Managing sustainabln in the TUI Group Sustainabilitn Reporting

IgVkZa#IgVchedgi#LdgaYl^YZ#
BVcV\^c\hjhiV^cVWan^ci]ZIJ><gdje
HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HjhiV^cVWaZYZkZadebZcijcYZge^ccZYWn8dgedgViZHdX^Va
GZhedch^W^a^in
8dciZcih
'
)
:mZXji^kZhiViZbZci
:mZXji^kZhiViZbZci
+
-
GZedgi^c\
<ddY\dkZgcVcXZVcYigVcheVgZcXnd[ZmigV"ÇcVcX^VaVheZXih!
g^h`hVcYdeedgijc^i^Zh
HiViZbZciWni]Z9^gZXidgd[IJ>6<<gdje8dgedgViZ:ck^gdcbZciVa
BVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci
>ciZgcVaVcYZmiZgcVagZedgi^c\
&%
&&
&'
&)
IJ>ViV\aVcXZ
:kVajVi^dcWnZmiZgcVahiV`Z]daYZgh
<gdjeZXdcdb^X^cY^XVidgh
<gdjeZck^gdcbZciVa^cY^XVidgh
<gdjeZbeadnZZÇ\jgZh
&,
&-
''
DjgWjh^cZhh
H]dgiedgigV^i
KVajZX]V^cVhhZihº:VX]a^c`d[i]ZkVajZX]V^c
8dgedgViZ<dkZgcVcXZ
'+
(&
('
((
()
(+
HigViZ\^XbVcV\ZbZciegdXZhhZh
HjhiV^cVW^a^inbVcV\ZbZciVXgdhhi]Z<gdje
8dgedgViZ<j^YZa^cZ[dgZbeadnZZh
8dbea^VcXZ
G^h`bVcV\ZbZciVXgdhhi]Z<gdje
HV[ZinVcYXg^h^hbVcV\ZbZci
>ccdkVi^dcbVcV\ZbZcil^i]^ci]Z<gdje
)%
)(
*%
IVg\Zih
6X]^ZkZbZcid[Zck^gdcbZciVaVcYhjhiV^cVW^a^iniVg\Zih'%%)º'%%+
'%%,º'%&%iVg\Zih
'%%,º'%&(iVg\Zih!Z#\#8a^bViZegdiZXi^dci]gdj\]ÈZZigZcZlVa
*)
**
*.
+(
+)
++
,%
-*
-.
.'
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVaVheZXihd[i]ZIJ><gdjeº>YZci^ÇXVi^dcVcYZkVajVi^dc
8a^bViZegdiZXi^dcVcYZcZg\nZ[ÇX^ZcXn
8a^bViZegdiZXi^dcVcYZb^hh^dch
8a^bViZ^beVXid[^ciZgcVi^dcVaXdciV^cZgigVchedgi
CVijgVagZhdjgXZh!lVhiZ\ZcZgVi^dcVcYaVcYjhZ
8Zgi^ÇXVi^dcVXXdgY^c\id^ciZgcVi^dcVaZck^gdcbZciVahiVcYVgYh
7^dY^kZgh^inhigViZ\nVcYegd_ZXih
Bjai^"hiV`Z]daYZgY^Vad\jZ!XddeZgVi^dcVcYhigViZ\^XeVgicZgh]^eh
9Zhi^cVi^dcfjVa^inVcYbdc^idg^c\
:ck^gdcbZciVafjVa^in^cIJ>]da^YVn]diZah
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
;gdcieV\Z
¼IdhXVcVGZhdgi8VhiZa[VaǼIJ>idjg^hbegd_ZXi/I]Z`ZndW_ZXi^kZd[i]Z[jijgZYZkZadebZcid[8Vh"
iZa[VaÇ^hi]ZZmeVch^dcd[i]Zidjg^hbhZXidg!VcYZfjVaan^bedgiVci!i]ZXdchZgkVi^dcVcYgZhidgVi^dc
d[i]ZigVY^i^dcVaXjaijgVaaVcYhXVeZ^cIjhXVcn#I]^hVahd^ckdakZhegZhZgk^c\i]Zk^cZnVgYhVcYda^kZ
\gdkZhVcYdi]Zgi^bZ"]dcdjgZY[dgbhd[V\g^XjaijgZ#8ViZg^c\[dgi]Z]da^YVnbV`Zgh^hhjeeaZ"
bZciZYWni]Zl^YZgVc\Zd[egdYjXih\gdlcVii]Zegd_ZXi¿hdlc[Vgb#I]ZdaYk^aaV\Zl^i]^ihX]jgX]
VcYXVhiZaadVgZWZ^c\gZcdkViZYVcYXdbeaZbZciZYl^i]cZlZaZbZcihd[idjg^hb^c[gVhigjXijgZ#I]Z
]^\]Zhieg^dg^i^ZhVgZ\^kZcidhjhiV^cVW^a^inVcYZck^gdcbZciVaXdbeVi^W^a^inºi]Z`ZnVheZXihYg^k^c\
i]Zegd_ZXi#6jiVg`ji^a^inhjeea^ZhVgZWZ^c\V^bZYViWnjh^c\gZcZlVWaZZcZg\nhdjgXZhidegdk^YZ
Vaad[i]ZZaZXig^X^in0eajhW^dad\^XValViZgigZVibZciVcYbjai^eaZjhZidWVX`jei]ZlViZghjeeanVcY
egdXZhhlViZgY^hedhVa#I]ZZck^gdcbZciVabVcV\ZbZcih]VaaXdbeanl^i]9>C:C>HD&)%%&hiVcYVgY
gZ\jaVi^dchVcYi]ZZkZcbdgZhig^c\ZciZck^gdcbZciVaVcYhjhiV^cVW^a^inhiVcYVgYhgZfj^gZYidXdb"
eanl^i]IJ>¿hdlc¼:XdGZhdgi¼fjVa^inaVWZa#Egd_ZXi^beaZbZciVi^dcl^aaXgZViZViaZVhi(%%cZl_dWh#
Bdhid[i]ZZbeadnZZhVgZZmeZXiZYidXdbZ[gdbi]ZgZ\^dc!hdi]Zegd_ZXil^aaVahdbV`ZVedh^i^kZ
Xdcig^Wji^dcidi]ZadXVa_dWbVg`Zi#
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
.- :beadnZZYZkZadebZci
.. 8d"YZiZgb^cVi^dcl^i]^ci]Z<gdje
&%% DXXjeVi^dcVa]ZVai]egdbdi^dc!]ZVai]XVgZVcYdXXjeVi^dcVahV[Zin
&%' DXXjeVi^dcVaeZch^dchVcYeVgi"i^bZZVgangZi^gZbZci
&%( Ldg`"A^[Z7VaVcXZ
&%) 9^kZgh^inVcYhZkZgZan]VcY^XVeeZYeZdeaZ
HdX^VaXdbb^ibZci
&&%;djcYVi^dch
&&( AdXVaXdbb^ibZciViXdbeVcnadXVi^dch
&&,8dbb^ibZci^cYZhi^cVi^dch
&'(<adWVaanVXi^kZº\adWVaanXdbb^iiZY
&'*Ldg`dcWZ]Va[d[]jbVcg^\]ih
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
&'-HjhiV^cVWaZegdYjXiYZkZadebZci^cIdjg^hb
&(,8dchjbZgegdiZXi^dcVcY^c[dgbVi^dc
>beg^ci
&)&>beg^ciVcYXdciVXih
>ciZgcZi"WVhZYZck^gdcbZciVaVcY
hjhiV^cVW^a^inXdbbjc^XVi^dc^hValVnh
i]ZbZY^jbd[X]d^XZ^cdjgde^c^dc
WZXVjhZd[^ihjeYViVW^a^in!ZVhnVXXZhh!
igVcheVgZcXnVcYY^Vad\jZWZcZÇih#
EjWa^h]ZYYdXjbZcihXVcWZhijY^ZYVi
Vcni^bZVilll#ij^"\gdje#Xdb#
:Y^idg^VaYZVYa^cZ/(%#%+#'%%,
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
(
:mZXji^kZHiViZbZci
:mZXji^kZhiViZbZci
HjhiV^cVWaZXdcig^Wji^dcidXdgedgViZkVajZ
¼DcZd[i]Z[djcYVi^dchd[hjhiV^cVWaZXdb"
bZgX^VahjXXZhh^hVWVaVcXZYXdbW^cVi^dc
d[Wjh^cZhhiVg\Zihl^i]hdX^Va!hdX^ZiVaVcY
Zck^gdcbZciVacZZYh#GZhedch^W^a^inidlVgYh
hdX^Zin!^ihZbeadnZZhVcYi]ZZck^gdcbZci^h
i]ZgZ[dgZdcZd[i]Z`Zn\j^YZa^cZhY^gZXi^c\
i]ZIJ><gdje¿hWjh^cZhhVXi^k^i^ZhhigViZ\^"
XVaanVcYdeZgVi^dcVaan#½
9gB^X]VZa;gZcoZa
8]V^gbVcd[i]ZIJ>6<ZmZXji^kZWdVgY
¼IJ>¿hXdbeVc^ZhVcYdjg<gdjeVgZ^ci]Z
[dXjhd[ejWa^XViiZci^dc#LZ]VkZheZX^Va
gZhedch^W^a^inVhV\adWVaeaVnZg!VcYVhi]Z
bVg`ZiVcYWgVcYaZVYZg#LZ[daadli]Z
eg^cX^eaZhd[kVajZ"dg^ZciZYXdbeVcnbVc"
V\ZbZciVcY¾hjhiV^cVWaZZXdcdb^Xh¿#I]^h
eg^bVg^an^ckdakZh]Vgbdc^djhanXdbW^c^c\
ZXdcdb^XdW_ZXi^kZhVcYWjh^cZhhhjXXZhh
l^i]hdX^VaVcYZck^gdcbZciVaXdbeVi^W^a^in#
LZi]ZgZ[dgZ]VkZVcdWa^\Vi^dcidXVgZ[jaan
WVaVcXZi]Z^ciZgZhihd[djgh]VgZ]daYZghVcY
hiV`Z]daYZgh^ciZgcVaanVcYZmiZgcVaani]gdj\]
Y^Vad\jZVcYXddeZgVi^dc#½
9gEZiZg:c\ZaZc
IJ>6<ZmZXji^kZWdVgYbZbWZg
=G!AZ\Va6[[V^gh!:ck^gdcbZciVcY
HjhiV^cVWaZ9ZkZadebZci
)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:mZXji^kZHiViZbZci
:mZXji^kZhiViZbZci
¼8dgedgViZX]Vc\Zh]VkZVbV_dg^cÈjZcXZ
dci]ZZck^gdcbZciVa^beVXid[djgWjh^cZhh
VXi^k^i^Zh#LZ¾gZValVnhadd`^c\[dgdeedgij"
c^i^ZhidWZ\gZZcZgVcYVgZXdbb^iiZYid
higZc\i]Zc^c\i]Zedh^i^dcd[djgWjh^cZhh
dcVaaVheZXihd[Zck^gdcbZciVa^beVXiVcY
hjhiV^cVWaZYZkZadebZci#>[\gZViZgZ[ÇX^ZcXn
d[deZgVi^dch![jZaXdchjbei^dcVcYWjh^cZhh
egVXi^XZhWZcZÇihi]ZZck^gdcbZci!djgXdh"
ijbZghVcYZbeadnZZh!i]Zc^i^hVl^c"l^c
h^ijVi^dc#½
EZiZgGdi]lZaa
IJ>6<ZmZXji^kZWdVgYbZbWZg
Idjg^hb
¼=VeV\"AadnY]VhhZi^ihZa[i]ZiVg\Zi
d[VX]^Zk^c\VcYbV^ciV^c^c\i]Z]^\]Zhi
aZkZahd[fjVa^inVcY]^\]Zck^gdcbZciVa"
egdiZXi^dchiVcYVgYhi]gdj\]Xdci^cj"
djh^begdkZbZci[dgi]ZWZcZÇid[djg
XjhidbZgh!ZbeadnZZh!h]VgZ]daYZghVcY
hiV`Z]daYZgh#
B^X]VZa7Z]gZcYi
=VeV\"AadnY6<
ZmZXji^kZWdVgYX]V^gbVc
IJ>6<ZmZXji^kZWdVgYbZbWZg
H]^ee^c\
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
*
GZedgi^c\
<ddY\dkZgcVcXZVcYigVcheVgZcXn
d[ZmigV"ÇcVcX^VaVheZXih!g^h`h
VcYdeedgijc^i^Zh
H^cXZdjgÇghigZedgi¼BVcV\^c\hjhiV^cVWan^ci]ZLdgaYd[IJ>¼'%%($'%%)!i]Z
^ciZgcVaVcYZmiZgcVa[gVbZldg`h[dgi]ZhjhiV^cVW^a^inegdXZhhZhl^i]^cIJ>6<]VkZ
X]Vc\ZYl^i]ZmigVdgY^cVgnYncVb^hbVcYXdci^cjVaan^cXgZVh^c\XdbeaZm^in#I]Z
]^\]hjWhiVci^VaZmeZXiVi^dchd[i]ZÇcVcX^VabVg`Zih!eda^XnbV`Zgh!bZY^V!VcYcdc"
\dkZgcbZciVadg\Vc^hVi^dchZbe]Vi^XVaanYZbVcYºeVgi^XjaVgan[gdbejWa^XanfjdiZY!
bjai^cVi^dcVaXdbeVc^ZhºfjVci^ÇZYVcYfjVa^ÇZYgZedgi^c\dci]Z¼ZmigV"ÇcVcX^Va
VheZXihVcYg^h`h½!VcYi]ZVhhdX^ViZY^c]ZgZcian"a^c`ZYegZhZciVi^dcd[XdcXgZiZ[VXih
XdcXZgc^c\XdgedgViZgZhedch^W^a^in8HG[dgZbeadnZZhVcYhdX^Zin!VcYi]ZZck^gdc"
bZciVcYcVijgZ#
9g9gLda[B^X]VZa>lVcY
9^gZXidgd[IJ>6<<gdje8dgedgViZ
:ck^gdcbZciVaBVcV\ZbZci$
HjhiV^cVWaZ9ZkZadebZci
I]ZWjh^cZhhXVhZ[dg
hjhiV^cVWaZYZkZadebZci
+
>ci]ZgZedgi^c\eZg^dYh^cXZ'%%($'%%)i]ZIJ>6<XdbeVc^Zh]VkZbVYZVedh^i^kZ
fjVci^iVi^kZVcYfjVa^iVi^kZfjVcijb_jbe#I]^h^hgZÈZXiZY^ci]ZgZaZkVcidg\Vc^hV"
i^dcVahigjXijgZh[dg\ddYZck^gdcbZciVaVcYhdX^Va\dkZgcVcXZ!VhlZaaVhi]Z¼ZmigV"
ÇcVcX^Va¼eZg[dgbVcXZdkZgi]ZgZedgi^c\eZg^dYXdcXZgc^c\i]ZZck^gdcbZciVabVc"
V\ZbZcid[<gdjeXdbeVc^Zh^cIdjg^hbVcYH]^ee^c\!VcYi]Z^beaZbZciVi^dcd[
hdX^VagZhedch^W^a^in[dgZbeadnZZhVcYhdX^Zin^cWdi]hZ\bZcih#
Cdil^i]hiVcY^c\i]Zd[iZcVgW^igVg^anX]dhZcZck^gdcbZciVaVcYhdX^VaZmeZXiVi^dch
d[hiV`Z]daYZghl^i]gZheZXiidbV_dgXdbeVc^Zh!djg`ZndW_ZXi^kZ^hidhnhiZbVi^"
XVaana^c`djgXdgZWjh^cZhhidi]ZgZaZkVcihjhiV^cVW^a^in^cY^XVidgh!iddeZci]ZlVn
[dgi]ZhjhiV^cVWaZVcYhjXXZhh[jaWVaVcXZY[jgi]ZgYZkZadebZcid[djgXdgZWjh^cZhh
VXi^k^i^Zh!VcYi]jhidh^bjaiVcZdjhanje]daYdjgXdbeZi^i^kZcZhh#<ddY\dkZgcVcXZ
YdZhbdgZi]Vc_jhiZcVWaZXdbea^VcXZ!^iVahdadd`h¼WZndcYXdbea^VcXZ¼idVci^X^eViZ
ediZci^VaVgZVhd[XdcÈ^XiVcYg^h`h!VhlZaaVh^YZci^[n^c\deedgijc^i^Zh!VcY^begdk^c\
deZgVi^dcVaeZg[dgbVcXZ#
LZ]VkZXdci^cjVaan^begdkZYi]ZegZhZciVi^dcd[i]ZWjh^cZhhXVhZ[dghjhiV^cVWaZ
YZkZadebZci^ci]ZIJ>6<'%%*VcY'%%+VccjVagZedgihX[#BVcV\ZbZcigZedgi$
8dgedgViZ\dkZgcVcXZ#I]^h¼HjhiV^cVW^a^ingZedgi'%%+$'%%,¼WgdVYZchVcYYZZeZch
i]ZgZedgi^c\d[i]ZXdciZcihVcYigVcheVgZcXnd[djgeZg[dgbVcXZ#I]ZVXi^kZanegd"
bdiZYcZildg`^c\l^i]djgiVg\Zi\gdjehºh]VgZ]daYZghVcYhiV`Z]daYZghºhjeedgih
djghjhiV^cVWaZYZkZadebZciY^hXjhh^dch!VcYdjghZVgX]^c\VcYaZVgc^c\egdXZhh!VcY
\^kZhjhi]ZhigZc\i]idgZhdajiZanejghjZdjgdW_ZXi^kZhºYZhe^iZZcdgbdjh^beaZ"
bZciVi^dcX]VaaZc\Zhº^cVgZVhgVc\^c\[gdbXa^bViZeda^Xn!]jbVcg^\]ih!Ç\]i^c\
]jc\ZgVcYedkZgin!i]Zdi]ZghZkZcB^aaZcc^jb9ZkZadebZci\dVah!Vci^"Xdggjei^dc
bZVhjgZh!VcYVaadi]ZgbZVhjgZhg^\]ijeidVcY^cXajY^c\¼Zck^gdcbZciVa_jhi^XZ½#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
GZedgi^c\
GZedgi^c\Yg^kZh^ccdkVi^dc
LZ^ciZgegZii]ZWgdVY^ciZgcVi^dcVaYZkZadebZciegdXZhhWZ]^cYi]ZhjhiV^cVWaZgZ"
edgi^c\d[bV_dgXdbeVc^ZhVhVYg^kZgd[^ccdkVi^dc#LZl^aahnhiZbVi^XVaan[jgi]Zg
YZkZade^ciZgcVabdc^idg^c\!ZmiZgcVagZedgi^c\VcYkZg^ÇVW^a^in!dci]ZWVh^hd[WZhi
VkV^aVWaZYViV#LZl^aaXdci^cjdjhan]^\]a^\]idjgcjbZgdjhVgZVhd[XdbeZiZcXZ^c
`ZnhjhiV^cVWaZegdXZhhZhi]gdj\]i]Z]^\]Zhiedhh^WaZaZkZahd[igVcheVgZcXnºWdi]
^ciZgcVaanVcYZmiZgcVaanºVcYXdci^cjZidZbe]Vh^hZi]ZhZVheZXih^ci]Zadc\iZgb#
:cZg\nZ[ÇX^ZcXnVcYZb^hh^dcgZYjXi^dch
Vii]Zided[i]Zeg^dg^ina^hi
I]ZdjihiVcY^c\\adWVaeda^i^XVa^bedgiVcXZXjggZcianVXXdgYZYidVaaVheZXihd[\adWVa
Xa^bViZX]Vc\Zh^cXZi]ZegZhZciVi^dcd[i]ZaViZhi¼[djgi]¼>E88gZedgi!^hVahdgZ"
ÈZXiZY^ci]ZegdedhZYgZ\jaVi^dchegZhZciZYWni]Z:jgdeZVc8dbb^hh^dcXdcXZgc"
^c\i]Z^cXdgedgVi^dcd[Vk^Vi^dc^ci]Z:jgdeZVc:b^hh^dchIgVY^c\HnhiZb:IH#6h
VXdchZfjZcXZ!i]ZIJ>V^ga^cZh¿8DZb^hh^dchYViV[dg'%%)º'%%+hZZe#*.[[^h
cdidcand[bV_dg^bedgiVcXZ[dgi]Z[jijgZVhh^\cbZcid[Zb^hh^dchXZgi^ÇXViZh!lZ
VahdZmeZXiZb^hh^dc\j^YZa^cZhidWZd[Zcdgbdjhh^\c^ÇXVcXZ[dg[jijgZZb^hh^dch
gZedgi^c\#IJ>V^ga^cZh¿^ciZgcVagZedgi^c\bjhicdidcanZchjgZi]Vi^ihYViV^hd[i]Z
]^\]ZhifjVa^in^ci]^hXdciZmi!^ibjhiVahd!VcY_jhiVh^bedgiVcian!gZYjXZIJ>¿h8D
[ddieg^ciidi]ZadlZhiedhh^WaZaZkZaWni]Zjg\ZcideZgVi^kZgZfj^gZbZciidVX]^ZkZ
i]Z]^\]Zhiedhh^WaZaZkZahd[[jZaVcYZcZg\nZ[ÇX^ZcXn#I]^h]VhVagZVYnWZZcdg\Vc^"
hVi^dcVaan^beaZbZciZYidVaVg\ZYZ\gZZ^ci]ZXdgedgViZXZcigZ[jcXi^dch^cgZXZci
nZVghViVeVc"XdjcignVcYeVc"Y^k^h^dcVaaZkZa#I]ZVkZgV\ZÈZZiXdchjbei^dc£
(#%-a$&%%e`b!VcYi]ZVhhdX^ViZY8DZb^hh^dchYViV£,.#*\$e`bVgZVkV^aVWaZ
dcVbdci]anWVh^h[dgVcVanh^hVcYXdcigda/¼Adl8VgWdci]gdj\]AZVhi8dhi¼Z[Ç"
X^ZciadlXVgWdcbVcV\ZbZcii]gdj\]aZVhiXdhiZcZg\nZ[ÇX^ZcXnºX[#/&.-&!6bdgn
Adk^ch!AZVhi"8dhi:cZg\n/Hdak^c\i]Z8DegdWaZb#
¼AdlXVgWdci]gdj\]aZVhiXdhi½
L^cc^c\XdchjbZgh[dg¼hjhiV^cVWaZ
Xdchjbei^dc¼^hV`Zneg^dg^in
6ai]dj\]i]ZZcZg\n^ciZch^ind[i]Zidjg^hbVcYigVchedgiY^k^h^dch^hg^\]ianhZZcVh
V`ZnhjhiV^cVWaZYZkZadebZcieZg[dgbVcXZ^cY^XVidg!idda^iiaZViiZci^dc^hhi^aa\^kZc
idi]ZVaa^bedgiVciVheZXid[hjhiV^cVWaZXdchjbei^dcWZ]Vk^djg#=dlZkZg]VgYlZ
bVnignid^cÈjZcXZXjhidbZghVi^h[VXi^dcVcYXjhidbZgadnVainl^i]Vaad[i]Z8GB
^chigjbZcihVidjgY^hedhVa!^i^hhi^aa^bedhh^WaZidegZY^Xil]ZcgZaZkVciXjhidbZg
hZ\bZcihl^aaViiZbeiidVkd^Ydga^b^iY^gZXidg[jijgZ^beVXidci]ZZck^gdcbZci
VcYhdX^Zini]gdj\]i]Z^gWjn^c\X]d^XZhdci]ZWVh^hd[lZaa^c[dgbZYVcYXdchX^djh
Xdchjbei^dcYZX^h^dchºhjX]VhZi]^XVa$bdgVakVajZhdgheZX^ÇXZck^gdcbZciVaVcY
hdX^VaegdYjXiVcYhZgk^XZhXg^iZg^V#LZViiZbeii]gdj\]egdYjXigZhedch^W^a^inVcY
i]ZYZkZadebZcid[hjhiV^cVWaZegdYjXihX[#e#&'+[[idl^c"dkZgdjgXjhidbZgh
^ci]^hY^gZXi^dc#Dcanl]Zci]ZgZ^hVh^\c^ÇXVcil^aa^c\cZhh[dgXdchjbZghideVn
[dgi]ZhZhjhiV^cVW^a^inWZcZÇihl^aalZWZVWaZid^beaZbZcii]ZXgjX^VaXdcY^i^dch
gZfj^gZYidhVi^h[ni]Z^ciZgZhihd[djgh]VgZ]daYZghVcYZbeadnZZhdci]ZWVh^hd[
hjhiV^cVWaZegdÇiVW^a^in!VcYidhVi^h[ni]ZcZZYhd[i]Z\ZcZgVaejWa^X#I]^h^hdjg
bV^ceg^dg^in
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,
GZedgi^c\
>ciZgcVaVcYZmiZgcVagZedgi^c\
7Vh^h!eg^cX^eaZh!iVg\ZiXdcÈ^Xih
^ci]Z'%%)º'%%,gZedgi^c\eZg^dY
>ciZgcVaZck^gdcbZciVaVcYhjhiV^cVW^a^ingZedgi^c\
8dgedgViZXZcigZ<gdje8dgedgViZ:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ9Z"
kZadebZcigZ\jaVganVcVanhZhi]ZZck^gdcbZciVaVcYhjhiV^cVW^a^ineZg[dgbVcXZd[
IJ>6<<gdjeXdbeVc^ZhVii]ZZcYd[ZVX]ÇcVcX^VanZVg#I]^hegdXZYjgZlVhgdaaZY
dji<gdje"l^YZ[dgi]ZÇghii^bZ^c'%%'#I]Z`ZneZg[dgbVcXZ^cY^XVidgh[dgi]Z
l]daZ<gdje]VkZi]ZgZ[dgZWZZcVkV^aVWaZl^i]hdbZgZhig^Xi^dchh^cXZ'%%)!VcY
XdbeaZiZanVkV^aVWaZh^cXZ'%%*#9ViVhZg^Zh[dgi]Zbdhi^bedgiVci`ZneZg[dgbVcXZ
^cY^XVidghVXgdhhi]Z<gdjeVgZi]ZgZ[dgZVkV^aVWaZ[dg'%%)!'%%*VcY'%%+#I]Z
gZhjaihVgZejWa^h]ZYVccjVaan^ci]ZIJ>6<VccjVagZedgiVcYdci]Z^ciZgcZiVi
lll#ij^"hjhiV^cVW^a^in#Xdb#
IJ>egZhZciZYi]ZÇghilg^iiZcZck^gdc"
bZciVagZedgi^cBVgX]&..+idi]Zi]Zc
<ZgbVc:ck^gdcbZciB^c^hiZg9g6c\ZaV
BZg`ZaVii]Z>ciZgcVi^dcVaIdjg^hb;V^g
^c7Zga^c#
>ci]ZXdciZmid[i]ZXdci^cjdjh^begdkZbZciegdXZhh8>E!i]Z^ciZgcVagZedgi^c\
d[i]Z<gdjeXdbeVc^Zh^hcdidcanWZcZÇX^Va[dgXdbe^a^c\VaagZaZkVciZck^gdcbZc"
iVaVcYhjhiV^cVW^a^in^c[dgbVi^dcViV<gdjeaZkZa!WjiVahdVc^bedgiVcihi^bjajh
[dgegdbdi^c\i]ZhnhiZbVi^X^begdkZbZcid[i]ZhjhiV^cVW^a^inVcYZck^gdcbZciVa
eZg[dgbVcXZd[VaaIJ>6<<gdjeXdbeVc^Zh#
:miZgcVagZedgi^c\VhVc^ciZ\gVaeVgid[<gdjegZedgi^c\
6adc\h^YZi]ZYncVb^XVaanX]Vc\^c\VcYXdci^cjdjhan^cXgZVh^c\YZbVcYhbVYZdc
XdbeVc^Zhl^i]gZheZXiid^ciZgcVaVcYZmiZgcVaigVcheVgZcXnVcYVXXdjciVW^a^in!IJ>
hZZhZck^gdcbZciVaVcYhjhiV^cVW^a^inXdbbjc^XVi^dcVhVXdci^cjdjh!ÈZm^WaZYZ"
kZadebZciegdXZhh[dXjhZYdcY^Vad\jZ#:ck^gdcbZciVagZedgi^c\]VhWZZcYZa^WZg"
ViZan^cXajYZYl^i]^ci]ZXdbeVcn¿hVccjVagZedgihh^cXZ&..*VhVXdgedgViZeda^Xn
h^\cVa!VcY]VhWZZcZmeVcYZYZkZgh^cXZ#:ck^gdcbZciVaVcYhjhiV^cVW^a^ingZedgi^c\
^hi]jhVc^ciZ\gVaeVgid[<gdje"l^YZgZedgi^c\l^i]gZheZXiidÇcVcX^VaVXXdjci^c\
VcYgZedgi^c\!^ckZhidggZaVi^dchVcYXdgedgViZXdbbjc^XVi^dch#
>ciZgcZi"WVhZYZck^gdcbZciVaVcYhjh"
iV^cVW^a^inXdbbjc^XVi^dc^hValVnhi]Z
bZY^jbd[X]d^XZ^cdjgde^c^dcWZXVjhZ
d[^ihjeYViVW^a^in!ZVhnVXXZhh!igVcheVg"
ZcXnVcYY^Vad\jZWZcZÇih#EjWa^h]ZY
YdXjbZcihXVcWZhijY^ZYViVcni^bZdc
i]Z^ciZgcZi#
-
I]^hhjhiV^cVW^a^ingZedgii]ZgZ[dgZ[daadlhjeY^gZXiandci]Z<gdjeZck^gdcbZciVa
gZedgi'%%($'%%)¼BVcV\^c\hjhiV^cVWan^ci]ZLdgaYd[IJ>½#I]ZgZedgi^c\eZg^dY
[dgi]ZaViZhigZedgiXdkZgh'%%)id'%%,VcYYdXjbZcihi]ZgZhjaihd[djgVXi^k^i^Zh
^ci]ZZck^gdcbZciVaVcYhjhiV^cVW^a^inhZXidg#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
GZedgi^c\
Eg^cX^eaZh
Igji]
H^\c^ÇXVcXZ
8aVg^in
8dci^cj^inVcYXdbeVgVW^a^in
IVg\ZiXdcÈ^Xih/X]VaaZc\Zhd[i]Z<gdje"l^YZXdaaZXi^dcd[Zck^gdcbZciVaVcY
hjhiV^cVW^a^in^cY^XVidgh
I]ZWjh^cZhhbdYZad[VkZgi^XVaan^ciZ\gViZYidjg^hb\gdje!^#Z#i]ZIJ>6<Idjg"
^hbY^k^h^dc!l]^X]^hhigjXijgZYl^i]^ihdlcVhhZihVadc\i]Zl]daZkVajZX]V^c
igVkZaV\ZcX^Zh!idjgdeZgVidgh!igVchedgi!YZhi^cVi^dcV\ZcX^ZhVcY]da^YVn]diZah!
^hgZÈZXiZY^ci]ZZmigZbZan]ZiZgd\ZcZdjhhigjXijgZd[gZedgi^c\¼XjaijgZh¼^ci]Z
^ciZgcVabdc^idg^c\VcYgZedgi^c\egdXZhhZhd[i]ZhbVaa!bZY^jb"h^oZYVcYbV_dg
bjai^cVi^dcVaWjh^cZhhjc^ihbV`^c\je¼LdgaYd[IJ>½!VcYVcZfjVaan]ZiZgd\ZcZdjh
XdchiZaaVi^dcd[heZX^ÇXZck^gdcbZciVaVheZXihVcYZck^gdcbZciVaVXi^k^i^Zh#
X[#<ZgbVcB^c^hignd[i]Z:ck^gdc"
bZci!CVijgZEgdiZXi^dcVcYGZVXidg
HV[ZinejWa^h]Zg!BVgX]'%%,!Hjh"
iV^cVW^a^ingZedgi^c\/GZXdbbZcYV"
i^dch[dg\ddYXdgedgViZegVXi^hZ#
EdiZci^Vad[ZXdcdb^XhjhiV^cVW^a^in
[dgi]Zig^eaZ"Wdiidb"a^cZ
Dcided[Vaai]^hX[#iVg\Zih'%%)º'%%,i]ZgZ^hVahdi]ZegdWaZbi]Vii]ZheZX^ÇX
IJ>hiV`Z]daYZgh^ci]ZY^[[ZgZciIJ>bVg`ZiheaVXZkZgnY^[[ZgZcicVi^dcVaYZbVcYh
dcWjh^cZhhZhVcYi]jhXgZViZVY^[[ZgZcicVi^dcVahjhiV^cVW^a^inV\ZcYV^cZVX]Xdjc"
ign#6cdi]ZgVheZXi^hi]ViXdgedgViZhdX^VagZhedch^W^a^in8HGeaVnhVbjX]bdgZ
^bedgiVcigdaZVhVgZedgi^c\^cY^XVidg^ccdgi]ZgcVcYlZhiZgc:jgdeZ^ceVgi^XjaVg!
^cXajY^c\i]ZJ@#7ZXVjhZi]ZYg^kZghd[hjhiV^cVW^a^in^ci]ZÇcVcX^VabVg`ZihZ#\#
i]gdj\]HG>eaVi[dgbh!hjhiV^cVW^a^ingVc`^c\hVcYgVi^c\h!VcVanhihVcYgZhZVgX]Zgh
Xdci^cjVaanX]Vc\Zi]ZlZ^\]i^c\d[i]Z^gfjZhi^dccV^gZhVcYi]ZgZhjai^c\XdgedgViZ
egdÇaZh!IJ>Zck^gdcbZciVaVcYhjhiV^cVW^a^ingZedgi^c\^h[dgXZYidXdci^cjdjhangZ"
k^Zl^ihXdciZciVcYVY_jhi^ihZa[idi]ZcZlZmiZgcVaYZbVcYh#
Djg^ciZgcVagZedgi^c\^ci]Za^\]id[i]Zh^bjaiVcZdjhX]Vc\ZhiV`^c\eaVXZ^ci]Z
XdbeVcnedgi[da^dVcYdc\d^c\!heZX^ÇX^ciZgcVagZhigjXijg^c\bZVhjgZh^hcdiVa"
lVnhVWaZid`ZZeeVXZ!cZ^i]Zg[dgbVaancdghigjXijgVaan!l^i]i]ZYncVb^hbd[i]Z
[jgi]ZgYZkZadebZcid[hjhiV^cVW^a^ingZedgi^c\º[dg^chiVcXZi]ZcZl<G><(\j^YZ"
a^cZh!dgi]ZhigjXijgZd[i]Z>HD'+ %%%\j^YVcXZYdXjbZci#>ci]ZXdcÈ^Xid[iVg\Zi
eg^dg^i^ZhWZilZZcZck^gdcbZciVa!hdX^VaVcYhdX^ZiVahjhiV^cVW^a^in^cY^XVidghZ#\#
WZilZZcXa^bViZeda^Xn!Ç\]i^c\edkZgin!je]daY^c\]jbVcg^\]ihVcYVci^"Xdggjei^dc
egZkZci^dchjhiV^cVW^a^ingZedgi^c\^c]Zg^ihhigjXijgVa^cXdciZbedgVc^i^Zhl]^X]XVc
dcanWZ^gdcZYdji^ci]Zadc\iZgb#LZi]ZgZ[dgZXdch^YZgVgZedgi^c\eZg^dYd[i]gZZ
nZVghidWZi]ZbdhiegdYjXi^kZ#I]Z[dXjhdci]ZgZaZkVcihdX^VahjhiV^cVW^a^in^cY^"
XVidgh^hbjX]h]VgeZgVcY^hiV`Zc^cidXdch^YZgVi^dc^ci]Z^ciZgcVabdc^idg^c\VcY
gZedgi^c\egdXZhhZh#I]ZegZhZciVi^dcd[i]ZgZaZkVciZXdcdb^XhjhiV^cVW^a^in^cY^XV"
idgh!l]^X]]VkZbdhianWZZcYZa^WZgViZanejh]ZY^cidi]ZWVX`\gdjcY^ci]ZXdciZmi
d[i]ZhdX^ZiVaVcYeda^i^XVaYZWViZ!cZZYhidYdbjX]bdgZidVXfj^gZi]ZlZ^\]i^i
YZhZgkZh#LZ]VkZWZZcVWaZidVX]^ZkZi]^hVYZfjViZanhd[Vg#I]ZgZ^hZcdgbdjh
ediZci^Va[dgVYZfjViZanegZhZci^c\VcYZkVajVi^c\i]ZcZXZhhVgnXdgedgViZXdcig^Wj"
i^dcidZXdcdb^XhjhiV^cVW^a^in#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
.
IJ>ViV\aVcXZ
:kVajVi^dcWnZmiZgcVahiV`Z]daYZgh
Edh^i^dc^c\^c^cÈjZci^VahjhiV^cVW^a^in^cY^XZh
>ciZgcVi^dcVagVi^c\V\ZcX^ZhVcYhjhiV^cVW^a^inVcVanhihXdcÇgbi]Vii]Z'%%+ÇcVc"
X^VanZVglVhVcdi]ZghjXXZhh[janZVg^cl]^X]IJ>YZa^kZgZYVXdck^cX^c\hjhiV^c"
VW^a^ineZg[dgbVcXZ#>cHZeiZbWZg'%%+!IJ>6<WZXVbZi]Zdcanidjg^hbXdb"
eVcnldgaYl^YZ^ci]ZIgVkZaIdjg^hbhjWhZXidgidWZ^cXajYZY^ci]Z9dl?dcZh
HjhiV^cVW^a^in>cYZm9?H>LdgaY#IJ>WdVhihidehXdgZh]ZgZ^cXViZ\dg^Zh^cXajY^c\
W^dY^kZgh^in!ZXd"idjg^hbVcYXa^bViZegdiZXi^dc!VcYhZihi]ZWZcX]bVg`^c^ihhjW"
hZXidg[dgg^h`VcYXg^h^hbVcV\ZbZci#IJ>VahdbV^ciV^cZY^ihedh^i^dc^c^ciZgcV"
i^dcVaZi]^XVa^cY^XZh/;IH:)<ddYh^cXZ'%%)!6HE>:jgdodcZh^cXZ'%%&VcYi]Z
:i]^WZaE^dcZZg>cYZmh^cXZ'%%*#IJ>6<_d^cZYi]Z:8E>:i]^XVa>cYZmÄjgdl^i]
Z[[ZXi[gdb(&?VcjVgn'%%,#>cXdgedgVi^dc^ci]ZhZlZ^\]inÇcVcX^VabVg`Zi^cY^XZh
[dghjhiV^cVWaZ^ckZhibZci]^\]a^\]ih]dlhjXXZhh[jaanIJ>bVcV\Zhid]Vgbdc^hZ
gZVaWjh^cZhheda^XnVXgdhhi]Z<gdjel^i]i]ZYZbVcYheaVXZYdcV\adWVaXdbeVcn
Xdbb^iiZYidgZhedch^WaZVcYhjhiV^cVWaZXdgedgViZ\dkZgcVcXZ#
>chjhiV^cVW^a^inY^Vad\jZl^i]i]Z
^ciZgcVi^dcVaÇcVcX^VaXdbbjc^in
7VX`\gdjcY/>cY^XZhZcVWaZhjhiV^cVW^a^in"dg^ZciZY^ckZhidghid^ckZhi^ciZaa^\Zcian
^cXdbeVc^Zhl]^X][jaÇa\adWVaangZXd\c^hZYhiVcYVgYh[dghiV`Z]daYZgVcYZck^gdc"
bZciVagZhedch^W^a^in#9^Vad\jZl^i]VcVanhihVcY^ckZhidghVahd]^\]a^\]ih^bedgiVci
VcYjhZ[jaVheZXihl]^X]XVcWZ[ZYWVX`edh^i^kZan^cidi]ZXdbeVcn#I]ZYZbVcYh
d[hjhiV^cVW^a^ingVi^c\hVcYi]Z^c[dgbVi^dcgZfj^gZYWn^cYZeZcYZci^cYZmegdk^Y"
Zgh!gZhZVgX]dg\Vc^hVi^dchVcYheZX^Va^hZY^ckZhibZci[jcYhVgZeZgbVcZcianiV`Zc
^cidXdch^YZgVi^dc^ci]Z[jgi]ZgYZkZadebZcid[ZmiZgcVagZedgi^c\#I]ZXdbegZ"
]Zch^kZVcVanh^hd[i]ZXdbeVcn¿heZg[dgbVcXZVcYi]ZZaVWdgVi^dcd[Vg^h`egdÇaZ!
cVijgVaanVahd]Vhid^cXajYZi]Zcdc"ÇcVcX^VaVheZXihd[i]ZXdbeVcn¿hWjh^cZhhVX"
i^k^i^Zh#I]ZZck^gdcbZciVaVcYhjhiV^cVW^a^indg^ZciVi^dcd[i]ZXdbeVcn^hi]ZgZ[dgZ
\V^c^c\^c^bedgiVcXZ^ci]ZZnZhd[¼bV^chigZVb¼ÇcVcX^VaVcVanhih#
IJ>6<]Vhi]ZgZ[dgZWZZcgZ\^hiZgZYdci]Z^cYZeZcYZci^ciZgcZieaVi[dgblll#
hjhiV^cVWaZ"^ckZhibZci#dg\h^cXZ9ZXZbWZg'%%(#I]^hlZWh^iZlVhYZkZadeZYjc"
YZgi]ZVjhe^XZhd[i]ZJc^iZYCVi^dch:ck^gdcbZciEgd\gVbbZJC:Eid^begdkZ
igVcheVgZcXn[dghjhiV^cVWaZ^ckZhibZci^c:jgdeZ#
8gZY^igVi^c\h#GVi^c\hejWa^h]ZYWn^cYZeZcYZcigVi^c\V\ZcX^ZhVgZVc^bedg"
iVciegZgZfj^h^iZ[dgZ[ÇX^ZciVcYÈZm^WaZVXXZhhidÇcVcX^VabVg`Zih#I]Znhjeedgi
[dgZ^\cÇcVcX^Zgh^ci]Z^gVhhZhhbZcid[i]Zg^h`h^ijVi^dcd[XdbeVc^ZhVcYi]Z^g
ÇcVcX^Va^chigjbZcih#
IJ>lVheaVXZYÇghi^ci]Z¼:ck^gdcbZci¼
XViZ\dgnd[i]Z<ddY8dbeVcnGVc`^c\
'%%+l]^X]gViZYi]Z&'%aVg\Zhi:jgd"
eZVcXdbeVc^Zh#
&%
IJ>¿hÇcVcX^VahigZc\i]^hZkVajViZYVigZ\jaVg^ciZgkVahWni]ZgVi^c\V\ZcX^Zh
HiVcYVgYEddghVcYBddYn¿h#I]ZgVi^c\hd[ZVX]XdbeVcnVcYdi]ZgYZiV^aZY
^c[dgbVi^dcVgZVkV^aVWaZdci]Z<gdjelZWh^iZlll#ij^"\gdje#XdbjcYZg>ckZhidg
GZaVi^dch$GVi^c\h#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IJ>ViV\aVcXZ
<gdjeZXdcdb^X^cY^XVidgh
:Xdcdb^X^cY^XVidgh
'%%+
'%%*
KVg#
IjgcdkZgWnY^k^h^dch
Idjg^hb
Äb^aa^dc
&)%-)
&)%.,
"%#&
H]^ee^c\
Äb^aa^dc
+'*)
(-()
+(#&
Di]Zg
Äb^aa^dc
*,-
&+--
"+*#-
<gdje
Äb^aa^dc
'%.&+
&.+&.
+#+
:Vgc^c\hWZ[dgZ^ciZgZhi!iVm!YZegZX^Vi^dcVcYVbdgi^hVi^dc:7>I96
Idjg^hb
Äb^aa^dc
,-&
,()
+#)
H]^ee^c\
Di]Zg
Äb^aa^dc
'&'
)*)
"*(#)
Äb^aa^dc
"')
&.'
<gdje
c#b#
Äb^aa^dc
.+.
&(-%
"'.#-
:Vgc^c\hWnY^k^h^dch:7>I6
Idjg^hb
Äb^aa^dc
(.)
(+*
,#-
H]^ee^c\
Äb^aa^dc
"&%+
(&.
c#b#
Di]Zg
Äb^aa^dc
"*+
&++
c#b#
Äb^aa^dc
'('
-*%
",'#,
Idjg^hb
Äb^aa^dc
)%&
(++
.#*
H]^ee^c\
Äb^aa^dc
-
('(
".,#+
Di]Zg
Äb^aa^dc
")%
&-
c#b#
<gdje
Äb^aa^dc
(+.
,%,
"),#.
CZiegdÇi[dgi]ZnZVg
Äb^aa^dc
"-),
).+
c#b#
Ä
"(#++
'#'.
c#b#
Äb^aa^dc
&%&)&
&&--(
"&)#,
<gdje
JcYZgan^c\ZVgc^c\hWnY^k^h^dchjcYZgan^c\:7>I6
:Vgc^c\heZgh]VgZ
6hhZih
Cdc"XjggZciVhhZih
8jggZciVhhZih
Äb^aa^dc
'-,(
().&
"&,#,
IdiVaVhhZih
Äb^aa^dc
&(%&)
&*(,)
"&*#)
Äb^aa^dc
(%&%
)(+,
"(&#&
Cdc"XjggZcia^VW^a^i^Zh
Äb^aa^dc
*'+'
*'--
"%#*
8jggZcia^VW^a^i^Zh
Äb^aa^dc
),)'
*,&.
"&,#&
IdiVaZfj^inVcYa^VW^a^i^Zh
Äb^aa^dc
&(%&)
&*(,)
"&*#)
'(#&
'-#)
"&-#,
8Vh]Èdl[gdbdeZgVi^c\VXi^k^i^Zh
Äb^aa^dc
)+,
.+*
"*&#+
8Ve^iVaZmeZcY^ijgZ
Äb^aa^dc
,*%
&&(-
"()#&
CZiYZWi
Äb^aa^dc
('&&
(-%,
"&*#,
:fj^inVcYa^VW^a^i^Zh
:fj^in
:fj^ingVi^d
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&
IJ>ViV\aVcXZ
<gdjeZck^gdcbZciVa^cY^XVidgh
HZaZXiZY<gdje"l^YZZck^gdcbZciVa^cY^XVidgh
IdegZhZcii]ZWgdVYVXi^k^i^Zhd[i]ZildY^k^h^dch^cigVcheVgZciVcYgZegdYjX^WaZ
^cY^XVidgh!i]ZgZaZkVciZck^gdcbZciVa^beVXihlZgZYZiZgb^cZY[daadl^c\VcZck^"
gdcbZciVaVheZXiVcVanh^hWVhZYdci]ZXg^iZg^VYZÇcZYWni]Z^ciZgcVi^dcVahiVcYVgY
>HD&)%%&!VcYWni]ZhZaZXi^dcd[Veegdeg^ViZbZVc^c\[ja^cY^XVidgh#I]ZegdXZ"
YjgZhjhZYidYZiZgb^cZi]ZhZ^cY^XVidghlZgZVYVeiZYWniV`^c\^cidXdch^YZgVi^dc
^ciZgcVi^dcVagZedgi^c\hiVcYVgYh^cXajY^c\i]Z<(\j^YZa^cZhd[i]Z<adWVaGZedgi^c\
>c^i^Vi^kZ<G>#
6WhdajiZZck^gdcbZciVa^cY^XVidgh
'%%+
'%%*
'%%)
:cZg\n
9^gZXiZcZg\njhV\Z
:C(
I?
''.-%*
&'%&,&
&%.*'%
>cY^gZXiZcZg\njhV\Z
:C)
I?
(%(+
'.%)
().-
I?
'('-)%
&'(%,*
&&(%&,
b &,'*-.+&
&+*..)''
'%).(++)
')+(.%,
',&%)-+
:cZg\njhV\ZidiVa
LViZg
LViZgjhV\ZidiVa
:C-
7^dY^kZgh^in
IdiVaaVcYgZfj^gZbZcil^i]]^\]W^dY^kZgh^in
:C&&
b
:b^hh^dch!Y^hX]Vg\Zh!lVhiZ
8DY^gZXi
8D^cY^gZXi
º
:C&+
i
&*.-%-%&
-%','+*
,(.)*-,
:C&+
i
)*.&)-
)(-&.-
*',&)%
8DZb^hh^dchidiVa
CDmY^gZXi
:C&+
i
&+)(..).
-)+*)+(
,.'&,',
:C'%
i
(()'++
&&)*)(
&%+.+.
HDmY^gZXi
:C'%
i
'%&&%+
*))*'
*&+),
8DY^gZXi
:C'%
i
&..%
'%%*
&-++
=8Y^gZXi
:C'%
i
(&.
'.%
'.)
LVhiZ
:C''
i
*..-.
)-.&(
-&+%
=VoVgYdjhlVhiZ
:C''
i
%
&*
%
CdiVkV^aVWaZ
:cZg\nVcYZb^hh^dchVgZY^k^YZY^cidi]dhZl]^X]VgZZ^i]ZgjhZYdg\ZcZgViZY
Y^gZXiandg^cY^gZXian#9^gZXiZcZg\njhV\Z^ci]^hXVhZXdch^hihd[i]ZjhZd[[dhh^a[jZa
VcY]ZVi^c\[jZa#>cY^gZXiZcZg\nXdggZhedcYhl^i]i]ZjhZd[ZcZg\n^ci]Z[dgbd[
ZaZXig^X^in!Y^hig^Xi]ZVi^c\!ZiX#I]ZiZgbhVahdVeeanVcVad\djhanidZb^hh^dch#I]Z
XVaXjaVi^dcbZi]dYhjhZYidYZiZgb^cZi]Z^cY^XVidgh^cZVX]XVhZVgZegZhZciZYVi
i]ZIJ>6<lZWh^iZ#IgZcYhVgZY^hXjhhZY^ci]Z^cY^k^YjVaX]VeiZg#
&'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IJ>ViV\aVcXZ
DeZgVi^c\Wjh^cZhh^cY^XVidgh
'%%+
'%%*
'%%)
cjbWZg
&'%
&&+
&%+
6kZgV\ZV\Z
nZVgh
&%#&
&%#%
.#)
;a^\]iXnXaZh
&%%%
&).#.
&)'#,
&'(#*
CjbWZgd[VkV^aVWaZhZVi`^adbZigZh
b^aa^dc6H@
,, %%%
,) )%%
+, ())
EVhhZc\Zg`^adbZigZh
b^aa^dcE@B
+)%*.
+('%+
*,'(-
cjbWZg
&(-
&((
*&
I:J
)+,%%%
)&'-++
&.'%%%
nZVgh
-#'
-#%
-#,
I:J&%%%
*%%)
(&%%
')%%
cjbWZg
-
-
+
nZVgh
'&#&
'%#&
&*#*
b^aa^dcECB
&%%*,
-,,'
*+,+
CjbWZgd[]diZah
cjbWZg
',.
',.
',*
8VeVX^in
cjbWZg
&+)-))
&+)-))
&*)%%%
b^aa^dc
(+#&
()#&
(&#&
IJ>V^ga^cZh
CjbWZgd[V^gXgV[i
=VeV\"AadnY8dciV^cZgH]^ee^c\
CjbWZgd[h]^eh
8VeVX^in
6kZgV\ZV\Z
IgVchedgikdajbZ
=VeV\"AadnY8gj^hZh$I]dbhdc8gj^hZh
CjbWZgd[h]^eh
6kZgV\ZV\Z
EVhhZc\Zgb^aZh
IJ>=diZahGZhdgih
DkZgc^\]ihiVnh
HdbZd[i]Z^cY^XVidghVgZVeegdm^bVi^dchWZXVjhZXdbeaZiZXdkZgV\Zd[i]ZgZedgi"
^c\eZg^dY^hY^hegdedgi^dcViZidi]ZZ[[dgi^ckdakZY^cXdaaZXi^c\i]ZYViV!dgi]Z\^kZc
^c[gVhigjXijgZ^chdbZ<gdjeXdbeVc^ZhYdZhcdinZiVaadli]ZegZX^hZXdaaZXi^dcd[
fjVci^iVi^kZYViV#
I]ZdeZgVi^c\Wjh^cZhh^cY^XVidghgZegZhZcii]ZZck^gdcbZciVaan"gZaZkVciWjh^cZhh
eVgVbZiZgh#I]ZheZX^ÇXZck^gdcbZciVaeZg[dgbVcXZ^cY^XVidghYZg^kZY[gdbi]ZhZ
eVgVbZiZghVgZY^hXjhhZY^ci]Z[daadl^c\X]VeiZgh^cYZiV^a#I]ZcjbWZgd[V^gXgV[iVcY
h]^eh!i]ZV\Zd[i]ZÈZZih!VcYi]ZÇ\jgZh[dgi]ZidiVaXVeVX^ind[i]Z8dciV^cZgA^cZ
lZgZYZiZgb^cZYVheZg(&9ZXZbWZg'%%+VcYi]ZgZ[dgZXdggZhedcYidi]ZÇ\jgZhgZ"
edgiZY^ci]ZIJ>6<VccjVagZedgih#L]^ahii]ZdeZgVi^kZÇcVcX^VaÇ\jgZhVagZVYniV`Z
^cidXdch^YZgVi^dci]Z^ciZ\gVi^dcd[8EH]^eh^cidi]Z<gdje!i]ZnVgZhi^aaYZVail^i]
hZeVgViZan^ci]ZZck^gdcbZciVa^cY^XVidgh[dg'%%*[dgi]ZejgedhZd[igVcheVgZcXn#
=dlZkZg!i]ZXdciV^cZgh]^ehd[8EH]^ehlZgZ[jaan^cXdgedgViZY^ci]ZZck^gdcbZciVa
eVgVbZiZghXVaXjaViZY[dg'%%+#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&(
IJ>ViV\aVcXZ
<gdjeZbeadnZZÇ\jgZh
8]Vc\Zh^c]ZVYXdjciVcYeZghdccZahigjXijgZ
I]ZIJ><gdjeZbeadnZY*(.(%hiV[[ldgaYl^YZdci]ZgZedgi^c\YViZ!i]^h^h&)#(eZg
XZciaZhhi]Vci]ZegZk^djhnZVg#I]ZhigjXijgZd[i]Z<gdje¿heZghdccZaX]Vc\ZYVhV
gZhjaid[Y^kZhibZcih#I]ZIdjg^hbhZ\bZcihi^aaVXXdjcih[dgbdhid[i]Zldg`[dgXZ
l^i]Vegdedgi^dcd[-'#(eZgXZcii]^hnZVg[daadl^c\-%#'eZgXZciaVhinZVg#&*#.eZg
XZcid[i]ZhiV[[VgZZbeadnZY^ci]ZH]^ee^c\hZ\bZci!Ydlc[gdb&)#)eZgXZcii]Z
egZk^djhnZVg#I]ZcjbWZgd[ZbeadnZZh^cXdgedgViZXZcigZ[jcXi^dchX]Vc\ZYXdc"
h^YZgVWanV[iZgi]ZhVaZd[Lda[<bW=#8dgedgViZXZcigZ[jcXi^dchcdldcanZbeadn
&#-eZgXZcid[i]ZidiValdg`[dgXZ!XdbeVgZYl^i](#*eZgXZcii]ZegZk^djhnZVg
EZghdccZaWnY^k^h^dch
(&#&'#'%%+
(&#&'#'%%*
KVg#
)))%.
*%).-
"&'#&
.)&&
.+.&
"'#.
Cdgi]Zgc:jgdeZ
&),&&
&+'*)
".#*
LZhiZgc:jgdeZ
+*%)
+.%)
"*#-
&(,-(
&'-++
,#&
º
),-(
º
H]^ee^c\
-*,&
.%,,
"*#+
=VeV\"AadnY
,,)'
)&+&
8EH]^eh
-'.
).&+
8ZcigVadeZgVi^dch
.*%
'&-(
"*+#*
*(.(%
+&,*-
"&'#,
IgVY^c\
º
&&-.
º
9^hXdci^cj^c\deZgVi^dch
º
&&-.
º
*(.(%
+'.),
"&)#(
Idjg^hb
8ZcigVa:jgdeZ
9Zhi^cVi^dch
Di]Zgidjg^hb
8dci^cj^c\deZgVi^dch
IdiVa
Idjg^hb#I]ZcjbWZgd[ZbeadnZZh^cIdjg^hbVii]ZZcYd[i]ZÇcVcX^VanZVg
lVh)))%.!&'#&eZgXZciYdlcdci]ZegZk^djhnZVg#I]ZX]Vc\Z^ci]ZcjbWZgd[
ZbeadnZZhkVg^ZYVXXdgY^c\idi]ZheZX^ÇXhZ\bZcih#I]ZcjbWZgd[ZbeadnZZh^c
8ZcigVa:jgdeZYZXa^cZYWn'#.eZgXZciid.)&&!eVgi^XjaVganWZXVjhZd[gZYjXi^dch
^ci]ZVk^Vi^dcldg`[dgXZ#Cdgi]Zgc:jgdeZedhiZYVgZYjXi^dcd[.#*eZgXZciid&)
,&&!WZXVjhZi]ZgZhigjXijg^c\bZVhjgZh^beaZbZciZY^c'%%*dcanXVbZ^cid[jaa
Z[[ZXi^chdbZXVhZh^c'%%+#LZhiZgc:jgdeZgZedgiZYVYZXa^cZ^c^ihldg`[dgXZd[
*#-eZgXZciid+*%)#I]^h^hbV^canViig^WjiVWaZidi]ZhVaZd[i]ZheZX^VaidjgdeZgV"
idgVcY^cXdb^c\V\ZcXnWjh^cZhh^ci]ZCZi]ZgaVcYh!VhlZaaVhi]ZXadhjgZd[igVkZa
V\ZcX^Zh^c;gVcXZ#>cXgZVhZh^ci]^hhZ\bZcilZgZVhhdX^ViZYl^i]i]ZXVeVX^in"gZ"
aViZYZmeVch^dcd[i]Z7Za\^VcV^ga^cZ#I]ZcjbWZgd[ZbeadnZZh^ci]ZYZhi^cVi^dch
gdhZWn,#&eZgXZciid&(,-(#
&)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IJ>ViV\aVcXZ
H]^ee^c\#I]ZcjbWZgd[ZbeadnZZh^cH]^ee^c\YZXa^cZYWn*#+eZgXZcinZVg"dc"
nZVgid-*,&ZbeadnZZh^c'%%+[daadl^c\i]ZXdbeaZiZ^ciZ\gVi^dcd[8EH]^eh#
8ZcigVadeZgVi^dch#I]ZcjbWZgd[ZbeadnZZh^cXZcigVa[jcXi^dchYZXa^cZYWn*+#*
eZgXZciid.*%d[l]^X])+*ZbeadnZZh^ci]ZXdgedgViZXZcigZVhVgZhjaid[i]Z
hVaZd[Lda[<bW=#
HZVhdcVaigZcYh#I]ZYZkZadebZcid[i]Zh^oZd[i]Zldg`[dgXZYjg^c\i]ZXdjghZ
d[i]ZnZVg^hhigdc\anYZeZcYZcidchZVhdcVaÈjXijVi^dch^ci]ZIdjg^hbldg`[dgXZ!
eVgi^XjaVgan^ci]Z]diZaXdbeVc^ZhVcYYZhi^cVi^dcV\ZcX^Zh#I]ZVkZgV\ZcjbWZgd[
ZbeadnZZh^ci]ZYZhi^cVi^dchhZ\bZci^ci]ZhjbbZgbdci]h[gdb?jcZid6j\jhi
^hi]ZgZ[dgZ'%-%'VhVgZhjaid[i]ZiZbedgVgnZbeadnbZcid[hZVhdcVahiV[[!Xdb"
eVgZYid&(,-(ZbeadnZZhVii]ZZcYd[i]ZnZVg#I]ZVkZgV\ZcjbWZgd[ZbeadnZZh
^c'%%+^ci]ZIdjg^hbhZ\bZcidkZgVaalVh).)..!Wji&&#.eZgXZciadlZgVii]Z
ZcYd[i]ZnZVgVi)))%.#
>ciZgcVi^dcVa]ZVYXdjci
I]ZIJ><gdje¿hldg`[dgXZXdci^cjZhidWZbV^can^c:jgdeZl]^X]VXXdjcih[dg-+
eZgXZci#'&eZgXZcid[i]Z<gdjeldg`[dgXZlZgZZbeadnZY^c<ZgbVcn!')eZgXZci
^ci]ZJ@!&(eZgXZci^c;gVcXZVcYi]Z7ZcZajmXdjcig^Zh!&)eZgXZci^cHeV^cVcY
(eZgXZci^cCdgY^XXdjcig^Zh#&)eZgXZcid[i]Zldg`[dgXZlZgZZbeadnZYWn<gdje
XdbeVc^Zhdjih^YZd[:jgdeZ!bV^canWn=VeV\"AadnY^c6bZg^XVVcY6h^V#
EZghdccZaWngZ\^dch
(&#&'#'%%+
(&#&'#'%%*
KVg#
<ZgbVcn
&&&&'
&*,*%
"'.#)
J@$>gZaVcY
&'.,*
&*&+*
"&)#)
CdgY^XXdjcig^Zh
&*..
&+'(
"&#*
;gVcXZ$7ZcZajmXdjcig^Zh
,'%'
-**'
"&*#-
HeV^c
,+*+
,(+.
(#.
GZhid[:jgdeZ
*,'.
)-)(
&-#(
6bZg^XV
)&).
*,(,
"',#,
Di]ZgXdjcig^Zh
(*%-
(.%-
"&%#'
*(.(%
+'.),
"&)#(
IdiVa
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&*
IJ>ViV\aVcXZ
EZghdccZaXdhih
EZghdccZaXdhih^cXgZVhZYWn*#,eZgXZciid:jgd')(*b^aa^dceg^bVg^ani]gdj\]
i]Z[jaailZakZbdci]^cXdgedgVi^dcd[8EH]^eh!VhlZaaVhgZhigjXijg^c\Xdhih^ci]Z
Idjg^hbVcYH]^ee^c\hZ\bZcih#CdiZhidi]ZXdchda^YViZYÇcVcX^VahiViZbZcihXdc"
iV^cYZiV^ahdcZVX]d[i]Z^iZbh#
EZghdccZaXdhih^cÄb^aa^dc
LV\ZhVcYhVaVg^Zh
HdX^VahZXjg^inXdcig^Wji^dch!
eZch^dcXdhihVcYWZcZÇih
IdiVa
'%%+
'%%*
KVg#
&.+-
&-)'
+#-
)+,
)+'
&#&
')(*
'(%)
*#,
IgV^c^c\gVi^d
I]ZigV^c^c\gVi^dd[i]Z<ZgbVcIJ>XdbeVc^ZhbViX]ZYaVhinZVg¿h]^\]aZkZa
d[+#*eZgXZci#
EVgi"i^bZZbeadnZZgVi^d
I]Zegdedgi^dcd[eVgi"i^bZZbeadnZZhVXgdhhi]Z<gdje^c'%%+lVhVgdjcY
'&eZgXZci#
;ZbVaZZbeadnZZgVi^d
I]Zegdedgi^dcd[[ZbVaZZbeadnZZhVXgdhhi]Z<gdje^c'%%+lVhVeegdm#
+*eZgXZci#
&+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
DjgWjh^cZhh
H]dgiedgigV^i
IJ>^hVc^ciZgcVi^dcVaanVXi^kZ\gdjeVcY]VhXdcXZcigViZYh^cXZ
'%%*dcild\gdli]hZ\bZcih/Idjg^hbVcYH]^ee^c\#LZdXXjen
aZVY^c\bVg`Ziedh^i^dch^cWdi]i]ZhZhZ\bZcihVcYVgZedh^i^dcZY
VhVfjVa^inegdk^YZg#IJ>6<VccdjcXZYdc&.BVgX]'%%,i]Vi^i
ldjaYWZbZg\^c\^ihIdjg^hbhZ\bZciºl^i]i]ZZmXZei^dcd[i]Z
]diZa\gdjeXdbeVc^ZhbVcV\ZYWnIJ>=diZahGZhdgihºl^i]
i]Z7g^i^h]igVkZa\gdje;^ghi8]d^XZ=da^YVnhEA8#I]^hl^aaXgZViZ
dcZd[i]ZaVg\ZhiigVkZa\gdjeh#I]ZXdbeVcnl^aaWZ]ZVYfjVg"
iZgZY^ci]ZJ@VcYfjdiZYdci]ZAdcYdcHidX`:mX]Vc\Z#IJ>6<
l^aa]daYVbV_dg^inhiV`Zd[*&eZgXZci^ci]ZcZlXdbeVcn!l]^ahi
i]Zh]VgZ]daYZghd[;^ghi8]d^XZ=da^YVnhEA8l^aa]daY).eZgXZci#
IJ>IgVkZaEA8l^aaWZ[jaanXdchda^YViZYl^i]^ci]ZIJ>6<Xdchda^"
YViZYÇcVcX^VahiViZbZcih#
IJ>6<VcY;^ghi8]d^XZ=da^YVnhEA8ejWa^h]ZYVWgdX]jgZdci]Z
eaVccZYbZg\ZgWZilZZci]ZIJ>Idjg^hbhZ\bZciVcY;^ghi8]d^XZ
dc'.?jcZ'%%,#I]ZWgdX]jgZXdciV^chYZiV^aZY^c[dgbVi^dcdc
;^ghi8]d^XZ!i]ZIJ>Idjg^hbhZ\bZciVcYi]Z[jijgZIJ>IgVkZa
EA8#BZg\^c\dc(HZeiZbWZg'%%,#
;^ghi8]d^XZ¿hhjhiV^cVW^a^ingZedgi^c\^hejWa^h]ZYjcYZg¼:ck^gdc"
bZciVcYEZdeaZGZedgi½#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&,
DjgWjh^cZhh
KVajZX]V^cVhhZih
:VX]a^c`d[i]ZkVajZX]V^c
<gdjehigjXijgZVcYWjh^cZhhVXi^k^i^Zh
IJ>^begdkZhi]ZfjVa^ind[a^[Z!VcYXdchZgkZhi]ZcVijgVaZck^gdcbZciVii]ZXdbeV"
cn¿hadXVi^dchVcY^c^ihidjg^hbYZhi^cVi^dchWn^ciZ\gVi^c\i]ZXdbeVcn¿hZXdcdb^X
iVg\Zihl^i]^ihXdbb^ibZciid^ihZbeadnZZh!i]ZZck^gdcbZciVcYhdX^Zin!VhbVc^"
[ZhiZY^ci]ZaVg\ZcjbWZgd[hdX^VaanVcYZck^gdcbZciVaangZaViZY^c^i^Vi^kZh#I]ZhZ
bZVhjgZhVahdgZYjXZi]ZXdbeVcn¿hXdbbZgX^Vag^h`h#
I]ZIJ><gdjeidYVnZcXdbeVhhZhildXdgZWjh^cZhhVXi^k^i^Zh/Idjg^hbVcYH]^e"
e^c\#I]^hXdcXZcigVi^dclVhi]ZgZhjaid[i]ZgZhigjXijg^c\egdXZhhXdbeaZiZY^cgZ"
XZcinZVghl]^X]XdbeaZiZanigVch[dgbZYi]Z<gdje¿higVYZ^ckZhibZciedgi[da^d[gdb
Vc^cYjhig^VaXdc\adbZgViZidVejgZhZgk^XZhXdbeVcn#
Idjg^hbºlZaaedh^i^dcZY
L^i]VijgcdkZgd[VgdjcY:jgd&)#&W^aa^dc^ci]ZIdjg^hbhZ\bZci^c'%%+!i]Z<gdje
^hi]ZaVg\Zhi^ciZ\gViZYidjg^hb\gdje^c:jgdeZ!VcYgZegZhZciZYViZVX]a^c`d[i]Z
idjg^hbkVajZX]V^c#I]Zedgi[da^dXdbeg^hZhVgdjcY('%%d[^ihdlcigVkZaV\ZcX^Zh!
,%idjgdeZgVidgWgVcYh!&'%V^gXgV[i!(*V\ZcX^Zh!VcY',.]diZah^ci]ZYZhi^cVi^dch
l^i]VXVeVX^ind[VgdjcY&+*%%%WZYh#
IJ>^hVdcZ"hideh]de[dg]da^YVnh!egdk^Y^c\^ihXjhidbZghl^i]ZkZgni]^c\gZfj^gZY
[gdbWdd`^c\h!È^\]ih!VcYVXXdbbdYVi^dc^ci]Z<gdje¿hdlc]diZah!cdiidbZci^dc
]da^YVnbV`Zg"XVgZWni]Z<gdje¿hdlc]da^YVngZeh^cbdgZi]Vc,%YZhi^cVi^dch#I]Z
<gdjei]ZgZ[dgZXdkZghZVX]a^c`d[i]ZkVajZX]V^c[gdbhdjgXZbVg`ZihVaZhbVg`Zi
idYZhi^cVi^dc]da^YVngZ\^dc#>ihegZhZcXZViZVX]a^c`Vadc\i]Zidjg^hbkVajZX]V^c
hV[Z\jVgYhi]ZfjVa^ind[^ihegdYjXih#8dccZXi^dchWZilZZcZVX]a^c`Vadc\i]ZkVajZ
X]V^cVgZV^bZYViXdchiVcianbV^ciV^c^c\i]Z]^\]Zhiedhh^WaZdXXjeVcXnaZkZahd[^ih
V^gXgV[ihZVihVcY]diZaWZYh#
I]Zidjg^hbkVajZX]V^c
&-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
DjgWjh^cZhh
9^hig^Wji^dcº[gdbXaVhh^XX]VccZahid^ccdkVi^kZ^YZVh
L^i]('%%d[^ihdlcigVkZaV\ZcX^Zh!IJ>^hVXi^kZ^c&-Xdjcig^Zh#IJ>]VhVeVgi^Xj"
aVganYZchZcZildg`d[igVkZaV\ZcXnWjgZVjm^c<ZgbVcn!i]ZJ@!i]ZCZi]ZgaVcYh
VcY7Za\^jb#
8jhidbZghcdl^cXgZVh^c\anZmeZXii]Z^gidjgdeZgVidgidegdk^YZ^c[dgbVi^dcVcY
Wdd`^c\dei^dchVgdjcYi]ZXadX`#I]^hbZVchi]ViWdd`^c\hVgZcdlcdidcanedh"
h^WaZVii]Z]^\]higZZiigVkZaV\ZcXnY^hig^Wji^dcdjiaZih!WjiVahdWniZaZe]dcZk^V
i]ZXdbeVcn¿hdlcXVaaXZcigZh!VcYi]Z^ciZgcZi#I]Z<gdje¿hdlcidjgdeZgVidgh
VcYV^ga^cZhVahdegdk^YZVl^YZgVc\Zd[^cY^k^YjVaY^gZXiWdd`^c\dei^dchdci]Z^g
lZWh^iZh#
IdjgdeZgVidghºWaVc`ZiXdkZgV\Z
L^i]VgdjcY,%idjgdeZgVidgWgVcYh!IJ>^hegZhZci^c&-:jgdeZVchdjgXZbVg"
`Zih#I]ZhdjgXZbVg`Zih!dghVaZhbVg`ZihVhi]ZnVgZdi]Zgl^hZ`cdlc!VgZi]Z
gZ\^dch^cl]^X]i]ZegdYjXi¼igVkZa¼^hY^hig^WjiZYY^gZXiank^Vi]ZidjgdeZgVidgh#
I]Z<gdje¿hXdgZWjh^cZhh^hXjggZcianXdcXZcigViZY^c:jgdeZ/Y^k^YZYjeViIJ>^cid
i]Z8ZcigVa:jgdeZ!Cdgi]Zgc:jgdeZVcYLZhiZgc:jgdeZhZ\bZcih#8ZcigVa:jgdeZ
ZcXdbeVhhZhi]ZhdjgXZbVg`Zih^c<ZgbVcn!6jhig^VVcYHl^ioZgaVcY!VhlZaaVh
:VhiZgc:jgdeZVcXdjcig^Zh#I]ZhdjgXZbVg`Zih^ci]ZJ@!>gZaVcY!HXVcY^cVk^VVcY
Gjhh^VVgZbVcV\ZYjcYZgCdgi]Zgc:jgdeZ#I]ZLZhiZgc:jgdeZhZ\bZciXdkZgh
i]ZhdjgXZbVg`Zih^c;gVcXZ!i]ZCZi]ZgaVcYhVcY7Za\^jb#I]Z<gdje¿hbdhilZaa
`cdlcidjgdeZgVidgWgVcYh^c'%%+^cXajYZYIJ>!<ZWZXd!GD7>CHDC!V^gidjgh!
I]dbhdc!;g^i^YhgZhdg!HiVgIdjg!_ZiV^g!<jaZi!6g`ZVcYCdjkZaaZh;gdci^ƒgZh#EgdY"
jXih^cXajYZXdbeaZiZeVX`V\ZidjghVhlZaaVhbdYjaVgWdd`VWaZWj^aY^c\WadX`h
hjX]Vhh^c\aZÈ^\]ih!]diZaVXXdbbdYVi^dc!ZmXjgh^dch^ci]ZYZhi^cVi^dch!VcY]^gZ
XVgh#
;a^\]ihºfjVa^in^cVaabVg`ZihZ\bZcih
I]ZIJ><gdje¿hidjg^hbedgi[da^d^cXajYZhi]Z[daadl^c\V^ga^cZh/IJ>Èn#XdbV
cZlWgVcYXgZViZY^c?VcjVgn'%%,WnbZg\^c\i]ZV^ga^cZh=VeV\"AadnY;aj\VcY
=VeV\"AadnY:megZhhVheVgid[i]Z<gdje¿hcZlV^ga^cZhigViZ\n!I]dbhdcÈn!IJ>Èn
CdgY^X!8dghV^g!IJ>6^ga^cZhCZYZgaVcYVcYIJ>6^ga^cZh7Za\^jb#I]ZIJ>V^ga^cZhde"
ZgViZY&'%V^gXgV[iVii]ZZcYd[i]Z'%%+ÇcVcX^VanZVg#Ild[jgi]Zg<gdjeV^gXgV[i
lZgZaZVhZYidVi]^gYeVgin#I]Z^ciZgcVi^dcVaiZVbViIJ>6^ga^cZBVcV\ZbZci^c
=VcdkZggjchi]ZhigViZ\^XXZcigVa[jcXi^dc[dgi]Zl]daZÈZZi/bVcV\ZbZci!eaVc"
c^c\!>I!ejgX]Vh^c\!È^\]ideZgVi^dch!hZgk^X^c\VcYbV^ciZcVcXZ#I]^hegdYjXZhhnc"
Zg\nZ[[ZXihVcYgZYjXZhXdhih#6aai]ZV^ga^cZhWZcZÇi[gdbi]^hhZgk^XZWjiXdci^cjZ
iddeZgViZVh^cYZeZcYZciXdbeVc^Zhl^i]adXVaegdÇiVXXdjciVW^a^in#8adhZcZhhid
i]Z^gdlchdjgXZbVg`ZihbZVchi]ZnXVcXdci^cjZidgZVXiY^gZXianidXjhidbZg
gZfj^gZbZcih#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&.
DjgWjh^cZhh
9Zhi^cVi^dchºhVi^hÇZY\jZhih
I]Z9Zhi^cVi^dchhZ\bZciZcXdbeVhhZhi]ZIJ>YZhi^cVi^dcV\ZcX^ZhVhlZaaVhi]Z
<gdje¿h]diZaXdbeVc^ZhbVcV\ZYWnIJ>=diZahGZhdgih#
9Zhi^cVi^dcV\ZcX^Zh#8jhidbZghVgdjcYi]ZldgaYheZcYi]Z^g]da^YVnh^ci]Z
YZhi^cVi^dch#Idadd`V[iZgdjg\jZhih^ci]ZWZhiedhh^WaZlVn!i]ZIJ><gdje^hgZe"
gZhZciZY^cVaaXdci^cZcihWnigVYZ^ckZhibZcih^cYZhi^cVi^dcV\ZcX^Zh#IJ>¿hbdhi
^bedgiVciYZhi^cVi^dcV\ZcX^ZhVgZIJ>:heVŠV!IJ>Edgij\Va!IJ>=ZaaVh!IJ>I“g`^nZ
VcYIJ>7ja\Vg^V!VhlZaaVhVhhdX^ViZYV\ZcX^Zh^c8negjh!Ijc^h^VVcYBdgdXXd#
I]ZhZV\ZcX^ZhWjcYaZVaad[i]Z]da^YVngZeVXi^k^i^ZhVii]ZadXVi^dchVcYdg\Vc^hZ
igVchedgid[i]Z\jZhih[gdbV^gedgihid]diZah#I]ZXZcigVa9Zhi^cVi^dcBVcV\ZbZci
YZeVgibZci^c=VcdkZgeaVnhVXddgY^cVi^dcVcY^ciZg[VXZgdaZ#6\ZcX^Zhhjeedgii]Z
XdgZWjh^cZhhd[i]ZidjgdeZgVidghl^i]i]Z^ghZgk^XZ!VcYi]jhbV`ZVbV_dgXdcig^"
Wji^dcidXjhidbZghVi^h[VXi^dcVcYfjVa^inVhhjgVcXZ#
=diZah#I]ZhiVn^cV]diZa^hi]ZXgjX^VaeVgid[i]Z]da^YVnZmeZg^ZcXZVcYi]jh
i]Z`ZnidXjhidbZgadnVain#IJ>=diZahGZhdgihbVcV\Zh',.]diZah#IJ>=diZah
GZhdgih^cXajYZh]diZaWgVcYhl^i]]^\]eZg[dgbVcXZ!fjVa^inVcYZck^gdcbZciVa
hiVcYVgYhgZÈZXi^c\VgVc\Zd[]diZaXdcXZeihVcYadXViZYVieg^bZadXVi^dch^ci]Z
]da^YVnYZhi^cVi^dch#I]Z]diZah^cXajYZlZaa`cdlcWgVcYhhjX]VhG^j!<gZXdiZa!
<gjediZa!>WZgdiZa!9dg[]diZa!GD7>CHDC!BV\^XA^[Z!EVaVY^ZcVcYCdgYdiZa#
6hi]Za^c`WZilZZci]ZLdgaYd[IJ>idjgdeZgVidghVcY]diZaeVgicZgh!IJ>=diZah
GZhdgih\jVgVciZZhi]Zhigdc\edh^i^dc^c\d[i]Z<gdje¿hegdYjXihVcYWgVcYh
l^i]gZheZXiiddcZVcdi]ZgVcYi]ZXdbeZi^i^dc#Dei^bVahdjgXZbVg`ZiVcYYZhi^"
cVi^dchigViZ\^ZhVgZ\jVgVciZZYWni]Z_d^cieaVcc^c\VcYYZkZadebZcid[cZl]diZa
egd_ZXihl^i]i]Z<gdjeidjgdeZgVidghVcYi]Z]diZaXdbeVc^Zh^ckdakZY^cZVX]
XVhZ#
'%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
DjgWjh^cZhh
H]^ee^c\ºdci]ZbdkZldgaYl^YZ
I]ZH]^ee^c\hZ\bZci^hY^k^YZY^cid8dciV^cZgH]^ee^c\VcY8gj^hZhgjcWni]Z
deZgVi^kZ<gdjeXdbeVc^Zh=VeV\"AadnY6<VcY=VeV\"AadnY@gZjo[V]giZc<bW=
gZheZXi^kZan#I]ZH]^ee^c\hZ\bZciXgZViZYVijgcdkZgd[VgdjcY:jgd+#(W^aa^dc^c
i]Z'%%+ÇcVcX^VanZVgVcYZbeadnh-*,&hiV[[#
8dciV^cZgH]^ee^c\ºZ[ÇX^Zci\ddYhigVchedgildgaYl^YZ
=VeV\"AadnY^h\adWVaanVXi^kZ#L^i]dkZg((%d[ÇXZhVcYV\ZcX^Zh^cbdgZi]Vc&%%
Xdjcig^Zh!i]ZXdbeVcnWdVhihVegZhZcXZdcVaaÇkZXdci^cZcih#6hdcZd[i]ZaZVY"
^c\egdk^YZghd[]djhZ"id"]djhZ^ciZgcVi^dcVaXdciV^cZgigVchedgi!=VeV\"AadnY
X]dhZi]Zeg^cX^eaZd[¼dcZeVgicZg!dcZhnhiZb¼idegdk^YZXdbeaZmad\^hi^XhhZgk^XZh
Vadc\i]Zl]daZigVchedgiX]V^c!WVX`ZYjeWnVXdbegZ]Zch^kZeVX`V\Zd[hZgk^XZh#
I]ZbV^cX]VaaZc\Z^ci]Z8dciV^cZgH]^ee^c\Wjh^cZhh^c'%%+lVhi]Z^ciZ\gVi^dc
d[i]Z8VcVY^VcXdciV^cZgh]^ee^c\XdbeVcn8EH]^ehVXfj^gZY^cDXidWZg'%%*#6i
i]ZZcYd[i]Z'%%+ÇcVcX^VanZVg!=VeV\"AadnYdeZgViZY&(-h]^eh!^cXajY^c\Vaad[
i]Z8EH]^eh[jaan^ciZ\gViZY^c'%%+#=VeV\"AadnY¿hhX]ZYjaZYh]^ee^c\Wjh^cZhh^c
i]Z'%%+ÇcVcX^VanZVggZVX]ZYV\adWVaigVchedgiXVeVX^ind[*b^aa^dchiVcYVgYXdc"
iV^cZghI:J!IlZcin;ddi:fj^kVaZciJc^i#8dciV^cZgH]^ee^c\i]ZgZ[dgZ\ZcZgViZY
VcdkZgVaaijgcdkZgd[VgdjcY:jgd+#&W^aa^dc#
8gj^hZhºbdYZgc]da^YVnh
>cVYY^i^dcid8dciV^cZgH]^ee^c\!i]ZH]^ee^c\hZ\bZciVahd^cXdgedgViZh=VeV\"
AadnY@gZjo[V]giZc<bW=8gj^hZh#I]^hXdbeVcnWdVhihXgj^hZa^cZghedh^i^dcZY
^ci]ZajmjgnVcYegZb^jbhZ\bZcih^ci]Z<ZgbVcbVg`Zi!VcYeVgi^XjaVgan^ci]Z
a^[ZhinaZVcYZmeZY^i^dcXgj^hZhWjh^cZhh#I]ZÈZZi^cXajYZhi]Z[daadl^c\Xgj^hZa^cZgh
¼BH:jgdeV¼*"hiVgeajh!¼BH=VchZVi^X¼*"hiVg!¼BH7gZbZc¼)"hiVgVcY¼BH
8dajbWjh¼("hiVg#I]Z^g]da^YVngdjiZhXg^hh"Xgdhhi]ZhZkZchZVh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
'&
DjgWjh^cZhh
8dgedgViZ<dkZgcVcXZ
I]ZVXi^dchd[IJ>6<¿hbVcV\ZbZciVcYXdcigdaWdY^ZhVgZYZiZgb^cZYWni]Zeg^c"
X^eaZhd[\ddYVcYgZhedch^WaZXdgedgViZ\dkZgcVcXZ#
;jaaXdbea^VcXZl^i]i]ZgZXdbbZc"
YVi^dchd[i]Z<ZgbVc8dgedgViZ
<dkZgcVcXZ8dYZ
8dgedgViZ\dkZgcVcXZViIJ>Xdbea^Zh[jaanl^i]i]ZgZ\jaVi^dchVcYV^bhd[i]Z
<ZgbVc8dgedgViZ<dkZgcVcXZ8dYZ#I]ZZmZXji^kZWdVgYVcYi]ZhjeZgk^hdgn
WdVgYY^hXjhhZYi]ZjeYVi^c\d[i]Z9ZXaVgVi^dcd[8dbea^VcXZl^i]i]Z<ZgbVc
8dgedgViZ<dkZgcVcXZ8dYZVi^ihbZZi^c\dc&)9ZXZbWZg'%%+VcY^hhjZY^ih_d^ci
YZXaVgVi^dcd[Xdbea^VcXZejghjVciidHZXi^dc&+&<ZgbVcHidX`8dgedgVi^dc6Xi#>i
^heZgbVcZcianbVYZVkV^aVWaZidi]ZejWa^XdcIJ>6<¿hlZWh^iZ#IJ>6<i]ZgZ[dgZ
Xdbea^Zh[jaanl^i]i]ZgZ\jaVi^dch^ci]ZaViZhikZgh^dcd[i]Z<ZgbVc8dgedgViZ
<dkZgcVcXZ8dYZYViZY&'?jcZ'%%+#
8ddeZgVi^dcWZilZZci]ZZmZXji^kZ
WdVgYVcYi]ZhjeZgk^hdgnWdVgY
IJ>6<^hVXdbeVcn\dkZgcZYWn<ZgbVcaVlVcYi]ZgZ[dgZgZ\jaViZYWni]Z<Zg"
bVc8dgedgViZ<dkZgcVcXZ8dYZ#DcZd[i]ZWVh^Xeg^cX^eaZhaV^YYdlc^ci]Z<Zg"
bVcHidX`8dgedgVi^dc6Xi^hi]ZYjVa\dkZgcVcXZhnhiZbbVYZjed[i]ZZmZXji^kZ
WdVgYVcYi]ZhjeZgk^hdgnWdVgYºZVX]l^i]i]Z^gdlcheZX^VaVgZVhd[XdbeZiZcXZ#
I]ZZmZXji^kZWdVgYVcYi]ZhjeZgk^hdgnWdVgYd[IJ>6<ldg`XadhZanid\Zi]Zg^c
Vegd[Zhh^dcVagZaVi^dch]^eX]VgVXiZg^hZYWnigjhi^cejghj^c\i]Z^ggZhedch^W^a^i^Zhid
bVcV\ZVcYhjeZgk^hZi]ZXdbeVcn#
I]ZhjeZgk^hdgnWdVgYVYk^hZhVcYhjeZgk^hZhi]ZZmZXji^kZWdVgYYjg^c\^ih
bVcV\ZbZcid[i]ZXdbeVcn#>i^h^ckdakZY^chigViZ\nVcYeaVcc^c\YZX^h^dch!VcY
XdchjaiZYdcVaa^hhjZhd[[jcYVbZciVa^bedgiVcXZidi]ZXdbeVcn#I]ZVgi^XaZhd[
VhhdX^Vi^dcXdkZg^c\i]ZZmZXji^kZWdVgY^cXajYZhjeZgk^hdgnWdVgYXdchZciegdk^hdh
XdkZg^c\bV_dgigVchVXi^dchºhjX]VhYZÇc^c\i]ZVccjVaWjY\Zi!VcYbV_dgVXfj^h^"
i^dchVcYY^h^ckZhibZcih#I]ZX]V^gbVcd[i]ZhjeZgk^hdgnWdVgYXddgY^cViZhi]Z
ldg`d[i]ZhjeZgk^hdgnWdVgY!XdckZcZh^ihbZZi^c\h!VcYVXihVh^ihhed`ZhbVc#
I]ZZmZXji^kZWdVgY^c[dgbhi]ZhjeZgk^hdgnWdVgYXdbegZ]Zch^kZanVcYejcXij"
Vaan^clg^i^c\VcYVi^ihgZ\jaVgbZZi^c\hdc]dlWjh^cZhh^hYd^c\!i]ZhiVijhd[i]Z
<gdje!VcY^ihg^h`bVcV\ZbZci#:migVdgY^cVgnhjeZgk^hdgnWdVgYbZZi^c\hbVnWZ
XdckZcZYl]ZccZXZhhVgnidY^hXjhhh^\c^ÇXVciZkZcih#I]ZhjeZgk^hdgnWdVgY]Vh
YZÇcZY^ihdlcVgi^XaZhd[VhhdX^Vi^dcidgZ\jaViZ^ihldg`#I]ZgZegZhZciVi^kZhd[
i]Zh]VgZ]daYZghVcYi]ZZbeadnZZhbZZihZeVgViZan^[cZXZhhVgnl]ZcegZeVg^c\
[dgi]ZbZZi^c\h#
''
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
DjgWjh^cZhh
>cVXXdgYVcXZl^i]i]Z8d"YZiZgb^cVi^dcAVlVcY^ihVgi^XaZhd[VhhdX^Vi^dc!i]ZIJ>
6<hjeZgk^hdgnWdVgY]Vh'%bZbWZgh!d[l]^X]]Va[VgZkdiZY^cWni]Zh]VgZ]daY"
ZghVcY]Va[Wni]ZZbeadnZZh#I]ZnWdi]]VkZi]ZhVbZeZg^dY^cd[ÇXZ#I]ZgZ
VgZXjggZciancdeaVchid^cigdYjXZY^[[ZgZcieZg^dYhd[d[ÇXZ[dgi]Zh]VgZ]daYZgh¿
gZegZhZciVi^kZh#>cVXXdgYVcXZl^i]i]ZcZlgZ\jaVi^dchaV^YYdlcWni]Z<ZgbVc
8dgedgViZ<dkZgcVcXZ8dYZ!i]ZgZegZhZciVi^kZhd[i]Zh]VgZ]daYZghlZgZkdiZY
dcidi]ZhjeZgk^hdgnWdVgYhZeVgViZanVii]ZaVhiZaZXi^dcl]^X]idd`eaVXZVii]Z
VccjVa\ZcZgVabZZi^c\dc&%BVn'%%+#I]ZhjeZgk^hdgnWdVgYYdZhcdi^cXajYZVcn
[dgbZgbZbWZghd[i]ZIJ>6<ZmZXji^kZWdVgY#I]ZhjeZgk^hdgnWdVgY^cXajYZhVc
VYZfjViZcjbWZgd[^cYZeZcYZcibZbWZghl^i]cdXdbbZgX^VadgeZghdcVagZaVi^dc"
h]^ehl^i]i]ZXdbeVcndg^ihZmZXji^kZWdVgY#I]ZeZg^dYd[d[ÇXZd[bZbWZghd[
i]ZhjeZgk^hdgnWdVgY^hÇkZnZVgh!VcYi]ZXjggZcieZg^dYd[d[ÇXZZcYhVii]ZVc"
cjVa\ZcZgVabZZi^c\^c'%&&#
I]ZhjeZgk^hdgnWdVgY]Vh[dgbZYildXdbb^iiZZh[gdb^ihbZbWZghºi]ZZmZXj"
i^kZXdbb^iiZZVcYi]ZVjY^iXdbb^iiZZºidegZeVgZVcYhjeeaZbZcii]ZdkZgVaaVX"
i^k^i^ZhXdcYjXiZYWni]ZhjeZgk^hdgnWdVgY#I]ZZmZXji^kZXdbb^iiZZVcYi]ZVjY^i
Xdbb^iiZZZVX]Xdch^hid[h^mbZbWZghZfjVaanY^k^YZYjeVbdc\hii]ZgZegZhZciV"
i^kZhd[i]Zh]VgZ]daYZghVcYi]ZZbeadnZZh#I]ZX]V^gbVcd[i]ZVjY^iXdbb^iiZZ
]VhheZX^Va`cdlaZY\ZVcYZmeZg^ZcXZ^ci]ZVeea^XVi^dcd[VjY^i^c\eg^cX^eaZhVcY
^ciZgcVaVjY^i^c\bZi]dYhWnk^gijZd[]^hegd[Zhh^dc#I]ZgZVgZcdeaVchViegZhZci
idhZijeVcnVYY^i^dcVaXdbb^iiZZh#
IgVcheVgZcXn
IJ>^bbZY^ViZan!gZ\jaVganVcYh^bjaiVcZdjhan^c[dgbhi]ZejWa^XVcYi]ZÇcVcX^Va
bVg`ZihVWdjii]ZZXdcdb^Xh^ijVi^dcd[i]Z<gdjeVcYVcngZaZkVcicZl^c[dgbV"
i^dc#I]ZVccjVagZedgiVcYi]Z^ciZg^bgZedgihVgZejWa^h]ZYl^i]^ci]ZheZX^ÇZY
YZVYa^cZh#EgZhhgZaZVhZhVcYVY]dXhiViZbZcihl]ZgZcZXZhhVgnegdk^YZ^c[dgbV"
i^dcdcVcncZlZkZcihVcYYZkZadebZcih#H]VgZ]daYZghVcY^ciZgZhiZYbZbWZghd[
i]ZejWa^XXVcVahdhjWhXg^WZidVcZlhaZiiZgl]^X]gZedgihdcVaad[i]ZcZlVheZXih
XdcXZgc^c\i]Z<gdje#6aa^c[dgbVi^dc^hbVYZVkV^aVWaZh^bjaiVcZdjhan^c<ZgbVc
VcY:c\a^h]VcY^hejWa^h]ZY^ceg^ci!VhlZaaVhhj^iVWaZZaZXigdc^XbZY^VhjX]VhZ"
bV^aVcYi]Z^ciZgcZi#I]Zlll#ij^"\gdje#XdblZWh^iZVahdegdk^YZhXdbegZ]Zch^kZ
^c[dgbVi^dcdci]ZIJ><gdje!IJ>h]VgZhVcYi]Zl]daZ¼HjhiV^cVWaZYZkZadebZci¼
XdbeaZm#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
'(
HigViZ\^XbVcV\ZbZciegdXZhhZh
¼AVh8VŠVYVhYZaIZ^YZ¼CVi^dcVaEVg`
IZcZg^[Z!8VcVgn>haVcYhVhVcZmVbeaZ
d[IJ>¿hW^dY^kZgh^inhigViZ\n/EgdiZXi^c\
cVijgZXdchZgkVi^dcVgZVhWnVXfj^g^c\
JC:H8DLdgaYCVijgVa=Zg^iV\ZH^iZ
hiVijh'%%,#
HigViZ\^X
bVcV\ZbZciegdXZhhZh
HjhiV^cVW^a^inbVcV\ZbZci
E]^adhde]nVcYeg^cX^eaZh
8dbea^VcXZ
G^h`bVcV\ZbZci
HV[ZinVcYXg^h^hbVcV\ZbZci
>ccdkVi^dcbVcV\ZbZci
')
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
IJ>^hV\adWVaanVXi^kZ
XdbeVcn
l]^X]XVccdi^hdaViZ^ihZa[[gdbi]Z\gdl^c\VcYWgdVY"WVhZYhdX^Va
ZmeZXiVi^dch[dghjhiV^cVW^a^inaZVYZgh]^e#IJ>[VXZhi]ZhZXdbeaZm
X]VaaZc\ZhVcYi]ZVhhdX^ViZYiVg\ZiXdcÈ^Xihl^i]egd[Zhh^dcVa^hb
VcYXdbeZiZcXZ#LZVgZ[jaanVlVgZi]VilZbjhiegdk^YZXdck^c"
X^c\Vg\jbZcih#I]ZejWa^X^hcdi_jhi^ciZgZhiZY^c]dlbjX]lZ
ZVgcWji]dllZZVgc^i#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
'*
HigViZ\^XbVcV\ZbZciegdXZhhZh
HjhiV^cVW^a^inbVcV\ZbZciVXgdhhi]Z<gdje
HjhiV^cVW^a^inºV`ZnZaZbZcid[djgXdgedgViZhigViZ\n
¼<d^c\WZndcY¼º\d^c\i]ZZmigVb^aZ!VcYYZY^XVi^dcidXgZViZhdbZi]^c\cZl!^h
VYncVb^XVaana^kZYeVgid[IJ>¿hXdgedgViZXjaijgZ#>ccdkVi^kZhigZc\i]![VhX^cVi^c\
egdYjXihVcYXdbb^iiZYhiV[[\jVgVciZZIJ>¿hadc\"iZgbZXdcdb^XhjXXZhh#6bV_dg
eVgi^hVahdeaVnZY]ZgZWni]ZXdbeVcn¿h\ddYgZejiVi^dc[djcYZYdc^ihZci]jh^Vh"
i^XVaanZcYdghZYgZhedch^W^a^inidlVgYheZdeaZVcYi]ZZck^gdcbZci#LZVgZi]ZgZ"
[dgZ[jaanXdbb^iiZYiddjghjhiV^cVWaZVcY[jijgZ"dg^ZciZYXdgedgViZ\dkZgcVcXZ#
¼<d^c\WZndcY¼]ZgZ[dgIJ>VahdbZVchWgZV`^c\cZl\gdjcY!hZii^c\i]ZeVXZ!VcY
VYZZeangddiZYXdbb^ibZciidYdbdgZi]VcbZgZan^beaZbZcii]ZaZiiZgd[i]Z
aVl/^ibZVchVgZVaXVg^c\VeegdVX]!i]Zegd[Zhh^dcVa]VcYa^c\d[XdbbZgX^Vag^h`h!
VcY]^\]aZkZahd[igVcheVgZcXnidlVgYhVaad[djghiV`Z]daYZgh#6hVidjg^hbbVg`Zi
aZVYZg!VcYZbeadnZgd[dkZg*(%%%hiV[[!lZVgZi]ZgZ[dgZ[jaanVlVgZd[djgbV_dg
hdX^VagZhedch^W^a^in#LZi]ZgZ[dgZkdajciVg^an^cXdgedgViZhdX^VaVcYZck^gdcbZciVa
VheZXih^cdjg\ZcZgVaWjh^cZhhVXi^k^i^Zh#
X[#eVgi^XjaVgan8]VeiZg¼GZedgih!
gZedgi^c\½!e#,(",*
HjhiV^cVWaZYZkZadebZci[dgIJ>bZVchVegdÇi"dg^ZciZYXdgedgViZhigViZ\nl]^X]
^cXdgedgViZhZck^gdcbZciVaVcYhdX^VacZZYh#I]^hbZVch]VgcZhh^c\i]ZediZci^Va
d[djghiV[[i]gdj\]bdi^kVi^dcVcYÈZm^WaZldg`Èdlhdg\Vc^hZYWni]ZZbeadnZZh
^ihZa[#>ibZVchW^cY^c\ZbeadnZZhidi]ZXdbeVcn^ci]Zadc\iZgb!VcYZchjg^c\
i]Vii]ZXdbeVcn]VhV]^\]fjVa^in^cÈdld[ndjc\hiV[[i]gdj\]^ihigV^c^c\bZVh"
jgZhVcYVlVgZcZhhXVbeV^\ch^cjc^kZgh^i^Zh#>ibZVchegdbdi^c\VcYhV[Z\jVgY^c\
i]Z]ZVai]VcYhV[Zind[djgZbeadnZZh#>ihiVcYh[dgi]ZgZhedch^WaZjhZd[cVijgVa
gZhdjgXZhVcYi]ZZck^gdcbZciVidjgadXVi^dchVcY]da^YVnYZhi^cVi^dch!VhlZaaVh
YZkZade^c\VcYXdci^cjdjhan^begdk^c\Zck^gdcbZciVabVcV\ZbZcihnhiZbh!VcY
^ciZ\gVi^c\Zck^gdcbZciVaVcYegdYjXifjVa^in#Di]ZgVheZXih^cXajYZWZ^c\^ckdakZY
^cVgZhedch^WaZlVnVhVbZbWZgd[i]ZhdX^ZinVidjgd[ÇXZadXVi^dchVcY]da^YVn
YZhi^cVi^dch!VcYVXi^c\egjYZcianl]Zcjh^c\i]ZVgZVhd[^cÈjZcXZVidjgY^hedhVa#
>iVahdbZVch^cXdgedgVi^c\i]Zd[iZcXdcigVY^XidgnZmeZXiVi^dchl^i]^c[ZVh^WaZ
adc\"iZgbhdaji^dchWnZc\V\^c\^cVXdci^cjdjhVcYdeZcY^Vad\jZl^i]Vaad[djg
hiV`Z]daYZgh#
DjgXdbb^ibZciiddjgZbeadnZZh!i]ZZck^gdcbZciVcYhdX^Zin^hi]ZgZ[dgZcd
hjeZgÇX^VadWa^\Vi^dcWjigVi]ZgVYjin^cdjgdlcWZhi^ciZgZhihidbV^ciV^cdjg
bVg`ZiaZVYZgh]^eVcYegdiZXii]Z[jijgZXdbeZi^i^kZcZhhd[djgXdbeVcn#6cYi]^h
cdidcanVeea^Zh^ciZgcVaaniddjg<gdje/lZVgZ^cXgZVh^c\anZmeZXiZYidVahdiV`Z
^cidXdch^YZgVi^dcZck^gdcbZciVa!hdX^VaVcYZXdcdb^XVheZXihl]ZchZaZXi^c\djg
Wjh^cZhheVgicZgh#
'+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
DjghjhiV^cVWaZYZkZadebZcieg^cX^eaZh
LZegdbdiZ^ccdkVi^dcVcYi]ZYZkZadebZcid[]^\]fjVa^inegdYjXih#
LZVgZVcViigVXi^kZZbeadnZg[dgdjghiV[[!_jc^dgZbeadnZZhVcYndjc\iVaZci#
LZjhZgZhdjgXZhZ#\#lViZg!aVcYl^i]]^\]W^dY^kZgh^inl^i]i]ZV^bd[gZYjX^c\
i]ZZck^gdcbZciVa^beVXid[i]Z<gdjeWn^beaZbZci^c\Xdci^cjdjh^begdkZbZci
higViZ\^Zh#
LZ^ckZhi^cZ[ÇX^ZciZcZg\nVcYZc\^cZiZX]cdad\^ZhidVkd^Y\adWVaXa^bViZ
X]Vc\Z#
LZVgZdg^ZciZYidi]ZcZZYhd[djgXjhidbZgh#
LZVgZVXi^kZan^ckdakZY^ci]ZZXdcdb^X!Zck^gdcbZciVaVcYhdX^VaYZkZadebZcid[
djgWjh^cZhhadXVi^dchVcYYZhi^cVi^dch#
Dg\Vc^hVi^dc
8ddeZgVi^dcWZilZZci]ZXdgedgViZXZcigZYZeVgibZcihVcY<gdjeXdbeVc^Zh^h
gZfj^gZYid^beaZbZciVcYh]VeZhjhiV^cVW^a^inhigViZ\^ZhVXgdhhi]Z<gdje#IJ>hZi
jeV8HG8djcX^a[dgi]^hejgedhZXddgY^cViZYWn<gdje8dgedgViZ:ck^gdcbZciVa
BVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci#
I]Z8HG8djcX^a^cXajYZhgZegZhZciVi^kZh[gdbgZaZkVciXdgedgViZXZcigZYZeVgi"
bZcih#I]Z8HG8djcX^agZedgihidi]ZZmZXji^kZWdVgYbZbWZggZhedch^WaZ[dg
hjhiV^cVWaZYZkZadebZci#>i^hVahdXadhZancZildg`ZYl^i]i]ZZck^gdcbZciVaVcY
hjhiV^cVW^a^inXddgY^cVidghd[i]Z<gdjeXdbeVc^Zhl]dbZZidcXZVnZVgVii]Z
heZX^Va¼8d8dH¼bZZi^c\8ddgY^cVidgh¿8dc[ZgZcXZ[dg:ck^gdcbZciVaBVcV\ZbZci
VcYHjhiV^cVWaZ9ZkZadebZci#I]ZhZXdc[ZgZcXZh[dXjhdcZck^gdcbZciVaVcYhdX^Va
hjhiV^cVW^a^in!VcYgZedgi^c\i]ZeZg[dgbVcXZVcYWZhiegVXi^hZZmVbeaZhd[Vaa<gdje
XdbeVc^Zh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
',
HigViZ\^XbVcV\ZbZciegdXZhhZh
ZXdchZchZº;dgjb[dgHjhiV^cVWaZ9ZkZadebZcid[<ZgbVc7jh^cZhh
DeZcY^Vad\jZVcYigVcheVgZcXnVgZeZgbVcZciVheZXihd[djgXdgedgViZkVajZh#
6hdcZd[i]Z[djcY^c\bZbWZghd[ZXdchZchZ!IJ>6<]VhXdbb^iiZY^ihZa[kda"
jciVg^anidejghjZZck^gdcbZciVa!ZXdcdb^XVcYhdX^d"eda^i^XVahjhiV^cVW^a^in#I]Z
¼;dgjb[dghjhiV^cVWaZYZkZadebZci¼^hVc^c^i^Vi^kZd[<ZgbVcWjh^cZhhgZegZhZci"
^c\aZVY^c\cVi^dcVaVcY^ciZgcVi^dcVaXdbeVc^ZhVcYdg\Vc^hVi^dchl]^X]]VkZ^ciZ"
\gViZYi]Zeg^cX^eaZhd[hjhiV^cVWaZYZkZadebZcil^i]^ci]Z^gXdgedgViZhigViZ\^Zh
idiVX`aZi]ZVhhdX^ViZYZXdcdb^X!Zck^gdcbZciVaVcYhdX^d"eda^i^XVa^hhjZh#
6Xi^kZbZbWZgh]^e^c\adWVaanVXi^kZ
hjhiV^cVW^a^incZildg`h
>iZc\V\Zh^cdeZcY^Vad\jZl^i]Wjh^cZhhVcYeda^XnbV`Zgh!hiV`Z]daYZgh^cC<Dh!
hX^Zci^hihVcYi]ZejWa^X!idY^hXjhhi]ZgZhedch^W^a^i^ZhVcYdeedgijc^i^Zhd[hjhiV^c"
VWaZYZkZadebZci#I]^h^ckdakZhi]ZZaVWdgVi^dcd[eda^i^XVahigViZ\^Zhid\Ziid\g^eh
l^i]i]ZX]VaaZc\Zhd[hjhiV^cVWaZYZkZadebZci#I]Z[dgjb]VhhZi^ihZa[i]ZiVh`d[
\ZcZgVi^c\^YZVh!hjeedgi^c\hjhiV^cVWaZYZkZadebZcil^i]XdcXgZiZVXi^k^i^Zh!VcY
Y^hXjhh^c\higViZ\^Zh!eda^XnVcYWjh^cZhhYZbVcYh!VcYXdcXgZiZhdaji^dcedhh^W^a^"
i^Zh#
6hVbZbWZgd[ZXdchZchZ!lZhiVcY[dgi]Z[daadl^c\Wjh^cZhheg^cX^eaZh/
LZeaZY\ZidigZViVaagZhdjgXZhXdbeVi^Wanl^i]i]Zeg^cX^eaZhd[hjhiV^cVW^a^in!
VcYidVa^\cdjgVXi^dchidi]ZgZXd\c^hZYcVi^dcVaVcY^ciZgcVi^dcVa\j^YZa^cZh
VcYigZVi^Zh#
LZVgZl^aa^c\idjhZdjgh`^aah^ci]Z^ciZgZhihd[hjhiV^cVWaZZXdcdb^Xh#
LZ^ciZcYideaVnVcVXi^kZVcYaZVY^c\gdaZ^ci]Zeda^i^XVaYZX^h^dcbV`^c\egdX"
ZhhdchjhiV^cVWaZYZkZadebZciWnZaVWdgVi^c\XdcXgZiZVcY^ccdkVi^kZhdaji^dc
higViZ\^Zh#
HjhiV^cVWaZYZkZadebZci^cdjg^ciZgegZiVi^dc^cXajYZhigVcheVgZcXnVcYdeZc
Y^Vad\jZ#LZi]ZgZ[dgZbV`ZdjghZakZh]ZVgYcVi^dcVaanVcY^ciZgcVi^dcVaanVh
fjVa^ÇZYVcYXdbb^iiZYXdciVXihdeZc[dgY^Vad\jZl^i]eda^XnbV`Zgh!hX^Zci^hih!
hiV`Z]daYZghVcYWjh^cZhh#
LZegdbdiZi]ZhZa["^c^i^Vi^kZVcY^ccdkVi^kZhigZc\i]d[i]ZWjh^cZhhXdbbj"
c^indcWZ]Va[d[hjhiV^cVWaZYZkZadebZci#LZ^ciZcYidZmeVcYdjghjhiV^cVWaZ
YZkZadebZciXdbeZiZcXZ!VcYhjeedgiVcYbZcidgVhVcVXi^kZeVgicZgdi]Zg
XdbeVc^Zh!eg^kViZ]djhZ]daYh!VcYi]ZejWa^XhZXidgid]Zae[dhiZg\gZViZghjh"
iV^cVW^a^in#
'-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
IdjgDeZgVidg¿h>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb9ZkZadebZci
Idejh][dglVgYVcYegdbdiZi]ZXdcXZeid[hjhiV^cVWaZYZkZadebZci!IJ>
aVjcX]ZYi]ZIdjgDeZgVidgh¿>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb9ZkZadebZci
ID>^c'%%%id\Zi]Zgl^i]di]ZgidjgdeZgVidghVcYl^i]i]Zhjeedgid[
JC:E!JC:H8DVcYJCLID#6aad[i]ZbZbWZghd[i]^h\adWVa^c^i^Vi^kZZciZg
kdajciVgnhZa["dWa^\Vi^dch[dgi]ZZXdad\^XVa!ZXdcdb^XVcYhdX^VahjhiV^cVW^a^in
d[idjg^hbYZkZadebZci/
¼6haZVY^c\idjgdeZgVidgh!lZVgZXd"gZhedch^WaZ^cVheZX^ValVn[dgi]Z
lZaaWZ^c\d[i]ZeZdeaZlZXdbZ^cidXdciVXil^i]VhVgZhjaid[djgWjh^cZhh#
I]^hVeea^ZhiddjgXjhidbZgh!hdi]Vii]ZnXdci^cjZidWZcZÇi[gdbdei^"
bVahZgk^XZh^c[jijgZ!VhlZaaVhi]Z^c]VW^iVcihd[djgYZhi^cVi^dcXdjcig^Zh!
l]dhZZXdcdb^XYZkZadebZciYZeZcYhdcXdchZgkVi^dcd[i]Z^gcVijgVaZck^"
gdcbZciVaXdcY^i^dch!XjaijgVaigVY^i^dchVcYhdX^VaXjhidbh#LZÇgbanWZa^ZkZ
i]VidjgWjh^cZhhhZXidgXVcbV`Zh^\c^ÇXVciXdcig^Wji^dch^ci]^hXdciZmi#>c
djgdlcadc\"iZgb^ciZgZhih!VhlZaaVh^ci]Zadc\"iZgb^ciZgZhihVcYWZcZÇi
d[djgXjhidbZgh!lZl^h]idYdZkZgni]^c\^cdjgedlZgidegZkZciVii]Z
ZVga^Zhiedhh^WaZhiV\ZVcncZ\Vi^kZ^beVXiidjg^hbbVn]VkZdci]ZZXdcdbn!
ZbeadnbZci!XjaijgZ!hdX^Zin!cVijgZVcYZck^gdcbZcid[i]ZYZhi^cVi^dc
Xdjcig^Zh!VcYidZchjgZi]Viidjg^hbegdYjXZhedh^i^kZgZhjaihdcegdheZg^in!
fjVa^ind[a^[ZVcYW^dY^kZgh^in#
>ci]Z]da^YVnXdjcig^Zhi]ZbhZakZhlZeVgi^XjaVganl^h]id/
BV`ZVXdcig^Wji^dcidi]ZXdchZgkVi^dcd[Vc^bVah!eaVcihVcYi]ZXdjc"
ignh^YZ!VcYegdiZXiXdchZgkVi^dcVgZVhVcYXjaijgVa]Zg^iV\Z#
:chjgZi]ViaVcYVcYhd^a!lViZg!ZcZg\ngZhdjgXZhVcYdi]ZgcVijgVagZ"
hdjgXZhVgZjhZYXVgZ[jaanVcYZXdcdb^XVaan!VcYi]VilVhiZVcYZck^gdc"
bZciVaedaaji^dc^hVkd^YZYl]ZgZkZgedhh^WaZ#
>cXdgedgViZi]ZadXVaVji]dg^i^Zh^ci]ZYZhi^cVi^dch^cidjg^hbeaVcc^c\!
VcYegdbdiZi]ZjhZd[adXVaegdYjXihVcYhZgk^XZh#
HigZc\i]ZcdjgeVgicZgh^ceg^kViZXdbeVc^ZhVcYi]ZejWa^XhZXidg^c
XgZVi^c\hjhiV^cVWaZhigjXijgZh[dgidjg^hb!VcY[jgi]ZgYZkZade^c\hjX]
higjXijgZh#
IJ>^hXdbb^iiZYidcVi^dcVaVcY^ciZgcV"
i^dcVaV\gZZbZcih
º <adWVa8dYZd[:i]^Xh
JCLdgaYIdjg^hbDg\Vc^hVi^dc
º <j^YZa^cZhd[i]ZIdjgDeZgVidgh¿
>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb
9ZkZadebZci
º I]Zeg^cX^eaZhd[ZXdchZchZº;dgjb[dg
HjhiV^cVWaZ9ZkZadebZcid[<ZgbVc
7jh^cZhh
LZh]VaaÇgbanVcX]dgi]Zeg^cX^eaZhd[hjhiV^cVW^a^in^cdjgXdgedgViZeda^X^Zh!
Xdci^cjdjhangZ\jaViZVaaZck^gdcbZciVaan"gZaViZY!XjaijgVaVcYhdX^VaVheZXih
d[djgVXi^k^i^Zh^cYZhi^cVi^dcXdjcig^Zh!VcY^c[dgbi]ZejWa^XVWdjidjg
VXi^k^i^Zh#6cY^ceVgi^XjaVg!lZl^h]idZcXdjgV\ZdjgXjhidbZghdci]ZWVh^h
d[XVgZ[jaaneaVccZYZYjXVi^dcVaXVbeV^\chidjcYZghiVcYVcYgZheZXii]Z
XjaijgZVcYXjhidbhd[eZdeaZ^ci]ZXdjcig^Zhi]Znk^h^iVh]da^YVnbV`Zgh!
gZXd\c^hZi]ZXVjhZhd[VcnZm^hi^c\Zck^gdcbZciVaegdWaZbh!idX]Vc\Z[dg
i]ZWZiiZgVcn]Vgb[jaWZ]Vk^djg^ci]^hXdciZmi!VcYidXdbb^ii]ZbhZakZh
idi]ZhjhiV^cVWaZjhZd[cVijgVagZhdjgXZh#½
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
'.
HigViZ\^XbVcV\ZbZciegdXZhhZh
Djg[dgZ^\cXdbeVc^ZhVgZVahd^ckdakZY^chjhiV^cVWaZYZkZadebZcicZildg`h/
L^c"L^c[dgXjhidbZghVcYYZhi^cVi^dch
IJ>J@^hVbZbWZgd[i]Z7g^i^h]IgVkZa;djcYVi^dci]Z[dgbZgHjhiV^cVWaZIdjg"
^hb>c^i^Vi^kZ#I]ZejgedhZd[i]^h^cYZeZcYZcidg\Vc^hVi^dc^hidhjeedgii]Zidjg"
^hb^cYjhign^c^ihZ[[dgihidegdbdiZhjhiV^cVWaZidjg^hb#IJ>J@VcYi]ZIgVkZa
;djcYVi^dcldg`XadhZanid\Zi]ZgidXdcXZcigViZi]Z^gVXi^k^i^ZhdcegdiZXi^c\VcY
^begdk^c\i]ZZck^gdcbZci!VcYegZhZgk^c\XjaijgVaigVY^i^dch^cXdbbjc^i^ZhVii]Z
]da^YVnYZhi^cVi^dch#
6gVc\Zd[egd_ZXihegZhZci^c\^YZVhVcYiZhi^c\hdaji^dch]VkZWZZc^c^i^ViZY^c
XddeZgVi^dcl^i]i]ZadXVaYZhi^cVi^dcbVcV\ZbZciVcYeVgicZgh#I]ZgZhjaihd[
i]ZhZegd_ZXihVgZjhZYid[dgbjaViZ\j^YZa^cZh[dgi]Zl]daZidjg^hbhZXidg#I]Vc`h
idYZY^XViZYXddeZgVi^dcWZilZZcIJ>J@VcYi]ZIgVkZa;djcYVi^dc!idjg^hihZc_dn
]^\]fjVa^in]da^YVnh^ci]ZÇgb`cdlaZY\Zi]Vii]Z^g]da^YVnYZhi^cVi^dc^hWZ^c\
hV[Zanadd`ZYV[iZgVcYhjhiV^cZY[dgi]ZWZcZÇid[[jijgZ\ZcZgVi^dch#8dbeVc^Zh
WZcZÇi[gdbWZ^c\VWaZidXViZgWZiiZgidi]ZcZZYhd[i]Z^gXjhidbZgh!Vii]ZhVbZ
i^bZVhegdiZXi^c\i]ZgZhdjgXZhdcl]^X]i]Z^gdlcXdbbZgX^Va[jijgZhYZeZcY#
I]ZXdbbjc^i^ZhWZcZÇi[gdbi]Z]^\]ZgegdÇih\ZcZgViZYWnidjg^hb!l]^X]]VkZ
Vedh^i^kZ`cdX`"dcZ[[ZXi^cadXVaZXdcdb^Zh#
Idjg^hb[dg9ZkZadebZci
>c;gVcXZ!i]ZCdjkZaaZh;gdci^ƒgZh<gdjeIJ>;gVcXZXddeZgViZhl^i]i]Z]jbVc^"
iVg^Vcdg\Vc^hVi^dc¼Idjg^hb[dg9ZkZadebZci¼I;9#I]^hdg\Vc^hVi^dcÇcVcXZhVcY
hjeZgk^hZhb^Xgd"egd_ZXihXdcXZcigViZYdcÇ\]i^c\ZmigZbZedkZgin^ci]Zidjg^hb
YZhi^cVi^dch#I;9¿hk^h^dc^hid\ZiidjgdeZgVidghidZc\V\Z^cgZ\^dcVaegd_ZXihid
^begdkZVcYhV[Z\jVgYadXVaa^k^c\XdcY^i^dch#I]ZgZVgZVahdWgdVYdeedgijc^i^Zh
[dgigVkZaXdbeVc^ZhVcY]da^YVnbV`ZghidWZXdbZY^gZXian^ckdakZY#CdjkZaaZh;gdc"
i^ƒgZh]VhdeiZY[dgi]^h^ckdakZbZci!XdbW^cZYl^i]i]Zl^h]idWZVgdaZbdYZaVcY
e^dcZZg[dgi]Zl]daZhZXidg#
(%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
8dgedgViZ<j^YZa^cZ[dgZbeadnZZh
9d^c\Wjh^cZhhVadc\hjhiV^cVWaZZXdcdb^X!ZXdad\^XVaVcYhdX^Vaa^cZh
^hVc^cY^heZchVWaZeVgid[IJ>¿hXdgedgViZXjaijgZ#I]^hVahd^cXajYZh
^ciZ\g^in^cYZVa^c\l^i]djgWjh^cZhheVgicZgh!ZbeadnZZh!h]VgZ]daY"
ZghVcYi]Z\ZcZgVaejWa^X#
8dgedgViZgZhedch^W^a^inºgVi]ZgkdajciVgni]VcgZ\jaViZY
EgZX^hZanWZXVjhZlZVgZVhZgk^XZh\gdje!lZYZeZcYdc^beZXXVWaZWZ]Vk^djgid"
lVgYhdjgeVgicZgh!hdX^ZinVcYi]ZZck^gdcbZciid\V^cVcYbV^ciV^ci]Zigjhid[
eda^XnbV`ZghVcYi]Z\ZcZgVaejWa^X#I]^h\^kZhjhi]Zgddb[dgbVcdZjkgZlZcZZY
^chiZVYd[gZ\jaVi^dcVcYXdcigda#>iVahdh^bjaiVcZdjhanWddhihdjgWgVcYkVajZVcY
djgedejaVg^inVhVcZbeadnZg#8dgedgViZZi]^XhViIJ>^hcdiVcZl¼bVcV\ZbZci
[VY¼WjiVc^bedgiVciZaZbZcid[bdYZgc[jijgZ"k^VWaZXdgedgViZ\dkZgcVcXZ#;jijgZ
bVcV\Zghl^aacZZYh`^aahl]^X]\dlZaaWZndcYi]ZigVY^i^dcVaWjh^cZhhVYb^c^higVi^dc
^chigjbZcih#I]Znl^aaZi]^XVaangZÈZXii]Zedh^i^dcd[i]ZXdbeVcn^chdX^Zin!VcY
]VkZid^c^i^ViZhj^iVWaZbZVhjgZhid^beaZbZcigZhedch^WaZXdcYjXi#IJ>]Vhidldg`
ZkZgnYVnidbV^ciV^c^ihkZgnedh^i^kZ\adWVagZejiVi^dc#I]^h^ckdakZh]VgYldg`Vi
djgadXVi^dchVcYdjgYZhi^cVi^dch/i]gdj\]^ciZ\g^inVcY[V^gcZhh!i]gdj\]]^\]aZkZah
d[Zck^gdcbZciVaVcYhdX^VagZhedch^W^a^inVcYVlVgZcZhh!VhlZaaVhY^Vad\jZ"dg^ZciZY
igVcheVgZciWjh^cZhhegVXi^XZhVcYVXi^dch#
I]^h^hi]Zeg^cX^eaZWZ]^cYdjg8dgedgViZ<j^YZa^cZ[dgZbeadnZZh#>i^hi]ZgZVhdc
l]ndjghigViZ\^XZkVajVi^dchVcYdjgYVn"id"YVnWjh^cZhh]VkZValVnhWZZcWVhZY
dc]^\]Zi]^XVahiVcYVgYhVcYi]Zhig^XibV^ciZcVcXZd[bVcYVidgnhi^ejaVi^dch#I]Z
XdgedgViZ^bV\Zd[djg<gdjeVcYi]Z<gdjeXdbeVc^Zh^hXgjX^Vaan^cÈjZcXZYWni]Z
VeeZVgVcXZ!VXi^dchVcYXdcYjXid[ZVX]VcYZkZgndcZd[jh#:kZgnZbeadnZZWZVghV
h]VgZd[gZhedch^W^a^ini]VilZVhV<gdjeVcYZVX]<gdjeXdbeVcnZc_dn]^\]aZkZah
d[gZheZXiVcYVcZmXZaaZcigZejiVi^dcldgaYl^YZ#I]ZgZ\jaVi^dchVgZb^c^bjbhiVcY"
VgYhVcYdWa^\VidgngjaZhidWZdWhZgkZYWnVaaIJ><gdjeZbeadnZZh#:kZgn<gdje
XdbeVcnXVcVYYbdgZ[VggZVX]^c\gZ\jaVi^dch^ca^cZl^i]i]Z^gcVi^dcVaWZcX]bVg`h#
I]ZgZ\jaVi^dchVgZ^ciZcYZYid]ZaebZZii]ZZi]^XVaVcYaZ\VaX]VaaZc\Zhd[djgYVn"
id"YVnldg`#I]ZnVgZVhdjgXZd[dg^ZciVi^dc^cXdcÈ^Xih^ijVi^dch#EgZX^hZanWZXVjhZ
lZVgZVhZgk^XZh\gdje!djgXdbbZgX^VahjXXZhhYZeZcYhdcl^cc^c\VcYW^cY^c\djg
XjhidbZghi]gdj\]djg^beZXXVWaZXdcYjXihdi]VilZXdci^cjZidX]VgidjghjXXZhh"
[jaXdjghZ^ci]ZbVg`Zih^cl]^X]lZZmXZa#
<j^YZa^cZhVhb^c^bjbhiVcYVgYh
I]Z\j^YZa^cZhgZÈZXiIJ>¿hkVajZh^ci]ZbV^cVgZVhV[[ZXi^c\i]ZlVnlZXdcYjXidjg
Wjh^cZhh/
7Vh^XXdYZhd[XdcYjXi
<dkZgcVcXZ!VXXdjciVW^a^inVcYhjeZgk^h^dc
8dcYjXil^i]gZheZXiidWjh^cZhheVgicZgh
6kd^Y^c\XdcÈ^Xihd[^ciZgZhi
8dcYjXil^i]gZheZXiidXdbeVcnegdeZginVcY[VX^a^i^Zh
8dcYjXil^i]gZheZXiid^c[dgbVi^dc
:ck^gdcbZci!hV[ZinVcY]ZVai]
>ggZ\jaVg^i^Zh
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
(&
HigViZ\^XbVcV\ZbZciegdXZhhZh
8dbea^VcXZ
IJ>XdbeVc^ZhbjhiXdbeanl^i]i]ZZck^gdcbZciVaVcYdXXjeVi^dcVahV[ZingZ\jaV"
i^dch^cZVX]aZ\VahnhiZb^cl]^X]IJ>^hVXi^kZ!VhlZaaVhVcjbWZgd[^ciZgcVi^dcVa
igZVi^ZhV[[ZXi^c\i]ZigVchedgiVcYVk^Vi^dchZXidgh#I]ZhZaVlh!Y^gZXi^kZhVcYigZV"
i^ZhgZ\jaViZcjbZgdjhVheZXih^cXajY^c\V^gXgV[icd^hZ!i]ZZb^hh^dcd[V^g!lViZgVcY
hd^aedaajiVcih!i]ZjhZ!igVchedgiVcYhidgV\Zd[]VoVgYdjh\ddYh!VcYi]ZgZbZY^V"
i^dcd[XdciVb^cViZYh^iZh#
DWhZgk^c\i]ZaZiiZgd[i]ZaVl
I]Zk^daVi^dcd[Zck^gdcbZciVaaVlhVcYY^gZXi^kZhXVcWZejc^h]ZYWnhZg^djhÇcZh
VcYX^k^adgXg^b^cVaaVlhVcXi^dch#6cYi]ZegZhZcXZd[XdciVb^cVi^dcdcIJ>¿h[VX^a^"
i^ZhbVngZfj^gZIJ>ideVni]ZgZbZY^Vi^dcXdhih#>iXdjaYVahdaZVYidZck^gdcbZc"
iVaVji]dg^hVi^dch[dghdbZIJ>XdbeVc^ZhWZ^c\gZ"ZmVb^cZY!bdY^ÇZYdgl^i]"
YgVlcWn^hhj^c\V\ZcX^Zh#:kZci]dj\]IJ>XdcÇgbhi]Vi^ibViZg^VaanXdbea^Zhl^i]
i]ZZck^gdcbZciVaaVlhVcYVji]dg^hVi^dchVeea^XVWaZid^ihWjh^cZhhVXi^k^i^Zh!Xdhih
Vg^hZ[gdbi^bZidi^bZidXdbeanl^i]i]ZhZYZbVcYh#:ck^gdcbZciVaXdhihY^Ycdi
]VkZVh^\c^ÇXVci^cÈjZcXZdcIJ>¿hWjh^cZhhVXi^k^i^Zh^ci]ZeVhi!VcYIJ>YdZhcdi
ZmeZXiZck^gdcbZciVaXdhih^c[jijgZidgZVX]hZg^djhaZkZah!cZkZgi]ZaZhh!cZl^c"
[dgbVi^dcdg[jijgZYZkZadebZcihhjX]VhX]Vc\Zh^caVlhVcYY^gZXi^kZhVeean^c\id
XdbeVc^Zh^ci]Z<gdje!XdjaYXVjhZi]ZhZXdhihidiV`Zdch^\c^ÇXVciegdedgi^dch#
IJ>hdaYVcjbWZgd[XdbeVc^Zh^ckdakZY^c]ZVkn^cYjhign!^cXajY^c\XdbeVc^Zh
Zc\V\ZY^cXdVab^c^c\!hiZZabV`^c\!h]^eWj^aY^c\VcYd^aZmeadgVi^dc!VhlZaaVh
bVcj[VXijg^c\XdbeVc^Zh#IJ>bVnhi^aaWZhjW_ZXiidZck^gdcbZciVaa^VW^a^i^Zh^c
VXXdgYVcXZl^i]XjggZciaZ\^haVi^dcVcYk^VXdcigVXijVa\jVgVciZZh^hhjZYWni]ZhZ
XdbeVc^Zh#
('
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
G^h`bVcV\ZbZciVXgdhhi]Z<gdje
I]ZIJ><gdje^hVXi^kZVgdjcYi]ZldgaY^c^ihildXdgZWjh^cZhhZh!Idjg^hbVcY
H]^ee^c\#I]ZhZVXi^k^i^ZhcVijgVaan^ckdakZg^h`hl]^X]Y^[[Zg^cVXXdgYVcXZl^i]i]Z
ineZd[Wjh^cZhh#I]ZhZg^h`hbVnWZVhhdX^ViZYl^i]^ihdlcWjh^cZhhegVXi^XZhdg
WZXVjhZYWnZmiZgcVa[VXidgh#
G^h`eda^Xn
I]Zeg^cX^eaZhd[\ddYXdgedgViZ\dkZgcVcXZ^cXajYZi]ZgZhedch^WaZbVcV\ZbZci
d[XdbbZgX^Vag^h`h#I]Zeg^cX^eaZhd[\ddYVcYgZhedch^WaZXdgedgViZ\dkZgcVcXZ
YZiZgb^cZi]ZVXi^dchd[IJ>6<¿hZmZXji^kZVcYhjeZgk^hdgnWdVgYh#I]ZIJ>6<
ZmZXji^kZWdVgYVcYi]ZbVcV\ZbZciVXgdhhi]ZIJ><gdje]VkZVXXZhhidXdbegZ"
]Zch^kZXgdhh"<gdjeVcYXdbeVcn"heZX^ÇXgZedgi^c\VcYXdcigdahnhiZbhhjeedgi"
^c\i]Z^YZci^ÇXVi^dc!ZkVajVi^dcVcYXdcigdad[i]ZhZg^h`h#I]ZhZhnhiZbhjcYZg\d
Xdci^cjdjh[jgi]ZgYZkZadebZci!VY_jhibZciidX]Vc\^c\XdcY^i^dch!VcYX]ZX`^c\
WnZmiZgcVaVjY^idgh#
IJ>¿hg^h`eda^Xn^h[dXjhZYdcXdci^cjdjhanVcYhjhiV^cVWan^cXgZVh^c\i]ZkVajZd[
i]ZXdbeVcn!VX]^Zk^c\^ihbZY^jb"iZgbÇcVcX^VaiVg\Zih!VcYhV[Z\jVgY^c\i]Z
XdbeVcn¿hadc\"iZgbk^VW^a^in#>i^hi]ZgZ[dgZVk^iVaeVgid[dkZgVaaXdgedgViZeda^Xn#
I]ZejgedhZd[g^h`bVcV\ZbZci^hid^YZci^[nVaaineZhd[g^h`ZVgandc!ZkVajViZ
i]Zb!VcYida^b^ii]Z^g^beVXihdi]Vii]ZnVgZdkZgg^YYZcWni]ZZXdcdb^XWZcZÇih#
G^h`bVcV\ZbZci
>c[jaÇaa^c\^ihdkZgVaagZhedch^W^a^inl^i]^ci]Z<gdje!i]ZIJ>6<ZmZXji^kZWdVgY]Vh
ZaVWdgViZYgZ\jaVi^dch^cXdgedgVi^c\i]ZbV^cZaZbZcihd[g^h`bVcV\ZbZci#I]Zn
VeeanidVaaXdbeVc^Zhl^i]^ci]Z<gdje#>cVYY^i^dc!i]ZZmZXji^kZWdVgY]Vh^beaZ"
bZciZYVXdcigdaVcYbVcV\ZbZcihnhiZbl]^X]gZ\jaVganbZVhjgZh!ZkVajViZhVcY
Xdcigdahi]ZYZkZadebZcid[^ihWjh^cZhhZhVcYi]ZVhhdX^ViZYg^h`h#I]ZeaVcc^c\
VcYXdcigdahnhiZbXVgg^Zhdjibdci]anVcVanh^hdcYZk^Vi^dchWZilZZcVXijVaVcY
eaVccZYWjh^cZhhYZkZadebZcih!id^YZci^[ng^h`hZVgandcl]^X]bVn_ZdeVgY^hZi]Z
XdbbZgX^VahjXXZhhd[i]ZXdbeVcn#
I]ZbVcV\ZbZci^cZVX]XdbeVcn^hgZhedch^WaZ[dgZVgan^YZci^ÇXVi^dcVcYgZedgi"
^c\!VhlZaaVhi]Z]VcYa^c\d[XdbbZgX^Vag^h`h#8dcigda^h^ci]Z]VcYhd[i]ZcZmi
]^\]ZgbVcV\ZbZciaZkZa^cZVX]XVhZ#
I]ZgZaZkVcihZXi^dcd[i]ZbVcV\ZbZcigZedgi^ci]ZIJ>6<'%%+VccjVagZedgi
XdciV^chYZiV^ahdci]ZIJ><gdje¿hg^h`eda^XnVcYg^h`bVcV\ZbZci#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
((
HigViZ\^XbVcV\ZbZciegdXZhhZh
HV[ZinVcYXg^h^hbVcV\ZbZci
IJ>9ZjihX]aVcY¿hidjg^hbXg^h^hbVcV\ZbZcihnhiZblVhiZhiZYVcYXZgi^ÇZYWn
^cYZeZcYZciZmeZgih[gdbEg^XZlViZg]djhZ8ddeZghEl8#I]ZidjgdeZgVidgidd`
i]^hhiZeidbV`Z^ih]da^YVnigVkZaZkZchV[Zg#
I]ZXZgi^ÇXViZXdcÇgbhi]ViIJ>hVi^hÇZhVaai]ZgZfj^gZbZcih[dgZ[ÇX^ZciXg^h^h
bVcV\ZbZci#I]ZEl8ZmeZgihXVgg^ZYdjidkZg&%%hZeVgViZiZhih#I]ZhZZmVb^cV"
i^dchadd`ZYVikVg^djhVheZXih^cXajY^c\bZVhjgZh[dgXg^h^hegZkZci^dc!^YZci^[n^c\
VcYdkZgXdb^c\Xg^hZh!Xg^h^hbVcV\ZbZciXdcigdaVXi^k^i^Zh!Xdbbjc^XVi^dcYjg^c\
Xg^hZh!VcYi]Zdg\Vc^hVi^dcd[Xg^h^hbVcV\ZbZci#
I]ZiZhihegdWZYVheZXihhjX]Vhl]Zi]ZgIJ>^beaZbZciZYhj^iVWaZbZVhjgZh[dg
Xg^h^hegZkZci^dc!hjX]VhhZXjg^inX]ZX`hVi]diZahdgigVch[ZghZgk^XZh!]dlfj^X`an
^c[dgbVi^dc^heVhhZYdcidi]ZXg^h^hbVcV\ZbZciiZVb!VcYl]Zi]Zgi]ZiZX]c^XVa
^c[gVhigjXijgZ^hVYZfjViZidXdeZl^i]VXijVaXg^hZh#
¼Dci]ZWVh^hd[i]ZhZiZhih!lZXVbZidi]ZXdcXajh^dci]ViIJ>9ZjihX]aVcY
VX]^ZkZh^cVaaVgZVhi]ZgZfj^gZYXaVhh^ÇXVi^dc¼HiVcYVgY^hZY½!hVnh6cYgZVh
7dgX]ZgY^c\[gdbEl8#El8Vahd^YZci^ÇZYVgZVh[dg^begdkZbZciWni]ZÇghiidjg
deZgVidgidhjW_ZXi^ihXg^h^hbVcV\ZbZcihnhiZbidhjX]XdbegZ]Zch^kZiZhi^c\#
I]Z^begdkZbZciediZci^Va^YZci^ÇZY^cXajYZY[jgi]ZggV^h^c\i]Z¼^ciZgcVaXg^h^h
Xdbbjc^XVi^dch¼VlVgZcZhhVcYigV^c^c\d[hiV[[^cYZhi^cVi^dch#IJ>9ZjihX]aVcY
^ciZcYhidjcYZg\dgZ\jaVgZmiZgcVaiZhi^c\^c[jijgZ#
7VX`\gdjcY
I]ZiZhi^c\lVhWVhZYdcVcZlhiVcYVgY[dgidjg^hbXg^h^hbVcV\ZbZciYZkZadeZY
WnEl8#I]^hlVhZaVWdgViZYVadc\i]Za^cZhd[lZaaZhiVWa^h]ZYcVi^dcVaVcY^ciZgcV"
i^dcVag^h`bVcV\ZbZciVcYfjVa^inhiVcYVgYh/9>C:C>HD.%%&!>9LHiVcYVgY[dg
IZhi^c\G^h`:VganLVgc^c\HnhiZbh!VcYi]Z:ciZgeg^hZG^h`BVcV\ZbZci$>ciZ\gViZY
;gVbZldg`8DHD>>#
IZccZlhiVcYVgYZaZbZcihdkZgVaalZgZYZÇcZYVcYZmVb^cZY/idjg^hbXg^h^hbVc"
V\ZbZcidW_ZXi^kZh!Xg^h^hegZkZci^dc!Xg^h^h^YZci^ÇXVi^dc!Xg^h^hVcVanh^hVcYZkVajV"
i^dc!idjg^hbXg^h^hbVcV\ZbZciXdcigdaVXi^k^i^Zh!Xg^h^hXdbbjc^XVi^dc!bdc^idg^c\
VcYVYVeiVi^dcbZVhjgZh!idjg^hbXg^h^hbVcV\ZbZcidg\Vc^hVi^dcVcYYdXjbZciV"
i^dc#
()
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
;Vb^an6hh^hiVcXZIZVb!IJ>Èn
6[iZgVHl^hhV^geaVcZXgVh]^c&..-^c8VcVYV!VcYi]ZhjWhZfjZci^ciZch^kZgZedgi"
^c\^ci]ZbZY^Vdci]ZlVni]ZgZaVi^kZhlZgZ]VcYaZY!i]Z<gdjeXVgg^ZgaVjcX]ZY
VgZk^ZlidZmeVcY^ihZbZg\ZcXncZildg`id^begdkZi]Z^ch^ij]VcYa^c\d[k^Xi^bh
VcYgZaVi^kZh#9^hXjhh^dchl^i]ehnX]dad\^hihVcYdi]ZgV^ga^cZh\VkZg^hZidi]Z^YZV
d[i]Z;Vb^an6hh^hiVcXZIZVb#BVcV\ZbZciWZ\VcidgZXgj^iVcYigV^ckdajciZZgh^c
CdkZbWZg&..-#6cZmiZgcVaigV^cZggVci]Zi]gZZ"YVnWVh^XigV^c^c\hZb^cVgVcYZm"
igVgZ[gZh]ZgXdjghZh#I]ZhZhZb^cVghiZVX]i]ZkdajciZZghi]Z[jcYVbZciVahd[Y^V"
ad\jZVcYXVgZYjg^c\Xg^hZh!VhlZaaVh]dlidXdeZl^i]higZhhVcY\g^Z[gZVXi^dch#
I]ZÇghigZVaVhh^\cbZcilVhi]ZZbZg\ZcXnaVcY^c\d[VcV^gXgV[i^cK^ZccV^c'%%%#
I]Z;Vb^an6hh^hiVcXZIZVb]VhXdci^cjdjhan[jgi]ZgYZkZadeZYh^cXZi]^hi^bZ/i]Z
iZVbcdl^cXajYZhVgdjcY&%%kdajciVgnbZbWZghd[hiV[[#>cVYY^i^dcideZghdcVa
XdciVXiVcYXVg^c\[dgi]Zk^Xi^bh!i]Z^giVh`hVahd^cXajYZdg\Vc^hVi^dcVaYji^ZhhjX]
VhegdXjg^c\WaVc`Zih!VcYVaad[i]ZXddgY^cVi^dc^ckdakZY^ci]ZVXi^k^i^ZhWZ]^cYi]Z
hXZcZh#I]ZbZbWZghd[i]ZiZVbVahdVhh^hiIJ>ÈnXdaaZV\jZhYjg^c\VWcdgbVah^ij"
Vi^dchhjX]VhVYZVi]dcWdVgYVcV^gXgV[i#
:bZg\ZcXn8VgZIZVb!IJ>
6hZXdcYiZVblVhZhiVWa^h]ZY^c;ZWgjVgn'%%&dci]Z^c^i^Vi^kZd[@aVjhG“ii!IJ>
6<Xg^h^hiZVbbVcV\Zg!idY^gZXianhjeedgi]da^YVnbV`ZghYjg^c\Xg^h^hh^ijVi^dch
^ci]Z]da^YVnYZhi^cVi^dch#I]ZiZVbXdch^hihd[()%kdajciZZg<gdjeZbeadnZZh
[dgb^c\hjW"iZVbhid]ZaeVcYVhh^hiIJ>]da^YVnbV`ZghYjg^c\ediZci^VaZbZg\ZcXn
h^ijVi^dch#I]ZbZbWZghVgZX]dhZc[dgi]Z^gVW^a^inidXdbbjc^XViZ!i]Z^g`ZZccZhh
idbV`ZYZX^h^dch!i]Z^gVW^a^inidXdeZl^i]higZhh!VhlZaaVhi]Z^gÈZm^W^a^inVcYi]Z^g
eVi^Zci¼a^hiZc^c\h`^aah½#BZbWZghd[i]ZiZVbbjhijcYZgiV`Zi]gZZYVnhd[WVh^X
igV^c^c\VcYVccjVadcZ"YVngZ[gZh]ZgXdjghZh#I]ZiZVbYdZhcdiYdÇghiV^Ydg
i]Zldg`d[igV^cZYehnX]di]ZgVe^hih/i]ZZbZg\ZcXnXVgZiZVb^hi]ZgZidegdk^YZ
k^Xi^bhl^i]]ZaeVcYVYk^XZ^ch^ijVcYVXiVhÇghied^cid[XdciVXi#
I]ZildiZVbhldg`id\Zi]ZgXadhZanidWZd[^bbZY^ViZjhZidIJ>XjhidbZgh
Yjg^c\hZg^djhh^ijVi^dch!VcYidegdk^YZXVgZVcYhjeedgi#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
(*
HigViZ\^XbVcV\ZbZciegdXZhhZh
>ccdkVi^dcbVcV\ZbZcil^i]^ci]Z<gdje
IJ>>ccdanbe^Xh'%%+
HjXXZhh[VXidg/^ccdkVi^kZedlZg
IJ>gZXd\c^hZhi]Z^ccdkVi^kZedlZgVcYXgZVi^k^ind[^ihZbeadnZZhVhVbV_dghjX"
XZhh[VXidg]Zae^c\i]ZXdbeVcnidbV^ciV^c^ihXdbbZgX^VahjXXZhhVcYegdiZXi^ih
aZVY^c\edh^i^dc^ci]Z]^\]anXdbeZi^i^kZidjg^hbbVg`Zi#
I]Z¼IJ>>ccdanbe^Xh¼^ccdkVi^dcXVbeV^\c^c^i^ViZYVXgdhhi]Z<gdjeWni]ZZmZXj"
i^kZWdVgY^c'%%+lVhYgZVbZYjeid]VgcZhhi]ZlZVai]d[^YZVhd[VaaZbeadnZZh#
I]^hbdi^kVi^dcVcYegdbdi^dcd[XgZVi^k^in\dZhlZaaWZndcYigVY^i^dcVa¼^YZVhbVc"
V\ZbZcihX]ZbZh½#I]ZXgjX^VaVheZXi^hi]Z[jgi]ZgYZkZadebZcid[XgZVi^kZ^YZVh
id\ZcZgViZYZiV^aZYXdcXZeihidZcVWaZgVe^Y^beaZbZciVi^dc^ci]ZbVg`Zidggdaa
djiVXgdhhi]Z<gdje#6X]^Zk^c\i]^hdW_ZXi^kZgZfj^gZhi]ZkdajciVgnVcYZmeZgi^hZ"
dg^ZciZY[dgbVi^dcVcYeZg[ZXiXddgY^cVi^dcd[^ccdkVi^dciZVbh#;daadl^c\i]ZkZgn
edh^i^kZgZhjaihd[i]ZÇghiXVbeV^\c!i]^h^ccdkVi^dcbdYZa^hcdlidWZXdbZVeZg"
bVcZcieVgid[Wjh^cZhhhigViZ\n!VcYegdYjXiVcYegdXZhhYZkZadebZci#
IJ>>ccdanbe^Xh/eg^oZ\^k^c\XZgZbdcn
DkZg('%%^YZVhlZgZhjWb^iiZYVXgdhhi]Z<gdjel^i]^ci]Z[gVbZldg`d[i]^h
^c^i^Vi^kZº^begZhh^kZanXdcÇgb^c\i]Z^ccdkVi^dcediZci^Vad[IJ>ZbeadnZZh#BVcn
]^\]fjVa^in^YZVhlZgZYZÇcZY[jgi]ZgVcY^ciZchZanVcVanhZYidZkVajViZi]Z^g
^beaZbZciVi^dcediZci^Va#I]ZAdXVa>ccdkVi^dcIZVbhA>Ii]ZcWZXVbZ^ckdakZY
^ci]ZYZiV^aZYVcYd[iZcY^[ÇXjaihZaZXi^dcegdXZhh#HZkZcd[i]ZhZZmeZgiXdbb^i"
iZZh]VkZWZZchZije^cIJ>¿hY^[[ZgZcihdjgXZbVg`ZihVcYeaVi[dgbhidZchjgZi]Vi
ZkZgnhjWb^iiZY^YZVlVhegdeZganZkVajViZY#;daadl^c\VY^[ÇXjaiYZX^h^dcbV`^c\
egdXZhhVcYhZkZgVahZaZXi^dchiV\Zh!ilZakZXdcXZeihldci]gdj\]idl^cVlVgYh^c
[djgbV^cXViZ\dg^Zh#
CZlEgdYjXihVcYHZgk^XZh8ViZ\dgn
Z#\#&hieaVXZ/¼<j^YZDca^cZ¼º6k^gijVahZgk^XZ[dg]da^YVnbV`ZghZcVWa^c\Xjhidb"
ZghidWdd`i]Z^gZmXjgh^dchdg]^gZXVghWnbdW^aZe]dcZ#
BVg`Zi^c\VcY9^hig^Wji^dc8ViZ\dgn
Z# \#(gYeaVXZ/¼:XdGZhdgi¼ºI]Z<gdje¿h^ciZgcVafjVa^inaVWZa¼:XdGZhdgi¼h^\cedhih
]diZahVcYXajWhl^i]^ci]ZIJ>=diZahGZhdgih¿edgi[da^dl]^X][jaÇai]ZYZÇcZY
`ZnXg^iZg^V#
EgdXZhhDei^b^hVi^dcVcY:[ÇX^ZcXn8ViZ\dgn
Z# \#(gYeaVXZ/¼EdX`Zi"[dgbViXViVad\jZh¼ºGZYjX^c\i]Zh^oZd[XViVad\jZhid-&
eZgXZcid[i]Z^ghiVcYVgYY^bZch^dchidgZYjXZeVeZgXdchjbei^dc!egdYjXi^dc
XdhihVcYZck^gdcbZciVa^beVXi#
CZl7jh^cZhhBdYZah8ViZ\dgn
Z# \#'cYeaVXZ/¼:c_dn^c\]ZVai]¼º7nXdbW^c^c\]da^YVnhl^i]]ZVai]hX]ZbZh!
XjhidbZghXVcYdhdbZi]^c\[dgi]Z^g]ZVai]Yjg^c\i]Z^g]da^YVnVcY\V^cÇcVcX^Va
VaadlVcXZh[gdbi]Z^gbZY^XVa^chjgVcXZXdbeVc^Zh#
(+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HigViZ\^XbVcV\ZbZciegdXZhhZh
IJ>>ccdanbe^XhVXXdbeVc^ZYWn^ciZchZ
^ciZgcVagZedgi^c\
¼I]ZhZkZcAdXVa>ccdkVi^dcIZVbhA>I
egZhZciZYhZc^dgbVcV\ZbZcil^i]i]Z
lZVai]d[^YZVh\ZcZgViZYWni]ZZb"
eadnZZhViVedhiZghZhh^dcdcBV_dgXV#
:beadnZZhhjWb^iiZYbdgZi]Vc('%%
^YZVhidi]ZÇghi<gdje"l^YZ^ccdkVi^dc
XVbeV^\cdg\Vc^hZYWnIJ>!VcYi]jh
ZmXZZYZYVaaZmeZXiVi^dch#I]ZedhiZg
hZhh^dcdci]Z7VaZVg^X>haVcYgZkZVaZY
VhZaZXi^dcd[^YZVhl]^X]VgZcdlWZ^c\
[jgi]ZgYZkZadeZYidegdYjXZXdcXZeih
VcYWjh^cZhheaVch#¼:migVXi[gdbi]Z
IJ>i^bZh>ciZgcVi^dcVahiV[[bV\Vo^cZ!
6j\jhi'%%+#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
(,
IVg\Zih
IVg\Zih
6X]^ZkZbZcid[Zck^gdcbZciVaVcY
hjhiV^cVW^a^iniVg\Zih'%%)º'%%+
'%%,º'%&%iVg\Zih
'%%,º'%&(iVg\Zih
Z# \#Xa^bViZegdiZXi^dci]gdj\]ÈZZigZcZlVa
(-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IVg\Zih
HjhiV^cVWaZ^cXgZVhZ
d[XdgedgViZkVajZ
XdbW^cZYl^i]VhigZc\i]Zc^c\d[djgedh^i^dcVhVhjhiV^cVWaZ
WgVcYXdbeVcnVgZeg^bVgndW_ZXi^kZh[dgjh#;dgi]^hejgedhZlZ
l^aaXdci^cjdjhan^ciZ\gViZgZaZkVcihjhiV^cVW^a^inVheZXih^cidXdb"
eVcnbVcV\ZbZciVcYXdgZWjh^cZhhegdXZhhZhVXgdhhi]Z<gdje!
VcY[jgi]ZggV^hZi]ZVlVgZcZhhd[djgZbeadnZZh[dg^ciZgY^hX^"
ea^cVgnVcY^ciZg"egd_ZXiXddeZgVi^dci]gdj\]djii]Z<gdjeidV
[jgi]ZghjhiV^cVWaZYZkZadebZci#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
(.
IVg\Zih
6X]^ZkZbZcid[Zck^gdcbZciVaVcY
hjhiV^cVW^a^iniVg\Zih'%%)º'%%+
HiVijh/<gdjeVcY<gdjeXdbeVc^Zh
I]ZZck^gdcbZciVaVcYhjhiV^cVW^a^iniVg\ZihaV^YYdlc^ci]Z'%%($'%%)<gdjeZck^"
gdcbZciVagZedgi!lZgZgZ\jaVganVcVanhZYidZkVajViZi]Z^geZg[dgbVcXZVcYVhhZhh
i]Z^gXjggZcikVa^Y^inVcYhiVijhdci]ZWVh^hd[i]ZVccjVagZedgi^c\d[i]Z<gdje
XdbeVc^Zh#I]ZXdgedgViZXZcigZVahdeVgi^X^eViZY^ci]^hiVg\ZiVcYiVg\Zi"VX]^ZkZ"
bZciegd\gVbbZ#
8VgZlVhiV`Zcl]ZcYZÇc^c\i]ZiVg\ZihidZchjgZi]Vii]ZXdci^cjdjh^begdkZbZci
egdXZhhlVh^c^i^ViZYVcYXdci^cjZY#I]ZhiVijhd[,%YZÇcZYiVg\ZihlVhhjbbVg^hZY
Vii]ZZcYd['%%+idZcVWaZViVg\ZiVX]^ZkZbZciVcVanh^hidWZXVgg^ZYdji#
I]Z[daadl^c\Y^V\gVb^aajhigViZhi]Zbdhi^bedgiVciiVg\ZiXViZ\dg^ZhYZÇcZY^ci]Z
aVhihjhiV^cVW^a^ingZedgi[dg'%%)º'%%+/
Di]Zgh&&
EgdYjXiYZkZadebZci
VcYYZh^\c*
8dbbjc^XVi^dch&.
IVg\ZiVX]^ZkZbZci'%%)º'%%+
LVhiZVkd^YVcXZ+
HjeeanX]V^c/hjeea^Zgh
VcYXdcigVXijVaeVgicZgh+
EgdXZhh
^begdkZbZci&,
GZhdjgXZji^a^hVi^dc+
<ZcZgVa-
8a^bViZegdiZXi^dc&)
8Zgi^ÇXVi^dcVcYZck^gdc"
bZciVabVcV\ZbZci-
BdgZi]Vc]Va[d[i]ZiVg\ZihlZgZYZÇcZYdcXdbbjc^XVi^dch!egdXZhhdei^b^hVi^dc
VcYZb^hh^dchgZYjXi^dc#L]^ahi*-iVg\ZihlZgZVX]^ZkZY!dgXdci^cjZYWZndcYi]Z
gZedgi^c\eZg^dYhWZXVjhZi]ZiVg\ZihaVg\Zan^ckdakZYXdci^cjdjh^begdkZbZcih!&&
d[i]ZiVg\Zih]VkZcdiWZZcVX]^ZkZYhd[VghiVijh/¼deZc½!VcYdcZiVg\ZilVhcd
adc\ZgejghjZYhiVijh/¼jc[jaÇaaZY½#
)%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IVg\Zih
I]Z[daadl^c\egZhZcihi]ZhiVijhd[i]ZiVg\Zih^ci]ZbV^cXViZ\dg^Zh/
&)
DeZc
Dc\d^c\
;jaÇaaZY
Jc[jaÇaaZY
&'
IVg\ZiVX]^ZkZbZcihiVijh'%%)º'%%+
CjbWZg
&%
+
)
Di]Zgh
LVhiZVkd^YVcXZ
Hjeea^ZghVcYXdc"
igVXijVaeVgicZgh
GZhdjgXZhVk^c\h
<ZcZgVa
8Zgi^ÇXVi^dcVcY:BH
8a^bViZegdiZXi^dc
EgdXZhh^begdkZbZci
8dbbjc^XVi^dch
%
EgdYjXiYZkZadebZci
VcYYZh^\c
'
IVg\Zihhi^aadeZcbV^can^ckdakZi]ZXdbbjc^XVi^dch!egdXZhhdei^b^hVi^dcVcY
Zb^hh^dchXViZ\dg^Zh#I]ZiVWaZdceV\Z)'egZhZcihi]Z&&deZciVg\ZihVcYi]Zcd
adc\ZgejghjZYiVg\Zi#I]Z[daadl^c\ZmeaV^chl]ni]ZYZaVnhVgdhZ^cVX]^Zk^c\i]Z
iVg\Zih/
6gdjcY((eZgXZcid[i]ZidiVa<gdjeijgcdkZg^ci]Z'%%*ÇcVcX^VanZVglVh
\ZcZgViZYWn9>C:C>HD&)%%&XZgi^ÇZYXdbeVc^Zh#I]^h^cY^XVidgXVccdiWZ
egdYjXZY[dgi]Z'%%+ÇcVcX^VanZVgWZXVjhZ!YjZidi]Z^ciZ\gVi^dcd[8EH]^eh
l^i]^c=VeV\"AadnY6<!V[jaadcZ"nZVg:BHbVcV\ZbZciXnXaZ]VhideVhh^c
dgYZgidXdch^YZgi]ZidiVaijgcdkZgd[Vc^ciZ\gViZYXdbeVcnWZ^c\dWiV^cZY^cV
Wjhc^ZhhZck^gdcbZciejghjVciid9>C:C>HD&)%%&#>i^hZmeZXiZYi]Vii]ZdcZ"
i]^gYi]gZh]daY[dgXZgi^ÇZYXdchda^YViZYijgcdkZgl^aaWZXaZVganZmXZZYZY#
9jZi]gdj\]i]ZGZhigjXijg^c\egdXZhhZhd[IJ>9ZjihX]aVcY!i]Z^g^c"]djhZZc"
k^gdcbZciVaegdiZXi^dciVg\ZihXdjaYcdiWZVX]^ZkZY#=dlZkZg!i]ZhZiVg\ZihVgZ
^ciZ\gViZYl^i]^cIJ>9ZjihX]aVcY¿hXZgi^ÇZYZck^gdcbZciVabVcV\ZbZcihnhiZb
idXdci^cjdjhan^begdkZdeZgVi^kZZck^gdcbZciVaegdiZXi^dc#
IVg\Zih[dgi]ZejWa^XVi^dcd[i]ZZck^gdcbZciVagZedgihd[^cY^k^YjVa<gdjeXdb"
eVc^ZhVgZcdiWZ^c\ejghjZY[jgi]ZgWZXVjhZi]ZhZ]VkZZ^i]ZgWZZc^cXdgedgVi"
ZY^cdi]Zg<gdjeXdbeVc^ZhdgVgZcdleVgid[Xdchda^YViZYgZedgi^c\#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
)&
IVg\Zih
I]ZgZbV^c^c\iVg\Zihl^aaWZ^ciZ\gViZY^cidi]ZiVg\Zihd[i]ZcZmigZedgi^c\
eZg^dY#
I]ZgZijgcgVi^dd[Xdchda^YViZYZck^gdcbZciVagZedgi^c\]Vhcdig^hZcid&%%eZg
XZcihd[VgWZXVjhZhdbZ<gdjeXdbeVc^ZhYdcdinZi]VkZi]ZhnhiZbh^ceaVXZ
id\ZcZgViZfjVa^iVi^kZVcYfjVci^iVi^kZZck^gdcbZciVaYViV#IdhdakZi]ZhZegdW"
aZbh!i]ZXdgedgViZXZcigZ]VhYZkZadeZYbZi]dYhid\ZcZgViZgZa^VWaZZmeZXiV"
i^dckVajZh^ci]ZfjVci^iVi^kZgZedgi^c\#Ldg`^hVahdXdci^cjdjhanXVgg^ZYdjidc
^begdk^c\i]ZZck^gdcbZciVabdc^idg^c\^c[gVhigjXijgZ#
IVWaZYZiV^a^c\heZX^ÇXdeZciVg\Zih
8dbeVcn
Egd_ZXi$VXi^k^in
=VeV\"AadnY
CdjkZaaZh
;gdci^ƒgZh
:aVWdgVi^dcd[i]ZÇghi=VeV\"
AadnY6<Zck^gdcbZciVagZedgi
:ck^gdcbZciVabdc^idg^c\
d[IJ>6<<gdjeXdbeVc^Zh
8dci^cjdjh^begdkZbZci
d[^c"]djhZZck^gdcbZciVa
egdiZXi^dc
IJ>6<
IJ>
9ZjihX]aVcY
:ck^gdcbZcicZlhaZiiZg
IJ>:heVŠV
HeV^c"l^YZjhZd[89"GDBh
XdkZg^c\¼:ck^gdcbZciVabVc"
V\ZbZci^c]diZah¼^cHeVc^h]
:ck^gdcbZciVagZedgi^c\
VcY^beVXiVcVanh^h
8dcYjXi^c\d[ÇX^VaanXZgi^ÇZY
igV^c^c\¼:ck^gdcbZci
VcYhjhiV^cVWaZidjg^hb½
IJ>J@
)'
HiVijh
8ViZ\dgn
EjWa^XVi^dc^c'%%)
DeZc
8dbbjc^XVi^dch
DeZc
EgdXZhh^begdkZbZci
DeZc
8Zgi^ÇXVi^dcVcYZc"
k^gdcbZciVabVcV\Z"
bZcihnhiZbh:BH
>beaZbZci^c\Zck^gdcbZciVabdc^"
idg^c\XdcXZcigVi^c\dc]diZah^cVaa
d[i]ZYZhi^cVi^dch^c^ihedgi[da^d
(*d[VaaIJ>6<ijgcdkZgh]djaY
WZ\ZcZgViZYWnXZgi^ÇZY<gdje
XdbeVc^Zh
:ck^gdcbZciVabdc^idg^c\
:meVch^dcd[>HDXZgi^ÇXVi^dc
i]gdj\]djii]Z<gdje
IJ>6<
'%%)º'%%+iVg\Zih
>cXgZVhZgZijgchid&%%Wn'%%+
DeZc EgdXZhh^begdkZbZcih
=ZVi^c\ZcZg\n$]ZViZYVgZV/"+
DeZc
8a^bViZegdiZXi^dc
:aZXig^X^injhV\Z$ZbeadnZZ/"*
EVeZgXdchjbei^dc$ZbeadnZZ/"'#*
Egdedgi^dcd[lVhiZhZeVgViZY[dg
gZXdkZgn/-%
7gdVYZcY^hig^Wji^dcd[Zck^gdcbZci
cZlhaZiiZgid^cXajYZIJ>"ZmiZgcVa
Y^hig^Wji^dca^hi
;gdb'%%)!jhZYWnIJ><gdje
XdcigVXijVaeVgicZghdcIZcZg^[Z#
HiZe"l^hZgdaa"djii]gdj\]dji
HeVc^h]bVg`Zi
EjWa^XVi^dcd[7g^iVcc^V6^glVnh
Zck^gdcbZciVagZedgi
DeZc
DeZc
8a^bViZegdiZXi^dc
GZhdjgXZhVk^c\h
DeZc
LVhiZVkd^YVcXZ
Jc[ja"
ÇaaZY
8dbbjc^XVi^dch
DeZc
Hjeea^ZghVcY
XdcigVXijVaeVgicZgh
DeZc
8dbbjc^XVi^dch
DeZc
EgdXZhh^begdkZbZci
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
8dbeaZi^dcWn'%%*
IVg\Zih
'%%,º'%&%iVg\Zih
HjhiV^cVWaZYZkZadebZcil^i]^ci]Z<gdje
LZVgZhZidchigZc\i]Zc^c\djgedh^i^dcVhVhjhiV^cVWaZXdbeVcn#I]^h^ckdakZhV
Xdci^cjdjhegdXZhhd[^ciZ\gVi^c\hjhiV^cVW^a^in"gZaZkVciVheZXihVcY^cY^XVidgh^c
YZeVgibZci"heZX^ÇXldg`ÈdlhVcY`ZnWjh^cZhhegdXZhhZh#6aa"gdjcY[dXjhZYXdb"
bjc^XVi^dchVcYigV^c^c\l^aaÇgbangddii]ZhjhiV^cVW^a^ine]^adhde]n^ci]Zb^cYhd[
ZbeadnZZh^cVaaXdgedgViZXZcigZYZeVgibZcihVcY<gdjeXdbeVc^Zh#
HjhiV^cVW^a^in^cY^XZh#6eg^dg^ind[eVgVbdjci^bedgiVcXZ^hidgZbV^cVcYWZ
^cXajYZY^chjhiV^cVW^a^in"dg^ZciZY^cY^XZhVcYgVc`^c\h#I]^h^begdkZhdjgÇcVcX^Va
eZg[dgbVcXZVcY^hVc^bedgiVci^cY^XVidgd[i]ZhjhiV^cVW^a^inVXXdbea^h]bZcid[
djg<gdjeWZXVjhZdcanXdbeVc^Zhl]^X]hVi^h[ni]ZheZX^ÇXhjhiV^cVW^a^inXg^iZg^V
VgZ^cXajYZY^chjX]^cY^XZh#8dci^cj^c\djg^cXajh^dc^ci]Z9dl?dcZhHjhiV^cVW^a^in
>cYZmLdgaY9?H>!VcYdi]Zg^ciZgcVi^dcVaVcYcVi^dcVaZi]^Xh^cY^XZh^ceVgi^XjaVg!
^hWdi]VX]VaaZc\ZVcYViVg\Zi#
HiV`Z]daYZgY^Vad\jZ#9^Vad\jZl^i]djghiV`Z]daYZghl^aaXdci^cjZidWZVbV"
_dgXdbedcZcid[djghjhiV^cVW^a^inhigViZ\n#7VaVcX^c\Y^[[ZgZcicZZYhXVcdcanWZ
VX]^ZkZYdci]ZWVh^hd[deZcY^Vad\jZ/dci]ZdcZ]VcYid^begdkZjcYZghiVcY^c\
d[djgVXi^dchVcYXdcYjXia^XZcXZiddeZgViZ!VcYdci]Zdi]Zg]VcY!idadXVa^hZ
VcYhigViZ\^XVaanWgZV`YdlcVgZVhd[XdciZci^dcXVjhZYWnXdcÈ^Xihd[^ciZgZhi#
HiV`Z]daYZg[ZZYWVX`^hVcZhhZci^VahdjgXZd[^c[dgbVi^dc[dgjhWZXVjhZ^iZcV"
WaZhjhid[jgi]Zgdei^b^hZdjghjhiV^cVW^a^ineZg[dgbVcXZVcYi]jhWddhiXdgedgViZ
kVajZVcY^YZci^[ng^h`hZVgandc#LZi]ZgZ[dgZhZidjghZakZhi]ZdW_ZXi^kZd[[jgi]Zg
hnhiZbVi^h^c\hiV`Z]daYZgY^Vad\jZ!VcY^cXdgedgVi^c\i]ZgZhjaihd[i]^hY^Vad\jZ
^cidYZX^h^dcbV`^c\egdXZhhZhl]ZgZedhh^WaZ#
IgVcheVgZcXn#6cdi]Zgd[IJ>6<¿h`Zneg^dg^i^Zh^cXdb^c\nZVgh^h^begdk^c\^ihgZ"
edgi^c\igVcheVgZcXn#Dci]ZWVh^hd[djgZck^gdcbZciVagZedgi^c\!l]dhZhnhiZbVi"
^X^beaZbZciVi^dcVagZVYn\dZhWVX`hZkZgVanZVgh!lZl^aaXdci^cjdjhanVcYhnhiZb"
Vi^XVaangZXdgYVcYegZhZcidjgXdbb^ibZciidZbeadnZZhVcYhdX^Zin!VcYWZgViZY
^ci]ZdkZgVaaXdciZmi^chjhiV^cVWaZYZkZadebZci^cY^XVidgh#LZl^aaXdci^cjZid
VXi^kZanVcYXdchigjXi^kZaneVgi^X^eViZ^ci]^hXdciZmi^ciZX]c^XVaXdbb^iiZZhZ#\#^c
XddeZgVi^dcl^i]ZXdchZchZ!8HG":jgdeZ!L78H9!D:89!7BJVcYJ76!>HDLdg`"
^c\<gdjeHGZiX#!VcY_d^c^ci]Zdc\d^c\YZWViZdci]Z[jijgZhigjXijgZVcYYZkZa"
debZcid[hjhiV^cVW^a^ingZedgi^c\X[#<adWVaGZedgi^c\>c^i^Vi^kZ0X[#>HD'+%%%#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
)(
IVg\Zih
HigViZ\^X<gdjedW_ZXi^kZh
Idjg^hb#I]Zidjg^hbbVg`Zi^hXjggZcianjcYZg\d^c\gZhigjXijg^c\#I]^h^haVg\Zan
Viig^WjiVWaZidi]Z\gdl^c\YZbVcY[dghZeVgViZanWdd`VWaZ]da^YVnbdYjaZh#I]^h
YZkZadebZci^hYg^kZcWni]ZYncVb^XhegZVYd[i]Z^ciZgcZiVhVc^c[dgbVi^dcVcY
Wdd`^c\eaVi[dgb!VhlZaaVhi]ZXdci^cj^c\\gdli]d[adlXdhiXVgg^Zgh#
HjhiV^cVWaZ^cXgZVhZ
d[XdgedgViZkVajZ
I]ZhigjXijgVaX]Vc\Zhidi]ZbVg`ZibV`Z^iZhhZci^Vaid[jgi]ZgYZkZadeZm^hi^c\
Wjh^cZhhbdYZahid[jaanXVe^iVa^hZdcbVg`Zi\gdli]#I]^heg^bVg^anXdcXZgchidjg
deZgVidghVcYVk^Vi^dc#IJ>Vci^X^eViZYi]^hX]Vc\ZZVgandcVcYeaVnZYVcVXi^kZgdaZ
^ch]Ve^c\^ihYZkZadebZci#8aZVghigViZ\^Zh]VkZWZZcYZÇcZYid\ZcZgViZ[jgi]Zg
egdÇiVWaZ\gdli]/
BZY^jb"iZgb^ciZ\gVi^dcd[i]ZIJ><gdje¿h:jgdeZVcÈ^\]ideZgVi^dch#I]Z
ÇghihiZe^ci]ZVk^Vi^dchigViZ\n^ckdakZYi]ZbZg\Zgd[i]Zild<ZgbVcXVgg^Zgh
=VeV\"AadnY;aj\VcY=VeV\"AadnY:megZhhid[dgbi]ZcZlWgVcYIJ>Èn#Xdb#
6hiVcYVgYdca^cZedgiValVhXgZViZYjcYZgi]^hcZlWgVcY^c?VcjVgn'%%,#
Di]ZghigViZ\^XiVg\ZihVgZi]Z^ciZ\gVi^dcd[Vaad[i]ZIJ><gdje¿h:jgdeZVc
È^\]iVXi^k^i^ZhjcYZgi]ZcZlIJ>Èn#XdbWgVcYVcYY^hig^Wji^dceaVi[dgb#I]Z
higViZ\nejghjZY]ZgZ[dgbhi]ZWVh^h[dghjhiV^cVWaneVgi^X^eVi^c\^ci]ZadlXdhi
VcYbdYjaVg]da^YVn\gdli]hZ\bZcih#
:meVch^dcd[lZW"WVhZYidjghVaZh#I]Z[jgi]ZgZmeVch^dcd[i]ZhVaZd[]da^"
YVnhdkZgi]Z^ciZgcZi^heaVccZYVheVgid[djgY^hig^Wji^dchigViZ\n#6*%eZg
XZciVkZgV\Z\gdli]iVg\Zi^cZVX]hdjgXZbVg`Zi]VhWZZchZi[dgi]ZcZmii]gZZ
nZVgh#I]^h^hVhhdX^ViZYl^i]i]ZWj^aY^c\jed[i]ZcZlIJ>Èn#XdbWgVcY^cidVc
^ciZgcVi^dcVaigVkZaeaVi[dgb#
:cign^cidi]Z]^\]\gdli]egZb^jbkdajbZWjh^cZhh^ci]Z<ZgbVcXgj^hZ
bVg`Zi#8gj^hZVXi^k^i^Zhl^aaVahdWZZmeVcYZYWnZciZg^c\i]Zhigdc\an\gdl^c\
<ZgbVcbVg`Zi[dgegZb^jbkdajbZWjh^cZhh#
;jgi]ZghZaZXi^kZZmeVch^dcd[i]Z]diZahZ\bZciWn'%%-#I]Z]diZahigViZ\n
^ckdakZh[jgi]ZghZaZXi^kZZmeVch^dcd[i]ZZm^hi^c\edgi[da^d#I]ZeaVccZY\gdli]
^ci]^heVgid[i]ZkVajZX]V^c^hV^bZYVihigZc\i]Zc^c\i]ZgVc\Zd[]diZahVkV^a"
VWaZ[dgXaVhh^XeVX`V\Zidjgh!VhlZaaVhi]Zhigdc\an\gdl^c\bVg`Zi[dgbdYjaVg
igVkZa#
))
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IVg\Zih
>cVYY^i^dcidZmeVch^dcd[i]Z\gdli]hZ\bZcih!i]ZhigjXijgVaX]Vc\Zh^ci]ZbVg"
`ZigZfj^gZ[jgi]ZgYZkZadebZcid[i]ZZm^hi^c\egdYjXi^dchigjXijgZh#6egd\gVbbZ
d[bZVhjgZh]VhWZZcYZÇcZYidgZYjXZheZX^ÇXegdYjXi^dcXdhihVcYidgZVa^hZ
[jgi]ZgXdhihVk^c\hd[:jgd'*%b^aa^dcWn'%%-#
H]^ee^c\#I]Z8dciV^cZgH]^ee^c\Wjh^cZhhbV^canXdcXZcigViZY^ihZ[[dgih^c'%%+
dci]Z^ciZ\gVi^dcd[i]Z8VcVY^VcXdciV^cZgh]^ee^c\XdbeVcn8EH]^eh!VXfj^gZY^c
DXidWZg'%%*#7ni]ZZcYd[i]Zi]^gYfjVgiZg'%%+!Vaad[i]ZdeZgVi^kZhZ\bZcihd[
8EH]^eh!eVgi^XjaVgani]Zh]^ee^c\VcYXdciV^cZgÈZZih!VcYi]ZhX]ZYjaZYhZgk^XZh!
]VYWZZc[jaan^ciZ\gViZYl^i]^c=VeV\"AadnYVcY]VkZhjWhZfjZcianWZZcbVcV\ZY
jcYZgi]Z=VeV\"AadnYcVbZh^cXZi]^hi^bZ#
IJ>ejghjZhV\gdli]higViZ\n[dgi]ZH]^ee^c\hZ\bZcil^i]Vb^c^bjbiVg\Zid[
VgdjcY.eZgXZcieZgnZVgXdggZaViZYl^i]i]ZZmeZXiZYVkZgV\Z\gdli]^ckdajbZ
VXgdhhi]^hhZXidg#Ejghj^c\i]^h\gdli]^hidWZVX]^ZkZYdci]ZWVh^hd[i]Z[daadl"
^c\higViZ\^Zh/
HZaZXi^kZXVeVX^in\gdli]d[WZilZZc-id&*eZgXZciYZeZcY^c\dc\Zd\gVe]^XVa
bVg`Zih#
:[ÇX^Zci[dXjhd[^ckZhibZci^caVg\Zh]^eXaVhhZh#
8dchZfjZcijhZd[hncZg\^Zh[daadl^c\i]Z^ciZ\gVi^dcd[8EH]^ehXdcXajYZY^c
i]Z'%%+ÇcVcX^VanZVg#
;aZm^WaZXVeVX^inbVcV\ZbZciWnVX]^Zk^c\VWVaVcXZYb^md[ÈZZiÇcVcX^c\WZ"
ilZZcdlch]^eh$adc\"iZgbX]VgiZghVcYh]dgi"iZgbX]VgiZgh#
Adc\"iZgb^begdkZbZci^ci]Z
IJ><gdje¿hegdÇiVW^a^in
<gdje#6cdi]Zg`ZnbZVhjgZ^ci]Zadc\"iZgbdei^b^hVi^dcd[i]ZIJ><gdje¿hegd["
^iVW^a^in^h^begdk^c\^ihVhhZijhZ#6cZlegd\gVbbZ^hi]ZgZ[dgZ^beaZbZciZYidXji
YZWi[jgi]Zg#9ZWi^hidWZh]gjc`WnVgdjcY:jgd&W^aa^dcdkZgVaaWn'%%-WnY^kZhi"
^c\bVg\^cVaVXi^k^i^ZhVcYdei^b^h^c\i]ZiVc\^WaZVhhZih#Di]Zgdei^dchidgZYjXZ
i]ZVbdjcid[XVe^iVai^ZYje^cVk^Vi^dcl^aaVahdWZadd`ZYVi^ceVgVaaZa#
I]Zegd\gVbbZhVcYbZVhjgZhl]^X]]VkZWZZc^c^i^ViZYcdidcanV[[ZXii]ZIdjg"
^hbVcYH]^ee^c\deZgVi^kZY^k^h^dch!WjiVahdIJ>6<XdgedgViZXZcigZ#=ZVYd[ÇXZ
ZmeZchZhVgZidWZgZYjXZYWnVgdjcYdcZi]^gYWnlVnd[VXdhihVk^c\hegd"
\gVbbZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
)*
IVg\Zih
IJ>¿hZck^gdcbZciVaVheZXih
6hYZhXg^WZYdceV\Z*)!IJ>YZkZadeZYbZi]dYhidYZiZgb^cZi]ZZck^gdcbZciVa
VheZXih#I]ZhZZck^gdcbZciVaVheZXih^cXajYZ/
I]ZZb^hh^dcd[\gZZc]djhZ\VhZh^cidi]ZVibdhe]ZgZ
CVijgVagZhdjgXZjhV\ZVcY$dglVhiZ\ZcZgVi^dc
6[[ZXi^c\dggZYjX^c\W^dY^kZgh^inVhVgZhjaid[IJ>¿hWjh^cZhhVXi^k^i^Zh
'%%,º'%&%iVg\Zih
:ck^gdcbZci"gZaViZYiVg\Zihd[i]ZIJ><gdje'%%,º'%&%
I]ZZck^gdcbZciVagZedgi^c\d[IJ><gdjeXdbeVc^Zh[dgi]Z'%%+ÇcVcX^VanZVg
YZhXg^WZYVabdhi'%%^cY^k^YjVaiVg\Zih[dXjh^c\dcIJ>¿hbdhi^bedgiVciZck^gdc"
bZciVaVheZXih#
Di]Zgh&)
8dbbjc^XVi^dch&,
EgdXZhh^begdkZ"
bZci,
LVhiZVkd^YVcXZ-
HjeeanX]V^c/hjeea^ZghVcY
XdcigVXijVaeVgicZgh.
)+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
8a^bViZegdiZXi^dc&( CVijgVagZhdjgXZ
hVk^c\h&( 8Zgi^ÇXVi^dcVcYZck^gdc"
bZciVabVcV\ZbZci&%
7^dY^kZgh^inegdiZXi^dc. IVg\Zih
I]Z[daadl^c\iVWaZ^aajhigViZhi]Zbdhi^bedgiVciiVg\Zih^cZVX]
bV^cXViZ\dgn#
<gdjeXdbeVcn
8a^bViZegdiZXi^dc
IJ>ÈnCdgY^X
=VeV\"AadnY8dciV^cZg
H]^ee^c\
>WZgdiZa
CdgYdiZa
GD7>CHDC
CVijgVagZhdjgXZhVk^c\h
9dg[]diZa
>WZgdiZa
IVcijg
IJ>=ZaaVh
IJ>J@
8Zgi^ÇXVi^dcVcYZck^gdc"
bZciVabVcV\ZbZcihnhiZbh
9VcjW^jh
<jaa^kZgIgVkZa
>WZgdiZa
IJ>:heVŠV
IJ>=ZaaVh
7^dY^kZgh^inegdiZXi^dc
6Zdadh
6GE<gdje
9dg[]diZa
=VeV\"AadnY8dciV^cZg
H]^ee^c\
IVcijg
'%%,º'%&%iVg\Zih
Je\gVY^c\ildV^gXgV[il^i]l^c\aZih
GZYjX^c\ZVgi]WdjcYXdciV^cZgigVchedgi^c[Vkdjgd[WVg\ZhVcYgV^aigVchedgi
JhZd[gZcZlVWaZZcZg\nhdjgXZh^chiV[[VXXdbbdYVi^dc
GZYjX^c\ZaZXig^X^injhV\ZWnjh^c\ZcZg\n"Z[ÇX^ZciZfj^ebZciVcYa^\]i^c\
>chiVaaVi^dcd[hdaVgZcZg\njc^ih
GZeaVX^c\i]ZZm^hi^c\lViZgiVehl^i]hZchdg"VXi^kViZYiVeh
GZYjX^c\i]ZVbdjcid[aVjcYgnWngZeaVX^c\idlZahdcanViXjhidbZgh¿gZfjZhi
GZYjX^c\lViZgXdchjbei^dcWnbdYZgc^h^c\i]ZZm^hi^c\[VX^a^i^Zh
8]Vc\^c\idjcWaZVX]ZYgZXnXa^c\eVeZg
9ZkZade^c\:"?djgcZn"Ad\hidZcVWaZe^adihidlg^iZVcYhZcYÈ^\]iad\h
[gdbVaVeide
HjXXZhh[jaXZgi^ÇXVi^dcejghjVciid:BHVcYFBHhiVcYVgYh
HjXXZhh[jaXZgi^ÇXVi^dcejghjVciid>HD&)%%&
8Zgi^ÇXVi^dcd[Vaa]diZah^c:\neiejghjVciid>HD&)%%&
>chiVaaVi^dcd[VcZck^gdcbZciVafjVa^inbVcV\ZbZcihnhiZbidXdcigda
VcY^begdkZ^ciZgcVaegdXZhhZhVcYdg\Vc^hVi^dc!VcYidXdcigdaXdbea^VcXZ
l^i]aZ\^haVi^dc
HjXXZhh[jaXZgi^ÇXVi^dcejghjVciid>HD&)%%&
>ciZ\gVi^dcd[[dgZhiÇgZg^h`^ci]ZZmXjgh^dcegd\gVbbZh!
VcYigZZeaVci^c\XVbeV^\ch
EVgi^X^eVi^dcVcY^ckZhibZci^cZck^gdcbZciVabVcV\ZbZci!XdchZgkVi^dc^c^"
i^Vi^kZVcYhjhiV^cVWaZYZkZadebZcid[gZ[dgZhiVi^dc^ci]ZIhVkdCVi^dcVaEVg`#
9^gZXianhjeedgi^c\i]ZadXVaXdbbjc^in!YZkZadebZciegd_ZXihVcYheZX^Zh
XdchZgkVi^dc
Hjeedgi^c\i]ZZhiVWa^h]bZcid[V\VbZgZhZgkZ[dgl^aYXVih
GZeaVX^c\WVaaVhilViZg^ci]ZdeZchZVh!VcYXdciV^cbZcibZi]dYh
[dgWVaaVhilViZg
6Xi^kZgdaZ^cigZZeaVci^c\XVbeV^\chVcYheZX^ZhXdchZgkVi^dc
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
),
IVg\Zih
<gdjeXdbeVcn
'%%,º'%&%iVg\Zih
Hjeea^ZghVcYXdcigVXijVa
eVgicZgh
D;IGZ^hZc
IJ>9ZjihX]aVcY
IJ>CZYZgaVcY
IJ>J@
LVhiZVkd^YVcXZ
6GE<gdje
<gZXdiZa
<jaa^kZgIgVkZa
IJ>7ja\Vg^V
IJ>=ZaaVh
EgdXZhh^begdkZbZci
D;IGZ^hZc
IJ>EdaVcY
IJ>HZgk^XZ6<
8dbbjc^XVi^dch
D;IGZ^hZc
IJ>9db^c^XVcV
IJ>:heVŠV
IJ>EdaVcY
IJ>Hj^hhZ
)-
>cXgZVh^c\i]ZVlVgZcZhhd[djgXdcigVXijVaeVgicZgh^cYZhi^cVi^dch[dgi]Z
^bedgiVcXZd[Zck^gdcbZciVcYcVijgZegdiZXi^dc!VhlZaaVhheZX^Zh
XdchZgkVi^dc^cY^k^c\VgZVh
;jgi]ZgYZkZadebZcid[i]ZZck^gdcbZciVabdc^idg^c\d[]diZah!^beaZbZci^c\
Vhjeea^ZghjgkZni]gdj\]XZcigVaejgX]Vh^c\
6cVanh^c\Vaad[i]ZhZgk^XZhegdk^YZYWnXdcigVXijVaeVgicZgh^ci]ZYZhi^cVi^dch
idVhhZhhi]Z^ghdX^VaVcYZck^gdcbZciVaVheZXih!^cXajY^c\Vc^bVaegdiZXi^dc
6lVgY^c\IJ>J@<daYBZYVa6lVgYhidJ@XdcigVXiZY]diZah
6eean^c\^beaZbZciZYbZX]Vc^hbhidVkd^Y!hZeVgViZVcYY^hedhZd[lVhiZ
7gdVYZc^c\lVhiZgZXdkZgnVcY^begdk^c\i]ZhZeVgVi^dcVcYY^hedhVad[
]VoVgYdjhlVhiZ
EVgi^X^eVi^dc^cVXaZVc"jeegd_ZXi
>beaZbZci^c\lVhiZhZeVgVi^dc
>cXgZVh^c\i]Zegdedgi^dcd[gZXnXaVWaZh^ci]ZXdbeVcn
:meVcY^c\VcYdei^b^h^c\gZedgi^c\dci]^h^hhjZVhlZaaVhfjVa^inXdcigda^c
i]^hVgZV
HZii^c\jeVc^ciZgYZeVgibZciVaZck^gdcbZciVaegd_ZXiiZVbidiVX`aZ
Zck^gdcbZciVa^hhjZhViIJ>EdaVcY
=^\]ZggZijgcgViZ[dgIJ>9ZjihX]aVcY¿h]diZaZck^gdcbZciVaX]ZX`a^hi
>cXgZVh^c\i]ZVlVgZcZhhd[]ZVYd[ÇXZhiV[[[dgZck^gdcbZciVaegdiZXi^dcVcY
^ih^bedgiVcXZ[dgjhVhVidjgdeZgVidg
HnhiZbVi^X^cXdgedgVi^dcd[Zck^gdcbZciVaigV^c^c\XdjghZh^ci]ZbVcYVidgn
dXXjeVi^dcVahV[ZinigV^c^c\hZb^cVghXdcYjXiZYZkZgnnZVg^cVaa
IJ>9db^c^XVcVhiV[[XZcigZh
Bdi^kVi^dcVaigV^c^c\XdbW^cZYl^i]Zck^gdcbZciVa^c^i^Vi^kZh!hjX]Vh]^`Zhid
igZZeaVci^c\XVbeV^\chVcY$dgXaZVc"jeXVbeV^\ch^ccVijgZegdiZXi^dcVgZVh
HiVgid[^ciZgcVaXdbbjc^XVi^dchidgV^hZi]ZVlVgZcZhhd[i]ZIJ>EdaVcY
dg\Vc^hVi^dc[dgZck^gdcbZciVa^hhjZh
Dg\Vc^hZVbZY^VZkZcidgidjg!edhh^Wan^cXddeZgVi^dcl^i]IJ>=diZah!l^i]
i]ZdW_ZXi^kZd[ZmeZg^ZcX^c\hjhiV^cVWaZYZkZadebZciViVYZhi^cVi^dc
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IVg\Zih
:beadnZZ"gZaViZY<gdjeiVg\Zih'%%,º'%&%
EZdeaZa^ZVii]Z]ZVgid[IJ>¿heZghdccZaeda^XnXdbb^ibZci#I]ZhjXXZhhd[V
XdbeVcn^hYZiZgb^cZYWni]Z\ddYfjVa^ÇXVi^dch!Xdbb^ibZciVcYbdi^kVi^dcd[
^ihhiV[[#Egdbdi^c\i]ZhZVheZXih^hdcZd[i]ZbV^ceg^dg^i^Zhd[i]Z<gdje¿h]jbVc
gZhdjgXZhVXi^k^i^Zh#
IJ>¿hiVg\ZihVgZ^beaZbZciZY^ci]Zejghj^id[i]Z[daadl^c\VheZXih/
Hjeedgi^c\XdgedgViZeda^XnVcYhigViZ\n
>ciZ\gViZYbVcV\ZbZcid[=GVcYdg\Vc^hVi^dcVaYZkZadebZci
>beaZbZciVi^dcVcYXdcigdad[VaZVgc^c\dg\Vc^hVi^dc
6Xfj^g^c\VcYZmeVcY^c\fjVa^ÇXVi^dchid^begdkZhiV[[ZbeadnVW^a^in
>begdk^c\Xdbbjc^XVi^dchWnWj^aY^c\cZildg`hVcYVggVc\^c\ZmeZg^ZcXZ
ZmX]Vc\ZhZb^cVgh[dg<gdjeZbeadnZZh
<gdjehdX^VaiVg\Zih'%%,º'%&%
IJ>¿hhdX^VaXdbb^ibZci^hheZX^Vaan[dXjhZYdc^begdk^c\i]ZfjVa^ind[a^[ZVcYa^k"
^c\XdcY^i^dch^ci]ZldgaYl^YZYZhi^cVi^dch^ceVgi^XjaVg#
HiV`Z]daYZgY^Vad\jZ#DcZd[i]ZbV^ceg^dg^i^Zh^hi]Zg^\dgdjhXdci^cjVi^dcd[
Y^Vad\jZl^i]gZaZkVcihiV`Z]daYZg\gdjeh!eVgi^XjaVgani]ZdeZcVcYXdchigjXi^kZ
Y^hXjhh^dcVcYXddeZgVi^dcl^i]^ciZgcVi^dcVaanVXi^kZVcYadXVaan^ckdakZYcdc"
\dkZgcbZciVadg\Vc^hVi^dchC<Dh#>c[jijgZ!i]^hl^aa^cXgZVh^c\an^cXajYZiVX`a^c\
hdX^d"gZaZkVci^hhjZhhjX]VhhdX^Vaan"XdbeVi^WaZidjg^hb!]jbVcg^\]ih!ldg`^c\
XdcY^i^dchVcYX]^aYaVWdjg#LZl^h]id^ciZch^[ndjgXdbb^ibZciidegdiZXiX]^a"
YgZc[gdbb^hjhZVcYegdhi^iji^dc!VcYi]ZgZ[dgZhigZci]ZcdjgXddeZgVi^dcl^i]
i]Z^ciZgcVi^dcVaX]^aYgZc¿hg^\]ihdg\Vc^hVi^dc:8E6I#
8ddeZgVi^dcl^i]^ci]Z<gdje#I]ZXdci^cjdjhgZXdgY^c\d[i]ZhdX^VaXdb"
b^ibZcid[IJ>¿h^ciZgcVi^dcVahjWh^Y^Vg^Zh^hidWZ^ciZch^ÇZYVcYhnhiZbVi^hZY#
DjgV^b]ZgZ^hid^begdkZi]ZigVcheVgZcXnd[djg\adWVaXdbb^ibZciidgZkZVa
hncZg\^ZhVcYediZci^Val]^X]XVcWZhigViZ\^XVaan]VgcZhhZY#I]^hhjeedgihdjg
eZg[dgbVcXZVcY^begdkZhdjgedh^i^dc^c\^cVgVc\Zd[Zi]^XVaan"dg^ZciZY[jcYh
VcY^cY^XZh#
Egd_ZXihjeedgi#LZeaVcidXdci^cjZdjghjeedgi[dgZYjXVi^dcVcYigV^c^c\!
hX^ZcXZ!VgiVcYXjaijgZ!VhlZaaVhdjgXdbb^ibZciidhdX^VaanYZeg^kZYX]^aYgZc
VcYndjc\eZdeaZ#I]Zeg^dg^i^Zh^cZVX]XVhZ]ZgZl^aaXdci^cjZidWZYZÇcZYdcV
YZXZcigVa^hZYWVh^hWni]Zhedchdg^c\XdbeVc^Zhi]ZbhZakZh#
8dbbjc^XVi^dch#LZl^h]id^begdkZi]ZXdbbjc^XVi^dcd[IJ>¿hhdX^VaXdbb^i"
bZci#I]ZV^b^hid^cXgZVhZVlVgZcZhhd[djgVXi^k^i^Zh^ci]ZÇcVcX^VabVg`Zih
VcYVbdc\higVi^c\V\ZcX^Zh!VhlZaaVhVbdc\hii]Z\ZcZgVaejWa^X!C<DhVcY
ZbeadnZZh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
).
IVg\Zih
'%%,º'%&(iVg\Zih
Z#\#8a^bViZegdiZXi^dci]gdj\]ÈZZigZcZlVa
IJ>¿h`ZnVeegdVX]^c^ihXa^bViZhigViZ\n^hgZYjX^c\Xa^bViZ"
YVbV\^c\Zb^hh^dchWn^cXgZVh^c\heZX^ÇXZcZg\nZ[ÇX^ZcXn#IJ>
VX]^ZkZhi]^hWnXdci^cjdjhanbdYZgc^h^c\i]ZV^gXgV[iÈZZihd[
ZVX]IJ>V^ga^cZl^i]hiViZ"d["i]Z"VgiiZX]cdad\nidgZYjXZi]Z
Zb^hh^dchd[\gZZc]djhZ\VhZh#
IJ>^ckZhih^cÈZZigZcZlVal^i]Va^hikVajZd[JH9)#,W^aa^dc#L^i]i]ZdgYZg[dg
+*cZlV^gXgV[i[gdb7dZ^c\!IJ>Xdci^cjZhidgZcZl^ihÈZZil^i]cZl!bdgZZcZg\n"
Z[ÇX^ZciV^gXgV[i#I]ZaViZhidgYZg^ckdakZhi]Z,-,9gZVba^cZgh!VcY,(,",%%hVcY
,(,"-%%h#I]ZhZV^gXgV[igZeaVXZdaYZg6^gWjh6(&%hVcY7dZ^c\,(,h!,*,hVcY,+,h#
8dbeVgZYidi]ZZm^hi^c\ÈZZiVcYi]ZhVbZÈ^\]iXVeVX^in!i]ZÈZZigZcZlVaegd"
\gVbbZl^aagZYjXZ`ZgdhZcZXdchjbei^dcWZilZZc'%%,VcY'%&(WnbdgZi]Vc
)+*%%%idch#I]^hXdggZhedcYhid8DZb^hh^dchd[VgdjcY&#),b^aa^dcidch#
i
Bdci]an`ZgdhZcZXdchjbei^dcl^i]djiÈZZigZcZlVa
+% %%%
I]Z\gVe]h]dlhi]Zbdci]an`ZgdhZcZ
Xdchjbei^dcd[i]ZcZlV^gXgV[idgVc\Z
VgZVXdbeVgZYidi]ZV^gXgV[ii]ZngZ"
eaVXZWajZa^cZ#
)+**-*idchidiVa`ZgdhZcZhVk^c\h
XdggZhedcY^c\id&#),b^aa^dcidccZh
8D
** %%%
*% %%%
Bdci]an`ZgdhZcZXdchjbei^dcV[iZgÈZZigZcZlVa
)* %%%
%&$'%%,
%&$'%%-
%&$'%%.
%&$'%&%
%&$'%&&
%&$'%&'
%&$'%&(
%&$'%&)
I]ZÇghie]VhZid'%%.^ckdakZhi]ZhiZe"l^hZgZeaVXZbZcid[i]Zh]dgi"]VjaVcY
bZY^jb"]VjaÈZZi#I]ZhZXdcYe]VhZhiVgi^c\^c'%&%Xdch^hihd[i]ZgZeaVXZbZci
d[adc\"]VjabdYZahWnineZ7,-,9gZVba^cZgh#I]Z9gZVba^cZg^hVgZkdaji^dcVgn
V^gXgV[il]^X]jhZhcZla^\]ilZ^\]ibViZg^VahVcY]^\]anZ[ÇX^ZciZc\^cZhidgZYjXZ
[jZaXdchjbei^dcWnVgdjcY'%eZgXZciXdbeVgZYidXdckZci^dcVaV^gXgV[id[h^b^aVg
ineZ#7ZXVjhZd[i]Z]^\]ZghZViXVeVX^i^ZheaVccZYVheVgid[i]ZXdbb^hh^dc^c\d[
i]Z9gZVba^cZg!i]ZVWhdajiZ[jZaXdchjbei^dc^ci]^hÈZZihZ\bZcil^aaWZgZYjXZY
Wn'*eZgXZci#
7,-,9gZVba^cZgViIJ>J@$I]dbhdcÈn
*%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
IVg\Zih
6ccjVa`ZgdhZcZhVk^c\hV[iZgÈZZigZcZlVal^aaWZbdgZi]Vc&',%%%idchd[`Zgd"
hZcZXdggZhedcY^c\id(..%%%idch8DeZgnZVg#I]^hgZegZhZcihVgdjcY,#-eZg
XZcid[i]ZIJ>V^ga^cZh¿8DZb^hh^dch^c'%%+#
'-%%%%idchVccjVa8DhVk^c\hViI]dbhdcÈn#I]ZbV^cWZcZÇX^Vgnd[i]ZÈZZi
gZcZlVaegd\gVbbZl^aaWZi]ZJ@hjWh^Y^VgnI]dbhdcÈn#I]Z9gZVba^cZgl^aaVahd
_d^ci]Z6g`ZÈnVcY?ZiV^gÈnÈZZih#;aZZigZcZlVaViIJ>ÈnXdcXZcigViZhdcgZeaVX^c\
i]ZXjggZci7,(,bdYZahl^i]7,(,",%%hVcY7,(,"-%%h#
I]ZY^V\gVbWZadlh]dlhi]ZY^hig^Wji^dcd[VccjVaXdchjbei^dcVcY8DXjiheZg
V^ga^cZV[iZggZeaVX^c\daYV^gXgV[iVheVgid[i]ZÈZZigZcZlVaegd\gVbbZ#
*,.
@ZgdhZcZhVk^c\h
eZgÈZZihZ\bZci^c&%%%i
8DXjihWn
IJ>XVgg^Zgh^c&%%%i
I]dbhdcÈn
IJ>Èn
?ZiV^gÈn
6g`ZÈn
GZeaVX^c\
7,(,
>cigdYjX^c\
7,-,
º&+
º'*
"'-%#+
&&'
V[iZg
WZ[dgZ
V[iZg
WZ[dgZ
&).
",&#.
"'.#*
)--
"&,#%
EgZk^djhÈZZi
CZlÈZZi
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
*&
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVa
bVcV\ZbZcihnhiZb
:ck^gdcbZciVaVheZXih
8a^bViZegdiZXi^dc!ZcZg\nZ[ÇX^ZcXnVcYZb^hh^dch
CVijgVagZhdjgXZhbVcV\ZbZci
8Zgi^ÇXVi^dc
7^dY^kZgh^inhigViZ\n
Bjai^"hiV`Z]daYZgY^Vad\jZ
9Zhi^cVi^dcfjVa^inVcYbdc^idg^c\
:ck^gdcbZciVafjVa^in^cIJ>]da^YVn]diZah
*'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVa
hjhiV^cVW^a^inVadc\i]Z
kVajZX]V^c
I]ZV^bd[IJ>¿hZck^gdcbZciVabVcV\ZbZcihnhiZb^hi]Z
hnhiZbVi^XVcVanh^hd[i]ZZck^gdcbZciVa^beVXid[IJ><gdje
XdbeVc^ZhXdcXZcigVi^c\dcXa^bViZegdiZXi^dc!cVijgVa
gZhdjgXZhbVcV\ZbZciVcYi]ZegdiZXi^dcd[W^dY^kZgh^in
^cIJ>YZhi^cVi^dch#
IJ>[VXZhjeidi]ZX]VaaZc\Zh!VcYYZkZadehbZVhjgZhid
higViZ\^XVaanXdjciZgVXii]Z<gdje¿hZck^gdcbZciVa^beVXi#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
*(
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVaVheZXihd[i]ZIJ><gdje
>YZci^ÇXVi^dcVcYZkVajVi^dc
;dgVhjXXZhh[jaaZck^gdcbZciVabVcV\ZbZci!IJ>bjhijcYZghiVcY
VcY^YZci^[nVaabV^c^ciZgVXi^dch!hdi]Vi^iXVc^beaZbZci[dXjhZY
bZVhjgZhidXdci^cjVaan^begdkZIJ>¿hZck^gdcbZciVaeZg[dgbVcXZ#
6^gZb^hh^dch
8dchZgk^c\W^dY^kZgh^in
VcYegdiZXi^c\l^aY
Vc^bVah
GZhdjgXZji^a^hVi^dc
9ZiZgb^c^c\Zck^gdcbZciVaVheZXih
IJ>¿hVXi^k^i^Zh]VkZedh^i^kZVhlZaaVhcZ\Vi^kZZ[[ZXihdci]ZadXVaVcY\adWVa
Zck^gdcbZci#I]^h^beVXi^hYjZidi]ZZb^hh^dch\ZcZgViZYWnV^gXgV[iVcYh]^eh!
gZhdjgXZhjhZYWni]ZIdjg^hbWjh^cZhh!VcYi]ZcjbZgdjhVXi^k^i^ZhjcYZgiV`ZcWn
XjhidbZghVii]ZYZhi^cVi^dch#9ZhXg^W^c\i]Z^ciZgVXi^dch^hYdcZ^ciZgbhd[Zck^"
gdcbZciVaVheZXihl]^X]VgZeVgid[i]ZVXi^k^i^Zh!egdYjXihdghZgk^XZhd[VXdbeVcn
l]^X]XVc]VkZVc^beVXidci]ZZck^gdcbZci#I]ZY^V\gVbdci]ZaZ[i]^\]a^\]ih
IJ>¿hbV^cZck^gdcbZciVaVheZXih#
I]ZZck^gdcbZciVaVheZXihVgZZkVajViZYWnjh^c\VcZkVajVi^dcXdcXZeiXdch^hi^c\
d[ildY^bZch^dchºi]Zh^oZd[i]ZZck^gdcbZciVa^beVXi!VcY^ih\Zd\gVe]^XVagZa"
ZkVcXZ#7jh^cZhhVXi^k^i^ZhVgZVcVanhZYdci]ZWVh^hd[YZÇcZYXg^iZg^V!VcYheZX^ÇZY
VXXdgY^c\idi]ZildY^bZch^dch#
LVhiZ\ZcZgVi^dc
LViZgY^hX]Vg\Z
AVcYjhZ
H^\c^ÇXVcXZ
LVhiZlViZg
Cd^hZ
LViZgXdchjbei^dc
Higdc\Zg
;jZaXdchjbei^dc
7^dY^kZgh^in
8djcignh^YZVcY
aVcYjhZ
7^dY^kZgh^in
hZVhdXZVch
EdlZgXdchjbei^dc
IdiValVhiZ
=VoVgYdjh
lVhiZ
LZV`Zg
GZhdjgXZ
ji^a^hVi^dc
KdaVi^aZ
X]Zb^XVah
<gdjcYlViZg
^bb^hh^dch
AdXVa
GZ\^dcVa
<adWVa
<Zd\gVe]^XVa
gZaZkVcXZ
BVcV\^c\Zck^gdcbZciVa^beVXi
I]ZZck^gdcbZciVabVcV\ZbZcihnhiZbh:BHgjcWnIJ>VcY^ih<gdjeXdbeV"
c^ZhVgZV^bZYViYZkZade^c\VcYgZVa^h^c\Vaa"ZcXdbeVhh^c\Zck^gdcbZciVaeda^X^Zh!
VhlZaaVh[dgbjaVi^c\VcYVX]^Zk^c\Zck^gdcbZciVaan"gZaViZYiVg\Zih!VcYi]ZgZ[dgZ
bVcV\^c\i]ZZck^gdcbZciVaVheZXihVg^h^c\[gdb^ihWjh^cZhhVXi^k^i^Zh!VcYgZYjX"
^c\Vh[VgVhedhh^WaZi]ZcZ\Vi^kZZck^gdcbZciVa^beVXi^cVcVeegdeg^ViZZXdcdb^X
[gVbZldg`#
I]ZZck^gdcbZciVagZhjaihVgZbZVhjgZYV\V^chiIJ>¿hdkZgVaaZck^gdcbZciVaeda^Xn!
i]ZZck^gdcbZci"gZaViZYdW_ZXi^kZh!Zck^gdcbZci"gZaViZYiVg\ZihVcYdi]ZgZck^gdc"
bZci"gZaViZYeZg[dgbVcXZXg^iZg^V#
*)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8a^bViZegdiZXi^dcVcYZcZg\nZ[ÇX^ZcXn
8a^bViZX]Vc\Z^hVhZg^djhX]VaaZc\ZidhdX^ZinVhlZaaVh^cY^k^Yj"
Vah!VcYeVgi^XjaVganVahdidXdbeVc^Zh#;^cY^c\hXdcXajYZi]Vi^i^h
kZgna^`Zani]Vii]ZgZaZVhZd[\gZZc]djhZ\VhZh^hgZhedch^WaZ[dg
i]Zg^hZ^c\adWVaiZbeZgVijgZh#<adWValVgb^c\XVcaZVYidXa^bViZ
X]Vc\Zl]^X]]VhVY^gZXiVcY^cY^gZXi^beVXidcIJ>#
BdW^a^inVcYXa^bViZegdiZXi^dc
BdW^a^in^hVcZhhZci^VaZaZbZci^ci]ZWjh^cZhhbdYZad[IJ>6<<gdjeXdbeVc^Zh
º^ci]ZAd\^hi^XhVcYi]ZIdjg^hbhZXidg#I]ZigVchedgid[\ddYhVcYXdbbdY^i^Zh
d[VaaineZhjcYZge^chi]Z\adWVaZXdcdbnVcY^hWZXdb^c\VcZkZc]^\]Zgeg^dg^in^c
i]Z[VXZd[^cXgZVh^c\\adWVa^hVi^dc#=da^YVnigVkZa^hVcZhhZci^VaeVgid[Xdchjbei^dc
eViiZgch[dgaVg\ZhZXi^dchd[i]ZedejaVi^dc^c:jgdeZ!Cdgi]6bZg^XV!6jhigVa^VVcY
eVgihd[6h^V#Jc[dgijcViZan!i]ZegZhhjgZdci]ZZck^gdcbZci^ciZch^ÇZhVhbdW^a^in
^cXgZVhZh#8a^bViZX]Vc\Z^hcdidcanVbV_dgX]VaaZc\Z[dghdX^Zin!WjiVahd[dgZVX]
VcYZkZgndcZd[jh!VcYeVgi^XjaVganVahd[dgXdbeVc^Zh#I]^h^hh]dlcWni]ZgZhjaih
d[i]Z>ciZg\dkZgcbZciVaEVcZadc8a^bViZ8]Vc\Z>E88!l]^X]XdcXajYZhi]Vi^i^h
kZgna^`Zani]Vii]ZVci]gded\Zc^XZb^hh^dchd[\gZZc]djhZ\VhZhVgZgZhedch^WaZ[dg
\adWValVgb^c\#<adWValVgb^c\l^aaX]Vc\Zi]ZXa^bViZVcY]VkZVY^gZXiVcY^cY^gZXi
^cÈjZcXZdcIJ>¿hWjh^cZhhVXi^k^i^Zh#
8DZb^hh^dchWnVk^Vi^dcVcYh]^ee^c\XjggZciandcanVXXdjci[dgVhbVaaegdedgi^dc
d[idiVa\adWVa\gZZc]djhZ\VhZb^hh^dch#6hVhjhiV^cVWanbVcV\ZYXdbeVcn!IJ>
VXXZeihgZhedch^W^a^in[dgi]ZZb^hh^dchd[\gZZc]djhZ\VhZhVg^h^c\Y^gZXianWni]Z
jhZd[[dhh^a[jZahºeg^bVg^anWn^ihV^ga^cZhVcYh]^ee^c\XdbeVc^Zh!VcY^cY^gZXian
Wni]ZjhZd[ZaZXig^X^in^cIJ>¿hWjh^cZhhVXi^k^i^Zh#IJ>¿hXa^bViZ"gZaViZYVXi^k^i^Zh
]VkZVÇghieg^dg^inid^begdkZi]ZZcZg\nZ[ÇX^ZcXnd[i]ZkVajZX]V^cVcYhjeean
X]V^cd[^ih^ciZ\gViZYIdjg^hbhZ\bZciVcYi]ZH]^ee^c\Wjh^cZhh#I]^h^ckdakZhi]Z
dei^b^hVi^dcd[VaaeVgihd[i]ZkVajZVcYhjeeanX]V^cl^i]heZX^ÇXegdXZhhZh#I]Z
Xa^bViZhigViZ\nejghjZY]ZgZ^hWVhZYdcild[jcYVbZciVaeg^cX^eaZh/\gZZc]djhZ
\VhVkd^YVcXZVcYgZYjXi^dc#IJ>¿hXa^bViZhigViZ\n^hVahd[dXjhZYdcVYVeiVi^dcid
Xa^bViZX]Vc\Z#>ci]ZhZchZd[ZXdad\^XVahjhiV^cVW^a^in!^i^hk^iVaidYZiZgb^cZi]ZVa"
gZVYnjcVkd^YVWaZZck^gdcbZciVa!ZXdcdb^XVcYhdX^Va^beVXid[Xa^bViZX]Vc\Z!VcY
idYZkZadehj^iVWaZVYVeiVi^dchigViZ\^Zh#
IJ>¿hXdcig^Wji^dcidXa^bViZegdiZXi^dc^hWVhZYdci]ZhZeVgVi^dcd[ZXdcdb^X
\gdli]VcYVhhdX^ViZY\gZZc]djhZ\VhZb^hh^dch#I]ZÇghihiZe^hidhiVW^a^hZidiVa
Zb^hh^dchVi'%%+aZkZah#I]^hiVg\Zi^hidWZVX]^ZkZYWngZYjX^c\i]ZZb^hh^dch\Zc"
ZgViZYWni]ZV^ga^cZhVcYH]^ee^c\Wn^begdk^c\[jZaZ[ÇX^ZcXn#:b^hh^dcVkd^YVcXZ
^ci]ZIdjg^hbhZXidg^hidWZVX]^ZkZYWnjh^c\gZcZlVWaZZcZg\nhdjgXZh!W^d[jZah!
VcYejgX]Vh^c\ZaZXig^X^in[gdbegdk^YZghl^i]XZgi^ÇZYadl"Zb^hh^dcegdYjXi^dc
egdXZhhZh#
¼KZgna^`Zan½/EgdWVW^a^in]^\]Zgi]Vc.%eZgXZci!X[#>E88";6G
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
**
:ck^gdcbZciVabVcV\ZbZcihnhiZb
I]ZZcZg\njhV\Zd[IJ>hZ\bZcih^hbV^canXdcXZcigViZYdci]Z[dhh^a[jZajhZY^c
^ihXdciV^cZgh]^ee^c\Wjh^cZhhVcY^ihV^ga^cZh#I]Zhea^i]ZgZ^hVgdjcYildi]^gYh
Wjc`Zgd^aVcYdcZi]^gY`ZgdhZcZ#
:cZg\njhZeZghZXidg
:cZg\njhV\Z^cIZgV?djaZhI?
'%%+
'%%*
'%%)
,*%%.
,'*,%
+**&'
&).&*(
(-*&)
(+.+*
8gj^hZa^cZgh
(,%&
(+&*
',&,
=diZahGZhdgih
)%,(
)&%-
*.),
.%*
)'+,
&-,,
'('-)
&'(%,*
&&(%&,
IJ>V^ga^cZh
=VeV\"AadnYXdciV^cZgh]^eh
Di]Zgh
IdiVa
I]ZX]Vc\ZhVcYZmeVch^dcd[i]ZV^gXgV[iÈZZi!VcYi]Z^ciZ\gVi^dcd[i]ZXdciV^cZg
kZhhZahdeZgViZYWn8EH]^eh!l]^X]]VkZWZZchjXXZhh^kZan^cXdgedgViZYl^i]^c
i]Z=VeV\"AadnY6<ÈZZih^cXZ'%%+[daadl^c\VXfj^h^i^dc!\VkZg^hZidVh^\c^ÇXVci
^cXgZVhZ^cZcZg\njhV\Zh^cXZ'%%)#
7gZV`^c\i]Za^c`WZilZZc8DZb^h"
h^dchVcYigVchedgi\gdli]
Adc\"iZgbdW_ZXi^kZh[dgXa^bViZegdiZXi^dc#>i^hIJ>¿hadc\"iZgbV^bidWgZV`i]Z
a^c`WZilZZc8DZb^hh^dchVcYi]ZXdbeVcn¿hZXdcdb^X\gdli]!VcYidZcYZVk"
djgidhiVW^a^hZVWhdajiZ\gZZc]djhZ\VhZb^hh^dchViidYVn¿haZkZa#I]^hVhhjbZh
i]ViheZX^ÇXidiVaZcZg\njhV\ZXVcWZXdci^cjdjhangZYjXZYidVX]^ZkZhjhiV^cVWaZ
\gdli]l^i]i]ZhVbZVbdjcid[ZcZg\n^ceji#
I]Z[daadl^c\bZVhjgZh]VkZWZZc^beaZbZciZY!dgVgZeaVccZY!l^i]i]ZV^bd[
VX]^Zk^c\i]^hdW_ZXi^kZ/
GZYjX^c\Zb^hh^dchWn^cXgZVh^c\V^ga^cZ[jZaZ[ÇX^ZcXn/
º8dci^cjVi^dcd[i]ZÈZZigZcZlVaegd\gVbbZ
ºI]ZjhZd[l^YZ"WdYn_ZihidgZYjXZidiVaZb^hh^dch
8dci^cj^c\i]Zdei^b^hVi^dcd[Vk^Vi^dcegdXZhhZhVcYegdXZYjgZh
ºEVgi^X^eVi^c\^ci]Zeda^i^XVaegdXZhhV^bZYVi]Vgbdc^h^c\VcYh^bea^[n^c\V^g
igV[ÇXbVcV\ZbZci
º8ddeZgVi^c\l^i][jZahjeea^Zgh
ºCZliZX]cdad\^Zh^ci]ZVk^Vi^dchZXidg
GZYjX^c\Zb^hh^dchWn^cXgZVh^c\[jZaZ[ÇX^ZcXn^ci]Zh]^ee^c\hZXidg
º;aZZigZeaVXZbZciegd\gVbbZid^ciZ\gViZbdgZZcZg\nZ[ÇX^Zcih]^eh
ºjhZd[cZliZX]cdad\^ZhidgZYjXZi]ZkZhhZah¿YgV\^ci]ZlViZg
º8dbb^hh^dc^c\bdgZZcZg\nZ[ÇX^ZcicZlh]^ehXdciV^cZgkZhhZahVcYXgj^hZ
a^cZgh
*+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
6kd^Y^c\Zb^hh^dchWn^beaZbZci^c\ZcZg\n"hVk^c\hbZVhjgZh^cidjg^hbhZ\bZcih/
º:meVcY^c\i]ZjhZd[gZcZlVWaZZcZg\nhdjgXZh^c=diZahGZhdgih
ºJh^c\W^d[jZah^ci]ZWjhÈZZihgjcWnYZhi^cVi^dcV\ZcX^Zh
ºJh^c\ZaZXig^X^in[gdbgZcZlVWaZedlZghdjgXZh^cd[ÇXZhVcYVYb^c^higVi^dc
Wj^aY^c\h#
HeZX^ÇXZcZg\njhV\Z#I]ZheZX^ÇXZcZg\nXdchjbei^dc^hi]Zbdhi^bedgiVciZc"
k^gdcbZciVaeZg[dgbVcXZ^cY^XVidgVcYl^aaWZh]dlc[dgZVX]Y^k^h^dc#I]^h^cY^XVidg
YZhXg^WZhi]ZgVi^dWZilZZci]ZVbdjcid[ZcZg\njhZYVcYi]ZdeZgVi^kZeZg[dgb"
VcXZbVYZVkV^aVWaZ#I]ZheZX^ÇXZcZg\njhV\Zl^aaWZVcVanhZY^ci]ZbdgZZcZg\n"
^ciZch^kZhZ\bZcihWn[jgi]ZgYZkZade^c\IJ>¿hZck^gdcbZciVagZedgi^c\#I]Z[daadl^c\
iVWaZh]dlhi]ZX]Vc\Zh^cXdgZhZXidgh^cgZXZcinZVgh/
6^ga^cZh
=VeV\"AadnY8dciV^cZgH]^ee^c\
8gj^hZh
=diZahGZhdgih
&%%#%
&%(#*
.-#(
&%+#*
&%*#+
-+#&
,+#.
+(#%
'%%)
'%%*
*.#%
'%%+
8]Vc\Z^cheZX^ÇXZcZg\nZ[ÇX^ZcXn
^cIJ>Wjh^cZhhhZ\bZcihh^cXZ'%%)
2&%%jc^ih
HeZX^ÇXZcZg\njhV\Z
6^ga^cZhº`ZgdhZcZ
8dciV^cZgh]^ehºWjc`Zg
8gj^hZa^cZghºWjc`Zg
=diZahGZhdgihºidiVaZcZg\n
A$&%%e`b
A$I:J$&%%cb
A$&%%ecb
B?$\jZhi$YVn
'%%+
'%%*
'%%)
(#%*#-.
%#-&&'#-'
(#%'
*#))
%#.&'%#)+
'#.&
*#*)
&#&)
&.&#''
I]ZheZX^ÇXZcZg\nXdchjbei^dcigZcY[dgi]ZV^ga^cZhgZkZVahVc^cXgZVhZ^c`Zgd"
hZcZjhZ#HZeVgVi^dcd[i]ZZcZg\njhV\Z[gdbigVchedgieZg[dgbVcXZ^ci]ZVk^V"
i^dchZXidg]VYcdiWZZcVX]^ZkZYhd[VgWZXVjhZd[X]Vc\Zh^cÈ^\]iegdÇaZhVcYVc
^cXgZVhZ^ci]ZcjbWZgd[ZmiZgcVa[VXidghV[[ZXi^c\Vk^Vi^dcZ#\#dkZgXgdlYZYV^g
heVXZ!eddgXddgY^cVi^dcWZilZZcV^gigV[ÇXbVcV\ZbZci#
I]ZheZX^ÇXZcZg\nXdchjbei^dcd[i]ZXdciV^cZgh]^ehgdhZXdch^YZgVWanWZXVjhZd[
i]Z^ciZ\gVi^dcd[i]Z8EH]^ehXdciV^cZgh]^eh^cidi]ZZm^hi^c\=VeV\"AadnYÈZZi#
>i^h^bedgiVciidcdiZ]ZgZi]Vii]Z8EH]^ehÈZZiXdch^hihd[hbVaaZgkZhhZahl]dhZ
]^\]ZgheZX^ÇX[jZaXdchjbei^dc^hcdiXdbeVgVWaZidi]Zh]^eh^ci]Z=VeV\"AadnY
ÈZZi#
:mVbeaZd[^cXgZVhZh^cZcZg\nZ[ÇX^ZcXn#IJ>]VhWZ\jcid^beaZbZci^ihiVg\Zi
d[YZXdjea^c\Zb^hh^dchVcY\gdli]#HdbZine^XVaZmVbeaZh/
Dei^b^h^c\hZVidXXjeVcXnViIJ>ÈnCdgY^X^hdcZd[i]ZbV^c[VXidgh^c^c"
XgZVh^c\i]ZZ[ÇX^ZcXnd[eVhhZc\ZgigVchedgi#I]Vc`hidi]ZeVgi^XjaVganZ[ÇX^Zci
hZVidXXjeVcXndc^ihÈ^\]ih!IJ>ÈnCdgY^XlVhVWaZidgZYjXZ[jZaXdchjbei^dc
nZVg"dc"nZVg!VcY^hcdli]ZbdhiZ[ÇX^ZciV^ga^cZ^ci]ZIJ><gdjel^i]'#+)a^igZh
`ZgdhZcZeZg&%%eVhhZc\Zg`^adbZigZh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
*,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:cZg\nZ[ÇX^ZcXn^ci]Z8gj^hZhhZ\bZci#I]Z8gj^hZhhZ\bZciWdVhihVh^\"
c^ÇXVci^cXgZVhZ^cZcZg\nZ[ÇX^ZcXn#I]Z¼=6CH:6I>8¼Xgj^hZa^cZgdeZgViZYWn
=VeV\"AadnYhiVcYhdjil^i]^ihh^\c^ÇXVciXjih^cheZX^ÇXXdchjbei^dceZgeVhhZc"
\ZgVcYY^hiVcXZ#
I]ZCdgYdiZaIgZhK^YVh^c7V]^V;Za^o
^chiVaaZYVe]didkdaiV^XeaVcil^i]VXV"
eVX^ind[*#,`L#:meVch^dcid&%%`L^h
eaVccZY#
GD7>CHDC8ajW6bVY‚^hhjeea^ZYl^i]
ZcZg\n[gdbVW^dbVhh]ZVi^c\hiVi^dc#
I]Z>WZgdiZaHVg^\ZgbZEVg`jhZhVeVgV"
Wda^Xigdj\]hdaVgeaVcih^cXZ'%%)#
*-
GZcZlVWaZZcZg\n^ci]Z]diZahZXidg#BVcnIJ>]diZahVagZVYnjhZgZcZlVWaZ
ZcZg\nhdjgXZh!VcYVgdjcYildi]^gYhd[i]Z]diZahXdkZgjeid)%eZgXZcid[i]Z^g
idiVaZcZg\ngZfj^gZbZcih^ci]^hlVn#L]Zc^chiVaa^c\gZcZlVWaZZcZg\nhdjgXZh!
IJ>ZcYZVkdjghidb^c^b^hZi]Z^beVXid[i]Z\ZcZgVi^c\eaVcidci]ZadXVaZck^gdc"
bZciVcYXdjcignh^YZ#Hdaji^dchVgZValVnhhdj\]il]^X]VgZVhh^beaZVcYVhjc"
Xdbea^XViZYVhedhh^WaZidZchjgZi]Vii]ZnXVcWZhZgk^XZYWni]ZadXVa^c[gVhigjX"
ijgZ#I]^hVahd]Vhi]Zedh^i^kZZ[[ZXid[egdbdi^c\i]ZadXVajhZd[i]ZhZ^ccdkVi^kZ
iZX]cdad\^Zh#IJ>]diZahi]ZgZ[dgZ[gZfjZcianjhZhdaVgi]ZgbVahnhiZbhidXdkZgV
aVg\Zegdedgi^dcd[i]Z^glVgblViZgcZZYh#>cVYY^i^dcidhdaVgi]ZgbVahnhiZbh!
IJ>=diZahGZhdgihVahdjhZZcZg\n\ZcZgViZYWne]didkdaiV^XhnhiZbhVcYl^cY
ijgW^cZhidXdci^cjdjhan^cXgZVhZi]Zegdedgi^dcd[gZcZlVWaZZcZg\^Zh^ci]ZdkZg"
Vaab^m#
6aiZgcVi^kZZcZg\n\ZcZgVi^dcXdcXZeihVgZVahdejghjZY![dg^chiVcXZ!i]ZGD7>C"
HDC8ajW6bVY‚^c@aZ^cVgaHVaoWjg\ZgAVcY!6jhig^VjhZhhiViZ"d["i]Z"VgiXdc"
YZchVi^dciZX]cdad\nid\ZcZgViZZcZg\n^cV8D"cZjigVaW^dbVhhedlZgeaVci#>i
lVhWj^ai^cXddeZgVi^dcWZilZZci]ZGD7>CHDC8ajW^ckZhidg![VgbZgh^c@aZ^cVga!
VcYildXdbeVc^Zh!CV]l~gbZ<bW=VcY6:H<#I]ZeaVcilVhWj^ai^cZVgan'%%)#
I]ZadXVa[dgZhiZghhjeeani]ZW^dbVhheaVcil^i]h]gZYYZYlddYX]^eh[gdbi]Z^g
[dgZhihºVgZcZlVWaZgZhdjgXZ#I]ZeaVcilVhi]jhVWaZidY^heZchZl^i]i]ZXdb"
eaZmXdchigjXi^dcbZVhjgZhl]^X]ldjaY]VkZWZZc^ckdakZY^ci]Z^chiVaaVi^dcd[
Vcd^a]ZVi^c\hnhiZb!VcYCV]l~gbZ@aZ^cVgalVhVWaZidhjeean]ZViidi]Zl]daZ
k^aaV\ZXZcigZi]Vc`hidi]Zhjeedgid[i]^hbV_dgXjhidbZg#Jeid&%%eZgXZcid[
i]ZGD7>CHDC8ajW¿h]ZViVcY]dilViZgcZZYhVgZhjeea^ZYWni]^hbdYZgceaVci!
l]^X]VahdVXXdjcih[dgVccjVahVk^c\hd[VgdjcY-%%%%%a^igZhd[]ZVi^c\d^a!Xdg"
gZhedcY^c\id8DhVk^c\hd['%%%idcheZgnZVg#
I]Z>WZgdiZaHVg^\ZgbZEVg`]VheVkZYi]ZlVn[dgdkZgdcZVcYV]Va[YZXVYZhl^i]
i]Z^beaZbZciVi^dcd[Zck^gdcbZciVa^ccdkVi^dch#6eVgVWda^Xigdj\]hdaVgeaVcilVh
Xdbb^hh^dcZYVii]Z>WZgdiZaHVg^\ZgbZEVg`^c6eg^a'%%)#I]ZeVgVWda^Xigdj\]
XdaaZXidghdeZgViZYWni]Z]diZaVgZdei^bVa[dghdak^c\i]ZXdda^c\egdWaZbh^chjc"
g^X]Xdjcig^Zh#I]Z]ZViXdaaZXiZYWni]ZhjcXdaaZXidg^hjhZYidV^g"XdcY^i^dci]Z
]diZa!\ZcZgViZ]dilViZgVcYgV^hZgZ[g^\ZgVi^dcZ[ÇX^ZcXn#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8a^bViZegdiZXi^dcVcYZb^hh^dch
7jgc^c\[dhh^a[jZa\ZcZgViZh\gZZc]djhZ\VhZhVcYdi]Zgedaaji^c\XdbWjhi^dc
egdYjXih#IJ>bVcV\Zh^ihZb^hh^dchWVaVcXZWn^begdk^c\i]Z[jZaZ[ÇX^ZcXnd[^ih
V^gXgV[iVcYh]^eh#
8VgWdcY^dm^YZa^ZhVii]Z]ZVgid[i]ZXa^bViZYZWViZ#I]^hY^hXjhh^dc^hVahdd[bV"
_dg^bedgiVcXZ[dgIJ>!VcYIJ>eVgi^X^eViZhVXi^kZan^ch]Ve^c\eda^Xnid^ciZ\gViZ
Vk^Vi^dc^ci]Z:jgdeZVc:b^hh^dchIgVY^c\HnhiZb:J":IH#
8VgWdcY^dm^YZ8D
9^gZXi8DZb^hh^dchi
IJ>V^ga^cZh
=VeV\"AadnYXdciV^cZgh]^eh
8gj^hZa^cZgh
IJ>=diZahGZhdgih
Di]Zgh
IdiVa
'%%+
'%%*
'%%)
*%.'&-(
&%*'*('%
'+%.,%
-%'&)
''&&*
&*.-%-%&
).'+(',
',&+%.(
'**%%%
.%+&.
(.''+
-%','+*
)(&%((.
'+%,%)&
&.&***
'*'.-,
('++)
,(.)*-,
9ViVfjVa^in^hXg^i^XVaWZXVjhZd[i]ZjcjhjVaan]^\]]ZVi^c\d^aXdchjbei^dc
9^gZXiZb^hh^dch]VkZg^hZcXdch^YZgVWan^ci]ZaVhinZVgWZXVjhZd[i]Z^cXdgedgV"
i^dcd[i]Zh]^ehdeZgViZYWn8EH]^eh^cIJ>¿hZb^hh^dchWVaVcXZ#I]ZZcaVg\ZbZci
d[i]ZXdciV^cZgh]^ee^c\ÈZZiWni]Z-(h]^ehgjcWn8EH]^ehXVjhZYVbV_dg^c"
XgZVhZ^cH]^ee^c\hZ\bZciZb^hh^dch#6WhdajiZ8DZb^hh^dchWni]ZV^ga^cZhgdhZ
Wn(#)eZgXZciWZXVjhZd[i]ZaVg\ZgcjbWZgd[V^gXgV[iVcYi]Z\gdli]^cigVchedgi
XVeVX^in#8]Vc\Zh^ci]Z]diZahZ\bZciVcYbdgZegZX^hZgZedgi^c\aZYidVgZYjXi^dc
^cVWhdajiZZb^hh^dchnZVg"dc"nZVg^c'%%+#6ai]dj\]i]ZXgj^hZa^cZghgZedgiVg^hZ^c
Zb^hh^dch!i]ZgZ^hVXijVaanVXdch^YZgVWaZgZYjXi^dc^cZb^hh^dcheZgeVhhZc\ZgVcY
hZVb^aZ#I]^h^hViig^WjiVWaZiddei^b^hZYgdji^c\VcY]^\]aZkZahd[dXXjeVcXn^ci]Z
Xgj^hZa^cZgh#
IJ>=diZahGZhdgih%#*
Di]Zgh%#&
8gj^hZa^cZgh&#+
IJ>V^ga^cZh(&#.
8DZb^hh^dchidiVa
&*#.-b^aa^dci
8D
=VeV\"AadnY
XdciV^cZgh]^eh+*#.
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
*.
:ck^gdcbZciVabVcV\ZbZcihnhiZb
L]^ahii]ZgZ]VhWZZcVXdch^YZgVWaZYZXa^cZ^ci]ZheZX^ÇX8DZb^hh^dchd[i]Z
Xgj^hZa^cZgh!^i]VhcdiWZZcedhh^WaZidhZeVgViZZb^hh^dch[gdbi]ZigVchedgi
XVeVX^ind[i]ZV^ga^cZh#I]ZÇ\jgZh[dg8dciV^cZgH]^ee^c\^ci]Z'%%+ÇcVcX^VanZVg
XVccdiWZXdbeVgZYl^i]i]ZegZk^djhnZVg¿hÇ\jgZhWZXVjhZd[i]Z^ciZ\gVi^dcd[
8EH]^eh#
9^gZXi8DZb^hh^dchheZX^ÇX
IJ>V^ga^cZh
=VeV\"AadnYXdciV^cZgh]^eh
8gj^hZa^cZgh
IJ>=diZahGZhdgih
`\$&%%e`b
\$I:J$hb
'%%+
'%%*
'%%)
,#.*
,#,.
,#*(
&,)#'% &+%#-%
&+(#*%
`\$&%%ecb
'#,(
(#%+
(#**
`\$\jZhi$YVn
'#''
'#++
º
6gZYjXi^dc^c8DZb^hh^dcheZg\jZhiVcYdkZgc^\]ihiVnlVhdWhZgkZYl^i]gZ"
heZXiidi]ZjhZd[[dhh^a[jZahWnIJ>=diZahGZhdgih#
& 8dbeVgVi^kZ[^\jgZ^hi]ZY^[[ZgZcXZVhhjb^c\i]ZhVbZ
XVeVX^inji^a^hVi^dcVcYgdjiZ#
' 8VaXjaViZYVhi]ZY^[[ZgZcXZd[i]ZZmeZXiZYZb^hh^dch
d[Wdi]V^gXgV[iineZh[dgi]ZigVchedgiXVeVX^i^Zhd[i]Z
7,),[aZZi^ci]ZaVhiildnZVgh#
( >cXgZVh^c\ZcZg\nZ[[^X^ZcXnd[(eZgXZciVhhjbZYWn
je\gVY^c\V^gXgV[il^i]l^c\aZih#I]^h[^\jgZ^hYZg^kZY
[gdbVcdb^cVaWadX`eZg^dYeZgnZVgVcYi]ZVXijVa
]djganXdchjbei^dcd[i]ZV^gXgV[iineZdeZgViZYWnIJ>
V^ga^cZh#
) 8dbeVg^hdcWZilZZch]^ehWj^ai^c'%%*l^i]VXVeVX^in
d[-,*%I:J!VcYh]^ehWj^ai^c&..,l^i]VXVeVX^ind[
)+&'I:J#I]Z[^\jgZ^hYZg^kZY[gdbi]ZXdchjbei^dc
Y^[[ZgZcXZVhhjb^c\i]ZhVbZcdb^cVaigVchedgiXVeVX^in#
+%
:mVbeaZhd[^beaZbZciZY8DgZYjXi^dcbZVhjgZh'%%)º'%%+
VccjVa8D
9^k^h^dc
BZVhjgZ
hVk^c\hi
;aZZigZcZlVaVcYgZeaVXZbZci
&+%%%i
d[Zm^hi^c\6(&%ÈZZiWnbdYZgc
eZgV^gXgV[i&
7,(,"-%%h
GZeaVX^c\daY6,),"'%%hl^i]
IJ>V^ga^cZh
,%%%%i
7,),")%%hl^i]bdgZ[jZa"Z[ÇX^Zci
eZgV^gXgV[i'
Zc\^cZh
Je\gVY^c\7,(,"-%%ÈZZil^i]l^c"
)&%%%i(
\aZihid^begdkZV^gXgV[iVZgdYncVb^Xh
>cigdYjX^c\cZlh]^ehl^i]bdYZgc!
.%%%i
bdgZZcZg\n"Z[ÇX^Zciegdejah^dc
eZgh]^e)
8dciV^cZgH]^ee^c\
>begdk^c\jcYZglViZgXdVi^c\hWn
(-%%i
jh^c\h^a^XdcidgZYjXZh]^egZh^hi"
eZgh]^e
VcXZ
>cXgZVh^c\[jZaZ[ÇX^ZcXnVXgdhhi]Z
8gj^hZh
&%%%%i
l]daZXgj^hZa^cZgÈZZiWn&%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
Di]ZgZb^hh^dchCDm!HDm!ZiX##Di]ZgZb^hh^dchgZaZVhZYWni]ZjhZd[[dhh^a
[jZahVahdgZfj^gZZck^gdcbZciVa^cY^XZh!eVgi^XjaVgan[dgc^igd\Zcdm^YZh!hjae]jgdm"
^YZh!XVgWdcbdcdm^YZVcY]nYgdXVgWdch#Di]Zg\gZZc]djhZ\VhZhVgZdcanZb^iiZY
^c^ch^\c^ÇXVcifjVci^i^Zh#>cVYY^i^dcidXVgWdcY^dm^YZ!i]Z@ndidEgdidXdaVahdiV`Zh
^cidXdch^YZgVi^dci]Z[daadl^c\\gZZc]djhZ\VhZh/bZi]VcZ8=)!c^igdjhdm^YZ
aVj\]^c\\Vh!C'D!]nYgdÈjdgdXVgWdchVcYeZgÈjdgdXVgWdch=;8h$E;8hVcY
hjae]jg]ZmVÈjdg^YZH;+#
Di]ZgZb^hh^dch
'%%+
'%%*
'%%)
i
(*&,-
((,),
(%))'
\$&%%e`b
*)#.&
*(#(.
*(#&.
=VeV\"AadnYXdciV^cZgh]^eh
i
'.)%+%
,*--(
,'-(+
=VeV\"AadnYXdciV^cZgh]^eh
heZX^ÇX
\$I:J$hb
)#-,
)#*%
)#*-
i
*%'-
).&(
(+.&
\$&%%ecb
*%#%%
*+#%&
+*#%'
i
&.-%%%
*&(-*
).(-%
\$I:J$hb
(#(+
(#&%
(#'%
i
(&%+
(%+,
''+,
\$&%%ecb
(%#-.
()#.+
(.#.)
i
&..%
'%%*
&-++
\$&%%e`b
(#&&
(#&,
(#'+
i
(&.
'.%
'.)
\$&%%e`b
%#*%
%#)+
%#*&
C^igd\Zcdm^YZhCDm
IJ>V^ga^cZh
IJ>V^ga^cZhheZX^ÇX
8gj^hZa^cZgh
8gj^hZa^cZghheZX^ÇX
Hjae]jgdm^YZhHDm
=VeV\"AadnYXdciV^cZgh]^eh
=VeV\"AadnYXdciV^cZgh]^eh
heZX^ÇX
8gj^hZa^cZgh
8gj^hZa^cZghheZX^ÇX
8VgWdcbdcdm^YZ8D
IJ>V^ga^cZh
IJ>V^ga^cZhheZX^ÇX
=nYgdXVgWdch=8
IJ>V^ga^cZh
IJ>V^ga^cZhheZX^ÇX
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
+&
:ck^gdcbZciVabVcV\ZbZcihnhiZb
I]ZVWhdajiZZb^hh^dch]VkZg^hZcl^i]i]ZZmXZei^dcd[XVgWdcbdcdm^YZ8DVh
VgZhjaid[i]ZZcaVg\ZbZciVcYX]Vc\Zh^ci]ZÈZZid[V^gXgV[iVcYh]^eh#I]ZCDm
Zb^hh^dch^ci]ZheZX^ÇXZb^hh^dch[dgV^ga^cZhgdhZWZXVjhZd[X]Vc\Zh^cÈ^\]i
egdÇaZh#I]ZgZcZlZY^cXgZVhZ^c]nYgdXVgWdchXVjhZYWn^cXdbeaZiZ[jZaXdbWjh"
i^dcYjg^c\V^gXgV[ibdkZbZcihdcV^gedgiiVm^lVnh^hViig^WjiVWaZidadc\ZglV^i^c\
eZg^dYheg^dgidiV`Z"d[[VcYV[iZgaVcY^c\#
CDm\$&%%e`b
Di]ZgZb^hh^dchCDm !HDm !ZiX#
[dgIJ>V^ga^cZh
8D\$&%%e`b
*)#.&
'%%+
'%%)
%#*&
(#'+
*(#(.
'%%*
=8\$&%%e`b
(#&,
%#)+
%#*%
(#&&
*(#&.
HjXXZhhlVhVX]^ZkZY^chZeVgVi^c\di]ZgZb^hh^dch^ci]ZH]^ee^c\hZ\bZci[gdb
\gdli]!jci^ai]Z^ciZ\gVi^dcd[8EH]^eh#I]ZXjggZciÇ\jgZhh]dli]Vii]Z^ciZ\gV"
i^dcd[hbVaaZgh]^eh\^kZhg^hZid]^\]ZgZb^hh^dcheZgigVchedgijc^i#
CDm\$I:J$cb
HDm\$I:J$cb
)#-,
'%%+
Di]ZgZb^hh^dchCDm !HDm !ZiX#[dg
8dciV^cZgH]^ee^c\
(#(+
'%%*
)#*%
(#&%
'%%)
)#*(#'%
CDm\$&%%ecb
'%%+
Di]ZgZb^hh^dchCDm !HDm !ZiX#[dg
8gj^hZh
HDm\$&%%ecb
*#,,
(#*-
'%%*
+#&.
(#-+
'%%)
.#*%
*#-)
I]Z8gj^hZhhZ\bZciXaZVganh]dlhi]Z^begdkZbZci^cheZX^ÇXc^igd\ZcVcYhjae]jg
dm^YZZb^hh^dch#HZeVgVi^c\Zb^hh^dch[gdbigVchedgiXVeVX^in^hVcZmVbeaZd[IJ>¿h
hjhiV^cVWaZZck^gdcbZciVabVcV\ZbZci!eVgi^XjaVganlZaaYZbdchigViZYWn=VeV\"
AadnY8gj^hZhVcYI]dbhdc8gj^hZh#
+'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8a^bViZ^beVXid[^ciZgcVi^dcVa
XdciV^cZgigVchedgi
8dciV^cZgh]^ehVgZi]ZbZVchd[igVchedgi^c\\ddYhl^i]i]ZaZVhi
^beVXidci]ZXa^bViZ#I]Z\adWVaigVchedgid[\ddYhgZa^ZhdcXdc"
iV^cZgh]^ee^c\VcYi]ZgZ[dgZdcVbZVchd[igVchedgil]^X]hZgkZh
\adWVa^hVi^dcVcYVahdXVjhZhi]ZaZVhiZb^hh^dcheZgigVchedgijc^i#
<adWVaigVYZ^hWj^aidcXdciV^cZgigVchedgi#DXZVchVcYXdci^cZcihd[iZchZeVgViZ
bVcj[VXijgZgh[gdbXdchjbZgh#=VeV\"AadnY¿hXdciV^cZgh]^ehVgZi]Zadc\Zhi
XdccZXi^c\a^c`^ci]ZYddg"id"Yddgad\^hi^XhX]V^c#6cYXdbeVgZYiddi]ZgbZVch
d[igVchedgi^ci]ZY^hig^Wji^dcX]V^c!XdciV^cZgh]^eh]VkZi]ZaZVhi^beVXidci]Z
Xa^bViZ#
>[lZadd`Vii]ZigVchedgid[VXdciV^cZg[gdbBjc^X]id8VakZgi8^in^c@ZcijX`n$
JH6[dg^chiVcXZ!lZhZZi]Vii]Z=VeV\"AadnYXdciV^cZgh]^eXdkZgh,'eZgXZcid[
i]ZidiVa_djgcZnd[Vabdhi.%%%`^adbZigZhVcYdcanZb^ihVWdji'%eZgXZcid[i]Z
igVchedgi"gZaViZY\gZZc]djhZ\VhXVgWdcY^dm^YZ8DeZgXdciV^cZg#
IgjX`
(%`b
GV^alVn
-%(`b
8dciV^cZgh]^e
+)*-`b
IgjX`
&+-%`b
,'
&.
9^hiVcXZ
`b
.
8D
`\
,
'%
,'
)%`\
'&-`\
+%-`\
' '*-`\
8dbeVg^hdcWZilZZcY^hiVcXZigVkZaaZY
VcYi]ZVhhdX^ViZY8DZb^hh^dcheZg
hiVcYVgYXdciV^cZgI:J
GV^alVn
H]^e
IgjX`
8DhVk^c\hWn^ckZhi^c\^ch]^ehl^i]WZiiZgZcZg\nZ[ÇX^ZcXn#I]ZIJ>hjWh^Y^"
Vgn=VeV\"AadnYXdchiVcianhig^kZhidgZYjXZ^ihZck^gdcbZciVa^beVXi#>ihdgYZg[dg
Vcdi]ZgZ^\]iXdciV^cZgh]^eh[gdb=njcYV^=ZVkn>cYjhig^Zh^c@dgZVl^aaXjiZb^h"
h^dch^chZgk^XZWn,&)%%idcheZgnZVgd[i]Z\gZZc]djhZ\VhXVgWdcY^dm^YZ[dgi]Z
hVbZigVchedgiXVeVX^inXdbeVgZYiddaYZgh]^ehl^i]hbVaaZgXdciV^cZgXVeVX^i^Zh#
:VX]d[i]Z-h]^eh^h((*bZigZhadc\!)(bZigZhl^YZ!VcYXVcVXXdbbdYViZ-,*%
hiVcYVgY'%"[ddiXdciV^cZgh#I]^hh]dlhi]Vih^oZ^cXdciV^cZgh]^ee^c\^h^bedgiVci
WZXVjhZ^igZYjXZhZck^gdcbZciVa^beVXi!VcYeVgi^XjaVgani]ZZb^hh^dcd[\gZZc"
]djhZ\VhZh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
+(
:ck^gdcbZciVabVcV\ZbZcihnhiZb
CVijgVagZhdjgXZh!lVhiZ\ZcZgVi^dc
VcYaVcYjhZ
>cVYY^i^dcidXa^bViZ^beVXi!Vcdi]Zgeg^dg^in[dgIJ>¿hZck^gdcbZciVa
bVcV\ZbZci^hi]ZZ[ÇX^ZcijhV\Zd[cVijgVagZhdjgXZh!VcY^ceVg"
i^XjaVgYg^c`^c\lViZgºl]^X]^hdcZd[i]Zbdhi^bedgiVcicVijgVa
XdbbdY^i^Zh#
9g^c`^c\lViZgXdchjbei^dcVcYgZXnXa^c\
I]ZVkV^aVW^a^ind[XaZVcYg^c`^c\lViZg^h^cY^heZchVWaZ[dgIJ>Vi^ihYZhi^cVi^dch#
;gZh]lViZgXdchjbei^dc
IJ>¿hlViZgXdchjbei^dceg^bVg^an^ckdakZhi]Z[gZh]lViZgjhZY^cIJ>=diZah
GZhdgih#Id`ZZei]ZjhZd[lViZgidVb^c^bjb!IJ>=diZahGZhdgih]Vh^ihdlc
lZaahid^gg^\ViZ^ih[VX^a^i^Zh#;gZh]lViZgXdchjbei^dcVXgdhhi]Zl]daZhZ\bZci^c
'%%+lVh&,#'+b^aa^dcXjW^XbZigZh!jeVgdjcY+#(eZgXZcinZVg"dc"nZVg#I]ZlViZg
Xdchjbei^dc^ci]Z]diZahZ\bZci^c'%%+lVhi]jh)'+#'a^igZheZg\jZhiVcYdkZg"
c^\]ihiVn!jeVgdjcY-#-eZgXZciXdbeVgZYidi]ZegZk^djhnZVg#
LViZgXdchjbei^dca^igZheZgYVn
LViZgXdchjbei^dceZgdkZgc^\]ihiVn
'%%+
'%%*
'%%)
)'+#'
(.&#-
**'#(
I]ZgZVgZbVcnXVjhZh[dgi]^h^cXgZVhZ^cXdchjbei^dcl]^X]VgZY^[ÇXjaiidYZiZg"
b^cZ^cYZiV^a#H^cXZi]Z^beaZbZciVi^dcd[i]ZZck^gdcbZciVabVcV\ZbZcihnhiZbh!
bdhiIJ>=diZahGZhdgih]VkZ^cXdgedgViZYZck^gdcbZciVaan"[g^ZcYangZhdjgXZ
bVcV\ZbZcihX]ZbZh^ci]Z^g]diZabVcV\ZbZciegVXi^hZh#
LVhiZbVcV\ZbZci
HnhiZbVi^XlVhiZbVcV\ZbZcihVkZhkVajVWaZgZhdjgXZh!Vkd^YhjccZXZhhVgnZc"
k^gdcbZciVa^beVXi!VcYbV`ZhVh^\c^ÇXVciXdcig^Wji^dcidXjii^c\]diZagjcc^c\
Xdhih#I]ZbVcV\ZbZcid[IJ>=diZahGZhdgihi]ZgZ[dgZeaVXZhV]^\]eg^dg^in!
VheVgid[i]Z^gZck^gdcbZciVabVcV\ZbZcihnhiZbh!dcegZkZciVi^kZbZVhjgZh[dg
lVhiZVkd^YVcXZ!hZeVgVi^c\gZXdkZgVWaZh[dggZXnXa^c\!VcYi]ZegdeZgY^hedhVad[
i]ZgZbV^c^c\jcVkd^YVWaZgZh^YjValVhiZ#
&#+`^ad\gVbhd[lVhiZeZgdkZgc^\]ihiVnlVh\ZcZgViZYWnIJ>=diZahGZhdgih
^c'%%+#I]^hlVhiZlVhhZeVgViZYl]ZgZedhh^WaZidgZXdkZggZXnXaVWaZh#I]ZYViV
fjVa^in^ci]ZegZk^djhnZVgbV`Zh^iY^[ÇXjaiidXdbeVgZi]ZaViZhiÇ\jgZl^i]i]Z
&#)(`^ad\gVbheZgdkZgc^\]ihiVngZedgiZY[dg'%%*#
+)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
EjgX]Vh^c\^hdcZd[i]ZVgZVhl]^X]XVc^beaZbZcii]ZbdhiZ[[ZXi^kZbZVhjgZh
[dglVhiZVkd^YVcXZ/[dg^chiVcXZWnWjn^c\adXVaanegdYjXZY[ddY!Wjn^c\^cWja`!
^cXgZVh^c\i]ZjhZd[gZijgcVWaZXdciV^cZgh!VcYVkd^Y^c\i]Zh^c\aZedgi^dceVX`V\"
^c\VcYY^hedhVWaZXdciV^cZghhdine^XVad[]diZaXViZg^c\egdXZhhZh!Z#\#i^ch!eaVhi^X
WdiiaZhVcYeaVhi^XWV\h#
HdbZZmVbeaZhd[heZX^ÇXbZVhjgZh[dglVhiZVkd^YVcXZVcYgZYjXi^dc/
LVhiZhZeVgVi^dcºbdhianidhZeVgViZdjieVeZg!\aVhh!eaVhi^X!bZiVaVcY]VoVgY"
djhlVhiZhjX]VhWViiZg^ZhVcYlVhiZd^a!]VhcdlWZXdbZhiVcYVgYegVXi^hZ^c
bVcn]diZah!Z#\#GD7>CHDC!<gZXdiZa!>WZgdiZa!9dg[]diZa!<gjediZa!G^j#
6adcZWnVkd^Y^c\i]ZjhZd[Y^hedhVWaZeVX`V\^c\[dg_Vb!]dcZn!WjiiZg!ZiX#!
G^jgZYjXZYi]ZVbdjcid[eaVhi^XlVhiZ^i\ZcZgViZY^c'%%'WndkZg(%idch#
Dg\Vc^X\VgYZcVcY`^iX]ZclVhiZ^hVahd^cXgZVh^c\anjhZY[dgXdbedhi^c\VcY
gZjhZdci]Z]diZa\gdjcYh!Z#\#^cVaa<gZXdiZahVcY9dg[]diZah!VcYhdbZGD7>C"
HDCVcY>WZgdiZagZhdgih#
>i]VhVahdWZXdbZhiVcYVgYegVXi^hZ^cbVcnIJ>]diZahidhVkZgZhdjgXZhWn
jh^c\X]adg^cZ"[gZZWaZVX]ZY!VcYl]ZgZedhh^WaZ!gZXnXaZYeVeZg^cd[ÇXZhVcY
[dghVc^iVi^dc#
8VgWdcVi^c\Veea^VcXZhVgZjhZY^cGD7>CHDCXajWhidegZeVgZiVWaZlViZg!VcY
i]jhgZYjXZlVhiZ^ci]Z[dgbd[Y^hedhVWaZVcYeaVhi^XWdiiaZh#
JhZd[aVcYVcYegdiZXiZYodcZh
Jched^aiXdjcignh^YZVcY^ciVXicVijgZ^h^cY^heZchVWaZ[dgZkZgnedh^i^kZ]da^YVn
ZmeZg^ZcXZ#IJ>=diZahGZhdgihi]ZgZ[dgZZcYZVkdjgidgZVa^hZi]Z^gcZl]diZa
XdchigjXi^dcegd_ZXihVhZck^gdcbZciVaan"XdbeVi^WanVhedhh^WaZ#8]Vc\Zh^c^ih]diZa
edgi[da^d]VkZgZYjXZYi]ZVbdjcid[aVcY^ijhZhidVeegdm^bViZan&)#(-b^aa^dc
hfjVgZbZigZh#I]ZjhZd[egdiZXiZYdgkZ\ZiViZYVgZVh]Vhh]gjc`Wn-#'eZgXZci
VcY.#.eZgXZcigZheZXi^kZan
EgdiZXiZYVgZVh-
KZ\ZiVi^dcadhh.
AVcYjhZY^k^YZYje^cidY^[[ZgZciineZh
d[jhZVeegdm^bViZ[dgIJ>=diZah
GZhdgih
Di]ZgVgZVh-(
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
+*
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8Zgi^ÇXVi^dcVXXdgY^c\id^ciZgcVi^dcVa
Zck^gdcbZciVahiVcYVgYh
8dci^cjdjh^begdkZbZciWnjcYZg\d^c\XZgi^ÇXVi^dc
I]ZZck^gdcbZciVabVcV\ZbZcihnhiZbh:BHd[ZVX]<gdjeXdbeVcnVgZWZ"
^c\hjXXZhh^kZanVY_jhiZYidXdbeanl^i]^ciZgcVi^dcVaZck^gdcbZciVahiVcYVgYh!
VcYi]jhidejh]i]ZXdci^cjdjh^begdkZbZcid[djgZck^gdcbZciVaeZg[dgbVcXZ#
6gdjcY((eZgXZcid[i]Z<gdje¿hidiVaijgcdkZglVh\ZcZgViZY^ci]Z'%%*ÇcVcX^Va
nZVgWn9>C:C>HD&)%%&XZgi^ÇZYXdbeVc^Zh#I]^hÇ\jgZXVccdiWZ\ZcZgViZY[dg
i]Z'%%+ÇcVcX^VanZVgWZXVjhZ!YjZidi]Z^ciZ\gVi^dcd[8EH]^ehl^i]^c=VeV\"
AadnY6<!V[jaadcZ"nZVg:BHbVcV\ZbZciXnXaZ]VhideVhhidhVi^h[ni]ZidiVa
ijgcdkZgd[Vc^ciZ\gViZYXdbeVcnejghjVciid9>C:C>HD&)%%&#>i^hZmeZXiZY
i]Vii]ZdcZ"i]^gYi]gZh]daY[dgXZgi^ÇZYXdchda^YViZYijgcdkZgl^aaWZXaZVganZm"
XZZYZY#
BV\^XA^[ZXZgi^ÇXViZ
:ck^gdcbZciVabVcV\ZbZcihnhiZbhVgZkdajciVgn^chigjbZcih[dgegZkZciVi^kZ
Zck^gdcbZciVaegdiZXi^dcVcYi]ZhnhiZbVi^X^YZci^ÇXVi^dcVcYgZYjXi^dcd[Zck^gdc"
bZciVa^beVXi#I]ZhiVcYVgYh\ZcZgVaanVeea^ZY^c:jgdeZ^ckdakZi]Z\adWVaankVa^Y
9>C:C>HD&)%%&Zck^gdcbZciVahiVcYVgYd[i]Z>ciZgcVi^dcVaHiVcYVgY^hVi^dcDg"
\Vc^hVi^dc!dgi]Z:B6HY^gZXi^kZd[i]Z:jgdeZVcJc^dc:Xd6jY^i#>cYZeZcYZci
ZmeZgihXVggndjigZ\jaVgVjY^ihidX]ZX`Xdbea^VcXZl^i]Vaad[i]Zhi^ejaVi^dch!i]Z
^beaZbZciVi^dcd[i]ZZck^gdcbZciVabVcjVa!VcYi]ZZck^gdcbZciVaegd\gVbbZ#
8dbeVc^Zhdcan\V^cXZgi^ÇXVi^dc^[i]Zn[jaÇaVaad[i]ZheZX^ÇXVi^dch#
7n^beaZbZci^c\i]ZhZ^ciZgcVi^dcVaangZXd\c^hZYZck^gdcbZciVahiVcYVgYh!lZVgZ
VWaZidfjVci^iVi^kZanYZbdchigViZdjgZck^gdcbZciVaVXi^k^i^Zh#I]ZVhhdX^ViZYgZ"
edgi^c\Vahd^begdkZhi]ZaZkZad[igVcheVgZcXn[dgi]ZWZcZÇid[djgÇcVcX^VaeVgi"
cZgh#IJ>XVcVahdXgZY^WanYdXjbZci^ihZck^gdcbZciVaXdbb^ibZci^cY^Vad\jZl^i]
di]ZghiV`Z]daYZghhjX]VhcVijgZXdchZgkVi^dc^hih!eda^i^X^VchVcYi]ZbZY^V#
IJ>6<XZgi^ÇXViZ
CjbZgdjh<gdjeXdbeVc^Zh]VkZ^beaZbZciZYZck^gdcbZciVabVcV\ZbZcihnh"
iZbhXdbean^c\l^i]^ciZgcVi^dcVaangZXd\c^hZYZck^gdcbZciVahiVcYVgYh!bV`^c\V
h^\c^ÇXVciXdcig^Wji^dc^ci]^hlVnidhnhiZbVi^XZck^gdcbZciVaegdiZXi^dc!gZhdjgXZ
hVk^c\!VcYgZYjX^c\Zck^gdcbZciVaedaaji^dc#
=VeV\"AadnYXZgi^ÇXViZ
:B6H/I]ZGD7>CHDC8ajW8VaVHZgZcV!BV_dgXV!\V^cZY:B6HXZgi^ÇXVi^dc^chjbbZg'%%,^cVYY^i^dcid^ih
Zm^hi^c\>HD&)%%&XZgi^ÇXVi^dc
++
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8Zgi^ÇZYZck^gdcbZciVaVcYfjVa^inbVcV\ZbZcihnhiZbh^ci]ZIJ><gdjeVhVi%($'%%,/
8dbeVcn
AdXVi^dc
>HD&)%%&
>HD.%%&
=daY^c\
IJ>6<]ZVYfjVgiZgh
<ZgbVcn
m
<ZgbVcn
m
=diZaXdbeVc^Zh$IJ>=diZahGZhdgih
9dg[]diZa;aZZhZchZZ
<gjediZa6\jV^i
<ZgbVcn
BV_dgXV!HeV^c
m
CZl^c'%%+
<gjediZa6bVedaV
BV_dgXV!HeV^c
CZl^c'%%+
IdjgdeZgVidgh
IJ>9ZjihX]aVcY
<gjediZa8VaVHVcK^XZciZ
<gjediZa8ajWIjgfjZhVBVg
<gjediZa<gVcK^hiV
<gjediZaAdhEg^cX^eZh
<gjediZaBVXVgZaaV
<gjediZaEVgXCVijgVa
<gjediZaE^XV[dgi7ZVX]
<gjediZaKVaeVgV^hdEVaVXZ
>WZgdiZaBH8gdlc:beZgdg
>WZgdiZa<gVcYH]Vgb
>WZgdiZaEVaVXZ
>WZgdiZaAVbVnV
>WZgdiZaBV`VY^7ZVX]
>WZgdiZaBV`VY^DVh^h
>WZgdiZaBV`VY^HVgVnV
>WZgdiZaHVg^\ZgbZEVg`
BV\^XA^[Z8ajWH]Vgb:aH]Z^`]>beZg^Va
BV\^XA^[Z8ajW6[g^XVcV>beZg^Va
BV\^XA^[Z8ajWLViZgLdgaY>beZg^Va
CdgYdiZa8^cXdEaVoVh
CdgYdiZa?VgY^cYZaHda
CdgYdiZaDgfj^YZV
CdgYdiZaG‚kda^
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
BV_dgXV!HeV^c
:\nei
:\nei
:\nei
:\nei
:\nei
:\nei
:\nei
Ijg`Zn
:\nei
Ijc^h^V
:\nei
AVcoVgdiZ!HeV^c
<gVc8VcVg^V!HeV^c
<gVc8VcVg^V!HeV^c
<gVc8VcVg^V!HeV^c
m
m
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
m
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
m
m
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
m
+,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
AdXVi^dc
>HD&)%%&
>HD.%%&
<ZgbVcn
BV_dgXV!HeV^c
m
m
m
m
GD7>CHDC8ajW:hfj^codEaVnV
;jZgiZkZcijgV!HeV^c
m
m
GD7>CHDC8ajW?VcY^VEaVnV
GD7>CHDC8ajW@naa^c^7ZVX]
GD7>CHDC8ajWAniidh7ZVX]
GD7>CHDC8ajW9V^YVadh
GD7>CHDC8ajWvVbnjkV
GD7>CHDC8ajWBVg^h
GD7>CHDC8ajWCdW^a^h
;jZgiZkZcijgV!HeV^c
<gZZXZ
<gZZXZ
<gZZXZ
Ijg`Zn
Ijg`Zn
Ijg`Zn
m
m
m
m
m
m
m
m
m
m
m
m
m
m
Ijg`Zn
m
m
:\nei
:\nei
:\nei
:\nei
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
CZl^c'%%+
8negjh
m
m
6aaadXVi^dchldgaYl^YZ
m
m
=diZaXdbeVc^Zh$IJ>=diZahGZhdgih
GD7>CHDC8ajW;aZZhZchZZ
GD7>CHDC8ajW8VaVHZgZcV
GD7>CHDC8ajWEVb[na^V
HdaNBVg7ZakZYZgZ
HdaNBVgBV`VY^Hjc
HdaNBVgBV`VY^HiVgHeV
HdaNBVgHdaVnV
9Zhi^cVi^dcV\ZcXn
6ZdadhIgVkZaIgVchedgiYZeVgibZci
H]^ee^c\
=VeV\"AadnY8dciV^cZgH]^ee^c\
HnhiZbVi^XZck^gdcbZciVa^begdkZbZcihVgZVeZgbVcZcieg^dg^in^ci]Z]diZahZ\"
bZci#I]Z]diZabVcV\ZbZcihnhiZbhd[ZaZkZcGD7>CHDCXajWh!ildBV\^XA^[Z
XajWh!hZkZc>WZgdiZah![djgCdgYdiZah!c^cZ<gjediZah!dcZ9dg[]diZaVcY[djg]diZah
WZadc\^c\idi]ZHdanBVg\gdjelZgZ>HD&)%%&XZgi^ÇZYWni]ZZcYd['%%+#
6Xdci^cjdjhanjeYViZYa^hid[XZgi^ÇZY<gdjeXdbeVc^Zh^hedhiZYdci]ZIJ>Zck^"
gdcbZciValZWh^iZlll#ij^"Zck^gdcbZci#Xdb
>WZgdiZaHVg^\ZgbZEVg`
XZgi^ÇXVi^dc
+-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8Zgi^ÇZYZck^gdcbZciVabVcV\ZbZciViIJ>9ZjihX]aVcY
IJ>9ZjihX]aVcY]VhWZZcXZgi^ÇZYVXXdgY^c\idi]Z^ciZgcVi^dcVaZck^gdcbZciVahiVcYVgY9>C:C>HD&)%%&h^cXZ?jcZ
'%%(#CZlZck^gdcbZciVaiVg\ZihVgZhZiZkZgnnZVgVheVgid[hnhiZbVi^XZck^gdcbZciVabdc^idg^c\!VcYi]Z^g^beaZ"
bZciVi^dc^hX]ZX`ZY^ciZgcVaanVcYZmiZgcVaan#>ihejghj^id[XZgi^ÇXVi^dcWZ\Vc^c'%%%Wn_d^c^c\i]Z¼AdXVa6\ZcYV'&¼
y@DEGD;>Iegd_ZXigjcWni]ZbZigdeda^iVcVji]dg^in^c=VcdkZg#I]ZV^bd[i]^hegd_ZXi^hid^cXdgedgViZi]Zeg^cX^eaZh
d[hjhiV^cVW^a^in^ci]ZYV^anWjh^cZhhegVXi^XZhd[^ciZgZhiZYXdbeVc^Zh#IJ>9ZjihX]aVcYlVhXZgi^ÇZYVhVc¼y@DEGD;>I
=VccdkZgWjh^cZhh'%%&¼^cBVgX]'%%'#>ihZ[[dgih^ci]^hY^gZXi^dcgZhjaiZY^ci]ZÇghii^bZejWa^XVi^dcd[^ih^ciZgcVa
Zck^gdcbZciVahiVijhgZedgidci]ZlZWh^iZd[IJ>9ZjihX]aVcY#:hiVWa^h]^c\i]ZZck^gdcbZciVabVcV\ZbZcihnhiZb:BH
gZhjaiZY^cVXdci^cjdjh^begdkZbZcid[i]ZZck^gdcbZciVaWVaVcXZViZkZgnhiZeVadc\i]Zidjg^hbkVajZX]V^c#I]^h^c"
kdakZhheZX^Va^cheZXi^dcd[]diZahadd`^c\ViZck^gdcbZciVaVheZXih!i]Z^c"]djhZYZÇc^i^dcd[XddeZgVi^dcWZilZZcY^[[Zg"
ZciYZeVgibZcih!VcYXddeZgVi^dcl^i]cVijgZXdchZgkVi^dcdg\Vc^hVi^dch#LVhiZhZeVgVi^dc!lViZgVcYZcZg\nXdchjbe"
i^dcVgZVahdeZgbVcZcieVgihd[i]ZV\ZcYVejghjZYWnZck^gdcbZciVabVcV\ZbZciViIJ>9ZjihX]aVcY]ZVYfjVgiZgh^c
=VcdkZg#DcZZmVbeaZ/i]^h]VhhVkZYdkZg:jgd)%%%%h^cXZ'%%&i]gdj\]bdgZZ[ÇX^ZcilViZgVcYlVhiZbVcV\ZbZci#
:ck^gdcbZciVaegdiZXi^dc^hi]ZgZ[dgZVgZVaXdhi[VXidg#
IJ>=diZahGZhdgihl^i]gZ\^dcVa$cVi^dcVaZck^gdcbZciVaaVWZahdgXZgi^ÇXViZhVhVi%($'%%,
8dbeVcn
AdXVi^dc
:ck^gdcbZciVaaVWZa$XZgi^ÇXViZ
=diZaXdbeVc^Zh$IJ>=diZahGZhdgih
9dg[]diZaHX]ŽcaZ^ic
6jhig^V
GD7>CHDC8ajW6beÈlVc\
6jhig^V
GD7>CHDC8ajWAVcYh`gdc
6jhig^V
GD7>CHDC8ajWHX]aVc^ioZcVab
6jhig^V
>WZgdiZa8dgVnV7ZVX]GZhdgi
:\nei
6jhig^VcZck^gdcbZciaVWZa^hhjZYWn
i]ZB^c^hign[dg:Xdcdb^XhVcYi]Z
:ck^gdcbZci
6jhig^VcZck^gdcbZciaVWZa^hhjZYWn
i]ZB^c^hign[dg:Xdcdb^XhVcYi]Z
:ck^gdcbZci
6jhig^VcZck^gdcbZciaVWZa^hhjZYWn
i]ZB^c^hign[dg:Xdcdb^XhVcYi]Z
:ck^gdcbZci
6jhig^VcZck^gdcbZciaVWZa^hhjZYWn
i]ZB^c^hign[dg:Xdcdb^XhVcYi]Z
:ck^gdcbZci
<gZZc<adWZ'&
IJ>6<]diZaXdbeVc^Zh^ckdakZY^cdc\d^c\XZgi^ÇXVi^dcegdXZhhZh/
<gZXdiZa!<gZZXZ/hnhiZbVi^X^beaZbZciVi^dcd[Zck^gdcbZciVabVcV\ZbZci
hnhiZbhejghjVciid>HD&)%%&^cVaa]diZah!hjXXZhh[jaegZ"VjY^i^c<gZXdiZaEZaaV
7ZVX]!XZgi^ÇXVi^dceaVccZY#
<gjediZaDg^Zci!BV_dgXV!HeV^c/Zck^gdcbZciVabVcV\ZbZcihnhiZb^beaZbZci"
ZYejghjVciid>HD&)%%&!XZgi^ÇXVi^dceaVccZY#
<gjediZa!7VaZVg^X>haVcYh!HeV^c/XddeZgVi^dcl^i]7VaZVg^X\dkZgcbZcidc^ciZ"
\gVi^dcd[Zck^gdcbZciVafjVa^in!]n\^ZcZVcY]ZVai]hiVcYVgYhVhlZaaVhdXXjeV"
i^dcVahV[Zin!XZgi^ÇXVi^dceaVccZY#
>WZgdiZahA^Yd!9V]VWZnV!>WZgdiZa8ajW;VcVgV!:\nei/Zck^gdcbZciVabVcV\Z"
bZcihnhiZbh^beaZbZciZYVXXdgY^c\id>HD&)%%&!XZgi^ÇXVi^dceaVccZY#
CdgYdiZa!<gVc8VcVg^V!HeV^c/i]Zl]daZ]diZaX]V^c^h^beaZbZci^c\>HD&)%%&
Zck^gdcbZciVabVcV\ZbZcihnhiZbh!XZgi^ÇXVi^dceaVccZY#
G^j!7VaZVg^X>haVcYh!HeV^c/XddeZgVi^dcl^i]7VaZVg^X\dkZgcbZcidc^ciZ\gVi^dc
d[Zck^gdcbZciVafjVa^in!]n\^ZcZVcY]ZVai]hiVcYVgYhVhlZaaVhdXXjeVi^dcVa
hV[Zin!XZgi^ÇXVi^dceaVccZY#
HdaNBVgEVgVY^hZ!H]Vgb^c\>cc!:\nei/Zck^gdcbZciVabVcV\ZbZcihnhiZb^b"
eaZbZciZY^cVXXdgYVcXZl^i]>HD&)%%&!XZgi^ÇXVi^dceaVccZY#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
+.
:ck^gdcbZciVabVcV\ZbZcihnhiZb
7^dY^kZgh^inhigViZ\nVcYegd_ZXih
Dci]ZBdkZ'%&%$8djciYdlc'%&%
8dcig^Wji^dcWnIJ>ºid\Zi]Zgl^i]
JC:E$8BHdci]ZhjW_ZXid[Wjh^cZhh
VcYW^dY^kZgh^in^ci]ZcZlhaZiiZgd[
i]Z8dckZci^dcdc7^dad\^XVa9^kZgh^in
879!>cYjhign;dXjh/IgVkZaIdjg^hb
;g^ZcYhd[8BH
¼BdJ½eVgicZgh]^eigZVin
h^\cZYWZilZZcIJ>
VcYJC:E$8BH
,%
7ZXVjhZVkZgV\ZW^dY^kZgh^in]VhYZXa^cZYhZg^djhanWn)%eZgXZci^ci]ZaVhi
(%nZVgh!]ZVYhd[\dkZgcbZciVii]ZHjhiV^cVWaZ9ZkZadebZciHjbb^i^c'%%'
eaZY\ZYidVX]^ZkZVh^\c^ÇXVcigZkZghZ^ci]ZXjggZciadhhd[W^dY^kZgh^inWn'%&%#
¼Dci]ZBdkZ'%&%¼lVhi]ZX]VaaZc\Zi]ZnhZi!cdidcan[dgcVi^dcVaVcYadXVa
\dkZgcbZci!WjiVahd[dgcdc"\dkZgcbZciVadg\Vc^hVi^dchVcYXdbeVc^Zh!id_d^cian
iVX`aZi]ZXVjhZhd[W^dY^kZgh^inadhh#IJ>]VhWZZcVXi^kZan^ckdakZY[dgbVcnnZVgh
^cXdchZgk^c\W^dY^kZgh^in!cdiaZVhiWZXVjhZd[i]ZbV_dgZXdcdb^X^bedgiVcXZd[
W^dY^kZgh^inl]ZchZZcVhi]ZcVijgVaXVe^iVad[]da^YVnYZhi^cVi^dch#7VX`^c&..,!
IJ>Xdcig^WjiZYidi]ZXdciZcid[i]Z¼7Zga^c9ZXaVgVi^dc¼dcW^dY^kZgh^inVcYhjh"
iV^cVWaZidjg^hb#IJ>]VheVgi^X^eViZY^ccjbZgdjhVXi^k^i^Zh^ckdakZY^cVhXZgiV^c"
^c\i]Z^bea^XVi^dch[dgidjg^hbYZkZadebZcid[i]ZbV_dg^ciZgcVi^dcVaigZVi^ZhVcY
XdckZci^dch[dgi]ZegdiZXi^dcd[W^dY^kZgh^in;;=!8>I:H!879#I]ZhZVXi^k^i^Zh
^cXajYZi]ZZmeZgigdjcYdg\Vc^hZYid\Zi]Zgl^i]i]Z<ZgbVc:ck^gdcbZciB^c^hign
Yjg^c\i]Z8DE)879hjbb^i^c7gVi^haVkV^c&..-0VcY^ckdakZbZci^c'%%&^ci]Z
VYdei^dcd[V879W^dY^kZgh^inY^gZXi^kZVheVgid[V879ZmeZgieVcZa^ci]Zgjc"je
idi]Z8798DE+Hjbb^i^ci]Z9db^c^XVcGZejWa^X#
Id\Zi]Zgl^i]di]ZggZegZhZciVi^kZh[gdbWjh^cZhh!eda^i^Xh!hX^ZcXZVcYi]ZbZY^V!
IJ>[djcYZYi]Z¼;g^ZcYhd[8BH¼^c'%%*ºVjc^fjZ^c^i^Vi^kZl^i]i]ZJc^iZYCV"
i^dch^c<ZgbVcn#I]^hX^gXaZd[hjeedgiZgh]VhXdbZid\Zi]Zgidegdk^YZXdbb^i"
iZYhjeedgiVcYeVgicZgh]^e[dg8BH^c^i^Vi^kZh8dckZci^dcdci]Z8dchZgkVi^dc
d[B^\gVidgnHeZX^Zhd[L^aY6c^bVah!VhlZaaVhidZhiVWa^h]VcZ[[ZXi^kZ^ciZg[VXZ
WZilZZceda^XnbV`ZghVcYWjh^cZhh#I]^h¼7dcc8dckZci^dc¼^hbdc^idgZYWni]Z
Jc^iZYCVi^dch:ck^gdcbZciEgd\gVbbZJC:EVcYdWa^\Zhh^\cVidgnXdjcig^Zhid
^beaZbZcibZVhjgZh[dgi]Z\adWVaegdiZXi^dcVcYXdchZgkVi^dcd[b^\gVidgnheZX^Zh
d[l^aYVc^bVah!VcYegdiZXii]Z^g]VW^iVih#
IJ>VcYJC:E$8BHegZhZciZY^ihÇghi_d^ciegd_ZXiVii]Z8DE-Hjbb^i^cBVgX]
'%%+^c8jg^i^WV!7gVo^a/VhijYn¼L^aYa^[ZLViX]^c\VcYIdjg^hb¼l]^X]VcVanhZhi]Z
g^h`hVcYdeedgijc^i^Zh[dgi]ZXdchZgkVi^dcd[W^dY^kZgh^ind[i]Z^cXgZVh^c\anedej"
aVgl^aYa^[ZlViX]^c\idjghegdbdiZYWnidjg^hbXdbeVc^Zh#IJ>]VhVahdeaZY\ZYid
Vhh^hii]Z8BH$JC:E¼NZVgd[³¼XVbeV^\ch#>cVYY^i^dcidi]ZhZ^bedgiVciZck^"
gdcbZciVa"eda^XneVgicZgh]^eV\gZZbZcihl^i]i]ZJc^iZYCVi^dch!IJ>6<^hVahd
VXi^kZan^ckdakZY^cdi]ZghigViZ\^XXddeZgVi^dcegd\gVbbZhVcYegd_ZXih!VcY^h
^ckdakZY^c^ciZchZY^Vad\jZl^i]eda^XnbV`Zgh!Wjh^cZhh!hX^ZcXZVcYcVijgZegd"
iZXi^dcdg\Vc^hVi^dch#Hjeedgi^c\VcYegdbdi^c\i]ZhjhiV^cVWaZYZkZadebZcid[
]da^YVnYZhi^cVi^dch!VcYhjXXZhh[jaXddeZgVi^dcl^i]hiV`Z]daYZgh!^hXdci^cjdjhan
ZmeVcYZYVcY^ciZch^ÇZY#6k^iVahjXXZhh[VXidg^hVahdi]ZZYjXVi^dcVcYbdi^kVi^dc
d[VaaIJ>hiV[[VcY\jZhihVii]ZYZhi^cVi^dchi]ZbhZakZh#I]ZV^bd[i]^hW^dY^kZg"
h^inhigViZ\n^hi]Zadc\iZgb!hjhiV^cVWaZ^ckVadg^hVi^dcd[W^dad\^XVaY^kZgh^inºid
egdiZXii]ZcVijgVa[djcYVi^dchdcl]^X]idjg^hb^hWj^ai#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
IJ>W^dY^kZgh^inhigViZ\n
DWhZgkZ^ciZgcVi^dcVaigZVi^ZhVcYXdckZci^dchdccVijgZVcYheZX^ZhegdiZX"
i^dc!^ceVgi^XjaVg
º8dckZci^dcdc7^dad\^XVa9^kZgh^in879^cXajY^c\i]Z879\j^YZa^cZhdcW^dY^"
kZgh^inVcYidjg^hbYZkZadebZci
º8dckZci^dcdci]Z8dchZgkVi^dcd[B^\gVidgnHeZX^Zhd[L^aY6c^bVah8BH!
7dcc8dckZci^dc
º688D76BH6\gZZbZcidci]Z8dchZgkVi^dcd[8ZiVXZVchd[i]Z7aVX`HZV!
BZY^iZggVcZVcHZVVcY8dci^\jdjh6iaVci^X6gZV
º6H8D76CH6\gZZbZcidci]Z8dchZgkVi^dcd[HbVaa8ZiVXZVchd[i]Z7Vai^X
VcYCdgi]HZVh
ºLVh]^c\idc8dckZci^dcdc>ciZgcVi^dcVaIgVYZ^c:cYVc\ZgZYHeZX^Zhd[L^aY
;adgVVcY;VjcV8>I:H
ºGVbhVg8dckZci^dcdci]ZegdiZXi^dcd[lZiaVcYh
º;;=\j^YZa^cZh$CVijgV'%%%:JY^gZXi^kZh;adgV";VjcV"=VW^iViY^gZXi^kZ
Hjeedgi^c\Ve]VhZYegdiZXiZYVgZVeda^Xn^c]da^YVngZ\^dchidÇgbanYZÇcZ
egdiZXi^dcVcYjhZgZ\jaVi^dchidegdiZXiW^dY^kZgh^ink^V
º6Xi^kZbZbWZgh]^e^ci]ZZkVajVi^dcXdbb^iiZZd[i]Z:jgdeZVc8]VgiZg[dg
HjhiV^cVWaZIdjg^hbVcYCVijgZ^cEgdiZXiZY6gZVhgjcWni]Z:JGDE6G8;ZY"
ZgVi^dc
>beaZbZci^c\heZX^ZhegdiZXi^dcXVbeV^\ch^c]da^YVngZ\^dchidZYjXViZ]da^"
YVnbV`ZghVcY¼adXVaXdbbjc^i^Zh¼^cXddeZgVi^dcl^i]8BH
º¼NZVgd[i]ZIjgiaZ'%%+¼VcY¼NZVgd[i]Z9dae]^c'%%,¼
IJ>egZhZciZYi]Z¼L^aYa^[ZLViX]^c\
VcYIdjg^hb¼hijYnVii]Z8dc[ZgZcXZd[
i]ZEVgi^Zh8DE-d[i]Z8dckZci^dcdc
7^dad\^XVa9^kZgh^inBVgX]'%%+
8ddeZgVi^dcegd_ZXihl^i]hX^Zci^hihVcYgZhZVgX]Zgh!Z#\#
º¼L^aYa^[ZLViX]^c\VcYIdjg^hb¼ejWa^XVi^dcd[Vc^c"YZei]VcYje"id"YViZXVhZ
hijYn
º6aYVWgVBVg^cZEgd\gVbbZ!8dVhiVaGZhZVgX]Jc^id[8VbWg^Y\ZJc^kZgh^in
XdgVagZZ[bdc^idg^c\
8ddeZgVi^dcl^i]\dkZgcbZciVadg\Vc^hVi^dch!egd"VXi^kZZck^gdcbZciVa"eda^Xn
XdchjaiVi^dchl^i]YZX^h^dcbV`^c\WdY^Zh!VcYeVgi^X^eVi^dc^cZmeZgieVcZah!
Z# \#
ºEVgi^X^eVi^dc^cZaVWdgVi^c\i]ZXdciZcid[i]Z¼7Zga^c9ZXaVgVi^dc¼&..,dc
W^dad\^XVaY^kZgh^inVcYhjhiV^cVWaZidjg^hb^cXddeZgVi^dcl^i]7BJ
º¼@ZncdiZeVeZgdci]ZegdiZXi^dcd[W^dad\^XVaY^kZgh^in¼'%%&!_d^cianl^i]879
º:YjXVi^dcbViZg^Vadci]Z^aaZ\VaigVYZ^cegdiZXiZYheZX^Zh^cXajYZY^c]da^YVn
YdXjbZciVi^dcid\Zi]Zgl^i]i]Z;ZYZgVa>chi^ijiZ[dgCVijgZ8dchZgkVi^dc
ºJC:H8DJc^iZYCVi^dch:YjXVi^dcVa!HX^Zci^ÇXVcY8jaijgVaDg\Vc^hVi^dcldgaY
]Zg^iV\Zh^iZh
º6Xi^kZbZbWZgh]^ed[i]ZIdjgDeZgVidgh¿>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb
9ZkZadebZciID>
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,&
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8ddeZgVi^dcl^i]cdc"\dkZgcbZciVadg\Vc^hVi^dchidegdbdiZheZX^Zhegd"
iZXi^dcegd_ZXih!Z#\#
º6gX]Zadc!Idgij\Vh!L]VaZVcY9dae]^c8dchZgkVi^dcHdX^ZinL98H!Adgd
EVgfjZ;jcYVX^dc
8dchjbZg^c[dgbVi^dc[dgi]ZgZhedch^WaZXVgZd[ÈdgVVcY[VjcVVi]da^YVn
YZhi^cVi^dch!Z# \#
º¼HeZX^ZhXdchZgkVi^dcVcY]da^YVnhdjkZc^gh¼:migVXih[gdbi]ZLVh]^c\idc
8dckZci^dcdc>ciZgcVi^dcVaIgVYZ^c:cYVc\ZgZYHeZX^Zhd[L^aY;adgVVcY
;VjcV8>I:H^cVaaIJ>XViVad\jZh
º¼=da^YVnhVcYZck^gdcbZciVaXdbeVi^W^a^in¼XjhidbZg^c[dgbVi^dc^cVaa
<ZgbVc"heZV`^c\IJ>XViVad\jZh
º¼I]ZL]VaZhVcY9dae]^chd[i]Z8VcVg^Zh¼\j^YZa^cZh[dggZhedch^WaZ
l]VaZlViX]^c\
º¼I]ZZck^gdcbZciVahdcZZYhV]da^YVn¼\jZhi^c[dgbVi^dc^cVaaIJ>]diZah
ºEgZhZciVi^dcd[VaaW^dY^kZgh^inegd_ZXihdci]Z^ciZgcZi
IJ>ÈnZggV^hZhi]ZVlVgZcZhhd[\jZhih
[dggZhedch^WaZ^ciZgVXi^dcl^i]bVg^cZ
bVbbVah
GV^h^c\hiV[[VlVgZcZhhWn
ºEjWa^h]^c\je"id"YViZZck^gdcbZciVa^c[dgbVi^dcdci]Z^cigVcZi$^ciZgcZi
º6ccjVa8ddgY^cVidgh¿8dc[ZgZcXZ[dg:ck^gdcbZciVcYHjhiV^cVWaZ
9ZkZadebZci8d8dH
ºEgZhZciVi^dcd[VcZck^gdcbZciVabVcV\ZbZcieVeZgXdkZg^c\XjggZci
Zck^gdcbZciVa^hhjZhVii]ZVccjVaHZgk^XZ8dckZci^dcd[9Zhi^cVi^dcBVcV\Zgh
º:ck^gdcbZciVabdYjaZ^cigV^c^c\XdjghZhVcYbVcV\ZbZci[jgi]ZgigV^c^c\
hZb^cVgh
ºIgV^c^c\idjg^hbbVcV\ZghZck^gdcbZciVheVgid[EZgbVcZci:beadnZZ
IgV^c^c\!E:I
º:ck^gdcbZciVa^c[dgbVi^dc^ci]ZIJ>i^bZhhiV[[cZlheVeZg
8jhidbZg^c[dgbVi^dc^ci]ZI]dbhdc
IJ>J@bV\Vo^cZ¼GZVa=da^YVnh½
,'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
>ciVXicVijgZVcYjched^aiXdjcignh^YZVgZi]ZXVe^iVad[idjg^hb#I]^h
^hl]nIJ>]Vh^hhjZYVkdajciVgneaZY\ZidegdbdiZhjhiV^cVWaZYZ"
kZadebZci^cidjg^hbl^i]^ci]Z[gVbZldg`d[i]ZIdjghDeZgVidgh¿
>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb9ZkZadebZciID>#6Xdbb^ibZci
l]^X]ZmegZhhan^cXajYZhheZX^ÇXiVg\Zih[dgi]ZegdiZXi^dcd[W^dad\^"
XVaY^kZgh^in#
;did/9Zae]^hB98
Idjg^hbhZXidgh
IJ>ldg`hid\Zi]Zgl^i]JC:E$8BHidYZkZadecjbZgdjhbZVhjgZhegdbdi^c\i]Z
¼NZVgd[i]Z9dae]^c'%%,½#I]ZV^bd[i]^hegd_ZXihedchdgZYWni]ZJc^iZYCVi^dch!
Wjh^cZhhVcY^ciZgcVi^dcVadg\Vc^hVi^dch!^hi]ZXdchZgkVi^dcVcYegdiZXi^dcd[bV"
g^cZbVbbVah#Eg^cXZ6aWZgi>>d[BdcVXd^hi]ZeVigdcd[i]^hegd_ZXi#
JC:E$8BHºNZVgd[i]Z9dae]^c'%%,
I]Z9dae]^cBVcjVa/8dcig^Wji^dcidi]Z
JC:H8DldgaYYZXVYZ¼:YjXVi^dc[dghjh"
iV^cVWaZYZkZadebZci½0IJ>Y^hig^WjiZYi]Z
bVcjVaidbdgZi]Vc&%%%hX]ddah
Id\Zi]Zgl^i]kVg^djhXddeZgVi^dceVgicZgh!IJ>]Vhejiid\Zi]ZgVXdbegZ]Zc"
h^kZWgdX]jgZ^cZ^\]iaVc\jV\Zh#I]Z¼9dae]^cBVcjVa¼XdciV^ch^c[dgbVi^dcdci]Z
]VW^iViVcY]VoVgYhV[[ZXi^c\Ydae]^ch!VcY^cXajYZh^YZVhdcXdcXgZiZegdiZXi^dc
^c^i^Vi^kZh#I]ZWgdX]jgZlVhY^hig^WjiZYidadXVahX]ddahWnIJ>hiV[[^c^ihldgaYl^YZ
YZhi^cVi^dch#
I]Z¼NZVgd[i]Z9dae]^c'%%,¼^hWgdj\]iVa^kZWnIJ>=diZahGZhdgihi]gdj\]cj"
bZgdjhVXi^k^i^Zhdg\Vc^hZY[dgi]Zl]daZ[Vb^an#6i¼9dae]^c9Vnh¼^cIJ>7VVY^c\dd
`^YhXajWh!IJ>;Vb^anXajWhVcYGD7>CHDCGdWnXajWh!ndjc\VcYdaY\jZhihaZVgc
^cVeaVn[jaVcYZciZgiV^c^c\lVnVaaVWdjiYdae]^ch!i]Z^g]VW^iVih!VcYi]Z^cXgZVh"
^c\g^h`hi]Vii]gZViZci]Z^ghjgk^kVa#HjXXZhh[jaeVgi^X^eVi^dc^ci]ZeaVn[jaaZVgc^c\
egdXZhh^hgZlVgYZYl^i]V¼9dae]^c9^eadbV½#I]ZhZ[Vb^an]diZahl^aaVahdWZhZaa^c\
Vl^YZgVc\Zd[bZgX]VcY^hZ[ZVijg^c\Ydae]^ch#EVgid[i]ZegdÇi^hYdcViZYY^gZXian
idYdae]^cegdiZXi^dcegd_ZXih#
7jhZh^ci]ZYZhi^cVi^dchVcYhZaZXiZYXViVad\jZhVgZbVg`ZYl^i]i]Z¼NZVgd[i]Z
9dae]^c'%%,¼ad\didejWa^X^hZi]Z^c^i^Vi^kZldgaYl^YZ#I]Z¼NZVgd[i]Z9dae]^c
'%%,¼lVh`^X`ZYd[[ZVganViVhZb^cVg^cCdkZbWZg'%%+^c@ZcnVdg\Vc^hZYWnIJ>
VcYEdaabVc¿hIdjghHV[Vg^h#I]ZhZb^cVglVhV^bZYViWdViXVeiV^chVcY@ZcnV
L^aYa^[ZHZgk^XZgVc\ZghidiZVX]i]ZbXdYZhd[XdcYjXiidegdiZXibVg^cZbVbbVah#
IJ>6<eVgi^X^eViZYl^i]cjbZgdjhVXi^k^i^Zh^cIJ>YZhi^cVi^dch^ci]Z¼NZVgd[i]Z
IjgiaZ'%%+¼^c^i^ViZYWni]ZJc^iZYCVi^dch#
JC:E$8BHºNZVgd[i]ZIjgiaZ'%%+
IJ>¿h^ckdakZbZci]ZgZ^cXajYZYVcZYjXVi^dcVaXVbeV^\cdci]Z¼7dcc8dckZci^dc¼
8dckZci^dcdci]Z8dchZgkVi^dcd[B^\gVidgnHeZX^Zhd[L^aY6c^bVah!8BHVcY
i]ZJc^iZYCVi^dch:ck^gdcbZciEgd\gVbbZJC:E!iVg\ZiZYVi]da^YVnYZhi^cV"
i^dch^ci]Z>cY^VcDXZVcVcYHdji]ZVhi6h^Vº]dbZidh^mY^[[ZgZcihZVijgiaZheZ"
X^Zh#¼NZVgd[i]ZIjgiaZ¼edhiZghlZgZ]jc\je^c]diZah!Y^k^c\hX]ddahVcYlViZg
hedgihh]dehl^i]i]Zhjeedgid[LdgaYd[IJ>]da^YVngZeh#I]ZedhiZghgV^hZY
VlVgZcZhhd[i]Z]VoVgYhi]ZhZVc^bVah[VXZ!VcYhdj\]iidbdi^kViZVXi^k^i^Zhid
]Zaei]Z^gegdiZXi^dc#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,(
:ck^gdcbZciVabVcV\ZbZcihnhiZb
;jgi]ZgYZkZadebZcid[Xg^iZg^V[dggZ"
hedch^WaZl]VaZVcYYdae]^clViX]^c\#
IdbVg`i]Z¼NZVgd[i]Z9dae]^c'%%,½!
IJ>VcYi]ZL]VaZVcY9dae]^c8dchZgkV"
i^dcHdX^ZingZldgYZYi]Z\j^YZa^cZh[dg
gZhedch^WaZl]VaZVcYYdae]^clViX]^c\
VhZaVWdgViZY^c'%%'!idWg^c\i]Zbje
idYViZl^i]i]ZaViZhiÇcY^c\h#I]ZbdgZ
hig^c\ZcigjaZhVgZ^ciZcYZYid^begdkZ
i]ZegdiZXi^dcd[bVg^cZbVbbVahYjg^c\
l]VaZlViX]^c\ig^eh#;daadl^c\V[ZVh^W^a"
^inZkVajVi^dcVcYXddgY^cVi^dcl^i]IJ>
:heVŠV!i]ZhZgZk^hZY\j^YZa^cZhVgZcdl
WZ^c\dWhZgkZYWnl]VaZlViX]^c\ig^eh^c
i]ZlViZghVgdjcYi]Z8VcVgn>haVcYh#
I]^hlVhjhZYVhVWVh^h[dgIJ>CZYZg"
aVcYidYZkZade^ih¼IJ><j^YZa^cZh[dg
gZhedch^WaZl]VaZVcYYdae]^clViX]^c\¼
[dgi]ZWZiiZggZ\jaVi^dcd[l]VaZlViX]"
^c\ig^eh#I]Z[jgi]ZgYZkZadebZcid[i]Z
\j^YZa^cZhlVhXdcYjXiZY^cXddeZgVi^dc
l^i]:J88I]Z8dVhiVaJc^dc!i]Z>ciZg"
cVi^dcVa;jcYd[6c^bVaLZa[VgZ>;6L!
LL;CZYZgaVcY!i]ZB^c^hign[dg6\g^"
XjaijgZ!VcYCdkV6iaVci^hV9jiX]l]VaZ
gZhZVgX]XZcigZdci]Z6odgZh#6gZk^Zl^h
XjggZcianjcYZglVnidYZiZgb^cZl]Zi]Zg
i]ZhZbdgZhig^c\ZcigZ\jaVi^dchXVcWZ
VYdeiZY<gdje"l^YZViVaaYZhi^cVi^dch#
,)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
6ii]ZhVbZi^bZ!i]Z¼IJ>XdYZd[WZ]Vk^djg[dgi]ZegdiZXi^dcd[hZVijgiaZh¼lZgZ
hZciidVaaXdVhiVaYZhi^cVi^dch`cdlcidWZ[gZfjZciZYWnijgiaZh#I]ZXdYZlVh
^cXajYZY^ci]ZIJ>]diZaXjhidbZg^c[dgbVi^dcÇaZhidgV^hZi]Z^gVlVgZcZhh[dgi]Z
gZhedch^WaZigZVibZcid[hZVijgiaZh#
>cVYY^i^dc!IJ>6<ÇcVcXZYegd_ZXihVcYXVbeV^\ch[dgi]ZegdiZXi^dcd[hZVijg"
iaZh[gdbVheZX^VaanZhiVWa^h]ZY[jcY#BdcZn]Vhi]ZgZ[dgZ\dcZidi]ZXddeZgV"
i^dcegd_ZXigjcWnBdbWVhVHZgZcV7ZVX]]diZahVcYLdgaYd[IJ>]da^YVngZeh
^c@ZcnVh^cXZ&..(!l]^X]^ckdakZhlViX]^c\dji[dgXajiX]Zhd[Z\\haV^Ydcjc"
hV[Z]ViX]^c\WZVX]Zh/i]ZZ\\hVgZXdaaZXiZY^ci]ZhZXVhZhVcYWjg^ZYdci]ZhV[Z
WZVX]ZhcZVgi]Z]diZah#:YjXVi^dcVaXVbeV^\ch[dXjhZYdci]ZadXVa^c]VW^iVcihVcY
]diZaXjhidbZghlZgZVahd^beaZbZciZY#
Di]Zg¼NZVgd[i]ZIjgiaZ'%%+¼VXi^k^i^Zh
DeZc^c\i]Z'+i]Hnbedh^jbdci]Z7^dad\nVcY8dchZgkVi^dcd[HZVIjgiaZh
dg\Vc^hZYWni]Z¼>ciZgcVi^dcVaHZVIjgiaZHdX^Zin¼dc8gZiZ^c6eg^a'%%+l^i]
VheZZX]WnVIJ>gZegZhZciVi^kZ
Hjeedgi^c\i]ZkdajciVgnldg`d[i]ZHl^hhcVijgZXdchZgkVi^dcdg\Vc^hVi^dc
IDGIJ<6H[dXjhZYdcegdiZXi^c\i]ZhZVijgiaZAZe^YdX]Za^hda^kVXZV
8ddeZgVi^dcWnIJ>6<!IJ>J@!IJ>CdgY^X!IJ>=ZaaVhVcYIJ>]diZaXdbeVcn
<gZXdiZal^i]i]Z<gZZ`cVijgZXdchZgkVi^dcdg\Vc^hVi^dc6gX]Zadc[dgbZganHZV
IjgiaZEgdiZXi^dcHdX^Zind[<gZZXZ!H#I#E#H#idegdiZXii]ZWgZZY^c\\gdjcYhd[
i]Z8VgZiiVXVgZiiVhZVijgiaZ^ckVg^djheaVXZhVgdjcY<gZZXZ8gZiZ!OV`nci]dh#
Egd_ZXil^i]GZZ[8]ZX`Z#K#
GZZ[8]ZX`lVhZhiVWa^h]ZY^c&..,idhX^Zci^ÇXVaanVcVanhZi]ZZ[[ZXid[]jbVc
VXi^dcdci]ZXdcY^i^dcd[gZZ[hVgdjcYi]ZldgaY#>iVahdldg`hidgV^hZejWa^X
VlVgZcZhhd[i]ZkVajZd[XdgVagZZ[h!VhlZaaVhi]ZkVg^djhi]gZVihidi]Z^gZm^hi"
ZcXZ#GZZ[8]ZX`YZkZadeZYVgZhZVgX]bZi]dYl]^X]XVcWZgVe^YanaZVgcZYVcY
Veea^ZYZkZcWn¼VbViZjgh¼V[iZggZXZ^k^c\ZmeZgi^chigjXi^dc[gdbVbVg^cZhX^Zci^hi#
:ci]jh^Vhi^XhXjWVY^kZghVcYhcdg`ZaaZgh^cdkZg-%Xdjcig^Zh]VkZeVgi^X^eViZY^c
i]^h^bedgiVcigZhZVgX]ldg`h^cXZ&..,#I]ZgZhZVgX]^ckdakZhXdjci^c\ZVh^angZX"
d\c^hVWaZdg\Vc^hbhVh^cY^XVidgh[dgi]Z]ZVai]d[i]ZgZZ[#I]ZiZVbhXVcXVggndji
dch^iZZkVajVi^dchd[i]ZgZhjaihid\Zi]Zgl^i]i]ZhX^Zci^hih#6aad[i]ZXdaaZXiZYYViV
^hi]ZchZciidi]ZbV^cGZZ[8]ZX`d[ÇXZ^cAdh6c\ZaZhl]ZgZ^i^hVcVanhZYVcY
Xdbe^aZY^cgZedgihdci]ZldgaYl^YZhiVijhd[XdgVagZZ[h#
:kZgn]dWWnY^kZgl^i]VW^id[ZmeZg^ZcXZXVciV`ZeVgi/GZZ[8]ZX`:jgdeZ^cXda"
aVWdgVi^dcl^i]IJ>9ZjihX]aVcYVcYGD7>CHDC8ajWHdbV7Vn]VkZVggVc\ZY
YViZhl]ZcXjhidbZghXVc]ZaeXVggndjigZZ[gZhZVgX]#IgV^c^c\iV`ZheaVXZ^cV[Zl
YVnhViGD7>CHDC8ajWHdbV7Vn\j^YZYWni]ZZmeZgibVg^cZhX^Zci^hih[gdbGZZ[
8]ZX`:jgdeZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,*
:ck^gdcbZciVabVcV\ZbZcihnhiZb
EgdiZXi^c\h]Vg`h
>cVYY^i^dcidegdiZXi^c\¼XjYYan¼Ydae]^ch!IJ>Vahdldg`hidegdiZXih]Vg`h#I]^h
]^\]anZcYVc\ZgZYheZX^ZhbV`ZhVc^cY^heZchVWaZXdcig^Wji^dcidbV^ciV^c^c\bVg^cZ
ZXdad\^XVaWVaVcXZWji^hhi^aa]jciZY[dgYjW^djhbdi^kZh#:YjXVi^c\eZdeaZVWdjii]ZhZ
[VhX^cVi^c\Vc^bVahVcYi]Z^ggdaZ^cbVg^cZZXdad\n^hVc^bedgiVcihiZe^cYZbnhi^[n^c\
h]Vg`h#
IJ>Hj^hhZVcYGD7>CHDChjeedgii]Z¼H]Vg`egd_ZXi¼VcY^ihZYjXVi^dcVa\dVah#>b"
bZY^ViZanV[iZgWZ^c\^c[dgbZYVWdjii]Zegd_ZXi^cDXidWZg'%%*!GD7>CHDCgZbdkZY
Vaah]Vg`egdYjXih[gdb^ihXViZg^c\egd\gVbbZidbV`ZVXdcig^Wji^dcidi]ZXdchZgkV"
i^dcd[i]^hZcYVc\ZgZYbVg^cZheZX^Zh!Vadc\h^YZbZVhjgZhidZYjXViZ^ihXjhidbZgh
VWdjih]Vg`hVcYi]Z^gkVajZ#
DcVYdjWaZeV\ZhegZVY^ci]ZaViZhiXViVad\jZd[^ihHe^cdjiHedgi"Idjghegd\gVbbZ!
IJ>Hj^hhZ^c[dgbh^ih\jZhihd[i]Zg^h`hi]gZViZc^c\i]Zhjgk^kVad[h]Vg`h#I]ZVgi^XaZ
VahdXdciV^ch^YZVhid]ZaeZkZgndcZYdhdbZi]^c\[dgh]Vg`XdchZgkVi^dc#JcYZgi]Z
cVbZIJ>Hedgih!i]^hhZ\bZcil^aaVahd^cXajYZd[[Zgh[gdbBVn'%%,idk^h^iVH]Vg`
HX]ddal]ZgZeVgi^X^eVcihaZVgcVWdjih]Vg`hVcY]dlid^ciZgegZii]Z^gWZ]Vk^djg^c
Y^[[ZgZcih^ijVi^dch#>begdk^c\jcYZghiVcY^c\]Zaehbdi^kViZeZdeaZidegdiZXii]ZhZ
di]Zgl^hZ[ZVgZYVc^bVah#
8]ZZiV]hVcYl^aYYd\h^c@ZcnV
Bhdgdc\dK^aaV\Z/GZ[dgZhiVi^dc[jcYZY
WnEdaabVc¿hIdjghHV[Vg^hh]dl^c\
EdaabVc¿hZck^gdcbZciVaXddgY^cVidg!
6WYjaVo^o6WYVaV!HeZX^Va^hi[dg8dchZgkV"
i^dcVcY8dbbjc^i^Zh#
,+
8dchZgk^c\6[g^XVcW^dY^kZgh^inº<gVhhgddihXdbbjc^inegd_ZXih
EdaabVc¿hIdjghHV[Vg^hhjeedgihkVg^djhW^dY^kZgh^inegd_ZXih^c6[g^XV#I]ZhZ^cXajYZ
hjgkZn^c\i]ZX]Vc\Zh^cedejaVi^dchd[l^aYYd\hVcYX]ZZiV]h^ci]ZIhVkdCVi^dcVa
EVg`#I]ZhZVc^bVahVgZgZXdgYZYVhZcYVc\ZgZYheZX^Zh^cVXXdgYVcXZl^i]8>I:H!Wji
i]Z^gegZX^hZhiVijh^c@ZcnV^hXjggZcianjc`cdlc#>ci]ZXddeZgVi^dcegd_ZXil^i]i]Z
@ZcnVL^aYa^[ZHZgk^XZ@LHVcYi]Z:Vhi6[g^XVcL^aYa^[ZHdX^Zin:6LAH!EdaabVc¿h
^h^ckdakZY^cXdjci^c\i]ZcjbWZgVcYY^hig^Wji^dcd[l^aYYd\hVcYX]ZZiV]h^ci]Z
IhVkdZXdhnhiZb#L]ZcZkZgi]ZnhZZi]ZhZVc^bVah!i]Z]da^YVngZehVcYYg^kZghldg`"
^c\[dgEdaabVc¿hhZcYi]Z\Zd\gVe]^XXddgY^cViZhid@LHVcY:6LAHid]Zaei]Zb
bVei]ZX]ZZiV]VcYl^aYYd\edejaVi^dch#EdaabVc¿h^hVXi^kZan^ckdakZY^ci]ZhZXdcY
e]VhZd[i]^hegd_ZXiadd`^c\Vii]Z\gdjeYncVb^hbd[l^aYYd\hVcYX]ZZiV]h#
EdaabVc¿hIdjghHV[Vg^h]VhVahd^c^i^ViZYVgZ[dgZhiVi^dcegd_ZXi[dgZcYZb^XigZZ
heZX^Zh^ci]ZIV^iV=^aahd[i]Z:VhiZgc6gXBdjciV^ch#I]^hVgZV^hlZaa`cdlc[dg^ih
W^dY^kZgh^in#Bhdgdc\dk^aaV\Za^ZhVii]Z[ddid[i]ZIV^iV=^aahVcYcdlWZcZÇih[gdb
EdaabVc¿hYZkZadebZcid[XjaijgVaidjg^hb#Bhdgdc\dk^aaV\Z!l]dhZXgdehlZgZegZk^"
djhanYVbV\ZYWnZaZe]Vcih!^hcdl^ckdakZY^c[dgZhiXdchZgkVi^dcWneaVci^c\igZZh
VcYXjai^kVi^c\V\g^XjaijgVaegdYjXihVkd^YZYWnZaZe]Vcih#I]^h^begdkZhXd"Zm^hiZcXZ
VcYegdbdiZhi]ZhjhiV^cVWaZYZkZadebZcid[cVijgZ!V\g^XjaijgZVcYidjg^hbYZkZade"
bZci#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
H]^ee^c\VcYW^dY^kZgh^inegdiZXi^dc
6aad[i]ZcZlXdciV^cZgh]^ehXdbb^hh^dcZYWn=VeV\"AadnYh^cXZ&..,Xdbeanl^i]
Zck^gdcbZciVaeVhhedgihi^ejaVi^dch#I]^hXZgi^ÇXViZ!l]^X]]VhWZZc^hhjZYWn<Zg"
bVc^hX]ZgAadnYh^cXZ'%%&Veg^kViZ<ZgbVch]^eXaVhh^ÇXVi^dcXdbeVcnZc_dn^c\
d[ÇX^VagZXd\c^i^dc!XdcÇgbh^beaZbZciVi^dcVcYXdbea^VcXZl^i]VaadeZgVi^kZVcY
iZX]c^XVabZVhjgZhjhZYidegdiZXii]ZZck^gdcbZcidcWdVgYXZgi^ÇZYh]^eh#
8dciV^cZgH]^ee^c\#GZeaVX^c\WVaaVhilViZgjhZYidhiVW^a^hZVh]^eXVcXdciVb^"
cViZbVg^cZlViZghl^i][dgZ^\cbVg^cZdg\Vc^hbhZcYZb^X^cdi]ZgbVg^cZZck^gdc"
bZcih#I]^hXVc]VkZVhZg^djh^beVXidci]ZZXdad\^XVaWVaVcXZd[XdVhiVagZ\^dch#
=VeV\"AadnYh]^ehXdcigdai]Z^gWVaaVhilViZg^cXdbea^VcXZl^i]i]Z>BDgZhdaj"
i^dcl]dhZhi^ejaVi^dchVgZVeZgbVcZcieVgid[=VeV\"AadnY6<¿hZck^gdcbZciVa
bZVhjgZh/=VeV\"AadnYh]^ehgZeaVXZi]Z^gWVaaVhilViZgl]ZgZedhh^WaZ^cVgZVh
'%%cVji^XVab^aZh[gdbXdVhia^cZh!VcY^cVb^c^bjblViZgYZei]d['%%bZigZhid
egZkZci[dgZ^\cdg\Vc^hbh[gdbWZ^c\gZaZVhZY^chZch^i^kZXdVhiVaVgZVh#Di]Zgde"
i^dch^cXajYZWVaaVhilViZgigZVibZci!dgY^hedhVa^cejgedhZ"Wj^ai^chiVaaVi^dch#6aa
=VeV\"AadnY¿hXdciV^cZgh]^ehVgZXdViZYl^i]ig^Wjina"i^cI7I"[gZZjcYZglViZg
eV^ci#I7I^hjhZY^cVci^"[dja^c\eV^cihidhidedg\Vc^hbh[dja^c\h]^e`ZZah#I7I^h
idm^XVcYVXXjbjaViZh^chZY^bZcihVcYbVg^cZdg\Vc^hbh!XVjh^c\hZg^djhYVbV\Z
idbVg^cZZXdad\n#7nX]Vc\^c\idVY^[[ZgZciineZd[Vci^"[dja^c\eV^ci!=VeV\"AadnY
6<VX]^ZkZY^ihZck^gdcbZciVaiVg\ZihV]ZVYd[i]Z&#%&#'%%-YZVYa^cZWVcc^c\i]Z^g
jhZ^cXdciV^cZgh]^ee^c\#
8gj^hZh#=VeV\"AadnY¿hXgj^h^c\igVY^i^dc\dZhWVX`bdgZi]Vc&%%nZVgh#I]Z6gX"
i^XVcY6ciVgXi^XVgZjc^fjZVcY[VhX^cVi^c\YZhi^cVi^dch[dgXgj^hZh#=VeV\"AadnY
Xgj^hZhZchjgZhi]Vii]ZhZ]^\]anhZch^i^kZZXdhnhiZbhgZbV^cjched^ai[dg[jijgZ
\ZcZgVi^dch#8gj^hZa^cZghdeZgVi^c\^ci]Z6gXi^XVcY6ciVgXi^XjhZY^ZhZad^a^chiZVY
d[Wjc`Zgd^a#6cYVcZlI7I"[gZZVci^"[dja^c\eV^ci^hjhZYdci]Z`ZZahidgZYjXZ
edaaji^dcZkZc[jgi]Zg#
6ciVgXi^XZmeZY^i^dcjcYZghig^c\Zci
XdcigdaVcYXdbegZ]Zch^kZangZ\jaViZY
EVhhZc\ZghdcanaVcY^ci]Z6ciVgXi^X^chbVaa\gdjehVcYValVnhjcYZgi]ZhjeZgk^"
h^dcd[ZmeZg^ZcXZYZmeZY^i^dcaZVYZghVcYaZXijgZgh#I]ZnegZeVgZi]ZeVhhZc\Zgh
^cVYkVcXZdcWdVgYh]^eWnZmeaV^c^c\i]ZheZX^Va[ZVijgZhd[i]ZVgZVi]ZnVgZ
k^h^i^c\VcY^chigjXi^c\i]Zb^ci]ZXdggZXiXdYZd[XdcYjXi#6hVbZbWZgd[>66ID!
=VeV\"AadnY8gj^hZhdeZgViZhVaad[^ih]da^YVnhidi]ZhZYZhi^cVi^dch^cXdbea^VcXZ
l^i]i]ZV\gZZYXdYZhd[XdcYjXi#=VeV\"AadnY8gj^hZhVahdldg`hid\Zi]Zgl^i]
i]Z6a[gZY"LZ\ZcZg>chi^ijiZ[dgEdaVgVcYBVg^cZGZhZVgX]#=VeV\"AadnY8gj^hZh^h
VahdV[djcY^c\bZbWZgd[6:8Dl]^X]aVnhYdlci]ZhVbZZck^gdcbZciVaegdiZX"
i^dcgZ\jaVi^dch[dgi]Z6gXi^XVh>66IDYdZh[dgi]Z6ciVgXi^X#6:8DZaVWdgViZYi]Z
¼GZ\jaVi^dch[dgZXdad\^XVaidjg^hb^ci]Z6gXi^X½#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
DkZg.%ZmVbeaZhd[XddeZgVi^dcZciZgeg^hZhVcYegd_ZXihdci]Z
XdchZgkVi^dcd[W^dY^kZgh^in^ckdak^c\IJ>6<VcY^ih<gdjeXdbeV"
c^Zh[gdb'%%*id'%%,#
8dbeVcn
EVgicZg
JC:E$8BH
;g^ZcYhd[8BH
:kVajVi^dcXdbb^iiZZd[
i]Z¼:jgdeZVc8]VgiZg[dg
HjhiV^cVWaZIdjg^hb^c:J"
GDE6G8;ZYZgVi^dcCVijgZ
VcYCVi^dcVaEVg`h½
L98H6\gZZbZcidci]Z8dc"
hZgkVi^dcd[8ZiVXZVchd[i]Z
7aVX`HZV!BZY^iZggVcZVcHZV
VcY8dci^\jdjh6iaVci^X6gZV
688D76BH
Idgij\VhHdX^Zin[dgi]Z
6Xi^kZEgdiZXi^dcd[HZV
IjgiaZh
IJ>6<
AdgdEVgfjZ;jcYVX^‹c
Egd_ZXi$iVg\Zi
EVgicZgh]^eigZVinVcY_d^ciZYjXVi^dcXVbeV^\ch¼NZVgd[i]Z
IjgiaZ¼'%%+!¼NZVgd[i]Z9dae]^c¼'%%,[dgi]ZegdiZXi^dcd[
b^\gVidgnheZX^Zhd[l^aYVc^bVah!^hhj^c\WgdX]jgZh¼L^aYa^[Z
lViX]^c\VcYidjg^hb¼VcY¼9dae]^cBVcjVa½#
Hjeedgi^c\VcYldg`^c\^ceVgicZgh]^el^i]8BH^c^i^Vi^kZh!
VcYZmeVcY^c\i]Z^ciZg[VXZWZilZZceda^XnbV`ZghVcYWjh^"
cZhh#
8dcigdaaZYjhZd[bV_dgcVi^dcVaeVg`h^c:jgdeZ:jgdeZVc
8]VgiZg[dgHjhiV^cVWaZIdjg^hb^cEgdiZXiZY6gZVh
EgdiZXi^dcd[XdbbdcYdae]^ch^ci]ZBZY^iZggVcZVc
Hjeedgi^c\i]ZkdajciVgnldg`d[i]ZHl^hhcVijgZXdchZgkV"
i^dcdg\Vc^hVi^dc[dgi]ZegdiZXi^dcd[i]ZAZe^YdX]Za^hda^kVXZV
hZVijgiaZh^cBZm^Xd
Hjeedgi^c\i]ZAdgdEVgfjZ;djcYVi^dcidXdchZgkZZcYVc"
\ZgZYheZX^Zhd[eVggdi
IdjgdeZgVidgh
Adc\^ijYZ&-&CVijgZ
GZYHZV9^k^c\6hhdX^Vi^dc
CdjkZaaZh
;gdci^ƒgZh
IJ>9ZjihX]aVcY
I‚igV`inhdg\Vc^hVi^dc[dg
hjhiV^cVWaZidjg^hbYZkZade"
bZci
:Xd"idjg^hbegdYjXih^cHZcZ\Va!BdgdXXd!BVa^VcYBVYV\Vh"
XVg
JC:E$8BH
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\chWngZ[Zg"
ZcXZh^cWgdX]jgZh!dc^ihlZWh^iZ!^cCdjkZaaZ;gdci^ƒgZh¿igVkZa
YdXjbZcih
;ZYZgVa6\ZcXn[dgCVijgZ
>c[dgbVi^dc^cigVkZaYdXjbZciVi^dcdci]Z^aaZ\VaigVYZ^cegd"
8dchZgkVi^dc7jcYZhVbi[“g
iZXiZYÈdgVVcY[VjcV8>I:H
CVijghX]jio
EgdiZXii]ZBVaY^kZhZ#K#
,-
¼AV8]VgiZ>ciZgcVi^dcVaZYjeadc\ZjggZhedchVWaZ¼XdYZd[
XdcYjXi[dggZhedch^WaZY^k^c\ejWa^h]ZY^cWgdX]jgZh
9ZZeHZV7^d":hXVeZh/9dae]^cdWhZgkVi^dcY^k^c\ig^ehVcY
ZaVWdgVi^dcd[Y^k^c\XdYZd[XdcYjXi
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
8dYZd[XdcYjXil]Zchcdg`Zaa^c\VcYY^k^c\!lVhiZVkd^YVcXZ
VcYgZYjXi^dc^cZcZg\nVcYlViZgXdchjbei^dcdci]ZBVa"
Y^kZhºWgdX]jgZh
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
Egd_ZXi$iVg\Zi
IJ>9ZjihX]aVcY
JC:E$8BH
Hjeedgi^c\i]Z¼NZVgd[i]Z9dae]^c¼XVbeV^\c/dg\Vc^h^c\
9dae]^c9Vnh!XjhidbZgZYjXVi^dc^cWgdX]jgZhVcY^c[dgbV"
i^dcbViZg^Va#9^hig^Wji^dcd[Ydae]^cWgdX]jgZh^chX]ddahVi
i]ZYZhi^cVi^dch#
IJ>9ZjihX]aVcY$
GD7>CHDC8ajW
HdbV7Vn
GZZ[8]ZX`:jgdeZ
Bdc^idg^c\XdgVagZZ[hl^i]i]Z]Zaed[]diZa\jZhihhjeZgk^hZY
WnbVg^cZhX^Zci^hih
LL;CZi]ZgaVcYh
8dYZd[XdcYjXiV\V^chii]Z^aaZ\VaigVYZ^cegdiZXiZYÈdgVVcY
[VjcV8>I:H
8jgVVd9^kZDeZgVidg
6hhdX^Vi^dc89D6
8dbea^VcXZl^i]i]ZZck^gdcbZciVaan"XdbeVi^WaZY^k^c\XdYZh
d[XdcYjXiZaVWdgViZY^cXddeZgVi^dcl^i]89D6
BVaiV=Zg^iV\Z
:ck^gdcbZci;jcY
;^cVcX^VahjeedgihZiVbdjciYdcViZYeZgZmXjgh^dceVgi^X^"
eVci
GV^c[dgZhi6aa^VcXZ
HjhiV^cVWaZidjg^hbegd_ZXi^c8dhiVG^XV
>;6L>ciZgcVi^dcVa;jcYd[
6c^bVaLZa[VgZ
:aVWdgVi^c\VWgdX]jgZ[dggZhedch^WaZl]VaZlViX]^c\
6gX]ZadcHZVIjgiaZEgdiZX"
i^dcHdX^Zind[<gZZXZ
?d^ciegd_ZXiidegdiZXiZcYVc\ZgZY8VgZiiVXVgZiiVhZVijgiaZh
^c<gZZXZ
L6GL^aY6c^bVaGZhXjZ
;djcYVi^dcd[I]V^aVcY
Hjeedgi[dgi]Z\^WWdcgZXdkZgnhiVi^dc!E]j`Zi
IJ>CZYZgaVcY
IJ>CdgY^X
;dgZhiV>haVcYGZ[dgZhiVi^dc
;djcYVi^dc
6gX]ZadcHZVIjgiaZEgdiZX"
i^dcHdX^Zind[<gZZXZ
8dchZgkVi^dc>ciZgcVi^dcVa
8dgVaGZZ[6aa^VcXZ
IJ>J@
BVaiV=Zg^iV\Z
:ck^gdcbZci;jcY
JC:E$8BH
Idjg^hb9ZkZadebZci
ldg`^c\\gdje
IJ>Hj^hhZ
JC:E$8BH
Hjeedgi^c\VgZ[dgZhiVi^dcegd_ZXidc<gVc8VcVg^V
EgdiZXi^c\i]ZWgZZY^c\\gdjcYhd[i]Zi]gZViZcZYhZVijgiaZ
8VgZiiVXVgZiiVdcOV`nci]dh!<gZZXZ
8dbea^VcXZl^i]i]Z_d^cianZaVWdgViZY\j^YZa^cZh[dgi]Zegd"
iZXi^dcd[bVg^cZÈdgVVcY[VjcVYjg^c\WdViig^eh
;^cVcX^Vahjeedgi[dgi]Z[djcYVi^dcidegdiZXiZcYZb^XÈdgV
VcY[VjcVVhlZaaVhXjaijgVa]Zg^iV\ZYdcVi^dcd[VhZiVbdjci
eZgZmXjgh^dceVgi^X^eVci
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\chWnXdb"
bjc^XVi^dcbZVhjgZh^ci]Z@>9HXajWh
>c[dgbVi^dcVii]ZcZligVkZalZWh^iZlll#[V^gjciZglZ\h#X]!
igVkZaYdXjbZcihVcYIJ>Hj^hhZlZWh^iZ
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cl^i]^c"
[dgbVi^dcWgdX]jgZh!dci]ZlZWh^iZVcY^cIJ>Hj^hhZigVkZa
YdXjbZcih
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
,.
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
Egd_ZXi$iVg\Zi
IdjgdeZgVidgh
KVg^djh\dkZgcbZciV\ZcX^Zh
:YjXVi^dcdci]Z^aaZ\VaigVYZ^cegdiZXiZYÈdgVVcY[VjcV
;ZYZgVa6\ZcXn[dgKZiZg^cVgn
8>I:H^cigVkZa^c[dgbVi^dcbViZg^Vah
HX^ZcXZ
IJ>Hj^hhZ
IJ>Hj^hhZ$He^cdji
HedgiIdjgh
Idgij\VhHdX^Zin[dgi]Z
6Xi^kZEgdiZXi^dcd[HZV
IjgiaZh
Hjeedgi^c\i]ZkdajciVgnldg`d[i]ZHl^hhcVijgZXdchZgkV"
i^dcdg\Vc^hVi^dc[dgi]ZegdiZXi^dcd[i]ZAZe^YdX]Za^hda^kVXZV
hZVijgiaZh^cBZm^Xd
DXZVcXVgZegdiZXi^dcd[
bVg^cZbVbbVah
H]Vg`egd_ZXiºYdjWaZeV\ZhegZVY^cWgdX]jgZhidZYjXViZ
XjhidbZghVWdjiZcYVc\ZgZYh]Vg`h
H]Vg`hX]ddaºXdjghZhdch]Vg`h
IJ>=diZahGZhdgih
9dg[]diZa
;aZZhZchZZ
9dg[]diZaHnai
B“g^ioCVi^dcVaEVg`
Hedchdg^c\bZbWZg
CVijgZVcY:ck^gdcbZciVa
EVg`<“higdl
Hjeedgi^cZmeVcY^c\i]ZeVg`VcY`ZZe^c\Vc^bVah^cVXXdgY"
VcXZl^i]i]Z^gcVijgVagZfj^gZbZcih
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cl^i]
ZkZcihVcYY^hig^Wji^c\ZYjXVi^dcVabViZg^Va
EgdiZXi^c\WgZZY^c\\gdjcYhd[i]Zi]gZViZcZYhZVijgiaZ8VgZiiV
XVgZiiVdc8gZiZVcYi]ZLZhiEZadedccZh@naa^c^!<gZZXZ
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahViYZhi^cVi^dch!VcY]VcY"
^c\djibViZg^Vaid\jZhih
JC:E$8BH
6gX]ZadcHZVIjgiaZEgdiZX"
i^dcHdX^Zind[<gZZXZ
JC:E$8BH
<gZXdiZa
GZhZVgX]9ZeVgibZcid[i]Z
6fjVg^jbdc8gZiZ
EgdiZXi^c\bVg^cZÈdgVVcY[VjcV^ci]ZZVhiZgcBZY^iZggVcZVc
7djgcZbdji]Jc^kZgh^in
HX^Zci^ÇXhijYndci]ZX]VcXZhd[hjgk^kVad[8VgZiiVXVgZiiV^c
idjg^hbXZcigZhhjX]VhGi]nbcdc!8gZiZ
CVijgVa=^hidgnBjhZjb8gZiZ
Jc^kZgh^ind[8gZiZ!:Xdad\n
EgdiZXi^c\i]ZWZVgYZYkjaijgZdc8gZiZ
9ZeVgibZci
EgdiZXi^c\XdVhiVaZXdhnhiZbhVcYhZV\gVhhbZVYdlh^ceVg"
=ZaaZc^XHdX^Zin[dgi]Z
i^XjaVgWnegdk^Y^c\XjhidbZghl^i]ZYjXVi^dcVabViZg^Vah^c
EgdiZXi^dcd[CVijgZ
]diZahVcYgZhdgih^c<gZZXZ
=:E86=jg\]VYV:ck^gdc"
Hjeedgi^c\i]ZegdiZXi^dcd[i]gZViZcZYXdgVagZZ[h^ci]Z
bZciVaEgdiZXi^dcVcY
GZYHZV!:\nei!VhVbZbWZgd[i]ZZck^gdcbZciVaegdiZXi^dc
8dchZgkVi^dc6hhdX^Vi^dc
dg\Vc^hVi^dc
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
JC:E$8BH
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dchVcY
]VcY^c\i]Zbdjiid\jZhih#
>WZgdiZa
-%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
Egd_ZXi$iVg\Zi
>WZgdiZa8dgVnVVcY
>WZgdiZaAVbVnV
6WjHVaVbV6hhdX^Vi^dc[dg
9dae]^cegdiZXi^dc
Hjeedgi^c\i]ZYdae]^cegdiZXi^dcdg\Vc^hVi^dc
HVgXZYHVg^\ZgbZ:ck^gdc"
bZciVa:YjXVi^dcHdX^Zin
:ck^gdcbZciVaZYjXVi^dcZkZcih[dgX]^aYgZcVcYndjc\eZdeaZ
HjgkZn^c\i]ZÈdgVVcY[VjcVdci]Z]diZa\gdjcYhVcYZaVWd"
gVi^c\VheZX^Zha^hi
>c[dgbVi^dceVcZahdci]ZWZVX]VWdjiegdiZXiZYheZX^Zh
>WZgdiZaHVg^\ZgbZ
EVg`
EVabeaVci^c\XVbeV^\c[dggZ\jaVg\jZhih
Ijg`^h]Vji]dg^i^Zh
BV\^XA^[ZLViZgldgaY
=VXZiiZeZJc^kZgh^in
>beZg^Va
BV\^XA^[ZBVcVg
>beZg^VaBV\^XA^[Z
6[g^XVcV>beZg^Va
JC:E$8BH
BV\^XA^[ZBVcVg
>beZg^Va
D[ÇX^VaXdckZci^dcl^i]i]Z
Ijc^h^VcB^c^hignd[i]Z
:ck^gdcbZci
EVaVY^Zc=diZah
GD7>CHDC
GZ[dgZhi^c\(%%%%%b'WjgcZY[dgZhil^i]e^cZhZZYa^c\h!VcY
[dgZhibV^ciZcVcXZ'%%,!]VcY"WVX`idi]ZVji]dg^i^Zh'%&,
EgdiZXi^c\Z\\XajiX]ZhaV^YWn8VgZiiVXVgZiiVhZVijgiaZh
7j^aY^c\&*%cZhiWdmZhidbV^ciV^ci]ZW^gYedejaVi^dc^ci]Z
]diZa\gdjcYh
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dch!VcY
]VcY^c\i]Zbdjiid\jZhih
6Xi^kZanhjeedgi^c\VaaXVbeV^\chdg\Vc^hZYWni]ZIjc^h^Vc
B^c^hignd[i]Z:ck^gdcbZci
6Xi^kZanhjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\ch
i]gdj\]^c[d^cXViVad\jZh!VcYY^hig^Wji^c\ZYjXVi^dcVabViZ"
JC:E$8BH
g^VaidhX]ddahVii]ZYZhi^cVi^dch!VcY]VcY^c\i]Zbdjiid
\jZhih
8ddeZgVi^dcWZilZZcG8;aZZhZchZZVcYcVi^dcVaeVg`Vji]dg"
B“g^ioCVi^dcVaEVg`
^in^cZck^gdcbZciVaegdiZXi^dcVcYZYjXVi^dcVabZVhjgZh
I:B6Ijg`^h];djcYVi^dc[dg Hjeedgi^c\i]ZgZ[dgZhiVi^dcbZVhjgZh^beaZbZciZYWnG8
CVijgZ8dchZgkVi^dc
EVbÇanVIjg`Zn
6g`ijgdh<gZZ`cVijgZegd"
8daaZXi^c\YdcVi^dch^cG8@naa^c^7ZVX]<gZZXZidhjeedgii]Z
iZXi^dcdg\Vc^hVi^dc
egd_ZXiidgZ^cigdYjXZ¼YVcX^c\WZVgh¼idi]Zl^aY
DXZVcXVgZegdiZXi^dc[dgbV" H]Vg`egd_ZXiºWVcc^c\h]Vg`egdYjXih[gdb^ihXViZg^c\egd"
g^cZbVbbVah
\gVbbZ
Hjeedgi^c\i]Z¼NZVgd[i]Z9dae]^c¼XVbeV^\cWndg\Vc^h^c\
¼9dae]^c9Vnh¼VcYY^hig^Wji^c\^c[dgbVi^dcidhX]ddahVii]Z
JC:E$8BH
YZhi^cVi^dch!VcY]VcY^c\i]Zbdjiid\jZhih0Vahdh]dl^c\V
¼NZVgd[i]Z9dae]^c¼Çabeg^dgidZkZc^c\ZkZcih
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
-&
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
Egd_ZXi$iVg\Zi
9Zhi^cVi^dcHZgk^XZh
6ZdadhIgVkZa
JC:E$8BH
6I8
<gddiWdh"AdY\Zh
JC:E$8BH
9VcjW^jhIgVkZa
BVgZcdhigjb
HJC8:
LL;
ID>
<jaa^kZgIgVkZa
JC:E$8BH
@LH@ZcnVL^aYa^[ZHZgk^XZ
EdaabVc¿h
IdjghHV[Vg^h
:Vhi6[g^XVcL^aYa^[ZHdX^Zin
EdaabVc¿h
IdjghHV[Vg^h
IJ>HZgk^XZ
-'
;g^ZcYhd[IhVkd8]Vg^iVWaZ
Igjhi;#D#I
:Vhi6[g^XVcL^aYa^[ZHdX^Zin
:#6#L#H
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^h"
ig^Wji^c\ZYjXVi^dcVabViZg^Va^chX]ddahViYZhi^cVi^dch!VcY
]VcY^c\djibViZg^Vaid\jZhih0VahdWZVX]XaZVc"jeXVbeV^\ch
l^i]hiV[[VcY\jZhih
Hjeedgi^c\igZZeaVci^c\XVbeV^\chVgdjcYV[ddiWVaae^iX][dg
i]ZadXVaXdbbjc^in
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dchVcY
]VcY^c\i]Zbdjiid\jZhih
=da^YVngZeVcYXjhidbZgZYjXVi^dcVaXVbeV^\chdci]ZhjW"
_ZXid[¼hjhiV^cVWaZYZkZadebZci½
Bdc^idg^c\VcYgZXdgY^c\W^dbZig^XYViVdchigVcYZYYdae]^ch!
VcYhjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWn
Y^hig^Wji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dch
VcY]VcY^c\i]Zbdjiid\jZhih
AVkdhidLdg`h]de'%%*VcYgZhjai^c\VXi^k^i^Zh[dg¼HjhiV^c"
VWaZYZkZadebZcid[i]Z>haVcYd[AVkdhid¼8gdVi^V
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^h"
ig^Wji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dch
VcY]VcY^c\i]Zbdjiid\jZhih#6ggVc\^c\XjhidbZgig^ehidV
Ydae]^c^c[dgbVi^dcXZcigZ[dgi]ZWZcZÇid[Ydae]^cegdiZX"
i^dcegd_ZXih
BVee^c\i]ZZcYVc\ZgZYedejaVi^dchd[l^aYYd\hVcYX]ZZ"
iV]h^ci]ZIhVkdCVi^dcVaEVg`!@ZcnV!
HZb^cVg[dgWdViXVeiV^chVcY@LHGVc\Zghdci]ZgZhedch^WaZ
igZVibZcid[bVg^cZbVbbVah0
>hhj^c\i]Z¼8dYZd[XdcYjXi[dggZhedch^WaZYdae]^clViX]^c\½
EgdiZXi^c\VcYgZ[dgZhi^c\i]ZheZX^Zh"g^X]ZcYZb^X[dgZhih^c
i]ZIV^iV=^aah!@ZcnV
GZ[dgZhiVi^dc^ci]ZIhVkd:Vhi$IhVkdLZhiCVi^dcVaEVg`hV["
iZg[dgZhiÇgZhVcYYZhigjXi^dcWnZaZe]Vcih
EgdiZXi^c\i]Z[dgZhi^ci]Z6WZgYVgZCVi^dcVaEVg`VcY^ci]Z
Bdjci"@Zc^VgZ\^dc
8ddeZgVi^dcegd_ZXiidgZhXjZZcYVc\ZgZYZ\\XajiX]ZhaV^YWn
hZVijgiaZh!VcYZYjXVi^dcVaXVbeV^\chVbdc\hiXjhidbZghVcY
i]ZadXVa^c]VW^iVcih
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
EdaabVc¿h
IdjghHV[Vg^h
IJ>HZgk^XZ
BdbWVhVHZgZcV7ZVX]
=diZa!@Zc^V
IJ>7ja\Vg^V
AdgdEVgfjZ;djcYVi^dc
JC:E$8BH
IJ>:heVŠV
L]VaZ;djcYVi^dc
L98H
;DG:HI6
IJ>EdaVcY
IJ>6jhig^V
IVcijg
IJ>7ja\Vg^V
IJ>9db^c^XVcV
IJ>=ZaaVh
IJ>Edgij\Va
Ijc^h^ZKdnV\Zh
JC:E$8BH
JC:E$8BH
Egd_ZXi$iVg\Zi
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dchVcY
]VcY^c\i]Zbdjiid\jZhih
IgZZeaVci^c\XVbeV^\cdci]Z7aVX`HZVXdVhi^ckdak^c\&%%
ZbeadnZZh
EgdiZXi^c\ZcYVc\ZgZYeVggdiheZX^ZhldgaYl^YZ!VcYl]VaZ
lViX]^c\ig^eh[dg8VcVgn>haVcYhX]ddaX]^aYgZc
>c[dgbVi^dcZkZcihdci]Z¼NZVgd[i]Z9dae]^c¼^chX]ddahVcY
adXVaZYjXVi^dcXZcigZh
EgdiZXi^c\bVg^cZbVbbVahd[[i]Z8VcVg^Zh
EgdiZXi^c\bVg^cZbVbbVahd[[i]Z8VcVg^Zh
8adhZ"id"cVijgZig^ehl^i]igZZeaVci^c\XVbeV^\chdc<gVc
8VcVg^V
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cl^i]Xjh"
idbZgZYjXVi^dcVabViZg^Va^cWgdX]jgZhVcYlZWh^iZh
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^Va^chX]ddahVii]ZYZhi^cVi^dchVcY
]VcY^c\i]Zbdjiid\jZhih
6^ga^cZh
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnhZaa^c\
bZgX]VcY^hZYjg^c\È^\]ih[dgi]ZWZcZÇid[Ydae]^cegdiZX"
i^dcegd_ZXih!Vahdgjcc^c\Vc^c"È^\]i¼NZVgd[i]Z9dae]^c¼
Çab
IJ>Èn
I]dbhdcÈn
7dgc;gZZ;djcYVi^dc
¼IgVkZaaZgh6aZgi¼XVbeV^\c
7dgc;gZZ;djcYVi^dc
BVc^idWV8dchZgkVi^dc
7dgc;gZZ;djcYVi^dc
JC:E
7dgc;gZZ;djcYVi^dc
BZm^`Vc^hX]Z6ji]dg^i^Zh
:YjXVi^c\XjhidbZghdcheZX^ZhegdiZXi^dck^daVi^dch^cYZhi^"
cVi^dch
¼EdaVg7ZVgHjggd\VXnEgd_ZXi¼ºYdcVi^dcXVbeV^\c[dgV
egd_ZXidci]ZVYdei^dcd[dge]VcZYedaVgWZVgXjWh^c8VcVYV
¼<G6HEº<gZVi6eZhHjgk^kVaEgd_ZXi½/9dcVi^dcXVbeV^\cid
egdiZXii]gZViZcZY\gZViVeZh^cHdji]ZVhi6h^VVcY6[g^XV
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
-(
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
EVgicZg
Egd_ZXi$iVg\Zi
6^ga^cZh
I]dbhdcÈn
JC:E$8BH
¼7^\8Vih^cBZm^Xd½/9dcVi^dcXVbeV^\cV\V^chii]ZZmead^iV"
i^dcd[W^\XVihjhZY[dgi]ZZciZgiV^cbZcid[]da^YVnbV`Zgh
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\ci]gdj\]
Xdbbjc^XVi^dch^cI]dbhdcÈnbV\Vo^cZh
H]^ee^c\
GZeaVX^c\WVaaVhilViZg^cYZZelViZgidVkd^Yedaaji^c\XdVhiVa
VgZVhl^i][dgZ^\cheZX^Zh
=VeV\"AadnY6<
7^dX^YZ"[gZZjcYZglViZgeV^ci^cildh]^eXaVhhZh
=VeV\"AadnY8gj^hZh
6ciVgXi^X=Zg^iV\ZIgjhi
¼HVkZi]Z6aWVigdh¼"8VbeV^\c
Dc"WdVgYYdcVi^dcXdaaZXi^dch
JC:E$8BH
Hjeedgi^c\IJ>6<¿h¼NZVgd[i]Z9dae]^c¼XVbeV^\cWnY^hig^W"
ji^c\ZYjXVi^dcVabViZg^VaVbdc\hii]ZeVhhZc\Zgh
JC:E$<G>9"6gZcYVa
EVgi^X^eVi^dc^cVgZhZVgX]ldg`h]de¼A^c`^c\idjg^hbVcYXdc"
hZgkVi^dcºVÇcVcXZ^c^i^Vi^kZ[dgegdiZXiZYVgZVh½
>66ID>ciZgcVi^dcVa6hhdX^V"
i^dcd[6ciVgXi^XVIdjgDeZgV"
idgh
6:8D6hhdX^Vi^dcd[6gXi^X
:meZY^i^dc8gj^hZDeZgVidgh
J76;ZYZgVa:ck^gdcbZci
6\ZcXn
-)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
9^hig^Wji^c\VXdYZd[XdcYjXi[dgk^h^idghidi]Z6ciVgXi^X!VcY
Xdbea^VcXZl^i]i]ZgZ\jaVi^dch
9^hig^Wji^c\i]Z6:8Dk^h^idgh¿XdYZd[XdcYjXi[dgi]Z6gXi^X!
VcYXdbea^VcXZl^i]i]ZgZ\jaVi^dch
:aVWdgVi^c\VcZck^gdcbZciVagZaZkVcXZhijYn[dgi]Z6ciVgXi^X
:ck^gdcbZciVabVcV\ZbZcihnhiZb
Bjai^"hiV`Z]daYZgY^Vad\jZ!XddeZgVi^dc
VcYhigViZ\^XeVgicZgh]^eh
HigViZ\^XeVgicZgh]^ehVcYXddeZgVi^dcViV<gdjeaZkZa
IJ>XdbeVc^Zh^c:jgdeZVchdjgXZbVg`ZihVcYi]Zidjg^hbYZhi^cVi^dchVgZ^c"
kdakZY^ccjbZgdjhXdbb^iiZZhdci]^h^bedgiVci^hhjZegdbdi^c\Zck^gdcbZciVa
hjhiV^cVW^a^in!VhlZaaVhbjai^"hiV`Z]daYZgY^Vad\jZ#Egdbdi^c\Zck^gdcbZciVaegd"
iZXi^dc^ci]Zh]^ee^c\VcYXgj^hZWjh^cZhh^hVahdhnhiZbVi^XVaanejghjZY^c^ciZgcV"
i^dcVaeVgicZgh]^eh#
Bjai^"hiV`Z]daYZgY^Vad\jZVcYXddeZgV"
i^dcViV<gdjeaZkZa
IJ>6<Xdci^cjZh^ihegdVXi^kZ^ckdakZbZci^cZXdchZchZº;dgjb[dgHjhiV^cVWaZ
9ZkZadebZcid[<ZgbVc7jh^cZhh#>iVahdXdci^cjZh^ihldg`^ci]ZIdjgDeZgV"
idgh¾>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb9ZkZadebZciID>^beaZbZci^c\hjhiV^cVWaZ
idjg^hbYZkZadebZci!VcYhjeedgihi]ZJc^iZYCVi^dch:ck^gdcbZciEgd\gVbbZ
JC:E!i]ZJc^iZYCVi^dch:YjXVi^dcVa!HX^Zci^ÇXVcY8jaijgVaDg\Vc^hVi^dc
JC:H8D!VcYi]ZLdgaYIdjg^hbDg\Vc^hVi^dcJCLID#
I]ZVXi^kZeVgicZgh]^el^i]:JGDE6G8XdcXZcigViZh^c'%%+dci]ZhigjXijgVaVcY
hnhiZbVi^X^beaZbZciVi^dcd[i]ZcZlan[dgbjaViZYX]VgiZgeg^cX^eaZh#6hVcVXi^kZ
bZbWZgd[i]Z¼:JGDE6G8:jgdeZVc8]VgiZg:kVajVi^dc8dbb^iiZZ¼!IJ>lVh
Y^gZXian^ckdakZY^ci]ZYZkZadebZcibZVhjgZh[dgXddeZgVi^kZcVijgZXdchZgkVi^dc#
I]ZgZlVhVh^\c^ÇXVci^cXgZVhZ^cHeV^c^ceVgi^XjaVg^ci]ZcjbWZgd[Veea^XVi^dch
[dgi]Zd[ÇX^VagZ\^higVi^dcd[:jgdeZVcegdiZXiZYVgZVhVh¼8]VgiZgEVg`h½#IJ>
i]ZgZ[dgZeg^bVg^anhjeedgiZYi]ZheZX^ÇXZkVajVi^dcVcYkZg^ÇXVi^dcd[8]VgiZgEVg`
Veea^XVcihWn^cYZeZcYZciZmeZgih#
6heZX^Va[dXjhd[IJ>¿hZck^gdcbZciVaVXi^k^i^ZhYjg^c\i]Z'%%+ÇcVcX^VanZVg^c"
kdakZYi]ZIJ>W^dY^kZgh^inhigViZ\n#IJ>^cXddeZgVi^dcl^i]i]Z8BHhZXgZiVg^Vi
"8dckZci^dcdcB^\gVidgnHeZX^Zhd[L^aY6c^bVah7dcc8dckZci^dcºegZhZciZY
Vc^c"YZei]\adWVaXVhZhijYndc¼L^aYa^[ZLViX]^c\VcYIdjg^hb¼Vii]Z-i]¼8dc"
[ZgZcXZd[i]ZEVgi^Zh¼8DE-d[i]Z8dckZci^dcdc7^dad\^XVa9^kZgh^in]ZaY^c
8jg^i^WV!7gVo^a#
IJ>bZZihi]Z7VaZVg^X>haVcYh/Hg#
?VjbZ;dci^7VgXZa‹!7VaZVg^X>haVcY
B^c^hiZgd[i]Z:ck^gdcbZci!VXXdbeV"
c^ZYWn'%bVndgh!k^h^i^c\IJ>]ZVY"
fjVgiZghidY^hXjhh¼AdXVa6\ZcYV'&
VcYidjg^hbYZkZadebZcidci]Z7VaZVg^X
>haVcYh½
6heVgid[i]ZZck^gdcbZciVaigZVinWZilZZcIJ>VcYi]Z\dkZgcbZcid[i]Z7VaZVg^X
>haVcYh!7VaZVg^X:ck^gdcbZciB^c^hiZg?VjbZ;dci>7VgXZa‹k^h^iZYIJ>VXXdbeV"
c^ZYWn'%bVndgh[gdbBV_dgXV!B^cdgXVVcY>W^oV#I]ZbZZi^c\[jgi]Zg^ciZch^ÇZY
i]ZZmX]Vc\Zd[^c[dgbVi^dcVcYY^Vad\jZWZilZZcidjg^hbZmeZgihVcYeda^i^X^Vch!
eVgi^XjaVgandc^hhjZhXdcXZgc^c\YZhi^cVi^dcYZkZadebZciVcYfjVa^in^ci]ZadXVa
6\ZcYV'&egd\gVbbZ#
=VeV\"AadnY8dciV^cZgH]^ee^c\^h^ckdakZY^ci]Z8aZVc8Vg\d<gdjeºVhZXi^dc
d[i]Z6bZg^XVc7jh^cZhh[dgHdX^VaGZhedch^W^a^indg\Vc^hVi^dc7HGºidegdbdiZ
bdgZhjhiV^cVW^a^in^c^ciZgcVi^dcVaigVchedgi#=VeV\"AadnY8gj^hZhldg`hid\Zi]Zg
l^i]hZkZgVa^ciZgcVi^dcVadg\Vc^hVi^dch^cXajY^c\i]ZLL;6gXi^XEgd\gVbbZidegd"
iZXidXZVchVcYhZVhVgdjcYi]ZldgaYºVcY6gXi^XVcY6ciVgXi^XlViZgh^ceVgi^Xj"
aVg#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
-*
:ck^gdcbZciVabVcV\ZbZcihnhiZb
HZaZXiZYhigViZ\^XeVgicZgh]^ehVcYXddeZgVi^dcV\gZZbZcih^ckdak"
^c\IJ>6<VcY^ih<gdjeXdbeVc^ZhXdkZg^c\Zck^gdcbZciVaegd"
iZXi^dc!cVijgZegdiZXi^dc!Vc^bVaegdiZXi^dcVcYhjhiV^cVW^a^in#
8dbeVcn
IJ>6^ga^cZh
CZYZgaVcY7#K#
6^ga^cZh
IJ>Èn
I]dbhdcÈn
6GE<gdje
9Zhi^cVi^dcHZgk^XZh
=daY^c\
-+
8ddeZgVi^dceVgicZg
>ciZgcVi^dcVa;jcY[dg6c^bVaLZa[VgZ>;6L
HVcXijVgn[dg:mdi^X6c^bVah66E
<gZZcHZVi
:Xdad\^XVaEgd_ZXi[dg>ciZ\gViZY:ck^gdcbZciVaIZX]cdad\ny@DEGD;>I!
AdXVa6\ZcYV'&egd_ZXigjcWni]Z=VcdkZgbZigdeda^iVcVji]dg^in
7dgc;gZZ;djcYVi^dc
:Vhi6[g^XVcL^aYa^[ZHdX^Zin:6LAH
;g^ZcYhd[IhVkd
:XdIdjg^hb@ZcnV
6^i`ZcHeZcXZ
I]Z>ciZgcVi^dcVa:Xdidjg^hbHdX^Zin
IgVkZah
6I86[g^XVcIgVkZa
>ciZgcVi^dcVa;jcY[dg6c^bVaLZa[VgZ>;6L
8dcXZei
9VcjW^jhIgVkZa
BVgZCdhigjb
6\ZcXn
6hhdX^Vi^dc[dgCVijgZ!:ck^gdcbZciVcYHjhiV^cVWaZ9ZkZadebZci
HJC8:
6hhdX^Vi^dcd[8gdVi^VcIgVkZa6\ZcX^ZhJ=E6
<jaa^kZgIgVkZa
¼LL;<ZgbVcn:ck^gdcbZciVa;djcYVi^dcº;djcYVi^dc[dgi]ZEgdiZXi^dc
d[7^dY^kZgh^inVcYi]ZCVijgVa:ck^gdcbZci¼LL;
;g^ZcYhd[6c^bVahºGZi]nbcdc
BZm"6ia{ci^XV
EGDC6IJG6
IdjghH#6#YZ8#K# 76I8dchZgkVi^dc>ciZgcVi^dcVa
IJ>:heVŠV
AdgdEVgfjZ;jcYVX^‹c
IJ>=ZaaVh
BZY^iZggVcZVcHDHCZildg`BZYHDH
IJ>HZgk^XZ6<
9dYZXVcZhZ6c^bVaEgdiZXi^dcHdX^Zin96EH
:XdchZchZº;dgjb[dgHjhiV^cVWaZ9ZkZadebZcid[<ZgbVc7jh^cZhh
:JGDE6G8;ZYZgVi^dcVcY¼:jgdeZVc8]VgiZg[dgHjhiV^cVWaZIdjg^hb
9ZkZadebZci^cEgdiZXiZY6gZVh½
^chjaV
>IG>chi^ijidYZIjg^hbdGZhedchVWaZ
AdgdEVgfjZ;jcYVX^‹c
IJ>6<
y`degdÇi$AdXVa6\ZcYV'&d[i]Z=VcdkZgbZigdeda^iVcVji]dg^in
EA6C>ciZgcVi^dcVa
HjhiV^cVW^a^inAZVYZgh]^e;dgjbl^i]7#6#J#B#VcY8HBd[i]ZJc^kZgh^in
d[A“cZWjg\
IdjgDeZgVidgh¿>c^i^Vi^kZ[dgHjhiV^cVWaZIdjg^hb9ZkZadebZciID>
Jc^iZYCVi^dch8dckZci^dcdcB^\gVidgnHeZX^Zh8BH
L]VaZVcY9dae]^c8dchZgkVi^dcHdX^ZinL98H
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
8dbeVcn
8ddeZgVi^dceVgicZg
IJ>7Za\^jb
6<¼:ck^gdcbZciVa8dYZd[8dcYjXi½!6hhdX^Vi^dcd[7Za\^VcIdjgDeZgV"
idgh67ID
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
IJ>7ja\Vg^V
CZd[gdc
IJ>9ZjihX]aVcY
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
9dYZXVcZhZ6c^bVaEgdiZXi^dcHdX^Zin96EH
I]Z6c^bVaLZa[VgZVcYEgdiZXi^dc6hhdX^Vi^dc6LE6
GZZ[8]ZX`
CdjkZaaZh
;gdci^ƒgZh
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
CVi^dcVa;gZcX]AVcYD[ÇXZ^cAV<jVYZadjeZ
CVi^dcVa<Zd\gVe]^X
BZ\VeiZgVBVndiiZ
HZV7ajZHV[Vg^h
I‚igV`inh6hhdX^Vi^dc[dgi]ZAdXVa9ZkZadebZcid[6gZVhd[CVijgZ[dg
Idjg^hb
IJ>CZYZgaVcY
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
¼>c^i^Vi^Z[\gdZe9jjgoVVbJ>i\VVcYIdZg^hbZ¼>9JI!>c^i^Vi^kZ[dgHjhiV^c"
VWaZIdjg^hb
>ciZgcVi^dcVa;jcY[dg6c^bVaLZa[VgZ>;6L
HVcXijVgn[dg:mdi^X6c^bVah66E
LZiaVcYh>ciZgcVi^dcVa
I]ZLdgaY8dchZgkVi^dcJc^dc>J8C
LdgaY6hhdX^Vi^dcd[OddhVcY6fjVg^jbhL6O6
L]VaZVcY9dae]^c8dchZgkVi^dcHdX^ZinL98H
IJ>CdgY^X
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
IJ>GZ^hZXZciZg
6jhig^V
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
IdjgdeZgVidgh
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
-,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
IdjgdeZgVidgh
=diZahGZhdgih
8dbeVcn
8ddeZgVi^dceVgicZg
IJ>Hj^hhZ
¼Ldg`^c\<gdje[dgIdjg^hb9ZkZadebZci¼V`iZ
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
<gZZceZVXZ
DXZVc8VgZ
Idgij\Vh
;V^gIgVYZ^cIdjg^hbHdji]6[g^XV;IIH6
IJ>J@
:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh:8E6I
IgVkZa;djcYVi^dc[dgbZgan/HjhiV^cVWaZIdjg^hb>c^i^Vi^kZ
<gZXdiZa
6gX]Zadc$HZVIjgiaZEgdiZXi^dcHdX^Zin<gZZXZ
9dYZXVcZhZ6c^bVaEgdiZXi^dcHdX^Zin96EH
<gjediZa
GZY7VaZVgYZ=diZaZhHdhiZc^WaZh
>WZgdiZa
:jgdhdaVg
G^j
GdW^chdc
BV\^XA^[Z
EVaVY^Zc=diZah
H]^ee^c\
--
Hi^[ijc\¼;jcYVX^‹c8VbeVcZg¼XdbWVi^c\CdbV^c[ZXi^dcVbdc\hiX]^a"
YgZc^cC^\Zg
Ijg`^h]CVijgZEgdiZXi^dc;djcYVi^dcI:B6
H]Vg`Egd_ZXiZ#K#
6\ZcXZCVi^dcVaZYZaVEgdiZXi^dcedjga¿:ck^gdccZbZci6CE:
I]Z:Xdad\^XVaGZhZVgX]6hhdX^Vi^dc:@69
¼:ck^gdcbZciVa;djcYVi^dcLL;<ZgbVcnº;djcYVi^dc[dgi]ZEgdiZXi^dc
d[7^dY^kZgh^inVcYi]ZCVijgVa:ck^gdcbZci¼LL;
CVi^dcVa6\ZcXn[dgLVhiZBVcV\ZbZci6C<ZY
CVi^dcVa;gZcX]AVcYD[ÇXZ
8aZVc8Vg\d<gdje!HZXi^dcd[i]Z7HGDg\Vc^hVi^dc7jh^cZhh[dg
=VeV\"AadnY
HdX^VaGZhedch^W^a^in
8dciV^cZgH]^ee^c\
CZildg`[dgIgVchedgiVcY:ck^gdcbZciCIB
=VeV\"AadnY
LL;6gi^XEgd\gVbbZ
8gj^hZh
>ciZgcVi^dcVa6hhdX^Vi^dcd[6ciVgXi^XVIdjgDeZgVidgh
HVkZi]Z6aWVigdhh8VbeV^\c
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
9Zhi^cVi^dcfjVa^inVcYbdc^idg^c\
IJ>YZhi^cVi^dchigViZ\n/
¼9Zhi^cVi^dch[dg\ZcZgVi^dch½
EgdiZXi^c\Zck^gdcbZciVafjVa^in$Zck^gdcbZciVaXVgZ^cYZhi^cVi^dch
IdZc]VcXZXjhidbZghVi^h[VXi^dcVcYi]ZgZ[dgZi]ZXdbeVcn¿hXdbbZgX^VahjXXZhh!
IJ>ldg`hidegdiZXii]ZZck^gdcbZciVafjVa^ind[i]ZYZhi^cVi^dchVcYb^c^b^hZZck^"
gdcbZciVag^h`h#6ccjVaZck^gdcbZciVagZedgi^c\^hVc^bedgiVcibVcV\ZbZci^chigj"
bZci[dgbV^ciV^c^c\Zck^gdcbZciVafjVa^inVcYegdbdi^c\Zck^gdcbZciVaegdiZXi^dc
^cYZhi^cVi^dch#6ccjVaYZhi^cVi^dcbdc^idg^c\]VhWZZcXVgg^ZYdjih^cXZ&..%!VcY
i]Zbdc^idg^c\^c'%%+lVhV\V^chjXXZhh[jaanXdcYjXiZY^cXddeZgVi^dcl^i]IJ>
HZgk^XZVcYi]ZYZhi^cVi^dcV\ZcX^Zh#I]ZZck^gdcbZciVagZedgihVgZegZeVgZY^cVX"
XdgYVcXZl^i]i]Z¼IJ>:ck^gdcbZciVa8g^iZg^V[dg9Zhi^cVi^dch½#AdXVaIJ>hiV[[[daadl
i]Z\j^YZa^cZhl]ZcbV`^c\i]Z^g^ch^ijgZhZVgX]VcYgZedgi^c\i]Z^gÇcY^c\h!ZmeZg^"
ZcXZVcY^begZhh^dch#I]ZVji]dghd[i]ZgZedgihVXfj^gZVYY^i^dcVaZck^gdcbZciVa^c"
[dgbVi^dcWnbV`^c\^cfj^g^ZhViadXVaVji]dg^i^Zh!XdcigVXijVaeVgicZghZ# \#]diZa^Zgh!
V\ZcX^ZhVcYcVijgZegdiZXi^dcdg\Vc^hVi^dch#
IJ>:ck^gdcbZciVa8g^iZg^V'%%,[dg9Zhi^cVi^dchVgZcdl^ci]Z^g&-i]gZk^hZYZY^"
i^dc]Vk^c\WZZcjeYViZYid^cXdgedgViZi]ZaViZhigZhjaihd[i]ZejWa^XYZWViZdc
idjg^hbYZkZadebZciVcYZck^gdcbZciVa^beVXi/
&# 8a^bViZX]Vc\Z!Xa^bViZegdiZXi^dc!igVchedgi!V^g!cd^hZ
'# :cZg\nbVcV\ZbZciZcZg\nhjeean!hVk^c\hbZVhjgZh!
gZcZlVWaZZcZg\nhdjgXZh
(# LViZgVcYhZlV\ZbVcV\ZbZci
)# LVhiZbVcV\ZbZciVkd^YVcXZ!gZXnXa^c\!Y^hedhVa
*# 7Vi]^c\lViZgVcYWZVX]fjVa^in!XdVhiVaegdiZXi^dc
+# 8djcignh^YZ!eVk^c\dkZg!gZ\^dcVaeaVcc^c\!V\g^XjaijgZ
,# CVijgZVcYheZX^ZhegdiZXi^dc!W^dY^kZgh^in!Vc^bVaegdiZXi^dc
-# :ck^gdcbZciVaVcYcVijgZidjghVcY^c[dgbVi^dc
.# :ck^gdcbZciVaeda^Xn!hjhiV^cVWaZYZkZadebZci!6\ZcYV'&
&%#:ck^gdcbZciVag^h`h$deedgijc^i^Zh!djiadd`
¼IJ>:ck^gdcbZciVa8g^iZg^V'%%,[dg9Zh"
i^cVi^dch½/WVh^h[dgVccjVaZck^gdcbZciVa
bdc^idg^c\^ci]ZYZhi^cVi^dch
>cVYY^i^dcid[ZZY^c\WVX`^c[dgbVi^dc^cidi]Z<gdje!IJ>¿hhnhiZbVi^Xbdc^idg^c\Vahd
gV^hZhi]ZVlVgZcZhhd[adXVa^c]VW^iVcihVcYYZX^h^dcbV`Zgh^cadXVaVji]dg^i^Zh!VYb^c"
^higVi^dchVcY\dkZgcbZcih[dgZck^gdcbZciVaVcYcVijgZegdiZXi^dc^hhjZh#
I]ZZck^gdcbZciVagZedgihlZgZd[iZchjeeaZbZciZYWncjbZgdjhVeeZcY^XZh!Z#\#
gZedgihWnejWa^XVcYeg^kViZhZXidg^chi^iji^dch!adXVaegZhhgZaZVhZh!ZYjXVi^dcVaWgd"
X]jgZhdccVijgZVcYZck^gdcbZciVaegdiZXi^dc^hhjZY^ci]ZgZ\^dc!XjhidbZg^c[dgbV"
i^dcbViZg^Va[gdbIJ>]diZah!VhlZaaVhe]didVcYbVeYdXjbZciVi^dc#
I]^hZck^gdcbZciVa^c[dgbVi^dc[gdbIJ>YZhi^cVi^dchVgdjcYi]ZldgaYlVhbVYZVkV^a"
VWaZk^Vi]Z^cigVcZiidIJ>6<XdgedgViZXZcigZYZeVgibZcihl^i]higViZ\^X[jcXi^dch!
VcYi]ZZck^gdcbZciVaXddgY^cVidgh^cIJ>6<<gdjeXdbeVc^Zh#I]ZZck^gdcbZciVa
XddgY^cVidghXVc^cXdgedgViZi]^h^c[dgbVi^dc^ci]Z^gdlclVnidbViX]i]Z^gdlceg^"
dg^i^Zh/IJ>9ZjihX]aVcY!IJ>6jhig^V!IJ>Hj^hhZVcYIJ>EdaVcY[dg^chiVcXZjhZi]ZhZ
Zck^gdcbZciVagZedgihZkZgnnZVgidjeYViZi]Z^gXViVad\jZ^c[dgbVi^dcdc¼CVijgZVcY
:ck^gdcbZci¼^ci]Z]da^YVnYZhi^cVi^dch#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
-.
:ck^gdcbZciVabVcV\ZbZcihnhiZb
IJ>6<<gdje8dgedgViZ:ck^gdcbZciVaBVcV\ZbZcijhZhi]Z^c[dgbVi^dc[gdbi]Z
Xdci^cjdjh\adWVaZck^gdcbZciVabdc^idg^c\^ci]ZYZhi^cVi^dchVh[daadlh/
6cVanh^hd[i]ZZck^gdcbZciVah^ijVi^dc^chZaZXiZYYZhi^cVi^dchXdcXZgc^c\heZX^ÇX
^hhjZh
:Vgan^YZci^ÇXVi^dcd[Zck^gdcbZciVag^h`hl]^X]XdjaY]VkZVcZ\Vi^kZ^beVXidc
IJ><gdje¿hWjh^cZhhVXi^k^i^Zh
7ddhi^c\i]ZZck^gdcbZciVaZmeZgi^hZd[idjg^hbegdk^YZgh^cIJ>YZhi^cVi^dch!VcY
gV^h^c\i]Z^gVlVgZcZhh
>cÈjZcX^c\YZX^h^dcbV`Zgh^cidjg^hbYZhi^cVi^dchl^i]i]ZV^bd[gZYjX^c\Zck^"
gdcbZciVa^beVXiVcYh^bjaiVcZdjhan^begdk^c\i]ZfjVa^ind[i]Zidjg^hb^c[gV"
higjXijgZ
BV`^c\Zck^gdcbZciVagZedgihVkV^aVWaZidi]ZZck^gdcbZciVaXddgY^cVidgh^ci]Z
<gdjeXdbeVc^ZhVcYhZaZXiZYjhZghViIJ>6<XdgedgViZXZcigZ#
:(6lVgYh#I]Z:(6lVgYlVhegZhZciZY[dgi]ZÇghii^bZVii]ZHZgk^XZBVcV\Zg
8dckZci^dc^c;ZWgjVgn'%%,idi]Zi]gZZWZhiZck^gdcbZciVagZedgih^c'%%+#I]^h
eg^oZ]dcdjghi]ZbV_dg^bedgiVcXZd[YZhi^cVi^dcbdc^idg^c\[dgXddeZgVi^dcl^i]
i]ZYZhi^cVi^dch#:(hiVcYh[dg:mXZaaZcXZVcY:[ÇX^ZcXn^c:ck^gdcbZciVagZedgi^c\#
:kVajVi^dcXg^iZg^V^cVYY^i^dcidXdciZci![dgbVcYi]ZXdbb^ibZcid[i]ZVji]dgh!
^cXajYZhi]Z^cÈjZcXZd[YZhi^cVi^dcgZedgi^c\^ci]ZYZhi^cVi^dcWn^ckdak^c\adXVa
d[ÇX^VahVcYZmeZgih#
:(6lVgYl^ccZgh/
Cd#&/@ZcnV
Cd#'/AVEVabV
Cd#(/BV_dgXV
Di]ZgIDE&%YZhi^cVi^dchgZXZ^k^c\
XZgi^ÇXViZh/
@d]HVbj^
IdWV\d
8gZiZ
7Va^
9VaVbVc
?VbV^XV
Hg^AVc`V
¼:mXZaaZcXZVcY:[ÇX^ZcXn½#9Zhi^cVi^dc:ck^gdcbZciVaGZedgi^c\8dbeZi^i^dcid
^cXgZVhZYViVfjVa^in#I]Z_jgnadd`ZYVi+.Zck^gdcbZciVagZedgih[gdb,.YZhi^cV"
i^dch#
.%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVagZedgiZkVajVi^dcXg^iZg^V^ci]Z¼:(¼XdbeZi^i^dc
8dciZci
6XXjgVXn!aZkZad[YZiV^a
Je"id"YViZcZhh$XdbeVg^hdcl^i]egZk^djhnZVg¿hgZedgi
JhZd[hdjgXZh
AVndjiVcYViigVXi^kZcZhh
>ciZgegZiVi^dcd[Zck^gdcbZciVah^ijVi^dcl^i]gZheZXiid^ih
XdchZfjZcXZh[dgidjg^hb
>ciZ\gVi^dcd[eZghdcVa^begZhh^dchVcYZmeZg^ZcXZ
I]Z'%%+eg^oZl^ccZghd[i]ZLdgaYd[
IJ>>ciZgcVi^dcVa:ck^gdcbZci6lVgY
;dgb
8dbeaZiZdWhZgkVcXZd[IJ>Xg^iZg^V
AVc\jV\ZVcYhinaZ
HjbbVgnVcYgVi^c\
EjcXijVahjWb^hh^dc
GZedgi^c:c\a^h]aVc\jV\Z
GZ[ZgZcXZh$XdciVXiVYYgZhha^hih
:[[ZXi
>beVXidci]ZYZhi^cVi^dcWn^ckdak^c\adXVad[ÇX^VahVcYZmeZgih
8g^i^XVaVhhZhhbZciVhVXdcig^Wji^dcidZck^gdcbZciVafjVa^inVhhjgVcXZ
8dchZfjZcXZh/cZZY[dgVXi^dcVcYedhh^WaZbZVhjgZh
6eea^XVW^a^in[dgegZeVg^c\XjhidbZg^c[dgbVi^dc
8dbb^ibZcid[i]ZVji]dg
LdgaYd[IJ>>ciZgcVi^dcVa:ck^gdcbZci6lVgY
IJ>]VhgZlVgYZY^ciZgcVi^dcVaanZmZbeaVgnaVcYhXVeZVcYcVijgZegdiZXi^dcVXi^k^"
i^Zhh^cXZ&..&^cdgYZgidhjeedgiadc\"iZgbhdaji^dchVcYcZlbZVchd[egdbdi^c\
hjhiV^cVWaZidjg^hbYZkZadebZci^ci]ZYZhi^cVi^dchdcVadXVaVcYgZ\^dcVaaZkZa#
I]ZVlVgY^h^ciZcYZYidbdi^kViZi]Zeg^oZl^ccZgh[jgi]ZgidXdci^cjZi]Z^gXdb"
b^ibZciidhjhiV^cVWaZYZkZadebZciVcYidZhiVWa^h]VcYZmeVcYXadhZXddeZgVi^dc
l^i]i]Zidjg^hbhZXidg#LZ[jgi]Zg]dcdjgVcYhjeedgii]ZXdbb^ibZcid[djg
VlVgYl^ccZghl^i]:jgd&%%%%^ceg^oZbdcZn#
I]ZXdbeaZiZa^hid[Vaaeg^oZl^ccZgh^hVkV^aVWaZdci]Z^ciZgcZi#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
.&
:ck^gdcbZciVabVcV\ZbZcihnhiZb
:ck^gdcbZciVafjVa^in^c
IJ>]da^YVn]diZah
8dbeZi^i^dc[dgZck^gdcbZciVafjVa^inViIJ>]da^YVn]diZah
HjhiV^cVWaZYZkZadebZci[dgIJ>bZVchXdci^cjdjhanbdc^idg^c\VcY]Vgbdc^h^c\
Zck^gdcbZciVa!ZXdcdb^X!VcYhdX^Va$hdX^ZiVacZZYh#I]^hbV^ciV^chXdbeZi^i^kZcZhh!
egdbdiZhi]ZediZci^Vad[^ih]jbVcgZhdjgXZh!higZc\i]ZchXd"deZgVi^dcl^i]hdX^"
ZiVahiV`Z]daYZgh!VcYhjhiV^cVWan^begdkZhi]ZZ[ÇX^ZcijhZd[cVijgVagZhdjgXZh^c
i]Z<gdje¿hadXVi^dchVcY]da^YVnYZhi^cVi^dch#
I]Z¼:XdGZhdgi¼Zck^gdcbZciVafjVa^in
aVWZaZc]VcXZhi]ZXdbeZi^i^kZcZhhd[IJ>
=diZahGZhdgih
IJ>=diZahGZhdgihhZii^c\WZcX]bVg`h#IJ>=diZahGZhdgih^cXddeZgVi^dc
l^i]IJ>6<<gdje8dgedgViZ:ck^gdcbZciVaBVcV\ZbZci^hhjZYi]Z¼:XdGZhdgi¼
hjhiV^cVW^a^infjVa^inaVWZa[dgi]Z<gdje¿hdlc]diZaWgVcYh[dgi]ZÇghii^bZ^c
i]Z'%%+ÇcVcX^VanZVg![daadl^c\^cheZXi^dchWn^cYZeZcYZciZmiZgcVaZck^gdcbZc"
iVaXdchjaiVcih#>cVYY^i^dcidZck^gdcbZciVafjVa^inVhhjgVcXZ!i]ZdW_ZXi^kZd[
i]ZfjVa^inaVWZa^hid[dgXZi]ZbdbZcijbd[hjhiV^cVWaZYZkZadebZci^c]da^YVn
gZ\^dch#I]ZXg^iZg^Vdcl]^X]i]ZaVWZaYZeZcYh^cXajYZXadhZ"id"cVijgZZmeZg^ZcXZ!
XdbW^cZYl^i]]^\]]ZVai]VcYfjVa^inhiVcYVgYh!Xdbb^ibZciidhjhiV^cVWaZYZ"
kZadebZci!]^\]aZkZahd[ZXd"Z[ÇX^ZcXn!VcYVXZgi^ÇZYZck^gdcbZciVabVcV\ZbZci
hnhiZb#IlZcin[djgd[i]Z<gdje¿hdlc]diZahVcYgZhdgihfjVa^ÇZY^c'%%+$%,!VcY
VgZcdlh^\cedhiZY^ci]ZXViVad\jZhWni]Z¼:XdGZhdgi¼aVWZa#
IJ>:XdGZhdgih'%%+$%,
GD7>CHDC8ajW8VaVHZgZcV
GD7>CHDC8ajW?VcY^VEaVnV
GD7>CHDC8ajW:hfj^codEaVnV
GD7>CHDC8ajW;aZZhZchZZ
GD7>CHDC8ajW6bVY‚
GD7>CHDC8ajWHX]aVc^ioZc6ab
GD7>CHDC8ajW6beÈlVc\
GD7>CHDC8ajWHX]lZ^oZg]d[
GD7>CHDC8ajWHdbV7Vn
GD7>CHDC8ajW8VbnjkV
GD7>CHDC8ajWCdW^a^h
GD7>CHDC8ajWEVbÇanV
GD7>CHDC8ajW9V^YVadh
GD7>CHDC8ajW@naa^c^7ZVX]
GD7>CHDC8ajWAniidh7ZVX]
GD7>CHDC8ajW6eja^V
>WZgdiZaBV`VY^8ajWDVh^h
>WZgdiZaBV`VY^HVgVnVGZhdgi
>WZgdiZaHVg^\ZgbZEVg`
B6<>8A>;:H]VgbZaH]Z^`]>beZg^Va
<gjediZa6aYZV<gVcK^hiV
9DG;=DI:A;aZZhZchZZ
9DG;=DI:AHX]ŽcaZ^ic
9DG;=DI:AHZZaZ^ic
6XdbeaZiZa^hid[IJ>:XdGZhdgih^hdch]dlVilll#ZXdgZhdgi"ij^#Xdb#
.'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
BdhihjXXZhh[ja]diZaX]V^c'%%+/
HŽgZc=VgibVccVcYBVm"EZiZg9gdaa!
bVcV\^c\Y^gZXidghd[GD7>CHDC8ajW!
gZXZ^kZi]ZIJ>:ck^gdcbZci8]Vbe^dc
6lVgY^c<daY[gdb9gKda`Zg7ŽiiX]Zg!
ZmZXji^kZWdVgYX]V^gbVcIJ>9ZjihX]"
aVcY
:ck^gdcbZciVabdc^idg^c\d[i]ZIJ>9ZjihX]aVcY]da^YVn]diZah#IJ>XdcigVX"
ijVaeVgicZgh]VkZWZZchjgkZnZYh^cXZ&..'l^i]i]Z]Zaed[i]ZIJ>=diZaZck^gdc"
bZciVaX]ZX`a^hiidbdc^idg^beaZbZciVi^dcd[Zck^gdcbZciVaan"XdbeVi^WaZ]diZa
bVcV\ZbZci#;^aa^c\djii]ZVccjVaX]ZX`a^hiidegdk^YZIJ>l^i]^c[dgbVi^dcdci]Z
bZVhjgZhVcYVXi^k^i^Zh^beaZbZciZYWni]Z]diZa^ZghidegdiZXii]ZZck^gdcbZci
Vii]Z]diZah^hVXdcigVXijVadWa^\Vi^dc#:ck^gdcbZciVaX]ZX`a^hih]ZaeXdcigdai]Z
^beaZbZciVi^dcd[hjhiV^cVWaZbZVhjgZhWn^cY^k^YjVa]diZa^ZghVcY]diZaX]V^ch!Vh
lZaaVhi]Zl]daZ]diZahZXidg^c]da^YVngZ\^dchVcYXdjcig^Zh#=diZahl^i]djihiVcY"
^c\Zck^gdcbZciVabZVhjgZh^ci]ZYZhi^cVi^dchVgZhZaZXiZYdci]ZWVh^hd[i]ZYZ"
ÇcZY!VccjVaangZk^ZlZYVcYXdci^cjdjhanjeYViZYVcYZmeVcYZYXg^iZg^V#I]Z]diZa
X]ZX`a^hihVgZhjeeaZbZciZYWnVYY^i^dcVaZmeZg^ZcXZVcYdWhZgkVi^dchgZedgiZYWn
i]ZLdgaYd[IJ>idjg\j^YZhVcYIJ>V\ZcX^ZhVii]ZYZhi^cVi^dch#
IJ>9ZjihX]aVcY]VhZcXdjgV\ZYi]ZXdbeZi^i^dc[dghjXXZhh[jaZck^gdcbZciVa
bVcV\ZbZciVi^iheVgicZgVcYXdcigVXiZY]diZahVgdjcYi]ZldgaYWnVlVgY^c\i]Z
IJ>:ck^gdcbZci8]Vbe^dcEg^oZh^cXZ&..,#I]ZIJ>:ck^gdcbZci8]Vbe^dcEg^oZ
^hVlVgYZYid]diZahl^i]djihiVcY^c\Zck^gdcbZciVaan"XdbeVi^WaZVcYbdYZgc]diZa
bVcV\ZbZci#EVgi^X^eVcihbjhiWZ^ciZ\gViZYl^i]^ci]ZIJ>]diZaZck^gdcbZciVa
bdc^idg^c\hnhiZbVcYbV^ciV^cIJ>b^c^bjbhiVcYVgYh[dgZck^gdcbZciVafjVa^in#
>ciZgZhiZY]diZa^ZghXVcÇcY]Zae^cfjVa^[n^c\Vii]ZIJ>;dgjb[dg:ck^gdcbZciVaan"
8dbeVi^WaZ=diZaBVcV\ZbZciVilll#ij^"ZXd]diZa#YZ^c(aVc\jV\Zh/<ZgbVc!
:c\a^h]!HeVc^h]#I]Z&%%IJ>:ck^gdcbZci8]Vbe^dchVgZ^YZci^ÇZYWnVXZgi^ÇZY
egdXZYjgZ#6cdca^cZbVcV\ZY!igVcheVgZcihXdg^c\hnhiZb^hjhZYidZkVajViZZck^"
gdcbZciVaeZg[dgbVcXZ#I]ZbdhihjXXZhh[ja]diZaX]V^c^c'%%+lVhV\V^cGD7>C"
HDCl^i]'%VlVgY"l^cc^c\XajWh#>ci]Z^cY^k^YjVaXViZ\dgn[dg]diZah!i]Z>WZgdiZa
HVg^\ZgbZEVg`^cIjg`ZnXVgg^ZYd[[i]ZideVlVgY[dgi]Z&%i]i^bZ^chjXXZhh^dc#
IJ>:ck^gdcbZci8]Vbe^dch'%%+ºi]ZIde&%
&# >WZgdiZaHVg^\ZgbZEVg`!HVg^\ZgbZ!Ijg`Zn
'# GD7>CHDC8ajWAniidh7ZVX]!8gZiZ!<gZZXZ
(# GD7>CHDC8ajW8VaVHZgZcV!BV_dgXV!HeV^c
)# GD7>CHDC8ajW!@naa^c^7ZVX]!LZhi"EZadedccZh!<gZZXZ
*# 8gZiVcBVa^VEVg`!8gZiZ!<gZZXZ
+# ?VgY^b6iaVci^Xd!BVYZ^gV!Edgij\Va
,# ;jZgiZ8dc^a!8dhiVYZaVAjo!HeV^c
-# =diZaI^\V^\V!IZcZg^[Z!HeV^c
.# GD7>CHDC8ajW9V^YVadh!@dh!<gZZXZ
&%#?VgY^cZh9ZC^kVg^V=diZa!IZcZg^[Z!HeV^c
6XdbeaZiZanje"id"YViZa^hid[IJ>:ck^gdcbZci8]Vbe^dch^hdch]dlViIJ>
9ZjihX]aVcY¿hlZWh^iZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
.(
:ck^gdcbZciVabVcV\ZbZcihnhiZb
¼IJ>=diZahGZhdgihe^dcZZgVcYejh][dglVgY
Zck^gdcbZciVafjVa^inVcYhjhiV^cVWaZYZkZade"
bZci#DjgXdbb^ibZci/gZhedch^W^a^inVcYeZg"
[dgbVcXZ#½
@Vga?#Ed_Zg!IJ>6<ZmZXji^kZWdVgYbZbWZg
IJ>=diZahGZhdgih
HeZX^VaejWa^XVi^dcWnIJ>=diZah
GZhdgih/¼=diZah^c[dXjh½!egZhZciV"
i^dc[dg^ciZgcVi^dcVa^ckZhidgh
.)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
:ck^gdcbZciVabVcV\ZbZcihnhiZb
I]^h\^kZhIJ>XjhidbZghVcdeedgijc^inidhZaZXieVgi^XjaVganZck^gdcbZciVaan"
[g^ZcYan]da^YVn]diZahdci]ZWVh^hd[XdcXgZiZXg^iZg^VYZhXg^WZY^ci]ZXViVad\jZh#
I]^hbZVhjgZVahdhi^bjaViZh]diZa^Zghidldg`^cVbdYZalVni]gdj\]i]Z^gXdbb^i"
bZciidhjhiV^cVWaZidjg^hbYZkZadebZci#
I]dbhdcIJ>J@aVjcX]ZYi]Z¼<gZZcBZYVa¼Zck^gdcbZciVafjVa^inXdbeZi^i^dc
^c^ihXViVad\jZh^c'%%+VcYVlVgYZYVeg^oZidi]ZÇ[iZZcdjihiVcY^c\]diZah#
<gZZcBZYVal^cc^c\]diZah'%%+
DkZgVaa<gZZcBZYVaL^ccZgh/
8dgVa7ZVX]=diZaVcYGZhdgi!8dgVa7Vn!8negjh
8ajWBV\^XA^[Z!H]Vgb:aH]Z^`]!:\nei
<gZZcBZYVaL^ccZgh/
G^jEVaVXZ=ZaZcVHVcYh!Hjccn7ZVX]!7ja\Vg^V
H]ZgVidcB^gVbVgGZhdgi!:a<djcV!:\nei
BŽkZce^X`GZhdgi!:a<djcV!:\nei
8ajWGdW^chdc8VaVHZgZcV!8Va9¿dg!BV_dgXV
=diZaHdanBVgBV`VY^BVg^cZ!BV`VY^7Vn!:\nei
7VgdcEVabhGZhdgi!H]Vgb:aH]Z^`]!:\nei
<gZXdiZa:kVEVaVXZ!@dbZcd!8dg[j
=diZa6jYVm!8VaV<VaYVcV!B^cdgXV
;jZgiZZaGdbe^Yd!8dhiVYZAVAjo
=diZaHda<Vk^aVcZh!8VaV<VaYVcV!B^cdgXV
6aZmVcYZgI]Z<gZVi7ZVX]=diZa!EVe]dh!8negjh
=diZaHjcg^hZ7ZVX]!EgdiVgVh!8negjh
AV\jcVBViZgVYV!EdgZX!8gdVi^V
6aaIJ>J@<gZZcBZYVahVgZa^hiZYdci]ZI]dbhdclZWh^iZ#
I]ZXdbb^ibZcid[IJ>=diZahGZhdgihidhjhiV^cVWaZYZkZadebZciZcXdbeVhhZh
heZX^ÇX^c"]djhZbZVhjgZhXdkZg^c\Zck^gdcbZciVaegdiZXi^dcVcYcVijgZegdiZXi^dc
XVbeV^\ch!eajhVYY^i^dcVaVXi^k^i^Zh!Z#\#XddeZgVi^dcl^i]adXVa^c^i^Vi^kZhid^ciZ"
\gViZadXVa^cYjhignVcYidjg^hb#BdgZYZiV^ahVgZVkV^aVWaZdci]ZlZWh^iZhd[i]Z
XdbeVc^Zh^ckdakZY/
<gZXdiZa:ck^gdcbZciVaXdbb^ibZci$GZhedch^W^a^inidlVgYhZbeadnZZh
<gjediZa
>WZgdiZa
9dg[]diZa
CdgYdiZa
BV\^XA^[Z
EVaVY^Zc
G^jG^j$:ck^gdcbZci
GD7>CHDCGD7>CHDC8dcXZei$:ck^gdcbZci
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
.*
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
HdX^VagZhedch^W^a^in
:beadnZZYZkZadebZci
8d"YZiZgb^cVi^dc
=ZVai]VcYdXXjeVi^dcVahV[Zin
EZch^dchVcYeVgi"i^bZZVgangZi^gZbZci
Ldg`"A^[Z7VaVcXZ
9^kZgh^inVcY]VcY^XVeeZYeZdeaZ
.+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
6hXgjX^Va[VXidgh[dg
IJ>¿hXdbeZi^i^kZcZhh!
IJ>¿h*(%%%ZbeadnZZhbV`ZVbV_dgXdcig^Wji^dcidi]Z<gdje^c
i]Z[dgbd[i]Z^gWgdVYheZXigjbd[^YZVh!ZmeZg^ZcXZVcYdjiadd`h!
l]^X]\jVgVciZZV]^\]aZkZad[WZcZÇX^Va^ccdkVi^dc#I]Z^ciZgcVi^dc"
VabV`Zjed[djghiV[[bZVchi]VidjgXjhidbZghVgdjcYi]ZldgaY
ValVnh]VkZhdbZdcZVi]VcYi]ViheZV`hi]Z^gaVc\jV\ZVcYjcYZg"
hiVcYhi]Z^gcZZYh#I]^h^h_jhidcZd[i]ZgZVhdchl]nlZiV`Zdjg
hdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZhkZgnhZg^djhan#8dci^cj"
djhigV^c^c\VcY[jgi]ZgZYjXVi^dc]ZgZ^h_jhiVh^bedgiVciVhegd"
bdi^c\VegdeZgLdg`"A^[Z7VaVcXZº]Vgbdc^h^c\ldg`VcY[Vb^ana^[Z
ºVhlZaaVhV[V^ghinaZd[ldg`#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
.,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
:beadnZZYZkZadebZci
8dbeVc^ZhXVccdiZm^hil^i]djiV`ZnhjXXZhh[VXidg/EZdeaZ#;^cY^c\i]Z¼g^\]i¼
ZbeadnZZh!bdi^kVi^c\i]Zb!hjeedgi^c\i]ZbVcYZchjg^c\i]Z^gegdeZg[jgi]ZgYZ"
kZadebZci^hValVnhdcZd[i]Zbdhi^bedgiVcieg^dg^i^Zhd[i]ZIJ><gdje¿h]jbVc
gZhdjgXZhVXi^k^i^Zh#
?jc^dgbVcV\ZbZciYZkZadebZci
IJ>ndjc\hiZghiZVbº?jc^dg
XdbeVcn^ci]ZLdgaYd[IJ>
IgV^c^c\VcYYZkZade^c\iZX]c^XVaVcY
bVcV\ZbZcihiV[[
IgV^c^c\VcYYZkZade^c\_jc^dgbVcV\ZbZciVgZVhk^iVa[dgWjh^cZhhXdbeZi^i^kZcZhh
Vh\ddY^c"]djhZigV^c^c\egd\gVbbZh#'*,cZligV^cZZh_d^cZYi]ZIJ>XdbeVc^Zh
^c<ZgbVcn!VcYVgdjcY,&-ndjc\ZbeadnZZhZc_dnZY\ddYfjVa^inigV^c^c\Yjg^c\
'%%+#I]ZeZgXZciV\Zd[igV^cZZhlVhi]ZgZ[dgZbV^ciV^cZYViaVhinZVg¿h]^\]aZkZa
d[+#*eZgXZci#IgV^c^c\VhWjh^cZhhVYb^c^higVi^dcVhh^hiVcihlVhbVYZVkV^aVWaZ[dg
h^c\aZbdi]ZghdcVeVgi"i^bZWVh^h(%]djgheZglZZ`#
>cVYY^i^dcidi]ZgVc\Zd[^ciZgch]^ehYZh^\cZYid\^kZeje^ahVcYhijYZcihVc^c^i^Va
^ch^\]i^cidi]ZXdbeVcnVcY^ihgVc\Zd[ediZci^VaXVgZZgh!IJ>Xdci^cjZYidWZ
^ckdakZY^c'%%+^ci]Z¼;^i[dgVeea^XVi^dch¼egd_ZXidg\Vc^hZYWni]Z<d^c\Zg@gZ^h#
IJ>¿h^ckdakZbZci]ZgZgZÈZXih^ihhdX^d"eda^i^XVagZhedch^W^a^in#I]Zegd_ZXi^ckdakZh
i]Z<gdje=GbVcV\ZghVhh^hi^c\ndjc\eZdeaZ^cegZeVg^c\Veea^XVi^dcYdXjbZcih
VcY\Zii^c\gZVYn[dg_dW^ciZgk^Zlh#
I]Z[jgi]ZgYZkZadebZcid[iZX]c^XVahiV[[VcYbVcV\ZbZciViVaaaZkZahd[i]Z
dg\Vc^hVi^dc^hdcZd[i]ZbV^cgZhedch^W^a^i^Zhd[i]ZXdgedgViZXZcigZ=jbVcGZ"
hdjgXZ9ZkZadebZci9ZeVgibZci#7^cY^c\\ddYZbeadnZZhidi]ZXdbeVcn^hVahdV
bV_dgeg^dg^in#IdZchjgZi]Z^ciZ\gViZYYZkZadebZcid[iZX]c^XVaVcYbVcV\ZbZci
hiV[[ViVaabVcV\ZbZciaZkZahVXgdhhi]Z<gdje!IJ>ZmeVcYZY^ihgVc\Zd[igV^c^c\
deedgijc^i^Zh[jgi]Zg^c'%%+/bVcV\ZbZciViadlZgaZkZahlZgZ\^kZcVXXZhhidVc
^ciZgcVi^dcVabZi]dY[dgVhhZhh^c\i]Z^geZghdcVah^ijVi^dc!l]^ahiidebVcV\Zgh^c
<ZgbVcnZc_dnZYi]ZaVjcX]d[VhnhiZbVi^XegdXZhh^cl]^X]VcVcVanh^hd[eZg"
hdcVaediZci^Va^h[daadlZYjeWniV^adgZYYZkZadebZcibZVhjgZh#I]ZhnhiZb^hid
WZgdaaZYdji<gdje"l^YZcZminZVg#I]Z^ciZgcVi^dcVaigV^cZZegd\gVbbZVcYi]Z
b^YYaZbVcV\ZbZciYZkZadebZciegd\gVbbZlVh[jgi]ZgZmeVcYZYl^i]i]Z[dXjh
dceZghdcVa^inYZkZadebZci#6gdjcY(%<gdjeXdbeVc^Zh^cVeegdm#&*Xdjcig^Zh
WZcZÇiZY^c'%%+[gdbi]Z^ciZgcVi^dcVaZmX]Vc\Zd[bVcV\ZbZciYZkZadebZci
bZVhjgZh#
I]ZegdXZhhd[hiV[[bVcV\ZbZcil^i]^ci]ZXdbeVcn^hhjeedgiZYWn^ciZ\gViZY
VcYkVg^VWaZgZbjcZgVi^dchX]ZbZh#I]^hhnhiZbVi^XegdXZhh^cXajYZhi]ZVccjVa
hiV[[VhhZhhbZci^ciZgk^Zll]^X]^hVc^bedgiVcibVcV\ZbZciidda[dgi]ZiVg\ZiZY
YZkZadebZcid[ZVX]bZbWZgd[hiV[[^cVlVnl]^X]Wddhihi]Z^gdlcgZhedch^W^a^in#
EZg[dgbVcXZ"WVhZYhVaVg^ZhVcYVYY^i^dcVaWZcZÇihVgZ^beaZbZciZYidhigZc\i]Zc
i]ZegdYjXi^k^inVcYi]Zl^aa^c\cZhhd[hiV[[idldg`]VgY!hi^bjaViZi]ZVXfj^h^i^dc
d[VXdbbZgX^Vab^cYhZiVcYegdÇi"dg^ZciZYldg`^c\!cdiidbZci^dc[jgi]Zg^c\
eZghdcVagZhedch^W^a^in!higZc\i]Zc^c\ÇcVcX^VaeVgi^X^eVi^dc^ci]ZhjXXZhhd[i]Z
XdbeVcnVcYdcZ¿hdlceZg[dgbVcXZ!VcY\^k^c\i]ZXdbeVcnVXXZhhidhiV[[l^i]
i]ZÈZm^W^a^inVcYVYVeiVW^a^inidXdeZhjXXZhh[jaanl^i]X]Vc\ZegdXZhhZh#
.-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
8d"YZiZgb^cVi^dcl^i]^ci]Z<gdje
:beadnZZgZegZhZciVi^dc^ci]Z<gdje
9dbZhi^XVcY^ciZgcVi^dcVaZbeadnZZgZegZhZciVi^kZdg\Vc^hVi^dchZm^hil^i]^c
i]ZIJ><gdje^c^cY^k^YjVaXdbeVc^ZhVhlZaaVhViV<gdjeaZkZa#I]ZXddeZgVi^dc
WZilZZci]ZZmZXji^kZWdVgYVcYbVcV\ZbZcid[i]ZXdbeVc^Zhl^i]i]ZhZXdb"
b^iiZZhlVhV\V^cbVg`ZY^c'%%+Wnegd[Zhh^dcVagZheZXiVcYXddeZgVi^dc#I]^h
ZcVWaZYWVaVcXZYbZVhjgZhidWZhZaZXi^kZan[djcYl^i]i]ZZmZXji^kZWdVgYVcY
bVcV\ZbZcil]^X]idd`^cidXdch^YZgVi^dci]Z^ciZgZhihd[i]Zldg`[dgXZVcYi]Z
XdbeVcnl]ZchigViZ\^XgZhigjXijg^c\bdkZhlZgZ^beaZbZciZY!VcYdg\Vc^hVi^dcVa
VcYdeZgVi^kZYZX^h^dch^ckdak^c\VY_jhibZcihidi]Zldg`[dgXZlZgZXdciZbeaViZY#
IJ>:jgdeV;dgjb
I]ZIJ>:jgdeV;dgjbZhiVWa^h]ZY^c&..*hjeeaZbZcihViV:jgdeZVcaZkZai]Z
ZbeadnZZgZegZhZciVi^kZdg\Vc^hVi^dchl]^X]]VkZidWZ^beaZbZciZYejghjVciid
cVi^dcVaaVlh#I]ZIJ>:jgdeV;dgjbXjggZcianXdch^hihd[*'ZbeadnZZgZegZhZciV"
i^kZh[gdb&,:jgdeZVcXdjcig^Zh#I]ZZmZXji^kZXdbb^iiZZd[i]ZIJ>:jgdeV;d"
gjb^hgZ\jaVgan^c[dgbZYWn<gdjebVcV\ZbZci!VcYi]Zildh^YZhgZ\jaVganbZZi
idY^hXjhhi]ZXjggZciZXdcdb^XVcY=Gh^ijVi^dcl^i]^ci]Z<gdje#I]ZIJ>:jgdeV
;dgjbbZZihdcXZVnZVgVcYbV`ZhVc^bedgiVciXdcig^Wji^dcViVc^ciZgcVi^dcVa
aZkZaidi]ZigVcheVgZcXnd[<gdje"l^YZWjh^cZhhYZX^h^dchVcYi]Z^ciZ\gVi^dcd[
i]ZkVg^djhcVi^dcVa^i^Zhl^i]^ci]ZIJ><gdje#
IJ>:jgdeV;dgjb'%%+/9^hXjhh^dci^bZ
l^i]9gB^X]VZa;gZcoZa!IJ>6<ZmZXji^kZ
WdVgYX]V^gbVc!VcY9gEZiZg:c\ZaZc!
bZbWZgd[i]ZIJ>6<ZmZXji^kZWdVgY
=G!AZ\Va6[[V^gh!:ck^gdcbZciVcY
HjhiV^cVWaZ9ZkZadebZci
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
..
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
DXXjeVi^dcVa]ZVai]egdbdi^dc!
]ZVai]XVgZVcYdXXjeVi^dcVahV[Zin
=ZVai]egdbdi^dc
IJ>h^\cZYi]Z:jgdeZVcJc^dcAjmZbWdjg\9ZXaVgVi^dcdci]Zegdbdi^dcd[dXXj"
eVi^dcVa]ZVai]^c'%%+#>ci]ZhVbZlVnVhIJ>¿h8dgedgViZ<j^YZa^cZ!i]ZAjmZb"
Wdjg\YZXaVgVi^dcV^bhid^begdkZ]ZVai]VcYhV[ZinVildg`#
I]ZIJ>=ZVai]CZildg`egdbdiZhi]ZZmX]Vc\Zd[^YZVhVcYZmeZg^ZcXZdcVaa
]ZVai]^hhjZhViV<gdjeaZkZa#I]ZcZildg`^cXajYZhVaad[i]Z¼=ZVai]XddgY^cV"
idgh¼^cZVX]IJ>XdbeVcn#I]ZXdbeVcnVahdgjchVcVi^dcl^YZ<gdjeXdbb^iiZZ
dc¼Ldg`"=ZVai]":ck^gdcbZci½!VhlZaaVhadXVaXdbb^iiZZhdc¼=ZVai]VcYhV[Zin
Vildg`½!l]^X]Wg^c\hgZegZhZciVi^kZhd[i]ZZbeadnZghVcYZbeadnZZhid\Zi]Zg
hZkZgVai^bZhVnZVgidXg^i^XVaanVhhZhhi]Zdc\d^c\eZg[dgbVcXZd[i]Zegd\gVbbZ
VcY^cXdgedgViZcZl^YZVh#DcWZ]Va[d[i]Zl]daZ<gdje!IJ>_d^cZYi]Z<ZgbVc
CZildg`[dgEgdbdi^c\=ZVai]VcYHV[ZinViLdg`9C7<;#
=ZVai]CZildg`
¼Çil^i]IJ>½
&%%
IJ>]ZVai]egd\gVbbZ
6cZbeadnZZ]ZVai]egd\gVbbZlVh[dgbjaViZYjcYZgi]Z]ZVY^c\¼Çil^i]IJ>½#I]^h
XdcXZgchi]Zegdk^h^dcd[IJ><gdjeXdbeVcnZbeadnZZhl^i]VgVc\Zd[bZVhjgZhdcV
kVg^Zind[i]ZbZhhjX]Vh/
[ZZYWVX`
>YZVhbVcV\ZbZci!YZiV^aZYhiV[[hjgkZnh!ed^cikdi^c\iddah^cigVcZi
fjZhi^dccV^gZh!ZaVWdgVi^dcd[]ZVai]gZedgihhiVi^hi^XVaZkVajVi^dch!
ZiX#
^c[dgbVi^dc
6gi^XaZhVcY^c[dgbVi^dcdcbZY^XVa^hhjZh^ci]Z^cigVcZiVhlZaaVhi]Z
IJ>I^bZhhiV[[cZlheVeZg!]ZVai]hZb^cVghiVg\ZiZYViheZX^ÇX\gdjeh
^cXajY^c\igV^cZZhVcYbVcV\ZbZci#
iVa`h
8dchjaiVi^dcVcYigZVibZciWni]ZXdbeVcnYdXidg!ldg`eaVXZ^c"
heZXi^dchWndXXjeVi^dcVahV[ZinZmeZgih!VYY^Xi^dcegZkZci^dcegd"
\gVbbZh!ZiX#
lZaacZhh
6gVc\Zd[egdYjXih^ckdak^c\cjig^i^dcVaZYjXVi^dcVcYbVhhV\ZhVi
i]Zldg`eaVXZ#
^ciZ\gVi^dc
IdXdci^cjdjhan[jgi]Zg^begdkZi]Z^ciZ\gVi^dcd[]VcY^XVeeZYZb"
eadnZZh!XVbeV^\chVgZgjcZVX]nZVgjcYZgi]ZjbWgZaaVd[i]ZIJ>
>c^i^Vi^kZ/
'%%' 8adh^c\Vc^ciZ\gVi^dcV\gZZbZci
'%%( >ciZch^[n^c\XddeZgVi^dcl^i]]VcY^XVeeZYldg`h]deh
'%%) IJ>XdbeVc^ZhZVX]egdk^YZVndjc\]VcY^XVeeZYeZghdcl^i]V
heZX^VaanZhiVWa^h]ZYigV^c^c\edh^i^dc
'%%* >ciZgch]^eh[dgndjc\eZdeaZl^i]]VcY^XVeh
'%%+ 8]Vc\^c\aVcZhIJ>igV^cZZhZmeZg^ZcXZYVn"id"YVna^[Z^cV
[VX^a^in[dgi]Z]VcY^XVeeZY
igV^c^c\
8dbeVcnhedgih!XddeZgVi^dcl^i]\nbh
]ZVai]VXi^k^i^Zh9Vnd[i]Z:nZ!XVcXZgegZkZci^dc!]ZVgiX^gXjaVi^dcX]ZX`"jeh!ZiX#
IJ>7VX`8VbeV^\c!]ZVai]X]ZX`hZ#\#h`^chXgZZc^c\#
IJ>
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
¼:kZgndcZWZcZÇih[gdbi]ZdXXjeVi^dcVa]ZVai]egd"
bdi^dcbZVhjgZh/i]ZhiV[[Wn^begdk^c\i]Z^gÇicZhh
VcY]ZVai]!VcYi]ZXdbeVcn[gdbi]ZgV^hZYbdi^kV"
i^dcd[i]ZhiV[[VcYgZYjXZY^aacZhh"gZaViZYXdhih#½
9gEZiZg:c\ZaZc!IJ>6<ZmZXji^kZWdVgYbZbWZg
=G!AZ\Va6[[V^gh!:ck^gdcbZciVcYHjhiV^cVWaZ
9ZkZaedbZci
7Zig^ZWh`gVc`Zc`VhhZ7@@IJ>
IJ>ZbeadnZZhWZcZÇi[gdbi]ZXdbeVcn¿hdlc]ZVai]^chjgVcXZXdbeVcn!7@@
IJ>#7@@IJ>WdVhiZYi]ZVXfj^h^i^dcd[bVcncZlbZbWZgh^ci]Z'%%+ÇcVcX^Va
nZVg#I]ZcjbWZgd[bZbWZghgdhZYjg^c\i]ZXdjghZd[i]ZnZVg[gdbVgdjcY&%
-%%iddkZg&'%%%#Dcan)%eZgXZcid[i]ZZbeadnZZhd[i]ZLdgaYd[IJ>VgZ7@@
bZbWZgh#I]ZeZgXZciV\ZkVg^ZhWZilZZc+%eZgXZciViZ#\#IJ>9ZjihX]aVcY!VcY
'*eZgXZci^cdi]Zg<gdjeXdbeVc^Zh#I]ZhZÇ\jgZh]^\]a^\]ii]Vi7@@]VhcdinZi
ZhiVWa^h]ZY^ihZa[Vii]ZhVbZaZkZaVXgdhhi]Z<gdje#<^kZci]ZdjihiVcY^c\an\ddY
eg^XZ$eZg[dgbVcXZgVi^dWdVhiZYWni]ZXdbeVcn!7@@]VhhZi^ihZa[VbVg`Zih]VgZ
iVg\Zid[dkZg*%eZgXZciVbdc\hiIJ>XdbeVc^Zh#
L^i]]ZVai]^chjgVcXZegZb^jbhd[&'#+eZgXZci^c'%%+!VcYi]ZWdcjhZheV^Yid
bZbWZghd[i]Z]ZVai]ZYjXVi^dcegd\gVbbZh!7@@lVhi]ZbdhiZXdcdb^XVa]ZVai]
^chjgVcXZhX]ZbZ^c<ZgbVcn[dgi]ZZbeadnZZhVcYi]ZXdbeVc^Zh^cLdgaYd[IJ>#
7@@¿hegdYjXihVgZ_d^cianYZkZadeZYl^i]XddeZgVi^dceVgicZghVcYVgZVbdc\hii]Z
bdhi^ccdkVi^kZdci]ZbVg`Zi#I]ZhZegdYjXih^cXajYZ7@@IgVkZaEajh!7@@7dcjh"
EajhVcY7@@;Vb^anEajh!VcYWg^c\iVc\^WaZÇcVcX^VaVcY]ZVai]WZcZÇih[dgVaad[
i]ZeZghdch^chjgZYl^i]i]ZXdbeVcn#
7@@IJ>¿hVYb^c^higVi^dcXdhih^c'%%+dcanVXXdjciZY[dgVgdjcY(eZgXZcid[idiVa
ZmeZcY^ijgZ<ZgbVcVkZgV\Z/Veegdm#+eZgXZci#I]^h^hVgdjcY)%eZgXZciaZhh
i]Vci]Z<ZgbVcVkZgV\ZVcY]^\]a^\]ihi]ZXdhiZ[[ZXi^kZcZhhd[i]ZVYb^c^higVi^kZ
XddeZgVi^dcZm^hi^c\WZilZZc7@@HVao\^iiZgVcY7@@EjWa^`h^cXZi]Z^g[djcYVi^dc#
DXXjeVi^dcVahV[Zin
CjbZgdjhdXXjeVi^dcVahV[ZinbZVhjgZhlZgZ^beaZbZciZYVi<gdjeXdbeVc^Zh#
DXXjeVi^dcVahV[ZinZmeZgihVYk^hZVcYhjeedgiXdbeVc^ZhdcVaaVheZXihd[dXXj"
eVi^dcVahV[Zin!^cXajY^c\VXX^YZciegZkZci^dc!Zg\dcdb^Xldg`Èdlh!VcYb^c^b^h^c\
]ZVai]g^h`h#HdbZd[i]ZbV^cgZhedch^W^a^i^Zh^cXajYZ^ckdakZbZci^ci]ZeaVcc^c\!
^beaZbZciVi^dcVcYbV^ciZcVcXZd[Zfj^ebZciVcY^chiVaaVi^dch#Di]ZgiVh`h^cXajYZ
egZeVg^c\VcVanh^hgZedgih!^cheZXi^c\ldg`eaVXZh!VcYVhh^hi^c\^ci]Z[dgbjaVi^dc
d[deZgVi^c\^chigjXi^dch!Zm^iVcYZbZg\ZcXneaVch!]VoVgYdjhbViZg^Vah^ckZcidg^Zh
VcYbVeh!VcYdg\Vc^h^c\Yg^k^c\hV[ZinigV^c^c\idb^c^b^hZVXX^YZcihdci]ZgdVY#
I]ZhnhiZbVi^XY^hVhiZgegdiZXi^dceaVch^cXdgedgViZhiV[[VcYÇghi"V^YZgh!ZkVXjV"
i^dc]ZaeZghVcYhV[Zind[ÇXZgh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&%&
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
DXXjeVi^dcVaeZch^dchVcY
eVgi"i^bZZVgangZi^gZbZci
9Zbd\gVe]^XX]Vc\Z
DXXjeVi^dcVaVcYeg^kViZeZch^dch
I]ZZaVWdgVi^dcVcYhigjXijgZd[dXXjeVi^dcVaVcYeg^kViZeZch^dchX]ZbZhbjhi
iV`Z^cidXdch^YZgVi^dci]ZcVi^dcVah^ijVi^dc^cZVX]XdjcignVcYi]ZadXVaZXdcdb^X
XdcY^i^dch#:beadnZZhd[<ZgbVc<gdjeXdbeVc^ZhXVcX]ddhZ[gdbcjbZgdjh
dXXjeVi^dcVaVcYeg^kViZeZch^dcbdYZah#>c<ZgbVcn!i]Zdei^dch^cXajYZeZch^dc
[jcYVcYY^gZXi^chjgVcXZeda^X^Zh!VhlZaaVheg^kViZeZch^dc^chjgVcXZfjVa^[n^c\[dg
hiViZhjWh^Y^ZhG^ZhiZgeZch^dc#Di]Zgdei^dch^cXajYZi]ZYZ[ZggZYXdbeZchVi^dc
bdYZahl]^X]VaadlZbeadnZZhidhZaZXii]ZeZch^dchX]ZbZl]^X]hj^ihi]Z^g^cY^"
k^YjVaegZ[ZgZcXZh#I]^hhX]ZbZ^hWZXdb^c\^cXgZVh^c\anedejaVg#
EVgi"i^bZZVgangZi^gZbZci
<ZgbVcZbeadnZghVcYXdbeVc^Zhl^i]^ci]ZIJ><gdjebV`ZXdch^YZgVWaZjhZd[
i]Zdeedgijc^i^ZhdeZcZYjeWni]ZEVgi"I^bZ:VganGZi^gZbZci6Xi[dgVhbddi]
igVch^i^dc[gdbldg`^c\a^[ZidgZi^gZbZci#I]ZeVgi"i^bZZVgangZi^gZbZciV\gZZ"
bZcihgZVX]ZYl^i]ZbeadnZZhVgZbV^canWVhZYdci]Z¼WadX`bdYZa¼ldg`^c\
]djghgZ\jaVi^dc#I]ZVhhdX^ViZYWdcjhZhVXXgj^c\idi]ZhZZbeadnZZhlZgZ]ZY\ZY
V\V^chii]Z^chdakZcXnd[i]Z^gZbeadnZgh^cYZeZcYZcid[l]Zci]Z^geVgi"i^bZZVgan
gZi^gZbZciV\gZZbZcihWZ\Vc#7ZcZÇihegdk^YZYWni]ZXdbeVcn^ci]^hXdciZmil^aa
i]ZgZ[dgZXdch^YZgVWanZmXZZYi]ZXdkZghi^ejaViZY^ci]ZEVgi"I^bZ:VganGZi^gZbZci
6XiVYdeiZY^c'%%)#IJ>hZiVh^YZVgdjcY:jgd&(#*b^aa^dc[dgi]^hejgedhZ^c'%%+#
&%'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
Ldg`"A^[Z7VaVcXZ
8dbW^c^c\XVgZZgVcY[Vb^an
;did/=Z^`dEgZaaZg
IJ>VXi^kZanhjeedgihi]Z]Vgbdc^hVi^dcd[[Vb^anVcYXVgZZg#I]Zegdedgi^dcd[[Z"
bVaZZbeadnZZh^ci]Z<gdje^hXjggZcianVgdjcY+*eZgXZci#I]ZIJ>HdX^Va8dbb^i"
iZZ^hgZhedch^WaZi]gdj\]dji<ZgbVcn[dgZhiVWa^h]^c\XdchZchjhWZilZZcZbeadnZg
VcYZbeadnZZgZegZhZciVi^kZh^ci]Z^beaZbZciVi^dcd[[Vb^an"[g^ZcYanbZVhjgZh#IJ>!
dcWZ]Va[d[i]Zl]daZ<gdje!^hdcZd[i]Z[djcY^c\bZbWZghd[i]ZcVi^dcl^YZcZi"
ldg`¼HjXXZhh[VXidg[Vb^an½#I]^hcZildg`^hVc^c^i^Vi^kZd[XdbeVc^ZhXdbb^iiZYid
ZhiVWa^h]^c\[Vb^an"[g^ZcYan=Geda^X^Zh#I]ZXdbeVc^Zhl^i]^ci]ZIJ><gdjeegdk^YZ
i]Z^ghiV[[l^i]VgVc\Zd[deedgijc^i^Zh^cZVX]d[i]ZY^[[ZgZciÇZaYh/
9g9^ZiZgC^ghX]a!Y^gZXidg<gdje=GIJ>
6<!l^i]i]Z<ZgbVc;Vb^an6[[V^ghB^c^h"
iZg!9gJghjaVkdcYZgAZnZc
;aZm^WaZldg`^c\]djghgZ\jaVi^dch#IJ>egdk^YZhÈZm^WaZldg`^c\]djghgZ\jaVi^dch
VhlZaaVheVgi"i^bZldg`^c\bdYZahVcYiZaZ"ldg`^c\_dWh!l]^X]VgZVkV^aVWaZidVaa
ZbeadnZZhVcYbVcV\ZbZci#EVgi"i^bZZbeadnbZcibdYZahVgZVahdedejaVg^cIJ>
<gdjeXdbeVc^Zhdjih^YZd[<ZgbVcn#I]ZcjbWZgd[eVgi"i^bZZbeadnZZhVXgdhhi]Z
<gdje^hVgdjcY'*eZgXZci#:beadnZZh^c<ZgbVcnVahd]VkZi]Zdei^dcd[ZmiZcY"
^c\i]ZaZ\VaeVgZciVaaZVkZeZg^dYWndcZnZVgdgidiV`ZjceV^YaZVkZidadd`V[iZgV
bZbWZgd[i]Z[Vb^an^ccZZYd[XVgZ#
;^cVcX^Vahjeedgi#;^cVcX^VaVaadlVcXZhXVcWZ\gVciZYl]ZcZbeadnZZh\ZibVgg^ZY!
\^kZW^gi]!dgcZZYidVggVc\ZX]^aYXVgZ#KdajciVgneZg`hVgZVahdVkV^aVWaZYjg^c\eV"
gZciVaaZVkZZ#\#ZbeadnZZh]VgZhX]ZbZh!]da^YVnY^hXdjcih#
8dbeVcnXgƒX]Z#I]ZXdbeVcnXgƒX]Z^c=VcdkZg^hV\ddYbZVchd[]Vgbdc^"
djhanXdbW^c^c\_dWhVcY[Vb^a^Zh#I]ZA^iiaZLdgaYd[IJ>]VheaVXZh[dg&*X]^aYgZc
WZilZZc&id(nZVghd[V\Z#I]ZX]^aYgZcVgZadd`ZYV[iZgWni]gZZhiViZ"XZgi^ÇZY
X]^aYb^cYZgh!VcYi]ZXgƒX]Z[daadlhGZ\\^daZVgc^c\eg^cX^eaZh#
A^iiaZLdgaYd[IJ>
I]ZXdbeVcnVahdhZijeVcVi^dcl^YZIJ>X]^aYXVgZhlVebVg`ZieaVXZ^c<ZgbVcn#
HiV[[XVcjhZi]Z^cigVcZiYViVWVhZidedhii]Z^gX]^aYXVgZgZfj^gZbZcihVcYÇcY
di]ZghiV[[d[[Zg^c\idadd`V[iZgX]^aYgZcZ#\#bdi]ZghdceVgZciVaaZVkZl]dl^h]
idadd`V[iZgVcdi]ZgX]^aY^cVYY^i^dcidi]Z^gdlc!ZbeadnZZh^ceVgi"i^bZZVgan
gZi^gZbZcihX]ZbZhl]dl^h]idWZXdbZhdX^Vaan^ckdakZY!VcYhiV[[^ci]Z^giZZch
add`^c\[dgWVWnh^ii^c\deedgijc^i^Zh#
8adhZXdciVXiºVahdYjg^c\eVgZciVaaZVkZ#9jg^c\egZ\cVcXndgeVgZciVaaZVkZ!
ZbeadnZZhVgZ\^kZci]Zdeedgijc^inViVcni^bZd[Y^hXjhh^c\i]Z^ggZijgcidi]Z
ldg`eaVXZl^i]i]Z=jbVcGZhdjgXZh9ZeVgibZci#JhZd[^c"]djhZhdjgXZhd[^c[dg"
bVi^dchjX]Vhi]Z^cigVcZi!VcYkdajciVgneZg`hºhjX]Vh]da^YVnY^hXdjcihºVgZ
_jhiVhbjX]eVgid[i]ZWZcZÇihhX]ZbZVheVgi^X^eVi^dc^c[jgi]ZgigV^c^c\bZVhjgZh#
:beadnZZhdceVgZciVaaZVkZVahdXdci^cjZidgZXZ^kZi]ZIJ>i^bZhhiV[[cZlheVeZg#
>cVYY^i^dc!ZbeadnZZhjcYZgiV`^c\eVgZciVaaZVkZVgZ\^kZcdeedgijc^i^Zhd[YZeji^h"
^c\[dgVWhZcihiV[[id`ZZei]ZbjeidheZZYl^i]i]ZXdbeVcn¿hdc\d^c\VXi^k^i^Zh#
6eea^XVi^dchgZXZ^kZY[gdb[dgbZgZbeadnZZhl]dX]dhZcdiidgZijgcidi]Z^g_dWh
^bbZY^ViZanV[iZgVeZg^dYd[eVgZciVaaZVkZWZXVjhZi]ZnlVciZYidadd`V[iZgi]Z^g
X]^aYgZc[dgVadc\ZgeZg^dY!VgZ\^kZceg^dg^indkZgZmiZgcVaVeea^XVcihl^i]i]ZhVbZ
fjVa^ÇXVi^dch^[i]ZngZVeean[dgZbeadnbZcil^i]i]ZXdbeVcn#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&%(
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
9^kZgh^inVcYhZkZgZan]VcY^XVeeZYeZdeaZ
9^kZgh^inVhVcdeedgijc^in
9^kZgh^in^hhi^aaVgZaVi^kZanndjc\^hhjZ!WjidcZi]Vi^h\V^c^c\^c^bedgiVcXZ[dg
:jgdeZVcXdbeVc^Zh#6iIJ>!i]^hiZgbWZhigZÈZXihi]ZY^kZgh^ind[djgZbeadnZZh
i]gdj\]djii]ZldgaY#I]ZnXdcig^WjiZcZl^YZVh!WVX`\gdjcYVcYdjiadd`hidi]Z
XdbeVcnºVlZVai]VcYkVg^Zind[^bejahZhl^i]ZcdgbdjhediZci^Va[dg^ccdkVi^dc#
DjgXjhidbZghVahdXdbZ[gdbVWgdVYheZXigjbd[XjaijgZh#6cYhdlZ]VkZVeZg"
[ZXibViX]/i]Z^ciZgcVi^dcVaY^kZgh^ind[djgZbeadnZZhbZVchi]VidjgXjhidbZgh
VaaVgdjcYi]ZldgaYValVnhÇcYVIJ>eZghdcidXdciVXil]dheZV`hi]Z^gaVc\jV\Z
VcYjcYZghiVcYhi]Z^glVnh#
>cY^k^YjVa^in
¼DeZc^c\9ddgh¼^hdcZd[IJ>¿hWgVcYkVajZh#LZWZa^ZkZi]Vii]Zh]VgZYXjaijgZd[
deZccZhhbV`ZhVbV_dgXdcig^Wji^dcidXgZVi^c\Vldg`^c\Zck^gdcbZci^cl]^X]
ZkZgndcZ[ZZahVi]dbZ#>cY^k^YjVa^in^hcdi_jhihdbZi]^c\lZgZheZXi!^i^hhdbZ"
i]^c\lZYZa^WZgViZancjgijgZidbdi^kViZdjgZbeadnZZhVcYYZbdchigViZ]dl
bjX]lZkVajZVaad[djghiV[[#>bedgiVciZaZbZcih^ci]ZgZXgj^ibZciVcYYZkZade"
bZcid[djgZbeadnZZhVgZi]ZgZ[dgZcdc"Y^hXg^b^cVidgnhZaZXi^dcegdXZYjgZh!Ve"
egdeg^ViZhnhiZbh[dgeZg[dgbVcXZVhhZhhbZci!VgVc\Zd[igV^c^c\VcYXjhidb^hZY
XVgZZgYZkZadebZciegd\gVbbZh!VcYValVnh`ZZe^c\djgYddghdeZc[dg[ZZYWVX`#
I]ZIJ><gdjeWdVhihVl^YZgVc\Zd[egd\gVbbZhVcYegd_ZXihjcYZge^cc^c\V
a^kZanVcY[g^ZcYanldg`^c\Zck^gdcbZci[dgVaad[djgZbeadnZZhºl]ViZkZgi]Z^g
V\Z!hZm!Zi]c^Xdg^\^c!gZa^\^dc!hZmjVa^indg]VcY^XVe#I]Zi]gZZbV^cVgZVhd[VXi^k^in
idjX]^c\dcY^kZgh^inVgZWg^ZÈndjia^cZYWZadl/
Ldg`"A^[Z7VaVcXZ/=Vgbdc^h^c\ldg`VcYeg^kViZa^[Z#6hV<gdjelZdeZgViZ
^cY^[[ZgZciXdjcig^ZhVcYY^[[ZgZciaZ\VahnhiZbh#DjgWgVcYkVajZ¼<d^c\7ZndcY¼
^hVcdWa^\Vi^dc^cdjgZnZh/lZValVnhlVciidYdbdgZi]Vc^haZ\VaancZXZhhVgnhd
i]VidjghiV[[WZcZÇiVcYXVcbdgZZVh^anXdbW^cZVcY]Vgbdc^hZldg`^c\VcY[Vb"
^ana^[Z#
;aZm^WaZldg`^c\]djghVggVc\ZbZcihVgZedejaVgl^i]VaaZbeadnZZhWZXVjhZi]Zn
]ZaeZhiVWa^h]V]ZVai]nWVaVcXZWZilZZc]dbZa^[ZVcYldg`^c\i^bZ#LZgZheZXi
i]^hl^h]!VcYbdhid[djghjWh^Y^Vg^Zhi]ZgZ[dgZ]VkZbdYZahVkV^aVWaZ[dgÈZm^WaZ
ldg`^c\]djghl]^X]XVcY^[[Zg[gdbdcZVcdi]ZgYZeZcY^c\dci]ZcZZYhd[ZVX]
XdbeVcn#
&%)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
HdbZZmVbeaZh/
IJ>6<VcYbdhid[^ihhjWh^Y^Vg^Zhd[[ZgÈZm^WaZldg`^c\]djgh!iZaZ"ldg`^c\VcY
gZ^ciZ\gVi^dc^cidldg`^c\a^[ZV[iZgVeZg^dYd[eVgZciVaaZVkZ#LZVahdhZijei]Z
¼A^iiaZLdgaYd[IJ>¼XgƒX]Z#IJ>6<Vahdegdk^YZhheZX^VaVaadlVcXZh[dgZmiZgcVa
X]^aYXVgZ#
IJ>9ZjihX]aVcYVcYIJ>6<VaadlZbeadnZZhidZmiZcYi]Z^geZg^dYd[eVgZciVa
aZVkZWnVcZmigV[djgi]nZVg#
6heZX^VahlVehnhiZblVhVggVc\ZY^c<ZgbVcnid]ZaeZbeadnZZhdg\Vc^hZi]Z^g
X]^aYXVgZcZZYh/VheZX^VaeV\Z^ci]Z^cigVcZi]VhWZZchZije[dghiV[[hZZ`^c\
VcYd[[Zg^c\X]^aYXVgZ#
IJ>CdgY^X]VhVheZX^VabdYZa[dgX]^aYgZcjcYZgi]ZV\Zd[,/i]Z^geVgZcihXVc
ldg`,*eZgXZcid[i]ZcdgbValdg`^c\]djgh#BVcneVgZcihVahdldg`[gdb
]dbZ#
CdjkZaaZh;gdci^ƒgZhhjeedgihbdi]ZghgZijgc^c\idldg`V[iZgiV`^c\eVgZciVa
aZVkZ#;Vi]ZghXVcVahdiV`ZVh]dgieZg^dYd[eVgZciVaaZVkZ#
IJ>=ZaaVh]VhVheZX^VagZ^ciZ\gVi^dcegd\gVbbZ[dgi]ZeZg^dYV[iZgeVgZciVa
aZVkZ!VcY]VhÈZm^WaZldg`^c\]djgh[dgVaahiV[[#
GZheZXi[dgVaaZbeadnZZhºl]ViZkZgi]Z^gV\Z#EZdeaZldg`^c\^ci]ZigVkZahZX"
idgiZcYidWZgZaVi^kZanndjc\dcVkZgV\Z#I]^h^hl]nlZeVgi^XjaVgankVajZVb^md[
Y^[[ZgZciV\Z\gdjeh#LZWZa^ZkZi]Vindjc\hiV[[XVcaZVgc[gdbi]ZZmeZg^ZcXZd[
daYZgZbeadnZZh!l]^ahii]ZbdgZZmeZg^ZcXZYhiV[[XVcWZcZÇi[gdbi]Z[gZh]^YZVh
d[i]Zndjc\ZggZXgj^ih#
;dg^chiVcXZ!IJ>J@]VhYZkZadeZYYZiV^aZYgZ\jaVi^dchidegZkZciY^gZXiVcY^cY^"
gZXiV\ZY^hXg^b^cVi^dc#DcZd[i]ZÇghihiZehlVhX]Vc\^c\i]ZldgY^c\d[_dWVY"
kZgi^hZbZcih!_dWYZhXg^ei^dchVcYVeea^XVi^dc[dgbhWncdadc\ZgVh`^c\[dgi]ZYViZ
d[W^gi]l]ZccdiVWhdajiZancZXZhhVgn#
Di]ZgZmVbeaZh/
IJ>6<^cigdYjXZYbZcidg^c\VhVheZX^Va=GYZkZadebZciiddahdi]VibdgZZm"
eZg^ZcXZYjhjVaandaYZgZbeadnZZhXVceVhhdci]Z^g`cdlaZY\ZidaZhhZmeZg^"
ZcXZYXdaaZV\jZh#
>i^hXgjX^Va[dgIJ>HZgk^XZ6<id]VkZi]Zg^\]ib^mijgZd[ndjc\VcYZmeZg^ZcXZY
ZbeadnZZhhdi]VidjgXjhidbZghZc_dni]ZdjihiVcY^c\hZgk^XZi]ZnZmeZXi#6aa
d[i]Z]da^YVngZeiZVbh^ci]ZYZhi^cVi^dchi]ZgZ[dgZXdch^hid[ndjc\VhlZaaVh
ZmeZg^ZcXZYZbeadnZZh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&%*
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
=VcY^XVeeZYeZdeaZºlZegdk^YZdeedgijc^i^Zh#IJ>XdbeVc^Zh[ZZaVXXdjci"
VWaZ[dgZbeadn^c\!igV^c^c\VcY^ciZ\gVi^c\]VcY^XVeeZYeZdeaZ#EgdeZganfjVa^"
ÇZYVeea^XVcihVgZZmegZhhanZcXdjgV\ZYidhZcY^cVeea^XVi^dch[dg_dWkVXVcX^Zh
l]ViZkZgi]Z^geVgi^XjaVg]VcY^XVe#I]^hbZVhjgZZcVWaZYjhidZbeadnbdgZeZdeaZ
l^i]]VcY^XVeh^cgZXZcinZVgh#=VcY^XVeeZYZbeadnZZh^c<ZgbVcnVahdgZXZ^kZ
VYY^i^dcVaVhh^hiVcXZ[gdbheZX^VabZbWZghd[hiV[[l]degdk^YZ]Zaedci]ZWVh^h
d[eZghdcVaY^hXjhh^dch!Çaa^c\djiVeea^XVi^dc[dgbh[dgVY^hVW^a^in>9!VcYdgYZg^c\
gZaZkVciiZX]c^XVaa^iZgVijgZ#
Ndjc\eZdeaZ^ceVgi^XjaVgl^i]]VcY^XVehVgZZcXdjgV\ZYidVeean[dg^ciZgch]^eh
VcYigV^c^c\XdjghZhViIJ>#>cVYY^i^dc!^c'%%*[dg^chiVcXZ!]VcY^XVeeZYndjc\
eZdeaZVahdidd`eVgi^c^ciZgch]^eegd_ZXih^ci]ZCZi]ZgaVcYhVcY<ZgbVcn#
HZkZgZan]VcY^XVeeZYZbeadnZZhViIJ>#<ZgbVc<gdjeXdbeVc^ZhXjggZcian
Zbeadn''%hZkZgZan]VcY^XVeeZYZbeadnZZh#I]Z<gdjeVahdbV`Zh^ciZchZjhZ
d[hZgk^XZhdg\ddYhegdk^YZYWn]VcY^XVeeZYldg`h]deh#
IJ>¿hhigViZ\n^hidXdci^cjdjhan^begdkZi]Z^ciZ\gVi^dcd[eZdeaZl^i]]VcY^XVeh#
6eea^XVi^dchVgZi]ZgZ[dgZZmegZhhanlZaXdbZY[gdb^ciZgZhiZYVcYegdeZganfjVa^"
ÇZYeZdeaZl^i]]VcY^XVeh#:kZgncZlkVXVcXn^hheZX^ÇXVaanVhhZhhZYid_jY\Z
l]Zi]Zgi]Zedh^i^dcXVcVahdWZÇaaZYWnVhZkZgZan]VcY^XVeeZYZbeadnZZl^i]
i]ZVeegdeg^ViZfjVa^ÇXVi^dch#>[hd!i]Z_dWVYkZgi^hZbZciVahd^cXajYZhi]Ze]gVhZ
¼LZZcXdjgV\ZeZdeaZl^i]]VcY^XVehidVeean[dgi]^hedh^i^dc½#>ceVgVaaZa!lZVgZ
Xdci^cjdjhanWgdVYZc^c\i]ZXddeZgVi^dcl^i]]VcY^XVeeZYldg`h]dehidhV[Z\jVgY
_dWh[dgeZdeaZl]d]VkZ[djcYcddeedgijc^i^ZhidÇcY_dWh^ci]Z[gZZbVg`Zi#
Ldg`ÈdlhViIJ>VgZi]ZgZ[dgZgZ\jaVganZmVb^cZYidVhhZhhi]Z[ZVh^W^a^ind[Zc\V\"
^c\]VcY^XVeeZYldg`h]deh#
IgV^cZZhl^i]]VcY^XVeh#Ndjc\eZdeaZl^i]]VcY^XVehVgZZmegZhhanZcXdjgV\ZY
idVeean[dgigV^c^c\kVXVcX^ZhViLdgaYd[IJ>#I]ZncVijgVaan]VkZid]VkZi]Z
cZXZhhVgnfjVa^ÇXVi^dch/lZZmeZXil^aa^c\cZhhidldg`!bdi^kVi^dc!V\ddYhX]dda
aZVk^c\XZgi^ÇXViZ!VcYZheZX^VaanfjVa^ÇXVi^dch^ci]Z[daadl^c\hjW_ZXih/<ZgbVc!
:c\a^h]!bVi]ZbVi^Xh!>I!VcYcVijgVaanVahdVc^ciZgZhi^cZkZgni]^c\idYdl^i]
]da^YVnhVcYigVkZa#9ZeZcY^c\dci]ZXdbeVcn^ckdakZY!igV^c^c\^hi]Zcegdk^YZY
^c=VcdkZgdgigVkZaV\ZcX^Zhi]gdj\]dji<ZgbVcn#IJ>egdk^YZhigV^cZZhl^i]de"
edgijc^i^ZhidigV^cVhigVkZaV\ZcXnhVaZhhiV[[!d[ÇXZhiV[[!7VX]Zadgd[6gih7#6##
&%+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VagZhedch^W^a^inidlVgYhdjgZbeadnZZh
:beadnZZhVcYdg\Vc^hVi^dchhedchdgZY
WnIJ>WZcZÇi[gdbi]ZIJ>]ZVai]
egd\gVbbZ#I]Zhedchdgh]^eh^ckdakZ
XVbeV^\chdg\Vc^hZYWni]ZZbeadnZZh
[dgX]Vg^iVWaZejgedhZhl]^X]VgZd["
ÇX^VaanhjeedgiZYWni]ZXdbeVc^Zh#I]Zn
ZadfjZcianZmegZhhi]Z^YZci^ÇXVi^dcd[
i]ZhiV[[l^i]hdX^VaanYZeg^kZYVcYcZZYn
eZdeaZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&%,
HdX^VaXdbb^ibZci
HdX^VaXdbb^ibZci
;djcYVi^dch
8dbeVcnadXVi^dch
9Zhi^cVi^dch
<adWVaegd_ZXih
Ldg`dcWZ]Va[d[]jbVcg^\]ih
&%-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
GZhedch^W^a^in
idlVgYhhdX^Zin
^hVkZgn^bedgiVcieg^cX^eaZ\j^Y^c\IJ>¿hWjh^cZhhVXi^k^i^Zh
ºh]Ve^c\^ihhigViZ\nXdch^YZgVi^dchVhlZaaVh^ihYVn"id"YVn
Wjh^cZhh#IJ>Wj^aYhY^gZXian]ZgZdc^ihYZZegddihVcYkVajZhVh
VXdgedgViZX^i^oZc/idZc]VcXZZXdcdb^XYZkZadebZciVcY^begdkZ
i]ZfjVa^ind[a^[ZVii]ZXdbeVcn¿hadXVi^dchVcYidjg^hbYZhi^cV"
i^dch#DjghiVcXZdchdX^VaXdbb^ibZci^hkZgnÇgbanVcX]dgZY^c
djgXdgedgViZXjaijgZWZXVjhZ^i]VhWZZcVc^ciZ\gVaeVgid[IJ>¿h
XdgedgViZhigViZ\n[dgbVcnnZVghidhV[Z\jVgYVcYjcYZge^ci]Z
XdbeVcn¿hXdbeZi^i^kZcZhh#
6gZVh^cl]^X]lZZmegZhhdjghdX^VaXdbb^ibZci/
8]^aYgZcVcYndjc\eZdeaZ
:YjXVi^dcVcYhX^ZcXZ
6giVcYXjaijgZ
Hedgi
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&%.
HdX^VaXdbb^ibZci
;djcYVi^dch
AdXVaXdbb^ibZci
I]ZZhiVWa^h]bZcid[XdbeVcn[djcYVi^dch^ci]ZadXVi^dch]dhi^c\djgXdbeVc^Zh!
^hVXaZVgYZbdchigVi^dcd[djgadXVaXdbb^ibZciVcYgZ\^dcVaadnVain#IJ>¿h[djcYV"
i^dchgZÈZXii]ZXaVhh^X[dgbd[djghdX^VaXdbb^ibZci#
IJ>;djcYVi^dc
I]ZIJ>;djcYVi^dclVhZhiVWa^h]ZY^c&.--idXdbbZbdgViZi]Z,*i]Vcc^kZghVgnd[
EgZjhhV\6<#I]Z[djcYVi^dclVhgZcVbZYi]ZIJ>;djcYVi^dc^c'%%*#>i^hVX]Vg^iV"
WaZ[djcYVi^dc^cVXXdgYVcXZl^i]eg^kViZaVlVcY]Vh^ih]ZVYfjVgiZgh^c=VcdkZg#>i
hedchdghegd_ZXih^ckdak^c\i]ZZYjXVi^dcVcYigV^c^c\d[X]^aYgZcVcYndjc\eZdeaZ!
hX^ZcXZVcYgZhZVgX]!VhlZaaVhVgiVcYXjaijgZ#I]Z[djcYVi^dc]VhVXVe^iVad[VgdjcY
:jgd&&#)b^aa^dc#I]Z[jcYh[dghedchdgh]^eVgZYZg^kZY[gdbi]ZZVgc^c\h\ZcZgViZY
Wnl^hZan^ckZhi^c\i]^hXVe^iVa#I]ZbV^cgZ\^dcVa[dXjhd[i]Z[djcYVi^dc¿hldg`^h^c
C^ZYZghVX]hZclll#ij^"hi^[ijc\#YZ#
I]ZIJ>;djcYVi^dchedchdgZY''egd_ZXihl^i]idiVaYdcVi^dchd[:jgd((*%%%
^c'%%+#Hedchdgh]^elVh[dXjhZYdcigV^c^c\bZVhjgZhidZcVWaZjcZbeadnZY
ndjc\eZdeaZidVXfj^gZfjVa^ÇXVi^dch!VhlZaaVhVl^YZgVc\Zd[Y^[[ZgZciegd_ZXih
^chX]ddahZ# \#egdk^Y^c\Zfj^ebZci[dghX^ZcXZgddbh!bjh^XXaVhhZh!VcY[jcY^c\
egd_ZXilZZ`h#
HX^ZcXZVcYgZhZVgX]
HZaZXiZYegd_ZXih#I]ZIJ>;djcYVi^dc]VhhjeedgiZYi]ZhX^Zci^ÇXgZhZVgX]VXXdb"
eVcn^c\i]Z¼EgZkZci^dci]gdj\]ZVganhjeedgi¼egd_ZXigjcWni]Z8g^b^cdad\^XVa
GZhZVgX]>chi^ijiZ^cC^ZYZghVX]hZc@;Ch^cXZ'%%*#I]^hbdYZaegd_ZXi^hjc^fjZ
^c<ZgbVcnVcYV^bhidiZhicZlX]VccZah[dghjeedgi^c\X]^aYgZc[gdbi]Z]^\]Zhi
g^h`[Vb^a^Zh[gdbi]ZZVga^Zhiedhh^WaZbdbZci#I]ZV^b^hidegdk^YZXdbegZ]Zch^kZ
Vhh^hiVcXZ[dgndjc\[Vb^a^Zh[VX^c\Y^[ÇXjaiX^gXjbhiVcXZh#I]Zldg`^cXajYZhhje"
edgiYjg^c\egZ\cVcXn!VcYi]Zegdk^h^dcd[Xdci^cjdjh^c[dgbVi^dcVcYVhh^hiVcXZ
Yjg^c\i]ZX]^aY¿hÇghinZVgh#I]ZVXXdbeVcn^c\gZhZVgX]XdkZghVeZg^dYd[h^mnZVgh
VcY^hi]ZÇghid[^ih`^cY^c<ZgbVcnidVXfj^gZhX^Zci^ÇXVaankVa^Y^c[dgbVi^dcdci]Z
Z[[ZXiVcYWZcZÇihd[i]ZVeea^ZYVhh^hiVcXZbZVhjgZh#
I]ZGjYda["HX]dZcEg^oZ[dgndjc\YdXidghVcYhX^Zci^hihVii]Z=VcdkZgBZY^XVa
HX]ddaB==lVhVlVgYZY[dgi]Z&-i]i^bZ^c'%%+#Ldgi]:jgd'%%%%!i]Zeg^oZ
gZlVgYhhX^Zci^hih[dgdjihiVcY^c\Xa^c^XVagZhZVgX]ejWa^h]ZY^chX^Zci^ÇX_djgcVah#
HX]ddaegd_ZXih
&&%
I]ZIJ>;djcYVi^dc^h^ckdakZY^ci]ZHI6GIEgd_ZXid[i]ZX]Vg^iVWaZ=Zgi^Z
;djcYVi^dcldg`^c\^cXddeZgVi^dcl^i]i]ZB^c^hignd[:YjXVi^dc^cC^ZYZghVX]hZc#
'%hX]daVgh]^ehlZgZVlVgYZY[dgi]Z'%%+$'%%,hX]ddanZVgid]^\]eZg[dgb^c\
VcYhdX^VaanXdbb^iiZYeje^ah[gdbb^\gVci[Vb^a^Zh#IdVhh^hii]Z^gVXfj^h^i^dcd[
egdeZghX]ddaaZVk^c\fjVa^ÇXVi^dch!i]ZhZaZXiZYeje^ahgZXZ^kZVE8l^i]^ciZgcZi
VXXZhh!:jgd&%%ZYjXVi^dc[jcY^c\eZgbdci]!VhlZaaVh[gZZVYk^XZVcYZYjXVi^dcVa
hZb^cVgh#HI6GI¿hdW_ZXi^kZ^hid^cXgZVhZi]ZcjbWZgd[b^\gVciX]^aYgZcVXfj^g^c\
]^\]ZgaZkZahX]ddaaZVk^c\XZgi^ÇXViZhVcYi]jhdeZcjebdgZZYjXVi^dcVaVcYigV^c"
^c\X]VccZah#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
6cdi]Zgegd_ZXiXdcYjXiZYViVadXVaaZkZa^ckdakZhiZhi^c\bZVhjgZhid^begdkZi]Z
^ciZ\gVi^dcd[b^\gVci[Vb^a^Zh#I]ZV^bd[i]Z¼EVgZcih¿ZkZc^c\¼egd_ZXigjcWni]Z
A^cYZc8dbegZ]Zch^kZHX]dda!^hidh^bea^[n^ckdakZbZcid[i]ZeVgZcih^ci]Za^kZhd[
i]Z^gX]^aYgZcVii]ZhX]ddaWn]daY^c\heZX^VaeVgZcih¿ZkZc^c\h^ci]ZcVi^kZaVc\jV\Z
d[i]Zb^\gVcih#
¼8ddahX]dda¼^hi]ZcVbZd[i]Zegd_ZXigjcWni]Z8Vga"HiV]bZg"=VjeihX]jaZ^c
<Zdg\hbVg^Zc]“iiZ#I]ZhX]ddaZhiVWa^h]ZYVeje^ahXddeZgVi^kZl^i]VhjeZgk^hdgn
WdVgY!ZmZXji^kZWdVgYVcYbVcV\ZbZci!gZhedch^WaZ[dgdg\Vc^h^c\hdbZd[i]Z
hX]ddaVXi^k^i^Zh/^cXajY^c\gjcc^c\i]ZXV[ZiZg^VVcYegdYjX^c\VcYbVg`Zi^c\VgdjcY
(%%%a^igZhd[VeeaZ_j^XZeZgnZVg#I]Zeje^ahdg\Vc^hZYXdaaZXi^dcd[i]ZVeeaZh
i]ZbhZakZh[gdbVcdgX]VgYl]ZgZi]Z[gj^ilVhbVYZVkV^aVWaZ[gZZd[X]Vg\Z#
FjVa^ÇXVi^dcbZVhjgZh
I]Z^ckdakZbZcid[i]ZIJ>;djcYVi^dc^ci]Z'%%+IgV^c^c\8VbeV^\cl^i]¼EVg"
^i~i^hX]ZgC^ZYZghVX]hZc¼i]ZjbWgZaaVdg\Vc^hVi^dcd[i]Z^cYZeZcYZcilZa[VgZ
hjeedgidg\Vc^hVi^dch^cC^ZYZghVX]hZcV\V^c]^\]a^\]ih^ihXdbb^ibZci#;dgi]Z
i]^gYnZVg^chjXXZhh^dc!ndjc\eZdeaZl^i]b^c^bVadeedgijc^i^Zhdci]ZigV^c^c\
bVg`Zi[dgVkVg^Zind[gZVhdchVgZegdk^YZYl^i]VeegZci^XZh]^ehWni]ZbZbWZgdg"
\Vc^hVi^dchd[EVg^i~i^hX]ZgC^ZYZghVX]hZc#=Va[d[i]ZVhhdX^ViZYXdhihVgZYdcViZY
Wni]Z[djcYVi^dc#I]ZigV^c^c\XVbeV^\chjXXZZYh^cXgZVi^c\VYY^i^dcVaVeegZci^XZ"
h]^ehl]^X]ldjaYdi]Zgl^hZcdiWZVkV^aVWaZ#
8jaijgVahedchdgh]^e
>cVYY^i^dcidkVg^djh[jcY^c\^c^i^Vi^kZhhjX]Vhi]Z8]^aYgZc¿h;dgjb^ci]ZHegZc\Za
6giBjhZjb^c=VcdkZg!i]ZIJ>;djcYVi^dcVahdhedchdgZYi]ZZhiVWa^h]bZcid[
i]ZCZlNdji]I]ZVigZ¼?jc\ZhHX]Vjhe^Za=VccdkZg¼Vii]ZHiViZI]ZVigZ^c=Vcd"
kZg^c'%%,#I]Z[djcYVi^dcheZX^ÇXVaanhedchdghi]Z¼6ci^K^daZcXZ¼i]ZVigZegd_ZXi
l]^X]^ckdakZheje^ah[gdbhZXdcYVgnVcYXdbegZ]Zch^kZhX]ddahldg`^c\dcVeaVn
dci]ZhjW_ZXid[k^daZcXZ#
=VeV\"AadnY;djcYVi^dc
I]Z=VeV\"AadnY;djcYVi^dclVhZhiVWa^h]ZY^c&..,idXdbbZbdgViZi]Z&*%i]
Vcc^kZghVgnd[=VeV\"AadnY#I]Z[djcYVi^dchedchdghegd_ZXih^ckdak^c\XjaijgZ!
hX^ZcXZVcYhdX^VaXdbb^ibZci^c=VbWjg\ºi]ZadXVi^dcd[^ih]ZVYfjVgiZgh#I]Z
[djcYVi^dc]VhVWVh^XXVe^iVad[:jgd*#&'b^aa^dc!VcYjhZhi]ZgZijgc[gdbi]Z^c"
kZhibZcid[i]^hXVe^iVaidhjeedgii]ZV[dgZbZci^dcZYbZVhjgZh#
=VeV\"AadnY¿hhedchdgh]^eVcY[djcYVi^dcVXi^k^i^Zh]VkZadc\WZcZÇiZY[gdbi]Z^g
Xdci^cj^inºegdk^Y^c\bVcnnZVghd[gZa^VWaZhjeedgiidhZaZXiZYeVgicZgh#DcZd[
i]ZbV^ceg^dg^i^Zh]ZgZ^hhedchdg^c\ndjc\iVaZci#=VeV\"AadnY^ihZa[lVhVlVgYZY
i]ZegZhi^\^djh¼@jaijgBZg`jg¼VlVgYWni]Z=VbWjg\8]VbWZghd[8dbbZgXZ
id\Zi]Zgl^i]i]Z=VbWjg\8jaijgVa;djcYVi^dc^c'%%*!id]dcdjg^ih\ZcZgdjhXdg"
edgViZXjaijgVahedchdgh]^e#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&&
HdX^VaXdbb^ibZci
?jc\ZhHX]Vjhe^Za]Vjh
HdbZhedchdgZYegd_ZXih^cYZiV^a#I]ZbdhigZXZcigZX^e^Zcid[hedchdgh]^e[gdb
i]Z[djcYVi^dc]VhVagZVYnVXfj^gZYVcZmXZaaZcigZejiVi^dcl^i]^cVkZgnh]dgieZ"
g^dYd[i^bZ#I]Z[djcYVi^dc^hi]ZbV^chedchdgd[i]Zndjc\VcYYncVb^XhZXi^dc
d[i]Z9ZjihX]ZhHX]Vjhe^Za]Vjhi]ZVigZXdbeVcn#L^i]^ih^ckdakZbZci!=VeV\"
AadnYYZbdchigViZhi]Vii]ZXdbeVcnhZZ`hVcYVXi^kZanZc\V\Zh^cY^Vad\jZl^i]
i]Zndjc\Zg\ZcZgVi^dc!cdidcanl^i]^c^ihdlcXdbeVcnWjiVahdhdX^ZinVhVl]daZ#
Hi#EVja^I]ZVigZ
I]ZHi#EVja^I]ZVigZ^hVcdi]ZgbV_dgXddeZgVi^dceVgicZg#I]Z[djcYVi^dcegdk^YZY
i]^hadc\"hiVcY^c\i]ZVigZl^i]XgjX^Va[jcY^c\!cdiidbZci^dceaVcc^c\hZXjg^in#I]Z
i]ZVigZZc_dnhVcZhiVWa^h]ZYedh^i^dc^ci]ZVXi^kZi]ZVigZaVcYhXVeZi]Vc`hidi]Z
]^\]aZkZad[^ihegdYjXi^dchVcYÇghiXaVhhVXidgh#
?jc\Zh;dgjbBjh^`i]ZViZg
=VbWjg\¿hdeZgV]djhZ[dgndjc\bjh^X^VchVcYh^c\Zgh^hXVaaZYi]Z¼?jc\Zh;dgjb
Bjh^`i]ZViZg½#JeVcYXdb^c\h^c\Zgh!egdYjXZgh!hiV\ZVcYXdhijbZYZh^\cZgh!Xdc"
YjXidgh!YgVbVijg\^hih!dgX]ZhigVabjh^X^VchVcYVXidghVgZhjeZgk^hZYWnaZXijgZgh
[gdbi]ZkVg^djhY^hX^ea^cZhidY^hXdkZgi]ZZmegZhh^kZedlZgd[i]ZigVY^i^dcVaWji
ValVnhZkZg\gZZcdeZgVldgaY#?jc\Zh;dgjbBjh^`i]ZViZg^hegdk^YZYl^i]Vhh^hi"
VcXZVheVgid[i]Z[djcYVi^dc¿he]^adhde]nd[hedchdg^c\ndjc\iVaZci#
EgZhZgk^c\]^hidg^XVaVhhZih
GZhidgVi^dc^ciZgch]^ehVii]ZbjhZjbh^c=VbWjg\ZcVWaZeZdeaZ^ciZgZhiZY^ci]^h
XVgZZgidegZeVgZi]dgdj\]an[dgi]Z^gigV^c^c\XdjghZh#I]^hbdYZagZXZ^kZhVeea^XV"
i^dch[gdbi]gdj\]djii]Z<ZgbVc"heZV`^c\ldgaYVcY^hgZXdbbZcYZYWnbVcn
jc^kZgh^i^Zh#=VeV\"AadnYhedchdghi]^h^bedgiVciegd_ZXil]^X]]ZaehegZhZgkZVcY
add`V[iZg]^hidg^XVaVhhZih#
=VbWjg\7VaaZi
I]Z=VeV\"AadnY;djcYVi^dcVlVgYhVccjVaiVaZcieg^oZhideje^ahd[i]Z=VbWjg\
7VaaZiHX]ddagjcWn?d]cCZjbZ^Zg#I]Zeg^oZhVgZVlVgYZY[dgdjihiVcY^c\ldg`Wn
ndjc\YVcXZghl]d]VkZi]ZediZci^Vaid[daadl^ci]Z[ddihiZehd[i]Z^ghiVgh#
I]Z=VeV\"AadnY;djcYVi^dchjeedgihEaVc>ciZgcVi^dcVaWnhedchdg^c\X]^aYgZc
^c8]^cVºVXdbb^ibZcil]^X]VahdhjXXZhh[jaan^ckdakZhZbeadnZZh^ci]Z=VeV\"
AadnY<gdje#I]Zbdci]aneVnbZcihWni]ZhedchdghZcVWaZhEaVcidÇcVcXZkVaj"
VWaZXdbbjc^inegd_ZXihhjX]VhhX]ddah!lZaahVcY]dhe^iVah^ci]Zk^aaV\Zh^cl]^X]
i]ZX]^aYgZca^kZ#
Hedchdg^c\X]^aYgZc^c8]^cV
&&'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
AdXVaXdbb^ibZciViXdbeVcnadXVi^dch
I]ZXdbb^ibZcid[djgXdbeVc^ZhVi]dhiadXVi^dchbV^can^ckdakZh
hjeedgi[dglZa[VgZVcYX]Vg^iVWaZdg\Vc^hVi^dch!VcYegdk^Y^c\
hjeedgi[dgYZeg^kZYX]^aYgZcVcYndjc\eZdeaZ#
8]^aYhedchdgh]^eh
IJ>¿hX]^aYhedchdgh]^ehVgZZbeadnZZXVbeV^\chhjeedgiZYWni]ZXdbeVc^Zh[dg
X]Vg^iVWaZejgedhZh#I]Zni]ZgZ[dgZgZÈZXi^cVheZX^ValVni]Z^YZci^ÇXVi^dcd[i]Z
hiV[[l^i]hdX^VaanYZeg^kZYVcYcZZYneZdeaZ#
HiV[[Vii]ZXdbeVc^ZhadXViZY^c=VcdkZg]VkZWZZcbV`^c\X]Vg^iVWaZYdcVi^dch
[dgdkZg&%nZVgh#I]ZZbeadnZZhhZaZXiVcYhjeedgiVY^[[ZgZciX]Vg^iVWaZhedchdg"
h]^eegd_ZXiZkZgnnZVg#BdcZn^hi]ZcXdaaZXiZY[dg&'bdci]hViVgVc\Zd[WVoVVgh
VcYdi]ZgZkZcih#I]ZZmZXji^kZWdVgYVcYbVcV\ZbZciVgZVahd[jaan^ckdakZY^ci]Z
hedchdgh]^eegd_ZXihVcYValVnh\ZcZgdjhanWddhii]ZbdcZnXdaaZXiZYWni]ZhiV[[#
DkZg:jgd'-%!%%%]VhWZZcXdaaZXiZYhd[Vg^c=VcdkZg[dgY^gZXihjeedgi#Egd_ZXih
hd[Vg^cXajYZZm^hiZcXZhjeedgi\gdjeh!YVnhX]ddah[dgbZciVaanVcYe]nh^XVaan
]VcY^XVeeZYX]^aYgZc!VXXdbbdYVi^dc[dg]dbZaZhhndjc\eZdeaZ!VcYÇcVcX^VaVcY
bdgVahjeedgi[dgX]^aYgZcl^i]XVcXZg!VcYi]Z^g[Vb^a^Zh#HiV[[^c=VcdkZgYZX^YZY
[dgi]ZÇghii^bZ^c'%%,idXdci^cjZi]Zhjeedgiegdk^YZYi]ZegZk^djhnZVg#
=VcdkZghedchdgh]^e'%%+$'%%,º=^a[Z"[“g"=jc\ZgcYZ"@^cYZgZ#K#=Zae[dg
=jc\gn8]^aYgZc
I]^h^c^i^Vi^kZhjeedgihVgdjcY+%%X]^aYgZcVcYndjc\eZdeaZ^chX]ddahVcYdi]Zg
^chi^iji^dch^c=VcdkZgidZchjgZi]Vii]Zn]VkZgZ\jaVgVXXZhhidegdeZg[ddYYjg"
^c\hX]ddaWgZV`hVcYajcX]i^bZ#I]Z]Zae^hegdk^YZYkZgnY^hXgZZianidZchjgZi]Vi
i]ZgZ^hcdY^hXg^b^cVi^dcV\V^chii]ZX]^aYgZcl]djhjVaanXdbZ[gdbY^[ÇXjai[Vb^an
WVX`\gdjcYh#
8]Vg^iVWaZldg`Wni]ZbZbWZghd[IJ>J@Vahd\dZhWVX`bVcnnZVgh#:beadnZZh
]VkZegdk^YZYhedchdgh]^e[dgi]ZaVhii]gZZnZVghidi]ZhiViZBVXb^aaVc8VcXZg
8VgZ;djcYVi^dcl]^X]egdk^YZhVhh^hiVcXZideZdeaZl^i]XVcXZg!VcYi]Z^ggZaVi^kZh#
I]ZZbeadnZZh]VkZhZii]ZbhZakZhi]ZiVg\Zid[XdaaZXi^c\*%%%%%EdjcYh[dgi]^h
dg\Vc^hVi^dcWnXVggn^c\djiVl]daZgVc\Zd[ZkZcih#I]ZbdcZnl^aaÇcVcXZh^m
BVXb^aaVccjghZh#
<ddYadXVaX^i^oZch
IJ>¿hXdbb^ibZci^ci]ZhdjgXZbVg`Zih^h_jhiVhY^kZghZVhi]ZXdbeVc^Zhl^i]^c
i]Z<gdje#EVgid[djgXdgedgViZXjaijgZ^hidWg^c\Va^kZhdX^VaXdbb^ibZcil]Zg"
ZkZglZVgZVXi^kZ#
<ZgbVcn
IJ>6<¿hadnVainidi]ZVgZV]dhi^c\^ih]ZVYd[ÇXZ^cC^ZYZghVX]hZc^hgZÈZXiZY^c
bVcnVXi^k^i^Zh^cXajY^c\hedchdgh]^e[dgi]Z¼+%i]Vcc^kZghVgnd[C^ZYZghVX]hZc¼
XZaZWgVi^dch^c'%%+#HeZX^ÇXVaan!IJ>[jcYZYi]Zlll#+%"_V]gZ"c^ZYZghVX]hZc#YZ!
lZWh^iZl]^X]aVnVii]ZXdgZd[i]ZXZaZWgVi^dchVcYegdk^YZY^c[dgbVi^dcdcVaad[
i]ZVXi^k^i^Zh#
IJ>¿hXaZVgadnVainVcYXdbb^ibZciidhigZc\i]Zc^c\VcYWddhi^c\i]ZVeeZVad[i]Z
X^ind[=VcdkZgVcYi]Z=VcdkZgGZ\^dc^h]^\]a^\]iZYWni]ZVXfj^h^i^dcd[i]ZcVbZ
g^\]ihidi]ZIJ>6gZcV!VbV_dgkZcjZ[dgXjaijgVaVcYhedgi^c\ZkZcih^c=VcdkZg0
^ihhedchdgh]^ed[i]ZegZb^ZgY^k^h^dc[ddiWVaaiZVb=VccdkZg.+0hedchdgh]^ed[
i]Z=VccdkZgHXdge^dch^XZ]dX`ZniZVb0VcYi]ZVccjVaIJ>]Va[bVgVi]dc#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&(
HdX^VaXdbb^ibZci
6heVgid[i]Z^g^ciZgcVi^dcVaigV^c^c\egd\gVbbZ!djgigV^cZZhVgZdWa^\ZYidiV`Z
eVgi^cV¼hdX^VaYVn¼^cXddeZgVi^dcl^i]VX]Vg^iVWaZdg\Vc^hVi^dc#I]^h^ckdakZbZci
higZc\i]Zchi]ZhdX^VaXdbeZiZcXZd[[jijgZbVcV\ZbZciVcY\ZihVXgdhhi]ZXdb"
eVcne]^adhde]nd[XdgedgViZhdX^VagZhedch^W^a^in#
IJ>]VhVadc\igVY^i^dcd[XddeZgVi^c\l^i]]VcY^XVeeZYldg`h]deh^c<ZgbVcn#
=VcY^XVeeZYldg`h]dehVgZZc\V\ZY[dg^chiVcXZidegdk^YZi]ZXViZg^c\[dgIJ>¿h
^c"]djhZXgƒX]Z!i]ZegdYjXi^dcd[]^\]fjVa^inaj\\V\ZiV\h!YdXjbZciYZhigjXi^dc!
VcYhdbZaVjcYgnhZgk^XZh#
;gVcXZ
IJ>XdbeVc^ZhVWgdVYVgZVahd^ckdakZY^c^begdk^c\i]Za^kZhd[^c]VW^iVcih^ci]Z^g
heZX^ÇXhdjgXZbVg`Zih#I]Z;gZcX]idjgdeZgVidgCdjkZaaZh;gdci^ƒgZh[dg^chiVcXZ
hedchdghi]Zidlcil^cc^c\egd_ZXiWZilZZcBdcigZj^a;gVcXZVcY6\VY^gBd"
gdXXd#
HXVcY^cVk^V
I]ZHlZY^h]idjgdeZgVidg;g^i^YhgZhdgaVjcX]ZY^ihlll#igVkZa`^Yh#hZlZWh^iZ^c
?jcZ'%%+#8]^aYgZcXVcaZVgc^bedgiVci\Zd\gVe]^XVcYidjg^hbiZgbh[gdbi]^h
lZWh^iZVcYl^cViigVXi^kZeg^oZhWniV`^c\eVgi^cVgVc\Zd[\ZcZgVa`cdlaZY\Z
fj^ooZh#
I]ZHXVcY^cVk^VcV^ga^cZIJ>ÈnCdgY^XVahdXddeZgViZhl^i]X]Vg^iVWaZdg\Vc^hVi^dch
^cHlZYZcVcYCdglVn#
lll#igVkZa`^Yh#hZ
Jc^iZY@^c\Ydb
I]dbhdcVcYI]dbhdcÈn^ci]ZJ@hjeedgicjbZgdjhX]Vg^iVWaZdg\Vc^hVi^dch
VcYegd_ZXih#DcZine^XVa^c^i^Vi^kZ^h¼=ZaeV=VaaVb8]^aY¼l]^X]hjeedgihYZeg^kZY
X]^aYgZcVcYndjc\eZdeaZ^cNdg`h]^gZVcYi]ZCdgi]B^YaVcYh#I]dbhdc¿hhedchdg"
h]^ed[i]Z¼<gZViDgbdcYHigZZi=dhe^iVa8]^aYgZc¿h8]Vg^in¼<DH=88^ci]ZJ@
hiVgiZYi]gZZnZVghV\d#I]ZX]Vg^in]ZaehhZg^djhan^aaX]^aYgZcgZXjeZgViZVcYZc_dn
V[ZlXVgZ[gZZbdbZcih/h^mX]^aYgZcVcYi]Z^g^bbZY^ViZgZaVi^kZhlZgZÈdlcid
BV_dgXV^c'%%+idZc_dni]ZegZb^Zgd[i]Z¼E^gViZh6YkZcijgZ¼h]dl#I]dbhdcÈn
hedchdghi]ZEdgiÇZaYHX]dda[dg6ji^hi^X8]^aYgZc^c7djgcZbdji]#IJ>J@VXfj^gZY
¼IVaaHidg^Zh¼^c'%%+!VXdbeVcnl]^X]heZX^Va^hZh^cdg\Vc^h^c\X]Vg^iVWaZZkZcih#
IVaaHidg^ZhVggVc\Zhhedgi^c\XdbeZi^i^dchi]gdj\]dji:jgdeZ[dgi]ZWZcZÇid[
X]Vg^iVWaZ^chi^iji^dchVcY^c^i^Vi^kZh^ci]ZJ@#
I]ZI]dbhdcÈnIgV^c^c\8ZcigZII8Vi:VhiB^YaVcYh6^gedgi^ci]ZJ@^h^ckdakZY
^cVcjcjhjVahedchdgh]^eegd_ZXi#DaYZmVb^cVi^dcYdXjbZcihVgZYZ"hiVeaZYVcY
h]gZYYZY!VcYhZciidIlnXgdhhOddidegdk^YZlVgbVcYXdb[dgiVWaZWZYY^c\[dg
^ihVc^bVah^cl^ciZgºZheZX^Vaani]Zbdc`Znh#I]^hjcXdckZci^dcVa¼higVl¼]Zaehi]Z
oddgZYjXZ^ihgjcc^c\Xdhih#
&&)
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
I]ZadXVaXdbb^ibZci^ci]ZJ@^hgdjcYZYd[[Wnhedchdg^c\hedgihXajWhViXdb"
eVcnadXVi^dch!hjX]Vhi]Z8dkZcign7aVoZ>XZ=dX`Zn8ajW!VcYIdiiZc]Vb=dihejg
id'%%+!VhlZaaVhi]ZbV^chedchdgh]^e[dgi]Z<dY^kV6lVgY!]dcdjg^c\dji"
hiVcY^c\hZgk^XZVcYZciZgiV^cbZci^c8dkZcignVcYLVgl^X`h]^gZ#
HX^Zci^ÇXXddeZgVi^dc!hedchdg^c\igV^c^c\VcY[jgi]ZgZYjXVi^dc
IJ>^heVgi^XjaVgan^ciZgZhiZY^chedchdg^c\idjg^hbhZXidg^ccdkVi^dcVcYldg`^c\
XadhZanid\Zi]Zgl^i]jc^kZgh^i^ZhVcYhX^Zci^hih#
IJ>8Vbejh
'cYIJ>8Vbejhhnbedh^jbY^hXjhh^dc
gdjcY/9gL#>hZcWZg\!@#=^aYZWgVcYi0
Egd[9gB#Ad]bVcc!9gB#EjihX]Ž\a!
D#AZ^hhZ!9gI#EZiZgbVccVcY@#7jg"
bZ^hiZg
I]^hlVhi]Ze]^adhde]nWZ]^cYi]ZZhiVWa^h]bZcid[i]ZIJ>8Vbejh^c'%%+º
VhX^Zci^ÇXcZildg`^c^i^Vi^kZ#I]^h^c[dgbVi^dceaVi[dgbl]^X]iV`ZheaVXZil^XZ
VnZVg^ci]Z[dgbd[Vhnbedh^jb!Wg^c\hid\Zi]ZghX^Zci^hihVcYegd[Zhh^dcVah
idY^hXjhhidjg^hbVcYXdbbjc^XVi^dch^hhjZh[gdbVhX^Zci^ÇXed^cid[k^Zl
lll#ij^"XVbejh#YZ#I]Z<gdjeZhiVWa^h]ZYi]ZIJ>8VbejhidjcYZge^cgZ\jaVg
Y^Vad\jZWZilZZchX^ZcXZVcY^cYjhignVcYid\V^c^YZVh[gdbW^\cVbZ^chi^iji^dch
ldg`^c\djih^YZd[i]Zidjg^hb^cYjhignidWddhii]Z[jgi]ZgYZkZadebZcid[^ihdlc
Wjh^cZhh#EgZk^djhhnbedh^VYZVail^i]i]Z[daadl^c\^hhjZh/¼L]VibV`Zh]da^YVn"
bV`Zgh]Veen4½!¼=da^YVn[dgbhd[i]Z[jijgZ½!VcY¼I]Z[jijgZd[i]ZWgVcY½#
IJ>;jijgZ8djcX^a#I]ZIJ>;jijgZ8djcX^a¼add`h^cidVXgnhiVaWVaa¼idegZY^Xi]da^"
YVnVcYegdYjXiigZcYhdkZgi]ZcZmiilZcinnZVgh#>iadd`h[dgVchlZghidfjZhi^dch
hjX]Vh/¼L]ViXVclZYdg^\]icdl4L]ViYZbVcYhl^aaWZeaVXZYdc]da^YVnbV`^c\
VcYigVkZaegdYjXih^c[jijgZ4=dll^aaYZbd\gVe]^XX]Vc\Z^cÈjZcXZi]Zidjg^hb
^cYjhign4>iVahdegdk^YZh^YZVh[dg[jijgZhigViZ\^ZhVcYWjh^cZhhVXi^k^i^Zh#
I]ZbZbWZghd[i]ZIJ>;jijgZ8djcX^aXdckZcZY^c'%%,^cXajYZ@aVjh7jgbZ^hiZg!
i]Z[djcYZgd[OTejc`iºI]Z;dgZh^\]i8dbeVcn!:hhZc0Da^kZgAZ^hhZ!bVcV\^c\
Y^gZXidgd[i]Z=VbWjg\bVg`ZiVcYigZcYgZhZVgX]^chi^ijiZ:6GHVcY:N:H0VcY
Egd[9g7ZgcYHX]jWZgi!]ZVYd[i]Z>chi^ijiZ[dgHZchdgnGZhZVgX]VcY>ccdkVi^dc
8dchjaiVcXn^c<Žii^c\Zc#
8ddeZgVi^dcl^i]jc^kZgh^i^Zh
IJ>¿hXdbb^ibZci^hgdjcYZYd[[WncjbZgdjhXddeZgVi^dcegd_ZXihl^i]jc^kZgh^"
i^Zh!hX^Zci^ÇXeg^oZh!VcYi]Zegdk^h^dcd[igV^c^c\VcY[jgi]ZgigV^c^c\deedgijc^i^Zh
[dghX]ddaX]^aYgZcVcYndjc\ZgeZdeaZ#HdbZine^XVaVXi^k^i^ZhVgZh]dlcWZadl/
GD7>CHDCXddeZgViZhl^i]i]Z>ciZgcVi^dcVa6eea^ZYHX^ZcXZJc^kZgh^in^c7VY
=dccZ[!egdk^Y^c\Vhh^hiVcXZidWj^aYVYZbdchigVi^dc]diZal]^X]l^aaZcVWaZi]Z
hijYZcihidVcVanhZVcYYZh^\c]diZaegdXZhhZhjcYZggZVaXdcY^i^dch#GD7>CHDC
Vahdegdk^YZhhX]daVgh]^eh^ci]^hXdciZmiidegdeZganfjVa^[nbVcV\ZbZci]deZ[jah#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&*
HdX^VaXdbb^ibZci
IgV^c^c\VcY[jgi]ZgigV^c^c\
I]ZIJ>HX^ZcXZEg^oZ]VhWZZcVlVgYZY[dghZkZcnZVghcdlVii]Z=VgoJc^kZg"
h^in^cLZgc^\ZgdYZ#I]ZVlVgY^h[dgdjihiVcY^c\YZ\gZZY^hhZgiVi^dchl]^X]bV`Z
VXdcig^Wji^dcid^ccdkVi^dc^ci]Zidjg^hbhZXidgWn^ciZ\gVi^c\hX^Zci^ÇXZmeZgi^hZ
VcYWjh^cZhh^cegVXi^hZ#
=VeV\"AadnYZhiVWa^h]ZYi]Z=VbWjg\=VjeihX]jaZBdYZaWVX`^c'%%%id\Zi]Zg
l^i]i]ZDiid<gdje#I]Zegd_ZXiegdk^YZheje^ahd[i]Z=VjeihX]jaZZmiZcYZYZaZ"
bZciVgnhX]ddal^i]_d^ciVYk^XZVcYhjeZgk^h^dc[gdbiZVX]Zgh!XVgZZgVYk^hdghVcY
]jbVcgZhdjgXZbVcV\Zgh[gdbkVg^djhXdbeVc^Zh#H^cXZ^ih[djcY^c\!i]Z^c^i^Vi^kZ
]VhhjXXZZYZY^cYdjWa^c\i]ZcjbWZgd[=VjeihX]jaZeje^ahZciZg^c\jchedchdgZY
VeegZci^XZh]^ehX]ZbZh#I]^hdjihiVcY^c\eZg[dgbVcXZVcYXdbb^ibZcilVh^ihZa[
VlVgYZYi]ZegZhi^\^djh8Vga"7ZgiZahbVccEg^oZ^c'%%*#
IJ>6<VcYi]ZIJ>;djcYVi^dc]VkZhjeedgiZYi]Z¼HX]ddacZlheVeZg¼egd_ZXi
Vi>ODE>chi^ijiZ[dgDW_ZXi^k^h^c\AZVgc^c\VcY:mVb^cVi^dcEgdXZhhZhh^cXZ
'%%)#¼IgVkZaZYjXViZh¼^hi]ZcVbZd[i]Zegd_ZXi^cl]^X]hX]ddaXaVhhZhXVggndji
gZhZVgX]dcidjg^hbide^Xh^ckVg^djh<gdjeXdbeVc^ZhdgheZX^ÇXYZeVgibZcih#
6[iZgXdcYjXi^c\i]Z^ggZhZVgX]^ci]ZÇZaY!i]ZXdaaZXiZY^c[dgbVi^dc^hXdbe^aZY^c
_djgcVa^hi^XhinaZVcYi]ZcejWa^h]ZYVhVegdeZgVgi^XaZ^ci]ZgZ\^dcVaYV^aneVeZgh
XddeZgVi^c\l^i]>ODE#
Eje^ah[gdb7gZbZcViIJ>]ZVYfjVgiZgh
aZVgc^c\VWdjiIJ>¿hZck^gdcbZciVaXdb"
b^ibZci
&&+
IJ>CZYZgaVcYhjeedgihi]Z:C>E^c^i^Vi^kZ:cCjaZihEdh^i^Z[h!l]^X]]ZaehBdgdX"
XVch^c6bhiZgYVb^begdkZi]Z^gdeedgijc^i^Zhd[VXi^kZaneVgi^X^eVi^c\^ci]Z_dW
bVg`Zi#IJ>CZYZgaVcYbV`Zh[djgVeegZci^XZh]^ehVkV^aVWaZºild[dgbVaZVcYild
[dg[ZbVaZVeea^XVcih#I]Zndjc\eZdeaZiV`^c\eVgiVgZVahd\jVgVciZZYV_dWV[iZg"
lVgYhViZ^i]Zgi]Z6g`ZÈnV^ga^cZdg^ci]Z6g`ZigVkZaV\ZcXnX]V^c#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
8dbb^ibZci^cYZhi^cVi^dch
I]ZIJ>lVn^hX]VgVXiZg^hZYWn\Zcj^cZ\adWVa^inVcYXjaijgVaY^kZg"
h^in#:beadnZZh!XjhidbZghVcYeVgicZgh[dgbVjc^fjZcZildg`#>i^h
bVg`ZYWni]ZZmX]Vc\Zd[^c[dgbVi^dc!^ciZgXjaijgVaXddeZgVi^dcVcY
^cY^k^YjVaYZkZadebZcideedgijc^i^Zh#6hV\adWVaeaVnZgVcYadXVa
X^i^oZclZVgZValVnh^ckdakZY^c^ciZchZhdX^VaY^Vad\jZ#LZWZcZÇi
]ZgZ[gdbcZl^YZVhVcY^ch^\]ih!VcYYZZeZgVlVgZcZhhVcYigjhi#
<gdje"l^YZVhh^hiVcXZV[iZgi]ZihjcVb^
>cgZhedchZidi]ZY^hVhigdjhihjcVb^^c9ZXZbWZg'%%)!IJ>aVjcX]ZYVl^YZ"gVc\^c\
VcYhjhiV^cVWaZV^Yegd\gVbbZidhjeedgii]ZZheZX^Vaan]VgY]^igZ\^dch#IJ>6<bVYZ
VkV^aVWaZVidiVad[VgdjcY:jgd&#'*b^aa^dc!hjeeaZbZciZYWncjbZgdjhVXi^k^i^ZhVcY
YdcVi^dch[gdb<gdjeXdbeVc^Zh#I]ZkVg^djhegd_ZXih^ckdakZYWj^aY^c\]dbZh!hX]ddah
VcY]dhe^iVah!Vhh^hi^c\Çh]ZgbZcVcY[VgbZgh^ci]Z[dgbd[b^Xgd"adVchVcYcdc"XVh]
Xdcig^Wji^dch!bZY^XVaigV^c^c\[dg]dhe^iVaeZghdccZa!VcYbVcndi]Zg[dgbhd[Vhh^hiVcXZ#
IJ>k^aaV\ZNVnVlViiV
l^i]EaVc>ciZgcVi^dcVa
K^aaV\Zegd_ZXih^cHg^AVc`VºcZl]dbZh[dgdkZg(-%[Vb^a^Zh
K^aaV\Zhedchdgh]^e[dgNVnVlViiVl^i]EaVc>ciZgcVi^dcVa
;^h]ZgbZc¿hk^aaV\Z^cCZ\dbWdl^i]9GKVcYi]ZGdbVc8Vi]da^X8]jgX]
@jbejgje^YYnIg^cXdbVaZZVcY@Vijl^aVK^aaV\Z6]jc\VaaVl^i]6^i`ZcHeZcXZ
IgVkZa
@Vi]VajlV@d\\VaVVcY7djhhV<VaaZk^VCdjkZaaZh;gdci^ƒgZh
I]Z[jcY^c\hi^aaXdcXZcigViZhdcWj^aY^c\i]Zk^aaV\Zd[NVnVlViiV^ci]ZIVc\VaaZY^hig^Xi
dci]Zhdji]XdVhid[Hg^AVc`V#I]^h^cYZeZcYZciV^Yegd_ZXi]VhWZZcgZVa^hZY^cXdde"
ZgVi^dcl^i]i]ZV^Ydg\Vc^hVi^dc¼EaVc>ciZgcVi^dcVa9ZjihX]aVcYZ#K#½#IJ>hedchdghV
Xdbbjc^inVheVgid[i]^hegd_ZXiVcYbV`Zh[jcY^c\VkV^aVWaZ[dggZXdchigjXi^dc#>cVYY^"
i^dc!dkZg:jgd&)%!%%%d[VYY^i^dcVa[jcY^c\]VhWZZcXdaaZXiZY^ci]Z[dgbd[YdcVi^dch
WnhjWh^Y^Vg^ZhVcYXjhidbZgh#I]Z¼=Zae[dghZa["]Zae¼ZcYh^c9ZXZbWZg'%%,0l]Zc^i^h
]deZYi]Z^c]VW^iVcihl^aa]VkZZhiVWa^h]ZYcZla^kZa^]ddYh#
I]Z[jijgZ^c]VW^iVcihd[i]ZcZlk^aaV\ZlZgZ^ckdakZY^ci]ZeaVcc^c\VXi^k^i^Zhg^\]i
[gdbi]ZhiVgi#8]^aYgZc^ceVgi^XjaVglZgZgZeZViZYanVh`ZY^cldg`h]dehideV^cidgYgVl
i]Z^gYgZVb]djhZdgYgZVbk^aaV\Z#BVcnidjghd[i]ZXdchigjXi^dch^iZlZgZdg\Vc^hZYid
ZmeaV^ci]ZXdchigjXi^dcegd\gZhhidi]Zk^aaV\ZghVcYidY^hXjhhVYY^i^dcVabZVhjgZhVcY
YZh^\cVheZXih#
'%%]djhZhlZgZWj^aiidegdk^YZcZlVXXdbbdYVi^dc[dgVgdjcY&%%%eZdeaZ#6`^cYZg"
\VgiZceajhegZ"hX]dda!VXdbbjc^inXZcigZ!Vk^aaV\ZXZcigZVcYVeaVn\gdjcYlZgZVahd
XdchigjXiZY#I]Z`^cYZg\VgiZcadd`hV[iZgVgdjcY+%%X]^aYgZc!l]dVahdXdbZ[gdbcZ^\]"
Wdjg^c\Xdbbjc^i^Zh#I]^hZchjgZhfj^X`^ciZ\gVi^dcd[i]ZcZlk^aaV\Z^cidi]ZgZ\^dc#
7Z[dgZi]Zegd_ZXiZcYh^c9ZXZbWZg'%%,!EaVc>ciZgcVi^dcVal^aajcYZgiV`ZVYY^i^dcVa
l^YZ"gVc\^c\bZVhjgZhidhjeedgii]ZZhiVWa^h]bZcid[VegdeZgan[jcXi^dc^c\k^aaV\ZXdb"
bjc^in#
Di]Zgegd_ZXihlZgZVahdhjeedgiZYWnIJ><gdjeXdbeVc^Zh/i]ZhiV[[VcYbVcV\ZbZci
d[IJ>CZYZgaVcYXdaaZXiZY:jgd(',)+[dgi]Z9jiX]6h^V8VbeV^\cdg\Vc^hZYWn<^gd***#
6cdi]Zg:jgd'*%%%lVhYdcViZYidi]ZX]^aYgZc¿hV^Ydg\Vc^hVi^dcIZggZYZh=dbbZhid
hjeedgii]ZeaVccZYXdchigjXi^dcd[i]Z¼LZZgVl^aV=diZaHX]dda¼dci]Zhdji]XdVhid[
Hg^AVc`V#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&,
HdX^VaXdbb^ibZci
I]^h]diZahX]dda]Zaehi]ZV[[ZXiZY^haVcY^c]VW^iVcihºeg^bVg^anndjc\Çh]ZgbZcº
ZhiVWa^h]VcZla^kZa^]ddY#I]Z;gZcX]IJ>hjWh^Y^VgnCdjkZaaZh;gdci^ƒgZhhedchdgZY
i]Zdg\Vc^hVi^dc¼GZXdchigj^gZZiK^kgZ½#*:jgdhlVhYdcViZYidi]Zdg\Vc^hVi^dc
[dgZkZgnWdd`^c\dkZgVheZX^ÇXi^bZeZg^dY^c'%%*#I]Z^begZhh^kZ:jgd&*% %%%
XdaaZXiZY^ci]^hlVnlVhjhZYidWj^aY)%]djhZhVcYV`^cYZg\VgiZc^cZVX]d[ild
k^aaV\Zh!VcYVXfj^gZildÇh]^c\WdVih#
IJ>¿hhjeedgi[dgihjcVb^k^Xi^bhZmiZcYhWZndcYHg^AVc`V/IJ>CdgY^Xegdk^YZYVX"
i^kZhjeedgi[dgdcZnZVg^ci]ZeVgi^XjaVgan]VgY]^ik^aaV\Zd[@VdAV`^cI]V^aVcYWn
YdcVi^c\Wdd`hVcYaZVgc^c\bViZg^Vahidi]ZIV`jVeVHZcVcj`jHX]dda#6gdjcY)%%
eje^ahhijYnidjg^hbVcYZXdcdb^XhVii]^h^chi^ijiZ#
<adWVaanVXi^kZº\adWVaanXdbb^iiZY#>i^hdcancVijgVa[dgjhVhV\adWVaeaVnZgid
XdcXZgcdjghZakZhl^i]i]ZcZZYhd[eZdeaZVii]ZadXVi^dchl]ZgZlZVgZVXi^kZan
^ckdakZY#LZlVciidbV`ZVcVXi^kZXdcig^Wji^dcid^begdk^c\i]ZfjVa^ind[a^[Zd[
i]ZeZdeaZ^cdjgYZhi^cVi^dch#
6h^V
I]ZIJ>:heVŠVYZhi^cVi^dcV\ZcXn]VhhedchdgZYi]ZK^cXZciZ;ZggZg;djcYVi^dc
[dgbVcnnZVgh#I]Z[djcYVi^dclVhhZijeidZcVWaZi]Zk^aaV\Zghd[6cVciVejg!
adXViZY^cdcZd[i]ZeddgZhiVcYbdhiYZeg^kZYgZ\^dch^c>cY^V!idhjeedgii]Zb"
hZakZhWn]Zae^c\i]Zbl^i]ZXdcdb^X!hdX^VaVcYXjaijgVaegd_ZXih#IJ>:heVŠVhje"
edgihi]Z[djcYVi^dcl^i]È^\]ih[dgYZaZ\Vi^dchk^h^i^c\6cVciVejg!VggVc\^c\hedc"
hdgh]^eh[dgX]^aYgZcdcWZ]Va[d[HeVc^h][Vb^a^Zh!VcYgZedgi^c\dci]Zegd\gZhhd[
i]Zldg`XdcYjXiZYWni]Zdg\Vc^hVi^dc#
lll#[jcYVX^dck^XZciZ[ZggZg#dg\
K^XZciZ;ZggZg
LdgaY8jeVjXi^dc
H^mdg^\^cVaLdgaY8je[ddiWVaahXgj^hZYVgdjcYi]ZldgaYdc=VeV\"AadnYXdciV^cZg
h]^ehWZ[dgZWZ^c\h^\cZYVcYi]ZcVjXi^dcZYVbdc\hii]Z=VeV\"AadnYZbeadnZZh#
I]Z:jgd&+*-egdXZZYhlZgZYdjWaZYjeWni]ZXdbeVcnbVcV\ZbZciVcYVgZid
WZjhZYWni]ZX]^aYgZc¿hV^Ydg\Vc^hVi^dcEaVc>ciZgcVi^dcVaidVXfj^gZiVWaZh!X]V^gh!
WaVX`WdVgYhVcYXdbejiZgh[dgi]Z<jVcO]jVc\8ZciZgEg^bVgnHX]dda^c?^Vd?^V!
8]^cV#
HZZ^c\XaZVgan^cHg^AVc`V
;dg\diiZcheZXiVXaZhVgZgZ\jaVgan]VcYZY^cViIJ>Èn¿hXZcigVaaZ[iaj\\V\ZYZeVgi"
bZci#>[i]ZhZ\aVhhZhVgZcdigZXaV^bZYWni]Z^gdlcZgh!i]ZnVgZXdaaZXiZYWnhiV[[
VcYÈdlcidHg^AVc`VhZkZgVai^bZhVnZVg!l]ZgZi]ZnVgZ]VcYZYdjiidi]ZcZZYn
^cXddeZgVi^dcl^i]i]ZadXVaA^dch8ajW#CZljhZgh]VkZhd[VgWZZc[djcY^ci]^h
lVn[dg+%%heZXiVXaZh#
&&-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
;^\]i^c\edkZgin
>ciZgcZi[dgVaa
9G:6B
=da^YVnhZYjXViZ/G^j;jcVcVdci]Z8VeZ
KZgYZ>haVcYh¼AZVhi9ZkZadeZY8djc"
ign½l]ZgZidjg^hb[jcYhVadXVahX]dda
8ZcigVa$Hdji]6bZg^XV
>cXddeZgVi^dcl^i]i]Z9jiX]V^Ydg\Vc^hVi^dc8dgYV^Y!IJ>CZYZgaVcY^hÇ\]i^c\
edkZgin^ci]Z9db^c^XVcGZejWa^X#I]Z_d^cihZa["]Zaeegd_ZXiidhigZc\i]ZcadXVa
]VcY^XgV[iegdYjXi^dc^hV^bZYVi^begdk^c\i]Z^cXdbZhd[adXVa^c]VW^iVcih#I]Z
egd_ZXi^hYZh^\cZYidWddhii]ZegdYjXi^dcVcYhVaZhd[adXVaegdYjXihidgV^hZ
^cXdbZh^c\ZcZgVaVcY^ck^\dgViZi]ZadXVa_dWbVg`Zi#I]ZbVg`Zi^c\VXi^k^i^ZhVgZ
jcYZge^ccZYWnXjhidbZgÈnZgh!djiaZih[dgi]ZegdYjXih^ci]ZgZiV^aVgZVh^ci]Z
]diZah!VcY^ciZ\gVi^dcl^i]^ci]ZadXVaZmXjgh^dcegd\gVbbZh#AdXVaegdYjXi^dc^h
VahdhigZc\i]ZcZYWn^beaZbZci^c\[jgi]ZgigV^c^c\bZVhjgZhVcYi]ZXddgY^cViZY
dg\Vc^hVi^dcd[i]ZegdYjXZghidZchjgZXdbea^VcXZl^i]i]ZcZXZhhVgnfjVa^iVi^kZ
VcYfjVci^iVi^kZhiVcYVgYhºl]^X]Vahd]ZaehZhiVWa^h]i]Z^gXdbeZi^i^kZcZhhV\V^chi
i]Zl^YZanY^hig^WjiZY\ddYh[gdbi]Z;Vg:Vhi#
6cdi]Zgegd_ZXi^ci]Z9db^c^XVcGZejWa^X^hhjeedgiZYWni]ZadXVaYZhi^cVi^dc
V\ZcXnIJ>9db^c^XVcV!VcY^ckdakZhhZii^c\jeVc^ciZgcZia^WgVgn^cEjZgidEaViV#
IgV^c^c\gddbh[dgX]^aYgZcVcYVYjaihVgZWZ^c\Wj^aiVcYZfj^eeZY]ZgZ^cXddeZgV"
i^dcl^i]i]ZadXVaV^Ydg\Vc^hVi^dc;jcYVi^dcEVig^V#I]^h[VX^a^inZcVWaZhVWgdVY
hZXi^dcd[i]ZadXVaedejaVi^dcid\V^cVXXZhhidVE8VcYi]Z^ciZgcZi#I]Zegd_ZXi^h
ÇcVcXZYWni]ZZmXjgh^dchjcYZgiV`ZcWnXjhidbZghWZXVjhZdcZJHYdaaVgeZgeZg"
hdceZgZmXjgh^dcÈdlh^cidi]Zegd_ZXi#DcZidjglVhVahdbdY^ÇZYidVaadlVh]dgi
hided[[Vii]Z[VX^a^in#I]^hZcVWaZhXjhidbZghidaZVgcVWdjii]ZV^Yegd_ZXil]^X]
i]Zni]ZbhZakZhhjeedgiWneVgi^X^eVi^c\^ci]ZZmXjgh^dc!VhlZaaVhYZbdchigVi^c\
idi]Z^c]VW^iVcihd[EjZgidEaViVi]ZVXi^kZVcYadc\"iZgbhjeedgi[gdbl]^X]i]Zn
VaaWZcZÇi#
L]ZgZYgZVbhXdbZigjZ/I]Z9db^c^XVcGZejWa^X:YjXVi^dc6cYBZcidg^c\
9G:6Begd_ZXi^hhjeedgiZYWnI]dbhdci]gdj\]Vl^YZgVc\Zd[VXi^k^i^ZhVii]Z
YZhi^cVi^dc#9G:6B^hVX]Vg^iVWaZdg\Vc^hVi^dcl]^X]ZcVWaZheZdeaZ^chbVaagjgVa
hX]ddah^ceVgi^XjaVgid\V^cegdeZgfjVa^ÇXVi^dchi]Vc`hidYdcVi^dch!cdc"XVh]
Xdcig^Wji^dch!bZcidghVcYigV^c^c\egd\gVbbZh[dgiZVX]Zgh#;jgi]Zghjeedgi^h
egdk^YZYl]ZccZZYZYidje\gVYZi]Z[VX^a^i^Zh!Z#\#a^WgVg^Zh!XaVhhgddbhVcYhVc^"
iVgn[VX^a^i^Zh#
:jgdeZ
¼=da^YVnhZYjXViZ¼^hi]Zhad\VcjcYZgl]^X]IJ>9ZjihX]aVcYVcYi]ZG^j]diZa
XdbeVcnhjeedgiV_d^ciV^Yegd_ZXidci]Z8VeZKZgYZ>haVcYh#':jgdheZgeZghdc
[dgZkZgn]da^YVnWdd`^c\^ci]Z[djg"hiVgG^j;jcVcV8ajW=diZadcHVa^haVcYVgZ
YdcViZYidi]Z@^b7VgdhV?jc^dgVcYB^YYaZHX]dda^cHVciVBVg^V#I]ZbdcZn^h
jhZYidbdYZgc^hZi]ZhX]ddaWj^aY^c\hVcYejgX]VhZiZVX]^c\bViZg^Vah#I]ZÇghi
bZVhjgZhlZgZi]ZXdchigjXi^dcd[cZlXaVhhgddbhVcYgZcdkVi^dcd[i]ZhX]dda
XVciZZcVcYiZVX]Zgh¿gddb#I]Zadc\"iZgbV^b^hid^begdkZi]ZiZVX]^c\XdcY^i^dch
[dgi]Z)*%eje^ah#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&&.
HdX^VaXdbb^ibZci
=Zae[dgcZZYnX]^aYgZc
CZldjiadd`
L^i]IVWVaj\VidBV_dgXV#EZiZgBV[[VnVcY]^hYgV\dcX]jbIVWVaj\Vhjeedgi
cZZYnX]^aYgZc/i]ZEZiZgBV[[Vn;djcYVi^dcVcYi]ZIVWVaj\V8]^aYgZc¿h;djcYV"
i^dc]ZaeX]^aYgZcVcYndjc\eZdeaZigVjbVi^hZYWnk^daZcXZ!lVgdgVWjhZ!VhlZaaVh
X]^aYgZcV[[ZXiZYWnhZg^djh^aacZhhdg]VcY^XVeh#8]^aYgZc^ci]ZXVgZd[i]Zdg\Vc^"
hVi^dc]VkZZc_dnZYVgVc\Zd[XVgZVcYi]ZgVen[VX^a^i^Zh^c7VkVg^Vh^cXZ'%%%#I]Z
EZiZgBV[[Vn;djcYVi^dcdeZcZYV]da^YVn]dbZdcBV_dgXV^chjbbZg'%%(#I]Z
X]^aYgZcVcYi]Z^gXVgZgh]VkZWZZcVWaZidXdbW^cZi]ZgVenVcY]da^YVn[jch^cXZ
i]ZcVii]Z;^cXV8¿VcAadbeVgi^cEdaaZcXV#>cVcZmX]Vc\Zegd\gVbbZ!BV_dgXVc
X]^aYgZc^ccZZYd[XVgZVgZVahdVWaZidheZcYi]Z^g]da^YVnhVii]ZIVWVaj\VK^aaV\Z
^cEZ^›ZcWZg\7VkVg^V#I]Z^ghV[ZdjilVgYVcYgZijgcigVkZa]VhWZZcadd`ZYV[iZg
WnIJ>6<l]^X]]VhVggVc\ZYi]ZÈ^\]ihWZilZZcBV_dgXVVcYBjc^X]g^\]i[gdb
i]ZhiVgid[i]Zegd_ZXi[dgi]ZXVgZghVcYi]ZX]^aYgZc^ci]Z^gX]Vg\Z#IJ>^ckdakZ"
bZci]ZgZ]ZaehigVjbVi^hZYX]^aYgZcVcYndjc\eZdeaZ\V^cVcZldjiadd`dca^[Z
VcYcZlegdheZXihdci]ZWVh^hd[i]^h^ciZgcVi^dcVaZmX]Vc\Zegd\gVbbZ#
I]Z¼@^Yh[dg;gZZYdb¼@);hZihV^a[dgi]Z[djgi]i^bZ^chjXXZhh^dc^c?jan'%%+#
6gdjcY+%X]^aYgZcVcYndjc\eZdeaZ[gdbhZkZcXdjcig^ZhZc_dnZYVlZZ`"adc\
Xgj^hZdcVhV^a^c\h]^e^ci]ZIjg`^h]6Z\ZVcºVX]VcXZid\V^cVhZchZd[Xdb"
bjc^inVcYX]VgiVcZlXdjghZ[dgi]Z[jijgZ#IJ>6<VcYBV\^XA^[Zhedchdgi]Z
eZYV\d\^XVa^c^i^Vi^kZl]^X]egdk^YZhX]^aYgZcVcYndjc\eZdeaZ[gdbY^[ÇXjaihdX^Va
WVX`\gdjcYhl^i]VeaZVhVciZmeZg^ZcXZ!VXi^kZhjeedgi^caZVY^c\i]Z^ga^kZh!VcY
jhZ[jaXdciVXih#IJ>hedchdgZY@);g^\]i[gdbi]ZhiVgiVcYVbdc\hidi]Zgi]^c\h
VggVc\Zhi]ZÈ^\]ih[dgi]Z<ZgbVcX]^aYgZciV`^c\eVgi^ci]ZXgj^hZ!VcYÇcVcXZh
i]ZW^\\d^c\"]dbZeVginVii]ZZcYd[i]ZZkZci#
I]ZYZhi^cVi^dcV\ZcXnd[i]Z:c\a^h]idjgdeZgVidgI]dbhdchjeedgihi]Z¼=dg^"
odchYZa¿Zc[VciVjHV]Za¼dge]VcV\Z^cIjc^h^Vl]^X]add`hV[iZgWVW^ZhVcYhbVaa
X]^aYgZcjeidi]ZV\Zd['nZVgh#IldXVgZgh]VkZWZZcÇcVcXZYhd[Vgl^i]i]Z
]Zaed[lZZ`aneg^oZ\VbZhVcYXjhidbZgh¿YdcVi^dch#I]ZYdcdgh]VkZVahd]ZaeZY
je\gVYZVY^Vanh^hjc^iVii]ZX]^aYgZch¿lVgYd[VadXVa]dhe^iVaWn[jcY^c\bZY^XVa
Zfj^ebZci#
=dg^odch
8jaijgVa]Zg^iV\ZegdiZXi^dc
I]Z¼LdgaYd[IJ>I]dbhdcBVaiV=Zg^iV\ZVcY:ck^gdcbZci¼[jcYlVhaVjcX]ZY
^c&..-WnVIJ>J@YZhi^cVi^dcbVcV\Zg#I]ZV^bd[i]Z[jcY^hidegdiZXiVcY
egZhZgkZi]Z]^hidg^XXjaijgVa]Zg^iV\Zd[i]Z^haVcYd[BVaiV^cXddgY^cVi^dcl^i]ad"
XVaVji]dg^i^Zhi]gdj\]_d^ciegd_ZXih#HX]ddahVcYhdX^Vaegd_ZXih^ckVg^djhgZ\^dch
VgZVahdhedchdgZY#I]Z[jcY^hÇcVcXZY^ckVg^djhlVnh^cXajY^c\YdcVi^dch[gdb
hZaZXiZYZmXjgh^dchid^bedgiVci]Zg^iV\Zh^iZhVggVc\ZYWnI]dbhdc[dg]da^YVn"
bV`Zgh^cBVaiV#
&'%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
9d^c\\ddY^cBV_dgXV
IJ>WZXVbZi]ZcVbZhedchdg^c'%%)[dgi]ZÇghi¼>ciZgcVi^dcVaIJ>BVgVi]dc
EVabVYZBV_dgXV¼VcY]Vh^ihZa[VggVc\ZYi]ZZkZcih^cXZ'%%*#6gdjcY)%%%gjc"
cZgha^cZYjeVii]ZhiVgi^c'%%+#I]ZV^b^hidViigVXi*%%%gjccZgh^c'%%,#IJ>¿h
Xdbb^ibZci]ZgZ^hjcYZgiV`Zc[dgbVcngZVhdch/idegdbdiZhedgi[dgVaaVcY
higZc\i]Zc]ZVai]VlVgZcZhh0WddhiBV_dgXVVhVYZhi^cVi^dc0VcYVggVc\ZVcViigVX"
i^kZhedgi^c\ZkZcil^i]VWgdVYVXXdbeVcn^c\egd\gVbbZVii]ZkZcjZVcYVadc\
i]ZgdjiZºVaa[dgi]ZWZcZÇid[i]ZBV_dgXVc^c]VW^iVcih!gjccZghVcYidjg^hih#IJ>
VahdjhZhi]ZZkZciVhVeaVi[dgb[dg^ihhiV[[adnVainVcYbdi^kVi^dcegd\gVbbZºWn
hjeedgi^c\VheZX^VaXViZ\dgn[dgi]ZhZXdcYi^bZh^cXZ'%%+/i]ZIJ>>c"]djhZ:j"
gdeZVc=Va[BVgVi]dc8]Vbe^dch]^ehdcBV_dgXV#I]ZBV_dgXVcidjg^hbVhhdX^Vi^dc
VlVgYZYIJ>6<Vc]dcdgVgnX^iVi^dc[gdbi]Z;dgbZcidYZaIjg^hbdYZBVaadgXV
[dgi]Z¼7Zhiidjg^hbegdbdi^dc^c^i^Vi^kZ¼[dgi]Z7VaZVg^X>haVcYh#
6[g^XV
I]ZIJ>hjWh^Y^VgnIJ>Èn]VhVagZVYnbVYZildÈ^\]ihidHjYVcdcWZ]Va[d[i]Z
<ZgbVcGZY8gdhhXVggn^c\dkZg)&idchd[V^Yidi]ZXdjcign#I]ZÇghiÈ^\]i^c'%%*
igVchedgiZYVgi^ÇX^Vaa^bWhVcYWVWn[ddY#I]ZigVchedgii]Z[daadl^c\nZVgbV^can
^ckdakZYbZY^XVahjeea^ZhhjX]VhÇghiV^YWdmZh!jaigVhdc^XZfj^ebZci!VcYVcdW"
hiZig^Xjc^i#:VX]d[i]ZÈ^\]ihgZegZhZcihVYdcVi^dcd[:jgd(*%%%[dg`ZgdhZcZ!
VcYiV`Z"d[[VcYaVcY^c\[ZZh#I]Ze^adihVcYÈ^\]iVhh^hiVcihbV`Zi]Z^gdlcbV_dg
Xdcig^Wji^dcWnldg`^c\[dg[gZZ#
6^Y[dgHjYVc
;^\]i^c\CdbV
6>9HegZkZci^dc
I]ZIJ>:heVŠVYZhi^cVi^dcV\ZcXn]VhhjeedgiZYi]Z8VbeVcZg;djcYVi^dcV^Ydg"
\Vc^hVi^dc[dgbVcnnZVgh^c^ihldg`idXjgZX]^aYgZcV[[ZXiZYWnCdbV#I]Z[djcYV"
i^dcVahddg\Vc^hZhZYjXVi^dcVaVcYegZkZci^dcXVbeV^\chidhidei]ZhegZVYd[i]Z
Y^hZVhZ#CdbV^hVc^c[ZXi^djhY^hZVhZl]^X]jhjVaanV[[ZXihbVacdjg^h]ZYX]^aYgZc
VcYXVcXVjhZhZg^djhYZ[dgb^i^Zh!eVgi^XjaVgan^ci]Z[VXZ#
IJ>6<]Vhldg`ZYXadhZan[dgbVcnnZVghl^i]i]ZYZkZadebZciV^Ydg\Vc^hVi^dc
¼9ZjihX]ZHi^[ijc\LZaiWZkŽa`Zgjc\¼9HLl]^X]]Vh^ih]ZVYfjVgiZgh^c=VcdkZg
VcY^h^ciZgcVi^dcVaanVXi^kZ^chZmZYjXVi^dcegd_ZXih#IdXdbbZbdgViZ9HL¿h&*i]
Vcc^kZghVgn!IJ>YdcViZY:jgd&'%%%VcYhedchdghZYildndji]XajWh^c@ZcnV#I]Z
XajWhZYjXViZndjc\eZdeaZdc]dlidVkd^YjclVciZYegZ\cVcX^ZhVcY]dlidegd"
iZXii]ZbhZakZh[gdb6>9H#IJ>VahdegdXjgZY[jgc^ijgZ!d[ÇXZbViZg^VahVcY\VbZh
idZfj^ei]ZXajW#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&'&
HdX^VaXdbb^ibZci
AZii]Zhjch]^cZ
I]ZhiV[[Vii]ZYZhi^cVi^dcV\ZcXnd[i]ZJ@idjgdeZgVidgI]dbhdcldg`^c\^c
:\neiXdaaZXiZYZcdj\]bdcZn[gdbVgVc\Zd[XVbeV^\chVbdc\hiXjhidbZghVcY
hiV[[id]ZaeWj^aYV`^cYZg\VgiZcgjcWni]ZHjch]^cZDge]VcV\ZAjmdgX]Vg^in#I]Z
XdbeVcn]VhXddeZgViZYl^i]i]^hdg\Vc^hVi^dc[dgbVcnnZVghVcYZcVWaZYbVcn
dge]Vchida^kZVa^[Zd[Y^\c^inVcY\V^chX]ddafjVa^ÇXVi^dch#
;aZmIgVkZa!VhjWh^Y^Vgnd[IJ>Hj^hhZ!^hi]ZÇghiidjgdeZgVidg^cHl^ioZgaVcYidjhZ
i]Z¼;V^gIgVYZ^cIdjg^hbHdji]6[g^XV¼fjVa^inaVWZaid]^\]a^\]ihZaZXiZY]diZah^c
^ihXjggZciHdji]6[g^XVWgdX]jgZ#I]ZfjVa^inaVWZaegdbdiZhVcYhjeedgih[V^gVcY
gZhedch^WaZWjh^cZhhegVXi^hZhWnidjg^hbWjh^cZhhZh^cHdji]6[g^XV#I]ZhZgZheZXi
i]Z]jbVcg^\]ih!XjaijgZVcYZck^gdcbZci^ci]ZVgZV!VcYWjnhZgk^XZhjcYZg[V^g
ldg`^c\XdcY^i^dch#
BV\^XHX]dda
&''
I]ZiZVbVii]ZBV\^XA^[Z8ajW6[g^XVcV>beZg^Va^cIjc^h^Vegdk^YZhjcWjgZVj"
XgVi^Xhjeedgi[dgi]ZcZ^\]Wdjg^c\¼:XdaZ8]VW^¼eg^bVgnhX]dda#I]ZWj^aY^c\h]VY
WZXdbZY^aVe^YViZYWZXVjhZd[ÇcVcX^Vah]dgiV\Zh#I]ZlViZgVcYZaZXig^XVa^chiVa"
aVi^dch^ceVgi^XjaVglZgZ^ccZZYd[i]dgdj\]gZcdkVi^dc!VhlVhi]ZhX]dda\VgYZc#
I]ZcZXZhhVgngZcZlValVhXVgg^ZYdjiid\Zi]Zgl^i]i]Z&'%eje^ahl]deaVciZY
igZZh!gZcdkViZY!VcYhegjXZYjei]ZhX]dda\VgYZc#I]ZhX]dda^hcdlk^h^iZYWn
BV\^XA^[ZhiV[[ZkZgnbdci]idXVggndjiVcncZXZhhVgnldg`#Eje^ahVgZVahd^ck^iZY
idi]ZXajW[djgi^bZhVnZVgidÇcYdji^cVeaVn[jalVnadihd[jhZ[ja^c[dgbVi^dc
VWdjiZck^gdcbZciVaegdiZXi^dc#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
<adWVaanVXi^kZº\adWVaanXdbb^iiZY
<adWVa^hVi^dcWg^c\heZdeaZVcYbVg`ZihXadhZgid\Zi]Zg#LZVXXZei
djggZhedch^W^a^i^ZhVhV¼\adWVaXdgedgViZX^i^oZc¼d[Yd^c\l]VilZ
XVcldgaYl^YZ#
+k^aaV\Zh[dg'%%+
<adWVaegd_ZXih
¼?d^c^cidbV`ZX]^aYgZc¿hZnZhhb^aZ½/I]^hlVhi]Zhad\VcdcW^\h]del^cYdl
edhiZgh^cbdgZi]Vc(%%;^ghiigVkZaV\ZcX^Zh!=VeV\"AadnYigVkZaV\ZcX^ZhVcYIJ>
igVkZaXZcigZhi]gdj\]dji<ZgbVcn!^ck^i^c\XjhidbZghid_d^cIJ>^chjeedgi^c\dg"
e]VcZYVcYVWVcYdcZYX]^aYgZc^cHDHX]^aYgZc¿hk^aaV\Zh#I]ZigVkZaV\ZcX^ZhºeVgi
d[IJ>AZ^hjgZIgVkZaIAIºlZgZeVgicZgh^ci]Z¼+k^aaV\Zh[dg'%%+¼XVbeV^\c
ºi]Zd[ÇX^VaX]Vg^inXVbeV^\cd[i]Z'%%+LdgaY8je#I]ZV^blVhidjhZi]ZYdcV"
i^dchXdaaZXiZYWni]ZZcYd[i]ZLdgaY8je^chjbbZg'%%+id]ZaeWj^aYh^mcZl
k^aaV\Zh[dg-%%X]^aYgZc^c7gVo^a!BZm^Xd!C^\Zg^V!Hdji]6[g^XV!J`gV^cZVcYK^ZicVb#
6abdhi:jgd'%%%%[gdbYdcVi^dchVcYi]ZgV[È^c\d[]da^YVnhlVhXdaaZXiZY[dgi]^h
ldgi]l]^aZejgedhZ#
8]Vgih[dgX]^aYgZc
=VeV\"AadnY8gj^hZh]VhVadc\igVY^i^dcd[VjXi^dc^c\bVg^i^bZbVehYjg^c\i]Z
Xgj^hZhd[^ihBH:jgdeVajmjgnXgj^hZa^cZg#I]ZbVehd[i]ZgdjiZd[i]ZgZaZkVci
Xgj^hZ!bVg`ZYl^i]Vaad[i]Zbdhi^bedgiVciZkZcihYjg^c\i]ZXgj^hZ!VcYh^\cZY
VcYhiVbeZYWni]ZXVeiV^c!VgZYgVlcjeWni]Zd[[Yjinh]^e¿hd[ÇXZgh!VcYVjX"
i^dcZYVbdc\hii]ZXjhidbZgh#BdgZi]Vc:jgd&#-b^aa^dc^cYdcVi^dch]VhWZZc
XdaaZXiZY^ci]^hlVnh^cXZ&..(dcWZ]Va[d[-HDHX]^aYgZc¿hk^aaV\Zh#I]ZhZk^aaV\Zh
VgZadXViZY^cHVakVYdg!7gVo^a!>cY^V!8]^aZ!E]^a^ee^cZh'k^aaV\Zh!K^ZicVb!9db^c^"
XVcGZejWa^XVcYJgj\jVn#I]^hXdbb^ibZcilVh]dcdjgZYWni]ZegZhZciVi^dcd[
VcHDHX]^aYgZc¿hk^aaV\ZBZYVad[=dcdjg#
<gdje"l^YZÇ\]iV\V^chiX]^aY
egdhi^iji^dc
IJ>XdbeVc^ZhVXgdhhi]Z<gdjeVgZ^ckdakZYldgaYl^YZ^cÇ\]i^c\X]^aYegdhi^iji^dc#
I]^h^hbdhianYdcZ^cXddeZgVi^dcl^i]i]Z^ciZgcVi^dcVaX]^aYgZc¿hg^\]ihdg\Vc^hV"
i^dc:8E6I:cY8]^aYEgdhi^iji^dc!8]^aYEdgcd\gVe]nVcYIgV[ÇX`^c\d[8]^aYgZc[dg
HZmjVaEjgedhZh#:8E6I]VhYZkZadeZYVXdYZd[XdcYjXi[dgi]Zidjg^hb^cYjh"
ignWVhZYdci]ZJC9ZXaVgVi^dcd[=jbVcG^\]ihVcYi]ZJC8dckZci^dcdci]Z
G^\]ihd[8]^aYgZc#I]^hXdYZlVhh^\cZYY^gZXianl^i]i]ZV^Ydg\Vc^hVi^dcWnIJ>
CdgY^X!IJ>CZYZgaVcYVcYIJ>J@#IJ>9ZjihX]aVcY!IJ>6jhig^VVcYi]Z7Za\^Vc
V^ga^cZ?ZiV^gVahdXdbeanl^i]i]ZhiVijiZhd[i]ZXdYZVhVhhdX^ViZbZbWZghd[
9GK9ZjihX]ZgGZ^hZkZgWVcYº<ZgbVcIdjgDeZgVidgh6hhdX^Vi^dc!yGK6jh"
ig^VcIdjgDeZgVidgh6hhdX^Vi^dcVcY67ID6hhdX^Vi^dcd[7Za\^VcIdjgDeZgVidgh
gZheZXi^kZan#I]Z;gZcX]XdbeVcnCdjkZaaZh;gdci^ƒgZh^hXdbb^iiZY^cVcVcVad"
\djhlVnidi]ZX]VgiZgd[i]Z;gZcX]Idjg^hbB^c^hign¼9ZhZciZgeg^hZh[gVcXV^hZh
h¿Zc\Vc\ZciVajiiZgedjgjcidjg^hbZgZheZXiZjmYZhYgd^ihYZa¿Zc[VciZc;gVcXZ
Zi|a¿^ciZgcVi^dcVa½#Di]ZgXdbeVc^ZhhjX]VhIJ>Hj^hhZVcY<ZWZXdhjeedgi
:8E6I¿hdW_ZXi^kZhVai]dj\]i]Zn]VkZcdih^\cZYi]ZXdYZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&'(
HdX^VaXdbb^ibZci
8dciZcihd[i]ZXdYZd[XdcYjXi/
EgZeVgVi^dcVcYY^hig^Wji^dcd[VcZmeaVcVidgnWgdX]jgZdcan^c<ZgbVcn
>c[dgb^c\VcYgV^h^c\i]ZVlVgZcZhhd[hiV[[
>cXdgedgVi^c\XaVjhZh^cXdcigVXihl^i]egdk^YZgh
8jhidbZg^c[dgbVi^dc
>ciZ\gVaeVgid[hiV[[igV^c^c\
>cXdgedgVi^dc^cXdgedgViZe]^adhde]n
6ccjVagZedgi^c\
8jhidbZghVgZ^c[dgbZYVWdjiIJ>¿hXdbb^ibZciWnlVnd[gZaZkVciYZiV^ah^cWgd"
X]jgZh!XjhidbZg^c[dgbVi^dc!lZWh^iZh!^c"È^\]ibV\Vo^cZh!XViVad\jZh!ÈnZghVcY
hdbZ^c"È^\]ik^YZdh#IgV^c^c\XdjghZh[dghiV[[ViXdbeVcnadXVi^dchVcYYZhi^cV"
i^dchgV^hZVlVgZcZhhVcY]ZaehWgZV`YdlciVWddh#6aad[i]Z<gdjeXdbeVc^Zh
^ckdakZY]VkZ^cXdgedgViZYgZaZkVciXaVjhZh^ci]Z^g]diZaXdcigVXihjiiZgan[dgW^YY^c\
VcnidaZgVcXZdghjeedgi[dgX]^aYegdhi^iji^dc#
>begdk^c\fjVa^ind[a^[ZldgaYl^YZ
7dgc;gZZ
6hVeVgicZgd[i]Z;gZcX]dg\Vc^hVi^dc¼Idjg^hb[dg9ZkZadebZci½!i]ZidjgdeZgV"
idgCdjkZaaZh;gdci^ƒgZhhjeedgihVgVc\Zd[YZkZadebZciV^Yegd_ZXih^c@ZcnV!
IVcoVc^V!BdgdXXd!7gVo^a!8VbWdY^VVcYi]Z9db^c^XVcGZejWa^X#I]Zb^Xgd"ÇcVcX"
^c\egd_ZXih^beaZbZciZYWnI;9^cXddeZgVi^dcl^i]cdc"\dkZgcbZciVadg\Vc^hV"
i^dchC<DhVgZ_jhidcZd[bVcnegd_ZXih^cXajY^c\lViZgigZVibZci!hjeedgi[dg
hbVaa]daYZgh!i]ZXdchigjXi^dcd[]djhZh[dggZ[j\ZZh!Ç\]i^c\i]ZhegZVYd[YZhZgih!
igV^c^c\dge]VchVcYgZcdkVi^c\`^cYZg\VgiZch#
I]dbhdcÈn]VhXddeZgViZYl^i]7dgc;gZZh^cXZ&..*!VX]Vg^inXdcXZgcZYl^i]i]Z
egdiZXi^dcd[l^aYVc^bVa]ZaY^cXVei^k^inVgdjcYi]ZldgaY#EVhhZc\ZghVcYhiV[[
]VkZYdcViZYVgdjcY'#*b^aa^dcEdjcYhHiZga^c\h^cXZi]ZWZ\^cc^c\d[i]^hXVb"
eV^\c#
IJ>XdbeVc^ZhhjeedgiZYi]ZGIA9dcVi^dcBVgVi]dc[dgi]Zi]^gYi^bZ^cVgdl#
I]ZhjXXZhhd[i]Z9dcVi^dcBVgVi]dclVh]ZaeZYWni]ZkdajciVgnXdcig^Wji^dch
d[VgdjcY&%%%<gdjehiV[[#I]ZXVaaXZcigZiV`^c\i]ZYdcVi^dcXVaah[gdbk^ZlZgh
a^ZhVii]ZkZgn]ZVgid[i]ZWZcZÇiZkZci!VcY^hdg\Vc^hZYWnIJ>!l]^X]VahdbVYZ
]da^YVnhVkV^aVWaZl]^X]lZgZgV[ÈZYVbdc\hii]ZYdcdgh#6YY^i^dcVaYdcVi^dchlZgZ
XdaaZXiZYWnVl^YZgVc\Zd[ZkZcih]ZaYVi<gdjeXdbeVc^Zh#I]ZbdcZnXdaaZXiZY
Wni]ZGIA9dcVi^dcBVgVi]dc]ZaehX]^aYgZc¿hV^Yegd_ZXihVgdjcYi]ZldgaY#
&')
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
HdX^VaXdbb^ibZci
Ldg`dcWZ]Va[d[]jbVcg^\]ih
I]Z¼<j^YZa^cZh[dgIJ><gdjeZbeadnZZh
gZ\VgY^c\YZVa^c\hl^i]Wjh^cZhheVgicZgh!
hiV[[!h]VgZ]daYZghVcYi]Z\ZcZgVaejW"
a^X¼X[#e#(&hi^ejaViZWVh^XVcYW^cY^c\
gjaZhd[XdcYjXiVcYgZ\jaVi^dch!VcYi]Z
_dW"gZaViZYXdchZfjZcXZhZVX]VcYZkZgn
ZbeadnZZh]djaYZmeZXiidhj[[Zg^ci]Z
ZkZcid[XdcigVkZc^c\i]ZVWdkZ#I]Zn
VeeanZfjVaanidVaaZbeadnZZh!ZmZXji^kZ
ZbeadnZZhVcYi]ZbZbWZghd[i]ZbVc"
V\ZbZcil^i]^ci]ZIJ><gdje#
IJ>6<VcYVaad[^ih<gdjeXdbeVc^ZhVX`cdlaZY\Zi]Z^ggZhedch^W^a^inVcYVgZXdb"
b^iiZYiddWhZgk^c\VcYXdbean^c\l^i]]jbVcg^\]ihl]ZcjcYZgiV`^c\i]Z^gWjh^"
cZhhVXi^k^i^Zh#
6aaIJ><gdjehiV[[]VkZVXXZhhidi]Z
\j^YZa^cZhVcYi]ZnVeeanidVaaXdbeVc^Zh
^c<ZgbVcnVcYVWgdVY^cl]^X]IJ>6<
]VhVY^gZXidg^cY^gZXibV_dg^in]daY^c\
VcYhjWh^Y^Vg^Zhl]ZgZIJ>6<ZmZgX^hZh
XdgedgViZbVcV\ZbZci#
>c^ihegZVbWaZidi]Z<adWVa8dYZd[:i]^Xh[dgIdjg^hb!JCLIDgZ[Zghidi]Z
[daadl^c\^chigjbZcih^ceVgi^XjaVg/
Jc^kZghVa9ZXaVgVi^dcd[=jbVcG^\]ihd[&%9ZXZbWZg&.)>ciZgcVi^dcVa8dkZcVcidc:Xdcdb^X!HdX^VaVcY8jaijgVaG^\]ihd[&+9ZXZbWZg
&.++
>ciZgcVi^dcVa8dkZcVcidc8^k^aVcYEda^i^XVaG^\]ihd[&+9ZXZbWZg&.++
8dckZci^dchVcYgZXdbbZcYVi^dchVYdeiZYWni]Z>ciZgcVi^dcVaAVWdjgDg\Vc^oV"
i^dcP>ADR^ci]ZVgZVd[XdaaZXi^kZXdckZci^dch!egd]^W^i^dcd[[dgXZYaVWdjgVcYX]^aY
aVWdjg!YZ[ZcXZd[i]Zg^\]ihd[^cY^\ZcdjheZdeaZh!VcYZfjVaigZVibZciVcYcdc"
Y^hXg^b^cVi^dc^ci]Zldg`eaVXZ
DjgZbeadnZZhgZheZXii]ZY^\c^in!i]Z
eg^kVXnVcYi]ZeZghdcVag^\]ihd[ZVX]^c"
Y^k^YjVa#I]Znldg`id\Zi]Zgl^i]ldbZc
VcYbZcd[Y^[[ZgZcicVi^dcVa^in!XjaijgZ!
gZa^\^dcVcYh`^cXdadjg#6cnY^[[ZgZci
igZVibZcid[ZbeadnZZhgZaViZYid\ZcYZg!
gVXZ!h`^cXdadjg!]VcY^XVe!dg^\^c!gZa^\^dc!
V\ZdghZmjVadg^ZciVi^dc^hVWhdajiZan
egd]^W^iZY#DjgZbeadnZZhVgZdeZcVcY
]dcZhiVcYhiVcYWni]Z^gdWa^\Vi^dch#
I]ZnVgZgZa^VWaZVcY[V^geVgicZghVcY
dcanbV`Zegdb^hZhi]ZnXVc`ZZe#
I]^hVeea^Zhiddjgldg`l^i]i]dhZ^ch^YZ
i]ZXdbeVcnVhlZaaVhidWjh^cZhhYZVa"
^c\hl^i]ZmiZgcVaeVgicZgh#
6hVcV[Ça^ViZbZbWZgd[i]ZJc^iZYCVi^dchLdgaYIdjg^hbDg\Vc^hVi^dcJCLID!
IJ>]Vhd[ÇX^VaaneaZY\ZYid]dcdjgi]ZJCLID<adWVa8dYZd[:i]^Xh[dgIdjg^hb#
L^i]i]ZbVcYViZd[i]ZJc^iZYCVi^dch<ZcZgVa6hhZbWan!i]ZJCLIDeaVnhV`Zn
gdaZ^cegdbdi^c\VcYYZkZade^c\i]ZineZd[idjg^hbl]^X]bV`ZhVXdcig^Wji^dcid
ZXdcdb^XYZkZadebZci!^ciZgcVi^dcVajcYZghiVcY^c\!eZVXZ!egdheZg^in!VcY\ZcZgVa
dWhZgkVcXZVcYXdbea^VcXZl^i]]jbVcg^\]ih!VcYi]ZWVh^X[gZZYdbd[VaaeZdeaZ
^cYZeZcYZcid[i]Z^ggVXZ!hZm!aVc\jV\ZdggZa^\^dc#
I]Zeg^cX^eaZhd[i]Z<adWVa8dYZd[:i]^Xh[dgIdjg^hb^cYZiV^a/
&# Idjg^hb¿hXdcig^Wji^dcidbjijVajcYZghiVcY^c\VcYgZheZXiWZilZZc
eZdeaZhVcYhdX^Zi^Zh
'# Idjg^hbVhVkZ]^XaZ[dg^cY^k^YjVaVcYXdaaZXi^kZ[jaÇabZci
(# Idjg^hb!V[VXidgd[hjhiV^cVWaZYZkZadebZci
)# Idjg^hb!VjhZgd[i]ZXjaijgVa]Zg^iV\Zd[bVc`^cYVcYVXdcig^Wjidg
id^ihZc]VcXZbZci
*# Idjg^hb!VWZcZÇX^VaVXi^k^in[dg]dhiXdjcig^ZhVcYXdbbjc^i^Zh
+# DWa^\Vi^dchd[hiV`Z]daYZgh^cidjg^hbYZkZadebZci
,# G^\]iididjg^hb
-# A^WZgind[idjg^hibdkZbZcih
.# G^\]ihd[i]Zldg`ZghVcYZcigZegZcZjgh^ci]Zidjg^hb^cYjhign
&%# >beaZbZciVi^dcd[i]Zeg^cX^eaZhd[i]Z<adWVa8dYZd[:i]^Xh[dgIdjg^hb
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&'*
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
EgdYjXigZhedch^W^a^in
VcYXdchjbZgegdiZXi^dc
HjhiV^cVWaZegdYjXiYZkZadebZci
>ccdkVi^kZbVg`Zi^c\XdcXZeih
:YjXVi^dcVcYfjVa^inVhhjgVcXZ
&'+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
EgdYjXiYZkZadebZci
[dXjhZYdchjhiV^cVW^a^in
VcY[jijgZ"XdbeVi^W^a^in^hdcZd[i]Z`ZniVh`hd[bdY"
ZgcXdbeVcnbVcV\ZbZci!l]^X]dei^b^hZhZck^gdcbZciVa
VcYhdX^VaVheZXihVhlZaaVhi]ZZXdcdb^X[VXidgh#I]^h^h
VX]^ZkZY^ci]Z<gdje^c^ciZgY^hX^ea^cVgniZVbhXdbeg^h^c\
egdYjXibVcV\ZbZci!egdYjXiYZkZadebZciVcYegdYjXi^c"
cdkVi^dchiV[[#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&',
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
HjhiV^cVWaZegdYjXiYZkZadebZci
^cIdjg^hb
DcZd[i]Z`ZniVh`hd[bdYZgcXdbeVcnbVcV\ZbZci^hegdYjXi
YZkZadebZci[dXjhZYdchjhiV^cVW^a^inVcY[jijgZ"XdbeVi^W^a^in!
l]^X]dei^b^hZhZck^gdcbZciVaVcYhdX^VaVheZXihVhlZaaVhi]Z
ZXdcdb^X[VXidgh#I]^h^hVX]^ZkZY^ci]Z<gdje^c^ciZgY^hX^ea^cVgn
iZVbhXdbeg^h^c\egdYjXibVcV\ZbZci!egdYjXiYZkZadebZciVcY
egdYjXi^ccdkVi^dchiV[[#
KdajbZWjh^cZhhdei^b^hVi^dc
:ck^gdcbZciVabVg`ZigZhZVgX]#HijY^Zh^chi^\ViZYWnIJ><gdje8dgedgViZ:ck^"
gdcbZciVaBVcV\ZbZciVcYIJ>BVg`ZiGZhZVgX]XdcÇgbi]ViXjhidbZghXdci^cjZ
idWZhZch^i^kZidZck^gdcbZciVaegdiZXi^dc^hhjZh#I]ZhjgkZnXdcYjXiZYWnIJ>
BVg`ZiGZhZVgX]Vh`ZY\jZhih/¼L]^X]VheZXihVgZ^bedgiVcil]ZcndjhZaZXindjg
]da^YVn4¼I]Zbdhi[gZfjZciVchlZgh^cXajYZY/
8aZVca^cZhh!]n\^ZcZ^ci]ZXdjcign-%#.d[IJ>\jZhih
Jched^aZYXdjcignh^YZ,,#,d[IJ>\jZhih
B^c^bVaZck^gdcbZciVaedaaji^dc+)#*d[IJ>\jZhih
IJ>9ZjihX]aVcY¿hl]daZegdYjXia^cZ^hi]ZgZ[dgZXdci^cjdjhanVcVanhZYidVhhZhh
^ihZck^gdcbZciVaXdbeVi^W^a^in#
6ccjVaZck^gdcbZciVagVc`^c\d[VaaIJ>]diZah#:kZgnXdcigVXijVa]diZah]djaY^b"
eaZbZci]^\]Zck^gdcbZciVahiVcYVgYhidegdiZXii]Z[jijgZd[^ih]da^YVngZ\^dcVcY
Xdcig^WjiZidi]Z]da^YVnhVi^h[VXi^dcd[IJ>XjhidbZgh#IdZchjgZi]Vii]^h^hegde"
Zgan^beaZbZciZY!i]ZZck^gdcbZciVabZVhjgZhd[VaaIJ>]diZah]VkZWZZchjgkZnZY
VccjVaanh^cXZ&..'k^Vi]ZIJ>:ck^gdcbZci8]ZX`a^hi#I]ZZck^gdcbZciVaeZg[dgb"
VcXZd[ZVX]]diZa^hgVc`ZYWnVild"e]VhZhXdg^c\hnhiZb/
:kVajVi^dcd[Zck^gdcbZciVabZVhjgZh$b^c^bjbZck^gdcbZciVahiVcYVgYh#
=diZahgZXZ^kZVheZX^ÇXcjbWZgd[ed^cih[dgZck^gdcbZciVabZVhjgZhhi^ejaViZY^c
i]ZIJ>:ck^gdcbZci8]ZX`a^hi#I]Zb^c^bjbdW_ZXi^kZd[ZVX]XdcigVXijVa]diZa^hid
bV^ciV^ci]ZYZÇcZYb^c^bjbZck^gdcbZciVahiVcYVgYh#I]ZhZ^cXajYZi]Z[daadl^c\
VheZXih/
:ck^gdcbZciVaeda^XndcY^heaVn[dgi]Z]diZa\jZhih
6YZY^XViZYZck^gdcbZcid[ÇXZg
6iaZVhi[djg^beaZbZciZYlViZghVk^c\bZVhjgZh
6iaZVhiild^beaZbZciZYZcZg\nhVk^c\bZVhjgZh
GZ\jaVgbZVhjgZbZcid[gZhdjgXZXdchjbei^dc
IJ>:ck^gdcbZciVa8]ZX`a^hi[dg=diZah
&'-
:kVajVi^c\XjhidbZgZck^gdcbZciVahVi^h[VXi^dc#>cVYY^i^dcidi]Z^c[dgbVi^dcXda"
aZXiZYWni]Z:ck^gdcbZci8]ZX`a^hi!i]ZhVi^h[VXi^dcd[]diZa\jZhihl^i]i]ZZck^gdc"
bZciVabZVhjgZh^beaZbZciZYVii]Z^g]diZa^hZkVajViZYdcVcVccjVaWVh^h#8jhidbZg
fjZhi^dccV^gZh^hhjZYWnIJ>BVg`ZiGZhZVgX]VgZ]VcYZYidZkZgnXjhidbZg^ci]Z^g
igVkZaYdXjbZcihVcYVh`/¼=dlldjaYndjVhhZhhi]ZbZVhjgZh^beaZbZciZYWnndjg
]da^YVn]diZaidgZYjXZZck^gdcbZciVa^beVXi4¼8jhidbZgh^hhjZhXdgZh[gdb&2¼kZgn
\ddY¼id*2¼kZgnWVY½#I]ZhjgkZngZhjaihVgZZkVajViZYVccjVaan#I]ZVkZgV\ZhXdgZ
[dgIJ>]diZah^c'%%+lVh'#'*#:kZgn]diZagZXZ^k^c\VWdkZVkZgV\ZhXdgZh[dgi]Z^g
Zck^gdcbZciVaeZg[dgbVcXZ^h\^kZcWdcjhed^cih#I]ZidiVahXdgZ[dgi]ZZck^gdcbZc"
iVaeZg[dgbVcXZd[ZVX]]diZa^hi]ZcXVaXjaViZY[gdbi]ZZck^gdcbZciVaeZg[dgbVcXZ
hXdgZVcYi]ZWdcjhed^cih[dgXjhidbZghVi^h[VXi^dc#I]^h\ZcZgViZhi]ZVccjVaZck^"
gdcbZciVagVc`^c\d[VaaIJ>XdcigVXijVa]diZahVgdjcYi]ZldgaY#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
6lVgYh[dgdjihiVcY^c\\adWVaZck^gdcbZciVaeZg[dgbVcXZ#I]Z&%%]diZahide"
e^c\i]ZhZ\adWVagVc`^c\hºVlVgYZYi]Z]^\]ZhicjbWZgd[ed^cih[dgi]Z^gZck^gdc"
bZciVaan"XdbeVi^WaZVcY[dglVgYadd`^c\]diZabVcV\ZbZciºgZXZ^kZi]ZIJ>:c"
k^gdcbZci8]Vbe^dc6lVgY#I]ZWZhi&%]diZahldgaYl^YZgZXZ^kZi]Z:ck^gdcbZci
8]Vbe^dc^c<daY#I]ZdW_ZXi^k^ind[i]ZZck^gdcbZciVagVc`^c\ZkVajVi^dcbZi]dY
VcYi]ZhZaZXi^dcd[IJ>:ck^gdcbZci8]Vbe^dchlVh^cheZXiZYVcYVeegdkZYWnVc
^cYZeZcYZciZmeZgiVheVgid[>HD&)%%&XZgi^ÇXVi^dc#
Hjeedgi[dgXdcigVXijVaeVgicZgh#IJ>cdidcanYZbVcYh]^\]Zck^gdcbZciVa
hiVcYVgYh!^iVahdVXi^kZanhjeedgih^ih]diZaeVgicZgh^cVX]^Zk^c\[dglVgYadd`^c\hd"
aji^dch#IJ>hZijei]Z[dgjblll#ij^"ZXd]diZa#YZidegdbdiZi]ZVXi^kZZmX]Vc\Z
d[^YZVhVcY^c[dgbVi^dc#I]^hlZWh^iZegdk^YZhIJ>XdcigVXijVaeVgicZghl^i]YZ"
iV^aZY^c[dgbVi^dcVcY]Zae[dg[jgi]ZgYZkZade^c\i]Z^gZck^gdcbZciVabVcV\ZbZci
hnhiZbh#>iVahdVhh^hihi]ZXgdhh"WdgYZgZmX]Vc\Zd[WZhiegVXi^XZZmVbeaZh#=diZa"
^ZghXVcVahdZciZgi]Z^gaViZhiZck^gdcbZciVabZVhjgZh^cVc^ciZgVXi^kZ:ck^gdcbZci
8]ZX`a^hi#IJ>gZhedcYhfj^X`anid^c[dgbi]Z]diZa^Zghl]Zi]Zgi]ZhZbZVhjgZh
Xdc[dgbl^i]IJ>¿hb^c^bjbZck^gdcbZciVahiVcYVgYh#
IJ>:XdGZhdgiVlVgY#IJ>=diZahGZhdgihVcYIJ>6<<gdje8dgedgViZ:ck^gdc"
bZciVaBVcV\ZbZciXddeZgViZYidXgZViZi]Z^c"]djhZfjVa^inaVWZa¼:XdGZhdgi½#>i
]VaabVg`h]diZahVcYXajWXdbeaZmZhl^i]^ci]ZIJ>=diZahGZhdgihedgi[da^dl]^X]
[jaÇai]ZYZÇcZY¼:XdGZhdgi¼Xg^iZg^V/
&#:meZg^ZcXZcVijgZ
:meZg^ZcXZcVijgZVcYi]ZZck^gdcbZciViÇghi]VcY#:XdGZhdgihd[[Zgi]Z^g\jZhih
i]Zdeedgijc^ind[ZmeZg^ZcX^c\cVijgZXadhZjeºZ^i]Zg^ci]Z]diZa¿hdlc^ck^i^c\
\VgYZchdg^ccZVgWndjihiVcY^c\cVijgVaXdjcignh^YZ#
'#=ZVai]VcYfjVa^in
=da^YVnh^c:XdGZhdgihZfjViZhl^i]gZaVmVi^dcVcY[ZZa^c\\ddY#HeZX^VaZbe]Vh^h
^heaVXZYdcdWk^Vi^c\higZhh!VXi^k^i^Zh[dgegdbdi^c\]ZVai]VcYZXdad\^XVafjVa^in#
;dg^chiVcXZadXVaVcYgZ\^dcVaegdYjXih[gdbZXdad\^XVa[Vgb^c\VgZi]ZegZ[ZggZY
X]d^XZ#
(#8dbb^ibZciidhjhiV^cVWaZYZkZadebZci
:XdGZhdgihXddeZgViZl^i]cVijgZXdchZgkVi^dcdg\Vc^hVi^dch!VgZ^ckdakZY^cXja"
ijgVaVcYhdX^Vaegd_ZXihVcYhZch^i^hZhiV[[^ci]Z]da^YVnXdjcignidZck^gdcbZciVa
^hhjZh#
)#=^\]aZkZad[ZXdad\^XVaZ[ÇX^ZcXn
I]ZZck^gdcbZciVaegdiZXi^dc^c:XdGZhdgih^hViV]^\]aZkZaVcY\jVgVciZZhXVgZ[ja
jhZd[gZhdjgXZhl^i]djiXdbegdb^h^c\Xdb[dgi#>i^cXajYZh[dg^chiVcXZlVhiZVcY
lVhiZlViZgbVcV\ZbZci!lViZgVcYZcZg\nhVk^c\bZVhjgZhVhlZaaVhd[iZci]Z
jhZd[gZcZlVWaZZcZg\n#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&'.
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
*#8Zgi^ÇZYZck^gdcbZciVaegdiZXi^dc
I]ZZck^gdcbZciVabVcV\ZbZcihnhiZbd[i]Z:XdGZhdgihVgZX]ZX`ZYWn^cYZ"
eZcYZci!VXXgZY^iZYheZX^Va^hihVcYXZgi^ÇZY^cVXXdgYVcXZl^i]VgZXd\c^hZYcVi^dcVa
dg^ciZgcVi^dcVaZck^gdcbZciVahiVcYVgY!hjX]Vh>HD&)%%&#
I]dbhdc<gZZcBZYVaVlVgY#I]dbhdcIJ>J@aVjcX]ZY^ih<gZZcBZYVa^c
'%%+VhVc^ciZgcVafjVa^inaVWZa[dg]^\]Zck^gdcbZciVaVcYhdX^VahiVcYVgYh#)*%%
]diZah]VkZVagZVYnWZZcX]ZX`ZYdci]ZWVh^hd[dkZg&%%Xg^iZg^V#I]ZhZ^cXajYZ
bZVhjgZh[dgZck^gdcbZciVaan"XdbeVi^WaZ]diZabVcV\ZbZci!VcYWZcZÇih[dg
i]Z]dhiXdjcignVcY^ih^c]VW^iVcih#Di]ZgXg^iZg^V^cXajYZi]ZejgX]VhZd[adXVa
egdYjXih!i]ZXgZVi^dcd[cZl_dWh!VcYi]ZigV^c^c\VcYYZkZadebZcid[adXVahiV[[#
I]dbhdcVlVgYZYi]Z]^\]Zhiedhh^WaZhiVijh¼<gZZcBZYVaL^ccZg¼idild]diZah
^c'%%+#&)di]Zg]diZahldci]ZbVg\^cVaanaZhhhig^c\Zci<gZZcBZYVahiVijh#
Egdbdi^c\hjhiV^cVWaZXdchjbei^dceViiZgch
Egdbdi^c\hjhiV^cVWaZXdchjbei^dceViiZgchºXdbW^cZYl^i]i]ZegdiZXi^dcVcY
Zc]VcXZbZcid[]da^YVnfjVa^inº^hdcZd[i]ZbV^cdW_ZXi^kZhd[hjhiV^cVWaZidjg"
^hbYZkZadebZciidYVn/hjhiV^cVWaZ]da^YVnhh]djaYcdadc\ZgWZVhbVaac^X]ZegdY"
jXi[dgV[ZleVgi^XjaVganZck^gdcbZciVaanVcYhdX^VaanXdbb^iiZYidjg^hih#I]ZV^b^h
idXgZViZVedh^i^kZ^bV\Z[dghjhiV^cVW^a^inVheZXihVcYidbV`Zi]ZbVeeZVa^c\id
i]ZWgdVYZhiedhh^WaZX^gXaZd[XjhidbZgh#I]^hbZVchi]VihjhiV^cVWaZ]da^YVnegdY"
jXihº[dg^chiVcXZ[ZVijg^c\eVgi^XjaVgan^ciZchZZmeZg^ZcXZhº]VkZidhZii]Zb"
hZakZhVeVgi[gdbdi]ZgegdYjXih#I]^hl^aabV`Z^iedhh^WaZideZgbVcZcianXgZViZ
WgdVYZgVXXZeiVcXZ[dghjhiV^cVWaZ]da^YVnhVbdc\hi]da^YVnbV`Zgh#
EgdYjXiaVWZaa^c\[dgWZiiZg^c[dgbZYXdchjbZgX]d^XZ#=da^YVnbV`Zghl^aadcan
^cXdgedgViZhjhiV^cVW^a^inVheZXih^ci]Z^g]da^YVnX]d^XZhidV\gZViZgYZ\gZZ^c
[jijgZ^[i]ZnVgZhjeea^ZYl^i]^c[dgbVi^dcl]^X]^hXgZY^WaZVcYXdck^cX^c\#=diZah
l^i]djihiVcY^c\Zck^gdcbZciVaVcYhdX^VaeZg[dgbVcXZhVgZi]ZgZ[dgZaVWZaaZYVcY
]^\]a^\]iZY^ci]ZIJ>9ZjihX]aVcYWgdX]jgZhVh:XdGZhdgiVcYIJ>:ck^gdcbZci
8]Vbe^dch!l]^ahiI]dbhdcIJ>J@aVWZahhjX]]diZahl^i]i]Z<gZZcBZYVa#I]Z
IJ>9ZjihX]aVcYXViVad\jZhVahdegdk^YZXjhidbZghl^i]VYY^i^dcVa^c[dgbVi^dcdc
¼CVijgZVcY:ck^gdcbZci¼^cZVX]]da^YVngZ\^dc#I]Z¼=da^YVnVcYZck^gdcbZciVa
XdbeVi^W^a^in¼eV\Z^cVaad[i]Z<ZgbVc"aVc\jV\ZIJ>WgdX]jgZh]ZaehXdchjbZgh
heZX^ÇXVaanl^i]i]Z^gX]d^XZd[]da^YVnhWnejWa^h]^c\VigVcheVgZciYZXaVgVi^dcdc
Zck^gdcbZciVaXg^iZg^V[dg]diZah!YZhi^cVi^dchVcYbdYZhd[igVchedgi#IJ><gdje
8dgedgViZ:ck^gdcbZciVaBVcV\ZbZci^hVahdVkV^aVWaZWZ[dgZVcYV[iZgi]Z]da^YVn
idVchlZgXjhidbZgZcfj^g^ZhXdcXZgc^c\i]ZZck^gdcbZci#I]ZYZeVgibZciVahd
ldg`hXadhZanid\Zi]Zgl^i]8jhidbZgHZgk^XZ#
CdjkZaaZh;gdci^ƒgZhVahdWZ\Vci]ZejWa^XVi^dcd[hjhiV^cVWaZYZkZadebZciVcY
Zck^gdcbZciVaegdiZXi^dc^c[dgbVi^dc^c^ihWgdX]jgZh^c'%%*#I]^hgV^hZhi]ZVlVgZ"
cZhhd[]da^YVnbV`Zgh[dghjhiV^cVWaZ]da^YVnegdYjXihVcYhjeedgihWZiiZg"^c"
[dgbZY]da^YVnX]d^XZh#
&(%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
>CK:CIºhjhiV^cVW^a^inYgZVbYZhi^cV"
i^dc#>ccdkVi^kZbVg`Zi^c\XdcXZeih[dg
hjhiV^cVWaZidjg^hbegdYjXih
HeZX^ÇXiVg\Zi\gdjebVg`Zi^c\d[hjhiV^cVWaZ]da^YVnegdYjXih
>CK:CIegd_ZXiº>ccdkVi^kZbVg`Zi^c\XdcXZeih[dghjhiV^cVWaZidjg^hbegd"
YjXih#HjhiV^cVWaZ]da^YVnhcZZYidWZbVg`ZiZY^cVbdgZ[dXjhZYlVnViheZX^ÇX
iVg\Zi\gdjeh#I]^h^hi]ZXdcXajh^dcd[VgZhZVgX]egd_ZXiXdcYjXiZYWn>CK:CI!
[jcYZYWni]Z<ZgbVcB^c^hign[dg:YjXVi^dcVcYGZhZVgX]7B7;#HX^Zci^hih
[gdbi]Z>chi^iji[“ghdo^Va"Ž`dad\^hX]Z;dghX]jc\>HD:<bW=>chi^ijiZ[dg
HdX^d":Xdad\^XVaGZhZVgX]!i]ZIdjg^hbBVcV\ZbZciYZeVgibZcid[i]ZJc^kZgh^in
d[A“cZWjg\!VcYegd_ZXieVgicZgh[gdbi]Zidjg^hbVcYigVchedgi^cYjhign6B"
:GDE6"G:>H:C<bW=!9ZjihX]Z7V]c6<VcYAIJ"Idjg^hi^`<bW=XddeZgViZY
jcYZgi]ZdkZgVaabVcV\ZbZcid[y`d">chi^ijiZ#K#idYZkZadebVg`Zi^c\higViZ\^Zh
V^bZYVib^c^b^h^c\Zck^gdcbZciVa^beVXiVcYVkd^Y^c\hdX^VaXdcÈ^Xi#IJ><gdje
8dgedgViZ:ck^gdcbZciVaBVcV\ZbZciegdk^YZYi]Zegd_ZXil^i]iZX]c^XVahjeedgi#
I]ZbV^c[dXjhd[i]Zldg`lVhVYZiV^aZYVcVanh^hd[i]ZZmeZXiVi^dchVcYcZZYh
d[bVhhbVg`Zi]da^YVnbV`Zgh#I]Z>chi^iji[“ghdo^Va"Ž`dad\^hX]Z;dghX]jc\>HD:
<bW=XdcYjXiZYVgZegZhZciVi^kZhjgkZnd[dkZg'%%%]da^YVnbV`Zgh[dgi]^hejg"
edhZ#I]ZhZÇcY^c\h^YZci^ÇZYhZkZcY^[[ZgZciineZhd[]da^YVnbV`ZghVhcZliVg\Zi
\gdjeh[dgbVg`Zi^c\#
IJ>BVg`ZiGZhZVgX]VahdXVgg^ZYdji^c"YZei]VcVanh^hdci]ZZmeZXiVi^dchVcY
cZZYhd[]da^YVnbV`Zgh!VcYi]Za^[ZhinaZhVcY]da^YVnhinaZhd[kVg^djhiVg\Zi
\gdjeh#I]^hZcVWaZhhjhiV^cVWaZ]da^YVnegdYjXihhjX]VhXadhZ"id"cVijgZidjgh!
bZZi"i]Z"adXVahidjghVcYY^hXdkZgnidjghidWZiV^adgZYbdgZXadhZanidi]ZcZZYhd[
i]ZkVg^djhiVg\Zi\gdjeh/
<adWVa9^hXdkZgZgVhVhZeVgViZhjW"WgVcY#I]ZIJ>9ZjihX]aVcY<bW=Wgd"
X]jgZXdcXZei[dgi]Z'%%,hjbbZghZVhdcjcYZglZcibV_dggZhigjXijg^c\^c
'%%+#I]Z]ZVgid[i]^hgZedh^i^dc^c\^ckdakZhi]Z^cigdYjXi^dcd[i]gZZhjW"WgVcYh
ºi]ZcZlIJ>]da^YVnldgaYh#EgdYjXiYZkZadebZci^hXdbeaZiZandg^ZciZYidi]Z
eZghdcVa]da^YVnbdi^kZhd[i]ZXjhidbZgh#6cYi]ZfjZhi^dc/¼L]ViYdndjlVci
idZmeZg^ZcXZdcndjg]da^YVn4¼bViX]Zhi]ZegdYjXiZkZcbdgZXadhZanidi]ZeZg"
hdcVacZZYhVcY]da^YVnbdi^kZhd[XjhidbZgh#
<adWVa9^hXdkZgZgVhVhZeVgViZhjW"WgVcY
I]ZcZl¼<adWVa9^hXdkZgZg¼IJ>hjW"WgVcYLZaiZciYZX`Zgejihid\Zi]ZgV
XdbegZ]Zch^kZgVc\Z[dgi]ZÇghii^bZ[dg]da^YVnbV`Zghl]dlVciidY^hXdkZg!
ZmeZg^ZcXZVcYaZVgcbdgZVWdji[dgZ^\cXdjcig^Zh!eZdeaZVcYXjaijgZh#6¼<ad"
WVa9^hXdkZgZg¼^hVIJ>XjhidbZgineZl]dXVgg^ZhdjiYZiV^aZYgZhZVgX]WZ[dgZ
Wdd`^c\!VcYZc_dnh¼Xdci^cjdjhaZVgc^c\½#HjX]XjhidbZghVgZadd`^c\[dgigVkZa
egdYjXihl^i]V\gZViYZVad[ÈZm^W^a^inºl]^X]^hl]ni]ZbdYjaVgegd\gVbbZ
lVhXdch^YZgVWanWgdVYZcZY#I]ZcjbWZgd[Xjhidb^hZYidjghlVhVahd^cXgZVhZY!
VcYXVccdlVXXdbbdYViZeg^kViZ\gdjehd[ilddgbdgZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&(&
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
IVg\Zi"\gdjeheZX^ÇXXadhZ"id"cVijgZbV^a^c\#IVg\Zi"\gdjeheZX^ÇXbV^a^c\
XVbeV^\chVWdjii]ZgVc\Zd[IJ>XadhZ"id"cVijgZegdYjXih^c[dgbXjhidbZghZ\"
bZciheVgi^XjaVgan^ciZgZhiZY^cZck^gdcbZci"dg^ZciZY]da^YVnegdYjXihVcYXadhZ"
id"cVijgZ]da^YVnh#I]^hVahd^ckdakZhi]ZheZX^ÇXbVg`Zi^c\d[IJ>:ck^gdcbZci
8]Vbe^dc]diZah#
8adhZ"id"cVijgZ]da^YVn^ciZgcZieaVi[dgb#IJ>9ZjihX]aVcY¿hXadhZ"id"cVijgZ
]da^YVnegdYjXihVgZWjcYaZYdci]Z^ciZgcZi#8jhidbZghadd`^c\[dg]da^YVnhd[
i]^hineZ^ci]Z'%%,hjbbZghZVhdcXVcX]ddhZ[gdbdkZg'%%XadhZ"id"cVijgZ
]da^YVnh[gdbi]ZIJ>XdjcignWgdX]jgZhVcYheZX^VaWgdX]jgZh#
HjhiV^cVWaZ]da^YVnegdYjXih
6cViigVXi^kZVcYkVg^ZYgVc\Zd[XnXa^c\VcY]^`^c\]da^YVnh!bZZi"i]Z"adXVah]da^"
YVnhdgVXi^kZeVgi^X^eVi^dc^cgZhZVgX]egd_ZXih]ZaeidViigVXicZlXjhidbZghZ\"
bZcih[dgbdgZhjhiV^cVWaZ]da^YVnh#
HjhiV^cVWaZ]da^YVnegdYjXih[gdbIJ>
idjgdeZgVidgh/<ZWZXd!9g#I^\\Zh!IJ>
;gVcXZ!D;IGZ^hZc!I]dbhdc!EdaabVc¿h
=da^YVnYZhi^cVi^dc/=dli]ZadXVaha^kZ^c]dhiXdjcig^ZhVcYbZZi"i]Z"adXVah
ZmXjgh^dch#¼<ZWZXdA~cYZgZgaZWZc¼<ZWZXd8djcign9^hXdkZgnVcY¼9g#I^\\Zh¼
VgZWgVcYhdeZgViZYWni]ZY^hXdkZgnVcYZYjXVi^dcVaidjgdeZgVidg<ZWZXd!l]dhZ
cVbZhiVcYh[dg^ihXdgedgViZe]^adhde]nº¼<ZWZXdº<ZhZaahX]V[i[“g^ciZgcVi^dc"
VaZ7Z\Z\cjc\jcY8ddeZgVi^dc¼>ciZgcVi^dcVaZcXdjciZghVcYXddeZgVi^dcXdbeV"
cn#I]ZXdbeVcnheZX^Va^hZh^c]da^YVnh\^k^c\eVgi^X^eVcihVc^ciZch^kZ^ch^\]i^cid
i]Z]da^YVnXdjcign!ZmeZg^ZcX^c\[dgZ^\cXjaijgZh!bZZi^c\adXVah!VcYjcYZghiVcY^c\
i]Z^gigVY^i^dchVcYXjhidbh#
BdgZ]da^YVnh]VkZWZZcYZkZadeZY[dg'%%,l]^X]ZcVWaZ]da^YVnbV`ZghidZmeZg^"
ZcXZ^cbdgZYZei]i]ZYVn"id"YVna^kZhd[adXVa^c]VW^iVcih^ci]ZYZhi^cVi^dcXdjcig^Zh#
<ZWZXd¿h¼=dc\`dc\[VXZh¼idjg[dg^chiVcXZWg^c\h]da^YVnbV`Zgh[VXZ"id"[VXZl^i]i]Z
^c]VW^iVcihd[i]^hYncVb^XX^in#=da^YVnhVgZi]jhigVch[dgbZY^cidVbZY^jb[dg^ciZg"
XjaijgVajcYZghiVcY^c\VcYaZVgc^c\#>cVYY^i^dcidXaVhh^XXdjcignidjgh!IJ>;gVcXZVahd
VggVc\ZhheZX^VabZZi"i]Z"adXVah]da^YVnhl^i]^ihegdYjXi¼AZh8^gXj^ihVji]Zci^fjZh½#
8adhZ"id"cVijgZVcYXjaijgZ]da^YVnhVgZYZkZadeZY^cXddeZgVi^dcl^i]CVi^dcVa
<Zd\gVe]^X!VcY^cXajYZk^h^ihiddi]Zgl^hZ^cVXXZhh^WaZWZVjinhedihVcYXjaijgVa
igZVhjgZh#I]ZidjghVgZVXXdbeVc^ZYWnCVi^dcVa<Zd\gVe]^XZmeZgih#
;dgi]ZÇghii^bZ^chjbbZg'%%,!IJ>¿hD;IGZ^hZcidjgdeZgVidgWgVcY^cXajYZhC^aZ
Xgj^hZhdci]ZigVY^i^dcVaC^aZhV^a^c\h]^eh!i]Z9V]VWZnVh#HbVaa\gdjehd[]da^YVn"
bV`Zghl^aaWZVWaZidhV^ajei]ZC^aZ^ci]^hlVn^cVcZck^gdcbZciVaan"XdbeVi^WaZ
VcYbjX]bdgZi]g^aa^c\lVni]Vc^hedhh^WaZdci]ZXdjciaZhhXdckZci^dcVaXgj^hZ
h]^ehean^c\i]ZWjhng^kZg#=da^YVnbV`Zghdci]Z9V]VWZnVhVgZ\^kZcVbdgZ^ciZchZ
^ch^\]i^cida^[Zdci]Zg^kZg!^iheZdeaZVcYi]ZXjaijgZ^ci]ZWVX`lViZghVlVn[gdb
i]ZbV^cidjg^hiÈdlh#6aa?ZZeHV[Vg^hVcY7ZYdj^cY^ccZgZmXjgh^dchVgZdg\Vc^hZY
Wni]Z:c\a^h]idjgdeZgVidg^cXddeZgVi^dcl^i]i]ZadXVa7ZYdj^cXdbbjc^in^ci]Z
H^cV^YZhZgi#I]^h\^kZhidjg^hihV\gZViZg^ch^\]i^cidi]Za^[ZVcYhjgk^kVaiVXi^Xhd[i]Z
YZhZgicdbVYh#
&('
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
GZhedch^W^a^in/¼AdXVaWjh^cZhh^ci]Z
Xdbbjc^in^c@ZcnV½
I]Z@ZcnVcYZhi^cVi^dcV\ZcXnEdaabVc¿hVahdVggVc\ZhZmXjgh^dchidBhdgdc\dk^a"
aV\ZVii]Z[ddid[i]ZIV^iV=^aahid\^kZ^ciZgZhiZY]da^YVnbV`ZghVWZiiZg[ZZa[dg
i]ZXjaijgVaigVY^i^dch!heZX^VaXjhidbhVcYa^[ZhinaZhd[adXVa^c]VW^iVcih#
AVc\jV\Zh`^aah/i]ZWVh^h[dg^ciZgXjaijgVaY^hXdjghZ#:kZcWVh^XaVc\jV\Zh`^aah
ZcVWaZ]da^YVnbV`ZghidWgZV`i]Z^XZVcY\Ziid`cdli]ZadXVa^c]VW^iVcihWZi"
iZg#I]ZY^hXdkZgnVcYZYjXVi^dcVaidjgdeZgVidg<ZWZXd^hYZkZade^c\bdgZidjgh
^cl]^X]i]ZVXfj^h^i^dcd[aVc\jV\Zh`^aah^hVc^ciZ\gVaeVgid[i]Z]da^YVnegdYjXi#
>ci]Z9g#I^\\ZhZYjXVi^dcVaidjg¼HeVc^h]VcYFjZX]jVºYVn"id"YVna^[Zdci]Z
EZgjk^VceaViZVj¼]da^YVnbV`ZghVgZÇghiiVj\]iV[ZlWVh^XaVc\jV\Zh`^aah^cHeVc"
^h]VcYFjZX]jV#I]ZhjWhZfjZciidjghd[>cY^VcXdbbjc^i^Zh\^kZ]da^YVnbV`"
ZghVbdgZ^ciZchZ^ch^\]i^cidi]ZZkZgnYVna^kZhd[i]ZadXVaeZdeaZ!i]ZXjaijgZd[
i]Z6cYZVc^c]VW^iVcih!VcYVcdeedgijc^inidiVa`idi]ZbeZghdcVaan#9g#I^\\Zh
aVc\jV\ZZYjXVi^dcidjghZcVWaZXjhidbZghidÇcYdjibdgZVWdjii]Z]^hidgnd[V
aVc\jV\ZVcY^ihXjaijgVabZVchd[ZmegZhh^dc#6hlZaaVhaZVgc^c\VWdjii]ZhigjX"
ijgZd[VaVc\jV\Z!]da^YVnbV`ZghVahdVXfj^gZWVh^XaVc\jV\Zh`^aahi]Vii]ZnXVceji
^cidegVXi^hZYjg^c\i]Zidjg#I]Z9g#I^\\ZhaVc\jV\ZZYjXVi^dcVaidjg¼6gVW^X/@Zn
idHng^VcXjaijgZ¼lVhVlVgYZYi]Z<daYZcEVab'%%+Wn<:DH6>HDCVhi]ZWZhi
Y^hXdkZgnidjg#
=da^YVnhidJC:H8DLdgaY8jaijgVaVcYCVijgVa=Zg^iV\ZH^iZh#6XXdgY^c\idi]Z
JC:H8DYZÇc^i^dc!ldgaY]Zg^iV\Zh^iZhVgZ¼L^icZhhZhd[eVhiXjaijgZhVcYjc^fjZ
cVijgVaaVcYhXVeZhl]dhZY^hVeeZVgVcXZldjaYWZVc^ggZeVgVWaZadhh[dgi]Zl]daZ
d[]jbVc^in#EgdiZXi^c\i]Zb^hi]ZiVh`d[i]Z^ciZgcVi^dcVaXdbbjc^in#½
IJ>:heVŠVZbeadnZZhYd^c\kdajc"
iVgnldg`^ci]ZldgaYcVijgVa]Zg^iV\Z
cVi^dcVaeVg`¼AVh8VŠVYVhYZaIZ^YZ½!
IZcZg^[Z$8VcVgn>haVcYh
Idjg^hbXVcWZVg^h`VhlZaaVhVcdeedgijc^in[dgi]ZXdchZgkVi^dcd[ldgaY]Zg^i"
V\Zh^iZh#I]ZJC:H8DLdgaY=Zg^iV\Z8ZcigZL=8]Vhi]ZgZ[dgZ^beaZbZciZYV
¼LdgaY=Zg^iV\ZIdjg^hbEgd\gVbbZ¼h^cXZ&..&#I]ZV^b^hidegdiZXildgaY]Zg^i"
V\Zh^iZh^ci]Zadc\iZgbi]gdj\]hjhiV^cVWaZidjg^hbjhZVcY^ckVadg^hVi^dc#
IJ>hjeedgihi]^hdW_ZXi^kZ#IJ>idjgdeZgVidgWgVcYh\^kZIJ>]da^YVnbV`Zgh
ldgaYl^YZi]Zdeedgijc^ind[jcYZgiV`^c\gdjcYig^ehVcYZmXjgh^dchidcjbZgdjh
ldgaYXjaijgVa]Zg^iV\Zh^iZhVcYldgaYcVijgVa]Zg^iV\Zh^iZh#I]ZldgaY]Zg^iV\Zh^iZh
VgZ]^\]a^\]iZY^ci]ZidjgYZhXg^ei^dch#I]Z¼CVijgZVcY:ck^gdcbZci¼eV\Zh^cVaa
<ZgbVc"aVc\jV\ZIJ>WgdX]jgZhVahdegdk^YZXjhidbZghl^i]^c[dgbVi^dcdci]Z
JC:H8DldgaY]Zg^iV\Zegd\gVbbZVcYi]ZXjaijgVaVcYcVijgValdgaY]Zg^iV\Zh^iZh
^ci]ZYZhi^cVi^dcXdjcign#I]^hejWa^X^hZhi]ZJC:H8DldgaY]Zg^iV\Zegd\gVbbZ
VcYgV^hZhi]ZVlVgZcZhhd[]da^YVnbV`Zgh[dgi]ZcZZYidegdiZXidjgXdbbdc
ldgaYXjaijgVaVcYcVijgVa]Zg^iV\Z#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&((
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
HeZX^Vai]ZbZWgdX]jgZh/<ZWZXd!9g#I^\"
\Zh!IJ>9ZjihX]aVcY!CdjkZaaZh
;gdci^ƒgZh!=ZVYlViZg
8adhZ"id"cVijgZVcYÇicZhh#I]Z¼<ZWZXd8djcign9^hXdkZgn¼egdYjXigVc\Z]Vh
^cXajYZYVheZX^VaWgdX]jgZdcXnXa^c\VcY]^`^c\]da^YVnhh^cXZhjbbZg'%%+#I]ZhZ
egdYjXihZcVWaZ]da^YVnbV`ZghidVXi^kZanZmeadgZVcYY^hXdkZg]da^YVnXdjcig^Zhdc
[ddidgWnW^`Z#I]ZXaVhh^Xidjg^hi]Z]^`^c\dgXnXaZidjgd[i]Z<gZViLVaad[8]^cV#
IJ>BVg`ZiGZhZVgX]]VhY^hXdkZgZYi]Vii]ZgZVgZildY^[[ZgZcihedgi^c\anVXi^kZ
iVg\Zi\gdjeh^ci]Z]da^YVnbVg`Zi/gZXgZVi^dcVahedgihbZcVcYldbZcVcY]da^YVn
hedgihbZcVcYldbZc#I]ZcZlIJ>HedgihWgdX]jgZ^h[dXjhZYdci]ZhZiVg\Zi
\gdjeh#HeZX^VaViiZci^dc]ZgZ^h\^kZcidegd[Zhh^dcVaVcYXdbeZiZci\j^Y^c\VcY
hV[Zin#IJ>¿hcZl¼=^`^c\VcY7^`^c\¼WgdX]jgZ^heg^bVg^anV^bZYViVXi^kZ]da^YVn"
bV`Zgh#8dbW^c^c\]da^YVnhl^i]ZmZgX^hZ^hi]Zbdhi^bedgiVcieg^dg^in[dgi]^hXjh"
idbZg\gdje#I]ZegdYjXia^cZ^hYZh^\cZY^cXddeZgVi^dcl^i]ZmeZg^ZcXZYeVgicZgh
hjX]Vhi]Z9jiX]W^XnXaZbVcj[VXijgZg@d\VB^nViVVcYi]Z6ae^cZHX]dda>cch"
WgjX`6H>#7di]VgZigZcY"hZiiZgh^ci]Zhedgi^c\]da^YVnhbVg`ZiVcY\jVgVciZZ
XdbeZiZcXZVcYfjVa^in#
I]Z¼IJ><adWVa9^hXdkZgZgH]dgi7gZV`h¼WgdX]jgZ[dghjbbZg'%%,^cXajYZh(&
cZlXadhZ"id"cVijgZh]dgiWgZV`hbVg`ZiZYjcYZg¼;^icZhhVcY6YkZcijgZh½#>cVYY^"
i^dcidXaVhh^XXnXa^c\VcY]^`^c\]da^YVnh!di]ZgegdYjXih[dg]da^YVnbV`Zgh^ciZgZhi"
ZY^cZmZgX^hZ^cXajYZCdgY^XLVa`^c\YVnh!bdjciV^cW^`^c\!XVcdZig^ehVcYhV^a^c\#
CdjkZaaZh;gdci^ƒgZh]VhildheZX^VaWgdX]jgZh[dgXadhZ"id"cVijgZ]da^YVnh/¼GVcYd
IgZ`¼[dg]^`^c\VcYigZ``^c\]da^YVnhVgdjcYi]ZldgaY!VcYi]ZcZl¼6kZcijgZ¼
WgdX]jgZ[dghjbbZg'%%,l]^X]^cXajYZhdjiYddghedgihhjX]VhXVcdZidjg^c\VcY
CdgY^XLVa`^c\#
I]Z:c\a^h]idjgdeZgVidgV[Ça^ViZ=ZVYlViZg^hVheZX^VaidjgdeZgVidgZmXajh^kZan
VggVc\^c\VXi^kZdjiYddg]da^YVnhhjX]Vh]^`^c\!XnXa^c\VcYXVcdZ^c\#
EgZkZciVi^kZ]ZVai]XVgZbZVhjgZhYjg^c\]da^YVnh#>cVYY^i^dcideZghdcValZaaWZ"
^c\!Vcdi]ZgVheZXid[^cXgZVh^c\^bedgiVcXZ[dg]da^YVnh^hegZkZciVi^kZ]ZVai]XVgZ#
IJ>¿h¼K^iVa¼WgdX]jgZÇghi^hhjZY^chjbbZg'%%+cdidcan^cXajYZhgZaVmVi^dcidl^cY
Ydlc!WjiVahdVXi^kZ]ZVai]^begdkZbZciegd\gVbbZh!VcY^ceVgi^XjaVgVegZkZciV"
i^kZ]ZVai]egd\gVbbZYZkZadeZY^cXddeZgVi^dcl^i]i]Z96@VcY@==bZY^XVa^chjg"
VcXZXdbeVc^Zh!VcYXdch^YZgVWanWgdVYZcZY[dghjbbZg'%%,#IJ>K^iVa]da^YVnbV`"
ZghXVccdleVgi^X^eViZ^c*%hjWh^Y^hZYegZkZciVi^kZegd\gVbbZh^c()]diZah#
IJ>K^iVa^hZkdak^c\^cidV]ZVai]heZX^Va^hi
&()
GD7>CHDC8ajWhVahd^cXgZVh^c\anegdk^YZi]Z^gXjhidbZghl^i]deedgijc^i^Zh[dgXdb"
W^c^c\i]Z^g]da^YVnhl^i]egZkZciVi^kZ]ZVai]bZVhjgZh#I]ZcZl¼GD7>CHDCLZaa;^i
6XVYZbn¼^hgjcWn]^\]anfjVa^ÇZYZmeZgihl]d^cigdYjXZeVgi^X^eVcih[dgVlZZ`id
¼]ZVai]nWVX`¼ZmZgX^hZhVcY¼E^aViZh½#=da^YVnhVgZi]ZgZ[dgZjhZYVhdeedgijc^i^Zhid
iV`Zi]ZÇghihiZehidlVgYhegZkZciVi^kZ]ZVai]XVgZ^cVgZaVmZYZck^gdcbZciXdcYj"
X^kZidaZVgc^c\#I]^h[dgbhV\ddYWVh^h[dgejii^c\l]Vi]VhWZZcaZVgci^cidegVXi^hZ
VcY^cXdgedgVi^c\egZkZciVi^kZ]ZVai]bZVhjgZh^cideZdeaZ¿hZkZgnYVna^kZh#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
HeZX^VaegdYjXia^cZh[dgZVX]V\Zd[a^[Z#IJ>9ZjihX]aVcY]VhYZkZadeZYegdYjXi
a^cZhZheZX^VaanVYVeiZYidi]ZY^[[ZgZcigZfj^gZbZcihd[ZVX]V\Zd[a^[Z#I]ZWVX`"
\gdjcYidi]^h^hi]Vi)*eZgXZcid[XjhidbZghVgZdaYZgi]Vc*%!VcYi]ZcjbWZgd[
idjg^hihV\ZYWZilZZc,%VcY-%^hhZiidYdjWaZWn'%'%#¼:c_dn^c\a^[Zid\Zi]Zg¼^h
IJ>¿hbdiid[dg7Zhi6\Zgh^c^ih¼8ajW:aVc¼egdYjXia^cZ[ZVijg^c\XjaijgZZYjXV"
i^dcVhlZaaVhZmZgX^hZ]ZVai]#IJ>Vahd]VhheZX^VaK^iVa=da^YVnXViVad\jZh#
8ajW:aVcegdYjXia^cZ[dgdaYZgiVg"
\Zi\gdjehgZhedcY^c\idYZbd\gVe]^X
X]Vc\Z/¼7jh^cZhhbdidg/7Zhi6\Zgh¼
ºbVijgZX^i^oZchVhXdchjbZgh
G^h`hVcYdeedgijc^i^Zhd[YZbd\gVe]^X
X]Vc\Z
7VX`\gdjcY/I]ZYZbd\gVe]^XX]Vc\ZhV[[ZXi^c\hdX^ZinVgZdcZd[i]ZW^\^hhjZhdc
i]ZhjhiV^cVW^a^inV\ZcYVXdcXZgc^c\eda^Xn"bV`Zgh!Wjh^cZhhVcYhdX^Zin#>iX]VaaZc\"
ZhdjgXdbeZiZcXZ^cbVcnVgZVh/^ccdkVi^dc!\ZcZgVi^dcVaZfjVa^inVcYhdX^VaXd]Z"
h^dc#8dbeVc^ZhXVceaVnVcVXi^kZeVgi^cY^Vad\jZl^i]i]Z\ZcZgVaejWa^Xidejh]
[dglVgYi]ZcZXZhhVgndW_ZXi^kZVcYhjW_ZXi^kZX]Vc\Zh#>cVYY^i^dcidhdbZjcXZg"
iV^cinVcYg^h`[VXidgh!YZbd\gVe]^XX]Vc\ZXVcVahdWZhZZcVhVbV_dgdeedgijc^in
[dgWjh^cZhh#I]ZX]Vc\^c\cZZYhd[daYZghdX^Zi^Zh!XdbW^cZYl^i]^ccdkVi^kZa^[ZhinaZ
bdYZah[dg7Zhi6\Zgh!XgZViZVg^h^c\YZbVcY[dgcZlegdYjXihVcYhZgk^XZh!VcY
bdY^[nbVg`Zih#7jh^cZhhZhVgZ]de^c\idhjXXZhh[jaanW^cYi]ZXjhidbZghidi]Zb"
hZakZhVcYi]Z^gWgVcYh!VcYegZhZciViigVXi^kZegdYjXih[dgeZdeaZ^ci]Zi]^gYe]VhZ
d[a^[Z#6cYidZchjgZi]Zedh^i^kZ[jijgZ"dg^ZciVi^dcd[i]Z^gdlcegdYjXih!XdbeVc^Zh
]VkZid`cdl]dli]ZZXdcdbnl^aaWZV[[ZXiZYWnYZbd\gVe]^XX]Vc\Z!^cdi]Zg
ldgYh!i]ZY^gZXi^dc^cl]^X]Xdchjbei^dc!hVk^c\h!^ciZgZhigViZh!hVaVg^ZhVcYejWa^X
ÇcVcXZhVgZ]ZVY^c\^ci]Zadc\iZgb#
I]Z¼7Zhi6\Zgh¼iVg\Zi\gdjedeZchjeW^\deedgijc^i^Zh[dgi]Zidjg^hbhZXidgWZ"
XVjhZi]Zn]VkZV\gZViYZVad[heVgZi^bZVcYheZcYVaVg\Zegdedgi^dcd[i]Z^gY^h"
edhVWaZ^cXdbZdcaZ^hjgZVXi^k^i^Zh#I]ZgZVgZVahdY^[[ZgZciXjhidbZgineZhVbdc\hi
7Zhi6\ZghgVc\^c\[gdb¼aZhhVXi^kZ¼id¼hedgih]da^YVn½#IJ>eVgi^X^eViZY^ci]ZY^V"
ad\jZeVeZg¼7jh^cZhhVcYYZbd\gVe]^XX]Vc\Z¼ejWa^h]ZYWni]ZXdgedgViZeaVi[dgb
ZXdchZchZºHjhiV^cVWaZ9ZkZadebZci;dgjbd[<ZgbVc7jh^cZhh#
¼ZXdchZchZ^cY^Vad\jZ¼^hheZX^VaejWa^XVi^dc&%)ejWa^h]ZYWn¼eda^i^XVaZXdad\n½
¼IJ>;Vb^an;an8Vg¼VcY¼IJ>;Vb^an8ajWh¼WgdX]jgZhVgZheZX^ÇXVaanV^bZYVi
[Vb^a^Zh#¼IJ>7VVY^c\dd@^Yh8ajWh½!¼HDA>CD"@^Yh8ajWh¼VcY¼IJ>;Vb^an8ajWh¼
egdk^YZVgVc\Zd[heZX^VaZciZgiV^cbZciVcYhjeZgk^h^dcd[[Zgh#
IJ>]diZahVcYXdcigVXijVaeVgicZghVgZZkVajViZYVcYYZkZadeZYZheZX^Vaan[dg[Vb"
^an"[g^ZcYan]da^YVnhdci]ZWVh^hd[dkZg*%Xg^iZg^V#HeZX^VahV[ZingZ\jaVi^dch[dg^c"
hiVcXZVgZhi^ejaViZYVcYgZ\jaVgan^cheZXiZY^cVaad[i]Z[VX^a^i^ZhYZh^\cZYheZX^Vaan
[dg[Vb^a^Zh#
ZXdchZchZ¼^cY^Vad\jZ½
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&(*
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
:ck^gdcbZciVaan"XdbeVi^WaZ]da^YVnh^cZXdad\^XVaanhZch^i^kZVgZVh#8gj^hZa^cZgh
VgZVWaZidk^h^ijched^aiVgZVhl]^X]VgZdi]Zgl^hZ^cVXXZhh^WaZWjil]^X]Vahd[gZ"
fjZcian]dhiZmigZbZanhZch^i^kZ]VW^iVih#G^\]i[gdbi]ZhiVgid[egdYjXiYZkZade"
bZci!=VeV\"AadnY8gj^hZhi]ZgZ[dgZZmegZhhanVcYXVgZ[jaaniV`Zh^cidXdch^YZgVi^dc
Vaad[i]ZgZ\jaVi^dchVcYhi^ejaVi^dch[dgi]ZeaVccZYgdjiZh!Y^hZbWVg`^c\ed^cih
VcYZmXjgh^dcYZhi^cVi^dch#
:ck^gdcbZciVaan"VlVgZ]da^YVnhl^i]
=VeV\"AadnY8gj^hZh
=VeV\"AadnY8gj^hZh^hVbZbWZgd[i]Z¼>ciZgcVi^dcVa6hhdX^Vi^dcd[6ciVgX"
i^XVIdjgDeZgVidgh>66ID¼VcYegdk^YZhVaaeVhhZc\ZghWZ[dgZi]ZnhiVgii]Z^g
Xgj^hZl^i]^c[dgbVi^dcYZkZadeZYWn>66IDdcegdeZgWZ]Vk^djg[dgk^h^idghidi]Z
6ciVgXi^X#:meZgihdcWdVgY\^kZaZXijgZhidgV^hZi]ZVlVgZcZhhd[eVhhZc\Zgh[dg
i]ZhZkZgnhZch^i^kZZXdhnhiZbh#=VeV\"AadnY^hXdbb^iiZYidjh^c\hiViZ"d["i]Z"
Vgih]^ehl^i]i]Z]^\]ZhiiZX]c^XVahiVcYVgYhl^i]i]ZV^bd[^beaZbZci^c\VXi^kZ
Zck^gdcbZciVaegdiZXi^dc#=ZVknd^aXdchjbei^dcVcYZb^hh^dchVgZgZYjXZYVh[Vg
Vhedhh^WaZWnjh^c\jaigVbdYZgcZc\^cZh#6aa=VeV\"AadnYXgj^hZa^cZghjhZI7I"[gZZ
jcYZglViZgeV^ci#DcWdVgYW^dad\^XVahZlV\Zldg`hVcYhiViZ"d["i]Z"Vgi^cX^cZgV"
i^dchnhiZbhb^c^b^hZZck^gdcbZciVa^beVXi#
=da^YVnbV`ZghVXi^kZan^ckdakZY^cXdgVaegdiZXi^dc#BVg^cZhX^Zci^hi[dgV[Zl
YVnh/VYgZVbl]^X]XdbZhigjZ[dgGD7>CHDChXjWVY^kZgh#8jhidbZghVcYZb"
eadnZZhd[i]ZGD7>CHDC8ajWHdbV7Vn:\nei]VYVcdeedgijc^in^cildegd_ZXi
lZZ`h^chjbbZg'%%,d[hZZ^c\XdgVagZZ[hl^i]i]ZZnZhd[VhX^Zci^hiVcYid
WZXdbZVXi^kZan^ckdakZY^cXdgVaegdiZXi^dc#JcYZgi]ZZmeZgi\j^YVcXZd[VbVg^cZ
hX^Zci^hi[gdbi]ZegdiZXi^dc^c^i^Vi^kZ¼GZZ[8]ZX`½!eVgi^X^eVcihaZVgciV\gZViYZVa
VWdjii]Z[VhX^cVi^c\heZX^ZhY^kZgh^indcXdgVagZZ[h!VhlZaaVhi]Zg^h`hi]Zn[VXZ!
VcYegdiZXi^dcbZVhjgZh#
9jg^c\i]Z^g_d^ci¼GZZ[8]ZX`¼Y^kZh!i]ZiZVbd[hX^Zci^hihVcYIJ>XjhidbZghdc
dcZdXXVh^dcXdjciZYi]ZcjbWZgd[\gdjeZghVcYadWhiZghºhZch^i^kZ^cY^XVidgh
[dgi]Z]ZVai]d[VgZZ[#I]ZYViVlVhZkVajViZY^ch^ijWni]ZiZVbVcY[dglVgYZY
higV^\]iidi]Z¼GZZ[8]ZX`¼]ZVYd[ÇXZ^cAdh6c\ZaZh#I]ZYViVlVhi]Zc^cXdged"
gViZY^ci]ZgZedgihdci]Z\adWVahiVijhd[XdgVagZZ[h#
9^k^c\[dg]VcY^XVeeZYXjhidbZgh#8dadjg[jahlVgbhd[Çh]Zh!XdgVagZZ[hVcY
XgZZenjcYZglViZglgZX`h/IJ>VahdbV`Zh^iedhh^WaZ[dg]VcY^XVeeZYeZdeaZid
Y^hXdkZgi]Z[VhX^cVi^c\ldgaYd[hXjWVY^k^c\#>c^ih¼IJ>Hedgih9^k^c\¼WgdX]jgZ!
IJ>bV`ZhVkV^aVWaZ[dgi]ZÇghii^bZ^c'%%,heZX^Va]VcY^XVeeZYY^k^c\XdjghZh
^cH]Vgb:aH]Z^`]#HeZX^VaanigV^cZYY^k^c\^chigjXidgh[gdbi]Z=VcY^XVeHXjWV
6hhdX^Vi^dc=H6ZcVWaZ]VcY^XVeeZYeZdeaZhjX]VheVgVeaZ\^Xh!VbejiZZh!VcY
Wa^cYdgYZV[eZdeaZ!idZmeZg^ZcXZi]ZlZ^\]iaZhhcZhhd[i]ZjcYZglViZgldgaY#>c
VYY^i^dcidiZc]djghd[i]ZdgnVcYigV^c^c\^ci]Zedda!i]ZXdjghZhVahd^cXajYZ[djg
deZclViZgY^kZh#6aaeVgi^X^eVcihhiVndkZgc^\]i^ci]Z8VbZa9^kZ8ajW^cCV¿VbV
7Vnl]^X]^hZfj^eeZYl^i]l]ZZaX]V^g"XdbeVi^WaZgddbh#
9^k^c\egdYjXia^cZ
&(+
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
8dchjbZgegdiZXi^dcVcY^c[dgbVi^dc
i]gdj\]ZYjXVi^dcVcYfjVa^inVhhjgVcXZ
9g9gLda[B^X]VZa>lVcY!IJ>6<!iVa`h
l^i]i]Z[dgbZg<ZgbVc:ck^gdcbZci
B^c^hiZgVcYJC:E9^gZXidg<ZcZgVaEgd[
9g@aVjhIŽe[Zg!VcY6c`Z7^ZYZc`Vee!
HiViigZ^hZc=VccdkZg!Vii]Z¼GZ^hZeVk^a"
adc¼XdchjbZgigVYZ[V^g[dghjhiV^cVWaZ
idjg^hb#
>c[dgbVi^dc[dg^ciZgZhiZYbZbWZghd[i]ZejWa^X
I]Z¼&,i]GZ^hZeVk^aadcºBVg`ZieaVXZ[dgVaiZgcVi^kZigVkZa¼idd`eaVXZ^c=VcdkZg
^c;ZWgjVgn'%%,#I]ZldgaY¿haVg\ZhiigVYZ[V^g[dghjhiV^cVWaZidjg^hbdeZcZY
jcYZgi]ZeVigdcV\Zd[Egd[@aVjhIŽe[Zg#DcVh]VgZYhiVcYl^i]i]ZXddeZgVi^dc
eVgicZghJc^iZYCVi^dch:ck^gdcbZciEgd\gVbbZ$8dckZci^dcdcB^\gVidgnHeZX^Zh
7dcc8dckZci^dcºJC:E$8BHVcY:jgdeVgX;ZYZgVi^dc:jgdeZVc8]VgiZg[dg
HjhiV^cVWaZIdjg^hb^cEgdiZXiZY6gZVh!hiV[[[gdbi]ZXdgedgViZXZcigZ<gdje8dg"
edgViZ:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZcid[IJ>6<!VcYIJ>
9ZjihX]aVcY¿hFjVa^inVcY:ck^gdcbZci9ZeVgibZci^c[dgbZYi]ZigVYZk^h^idghVcY
^ciZgZhiZYbZbWZghd[i]ZejWa^Xi]gdj\]VgVc\Zd[egZhZciVi^dchVcY^c[d"bViZg^Va
dci]ZhiVcY#6\gZViYZVad[^c[dgbVi^dclVhegdk^YZYdci]Z¼NZVgd[i]Z9dae]^c
'%%,¼^c^i^Vi^kZidegdiZXii]^hZcYVc\ZgZYbVg^cZbVbbVa#
>c[dgbVi^dc[dgIJ>XjhidbZghVcYZbeadnZZh
IJ>¿h^c[dgbVi^dceda^XndcheZX^ÇXhjhiV^cVWaZYZkZadebZciide^XhVgZeg^bVg^an
V^bZYViigVcheVgZcXnVcYfjVa^inVhhjgVcXZ^ci]ZIdjg^hbVcY8gj^hZhhZ\bZcih/
EgdYjXiaVWZaa^c\[dg^c[dgbZYXdchjbZgX]d^XZ#I]Zegdk^h^dcd[XgZY^WaZVcY
igVcheVgZci^c[dgbVi^dcZcVWaZhXjhidbZghid^cXdgedgViZhjhiV^cVW^a^inVheZXih^c
i]Z^gigVkZaX]d^XZh#I]ZgVc\Zd[^c[dgbVi^dcVkV^aVWaZ^hY^hXjhhZY^cYZiV^a^ci]Z
¼HjhiV^cVWaZegdYjXiYZkZadebZci^cidjg^hb¼X]VeiZg#
8dcigdkZgh^Va^hhjZhVgZiVX`aZY^cheZX^Va
hiViZbZcihl]ZcgZfj^gZY!hjX]Vhi]^h
ZmVbeaZ[gdbIJ>Hj^hhZ/
BdgZ^c[dgbVi^dcVi/
lll#[V^gjciZglZ\h#X]
lll#gZheZXi#Vi
lll#idjg^hb"lViX]#YZ
lll#VbcZhin#X]
8dch^YZgVi^dchdc]da^YVnh^cBnVcbVgºidjg^hbl^i]deZcZnZh
=da^YVnhXVcgV^hZfjZhi^dch#EVgi^XjaVganl]Zci]Z\dkZgcbZcid[VYZhi^cVi^dc^h
VXXjhZYd[k^daVi^c\[jcYVbZciVa]jbVcg^\]ih#>chi^iji^c\VigVkZaWdnXdii]VhWZZc
Y^hXjhhZYVgdjcYi]ZldgaY[dgbVcnnZVgh#I]ZCdWZaeZVXZeg^oZaVjgZViZ6jc\
HVcHjj@n^VYkdXViZhVWdnXdiidcidjg^hb^c]Zg]dbZXdjcign#I]^h\^kZhg^hZid
jcXZgiV^cin/h]djaYdcZigVkZaidi]ZXdjcign!VcY^[nZh!^cl]Vi[dgbVcYl^i]l]Vi
Vii^ijYZ#I]ZYZX^h^dcidigVkZabjhiWZlZaaXdch^YZgZY#=da^YVnh^cBnVcbVgVgZ
X]VaaZc\^c\#I]ZZmeZg^ZcXZ^hjc[dg\ZiiVWaZ/ZcXdjciZghl^i]i]ZadXVa^c]VW^iVcih
VgZZbdi^dcVa#;dgZ^\ck^h^idghWZhidlV\gZViYZVad[]deZdci]ZadXVa^c]VW^iVcih!
VcYegdk^YZhVc^cXdbZ[dgi]Z^g[Vb^a^Zh#:mX]Vc\^c\de^c^dchl^i]]da^YVngZeh!
]diZahiV[[!gZhiVjgVcihiV[[ZiX#!]ZaehWgZV`YdlcegZ_jY^XZ#I]ZigVkZaaZgh]djaYWZ
lZaaVlVgZi]ViBnVcbVg^hgjcWnVb^a^iVgnY^XiVidgh]^e#;gZZYdbd[de^c^dcVcY
Y^gZXiXdciVXil^i]idjg^hih!VcYi]Z[gZZYdbd[bdkZbZcid[i]Z^c]VW^iVcihXVcWZ
gZhig^XiZYdgg^h`n#LZeg^bVg^anldg`l^i]^cYZeZcYZci!eg^kViZVcYcdc"\dkZgcbZc"
iVaeVgicZgh#LZi]ZgZ[dgZhjeedgihjhiV^cVWaZVcY_jhiYZkZadebZci#K^VdjgadXVa
gZegZhZciVi^kZh!lZVahdcjgijgZXdciVXihl^i]i]Zeda^i^XVadeedh^i^dcl]d]VkZcd
dW_ZXi^dcida^b^iZYfjVa^inidjg^hb#Dci]ZWVh^hd[djgbVcnnZVghd[ZmeZg^ZcXZ!
VcYi]Z[ZZYWVX`[gdbdjgXjhidbZgh!lZVgZXdck^cXZY/i]Z_djgcZn^hldgi]l]^aZ#
NdjYZX^YZ#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&(,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
8ViVad\jZeV\Z¼=da^YVnhVcYZck^gdcbZciVaXdbeVi^W^a^in¼
^cIJ>WgdX]jgZh
I]^heV\Z^hejWa^h]ZY^ci]ZWgdX]jgZh
^hhjZYWnIJ>9ZjihX]aVcY!IJ>
Hj^hhZ!IJ>6jhig^V!IJ>EdaVcYVcY
GD7>CHDC#
&(-
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
EgdYjXigZhedch^W^a^inVcYXdchjbZgegdiZXi^dc
FjVa^inVhhjgVcXZ/HiV[[Vhbjai^ea^ZghVcY\d"WZilZZchdc^hhjZh
d[hjhiV^cVW^a^in
I]ZIJ>ZmeZgicZildg`[dgbZYWn:ck^gdcbZciVaVcYHjhiV^cVW^a^in8ddgY^cVidgh
]VhbZidcXZVnZVgh^cXZ'%%)Vii]Z¼8d8dH¼8dc[ZgZcXZ^c=VcdkZg8ddgY^cV"
idgh¿8dc[ZgZcXZ[dg:ck^gdcbZciVaBVcV\ZbZciVcYHjhiV^cVWaZ9ZkZadebZci#
,)eVgi^X^eVcih[gdb(.IJ><gdjeXdbeVc^Zh[gdb&,Xdjcig^ZheVgi^X^eViZY^ci]Z
Xdc[ZgZcXZ^cHZeiZbWZg'%%+idejh]V]ZVYi]Z_d^cihjhiV^cVW^a^inhigViZ\nVcY
^ciZ\gViZ^i[jgi]Zgl^i]^c<gdjeWjh^cZhhegdXZhhZh#
8d8dH'%%+/IJ>:ck^gdcbZciVaVcY
HjhiV^cVW^a^in8ddgY^cVidgh[gdbi]Z
l]daZLdgaYd[IJ>bZZi^c=VcdkZg
IJ>>cigVcZiEdgiVa¼>CIJ>I>DC¼l^i]
\adWVagZVX][dgVaaZck^gdcbZciVaVcY
hjhiV^cVW^a^inVheZXih
6c¼:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci¼hZXi^dclVh^cXdged"
gViZY^cIJ>¿h<gdje"l^YZ^cigVcZiedgiVa¼>CIJ>I>DC¼id^c[dgbVaahiV[[ldgaYl^YZ
dci]Z<gdjegZ\jaVi^dchVcYVWdjii]Z<gdje¿hbV^cZck^gdcbZciVaVcYhjhiV^c"
VW^a^inVXi^k^i^Zh#I]Z9dXjbZci8ZcigZ]daYhgZaZkVcibViZg^Va[dgYdlcadVY^c\#I]Z
¼:meZgih8dgcZg¼\^kZhVXXZhhid^chigjXi^dchVcYegVXi^XVaZmVbeaZh[gdbVXgdhhi]Z
<gdje#I]^hbV`Zh^iZVh^Zg[dgi]ZIJ>:ck^gdcbZciVaVcYHjhiV^cVW^a^in8ddgY^"
cVidghiddei^b^hZZck^gdcbZciVaVcYhjhiV^cVW^a^inbVcV\ZbZcil^i]^ci]Z^gdlc
VgZVhd[gZhedch^W^a^in#
I]ZXdgedgViZXZcigZ<gdje8dgedgViZ:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ
9ZkZadebZci!ldg`hid\Zi]Zgl^i]IJ>9ZjihX]aVcYid^c[dgbigV^cZZh^c=VcdkZgd[
i]Z<gdje¿hZck^gdcbZciVaVcYhjhiV^cVW^a^inVXi^k^i^Zh#HZkZgVaigV^cZZhZkZgnnZVg
VahdjcYZgiV`ZVcZmiZcYZYeZg^dYd[igV^c^c\ViIJ>6<¿h<gdje8dgedgViZ:ck^gdc"
bZciVaBVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci9ZeVgibZcih!dgViIJ>9ZjihX]aVcY#
CZlbZbWZghkdiZYdcidi]Zldg`Zgh¿XdjcX^ah^cVaa<gdjeXdbeVc^Zh]VkZWZZc
^ck^iZYh^cXZ'%%(idiV`ZeVgi^cheZX^Va^cVj\jgVi^dchZb^cVghid^c[dgbi]ZbVWdji
i]Z<gdje¿hZck^gdcbZciVaVcYhjhiV^cVW^a^inVXi^k^i^Zh#6gi^XaZhXdkZg^c\Zck^gdcbZc"
iVaVcYhjhiV^cVW^a^inVheZXih]VkZVahdWZZcejWa^h]ZY^cZVX]^hhjZd[i]Z¼IJ>i^"
bZh¼hiV[[cZlheVeZgh^cXZ'%%(#HZkZgVaVgi^XaZhdchjhiV^cVW^a^inVcYZck^gdcbZc"
iVa^hhjZh^ckdak^c\h]^ee^c\]VkZWZZcejWa^h]ZY^ci]Z¼=VeV\"AadnYCZlh¼hiV[[
bV\Vo^cZ#IJ>9ZjihX]aVcYhZcYhdjiVXdbeVcn"l^YZfjVa^inVcYZck^gdcbZciVa
cZlhaZiiZgid^ciZgZhiZYbZbWZghd[hiV[[i]gZZi^bZhVnZVgWnZ"bV^a#¼IJ><gZZc
9Vnh¼iV`ZeaVXZVigZ\jaVg^ciZgkVahViIJ>9ZjihX]aVcYVcYIJ>6<#I]^h^ckdakZh
egZhZci^c\^c[dgbVi^dcdchjXXZhh[jaZck^gdcbZciVaegdiZXi^dcVXi^k^i^Zh^c=VcdkZg
VcYVgdjcYi]ZldgaY!VcYhjeedgi^c\i]ZigVch[Zgd[eg^kViZZmeZg^ZcXZVcYXdc"
YjXiidZbeadnZZh¿dlcldg`eaVXZhºVcYk^XZkZghV#>cXddeZgVi^dcl^i]IJ>9Zji"
hX]aVcY!LdgaYd[IJ>¿h]da^YVngZedg\Vc^hVi^dc^cdkZg,%Xdjcig^ZhºIJ>HZgk^XZ
ºigV^ch^ih]da^YVngZeh^c^bedgiVciVheZXih!^cXajY^c\Zck^gdcbZciVaegdiZXi^dc!Vh
eVgid[^ih¼eZgbVcZciZbeadnZZigV^c^c\¼E:I#
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&(.
>beg^ci
>beg^ci
&)%
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
>beg^ci
>beg^ciVcYXdciVXih
IJ>6<<gdje8dgedgViZ:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci
@Vga"L^ZX]Zgi"6aaZZ)
(%+'*=VcdkZg
<ZgbVcn
>c"]djhZXdbeZiZcXZegd_ZXi¼HjhiV^c"
VW^a^ingZedgi^c\½/i]ZIJ>HjhiV^cVW^a^in
GZedgi^c\'%%+$'%%,lVh^cYZeZcYZcian
XdcXZ^kZYVcYZaVWdgViZYWnIJ>6<
ZbeadnZZh#
Egd_ZXibVcV\ZbZci
B^aV9V]aZ!b^aV#YV]aZ5ij^#Xdb
IgVchaVi^dc[gdb<ZgbVc[dgXdc"
kZc^ZcXZdcan#>cXVhZd[Y^hejiZi]Z
dg^\^cVakZgh^dcegZkV^ah#
HjeedgihiV[[ViXdgedgViZXZcigZIJ>6<<gdje8dgedgViZ
:ck^gdcbZciVaBVcV\ZbZci$HjhiV^cVWaZ9ZkZadebZci
@Vi_V=dZg
>c\VBZZhZ
@Zghi^cHdWVc^V
GVbdcVI]^Zh
:Y^i^c\
B^`Z7gVjcZg
B^aV9V]aZ
9g=Z^co=jZhbVcc
9g9gLda[B^X]VZa>lVcY
9g6aZmVkdc9dhhdl
<gdje=G
9gAVgh@jihX]`Z
@g^hi^cVD]b
<gdje=G9ZkZadebZci
7^g\^i@d]agVjhX]
:Y^idg"^c"X]^Z[
9g9gLda[B^X]VZa>lVcY
IZaZe]dcZ/ ).% *&&*++''%&
;Vm/
).% *&&*++''''
:"bV^a/
Zck^gdcbZci5ij^#Xdb
lll#ij^"hjhiV^cVW^a^in#Xdb
lll#ij^"Zck^gdcbZci#Xdb
:Y^idg^VaYZVYa^cZ/(%?jcZ'%%,
AVndjiVcYegdYjXi^dc
lll#VYY"l^hZ#YZ
B^X]VZa@VaYZ
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,
&)&
E^mZa^d#YZ
IJ>9Zhi^cVi^dcIZcZg^[Z/I]Z¼AVh8VŠVYVhYZaIZ^YZ¼IZcZg^[Z$8VcVgn>haVcYhlVhVYdeiZYVhV
JC:H8DLdgaYCVijgVa=Zg^iV\ZH^iZ^c?jcZ'%%,#IJ>hnhiZbVi^XVaanhjeedgiZYi]ZVeea^XVi^dc
dkZgbVcnnZVghVcYgZ[Zghidi]ZJC:H8D8jaijgVaVcYCVijgVaLdgaY=Zg^iV\ZH^iZegd\gVbbZ
^ci]ZYZhi^cVi^dcXdjcig^Zh^ci]Z<ZgbVc"aVc\jV\ZWgdX]jgZh!VcYheZX^ÇXVaan^ci]ZhZXi^dcdc
¼CVijgZVcY:ck^gdcbZci½#IJ>idjgdeZgVidgWgVcYhVggVc\ZcjbZgdjhgdjcYig^ehVcYZmXjgh^dch
idbVcnldgaYXjaijgVaVcYcVijgVa]Zg^iV\Zh^iZh#
6ii]ZVccjVa9GKXdc[ZgZcXZ<ZgbVcIgVkZa6hhdX^Vi^dc^cCdkZbWZg'%%+!IJ>egZhZciZY^c
YZiV^ai]Z^bedgiVcXZd[hjhiV^cVWaZYZkZadebZciVhVc^cY^heZchVWaZhjXXZhh[VXidg[dg]da^YVnYZh"
i^cVi^dch!VcYjhZY¼9Zhi^cVi^dcIZcZg^[Z¼VhVXVhZhijYn#I]Zldg`^cXddeZgVi^dcl^i]9Zhi^cVi^dc
IZcZg^[Z^hdcZd[IJ>¿hWZhiegVXi^XZZmVbeaZhd[higViZ\^XYZhi^cVi^dcYZkZadebZci
&)'
IJ>HjhiV^cVW^a^inGZedgi^c\'%%+$'%%,