Vous êtes sur la page 1sur 73

C6CDH6IwA>I:/ I:8CDAD<Þ6B:M>86C6

E6G6EG:9:8>GI:GG:BDIDH

E 9 J K 8 H ;  ( & & +  L E B K C ; D  ) &  D æ C ; H E  ' . .  C x N ? 9 E 

3ÛC<:A6E:G6AI6
=>HIDG>69:JC69>K6
B:M>86C6

BÛH6AAÛ
 9:A6;ÞH>86
36K6C8:H:CB:9>8>C6
3C6CD8>:C8>6H9:K6C<J6G9>6
3=:GG6B>:CI6HAÛH:G
3:A86DHN:ADG9:C

3A68DC9J8I6
9:A;J:<D
:CADH>C8:C9>DH
;DG:HI6A:H
( & $ & &  E 9J K 8 H ;  ( & & +

;(:
=wA>M/ I‡cXebeZ[bW :GC:HID:C@:GA>C/
?bki_ed[i hWZ_eZ_\ki_Œd EgZb^dJC:H8DedgaVXdchZgkVX^‹c
‹ei^XVh [dCƒn_Ye YZaeVig^bdc^dcVijgVa
3:Y^idg^Va

:?H;9JEH?E;:?JEH?7B
8ZaZWgZbdh
:?H;9JEH=;D;H7B
9g#<jhiVkd8]VeZaV8VhiVŠVgZh
bWY_[dY_W

:
:?H;9JEH;:?JEH?7B a6Šd>ciZgcVX^dcVaYZaV;†h^XVZhjcVXjZgYdfjZZch†
B^\jZaÛc\Za<VgX†V<VgX†V b^hbdgZhjaiVbdi^kdYZWZcZea{X^id#AVV[dgijcVYV^cX^V"
;:?JEH7
AVjgV7jhidh8VgYdcV i^kVYZaVDg\Vc^oVX^‹cYZaVhCVX^dcZhJc^YVheVgV[Zh"
:?9J7C?D79?ãDJx9D?97 iZ_VgZaXZciZcVg^dYZaVccjhb^gVW^a^hh!VfjZabVgVk^aadhd
<jVYVajeZ8jg^Za9Z[dhh‚ &.%*![ZX]VZcaVfjZ6aWZgi:^chiZ^cY^dVXdcdXZghjhiZdg†VhhdWgZaV
9EEH:?D79?ãD;:?JEH?7B
BVg\Vg^iV6#<job{c<‹bdgV
bZX{c^XVXj{ci^XVnaVgZaVi^k^YVY!]Vh^Ydbdi^kdYZcjbZgdhVhVXi^k^"
H;:799?ãD YVYZhfjZXdbeVgiZcZaegde‹h^idYZY^[jcY^gZa^beVXidYZaV[†h^XVZc
AZcV<VgX†V;Z^_dd ZaYZhVggdaadYZaXdcdX^b^Zcid#
?D<EHC79?ãD
<jVYVajeZ<ji^‚ggZo=Zgc{cYZo
:a8dchZ_dCVX^dcVaYZ8^ZcX^VnIZXcdad\†VhZhjbVVaVXZaZ"
?dh‚Aj†hDa†cBVgi†cZo WgVX^‹cnegZhZciVZcaVhe{\^cVhXZcigVaZhYZ 8^ZcX^Vn9ZhVggdaad
9EHH;99?ãD jcVk^h^‹cYZafjZ]VXZgX^Zci†[^XdZcZaXVbedYZaV[†h^XV!iVcidZcaV
AdjgYZh6gZcVh7VŠjZadh
^ckZhi^\VX^‹cW{h^XVfjZbdY^[^XVaVh[gdciZgVhYZaXdcdX^b^ZcidZm^h"
<ZbbV7ZgZc^XZ9db†c\jZo
:?I;yE;?BKIJH79?ãD iZciZ!XdbdaVh^ccdkVX^dcZhiZXcda‹\^XVhfjZ^beVXiVcadh{bW^idh
9Vc^Za:hfjZYV9^hZŠdn8dchjaidg†V<g{[^XV Xdi^Y^Vcdh#
IKI9H?F9?ãDOL;DJ7I
>c^X^VbdhXdcZaiZmidYZaYdXidgBZcX]VXVfjZd[gZXZaV]^hidg^VYZa
6gijgd;adgZhn6cYg‚hG^kZgV
6k#>chjg\ZciZhHjg&*-'!)id#e^hd YZhVggdaadYZZhiVX^ZcX^V!hjhad\gdhnY^[^XjaiVYZh!Vh†XdbdjcVk^h^‹c
8g‚Y^id8dchigjXidg!%(.)%!B‚m^Xd!9#;# YZhj[jijgdXZgXVcd#EdghjeVgiZ!adhYdXidgZhKda`Z?{jgZ\j^n=VXnVc
IZa#*('',,%%Zmi#(*%)n)-'(
ZmedcZcjcZ_ZbeadYZVea^XVX^‹cYZaa{hZg/aVhe^coVh‹ei^XVhXdbd
FH;FH;DI7;?CFH;I?ãD
>begZhdgVn:cXjVYZgcVYdgVEgd\gZhd!H#6#YZ8#K# ]ZggVb^ZciVhYZb^XgdbVc^ejaVX^‹cVea^XVWaZhVY^[ZgZciZhjhdh#
HVcAdgZcodIZodcXd'))!EVgV_ZHVc?jVc!%.-(%! JcVgZ[aZm^‹cVXZgXVYZaV^ciZgVXX^‹cYZadgYZcnZaYZhdgYZc
B‚m^Xd!9#;#
Zcg^fjZXZZhiVejWa^XVX^‹c!idYVkZofjZYjgVciZXZcijg^VhadhhZgZh
:?IJH?8K9?ãD
>ciZgbZm!H#6#YZ8#K# ]jbVcdheZchVbdhfjZaVcVijgVaZoVWVhVWVhjeZg[ZXX^‹cZcZadgYZc
AjX^d7aVcXd)(*!HVc?jVcIa^]jVXV!%')%% VWhdajid!edgZaadZaYdXidgB^gVbdciZhWg^cYVjcVZmea^XVX^‹cVXZgXV
B‚m^Xd!9#;# YZadhh^hiZbVhXdbeaZ_dhnaV[dgbVXdbdaVk^YVhZYZhVggdaaVZcigZ
mmm$YedWYoj$cn XVgVXiZg†hi^XVhYZbdk^a^YVYÄ^cVbdk^a^YVY!g^\^YZoÄ[aZm^W^a^YVY###
9_[dY_Wo:[iWhhebbe eZhjcVejWa^XVX^‹cbZchjVaYZa8dchZ_dCVX^dcVaYZ
8^ZcX^VnIZXcdad\†V8DC68NI!ZY^iVYVedgaV9^gZXX^‹cYZ8dbjc^XVX^‹c AV[†h^XVb‚Y^XVZhjcVgVbVYZaV[†h^XVfjZ]VVaXVcoVYdjc
HdX^Va#AdhVgi†Xjadh[^gbVYdhhdcgZhedchVW^a^YVYYZadhVjidgZh#
HZegd]^WZaVgZegdYjXX^‹cidiVadeVgX^Vah^caVZmegZhV g{e^YdXgZX^b^Zcid!nYZhjhVedgiZheVgVaVegZkZcX^‹c!ZaY^V\c‹hi^Xd
Vjidg^oVX^‹cYZaV9^gZXX^‹c8dbjc^XVX^‹cHdX^Va#8Zgi^[^XVYdYZa^X^ijY
YZi†ijad/'*.!dgidg\VYdedgaV8db^h^‹c8Va^[^XVYdgVYZEjWa^XVX^dcZh nZaigViVb^ZcidYZZc[ZgbZYVYZh!aVYdXidgV7gVcYVcegZhZciVjc
nGZk^hiVh>ajhigVYVhYZaVHZXgZiVg†VYZ<dWZgcVX^‹c!ZmeZY^ZciZ&$)('
Ç,.Æ$&',&!YZa''YZV\dhidYZ&.,.#GZhZgkVVai†ijadZcZa>chi^ijidCVX^dcVa ^ajhigVi^kdVgi†Xjad#;^cVabZciZ!adhYdXidgZh<Vgo‹cnCd\jZoVWdgYVc
YZa9ZgZX]dYZ6jidgCd#%)"&..-"%)'.'%(('-%%"&%'YZa'.YZVWg^aYZ
&..-!ZmeZY^YdedgaVHZXgZiVg†VYZ:YjXVX^‹cEWa^XV#6jidg^oVYVXdbd jciZbVYZ\gVcVXijVa^YVY/aVegZhZcX^VYZaVcVcdX^ZcX^VnaVcVcd"
XdggZhedcYZcX^VYZhZ\jcYVXaVhZ#GZ\^higd9:<8Cd#%''%)-%!
XVgVXiZg†hi^XVh''.+'&&''#8Zgi^[^XVYdYZA^X^ijYYZaI†ijad iZXcdad\†VZcY^[ZgZciZhY^hX^ea^cVhX^Zci†[^XVhXdbdW^diZXcdad\†V!
Cd#&&'#>HHC%&-*"%%%-
9EDI;@ED79?ED7B:;9?;D9?7OJ;9DEBE=ß7 ^c\Zc^Zg†V!X^ZcX^VYZbViZg^VaZh!ZcigZdigVh#
B‚m^Xd!9#;#GZ\^higdedhiVaEE%."%%..
6jidg^oVYdedgH:EDB:M# CjZhigdV\gVYZX^b^ZcidZheZX^VaVaYdXidg6gijgdBZcX]VXV!9^gZXidg
YZa>chi^ijidYZ;†h^XVYZaV JC6B!fj^ZcZcXZgXVcVXdaVWdgVX^‹cXdc
:CKÞ6CDHIJH8DB:CI6G>DHNHJ<:G:C8>6H6/ digdhYZhiVXVYdh^ckZhi^\VYdgZh]VYVYd[dgbVVaVhZXX^‹cXdcbZ"
bdgVi^kV#

B^\jZaÛc\Za<VgX†V<VgX†V
7l$?dikh][dj[i'+.("*ef_ie"9eb$9hƒZ_je
9edijhkYjeh"9$F$&)/*&"Cƒn_Ye":$<$"
Y_[dY_WoZ[iWhhebbe6YedWYoj$cn D8IJ7G:'%%*q 8>:C8>6N9:H6GGDAAD %&
CjZhigd
XdciZc^Yd
Xd
3 Z Yd

DWdeiWjƒb_j[
F;HIED7B c[n_YWde
4J[Ydebe]‡WfWhW
bWfh[Z_YY_ŒdZ[j[hh[cejei
'+

%' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


&,
C6CDH6IwA>I:/ I:8CDAD<Þ6B:M>86C6
E6G6EG:9:8>GI:GG:BDIDH

Ûc\ZaVEZgVaiV/ D8IJ7G:
'%%*
gZhXViZYZjcVkdo E 9 J K 8 H ;  ( & & +  L E B K C ; D  ) &  D æ C ; H E  ' . .  C x N ? 9 E 

3ÛC<:A6E:G6AI6
=>HIDG>69:JC69>K6
CåB#&--
3AVY^kVegZhZciVhjZiVeVXdbd
B:M>86C6

BÛH6AAÛ
Xdbedh^idgV  9:A6;ÞH>86
36K6C8:H:CB:9>8>C6
3C6CD8>:C8>6H9:K6C<J6G9>6
3=:GG6B>:CI6HAÛH:G
3:A86DHN:ADG9:C

3E:GHDC6ABw9>8D
:AIG6IDFJ:9:KJ:AK:
A6H6AJ9

3A68DC9J8I6 ( & $ & &  E9J K 8H; ( & & +


9:A;J:<D
:CADH>C8:C9>DH
;DG:HI6A:H

;(:
=wA>M/ I‡cXebeZ[bW :GC:HID:C@:GA>C/
?bki_ed[i hWZ_eZ_\ki_Œd EgZb^dJC:H8DedgaVXdchZgkVX^‹c
‹ei^XVh [dCƒn_Ye YZaeVig^bdc^dcVijgVa

A6;ÞH>86 69:BÛH
%) ;dCƒn_Ye
&' ;d[bb ckdZe
'' :[iYkXh_[dZe[bKd_l[hie

HJ6BEA>D>BE68ID  AVM:LZcaVi^cdVb‚g^XV
4 ?DHw9:A6=:GGÛC

'' KdfWi[efehbeY_[bei
:CCJ:HIGDBJC9D  3 ?DHw9:A6=:GGÛC
(% ;DJH;L?IJ7
 9g#:gcZhid:c`Zga^c=dZ[a^X]

()
4?DHwAJÞHDAÞCB#

(' BWY_[dY_Woikih_lWb[i
 9Zh^\c^d###´^ciZa^\ZciZ4
4 B6G>DB:C9:O68DHI6

*- B_Xhei
+) 9[djheiZ[_dl[ij]WY_Œd9edWYoj
+, J[Yde_d\ehcWY_Œd
AVH>/gZidhndWhi{XjadhZchj
bZY^X^‹c
3 B:A>CD86HIGDJGFJ>O6

,% FheZkYjeiZ[bWY_[dY_W
+- 8_j|YehW

+%
D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD%(
Zcb‚m^Xd
Zcb‚m^Xd
‚
=K7:7BKF;=KJ?xHH;P

3
EgjZWVck^gijVabZciZZ[^XVX^V
YZbZY^XVbZcidh
8dcZaegd\gVbV^c[dgb{i^Xd HnWnaa YZaVXdbeVŠ†VZhiVYdjc^YZchZ
Ig^edh!K†Xidg=j\dK{ofjZoKVaVYZo!ZhijY^VciZYZaV JC6B!gZXgZV!WV_d
aVhjeZgk^h^‹cYZaYdXidg:cg^fjZÛc\ZaZh6c\j^Vcd!aVbda‚XjaVYZ
]^YgVaVo^cV!jc[{gbVXdjhVYdZcigViVb^ZcidhYZ]^eZgiZch^‹cVgiZg^Va
fjZedhZZVXi^k^YVYVci^XVcXZg†\ZcV#
:hiZi^edYZZhijY^dheZgb^i^g{Y^hZŠVgbZY^XVbZcidhXdcbZcdh
YVŠdhXdaViZgVaZh!YZW^YdVfjZcdhZgZVa^oVcegjZWVhZchVnd"Zggdg!
h^cdfjZhZejZYZcgZXgZVgaVhbda‚XjaVhYZ[dgbVk^gijVa!nXdcZaad!
V]dggVgi^ZbedngZXjghdhZXdc‹b^Xdh#
ÆHZbdYZaVaVbda‚XjaVeVgVedhiZg^dgbZciZgZVa^oVgX{aXjadhfjZ
eZgb^iVcdWiZcZgaVZhigjXijgVb{hZhiVWaZnXZgXVcVVjcV[dgbV
ZheVX^Va^YZVaa#6h†hZedYg{cdWiZcZggZhjaiVYdhXdc[^VWaZhXjVcYdaV
]V\VbdhgZVXX^dcVgXdcXjVafj^ZgdigdXdbejZhid!Zco^bVdZhigjXijgV
fjZYZhZZbdhÇ!Zmea^XVZaZhijY^VciZYZaVXVggZgVfj†b^Xd[VgbVX‚j"
i^XdW^‹ad\dYZaV;VXjaiVYYZ:hijY^dhHjeZg^dgZh8jVji^ia{c#
:cjcVgi†XjadejWa^XVYdZcaVgZk^hiV AZiiZgh^c9gj\9Zh^\c
9^hXdkZgnn _jc^d"_ja^d'%%*!K†Xidg=j\dK{ofjZo^c[dgbVX‹bdhZgZaV"
X^dcVYZ[dgbVk^gijVaZa[{gbVXdXdcaVZco^bVbZi^aigVch[ZgVhV!aVXjVa
hZZcXjZcigVZcX‚ajaVhfjZegZhZciVcY^k^h^‹cXZajaVgXdbdaVhYZe^Za!
‹g\Vcdh!ZcigZdigVh#

C|iW]kW :abVeVYZaV
VgfjZdad\†V
fWhW7YWfkbYe
JcVegZhVfjZVa\jcdhXVa^[^XVcXdbdaVb{h
\gVcYZYZAVi^cdVb‚g^XVhZg{Xdchigj^YVedg
bZm^XVcV
aV8db^h^‹c;ZYZgVaYZ:aZXig^X^YVY8;:Zc :hjcbVeVfjZjW^XVngZ\^higVXVYV
<jZggZgdnhZgk^g{eVgVVWVhiZXZgYZV\jV jcdYZadh(*b^aW^ZcZhVgfjZda‹\^Xdh
ediVWaZV6XVejaXdYjgVciZadheg‹m^bdh*%VŠdh# ^cbjZWaZh!ZhYZX^g!odcVhegZ]^he{c^XVhn
AVXdchigjXX^‹cYZaegdnZXid]^YgdZa‚Xig^Xd bdcjbZcidh]^hi‹g^XdhgZ\^higVYdh]VhiV
AVEVgdiVhZ^c^X^Vg{Zaeg^bZghZbZhigZYZ'%%+ ZabdbZcid!YZaXjVahZi^ZcZjcVkVcXZ
niZgb^cVg{Zc'%&%# >866 YZB‚m^Xd!8dchigjXidgV YZ+%nZhgZhedchVWaZZa>chi^ijidYZ
DYZWgZX]in6cYgVYZ<ji^‚ggZo!YZ7gVh^a!Vh† 6cigdedad\†VZ=^hidg^V>C6=#
Xdbd9gV\VYdhZ>W‚g^XdYZ:heVŠVhdcadhXVc" :aGZ\^higdEWa^XdYZBdcjbZcidhn
Y^YVidheVgVaaZkVgVXVWdZhiZegdnZXid# OdcVh6gfjZda‹\^XdhYZa>C6= ZhZagZhedc"
HZ\cZaY^gZXidgYZaV 8;:!aVegZhVegdedg" hVWaZYZZhiVXVgid\gV[†VVgfjZda‹\^XVYZa
X^dcVg{ZaZXig^X^YVYV<jZggZgd!BdgZadhnVidYV eV†h!aVXjVa[jZ^c^X^VYV]VXZigZhVŠdhXdc
aVodcVYZaEVX†[^Xd#HZZhi^bVfjZhZ]Vg{jcV ZaVedndYZa8dcVXni#
^ckZgh^‹cYZ-%%b^ab^aadcZhYZY‹aVgZh# :cigZZabViZg^VagZXde^aVYdYZhiVXVc
AVEVgdiV
VhjeZgVg{ZcXVeVX^YVY]^YgdZa‚Xig^XV X‚YjaVhhdWgZh^i^dhegZXdadbW^cdh!Vh†
.%%bZ\VlViihVaVegZhV :a8V_‹cc YZCVnVg^i# Xdbd^b{\ZcZhV‚gZVhnYZhVi‚a^iZ#

%) 8>:C8>6N9:H6GGDAADq %8IJ7G:'%%*
B^Xgdhd[igZXdcdXZVbZm^XVcdh
3:cZaXdcXjghd>bV\^cZ8je!gZVa^oVYdZc?Ve‹cedgB^Xgdhd[i!ZhijY^VciZh
YZaVJc^kZgh^YVYYZ<jVYVaV_VgVdWijk^ZgdcZaeg^bZgaj\VgZcaVXViZ\dg†V
H]dgi[^abXdchjXdgidbZigV_ZaaVbVYdK†V#:hiV^c^X^Vi^kVegZiZcYZgZjc^gVaV
eg‹m^bV\ZcZgVX^‹cYZegd[Zh^dcVaZhZc^c[dgb{i^XV#

8Zchd
YZbVb†[Zgdh
:aZhijY^dVXZgXVYZaVY^hig^WjX^‹cYZbVb†[Zgdhh^akZhigZhZcZaeaV"
cZiV!fjZ^c^X^‹<ZgVgYd8ZWVaadh]VXZX^cXdVŠdhZcZaAVWdgVidg^dYZ
BVcZ_dn8dchZgkVX^‹cYZ;VjcVH^akZhigZYZa>chi^ijidYZ:Xdad\†VYZaV
JC6B!XdcXajn‹fjZX^ZcZheZX^ZhYZbVb†[Zgdh]VcYZhVeVgZX^Yd!YZaVh
XjVaZh&*eZgiZcZX†VcVcjZhigdeV†h#
:cZhiZegdnZXid!YdcYZiVbW^‚cXdaVWdg‹EVjaG#:]ga^X]YZaV
Jc^kZgh^YVYYZHiVc[dgY!:J6!hZZmegZhVaVXdcXZcigVX^‹cYZbVb†[Zgdh
ZcXjVYgdhYZ&%edg&%`^a‹bZigdhÅ&%%`^a‹bZigdhXjVYgVYdhÅZmegZ"
hVYdhZchZ^hbVeVhgZ\^dcVaZhYZadhX^cXdXdci^cZciZh#
:aigVWV_dXdch^hi^‹ZcZkVajVgngZk^hVgb{hYZigZhb^aejWa^XVX^dcZh
X^Zci†[^XVh#HZXdbeVgVgdcedWaVX^dcZhYZbVb†[ZgdhYZah^\adM>MXdc
Zhi^bVX^dcZhVXijVaZh#EVgVZaadhZgZX^W^‹VedndZXdc‹b^XdYZaVJC6B!
aVJc^kZgh^YVYYZHiVc[dgYnaV8db^h^‹cCVX^dcVaYZ7^dY^kZgh^YVY#
AVgZXdbZcYVX^‹cYZVbWVhjc^kZgh^YVYZhZhfjZhZYZWZegdiZ\Zg
&&YZaVhjeZg[^X^ZiZggZhigZ!adXjVaZfj^kVaZV&,b^aadcZhYZ`^a‹bZ"
igdhXjVYgVYdh#

AVWdgVidg^dYZYZiZXX^‹cYZ D<B
6eVgi^gYZZhiZbZhYZdXijWgZ!\gVX^Vh YZGZ[ZgZcX^V;^idhVc^iVg^VYZ
VaVedndn[^cVcX^Vb^ZcidYZaV DCJ!deZ" aV9^gZXX^‹c<ZcZgVaYZHVc^YVY
gVg{ZaaVWdgVidg^deVgVaVYZiZXX^‹cn KZ\ZiVaYZY^X]V^chi^ijX^‹c!jW^XVYV
kVadgVX^‹cYZdg\Vc^hbdh\Zc‚i^XVbZciZ ZcaVYZaZ\VX^‹c8dndVX{c!9#;#
bdY^[^XVYdhD<B!ZaXjVaeZgb^i^g{VcV" IVbW^‚c!\gVX^VhVaXdbegd"
a^oVgeaVciVh!\gVcdhnhZb^aaVhiVcidYZ b^hdXdcZa<:;!hZad\g‹XgZVgjcV
dg^\ZccVX^dcVaXdbd^ciZgcVX^dcVa# WVhZYZYVidhYZ D<BYZjhdV\g†"
Æ:aVedndYZ'#&b^aadcZhYZ XdaV!aVXjVaXdci^ZcZYVidhYZhYZ
eZhdh[jZdidg\VYdVB‚m^XdajZ\d &..-#6h^b^hbdhZYZhVggdaaVjcV
YZfjZXdcXjgh‹XdcZaegdnZXid bZidYdad\†VYZVc{a^h^hYZg^Zh\dh
;dgiVaZX^b^ZcidYZaV8VeVX^YVY eVgVaV^bedgiVX^‹c!bdk^a^oVX^‹cn
CVX^dcVaeVgVaV>beaZbZciVX^‹cYZa WZgVX^‹cYZZhiZi^edYZdg\Vc^hbdh
EgdidXdadYZ8VgiV\ZcVVciZZa;dcYd hj^cXdgedgVX^‹cZcZaH^hiZbVYZ
eVgVZaBZY^d6bW^ZciZBjcY^Va<:;! c[dgbVX^‹cbZY^VciZjcb‹Yjad
edghjhh^\aVhZc^c\a‚hÇ!hZ\cZa ZVbW^ZciZlZW#
hjWY^gZXidgYZZkVajVX^‹cngZ\^higdh :cZhiZaj\VghZgZVa^oVg{cVc{a^h^h
9<>6EEE$H:C6H>86
6YZaVHV\VgeV!BVgXd VhVYdhZcaVYZiZXX^‹cYZ 69Cnegd"
6cidc^d8diZgd# †cVhigVch\‚c^XVh!adhXjVaZhedYg{c
:aaVWdgVidg^dhZZcXjZcigVZc gYZYZiZXX^‹cZ^YZci^[^XVX^‹cdgZ[Z"
aVh^chiVaVX^dcZhYZa8ZcigdCVX^dcVa ciZhVaedgXZciV_ZYZigVch\ZcZh#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD %*
H[iYWj[
Z[kdWlep
[bWbXkccki_YWbZ[Üd][bWF[hWbjW

%+ q
B 6 G Þ 6  9:  AD H  Û C< : A : H  8=6E6 7:O 6C>AA6

9jgVciZZah^\adM>M!ZaeVeZaYZaVhbj_ZgZh
ZcZaiZggZcdYZaVXgZVi^k^YVYbjh^XVa[jZ
bjna^b^iVYd#:cB‚m^Xd!hj^chZgX^‹cXdbd
Xdbedh^idgVhXdbZco‹VegdYjX^ghZi†b^"
YVbZciZVbZY^VYdhYZah^\ad!XjVcYdZa
\
gdbVci^X^hbd!eg^bZgbdk^b^ZcidVgi†hi^Xd
e
YZaB‚m^Xd^cYZeZcY^ZciZ!]VW†VXdWgVYd
^bejahd#

8
dbdhjhXdaZ\VhZjgdeZdh!adhgd" dg\Vc^oVgdcXdbeVŠ†VhcVX^dcVaZhZ^ciZgcVX^d"
b{ci^Xdh bZm^XVcdh YZX^Y^Zgdc cVaZhZcigZaVhfjZYZhiVXVgdcaVh^iVa^VcVh!aVh
ajX]Vg XdcigV aV igVY^X^‹c cZdXa{" YZdeZgZiV[gVcXZhVnaVhYZoVgojZaVZheVŠdaV!
h^XVYZaV‚edXV#6ZhidXdVYnjk‹ idYVhXdcZm^idhVhiZbedgVYVh!
Za bdk^b^Zcid YZ ^cYZeZcYZcX^V! EZgd aV ^c[ajZcX^V egZYdb^cVciZ k^cd YZ
\gVX^Vh Va XjVa hZ ]VW†V YZheZg" >iVa^V! Xjndh XVciVciZh ^ciZgegZiVgdc V VjidgZh
iVYdjcVXdcX^ZcX^VcVX^dcVanhZ]VW†VhdaiVYdaV Xdbd <^dVXX]^cd Gdhh^c^ &,.'"&-+-! <VZiVcd
g^ZcYVYZadh^YZVaZha^WZgiVg^dh# 9dc^oZii^ &,.,"&-)- n <^jhZeeZ KZgY^ &-&("
:c aVh VgiZh ZhX‚c^XVh! Za gdbVci^X^hbd hZ &.%&!ZcigZdigdh#6aVhZhigZaaVhZmigVc_ZgVhhZ
XVgVXiZg^o‹ hdWgZ idYd edg aV VYdeX^‹c Z ^b^iV" jc^ZgdcadhcdbWgZhYZaVhbZm^XVcVh:j[gVh^V
X^‹cYZiZbVhnbdYZadhZjgdeZdh!eZgdYZcigd 6bVi &-(' Ä 4 ! BVg†V YZ ?Zhh BdhfjZ^gV
YZabVgXdYZaVhX^gXjchiVcX^VhcVX^dcVaZh0Vh†! bZY^VYdhYZah^\ad M>MnÛc\ZaVEZgVaiV8^jYVY
aV VXi^k^YVY bjh^XVa ZhX‚c^XV n iZVigVa hjWh^hi^‹ YZB‚m^Xd!&-)*ÄBVoVia{c!H^cVadV!&--(!iZbV
VaiZcZgXdbdWVhZaVZ_ZXjX^‹cYZdWgVh^bedg" YZZhiZZcXjZcigdiZmijVaXdcaVbh^XV#
iVYVh!YZW^YdVaVZhXVhVegdYjXX^‹cadXVa!XVgZciZ
ÄVYZb{hÄYZXgZVX^dcZhh^\c^[^XVi^kVh# Û C< : A 6  E: G 6 AI6 /  >C>8 >68 >â C B J H>86 A 
;jZZcidcXZhXjVcYdaV‹eZgVhZXdck^gi^‹Zc EVgV Za B‚m^Xd deZg†hi^Xd!&-*) [jZ VŠd YZ h^c"
ZaZheZXi{XjadegZY^aZXidYZaVhXaVhZhVaiVh#HZ \jaVg ^bedgiVcX^V# 9dh XdbeVŠ†Vh YZ ‹eZgV hZ

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD %,
H;I97J;:;KD7LEP07B8KCCKI?97B:;ÜD=;B7F;H7BJ7

Y^hejiVWVc Za [Vkdg YZ adh V[^X^dcVYdh/ Zc Za gZVa^o‹ZcXdbeVŠ†VYZhjeVYgZ#:c[ZWgZgdYZ


IZVigd HVciV"6ccV XjnV ^cVj\jgVX^‹c [jZ Za &-+&YZhZbWVgX‹Zc8{Y^o!YdcYZd[gZX^‹kVg^dh
&% YZ [ZWgZgd YZ &-))! ZhiVWV aV fjZ iZc†V XdcX^Zgidh#AdhXg†i^XdhZheVŠdaZhhZkdaXVgdcZc
edg eg^bVYdcV V V aV VaZbVcV :cg^fjZiV HdciV\ Zad\^dh#9ZX†Vc/ÆAVkdoYZaVhZŠdg^iVEZgVaiVZh
&-%+"&-*)0 Zc Za IZVigd Dg^ZciZ d IZVigd YZa YZjcV[jZgoVnVab^hbdi^ZbedYZjcVYjaojgV
Egd\gZhd! aV fjZ egZhZciVWV V aV Y^kV 7VaW^cV ZmigZbVYVh!YZjcVV[^cVX^‹cZmfj^h^iVnYZjcV
HiZ[[ZcdcZ &-') Ä 4 n V aV XVciVciZ bZm^XVcV [VX^a^YVYYZZ_ZXjX^‹ciVcedgiZcidhV!fjZejZYZ
:j[gVh^V6bVi# YZhV[^VgVaVhb{hV[VbVYVh0hjcdbWgZcdhZg{
9jgVciZ hj ZhiVcX^V Zc B‚m^Xd! HdciV\ dn‹ XdcdX^YdejZhhZaVYZh^\cVg{h^ZbegZXdcZaYZ
]VWaVg YZ jcV c^ŠV fjZ egdXjgVWV ^b^iVgaV# :gV Gj^hZŠdg bZm^XVcd ?jVc ?dh‚ BVgi†cZo! Æ:a
Ûc\ZaV EZgVaiV ÄZcidcXZh YZ dcXZ VŠdhÄ fj^Zc Gj^hZŠdg BZm^XVcdÇ! Zc :a BjcYd E^cidgZhXd!
[jZ aaZkVYV edg hj bVZhigd! 6\jhi†c 7VaYZgVh BVYg^Y!k#'!cb#&!&-+&!e#(#
&-'+"&--'! VciZ aV Y^kV VaZbVcV# 6 eZi^X^‹c YZ
‚hiV!Z_ZXji‹Z_ZgX^X^dhfjZ]VhiVZcidcXZhh‹adaV

3:cg^fjZiVHdciV\!
Y^kVVaZbVcV!
hZXdcbdk^‹Xdc
ZaXVcidYZjcV
eZfjZŠVbZm^XVcV
YZdcXZVŠdh/
Ûc\ZaVEZgVaiV
\Vg\VciVYZaVHdciVc\VaXVcoVWV#AVXViVciZhZ 6eg^cX^e^dhYZbVndhVa^‹VB^a{c/V]†hZejhd
Xdcbdk^‹XdcaVWZaaZoVnZak^gijdh^hbdYZaVkdo WV_daVY^gZXX^‹cYZabVZhigd;gVcXZhXdAVbeZgi^
YZaVeZfjZŠVbZm^XVcV!naZdWhZfj^‹jcVe^ZoV &-&("&-.'# :c bVnd YZ &-+' hZ egZhZci‹ edg
YZbh^XV#ÆH^ijeVYgZiZaaZkVhZV>iVa^V!hZg†Vh eg^bZgVkZoZc>iVa^VXdbdXVciVciZegd[Zh^dcVa!
jcVYZaVhb{h\gVcYZhXVciVciZhYZ:jgdeVÇ!aZ Zc aV HXVaV YZ B^a{c! Xdc aV ‹eZgV AjX^V Y^
Y^_dBVcjZaEZgVaiV8VhiZgV!ÆÛc\ZaVEZgVaiVÇ!Zc AVbZgbddgg#6aZhXjX]VgaV!adhZheZXiVYdgZhhZ
GZk^hiV6gi†hi^XVV!B‚m^Xd!k#&!cb#'!&.'&!e#.*# YZhWdgYVgdcZcZcijh^Vhbd#9jgVciZ'(cdX]Zh
Ûc\ZaVEZgVaiVgZVa^o‹ZhijY^dhYZXdbedh^" XdchZXji^kVhVggZWVi‹VaeWa^Xdb^aVc‚hXdcaV
X^‹cXdc8ZcdW^dEVc^V\jV&-'&"&--'niVbW^‚c b^hbV dWgV# Ûc\ZaV EZgVaiV ]VW†V ig^jc[VYd! hj
[jZbV\c†[^XV^ci‚gegZiZYZe^VcdnVgeV#IgVWV_‹ gZejiVX^‹cZhiVWV]ZX]V#
hj kdo Xdc Za bVZhigd 7VaYZgVh ]VhiV Za VŠd Adh VŠdh h^\j^ZciZh [jZgdc YZ gdijcYd ‚m^id
YZ &-+%! XjVcYd XVci‹ Xdc \gVc ‚m^id aV ‹eZgV Zc aVh eg^cX^eVaZh X^jYVYZh ^iVa^VcVh! n Zc &-+*
IgdkVYdgg YZ KZgY^! Zc Za IZVigd CVX^dcVa# :hV VXZei‹ gZ\gZhVg V B‚m^Xd Zc aV iZbedgVYV YZa
cdX]Z!VYZb{hYZaVh\gVcYZhdkVX^dcZhYjgVciZ IZVigdCVX^dcVa!XdcaVXdbeVŠ†VYZaZbegZhVg^d
aV [jcX^‹c! Va iZgb^cVg Za ZkZcid Za eWa^Xd aV 6c†WVa 7^VXX]^! XjnVh [ZX]Vh YZ cVX^b^Zcid n
VXdbeVŠ‹]VhiVhjXVhV/aVVXaVb‹YjgVciZidYd bjZgiZhZ^\cdgVc#6aiZgb^cVgadhXdbegdb^hdh
ZaigVnZXid# Zc aV 8^jYVY YZ B‚m^Xd! aV XdbeVŠ†V hVa^‹ YZ
\^gVedgZa^ciZg^dgYZaVgZeWa^XV!YdcYZÛc\ZaV
; J :GO 6  N 9 J AO J G6 /  : CI G :  : J G D E6  N  h^\j^‹XdhZX]VcYdig^jc[dh#;^cVabZciZ!ZcZcZgd
B wM> 8 D YZ&-+,!bVgX]‹YZcjZkdV:jgdeVeVgVXjbea^g
6fjZa ig^jc[d YZX^Y^‹ hj k^V_Z V :jgdeV! Za XjVa XdcjcVhZg^ZYZXdcigVidheZcY^ZciZh#

%- 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
3:a{aWjbbjh^XVaYZÛc\ZaV
EZgVaiVegZhZciVjcVWVc^XdYZ
adb{hgZegZhZciVi^kdYZagdbVc"
i^X^hbdYZah^\adM>MngZ[aZ_VZa
\jhidYZaVVjidgVedgZakVah!aV
gdbVcoV!aV[VciVh†VnaVYVcoV
:c &-,& gZ\gZh‹ V B‚m^Xd# HZ Zc" Ûc\ZaVEZgVaiVgZ\gZh‹Vak^Z_dXdc"
XdcigVWVZcaVX^bVYZhj[VbV!cjcXV i^cZciZncdkdak^‹VB‚m^Xd]VhiV&-,,!
iVcYjZŠVYZhjegdY^\^dhVkdo!hda^X^" XdbdZbegZhVg^V#EgZhZci‹edgeg^bZgV
iVYVnV\VhV_VYVedgaVhdX^ZYVYnadh kZo aV ]dn iVc X‚aZWgZ dWgV YZ KZgY^!
^c[Vi^\VWaZh edZiVh bZm^XVcdh YZ hj 6†YVV#9Zhej‚hYZVa\jcVh\^gVhedgaVh
i^Zbed#:hiVhZ\jcYVk^h^iV[jZbZbd" eg^cX^eVaZh X^jYVYZh YZa eV†h ÄbZcdh
gVWaZ/ aV Y^kV XVci‹ aV c^XV ‹eZgV Zm^idhVhYZW^YdVaVWVi^b^ZcidXVjhVYd
YZ Vjidg bZm^XVcd Zc hj gZeZgidg^d/ edg aV adXjgV n bjZgiZ YZ hj eg^bZg
<jVi^bdio^c!YZ6c^XZidDgiZ\V&-'(" Zhedhd! hj eg^bd! :j\Zc^d 8VhiZgVÄ
&-,*#AdhXdcX^ZgidhhZhjXZY^ZgdcV ZbegZcY^‹ jc ai^bd gZXdgg^Yd fjZ
aV eVg YZ adh ]dbZcV_Zh! ZcigZ Zaadh gZhjaiVg†V[ViVa#
Za fjZ aZ d[gZX^‹ jc \gjed YZ ^ciZ" :a '' YZ V\dhid YZ &--( aaZ\‹ V aV
aZXijVaZh bZm^XVcdh/ ?jhid H^ZggV! WV]†V YZa ejZgid YZ BVoVia{c Za kVedg
6cidc^d<VgX†V8jWVh!;gVcX^hXdHdhV YZ bVig†XjaV ^c\aZhV CZlWdgc c! igVch"
nBZaZh^dBdgVaZh# edgiZ YZ adh -% Vgi^hiVh fjZ ^ciZ\gVWVc

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD MM
H;I97J;:;KD7LEP07B8KCCKI?97B:;ÜD=;B7F;H7BJ7
BVoVia{c/ aV Ze^YZb^V hZ egdeV\‹ g{e^YVbZciZ#
Ûc\ZaVEZgVaiViZc†V[jcX^‹cZa')YZV\dhid!eZgd
ijkdfjZedhedcZgaV!ejZhkVg^dhVgi^hiVhhZ]VW†Vc
XdciV\^VYdXdcaVYZkVhiVYdgVZc[ZgbZYVY#:abVa
hZZchVŠ‹Xdcadhb^ZbWgdhYZaVXdbeVŠ†VnYZ
hjh -% XdbeVghVh! h‹ad fjZYVgdc Xdc k^YV hZ^h0
Ûc\ZaVbjg^‹Za(%YZV\dhid#

6 EG : 8 >68 >D C: H  HD 7 G :
: A  Û A 7 J B  B J H >86 A
AVXVciVciZcd]VW†Vh^Yd[Za^oZchjk^YV†ci^bV0
hjeg^bZgbVig^bdc^dcd]VW†VgZhjaiVYdV[dgij"
cVYd!ejZhVadhedXdhVŠdhYZjc^‹c!ZabVg^Yd
ZbeZo‹ V hj[g^g igVhidgcdh bZciVaZh# 6jcfjZ
b^bVYVedgZaeWa^Xd!nedhZZYdgVYZjcVcVYV
YZhegZX^VWaZ g^fjZoV! Ûc\ZaV cd ZgV [Za^o n hZ
gZ[j\^‹ZcZaigVWV_d#
9jgVciZ adh eZg^dYdh YZ YZhXVchd Zc hjh
\^gVhhZYZY^XVWVVXdbedcZgXVcX^dcZhne^ZoVh
eVgVe^Vcd!fjZgVgVkZohZZhXjX]VWVcb{hVaa{
YZaX†gXjadYZhjhVb^\dh#;jZVagZ\gZhdYZhj
ai^bdk^V_ZV:jgdeVXjVcYdVXXZY^‹VejWa^XVg
kVg^Vh YZ ZaaVh ÄVa\jcVh Zc ^iVa^VcdÄ aVh XjVaZh
[jZgdcZY^iVYVh!Zc&-,*!edgZaedZiV!eZg^dY^hiV
n ZbegZhVg^d iZVigVa ?ja^{c Bdci^Za n 9jVgiZ
&-(%"4!XjnVhgZaVX^dcZhVbdgdhVhXdcaVY^kV
ZbeZoVWVc V aZkVciVg bjgbjgVX^dcZh# 9jVgiZ
[jZZaVedYZgVYdYZÛc\ZaVnhjhZ\jcYdZhedhd!
Xdcfj^ZciVbedXd[jZ[Za^oejZh!VeVgZciZbZciZ!
aVZmeadi‹#
:hiV XdaZXX^‹c XdbejZhiV edg Y^ZX^cjZkZ
aV 8dbeVŠ†V YZ âeZgV >iVa^VcV! egde^ZYVY YZ aV dWgVhfj^o{XdbeZcY^dYZidYVaVXdc\d_VYZhj
Y^kVbZm^XVcV#KZc†VYZ<jVnbVh!HdcdgV!nAV k^YV †ci^bV! ZcigZ aVh fjZ hZ ZcXjZcigVc dWgVh
EVo!7V_V8Va^[dgc^V!YdcYZhZ]VW†V^begdk^hVYd eVgVe^Vcdhdad!nXVcidXdcVXdbeVŠVb^ZcidYZ
jc iZVigd Zc jc eVi^d adXVa! ZheVX^d fjZ gZhdc‹ e^Vcd![jZYZedh^iVYVZcZa;dcYdGZhZgkVYdYZ
Xdchjai^bdXVcid/aV‹eZgVBVg†VYZGd]Vc c YZ aV7^Wa^diZXVCVX^dcVanXdchi^ijnZZabViZg^VaYZa
9dc^oZii^# ÛaWjbb!bdi^kdYZaegZhZciZVgi†Xjad#
JcdYZadheVhV_ZgdhYZakVedg]VW†V[VaaZX^Yd :caVhXdbedh^X^dcZhYZÛc\ZaVEZgVaiVegZ"
VWdgYdedgaV[^ZWgZVbVg^aaV!naVhedXdegZk^hdgVh Ydb^cV Za \‚cZgd YZ hVa‹c! Xdc Va\jcdh \^gdh
Vjidg^YVYZh hVc^iVg^Vh eZgb^i^Zgdc YZhZbWVgXVg Vgb‹c^Xdh n bZa‹Y^Xdh Zc jcVh! d V^gZh cVX^d"
Za XVY{kZg n ZciZggVgad Zc Za eVciZ‹c adXVa YZ cVaZhZcdigVh0VbWVh!ZmegZh^dcZhfjZadhXdb"

3AVkdoYZÛc\ZaVEZgVaiV[jZXdch^YZ"
gVYVYZjcV[jZgoVnYjaojgVZmigZbVYVh!
V[^cVX^‹cZmfj^h^iVn[VX^a^YVYYZZ_ZXjX^‹c
edgiZcidhV!XjVa^YVYZhfjZaZkVa^ZgdcaV
YZh^\cVX^‹cYZ Gj^hZŠdgbZm^XVcd
&% 8>:C8>6N9:H6GGDAAD q D8IJ7G:'%%*
edh^idgZhYZah^\ad M>MMXjai^kVWVc# VedgiVX^‹ceVgVZaVc{a^h^hYZaeVeZa[ZbZc^cdZc
AV bh^XV hVadcZhXV ijkd hj VciZXZYZciZ ZaiZggZcdYZaVXgZVi^k^YVYbjh^XVaYZZcidcXZh0
Zc aVh [dgbVh WV^aVWaZh ZjgdeZVh! n adh ZheV" ZhiVbW^‚cjcgZZcXjZcigd!YZhYZaVXdbedh^X^‹c
X^dh YdcYZ hZ Z_ZXjiVWV gZX^W^Zgdc Za cdbWgZ bjh^XVa!XdcaV[VbdhVY^kVbZm^XVcV!ZmigVdgY^"
YZ hVadcZh YZ bh^XV# AVh [dgbVh bjh^XVaZh cVg^V hdegVcd! bV\c†[^XV ^ci‚gegZiZ YZ e^Vcd n
eZgiZcZX^ZciZh V ZhiZ \‚cZgd [jZgdc eg^cX^" VgeV#:c‚a!adhiZbVh]Vch^YdZcg^fjZX^YdhXdc
eVabZciZ aV YVcoV eda`Vh! bVojgXVh! hX]di" a^id\gV[†Vh YZ ‚edXV! Va\jcVh iVc Zmfj^hiVh fjZ
i^hX]! kVahZh! XjVYg^aaVh! aV e^ZoV YZ XVg{XiZg ]VXZcYZaÛaWjbjcgZ\^higdYZaVbdYVnaVhXdh"
gdbVcoVh!XVeg^X]dh!cdXijgcdh!hZgZcViVh!aV ijbWgZhYZah^\ad M>M#:c[^c!jcV[jZciZ]^hi‹g^XV!
YZ Xdadg^Yd Zm‹i^Xd dg^ZciVaZh! bdg^hXVh! n aV eVgVidYdh#
bVgX]Vb^a^iVg#
8dc[dgbZZah^\ad[jZVkVcoVcYd!adhXdb" G : 8 D CD 8 >B >: CID H
edh^idgZh [^_Vgdc iVbW^‚c hj b^gVYV Zc digV AVegdYjXX^‹cYZZhiZ{aWjbXdci‹XdcZaVednd
kZiV!aVedejaVg!fjZ]VW†VZbeZoVYdVXdWgVg YZa Y^gZXidg YZa >chi^ijid YZ >ckZhi^\VX^dcZh
[jZgoV V [^cVaZh YZ aV ‚edXV Xdadc^Va Xdc adh 7^Wa^d\g{[^XVh!K^XZciZFj^gVgiZnYZaV9^gZXX^‹c
hdcZX^idh bh^XV bZhi^oV/ _VgVWZh! hdcZh! YZBh^XVYZaVJC6B!VYZb{hYZaVeVgi^X^eVX^‹c
gjbWVh! YVcodcZh n ]VWVcZgVh# :c X^ZgiVh YZa bVZhigd ?doZ[ DaZX]dlh`^! e^Vc^hiV XdcXZg"
e^ZoVhYZa {aWjb hZYZiZXiVcZhidhZaZbZcidh i^hiV!naVbZod"hdegVcdKZg‹c^XV6aZmVcYZghdc!
edejaVgZh! YZ adh XjVaZh Ûc\ZaV EZgVaiV cd bh^XdhYZeg^bZgc^kZa#
ejYdVWhigVZghZ#
BVg^VYZadhÛc\ZaZh8]VeV7ZoVc^aaV ZhYdXidgVZc]^h"
6h†! aV XdaZXX^‹c Zh jc VWVc^Xd YZ ad b{h idg^VYZB‚m^XdedgaV JC6B ngZVa^o‹ZhijY^dhXdbeaZidh
gZegZhZciVi^kd YZ aV ‚edXV n gZ[aZ_V Za \jhid YZ YZe^VcdnXVcidZcaV:hXjZaVCVX^dcVaYZBh^XV:CB#
aV VjidgV edg Za kVah! aV gdbVcoV! aV [VciVh†V! n :h^ckZhi^\VYdgVi^ijaVgZcZa>chi^ijidYZ>ckZhi^\VX^dcZh
7^Wa^d\g{[^XVh!YdcYZgZVa^oV^ckZhi^\VX^‹c]^hi‹g^XV
aVYVcoV#6aVkZogZhjaiVjcXjg^dhdYdXjbZcid nbjh^XVa!VYZb{hYZ^beVgi^gX{iZYgVZcaV :CB#
VXZgXV YZ hj [VXZiV Xdbd Xdbedh^idgV n jcV VX]VeV5W^Wa^dcVa#W^Wa^d\#jcVb#bme_Y]5egdY^\n#cZi#bm

MM 8>:C8>6N9:H6GGDAAD q B:H '%%) B:H'%%) q 8>:C8>6N9:H6GGDAAD MM


ZcZabjcYd
=K7:7BKF;=KJ?xHH;P

BZY
VWV
JcVhVjcV
XdcZaZXig
@V\dh]^b
egZiZcYZi
AdheV
hZXjZcX^V
hVc\gZnX
AdhZh
_ZgVjcVi
fj^ZcZhe
XjZhi^dcZ

&' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


8VgcZYZaVWdgVidg^d
38VgcZegdXZhVYV!XdbdaVYZaVhhVaX]^X]Vh!cjig^i^kVnXdcVea^XV"
X^dcZhb‚Y^XVh!edYg†VhZgegdYjX^YVZcaVJc^kZgh^YVYYZBVgnaVcY!
:J6#Æ6eVgi^gYZjcVX‚ajaVhZedYg†Vhjea^gaVYZbVcYVYZabjcYd
ZciZgdÇ!Zmea^XV?VhdcBVi]Zcn!a†YZgYZa\gjed#

LWYkdWdfbWdjWi
[dD_][h_W
JcVcjZkV[dgbVYZXdbWVi^gZa]dc\d
6heZg\^aajh[aVkjhh!XjndhXdbedcZciZhcVij"
gVaZhXVcXZg†\ZcdhV[ZXiVceaVci†dhYZbV†on
e^hiVX]Z!]Vh^YdegdWVYVZcC^\Zg^V#
Adh^ckZhi^\VYdgZhYZaVJc^kZgh^YVYYZ
7dccnYZa>chi^ijid>ciZgcVX^dcVaYZ6\g^XjaijgV
Igde^XVaZc>WVYVc!ZcC^\Zg^V!kVXjcVcadh
eaVci†dhXdcjcVkVg^ZYVYYZ6heZg\^aajhfjZ
]Vh^YdbdY^[^XVYV\Zc‚i^XVbZciZ!nedgZaadcd
\ZcZgVV[aVidm^cVh!ZhYZX^g!idm^cVhegdYjX^YVhedgjcbd]dfjZXgZXZ
ZcadhXjai^kdhYZXVXV]jViZ!{gWdaYZaVcjZo!bV†o!ig^\dnhZb^aaVhdaZ"
V\^cdhVh!XdbdaVYZaVa\dY‹c#
:hiZb‚idYd[jZVjidg^oVYd]VXZYdhVŠdhZc:hiVYdhJc^YdhXdbd
VaiZgcVi^kVZXda‹\^XVeVgVXdbWVi^gZa]dc\di‹m^Xd#:aVjidgYZZhiVegd"
ejZhiVZhZa^ckZhi^\VYdgZhiVYdjc^YZchZEZiZg?#8diin!Vfj^ZchZVig^"
WjnZaV^YZVYZjhVg]dc\dhWZc^\cdheVgVViVXVgVadhbVa^\cdh#
EZiZg8diingZegdYj_dZa]dc\dWZc^\cdZchZb^aaVhYZXZgZVaZhnadh
ZheVgX^‹ZceaVciVX^dcZhYZVa\dY‹c#8^cXd`^adhYZhZb^aaVhYZXZgZVa
hdchj[^X^ZciZheVgVkVXjcVgjcV]ZXi{gZV!edgadfjZZaegdXZY^b^Zcid
ZhZXdc‹b^Xd#
;_dij[_d0
[b^WbbWp]eZ[kdcWdkiYh_je
AVJc^kZgh^YVYYZAZ^YZcYZ=daVcYVXjZciVXdc
;bi[Yk[ijheZ[b9E( jccjZkdgZXjZgYdYZaVhk^h^iVhfjZ:^chiZ^c
]VX†VV]†/jcbVcjhXg^id[ZX]VYdZcY^X^ZbWgZ
JcVcjZkVi‚Xc^XV!WVhVYVZcZciZggVgZaY^‹m^YdYZXVgWdcdZcnVX^" YZ&.')[jZ]VaaVYdedgjcZhijY^VciZYZYdX"
b^ZcidhYZ]^YgdXVgWjgdh!XjZcXVhYZXVgW‹cn[dgbVX^dcZhhVa^cVh idgVYdZcadhVgX]^kdhYZa>chi^ijidYZ;†h^XV
egd[jcYVh!Zhi{h^ZcYdji^a^oVYVZceV†hZhXdbd:heVŠV!:hiVYdh IZ‹g^XVYZZhV^chi^ijX^‹c#
Jc^Ydh!8VcVY{!>c\aViZggV!CdgjZ\Vn6g\Za^VeVgV[gZcVgZaXVaZciV" :aiZmidkZghVhdWgZjcZhiVYdYZaVbViZg^V!
b^Zcid\adWVanhjhZ[ZXidh# Za7dhZ":^chiZ^c!fjZZa[†h^XdVaZb{cXdcX^W^‹
:ccVX^dcZhXdbd8]^aZnVhZZhijY^VaVedh^W^a^YVYYZgZVa^oVgZhiZ _jcidXdchjXdaZ\V^cY^dHVinZcYgVCVi]7dhZ#
VabVXZcVb^Zcid\Zda‹\^Xd d#HZ\caV6\ZcX^V>ciZgcVX^dcVaYZ:cZg\†V :hiZYdXjbZcid[jZejWa^XVYdVeg^cX^e^dhYZ
YZZhZeV†h!Zm^hiZchj[^X^ZciZh[dgbVX^dcZhhjWiZgg{cZVheVgVVabV" &.'*ZcaVbZbdg^VYZaV6XVYZb^VYZaVh
XZcVgYdhkZXZhZa8D'fjZZabjcYda^WZgVg†VVaVVib‹h[ZgVZc'%*%# 8^ZcX^VhYZEgjh^V!Zc7Zga†c!WV_dZai†ijad IZdg†V
:a^c\Zc^Zgd?jVcYZ9^dhG^kZgV!YZaVJc^kZgh^YVYYZ8]^aZ!^c[dgbV Xj{ci^XVYZa\Vh^YZVabdcdVi‹b^Xd#
fjZZaY^‹m^YdYZXVgWdcdcdhZhjXX^dcVg†VYZaVVib‹h[ZgVh^cdfjZhZ :cVa\jcVhYZaVh&+e{\^cVhZhXg^iVhZc
igVchedgiVg†VYZhYZaVh[{Wg^XVh]VhiVadhedodh# VaZb{chZejZYZcdWhZgkVg]jZaaVhYZ:^chiZ^c!
=VhiVV]dgVÆZaY^‹m^YdYZXVgWdcdhZ^cnZXiVeVgVYZheaVoVgZa Vh†XdbdVcdiVX^dcZhnhZŠVaVb^ZcidhYZhj
eZig‹aZddZaXVgW‹cfjZfjZYVcZcadhedodhnXdchZ\j^g!VhjkZo!aV ZY^idg#
hVa^YVYZadhgZhidhYZaXdbWjhi^WaZÇ# HZ\cZaVgi†Xjad!ZciZbeZgVijgVhXZgXVcVh
AVXdbeVŠ†VWg^i{c^XV 7EEA8^cVj\jg‹Zc_ja^djcVeaVciVYZegdXZ" VaXZgdVWhdajid!jcdh',(\gVYdhWV_dXZgd!aVh
hVb^ZcidYZ\VhcVijgVaZc6g\Za^VeVgVZciZggVgZa8D'0YZ^\jVa[dgbV eVgi†XjaVhYZ\VhejZYZcVaXVcoVgjcZhiVYdYZ
ad]VXZcaVXdbeVŠ†VcdgjZ\VHiVid^a6hVnaVVjhigVa^VcV8]Zkgdc ZcZg\†ViVcWV_dfjZhZjcZcZcjcVZhigjXijgV
IZmVXd8dge# bdcdVi‹b^XV#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD &(


&) 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
AVXdbeaZ_^YVYYZa
bZY^dVXijVa!egd"
YjXidYZaV\adWVa^"
oVX^‹c!dWa^\VVaVh
dg\Vc^oVX^dcZhYZ
hVajYVXdciVgXdc
jceaVcW^ZcYZ[^"
c^YdZc[dXVYdVad
fjZhZYZhZVad\gVg
ZcZa[jijgd#EdgZaad
hZYZWZcY^hZŠVg
aVhZhigViZ\^VhVYZ"
XjVYVheVgVfjZ
idYdhadhZh[jZgodh
aaZkZcVaad\gdYZ
hjhbZiVh#
GI= 6 :#   G 6B Þ G :O  G :B76D
6 C ID C>D  G :N C6 86G G 6CO 6

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD &*


A
Vh dg\Vc^oVX^dcZh YZ hVajY! hZVc idYdhadheVgi^X^eVciZh#:hidZhadfjZhZgZfj^ZgZ
eWa^XVh d eg^kVYVh! Zhi{c dWa^" Zc Za eZghdcVa YZ jc ]dhe^iVa eVgV fjZ ejZYV
\VYVh V egd[Zh^dcVa^oVg hjh hZgk^" d[gZXZgVaeVX^ZciZadfjZZchjaj\Vg Za igVWV"
X^dh! dei^b^oVcYd aV ji^a^oVX^‹c YZ _VYdgYZhZVg†VfjZhZaZd[gZX^ZgV/jcVViZcX^‹c
hjhgZXjghdh]jbVcdh!bViZg^VaZh egd[Zh^dcVa!jcigVid]jbVc^iVg^d!ZcZabdbZcid
n[^cVcX^Zgdh!idYdeVgVXjbea^gXdc cZXZhVg^d! Xdc jc Xdhid _jhid n Zc jc VbW^ZciZ
hjb^h^‹c!fjZZcidYdhadhXVhdhYZWZhZgegd" egde^X^deVgVhjgZXjeZgVX^‹c#
edgX^dcVgjchZgk^X^dYZXVa^YVYVaeVX^ZciZ# :ceg^bZgaj\VgYZWZeZchVghZZcaVhXVgVXiZ"
    Edg ZhiV gVo‹c! cd hZ YZWZ eZgYZg YZ k^hiV g†hi^XVhYZaa†YZgYZaVdg\Vc^oVX^‹cYZhVajY!fj^Zc
fjZjc]dhe^iVaedYg†VXdciVgXdcjc^bedgiVciZ hZg{gZhedchVWaZYZad\gVgaVVgbdc†VcZXZhVg^V
XVe^iVa! aV bZ_dg ^c[gVZhigjXijgV! iZXcdad\†V YZ Zc idYd Za Zfj^ed0 ZhiV eZghdcV YZWZg{ iZcZg
ejciV!bZY^XVbZcidnbViZg^Vab‚Y^XdcZXZhV" XdcdX^b^ZcidhVXZgXVYZabVcZ_dYZadhgZXjghdh
g^dheVgVhj[jcX^dcVb^Zcid!eZgdh^XVgZXZYZjc iVcid]jbVcdhXdbdbViZg^VaZh!ZmeZg^ZcX^VZc
Zfj^edYZigVWV_dadhj[^X^ZciZbZciZegZeVgVYdn aVidbVYZYZX^h^dcZh^c[dgbVX^‹cVXZgXVYZaVh
XdchX^ZciZYZaVaVWdgiVcZheZX^VafjZgZVa^oV!Zh cZXZh^YVYZh b‚Y^XVh n YZ adh eVX^ZciZh# 8aVgd
egdWVWaZfjZcdXdch^\Vhjh[^cZh# fjZXjVafj^ZgeZghdcVZhXVeVoYZ]VXZgad!eZgd!
EgZeVgVX^‹c!ZmeZg^ZcX^VnkdajciVYYZhZgk^g ´hZZhi{cidbVcYdaVhbZ_dgZhYZX^h^dcZh4!´hZ
Zc XVYV jcd YZ adh ZbeaZVYdh Än ZbeZoVcYd dei^b^oVZajhdYZadhgZXjghdh4###AV[VaiVYZXdc"
edgZaa†YZgÄhdcVig^Wjidh^bedgiVciZheVgVfjZ h^YZgVX^‹cYZZhidhXjZhi^dcVb^ZcidhedYg†VhZg
aV ViZcX^‹c YZa eVX^ZciZ hZ ejZYV ad\gVg Xdc aV jcVYZaVh\gVcYZh[VaaVhfjZaaZkZcVXjVafj^Zg
b^hbV Vgbdc†V Xdc aV fjZ jcV dgfjZhiV h^c[‹" dg\Vc^oVX^‹cVa[gVXVhd#
c^XV Z_ZXjiV jcV e^ZoV bjh^XVa! edg ad fjZ adh DigVhXVgVXiZg†hi^XVhXdcaVhfjZYZWZXdciVg
bh^Xdh! VYZb{h YZ XdcdX^b^Zcid YZa ^chigj" ZhiZa†YZghdc/jcVkVhiVZmeZg^ZcX^VZcZagVbd
bZcidfjZZ_ZXjiVc!egd[ZhVcjc\gVcVbdgedg hVajY!kdajciVYeVgV]VXZgW^ZchjigVWV_d!hZc"
aVbh^XV!hZegZeVgVcaZnZcYdaVeVgi^ijgVfjZ h^W^a^YVY Zc Za igVid Va eVX^ZciZ n cjcXV dak^YVg
Z_ZXjiVg{c n egVXi^XVc idYVh aVh kZXZh fjZ hZV fjZ hj igVWV_d Zh ZheZX^Va! ejZh i^ZcZ aV \gVc
cZXZhVg^d]VhiVad\gVgaVeZg[ZXX^‹cnVgbdc†VYZ gZhedchVW^a^YVY YZ aV ViZcX^‹c YZ jcV YZ aVh

3AVb^h^‹cYZjc]dhe^iVa
Zhd[gZXZgViZcX^‹cegd"
[Zh^dcVaedgeVgiZYZ
idYdZaeZghdcVa!igVid
]jbVc^iVg^dZcZa
bdbZcidcZXZhVg^d!
VjcegZX^d_jhid!nZc
jcVbW^ZciZegde^X^d
eVgVaVgZXjeZgVX^‹cYZ
adheVX^ZciZh

&+ 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


cZXZh^YVYZhb{h^bedgiVciZheVgVXjVafj^ZghZg
]jbVcd/hjhVajY#
AdVciZg^dghZVea^XVVidYdZaeZghdcVa!h^c
3Fj^ZcZhigVWV_VcZcjc
^bedgiVgZa{gZVdYZeVgiVbZcidYZVYhXg^eX^‹c
c^hj_ZgVgfj†V0idYdZaeZghdcVaYZWZZhiVgXVeV"
]dhe^iVai^ZcZcaV\gVcgZhedc"
X^iVYdeVgVaVgZVa^oVX^‹cYZhjigVWV_d#NZhgZh"
edchVW^a^YVYYZaa†YZgVhZ\jgVghZYZhZaZXX^dcVg
hVW^a^YVYViZcYZgjcVYZaVh
V adh bZ_dgZh ZaZbZcidh n Wg^cYVgaZh XVeVX^iV"
X^‹ceVgVfjZYZhZbeZŠZchjh[jcX^dcZhXdggZX" cZXZh^YVYZhb{h^bedgiVciZh
iVbZciZ0 iVbW^‚c Zh cZXZhVg^d hZch^W^a^oVgadh
hdWgZ aV ^bedgiVcX^V YZa igVWV_d fjZ gZVa^oVc n eVgVZahZg]jbVcd/hjhVajY
ad\gVgfjZhZXdbegdbZiVcXdc‚hiZ#
AV XVeVX^iVX^‹c edg h† hdaV cd \VgVci^oV Za YZaeZghdcVaYZVYb^c^higVX^‹c!XdbdYZadhgZh"
WjZcYZhZbeZŠdYZjcViVgZV0ZhcZXZhVg^dVhZ" edchVWaZhYZaVh{gZVhYZa^be^ZoV!YZVabVX‚c
\jgVghZYZfjZZaXdcdX^b^Zcid[jZXVeiVYdedg YZ bZY^XVbZcidh! Y^Zidad\†V d Zc[ZgbZg†V0 edg
Za eZghdcVa bZY^VciZ aV gZVa^oVX^‹c YZ ZkVajV" Zhid Za eZghdcVa YZWZ XdcdXZg hj igVWV_d n aV
X^dcZhedhiZg^dgZhVXVYVXjghd!nVhZVZc[dgbV [dgbV YZ gZVa^oVgad XdggZXiVbZciZ eVgV ZcigZ
ZhXg^iV!VigVk‚hYZaVdWhZgkVX^‹cYZaZbeaZVYd idYdhVednVgaV[jcX^‹cYZab‚Y^XdZcaVViZcX^‹c
ZchjYZhZbeVŠddV\gZ\VcYdZkVajVX^dcZhiZ‹" YZaeVX^ZciZ#
g^Xd"eg{Xi^XVh#
:a ‚m^id Zc aV \Zhi^‹c YZ gZXjghdh ]jbVcdh >ciZ\gVX^‹c n Xdbegdb^hd# :a ZbeaZVYd YZWZ
YZeZcYZ YZ kVg^dh ejcidh fjZ hZ XdcXgZiVc Zc XdbegZcYZgaV^bedgiVcX^VYZhjeVeZa!ejZhZh
adh^\j^ZciZ/ ^cY^heZchVWaZfjZadVXZeiZnh^ZciVaVbdi^kVX^‹c
YZhjeZgVghZZchjhaVWdgZh]VX^ZcYdhjigVWV_d
8dcdX^b^Zcid n ]VW^a^YVYZh# 8jVafj^Zg VXi^k^YVY bZ_dgXVYVkZo!neVgVZaadegZhZciVchj\ZgZcX^Vh
fjZhZgZVa^XZYZcigdYZjc]dhe^iVai^ZcZgZaVX^‹c eVgV^cXdgedgVgbZ_dgVh!hZci^g^ciZg‚hedgZaigV"
Y^gZXiVXdcaVhVajYYZaeVX^ZciZ!iVcidh^hZigViV WV_dYZadhYZb{h!XddeZgVgXdcadhXdbeVŠZgdh

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD &,


3Jc]dhe^iVaejZYZXdciVg
Xdcjc\gVcXVe^iVa!ZmXZ"
aZciZ^c[gVZhigjXijgV!
iZXcdad\†VYZejciVn
bZY^XVbZcidh!eZgd
h^XVgZXZYZjcZfj^ed
]jbVcdegZeVgVYdn
XdchX^ZciZ!ZhegdWVWaZ
fjZcdXdch^\Vhjh[^cZh

XjVcYd hZ gZfj^ZgV! XdckZcX^Yd YZ fjZ aV bZiV :aZbeaZVYd!VahZci^ghZ^YZci^[^XVYdnXdbegd"


[^cVaZhegdedgX^dcVgZabZ_dghZgk^X^dVaeVX^ZciZ bZi^YdXdcaVdg\Vc^oVX^‹cXdcdXZnVXZeiVhjeVeZa
nZhidcdhZad\gVb{hfjZXdcZaigVWV_dYZjc XdbdeVgiZYZaZfj^edYZigVWV_dnVhjbZaV^bedg"
Zfj^ed# iVcX^VYZaVhVXX^dcZhcZXZhVg^Vh!XdcadfjZhZZhi{
bjnXZgXVYZad\gVgjcVjbZcidYZegdYjXi^k^YVYn
6aXVcoVgadVciZg^dgZhigVWV_dYZaa†YZgn‚hiZ aV\ZcZgVX^‹cYZjcV\gVckZciV_VXdbeZi^i^kV#
YZWZ ]VXZg hZci^g V hjh ZbeaZVYdh aV ^bedg"
iVcX^V fjZ i^ZcZ hj igVWV_d eVgV VaXVcoVg iVcid ;aZm^W^a^YVYnVYVeiVW^a^YVY# 8VeVX^YVYYZ\Zhi^‹c
aVh bZiVh YZ aV dg\Vc^oVX^‹c Xdbd aVh eZghd" YZXVbW^dZcZaeZghdcVanZcidYVaVZbegZhV
cVaZh0ZhXjX]VgVidYdhadhb^ZbWgdhYZaZfj^ed eVgVZc[gZciVgZaY^cVb^hbdYZabZY^d!ZhidhZ
XjVcYd VedgiVc ^YZVh! gZXdcdXZg hjh ad\gdh n Xdch^\jZ Va XdciVg Xdc eZghdcVa ad hj[^X^ZciZ"
egZhZciVg gZidh fjZ bdi^kZc n ]V\Vc hZci^g Zc bZciZegZeVgVYdnbdi^kVYdeVgVXVbW^VgYZjc
Zaadh^YZci^YVYXdcaVdg\Vc^oVX^‹c# igVWV_dVdigdh^cegdWaZbV#

=;IJ?ED;IJH7Jx=?97:;H;9KHIEI>KC7DEI

&- 8>:C8>6N9:H6GGDAAD q D8IJ7G:'%%*


8Va^YVY# GZcY^b^ZcidZcidYdZaeZghdcVa cZXZhVg^d gZhXViVg aV ^bV\Zc YZ aV
eVgVVaXVcoVgadhZhi{cYVgZhegdejZhidh dgfjZhiV h^c[‹c^XV Z_ZXjiVcYd Xdc
n edg ZcYZ jcV ^bV\Zc Va eWa^Xd fjZ Vgbdc†V jcV bZadY†V! b^ZcigVh hZ
gZ[aZ_ZadhZh[jZgodhYZidYdhedgad\gVg k^hjVa^oV jc VbW^ZciZ YZ igVWV_d Zc
XVa^YVYZcadhhZgk^X^dh# YdcYZ idYdh XjZciVc Xdc hj[^X^ZciZh
AV XdbeaZ_^YVY YZa bZY^d VXijVa! XdcdX^b^Zcidhn]VW^a^YVYZheVgVgZV"
egdYjXidYZaV\adWVa^oVX^‹c!dWa^\VVaVh a^oVg hj ZcXVg\d V aV eZg[ZXX^‹c! Xdc
dg\Vc^oVX^dcZhYZhVajYVXdciVgXdcjc aV hZch^W^a^YVY cZXZhVg^V eVgV igViVg
eaVcW^ZcYZ[^c^YdZc[dXVYd]VX^VadfjZ Xdc XVa^YZo Va eVX^ZciZ n V hjh [Vb^"
hZ YZhZV ad\gVg Zc Za [jijgd! ZhiVWaZ" a^VgZh!Xdcjc\gVcc^kZaYZ^ciZ\gVX^‹c
X^ZcYdZhigViZ\^VhfjZeZgb^iVcdg^ZciVg n Xdbegdb^hd YZhYZ Za a†YZg ]VhiV Za
hjhZh[jZgodh]VX^VadhZaZbZcidhfjZ ai^bd YZ adh ^ciZ\gVciZh! hZ\jgdh YZ
[dgiVaZXZg{cZaad\gdYZhjhbZiVh# [dgbVgeVgiZYZjcZfj^edfjZWg^cYV
Va eVX^ZciZ jc hZgk^X^d YZ ZmXZaZcX^V!
EVgV iZcZg ‚m^id Zc aV \Zhi^‹c YZ VciZedc^ZcYd h^ZbegZ Za Xdbegdb^hd
gZXjghdh ]jbVcdh Zc jc ]dhe^iVa Zh n[^cai^bdYZaVViZcX^‹c]jbVc^hiV#

7>7A>D<G6;Þ6
37d]aVcYZg!HcZaaNH]ZgbVc! 6Yb^c^higVX^‹cYZgZXjghdh]jbVcdhh!>ciZgcVX^dcVaI]dbhdc
AZgc^c\!H#6#YZ8#K#B‚m^Xd'%%&#
3<dbZo"BZ_^VAj^hG!7Va`^c9Vk^Y7!8VVgYnGdWZgiA#! <Zhi^‹cYZgZXjghdh]jbVcdhh!eg^bZgV
ZY^X^‹c!BVYg^Y!EgZci^XZ"=Vaa!&..,#
3KVaaZ8VWgZgVGVbdc/AV\Zhi^‹cZhigVi‚\^XVYZadhgZXjghdh]jbVcdhh!L^ab^c\idc!9ZaVlVgZ!
:J6!6YY^hdc"LZhaZn>WZgdVbZg^XVcV!&..*!eV\h')"',#

BVgi]V :# GVb†gZo GZbWVd Zh XdciVYdgV eWa^XV edg Za 8:INH YZ BZm^XVa^! bVZhigV Zc VYb^c^higV"
X^‹c YZ aV ViZcX^‹c b‚Y^XV edg aV JC6B! n iVbW^‚c bVZhigV Zc ^c\Zc^Zg†V Zc h^hiZbVh edg aV J678#

BVgXd6cidc^dGZncV8VggVcoVZh^c\Zc^ZgdbZX{c^XdZaZXig^X^hiVedgaV J678!bVZhigdZc^c\Zc^Zg†V
W^db‚Y^XVedgaV JC6B">nYdXidgZcW^d^c\Zc^Zg†VedgaVJc^kZgh^YVYEda^i‚Xc^XVYZ8ViVajŠV!:heVŠV#
=Vh^Yd^ckZhi^\VYdgZcY^kZghdheaVciZaZhYZZYjXVX^‹chjeZg^dgnZh^ckZhi^\VYdggZeVig^VYdedgZa
8dcVXni#

q MM
3?DHw9:A6=:GGÛC

9:H8J7G>:C9D :AJC>K:GHD


A6M:L
:CA6I>CD6BwG>86
A6B69JG:O:CA6=>HIDG>69:A6G69>D9>;JH>âCB:M>86C6
EG>C8>E>6:A&-9:H:EI>:B7G:9:&.(%0ADH:H;J:GODH
NAD<GDH6CI:G>DG:H66FJ:AA6;:8=6E:GI:C:8:C6JC
9><CDN:BD8>DC6CI:EG:AJ9>DFJ:67G>â:A86B>CDN
;DG?âHJH8>B>:CIDH#

:
[ZXi^kVbZciZ!ZcZhV[ZX]VhZ^cVj\jg‹ gZXd\^YdhnVabVXZcVYdhZcjcVWdYZ\V!b^ZcigVh
aV ZhiVX^‹c gVY^dY^[jhdgV M:L! ZbegZhV ZaegZh^YZciZYZaVZbegZhV!Ydc:b^a^d6oX{ggV\V
fjZ! edXdh VŠdh YZhej‚h! Xdc hjh K#!hZigdcVWVadhYZYdhVciZjcVedh^WaZfj^ZWgV#
h^\aVh! aaZ\Vg†V V hZg Za h†bWdad YZ aV 6Šdh VciZh! Zc _jc^d YZ &.'(! jc ]ZgbVcd
gVY^dY^[jh^‹cbZm^XVcV0h†bWdadfjZedXdVedXd YZ ‚a ]VW†V ejZhid jcV gVY^dY^[jhdgV ÄaV 8NAÄ
[jZXdadXVcYdVB‚m^XdZcZaXjVYgVciZYZidYdh Xdc hj VciZcV [gZciZ Va =Zb^X^Xad YZ ?j{gZo!
adh VeVgVidh gVY^d"gZXZeidgZh Zc adh eV†hZh YZ eZgdZacZ\dX^dcd]VW†VgZhjaiVYd!iVakZoedg
]VWaV]^heVcV#AV]^hidg^VfjZVfj†egZhZciVbdh ]VWZghZVYZaVciVYdVhji^Zbed#BjX]dhVŠdh
Zhi{ gZaVX^dcVYV Xdc Za VheZXid i‚Xc^Xd YZ aV ]VW†VceVhVYd!aVgVY^dY^[jh^‹cXdbZgX^VaZcadh
ZbegZhV! YVYd fjZ hj ^beVXid Zc adh XVbedh :hiVYdh Jc^Ydh ZbeZoVWV V hZg jcV gZVa^YVY
YZaVgiZbjh^XVangVY^d[‹c^XdhZ]VYZhXg^idnV nYdc:b^a^dhZY^_d/Æ´Edgfj‚cd^chiVaVgjcV
ZcdigVhejWa^XVX^dcZh# ZhiVX^‹c YZ gVY^d Xdc ad b{h bdYZgcd YZ aV
:c &.'.! aV B‚m^Xd Bjh^XVa H# 6#! gZegZhZc" i‚Xc^XVnVh†dg^\^cVgVfj†egd\gVbVhYZXVa^YVY
iVciZZcB‚m^XdYZaV G866K^Xidgg ZhiVYdjc^YZchZ! njcV\gVcYZbVcYVYZgZXZeidgZh!fjZhVakVg{
ZhiVWV Zc hZg^dh egdWaZbVh ZXdc‹b^Xdh# 6fjZa Vb^ZbegZhVaVB‚m^XdBjh^XVa###4ÇNh^ce‚g"
k^ZgcZh cZ\gd YZa eV†h kZX^cd ]VW†V YZggjbWVYd Y^YV YZ i^Zbed hZ bVgX]‹ V CjZkV Ndg` eVgV
aVh [^cVcoVh cdgiZVbZg^XVcVh n! Xdbd h^ [jZgVc [^cXVg Za eZY^Yd V aV egde^V G866 K^Xidgg YZ jcV
dcYVh YZ gVY^d fjZ hZ egdeV\Vc edg idYd Za gVY^dY^[jhdgV XdbeaZiV0 VXid hZ\j^Yd! hda^X^i‹
bjcYd!hjZ[ZXidZXdc‹b^XdhZhZci†VZccjZhigd Va \dW^Zgcd bZm^XVcd aV XdcXZh^‹c cZXZhVg^V/
eV†hXdcaV[jZgoVfjZ^bea^XVaVegdm^b^YVY#:c [dgb‹jcVcjZkVZbegZhV0Xdbeg‹jciZggZcd
XdchZXjZcX^V! aVh [^cVcoVh YZ aV B‚m^Xd Bjh^XVa ZcadhaaVcdhYZ8dVeVÄhdWgZaVZcidcXZhXVa"
^WVcbVaedgfjZaVkZciVYZVeVgVidhYZgVY^dÄhj oVYVYZIaVaeVbÄ0gZci‹nVbjZWa‹adhVaidhYZa
c^Xd \^gdÄ YZhXZcY†V# Adh Xa^ZciZh fjZ ]VW†Vc X^cZ Da^be^V V eVgVadhZhijY^dhZcjcVX‚cig^XV
XdbegVYdVfjZaaVhZaZ\VciZhnXdhidhVhXdchdaVh XVaaZYZaVX^jYVY0dgYZc‹fjZZcZaY^hZŠdYZ
YZ gVY^d n aVh ]VW†Vc XdadXVYd Zc hjh hVaVh cd
eV\VWVcaVhaZigVh!YZbdYdfjZadhVeVgVidhZgVc AVLVagZk‚h!h†bWdadYZB‚m^Xd

'% 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


3;G:CI:
XdchigjXX^‹c YZa ZY^[^X^d YZ aV eaVciV hZ Xdc"
9:A:9>;>8>D
h^YZgVgVc aVh edh^WaZh Vbea^VX^dcZh0 XdcigVi‹ 9:A6M:L!h^ijVYdZc
ZcZg\†V Za‚Xig^XV! a†cZVh iZaZ[‹c^XVh! ZiX#! n Zc aV8VaoVYVYZIaVaeVc
V\dhidYZ&.(%aaZ\VWVYZAVgZYdedg[ZggdXVgg^a (%%%&.(-#
jc[aVbVciZigVchb^hdgYZ*b^alViih!bdYZad
*"7!XdcidYdZaZfj^edVjm^a^VgcZXZhVg^d#
AV ^cVj\jgVX^‹c hZ ]VW†V eaVcZVYd eVgV Za
&+ YZ hZei^ZbWgZ! eZgd eZch{cYdad bZ_dg! Ydc
:cg^fjZ 8dciZa Äfj^Zc ]VW†V VeVaVWgVYd d V adh
bZ_dgZh Vgi^hiVh YZa bdbZcid YZhYZ ajZ\d!
bZm^XVcdh n \ZgZciZ YZ kZciVh YZ aV gZX^‚c
[dgbVYV 8VYZcV GVY^dY^[jhdgV BZm^XVcV H# 6#Ä
YZX^Y^‹edhedcZgaVeVgVZaY†V&-nVh†!VaVh&.
]dgVh!aVM:L!ÆAVkdoYZaV6b‚g^XVAVi^cVYZhYZ
B‚m^XdÇ! aVco‹ Va V^gZ
Z hjh eg^bZgVh igVchb^"
h^dcZh#

  

:agZhjaiVYdYZidYVVfjZaaV^ckZgh^‹cXdbZco
VYVg[gjidhVaedXdi^Zbed0aVkZciVYZgZXZe"
idgZhhZbjai^ea^X‹nXdcZaaVhZ[jZkVX^VcYd
aV WdYZ\V YZ XdchdaVh gZXd\^YVh! Xjbea^‚c"
YdhZ Vh† Za Y^X]d VfjZa YZ Y^cZgd aaVbV V
Y^cZgdd!eZgdVŠVY^ZcYdaVheVaVWgVhigVWV_d
Z^c\Zc^d!ZacZ\dX^d[jcX^dc‹VeZhVgYZaV
YZegZh^‹cZXdc‹b^XVfjZV\dW^VWVVaeV†h#
H^c ZbWVg\d! bZhZh YZhej‚h! n ajZ\d
YZ jc gZXdgg^Yd edg adh eg^cX^eVaZh ZhiVYdh YZ
aVgZeWa^XV!hZk^dfjZZaVaXVcXZYZ aVL L cd
ZgVhj[^X^ZciZ0YZcdX]ZaVhZŠVaXjWg†VjcgVY
YZjcdh)%%`^a‹bZigdh!eZgdYZY†VVeZcVhaaZ
\VWV V &%%0 ZgV cZXZhVg^d VjbZciVg Za VaXVcX
bZY^VciZbVndgediZcX^VgVY^VYV!nedgZaad!Z
&.()! aV L! fjZ nV YZ_VWV ji^a^YVYZh! [^cX‹ j
cjZkd eZY^Yd V aV G866 edg jc Vbea^[^XVYdg Y^Zo
kZXZhb{hediZciZ0ZabdYZad*%"7!Xdc*%b^a
lViih! fjZ [jZ VŠVY^Yd Va dg^\^cVa Zfj^ed *"7
Z ^chiVaVYd Zc Za {gZV YZa ZY^[^X^d eVgV Vbea^V"
LhZXdck^gi^‹ZcaVZhiVX^‹cb{h
X^dcZh0Vh†!aVM:L
ediZciZYZB‚m^Xd#
8dcZacjZkdVbea^[^XVYdg!ZaVaXVcXZhZig^"
ea^X‹YZY†VnYZcdX]Z!VYZb{hYZXjWg^gidYVaV
gZeWa^XVbZm^XVcV#:a\dW^ZgcdVjidg^o‹cjZkVh
iVg^[Vh!eZgd!eVgVZaZkVgaVhVcb{hnYVgbZ_dg
hZgk^X^dYZY†V!hjg\^‹aV^YZVYZigVchb^i^giVb"
W^‚c Zc aVh [gZXjZcX^Vh YZ dcYV XdgiV! eVgV ad 376H:9:A6
XjVa!Zc&.(,!hZ^chiVa‹jcigVchb^hdgG866 YZ&% IDGG:"6CI:C6
9:A6M:L fjZcd
b^alViihZcjcVVbea^VX^‹cYZaZY^[^X^ddg^\^cVa
gZfj^ZgZV^haVYdgZc
YZ 8dVeV# :a cjZkd igVchb^hdg YZ  dcYV XdgiV aVWVhZ0^ccdkVX^‹c
XdcaVhh^\aVh M:LL Xdch^\j^‹]VXZgaaZ\VgYZY†V YZhVgdaaVYVedghjh
cjZhigVbh^XVVXVh^idYVaV6b‚g^XVAVi^cV# ^c\Zc^Zgdh#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD '&


3?DHw9:A6=:GGÛC

9:H8J7G>:C9D :AJC>K:GHD
37JA7DIG>D9D
9:JAIG66AI6
=ZgbVcdhÄZhejZhiVZcbVgX]VZm^idhVbZciZ
EDI:C8>6&'*B>A YdhVŠdhb{hiVgYZ!Zc&.)%#
L6IIH! Y^hZŠVYd :h^cYjYVWaZfjZaVHZ\jcYV<jZggVBjc"
ZheZX^VabZciZedg Y^Va dWa^\‹ V B‚m^Xd V kVaZghZ edg h† b^hbd
aVXVhVE]^a^ehYZ Z ^c^X^Vg jcV ^c[gVZhigjXijgV n jcV ^cYjhig^V"
=daVcYVeVgVaVM:L#AV
[didaaZkVaVbVc\jZgV
a^oVX^‹c Zc idYdh adh VheZXidh0 eVgV Zaad! aV
ZcaVeVgiZhjeZg^dg# bjai^ijYYZgVY^dY^[jhdgVhfjZ]VW†Vchjg\^Yd
ZcZaeV†hXdaVWdgVgdc^ciZchVbZciZbZY^VciZ
hjh VcjcX^dh n cdi^X^Zgdh! YVcYd V XdcdXZg
aVh cjZkVh ^cYjhig^Vh fjZ XgZX†Vc edg idYVh
eVgiZhZcZaeV†h#;jZXjVcYdZcZaXVbedYZ
cjZhigd ^ciZg‚h! Zc aV egde^V L! hZ Y^hZŠVgdc
n [VWg^XVgdc Ydh edYZgdhdh igVchb^hdgZh YZ
'*%b^alViihYZdcYVaVg\VfjZaVXdck^gi^Zgdc
Zc aV gVY^dY^[jhdgV XdbZgX^Va b{h ediZciZ YZ
6B Zc 6b‚g^XV0 edXd YZhej‚h! hZ ^chiVaVgdc
igZhedYZgdhdhigVchb^hdgZhYZdcYVXdgiVZc
3IG6CHB>HDG:H9:
6B9:'*%B>AL6IIH
Y^hi^ciVh[gZXjZcX^VhnVh†hZ]^odaaZ\VgaVÆKdo
YZaVhcjZkVh^chiVaV" YZ aV 6b‚g^XV AVi^cV YZhYZ B‚m^XdÇ! YjgVciZ
X^dcZhYZaV M:LL ZcHVc aVh ') ]dgVh YZa Y†V! ]VhiV adh b{h eZfjZŠdh
;Za^eZ!>miVeVaVeV# ejZWadh ZhXdcY^Ydh edg cjZhigVh h^ZggVh! n
iVbW^‚cVagZhidYZabjcYd#

  

:cZaXVbedYZaVgVY^d"gZXZeX^‹c]VW†VhjXZ"
Y^Yd digd iVcid0 aV \jZggV ]^od fjZ cjZhigdh
XdbZgX^VciZh hZ Xdck^gi^ZgVc Zc ZbegZhVg^dh
:c &.(- XdbZco‹ V ]VWZg hZŠVaZh YZ jc n Vh† XdbZco‹ V hjg\^g  idYV jcV ^cYjhig^V
edh^WaZ Zc[gZciVb^ZcidZc:jgdeV0h^cZbWVg\d! cVX^dcVa eVgV aV [VWg^XVX^‹c YZ gVY^dggZXZe"
aV gVY^dY^[jh^‹c bZm^XVcV egd\gZhVWV Zc idYd idgZhfjZ!edghjWV_dXdhid!eZgb^i^‹]VhiVV
Za eV†h0 cjZhigdh Vgi^hiVh hdc gZXdcdX^Ydh Zc aVh[Vb^a^Vhb{h]jb^aYZhZaiZcZgjcddb{h
6b‚g^XVAVi^cVZ^ck^iVYdhVgZVa^oVg\^gVhZcaVh gVY^dhZchjhXVhVhfjZ^c[dgbVgVcnVaZ\gVgVc
fjZ aV bh^XV bZm^XVcV ZcXVciV n XVji^kV0 cd hjhk^YVh#
dWhiVciZ!aVhZŠVaYZ aVhLL VcYZ_VWVfj‚YZhZVg Hjg\^ZgdcZcZa{gZVbZigdeda^iVcV[VWg^XVc"
ZcZacdgdZhiZYZB‚m^Xdn!YZadhb^aZhYZXVgiVh iZh YZ igVch[dgbVYdgZh! XVeVX^idgZh! gZh^hiZc"
fjZ hZ gZX^W†Vc Zc adh cjZkdh ZhijY^dh YZ aV X^Vh! [VWg^XVciZh YZ bjZWaZh! WVhi^YdgZh n Vaid"
ZbegZhV!bjX]VhhdcYZfjZ_VhedgaVY‚W^a^YVY eVgaVciZheVgVadhgVY^dhn![^cVabZciZ!XdcYdh
YZ aV gZXZeX^‹c0 edg Zaad! Za YZeVgiVbZcid YZ [VWg^XVciZhYZWjaWdhVakVX†djcdZcBdciZggZn!
^c\Zc^Zg†VYZaVZhiVX^‹cegdedcZVjbZciVgV&%% hZ^ciZ\g‹]VhiV.*aV[VWg^XVX^‹cYZgVY^dhZc
b^a lViih aV ediZcX^V n! VYZb{h! Xdchigj^g jcV B‚m^Xd0h‹adhZ^bedgiVWVcX^ZgidhbZiVaZhjaigV
idggZ"VciZcVfjZVjbZciVg†VaVediZcX^VgVY^VYV ejgdhijc\hiZcdnbda^WYZcdeVgVaV[VWg^XVX^‹c
Z[ZXi^kVedgjc[VXidgYZ'nfjZhZg†VaVidggZb{h YZadhWjaWdh#
VaiVYZAVi^cdVb‚g^XV# 9ZjcZbegZhVg^dfjZ]VW†VXdbZcoVYdXdc
:c ZhV ‚edXV! Xdc aV HZ\jcYV <jZggV aV[VWg^XVX^‹cYZgVY^dh!aaZ\VbdhViZcZgZcadh
BjcY^VaXVh^ZcX^bV!ZaigVchb^hdgYZ&%%b^a VŠdh X^cXjZciV! b{h YZ jcV YdXZcV YZ bVgXVh
lViih Zh Y^hZŠVYd n Xdchigj^Yd Zc B‚m^Xd Zc ÄidYVhZaaVhbZm^XVcVhÄfjZegdYjX†Vcb^aZhYZ
adhegde^dhiVaaZgZhnaVWdgVidg^dhgZX^‚cXdch" bdYZadhXdcZmXZaZciZXVa^YVYYZgZXZeX^‹cnV
igj^Ydh Zc aV egde^V eaVciV YZ aV L# :a igVch" adh egZX^dh b{h WV_dh fjZ hZ gZ\^higVWVc Zc Za
b^hdg hZ ^cVj\jgV ZhZ b^hbd VŠd n aV idggZ" bjcYdYZZcidcXZh#
VciZcVXdchjh'%%bZigdhYZVaijgVÄiVbW^‚c ;jZVfjZaaVjcVkZgYVYZgV‚edXVYZdgdeVgV
Xdchigj^YVZcB‚m^XdedgaVZbegZhV8Vbedh aVgVY^dY^[jh^‹cbZm^XVcV½

'' 8>:C8>6N9:H6GGDAADq %8IJ7G:'%%*


3?DHw9:A6=:GGÛC

JCE6H:D EDGADH8>:ADH

9:D8IJ7G:
:
cdXijWgZ!iZcZbdhZchjbZ_dgedh^" V EZ\Vhjh n V 6cYg‹bZYV0 YZhej‚h!  WV_Vg
X^‹cVaV\gVc\VaVm^VYZ6cYg‹bZYV aVk^hiV]VhiVaViZgXZgVZhigZaaV!B^gV`n!jc
V eVgi^g YZ aVh '& ]dgVh! i^Zbed YZ edXdVacdgdZhiZ!adXVa^oVgjcVcjWZX^iVdkV"
B‚m^Xd# AV \VaVm^V YZ 6cYg‹bZYV Zh aVYV0‚hiVZhaV\gVc\VaVm^VYZ6cYg‹bZYV!
Za c^Xd dW_Zid XZaZhiZ [jZgV YZ cjZhigV fjZ k^hiV Xdc W^cdXjaVgZh gZhjaiV [VhX^cVciZ
\VaVm^VfjZedYZbdhdWhZgkVgVh^beaZk^hiV0 ncdh]VXZeZchVgZcfjZ!YZhYZVaa{!iVakZo
XVWZYZX^gfjZidYdhadhdW_Zidhk^h^WaZh!hZVc ]Vn hZgZh b^g{cYdcdh Xdc aV b^hbV [VhX^"
ZhigZaaVh! Xbjadh! cZWjadhVh! ZiX#! Zhi{c cVX^‹c½
YZcigdYZaVK†VA{XiZV!cjZhigV\VaVm^V!Xdc
jcY^{bZigdYZ&%%b^aVŠdh"ajo#
CdhdigdhXdccjZhigdHdaZhiVbdhVjcdh Bbkl_WiZ[[ijh[bbWi
(% b^a VŠdh"ajo YZa XZcigd YZ aV \VaVm^V n! BWi bbkl_Wi Z[ [ijh[bbWi c|i _cfehjWdj[i [d
edgadiVcid!V,%b^aVŠdh"ajoYZhjhZhigZ" [bc[iiedbWi:hWYŒd_ZWiobWiEh_Œd_ZWi1bWi
aaVh b{h aZ_VcVh# 6cYg‹bZYV hZ ]VaaV V '#' fh_c[hWij_[d[dikc|n_ce[djh[[b.o/obWi
b^aadcZh YZ VŠdh"ajo YZ aV K†V A{XiZV! Zhid i[]kdZWi[bZ‡W',$
Zh!jcVh'%kZXZhZaY^{bZigdYZaVK†VA{XiZV BWi :hWYŒd_ZWi" h[bWj_lWc[dj[ b[djWi ('
nVjcVh†aVedYZbdhkZgVh^beaZk^hiV!egZ" ac%i"fhel_[d[dZ[bYec[jW=_WYeX_d_%P_dZ[ho
[Zg^WaZbZciZ!ZcjcVcdX]Zh^cAjcVn!YZhYZ [ijWl[pikeXi[hlWY_Œd[i_dj[h[iWdj[feh[ijWh
ajZ\d!aZ_dhYZaVajoYZaVhX^jYVYZh# bWBkdWWf[dWiYh[Y_[dj[$
EVgV adXVa^oVgaV! Zh cZXZhVg^d WjhXVg Za BWi Eh_Œd_ZWi" gk[ ied bWi c|i l_ijeiWi"
\gVc XjVYgVYd YZ aV XdchiZaVX^‹c EZ\Vhjh j_[d[dikc|n_ce[b('Z[eYjkXh[oiedh[cW#
fjZ V aVh '' ]dgVh hZ ]VaaV hdWgZ cjZh" d[dj[i Z[b Yec[jW Z[ >Wbb[o1 ied h|f_ZWi ,,
igVh XVWZoVh! V eVgi^g YZ hj ZhigZaaV ÄZc aV ac%i" f[he [ij[ W‹e bW BkdW de WokZWh| W ik
Zhfj^cV cdgZhiZÄ 6ae]ZgVih! fjZ Zh Xdbc bkY_c_[dje$

')8>:C8>6N9:H6GGDAAD qD8IJ7G:'%%*
3;6H:H9:A6AJC6
CJ:K6 8G:8>:CI: E:G><:D AA:C6 B:C<J6CI: 6ED<:D
9Þ6$=DG6 9Þ6$=DG6 9Þ6$=DG6 9Þ6$=DG6 9Þ6$=DG6 9Þ6$=DG6

3D8IJ7G: %($%) &%$&( &)$%- &,$%+ ')$&. '+$%)

3:;:BwG>9:H
3 D8I J7G :
:aeaVcZiVBVgiZZhi{k^h^WaZidYdZabZh
nXVYVY†Vb{hWg^aaVciZ0ZcZaZhiZ!Va
VcdX]ZXZg!ZcigZaVhXdchiZaVX^dcZh6g^Zh
nIVjgjh!XZgXVYZaVhEaZ^VYZhdaVhH^ZiZ
8VWg^aaVh0hjWg^aadVjbZciVY^Vg^VbZciZ
edgVXZgXVghZaV[ZX]VYZhjdedh^X^‹c#

;bZ‡W) dXjggZjcZXa^ehZVcjaVgYZaHda!
k^h^WaZXdbdiVaZcÛ[g^XV!nXdbdeVgX^Va
ZcXVh^idYV:jgdeV#

;bZ‡W'- ]VnXdc_jcX^‹cYZKZcjhXdc
6ciVgZh!eg^cX^eVa\^\VciZgd_VYZaVXdch"
iZaVX^‹cHXdge^jh![Zc‹bZcdk^h^WaZZcZa
dZhiZjcV]dgVYZhej‚hYZaVejZhiVYZa
Hda0iVbW^‚cdXjggZjcZXa^ehZeVgX^VaYZ
AjcV!k^h^WaZZcZadX‚VcdEVX†[^Xd#
;DID<G6;Þ6$8DGI:HÞ6C6H6

;bZ‡W()!hZ\caVVhigdad\†V!ZaHdaZcigV
ZcaVXdchiZaVX^‹cHXdge^jh!eZgdZcgZV"
a^YVYZhi{idYVk†VZcaVXdchiZaVX^‹cK^g\d# 38ddgYZcVYVhYZadheaVcZiVhVa&*YZdXijWgZ
7iY[di_Œdh[YjW :[Yb_dWY_Œd
;bZ‡W'-!Ydb^c\d!ZhZaY†VYZVigVhVg JgVcd '']dgVh(,É%'Ç "%.\gVYdh(%É%+Ç
idYdhadhgZad_ZhjcV]dgV# CZeijcd '&]dgVh%.É'-Ç "&+\gVYdh(&É'%Ç
Eaji‹c &,]dgVh'-É'&Ç "&*\gVYdh(&É)*Ç

D8IJ7G:'%%* q8>:C8>6N9:H6GGDAAD'*
EG:9>88>âC9:I:GG:BDIDH

D7DEI7JxB?J;
C;N?97DE
;D;B;IF79?E
H 6 AK6 9D G  A 6 C9 : GD H  6 # !  < >6C; G 6C8D  7>H>688= > < # !
H :G <:N  E JA > C: I H ! GD 9 D A;D  C:G > K#  N  H6åA 9 : A6 G D H6 C#

6[^cZhYZ'%%(hZ[^gb‹jcXdckZc^dYZ
XdaVWdgVX^‹cZcigZaVJc^kZgh^YVYCVX^dcVa
6ji‹cdbVYZB‚m^XdJC6BnaV:hiViVa
AdbdcdhdkYZBdhX!Gjh^V0XdbdeVgiZYZ
‚a!ZcaVVXijVa^YVYhZYZhVggdaaVjcegdnZXid
Xdc_jcideVgVY^hZŠVgnXdchigj^gjccVcdhV"
i‚a^iZeVgVegZYZX^giZggZbdidh#
Edg eVgiZ YZ aV JC6B eVgi^X^eVc aV ;VXjaiVY YZ >c\Zc^Zg†V!
Za 8Zcigd IZXcda‹\^Xd 6gV\‹c! Za >chi^ijid YZ <Zd[†h^XV n Za
>chi^ijid YZ >c\Zc^Zg†V# Edg Za aVYd gjhd! aV Jc^kZgh^YVY Zc
XjZhi^‹c! Za >chi^ijid YZ 6k^VX^‹c YZ BdhX n aV 6XVYZb^V YZ cdX]Z!aVhZhiVX^dcZhYZaVŠdn!ZceVgi^XjaVg!XjVcYddXjggZc
8^ZcX^Vh#6YZb{h!YZhYZB‚m^XdZa8dchZ_dCVX^dcVaYZ8^ZcX^V aVh\gVcYZhZmeadh^dcZhhdaVgZhXVYVdcXZVŠdh#
nIZXcdad\†V8dcVXniVednVXdcWZXVh# :hiVodcVhZY^k^YZZcigZhXVeVh9!:n;#AV ;hZZcXjZcigV
:a cVcdhVi‚a^iZ ZhijY^Vg{ fj‚ VaiZgVX^dcZh hZ YVc Zc aV VbVndgVaijgV!nhZZmi^ZcYZ]VX^VVgg^WVVeVgi^gYZadh&(%
^dcdh[ZgVVY†Vhj]dgVhVciZhYZjciZggZbdid#6Xdci^cjVX^‹c `bYZVai^ijY#6hjkZo!hZhZeVgVZcYdhhZXX^dcZh/;& n;'# :c
hZYZhXg^WZcaVXdbedh^X^‹cYZaV^dcdh[ZgV!hjjhdZcaVhiZaZ" iZaZXdbjc^XVX^dcZh!hZ]VVegdkZX]VYdYZhYZ]VXZb{hYZjc
Xdbjc^XVX^dcZh n aVh eg^cX^eVaZh bZY^X^dcZh X^Zci†[^XVh fjZ h^\adeVgVigVchb^h^dcZhV\gVcYZhY^hiVcX^Vh!nVfjZhjVaiV
gZVa^oVg{ Za cVcdhVi‚a^iZ! XjnV XdadXVX^‹c Zc ‹gW^iV WV_V Zhi{ XdcXZcigVX^‹c YZ ^dcZh n aV kVg^VX^‹c YZ hj YZch^YVY Xdc aV
egZk^hiVeVgVaVhZ\jcYVb^iVYYZ'%%,# VaijgVegdYjXZcjcXVbW^degd\gZh^kdZcaVeZgb^i^k^YVY& YZa
bZY^d!aVhhZŠVaZhhZgZ[gVXiVcZc[dgbV\gVYjVa!nXjnV[gZ"
A6 >DCDH;:G6 N HJ :;:8ID :C A6 EGDE6<68>âC 9: XjZcX^VYZdcYVZhbZcdgVadh)%B=ohdcgZ[aZ_VYVhXdcjcV
A6H DC96H G69>D:Aw8IG>86H igVnZXidg^Vh^b^aVgVaVYZjc\gVcVgXdZcZaX^Zad#
AV^dcdh[ZgVZhjcVgZ\^‹cYZaVVib‹h[ZgVfjZXdci^ZcZjcV
VaiV YZch^YVY YZ ^dcZhh {idbdh Xdc XVg\V Za‚Xig^XV! YZ V]† &# 8VeVX^YVY YZ jc Y^Za‚Xig^Xd bViZg^Va edXd XdcYjXidg eVgV VabVXZcVg
hjcdbWgZ#AVYZch^YVYYZ^dc^oVX^‹ckVg†VYjgVciZZaY†VnaV ZcZg\†VZaZXigdhi{i^XVZcegZhZcX^VYZjcXVbedZa‚Xig^Xd#

'+ 8>:C8>6N9:H6GGDAAD q D8IJ7G:'%%*


ãhX_jW
:;J;99?ãD:;J;C8BEH;I ][e[ijWY_edWh_W
8dcVedndYZaVJC6BnZa8dcVXni!VXijVabZciZhZYZhVggdaaVjcegd" ),&&&acWfhen$
nZXidXdc_jcidZcigZB‚m^XdnGjh^VeVgVY^hZŠVgnXdchigj^gjccVcdhV" HZZcXjZcigVVbVndgVaijgV!
nhZZmi^ZcYZ]VX^VVgg^WV
i‚a^iZfjZbZ_dgVg{adhbdYZadhYZegZY^XX^‹cYZadhiZggZbdidh![Zc‹" VeVgi^gYZadh&(%`bYZ
bZcdhcVijgVaZhfjZ]VcViZggVYdVaV]jbVc^YVYYjgVciZb^aZc^dh# Vai^ijY#:ciZaZXdbjc^XV"
X^dcZh!hZ]VVegdkZX]VYd
YZhYZ]VXZb{hYZjc
h^\adeVgVigVchb^h^dcZh
A6>DCDH;:G6 V\gVcYZhY^hiVcX^Vh#6fj†

' GZ\^‹cYZaVVib‹h[ZgV
fjZXdci^ZcZjcVVaiVYZc"
h^YVYYZ^dcZh{idbdhXdc
hZZcXjZcigVcadhhVi‚a^iZh
HVibZm#

XVg\VZa‚Xig^XV#:hiVodcVhZ
Y^k^YZZcigZhXVeVhj‹gW^iVh/
\ZdZhiVX^dcVg^V!^ciZgbZY^V ãhX_jW
nWV_V# _dj[hc[Z_W
'(&&&acWfhen$

( :caVVXijVa^YVY!aVh
igVchb^h^dcZh^dcdh[‚"
g^XVhh^\jZch^ZcYdji^a^oVYVh
:cZaaVhZjW^XVc
adhhVi‚a^iZhYZa
H^hiZbV<adWVaYZ
ZcZa{bW^idbjcY^VaeVgV Edh^X^dcVb^ZcidaV
adhhZgk^X^dhYZgVY^dYZdcYV XdchiZaVX^‹c<EH#
XdgiVnedgadhgVY^dV[^X^d" ADHH:CHDG:H :cigZdigVh]ZggV"
cVYdh# 39ZiZXiVg{caVhVaiZgVX^dcZhYZ 3:hijY^Vg{cdcYVh b^ZciVhYZbZY^X^‹c!
aV^dcdh[ZgVY†Vhj]dgVhVciZh YZ[gZXjZcX^Vhbjn ZacVcdhVi‚a^iZiZcYg{

) 6adheg^cX^eVaZhXVbW^dh
fjZdXjggZcZcaV^dcdh"
[ZgVVciZhYZjc[Zc‹bZcd
YZjciZggZbdid#
3HZg{chZch^WaZhVadhXVbedh
Za‚Xig^XdnbV\c‚i^Xd#
WV_VhngZVa^oVg{c
bZY^X^dcZhZc[gZ"
XjZcX^VhVaiVh#
jcZfj^edYZgZXZeX^‹c
eVgVaVhhZŠVaZhYZ
adhhVi‚a^iZh<EHnYZ
iZag^XdhZaZhaaVbVegZXjg" adh<ADC6HH<adWVa
hdgZhh†hb^Xd"^dcdh[‚g^Xdh# CVk^\Vi^dcHViZaa^iZ
HnhiZb!XdcZaXjVa
hZedYg{dWhZgkVg
X‹bdhdcV[ZXiVYVh
YjgVciZhjgZXdgg^YdV
igVk‚hYZadhY^hi^cidh
ZhigVidh^dcdh[‚g^Xdh
ZchjYZhXZchd]VX^V
A6H9>HI6C8>6H aVI^ZggV#
6fj†edYZbdhdWhZgkVgjc
Z_ZbeadYZaVigVnZXidg^V
hZ\j^YVedgjcVhZŠVagVY^d"
Za‚Xig^XVYZ=;gZ[aZ_VYVV
b{hYZ&%%`bYZVaijgVZcaV ãhX_jWXW`W
^dcdh[ZgV# .&&acWfhen$
:cZhiVXVeVhZ
ZcXjZcigVcadh
igVchWdgYVYdgZh
ZheVX^VaZhYZaV
C6H6naVZhiVX^‹c
ZheVX^Va^ciZgcV"
C|n_ce*&&&ac X^dcVa#

:hiVX^‹c :hiVX^‹c
Zb^hdgV gZXZeidgV
D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD',
:c aV VXijVa^YVY! aVh igVchb^h^dcZh ^dcdh[‚g^XVh h^\jZc
h^ZcYd ji^a^oVYVh Zc Za {bW^id bjcY^Va eVgV adh hZgk^X^dh YZ
gVY^dYZdcYVXdgiVnedgadhgVY^dV[^X^dcVYdh#
:c &.'* hZ gZVa^oVgdc adh eg^bZgdh ZmeZg^bZcidh eVgV
bZY^gaV^dcdh[ZgVYZbVcZgVY^gZXiV0]dn!\gVX^VhVaViZXcd"
ad\†VZheVX^Va!bjX]dhhVi‚a^iZhX^Zci†[^Xdh]VcXdcig^Wj^YdXdc
^c[dgbVX^‹cVY^X^dcVaZ^ckVajVWaZVaV^ckZhi^\VX^‹cYZaVXdb"
edh^X^‹cYZZhiVXVeVVibdh[‚g^XV#Egdcid!VYZb{hYZhjVea^"
XVX^‹cZciZaZXdbjc^XVX^dcZh!eZgb^i^g{cbZ_dgVgadhbdYZadh
YZegZY^XX^‹cYZadhiZggZbdidh![Zc‹bZcdhcVijgVaZhfjZ]Vc
ViZggVYdVaV]jbVc^YVYYjgVciZb^aZc^dh#

:;DI?:7:
9Zch^YVYYZ^dc^oVX^‹ci†e^XV YZaV^dcdh[ZgV
kVg†VVadaVg\dYZaVŠd#

@b XVeV
&%%% Y†V

*%% cdX]Z

;'
&%% ;&
:
*% 9

&% && &'


&% . &% &% &% CZaZX$b(

:acVcdhVi‚a^iZ ZhijY^Vg{
8âBD 86B7>6 A6 >DCDH;:G6 6CI:H 9: JC I:GG:BDID
AV ^dcdh[ZgV hZ XdbedgiV Xdbd jc eaVhbV!' ejZh Xdci^ZcZ aVhVaiZgVX^dcZhegdYjX^YVh
ZaZXigdcZha^WgZh#HjbdYZad[†h^Xd"bViZb{i^XdZhbjnXdb"
eaZ_d! nV fjZ aV eZgb^i^k^YVY XVbW^V hZ\c aV Vai^ijY n cd Zh ZcaV^dcdh[ZgVY†Vh
XdchiVciZ idYd Za i^Zbed0 VYZb{h! ^c[ajnZ Zc ZaaV Za XVbed
bV\c‚i^XdiZggZhigZn!VX^ZgiVh[gZXjZcX^Vh!ZhiZeaVhbV]VXZ j]dgVhVciZhYZjc
\^gVg aV Y^gZXX^‹c YZa XVbed Za‚Xig^Xd YZ aVh dcYVh YZ gVY^d
gdiVX^‹cYZ;VgVYVnn# iZggZbdid
:caV^dcdh[ZgVhZZcXjZcigVcadhhVi‚a^iZhYZ‹gW^iVWV_V!
adhigVchWdgYVYdgZhZheVX^VaZhYZaV C6H6naVZhiVX^‹cZheV" YZgZXZeX^‹ceVgVaVhhZŠVaZhYZadhhVi‚a^iZh <EH nYZadh<AD"
X^Va^ciZgcVX^dcVa#EVgVZhijY^VgaVhkVg^VX^dcZhZchjXdbed" C6HH<adWVaCVk^\Vi^dcHViZaa^iZHnhiZb(!XdcZaXjVahZedYg{
h^X^‹cegZk^VhVjciZggZbdidZhcZXZhVg^dXdadXVghZchdgZhV dWhZgkVgX‹bdhdcV[ZXiVYVhYjgVciZhjgZXdgg^YdVigVk‚hadh
WdgYdYZhVi‚a^iZhYZ‹gW^iVWV_V!XdbdZa[jijgdcVcdhVi‚a^iZ Y^hi^cidhZhigVidh^dcdh[‚g^XdhZchjYZhXZchd]VX^VaVI^ZggV!
bZm^XVcd# nXdggZaVX^dcVgaV^c[dgbVX^‹cXdcaVedh^W^a^YVYYZfjZdXjggV
:c ‹gW^iVh ^ciZgbZY^Vh Zhi{c adh hVi‚a^iZh YZa H^hiZbV jciZggZbdid#
<adWVa YZ Edh^X^dcVb^Zcid aV XdchiZaVX^‹c <EH# :cigZ digVh 6adheg^cX^eVaZhXVbW^dhfjZdXjggZcZcaV^dcdh[ZgVVciZh
]ZggVb^ZciVh YZ bZY^X^‹c! Za cVcdhVi‚a^iZ iZcYg{ jc Zfj^ed YZ jc [Zc‹bZcd iZag^Xd hZ aZh aaVbV egZXjghdgZh h†hb^Xd"
^dcdh[‚g^Xdhh#AdhYdheg^cX^eVaZhhdcaVVeVg^X^‹cYZZhigjXijgVh
'#<Vh^dc^oVYdfjZcdhgdYZV!XdbejZhidedgZaZXigdcZh!XVi^dcZh^dcZh Vc‹bVaVhZcZaeaVhbV^dcdh[‚g^XdnaVZb^h^‹cYZhYZaVodcV
XdcXVg\Vedh^i^kVncZjigdcZh# YdcYZkVVdXjgg^gZaiZggZbdidYZdcYVhYZ[gZXjZcX^Vhbjn
(#H^hiZbV<adWVaYZCVkZ\VX^‹cedgHVi‚a^iZ!XdchiZaVX^‹cYZhVi‚a^iZhfjZ
igVchb^iZgVc\dhYZhZŠVaZhji^a^oVYdheVgVZaedh^X^dcVb^ZcidnadXVa^oV" WV_VhKA;!h^\aVhZc^c\a‚h#6Y^X^dcVabZciZ!iVbW^‚chZ]VYZh"
X^‹cZcXjVafj^ZgeVgiZYZaVI^ZggV# XjW^ZgidfjZ]VnZb^h^dcZhiZggZhigZhZc[gZXjZcX^VhVaiVhK=;

'- 8>:C8>6N9:H6GGDAAD q D8IJ7G:'%%*


EgZXjghdgZhh†hb^Xd"
^dcdh[‚g^Xdhh hdcadh
XVbW^dhfjZdXjggZc
eg^cX^eVabZciZZcaVXVeV
;YZaV^dcdh[ZgVVciZh
YZjc[Zc‹bZcdiZag^Xd!
VaiZgVcYdhjYZch^YVY
YZ^dc^oVX^‹ci†e^XV
8_Xb_e]hW\‡W
38VgYVbV!6a!Aa#8d[gZ!?#B#G^jh!?#GdbZj!H#7aVcX]nB#;ZggVcYd#
6ciZcVhh#6a[VdbZ\V#'%%)#
3CZg^!G# 8dbjc^XVX^dcZhedghVi‚a^iZ Z#I]dbhdc#'%%(#
3Eja^cZihH#6#!6#9#AZ\ZcÉ`V!I#K#<V^kdgdch`VnVnK#@]#9ZejZk#ÆBV^c
e]ZcdbZcdad\^XVa[ZVijgZhd[^dcdhe]Zg^XegZXjghdghd[higdc\ZVgi]"
fjV`ZhÇ# ?djgcVa d[ 6ibdhe]Zg^X VcY HdaVg"IZggZhig^Va E]nh^Xhh# '%%(#
:ahZk^Zg!Cd#+*!ee#&((,"&(),#
3Gjo]^cNjg^!NV!DaZ\B#7gZ`]dk!HVaYZaVGdhVC^ZkZh#ÆEgdedhVad[
EVnadVY [dg V BZm^XVc cVcdhViZaa^iZ [dg YZiZgb^c^c\ hZ^hb^X " ^dcdh"
e]Zg^XEgZXjghdghÇ#

HVakVYdgAVcYZgdh6nVaV Zh^c\Zc^ZgdbZX{c^XdZaZXig^X^hiVZcZa{gZVYZ
8dbjc^XVX^dcZh edg aV JC6B! bVZhigd Zc X^ZcX^Vh edg aV Jc^kZgh^YVY
nYZ\VhgVY‹c#:cXdcXgZid!idYVhZaaVhVaiZgVcaVYZch^YVYYZ YZEZcchnakVc^V!:J66nYdXidgZc^c\Zc^Zg†VedgaV JC6B#=Vh^Yd9^gZXidgYZa
^dc^oVX^‹ci†e^XVZcaV^dcdh[ZgV!hdWgZidYdZcaVXVeV;# H^hiZbVYZHVi‚a^iZhCVX^dcVaZh#6XijVabZciZZhhZXgZiVg^dYZEdh\gVYd
Z>ckZhi^\VX^‹cZcaV;VXjaiVYYZ>c\Zc^Zg†VYZaV JC6B!negd[Zhdgi^ijaVg8
YZ[^c^i^kdneg^YZ8#
F J w B:9>8>DC :H  = 6 GÛ  :A C 6 C DH 6IwA> I: B : M >86 CD
6YZb{h YZ gZX^W^g aVh hZŠVaZh YZ adh hVi‚a^iZh <EHH n <ADC6HH! Za <^Vc[gVcXd7^h^VXX]^<^gVaY^ ZhYdXidgZc[†h^XVedgaVJc^kZgh^YVYYZIg^ZhiZ#
cVcdhVi‚a^iZZhijY^Vg{ZahZ\jcYdi^edYZegZXjghdgYZdcYVhYZ ;jZgZhedchVWaZYZaVXddgY^cVX^‹c\ZcZgVaYZaegdnZXid J6CBH6IIn]VigV"
WV_VYdZckVg^dhXVbedhYZaVVhigd[†h^XVZ^chigjbZciVX^‹cVhigdc‹b^XVn
[gZXjZcX^VhbjnWV_VhKA;ngZVa^oVg{bZY^X^dcZhZc[gZXjZcX^Vh ZcaVZmeZg^bZciVX^‹cnVc{a^h^hYZadhZ[ZXidhYZaV^dc^oVX^‹cVibdh[‚g^XV#
VaiVhK=;#EVgVedYZgYZiZXiVgaVhZb^h^dcZhiZggZhigZhWV_Vh!Za 6XijVabZciZeVgi^X^eVZcZaEgdnZXidcVcdhVi‚a^iZ!nZcZa9^hZŠdi‚Xc^Xdn
hVi‚a^iZaaZkVg{VWdgYdhZchdgZheVgVXVbedhZa‚Xig^XdnbV\" YZhVggdaadYZjgcVZaZXig‹c^XVeVgVegdXZhdhZaZXidgVaZh!eVgVZa>:9;#
c‚i^Xd#EVgVaVhWV_Vh!YZiZXiVg{XdcVciZcVhaVhZb^h^dcZhV[gZ" HZg\ZnEja^cZihZhbVZhigdedgaVJc^kZgh^YVY:hiViVaYZBdhXnYdXidg
XjZcX^VhYdcYZaVadc\^ijYYZdcYVkVg†VZcigZ*n,#*bZigdh# ZcgVY^d[†h^XVn\Zd[†h^XVedgaV6XVYZb^VYZ8^ZcX^VhYZGjh^V>OB>G6C!
6jcfjZadhY^hedh^i^kdhcZXZhVg^dheVgVgZVa^oVgZhiZi^edYZ YdcYZYZhZbeZŠ‹kVg^dhejZhidh!^cXaj^YdZaYZk^XZ"Y^gZXidg#6XijVabZciZ
Zh^ckZhi^\VYdgi^ijaVgZc>chi^ijidYZ<Zd[†h^XVYZaV JC6Bn]VY^hZŠVcYd
bZY^X^dcZhnVZm^hiZc!Za\gVcgZideVgVZaZfj^edYZ^c\Zc^Zgdh Zfj^edheVgVhVi‚a^iZhGjhdh#
nX^Zci†[^XdhbZm^XVcdhÄfjZZcaVVXijVa^YVYZhi{igVWV_VcYd
Zc BdhX! Vh† Xdbd hj XdcigVeVgiZ Zc B‚m^XdÄ hZg{ gZYjX^g GdYda[dCZg^KZaVZh^c\Zc^ZgdedgaVJC6B!VYZb{hYZbVZhigdnYdXidgedg
aVhjc^kZgh^YVYZhYZ:hhZmn7^gb^c\]Vb!GZ^cdJc^Yd#:c&.-*eVgi^X^e‹
Zc[dgbVh^\c^[^XVi^kVaVhY^bZch^dcZhnZaeZhdYZidYdhadh ZcaVb^h^‹c+&"7YZaigVchWdgYVYdgZheVX^VaYZaV C6H6#6XijVabZciZZh
XdbedcZciZhYZaVeVgVid!XdcZa[^cYZZXdcdb^oVgadhXdhidh egd[ZhdgYZ[^c^i^kdYZi^ZbedXdbeaZidZcaV;VXjaiVYYZ>c\Zc^Zg†VYZaV
JC6B!ZcaVh{gZVhYZVciZcVhnhVi‚a^iZh#
YZacVcdhVi‚a^iZ!YZbVcZgVfjZhZV[{X^aXdadXVgadZc‹gW^iVn
hZejZYVcYZhVggdaaVgVab^hbdi^ZbedcjZkdhXdcdX^b^Zcidh! HVaYZaVGdhVC^ZkZh Zha^XZcX^VYdnbVZhigdedgaV JC6B!VYZb{hYZ
]ZggVb^ZciVW{h^XVeVgVaVXVeVX^iVX^‹cYZ[jijgdh^c\Zc^Zgdh YdXidgZcXdbejiVX^‹cedgZa>chi^ijidYZ6k^VX^‹cYZBdhX#6XijVabZciZ
bZm^XVcdhZcaViZXcdad\†VZheVX^Va# ZhijY^V Za edhYdXidgVYd Zc Za b^hbd ^chi^ijid n Zh XddgY^cVYdg Zc aV
;ZYZgVX^‹cGjh^V!edgaVeVgiZbZm^XVcV!YZaegdnZXidY^hZŠdnXdchigjXX^‹c
EdghjejZhid!aV^ciZgegZiVX^‹cX^Zci†[^XVYZadhYVidhdWiZc^Ydh YZhVi‚a^iZheZfjZŠdheVgVZabdc^idgZdYZaVhjeZg[^X^ZiZggZhigZ!YZcigd
nhj^ciZ\gVX^‹cZcadhbdYZadhVXijVaZhYZegZY^XX^‹cYZiZggZ" YZaegd\gVbVYZ8daVWdgVX^‹c8^Zci†[^XdI‚Xc^XVZcigZaV;ZYZgVX^‹cGjhV
bdidhiVbW^‚chZg{jcV^bedgiVciZVedgiVX^‹c# nAdh:hiVYdhJc^YdhBZm^XVcdhÇ8dcVXniÄ ;>ÄJC6B#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD '.


:CIG:K>HI6
3 ? D H w  AJ > H  D A Þ C  B 6 G I Þ C : O

9EDI;HL79?ED?IJ7
I?;CFH;
>c^X^‹hjXVb^cdZcZa{bW^idYZaVXdchZgkVX^‹cVbW^ZciVaeaVciVcYd
{gWdaZh!XjVcYdZgVh‹adjcc^Šd0]dnZhgZhedchVWaZYZZcXVWZoVg
ZagZh\jVgYdYZWjZcVeVgiZYZaeVig^bdc^dcVijgVaYZB‚m^XdXdbdegZh^"
YZciZYZaV8db^h^‹cCVX^dcVaYZÛgZVhCVijgVaZhEgdiZ\^YVh8DC6CE!hZ
igViVYZ:gcZhid:c`Zga^c=dZ[a^X]!fj^Zc]VWaVYZhjk^h^‹ceVgV
hVakV\jVgYVgadhgZXjghdhcVijgVaZhYZaeV†h#

D
d gZXjZgYd ZmVXiVbZciZ XjVcYd cVX^‹ b^ eVh^‹c aV 8DC6CEEejhdZcbVgX]Vadhegd\gVbVhGZ\^dcZheg^dg^iVg^Vh
edgaVZXdad\†V!eZgdhdn]^_dYZW^‹ad\dnYZc^Šd eVgVaVXdchZgkVX^‹c!EVgi^X^eVX^‹cZ[ZXi^kVnYZZbeaZdiZb"
eaVci‚ bjX]dh {gWdaZh! VYZb{h VnjYVWV V bVc" edgVafjZY^Zgdcaj\VgVaV:higViZ\^VYZ8dchZgkVX^‹ceVgVZa
iZcZgZa_VgY†cYZb^XVhV#9Z]ZX]d!ZcZaVcjVg^dYZiZgXZg 9ZhVggdaad!XdcaV[^cVa^YVYYZXdchZgkVgadhgZXjghdhcVijgVaZh
\gVYdYZeg^bVg^VVeVgZoXdZcjcV[did\gV[†VhdhiZc^ZcYdjc Vai^ZbedfjZaVhXdbjc^YVYZhbZ_dgVchjXVa^YVYYZk^YV#
hVed \^\VciZhXd! Xdc jcV aZnZcYV fjZ Y^XZ/ ÈegdiZXidgYZadh :hiVh^c^X^Vi^kVh[dgbVceVgiZYZadfjZZaYdXidg:c`Zga^c
Vc^bVaZhÉ#Ç =dZ[a^X]aaVbV XdchZgkVX^‹cVc^kZaYZeV^hV_Z#
:aYdXidg:c`Zga^c=dZ[a^X]!WZXVg^d&..'".)ngZeVig^VYd ÆAVXdchZgkVX^‹ccdYZWZa^b^iVghZh‹adVaVh{gZVhegdiZ"
edg8dcVXni&..*!]VYZY^XVYdYZhYZZcidcXZhhjk^YVVaV \^YVh!XdbdVa\jcdhh^\jZceZchVcYd!‚hiVhhdcc^XVbZciZ
XdchZgkVX^‹c/eg^bZgd!XdbdX^jYVYVcdZcY^hi^ciVh DC<0edh" jcVeZfjZŠVe^ZoVYZagdbeZXVWZoVhaaVbVYdXdchZgkVX^‹c0
iZg^dgbZciZXdbdVXVY‚b^XdZ^ckZhi^\VYdgZcZaIZXcda‹\^Xd ]Vndigd,%YZaeV†h!h^cXdciVgXVbedhYZXjai^kd!XVggZiZgVh
YZBdciZggZnnZch^ZiZY^[ZgZciZhhdX^ZYVYZhX^Zci†[^XVh0b{h nX^jYVYZh!fjZiVbW^‚cbZgZXZhZgXdchZgkVYd#Ç
gZX^ZciZbZciZXdbdhZgk^YdgeWa^Xd# EVgVZaad!YZWZ]VWZgjcXVbW^dZcaVbZciVa^YVYYZaVh
HjhZmeZg^ZcX^VhZcXVYVjcdYZZhidh[gZciZhad]VcaaZ" eZghdcVh!fj^ZcZhYZWZcVedhiVgedgaVhjhiZciVW^a^YVY#
kVYd V XdcXaj^g fjZ XdchZgkVg aV W^dY^kZgh^YVY cd ejZYZ hZg ÆCZXZh^iVbdhZkdajX^dcVgVjcVhdX^ZYVYY^hi^ciV!VjcfjZaV
aVWdg YZ jcdh XjVcidh! h^cd YZ aV hdX^ZYVY bZm^XVcV Zc hj ^cZgX^VZhigZbZcYV#IdYdhfj^ZgZc\VhiVghZadfjZi^ZcZc]dn!
Xdc_jcid0ZhiV[dgbVYZeZchVghZgZ[aZ_VZc\gVcbZY^YVZcZa cde^ZchVcZcZa[jijgd!c^fjZbjX]dYZadfjZV]dggZbdhZcZa
aZbVYZaV 8DC6CE# egZhZciZedYg{cji^a^oVgadVa\cY†VcjZhigdh]^_dhdc^Zidh#Ç
ÆCjZhigdaZbVb{h^bedgiVciZZhÈ8dchZgkVX^‹cXdc!edg 6ciZZhiZeVcdgVbV!bVgXVYdedgjcVXdcXZeX^‹cZ\d†hiV
n eVgV aV \ZciZÉ# =VXZbdh ‚c[Vh^h Zc Zaad edgfjZ XgZZbdh YZajhdYZadhgZXjghdh!ZaYdXidg:c`Zga^c]VWaVYZbVciZcZg
gZVabZciZ fjZ Zh aV c^XV bVcZgV YZ ]VXZg XdchZgkVX^‹c! Zadei^b^hbdeVgVXdci^cjVgZcaVajX]VedgaVegZhZgkVX^‹cYZ
Xdc aV \ZciZ! ejZh h‹ad Xdc Za eZghdcVa fjZ igVWV_V Zc aV aVW^dY^kZgh^YVY#
8db^h^‹ccdgZjc^g†VbdhVgg^WVYZb^aeZghdcVheVgVXjWg^g ÆCdh‚Xj{cYdkdnVi^gVgaVidVaaV!ZheZgdfjZcjcXV#NeVgV
idYdZaiZgg^idg^dÇ# cd]VXZgadWjhXd[dgiVaZoVZcaVhWjZcVhcdi^X^Vh0cdhgZ\dX^"
EZgd^ckdajXgVgVaVheZghdcVhZcaVhiVgZVhYZXdchZgkV" _VbdhXdcadfjZZhiVbdh]VX^ZcYdW^Zc#
X^‹cVbW^ZciVacd]Vh^YdhZcX^aad!ejZhaV^cbZchVbVndg†V JcVYZZhVhWjZcVhcdi^X^VhaZaaZ\‹Veg^cX^e^dhYZ_ja^d!
cdgZhedcYZVaaaVbVYdh^cdejZYZdWiZcZgVa\cWZcZ[^X^d! XjVcYdZaYdXidg:c`Zga^c[jZgZXdcdX^YdedgaVDg\Vc^oVX^‹c
ÆVjcfjZhjZcZbjnig^hiZÇ#EdgZaad!VeVgi^gYZbVndYZ'%%&! YZ aVh CVX^dcZh Jc^YVh eVgV aV :YjXVX^‹c! aV 8^ZcX^V n aV

(% 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
8jaijgVJC:H8DXdcZaegZb^dHjai{cFVWddh!edg 9g#:gcZhid:c`Zga^c=dZ[a^X]
hj aVWdg Xdbd ^ckZhi^\VYdg! n edg aV egdnZXX^‹c n CVX^‹ZcBdciZggZn!CjZkd
Xdchda^YVX^‹cfjZ]Vad\gVYd^beg^b^gVaVXdchZg" AZ‹cZa&)YZY^X^ZbWgZYZ
kVX^‹cYZaeVig^bdc^dcVijgVaYZB‚m^Xd# &.*-#
:cigZadhad\gdhYZhjVYb^c^higVX^‹cVa[gZciZYZ B^ZbWgdYZaH^hiZbV
aV 8DC6CEEZhi{Za^cXgZbZcidZcZagZ\^higdYZ]jbZ" CVX^dcVaYZ>ckZhi^\VYdgZh
YVaZhVciZaV8dckZcX^‹c G6BH6G YZ=jbZYVaZhYZ c^kZa>#
>bedgiVcX^V >ciZgcVX^dcVa! n YZ ÛgZVh CVijgVaZh :h>c\Zc^Zgd6\g‹cdbd
EgdiZ\^YVh VciZ JC:H8D Xdbd eVgiZ YZa Egd\gVbV OddiZXc^hiVedgZa>chi^ijid
=dbWgZ7^dh[ZgVB67# IZXcda‹\^XdYZ:hijY^dh
:caVha^hiVhYZa B67"JC:H8D!B‚m^XddXjeVWVVa HjeZg^dgZhBdciZggZn>I:HB#
^c^X^d YZ ZhiV VYb^c^higVX^‹c Za aj\Vg cjZkZ! V]dgV DWijkdjcedhYdXidgVYdZc
Zhi{ZcaVfj^ciVedh^X^‹c#:cXjVcidV]jbZYVaZh aVJc^kZgh^YVYYZIZmVh6B
n bVc\aVgZh YZ aV 8dckZcX^‹c G6BH6G! Za eV†h h‹ad Zc8daaZ\ZHiVi^dc!IZmVh#:c
]VW†VgZ\^higVYdh^ZiZ0]dnhdc*.!XdcadXjVaZaeV†h hjigVWV_dYdXidgVaVWdgY‹
hVai‹YZbZcdhYZaXjVYgV\‚h^bdVahZ\jcYdaj\Vg# ZaiZbVYZaVZXdad\†VnW^d"
Æ:aegZb^d!edgZ_Zbead!ZhVa\dfjZgZVabZciZ ad\†VgZegdYjXi^kVYZadgdh
iZ XVg\V aV WViZg†V edg bjX]d i^Zbed! ejZYZc 6bVodcVZcZacdgZhiZYZ
kZc^ghZ iZbedgVYVh aVg\Vh h^c hj[^X^ZciZh WjZcVh B‚m^Xd#
cdi^X^Vh! eZgd ZhiZ i^ed YZ XdhVh iZ bVci^ZcZc :aeg‹m^bd&%YZcdk^ZbWgZ!
bjX]db{hi^Zbed_VaVcYdÇ# ZcZabVgXdYZaY†VYZaV
EVgV[^cVa^oVg!:gcZhid:c`Zga^cXdbZciV/Æh^jc 8^ZcX^VeVgVaVEVonZa
Y†VXV^\dZcZaeZh^b^hbd!ZcZhZbdbZcidYZ_Vg‚ 9ZhVggdaad!gZX^W^g{Zc
ZhiVaVWdg!edgfjZZaeVeZaYZaXdchZgkVX^dc^hiVZh 7jYVeZhi!=jc\g†V!Za
XgZZg [^gbZbZciZ Zc hj XVeVX^YVY eVgV aaZkVg V EgZb^dHjai{cFVWddh!YZ
aV hdX^ZYVY ]VX^V aV hjhiZciVW^a^YVY0 h^ cd ejZYZh bVcdhYZaY^gZXidg\ZcZgVa
XgZZgZcZhdZhi{h[g^id!nZcidcXZh]VnfjZXVbW^Vg YZJC:H8D#
YZX]VbWV#Ç
3 B 6 G > D  B w C 9 : O  6 8 D H I6

6 NHJHG>K6A:H

9:H><C>D###
´>CI:A><:CI:4
9>K:GHDH:?:BEADH9:>GG68>DC6"
A>969N9:68I>IJ9:H6CI>8>:CIÞ"
;>86HH:=68:C8696K:OBÛH
:K>9:CI:H:C:AÛB7>IDEDAÞI>8D
:HI69DJC>9:CH:!ADFJ:
6B:C6O68DC9:H7DG96GH:=68>6
A6H:H;:G6H6869wB>86N9:A6
>CK:HI><68>âC8>:CIÞ;>860ID9D:AAD
:CB:9>D9:JC:H8:C6G>D86G68"
I:G>O69DEDGJC:A:K69DC>K:A9:
6C6A;67:I>HBD8>:CIÞ;>8D#

>
bejahVYdhedggVodcZhejgVbZciZgZa^\^dhVh!
nedgaVYZW^a^YVYYZjcV[ZgZa^\^dhVeZghdcVa
XdciVb^cVYV edg jcV ^YZdad\†V Vjidg^iVg^V
ÄfjZaZh]VXZYZbVcYVgZk^YZcX^VbViZg^Va
eVgV cd hZci^ghZ VbZcVoVYdh edg aV gVo‹cÄ!
adh b^ZbWgdh YZ aV YZgZX]V gZa^\^dhV YZ adh
:hiVYdh Jc^Ydh ]Vc ajX]VYd edg YZhiZggVg aV
ZchZŠVcoV YZ aVh iZdg†Vh ZkdajX^dc^hiVh Zc aVh
ZhXjZaVh eWa^XVh YZ hj eV†h edg XdcigVYZX^g
aV YdXig^cV YZa XgZVX^dc^hbd Y^k^cd XdciZc^YV
Zc aV 7^Wa^V! aV XjVa Zh YZ[ZcY^YV edg Va\jcdh
b^ZbWgdhYZ\gjedh[jcYVbZciVa^hiVhfjZ]Vc

(' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


ad\gVYdZhXVaVgejZhidhYZ\gVc^c[ajZcX^VZcadh YjgVciZ b{h YZ YdhX^Zcidh VŠdh# :c Za {bW^id
igZhedYZgZhYZ\dW^Zgcd# YZ aV X^ZcX^V! aV ZkdajX^‹c YZ aVh ZheZX^Zh cd
=VhiV]VXZcdbjX]d!egZiZcY†VcfjZZcaVh Zh jc iZbV VW^Zgid V Y^hXjh^‹c0 hdaVbZciZ hZ
ZhXjZaVh hZ ^beVgi^ZgV edg aZn aV kZgh^‹c YZ aV YZWViZcaVhXdcY^X^dcZhZcaVhfjZhZegdYjXZc
XgZVX^‹cYZabjcYdfjZhZYZiVaaVZcZa<‚cZh^h0 [Zc‹bZcdhXdbdaVVeVg^X^‹cYZcjZkVhZheZX^Zh
eZgdZhiVegdedh^X^‹cgZhjaiVWVnVYZiVabVcZgV ÄaVZheZX^VX^‹cÄnZa\gVYdZcfjZ[VXidgZh[†h^Xdh
^chdhiZc^WaZ! VciZ aV Zk^YZcX^V X^Zci†[^XV YZ fjZ ZmiZgcdh^c[ajnZcZcaVVeVg^X^‹cnZcaVXdchda^"
aVI^ZggVnZaJc^kZghdi^ZcZcb^aZhYZb^aadcZh YVX^‹cYZaVhbjiVX^dcZh\Zc‚i^XVh#
YZVŠdhYZVci^\“ZYVY!fjZYZX^Y^ZgdcigViVgYZ :aXdcXZeidYZYZh^\c^d^ciZa^\ZciZc^h^fj^ZgV
^cigdYjX^gZcadheaVcZhYZZhijY^djcXdcXZeid ZhjcViZdg†VdjcV]^e‹iZh^hXdcigVhiVWaZ#EVgV
hZjYdX^Zci†[^XdYZcdb^cVYd YZh^\c^d^ciZa^\ZciZ0 hZg iZdg†V YZWZg†V XdciVg Xdc jc eaVciZVb^Zcid
jcbdk^b^Zcid XjVh^^ X^Zci†[^Xdn XjVh^^gZa^\^dhd! W^Zc YZhVggdaaVYd! Y^hZŠVYd V eVgi^g YZ dWhZg"
egdbdidgYZaV^YZVYZfjZjcV[jZgoV^ck^h^WaZ kVX^dcZh Xdc\gjZciZh Xdc hjh V[^gbVX^dcZh! YZ
XdcYj_d!VadaVg\dYZaV]^hidg^VYZaeaVcZiV!Za bdYdfjZhZZmea^XVhZYZaVbVcZgVb{hZm]Vjh"
YZhVggdaad YZ aV ZheZX^Z ]jbVcV0 jcV cdX^‹c i^kVadfjZhZdWhZgkVZcaVcVijgVaZoV#6YZb{h!
dejZhiVVaVhZmea^XVX^dcZhfjZd[gZXZcaVXdh" jcViZdg†VX^Zci†[^XVYZWZiZcZgjcedYZgegZY^X"
bdad\†V!aV[†h^XV!aVW^dfj†b^XV!eZgdhdWgZidYd! i^kd#AV]^e‹iZh^hYZaYZh^\c^d^ciZa^\ZciZXVgZXZ
dejZhiV V aV iZdg†V YZ aV ZkdajX^‹c YVgl^c^VcV! edg XdbeaZid YZ aV XVeVX^YVY YZ ]VXZg egZY^X"
fjZ]VWaVYZjcegdXZhd\j^VYdedgaVhZaZXX^‹c X^dcZhkZg^[^XVWaZh!nh‹adhZa^b^iVVhZŠVaVgfjZ!
cVijgVanedgaVhjeZgk^kZcX^VYZab{hVeid# h^Va\c[Zc‹bZcdcdad]VZmea^XVYdaVW^dad\†V
:a aaVbVYd YZh^\c^d ^ciZa^\ZciZ! fjZ hZ bdaZXjaVg! ‚hiZ hZ Xdck^ZgiZ Zc jc Z_Zbead YZ
^ciZciV egZhZciVg Xdbd XdcXZeid d VaZ_VYd YZ aV aV ^ciZgkZcX^‹c Y^k^cV# H^c ZbWVg\d! XjVcYd adh
gZa^\^‹c! hZŠVaV fjZ jc hZg idYdedYZgdhd ^ciZg" X^Zci†[^XdhaZZcXjZcigVcjcVZmea^XVX^‹c!adhegd"
k^ZcZ eZg^‹Y^XVbZciZ eVgV \j^Vg aV ZkdajX^‹c edcZciZh YZa YZh^\cd ^ciZa^\ZciZ! h^beaZbZciZ
YZ aVh ZheZX^Zh YZ bVcZgV Y^gZXiV! ^bejahVcYd ]Vc deiVYd edg WjhXVg gZ[j\^d eVgV hjh bVc^"
hVaidhZkdaji^kdh^bedgiVciZh!Vh†XdbdVkVcXZh ejaVX^dcZh Zc Za h^\j^ZciZ [Zc‹bZcd Vc cd
d VYVeiVX^dcZh Y^[†X^aZh YZ Zmea^XVg Zc Va\jcdh W^ZcZmea^XVYdedgaVX^ZcX^V#Hj^chi^ijidd[^X^Va!
XVhdhZcadhfjZZaadhhjedcZcaVZm^hiZcX^V!nV YZcdb^cVYd 9^hXdkZgnn!bVc^[^ZhiVXdbdhjdW_Z"
hZVYZjcY^hZŠdegZ"ZheZX^[^XVYd!dW^ZcYZjcV i^kd ZheZX†[^Xd hjhi^ij^g aVh X^ZcX^Vh cVijgVaZh
XdbeaZ_^YVY^ggZYjX^WaZ# Xdc jc h^hiZbV Zc Za fjZ aV ^ciZgkZcX^‹c Y^k^cV
:c V\dhid eVhVYd! Za egZh^YZciZ <Zdg\Z L# hZ^ckdfjZVciZidYd[Zc‹bZcdXjnVZmea^XVX^‹c
7jh]!Va]VWaVgZcaV8VhV7aVcXVVciZjc\gjedYZ X^Zci†[^XVhZXdch^YZgZ^chVi^h[VXidg^VZci‚gb^cdh
gZedgiZgdhiZ_Vcdh!hZŠVa‹fjZÆVbWdhaVYdhYZaV iZda‹\^XdhXg^hi^Vcdh
XjZhi^‹cYZWZchZgZchZŠVYdhZcaVhXaVhZhYZW^d" :cgZVa^YVYZm^hiZb{hZk^YZcX^VZcaVcVij"
ad\†VÇ!nfjZÆaVheZghdcVhYZWZchZgZmejZhiVh gVaZoVYZaVVjhZcX^VYZZhZYZh^\c^d^ciZa^\ZciZ
V^YZVhXdcigVhiVciZhÇ#7jh]iZcYg†VgVo‹cYZhYZ fjZ YZ hj edh^WaZ Zm^hiZcX^V# AVh hdajX^dcZh
jcejcidYZk^hiV[^adh‹[^Xd!dgZa^\^dhd!eZgdadh ^cZ[^XVXZh!ZcVa\jcVhVYVeiVX^dcZhYZadhhZgZh
egdedcZciZh YZa YZh^\cd ^ciZa^\ZciZ egZiZcYZc k^kdh! hdc ^ccjbZgVWaZh! n adh XVaaZ_dcZh h^c
fjZhjh^YZVhhZZchZŠZc_jcidVaViZdg†VYZaV hVa^YVZkdaji^kdhbjZhigVcfjZZaejgdVoVgZhjc
ZkdajX^‹cZcaVhXaVhZhYZX^ZcX^VhW^da‹\^XVh!n bZ_dggZ[ZgZciZfjZjcVYZ^YVYk^\^aVciZ#
eVgVZaadcdZm^hiZWVhZVa\jcV#
AV Zk^YZcX^V X^Zci†[^XV fjZ VednV aV iZdg†V 8?8B?E=H7<ß7
YZ aV ZkdajX^‹c Zh VeVWjaaVciZ! Xdc[dgbV idYV 39Vl`^c\h!G^X]VgY# I]Z6cXZhidgÉhIVaZ Z#=dj\]idc
B^[[a^c#CN/'%%)#
aV W^dad\†V XdciZbedg{cZV! n Zh gZhjaiVYd YZa 39Vgl^cÉh7aVX`7dm/I]Z7^dX]Zb^XVa8]VaaZc\Zid
igVWV_d YZ ^ckZhi^\VX^‹c YZ b^aZh YZ X^Zci†[^Xdh :kdaji^dccB^X]VZa7Z]Z!;gZZEgZhh!&..+

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD ((
()8>:C8>6N9:H6GGDAADqD8IJ7G:'%%*
A6 6G IJG D  B:C8= 686

;ÞH>86
NHJ9:H6GGDAAD
:CBwM>8D
Cd]VnYjYV!adhVkVcXZhYZaV[†h^XVZcadhai^bdh
Ydhh^\adh]Vch^YdZheZXiVXjaVgZhnhjhVea^XVX^dcZh
]VcgZkdajX^dcVYdZabdYdYZk^YVYZahZg]jbVcd#
=dnZcY†VZhY^[†X^aZcXdcigVgZheVX^dhYdcYZcd
Zm^hiVcYZg^kVYdhYZZhiVY^hX^ea^cV/aVXVhV!ZaXVbed!
aVX^jYVY!aVZhXjZaV!aVd[^X^cV!aVh[{Wg^XVh!adh
igVchedgiZh!aVhXdbjc^XVX^dcZh!adhZcZg\‚i^Xdh!adh
Va^bZcidh!aV^c\Zc^Zg†V!aVbZY^X^cV!ZiX#JcZ_Zbead
XaVgdYZhj^beVXidZccjZhigVhk^YVhZhaVgZY
^ciZgcVX^dcVaLLL!cVX^YVZcaV[†h^XVYZaVheVgi†"
XjaVhZaZbZciVaZhfjZV]dgVeZcZigVadh]d\VgZh
ni^ZcZjcV\gVc^c[ajZcX^VZcidYdhadh{bW^idhYZ
cjZhigdYZhVggdaad#

D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD(*
:A:HI69D9:A6;ÞH>86NHJ9:H6GGDAAD:CBwM>8D

A6  ; Þ H > 86  N H J H  6 E A> 868 >D C: H B{hVaa{!aVh]ZggVb^ZciVhbViZb{i^XVhYZ


E6 G6  A6  K > 96  aV [†h^XViVbW^‚chZVea^XVcXdc ‚m^id Va ZhijY^d

A
Vh ]ZggVb^ZciVh YZ aV [†h^XV ]Vc YZaVXdbeaZ_^YVYVhdX^VYVVaVk^YVnVjcV\gVc
ad\gVYdiVaegZX^h^‹cfjZ!edgZ_Zb" \VbVYZ[Zc‹bZcdhcVijgVaZhn]VhiVhdX^VaZh!
ead!V]dgVZhedh^WaZbVc^ejaVgXdc" adh XjVaZh cd ]VXZ bjX]d ZgVc Xdch^YZgVYdh
_jcidh eZfjZŠdh YZ {idbdh a^WgZh [jZgVYZaVaXVcXZYZaVhX^ZcX^VhZmVXiVh#
YZ V\^iVX^‹c i‚gb^XV eVgV [dgbVg Edg digV eVgiZ! adh cjZkdh b^XgdhXde^dh eZg"
adh YZcdb^cVYdh XdcYZchVYdh YZ b^iZc]VXZgbVeVhYZaVhhjeZg[^X^ZhYZbViZg^VaZh
7dhZ":^chiZ^ccZXZhVg^dh!eVgVZaYZhVggdaadYZ {idbd edg {idbd0 \gVX^Vh V Zaad! adh [†h^Xdh YZ aV
aVhaaVbVYVhXdbejiVYdgVhXj{ci^XVh!nigVWV_Vg bViZg^VXdcYZchVYVad\gVgdcgZYjX^gZaYdb^c^dYZ
aVedYZgdhVi‚Xc^XVYZaVh e^coVh‹ei^XVhhfjZeZg" hjhbViZg^VaZhVc^kZaZhZcadhfjZaVhZmX^iVX^dcZh
b^iZ]VXZgbZY^YVh[†h^XVhZcY^gZXid!hdWgZaVh Xj{ci^XVhhdc^bedgiVciZh!YVcYddg^\ZcVagZkdaj"
bda‚XjaVhYZ69C!edgZ_Zbead# X^dcVg^dXVbedYZaVhcVcdX^ZcX^Vh#
6a ^ciZ\gVg aV [†h^XV! aV W^dad\†V n aV fj†b^XV! 8VWZV\gZ\VgfjZaVhX^ZcX^VhYZaVbViZg^V
]ZbdhZbeZoVYdVZciZcYZgX‹bd[jcX^dcVcaVh XdcYZchVYV ]Vc ]ZX]d VedgiVX^dcZh gZaZkVciZh
b{fj^cVhbdaZXjaVgZhfjZ\dW^ZgcVcaVk^YVn]Vc fjZ kVc YZhYZ aV hjeZgXdcYjXi^k^YVY YZ VaiV
egde^X^VYdjcVkZgYVYZgVZmeadh^‹cYZegd\gZhdZc iZbeZgVijgV!]VhiVegdedcZgZabZXVc^hbdeVgV
aVhX^ZcX^VhW^db‚Y^XVh!ZcigZXjndh\gVcYZhgZidh Zmea^XVgZadg^\Zcb^hbdYZaVhbVhVhYZaVheVg"
hZ ^cXajnZ YZhX^[gVg Za \ZcdbV ]jbVcd n Xdb" i†XjaVhZaZbZciVaZh#
egZcYZgX‹bdaVhX‚ajaVhegdXZhVcaV^c[dgbVX^‹c
YZaVk^YVb^hbV#:cZaad!aVh]ZggVb^ZciVhiZX" B w M >8 D !  J C6  7 G : K :  G : H : x6
cda‹\^XVhfjZ]Vchjg\^YdYZaV[†h^XVhdc[jcYV" :ccjZhigdeV†h!aV[†h^XVhZZbeZo‹VYZhVggdaaVg
bZciVaZh#EZgd!VYZb{h!cdedYZbdhYZ_VgaVhYZ ]VXZedXdb{hYZ+*VŠdh!XjVcYdhZ[jcYVgdc
aVYd0 egZhZciZh Zhi{c aVh ZcdgbZh VedgiVX^dcZh Zaeg^bZgegd\gVbVYZa^XZcX^VijgVZc[†h^XVnZa
YZaV[†h^XVVaVbZY^X^cVZcZhZh^ccbZgdYZ^ch" eg^bZg^chi^ijidYZ^ckZhi^\VX^‹c#:a]ZX]dYZfjZ
igjbZcidhfjZZcXdcigVbdh]dnZcadh]dhe^iVaZh Zaeg^bZgZ\gZhVYdYZaVa^XZcX^VijgVnYZaYdX"
ngZhjaiVc^cY^heZchVWaZhiVcidZcZaY^V\c‹hi^Xd idgVYd Zc B‚m^Xd! ;ZgcVcYd 6aWV 6cYgVYZ! h^\V
XdbdZcaViZgVe^VYZaVhZc[ZgbZYVYZh/hdcegd" h^ZcYdjc^ckZhi^\VYdgVXi^kd!gZ[aZ_VaV_jkZcijY
YjXid YZ jcV ZhigZX]V XdaVWdgVX^‹c ZcigZ [†h^Xdh YZZhiVX^ZcX^VZccjZhigdeV†h#
nb‚Y^Xdh# 6aV[ZX]V!]VnZcB‚m^XdXZgXVYZ'!*%%[†h^Xdh
i^ijaVYdhfjZZchjbVndg†VigVWV_VcZcVa\jcd
3JcZ_ZbeadYZa YZ adh )- XZcigdh YZ ^ckZhi^\VX^‹c d YZ ZYjXV"
X^‹c hjeZg^dg ,* YZ adh XjVaZh hZ ZcXjZcigV

^beVXidYZaV[†h^XV Zc&.ZhiVYdhYZaVgZeWa^XVnhZZbeaZVVXVh^
aV b^iVY YZ adh [†h^Xdh0 jc WjZc ^cY^XVYdg Zc Za

ZccjZhigVhk^YVh gjWgdYZaVYZhXZcigVa^oVX^‹c!YdcYZhZd[gZXZc
egd\gVbVhYZedh\gVYd#:c'%%)]jWdXZgXVYZ
&'% YdXidgVYdh n b{h YZ *% YZ adh ^ckZhi^\V"
ZhaVLLL!cVX^YVZc YdgZhn$degd[ZhdgZhfjZigVWV_VcZcB‚m^Xd]Vc
dWiZc^Ydhjedh\gVYdZcZaeV†h#
aV[†h^XVYZaVheVg" :m^hiZjcVHdX^ZYVYBZm^XVcVYZ;†h^XVHB;
fjZ Zc '%%) dg\Vc^o‹ Za ),° Xdc\gZhd cVX^dcVa
i†XjaVhZaZbZciVaZh! VcjVa# AV HB;; Xdch^YZgV aV eVgi^X^eVX^‹c YZ hjh
b^ZbWgdhZcY^k^h^dcZhZheZX^Va^oVYVhnejWa^XV!
V]dgVegZhZciZ YZhYZ ]VXZ *( VŠdh! jcV gZk^hiV YZ X^gXjaVX^‹c
^ciZgcVX^dcVa!aV GZk^hiVBZm^XVcVYZ;†h^XV V!nhj

ZcidYdhadh 7daZi†c^c[dgbVi^kd#
6YZb{h! iVbW^‚c XdciVbdh Xdc V\gjeV"

{bW^idhYZcjZhigd X^dcZhV[^cZh!XdbdaVegde^VHZXX^‹cYZ;†h^XVYZ
aV6XVYZb^VBZm^XVcVYZ8^ZcX^Vh!aV6XVYZb^V
BZm^XVcV YZ âei^XV! aVh hdX^ZYVYZh bZm^XVcVh
YZhVggdaad YZ>chigjbZciVX^‹cnYZHjeZg[^X^ZhnKVX†d!ZcigZ

(+ 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
:A:HI69D9:A6;ÞH>86NHJ9:H6GGDAAD:CBwM>8D

3AVjW^Xj^YVYYZ
aV[†h^XV]ViZc^Yd
XdbdgZhjaiVYdfjZ
aVhdX^ZYVYYZ_ZYZ
VegZX^Vghjhad\gdh
VaidbVgXdbd
]ZX]dhXdbjcZh
Va\jcdhYZhjh
‚m^idhb{h
ZheZXiVXjaVgZh

digVh# :c ZaaVh hZ ^ciZ\gVc [†h^Xdh YZ Y^kZghVh bjcYdneVgi^X^eVgZcegdnZXidhYZXdaVWdgVX^‹c


ZheZX^Va^YVYZh! Va\jcVh YZ aVh XjVaZh gZVa^oVc ^ciZgcVX^dcVaZh# :c aV VXijVa^YVY ZcXdcigVbdh
hjh egde^Vh ejWa^XVX^dcZh n Xdc\gZhdh ZheZX^V" bZm^XVcdh igVWV_VcYd Zc adh XZcigdh X^Zci†[^Xdh
a^oVYdh# b{h\gVcYZhYZabjcYd!XdbdZa8Zcigd:jgdeZd
8VWZ V\gZ\Vg fjZ b{h YZ -% YZ adh Vgi†" YZ>ckZhi^\VX^dcZhCjXaZVgZh8:GC#
Xjadh YZ ^ckZhi^\VX^‹c egdYjX^Ydh edg [†h^Xdh 6 eZhVg YZa egd\gZhd fjZ ]V iZc^Yd ZhiV
bZm^XVcdhhZejWa^XVcZcaVhgZk^hiVh^ciZgcVX^d" X^ZcX^V Zc cjZhigd eV†h n! edg hjejZhid! Zc Za
cVaZhYZbVndg^beVXid# gZhid YZa bjcYd! aV [†h^XV bZm^XVcV Zc[gZciV
AVh ^ckZhi^\VX^dcZh W{h^XVh fjZ hZ gZVa^oVc \gVcYZh gZidh! Xdbd ad Zh hj edWgZ eZgXZeX^‹c
ZcB‚m^XdXjWgZceg{Xi^XVbZciZidYVaViZb{i^XV eWa^XV! iVa kZo! eVgVY‹_^XVbZciZ! hZV ‚hiZ Za
bjcY^VaYZaV[†h^XV/YZhYZZaZhijY^dYZadhXdch" egZX^d YZ hj egde^d ‚m^id! ejZh! Xdbd hZ Y^_d
i^ijnZciZhW{h^XdhYZaVbViZg^V!]VhiVaVZkdaj" VciZh!aVjW^Xj^YVYYZaV[†h^XVnhjhVea^XVX^dcZh
X^‹cYZajc^kZghd!eVhVcYdedgaV[†h^XVcjXaZVg! Xdi^Y^VcVh ]Vc iZc^Yd Xdbd gZhjaiVYd fjZ aV
aV [†h^XV Vi‹b^XV n bdaZXjaVg! aV [†h^XV ZhiVY†h" hdX^ZYVY ]VnV YZ_VcYd YZ VegZX^Vg hjh ad\gdh!
i^XV!aV‹ei^XVnaVbViZg^VXdcYZchVYV#:hiVhYdh VaidbVgXdbd]ZX]dhXdbjcZhVa\jcdhYZhjh
ai^bVhhdcaVhb{h^ckZhi^\VYVh# ad\gdhb{hZheZXiVXjaVgZh#
AV ^c[gVZhigjXijgV eVgV Va\jcdh iZbVh Zh :hiV ^ck^h^W^a^YVY
Y ]VXZ fjZ aV hdX^ZYVY cd
a^b^iVYV!eZgdadh[†h^XdhbZm^XVcdhhZ]VcVW^Zgid VegZX^ZaV^bedgiVcX^VYZhZ\j^g^ck^gi^ZcYdZcaV
XVb^cdZcadhaVWdgVidg^dhb{h^bedgiVciZhYZa ^ckZhi^\VX^‹cZc[†h^XV!nfjZadh_‹kZcZhcdaVXdc"

(- 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
3AV^ciZ\gVX^‹cYZ[†h^XV!W^dad\†Vnfj†b^XV!]V
egde^X^VYdjcVZmeadh^‹cYZegd\gZhdZcW^dbZY^X^cV!
ZcigZXjndhgZidhZhi{YZhX^[gVgZa\ZcdbV]jbVcd
h^YZgZc Xdbd jcV deX^‹c ZYjXVi^kV egd[Zh^dcVa! B‚m^Xd!nZcbjX]Vh^chi^ijX^dcZhYZidYdZaeV†h!
edg ad fjZ jcV ]ZggVb^ZciV ^cY^heZchVWaZ eVgV YZ ZhiV XZaZWgVX^‹c ejZYZ hZg XdchjaiVYV Zc aV
hjWhVcVgZhiVh^ijVX^‹cgZhjaiVhZgaVY^kja\VX^‹c e{\^cV ]iie/$$[^h^XV'%%*#jcVb#bm# H^ cd aV ]V
X^Zci†[^XV!fjZZhZch†jcVdeX^‹cegd[Zh^dcVabjn k^h^iVYd!µ]{\Vad½!Y^k^‚giVhZXdcZaVegZcY^oV_Z
cZXZhVg^VZ^ciZgZhVciZ# YZZhiVX^ZcX^V#
:c ZhiZ Zhe†g^ij! aV Xdbjc^YVY bjcY^Va YZ
6gijgdBZcX]VXV Zh[†h^XdedgaV JC6BnYdXidgedgaV
[†h^Xdh ]V VegdkZX]VYd Za XZciZcVg^d YZa Vccjh Jc^kZgh^YVYYZDm[dgY!>c\aViZggV#HjZheZX^Va^YVYZhaV
b^gVW^a^hh YZ :^chiZ^c eVgV [ZhiZ_Vg aV [†h^XV Xdc [†h^XVcjXaZVgZmeZg^bZciVanhj^chigjbZciVX^‹cVhd"
jc \gVc Zh[jZgod YZ Y^kja\VX^‹c Zc '%%*! 6Šd X^VYV#:h^ckZhi^\VYdgcVX^dcVac^kZa>>>nb^ZbWgdYZa
8dchZ_d8dchjai^kdYZ8^ZcX^VhYZaVEgZh^YZcX^VYZaV
>ciZgcVX^dcVaYZaV;†h^XV#AVXVgiZaZgVYZVXi^k^" GZeWa^XV!VYZb{hYZ^ckZhi^\VYdgi^ijaVgnY^gZXidgYZa
YVYZhZcaVJc^kZgh^YVYCVX^dcVa6ji‹cdbVYZ >chi^ijidYZ;†h^XVYZaV JC6B#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD (.
)%8>:C8>6N9:H6GGDAADqD8IJ7G:'%%*
:A9:H6GGDAAD
68IJ6A9:

A6;ÞH>86
B6 G Þ6 :HI:G  7G 6C96C

Bw9>86 :ai‚gb^cd[†h^XVb‚Y^XV^cXajnZ
idYVhaVhVea^XVX^dcZhYZeg^cX^e^dh
ni‚Xc^XVhYZ[†h^XVeVgVaVegZkZc"
X^‹c!Y^V\c‹hi^XdnigViVb^ZcidYZ
aVhZc[ZgbZYVYZhYZahZg]jbVcd#
6XijVabZciZZhaVgVbVYZaV[†h^XV
YZb{hg{e^YdXgZX^b^Zcid#

D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD)&
:A9:H6GGDAAD68IJ6A9:A6;ÞH>86Bw9>86

:
cadh:hiVYdhJc^Ydh!)!,%%[†h^Xdh n:#B#EjgXZaa!]VW†VcgZX^W^YdEgZb^dhCdWZaYZ
b‚Y^Xdh hZ V\gjeVc Zc aV 66EB ;†h^XVZc&.))n&.*'#
6bZg^XVc6hhdX^Vi^dcd[E]nh^X^hih AV b^iVY YZ adh eVX^ZciZh Xdc X{cXZg YZWZc
^cBZY^X^cZ!hdX^ZYVYXjnVbZb" gZX^W^ggVY^diZgVe^V
V XdbdigViVb^Zcid!c^XddXdb"
WgZh†V]VXgZX^Yd(&ZcaVai^bV W^cVYd Xdc digdh! eVgV ZggVY^XVg! XdcigdaVg d
Y‚XVYV! Za b{m^bd VjbZcid Zc" eVa^VgadhZ[ZXidhYZaVZc[ZgbZYVY#:hiVi‚Xc^XV
igZ aVh dg\Vc^oVX^dcZh fjZ Xdc[dgbVc Za 6>E Xdch^hiZ Zc VYb^c^higVg VaiVh Ydh^h YZ gVY^V"
6bZg^XVc>chi^ijiZd[E]nh^Xh#HZedYg†VeZchVg X^‹cVaijbdg!b^c^b^oVcYdaVgVY^VX^‹cgZX^W^YV
fjZ aV XVjhV Zh ZXdc‹b^XV nV fjZ! Zc egd" edgZaiZ_^YdhVcdX^gXjcYVciZ#AVhbdYVa^YVYZh
bZY^d!jc[†h^Xdb‚Y^XdfjZaVWdgVZcjc]dhe^iVa bdYZgcVh YZ aV gVY^diZgVe^V! aaVbVYVh gVY^dX^"
\VcV*%b{hfjZjcegd[Zhdgjc^kZgh^iVg^d!Zc gj\†V! XjX]^aad"\VbbV! d gVY^diZgVe^V YZ ^ciZc"
adh :hiVYdh Jc^Ydh# H^c ZbWVg\d! XgZd fjZ ]Vn h^YVYbdYjaVYV!i^ZcZcXdbddW_Zi^kdXdc[dgbVg
gVodcZhVXVY‚b^XVhnegd[Zh^dcVaZhiVciddb{h ZakdajbZc^ggVY^VYdVakdajbZcYZaijbdg#AVh
^bedgiVciZh fjZ aVh ZXdc‹b^XVh# AV edh^W^a^YVY
YZ ^ckZhi^\Vg eVgV ^ckZciVg n dei^b^oVg i‚Xc^XVh
b‚Y^XVh VkVcoVYVh fjZ jhZc gVY^VX^dcZh ^dc^"
7FB?979?ED;ICx:?97I
oVciZh! ajo k^h^WaZ! XVbedh ZaZXigdbV\c‚i^Xdh d :;B7<ßI?970
W^dbViZg^VaZh!Zch^cZg\^VXdcZaZmigVdgY^cVg^d
YZhVggdaadgZX^ZciZYZadhgZXjghdhYZX‹bejid! 4KIE:;BEIH7OEIN0gVY^d\gV[†Vhnidbd"
\gV[†VhXdbejiVg^oVYVh#
]VXZcYZaV[†h^XVb‚Y^XVjcVZheZX^Va^YVYYZVaid
4C;:?9?D7DK9B;7H0 \VbbV\gV[†V!
VigVXi^kdX^Zci†[^XdeVgVjc[†h^XdVXijVa# idbd\gV[†VXdbejiVg^oVYVYZZb^h^‹c
[di‹c^XVnidbd\gV[†VYZZb^h^‹cedh^ig‹"
A6  ; Þ H > 86  :C  A6  B :9 > 8 >C6  B D 9: G C6 c^XV!gZhdcVcX^VbV\c‚i^XV!gVY^diZgVe^Vn
AVVea^XVX^‹cb‚Y^XVb{hXdcdX^YVYZaV[†h^XVZh jaigVhdc^Yd!ZcigZdigdh#
Za jhd YZ adh gVndh M eVgV dWiZcZg gVY^d\gV[†Vh#
6YZb{hYZZhiV[dgbVYZgVY^VX^‹ceVgVdWiZcZg
^c[dgbVX^‹c VcVi‹b^XV Zc Ydh d igZh Y^bZc"
h^dcZhgVY^d\gV[†Vhnidbd\gV[†VXdbejiVg^oVYV!
gZheZXi^kVbZciZ! hZ jhVc cXaZdh gVY^VXi^kdh
eVgV \ZcZgVg ^b{\ZcZh Xdc ^c[dgbVX^‹c bZiV"
W‹a^XV n [jcX^dcVa# :a {gZV YZ ZheZX^Va^oVX^‹c
Xa†c^XV! aaVbVYV bZY^X^cV cjXaZVgg! XjZciV Xdc
i‚Xc^XVh YZ \VbbV\gV[†V! idbd\gV[†V XdbejiV"
g^oVYVYZZb^h^‹c[di‹c^XVdHE:8Ih^c\aZ"e]didc
Zb^hh^dc XdbejiZY idbd\gVe]n! n idbd\gV[†V
YZ Zb^h^‹c edh^ig‹c^XV d E:II edh^igdc Zb^hh^dc
idbd\gVe]n! fjZ eZgb^iZc ZkVajVg Za [jcX^d"
cVb^Zcid YZ ‹g\Vcdh ZheZX†[^Xdh V igVk‚h YZ
^b{\ZcZh!\ZcZgVabZciZig^"Y^bZch^dcVaZh!fjZ
bjZhigVc aV VXjbjaVX^‹c ZheVX^Va n iZbedgVa
YZ aV gVY^VXi^k^YVY VYb^c^higVYV Va eVX^ZciZ! n
fjZ Vh† gZ[aZ_Vc Za \gVYd YZ [jcX^dcVb^Zcid YZa
‹g\VcdYZ^ciZg‚h#
Jc egdXZY^b^Zcid ZhZcX^Va YZa Y^V\c‹hi^Xd
edg^b{\ZcZhZcjc]dhe^iVabdYZgcdZhaVgZhd"
cVcX^VbV\c‚i^XV V fjZjhVXVbedhbV\c‚i^Xdhn
dcYVhZaZXigdbV\c‚i^XVheVgVk^hjVa^oVgaVVcV"
idb†V n Za c^kZa [jcX^dcVa YZ ‹g\Vcdh ^ciZgcdh#
EZiZg BVch[^ZaY! YdXidg Zc [†h^XV! XdbeVgi^‹ Za
EgZb^dCdWZa'%%(YZ;^h^dad\†VdBZY^X^cVedg
aVVea^XVX^‹cb‚Y^XVYZaVi‚Xc^XV#AdhYZhXjWg^"
YdgZhYZadhegdXZhdhW{h^Xdh!>#>#GVW^!;#7adX]

)' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


WVhZh n eg^cX^e^dh hdc Vfj‚aadh YZ aV [†h^XV YZ
gVY^VX^dcZhnaVgVY^dW^dad\†V!VednVYdhedgYZhV"
ggdaadhYZ^c\Zc^Zg†VnXdbejiVX^‹c#
6YZb{h YZ Zhidh Z_Zbeadh! ZcXdcigVbdh
[†h^XVZcZahZgk^X^dYZjaigVhdc^Yd!d[iVabdad\†V!
dgideZY^V! XVgY^dad\†V! eVidad\†V! Z ^cXajhd Zc
adh]jb^aYZhZhiZidhXde^dnbZY^YdgYZegZh^‹c
hVc\j†cZV#

>C K:HI ><68>âC  N  :?:G8> 8> D E GD; :H > DC 6 A


AV[†h^XVb‚Y^XVhZZ_ZgXZgZVa^oVcYd^ckZhi^\VX^‹c
nYZhVggdaad!YdXZcX^V!niVbW^‚chZgk^X^dXa†c^Xdn
Xdchjaidg†Vegd[Zh^dcVa#:hZhidai^bdadfjZaV
Y^hi^c\jZYZdigVh{gZVhYZ[†h^XV#8dciVgXdcjc
YdXidgVYdZhZagZfj^h^ideVgVgZVa^oVg^ckZhi^\V"
X^‹cdg^\^cVa!neVgVZbegZcYZgjcigVWV_dXa†c^Xd
degd[Zh^dcVa!Za\gVYd‹ei^bdZhaVbVZhig†V#:c
\ZcZgVa!adh\gVYdhcdWg^cYVcaVZmeZg^ZcX^VXa†"
c^XVcZXZhVg^VeVgVedYZggZhedchVW^a^oVghZYZa
[jcX^dcVb^Zcid YZ Zfj^ed VaiVbZciZ ZheZX^Va^"
oVYd n edg Zhid! Zc adh eV†hZh ^cYjhig^Va^oVYdh!
VYZb{h YZ adh XdcdX^b^Zcidh hZ Zm^\Z jc eVg
YZVŠdhYZZmeZg^ZcX^VWV_daVhjeZgk^h^‹cYZjc
[†h^Xdb‚Y^XdXa†c^XVbZciZXVa^[^XVYdeVgVedYZg
Z_ZgXZgXdbdegd[Zh^dcVa#

6K6C 8:H G :8>:CI:H  :C  B wM > 8 D


;†h^Xdhnb‚Y^XdhbZm^XVcdh]VcXdaVWdgVYd!YZ
bVcZgV X^gXjchiVcX^Va! YZhYZ adh dg†\ZcZh Xdc
VbWVh Y^hX^ea^cVh0 h^c ZbWVg\d! jc YZhVggdaad
[dgbVa YZ aV [†h^XV b‚Y^XV! YZcigd YZ bVgXdh
^chi^ijX^dcVaZh! n VednVYd edg egd\gVbVh YZ
ZheZX^Va^oVX^‹cZcZac^kZaYZedh\gVYd!h‹adhZ
YVVeVgi^gYZ]VXZjcdhY^ZoVŠdh#:cZaai^bd
ajhigd YZa h^\ad eVhVYd hZ XgZVgdc adh Ydh eg^"
bZgdhÄn]VhiVZabdbZcidc^XdhÄegd\gVbVh
YZedh\gVYdZc[†h^XVb‚Y^XV!ZcaVJc^kZgh^YVY
6ji‹cdbVYZa:hiVYdYZB‚m^Xd!naVJc^kZgh^YVY
CVX^dcVa 6ji‹cdbV YZ B‚m^Xd# =VhiV _jc^d YZ
'%%* Zhidh egd\gVbVh VXVY‚b^Xdh ]Vc [dg"
bVYdVb{hYZ)%[†h^Xdhb‚Y^XdhXdc\gVYdYZ
bVZhig†V#H^bjai{cZVbZciZ!hZXgZ‹aV9^k^h^‹c
3<GJEDJC6B
YZ;†h^XVB‚Y^XV9;BYZaVHdX^ZYVYBZm^XVcV YZ^ckZhi^\VX^‹cZc
YZ ;†h^XV! ad fjZ ]V eZgb^i^Yd iZcZg jcV egZ" XVa^YVYYZ^bV\ZcnYdh^h
hZcX^VVXi^kVÄnYZ\gVcVigVXi^kdeVgVadhZhij" ZcbVbd\gV[†V_jcid
Y^VciZh YZ aVh a^XZcX^VijgVh YZa eV†hÄ Zc adh Vaegdidi^edYZbVc^fj†
fjZhZXdchigjnZeVgV
Xdc\gZhdh cVX^dcVaZh YZ [†h^XV# AV 9;B dg\V"
gZVa^oVgXdcigdaYZXVa^YVY
c^oV XVYV Ydh VŠdh Za H^bedh^d BZm^XVcd YZ ZcbVbd\gV[†VXdckZc"
;†h^XV B‚Y^XV! jc [dgd ZheZX^Va^oVYd eVgV Za X^dcVa#8daVWdgVX^‹cXdc
igVWV_d YZ ^ckZhi^\VX^‹c n egd[Zh^dcVa YZa eV†h# Za>chi^ijidCVX^dcVaYZ
:c '%%( hZ jc^Zgdc aVh Ydh hdX^ZYVYZh egd[Z" 8VcXZgdad\†V#
h^dcVaZh Xdc aV 9;B eVgV [dgbVg aV ;ZYZgVX^‹c

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD )*
:A9:H6GGDAD68IJ6A9:A6;ÞH>86Bw9>86

3AV[†h^XVb‚Y^XV!VY^[ZgZcX^VYZdigVh
{gZVhYZaV[†h^XV!hZZ_ZgXZgZVa^oVcYd
^ckZhi^\VX^‹cnYZhVggdaad!Vh†Xdbd
YdXZcX^V!hZgk^X^dXa†c^XdnXdchjaidg†V
egd[Zh^dcVa

)) 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
O7 ;IJ7D
:?IFED?8B;I

BZm^XVcV YZ Dg\Vc^oVX^dcZh YZ ;†h^XV bV\c‚i^XV! ‹ei^XV n egdXZhVb^Zcid YZ


B‚Y^XV fjZ aaZkV aV kdo YZ B‚m^Xd Va ^b{\ZcZh# :a >chi^ijid YZ ;†h^XV ]V Xdc"
[dgd^ciZgcVX^dcVa!ZcZheZX^VaVaV >DBE XZcigVYd *% YZ adh egdnZXidh YZ iZh^h!
>ciZgcVX^dcVa Dg\Vc^oVi^dc d[ BZY^XVa eg^cX^eVabZciZZciZbVhYZgVY^diZgVe^V
E]nh^Xh# nbVbd\gV[†V#
:c'%%*hZ^c^X^‹aVXdchigjXX^‹cYZ
;Þ H>86 Bw9>86 :C  A6  J C 6 B jc h^hiZbV W^bdYVa YZ ^b{\ZcZh fjZ
:caV JC6B!aV[†h^XVb‚Y^XVhZXdcXZcigV eZgb^i^g{ ^ciZ\gVg ZaZbZcidh YZ iZXcd"
VXijVabZciZVagZYZYdgYZaVhVXi^k^YVYZh ad\†V VkVcoVYV Zc jc ^chigjbZcid fjZ
VXVY‚b^XVh YZ aV bVZhig†V Zc X^ZcX^Vh \ZcZgZ ^b{\ZcZh VcVi‹b^XVh n [jcX^d"
[†h^XVb‚Y^XVYZaEdh\gVYdZc8^ZcX^Vh cVaZhYZjcdg\Vc^hbdk^kd#
;†h^XVh#AVbVZhig†V!eVgiZYZaEVYg‹cYZ :a{gZVYZ[†h^XVb‚Y^XVk^kZhj^c[VcX^V
Edh\gVYdh YZ :mXZaZcX^V YZa 8dcVXni! ZcB‚m^Xd0h^cZbWVg\d!Za^ciZg‚hYZaVh
]V[dbZciVYdfjZhZZhiVWaZoXVcXdaV" eVgiZh Äb‚Y^Xdh! [†h^Xdh n hdWgZ idYd!
WdgVX^dcZhYdXZciZhnYZ^ckZhi^\VX^‹c ZhijY^VciZh YZ a^XZcX^VijgV VigV†Ydh
ZcigZ hjh (% ijidgZh ^ckZhi^\VYdgZh ]VX^V ZhiV ZheZX^Va^oVX^‹c YZ edh\gVYdÄ 8jVYZgcdhYZZmeZg^bZcidh
eg^cX^eVabZciZ [†h^Xdh n &* ijidgZh Vj\jgVcfjZZhiVY^hX^ea^cVedYg{aaZ\Vg YZaV&'V#HZbVcVCVX^dcVaYZ
b‚Y^Xdh bVndg^iVg^VbZciZ Xa†c^Xdh VhjZYVYVYjaiVZcWjZcVhVajY# 8^ZcX^VnIZXcdad\†V
eVgV aaZkVg V XVWd aVh VXi^k^YVYZh VXV"
Y‚b^XVh YZ adh *% ZhijY^VciZh VYb^" EVgVhVWZgb{h/ 9^hedc^WaZhZclll#XdcVXni#bm
lll#[^h^XV#jcVb#bm$[^hbZY
i^YdhYZhYZ&..,#:hiVgZaVX^‹c]VeZg" lll#VVeb#dg\
b^i^YdZaVXZgXVb^ZcidZcigZadh[†h^Xdh
jcVb^iVhnjcVYZXZcVYZXZcigdh]dh" BVg†V:hiZg7gVcYVc Zh[†h^XVedgaVJc^kZgh^YVY
YZ8]^aZ!VYZb{hYZbVZhigVnYdXidgVZc[†h^XV
e^iVaVg^dh YZ aV gZ\^‹c bZigdeda^iVcV! edgaVJc^kZgh^YVYYZL^hXdch^c!BVY^hdc! :J6#
fjZeVgi^X^eVcZcZaegd\gVbVYdXZciZ Hjh{gZVhYZ^ckZhi^\VX^‹chdcaV[†h^XVcjXaZVg
VigVk‚hYZjcVgZh^YZcX^V]dhe^iVaVg^Vn ZmeZg^bZciVanaV[†h^XVb‚Y^XV#6XijVabZciZ
Zh^ckZhi^\VYdgVi^ijaVg8YZa>chi^ijidYZ;†h^XV!
aVZaVWdgVX^‹cYZaVhiZh^h# ijidgVYZaedh\gVYdZc8^ZcX^Vh;†h^XVhYZaV
Adh iZbVh YZ bVndg YZhVggdaad Zc JC6B!nb^ZbWgdYZaH^hiZbVcCVX^dcVaYZ
aV JC6B hdc aVh Vea^XVX^dcZh b‚Y^XVh >ckZhi^\VYdgZh!c^kZa>>>#:c'%%(!gZX^W^‹Za
EgZb^dYZaVHdX^ZYVYBZm^XVcVYZ;†h^XVVa
YZaVhgVY^VX^dcZh^dc^oVciZh!gZhdcVcX^V 9ZhVggdaadYZaV;†h^XVZcB‚m^Xd#
C6CD
8>:C8>6N
C6CD
I:8CDAD<

)+8>:C8>6N9:H6GGDAADqD8IJ7G:'%%*
JcVYZaVhegZ\jciVhfjZ]Vchjg\^YdXdc\gVcgZXj"
ggZcX^VYjgVciZZa'%%*!6Šd>ciZgcVX^dcVaYZaV;†h^XV
Zh/Xj{aZhhdcadhiZbVhYZ^ckZhi^\VX^‹cZcZhiV
X^ZcX^VXdcbVndggZaZkVcX^VZ^beVXidZcaVVXijV"
a^YVY!ZcadheaVodhXdgidnbZY^Vcd#
CdZm^hiZjcVgZhejZhiVh^beaZ!eZgdZhZk^YZciZfjZ
ZcZa{bW^idbjcY^VaaVcVcdX^ZcX^VnaVcVcdiZXcd"
ad\†VCVcdXnihdc{gZVhYZ^ckZhi^\VX^‹cX^Zci†[^XVYZ
\gVc^ciZg‚heVgVaV[†h^XVneVgVdigVhY^hX^ea^cVhX^Zci†"
[^XVhXdbdfj†b^XV!W^dad\†V!X^ZcX^VYZbViZg^VaZh!W^d"
iZXcdad\†V!^c\Zc^Zg†VnbZY^X^cV!adfjZhZigVYjXZZc
eda†i^XVhYZVednd[^cVcX^Zgdeg^dg^iVg^dVaV^ckZhi^\V"

Þ6 X^‹cZcCVcdXniedgeVgiZYZadh\dW^ZgcdhYZVa\jcdh
eV†hZh!Xdbdadh:hiVYdhJc^Ydh!aVJc^‹c:jgdeZV!
?Ve‹c!8dgZVYZaHjgn8]^cV!adhXjVaZhhjbVg{cZc
'%%*VagZYZYdgYZ'!%%%b^aadcZhYZY‹aVgZh#

D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD),
C6CD8>:C8>6NC6CDI:8CDAD<Þ6

C 6 C D8NI/  A6  B 6I:G> 6  : C C6 CD  : H86 A 6  6 Zhidh bViZg^VaZh YZ iVbVŠd cVcdb‚ig^Xd

A
VcVcdX^ZcX^Vi^ZcZXdbddW_Zi^kdh aZh aaVbVbdh cVcdZhigjXijgVhh d cVcdeVgi†XjaVhh n
ZaZhijY^dnXdcigdaYZaVbViZg^VV [dgbVc jc ejZciZ YZ ZcaVXZ ZcigZ adh {idbdh
ZhXVaV cVcdb‚ig^XV & cVc‹bZigd n bda‚XjaVh! n aV bViZg^V bVXgdhX‹e^XV# H^c
Zh^\jVaVaVb^aadc‚h^bVeVgiZYZ ZbWVg\d! aVh cVcdZhigjXijgVh cd h‹ad hZ Y^h"
&b^a†bZigd!XdcaVh]ZggVb^ZciVh i^c\jZc edg hj iVbVŠd n cbZgd YZ {idbdh!
YZaV[†h^XV!aVfj†b^XVnaVW^dad\†V# h^cdedghjhegde^ZYVYZh[†h^XVhnfj†b^XVh!fjZ
AVbViZg^VZhidYdadfjZcdhgdYZV!dXjeVjc gZhjaiVchZgbjnY^hi^ciVhVaVhfjZegZhZciVg†Vc
aj\VgZcZaZheVX^dnZhi{XdbejZhiVYZ{idbdh# adh b^hbdh bViZg^VaZh V ZhXVaVh bVndgZh! YZ
:cjcXZci†bZigdXW^XdYZbViZg^VhZi^ZcZjc b^Xg‹bZigdhdb^a†bZigdh#
cbZgd ^cbZchd YZ {idbdh Vegdm^bVYVbZciZ Edg Z_Zbead! b^ZcigVh fjZ Za Xdadg YZ jc
&% ZaZkVYd V aV ediZcX^V '(# :c adh cVcdbViZ" eZYVod \gVcYZ YZ eaViV Zh Za b^hbd h^ ‚hiZ hZ
g^VaZh bViZg^V Xjnd iVbVŠd Zhi{ ZcigZ & n &% XdgiV Zc Y^[ZgZciZh iVbVŠdh n i^ZcZ Y^hi^ciVh
cVc‹bZigdh!ZacbZgdYZ{idbdhegZhZciZZh [dgbVh Zh[ZgV! eg^hbV! XjWd! ZiX#! Za YZ aVh
bjX]dbZcdg!ZcigZ&%n&b^aa‹c# cVcdeVgi†XjaVh YZ eaViV YZeZcYZ idiVabZciZ YZ
hjiVbVŠdnhj[dgbVZhfjZbV&#

36XijVabZciZhZY^hi^c\jZc C6 CD 8 >: C8 >6 /  9: H8 J 7 G >G  DI G D  J C>"


K:GHD

adhVkVcXZhcVcdiZXcda‹\^Xdh :aZhijY^dnXdcigdaYZaVhcjZkVhegde^ZYVYZhYZ
adhcVcdbViZg^VaZhnZaegdXZhdYZXdbegZch^‹c
ZcaVh^cYjhig^Vhfj†b^XV!ZaZX" YZadhcjZkdh[Zc‹bZcdh[†h^XdhfjZhjXZYZcZc
Zaadh!ZheVgVaV[†h^XVnaVcVcdX^ZcX^VjcVYZaVh

ig‹c^XV!‹ei^XVn!VaVg\deaVod! iVgZVhb{h^ciZgZhVciZhngZiVYdgVhYZZhiZh^\ad#
Edg digd aVYd! aV cVcdiZXcdad\†V hZ ZcXVg\V

W^diZXcda‹\^XVnb‚Y^XV YZ ji^a^oVg adh cjZkdh XdcdX^b^Zcidh \ZcZgVYdh


edg aV cVcdX^ZcX^V eVgV Y^hZŠVg n [VWg^XVg Y^h"
edh^i^kdhXdcY^kZghVhVea^XVX^dcZhiZXcda‹\^XVh#
:caVVXijVa^YVYhZY^hi^c\jZcZhidhVkVcXZhiZX"
;IGK;C7' cda‹\^XdhZcaVh^cYjhig^Vhfj†b^XV!ZaZXig‹c^XV!
JßJKBE ‹ei^XVn!VaVg\deaVod!W^diZXcda‹\^XVnb‚Y^XV#
JcZ_Zbead^ciZgZhVciZYZadhcjZkdhYZhVggd"
aadhcVcdiZXcda‹\^XdhXdcWVhZZccVcdbViZg^VaZh
adXdchi^ijnZZaXVhdYZaVhcVcdeVgi†XjaVhYZdgd#
:adgdZhjcbZiVacdWaZ!ZhYZX^g!cdgZVXX^dcVV
Eg^hbVYZeaViVYZ&%% c^kZafj†b^XdXdcdigdhXdbejZhidh#EdgZ_Zbead!
cVc‹bZigdh cdhZdm^YVVaZhiVgZmejZhidVabZY^dVbW^ZciZ!
ZcXdcigVhiZXdcaVeaViVfjZidbVjcXdadgdhXjgd!
ZaYZa‹m^YdYZeaViVfjZhZ[dgbVZchjhjeZg[^X^Z#
H^c ZbWVg\d! Zc aV ZhXVaV cVcdb‚ig^XV Za dgd
XVbW^V hjh egde^ZYVYZh [†h^XVh n fj†b^XVh n Zh
bjngZVXi^kdVdigdhXdbejZhidhZhfjZbV'#
:caVhjeZg[^X^ZYZcVcdeVgi†XjaVhYZdgd!jcV
:h[ZgVYZeaViVYZ&%% gZVXX^‹c fj†b^XV bjn Z[^X^ZciZ Zh aV dm^YVX^‹c
cVc‹bZigdh YZabdc‹m^YdYZXVgWdcdeVgVigVch[dgbVghZZc
Y^‹m^YdYZXVgWdcd#:hiVgZVXX^‹cZhbjn^bedg"
iVciZ eVgV VWVi^g aV XdciVb^cVX^‹c VbW^ZciVa
gZhjaiVciZYZaVXdbWjhi^‹cYZaV\Vhda^cVZcadh
Vjidb‹k^aZh! nV fjZ aVh cVcdeVgi†XjaVh YZ dgd
:h[ZgVYZeaViVYZ*% ejZYZchZgji^a^oVYVhZcaV^cYjhig^VVjidbdig^o
cVc‹bZigdh
XdbdXViVa^oVYdgZhZ[^X^ZciZhZcaVdm^YVX^‹cYZa
bdc‹m^YdYZXVgWdcd#

)- 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
3AVcVcdX^ZcX^V ;IGK;C7(

D7DE97JÜB?I?I
i^ZcZXdbd ;d[b\[dŒc[deZ[dWdeYWj|b_i_i_dj[hl_[d[dkdikXijhWjeŒn_Zeic[j|#
b_Yei"dWdefWhj‡YkbWic[j|b_YWieheobWicebƒYkbWih[WYjWdj[i9EoE(
dW_Zi^kdZaZhijY^d
nXdcigdaYZaV
bViZg^VVZhXVaV
cVcdb‚ig^XVXdc
aVh]ZggVb^ZciVh
YZaV[†h^XV!aVfj†"
b^XVnaVW^dad\†V
6YZb{h! egZhZciVc ZhiV egde^ZYVY V iZb" ;IGK;C7)
eZgVijgV VbW^ZciZ n! edg ad iVcid! [jcX^dcVg†Vc
XdbdXViVa^oVYdgZhYZhYZZabdbZcidZcfjZhZ
D7DE97JÜB?I?I
FWhj‡YkbWiZ[eheZ[(.o).|jecei"kdWZ[[bbWifWi_lWZWYedj_eb[i"Yed
VggVcXVZaVjidb‹k^a#DigdhXViVa^oVYdgZhYZjhd Z_\[h[dj[iYed\_]khWY_ed[ioZ_\[h[dj[ifhef_[ZWZ[i\‡i_YWiogk‡c_YWi
VXijVagZfj^ZgZcXVaZciVghZVVaiVhiZbeZgVijgVh
eVgV ad\gVg hj [jcX^dcVb^Zcid# Adh cVcdbV"
iZg^VaZh ejZYZc jhVghZ iVbW^‚c eVgV gZhdakZg
Y^kZghdh egdWaZbVh YZ bZY^d VbW^ZciZ! hVajY!
ZaZXig‹c^XV!ZiX#ZhfjZbV(#

G:<>C 6/ :HI6G  : C  A6  K6 C < J 6 G9 > 6


:caVJc^kZgh^YVYCVX^dcVa6ji‹cdbVYZB‚m^Xd
JC6BZm^hiZckVg^dh\gjedhYZY^XVYdhVgZVa^oVg
^ckZhi^\VX^‹cX^Zci†[^XVZcZaiZbVYZcVcdX^ZcX^V#
6^c^X^Vi^kVYZkVg^dh^ckZhi^\VYdgZhYZa>chi^ijid
YZ;†h^XVhZ[jcY‹Zc'%%'aVGZYYZ<gjedhYZ
>ckZhi^\VX^‹cZcCVcdX^ZcX^VG:<>C6!XjndhdW_Z"
i^kdhhdcegdbdkZgaVXdaVWdgVX^‹cbjai^Y^hX^ea^"
cVg^VeVgV\ZcZgVgegdnZXidhYZ^ckZhi^\VX^‹cZc
cVcdX^ZcX^V!VigVk‚hYZaVdei^b^oVX^‹cYZajhd
YZ gZXjghdh ]jbVcdh n bViZg^VaZh! VYZb{h YZ
aV dg\Vc^oVX^‹c YZ ZkZcidh VXVY‚b^Xdh hZb^" >\cVX^dA#<Vgo‹c ZhYdXidgZc[†h^XV!^ckZhi^\VYdgi^ijaVg
cVg^dh! Xdc[ZgZcX^Vh! Xjghdh eVgV ^c[dgbVg 8n?Z[ZYZa9ZeVgiVbZcidYZH^hiZbVh8dbeaZ_dhYZa
>chi^ijidYZ;†h^XVYZaV JC6B#:hb^ZbWgdYZaH^hiZbV
n Y^[jcY^g adh VkVcXZh YZ aVh ^ckZhi^\VX^dcZh CVX^dcVaYZ>ckZhi^\VYdgZh!c^kZa>>>nigVWV_VZcegdnZXidh
gZVa^oVYVh edg adh \gjedh fjZ ^ciZ\gVc G:<>C6# YZ^ckZhi^\VX^‹cXdcZaiZbVYZcVcdX^ZcX^VXdbejiV"
:c Zhidh egdnZXidh hZ XjWgZc aVh XjVigd X^dcVa#
ZiVeVhW{h^XVhYZaV^ckZhi^\VX^‹cZccVcdX^ZcX^V/ 8ZX^a^VCd\jZo ZhYdXidgVZc[†h^XV!^ckZhi^\VYdgVi^ijaVg
h†ciZh^h!XVgVXiZg^oVX^‹c!bdYZaV_ZnWhfjZYVYZ 7YZa9ZeVgiVbZcidYZ:hiVYdH‹a^YdYZa>chi^ijidYZ
Vea^XVX^dcZhYZadhcVcdbViZg^VaZhZhfjZbV)# ;†h^XVYZaV JC6B#:hb^ZbWgdYZaH^hiZbVCVX^dcVaYZ
>ckZhi^\VYdgZh!c^kZa>>nigVWV_VZcegdnZXidhYZ^ckZhi^"
AV ^c[dgbVX^‹c YZiVaaVYV YZ G:<>C6"JC6B \VX^‹cZcZaiZbVYZEgde^ZYVYZh‹ei^XVhYZbViZg^VaZhV
ejZYZXdchjaiVghZZclll#cVcd#jcVb#bm ZhXVaVcVcdb‚ig^XV#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD).
CJ:K6H
=:GG6B>:CI6H9:
B>8GDB6C>EJ @ 6 G : C KD A @ :!  G D 8ÞD  ? ÛJG :< J> N H= 6= :C = 68N6C

AjobdcdXgdb{i^XVnXd]ZgZciZXjnVhdcYVhajb†"
c^XVhhdcZb^i^YVhedgY^[ZgZciZhZaZXigdcZhfjZi^ZcZc
aVb^hbV[VhZnaVb^hbVY^gZXX^‹c#

*%8>:C8>6N9:H6GGDAADqD8IJ7G:'%%*
A68>âCAÛH:G

D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD*&
CJ:K6H=:GG6B>:CI6H9:B>8GDB6C>EJA68>âCAÛH:G

A
Vh b{h W{h^XVh n XdcdX^YVh YZ Za‚Xig^XdYZaVajogZhjaiVciZegdYjXZjcV[jZgoV
ZhiVh ]ZggVb^ZciVh hdc aVh aaV" cZiVhdWgZaVeVgi†XjaV#
bVYVh e^coVh ‹ei^XVhh! fjZ Zc i‚g" AV bV\c^ijY YZ ZhiV [jZgoV ‹ei^XV YZeZcYZ
b^cdhh^beaZhXdch^hiZcYZjchdad iVcidYZaV^ciZch^YVYYZaVajoXdbdYZhjY^h"
]Vo YZ ajo a{hZg Zc[dXVYd Zc jcV ig^WjX^‹c YZcigd YZ aV eVgi†XjaV# AV [jZgoV fjZ
gZ\^‹c ZmigZbVYVbZciZ eZfjZŠV# ZhegdedgX^dcVaVaV^ciZch^YVYhZXdcdXZXdbd
;jcX^dcVcXdcWVhZZcZa]ZX]dYZfjZVa\jcdh [jZgoV YZ Y^heZgh^‹cc d YZ egZh^‹c YZ gVY^VX^‹c!
dW_Zidh b^XgdhX‹e^Xdh! edg hjh XVgVXiZg†hi^XVh n h^ZbegZ Zhi{ dg^ZciVYV Zc aV Y^gZXX^‹c YZ
[†h^XVh! hdc VigV†Ydh ]VX^V aV gZ\^‹c YdcYZ aV egdeV\VX^‹cYZaVajo0ZcXVbW^d!aV[jZgoVfjZ
^ciZch^YVY YZ aV ajo Zh b{m^bV! b^ZcigVh fjZ YZeZcYZYZaVY^hig^WjX^‹cZheVX^VaYZaV^ciZc"
digdh hdc gZeZa^Ydh# 6fjZaadh fjZ hdc VigV†Ydh h^YVYhZaaVbV[jZgoVYZ\gVY^ZciZ ZnhjY^gZXX^‹c
]VX^V aV ajo fjZYVc [^gbZbZciZ VigVeVYdh n hZ Zhi{YZiZgb^cVYVedgaVhegde^ZYVYZhYZadW_Zid#
ejZYZcbVc^ejaVgXdcgZheZXidVhjZcidgcd!nV AV[jZgoVidiVaZhi†e^XVbZciZYZadgYZcYZe^Xd"
hZVbdk^ZcYdZa]VoYZajodaVegde^VbjZhigV cZlidch XdbeVgVWaZ Va eZhd YZ aV eVgi†XjaVh
fjZXdci^ZcZVaVeVgi†XjaV#:cXVbW^d!aVheVg" fjZhZVigVeVeVgV]VXZhYZajoXdcediZcX^Vh
i†XjaVh fjZ hdc gZeZa^YVh hZ VigVeVc YZcigd YZ YZVa\jcdhb^a^lViih#:h^bedgiVciZhZŠVaVgfjZ
gZ\^dcZhdhXjgVhgdYZVYVhYZajo# ZhidhZ[ZXidhiVbW^‚chZegZhZciVcZch^hiZbVh
EZgd ´X‹bd ejZYZ aV ajo VigVZg d gZeZaZg Vi‹b^Xdh0YZ]ZX]d!hdcZhZcX^VaZhZc Y^kZghVh
dW_ZidhbViZg^VaZh4AVh[jZgoVh‹ei^XVhhdc![jc" i‚Xc^XVh YZ Zc[g^Vb^Zcid Zh YZX^g! [gZcVYd YZ
YVbZciVabZciZ!YZdg^\ZcZa‚Xig^XdnbV\c‚i^Xd# {idbdh n Zc aV XdchigjXX^‹c YZ igVbeVh bV\"
AVajo!fjZZhjcVdcYVZaZXigdbV\c‚i^XV!eZcZigV cZid"‹ei^XVh#
aVh b^Xgd"eVgi†XjaVh fjZ hZ fj^ZgZc VigVeVg n ´Fj‚ZhadfjZYZiZgb^cVZaXdbedgiVb^Zcid
YZ[dgbV a^\ZgVbZciZ aV cjWZ YZ ZaZXigdcZh Zc YZXVYVdW_ZidVciZaVajo4:a†cY^XZYZgZ[gVX"
adh {idbdh fjZ aVh Xdchi^ijnZc! bdY^[^XVcYd Vh† X^‹cZhaVXVci^YVY[†h^XVfjZeZgb^iZXjVci^[^XVg
aVhZeVgVX^‹cZcigZadhXZcigdhYZXVg\Vedh^i^kV ZaXVbW^dZcaVY^gZXX^‹cnkZadX^YVYYZegdeV"
ncZ\Vi^kV#AVgZY^hig^WjX^‹cYZXVg\VhZa‚Xig^XVh \VX^‹cYZaVajoXjVcYdk^V_VZcjcbZY^dbViZ"
dhX^aVXdcaVb^hbV[gZXjZcX^VYZk^WgVX^‹cYZ g^Va#:hiZ†cY^XZYZiZgb^cVaVbV\c^ijYnY^gZX"
aV ajo# :hid! V hj kZo! egdYjXZ cjZkVh dcYVh X^‹cYZaVh[jZgoVh‹ei^XVhZcZaXVhdYZdW_Zidh
ZaZXigdbV\c‚i^XVh fjZ hZ hjbVc V aVh dg^\^" XjnVh Y^bZch^dcZh! h^ W^Zc b^XgdhX‹e^XVh! hdc
cVaZh!YVcYdaj\VgVfjZaVajoXVbW^ZhjY^gZX" bVndgZhfjZaVadc\^ijYYZdcYVYZaVajo#EVgV
X^‹cnkZadX^YVYYZegdeV\VX^‹cVaeVhVgYZjc eVgi†XjaVh Xdc jc †cY^XZ YZ gZ[gVXX^‹c bVndg
bZY^d bViZg^Va V digd# ;^cVabZciZ! Za XVbed fjZZaYZabZY^dfjZaVhgdYZV!aV[jZgoVYZ\gV"
Y^ZciZ hZ Y^g^\Z ]VX^V aVh gZ\^dcZh YZ b{m^bV
3AVhe^coVh‹ei^XVhhZ ^ciZch^YVY!YdcYZaVheVgi†XjaVhZcXjZcigVcjcV
edh^X^‹cYZZfj^a^Wg^d#:cXVbW^d!h^Za†cY^XZYZ

Xdc[dgbVcedgjchdad]Vo gZ[gVXX^‹c YZ aV eVgi†XjaV Zh bZcdg fjZ Za YZa
bZY^dfjZaVgdYZVÄXdbdhZg†VZaXVhdYZjcV

YZajoa{hZgZc[dXVYdZc b^Xgd"WjgWj_VZcV\jVÄaV[jZgoVYZ\gVY^ZciZ
hZ^ck^ZgiZZcY^gZXX^‹c!YVcYdXdbdgZhjaiVYd
fjZaVeVgi†XjaVigViZYZZhXVeVgYZaVhgZ\^dcZh
jcVgZ\^‹cZmigZbVYVbZciZ YZ b{m^bV ^ciZch^YVY0 ZhiZ i^ed YZ eVgi†XjaVh
h‹ad hZ ejZYZ VigVeVg Xdc Y^hig^WjX^dcZh YZ
eZfjZŠV!nZaeg^cX^e^dYZhj ajoZcaVhfjZhZVaiZgcZcgZ\^dcZhYZb{m^bV
^ciZch^YVYXdcgZ\^dcZhdhXjgVh#:c\ZcZgVa!Za
[jcX^dcVb^ZcidhZYZWZVaV gZidYZVigVeVgeVgi†XjaVhXdcY^[ZgZciZh[dgbVh
\Zdb‚ig^XVhnegde^ZYVYZh‹ei^XVh!Vh†XdbdaV
VigVXX^‹cYZVa\jcdhdW_Zidh edh^W^a^YVY YZ VigVeVg kVg^Vh eVgi†XjaVh h^bja"
i{cZVbZciZ!]VZhi^bjaVYdZaZbeaZdYZdigVh

b^XgdhX‹e^XdhnaV i‚Xc^XVhYZ‹ei^XVbdYZgcVfjZeZgb^iZcbda"
YZVg aV Y^hig^WjX^‹c YZ ajo! ^cXajhd YZ bVcZgV

gZejah^‹cYZdigdh ^ciZgVXi^kV!eVgV\ZcZgVgaVb{hVegde^VYVeVgV
XVYVXVhd#

*' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


H^caj\VgVYjYVh!Za\gVc‚m^idYZaVhe^coVh
‹ei^XVhhZYZWZVhjhVea^XVX^dcZhZcZhXZcVg^dh
:?IFEI?J?LEII?C?B7H;I
bjn Y^kZghdh# Edg Z_Zbead! hZ ejZYZc ji^a^oVg
4;I97BF;BEãFJ?9E
eVgVYZiZgb^cVgegde^ZYVYZhYZXdad^YZh!bZY^g
8dch^hiZZcjhVgjcejahdXdgidÄVaiVbZciZ
[jZgoVhZcZagVc\dYZe^XdcZlidchdbZcdgZh!n ZcZg\‚i^XdÄYZajoa{hZgjaigVk^daZiVeVgV
deZgVgb{fj^cVhZcb^c^VijgV#6Y^X^dcVabZciZ! hZXX^dcVgdeZg[dgVgXdcVaiVegZX^h^‹caV
jcV\gVckZciV_VYZaVhe^coVh‹ei^XVhZhaVedh^" bZbWgVcVYZjcVX‚ajaV#
W^a^YVYYZbVc^ejaVgdW_ZidhW^da‹\^XdhZcXdcY^"
X^dcZhfjZeZgb^iZcegZhZgkVghj[jcX^dcVa^YVY# 4EH:;D7:EH;IãFJ?9EI
8dcegde‹h^id^ajhigVi^kd!hZejZYZbZcX^dcVgaV EZgb^iZchZ\gZ\Vg\gVcYZhbZoXaVhYZ
eVgi†XjaVhXdcY^hig^WjX^dcZheZg^‹Y^XVh
XVgVXiZg^oVX^‹cbZX{c^XVYZbda‚XjaVhYZ 69C!Za nZmiZcY^YVhYZajoVggZ\adhYZgZ\^dcZh
ZhijY^dYZ[Zc‹bZcdhYZigVchedgiZYZbdidgZh Wg^aaVciZhndhXjgVhVaiZgcVYVh!WVh{cYdhZ
bdaZXjaVgZhnadhZhijY^dhYZ[Zgi^a^oVX^‹c ^ck^igd# ZcZa]ZX]dYZfjZY^[ZgZciZhi^edhYZeVg"
EVgVVea^XVX^dcZhW^da‹\^XVh!hZejZYZji^a^oVgajo i†XjaVhegZhZciVcgZhejZhiVhY^[ZgZciZhV
^c[gVggd_VeVgVcdYVŠVgVaVhX‚ajaVh# aVajo#
:ceVgVaZadXdcaVh e^coVh‹ei^XVhh!hZejZYZc
4HEJEH;IãFJ?9EI
ZbeaZVgdigdhY^hedh^i^kdh0jcZ_ZbeadhdWgZhV" Ji^a^oVYdheVgVgdiVgnigVhaVYVgdW_Zidh
a^ZciZZhZaaaVbVYdZhXVaeZad‹ei^XdfjZXdch^hiZ b^XgdhX‹e^Xdh0hZji^a^oVcZcdeZgVX^dcZh
W{h^XVbZciZZcjhVgjcejahdXdgidÄVaiVbZciZ YZb^Xgd"b{fj^cVh#
ZcZg\‚i^XdÄ YZ ajo a{hZg jaigVk^daZiV eVgV hZX"
X^dcVgdeZg[dgVgXdcVaiVegZX^h^‹caVbZbWgVcV
YZ jcV X‚ajaV# IVbW^‚c edYZbdh bZcX^dcVg
adh dgYZcVYdgZh ‹ei^Xdh fjZ eZgb^iZc hZ\gZ\Vg
\gVcYZh bZoXaVh YZ eVgi†XjaVh Xdc Y^hig^Wj" 3AVhe^coVh‹ei^XVhejZYZc
X^dcZh eZg^‹Y^XVh n ZmiZcY^YVh YZ ajo VggZ\adh
YZ gZ\^dcZh Wg^aaVciZh n dhXjgVh VaiZgcVYVh! hZgVea^XVYVhZcaVYZiZgb^"
WVh{cYdhZ Zc Za ]ZX]d YZ fjZ Y^[ZgZciZh i^edh
YZ eVgi†XjaVh egZhZciVc gZhejZhiVh Y^[ZgZciZh
V aV ajo# 6h^b^hbd! Za Xdcigda YZ aV Y^hig^WjX^‹c
cVX^‹cYZaVhegde^ZYVYZh
igVchkZghVa YZ ^ciZch^YVY YZa a{hZg ]V eZgb^"
i^Yd! gZX^ZciZbZciZ! iVcid gdiVg Xdbd igVhaVYVg
YZadhXdad^YZh!bZY^X^‹cYZ
dW_Zidh b^XgdhX‹e^Xdh! \ZcZgVcYd Vh† gdidgZh
‹ei^Xdhh eVgV deZgVX^dcZh YZ b^Xgd"b{fj^cVh#
[jZgoVhZcZagVc\dYZe^Xd"
HZ\jgVbZciZZhiVXV_VYZ]ZggVb^ZciVh‹ei^XVh
^cXgZbZciVg{ hjh XdbedcZciZh Xdc[dgbZ V aVh cZlidchdbZcdgZh!ndeZgVg
cZXZh^YVYZh n aV ^bV\^cVX^‹c YZ adh ^ckZhi^\V"
YdgZh^ckdajXgVYdh# b{fj^cVhZcb^c^VijgV#
H;<;H;D9?7I g^XdhnZmeZg^bZciVaZhYZaVhe^coVh‹ei^XVh#6XijVabZciZ
&#6h]`^c!6#&...ÆDei^XVaigVee^c\VcYbVc^ejaVi^dc Z[ZXiVjcVZhiVcX^VedhYdXidgVaZcZa>chi^ijidYZ;†h^XV
e
d[cZjigVaeVgi^XaZhjh^c\aVhZgh!Ç Dei^XhVcYE]didc^Xh YZaVJC6B YZcigdYZa<gjedYZâei^XV8j{ci^XVnB^Xgd"
CZlhh!&%!)&")+# bVc^ejaVX^‹câei^XV#
'#9]daV`^V!@#!<#HeVaY^c\nB#E#BVX9dcVaY'%%'!
ÆDei^XVailZZoZgh/i]ZcZmi\ZcZgVi^dc!Ç E]nh^XhLdgaY! GdX†d?{jgZ\j^GZcVjY ZhYdXidgVedgaV;VXjaiVYYZ
&*!(&"(*# 8^ZcX^VhYZaV JC6B#Hjh{gZVhYZ^ckZhi^\VX^‹cVWVgXVc
(#EgVhVY!EVgVh'%%(! >cigdYjXi^dcid7^de]didc^Xh# JH6! aV[†h^XVVi‹b^XV!aViZdg†VYZXVbedhnaV‹ei^XVXj{ci^XV#
L^aZn>ciZghX^ZcXZ#ee#)-'"*&.# :h^ckZhi^\VYdgVYZa>chi^ijidYZ;†h^XVnegd[ZhdgVYZaV
)#GjW^choiZ^c"9jcade!=#!nB#;g^ZhZ'%%'!ÆA^\]i" ;VXjaiVYYZ8^ZcX^Vh!VbWdhYZaV JC6B#
9g^kZcB^XgdbVX]^cZh!Ç Dei^XhVcYE]didc^XhCZlhh!&(!
''"'+# H]V]Zc=VXnVcZhYdXidgedgaVJc^kZgh^YVYYZHjhhZm!
>c\aViZggV#Hjh{gZVhYZ^ckZhi^\VX^‹cZcaVVXijVa^YVY
@VgZcKda`ZHZeakZYVZhYdXidgVZcX^ZcX^VhedgZa
e e hdcadh[jcYVbZcidhYZaVbZX{c^XVXj{ci^XV!aViZdg†VYZ
>chi^ijidCVX^dcVaYZ6higd[†h^XVâei^XVn:aZXig‹c^XV XVbedhnaV‹ei^XVXj{ci^XV#:h^ckZhi^\VYdgYZa>chi^ijid
EjZWaV#HjXVbedYZZheZX^Va^oVX^‹cZhaV‹ei^XV!nhjh YZ;†h^XVnegd[ZhdgYZaV;VXjaiVYYZ8^ZcX^Vh!VbWdhYZ
igVWV_dhb{hgZX^ZciZhhZ]VcXZcigVYdZcVheZXidhiZ‹" aV JC6B#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD*(
*)8>:C8>6N9:H6GGDAADqD8IJ7G:'%%*
D8I6K >D  B>G 6BD CI:H K >96A

H>HI:B6H
8DBEA:?DH/
:CIG::ADG9:C
N:A9:HDG9:C
:caVhai^bVhYdhY‚XVYVh]VZm^hi^Yd\gVc^ciZg‚hedg
ZaZhijY^dYZaVXdbeaZ_^YVYYZaVcVijgVaZoV#:hid]V
bdi^kVYdjcZcdgbZXgZX^b^ZcidYZaVY^hX^ea^cVYZadh
h^hiZbVhXdbeaZ_dh!aVXjVa]VaaZ\VYd^cXajhdVhZg
Xdch^YZgVYVXdbdjcdYZadhi‹e^Xdheg^dg^iVg^dhZcZa
YZhVggdaadYZaV[†h^XVYZah^\adMM>#&

&#ÆE]nh^Xh^cVCZl:gV/6cDkZgk^ZlÇ'%%&#7dVgY
dcE]nh^XhVcY6higdcdbn7E6!CVi^dcVa6XVYZbnd[
HX^ZcXZh!LVh]^c\idc!9#8#

D8IJ7G:'%%*q8>:C8>6N9:H6GGDAAD**
H>HI:B6H8DBEA:?DH/:CIG::ADG9:CN:A9:HDG9:C

H
j ZhijY^d ]V VigV†Yd V kVg^Vh YZ ZXdh^hiZbVh! aV iZXi‹c^XV YZ eaVXVh d Za [jcX^d"
aVh b{h egZhi^\^dhVh bZciZh YZ cVb^Zcid YZa XZgZWgd0 Zc Za {bW^id ZXdc‹b^Xd!
aV [†h^XV XdciZbedg{cZV! Xdbd edYg†Vbdh]VWaVgYZadhbZgXVYdh[^cVcX^Zgdh#)
BjggVn <Zaa"BVbc! E]^a^e L# :aZhijY^dYZadgYZc!nedgZcYZYZaYZhdgYZc!
6cYZghdc n AZd @VYVcd[[! ZcigZ Xdchi^ijnZaVZhZcX^VYZadhh^hiZbVhXdbeaZ_dh#
digdh! fj^ZcZh gZV[^gbVc hj Xdc" 6jcfjZVbWdhXdcXZeidh]VcedY^YdZmea^XVghZ
k^XX^‹cYZfjZZhiV{gZVgZegZhZciV!h^caj\VgV YZ bVcZgV VYZXjVYV n Zc [dgbV hZeVgVYV edg
YjYVh!jcVYZaVh[gdciZgVhb{h^bedgiVciZhYZ aV [†h^XV igVY^X^dcVa! aV XdZm^hiZcX^V ZcigZ Zaadh
aVX^ZcX^VZccjZhigdhY†Vh#' ÄVfjZaadXdcX^Zgid\gVYdYZdgYZcnYZhdgYZcVa
b^hbdi^ZbedÄZhjci‹e^XdfjZVeZcVhXdbZco‹
:C IG: :A DG9 :C  N :A  9: HD G 9: C/  A 6  K >96 VZhijY^VghZXdc‚m^id]VXZjcVhY‚XVYVhnhZaZ
Cd Zm^hiZ jcV YZ[^c^X^‹c c^XV YZ XdbeaZ_^YVY# ]VYZcdb^cVYd WdgYZYZaXVdh#
Edg ad \ZcZgVa hZ VXZeiV fjZ hZ gZ[^ZgZ V aVh :c jcV eg^bZgV Vegdm^bVX^‹c! edYZbdh
egde^ZYVYZhYZadhh^hiZbVhfjZdeZgVcZcigZZa eZchVgZcZaXdcXZeiddgYZc c XdbdVfjZaaVXdc"
dgYZcnZaYZhdgYZc#EdghjeVgiZ!adhh^hiZbVh Y^X^‹c Zc aV fjZ Zm^hiZ ^cbdk^a^YVY n g^\^YZo! n
XdbeaZ_dhhZg†VcVfjZaadh[dgbVYdhedgbjX]dh edYZbdh XdbeVgVgad Xdc aV ZhigjXijgV YZ jc
ZaZbZcidh h^b^aVgZh fjZ ^ciZgVXiVc ZcigZ h† n Xg^hiVaedghZgh^b‚ig^Xdnjc^[dgbZ#:cXdcigV"
ZcadhfjZZm^hiZZbZg\ZcX^VYZegde^ZYVYZhZc edh^X^‹c!edYZbdhVhdX^VgZaXdcXZeidYZ YZh"
ZhXVaVh ZheVX^d"iZbedgVaZh bjn Y^[ZgZciZh V dgYZc c Vjc\Vh!XjnVhbda‚XjaVhhZbjZkZcVa
aVhYZaVh^ciZgVXX^dcZh#( AdhZ_ZbeadhYZZhidh VoVg!a^WgZhnh^c[dgbVgZhigjXijgVhZheVX^VaZh
h^hiZbVh hdc VWjcYVciZh Zc aV cVijgVaZoV Z [^_Vh#:cZhiVh^ijVX^‹c!XjVafj^ZgXdc[^\jgVX^‹c
^cXajnZc [Zc‹bZcdh Xdbd aV ijgWjaZcX^V d adh ZheVX^Va hZ gdbeZ iVc g{e^YVbZciZ Xdbd hZ
XgZV#
EZgd ´fj‚ Zh ad fjZ ]Vn Zc bZY^d YZ Zhidh
3DgYZc/ Ydh ZmigZbdh4 8jVcYd ]VWaVbdh YZ aV XgZVi^"
k^YVY YZ aV cVijgVaZoV! eZchVbdh YZ ^cbZY^Vid
XdcY^X^‹cZcaVfjZ ZcaVbViZg^Vk^kV V!VhdbWgdhVnXdbeaZ_VdWgVYZ
aVZkdajX^‹c!aVXjVaÄVabZcdhZcaVI^ZggVÄh‹ad
Zm^hiZ^cbdk^a^YVY ejYdhjg\^g\gVX^VhVaV[dgbVa†fj^YVYZaV\jV#
:a]^ZadnZakVedg![VhZhh‹a^YVn\VhZdhVYZZhiZ

ng^\^YZo!Xdbd XdbejZhid Äadh ZmigZbdhÄ cd hdc XVeVXZh YZ


Wg^cYVgaVhXdcY^X^dcZhcZXZhVg^VheVgVZahjg\^"

jcXg^hiVa/h^b‚" b^ZcidnZkdajX^‹cYZaVk^YV#*

ig^Xdnjc^[dgbZ# D 7 H: G K6 G  A 6  8 D B EA : ? >96 9
Digd VheZXid ^bedgiVciZ YZ adh h^hiZbVh Xdb"
eaZ_dh Zh hj XVeVX^YVY YZ Vjiddg\Vc^oVX^‹cc! aV
9ZhdgYZc/^bV\Zc XjVaaZheZgb^iZVYfj^g^gjcV[dgbVZhigjXijgV
d bdkZghZ Y^c{b^XV YZ aVh bda‚XjaVh YZa h^h"
VhdX^VYVXdcjc '#BjggVn<Zaa"BVcc#ÆI]ZFjVg`VcYi]Z?V\jVgÇL#=#

\Vh!XjnVhbda‚" ;gZZbVc!&..)#E]^a^eL#6cYZghdc!ÆEgZ[VXZidi]ZC6H
EgdXZZY^c\hd[i]Z8daadfj^jbdcE]nh^Xh/I]ZDeZc^c\
d[8dbeaZm^inÇ!?jcZ',"'-!&..)!>gk^cZ!8#6#C^\Za

XjaVhhZbjZkZc <daYZc[ZaYVcYAZdE#@VYVcd[[!ÆH^beaZAZhhdch[gdb
8dbeaZm^inÇ#HX^ZcXZ
&...
Z!Kda'-)!>hhjZ*)&&!-,"-.!'6eg^a

a^WgZhh^c[dgbVg (# @VgaO^ZbZa^h#Æ8dbeaZmhnhiZbhÇ! CVijgZ


+-'*-BVgX]'%%&#
Z Kda#)&%!Cd#

)# B^gVbdciZh!DXiVk^d/ÆAdhh^hiZbVhXdbeaZ_dhXdbd

ZhigjXijgVhZheV" ^chigjbZcidhYZXdcdX^b^ZcidnigVch[dgbVX^‹cYZa
bjcYd#:c/GVb^gZoH#ZY EZgheZXi^kVhZcaVhiZdg†VhYZ
h^hiZbVhh!JC6B"H^\adMM>&...#
X^VaZh[^_Vh *# DXiVk^dB^gVbdciZh# DgYZcnXVdhZcaVdg\Vc^oVX^‹c
hdX^VaYZaVh]dgb^\Vhh!GZk^hiV8^ZcX^Vh*._ja^d"hZe"
i^ZbWgZ'%%%#

*+ 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
iZbVh^ccZXZh^YVYYZaV^ciZgkZcX^‹cYZ[jZgoVh Xdc aV Y^hig^WjX^‹c YZ iVbVŠdh# 6a\d eVgZX^Yd
ZmiZgcVh# :c digVh eVaVWgVh! Za h^hiZbV XdbeaZ_d hjXZYZXdcadhiZggZbdidh#
ZhZagZhjaiVYdYZaVegde^V^ciZgVXX^‹cYZhjhXdb" 6eg^bZgVk^hiV!jcbdcidcX^idYZVgZcVnjc
edcZciZh# :h jc cjZkd dgYZc fjZ hjg\Z YZ jcV iZggZbdidcdhZeVgZXZc!eZgdjcVc{a^h^hYZiV"
bVcZgVZhedci{cZVh^caVeVgi^X^eVX^‹cYZeaVcZh aaVYdgZkZaVh^b^a^ijYZhhdgegZcYZciZh#AdhiZggZ"
dY^hZŠdhegZk^dh!ZhVaiVbZciZY^c{b^XdnejZYZ bdidhhdcegdYjXidYZaVY^c{b^XVYZaVheaVXVh
ZkdajX^dcVgZcZai^ZbednZaZheVX^d# iZXi‹c^XVh fjZ [dgbVc aV XdgiZoV iZggZhigZ! aVh
AVX^ZcX^VYZadhh^hiZbVhXdbeaZ_dhZhijY^V XjVaZhhdcZcdgbZhWadfjZhYZbViZg^Vah‹a^Yd
ZhiVVjiddg\Vc^oVX^‹cnWjhXVYZhXjWg^gaVhaZnZh fjZ [dgbVc bVhVh ^cY^k^YjVaZh n hZ ZcXjZc"
\ZcZgVaZhWV_daVhXjVaZhZhZcjZkddgYZcVb^Zcid igVc Zc ^ciZgVXX^‹c bZX{c^XV! X]dXVcYd ZcigZ
ZbZg\Z!hjhedh^WaZh[dgbVhnadhb‚idYdheVgV h† V XdchZXjZcX^V YZa Zbej_Z fjZ gZX^WZc YZ
egZYZX^ghjZkdajX^‹c#AdhgZhjaiVYdhfjZVh†hZ aVh Xdgg^ZciZh YZ XdckZXX^‹c YZa bV\bV Zc Za
dWiZcYg†VchZg†Vck{a^YdheVgVXjVafj^Zgi^edYZ ^ciZg^dgYZaeaVcZiV#AV[g^XX^‹cZcigZaVheaVXVh
h^hiZbVXdcaVhb^hbVhXVgVXiZg†hi^XVhYZ^ciZ" \ZcZgVZcZg\†VVXjbjaVYVn‚hiVejZYZa^WZgVghZ
gVXX^dcZh# YZjcbdbZcidVdigdZc[dgbVYZiZbWadg#
IdYd Zhid Zh jcV YZ aVh \gVcYZh egdbZhVh =dn hVWZbdh fjZ ‚hiZ Zh iVbW^‚c jc egd"
YZ aV [†h^XV YZ adh h^hiZbVh XdbeaZ_dh/ ^ciZciVg XZhd YZ Xg^i^XVa^YVY Vjiddg\Vc^oVYV! Zc Za XjVa
ZhiVWaZXZg aZnZh \ZcZgVaZh eVgV aV [ZcdbZcd" adh iZbWadgZh i^ZcZc bV\c^ijYZh fjZ dWZYZXZc
ad\†VYZh^hiZbVhVeVgZciZbZciZY^h†b^aZhZchj aZnZh YZ ZhXVaV/ bjX]dh iZbWadgZh i^ZcZc iVc
ZmegZh^‹cbViZg^Va!eZgdXdcaVhb^hbVhgZ\aVh edXV^ciZch^YVYfjZcdhdceZgXZei^WaZhedgadh
YZdeZgVX^‹c#EdgZ_Zbead!VaVegZ\jciVÆ´Fj‚ ]jbVcdhn!edg[dgijcV!hdcbjnedXdhVfj‚aadh
i^ZcZc Zc Xdbc jc gZad_ YZ VgZcV! adh iZggZ" fjZVaXVcoVcZhXVaVhXViVhig‹[^XVh#
bdidh n aV ZkdajX^‹c W^da‹\^XV4Ç AV gZhejZhiV ;^cVabZciZ!Zm^hiZjcV\gVcY^hXjh^‹cVXZgXV
^cbZY^ViVZh cVYV0h^cZbWgV\d!YZhYZaV‹ei^XV YZh^adhh^hiZbVhW^da‹\^XdhiVbW^‚chZZcXjZc"
YZadhh^hiZbVhXdbeaZ_dhhZg†V bjX]d d#KZVbdh igVc Zc ZhiVYdh YZ Xg^i^XVa^YVY Vjiddg\Vc^oVYV#
edgfj‚#+ Jcd YZ adh ejcidh YZ k^hiV Ydb^cVciZh Y^XZ
fjZaVZkdajX^‹cW^da‹\^XV^bea^XVZacVX^b^Zcid
: A G :AD? 9: 6G :C 6 !  ADH  I:GG:B DIDH YZ cjZkVh ZheZX^Zh n aV Zmi^cX^‹c YZ digVh# 6a
N  A6 :KDAJ8>âC eVgZXZg! ZhiZ egdXZhd Zkdaji^kd hZ egdYjXZ Zc
:cjcgZad_!aVVgZcVXVZ[dgbVcYdjcbdcidcX^id VkVaVcX]Vhh YZ hjg\^b^Zcid YZ ZheZX^Zh n YZ
X‹c^Xd# JcV kZo fjZ ]V XV†Yd hj[^X^ZciZ bViZ" Zmi^cX^dcZh bVh^kVh! Va bZcdh Zhd Zh ad fjZ
g^Va! Za Xbjad VaXVcoV jc {c\jad b{m^bd Xdc bjZhigV Za g‚XdgY [‹h^a YZ aV ]^hidg^V YZ aV k^YV
gZheZXidVaV]dg^odciVaYZaVWVhZ#:cidcXZhhZ ZcZaeaVcZiV#:cZaXVhdYZaVhZmi^cX^dcZh!ZhiZ
dWhZgkVjcegdXZhdYZ[dgbVX^‹cYZVkVaVcX]Vh egdXZhdegZhZciVeVigdcZhYZaZnZhYZediZcX^Vh
h†!^\jVaVaYZaVhbdciVŠVhcZkVYVh!YdcYZjc nZhXVaVb^Zcidh^b^aVgZhVadhfjZhZdWhZgkVc
hdad\gVcdYZVgZcVZhhj[^X^ZciZeVgVegdkdXVg ZciZbWadgZhdZcgZad_ZhYZVgZcV#
Ydh XdhVh/ Za YZhXZchd g{e^Yd n bVh^kd YZ aV EVgV hZg _jhidh! YZWZg†Vbdh YZX^g fjZ ZhiZ
VgZcVYZaXdcddZaYZha^oVb^ZcidedgaVaVYZgV eVig‹cYZh^hiZbVhbjnY^[ZgZciZhZcVeVg^ZcX^V!
YZiVch‹adjc\gVcd# eZgdXdc[ZcdbZcdad\†Vhh^b^aVgZh!Xdchi^ijnZjc
:hid gZX^WZ Za cdbWgZ YZ Xg^i^XVa^YVY Vjid" \gVcgZideVgVaV[†h^XV!ejZhaVdWa^\VV^cXjgh^dcVg
dg\Vc^oVYV V! ZhiVYd YZ YZhZfj^a^Wg^d fjZ Za h^h" Zc{gZVhigVY^X^dcVabZciZ[jZgVYZhjhYdb^c^dh!
iZbV]VVaXVcoVYdedgh†b^hbdnYdcYZaVb{h Zc ZheZX^Va aV W^dad\†V n aVh X^ZcX^Vh hdX^VaZh#
eZfjZŠV eZgijgWVX^‹c ejZYZ iZcZg XdchZXjZc" 9ZW^YdVZhid!aV[†h^XVYZah^\ad MM> hZg{ZhZcX^Va"
X^Vh ^begZYZX^WaZh V \gVc ZhXVaV# AV gZaVX^‹c bZciZXdcdX^b^ZcidX^Zci†[^Xd^ciZgY^hX^ea^cVg^d#
ZcigZZaiVbVŠdYZaVhVkVaVcX]Vhnhj[gZXjZcX^V
gZaVi^kVcdZhVoVgdhV!ZcaVZh[ZgVYZaVhbViZ" +# EZg7V`#Æ=dlCVijgZLdg`h/I]ZHX^ZcXZd[HZa["
Dg\Vc^oZY8g^i^XVa^inÇ! Heg^c\Zg"KZgaV\IZadhh ?jcZ&!&..+
b{i^XVhZhi{W^ZcYZ[^c^YV/Zh aVaZnYZediZcX^Vh
d aZnYZZhXVaV VXdcjcZmedcZciZfjZnV]Vh^Yd DXiVk^dB^gVbdciZhK^YVaZh[†h^XdedgaV;VXjaiVYYZ
^YZci^[^XVYd# 8^ZcX^VhYZaV JC6BnYdXidgedgZa>beZg^Va8daaZ\Z
YZaVJc^kZgh^YVYYZAdcYgZh#:h^ckZhi^\VYdgi^ijaVgYZa
6hjkZo!ZaegdXZhdiZbedgVafjZhZgZfj^ZgZ 9ZeVgiVbZcidYZH^hiZbVh8dbeaZ_dhYZa>chi^ijidYZ
eVgVaV[dgbVX^‹cYZjcVVkVaVcX]VZhiVbW^‚c ;†h^XVYZaV JC6Bnb^ZbWgdYZa<gjedYZ7^dXdbeaZ_^YVY
jcVaZnYZZhXVaV!n\jVgYVjcVgZaVX^‹c[jcX^dcVa nGZYZhYZY^X]V^chi^ijX^‹c#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD *,
A>7GDH

AVX^ZcX^VXdaZXX^dcVWaZ
AVXdaZXX^‹cAVX^ZcX^VeVgVidYdh!XdZY^iVYVedgaVHZXgZiVg†VYZ:YjXVX^‹cEWa^XV!Za;dcYdYZ
8jaijgV:Xdc‹b^XVnZa8dchZ_dCVX^dcVaYZ8^ZcX^VnIZXcdad\†V!XjZciVXdcb{hYZ'%%i†ijadh
fjZbjZhigVcZafjZ]VXZgX^Zci†[^XdYZbVcZgVVXXZh^WaZeVgVZaeWa^XdcdZheZX^Va^oVYd#
8dcbdi^kdYZa6Šd>ciZgcVX^dcVaYZaV;†h^XV!d[gZXZbdhjcVVbea^VgZXdbZcYVX^‹cYZ
Va\jcdhYZadh*%i†ijadhfjZZhi{cYZY^XVYdhVY^X]VX^ZcX^V#

*- 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
9ZkZciVZca^WgZg†VhYZa;dcYd!lll#[dcYdYZXjaijgVZXdcdb^XV#Xdb
D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD *.
?dY[d
B6 # 9 :  AD JG 9 : H K >AA:G H G J>O

\eh[ijWb[i
9ZhYZ‚edXVheg^b^i^kVh!Za[jZ\d]ViZc^Ydjc^bedgiVciZeVeZaZcaV
XdXX^‹cYZadhVa^bZcidh!aVXdc[ZXX^‹cYZ]ZggVb^ZciVhndW_ZidhVgiZhV"
cVaZh!n]Vh^Ydjc^bedgiVciZ[VXidgYZhdX^VW^a^YVY#H^cZbWVg\d!ZcaV
VXijVa^YVYZhjcdYZadheg^cX^eVaZhV\ZciZhYZYZhigjXX^‹cnjcdYZadh
ZaZbZcidhfjZaV]jbVc^YVYVccdYdb^cV#

9:A;J:<D6A>C8:C9>D;DG:HI6A EVgVZciZcYZgZaXdbedgiVb^ZcidYZa[jZ\dZc
:a [jZ\d Zh Za XVadg! aV ajo n adh \VhZh fjZ hZ jcZheVX^d]VnfjZXdch^YZgVgigZhVheZXidh/ided"
a^WZgVcYZaVgZVXX^‹cfj†b^XVaaVbVYV XdbWjh" \gV[†V XVgVXiZg^oVX^‹c \Zdb‚ig^XV YZa iZggZcd!
i^‹c#:chjZm^hiZcX^V^ciZgk^ZcZccZXZhVg^VbZciZ XVci^YVYnXVa^YVYYZXdbWjhi^WaZni^ZbedVibdh"
igZh ZaZbZcidh/ XVadg! dm†\Zcd n XdbWjhi^WaZh [‚g^XdiZbeZgVijgV!k^Zcidh!ZiX‚iZgV#
Vig^Wj^WaZh V aV Vbea^V Y^kZgh^YVY YZ bViZg^Va =VnigZhi^edhYZ^cXZcY^dh[dgZhiVaZh/hjeZg"
kZ\ZiVa^c[aVbVWaZfjZhZZcXjZcigVZcadhZXd" [^X^VaZh! VfjZaadh Zc adh fjZ Za [jZ\d XdchjbZ
h^hiZbVh#Jc^cXZcY^d[dgZhiVaZhZa[jZ\dfjZhZ XdbWjhi^WaZhfjZZhi{chdWgZZahjZad]^ZgWVh!
egZhZciVnegdeV\Vh^cXdcigda!V[ZXiVcYdhZakVh! oVXViZh!aZŠVh!]d_VgVhXVh!ZiX#h^cfjZbVgidYd
WdhfjZh d kZ\ZiVX^‹c YZ odcVh {g^YVh n hZb^{" ZaXjZgedYZadh{gWdaZh0hjWiZgg{cZdh!edgXjnV
g^YVh# VXX^‹c hZ fjZbV Za bVci^aad n aVh gV†XZh WV_d
Adh^cXZcY^dh[dgZhiVaZh!edgbjX]dfjZcdh aV hjeZg[^X^Z YZa hjZad d aV bViZg^V dg\{c^XV
ejZYVc eVgZXZg hjXZhdh ^ch‹a^idh! ]Vc h^Yd [gZ" VXjbjaVYVZcaVh[gVXijgVhYZ\gVcYZhV[adgV"
XjZciZh V ad aVg\d YZ aV ]^hidg^V n Zc idYd Za b^ZcidhYZgdXVbVaeV†h0n YZXdeVdXdgdcV!
eaVcZiV0 hdc ^cXgZ†WaZbZciZ ^begZYZX^WaZh! edg ‚hidhVXVWVcXdcadh{gWdaZhnhZegdeV\VcYZ
Zaad!XVgVXiZg^oVgadhZhjcYZhV[†d!eZgdh^egZX^" XdeVZcXdeVnZc[dgbVhjeZg[^X^Va#6jcfjZZhiZ
hVbdh adh ZaZbZcidh fjZ ^ciZgk^ZcZc eVgV fjZ ai^bdi^edcdZhZab{hXdbc!ZheZa^\gdhdn
hZ\ZcZgZcedYgZbdhZkZcijVabZciZegZYZX^gadh Y^[†X^aYZXdcigdaVg#Adhb{h[gZXjZciZhhdcadh
nXdcigdaVgadh# hjeZg[^X^VaZh#

+% 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
Z_ei
:C:A8DB76I:9:JC
>C8:C9>D;DG:HI6A

q MM
?dY[dZ_ei\eh[ijWb[i
:c adh WdhfjZh YZ 6b‚g^XV YZa CdgiZ hZ egdeV\VX^‹c YZa [jZ\d n adh bZXVc^hbdh YZ
]V XdbegdWVYd fjZ aVh XdcY^X^dcZh Xa^b{i^XVh ZmeVch^‹c YZ ^cXZcY^d [dgZhiVa hZ gZegZhZciVc
ZmigZbVh gZ\jaVc adh ^cXZcY^dh#&!' HZ cZXZh^iV Xdc[‹gbjaVhbViZb{i^XVh#AdhhZ\jcYdh ZhiV"
jc eZg^dYd ZmiZchd YZ hZfj†V! VYZb{h YZ jcV WaZXZc XdggZaVX^dcZh ZcigZ adh YZhXg^eidgZh YZ
iZbeZgVijgVVaiV!k^Zcidg{e^Ydn]jbZYVYgZaV" adh[VXidgZhfjZhZ]VcdWiZc^YdZc[jZ\dhZmeZ"
i^kVWV_V!eVgVfjZadh^cXZcY^dhhZegZhZciZcZc g^bZciVaZhnZc^cXZcY^dhcVijgVaZh#HZZbeaZVc
Zhidh ZXdh^hiZbVh#( 9Z ZhiV bVcZgV Za Vc{a^h^h eVgVZaVWdgVgbVeVhYZg^Zh\dhh V^cXZcY^dh#
YZaXdbedgiVb^ZcidZheVX^d"i^ZbedYZa^cXZcY^d 6a\jcdh eV†hZh ]Vc YZhVggdaaVYd hjh egde^dh
Zc{gZVh[dgZhiVaZhZhXgjX^VaeVgVZkVajVgg^Zh\dh b‚idYdh! Xdbd adh :hiVYdh Jc^Ydh! 6jhigVa^V n
nXdcigdaVghjbVcZ_d#) 8VcVY{0 hjh bdYZadh hZ WVhVc Zc [jZ\dh ZmeZ"
g^bZciVaZh n egZhXg^idh egd\gVbVYdh! Vh† Xdbd
Zc YVidh YZ ^cXZcY^dh# AVh \gVcYZh ZmiZch^dcZh
YZa bVidggVa Zc 6jhigVa^V ]Vc eZgb^i^Yd gZVa^oVg
[jZ\dhZmeZg^bZciVaZhYZ\gVcZmiZch^‹cnZaVWdgVg
ZXjVX^dcZhYZegZY^XX^‹ceVgVZhZXdci^cZciZ!nZc
bjnY^kZghdhi^edhYZkZ\ZiVX^‹c#:c:jgdeVhZ]Vc
Vea^XVYd Zhidh igZh bdYZadh Xdc Va\jcdh ‚m^idh n
[gVXVhdh!edgadXjVahZ]VcYZhVggdaaVYdiVbW^‚c
Zfj^edhYZ^ckZhi^\VX^‹cnbdYZadhegde^dh#

>CI:<G68>âC9:BD9:ADH
6H>IJ68>DC:HG:6A:H
Adh ^cXZcY^dh [dgZhiVaZh egZhZciVc Va\jcVh
XVgVXiZg†hi^XVh fjZ ]VXZc ZheZX^VabZciZ Y^[†X^a
hjegZkZcX^‹c!negZYZX^gadhZm^\ZXdciZhiVgegZ"
\jciVhXdbd/´8j{cYdhZegdYjX^g{4´9‹cYZhZ
egdYjX^g{4´8‹bdhZYZhVggdaaVg{4
G:ID/  B D9 :A6 G N E G: 9: 8 >G  :cZaB‚m^XdVXijVa!jcdYZadhdW_Zi^kdheg^c"
A6  8 DC 9 J 8I6  9 :A ; J : < D X^eVaZhZcaVVea^XVX^‹cYZbdYZadhZh]VXZgjcV
:a XdbedgiVb^Zcid d YZa[jZ\dhZgZ[^ZgZVaVkZad" ZkVajVX^‹cYZg^Zh\dhV^cXZcY^dh#* 8dcZa[^cYZ
X^YVYYZegdeV\VX^‹cYZa^cXZcY^d!hjY^gZXX^‹cYZ Vea^XVgadhbdYZadhVh^ijVX^dcZhgZVaZhhZi^ZcZc
VkVcXZ!aVadc\^ijYYZaVhaaVbVh!hj^ciZch^YVY!naV fjZ Xdch^YZgVg! VYZb{h YZ ad VciZg^dgbZciZ
egdWVW^a^YVYYZfjZhZegdYjoXVc[jZ\dhhZXjcYV" hZŠVaVYd! aV ]^hidg^V VbW^ZciVa YZa aj\Vg! Vh†
g^dhdhZXdck^ZgiVYZhjeZg[^X^VaVYZXdeV# XdbdZai^edYZbVcZ_dfjZhZYVVadhWdhfjZh!
=Vnegd\gVbVhYZX‹bejideVgVZkVajVgZhiZ edgadfjZZaXdbedcZciZhdX^VaZhbjn^bedg"
XdbedgiVb^Zcid# Hdc gZXde^aVX^dcZh YZ ZXjV" iVciZZcaVhZkVajVX^dcZh#
X^dcZh bViZb{i^XVh fjZ i^ZcZc dg^\Zc Zc eg^c" JcdYZadhdW_Zi^kdheg^cX^eVaZhYZZhidhZhij"
X^e^dh [†h^Xdh W{h^Xdh d YVidh ZmeZg^bZciVaZh# Y^dh Zh ZkVajVg adh g^Zh\dh YZ ^cXZcY^dh n! eVgV
:m^hiZcegd\gVbVhh^beaZh!eVgVgZhdakZgZiVeVhd Xjbea^gXdcVfj‚aadh!Xdck^ZcZXdch^YZgVg/
[VhZhYZaegdXZhd!negd\gVbVhXdcbdYZadhb{h
XdbeaZ_dh!XdbejZhidhedgXZciZcVgZhdb^aZhYZ 3:ag‚\^bZcYZadh^cXZcY^dh!ZhidZh!aVh
ZXjVX^dcZh# [gZXjZcX^VhYZadhh^c^Zhigdh!^cXajnZcYdaV
HZ Y^hi^c\jZc Ydh \gjedh YZ bdYZadh/ adh ZmiZch^‹cYVŠVYVZcZkZcidhVciZg^dgZh!eVgV
YZiZgb^c^hiVhh n adh ZhiVY†hi^Xdhh# Adh eg^bZgdh ZhiVWaZXZgaVegdWVW^a^YVYYZdXjggZcX^VYZ
Zhi{c WVhVYdh Zc aV ^ciZgegZiVX^‹c [†h^XV YZ aV ^cXZcY^dh#

&# H`^ccZg! L# G#! Zi Va#! ÆI]Z 6hhdX^Vi^dc 7ZilZZc 8^gXjaVi^dc 6cdbVa^Zh ^c i]Z B^Y"igdedhe]ZgZ VcY 6gZV 7jgcZY Wn
L^aYaVcY;^gZ^c8VcVYVÇ# I]Zdg#6eea#8a^bVidaa#&...#+(/-."&%*#
'# K^aaZgh!A#!ZiVaa#!ÆGZXjggZcX^VYZadh^cXZcY^dh[dgZhiVaZhZcZakdaX{cAVBVa^cX]ZnaVegZhZcX^VYZa[Zc‹bZcdYZ:aC^Šd
&..-Ç#B‚m^XdZchjjc^YVYnY^kZgh^YVYiZgg^idg^Va# >C:<>!Idbd>#B‚m^Xd/'%%'!ee#&+'"&,*#
(#BX@Zco^Z!9#ÆAV]^hidg^VYZa[jZ\dnhjgZaVX^‹cXdcZaXa^bVÇ# >cXZcY^dh[dgZhiVaZhZcB‚m^Xd/B‚idYdhYZZkVajVX^‹c#
8ZcigdYZ8^ZcX^VhYZaV6ib‹h[ZgV JC6B"8dcVXni#B‚m^Xd/'%%)#ee&("'-#
)# K^aaZghGj^o!A#n?#A‹eZo7aVcXd#Æ8dbedgiVb^ZcidYZa[jZ\dnZkVajVX^‹cYZg^Zh\dhV^cXZcY^dhZc{gZVh[dgZhiVaZhYZ
B‚m^Xd/JcZhijY^dZcZakdaX{cAVBVa^cX]Z#>cXZcY^dh[dgZhiVaZhZcB‚m^Xd/B‚idYdhYZZkVajVX^‹c!8ZcigdYZ8^ZcX^Vh
YZaV6ib‹h[ZgV JC6B"8DC68NI N !B‚m^Xd/'%%)!ee+%",-#
*# >W^Y#

+' 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*


:aZhijY^dYZadh^cXZcY^dh
[dgZhiVaZhi^ZcZXdbddW_Zi^kd
ad\gVghjbZ_dgXdcigda!Vh†
XdbdY^hZŠVgVXX^dcZheVgV
hjegZkZcX^‹c

3AV^cXdgedgVX^‹cYZaVZkVajVX^‹cYZidYVh d YZa hZgk^X^d b^a^iVg n Za gZXdcdX^b^Zcid YZ ;DJ;D:;H


aVhkVg^VWaZhW^d[†h^XVhfjZ^c[ajnZcZcY^X]d ejcidhYZXVadgXdchZchdgZhgZbdidh#
[Zc‹bZcd/XdbWjhi^WaZh!bZiZdgda‹\^XVhn H^cZbWVg\d!XgZZbdh^bedgiVciZXdch^YZgVg
;B<K;=E
YZgZa^ZkZ# jcVheZXidb{h/ZabVcZ_dYZadhXdbWjhi^WaZh Adh[VXidgZheVgV
3AV^cXdgedgVX^‹cYZaVkjacZgVW^a^YVYhdX^d" VigVk‚hYZaVgZYjXX^‹cYZhjY^hedc^W^a^YVYZc ZciZcYZgZaXdbedgiV"
VbW^ZciVaaVXjVaXdbegZcYZaVh{gZVh adhWdhfjZhnXdcaV^chiVjgVX^‹cYZadhgZheZX" b^ZcidYZa[jZ\dhdc/
fjZhj[g^ZgdcbVndgZhXVbW^dhYZXdWZg" i^kdhegd\gVbVhZheZX^VaZh#whidhYZWZg{cgZaV" 3ided\gV[†V
ijgV"jhdYZahjZad!hdWgZidYdZcVfjZaaVh X^dcVghZiVcidXdcadheZg^dYdhYZVXjbjaVX^‹c 3XVci^YVYnXVa^YVY
odcVhYdcYZ/ & hZVbea^‹ZajhdV\g†XdaVYZa Xdbd Xdc Za XdcdX^b^Zcid YZ aV XVjhV YZ ZhV YZXdbWjhi^WaZ
hjZad! 'hZdWhZgk‹bVndgeZgijgWVX^‹cZc VXjbjaVX^‹cVXi^k^YVY]jbVcVdcVijgVa# 3i^ZbedVibdh[‚"
ZaWdhfjZedgZmigVXX^‹cYZbVYZgV! ( hZ 8jVcYd hZ egZhZciV jc ^cXZcY^d [dgZhiVa! aV g^Xd/iZbeZgVijgV!
VWg^ZgdcdVbea^Vgdc{gZVheVgVaV^cYjX" h^\j^ZciZ ZiVeV Zh aV YZ hj XdbWViZ! fjZ Xdb" k^Zcidh!ZiX#
X^‹cYZeVhidhn)]VnbVndgegZhZcX^VYZ egZcYZ idYVh aVh VXX^dcZh ZcXVb^cVYVh V ad\gVg
XVb^cdhnWgZX]Vh# hjXdcigdanZmi^cX^‹cidiVa#:hZcZhiVhX^gXjchiVc"
3AVVXXZh^W^a^YVYnbVcZ_dYZadhgZXjghdhYZa X^VhfjZZaeZghdcVaZheZX^Va^oVYd!]ZggVb^ZciVh!
WdhfjZ# gZXjghdh bViZg^VaZh n Zfj^edh hdc ejZhidh V
egjZWV!edgadfjZXdciVgXdcbdYZadhYZY^heZg"
B6C:?DNEG:K:C8>âC h^‹cYZa[jZ\dZh[jcYVbZciVa#
JcV YZ aVh ZhigViZ\^Vh eVgV aV egZkZcX^‹c YZ
adh ^cXZcY^dh Zh YZiZXiVgadh V i^Zbed# :m^hiZc BV#YZAdjgYZhK^aaZghGj^o Zha^XZcX^VYVnbVZhigVZcW^d"
ad\†VedgaVJC6B nYdXidgVZc\Zd\gV[†VedgaVHdgWdcVYZ
Y^hi^cidh b‚idYdh fjZ kVc YZhYZ Za eVigjaaV_Z EVg^h#Hjh{gZVhYZ^ckZhi^\VX^‹chdc/GZXjghdhcVijgVaZh!
h^hiZb{i^XdnZagZedgiZYZeZghdcVhX^k^aZhfjZ DgYZcVb^ZcidZXda‹\^XdiZgg^idg^Van8VbW^dXa^b{i^Xd#:h
b^ZbWgd YZa H^hiZbV CVX^dcVa YZ >ckZhi^\VYdgZh! c^kZa >
XddeZgVcYZbVcZgVkdajciVg^V]VhiVaVYZiZX" n VXijVabZciZ Zh ^ckZhi^\VYdgV i^ijaVg 7 Zc Za 8Zcigd YZ
X^‹c V‚gZV edg e^adidh YZ kjZadh XdbZgX^VaZh 8^ZcX^VhYZaV6ib‹h[ZgVYZaVb^hbV JC6B#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD +(
8ZcigdhYZ>ckZhi^\VX^‹c
3 8dcVX
d VXni
8{cXZg
YZbVbV
[VXidgZhVbW^ZciVaZh
YZg^Zh\d
8:CIGD9:>CK:HI><68>âC:C6A>B:CI68>âCN
9:H6GGDAAD!6#8#8>69
<G68>:A686>G:?JK:G6!HD8DGGDH6J8:9DI6B6ND
N?JA>ÛC:HE6GO6GDB:GD
:a Zhi^ad YZ k^YV bdYZgcd Zh jc [VXidg YZiZgb^cVciZ Zc aV
VeVg^X^‹c YZ Zc[ZgbZYVYZh Xg‹c^Xd"YZ\ZcZgVi^kVh# Jcd YZ
adheVYZX^b^ZcidhfjZYZhiVXVZcZaeVcdgVbVZe^YZb^da‹"
\^XdbjcY^VaZhZaX{cXZg!XjnVhiVhVYZ^cX^YZcX^VnbdgiV" HdcdgV Zh jc ZhiVYd Xdc XVgVXiZg†hi^XVh \Zd\g{[^XVh!
a^YVYkVg†VcZcgZaVX^‹cXdcZa{gZV\Zd\g{[^XVnadhZhi^adhYZ hdX^dZXdc‹b^XVh!XjaijgVaZhnVbW^ZciVaZhY^[ZgZciZhVagZhid
k^YV#6h†!Zc6b‚g^XVn:jgdeVhZdWhZgkVjcVVaiV^cX^YZcX^V YZa eV†h! fjZ gZeZgXjiZc Zc adh ^cY^XVYdgZh cjig^X^dh n YZ
YZijbdgbVa^\cdZcejab‹c!Xdadc"gZXidnbVbV#:c6h^V! hVajY#:aVaidXdchjbdYZ\gVhVhnWV_dXdchjbdYZVa\jcVh
YZhiVXVZaX{cXZgYZejab‹c!]†\VYdnbVbV0b^ZcigVhfjZ k^iVb^cVh!adhVaidh†cY^XZhYZhdWgZeZhdnadhWV_dh]{W^idhYZ
ZcÛ[g^XVZhb{hXdbcZaYZ]†\VYd!eg‹hiViVnZaX‚gk^Xd" aVXiVcX^VZcXdcigVYdhZcaVedWaVX^‹chdcdgZchZejZYZchZg
jiZg^cd# [VXidgZhfjZegZY^hedc\VcZaYZhVggdaadYZaX{cXZgbVbVg^d#
:c B‚m^Xd! Za X{cXZg Zh Xdch^YZgVYd jc egdWaZbV eg^dg^" Cd dWhiVciZ! hZ i^ZcZ edXV ^c[dgbVX^‹c hdWgZ aV ^cX^YZcX^V!
iVg^dYZhVajYeWa^XV!nVfjZYZhYZ&..%adhijbdgZhbVa^\cdh bdgiVa^YVYnedh^WaZ^c[ajZcX^VYZ[VXidgZhVbW^ZciVaZhZcZa
gZegZhZciVc aV hZ\jcYV XVjhV YZ bjZgiZ Zc aV edWaVX^‹c YZhVggdaadYZZhiVZc[ZgbZYVY#
\ZcZgVa0eVgi^XjaVgbZciZ!VagZYZYdgYZ'*bj_ZgZhhdcY^V\" :a8>69!eVgi^ZcYdYZZhiVh^ckZhi^\VX^dcZh!ZhijY^VZaZ[ZXid
cdhi^XVYVhYZX{cXZgbVbVg^dY^Vg^VbZciZ!edgadfjZ!ZcigZ YZadh[VXidgZhVbW^ZciVaZhZcaV^cX^YZcX^VnY^hig^WjX^‹cedg
aVhcZdeaVh^VhbVa^\cVh!‚hiVgZegZhZciVaVhZ\jcYVXVjhVYZ ZYVY YZa X{cXZg YZ bVbV Zc aV edWaVX^‹c hdcdgZchZ! Xdbd
bjZgiZZcaVhbj_ZgZhbZm^XVcVh#9ZVXjZgYdXdcaVhZhiVY†h" jc eg^bZg eVhd eVgV ZciZcYZg Za XdbedgiVb^Zcid YZ Y^X]V
i^XVhYZbdgiVa^YVYZcB‚m^XdYZaVŠd'%%'!aVhiVhVhYZbdgiV" Zc[ZgbZYVY Zc aV Zci^YVY# Adh gZhjaiVYdh fjZ hZ dWiZc\Vc
a^YVYedgX{cXZgYZbVbVhdcb{hZaZkVYVhZcadhZhiVYdhYZa hZgk^g{cXdbdeaViV[dgbVeVgVZkVajVgZcZa[jijgdadh[VXidgZh
cdgiZYZaeV†h!Vh†XdbdZcZa9^hig^id;ZYZgVanZc?Va^hXd# VbW^ZciVaZh YZ g^Zh\d fjZ ejZYVc ZhiVg ^ckdajXgVYdh Zc aV
9^kZghdhZhijY^dhZe^YZb^da‹\^XdhZcZabjcYdbZcX^dcVc egZhZciVX^‹cYZaX{cXZgYZbVbV!nVh†VednVgadhegd\gVbVh
fjZZaX{cXZgYZbVbVZhi{VhdX^VYdVY^kZghdh[VXidgZhXdbd YZegZkZcX^‹cnXdcigdaYZaVZc[ZgbZYVY#
jcc^kZahdX^dZXdc‹b^XdZaZkVYd!Zmedh^X^‹cVeZhi^X^YVh!Xdc" 8dbdXdcXajh^‹cYZZhiZZh[jZgod!hZdWhZgk‹fjZaVbdg"
hjbdVWjcYVciZYZ\gVhVVc^bVancd]VWZgVbVbVciVYdn iVa^YVYedgX{cXZgbVbVg^dZcbj_ZgZhYZaZhiVYdYZHdcdgV
edYg†VcVXZcijVghZdViZcjVghZYZVXjZgYdXdcZaYZhVggdaad eVgZXZY^hb^cj^gXdcZai^Zbed!Zhidedh^WaZbZciZhZYZWVV
ZXdc‹b^XdnXjaijgVaYZXVYVgZ\^‹c0h^cZbWVg\d!ZhiVV[^gbV" jcbZ_dgY^V\c‹hi^XdYZaVZc[ZgbZYVYZcZiVeVhiZbegVcVh#
X^‹cVcegZhZciVXdcigdkZgh^V#8dbdZ_Zbead!hZi^ZcZfjZ! JcYVid^bedgiVciZfjZVnjYVg{VXdcdXZgaV[gZXjZcX^VXdc
ZcadhZhiVYdhYZacdgiZYZaVgZeWa^XVbZm^XVcV!aVedWaVX^‹c fjZhZegZhZciV!nfjZVXijVabZciZhZZhi{ZkVajVcYd!ZhaV
i^ZcZ ^c\gZhdh ZXdc‹b^Xdh b{h ZaZkVYdh! Zm^hiZc Vaidh Xdc" ^cX^YZcX^VYZaVZc[ZgbZYVYnhjedh^WaZVhdX^VX^‹cVVa\jcdh
hjbdhYZ\gVhVYZi^edVc^bVanVaiVegZkVaZcX^VYZhdWgZeZhd [VXidgZhYZi^edgZegdYjXi^kd!XdbdaVZYVYYZaVbZcVgfj^Vn
ndWZh^YVY# YZaeg^bZgZbWVgVod!ZcigZdigdh#

+) 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
6k^hdhajb^cdhdhYZcjZkV
\ZcZgVX^‹c
8:CIGD9:>CK:HI><68>âC:CFJÞB>866EA>86968>F6
=#76GG>:CIDH!:#6G>6H!>#BD<<>D
:aXdcXZeidYZfjZadhea{hi^XdhcdXdcYjXZcZaZXig^X^YVY]VXVbW^VYdYZhYZZaYZh"
XjWg^b^ZcidYZeda†bZgdhXdbdaVeda^Vc^a^cV!adheda^VXZi^aZcdhndigdh!fjZejZYZc
hZgiVcWjZcdhXdcYjXidgZhXdbdjcbZiVa#:hidhbViZg^VaZhi^ZcZcZcXdbcfjZaV
ZhigjXijgVfj†b^XVZhi{XdbejZhiVedgZcaVXZh Ÿ"Xdc_j\VYdh!XVgVXiZg†hi^XVc^XVfjZ
aZheZgb^iZigVchedgiVgXVg\VhVigVk‚hYZaVXVYZcV#6h†!aVdeidZaZXig‹c^XVbdaZXjaVg!V
WVhZYZeda†bZgdhXdc_j\VYdh!cVXZXdbdjcViZXcdad\†VVaiZgcVeVgVaVb^XgdZaZXig‹"
c^XV!VegdkZX]VcYdaVhegde^ZYVYZhYZZhidhbViZg^VaZhVa^ciZgVXX^dcVgn$dZb^i^gajo#
:c&..%!^ckZhi^\VYdgZhYZ8VbWg^Y\ZYZbdhigVgdcfjZeZa†XjaVhcVcdb‚ig^XVh
YZ eda^[Zc^aZck^c^a^YZcd Äeda†bZgd XdbejZhid edg [Zc^adh n YdWaZh ZcaVXZh VaiZg"
cVYdhÄYZedh^iVYVhZcigZYdhZaZXigdYdhZb^i†VcajoVaVea^XVgaZhWV_dhkdaiV_Zh#9Z
V]†[jZedh^WaZk^hjVa^oVgiZXcda‹\^XVbZciZaVXdchigjXX^‹cYZeVciVaaVheVgVgZad_Zh
nXZajaVgZh!ZcigZdigVh!b{hWVgViVhnZ[^X^ZciZhfjZaVhVXijVaZhVWVhZYZXg^hiVaZh
a†fj^Ydhn$dhZb^XdcYjXidgZhbdcdXg^hiVa^cdh#
AVgZaZkVcX^VYZZbeaZVgeda†bZgdhXdc_j\VYdhZckZoYZbdcdXg^hiVaZh^cdg\{"
c^XdhhZYZWZVfjZ‚hidhXdbW^cVcaVhegde^ZYVYZhdeidZaZXig‹c^XVhYZadhhZb^"
XdcYjXidgZh^cdg\{c^XdhXdcaVeVgi^XjaVg^YVYfjZi^ZcZcadhea{hi^XdhYZedYZghZg
egdXZhVYdhZccVcdeZa†XjaVh!eZgb^i^ZcYd^cXajhdZagZXjWg^b^ZcidYZ\gVcYZh{gZVh
YZ^ajb^cVX^‹cYZjcV[dgbV[{X^a#:cZa\gjedYZ^ckZhi^\VX^‹cZcdeidZaZXig‹c^XV
bdaZXjaVgYZa9ZeVgiVbZcidYZBViZg^VaZh6kVcoVYdhYZa 8>F6!ZhiVbdhZhijY^VcYd
bda‚XjaVhXdc_j\VYVheVgVVea^XVX^dcZhZcY^dYdhZaZXigdajb^c^hXZciZhd9:A!Xdc
ZadW_Zi^kdYZ[VWg^XVgY^hedh^i^kdhYZ\gVcYZh{gZVhXdbdeVciVaaVheaVcVhVh†Xdbd
eVcZaZh ajb^cdhdh# 6 ZhiZ gZheZXid! gZX^ZciZbZciZ ad\gVbdh YZhVggdaaVg jc d9:A
Vea^XVcYdWV_dhkdaiV_Zhnedga^id\gV[†VhZYZheaZ\‹Zaad\di^edYZ8>F66 bdhigVcYdjcV
ZmXZaZciZ^ajb^cVX^‹cVoja"kZgYZ#

8dchi^ijX^‹c
YZjcd9:A

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD +*
8ZcigdhYZ>ckZhi^\VX^‹c

38dcV
d Xni
dcVX
8Zgi^[^XVX^‹c
8DB>BH66 Zh jc XZcigd iZXcda‹\^Xd eZgiZcZX^ZciZ Va H^hiZbV
8dcVXni!ZaXjVa]VYZhVggdaaVYdjcbdYZadYZVXijVX^‹cfjZaZ
eZgb^iZdeZgVgXdcVjidhj[^X^ZcX^V[^cVcX^ZgV!VYZb{hYZad\gVg
jcVkZgYVYZgVk^cXjaVX^‹cXdcZahZXidg^cYjhig^Va!VXVY‚b^Xdn

>HD.%%&/'%%% XdcdigdhXZcigdhYZ^ckZhi^\VX^‹c#
6XijVabZciZ!hZWjhXVaV XVa^YVYidiVaaYZcigdYZah^hiZbVYZ
\Zhi^‹c ZbegZhVg^Va n iZXcda‹\^XV! n hZ egdXjgV hVi^h[VXZg aVh
8DGEDG68>âCB:M>86C69:>CK:HI><68>âC:C cZXZh^YVYZhnZmeZXiVi^kVhYZadhXa^ZciZhgZVa^oVcYd^ckZhi^\V"
B6I:G>6A:H!H#6#9:8#K#8DB>BH6 X^‹c!ZhijY^dhnegdnZXidhiZXcda‹\^XdhfjZeZgb^iVc[dgiVaZXZg
:a k^ZgcZh && YZ bVgod! 8dgedgVX^‹c BZm^XVcV YZ ZahZXidg^cYjhig^VanZaYZaV^c\Zc^Zg†V#
>ckZhi^\VX^‹c Zc BViZg^VaZh! H# 6# YZ 8# K# 8DB>BH6 :a Y^gZXidg \ZcZgVa YZ 8DB>BH6! gZ[^g^‚cYdhZ Va ZkZcid!
gZX^W^‹ZaGZ\^higdYZ8Zgi^[^XVX^‹cYZhjH^hiZbVYZ<Zhi^‹cYZ XdbZci‹adh^\j^ZciZ/ÆEVgVhZgkZgYVYZgVbZciZjcXZcigdiZX"
aV8Va^YVYWV_daVcdgbV >HD.%%&/'%%%edgeVgiZYZa\gjed H<H cda‹\^XdZc^c\Zc^Zg†V!fjZgZegZhZciZjc[VXidgYZXVbW^dZcaV
>ciZgcVX^dcVa# XdbeZi^i^k^YVYYZahZXidg^cYjhig^VanYZaV^c\Zc^Zg†VcVX^dcVa!
:a VaXVcXZ YZa egdnZXid YZhVggdaaVYd [jZ/ ÆHZgk^X^dh YZWZbdhbVciZcZgjc[^gbZXdbegdb^hdZcZaXjbea^b^Zcid
IZXcda‹\^XdhYZ6edndVaHZXidg>cYjhig^VanYZ>c\Zc^Zg†VeVgV YZ gZhjaiVYdh! bVciZcZg VciZ cjZhigdh Xa^ZciZh aV ^bV\Zc YZ
aV>c[gVZhigjXijgV!ZcadhEgdXZhdhYZHZgk^X^dhYZAVWdgVidg^d! egZhi^\^d!XVa^YVYnegd[Zh^dcVa^hbdfjZYjgVciZ(%VŠdh]Zbdh
:hijY^dh YZ Edh\gVYd! HZgk^X^dh 6Yb^c^higVi^kdh n 8dcigda YZ ad\gVYdnXdci^cjVgh^ci^‚cYdcdhdg\jaadhdhYZhZgeVgiZYZjcV
EgdnZXidhÇ# \gVc^chi^ijX^‹cXdbdadZh 8DB>BH6Ç#

>ccdkVX^‹cBZm^XVcV
eZa†XjaVhVci^WVXiZg^VaZh
8:CIGD9:>CK:HI><68>DC:H:CB6I:G>6A:H6K6C" XdhidYZkZciVYZ+%eZhdhedgbZigd!Zaa†YZgYZZhiZegdnZXid!
O69DH!H#8#8>B6K ZaYdXidgB^`^Ndh]^YV!VŠVYZfjZaVhZbegZhVh^ciZgZhVYVhZc
:9J6G9D<DCOÛA:O d[gZXZgZhViZXcdad\†VVaeWa^XdedYg†VcdWiZcZgjcediZcX^Va
´Edgfj‚YZh^c[ZXiVgaVheVgZYZh!e^hdhniZX]dhXdcegdYjXidh ZXdc‹b^XdbjnVaid#DigVkZciV_VZhfjZZaXdhidYZegdYjXX^‹c
fj†b^Xdh V\gZh^kdh n Zc dXVh^dcZh eZa^\gdhdh eVgV Za hZg YZXZg{b^XdhXdcZaVXVWVYdVci^WVXiZg^VaVjbZciVg†Vc^XV"
]jbVcd!XjVcYd‚hidhedYg†Vc]^\^Zc^oVghZedgh†b^hbdh\gV" bZciZ'!nVfjZji^a^oVbViZg^Vheg^bVhXdckZcX^dcVaZhnZa
X^VhVjcViZXcdad\†VYZhVggdaaVYVedgX^Zci†[^XdhbZm^XVcdh4 egdXZhdYZbVcj[VXijgVcdhZbdY^[^XV#
:cjcXdgideaVod!ZaegdnZXid EZa†XjaVhYZa\VYVhVci^WVX" :hZVYZaVcidiZXcda‹\^XdVXiVbZY^VciZjcegdXZhd[did"
iZg^VaZh Xdbd gZXjWg^b^Zcid eVgV XZg{b^Xdh ZhigjXijgVaZh fj†b^Xd/ZabViZg^VaYZedh^iVYdZcaVXZg{b^XVgZVXX^dcVVciZ
edYg†V ]VXZg fjZ VojaZ_dh! WVaYdhVh! bdhV^Xdh n digdh gZXj" adh gVndh jaigVk^daZiVh fjZ hdc egdkZ†Ydh edg aV ajo hdaVg d
Wg^b^ZcidhYZXZg{b^XVXjZciZcXdcaVXVeVX^YVYYZYZhigj^g XjVafj^Zg a{beVgV [ajdgZhXZciZ XdckZcX^dcVa! ad fjZ \ZcZgV
adhV\ZciZheVi‹\ZcdhfjZhZYZedh^iZcZchjhjeZg[^X^Z#:hiZ jcegdXZhdYZdm^YVX^‹cZcaVbZbWgVcVdeVgZYXZajaVgYZa
YZhVggdaadWZcZ[^X^Vg†VY^gZXiVbZciZVY^kZghdhhZXidgZhXdbd V\ZciZ eVi‹\Zcd# 6h†! ZcigZ b{h i^Zbed eZgbVcZoXV aV ajo
Za]dhe^iVaVg^d!nVfjZhjh{gZVhYZfj^g‹[Vcd!Xj^YVYdcZdcViVa ZcXZcY^YV!ZaYVŠdVab^Xgddg\Vc^hbdhZg{bVndg#
d hVaVh YdcYZ hZ Vi^ZcYZc eVX^ZciZh ^cbjcdXdbegdbZi^Ydh :c ZcigZk^hiV! Za YdXidg B^`^ Ndh]^YV! fj^Zc eZgiZcZXZ Va
XdciVg†Vc Xdc jc VbW^ZciZ b{h hVajYVWaZ n hZ gZYjX^g†V Za 9ZeVgiVbZcid YZ Fj†b^XV YZ BViZg^VaZh YZa 8>B6K! XdbZciV/
g^Zh\d YZ ^c[ZXX^dcZh Xdbd aVh YZcdb^cVYVh ^cigV]dhe^iVaV" ÆH^VZhidhZV\gZ\VaVVbea^Vji^a^oVX^‹cfjZejZYZciZcZgaVh
g^Vh#6h^b^hbdXdcig^Wj^g†VVZaZkVgZac^kZaYZhVc^YVYYZadh eZa†XjaVh Vci^WVXiZg^VaZh Zc ZheVX^dh Xdbjc^iVg^dh! d[^X^cVh!
egdXZhdhYZegdYjXX^‹cZc^cYjhig^VhXdbdaVVa^bZciVg^V![Vg" [{Wg^XVh n k^k^ZcYVh! hZ dWhZgkVg†V fjZ hdc bjn gZY^ijVWaZh
bVX‚ji^XVnXdhb‚i^XV!d^cXajhdedYg†VZbeaZVghZZcb^aZhYZ nXdcig^WjnZcV\ZcZgVgVbW^ZciZhb{hhVcdhfjZZaZkVcZa
]d\VgZhZchVc^iVg^dhnXdX^cVh# Xdc[dginaVXVa^YVYYZk^YVYZaVheZghdcVhÇ#
9VYdfjZZabZgXVYdYZe^hdhngZXjWg^b^ZcidhZcZaeV†h 8dciVXid/9g#BVg^dB^`^Ndh]^YV+&))(."&&"&)n)(."&&"%%
gdcYV adh '% b^aadcZh YZ bZigdh XjVYgVYdh edg VŠd! Xdc jc bVg^d#b^`^5X^bVk#ZYj#bm

++ 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
I:8CD>C;DGB68>âC
3B:A>C686HIGDJGFJ>O6

AVhdX^ZYVYYZaV^c[dgbVX^‹c/
gZidhndWhi{XjadhZchjbZY^X^‹c
E G >B:G 6  E6G I: Fh_dY_fWb[i[b[c[djeigk[fhefed[dZ_\[h[dj[ieh]Wd_pWY_ed[ifWhW
:c aV ai^bV Y‚XVYV! Za XdcXZeid YZ HdX^ZYVY YZ c[Z_hbWIeY_[ZWZZ[bW?d\ehcWY_Œd$
aV>c[dgbVX^‹cH>]Vh^YdXVYVkZob{hji^a^oVYdn B^c^hiZg^dYZ8^ZcX^V 3>cYjhig^VI>8'
VXZeiVYdXdbdjcVgZVa^YVYZcaVhhdX^ZYVYZhYZa nIZXcdad\†VYZ 3>c[gVZhigjXijgV
bjcYd0 h^c ZbWVg\d! XjVcYd hZ fj^ZgZ VcVa^oVg :heVŠV!D89: 3IZgb^cVaZhYZVXXZhd
Za [Zc‹bZcd hjg\Zc kVg^dh Xdc[a^Xidh/ Za eg^bZgd! 3HZgk^X^dh
edgfjZ cd Zm^hiZ jcV YZ[^c^X^‹c n ZciZcY^b^Zcid 3Jhdh
]dbd\‚cZdh#:aZhijY^dYZaV H> ^ckdajXgVjcVY^bZc" 3EgZX^dh
h^‹chdX^VaniZXcda‹\^XVXdcjcV^bedgiVciZgZeZg"
Xjh^‹cZXdc‹b^XV#:hidhVheZXidhYZWZchZgVcVa^" Jc^‹c:jgdeZV! 36XXZhdnjhdYZaVh I>88edgadhX^jYVYVcdh
oVYdhZcXdc_jcideVgVcdhZh\VgZaVc{a^h^h#Digdh EaVcZ":jgdeZ 36XXZhdnjhdYZaVhI>88edgeVgiZYZaVhZbegZhVh
Xdc[a^Xidh ejZYZc hjg\^g hZ\c Za VheZXid fjZ hZ 38dhidhYZVXXZhd
ZhijY^ZZceVgi^XjaVg#:cZhiZVgi†XjadhZVWdgYVaV 36Yb^c^higVX^‹cZaZXig‹c^XV
bZY^X^‹cYZaV H> nedgiVcidadhegdWaZbVhfjZhZ 3:YjXVX^‹c$6egZcY^oV_ZZaZXig‹c^Xd
YZg^kVcYZZaad# 3HVc^YVY$HVajYZaZXig‹c^XV
38dbZgX^dZaZXig‹c^Xd
´EDG  FJw B:9>G  :A 6K6 C 8: 9 : A6 
HD8>:969 9: A6 > C ;DGB 68> âC 4 3IVbVŠdnY^bZch^‹cYZgZYZhiZaZ[‹c^XVh
6 adh \dW^Zgcdh YZ Y^[ZgZciZh eV†hZh YZa bjcYd aZh >ciZgcVi^dcVa 38Va^YVYYZhZgk^X^d
egZdXjeV XdciVg Xdc YVidh XdcXgZidh hdWgZ Za jhd IZaZXdbbjc^XVi^dc 3Ig{[^Xd
Z[ZXi^kd fjZ ]V\Vc adh Y^[ZgZciZh V\ZciZh hdX^VaZh Jc^dcJ>I 3IVg^[Vh
ZbegZhVh! \dW^Zgcd! dg\Vc^oVX^dcZh! edWaVX^‹c Zc 3EZghdcVadXjeVYdZcaV^cYjhig^V
\ZcZgVa YZ aVh iZXcdad\†Vh YZ ^c[dgbVX^‹c edgfjZ! 3>c\gZhdhn\Vhidh
XdcWVhZZcZaad!ejZYZcidbVgVXX^dcZhYZeda†i^XV!
Y^hZŠVg ZhigViZ\^Vh Z ^YZci^[^XVg WgZX]Vh# Cd idbVg
ZhiVhYZX^h^dcZhh^\c^[^XV^cXjgg^gZcdigdi^edYZgZoV\dfjZ]V fjZ adh XdcY^X^dcVciZh YZ i^ed hdX^Va Xdbd c^kZa ZYjXVi^kd!
h^Yd YZcdb^cVYd WgZX]VY^\^iVaa! fjZ ^bea^XV ZmXaj^g YZ Va\jcVh XjaijgVn[VXidgZh]^hi‹g^Xdh!ZcigZdigdh!YZiZgb^cVcZc\gVc
dedgijc^YVYZhYZVegZcY^oV_ZnYZhVggdaadVX^ZgidhhZXidgZhYZ bZY^YVaV^ciZggZaVX^‹cYZadhV\ZciZhhdX^VaZhXdcZajhdYZ
jcVedWaVX^‹c# aVhiZXcdad\†VhZm^hiZciZhnaVhgZeZgXjh^dcZhZcaVZXdcdb†V
XdbdgZhjaiVYdYZZhiVY^c{b^XV#
B :9>G  A6 HD8>:96 9  9 : A6  > C ;DGB 68> âC !  J C  6 HJ CID  6jcfjZZadWiZcZgZhidhYVidhejZYZVggd_VgVa\jcVhajXZh!
B ÛH 8DBEA:?D F J : A6  D7 I:C 8 > âC  9 : 8> ; G6 H ZhidgZegZhZciVh‹adZa^c^X^dYZaVXVYZcVeVgVfj^ZcZhYZWZc
AV eZgheZXi^kV YZ X‹bd bZY^g aV H> ]V ZkdajX^dcVYd Zc adh idbVgYZX^h^dcZhVagZheZXid#:hidhYVidhejZYZc[jc\^gXdbd
ai^bdh X^cXd VŠdh& YZ bVcZgV fjZ aV XdcXZeX^‹c YZ ^cXaj^g ^chjbdhfjZYZWZchZg^ciZgegZiVYdhZcgZaVX^‹cXdcidYdhadh
hdaVbZciZYVidhgZaVi^kdhV^c[gVZhigjXijgVZcgZYZhni^edYZ egdXZhdhfjZ^ciZgk^ZcZcXdbdgZhjaiVYdYZaVh^ciZggZaVX^dcZh
VXXZhd]Vh^YdhjeZgVYV0V]dgVY^[ZgZciZhdg\Vc^hbdh^ciZg" YZadhV\ZciZhhdX^VaZhVigVk‚hYZaVhY^[ZgZciZhiZXcdad\†Vh
cVX^dcVaZhZ^c^X^Vi^kVhcVX^dcVaZhegdedcZcZaZbZcidhZcZhiV n aV VYdeX^‹c fjZ ‚hidh kVc ]VX^ZcYd YZ Y^X]Vh iZXcdad\†Vh
bZY^X^‹cgZaVX^dcVYdhXdcZaXdbedgiVb^ZcidYZaVhdX^ZYVY! Zchjk^YV!Vh†XdbdYZadhXdcdX^b^ZcidhdXVeVX^YVYZhfjZ
iVaZhXdbd]{W^idhYZdWiZcX^‹cYZ^c[dgbVX^‹cnVegZcY^oV_Z! Vfj‚aadhkVcYZhVggdaaVcYd!idYdZhidVigVk‚hYZjcV^c[gVZh"
XjZhi^dcZhYZ^ccdkVX^‹cfjZhdcjcZaZbZcidZcY‹\ZcdYVYd igjXijgVfjZad]V\Vedh^WaZ#

:Xdcdb^hiVnZheZX^Va^hiVZcZ"\dW^ZgcdnHdX^ZYVYYZaV>c[dgbVX^‹cYZa;dcYdYZ>c[dgbVX^‹cn9dXjbZciVX^‹ceVgVaV>cYjhig^V>C;DI:8lll#>c[diZX#Xdb#bm
&#K^XZciZ8jZgkd!BVg†Vn6cVA‹eZoBZa‚cYZo!'%%(# >cY^XVYdgZhYZaVhdX^ZYVYYZaV^c[dgbVX^‹c/jcVgZk^h^‹cXg†i^XV V ]iie/$$lll#X^WZghdX^ZYVY#cZi$#
'#IZXcdad\†VYZaV>c[dgbVX^‹cnaVh8dbjc^XVX^dcZh#

D8IJ7G:'%%* q 8>:C8>6N9:H6GGDAAD +,
7>IÛ8DG6
: H I : A 6  B 6 G I Þ C : O  C 6K6 G G D
   N  ? D H w  ?6N B :  AJ C 6

8Zgi^[^XVg
aVWdgVidg^dh
E8@;J?LE:;B9ED79OJOB7;C7
:a8dcVXninaV:ci^YVYBZm^XVcVYZ6XgZY^iVX^‹c!6#8#:B6!
XddgY^cVg{cXdc_jciVbZciZaV^ciZ\gVX^‹cYZjcEVYg‹cYZ
>chigjbZcidhYZBZY^X^‹cn:chVndYZadhaVWdgVidg^dhYZa
<dW^Zgcd ;ZYZgVa Xdc Za egde‹h^id YZ [dbZciVg Za k†cXjad
ZcigZ‚hidhnZahZXidgegdYjXi^kdZcadhegdXZhdhYZXZgi^[^"
XVX^‹cYZXVa^YVY#
:a ^c\Zc^Zgd ?V^bZ EVgVYV Ûk^aV! Y^gZXidg \ZcZgVa YZa

)&W‹ei 8dcVXni! n Za a^XZcX^VYd <j^aaZgbd HX]^Z[Zg! egZh^YZciZ YZ


aV :B6!gjWg^XVgdcaVXVgiVYZ^ciZcX^‹c!XjnddW_Zi^kd!ZcigZ
digdh!ZhVednVgVaH^hiZbVYZ8ZcigdhEWa^Xdh8dcVXniZc

Z[_dl[ij_]WY_Œd aVVXgZY^iVX^‹cYZhjhaVWdgVidg^dh#
:c aV XZgZbdc^V! Za ^c\Zc^Zgd EVgVYV ^c[dgb‹ fjZ ZhiZ
YdXjbZcid hZgk^g{ eVgV fjZ idYV aV ^c[gVZhigjXijgV bViZ"
g^Van]jbVcVfjZi^ZcZcadh',XZcigdh8dcVXnihZVXZgi^"
:a >chi^ijid YZ :Xdad\†V! 6# 8# >C:8DA! Xdc hZYZ Zc MVaVeV! [^XVYVVciZaV :B6!XdcZa[^cYZYVghZgk^X^dhYZVedndVaVh
KZgVXgjo! n jc^YVYZh gZ\^dcVaZh Zc 8]^]jV]jV! 9jgVc\d n eZfjZŠVh! bZY^VcVh d \gVcYZh ZbegZhVh fjZ gZfj^ZgVc
Za 7V_†d! XjbeaZ (% VŠdh YZ ZhiVg gZVa^oVcYd VXi^k^YVYZh YZ gZVa^oVg egdXZhdh YZ kZg^[^XVX^‹c YZ XVa^YVY YZ egdYjXidh n
^ckZhi^\VX^‹cnYdXZcX^VYZkVc\jVgY^VZcZhijY^dhYZabZY^d hZgk^X^dh#
VbW^ZciZ#:caVVXijVa^YVY!Za >C:8DAAY^hZŠVadhegd\gVbVhYZ :ai^ijaVgYZa8dcVXniV\gZ\‹fjZZm^hiZjcV\gVcXVeV"
gZhXViZ YZ [VjcV! [adgV! Za i‚Xc^Xd _jhi^[^XVi^kd YZ XVbW^d X^YVY YZ aVWdgVidg^dh Zc adh XZcigdh eWa^Xdh \jWZgcV"
YZ jhd YZ hjZad! Za YZ gZhiVjgVX^‹c YZ hjZadh n ZaeaVcYZ bZciVaZh n Zc aVh ^chi^ijX^dcZh YZ ZYjXVX^‹c hjeZg^dg fjZ
bVcZ_dVbW^ZciVa# VXijVabZciZVednVcVahZXidgegdYjXi^kdZcadhegdXZhdhYZ
:c ZhiV ^chi^ijX^‹c hZ egdYjXZ XdcdX^b^Zcid X^Zci†[^Xd V XZgi^[^XVX^‹cYZXVa^YVYeVgVedYZgZmedgiVghjhegdYjXidhV
aVkZofjZhZegZeVgVcegd[Zh^dcVaZhZcZXdad\†VnW^dY^kZg" idYdZabjcYd#
h^YVYeVgVaVXdchZgkVX^‹cYZaeVig^bdc^dcVijgVanZa^bejahd EdghjeVgiZ!Zaa^XZcX^VYdHX]^Z[Zg
Va YZhVggdaad hdX^Va n ZXdc‹b^Xd YZa eV†h# :a YdXidg B^\jZa gZXdcdX^‹ fjZ Za YdXjbZcid h^\c
:fj^]jV!hjY^gZXidg\ZcZgVa!bZcX^dc‹fjZ‚hiZ[jZZaeg^bZg [^XV aV gZVa^oVX^‹c YZ b{h n bZ_dgZ
^chi^ijidYZhj\‚cZgdZcZaeV†h!ZaXjVaijkdYZhYZhj^c^X^d VXX^dcZh Zc WZcZ[^X^d YZ cjZhig
ZaXdbegdb^hdYZ[dgbVgeZghdcVaYZZmXZaZcX^VeVgV]VXZg eV†h#
ZhijY^dh hdWgZ aV ZXdad\†V n aV egdWaZb{i^XV VbW^ZciVa Zc ÆH^c YjYV Va\jcV! igVWV_VcYd
B‚m^Xd# _jcidhaV :B66 nZa8dcVXniXdci^cjV"
6aeVgi^X^eVgZcaVXZgZbdc^V!;^YZa=ZggZgV!\dWZgcVYdg gZbdh igVoVcYd jc XVb^cd V [Vkdg
YZKZgVXgjo!^c[dgb‹fjZhjVYb^c^higVX^‹cXdcigVi‹Va>C:8DA YZ aV X^ZcX^V n aV iZXcdad\†V! Vh†
eVgVgZVa^oVgadhZhijY^dhYZ^beVXidVbW^ZciVaZcaVXdch" XdbdYZaH^hiZbVYZ:kVajVX^‹cYZ
igjXX^‹cYZaa^WgVb^ZcidYZMVaVeVngZhVai‹hjXdcig^WjX^‹c aV 8dc[dgb^YVY# CjZhigd Xdbegd"
ZcZabVcZ_dVYZXjVYdnegZhZgkVX^‹cYZadhgZXjghdhcVij" b^hd Zh igVWV_Vg Xdc Zcijh^Vhbd
gVaZh!eVgVVgbdc^oVgXdcZaYZhVggdaad^cYjhig^VanXdbZgX^Va negd[Zh^dcVa^hbdeVgVad\gVgfjZ
YZKZgVXgjo!edgadXjVagZXdcdX^‹aVhVedgiVX^dcZhYZX^Zci†" B‚m^XdXjZciZXdcjcVZhigjXijgV
[^XdhXdbd6gijgd<‹bZoEdbeV!<dcoVad=Va[iZgn:oZfj^Za Xdc[^VWaZZcXVYVZhiVYdeVgVZkV"
:oXjggV GZVa YZ 6ojV fj^Zc gZX^W^‹ Za cdbWgVb^Zcid YZ ajVgZa\gVYdYZXjbea^b^ZcidYZ
^ckZhi^\VYdg]dcdg†[^XdYZa>C:8DA# aVhcdgbVhÇ![^cVa^o‹HX]^Z[Zg#

+- 8>:C8>6N9:H6GGDAADq D8IJ7G: '%%*


FH?EH?:7:;I
:;BDK;LE
J?JKB7H
:;B9ED79OJ
6EDND6A6H>CHI>IJ8>DC:H
9::9J868>âCHJE:G>DG
N6ADH>CK:HI><69DG:H
:a YdXidg <jhiVkd 8]VeZaV 8VhiVŠVgZh [jZ egZhZciVYd Xdbd cjZkd i^ijaVg
YZa 8dchZ_d CVX^dcVa YZ 8^ZcX^V n IZXcdad\†V 8dcVXni edg Za hZXgZiVg^d YZ
:YjXVX^‹cEWa^XV!YdXidgGZnZhIVbZo<jZggV!fj^ZcVh^hi^‹VaVWgZkZXZgZ"
bdc^VXdcaVgZegZhZciVX^‹cYZaeg^bZgbVcYViVg^d#
:aYdXidgIVbZo<jZggVYZhiVX‹aVigVnZXidg^VVXVY‚b^XVYZaV]dgVi^ijaVg
YZa8dcVXni!nadZm]dgi‹VXdcYjX^gZaXVWVaXjbea^b^ZcidYZaVhbZiVhZhiV"
WaZX^YVhZcZhiVVYb^c^higVX^‹ceVgVaVX^ZcX^VnaViZXcdad\†V#
Edg hj eVgiZ! Za YdXidg 8]VeZaV hZŠVa‹ Ydh eg^dg^YVYZh eVgV hj \Zhi^‹c/
Zc[Vi^oVg aV Xdbjc^XVX^‹c Xdc aVh jc^kZgh^YVYZh Z ^chi^ijX^dcZh YZ ZYjXVX^‹c
hjeZg^dgYZaeV†hnWjhXVgbZ_dgZh[dgbVhYZViZcYZgVadh_‹kZcZh^ckZhi^\V"
YdgZheVgVfjZhZ^cXdgedgZcYZbVcZgVVYZXjVYVVadhVeVgVidhegdYjXi^kdn
VXVY‚b^Xd#
6ŠVY^‹fjZZcadheg‹m^bdh&*bZhZhhZedYg{c\ZcZgVg^YZVhnVXX^dcZh
fjZeZgb^iVc^gb{hVaa{YZaVhbZiVhZhiVWaZX^YVhZcbViZg^VYZX^ZcX^VniZX"
cdad\†V#Æ8dciVbdhXdcZaVedndYZa\dW^Zgcd[ZYZgVa!negjZWVYZZaadZhaVegZ" fj†b^XV Zc Za 8daZ\^d >beZg^Va YZ 8^ZcX^V n IZXcdad\†V YZ aV Jc^kZgh^YVY YZ
hZcX^VYZahZXgZiVg^dYZ:YjXVX^‹cEWa^XV!fj^Zc]VZmegZhVYdhjXdck^XX^‹cYZ AdcYgZh#
fjZZa8dcVXniZhjcV]ZggVb^ZciVbjn^bedgiVciZeVgVVaXVcoVgadhdW_Zi^kdh :cigZ adh XVg\dh fjZ ]V dXjeVYd! YZhiVXVc Za YZ Y^gZXidg \ZcZgVa YZa
[^_VYdhedgaVVYb^c^higVX^‹cYZaegZh^YZciZ;dmZcZhiVhVXi^k^YVYZh#Ç >chi^ijid BZm^XVcd YZa EZig‹aZd0 Y^gZXidg VY_jcid YZ >ckZhi^\VX^‹c 8^Zci†[^XV
;^cVabZciZ!Za^c\Zc^Zgd?V^bZEVgVYV!Y^gZXidg\ZcZgVahVa^ZciZ!ZmegZh‹ n hZXgZiVg^d Z_ZXji^kd YZa H^hiZbV CVX^dcVa YZ >ckZhi^\VYdgZh Zc Za 8dchZ_d
hj V\gVYZX^b^Zcid iVcid Va egZh^YZciZ YZ aV gZeWa^XV edg aV dedgijc^YVY YZ CVX^dcVaYZ8^ZcX^VnIZXcdad\†V0gZXidg\ZcZgVaYZaVJc^kZgh^YVY6ji‹cdbV
hZgk^g Va eV†h YjgVciZ Zhidh X^cXd VŠdh! Xdbd Va eZghdcVa fjZ ad VXdbeVŠ‹ BZigdeda^iVcVJ6BngZXidgYZaVJ6B!Jc^YVY>oiVeVaVeV#
YjgVciZhjVYb^c^higVX^‹c# :aYdXidg8]VeZaVZhb^ZbWgdYZaH^hiZbVCVX^dcVaYZ>ckZhi^\VYdgZhn
6agZ[Zg^ghZVacjZkdi^ijaVgYZadg\Vc^hbd!Za^c\Zc^ZgdEVgVYVZmegZh‹fjZ Vjidg YZ Y^kZghdh iZmidh X^Zci†[^Xdh ejWa^XVYdh Zc gZk^hiVh cVX^dcVaZh Z ^ciZg"
Za8dcVXnicdedYg†VZhiVgZcbZ_dgZhbVcdh!edgaVhXjVa^YVYZh^ciZaZXijVaZhn cVX^dcVaZh YZ gZXdcdX^Yd egZhi^\^d# =V Y^g^\^Yd iZh^h YdXidgVaZh n hj aVWdg
VXVY‚b^XVhYZaYdXidg8]VeZaV!fj^Zci^ZcZaVXdck^XX^‹cYZfjZhdaVbZciZXdc YdXZciZad]VaaZkVYdVaVaVJc^kZgh^YVYYZDm[dgY!GZ^cdJc^Yd!Vh†XdbdVaV
ZaXVe^iVa]jbVcd!aVX^ZcX^VnaViZXcdad\†V!B‚m^XdhZg{jceV†hYZhVggdaaVYd! Jc^kZgh^YVYYZB^ccZhdiVZcadh:hiVYdhJc^YdhYZ6b‚g^XV#
_jhidnXdbeZi^i^kd# 6XijVabZciZ!ZaYdXidg8]VeZaV8VhiVŠVgZhdXjeVY^kZghdhXVg\dh]dcd"
:aYdXidg<jhiVkd8]VeZaVZh^c\Zc^Zgdfj†b^XdZ\gZhVYdYZaVJc^kZgh^YVY gVg^dh!ZcigZadhfjZYZhiVXVcZahZgb^ZbWgdYZaV?jciVYZ<dW^ZgcdYZaV
CVX^dcVa6ji‹cdbVYZB‚m^XdJC6B!gZVa^o‹aVbVZhig†VZc^c\Zc^Zg†Vfj†b^XV JC6B!kdXVaYZaEVigdcVidYZaVJ6BnegZh^YZciZYZaEVigdcVidYZaV;VXjaiVYYZ

ZcaVJc^kZgh^YVYG^XZYZ=djhidc!IZmVhndWijkdhjYdXidgVYdZc^c\Zc^Zg†V Fj†b^XVYZaVJC6B#

D8IJ7G: '%%* q8>:C8>6N9:H6GGDAAD+.


EGD9J8IDH9:A68>:C8>6
3 < J 6 96 AJ E :  < J I > w G G : O
N=:7:G<6G8Þ6

IZXcdad\†VXdbeVXiV 8WhhWh[fWhWZehW
C^ciZcYdXgZ‹jcVeZfjZŠVXdchdaVYZk^YZd_jZ\dhXdcjceZhdVegdm^bVYd
YZ-%\gVbdh!)eja\VYVhYZVcX]d!'YZVaidn%#,YZ[dcYd0HjcdbWgZZh
Z[c[jWb
<VbZ7dnB^Xgd#:hb{heZfjZŠVfjZjciZa‚[dcdXZajaVg0aVeVciVaaVYZA89 AVZbegZhVZheV"
ZhYZVaiVgZhdajX^‹cÄVXdadgÄnb^YZ'eja\VYVh0XjZciVXdcjcVZcigVYV ŠdaV8ZnhaVco‹
eVgV VjY†[dcdh! jc egdXZhVYdg YZ (' W^ih! adh b^hbdh XdcigdaZh Zhi{cYVg jcVbVh^aaVfjZhZ
[gdciVaZhnYZXdhiVYd!Vh†XdbdadhWdidcZh XdbZcoVgg nhZaZXX^dcVgg#9^X]Vh bZoXaVXdbdaV
XVgVXiZg†hi^XVheZgb^iZcfjZ[jcX^dcZXdcadhXVgijX]dhYZaVXdc" eaVhi^a^cVnZcYjgZXZ
hdaV VciZg^dg <VbZ 7dn 6YkVcXZ# XdbdZaVXZgd#H^gkZ
:aXdadgeaViVaZYVZaidfjZkVc" eVgV[^_Vg!hZaaVg!
\jVgY^hiVXdcaVdeX^‹cYZXVg{" gZaaZcVgngZXdch"
ijaVh^ciZgXVbW^VWaZh!nZhXdb" igj^gidYdi^edYZ
eVi^WaZ Xdc jc gZegdYjXidg YZ bZiVaZh/]^Zggd!
bh^XV Y^\^iVa deX^dcVa! fjZ hZ VXZgd!aVi‹c!
VYVeiV[{X^abZciZ# WgdcXZ!Vaj"
lll#c^ciZcYd#Xdb b^c^d!ZiX#JcV
kZoZcYjgZX^YV
hZejZYZa^_Vg!
iVaVYgVg!eja^gn
;†h^XVYZXdaZXX^‹c e^ciVg0VYZb{h
Zh^cdm^YVWaZ#
'%%* Zh Za 6Šd >ciZgcVX^dcVa YZ aV ;†h^XV! edg :hiZegdYjXid
Zaad 6gX]^Z BXE]ZZ Idnh! jcV i^ZcYV YZ [^\jgVh edhZZjcV
Zc ea{hi^Xd YZ HZViiaZ! ad XdcbZbdgV Xdc hj gZh^hiZcX^V
XdaZXX^‹c ;^\jgVh YZ VXX^‹c! V aV fjZ V\gZ\V V i‚gb^XVYZ
6aWZgi:^chiZ^c!fj^ZcXdchjiZdg†VYZaVgZaVi^" "(%V &-%•8njcV
k^YVYXVbW^‹cjZhigdXdcXZeidYZajc^kZghd#:hiV gZh^hiZcX^VbZX{c^XVYZ]VhiV-)`\$Xb'# :c
[^\jgV YZ VXX^‹c Zh Vgi^XjaVYV n YZ jc bViZg^Va aVXdbedh^X^‹cYZaVbVh^aaVhZbZoXaVcYdh
YZ VaiV XVa^YVY! n! XaVgd! eVgV XdaZXX^dc^hiVh Xdc XdbedcZciZh!jcVY]Zh^kdnjcZcYjgZXZYdg!adh
^c\Zc^d#HiVXZnBVa^W!jcVYZaVhXgZVYdgVhYZ XjVaZhk^ZcZcedghZeVgVYdZcdigdhegdYjXidh0
[^\jgVhYZVXX^‹c!^c^X^‹ZhiVa†cZVXdceZghdcV_Zh VYZb{hXdci^ZcZeVgi†XjaVhYZbZiVafjZaZegd"
Xdbd I]dbVh 6akV :Y^hdc! <Va^aZd <Va^aZ^! >hVVX edgX^dcVcaVb{m^bVgZh^hiZcX^V#
CZlidc!H]V`ZheZVgZ!;gZjY!ZcigZdigdh# >c[dgbZh/%&-%%----(+'
lll#bXe]ZZ#Xdb lll#\gjedVXbVgXV#Xdb

<ZaVci^XZaja^i^h
:hiZegdYjXidhjVk^oVaVha†cZVhfjZhZ[dgbVcZcaVe^ZanZk^iVfjZ
kjZakVcVVeVgZXZg#AVXgZVYdgVYZaV[‹gbjaVZhaV^ckZhi^\VYdgVYZa
>EC >a^VcV B‚cYZo# :a \Za Zhi{ ]ZX]d V WVhZ YZ WVWV YZ XVgVXda YZ
_VgY†c!XjndcdbWgZX^Zci†[^XdZh=Za^mdgiZch^h0hj[jcX^‹cZhYZhVeV"
gZXZgaVXZaja^i^hVc^kZaZe^YZgb^h#:hidhZad\gV\gVX^VhVfjZaVe^Za
VWhdgWZcVijgVabZciZadhVb^cd{X^Ydh!ZaXda{\Zcd!aVhk^iVb^cVhn
Va\jcVhhVaZhb^cZgVaZhfjZedhZZZabdajhXd#
^XbZcYZo5^ec#bm

,% 8>:C8>6N9:H6GGDAADq D8IJ7G:'%%*
4<?9>7:;IKI9H?F9?ãD
B‚m^Xd&-%#%%B#C#
6b‚g^XV!8ZcigdVb‚g^XVnZa8Vg^WZ-)#%%9ah#
HjYVb‚g^XVn:jgdeV&%%#%%9ah#
GZhidYZabjcYd&'%#%%9ah
:hijY^VciZhZcB‚m^Xd&'%#%%B#C#
CdbWgZ/
8dbeVŠ†Vd>chi^ijX^‹c/
8VaaZncbZgd/
8dadc^V/
4 8#E#9ZaZ\VX^‹c/
EV†h/
8^jYVY/
IZa‚[dcd/
;Vm/
8dggZdZaZXig‹c^Xd/
9ZhZdgZX^W^gYZacbZgdVa
;^gbV
:ck^ZXde^VYZZhiZiVa‹cnYZaV[^X]VYZ
YZe‹h^idgZVa^oVYdZcaVXjZciV%))(&&%,%'
hjXjghVa&&.YZ77K6"7VcXdbZgVa[Vm
*(''-&*%nXdc[^gbVgVa*('',,%%!Zmi#
<;:;;HH7J7I
3:caV^c[d\gV[†VYZaVgi†XjadÆ=^gdh]^bV!cd]Vndak^YdÇ!ZcaVe{\^cV&'!]VWaVcYdYZa (*%)n-&*%dW^Zc!jcX]ZfjZVcdbWgZ
^beVXid!hZY^XZfjZaVWdbWVaVcoVYViZc†VjcVediZcX^VYZ&%`^adidcZh0ZcgZVa^YVY‚hiV YZa8dchZ_dCVX^dcVaYZ8^ZcX^VnIZXcdad\†VVcjZhigVhd[^X^cVh
ZgVYZZcigZ&*n'%`i#6YZb{h!ZcaVe{\^cV&)hZZcXjZcigVjcgZXjVYgdhdWgZZcZg\†V jW^XVYVhZc6k#>chjg\ZciZhHjg&*-'!8da#8g‚Y^id8dchigjXidg!
cjXaZVg!nVa[^cVaYZ&.%(Y^XZ/ÆEjZYZchZgYZigZhi^edh/V!Wn\½Ç9ZWZYZX^g/ _! `\ a
3:cZaVgi†XjadÆBZciZndW_ZidZcadXdi^Y^VcdÇ![jZdb^i^YdZacdbWgZYZaYdXidgg ?dg\Z<^a 8#E#%(.)%!B‚m^Xd!9#;#X^ZcX^VnYZhVggdaad5XdcVXni#bm
IZ_ZYV XdbdXdVjidg#6‚anVcjZhigdhaZXidgZh!jcVY^hXjaeV# :ck^VgXde^VYZXgZYZcX^Vak^\ZciZ#
E6G66JIDG:H/G:8DB:C968>DC:H
µGKx;IF;H7CEI5 eaZidh YZ aVh ^chi^ijX^dcZh n hjh h^\aVh V Xdci^cjVX^‹c! ZcigZ
8^ZcX^Vn9ZhVggdaadZhjcVgZk^hiVYZY^kja\VX^‹c!hjeg^cX^eVa eVg‚ciZh^h#:cXVhdYZiZcZgejWa^XVX^dcZh!VcdiVgZai†ijadXdb"
dW_Zi^kdZhXdbjc^XVgZaXdcdX^b^ZcidYZbVcZgVXaVgVnegZX^hV eaZidYZaVb{hgZX^ZciZXdcVŠdYZejWa^XVX^‹c0Y^hi^cX^dcZhn
VaeWa^XdcdZheZX^Va^oVYd!eZgd^ciZgZhVYdZcVXgZXZciVghj egdnZXidh^bedgiVciZh!bZcX^dcVcYdadhVedndhYZa8DC68NIÄh^
XdbegZch^‹cVXZgXVYZabjcYdnhjeZg[^aXjaijgVaVigVk‚hYZ hZ]VcYVYdÄnh^Zm^hiZ!gZaVX^‹cXdcZaHC>#H^YZhZVcejWa^XVg
ZaZbZcidhegde^dhYZaV^ckZhi^\VX^‹cZcX^ZcX^V!iZXcdad\†Vn hjXdggZdZaZXig‹c^Xd![VkdgYZZmegZhVgad#
{gZVh ]jbVc†hi^XVh n hdX^VaZh# Edg Zaad hZ ^cXajnZc ZchVndh! Z 8dcZa[^cYZY^kja\VgZaXdcdX^b^ZcidYZaiZbVigViVYd!
Vgi†Xjadh!gZedgiV_Zh!ZcigZk^hiVh!gZhZŠVhW^Wa^d\g{[^XVhncdi^" hZhda^X^iVVadhVjidgZhegdnZXiVghjiZmidcdh‹adXdbd^c[dg"
X^VhVXZgXVYZaVXdciZXZgXjaijgVa!ZciZcY^YdXdbdjch^hiZbV bVX^‹ckZgi^YVVadaVg\dYZaVhXjVgi^aaVh!h^cdXdbdjcVdeX^‹c
YdcYZ X^ZcX^V! VgiZ! ]jbVc^YVYZh n hdX^ZYVY hZ ^ciZ\gVc! Zmea^XVi^kV!YZY^kja\VX^‹c#EVgVZaadhZgZXdb^ZcYVgZVa^oVgjc
eg^cX^eVabZciZZccjZhigdeV†h#:hYZcigdYZZhiZbVgXdfjZ ZhfjZbVegZk^d!YdcYZZaVjidgejZYZXdcXgZi^oVghjh^YZVhYZ
^ck^iVbdhVadhVXVY‚b^Xdh!^ckZhi^\VYdgZh!egd[ZhdgZh!Y^kja" bVcZgVXaVgVVciZhYZZhXg^W^g#HZhj\^ZgZYZhVggdaaVgZaiZmid
\VYdgZh n ZmeZgidh V eVgi^X^eVg Xdc iZmidh Xjndh XdciZc^Ydh VigVk‚hYZeZfjZŠVhhZXX^dcZh^cY^XVYVhXdchjWi†ijadh!^\jVa
fjZYZc XdbegZcY^Ydh Zc Va\jcV YZ aVh h^\j^ZciZh {gZVh YZ YZVigVXi^kdhfjZZai†ijad\ZcZgVa#:cXVYVhZXX^‹chZigViVg{
XdcdX^b^Zcid/ YZbVcZgVegZX^hVjcVeVgiZYZaidYd^ciZ\gVa#
>#;†h^Xd"bViZb{i^XVhnX^ZcX^VhYZaVi^ZggV [ Adh VjidgZh YZWZg{c VXaVgVg adh i‚gb^cdh i‚Xc^Xdh
>>#7^dad\†Vnfj†b^XV jhVYdh!YZbVcZgV^cbZY^ViVigVhhjeg^bZgVbZcX^‹cYZcigd
>>>#BZY^X^cVnX^ZcX^VhYZaVhVajY YZa iZmid! Va ^\jVa fjZ aVh VWgZk^VijgVh# AVh X^iVh aaZkVg{c aV
>K#=jbVc^YVYZh!VgiZnX^ZcX^VhYZaVXdcYjXiV gZ[ZgZcX^V^cbZY^ViVbZciZYZhej‚h#:cXVhdYZegZhZciVghZ
K#8^ZcX^VhhdX^VaZhneda†i^XVh Zcdigd^Y^dbV!hZ^cXaj^g{aVigVYjXX^‹cZcigZeVg‚ciZh^h#CdhZ
K>#7^diZXcdad\†VnX^ZcX^VhV\gdeZXjVg^Vh ^cY^XVg{XdccbZgdeVgVaZXijgVZce^ZYZe{\^cVdVa[^cVa#
K>>#>c\Zc^Zg†V \H‹adhZjhVg{c[‹gbjaVhnZXjVX^dcZhZcXVhdYZhZg^cY^heZc"
hVWaZhnhZYZWZg{cVXaVgVgYZaVbVcZgVb{hY^Y{Xi^XVedh^WaZ#
]AV^cXajh^‹cYZ\g{[^XVhdXjVYgdhhZgZVa^oVg{h‹adZcVfjZ"
µ9ãCE5 aadhXVhdhZcadhfjZaVegZhZciVX^‹cYZYVidhhZVYZeVgi^XjaVg
AVhXdaVWdgVX^dcZhgZX^W^YVhiZcYg{cYdhi^edhYZZkVajVX^‹c/jcV ^bedgiVcX^VeVgVZaZcg^fjZX^b^Zcid!aVXdbegZch^‹cdaV^ajhigV"
YZXdciZc^Yd!fjZhZg{gZVa^oVYVedgZmeZgidhZcZaiZbV!ndigV X^‹cYZaiZmid#9ZWZg{cegZhZciVghZXdci†ijad^cYZeZcY^ZciZ!iVb"
ZhigjXijgVa!VXVg\dYZZmeZgidhZcXjZhi^dcZhZY^idg^VaZhngZYVX" W^‚cXdcXgZidnZc[{i^Xd!niZmidYZhXg^ei^kdn$dZmea^XVi^kd#
X^‹c#:cigZadhXg^iZg^dhfjZhZg{cXdch^YZgVYdhZhi{c/^ciZg‚hYZa ^ IdYd Vgi†Xjad hZ egZhZciVg{ VXdbeVŠVYd YZ ^ajhigV"
iZbVeVgVZaeWa^Xd\ZcZgVa0g^\dgZcaV^ckZhi^\VX^‹cnZcaVZmed" X^dcZh n$d [did\gV[†Vh fjZ hZ ji^a^oVg{c Xdbd XdbeaZbZcid
h^X^‹cYZadhgZhjaiVYdhnaZc\jV_ZXdbegZch^WaZeVgVidYdeWa^Xd# ^c[dgbVi^kd# :c Y^X]Vh ^b{\ZcZh hZ YZWZ Xj^YVg Za Zc[dfjZ!
:c[Vi^oVbdhaV^bedgiVcX^VYZgZYVXiVgZc[dgbVXaVgVnegZX^hV# ZcXjVYgZ n ajb^cdh^YVY n Zck^VghZ Zc deVXdh d Y^Vedh^i^kVh#
8jVcYdaVh^ajhigVX^dcZhhZVcZck^VYVhedgbZY^dbV\c‚i^Xdd
;dikfh[i[djWY_Œdi[Z[X[h|dYkcfb_h ZaZXig‹c^Xd!hZgZb^i^g{cZcadh[dgbVidh:EH!I>;d?E<Xdcjc
bWii_]k_[dj[ih[Yec[dZWY_ed[i0 b†c^bdYZgZhdajX^‹cYZ(%%e^mZaZhedgeja\VYVZcjciVbVŠd
W 8jVgi^aaVhiVbVŠdXVgiV!Xdci^ed\gV[†V6g^VaZc&'ejcidh b†c^bdYZbZY^VXVgiV#Cd^chZgiVgadhZcZaiZmid#
nVYdWaZZheVX^d!Xdcjcb†c^bdYZ+!%%%XVgVXiZgZhXdcZheV" _:c jcV ]d_V VeVgiZ! YZWZg{c Zck^VghZ adh e^Zh YZ [did"
X^dh! n jc b{m^bd YZ &%!%%%! ^cXaj^YVh gZ[ZgZcX^Vh! XjVYgdh \gV[†V!XdcjcVZmiZch^‹ccdbVndgVjcVa†cZV!ZcadhXjVaZh
n W^Wa^d\gV[†V gZXdbZcYVYV# AVh gZhZŠVh! YZWZg{c iZcZg jc hZ^cXaj^g{aV^c[dgbVX^‹cW{h^XVeVgVVXaVgVgaV^bV\Zc! Vh†
b{m^bdYZ(!*%%XVgVXiZgZh!XdcZheVX^dh#:hcZXZhVg^dVcZmVg XdbdadhXg‚Y^idhgZheZXi^kdh#
ZaVgX]^kdZaZXig‹c^XdXdggZhedcY^ZciZgZVa^oVYdZcegd\gVbV ` :c digV ]d_V VcZmV! Za Vjidg YZWZg{ ^cXaj^g igZh ^YZVh
LdgY# W{h^XVhfjZ!h^cgZWVhVgaVZmiZch^‹cYZjcVa†cZV!Xdch^YZgZ
X:ai†ijadYZaVgi†XjadYZWZg{hZgXdgidnVigVXi^kd!gdbe^ZcYd YZWZcVXdbeVŠVgZaiZmid#:hidhhdcadhaaVbVYdhÆWVaVodhÇ#
XdcZa[dgbVidYZi†ijadVXdhijbWgVYdeVgVegZhZciVgigVWV_dhYZ a :cZaXVhdYZaZXijgVhgZXdbZcYVYVh!aVh[^X]VhW^Wa^d"
^ckZhi^\VX^‹c!ejZhhjdW_Zi^kdZhVigVZgaVViZcX^‹cYZaaZXidg#6eV" \g{[^XVhYZWZcXdciZcZgadhh^\j^ZciZhYVidh/VjidgZh!i†ijadYZa
gZXZg{ZcaVXVg{ijaV!_jcidXdcZacdbWgZYZaVjidg!dadhVjidgZh! Vgi†Xjad!cdbWgZYZaVgZk^hiVda^Wgd!ZbegZhVZY^idg^Va!aj\Vg!
ZaYZhjh^chi^ijX^dcZhnYZeVgiVbZcidhYZVYhXg^eX^‹cdZaYZ VŠdYZaVejWa^XVX^‹cnhZg^ZdXdaZXX^‹c!XdchjcbZgdXdggZh"
hj egd[Zh^‹c0 aVh Y^gZXX^dcZh edhiVaZh n ZaZXig‹c^XVh! Vh† Xdbd edcY^ZciZ!ncdhZVXZeiVg{cb{hYZX^cXd#
cbZgdhiZaZ[‹c^XdhdYZ[Vm#
Y 6YZb{h!YZWZg{Zck^VghZjcWgZkZVcZmdfjZXdciZc\V µ:ãD:;5
adh h^\j^ZciZh ejcidh/ gZhjbZc YZa iZmid! ^bedgiVcX^V YZ hj BeiWhj‡Ykbeii[h|dh[Y_X_Zei[d0
Y^kja\VX^‹c! eWa^Xd Va fjZ ejZYZ ^ciZgZhVgaZ n jc gZhjbZc 8^ZcX^Vn9ZhVggdaad!6k#>chjg\ZciZh&*-'!)id#E^hd
Xjgg^XjaVgYZXVYVVjidgZc*a†cZVh!^cXajnZcYdcdbWgZ0\gVYd 8da#8g‚Y^id8dchigjXidg!%(.)%B‚m^Xd!9#;#
VXVY‚b^XddZmeZg^ZcX^Vegd[Zh^dcVagZX^ZciZ0cdbWgZhXdb" X^ZcX^VnYZhVggdaad5XdcVXni#bm

,' 8>:C8>6N9:H6GGDAADq D8IJ7G: '%%*

Vous aimerez peut-être aussi