg^Va gZaVi^dch]^eWZilZZci]ZXVbeVcYi]ZYdbV^cXVcWZa^`ZcZYidi]ZZXdcdb^X ad\^Xi]ViY^hi^c\j^h]Zhi]ZjgWVc[gdbi]ZgjgVaZahZl]ZgZ#I]ZXdcXgZiZigVch" aVi^dcd[i]ZXVbeVcYi]ZYdbV^cdci]Z\gdjcY!WZ^i^ci]Z[dgbd[V`^WWjio
dgVbdh]Vk!^bedhZYVgX]^iZXijgVahdaji^dchl]ZgZi]ZXVbe^heZgXZ^kZY VhVjc^ÃZY!Xd]ZgZciZci^inhjggdjcYZYWnVkVhijcWj^aiYdbV^c!Xjai^kViZY XdaaZXi^kZan ^ci]Z`^WWjio !dghZeVgViZan ^ci]Zbdh]Vk #6WdkZVaa!i]^h Y^k^h^dc!X]VgVXiZg^hi^Xd[gjgVahZiiaZbZcih!jcYZga^ZhdcZd[>hgVZa¼h\gZViZhi hdX^Va^c_jhi^XZh/jca^`ZLZhiZgcXdjcig^Zh!l]ZgZi]ZhdX^dZXdcdb^XhigjXijgZ ^hWVhZYdchdX^VaigVY^i^dc :jgdeZ dgZXdcdb^XegVXi^XZ JH6 !i]Z>hgVZa^ XaVhhhnhiZb]VhWZZcWVhZYdci]ZY^hig^Wji^dcd[i]ZXdjcign¼hbdhiegZX^djh gZhdjgXZ¸aVcY#>ci]^hhZchZ!i]ZhZiiaZgbVnÃcY]^bdg]ZghZa[Vii]Z]Z^\]i d[i]ZhdX^VaaVYYZg#>[^ci]ZÃghinZVghd[i]ZHiViZ]^hdg]ZgegZhi^\ZlVh bZgZaneda^i^XVaVcYhnbWda^X!^ilVhhddcZcdj\]igVchaViZY^cbViZg^VaiZgbh# :kZcidYVn!i]ZfjZhi^dcd[i]ZYdbV^c¸l]ddlch^i!VcYl]ViidYdl^i] ^i¸hZZbhcdaZhhXdbeaZmVcYegdWaZbVi^Xi]Vci]ZfjZhi^dcd[>hgVZa^WdgYZgh! VcY^hXVjhZ[dgbjX]ejWa^XYZWViZ# 86BE ¹I]ZXVbe^hndjg]dbZ¸\jVgY^ilZaa#ºI]^hhad\Vc!edhiZYdcXdjciaZhh>hgVZa^ VgbnWVhZh!XVcWZhZZcVhi]ZZhhZcXZd[i]ZhZiiaZbZciegd\gVb#>[i]ZXVbe ^h]dbZ!VcY^[^ibjhiWZ\jVgYZY!i]Z[ViZd[i]ZXVbe¼hgZh^YZcih^hidWZXdbZ eg^hdcZghd[i]Z^gdlc\VoZ# I]ZhZiiaZbZciZ[[dgi^ckdakZYVhZg^Zhd[iVh`h!hdbZd[l]^X]lZgZb^a^iVgn VcYiVXi^XVa!l]^aZdi]ZghlZgZX^k^a^VcVcYhigViZ\^X#I]^hYjVa^in[djcYZmegZh" h^dc^chad\VchhjX]Vh¹dcZ]VcYdci]Zeadj\]!i]Zdi]Zg]VcYdci]ZhldgY#º 9Zhe^iZi]Z[gZfjZcijhZd[b^a^iVgnbZVch!VX^k^a^VcVeeZVgVcXZ]VhValVnh WZZcbV^ciV^cZY!VcY^hhi^aadcZd[i]ZO^dc^hiZciZgeg^hZ¼hbV^cdW_ZXi^kZh#I]^h ^hl]nLVaaVcYIdlZg!VcYaViZgdi]Zg[dgbhd[hZiiaZbZci!aZ[ii]ZhiVijhd[i]Z eaVXZVcY^ihgZh^YZcih^cYdjWi#>cZkZgnineZd[eda^i^XVaanbdi^kViZYhZiiaZbZci ZciZgeg^hZ!WZ^i^chi^iji^dcVaanhVcXi^dcZYdgcdi!i]ZgZ^hVb^mijgZd[VX^k^a^Vc VcYVb^a^iVgndeZgVi^dc0Vb^a^iVgndeZgVi^dc^cX^k^a^VcXadi]^c\0Zca^hiZYX^k^a^Vch jcYZgVgbneVigdcV\Z# ¹8^k^a^Vc^oVi^dcº^hi]ZigVch[dgbVi^dcd[i]ZhdaY^Zg^cidi]Ze^dcZZg¸l]d^h VWaZ!^[cZZYWZ!idX]Vc\ZXadi]ZhVcYigVch[dgbWVX`^cidVhdaY^ZgViVcni^bZ# I]ZigVch[dgbVi^dcd[i]ZXVbe^cidV]dbZ^hi]ZigVch[dgbVi^dcd[i]ZeVgV" b^a^iVgndjiedhi^cidVeZgbVcZcihZiiaZbZci#I]^h^hl]nldjaY"WZcdgbVaXn!V gdji^cZd[X^k^a^Vca^[Z!]VhValVnhYZeZcYZYdcVb^a^iVgnegZhZcXZ!l]^X]^ci]Z adc\gjc!iVmZhXdaaZXi^kZgZhdjgXZh[VgbdgZi]Vci]ZVXid[hZiiaZbZci^ihZa[#>c >hgVZa!i]ZbjcYVcZ^hVhigViZ\^XlZVedc# IGD?6C=DGH:H LVaaVcYIdlZgheVlcZYVcdg^\^cVaigVY^i^dcd[adXVaIgd_Vc]dghZh!^chigjbZcih d[^cÃaigVi^dcVcYdi]ZgineZhd[VbWjaVidgn!iZbedgVgn!eda^i^XVa!VcY]neZgVXi^kZ dW_ZXih/i]ZiZci^ci]ZdjiedhiVcYi]ZbdW^aZ]dbZ^ci]ZhZiiaZbZcih#I]ZhZ WVcVadW_ZXihVgZdhiZciVi^djhcdiWZXVjhZd[]dli]Znadd`!WjiWZXVjhZd[i]Z^g ediZci^Va[dgbdW^a^in!ZmeVch^dc!VcYigVch[dgbVi^dc0WZXVjhZi]Zni]gZViZc idX]Vc\Zi]ZiZbedgVgn^cidi]ZYV^an!i]ZYV^an^cidi]ZeZgbVcZciVcYi]Z eZgbVcZci^cidi]ZZiZgcVa0WZXVjhZd[]dli]ZnXVcijgci]ZaVcYhXVeZ^cidVc VgZcVd[higj\\aZ#
I=:HE:8I68A:
&&%q&&&
I]ZgZ^hcdYdjWii]Vii]ZVeeZVgVcXZd[cZlhZiiaZbZcihlVhVheZXiVXjaVg ZkZci!VcVXid[XgZVi^c\hdbZi]^c\[gdbcdi]^c\!VheZXiVXaZd[a^\]i¸igVX^c\
:cXaVkZh
i]ZigV_ZXidg^Zhd[WjaaZihVcYi]ZZX]dZhd[Zmeadh^dch!Wdi]c^\]iVcYYVn#
:mXaVkZh
H]adbdhgVZa/¹Heg^c\^cilVh!Ãghi VcY[dgZbdhi!VlVaa#I]ZlVaalVhVegd\gVbYZhi^cZYidWZXdbZVc¹^YZdad\n!º Wji^ilVhVahdVeaV^clddYZcbdaY!'%XZci^bZiZghl^YZÃaaZYl^i]\gVkZa#I]Z lVaalVhVegZbdc^i^dcd[i]^c\hidXdbZ!WZXVjhZl]dZkZgÃaahi]ZbdaYl^i] \gVkZa!l^aacdi]Zh^iViZidÃaa^il^i]di]ZgbViZg^Vah#7ZndcYi]Z[VXii]Vi^ilVh VWVgg^Zg!l]dhZ_dW^ilVhidegZkZcijclVciZY^cÃaigVi^dcVcYd[[ZgegdiZXi^dc [gdbWjaaZih!i]ZlVaalVhViZX]cdad\^XVaegZhZciVi^dcVcYad\^hi^XVaidjgYZ [dgXZ/^ilVhi]Zegdb^hZ!dgi]Zi]gZVi!d[XdcXgZiZ#
& BnhgVZa¼hÃghi\gVcYhegd_Zih/i]Z=ZWgZl Jc^kZgh^in!i]ZCVi^dcVaA^WgVgnVcYi]Z@cZhhZi^c?ZgjhVaZb# ) Nd]VcVcGVicZg &-.&"&.+* !VigV^cZYVgX]^iZXiVcYV[dgbZgGZY6gbnd[ÃXZg!lVhi]ZX]^Z[ VgX]^iZXiVcYhigViZ\^XeaVccZgd[i]Z=V\VcV!i]ZegZ"hiViZegZYZXZhhdgd[i]Z>hgVZa9Z[ZchZ ;dgXZh >9;# 6hVbZbWZgd[i]Z8ZcigVa8dbbVcYYjg^c\i]Z&.)-lVg!GVicZglVhi]Zdcan \ZcZgVaidgZXZ^kZeZgb^hh^dc[gdb7Zc9;8]^Z[d[HiV[[=V^b7VgaZk# . I]Z:gjk^hVhnbWda^XgZa^\^djhl^gZi]VihjggdjcYhZkZgn?Zl^h]Xdbbjc^in^c>hgVZa!YZbVgXVi^c\ VcVgZVl^i]^cl]^X]dcZXVcXVggneZghdcVadW_ZXihdci]ZHVWWVi]!l^i]dji^iWZ^c\Xdch^YZgZY ¹ldg`ºidYdhd# &%6g^ZaaV6odjaVna^c`hi]^hW^gYh"ZnZk^ZlidVcdi]Zgd[H]adbdc&.(,!8HD;I=:A6C9B6G@:I
:mXaVkZh
6II=:;GDCI>:G
9Vk^YCZlbVc
8dadc^oVi^dc^ci]ZigVY^i^dcVahZchZd[^beaVci^c\VX^k^a^VcedejaVi^dcVcY ZhiVWa^h]^c\hZiiaZbZcih^cVcdXXje^ZYiZgg^idgn]Vh!l^i][Zl]^hidg^XVaZmXZe" i^dch!iV`ZceaVXZ^cY^hiVciaVcYh#I]Z¹bdi]ZgºXdjcignZcXdjgV\Zh^ihX^i^oZch idhZiiaZi]ZhZaVcYhVhVbZVchd[Zchjg^c\adc\"iZgbiZgg^idg^VaXdcigda#8dad" c^o^c\edejaVi^dch\gVYjVaaniV`ZdkZgadXVagjaZ!hjeedgi^c\i]Zbdi]ZgXdjcign WnigVch[dgb^c\Y^gZXib^a^iVgnYdb^cVi^dc^cidVfjVh^"X^k^a^Vc[dgbd[VYb^c" ^higVi^dc!VaWZ^iWVX`ZYWnVhigdc\b^a^iVgnegZhZcXZ#IgVY^i^dcVaXdadc^oVi^dc d[i]^h`^cYVahdgZhjaih^ci]ZXgZVi^dcd[ÃghiVcYhZXdcYXaVhhhdX^Zi^Zh!l^i] i]ZhZiiaZghZc_dn^c\[jaaaZ\VaVcYZXdcdb^Xg^\]ih!l]^aZi]ZadXVa!^cY^\Zcdjh edejaVi^dch ^[i]Zn]VkZcdiWZZchjW_ZXiid\ZcdX^YZ VgZWdjcYidhjWh^hiZcXZ ZXdcdb^ZhVcYWVggZY[gdbbV_dgedh^i^dchd[edlZg# >i^hV\V^chii]^hlZaaYdXjbZciZY¹bdYZaºd[Xdadc^oVi^dci]Vi>Y^hXjhhi]Z hZiiaZbZcid[i]ZLZhi7Vc`VcYhgVZa^ci]ZeVhii]^ginnZVgh &.,*" '%%* ![daadl^c\>hgVZa¼hdXXjeVi^dcd[i]ZhZiZgg^idg^Zh^c&.+,#BVcn]VkZ Vg\jZYi]Vii]ZO^dc^hi!VcYaViZg>hgVZa^!hZiiaZbZciVcYaVcYXdadc^oVi^dcegd_ZXi WZ[dgZ&.+,Y^[[Zgh[gdbi]Vil]^X]]VhiV`ZceaVXZ^ci]ZLZhi7Vc`VcYO6I>DC>CI=:L:HI76C@6C9hgVZa^Xdadc^oVi^dc^ci]ZLZhi7Vc`VcYhgVZa^"?Zl^h]Xdcigda#HdbZgZa^\^djh"cVi^dcVa^hiaZVYZgh]VkZXVaaZYjedci]Z^g [daadlZgh^ci]ZVgbnidgZ[jhZdgYZghidZkVXjViZhZiiaZbZcih!Vhi]^h^h^ciZg" egZiZY eZg]VehhdaZanWni]Zb VhVY^gZXiXdcigVkZci^dcd[i]ZgZa^\^djhegZXZei d[egZhZgk^c\i]Z^ciZ\g^ind[i]Z¹X^i^Zhd[djghgVZa^kdi^c\!WjiVahd^c>hgVZa^hZi" iaZbZci¸Vh^iWZXdbZhaZhhVcYaZhhViigVXi^kZ^ci]Zedhi"hgVZa/68dbeVgVi^kZHijYnd[ EZVXZCdlVcYhgVZa 6aWVcn/HJCNEgZhh!&..' # 7VgjX]@^bbZga^c\!O^dc^hbVcYIZgg^idgn/I]ZHdX^d"iZgg^idg^Va9^bZch^dcd[O^dc^hiEda^i^Xh 7Zg`Z" aZn/Jc^kZgh^ind[8Va^[dgc^V!>chi^ijiZd[>ciZgcVi^dcVaHijY^Zh!&.-( # 9Vk^YCZlbVc!¹I]ZIZgg^idg^VaEda^i^Xhd[:mjgWVc^oVi^dc/GZÄZXi^dchdcI]^ginNZVghd[?Zl^h] HZiiaZbZci^ci]ZLZhi7Vc`!º>hgVZa6[[V^gh( & &..+ # 9Vk^YCZlbVc!¹;gdb»=^icVX]]Vajiºid¹=^icVi`ji¼/I]Z>beVXid[hgVZa^HdX^" ZinVcYEda^i^Xh!º>hgVZaHijY^Zh '%%* # 9Vk^YCZlbVcVcYAZk^V]6eeaZWVjb!¹9ZÃc^c\i]ZJgWVcHZiiaZbZci/EaVcc^c\BdYZahVcY ;jcXi^dcVaGZVa^i^Zh^c>hgVZa!ºJgWVchgVZa»hHZiiaZbZciHigjXijgZVcY i]ZEVaZhi^c^Vch!ºEda^i^XVaDC!G:H>HI6C8:!>BEDH:9BD9:GC>O6I>DC6C9 JG76C>O6I>DC>C?:GJH6A:B¼H:6HI:GCK>AA6hgVZa^"XdcigdaaZY?ZgjhVaZbbjc^X^eVa^in!EVaZhi^c^Vchhj[[Zg[gdb^bedhZY jgWVc^oVi^dc#I]^hZmeZg^ZcXZd[e]nh^XVaVcYhdX^dXjaijgVah^Z\ZbVc^[ZhihV eVgi^XjaVgheVi^Va[VWg^X#>ihZaZbZcih^cXajYZi]Ze]nh^XVagZhig^Xi^dchVcYa^b^iV" i^dch^bedhZYWnZmiZgcVaVcYeda^i^XVaan"bdi^kViZYeaVcc^c\!aVcYVcYegdeZgin Zmegdeg^Vi^dch0^ihdjiXdbZhXdbeg^hZX]Vc\^c\hdX^dXjaijgVahnhiZbh!cdgbV" i^kZWZ]Vk^dgVaeViiZgch!VcYkVajZhnhiZbh^ch^YZi]ZXdbbjc^i^Zhi]ZbhZakZh# GJG6A>HBK:GHJHJG76C>HB IgVY^i^dcVaan!i]ZiZgb¹gjgVa^hbº]VhgZ[ZggZYidi]ZlVnd[a^[Z^chbVaaadXVa^i^Zh VcYk^aaV\Zhl^i]adledejaVi^dc\gdli]VcYe]nh^XVaYZch^in!l]ZgZigVY^i^dcVa XjhidbhVcYWZ]Vk^dgVaeViiZgchZkdakZVgdjcYVcV\g^XjaijgVaZXdcdbn#>c XdcigVhi!i]Zcdi^dcd[¹jgWVc^hbº]Vh^cXajYZYaVg\ZadXVa^i^Zh!idlch!VcYX^i^Zh WVhZYdccdcV\g^XjaijgVaZXdcdb^ZhVcYX]VgVXiZg^oZYWn]^\]edejaVi^dc\gdli] gZhjai^c\[gdb^bb^\gVi^dc!YZch^in!hdX^VaY^kZgh^inVcY^cY^k^YjVa^hb#>ci]Z bdYZgcZgV!]dlZkZg!i]^hY^X]didbnWZ\Vcid\gVn#6ai]dj\]i]Zildb^\]i hi^aaWZY^[[ZgZci^ViZYe]nh^XVaan![jcXi^dcVaan!VcYhigjXijgVaan!i]ZXdbeaZmegdX" ZhhZhd[jgWVc^oVi^dc!bdYZgc^oVi^dc!VcY\adWVa^oVi^dc[dgXZjhidgZXdch^YZg Wdi]iZgbh =jci^c\idc!&.., #Dci]ZdcZ]VcY!EVaZhi^c^Vc:Vhi?ZgjhVaZbXdjaY WZhV^YidZmZbea^[ni]Z\ZcZg^Xinedad\^Zhd[jgWVc^oZYadXVa^i^ZhVcYXdbbjc^" i^Zh/hjWjgWVc^oVi^dcVcYhZb^jgWVc^oVi^dc 6AEDA>I>8HD;H>:cVXfj^g^c\i]Z\gZViZhiVgZVd[aVcYWjii]Z[ZlZhicjbWZg d[EVaZhi^c^Vch!i]ZV\g^XjaijgVaaVcYhhjggdjcY^c\?ZgjhVaZb¼hZVhiZgck^aaV\Zh egdk^YZYVc^YZVaheVi^VagZhZgkd^g#HZkZcini]djhVcYYjcVbh!Xdbeg^hZYd[i]Z ?dgYVc^Vc?ZgjhVaZbbjc^X^eVa^inVcYi]ZhjggdjcY^c\k^aaV\Zh!lZgZVccZmZYWn i]Z>hgVZa^?ZgjhVaZbbjc^X^eVa^in#I]ZbdgZedejadjhk^aaV\ZXZciZghd[6Wj9^h! :oVg^nV!6g"GVb!VcY7^gCVWVaVgZbV^cZYdjih^YZd[i]Zbjc^X^eVaWdjcYVgn# I]ZgZhjailVhVgZYjXi^dcd[i]ZheVXZjhZYWnEVaZhi^c^VchidaZhhi]Vc'*!%%% YjcVbhdgVWdji()d[i]ZidiVaVgZVd[VccZmZY:Vhi?ZgjhVaZb#6eegdm^bViZan &%!%%%YjcVbh!dg&*d[:Vhi?ZgjhVaZbgZbV^cZYdeZc[dgcZlYZkZadebZci#
HE6I>6A:C8>G8A>C
86AEA6CC>C< Eda^i^XVaeaVcc^c\ZmiZcYZYWZndcYi]ZgZYgVl^c\d[iZgg^idg^VaWdjcYVg^ZhVcY aVcYZmegdeg^Vi^dch#JgWVceaVcc^c\gZ\jaVi^dchegdkZYidWZVcZfjVaanZ[[ZX" i^kZ^chigjbZciidXdcigdaVcYa^b^iEVaZhi^c^VcWj^aY^c\VXi^k^in#I]ZVWhZcXZ d[[dgbVaaVcYeVgXZaaVi^dc^ci]ZEVaZhi^c^VcVgZVhhZgkZYVhVcZmXjhZ[dg YZXaVg^c\VbdgVidg^jbdcVcndcZZmeVch^dcegd_ZXi#7j^aY^c\a^cZhlZgZ YgVlcVgdjcYi]ZVagZVYnWj^ai"je[VWg^X![gZZo^c\i]ZWdjcYVg^Zhd[i]Zk^aaV\Zh VcYgZhig^Xi^c\XdchigjXi^dcdeedgijc^i^Zhideg^kViZaVcY^ch^YZi]Zk^aaV\Zh# 6ii]ZhVbZi^bZ!d[ÃX^VaeaVcc^c\hX]ZbZhlZgZcZkZgYZkZadeZYdgYZaVnZY ^ci]ZXVhZd[Hjg7V]^g!eaVchlZgZXdbb^hh^dcZY(*nZVghV[iZg>hgVZa^Xdc" igda #EVaZhi^c^VcVeea^XVcih[dgWj^aY^c\eZgb^ihidi]^hYVnZcYjgZVW^VhZY VcYY^hXg^b^cVidgngZ\^bZi]Vi]daYha^iiaZegdb^hZl^i]^ci]Z[gVbZldg`d[ i]ZgZ\jaViZYeaVch#L^i]djigZVhdc!eZgb^ihVgZYZaVnZYdgh^beancdi\^kZc0 EVaZhi^c^Vchbjhii]ZgZ[dgZd[iZcX]ddhZWZilZZccdiWj^aY^c\ViVaa!dgWj^aY^c\ dcanid]VkZi]Z]dbZYZbda^h]ZY#;gdb&.+,id'%%&!Veegdm^bViZan(!&%%Wj^aY" ^c\eZgb^ihlZgZ\gVciZYidEVaZhi^c^Vch^c:Vhi?ZgjhVaZb!l]^aZhdbZ&.!.%% ]djh^c\jc^ihlZgZXdchigjXiZY# ;jgi]Zg!cZleaVch[dgZm^hi^c\k^aaV\ZhVgZXdch^hiZcianYZkZadeZY^\cdg^c\ i]ZheVi^VagZVa^in^ch^YZi]Zk^aaV\Zh!dgVkV^aVWaZYViVdcVXijVaVcY[jijgZ]djh" ^c\cZZYh#EjWa^X]djh^c\hX]ZbZh[dgEVaZhi^c^VchYdcdiZm^hi di]Zgi]Vci]Z CjhhZ^WZ]egd_ZXiXdchigjXiZY^ccdgi]Zgc7Z^i=Vc^cV^ci]Z&.,%h #I]ZXjggZci e]nh^XVahiViZd[i]Zk^aaV\Zh¸YZch^inl^i]djijgWVc^in¸^hVY^gZXigZhjaid[i]^h eaVcc^c\gZ\^bZ#>cZ[[ZXi!i]ZeaVcc^c\gZ\^bZ[dgXZYjedci]Zk^aaV\ZhegZhXg^WZh gjgVa^hbi]gdj\]hdX^Va"XjaijgVaY^b^cji^dc0VcjgWVchZgk^XZ^c[gVhigjXijgZ^h YZc^ZY!l]^aZXdbbjc^i^ZhVgZ[dgXZYidjgWVc^oZiZgg^idg^VaanVcYZXdcdb^XVaan# 6hheVi^VaZcX^gXa^c\egZkZciZY]dg^odciVaZmeVch^dcd[i]ZWj^ai"je[VWg^Xd[ k^aaV\Zh!k^aaV\ZghlZgZaZ[iidÃaa^c!gZcdkViZ!VYYid!dgZmiZcYVagZVYnZm^hi^c\ Wj^aY^c\h!\ZcZgVi^c\VcZkZg"^cXgZVh^c\e]nh^XVaYZch^in^ch^YZi]Zk^aaV\Zh#>c i]ZVWhZcXZd[VcjgWVc^c[gVhigjXijgZVcYVeegdeg^ViZhZgk^XZh!k^aaV\ZhgZa^ZY dci]ZgjgVa^c[gVhigjXijgZhd[cVggdlgdVYhVcYi]Zdg\Vc^Xeg^cX^eaZhd[hegVla ^cWj^aY^c\^cY^k^YjVa]djhZh![Vb^anXdbedjcYh!dgXdbbZgX^VaWjh^cZhhZhVcY
ldg`h]deh#>ci]ZaVhiYZXVYZ!eVgi^XjaVgani]ZaVhi>ci^[VYV![gZfjZciXadhjgZh]VkZ hejggZYi]ZdeZc^c\d[hdbZh]deh^cXdbbjc^i^Zha^`ZHjg7V]^g# Jh^c\i]ZVZhi]Zi^XVg\jbZcid[lVci^c\idegZhZgkZi]Zk^aaV\Z¼hgjgVaX]VgVXiZg! i]Z?ZgjhVaZbbjc^X^eVa^in]VhcdiZbWgVXZYVcYhiZZgZYYZch^ÃXVi^dc!gVi]Zg^i^h Ã\]i^c\^iWn^bedh^c\Va^b^idcWj^aY^c\]Z^\]iVcYZc[dgX^c\VWj^aY^c\"id"eadi gVi^d#I]ZDaY8^inVcY^ihhjggdjcY^c\k^aaV\ZhlZgZZkZcYZXaVgZYVcVi^dcVa egZhZgkVi^dcodcZ!l]^X]eaVXZhi^\]ia^b^iVi^dchdcVcnXdchigjXi^dcVXi^k^inVcY egdk^YZhZmXjhZh[dgaZ\VaanYZbda^h]^c\higjXijgZhi]Vi¹hed^aºi]ZVgZV¼hgjgVa^hb! gZ\VgYaZhhd[l]Zi]Zgdgcdii]dhZhigjXijgZhZm^hiZYeg^dgid&.+,# I]Z]nedXg^i^XVacVijgZd[i]^heda^Xn^hZmedhZYl]ZcdcZXdbeVgZhi]Z gjaZhi]ViVeeanidk^aaV\Zha^`ZHjg7V]^gl^i]hjggdjcY^c\hZiiaZbZcih!hjX]Vh =Vg=dbV#L]^aZHjg7V]^g^h[dgXZYidegZhZgkZ^ihgjgVaX]VgVXiZgi]gdj\]adl Wj^aY^c\hVcYgZhig^Xi^kZeadi"id"Wj^aY^c\gVi^dh!i]ZcZ^\]Wdg^c\hZiiaZbZci^hV bZ\V"higjXijgZd[^ciZgXdccZXiZYbjai^hidgn!egZ[VWg^XViZYVeVgibZciWadX`h# I]ZWj^aY^c\g^\]ih\^kZc^cIVae^diB^ogV] ?Zl^h]hZiiaZbZci VgZ&*%"&,% eZgWj^aY^c\eadi!l]^aZ^cEVaZhi^c^Vc?VWVaVa"Bj`VWZg!Wj^aY^c\g^\]ihVgZV i^Ä^c\'*eZgWj^aY^c\eadi BVgdb!'%%)/+. # >C;DGB6A>O6I>DC :Xdcdb^XgZXdkZgnVcYedejaVi^dc\gdli]V[iZg&.+,hejggZY^ckZhibZci^ci]Z ^begdkZbZci!gZcdkVi^dc!VcYZmiZch^dcd[k^aaV\Z]dbZh!WjiYZc^Vad[XdchigjXi^dc eZgb^ih!i]ZXdhih^ckdakZY^cdWiV^c^c\VeZgb^i!dgYZaVnh^ci]ZegdXZhhXVjhZY bVcn[Vb^a^ZhidWj^aY^aaZ\VaandghZb^"aZ\Vaan#I]ZhZ¹^aaZ\VaºWj^aY^c\VXi^k^i^Zh VgZcdiVcZle]ZcdbZcdc!^c[VXi!WjiVXijVaanWZ\Vc^ci]Z7g^i^h]BVcYViZ eZg^dY!VhhddcVheaVcc^c\gZ\jaVi^dchlZgZ^chi^ijiZY#7jiV[iZg&.+,!^aaZ\Va XdchigjXi^dc]VhWZZc[daYZY^cidi]Zl^YZg\Zdeda^i^XVaVcYZi]cd"YZbd\gVe]^X XdcÄ^XigVi]Zgi]VcWZ^c\k^ZlZYVhVX^k^XegdWaZb!VhjcYZgi]Z7g^i^h]VcY ?dgYVc^Vch#>hgVZa^Vji]dg^i^ZhXdbWVi^aaZ\Va]djh^c\l^i]i]Z[ZgdX^ind[VhZXjg^in egdWaZb!l]^aZeZgh^hiZcian^\cdg^c\gZ\^dcVadkZgXgdlY^c\!aVX`d[gZhdjgXZh!VcY i]Z^bedhh^W^a^ind[dWiV^c^c\aZ\VaeZgb^ih#7ZilZZc&..'VcY'%%)!hdbZ*!(&- Wj^aY^c\d[[ZcXZhlZgZgZXdgYZYWni]Z>hgVZa^"XdcigdaaZYbjc^X^eVa^in#6eegdm^" bViZan(!-(%XVhZhlZgZiV`ZcidXdjgi!*,)hideldg`dgYZghYZa^kZgZY!VcY+&) YZbda^i^dcdgYZgh^hhjZY#Ild]jcYgZYVcYi]^gin"Z^\]iWj^aY^c\hlZgZ^c[VXi YZbda^h]ZY!cdcZd[i]ZbdlcZYWn?Zl^h]>hgVZa^h BVgdb!'%%)/)) # 8ADHJG:H L]ZcEVaZhi^c^Vch[gdbi]Z?ZgjhVaZbVgZVeVgi^X^eViZY^ck^daZciVXi^k^i^Zh VcYYZbdchigVi^dchYjg^c\i]ZÃghi>ci^[VYV &.-,"&..( !i]Z>hgVZa^Vji]dg^i^Zh YgVbVi^XVaanhiZeeZYjehZXjg^inbZVhjgZh#6[iZgi]Zh^\c^c\d[i]Z&..(Dhad 6XXdgYhl^i]EVaZhi^c^Vch!>hgVZa^chiVaaZYiZbedgVgnb^a^iVgnX]ZX`ed^cihVi i]ZZcigVcXZed^cihidbdhiEVaZhi^c^VccZ^\]Wdg]ddYhVcYk^aaV\Zh^c:Vhi ?ZgjhVaZb#I]^hcZleda^Xnd[¹XadhjgZ!ºVh^iXVbZidWZXVaaZY!lVhVadc\"iZgb higViZ\nV^bZYVih]dg^c\je>hgVZa^Ydb^cVi^dc#6ii]ZhVbZi^bZ!eZgbVcZci X]ZX`ed^ciha^b^iZYb^\gVi^dc^cid?ZgjhVaZbVcYgZ^c[dgXZYi]ZX^in¼hbjc^X^eVa WdjcYVgn#;jgi]Zg!i]ZcZl¹XZciZgd[a^[Zºeda^XngZigdVXi^kZanVeea^ZY^c&..*! XgZViZYVaZ\Va[gVbZldg`[dgXdcÃhXVi^c\i]Z>hgVZa^^YZci^inXVgYh[gdbi]dj"
RT!4LH:OLHYPT
RT!9VHK
hVcYhd[:Vhi?ZgjhVaZb^iZh!l]d]VYX]dhZcida^kZ^cbdgZV[[dgYVWaZ]djh^c\
&'+q&',
djih^YZi]Zbjc^X^eVaWdjcYVg^Zh# 6cnXdciVXil^i]i]ZVji]dg^i^Zh!XdjaYZciV^a gZh^YZcihWZ^c\Vh`ZY[dgbng^VY[dgbhd[egdd[XdcÃgb^c\i]Vii]ZX^ind[
:cXaVkZh
?ZgjhVaZbgZbV^cZYi]Z^g¹XZciZgd[a^[Zº0adhhd[i]Z^YZci^inXVgYbZVcii]Zadhh
:mXaVkZh
d[i]Zg^\]iida^kZ!ldg`!VcYbdkZ^ci]ZX^in# I]^hcZleda^XngZkZghZYi]Z higZVbd[dji"b^\gVi^dcVcY]Vhh^cXZYgVbVi^XVaan^cXgZVhZYi]ZegZhhjgZdci]Z VagZVYn"hVijgViZYEVaZhi^c^Vc]djh^c\bVg`Zi^ch^YZi]Zbjc^X^eVaWdjcYVg^Zh# I]ZWZ\^cc^c\d[i]ZVa"6fhV>ci^[VYV h^cXZ'%%% aZYid[jgi]Zg^ciZch^ÃXV" i^dcd[i]ZhZeda^X^Zh#I]Za^b^ihdcVXXZhhVcYbdkZbZciVgZXjggZcianWZ^c\ igVch[dgbZY^cidVe]nh^XVahZeVgVi^dci]gdj\]i]ZWj^aY^c\d[VhZg^Zhd[lVaah VcY[ZcXZhgjcc^c\i]gdj\]:Vhi?ZgjhVaZb!hZkZg^c\EVaZhi^c^VcedejaViZYVgZVh [gdbi]ZX^in¼h]ZVgi#I]ZXdcXjggZci\gVYjVaVbea^ÃXVi^dcd[i]ZhZeVgVi^dcd[ EVaZhi^c^Vch^c:Vhi?ZgjhVaZb[gdbEVaZhi^c^Vcha^k^c\^ci]ZZVhiZgchjggdjcY" ^c\iZgg^idgn]VhXgZViZYVh^ijVi^dcd[XdcXZcigViZYh^Z\Z!Vh^Z\ZeZgXZ^kZYWn EVaZhi^c^VchVhVcZlhiV\Zd[]Z^\]iZcZYdXXjeVi^dc# >CI:GC6AEG:HHJG:H I]^hZmiZgcVa\Zdeda^i^XVah^Z\Z]Vh]VYVegd[djcY^beVXidci]Z^ciZgcVaheVi^Va! hdX^dZXdcdb^X!VcYXjaijgVahigjXijgZd[k^aaV\Zh0^ihZ[[ZXihVgZ[ZaiWni]Z^cY^" k^YjVak^aaV\ZYlZaaZgVhlZaaVhi]Zl^YZg6gVWXdbbjc^in# 9kbjkhWbhgVZa^\dkZgcbZci]VYVeda^i^XVa^ciZgZhi ^chjhiV^c^c\VcYYZZeZc^c\Zm^hi^c\Zi]cd"gZa^\^djhdghdX^dXjaijgVaY^k^YZh Bjha^bkZghjh8]g^hi^Vc!jgWVc^iZkZghjhk^aaV\ZgkZghjh7ZYdj^c!dgZkZc?Zgj" hVaZb^iZkZghjh=ZWgdc^iZ!cVi^kZkZghjh^bb^\gVcikZghjhgZ[j\ZZVcYhd[dgi] # H^cXZEVaZhi^c^VchgZ_ZXiZYi]ZcZlbjc^X^eVa^inVhVgZegZhZciVi^kZWdYn!i]Z >hgVZa^Vji]dg^i^Zh^chiZVYWZ\VcidbV`ZYZVahl^i]^cY^k^YjVahVcYhjW"\gdjeh! i]ZgZWnYZZeZc^c\hdX^dXjaijgVa[gV\bZciVi^dcVcYegZkZci^c\dg\Vc^oZYgZh^hi" VcXZ[gdbVjc^iZYEVaZhi^c^VcWdYn#I]ZZbedlZgbZcid[igVY^i^dcVa]VbjaV ZmiZcYZY[Vb^an cZildg`hVcYi]Z[dhiZg^c\d[adXVaeVig^di^hb^ci]Zk^aaV\Zh VcYcZ^\]Wdg]ddYhegdkZYVcZ[[ZXi^kZidda[dghidee^c\dghadl^c\i]Z\gdli] d[VedlZg[jaX^k^ahdX^Zini]ViXdjaYYZbVcYg^\]ihVcYZfjVaVXXZhhidi]ZX^in¼h gZhdjgXZh#>ibjhiVahdWZhV^Yi]Vii]Z6gVWXdbbjc^i^Zhd[iZcgZVY^anVXXZeiZY hjX]eda^X^Zh!eVgi^XjaVganV[iZgi]ZigVjbVi^XZkZcihd[i]ZlVgVcY^ca^\]id[ cZlZXdcdb^Xdeedgijc^i^Zhd[[ZgZYWn>hgVZa^bVg`Zih# 6ai]dj\]i]Z>hgVZa^aVWdgbVg`ZilVhdeZcZYidVaadXXje^ZYEVaZhi^c^Vch! i]ZbdW^a^ind[LZhi7Vc`VcYhgVZa^^YZci^in XVgYhYZh^\cVi^c\i]ZbVh¹eZgbVcZcigZh^YZcihº cdifj^iZX^i^oZch d[>hgVZa# I]ZgZhjai^c\eg^k^aZ\Zh¸VXXZhhidi]Z>hgVZa^hdX^VahZXjg^inhnhiZbVcY[gZZYdb d[bdkZbZci¸aZYidbdgZZXdcdb^Xdeedgijc^i^Zh#7ZilZZc&.+,VcY&.-,!:Vhi
?ZgjhVaZb¼hedejaVi^dc\gZl[gdb+-!%%%^c]VW^iVcihid&(.!%%%!V\gdli]d[ &%(VcYY^hegdedgi^dcViZan]^\]^[XdbeVgZYl^i]VcdkZgVaaedejaVi^dc\gdli] d[+-[dgi]ZZci^gZbjc^X^eVaVgZV#I]^h\gdli]lVhaVg\Zan[jZaaZYWncVij" gVa^cXgZVhZ VWdji(#(eZgnZVg VcY^bb^\gVi^dc[gdbi]ZgZhid[i]ZLZhi 7Vc`!VcYhgVZa^gZh^YZcXneVeZgh[dgcdc" ?ZgjhVaZb>9"XVggn^c\hedjhZhVcYX]^aYgZc# cEVaZhi^c^VcgjgVaigVY^i^dc!aVcYdlcZgh]^eYZiZgb^cZhZXdcdb^XgZhdjgXZh VcYi]ZhdX^VahiVijhd[i]Z[Vb^an#HVaZd[aVcYlVh\ZcZgVaan[gdlcZYjedc! ^cXajY^c\hVaZhidcZ^\]Wdg^c\[Vb^a^ZhdgcZlXdbZgh#I]ZXdci^cjVa[ZVgd[aVcY Zmegdeg^Vi^dcVcYadhhd[?ZgjhVaZb^YZci^inhiVijh!VhlZaaVhi]Z[ji^a^ind[ ÃcY^c\VaiZgcVi^kZ]djh^c\^ch^YZi]ZX^in!]Vh]Z^\]iZcZYi]^h^bejahZidhZXjgZ VcYegZhZgkZ[Vb^anaVcY[dg[jijgZ\ZcZgVi^dch#I]^hiZcYZcXn]Vhh^\c^ÃXVci XdchZfjZcXZh!Vh^i[jgi]ZghadlhegdXZhhZhd[jgWVc^oVi^dcWngZYjX^c\YZkZade" bZciideg^kViZ]djh^c\egd_ZXihVcYa^b^i^c\i]ZaVcYVkV^aVWaZ[dgXdbbZgX^Va dg^cYjhig^VaZcYZVkdgh#I]Z[Vb^an"WVhZYhnhiZbd[dlcZgh]^eZfjVaanhjeegZhhZh gZ\jaVgbVg`ZiWjn^c\VcYhZaa^c\VcY^cÄViZhaVcYeg^XZh#6hadc\Vh]VbjaVh egZhZgkZi]Z^giZgg^idgn^ci]Zk^aaV\Zh!cdX^k^XVcYcVi^dcVa6gVWEVaZhi^c^Vc ^chi^iji^dch]VkZi]ZedlZgVcYVji]dg^inid^cYZeZcYZcian^c^i^ViZVcYdg\Vc^oZ XdchigjXi^dcVXi^k^i^Zh#AdXVaigVY^i^dcVaaZVYZgh!^cXajY^c\i]Zbj`iVghXdccZXiZY idZVX]k^aaV\Z¼hbV_dg[Vb^a^Zh!YdcdiXdbbVcYVaad[i]ZiddahgZfj^gZYidhZZ i]ZXdbbjc^indjid[gjgVa^hbVcY^cidhZaZXi^kZjgWVc^oVi^dc#I]ZVWhZcXZd[ VX^k^XhdX^ZindgVc^ciZ\gVi^kZbjc^X^eVadgVcVi^dcVaeaVcc^c\gZ\^bZVYYhid i]Z\gdl^c\iZch^dchl^i]^ci]ZigVY^i^dcVahigjXijgZd[WZadc\^c\#I]ZedlZgd[ i]ZZmiZcYZY[Vb^anegZhZgkZheg^kViZ^ciZgZhihVcYaZVYhidV¹kdajciVgnºl^i]" YgVlVa[gdbi]Z^ciZgZhihd[i]ZejWa^X#Bdhik^aaV\ZXdcÄ^XihZgjeidkZgaVcY WdjcYVg^Zh0i]ZhZVgZhZiiaZYi]gdj\]bZY^Vi^dcWZilZZc[Vb^a^Zhl^i]i]Z]Zae d[igjhiZYdjih^YZgh#>ca^Zjd[i]^h!i]ZgZ^hcd^cYZeZcYZciVcYYZbdXgVi^XVaan hZaZXiZYWdYni]Vik^aaV\Zgh^YZci^[nl^i]VcYi]ViXVcegdk^YZVhj^iVWaZVaiZgcV" i^kZidi]Z>hgVZa^XdjgihnhiZb# 9bWiiFebWh_pWj_ed ?ZgjhVaZb"VgZVk^aaV\Zh!a^`ZVaagjgVahdX^Zi^Zh!]VkZWZZcYZZeanV[[ZXiZYWni]Z djilVgYb^\gVi^dcd[i]ZZYjXViZYb^YYaZXaVhhZh#>cXdbbjc^i^Zhl]ZgZig^WVa kVajZh[dgbi]ZWVh^hd[hdX^VagZaVi^dch!VcYXaVhhVYkVcXZbZciVcYZbeadn" bZcideedgijc^i^ZhVgZa^b^iZY!cZl\ZcZgVi^dchd[iZchZZ`gZ[j\Z^cbdgZjgWVc Zck^gdcbZcihi]Vi]VkZV]^\]ZgYZ\gZZd[idaZgVcXZVcYVgZdeZcidVWhdgW^c\ cZlb^\gVi^dc#I]ZgZXZciZXdcdb^XgZXZhh^dcVcYYZXa^cZ^c_dWdeedgijc^" i^Zh^c>hgVZa]VkZ^cXgZVhZYi]Zk^aaV\ZjcZbeadnbZcigViZVcYVYY^i^dcVaan ^beVXiZYXaVhh^cZfjVa^i^Zh#I]ZXjggZciigZcY^hV\gdl^c\eddgjcYZgXaVhh#I]^h igVch[dgbVi^dc^cXaVhhhigjXijgZl^aaXVjhZ^cXgZVh^c\hdX^VaY^heVg^i^Zhl^i]^c EVaZhi^c^VchdX^ZinVcY[jgi]Zgl^YZci]Z\VeWZilZZcX^i^ZhVcYk^aaV\Zh @]VbV^h^
VcYCVhgVaaV]!'%%( #A^b^iZYhdX^VabdW^a^inWZilZZcXaVhhZhVYYhidi]ZaViZci!
&'-q&'.
igjcXViZYVcY[VahZjgWVc^oVi^dcd[gjgVaXdbbjc^i^ZhVcY[jgi]ZghigZc\i]Zch hdX^VaadXVa^oVi^dcVcYig^WVa^hb!VhlZaaVhi]ZhigVi^ÃXVi^dcd[EVaZhi^c^VchdX^Va
:cXaVkZh
\gdjeh^c:Vhi?ZgjhVaZb#
:mXaVkZh
8DC8AJH>DC I]Zl^YZg\Zdeda^i^XVa!iZgg^idg^VaVcYYZbd\gVe]^XXdcÄ^Xi]VhZc\ZcYZgZYV egdXZhhd[aViZciVcY[VahZjgWVc^oVi^dc^cZVhiZgc?ZgjhVaZbk^aaV\Zh#JgWVc^oV" i^dc^cgjgVaZck^gdcbZcihl^i]^ci]ZZVhiZgc?ZgjhVaZbVgZV^hX]VgVXiZg^oZY WnVY^X]didbnWZilZZcjgWVca^k^c\hiVcYVgYhVcYXdchjbZgWZ]Vk^dghdcdcZ ]VcYVcYhdX^dXjaijgVaWZ]Vk^dgWVhZYdcigVY^i^dcVacdgbhVcYeg^cX^eaZhdc i]Zdi]Zg =jci^c\idc!&.., #I]ZbV^c^cY^XVidgd[i]^hhZaZXi^kZjgWVc^oVi^dc^h edejaVi^dc\gdli]#7ZilZZc&.+,VcY'%%'!i]ZEVaZhi^c^VcedejaVi^dc^c:Vhi ?ZgjhVaZb¼hk^aaV\Zh\gZlWn''( VhXdbeVgZYl^i]V?Zl^h]edejaVi^dc\gdli] d[VWdji&('!VcY\gdli]^ci]ZZci^gZX^ind[&*+ 8]dh]Zc!'%%) l^i]VcVkZg" V\ZcVijgVa^cXgZVhZd[VWdji(eZgnZVg#I]ZhZYZbd\gVe]^XX]VgVXiZg^hi^Xh ÃiigVY^i^dcVagjgVaXdbbjc^i^Zh!YZhe^iZi]Vi:Vhi?ZgjhVaZbk^aaV\ZhVgZaVg\Zan YZeZcYZcidci]ZjgWVcheVXZd[?ZgjhVaZb#I]ZigVY^i^dcVaheVi^VabdYZad[ ?ZgjhVaZb¼hdg\Vc^Xk^aaV\Zh]VhgVY^XVaanX]Vc\ZYe]nh^XVaan^cidVbdYZabdgZ h^b^aVgidi]Vid[hjWjgWVcXdbbjc^i^Zh!ZkZcVhi]Z^ghdX^VaVcYXjaijgVaX]Vg" VXiZg^hi^XhgZbV^cigVY^i^dcVa#
&
I]^hbZY^Vi^dcegVXi^XZ^hXVaaZYi]Zhja]V!^i^cXdgedgViZhV\gZZY"jedcXdbbjc^in"bdc^idgZY eVnbZcihVcYejc^h]bZcih!VcY^hl^YZanjhZYidhdakZVaa`^cYhd[^ciZgcVaVcYZmiZgcVa[Vb^an Y^hejiZh#
HZaZXiZY7^Wa^d\gVe]n 6Yg^VcV6aaZc!ZiVa#!HjhiV^cVWaZJgWVc^oVi^dc/7g^Y\^c\i]ZE88!'%%( # GVhhZb@]VbV^h^!¹JgWVc^oVi^dcL^i]dji8^i^Zh/I]ZJgWVcE]ZcdbZcV6bdc\i]Z6gVWh>c >hgVZa!º=dg^odc^cchi^ijiZd[?ZgjhVaZbHijY^ZhVcY7VY^aGZhdjgXZ8ZciZg!&... #
gZ[aZXi^dchd[heVi^Va egZhZciVi^dc^chjgWV]^g 6HIJ9N>CJH: NZ]diVaH]Ve^gV
Hjg7V]^g!adXViZY^chdji]ZVhi?ZgjhVaZb!lVhWdgc^ci]Zh^miZZci]XZcijgnVh VhbVaaEVaZhi^c^VcV\gVg^VcXdbbjc^in!VcY\gVYjVaanYZkZadeZY^cididYVn¼h cZ^\]Wdg]ddYd[&'!%%%^ch^YZi]Z>hgVZa^?ZgjhVaZbbZigdeda^h#I]^hZhhVnl^aa igVXZi]ZaVcYhXVe^c\igVY^i^dchVcYWj^aY^c\]Zg^" iV\Zhi]ViX]VgVXiZg^oZYi]^higVch[dgbVi^dcVcY ^ih^cÄjZcXZjedcXdciZbedgVgn:Vhi?ZgjhVaZb eaVcc^c\Xdc[gdciVi^dch#I]^hiVX`Y^[[Zgh[gdbi]Z egZYdb^cVcibVccZg^c>hgVZad[ZmVb^c^c\i]Z eaVcc^c\d[EVaZhi^c^VchjggdjcY^c\h0jhjVaani]ZhZ VcVanhZhjhZVXg^i^fjZl^i]VheZX^ÃXigV_ZXidgn/ dcZbdk^c\[dglVgY!idlVgYh¹egd\gZhhº ?VWVg^c
8dchigjXi^dcd[]djhZZmiZc" h^dc^cHjg7V]^g e]did/@]VaZY
mAVl"NdcZ!&..-/+-",+ #>cbVcnXVhZh!EVaZhi^c^Vc
9VWVh]
Xdbbjc^i^Zh¼igVY^i^dcVahigjXijgVafjVa^i^ZhVgZ hZZcVhdW_ZXih[dgX]Vc\ZdgXdchZgkVi^dck^V i]Zegd[Zhh^dcVaVgX]^iZXijgVaY^hX^ea^cZ!YZhe^iZ i]Vii]ZhZfjVa^i^ZhVgZ`ZnidjcYZghiVcY^c\i]Z XdciZbedgVgnZkdaji^dcd[eaVXZhVcYi]Z^gVXijVa edhh^W^a^i^Zh# I]^hZhhVnl^aai^ZVgX]^iZXijgZVcYaVcYhXVe^c\ id=Vaa¼h &..,/&(",* Vg\jbZcihi]VigZegZhZciV"
IgVY^i^dcVaDiidbVcYlZaa" ^c\^cHjg7V]^g e]did/@]VaZY
i^dchVgZeVgid[WgdVYZgXjaijgVaegdXZhhZhl]^X]
9VWVh]
dg\Vc^oZ!cdgbVa^oZ!VcY\^kZhigjXijgZidi]Z ldgaY!VhXgjX^VaXdbedcZcih^ci]ZXgZVi^dcd[XdbbdckVajZh#6hhjX]!i]^h ZhhVnl^aa\^kZegZXZYZcXZidi]Z[V^i]VcYXjhidbhd[i]ZXdbbjc^inVcY^ih ^cY^k^YjVah^cYZhXg^W^c\i]Z^ggZaVi^dch]^eWZilZZcWj^aY^c\VcYXjaijgZ#I]Z bZbdg^ZhVcYi]ZeaVcc^c\egdWaZbhYZhXg^WZYlZgZ^c[dgbZYWnY^hXjhh^dch l^i]eaVccZgVcYK^aaV\Z9ZkZadebZci8dbb^iiZZ]ZVY=VhhVc6Wj6haV]VcY K^aaV\Z9ZkZadebZci8dbb^iiZZbZbWZg@]VaZY9VWVh]# 6nVa &..( Vg\jZhi]Vi>hgVZa^VXVYZb^Xlg^i^c\dc¹I]Z6gVWK^aaV\ZºiZcYh idXdchigjXiEVaZhi^c^VchVhi]ZY^hi^cXiDi]Zg#8ZgiV^can!cZl>hgVZa^lg^i^c\¸cd aZhhi]^hZhhVn¸^h^cYVc\Zgd[gZegdYjX^c\Zm^hi^c\edlZggZaVi^dchl^i]^ci]Z hX]daVgangZVab!gZeZVi^c\Y^hXg^b^cVi^dcV\V^chiEVaZhi^c^VchWnXgZVi^c\cZl kZghjhdaYeZgheZXi^kZhVcY]^ZgVgX]^Zh#6aaiddd[iZc!VcVanhZhgZZc[dgXZ:jgd" 6bZg^XVccdi^dchVcY¹ji^a^oZºi]ZegZhZcXZd[Y^hXg^b^cVi^dcVhVeaVi[dgb[dg
^ciZ\gVi^dc^cidi]Z^ciZgcVi^dcVaegd[Zhh^dcVaY^hXdjghZ#>ca^\]id[i]ZhZYVc\Zgh!
&(%q&(&
>Vg\jZi]Vii]ZbZVc^c\d[hjX]lg^i^c\a^Zh^ci]Z\gZViZgbjijVajcYZghiVcY^c\ \V^cZYWnZmVb^c^c\EVaZhi^c^VcVcY>hgVZa^XjaijgVaY^[[ZgZcXZh#
:cXaVkZh :mXaVkZh
B:BDGN!=>HIDGN!6C9IG69>I>DC>CHJG76=>G Hjg7V]^g]VhWZZc^c]VW^iZYh^cXZi]Z&+i]XZcijgn =jiiZgdi]VcY6WYja[ViiV]! &.,,/&&, #I]Zk^aaV\ZYZkZadeZYVadc\h^YZi]Z7Zi]aZ]Zb"?ZgjhVaZb^ciZgXdjghZ!
VcYi]ZbV_dg^ind[^ih]djhZhlZgZadXViZY^cXVkZhVlVn[gdbV\g^XjaijgVa aVcYh =^ghX][ZaY!&.-,/-)0@Vg`VcYDgZc"CdgY]Z^b!&..*/(')"('. #I]ZaVcYhjggdjcY" ^c\i]ZXVkZhlVhdg^\^cVaanjhZY[dgeVhijgZaVcY0dkZgi^bZ^ilVhXjai^kViZY VcYVY_VXZci]djhZhlZgZWj^aid[adXVaan"[djcYhidcZ#:VX]cjXaZVg[Vb^an ^c]VW^iZYVdcZ"gddb]djhZZcX^gXa^c\Vc^ccZgdeZc"V^gXdjginVgYjhZYWni]Z Zci^gZZmiZcYZY[Vb^an#I]Z]djhZ]VYkZgnhbVaal^cYdlhVcYlVhVahdjhZY VhVeaVXZ[dgV\g^XjaijgVaegdYjXi^dcVcYh]ZaiZg[dgVc^bVah#9dbZhi^XVgZVh lZgZhZeVgViZY[gdbi]dhZjhZY[dgVc^bVah]ZaiZgWn\gVYjViZY^ccZgeaVi" [dgbhXdccZXiZYl^i]hiV^gXVhZh# I]ZgZa^\^djh"XjaijgVacZZYidh]^ZaYldbZc[gdbejWa^XVXXZhh!VcYi]Z gZfj^gZbZcihd[YZ[ZcY^c\i]ZXdbbjc^in[gdbbVgVjYZgh jci^ai]ZZcYd[i]Z &.i]XZcijgn!i]ZYZhZgi[gdci^ZgcZVg?ZgjhVaZblVhi]Zh^iZd[[gZfjZciXaVh]Zh WZilZZck^aaV\ZhVcY7ZYdj^cgV^Yh Y^XiViZY^cigdkZgiZYXdchigjXi^dc 8VcVVc! &.((/*,"+(0;jX]h!&..-/-,".&0=^ghX][ZaY!&.-,/*)",- #I]Z^ciZgcVaXdjginVgY]VYbVcn
jhZh/hidg^c\\gV^c!Xdd`^c\^cVlddYdkZc!eaVn^c\!lVh]^c\!d[[Zg^c\]dhe^" iVa^in!VcYh]ZaiZg^c\Vc^bVah#>ihÄddglVhbVYZd[hidcZVcYigdYYZcZVgi]! VcYVadc\^ihaZc\i]lZgZY^iX]Zhi]ViaZYlViZggjc"d[[idX^hiZgch!l]^X]lZgZ Hjg7V]^g¼hdcanhdjgXZd[lViZg#L]ZcXdchigjXi^dclVh^c^i^ViZYVgdjcYi]Z ^ciZgcVaXdjginVgY!i]ZZci^gZZmiZcYZY[Vb^anVcYi]ZgZhid[i]Zk^aaV\Z_d^cZY ^ci]ZhdX^VaZkZci 8VcVVc!&.((/*,"+( # I]^h^ci^bVXnl^i]i]ZZVgi]^che^gZYZX]dZhd[cVijgVa[dgbh^ci]ZWj^aY" ^c\XjaijgZ#HigjXijgZhXdciV^cZYg^\dgdjhgZeZi^i^dchd[i]ZgZXiVc\jaVggddb eaVXZY^c]Z^\]iVXXdgY^c\idi]Zided\gVe]n#I]ZhZgZXiVc\jaVggddbh!ha^\]ian Y^heaVXZY[gdbZVX]di]Zg!XgZViZYg^X]!bjai^Y^bZch^dc[dgbhgZÄZXi^c\i]Z hjggdjcY^c\VgZV!l]^aZi]Zgdd[d[i]Z]dbZlVhVhidcZXgdhhX]VbWZggZb^" c^hXZcid[VkVjaiZYh`n#I]Z]^aah^YZiZggVXZhXdci^cjZY^cidi]Z]djhZ!Y^k^YZY kZgi^XVaandcY^[[ZgZcieaViZVjh!VYVeiZYVcYkVg^ZYVXXdgY^c\idi]ZX]Vc\^c\ ided\gVe]n!ZVX]l^i]^ihdlcjhZ#I]ZgZlVhVcVijgVaegd\gZhh^dcdjilVgY VcYcdXdch^YZgVi^dc\^kZcidi]ZÃcVa[gdciVak^Zld[i]Zh^iZ H]Ve^gV!'%%) # ;gdbi]ZaViZ&.i]XZcijgndclVgYh!Hjg7V]^g¼hWj^aY^c\h!heVi^Vadg\Vc^oV" i^dc!VcYVii^ijYZidlVgYhi]ZaVcYhXVeZWZ\VcidX]Vc\Z#>ceVgVaaZa!?ZgjhV" aZb"VgZVk^aaV\Zh¼edejaVi^dch^oZ^cXgZVhZYbVg`ZYanWni]ZZcYd[i]Z&.i] XZcijgn 7Zc6g^Z!&.-./,."-) #I]^hegdXZhhd[bdYZgc^oVi^dclVhWdi]^ciZgcVaan VcYZiZgcVaanbdi^kViZY#7j^aY^c\eViiZgchVcYi]ZadXVi^dcVcYhiVijhd[deZc heVXZhlZgZVaiZgZY/higZiX]^c\[gdbVi^\]ian"`c^ik^aaV\Z!Hjg7V]^gWZ\Vcid ZmiZcYVadc\i]ZcZVgWng^Y\Zh#I]ZVc^bVahlZgZZ^i]ZggZbdkZY[gdbi]Z ]djhZVaid\Zi]Zg!dgaZ[idci]ZÃghiÄddgl]^aZi]Za^k^c\VgZVlVhZaZkViZY idVhZXdcYÄddgWj^ai[gdbX]^hZaZYhidcZhl^i]aVg\Zgl^cYdlh^ceV^ghl^i] Vhjeedgi^c\VgX]VWdkZi]Zb#AViZg!i]^hhZXdcY[addgVYdeiZYV¹ig^eaZº
ZcigVcXZlVn!X]VgVXiZg^oZYWnildl^cYdlhcZmiidVYddgaZVY^c\djijedc VWVaXdcn#6ii^bZh!ZkZcVi]^gYÄddglVhXdchigjXiZY DgZc"CdgY]Z^b!&.-* #I]Z ]djhZlVhi]jhk^hjVaanhZeVgViZY[gdb^ihhjggdjcY^c\h# Cdli]Z]dbZVcYi]ZXdjginVgY]VYX]Vc\ZYeaVXZh/i]ZXdjginVgYadXViZY Vii]ZXZciZgd[i]Z]djhZ]VYbdkZYidhjggdjcYi]ZYdb^X^aZ#7j^aY^c\hlZgZ cZlaneaVccZY^ci]ZXZciZgd[i]ZaVcYeadi#HigjXijgZhdcXZWj^ai^cg^\dgdjh [jcXi^dcVa^hb!l]ZgZZVX]lVhZfjVaidi]Zdi]Zgh!WZ\VcidgZegZhZcii]Z ^cY^k^YjVa^ci]ZejWa^Xhe]ZgZi]gdj\]i]ZjhZd[kVg^ZYX]^hZaZYhidcZhVcY YZXdgVi^dch#I]Z[VVYZ¼hVeeZVgVcXZlVhcdidcanVh^\cd[cZliZX]c^fjZ!Wji d[VaiZgZYhdX^VaeZgXZei^dch0i]Z^cY^k^YjValVh^cXgZVh^c\ank^h^WaZVcYgZegZ" hZciZY!gVi]Zgi]VcWZ^c\hjWhjbZYl^i]^ci]Zl^YZgXaVc#I]^higVch[dgbVi^dc VYY^i^dcVaanh^\cVaZYVaiZgZYeZgXZei^dchXdcXZgc^c\i]ZZmegZhh^dcd[hiVijh VcYegdeZgindlcZgh]^e H]Ve^gV!'%%) # =VhhVc6Wj6haV]gZbZbWZghi]Vii]ZgZlZgZhZkZgVa[jcXi^dc^c\ejWa^X deZcheVXZh^cHjg7V]^g!ZVX]dcZ^ciZcYZY[dgVhZeVgViZZmiZcYZY[Vb^an# I]ZhZlZgZi]ZcZlh^iZhd[hdX^VaZkZcihVcYXdbbjcVaV\g^XjaijgVaVXi^k^in# L]ZVilVhegdXZhhZY^cVYgn![ZcXZY"^cVgZVbVg`ZYWni]Z7g^i^h]hjgkZn Vhi]Z¹i]gZh]^c\[addg#ºEVgi^ZhlZgZVahd]ZaY]ZgZl]ZgZ\jZhihYVcXZY i]ZYZW`V# LZYY^c\egdXZhh^dchWZ\VcVii]Z\gddb¼h]djhZ!Xdjgh^c\Vadc\ i]ZgdVYidi]ZÃghiXgdhhgdVYhVWdkZi]ZHjg7V]^gXZbZiZgn!l]ZgZi]Z ;Vi^]VlVhgZVYcZVgi]ZWjg^VahigjXijgZhd[H]Z^`]9VlVgn¼h[Vb^an 8VcVVc! &.',/)!'( #6cVYY^i^dcVaXdbbdcejWa^XVgZVlVhi]ZhV]V!VWj^aY^c\jhZY[dg
i]ZbZZi^c\d[i]ZbZcd[i]ZZmiZcYZY[Vb^an# I]^hegVXi^XZlVhje]ZaY jci^ai]Z&.*%h#6aad[i]Zk^aaV\Z¼h[Vb^a^ZhjhZYi]ZXZbZiZgnVii]ZXZciZg d[i]Zk^aaV\Z0H]Z^`]9VlVgn¼h[Vb^an\gVkZh VhV^ci¼hbVfVb lZgZdcZ ^bedgiVcieaVXZd[egVnZg#I]ZhZhigjXijgZhlZgZYZhigdnZYVii]ZWZ]Zhid[ i]ZBjha^bVji]dg^i^Zh!Yjg^c\VaViZgeZg^dYd[YZaZ\^i^bVi^dcd[EVaZhi^c^Vc hV^cildgh]^e# 6\g^XjaijgZlVhWdi]VhdjgXZd[ldg`VcYi]Z[djcYVi^dcd[aZ^hjgZ!l^i] cdhZeVgVi^dcWZilZZci]Zb 8VcVVc!&.'-/&(."&)% #=VhhVc6Wj6haV]YZhXg^WZh ]^hZmeZg^ZcXZ/¹>ci]Zda^kZ"e^X`^c\hZVhdc!Vaai]ZeZdeaZ\Vi]ZgZYdjih^YZ i]Z]djhZid]VgkZhii]Zda^kZh#;dgbZVhVX]^aY^ilVhVjc^fjZZmeZg^ZcXZ! Xa^bW^c\Pi]Zda^kZigZZhR#LZ\gZlhfjVh]dci]ZeaV^cPVhRhjbbZg[gj^i#LZ ldjaYbV`ZViZciVcYhaZZei]ZgZ[dgi]gZZbdci]hPdg^cVXVkZdgVh]ZYR! iV`^c\i]ZXViVcYi]ZjiZch^ahVcY]Vk^c\Ve^Xc^X#LZldjaYldg`¸\Zii^c\je ^ci]Zbdgc^c\VcYe^X`^c\da^kZh¸VcYlZldjaYVahd\didi]ZbVg`ZiidhZaa i]ZegdYjXZVcYWg^c\]dbZhdbZbdcZn#;ZZa^c\i]Zbdgc^c\YZllZii^c\i]Z [ZZilVhVgZVaeaZVhjgZ#º I]ZdXXjeVi^dcd[:Vhi?ZgjhVaZb^c&.+,VcYi]ZVccZmVi^dcd[Hjg7V]^g VXXZaZgViZYi]Zk^aaV\Z¼hjgWVc^oVi^dc#I]^hegdXZhhlVhVXXdbeVc^ZYWn YZXgZVh^c\V\g^XjaijgVaVXi^kin#Ild[dgbhd[V\g^XjaijgZhi^aaiV`ZeaVXZ^c i]Zk^aaV\Z#;^ghi!da^kZ\gdkZhVgZXjai^kViZY^ci]ZlVY^h!^ceaVXZd[egZk^djhan kVg^ZYXgdeh#Da^kZ\gdkZhYdcdigZfj^gZV\gZViYZVad[aVWdgdgVaVg\ZÃcVcX^Va ^ckZhibZci!VcYi]Z^gXjai^kVi^dcYdZhcdigZhig^XiVcjgWVcZm^hiZcXZ#I]Zda^kZ \gdkZhVgZVahdjhZY[dgbV^ciV^c^c\dlcZgh]^edkZgaVcYl]^X]^hi]gZViZcZY Wn>hgVZa^?Zl^h]hZiiaZbZciZmeVch^dc#HZXdcY!XdciZbedgVgnV\g^XjaijgZ
eZgh^hihi]gdj\]YdbZhi^X]jhWVcYgn!Xdbeg^hZYd[XVg^c\[dge^\ZdchVcY
&('q&((
X]^X`Zch!VcYi]ZiZcY^c\d[[gj^iigZZhVadc\h^YZdgcVbZciVa\gdli] >hgVZa^ VcYLZhiZgcViig^WjiZhVgZk^h^WaZ^ci]ZWaddb^c\eaVcihVcY\gVhhlViZgZYWn
:cXaVkZh
^gg^\Vi^dc]dhZh #
:mXaVkZh
7j^aY^c\[dgbh[gdbkVg^djhZgVhZm^hih^YZWnh^YZ^cHjg7V]^g!VcYVgZcdl ^ciZgldkZc¸gZa^Xhd[XVkZhh^iWZh^YZ]djhZhl^i]Vc^ccZgXdjginVgY!l]^X]^c ijgccZ^\]WdghigjXijgZ"hVijgViZY!bdYZgcWj^aY^c\h^iZh#>bedgiVciigVY^i^dcVa Viig^WjiZheZgh^hil^i]bdYZgckVg^Vi^dch/idYVn!i]Zl^YZgk^aaV\ZeVgi^X^eViZh ^cXdchigjXi^dc!VcYjc^ihVgZVYYZYdcidVbV^chigjXijgZ ¹Wj^aY^c\[gdbi]Z ^ch^YZº VXXdgY^c\idcZZY#I]ZhZZaZbZcihVgZ^ciZ\gViZY^cidXdciZbedgVgn iZX]cdad\^Zh iV`Z![dgZmVbeaZ!i]Z]dbZi]Vig^hZhÃkZhidg^Zh]^\]!^cdgYZg id]djhZi]Z\gdl^c\ZmiZcYZY[Vb^an!ZVX]cjXaZVg[Vb^andcVY^[[ZgZciÄddg # AdXVabdi^[hhjX]VhkVjaihVeeZVg[gZfjZciancZmiidbdYZgceViiZgch!VcYVaa ineZhd[hidcZhVcYXjii^c\hXgZViZhV[ÄjZcXZ^chinaZVcY[dgb#>ccZgY^k^h^dch VgZcdl]dg^odciVa!ZVX]gddbl^i]^ihdlcejgedhZ#I]ZigVY^i^dcVagddb[dg ZciZgiV^c^c\\jZhihgZbV^ch^ccZVganZkZgn]djhZ# I]ZcZ^\]Wdg]ddY^hX]VgVXiZg^oZYWnaVX`d[d[ÃX^VaeaVcc^c\VcY^ckZhiZY gZhdjgXZh!VhlZaaVhVcVWjcYVcXZd[eg^kViZan"Yg^kZcWj^aY^c\h#I]ZgZhjai^h VY]dX!l^i]gZh^YZcihijgc^c\eg^kViZhigjXijgZh^cidZYjXVi^dcVaWj^aY^c\h! VggVc\^c\i]Z^gdlcVXXZhhgdjiZh!YZkZade^c\gdVYhl^i]h]VgZYeg^kViZ[jcY" ^c\!VcYhddc#ci]Zk^aaV\ZXZciZg!i]ZXgdlYZYXdchigjXi^dc]Vh^cÃaigViZYeg^kViZXdjgi" nVgYh#GZh^YZci;jVY?VYVaV]ZmeaV^chi]Vi!aVX`^c\Vcndi]ZgVaiZgcVi^kZh[dg X]^aYgZcideaVn!¹lZ]Vc\Vhl^c\^ch^YZi]Z]djhZ#IZcnZVghV\d!eZdeaZ]VY deZcXdjginVgYh0cdli]ZgZ¼hcdgddb#ºI]ZegZhhjgZidWj^aY]djhZhXadhZ id\Zi]Zg]VhdkZgg^YYZci]ZYZh^gZ[dgegdiZXiZYdjiYddgVgZVh[dgldbZc VcYX]^aYgZc#Cdg]Vhi]ZXgdlY^c\WZZchiVnZYWni]ZZXdcdb^XWZcZÃihd[ XdjginVgYV\g^XjaijgZ#9^hXg^b^cVidgneaVcc^c\ejh]ZhHjg7V]^ggZh^YZcihid Wj^aY]dbZhl^i]djieZgb^ih!VcYVhVgZhjai!^aaZ\Vaan"Wj^ai]dbZhVgZgZ\jaVgan YZbda^h]ZYWni]Zbjc^X^eVa^in#=ZVehd[gjWWaZ[gdbYZbda^h]ZY]dbZhhXVg i]ZcZ^\]Wdg]ddY!Vk^h^WaZgZb^cYZgd[i]ZX]d`ZYheVXZ#
I=:8A6H=D;>HG6:A>EA6CC>CC>6C7J>A9>ChgVZa^eaVcc^c\eZgheZXi^kZ#I]^heZgheZXi^kZXVccdiVaadlVWa^cYZnZidWZ ijgcZYidi]ZhjWkZgh^kZVXid[ZmiZch^kZ!^aaZ\VaEVaZhi^c^VcWj^aY^c\#CZkZgi]Z" aZhh!dcanVhbVaaedgi^dcd[i]ZhZdgYZghVgZ^beaZbZciZY#>hj\\Zhii]Vii]^h eVgi^Va^beaZbZciVi^dcd[d[ÃX^Va>hgVZa^eda^Xn!hZZcVadc\h^YZ^chj[ÃX^ZcieaVc" c^c\VcY^ckZhibZci^cEVaZhi^c^VccZ^\]Wdg]ddYh!^hZk^YZcXZd[>hgVZa^Xdc[j" h^dcVcYZbWVggVhhbZciVWdjii]ZZi]^Xhd[i]^heda^Xn#I]ZVji]dg^i^Zh¼[ZVgh VcYYgZVbhgZhig^Xii]Z^gVW^a^inidVX`cdlaZY\ZY^[[ZgZciXdbbjc^inVcYcVi^dc" VacZZYh hZZi]ZgZaViZYZhhVn^ci]^hkdajbZWnCVVbVBZ^h]VgVcYNZ]diVa H]Ve^gV #BdgZdkZg!i]ZXdcigVY^Xi^dcWZilZZc>hgVZa^eda^XnVcY^beaZbZciVi^dc ^hVh^\cd[i]Z>hgVZa^Vji]dg^i^Zh¼XdcÄ^XiZYeda^X^ZhXdcXZgc^c\EVaZhi^c^Vch¼ WVh^X]jbVcg^\]ih!VcYi]Z[V^ajgZhd[i]Z>hgVZa^gZegZhZciVi^dcd[i]ZhZa[kZghjh i]ZDi]Zg^c:Vhi?ZgjhVaZb# Ejih^bean!i]ZVji]dg^i^Zh[V^aidhj[ÃX^ZcianVcY[V^ganegdk^YZ[dgi]ZcZZYh d[i]ZhZgZh^YZcih!VcYXdchigjXi^chiZVYVe^XijgZd[i]ZbVhaVl"WgZV`Zgh#I]Z aVX`d[d[ÃX^VagZhedch^W^a^inaZVkZhi]ZhZgZh^YZcih]ZaeaZhh![dgX^c\i]Zbid WneVhhaZ\VadWa^\Vi^dchVcYedh^i^dc^c\i]ZbVhVejWa^X[dgl]^X]i]ZhZaZ\Va dWa^\Vi^dchYdcdiVeean#I]^hjcYZgb^cZhi]ZWVh^XbdgVa[djcYVi^dcd[>hgVZa¼h YZbdXgVXnl^i]Vaa^ih^bea^XVi^dch#7jii]ZkVhijcXdcigdaaZYXdchigjXi^dcVahd ZmedhZhi]Z[V^ajgZVcYaVX`d[ad\^Xd[>hgVZa^eaVcc^c\eda^X^Zh#9Zh^\cZYidXdc" igdaWj^aY^c\VXi^k^i^Zh!i]Zhig^XigjaZh]VkZi]Zdeedh^iZZ[[ZXi#>hgVZa^]Z\Zbdcn dkZgeaVcc^c\VcYVgX]^iZXijgVagZegZhZciVi^dc^hjcYZgb^cZYWni]Zh]ZZgZcZg\n l^i]l]^X]i]ZjgWVc[VWg^X^higVch[dgbZYWni]ZeZdeaZi]ZbhZakZh# 6XZcigVafjVa^ind[Hjg7V]^g¼hWj^aY^c\XjaijgZ^h^ih[djcYVi^dc^ci]ZXdchZci d[ZmiZcYZY[Vb^a^Zh#I]^hfjVa^ingjch]ZVYadc\^cid>hgVZa^eaVcc^c\eda^Xn! l]^X]^hXdcYjXiZYWnVXZcigVahdkZgZ^\cVji]dg^inbVcV\^c\dlcZgh]^edkZg bdhid[i]ZhiViZ¼haVcY#I]ZeaVcc^c\Vji]dg^inYZX^YZhdcV¹egd[Zhh^dcVaºWVh^h i]Z[VhiZhilVnidhZiiaZaVg\ZVgZVhd[aVcYl^i]i]ZbVm^bjbVbdjcid[Xdc" higjXi^dcVcYi]Z\gZViZhi ?Zl^h] edejaVi^dc#=ZgZ!i]ZeaVcc^c\egdXZhhdXXjgh [gdbVcVZg^VaeZgheZXi^kZVcYl^i]ViVjidad\^XVak^Zld[i]ZgZhjai#>hgVZa^ Vji]dg^i^Zhi]ZcVXXjhZi]ZEVaZhi^c^VcejWa^Xd[edhhZhh^c\V¹eg^b^i^kZºXjaijgZ! l]^X]^hgZhedch^WaZ[dgcdiÃaa^c\i]Z\VehaZ[iWnejWa^XeaVcc^c\¸^#Z#i]ZgZh^" YZcih¼¹[V^ajgZºidijgceg^kViZaVcY^cidejWa^XhX]ddah!\VgYZch!VcYhddc#7ji eaVcc^c\^cVgZVheg^kViZandlcZYWnXaVchl]digVch[ZgegdeZginWn^c]Zg^iVcXZ VcYl]dgVgZanhZaaaVcYdjih^YZi]Z[Vb^anXVcdcanWZWVhZYdcXdchZciWZilZZc i]Zeg^kViZdlcZgh#>cHjg7V]^g!i]ZgZh^YZcihY^YcdilVciidh]VgZ`cdlaZY\Z VWdjii]ZhjWY^k^h^dcd[dlcZgh]^el^i]i]ZeaVccZghldg`^c\[dgi]ZVji]dg^" i^Zh#I]ZgZ[dgZ!YZhe^iZi]Z^gZm^hiZcXZVcYjhZ^ci]ZegZ"bdYZgcVcYbdYZgc ZgV!ejWa^XheVXZhVgZgVgZanVkV^aVWaZ#6YZXa^cZ^ci]ZigVY^i^dcVahdX^VaedlZg d[i]ZZmiZcYZY[Vb^an^c[Vkdgd[i]ZcZZYhd[cjXaZVg[Vb^a^ZhVcY^cY^k^Yj" VahXgZViZhegdWaZbh[dgi]Z\gZViZgedejaVi^dc#6Xdbbjc^in¼hZkZgnYVnWVh^X cZXZhh^i^Zhh]djaYY^gZXieaVcc^c\#>ldjaYVg\jZi]Vi!Vadc\h^YZY^hXg^b^cVi^dc VcYY^higZhh!i]ZdXXjeVi^dc]Vh^cigdYjXZYVeVgi^XjaVgbZX]Vc^hbd[eaVcc^c\! VcYVheZX^ÃXkZgh^dcVcYiZbedd[bdYZgc^oVi^dc#6bdc\i]Z]dg^odchYZc^ZY Wni]ZdXXjeVi^dc^hi]Zedhh^W^a^ind[XgZVi^c\VhZa["YZiZgb^cZYbZX]Vc^hbd[
eaVcc^c\VcYVhZa["^che^gZYiZbedd[bdYZgc^oVi^dc#I]ZY^kZghZXjaijgVa[VWg^X
&()q&(*
d[?ZgjhVaZbhZihX]VaaZc\ZhidXdciZbedgVgneaVcc^c\jca^`Z[ZlX^i^Zh^ci]Z ldgaY#>ci]^hXdciZmi!i]ZVX`cdlaZY\ZbZcid[heZX^ÃXgZegZhZciVi^dcVcYegZ"
:cXaVkZh
hZciVi^dcd[XjaijgVaY^[[ZgZcXZhVcYXdbbjc^i^ZhcZZYh^hVcZhhZci^VaegZgZfj^"
:mXaVkZh
h^iZideaVcc^c\VcYYZh^\c#
&
6Wj6haV]^hi]Z]ZVYd[i]Zk^aaV\Z¼hYZkZadebZciXdbb^iiZZ#=Zldg`ZYVhVeaVccZg^ci]Z ?ZgjhVaZbbjc^X^eVa^inYjg^c\Wdi]?dgYVc^VcVcY>hgVZa^Xdcigda#9VWVh]]Vh^c^i^ViZYbVcn lZa[VgZegd_ZXih^ci]Zk^aaV\Zh^cXZi]Z&.+%hVcY]VhYdXjbZciZYdkZgnZVghHjg7V]^g¼hWj^aY^c\ ]Zg^iV\Z#>ldjaYa^`Zidi]Vc`CVVbVBZ^h]Vg[dg]Zg^bedgiVciXdbbZcihdci]^hZhhVnVcY[dg ]ZgeVgicZgh]^e^ci]ZegdXZhhd[gZXdgY^c\hdbZd[i]ZhZbZbdg^Zh#
'I]ZhZhidcZhlZgZcdiX]^hZaZY#I]ZnlZgZb^c^bVaanXji^cVhinaZXVaaZY`]Vbn# (
6XXdgY^c\idGZ^aan &.-&/.& !i]ZXdaaZXi^kZdg\Vc^oVi^dcd[i]Zk^aaV\ZdgZmiZcYZY[Vb^anlVh bVc^[ZhiZY^cXdbbdcjhZd[kVg^djhhigjXijgZh hjX]VhdkZch!VWVgcdgVWdVgY^c\]djhZ Vahd hZZGdW^chdc!&.%,/&%& #
) I]^hVcVanh^hlVh^che^gZYWni]ZVcVanh^hd[Vc6[g^XVck^aaV\ZWnI#I#B^c]"=VVcY?#E#7djgY^Zg &..+ VcYWnI#I#B^c]"=Vjh^c\i]ZhZVeegZ]Zch^dchd[XjaijgVaXg^i^X^hb B^c]"=V!&..'! &... # *
I]Zk^aaV\Z¼hYZkZadebZciVaegdXZhhZhVcY^ih\gVYjVajgWVc^oVi^dcVgZZk^YZci^cVXdbeVg^hdc d[VZg^Vae]did\gVe]hVcYbVehd[i]ZcZ^\]Wdg]ddY/^cVEVaZhi^cZ:meadgVi^dc;jcYbVe[gdb &-,-!i]Zk^aaV\Z^hbVg`ZYhX]ZbVi^XVaandci]Z7Zi]aZ]Zb"?ZgjhVaZbgdVY#I]Zk^aaV\Z^hbVg`ZY ^ci]^hbVe^cVlVni]ViYdZhcdiVaadlZhi^bVi^dcd[^ihh^oZ#Di]ZgEVaZhi^c^Vck^aaV\Zh^ci]Z ?ZgjhVaZbVgZVlZgZbVg`ZY^ci]ZhVbZbVccZg#>cVbVe[gdb&.(( hXVaZ&/&%!%%% !XajhiZghd[ ]djhZhXVcWZhZZcVadc\h^YZi]Z7Zi]aZ]Zb"?ZgjhVaZbgdVY#>cVbVe[gdb&.)( hXVaZ&/&'*% ! ^i^hedhh^WaZidhZZ]dli]ZWj^aY^c\^cXajhiZghWZ\VcidY^heZghZidlVgYhi]Zi^aaZYV\g^XjaijgVa aVcYh#BVg`hd[XVkZhVeeZVg^ci]ZVgZV!VhlZaaVhbVcnlViZg]daZhWZilZZci]Z]djhZhVcY hZkZgVaeaVXZhi]VihZgkZYWdi][dgXjai^kVi^c\l]ZViVcYVhVeaVXZd[\Vi]Zg^c\[dg[Vb^a^Zh[gdb i]ZhVbZXaVc#BVcnWj^aY^c\hVgZbVg`ZYdcV\g^XjaijgVaaVcYh#I]ZbdhfjZ\gZl^bbZchZan! VcYhZkZgVadi]ZgXdbbdcWj^aY^c\hXVcWZhZZc#6cVZg^Vae]did\gVe][gdb'%%'h]dlhi]Z Xdci^cjZYjgWVc^oVi^dcegdXZhh!eVgi^XjaVganVadc\i]ZbV^cgdVYh#6cjgWVchjXXZhh^dc^hZk^YZci ^cZmiZch^kZVgZVh!VcYi]ZgZ^hVabdhicdheVXZ XdjginVgY WZilZZcWj^aY^c\h#I]ZWj^aY^c\h i]ZbhZakZh\gdlWdi]^cl^Yi]VcY^c]Z^\]idkZgi^bZ#
+ 9ZW`V^hVYVcXZXjhidbVgnYjg^c\EVaZhi^c^VclZYY^c\h# ,
I]Zbdhiegdb^cZcikZghZd[i]ZFjgVc!l]^X]^hgZX^iZYVibdhiXZgZbdc^Zh#IdYVn!k^aaV\Z lZYY^c\egdXZhh^dch[daadli]Zk^aaV\ZhigZZih!l^i]djik^h^i^c\i]ZadXVah]g^cZ#
- >cHjg7V]^gi]ZgZlZgZViÃghii]gZZbV^c[Vb^a^Zh!ZVX]l^i]^ihdlchV]V#DkZgi^bZ!iZc Y^[[ZgZcihV]VhYZkZadeZY0idYVn!dcZ[Vb^an]VhgZk^kZYi]ZXjhidbVcYjhZhdcandcZhV]V[dg heZX^VadXXVh^dch# .
6bVfVb!dgh]g^cZd[Vk^aaV\ZhV^ci#Jejci^ai]ZaViZ&.'%h!hV^cih]g^cZhlZgZVWjcYVci i]gdj\]djiEVaZhi^cZVhh^iZhd[e^a\g^bV\ZVcYegVnZg 8VcVVc!&.',/' Hjg7V]^g¼hh]g^cZhVcY gZa^\^djhh^iZh^cXajYZY/H]Z^`]9VlVgn¼hY_Vb^0DbVg^WcVa"@]ViiVW &, cdli]ZdaYbdhfjZ d[i]ZcZ^\]Wdg]ddY 0Zh"H]CZc^ '+ cdljc`cdlc 0Zh"H]>hbV^a cdl`cdlcdcanVhV cZ^\]Wdg]ddY 0VcYZh"H]HjlVc# '' VcZm^hi^c\XVkZ!dcZeVgid[i]ZcZ^\]Wdg]ddYXVaaZYV[iZg Zh"H]HjlVc '' 0VcYi]ZbdhfjZ$Y_Vb^DbVg^WcVa"=ViiVW &, cdli]ZdaYbdhfjZd[i]Z cZ^\]Wdg]ddY #
&% Hjg7V]^glVhXdch^YZgZYV?ZgjhVaZbhViZaa^iZk^aaV\Z#I]Zk^aaV\Z^hadXViZY^ci]ZÃghig^c\ hjggdjcY^c\i]ZX^in!Veegdm^bViZanÃkZ`^adbZiZgh[gdbi]ZX^inXZciZg#>ihV\g^XjaijgVaegdYjXZ lVhhdaY^ci]ZX^in¼hbVg`Zih# IVbVg^!&.../,,",- # && 6Wj6haV]ZmeaV^ch/¹HVn>ldjaYl^h]id\dWVX`idPV\g^XjaijgZR0^i¼hcdiegdÃiVWaZ#I]ZnVgY PdcanRhjeeaZbZcihi]Z]djhZ]daY^cXdbZ#º &' AdXVaeVgi^X^eVi^dc^ci]ZeaVcc^c\egdXZhh^hcdlgZXdbbZcYZYWni]Z>hgVZaVji]dg^i^Zh A^ioÃZaY! &..) [dgeaVcc^c\^ci]Z6gVWhZXidg!WZXdb^c\Vh^\c^ÃXVcibdYZa[dgeaVcc^c\^c>hgVZa#EaVcc^c\ WnVhhZci!VhXZcigVaidi]ZEVaZhi^c^VcigVY^i^dc!^h^c[VXieVgi^X^eVidgneaVcc^c\#EVgi^X^eVi^dcd[ i]Z^cY^k^YjVa^ci]ZZck^gdcbZci^hVahdegZhZci^cEVaZhi^c^VcWj^aY^c\XjaijgZl]ZgZ]VW^iVi^dc VcYWj^aY^c\VgZcZ\di^ViZYVcYh]VgZYl^i]i]ZZmiZcYZY[Vb^an#
HZaZXiZY7^Wa^d\gVe]n hgVZa!ºIZdg^Vk7^fdgZi P¹7ZilZZc:VhiVcYLZhi/I]Z9^hXdjghZdci]Z»6gVWK^aaV\Z¼^c>hgVZa!ºI]ZdgnVcY8g^i^X^hbR IZa6k^k/KVcAZZg?ZgjhVaZb>chi^ijiZ!=V`^WWjioZ=VbZjX]VYEjWa^h]^c\=djhZ!&..( # NZ]dh]jV7Zc6g^Z!¹HVc_V`NZgjh]VaVn^bW^H]cdi=VH]ZkV^bh]Za=VBZV=V"&.!ºP¹I]ZHVc_V`d[ ?ZgjhVaZb^ci]Z&-,%h!º8Vi]ZYgV(+ ?ZgjhVaZb/NVY>o]V`7ZcOk^!&.-* # IVlÃf8VcVVc!Bd]VbbZYVcHV^cihVcYHVcXijVg^Zh^cEVaZhi^cZ AdcYdc/AjoV`!&.', #
IVlÃf8VcVVc!¹EaVci"adgZ^cEVaZhi^c^VcHjeZghi^i^dc!º?djgcVad[i]ZEVaZhi^cZDg^ZciVaHdX^Zin - &.'- # IVlÃf8VcVVc#¹I]ZEVaZhi^c^Vc6gVW]djhZ¸>ih6gX]^iZXijgZVcY;da`adgZ ?ZgjhVaZb/Hng^Vc Dge]VcV\ZEgZhh!&.(( # Gdc;jX]h#¹=V7Z^i=V6gVk^=V:gZio>hgVZa^/6^njcb^=VYVh]ºP¹I]ZEVaZhi^c^Vc6gVW=djhZ GZXdch^YZgZY!ºEVgi&m'!8Vi]ZYgV-.".%R ?ZgjhVaZb/NVY>o]V`7ZcOk^!&..- # HijVgi=Vaa!¹I]ZLdg`d[GZegZhZciVi^dc!º^cGZegZhZciVi^dc/8jaijgVaGZegZhZciVi^dchVcYH^\c^" [n^c\EgVXi^XZ AdcYdc/HV\ZEjWa^XVi^dch!&.., # N^o]Vg=^ghX][ZaY!7Z^i=VBZ\dg^b=V:gZio>hgVZa^W^Ifd[V=VGdb^i7^oVci^iP9lZaa^c\=djhZh^c GdbVcVcY7noVci^cZEVaZhi^cZR ?ZgjhVaZb/NVY>o]V`7ZcOk^!&.-, # Lda["9^ZiZg=jiiZgdi]VcY@VbVa6WYja[ViiV]!=^hidg^XVahaVb^hiiZggdgcZildg`hVcYi]Z^g^b^iVidghXVaa ^cidfjZhi^dci]ZYZZeZhijcYZgan^c\Vhhjbei^dchVWdjiLZhiZgcjgWVc^hb# HjX]ViiVX`hVYY[jgi]Zg^beZijhidVcVagZVYneVaeVWaZb^a^iVg^oVi^dcd[jgWVc heVXZ^cbVcnLZhiZgcX^i^Zh![jZaaZYWnhdX^VaedaVg^oVi^dc!jgWVchegVla!i]Zegd" a^[ZgVi^dcd[[dgi^ÃZYZcXaVkZh!VcYVc^ciZch^[n^c\XjaijgZd[[ZVg#BdgZdkZg!i]ZhZ gZXZciViiVX`h]VkZaZYidl^YZhegZVYXVaah!ZheZX^Vaan[gdbg^\]il^c\XdbbZciV" idgh![dgi]ZgVY^XVagZYZh^\cd[i]Ze]nh^XVa!iZX]c^XVaVcYhdX^VaVgX]^iZXijgZhd[ X^i^Zh^cdgYZgidÃ\]ii]Z¹cZlZcZbnl^i]^c#º6[iZg.$&&![dgZmVbeaZ!bVcnJH jgWVcXdbbZciVidghXVaaZY[dgVcVXXZaZgVi^dcd[hegVlaVcYVcZcYidh`nhXgVeZg XdchigjXi^dchdi]Vi^Xdc^XjgWVciVg\ZihlZgZaZhha^`ZanidViigVXih^b^aVgViiVX`h# 6Xgdhhi]ZbV_dgX^i^Zhd[i]ZLZhiZgcldgaY!eda^Xn"bV`ZghVYYgZhh^c\igVchedgi! ^bb^\gVi^dc!jgWVcYZh^\c!VgX]^iZXijgZ!Xdbbjc^ineda^X^c\!VcYhdX^Vaeda^Xn ]VkZhjYYZcanWZZc[dgXZYidXdcXZgci]ZbhZakZhl^i]]dli]Z^gldg`b^\]i WZXdbZ¹XdjciZg"iZggdg^hi#º 7jil]dZmVXian^hi]^h¹ZcZbnl^i]^cº46cY¹l^i]^cºl]ViZmVXianYdZhi]^h VaaZ\ZYZcZbnZm^hi48VcgZi]^c`^c\X^i^ZhgZVaanegZkZciXViVhigde]^XiZggdg ViiVX`h46cYl]Vib^\]ii]Zedhh^WaZYVc\ZghWZ^cViiZbei^c\idgZi]^c`jgWVc" ^hbhdVhidVeegZ]ZcYi]^h¹ZcZbnº4>cl]Vi[daadlh!>l^aaZmeadgZi]gZZ`Zn ed^cihi]Vi!>Vg\jZ!cZZYidWZXZcigVaidVcnY^hXjhh^dcdci]Za^c`hWZilZZc iZggdg^hbVcYXdciZbedgVgnLZhiZgcX^i^Zh# IG6CHC6I>DC6AJG76C>HB!IG6CHC6I>DC6AI:GGDG BnÃghied^ci^hi]ViiZggdgViiVX`hVgZ!^ci]Z^gdlclVn!]dgg^ÃXbdbZcihi]Vi gZkZVahdbZd[i]ZXdbeaZmYncVb^Xhd[¹igVchcVi^dcVajgWVc^hbº¸VhB^X]VZa EZiZgHb^i]iZgbZY^i Hb^i]!'%%& #HjX]ViiVX`hgZkZVai]Zedgdh^ind[LZhiZgc jgWVch^iZhidi]ZigVchcVi^dcVacZildg`hi]ViXgdhhXjiVcYXdchi^ijiZi]Zb!Vh bjX]VhVcn\adWVaÃcVcX^VabVg`ZieaVXZ!XjaijgVabZY^VhXVeZ!idjg^hiZmeZg^" ZcXZdgXdbbdY^inX]V^c#9^hV[[ZXiZYVcYgVY^XVa^oZY>haVb^hih!Z^i]ZgY^gZXian
a^c`ZYidigVchcVi^dcVaiZggdg\gdjeh!dgjh^c\IKVcYi]Z>ciZgcZiid^b^iViZ
&*+q&*,
i]ZaViiZg¼hiVXi^Xh!WZXdbZXdck^cXZYi]VibVgingYdbl^aaVkZc\ZLZhiZgcVcY >hgVZa^b^a^iVgnVhhVjaihdci]ZZkZgnYVnh^iZh!heVXZhVcYa^kZhd[Bjha^bX^i^Zh VcYi]Z^ggZh^YZcih#>ciZgcZih^iZh]ZaeidegdeV\ViZi]ZZmigZbZ^YZdad\^Zhd[ i]ZbVgingYdb!YZ]jbVc^oVi^dc!VcY]VigZYcZZYZYidgZXgj^iediZci^VaViiVX`Zgh# 7Zi]ZnhZXdcYdgi]^gY\ZcZgVi^dcX^i^oZchd[LZhiZgccVi^dch!dgk^h^idghl^i] iZbedgVgnk^hVhdg^bb^\gVi^dcYdXjbZcih!ViiVX`ZghYdcdigZfj^gZVXXZhhid hjWhiVci^Vab^a^iVgn]VgYlVgZ#>ci]Z^gZnZh!X^i^Zh!eVgi^XjaVganLZhiZgcX^i^Zh! Xdch^hid[VcYVgZXdchi^ijiZYWnVc^cÃc^iZcjbWZgd[¹hd[iiVg\Zih#º I]jh!V^geaVcZh]^_VX`ZYWnV[ZliZggdg^hihl^ZaY^c\WdmXjiiZghWZXdbZ hj^X^YVaXgj^hZb^hh^aZh!l]^X]!l]ZcXVgZ[jaanÄdlc^cidi]ZldgaY¼haVg\Zhi bdYZgc^hihigjXijgZh!Wg^c\VWdjiYZkVhiVi^dcV`^cidViVXi^XVacjXaZVgViiVX`# I]ZldgaY¼hIKcZildg`h!oddbZY^cdcBVc]ViiVc!egdk^YZYi]ZeZg[ZXi[dgb d[igVchb^hh^dc[dgi]ZiZggdg^hih¼bZhhV\ZVh^iWgdVYXVhii]ZhZXdcYeaVcZ¼h ^beVXi¹a^kZºVXgdhhi]Z\adWZ/ndjVgZdjgiVg\ZiVcYcdl]ZgZ^hhV[Z#>ckVg^VWan XgdlYZYWjhZh!hjWlVnhVcYhjWjgWVcigV^chegdk^YZXdcÃcZYheVXZhl]ZgZ YZkVhiVi^dc!WaddYh]ZY!VcYbZY^V[gZconXVcWZbVm^b^oZY#I]ZkZgnWdY^Zhd[ i]ZeZgeZigVidghWZXdbZWdi]eZg[ZXiXVbdjÄV\ZVcYeZg[ZXilZVedc!b^c\a^c\ jccdi^XZVWan^cidi]ZkVhiZWWVcYÄdld[i]ZXdciZbedgVgn!\adWVa^oZYX^in# HbVgicZliZX]cdad\^Zha^`Zi]Z>ciZgcZiVcYbdW^aZe]dcZhegdk^YZig^\\Zgh Vhl^i]BVYg^Y($&& !VhlZaaVhi]ZbZVchideaVcVcYXddgY^cViZViiVX`h!VXfj^gZ iZX]c^XVa^c[dgbVi^dcdcWdbW"bV`^c\!VcYYZa^kZgig^jbe]VciegdeV\VcYVV[iZg i]Z[VXi#L]ZcZmiZcYZYididjg^hih^iZhd[aZ^hjgZVcYeaZVhjgZ Vhl^i]i]Z ildhZihd[ViiVX`h^c7Va^ !i]ZejgedhZ^hXaZVg/idjcYZgb^cZcdi^dchd[WdY^an hV[ZinVcYhZXjg^in¸VcZhhZci^VaZaZbZcid[LZhiZgcjgWVc^hb¸VcYidegdbja" \ViZi]Z[ZVgi]Vii]ZWVcVah^iZh!heVXZh!VcYiZX]cdad\^Zhd[i]ZLZhiZgc^oZY X^inhXVeZXVcZgjei^cdg\^Zhd[YZVi]VcYYZhigjXi^dcViVcnbdbZci!gZ\VgYaZhh d[\Zd\gVe]^XadXVi^dc# I=:9>A:BB6HD;JG76C6CI>I:GGDG>HB BnhZXdcYed^ci^hi]VidcXZeZdeaZWZXdbZgVY^XVa^oZYidi]Zed^cid[Xdbb^ii^c\ i]ZbhZakZhidjgWVchj^X^YZViiVX`h!i]ZegdheZXihd[egZkZci^c\i]dhZViiVX`h VgZa^b^iZY#>begdk^c\i]ZZ[[dgihd[hZXjg^inV\ZcX^Zhid\ZcZgViZ^ciZaa^\ZcXZ i]VildjaYbV`Z^iedhh^WaZid^ciZgXZeiViiVX`ZghWZ[dgZi]Znhig^`Z!d[[Zghi]Z WZhi^bbZY^ViZ]deZ[dgjcYZgb^c^c\[jgi]ZgViiVX`h#L]^ahii]ZgZ]VkZWZZc hdbZhjXXZhhZh^ci]^hVgZV!^begdk^c\^ciZaa^\ZcXZ^hZmigZbZanY^[ÃXjai#L^i] bVcnViiVX`ZghVeeVgZcian^b^iVi^c\i]ZWgdVYZg^YZdad\^ZhVcYiVXi^Xhd[Va"FVZYV VcYi]Z^ga^`Z!VcYViiVX`Zghl^i]LZhiZgcX^i^oZch]^ehkdajciZZg^c\[dgi]Z_dW Vhl^i]AdcYdc,$, !^i^hVaaiddZVhn[dgViiVX`hidWZeaVccZYjh^c\gZVY^an VkV^aVWaZbViZg^VahVcY^c[dgbVi^dcl^i]djiWZ^c\YZiZXiZY#=dlZkZg!LZhiZgc eda^XZVcY^ciZaa^\ZcXZV\ZcX^ZhXdjaYXZgiV^can^begdkZi]Z^gXddgY^cVi^dc!VcY \Vi]Zg^c\VcYZmX]Vc\Zd[^c[dgbVi^dc!i]ZgZWn^begdk^c\i]Z^gX]VcXZhd[^ciZg" XZei^c\ViiVX`ZghWZ[dgZi]Znhig^`Z# BV_dgZ[[dgihVgZXjggZcianjcYZglVnidgZZc\^cZZghigViZ\^XjgWVcheVXZhVcY ^c[gVhigjXijgZhhdi]Vii]ZnVgZZfj^eeZYl^i]^cXgZVh^c\anhde]^hi^XViZYhjgkZ^a" aVcXZhnhiZbh#BVcnegZXZYZcihVeean]ZgZ#I]ZÃcVcX^VaXZciZgd[AdcYdc![dg
7Vgg^Zgh A^c`h
ZmVbeaZ!lVhlgVeeZY^cV¹G^c\d[HiZZaºYjg^c\i]Z&..%hidXdjciZg>G6WdbW ViiVX`h#GdVYhlZgZXadhZYVcYV¹lVaaºd[hbVgi88IKhZchdghlVhhigjc\je VgdjcYi]ZVgZV#I]ZhZVjidbVi^XVaanhXVc[dg¹VWcdgbVaºZkZcihhjX]VhhidaZc XVghWZ^c\Yg^kZc^cdgXVghYg^k^c\i]Z¹lgdc\lVnºYdlcVdcZ"lVnhigZZi# I]Zedhi".$&&hjgkZ^aaVcXZhjg\ZbVnZcVWaZ`cdlciZggdg^hihjheZXihidWZ igVX`ZYbdgZZVh^an#¹9Z[Zch^kZºjgWVcYZh^\cXVc]Zaeidb^c^b^oZi]ZYVbV\Z d[iZggdg^hiWdbW^c\hdchigViZ\^XjgWVcheVXZh#;dgZmVbeaZ!bZiVaYZiZXidgh XVc]ZaeidhZXjgZkjacZgVWaZWj^aY^c\hWjii]ZgZVgZcd¹fj^X`ÃmZhºVcY¹h^akZg WjaaZihºl]Zci]ZedejaVi^dcl^aa^c\idXdbb^iiZggdg^hiViiVX`h^hjiiZgan^cY^h" i^c\j^h]VWaZ[gdbi]Z\ZcZgVaedejaVi^dcd[VX^indghiViZ# I]Zci]ZgZVgZi]Z[jcYVbZciVaeZgbZVW^a^i^ZhVcYVabdhi^cÃc^iZXdbeaZm^" i^Zhd[XdciZbedgVgnX^i^Zh#I]ZhZ^cZk^iVWanjcYZgb^cZh^beaZiZX]c^XVahdaj" i^dchidedhh^WaZiZggdg^hiViiVX`h#IZX]cdad\^Zh[V^adgYdcdildg`Vh^ciZcYZY# HnhiZbhValVnh]VkZWa^cYhedih#I]Z]jbVck^\^aVcXZi]ViWVX`hjeiZX]cdad" \^ZhlVkZgh!VlZV`cZhhi]ViXVcWZZmead^iZYWnYZiZgb^cZYViiVX`Zgh#BdgZdkZg! i]Z[VXii]Vii]ZkZgn[VWg^Xd[VX^in^hbVYZjed[l]ViiZggdg^hihgZ\VgYVh ¹hd[iiVg\Zih!ºbV`Zh^iZmigZbZanY^[ÃXjaiidYZ[ZcYV\V^chiYZiZgb^cZYViiVX`h i]Vi]VkZgZVX]ZYi]ZaVjcX]^c\ed^ci#I]Z]deZhViiVX]ZYidZbZg\^c\iZX]cdad" \^Zh!idd!bVnWZ[VahZ#;VXZ"gZXd\c^i^dc88IK![dgZmVbeaZ!l]^X]^hWZ^c\ ]ZgVaYZYWnb^a^iVgnVcYhZXjg^iniZX]cdad\nXdbeVc^ZhVhVbZVchidigVX` `cdlchjheZXih!^hdcanZ[[ZXi^kZl]ZceZdeaZhiVcY^ca^cZ^cYZXZcia^\]i^c\ XdcY^i^dchVcYXVcWZXVgZ[jaanhXgji^c^oZYVil]VihdX^dad\^hihXVaa¹dWa^\Vidgn eVhhV\Zed^cihº ^cV^gedgihdghedgihhiVY^jbh![dgZmVbeaZ #>ci]Z_jbWaZd[ X^inhigZZih!l^i]gVe^YankVgn^c\lZVi]Zg!a^\]iVcY[VX^VaVc\aZh¸[VXZgZXd\c^" i^dc^hgVi]Zg^cZ[[ZXi^kZ# ;jgi]ZgbdgZ!i]ZjceaVccZYh^YZZ[[ZXihd[gVY^XVajgWVcVci^iZggdg^hieda^" X^Zhb^\]iWZZmigZbZanYVbV\^c\[dgjgWVca^[Z^ci]ZWgdVYZghZchZ#6iiZbeih idijgci]ZbaZd[X^i^Zh^cidVhnhiZbd[hZXjg^i^oZYed^cihd[eVhhV\Zl]ZgZ ZkZgneZghdc^hdWhZgkZY!hXgji^c^oZYVcYbViX]ZYjeid[VX^VaVcY$dgdi]Zg>9 YViVWVhZh!XdjaYfj^X`anbV`ZjgWVca^[ZjciZcVWaZVcY^cidaZgVWaZ#HjXXZhh[ja X^i^Zh!V[iZgVaa!VgZWVhZYdci]Z[gZZYdbidbdkZVcY^ciZgVXi!dci]ZedlZgd[ hZgZcY^e^idjhXdciVXiVcYdci]Zh]ZZgXgZVi^kZXVeVX^ind[YZchZVcYjcegZY^Xi" VWaZb^mijgZ#I]Zldggn]ZgZ!i]Zc!^hi]ViViiZbeihl^aaWZbVYZWn\dkZgc" bZcih VcYi]ZhZXjg^in"b^a^iVgn"^cYjhig^VaXdbeaZmZhl]^X]]VkZWjg\ZdcZY h^cXZi]ZVYkZcid[i]Z¹lVgdciZggdgº idgZZc\^cZZgX^i^Zhhdi]Vii]Z^gedgdjh! deZcVcY^cig^ch^XVaanÄj^YheVXZhVcYhnhiZbhWZXdbZa^iiaZbdgZi]VcVcZcY" aZhhhZg^Zhd[hZXjg^i^oZYeVhhV\Zed^cih Z^i]Zgk^h^WaZdg^ck^h^WaZ #>[i]^hlZgZ id]VeeZc!i]Zb^aaZcc^V"daYigVY^i^dcd[jgWVcVcdcnb^inldjaYWZhVXg^ÃXZY# I]ZkZgnk^WgVcXni]VibVg`hVaahjXXZhh[jaX^i^Zhb^\]ih^beanWZZc\^cZZgZY VlVn#9ZbdXgVi^XX^k^aa^WZgi^ZhViiV^cZYi]gdj\]hdX^VaVcYeda^i^XVahigj\\aZ dkZgXZcijg^Zhb^\]iWZVWVcYdcZY^ci]ZcVbZd[¹Ã\]i^c\iZggdg^hb#ºL^i] i]ZbVcigVd[¹hZXjg^inºXgZZe^c\dkZgZkZgnYdbV^cd[ejWa^Xa^[ZVcYejWa^X eda^Xn¸egZk^djhanYdb^cViZYWndi]ZgXdcXZgchhjX]VhjgWVcYZh^\c!hdX^ValZa" [VgZ!^bb^\gVi^dceda^Xn!igVchedgiVi^dcbVcV\ZbZciVcYX^ineaVcc^c\¸i]ZgZ ^hVgZVag^h`i]Vil^i]i]ZZmXjhZd[hidee^c\iZggdg^hih!i]ZkZgnegdXZhhZhd[ ^ciZgX]Vc\Z!^ciZgXdccZXi^dc!eg^kVXn!eda^i^XVadg\Vc^o^c\!VcYi]ZhdX^VaVcY
RT!V\[ZPKL+HTHZJ\Z.H[L
RT!V\[ZPKL+HTHZJ\Z.H[L
YZbdXgVi^X^ccdkVi^dci]VibV`ZX^i^Zha^kVWaZ!YncVb^X!XgZVi^kZ!VcYhjXXZhh[ja!
&+%q&+&
b^\]iWZhZg^djhanjcYZgb^cZY# 8]VcXZhVgZ!i]dj\]!i]Vii]ZZ[[dgiid¹hZXjg^i^oZºZkZgnYdbV^cd[ejWa^X a^[Zb^\]iWZ]VbeZgZYWnVcjca^`ZanhdjgXZ/W^\Wjh^cZhh#>cYZZY!^[WdgYZgh VcYbdkZbZcil^i]^cVcYWZilZZcX^i^ZhlZgZidWZeaVXZYjcYZgVcZkZg"^ciZc" h^[n^c\Vgbdgnd[Xdci^cjdjhX]ZX`hVcYZmXajh^dch!i]ZbdW^a^inVcY[gZZYdb gZfj^gZYWnigVchcVi^dcVajgWVc^hbVcY\adWVaXVe^iVa^hbbVnVahdWZhZkZgZan jcYZgb^cZY#H^cXZ.$&&!bVcnJHXdgedgVi^dch]VkZXdbeaV^cZYi]Vii]Zn ]VkZhj[[ZgZYbV_dgadhhZhWncdiWZ^c\VWaZidWg^c\^cZbeadnZZh!V[Ãa^ViZh! gZXgj^ih!VcYXdaaZV\jZh[gdbVgdjcYi]ZldgaYYjZidi]ZZmigZbZi^\]iZc^c\d[ JHcVi^dcVaWdgYZgh#7jigVY^XVajgWVchZXjg^i^oVi^dchigViZ\^Zh^ckdakZVcdi]Zg bV_dgg^h`#I]ZgZa^VcXZd[LZhiZgcaVlZc[dgXZbZciVcY^ciZaa^\ZcXZV\ZcX^Zhdc XgjYZegdÃa^c\iZX]c^fjZh!l]^X]eaVXZX^i^oZcVcYgZh^YZci6gVWhVcYBjha^bh jcYZgZmigZbZhXgji^cn!gZhig^Xi^dcVcY!^chdbZXVhZh!YZiZci^dcl^i]djiig^Va! ]Vh^cbVcnXVhZhhZgkZYidYZZeZci]ZhZchZd[\g^ZkVcXZ!bVg\^cVa^oVi^dc!VcY Xg^b^cVa^oVi^dcVagZVYn[Zai^ci]ZhZXdbbjc^i^Zh#8djeaZYl^i]i]Zl^YZhegZVY YZbdc^oVi^dcd[6gVWhVcYBjha^bh^c=daanlddYbdk^ZhVcYbV^chigZVbLZhi" ZgcbZY^V!bVcneZdeaZa^k^c\^c6gVWcZ^\]Wdg]ddYh^cLZhiZgcX^i^Zh[ZZaa^`Z i]Zn]VkZWZZca^k^c\^cVhiViZd[h^Z\Zh^cXZ.$&&#;VX^c\g^h^c\gVX^hik^daZcXZ! VghdcVcYbjgYZg!VhlZaaVh^cXgZVh^c\gZegZhh^dcVii]Z]VcYhd[hZXjg^in [dgXZh!bVcn^chjX]Xdbbjc^i^Zh[ZZai]Vii]ZnVgZWgVcYZYVhiZggdg^hihZkZc i]dj\]i]ZnXdcYZbciZggdg^hiViiVX`hVcYbVn]VkZadc\WZZcldg`^c\id gZYjXZi]ZedlZgd[gVY^XVa>haVb^hi^YZdad\^ZhVcYgZXgj^ibZcicZildg`h# :C9>CG8A:D;6IGD8>IN4 >ci]ZZcY!i]Zc¸VcYi]^h^hbni]^gYed^ci¸i]ZdcanhjhiV^cVWaZlVnd[egZkZci" ^c\XViVhigde]^XiZggdgViiVX`hV\V^chiLZhiZgcX^i^ZhVcYi]Z^ggZh^YZcih^hid VYYgZhhi]Z\g^ZkVcXZhl]^X]bV`Z^iedhh^WaZ^ci]ZÃghieaVXZ[dggVY^XVa>haVb^hi ^YZdad\^ZhVcY^YZdad\jZhidhjXXZhh[jaangZXgj^iVcYgVY^XVa^oZaVg\ZcjbWZghd[ VXi^k^hihVcYViiVX`Zgh#I]ZgZ^hk^gijVaancd`cdlc]^hidgnd[iZX]c^XVadgb^a^" iVgnVhhVjaihjXXZhh[jaanZcY^c\ViZggdg^hiXVbeV^\c#>ci]Zadc\gjc!dcaneda^i^XVa VcY\Zdeda^i^XVaX]Vc\Z!l]^X]VYYgZhheda^i^XVaVcY\Zdeda^i^XVa^c_jhi^XZh!XVc gZYjXZi]ZcjbWZgd[gZXgj^ihVcYgZcYZgk^daZcXZ^aaZ\^i^bViZVbdc\i]dhZl]d b^\]idi]Zgl^hZ]VkZZmea^X^iandg^bea^X^ianXdcYdcZY^i#BdgZdkZg!fjVh^" >beZg^Vab^a^iVgnVhhVjaihV\V^chiX^i^ZhdghiViZhVaaZ\ZYan]VgWdg^c\¹iZggdg^hihº dcangZhjai^ci]ZYZVi]hd[i]djhVcYhd[^ccdXZciX^k^a^VchVcY¸VhZkZci]Z8>6 ]VhVYb^iiZY^ci]ZXVhZd[i]ZJH"J@^ckVh^dcd[>gVf¸hZgkZVhbVhh^kZgZXgj^i" bZciV^YhidiZggdg^hiVcY^chjg\Zci\gdjeh# =ZgZV\g^b^gdcnegZhZcih^ihZa[!dcZi]VijgWVc^hihVgZ^cV\ddYedh^i^dcid hedi#IZggdg^hiVXihV\V^chiLZhiZgcX^i^ZhVcYi]Z^g^c]VW^iVcihb^ggdgegZkVaZci LZhiZgceda^X^Zhd[^cÄ^Xi^c\XViVhigde]^Xk^daZcXZjedcBjha^bVcY6gVWjgWVc XZciZghVcYi]Z^g^c]VW^iVcih#D[XdjghZ!i]ZbZVchd[YZa^kZg^c\i]Zk^daZcXZ XdjaYcdiY^[[ZgbdgZhiVg`an/¹hbVgiWdbWhºVcY¹XajhiZgWdbWhºkh#i]ZXdged" gZVa^bbZY^VXnd[i]Zhj^X^YZWdbWZg0aVhZgVcYhgVZa¼hXdchigjXi^dcd[ZcX^gXa^c\XZbZcilVaah![ZcX^c\!eVigda gdVYh!VcY\jVgYidlZghVgdjcYEVaZhi^c^VcedejaVi^dcXZciZgh!]Vh]ZVYZYi]Z EVaZhi^c^Vc">hgVZa^V\ZcYV[dgi]ZeVhiildnZVgh#>hgVZak^Zlhi]ZhZeVgVi^dc lVaaVhVjc^aViZgVahiZe^ciZcYZYidXdjciZgWdbW^c\hV\V^chi>hgVZa^X^k^a^Vch VcYYdbZhi^X^chZXjg^in#>hgVZa¼hXaV^bh!]dlZkZg!i]Vii]ZlVaalVhXdchigjXiZY [dghZXjg^ingZVhdch!YdZhcdiXdchi^ijiZVeda^i^XVaWdgYZg!VcYhZgkZhVhV iZbedgVgnbZVhjgZjci^ai]ZXdcXajh^dcd[VcV\gZZY"jedchdaji^dc!VgZVaa bZgZanegZiZmihid_jhi^[ni]ZlVaa¼hXdchigjXi^dc#>c[VXi!i]ZlVaa[daadlhi]Z ?jcZ)!&.+,WdgYZgh^chdbZVgZVh!l]^aZeZcZigVi^c\YZZe^ch^YZi]ZLZhi7Vc` ^\cdg^c\i]Z&.+,WdgYZgh id^cXajYZ>hgVZa^hZiiaZbZciodcZhVcYkVhideZc VgZVh¸Z[[ZXi^kZanVccZm^c\i]Zbid>hgVZa#I]ZlVaa¸dgi]Z¹[ZcXZ!ºVhbdhi >hgVZa^hegZ[ZgidgZ[Zgid^i!Vkd^Y^c\i]ZldgY¹lVaa¼hºcZ\Vi^kZXdccdiVi^dch ^c bdhiWj^ai"jeVgZVh!i]ZhigjXijgZXdch^hihd[Vh^midZ^\]ibZiZg]^\]XZbZci lVaa!l]^aZ^cdeZcVgZVhi]ZhigjXijgZXdch^hihd[V[ZcXZ0i]ZgZ^hcdhjWhiVci^Va Y^[[ZgZcXZWZilZZci]Zild^chZXjg^inbZVhjgZh!hjgkZ^aaVcXZ!VcYdeZgVi^c\ eVigdah ¸V^bhVihZeVgVi^c\EVaZhi^c^Vch[gdb>hgVZa^h^ci]ZegdXZhhd[Zmegdeg^" Vi^c\V\gZViYZVad[aVcY#>c?ZgjhVaZbVcY^ihhjggdjcY^c\h!]dlZkZg!i]ZlVaa hZeVgViZhEVaZhi^c^Vch[gdbEVaZhi^c^VchVcYVbejiViZh:Vhi?ZgjhVaZb[gdb^ih Y^gZXiZck^gdch!hZkZg^c\i]ZX^in\Zd\gVe]^XVaanVcY[jcXi^dcVaan[gdbi]ZgZhi d[i]ZLZhi7Vc`!i]ZgZWniZgb^cVi^c\?ZgjhVaZb¼hXZcigVa^inVhVbZigdeda^iVc XZciZg[dgi]ZZci^gZLZhi7Vc`# Bdhi>hgVZa^hhjeedgii]ZXdchigjXi^dcd[i]ZlVaa!hVn^c\^id[[Zghi]Zb hZXjg^inVcYehnX]dad\^XVagZa^Z[#I]ZgZVa^in^bedhZYWni]ZlVaabV`Zh^i ]VgYidWZa^ZkZ!]dlZkZg!i]Vii]ZhigjXijgZl^aacdiWZXdbZi]ZZVhiZgcWdgYZg d[i]ZhiViZd[>hgVZa!VcYi]Vi^iheVi]l^aacdijc^aViZgVaanYZbVgXViZeda^i^XVa WdgYZgh!YZiZgb^c^c\i]ZVgZVd[i]ZEVaZhi^c^VchiViZl^i]djicZ\di^Vi^dchdkZg eZgbVcZcihiVijh^hhjZh VXXZhhidlViZggZhdjgXZh!?ZgjhVaZbVhEVaZhi^c^Vc 8Ve^iVa!gZijgcd[gZ[j\ZZh!ZiX# ZhiVWa^h]ZYWni]Z&..(Dhad6XXdgYh#EVaZhi^c" ^Vched^cidjii]Vii]ZlVaaXdchi^ijiZhdcZbdgZVccZmVi^dcd[EVaZhi^c^VcaVcYh id>hgVZa!VcYi]Vii]ZgZhjai^c\^hdaVi^dcd[i]ZEVaZhi^c^VcedejaVi^dc[gdbi]Z >hgVZa^hZiiaZbZcihVcYjc^c]VW^iZYEVaZhi^c^VcaVcYhl^aaWZeZgbVcZci#6[iZg Vaa!]^hidg^XVaZmeZg^ZcXZ]VhiVj\]ii]Zbi]ViiZbedgVgnWdgYZgh!ZbZg\^c\[dg hZXjg^ingZVhdchdgidXdchda^YViZXZVhZÃgZh!]VkZaViZgWZXdbZXdcXgZiZWdgYZgh gZegZhZci^c\\Zdeda^i^XVaiZgbhd[gZ[ZgZcXZ!ZkZcjcYZg^ciZgcVi^dcVaaVl#
=ZgZlZl^aaWg^ZÄndkZgk^Zli]ZXdcXZeid[i]ZlVaa¼hXdchigjXi^dc!edh^i^dc! VcYgVb^ÃXVi^dch^c?ZgjhVaZb#I]^hldg`^hWVhZYdcdc\d^c\YZkZadebZcih^c i]Z?ZgjhVaZbVgZV!VhlZaaVh^ciZgk^ZlhVcYhjgkZnhXdcYjXiZYidZmeadgZi]Z lVaa¼hegZhZciVcY[jijgZXdchZfjZcXZhdc?ZgjhVaZb^iZa^[Z!i]Zedhh^W^a^ind[ gZVX]^c\Veda^i^XVahZiiaZbZciWVhZYdcVild"hiViZhdaji^dc!VcY?ZgjhVaZb¼h hiVijhjcYZghjX]VhZiiaZbZci# 7:;DG:I=:L6AAL6H7J>AI I]Z6gVW">hgVZa^XdcÄ^Xi]Vhadc\WZZcVXXdbeVc^ZY!h^cXZ^ihZkdaji^dc^ci]Z Ãghi]Va[d[i]Z'%i]XZcijgn!Wnegdedh^i^dchidYZbVgXViZWdgYZghi]Vi¹hZeV" gViZºi]ZVji]Zci^XEVaZhi^c^Vc6gVWedejaVi^dc[gdbi]Z^bb^\gVci?Zl^h] edejaVi^dc#I]ZXjggZcihigjXijgZjcYZglVn^hdcZbdgZaVnZgd[e]nh^XVa Y^[[ZgZci^Vi^dc# >hgVZa¼h&.+,dXXjeVi^dcd[i]ZLZhi7Vc`VcYhgVZa¼hl^aa^c\cZhhidVXXdgYi]ZEVa" Zhi^c^VchVjidcdbnVhVhiZeidlVgYhi]Zedhh^WaZZhiVWa^h]bZcid[VEVaZhi^c^Vc hiViZ#I]Zbdi^kZlVhWdi]YZbd\gVe]^XVcY\Zd\gVe]^X0eda^i^XVaVcYejWa^X kd^XZhhdj\]iid[jgi]ZgZcigZcX]VcdkZgl]Zab^c\?Zl^h]bV_dg^in^c>hgVZa EVaZhi^c^VchXdbeg^hZhdbZ'%d[>hgVZa^X^i^oZcgn l^i]djii]Zi]gZVid[Vc ZmeVcY^c\EVaZhi^c^VcedejaVi^dc^ci]ZDXXje^ZYIZgg^idg^Zh#I]ZngZXd\c^oZY i]ViXdci^cj^c\VccZmVi^dcVcYXdcigdad[i]ZEVaZhi^c^VcedejaVi^dcldjaYcdi egZhZgkZi]Z?Zl^h]bV_dg^in[dgi]Zadc\iZgb# 7jii]ZbdhiXdcXajh^kZVcYl^YZhegZVYhjeedgi[dg¹hZeVgVi^dcº[gdbEVaZh" i^c^VchXVbZV[iZg&..+#7dbW^c\h^c>hgVZa^X^i^ZhWnEVaZhi^c^Vchj^X^YZWdbWZgh gV^hZYi]Z^hhjZd[e]nh^XVahZeVgVi^dc[gdbi]ZEVaZhi^c^Vchk^VZhiVWa^h]bZcid[ VhZeVgVi^dc[ZcXZVhdcZd[i]ZbV_dgbZVchd[VX]^Zk^c\>hgVZa^hZXjg^in!Xdc" igdaa^c\EVaZhi^c^VcbdkZbZci!VcYbV^ciV^c^c\V?Zl^h]YZbd\gVe]^XbV_dg^in ^ci]ZVgZVhjcYZgY^gZXi>hgVZa^Xdcigda#7n'%%'!i]Ze]nh^XVaXdbedcZcihd[ hZeVgVi^dc]VYWZZcYgV[iZYWnV\gdjed[XZciZg"aZ[i[dgbZgb^a^iVgnaZVYZgh# I]Z^geaVc^cXajYZYhjWhiVci^Val^i]YgVlVah[gdb>hgVZa^hZiiaZbZcih^chgVZaVhVXdcXZhh^dc#:kZcijVaan! ]dlZkZg!g^\]il^c\Eg^bZB^c^hiZg6g^ZaH]VgdclVhXdck^cXZYd[Wdi]i]ZcZZY [dgYgVhi^XbZVhjgZhid]Vaii]ZYZbd\gVe]^Xi]gZVi!VhlZaaVhi]ZbVccZg^c l]^X]e]nh^XVahZeVgVi^dcXdjaYWZjhZYidVX]^ZkZ[jgi]ZgLZhi7Vc`VccZmVi^dc! eVgi^XjaVgan^c?ZgjhVaZb!VcYejghjZi]Z\dVahd[i]Zg^\]i# I]ZhZXdcY>ci^[VYV!`cdlcVhi]ZVa"6fhV>ci^[VYV!Wgd`Zdji^ci]ZlV`Zd[ [V^aZY>hgVZa^"EVaZhi^c^VccZ\di^Vi^dchVi8Vbe9Vk^Y^c'%%%!VcY6g^ZaH]Vgdc¼h egdkdXVi^kZk^h^iid?ZgjhVaZb¼h=VgVbVh]"H]Vg^[dg¹IZbeaZBdjci#º6ai]dj\] cZ\di^Vi^dchY^YXdci^cjZViIVWV!i]ZhZiVa`hXVbZidV]Vai^c'%%&dci]ZZkZd[ i]Z>hgVZa^ZaZXi^dch!_jhiWZ[dgZi]ZAVWdgEVgin¼hadhhidA^`jYaZVYZg6g^ZaH]Vgdc# I]ZXdb^c\bdci]hldjaYbVg`i]ZWaddY^ZhieZg^dYd[i]Zjeg^h^c\!XVeeZYWn i]Z>hgVZa^Vgbn¼h^ckVh^dcd[EVaZhi^c^VcVgZVh!^cXajY^c\EVaZhi^c^VcLZhi7Vc`
RT!V\[ZPKL+HTHZJ\Z.H[L
RT!+HTHZJ\Z.H[L
X^i^ZhVYb^c^hiZgZYWni]ZEVaZhi^c^Vc6ji]dg^inVcYeaVXZYjcYZgEVaZhi^c^Vc
&++q&+,
hZXjg^inXdcigda 6gZVh6 ^cVXXdgYVcXZl^i]^ciZg^bV\gZZbZcih# ;daadl^c\i]Z>hgVZa^^ckVh^dc!eda^i^XVaÃ\jgZhXVaa^c\[dgi]ZZhiVWa^h]bZcid[ VhZeVgVi^dclVaaidd`XZciZghiV\Z!VcY^ih^beaZbZciVi^dclVhedejaVg^oZY#>c '%%(!i]ZeaVclVhVYdeiZYWni]Z\dkZgcbZci!l]ZcH]VgdcXVe^ijaViZY YZhe^iZ ]^hZVgandeedh^i^dc idi]Z^YZV¼heda^i^XVaedejaVg^in#H]Vgdc¼hhad\VcWZXVbZ/^[ hjX]VhZeVgVi^dclVaa^h^beZgVi^kZ!i]Zc^ibjhiWZh^Z\ZEVaZhi^c^Vch!gVi]Zgi]Vc EVaZhi^c^Vchjh^c\^iidWZh^Z\Z>hgVZa#I]^hk^h^dclVh[jcYVbZciVa^cYZiZgb^c^c\ i]ZeVi]d[i]ZlVaa!l]^X]^cXdgedgViZYhZkZgVaXgjX^Vaeda^i^XVaeg^cX^eaZh# ;^ghi!i]ZlVaa¼heVi]ldjaYWZYZiZgb^cZYWn^ihYZbd\gVe]^X\dVa/i]ZgdjiZ lVhid^cXajYZi]Zbdhi>hgVZa^h!ZkZci]dhZ^c>hgVZa^hZiiaZbZcih!VcYi]ZhbVaaZhi edhh^WaZcjbWZgd[EVaZhi^c^Vch#HZXdcY!^iheVi]ldjaY[daadliZgg^idg^Vaa^cZh^c dgYZgidVX]^ZkZi]ZYZ[VXidVccZmVi^dcd[Vcnedhh^WaZjc^c]VW^iZYaVcYh#I]^gY! i]ZlVaalVhiddcXZVcY[dgVaaZhiVWa^h]>hgVZa^XdcigdadkZgjc^ÃZYhgVZa^?ZgjhVaZbWdjcYVg^Zh!higZiX]^c\i]ZX^in^cidi]ZLZhi7Vc`bdgZYZZean i]VcZkZgWZ[dgZ#CZmi!i]ZlVaa!ZkZcVh^ihZeVgViZYi]ZLZhi7Vc`VcYEVaZhi^c^Vch [gdb?ZgjhVaZb!lVhid[jgi]Zg^cXdgedgViZi]ZLZhi7Vc`hZiiaZbZcihVcYhZiiaZgh l^i]^c>hgVZaWna^c`^c\i]Zbid?ZgjhVaZb cdlhgVZa! ^cXajY^c\i]ZÄdld[eZgb^iiZYaVWdgZgh!l]^X]]VhhadlZYidVig^X`aZh^cXZ&..(! VcYl]^X]>hgVZa]VhhV^Yl^aaXdbZidVXdbeaZiZ]VaiWni]ZnZVg'%%-# I=:L6AA>C?:GJH6A:B >cheZXi^dcd[i]Z^beaZbZciZYVcYeaVccZYeVi]d[i]ZlVaa^cVcYcZVg?Zgj" hVaZbh]dlhi]Vii]ZXg^iZg^V\j^Y^c\i]ZZhiVWa^h]bZcid[i]ZhZeVgVi^dclVaa WZilZZcEVaZhi^c^VchVcY>hgVZa^h^c?ZgjhVaZbVgZY^[[ZgZci[gdbi]dhZVeea^ZY ^ci]ZLZhi7Vc`^c\ZcZgVa#>c?ZgjhVaZb!i]ZlVaa¼heVi]]VhcdiWZZc\j^YZYWn i]Z&.+,hgVZa¼hX]ZX`ed^cigZ\^bZVcY XadhjgZeda^Xn WZ\jc^cBVgX]&..( !l^aaYgVbVi^XVaangZXZYZ#I]ZlVaal^aagZeaVXZ i]ZX]ZX`ed^cihVhVcZVgan^beZgbZVWaZbZVchd[Xdcigdaa^c\?ZgjhVaZb^iZh¼bdkZ" bZciidVcY[gdbi]Z^gdlccZ^\]Wdg]ddYh!VhlZaaVhi]ZgZhid[i]ZLZhi7Vc`# I]Zadc\"iZgbdjiXdbZl^aaXZgiV^canWZV gZYjXi^dc^ci]ZcjbWZgd[EVaZhi^c^Vchl]dVgZ ?ZgjhVaZbgZh^YZcih!i]ZhZeVgVi^dcd[EVaZhi^c" ^VcZm^hiZcXZ[gdbi]Z?Zl^h]bZigdeda^h!VcY i]Z[gV\bZciVi^dcVcYYZXa^cZd[EVaZhi^c^Vc ?ZgjhVaZbcZ^\]Wdg]ddYh#BVcnEVaZhi^c^Vc ?ZgjhVaZb^iZcZ^\]Wdg]ddYhl^i]^ci]Zbjc^X^" eVaWdgYZgh @j[g6fVWVcYHVb^gVb^h^ci]Z cdgi]!GVh@]Vb^h!VcYH]j[VigZ[j\ZZXVbeVcY
>c[dgbVaX]ZX`ed^ciVi6Wj 9^hWZ[dgZXdbeaZi^dcd[i]Z HZeVgVi^dc;ZcXZ$LVaa e]did/ ?g\ci]ZbZVci^bZ!>hgVZaWZ\VcWj^aY^c\i]gZZdi]ZghZ\bZcihZVhi VcYcdgi]lZhid[i]ZX^in![dgVidiVaaZc\i]d[)*`^adbZiZgh#;jgi]ZgbdgZ!^c ;ZWgjVgn'%%*!i]Z>hgVZa^\dkZgcbZciVeegdkZYi]ZYZ[VXidVccZmVi^dcd[BVVaZ 6Yjb^bidi]ZZVhid[:Vhi?ZgjhVaZbWnWj^aY^c\VlVaaVeegdm^bViZan)%`^adb" ZiZghadc\VgdjcYi]ZhZiiaZbZci#8dchigjXi^dcd[i]ZlVaa!WnCdkZbWZg'%%*! ^cXdgedgViZY&'WdgYZg¹\ViZhº [dgi]ZZci^gZLZhi7Vc` deZgViZYhZaZXi^kZandc cVi^dcVa$Zi]c^X\gdjcYh/>hgVZa^hZiiaZghVgZ\gVciZYfj^X`eVhhV\Zl]^aZEVaZhi^c" ^VchbVndcaneVhhl^i]VheZX^VaeZgb^iVcYV[iZgg^\dgdjhX]ZX`^c\# I]ZlVaa^beVXihEVaZhi^c^VchbdhiY^gZXian! ^i^h^bedgiVciided^cidji!WZXVjhZ^i^hWZ^c\ Wj^aidcEVaZhi^c^VcaVcY#6eegdm^bViZan*(+!'%% YjcVbhd[egZk^djhanXdcÃhXViZYhZiiaZbZci aVcYa^Zidi]ZlZhid[i]ZlVaa#6cdi]Zg&+%!*%% YjcVbhd[LZhi7Vc`k^aaV\ZaVcY^heVgi^Vaandg XdbeaZiZanhjggdjcYZY!dcdcZh^YZWni]ZlVaa VcYdci]Zdi]ZgWnVhZXdcYVgnWVgg^Zg!VcY
HZeVgVi^dc;ZcXZ$LVaaVi6Wj 9^h e]did/?g\hgVZa#H^bjaiVcZdjhan!i]ZjgWVcXZciZgVcYeda^i^XVa]ZVgii]Vi ]VhYZkZadeZYjcl^aa^c\an^cGVbVaaV]VcYVa"7^gZ]XdbeZiZhl^i]?ZgjhVaZb# I]ZXdci^cjVi^dcd[?ZgjhVaZb¼h^hdaVi^dc[gdb^ihhjggdjcY^c\hi]gZViZchVcn edhh^W^a^ini]Vi?ZgjhVaZbXdjaYWZXdbZi]ZXVe^iVad[i]ZEVaZhi^c^VchiViZ# BdgZdkZg!i]ZlVaal^aajcYZgb^cZXdci^\j^inWZilZZci]Zcdgi]ZgcVcY hdji]ZgcEVaZhi^c^VcLZhi7Vc`!gZeaVX^c\\Zd\gVe]^XXdci^\j^inl^i]VigVch" edgiVi^dcgdjiZ#>hgVZaeaVchida^c`i]Zcdgi]VcYhdji]LZhi7Vc`l^i]V gdVYeVhh^c\i]gdj\]VcVg^Yjc^c]VW^iZYVgZV!i]ZgZWnWneVhh^c\?ZgjhVaZb# Cdadc\Zgl^aaLZhi7Vc`Zghk^h^i?ZgjhVaZb[dgaZ^hjgZ!bZY^XVaigZVibZci! e^a\g^bV\Z!dgZkZcVhVlVn"hidedciddi]ZgLZhi7Vc`h^iZh#6hhjX]!i]Z lVaaXdchi^ijiZhV\Zdeda^i^XVa[V^iVXXdbea^egZkZci^c\?ZgjhVaZb¼hYZkZade" bZciVhVEVaZhi^c^VcZXdcdb^XVcYVYb^c^higVi^kZXZciZg!lZV`Zc^c\i]ZX^in! VcY^bedkZg^h]^c\^ihX^i^oZch 7gdd`hZi#Va#!'%%* #I]ZX^in¼hjgWVcZa^iZbVn lZaaX]ddhZidaZVkZi]ZX^in![jgi]Zg^hdaVi^c\?ZgjhVaZb¼heddg#Jai^bViZan! hZXjg^inVcYhdX^Va^chiVW^a^in!^cXgZVhZYedkZginVcYXg^bZXVcWZZmeZXiZY ^c?ZgjhVaZbl^i]^ci]ZlVaa# 6EDA>I>86AEGDH I]ZXdchigjXiZYVcYeaVccZYhZ\bZcihd[i]ZlVaa^ci]Z?ZgjhVaZbVgZVVgZ ^ciZcYZYidgZVa^oZYZbd\gVe]^XdW_ZXi^kZh Zchjg^c\V?Zl^h]YZbd\gVe]^X bV_dg^in^c?ZgjhVaZbVcYi]ZVgZVVccZmZYid^il^i]^ci]ZlVaa !iZgg^idg^Va dW_ZXi^kZh VccZmVi^dcd[VYY^i^dcVaEVaZhi^c^VcaVcYh[dgi]Z[gZZbdkZbZcid[ >hgVZa^hVcYZmeVch^dcd[i]Z^g^ciZgZhih !VcY¹hd[iºZi]c^XXaZVch^c\ Zchjg^c\ VcYXdchda^YVi^c\>hgVZa^h¼a^[Z[VWg^X!l]^aZ[gV\bZci^c\EVaZhi^c^Vch¼a^[Z[VWg^X VcYjai^bViZan[dgX^c\EVaZhi^c^VchidZb^\gViZ #
7Vgg^Zgh A^c`h
I]ZlVaa]VhWZZcWj^ai^cVXXdgYVcXZl^i]i]ZheZX^ÃXVi^dchgZfj^gZY[dgV [dgbVaWdgYZg#>i^cXajYZhVlVaa!ZaZXig^XVcYWVgWZY"l^gZ[ZcXZh!WdgYZgeVigda gdVYh!VcYXgdhh^c\hi]ViXVccdiWZigVkZghZYl^i]djieZgb^ih^hhjZY[gdbi]Z >hgVZa^h^YZ#>hgVZa]VhegZhZciZYi]^hlVaaVhViZbedgVgnhZXjg^inWVgg^Zgi]Vi XVcWZY^hbVciaZY^cXVhZd[Veda^i^XVahZiiaZbZcil^i]EVaZhi^c^Vch#7jii]Z gZVa^in^hkZgnY^[[ZgZci/i]Z^bbZchZ^ckZhibZci^ci]ZlVaa!i]ZXdch^YZgVi^dch bVYZ^cYZiZgb^c^c\^iheVi]!VcYi]ZhZiiaZbZcihX]ZbZhVXXdbeVcn^c\^i! ^ci^bViZi]Vii]ZlVaa^hVc^bedhZYeZgbVcZciWdgYZg[jaÃaa^c\>hgVZa¼h^ciZgZhih VcYXdcigVY^Xi^c\i]ZbdhiWVh^X]jbVcg^\]ih!aZiVadcZi]ZEVaZhi^c^VccVi^dcVa g^\]iidZhiVWa^h]i]Z^gXVe^iVa^c?ZgjhVaZb^cVXXdgYVcXZl^i]VeZVXZ[jaild" hiViZhdaji^dc# I]ZlVaa^hV\Zdeda^i^XVahZiiaZbZci^bedhZYWn>hgVZa#>i^hi]ZÃcVae]VhZd[ i]ZhZeVgVi^dcegdXZhhi]ViWZ\Vcdci]ZZkZd[i]ZDhad6XXdgYhl^i]i]ZZgZXi^dc d[X]ZX`ed^cih^hdaVi^c\?ZgjhVaZb[gdb^ihEVaZhi^c^VcZck^gdcbZci#I]ZlVaa l^aagZcYZg^icZVgan^bedhh^WaZidXdcYjXi\Zdeda^i^XVaiVa`hXdcXZgc^c\?ZgjhVaZb! dgidbV`Zi]ZX^inVcdeZcX^inl^i]ildXVe^iVah[dgildhiViZh¸LZhi?ZgjhVaZb Vhi]ZXVe^iVad[i]ZHiViZd[>hgVZa!VcY:Vhi?ZgjhVaZb^cVXXdgYVcXZl^i]i]Z &.+,WdgYZghVhi]ZXVe^iVad[i]Z[jijgZHiViZd[EVaZhi^cZ#>c[VXi!^i^hedhh^WaZ idVg\jZi]Vi!l]^aZi]ZhnbWda^X^bedgiVcXZd[?ZgjhVaZb[dgbZYVWVgg^Zgid gZVX]^c\VW^aViZgVahdaji^dc^ci]ZeVhi!i]ZcZlgZVa^in^bedhZYWn>hgVZa!^ci]Z [dgbd[i]ZlVaaVcYVccZmVi^dcd[hgVZaegd" XaV^bZYVh^ihXVe^iVa# ( :Y^idghcdiZ/[dgbdgZdci]^hhjW_ZXi!hZZi]ZZhhVn¹LVaaVcYIdlZg/I]ZBdaYd[>hgVZa^ 6Yg^`]Vaji!ºWnH]VgdcGdiWVgY^ci]^hkdajbZ# ) 6YY^i^dcVaan!^c'%%%i]Z\dkZgcbZcid[:]jY7VgV`]VYYgV[iZYVeaVc[dgjc^aViZgVahZeVgVi^dc ^cXVhZd[i]Z[V^ajgZd[i]Z8Vbe9Vk^YiVa`hWZilZZcEg^bZB^c^hiZg7VgV`VcYEVaZhi^c^Vc EgZh^YZciNVhhZg6gV[Vi# * L]^aZ>hgVZa]VYZmeZXiZYidXdbeaZiZi]Zcdgi]Zgcedgi^dchd[i]Z?ZgjhVaZblVaaWni]ZXadhZ d['%%*!]^\]XdjgiVeeZVahWnEVaZhi^c^Vcha^k^c\Vadc\i]ZXdjghZd[i]ZlVaahadlZYi]ZegdXZhh# 6ii]Zi^bZd[ejWa^XVi^dc!i]Z>hgVZa^YZ[ZchZZhiVWa^h]bZcilVh[jb^c\i]ViYZaVnh]VYgZhjaiZY ^ci]ZXdbeaZi^dcd[dcandcZ"i]^gYd[i]ZZci^gZlVaa¼haZc\i]![VgWZ]^cYi]Zegd_ZXi¼hiVg\Zi XdbeaZi^dcYViZ#
HZaZXiZY7^Wa^d\gVe]n GdWZgi7gdd`hZi#Va#!I]ZLVaad[6ccZmVi^dcVcY:meVch^dc/>ih>beVXidci]Z?ZgjhVaZb6gZV ?ZgjhVaZb/I]Z>ciZgcVi^dcVaEZVXZVcY8ddeZgVi^dc8ZciZg!'%%* # GVhhZb@]VbV^h^VcYGVb^CVhgVaaV]!?ZgjhVaZbdci]ZBVe ?ZgjhVaZb/I]Z>ciZgcVi^dcVaEZVXZ VcY8ddeZgVi^dc8ZciZg!'%%* # NVVXdkciZ\gViZdgHZeVgViZWji 9dc¼iEdhiedcZ ?ZgjhVaZb/I]Z;adZgh]Z^bZg>chi^ijiZ[dgEda^XnHijY^Zh!'%%* #
WVgg^Zgh!lVaah!VcYjgWVc Zi]cdXgVXn^c_ZgjhVaZb
&,%q&,& 7Vgg^Zgh A^c`h
DgZcN^[iVX]ZaVcY=V^bNVXdW^
HdbZ&!'%%`^adbZiZghd[hZXjg^in[ZcXZ$hZeVgVi^dclVaa]VkZVagZVYnWZZcWj^ai! Xdch^hi^c\d[+%"id"&%%"bZiZg"l^YZXdbeaZmZhd[igZcX]Zh!WVgWZYl^gZ!igVX`^c\ gdVYh!VcYZaZXigdc^X[ZcXZh^cgjgVaVgZVh!VcY-bZiZg]^\]XdcXgZiZlVaah^c VcYVgdjcYEVaZhi^c^VcidlchVcYX^i^Zh#DkZg'%%!%%%Yjcjbh &Yjcjb2&%%% hfjVgZbZiZgh d[EVaZhi^c^VcaVcYVgZidWZV[[ZXiZY!^#Z#Zmegdeg^ViZY!XaZVgZY! dgYZXaVgZY¹djid[WdjcYhºidLZhi7Vc`EVaZhi^c^Vch#I]ZXdchigjXi^dcd[i]^h WVgg^Zg!XdjeaZYl^i]gZXZcib^cdg>hgVZa^iZgg^idg^Val^i]YgVlVahd[aViZ!Xdchi^ijiZ i]ZHiViZd[>hgVZa¼haViZhiViiZbeihidbVcV\Zi]Z\gdl^c\XdcigVY^Xi^dchd[^ih ¹Zi]cdXgVi^XºgZ\^bZ# I]ZhZXdcigVY^Xi^dch!l]^X]ZgjeiZY^c[jaa[dgXZYjg^c\i]ZVa"6fhV>ci^[VYV h^cXZ'%%% !]VkZbdkZY>hgVZaidjc^aViZgVaanigVch[dgbi]ZaVcYhXVeZVcY [jgi]ZgXjgiV^aEVaZhi^c^Vcg^\]ih!^cXajY^c\i]Zg^\]iidYZkZade#7ji>hgVZa]Vh Vahd^cigdYjXZYa^b^ihid^ihdlcZmeVch^dc!^cXajY^c\i]ZkdajciVgnZkVXjVi^dc d[i]Z?Zl^h]hZiiaZbZcihd[i]ZhgVZa^V\\gZhh^dc!Wdi]^ci]Zjc[daY^c\d[adXVa ]^hidgnVcY^ci]Z\Zd\gVe]^XVaigVch[dgbVi^dcd[i]ZaVcY#NZiEVaZhi^c^VcV\ZcXn ^c\ZcZgVa!VcYk^daZciVXi^dc^ceVgi^XjaVg!eaVnVbV_dggdaZ^ci]Zh]Ve^c\d[ O^dc^hi"EVaZhi^c^VcheVi^VagZaVi^dch#I]^hY^VaZXi^XbVc^[ZhihVhZkZg"gVY^XVa^o^c\ EVaZhi^c^VcgZh^hiVcXZVcYZkZg"ZhXVaVi^c\>hgVZa^deegZhh^dc!XVjh^c\ZkZg"\gdl^c\ aZkZahd[]jbVcb^hZgn!bV^can!WjicdiZmXajh^kZan!Vbdc\EVaZhi^c^Vch#I]^h Y^VaZXi^X^hVhnbbZig^XVa!l^i]i]Z?Zl^h]HiViZn^ZaY^c\[Vg\gZViZgb^a^iVgnVcY ZXdcdb^XedlZgi]Vc^ihhiViZaZhhEVaZhi^c^VcXdjciZgeVgih# I]ZWVgg^Zg¼hgdjiZgjchZci^gZani]gdj\]EVaZhi^c^VcdXXje^ZYiZgg^idgn`ZZe^c\ i]ZbV_dg^ind[?Zl^h]hZiiaZghdci]Z¹>hgVZa^h^YZ!ºZ[[ZXi^kZanVccZm^c\&%"&+ d[i]ZLZhi7Vc`id>hgVZa#L]ZcXdbeaZiZ!^ibVndgbVncdi^begdkZ?Zl^h] hZXjg^in!Wji^il^aa]VkZ\gVkZXdchZfjZcXZh[dgi]ZEVaZhi^c^Vch/hdbZ'&%!%%% eZdeaZl^aaWZXVj\]iWZilZZci]ZWVgg^ZgVcYi]ZhgVZa^c^i^VaanWZcZÃiZY\gZVian [gdbiZgg^idg^VaZmeVch^dc#Jci^ai]ZaViZ&.-%h!^YZci^in!VcYZXdcdb^XVcYiZgg^id" g^Va\dVahgZ^c[dgXZYdcZVcdi]Zg#I]Z>hgVZa^XdcfjZhiVcYdXXjeVi^dcd[i]ZLZhi 7Vc`VcYhgVZa]VhjhZYVcZ[[ZXi^kZYdjWaZ Y^hXdjghZ#9dbZhi^XVaan^i]VhegZhZciZYi]ZEVaZhi^c^VcdXXje^ZYiZgg^idg^ZhVh eVgid[i]Z¹ZiZgcVa?Zl^h]]dbZaVcY!ºi]ZgZWn^cXajY^c\?Zl^h]hZiiaZgh^ci]dhZ iZgg^idg^ZhVh[jaahiViZX^i^oZch!YZhe^iZi]Z[VXii]Vii]Zna^kZdjih^YZi]Zd[ÃX^Va WdjcYhd[i]ZhiViZ#6ii]ZhVbZi^bZ!^ciZgcVi^dcVaan!>hgVZa]VhegZhZciZYi]Z hVbZdXXje^ZYiZgg^idg^ZhVh¹iZbedgVg^anVYb^c^hiZgZY!ºi]ZgZWnZmXajY^c\i]Z^g EVaZhi^c^VcgZh^YZcih[gdbeda^i^XVaeVgi^X^eVi^dc!aZVk^c\i]ZbedlZgaZhhid h]VeZi]Z[jijgZd[i]Z^gdlc]dbZaVcY# A^`Zdi]ZgZi]cdXgVi^XgZ\^bZh!>hgVZa]VhWZ\jcid[VXZi]ZXdcigVY^Xi^dchd[ ^ihhnhiZb#I]ZhZhjg[VXZYl^i]i]ZhjeegZhh^dci]ZÃghi>ci^[VYV &.-,"&..( ! VcYi]ZgZhjaiVciedaVg^oVi^dcWZilZZci]ZEVaZhi^c^VcX^i^oZchd[i]ZhiViZVcY i]Z?Zl^h]bV_dg^in!VcYWZilZZcgZa^\^djhVcYhZXjaVg?Zlh!dkZgi]Z[jijgZd[ i]ZEVaZhi^c^VcdXXje^ZYiZgg^idg^ZhVcYi]ZX]VgVXiZgd[i]ZHiViZd[>hgVZa#hgVZaVcY?Zl^h][ZVgh[ZYWnV]^hidgnd[ eZghZXji^dc!i]ZZ[[ZXihd[gZcZlZYEVaZhi^c^Vck^daZcigZh^hiVcXZ!id\Zi]Zgl^i] Vci^"?Zl^h]g]Zidg^X!XVaah[dgi]Z¹a^WZgVi^dcd[i]Zl]daZd[EVaZhi^cZ!ºVcYi]Z heZXiZgd[EVaZhi^c^VcgZ[j\ZZhgZijgc^c\id>hgVZaegdeZg!]VkZWZZcediZci!^[ egZY^XiVWaZ#H^cXZi]ZhZXdcY>ci^[VYV '%%%"'%%* !bdhi>hgVZa^?Zlh]VkZXadhZY gVc`h!hi^\bVi^oZYi]ZZci^gZEVaZhi^c^VcedejaVi^dcVh¹iZggdg^hi^X!ºaZ\^i^b^oZY ejWa^XYZWViZdc¹igVch[Zgg^c\ºEVaZhi^c^Vch[gdbi]Z^g]dbZaVcY!VcYh]^[iZY eda^i^XVaanidi]ZcVi^dcVa^hiG^\]i# I]Z>hgVZa^ejWa^X!ZheZX^Vaani]ZbV^chigZVbb^YYaZXaVhh!]VhYZbVcYZY bV_dgX]Vc\Zh#HZZ`^c\idbV^ciV^ci]Z^aajh^dcd[V¹cdgbVaºYZbdXgVi^XhiViZ l]^aZbV^ciV^c^c\Xdcigdad[EVaZhi^c^VcVgZVh!i]Zn]VkZYZbVcYZY¹hZXjg^inº VcYgZcZlZYZXdcdb^X\gdli]l]^aZ`ZZe^c\i]ZEVaZhi^c^Vchkd^XZaZhhVcY edlZgaZhh#I]ZgZ]VkZWZZcY^hhZci^c\kd^XZh!^#Z#XVaah[dgV\Zcj^cZZcYidi]Z dXXjeVi^dcVcYVgZijgcidh^cXZgZcZ\di^Vi^dch!Wjii]Zn]VkZWZZcdjilZ^\]ZY WngVX^hbVcYX]Vjk^c^hb#
;:C8:$L6AA
&,'q&,(
I]ZhiViZ¼hgZhedchZ/XdchigjXi^dcd[i]ZhZeVgVi^dcWVgg^Zg#7Z\jcVhVc^c^i^Vi^kZ d[i]ZO^dc^hiAZ[i egdb^h^c\idXdbW^cZiZgg^idg^Val^i]YgVlVal^i]hZXjg^in !i]Z hZeVgVi^dc[ZcXZ$lVaalVhXaZkZgan]^_VX`ZYWni]Zgja^c\cVi^dcVa^hiG^\]i!l]^X] bdkZY^iZVhilVgYYZZe^cidEVaZhi^c^VciZgg^idgnVcYVlVn[gdbi]ZhgVZa^bdkZ^ha^`Zanid\ZcZgViZbdgZEVaZhi^c^VcgZh^hiVcXZ!hjW" hZfjZcianhigZc\i]Zc^c\i]Zeda^i^XVaG^\]i!l]^X][ZZYhdcVcZkZg"ZcY^c\hZchZd[ ]dhi^a^inVcYh^Z\Z# JG76C:I=CD8G68N 9Zhe^iZi]ZgZaVi^kZdeZccZhhd[jgWVcVgZVh!i]Z^gYZkZadebZci^c>hgVZa$EVaZhi^cZ ]VhWZZc[gVbZYWnVcZi]cdXgVi^XYg^kZ[dg?jYV^oVi^dc#H^b^aVgiddi]Zgh^iZh h]VeZYWni]Zad\^Xhd[gZXdcX^a^c\Zi]cd"cVi^dcVa^hbl^i]XVe^iVa^hb!Zi]c^XVaan b^mZYX^i^ZhVgZX]VgVXiZg^oZYWnhiVg`eViiZgchd[hZ\gZ\Vi^dcVcYZi]cd"XaVhh [gV\bZciVi^dcl^i]^cZVX]cVi^dcVa\gdje#B^mZYheVXZhVgZWdi]ZmXZei^dcVa VcY^ckdajciVgn!d[iZcgZhjai^c\[gdbi]ZheVi^VaegdXZhhd[Zi]c^XZmeVch^dcVcY gZigZVi!egZkVaZci^cXdciZhiZYjgWVcheVXZh#¹JgWVcZi]cdXgVX^Zh!º^[ndjl^aa!VgZ hZii^c\hl]ZgZiZch^dchX]VgVXiZg^oZi]Z^ciZgVXi^dcWZilZZcVX^in¼hZXdcdb^X! eaVcc^c\!VcYZi]cd"iZgg^idg^Vaad\^Xh!egdYjX^c\h^iZhd[XdcÄ^XiVcY^chiVW^a^in! VcYZhhZci^Va^o^c\i]ZWdjcYVg^Zhd[\gdje^YZci^i^ZhVcYi]ZoZgdhjbcVijgZd[ Zi]c^X\Zd\gVe]^Zh# ?:GJH6A:B$6A"FJ9H ?ZgjhVaZb$6a"FjYh^hVXaZVgZmVbeaZd[VcjgWVcZi]cdXgVXn#L]^aZi]ZlVaa jcYZgXdchigjXi^dc^c^ihb^Yhi^hjhjVaani]dj\]id[VhnZiVcdi]ZgbVc^[ZhiVi^dc d[>hgVZa^VWjhZd[EVaZhi^c^Vch]jbVcg^\]ih!^i^hVahdnZiVcdi]ZgbVc^[ZhiVi^dc d[?Zl^h]"EVaZhi^c^VcgZaVi^dch^ci]ZX^inh^cXZ&.+,#LVaah]VkZZm^hiZY^c?ZgjhV" aZb$6a"FjYh[gdbi]ZWZ\^cc^c\d[dXXjeVi^dc!WjilZgZaZhhk^h^WaZ!Vhi]Z¹hij[[º i]ZnlZgZbVYZd[lZgZi]Z¹Wj^aY^c\WadX`hºd[jgWVceda^Xn!eaVcc^c\higViZ\^Zh! VcYVgjWWZg"hiVbeaZ\VaVeeVgVijh# EVaZhi^c^Vc6a"FjYhlVhXdcfjZgZYWn?dgYVc^c&.)-!VcY^cijgcWn>hgVZa^ci]Z lVgd[&.+,#>cVbdkZhZa["YZhXg^WZYVh¹jc^ÃXVi^dc!º>hgVZajc^aViZgVaanVccZmZY aVg\ZeVgihd[i]ZX^inVcY^ihhjggdjcY^c\k^aaV\Zh#H^cXZi]Zc!>hgVZa]VhjhZY^ih b^a^iVgnb^\]iVcYZXdcdb^XedlZgidgZadXViZWdgYZghVcYWdjcYVg^Zh!\gVciVcY YZcng^\]ihVcYgZhdjgXZh!h]^[iedejaVi^dch!VcYgZh]VeZi]ZX^in¼h\Zd\gVe]nid ZchjgZ?Zl^h]Ydb^cVcXZ#IldXdbeaZbZciVgn>hgVZa^higViZ\^Zh^c:Vhi?ZgjhVaZb ]VkZWZZci]ZbVhh^kZXdchigjXi^dcd[VcdjiZgg^c\d[?Zl^h]hZiiaZbZcihdg ¹cZ^\]Wdg]ddYh!ºl]^X]cdl]djhZdkZg]Va[d[i]Z?Zl^h]edejaVi^dcd[?ZgjhVaZb! VcYi]ZXdciV^cbZcid[VaaEVaZhi^c^VcYZkZadebZci!WnYZcn^c\Wj^aY^c\eZgb^ih! XVggn^c\dji]djhZYZbda^i^dc!VcYegd]^W^i^c\b^\gVi^dcidi]ZX^ini]gdj\] WjgZVjXgVi^XbZVch#L]^aZEVaZhi^c^VccZ^\]Wdg]ddYhaVX`WVh^XjgWVcji^a^i^ZhVcY YZXZci^c[gVhigjXijgZ!?Zl^h]cZ^\]Wdg]ddYhVgZ[jaanhZgk^XZY#>hgVZa^gdVYhVcY ]djh^c\XdbeaZmZh]VkZWZZch]VeZY^ci]Z[dgbd[hZ\gZ\Vi^kZlVaah!V^bZYVi [gV\bZci^c\i]Z6gVWX^in#I]ZhZ]VkZaZYidi]Ze]nh^XVaYZXa^cZVcYjgWVchiV\cV" i^dcd[i]ZEVaZhi^c^VcX^in!^ihhZkZgVcXZ[gdbi]ZEVaZhi^c^Vc]^ciZgaVcY!VcYi]Z ZmdYjhd[EVaZhi^c^VcWjh^cZhhZhcdgi]lVgYVcYhdji]lVgY^cidi]ZLZhi7Vc`#
7Vgg^Zgh A^c`h
I]ZhZigVcheVgZcilVaahXVcVahdWZ[djcY^c?ZgjhVaZb»hejWa^XVcYeda^i^XVa he]ZgZh#9Zhe^iZi]ZW^"cVi^dcVaX]VgVXiZgd[?ZgjhVaZb$6a"FjYh!jgWVc\dkZgcVcXZ ]VhWZZcXdbeaZiZanYdb^cViZYWn?Zlh#EVaZhi^c^Vch]VkZWZZcZmXajYZY[gdb i]ZX^in¼hYZX^h^dcbV`^c\WdY^Zh¸bdhicdiVWan8^in=Vaa¸YjZidi]Z^ggZ[jhVa idVXXZeii]Z^bedh^i^dcd[>hgVZa^aVlVcYi]ZY^hidgiZYbjc^X^eVaWdjcYVg^Zh d[dXXjeVi^dc#>hgVZaldjaYa^`Zi]ZEVaZhi^c^VcgZh^YZcihd[?ZgjhVaZbidhZZ ?jYV^oVi^dcVh¹^cZk^iVWaZ!ºV[VXiidWZVXXZeiZYeVhh^kZanVheVgid[i]ZbdYZgc YZkZadebZcid[i]ZbZigdeda^h# I=:;:C8:$L6AA>C?:GJH6A:B$6A"FJ9H I]Z[ZcXZ$lVaajcYZgXdchigjXi^dc^c?ZgjhVaZb$6a"FjYhl^aa^cXajYZbdhid[ i]ZVgZVhVccZmZYWn>hgVZa^c&.+, Vc^aaZ\VaVccZmVi^dcVXXdgY^c\id^ciZgcV" i^dcVaaVl WjiVahdVgZVhWZndcYi]Zbjc^X^eVaWdjcYVg^Zhl]^X]>hgVZaldjaY a^`ZidVccZm¹YZ[VXid!ºhjX]Vhi]Z¹cZ^\]Wdg]ddYhºd[E^h\ViOZZkVcY=Vg =dbVVcYi]ZhZiiaZbZcihd[BVaZ6Yjb^bVcYhgVZa^hbdkZVadc\^i# I]ZeaVcc^c\hnhiZb^c>hgVZa!VcY^c?ZgjhV" aZb^ceVgi^XjaVg!^hVide"YdlchnhiZb#>ci]Z ?ZgjhVaZbVgZV!i]ZXZcigVa\dVad[i]ZhnhiZb^h
7neVhhgdVYcZVg7^gCVWVaaV e]did/H]bjZai^hVc^ciZ\gViZYeda^Xni]Vi^cXdgedgViZhi]ZgZbdkVad[EVaZhi^c^Vcd[ÃX^Va bVg`^c\hVcYXjaijgVaXZciZgh[gdbi]ZZVhiZgch^YZ hjX]Vhi]ZXadh^c\ Ydlcd[i]ZDg^Zci=djhZ!i]Zadc\"i^bZ?ZgjhVaZbVYYgZhh[dgEVaZhi^c^Vc cVi^dcVa^hidg\Vch VcYi]ZgZhig^Xi^c\d[EVaZhi^c^VcLZhi7Vc`gZh^YZcih [gdbi]ZX^in ZkZci]dhZl]dlVciidegVnVi^ih]danh^iZh #I]Zegd]^W^i^dc d[cdc"?ZgjhVaZb^iZEVaZhi^c^Vch[gdbZciZg^c\i]Z?ZgjhVaZbX^inWdjcYVg^Zh ]VhWZZcVcZmeVcY^c\egdXZhh!dcZl]^X]WZ\Vc^c&..&!WZ[dgZi]ZDhad V\gZZbZcihWZilZZcEVaZhi^c^VchVcY>hgVZa^h#Idk^h^ii]ZX^in!LZhi7Vc` EVaZhi^c^VchVgZgZfj^gZYidgZfjZhiVeZgb^iidZciZg?ZgjhVaZb[gdbi]ZX^k^a VYb^c^higVi^dc VXdkZgcVbZ[dgi]Zb^a^iVgnXdbbVcYZg ^ci]ZLZhi7Vc`! VcYi]^heZgb^ibjhiWZegZhZciZYVib^a^iVgnWVgg^ZghhZiVii]ZX^in¼hZVhiZgc ZcigVcXZh#EZgb^ihVgZdcanV[[dgYZYidi]dhZd[VXZgiV^cV\Z!bVg^iVahiVijh! VcYl^i]V¹XaZVcºhZXjg^inÃaZ!VcYVeea^XVi^dchXVcWZijgcZYYdlc[dgVcn jchiViZYgZVhdc#I]ZnVgZjhjVaan\^kZchdaZan[dgYVna^\]i]djghVcYheVc dcanVcjbWZgd[YVnhViVi^bZ#6aiZgcViZan!EVaZhi^c^VchXVggn^c\LZhi7Vc` ^YZci^inXVgYhXVcViiZbeiidhiZVa¹^aaZ\Vaanº^cid?ZgjhVaZbiZgg^idgn!g^h`^c\ VggZhiVcYbdcZiVgnÃcZh#
RT!6SK*P[`
RT!6SK*P[`
IdYVni]^heda^Xn^hWZ^c\¹eZg[ZXiZYºWni]ZHZeVgVi^dcLVaajcYZgXdchigjX"
&-%q&-&
i^dcdci]ZZY\Zhd[?ZgjhVaZb¼hbjc^X^eVaWdjcYVg^Zh l]^X]il^hihVcYijgch idVkd^Y^cXdgedgVi^c\aVg\ZEVaZhi^c^VcedejaVi^dchdci]ZX^in¼h]^ciZgaVcYh # :kZcijVaan!i]^hWVgg^Zgl^aabV`Z^i^bedhh^WaZidZciZgi]Z?ZgjhVaZbVgZVl^i] XVghVcYbZgX]VcY^hZ#I]ZX^inl^aaWZhjggdjcYZYWnÃkZXdcigdaXZciZghl]ZgZ bZgX]VcY^hZl^aaWZigVch[ZggZY^cid?ZgjhVaZb^cV¹WVX`"id"WVX`ºegdXZhh! l]ZgZigjX`hbZZi[dgi]ZigVch[Zgd[\ddYhWjicZkZgaZVkZi]Z^ggZheZXi^kZVgZVh h^b^aVgidi]ZZm^hi^c\eVhhV\ZhWZilZZci]ZhgVZa # =ZcXZi]ZgZaVi^kZ[gZZYdbd[bdkZbZciegZk^djhanZc_dnZYWn6gVWhd[:Vhi ?ZgjhVaZbidZciZgVcYaZVkZi]ZgZhid[i]ZLZhi7Vc`l^aaVahdWZXdchigV^cZY# I]ZYZhigjXi^dcd[:Vhi?ZgjhVaZbVcYi]ZigVch[dgbVi^dcd[^ihcZ^\]Wdg" ]ddYh^cidXjah"YZ"hVXVgZVahdYZhigdn^c\LZhi?ZgjhVaZb#>ci]ZlZhiZgceVgi d[i]ZX^in!l]^X]^hXjggZcianZmeVcY^c\idlVgYhi]Z\gZZcajc\hd[i]Z?Zgj" hVaZbbdjciV^ch!VcZligV[ÃXVggVn^heaVccZY!^cXdgedgVi^c\VlZhiZgcg^c\ gdVY^ci]Z7Z^iOVn^iVcYBZkVhVgZiIo^dcVgZVh!idXdccZXiidi]ZcZlVXXZhh gdVYXdb^c\[gdb7Z^iH]ZbZh] GdVYCd#(. !VcYidi]ZigV[ÃXVggVnZciZg^c\ ^cidi]ZjgWVcVgZVjcYZgXdchigjXi^dccZVgBdoVVcYA^[iV#I]^higV[ÃXVggVn! ^cXdbW^cVi^dcl^i]i]Z[VhiigV^cWZ^c\Wj^aiidIZa6k^k!^hVlV`Zc^c\ejWa^X Y^hejiZh!dcZdkZgZck^gdcbZciVaYVbV\ZVcYVcdi]ZgXdcXZgc^c\?ZgjhVaZb¼h jgWVcX]VgVXiZgVhi]ZaVg\ZhiVcYbdhihXViiZgZYX^in^c>hgVZa#LZhiVcY:Vhi ?ZgjhVaZbVgZa^`ZH^VbZhZil^ch!dcZd[i]ZbgZXZ^k^c\ZmXZhh^kZcdjg^h]bZci! l]^aZi]Zdi]Zg^hhnhiZbVi^XVaanhj[[dXVi^c\#9Zhe^iZi]ZgZaVi^kZ\gdli]d[LZhi ?ZgjhVaZb!i]ZZXdcdb^XYZXa^cZd[:Vhi?ZgjhVaZb^hYZ\ZcZgVi^c\^ihH^VbZhZ il^c#:kZcÄVh]n!ZmeZch^kZigVchedgiVi^dcegd_ZXihhjX]Vhi]Za^\]i"gV^aigV^c l^aacdigZk^kZi]ZYZ\ZcZgVi^c\jgWVcXZciZgd[LZhi?ZgjhVaZb# BDK>CIN Dci]ZZkZd[i]ZH^m9VnLVg^c&.+,!CVdb^H]ZbZglgdiZi]Zhdc\¹?ZgjhVaZb d[hgVZa^ [gdbi]Z ?dgYVcKVaaZn!YZhXg^WZYi]ZDaY8^inVcY:Vhi?ZgjhVaZbVhkVXViZYd[]jbVch ¹I]ZbVg`ZihfjVgZhiVcYhZbeinº #I]ZgdVYlVnhid?ZgjhVaZbVgZVahd YZhXg^WZY^ci]Zhdc\¸i]^hi^bZcdiVhZbeinWjiVhjcigV[ÃX`ZY# ¹6cYcddcZ \dZhidi]Z9ZVYHZVi]gdj\]?Zg^X]dº I]ZhZa^cZh^ci]Zhdc\i]Vi]VhVabdhi WZXdbZ>hgVZa¼hcZlcVi^dcVaVci]ZbgZ\VgYi]ZZVhiZgcX^inVcYi]ZgdVYhaZVY^c\ id^iVhZbein¸^cVhbjX]Vhi]ZnVgZZbeind[?Zl^h]k^h^idgh#7jii]ZbZiVe]dgd[ ¹i]ZZbeinaVcYºVcY¹i]Z^ck^h^WaZEVaZhi^c^Vcº^hcdidcana^iZgVgn0i]ZVWhjgY^in ^c?ZgjhVaZb!^hi]ZlVn^cl]^X]bZiVe]dghVcY^bV\ZhVgZijgcZY^ciddeZgVi^kZ VXi^dc/VY^hidgi^dcd[i^bZVcYheVXZeZgeZijViZYi]gdj\]i]ZgdVYhnhiZb# O^\bjcY7VjbVc!^c]^hWdd`VWdji\adWVa^oVi^dc &..- !YZhXg^WZhVldgaY" l^YZegdXZhhd[higdc\edejaVi^dch\V^c^c\jca^b^iZYbdW^a^inVcYV[gZZÄdl d[XVe^iVa!l]^aZlZV`edejaVi^dch\gVYjVaanWZXdbZZcXadhZY^ci]Z^gYdbZhi^X heVXZh#8dcY^i^dch^c:Vhi?ZgjhVaZbVcYi]ZLZhi7Vc`VgZViVc\^WaZZmVbeaZ d[i]^hegdXZhh#I]ZYZkZadebZcid[cZ^\]Wdg]ddYhVcYhZiiaZbZcih^ci]Z ¹cdgYZgidZcVWaZi]ZY^gZXiVXXZhhZc_dnZYWngZh^YZcihd[i]ZhZ cZ^\]Wdg]ddYhVcYhZiiaZbZcihidi]ZhdjgXZhd[i]ZdXXjeVi^dcVcYi]ZX^in
7Vgg^Zgh A^c`h
XZciZg!gZh^YZcihd[EVaZhi^c^VccZ^\]Wdg]ddYhVcYidlch]VkZWZZcXadhZY^c#>c XdchigjXi^c\i]ZigV[ÃXhnhiZbhaZVY^c\idhZiiaZbZcihhjX]VhhgVZa^ckZhiZYjcegZXZYZciZYVbdjcihd[bdcZn^cWg^Y\Zhnh" iZbhVcYl^YZ!hiViZ"d["i]Z"VgiijccZaheVhh^c\WZadlVcYVWdkZi]ZEVaZhi^c^Vc VgZVhVcY!^c[VXi!WZadlVcYVWdkZi]ZEVaZhi^c^VcgZVa^in!l]^X]?Zl^h]gZh^YZcih YdcdiZkZclVciidhZZ# DcZZmVbeaZd[i]^hXVcWZ[djcYdcGdVYCd#))(!l]ZgZi]ZEVaZhi^c^Vc idlcd[7^gCVWVaV^h]^YYZc[gdbi]dhZl]dXgdhhi]ZWg^Y\ZVWdkZ^iWnVc VggVnd[XdcXgZiZlVaaheV^ciZYl^i]gV^cWdlhVcYWajZZbeinh`^Zh#6c^bV\^cZY dg^ZciVa^hik^Zld[gZVa^ingZeaVXZhi]ZeVcdgVbVd[i]ZVXijVaXdbbjc^in!Vaai]Z l]^aZbVh`ZYWni]ZVg\jbZcii]VihjX]VlVaa^hcZXZhhVgnid\jVgYi]ZhZXjg^in d[eVhh^c\igVkZaZgh#>ci]Z7Zi]aZ]Zb"VgZV?Zl^h]hZiiaZbZcid[ChgVZa^igVchedgiVi^dcegd_ZXihZkZg!VcYVXVhZhijYn[dgi]Z XdcXZeihYZhXg^WZYVWdkZ!^h?ZgjhVaZb¼h:VhiZgcG^c\GdVY EaVcCd#)**- # I]^h&*"`^adbZiZg"adc\]^\]lVnl^aaeVhhi]gdj\]i]ZbdhijcYZgYZkZadeZY ZVhiZgccZ^\]Wdg]ddYh!l]^X]]djhZVeegdm^bViZandcZ"i]^gYd[i]ZEVaZhi^c^Vc gZh^YZcihd[?ZgjhVaZb hdbZ+*!%%%eZdeaZ #I]^h]^\]lVnl^aaWZ[VX^a^iViZYWn ijccZahVcYWg^Y\Zh!bdgZdgaZhhdci]ZZY\Zd[?ZgjhVaZb¼hbjc^X^eVaiZgg^idgn! WZilZZci]ZEVaZhi^c^VccZ^\]Wdg]ddYhi]ViVgZ^ch^YZ?ZgjhVaZbVcYi]dhZi]Vi a^Zidi]ZZVhid[i]ZX^in!hjX]Vh:oVg^nV!6Wj9^h!VcYVo"OV^b# 7^b`dblVhVh`ZYWni]ZV[[ZXiZYEVaZhi^c^VcXdbbjc^i^ZhidVhh^hi^ci]Z^g [dgbVadW_ZXi^dchVcYidX]ZX`VaagZaViZYeaVcc^c\YdXjbZcih EVYZc!'%%* #6c ZmVb^cVi^dcd[i]ZgZVhdch\^kZc[dgi]^hhde]^hi^XViZYgdVYgZkZVaZYi]Vii]Zn VgZcdibZgZanigVchedgiVi^dcVa¸[dgZmVbeaZ!XdbeaZi^dcd[i]ZigV[ÃXg^c\i]Vi VagZVYnZm^hih^cLZhi?ZgjhVaZb¸WjiVahd\Zdeda^i^XVa#I]ZeaVccZYgdVYl^aahZgkZ VhV`^cYd[eVigdaVcYWdgYZggdVY!YZÃc^c\?ZgjhVaZb¼hbjc^X^eVaWdjcYVg^Zh^c Xdc_jcXi^dcl^i]i]ZHZeVgVi^dcLVaa#I]Z^bea^X^iVhhjbei^dc^hi]Vii]^hgdVY l^aa]ZaeegZkZciY^k^h^dcd[i]ZX^inVcYi]ZigVch[Zgd[EVaZhi^c^VccZ^\]Wdg]ddYh idi]ZEVaZhi^c^Vc6ji]dg^in^ci]ZZkZcid[hjWhiVci^kZeda^i^XVacZ\di^Vi^dch# I]ZbV^chigZVb>hgVZa^Vg\jbZcidkZgi]^hgdVY[dXjhZhdc]dlbjX]i]Z gZaViZYÃcVcX^Va^ckZhibZcihVXijVaanhZgkZi]Z>hgVZa^^ciZgZhi#DcanVi^cn VheZXid[i]ZVg\jbZciVYYgZhhZhi]Z^beVXiEVaZhi^c^Vchl^aa[ZZa[gdbi]^hbVh" h^kZ^c[gVhigjXijgZegd_ZXi!ZkZci]dj\]¸a^`Zi]ZhZiiaZbZcigdVYh^ci]ZLZhi 7Vc`¸i]^hgdVYl^aaVahdeVhhVWdkZVcYWZadli]Z^gcZ^\]Wdg]ddYhVcYY^hhZXi i]Zba^`ZV]^\]lVn!gVi]Zgi]VcVbV_dgjgWVcVgiZgnhZgk^c\i]ZcZ^\]Wdg]ddYh i]ZbhZakZh#I]Z\dVahYZiV^aZYWni]ZgdVY¼heaVccZghlZgZbV^cani]ZXgZVi^dcd[ V[Vhi"bdk^c\igV[ÃXVggVnidXdccZXii]Zhdji]ZgchZiiaZbZcih i]ZA>IN ;dg>hgVZa^h!LZhi?ZgjhVaZbWZ[dgZ&.+,lVhVfj^Zi!haZZenXVe^iVaX^inVii]Z ZcYd[Vcd"Zm^i]^\]lVnXdbbdcanXVaaZYi]Z¹?ZgjhVaZb8dgg^Ydgº0idi]Zb! ^ilVhVX^inXZciZgZYVgdjcY\dkZgcbZcid[ÃXZhVcYi]Z=ZWgZlJc^kZgh^in# H^cXZ&.+,!i]Z>hgVZa^eaVcc^c\hnhiZb]VhgZhdakZYid^ckZgii]^hbZigdeda^iVc egdXZhh¸^#Z#!idijgcZmeVcYZY?Zl^h]?ZgjhVaZb^cidVcjgWVcbZigdeda^h!l]^aZ h^bjaiVcZdjhanijgc^c\EVaZhi^c^Vc:Vhi?ZgjhVaZb^cidVXadhZYVcYYZ\ZcZgViZY cZ^\]Wdg]ddYVii]ZZcYd[VXja"YZ"hVX# I]ZYZkZadebZcid[i]^hg^c\gdVY!VhV[Vhi]^\]lVnVcYeVigdagdVYVadc\h^YZ i]ZHZeVgVi^dcLVaai]VihZVah?ZgjhVaZb!l^aa]^cYZgi]Zedhh^W^a^ind[YZkZade^c\ i]ZadXVagdVYhnhiZb^c:Vhi?ZgjhVaZbVcYVYVei^c\^iidi]Vid[VbdYZgcVcY egd\gZhh^kZX^in#6YY^i^dcVaan!^il^aagZ^c[dgXZi]ZigZcYd[>hgVZa^heVi^VaYdb^cVi^dc dkZgi]Zl]daZ?ZgjhVaZbbZigdeda^h!higZc\i]Zc^c\XdccZXi^dchWZilZZci]Z ?Zl^h]hZiiaZbZcihcZVg?ZgjhVaZbVcYi]ZX^in^ihZa[# EVaZhi^c^VcbdkZbZci^hViVhiVcYhi^aa#I]ZHZeVgVi^dcLVaa^hYgVbVi^XVaan hadl^c\igV[ÃXÄdl^cid:Vhi?ZgjhVaZb#L]^aZegZk^djhanjcgZ\jaViZYVYb^hh^dc ^cidi]ZX^inhjeeaZbZciZYgZ\jaViZYVYb^hh^dc!i]ZLVaa^h^ciZcYZYidVX]^ZkZ XdbeaZiZXdcigdadkZgVaaZcigVcXZhVcYigVch^i^dch#6hegZk^djhancdiZY!i]Z ]^hidg^XgdVYgjcc^c\idlVgYhi]Z9ZVYHZV[gdb6Wj9^h]VhWZZcXdbeaZiZan WadX`ZY#I]ZbV^cgdVYWZilZZc?ZgjhVaZbVcYGVbVaaV]]VhWZZcW^hZXiZY aZc\i]l^hZVcYijgcZY[gdbV[djg"aVcZi]dgdj\][VgZ^cidVild"aVcZgdVY!dcan WZhZkZgZY^c^ihb^YYaZWni]ZHZeVgVi^dcLVaa#H^cXZi]ZXdcXgZiZWVgg^Zg^c i]^hhZXi^dc^hZmedhZYidi]dhZigVkZa^c\Vadc\i]ZgdVY!^ihWj^aiZaZbZcihlZgZ gZYjXZY[gdbV]Z^\]id[Z^\]ibZiZghidV]Z^\]id[+#*bZiZgh!^cV¹b^c^lVaaº bdYZa# EZi^i^dchZciZgZYWni]ZEVaZhi^c^VcgZh^YZcih!VXXdbeVc^ZYWn7^b`db¼h VYk^hdgnWg^Z[!idVWda^h]i]ZlVaadgZcVWaZVYY^i^dcVaZcigVcXZhi]gdj\]i]ZlVaa lZgZgZ_ZXiZYWni]Z>hgVZa^HjegZbZ8djgi#
I]jh!Vh^ijVi^dc]VhWZZcXgZViZY^cl]^X]:Vhi?ZgjhVaZb^h\gVYjVaanWZ^c\ XadhZY^c!VcYjca^`Zdi]ZgX^i^Zh^ci]ZldgaYl]ZgZigV[ÃXhnhiZbhVgZWZ^c\ ZcaVg\ZYVcY^begdkZY!i]ZcjbWZgd[ZcigVcXZh^cid:Vhi?ZgjhVaZb^hWZ^c\ ejgedhZ[jaanb^c^b^oZYVcY^ihgdVYhbVYZcVggdlZgVcYcVggdlZg#>[i]ZhZ gdVYhVgZWaddYkZhhZah!i]ZkZ^chaZVY^c\^cidi]ZX^inVgZWZ^c\WadX`ZYViVc VXijVag^h`d[\Vc\gZcZid^iha^bWh# >cidiVa!?ZgjhVaZb¼hgdVYVggVn¸Wdi]Zm^hi^c\VcYeaVccZY¸XVcWZgZVYVhV \gVe]d[eda^i^XVaVcYeaVcc^c\gZVa^i^Zh^ci]ZX^inVcYi]ZLZhi7Vc`#I]ZbVhh^kZ e]nh^XVaX]Vc\ZhWgdj\]iVWdjiWni]^hhnhiZbYdcdiVaiZgi]ZZhhZci^VaegdWaZb i]Vi?ZgjhVaZb^hVY^k^YZYX^in#I]ZdgZi^XVaan!Vhdaji^dcb^\]ia^Z^ci]ZhZeVgVi^dc d[i]ZH^VbZhZil^ch!dg^cÃcY^c\Veda^i^XVagZhdaji^dci]ViZcVWaZhXddeZgVi^dc WVhZYdceg^cX^eaZhd[ZfjVa^inVcY[gZZYdbd[bdkZbZci#
& I]ZgdVYhi]VilZgZYZkZadeZYlZgZ\ZcZgVaan[dgidjg^hihVcY[dgZ^\cZghadd`^c\djidci]Z ¹hidgZ[gdciºd[i]ZadXVaaVcYhXVeZ#6abdhi.%d[?ZgjhVaZb¼hhZlV\Ze^eZh!gdVYh!VcYh^YZlVa`h VgZ[djcY^cLZhi?ZgjhVaZb0Zci^gZEVaZhi^c^VccZ^\]Wdg]ddYh]VkZnZiidWZXdccZXiZYidV hZlV\ZhnhiZbVcYYdcdi]VkZeVkZYgdVYhdgh^YZlVa`h#
HZaZXiZY7^Wa^d\gVe]n 7ihZaZb!6Eda^Xnd[9^hXg^b^cVi^dc/AVcY:megdeg^Vi^dc!EaVcc^c\VcY7j^aY^c\^c:Vhi?ZgjhVaZb! 8dbegZ]Zch^kZGZedgi BVn&..* # 7ihZaZbGZedgi!¹;dgW^YYZcGdVYh!º]iie/$$lll#WihZaZb#dg\$Zc\a^h]$ejWa^XVi^dch$hjbbVg^Zh$ '%%)%-T[dgW^YYZcTgdVYh#Vhe VXXZhhZY9ZXZbWZg'&!'%%* # :a^h]V:[gVi!hgVZa^dXXjeVi^dc^c&.+,# I]ZhgVZa^ lViZgeda^X^ZhVgZcdidcanXVjh^c\EVaZhi^c^Vci]^ghi!Wji]Vgb^c\i]ZZck^gdc" bZci¸egdWVWan^ggZkZgh^Wan# L6I:G6C9I=:E:68:EGD8:HH >hgVZagZXd\c^oZYEVaZhi^c^VclViZgg^\]ihl]Zc^ih^\cZYi]ZDhadVXXdgYh hZZ Vgi^XaZ)%^cDhad>> #7jii]ZYZiV^ahd[i]ZhZg^\]ihlZgZidWZcZ\di^ViZY^chjW"
hZfjZcieZgbVcZcihiVijhcZ\di^Vi^dch#IdYViZ!]dlZkZg!cdcZ\di^Vi^dch]VkZ WZZc]ZaY0i]Z^hhjZd[EVaZhi^c^VclViZgg^\]ih^hZmeZXiZYidWZdcZd[i]Zbdhi [gVXi^djh^hhjZhdci]ZiVWaZ# >ci]Z^ciZg^b!^ilVhV\gZZYi]Vii]Z[jijgZcZZYhd[EVaZhi^c^Vch^ci]ZLZhi 7Vc`VgZVbZVhjgZY,%id-%bXbd[[gZh]lViZgVccjVaan#>ilVhVahdV\gZZY i]ViVhide\VebZVhjgZidgV^hZEVaZhi^c^VcYdbZhi^XlViZgVkV^aVW^a^inYjg^c\ i]Z^ciZg^beZg^dYlVhidhjeeani]Zbl^i]VcVYY^i^dcVa'-#+bXb#I]ZEVaZhi^c" ^Vc6ji]dg^inldjaYhjeean&.#&bXbeZgnZVgi]gdj\]i]ZYg^aa^c\d[cZllZaah! l]ZgZVhi]ZgZbV^c^c\.#*bXbeZgnZVglVhidWZhjeea^ZYWn>hgVZa >hgVZa^ B^c^hignd[;dgZ^\c6[[V^gh!&..*/-, #GZ\gZiiVWan!cdiVaad[i]^hlViZg]VhgZVX]ZYEVa"
Zhi^c^Vch0cdg]Vhi]ZVbdjciVaadiiZYegdkZchj[ÃX^ZciidbZZii]ZedejaVi^dc¼h ZmeVcY^c\cZZYh EL6!'%%(/&. # H^cXZ^ihdXXjeVi^dcd[i]ZLZhi7Vc`VcYhgVZa]Vh \gVciZYEVaZhi^c^VchdcanV[ZleZgb^ih[dgi]ZY^\\^c\d[cZllViZglZaah#6aa d[i]ZhZlZgZgZhig^XiZYidYdbZhi^XjhZ#CZllViZglZaah[dgV\g^XjaijgVaejg" edhZh^ci]ZLZhi7Vc`lZgZVahdgZhig^XiZYidi]gZZeZgb^ih#>cVYY^i^dc!>hgVZa eda^Xnd[bZiZg^c\VaaEVaZhi^c^VclZaahlVhVcdi]ZgbZVchd[gZhig^Xi^c\fjdiVh dcEVaZhi^c^VclViZgji^a^oVi^dc#>c&..,VcY^cdgYZgid]dcdgi]ZEVaZhi^c^Vc Xdbb^ibZcid[egdk^Y^c\&.#&bXbeZgnZVgd[cZlanhjeea^ZYlViZggZhdjgXZh! XddgY^cVi^dclVhcZXZhhVgnl^i]^ci]Z[gVbZldg`d[i]Z_d^ci>hgVZa^"EVaZhi^c" ^Vc"6bZg^XVc8dbb^iiZZV\gZZYjedcWni]Z?d^ciLViZg8dbb^iiZZ ?L8 dc lViZgegdYjXi^dcVcYYZkZadebZci"gZaViZYegd_ZXih#6egd_ZXilVh^c^i^ViZY! XdbbZcX^c\^c?jan&..,#H^mbdc^idg^c\lZaahWZilZZc(%%VcY,%%bZiZgh ^cYZei]!VcYh^meV^ghd[lViZghjeeanlZaahWZilZZc(*%VcY-*%bZiZgh^c YZei]!lZgZidWZXdchigjXiZY^ci]Z=ZWgdc!7Zi]aZ]Zb!?Zc^c!CVWajh!VcY GVbVaaV]VgZVh#L^i]^ci]Z[gVbZldg`d[?L8!i]Z>hgVZa^h]VY\^kZci]ZEVaZh" i^c^VchegdedhZYadXVi^dch!WjicdieZgb^hh^dc![dg&&lZaah^iZh[dgXdchigjXi^c\ EVaZhi^c^VclZaah#I]ZhZegdedhZYlZaahlZgZidWZadXViZY^c=ZWgdc!7Zi]aZ" ]Zb!VcY:Vhi?ZgjhVaZbidiVei]Z:VhiZgc6fj^[ZgHnhiZb#6XXdgY^c\idi]Z ldg`^c\eaVcd[i]Zegd_ZXi!i]ZlZaahlZgZidWZXdbeaZiZYl^i]^c&-bdci]h d[^c^i^Vi^dc#7ni]ZnZVg&...!dcanildeZgb^hh^dch]VYWZZc\gVciZYidXdc" higjXiildlZaah^ci]Z=ZWgdc"7Zi]aZ]ZbVgZV^ci]Z=ZgdY^dclZaaÃZaY#>i lVhdcan^c'%%(l]Zc>hgVZa\VkZVYY^i^dcVaeZgb^hh^dc[dgi]ZXdchigjXi^dcd[ h^mcZllZaah!ildd[l]^X]lZgZZkZcijVaanhjeeaVciZY^ci]ZeaVchWnZm^hi" ^c\lZaah#BdgZdkZg!VcY^ck^daVi^dcd[i]Zh^\cZYV\gZZbZcih!>hgVZa]Vhdcan hjeea^ZY&'bXbd[lViZgeZgnZVgd[i]ZVYY^i^dcVa-%b^aa^dcidl]^X]^iXdb" b^iiZY^ihZa[#
RT!6SK*P[`
RT!6SK*P[`
EVaZhi^c^VchVgZi]ZgZ[dgZ[dgXZYidgZXdch^YZgi]ZDhad>>V\gZZbZciVcY
&--q&-.
Zhi^bVi^dchd[i]Z^glViZggZfj^gZbZcih[dgi]Z[jijgZ#I]ZnbjhiVahdYZbVcY ^bbZY^ViZVcYhZg^djhcZ\di^Vi^dch[dgi]Z^glViZgg^\]ihidi]Z?dgYVcG^kZg lViZghVcYi]ZLZhi7Vc`Vfj^[Zgh!eVgi^XjaVgani]ZlZhiZgcVfj^[Zgh]VgZY WZilZZcEVaZhi^c^Vc6ji]dg^inVcY>hgVZa#8jggZcian!EVaZhi^c^VcXdchjbei^dc [gdbi]^h\gdjcYlViZggZhdjgXZ¼hhV[Zn^ZaYYdZhcdiZmXZZY+# >C:FJ>I67A:6AAD86I>DCD;L6I:GG:HDJG8:H>CI=: ?:GJH6A:B9>HIG>8I I]ZbVcV\ZbZcid[h]VgZYlViZggZhdjgXZh^ci]ZgZ\^dch]djaY^YZVaanWZ^ciZ" \gViZY[dgi]Z^gegdiZXi^dcVcYhjhiV^cVWaZjhZ!l^i]bjijVagZXd\c^i^dcd[ZVX] eVgin¼hlViZgg^\]ih#LViZgVaadXVi^dcVcYbVcV\ZbZciWZilZZc>hgVZaVcYi]Z EVaZhi^c^Vch!]dlZkZg!^hVegd_ZXi^dcd[i]ZaVg\ZgXdcÄ^Xi¸^i^hYZÃcZYWn>hgVZa¼h YZc^Vad[EVaZhi^c^Vcg^\]ihVcYXdci^cjZYgZhdjgXZXdadc^oVi^dc#8dcY^i^dch^c i]Z?ZgjhVaZb9^hig^Xi!l]ZgZ^c[gVhigjXijgZ^hY^k^YZYWZilZZci]ZX^in¼hlZhi VcYZVhi!VgZgZegZhZciVi^kZd[i]Z^hhjZhVi]VcY# 6ai]dj\]EVaZhi^c^Vc:Vhi?ZgjhVaZb¼hlViZgY^hig^Wji^dc^c[gVhigjXijgZhlZgZ Wj^aiVcY$dggZeV^gZYWni]Z>hgVZa^bjc^X^eVa^inV[iZg&.+,!i]ZngZbV^cXdch^hi" ZcianjcYZgYZkZadeZY^cXdbeVg^hdcl^i]i]dhZ^cLZhi?ZgjhVaZbVcYi]Z:Vhi ?ZgjhVaZb?Zl^h]hZiiaZbZcih#I]ZY^heVg^in^cejWa^XhZgk^XZhVcY^c[gVhigjXijgZ egdk^YZYWni]ZHiViZd[>hgVZaid?Zl^h]cZ^\]Wdg]ddYhVcYEVaZhi^c^VcXdbbjc^" i^Zh^c:Vhi?ZgjhVaZb^hXdchX^djhVcYhnhiZb^X#;dgbZg?ZgjhVaZbbVndgIZYYn @daaZ`XdcÃgbZYi]^hl^i]WgjiVa]dcZhin/¹LZhV^Yi]^c\hi]VilZgZ_jhiiVa`! VcYXVgg^ZYi]Zbdji#LZgZeZViZYanegdb^hZYid\^kZi]Z6gVWh^ci]ZX^ing^\]ih ZfjVaidi]dhZZc_dnZYWni]Z?Zlh^ci]ZX^in¸^ilVhVaaZbeinldgYh°;dg?Zl^h] ?ZgjhVaZb!>VXXdbea^h]ZYhdbZi]^c\dkZgi]ZeVhi'*nZVgh#;dg:Vhi?ZgjhVaZb °Cdi]^c\#8jaijgVaXZciZgh4O^aX]#NZh!lZegdk^YZYi]Zbl^i]hZlV\ZVcYlZ ^begdkZYi]ZlViZgYZa^kZgnhnhiZb!Wjil]n4;dgi]Z^gWZcZÃi4IdbV`Zi]Z^g a^kZhWZiiZg4CdiViVaa#I]ZgZlZgZV[ZlXVhZhd[X]daZgVi]ZgZ!VcYi]Z?Zlh eVc^X`ZYi]Vi^ib^\]iXdbZi]Z^glVn!hdi]Zn^begdkZYi]ZhZlZghnhiZbVcY i]ZlViZghnhiZbV\V^chii]ZX]daZgVº H]gV\V^!?jcZ*!'%%% # Jci^a&.+,!:Vhi?ZgjhVaZblVhhjeea^ZYl^i]lViZgWni]Z?ZgjhVaZbLViZg JcYZgiV`^c\ ?LJ!Veg^kViZEVaZhi^c^VclViZgY^hig^Wji^dcXdbeVcnadXViZY ^cGVbVaaV] #6[iZgi]Z&.+,LVg!i]Z>hgVZa^?ZgjhVaZbBjc^X^eVa^inXdccZXiZY i]ZlViZgldg`h^cZVhiVcYlZhi?ZgjhVaZb#>c&.+-!i]Zd[ÃXZh!e^eZa^cZh!VcY Zfj^ebZcid[i]Z?LJlZgZXdcÃhXViZYVcYigVch[ZggZYidi]Z?ZgjhVaZbbjc^X^" eVa^in 6WYja"?VWVgVcYB^g!&..-/&%& # I]Z?ZgjhVaZbbjc^X^eVa^in!Vh^ilVhgZYZÃcZYWn>hgVZaV[iZg&.+,!^cXajYZh &!%('`^adbZiZghd[lViZge^eZa^cZhcV`^c\i]gdj\]i]ZX^in ?ZgjhVaZbbjc^X^eVa^in lZWh^iZ!CdkZbWZg'%!'%%* #DcVkZgV\Z!i]^hZfjVahdcZ`^adbZiZgd[e^eZ[dgZkZgn
+%%?ZgjhVaZbgZh^YZcihVcYXdkZghLZhi?ZgjhVaZb!:Vhi?ZgjhVaZb!?Zl^h] hZiiaZbZcih^c:Vhi?ZgjhVaZb!VcYdi]ZgLZhi7Vc`aVcYhVccZmZYWn>hgVZaid ?ZgjhVaZbbjc^X^eVa^in#7jii]ZXdcY^i^dcVcYh^oZd[i]Ze^eZa^cZhhZgk^c\i]Z EVaZhi^c^VcVcY?Zl^h]Xdbbjc^i^ZhVgZ[Vg[gdbXdbeVgVWaZ#;gdb&.+,jci^a &.-(!iZbedgVgn\gVk^iVi^dcVaa^cZhd[ild^cX]Zh^cY^VbZiZglZgZ^chiVaaZY^c hdbZ:Vhi?ZgjhVaZbEVaZhi^c^VcXdbbjc^i^Zhdci]ZWVX`WdcZd[i]Z?dgYVc^Vc
7Vgg^Zgh A^c`h
hnhiZb!eZcY^c\i]ZYZkZadebZcid[XdbegZ]Zch^kZgdVY!lViZg!VcYhZlV\Z eaVch#I]dhZeaVchcZkZgbViZg^Va^oZY!VcYe^e^c\lVhh^beanVYYZYdcgZfjZhi VcYVXXdgY^c\idi]ZVkV^aVW^a^ind[[jcYh#>c&.-(!aVg\ZgY^VbZiZge^eZh &'id &+^cX]Zh lZgZ^chiVaaZY!gZeaVX^c\i]ZhbVaaZgcZildg`!VheVgid[VYZX^h^dcid WZ\^cidgZeaVXZi]ZlViZghnhiZb 6WYja"?VWZgZiVa!&..-/&&) #7jiaZhhi]Vc(%d[ i]Zje\gVYZeaVc]VhWZZcXVgg^ZYdji#:kZcidYVn!i]ZgZgZbV^chdbZgjgVaEVaZh" i^c^Vc?ZgjhVaZbcZ^\]Wdg]ddYhl^i]cdgjcc^c\lViZg EL6!'%%(/* # L]^aZ>hgVZagZbV^chi]ZbV^chjeea^Zgd[lViZgi]gdj\]^ihcVi^dcValViZg XdgedgVi^dcBZ`dgdiLViZg8dbeVcnAiY#!i]ZlViZgbVcV\ZbZci^c?ZgjhVaZb^h Y^k^YZYWZilZZci]gZZbV^cWdY^Zh/i]Z>hgVZabjc^X^eVa^in hgVZaldjaY!Vi^ihdlcZmeZchZ!hjeeanlViZgidi]ZgZ[j\ZZ XVbehViejWa^XlViZged^cih#H^cXZ&.-.!]dlZkZg!H]j[VigZ[j\ZZXVbe]Vh WZZcY^hXdccZXiZY[gdbi]ZlViZgcZildg`#I]Z>hgVZa^b^a^iVgn\dkZgcbZciVcY hgVZa^hZiiaZbZcihl^i]Vc Zhi^bViZY>hgVZa^hZiiaZgedejaVi^dcd['--!%))# ' :Y^idg¼hcdiZ/HZeVgVi^dc;ZcXZ$LVaa^c?ZgjhVaZbVcYi]ZLZhi7Vc`#
HZaZXiZY7^Wa^d\gVe]n FVhZb6WYZa?VWZgZi#Va#!LZaah^ci]ZLZhi7Vc`/LViZgFjVa^inVcY8]Zb^hign EVaZhi^cZ/8BH AiY#!&... # 7dhidcHjcYVn9VcY EL6 IVh`) !ºgZedgi[dgi]ZLViZgGZhdjgXZhEgd\gVb!Bdg\Vci^ &..,V # EZiZgciZgcV" i^dcVaLViZg'& ' &..+ # >hgVZa^B^c^hignd[;dgZ^\c6[[V^ghGZedgi &..* # Bd]VbbVY?Vhh!¹>ciZgcVi^dcVa;dgjbdc;ddYHZXjg^injcYZgLViZgHXVgX^in^ci]ZB^YYaZ:Vhi/ EgdWaZbhVcYHdaji^dch!ºLZhi7Vc`LViZg9ZeVgibZciGZedgi '%%) # EVaZhi^c^Vc=nYgdad\nhgVZa$EVa" Zhi^cZ8ZciZg[dgGZhZVgX]VcY>c[dgbVi^dcP>E8G>R!&..( #
7YVQLJ[.YLUaNLVNYHMPLU
4VIPSP[`HUK0TTVIPSP[`
/HPMH *VU[PN\P[` 5HaHYL[O
/HKLYH
;LS(]P]
1LY\ZHSLT (ZOXL[VU +LHK:LH
)LLYZOLIH
-YHNTLU[H[PVU
4VIPSP[`HUK0TTVIPSP[`
c
*VU[PN\P[`HUK -YHNTLU[H[PVU 0ZYHLSHUK>LZ[)HUR 4V]LTLU[PUZPKL[OL>LZ[)HURPZIHZLKVU [^VULHYS`JVTWSL[LS`ZLNYLNH[LKYVHKZ`Z [LTZZ\WLYPTWVZLKVULHJOV[OLY(M[LY[OL 6ZSV(JJVYKZHUK[OLLZ[HISPZOTLU[VMSPTP[LK 7HSLZ[PUPHUZLSMY\SL0ZYHLSILN\U[VPU]LZ[PU I`WHZZYVHKZ^OPJOSPURLK[OLTVZ[PTWVY[HU[ ZL[[SLTLU[Z^P[O0ZYHLSWYVWLY4VZ[ZL[[SLYZUV^ UVSVUNLYULLKLK[VKYP]L[OYV\NO7HSLZ[PUPHU [V^UZHUK]PSSHNLZHUK^LYLHISL[VTHPU[HPU HZ\I\YIHUSPMLZ[`SL^VYRPUNPU0ZYHLSI\[SP]PUN PU[OLVJJ\WPLK[LYYP[VYPLZ(M[LY[OLHS(XZH0U[P MHKH7HSLZ[PUPHUZ^LYLIHYYLKVMTHU`VM[OLZL YVHKZ"LU[YHUJLHUKL_P[WVPU[Z^LYLZLHSLK 7HSLZ[PUPHU[YHMMPJ^HZSLM[[V\ZLHUVSKYVHK Z`Z[LTW\UJ[\H[LKI`JOLJRWVPU[Z
;\SRYHT 5HIS\Z
9HTHSSHO *VU[PN\P[`
1LYPJOV 0ZYHLSPTHPUYVHKZ
1LY\ZHSLT 0ZYHLSPZL[[SLTLU[Z
)L[OSLOLT 0ZYHLSPJP[PLZ
/LIYVU 6ZSV(YLH* M\SS0ZYHLSPJVU[YVS
-YHNTLU[H[PVU
0ZYHLSPTHPUYVHKZ
*OLJRWVPU[Z
6ZSV(YLH( M\SSJVU[YVSVM[OL7HSLZ[PUPHU(\[OVYP[` 6ZSV(YLH) 7HSLZ[PUPHUJP]PSJVU[YVS0ZYHLSPTPSP[HY`JVU[YVS
RPSVTL[LYZ
.HaH:[YPW .HaH:[YPW
0ZYHLS 0ZYHLS
>LZ[1LY\ZHSLT >LZ[1LY\ZHSLT
,HZ[1LY\ZHSLT ,HZ[1LY\ZHSLT
-YLLHJJLZZPUWYHJ[PJLHJJLZZYLZ[YPJ[LKI` PUKP]PK\HSZL[[SLTLU[ZLJ\YP[`HYYHUNLTLU[Z
,U[Y`PU[V6ZSVHYLHZ(UV[WLYTP[[LK
-YLLHJJLZZ
-YLLHJJLZZ
,U[Y`^P[O0ZYHLSPWLYTP[Z
5VHJJLZZ
:L[[SLTLU[Z :L[[SLTLU[Z (YLH* (YLH*
>LZ[)HUR >LZ[)HUR (YLHZ() (YLHZ()
4VIPSP[`HUK0TTVIPSP[`
c
4V]LTLU[9LZ[YPJ[PVUZ 0ZYHLS6JJ\WPLK;LYYP[VYPLZ
5VHJJLZZ
9LZ[YPJ[PVUZVUTV]LTLU[OH]LILJVTLVULVM [OLTVZ[LMMLJ[P]L[VVSZ\ZLKPULUMVYJPUN0ZYHLSP VJJ\WH[PVUVM7HSLZ[PUPHU[LYYP[VY`(ZHJVUZL X\LUJLVM6ZSVZHUJ[PVULK[LYYP[VYPHSMYHNTLU[H [PVU7HSLZ[PUPHUZHYLL_WVZLK[VHJVTWSL_HUK JVUZ[HU[S`JOHUNPUNYLNPTLVM[YH]LSWLYTP[Z HUKJOLJRWVPU[Z^OPSL[OV\ZHUKZVMZL[[SLYZ [YH]LSMYLLS`[V1LY\ZHSLTHUK0ZYHLSVUI`WHZZ YVHKZ;YHMMPJIL[^LLU[OL>LZ[)HURHUK.HaH PZH[HJVTWSL[LZ[HUKZ[PSS"ML^7HSLZ[PUPHUZHYL PZZ\LK^VYRWLYTP[ZMVY0ZYHLSVYHJJLZZWLYTP[Z [V^VYRZ[\K`ZLLROLHS[OJHYLHUKZVVU0ZYHLSPZ HYLIHYYLKI`[OL0ZYHLSP(YT`MYVTLU[LYPUN7HS LZ[PUPHUHKTPUPZ[LYYLK[LYYP[VYPLZ:LJ\YP[`MLHYZ HUKHWLYZPZ[PUN(YHIIV`JV[[WYL]LU[ZTVZ[ 0ZYHLSPZMYVT[YH]LS[V[OLZ\YYV\UKPUN(YHIZ[H[LZ
,U[Y`^P[O[PTLYLZ[YPJ[LK0ZYHLSPWLYTP[Z
,U[Y`^P[O[PTLYLZ[YPJ[LK0ZYHLSPWLYTP[Z
,U[Y`^P[O[PTLYLZ[YPJ[LK0ZYHLSPWLYTP[Z
NYHU[LKVUS`PUL_JLW[PVUHSJPYJ\TZ[HUJLZ (JJLZZ
(JJLZZYLM\ZLK
*OLJRWVPU[Z
4VIPSP[`HUK0TTVIPSP[`
c
-YVU[PLYZ 1LY\ZHSLT
4\ROTHZ
+LZWP[L[OLWO`ZPJHSPU[PTHJ`VM7HSLZ[PUPHUHUK 0ZYHLSP1LY\ZHSLT[OLPYKPMMLYPUN\YIHUZ`Z[LTZ HYLZLWHYH[LKI`PKLU[PMPHISLWO`ZPJHSI\MMLY ZWHJLZHUKIHYYPLYZZ\JOHZ^HSSZMLUJLZ YVHKZKPRLZZSVWLZWSHU[H[PVUZVY]HSSL`Z;OPZ HYYH`VMMYVU[PLY[`WVSVNPLZVIZ[Y\J[ZHUKSPTP[Z ]PZ\HSVYWO`ZPJHSJVU[HJ[>OPSL0ZYHLSPNV]LYU TLU[THPU[HPUZ[OLYOL[VYPJVMH´\UPMPLKJP[`µ P[ZWSHUUPUNWVSPJPLZLUJV\YHNL[OLPUJYLHZPUN MYHJ[\YPUNVM[OL\YIHUSHUKZJHWLHSVUNL[OUPJ [LYYP[VYPHSSPULZ^OPJOOLSWZ[VSPTP[7HSLZ[PUPHU NYV^[OHUKHSSV^ZMVY[OLLHZ`ZL]LYPUNVMHSS SPURHNLZIL[^LLU[OLJVTT\UP[PLZPU[PTLZVM ZLJ\YP[`HSLY[Z;OL:LWHYH[PVU>HSS-LUJLPZ[OL TVZ[L_[YLTLVM[OLZL[`WVSVNPLZ0[UV[VUS` ZLWHYH[LZ0ZYHLSPZMYVT7HSLZ[PUPHUZI\[ZSPJLZ [OL7HSLZ[PUPHUZVJPVLJVUVTPJHUKJ\S[\YHSMHIYPJ IL[^LLU]PSSHNLZHUUL_LKPU[V0ZYHLSP1LY\ZHSLT HUK[OLPY>LZ[)HUROPU[LYSHUKZ
/PaTH
(UH[H
(S¶,PaHYP`H 4HHSL(K\TPT
:LWHYH[PVU-LUJL>HSS
(I\+PZ
:LWHYH[PVU-LUJL>HSS YV\[LZ\IQLJ[LK[VM\Y[OLYJVTWSL[P[PVU
-LUJLZ
9VHKZ
(Z:H^HOYH ;VWVNYHWO`
:OLPRO:HHK >HZ[LSHUKZ
(SOPSL0ZYHLSPZL[[SLYZJVU[PU\L[V\ZL[OLMHZ[ HY[LYPHSOPNO^H`Z`Z[LTVM9VHK 9VHK ^OPJOJVUULJ[Z1LY\ZHSLT^P[O[OLUVY[OLYUHUK ZV\[OLYUWHY[ZVM[OL>LZ[)HUR[OPZYV\[L·Z JLU[YHS1LY\ZHSLTZLJ[PVUOHZILLUJSVZLK[V >LZ[)HUR7HSLZ[PUPHUZZPUJL)HYYPUN TLKPJHSLTLYNLUJPLZVYYHYLS`PZZ\LK^VYR WLYTP[Z[OLPYHJJLZZ[V[OLJP[`PZKLUPLK;OPZ KVJ\TLU[LKL_HTWSLVM[OLYV\[LIL[^LLU )L[OSLOLTHUK9HTHSSHOZOV^ZOV^7HSLZ[PU PHU[YH]LSSLYZHYLMVYJLK[V[HRLHSLUN[O`KL[V\Y HJYVZZ[OLOPSS`KLZLY[TV\U[HPUZHYV\[LMYL X\LU[S`PU[LYY\W[LKI`TPSP[HY`JOLJRWVPU[Z;OL MVYTHSV]LYSHUKI\ZZ`Z[LTOHZJVSSHWZLKHUK WYP]H[L]LOPJSLZHYLVM[LUWYVOPIP[LKTHRPUN PUMVYTHSWYP]H[L-VYK[YHUZP[KYP]LYZHMSL_PISLHUK JOLHW[YH]LSHS[LYUH[P]L^OPJOSPURZZL]LYHS[YHUZ WVY[H[PVUO\IZHSVUN[OLYV\[L
µ
µ
µ
µ
µ :LWHYH[PVU>HSS-LUJL
7HSLZ[PUPHU[YH]LSYV\[LL_HTWSL
µ 0ZYHLSP[YH]LSYV\[LL_HTWSL
4PUPI\ZO\IZ
*OLJRWVPU[
µ
RPSVTL[LYZ
c
4VIPSP[`HUK0TTVIPSP[`
9VHK:`Z[LTZ :\Y)HOPY/HY/VTH ;OLTVYWOVSVN`VMYVHKWH[[LYUZPU:\Y)HOLY HUK/HY/VTHPUKPJH[LZIV[OJ\S[\YHSKPMMLYLUJLZ IL[^LLU0ZYHLSPZHUK7HSLZ[PUPHUZHUK[OLPY HZ`TTL[YPJHSHJJLZZ[VW\ISPJYLZV\YJLZ;OL ZL[[SLTLU[PZZLY]LKI`HJVU]LUPLU[PUULYJP[` OPNO^H`HSPULHYZ`Z[LT^OPJOPUJS\KLZZPNUHNL HUKOPLYHYJOPJHSJVU[YVSZ`Z[LTZHUKYLSPLZVUH OPNOSL]LSZVMWSHUUPUNHUKTHPU[LUHUJL 0UJVU[YHZ[[OLYVHKZ`Z[LTPU:\Y)HOPYL]VS]LK V]LYJLU[\YPLZPUWHYHSSLS^P[O[OLJOHUNPUN ULLKZVM[OLSVJHS]PSSHNLZ(ZHUVWLUJHWPSSHY` YVHKZ`Z[LTP[YLMSLJ[ZJSVZLSPURHNLZIL[^LLU [OLJVTT\UP[PLZHUK[OLPYHNYPJ\S[\YHSOPU[LY SHUKZ0[PZUVUOPLYHYJOPJHSHUKJHUILL_[LUKLK HUKHKQ\Z[LK^P[OLHZL;OLSHJRVMZPNUHNL ZPKL^HSRZHUKYLWHPYYLMSLJ[HSHJRVMT\UPJPWHS PU]LZ[TLU[;OLSPTP[LKWVPU[ZVMJYVZZV]LY IL[^LLU0ZYHLSPHUK7HSLZ[PUPHUYVHKZ`Z[LTZHYL PUKPJH[P]LUV[VUS`VMMLHYZHUKTLU[HSIHYYPLYZ KP]PKPUN[OLJVTT\UP[PLZI\[HSZVHSSV^LHZ` JVU[YVS[OYV\NO0ZYHLSPTPSP[HY`JOLJRWVPU[Z
7HSLZ[PUPHUYVHKZ
0ZYHLSPYVHKZ
;LTWVYHY`JOLJRWVPU[Z
TL[LYZ
1LY\ZHSLT 1LY\ZHSLT
··
··
··
··
··
1LY\ZHSLT 1LY\ZHSLT
··
··
··
4VIPSP[`HUK0TTVIPSP[`
c
;YH]LS:WLLKZ :\Y)HOPY/HY/VTH 4LHZ\YPUN[YH]LSZWLLKHUKLMMPJPLUJ`VMJHY HJJLZZPUKPJH[LZ[OLM\UKHTLU[HSX\HSP[H[P]L KPMMLYLUJLZIL[^LLU0ZYHLSPHUK7HSLZ[PUPHUYVHK Z`Z[LTZ
7HSLZ[PUPHU[YH]LSYV\[LL_HTWSL
0ZYHLSP[YH]LSYV\[LL_HTWSL
;YH]LS[PTL:\Y)HOPY ZLJVUKZPU[LY]HSZ ;YH]LS[PTL/HY/VTH ZLJVUKZPU[LY]HSZ
;LTWVYHY`JOLJRWVPU[Z
TL[LYZ
c
4VIPSP[`HUK0TTVIPSP[`
-YVU[PLYZ :\Y)HOPY/HY/VTH :L[[SLTLU[HUK]PSSHNLOH]LHKPMMLYLU[L]LU VWWVZP[PVUHSYLSH[PVUZOPW[V[OLZ\YYV\UKPUN SHUKZJHWL^OPJOPZPUKPJH[P]LVMJ\S[\YHSKPMMLY LUJLZHUK[OLK`UHTPJZVM[OLJVUMSPJ[(OLH]` YL[HPUPUN^HSSZ`Z[LTOHZILLUKLZPNULK[V WYV[LJ[[OLPU[YV]LY[LKZL[[SLTLU[VM/HY/VTH ^OVZLYV\UKLKWLYPTL[LYL]VRLZ[OLTPSP[HY` SVNPJVMTPUPTPaPUNJVU[HJ[^P[O[OLV\[ZPKL (ZPUNSLHJJLZZYVHKN\HYKLKI`HWVSPJLZ[H[PVU JVUULJ[Z[OLZL[[SLTLU[^P[OP[ZZ\YYV\UKPUNZ ,UNHNLTLU[^P[O[OLSHUKZJHWLPZYLK\JLK[V WHUVW[PJ]PL^ZTHKLWVZZPISLI`Z[HNNLYLK I\PSKPUNHYYHUNLTLU[Z0UJVU[YHZ[:\Y)HOPY·Z IV\UKHY`PZOPNOS`WLYTLHISLWYV]PKPUNU\TLY V\ZHJJLZZWVPU[ZMVY]PSSHNLYZ[YH]LSSPUN[V [OLPYHNYPJ\S[\YHSSHUKOVSKPUNZ;OLKPZ[PUJ[PVU IL[^LLUI\PS[\WHYLHHUKSHUKZJHWLPZIS\YYLK
)\PSKPUNZ
;YLLZ
:SVWLZ
9L[HPUPUN^HSSZ
(JJLZZ
TL[LYZ
*VUJLW[HUKJVW`YPNO[ ;PT9PLUPL[Z7OPSPWW4PZZLS^P[a :V\YJLZ 7YVQLJ[.YLUaNLVNYHMPLU0U[LYUH[PVUHS7LHJLHUK*VVWLYH[PVU *LU[LY07**1LY\ZHSLT)LaHSLS(JHKLT`VM(Y[HUK+LZPNU1LY\ ZHSLTVYRZOVWZ1LY\ZHSLT I>:H!B>A>I6GNK>DA:C8:!6C9I=:EDA>I>8H D;G:EG:H:CI6I>DC
9ZgZ`cl]VilVnYdZhi]Za^k^c\WZ^c\]VkZaVc\jV\Z4ºXdggZhedcYh ZmVXianidi]ZfjZhi^dc¹>cl]VilVnYdZhWVgZa^[ZYlZaa^ci]Zeda^h4º :CI6A>HB!D7?:8I>K:H!6C9D7?:8IH :YlVgYHV^Y^YZci^ÃZYildbdbZcih^ci]ZdeZgVi^dchd[bdYZgcDg^ZciVa^hb# >ci]ZÃghi!¹i]ZDg^Zciº^hXdc_jgZYVhVheVXZd[i]ZZmdi^XVcYi]ZW^oVggZ!i]Z bdchigdjhVcYi]ZeVi]dad\^XVa/¹Va^k^c\iVWaZVjd[fjZZgcZhh#º>ci]ZhZXdcY! ¹i]ZDg^Zciº^hhjbbdcZYVhVheVXZidWZY^hX^ea^cZYi]gdj\]i]Z[dgXZ[jaegd_ZX" i^dcd[i]ZdgYZgi]Vii]ZÃghiegZhjbZh^iidaVX`/¹[gVbZYWni]ZXaVhhgddb!i]Z Xg^b^cVaXdjgi!i]Zeg^hdc!i]Z^aajhigViZYbVcjVaº HV^Y!&.,-/)&!&%( #>lVciid]^\]" a^\]ii]ZXdci^cj^c\XdccZXi^dcWZilZZcZe^hiZbdad\^XVak^daZcXZ¸^ceVgi^XjaVg i]ZZe^\gVe]i]Vi!l^i]Zmfj^h^iZ^gdcn!egZ[VXZhHV^Y¼hXg^i^fjZ/BVgm¼hVYbdc^i^dc i]Vi¹PIR]ZnXVccdigZegZhZcii]ZbhZakZh0i]ZnbjhiWZgZegZhZciZYº¸VcYi]Z XdgedgZVak^daZcXZd[i]Z¹lVgdciZggdg#º I]ZJH"aZYlVgh^c6[\]Vc^hiVcVcY>gVf!VcYi]Z^gdeedgijc^hi^XZmiZch^dch ^cdXXje^ZYEVaZhi^cZVcYZahZl]ZgZ!XaV^bidegd_ZXib^a^iVgnk^daZcXZ[gdbi]Z heVXZd[gZVhdc^cidheVXZhd[jcgZVhdc#I]^hXVgid\gVe]n^hhjhiV^cZYi]gdj\] i]gZZ^bV\^cVi^kZ\Zd\gVe]^Zhi]VibV`Zi]dhZdi]ZgheVXZh¹Di]ZgºWnbVee^c\ i]Zb^c]^\]aneVgi^XjaVgVcYeVgi^ValVnh#
IjhWj[]o
GZ\^hiZg
HeVXZ
BeYWj_d]
iZX]cd"XjaijgVa
VWhigVXi!\ZdbZig^X
?dl[hj_d]
eda^i^Xd"XjaijgVa
l^aY!hVkV\Z
;nY[fj_d]
eda^i^Xd"_jg^Y^XVa
eVgVYdm^XVa!idedad\^XVa
I]ZhZgZcYZg^c\h]VkZhjX]VXjiZanbViZg^VaXdchZfjZcXZhi]Vii]ZnXVc WZYZhXg^WZYVheZg[dgbVcXZhd[heVXZ#I]ZhZXdcYVcYi]^gYhigViZ\^ZhgZ^c[dgXZ dcZVcdi]ZgidegdYjXZegZX^hZani]dhZ¹jca^kVWaZºVcY¹jc^c]VW^iVWaZºodcZh
i]Vi?jY^i]7jiaZg^YZci^ÃZYhdegZhX^Zcian#¹>ckZgi^c\ºldg`heg^bVg^an^cV
'&'q'&(
eda^i^Xd"XjaijgVagZ\^hiZgidegdYjXZVl^aYVcYhVkV\ZaVcYhXVeZhiVa`ZYWn bVgVjY^c\WVcYhd[WVgWVg^Vch#¹:mXZei^c\ºldg`heg^bVg^an^cVeda^i^Xd" _jg^Y^XVagZ\^hiZgidegdYjXZVeVgVYdm^XVaheVXZ!l]dhZXdcidgi^dchXVcdcan WZXdckZnZYi]gdj\]Videdad\n!i]Z]Vjcid[¹h]VYdln»i]^gYi]^c\h¼adY\ZY WZilZZcVc^bVaVcY]jbVc!ºeaVXZYWni]Z[dgXZd[aVldjih^YZi]ZegdiZXi^dch d[i]ZaVl hj\\Zhi]ZgZ!ijgcdci]ZÃghihigViZ\n!l]^X]adXViZhX^i^Zha^`Z i]ZhZl^i]^cVcVWhigVXi!\ZdbZig^XheVXZi]VibV`Zhi]ZbcdidcanWZXdbZ b^a^iVgndW_ZXi^kZhWjiVahddW_ZXih#IdjcYZghiVcY]dli]^hldg`h!^i^hcZXZhhVgn idZmVb^cZ]dli]^hhigViZ\n!a^`Zi]Zdi]Zgild!VXi^kViZhVhZg^Zhd[egd[djcYan Xdadc^VaY^hedh^i^dch# 8>I>:H!8DC;A>8IH!6C98DADC>6A>HBH I]Z]^hidgnd[X^i^Zh^hVahd!^ceVgi!i]Z]^hidgnd[lVg#I]Zild¸i]ZYZhigjX" i^dcd[i]ZdcZWni]Zdi]Zg¸]VkZbVgX]ZY^cadX`hiZei]gdj\]djigZXdgYZY ]^hidgn#GnVc7^h]deVcYgVf!]dlZkZg![gdbVldgaY ^cl]^X]¹l]daZX^i^ZhlZgZYZhigdnZYVcYi]Z^g^c]VW^iVcihhaVj\]iZgZYºid dcZ^cl]^X]¹jgWVchVX`^c\lVhhedgVY^XVcYXdchigV^cZYº 7^h]deVcY8aVcXZn! '%%(/+) #I]^hgjeijgZ!i]ZnhVn!lVhWgdj\]iVWdjiWni]ZCVedaZdc^XlVgh#>c
ijgc!>ldjaYVg\jZi]Vii]^h^hVcZmXZhh^kZan\ZcZgdjhgZVY^c\b^c^b^o^c\ gZkdaji^dcVgn;gVcXZ¼hgZeZViZYVhhVjaihdcX^i^Zh#>iijgchVeVgi^XjaVganWa^cY ZnZid7dcVeVgiZ¼hWjiX]ZgnVi?V[[V^cBVgX]&,..!VcZe^hdYZWdd`ZcYZYWn i]ZWaddYngZeg^hVahiV`ZcWni]ZdXXjen^c\;gZcX]VgbnV\V^chi^chjg\Zcih^c 8V^gd^cDXidWZg&,.-VcYV\V^c^c6eg^a&-%%#;dgHV^Y!d[XdjghZ!i]Z;gZcX] dXXjeVi^dcd[:\neibVg`ZYi]Zi]gZh]daYd[VY^hi^cXi^kZanbdYZgc[dgbd[ Dg^ZciVa^hb!VcY^c[VXi7^h]deVcY8aVcXZnXdcXZYZi]Vi¹:jgdeZVchXdci^cjZY idgVoZ6[g^XVcVcY6h^VcX^i^Zh!ºWji¹i]ZYZhigjXi^dcd[X^i^ZhWZXVbZVh]dl Vii]ZeZg^e]Zgnº^cheVXZhe^iX]ZYdjih^YZi]ZheVXZd[i]ZbdYZgc#BdchiZgh lZgZaddhZ^ci]ZYZb^"bdcYZVcYldjaYdcanWZXdlZYWnheZXiVXjaVgY^h" eaVnhd[k^daZcXZ#I]ZhZXdadc^VaaZhhdchlZgZZkZcijVaangZeVig^ViZYidi]Z LZhiZgcbZigdeda^h!VcYi]ZcaViZggZZmedgiZYidi]Z\adWVaHdji][dg!Vhi]Z Vji]dghdWhZgkZ!¹i]ZXdadc^VaX^inlVhi]ZeVgVY^\b[dgi]ZX^in"Vh"iVg\Zii]Vi ]VhYdb^cViZYi]Zb^a^iVgn^bV\^cVi^dc^ci]ZilZci^Zi]XZcijgnº 7^h]deVcY 8aVcXZn!'%%(/+- #7n^YZci^[n^c\i]gZZlVnh^cl]^X]i]ZXdciZbedgVgnhigViZ\n
d[¹adXVi^c\ºgZVXi^kViZhi]ViXdadc^VaeVgVY^\b!>lVciidh]dli]Vii]^h]Vh Xdci^cjZY^cidi]ZilZcin"ÃghiXZcijgn#
BdcjbZcih Cd"bVc¼h"aVcYh
I6G8HD;K:GI>86A>IN :nVaLZ^obVc]Vhh]dlc]dli]Z>hgVZa^ZcX^gXaZbZci!dXXjeVi^dc!VcYY^hedh" hZhh^dcd[EVaZhi^c^VcaVcYh]VhWZZcZ[[ZXiZYi]gdj\]l]Vi]ZXVaahV¹eda^i^Xh d[kZgi^XVa^in!º LZ^obVc!'%%' VcYHiZe]ZccHZeiZbWZg'%%'!i]ZJH ?d^ci8]^Z[hd[HiV[[^hhjZYi]Z^g9dXig^cZ[dg?d^ciJgWVcDeZgVi^dch#I]ZegdheZXi d[Vc^bb^cZci^ckVh^dcd[>gVf]VYegdYjXZYc^\]ibVgZhXZcVg^dhd[jgWVc lVg[VgZ/jca^`Z6[\]Vc^hiVc!>gVf^hYZchZanjgWVc^oZYVcYi]Z>gVf^gZ\^bZ ^ch^hiZY^ildjaYiV`Zi]ZÃ\]iidi]ZhigZZih#Dci]ZeV\Zhd[i]Z9dXig^cZ!i]Z X^inVeeZVgZYVhVcdW_ZXi"heVXZ¸VheVXZd[ZckZadeZh!]VgYhigjXijgZh!VcY cZildg`h¸i]ViedhZYVhZg^Zhd[\ZdbZig^XX]VaaZc\ZhidWZbZiWn\ZdbZig^X gZhedchZh#6ai]dj\]bjX]]VhWZZcbVYZd[i]ZXadhZXddeZgVi^dcWZilZZci]Z JHb^a^iVgnVcYi]Z>hgVZa9Z[ZchZ;dgXZh!i]Z]dgg^[n^c\JHVhhVjaihdc;Vaaj_V] ^c6eg^aVcYCdkZbWZg'%%)bdW^a^oZYi]Zbdhihda^Yd[\ZdbZig^Zh!aZkZa^c\ kVhiVgZVhd[i]ZX^in#>cXdcigVhi!VhZc^dg>9; >hgVZa^9Z[ZchZ;dgXZh d[ÃXZg^c IZa6k^kidaYbZ Vahd^cCdkZbWZg'%%) i]Vii]Z`ZnidjgWVclVg[VgZlVhV bdgZ[dgZch^X¹YZXdchigjXi^dcºd[¹i]ZheVi^Va\gVbbVgd[i]Z6gVWX^inº¸VcY ]^hbdYZahlZgZ9Zgg^YVVcY9ZaZjoZ# =ZgZ!idd!i]Z\gdjcY^hegZeVgZYjh^c\h^bjaVi^dch#I]ZgZVgZXadhZXdaaVWdgV" i^dchl^i]=daanlddYhZiYZh^\cZghVcY;M"iZX]c^X^VchidXdchigjXibdX`¹6gVW X^i^Zhº[dgigddehidgZ]ZVghZi]Z^ggdaZh!VcYXdaaVWdgVi^dchl^i]k^YZd\VbZ YZh^\cZghVcYÃabbV`ZghidegdYjXZk^gijVahXZcVg^dh#;dgZmVbeaZ¹dcZhfjVgZ b^aZd[i^\]ian"cZhiZYWj^aY^c\h!ºl]^X]!VXXdgY^c\idVcZmZXji^kZ[gdb\VbZ XdbeVcn;dgiZggVHnhiZbh!^h¹gZb^c^hXZcid[7V\]YVY°l]^X]6gbnhdaY^Zgh VaadkZgi]ZldgaYPXVcRgdVbh^bjaiVcZdjhan#ºEgd_ZXiha^`Zi]ZhZY^hhdakZi]Z WdjcYVg^ZhWZilZZci]Zb^a^iVgnVcYi]ZejWa^X#;jaaHeZXigjbLVgg^dgZbZg\ZY djid[i]ZhZXdaaVWdgVi^dchVcY^hVkV^aVWaZ^cWdi]XdbbZgX^VaVcYb^a^iVgnkZg" h^dchhdi]Vi!VhdcZ_djgcVa^hicdiZY!ndjXVccdllVa`^cidV\VbZhhidgZ¹VcY \ZiViVhiZd[l]Vi^i^ha^`ZidbVcV\ZigddehjcYZg6gVWÃgZº I]dbehdc!'%%)0 HaV\aZ!'%%) #Cdihjgeg^h^c\an!^ci]ZlZZ`hWZ[dgZi]Z^ckVh^dcd[>gVf!6bZg^XVc
VcY7g^i^h]bZY^VgZegdYjXZYi]ZhVbZ^bV\^cVgn VWZiV"kZgh^dc!Vh^ilZgZ l^i]gZbVg`VWaZÃYZa^in/¹>ch^YZ>gVf^X^i^Zh!b^a^iVgndeZgVi^dchldjaYWZkVhian bdgZXdbea^XViZY°;gdbhZlZghidgdd[ideh!X^i^ZhVgZbjai^aVnZgZY!a^`Zi]gZZ" Y^bZch^dcVaX]ZhhWdVgYh!XgZVi^c\ZcYaZhhdeedgijc^i^Zh[dgVbWjh]ZhVcY hc^eZgh°»JgWVclVg[VgZ^hXadhZ!eZghdcVaVcYWgjiVa!¼hVnhVc6gbngZedgi# »IVaaWj^aY^c\h!hZlZgVcYhidgbYgV^ch!VaadljcdWhZgkZYh]^[i^c\d[[dgXZh!VcY higZZihWZXdbZ`^aa"odcZh¼º Inhdc!'%%( #
BdcjbZcih Cd"bVc¼h"aVcYh
=ZgZ!idd!\gVe]^XhYgVbVi^oZYi]Za^`ZanhXZcVg^dhd[jgWVclVg[VgZ#>cZcY" aZhhXjiVlVnhVcY;aVh]egZhZciVi^dch!JHigddehlZgZh]dlcbdk^c\ejgedhZ" [jaani]gdj\]Vh]Zaa"idgcaVcYhXVeZd[Wj^aY^c\h!higZZih!VcYVaaZnh#NZi^cbdhi XVhZh!i]Zdcan]jbVcÃ\jgZhidWZhZZclZgZi]dhZd[i]Zigddehi]ZbhZakZh# =Za^XdeiZg\jch]^ehhlddeZYadldkZgi]ZhigZZihVcYVaaZnh!iVc`hgV^hZYi]Z^g WVggZahVcYhl^kZaZYi]Z^gijggZih!eVigdahÃgZYgdjcYV[iZggdjcY#I]ZgZlZgZ Zmeadh^dch!hbd`Z!ÄVbZh¸Wjicdh^\cd[>gVf^igddeh!^chjg\Zcih!dgZkZcV X^k^a^VcedejaVi^dc# I]^h]daadl^c\"djid[i]ZX^in]Vhildg]Zidg^XVaZ[[ZXih#;^ghi!^igZeZVihi]Z [Vb^a^VgXdadc^Va\ZhijgZd[IZggVCjaa^jh!WjiigVchedhZh^iidi]ZX^in!l]^X] h^b^aVganWZXdbZhVkVXVciheVXZVlV^i^c\edhhZhh^dc#I]ZX^in¼hkZgnZbei^cZhh ldg`hidXdckZnVg^\]iidWZi]ZgZidi]dhZl]dgZegZhZci^ii]jh#HZXdcY!^i YZXdgedgZVa^oZhi]ZX^in!l]^X]WZXdbZhVheVXZ!eZgbZViZYl^i]k^daZcXZ!nZi l^i]djiVWdYn^ch^\]i#>[i]ZX^inXVcWZhdgZVY^angZYjXZYidVheVXZd[dW_ZXih! ^i^hhXVgXZanhjgeg^h^c\i]ViYZVi]^hbVYZidY^hVeeZVg^cid¹XdaaViZgVaYVbV\Z#º A67NG>CI=H6C9I=:A>I6GND88JE6I>DC I]Z¹lVgdciZggdgºeZgb^ihcdXa^c^XVaY^hi^cXi^dcWZilZZcb^a^iVgnd[[Zch^kZh VcYb^a^iVgndXXjeVi^dch!Wjib^a^iVgndXXjeVi^dcXVccdiWZXdcYjXiZY^ci]Z aVc\jV\Zd[iVg\ZihVcY\ZdbZig^ZhVadcZ#I]ZX^inbjhihi^aaWZgZegZhZciZY VhVheVi^Va^oZYdW_ZXi#DcZd[i]ZÃghiiVh`hVhh^\cZYidi]ZZc\^cZZghl]d VXXdbeVc^ZYi]ZCVedaZdc^XZmeZY^i^dcid:\neilVhidYgVljeVYZiV^aZY bVed[8V^gd VcYdcZd[i]ZÃghidW_ZXi^kZh!d[i]Z^chjg\Zcih!lVhidhVX`i]Z ]djhZd[i]ZZc\^cZZghVcYbV`Zd[[l^i]i]Z^ghjgkZn^c\^chigjbZcih #7ji b^a^iVgndXXjeVi^dcbV`Zh^ieaV^ci]ViX^i^ZhVgZbdgZi]VcdW_ZXi"ÃZaYh!VcY b^a^iVgngZhZVgX]dg\Vc^oVi^dch]VkZ]VYidXdbZidiZgbhWZaViZYanl^i]i]Z eZdeaZl]da^kZ^ci]Zb#6hiZVYnhigZVbd[b^a^iVgn"iZX]c^XVaXdc[ZgZcXZegZh" ZciVi^dch[gdb'%%%i]gdj\]'%%'XdbeaV^cZYi]Vil]^aZ¹X^k^a^VcedejaVi^dch XVc]VkZVegd[djcYZ[[ZXidcVXgdlYZYWViiaZheVXZ!ºZm^hi^c\b^a^iVgnh^bjaV" i^dchegdk^YZ¹a^iiaZgZegZhZciVi^dcºd[i]Zb#7ji¹gZegZhZciVi^dcºlVhbVYZid XVggnVeVgi^XjaVgX]Vg\Z#HZkZgVagZhZVgX]\gdjehVgZXjggZcianldg`^c\dci]Z YZkZadebZcid[XgdlYbdYZa^c\XVeVW^a^i^Zh[dgi]ZJHb^a^iVgn![dgZmVbeaZ! VcYi]Z^g\gVe]^Xhldg`^hhiViZ"d["i]Z"Vgi0nZii]Z^g\ZcZgVi^kZVhhjbei^dch b^b^Xi]Zh]de"ldgcWZ]Vk^dgVa\Zd\gVe]nd[i]Z&.,%h#I]ZX^in^h^bV\^cZY VcYVc^bViZYVhVhZg^Zhd[e]nh^XVaeVi]hVcYdW_ZXi"igVX`h#I]ZgZ^ha^iiaZ dgcdgZXd\c^i^dcd[i]ZX^inVhVXjaijgVaheVXZ!eZgbZViZYl^i]bZVc^c\VcY Z[[ZXi!hdi]Vii]Zh^bjaVi^dchegdk^YZViZX]cd"XjaijgVaZX]dd[HV^Y¼hZe^\gVb/ ¹I]ZnXVccdigZegZhZcii]ZbhZakZh0i]ZnbjhiWZgZegZhZciZY#ºI]dhZl]d a^kZ^ci]ZhZX^i^ZhVgZcdiVaadlZYVXd\Zcikd^XZd[i]Z^gdlc!WjiVgZgZYjXZY idXgdlYhVcYbdWh#:kZcgZhZVgX]Y^gZXiZYidlVgYXgZVi^c\¹Vgi^ÃX^Vaan^ciZa" a^\Zcik^gijVaX]VgVXiZghi]ViXVc^ciZgVXil^i]]jbVchjh^c\cVijgVaaVc\jV\Z!º l]d¹l^aajcYZghiVcYi]Zh^ijVi^dcºVcY¹VXiVhbZbWZghd[i]ZadXVaedejaV" i^dc!ºgZa^ZhdcVcVWhigVXiWZ]Vk^dgVabdYZagVi]Zgi]VcVhjWhiVci^kZXjaijgVa \Zd\gVe]n#I]ZY^[[ZgZcXZWZilZZci]Zild^hXdch^YZgVWaZ!Vhi]Z8:Dd[ ;dgiZggVHnhiZbhgZkZVahl]Zc]Z[VciVh^oZhVWdjiVldgaY^cl]^X]¹[g^ZcYan
RT!>HPSPUN>HSS7SHaH
RT!1HMMH:[YLL[
>gVf^hXdjaYad\dcVcYiV`ZeVgi^cVk^gijVabdWhXZcZ!XdbeaZiZl^i]VWjhZ
'&-q'&.
]jgaZY^c6gVW^Xº KZgidc!'%%* # I]ZgZVgZhdbZh^\chi]Vii]Zb^a^iVgn]Vh[daadlZYXdciZbedgVgnjgWVc i]Zdgn^cid^ihdlcXjaijgVaijgc!gZXd\c^o^c\]dlZkZg¸Vhi]VihVbZ>9;d[ÃXZg idaYbZ¸¹i]ZcZZYidXdcYjXiXjaijgVakdnV\Zh^cidY^[[ZgZciiZgg^idg^Zh!º^c dgYZgidXdcXZeijVa^oZ¹i]Zad\^Xd[i]ZDi]Zg#º>c'%%)!i]Z8dbWViHijY^Zh>chi^" ijiZ^cVj\jgViZY^ihhZg^Zhd[¹DXXVh^dcVaEVeZghdci]ZchiZVY! i]ZgZ^hXdch^YZgVWaZZbe]Vh^hdci]ZeaVXZhi]gdj\]l]^X]XjaijgVabZVc^c\h VgZVXi^kViZYVcYcZ\di^ViZY!VcYdci]ZegdidXdahi]gdj\]l]^X]i]ZnVgZZhiVW" a^h]ZY#I]ZgZVgZY^hXjhh^dchdci]ZhVXgZY\ZdbZignd[i]ZbdhfjZVcYi]ZXdc" YjXid[^ihlZa[VgZVXi^k^i^Zhl^i]^ci]ZadXVaXdbbjc^in0i]ZcZ^\]Wdg]ddYVcY i]ZXdYZhi]gdj\]l]^X]eg^kVXn^hbV^ciV^cZY0VcYi]Z]dbZVhVeaVXZl]^X] ¹cdeZghdcPh]djaYRZciZgjc^ck^iZY#º 7jii]ZhZXjaijgVaV[[dgYVcXZhijgcdjiidWZbZgZegZa^b^cVg^Zhidi]Z^gVWgjei gZkZghVa#BdhfjZhbjhiWZbdc^idgZYVcYbVnWZ¹^hdaViZYº[gdbi]ZXdbbjc^in ¹VhVaVhigZhdgiº Wn¹h]Ve^c\deZgVi^dch#ºCZ^\]Wdg]ddYhVgZbVoZhd[cVggdl higZZih!VaaZnh!VcYXjah"YZ"hVX¸Y^[ÃXjaiidcVk^\ViZVcYZkZc]VgYZgidZciZg Wnhjgeg^hZ#7jii]ZhZhVbZX]VgVXiZg^hi^Xh¹bV`Z^hdaVi^c\heZX^ÃXdW_ZXi^kZh [gdbgZ^c[dgXZbZciVcYegZkZci^c\i]ZZhXVeZd[iVg\ZiZYZcZbn[dgXZhZVh^Zg#º H^b^aVgan!¹Z[[ZXi^kZedejaVi^dcXdcigdaiZX]c^fjZhºXVcWZ^beaZbZciZYi]gdj\] ¹lZaa"eaVXZYX]ZX`ed^cih!ºVcYVgbdgZYWjaaYdoZghXVc¹bVm^b^oZbdjciZYbdkZ" bZciºi]gdj\]i]ZhZXadhZfjVgiZgh#>clVgY"[VX^c\XdjginVgY]dbZh¹VgZbdgZ hZXjgZ[gdbgVe^YhZ^ojgZVcYhZVgX]!ºWjii]^hh^bean¹X]Vc\Zhi]ZIIE iVXi^Xh! iZX]c^fjZhVcYegdXZYjgZh [dgi]dhZX]Vg\ZYl^i]ViiVX`^c\!YZ[ZcY^c\!hZ^o^c\dg hZVgX]^c\i]ZhZineZhd[gZh^YZcXZhº 9^bVgXd!'%%)/'(!('!(+", # I]ZgZhjai^hVhdgid[9deeZa\~c\Zg\Zd\gVe]n!^cl]^X]XaV^bh[gdbbdgZdg aZhhXdckZci^dcVajgWVchijY^ZhVgZgZkZghZYWni]Zeg^dg^i^Zhd[b^a^iVgndXXj" eVi^dc#6cnX^inldjaYWZbVYZhigVc\ZWnhjX]VcVcVanh^h!Wji6gVWX^i^ZhVgZ bVYZYdjWanhigVc\Z#I]ZnVgZgZcYZgZYVh^c]ZgZcianYZXZei^kZ!eaVXZhl]ZgZ cdi]^c\^hZkZgVh^ihZZbh!deVfjZheVXZhi]ViXdcXZVaVhbjX]Vhi]ZngZkZVa! aVWng^ci]hYZh^\cZYidigVei]ZjclVgn#I]dhZl]d^c]VW^ii]ZbVgZi]jhVm^dbVi" ^XVaanVa^Zc!^ggZYZZbVWandi]Zg!WZXVjhZZkZc^c¹cdgbVaºX^gXjbhiVcXZhi]ZhZ VgZcdicdgbVaX^i^Zh#I]ZnheZV`cdidcan[gdbedh^i^dchd[edlZgVcYeg^k^" aZ\ZWji[gdbVh^c\aZ VcYh^c\jaVg heVXZd[gZVhdc#I]ZgZ^hViZaa^c\eVhhV\Z idlVgYhi]ZZcYd[i]ZhjgkZn!l]ZgZedkZgin^hhjijgZYideda^i^XVagVY^XVa^hbVcY gZh^hiVcXZ#¹>chjg\ZcihjhZi]Z\g^ZkVcXZhd[i]ZjgWVceddgid\VgcZggZXgj^ih! hjeedgiVcYhVcXijVgn!ºhdi]Vi¹V`ZnidXdjciZg^c\iZggdg^hihVcY^chjg\Zcih WVhZYVbdc\i]ZjgWVceddg^hgZbdk^c\i]Z^g\g^ZkVcXZhº 9^BVgXd!'%%)/*(!+% # IgjZidi]ZigVY^i^dchd[Xdadc^Va^hb!^i^hedkZgin!^\cdgVcXZ!VcYbVc^ejaVi^dc WnbVaXdciZcihi]Viegdkd`Zh^chjg\ZcXn0b^a^iVgndXXjeVi^dcXVccZkZghZZ ^ihZa[VhVaZ\^i^bViZXVjhZ[dggZWZaa^dc#
BdcjbZcih Cd"bVc¼h"aVcYh
8>I>:H!8>K>A>O6I>DCH!6C98>K>A>6CH I]ZhZkVg^djhbdYVa^i^ZhY^gZXijgWVclVg[VgZidild]^YZdjhZcYh#DcdcZ ]VcY!i]ZnhZkZgZangZYjXZVcYZkZcVccjai]Z¹g^\]iidi]ZX^inºi]Vi]Vh WZZcXZaZWgViZYWn:jgdeZVcVcY6bZg^XVceda^i^XVai]Zdgn[dgXZcijg^Zh#I]Z Vedi]Zdh^hd[i]^hiZgg^WaZegd_ZXid[gZYjX^c\X^i^ZhidiVg\Zih^hjgW^X^YZ!l]^X] YZhigdnhi]ZbViZg^VaWVh^h[dgjgWVca^[Z [ i]ZZbe^gZXVcYZeadnDglZaa^VciZX]cdad\^Zhd[gZegZhh^dc!^ihdjiXVhih]VkZi]Z \dYhd[X]Vdhdci]Z^gh^YZº 9Vk^h!'%%)V # 6\V^chii]^hWaZV`egdheZXi!>lVciid^ch^hidci]ZXdccZXi^dchWZilZZcX^i^Zh! X^k^a^oVi^dch!VcYX^k^a^Vch!VcYideaVXZbn[V^i]^chdbZi]^c\di]Zgi]Vci]Z \dYhd[X]Vdh#EVgid[bnVg\jbZci!^ih]djaYWZXaZVg!XdcXZgch]dli]ZhZX^i^Zh VgZgZegZhZciZY^cVcVani^XVaVcYZmeZg^Zci^VaiZgbh#7jilZbjhiVahdadd`id i]ZgZegZhZciVi^dcd[i]ZeZdeaZi]Via^kZ^ci]Zb^ceda^i^XVaVcYaZ\VaiZgbh# I]ZX^k^a^Vc^hVÃ\jgZd[gZXZciYViZ VcYcdidcan^cb^a^iVgnh^bjaVi^dch #>c :c\a^h]!i]ZldgYdg^\^cVaan¸VcY^gdc^XVaan¸bZVcidcZl]dhijY^ZYX^k^aaVl!Wji i]ZDm[dgY:c\a^h]9^Xi^dcVgnigVXZh^ih¹[Vh]^dcVWaZºbZVc^c\Vh¹Vcdcb^a^" iVgneZghdcºidi]ZaViZ&-i]VcYZheZX^Vaan&.i]XZcijg^Zh!l]Zci]ZiZgblVh XadhZani^ZYid7g^iV^c¼hXdadc^VaZciZgeg^hZ^c>cY^V#>c^ciZgcVi^dcVaaVl!l]dhZ \ZcZVad\^ZhVgZcdaZhh^ckZhiZY^cXdadc^Va^hbVcY^beZg^Va^hb!i]ZÃ\jgZ^h d[ZkZcbdgZgZXZciYViZ#>c&-..!i]ZXdckZci^dcl^i]gZheZXiidi]ZaVlhVcY Xjhidbhd[lVgdcaVcY =V\jZ> ! gZV[ÃgbZY^c=V\jZ>K!&.%, egd]^W^iZYi]Z WdbWVgYbZcid[jcYZ[ZcYZYidlch0i]ZgjaZhd[VZg^ValVg[VgZ!YgV[iZYVii]Z =V\jZ^c&.'(!egdhXg^WZY¹P6RZg^VaWdbWVgYbZci[dgi]ZejgedhZd[iZggdg^o^c\ i]ZX^k^a^VcedejaVi^dc!d[YZhigdn^c\dgYVbV\^c\eg^kViZegdeZgincdid[b^a^" iVgnX]VgVXiZg!dgd[^c_jg^c\cdcXdbWViVcih#º>c&.(-!i]ZAZV\jZd[CVi^dch jcVc^bdjhanV[ÃgbZYi]Vii]ZWdbW^c\d[X^k^a^VcedejaVi^dchlVh[dgW^YYZc Wn^ciZgcVi^dcVaaVlVcYXVaaZY[dgcZlgZ\jaVi^dchidegdiZXii]Zb0VcY^c &.).!i]Z;djgi]VbXdck^cXZY!dci]ZXdcigVgn! i]Vii]ZnYd0VcY\^kZci]ZXdadc^VaiZbeaViZh!l]^X][gVbZhdbjX]d[^ihb^a^iVgn
BdcjbZcih
k^daZcXZ!i]^h^hhXVgXZanhjgeg^h^c\#7jii]ZaVl^hcdiVYZjhZmbVX]^cV!X]Vdi^X
Cd"bVc¼h"aVcYh
dgdi]Zgl^hZ#>i^h VcYbjhiWZ i]Zh^iZd[eda^i^XVahigj\\aZ#;dg!^[i]Z\gVn odcZhd[i]Z¹lVgdciZggdgºXdci^cjZidZmeVcYi]Zc!a^`Zi]Z[ViZ[dgZh]VYdlZY Wn;djXVjai[dgi]Vidi]Zg^ckZci^dcd[gZXZciYViZ!i]Z]jbVchjW_ZXi!i]ZÃ\jgZ d[i]ZX^k^a^VcbVnhddcWZZ[[VXZYVhlZaa#6h>XdbeaZiZYi]^hZhhVn!>Y^hXdkZgZY i]ViZciZg^c\¹X^k^a^Vcº^cgVf7dYn8djci#
&
HZZ[dgZmVbeaZ!EZiin '%%)/)-(").( !C\jnZc '%%*/**"+) #;dgVXdbeVg^hdcl^i]Xd\c^i^kZ" WZ]Vk^dgVabdYZa^c\^c\Zd\gVe]n!hZZi]ZY^hXjhh^dcdci]Z»i]ZViZgÃgZegdWaZb¼^cLdaeZgim O^aabVc &.+./.&"&%) ¹I]ZhZfjZci^VaZmeVch^dcd[VYZX^h^dc"bV`^c\bdYZa^cVheVi^VaXdciZmi#º
'
9^BVgXdVX`cdlaZY\Zhi]VibVcnX^i^Zh^ci]ZgZ\^dc]VkZhjWhiVci^VabdYZgc gZVY/¹cdgbVaº Y^hig^Xih!Wji]ZVg\jZhi]Vii]ZhZcZ^\]Wdg]ddYhedhZb^a^iVgnX]VaaZc\ZhcdY^[[ZgZci[gdbi]dhZ d[Vcndi]ZgbdYZgcX^in/[dgXZXVcWZWgdj\]iidWZVgdci]Zbfj^X`anVcYY^gZXian#I]ZWjgYZc d[]^hVcVanh^hi]jh[Vaahdci]Z¹igVY^i^dcVaºX^in!dcanidaZVedkZgi]ZbdYZgcg^c\hd[YZkZade" bZciidlVgYhi]ZeZg^jgWVc¹hfjViiZghZiiaZbZcihVcYh]Vcin"idlch#º
HZaZXiZY7^Wa^d\gVe]n chi^ijiZ!DXXVh^dcVaEVeZgh chi^ijiZEgZhh!'%%) # EVja\cdgVci6gb^Zh8aVh]WnC^\]i¼/=dbd\ZcZdjh8dbbjc^inVcYi]ZEaVcZiVgn 6heZXi!º>ciZgcVi^dcVa?djgcVad[8jaijgVaHijY^Zh+ '%%( # HiZe]ZcciZgdeZgVW^a^inLdg`h]de H>L !6ga^c\idc!K6!6eg^a'%%)# BVgn"Adj^hZEgVii!¹¼HXgViX]Zhdci]Z;VXZd[i]Z8djcign¼/DgL]ViBg#7VggdlHVl^ci]ZAVcY d[i]Z7jh]bZc!º8g^i^XVa>cfj^gn&' &.-* # :YlVgYHV^Y!Dg^ZciVa^hb AdcYdc/EZc\j^c!&.,- # BViiHaV\aZ!¹JgWVcLVg[VgZdcVHdjcYHiV\Z!º87HCZlh#Xdb!9ZXZbWZg'%!'%%)# 8a^kZI]dbehdc!¹I]ZBV`^c\d[VcM"7dmLVgg^dg!ºCZlNdg`I^bZh!6j\jhi''!'%%)# 6ccHXdiiInhdc!¹7adX`id7adX`8dbWVi!º8]g^hi^VcHX^ZcXZBdc^idg!?VcjVgn&,!'%%(# 9VcKZgidc!¹H^bjaVi^c\;Vaaj_V]!º8dbejiZgldgaY ?VcjVgn(&!'%%* # :nVaLZ^obVc!¹I]ZEda^i^Xhd[KZgi^XVa^in!ºDeZc9ZbdXgVXnVilll#deZcYZbdXgVXn#cZi#'%%'# ?#LdaeZgiVcY9#O^aabVcc!¹I]ZHZfjZci^Va:meVch^dcd[V9ZX^h^dc"BV`^c\BdYZa^cVHeVi^Va 8dciZmi!º:ck^gdcbZciVcYEaVcc^c\&! &.+. #
Xdadc^oVi^dcWn^bV\^cVi^dc DCI=:E6A:HI>C>6C67H:C8:;GDBI=:A6C9H86E:
>hhVbCVhhVg
L]^aZYZWViZdci]ZlVaai]Vi>hgVZa^hZgZXi^c\VgdjcYi]ZEVaZhi^c^VcXdbbjc^" i^Zhd[i]ZLZhi7Vc`]VhiV`ZckVg^djh[dgbh¸aZ\Va!ZXdcdb^X!]jbVc^iVg^Vc! VcYeda^i^XVa¸dcZWn"egdYjXid[i]ZlVaa]VhnZiidWZhZg^djhanZmVb^cZY/i]Z Z[[ZXi^i]VhdcdcZ¼h^bV\^cVi^dcd[i]ZDi]Zg#I]Z^hhjZd[hZZ^c\!dg!^cdjg XVhZ!cdihZZ^c\i]ZDi]ZgbVncdiWZd[ZcdgbdjhXdchZfjZcXZ^ci]Zh]dgi gjc!Wjii]ZgZ^hcdYdjWi^cbnb^cYi]Vi^il^aa ]VkZhZg^djhadc\iZgbZ[[ZXih#6[iZgVaa!Ã\]i^c\ VcdWhXjgZ!^ck^h^WaZZcZbnYZbdc^oZYWnejc" Y^ihVcYeda^i^X^VchVa^`Z!ZciV^ahaZhh\j^aiVcY ^aa"[ZZa^c\dci]ZeVgid[i]ZViiVX`^c\hdaY^Zgh gZ\VgY^c\i]ZeV^ci]Zn^cÄ^Xi^ci]ZXdjghZd[ bdYZgclVg[VgZ#>ci]^hZhhVn!>igVXZV]^hidgn d[¹jchZZ^c\ºi]ZEVaZhi^c^VchVhVbZVchid YZcni]Z^gXaV^bhidi]ZaVcY# I]ZÃghi^chiVcXZd[EVaZhi^c^Vck^hjVa VWhZcXZ^cbdYZgci^bZh¹VeeZVghº^ci]ZÃghi
7dVo¸^cgZ[ZgZcXZidi]Z W^Wa^XVaÃZaYd[7dVo^ci]Z ?ZgjhVaZb"7Zi]aZ]ZbVgZV jc`cdlce]did\gVe]Zg!I]Z8da" aZXi^dcd[i]ZA^WgVgnd[8dc\gZhh! JH6
e]did\gVe]hiV`Zcd[EVaZhi^cZ^ci]Z&.i]XZc" ijgn!h]dgianV[iZge]did\gVe]nlVh^ckZciZY#I]ZÃghie]did\gVe]ZghXVbZid EVaZhi^cZ[gdb:jgdeZ^c9ZXZbWZg&-(.#>ci]ZYZXVYZhi]Vi[daadlZY!YdoZchd[ :jgdeZVc VcYdi]Zg e]did\gVe]Zgh^bV\ZYEVaZhi^cZfj^iZZmiZch^kZan#6hig^`" ^c\[ZVijgZd[i]ZhZZVgan:jgdeZVce]did\gVe]^XgZegZhZciVi^dchd[EVaZhi^cZ^h i]Vii]ZXdjcign¼hcVi^kZedejaVi^dcgVgZanVeeZVgh^ci]Zb#>chiZVYd[Vc^c]VW" ^iZYheVXZl^i]k^aaV\Zh!idlch!VcYVhdX^Va!XjaijgVa!eda^i^XVa!VcYZXdcdb^Xa^[Z! EVaZhi^cZlVhgZYjXZYidVcZbeinaVcYhXVeZi]ViXdggZhedcYZYl^i]i]Zhidg^Zh d[i]ZDaYVcYi]ZCZlIZhiVbZcih#;dghdbZgZVhdc!i]^hegdXZhhd[¹W^Wa^ÃXV" i^dcºcZXZhh^iViZYaZVk^c\i]ZadXVaedejaVi^dcdjih^YZi]Z[gVbZ# I]ZVWhZcXZd[EVaZhi^c^Vch[gdbbdhid[i]ZhZe]did\gVe]hViiZhihidi]Z [VXii]Vii]ZnlZgZVahdVWhZci!dchdbZaZkZa![gdbi]Z:jgdeZVcXdchX^djhcZhh d[i]Z^ge]did\gVe]Zgh#EVaZhi^cZlVhgZYjXZYidVWVX`Ygdejedcl]^X]i]Z W^Wa^XVahidgnXdjaYWZhjWhiVci^ViZY!gVi]Zgi]VcgZXd\c^oZYVhVgZVaeaVXZ^ci]Z gZValdgaY¸ViiZhi^c\idgZVa]^hidg^Zhdi]Zgi]Vci]Z?jYZd"8]g^hi^VccVggVi^kZ# I]Z6bZg^XVce]did\gVe]Zg:YlVgYA#L^ahdc!l]de]did\gVe]ZYEVaZhi^cZ^c i]Z&--%h!XdggdWdgViZhi]^hed^ci#>cVcVgi^XaZ^c8ZcijgnBV\Vo^cZ!L^ahdcVXij" VaanhiViZYi]Vii]ZeZVhVcih]ZZcXdjciZgZYcZVgi]ZHZVd[cWdi]XVhZh!i]Z[gVb^c\ZnZZmigVXiZYi]Ze]did" \gVe]ZYhjW_ZXi[gdb]^hidgnVcYeaVXZY]^bdg]Zg^cVXdciZmibdgZgZaZkVciid :jgdeZ¼hgZaVi^dcidEVaZhi^cZi]Vcidi]Za^kZYgZVa^ind[i]ZYZe^XiZY#EZVhVcih lZgZXVei^dcZYl^i]Vc\ade]^aZW^Wa^XVacVbZhVcYXaVhh^ÃZY^cidW^Wa^XVaXViZ\d" g^Zhidl]^X]:jgdeZVcheZXiVidghXdjaYgZaViZ HVbVg^iVch!?Zlh!Bd]VbbZY" Vch!HVgVXZch!ZiX# #L]Zci]Z¹Zi]cd\gVe]^XºY^k^YZlVhcdiZbeadnZY!¹W^Wa^XVa XVgZZghºlZgZ^cigdYjXZYVcY^bV\Zhd[Ãh]ZgbZc!h]Ze]ZgYh!VcYXVgeZciZgh WZ\VcÄddY^c\i]Zidjg^hibVg`Zih# >cdi]ZgldgYh!i]Z:jgdeZVc]^hidg^XVa^bV\^cVi^dcXVhiV&.i]XZcijgnEVaZh" i^cZ^cVÃghiXZcijgna^\]i!i]jheVk^c\i]ZlVn¸i]gdj\]e]did\gVe]n!igVkZad\h! VcYaViZgX^cZbV¸[dgi]ZXdadc^oVi^dc!dgWZiiZgnZi¹gZXaVbVi^dc!ºd[i]ZaVcYWn :jgdeZVcY^ihV\Zcih#6ai]dj\]i]^h^bV\^c\d[EVaZhi^cZVcY^ih^c]VW^iVcihlVh aVg\Zan8]g^hi^Vc^ccVijgZ!^ilVhVYdeiZYWnhZXjaVg:jgdeZVc?ZlhVhlZaa#7n i]Zijgcd[i]Z'%i]XZcijgn!i]ZO^dc^hiBdkZbZcilVhV[jaanZhiVWa^h]ZYeda^i^XVa dg\Vc^oVi^dcl]^X]]VY]ZaYhZkZgValdgaYl^YZ gZVY/LZhiZgc Xdc[ZgZcXZh!VcY ZhiVWa^h]ZYcjbZgdjh^YZdad\^XVahZiiaZbZcihi]gdj\]djiEVaZhi^cZ# I]ZO^dc^hi^bV\^cVi^dcd[EVaZhi^cZ^cigdYjXZYcZlhZihd[EVaZhi^c^Vc^bV\Zh# EVaZhi^c^VchXVbZ^cVcYdjid[edgigVnVahd[i]ZaVcY^cZVganO^dc^hie]did\gV" e]nVcYX^cZbV#HdbZi^bZhi]ZEVaZhi^c^VclVheVgiegZhZciVhVh]Ze]ZgY¸ VldjaY"WZegdidine^XVaVcX^Zci>hgVZa^iZ#Dcdi]ZgdXXVh^dch!i]ZEVaZhi^c^VclVh Vaid\Zi]ZgVWhZcidggZegZhZciZYVhV]VeaZhhcVi^kZ^cXVeVWaZd[hZa["gZegZhZc" iVi^dc#6hi]ZXdcÄ^XiWZilZZc?Zl^h]hZiiaZghVcY^cY^\Zcdjh6gVWh^ciZch^ÃZY!
BdcjbZcih Cd"bVc¼h"aVcYh
i]ZZhhZci^Va^oVi^dcd[EVaZhi^c^Vchidd`dccZlY^bZch^dchhjX]Vheg^b^i^k^hb¸ ^bV\Zhi]ViWg^c\idb^cYL]^iZCdgi]6bZg^XVchZiiaZgh¼YZe^Xi^dchd[CVi^kZ ¹>cY^Vch#ºDkZgi^bZ!EVaZhi^c^VchlZgZigVch[dgbZY^cidh^\c^ÃZghd[hZchZaZhh k^daZcXZ!XgjZain!VcYiZggdg^hb# >i^h^bedgiVciidWZVg^cb^cYi]ZXdadc^Va^hi"hZiiaZgcVijgZd[i]ZO^dc^hi egd_ZXi!ViaZVhiVh[VgVhi]ZEVaZhi^c^VchVgZXdcXZgcZY#?Zl^h]^bb^\gVcihid EVaZhi^cZlZgZcdiZmeZXiZY!cdgY^Yi]ZnZmeZXi!ida^kZVbdc\VcYb^c\aZl^i] i]ZadXVaedejaVi^dc#>chiZVY!i]Zn_d^cZYZmXajh^kZ?Zl^h]Xdadc^Zh^cEVaZhi^cZ l]ZgZcVi^kZhlZgZdjid[h^\]i VcYdjid[b^cY !hVkZ[dgi]ZdXXVh^dcVaeVhh^c\ h]Ze]ZgY#>ih]djaYWZd[cdhjgeg^hZi]Zc!i]Vii]ZWja`d[i]Z^bb^\gVcihl]d bVYZjei]ZNZh]jk egZ"HiViZ?Zl^h]hZiiaZbZci Xdci^cjZYidcjgijgZi]ZYdb" ^cVci:jgdeZVccdi^dchi]Zn]VYVWdjiEVaZhi^cZ jedcVgg^k^c\i]ZgZ#L]Zci]ZEVaZhi^c^Vch gZVaanY^YhiVgiidkVc^h][gdbi]ZaVcYhXVeZVh VgZhjaid[i]Z&.)-lVg!bVcnbZbWZghd[i]Z NZh]jk]VgYancdi^XZYl]VilVh]VeeZc^c\id i]Z^gVagZVYn¹^ck^h^WaZºcZ^\]Wdgh# I]ZZkZcihd[&.)-!l]^X]i]ZEVaZhi^c^Vch XVaaVa"CV`WV i]Z8ViVhigde]Z VgZXZcigVaidi]Z EVaZhi^c^Vc]^hidg^XVacVggVi^kZ#9Zhe^iZi]Z[VXi
7Z\^cGdVYXjii^c\i]gdj\] i]Zk^aaV\Zd[7^gCVWVaV
i]ViVa"CV`WVgZ[ZghidXdjciaZhh^cX^YZcXZhd[
e]did/ZY^idg^VaiZVb!'%%*
YZVi]!YZhigjXi^dc!Zmejah^dc!VcYZm^aZ!EVaZhi^c" ^VchXdc_j\ViZ^i^ci]Zh^c\jaVg!Vhi]dj\]^ihiddY[dgVh^c\aZZkZci#>c&.)-i]Z EVaZhi^c^Vch¹Y^hVeeZVgZYº¸bdgZi]Vcild"i]^gYhd[i]ZedejaVi^dclVhZmeZaaZY [gdbdkZg)%%idlchVcYk^aaV\Zh¸bdhid[l]^X]lZgZhjWhZfjZciangj^cZY¸ bV`^c\i]ZZVgane]did\gVe]^X^bV\Zhd[EVaZhi^cZVh¹VaVcYl^i]djieZdeaZº add`a^`ZVhZa["[jaÃaa^c\egde]ZXn#6h[VgVhi]ZEVaZhi^c^VchlZgZXdcXZgcZY! EVaZhi^cZlVhadhiV[iZg&.)-/i]Zk^aaV\ZlVhZgVhZY[gdbi]ZbVe!i]ZX^inlVh Xdadc^oZYVcY^ihcVbZd[iZcX]Vc\ZY!i]Z]djhZlVhhdbZdcZZahZ¼h!VcYi]Z [gj^iigZZhlZgZadX`ZYWZ]^cYWVgWZYl^gZ[ZcXZh#I]ZY^hVeeZVgVcXZd[EVaZh" i^cZlVhVahdVc^hhjZ^cVgZVhi]VigZbV^cZYjcYZg6gVWXdcigda/:VhiEVaZhi^cZ WZXVbZi]Z¹LZhi7Vc`ºVcYlVh^cXdgedgViZY^cidi]Z=Vh]Zb^iZ@^c\Ydbd[ ?dgYVc!VcYcYZZY!^ildjaY]VkZWZZc¹jccVijgVaº]VYi]ZEVaZhi^c^VcXViVhigde]ZWZZc[jaan cdi^XZVWaZ!h^cXZi]ZEVaZhi^c^VchlZgZaVg\ZanVWhZci[gdbi]ZO^dc^hiejgk^Zl idWZ\^cl^i]#I]Z[VXii]Vi>hgVZaZcVXiZYeda^X^ZhVcYaVlhi]ViYZaZ\^i^bViZY VcYdjiaVlZYZmegZhh^dchd[EVaZhi^c^VccVi^dcVa^YZci^inbVYZi]^hWa^cY"hedi d[>hgVZa^XdchX^djhcZhhVaai]ZbdgZVXjiZ# I]Z>hgVZa^cZ\Vi^dcd[i]ZZm^hiZcXZd[EVaZhi^c^VchVhVeZdeaZl^i]eda^i^XVa g^\]ihaZYi]ZhiViZidhjeedgiigVY^i^dcVa!gZVXi^dcVgnZaZbZcihl^i]^ci]ZEVa" Zhi^c^VcXdbbjc^in#I]dhZEVaZhi^c^Vchl]dgZbV^cZY^ch^YZi]ZiZgg^idgni]Vi WZXVbZi]ZHViZd[>hgVZa hdbZ&*%!%%%^c&.)- lZgZgZcVbZY¹>hgVZa^6gVWhº VcYXViZ\dg^XVaan[gV\bZciZY^cidVcjbWZgd[gZa^\^djhVcYXdbbjcVa\gdje"
^c\h#6[iZgi]Z&.+,>hgVZa^dXXjeVi^dcd[i]ZLZhi7Vc`VcYhgVZa^hVYdeiZYl]daZhVaZ¸i]Vi6gVWh!VhcVi^kZh!lZgZ^cXVeVWaZ d[egVXi^X^c\YZbdXgVXn# Dci]Zg]Zidg^XVaaZkZa!>hgVZa[djcY^ijhZ[jaid]^\]a^\]ii]Z6gVW^YZci^in d[i]ZEVaZhi^c^Vch!ZheZX^Vaand[i]ZEVaZhi^c^VcgZ[j\ZZh^ci]ZhjggdjcY^c\ 6gVWhiViZh#Ijgc^c\eVc"6gVWY^hXdjghZdc^ih]ZVY!^[i]ZgZ[j\ZZhlZgZh^bean ¹6gVWh!ºi]Zci]ZnlZgZVagZVYn^ci]Z6gVWldgaY¸l]ZgZi]Zn¹WZadc\ZYºIV`^c\ i]^hh`ZlZYad\^XZkZc[jgi]Zg!>hgVZa^egdeV\VcY^hihVg\jZYi]Vi6gVWhlZgZcdi cVi^kZidEVaZhi^cZ!Wji]VYb^\gViZYi]ZgZVhaViZVhi]Z&.(%h!i]Vc`hidi]ZZXd" cdb^X\gdli]hejggZYWnO^dc^hi^bb^\gVi^dc!^ckZhibZci!VcYYZkZadebZci# BZVcl]^aZ!i]ZEVaZhi^c^Vch!Wdi]Vh^cY^k^YjVahVcYVhVcVi^dcVabdkZbZci ^c[dgbVi^dc!lZgZg^h^c\[gdbi]ZVh]Zhd[i]Z&.)-igVjbVd[Y^hedhhZhh^dc VcYY^heZgh^dc#>ildjaYiV`ZVcdi]ZgildYZXVYZhWZ[dgZ¹EVaZhi^c^VcºldjaY WZXdbZV¹aZ\^i^bViZºeda^i^XVa^YZci^ingZegZhZciZYWni]ZEAD VegdXZhhi]Vi ZciV^aZYV\gZViYZVad[^ciZgcVaVcYZmiZgcVaYZWViZ # hgVZal^i]i]Zh^\c^c\d[i]ZDhad 9ZXaVgVi^dcd[Eg^cX^eaZh^c&..(#I]Z¹eZVXZegdXZhh!ºl^i]Vaa^ih[VjaihVcYYZÃ" X^ZcX^Zh!Y^YbV`ZEVaZhi^c^VccVi^dcVaVcYeda^i^XVahnbWdahegZhZci^ci]ZZnZh d[i]Z>hgVZa^ejWa^X#I]ZegZk^djhandjiaVlZYEVaZhi^c^VcÄV\lVhYZXg^b^cVa" ^oZY!VcYEVaZhi^c^VcXjaijgVa!eda^i^XVa!VcYZXdcdb^XcVi^dcVa^chi^iji^dchlZgZ ZhiVWa^h]ZY^ci]ZdXXje^ZYiZgg^idg^Zh#I]^haZ\^i^b^oVi^dclVheZg]Vehi]Zbdhi edh^i^kZd[Vaai]ZV\gZZbZci¼hegdk^h^dch!l]^X]di]Zgl^hZgZÄZXiZYi]ZlZV`ZcZY edh^i^dcd[i]ZEVaZhi^c^VccVi^dcVabdkZbZci#6[iZgVhZg^Zhd[eda^i^XVaVcY b^a^iVgnYZ[ZVih/i]ZZmejah^dcd[i]ZEAD[gdbAZWVcdc^ci]ZZVgan&.-%h!i]Z XdaaVehZd[i]ZHdk^ZiJc^dc^ci]ZaViZ&.-%h!i]Z>gVf^YZ[ZVi^ci]ZÃghici^[VYVedejaVgjeg^h^c\^ci]ZZVgan&..%h¸i]Z EVaZhi^c^Vch]VYa^iiaZWVg\V^c^c\edlZgaZ[i# =dlZkZg!i]Z¹eZVXZegdXZhhºaVjcX]ZYViDhad[V^aZY!VcY>hgVZa^hZiiaZbZcih egda^[ZgViZYWdi]Yjg^c\i]ZegdXZhhVcYh^cXZ#I]ZEVaZhi^c^VcgZh^YZcihd[i]Z dXXje^ZYiZgg^idg^Zh!l]dlZgZgZXd\c^oZYVhVeZdeaZl^i] XZgiV^c eda^i^XVa g^\]ih![djcYi]ZbhZakZhXdcÃcZYidV[ZlWZh^Z\ZY7VcijhiVchl]^aZ¹WneVhh gdVYhº ]^\]lVnhgZVaan Wj^aiVii]Z]Z^\]id[i]ZegdXZhhidXdccZXii]ZhZiiaZ" bZcihl^i]>hgVZa!cdlZcVWaZ>hgVZa^hidigVkZai]gdj\]djii]ZaVcYl^i]dji]Vk^c\ idZcXdjciZgVh^c\aZEVaZhi^c^Vc#I]ZhZWneVhhgdVYh!XdjeaZYl^i]i]Z¹XadhjgZº WVgg^c\EVaZhi^c^Vch[gdbZciZg^c\>hgVZa!]VkZgZcYZgZYi]ZEVaZhi^c^Vch^ck^h^WaZ dcXZbdgZ!l]^X]!^ihZZbh!bV`ZhViiVX`^c\i]Zbi]VibjX]ZVh^Zg#6gZlZl^i" cZhh^c\&.)-VaadkZgV\V^c4 >i¼h]VgYidhVn#I]ZgZVgZ!]dlZkZg!hdbZh^b^aVg^i^Zh#;dgdcZ!`ZZe^c\EVa" Zhi^c^Vchdjid[h^\]iVcYdjid[b^cY0[dgi]ZÃghii^bZ^cYZXVYZh!i]ZgZ^hcd hZg^djhY^hXjhh^dcd[Vk^VWaZEVaZhi^c^Vc[jijgZ#GVi]Zg!>hgVZa^hVgZYZWVi^c\i]Z ¹eZVXZ[jaZmejah^dcºd[EVaZhi^c^Vch#8d^cZY¹igVch[Zg!ºi]^hYZWViZ]VhV[ddi^c\ ^cVXVYZb^X!eda^i^XVa!VcY_djgcVa^hi^XX^gXaZh#DcZb^\]iVg\jZi]Vii]Z[ZcXZ$lVaa
BdcjbZcih Cd"bVc¼h"aVcYh
XjggZcianjcYZgXdchigjXi^dcVgdjcYi]ZEVaZhi^c^VcXdbbjc^i^Zhd[i]ZdXXje^ZY iZgg^idg^Zh^hVbVc^[ZhiVi^dcd[i]Z^YZVd[¹igVch[Zg!ºVgZb^c^hXZcXZd[hdgih[dg ¹VaVcYl^i]djieZdeaZº¸ZheZX^Vaanl]ZchdbZd[i]ZlVaah]VkZWZZceV^ciZY l^i]^bV\^cVgneVhidgVaaVcYhXVeZhkd^Yd[eZdeaZ!l]Zc^c[VXii]ZnXdcXZVa edejaViZYEVaZhi^c^VcjgWVcXZciZgh#I]ZlVaacdidcan`ZZeh>hgVZa^h!VcYZheZ" X^VaanEVaZhi^c^Vch![gdbbdk^c\VWdji[gZZan!^i]^YZhegZhZci"YVnEVaZhi^cZ[gdb i]Z>hgVZa^hdci]Z^gh^YZd[i]ZlVaa!VcY]^hidg^XVaEVaZhi^cZ[gdbi]ZEVaZhi^c" ^Vchdci]Z^gh^YZd[i]ZlVaa#I]^h^hcdiidhj\\Zhii]Vi>hgVZa^hl^aa[dg\Zii]Z EVaZhi^c^VchVaid\Zi]Zg!Wjii]VicdchZZ^c\^hVYZÃc^iZhiZeidlVgYhehnX]^XVaan YZcn^c\VcYgZegZhh^c\hdbZi]^c\¼hZm^hiZcXZ#7nWVgg^c\EVaZhi^c^Vch[gdb VXXZhh^c\i]Z^g[dgbZg]dbZh^c>hgVZa VcYWVgg^c\>hgVZa^X^k^a^Vch[gdbVXXZhh^c\ EVaZhi^c^VcgZ[j\ZZXVbeh![dgZmVbeaZ !>hgVZa^hl^aacdi]VkZidgZX`dcl^i]i]Z XdchZfjZcXZhd[&.)-# I]ZfjZhi^dc>hgVZa^hVgZcdiVh`^c\i]ZbhZakZh^h/¹L]ViYdZhi]^hlVaa ]^YZ4ºLZgZlZid^bV\^cZi]ZZhiVWa^h]bZcid[VEVaZhi^c^Vceda^i^XVaZci^in!cd bViiZg^iheVgVbZiZgh!i]^hZci^inldjaYjcYdjWiZYandeZcjcidi]Z6gVWldgaY Vi^ihZVhiZgcWdgYZgh#L]Zci]^h]VeeZch!]deZ[jaanhddcZgi]VcaViZg!l^aai]Z [ZcXZ$lVaahZeVgViZi]ZEVaZhi^c^Vch[gdbi]ZldgaY!dg^hdaViZi]Z>hgVZa^h[gdb i]Z^ghjggdjcY^c\Zck^gdcbZci^ci]ZB^YYaZ:Vhi4
& 6cZVga^ZgkZgh^dcd[i]^hZhhVnVeeZVgZY^cGZbVee^c\i]ZGZ\^dc/@jaijgjcYEda^i^`^c>hgVZa$ EVa~hi^cV!D#@Wdd`h'$%)!;da^dKZgaV\!K^ZccV!'%%) ' >VbWdggdl^c\i]Z^bV\Zd[VEVaZhi^cZi]ViY^hVeeZVgZYVhdeedhZYid]Vk^c\WZZcdXXje^ZY [gdb:a^VhHVcWVg^c]^hWdd`;VaVhiZZc&.)-Va"IV\]nZZW!igVchaViZY^cid6gVW^XWn@Vo^b?^]VY 7Z^gji/Va"BdjhVhVVa"6gVWjnV]a^a"9^gVhVilVa"CVh]g!&.-, #
HZaZXiZY7^Wa^d\gVe]n ?d]c8gVbW!¹EVaZhi^cZ^c&-+%0Dg!6E]did\gVe]Zg¼h?djgcVad[VK^h^iid?ZgjhVaZb!ºI]Z7g^i^h] ?djgcVad[E]did\gVe]n!Cd#M CdkZbWZg&!&-+& # 7Zh]VgV9djbVc^!¹GZY^hXdkZg^c\DiidbVcEVaZhi^cZ/Lg^i^c\EVaZhi^c^Vch^cid=^hidgn!º?djgcVa d[EVaZhi^cZHijY^ZhMM>! ' L^ciZg!&..' # >hhVbCVhhVg!E]did\gVe]^c\?ZgjhVaZb/I]Z>bV\Zd[i]Z8^in^cC^cZiZZci]8ZcijgnE]did\gVe]n 7djaYZg/:Vhi:jgdeZVcBdcd\gVe]h!&.., # NZh]VnV]jC^g!I]Z7^WaZVcYi]Z>bV\Z E]^aVYZae]^V/Jc^kZgh^ind[EZcchnakVc^VEgZhh!&.-* # 9Vk^YGdc!6gVWhVcY>hgVZa[dg7Z\^ccZgh CZlNdg`/Lg^iZghmGZVYZghEjW#!&..( # GVae]HX]dZcbVc!I]Z=^YYZc=^hidgnd[O^dc^hb HVciV7VgWVgV/KZg^iVhEgZhh!&.-- # :YlVgYA#L^ahdc!¹>cHXg^eijgZAVcYh!ºfjdiZY^c?d]c9Vk^h!I]ZAVcYhXVeZd[7Za^Z[ Eg^cXZidc/ Eg^cXZidcJc^kZgh^inEgZhh!&..+ #
Xdbbdc\gdjcYh i]ViZmXajYZ
''+q'', BdcjbZcih Cd"bVc¼h"aVcYh
6b^gEVo";jX]h!:[gVi8d]Zc"7Vg
I]Z^gdcnZmegZhhZY^cGdWZgi;gdhi¼hBZcY^c\LVaaa^cZ/¹\ddY[ZcXZhbV`Z \ddYcZ^\]Wdgh!ºhZZbhid]VkZWZZcadhidcbVcngZVYZghl]d]VkZdeiZYid iV`Z^ia^iZgVaan#EgZhjbVWan!i]ZhZgZVYZghi]dj\]ii]Vi;gdhilVhhj\\Zhi^c\V XdjciZg"^cij^i^kZVcY!i]jh!i]dj\]i"egdkd`^c\^YZV/i]ViV[ZcXZ!l]^X]VeeZVgh idhZeVgViZ!bVnVXijVaanWdcYWnVaadl^c\eVgi^ZhdcWdi]h^YZhidYZkZade i]Z^gVjidcdbdjha^[ZhinaZhVcY^ciZgVXidcbjijVaanV\gZZY\gdjcYh#>i^hcdl VXXZeiZYi]Vi;gdhilVh!^c[VXi!bdX`^c\i]Zg]Zidg^Xi]VigVi^dcVa^oZhY^k^h^dc VcYhZ\gZ\Vi^dcVhegZ[ZgVWaZidjc^inVcYhda^YVg^in#>cYZZY!i]ZdeZc^c\a^cZd[ i]ZedZb!¹HdbZi]^c\i]ZgZ^hi]ViYdZhc¼iadkZVlVaa!º^h`ZnidjcYZghiVcY^c\ ^ihÃcVae]gVhZ!fjdiZYVWdkZ# >i^h^bedgiVciidXdci^cjdjhanXVaa^cidfjZhi^dci]Zbdi^kVi^dchWZ]^cYi]Z e]nh^XVaXdchigjXi^dchi]VibV`Zjedjga^kZYZck^gdcbZcih#?jhiVh\ddY[ZcXZh bVncdibV`Z\ddYcZ^\]Wdgh!i]ZXjggZcih^ijVi^dc^c:Vhi?ZgjhVaZbh]dlhjhi]Vi Xdbbdc\gdjcYh!^ci]Z[dgbd[cVi^dcVaeVg`h!cdgbVaanZck^hV\ZYVhZcXdjgV\" ^c\^ciZgeZghdcVaVcY^ciZgXdbbjcVaXdccZXi^dch!XVcWZXnc^XVaanZmead^iZYVhV bZVchidY^hZc[gVcX]^hZXdbbjc^i^ZhVcYVYkVcXZheVi^VaYdb^cVi^dc# HjX]VcVhhZgi^dch]djaYWZbVYZl^i]XVji^dc!Vh^ibVneaVn^cidVXdchZgkV" i^kZldgaYk^Zll]^X]^YZVa^oZheg^kViZegdeZginVcYedh^ihi]ViegdeZginVhhjX] XVccdiWZXdbbdcan]ZaY#I]^hk^Zl]VhWZZcedejaVg^oZYVh¹i]ZigV\ZYnd[i]Z Xdbbdchº =VgY^c!&.+- #GZ[ji^c\hjX]XaV^bh^hVc^bedgiVci¹egd\gZhh^kZbdkZº LjVcYIjgcZg!'%%) WZXVjhZXdbbdcegdeZgin!ViaZVhi^YZVaan!XgZViZhVaZ\VaeaVi"
[dgb[dgVXXZhhidVaa^cY^k^YjVah!^ggZheZXi^kZd[gVXZ!X^i^oZch]^e!ÃcVcX^VaVW^a^in! VcYhd[dgi]#Eg^kViZegdeZging^\]ihgZ[ZgidV¹WjcYaZd[g^\]ihºi]Vi^cXajYZ!^ciZg Va^V!i]ZdlcZg¼hVW^a^inida^b^iVXXZhhid!VcYXdcigdai]ZjhZd[!i]Z^gegdeZgin WnbZVchd[egVXi^XZhl]^X]!lZgZVhiViZV\ZcXnidYdhd!^ildjaYWZVXXjhZYd[ WaViVciY^hXg^b^cVi^dcdci]ZV[dgZbZci^dcZY\gdjcYh#=ZcXZ![gdbdcZ¼heg^kViZ egdeZging^\]ih!^i^hedhh^WaZid^c[ZgVhigdc\edlZgidZmXajYZ#>cYZZY!^i]Vh WZZcVg\jZYi]Vi¹ZmXajYVW^a^in°^hVXdcXZeijVaancZXZhhVgn[ZVijgZd[Pi]ZRegdeZg" inXaV^bº hgVZa^eaVcc^c\^c:Vhi?ZgjhVaZb]VhX]dhZcidYZh^\cViZ a^b^iZYheVXZ[dgEVaZhi^c^Vc]djh^c\l]^ahiaZVk^c\Xdch^YZgVWaZheVXZ[dgXdbbdc \gdjcYhdgº\gZZcodcZh#ºI]^h]VhWZZcVXXdbea^h]ZY^cdcZd[ildlVnh#;^ghi! V[iZgZmegdeg^Vi^c\hdbZ'*d[i]ZaVcY^c:Vhi?ZgjhVaZb[dgi]ZXdchigjXi^dc d[?Zl^h]cZ^\]Wdg]ddYh!dcanVWdji*%d[i]ZgZbV^c^c\EVaZhi^c^VcaVcYhlZgZ eaVccZYViVaa!VcYi]ZgZbV^c^c\¹jceaVccZYºVgZVhYZ[VjaiZYidi]Z^g7g^i^h] BVcYViZZgVYZh^\cVi^dchVhdeZcgjhi^XdgV\g^XjaijgVaaVcYhXVeZh#HZXdcY!i]Z VgZVhi]VilZgZeaVccZYVahd^cXajYZYh^oVWaZ¹\gZZcVgZVhº¸lZaaWZndcYi]Z Xdbbjc^in¼hcZZYh#I]jh!^ci]ZXjggZcieaVch[dg:Vhi?ZgjhVaZb!VWdji(*d[ i]ZaVcY^hYZh^\cViZY[dgegZhZgkVi^dcVh¹deZcaVcYhXVeZºVcY^cdcZZmigZbZ XVhZ!i]ZcZ^\]Wdg]ddYd[?VWVaBj`VWZg!i]ZVgZVYZh^\cViZYVh¹\gZZcºgZVX]Zh Vabdhi,% 7^b`db!'%%* # 9jZidi]ZYZbd\gVe]^XV^bhi]ZnVgZbZVciidVYkVcXZ!^i^hcdihjgeg^h^c\ i]Vii]ZhZXdbbdc\gdjcYh]VkZgZbV^cZYjcYZkZadeZY!l^i]cdaVcYhXVe^c\ idheZV`d[#Cdg]VkZi]Zn[jaÃaaZYi]Z^gejgedhZd[egZkZci^c\i]ZZmeVch^dcd[ EVaZhi^c^Vc]djh^c\#9jZidWVh^X]djh^c\cZZYh!¹^aaZ\VaºXdchigjXi^dc^hgVb" eVci^c:Vhi?ZgjhVaZb/i]ZgZVgZVcZhi^bViZY&*!%%%]djh^c\jc^ihWj^ail^i]dji eZgb^hh^dc#EVgVYdm^XVaan!hlZZe^c\gZhig^Xi^dchdcgZh^YZci^VaYZkZadebZci ]VkZjcYZgb^cZYi]Zedhh^W^a^ind[egZhZgk^c\i]Z\gZZcVgZVhi]VilVggVci^i# I]ZiZcYZci^djhV\ZcYVh\j^Y^c\eaVccZgh]VkZaZYi]ZbidadhZh^\]id[i]ZcZZY idY^hi^c\j^h]WZilZZckVajVWaZXdbbdc\gdjcYhVcYVgZVhi]ViXdjaYWZYZh^\" cViZY[dggZh^YZci^VajhZ#>ca^\]id[i]Zbjc^X^eVa^in»h[V^ajgZidbZZi^ih[dgbVa dW_ZXi^kZd[egZhZgk^c\Xdbbdc\gdjcYh[dgi]ZWZcZÃid[i]Z\ZcZgVaejWa^X! VcY^ih[V^ajgZidgZVa^oZ^ih^c[dgbVadW_ZXi^kZd[gZYjX^c\i]ZEVaZhi^c^Vcedej" aVi^dcd[?ZgjhVaZb!^i]VhXdbZjel^i]VcZlbZX]Vc^hb[dghZXjg^c\?Zl^h] cVi^dcVa!Zi]c^X!VcYgZa^\^djh]daYdci]ZaVcY/i]ZCE6# I]ZCVi^dcVaEVg`h!CVijgZGZhZgkZh!VcYBZbdg^VaH^iZh6Xi &..- egdk^YZh i]VidcXZVeaVcYZh^\cVi^c\VcVgZVVhVcVi^dcVaeVg`]VhWZZcXZgi^ÃZY!cd XdchigjXi^dc^ci]ZVgZVl^aaWZeZgb^iiZYl^i]djii]ZVji]dg^oVi^dcd[i]ZCE6# DcXZi]ZhV^YVgZV]VhWZZcegdXaV^bZYVcVi^dcVaeVg` Wni]ZB^c^hiZgd[>ciZ" g^dg !Vaadi]ZgYZh^\cVi^dchdgjhZhd[i]ZVgZVVgZdkZgg^YYZc!i]dj\]egdeZgin g^\]ih]ZaYeg^dgidi]ZegdXaVbVi^dc!gZbV^c^ciVXi# I]ZCE6^hkZhiZYl^i]Xdch^YZgVWaZedlZgh#6hcdiZY!VcnXdchigjXi^dc^c i]ZYZh^\cViZYVgZVgZfj^gZheZgb^hh^dc[gdbi]ZCE6#BdgZdkZg!dcXZVegdX" aVbVi^dc^hbVYZWni]Zb^c^hiZgd[^ciZg^dg!i]ZCE6Zc_dnhVYY^i^dcVaedlZgh! ^cXajY^c\i]ZVW^a^inidgZbdkZ¹jcaVl[jaºgZh^YZcih l]dbVnWZegdeZgin dlcZgh [gdbi]ZVgZV#I]ZCE6bVnX]Vg\ZZcigVcXZ[ZZhi]Via^b^iVXXZhhid i]dhZ^cY^k^YjVahVcY[Vb^a^Zh ^cXajY^c\egdeZgindlcZgh l]dXVcV[[dgYidWjn
BdcjbZcih Cd"bVc¼h"aVcYh
i]ZZcigni^X`Zi#AVhian!i]ZVXi^k^i^Zhi]Vii]ZhZ^cY^k^YjVahVcY[Vb^a^ZhbVn jcYZgiV`ZVgZgZhig^XiZY#I]ZY^gZXidgd[i]ZCE6bVnVeed^cidkZghZZghl^i] eda^XZedlZgh!^cXajY^c\i]ZedlZgidYZiV^c!hZVgX]!hZ^oZ!YZhigdn!VcY^ciZg" gd\ViZ#I]ZhZ¹^cheZXidghºldjaYWZZcigjhiZYl^i]Zchjg^c\i]Vi¹^aaZ\VaºVXih! l]^X]b^\]i]Vgbi]ZcVi^dcVaeVg`!VgZcdiXdbb^iiZY#HjX]VXihgVc\Z[gdb YZhigjXi^dcd[eVg`egdeZginidedhi^c\Vh^\c![gdbe^X`^c\kZ\ZiVi^dcid\gVo" ^c\!VcYVgZejc^h]VWaZl^i]VhbjX]Vhi]gZZnZVgh^ceg^hdc#HjX]ZmigZbZ edlZghbVnWZYZZbZYcZXZhhVgnidegZhZgkZaVcYbVg`hd[jc^fjZ]^hidg^XVa! VgX]Zdad\^XVa!VgX]^iZXijgVa!dghXZc^XkVajZ¸l]^X]^hl]VicVi^dcVaeVg`hVgZ XViZ\dg^XVaanhjeedhZYidYd#>i^hfjZhi^dcVWaZ!]dlZkZg!^[i]ZnXVcWZ_jhi^" ÃZYVhVbZVchidegZhZgkZjgWVc\gZZcVgZVhl]dhZhdaZejgedhZ^hidegZkZci ]djh^c\XdchigjXi^dc# CZ^\]Wdg]ddYeVg`hVcYdeZcheVXZhVgZVc^bedgiVci[ZVijgZd[VcnX^in# I]ZnXdchi^ijiZi]Ze]nh^XVa\gdjcYh[dg^ciZgVXi^dcWZilZZcYd\dlcZgh!_d\\Zgh! hZc^dgX^i^oZch!X]^aYgZcVieaVn!idjg^hih!VcYhd[dgi]#I]ZYZX^h^dcidYZh^\cViZ VcVgZVVh\gZZc!cdil^i]hiVcY^c\i]Z[VXii]Vi^ibVnWZeg^kViZegdeZgin!^hcdi jcXdbbdc#>cYd^c\hd!i]ZegdeZgindlcZg¼hg^\]id[XdcigdaVcYjhZVgZ jhj" Vaan iV`Zc^cidVXXdjci#6ii^bZh!i]Zbjc^X^eVa^inbVnX]ddhZidjhZ^ihedlZg d[Zb^cZciYdbV^c#H^beaZeji!i]^h^h¹i]Z^c]ZgZciedlZgd[V\dkZgcbZciVa Vji]dg^inidiV`Zeg^kViZandlcZYegdeZgin!ZheZX^VaanaVcY!VcYXdckZgi^iid ejWa^XjhZ!hjW_ZXiidgZVhdcVWaZXdbeZchVi^dc[dgi]ZiV`^c\#º 7aVX`¼hAVl9^Xi^dc" Vgn!&.../*)& HjX]iV`^c\^hZmZgX^hZYl]Zc^i^ha^`ZanidWZeZgbVcZci!Z#\#[dg
i]ZeVk^c\d[gdVYhVcY!^ci]ZXVhZd[cVi^dcVaeVg`h!l]Zci]ZdlcZggZ[jhZhid YZkdiZi]Z\gdjcYidVXXZeiVWaZjhZh HVm!&.,,/')( #=dlZkZg!Zmegdeg^Vi^dcjhjVaan ZciV^ahXdbeZchVi^dc# I]ZYZX^h^dcidYZh^\cViZVcVgZVVhVeVg`bVnXdcÄ^Xil^i]VcdlcZg¼h egdeZging^\]ih#>[eg^kViZegdeZgin^hXdcXZeijVaana^c`ZYidZmXajh^dc!VcVji]dg" ^inbVnYZX^YZi]ViXZgiV^c\ddYhXVccdiWZ]ZaYVheg^kViZegdeZginWZXVjhZ i]ZhdX^VaXdhid[ZmXajh^dc^hidd]^\]/P8RaV^bhd[»egdeZgin¼bVnhdbZi^bZhWZ dkZgg^YYZcWni]ZcZZYidViiV^cdg[jgi]ZgbdgZ]^\]angViZYhdX^Va\dVah°i]Z aVld[]jbVcg^\]ih°i]Z[jgi]ZgVcXZd[XdchigjXi^kZ^ciZgVXi^dc!ejgedh^kZ Y^Vad\jZVcYYZXZci dg»bdgVa¼ XdbbjcVaa^k^c\º hgVZa#º6eeVgZcian!X]^aYgZcVgdjcYi]Z LZhiZgc ldgaYYdcVi" ZY[jcYh[dg^iheaVci^c\VcYXdchigjXi^dc!gZXZ^k^c\^cZmX]Vc\ZXZgi^ÃXViZhd[ bZg^i[dgeaVn^c\i]Z^geVgi^cbV`^c\i]ZYZhZgiWaddb# I]ZeVg`lVhYZh^\cZYl^i]Vc¹^ciZgcVi^dcVadg^ZciVi^dc!ºZmeaV^cZY^iheaVc" cZg!ºdci]ZZkZd[?ZgjhVaZb¼h(%%%nZVgVcc^kZghVgn#º>ilVhbZVciidhZgkZ idjg^hih[gdbVWgdVYVhlZaaVhi]ZgZh^YZcihd[i]ZX^in#6lVgZi]Vii]ZeVg`lVh eaVciZY^cVcVgZVWZilZZcV?dgYVc^VcWdjcYVgnVcYVc>hgVZa^WdjcYVgn!i]Z dW_ZXi^kZlVhidijgci]^hEVaZhi^c^Vc¹cd"bVc¼h"aVcYº^cid¹ZkZgn"WdYn¼h"aVcY#º
8dcXZeijVa^oZYVhVc^ciZgeaVnWZilZZceVhiVcY[jijgZ!ZVX]¹ViigVXi^dcº¸ VcYi]ZeVg`^h[jaad[i]ZhZ¸lVhYZh^\cZYVhVi^bZijccZal^i]Z^\]i¹\ViZhº i]Vi[jcXi^dcVhVadd`djied^cijcidVldgaYd[XdciZci#I]ZhZ^cXajYZ/¹;dgZ" [Vi]Zghº Z#\#Vk^Zld[BdjciBdg^V]l]ZgZ! heZV`^c\d[X]^aYgZc!^i^hhV^Y6WgV]Vb^ciZcYZY idhVXg^ÃXZ]^hhdc>hVVX !¹?jY\Zh!º¹Egde]ZXn!º ¹GZijgcidO^dc!º¹i]ZCVi^dcVa=dbZ!º¹>hgVZa^ HdkZgZ^\cin!º¹i]ZJc^ÃXVi^dcd[?ZgjhVaZbº Z#\# Vk^Zld[BdjciHXdejhl]ZgZi]Z=ZWgZlJc^" kZgh^ind[?ZgjhVaZbhiddYhZkZgZY[gdbLZhi ?ZgjhVaZbWZilZZc&.)-"&.+, VcY¹EZVXZ#ºJc^" kZghVai]ZbZh^cYZZY° 6ii]ZXZciZgd[i]^hi]ZbZeVg`V¹BjhZjb d[i]Z8]^aYºlVhidWZZgZXiZY!l]ZgZ¹i]Zhidgn d[i]ZAVcYd[>hgVZaºldjaYWZidaYi]gdj\]^ih X]^aYgZc/6WgV]Vbi]ZX]^aY!Bj]VbbVYi]Z X]^aY!ZiX#7jii]^h!eZg]Vehi]ZbdgZ^ciZgcVi^dcVa edgi^dcd[i]ZeVg`!lVhcZkZgXdbeaZiZY!Vhi]Z
;dgZhid[EZVXZ!?ZgjhVaZb e]didh/GVX]ZaAZV]?dcZh!'%%*
Zgjei^dcd[i]ZhZXdcY>ci^[VYVhideeZYi]ZÄdld[ idjg^hihid>hgVZaVcYi]ZÄdld[?Zlhid:Vhi?ZgjhVaZb¸l]ZgZi]Z[dgZhi^hadXViZY# 7jil]ViVWdjii]ZbVoZ4¹EZdeaZXdbZidVeVg`!ºXdci^cjZYi]ZeaVccZg! ¹[dgi]gZZgZVhdchº/id\ZiVlVnVcYX]Vc\ZZck^gdcbZci!idgZhiVcYgZXgZViZ!id Zc_dni]ZldcYZghd[i]ZeaVXZ#DcZhjX]ldcYZg^hVaVg\ZgZY_jc\aZ"\nbengV" b^Y#¹LZlVciZYidgZ[ZgZcXZldgaYl^YZ^bV\Zgn!a^`Zi]Vid[:\nei!ºZmeaV^cZY i]ZeaVccZg#I]Ze]^adhde]n\j^Y^c\eaVcc^c\[dgX]^aYgZc!]ZVYYZY!^hidegdk^YZ VbViZg^VaWVh^hi]Vil^aahi^bjaViZ`^YhidigVchXZcYi^bZVcYeaVXZ!dg^caVn iZgbh/bV`Z"WZa^ZkZ#Hdl]ViVWdjii]ZbVoZ4¹>]VYcdi]^c\idYdl^i]eaVc" c^c\i]ZbVoZ!ºi]ZeaVccZgÃcVaanVYb^iiZY!¹VY^[[ZgZciYZeVgibZciY^Y!VcY> ]VkZcd^YZVl]Vi^i¼h[dg#º I]Z¹;dgZhid[EZVXZº^h[gZfjZciZY!Vh[VgVh>XdjaYiZaa!dcanWnEVaZhi^c^Vc e^Xc^X`Zgh#L]ViY^Yi]ZbVoZgZb^cYi]Zbd[4Gj^ch#L]ViY^Yi]ZnjcYZghiVcY [gdb^i4I]Vi>hgVZa^ha^`Zgj^ch#CdbdgZ!cdaZhh#L]Vi`^cYd[gj^chY^Yi]Zn gZb^cYi]Zbd[4?jhigj^ch!VcndaYgj^ch#L]ViY^Yi]ZngZb^cYbZd[49ZhigdnZY EVaZhi^c^Vck^aaV\Zh¸i]Z`^cY>hgVZa^eaVccZghd[cVi^dcVaeVg`hVcY[dgZhih\gZl jee^Xc^X`^c\dci]gdj\]djii]ZXdjcign!VcYcdidcandci]ZgjWWaZd[i]Zk^aaV\Zd[ 9Z^gNVhh^cVXgdhhidlc#I]Z`^cYi]ZVcdcnbdjheaVccZgd[i]^hbVoZbjhi]VkZ i]dj\]i]^hdg]ZgX]^aYgZccZZYZY^cdgYZgid]VkZi]Zjai^bViZe^Xc^XZmeZg^ZcXZ# 6[iZgVaa!]dlXdjaYlZ]VkZVe^Xc^Xl^i]djiZc_dn^c\^ih\gdjcYh¹djih^YZº]^hidgn4 6cYl]ViY^Y>ÃcYVii]ZZcYd[i]ZbVoZ!Vii]Z]ZVgid[i]ZbViiZg46XVg" djhZa#L]ViXVcndjhZZ[gdbi]ZXVgdjhZa4He^cc^c\[gV\bZcihd[bV`Z"WZa^ZkZ EVaZhi^c^VckZgcVXjaVgVgX]^iZXijgZ0hidcZlVaah!VYdgcZYl^i]igVY^i^dcVakZci^" aVi^dc]daZhi]Vil]^gai]ZeVhi^cidVXdci^cjdjhegZhZci!VcYgdjcYV\V^c#
& HVc;gVcX^hXd/8^inA^\]ih7dd`h!'%%(#GZeg^ciZYl^i]eZgb^hh^dcd[Vji]dgVcYejWa^h]Zg#
^beg^hdcZYWnYgZVbh HJG76=>G6C9=6G=DB66H>B6C:9 6C968IJ6AA6C9H86E:H
CVVbVBZ^h]VgVcYNZ]diVaH]Ve^gV
6cY^cVhajbWZgd[igZZhVcYhidcZ >beg^hdcZY^c]ZgYgZVb >hi]ZX^inl]^X]YlZaahVadcZ 6cYVlVaa^h^c]Zg]ZVgi# H]ZbZg!&.,)
I]ZhZa^cZhd[¹?ZgjhVaZbd[hgVZa^dXXjeVi^dcd[i]ZZVhiZgceVgid[i]Z X^in#>ci]^hZhhVn!lZl^aaVg\jZi]Vi>hgVZa»hhZiiaZbZcieda^Xn^c:Vhi?ZgjhVaZb XVccdiWZZmeaV^cZYejgZanWnZmedh^c\i]ZjcYZgan^c\\Zdeda^i^XVaV\ZcYVd[ XdcigdadkZgi]ZX^in¼hiZgg^idgnVcYYZbd\gVe]n#DkZgVcYVWdkZhigViZ\^XVcY b^a^iVgnXdch^YZgVi^dch!lZlVciidWg^c\ida^\]ii]ZYZVe"hZViZYYgZVbl]^X] ^beg^hdchi]ZX^in#I]^hYgZVb¸Vh^cH]ZbZg»hkZghZ¸ZfjVaanXdbZhida^[Z i]gdj\]i]Z^beaZbZciVi^dcd[eaVcc^c\eda^X^Zh# A^`Zl^hZ!l]ZcYgZVbhbdkZ^cidi]^hgZVabd[igji]!i]ZnWZXdbZV`^cYd[ ¹e]VciVhb#ºEaVid¼hjhZd[i]Zci]ZVaaZ\dgnd[i]ZXVkZ!EaVidYZhXg^WZh V\gdjed[eZdeaZ^beg^hdcZY^cVXVkZ[gdbX]^aY]ddY#7Z]^cYi]ZbVÃgZ\adlh! VcYh^cXZi]ZnXVccdiijgci]Z^g]ZVYhidhZZ^i!i]ZneZgXZ^kZi]Zh]VYdlhdci]Z lVaa^c[gdcid[i]ZbVhgZVa^in#I]ZhZ\aVcX^c\h]VYdlhVgZcVbZY¹e]VciVhbVhº WnEaVid#I]Z[ZiiZghi]Vii^Z]^heg^hdcZghVgZegZ_jY^XZh![ZVgh!VcY^YZdad\^Zh! l]^X]egZkZcii]Zb[gdbhZZ^c\gZVa^in# I]^hZhhVnl^aaZmeadgZ]dl>hgVZa^e]VciVhbhh]VeZaVcYhXVeZh^ci]Z ^beaZbZciVi^dcd[eaVcc^c\eda^XnVcYi]gdj\]YV^ana^[Z!i]jhegZkZci^c\Vcn edhh^W^a^ind[hjhiV^cVWaZZm^hiZcXZ#>ce]VciVhb"Yg^kZceaVcc^c\!aVcYhXVeZh eaVnVgdaZ^ci]ZheVi^VaXdaa^h^dcd[ZVhiVcYlZhi?ZgjhVaZb!ZcÄVb^c\i]Z cVi^dcVaXdcÄ^Xil]^aZZXdcdb^XVaanVcYXjaijgVaanlZV`Zc^c\Wdi]>hgVZa^hVcY EVaZhi^c^Vch#;Vb^a^Vg^inl^i]i]ZhZe]VciVhbhVcYi]ZbVccZg^cl]^X]i]Zn VgZZbWdY^ZYbVnZcVWaZgZVaXdciVXiVcYgZX^egdXVa!jcbZY^ViZYeZgXZei^dch d[gZVa^in#6hhjX]!lZl^aa[dXjhdc>hgVZa^e]VciVhbhVcY]dli]Zn^beVXi >hgVZa^eaVcc^c\VcYZkZgnYVna^[Z# IdWZ\^c!i]ZaVcYhXVeZ^hbdgZi]VcheVi^VahnciVm^cXdgedgVi^c\VhZi d[hnbWdah!dgVgZegZhZciVi^dcd[]^ZgVgX]^XVahdX^VagZaVi^dch!WjiVcVXijVa XjaijgVaegdXZhh B^iX]Zaa!&..)/& #¹AVcYhXVeZYdZhcdih^beanb^ggdgdgY^hidgi
'(+q'(, BdcjbZcih Cd"bVc¼h"aVcYh
»jcYZgan^c\¼hdX^VagZaVi^dch!ºlg^iZhHZnbdjgZ!¹WjicZZYhidWZjcYZghiddYVh ZcbZh]ZYl^i]^ci]ZegdXZhhZhl]^X]h]VeZ]dli]ZldgaY^hdg\Vc^oZY!ZmeZ" g^ZcXZYVcYjcYZghiddY!gVi]Zgi]VcgZVYVh^ihZcYegdYjXiº HZnbdjgZ!'%%%/'&) # I]ZhZaVcYhXVeZh"^c"[dgbVi^dceVgi^X^eViZ^cVild"lVnegdXZhh/i]ZnXdchigjXi hjW_ZXih!l]di]Zc\ddcidgZh]VeZi]ZaVcYhXVeZh!i]ZgZWngZ^c[dgX^c\i]Z^g bZVchd[^YZci^inkVa^YVi^dc# I]^hZhhVnVYYgZhhZhi]ZaVcYhXVeZhd[ildcZ^\]Wdg]ddYh¸=Vg=dbV!ijgcZY VabdhidkZgc^\]i[gdbVlddYZY]^aa ?VWVa6WjhgVZa^Wj^aY^c\[VWg^Xl^aaVeeanidi]Z[VWg^XVcYXjaijgZ d[i]ZEVaZhi^c^VccZ^\]Wdg]ddY!ºi]ZDjia^cZEaVc¼haVcYhXVeZVgX]^iZXiiZaahjh @gj\a^VX!HZeiZbWZg,!'%%* #H]ZVg\jZhi]Vii]ZEVaZhi^c^VcgZh^YZcih]VkZVcZZYid
\Zidji^ci]ZdeZcl^i]i]Zl]daZZmiZcYZY[Vb^an!VYkdXVi^c\hZkZgVaaVg\Z h^m YjcVbP&Yjcjb2&%%%hfjVgZbZiZghR eVg`h^cXdgedgVi^c\VkVg^Zind[VXi^k^i^Zh [dgY^[[ZgZciV\Z\gdjeh#H]Z\dZhdcidcdiZ!¹LZ]VkZadXViZYVgZVhd[i]^hh^oZ ^ci]ZcZ^\]Wdg]ddYi]ViVgZ^ciZgZhi^c\VhdWhZgkVi^dced^cihdkZgadd`^c\lVY^h PZbe]Vh^hdjghR#I]ZhZVgZVhVgZcdi[gZZd[dlcZgh]^eWjii]ZnVgZ[gZZd[jhZ#º ;jgi]Zg!@gj\a^VX^hjcYZgi]Z^begZhh^dci]ViHjg7V]^ggZegZhZciVi^kZhi]dj\]i XdbeZchVi^dcXdjaYWZcZ\di^ViZY^[i]ZhZVgZVhlZgZVeegdeg^ViZY[dgejWa^XjhZ EVaZhi^c^VchjhjVaanYdcdiVXXZeiXdbeZchVi^dchX]ZbZhVheVgid[i]Z^ggZ_ZX" i^dcd[>hgVZa¼hdXXjeVi^dcd[i]ZhZVgZVh #6XXdgY^c\idi]ZDjia^cZEaVc!i]ZhZ eVg`hdkZgadd`^c\lVY^hl^aaWZXdccZXiZYidVgZ\^dcVaeZYZhig^VceVi]hnhiZb! l]^X]l^aaegZhZgkZigVY^i^dcValVY^V\g^XjaijgZVcYXdccZXiHjg7V]^gVcY=Vg =dbV#I]ZeaVcc^c\[dgi]^hlVY^eVi]hnhiZb^ciZ\gViZhadXVaV\g^XjaijgVaXdb" bZgXZ!VhVbZVchd[higZc\i]Zc^c\i]ZXdbbjc^inVcYZcXdjgV\^c\ldbZcid Zc\V\Z^c]dbZ"WVhZYZXdcdb^XVXi^k^in# I]ZhZeaVccZghigjan[ZZai]Vii]Zn]VkZVXiZYegd[Zhh^dcVaanVcY[dgi]ZWZcZÃi d[i]ZgZh^YZcih#;jgi]Zgegdd[d[i]^hlVhk^h^WaZViVbZZi^c\d[i]ZeaVcc^c\ iZVb[dgi]ZDjia^cZEaVc[dgHdji]ZVhi?ZgjhVaZbl]^X]idd`eaVXZdci]Z?jcZ +!'%%*#=ZgZi]ZXgZVidghd[i]ZDjia^cZEaVcXdckZnZYi]Z^gegd[Zhh^dcVade^c^dc i]Vi^ih]djaYWZedhh^WaZ[dgHjg7V]^ggZh^YZcihidWj^aYWZndcYi]Z?ZgjhVaZb G^c\GdVY l]ZgZadXVaaVcYdlcZgh]VY^c^i^ViZYi]Z^cYZeZcYZcieaVcc^c\ hX]ZbZCd#.-(-Wn6nVaVGdcZa[dgZm^hi^c\Wj^aY^c\h!VcYCd#--,+WnBZigdeda^h eaVccZgh[dgYZchZcZlWj^aY^c\h !l]^X]^hl^YZaneZgXZ^kZYVhVbZVchd[a^b"
^i^c\XdchigjXi^dc^ci]^hVgZV#I]ZZmeVch^dcWZndcYi]ZgdVYldjaYWZXgjX^Va!
'(-q'(.
h^cXZ]djh^c\^cHjg7V]^g^hY^k^YZYVbdc\[Vb^a^Zhl]dYdcdiigVYZ^caVcY! hjWhZfjZcianejii^c\ViVY^hVYkVciV\Z[Vb^a^ZhhijX`l^i]aVcY[Vaa^c\djih^YZ ZVhi d[i]ZG^c\GdVY#CZkZgi]ZaZhh!i]ZhZde^c^dchlZgZgZ_ZXiZYWnVgX]^iZXi VcYX^inZc\^cZZgJg^H]^igZZi#=ZVXXZeiZYVcYVeegdkZYdcanZm^hi^c\Wj^aY^c\h i]Vi]VYWZZcgZ_ZXiZYWni]ZGZ\^dcVa8dbb^iiZZ# I]Ze]gVhZ¹VX^inYlZaahVadcZ!ºXd^cZYWnH]^igZZi!^hi]Ze]VciVhbdc l]^X]]ZWVhZheaVchidYZÃcZi]ZZVhiZgcWdjcYVgnd[i]ZWj^ai"jeiZgg^idgn d[Hjg7V]^gVhh^ii^c\hbVX`V\V^chii]ZZVhiZgcG^c\GdVY#7ZndcYi]VigdVY! VXXdgY^c\id]^hk^h^dc!i]ZgZl^aaWZdcandeZcaVcYhXVeZVgZVh#I]Z7^Wa^XVa kZghZ[gdbl]^X]i]^he]gVhZ^hWdggdlZYhVnh!¹i]ZP?Zl^h]ReZdeaZh]VaaYlZaa VadcZ°VcYh]VaacdiWZgZX`dcZYVbdc\i]ZcVi^dchº CjbWZgh!'(/. #BVcn ]djhZhZVhid[i]ZYZh^\cViZYeaVcc^c\a^cZ]VkZWZZc^hhjZYl^i]YZbda^i^dc dgYZgh#=ZVehd[YZWg^hhiV\cViZi]gdj\]djii]ZcZ^\]Wdg]ddY!g^h^c\VheV^c[ja aVcYbVg`hd[i]ZdcZ"h^YZYcVijgZd[\dkZgcbZciVaVcYeaVcc^c\^ckdakZbZci# HdbZd[ÃX^VahXdciZcYi]Vi^il^aaWZedhh^WaZ^ci]Z[jijgZidVaadlWj^aY^c\id i]ZZVhid[i]ZG^c\GdVY!Wjii]^hZkZcijVa^inh]djaYWZedhiedcZYjci^ai]Z iZgg^idgnYZa^b^iZYWni]^hgdVY^hbdgZYZchZanedejaViZY#I]^h^hegdedhZYVhV bZVchd[¹ZYjXVi^c\ºgZh^YZcih^cidi]Z]djh^c\YZch^in!X]VgVXiZg^o^c\VcjgWVc egdÃaZ#I]jheaVcc^c\eda^Xn^hVeea^ZYidHjg7V]^g!^chiZVYd[g^h^c\djid[i]Vi Xdbbjc^in¼hcZZYhVcYVhe^gVi^dch# Dci]^haVcYhXVeZ!i]ZW^XnXaZgdjiZhVcYWZYVcYWgZV`[Vhijc^ihhiVcYdji ^ci]Z^g^ggZaZkVcXZ#I]ZnVgZYZg^kZY[gdbi]Ze]VciVhbhd[¹eZVXZºVcYV ¹jc^ÃZYX^in#º=VhhVc6Wj6haV]!]ZVYd[i]ZK^aaV\Z9ZkZadebZci8dbb^iiZZ! XdbeVgZhi]ZhZZciZgeg^hZh¸^ca^\]id[i]ZZm^hiZci^Va]djh^c\h]dgiV\Z^c:Vhi ?ZgjhVaZbcZ^\]Wdg]ddYh¸idi]ZVXid[hZaZXi^c\ViigVXi^kZeV^ci[dgi]ZWVc^hiZg d[VWj^aY^c\l]dhZ[djcYVi^dch]VkZnZiidWZaV^Y#Hjg7V]^ggZh^YZcihaVWZai]Z eaVcY^hXg^b^cVidgn^ci]Vi^iYdZhcdigZhdakZi]Z^gYZheZgViZcZZY[dg]djh^c\# 8jggZcianVabdhicdidjg^hihXdbZidi]^hcZ^\]Wdg]ddY!eVgi^XjaVgan?Zl^h] k^h^idgh#:kZchd!Vcdi]ZgeaVccZgdci]Zbjc^X^eVaiZVbYZhXg^WZYi]Zk^aaV\Z gZegZhZciVi^kZhVh¹hb^a^c\ºl]Zci]Zidjg^hiZciZgeg^hZlVhegZhZciZY#I]Z k^aaV\Zgh¼eda^iZcZhhVcYi]ZeaVccZgh¼b^hgZVY^c\d[i]^hgZVXi^dc^h^cY^XVi^kZ! dcXZV\V^c!d[i]ZeaVccZgh¼a^b^iZYjcYZghiVcY^c\d[i]ZgZh^YZcih¼gZVacZZYh# I]ZDjia^cZEaVcdcan^cXgZVhZhi]ZcZ^\]Wdg]ddY¼hWj^aY^c\XVeVX^inWn&&VcY YdZhcdigZa^ZkZi]Z^bbZY^ViZY^higZhhXVjhZYWnVaVX`d[Wj^aY^c\eZgb^ih# I]Ze]VciVhbd[¹eZVXZº^bea^X^i^ci]ZDjia^cZEaVcWajghi]Z[VXii]Vi]^`" ^c\ ^ihZa[V`^cYd[X^k^a^VchjgkZn^c\ ^hbV^canVYZZean^YZdad\^oZY>hgVZa^ ?Zl^h]eVhi^bZ HZalnc!&..-/&' #I]ZheZXiZgd[?Zl^h]]^`ZghXa^bW^c\i]ZlVY^h ^cidHjg7V]^g!Wjn^c\EVaZhi^c^VcV\g^XjaijgVaegdYjXihVadc\i]ZlVn!^hjcgZ" Va^hi^X^ci]ZXjggZcieda^i^XVah^ijVi^dc#6gZi]Zk^aaV\ZgZh^YZcih^ciZgZhiZY ^ci]^hegdheZXi4HjX]VeaVcc^c\k^h^dc[jgi]Zg[dgi^ÃZh>hgVZa^iZcYZcX^Zhd[ WZXdb^c\¹VXfjV^ciZYºl^i]EVaZhi^c^VcXjaijgZhdaZandci]ZXja^cVgnaZkZa! VcYgZ^c[dgXZhi]ZZmdi^X^oVi^dcd[EVaZhi^c^VchVcYEVaZhi^c^VchdX^Zin# >gdc^XVaan!¹>ildjaY]VkZWZZcedhh^WaZidXVggndjiVaZ[i"l^c\»EZVXZCdl¼ YZbdchigVi^dcViVXdckZci^dcd[B^c^hignd[=djh^c\eaVccZgh!ºVgX]^iZXiVcY aVcYhXVeZeaVccZg[dg=Vg=dbV!:a^h]=VjhbVc!dWhZgkZYdc?jan&(!'%%*#
BdcjbZcih Cd"bVc¼h"aVcYh
=VjhbVcYZhXg^WZYi]ZeaVccZgh¼h^\]hd[gZa^Z[l]Zci]ZVji]dg^i^Zh^chigjXiZY i]Zbid[gZZoZi]Z^geaVcc^c\Xdbb^hh^dch[dgi]Z?Zl^h]hZiiaZbZcih^ci]Z DXXje^ZYIZgg^idg^Zh#I]ZgZVhdc\^kZc[dgi]Z^geVgi^X^eVi^dclVhegdhV^X/¹I]ZgZ lVhcdVaiZgcVi^kZ0lZ]VYidZmXZeii]ZhZ_dWh^cdgYZgid`ZZedjgÃgbh#ºI]jh i]ZYZh^gZidbV^ciV^chdX^VaVcYZXdcdb^X]Z\ZbdcnYg^kZhi]ZhZeaVccZghid XddeZgViZl^i]Y^hXg^b^cVi^kZXdadc^VaeaVcc^c\i]ViXdcigVY^Xihi]Z^ghjeedhZY bdgVakVajZh# 6h?Zl^h]6h]`ZcVo^>hgVZa^hl]dYdcdia^kZ^ci]ZVgZVjcYZg Y^hXjhh^dc!lZiddVgZVlVgZd[djgXdciZhiZYedh^i^dc# >c[VXi!aVcYhXVeZVgX]^iZXi@gj\a^VX]VYcdiVXijVaanY^hXjhhZYi]Zedhh^W^a^in d[Zmegdeg^Vi^c\i]ZaVcYhl^i]i]ZaVcYdlcZghi]ZbhZakZh#Jc[dgijcViZan[dg aVcYdlcZgh!hdbZd[i]Zb]VY^c^i^ViZYVcYeV^Y[dgVc^cYZeZcYZcieaVcc^c\ hX]ZbZd[i]Z^gdlc EaVcCd#&%&((Wn6nVaVGdcZa #¹I]^h^c^i^Vi^kZVaadXViZYeg^kViZ aVcY[dgejWa^XcZZYhVXXdgY^c\idi]ZfjVci^iVi^kZhiVcYVgYhY^XiViZYWni]Z >hgVZa^Vji]dg^i^Zh!ºhVnhVgX]^iZXiGdcZa#¹7jidcXZi]Zn]VYhZZci]^heaVc!i]Z Djia^cZEaVcXgZVidghbVYZhjgZi]Vii]Z^gaVcYjhZVaadXVi^dchPhjX]Vhi]Z]^aaide eVg`hRlZgZ^chZgiZY^cidi]Zeg^kViZeaVcº GdcZa!'%%* #>ci]ZÃcVaVcVanh^h!i]Z eVcdgVbVdWhZgkVi^dced^cihXdchi^iji^c\i]ZWVh^hd[i]^heVg`hnhiZblZgZVc ^chjgbdjciVWaZdWhiVXaZidi]Z^beaZbZciVi^dcd[VcV\gZZY"jedcVcYhjhiV^cVWaZ eaVc^c^i^ViZYWni]ZX^i^oZchi]ZbhZakZh# ;jgi]ZgbdgZ!i]ZXdchi^iji^kZeVcdgVbVeZgheZXi^kZ ¹add`^c\djiºdkZgi]Z lVY^h YdZhcdiWZVg^cb^cYi]ZhZaVcYhXVeZh¼hnbWda^XbZVc^c\h[dgi]ZgZh^" YZcihd[Hjg7V]^g#I]ZaVcYhXVeZVhhZZc[gdbHjg7V]^g^h^cXZhhVcianX]Vc\^c\# =ZVknbVX]^cZgn^hWjh^anZgZXi^c\Vcdi]ZghZXi^dcd[>hgVZa¼hHZeVgVi^dcLVaa! i]ZgZWnY^hXdccZXi^c\Hjg7V]^g[gdbcZ^\]Wdg^c\EVaZhi^c^VcXdbbjc^i^ZhVcY [gdbaVcYhdlcZYWn^ihgZh^YZcih!VhlZaaVhVYY^c\VcVgW^igVgn]ja`^c\>hgVZa^ egZhZcXZidi]ZaVcYhXVeZ#;jgi]ZgbdgZ!VhhZZc[gdbHjg7V]^g!=Vg=dbV XdchigjXi^dcVXijVaanVeeZVghVhVcdi]ZglVaa#I]Z[VXVYZhd[i]ZhigjXijgZhVgZ jc^[dgbVcYhjXXZhh^kZ!l^i]deZc^c\hgZhZbWa^c\cVggdlha^ihWZadl[djgiZZc" hidgn"]^\]Wj^aY^c\hegdigjY^c\a^`ZhZci^cZah#I]ZZci^gZ=Vg=dbVhnhiZbg^hZh VhdcZ[gdbi]Zided\gVe]n![djcYZYdcVcjcWgd`Zchig^ed[h^m"bZiZg"]^\] hjeedgi^c\lVaahi]VihZkZgi]ZcZ^\]Wdg]ddY[gdbi]ZhjggdjcY^c\Zck^gdc" bZci#L^i]i]ZcZmihiV\Zhd[=Vg=dbVXdchigjXi^dcidi]ZZVhi!i]ZcZ^\]" Wdg]ddY¼hh^oZl^aaWZfjVYgjeaZY#I]Z\VoZd[i]ZZaZkViZY]dbZhd[egZhZci VcY[jijgZ=Vg=dbVl^aaXVeijgZi]Z[VX^c\hdji]Zgck^Zl[gdbHjg7V]^g#=Vg =dbVaVcYhXVeZX]VgVXiZg^hi^Xhk^h^WaZ[gdbHjg7V]^g^cXajYZeVkZbZcihh]VYZY WneaVcih!lZaa"bV^ciV^cZYgdVYh!VcYdgYZganeVg`^c\heVXZh#7jii]ZdWhZgkZg `cdlhi]VicdcZd[i]ZhZZm^hi^c]^hcZ^\]Wdg]ddY#I]jh!i]ZDjia^cZEaVcY^X" iViZhi]Vii]ZgZh^YZcihd[Hjg7V]^gl^aaheZcYi]Z^gaZ^hjgZi^bZZcXdjciZg^c\i]Z V\\gZhh^kZ?Zl^h]lZY\Z!l]^X][dgi]Zb^hVaVcYhXVeZd[dc\d^c\Ydb^cVi^dc! Zmegdeg^Vi^dc!VcYY^hXg^b^cVi^dc# A6C9H86E:H6C9>HG6:A>EA6CC>CC=6G=DB6 =Vg=dbV¼hVgX]^iZXijgZVcYdeZcheVXZhnhiZb^hheVi^Vaandg^ZciZYdjilVgYh! idlVgYhY^hiVciaVcYhXVeZh#;gdbi]ZcZ^\]Wdg]ddY\VgYZceadih!^i^hedhh^WaZid k^Zl7Z^i?VaV!Hjg7V]^g!7Z^iHV]jg!VcYi]ZZmeVchZd[i]ZYZhZgi#I]ZcZ^\]" Wdg]ddY¼hXZcigVaejWa^XheVXZ^hV\gVcY^dhZ\ZhijgZidlVgYhi]Zk^Zl#>i^hV
RT!7HYRVM6SP]LZ
RT!:\Y)HOPY
hig^egjcc^c\kZgi^XVaan!Y^hhZXi^c\=Vg=dbV¼hgVY^VaXdchigjXi^dcVgdjcYi]Z
')'q')(
bdjciV^c#6YdjWaZhnbbZig^XVahiV^ghnhiZb!gZb^c^hXZcid[i]ZÄ^\]ihd[ hiV^gh[djcY^c>iVa^VcGZcV^hhVcXZ\VgYZch![dgbhVkZgi^XVaVm^hXdccZXi^c\i]Z
BdcjbZcih
Wdiidbd[i]ZcZ^\]Wdg]ddY!Vii]Z[ddid[i]ZbdjciV^c!l^i]VegZ"=Vg=dbV!
Cd"bVc¼h"aVcYh
hidcZEVaZhi^c^Vc]djhZWj^aicZmiidVXVkZdci]ZbdjciV^cide# I]ZgZh^YZcih!a^`Zi]ZXdcigVXidgh!l^h]idbV^ciV^ci]^h\VoZid[VgVlVn aVcYhXVeZhVcYVgZVeegZ]Zch^kZi]Vii]Zk^Zll^aaWZWadX`ZY[daadl^c\i]Z cZ^\]Wdg]ddY¼hZmeZXiZYZVhiZgcZmeVch^dc#GZh^YZciDhcVih]VgZY]Zg[ZZa^c\h l^i]jh!¹P7RZ[dgZXdb^c\]ZgZ>a^kZY^cVk^aaV\Z0^i^h^bedgiVci[dgbZid]VkZ Vk^Zl#LZXVchZZdjiidi]ZhZXi^dcWZilZZcHjg7V]^gVcY7Z^iHV]jg!VcYid =ZgdY^Vc#DcZeVnh[dgi]Vik^Zl![dgi]ZYZhZgiaVcYhXVeZ#º >i^hdjgVg\jbZcii]Vii]ZXZcigVa^ind[i]ZaVcYhXVeZk^ZlXdbZhVii]Z ZmeZchZd[ZkZgnYVnlZaa"WZ^c\#=Vg=dbV¼hhdji]lZhi\VgYZceadi^hWj^ai l^i]Vhigdc\,!*^cXa^cVi^dc^cbdhiVgZVhidZcVWaZi]ZdeZck^Zl#I]Z^cXa^" cVi^dcb^c^b^oZhi]Z\VgYZc¼hgZXgZVi^dcVaedhh^W^a^i^Zh!VcYX]^aYgZcXVccdi eaVnWVaa]ZgZh^cXZi]ZWVaaValVnhgdaahYdlci]Zhade^c\\gVhhidlVgYhi]ZgdVY# ¹I]ZhZ\VgYZceadihVgZVccdn^c\!i]ZnVgZXgdlYZYVcYi]ZgZ^hcdi Zcdj\]gddbidbdkZVgdjcY]ZgZ!ºDhcViidaYjhVhh]ZgVcVgdjcYi]ZeaVn" \gdjcYV[iZg]Zg^c[VciYVj\]iZg#¹I]ZeaVn\gdjcY^hjchj^iVWaZ[dgi]Za^iiaZ dcZhVcYi]ZgZVgZcdiZcdj\]\gVhhnVgZVh!WVh`ZiWVaaXdjgih!dgW^XnXaZeVi]h# I]ZX]^aYgZceaVn[ddiWVaa^ci]ZaVg\ZVeVgibZciWVaXdc^Zhdg^ci]Zeg^kViZ XdjginVgYhd[i]Z\gdjcYÄddgh#º I]ZYdb^cVcXZd[i]^h¹\VoZºVii]ZZmeZchZd[i]ZdeZcZck^gdcbZci ^hVahdk^h^WaZ^ci]Zdg\Vc^oVi^dcd[i]ZXZcigVadeZcheVXZ#I]Z]Z^\]iY^[" [ZgZcXZWZilZZc^ih[ddiVcY]ZVY^hh^min"[djgbZiZgh!XgZVi^c\V\gdhh ^cXa^cVi^dcd[(,!l]^X]XgZViZh]dhi^aZXdcY^i^dch[dgi]ZeaVcc^c\d[V XZcigVa\VgYZc GVo!'%%%/'' #;jgi]ZgbdgZ!i]Z\gVcYdeZcVgZV^hY^hhZXiZY ]dg^odciVaanWn[djgcZ^\]Wdg]ddYgdVYhVcYkZgi^XVaanWnZ^\]i]^\]hjeedgi" ^c\lVaah!gZhjai^c\^cVcjbWZgd[ÄVicVggdlaZkZah#I]ZYdjWa^c\d[i]Z Ä^\]id[hiV^gh]VhXVjhZYVcVYY^i^dcVa!^ciZgcVa]dg^odciVaY^hhZXi^dcd[ZVX] iZggVXZ#Hedgih[VX^a^i^ZhVcYl^YZ\gVhheadih]VkZcdeaVXZ^ci]^hiZggVXZY! deZcheVXZ#I]ZYgVbVi^XVcYZmeZch^kZYZh^\c\ZhijgZ^hjai^bViZancdbdgZ i]VcVXdaaZXi^dcd[hbVaa\VgYZceadih!aZVk^c\i]ZcZ^\]Wdg]ddY¸XdcigVgn idi]ZB^c^hignd[=djh^c\¼h^chigjXi^dch¸l^i]djiVcnh^\c^ÃXVcideZcVgZVh AZgbVc!'%%%/&%%0GVo!'%%%/.- #DhcVi!a^`ZbVcnd[]ZgcZ^\]Wdgh!aZVkZh=Vg
=dbVidjhZeVg`h^ci]ZX^in!VX]d^XZl]^X]!^cZ[[ZXi!Va^ZcViZh]ZgcZ^\]" Wdg]ddY#=ZgVXiZmegZhhZhVegdiZhiVii]Z^cZ[[ZXijVaeaVcc^c\!WjiVahd igVch[dgbh]Zg]dbZ^cidVhjWjgW# I]ZXdchiVciVcYZkZg"egZhZcidjilVgY\VoZY^hiVcXZh=Vg=dbVgZh^YZcih [gdba^kZhiV`^c\eaVXZdjih^YZi]Z^gXdbedjcY"a^`ZcZ^\]Wdg]ddY!ijgc^c\i]Z cZ^\]Wdgh^cidVaVcYhXVeZYgVl^c\k^h^WaZdcani]gdj\]dWhZgkVi^dcXdgg^Ydgh# DhcVi¼hde^c^dcVWdjii]^hYZiVX]bZciZmea^XViZhi]ZZkZg"egZhZcie]VciVhb d[¹lVaahº¸i]Z^gdg^\^chVcY]dli]ZnVgZeZgeZijViZY#¹LZXVc¼i\dgZVaan[Vg Ydlc]^aa!ºh]ZhVnh#¹L]ZclZXVbZ]ZgZi]ZgZlVhVcVgbnigddeWZadljh# I]ZgZVgZcdlVa`h^ci]ZlVY^!ZkZci]dj\]lZVgZi]ZineZd[eZdeaZl]d]^`Z Vadi#Hjg7V]^gYdZhcdi^ciZgZhijhVhVeaVXZidk^h^i#º
I]Ze]VciVhbd[?Zl^h]¹VcXZhigVag^\]ihºidi]ZaVcY^hXdchigjXiZYWn YZh^\c^c\jchj^iVWaZdeZcheVXZh[VX^c\¸VcYYdb^cVi^c\dkZg¸l]Vi^heZg" XZ^kZYVhVcVcX^ZciaVcYhXVeZgZegZhZci^c\i]Zhidg^Zhd[i]Z7^WaZ#I]^h\VoZ [jgi]ZgZcÄVbZhi]ZcVi^dcVaXdcÄ^XidkZgg^\]id[edhhZhh^dcVcYcVi^kZdlcZg" h]^e B^iX]Zaa!&..)/'-"'. #NdZa7Zg`dl^io!=Vg=dbVgZh^YZciVcYZY^idgd[i]ZadXVa eVeZg!YZXaVgZY^cVcZlheVeZg^ciZgk^Zl!¹PLRZVgZ?ZgjhVaZb¼hhV[ZinWZai#>i^h VineZd[b^hh^dc0lZVgZ]ZgZl^i]^ciZci^dcVcYejgedhZº L^cZg!BVn&*!'%%) # K^hjVajc^ÃXVi^dc^c=Vg=dbV^hWVhZYdci]Ze]VciVhbd[i]Z¹>hgVZa^ bZai^c\ediº i]Z¹\Vi]Zg^c\d[i]ZY^VhedgVhºdg¹@^WWjioihXdchigjXi^dc!lVhi]Z hjW_ZXid[Vc^ciZchZEVaZhi^c^VcVcY^ciZgcVi^dcVaXVbeV^\c#
(
D[ÃX^VaeaVcc^c\^cHjg7V]^g]VhXgZViZYVhZkZgZ]djh^c\h]dgiV\Z[dg^ih&'!%%%gZh^YZcih!a^`Z i]Vi^cdi]ZgEVaZhi^c^VccZ^\]Wdg]ddYh#
) 6gVWVh"Hj»V]gV9ZiV^aZYHiVijidgn8^inEaVcCd#'+-(VZcVWaZh(,#*XdchigjXi^dceZgYjcVb ild ]djh^c\jc^ih #CZVgan,%d[i]ZaVcYhVgZXViZ\dg^oZYVhdeZcaVcYhXVeZVgZVh!VcY+&#)Vh VgZVhi]Vidi]Zgl^hZXVccdiWZjhZ[dgWj^aY^c\ >gH]VaZb!&.../(-")& #6cdi]ZggZaZkVcieaVc ^hHjg7V]^g9ZiV^aZYHiVijidgn8^inEaVc"'(%'VVcY'(%'W!egZeVgZY^ci]Z&.-%hVcYVeegdkZY ^c&...#I]ZeaVcZcVWaZhXdchigjXi^dc ildhidg^Zh]^\] dc*%d[ZVX]YjcVb^ci]Zk^aaV\Z XZciZg!VcY'*^ci]Z]^ciZgaVcYh#I]ZcZ^\]Wdg]ddYgZh^YZcihXdch^YZgWdi]eaVchY^hXg^b^cVidgn VcY^cVeegdeg^ViZ[dgi]Z^ggZVaYZbd\gVe]^XcZZYh# *
I]Z>ciZgcZih^iZd[i]Z6ji]dg^in[dgi]Z9ZkZadebZcid[?ZgjhVaZblg^iZh/¹I]Z:VhiZgcG^c\ GdVYi]Vil^aaWneVhhi]ZX^in[gdbi]ZZVhil^aahZgkZVhVcjgWVc"bZigdeda^iVcgdVYVcYVhVc ^ciZgjgWVcgdVY[dgi]ZWZcZÃid[i]Z?ZgjhVaZbbZigdeda^iVcgZh^YZcih#º
+
I]ZhZcjbWZg^ci]ZYdoZch!VXXdgY^c\idi]ZXdbb^iiZZ¼hZhi^bVi^dc#
, 6gdjcY?ZgjhVaZb!EVaZhi^c^VchVgZ[dgXZYidlVa`V\gZViYZVaVgdjcYi]Zb^a^iVgnX]ZX`ed^cih VcYWVgg^Zghi]ViYZiZgi]Zb[gdbgZVX]^c\?ZgjhVaZb[dgldg`!hijYn!VcYbZY^XVaigZVibZci# - BVcndi]Zg>hgVZa^VgX]^iZXihX]ddhZcdiideaVchZiiaZbZcih^ci]ZdXXje^ZYiZgg^idg^Zh# .
6h]`ZcVo^b!?Zlhdg^\^cVi^c\[gdb8ZcigVaVcY:VhiZgc:jgdeZXdjcig^Zh!h]VeZYO^dc^hbWZ[dgZ ^ilVhgZVa^oZY!VcYlVhi]ZYdb^cVci\gdje^c>hgVZa[gdbi]ZWZ\^cc^c\d[i]ZilZci^Zi]XZc" ijgn#I]^hZa^iZ\gdjehjWdgY^cViZhVaadi]ZgZi]c^X!gZa^\^djh!cVi^dcVa!VcYXaVhh\gdjeha^k^c\ ^c=Vg=dbVVcYHjg7V]^g/EVaZhi^c^Vch!?Zlhi]Vi^bb^\gViZYid>hgVZa[gdb6gVWVcYBjha^b Xdjcig^Zh B^ogV]^b !dgi]dYdmgZa^\^djh?Zlh =VgZY^b !VcYGjhh^Vc^bb^\gVcih#
&% I]ZhZg^Zhd[lVaah!WVgWZYl^gZ![ZcXZh!eVigdagdVYh!VcYadd`djiidlZghi]ViXdbeg^hZ>hgVZa¼h HZeVgVi^dcLVaagjchg^\]ii]gdj\]:Vhi?ZgjhVaZb!ejii^c\`Zne]nh^XVa^ciZgZhihVcYdeZcaVcY dci]Z>hgVZa^h^YZd[i]ZWdjcYVgn!VcYaVg\ZEVaZhi^c^VcedejaVi^dch ZkZci]dhZXVggn^c\?ZgjhV" aZb^YZci^inXVgYh dci]ZLZhi7Vc`h^YZ#
BdcjbZcih Cd"bVc¼h"aVcYh
&& >i^hVaai]ZbdgZcZXZhhVgndl^c\idi]ZcZ^\]Wdg]ddY¼hY^hiVcXZVcYYZiVX]bZci[gdbi]ZX^in! WZ^c\XdccZXiZYidi]ZX^inWndcZgdVY!¹Vc»6gZW"gZ^cGdVY¼i]ViXgZViZhcdiVX^inWjiVhZi" iaZbZci!l]^X]YdZhcdiXdciV^cjgWVca^[ZºhVnhD[Zg@da`Zg=Vg=dbVbVhiZgeaVcVgX]^iZXi ^ciZgk^Zl!6j\jhi(%!'%%* #6cZ^\]Wdg]ddYd[i]^hh^oZ]Vhid]VkZViZcidilZcinYjcVbh deZccZ^\]Wdg]ddYheVXZ!l]^X]]Vhid^cXajYZbVcnaVcYjhZhVhhedgih[VX^a^i^ZhVcYaVlch AZgbVc!'%%%/&%%0GVo!'%%%/.- # &' 6?Zl^h]XZgZbdcni]VibVg`hi]ZigVch^i^dc[gdbi]ZHVWWVi]idi]Zldg`YVn!VcY[gdbi]Z]dan idi]ZhZXjaVg# &( >hgVZa^?Zlhd[adlhdX^Va"ZXdcdb^XhiVijhlZgZYg^kZcidhZiiaZ^c[gdci^ZghZiiaZbZcih!hjX]Vh BjhgVgV!B^h]`VcdiH]VVcVc^b!@ViVbdc^b!gH]VaZb!B^ogV]NZgjh]VaV»^bBVihVkI^]cjc^¸H`^gVH]ZaId]c^»di7ZB^ogV]NZgjh]VaV»^bP:Vhi ?ZgjhVaZb!VEaVcc^c\8dcY^i^dc"GZk^Zld[i]ZBVhiZgEaVch^c:Vhi?ZgjhVaZbR ?ZgjhVaZb/7ihZaZb! &... # :a^h]V=VjhbVc!^ciZgk^Zll^i]i]ZVji]dgh!?jan&(!'%%*# GVX]Za@VaajhVcY=jWZgiAVl"NdcZ!¹=V7V^i=VAZjb^k=V7V^i=V>h]^/IV[f^Y=VH]^`jc=VIh^Wjg^ W^>ihjk=VBZg]VkºP¹CVi^dcVa=dbZ$EZghdcVa=dbZ/I]ZGdaZd[EjWa^X=djh^c\^ci]ZH]Ve^c\d[ HeVXZºR!I]ZdgnVcY8g^i^X^hb&+! '%%% # 6k^h]V^!@^bZaYdg[!^ciZgk^Zl^ci]Zd[ÃXZd[CVVbVBVa^hl^i]Vji]dgh!?jan&%!'%%*# D[Zg@da`Zg!^ciZgk^Zll^i]i]ZVji]dgh!6j\jhi(%!'%%*# G^cV@gj\a^VX!^ciZgk^Zll^i]i]ZVji]dgh!HZeiZbWZg,!'%%*# :YcVAZgbVcVcYGVe]VZaAZgbVc!EaVcc^c\7g^ZÃc\[dgAVcY6aadXVi^dc[dgEjWa^XCZZYh IZa6k^k/ I]Z>chi^iji^dc[dgGZhZVgX]VcY9ZkZadebZcid[:YjXVi^dcVcYLZa[VgZ>chi^iji^dch!'%%% # CVVbVBZ^h]Vg!¹;gV\^aZgVc^n^bPJgWVcDeZcHeVXZh/ 8ViZ\dg^Zh!>cYZmZhVcYEaVcc^c\beg^hdcbZci/IdlVgYhVc6ci]gdedad\nd[i]Z>hgVZa^ AVcYhXVeZ!º^cI]Z6ci]gdedad\nd[AVcYhXVeZ/EZgheZXi^kZhdcEaVXZVcYHeVXZ!ZYh#:g^X=^ghX] VcYB^X]VZaD¼=Vcadc Dm[dgY#8aVgZcYdcEgZhh!&..* # HjhVccZHZnbdjg!¹=^hidg^XVacdcZhZchZ!FVaVcY^nVX]ZX`ed^ci^hVcZmiZgcVaWdgYZg/^ihiVcYhV[Zl`^ad" bZiZghhdji]d[?ZgjhVaZb¼hcdgi]Zgcbjc^X^eVaa^cZ#I]^h^h^ci]Z[dgbVahZchZWn lVnd[Vjc^aViZgVaYZX^h^dcdci]ZeVgid[VcdXXjen^c\edlZgbVg`^c\VldjaY"WZ cVi^dcVaWdjcYVgn#7jii]^hWdgYZg^hZbeind[gZVaXdciZci!k^daZcXZVcY^bedh^" i^dcVh^YZ!WZXVjhZ^iWgjiVaanjcYZgb^cZhi]ZcVijgVadg¹^ciZgcVaWdgYZg!ºVh ;^X]iZldjaY]VkZ^i#FVaVcY^nVhZeVgViZhbZc!ldbZc!VcYX]^aYgZc[gdbi]Z^g ]dbZh![Vb^a^Zh!ldg`eaVXZh!hX]ddah!Xa^c^Xh!hidgZh!VcY[Vkdg^iZXV[Zh# L]nlVhi]Zbjc^X^eVaa^cZYgVlcZmVXiani]ZgZ4I]Zad\^X^hi]ZhVbZVh i]Zc^]^a^hi^Xad\^Xd[i]ZhZiiaZbZcih/dcZi]ViZmegdeg^ViZh!jegddih!^beg^hdch! YZedgih!cZ\ViZh!ZgVhZh#I]ZkZgnad\^Xi]ViaZVYh¸^ceaVXZhl]ZgZ^i^h^bedhh^WaZ idbV`ZEVaZhi^c^Vche]nh^XVaankVc^h]¸idi]ZhZkZgVcXZd[b^mZYVgZVh^cidhZeV" gViZ?Zl^h]VcYEVaZhi^c^VcheVXZh# I]ZadXVi^dcd[FVaVcY^nVX]ZX`ed^ci¸Vii]Zhdji]ZgcZY\Zd[i]Zcdgi]Zgc LZhi7Vc`dci]ZlVnidi]ZhZiiaZbZcihd[D[gV!7Z^i:a!VcYHZWVhi^V¸ZmegZhhZh YZh^gZ#>hgVZa¼hYZh^gZ[dgaVcY![dg^ih=ZWgZleVhi![dgjcZcY^c\\ZcZh^h0VWVh^X O^dc^hiYZh^gZ#I]Z9ZXaVgVi^dcd[>cYZeZcYZcXZ¸i]ZiZmijVaY^hi^aaVi^dcd[YZXVYZh d[O^dc^hiegVXi^XZ¸ZmegZhhZh^iXaZVgan#>cV\^VciaZVedkZgildi]djhVcYnZVgh d[k^k^Y?Zl^h]ZmeZg^ZcXZh^ckVg^djhaVcYhWVX`idVWg^Z[bdbZci^ci^bZl]Zc i]Z=ZWgZleZdeaZZc_dnZYiZgg^idg^VahdkZgZ^\cin^ci]Z^gaVcY!i]ZnVhXZcYZY! Wj^ai!XgZViZY!VcYbVYZi]ZYZhZgiWaddb!Vhi]Zeg^bVa!XdchigjXi^k^hi!bdYZgc^hi iZgb^cdad\nZe^idb^oZYWni]ZiZgb¹e^dcZZghºldjaY]VkZ^i# 7jiWZilZZci]Z\ddY"daY"aVcYVcY^ihgZbVhiZg^c\!hiVcYi]ZEVaZhi^c^Vch ]ZcXZi]ZcZZYidgZYZZb^i ¸^ih`ZZeZgh[dg]jcYgZYhd[nZVghl]dldg`ZY^i! Wj^aidc^i!lVa`ZYjedc^i#¹>igVkZaZYidi]ZAVcYd[>hgVZa!VcYlVa`ZYjedc^ih hVcYh#6cY]ZgZ!i]ZÃghibVc>XVbZVXgdhhl]d\gZZiZYbZl^i]¹HVaVVb6aZ^" `jbºlVhVc6gVW#L^i]VWaVX`WZVgY_jhia^`Zbn[Vi]Zg¼h#Hd>\diidi]^c`^c\/ VbVca^`Zi]^h]VhWZZc]ZgZ[dgbVcnV\ZcZgVi^dc!ºlgdiZ6kdi]NZh]jgjc# 6cY]ZgZ!l]ZgZi]Zk^daZci^ckVh^dcd[V[dgZ^\cWdYngZhjaihcdidcan^c Ydb^cVi^dcdkZgi]ZZm^hiZci!Wji^hVahdVcZcXdjciZgd[hdgih!>ldjaYa^`Zjhid eVjhZ[dgVbdbZci#
8dc[gdciVi^dc :mX]Vc\Z
I]ZX]ZX`ed^ciWZadc\h!^[ndjl^aa!idi]Z[Vb^and[^cWZilZZceaVXZh#>cWZ" ilZZceaVXZhVgZX]VgVXiZg^oZYWni]Za^b^cVa!i]ZWdgYZgan!i]ZcdceaVXZ!i]Z ]nWg^Y¸i]dj\]cdcZd[i]ZhZYZhXg^WZ^cWZilZZcZhh^c[jaa# >i^ha^b^cVa ^cK^XidgIjgcZg¼hhZchZ ^ci]Vi^i^h^ciZgbZY^Vgn!^iaZVYh[gdb dcZhiViZidVcdi]Zg!VcYnZi]VhY^hi^cXi^kZViig^WjiZhd[^ihdlc#I]dj\]i]Z X]ZX`ed^ciaVX`hdcZd[a^b^cVa^in¼hbdhihVa^Zci[ZVijgZh/^iha^WZgVi^c\Y^bZch^dc# I]ZX]ZX`ed^ci^hVWdgYZgh^iZ#;^ghi!WZXVjhZd[ÃX^Vaan¸VaWZ^ijc^aViZgVaan¸^i YZbVgXViZh bdgZdgaZhh i]Zcdgi]ZgcWdjcYVgnd[ VccZmZY ?ZgjhVaZb#HZXdcY! WZXVjhZd[^ihYjVa^ind[^cXajh^dcVcYZmXajh^dc!^ih^bjaiVcZdjhanjcYZgb^cZh VcYXdcÃgbh^YZci^in#7jiWdgYZgVadcZ^hVc^chj[ÃX^ZciYZhXg^ei^dcd[i]Z X]ZX`ed^ci# I]ZX]ZX`ed^ci^hVcdceaVXZ dg]ZiZgdide^V!cd"eaVXZ !^ci]Vi^igZcYZgh bZX]Vc^XVai]ZegdXZhhi]ViiV`ZheaVXZi]ZgZ!^ci]ZVcdcnb^in^iegdYjXZh XgdhhZghVgZcdbdgZi]Vc>9XVgYh!YdXjbZciWZVgZgh !VcY^ci]Zi^\]ihjgkZ^a" aVcXZ^iZciV^ah#I]dj\]i]ZXdcXZeid[i]ZcdceaVXZ ^cVaa^ihkVg^Vcih YdZhcdi ed^ciViVh^c\aZhdjgXZd[Vji]dg^inVcYedlZg!WjigVi]ZgViV;djXVjaY^VcY^[[j" h^dcd[edlZg!VcYVii]ZX]ZX`ed^ci!edlZggZaVi^dchVgZeZg[ZXianXaZVg# I]ZX]ZX`ed^ci^h!Vg\jVWan!VgVi]Zg]nWg^YeaVXZ#I]ZiZgb]nWg^Y^in!Wdg" gdlZY[gdbW^dad\n!YZÃcZhi]ZhiViZd[Zm^hiZcXZd[ildhZeVgViZnZi^ciZgYZ" eZcYZci^YZci^i^Zh#>cdi]ZgldgYh!VhiViZd[¹VahdVcYVahdºgVi]Zgi]Vc¹Z^i]Zg$ dgºdg¹VcY$VcY#º>i^hcdii]ZeajgVa^hbd[hZeVgViZh!cdg^h^ii]ZZmXajh^dcd[ W^cVg^Zh!WjiVbjijVadhbdh^hi]ViYdZhcdi[dghV`ZY^hi^cXi^kZ^YZci^i^ZhVaid" \Zi]Zg#>ccVijgZ!^i^hVhiViZd[Xdb^c\^cidWZ^c\!d[cdc"eZgbVcZcXZ# 8aV^b^c\]nWg^Y^in^ci]ZXdciZmid[i]ZX]ZX`ed^cibVnVeeZVghigVc\Z/[dg l]ViWZiiZgZmVbeaZ^hi]ZgZd[VXaVhh^XVaXdadc^Va^hiW^cVgn/gjaZgkh#gjaZY! edlZg[jakh#edlZgaZhh![dgZ^\ckh#adXVa!b^a^iVgnkh#X^k^a^Vc4 =dlZkZg!VYZZeZgadd`gZkZVahVbdgZXdbeaZme^XijgZ#>iijgchdjii]Vi Wdi]h^YZhVgZZcbZh]ZY!gZÄZXiZY^cZVX]di]Zg¸[VgbdgZi]Vc^ildjaYVeeZVg# =nWg^Y^inÃcYhZmegZhh^dc^ci]ZXdbea^XViZYgZaVi^dchWZilZZchda^Y^inVcY Äj^Y^inVii]ZX]ZX`ed^ci!Wdi]e]nh^XVaVcYhdX^Va#Hda^Y^inVcYÄj^Y^inXdchi^" ijiZl]Vi>XVaai]Z¹]nWg^Y[dXjhºd[i]ZX]ZX`ed^ci!i]ZeaVXZ[gdbl]^X]i]Z ZaVWdgViZgZaVi^dch[djcY^c^ihiZb# 9Zhe^iZi]ZkVa^Y^ind[i]^hYZÃc^i^dc!VcYi]Z[VXii]Vi!^cbnk^Zl!dcZXVc Zbeadn^il^i]djiadh^c\h^\]id[deegZhh^dc!YZÃc^c\i]ZX]ZX`ed^ciVhVc^cWZ" ilZZceaVXZ¸VWgdVYZgbdgZ\ZcZgVaYZÃc^i^dc¸ZcVWaZhjhidY^hXjhhi]ZVWdkZ X]VgVXiZg^hi^Xh!Wdi]e]nh^XVaVcYhdX^Va# >i^hkZgnY^[ÃXjaiidYZhXg^WZVX]ZX`ed^ci#6hVeaVXZd[eVhhV\Z!^i^hZkVh^kZ WncVijgZ#>i^h^c]ZgZcian^beZgbVcZci#>i^hbdYjaVg!ÄZm^WaZ!VcYVY_jhiVWaZ VXXdgY^c\idY^[[Zg^c\b^a^iVgn"deZgVi^dcVacZZYh!Vaad[l]^X]XaVg^[nidi]ZEVa" Zhi^c^Vchl^i]hZZb^c\gVcYdbcZhh]dlegdk^h^dcVai]Z^ga^kZhVgZ# >ciZgbhd[[jcXi^dcVcYhigjXijgZ!VaaX]ZX`ed^cihVgZi]ZhVbZ#I]Z^gWVh^X [dgb^ha^cZVg!bVg`^c\VXdjghZd[eVhhV\Z[gdbdcZed^ciidVcdi]Zg!VcYV[Zl eZgbVcZcihiVi^dchl]ZgZdcZ^hgdji^cZanhideeZYVcYX]ZX`ZY#I]ZaVcZhVgZ YZbVgXViZYWnXdcXgZiZgV^a^c\h!VcYVii^bZhVgZeVgianXdkZgZY#I]^ha^cZVg^in^h d[iZcWgd`ZcWnVeZgeZcY^XjaVga^cZ!i]Vid[i]ZX]ZX`ed^ci/Vgdld[^begdk^hZY ]dghZh]dZ"h]VeZYXdcXgZiZXjW^XaZh!l]ZgZi]ZX]ZX`Zgl]dX]ZX`hi]ZXgdhhZgh¼
>9h^hhiVi^dcZY#>h]djaYVYYi]Vii]ZegdXZhhYZhXg^WZY^hcdibZgZane]nh^XVa!
'*'q'*(
WjiVahdZbdi^dcVa!V\gVYjVaVeegdVX]idhVakVi^dc# 8]ZX`ed^cihVgZbVYZdjid[bVhh^kZnZibdkVWaZbViZg^Vah!cVbZanXdcXgZiZ VcYhiZVa#8dcigVhiZYl^i]i]^hbVhh^kZcZhh!dcZÃcYhi]ZVbdge]djhcZhhd[ bjY!ejYYaZh!Yjhi!Y^gi!\VgWV\Z!WVgWZYl^gZ!i^cgddÃc\# ;jgi]ZgYdlci]ZX]ZX`ed^ci!VgZi]ZeZYYaZgh#HZaa^c\i]Z^g\ddYhVi^begd" k^hZYhiVcYhbVYZd[eanlddYVcYXdggj\ViZYi^c!d[[Zg^c\Vcni]^c\[gdb[VaV[Za idedjaignVii]ZaVg\ZgX]ZX`ed^cih#6cVgZVEVaZhi^c^VchXVaa¹i]ZYjin[gZZ!º i]ZhZhiVcYhVgZgZZhiVWa^h]ZYVhgZ\jaVganVhi]ZnVgZWgjiVaanY^hbVciaZY# CdX]ZX`ed^ci]VhXaZVganYZÃcZYWdjcYVg^Zh#9^[[jhZVcYYncVb^X!i]Zn dkZgaVel^i]i]Z^ghjggdjcY^c\h^cbng^VYlVnh#I]Z^gdjiZgWdjcYVgnaZc\i]" l^hZ^hbVg`ZYWni]ZZcYd[i]Za^cZd[XVghaZVY^c\jeidi]Zb!Va^cZi]ViXVc higZiX]]jcYgZYhd[bZiZgh!dgi]ZZY\Zhd[i]ZbV`Zh]^[ibVg`Zihi]ZnheVlc# CdgVgZi]Z^g]dg^odciVaWdjcYVg^ZhkZgnXaZVg# I]ZnXVcWZ]ZgbZi^XVaanhZVaZYdgdeZcidkVgn^c\YZ\gZZhd[]jbVc¹Ädl#º I]ZneZgb^iVhbjX]Vhi]Znegd]^W^i#I]ZnXVcWZVeaVXZd[]jb^a^Vi^dc! gZkZc\Z!hVY^hi^XXgjZain!gZXgj^ibZcid[XdaaVWdgVidgh!WjiVahdd[hjWkZgh^dcVcY Y^hYV^c![dg\Zii^c\id`cdli]ZZcZbn![dgigV^c^c\hj^X^YZWdbWZgh# I]ZÃghii]^c\cdi^XZVWaZViFVaVcY^nVX]ZX`ed^ci^hi]ZbVn]ZbVcYbdkZ" bZci#I]Z]dc`^c\igjX`h!i]ZgViia^c\Y^ZhZaiVm^h!i]ZlV^a^c\VbWjaVcXZh!i]Z heZZY^c\b^a^iVgn_ZZeh!i]ZigV[ÃX_Vbh!i]ZhigZVbd[eZYZhig^VchVcYeZYYaZgh! i]ZX]ZX`ed^cia^cZ^ihZa[#I]^h^hi]Z[jcYVbZciVaY^hhdcVcXZ^cVeaVXZl]ZgZ Y^hX^ea^cZVcYdgYZgVgZi]ZXdgZXdcXZgch# >l^aacdiZmeVcYdci]ZW^cVgn]^ZgVgX]^XVacVijgZd[i]ZX]ZX`ed^ciVii]^h hiV\Z!Vhhjb^c\i]^h^hXaZVgidVcndcZl]d]VhZnZhl^i]l]^X]idhZZVcYZVgh l^i]l]^X]id]ZVg#>cYZZY!Vii]Z]ZVgid[i]ZX]ZX`ed^cihiVcYhVcdXXjen^c\! deegZhh^kZ!VgbZY!i]gZViZc^c\hdaY^Zg^ci]ZlVnd[VcdXXje^ZY!deegZhhZY!Y^h" ZbedlZgZYX^k^a^Vc# I]ZhigjXijgZd[i]ZX]ZX`ed^ci!VhYZhXg^WZYVWdkZ!bV`Zhi]^hgZaVi^dch]^e XaZVg#6ii]ZX]ZX`ed^ci!edlZg"Ygjc`VgW^igVg^cZhh!^cY^[[ZgZcXZ!XgjZain!]jb^a^" Vi^dc!VcYk^daZcXZgZ^\chjegZbZdkZgdWZY^ZcXZ!^chjai!^c_jgn!VcYVc\Zg#I]Z iZgbh¹[VhX^hiiZbeiVi^dc!º¹aVo^cZhh!º¹k^X^djhcZhh!º¹YZc^Vad[]jbVc^in!ºVcY ¹heZV`^c\^ci]ZeajgVaºYgVlc[gdb6aWZgiBZbb^¼h^begZhh^kZXdadc^Va^hi Y^Xi^dcVgn!VgZgZYZÃcZYYVn^cVcYYVndjiViFVaVcY^nV# DcZldjaYhjeedhZi]Vi[dgi]ZEVaZhi^c^Vchi]^hbZVchhjW_j\Vi^dcVcYhjg" k^kVa#6YZZeZgadd`Vii]ZX]ZX`ed^ciVahdgZkZVahVXZgiV^cYZ\gZZd[V\ZcXn!V eaVXZd[EVaZhi^c^VcedlZgVcY>hgVZa^lZV`cZhh!VeaVXZd[gZh^a^ZcXZ!ZkZcYZÃ" VcXZ#I]ZEVaZhi^c^VchYZ[ni]ZWgjiVa^ind[i]ZX]ZX`ed^cil^i]i]Z^gkZgnegZh" ZcXZ¸eVhh^kZ^cVeeZVgVcXZ!eVX^Ãhi^cegVXi^XZ!hZa["XdcigdaaZYVcYX^k^a!Vhi]Zn igVkZghZVi]gZViZc^c\!]jb^a^Vi^c\dWhiVXaZi]Vi[dgXZhi]ZbidXdciZcYl^i] \gZVie]nh^XVaYjgZhh iZgg^WaZXdaY^cl^ciZg!gV^c!ejYYaZh!bjY!]ZVi^chjb" bZg!Yjhi!ZiX# #6eaVXZbZVciid^chi^aa[ZVgVcYgZh^\cVi^dc!Wjii]ZncZ^i]Zg \^kZjecdg\^kZ^c# I]ZniV`ZgdjcYVWdjigdjiZh!hcZV`VXgdhhi]ZX]ZX`ed^ci!dg^ch^hidcign^c\ i]Z^gajX`]ZVYdc#HdbZVgZXVj\]i!i]Z^g>9hVgZXdcÃhXViZY!VcYVgZejc^h]ZY l^i]adc\YZiZci^dch!Wjii]Zn`ZZeXdb^c\WVX`#
8dc[gdciVi^dc :mX]Vc\Z
I]ZX]ZX`ed^ci\^kZhZmegZhh^dciddi]ZgbdYZhd[gZh^hiVcXZ/VgbZYhigj\\aZ hZii^c\d[[VcZmeadh^kZYZk^XZ VcYk^daZcihigj\\aZ hidc^c\V?ZgjhVaZb bjc^X^eVa\VgWV\ZigjX` #I]^h^cXajYZhX]^aYhidcZ"i]gdlZgh!i]dj\]^ibjhiWZ cdiZYi]Vii]ZaViiZg¼hZcXdjciZghl^i]i]ZVgbnXdbZ^clVkZh!jhjVaanV[iZgVc VXi^dciV`ZcWn>hgVZa!hjX]Vhi]ZVhhVhh^cVi^dcd[=VbVhaZVYZg6]bVYNVhh^c! i]Z`^aa^c\d[FVaVcY^nVGZ[j\ZZ8VbegZh^YZci6gV[Vi>WgV]^bNVVfjWl]^aZYg^c`" ^c\]^hbdgc^c\Xd[[ZZ!dgi]ZXdchigjXi^dcd[VlVaaVgdjcYi]Zhdji]"lZhiZgc h^YZd[i]ZXVbe#I]ZVgbn¼hgZVXi^dc^haZi]VaVildghiVcYk^X^djhViWZhi/iZVg \Vh!gjWWZgWjaaZih!a^kZVbbjc^i^dc#;^kZX]^aYgZc^ci]ZXVbe]VkZWZZc`^aaZY Wn>9; >hgVZa^9Z[ZchZ;dgXZh ÃgZ^ci]ZXjggZci>ci^[VYV#7jii]Z`^YhVgZcdi V[gV^Y#I]Znegdkd`Zi]ZhdaY^Zgh!VeegdVX]^c\i]Zbl^i]^cbZiZgh!XVaa^c\id i]Zb^cb^b^Xgn!¹8dbZdcAZi¼hhZZ^[ndj¼gZVbVcº B^b^X`^c\ ^c=db^7]VW]V¼hhZchZ !VcYi]jhVahdgZh^hiVci!^hi]ZWZ]Vk^dg d[i]ZIVco^bVXi^k^hihl]dhigjii]gdj\]cZVgWnFVaVcY^nVGZ[j\ZZ8Vbe^c>9; jc^[dgbh!hdVji]Zci^X"add`^c\!i]Vii]Zdcani]^c\l]^X]Y^hXadhZhi]Z^gigjZ ^YZci^i^ZhVgZi]ZWaVX`bVh`h]^Y^c\i]Z^g[VXZh# 6cYi]Zci]ZgZVgZi]Zdi]Zg`^Yh!i]ZX]Zl^c\"\jbVcYig^c`ZihZaaZgh! l]d]Va[]jhiaZ]Va[ad^iZg!Xgdhh^c\i]ZX]ZX`ed^cii]^hlVnVcYi]Vi!gjcc^c\ WZilZZci]ZhdaY^ZghaZ\h!^b^iVi^c\i]Zbidi]Z^g[VXZh!\Zii^c\X]VhZYVlVnWji gZVeeZVg^c\i^bZVcYV\V^c# GZh^hiVciVgZVahdi]ZbdX`^c\ZmegZhh^dchdci]Z[VXZhd[V\gdjed[ Zm]VjhiZYaVWdgZghXdb^c\]dbZ[gdbldg`!l]dlViX]VXajhiZgd[Vl`lVgY Zfj^ebZci"aVYZchdaY^ZghlVYYaZa^`ZYjX`hWVX`[gdbVbVc"]jci^ci]ZcZVgWn fjVggn!gZijgc^c\Zbein"]VcYZY#Cdl!Vii]ZZcYd[i]ZYVn!i]Zadd`dci]Z^g [VXZh^hgZaVmZY!gZh^a^Zci# GZh^a^ZciVgZi]ZWg^WZhd[[ZgZYidhdaY^Zgh¸Ve]dcZXVgY!YdeZ!X^\VgZiiZh# GZh^a^ZciVgZVahdi]ZeZYYaZgh!Xdci^cjdjhanZmeZaaZY!l]dgZijgcidkZcYi]Z aViZhi[Vh]^dch![gZh]egdYjXZ!dgXdaYgZ[gZh]bZcihideVhhZghWn# 6cYcdaZhhgZh^hiVciVgZi]Z;dgYIgVch^iYg^kZghl]ddg\Vc^oZVY]dXidgZ\" jaViZi]ZbVn]Zbd[i]ZX]ZX`ed^ci!bV`^c\^iedhh^WaZid[jcXi^dcbdgZdgaZhh ¹cdgbVaanº^cVeaVXZl]dhZgV^hdcY¼ZigZ^hgjcc^c\^ciZg[ZgZcXZ^ci]ZcdgbVaXn d[a^[Z GZbV=VbbVb^d[7^goZ^iJc^kZgh^inYZhXg^WZhi]ZYZkZadebZcid[i]^h ^c[dgbVahnhiZbVii]ZHjgYVX]ZX`ed^cicdgi]d[GVbVaaV] # GZh^hiVcXZ!i]dj\]eZg]Vehcdii]Vil]^X]^hk^daZci!^hWnVcYaVg\Zjcdg\Vc" ^oZY#>i^hbZVhjgZY^c^ihXjbjaVi^kZZ[[ZXi!VcYVYYhjeidjcYZgb^cZi]Zh]Vge Y^hi^cXi^dcWZilZZch^YZh#>iWg^c\hidb^cYB^X]ZaYZ8ZgiZVj¼hY^hi^cXi^dcWZilZZc higViZ\n!l]^X]^hi]ZYdbV^cd[i]ZedlZg[jal]dedhhZhhVeaVXZVcYeZgheZXi^kZ d[i]Z^gdlc Z#\#VlViX]idlZgdgi]Zh^iZhd[Vg^ÄZ VcYiVXi^Xh!l]^X]^hi]Z¹Vgi d[i]ZlZV`!ºi]dhZl]dVgZa^b^iZYWni]Z\^kZchd[eaVXZVcYi^bZ# I]ZhdaY^Zg![dg]^heVgi!^hcdidcanZmZgi^c\[dgXZ!]Z^hVahd[dgi^[n^c\]^b" hZa[#I]ZXdcXgZiZlVaah!i]Z[ZcXZh!i]Z\ViZh!^beg^hdc]^bVhlZaa#=^hhiViZ" d["i]Z"Vgi\ZVg^hVahdXjbWZghdbZVcYgZhig^Xi^kZ#=^hZ^\]i]djghd[Yjin \Zi]^bhdV`ZYidi]ZWdcZhdcVl^ciZg¼hYVn!VcYXVjhZ]^bidhi^c`id]^\] ]ZVkZcjcYZgi]ZWa^hiZg^c\hjc!hdbZi]^c\]^h¹hjW_ZXihºXdcÃgbWn]daY^c\ i]Z^gWgZVi]Vhi]ZneVhh]^bWn#I]ZhdaY^ZghZZh]^ha^`ZcZhhgZÄZXiZYWVX`id ]^b^cildhZchZh/Vh]^hXdjciZgeVgih^cV\Z!XaVhh!add`!VcYVhi]ZdW_ZXihd[
]^hdeegZhh^kZVXi^dch#I]ZdcanlVnidhZiiaZi]^h^ciZgcVaXdcÄ^Xi^hidYZcn
'*)q'**
VcY]VgYZc0idgZegZhh[ZZa^c\h!idcZ\ViZV[Ãc^i^Zh#7jiVhi]Vil]^X]]VhWZZc YZc^ZYiZcYhidYd!^ia^c\Zgh_jhiWZcZVi]i]Zhjg[VXZ# I]ZY^hgjei^dcd[i]ZW^cVgnVahd]VhidYdl^i]i]ZheZXigjbd[eZdeaZl]d XgdhhFVaVcY^nV#I]ZhdaY^Zgl^icZhh^c\Vh^akZg"]V^gZYegd[Zhhdg[gdb7^goZ^i eVhhWZ[dgZ]^b!dgVGVbVaaV]eZY^Vig^X^Vcl^i]]^hbZY^XVaWV\!dgVhijYZciVi Va"FjYhJc^kZgh^inlZVg^c\i]ZaViZhii^\]i_ZVch!XVccdiWji¸YjZidV\Z!XaVhhdg add`¸[ZZahdbZl]Vi^c[Zg^dgidi]Zb#=Z]Vhidldg`]VgYidgZhidgZ]^heZgXZe" i^dcd[i]ZbVhVcdcY^hi^cXibVhhd[¹EVaZhi^c^Vch#ºI]Z^gh^\c^ÃZghYZXdchigjXi i]Z\gZViEVaZhi^c^Vc¹bdcda^i]º^c]^h]ZVY!Zkd`^c\^chiZVYi]ZXdbeaZm^i^Zhd[ i]Z>hgVZa^ZmeZg^ZcXZ!l^i]l]^X]]Z^hVaaidd[Vb^a^Vg# >cH]V`ZeZVgZ¼hI]ZIZbeZhi!8Va^WVc¸¹VhVkV\ZVcYYZ[dgbZYhaVkZ!ºhVnhid ]^hbVhiZg!EgdheZgd!i]ZZmeZaaZY9j`Zd[B^aVc/¹NdjiVj\]ibZaVc\jV\Z!VcY bnegdÃidc¼i$>h>`cdl]dlidXjghZ#I]ZgZYeaV\jZg^Yndj$;dgaZVgc^c\bZ ndjgaVc\jV\Z#º >i^hi]ZWZ\^cc^c\d[i]Z&,i]XZcijgn!VcYedhiXdadc^Vai]dj\]ibjhilV^i [dg^ihegZYZXZhhdg!Xdadc^Vai]dj\]i!idhegdji!\gdl!VcYÄdjg^h]#7ji8Va^WVc¼h ldgYh¸V[iZgg^YY^c\i]Zbd[i]Z^g:jgdXZcig^XjcYZgidcZh¸[dgbjaViZi]ZedlZg d[i]ZdeegZhhZY0VedlZgVii]Z]ZVgid[l]^X]a^Zh!Vbdc\di]Zgi]^c\h!i]Z VYdei^dcd[i]ZdeegZhhdg¼hiddahhdVhidjcYZgb^cZ]^b!VcYi]ZjcVkd^YVWaZ V[Ãc^inWZilZZcdeegZhhdgVcYdeegZhhZYi]VicdYZ\gZZd[YZc^VaXVcjcYZgb^cZ# EgdheZgd¼hb^\]iVcYbV\^XVaedlZgh!^ibjhiWZgZbZbWZgZY!hiZbbZY[gdb 8Va^WVc¼h`cdlaZY\Z# H^cXZVjijbc'%%)!l]Zci]ZVWdkZiZmilVhlg^iiZc!VcZlX]ZX`ed^ci lVhXdcXZ^kZYVadc\h^YZi]ZdaYdcZ#9jZidWZXdbeaZiZY^cVjijbc'%%*!^i l^aaXdci^cjZid[jcXi^dcVhi]ZbV^ced^cid[eVhhV\ZWZilZZc?ZgjhVaZbVcY i]Zcdgi]ZgcLZhi7Vc`#L]^aZi]ZcZlX]ZX`ed^ci[VgZmXZZYh^ihegZYZXZhhdg ^ch^oZ!bVhh!VcYdgYZg!^ciZgZhi^c\an^i^hcdaZhhegdk^h^dcVa^chigjXijgZVcY bViZg^Va#>ia^c`hjeidi]ZbVoZd[[ZcXZhVcYlVaah^ciZcYZYid¹?jYV^oZºi]Z VgZVVgdjcY?ZgjhVaZbWnhZkZg^c\i]ZX^in[gdb^ihZVhiZgcZck^gdchVcYVccZm^c\ bVm^bjbaVcYVcYb^c^bjbeZdeaZ#7adX`VYZ!hj[[dXVi^dc!egdk^h^dcVa^in#LZ VgZYddbZY!hd^ihZZbh!ida^kZi]^hlVn[dgnZVghidXdbZ#
8dc[gdciVi^dc :mX]Vc\Z
dci]Z^bedgiVcXZd[i]j\h I=:BDG6A:8DCDBND;68=:8@ED>CI
GZbV=VbbVb^
;dgVabdhii]gZZnZVgh![gdbBVgX]'%%&i]gdj\]9ZXZbWZg'%%(!i]ZÃcVaaZ\ d[VXdbbjiZWZilZZc7^goZ^iJc^kZgh^inVcYGVbVaaV]!Wdi]adXViZY_jhicdgi] d[?ZgjhVaZb!bZVciVdcZ"idild"`^adbZiZglVa`VXgdhhi]ZHjgYVX]ZX`ed^ci# 8dbbjiZghldjaYY^hZbWVg`[gdbigVch^ikVchi]Vi_VbbZYWdi]ZcYhd[i]Z cd"Yg^kZodcZ#H`^gi^c\gjWWaZVcYXdcXgZiZWadX`h!i]Znig^eeZYYdlci]ZkVaaZn! ]daY^c\i]Z^gWgZVi]Vhi]ZneVhhZYi]Z>hgVZa^hdaY^Zgh!WZ[dgZÃcVaanigjY\^c\ jei]Z^cXa^cZidi]ZkVchdci]Zdi]Zgh^YZ#I]djhVcYhbVYZi]ZlVa`ZkZgn YVn#>ci]Zbdgc^c\!i]ZÄdld[[Vh]^dcVWanYgZhhZYhijYZcihdci]Z^glVnid i]Zjc^kZgh^inXgdhhZYi]ZÄdld[k^aaV\Zgh]ZVY^c\^cidGVbVaaV][dgldg`VcY i]ZhZgk^XZhi]ViXVcdcanWZ[djcY^cVX^in#>ci]ZV[iZgcddc!i]ZeViiZgcldjaY gZeZVi^cgZkZghZ#GZ[gZh]bZcihVcY\gdXZg^ZhXdjaYWZejgX]VhZYVadc\i]ZlVn [gdbeZYYaZghdgbV`Zh]^[ihiVcYhXVaaZY¹i]ZYjin[gZZ#º Dci]ZldghiYVnh!ig^\\Zg"]VeenhdaY^ZghhjYYZcanegd]^W^iZYeZYZhig^Vc igV[ÃX!aZVk^c\hijYZcihVcYk^aaV\ZghhigVcYZYdci]Zdeedh^iZh^YZd[ldg`dg ]dbZ#BdgZXdbbdcan!hdaY^ZghldjaYYgde^cVii]ZX]ZX`ed^ci[dgV[Zl]djgh ididnl^i]i]ZYgdkZhd[lVa`^c\XdbbjiZgh!hidee^c\Vaa¸dgVhZaZXi[Zl¸[dg ^ciZgb^cVWaZ^YZci^inXVgYVcYWV\\V\ZX]ZX`h#D[iZci]ZnldjaY¹dg\Vc^oZºi]Z Yg^kZghVcYeZYYaZghWngVbb^c\i]Z^gkVchdghiVcYhl^i]i]Z^g_ZZeh#>ci]dhZ i]gZZnZVghVii]ZHjgYVX]ZX`ed^ci!i]gZZEVaZhi^c^VchlZgZh]diidYZVi]Wni]Z >hgVZa^b^a^iVgn!Vcdi]ZgildY^ZY^cVXX^YZcihVbdc\i]ZXgjh]d[kVch!ViaZVhi dcZbVcY^ZYd[V]ZVgiViiVX`Vh]ZlVhl]ZZaZYVXgdhhdcVhigZiX]Zg!ild WVW^ZhlZgZWdgcWZ]^cYVgjWWaZbdjcY!VcYjcidaYcjbWZghd[ndjc\bZclZgZ WZViZcWnhdaY^Zgh!d[iZc^c[jaak^Zl#CddcZ]VhXdjciZYi]ZcjbWZgh^c_jgZYVi i]Z[ji^aZYZbdchigVi^dchhiV\ZYidXaZVgi]ZX]ZX`ed^ciVlVn# 9jg^c\i]ZhVbZ'%%&"'%%(eZg^dY!i]ZJCD[ÃXZd[i]Z8dbb^hh^dcZg[dg =jbVc^iVg^Vc6[[V^ghYdXjbZciZYi]ZcZVg"XdchiVciegZhZcXZd[bdgZi]Vc+%% VgbnX]ZX`ed^cihVcYgdVYWadX`hhigVc\a^c\Xdbbjc^i^Zhi]gdj\]djii]ZLZhi 7Vc`#7ji^ci]ZaVhi&-bdci]hd[^ihZm^hiZcXZ!HjgYV!d[iZci]ZhdaZed^ci d[igVch^i[dg\ddYhVcYLZhi7Vc`X^i^oZchVcYZciZg^c\VcYaZVk^c\i]ZX^in! WZXVbZVhigViZ\^XcZmjhl^i]^ci]^haVg\ZglZWd[XadhjgZh#HjgYVVahdWZXVbZ VbV\cZi[dgY^hedhhZhhZYldg`Zgh[gdbi]gdj\]djii]ZLZhi7Vc`!hZZ`^c\id ZVgcV\ddYa^k^c\[gdbi]Zi]djhVcYhd[XdbbjiZgheVhh^c\i]gdj\]i]ZX]ZX`" ed^ciZkZgnYVn#
ChgVZa^dXXjeVi^dc#>i^hVi!VcY^c gZaVi^dcid!X]ZX`ed^cihi]Vii]ZhdX^Zin]VhYZkZadeZYcZlbZVc^c\hd[gZh^hiVcXZ VcYVY]dX[dgbhd[X^k^Xdg\Vc^oVi^dc#I]ZZbZg\Zci^YZdad\nd[X^k^XgZh^hiVcXZ ^hVkVg^Vi^dcdci]ZdaYcVi^dcVa^hii]ZbZd[hjbjY!dghiZVY[VhicZhh#>ci]Z&.,%h! hjbjYbZVcigZ[jh^c\idaZVkZi]ZaVcYYZhe^iZi]Z]VgYh]^ehd[dXXjeVi^dc0cdl ^iXdccdiZhhdbZi]^c\bdgZegdVXi^kZ#>ihcZlbZVc^c\![djcY^ci]ZXdbbdc gZ[gV^c!¹Va"]VnViaVo^bi^hiVb^ggº ¹a^[Zbjhi\ddcº ^hVWdjigZh^hi^c\^bbdW^a" ^in!gZ[jh^c\idaZii]ZVgbn¼hadX`Ydlcd[dcZ¼hXdbbjc^inegZXajYZhX]ddadg ldg`#I]ZXdaaZXi^kZbZbdgnd[]dlnZVghd[\ZcZgVahig^`ZhYjg^c\i]ZÃghi>ci^" [VYVWVX`ÃgZY!]Zae^c\idYZhigdnWjh^cZhhZhVcYi]ZZYjXVi^dcd[V\ZcZgVi^dc d[hX]ddaX]^aYgZc!]VhaZYhX]ddah!jc^kZgh^i^Zh!VcYldg`eaVXZhidVYdei¹hiVn" ^c\deZcºVhi]Z^ggVaan^c\Xgn#>chdYd^c\!i]Zn]ZaeZYZhiVWa^h]i]ZXdaaZXi^kZan jcYZghiddY!Wji^cY^k^YjVaanVX]^ZkZY!YV^angZh^hiVcXZd[h^bean\Zii^c\i]ZgZ# 8]ZX`ed^cihYdcdibZgZani]lVgibdW^a^in0i]ZnVahdXgZViZ^bbZchZX]Vdh# >i^hcdih^beani]Vi\ddYhXVccdigZVX]i]ZbVg`Zi!dghijYZcihi]Z^ghX]ddah! Wjii]Vii]ZX^gXj^ihVgZh]ViiZgZYi]gdj\]l]^X]hdX^VagZaVi^dchÄdl!l]^X] bV`ZXdbbZgXZVcYZYjXVi^dcedhh^WaZ#>c^i^VaViiZbeihidgZXgZViZi]ZhZX^gXj^ih VgZ^cY^k^YjVaVcYVY]dX!WjidkZgi^bZ!^c[dgbVahnhiZbhWZ\^cidZbZg\Z#>c EVaZhi^cZ!^ci]ZVWhZcXZd[bVhhdg\Vc^oVi^dch!cZildg`hd[^c[dgbVahZXidg ldg`Zgh]VkZhiZeeZY^cidi]Z\Ve#I]jh!i]Zjca^`ZanhnbWdahd[i]ZcZlhiZVY" [VhicZhhVgZcdi¹cVi^dcVa^chi^iji^dch!ºWjigVi]Zgi]ZhjWegdaZiVg^Vi;dgYkVc Yg^kZgh!l]dhZhZb^Xg^b^cVaWgVkVYd^hhjbbZYjeWnjW^fj^idjhC^`Z¹Cd;ZVgº hi^X`ZghZbWaVodcZYdci]Z^ggZVgl^cYh]^ZaYh#9Zg^YZYZkZccdlVhVbZcVXZ dci]ZgdVYh!i]ZhZYg^kZghZmZbea^[ni]Zjeg^h^c\¼hZi]^Xd[\Zii^c\i]gdj\]Vcn" i]^c\!WnVcnbZVch!idVcnl]ZgZ#I]^hhVbZi]j\\^h]]neZgbVhXja^cZhjWXjaijgZ ]Vhegdk^YZYi]Z^c[dgbVahnhiZbh!l]^X]]VkZbVYZ¹\Zii^c\i]ZgZºedhh^WaZ# I]j\\^h]cZhh oVg»Vc^nnV ]VhWZXdbZVXgjX^Va[dgXZ[dgZkZgnYVngZh^hiVcXZVcY dg\Vc^o^c\ViX]ZX`ed^cih¸cdi_jhiidYZVal^i]XgdlYhVcYigV[ÃX_VbhWjiVahd idYZVal^i]i]Zi]j\\^h]cZhhd[hdaY^Zgh!\^kZc^bbZchZdeZgVi^dcVaaZZlVn^c YZVa^c\l^i]i]ZX^k^a^VcedejaVi^dc# I=JhgVZajci^ai]ZeZgb^ihnhiZb^bedhZYYjg^c\ i]Z&..%h[dgXZY]^bidadd`[dgldg`XadhZgid]dbZ#L^i]i]ZXdbeZchVi^dceVn [gdb]^h[dgbZg>hgVZa^Wdhh!]ZWdj\]iVhZXdcY]VcY!Z^\]i"hZViBZgXZYZhVcY WZ\Vcid[ZggneVhhZc\Zghdci]Z7^goZ^ik^aaV\Zjc^kZgh^ina^cZ#L]Zci]ZgdVY" WadX`hVeeZVgZY!O^VYhZ^oZYi]ZcZlh^ijVi^dcVcYWZ\Vcidldg`i]Zd[["gdVY lVY^h 6gVW^X[dg¹XVcndcº VcYigVX`h[dg\ZYWZilZZcWZh^Z\ZYk^aaV\Zh#>ilVh YVc\ZgdjhVcY\gjZa^c\!Wjii]ZbdcZnidWZbVYZlVh[VgWZiiZgi]Vci]Vidc]^h gZ\jaVggdjiZ#I]ZcVWZiiZgdeedgijc^inVgg^kZY#8djgiZYWni]Z7^goZ^iYg^kZghid dg\Vc^oZi]Z^ga^cZ!O^VYÃghilZciid?VaVojcgZ[j\ZZXVbe!_jhidkZgi]Z]^aa[gdb i]ZX]ZX`ed^ci!idhda^X^ii]ZWVX`^c\d[adXVa;ViV]VXi^k^hih#L^i]i]Z^g]ZaeVcY ]^hdlcWgVcYd[eZghjVh^dc!i]ZÄdld[;dgYh\V^cZYhdbZg]ni]b# I]ZGVbVaaV]h^YZd[i]ZX]ZX`ed^ciedhZYY^[[ZgZciegdWaZbhVhi]ZcjbWZg d[kVch]VYidWZ^cXgZVhZY#IdbZZii]ZcZZY!Yg^kZghhiZeeZY^c!l]dhZa^XZchZY gdjiZh]VYWZZchZkZgZYZahZl]ZgZ#Dci]ZGVbVaaV]h^YZd[i]ZX]ZX`ed^ci!i]Z GVbVaaV]\dkZgcdgVcYi]Zbjc^X^eVa^inlVhVWaZidl^ZaYhdbZXadji#=ZVeed^ciZY ilddg\Vc^oZgh!dcZ[dgi]ZkVchVcYVcdi]Zg[dgeg^kViZiVm^h#I]Zci]ZX]ZX` ed^ciVa"?VllValVhhZVaZY!VcYi]ZYg^kZghl]d]VYWZZchZgk^c\i]ViX]ZX`ed^ci! i]ZbV_dg^in[gdb?VaVojcXVbe!YZhXZcYZYjedci]ZGVbVaaV]h^YZd[HjgYV#I]Z cZlXdbeZi^i^dchcVgaZYigV[ÃXVcY]ZViZYiZbeZgh# ¹Ndj`cdl!^c?VaVojc¸lZaa! lZ]VkZdjgdlclVnd[YZVa^c\l^i]i]^c\h!ºhV^Y6WjVa"6WZY!i]ZVa"?VllVa dg\Vc^oZg[gdb?VaVojc# :kZcijVaan!i]Z\dkZgcdg]VbbZgZYdjiVYZVaWZilZZc i]ZlVgg^c\Yg^kZgh!hZii^c\VfjdiVd[kVch[gdbZVX]k^aaV\Z Wji\^k^c\i]Z]^\]Zhi fjdiVid?VaVojc VcYejii^c\i]ZdaYdg\Vc^oZg6WjVa"6WZY^cX]Vg\Z# O^VYVcY6WjVa"6WZYlZgZVWaZidiV`ZXdcigdad[Z^i]Zgh^YZd[i]ZHjgYV gdVYWadX`WZXVjhZi]Zn]VYidj\]gZejiVi^dch!WjiVahdWZXVjhZi]Zn]VYadXVa lZ^\]iVcYWVX`^c\ ]ZcXZi]Z\dkZgcdg¼hXVaXjaViZYYZX^h^dcVcYO^VY¼hfjZhi [dgi]Zg^\]ihjeedgi #I]Z]VgY"cdhZYX]VgVXiZgd[Wdi]^hine^XVa[dgi]ZXjaijgZ d[gZh^hiVcXZ!l]^X]]VhbVYZgZ[j\ZZXVbehi]Z[gdcia^cZd[ZVX]>ci^[VYVVcY egdYjXZYi]ZXdaaZXi^kZVW^a^inidÃ\]iVcYl^cijg[lVghl^i]cZ^\]Wdg^c\Xdb" bjc^i^Zh¸^ci]^hXVhZdkZgi]Za^b^iZYgZhdjgXZhd[[ZgZYWnVX]ZX`ed^ci#
RT!:\Y)HOPY
RT!:\Y)HOPY
C9JHIGN
'+%q'+&
8]ZX`ed^cih]VkZXVjhZYXgjh]^c\_dWaZhhcZhh!nZih^bjaiVcZdjhanXgZViZYi]Z dcZ\gdli]VgZVd[i]ZZXdcdbn#;dg&*!%%%h]Z`Zah (!*%% !VcjcZbeadnZY ndji]XVcWjnVjhZY;dgYVcYZmead^ii]ZejWa^X¼hcZZY[dgigVchedgiVi^dc! jc]^cYZgZYWni]ZlZV`ZcZYEVaZhi^c^VcCVi^dcVa6ji]dg^in#6bV^cgdaZd[ O^VYVcY6WjVa"6WZYlVhid`ZZei]ZhZjc[V^geaVnZghVlVn!dg!Vhi^bZlZci dc!idVaadli]ZbVhbVaafjdiVl]ZcZmigVkVchlZgZcZZYZYVii]ZZcYd[ gjh]]djg# 8dcigdaa^c\Yg^kZghl^i]eZgb^ihXdjaYd[iZcWZbdgZXdbea^XViZY#I]Z HjgYVX]ZX`ed^ciWadX`ZYi]ZgdVYViVcVggdled^ciWZilZZcVhiZZe]^aah^YZ VcYVYgdeidi]ZkVaaZnWZadl#>ilVhV\gZViX]VaaZc\ZidhfjZZoZZcdj\] kVchdcidZ^i]Zgh^YZd[i]ZX]ZX`ed^ciid]VcYaZi]Zi]djhVcYhd[Xdbbji" Zgh!l]^aZVii]ZhVbZi^bZVaadl^c\i]ZkVchidadVY!ijgc!VcYbdkZdji fj^X`anl^i]djiXgZVi^c\\g^YadX`!eVgi^XjaVganVigjh]]djg#9g^kZghlZgZ d[iZciZbeiZYidWneVhhi]ZfjZjZd[jeid&*%kVch^cdgYZgid\Zii]Z^gijgc hddcZgVcYi]jhbV`ZbdgZgjch!VegVXi^XZYZhXg^WZYVh¹hiZVa^c\Vijgc#º >[Xdcigdaa^c\i]ZkVchlVhVWVaVcX^c\VXiWZilZZcWZ^c\idj\]dcYg^kZgh Wji`ZZe^c\i]Zbldg`^c\!Xde^c\l^i]i]ZhdaY^ZghlVhbjX]bdgZiZcYZc" i^djh#KVchVcYiVm^hlZgZ[dgXZY^cidVXdchiVci\VbZd[XViVcYbdjhZl^i] VgbneVigdah#DXXVh^dcVaan!l]ZccdhdaY^ZghlZgZ^ch^\]i!Yg^kZghcZZY^c\ id\Zii]Z^gXVghidi]Zdi]Zgh^YZldjaYYg^kZViWgZV`cZX`heZZYi]gdj\]i]Z gdX`"higZlcdeZc^c\haZ[i[dgi]ZZmXajh^kZjhZd[Vgbn_ZZeh#I]dhZXVj\]i g^h`ZYWZ^c\WZViZcdg]Vk^c\i]Z^gXVghhbVh]ZY#I]ZajX`ndcZhldjaYdcan ]VkZi]Z^g`ZnhVcY^YZci^ÃXVi^dcXVgYhXdcÃhXViZY[dgi]ZYVn#I]ZhdaY^Zgh ZkZcijVaanaZVgcZYi]ViO^VYVcY6WjVa"6WZYlZgZgZhedch^WaZ[dgdg\Vc^o^c\ i]ZYg^kZgh#¹L]Zci]ZnldjaYiV`Zi]Z`ZnhVcY>9hVcYaZVkZi]ZYg^kZgh l^i]djildg`!i]ZnXdjaYc¼iWZWdi]ZgZYidadd`[dgi]ZdlcZg!ºXdbbZciZY O^VY#¹Hdi]ZnldjaYXdbZVcYi]gdlPi]ZXdcÃhXViZY^iZbhRdcbZ!WZXVjhZ >`cdlVaai]ZYg^kZgh#º >ilVhbdgZdb^cdjh[dgi]Zdg\Vc^oZghl]ZchdaY^Zghig^ZYid^bea^XViZ i]Zb^ci]ZhdaY^Zgh¼dlcdWhZhh^dcl^i]ejh]^c\i]ZYg^kZghWVX`[gdbi]Z gjWWaZbdjcYhi]VibVg`ZYi]Zcd"Yg^kZodcZ¸XdcÄ^Xi^c\l^i]i]ZYg^kZgh¼ ^ciZgZhi^chXdde^c\jeZm]VjhiZYeZYZhig^Vch#L]Zc[VXZYl^i]i]ZhdaY^Zgh¼ YZbVcYhi]Vi]Z[dgXZi]ZYg^kZgh¼WVX`!6WjVa"6WZYldjaYh^beanY^hVeeZVg [gdbi]ZhXZcZ#O^VY]VhVh^b^aVghidgn#¹6hdaY^ZgXVaaZYbZdkZgVcYhV^Y idiZaai]ZYg^kZghidbdkZje#>hV^Yid]^b!»A^hiZc!Yd>ldg`[dgndjVhVc ZbeadnZZ4¼ºI]ZhdaY^ZgXdcÃhXViZYO^VY¼h>9#¹>ilVhl^ciZgVcY>hVi^ci]Z gV^c[dgi]gZZ]djgh#I]ZhdaY^ZgiZaahbZ!»Cdlndj¼kZWZZciVj\]iVaZhhdc#¼ >idaY]^b!»CZkZgi]ZaZhh!ndjXVaabZV\V^c!>¼bcdi\d^c\idVchlZg#>i¼hcdi bn_dW#¼º7di]O^VYVcY6WjVa"6WZYegZ[ZggZYi]ZhdaY^Zghid\dVWdjii]Z^g Wjh^cZhhY^gZXian# =JB6CEDL:G IgVchedgiVi^dcVXgdhhi]Zcd"Yg^kZodcZlVhVahdcZZYZY[dg\ddYhVcY[dg eZdeaZl]dXdjaYc¼ilVa`#9jg^c\i]ZeZg^dYl]ZcdcZaVcZlVhdeZc!igjX`h XVggn^c\>hgVZa^\ddYhidEVaZhi^c^VcbVg`ZihXdjaY\ZieZgb^ihidYg^kZ
8dc[gdciVi^dc :mX]Vc\Z
i]gdj\]#7jiZkZcWZ[dgZHjgYVlVh[jaanXadhZYidkZ]^XaZh^ci]ZhjbbZgd[ '%%'!i]ZhbVaaWjh^cZhhZh![VgbZgh!hX]ddah!Wj^aYZgh!igVkZaZghl^i]aj\\V\Z!VcY jc^kZgh^inhijYZcihgZijgc^c\[gdbi]Z]da^YVnhVaacZZYZYVhdaji^dc#>iVgg^kZY^c i]Z[dgbd[edgiZghl^i]i]gZZ"l]ZZaZYlddYZcejh]XVgih# 6bdc\ldg`Zgh!edgiZgV\Z^hXdch^YZgZYdcZhiZeVWdkZWZ\\^c\#I]ZbV_dg^in d[adc\"iZgbedgiZghldg`^c\^ci]ZGVbVaaV]bVg`ZiXdbZ[gdbi]Zk^aaV\Zh VgdjcY=ZWgdc!i]ZeddgZhiVgZVd[i]ZLZhi7Vc`!VcYhaZZeVii]ZbVg`Zi i]gdj\]djii]ZlZZ`#8dbeVgVi^kZan!ldg`^c\ViHjgYVlVhVbdYZhihiZeje# 7ji!dcXZV\V^c!l^i]i]ZXadhjgZd[Va"?VllVaX]ZX`ed^ci!\jnh[gdb?VaVojc h]dlZYjel^i]XVgih#I]Zdg^\^cVa]VcY[jad[=ZWgdc^iZhXdjaYcdiYZ[ZcYi]Z^g iZgg^idgnV\V^chii]ZÃkZbZc[gdb?VaVojc!Wjil^i]\gZViZg]jbVcigV[ÃXcdl eVhh^c\i]gdj\]HjgYV!i]ZgZlVhldg`Zcdj\]id\dVgdjcY# 6hVbeaZd[l]ViedgiZghXVgg^ZYVXgdhhi]ZX]ZX`ed^cidcdcZhjbbZg bdgc^c\hj\\Zhih]dlXgjX^Vai]ZnlZgZ/bZVi[gdbi]ZhaVj\]iZg]djhZ^c 7^goZ^i![gZh]bjaWZgg^Zh!eVX`V\ZY[ddYh[dgVhjeZgbVg`Zi!\aVhhZhVcYeaViZh [dgV]djhZlVgZh]de![VWg^X[dgViV^adg!aj\\V\Z!lddY!XVchd[l]^iZeV^ci!V \aVhhh]dlXVhZ!VhidcZ"Xjii^c\bVX]^cZ!VXVgZc\^cZ¸cdiidbZci^dci]ZYVn¼h ZY^i^dcd[Va"FjYhcZlheVeZg#I]ZÄdld[bZVi!lddY!VcYkZ\ZiVWaZh^cidi]Z X^inXgdhh^c\i]ZhigZVbd[^cYjhig^VaVcYXdchjbZg\ddYh\d^c\idi]Zk^aaV\Zh ViiZhiZYidi]Z^ciZgYZeZcYZcXZWZilZZcGVbVaaV]VcY^ih]^ciZgaVcY¸VgZaVi^dc" h]^ei]ZX]ZX`ed^cicZVganh]ViiZgZY#7jiedgiZghVahd[Zgg^ZYeZdeaZVXgdhh¸ X]^aYgZciddhbVaaidlVa`i]Zild`^adbZiZgh!nZiiddaVg\ZidWZXVgg^ZY0i]Z h^X`VcYZaYZganl]dhZl]ZZaX]V^ghXdjaYc¼icVk^\ViZi]ZgjWWaZ0h^mY^Vanh^h eVi^Zcih[gdbi]Zk^aaV\Zh0VcY!dchZkZgVadXXVh^dch!eZdeaZldjcYZYVii]Z X]ZX`ed^ci^ihZa[#I]ViedgiZghlZgZVaadlZYiddeZgViZViVcjbWZgd[X]ZX`ed^cih WZheZV`hi]ZVgbn¼hhdgY^Yad\^Xd[eZgb^hh^WaZbdW^a^in#L]ZZahlZgZVaag^\]i! Vhadc\Vhi]ZnlZgZc¼ibdidg^oZY# ;DJGA:ilVhdcanVbViiZgd[i^bZWZ[dgZdcZjc^kZghVaan"YZg^YZY XVgg^V\ZYg^kZgWZ\VcidXVggneZdeaZ!Xjii^c\YZZean^cidi]ZedgiZgh¼igVYZ# I]Zc^c?jan'%%(!ZkZgndcZlVhhlZeidjid[Wjh^cZhhWni]ZdeZc^c\d[i]Z HjgYVVcY:^c6gZZ`X]ZX`ed^cih¸i]Z\gVcYVX]^ZkZbZcid[i]ZJH"hedchdgZY ¹gdVYbVe#ºL]ZcHjgYVlVhXadhZYV\V^cidigV[ÃXÃkZlZZ`haViZg!i]Z]dghZbZc VcYi]ZedgiZghcZ\di^ViZYVcV\gZZbZci!V^YZYWni]ZcZlXdcÃ\jgVi^dcd[Wjaa" YdoZYbdjcYhbVg`^c\i]Zcd"Yg^kZodcZ#>ilVhV\gZZYi]ViVXjhidbZgldjaY WZd[[ZgZYi]Zdei^dcd[Xgdhh^c\i]ZX]ZX`ed^ci^cV]dghZ"YgVlcXVgil^i]di]Zg g^YZgh[dgh^mh]Z`Zah!WjidcanidigVkZghZi]ZY^hiVcXZWZilZZci]ZildbdjcYh# ;dgiZch]Z`Zah!VXjhidbZgXdjaYiV`ZVejh]XVgiVgdjcYi]ZbdjcYh!i]jhbdk" ^c\]^h\ddYhVaai]ZlVn[gdbVkVcdcdcZh^YZidVkVcdci]Zdi]Zg#I]ZedgiZgh ]VYa^iiaZaZkZgV\ZidZmigVXii]^hYZVa0i]Z]dghZbZc¼h\ZcZgdh^inXVbZ[gdbi]Z gZhedch^W^a^ini]Zn[ZaiidlVgYhi]Z^ggZaVi^kZh![g^ZcYh!dgcZ^\]Wdgh# 6A>B>C6AODC: >ci]ZÃcVaeZg^dYl]ZcHjgYVlVhi]Z]jWd[bdkZbZciWZilZZci]Zcdgi]VcY hdji]LZhi7Vc`!i]ZgZlZgZgdj\]an'*edgiZgh!&-XVgg^V\ZYg^kZgh!VhbVcnVh )%%kVch!VcYVcdi]Zg(%hbVaaiVm^hldg`^c\i]ZX]ZX`ed^ci#>cVYY^i^dc!i]ZgZ lZgZi]ZeZYYaZgh!l]dhZcjbWZghVkZgV\ZYVWdji(%^c\ddYlZVi]Zg!VcYVh bVcnVh,%Yjg^c\GVbVYVc#DcVcn\^kZcYVn!jeid*)%eZdeaZlZgZbV`^c\V a^k^c\d[[HjgYV#I]VicjbWZgYdZhcdiiV`Z^cidVXXdjcii]ZhZgk^XZhZXidgi]Vi hegVc\jeid[ZZYVcYfjZcX]i]Zi]^ghid[i]ZX]ZX`ed^cildg`Zgh¸i]ZXd[[ZZ kVch!X^\VgZiiZhZaaZgh!Yg^c`hZaaZgh!`ZWVWhiVcYh!VcYWaVX`hb^i]h[dgi]Z]dghZh# I]^hcZlbVg`ZilVhcdiadhidci]ZXdbbjc^i^ZhV[[ZXiZYWni]ZX]ZX`ed^ci# I]ZDXidWZg'%%(gZXadhjgZ]^ii]Zb]VgY!l]^aZegdk^Y^c\VWddcidX]ZX`ed^ci ldg`Zgh#¹>\dih^X`d[^i!ºgZbZbWZghBdjhiV[V#¹I]Zldg`lVh\d^c\lZaa!Wji >lVhgZVYnidYgde^iWZXVjhZi]ZgZlVhc¼iVeZghdceVhh^c\l]dY^Yc¼ihVn »:mead^iZgNdj¼gZi]ZdcZhi]ViVgZ`ZZe^c\i]ZX]ZX`ed^ciXadhZY#¼º6WjVa"6WZY hjbhjei]ZegdWaZb/¹L^i]i]ZX]ZX`ed^cii]ZgZlVhhj[[Zg^c\[dgZkZgndcZ! Wjindj]VY&%WZcZÃi^c\VcY.%adh^c\#º I]ZX]ZX`ed^ci]VYiV`ZcbZc[gdbi]ZbVg\^chVcYegdk^YZYi]Zbl^i] ejWa^XgdaZhi]VilZgZXZcigVaidi]ZhdX^Zin¼hhjgk^kVa#7jii]ZX]ZX`ed^ci ldg`Zgh!l]^aZZfjVaank^Xi^bhd[i]ZhVcXi^dchgZ\^bZ!]VY[djcYVlVnidijgc i]VihdjgXZd[Y^hedhhZhh^dc^cidVa^kZa^]ddY#>cVYY^i^dc!i]Z^gVW^a^inidldg` Vii]ZX]ZX`ed^cilVhYZeZcYZci!^[cdidci]ZhdaY^Zgh¼eZgb^hh^dc!ViaZVhi jedci]Z^g^cY^[[ZgZcXZ#EdgiZghVcYkVcYg^kZghjai^bViZanWZXVbZXVj\]i^cV a^b^cVaedh^i^dcWZilZZci]Za^cZhd[deegZhhdgVcYdeegZhhZY!Zmead^iZgVcY Zmead^iZY!i]VilZgZhdXaZVganYgVlcVii]ZX]ZX`ed^ci# L]^aZi]Zldg`ZghY^YcdilVciidXddeZgViZdgWZhZZcidWZXddeZgVi^c\ l^i]i]ZhdaY^Zgh¼Y^ginldg`!Vii]ZhVbZi^bZ!i]ZnXdjaYcdiV[[dgYiddeZcan Xdc[gdcii]Zb#>ci]ZÃghi&-bdci]hd[i]ZX]ZX`ed^ci¼hZm^hiZcXZ!WZ[dgZi]Z
8dc[gdciVi^dc :mX]Vc\Z
aVWdg^c[gVhigjXijgZ]VYYZkZadeZY!i]Zjc^kZgh^indg\Vc^oZYi]gZZaVg\ZYZbdc" higVi^dchV\V^chii]ZX]ZX`ed^ci#:VX]gZhjaiZY^ci]ZVgbnh^beanldghZc^c\i]Z Zm^hi^c\gZ\^bZ#Hi^aa!hedciVcZdjhYZbdchigVi^dchlZgZeaVccZYWnhijYZcihVcY ndjc\bZc!l]dhZXdchiVci]VgVhhbZciWgdj\]ii]ZbidVWgZV`^c\ed^ci#I]ZhZ bdbZcihd[XdaaZXi^kZgZh^hiVcXZXgZViZYYZZeY^aZbbVh[dgX]ZX`ed^cildg`Zgh# =jgaZYhidcZhVcYgVbeV\^c\hdaY^Zghi]gZViZcZYcdidcanWdY^Zh!WjikVch! eZYYaZghiVcYh!VcYhidX`#I]ZX]ZX`ed^cib^\]iWZXdbeaZiZanhZVaZY¸cdiZkZc Vaadl^c\eZYZhig^VchidXgdhh¸[dgVcV[iZgcddcdgZkZcV[ZlYVnh#Dci]ZhZ YVnh!ldg`ZghXdbeaV^cZYi]Vi`^YhaZii^c\d[[hiZVblZgZYVbV\^c\i]ZXda" aZXi^kZ^ciZgZhi#¹Cdi]^c\^h\d^c\id]VeeZcidi]Z_ZZe¸^i^hegdiZXiZY!ºcdiZY O^VY!7ji¹i]ZcZmii]^c\ndj`cdl!i]ZhdaY^ZghVgZÃg^c\WjaaZih!WgZV`^c\bdgZ l^cYh]^ZaYh#ºI]ZXaVhhY^[[ZgZcXZWZilZZcYZbdchigVi^c\hijYZcih[gdbi]Z jc^kZgh^in!VcYi]ZhjWegdaZiVg^Vid[kVcYg^kZghVcYedgiZgh!VXXZcijViZYi]Z aViiZg¼hXdciZci^dci]Vib^YYaZXaVhh`^Yh!l]d¹Ydcdi`cdl]dlidÃ\]iegde" ZganVcnlVn!ºlZgZh^beanXgZVi^c\VbZhh[dgigVkZaZghdgi]Zldg`^c\eddg# 7jiO^VY¼hl^aa^c\cZhhidh^i^ci]ZgV^c[dgi]gZZ]djgh!gVi]Zgi]Vc\^kZi]Z hdaY^Zgg^\]ihdkZg]^b!ViiZhihidi]Zldg`Zgh¼ZkZgnYVngZh^hiVcXZ#D[iZci]ZhZ lZgZ^cY^k^YjVaXdc[gdciVi^dchl]ZchdaY^ZghhiZeeZYdkZgVc^ck^h^WaZa^cZ!d[ l]Vildg`ZghhVlVheZgb^hh^WaZ!l^i]^ci]ZgjaZhd[Ydb^cVidgVcYYdb^cViZY# :mVbeaZh^cXajYZi]Z]Zgd^Xhidgnd[i]ZXd[[ZZkZcYdgl]d`ZeiX]ddh^c\idaZi hdaY^ZghYZhigdn]^hhiVcYl^i]V_ZZegVi]Zgi]Vcegdk^YZi]Zbl^i][gZZXd[[ZZ! dgi]Zndjc\kVcYg^kZgl]d![dgi]ZhV`Zd[i]ZgZhi!lZciVcYejcX]ZYVhdaY^Zg l]d]VYXjghZYi]Z^gbdi]Zgh#BdgZh^\c^ÃXVcigZh^hiVcXZXdjaYWZ[djcY^caZhh YgVbVi^X!WjiiZcVX^djhZkZgnYVnhjWkZgh^dcd[i]ZX]ZX`ed^cigZ\^bZ^ihZa[#6i c^\]i!X]ZX`ed^cildg`ZghhiZVai]^anejh]ZYXdcXgZiZWadX`hV[ZlbdgZ^cX]Zh VeVgiidbV`ZlVn[dg]dghZXVgg^V\Zh!dgigVbeaZYi]ZZY\Zhd[cZlbdjcYh d[gjWWaZhdedgiZgXVgihXdjaYeVhh#I]gdj\]cZZYVcY^c\Zcj^in!^cVbng^VY d[lVnh!i]ZngZXaV^bZYi]ZheVXZd[i]ZX]ZX`ed^ci![gdbWZ^c\Vh^iZd[ejgZ deegZhh^dcVcYWgjiVa^in!^ciddcZl]ZgZa^kZa^]ddYh!hdX^Vaa^[Z!VcYZkZchdX^V" W^a^inXdjaYWZgZXdkZgZY#
&
:Y^idghcdiZ/i]^hZhhVn^hVh]dgiZcZYkZgh^dcd[i]Zdg^\^cVaejWa^h]ZY^cB^YYaZ:VhiGZedgi'(&! HjbbZg'%%)#>i^heVgid[i]ZVji]dg¼hl^YZggZhZVgX]dci]Z^beVXid[X]ZX`ed^cih0lZ]VkZ ^cXajYZY^i]ZgZVh^cY^XVi^kZd[i]ZX]ZX`ed^cigZ\^bZl]^X]XjggZcianY^hhZXihVaad[i]ZdXXje^ZY iZgg^idg^Zh!^cXajY^c\?ZgjhVaZb#
'
I]ZldjaYbjX]gVi]ZgZmeadgZi]Zedhh^W^a^i^ZhXdciV^cZY ^ci]^c`^c\d[djghZakZhVhXVj\]ije^cVcZcYaZhhegdXZhhd[¹XdciVXi!ºbV`" ^c\^iY^[ÃXjaiidgZegdYjXZi]Z]^hidg^XVaeZg^dY^oVi^dchdgXjaijgVa$\Zd\gVe]^XVa Y^k^h^dch!l]^X]!l]ZcWgZVX]ZY!YgVbVi^oZ^chjaVgeda^i^Xh^cdgYZgidegdbdiZV hZchZd[i]gZVi#H^beaZ]^hidg^X^o^c\d[iZcegdXaV^bhi]Vii]^hdgi]Vi\gdjeVgg^kZY Vbdc\hijhVii]^hdgi]Vi]^hidg^XVabdbZciVhVY^gZXigZhjaid[VgjeijgZ!Xdc" Ä^Xi!dgY^hVhiZg#I]jh!i]Z^cÄjZcXZd[i]^hXjaijgZdci]ViXjaijgZ^hYViZY[gdb i]ZbdbZciVeVgi^XjaVgVcYYgVbVi^XZcXdjciZgidd`eaVXZ!VcYlZVgZegdk^YZY l^i]V_jhi^ÃXVi^dcdgVaZ\^i^b^o^c\cVggVi^kZ[dg^ihdXXjggZcXZ0lZVgZVhhjgZY i]Vi^idcan]VeeZcZYWZXVjhZhdbZi]^c\ZmigVdgY^cVgnidd`eaVXZ# 8dckZghZan!lZb^\]ihVni]VilZ]VkZValVnhWZZc^cXdciVXi!ValVnhWZZc YZZeanZciVc\aZY0i]ViBVgI]dbVhlVhXdckZgi^c\=^cYjhid8]g^hi^Vc^indci]Z BVaVWVg8dVhi^ci]ZÃ[i]XZcijgn!i]Vi6gVWcVk^\VidghlZgZX]Vgi^c\i]Z>cY^Vc DXZVc^ci]ZZ^\i]XZcijgn!i]Vihe^XZhVcYY^hZVhZhVcYaVc\jV\ZhlZgZh]^eeZY WVX`VcY[dgi]!idVcY[gdb:jgdeZ[gdbi]Z&'i]XZcijgndclVgY!i]ViigVkZaZgh ]VkZValVnhidaYiVaZhd[[VgVlVneaVXZh!i]Vii]ZWZVid[6[g^XVcYgjbhjcYZg" hXdgZYldgaYbjh^Xadc\WZ[dgZlZ]VYcjbWZghidcVbZdjgXZcijg^Zh#>ildjaY hZZbi]Vii]ZeZg^dY^oVi^dch!l]^X]XdjciZgedhZbdgZgZXZciVgg^kVah^cgZaVi^dc
'-%q'-& 8dc[gdciVi^dc :mX]Vc\Z
idcVi^kZedejaVi^dchl]d]VkZhZZb^c\an¹ValVnhWZZci]ZgZ!ºV^bidXdchi^ijiZ VgjeijgZdgVhjgeg^hZ!VcYi]Vii]ZhZ!^cijgc!V^bidZchjgZi]VilZeZgXZ^kZ XdciVXiVheV^c[ja!VhVc^ckVh^dci]Vil^aahdbZ]dlh]^[ii]ZiZgbhd[djga^kZh# 8DCI68I >Ydcdi]VkZVldg`^c\YZÃc^i^dc[dg¹XdciVXi#ºL]Vi>Yd]VkZVgZZmeadgV" i^kZ^YZVhVWdjil]nhdbZdcZa^`ZbZb^\]iWZViigVXiZYidi]ZXdcXZei^c^ih Y^[[ZgZci[dgbjaVi^dch!VhlZaaVhidi]Zedhh^W^a^i^Zh^ijc[daYh#>cgZ[Zgg^c\id bnhZa[!^i^hcdibn\Zd\gVe]^XVaW^d\gVe]ni]Vi^hd[gZaZkVcXZ!WjigVi]Zgbn ^ciZaaZXijVadcZ![dgl]Vi^ciZgZhihbZVgZVcVani^XVabdYZah^cl]^X]VXdcY^i^dc ^ci]ZldgaYVcYi]ZXdcY^i^dch^cdjg^ciZaaZXijValdg`Xdaa^YZVcYYVcXZ#I]Vi ^h!i]ZWgZVX]^c\d[WdjcYVg^ZhdXXjghheVi^Vaan!^ci]ZgZVaheVXZhd[djgldgaY! VhlZaaVh^ci]ZXd\c^i^kZegdXZYjgZhVcYedhh^W^a^i^ZhXjggZciandeZcidjh#I]^h ZmeadgVi^dcl^aaiV`Zi]Z[dgbd[VX^gXj^idjhgdjiZi]Vih]^[ih[gdbcdi^dchd[ ¹XdciVXiºidcdi^dchd[¹ZciVc\aZbZciºidcdi^dchd[i]Z¹iZggdg^hi^X#º:VX]d[ i]ZhZXdcXZeihl^aaiV`Zi]Z[dgbd[VWgZVX]^ci]ZWdjcYVg^Zhd[Y^k^h^dcVcY XdciV^cbZci# LZVaa`cdli]ZgZVgZkVhiVggVnhd[mZcde]dW^XegZ_jY^XZhi]VigZ[jhZid VX`cdlaZY\Zi]ViLZhiZgcZgh¸bnhZa[^cXajYZY¸VgZcdii]ZVgW^iZghVcY^ckZcidgh d[Z^i]Zgegd\gZhhdgbdYZgc^in!Wjih^beani]dhZl]d]VkZi]ZedlZgidegdYjXZ i]ZbhZakZhVhhjX]#I]ZXdjciZgeVgid[i]^h[ZVg[jaW^cVgnd[¹jhºVcY¹i]Zb!º ^#Z#i]ZYZh^gZidWZ^cXajh^kZVcYlZaXdb^c\!idgdbVci^XVaanZbWgVXZi]ZY^[[Zg" ZcXZhi]ViVg^hZ^cdjgb^Yhi!^hZfjVaanegdWaZbVi^X^c^ihaVX`d[gZÄZm^k^in![dg^i VhhjbZhLZhiZgcXjaijgZ^h^cÃc^iZanZaVhi^XVcYZmeVcYVWaZ#7jiXdcigVgnid^ih dlchZa[eZgXZei^dcVhgZk^h^dcVgn ]ZgZ>ldjaY^cXajYZWdi]XjaijgVa^chi^iji^dch VcYVcVani^XVaXg^i^fjZh !i]ZZcYaZhhanZmeVch^kZ^cXajh^kZcZhhegVXi^XZYWnhd bVcnLZhiZgcZgh^hVXijVaanegZb^hZYdcVcjcXg^i^XVacdi^dcd[LZhiZgceaZc^ijYZ! dci]ZjcigdjWaZYVW^a^inidh^beanVYY¹di]Zghºl^i]djiadh^c\VW^id[dcZ¼h¹hZa[!º dci]ZgdbVci^XWZa^Z[i]VilZXVch^beanVYYdi]Zg]^hidg^Zhidi]ZcVggVi^kZhd[ bdYZgc^hbVcY^ihkVg^djhXg^hZhVcYXdaaVehZhdkZgi]ZeVhi(%nZVgh# L]Vi^hhdY^hijgW^c\VWdjii]^hVYY^i^kZbdYZa!WZh^YZhi]ZdWk^djh[VXii]Vi ^i^\cdgZhi]ZXdcÄ^XiWZilZZc]Z\Zbdc^XVcYbVg\^cVa^oZYXjaijgZh!^hi]Vi^i aZVkZh^ciVXii]Z^aajh^dcd[ZmeVch^kZeaZc^ijYZVii]Z]ZVgid[i]ZLZhi¼hXjaijgVa egd_ZXi#I]ZgZ[dgZ!^iVhhjbZhi]Zedhh^W^a^ind[X]Vc\Zl^i]djiadhh!l^i]dji VaiZgVi^dc!l^i]djigZbVee^c\i]ZcVk^\Vi^dcVaeg^cX^eaZhWnl]^X]lZ]VkZigVY^" i^dcVaanbVYZdjglVni]gdj\]i]ZXjaijgVaiZggV^c# 8dciVXib^\]i[VX^a^iViZ\Zii^c\VgdjcYi]ZW^cVgnd[]dhi^aZVcYk^daZci gZ[jhVaidVXXZeiXjaijgVaY^[[ZgZcXZdci]ZdcZ]VcY!VcY^ihdkZgZci]jh^Vhi^X XdjciZgeVgid[cV^kZZbWgVXZdci]Zdi]Zg#>ci]^hXdciZmi!>Zbeadni]ZiZgb [daadl^c\BVgnAdj^hZEgVii!l]dXd^cZYi]ZiZgb¹XdciVXiodcZhºidYZhXg^WZ ¹hdX^VaheVXZhl]ZgZY^heVgViZXjaijgZhbZZi!XaVh]VcY\gVeeaZl^i]ZVX]di]Zg! d[iZc^c]^\]anVhnbbZig^XVagZaVi^dchd[Ydb^cVi^dcVcYhjWdgY^cVi^dc0Xdadc^" Va^hb!haVkZgn!eaVciVi^dcXjaijgZZiXº EgVii!&..'/+", #¹8dciVXiodcZº^hVYVeiZY [gdbi]Za^c\j^hi^Xh¼cdi^dcd[¹XdciVXiaVc\jV\Z!ºl]^X]gZ[Zghidi]Z^begdk^hZY aVc\jV\Zhi]ViYZkZadeVbdc\heZV`Zghd[Y^[[ZgZcicVi^kZidc\jZhl]dcZZY idXdbbjc^XViZl^i]dcZVcdi]ZgXdci^cjdjhan!jhjVaan^ci]ZXdciZmid[igVYZ#
>c^i^VaanXVaaZY¹e^Y\^c!ºi]ZhZaVc\jV\ZhXVbZidWZXVaaZY¹8gZdaZºl]Zci]Zn
'-'q'-(
YZkZadeZYcVi^kZheZV`Zghd[i]Z^gdlc¸i]dhZWdgc^cidi]Z]nWg^Yidc\jZ#A^`Z ¹XdciVXiodcZºhdX^Zi^Zh!hjX]aVc\jV\ZhlZgZXdbbdcangZ\VgYZY^ci]ZLZhi VhX]Vdi^X!WVgWVgdjh!VcYjchigjXijgZY# ¹8dciVXiodcZº^hVcViiZbeiid^ckd`Zi]ZheVi^VaVcYiZbedgVaXdegZhZcXZd[ hjW_ZXih!egZk^djhanhZeVgViZYWn\Zd\gVe]^XVcY]^hidg^XVaY^h_jcXijgZ!l]dhZ XViZ\dg^Zhcdl^ciZgXZei#¹8dciVXiºZbe]Vh^oZh¹i]Z^ciZgVXi^kZVcY^begdk^" hVi^dcVaY^bZch^dchd[Xdadc^VaZcXdjciZghl]^X]lZgZegZk^djhanYZhXg^WZYWn bdYZahd[hjWdgY^cVi^dcVcYYdb^cVi^dc#>iVaadlh[dgXdegZhZcXZ!^ciZgVXi^dc! ^ciZgadX`^c\jcYZghiVcY^c\hVcYegVXi^XZhd[iZcl^i]^cgVY^XVaanVhnbbZig^XVa gZaVi^dchd[edlZgº EgVii!&..'/+", #¹8dciVXiº]VhXdbZidbZVcV[jh^dcd[]^\] VcYadl!]ZgZVcYi]ZgZ¸^cl]^X]^i^hcdadc\Zgedhh^WaZidhZeVgViZdjii]Z higVcYh!dgZhiVWa^h]igVY^i^dcVa]^ZgVgX]^Zh# ;JH:9I:GG>IDG>:H 6cZVganZmVbeaZd[[jhZYiZgg^idg^ZhdeZgVi^c\VhbjX]ehnX]^XVaanVhiZgg^idg^Vaan VgZEVaZhi^cZ":N :NhiVcYh[dg:gZioN^hgVZa!i]ZAVcYd[>hgVZa #I]^hlVhi]Z aVhiVcYeZg]VehVahdi]ZÃghii^bZi]ZildZci^i^ZhlZgZ]ne]ZcViZY^ci]Zedhi" VaYZh^\cVi^dcd[i]Z7g^i^h]BVcYViZ#I]Z7g^i^h]:be^gZ!higZiX]ZYid^iha^b^ih Wni]Z^bbZchZZ[[dgihd[LdgaYLVg>>!hiVgiZYi]ZYZXdadc^oVi^dcegdXZhhl^i] ^ihl^i]YgVlVa[gdb>cY^V!WjilVhZhhZci^VaanViVadhhVhidl]ViidYdl^i]i]^h eVgi^XjaVghZid[cVi^kZh/dci]ZdcZ]VcY!O^dc^hioZVadih[jZaaZYWnbdYZgc^hi k^h^dchd[hdX^Va^hicVi^dc"Wj^aY^c\XdjeaZYl^i]gZ[j\ZZh$hjgk^kdgh[gdbi]Z lVg^c:jgdeZ!VcYdci]Zdi]Zg]VcY!VgZ\^dcVaeZdeaZl]dhZcVi^dcVa^YZci^in heVccZY[gdbVbgZ[Zgg^c\id!^hVbdbZci^cl]^X]ZkZgni]^c\lVhXdb^c\ ^cidWZ^c\!V9ZaZjo^Vc¹WZXdb^c\º^cl]^X]VcZbe^gZlVhYZÃcZYVhbdYZgc!V EVaZhi^c^VceZdeaZXVbZ^cideda^i^XVa[dgbVi^dc!VcYVO^dc^hihiViZlVhXdc_jgZY ^cidgZVa^in#Add`^c\WVX`[gdbi]Z'&hiXZcijgn!cdcZd[i]ZVWdkZVgZZci^i^Zhid WZk^ZlZYl^i]cdhiVa\^X!ZmXZeieZg]Vehi]Z]ne]ZcWZilZZci]ZldgYhEVaZhi^" cV":N#I]Vi]ne]ZchiVcYh[dgi]ZbdbZcil]ZcXdc[jhZY7g^i^h]eda^XnVaadlZY [dgV[jh^dc¸Vii]ZaZkZad[Va^c\j^hi^Xh^\c¸d[i]ZhZildZci^i^Zh#>c]^cYh^\]i!^i hiVcYh[dgi]Vil]^X]:YlVgYHV^Y]VYadc\XVaaZY[dg/VhZXjaVgW^cVi^dcVahiViZ ^cVcVgZV^c]VW^iZYWnWdi]eZdeaZh#>chiZVY!lZ]VkZVcdc\d^c\lVgWZilZZc ildXdcXZeih/WdgYZghZhiVWa^h]ZYVcYgZZhiVWa^h]ZYYV^anWnVcZm^hi^c\hiViZ! VcYVbW^Zci[ZVgbdW^a^oZYWnVcVhe^g^c\hiViZ!^cdgYZgidXdjciZgi]ZhZWdg" YZgh¼XaV^bhid^bbjiVW^a^in#
8dc[gdciVi^dc :mX]Vc\Z
L]Vi^h^i!i]Zc!i]VigZ[jhZhVcYYZc^Zhi]ZaZ\^i^bVXnd[¹XdciVXi!ºVhWdi] i]ZdgnVcYXdcY^i^dcd[ZciVc\aZYa^kZYgZaVi^dch4L]Viegdk^YZhi]ZhideeV\Zh VcYWadX`V\Zhi]Vi`ZZe¹XdciVXiº[gdbXdb^c\^cidWZ^c\4DWk^djhan!WdgYZgh VcYWdjcYVg^ZhVgZ]^\]dci]Za^hid[i]ZdeZgVi^dcVaad\^XhlZbjhiXdjciZg!^c dgYZgidegdYjXZ¹XdciVXiºVhdjga^kZYgZVa^in# 6B7>:CI;:6G ;gdb^ih^cXZei^dcVhVhiViZ!>hgVZa]Vh^ch^hiZYdcZhiVWa^h]^c\^ihZa[l^i]^c WdjcYVg^Zh!cVb^c\i]Zb!bdk^c\i]Zb!cZ\di^Vi^c\^ci]ZcVbZd[WdgYZghi]Vi dcZ[dg\Zih[gdbdcZlZZ`idi]ZcZmi#>hgVZa^ejWa^Xg]Zidg^X^h^cXjaXViZYl^i] VcZcYaZhhVggVnd[WdgYZghi]Vi]VkZWZXdbZi]Z]VaabVg`d[WdgYZg]nhiZg^V# I]ZhZhiViZWdgYZghVahdhZgkZVhVa^cZd[Y^k^h^dcWZilZZchd"XVaaZY¹aZ\Va^inº VcY¹^aaZ\Va^in!ºVcYi]jhegdYjXZViZggdg^hi^XWgZVX]¸VcVXil]^X]ejcXijgZh i]ZhVXgZYhe]ZgZd[i]ZaVl!VcY^hi]ZgZ[dgZedh^i^dcZYdjih^YZd[^iVh¹dji" aVlZY#º>cijgc!i]ZHiViZd[>hgVZaVhVcV\\gZhh^kZdXXjen^c\edlZgWZXdbZh i]ZldjaY"WZk^Xi^bd[^cXjgh^dch^cid^ihhZa["egdXaV^bZYheVi^Va^ciZ\g^in# >cVh^ijVi^dcl]ZgZ[ZVghXVccdadc\ZgWZXdciV^cZYidWdgYZgh!WdgYZgh i]ZbhZakZhWZXdbZ[ZVg0cdii]Vil]^X]XdciV^ch^i!\jVgYhV\V^chi^i!hZ\gZ\ViZh ^ihV\\gZ\ViZXdbedcZcih¸Wjii]ZbViZg^Vad[[ZVg^ihZa[#>ceaVXZhd[ZmigZbZ XdcÄ^Xi!WdgYZghVgZgZXdchi^ijiZYYV^an#GZÄZXi^c\nZhiZgYVn¼hV\gZZbZcihdg \ddYl^aa!i]ZnbdkZl^i]Vhidc^h]^c\heZZYVii]ZÃghih^\]i^c\d[i]Vil]^X] cZZYhXdciV^c^c\ViVbdbZci¼hcdi^XZ#7dgYZghVgZbdkVWaZ[ZVhihd[[ZVg!VcY ^cXgZVh^c\an^bediZciZ[[dgihVgZbVYZVihiVk^c\d[[i]Vi[ZVgWnVgb^c\![dg" i^[n^c\!VcYÃm^c\WdgYZgh#6h?ZVcAjXCVcXnlg^iZh!¹cdl]ZgZi]Zc^hi]ZgZ lVgVcYZkZgnl]ZgZi]ZgZ^hiZVg^c\VeVgi!Xgjbea^c\Ydlc!X^k^a^oZYk^daZcXZ VcYi]ZWgjiVa^i^Zhi]ViVgZbZgZXVg^XVijgZhd[VcX^Zci!hVXgZYk^daZcXZ#LVg^h cdl]ZgZVcYZkZgnl]ZgZ!gZaViZYidVcnZcYl^i]djiVcnadc\ZgWZ^c\gZaViZYid ^ihZa[VhhjegZbZZcYº CVcXn!'%%%/&%- # I:GGDG>HI>8 6iegZhZci!^ihZZbh^bedgiVciid^ch^hidcWdjcYVgn"[gZZZciVc\aZbZcih^c l]^X]lZXVccdihea^i^ciddg^\^chVcY]nWg^Yh!WjigVi]ZgWZ\^cidjcYZghiVcY i]VilZ]VkZValVnhWZZceVgid[VeZg[dgbVi^kZb^m^c\#I]dhZl]d]VkZhijY^ZY YZXdadc^oVi^dc!Vci^"Xdadc^oVi^dc!VcYigVchcVi^dcVab^\gVi^dc`cdli]Vii]Z ]^hidgnd[i]ZiZggdg^hi^XlZaaegZXZYZhi]ZVWgjei¹WgZV`ºi]ZJc^iZYHiViZhVcY ^ihVaa^Zh]VkZig^ZYidXgZViZ^ci]ZV[iZgbVi]d[.$&&#I]ZgZ[dgZ!i]ZÃcVacdi^dc> lVciid^ckd`Z^cVi]ZdgZi^XVaViiZbeiidegdk^YZedhh^W^a^i^Zh[dgjci]^c`^c\i]Z ad\^Xd[WdjcYVg^Zh!Y^k^h^dc!VcYXdciV^cbZci!^hi]Zcdi^dcd[i]Z¹jcWdjcYZY#º I]^h^hgZaViZYidi]Zcdi^dcd[VbW^Zci[ZVgVcYi]Z[VXii]ViWdgYZghXVccdi YdVaai]Vii]ZnVgZbdW^a^oZY[dg#I]ZiZggdg^hi^X!WZ^c\cZ^i]ZgVcVXid[iZggdg" ^hbcdgi]Z¹lVgdciZggdg^hb!ºXdchi^ijiZhVWgZVX]^ci]ZYdb^cVci¸l]dhZ dlck^daZcXZ^hbVh`ZYWnVhZid[^cig^XViZVcYVgi^XjaViZad\^Xhi]VideZgViZ ^ci]ZcVbZd[¹[gZZYdb!º¹YZbdXgVXn!º¹\adWVa^oVi^dc!ºZiX#I]ZiZggdg^hi^XXVc WZi]dj\]id[cdiVhVhZg^Zhd[k^daZciVXih!cdiVhVbdbZcid[gjeijgZdgi]Z Vgi^XjaVi^dcd[Y^hZc[gVcX]^hZbZci!WjiVhi]Zedhh^WaZegdYjXi^dcd[VWgZVX] i]Vib^\]iVaadl[dgVXdjciZgad\^XidZbZg\Z#
L6AAE6E:G;G6beZg^Va:nZh/IgVkZaLg^i^c\VcYIgVch8jaijgVi^dc AdcYdcVcYCZlNdg`/ GdjiaZYZ!&..' # ?ZVcAjXCVcXn!7Z^c\H^c\jaVgEajgVa! HiVc[dgYJc^kZgh^inEgZhh!'%%% # C^`dhEVeVhiZg\^VY^h!¹6bW^Zci;ZVghVcYi]ZCZl6ji]dg^iVg^Vc^hbº jcejWa^h]ZYaZXijgZ!'%%(! XdjgiZhnd[i]ZVji]dg #
i]Zhd[iZgh^YZd[Xdaa^h^dc NVV`dklVhYg^k^c\l^i]HVb^g!VEVaZhi^c^VciVm^Yg^kZg[gdb:Vhi?ZgjhVaZb!eVhiV hbVaa[Vb^an]diZa^cLZhi?ZgjhVaZb!l]dhZVY]dXhncV\d\jZbn[Vi]ZghdbZ" i^bZhViiZcYZY#I]Z]diZagZb^cYZYHVb^gd[VXZgiV^ceZg^dY^c]^ha^[Z#>iWZ\Vc l]Zc]ZlVhhideeZYWnV=VgZY^ ?Zl^h]jaigV"dgi]dYdm ldbVccZVgHVWWVi] HfjVgZ#H]ZhVi^ci]ZWVX`#I]ZniVa`ZY#I]Zci]Zn_d`ZY#I]Zc]ZWdd`ZY^cid i]^h]diZa#¹>XVbZdjid[i]Zh]dlZg!VcYh]ZlVhdci]ZXdjX]#LZhiVgiZY[dda^c\ VgdjcY#I]Zc>Vabdhi]VYV]ZVgiViiVX`¸]Zg]ZVYXVbZd[[^cbn]VcYhº 6hdeedhZYidbdhigZa^\^djhldbZc!l]dh^beanXdkZgi]Z^g]V^g^cejWa^X!^c i]Zhig^XiZhijaigV"dgi]dYdmXdbbjc^i^ZhldbZch]VkZi]Z^g]ZVYh!dkZgl]^X] i]ZnlZVgVhXVg[dgVl^\¸l]^X]^hl]Vi]VYXdbZd[[^cHVb^g¼h]VcYh#=Z lVhc¼iZmeZXi^c\i]^h#¹H]ZlVhWVaY!NVV`dk!XdbeaZiZanWVaY7jil]ViVWdbW" h]Zaa#LZXVgg^ZYdc!VcYgZVaana^`ZYZVX]di]Zg!hdlZbZiV\V^c!VcYi]ZcV\V^c! fj^iZgZ\jaVgan#;dg]Va[VnZVglZ`ZeibZZi^c\#>hiVgiZYid\ZihXVgZYi]Vi]Zg eZdeaZldjaYÃcYdjiVcYXdbZV[iZgbZ!hd>Wgd`Z^id[[#7jih]ZlVh\gZVi#º >lVhcZlid?ZgjhVaZbl]Zc>]ZVgYi]^hhidgn^ci]ZaViZ&..%h!VcYY^hXdjciZY ^iVhVYZa^\]i[jaVcYdjigV\ZdjhVcdbVan#6h>Xdci^cjZYida^kZ^ci]ZX^in!]dl" ZkZg!>`Zei]ZVg^c\VcYhZZ^c\i]^c\hi]ViXgdhhZYi]ZZi]c^X!gZa^\^djh!VcYcVi^dc" Vaa^cZhbVcnd[jh]VkZXdbZid]ViZ#I]ZhZhidg^ZhlZgZcdadc\ZgVcdbVadjhWji Zk^YZcXZd[V]^YYZch]VgZYa^[Z#6lVn[gdbi]Zedhijg^c\VcYeda^i^XVaYZXaVgV" i^dchVWdjiVjc^iZY$dXXje^ZY?ZgjhVaZb!ZkZgnYVneVhh^dch!`^cYcZhhZh!b^hX]^Z[! VcYXgZVi^k^inlZVkZjhid\Zi]Zg¸bdgZi]VcVcndcZYVgZhidVX`cdlaZY\Z#>h]VgZ hdbZd[i]ZhZhidg^ZhWZXVjhZi]ZnVgZl]VibV`Za^[Z^c?ZgjhVaZba^kVWaZ!ZkZc Zc_dnVWaZ![dgbZ#7ji>VahdlVciidhj\\Zhii]Vii]ZnVgZ^cY^XVi^kZd[VY^[[ZgZci `^cYd[a^[Z!i]Z`^cYi]Vi]VhWZZc!^h!VcYXdjaYWZedhh^WaZ# Bnhidg^ZhXZciZgVgdjcY:Vhi?ZgjhVaZbiVm^Yg^kZgh VcYHVb^g^ceVgi^XjaVg l]d^cigdYjXZYbZidi]^hb^mZY"jeldgaYl]ZgZild?ZgjhVaZbhXdbZid\Zi]Zg# DkZg]Va[i]ZiVm^Yg^kZgh^cLZhi?ZgjhVaZbVgZ:Vhi?ZgjhVaZb^iZh!bdhian deZgVi^c\6gVW"dlcZYXVWh#>cYZZY!hZkZgVad[i]ZaVg\ZgXdbeVc^ZhVgZ6gVW" dlcZYdgXd"dlcZY¸V?Zl^h]eVgicZg]Vk^c\WZZcVYYZYidajWg^XViZgZaVi^dch l^i]i]ZVji]dg^i^Zh# I]^c`VWdji^i#L]Vidi]Zgdeedgijc^inYdndjc\EVaZhi^c^VcbZc]VkZid X^gXjaViZjcdWhigjXiZYVgdjcYi]ZX^in4I]ZgZVgZcdcZbdgZbdW^aZi]Vci]dhZ l]dbV`ZVa^k^c\WngdVb^c\#6cYcdi_jhi^cLZhi?ZgjhVaZb#I]Znhl^c\WVX` VcY[dgi][gdbLZhiid:Vhi ZViajcX]0\^kZi]Zl^[ZVa^[i0egVnVii]ZbdhfjZ ! Z[[dgiaZhhanXgdhh^c\i]Za^cZhi]Vi\dkZgcbdhieZdeaZ#6cYi]ZgZVgZVahdadc\
Y^hiVcXZig^ehiddi]ZgeVgihd[>hgVZaVcYi]ZLZhi7Vc` hZiiaZghd[iZcegZ[Zg
'-+q'-,
6gVWYg^kZghl]d`cdl]dlid¹]VcYaZºi]ZbhZakZh^ci]ZDXXje^ZYIZgg^idg^Zh # L]Vidi]ZgEVaZhi^c^VchbdkZi]gdj\]?Zl^h]heVXZjc]^cYZgZY!^cXdbbVcY!
8dc[gdciVi^dc
dcYjin4L]dZahZheZcYhi]Z^g&%!&'!&)]djgYVnhXdckZgh^c\l^i]?Zlh^cVc
:mX]Vc\Z
jchigjXijgZY!Vcdcnbdjh!VcY^ci^bViZlVn!WgVX`ZiZYWni]ZXaZVchiVgiVcY XaZVgÃc^h]d[V\^kZcg^YZ¸^[Wdi]eVgi^Zhhdl^h]4L]ZgZZahZYdZhi]Z6gVW^c hjX]ZcXdjciZghedhhZhhVbdY^Xjbd[Vji]dg^in¸WZ]^cYi]Zl]ZZa!d[iZcd[V aViZ"bdYZaBZgXZYZh[ZleVhhZc\ZghXdjaYV[[dgY4 Ndj]VkZidWZegZiin¹id\Zi]ZgºidWZVc:Vhi?ZgjhVaZbiVm^Yg^kZg#Ndjg =ZWgZlbjhiWZ\ddY^[ndjVgZidi]g^kZ VcY^[\ddYZcdj\]ideVhh[dgVCdgi] 6[g^XVcdgB^YYaZ:VhiZgc?Zl¸Vaai]ZWZiiZg #NdjcZZYideVhhi]ZiVm^Yg^kZg XZgi^ÃXVi^dcXdjghZ!\ZiVXdbbZgX^Vaa^XZchZ!]VkZVcVXXdjciVci!VcYhiVndji d[igdjWaZ#I]ZaViiZgXVcWZY^[ÃXjail]ZcV]VgY"id"eaZVhZXa^Zci¼hXdbeaV^ci idi]ZB^c^hignd[IgVchedgiVi^dceaVXZhndjjcYZgi]ZegZhjbei^dcd[\j^ai! WZXVjhZd[ndjgYjVaZi]c^XVcYdXXjeVi^dcVa^c[Zg^dg^in#BVcnYg^kZghdlci]Z^g kZ]^XaZh¸VW^\XVe^iVa^ckZhibZcii]Vi[ZZYhdcZdgbdgZ[Vb^a^Zh#I]ZhZVgZ`Zei gjcc^c\!^cideh]VeZ!d[iZc')]djghVYVn^cild&'"]djgdgi]gZZ-"]djgh]^[ih# 6bdc\?Zlh!ViVm^Yg^kZg^hhZZcVhhdbZdcZl]daVX`hVaiZgcVi^kZh!l]ZgZVh^i ^hV[V^ganlZaagZheZXiZY_dW^c:Vhi?ZgjhVaZb# 8GDHH>CC:H >WZ\Vcl^i]HVb^gVcY]^hjaigV"dgi]dYdmadkZgcdi _jhi Vhegjg^Zci\dhh^e VWdjiVXdbbjc^inVhhjbZYidWZ¹VWdkZhjX]i]^c\h!ºWjiWZXVjhZi]ZgZ^h hdbZi]^c\hd]deZ[jaVWdjiVh^beaZ]jbVc[gjhigVi^dcgZVX]^c\VXgdhhWdjcY" Vg^Zh¸[VgVXgdhhWdjcYVg^Zh¸idWZbZi# >gdc^XVaan!^chjX]XVhZh!^i^hegZX^hZanY^hiVcXZl]^X]^hVieaVn/jaigV"dgi]dYdm bZcVcYldbZcgZ\VgYYVaa^VcXZhl^i]cdc"?ZlhVhaZhhh^c[ja#>cYZZY!VhhdbZ jaigV"dgi]dYdmbZcZmeaV^cidi]Z^giVm^Yg^kZghdci]ZlVnidi]ZgZYa^\]i Y^hig^Xid[Cdgi]IZa6k^k!i]Z9^VbdcY:mX]Vc\Z^cGVbVi_d`ZYl^i]HVb^gdcXZVWdji]dlbVcn?Zl^h]`^Yh]ZbVn]VkZjc`cdl" ^c\anh^gZY!VcYi]VidcZd[i]Zb!cdldaYZcdj\]idWZ^ci]ZVgbn!XdjaYhide ]^bViVX]ZX`ed^ci#LZaVj\]ZY!ldcYZg^c\^[i]ZnldjaYgZXd\c^oZZVX]di]Zg# L]VilZlZgZgZVaanaVj\]^c\Vi!d[XdjghZ!lVhi]ZbZhhnbjYYaZWZcZVi]?Zgj" hVaZb¼hhjg[VXZ# HVb^g¼hhdc^hd[VbdgZXVhjVa\ZcZgVi^dci]Vc]^h[Vi]Zg/_ZVch!I"h]^gi! hjc\aVhhZh#=Z]Vh]^h[Vi]Zg¼hX]Vgb!Wjid[>hgVZa^!cdi?dgYVc^Vck^ciV\Z#=Z d[iZchiVnZYl^i]]^hGjhh^Vc^bb^\gVci\^ga[g^ZcY^ci]Z?Zl^h]idlcd[7Zi] H]ZbZh]!jci^a]ZZciZgZY^cidVcVggVc\ZYbVgg^V\Zl^i]Vc:Vhi?ZgjhVaZb\^ga# GZXZcian!>hideeZYl^i]]^bidWjnhdbZhdYVViVc:Vhi?ZgjhVaZbh]del]ZgZ Vl^aYbVaZÃcX]^cVXV\ZlVhX]^ge^c\VlVn#I]ZdlcZgZmeaV^cZYi]Vi]ZlVh ign^c\id¹bVggnº^il^i]ildYdbZhi^XViZY[ZbVaZXVcVg^Zh#>[V[ZbVaZa^`Zhi]Z ÃcX]¼hkd^XZ!h]Zl^aahiVgicZhi^c\!VcYi]ZildXVcWZeji^cidi]ZhVbZXV\Z#>[ i]Zn]VkZd[[heg^c\!i]ZÄZY\a^c\hl^aaaZVgci]Z^gl^aY[Vi]Zg¼hijcZhVcYoZhi[dg h^c\^c\!Wji^c]Zg^ii]Z^gYdbZhi^XViZYbdi]Zg¼hbjX]higdc\Zgkd^XZ¸l]^X]^h l]VibV`Zhi]ZbhdkVajVWaZ!VaWZ^i^c[Zgi^aZ#6[ZbVaZÃcX]!>VbidaY WnbZc ! l^aacZkZgVXXZeiVbVaZXVcVgn#NdjXVccdiejii]Zb^ci]ZhVbZXV\Z!VcYh]Z ldjaYcZkZg!¹^cVi]djhVcYnZVgh!ºaZi]^bbdjci]Zg#I]ZÃcX]!VcVi^kZheZ" X^Zhl]^X]i]ZaVlh[dgW^YhidXVeijgZdgdlc!^hZmeZch^kZ!VgdjcYVi]djhVcY h]Z`Zah!VcYVbVaZ¼hkVajZ^h^cXgZVhZYWn]^hegdkZcVW^a^inidegdYjXZ]nWg^Y d[[heg^c\#>Vh`ZYHVb^g¼hhdc]dlndjhVn¹]nWg^Yº^c6gVW^X#7VcYj`!]ZidaY bZl^i]gZa^h]# I]ZX]ZVeig^X`d[hiVgi^c\l^i]hZmidVYYgZhhgjeijgZh^c?ZgjhVaZb¼h deegZhh^kZY^k^Y^c\a^cZhh]djaYcdiYdlc\gVYZdghZchVi^dcVa^oZi]Ze]Zcdb" Zcdc#I]ZgZVgZbdgZhZYViZVcYhVcXi^dcZY[dgbhd[b^c\a^c\VhlZaa/hdX^Va k^h^ih!ZmX]Vc\ZY[Vkdgh!adVch!_d^ciWjh^cZhhkZcijgZh#>ihiVgihl^i]Vh`^c\i]Z EVaZhi^c^Vc\VgYZcZg^[]ZlVcihV\aVhhd[lViZgdgVXjed[iZV!dgildXdldg`" ZghVii]ZWjhXdbeVcnVeegZX^Vi^c\ZVX]di]Zg¼hhinaZ!VcYi]Zc###]jbVchVgZ ]jbVch!V[iZgVaa# 7ji^[>Y^YhiVgil^i]b^c\a^c\VXgdhh\ZcYZga^cZh!aZibZWZegdkdXVi^kZ/ WZcZVi]i]Zk^daZcXZ!Y^higjhi!VcYZi]c^XZcXaVk^c\!^hi]ZgZcdihdbZgVX^Va[ZVg dcWdi]h^YZh d[l]Vib^\]i]VeeZc^ci]^hXd]VW^iZYX^in VcYXdjcign ^[i]Z WVgg^Zgh[Zaa4LZ¼YWZVaadkZgZVX]di]Zg6aai]ZY^ZiVgn!iZbedgVa!VcYdi]Zgejg" edhZ[jaVhncX]gdc^oVi^dchd[?Zl^h]aVl!l]^X]hZZbYZh^\cZYidbV`ZhdX^Vab^m^c\ Y^[ÃXjai!cdadc\Zg\j^YZi]ZbV_dg^ind[i]Z?Zl^h]edejaVi^dc#HigViZ\^hihd[?Zl^h]
RT!]PL^MYVT/HY/VTH[VTHPUHJJLZZYVHK
RT!/HY/VTH
hjgk^kValdggnVWdjii]ZYZbd\gVe]^Xi]gZVi^c>hgVZaVcYi]ZVhh^b^aVi^dci]gZVi
'.%q'.&
VWgdVY#7jil]Vi^[i]ZWVgg^ZghlZgZgZYjXZYidVed^cii]ViVaadlZY[dgVhh^b^aV" i^dcl^i][ZaadlHZb^iZhg^\]i]ZgZ^cdjgdlcWVX`nVgY4 DjgeVhihlZgZÄj^Y!VcY>hjheZXidjg[jijgZhXdjaYWZidd#NZVghV[iZgbZZi" ^c\]^b!V[g^ZcY[gdb:Vhi?ZgjhVaZbbZci^dcZY^ceVhh^c\i]Vi]^hVcXZhidgh lZgZHng^Vc?Zlhl]dXdckZgiZYid>haVbl]Zci]ZnbdkZYid=ZWgdcYjg^c\i]Z i^bZd[HVaVY^c#>lVhVbVoZY!]ZlVhcdcX]VaVci#¹NZh!hdbZi^bZhl]Zc>Yd hdbZi]^c\hije^YdgbV`ZVcVhijiZÃcVcX^VaYZX^h^dcbn[g^ZcYhiZVhZbZVcY XVaabZV?Zl#º>bZci^dcZYi]^hidVcdi]Zg[g^ZcY!V?dgYVc^Vcdg^\^cVaan[gdbi]Z =ZWgdcVgZV!l]d`cdlh=ZWgdc^iZ[Vb^a^ZhlZaa#¹I]Vi¼hg^\]i!º]ZXdcÃgbZY! ¹i]ZH]lZ^`h]VkZYdcZlZaa[dgi]ZbhZakZh^cWjh^cZhh!ºVcYi]Zc]Za^hiZYd[[ i]ZcVbZhd[hZkZgVadi]ZgEVaZhi^c^Vc[Vb^a^Zh`cdlcidWZ[dgbZgan?Zl^h]#¹>c [VXi!º]ZXdci^cjZY!¹bn\gZVi\gVcYbdi]Zgdcbnbdi]Zg¼hh^YZ^h?Zl^h]!ndj `cdl#H]ZlVhV?Zl^h]\^gadge]VcZY^chdbZWViiaZ!l]dbbn\gZVi\gVcY[Vi]Zg VYdeiZYVcYaViZgbVgg^ZY#L]ZcZkZg]Z\diVccdnZYl^i]]Zg]ZldjaYXVaa]Zg W^ciNV]djY YVj\]iZgd[V?Zl #>ilVhdcannZVghaViZgi]Vi>aZVgcZYi]Vii]^h lVhcdi_jhiVcZe^i]Zi#º EA6N>CI=A>C:H A^cZhVgZVkZgnhZg^djhi]^c\^c?ZgjhVaZb#I]ZhZeVgVi^dcWVgg^Zg^hVhWajci VcYXdcXgZiZVhndjXVc\Zi#>[\dkZgcbZci^cheZXidgh i]ZhZYVnhEVaZhi^c^Vc X^i^oZchd[>hgVZa[gdb6WjiV`Z^ci¼hVdcZ"lVnhigZZi\d^c\i]Zlgdc\lVn#Dcan &*bZiZgh!Wji^ihVkZhiZcb^cjiZh#>]VkZildeVhhZc\Zgh^ci]ZXVg#6eda^XZ
8dc[gdciVi^dc
XVgh^\cVah[dgbZidhide#>i]^c`idbnhZa[!»>XVc¼iV[[dgYV&%%%h]Z`ZahÃcZ
:mX]Vc\Z
VcY&%eZcVained^cihdcbna^XZchZ#¼6hi]Zeda^XZd[ÃXZghVeegdVX]>iZaabn eVhhZc\Zgh^c6gVW^X!»=daYi^\]i!>cZZYideaVnVa^iiaZ]ZgZ!ZkZgni]^c\l^aaWZ D@#¼I]Zn¼gZgZ\jaVgXa^Zcih[gdb:Vhi?ZgjhVaZb!ldg`Zghl]db>iV`Z]dbZ#Hd >bZZii]Zeda^XZ]Va[lVnVcYhVnhd[ian!»hVlndjgeVigdaVcYXVbZg^\]i idndj#Ndj¼kZ\diid]ZaebZ#I]ZhZildeVhhZc\Zgh\di^c!VcY>]VkZV[jccn [ZZa^c\VWdjii]Zb#EaZVhZX]ZX`i]Zbdji#¼PI]^hlVh_jhiV[iZgVlZaa"ejWa^X^oZY ^cX^YZci^cl]^X]Vhj^X^YZWdbWZggZVX]ZY]^hYZhi^cVi^dcWniVm^R#Hdi]Zeda^XZ X]ZX`i]Z^g>9h#I]ZnXdbZWVX`idbZVcYhVn!»>i¼hD@!i]Zn¼kZX]ZX`ZYdji ÃcZ#¼>hVn!»6gZndjhjgZ4>i¼hndjggZhedch^W^a^in¼I]Zni]Vc`bZ[dgbnk^\^" aVcXZ!h]V`Zbn]VcY!VcYl^h]ZkZgndcZlZgZVhVaZgiVh>Vb¸VbdYZaX^i^oZc# 6cYd[[lZlZci#º ¹>lVhc¼iV[gV^Yi]Vii]Zn¼Ygdj\]jebneVhhZc\Zgh!i]ZnlZgZeda^XZbZc ^cWajZjc^[dgbh!cdiWdgYZgeVigdai]j\h#>hV^YidbnhZa[!»i]ZÃcZldjaYWZ &%%%h]Z`Zah#>[i]ZeVhhZc\Zgh\ZiWZViZc!>¼aa\^kZi]Zb]Va[i]Vihjb!hVn '*%ZVX]°¼º L]^aZHVb^g^hVcZmeZgiViY^heZaa^c\eZdeaZ¼h[ZVgh!ZkZc^ckZgi^c\i]Zb id]^hdlcWZcZÃi!]^hZaYZhihdclVhi]ZajX`nWZcZÃX^Vgnd[VcZci^gZanjcXVa" XjaViZY^ckZgh^dc#HVb^glVh^c]^h>haVb^XeZg^dYl]Zci]ZX]^aYlVhWdgc! VcYlVciZYidXVaa]^b@]dbZ^c^#L]Zc]ZlZciidgZ\^hiZgi]ZWdnVii]Z:Vhi ?ZgjhVaZbWgVcX]d[i]ZB^c^hignd[>ciZg^dg!l]ZgZi]Za^cZhWZilZZcb^c^hign d[ÃX^VahVcYH]VWV` hgVZa^ Wdn¼hcVbZ!VcYlVhZkZcheZaaZYi]ZhVbZ#Hdi]ZX]^aY\gZljel^i]VcVbZ^c ]^h>9XVgY!l]^X]ZcVWaZY]^bidb^c\aZl^i]?ZlhbdgZ[gZZani]Vcbdhi#HVb^g gZXVaah]dljehZi:gVc$>gVc @]dbZ^c^ lVhl]Zc]^h]^h?Zl^h][g^ZcYhlZgZ YgV[iZY!VcY]ZXdjaYcdi_d^ci]Zb!ZheZX^Vaani]ZdcZhZca^hi^c\^cXdbbVcYd jc^ih#¹L]Zci]ZnXVbZ]dbZ[gdbi]Z^gWVhZh[dgi]ZÃghii^bZ!ºHVb^g¼hhdc idaYbZegdjYan!¹i]ZnaZibZ]daYi]Z^g\jchVcYh]dlZYbZ]dli]Znldg`ZY#º DkZgi^bZ!]dlZkZg!]ZhVlaZhhVcYaZhhd[i]Zb# HDL=6I4 L]ViYdi]ZnVbdjciid!i]ZhZhidg^Zh4HdbZ^ggZaZkVci]jbVc^hi^XlZZYh hegdji^c\Vii]ZZY\Zhd[i]ZjcgZaZci^c\XdcXgZiZd[dXXjeVi^dc49di]Zn_jhi WVgZanZVhZi]ZWgjiVa^ind[Zi]c^X!gZa^\^djh!VcYcVi^dcVaY^k^h^dch!dgYdi]Zn VXijVaangZkZVa dgaVni]Z\gdjcY[dg hdbZi]^c\Y^[[ZgZci!hdbZi]^c\bdgZ ^bedgiVci4 >bnhZa[hdbZi^bZh\ZiVccdnZYVii]Zi]ZdgZi^XVagdbVci^X^oVi^dcd[¹ZkZgnYVn gZh^hiVcXZ!ºVcYldcYZgVii]Zeda^i^XVaZ[ÃXVXnd[eZVhVcihl]d[Vgil]^aZWdl^c\ Vii]ZeVhh^c\adgY#L]niZaai]ZhZhidg^Zh!VhX]Vgb^c\Vhi]Znb^\]iWZ46[iZgVaa! Ydc¼ii]ZZmXZei^dchYZhXg^WZYegdkZi]ViY^hiVcXZVcYhZeVgVi^dcVgZi]ZgjaZ4
EZg]Veh>VbcVkZ!Wjii]ZhZhidg^Zhhig^`ZbZVhi]Z]^YYZcgjaZd[ZkZgnYVn XdZm^hiZcXZVcY]nWg^Y^oVi^dch!iZbedgVg^andXXajYZYWnX^gXjbhiVcXZ#BVnWZ HVb^g]VYidWgZV`d[[]^hV[[V^g!WjihdbZl]ZgZ^cBZVH]Vg^bi]ZgZ^hVldbVc l]dgZbZbWZgh]^b!VcYeZg]Vehcdi_jhil^i]\j^ai#6cY[dgi]Z&%%Wgd`Zc V[[V^ghi]ZgZl^aaWZiZc[dcYbZbdg^Zh!VcYeZg]VehdcZXdjeaZl]da^kZdji i]Z^ggjaZ!Vh6aZ\gV7ZaadlVcY?VWVgVGV]^aY^Yl]Zci]ZnbZi^ci]ZBV]VcZ NZ]jYVbVg`ZiVcYZadeZY^c&.'.!Vii]Z]Z^\]id[?Zl^h]"6gVWiZch^dch!ZkZcij" Vaanbdk^c\id:^c@VgZb!aZVk^c\WZ]^cY]ZVgiWgd`ZceVgZcih!WjiVahdVX]V^c d[YZhXZcYZcih[gdb:VhiVcYLZhi?ZgjhVaZbl]dh]VgZVbdi]Zg!\gVcYbdi]Zg! VcY\gZVi"\gVcYbdi]Zg# >]VkZcdiVh`ZYHVb^gl]Zi]Zg]Zi]^c`hi]ZhZZkZgnYVnWgZVX]ZhVbdjci idVcni]^c\#>YdjWi^ildjaYWZVegdYjXi^kZa^cZd[fjZhi^dc^c\#7jieZg]Veh hdbZi]^c\]ZidaYbZ^cY^XViZh]^hVii^ijYZ#¹I]ZgZ¼hi]^hdcZ?Zl^h]Yg^kZgVi djghiVi^dci]Vi]ViZh6gVWh#>Ydc¼i`cdll]n#=Z_jhi]ViZhjh#7ji]Za^`Zh bZ#=ZYdZhc¼i`cdll]n#=ZhVnhidbZ!»HVb^g!>Ydc¼i`cdll]n>a^`Zndj! Wji>a^`Zndj#¼HdaVhic^\]il]Zc]ZhV^Yi]^h!>gZhedcYZY!»>iYdZhc¼ibViiZg l]Zi]Zgndja^`ZbZdg]ViZbZ!WZXVjhZZ^i]ZglVn!lZ¼kZiV`Zcndjgldg`#¼ >lVh_d`^c\l^i]]^b#>hV^Y!»IZaabZ!Y^YndjdXXjen:Vhi?ZgjhVaZbdgY^YlZ dXXjenndj4¼=ZhZZbZYWV[ÄZY#>Vh`ZY!»8VcndjhaZZel^i]Vc6gVWldbVc4¼ »Cd#¼»9dndjlVa`VgdjcYi]Z6gVWbVg`Zih[gZZan4¼»Cd#¼>idaY]^b!»>h]de dc?V[[VhigZZi!>\dl]ZgZkZg>lVci#>ZVi^cndjggZhiVjgVcih!haZZel^i]ndjg ldbZc!VcYiV`Zndjgldg`#>i]^c`^ilVhlZl]ddXXje^ZYndj^c&.+,#¼ ¹D]!ºhVnhVcdi]ZgEVaZhi^c^VcYg^kZgidl]db>gZaVnZYi]^hXdckZghVi^dc! ¹I]dhZVgZ_jhiHVb^g¼he]^adhde]^Zh#º NdjYZX^YZ#
&
I]^hY^heVg^in^hVXijVaanVegdWaZbWZXVjhZhVaVg^Zh[dgjch`^aaZY_dWh^cLZhi?ZgjhVaZbVgZh^\" c^ÃXVcian]^\]Zgi]VchVaVg^Zh[dgh`^aaZY_dWh^c:Vhi?ZgjhVaZb#DC6A:K:GN96N?:L>H="6G67G:A6I>DCH=>EH >C?:GJH6A:B B^X]VZaGdbVcc
I]ZXdciZhiZYX^ind[?ZgjhVaZb^hcdYdjWiVcZmigZbZXVhZd[VedaVg^oZYjgWVc Zck^gdcbZci#>hgVZaXdch^YZgh?ZgjhVaZbjc^ÃZY^ceda^i^XVaiZgbh!nZiEVaZhi^c" ^Vch]VkZgZ_ZXiZYi]Z&.+,Zc[dgXZbZcid[>hgVZa^aVl!_jg^hY^Xi^dc!VcYVYb^c^h" igVi^dcdkZg:Vhi?ZgjhVaZbVcYXdci^cjZidWdnXdii`Zn>hgVZa^eda^i^XVa^chi^ij" i^dch#9V^angZVa^in!^cijgc!gZÄZXihi]ZeZgh^hiZcihdX^Va!ZXdcdb^X!VcYheVi^Va Y^k^h^dchWZilZZci]Z?Zl^h]VcY6gVWXdbbjc^i^Zh#9^[[ZgZciZi]c^X^YZci^i^Zh VgZXaZVganbVg`ZYVcYi]ZgZ^hcdheVXZVaadlZY[dgVb^mZY?Zl^h]"6gVW^YZc" i^in#>cYZZY![Vg"gZVX]^c\eViiZgchd[hZ\gZ\Vi^dcWZilZZcbZbWZghd[i]Zild Xdbbjc^i^ZhV[[ZXiVabdhiVaaVheZXihd[ZkZgnYVna^[Z#6ii]ZhVbZi^bZ!YV^an bV^canZXdcdb^X ^ciZgVXi^dcVcYZmX]Vc\ZVgZVahdXdbbdc#I]^h^heVgi^Xj" aVgani]ZXVhZ^ci]ZaVWdgVcYXdchjbZgbVg`Zih0^igZaViZhidXZgiV^cWjh^cZhh igVchVXi^dch!VcY^hbdhiVeeVgZcil]ZgZ?ZlhVcY6gVWhh]VgZejWa^XhZgk^XZh# HZkZgVafjZhi^dchVg^hZ^ck^Zld[i]^hY^kZghZgZVa^in#;^ghi!idl]ViZmiZci ]VkZi]ZildhZXidghjcYZg\dcZVXijVadg[jcXi^dcVa^ciZ\gVi^dc4HZXdcY!l]ZgZ Ydi]ZildXdbbjc^i^Zh^ciZgVXiVcYl]ViYdi]dhZ^ciZgVXi^dchadd`a^`Z4 A^`Zl^hZ!l]ZgZVgZi]ZXdbbjc^i^ZhhZ\gZ\ViZYVcYl]Vi^hhZ\gZ\Vi^dc¼h VeeZVgVcXZ4;^cVaan!idl]ViZmiZciXVci]ZhZeViiZgchWZViig^WjiZYideda^i^XVa VciV\dc^hb!Y^[[ZgZciXjaijgVacdgbhdgZXdcdb^X^cZfjVa^i^Zh4EgZX^hZanWZXVjhZ :VhiVcYLZhi?ZgjhVaZblZgZZci^gZanhZeVgViZWZilZZc&.)-VcY&.+,!lZ]VkZ Vjc^fjZdeedgijc^inidigVXZVcYZkVajViZi]ZegdXZhhZhd[^ciZ\gVi^dc^ci]Z X^in¼h^chi^iji^dcVaVcYZXdcdb^XYdbV^ch# ?jhiV[iZgi]ZH^m9VnLVg^c&.+,!VÃghihjgkZnd[i]Z^bea^XVi^dchd[hdX^Va VcYZXdcdb^XgZjc^ÃXVi^dclVhXdcYjXiZY GdbVcc!&.+- #;daadl"jehjgkZnh lZgZXdcYjXiZYYjg^c\i]ZaViZ&.,%hVcYZVgan&.-%h!Xdch^YZg^c\i]Z\gVYjVa egdXZhhd[^ciZ\gVi^dcVcYVYVeiVi^dcWZilZZci]ZhZildaVg\ZanY^hi^cXiZXdcdb^X VgZcVh GdbVcc!&.-) #I]Z^bedgiVcXZd[eda^i^XVaVcYXjaijgVa bdgZhdi]Vc ZXdcdb^X XdbedcZcih^ci]ZhZX]Vc\^c\eViiZgchd[^ciZgVXi^dchddcWZXVbZ VeeVgZci#6XXdgY^c\an!hjWhZfjZcigZhZVgX]lVhY^kZgiZY!VcY^cVYY^i^dcid VcVano^c\ZbeadnbZcideedgijc^i^Zh!XdbbdY^ineg^XZhVcYi]Za^`Z!ÃZaY dWhZgkVi^dchlZgZ^cXdgedgViZY^cidi]ZgZhZVgX]#I]^hZk^YZcXZgVc\ZY[gdb XdbeVg^c\i]ZXdciZcihd[idjg^hih]dehdgi]ZXdcYjXid[iVm^Yg^kZgh^ci]Z ildX^inhZXidgh!idVcVano^c\gZaVi^dchWZilZZc?Zl^h]VcY6gVWZbeadnZZh ^cV?Zl^h]]dhe^iVadg^ci]ZXdbbdcbjc^X^eVahaVj\]iZg]djhZd[?ZgjhVaZb GdbVccmLZ^c\gdY!&..& #
'.)q'.* 8dc[gdciVi^dc :mX]Vc\Z
>i^hhj\\ZhiZY]ZgZi]Vii]ZZmigZbZXVhZd[?ZgjhVaZbVhVedaVg^oZYX^in ^hZmegZhhZYcdidcan^ceViiZgchd[hZ\gZ\Vi^dc!WjiVahd^cheZX^ÃXbdYZhd[ ^ciZ\gVi^dc#>ceVgi^XjaVg!Zi]c^X^YZci^in^hVYZiZgb^cVci[VXidg!gZÄZXiZYWn heZX^ÃXVcYkVgn^c\bdYZhd[^ciZg\gdjekZghjh^cigV\gdje^ciZgVXi^dch#I]ZgZ VgZilddkZgVaaZmeaVcVi^dch[dgi]^h#;^ghi!?ZlhVcY6gVWhVa^`Zhig^kZidXdcigda i]Z^giZgg^idg^VaVcYZXdcdb^XVhhZih!WjiVgZVahdVcm^djhidegZhZgkZi]Z Zi]c^X¹^YZci^inºd[i]Z^gZXdcdb^XZci^i^ZhWn[daadl^c\XjaijgVacdgbh#HZXdcY! i]Z^ggZheZXi^kZVW^a^i^Zh^ci]^hgZ\VgYVgZaVg\ZanYZiZgb^cZYWn[jcYVbZciVaan jcZfjVaeda^i^XVaVcYZXdcdb^XedlZggZaVi^dch!l]^X]VgZjai^bViZanZmegZhhZY ^cVhnbbZig^XeViiZgchd[igVchVXi^dchVXgdhhi]ZZi]c^XY^k^YZ# H:CI:DC 9Zhe^iZi]Zd[ÃX^Va>hgVZa^g]Zidg^Xd[?ZgjhVaZbVhVjc^ÃZYX^in!i]ZegZYdb^cVci XdcY^i^dc^hdcZd[hZ\gZ\Vi^dc#HeVi^VahZ\gZ\Vi^dc^hcdiXdcÃcZYid?Zl^h]kZg" hjh6gVWgZh^YZci^VafjVgiZgh!Vh^h\ZcZgVaani]ZXVhZ^cZi]c^XVaanb^mZYX^i^Zh! Wji^h[Vgi]ZgbVc^[ZhiZY^chZeVgViZWjieVgVaaZaWjh^cZhhXZciZgh#I]Z?Zl^h] VcYEVaZhi^c^VchZXidghbV^ciV^ceVgVaaZaejWa^XigVchedgi[VX^a^i^ZhVcYhZeVgViZ X]VbWZghd[XdbbZgXZ!VhlZaaVhYdoZchd[di]Zgegd[Zhh^dcVadg\Vc^oVi^dch! [gdb]diZa^ZgVhhdX^Vi^dchidWaddYWVc`h#;^cVaan!VWVh^XY^hi^cXi^dcWZilZZci]Z ildhZXidgheZgh^hih^ci]ZaZ\Vahe]ZgZ!h^cXZ>hgVZa^aVlVcYbjc^X^eVaYZXgZZh hjX]VhXZgiV^caVWdgVcYWj^aY^c\gZ\jaVi^dch ]VkZcdiWZZc[jaanVeea^ZYid :Vhi?ZgjhVaZb#I]ZZm^hiZcXZd[Y^[[ZgZciXdbbZgX^Va]da^YVnhVcYi]ZjhZd[ =ZWgZlkZghjh6gVW^Xdch]deh^\ch^ci]ZildX^ingZ\^dch^hdcZVbdc\bVcn k^h^WaZ^cY^XVi^dchd[hZeVgVi^dc# 6ii]ZhVbZi^bZ!YV^anZcXdjciZghVcY^ciZgVXi^dchWZilZZc?ZlhVcY6gVWh VgZa^`Zl^hZbjai^eaZVcYk^h^WaZ!ZheZX^VaangZ\VgY^c\i]ZaVWdgbVg`Zi!l]ZgZ VWdjidcZ"]Va[d[i]ZZci^gZ6gVWldg`[dgXZd[:Vhi?ZgjhVaZbgZ\jaVganXgdhhZh dkZgidZbeadnbZci^ci]Z?Zl^h]hZXidg#L]^aZi]ZnVgZbV^canZbeadnZY^c bVcjVadXXjeVi^dchdgXdchigjXi^dc!6gVWhVahddXXjenXZgiV^cXaZg^XVadgegd" [Zhh^dcVaedh^i^dch^c?Zl^h]]diZah!]dhe^iVah!VcYkVg^djhbjc^X^eVaVcYejWa^X hZgk^XZhadXViZY^cLZhi?ZgjhVaZb#>cVYY^i^dc!6gVWhd[iZcXgdhhdkZgidLZhi ?ZgjhVaZb[dgheZX^Va^oZYegd[Zhh^dcVadgejWa^XhZgk^XZh aZ\VaVYk^XZdgbZY^" XVaXVgZ![dgZmVbeaZ #BV_dgh]dee^c\XZciZghZbZg\^c\dci]Z?Zl^h]h^YZVgZ ZfjVaanVcYk^h^Wan[gZfjZciZYWn6gVWXjhidbZgh# ?Zlh![dgi]Z^geVgi!jhZYidk^h^ii]Z6gVWh^YZ^c\gZVicjbWZgh!eVgi^XjaVgan i]Zidjg^hiViigVXi^dchadXViZY^ci]ZEVaZhi^c^VceVgid[i]ZDaY8^in#>cVYY^i^dc! 6gVWh]dehVcYldg`h]deh^c:Vhi?ZgjhVaZblZgZVcVXXZhh^WaZVaiZgcVi^kZdc lZZ`ZcYhVcY?Zl^h]]da^YVnhl]Zch]deh^cLZhi?ZgjhVaZbVgZXadhZY#9jg^c\ i]ZÃghi>ci^[VYVVcYhjXXZhh^kZeZg^dYhd[k^daZcXZ^c?ZgjhVaZb!Ve]ZcdbZcdc lVhVeeVgZci#L]ZgZVh?Zl^h]k^h^ihid¹i]Zdi]Zgh^YZºYgVbVi^XVaanYZXa^cZY YjZid]Z^\]iZcZY[ZVgh!6gVWh!WnXdcigVhi!Xdci^cjZYid[gZfjZciLZhi?ZgjhV" aZbYZhe^iZi]Zg^h`h^ckdakZYVcYEVaZhi^c^VcXVaahidWdnXdii>hgVZa^bVg`Zih# 7Zh^YZhi]ZhZbdgZdWk^djhZXdcdb^X^ciZgVXi^dchVXgdhhi]ZZi]c^XY^k^YZ! di]ZgaZhhk^h^WaZdgfjVci^ÃVWaZZmX]Vc\ZhYZkZadeZYdcVcZcigZegZcZjg^Va aZkZaWZilZZcÃgbhVcY^chi^iji^dch#7jh^cZhhgZaVi^dch]^ehVgZXdbbdc!l]ZgZ bdhian?Zl^h]ZhiVWa^h]bZcihhjeeani]Z\gZViZgeVgid[XdbbdY^i^ZhVcY
Wjh^cZhhhZgk^XZhidi]Z6gVWhZXidg#6gVWldg`h]deh![dgi]Z^geVgi!VgZd[iZc
'.+q'.,
Zc\V\ZYVhhjWXdcigVXidghWn?Zl^h]XdchigjXi^dcVcYbVcj[VXijg^c\^cYjhig^Zh# I]ZhZZmX]Vc\ZhZmiZcY[gdbi]ZÃcVcX^ValdgaYidi]ZjcYZgldgaY# >chjb!dkZgVaaZXdcdb^X^ciZgVXi^dcgZÄZXihVXXZhh^W^a^inVcYi]ZgZaVi^kZ VYkVciV\Zhd[[ZgZYWnZVX]hZXidg#NZi!cdh^beaZY^hi^cXi^dcXVcWZYgVlc WZilZZcVgZVhd[^ciZ\gVi^dcVcYVheZXihd[hZ\gZ\Vi^dc#HZeVgViZYjVaaVWdg bVg`Zih^cZVX]gZ\^dceZgh^hiVadc\h^YZZmiZch^kZZbeadnbZcigZaVi^dch# 9Zhe^iZZmiZch^kZZmX]Vc\Zhd[\ddYhVcYhZgk^XZh!6gVWhYdcdijhjVaan VYkZgi^oZ^c?Zl^h]cZlheVeZghVcYk^hVkZghV#>c[VXi![jcXi^dcVa^ciZgVXi^dch WZilZZci]Z?Zl^h]VcY6gVWhZXidghgVgZangZÄZXii]Z[jaaediZci^Vad[ZXdcdb^X deedgijc^inVcYheVi^Vaegdm^b^in# BD9:HD;7:=6K>DG 6hV\ZcZgVagjaZ!l]ZgZ^ciZg"hZXidgVagZaVi^dch]VkZWZZcZhiVWa^h]ZY!i]ZnXVc WZX]VgVXiZg^oZYVh¹adlaZkZaº^ciZgVXi^dch!^ci]Vii]ZniZcYidVkd^YVheZXihd[ k^h^W^a^inVcYeZgbVcZcXZ#Cd[dgbVa!k^h^WaZVcYW^cY^c\eVgicZgh]^ehWZilZZc ?Zl^h]VcY6gVWZcigZegZcZjghlZgZdWhZgkZY#I]Z^ciZ\gVi^kZh^\c^ÃXVcXZd[ ZmiZch^kZ6gVWZbeadnbZci^ci]Z?Zl^h]hZXidg^hbdYZgViZYWni]Z[VXii]Vi gZaVi^kZan[Zl6gVWh]VkZg^hZcidl]^iZ"XdaaVgldg`dgbVcV\ZbZciedh^i^dch dkZg?Zl^h]ldg`Zgh#?Zl^h]^cY^k^YjVahVcYÃgbh[gZfjZci^c\6gVWh]dehdg Zc\V\^c\6gVWldg`h]dehXVcWZZfjVaanYZÃcZYVh¹adlaZkZaº^ciZgVXi^dch!YjZ idi]Z^gdXXVh^dcVaVcYiZbedgVgncVijgZ# :Xdcdb^XgZaVi^dchWZilZZci]ZildhZXidghVgZd[iZcVhhdX^ViZYl^i]eVgi^XjaVg bdYZhdgiZgbhd[ZmX]Vc\Z#>ceVgi^XjaVg!V`^cYd[¹Zi]c^Xeg^XZ[VXidgº^hjhjVaan ^bea^ZY^cWdi]aVWdgVcYXdchjbZg^ciZgVXi^dch#?ZlhZc\V\Z6gVWdXXVh^dcVa aVWdg!dgVXfj^gZ6gVWegdYjXihVcYhZgk^XZh^c:Vhi?ZgjhVaZb!jcYZgi]Z^bea^X^i XdcY^i^dci]Vii]ZnVgZX]ZVeZgXdbeVgZYidVkV^aVWaZ?Zl^h]VaiZgcVi^kZh#I]Z Y^[[ZgZcXZ^ckdakZYb^\]ikVgn#HdbZ?Zlhl^aacdiWjnVeV^gd[h]dZh^ci]Z6gVW bVg`Zi^[i]ZnVgZdcan&%X]ZVeZg0di]Zgh!]dlZkZg!l^aa[gZfjZciXVggZeV^g h]dehdgZkZc:Vhi?ZgjhVaZbYZci^hih!h^cXZi]ZnX]Vg\Z[VgaZhhi]Vci]Zcdgb ^cLZhi?ZgjhVaZb#I]^hlVh[jgi]ZgZmZbea^ÃZYWni]Z[VXii]Vi6gVWldg`Zgh Zc\V\ZY^ch^b^aVgdXXjeVi^dch^cWdi]hZXidgh¸Vhjch`^aaZYaVWdg!Yg^kZgh!dg]diZa lV^iZgh¸VgZl^aa^c\idVXXZei[VgadlZglV\ZhVcYhdX^VaWZcZÃihl^i]^ci]Z6gVW hZXidgXdbeVgZYidi]dhZi]ZngZXZ^kZ^ci]Z?Zl^h]hZXidg#>cYZZY!Zi]c^X^YZci^in ^hValVnhVc^ciZgkZc^c\VcYgZaZkVci[VXidgidi]ZbdYZhd[ZmX]Vc\Z# BjijVa^ciZgVXi^dch^ci]ZWjh^cZhhXdbbjc^ind[iZcgZfj^gZVc^ciZgbZY^Vgn dg¹Wgd`Zg#º6gVWZcigZegZcZjghjhZVhhdX^Vi^dcl^i]V?Zl^h]Ãgb!dgZc\V\Z ?Zl^h]egd[Zhh^dcVah¸Zc\^cZZgh!VgX]^iZXihVcYeVgi^XjaVganaVlnZgh¸iddWiV^c XdcigVXih^ci]Z?Zl^h]hZXidgdgVeeZVaid>hgVZa^d[ÃX^Vah#>cdcZgZkZVa^c\ ZmVbeaZ!6gVW^cY^k^YjVahhV^Yi]ZnegZ[ZggZYidiV`Zi]Z^gYg^k^c\aZhhdchl^i] ?Zl^h]Yg^k^c\hX]ddah^cdgYZgid^cXgZVhZi]Z^gX]VcXZhk^h"|"k^hi]Z>hgVZa^ a^XZch^c\Vji]dg^i^Zh#6gZaViZYbdYZd[ZmX]Vc\Zb^\]iWZXVaaZY¹Y^h\j^hZY gZaVi^dch]^ehº¸bVcnWjh^cZhhigVchVXi^dchVgZXdcYjXiZY^chjX]VbVccZgi]Vi dcandcZeVgicZg^hejWa^XanZmedhZYl]ZcdeZgVi^c\^c]^hdg]ZggZheZXi^kZ hZXidg#8VbdjÄV\Z^hZhhZci^Val]Zc6gVWbVcj[VXijgZY\ddYh¸hjX]VhiZmi^aZh! h]dZh!hlZZih!dgeVeZgVcYeaVhi^XegdYjXih¸VgZbVg`ZiZY^ci]Z?Zl^h]hZXidg#
8dc[gdciVi^dc :mX]Vc\Z
EgdYjXihVgZ\ZcZgVaanY^hig^WjiZYjcYZg¹>hgVZa^ºaVWZahdgcZjigVa:c\a^h]WgVcY cVbZhVcYgVgZanY^hXadhZi]Z^gdg^\^c#?Zl^h]ZcigZegZcZjghl^aa^c\iddeZcV Wjh^cZhhdg!bdgZeVgi^XjaVgan!hZZ`^c\idVXfj^gZaVcY^ci]Z6gVWhZXi^dcVahd! VhV\ZcZgVagjaZ!Zc\V\ZVc6gVWhigVlbVcdgZbeadnXVbdjÄV\ZiVXi^Xh# HdbZWVh^XVhnbbZig^Zh^cl^aa^c\cZhhVcYbdYZhd[^ciZgVXi^dclZgZVahd dWhZgkZY#;dgZmVbeaZ6gVWhgZ\jaVganigVkZadc?Zl^h]WjhZhdcgdjiZhl]ZgZ 6gVWWjhZhVgZVahdVkV^aVWaZ!l]ZgZVh?ZlhValVnhVkd^YiV`^c\Vc6gVWWjh ZkZc^[i]^h^hi]ZWZhidei^dc#8dbeVg^c\i]ZineZhd[idjg^hi^iZbhZm]^W^iZY ^c:VhiVcYLZhi?ZgjhVaZbhdjkZc^gh]deh^h_jhiVh^c[dgbVi^kZ#>ci]Z6gVW hZXidg!Vadc\h^YZ8]g^hi^VcVcYBjha^bgZa^\^djhdW_ZXih!VaabVccZgd[?Zl^h] gZa^\^djhVcYcVi^dcVa^hi^iZbh!gVc\^c\[gdbYZXdgVi^kZhiVghd[9Vk^Yid¹O^dc^hiº \j^YZWdd`hVcYedhiZgh!VgZ^c[jaaY^heaVn#I]ZgZVgZcdXdbeVgVWaZ6gVWdg 8]g^hi^VchnbWdahidWZ[djcY^cLZhi?ZgjhVaZbh]deh!Vai]dj\]bVcncdc" ?Zl^h]idjg^hih[gZfjZcii]^heVgid[i]ZX^in#A^`Zl^hZ!l]ZgZVh:Vhi?ZgjhVaZb 6gVWhidgZhVgZVWjcYVcianhidX`ZYl^i]i]Z[jaagVc\Zd[?Zl^h]"egdYjXZY\ddYh! bdhi6gVWegdYjXihYdcdiÃcYi]Z^glVn^cid?Zl^h]gZiV^abVg`Zih dcZZmVb" eaZWZ^c\6gVWX^\VgZiiZhegdYjXZY^c:Vhi?ZgjhVaZb!WjicdiY^hig^WjiZY^ci]Z ?Zl^h]hZXi^dcd[i]ZX^in #:fjVaangZkZVa^c\^hi]ViVai]dj\]6gVWZcigZegZcZjgh VgZl^aa^c\dceg^cX^eaZiddeZch]deh^cLZhi?ZgjhVaZb!eVgi^XjaVgancdli]Vi ?Zl^h]XjhidbZgh]VkZWZXdbZ[ZVg[jad[Xgdhh^c\^cidi]Z6gVWhZXidg!i]^h]Vh cZkZgbViZg^Va^oZY#I]ZgZVgZcdaZ\Vadgd[ÃX^VagZhig^Xi^dch^ckdakZY!WjigVi]Zg V`^cYd[hdX^VaZmXajh^dcegVXi^XZYWni]Z?Zl^h]hZXidg#9:CI>IN >cVcViiZbeiidXdcXZeijVa^oZ[jcXi^dcVagZaVi^dchWZilZZc?ZlhVcY6gVWh!^i^h jhZ[jaidgZ[Zgid?ZgjhVaZb¼hZXdcdb^XZci^i^ZhVh]Vk^c\Y^hi^cXiZi]c^X^YZci^" i^Zh#6hlZ]VkZhZZc!i]ZhZY^hi^cXi^dchgZbV^cidiVaVcYjcZfj^kdXVa#I]jh! Zi]c^X^YZci^inXVcWZVeea^ZYcdidcanid^cY^k^YjVahVcYcZ^\]Wdg]ddYh!Wji VahdidegVXi^XVaanVaaÃgbh!^chi^iji^dch!VcYegdYjXih#>ih]djaYWZZbe]Vh^oZY i]VihjX]Y^hi^cXi^dchgZaViZidi]ZdW_ZXi^kZ¹^ciZgcVaºfjVa^i^Zhd[i]ZhZZci^i^Zh! gVi]Zgi]VchjW_ZXi^kZ^YZci^ÃXVi^dcWndjih^YZdWhZgkZgh#;dgZ^\cZgh!dgZkZc ?ZgjhVaZb^iZh!XVccdiValVnh¹iZaaºi]ZZi]c^X^YZci^ind[V?Zl^h]dg6gVWeVh" hZgWn#Hi^aa!ZVX]eVhhZgWnedhhZhhZhVcjcZfj^kdXVa^YZci^inV\gZZYjedcWnWdi] ?ZlhVcY6gVWh# Add`^c\^cidi]ZfjZhi^dcd[]dlhjX]^YZci^in^hYZiZgb^cZY!lZh]djaYÃghi ZmVb^cZ]dleVgVaaZa?Zl^h]VcY6gVWZXdcdb^XZci^i^ZhY^[[Zg[gdbdcZVcdi]Zg# :be^g^XVadWhZgkVi^dchj\\Zhihi]Vii]ZgZVgZhZkZgVahjX]¹Y^[[ZgZci^Vi^c\kVg^" VWaZh!ºl]^X]XdjaYWZYZÃcZY^cijgcVh¹hZXidgVa^YZci^inViig^WjiZh#ºI]ZhZXVc WZXaVhh^ÃZYjcYZgi]Z[daadl^c\WgdVYXViZ\dg^Zh/^YZci^ind[dlcZgh]^e!^YZci^in d[XjhidbZgh!adXVi^dc!^YZci^indgdg^\^cd[^cejiVcYdjieji!eViiZgchd[egdYjX" i^dcVcYWjh^cZhhcdgbh!VcYÃcVaan!aZ\VahiVijh# 6[ZlZmVbeaZhl^aa^aajhigViZi]ZhZY^hi^cXi^dch#6?Zl^h]Wjh^cZhh^h!VhV gjaZ!?Zl^h]"dlcZY#>il^aabdhianhZgkZ?Zl^h]XjhidbZghVcYWZadXViZY^cLZhi ?ZgjhVaZbdgZahZl]ZgZ^cV?Zl^h]cZ^\]Wdg]ddY l]ZgZVhVc6gVWZhiVWa^h]"
bZcil^aaWZ6gVW"dlcZY!hZgk^c\^ihgZheZXi^kZXjhidbZghVcYWZadXViZY^ci]Z
'.-q'..
6gVWhZXidgd[:Vhi?ZgjhVaZb #?Zl^h]VcY6gVWZhiVWa^h]bZcihl^aa\ZcZgVaan Y^[[Zgl^i]gZheZXiidi]Z^YZci^ind[i]Z^gZbeadnZZhVcYi]Zdg^\^cd[XVe^iVa
8dc[gdciVi^dc
VcYb^\]iWZY^hi^c\j^h]ZYWni]Z`^cYd[egdYjXihdghZgk^XZhi]Znegdk^YZ#
:mX]Vc\Z
:Xdcdb^XZci^i^Zhd[i]ZildhZXidgh[jgi]ZgY^[[Zg!VhVagZVYndWhZgkZY!l^i] gZheZXiidZbeadnbZciXdcY^i^dch!egd[Zhh^dcVaV[Ãa^Vi^dc!Xadh^c\YVnhVcY aVc\jV\Zhed`ZcVildg`#?Zl^h]Ãgbhl^aa\ZcZgVaanXdcYjXiigVchVXi^dchWn bZVchd[aZ\VaXdcigVXihVcYbV`ZZmiZch^kZjhZd[i]ZWVc`^c\hnhiZb!l]ZgZVh 6gVWÃgbhegZ[ZgbdhiankZgWVaV\gZZbZcihVcYXVh]eVnbZcih#;^cVaan!Vaad[ i]ZVWdkZY^[[ZgZcXZhVgZd[iZcaZ\VaanVji]dg^oZYdg^bedhZYi]gdj\]a^XZch^c\! egd[Zhh^dcVadgWjh^cZhhdeZgVi^dcgZfj^gZbZcih!dgZkZc^YZci^inbVg`^c\h# ?Zl^h]VcY6gVWiVm^h![dgZmVbeaZ!Wdi][gZZanX^gXjaViZi]gdj\]djii]ZX^inWji VgZcZkZgi]ZaZhhY^hi^c\j^h]VWaZWnY^[[ZgZci^YZci^ÃXVi^dccjbWZgh# DWk^djhan!ZXdcdb^XZci^i^Zh^cdcZhZXidgYdcdicZXZhhVg^anedhhZhhVaad[ i]ZgZaViZYViig^WjiZh#>cVYY^i^dc!i]ZhZkVg^djhViig^WjiZhVgZcdiZfjVaanh^\c^Ã" XVci#HeZX^ÃXVaan!i]Zdg^\^cd[XjhidbZghVcY^ceji^cegdYjXi^dcVgZcdiXgjX^Va [VXidgh#6gVWZhiVWa^h]bZcihl]^X]hZgkZbV^can?Zlh!dg?Zl^h]ZciZgeg^hZh Zbeadn^c\bdhian6gVWh!YdcdiadhZi]Z^ggZheZXi^kZ^YZci^i^ZhVhVXdchZfjZcXZ# 7nXdcigVhi!dlcZgh]^eVcYadXVi^dcVgZYZiZgb^c^c\[VXidgh!WVgg^c\VcjbWZg d[^c[dgbVi^kZZmXZei^dch#:Vhi?ZgjhVaZbejWa^XhX]ddah]VkZWZZcVYb^c^hiZgZY ¹dlcZYº h^cXZ&.+,Wni]Z?Zl^h]bjc^X^eVa^in!Wji]VkZbV^ciV^cZYi]Z^g6gVW ^YZci^inWZXVjhZi]ZnXdci^cjZYidiZVX]i]Z?dgYVc^Vc VcYaViZgEVaZhi^c^Vc hX]ddaXjgg^Xjajb#>cVh^b^aVgkZ^c!?Zl^h]ZhiVWa^h]bZcihadXViZY^ci]Z6gVW odcZ!hjX]Vh?Zl^h]bZY^XVaXa^c^Xh!bV^ciV^ci]Z^g?Zl^h]^YZci^i^Zh^ci]ZhVbZ lVni]ViVc6gVWiVm^X^gXjaVi^c\^cV?Zl^h]odcZgZbV^ch6gVW#6hhjX]!adXV" i^dcYdZhcdiXdchi^ijiZVc¹^ciZgcVaº^YZci^inbVg`Zg#I]ZbVhh^kZadXVi^dcd[ gZh^YZcihdgZXdcdb^XVXi^k^i^Zh[gdbdcZh^YZdci]Z¹deedh^c\ºh^YZ^hhZZcid X]Vc\Zi]Z^YZci^ind[i]ZiZgg^idgn!cdid[i]ZZci^i^Zhi]ZbhZakZh# 8dbeVgVi^kZan!Viig^WjiZhhjX]Vh¹eViiZgchd[egdYjXi^dcºVcY¹aZ\VahiVijhº gZegZhZcijcZfj^kdXVaYZiZgb^c^c\[VXidgh#L]ViWVh^XVaanY^hi^c\j^h]ZhWZilZZc ?ZlhVcY6gVWhVgZhed`ZcaVc\jV\Z!Xdchjbei^dccdgbh!VcYdi]ZgXjaijgVaan" gZaViZYWZ]Vk^dgVaeViiZgchk^h^WaZ^ci]ZbdYZhd[deZgVi^dcd[VcZXdcdb^X ZhiVWa^h]bZci#>i^h^cXdcXZ^kVWaZi]ViVeaVXZd[Wjh^cZhhl]^X]jhZhZmXajh^kZan =ZWgZlVcY^hValVnhXadhZYdc?Zl^h]]da^YVnhldjaYWZeVgid[i]Z6gVWhZXidg# H^b^aVgan!h^cXZaZ\VahiVijh^hd[iZchZaZXi^kZanVeea^ZYdcZi]c^X!XjaijgVa!dg eda^i^XVa\gdjcYh!^iZfjVaanY^hi^c\j^h]ZhWZilZZci]ZildhZXidgh#>cedaVg^oZY ?ZgjhVaZb!ZkZc[dgZ^\c"dlcZY^chi^iji^dch a^`Z8]g^hi^Vc]dhe^iVahdgi]Zild eVgVaaZaNB86ZhiVWa^h]bZcih XVcWZ\ZcZgVaanViig^WjiZYV¹?Zl^h]ºdg¹6gVWº ^YZci^in!bV^can^cVXXdgYVcXZidi]Z^geViiZgchd[deZgVi^dc# ¹ IG6CH68I>DCHº>C>9:CI>IN ;jcXi^dcVa^ciZgVXi^dchWZilZZci]ZildhZXidghcZXZhhVg^angZfj^gZi]Z¹\^k^c\ jeºd[hdbZVheZXihd[^YZci^inVcYi]ZVYdei^dcd[Viig^WjiZh]ZaYWni]Zdi]Zg \gdje#I]jh!ZmX]Vc\ZXVcWZXVgg^ZYdjii]ZdgZi^XVaandcVaiZgcVi^kZaZkZah i]gdj\]dlcZgh]^el^i]VWjh^cZhheVgicZgh]^edgdg\Vc^oVi^dcVabZg\Z0i]gdj\] [VXidghd[egdYjXi^dc!l]ZgZVcZhiVWa^h]bZcid[dcZhZXidg^hhjhiV^cZYWni]Z
aVWdg!XVe^iVa!\ddYh!dghZgk^XZh[gdbi]Zdi]Zg0i]gdj\]Xdchjbei^dc!l]ZgZ ZhiVWa^h]bZcihhZgkZXdchjbZgh[gdbi]Zdi]ZghZXidg0VcYÃcVaani]gdj\] adXVi^dc!l]ZgZZXdcdb^XZci^i^Zh[gdbdcZh^YZadXViZdci]Z¹di]Zgh^YZ#º >iVeeZVghi]Vi!h^cXZi]ZkVg^djh^YZci^inViig^WjiZhY^[[Zg^ch^\c^ÃXVcXZ!Wdi] hZXidghegZ[ZgidXdcYjXii]Z^ggZaVi^dch]^ehWn^ckdak^c\i]dhZViig^WjiZhi]Vi aZVhiXdbegdb^hZi]Z^g^YZci^in#BdgZheZX^ÃXVaan!egZX^hZanWZXVjhZYZeZcYZcXZ dci]Zdi]ZghZXidg¼hXjhidbZghdg[VXidghd[egdYjXi^dcYdZhcdiZcYVc\Zg^chi^" iji^dcVaZi]c^X^YZci^in!^ciZgVXi^dchVgZXdcYjXiZYdci]dhZaZkZah#7nXdcigVhi! WZXVjhZ^ciZgVXi^dch^ckdak^c\dlcZgh]^edgadXVi^dccZXZhhVg^an^bean\^k^c\je hZXidgVaZXdcdb^XdgheVi^VaVhhZih!i]ZhZVgZZhhZci^VaanVkd^YZY#>ciZgbhd[i]Z cVi^dcVaXdcÄ^Xi!egZhZgkVi^dcd[^YZci^in^hVeg^dg^in# I=:GDA:D;EDL:GG:A6I>DCH I]ZVhnbbZig^XeViiZgchd[gZaVi^dch]^eWZilZZci]Z?Zl^h]VcY6gVWhZXidgh XVcWZViig^WjiZYidi]Z[VXii]Vii]ZildhZXidgh[VXZVcjcZkZcYZ\gZZd[X]d^XZ kZghjhcZXZhh^ingZ\VgY^c\i]Z^g^ciZgVXi^dch#L]ZcZkZgZmX]Vc\ZYdZhdXXjg! 6gVWhVgZi]ZdcZhl]d\ZcZgVaancZZYidejghjZ^i!VhXdbeVgZYid?Zlhl]d ZmZgX^hZV\gZViZgYZ\gZZd[X]d^XZ^ci]^hgZheZXi# I]^h^heVgi^XjaVganZk^YZcil]ZgZeViiZgchd[^ciZgVXi^dcVgZYZiZgb^cZYWn ^chi^iji^dcVa_jg^hY^Xi^dc#H^cXZ&.+,!6gVWh]VkZWZZcYZeZcYZcidci]Z?Zl^h] hZXidg[dgbdhihiViZVcYbjc^X^eVahZgk^XZh#7ZXVjhZd[^ihbjX]hbVaaZghXVaZ VcYbdgZa^b^iZYYZkZadebZci!i]ZEVaZhi^c^VchZXidgVahdgZa^Zh]ZVk^andci]Z ?Zl^h]hZXidg[dgZhhZci^VaZXdcdb^X[jcXi^dch!hjX]VhZbeadnbZcideedgijc^" i^Zh!bdhibVcj[VXijgZY\ddYh!VcYheZX^Va^oZYhZgk^XZh#7nXdcigVhi!?Zl^h] ÃgbhVcYXdchjbZgh!ZkZcl]ZcVeean^c\idi]Z6gVWhZXidg!\ZcZgVaan]VkZ X]d^XZhVkV^aVWaZ^cWdi]hZXidgh#I]jh!i]ZYdb^cVcibV_dg^inhZXidg\ZcZgVaan ]Vh¹ÃghiX]d^XZº^cX]ddh^c\YdbV^chd[^ciZ\gVi^dckZghjhhZ\gZ\Vi^dc!VhlZaa Vhi]Z[dgbVcYaZkZad[^ciZgVXi^dch#I]Z?Zl^h]hZXidg^h^cVedh^i^dcidZcXdjg" V\ZaVWdgVcYXdchjbei^dc!l]^aZdeedh^c\i]ZadXVi^dcd[6gVWWjh^cZhhZhdg i]ZbVg`Zi^c\d[XZgiV^c6gVWegdYjXihl^i]^c^ihiZgg^idgn#?Zl^h]ZciZgeg^hZh XVcX]ddhZidZbeadn6gVWaVWdgY^gZXiandg^cY^gZXian!VcYi]jhhVkZdcXVe^iVa ^ckZhibZcihVcYhdX^VaWZcZÃih#6gVWh!dci]Zdi]Zg]VcY!VgZdWa^\ZYVcYl^aa^c\ idiV`ZjeVcn_dWd[[ZgZYWni]Z?Zl^h]hZXidg!bVg`Zii]Zl]daZgVc\Zd[?Zl^h] egdYjXih!VcYbdgZd[iZcejijel^i]¹adlaZkZaº[dgbhVcYiZgbhd[igVchVXi^dc# BV_dg^in"b^cdg^ineViiZgchVgZVahdgZÄZXiZY^cWZ]Vk^dg#Bdhi6gVWh]VkZ WZXdbZVXfjV^ciZYl^i]=ZWgZl!l]^aZkZgn[Zl?ZlhaZVgcZYidheZV`6gVW^X# 6gVWndjc\hiZgh[gdb:Vhi?ZgjhVaZbhX]ddah]VkZWZZc[djcYid`cdlLZhi ?ZgjhVaZb[VgWZiiZgi]Vci]Zdi]ZglVngdjcY#6gVWhd[iZcbjhigZbV^cXdb" eaZiZan^hdaViZYVaaYVn^ci]Zb^Yhid[VejgZan?Zl^h]odcZ ^bV\^cZVh^c\aZ 6gVWbV^ciZcVcXZldg`Zg^cV?Zl^h]gZh^YZci^VafjVgiZgdgVc^hdaViZY6gVW eVi^Zci^cV?Zl^h]]dhe^iVa #?ZlhldjaYgVgZanÃcYi]ZbhZakZh^cVh^b^aVgh^ij" Vi^dc#>i^h^ci]^hXdciZmii]Vii]ZWZ]Vk^dgd[?ZlhVcY6gVWhgZ\VgY^c\igVch" edgiVi^dcXVcWZ^ciZgegZiZY#;daadl^c\&.+,!i]ZildeVgVaaZaejWa^XigVchedgi hnhiZbhlZgZVaadlZYidegZhZgkZi]Z^ggZheZXi^kZXdcXZhh^dcVgZVh#7jil]^aZ i]Z6gVWXdbeVc^ZhgZbV^cZYgZhig^XiZYidejgZan6gVWodcZh!i]Z?Zl^h]XdbeVcn lVhVji]dg^oZYidZmiZcY^iha^cZhidVaagZfjZhiZYYZhi^cVi^dch^c:Vhi?ZgjhVaZb#
6hVgZhjai!?ZlhXVcValVnhiV`Zi]Z^gdlcigVchedgiVi^dcbdYZ0igVkZa^c\dc
(%%q(%&
Vc6gVWWjh^hVcjc[Vb^a^VgVcYhZZb^c\anYVc\ZgdjhZcYZVkdg#6gVWh!l]dVgZ d[iZc]VkZidigVkZaVadcZdcV?Zl^h]Wjh]VkZVadlZg¹YZiZggZcXZWVgg^ZgºVcY VgZl^aa^c\idjhZ?Zl^h]WjhZhZkZc^c:Vhi?ZgjhVaZb# I=:HIGJIN 6XXZhhideda^i^XVaedlZgVcYZXdcdb^XgZhdjgXZhZcVWaZhi]Z?Zl^h]bV_dg^in idZmiZcY^ihXdcigdaVcYWZiiZgegZhZgkZ^ihXdaaZXi^kZ^YZci^in!VhXdbeVgZYid i]ZhjWdgY^cViZ6gVWb^cdg^in#I]^h^hV\V^cgZÄZXiZYWni]ZZkdak^c\eViiZgch d[[jcXi^dcVa^ciZgVXi^dch^bedhZYWni]Z?Zl^h]hZXidg#I]jh!bVhh^kZ6gVW ZbeadnbZcidgejWa^XhZgk^XZhegdk^h^dcYdZhcdiV[[ZXi!VhlZgZXVaa!?Zl^h] hZXidgVa^YZci^inWjigVi]ZgZc[dgXZhXdcigda#?Zl^h]iZgg^idg^VaXdcigda^hegZhZgkZY Vhadc\Vh6gVWhXgdhhdkZgdcVYV^anWVh^hWjiYdcdiadXViZi]Z^gWjh^cZhhZh eZgbVcZciandci]Z?Zl^h]h^YZ# 6ii]ZhVbZi^bZ!i]Z?Zl^h]VYb^c^higVi^dcXdbegdb^hZYgZ\VgY^c\EVaZh" i^c^VcXdaaZXi^kZVcYXjaijgVa^YZci^in!\ZcZgVaanVaadl^c\egZhZgkVi^dcd[cdgbh VcY^chi^iji^dch#>cYZZY!^ci]ZXdciZhiZYX^ind[?ZgjhVaZb!Wdi]eVgi^Zh]VkZ [VXZYZhhZci^VaY^aZbbVh¸eda^i^XVa\dVahkZghjhYZh^gVWaZ^ciZgVXi^dchl^i]i]Z di]Zgh^YZ#7ji]ZgZV\V^c!i]Zdei^dchgZÄZXijcZkZcedlZggZaVi^dch#L]^aZi]Z >hgVZa^Vji]dg^i^ZhVWhiV^cZY[gdb[jaanVeean^c\>hgVZa^gjaZdkZg6gVWcdgbhVcY XdaaZXi^kZ^YZci^in!i]ZnXdjaYWZjcXdbegdb^h^c\gZ\VgY^c\kVg^djh^hhjZhd[ Y^gZXieda^i^XVa!iZgg^idg^Va!VcYZXdcdb^XXdcigda#I]ZEVaZhi^c^Vch![dgi]Z^geVgi! lZgZdWa^\ZYidVWVcYdchdbZd[i]Z^ghiViZYeda^i^XVa\dVah[dgXdcigda!eVgi^Xj" aVgan^ciZgbhd[[jcXi^dcVaZXdcdb^XgZaVi^dchl^i]i]Z?Zl^h]hZXidg#I]^hlVh YZbdchigViZYYjg^c\i]ZÃghi>ci^[VYV^ci]ZaViZ&.-%hl^i]^ihZbe]Vh^hdc ZcY^c\XddeZgVi^dcl^i]i]Z>hgVZa^Vji]dg^i^ZhVcYi]Z?Zl^h]hZXidg#EVaZhi^c^Vc ViiZbeihidgZh^\c[gdbX^k^ahZgk^XZ_dWh^ci]Z>hgVZa^VYb^c^higVi^dcdgidWdnXdii >hgVZa^egdYjXih[V^aZY^cegVXi^XZYjZidZm^hi^c\bV_dg^in"b^cdg^inZXdcdb^X gZaVi^dch#>c[VXi^ilVhi]Z?Zlh!l]dXdjaYVcYY^YbdgZd[iZc¹Y^hZc\V\Zº i]ZbhZakZhi]Vci]Zdi]ZglVngdjcY#
&
Dci]Zdi]Zg]VcY!Y^[[ZgZciXjaijgVacdgbhhdbZi^bZhd[[ZgXdbeaZbZciVgndeedgijc^i^Zh[dg bjijVaZmX]Vc\Z#IgVY^i^dcVaBjha^bldbZcgVgZank^h^i?Zl^h]XdbbZgX^VaXZciZgh!l]^aZndjc\ 6gVWXdjeaZhd[iZcbZZi^cLZhi?ZgjhVaZbXV[ZhVcYX^cZbVh!egZX^hZanWZXVjhZi]ZnVgZjcVWaZ idYdhd^c:Vhi?ZgjhVaZb#
HZaZXiZY7^Wa^d\gVe]n B^X]VZaGdbVcc!HVfg@]ZkgVi^"@Va`Va^h]ZaNZgjh]VaVn^b=VB^j]ZYZiP6c:Xdcdb^XVcYHdX^VaHjg" kZnd[GZjc^iZY?ZgjhVaZbR ?ZgjhVaZb/I]ZBVjg^XZ;Va`>chi^ijiZ[dg:Xdcdb^XGZhZVgX]^c>hgVZa! &.+- # B^X]VZaGdbVcc!NV]Vh=VciZg" GZaVi^dch]^ehWZilZZci]Z?Zl^h]VcY6gVWHZXidgh^c?ZgjhVaZbh^cXZ&.+,R ?ZgjhVaZb/I]Z?ZgjhVaZb >chi^ijiZ[dg>hgVZaHijY^Zh!&.-) # B^X]VZaGdbVcc!=Vh]eVVi=V>ci^[VYVVaNV]VhVnNZ]jYZZb"6gVkZZbW^NZgjh]VaVn^bPI]Z>beVXi d[i]Z>ci^[VYVdc?Zl^h]"6gVWGZaVi^dch^c?ZgjhVaZbR ?ZgjhVaZb/I]Z?ZgjhVaZb>chi^ijiZ[dg>hgVZa HijY^Zh!&..' # B^X]VZaGdbVccVcY6aZmLZ^c\gdY!A^k^c\Id\Zi]ZgHZeVgViZan/?ZlhVcY6gVWh^c8dciZbedgVgn ?ZgjhVaZb Eg^cXZidcJc^kZgh^inEgZhh!&..& #
8dc[gdciVi^dc :mX]Vc\Z
X^ind[g^[[gV[[ 8GDL9H!EJ7A>8HE68:!6C9C:LJG76CH:CH>7>A>I>:H >CL6G"I>B:?:GJH6A:B& .& , "& .' &
HVa^bIVbVg^
7ZilZZci]Zi^bZd[?ZgjhVaZb¼hhjggZcYZgidci]Z HdX^Zin¼h&.'%VccjVagZedgi!]ZYZÃcZYi]ZX^in¼hjcegdYjXi^kZWVhZ ¹g^[[gV[[
RT!/HY/VTH
RT!/HY/VTH
VcYeg^Zhih!ºidgZXVaaHidggh Vhi]ZeaVccZg¼hbV^cegdWaZb#=ZViiZbeiZY
(%+q(%,
iddkZgijgci]^h¹eVgVh^i^XºdXXjeVi^dcVahigjXijgZi]gdj\]i]ZgZk^kVa VcY ^cigdYjXi^dc d[igVY^i^dcVaXgV[ihVbdc\i]ZX^in¼higVYZh/lZVk^c\!i^a^c\ l^i] 6gbZc^VcXZgVb^XZmeZgihWgdj\]i^c[gdb@jiV]^V !VcY\aVhhWadl^c\ dg^\^" cVaan[gdb=ZWgdc #6bdc\i]Zegd_ZXihjcYZgiV`ZcVcYÃc^h]ZY^ci]^heZg^dY lZgZi]ZgZcdkVi^dcd[HjfVa"FViiVc^c i]Z8diidcBVg`Zi ^ci]ZDaY8^in0i]Z i^a^c\!Vadc\h^YZLVf[ Bjha^bZcYdlbZci Vji]dg^i^Zh!d[i]Z9dbZd[i]Z GdX`0i]ZgZhidgVi^dcd[i]ZVcX^ZcilVaagVbeVgihWj^aiWnHjaZ^bVcVa"FVcjc^0 VcYi]Z8^iVYZa#6aad[i]ZhZegd_ZXih^cXdgedgViZYVeegZci^XZh]^ehWVhZYdci]Z \j^aYhnhiZb#HidgghVahdhZijeVcVccjVaVXVYZbnd[i]ZÃcZVgihVii]Z8^iV" YZa!l]^X]]ZaYZm]^W^i^dchdcBjha^bVgi!EVaZhi^c^VcXgV[ih!VcYidlceaVcc^c\ Hidggh!&.(,/('+"(', #
7nh]ZZgXd^cX^YZcXZ!?Vl]Vg^nnZ]!l]dlVhid^a^c\Vii]ZhVbZeZg^dY^ci]Z 8ZcigVaGZ\^hignd[i]ZB^a^iVgnc&.%&!i]ZDiidbVch]VYXdchigjXiZYVXadX`idlZg ^ch^YZ?V[[VbjhihVni]Vi^ih]djaY]VkZWZZcbdkZYidVcdi]ZgadXVi^dc! eZg]Veh^ci]Zk^X^c^ind[i]ZcZlbjc^X^eVa^inWn7VgXaVnh7Vc`º '%%)/). #NZVgh aViZg!?Vl]Vg^nnZ]bVYZVlddYZcbdYZad[i]ZgZbdkZYXadX`idlZgVcYi]Z VY_d^c^c\eaVoV VahdYZhigdnZY ![dgi]ZWZcZÃid[i]dhZl]dlVciZYidhZZl]Vi DiidbVc?ZgjhVaZbadd`ZYa^`Zdci]ZZkZd[i]ZBVcYViZ ?Vl]Vg^nnZ]!'%%)/*% # ?Vl]Vg^nnZ]¼hY^Vg^Zhi]jh]ZaejhidgZi]^c`i]ZhZX]Vc\Zh^ci]ZjgWVcaVcY" hXVeZd[?ZgjhVaZb!cdidcanVhi]Za^kZYZmeZg^ZcXZd[VXdciZbedgVgndWhZgkZg! WjiVahdVhVWg^Y\ZgVi]Zgi]VcVgjeijgZWZilZZcDiidbVcVcY:c\a^h]gjaZ# =^hdWhZgkVi^dchjcYZgb^cZi]Zcdi^dci]Vii]ZDiidbVcgZ\^bZVcYi]Z7g^i^h] gZ\^bZlZgZdeedh^iZh¸dcZgZegZhZci^c\dg^ZciVaYZhedi^hb!i]Zdi]ZgbdYZgc^in# =ZgZi]ZegZhjbZYXgZVi^dcd[i]ZhZ^chi^iji^dchd[Xdadc^VabdYZgc^in^hhZZc cdiVhVc^ccdkVi^dcV\V^chii]Z¹YZXgZe^iºDiidbVchnhiZb!WjiVhVcZaVWdgV" i^dcdci]Z[djcYVi^dchd[DiidbVcgZ[dgbh hZXjaVgZYjXVi^dc!i]ZX^k^ahZgk^XZ! Xdchi^iji^dcVagZ[dgb!jgWVceaVcc^c\ #>cXZgiV^cVgZVh!7g^i^h]eda^i^XVaeaVch Xdchi^ijiZYgZigd\gZhh^dcd[i]ZDiidbVchnhiZb#I]^hlVhi]ZXVhZ![dgZmVb" eaZ!l^i]i]ZXdc[Zhh^dcVa^oVi^dcd[fjVgiZgh^ci]ZDaY8^in!VcYZc]VcXZbZci d[gZa^\^dcVhVbVg`Zgd[cVi^dcVa^YZci^in#?Vl]Vg^nnZ]gZb^cYhjhi]VibVcn
8dc[gdciVi^dc :mX]Vc\Z
d[i]ZXZaZWgViZYgZ[dgbhd[i]ZBVcYViZVYb^c^higVi^dclZgZVagZVYn^ceaVXZ WZ[dgZVcYYjg^c\LdgaYLVg>#7jii]ZigV\ZY^Zhd[i]ZlVg!VcYXdchXg^ei^dc¼h ed^hdc^c\d[i]ZgZaVi^dch]^eWZilZZci]ZDiidbVcgjaZghVcYi]Z^g6gVWhjW_ZXih ^cHng^VVcYEVaZhi^cZ!hjWhZfjZcianZgVhZYi]ZhZ[ZVijgZhd[DiidbVcbdYZgc^in [gdbEVaZhi^c^VcXdaaZXi^kZbZbdgn# CVijgVaan!i]Z7g^i^h]VYb^c^higVi^dc^hgZXVaaZYVhi]ZXdchX^djh^chigjbZci i]gdj\]i]Z7Va[djg9ZXaVgVi^dc [dgi]Z[djcYVi^dchd[EVaZhi^c^VcY^heaVXZbZci ^c&.)-!VcYbjX]d[?Vl]Vg^nnZ]¼hcVggVi^kZ^heZgbZViZYl^i]i]^hjcYZg" hiVcY^c\ h^cXZ]ZlVhlg^i^c\^cVaViZgeZg^dY #I]Z]^cYh^\]iaVg\ZanZmeaV^ch ]^hVbW^kVaZcXZVWdji?ZgjhVaZb¼ha^WZgVi^dc[gdbi]ZDiidbVcnd`Z!ZkZcVh ?ZgjhVaZb^iZhlZgZYVcX^c\^ci]ZhigZZi!VcYVh]ZVcY]^hWgdi]Zg@]Va^alZgZ Wjgc^c\i]Z^gIjg`^h]b^a^iVgnjc^[dgbh BVcV¼!'%%(!'*(") # HZkZgValg^iZgh]VkZWZZcVWaZidgZigdheZXi^kZanZmVb^cZi]dhZnZVghVhV eZg^dYd[bV_dggZhigjXijg^c\^cEVaZhi^c^VcVcYHng^VchdX^Zin#DcZXdciZbedgVgn dWhZgkZggZ[Zghidi]ZgVY^XVa^beVXii]ViedejaVi^dcbdkZbZciVcYi]ZlVg ZXdcdbn]VYdci]ZcdgbVi^kZVheZXihd[YV^ana^[Z/k^aaV\ZghgZ\jaVganXdb^c\id i]ZX^in0ndjc\ldbZcViiZcY^c\hX]ddaVcYgZbdk^c\i]Z^gkZ^ah0i]ZZbZg\ZcXZ d[XV[XjaijgZ0VcYi]ZYZXa^cZd[gZa^\^dh^in^cCVWajhVcY?ZgjhVaZb 7Vg\]dji^! '%%&/&.'"( #6YZg^kVi^kZYZkZadebZcid[i]ZhZcdgbVi^kZX]Vc\ZhlVhi]ZYZXa^cZ
d[adXVaV[Ãc^i^ZhVcYi]ZhigZc\i]Zc^c\d[Hng^VcVcY6gVWcVi^dcVa^hb# 8=6DH>CI=:HIG::IH ?Vl]Vg^nnZ]gZXVaahi]ZhZi]gZZigVch^i^dcVanZVghVhYVnhd[X]Vdh¸Wdi]^ci]Z XdjcignVhVl]daZVcY^c]^heg^kViZa^[Z!Vh^[dcZXdcY^i^dcb^ggdgZYi]Zdi]Zg# 7jii]Z¹X]Vdhº^hVahdhZZc]ZgZVhVeZg^dYd[XgZVi^kZVcVgX]n# >c]^heZghdcVaa^[Z!i]dhZlZgZ?Vl]Vg^nnZ]¼h¹egZX^djhºnZVghd[WVX]Zadg" ]ddYWZ[dgZ]ZhZiiaZYYdlc#I]ZnlZgZVahdbVg`ZYWni]ZYZVi]d[]^heVigdc! i]ZbVndgd[?ZgjhVaZb!=jhhZ^c:[[ZcY^Va"=jhhZ^c^!V[iZgl]^X]?Vl]Vg^nnZ] YZhXg^WZh]^hXdcY^i^dcVhdcZd[¹kV\VWdcYV\Zº iVh]VggjY /¹>gdVbZYVgdjcY i]ZX^inVh^[^cVigVcXZ#>ldjaYheZcYVaac^\]ieVgin^c\!VcYi]ZchaZZeVaa YVn!i]ZcheZcYVcdi]ZgZkZc^c\^ccZ^\]Wdg^c\k^aaV\Zhd[?ZgjhVaZb#>eV^Ycd ViiZci^dcidVcnWdYndgVcni]^c\!VcYldjaYdcan\d]dbZidX]Vc\ZbnXadi]Zh! haZZe^c\bdhianVibn[g^ZcYh¼]dbZhjci^abnWdYnlVhXdbeaZiZanYZeaZiZY [gdb^cidm^XVi^dc#DcZYVn>VbXZaZWgVi^c\^ci]Z7VW=ViiVcZ^\]Wdg]ddY!VcY ^ci]ZcZmibdgc^c\>Vb]Vk^c\Ve^Xc^Xl^i]i]Z[Vb^a^Zhd[i]ZidecdiVWaZh VnVc ^ci]ZX^in#I]Zc>ldjaY]VkZV¹hZhh^dcºl^i]hdbZd[?ZgjhVaZb¼h\Vc\" hiZgh ojgVcVcYfVWVYVnVi ^cVX^inVaaZnº ?Vl]Vgg^nZ]!'%%)/'( #7jii]ZhZZe^hdYZh d[]ZYdc^hb!aVhi^c\bdhid[&.&-VcYeVgid[i]Z[daadl^c\nZVg!gZÄZXiZYV bddY!l]^X]Zc\ja[ZYi]ZX^inVhVl]daZ#?Vl]Vg^nnZ]YZe^XihcjbZgdjhZe^hdYZh d[ejWa^XXZaZWgVi^dchd[[gZZYdb^ci]ZDaY8^inhigZZih!bVg`ZYWnbjh^XVa egdXZhh^dchVcYdeZcXdchjbei^dcd[VaXd]da#>cdcZhjX][VciVh^V^ckdak^c\ ]jcYgZYhd[gZkZaZgh!i]ZXZaZWgVcihhiVgiZY^c9VbVhXjhihbV^c [ZVijgZhlZgZVaZ\VakVXjjbÃaaZYWnVYb^c^higVi^kZÃVi0V]ZYdc^hi^XhigZZi XjaijgZi]ViXZaZWgViZYi]Zadhhd[ingVccn!WjiÃaaZY^il^i]cZljcXZgiV^ci^Zh0 VcYedgdjhWdgYZghi]VigZiV^cZYi]ZiZmijgZd[VcdaYZgXdci^cjdjhAZkVci^cZ H]Vb^ XjaijgZ#L]Vi¹XZbZciZYºi]ZhZZaZbZcihid\Zi]ZglVhVhigdc\hZchZd[ i]ZadXVa¸d[?ZgjhVaZbVhi]ZXZciZgd[i]ZXdjcign»hh]^[i^c\WdjcYVg^Zh!VcYVc VcX]dgV\V^chii]ZhX]ZbZhZc\^cZZgZYWni]ZcZlXdadc^VaZcZbnVb^YVXdaaZX" i^kZcdhiVa\^V[dgi]Z¹VXXjghZYºDiidbVch# &
I]^h^hVXdch^YZgVWangZYjXZYkZgh^dcd[Vadc\Zg^cigdYjXi^dcidi]ZBZbd^ghd[?Vl]Vg^nnZ] ?Vl]Vg^nnZ] 6a"FjYhVa">ci^YVW^nnV]ÃaBjY]V`VgViVa"?Vl]Vg^nnV] !'%%)#
' I]ZgZ[ZgZcXZ]ZgZ^hidVcjbWZgd[Xdadc^Vad[ÃX^Vah!^cXajY^c\8]jgX]^aa!6h]WZZ!VcYedhh^Wan Hidggh!l]d]ZaYZmdi^Xk^Zlhd[:jgdeZVc?Zlh!VcYVYdeiZY[VkdgVWaZVii^ijYZidi]Z^YZVd[ ¹?Zl^h]GZijgcºidEVaZhi^cZ# ( =Zcgn@ZcYVaagZ[Zghidi]Z^cX^YZci/¹eZgb^hh^dclVhiVXi[jaandWiV^cZYidgZbdkZV]^YZdjh XadX`idlZgl^i]Y^Vahh]dl^c\i]Zi^bZVXXdgY^c\idWdi]LZhiZgcVcY6gVWgZX`dc^c\#¹=Z XaV^bhi]Vii]ZidlZglVhZgZXiZYidXdbbZbdgViZi]Z((gY!cdi'*i]!Vcc^kZghVgnd[6WYja =Vb^Y»hgZ^\c @ZcYVaa!&.)-/-"&% #
) ;^[iZZcnZVghaViZg!Egd[ZhhdgI#;#BZ^hZa!i]Z=ZWgZlJc^kZgh^inVgX]Zdad\^hi!k^h^iZY?Vl]Vg^nnZ] VcYlgdiZ\adl^c\anVWdjii]^hbdYZa^cVcVgi^XaZejWa^h]ZY^ci]ZEVaZhi^cZEdhi# *
;dgbdgZdci]^hldgaY!hZZ¹?ZgjhVaZb»hDiidbVcBdYZgc^in/I]ZI^bZhVcYA^kZhd[LVh^[ ?Vl]Vg^nnZ] IVbVg^!'%%% #
+ I]ZlZg`dlVhdg^\^cVaanVaVcYVcYgZVaZhiViZiVmaZk^ZYdcoVVbVi h^eV]^h!dg[ZjYVaZhiViZh # L^i]i]ZVWda^i^dcd[[ZjYVaZhiViZhi]ZlZg`dWZXVbZVaVcYiVm^bedhZYWni]ZhiViZ!id\Zi]Zg l^i]i]Zi^i]Z#;dgYZiV^ahhZZ!BdhZh9dj`]Vc!¹AVcYIZcjgZ!º^cHV^Y=^bVYZ]!:Xdcdb^X Dg\Vc^oVi^dcd[EVaZhi^cZ!6bZg^XVcJc^kZgh^inEgZhh!7Z^gji!&.(-/.-"..#
HZaZXiZY7^Wa^d\gVe]n DbVgHVa^]Va"7Vg\]dji^!Va"BVgV]^a 7Z^gji'%%& #JcejWa^h]ZYbVcjhXg^ei# BdhZh9dj`]Vc!¹AVcYIZcjgZ!º^c:Xdcdb^XDg\Vc^oVi^dcd[EVaZhi^cZ!ZY#HV^Y=^bVYZ] 7Z^gji/ 6bZg^XVcJc^kZgh^inEgZhh!&.(- # =VaV;ViiV]!¹EaVcc^c\!7j^aY^c\VcYEdejaVi^c\?ZgjhVaZb^ci]ZDiidbVcEZg^dY!ºlll#_ZgjhVaZb^iZh# dg\$_ZgjhVaZb$diidbVc$,#]ib!&...# HV]Vg=jcZ^cY^!67gd`ZcIgjhi/=ZgWZgiHVbjZa!O^dc^hbVcYi]ZEVaZhi^c^Vch!6gVW^XZY^i^dc 7Z^gji/>chi^ijiZd[EVaZhi^cZHijY^Zh!'%%( # 7VnVcCjlV^]^YVa"=ji!Va"F^nVYVilVaBj¼VhhVhViVa"H^nVh^nnVÃ;^aVhiZZc!&.&,"&.)- AZVYZgh]^eVcY Eda^i^XVa>chi^iji^dch^cEVaZhi^cZ!&.&,"&.)- 7Z^gji/Bj¼VhhVhViVa"9^gVhViVa";^aVhi^c^nnV]!&.-& # >cWVa7Zc"6h]Zgci^YVW^nVÃaBjY]V`VgViVa"?Vl]Vg^nnV]!ZYh#HVa^bIVbVg^ VcY>hhVbCVhVg 7Z^gji/Bj¼VhhVhViVa"9^gVhViVa";^aVhi^c^nnV]!'%%) # Gji]@Vg`!?ZgjhVaZbCZ^\]Wdg]ddYh/EaVcc^c\VcY7n"AVlh &-**"&.(% ?ZgjhVaZb/I]ZBV\cZh EgZhh!&..& # =Zcgn@ZcYVaa!?ZgjhVaZb8^inEaVc!EgZhZgkVi^dcVcY9ZkZadebZci9jg^c\i]Z7g^i^h]BVcYViZ!&.&-" &.)- AdcYdc/=ZgBV_Zhin»hHiVi^dcVgnD[ÃXZ!&.)- # GVhhZb@]VbV^h^VcYGVb^CVhgVaaV]!I]Z?ZgjhVaZbJgWVc;VWg^X ?ZgjhVaZb/>ciZgcVi^dcVaEZVXZ VcY8ddeZgVi^dc8ZciZg!'%%( # 6YZaBVcV¼!IVg^`];^aVhiZZcÃ6lV`]^gVa"6]YVa"Ji]bVc^&,%%"&.&- 7Z^gji/Bj¼VhhVhViVa"9^gVhVi Va";^aVhi^c^nnV]!'%%( # NVY^cGdbVc!¹?ZgjhVaZb»hLVaa!º:gZioBV\Vo^cZ ;ZWgjVgn!'%%% # IdbHZ\Zk!DcZEVaZhi^cZ8dbeaZiZ CZlNdg`/BZigdeda^iVc7dd`h!'%%% # CV_Vi^H^Yf^!BjY]V`VgViCV_Vi^H^Yf^ 7Z^gji/>chi^ijiZ[dgEVaZhi^cZHijY^Zh!'%%& # GdcVaYHidggh!Dg^ZciVi^dch AdcYdc/C^X]dahdcVcYLVihdc!&.(, # HVa^b!IVbVg^!¹?ZgjhVaZb»hDiidbVcBdYZgc^in/I]ZI^bZhVcYA^kZhd[LVh^[?Vl]Vg^nnZ]!º ?ZgjhVaZbFjVgiZgan;^aZ. '%%% >ooViIVccdjh!I]ZEVaZhi^c^Vch/:nZl^icZhh=^hidgnd[EVaZhi^cZJcYZgi]Z7g^i^h]BVcYViZ AdcYdc VcYCZlNdg`/>#hgVZa^hVcYEVa" Zhi^c^Vch¸VbdgZXdbea^XViZYbZh]d[iZch^dc!Y^k^Y^c\a^cZh!VcY]nWg^Y^oVi^dc ]VYVg^hZc4>ch]dgi/l]VildjaY]VkZgZhjaiZY[gdb?Zl^h]"EVaZhi^c^VcjgWVc^hb ^c?ZgjhVaZb^[Y^[[ZgZciegdXZhhZh^ci]ZX^in]VYegZkV^aZY4 IV`Zi]ZX^ind[>hiVcWjaVhVcVcVad\n[dgi]^hheZXjaVi^kZZmZgX^hZ#I]Z ^ciZgk^Zll^i]BZgdc7ZckZc^hi^VcYHVa^bIVbVg^^ci]^hejWa^XVi^dchj\\Zhih i]Vi!^ci]ZZVganbdYZgci^bZhd[i]ZlVc^c\DiidbVc:be^gZWZ[dgZi]ZZhiVW" a^h]bZcid[i]ZcVi^dchiViZ!?ZgjhVaZbVcY>hiVcWja Vhdi]ZgXZciZghd[i]Z DiidbVc:be^gZ lZgZXdbeVgVWaZjgWVcVgZVh#=dlY^YVX^inhjX]Vh>hiVcWja YZkZadeh^b^aVganid?ZgjhVaZb47di]Y^hhdakZYi]Z^g^c]Zg^iZY¹DiidbVcºY^kZg" h^injcYZgi]ZVj\jgnd[XdbeZi^c\cVi^dcVa^hbh!^chiZVYegdYjX^c\cZlXdbeaZm [dgbhd[hZ\gZ\Vi^dci]gdj\]b^\gVi^dcVcY\adWVa^oVi^dcegdXZhhZh#>cWdi]X^i^Zh! ]^hidg^XValVnhd[i]^c`^c\VcYi]ZjgWVc^hi^XVii^ijYZhd[VcZVganbdYZgcZa^iZ lZgZgZegdYjXZY^cidcZlXdciZmih¸jgWVcVgZVhX]Vc\ZYVcYigVch[ZggZYi]dhZ cZl^YZVh^cidXdcXZeijVaYZh^\c#>ci]Via^\]i!i]^hZhhVngZXdjcihi]Zbjai^" aVnZgZYhdX^dZXdcdb^XVcY^YZdad\^XVaXnXaZhd[¹hZ\gZ\Vi^dcºVcY¹gZ"VbVa\V" bVi^dcºd[>hiVcWja^ci]Z'%i]XZcijgn# I=:¹H>BEA:9J6A>INºD;DA9I>B:H IdYVn¼h>hiVcWja^hi]Zh^iZd[VXaZVg[Vjaia^cZWZilZZcild¹deedh^c\ºeVgi^Zh l^i]^ci]Zb^YYaZXaVhh#I]ZhZilddeedh^c\XVbehZVX]YZÃcZi]ZbhZakZhY^[" [ZgZcian^ci]Z^gVii^ijYZhidlVgYhejWa^XheVXZ!i]Z^gedh^i^dc^ci]ZbVhhbZY^V! VcYi]Z^gk^Zld[i]^h^YZdad\^XVaWViiaZ\gdjcY#DcdcZh^YZd[i]ZedaVg^inVgZ
\gdjehXdb^c\djid[i]Z¹edhi"\ZXZ`dcYjºZck^gdcbZci#I]ZhZb^a^ZjhYZkZa"
(&'q(&(
deZY\gVYjVaan[gdbi]ZlVkZhd[egdk^cX^Vab^\gVi^dci]ViWZ\Vc+%nZVghV\d! VcYcdli]Z^g^c]VW^iVcih_ZVadjhanXa^c\idi]Z^gVXfj^gZYZXdcdb^XVhhZihVcY
8dc[gdciVi^dc
edh^i^dch#LZXdjaYXVaai]ZhZeZdeaZi]Z¹g^h^c\cZlb^YYaZXaVhh#ºEda^i^XVaan!
:mX]Vc\Z
i]ZnhZZbidaZVcidlVgYhV`^cYd[gZ[dgb^hiXdchZgkVi^hb!XdbW^c^c\cZd"a^WZg" Va^hbl^i]gZa^\^djhbdi^kZh# Dci]Zdi]Zgh^YZd[i]ZedaVg^in^hi]ZÈdaY!¹ÈZhiVWa^h]ZY¹b^YYaZXaVhhd[ >hiVcWja#I]^h\gdjeXdjaYWZhV^YidgZegZhZci¹cdgi]>hiVcWjacZhhºVhVXdbeaZm XdbW^cVi^dcd[bZciVa^inVcYXdaaZXi^kZVXi^dc#I]Zcdgi]>hiVcWja^iZhi]^c`i]Vi i]ZnVadcZYZhZgkZi]ZZe^i]Zi¹X^k^a^oZYºVh]Z^ghidi]ZdaY!DXX^YZciVa^hib^YYaZ XaVhhkVajZhd[i]ZZVganbdYZgc^oVi^dceZg^dY#6\gZVieVgid[i]^h\gdje!]dlZkZg! ]VhWZZc[dgXZYidlViX]^cYZheZgVi^dcVhWZiiZg"h`^aaZY!cZlb^\gVcihXdcfjZg i]ZZXdcdb^XVcYhdX^Va[dgigZhhZhl]^X]i]ZnViiZbeiZYidhXVaZ^ci]Z&..%h# I]Zg^h^c\cZlb^YYaZXaVhh[gdbgjgVadg^\^ch!l]^aZh`^aa[jaanZmead^i^c\i]Z ZXdcdb^XgZcibZX]Vc^hbhd[i]Z^gcZljgWVchjggdjcY^c\h!]VhZmegZhhZY^ih XjaijgVadg^\^chl^i]\gdl^c\XdcÃYZcXZ#I]Zn]VkZWZ\jcidlZVgijgWVchVcY ]daYWVgWZXjZeVgi^ZhVcYhVXg^ÃXZg^ijVah^cjgWVcejWa^XheVXZh!egdkd`^c\ cZ\Vi^kZ[ZZa^c\h ZkZc]VigZY [gdbi]ZdaY!ZYjXViZYb^YYaZXaVhh!l]dlZgZ cdiVhh`^a[ja^cVeegdeg^Vi^c\VcYjh^c\jgWVcejWa^XgZhdjgXZh# I]^hdaYZgXaVhh\ZcZgVaangZegZhZcihi]ZadhZghd[i]Z&..%h!VcYlVh\gVYj" VaanYg^kZcidVabdhigZVXi^dcVgneda^i^XVahiVcXZh#6[iZgi]Z&..%h!^ceZgbVcZci ZXdcdb^XXg^h^h!i]ZdaYb^YYaZXaVhh]VYY^[ÃXjain^cÃcY^c\VeaVXZVbdc\i]Z ¹YncVb^XºbVg`Zi[dgXZhd[V\gdl^c\bZigdeda^hVcYXdchZfjZcianadhii]Z^g edh^i^dc#Hdi]ZncVijgVaan^YZci^[ni]ZcZlg^h^c\b^YYaZXaVhhl^i]i]ZhVkV\Z! ¹bVÃV"a^`ZºVheZXihd[i]^hcZlXVe^iVa^hb#8jaijgVaan!i]ZZhhZci^VaanZa^i^hi cdgi]>hiVcWja^iZhhdakZi]ZegdWaZbd[hZeVgVi^c\i]ZbhZakZh[gdbi]ZcZlan lZVai]nWnXdaaZXi^kZanaVWZa^c\Vaaedhi"\ZXZ`dcYjeZdeaZl^i]i]Zcdi^dcd[ ¹kVgd!º bZVc^c\¹djih`^gihº VcYi]jh^YZci^[n^c\i]ZbVhdjih^YZgh# I]ZldgY\ZXZ`dcYj!^c]Zg^iZY[gdbi]Z&.*%h!»+%hVcY»,%hVcYbV^canedh^" i^kZ!]Vh\gVYjVaan[VaaZcdjid[jhZ#>ci]Z&..%h!i]ZbZY^VY^hXdkZgZYi]ZkVgdh VcYegdbdiZYi]ZiZgb^c^ihVg\jbZcihVWdji¹Y^hidgiZYjgWVc^oVi^dc#ºI]Z kVgdh^hl]Vi^hcdi>hiVcWja0^i^hi]Z^cXVgcVi^dcd[Vcjc[dgZhZZcjgWVc^oVi^dc# I]ZkVgdh!l^i]^ihX]Vdh!^h^bedhh^WaZidjcYZghiVcYVcYeZcZigViZ#I]dhZ l]dXVcWj^aY^aaZ\VaanVgZ_jhiVha^`ZanideZg[dgbVaa`^cYhd[di]ZghjWkZgh^kZ VXi^dch#>i^hdWk^djhancdidg^djh!VeaVXZl]ZgZX^k^iVhXdbZhidVcZcYVcY l]ZgZdjghZXjg^in^hcdadc\Zg\jVgVciZZY!^i^hVcd"\dVgZV# I]^hkVgdhY^hXdjghZgZkZVahi]ZXdaaZXi^kZjcXdchX^djhd[i]ZdaYb^YYaZXaVhh! l]djhZi]ZiZgbidZbe]Vh^oZi]ZeZgXZ^kZYedkZgind[i]ZcZlhZiiaZbZcih!VcY i]Z^gdlcYZh^gZidVkd^Yi]^h[ViZ#I]Z^gY^hXdjghZ^hl^YZanhjeedgiZY^ci]ZbVhh bZY^V#>ihVbW^\jdjhjhZVhViZgbYZhXg^W^c\Wdi]edkZginVcYi]Zi]gZViZc^c\ cZlb^YYaZXaVhh^hedhh^WaZWZXVjhZedhi"\ZXZ`dcYj>hiVcWja^iZhgZh^YZ^cheVXZh hi^aa¸dgdcXZV\V^c¸^ciZgil^cZYl^i]edkZgin#HjX]ÃcZed^cihVgZ^\cdgZYWni]Z cdgi]Zgc>hiVcWja^iZh!l]dhZZbWZYYZYXjaijgVaVhhjbei^dchcZ\aZXi^bedgiVci hdX^dZXdcdb^XVcYeda^i^XVaY^[[ZgZci^Vi^dchl^i]^ci]^hb^a^Zj# >cbnVgi^XaZ¹AZVgc^c\[gdb>hiVcWjaº '%%* !>igVXZYi]ZbZciVaVcY hZci^bZciVagddihd[i]^hVii^ijYZWVX`idi]ZZVganeZg^dYd[bdYZgc^oVi^dc^c
>hiVcWja^ci]ZhZXdcY]Va[d[i]Z&.i]XZcijgn#I]^hlVhl]Zci]ZÃghiheVi^Va gjeijgZhWZilZZcjeeZgVcYadlZg^cXdbZ\gdjehdXXjggZY#L^i]i]ZhdX^Va Za^iZ¼hbdkZbZci[gdbi]ZdaYeZc^chjaVidEZgV^ci]Zcdgi]d[i]ZX^in!Vc jgWVc[gVXijgZdeZcZYjedci]ZVm^hd[ci]^heZg^dY!Vh^beaZhdX^VaYjVa^inZbZg\ZYl^i]YZX^e]ZgVWaZ heVi^VaX]VgVXiZg^hi^Xh# I=:G>H:D;I>:H6;I:GI=:& .-%h/ H:HI6C7JA 9jg^c\i]ZhZXdcYbdkZd[XVe^iVaidlVgYi]Zcdgi][gdb&.*%id&.-%!i]Z jeeZgVcYb^YYaZXaVhhZhd[i]Z^cYjhig^Va"X^in"^c"i]Z"bV`^c\hZiiaZYVadc\i]Z Vm^hWZilZZcIV`h^bVcY:i^aZg#>ilVhZmVXian^ci]^h^ciZgbZY^ViZZgVi]Vii]Z Wdjg\Zd^h^ZbVYZi]ZbhZakZhdjiidWZhdX^VaangZhedch^WaZ!cZ^i]Zgl^aa^c\cdg cZZY^c\id^hdaViZi]ZbhZakZh#¹HdX^VaGZheZXiºlVhbV^ciV^cZYWni]ZadlZg XaVhhZh^c]VW^i^c\i]ZXaVhh^XVa\ZXZ`dcYjVgZVh cdadc\Zg[VgbZgh!WjicdinZi egdaZiVg^Vch!i]ZndXXje^ZYi]Zi]gZh]daYWZilZZcjgWVcVcYgjgVa #HZeVgViZ XjaijgZhXgZViZYVXdckZci^dcVa[gVbZldg`l^i]ÃgbgdaZh!l^i]^cl]^X]ZkZ" gndcZbdkZYXdb[dgiVWan#>cVhdX^Zinl^i]egdYjXi^dc"WVhZYXVe^iVaVXXjbjaV" i^dcVcYkVajZh!ZkZgndcZ¹`cZlº]^hdg]ZgeaVXZ0YZh^gZhlZgZcdijc[jgaZY Vhi]ZnlZgZV[iZgi]Z&.-%h#6ii]^hi^bZi]ZdaYXjaijgVaY^k^Y^c\a^cZhWVhZY dc^cYjhig^VaegdYjXi^dcadhii]Z^gkVa^Y^in0l^i]i]ZcZllZVai]!i]ZegZk^djh WdgYZghY^hhdakZY# 6]^\]ank^h^WaZhZXi^dcd[i]^hcZl!bdc^ZYVg^hidXgVXndg^\^cVi^c\bdhian i]gdj\]hjXXZhh[jaÃcVcX^VaheZXjaVi^dc^h!idVaVg\ZZmiZci!¹jcXjai^kViZYº [gdbi]Zk^Zled^cid[i]ZdaYjgWVcb^YYaZXaVhhZh#>i^hhZZcVhcdinZiXVeVWaZ d[Y^[[ZgZci^Vi^c\^ihZa[i]gdj\]VhZeVgViZ¹hjeZg^dgXjaijgZº¸i]Vi^hi]gdj\]V Xdda!Y^hiVcXZY!Wdjg\Zd^h ¹:jgdeZVcº XaVhhWZ]Vk^dg#>cVhdX^Zini]Vi]VhWZZc ¹YZ"Za^i^oZY!ºi]Z^c]Zg^iZYcdgi]Zgc>hiVcWjaY^hXdjghZ^hiddlZV`idYZkZadeVc Vaid\Zi]ZgcZlXaVhhedh^i^dc#Hd^igZbV^ch[dgi]ZcdjkZVjmg^X]Zh!l]dXVccdi hZii]ZbhZakZhVeVgii]gdj\]WZ]Vk^dg!idY^hi^c\j^h]i]ZbhZakZhi]gdj\]bViZg^Va igVee^c\h/l^i]_ZZeh!WaVX`hjc\aVhhZh!VcYhZiiaZbZcilVaah^ci]ZAVi^c"6bZg^XVc hinaZ# I]ZWZ]Vk^dgd[i]ZadlZgXaVhhZh^cgZ_ZXi^dcd[i]^hhZ\gZ\Vi^dchZZbh^cZk^" iVWaZ/ij\\^c\ViVcYXden^c\^i!Xdb^c\XadhZid^i!VcY[jgi]ZgcZXZhh^iVi^c\ ¹]VgYºe]nh^XVahZ\gZ\Vi^dcWni]ZjeeZgXaVhhZh#Dg^\^ch!aVc\jV\Z!VcYWZ]Vk^dg VgZY^hig^WjiZYi]gdj\]i]ZbZY^VVcYXdchjbZY!egdk^Y^c\ZVhnVXXZhh#GZVa^in h]dlhhiVgg^c\bZbWZghd[i]ZadlZgXaVhhZh!VcYhdX^Zinh]dlhl]ZgZi]ZcZl ¹jcZYjXViZYºjeeZgXaVhhZhejii]ZbhZakZhdcY^heaVndcanhZgkZidb^ggdgZVX] di]Zg#I]ZcZllZVai]^hdWk^djhancdiVgZhjaid[eZg[dgbVcXZVcYZ[[dgi!VcY ^hcdihj[ÃX^ZcianaZ\^i^b^oZY0VcYWdi]eVgi^Zh`cdli]^hdcaniddlZaa#I]ZcZl g^X]d[idYVnVgZnZhiZgYVn¼hcZmi"YddgcZ^\]Wdgh#I]jh!cdi]^c\heZV`hV\V^chi Vedhh^WaZZmX]Vc\Zd[gdaZh!ZmXZeiajX`!\ddYgZaVi^dch!g^\dg!VcYY^a^\ZcXZ# >ci]ZaViZ&..%h!i]ZbZY^VaVcYhXVeZlVhÄddYZYWnVedejaVg\ZcgZ/i]Z BV]VaaZiZaZk^h^dchZg^Zh#I]ZhZegd\gVbhgZegZhZciVcjcegZXZYZciZY!hdjcY! ¹igVY^i^dcVa!º>hiVcWjab^XgdXdhbdh#:kZcl]Zc^ckdakZY^ccZVi!fjdi^Y^VcXdc" Ä^Xih!i]ZeddgZg!eZi^iWdjg\Zd^hXd]VW^iVcihValVnhWZ]VkZc^XZanidZVX]di]Zg!
bV^candjid[hda^YVg^in#DaYWdgdj\]hl^i]h^c\aZ"[Vb^an]djhZhhjX]Vh@jo\jc"
(&)q(&*
Xj`!HVbVinV!ZiX#¸gZaVi^kZanheVgZY[gdbi]Z^ciZg[Zg^c\]VcYd[i]ZnVehVi¸ VgZhZaZXiZYidedgigVn>hiVcWjaWZ[dgZ&.)*"&.*%#I]Zhidgn^hVbW^\jdjhanhZi^c XdciZbedgVgni^bZh!l]^X]^hVaid\Zi]ZgVcVWhdajiZan^begdWVWaZi^bZ$heVXZ$ VXi^dcXdbW^cVi^dc#I]ZXVbZgV]VgYanbdkZh0cdjcYZh^gVWaZVeVgibZci[VVYZh ZciZgi]Ze^XijgZ#>iXVeijgZhi]Z^bV\^cVgnYZh^gZhd[V[dgbZg VcY^bedhh^WaZ Wji]Vgbdc^djhldgaY/l]VildjaY^iWZa^`Z^[lZVcYdjgX^ingZbV^cZYVhlZ lZgZ^cdjgX]^aY]ddY4 >ciZgZhi^c\Zcdj\]!i]Z\ViZYXdbbjc^i^ZhbV`ZZmVXiani]^h^c[Vci^aZYgZVb VkV^aVWaZ[dgejgX]VhZ#I]Z`cdlce^dcZZgd[i]ZhZhZiiaZbZcih!@ZbZg8djc" ign!^hbVg`ZiZYegZX^hZani]jh/dci]ZdcZ]VcY!aVbZci^c\i]Z]Vgbdc^djhdaY BV]VaaZ!VcYVii]ZhVbZi^bZ!¹hZaa^c\º^ihgZ"ZhiVWa^h]bZcik^VVcZmeZch^kZ! \jVgYZY!]dbd\ZcdjhXdbbjc^indcZmXajh^kZegdeZgin#>i^h[dg\diiZci]Vi&*% nZVghV\d!Yjg^c\i]Z^gÃghib^\gVi^dcidi]Zcdgi]!i]ZkZgnVcXZhidghd[i]^h @ZbZg8djcignXa^ZciZaZ!ijgcZYi]Z^gWVX`hdcXZVcY[dgVaadci]Z]^hidg^XVa eZc^chjaV!VcY^ihhdX^Vaan]ZiZgd\ZcZdjhBV]VaaZh# 9>H8:GC>CK>H>DCH I]Z¹Xdbea^XViZYºYjVa^ini]ViegZkV^ah^ci]ZX^in^ci]Z'%%%h^hXdbedhZYd[ ildY^hh^b^aVgY^X]didb^Zh/Ãghi!VY^k^h^dchjW_ZXi^kZanZmeZg^ZcXZYWnY^[[ZgZci \gdjehVgdjcYi]ZhnbWdahd[jgWVca^[ZVcYhZXdcY!VXdcÄ^XiYZg^kZY[gdbi]Z bViZg^VaegdYjXi^dcd[jgWVcheVXZ# I]ZÃghiY^k^YZYZg^kZh[gdbi]ZhnbWda^X^ciZgegZiVi^dcd[ejWa^XheVXZ# 9ZhXg^WZYVWdkZ!i]^h^YZdad\^XVafjVggZagZkdakZhVgdjcYi]Za^[ZhinaZhd[i]ZdaY VcYcZlb^YYaZXaVhhZh#7di]\gdjeh\^kZi]Z^begZhh^dci]Vii]ZnVgZed^hZY idjcYZgb^cZZVX]di]Zg[dgi]ZhV`Zd[V\gZViZgegZhZcXZ^cejWa^XheVXZ0ZVX] h^YZ¼hejWa^XegZhZcXZ!Vii^ijYZ!hiVcXZ!bViZg^Va!VcYeViiZgchd[XjaijgVaXdc" hjbei^dcVgZVeeVgZcianXdbeaZiZanjcWZVgVWaZid^ihhdX^deda^i^XVadeedcZci# =dlZkZg!^ihZZbhi]Vii]ZhZild\gdjeh]VkZ\gdlcXadhZgid\Zi]Zg!VcY ]VkZZkZcWZXdbZZfjVah^ci]ZegdXZhhd[egdYjX^c\i]ZWj^aiZck^gdcbZci#>c i]ZVgZVd[VgX]^iZXijgZVcYbZi]dYhd[gZVaZhiViZZmead^iVi^dc!i]Zn^cXgZVh" ^c\anXdenZVX]di]Zg#>cdi]ZgldgYh!i]ZdaYaZVgc¹i]ZlVnhº[gdbi]ZcZl! VcYi]ZcZlaZVgc¹i]ZgjaZhº[gdbi]ZdaY#IdYVn!i]ZegdYjXi^dcd[hbVaa"hXVaZ nVehViXVe^iVa^hcdadc\ZgY^hi^cXi^kZanY^[[ZgZci^cZ^i]ZgdaY¹VeVgibZciWj^aY" ^c\hºdgcZl¹edhi"\ZXZ`dcYjºhjggdjcY^c\h#I]ZjgWVchigjXijgZhd[i]ZdaY ZhiVWa^h]ZYXZcigVaY^hig^Xih [dg^chiVcXZ!7Zh^`iVhdg;Vi^] VcYi]ZÃghilVkZd[ \ZXZ`dcYjY^hig^Xih [dg^chiVcXZ!OZni^cWjgcjdgJbgVc^nZ lZgZWdi][djcYZY l^i]hbVaa"hXVaZXVe^iVa^ckZhibZcihVcYVgZcdadc\Zgk^hjVaanY^[[ZgZci# >ci]Z]^\]an"ejWa^X^oZYYZWViZdcXdcÄ^Xi^c\a^[ZhinaZh^cejWa^XheVXZ!hdX^Va igZcYh!ÄjmZh!VcYVbVa\VbVi^dchVgZgVi]ZgdkZgadd`ZY#7di]b^YYaZXaVhhZh [dgbVaVg\ZbV_dg^ind[i]ZXjggZcijgWVcedejaVi^dcVcYh]VgZVejWa^XheVXZ i]Vi^h^cXdbeVgVWanl^YZcZYVcYY^kZgh^ÃZYgZaVi^kZidi]Vid[&.-%#BdW^a^in l^i]^cjgWVcheVXZ^hcdljcegZXZYZciZY#>ci]ZÃcVaVcVanh^h!i]ZW^edaVgdeed" h^i^dci]ViZbZg\ZhVh]Vgh]XdcÄ^XiVcY^cidaZgVcXZ^c^YZdad\^XVaY^hXdjghZ^h a^`ZanidZkZcijVaanigVchXZcY^ihZa[idXgZViZi]ZXdgZkVajZh YZg^kZY[gdbi]ZhZ cZljgWVcegVXi^XZh d[V¹cZl>hiVcWjaXdckZci^dcº[dgVaab^YYaZXaVhhZh#
8dc[gdciVi^dc :mX]Vc\Z
DCC6AGJEIJG:H>CI=:8>IN I]ZhZXdcYY^k^h^dcgZaViZhidi]ZgZhigjXijg^c\d[i]ZjgWVcZck^gdcbZciVcY i]ZgdaZd[cZlVcYg^h^c\XVe^iVa^ckZhibZci\gdjeh#I]^he]ZcdbZcdc^h^c egd\gZhhVcY^ihY^k^h^dchVgZaZhh[jaanVgi^XjaViZY!Vai]dj\]d[iZcidjX]ZYjedc! ^ci]ZbVhhbZY^V#6i^ihhiVgi^ci]ZZVgan&..%h!cZlbV_dg^ckZhibZci\gdjeh lZgZZhiVWa^h]ZY^cVX^ini]Vi]VYaVg\ZanWZZcXgZViZYi]gdj\]hbVaa"hXVaZ ^ckZhibZcih#I]Z^haZihi]ZhZ\gdjehegdYjXZYlZgZ¹eVhiZYºdcided[i]ZZm^hi" ^c\eViiZgc#>ci]Z'%%%h!i]^hX]Vc\ZXVbZidejWa^Xcdi^XZl]Zci]ZXVe^iVa XdbeVc^ZhZmeVcYZYi]Z^gVgZVhd[VXfj^h^i^dc#I]ZgjeijgZhi]Vii]^hegdXZhh^h hjgZidXgZViZl^aahZii]ZX^in¼h[jijgZV\ZcYV# I]^hegdXZhh^hbVg`ZYWnildigZcYh0i]ZÃghiWZ^c\i]ZXgZVi^dcd[cZl jgWVcheVXZh!Vhhjg^c\i]ZcZljeeZg^cXdbZ\gdjeh¼heVi^VahdX^VahZ\gZ\Vi^dc# I]^higZcYÄdjg^h]ZY^ci]Z&..%h!VcY^ihXdchZfjZcXZhlZgZl^YZanY^hXjhhZY# I]ZhZXdcYigZcY!l]^X]ZbZg\ZYdcanV[iZgi]ZaVhiZXdcdb^XXg^h^h^c'%%&"'! ^hi]ZigVch[dgbVi^dcd[aVg\Z"hXVaZXdchigjXi^dcVcYgZVaZhiViZ^ckZhibZci[dg b^YYaZVcYadlZg^cXdbZ\gdjeh^cidVbV_dgbZVchd[XVe^iVaVXXjbjaVi^dc# GjWg^XhhjX]Vh¹jgWVc^ccdkVi^dc!º¹ZVgi]fjV`Z"egdd[XdchigjXi^dc!ºVcYV gZijgcid¹VgX]^iZXijgVa^YZci^in!ºVgZjhZYid_jhi^[nVcZlXVe^iVaVXXjbjaVi^dc egdXZhh!^cl]^X][jcYh[gdbi]Zb^YYaZXaVhhZhVgZcdlWZ^c\igVch[ZggZYid bV_dgXdchigjXi^dcXdbeVc^Zh# >ci]Z>hiVcWjad[i]Z&..%hVcY'%%%h!XVgh]VkZWZXdbZVbV_dgidda[dg Y^[[ZgZci^Vi^c\jgWVcheVXZ#CZl`^cYhd[]djh^c\!ldg`^c\!h]dee^c\!VcYZciZg" iV^cbZciVgZVhXdccZXiidZVX]di]Zgi]gdj\]VcZildg`d[]^\]lVnh¸heVXZhd[ cZljgWVc\Zd\gVe]nViiVX]ZYidi]ZdaYX^inbVe#I]ZlVaahd[i]ZhV[Z¹\ViZY Xdbbjc^i^ZhºVcYi]Z)m)_ZZeh!cZZYZYidegd\gZhhi]gdj\]i]Z¹jgWVc_jc\aZ!º Wdi]bVYZi]ZcZlXaVhhbdgZk^h^WaZi]Vci]ZlZVai]nZa^iZhd[i]ZeVhi!VcY bdgZdWk^djhanhZeVgViZ[gdbi]ZgZhid[hdX^Zin#IldY^[[ZgZciejWa^XheVXZh ]VkZi]jhYZkZadeZY/dcZZmeZg^ZcXZYWnXVg!i]Zdi]ZgWn[ddi#:VX]^hVhhdX^" ViZYl^i]VY^[[ZgZciY^hXdjghZ!VcY¸\gVYjVaan¸ildhZeVgViZXdbbjc^i^Zh# I]^hcZlhZeVgVi^dc!i]dj\]k^hjVaanbVc^[Zhi!lVhcZkZgi]Z[dXjhd[i]Z ejWa^XV\ZcYV#JcYZgi]Z^cÄjZcXZd[i]ZbZY^V!^ilVhcdgbVa^oZYl^i]djiWZ^c\ hjW_ZXiidXg^i^XVaY^hXdjghZ#HjX]e]ZcdbZcVVhi]ZjhZd[i]ZijgWVcdgi]Z hVXg^ÃXZg^ijVa^cejWa^XheVXZlZgZZbe]Vh^oZY^cbZY^VXdkZgV\Z!l]^aZi]Z egdWaZbVi^Xhd[VejWa^XheVXZcdadc\ZgVXXZhh^WaZideZYZhig^VchlVh]VgYanbZc" i^dcZY#I]Za^[Zd[i]ZkZ]^XjaVg"bdW^aZ!VXXZhh^WaZidi]ZejWa^XdcanWnjcYZg\d^c\ hZXjg^inX]ZX`h!lVhhdbZi^bZhVWVX`\gdjcY^cIK[ddiV\Z!Wjidi]Zgl^hZ\gVYj" VaanYg^kZcdjid[i]ZXd\c^i^kZX^inbVe#I]ZcZla^[ZVkV^aVWaZ[dghVaZ^hhdX^Vaan _jhi^ÃZYVhVc^cY^k^YjVah¼YZX^h^dcid^ckZhi^ceg^kViZgZVaZhiViZ#I]ZcVijgZd[ i]ZejWa^XheVXZi]jhXgZViZY!]dlZkZg!^hi]ZhjW_ZXid[bdgZhjWiaZVhhdX^Vi^dch# 8djaY^iWZi]Vi![V^a^c\idÃcYVaVc\jV\Z[dgY^hXjhh^c\i]^hcZlY^k^h^dc!i]Z b^YYaZXaVhhZh!^chiZVY!ViiVX`ZVX]di]ZgdkZghjeZgÃX^Vaa^[ZhinaZYZWViZh4 HDB:8AJ:HIDG:I=>C@>ChiVcWja^c i]Z&.i]XZcijgnidd`eaVXZVadc\ided\gVe]^X\j^YZa^cZh/i]Z¹WZiiZg!ºXdhbd" eda^iVc!VcY\adWVahdX^ZinlVhZhiVWa^h]ZY¹VWdkZºdci]Zg^Y\Zd[EZgVVcYid
i]Zcdgi]idlVgYH^ha^Xdci^cj^c\Vadc\i]Zhd"XVaaZY¹hgVZa^"EVaZhi^c^Vc^ciZgegZiVi^kZ a^iZgVijgZ]VhVg^hZcdjid[6WjH]VfgV¼hediiZYXVXijh# I]ZWViiaZdkZgi]ZXVXijhVhVcVi^dcVahnbWdaXZciZgh dc6WjH]VfgV¼hVgi#L]ViYdZh]^hhnbWdabZVc49dZh ^idg^\^cViZ[gdbVEVaZhi^c^VcWVX`\gdjcYdgV?Zl^h] Zck^gdcbZci4>h^iVEVaZhi^c^VcVX]^ZkZbZci!dgYdZh^i WZadc\id>hgVZa^?Zl^h]XjaijgZ46]ZViZYWViiaZ]VhWZZc e^iX]ZYdkZg6WjH]VfgVVcY]^hi^cnÄdlZgedih# I]ZbdhiZmigZbZZmVbeaZd[Vc>hgVZa^eZgheZXi^kZ dc6WjH]VfgV¼hldg`^hgZegZhZciZYWni]Zlg^i^c\hd[ >hgVZa^Xg^i^XHVg^iH]Ve^gV!VhfjdiZYWn:aa^chgVZa^hVWgV cVi^kZ"Wdgc>hgVZa^ VcY![jgi]Zg!i]Vii]ZhVWgVZmegZhhZhVXdcXZei d[¹i]ZXdaaZXi^kZ>hgVZa^egdidineZ#º6hhjX]!H]Ve^gV^ch^hihdc^hdaVi^c\6Wj H]VfgV[gdb]^hcVi^dcVab^a^ZjVcYViig^Wji^c\]^h^ch^\]ihid?Zl^h]>hgVZa^Xja" ijgZ#¹6WjH]VfgV¼hhVWgV^hVc^YZci^[n^c\bVg`d[Di]ZgcZhh!ºH]Ve^gVZmeaV^ch!
¹h^cXZ]Z!VhVc6gVW!Veea^Zh^iid]^bhZa[!l]^aZdg^\^cVaanVcY^cXdbbdcjhV\Z
(''q('(
i]Z^bV\ZgZ[Zghidi]Z>hgVZa^?Zl#¹7jiH]Ve^gVYdZhcdihidei]ZgZ!lg^i^c\i]Vi 6WjH]VfgV¼hX]d^XZd[i]ZhVWgV¹bVnViiZhiidi]ZaVX`d[eZghdcVadgXdaaZXi^kZ
>ccdkVi^dc
^YZci^[n^c\bVg`d[]^hdlcº cV\ZhijgZd[gZXdcX^a^Vi^dc!h]ZhZZ`hVlVnidh]VgZi]ZhnbWda/¹H]V" e^gV°^hb^hiV`Zc^cViig^Wji^c\Vji]dgh]^ed[i]Z^bV\Zd[i]ZhVWgVid>hgVZa^ XjaijgZ°:mVb^cVi^dcd[^ihhdjgXZh^cEVaZhi^c^VcXjaijgZgZkZVahi]Vii]ZgZ! idd!VlZVai]d[XdcXZeihZm^hihVgdjcYi]^h^bV\Z°P>RideZgViZhVhVc^gdc^XVcY Xg^i^XVa^bV\Zd[i]ZhidaZc^YZci^ind[i]Z6gVWl]dl^h]ZhidhZZ]^bhZa[Vhi]Z hVWgV!VhH]Ve^gVh]dlh!l]^aZVii]ZhVbZi^bZgZbV^c^c\Vc^ciZgcVaEVaZhi^c" ^VcXdYZhnbWda^o^c\hj[[Zg^c\VcYYZZean"gddiZYiZcVX^inº c>hgVZa^XjaijgZ!i]ZcVbZ¹hVWgVºlVh\^kZcidi]ZÃghi>hgVZa^\ZcZgVi^dc! i]ZEVaZhi^c^Vc"WdgcX]^aYgZcd[?Zl^h]^bb^\gVcih#I]Zn¹idj\]ZcZYjeº¸dg ^`]h]dlh]Vcdj!^ci]ZldgYhd[JhVbV7^cBjcf^Y]!V[Vbdjh`c^\]iVcY
cZe]Zld[HVaVY^c!Vh]ZYZhXg^WZh^c]^hbZbd^ghi]Z8gjhVYZghl]da^kZY[dg Vadc\eZg^dYd[i^bZ^cEVaZhi^cZVcYWZXVbZa^`Zi]ZcVi^kZ^c]VW^iVcihd[i]Z Xdjcign#I]Z?Zl^h]hVWgVlZgZVWaZid\gVhei]Zi]dgcn[gj^id[i]Zeg^X`aneZVg XVXijhVcYeZZa^il^i]i]Z^gWVgZ]VcYh!_jhia^`Zi]ZEVaZhi^c^VceZVhVcih#6i Ãghii]^hlVhVa^iZgVgnbZiVe]dg!igVch[ZggZYidi]ZeaVhi^XVgihVhVc^bV\Zd[V g^eZXVXijh[gj^il^i]i]dgched^ci^c\djilVgY#I]ZhnbWdaZbe]Vh^oZYVYjVa^in WZilZZci]ZhlZZi!hd[i^ciZg^dgVcYXgjZa!i]dgcnZmiZg^dg# :fjVaan^bedgiVci!i]ZbZiVe]dgd[i]ZhVWgVgZÄZXiZYi]Zhe^g^id[i]Z?Zl^h] \]Ziid^c:jgdeZVhbjX]Vhi]ZgZVa^ind[?Zl^h]hZiiaZbZci^cEVaZhi^cZ#>cV bVccZgd[heZV`^c\!i]ZXVXijh[gj^i]Vhi]Z[dgbd[i]Z\]Ziid!l]^X]VahdbV^c" iV^chVhlZZi^ciZg^dg i]gdj\]cVi^dcVa^hb!hda^YVg^in!bjijVahjeedgi l]^aZ Wg^hia^c\^ci]dgcnlViX][jacZhhV\V^chiV]dhi^aZZmiZg^dg#I]ZÃghi?Zl^h]hZiiaZ" bZcih^cEVaZhi^cZlZgZVahdVineZd[V\]Ziid!i]Z^gi]dgched^ci^c\djilVgYh! WjiVaahlZZicZhhdci]Z^ch^YZ# I]^hVheZXi^hXgjX^VaWZXVjhZid^\cdgZi]ZZX]dZhd[i]Z\]Ziid^ci]Z >hgVZa^XVXijhbZiVe]dg^hidb^hhi]ZY^[[ZgZcXZhWZilZZc^iVcYi]ZEVaZhi^c" ^VcbZiVe]dgXgZViZYWn6WjH]VfgV#;dg6WjH]VfgV!i]Z>hgVZa^bZiVe]dg^hVc deegZhh^kZdcZ#>ihWVgWhlZgZV^bZYVi]^b!VhVc6gVWk^aaV\Zg#6XXdgY^c\an! 6WjH]VfgVXdchigjXiZY]^hbZiVe]dg^cY^gZXideedh^i^dc#I]ZXdbbZciX^iZY WnhgVZa^YjVa^hb!hlZZicZhhVcYWVgWh#L]^aZi]Z>hgVZa^bZiVe]dg\adg^ÃZhi]Z eg^X`aZ!6WjH]VfgV^hbdhiXdcXZgcZYl^i]i]ZWadhhdb#>c]^hZnZh!i]Zi]dgc^h VcZ\Vi^kZZaZbZci!cdiYZ[Zch^kZ ¹i]Zi]dgcnYZVi]º VcYi]Z\daYZcÄdlZgd[ ]^hXVXijh^hg^h^c\V\V^chii]^hYZVi]#I]jh!6WjH]VfgVjcYZgb^cZhVcYig^Zhid dkZgXdbZi]Z>hgVZa^bZiVe]dg#I]ZgZ^hcdheaZcY^Y^ch^YZVcYk^daZcidjih^YZ# =^hYjVa^hb^hi]Vid[a^[Z^ci]ZÄdlZgkZghjhYZVi]^ci]Zi]dgc# 7ZXVjhZd[i]ViZbe]Vh^h!6WjH]VfgVhZZbhXdcXZgcZY^c]^heV^ci^c\hl^i] Za^b^cVi^c\dgigVch[dgb^c\i]ZXVXijhi]dgch^cidhdbZi]^c\hd[iZg#BVcnd[i]Z [gj^ihYZe^XiZY^c]^hldg`VgZkd^Yd[i]dgch0^[i]ZnVeeZVgViVaa!i]ZWVgWhVgZ l^i]ZgZY!cdiiZchZVcYV\\gZhh^kZ#I]ZhZVgZ\ZciaZi]dgchi]ViXVcWZiV`Zc^c ]VcYl^i]XdbeaZiZZVhZ!dgigVch[dgbZYVcYgZcYZgZY^cidhdbZi]^c\ZahZ# >cdcZd[i]ZeV^ci^c\h!i]Zeg^X`aneZVgVeeZVghidaZcY^ihi]dgchVhgVnhd[ a^\]iidi]ZaVbeVeeZVg^c\VWdkZ^i 6h^b6WjH]VfgV!IZa6k^kBjhZjbd[6giXViVad\! &..)/)' #>cVcdi]Zgldg`!Vhjc^hhZii^c\idi]Zg^\]id[i]ZeV^ci^c\!l]^aZdc
i]ZaZ[ii]ZXVXijhÄdlZggZXZ^kZhi]ZaVhigVnhd[i]ZY^hVeeZVg^c\a^\]i XViVad\! &..)/() #=ZgZ!idd!i]ZgVnhd[i]ZhZii^c\hjchjWhi^ijiZ[dgi]dgch#
>cVcdi]ZgedgigV^iiV`Zc[gdb6WjH]VfgV¼hh`ZiX]Wdd` XViVad\!&..)/,( !i]Z i]dgchd[i]ZXVXijheZVgYgded[[!igVch[dgbZY^cidhbVaa!WZVji^[jaXgdhhZhdc VWVX`\gdjcYgZhZbWa^c\VWajZXVgeZi#>chdbZdi]ZgeV^ci^c\h!lZÃcYigVch" eVgZcii]dgch!bdgZXadhZangZhZbWa^c\hd[i!h^a`ni]gZVYhi]VcWVgWhd[XgjZain# I]ZedgigV^i¹8VXijhEZVgº&.-.[ZVijgZY^ci]ZXViVad\d[i]Z@]Va^aHV`V`^c^ 8jaijgVa8ZciZg[dg6WjH]VfgV¼h&...GVbVaaV]Zm]^W^i^dc!YZe^Xihi]dgchhXViiZgZY dkZgi]ZWVX`\gdjcYVcYbZg\ZY^cidi]Zi]gZVYhd[VEZgh^VcXVgeZi# >ch]dgi!VXadhZgadd`Vi6WjH]VfgV¼heg^X`aneZVgXVXi^gV^hZhYdjWihi]Vi i]ZVgi^hilVciZYjhid^ciZgegZi]^heV^ci^c\h^ca^\]id[i]ZXdckZci^dcVabZVc" ^c\d[hVWgV[djcY^c>hgVZa^a^iZgVijgZ!l]^X]Zbe]Vh^oZhi]ZhVWgVi]dgchdgi]Z
(')q('*
XdcigVY^Xi^dcWZilZZc^ciZg^dgVcYZmiZg^dg#BdgZdkZg!dc i]Zl]daZ!6WjH]VfgVVeeZVghidgZhZcieg^X`aZh#6bdc\ i]ZVgi^hi¼hZVganh`ZiX]Zh!lZÃcYVYgVl^c\d[V\Zc^Z
>ccdkVi^dc
VgbZYl^i]lZVedchdgYZg^c\VWVgZ[ddibVcidlVa`dc
9ZhigjXi^dc
eaVc`hd[i]dgcnXVXijh[gj^ih#>ci]Zh`ZiX]!i]ZXVXijh ]VhcdÄdlZgh#I]ZgZegZhZciVi^dc]ZgZ^hdWk^djh/^i^h Vc>hgVZa^hdaY^ZgVcYVEVaZhi^c^VcbVc#I]ZhdaY^Zg!Vh]Z VeeZVgh^ci]^hh`ZiX]!^hegZX^hZani]Zidj\]>hgVZa^hVWgV# =Z^hgdj\]VcYXgjZa!VcY]^heg^X`aneZVgXVXijhi]dgch Wg^hiaZ^cdi]Zgh¼[VXZhVcYeg^X`i]Z^g[ZZi#I]^hh`ZiX]^h ZheZX^Vaan^bedgiVci[dgjcYZghiVcY^c\i]Zdg^\^chd[6Wj H]VfgV¼hbZiVe]dg#>iegdk^YZhVgZVhdcVWaZZmeaVcVi^dc
8VXijh!&.-6h^b6Wj"H]VfgV d^a dceVeZg!&'%F-%Xb! XdaaZXi^dc>hgVZa BjhjZb!?ZgjhVaZb
[dgi]Z¹Y^hVgb^c\ºd[6WjH]VfgV¼hXVXi^WVgWh# I]Zh`ZiX]Vahdb^\]i]Zaejh^cjcYZghiVcY" ^c\i]Z¹i]dgcnYZVi]º^c6WjH]VfgV¼h[Vbdjh fjdiZ#=Z^hi]Zdjih^YZg^ci]Z>hgVZa^bZiVe]dg! VcYi]Zi]dgchd[i]^hbZiVe]dgVgZY^gZXiZY Vi]^b#6hVEVaZhi^c^Vc!]ZVcYdi]Zgk^aaV\" Zghhj[[ZgZYV\gZViYZVa[gdbi]ZZmeZg^ZcXZ d[¹hlZZicZhhdci]Z^ch^YZºVcYi]Z¹i]dgcn! ]dhi^aZZmiZg^dg#ºHlZZiYZbdXgVXnlVhbZVci hdaZan[dgi]Z?Zl^h]^ciZg^dgVcYdeegZhh^kZ b^a^iVgngjaZlVhY^gZXiZYVi]^hk^aaV\Z#=ZcXZ!
HdaY^ZgVcY8VXijh!Wn6h^b 6Wj"H]VfgV Zm]^W^i^dcXViVad\ @]Va^aHV`V`^c^!8jaijgVa8ZciZg! GVbVaaV]!&...
]ZhZZ`hidZa^b^cViZdgidhd[iZci]ZXVXijh eg^X`aZh![dXjh^c\^chiZVYdc^ihÄdlZgh^cVcVaiZgcVi^kZYjVa^hbd[^ciZg^dgkZg" hjhZmiZg^dg!hd[ikZghjhXgjZa!VcYZhdiZg^XkZghjhZmdiZg^X# E6I>:C8:6C9HIG:Ci^hcdihigVc\Zi]Vii]ZEVaZhi^c^VcXVXijhbZiVe]dglVhegdYjXZYWnVcVgi^hi [gdbi]ZEVaZhi^c^Vcb^cdg^in!l]^X]gZbV^cZYdci]ZaVcY!VcYcdiWnVcVgi^hi [gdbi]ZLZhi7Vc`dghgVZadcEVaZhi^cZ¼hhd^a#I]^hb^cdg^inlViX]ZYVhi]Zeg^X`aneZVgXVXi^ÄdlZgZY ^ci]Z*%%Zbei^ZYEVaZhi^c^Vck^aaV\Zh!i]Z^g\daYZcWadhhdbha^`ZXVcYaZhhZidji ida^\]ii]ZgZijgcd[i]ZYZeVgiZYZm^aZh#>cZkZgnYZhZgiZYdgYZhigdnZYEVaZhi^c" ^Vck^aaV\Z!i]ZXVXi^¸dcXZYZ[Zch^kZWVgg^ZghV\V^chiXViiaZdg^cigjYZgh¸Xdci^cjZY idWaddb!VgZb^cYZgd[i]ZeVhi#I]ZbZiVe]dglVhi]ZgZ!an^c\^clV^i!idWZ eajX`ZYWnVcVgi^hi#;dgijcViZan!6WjH]VfgVlVhegZhZciideV^ci^i[dgjh#=Z e^X`ZYi]ZWadhhdb"XVcYaZVcYhZi^i^cVÄdlZgedidci]Zl^cYdl# ¹¼6h^bediiZYXVXi^^cVhjcaZhhodcZ!l]ZgZi]ZbV_dghdjgXZd[a^\]i^h dWhXjgZY!Vh^cVeVgi^VaZXa^ehZ!ºdWhZgkZYEVaZhi^c^VcVgi^hiVcYXg^i^X@VbVa 7djaaViV '%%&/&'% #I]^h^hi]Za^\]id[YVnWgZV`VcYc^\]i[Vaa#>ci]^hhjcaZhhodcZ! 6WjH]VfgV¼hXVXijhÄdlZgh^aajb^cViZi]Zc^\]i!Vii]ZhVbZi^bZEVaZhi^c^Vch ^ci]ZY^VhedgVlZgZa^\]i^c\aVciZgch^ci]Z^giZcih#I]ZXVXijhVeeZVghVhV a^\]i]djhZ!dgc^\]ilViX]bVc]daY^c\]^hidgX]!gZXVaa^c\i]Z`ZgdhZcZaVbed[ hbVZaH]Vbbdji#
7ji^c6WjH]VfgV¼hldg`!i]ZdkZgihnbWdalVhkZ^aZYVcY[gVj\]il^i] bZVc^c\#¹6h^b6WjH]VfgVhjXXZZYZY^cVaiZg^c\i]ZXdjghZd[EVaZhi^c^VcVgiVcY gV^h^c\^i[gdbi]ZhiVijhd[cdhiVa\^X"eda^i^XVaVgiidi]Vid[Vjc^kZghVaVgiX^e]Zg" ^c\eda^i^XVaXdYZh^cYZZeZgaZkZah!ºdWhZgkZYIVa^IVb^g &..)/&,!.) #I]^hlVh]^h bV^cVX]^ZkZbZci!Wji^ilVhVahdi]ZhdjgXZd[]^hldg`¼hXg^i^XVab^h^ciZgegZ" iVi^dc#>ilVhVh^[i]ZXg^i^XhXdjaYcdiVXXZeii]ViVbZiVe]dgd[hjX]YZei]XdjaY WZegdYjXZYWnVEVaZhi^c^VcWgjh]#>ilVhVh^[i]Zi]dgc]VYhigjX`V\V^c# I]Zgddihd[i]ZXdccZXi^dcWZilZZci]Zeg^X`aneZVgXVXijh dghVWg^c6gVW^X l^i]eVi^ZcXZVcYZcYjgVcXZ VahdhVWg!lg^iiZcl^i]i]ZhVbZgddi ^c6Wj H]VfgV¼hldg`a^Zh^cVaan^c\¹kZgWVa]Zg^iV\Zl^i]k^hjVaaVc\jV\Z!ºVh7djaaViV dWhZgkZh 7djaaViV!'%%& #I]ZldgYhVgZXdccZXiZY^ci]Z^g^bea^ZYZcYjgVcXZd[ ^c_jgn!W^iiZgcZhh!VcYlZVg^cZhh!VXXdbeVc^ZYWni]Z]deZi]ViX^gXjbhiVcXZh l^aaX]Vc\Z#BdhiegdWVWan!i]Z=ZWgZlldgYhVWgVYZg^kZh[gdbi]ZEVaZhi^c^Vc ldgY[dgXVXijh# I]Zcdi^dcd[a^c`^c\eVi^ZcXZVcYZcYjgVcXZidi]Z\ZcjhXVXi^^hVg^X]XdcXZei ^cXaVhh^XVa6gVWXjaijgZ#LZgZXVaai]ZhVn^c\d[i]Z\gZViZ^\]i]XZcijgnbVbVa"H]VÃZ!l]^X]^h[gZfjZcianlg^iiZc^cXVaa^\gVe]nVcY]jc\^c]dbZh/ >l^aaWZ[daadl^c\!eVi^Zci!jci^aeVi^ZcXZ^ihZa[^hjcVWaZidWZVgbneVi^ZcXZ $6cY>»aa`ZZeYd^c\i]Vijci^aVbeVi^Zcijci^a eVi^ZcXZ`cdlhi]Vi>VbVWaZidhiVcYVi]^c\bjX]W^iiZgi]VcW^iiZghVWg^ihZa[# ¹HVWgº^ci]^hkZghZgZ[ZghidVW^iiZgVadZl^i]bZY^X^cVajhZh!Wji^ih6gVW^X cVbZ]VhWZZcVeea^ZYidi]ZXVXijh[Vb^anVhVl]daZ# 6hXdbeVgZYl^i]^ihbZVc^c\h^ci]ZEVaZhi^c^VcZck^gdcbZci^c>hgVZa!i]Z XVXijhbZiVe]dglVhVaiZgZYha^\]ian^ci]ZLZhi7Vc`VcYci]^ha^\]i!Veegdeg^Vi^dcd[i]Zeg^X`aneZVgXVXijhVhVhdaZan?Zl^h]hnbWda hi^ggZYW^iiZgcZhhVbdc\EVaZhi^c^Vc^ciZaaZXijVah#8g^i^X6cidcH]VbbVhlg^iZh/ ¹6cYh^cXZi]ZEVaZhi^c^VcXVXijh°]VhWZXdbZ^chiZVYVXdbbdcc^X`cVbZ[dg i]dhZWdgc^c:gZioN^hgV¼ZaVcYgV^hZY^c^i!VcYcdi]^c\bdgZ¸HdbZdcZ]VYid igVch[Zgi]ZXVXijhidi]Zedi#HdbZdcZ]VYidh]V`ZjhVcYiZaajhi]Vi^i¼hdkZg VcYYdcZl^i]0i]Vicdli]ZgZ^hcdgZijgc!cZ^i]Zgidi]ZbVecdgidi]ZaVcY¸ _jhiidWZeaVXZYdci]Zl^cYdlh^aa°º H]VbbVh!&..-/egZ[VXZ DcZXVchZchZi]ZVc\Zg^ci]ZhZldgYhdkZgi]Zi]Z[id[VhnbWdaVcYi]Z [dgXZ[jaigVch[dgbVi^dcd[l]VilVhdcXZEVaZhi^c^VcegdeZgin^cidhdbZi]^c\ dWk^djhan[dgZ^\c#7jil]ViH]VbbVh]Vhb^hhZY!^cbnde^c^dc!^hi]Vi6Wj H]VfgVY^YcdieaVXZi]Zeg^X`aneZVgXVXijhdci]Zl^cYdlh^aaVhVh^\cd[ VWhZcXZVcYh]ZakZYbZbdgn!WjiVhVaVciZgcd[]deZ#6WjH]VfgVbVcV\ZY idXdchigjXiV[gZh]!g^X]bZiVe]dg^cdeedh^i^dcidi]Z>hgVZa^dcZ#Dci]ZdcZ ]VcY!]ZbVcV\ZYidgZhidgZi]ZhidaZchnbWdad[i]ZhVWgXVXijh#Dci]Zdi]Zg ]VcY!]Z^ckZgiZYi]Z>hgVZa^bZVc^c\hd[i]^hVeegdeg^ViZYhnbWda#I]Z?Zl^h] XVXijhbZiVe]dgZbZg\ZY[gdbV[dgZ^\c:jgdeZVcWVX`\gdjcYl^i]^ihgddih^c i]ZLVghVl\]Ziid#?Zl^h]hZiiaZbZcih^cEVaZhi^cZlZgZVgZea^XVd[i]^h\]Ziid
l]ZgZi]Zidj\]ZcZYhVWgVhhegZVYi]Z^g]dhi^aZi]dgchidi]Z6gVWk^aaV\Zgh!
('+q(',
l]^aZijgc^c\i]Z^ghlZZicZhh^clVgYidi]Z^g[Zaadl?Zlh#6WjH]VfgV¼hY^hVgb^c\ d[i]ZhVWgV¼hi]dgchVcY¹a^\]i^c\ºd[^iheVaZWaddbh^hVhjWiaZVcYZkZceaVn[ja
>ccdkVi^dc
VXid[YZÃVcXZ#
9ZhigjXi^dc
>aZVkZndjl^i]i]Zi]dj\]ii]Vii]^heda^i^XVahigj\\aZdkZgaVcY]VhbVc" V\ZYidigVch[dgbi]ZEVaZhi^c^VcXVXijh^cidVcVgX]^iZXijgVadW_ZXi¸V\]Ziid[dg >hgVZa^hVcYVa^\]i]djhZ[dgEVaZhi^c^Vch#CZ^i]Zg^hi]^hhigVc\Z!h^cXZi]Z_djg" cZnigVXZY]ZgZWZilZZc^YZdad\n!hnbWda!VcYh]VeZ^hi]ZkZgneVi]igVXZYWn i]ZVgX]^iZXijgVaY^bZch^dchd[i]Z>hgVZa^"EVaZhi^c^VcXdcÄ^Xi#I]^hY^bZch^dc^h bVc^[ZhiZY^ceaV^ck^Zl[dgVcnk^h^idgidhZZ¸WZilZZci]ZEVaZhi^c^Vck^aaV\Zh VcYi]Z>hgVZa^hZiiaZbZcihdkZgadd`^c\i]Zb!VcYWZilZZci]ZDaY8^ind[?ZgjhVaZb VcYi]ZhZiiaZbZcihi]ViZcX^gXaZ^i#
HZaZXiZY7^Wa^d\gVe]n @VbVa7djaaViV!egZ[VXZid¹6h^b6WjH]VfgV!º^cIZa6k^kBjhZjbd[6gi8ViVad\ &..) # @VbVa7djaaViV!¹6h^b6WjH]VfgV/I]Z6gi^hi¼h:nZVcYi]Z8VXijhIgZZ!º?djgcVad[EVaZhi^cZ HijY^Zh(% ) '%%& # :aa^cbedhh^WaZGZXdcX^a^Vi^dcWZilZZc6WjH]VfgV¼h8VXijhVcY6k^»h9d\h!º JbVa";V]^bH]dl8ViVad\ &..- # IVa^IVb^g!¹I]ZH]VYdld[;dgZ^\ccZhh/Dci]ZEV^ci^c\hd[6h^b6Wj"H]V`gV4!º^c6h^b6Wj H]VfgV!IZa6k^kBjhZjbd[6gi8ViVad\ &..) #
egZhZciVcYVWhZci =>HIDG>86A>CK:CI>DC!>9:DADI>8H D;EA68:>C8DCI:BEDG6GN?:GJH6A:B
I]dbVh6WdlY
?ZgjhVaZb^hVeaVXZl]ZgZbZbdgn!Xdadc^o^c\edlZg!VcY]^hidg^XVa^ckZci^dc ]VkZ^ciZgVXiZY^cbng^VYlVnhi]gdj\]hjXXZhh^kZlVkZhd[[dgZ^\cYdb^cVi^dc# 6hi]Zeg^bVgnh^iZd[XdciZhiVcYXdc[gdciVi^dcWZilZZcEVaZhi^c^VchVcY>hgVZa^h h^cXZ&.)-!?ZgjhVaZb]VhWZXdbZVcjgWVcXZciZgl]ZgZVc^ciZchZXdcÄ^Xi WZilZZcXdbeZi^c\cVi^dcVa^bV\^cVi^dchgV\Zh#I]Zeda^i^Xhd[bdcjbZcih^c ?ZgjhVaZb^heVgiVcYeVgXZad[i]ZXdchigjXi^dcd[]^hidgnVcY]VhhZgkZYVk^iVa gdaZ^cegdYjX^c\i]ZeVhi^cVXdciZhiZYaVcY# CdidcanYdhjX]h^iZhd[cVi^dcVagZbZbWgVcXZegd_ZXiVeVgi^XjaVgcdi^dcd[ l]Vi]VhXdbZWZ[dgZ!bdcjbZcih¸a^`Z]^hidg^XVaVgX]^kZh¸VgZVahdkZgnbjX] VWdjii]Z[jijgZ#7jil]Vi^hXjg^djhVWdjii]Z>hgVZa^^YZdad\^XVaaVcYhXVeZ! ^hcdih^beani]VihjX]eaVXZh]VkZWZZc^chXg^WZYdcVcYhXViiZgZYVXgdhhVc dXXje^ZYEVaZhi^cZ!Wji]dli]ZhZeaVXZh]VkZhdd[iZchZgkZYWdi]Vhh^iZhd[ gZbZbWgVcXZVcY!h^bjaiVcZdjhan!VhadXVaZhd[adhh# >ci]^hVgi^XaZ>[dXjhdcdcZeVgi^XjaVgEVaZhi^c^Vc]dbZ!dlcZYWni]ZEVa" Zhi^c^Vc7VgVb`^[Vb^and[?ZgjhVaZbVcY7^gOZ^i#>ZmVb^cZ]dli]^hhigjXijgZ higVYYaZhY^[[ZgZciZgVh^ci]ZX^in¼h]^hidgnVcYY^[[ZgZci!YZZeaneda^i^X^oZY heVXZh#>l^aaVahdadd`Vi]dli]ZdcXZ"[Vb^a^VaheVXZ]VhhZgkZYbjai^eaZ[jcXi^dch XdckZc^Zciid>hgVZa^Xdadc^VaedlZgh^cXZ^ihhZ^ojgZ^c&.)-# >chiVcXZhd[hidaZcEVaZhi^c^VcegdeZgi^ZhigVch[dgbZY^cid>hgVZa^cVi^dcVa h^iZhVgZcdijcXdbbdc#BVcnd[i]ZhZeaVXZh]VkZ!dkZghZkZgVaYZXVYZh!WZZc gZbVYZVcYYZY^XViZYidi]ZbZbdgnd[>hgVZa^VX]^ZkZbZci!hVXg^ÃXZ!dgadc\^c\# 6gVWegdeZgi^Zh¸eVgi^XjaVgan]dbZh¸]VkZegdkZcXg^i^XVa^ci]ZO^dc^hi¹bZb" dgnb^aa#º6hi]Z>hgVZa^hiViZidd`dkZgi]djhVcYhd[6gVW]dbZhi]gdj\]dji ?ZgjhVaZb^c&.)-!i]ZX^inlVhgZXdcÃ\jgZYY^hXjgh^kZancdaZhhi]Vce]nh^XVaan# >c?ZgjhVaZb!VhZahZl]ZgZ!i]ZheVXZd[i]Z6gVW]dbZ]VhWZZc^ciZ\gVaidi]Z kVhiZ[[dgihidWdi]hZiiaZVcYh^aZcXZEVaZhi^cZ#DkZgi]ZnZVghi]ZgZ[dgZ!i]Z X^in]Vhcdih^beanWZZcVXdciZhiZYe]nh^XVaeaVXZWjiVahdV]^\]aneg^oZY^YZV# 6hhjX]!^i]VhWZZcWgdj\]i^cidWZ^c\i]gdj\]i]ZY^hXdjghZhi]ViYZhXg^WZ^i0 i]gdj\]VcVgi^XjaVi^dc![dg^chiVcXZ!d[XZgiV^ccVggVi^kZhd[>hgVZa^^cYZeZcYZcXZ `db^bZndi !YZ[ZchZ \dcZc !VcYgZYZbei^dc \jZaV # I]ZhZi]gZZiZgbhVgZ!^cX^YZciVaan!i]ZcVbZhi]Z>hgVZa^hiViZ]Vh\^kZcid i]gZZ[dgbZg6gVWcZ^\]Wdg]ddYh^cidYVn¼hLZhi?ZgjhVaZb!XaZVchZYd[i]Z^g EVaZhi^c^VcedejaVi^dc^c&.)-#IdYVn!i]Z]dbZhd[EVaZhi^c^VcZm^aZh]VkZWZZc ÃaaZYl^i]>hgVZa^?Zl^h]X^i^oZchd[i]ZhiViZ#>hgVZa!Vh>l^aaVg\jZ!]VhdcanWZZc VWaZid¹dkZglg^iZºi]Z]^hidgnd[EVaZhi^c^VcZm^hiZcXZ^c?ZgjhVaZbVcYX]Vc\Z
RT!LU[YHUJLVM/HY/VTH
RT!*OLJRWVPU[)L[OSLOLT1LY\ZHSLT^P[O/HY/VTHPU[OLKPZ[HUJL
i]ZbZVc^c\d[heZX^ÃXadXVaZhWZXVjhZ^ilVhÃghiVWaZidbV`Zi]Z6gVWedej"
((%q((&
aVi^dcY^hVeeZVg#:e^hiZb^Xk^daZcXZ]Vh[daadlZY^ci]ZlV`Zd[i]Zk^daZcXZd[ aVg\Z"hXVaZY^heaVXZbZci#
>ccdkVi^dc 9ZhigjXi^dc
I=:EGD9J8I>DC6C99:HIGJ8I>DCD;I=:E6HI EVaZhi^c^Vc]dbZh]VkZ!h^cXZ&.)-!WZZcVeegdeg^ViZYVcYigVch[dgbZY^cid >hgVZa^h^iZhd[Vaa`^cYh/`^cYZg\VgiZch!XZciZgh[dgehnX]dVcVanh^h!XajWh[dgcZl ?Zl^h]Vgg^kVah da^b ^ci]ZXdjcign!=dadXVjhibZbdg^Vah!gZhiVjgVcih!VcY ZkZch]ZaiZgh[dgVc^bVah#I]ZhZigVch[dgbVi^dch]VkZWZZc!^cZVX]^chiVcXZ! VbZidcnb[dgi]ZaVg\ZgegdXZhhZhd[Xdadc^VaVeegdeg^Vi^dc^ci]ZX^in#>cV[Zl XVhZh!i]ZhZ]djhZh]VkZhZgkZYVhig^Xi^YZdad\^XVa[jcXi^dc!jcYZghXdg^c\i]Z egdYjXi^kZcVijgZd[gZegZhZciVi^dcVaedlZg# I]Zigji]d[i]ZeVhi!i]Z¹gZVahidgn!ºXVccdiVhIgdj^aadi &..* Xd\Zcian VhhZgih!h^beanWZgZig^ZkZYl]daZVcYjchjaa^ZYVh^[ejaaZY[gdb]^hidgn¼h¹ÃaZ XVW^cZi#ºBZbdgn^hbZY^ViZYi]gdj\]V]dhid[egZhZci"YVn^hhjZh!eda^i^XVa XdcXZgch!VcYegZ_jY^XZh!VcY^hi]jhd[iZc]^\]anXdciZhiZYVcYÄj^Y#:e^hiZ" bdad\^XVa^hhjZhVcYXdcXZgchVWdjihjX]hdjgXZhVgZ^cYZZYgZVa#7ji]^hidgn^h VahdcdiXdbeaZiZan¹je[dg\gVWh!º¹jcYZX^YVWaZ!ºdgh^beanVcZ[[ZXid[Ydb^cVci Ze^hiZbdad\^Zh#I]dj\]i]ZbZbdg^Zhd[Wdi]cVi^dcVaXdbbjc^i^ZhbjhiWZ ZmVb^cZY^cVXg^i^XValVn!i]Z^ga^b^iVi^dchYdcdicZXZhhVg^anY^hXdjcii]Vi l]^X]i]dhZV[[ZXiZYWnigVjbVi^XZkZcih]VkZidhVnVWdjihjX]ZmeZg^ZcXZh# I=:76G6B@>=DJH: 6]dbZdlcZYWni]ZEVaZhi^c^Vc7VgVb`^[Vb^an]VhhZgkZYkVg^ZY[jcXi^dch[dg i]Z>hgVZa^hiViZh^cXZ^ilVhiV`Zc[gdb^ihdlcZgh^ci]Zheg^c\d[&.)-#>l^h]id ZmVb^cZl]Vi^ih[ViZ VcYi]Vid[i]Z[Vb^anl]ddcXZa^kZYi]ZgZ b^\]iiZaajh VWdjii]Zeda^i^Xhd[]^hidgnXdchigjXi^dcVcYi]ZlVnbZbdg^Vahid>hgVZa^b^a^iVgn edlZg^ckdakZVhbjX]VcVXi^kZ[dg\Zii^c\Vhi]ZnZciV^aVhiZVY[VhigZbZbWZg^c\# I]ZhigjXijgZlVhWj^ai^c&.()^ci]ZcZ^\]Wdg]ddYd[HVVYHV^Y#9jg^c\i]Z Ãghi6gVW">hgVZa^LVg^c&.)-!i]^hcZ^\]Wdg]ddYVcYi]Z]dbZhVcYWj^aY^c\h i]ViXdbeg^hZY^ilZgZhea^iWZilZZci]Z?dgYVc^Vc"]ZaYZVhiVcY>hgVZa^"]ZaY lZhih^YZhd[i]ZX^inWnV¹cd"bVc¼h"aVcYºd[WVgWZYl^gZVcY[ZcXZhi]Vi [gVXijgZYi]ZX^in[dgi]ZcZmi&.nZVgh#I]Z7VgVb`^hlZgZdcZd[i]djhVcYhd[ [Vb^a^Zh^c?ZgjhVaZbl]dÄZY[Vb^a^VaheVXZhYjg^c\i]Zk^daZciheg^c\d[&.)- [dgl]Vii]ZnWZa^ZkZYlZgZiZbedgVgn]VkZch# 6cYdc^7VgVb`^!Vndjc\EVaZhi^c^VcVgX]^iZXid[gZcdlc!YZh^\cZYi]Z]dbZ# A^`Zi]ZbVcndi]ZghigjXijgZh^ci]Z?ZgjhVaZbVgZVi]VilZgZVahd]^hXgZVi^dc! i]^hdcZ[ZVijgZYVY^hi^cXi^kZ!]nWg^YjhZd[8dg^ci]^VcXdajbchVcY6gVW"hinaZ VgX]ZhVcYkZgVcYVh#7VgVb`^ZmeZg^bZciZYl^i]i]ZjhZd[gZYVcYl]^iZ hidcZh!l]^X]]Zd[iZcji^a^oZY^ci]ZhVbZVgX]dg[VVYZ!VcYl]^X]ldjaY WZXdbZdcZd[]^hVgX]^iZXijgVaigVYZbVg`h#=^hldg`hi^aaYdihEVaZhi^cZ¼haVcY" hXVeZd[adhh!eVgi^XjaVgan^ci]Z[dgbZg6gVWcZ^\]Wdg]ddYhd[LZhi?ZgjhVaZb! hjX]Vh7VfVVcYi]ZhgVZa^?Zlh# I]Z7VgVb`^]djhZ!Vh^i]VeeZcZY!XVbZidgZhiegZX^hZandci]ZZY\Zd[i]Z ZbZg\^c\[gdci^ZgWZilZZci]Z>hgVZa^VcY?dgYVc^Vc"gjaZYhZ\bZcihd[i]ZX^in Yjg^c\i]ZnZVghi]ZX^inlVhe]nh^XVaanY^k^YZYWZilZZc¹ZVhiºVcY¹lZhiº heVi^Va
YZh^\cVi^dchi]Vi]VYcZkZgbZVciVcni]^c\WZ[dgZi]ZX^inlVheVgi^i^dcZY^c &.)- #I]^hVgW^igVg^anYZÃcZYWdjcYVgn!YgVlc^cVeZg[jcXidgnbVccZgVXgdhhV [dgbVaanjcY^k^YZYaVcYhXVeZWn>hgVZa^VcY?dgYVc^Vc\ZcZgVah!VXijVaangVcVadc\ i]ZdjiZgZY\Zd[i]^h7VgVb`^egdeZgin# BVbbdi]!lZaa"[dgi^ÃZY!VcYhigViZ\^XVaanedh^i^dcZY!i]Z7VgVb`^¼h^bedh^c\ i]gZZ"hidgn!hidcZhigjXijgZlVhXdbbVcYZZgZYWni]ZhZci^cZahd[i]ZWjYY^c\ ?Zl^h]hiViZdcanlZZ`hV[iZg^ih6gVWdXXjeVcih]VYÄZY#>ci]ZYVnhV[iZgi]Z WdgYZglVhZhiVWa^h]ZY!i]Z>hgVZa^b^a^iVgnigVch[dgbZYi]Z]djhZ^cidVcVgbn edhi#LZVedchlZgZeaVXZYWZ]^cYi]Z]dbZ¼hi]^X`a^bZhidcZlVaahVcYV^bZY VXgdhhVb^mijgZd[b^cZhVcYWVgWZYl^gZi]VihZeVgViZY>hgVZa^[dgXZh[gdbi]dhZ d[i]Z?dgYVc^VchdcanbZiZghVlVn#I]ZYddgh lZgZgZ^c[dgXZYVcY^ih[gdciZcigVcXZhZVaZY# I]ZhigjXijgZ¼hZmfj^h^iZVgX]ZYl^cYdlhlZgZ ÃaaZY^cl^i]XdcXgZiZVcYbVYZ^cidijggZih hdi]VidcanVi]^cVeZgijgZ!cVggdlZcdj\]id VXXdbbdYViZV\jcVcYi]Z\VoZd[VbVg`hbVc! gZbV^cZY#I]Z^ciZg^dglVhXaZVgZY[dgi]Z]djh" ^c\d[igddeh#I]Z¹hiViZd[ZbZg\ZcXnºVadc\i]Z X^in¼hY^k^Y^c\a^cZVcYi]Z]^ihVWhdgWZYWni]Z ]dbZ"ijgcZY"[dgigZhhZkZcijViZY^ci]Z\gVYjVa
IgVkZaZghlV^i^ca^cZidZciZg >hgVZa^"XdcigdaaZY?ZgjhVaZb i]gdj\]BVcYZaWVjbihb^a^iVgnh^\c^ÃXVcXZlVh WdjcYjel^i]i]ZBVcYZaWVjbhgVZa^h¸lZgZegZXajYZY[gdb ZciZg^c\i]Zdi]Zgh^YZ# B:BDG>:HD;L6>I>C< :m^aZ^hVXdcY^i^dch]VgZYWnbVcnEVaZhi^c^Vc?ZgjhVaZb^iZh#7jii]ZgZ^hhdbZ" i]^c\[V^ganY^hi^cXiVWdjii]Z7VgVb`^XVhZ#Jca^`ZcZVganVaadi]ZgEVaZhi^c^Vc [Vb^a^ZhbVYZZm^aZhVcYgZ[j\ZZh^c&.)-!i]Z7VgVb`^h]VYi]ZYjW^djheg^k^aZ\Z d[WZ^c\VWaZidhZZi]Z^g]dbZdci]Z>hgVZa^"]ZaYh^YZd[i]Z¹cdbVc¼haVcYº
Yjg^c\i]ZnZVghd[i]Z¹Y^k^YZYX^inº &.)-"&.+, #G^h`^c\hc^eZgÃgZ![Vb^an
(('q(((
bZbWZghldjaYdXXVh^dcVaank^h^ieaVXZhdci]ZZVhih^YZ¼hWdgYZgaVcYhVcYeZZg VXgdhhi]Z[gdci^ZgVii]Z^gadhiegdeZgin# BjX]bnhiZgnZm^hiZYVbdc\EVaZhi^c^VcZm^aZhXdcXZgc^c\?ZgjhVaZb¼hY^k^h^dc VcYi]Z^ggZijgcidi]Z^g]dbZh#DkZgi]ZnZVgh!fjZhi^dchd[l]Zci]ZnldjaY gZijgc\gVYjVaanWZXVbZfjZhi^dchd[^[#LdjaYi]ZlVaad[hZeVgVi^dcZkZgWZ Wgdj\]iYdlc4LdjaYi]ZnZkZgWZVWaZidgZijgc4I]ZY^k^Y^c\a^cZlVhhdbZ" i]^c\dcZXdjaYhZZ[gdbcjbZgdjhkVciV\Zed^cihVcYi]ZiZchd[i]djhVcYhd[ EVaZhi^c^VcZm^aZhgZh^YZci^c:Vhi?ZgjhVaZbgZ\VgYZY^iVhVXdci^cjVagZb^cYZg d[i]Z^gXdcY^i^dcd[Y^heaVXZbZci# ?JC:!' / ,-/B6@>ChgVZa^[dgXZhXdcfjZgZY?dgYVc^Vc"]ZaY:Vhi?ZgjhVaZb^ca^\]i" c^c\[Vh]^dc#L^i]^cV[ZllZZ`hd[iV`^c\i]ZZVhih^YZ VcYV[iZghdbZ^ciZgcVa >hgVZa^YZWViZ !i]ZY^k^h^dcd[XdcXgZiZVcYWVgWZYl^gZl]^X]]VY[dg&.nZVgh hZeVgViZYi]Zildh^YZhlVhWgdj\]iYdlcWni]Zk^Xidgh#I]ZX^in!YZXaVgZY >hgVZa^d[ÃX^VaYdb!]VYcdlWZZc¹gZjc^ÃZYºVcY¹a^WZgViZY#º DcXZi]ZhigZZihd[:Vhi?ZgjhVaZb]VYWZZcfjZaaZYVcYi]Ze]nh^XVaeVgi^i^dc lVhgZbdkZY!i]djhVcYhd[6gVWhVcY?ZlhgVXZYVXgdhhidi]Zdi]Zgh^YZ^cXjg^" dh^in#I]djhVcYhd[EVaZhi^c^VcgZ[j\ZZhl]d]VYlV^iZYcZVganildYZXVYZhid gZijgcbVYZi]Z^glVnWVX`idi]Z^g[dgbZgcZ^\]Wdg]ddYhVcY]dbZh#=jcYgZYh d[i]djhVcYhd[>hgVZa^?ZlhhigZVbZYidi]ZLZhiZgcLVaaVcYi]Z?Zl^h]FjVgiZg d[i]ZDaY8^inl^i]^ci]ZÃghi[ZlYVnhd[l]Vi>hgVZa^d[ÃX^VahgZ[ZggZYidVhi]Z X^in¼h¹a^WZgVi^dc#º I]Z>hgVZa^XdcfjZhid[i]ZZVhih^YZ]VYhZZb^c\andeZcZYjeedhh^W^a^i^Zh[dg EVaZhi^c^VcZm^aZhidgZXaV^begdeZgi^ZhiV`Zc[gdbi]Zb^c&.)-#BVcngZ[j\ZZh gZaViZi]Vi^c^i^Vaani]ZgZZm^hiZYVeZgkVh^kZWZa^Z[Vbdc\i]ZY^heaVXZYi]Vi i]ZnldjaYÃcVaanWZVWaZidgZedhhZhhi]Z^g]dbZhV[iZg&.nZVghd[Zm^aZ#I]Zn ]VYcdi!V[iZgVaa!gZejY^ViZYi]Z^gXaV^bhidi]ZhZegdeZgi^Zh#Jc^iZYCVi^dch gZhdaji^dchXVaaZY[dgi]Z^gg^\]iidgZijgc!VcYi]ZEVa^hi^c^Vc¼h]VY`Zeii]Z`Znh VcYYZZYh[gdbi]ZegZ"&.)-eZg^dYi]Vih^\c^ÃZYdlcZgh]^e#7jii]ZgZVa^ind[ gZXaV^b^c\i]Z^gegdeZginlVhgVi]ZgbdgZXdbeaZm#EVaZhi^c^Vc?ZgjhVaZb^iZh ldjaY!^gdc^XVaan!gZbV^cZm^aZhl^i]^ci]ZcZlangZXdcÃ\jgZY>hgVZa^bjc^X^" eVa^in¸gZ[j\ZZhl^i]^ci]Z^gdlcX^in# I]Z7VgVb`^h!idd!XgdhhZYdkZgi]ZdaY[gdci^Zgl^i]i]Z^g`ZnhVcYYZZYh#I]Zn bVYZi]Zh]dgilVa`i]gdj\]i]Z[dgbZgcd"bVc¼h"aVcYi]Zn]VYdcXZeZZgZY VXgdhh#I]ZnlZgZ![Vb^anbZbWZghgZaViZ![dgW^YYZcVXXZhhidi]Z^g]dbZWn b^a^iVgnVji]dg^i^Zhhi^aahiVi^dcZYi]ZgZ#AZ\VaViiZbeihlZgZbVYZidgZXaV^b i]Z^gegdeZgin!Wjii]Z>hgVZa^hiViZgZ[jhZYid]VcYdkZgi]ZWVYan"YVbV\ZY ]dbZidi]Z7VgVb`^h!XaV^b^c\VaiZgcViZani]Vi^ilVhhi^aagZfj^gZY[dgejgedhZh d[>hgVZa^¹hZXjg^inº0i]Vi^ilVh^ccZZYd[gZeV^gVcYi]jhV]VoVgY0VcYÃcVaan! i]VidlcZgh]^ed[i]ZegdeZgin]VYh]^[iZYh^cXZi]Z>hgVZa^\g^Yd[aZ\Va^in]VY WZZc^bedhZYdc?ZgjhVaZb#>[EVaZhi^c^Vcha^`Zi]Z7VgVb`^hhiddYVcnX]VcXZd[ gZig^Zk^c\egdeZgin!i]ZdcjhlVheaVXZYdci]ZbidegdkZ id>hgVZa^d[ÃX^Vah!^c >hgVZa^Xdjgih i]Vii]ZnlZgZlgdc\anXaVhh^ÃZYVh¹VWhZciZZh#º
>ccdkVi^dc 9ZhigjXi^dc
G:"8DC;>CH8JGH>K:8DCHIGJ8" I>DCD;6G:B:D;EDL:G ;daadl^c\i]Z&.+,LVg!i]ZX^in¼he]nh^XVaY^bZch^dchWZ\VcidjcYZg\dh^\c^ÃXVci VaiZgVi^dchVhlZaa¸Y^hXjgh^kZcdaZhhi]Vce]nh^XVa#DcanlZZ`hV[iZghZ^o^c\:Vhi ?ZgjhVaZb!>hgVZa^aVllVhZmiZcYZYidi]^hhZ\bZcid[i]ZX^inVcYi]ZdXXje^ZY edejaVi^dchlZgZhjW_ZXiidV]dhid[cZlgjaZhVcYegd]^W^i^dch#I]Z+%!%%% ¹6gVW^c]VW^iVcih!ºVh>hgVZagZ[ZggZYidi]Zb!l]dXVbZjcYZg>hgVZa^gjaZVii]Z bdbZcid[XdcfjZhi!lZgZigVch[dgbZYVabdhidkZgc^\]i[gdbX^i^oZchd[i]Z?dgYV" c^VcbdcVgX]n^cid¹eZgbVcZcigZh^YZcihºl^i]^ci]ZZcaVg\ZY>hgVZa^bjc^X^eVa^in# I]Ze]nh^XVaY^k^h^dci]Vi]VY[gVXijgZY?ZgjhVaZblVhcdl\dcZ#7jii]Z Za^b^cVi^dcd[i]Vi[dgbd[[dgXZYhZeVgVi^dcWZilZZc6gVWVcY?Zl\VkZlVnid ZbZg\^c\egVXi^XZhd[YgVl^c\VcYeda^X^c\di]Zg`^cYhd[[gdci^Zghl^i]^cVe]nh^" XVaanjc^ÃZYjgWVcheVXZ#I]ZhZVXih^cXajYZYZmiZcY^c\>hgVZa^hZ\gZ\Vi^dc^hi aZ\^haVi^dcdkZgi]Zl]daZd[i]Z>hgVZa^"gjaZYX^in# >cVYY^i^dcidi]ZkVhigZdgYZg^c\d[heVXZh^c?ZgjhVaZb!VeVgVaaZa^YZdad\^" XVaZ[[dgi!Veda^Xnd[`cdlaZY\ZXdchigjXi^dc!hZZbZYZfjVaanVildg`^ci]Z ¹gZjc^ÃZYºjgWVcXZciZg#>ihgVlbViZg^ValVhhdd[iZccdii]Vil]^X]lVhcZl! WjieaVXZhVcYh^iZhi]ViZm^hiZYYZXVYZhWZ[dgZi]Z>hgVZa^hiViZlVhZhiVWa^h]ZY# 6hi]ZWdgYZgaVcYhlZgZhlZeiVlVnVcYb^a^iVgnZbeaVXZbZcihlZgZY^hbVciaZY! dcZhjX]edhilVh`Zei^ciVXiVadc\i]Za^cZd[i]ZegZk^djhY^k^YZ/i]Z7VgVb`^ =djhZ!`cdlcWni]ZcVhi]Z¹Idjg_ZbVcEdhi#º L]ViegZX^hZanhjX]VbZbdg^ValVhbZVciidXdckZnhnbWda^XVaan[dghjX" XZZY^c\\ZcZgVi^dchd[>hgVZa^h¸¹[dgedhiZg^inº¸lVhcdiXaZVganVgi^XjaViZYVi i]Zi^bZ#7ji^ilVhcdlXZgiV^canZk^YZcii]ViildbjijVaanZmXajh^kZk^h^dch d[i]^hhigjXijgZVcY^iheVhiXdckZg\ZYVii]ZhVbZadXVaZ!dcZ[dgZ\gdjcYZY VcYi]Zdi]Zgh^aZcXZY#I]Z7VgVb`^egdeZginlVhcdadc\ZghZZch^beanVhV ]dbZ¸dgZkZcVhV]dbZViVaa#LZVi]ZgZYWnlVg!hig^eeZYd[ZaZbZcihVcY igVXZhi]VildjaY^cY^XViZi]^hlVhdcXZV[Vb^a^VaheVXZ ^cXajY^c\i]ZgZbdkVa d[i]Z[Vb^anl]ddlcZY^i !i]ZhigjXijgZ¼hgdaZVhVb^a^iVgn\Vgg^hdc]VYWZ\jc idVhhjbZV¹iV`Zc[dg\gVciZYºfjVa^in#6hi]Zhdcd[i]Z]dbZ¼hVgX]^iZXi gZaViZY^ci]ZaViZ&..%h/¹Ndj`cdl!i]^hfjZhi^dcd[WZ^c\YZÃcZY¹VWhZciºdg ¹VWhZciZZºWni]Z>hgVZa^bV\^cZ!bn[Vi]ZgVii]Z i^bZP&.+,R!V,%"nZVg"daYeZghdc\d^c\idi]Z>hgVZa^hVcYiZaa^c\i]Zb¹]ZgZ >VbcdlVcY>lVcibnegdeZginºVcYi]ZbiZaa^c\]^bi]Vi!cd!ndjVgZVc ¹VWhZciZZ#º6cY]ZhV^Y¹=dlVb>VWhZci4>VbegZhZciº=ZXdjaYcdijcYZg" hiVcY]dl]ZlVhVWhZciVcYegZhZciVii]ZhVbZi^bZº 7VgVb`^!&.., I]Z>hgVZa^ChgVZa^ hdaY^ZgheZZgZYdjiWgVkZanViVcZcZbn!VeeVgZcianVh¹[VXZaZhhºidYVnVhi]Zc#
7ngZZcVXi^c\i]ZegVXi^XZd[\Vo^c\VXgdhhVdcXZ"Y^k^YZYaVcYhXVeZ!k^h^idgh VgZbZVciidjcYZghiVcYi]Zh^\c^ÃXVcXZd[i]^hh^iZ[dgi]ZhZXjg^ind[i]Z WjYY^c\hiViZ#IdYVn!]dlZkZg!i]dhZl]d\VoZdji[gdbWZ]^cYi]ZhZ[dgbZg ijggZih i]ZbhZakZh[dgbZgl^cYdlh !hZZVhZVbaZhhl]daZ!Vjc^inVX]^ZkZY i]gdj\]>hgVZa^k^Xidgn#DcZ¹hZZhº_jhil]Vii]ZWZaZV\jZgZY>hgVZa^cVi^dc ^hhV^Yid]VkZdcXZhZZc!VcYl]^X]^icdlbZbdg^Va^oZh#;gdbi]^hkVciV\Z ed^ci!>hgVZa^XdaaZXi^kZbZbdgnVcYi]Zbni]hi]Vi^c[dgb^idhh^[n^cid¹]^h" idg^XVaigji]#º 8DC8AJH>DC I]Z7VgVb`^=djhZVcYi]ZbjhZjbhi]Vi]VkZWZZcXdchigjXiZYl^i]^c^ih heVXZZm^hih^bjaiVcZdjhan#I]Zji^a^oVi^dcd[i]Z]dbZ]^hidg^XVaanZbWdY^Zhild Y^[[ZgZciWji^ciZgXdccZXiZYbdYZhd[Ydb^cVi^dc#HZgk^c\ÃghiVhVc^chigjbZci d[b^a^iVgnXdcfjZhi!^ieda^XZYi]ZWdgYZgh^bedhZYdci]ZX^inWni]ZYdb^cVci cVi^dcVaXdbbjc^in#IdYVn!i]ZdcXZ"[Vb^a^VaheVXZ^hYZeadnZY^ci]ZhZgk^XZ d[Ze^hiZb^Xk^daZcXZ!jhZYidegdYjXZVcYeda^XZXZgiV^c^YZdad\^XVaVcY]^hidg" ^XVaWdjcYVg^Zh#I]ZbdcjbZcihid>hgVZa^b^a^iVgnk^XidgnYdbdgZi]Vch^bean YZcni]Z]dbZ¼h[Vb^a^VaeVhi#I]ZnZaVWdgViZVYdb^cVcihZg^Zhd[bni]hi]Vi ¹ZkVedgViZºi]Z]^hidgnd[i]ZEVaZhi^c^VceZdeaZbdgZ\ZcZgVaan!l]^aZegdk^Y^c\ aZ\^i^bVXn[dg>hgVZa¼hdXXjeVi^dcd[i]ZZci^gZind[i]ZX^in# 6EVaZhi^c^Vc[Vb^an]dbZd[[dgbZgVgX]^iZXijgVaheaZcYdg!YZh^\cZYWnV cdl"YZXZVhZYbVhiZgd[EVaZhi^c^VcVgX]^iZXijgZ!hZgkZhidYVnVhVXdbedcZci d[VY^[[ZgZciVgX]^iZXijgZd[`cdlaZY\ZegdYjXi^dc!VhXV[[daY^c\d[igji]"bV`" ^c\!V[djcYVi^dc[dgZe^hiZb^Xk^daZcXZ#>iXdci^cjZhidgZhidci]Z[gdci^Zgd[ XdbeZi^c\]^hidg^XVa^bV\^cVi^dchVcYbZbdg^Zh!VcX]dgZY^ceaVXZ!Wjih^bja" iVcdjhandci]Zbdk^c\ZY\Zd[>hgVZa^Xdadc^VaedlZg#
& I]Z&.).G]dYZh6\gZZbZciWZilZZc>hgVZaVcYi]Z6gVWhiViZhXVaaZY[dgWg^c\^c\i]ZlVaaYdlc# >hgVZagZ[jhZYid^beaZbZcii]^h!dgidVY]ZgZidi]ZJCgZhdaji^dchXVaa^c\[dgi]ZgZijgcd[ EVaZhi^c^VchY^heaVXZY^c&.)-# '
Idjg_ZbVclVhV?Zl^h]bVcl]da^kZYVcYdlcZYegdeZgin^ci]ZcZ^\]Wdg]ddYWZ[dgZ&.)-#
(
BZZi^c\i]^h>hgVZa^hiVcYVgY[dgdlcZgh]^elVhVXXdbea^h]ZYWnEVaZhi^c^VcZm^aZh^cdcanV ]VcY[jad[`cdlcXVhZh#IdWZhjXXZhh[ja!i]Z6gVWdlcZg]VYidYZbdchigViZhj[ÃX^Zcian^c >hgVZa^Xdjgihi]Vil]Zc]Zdgh]ZÄZYLZhi?ZgjhVaZb^c&.)-!]Zdgh]Z]VYcdi\dcZidVXdjc" ign¹VilVgl^i]>hgVZa#ºHjX]gZVYi]Zegdk^h^dchd[>hgVZa¼h¹6WhZciZZEgdeZginAVlº dg^\^cVaan i]Z¹:cZb^ZhEgdeZginAVlº #>XVbZjedcdcandcZ[Vb^an!i]Z9VdjYh!l]ddlcZYVegdeZgin^c IVaW^Z]!l]dlZgZVWaZidgZXaV^b^iV[iZgVhZkZgVa"nZVgWViiaZVcYV[iZgi]ZnegdkZYi]Vii]Zn]VY ÄZY^c&.)-id:aHVakVYdg!cdiVhiViZ¹VilVgºl^i]>hgVZaVii]Zi^bZd[]ZgW^gi]#
HZaZXiZY7^Wa^d\gVe]n hgVZa¼hB^c^hign d[=djh^c\#¹6ii]Zhjbb^id[i]Z]^aa!º]Zed^ciZY id9Vk^Y6cVida7gjio`jh¼h]djh^c\^cJeeZgA^[iV GdbZbV !¹^hVhZg^Zhd[adc\[djg"hidgnVeVgibZci higjXijgZhWj^ai^ci]ZaViZÃ[i^Zh#I]ZnYdk^daZcXZid i]ZbdjciV^c#I]ZnVgZ[dgZ^\c!Vh^[^bedgiZY[gdb hdbZgV^cn!Xdda:jgdeZVchjWjgWºP;^\#'R &.,(/'&+ # L]ViHV[Y^ZVgi^XjaViZYlVhV\ZcZgVi^dcVagZ[jhVa idZhedjhZi]Z]^\]bdYZgc^hbd[>hgVZa¼hcVi^dc"
'#A^[iV gZeg^ciZY[gdb 9Vk^Y@gdnVc`Zg!?ZgjhVaZb ¸8dcÄ^XihdkZgi]Z8^in»h E]nh^XVaVcYK^hjVa;dgb ?ZgjhVaZb/ObdgV"7^iVc! &.--
Wj^aY^c\nZVgh#6ai]dj\]VagZVYnZhiVWa^h]ZYWn>hgVZa¼hÃghiVgX]^iZXijgVa]^hidgn iZmiVhVeZgkVh^kZ>hgVZa^VgX]^iZXijgVaigVY^i^dc =Vh]^bh]dc^!&.+(/&.."''. !^i[Zaa h]dgid[VYYgZhh^c\i]ZVhe^gVi^dchd[Vndjc\Zg\ZcZgVi^dcl]dhZbZbWZgh hdj\]iV¹cZlºigVY^i^dcVji]Zci^XViZYWnYZZeZggddih#>cdgYZgidXdcXZ^kZd[ Vc^YZci^ÃVWaZ¹>hgVZa^VgX]^iZXijgZ!ºi]ZnijgcZY^chiZVYidi]ZigVY^i^dcd[i]Z ¹eaVXZºVh[djcY^ck^aaV\Zha^`ZA^[iV!VcYaViZg^ci]ZidlchXVeZd[i]ZDaY8^in# :kZcijVaan!i]ZhZVgX][dgi]Z>hgVZa^¹eaVXZºZkdak^c\[gdbi]ZaViZ&.*%h jcYZg\^gYZYi]ZXdcXZeijVa[gVbZldg`bdhiegZkVaZci^cedhi"&.+,?ZgjhVaZb# >chiZVYd[jc^[dgbbdYZgc^hi]djh^c\WadX`h!VgX]^iZXihZmeZg^bZciZYl^i] Wj^aY^c\XajhiZgh!]^ZgVgX]^XVaX^gXjaVi^dc!VcYWgd`ZcbVhhZh#I]Zb^c^hiZgd[ ]djh^c\ZmeaV^cZYi]ZhiViZ¼hWj^aY^c\bZi]dYh^c:Vhi?ZgjhVaZb!egZhXg^W^c\ adl"g^hZ!hidcZ"XaVYWj^aY^c\#¹6ahd^cXdgedgViZY!º]ZVYYZY!¹VgZZaZbZcihd[ Dg^ZciVaWj^aY^c\hjX]VhVgX]Zh!YdbZh!ZiX#ºI]ZhZ¹Wj^aY^c\ineZhVgZZheZX^Vaan VY_jhiZYidi]Zided\gVe]^XXdcY^i^dcVcYi]ZhadeZhd[i]Zh^iZhº =VVgZio!;ZWgj" Vgn'!&.+- !P;^\#(")R#I]ZXaZVggZ[ZgZcXZidi]Z]^i]ZgidgZ_ZXiZYEVaZhi^c^VcWj^ai
XjaijgZ^cig^\jZh/]dlXdjaYhjX]Wj^aiigVY^i^dc WZVXXZeiZYVhVbdYZa[dgi]Zedhi"&.+,VgX]^" iZXijgZd[>hgVZa^?ZgjhVaZb4 6EGD;:HH>DCH::@>CI:8IJG:D;¹ I=:EA68:º >ci]ZaViZ&.*%h!i]ZÃghi>hgVZa^"Wdgc\ZcZgV" i^dcd[VgX]^iZXih i]ZhVWgV hVl^ci]ZYZX"
(#GVb@Vgb^!i]ZaY kZgcVXjaVgVgX]^iZXijgZVh¹cZVgan^bbjiVWaZ!^cYZZY!jc^begdkVWaZ!h^cXZ^i hZgkZh^ihejgedhZideZg[ZXi^dcº &.+)/XVei^dc[dg^aajhigVi^dc& #H^b^aVganZci]jh^" Vhi^XlZgZ=Z^YZ\\Zg^Vce]ZcdbZcdad\^hihl]d[djcY^ckZgcVXjaVgVgX]^iZXijgZ dcidad\^XVaYZÃc^i^dchd[¹eaVXZ!ºd[WZ^c\¹Vi]dbZº^ci]ZldgaY#I]Z\gdje 6iWVi"6[g^fjZ^cBdgdXXd!l]dhZldg`XdbW^cZY6gVWkZgcVXjaVgl^i]bdYZgc VgX]^iZXijgZ!lgdiZ^ci]Z^ghiViZbZcid[eg^cX^eaZi]Vi¹P^Ri^h^bedhh^WaZ[dg ZVX]bVcidXdchigjXi]^h]djhZid]^bhZa[#>i^h[dgi]ZVgX]^iZXiidbV`Z^i edhh^WaZ[dgi]ZbVcidbV`Z]^h]djhZV]dbZº &.+-/,) # I]^hlVhegZX^hZani]ZineZd[¹hdX^VaZi]^Xhºi]ViWgdj\]ii]ZVgX]^iZXijgVa i]^c`^c\d[i]Z:jgdeZVcIZVb&%VcYi]ZXdcXjggZciigZcYd[CZl7gjiVa^hb idWZVghdZ[[ZXi^kZandci]ZVgX]^iZXijgVaY^hXdjghZd[hVWgVVgX]^iZXih#CZl ^bb^\gVcih!i]ZhVWgV\ZcZgVi^dcedh^iZY!XdjaYcdiVcYh]djaYcdiXdbeanl^i] Vc^bedhZYbdYZgc^hi^bb^\gVcih¼^YZV¸Vjide^VWj^aid[dgYZgZYl]^iZWdmZh# I]ZhVWgV\ZcZgVi^dclVciZY^chiZVYid¹igVch[dgbi]Z9^VhedgV?Zl^cidVbVc \gdl^c\djid[i]ZaVcYº @Vgb^!&..- !VbVcl]dhZ^YZci^inYZkZadehVhVgZhjai d[]^hdg\Vc^Xi^ZhidiZgg^idgngVi]Zgi]VcVY]ZgZcXZid[dgZ^\c^YZVh#DcanVgX]^" iZXijgZ¹d[i]ZeaVXZºXdjaY^YZci^[n>hgVZa^hl^i]i]ZiZgg^idgnidl]^X]i]Zn lVciZYidWZadc\VcYedhhZhh# BVfdb =ZWgZl[dg¹eaVXZº gZ[Zghidi]ZZcXdjciZgWZilZZcbVcVcYi]Z eaVXZl]ZgZ]Z^h#I]Zcdi^dcd[bVfdb^h[jcYVbZciVaidhVWgVVgiVcYVgX]^" iZXijgVaY^hXdjghZWZXVjhZ!VhhgVZa^?Zlh]VY cdihjXXZZYZY^cgZhdak^c\i]ZVbW^\j^i^Zhd[i]Z^geaVXZ/i]ZiZch^dcWZilZZc i]ZiZmiVcYi]ZiZgg^idgn#I]Z¹AVcYd[>hgVZa!ºVXXdgY^c\idi]^hVg\jbZci!]Vh ValVnhWZZcVcVWhigVXi]dbZaVcY!Vc^YZV!VcVhe^gVi^dci]ZO^dc^hibdkZbZci ^c]Zg^iZY[gdbi]Z?Zl^h]gZa^\^dc#6ii]ZhVbZi^bZ!^ilVhVcVXijVaeaVXZ! aVYZcl^i]]^hidgn!Vji]Zci^X^in!VcYhVXgZYcZhh#>[i]Z[djcY^c\\ZcZgVi^dclVh YZkdiZYid¹i]Z^YZV!ºi]ZhVWgV\ZcZgVi^dcZbWgVXZYi]ZiZgg^idgn^ihZa[#I]Z hX]^hbWZilZZci]ZildeZgh^hiZcianY^hijgWZYi]ZegdXZhhd[^c]VW^i^c\i]Z aVcY#7ZXVjhZi]Z^YZV!VXXdgY^c\idhgVZa^:Vhi?ZgjhV" aZbcZ^\]Wdg]ddY^aajhigViZYi]ZXdc[jh^dc#I]^hh^ijVi^dcX]Vc\ZYYgVbVi^XVaan! ]dlZkZg!l]Zci]Zndjc\Zg\ZcZgVi^dcd[VgX]^iZXihZciZgZYi]ZeaVcc^c\hXZcZ# 9jg^c\i]Z&.,%h!i]ZhZVgX]^iZXihXgV[iZYVXd]ZgZciVgX]^iZXijgVak^h^dcZX]d^c\ i]ZgZVY^an"VXXZhh^WaZEVaZhi^c^VckZgcVXjaVg¸Vk^h^dcl]^X]WZl^aYZgZY:a^cdVg 7VgoV`^![dgbZg?ZgjhVaZbgZ\^dc]ZVY^ci]ZB^c^hignd[=djh^c\/¹6XjaijgZ add`h[dgi]ZhnbWdahd[^ih]Zgd^XeZg^dYhVcYVhh^b^aViZhi]Zb^c^ihadXVaVgX]^" iZXijgZ!Vh>iVan![dgZmVbeaZ!gZaViZhidi]ZGdbVc:be^gZ#>c?ZgjhVaZb!]dl" ZkZg!i]Zedhi&.+,VgX]^iZXijgZd[edlZgVWhdgWZYi]ZhnbWdahd[i]ZXdcfjZgZY gVi]Zgi]Vci]dhZd[i]ZXdcfjZgdgº 7VgoV`^!&..- # 7VgoV`^¼hlVhV[dgXZ[jadWhZgkVi^dc#EgZhjbVWan!i]ZhnbWdahd[i]ZXdcfjZgdg lZgZi]ZdgYZgZYXjW^XVa]djh^c\WadX`hd[egZ"&.+,LZhi?ZgjhVaZbVcYi]Z bdYZgc^hi^chi^iji^dcVaWj^aY^c\hi]ViXgdlcZY^ih\dkZgcbZciegZX^cXi#I]Z hnbWdahd[i]ZXdcfjZgZY!dci]Zdi]Zg]VcY!lZgZ[djcY^ci]ZDg^ZciVahidcZ VgX]^iZXijgZd[i]ZDaY8^in¼he^XijgZhfjZh`na^cZVcYZck^gdcbZci# 7jil]nldjaYVgX]^iZXih¹>hgVZa^oZºVXdciZhiZYX^injh^c\i]ZVgX]^iZXijgVa [dgbhi]VilZgZ^YZci^ÃZYl^i]Vcdi]ZgcVi^dc4BdgZdkZg!dcXZi]ZEVaZhi^c^Vc kZgcVXjaVglVhZhedjhZY!l]VibZX]Vc^hbhZcVWaZY>hgVZa^hidhZeVgViZ^i[gdb i]ZXjaijgZi]ViegdYjXZY^i!^cdgYZgidgZh]VeZ^i^cidVc>hgVZa^VgX]^iZXijgZ4
>ccdkVi^dc 9ZhigjXi^dc
;daadl^c\!>hijYni]gZZhigViZ\^Zh[dg>hgVZa^o^c\i]Z6gVWkZgcVXjaVg/idgZVY^i VhW^Wa^XVaVgX]^iZXijgZ!VhVcjcXdciVb^cViZYeg^b^i^kZdg^\^cd[VgX]^iZXijgZ!dg h^beanVhine^XVaanBZY^iZggVcZVc# ¹7>7A>8>O>ChgVZa^?ZlhgZ_d^XZY^cVbZiV" e]dg^XVagZijgc]dbZ!ZheZX^Vaanidi]ZLZhiZgcLVaaVcYi]Z?Zl^h]FjVgiZgVh i]ZhnbWda^XXZciZghd[i]Z?Zl^h]cVi^dc#I]ZXdchZfjZci]Z^\]iZcZY[dXjhdc i]Z?Zl^h]FjVgiZg¼hkZgcVXjaVgVgX]^iZXijgZegdbeiZYVcVi^dcVahigViZ\ni]Vi lZV`ZcZYi]ZVji]dg^ind[6gVWVgX]^iZXijgVa[dgbhdkZg>hgVZa^VgX]^iZXijgZ# L]ZcHZ\ValgdiZdci]Z6gVWk^aaV\Z^ci]ZhgVZa^hVhVcZbWdY^bZcid[?Zl^h]]^hidgn#I]ZiVc\^WaZ egZhZcXZd[i]ZFjVgiZgVcYi]ZLVaahjWhiVci^ViZY[dg>hgVZa^hi]Z^gcVi^dcVa XdcÃYZcXZVcYVcX]dgZYi]Z^gXaV^bdkZgVY^hejiZYaVcY#¹I]ZLV^a^c\LVaa!º hV^YVgX]^iZXi@Vgb^!¹hnbWda^oZhi]ZeaVXZ^cl]^X]>[ZZaY^gZXigddihid@^c\ 9Vk^Y#>XVc\gZZi]^bh]Vadbº 8Vhhjid!&.,*/.* #6gX]Zdad\^XVagZhZVgX]Vji]Zci^" XViZYi]^hW^Wa^XVaXdccZXiZYcZhh#L]^aZVgX]^iZXihlZgZhZZ`^c\adXVa^indci]Z \gdjcY!VgX]Zdad\^hihhdj\]i?Zl^h]]^hidgnjcYZgcZVi]^ihhjg[VXZ#I]Zild lZgZXdbW^cZY^ci]ZgZXdchigjXiZY?Zl^h]FjVgiZg!l]ZgZVgX]Zdad\^XVaÃcYh lZgZZbWZYYZY!VhCVY^V6Wj:a"=V_ '%%& gZXZcianYZbdchigViZY!^ci]Ze]nh^XVa [VWg^XVcYheVi^VaZmeZg^ZcXZd[i]ZFjVgiZg# >[i]ZVgX]^iZXijgZd[i]ZFjVgiZgiZhi^ÃZYidi]ZXdci^cj^ind[?Zl^h]]VW^" iVi^dc[gdbW^Wa^XVai^bZh!i]ZcZlhZchZd[adXVaZXdjaYWZVeea^ZYidi]Z hjggdjcY^c\EVaZhi^c^Vck^aaV\Zh!l]dhZVgX]^iZXijgZlVheZgXZ^kZYVhW^Wa^XVa! VcYl]dhZ^c]VW^iVcihhZgkZYVhXjhidY^Vch#I]ZXZcigVa [ZVijgZd[i]ZcVi^dcVaaVcYhXVeZhX]ZbZlVhV\gZZcWZai VgdjcYi]ZDaY8^in¸egZk^djhanV7g^i^h]Xdadc^VaYgZVb¸ l]^X]ldjaYk^hjVaanVggZhii]ZDaY8^ind[?ZgjhVaZb#I]Z 6gVWk^aaV\Zd[H^alVclVh^cXajYZY^ci]^heVg`WZXVjhZ ¹^ihX]VgVXiZg\^kZhjhV\ddYe^XijgZd[]dli]ZaVcY" hXVeZhVcYk^aaV\Zhd[7^Wa^XVai^bZhadd`ZYº 9k^g!&.+./') # :YjXVi^dcVaejWa^XVi^dchWni]ZVgbnXdbeVgZYi]^hk^a" aV\Zidi]ZVgX]Zdad\^XVaan"^c[dgbZYdeZc"V^gbdYZad[ =ZgdY¼h?ZgjhVaZb OV]Vgdc^!&..% #6&/*%hXVaZbdcjbZciVa gZXdchigjXi^dcd[i]Zhd"XVaaZYHZXdcYIZbeaZEZg^dY¸ VbV_dgidjg^hiViigVXi^dc^cVcYd[^ihZa[¸XdcÃgbZYi]Z hVbZcZhhd[H^alVcVcY=ZgdY¼h?ZgjhVaZb!V\V^cZbe]V" h^o^c\i]ZXdci^cj^ind[VcX^ZciWj^aY^c\igVY^i^dchP;^\#-R#
-#Egd[#6k^"NdcV! BdYZad[?ZgjhVaZb 9jg^c\i]ZHZXdcY IZbeaZ![gdb¹HV[Y^Z ^c?ZgjhVaZb!ºG>76 aZXijgZ
I=:CD7A:H6K6CHD;6G8=>I:8IJG:
()'q()(
HV[Y^Z^bb^\gViZYYjg^c\]^hndji]id8VcVYV!l]ZgZ]ZWZXVbZ^ciZgcVi^dcVaan `cdlc[dg]^h\gdjcYWgZV`^c\BdcigZVa=VW^iVi :med&.+, #:cYdghZYWni]Z
>ccdkVi^dc
>hgVZa^VYb^c^higVi^dcjedc]^hgZijgc]dbZ^c9ZXZbWZg&.+,!]ZYZh^\cZYi]Z
9ZhigjXi^dc
jcgZVa^oZY egZ[VWg^XViZY?ZgjhVaZb=VW^iViP;^\#.R#HV[Y^ZXVaaZYi]Zh^iZd[]^h egd_ZXi!cZmiidi]Z6gVWk^aaV\ZBVa]V!Wn^ih=ZWgZl$W^Wa^XVacVbZ!BVcX]Vi# ¹=ZgZ!º]ZhiViZY!¹lVhi]ZegdidineZ!i]ZVcX^Zcik^aaV\Z!l^i]l]^X]VcnbdYZgc YZkZadebZcildjaY]VkZidXd"Zm^hiº HV[Y^Z!&.-./', #;jgi]Zg^c\VcVgX]^iZXijgZ YZg^kZY[gdbeZgXZ^kZYeg^bVgn^chi^cXihd[]VW^iVi^dc!HV[Y^ZVYkVcXZYV 9Vgl^c^Vcad\^Xi]ViY^gZXianZkd`ZYVXfjV^ciVcXZ7ZgcVgYGjYd[h`n¼hhZb^cVa 6gX]^iZXijgZL^i]dji6gX]^iZXih# >cHV[Y^Z¼hZnZh!k^aaV\Zhd[&.)-EVaZhi^c^Vc gZ[j\ZZh!Wj^ail^i]¹[V^gana^b^iZYgZhdjgXZhº VcYYZkd^Yd[]^hidg^XVaYZei]!lZgZ¹VlZhdbZ Zck^gdcbZcihº HV[Y^Z!&.,. #I]ZnegdkZY[dg]^b i]Vi]VW^iVi^dclVhVegdYjXid[¹i]ZXdbeVh" h^dcViZhZVgX][dgi]ZlVneZdeaZa^kZi]Z^g eg^kViZVcYejWa^Xa^[Zº HV[Y^Z!&.-./'. #HV[Y^Z ZmeaV^cZY]^h^cXdgedgVi^dcd[VYkVcXZYbZi]" dYhd[XdchigjXi^dc^cidi]^h¹dg^\^cVaºkZgcVXj" aVgbdYZad[]VW^iVi^dcVh¹VcZmegZhh^dcd[a^[Z idYVn!Wjii]VildjaYWZVh^[^i]VYValVnhWZZc i]ZgZº &.,./'&+ #7nXgZVi^c\V¹[j\jZl^i]ild ^chigjbZcih!ºdcZkZgcVXjaVgVcYdcZiZX]cd" ad\^XVa!HV[Y^Z¼h?ZgjhVaZb=VW^iViXdjaY[jaÃaa i]ZO^dc^hiYgZVbd[[jh^c\i]ZVcX^Zcil^i]i]Z
.#Bdh]ZHV[Y^Z!VXdbeVg^" hdcWZilZZcVc6gVWk^aaV\Z BVcX]Vi VcYHV[Y^Z¼h ]dbZidlcd[?ZgjhVaZb# ;gdbBdh]ZHV[Y^Z!?ZgjhVaZb/ I]Z;jijgZd[i]ZEVhi 7dhidc/ =dj\]idcB^[Ä^c8dbeVcn!&.-. ! jceV\ZY
bdYZgc &.,./'&+ #>c?ZgjhVaZbi]Z¹dg^\^cºlVh W^Wa^XVa!i]ZbdYZgcegd\gZhh^kZ!VcYi]ZXdbW^cVi^dcd[Wdi]hZgk^c\idkVa^YViZ VeZdeaZ¼hcVi^dcVaa^[Z[gdbVgZbdiZeVhiidVcjc[dgZhZZc[jijgZ# B:9>I:GG6C:6C>HB >che^gVi^dc[gdb^cY^\ZcdjhVgX]^iZXijgZh^b^aVganegdk^YZYgVi^dcVaZ[dgi]Z dgY^cVgn]djh^c\l]^X]YZÃcZY?ZgjhVaZb¼hedhi"&.+,kZgcVXjaVg#>c&.,,!GVb @Vgb^ejWa^h]ZYi]ZZhhVn!¹=jbVcKVajZh^cJgWVc6gX]^iZXijgZ#º:hhZci^Vaan VbVc^[Zhid!i]ZZhhVnegZhXg^WZYVa^hid[BZY^iZggVcZVcVgX]^iZXijgVa[dgbhVh \j^YZa^cZh[dg[jijgZeaVcc^c\#I]ZnlZgZ^ciZcYZYid]ZaeVgX]^iZXihidgZhdakZ i]ZbdhiegZhh^c\fjZhi^dc/i]Vid[WZadc\^c\#=dlXdjaYVgX]^iZXihZhiVWa^h] VcVgX]^iZXijgVaaVc\jV\Zi]ViZcXdjgV\ZYeZghdcVaZmegZhh^dcWjiVahdYZÃcZY VkZgcVXjaVg[dgi]ZcVi^dcVaXdbbjc^in4@Vgb^¼hgZ[ZgZcXZ[dghjX]VXi^kZ gZgddi^c\lVhi]ZgZk^kVad[i]ZVcX^Zci=ZWgZlaVc\jV\Z!l]^X]VYYgZhhZY W^Wa^XVadg^\^c!`^ch]^e!VcYWaddY#>hgVZa^VgX]^iZXijgZ!@Vgb^XdciZcYZY!h]djaY XdccZXii]dhZViig^WjiZhidi]ZaVcY# >cdi]ZgXdciZmih!hX]daVgh]VkZiZgbZYi]ZhigViZ\n@Vgb^X]dhZ[dgi]^hiVh` ¹BZY^iZggVcZVc^hb#º=Z^ckd`ZYi]Zi^bZaZhheViiZgchd[BZY^iZggVcZVcVgX]^" iZXijgZVh\j^YZa^cZh[dgV]^ZgVgX]^XVadgYZg^c\d[i]ZWj^aiZck^gdcbZci![gdb i]Z]djhZidi]ZXajhiZg!fjVgiZg!hfjVgZ!higZZi!WVoVVg!VcY!ÃcVaan!idi]ZZci^gZ
hnhiZb#I]Zc]ZXdbe^aZYVbVcjVad[BZY^iZggVcZVc¹higjXijgVaZaZbZcihº Xdbeg^hZYd[i]ZVae]VWZid[i]Z=ZWgZlWj^aiaVcYhXVeZ/i]ZlVaa!i]Z\ViZ!i]Z WVaXdcnVcYedgX]!i]ZhiV^ghVcYi]gZh]daY!i]ZhigZZiVcYVaaZnlVn# @Vgb^¼hh]^[i^c[dXjh[gdbi]Z6gVWk^aaV\ZidBZY^iZggVcZVcVgX]^iZXijgVa egZXZYZcilVhZc\gV^cZY^cVaVg\ZgVgX]^iZXijgVaXjaijgZ#Eda^i^XVaan!i]Z^YZV d[>hgVZa^eVgi^X^eVi^dc^cVaVg\ZgBZY^iZggVcZVcXjaijgZY^kZhiZYEVaZhi^c^Vc VgX]^iZXijgZd[^ihVji]dg^indkZgi]Z\Zc^jhadX^!WZXVjhZ^ilVhhjWhjbZY^cid VaVg\Zg\ZdXjaijgVagZVab H]Vk^i!&..- #I]^hgZadXVi^dcgZa^ZkZYi]Z>hgVZa^VgX]^" iZXid[i]ZY^hijgW^c\XdcÄ^XiWZilZZcVYb^gVi^dcd[cVi^kZVgX]^iZXijgZVcY Y^hgZ\VgY[dgi]ZaVg\ZgEVaZhi^c^VcXjaijgZi]ViegdYjXZY^i#I]ZVhhdX^Vi^dcl^i] :jgdeZ¼hXgVYaZd[X^k^a^oVi^dclVheVX^[n^c\VcYÄZm^WaZ!VcYXdjaYVXXdbbdYViZ >hgVZa¼hZVganbdYZgc^hb# I=::I=>8HD;>HG6:A>EA68:"B6@>ChgVZa^eaVXZldjaYegdk^YZi]Z bdgVa[djcYVi^dc[dgdlcZgh]^edkZgi]ZaVcY#HZZ`^c\¹i]Ze]nh^XVaVcYhe^g^ijVa g^\]iid###i]ViaVcYºlVh![dg@Vgb^!Vii]ZkZgn]ZVgid[>hgVZa^eaVXZ"bV`^c\# ¹8gZVi^c\V»eaVXZ!¼º]ZgZb^cYZYjh!¹^hVfjVa^iVi^kZ!hnbWda^XVcYZbdi^dcVa egdXZhh!ºViVh`i]ViVgX]^iZXih¸gVi]Zgi]VceaVccZghdgWjgZVjXgVih¸h]djaY jcYZgiV`Z#6gX]^iZXijgZ!VhY^hi^c\j^h]ZY[gdb¹Wj^aY^c\!º¹XVcgZÄZXiVcYgZe" gZhZcii]ZXjaijgVaVhe^gVi^dcd[VXdbbjc^in!º¸i]Vi^h!^iXVcXgZViZVhnbWda^X eaVXZ!cdidcanVXdc\adbZgVi^dcd[YlZaa^c\jc^ih#BV`^c\i]ZWj^aiaVcYhXVeZ^cid VbVfdblVhVlVnidcVi^dcVa^oZi]ZiZgg^idgn¸VlVnid>hgVZa^oZ?ZgjhVaZb# EDHIH8G>EI I]ZXVX]Zi\V^cZYWn¹VgX]^iZXijgZd[i]ZeaVXZºZhiVWa^h]ZYbZbWZghd[i]Z hVWgV\ZcZgVi^dcVa\gdjeVh>hgVZa¼hVgX]^iZXijgVaZa^iZ!Vegdb^cZcXZ!l]^X] gZbV^chidi]^hYVn#>c?ZgjhVaZb!]dlZkZg!i]Z^gVgX]^iZXijgVaegd\gVbbZi^ih Xdadc^VaXdjciZgeVgi#I]Z^gZ[[dgiidXgVX`i]ZEVaZhi^c^VcXdYZ[dgadXVa]VW^iV" i^dcdcjcZfjVaeda^i^XVa\gdjcYY^kZgiZYi]Z[dXjhd[edhi"LdgaYLVg>>VgX]^" iZXijgVaXjaijgZVlVn[gdb^ih]jbVc^hi^XeVi]/^iYZeg^kZYdi]ZgeZdeaZd[i]Z hnbWda^XdlcZgh]^ed[i]Z^gWj^ai]Zg^iV\Z# GZXZcian!VgX]^iZXijgVaXg^i^Xh]VkZWZ\jcZcjbZgVi^c\i]Zeda^i^XVae^i[Vaahd[ i]^hadXVa^hiVgX]^iZXijgVaigVY^i^dc!^cVcZ[[dgiidY^kZhi^id[^ihaZVY^c\gdaZ^c >hgVZa^VgX]^iZXijgVaegVXi^XZ#6XXdgY^c\idi]^hk^Zl¹XdcXZgcl^i]adXVacZhhV[iZg &.+,gZÄZXihi]ZgZaZVhZd[YVg`iZcYZcX^Zhi]ViVgZ[jcYVbZciVa^hi^cZhhZcXZº
OVcYWZg\!'%%%/)' #I]^hXg^i^X^hbhZeVgViZhWZilZZci]ZhdX^VagdaZd[i]^hVgX]^"
())q()*
iZXijgZVcY^ihVZhi]Zi^Xh!VcY^hVhigViZ\^XbdkZX]VgVXiZg^o^c\i]ZegdYjXi^dc d[Xg^i^X^hbYjg^c\i]Zeda^i^XVaanX]Vg\ZYEVaZhi^c^Vc>ci^[VYVh#7jiYdZhi]^h
>ccdkVi^dc
Xg^i^X^hbbVg`i]ZZcYd[¹i]ZigVY^i^dcd[i]ZeaVXZ!ºd[i]ZhZVgX][dgadXVa^in4
9ZhigjXi^dc
CdicZXZhhVg^an#I]Z¹igjZºadXVa^in^hcdlWZ^c\Viig^WjiZYid>hgVZa¼hbdYZgc" ^hb¸i]Z¹7Vj]VjhHinaZºd[i]Z&.(%hVcY&.)%h!VhlZaaVhi]ZhiViZ¼h¹\gVnº bdYZgc^hbd[i]Z&.*%h#GZXZciZm]^W^i^dchVcYbdcd\gVe]hXaZVgan^cY^XViZ i]Vii]ZigVY^i^dcd[i]ZbdYZgc!jcXdciVb^cViZYWni]ZgZ\^dcVaXdcÄ^Xidgi]Z Dg^Zci!^hiV`^c\XdbbVcY#I]^hgZXdkZgn]VhV\adWVaVeeZVa#DcZegdedcZcid[ ¹\gVnbdYZgc^hbºZmeaV^chi]Vi![dgVndjc\Zg\ZcZgVi^dcl]d¹`cdlhi]Vii]Z &.*%hVgZcdl^chinaZºVcYl]dhZ¹bZbdgnldg`h^cbZ\VWniZh!ºi]^higVY^i^dc d[[ZghZhXVeZ/¹eaV^cVcYh^beaZ¸i]ZnVgZh^X`d[[VWg^XVi^c\»adXVa¼VgX]^iZXijgZ VcY\Zii^c\Wd\\ZY^ci]Zegdk^cX^VahlVbe#º OVcYWZg\!'%%%/)( I]Z\adWVaZaZbZci ^ci]^h]VeengZkZghVaegdbeihi]ZadXVaidgZYZÃcZVbdYZgc^hiigVY^i^dc[dgVc >hgVZa^cZhh^cXg^h^h# &
I]^hZhhVn^hWVhZYdci]ZVgi^XaZ¹HZ^o^c\AdXVa^in^c?ZgjhVaZb!º C^ioVc"H]^[iVc!'%%) #>i^heVgi d[VbVcjhXg^ei^cegd\gZhhiZciVi^kZani^iaZY/9Zh^\c^c\Eda^i^Xh/6gX]^iZXijgZVcYi]ZBV`^c\d[ ¹Jc^iZY?ZgjhVaZb!ºl]^X]^hWVhZYdcbnYdXidgVaY^hhZgiVi^dcViB>I#>ldjaYa^`Zidi]Vc`BVg` ?VgodbWZ`!HiVc[dgY6cYZghdc!H^WZa7doYd\Vc!Jg^GVb!CVhhZgGVWWVi!8Vgda^cZ:aVb!VcY@Zk^c 8]jV[dgi]Z^g]Zae[jaXdbbZcihVcY^ch^\]ih#HeZX^Vai]Vc`h\didi]ZVgX]^iZXihl]d\j^YZYbZ i]gdj\]i]ZXjaijgZd[i]Z^g\ZcZgVi^dc!eVgi^XjaVganid9Vc:iVc!GVb@Vgb^!6kgV]VbKVX]bVc! VcYNVV`dkNVVg#
'
I]ZXdgZd[Vegd[Zhh^dcVaVgX]^iZXijgVaX^gXaZi]VilVhVXi^kZYjg^c\i]Z&.+%hXdch^hiZYd[9Vc :iVc!N^o]V`NVh]Vg!GVb@Vgb^!DgVVcYNV¼V`dkNV¼Vg!6kgV]VbNVh`^!VcY6bcdc6aZmVcYgdc^# Bdh]ZOVg]^VcYNVV`dkGZX]iZgVcY^ck^iZY\jZhih[gZfjZcianeVgi^X^eViZY#
(
I]^hYZÃc^i^dc]VhVeeZVgZYeVgi^XjaVgan^cXdccZXi^dcid9Vc^@VgVkVc¼hldg`#
) >ci]ZlV`Zd[HV^Y¼hDg^ZciVa^hb &.,- !bVcnhijY^Zh]VkZYZbdchigViZYi]ZLZhiZgc$Dg^ZciVa Y^X]didbn^cY^[[ZgZciXdciZmihVcYadXVaZh#;dgi]Z>hgVZa^XdciZmi!hZZ:aaVH]d]Vi &.-. !hgVZa#ºI]ZhZedhiZgh WZXVbZbV_dgk^hjVahi^bja^^ci]Zb^a^iVgne]nh^XVaZck^gdcbZci0^c>hgVZab^a^iVgnhZgk^XZ^h dWa^\Vidgn[dgbdhi#
&% I]ZdeZcV^gbdYZalVhgZXdchigjXiZYVcYaVg\Zan^bV\^cZY^ci]ZVWhZcXZd[VXXjgViZVgX]Zd" ad\^XVaYViVWni]ZVgX]Zdad\^hiEgd[Zhhdg6k^NdcV#6gZXZciVeegV^hVa^cVejWa^XVi^dcYZY^XViZY id¹`cdl^c\i]ZXdjcignº^hi]ViWnihHjggdjcY^c\ ?ZgjhVaZb/I]Z?ZgjhVaZbEdhiEgZhh!&.,* # ?VbZh8a^[[dgYVcYhgVZa/B^c^hignd[9Z[ZchZ!'%%& # GVb@Vgb^!¹=jbVcKVajZh^cJgWVc6gX]^iZXijgZ!º^c>hgVZa7j^aYh&.,,!ZYh#6b^gVb=VgaVeVcY =Vg^;gVc` IZa6k^k/B^c^hignd[=djh^c\!&.,, # 6a[gZYBVch[ZaYVcY6ccVIZji!6aBVch[ZaY/6c6gX]^iZXi^c>hgVZa 7Zga^c/:gchimHd]c!&... # 7g^VcBXAVgZc!¹BZY^iZggVcZ^iVVcYBdYZgc^iV/6gX]^iZXijgZVcY8jaijgZYjg^c\i]ZEZg^dYd[ >iVa^Vc8dadc^oVi^dcd[Cdgi]6[g^XV A^WnV ! E]#9#Y^hhZgiVi^dc!B>I!"'%%& # 6adcVC^ioVc"H]^[iVc!¹>hgVZa^o^c\?ZgjhVaZb/I]Z:cXdjciZgWZilZZc6gX]^iZXijgVaVcYCVi^dcVa >YZdad\^Zh&.+,"&.,,!º E]#9#Y^hhZgiVi^dc!B>I!'%%' # 6adcVC^ioVc"H]^[iVc!¹HZ^o^c\AdXVa^in^c?ZgjhVaZb!º^cI]Z:cYd[IgVY^i^dc!ZY#C#6aHVnVVY! CZlNdg`VcYAdcYdc/GdjiaZY\Z!'%%) # 6adcVC^ioVc"H]^[iVc!¹8Ve^iVa8^indgHe^g^ijVa8ZciZg4I]ZEda^i^Xhd[6gX]^iZXijgZ^cEdhi"¼+, ?ZgjhVaZb!º8^i^Zh'' ( '%%* # 9VcGVW^cdl^io!6ci]gdedad\nVcYi]ZEVaZhi^c^Vch GV¼VcVcV]/=VBZg`VoAZ=Z`Zg=V=ZkgV] =V6gk^i!&..- # 7ZgcVgYGjYd[h`n!6gX]^iZXijgZl^i]dji6gX]^iZXih/6c>cigdYjXi^dcidCdceZY^\gZZY6gX]^iZXijgZ CZlNdg`/BjhZjbd[BdYZgc6gi!&.+) # Bdh]ZHV[Y^Z!7ZndcY=VW^iVi BdcigZVa/IjcYgV7dd`h!8daa^chEjWa^h]Zgh!&.,( # Bdh]ZHV[Y^Z!HV[Y^Z^c?ZgjhVaZb!Ha^YXVh( AdcYdc/E^Y\Zdc6jY^dK^hjVa!&.,. ZmigVXiZY[gdb ViVa`\^kZcidi]ZGdnVa>chi^ijiZd[6gX]^iZXih Bdh]ZHV[Y^Z!?ZgjhVaZb/I]Z;jijgZd[i]ZEVhi 7dhidc/=dj\]idcB^[Ä^c!&.-. # :YlVgYL#HV^Y!Dg^ZciVa^hb CZlNdg`/EVci]Zdc7dd`h!&.,- # NdgVbHZ\Va!¹I]ZIgVY^i^dcVa=djhZ^ci]Z6gVWK^aaV\Zh^ci]ZhgVZa^6gi ?ZgjhVaZb/>hgVZa BjhZjb!&..- # :hi]ZgOVcYWZg\!¹I]ZAdhi9^\c^ind[i]ZH]jiiZgh!º=V¼VgZioLZZ`ZcYHjeeaZbZci DXidWZg',! '%%% #
i]ZeaVcc^c\YZVYadX` =DJH:9:BDA>I>DCH>CI=:E6A:HI>C>6C C:>hgVZa^eaVcc^c\aVlh VcYegdXZYjgZh!a^`Zbdhi[dgbVaeaVcc^c\hnhiZbh^ci]ZldgaY#>cYZZY!bVcnd[ i]ZEVaZhi^c^VcgZh^YZcihd[:Vhi?ZgjhVaZbWj^aYi]Z^g]djhZhl^i]djieZgb^ih! Z^i]ZgV[iZgign^c\iddWiV^cdcZVcY[V^a^c\id!dg![dgkVg^djhgZVhdch!l^i]dji ign^c\ViVaa#I]^h]VhaZVYidVe]ZcdbZcdcd[Wj^aY^c\l^i]djieZgb^ihdcV bVhh^kZhXVaZ#I]Z?ZgjhVaZbBjc^X^eVa^in![dg^iheVgi!_jhi^ÃZh]djhZYZbda^i^dch Vh^ihYjinidZc[dgXZeaVcc^c\aVlhVcYegdXZYjgZh!ZchjgZi]ZegdeZgVcYWVaVcXZY YZkZadebZcid[i]ZX^in!VcYbV^ciV^ci]ZgjaZd[aVl# NZi!]djhZYZbda^i^dchVcYi]Ze]ZcdbZcdcd[Wj^aY^c\l^i]djieZgb^ihdc VbVhh^kZhXVaZ!bjhiWZZmVb^cZY^cVl^YZgXdciZmi#I]Z?ZgjhVaZbBjc^X^eVa^" in¼heaVcc^c\eda^X^Zhh^cXZ&.+,gZkZVaegd[djcYegdWaZbhVcYY^[ÃXjai^Zh!Wdi] higjXijgVaVcYXdci^c\Zci!l]^X]bV`Z^ikZgnY^[ÃXjai ^[cdiVaid\Zi]Zg^bedh" h^WaZ [dgVEVaZhi^c^VcgZh^YZcid[:Vhi?ZgjhVaZbiddWiV^cVWj^aY^c\eZgb^i# DkZgi]ZnZVgh!i]Z>hgVZa^Vji]dg^i^Zh]VkZVYdeiZYVgVc\Zd[eaVcc^c\eda^" X^Zhi]Vi]VkZXdchigV^cZYi]ZYZkZadebZcid[EVaZhi^c^VccZ^\]Wdg]ddYhVcY aZYidhZkZgZ]djh^c\h]dgiV\Zh#I]ZhZeda^X^Zh!VcYi]ZegdWaZbhi]ZnZc\ZcYZg! ]VkZWZZcVYYgZhhZYZahZl]ZgZ#BnejgedhZ^hcdiidgZhiViZi]Z^hhjZh!Wji gVi]Zgidhj\\Zhii]ViViegZhZcii]ZhZeda^X^Zh]VkZgZVX]ZYVYZVYadX`#I]^h eaVcc^c\YZVYadX`^hcdiVcZcYgZhjaiWjiVbZX]Vc^hb^c^ihZa[!l]^X]h]VeZh i]ZlVni]ZEVaZhi^c^VccZ^\]Wdg]ddYhd[:Vhi?ZgjhVaZb]VkZYZkZadeZY^c
()+q(), >ccdkVi^dc 9ZhigjXi^dc
gZXZcinZVghi]gdj\]VXnXaZd[¹^aaZ\VaºXdchigjXi^dcVcYgZig^Wji^kZYZbda^i^dch# I]ZgZVgZi]gZZlVnh^cl]^X]i]^heaVcc^c\YZVYadX`bVc^[Zhih^ihZa[#I]ZÃghi gZaViZhidi]Z^cVW^a^ind[i]ZEVaZhi^c^VcgZh^YZcihd[:Vhi?ZgjhVaZbiddWiV^c Wj^aY^c\eZgb^ih#=ZgZi]ZYZVYadX`deZgViZhVhV¹XViX]º^cl]^X]eZdeaZbjhi YZX^YZl]Zi]ZgidWj^aYl^i]djiVeZgb^iVcYg^h`YZbda^i^dcdgcdiidWj^aY ViVaa#I]ZhZXdcYgZaViZhidi]Z?ZgjhVaZbBjc^X^eVa^in¼hXdchigV^c^c\eda^X^Zh! l]^X]]VkZaZYidVh^ijVi^dcl]ZgZ^cbdhiEVaZhi^c^VcXdchigjXi^dciV`ZheaVXZ ¹djih^YZºi]ZhnhiZb#=ZgZi]ZYZVYadX`deZgViZhVhV¹[V^aZYeda^Xnºldg`^c\ V\V^chi^ihdlcbV`Zgh!h^cXZi]Z¹cZXZhh^inºd[Zc[dgX^c\i]ZaVl¹cZXZhh^iViZhº Vc^begVXi^XVWaZcjbWZgd[]djhZYZbda^i^dch#I]Zi]^gYbVc^[ZhiVi^dcd[i]Z eaVcc^c\YZVYadX`^hV¹igVe!º^cl]^X]hZZb^c\an¹egd[Zhh^dcVaºeaVcc^c\iddah VcYY^hXdjghZhVgZjhZY^cWVY[V^i]^cdgYZgidegdbdiZ>hgVZa^eda^i^XVaV^bhVi i]ZZmeZchZd[i]ZEVaZhi^c^VcgZh^YZcihd[i]ZX^in#DcZXdjaYVahdhZZi]ZjgWVc eda^Xnd[?ZgjhVaZbVh¹igVeeZY¹Wni]ZY^XiViZhd[VXdciZci^djhcVi^dcVaeda^Xn# I=:EA6CC>CchjX] X^gXjbhiVcXZh!]djhZYZbda^i^dchVgZVcZmigZbZ[dgbd[WaVb^c\i]ZhnhiZb»h ^cVYZfjVX^Zhdc^ihk^Xi^bh# I=:EA6CC>CA:9EDA>8Nº ;gdb&.+,id'%%&!dcan(!&%%Wj^aY^c\eZgb^ihlZgZ^hhjZYidi]ZEVaZhi^c^Vc gZh^YZcihd[:Vhi?ZgjhVaZb#6ii]ZhVbZi^bZ!i]ZEVaZhi^c^VcedejaVi^dc]Vh ig^eaZY![gdbhdbZ,%!%%%^c&.+,id'&*!%%%^c'%%&#>i^hjca^`Zani]Vi(!&%% Wj^aY^c\eZgb^ihlZgZhj[ÃX^Zci[dgbZZi^c\i]Z]djh^c\cZZYhd[cZVgan&*%!%%% cZlgZh^YZcih# Cdil^i]hiVcY^c\i]ZhZ(!&%%Wj^aY^c\eZgb^ih!VcZhi^bViZY&*!%%%"'%!%%% ¹^aaZ\Vaº]djh^c\jc^ihlZgZWj^ai^cEVaZhi^c^Vc:Vhi?ZgjhVaZb^ci]ZaVhi(* nZVgh#I]^h\VeWZilZZcl]VilVheZgb^iiZYidWZWj^aiVcYl]VilVhVXijVaan Wj^ai!WZilZZc[dgbVaVcY^c[dgbVaXdchigjXi^dc!bV`ZhXaZVgi]Vii]ZeZgb^ih ^hhjZYYdcdibZZi!^cYZZYVgZ[Vg[gdbbZZi^c\!i]ZgZVa]djh^c\cZZYhd[EVaZh" i^c^Vc?ZgjhVaZb^iZh# ¹>aaZ\VaºXdchigjXi^dcdchjX]VbVhh^kZhXVaZYdZhcdi^cY^XViZXdciZbei [dgi]ZgjaZd[aVl!Vhi]ZBjc^X^eVa^inldjaY]VkZ^i jhjVaanVYY^c\i]Vii]^h XdciZbei[dg>hgVZa^aVl^hZcXdjgV\ZYVcYZkZcegdbdiZYWni]ZEVaZhi^c^Vc 6ji]dg^in #>i^cY^XViZh!gVi]Zg!Vegd[djcY[V^ajgZdci]ZeVgid[i]ZeaVcc^c\ hnhiZb^ihZa[i]Vibdhid[i]ZXdchigjXi^dc^c:Vhi?ZgjhVaZbiV`ZheaVXZdjih^YZ ^ihegdXZYjgVaWdjcYh#7n[V^a^c\idbZZii]Z]djh^c\cZZYhd[i]ZEVaZhi^c^Vc gZh^YZcihd[:Vhi?ZgjhVaZb!dgidd[[Zghdaji^dchidi]ZdW_ZXi^kZegdWaZbhi]Vi `ZZei]Zb[gdbdWiV^c^c\Wj^aY^c\eZgb^ih!i]Z[dgbVaeaVcc^c\hnhiZbVXijVaan ¹X]VccZahºbdhiXdchigjXi^dcdjih^YZ^ihhe]ZgZd[Xdcigda!dcanidignVcYXdb" WVi^ii]gdj\]YZbda^i^dch#CZZYaZhhidhVn!i]ZVji]dg^i^Zh]VkZbVYZcdZ[[dgi id^cXdgedgViZ^c[dgbVaXdchigjXi^dc^cidZm^hi^c\eaVch# >c^ihZ[[dgiid_jhi^[n]djhZYZbda^i^dch!i]ZBjc^X^eVa^inZbe]Vh^oZhi]Z aVg\ZcjbWZgd[]djhZhWj^ai^c:Vhi?ZgjhVaZbl^i]djieZgb^ih!l]^aZYdlc" eaVn^c\i]ZhbVaacjbWZgd[Wj^aY^c\eZgb^ih^hhjZYdkZgi]ZnZVgh#>ci]ZYZXVYZ WZilZZc&..'VcY'%%&!i]ZBjc^X^eVa^in^hhjZYhdbZ&!)%%Wj^aY^c\eZgb^ih^c EVaZhi^c^Vc:Vhi?ZgjhVaZb#>ci]VihVbZYZXVYZ!^iYZiZXiZYhdbZ*!(%%Wj^aY^c\ k^daVi^dch!idd`_jY^X^VaVXi^dcV\V^chihdbZ(!-%%hjX]k^daVi^dch!^hhjZY+'% YZbda^i^dcdgYZgh!VcYYZbda^h]ZYhdbZ')%higjXijgZh#
I]ZÃghigVi^d &!)%%eZgb^ih¸*!(%%k^daVi^dch ^bea^Zhi]Vi[dgZkZgnWj^aY^c\ eZgb^ii]ZBjc^X^eVa^in^hhjZh^c:Vhi?ZgjhVaZb!^iYZiZXih(#-Wj^aY^c\k^daVi^dch# I]ZhZXdcYgVi^d &!)%%eZgb^ih¸(!-%%_jY^X^VaVXi^dch ^bea^Zhi]Vi[dgZkZgn Wj^aY^c\eZgb^ii]ZBjc^X^eVa^in^hhjZh^c:Vhi?ZgjhVaZb!^i\dZhidXdjgi'#, i^bZhV\V^chii]ZgZh^YZcihd[i]VieVgid[i]ZX^in#I]Zi]^gYgVi^d &!)%%eZg" b^ih¸+'%YZbda^i^dcdgYZgh ^bea^Zhi]Vii]ZBjc^X^eVa^in^hhjZhVYZbda^i^dc dgYZg[dgZkZgn'#(Wj^aY^c\eZgb^ih^i^hhjZh#I]Z[djgi]gVi^d &!)%%eZgb^ih¸ ')%YZbda^i^dch ^bea^Zhi]Vii]ZBjc^X^eVa^inYZbda^h]ZhdcZ]djhZ[dgZkZgn *#-Wj^aY^c\eZgb^ih^i^hhjZh# I]ZgZ^hnZiVcdi]ZgVheZXiidi]ZYZVYadX`l^i]gZ\VgYidi]ZeaVcc^c\ Vji]dg^i^Zh#I]^h^hidYdl^i]i]Z[VXii]ViZkZcl^i]i]Z]jcYgZYhd[YZbda^" i^dcdgYZgh^i]Vh^hhjZY!i]ZBjc^X^eVa^inXVcdcanYZbda^h]VhbVaa[gVXi^dcd[ ¹^aaZ\Vaº]djhZh#D[XdjghZ!i]Zi]dj\]id[YZbda^h]^c\&*!%%%"'%!%%%¹^aaZ\Vaº ]djhZh WZilZZc)*"+%d[VaaEVaZhi^c^Vc]djh^c\jc^ih^c:Vhi?ZgjhVaZb ^h jci]^c`VWaZ!ZkZcidi]ZbdhiZmigZbZ]VgYa^cZgh^ci]ZBjc^X^eVa^in!ViaZVhi dcZldjaY]deZ#BdgZdkZg!i]ZBjc^X^eVa^inXVgg^ZhdjidcanVWdjiVi]^gYd[i]Z YZbda^i^dcdgYZgh^i^hhjZh!VcYi]jh[V^ahid¹Zc[dgXZi]ZaVl!ºZkZcid^ihdlc jcYZghiVcY^c\#I]ZdjiXdbZ^hi]Vi!fj^iZd[iZc!]djhZYZbda^i^dchVgZXVgg^ZY dji^cVhedgVY^X!ZkZcgVcYdb!bVccZg![jcXi^dc^c\bV^canVhYZiZggZcXZ#I]dhZ V[[ZXiZYVgZjhjVaani]ZlZV`ZhiVcYbdhiY^hVYkVciV\ZYgZh^YZcih!l]dXVccdi V[[dgYegdeZgaZ\VaYZ[ZchZ# I]jh!Ve^XijgZZbZg\Zhd[kZgna^b^iZYedhh^W^a^i^Zh[dgaZ\VaXdchigjX" i^dc!XdbeVgZYidVbjai^ijYZd[Wj^aY^c\k^daVi^dchYZiZXiZY!aZ\VaVXi^dch iV`Zc!VcYYZbda^i^dcdgYZgh^hhjZYVcY^beaZbZciZY#>chiZVYd[VcZ[ÃX^Zci! ZkZc]VcYZYeaVcc^c\hnhiZblZhZZVYgVXdc^X!Y^hXg^b^cVidgnZc[dgXZbZci hnhiZb!l]ZgZWj^aY^c\^cheZXidgh!egdhZXjidgh!VcYYZbda^i^dcXgZlh]VkZ gZeaVXZYeaVccZgh#>i^hVejc^i^kZeaVcc^c\hnhiZbgVi]Zgi]VcV[VX^a^iVi^c\ dcZ¸VeZgkZgiZYhnhiZb^cYZZY# I=:EA6CC>ChgVZa»hgjaZdkZgi]Z¹jc^ÃZYºX^in!VcYidZchjgZVXaZVg?Zl^h]YZbd\gVe]^X bV_dg^in^ci]Z[VXZd[]^\]ZgEVaZhi^c^VcW^gi]gViZh#I]^h^hVX`cdlaZY\ZYfj^iZ gZVY^anWnVaa^ckdakZYl]Zc^iXdbZhidi]Z¹\gVcYhX]ZbZºd[i]^c\h!WjiYZc^ZY fj^iZÃZgXZanl]Zc^iXdbZhidadXVaeaVch hjX]VhidlcWj^aY^c\hX]ZbZh [dg i]ZEVaZhi^c^VccZ^\]Wdg]ddYhd[:Vhi?ZgjhVaZb#I]jh!hZZb^c\anegd[Zhh^dcVa iddah!VcYVhZZb^c\anegd[Zhh^dcVaY^hXdjghZVgZ[gZfjZcianjhZY^cVW^VhZYVcY Y^hXg^b^cVi^c\lVn# DcZXVcÃcYY^hXg^b^cVi^dc^cVabdhiZkZgnY^bZch^dcd[eaVcc^c\eda^Xn VcYegdXZYjgZh^c:Vhi?ZgjhVaZb/jcgZVhdcVWaZYZaVnh^ci]ZegZeVgVi^dcd[ eaVch [daadlZYWngZfj^gZbZcih[dgnZibdgZYZiV^aZYeaVch!l^i]djil]^X] Wj^aY^c\eZgb^ihXVccdiWZ^hhjZY 0Y^hidgiZYodc^c\hX]ZbZhl]^X]YZh^\cViZ aVg\ZigVXihd[eZg^e]ZgVajgWVcaVcYhVh¹deZcaVcYhXVeZºdg¹\gZZcVgZVh!º
l]ZgZXdchigjXi^dc^hcdieZgb^iiZYVii]ZZmeZchZd[ediZci^VagZh^YZci^Va
(*%q(*&
jhZh0b^hZganVaadXVi^dcd[¹Wj^aY^c\eZgXZciV\Zhº^ceaVch!l]^X]bZVchi]Vi ]djhZhXVcdcanWZWj^aiheVghZVcYadl!hdi]ViEVaZhi^c^VccZ^\]Wdg]ddYhl^aa
>ccdkVi^dc
gZiV^ci]Z^g¹gjgVaX]VgVXiZgº0ZcYaZhhedhiedcZbZcid[aVn^c\^c[gVhigjXijgZh
9ZhigjXi^dc
VcYgdVYh!l^i]djil]^X]dgYZganXdchigjXi^dc^h^bedhh^WaZ0]Vgh]hiVcYVgYh [dgegdd[d[aVcYdlcZgh]^e!VhVegZgZfj^h^iZ[dgdWiV^c^c\Wj^aY^c\eZgb^ih ^c VhdX^ZinWVhZYdcigVY^i^dcVa[dgbhd[dlcZgh]^e!VcY^cVeda^i^XVaXa^bViZd[ b^higjhiVcYlZaa"[djcYZY[ZVghi]ViaVcYl^aaWZXdcÃhXViZYWni]ZVji]dg^i^Zh 0 VcYdkZgZc[dgXZbZcid[eaVcc^c\aVlh^cEVaZhi^c^VccZ^\]Wdg]ddYhXdbeVgZYid haVX`Zc[dgXZbZci^c?Zl^h]cZ^\]Wdg]ddYh# 8dbeVg^hdchWZilZZcheZX^ÃXeaVchegZeVgZY[dgVY_VXZci?Zl^h]VcYEVa" Zhi^c^VccZ^\]Wdg]ddYh^c:Vhi?ZgjhVaZbgZkZVaXdch^YZgVWaZY^[[ZgZcXZh^c cZVganZkZgnY^bZch^dc/odc^c\hX]ZbZ!Wj^aY^c\YZch^in!ejWa^XhZgk^XZhVcY ejWa^XheVXZh!jgWVcX]VgVXiZg!ZiX#7nlVnd[\ZcZgVa^oVi^dc!hjX]XdbeVg^hdch YZbdchigViZi]Vii]Z\j^Y^c\eg^cX^eaZ^ceaVcc^c\?Zl^h]cZ^\]Wdg]ddYh^c:Vhi ?ZgjhVaZb^hidbVm^b^oZWj^aY^c\XVeVX^inl]^aZbV^ciV^c^c\V]^\]hiVcYVgYd[ a^k^c\!l]ZgZVh^ci]ZEVaZhi^c^VccZ^\]Wdg]ddYh!cdhjX]Z[[dgihZm^hi#>cdi]Zg ldgYh!?Zl^h]cZ^\]Wdg]ddYhVgZeaVccZYidWZ¹ejWa^XanYZchZVcYeg^kViZan heVX^djh!ºl]ZgZVhEVaZhi^c^VccZ^\]Wdg]ddYhVgZeaVccZYidWZ¹ejWa^XanheVghZ VcYeg^kViZanYZchZ!º^#Z#¹g^X]º^cdeZcVgZVh l]ZgZcdXdchigjXi^dc^hVaadlZY VcY¹eddgº^cWj^aiÄddgheVXZ# 6cdi]ZgW^VhXVcWZ[djcY^ci]ZZc[dgXZbZcid[eaVcc^c\aVlh!ZheZX^Vaan ]djhZYZbda^i^dch#7ZilZZc&..+VcY'%%&!-'d[Wj^aY^c\k^daVi^dchlZgZ [djcY^ci]Z?Zl^h]cZ^\]Wdg]ddYhd[?ZgjhVaZb!VcYdcan&-^cEVaZhi^c^Vc cZ^\]Wdg]ddYh#NZi!-%d[i]ZYZbda^i^dcdgYZghlZgZ^hhjZYV\V^chihigjXijgZh ^cEVaZhi^c^VccZ^\]Wdg]ddYh!VcYdcan'%^c?Zl^h]cZ^\]Wdg]ddYh# JgWVccZZYh]VkZWZZcl^aa^c\anhVXg^ÃXZYWni]ZeaVcc^c\Vji]dg^i^Zh[dg eda^i^XVaXdch^YZgVi^dchVci^i]Zi^XVaidVcngVi^dcVaVcYegd[Zhh^dcVaeaVcc^c\ egVXi^XZ#I]ZYZbVcYi]ViEVaZhi^c^VcgZh^YZcihXdbeanl^i]i]ZhZeda^i^X^oZY eaVch jcYZgi]Zi]gZVid[YZbda^i^dc !Vh^[i]ZnlZgZVeda^i^XVaVcYd[WZcZÃiid i]Zb!^hl]VibV`Zhi]ZbV¹igVe#º JG76CEDA>8N¹ IG6EE:9º7NC6I>DC6AEDA>8N >i^hi]ZW^VhZYVcYY^hXg^b^cVidgnjhZd[hZZb^c\anegd[Zhh^dcVaiddahi]Vi ¹igVehºEVaZhi^c^Vch^cidi]ZYZVYadX`YZhXg^WZY#7jiVii]ZhVbZi^bZ!^i¹igVehº i]Zeda^Xn^ihZa[^cidjciZcVWaZeda^i^XVa\dVah!l]^X]jai^bViZanaZVYid^ihdlc [V^a^c\h#;dgbVcnnZVgh!cVi^dcVaeda^Xn]VhY^XiViZYVabdhiZkZgnYZiV^ad[jgWVc eaVcc^c\^c?ZgjhVaZb#NZii]ZgZhjaihVgZfj^iZY^hbVa!VhZkZci]dhZl]dhjW" hXg^WZidVk^h^dcd[V¹jc^ÃZYºVcY¹YZbd\gVe]^XVaanWVaVcXZYº?ZgjhVaZbjcYZg >hgVZa^gjaZ!ldjaY]VkZcdX]d^XZWjiidVYb^i# I]jh!l]^aZi]ZEVaZhi^c^VcedejaVi^dcXdci^cjZhid\gdl!jgWVcYZkZadebZci ^c:Vhi?ZgjhVaZb^hhinb^ZYWni]ZbVcnXdchigV^cih[dgXZYjedc^i!bV`^c\ i]ZegdheZXihd[[jijgZYZkZadebZciZkZc\g^bbZg#JcYZgi]ZXjggZciX^gXjb" hiVcXZh!bVhh^kZ¹^aaZ\VaºXdchigjXi^dcWnEVaZhi^c^Vch l]Zi]Zg^ciZgegZiZYVh ¹gZh^hiVcXZºid>hgVZa^ b^h eaVcc^c\dgVhV¹egZhhjgZkVakZºi]gdj\]l]^X] eaVcc^c\XdchigV^cihXdbZjcYdcZ ^hVidcXZVc^cZk^iVWaZgZhjaid[i]ZeaVcc^c\
YZVYadX`VcYVc¹ZmXjhZº[dgi]ZhnhiZb¼h[V^ajgZh#6cV^gd[[ZVgVcYbdgVaeVc^X hjggdjcYVaajgWVc^hhjZhgZaViZYid:Vhi?ZgjhVaZb!VcY^i^hi]ZX^ind[?ZgjhVaZb VcY^ihgZh^YZcih¸?Zl^h]VcYEVaZhi^c^Vc¸l]dXdbZdjii]ZW^\adhZgh# I]Zi^bZ]VhXdbZ[dgVeVgVY^\bVi^XX]Vc\Z0VX]Vc\Z^cl]^X]Zfj^iVWaZ VcYeVgi^X^eVidgneaVcc^c\l^aagZeaVXZi]ZW^VhZYVcYeZcVa^o^c\eda^Xni]Vi]Vh igVeeZY^ihZa[!VcYi]ZgZh^YZcihd[i]ZX^in!^cidVYZVYadX`#>[idYViZ?ZgjhVaZb¼h eaVcc^c\eda^Xn]VhWZZcY^XiViZYWnVjc^aViZgVacVi^dcVaeda^Xn!eZg]Vehi]Z XdckZghZ^hVahdigjZ/edh^i^kZX]Vc\Zh^c?ZgjhVaZb¼hjgWVceda^X^ZhXdjaYdeZc jecZledhh^W^a^i^Zh[dgXdZm^hiZcXZWZilZZci]ZildcVi^dcVaXdbbjc^i^Zhi]Vi h]VgZi]ZX^in!WjiVahdWZndcYi]ZX^in![dgEVaZhi^c^VchVcY?Zlhida^kZ^ceZVXZ#
& HZZ!Vbdc\di]Zgh!7ZckZc^hi^!&..+07»ihZaZb!&..,07daaZch!'%%%08]Zh]^cZiVa#!'%%%0@]VbV^h^ VcYCVhgVaaV]!'%%(#;dgVÄVlZYVcVanh^hhedchdgZYWni]Z?ZgjhVaZbBjc^X^eVa^in!hZZLZ^cZg! '%%(# ' ;dgi]ZBjc^X^eVa^in»hk^Zldci]^h!hZZLZ^cZg!'%%(# ( 7j^aY^c\k^daVi^dchgVc\Z[gdbVcZci^gZ]djhZWZ^c\Wj^ail^i]djiVeZgb^i!idVYY^c\dcidVc Zm^hi^c\]djhZl^i]djiVeZgb^i# ) >c?jcZ'%%*!i]Zi]gZVid[bVhhYZbda^i^dchlVh]Vc\^c\^ci]ZV^gl]Zci]Z?ZgjhVaZbBjc^X^" eVa^inVccdjcXZY^ih^ciZci^dcidYZbda^h].%]dbZh^ci]ZEVaZhi^c^VccZ^\]Wdg]ddYd[H^alVc! WdgYZg^c\dci]ZDaY8^in GVeVedgi!'%%* #9jZidejWa^XdjiXgn!i]^hi]gZVi]VhWZZcgZbdkZY!Vi aZVhiiZbedgVg^an#NZi^iYdZhaZVkZi]Z^begZhh^dci]Vii]ZBjc^X^eVa^in^h]Zaa"WZcidcWgZV`^c\ cZlYZbda^i^dcgZXdgYh# * I]Z^beaZbZciVi^dcd[]djhZYZbda^i^dch^c:Vhi?ZgjhVaZbYZeZcYhdcbVcnZmiZgcVa[VXidgh VcY^h^cÄjZcXZYWni]Z\ZcZgVaeda^i^XVaXa^bViZ#¹HZXjg^inºXdch^YZgVi^dchVahdeaVnVeVgi/i]Z VkV^aVW^a^ind[eda^XZ[dgXZhidegdiZXii]ZYZbda^i^dcXgZlh^hVc^bedgiVci[VXidg!h^cXZZVX] YZbda^i^dc^hcdijca^`ZVhbVaab^a^iVgndeZgVi^dc# + I]^haVhiVheZXid[i]Zeda^Xn^hZje]Zb^hi^XVaaniZgbZY¹YZbd\gVe]^XWVaVcXZºVcY]Vh^c[dgbZY i]ZjcYZgan^c\ad\^Xd[VabdhiZkZgneaVcbVYZ[dgi]ZX^in!^cXajY^c\i]ZcZl?ZgjhVaZb8^inEaVc '%%%# , ;dgVYZiV^aZYXdbeVg^hdcWZilZZcVY_VXZciEVaZhi^c^VcVcY?Zl^h]cZ^\]Wdg]ddYh!hZZBVgdb! '%%)#
HZaZXiZY7^Wa^d\gVe]n BZgdc7ZckZc^hi^!8^ind[HidcZ/I]Z=^YYZc=^hidgnd[?ZgjhVaZb 7Zg`aZn!Adh6c\ZaZh/Jc^kZgh^in d[8Va^[dgc^VEgZhh!&..+ # 7ihZaZb!6Eda^Xnd[9^hXg^b^cVi^dc/AVcY:megdeg^Vi^dc!EaVcc^c\VcY7j^aY^c\^c:Vhi?ZgjhVaZb ?ZgjhVaZb/7ihZaZb!&.., # HXdii7daaZch!DcCVggdlc[gVhigjXijgZVcY >chi^iji^dch ?ZgjhVaZb/>ciZgcVi^dcVaEZVXZVcY8ddeZgVi^dc8ZciZg!'%%( # CVi]VcBVgdb!I]ZEaVcc^c\9ZVYadX`/EaVcc^c\Eda^X^Zh!AVcYGZ\jaVg^oVi^dc!7j^aY^c\EZgb^ihVcY =djhZ9Zbda^i^dch^c:Vhi?ZgjhVaZb ?ZgjhVaZb/7^b`db¸EaVccZgh[dgEaVcc^c\G^\]ihVcY>g H]VaZb!'%%)!^c=ZWgZl # BZgdcGVeVedgi!¹8^inidGVoZ=dbZhd[&!%%%GZh^YZcih^c:Vhi?ZgjhVaZbCZ^\]Wdg]ddY#º =VVgZio!BVn(&!'%%*# ?jhijhGZ^YLZ^cZg!>aaZ\Va8dchigjXi^dc^c?ZgjhVaZb/6KVg^Vi^dcdcVc6aVgb^c\ccdkVi^dc
egZXZYZcXZdkZgi]ZhdX^VaXdcXZgcheg^dg^i^oZYYjg^c\i]ZÃghi>ci^[VYV!VcY
9ZhigjXi^dc
i]ZnZVghd[dXXjeVi^dcVcYgZh^hiVcXZi]ViegZXZYZY^i#I]ZcVi^dcVaa^WZgVi^dc bdkZbZcilVhhjWhjbZYWnVcVhXZciXVe^iVa^hb#I]ZYgZVbd[i]ZcVi^dclVh ¹gZVa^oZYºi]gdj\]^ckZhibZci!bdhian^cgZVaZhiViZ#I]Zeg^kViZhZXidg[dXjhZY dcXdchigjXi^dc!l]ZgZV\adWVaZXdcdbnY^gZXiZYi]ZYZkZadebZcid[adXVa XdbbZgX^VaVcYgZh^YZci^VaVgZVh#AVcYeg^XZh hdVgZY#CZlcZ^\]Wdg]ddYhlZgZWj^aidci]Z eZg^e]Zgnd[X^i^ZhVcYidlchl^i]djiXdcXZgc [dgfjVa^in!heVi^Vaad\^X!dgdg\Vc^XgZaVi^dchid i]ZX^in# I]ZXdaa^h^dcWZilZZccVi^dcVa^hbVcY^ciZg" cVi^dcVa^cÄjZcXZhXgZViZYcZlhdX^VaegVXi^XZh! a^[ZhinaZh!VcYVgX]^iZXijgVa[dgbh#>ci]^hXda" a^h^dc!jc^kZghVa^YZVahldcdji^cWdi]eg^kViZ VcYejWa^Xhe]ZgZh#ci]Z¹igVchcVi^dcVaº X^i^Zhd[GVbVaaV]VcYVa"7^gZ]!cZljgWVcVii^" ijYZhVgZaZ\^WaZ!l]ZgZi]ZZa^iZXVcZmegZhh i]Z^gYZh^gZhVcYcZZY[dgejWa^XgZegZhZciVi^dc# I]ZgZ!i]ZngZXgZViZbdYZhd[Xdchjbei^dc^c VXXdgYVcXZl^i]i]Z^gdlcXjaijgVagZ[ZgZcih!
AjmjgngZh^YZcXZ^cCVWajh/ I]ZegdeZgind[VEVaZhi^c^Vc ZcigZegZcZjgdkZgadd`^c\ CVWajhl^i]hina^hi^XgZ[Zg" ZcXZhid6cYgZVEVaaVY^d¼h K^aaVGdidcYV e]did/i]ZVji]dg! '%%)
Wdi]gZ\^dcVaVcY^ciZgcVi^dcVa# I]ZhjbeijdjhgZh^YZcXZh^ci]ZBVh^djccZ^\]Wdg]ddY!VWdjg\Zd^hfjVgiZg dci]Zdjih`^gihd[GVbVaaV]!]VkZVhi]Z^gegdeg^Zidghi]ZEVaZhi^c^VcZa^iZhd[ 8]^XV\d!EVg^h!6Wj9]VW^!CZlNdg`!VcY;gVc`[jgi#I]ZcZlh]dee^c\bVaa^cVa" 7^gZ]WdVhihVhZg^Zhd[Wdji^fjZhVcYVLZhiZgc"hinaZhjeZgbVg`Zi#Eda^i^X^Vch VcYZcigZegZcZjghVa^`Z]VkZWj^aibdcjbZciVaegdeZgi^Zh#DcZWjh^cZhhbVc VcYd[ÃX^Va¼h]dbZ^hVgZea^XVd[VEVaaVY^Vck^aaVdkZgadd`^c\i]ZX^ind[CVWajh! Vh^iZd[^bedgiVciHVbVg^iVcVcY8]g^hi^Vc^ciZgZhi#I]Z]djhZ!Wj^aiWnÃkZ :jgdeZVcVgX]^iZXih!jh^c\>iVa^VcWj^aY^c\bViZg^Vah!bZVchi]ZZ[[ZXi^kZeg^kVi^" oVi^dcd[cVi^dcVaVgX]VZdad\^XVaigZVhjgZhVcYejWa^Xh^iZh# 6cZlXjaijgZd[jgWVceaVXZhVeeZVgZY^cVchlZgid^ciZgcVi^dcVaYZh^gZh! Vii]ZhVbZi^bZXViZg^c\idgdbVci^Xadc\^c\h[dgadXVaVgX]^iZXijgZ!cVi^dcVa ]^hidgn!VcYZXdcdb^XegdheZg^in#I]jh!i]ZXdcYdb^c^jbhd[IZaVa"HV[VcZVg GVbVaaV]Zkd`ZVcZdigVY^i^dcVaVgX]^iZXijgZV^bZYVilZVai]ngZh^YZcihl^i] LZhiZgcgZ[ZgZcXZh#I]ZXdcYdh!Wj^aiVidedcZd[i]ZbdhiWZVji^[ja]^aah^ci]Z gZ\^dc!i]ZegZk^djhan"^cVXXZhh^WaZh^iZd[8D VEVaZh" i^c^Vc^ckZhibZci\gdje !l^i]Vhjg[VXZVgZVd[ *%!%%%hfjVgZbZiZgh!lVhXdcXZ^kZYVhVXadhZY XdbeaZm[dgVeg^bVg^an[dgZ^\cXa^ZciZaZ#>i^hV XaVhh^XVaZmVbeaZd[V¹\adWVak^aaV\Z!º^cXajY" ^c\V]diZa!Wdji^fjZh!Wjh^cZhhXZciZg!Vbe]^" i]ZVigZ!ZiX#I]ZcZdigVY^i^dcVaVgX]^iZXijgZd[ hVcYhidcZVcYbVgWaZ^hbZVciidXZaZWgViZi]Z
KVXVciXdbbZgX^VaVcYidjg" ^hiXdbeaZmWj^ai^c&..-cZVg i]ZVcXZhigVah^iZd[HVad" bdc¼hEddah!cZVg7Zi]aZ]Zb e]did/ci^[VYV0^ih]Va["Wj^aiXZciZglVhhjWhZfjZcianVeegdeg^ViZYWnEVaZhi^c^Vcb^a^" iVcihWViia^c\i]Z>hgVZa^b^a^iVgnhiVi^dcZY^ci]ZcZVgWn]^aah# ¹ I=DH:L=DG:B6>Cº/I=:>CK>H>7A:7DG9:GHD; E6A:HI>C>6C8>I>:H I]ZegdXZhhd[deZc^c\EVaZhi^c^VcheVXZidi]ZldgaYlVh!^ci]ZZcY!nZiVcdi]Zg [dgbd[[gV\bZciVi^dc#AjmjgnWj^aY^c\hVcYgZ[j\ZZXVbehd[VbW^\jdjhhiVijh Zm^hih^YZWnh^YZ#>ilVhi]dj\]ii]Vii]Z¹eZVXZºegdXZhhldjaYZVhZ]djh^c\ XdcY^i^dch!bV`^c\X^i^ZhbdgZa^kVWaZ!Wji[dgi]ZgZ[j\ZZhdci]ZjgWVcbVg\^ch! XgVbeZYfjVgiZgh]VkZYZiZg^dgViZY[jgi]Zg#i^hXaZVg!i]Zc!i]Vii]^hh^bjaiVcZdjhegdXZhhd[gZXdchigjXi^dcVcY^ciZgcV" i^dcVa^oVi^dc^heVgVYdm^XVa#Dci]ZdcZ]VcY!^i^cigdYjXZhcZlbdYVa^i^Zhd[V ¹jc^kZghValVnd[a^[Z#ºDci]Zdi]Zg]VcY!^iZmVXZgWViZhi]ZXjaijgVaVcYhdX^Va Y^heVg^i^ZhWZilZZci]Z¹^cY^\Zcdjhº ^#Z#adXVaEVaZhi^c^Vch VcYi]Z¹[dgZ^\cº ^#Z#EVaZhi^c^Vchl]d]VkZgZijgcZY !i]ZbdcZnZYVcY$dgaVcY]daYZg!VcYi]Z aVcYaZhh#clVgi^bZ!VhlZaaVh^ci^bZhd[eZVXZ!idigVkZa^hcdiVg^\]iWjiVeg^k^aZ\Z# EZgb^ih!egd_ZXih!iZgi^VgnVXi^k^i^ZhgZbV^c¹egVXi^XZhºgZhZgkZY[dgi]dhZd[V eVgi^XjaVghiVijh#6ii]ZegZhZcieZg^dY!i]ZY^[ÃXjaind[bdk^c\[gdbdcZEVaZh" i^c^VcadXVaZidVcdi]Zg]VhZmVXZgWViZYi]ZY^[[ZgZcXZhWZilZZci]ZZcigZegZ"
cZjg^VaWdjg\Zd^h^ZVcYdgY^cVgnX^k^a^Vch i]Z[dgbZgd[iZcedhhZhhV[dgZ^\c
(,)q(,*
eVhhedgidghdbZdi]Zg[dgbd[VXXZhhXVgY!l]^aZi]ZaViiZgedhhZhhcdbZVchd[ bdk^c\eVhii]ZcZVgZhi>hgVZa^X]ZX`ed^ci #8dciVXihVcY^cÄjZcXZl^i]>hgVZa^h
>ccdkVi^dc
VgZgZ\jaVganjhZYidViiV^cZcigneZgb^ihdgigVkZaYdXjbZcih#>ci]ZheVi^Va
9ZhigjXi^dc
XdciZmid[i]ZlVgd[¹eVX^ÃXVi^dc!ºi]Z¹cV`ZYX^inº 6\VbWZc!&..- i]Vid[^ck^h" ^WaZ!hiViZaZhhgZh^YZcih ÃcYh^ihb^ggdg/i]ZZcigZhd^#L]Zci]ZX^inWZXdbZhV WViiaZ\gdjcY!l]ZcVgbZYVXi^k^hihÃaai]ZYZchZanedejaViZYcZ^\]Wdg]ddYhd[ CVWajh!GVbVaaV]!7Zi]aZ]Zb!VcYcc[dgbVi^dcE]^adhde]^Z* 9ZXZbWZg&..* R# 6CHJ7JG7H 6GDJC9?:GJH6A:B
GVb^CVhgVaaV]
H^cXZi]ZZVganYVnhd[i]Z>hgVZa^dXXjeVi^dcd[:Vhi?ZgjhVaZb!i]^h]Va[d[i]Z X^in]VhWZZchjW_ZXiZYidkVg^djh>hgVZa^eda^X^Zh\ZggnbVcYZg^c\^ihiZgg^idg^Va VcYYZbd\gVe]^XXdchi^iji^dc¸eda^X^Zhl]^X]]^cYZgZY^ihcVijgVaYZkZadebZci VcY[jcXi^dc^c\#>ci]^hZhhVn>l^aa^ckZhi^\ViZdcZd[i]Zbdhihig^`^c\nZi jcgZhZVgX]ZYe]ZcdbZcV\ZcZgViZYWni]^hegdXZhh/i]ZYZkZadebZcid[VEVaZh" i^c^VchjWjgW^VVcY^ihhjWhZfjZciYZXa^cZ# B6CJ;68IJG>CChgVZa^?ZgjhVaZbBjc^X^eVa^in^hhjZh&%%Wj^aY^c\eZgb^ihVccjVaanidEVaZh" i^c^Vch!VhXdbeVgZYl^i]&!*%%id?Zl^h]>hgVZa^h# Cdihjgeg^h^c\ani]Zc!^ci]Z&.-%hVEVaZhi^c^Vc]djh^c\Xg^h^hZbZg\ZYl^i] eVgi^XjaVgjg\ZcXn#6hVgZhjaid[i]ZV[dgZbZci^dcZYY^hXg^b^cVidgn\dkZgcbZci eda^X^Zh!WZilZZci]ZnZVgh&.-*VcY&..+!)%id+%d[EVaZhi^c^Vc?ZgjhVaZb^iZh lZgZXdbeZaaZYidgZh^YZdjih^YZd[i]Zbjc^X^eVaWdjcYVg^Zh#I]ZgZi]Zn[djcY [ZlZg>hgVZa^"YZiZgb^cZYgZhig^Xi^dchdcWj^aY^c\!\gZViZgVkV^aVW^a^ind[aVcY!VcY adlZgiVmVi^dcgViZhVcYWj^aY^c\[ZZh#
(,+q(,, >ccdkVi^dc 9ZhigjXi^dc
;DG8:9HJ7JG76C>O6I>DC>CI=:?:GJH6A:B6G:6 I]djhVcYhd[jeeZgVcYb^YYaZXaVhh[Vb^a^ZhlZgZ[dgXZYdjid[i]ZX^in¼h bjc^X^eVaWdjcYVg^Zh^chZVgX]d[WZiiZg]djh^c\XdcY^i^dch#>ck^aaV\ZhhjX]Vh 6g"GVb!7^gCVWVaV!VcYVa":oVg^nV!aVcYlVhVkV^aVWaZ[dgejgX]VhZ!XdchigjX" i^dclVhX]ZVeVcY¸bdgZ^bedgiVcian¸>hgVZa]VY[ZlZgbZVchd[gZhig^Xi^c\ YZkZadebZcii]gdj\]bjc^X^eVaeaVcc^c\aVl#8dchigjXi^dcXdjaYiV`ZeaVXZ fj^X`anVcYk^gijVaanVcnl]ZgZ#CZlhjWjgWhgVe^YanhegVc\jeXadhZidi]Z XdgZd[i]ZhZhbVaak^aaV\ZhVcYVadc\bV^cVgiZg^ZhaZVY^c\id:Vhi?ZgjhVaZb# I]ZhZhjWjgWhYZkZadeZY^cildbV^cY^gZXi^dch!i]ZÃghiZmiZcY^c\ WZilZZc?ZgjhVaZbVcYGVbVaaV]!VcYadXViZYcdgi]d[VcYeVgVaaZal^i]i]Z bjc^X^eVaWdjcYVgn#>ci]ZZVgan&.-%h!i]^h VgZVhVlbVhh^kZXdchigjXi^dc#I]ZhZXdcY hjWjgWVcXajhiZgYZkZadeZYidi]ZZVhi!dc i]ZgdVYa^c`^c\?ZgjhVaZbl^i]?Zg^X]dVcY 6bbVc#=ZgZ!YZkZadebZciWZ\Vc^ci]ZaViZ &.-%hVcYZmeVcYZYgVe^Yanjci^ai]ZhZXdcY ]Va[d[i]Z&..%h#I]ZcZlhjWjgWhWZ\VcVh WZYgddbXdbbjc^i^Zhd[[Zg^c\[ZlhZgk^XZh!
7ddb^c\ZXdcdbnVi6g"GVb e]did/ZY^idg^VaiZVb!'%%(
h^cXZi]Z^gcZlgZh^YZcihXdci^cjZYidh]de VcYldg`^ch^YZi]Z>hgVZa^bjc^X^eVaWdjcYVg^Zh#I]ZhZhjWjgWhlZgZYZkZa" deZYi]gdj\]i]Z^c^i^Vi^kZd[jgWVc[Vb^a^Zh!VXXdbbdYVi^c\bdhianegdeZgin dlcZghVcYaViZgViigVXi^c\ndjc\XdjeaZhi]gdj\]XdbeVgVi^kZanadlgZcih eg^XZhlZgZaZhhi]Vci]^gYd[i]ZgZciX]Vg\ZY^cVgZVhl^i]^cbjc^X^eVa ?ZgjhVaZb # EVgVYdm^XVaan!i]ZZkZcihd[i]ZÃghi>ci^[VYVWZ\VcidX]Vc\Zi]^h#L]^aZ EVaZhi^c^VcXdbbZgX^Vahig^`ZhgZhig^XiZYEVaZhi^c^Vch]deh^ch^YZ?ZgjhVaZb Vh lZaaVhi]ZgZhid[i]ZLZhi7Vc`VcYhgVZa^XadhjgZ eda^Xn^bedhZY^c&..(!gZhig^Xi^c\EVaZhi^c^VcLZhi7Vc`Zgh[gdbZciZg^c\i]Z X^ind[?ZgjhVaZb¸Vhi]ZnlZgZVXXjhidbZYidYd^c\¸^cdgYZgidldg`!hijYn! h]de!hZZgZaVi^kZhVcY[g^ZcYh!gZXZ^kZbZY^XVaigZVibZci!dgegVnVii]ZX^in¼h ]danh^iZh#I]Z[VXii]Vii]^hhjWjgWVcVgZVhZgkZYVh¹b^YYaZ\gdjcYºWZilZZc LZhi7Vc`idlchVcYi]ZX^ind[?ZgjhVaZbXdcig^WjiZYid^ihZmeVch^dcVcY YZkZadebZciVhVbV_dgigVchedgiVi^dcXZciZga^c`^c\i]Zhdji]ZgcLZhi7Vc` l^i]i]Zcdgi]#Idd!i]ZVgZVWZXVbZVcZl]dbZ[dg^chi^iji^dchVcYWjh^cZhhZh [dgXZYidbdkZdjid[XdgYdcZY?ZgjhVaZb^cdgYZgidXdci^cjZhZgk^c\i]Z^g LZhi7Vc`Xa^ZciZaZdgbV^ciV^ci]Z^gLZhi7Vc`ZbeadnZZh# I]ZYZkZadebZcid[i]ZhZhjWjgWhVXXZaZgViZYl^i]i]ZZhiVWa^h]bZcid[ i]ZEVaZhi^c^Vc6ji]dg^in!VhbVcnd[^ihb^c^hig^ZhVcY^chi^iji^dchlZgZadXViZY ^c6g"GVb#7Vc`hVcYdi]ZgejWa^XVcYeg^kViZ^chi^iji^dchhiVgiZYiddeZgViZ
[gdbi]ZhZVgZVhcZVgWn:Vhi?ZgjhVaZb!ZcXdjgV\ZYWni]ZEVaZhi^c^Vc6ji]dg^in
(,-q(,.
l]^X]hVli]ZheVXZVhVheg^c\WdVgYidVX]^ZkZeda^i^XVaXaV^bhdcVgZVh^ch^YZ i]ZX^in#
>ccdkVi^dc 9ZhigjXi^dc
768@IDI=:8>IN >c&..+!>hgVZa^Vji]dg^i^Zhjc^ciZci^dcVaanWgdj\]iV]Vaiidi]^hhjWjgWVc^oVi^dc# I]VinZVgi]ZngZigdVXi^kZanVeea^ZYVcZl¹XZciZgd[a^[Zºeda^XnhiVi^c\i]Vi EVaZhi^c^Vc?ZgjhVaZb^iZhbjhiegdkZWnegZhZci^c\bng^VYYdXjbZcihi]Vii]Z^g ¹XZciZgd[a^[ZºgZbV^cZYl^i]^ci]Z>hgVZa^bjc^X^eVaWdjcYVg^Zh¸dgg^h`adh" ^c\i]Z^ggZh^YZcXnhiVijh#EVaZhi^c^VcgZh^YZcihlZgZ[dgXZYidh]dli]Vii]Zn ldg`ZY^ci]ZX^in!]VYeV^YVaai]Z^gegdeZginVcYbjc^X^eVaiVmZh!VcYi]Vi i]Z^gX]^aYgZclZciidhX]ddah^c?ZgjhVaZb#I]ZbdkZlVhgZ\VgYZYVhVY^gZXi ViiZbeiidhiZZgi]ZYZkZadebZcid[hjWjgWVc^oVi^dc^cidV[VkdgVWaZdjiXdbZ^c i]Zdc\d^c\>hgVZa^YZbd\gVe]^XWViiaZ#L]^aZegZk^djhan!>hgVZa^gZ\jaVi^dch]VY i]gZViZcZYi]dhZa^k^c\dkZghZVh[dgbdgZi]VchZkZcnZVghl^i]i]Zadhhd[?Zgj" hVaZbgZh^YZcXn!i]ZcZlaVlXdch^YZgZYi]Z \gdl^c\hjWjgWh[dgZ^\ciZgg^idgn# I]ZcZlgZ\jaVi^dcXVjhZYi]djhVcYhd[ EVaZhi^c^VchideVc^X!e^X`jei]Z^ga^kZh!VcY gZijgcidgZh^Y^c\^ch^YZi]Zbjc^X^eVaWdjcYV" g^Zh#I]Z:Vhi?ZgjhVaZb]djh^c\h]dgiV\ZlVh V\\gVkViZY!eg^XZhh`ngdX`ZiZYVcYdkZgXgdlY"
HZeVgVi^dc;ZcXZ$LVaaZcX^g"
^c\]^icZl]^\]h#BVcnd[i]dhZgZijgc^c\[gdb Xa^c\6g"GVb e]did/ZY^idg^Va iZVb!'%%+
i]ZhjWjgWhbdkZY^cl^i]i]Z^ggZaVi^kZhdg ZcYjgZYeddg]djh^c\XdcY^i^dch0hdbZh^beanbV^ciV^cZYildVYYgZhhZh!dcZ d[i]Zb^ch^YZi]ZX^in#I]^hgZijgcÄ^\]icdidcanV[[ZXiZYgZh^YZcih!WjiVahd Wjh^cZhhZh#6eegdm^bViZandcZi]^gYd[6g"GVb¼hWjh^cZhhZhVcYhbVaabVcj[VX" ijg^c\ldg`h]dehbdkZY[gdbi]ZhjWjgWhidVgZVhl^i]^cbjc^X^eVa?ZgjhVaZb! eVgi^XjaVgan7Z^i=Vc^cVVcYi]Z^cYjhig^VaVgZVd[6iVgdi# I]ZgZXZci>hgVZa^XdchigjXi^dcd[i]ZhZg^Zhd[lVaah![ZcXZh!WVgWZYl^gZ! eVigdagdVYh!VcYVgbnlViX]idlZgh^ci]Z?ZgjhVaZbVgZV^hi]Zad\^XVaXdci^cj" Vi^dcd[i]Zeda^Xnd[hZkZg^c\:Vhi?ZgjhVaZb[gdb^ihLZhi7Vc`]^ciZgaVcYh! VcY]Vhi]jhXVjhZYVhZXdcYlVkZd[eVc^X`ZYÄ^\]iWVX`idi]ZX^in#I]ZgZVgZ cdlbdgZegV\bVi^XXdcXZgchVYYZYidi]Zi]gZVid[^YZci^inXVgYXdcÃhXVi^dc# I]ZHZeVgVi^dcLVaaWadX`hVXXZhhidi]ZX^inXZciZgi]gdj\]i]ZZhiVWa^h]bZcid[ eZgbVcZciX]ZX`ed^cih!l]^X]!bdgZd[iZci]Vccdi!bZVcadc\lV^ihVcYjcegZ" Y^XiVWaZigVkZai^bZh#I]ZhZgZVa^i^ZhbV`ZVYV^anXdbbjiZ^bedhh^WaZ#L]^aZ bV^ciV^c^c\Vc¹Va^W^ºVYYgZhh^ch^YZi]ZX^inWdjcYVg^ZhlVhdcXZVegV\bVi^X hdaji^dc[dghdbZ!i]^h^hcdadc\ZgV[ZVh^WaZdei^dc# =NE:G8DCDC I]ZH]jU[VigZ[j\ZZXVbeXaVhh^XVaanYZbdchigViZh:Vhi?ZgjhVaZbgZh^YZcih¼ ^c^i^Vi^kZ^chdak^c\i]Z^ggZh^YZcXnegdWaZbh#>c&...!dcan-!%%%gZ[j\ZZhgZ\" ^hiZgZYl^i]i]ZJc^iZYCVi^dchGZa^Z[Ldg`h6\ZcXna^kZY^ci]ZXVbe!_d^cZY Wn)!%%%cdcgZ[j\ZZhi]Vi]VYbdkZY^cidi]ZXVbeidbV^ciV^ci]Z^ggZh^YZcXn g^\]ih#IdYVni]ZhZcjbWZgh]VkZhldaaZcidbdgZi]Vc''!*%%XVbegZh^YZcih!
l^i]VbjX]]^\]ZgeZgXZciV\ZXdbeg^hZYd[cdcgZ[j\ZZh#Hi^aa!i]^hl^aa^c\cZhh ida^kZ^chjX]XgdlYZYXdcY^i^dch^cdgYZgidbV^ciV^c?ZgjhVaZb^iZhiVijhl^aa hddcWZ[dgcVj\]i0i]ZHZeVgVi^dcLVaagdjiZ^hZmeZXiZYideaVXZi]ZgZ[j\ZZ XVbe ^cVYY^i^dcidi]ZcZ^\]Wdg]ddYhd[9V]^nViZh"HVaVVb!VcYGVh@]Vb^h dc^ihLZhi7Vc`h^YZ#I]^hl^aaa^`ZanhiVgiVcZllVkZd[bdkZbZci[gdbi]Z XVbeid?ZgjhVaZb¼h^ccZgcZ^\]Wdg]ddYh# 7ni]ZZcYd['%%(!i]ZVkZgV\ZVeVgibZcih^oZ^ci]ZH]j[VigZ[j\ZZXVbe ]VYgZVX]ZY(*hfjVgZbZiZgh!VhXdbeVgZYid)&hfjVgZbZiZgh^c?ZgjhVaZb¼h DaY8^in ZmXajY^c\i]Z?Zl^h]FjVgiZg #I]ZVkZgV\ZcjbWZgd[gddbheZg]djhZ ^cEVaZhi^c^VccZ^\]Wdg]ddYh^ch^YZi]Zbjc^X^eVaWdjcYVg^Zh^h(#'gddbh!Vh XdbeVgZYidVcVkZgV\Zd[(#*gddbheZg]djhZ^ci]ZhjWjgWh#Dcan&%#, dc VkZgV\Z d[]djhZh^cEVaZhi^c^VccZ^\]Wdg]ddYh]VkZÃkZdgbdgZgddbh#BdgZ WgdVYan!i]Z]djh^c\YZch^in^c:Vhi?ZgjhVaZb^hYdjWaZi]Vi^cLZhi?ZgjhVaZb VcY?Zl^h]hZiiaZbZcih^c:Vhi?ZgjhVaZb# I=:E=:CDB:CDCD;¹>AA:A9>C< hgVZa^bjc^X^eVa^inidWZgZ\^hiZgZYVhgZh^YZcih[dgiVmejgedhZh i]jhh]dg" ^c\jei]Z^ggZh^YZcXnhiVijh^ch^YZi]Zbjc^X^eVaWdgYZgh !di]Zgh]VkZWZZc ZcXdjgV\ZYidWj^aYfj^X`anVcYldggnVWdjii]ZXdchZfjZcXZhaViZg# 7ZilZZc&..+VcY'%%(!bdgZi]Vc&-!%%%]djhZhlZgZWj^ail^i]djii]Z^g dlcZgh¼dWiV^c^c\eZgb^hh^dc[gdbi]Z>hgVZa^bjc^X^eVa^in#:kZc^ci]ZgVgZ XVhZhd[eZgb^iiZYWj^aY^c\!i]ZeZgb^ihVaadl[dgkZgnadlXdchigjXi^dcYZch^in jhjVaanaZhhi]Vc*%Wj^aY^c\idaVcYgVi^d !VcYi]ZdlcZghi]ZgZ[dgZ]VkZ Wj^aidch^midiZci^bZhbdgZd[i]ZaVcYi]VcVaadlZY#Di]ZghigjXijgZh!eVgi^X" jaVgani]dhZ^ci]Zcdgi]ZgccZ^\]Wdg]ddYhd[?ZgjhVaZb 7Z^i=Vc^cVVcYH]j" [Vi !lZgZWj^ai^cVgZVhodcZYVh¹deZcheVXZº\gZZcVgZVh#I]Zeg^XZd[aVcY^c i]ZhZVgZVh &%%!%%%eZgYjcVb ^hdcZ"fjVgiZgi]Zeg^XZd[aVcY^cVgZVhodcZY [dgYZkZadebZci#=dbZh]ZgZ]VkZcdejWa^XhZgk^XZhVcYVgZViVYYZYg^h`d[ YZbda^i^dc Vh¹^aaZ\VaºhigjXijgZh !WjiEVaZhi^c^VchVgZl^aa^c\idZcYjgZi]ZhZ XdcY^i^dchVcYi]Zedhh^W^a^ind[adh^c\i]Z^g]dbZh^cdgYZgidbV^ciV^ci]Zg^\]i ida^kZVcYldg`^ci]ZX^in#>i^hldgi]bZci^dc^c\i]Vi>hgVZa^bjc^X^eVaWj^aY^c\ ^cheZXidgh V^YZYWni]Zeda^XZVcYi]ZXdjgih ]VkZVeea^ZYhig^c\ZcibZVhjgZh idhidei]Ze]ZcdbZcdcd[¹^aaZ\Vaan"Wj^aiº]dbZh#;dgZmVbeaZ!VaakZ]^XaZh igVchedgi^c\XdchigjXi^dcbViZg^VahVgZgZfj^gZYid]VkZVheZX^VaeZgb^i[dg VheZX^ÃXWj^aY^c\h^iZ!l]^X]^hVahdgZfj^gZYidedhhZhhVeZgb^i#H^cXZZVgan '%%)!i]ZgZ]VhWZZcVbV_dgYZXa^cZ^cXdchigjXi^dcl^i]djieZgb^ihVhVgZhjai d[^ciZch^ÃZY]djhZYZbda^h]^c\VcYi]Zhd"XVaaZY¹Zc[dgXZbZciºd[Wj^aY^c\ gZ\jaVi^dch^c:Vhi?ZgjhVaZb# 9:8A>C:!K686C8>:H!6C9C:LDEEDGIJC>HB
I]ZbdhigZXZcigjh]idbdkZXadhZgid?ZgjhVaZb¼h^ccZgcZ^\]Wdg]ddYhWgdj\]i
(-%q(-&
dcWni]ZXdchigjXi^dcd[i]ZHZeVgVi^dcLVaa]VhaZ[iZci^gZWadXhd[]djh^c\ hiVcY^c\Zbein^ci]ZhjWjgWh!ZheZX^Vaan^c:oVg^nVVcYVo"OV^bl]^X]a^ZZVhi
>ccdkVi^dc
d[i]ZX^in#Di]ZgVgZVh]VkZVWhdgWZYcZl\gdjehd[b^\gVciEVaZhi^c^Vcldg`"
9ZhigjXi^dc
Zgh#LZhi7Vc`ZghhZZ`^c\idiV`ZVYkVciV\Zd[GVbVaaV]¼hWddb^c\ZXdcdbn VgZViigVXiZYWni]ZXdbeVgVi^kZanadlgZcih!Vai]dj\]bdhid[i]ZhZegdeZgi^Zh gZbV^cjcYZg?ZgjhVaZb^iZdlcZgh]^e#>cZ[[ZXi!6g"GVb]VhWZZcigVch[dgbZY [gdbVhjWjgWd[?ZgjhVaZbidVhjWjgWd[GVbVaaV]#7Z[dgZi]Z&..+¹XZciZgd[ a^[Zºeda^XnlVh^chi^ijiZY!bdgZi]Vc+%d[i]ZedejaVi^dcd[i]ZhZhjWjgWh XVgg^ZYV?ZgjhVaZb^YZci^inXVgY#>[6g"GVb^hdjgXVhZhijYn!ild"i]^gYhd[ ^ihedejaVi^dcd[*%!%%%id+%!%%%lZgZ?ZgjhVaZb^iZh#7jii]^hedgi^dcYgdeeZY YgVbVi^XVaanidjcYZg(%V[iZgi]ZeVgi^VaXdchigjXi^dcd[i]ZHZeVgVi^dcLVaa ^c'%%(#I]ZYZXa^cZ^hZmeZXiZYidXdci^cjZVh>hgVZaXdbeaZiZhXdchigjXi^dc^c '%%+VcYXdbbZcXZhdeZgVi^c\¹WdgYZgXgdhh^c\ºiZgb^cVahWZilZZc?ZgjhVaZb VcY^ihhjWjgWh# I=:ADCcVYY^i^dc idWg^c\^c\VWdjii]ZYZXVnd[?ZgjhVaZb¼hEVaZhi^c^VchjWjgWh!i]ZHZeVgVi^dc LVaal^aahZkZgZci^gZcZ^\]Wdg]ddYhi]ViXjggZcian[Vaal^i]^ci]Zbjc^X^eVa WdjcYVg^Zh ]dbZidVcZhi^bViZY**!%%%eZdeaZeg^dgidi]ZbdkZbZcijcYZg" lVn [gdbi]ZX^inXZciZgVcY^ihhZgk^XZh#I]ZhZX]Vc\ZhVgZhdYgVbVi^Xi]Vi i]Z^gdjiXdbZhVgZY^[ÃXjaiidegZY^Xi#CZkZgi]ZaZhh!XjggZciigZcYhVcYZmeZX" iVi^dch]ZaejhidjcYZghiVcYi]Zedhh^WaZ^bea^XVi^dch# ;^ghi!XdcY^i^dch^ci]ZX^in¼hjgWVcVgZVh!ZheZX^Vaan^ci]Z^ccZgcZ^\]Wdg" ]ddYhd[:Vhi?ZgjhVaZb i]ZDaY8^in!Vi]"I]jg^dg6WjIdg!VcYH^alVc XVc WZZmeZXiZYidYZiZg^dgViZ!XgZVi^c\hajb"a^`ZXdcY^i^dch#9gj\jhZ VagZVYnV egdWaZb !YdbZhi^Xk^daZcXZ!VcYXg^bZl^aaa^`Zang^hZ#;gV\bZciVi^dcl^aagZ^\c! X]VgVXiZg^oZYWni]ZWgZV`jed[:Vhi?ZgjhVaZb¼hjgWVcVcYhdX^Va[VWg^X!VcY \Zd\gVe]^XVcY[jcXi^dcVaXdci^cj^inl^i]^ihhjWjgWhVcYi]ZLZhi7Vc`#?Zgj" hVaZbl^aai]ZgZ[dgZadhZ^ihXZcigVa^in[dgEVaZhi^c^Vch!VcY^ihhiVijhVhi]Z^g jcd[ÃX^VaXdbbZgX^VaVcYeda^i^XVaXVe^iVa# HZXdcY!:Vhi?ZgjhVaZb¼hhjWjgWh!l]^X]]VkZhZgkZYVhV¹Wg^Y\ZºWZilZZc ?ZgjhVaZbVcYi]ZLZhi7Vc`!l^aaWZigVch[dgbZY[gdbVgZVhd[higdc\ZXd" cdb^XVcY^chi^iji^dcVaVXi^k^in^cidYZVYZcYWj[[ZgodcZhXdccZXiZYidLZhi 7Vc`X^i^ZhWnigVchedgiVi^dcgdjiZhVadcZ!i]ZgZWnhZkZg^c\i]Z^g\Zd\gVe]^X VcY[jcXi^dcVaXdci^cj^in# 6g"GVbl^aaWZVcZcXaVkZXdccZXiZYidGVbVaaV]Wn VWdgYZgiZgb^cVaViFVaVcY^nV#7^gCVWVaVl^aaWZVcZcXaVkZl^i][djgdi]Zg hbVaaidlch!XdccZXiZYidGVbVaaV]WnVijccZagjcc^c\jcYZgGdVY))(#6Wj 9^hVcY:oVg^nVl^aa]VkZdcZ¹ZhXVeZZm^i!ºVgdVYgjcc^c\i]gdj\]Y^[ÃXjai bdjciV^cdjhided\gVe]n!a^c`^c\i]Zbid7Zi]aZ]Zb# I]ZiZgg^idg^VaYdb^cVi^dcd[i]Z>hgVZa^?Zl^h]bZigdeda^hl^aaZmiZcYdkZg VkVhi(%%hfjVgZ`^adbZiZgh!i]ZbV_dg^ind[^iadXViZYdcdXXje^ZYEVaZhi^c^Vc aVcY#I]ZHZeVgVi^dcLVaal^aaZ[[ZXi^kZanVccZmhZiiaZbZciWadXhadXViZY'*id
(%`^adbZiZgh[gdb?ZgjhVaZb^cidciZgcVi^dcVa 9ZkZadebZci!gZbV^c^c6g"GVb¼h9V]^nViVa"7VgZZYcZ^\]Wdg]ddY#6[iZgVXdjgiWViiaZ!i]Z>hgVZa^ HjegZbZ8djgiYZX^YZYVii]ZZcYd[CdkZbWZg'%%*id^cXajYZeVgihd[i]Z9V]^nViVa"7VgZZY gZh^YZci^VaVgZVVcYi]ZhZ^chi^iji^dchdci]Z?ZgjhVaZbh^YZd[i]ZHZeVgVi^dcLVaa!VcYidZgZXi i]ZXdcXgZiZhigjXijgZcdgi]d[i]^hhbVaaeVgid[i]ZhjWjgW#
*
>c'%%)!bdgZi]Vc&*%EVaZhi^c^Vc]djhZhlZgZYZbda^h]ZYWni]Z>hgVZa^bjc^X^eVa^in^c:Vhi ?ZgjhVaZbV[iZgi]Z^gdlcZghWj^ail^i]djieZgb^hh^dc#
+
6XXdgY^c\id>hgVZa^hiVi^hi^Xh!i]ZcjbWZgd[EVaZhi^c^VchXVggn^c\?ZgjhVaZb^YZci^inXVgYh lVh&-&!-%%^c&..*VcY]VYg^hZcid'(,!&%%Wni]ZZcYd['%%)#I]^hX]Vc\ZlVhhdaZanYjZid edejaVi^dc\gdli]VcYdXXjggZYYZhe^iZ>hgVZa^bZVhjgZhidgZhig^Xii]ZcjbWZgd[?ZgjhVaZb^iZ EVaZhi^c^Vch#6hVgZhjai!¹[Vb^angZjc^ÃXVi^dcº i]Z\gVci^c\d[gZh^YZcXng^\]ihidVhedjhZdg X]^aYgZcV[iZgbVgg^V\ZidV?ZgjhVaZb^iZ lVh[gdoZcWn>hgVZa^Vji]dg^i^Zh#
^ciZgk^Zll^i]_VX`eZghZ`^Vc I]^h^ciZgk^Zll^i]i]ZEVaZhi^c^VcXjgVidg?VX`EZghZ`^Vc!XdcYjXiZY^ceZg" hdcVcYWnZbV^a!WZ\VcVhVXdckZghVi^dcl^i]ccdkVi^dc 9ZhigjXi^dc
:^aVi/9dndjk^Zli]ZEVaZhi^c^VcVgihXZcZVhdcZhXZcZWZilZZchgVZa^h]VkZhZiVcY]VkZbV^ciV^cZY[dgbVcnnZVgh/i]Vi^h! d[a^b^i^c\Vaa^hhjZhgZ\VgY^c\i]ZEVaZhi^c^VcXVjhZidi]ZeZdeaZl]da^kZ^ci]Z LZhi7Vc`VcYi¼hVh^[EVaZhi^c^Vcha^k^c\l^i]^c>hgVZa!hXViiZgZY^cgZ[j\ZZ XVbeh^ci]ZgZ\^dcVcYY^heZghZYi]gdj\]djii]Z9^VhedgVYdcdiXdjci#EaZVhZ ZmXjhZbZ[dgcdi^cYja\^c\^ci]ZhZfjZhi^dchi]ViVgZa^b^iZY^ci]Z^geZgheZXi^kZ# :^aVi/9dndjhZZi]ZEVaZhi^c^VcVgihXZcZWZXdb^c\Y^hXdccZXiZY[gdbi]Z
>hgVZa^VgihXZcZ4=dlYdndjk^ZlXd"XjgVi^dcdgXdaaVWdgVi^dcWZilZZc EVaZhi^c^VchVcY>hgVZa^h4 EZghZ`^Vc/>VbcdihjgZVWdjii]Z[dgbjaVi^dcd[i]ZÃghieVgid[i]^hfjZhi^dc#
>Ydc¼ihZZVXdccZXi^dcWZilZZci]ZEVaZhi^c^VcVcY>hgVZa^VgihXZcZh#L]Zc i]Zildh^YZh]VkZXdbZid\Zi]Zgidldg`dceVgi^XjaVgegd_ZXih!^ilVhYjZidV gZhedch^W^a^in dcZWdgcZWnVaa\ddYX^i^oZch idkd^XZY^hXdciZcil^i]VcYY^h" VeegdkVad[i]ZXdci^cj^c\dXXjeVi^dc!k^daZcXZ!VcY]jb^a^Vi^dc#Bnldg`l^i] i]Z>hgVZa^Vgi]^hidg^Vc]VkZValVnhWZa^ZkZYi]ViVa"CV`WVh]djaYWZi]ZÃghi^hhjZVYYgZhhZY
VcYgZhdakZY^ccZ\di^Vi^dchWZilZZcEVaZhi^c^VchVcY>hgVZa^h!l^i]VcjcZfj^k" dXVagZXd\c^i^dcWn>hgVZad[^ihgZhedch^W^a^in[dgi]ZEVaZhi^c^Vc8ViVhigde]Z# LZcZZY!^cV_jhiegdXZhh!id\di]gdj\]Y^kdgXZ!gZXd\c^oZd[b^hiV`ZhbVYZ! VcYi]ZcgZZc\V\Z#LZcZZYVY^kdgXZ^ci]Z[dgbd[VEVaZhi^c^VchiViZl^i]i]Z \gZZca^cZVh^ihWdgYZgl^i]>hgVZa#6iVaViZghiV\Z!i]ZgZb^\]iWZhdbZhdgid[ jc^ÃXVi^dcXgZVi^c\dcZhiViZ!l]ZgZVaa^c]VW^iVcihVgZZfjVajcYZgi]ZaVl!i]Z bV_dg^ingjaZh!VcYi]Zb^cdg^i^ZhVgZegdiZXiZYVcYi]Z^g^ciZgZhihgZheZXiZY# >Ydc¼ii]^c`i]^h^hVjide^Vck^h^dc#GVi]Zg!>hgVZa¼hWZa^Z[i]Vii]^haVcY^h^ih egdeZgin!VXdjcignZmXajh^kZan[dgi]Z?Zlh!^hjide^Vc#I]ZegdWaZbl^i]VX]^Zk"
RT!:LWHYH[PVU>HSS
RT!PUZPKL)L[OSLOLT
^c\VY^kdgXZ^hi]Vii]ZXdcXZeid[_jhi^XZXVccdiWZVeea^ZYidi]^hXdcÄ^Xi!Vh
(-+q(-,
>hgVZaYdZhcdigZXd\c^oZVcnaVlWji^ihdlc!dgVcn^ciZgcVi^dcVagZhdaji^dc# :^aVi/9dndj[ZZa¹^che^gZYºViVaaVhVXjgVidga^k^c\^cVX^ind[hjX]XdcÄ^Xih
VcYegdWaZbh4L]VigdaZYdZhVXjgVidg]VkZ^ci]^hh^ijVi^dc4 EZghZ`^Vc/>ci]ZZVgan&..%h!>hVli]ZVgihXZcZ^cEVaZhi^cZVh^hdaViZY!jc^c"
he^gZY!VcYjcX]VaaZc\ZY#>YZX^YZYi]Vi>cZZYZYidegdk^YZVeaVi[dgb!VXdcYj^i i]ViVaadlhXdbbjc^XVi^dcVcY^ciZgVXi^dcl^i]i]Zdjih^YZldgaY#>VahdhVl i]Vii]ZgZlVhVY^YVXi^XVeegdVX]idEVaZhi^c^VcgZegZhZciVi^dc^ci]ZVgildgaY! VcY]ZcXZWZa^ZkZYi]ViVYZXdchigjXi^dcd[i]dhZbdYZahd[gZegZhZciVi^dc cZZYZYidWZ\^kZcdeedgijc^in!bZVch!VcYheVXZ#I]^hXdadhhVaiVh`gZegZhZcih dcZd[i]ZW^\\ZhiX]VaaZc\Zh[VX^c\VXjgVidgldg`^c\]ZgZ!Vh]Zdgh]Zbjhi ZbWdYni]^hXdcYj^iWZilZZci]Z^ch^YZVcYi]Zdjih^YZ!WZXdb^c\VX]VccZa[dg gZhdjgXZhVcYdeedgijc^i^Zh!VcYbdhi^bedgiVcian!Vhed`ZheZghdcdcWZ]Va[d[ i]ZVgibdkZbZci# :^aVi/IZaajhVWdjii]Z6a"BV»bVa;djcYVi^dc¼hXdaaZXi^dc#>h^iVEVaZhi^c^VcVgi
XdaaZXi^dc4DgVc^ciZgcVi^dcVaXdaaZXi^dcd[ldg`hegdYjXZYWni]Z;djcYVi^dc4 EZghZ`^Vc/6cVY^ZaZhiVWa^h]ZY^c&..' WZ\VcVhi]ZÃghiVcYdcan
^cYZeZcYZciVgi\VaaZgn^cEVaZhi^cZ#I^bZYl^i]i]ZhiVgid[i]ZeZVXZegdXZhh! 6cVY^ZaYdjWaZYVhWdi]VeZgbVcZciZm]^W^i^dcheVXZ[dgEVaZhi^c^VcVgi^hih VcYVgZ[ZgZcXZed^ci[dgVaai]dhZl]dlVciZYidbV`ZXdciVXil^i]adXVaVgi" ^hih#7ji^ilVhVXijVaani]ZgZcZlZY^ciZgZhi^ci]ZEVaZhi^c^VceZdeaZVcYi]Z^g V[[V^ghWgdj\]iVWdjiWnZmiZch^kZbZY^VXdkZgV\Zd[i]Z>ci^[VYV!l]^X]\VkZ i]Z\VaaZgnVbdgZ^bedgiVcigdaZi]Vc_jhii]Vid[hZaa^c\VgiVcYbV`^c\bdcZn# I]Z\VaaZgnWZ\Vcl^i]VXdbbZgX^VajcYZge^cc^c\!Wjii]^h^YZVlVhhddcXdc" [gdciZYWni]ZY^gZZXdcdb^XgZVa^i^ZhVcY]VYidWZVWdgiZY#=ZcXZ!i]ZYZX^h^dc bVYZidbV^ciV^ci]Z\VaaZgnjcYZgi]ZhZXdcY^i^dchlVhcdiVh^beaZegdÃiVcY adhhXVaXjaVi^dc!Wji^cXajYZYbdgZ^bedgiVciXdch^YZgVi^dch!hjX]Vhi]ZcZZYid egdk^YZVkZcjZVcYVcdeedgijc^in[dgadXVaVgi^hihidegZhZcii]Z^gldg`!VXXZhh idkZcjZh!ZkZcih!VcYZm]^W^i^dchVWgdVYi]gdj\]\VaaZgnXdciVXih!VcYegdheZXih d[ÃcVcX^VaVhh^hiVcXZ ]dlZkZghbVaa [dgVgiegd_ZXih#>ilVhVXijVaani]^haVhi Xdch^YZgVi^dci]Vi\gVYjVaanaZYidi]ZaVjcX]^c\d[i]Zegd_ZXid[]dhi^c\[dgZ^\c Vgi^hih^cEVaZhi^cZ!^c^i^Vi^c\ZmX]Vc\Zegd\gVbhVcYgZh^YZcX^ZhVWgdVY!VcY hZXjg^c\i]ZÃcVcX^VaVhh^hiVcXZcZZYZYidXdci^cjZi]Zldg`d[i]Z\VaaZgn# I]Z\VaaZgnhiVgiZYVegd_ZXid[]dhi^c\EVaZhi^c^VcVgi^hiha^k^c\^ci]Z9^VhedgV! hdbZd[l]db]VYcZkZgWZZcidEVaZhi^cZWZ[dgZ#=Vk^c\hZXjgZY[dgZ^\ceVhh" edgihVcYcVi^dcVa^i^Zh!i]ZhZVgi^hihlZgZVWaZidk^h^iVhidjg^hih#BdcV=Vidjb! CVhhZgHdjb^!HVb^gHgdj_^!?jbVcVVa"=jhhZ^c^!VcYHjhVc=^_VWlZgZVbdc\ i]ZVgi^hihl]dXVbZ!VcYVkZgn^ciZgZhi^c\Y^hXdjghZZchjZYWZilZZci]ZbVcY adXVaVgi^hihdkZg^hhjZhd[gZegZhZciVi^dc!fjZhi^dchd[^YZci^inVcYbdYZgc^in! VcYbdgZiVc\^WaZXdcXZgchd[Vgi^XjaVi^dc!gZaVi^dch]^eidi]ZaVcY!edejaVg ^bV\Zgn!VcYcVi^dcVa^Xdcd\gVe]n#I]^h\jhid[X]Vc\Z!Xjii^c\VXgdhhVaaVheZXih d[a^[Z!Wgdj\]iVWdjibjX]"cZZYZYgZÄZXi^dc!gZk^h^iZYYd\bVh!VcYhejggZYV cZlZ[[dgiidWgZV`YdlchiZgZdineZhVcYgZYjXi^kZXViZ\dg^Zh!l]^X]VgZhd a^b^i^c\id]jbVci]dj\]iVcYZmegZhh^dc# 6cVY^Za\VaaZgnlVhVeg^kViZ^c^i^Vi^kZ!l]^X]Y^YcdifjVa^[n[dgh^\c^ÃXVci[jcY" ^c\[gdb^ciZgcVi^dcVadg\Vc^oVi^dch#=ZcXZV\gdjed[Vgi^hih!VgX]^iZXih!VcY
>ccdkVi^dc 9ZhigjXi^dc
XjaijgVaÃ\jgZhXVbZid\Zi]ZgVcYZhiVWa^h]ZY6a"BV¼bVa;djcYVi^dc!eg^bVg^an idegdbdiZ!\ZcZgViZ!Y^hhZb^cViZ!VcYbV`ZVgi^cEVaZhi^cZ#DkZgi]ZeVhi&' nZVgh6cVY^ZahgVZa^Vgi hXZcZVXXdgY^c\idV:jgdeZVchigjXijgZ ^hhjeedhZYidgZV[Ãgbi]ZO^dc^hi egd_ZXiVh]Vk^c\bdgVakVa^Y^in!VhVWZVgZgd[i]Z:ca^\]iZcbZciidgX]^ci]Z gZ\^dc!¹VlZhiZgc^haVcY^cVcZVhiZgchZVºdg¹i]ZdcanYZbdXgVXn^ci]ZB^YYaZ :Vhi#º=ZcXZ!lZ]VkZl^icZhhZY>hgVZa^Vgi»hadc\gZ_ZXi^dcd[i]Z6gVWXjaijgZ i]Via^kZhl^i]^cVcYVgdjcY^i!VhlZaaVhd[i]ZXjaijgZd[?Zl^h]^bb^\gVcih [gdb6gVWXdjcig^Zh!l]dVgZeZgXZ^kZYVh^c[Zg^dg#I]ZgZegZhZciVi^dcd[i]Z 6gVW]VhjcYZg\dcZcjbZgdjhbZiVbdge]dhZh![gdbi]ZegZ"&.)-^bV\Zd[Vc Vg^hidXgVii^aa^c\]^haVcYidi]Zh]V]^Y Bjha^bbVging d[i]Z'%%%h# I]Z&.,%hVcY&.-%hVgZbVg`ZY^cadXVa>hgVZa^X]gdc^XaZhVhi]ZW^gi]d[Vc dg^\^cVa!^cY^\ZcdjhhVWgV>hgVZa^Vgi!l]^X]!^c[VXi!XdbW^cZY6giZEdkZgVl^i] XdcXZeijVaVgi#LZhiZgcVgibdkZbZcihbVYZVa^nV] ^bb^\gViZY VcYlZgZ VYVeiZY#6c^bedgiVcibVc^[ZhiVi^dcd[i]^higZcYlVhHVgV7gZ^iWZg\¼h&.-+ Zm]^W^i^dc!¹I]ZLVcid[BViiZg/6FjVa^in^c>hgVZa^6gi!ºVii]ZIZa6k^kBjhZjb d[6gi#I]^hlVhid]VkZbVg`ZYVcZl>hgVZa^cVggVi^kZl]^X]^cXdgedgViZY XdcXZeihVcYegVXi^XZh[gdbi]Zdjih^YZ!VcYÃcVaanhjgeVhhZhi]ZZhiVWa^h]ZY O^dc^hicVggVi^kZdg^\^cVi^c\^ci]Z9^VhedgV#I]^hcZlXdaaZXi^kZcVggVi^kZXdc" i^cjZhidYdb^cViZi]Z>hgVZa^VgiÃZaYVcY^hi]ZVXXZeiZYXVcdcd[VaabV_dg ejWa^XVgiVcYXjaijgVa^chi^iji^dch^c>hgVZaidYVn# >ci]^hVgi^XaZ>ldjaYa^`Zid]^\]a^\]iVcdi]ZgigVY^i^dcaZYWn^cY^k^YjVah l]d![dgi]ZaVhii]gZZYZXVYZh!]VkZWZ\jcidZmeVcYi]ZWdjcYVg^Zhd[i]Z^g ldg`WZndcYi]ZbjhZjbZhiVWa^h]bZci#>ci]^hcZlVgZcV!gddbZm^hih[dg ldg`hi]ViXgdhh[gdbVgiida^[Z!VcY[gdbi]ZbjhZjbVcY\VaaZgn^cidi]Z ejWa^Xhe]ZgZ#I]^hVgi^hi^XegdYjXi^dc]VhWZZcbVg`ZYWni]ZYZXdchigjXi^dc VcYgZWj^aY^c\d[XdcXZeijVa!hdX^Va!XjaijgVa!VcYeda^i^XVahigjXijgZh#BdhiXdc" he^Xjdjh^ci]^higZcY]VkZWZZcXjaijgVaZmegZhh^dchZmiZcY^c\[gdb[Zb^c^hi! Zi]c^X!VcYEVaZhi^c^Vchigj\\aZh^c>hgVZa#:VX]\gdje[dgbZYVc^cYZeZcYZci cVggVi^kZ¸Vc^cig^ch^XcVggVi^kZY^gZXiZYWdi]^clVgYhVcYdjilVgYh¸VcYXgZVi"
(--q(-. >ccdkVi^dc 9ZhigjXi^dc
ZY^ihdlcbni]hVcY]^hidg^d\gVe]n#7jii]^hVXid[XdchigjXi^dclVhbdi^kViZY Wni]ZVlVgZcZhhi]Vii]ZbVccZg^cl]^X]^i]VYegZk^djhanWZZcYZhXg^WZYVcY ^ciZgegZiZYWni]ZXVcdc!Wni]Zeg^k^aZ\ZY¹>hgVZa^XdaaZXi^kZ!ºlVhjchVi^h[VX" idgnVcYZkZcYZXZei^kZ#I]ZhZVgi^hih!l]Zi]ZgVh^cY^k^YjVahdgeVgid[V\gdje! ]VkZldg`ZYid\ZcZgViZVjc^fjZcVggVi^kZVadc\h^YZ!dgjcYZgb^c^c\!i]ZXZcigVa cVggVi^kZd[i]ZVgi^hi^XZhiVWa^h]bZci l]^X]^h!VYb^iiZYan!i]ZhiViZ»hd[ÃX^Va hidgn #I]ZgdaZd[i]ZVgi^hiidYVn^hcdiidVXXdbeVcn!^aajhigViZ!VcYaVjYi]Z ^bV\Zhd[lVg!Wjiid^cigdYjXZVXg^i^XVaVeegdVX]idk^daZcXZVcYiZggdg!id deegZhh^kZedlZgVcYi]Zdg\Vc^oZYhiViZgZ\^bZ!VcYidgZegZhh^dcd[i]Z^cY^" k^YjVa¼hVjidcdbnWni]ZhiViZ# DcZZmVbeaZd[i]^h^hi]Z¹?V[[VEgd_ZXi¸6c6jidW^d\gVe]nd[V8^in!ºl]^X] lVhXgZViZY^cgZhedchZidi]ZDXidWZg'%%%ZkZcih^c?V[[Vl]ZcX^k^ajcgZhi Wgd`Zdji^cXdc_jcXi^dcl^i]i]Z>ci^[VYV^ci]ZdXXje^ZYiZgg^idg^Zh#:nVa9Vcdc VcYHVb^7jX]Vg^^c^i^ViZYVhZg^Zhd[k^YZd^ciZgk^Zlhl^i]EVaZhi^c^VcgZh^YZcih d[?V[[Vl]d]VYa^kZY^ci]ZX^ineg^dgid&.)-VcYi]ZZhiVWa^h]bZcid[>hgVZa# I]ZhZ^ciZgk^ZlhWZ\VcVhVcViiZbeiidiZaai]Zhidgnd[i]ZX^in!VhegZhZgkZY^c i]ZbZbdgnd[i]dhZl]dlZgZgV^hZYi]ZgZ!`cZl^i^c^iheg^bZ!VcYl^icZhhZY ^ihigVch[dgbVi^dc[gdbVEVaZhi^c^VcXjaijgVa!XdbbZgX^Va!VcYZXdcdb^XXZciZg! id^ihXjggZcihiViZVhVhfjVa^YcZ^\]Wdg]ddYd[IZa6k^k#I]ZYZh^gZidXgZViZ VcVgX]^kZd[hidg^Zh!iZhi^bdc^Zh!VcYk^hjVaVcYiZmijVabViZg^VahWVhZYdcV kVg^Zind[hdjgXZh!hiZbbZY[gdbi]ZgZXd\c^i^dci]Vii]ZXdcY^i^dch[dg[jijgZ gZXdcX^a^Vi^dcVcY]ZVa^c\gZfj^gZYi]VibZbWZghd[i]ZXdbbjc^inWZV[[dgYZY VeaVi[dgb[dgYZhXg^W^c\i]Z^g]^hidgn!igVY^i^dch!VcYkZgh^dcd[ZkZcih^ci]Z^g dlcldgYh!VcY[gdbi]Z^gdlced^cid[k^Zl# ¹6gi^hihL^i]djiLVaahº^hV[dgjbd[EVaZhi^c^VcVcY>hgVZa^Vgi^hih[gdbkVg^" djhÃZaYhl]dbZZi^c:Vhi?ZgjhVaZbdgGVbVaaV]#I]Z^g\dVa^hidegdiZhie]nh^" XValVaahVcYY^k^h^dchVcYid[dhiZgVY^Vad\jZWZilZZcEVaZhi^c^VcVcY>hgVZa^ hdX^Zi^Zhi]gdj\]Vgi^hi^XbZVch#¹6eg^a&hi!ºdcZZkZcidg\Vc^oZYWni]Z\gdje! XgZViZYVk^gijVal^cYdl WnbZVchd[XadhZY"X^gXj^iegd_ZXidghVcYXVbZgVh [dg hZkZgVa]djgh^ci]ZXZbZcilVaa¸l]^X]>hgVZa]VhXdchigjXiZYYdlci]ZXZciZg d[i]Zk^aaV\Zd[6Wj9^h¸idVaadl^ih^c]VW^iVcihidXdbbjc^XViZl^i]dcZ Vcdi]Zg#7ZndcYi]ZhZVgi^hi^XVXi^k^i^Zh![dgjbbZbWZghgZ\VgYi]ZbZZi^c\h i]ZbhZakZhVh^bedgiVci#L]Zc'%dgbdgZ>hgVZa^Vgi^hihZciZgGVbVaaV] YZh^\" cViZY6gZV6jcYZgi]ZDhadVXXdgYh !Wdi]eVgi^Zhejii]ZbhZakZhVig^h`/>hgVZ" a^hk^daViZb^a^iVgnaVlVcYX]VcXZYZiZci^dcWnZciZg^c\i]ZVgZV!VcYi]Z^gEVa" Zhi^c^Vc]dhihiV`ZhdX^VaVcYeda^i^XVag^h`hWn]dhi^c\VaVg\Z\gdjed[>hgVZa^h# I]ZZbZg\ZcXZd[VcVaiZgcVi^kZkd^XZVadcZYdZhcdi]dlZkZg\jVgVciZZV X]Vc\Z^ci]ZZm^hi^c\hdX^VadgYZg#I]ZZm^hiZcXZd[VcZhiVWa^h]ZYVaiZgcVi^kZ hidgn!l]^X]gjchXdjciZgidi]ZO^dc^hikZgh^dcXdcXZgc^c\i]ZedhhZhh^dcd[ aVcYYdZhcdi!^c^ihZa[!\jVgVciZZi]ZjcYZgb^c^c\dggZk^h^dcd[i]Z]Z\Zbdc^X hidgn#I]ZZmedhjgZd[YdXjbZcihjcYZgb^c^c\i]ZVXXZeiZY>hgVZa^kZgh^dcd[ i]Z&.)-LVg]VkZ[V^aZYidWg^c\VWdjiVX]Vc\Z^ci]ZXVcdc^XVacVggVi^kZ! gVi]Zg^cigdYjX^c\¹Vcdi]ZglVnºd[gZVY^c\i]ZhZ]^hidg^XVaZkZcih#H^b^aVgan! i]ZVaiZgcVi^kZB^ogV]^ 6gVW?Zl^h] kd^XZlVhVWhZci[gdbejWa^XY^hXdjghZ ^c>hgVZajci^ai]ZaViZ&.,%h#7jii]ZegZhZcXZd[i]^hkd^XZ^ci]ZejWa^Xhe]ZgZ VcY^ih^cXdgedgVi^dcl^i]^ci]Z\gVcYO^dc^hicVggVi^kZ]VhcdiegdYjXZYV
gVY^XVaX]Vc\Z^ci]ZcVggVi^kZ^ihZa[#I]ZhVbZXVcWZhV^Y[dgi]ZZbZg\ZcXZ
(.%q(.&
d[i]Z[Zb^c^hiYZWViZYjg^c\i]Z&.-%h!l]^X]]Vh]VYcdZ[[ZXidci]Zb^a^iV" g^hi^XX]VgVXiZgd[>hgVZa^hdX^Zin#CdbViiZg]dli]ZhZVaiZgcVi^kZcVggVi^kZh
>ccdkVi^dc
YZkZade!i]ZniddVgZWdcYZYidi]ZaVg\ZgY^hXdjghZ!ZVX]eZgeZijVi^c\i]Z
9ZhigjXi^dc
di]ZgidhdbZYZ\gZZ# >ci]ZDkZgBZbdgnVgX]^kZ BVjgZ!&..(/'("- !bZbWZghd[i]ZHVaV"BVcXV \gdjehZidjiidXdchigjXiVcVgi^hi^X"\Zd\gVe]^XgZegZhZciVi^dcd[Vcdi]Zg bZbdgn#I]ZXdcXZeid[¹dkZgbZbdgn!ºXd^cZYWnEdgij\jZhZVgi^hiVcYhX]daVg ?dVd9Za\VYd!gZ[ZghidVgZVh^ceg^kViZVcYXdaaZXi^kZbZbdgni]ViVgZeZgXZ^kZY VhbZVc^c\aZhh!WjiVXijVaan[jaÃaaVcVgX]^kVa[jcXi^dc#DkZgBZbdgnYdXjbZcih VheZXihdhiZch^Wan^ggZaZkVciidi]ZXdchigjXi^dcd[]^hidgnVcYi]ZbZbdgnd[ eaVXZ!^cVcViiZbeiidXgZViZVedZi^Xhd[¹dkZgbZbdgnº[dg?ZgjhVaZb#I]Z VgX]^kZXdciV^chk^YZd!e]did\gVe]^XVcYhdjcYe^ZXZh!dg\Vc^oZYWnXViZ\dgn! higZZi!YZhXg^ei^dc!YViZVcYi^bZd[YdXjbZciVi^dc# NVZa7VgiVcV»h¹IgZbWa^c\I^bZº '%%' lVhÃabZYdkZgadd`^c\VhZkZgVa" aVcZ]^\]lVnVii]ZhdjcY^c\d[i]ZBZbdg^Va9Vnh^gZc!l]Zc>hgVZa^hhideid gZbZbWZgi]dhZl]d]VkZY^ZY^c>hgVZa¼hlVgh#8VghhadlanXdbZidV]Vai!i]Z^g dXXjeVcihdeZc^c\i]ZXVgYddgh!\Zii^c\djiVcYhiVcY^c\bdi^dcaZhhWni]Z^g kZ]^XaZh!i]Zc\Zii^c\WVX`^cidi]ZXVghVcYYg^k^c\dc#I]ZZkZci^heVgid[V XnXaZd[g^ijVahdg\Vc^oZYWni]ZhiViZVheVgid[i]ZegdXZhhd[h]Ve^c\cVi^dcVa ^YZci^in#7jil]^aZi]Z^cY^k^YjValdjaYjhjVaanZmeZg^ZcXZi]ZhZZkZcihVh eVgid[i]ZXdaaZXi^kZ!7VgiVcV¼hldg`VcY^ihhZg^Zhd[XadhZ"jehdci]ZYg^kZgh [dXjhZhdci]Z^cY^k^YjVa :^aVi!'%%( #>i^hcdVXX^YZcii]ViegdiZhiZghV\V^chi i]ZY^hZc\V\ZbZcieaVcX]dhZaVhiBVnidWadX`YdoZchd[gdVYhi]gdj\]djii]Z Xdjcign!i]jhgZXVaa^c\i]Zk^h^dcd[]jcYgZYhd[XVghhidee^c\h^bjaiVcZdjhan!V k^h^dca^c`ZY^ci]ZXdaaZXi^kZXdchX^djhcZhhl^i]i]ZBZbdg^Va9Vnh^gZc# >i^hVbcZh^V!i]Zc!i]VibV`ZhVgi^ci]ZWgdVYZhihZchZedhh^WaZ#8djci" aZhh^begdk^hZYVcYZhiVWa^h]ZYbZX]Vc^hbhXdc[gdciVbcZh^V!ViiZbei^c\id egZhZcii]^c\hi]ViVgZcdadc\ZgegZhZci#I]ZhZbZX]Vc^hbh^hdaViZl]Vi^h YZZbZYldgi]nd[gZegdYjXi^dcVcYY^hhZb^cVi^dc!dcanideZgeZijViZ^YZVah jh^c\i]Ziddahd[egZhZgkVi^dcVcYbZbdgn#H^cXZi]Z&.,%h!i]ZdcZ"Y^bZch^dcVa e^XijgZd[i]ZeVhi!Y^hig^WjiZY^c>hgVZa^cVaaedhh^WaZgZegZhZciVi^dcVaVgZcVh! ]VhXgVX`ZY^cXgZbZciVaan#I]ZAZWVcdcLVgVcYi]ZÃghiVcYhZXdcY>ci^[VYVh VXXZaZgViZYi]ZXgZVi^dcd[g^[ih!VcYi]ZhZÃhhjgZhVgZgZkZVaZY^cX^cZbV! e]did\gVe]n!Vgi!a^iZgVijgZ!VcYedZign#7jii]ZhZg^[ih!gVi]Zgi]Vc^cY^XVi^c\V igVch^i^dc[gdbi]ZYdb^cVcie^XijgZidi]ZVaiZgcVi^kZdcZ!^beani]Vibjai^eaZ k^ZlhVgZXdcXjggZcianVildg`!bVh`^c\VcYZmedh^c\dcZVcdi]Zg#
& 6iZgbXd^cZYWn>iVa^VcVgi^hi!c:c\aVcY!i]ZJHVcY>hgVZai]ZhZaVlhZcVWaZYZXaVhh^ÃXVi^dcd[YdXjbZcih!jhjVaani]^gin nZVghV[iZgi]Z^gXaVhh^ÃXVi^dc!hdi]Vii]Z]^hidg^XVa[VWg^XcdlgZkZVaZYVeegdm^bViZangZVX]Zh i]ZnZVg&.+'#I]jh!h^cXZ&.,-VgZhZVgX]Zgd[i]Z]^hidgnd[EVaZhi^cZXVcXdkZgBVcYVidgn]^h" idgn[gdbWZ\^cc^c\idZcY!jh^c\eg^bZ7g^i^h]VcY>hgVZa^VgX]^kVabViZg^Va#>ciZgbhd[]^hidg^XVa gZk^h^dcdcZbVnhVni]Vii]ZcZl]VgkZhi]Vh[dXjhZYdci]ZZcYd[i]ZeZg^dY!h`ZiX]^c\VY^[[Zg" Zcie^XijgZ[gdbi]Zd[ÃX^VaVXXdjcid[i]ZaVhiBVcYViZnZVgh!VcYZheZX^Vaand[&.)-#º EVeeZ!&..(
) HVaV"BVcXV^hVc^cYZeZcYZci?ZgjhVaZb"WVhZY\gdjeXdch^hi^c\d[ildbZbWZgh/AZVBVjVh &.,) VcY9^Z\dGdibVc &.,' !Vgi^hihWdgc^c7jZcdh6^gZh!6g\Zci^cV#I]Z\gdjeZc\V\Zh^c kVg^djhVgiÃZaYhVcYbZY^V#>iVahdejWa^h]ZhVbV\Vo^cZZci^iaZY=Z»VgViH]jaVn^bdcXdciZbed" gVgnVgiVcYa^iZgVijgZ#>cVYY^i^dc!^iXjgViZhVcYegdYjXZhi]Z=Z»VgVZkZcih¸bjai^Y^hX^ea^cVgn ZkZcihegdYjXZY^cYZeZcYZcian!l^i]djiXdbbZgX^Vahedchdgh]^edgd[ÃX^Vahjeedgi# * NVZa7VgiVcVlVhWdgc^c@[VgNZ]Zo`Za!>hgVZa!&.,%#H]Za^kZhVcYldg`h^c=daaVcYVcY>hgVZa# HZaZXiZY7^Wa^d\gVe]n HVgV]8]^ch`^!¹:cV^b6ihdjbdia^Gk]V/6aIZhbdcZi]VAVkfVcji]VCZg`Zh]ZiWVHZYZ]]VDbV" cji]V>hgVZa^ºP¹:nZhL^YZH]ji/Dci]Z6Xfj^gZY6aW^cdHncYgdbZdci]Z>hgVZa^6giHXZcZºR!^c 7^`dgZikIZdg^VPI]ZdgnVcY8g^i^X^hbR'% Heg^c\'%%' # HValV6aZcVi!¹W^=V^biV]i]V@^Wjh]nZh]=VgWZ]>gdc^VºP¹I]ZgZ^hVadid[>gdcn^cA^[ZjcYZg DXXjeVi^dcºR!^cBVVgVk·6cDca^cZ6gi!8jaijgZVcYBZY^VBV\Vo^cZ& '%%) lll#bVVgVk#dg\#^a# 6g^ZaaV6odjaVn!¹W^9ZaZi^bEij]di/BjhZjc^ba^=^hidg^VWVBZg]Vk]VIh^Wjg^]V>hgVZa^ºP¹L^i] DeZc9ddgh/BjhZjbhVcY=^hidg^XVaCVggVi^kZh^c>hgVZa»hEjWa^XHeVXZºR!^c7^`dgZikIZdg^V PI]ZdgnVcY8g^i^X^hbR) 6jijbc&..( # 6#BVjgZ!ºEVgVY^\bVYZaVbZbdg^VnhdWgZbZbdg^V¸7dXZidheVgVjcVVgfjZdad\^VYZadak^Yd!º ^cGjeijgV&'( &..( # 8DC! I]ZHVijgYVnIZaZ\gVe]!VcYI]Z
chi^ijiZ d[8dciZbedgVgn6gih^cAdc" Ydc!'%%*!VcYI]ZBjhZjb d[8dciZbedgVgnE]did\gVe]n ^c8]^XV\d!'%%+ #BjX]d[ ]ZggZXZcildg`XdcXZgchi]Z ^ciZg[VXZWZilZZcldg`!Xja" ijgZ!VcYZXdcdb^Xh!^ckdak^c\ ZmiZcYZYegd_ZXih^c8]^cVVcY i]ZB^YYaZ:Vhi# IoblW_d[8kbb[ &.+'!EVg^h gZXZ^kZYVYdXidgViZ^cHdX^da" d\nVcY=^hidgn[gdbi]Z:XdaZ YZh=VjiZh:ijYZhZcHX^ZcXZh HdX^VaZh!EVg^hVcY^hVhh^hiVci egd[Zhhdgd[hdX^dad\n#H]Z^h heZX^Va^oZY^cjgWVchijY^Zh VcY]Vh^c^i^ViZYVcYXdcYjXi" ZYkVg^djhegd_ZXihdcXdciZb" edgVgnjgWVcigVch[dgbVi^dch ^ci]ZB^YYaZ:Vhi IZ]ZgVc! 8V^gd!9jWV^ #H]Z^hXjggZcian XddgY^cVi^c\Vegd\gVb[dg jgWVcVcYhdX^VahX^ZcXZh VWdjiheVXZVcYX^i^oZch]^e ^cEVaZhi^cZ!VcY]VhgZXZcian ejWa^h]ZYi]ZWdd`:cigZ bdcYZZieVig^Z/JcZhdX^d"]^h" id^gZYjiZgg^id^gZeVaZhi^c^Zc! &.'%"'%%'!8ZcigZCVi^dcVa YZaVgZX]ZgX]ZHX^Zci^ÃfjZ 8CGH :Y^i^dch!'%%*# ;\hWj9e^[d#8Wh &.+,! ?ZgjhVaZb ^hV\gVYjViZd[i]Z 9ZeVgibZcid[6gX]^iZXijgZ Vi7ZoVaZa6XVYZbnd[6giVcY 9Zh^\cVcY]VhWZZcegVXi^X^c\ VhVcVgX]^iZXih^cXZ&..*#>c '%%%!]ZWZXVbZVkdajciZZg [dg7^b`db·EaVccZgh[dg EaVcc^c\G^\]ih!VcY^c'%%) ]VhWZZci]ZXddgY^cVidgd[i]Z @Vb^c`Zgegd_ZXi[dgi]ZeaVc" c^c\d[i]ZEVaZhi^c^Vck^aaV\Z d[>hhVl^nV]!:Vhi?ZgjhVaZb# :[gVi8d]Zc"7Vg^hVbZbWZg d[i]Z[dgjbd[=jbVcG^\]ih dg\Vc^oVi^dch:Vhi?ZgjhVaZb# Pl_;\hWj &.*.!IZa6k^k ^h VcVgX]^iZXiVcYlg^iZg#=Z^h VeVgicZgVi:[gVi"@dlVah`n 6gX]^iZXih!VcY]ZVYd[i]Z 6gX]^iZXijgZ9ZeVgibZciVi 7ZoVaZa6XVYZbnd[6gihVcY 9Zh^\c#=ZXjgViZYi]ZZm]^W^" i^dch¹I]Z>hgVZa^Egd_ZXiº IZa 6k^kBjhZjb!d[6gi'%%% VcY¹7dgYZga^cZ9^hdgYZgº I]Z >hgVZa^EVk^a^dcVii]ZKZc^XZ 7^ZccVaZ!'%%' #=^hbdhi gZXZciejWa^XVi^dc^hI]Z>hgVZa^ Egd_ZXi/7j^aY^c\VcY6gX]^iZX" ijgZ&.)-"&.,( IZa6k^k/I]ZIZa 6k^kBjhZjbd[6gi!'%%* # =Wb_j;_bWj &.+*!=V^[V ^hV XjgVidgVcY;djcY^c\9^gZXidg d[96A·I]Z>hgVZa^8ZciZg[dg
9^\^iVa6gi!>hgVZa#H]Z^hZY^idg ^cX]^Z[d[BVVgVk·Vcdca^cZ VgiVcYXjaijgZbV\Vo^cZ!Vh lZaaVhViZVX]Zg^ci]Z9ZeVgi" bZcid[E]did\gVe]nVii]Z 7ZoVaZa6XVYZbnd[6giVcY 9Zh^\c#H]Z^hXjggZcianVc VYk^hdg[dgi]Z>hgVZaBjhZjb ^c?ZgjhVaZb!VhlZaaVhbZb" WZgd[i]ZVgi^hi^XWdVgYd[ Y^gZXidghd[º6bVcji=VVgZio!º i]ZVccjVa[Zhi^kVa[dgndjc\ >hgVZa^Vgi# Eh^Wd;i[d &.+%!>hiVcWja hijY^ZYhdX^VaVcYZXdcdb^X ]^hidgnVi7dhedgjhJc^kZgh^in VcY]^hidgnd[VgiVcYVgX]^iZX" ijgZ^cK^ZccV#6hVcVXi^k^hi VcYgZhZVgX]Zg!]^hbV^c^ciZg" Zhi^h>hiVcWja¼hgVe^YjgWVc YZkZadebZciVcY^ihhdX^Va! eda^i^XVa!VcYZXdad\^XVaZ[[ZXi# 6hV[gZZaVcXZg!]ZXdaaVWdgViZh l^i]Vl^YZ"gVc\Zd[VXVYZb^X! X^k^X!bZY^V!VcYXdgedgViZ WdY^Zh^cgZhZVgX]egd_ZXih! hZb^cVgh!ldg`h]deh!VcY ÃZaYig^eh#L^i]¹eZg[dgbVcXZ l^i]djia^XZcXZº$¹Z]a^nZih^o eZg[dgbVchº '%%&!>hiVcWja ]Z^ciZgkZcZY^cidi]Zeda^i^" XVaYZWViZdcjgWVcbdW^a^in# =Z]VhgZXZcianXdZY^iZYi]Z Wdd`>hiVcWja/HZa[HZgk^XZ8^in '%%* !YZVa^c\l^i]^c[dgbVa VheZXihd[>hiVcWja¼hjgWVc^oV" i^dcegdXZhh# C_Y^W[bC$@$gVc/;gdbGZa^\^djh 9^hejiZidGZkdaji^dc09ZWVi^c\ Bjha^bh/8jaijgVa9^Vad\jZh^c EdhibdYZgc^inVcYIgVY^i^dc0 BjiZ9gZVbh!7a^cYDlah!VcY 9^heZghZY@cdlaZY\Zh/EZgh^Vc EdZh^h^ci]ZIgVchcVi^dcVa8^g" Xj^ign #=Z^hV[gZfjZcik^h^idg id>hgVZaVcYEVaZhi^cZ# OWWael=WhX &.+%!?d]Vc" cZhWjg\ ^hXjggZcianVk^h^i^c\ Vhh^hiVciegd[ZhhdgVii]ZLVi" hdc>chi^ijiZ[dg>ciZgcVi^dcVa HijY^Zh!7gdlcJc^kZgh^in! VcYVY_jcXiegd[Zhhdg^ci]Z >chi^ijiZd[JgWVcVcYGZ\^dcVa HijY^ZhVi=ZWgZlJc^kZgh^in# 9gVl^c\dc]^higV^c^c\^c
Zck^gdcbZciVahijY^ZhVcYi]Z hdX^dad\nd[hX^ZcXZVcYiZX]" cdad\n Vi7Zg`ZaZn!B>I!VcY =VgkVgY !]Zldg`hdcVgVc\Z d[Zck^gdcbZciVa^hhjZh!VcY ^hXjggZcianlg^i^c\VhZg^Zh d[ZhhVnhdci]Zeda^i^Xhd[ bdW^a^in^c>hgVZaVcYi]ZEVaZh" i^c^VcVgZVh# Ij[f^[d=hW^Wc &.+*! CZlXVhiaZ!J@ ^hVegd[Zhhdg d[]jbVc\Zd\gVe]nVi9jg]Vb Jc^kZgh^in!J@#=^hWVX`\gdjcY a^Zh^cjgWVc^hb!eaVcc^c\!VcY i]ZhdX^dad\nd[iZX]cdad\n# =^hgZhZVgX]VYYgZhhZhi]Z ^ciZghZXi^dcd[jgWVceaVXZh! bdW^a^in!iZX]cdad\n!lVg! hjgkZ^aaVcXZ!VcY\Zdeda^i^Xh# GZXZciejWa^XVi^dch^cXajYZ IZaZXdbbjc^XVi^dchVcYi]Z8^in &..+ !Hea^ciZg^c\JgWVc^hb '%%& VcY8^i^Zh!LVgVcYIZg" gdg^hb '%%) # :[h[a=h[]eho &.*&!7ZX`" Zc]Vb!:c\aVcY gZXZ^kZY]^h B#6#VcYE]#9#[gdb8Vb" Wg^Y\ZJc^kZgh^in!;Zaadld[ i]ZGdnVaHdX^Zind[8VcVYV! ;#G#H#8#!^hEgd[Zhhdgd[gVf 7aVX`lZaa!'%%) #=^hXjg" gZcigZhZVgX]XZciZghdci]Z ¹lVgdciZggdgº^c6[\]Vc^hiVc! EVaZhi^cZ!VcY>gVf!VcYdc b^a^iVgndXXjeVi^dchd[6gVW X^i^Zh#=Z^hXdZY^idgd[i]Z _djgcVaHdX^ZinmHeVXZ!VcY Vji]dgd[Dg^ZciVa^hb6WgdVY/ 8jaijgVa:cXdjciZgVcYEda^i^XVa K^daZcXZ [dgi]Xdb^c\[gdb GdjiaZY\Z # I^ck[b=heW] &.*&!=V^[V ^h VcVgX]^iZXiVcYidlceaVccZg \gVYjViZY[gdbi]ZIZX]c^dc ·>hgVZa>chi^ijiZd[IZX]cdad\n ^c=V^[V!heZX^Va^o^c\^cXdchZg" kVi^dc!jgWVcYZh^\c!VcYXdb" egZ]Zch^kZjgWVceaVcc^c\#=Z iVj\]iXdchZgkVi^dceaVcc^c\^c i]Z9ZeVgibZcid[6gX]^iZXijgZ VcY6giViIZa6k^kJc^kZgh^in# 6hVXd[djcYZgd[7^b`db ·EaVccZgh[dgEaVcc^c\G^\]ih! ]ZXdci^cjZYidZmeadgZi]Za^c` WZilZZcVgX]^iZXijgZVcYeda^" i^Xh#=^hejWa^XVi^dch^cXajYZ ¹EaVcc^c\VcYAVX`d[EaVc" c^c\^c:Vhi?ZgjhVaZbVcYi]Z LZhi7Vc`VhVEda^i^XVaIddad[ HeVi^Va6eegdeg^Vi^dcº '%%' VcY¹EaVcc^c\G^\]ih^c6gVW 8dbbjc^i^Zh^c>hgVZaº '%%( # >c'%%*!]ZZcgdaaZY^cVcB#HX# XdjghZVii]ZAdcYdcHX]ddad[ :Xdcdb^Xhdc¹BZbdgnVcY 8dchZgkVi^dc#º
H[cW>WccWc_ &.+%! 9V]VgVc!HVjY^6gVW^V ^hVc Vci]gdedad\^hiWVhZYVii]Z LdbZch¼HijY^Zh>chi^ijiZVi 7^goZ^iJc^kZgh^in^cEVaZhi^cZ# H]Z]VhejWa^h]ZYcjbZgdjh Vgi^XaZhdc\ZcYZgVcYEVaZhi^c" ^VccVi^dcVa^hb!EVaZhi^c^Vc X^k^ahdX^Zin!VcYi]Zeda^i^Xhd[ Dhad#=ZgbdhigZXZciejWa^XV" i^dch^cXajYZildVgi^XaZh^ci]Z [dgi]Xdb^c\I]ZHigj\\aZ[dg HdkZgZ^\c^in/EVaZhi^cZVcY>hgVZa &..("'%%*!ZYh#?dZa7Z^c^c VcYGZWZXXVHiZ^c HiVc[dgY Jc^kZgh^inEgZhh!&..+ #I]Z Vgi^XaZ^ci]^hkdajbZ!eVgid[ VaVg\ZgZi]cd\gVe]^Xegd_ZXi dcX]ZX`ed^cihYjg^c\i]ZhZX" dcYEVaZhi^c^Vcjeg^h^c\!lVh dg^\^cVaanejWa^h]ZY^cZmiZcYZY [dgb^cB^YYaZ:VhiGZedgih'(& HjbbZg'%%) # IWh_>WdWÄ &.+'!9VbVh" Xjh ^hVhdX^dad\^hil^i]V E]#9#[gdbA»wXdaZYZh=VjiZh :ijYZhZcHX^ZcXZhHdX^VaZh^c EVg^h &..) #=Z^hVcVhhdX^" ViZegd[ZhhdgVii]Z6bZg^XVc Jc^kZgh^ind[7Z^gji#Jci^a '%%*]ZlVhi]ZY^gZXidgd[ i]ZEVaZhi^c^VcGZ[j\ZZVcY 9^VhedgV8ZciZg!H]Vba!WVhZY ^cGVbVaaV]#=Z^hi]ZVji]dg d[cjbZgdjhVgi^XaZhVcYWdd`h dcZXdcdb^XhdX^dad\n!eda^i^" XVahdX^dad\n!VcYhdX^dad\nd[ b^\gVi^dc bV^canVWdjii]Z EVaZhi^c^VcgZ[j\ZZh #=^hbdhi gZXZciWdd` l^i]A^cYVIVWZg ^hI]Z:bZg\ZcXZd[EVaZhi^c^Vc ciZg" cVi^dcVadg\Vc^oVi^dchVcYAdXVa Cchi^ijiZ d[EVaZhi^cZHijY^Zh!LVh]^c\" idc!VcYBjlVi^c!'%%*# @Wd[>_bWb &.,*!7Z^iHV]djg! EVaZhi^cZ \gVYjViZYl^i]Vc B#HX#^cZck^gdcbZciVabVc" V\ZbZci[gdbi]ZBZY^iZg" gVcZVc6\gdcdb^X>chi^ijiZ d[8]Vc^V B6>8= 8]Vc^V! c&..-h]Z_d^cZYi]Z 6eea^ZYGZhZVgX]>chi^ijiZ ·?ZgjhVaZb 6G>? l]ZgZh]Z ]VhWZZc^ckdakZY^ccjbZg" djhgZhZVgX]egd_ZXih^ckdak^c\ aVcYjhZ$aVcYXdkZgVcVanh^h! dgi]ZVcVanh^hd[i]ZW^dad\^" XVaY^hig^Wji^dcd[ÄdgV^ci]Z LZhi7Vc`#8jggZcian!h]Z^hi]Z Y^gZXidgd[i]ZLViZgVcY:ck^" gdcbZciGZhZVgX]Jc^iVcY]Vh gZXZcianXdejWa^h]ZYi]ZgZedgi ¹Hda^YLVhiZBVcV\ZbZci^c EVaZhi^cZ#º HWY^[bB[W^@ed[i &.,%^c 7Zg`ZaZn!8Va^[dgc^V !B#;#6#! ^hVYdXjbZciVgnÃabbV`Zg# =ZgYZWjiÃab*%%9jcVbdc i]ZBddc '%%' iZaahi]Zhidgn
d[6nc=VlY!VEVaZhi^c^Vck^a" aV\ZXVeijgZYVcYYZedejaViZY Wn>hgVZa^[dgXZh^ci]Z&.)- lVgi]VilVhigVch[dgbZY^cid V?Zl^h]Vgi^hih¼XdadcnVcY gZcVbZY:^c=dY#8jggZcian! h]Z^hldg`^c\dc6h]`ZcVoV YdXjbZciVgnVWdjil]^iZcZhh ^c>hgVZaVcYL]^iZ8^in!7aVX` 8^in!VÃab^XVYVeiVi^dcd[H]V" gdcGdiWVgY¼hWdd`d[i]ZhVbZ cVbZ!i]VijcYdZhi]Zbni]h d[IZa6k^kWniZaa^c\^ihjcidaY hidgn/?V[[V# GWii[cA^WcW_i_ &.*-! @V[[Zg@VccV gZXZ^kZY]^h YdXidgViZ^cjgWVc\Zd\gVe]n Vii]Z=ZWgZlJc^kZgh^in#=Z ldg`hVhVcjgWVcVcYgZ\^dcVa eaVccZgVcYaZXijgZgVii]Z 9ZeVgibZcid[c[dg" bVi^dcJc^iº^cJb6a;V]Zb VcYi]Z¹8ZciZg[dgHigViZ\^X EaVcc^c\[dg6gVWAdXVa^i^Zh^c >hgVZa#º=Z]ZVYhi]Z6XVYZb^X 8dbb^iiZZVii]Z>ciZgcVi^dcVa EZVXZVcY8ddeZgVi^dc8ZciZg >E88 ^c?ZgjhVaZb!l]ZgZ]Z ]VhXdZY^iZYbVcnejWa^XVi^dch hjX]VhI]Z?ZgjhVaZbJgWVc ;VWg^X '%%( # DWj^WdCWhec &.,&!HVa" [dgY!:c\aVcY a^kZh^cIZa6k^k# =ZgZXZ^kZY]^h7#6gX]#[gdb i]Z7ZoVaZa6XVYZbnd[6giVcY 9Zh^\cVcYVcB#HX#^cjgWVc YZkZadebZcieaVcc^c\ Jc^kZg" h^in8daaZ\ZAdcYdc VcY^hXjg" gZcianejghj^c\VE]#9#ViIZa 6k^kJc^kZgh^indci]Zide^Xd[ jgWVceda^XnVcYjgWVcZmXaj" h^dc^c\adWVa^o^c\IZa6k^k#=Z ]VhgZhZVgX]ZYVcYlg^iiZc I]ZEaVcc^c\9ZVYadX`/EaVcc^c\ Eda^X^ZhVcY=djhZ9Zbda^i^dch ^c:Vhi?ZgjhVaZb!VgZedgiejW" a^h]ZYWn7^b`db·EaVccZgh [dgEaVcc^c\G^\]ih '%%) # DWWcWC[_i^Wh &.+(!>hgVZa ZVgcZYV7VX]Zadg¼hYZ\gZZ^c aVcYhXVeZVgX]^iZXijgZ[gdbi]Z IZX]c^dc·>hgVZa>chi^ijiZd[ IZX]cdad\n =V^[V VcY]VhWZZc egVXi^X^c\VhVaVcYhXVeZVgX]^" iZXi[dgVcjbWZgd[nZVgh#H]Z ^hcdlXdbeaZi^c\VbVhiZg¼h YZ\gZZ^c8jaijgVaHijY^ZhVii]Z =ZWgZlJc^kZgh^in#BZ^h]Vg]Vh ejWa^h]ZYVgi^XaZhXdcXZgc^c\ i]ZiZch^dchWZilZZcYZkZade" bZcid[6gVWk^aaV\ZhVcYi]Z cVijgVagZhZgkVi^dceda^Xnd[ i]ZHiViZd[>hgVZa!i]ZiZch^dch WZilZZci]ZB^ogV]^VcY6h]" `ZcVo^aVcYhXVeZXjaijgZh!Vh lZaaVhVgiVcYbdk^ZhgZk^Zlh# H]Z^hVkdajciZZgVXi^k^hiVii]Z dg\Vc^oVi^dc¹7^b`db·EaVc" cZgh[dgEaVcc^c\G^\]ih#º
RT!PUZPKL)L[OSLOLT
RT!)L[OSLOLT
F^_b_ffC_ii[bm_jp &.,)! ?ZcV!E88 ^c?ZgjhVaZb#=Z hijY^ZYVi=ZWgZlJc^kZgh^in B#6#^cEda^i^XVaHX^ZcXZVcY B^YYaZ:VhiZgcHijY^Zh #;gdb &..(id&..+]ZlVheda^i^XVa VYk^hdgVcY>hgVZa9Zh`D[ÃXZg ViDg^Zci=djhZ^c?ZgjhVaZb! VcYWZXVbZY^gZXidgd[i]Z Dg^Zci=djhZHeZX^VaJc^i &..+·&..- #=Z^hVgZhZVgX] VhhdX^ViZd[¹8^i^Zh^c8dcÄ^Xiº WVhZYVi8VbWg^Y\ZJc^kZgh^in! VcY]VhejWa^h]ZYVcYXd"ZY^iZY Vbdc\hidi]ZghI]Z?ZgjhVaZb JgWVc;VWg^X '%%( !?ZgjhVaZb dci]ZBVe '%%* # ?iiWcDWiiWh &.+&!?Zgj" hVaZb a^kZhVcYldg`h^c GVbVaaV]VcYi]ZJ#H#l]ZgZ ]ZiZVX]Zh]^hidgnVi7gVYaZn
Jc^kZgh^in!VcY^hXjggZcian Vk^h^i^c\egd[Zhhdg '%%+ ViJc^kZgh^ind[8Va^[dgc^VVi 7Zg`ZaZn#;gdb&..-id'%%(! ]ZiVj\]iVii]Z8ZciZg[dg6gZV HijY^ZhViVa"FjYhJc^kZgh^in ^c?ZgjhVaZb!VcYh^cXZ&..- ]VhWZZc6hhdX^ViZ9^gZXidg d[i]Z>chi^ijiZd[?ZgjhVaZb HijY^Zh ?ZgjhVaZb$GVbVaaV] # =^hbdhigZXZciejWa^XVi^dch ^cXajYZ9^[[ZgZciHcVeh]dih/I]Z =^hidgnd[AdXVaE]did\gVe]n^c EVaZhi^cZ!&-*%"&.)- 7Z^gji/ @jijW!'%%* # :Wl_ZD[mcWd &.*+!Adc" Ydc igV^cZYVii]ZJc^kZgh^in d[AdcYdc!VcY9jg]VbJc^" kZgh^in!VcY^hcdl;djcY^c\ 8]V^gd[i]Z9ZeVgibZcid[ Eda^i^XhVcYhgVZa"EVa" Zhi^cZXdcÄ^XiVcYi]ZeZVXZ egdXZhh!XjggZcianldg`^c\ dci]ZYZkZadebZcid[bdYZh [dg>hgVZa^"EVaZhi^c^VcXgdhh" WdgYZgXddeZgVi^dc [jcYZY WnJc^iZYHiViZh>chi^ijiZd[ EZVXZPJH>ER !VcYdcVaiZgcV" i^kZeZVXZY^hXdjghZhVbdc\hi gZa^\^djh\gdjeh^ci]ZB^YYaZ :Vhi [jcYZYWni]Z:JEVgicZg" h]^e[dgEZVXZegd_ZXi #H^cXZ &...]Z]VhWZZci]ZZY^idgd[ I!V7#6gX]#XjbaVjYZ[gdb i]ZIZX]c^dc!VcYlVhgZXZcian i]ZBVgn9Vk^hVcYi]Z@gZhh EdhiYdXidgVa;ZaadlVii]Z 8ZciZg[dg6YkVcXZYHijYn^c i]ZK^hjVa6gih 86HK6 Vii]Z CVi^dcVacI]ZhZI^bZhVcYdi]ZgejW" a^XVi^dch#8jggZcianbVcV\^c\
ZY^idg[dgi]Z?ZgjhVaZbFjVg" iZgan!h]ZegZk^djhanhZgkZY VhVYb^c^higVi^kZY^gZXidg[dg W^iiZgaZbdchejWa^XVi^dch!VcYVh bVcV\^c\ZY^idgd[i]ZEVaZh" i^cZGZedgi# O[^ejWbI^Wf_hW &.+'!@^gnVi I^kdc!>hgVZa ^hVegVXi^X^c\ VgX]^iZXi!eaVcc^c\egd_ZXih XdbW^c^c\i]ZdgnVcYegVXi^XZ! VcYldg`^c\dcXdbbjc^in eVgi^X^eVi^dceaVcc^c\egd_ZXih# =ZgZXZ^kZY]^hB#6#^cXja" ijgVahijY^Zh[gdbi]Z=ZWgZl Jc^kZgh^in#EgZhZcianVE]#9# hijYZciVii]ZIZX]c^dc!]Z]Vh ejWa^h]ZYZhhVnhdcVgX]^iZXijgZ VcYXjaijgVaXg^i^X^hb![dXjh^c\ dcheVi^VaVcYXjaijgVaVheZXih d[>hgVZa^cZhhVcYVgX]^iZX" ijgZVhlZaaVhdcEVaZhi^c^Vc igVY^i^dcVaWj^aY^c\]Zg^iV\Z! XdciZbedgVgnEVaZhi^c^VcVgX]^" iZXijgZ^hhjZh!VcYi]ZXjaijgVa heVi^VaVheZXihd[i]Z>hgVZa^"EVa" Zhi^c^VcXdcÄ^Xi#=Z^hXjggZcian VWdVgYbZbWZgd[7^b`db ·EaVccZgh[dgEaVcc^c\G^\]ih# IWb_cJWcWh_ &.)*!?V[[V ^h i]ZY^gZXidgd[i]Z>chi^ijiZd[ ?ZgjhVaZbHijY^ZhVcYegd[Zhhdg d[hdX^dad\nVi7^goZ^iJc^kZgh^" in#=Z^hVahdVk^h^i^c\egd[Zhhdg Vii]ZJc^kZgh^ind[8Va^[dgc^V Vi7Zg`ZaZn '%%* !VcYZY^idg d[=Vla^nnViVaFjYhVcYi]Z ?ZgjhVaZbFjVgiZgan#=^hgZXZci ejWa^XVi^dch^cXajYZ?ZgjhVaZb &.)- '%%& !BVcYViZ?ZgjhVaZb ^ci]ZBZbd^ghd[LVh^[?VlV" ]Vg^nnZ] l^i]>hhVbCVhhVg! '%%* VcYI]ZBdjciV^c6\V^chi i]ZHZV Jc^kZgh^ind[8Va^[dgc^V EgZhh![dgi]Xdb^c\!'%%+ # ;oWbM[_pcWd &.,%!=V^[V igV^cZYVhVcVgX]^iZXiVii]Z 6gX]^iZXijgVa6hhdX^Vi^dc! AdcYdc!VcYgZXZ^kZY]^h E]#9#[gdb7^g`WZX`8daaZ\Z! Jc^kZgh^ind[AdcYdc#=Z^hV egd[Zhhdgd[VgX]^iZXijgZVii]Z 6XVYZbnd[6gi^cK^ZccV!VcY 9^gZXidgd[W_cOWYeX_ &.+*!?ZgjhV" aZb igV^cZYVhVcVgX]^iZXi VcYjgWVchdX^dad\^hi^c?Zgj"
hVaZbVcYVii]ZJc^kZgh^in 8daaZ\ZAdcYdc#=ZgZXZ^kZY ]^hE]#9#Vii]Z9ZeVgibZcid[ hgVZa VcY]VhWZZc iZVX]^c\Vi^ih9ZeVgibZcid[ chi^" ijiZd[IZX]cdad\n GB>I ^c BZaWdjgcZ!I]ZJH>chi^ijiZd[ EZVXZ!LVh]^c\idc98!VcYi]Z KVcAZZg>chi^ijiZ!?ZgjhVaZb# =Z^hi]Z[djcY^c\ZY^idgd[i]Z _djgcVa=V\Vg$=V_Zg/>ciZgcV" i^dcVaHdX^VaHX^ZcXZGZk^Zl!VcY ^hVcZY^idg^VaWdVgYbZbWZg d[HdX^ZinVcYHeVXZVcYbVcn di]ZgVXVYZb^X_djgcVah#=Z ]VhejWa^h]ZYl^YZan#=^hXjg" gZcigZhZVgX][dXjhZhdci]Z hijYnd[i]Z]^hidg^XVaVcY eda^i^XVaYZkZadebZcid[i]Z aVcYhnhiZb^c>hgVZa"EVaZhi^cZ VcYi]ZXdbeVg^hdcd[Y^[[ZgZci Zi]cdXgVi^XgZ\^bZhVcYX^i^Zh! l]^X]l^aaXdcig^WjiZid]^h [dgi]Xdb^c\ejWa^XVi^dc:i]cdX" gVXn/AVcY!Eda^i^XhVcY>YZci^i^Zh ^c>hgVZa$EVaZhi^cZ '%%+ #
(.-q(..
>BEG>CI
:Y^idgh
E]^a^eeB^hhZal^io!I^bG^Zc^Zih
:Y^idg^VaiZVb
Ok^:[gVi!GVhhZb@]VbV^h^!GVb^CVhgVaaV]
AVc\jV\ZZY^i^c\
8]VgbV^cZHZ^io!GVX]ZaAZV]?dcZh
Hina^hi^XZY^i^c\
AVjgV7gjXZ
9Zh^\c
IdbJckZgoV\i
I]Vc`hid
HZcVc6WYZafVYZg!=Z^YZ6aWZgi^c!=VhhVc6Wj6haV]!GVcV6Wjchi^iji?ZgjhVaZb
I]^hejWa^XVi^dc^hWVhZYdcVhZg^Zhd[VXi^k^i^Zhi]VilZgZ_d^cianeaVccZYVcY dg\Vc^hZYWni]ZbV^cegd_ZXieVgicZgh/7Zga^cJc^kZgh^ind[i]Z6gih!>ciZgcV" i^dcVaEZVXZVcY8ddeZgVi^dc8ZciZg >E88 !7ZoVaZa6XVYZbnd[6gihVcY9Zh^\c! ?ZgjhVaZb 9ZeVgibZcid[6gX]^iZXijgZ !:I=Hl^hh;ZYZgVa>chi^ijiZd[IZX]cda" d\nOjg^X]!>chi^iji[dgJgWVc9Zh^\c ZmXZeiXdc[ZgZcXZ¹8^i^Zhd[8daa^h^dcº # 6iaVh 8dcXZeiVcYXdeng^\]i
E]^a^eeB^hhZal^io!I^bG^Zc^Zih
9Zh^\c
I^bG^Zc^Zihl^i]6cc^`VHZ^[Zgi!9db^c^fjZBZ^Zg!BVii]VZjhL^gi]
IZmih
AdXVaegd_ZXiiZVb
E]^a^eeB^hhZal^io!I^bG^Zc^Zih @VgZcAZZ7gVX]V]!BdcV9V_Vc^!NZ]jYVchi^iji?ZgjhVaZb
>ck^iZYeVgi^X^eVcihVcYXdcig^Wjidghidi]ZXdc[ZgZcXZ _d^cian^ck^iZYWn¹IZgg^idg^ZhA^kZº / ;^YV¼6WYZa"AVi^[!EVa6]ajlVa^V!6b^c6b^c!6g^ZaaV6odjaVn!IVbVg7Zg\Zg!@]VaYdjc7h]VgV!HnakV^cZ7jaaZ!Ok^:[gVi! 6chZab;gVc`Z!NVV`dkYYdhaVb^X8jaijgVa9^Vad\jZº l^i][jcY^c\[gdb