The Year in Israel

Transcription

The Year in Israel
9ROXPH,9,VVXH 0DUFK$GDU%HW
,PM)BNFWBTFS
7KH-HZLVK7KRXJKW0DJD]LQHRIWKH<HVKLYD8QLYHUVLW\6WXGHQW%RG\
ćF:FBSJO*TSBFM
$6SHFWUXPRI
5DEEL6WXGHQW
5HODWLRQVKLSVLQ/LJKWRI
WKH<HDULQ,VUDHO
7DO\D/DXIHUS
,QWHUYLHZVZLWK0UV0DOL
%URIVN\5'U6KDORP
%HUJHU5'DQLHO5DSS
6WDIISS
6KDQDKED$UHWV
%ULGJLQJWKH*DS
)UDQ7DQQHUS
1RZLQWKH)LYH7RZQV
&KURQLFOLQJWKH<HDULQ
,VUDHO
&KHVN\.RSHOS
$IWHU,VUDHO3RWHQWLDODQG
3LWIDOOVRQ&DPSXV
1DRPL%HUPDQS
!"#$%&'()&*(+
!"#$%#$&
'"()*%+,'-+,&&)%+.
/0123+45-+6577+8+69+:;01+<%$+=>>7
:2#88
!"#$%&#0=
!"#$#%&#'()*%
%
%
!"#$%&'(#)(*+#,:#/(2%A-$'#B('
:*"3<3%J45G(-/
+%
%
%
,*-%.-#/%($%!)/#-"0%1$%%
!$2/3'452(3$%23%2*-%%
!"#$#"%&#'()*+,
A+,1B,0&1#)1C'&0,=
.''%/#0$,1!"#$%&'
!"#$#%&#'()*
Z3$#2*#$%J(/($@
,#"6#%7#48-/%
%
%
%
%
%
%
%
9%
%
%
%
1%:;-52/4<%38%=#>>(?%
:24'-$2%=-"#2(3$)*(;)%($%
7(@*2%38%2*-%.-#/%($%
!)/#-"
403%5$1!"#$%&
E(/(#<%:-('<#$
:#/(2%A-$'#B('%
%
%
%
C%
%
1$%!$2-/B(-D%D(2*%E/)F%%
E#"(%A/38)G6
6$0--17&#$,&'
L#$(-"#%1#/3$
1Z%A-/G3B(2Q
.(2Q*#G%A/3$)2-($
1/(-"%S#;"#$
S*#$#%S33;-/
Z#G-%H/(-'<#$
N/(%T#$-8)G6
S*-)G6%T3;-"
L#$(-""-%7-$2
,3B(#*%E3"'D($
R"(%Y422-/<#$
T#(2"6$%=-);"-/
L#$$6%:*4"<#$
H/#$%,#$$-/%
%
%
%
I%
%
!"#$#"%&#'()*+,0%%
A/('@($@%2*-%&#;
:*"3<3%J45G(-/%
%
%
%
%
K%
%
1$%!$2-/B(-D%D(2*%=F%L/F%%
:*#"3<%A-/@-/
,#<<(-%:-$'-/)%
%
%
%
%
%
%
%
M%
%
%
%
,/4"6%N$5-%($%#%%
7(8-2(<-O%1$%1;;/3#5*%
23%E#P(<(Q($@%2*-%!)/#-"%
&#;%.-#/%RP;-/(-$5-
S*-)G6%T3;-"%
%
%
%
%
%
UV%
%
%
W3D%($%2*-%H(B-%,3D$)0
S*/3$(5"($@%2*-%.-#/%($%%
!)/#-"
:2#88%
%
%
%
UX%
%
1$%!$2-/B(-D%D(2*%=F
L#$(-"%=#;;
W#3<(%A-/<#$%
%
%
%
%
%
U+%
%
*%231!"#$%&
:*#4"%:-('"-/?H-""-/
E3)*-%Y-2-/)
7,890'$,&
1/(-"%T/#G3D)G(
*%:,&1;,'#<)
RQ/#%:-"(@)3*$
23"45$!"#$%&'()&*(+
T3"%[#<-B#)-/\%2*-%Z-D()*%2*34@*2%<#@#Q($-%38%2*-%.-)*(B#%]$(B-/)(26%)24'-$2%>3'6\%
()%'-'(5#2-'%23%);#/G($@%'()54))(3$%38%2*-%Z-D()*%())4-)%3$%2*-%.-)*(B#%]$(B-/)(26%
5#<;4)%#$'%>-63$'F%,*-%<#@#Q($-%*3;-)%23%8#5("(2#2-%2*-%/-"(@(34)%#$'%($2-""-524#"%
@/3D2*%38%(2)%/-#'-/)*(;%#$'%)-/B-)%#%#)%#%83/4<%83/%)24'-$2)%23%-P;/-))%2*-(/%B(-D)%3$%
#%B#/(-26%38%())4-)%2*#2%8#5-%2*-%Z-D()*%53<<4$(26F%!2%#")3%;/3B('-)%3;;3/24$(2(-)%83/%
\RXQJVFKRODUVWRJURZLQWKHLULQWHOOHFWXDOSXUVXLWVDQGPDWXUHLQWRFRQ¿GHQW-HZLVK
"-#'-/)F%T3"%[#<-B#)-/%()%;4>"()*-'%3$%#%<3$2*"6%>#)()%#$'%(2)%;/(<#/6%53$2/(>423/)%
#/-%4$'-/@/#'4#2-)\%#"2*34@*%(2%#")3%($5"4'-)%($;42%8/3<%=!R,:%=3)*-(%.-)*(B#*\%.]%
Y/38-))3/)\%#$'%342)('-%)5*3"#/)F%!$%#''(2(3$%23%(2)%;/($2%<#@#Q($-\%(2%#")3%);3$)3/)%
);-5(#"%-B-$2)\%);-#G-/)\%'()54))(3$%@/34;)\%53$8-/-$5-)\%#$'%)*#>>#23$(<F%,*-%
<#@#Q($-%5#$%>-%834$'%3$"($-%#2%DDDFG3"*#<-B#)-/F53<F%
%
%
182-/%!)/#-"0%Y32-$2(#"%
#$'%Y(28#"")%3$%S#<;4)
>,),&0=1?,@#'+1A+%5<+$
S*#$#%S33;-/%
%
,,,-."#/&'()&*(+-0"'
1
%
%
%
%
%
U9%
%
-.*/%0*$#1#$20
,*-%N2*-/%Z-D()*%:"#B-
!"#$%&'(')#*+%,-*.'#*$%/-01$%-2%!-0'"3
45+'$+%.0+'.%#.%/#."%0+$6+,.3
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
,*-%.-#/%($%!)/#-"0%1$%!$2/3'452(3$%23%2*-%
!"#$#"%&#'()*+,
DBE1C=0)01>0"#'+
,*-% 6-#/% ($% !)/#-"% *#)% >-53<-% #% D('-);/-#'%
)35(#"% ;*-$3<-$3$\% 23% 2*-% ;3($2% 2*#2\% #)% <#$6% 38%
WKH ZULWHUV LQ WKLV LVVXH QRWH VWXGHQWV ¿QLVKLQJ
2*-(/%6-)*(B#*%3/%'#6%)5*33"%-'45#2(3$)%#/-%#"<3)2%
-P;-52-'% 23% 53$2($4-% 2*-(/% )24'6% D(2*% #% 6-#/% ($%
!)/#-"F%,*()%6-#/%()%)--$%#)%#%4$(c4-%3;;3/24$(26%23%
8354)%3$%)24'6%38%,3/#*d%2*-%6-#/%($%!)/#-"%()%382-$%
53$)('-/-'% 5-$2/#"% 23% 2*-% ,3/#*% -'45#2(3$% 38% 2*-%
3>)-/B#$2%Z-D()*%)24'-$2F%:3<-%Z-D()*%*(@*%)5*33"%
@/#'4#2-)% 38% 32*-/% '-$3<($#2(3$)% #")3% 5*33)-% 23%
);-$'%#%6-#/%($%!)/#-"\%;3)2?*(@*%)5*33"\%($%B#/(34)%
6-#/?"3$@% ;/3@/#<)F% S3$B-/)-"6\% <#$6% )24'-$2)% ($%
2*-%N/2*3'3P%53<<4$(26\%#)%D-""%#)%($%2*-%>/3#'-/%
Z-D()*% 53<<4$(26\% '3% $32% );-$'% #% 6-#/% )24'6($@%
($%!)/#-"F%!$%2*-%N/2*3'3P%53<<4$(26\%<#$6%5"#(<%
2*#2% 2*-% 6-#/% ($% !)/#-"% ()% -))-$2(#"% 23% -)2#>"()*($@% #%
)2/3$@%Z-D()*%834$'#2(3$%#$'%#%53$$-52(3$%23%,3/#*?
3>)-/B#$2% Z4'#()<F% [3D-B-/\% #22-$'($@% #% ,"#$#"%
&#'#)*+,% ;/3@/#<% ()% $32% #% @4#/#$2--% 2*#2% #% )24'-$2%
D(""%/-<#($%53$$-52-'%23%,3/#*\%2*-%"#$'%38%!)/#-"\%
#$'%23%Z4'#()<\%$3/%()%(2%4$"(G-"6%83/%)24'-$2)%D*3%
'3%$32%);-$'%#%6-#/%($%!)/#-"%23%#5*(-B-%@3#")%)(<("#/%
23%2*3)-%D*3%'3F
1)% =F% =#;;% <-$2(3$)% ($% *()% ($2-/B(-DU\% $3% 2D3%
,"#$#% &#'#)*+,% ;/3@/#<)% #/-% 2*-% )#<-F% .-)*(B32\%
)-<($#/(-)\% #$'% !)/#-"% B3"4$2--/% ;/3@/#<)% #""%
*#B-% '(88-/-$2% @3#")% #$'% <())(3$% )2#2-<-$2)F% ,*()%
()% #% ;3)(2(B-% ;*-$3<-$3$\% ($% 2*#2% )24'-$2)% *#B-% #%
;"-2*3/#% 38% 3;;3/24$(2(-)% ;/-)-$2-'% >-83/-% 2*-<\%
DQG FDQ ¿QG DQ LQVWLWXWLRQ ZLWK D FXUULFXOXP DQG
('-3"3@6% <3)2% )4(2-'% 83/% 2*-<F% S3$B-/)-"6\% 2*-%
B#/(-26% ($% ('-3"3@6\% *#)*G#8#*\% #$'% @3#")% 5#$% "-#'%
2*-%)24'-$2)%^#$'%-B-$%-'45#23/)_%23%3B-/-<;*#)(Q-%
2*-)-% '(88-/-$5-)\% "-#'($@% 23% 8#52(3$)% #$'% );"(2)% ($%
2*-% 634$@-/% Z-D()*% 53<<4$(26F% :24'-$2)% >-53<-%
3>)-))(B-"6% 53$5-/$-'% D(2*% '-2#(")% )45*% #)% )(Q-\%
53"3/\% #$'% <#2-/(#"% 38% N255=+\% 3/% '(88-/-$5-)% ($%
5-$2(<-2-/)%38%)"--B-?"-$@2*%#$'%)G(/2%53"3/F%RP2-/$#"%
'(88-/-$5-)% #/-% )4''-$"6% *6;-/?)2/-))-'\% #$'% #/-%
/-#)3$%83/%)24'-$2)%38%'(88-/-$2%6-)*(B32%3/%'(88-/-$2%
)-<($#/(-)%$32%3$"6%23%/-8/#($%8/3<%($2-/#52($@%D(2*%
-#5*%32*-/\%>42%23%-P;/-))%'()'#($%#$'%'()/-);-52%83/%
-#5*% 32*-/F% 155-$2% #$'% ;/3$4$5(#2(3$% 38% [->/-D%
D3/')%D*("-%"-#/$($@%,3/#*\%3/%2*-%)24'-$2)e%f#/@3$%
#$'%'(52(3$\%>-53<-%<3/-%(<;3/2#$2%2*#$%2*-%D3/')%
>-($@%)#('%#$'%)24'(-'%2*-<)-"B-)F
!2% )--<)% 2*#2% 2*-% 382?#)G-'% c4-)2(3$% aD*-/-% '('%
634%@3%($%!)/#-"Ob%)-/B-)%23%'/#D%5-/2#($%53$5"4)(3$)%
#>342% 2*-% ($'(B('4#"% >#)-'% 3$% *()% 3/% *-/% #$)D-/F%
H4/2*-/<3/-\% 2*-% 3$-% D*3% #$)D-/)% a!% '('$e2% @3% 23%
!)/#-"b%()%8#5-'%D(2*%2*-%382-$2(<-)?8#")-%#))4<;2(3$)%
38% 32*-/)F% ,*-% -$2-/;/()-% 38% 2/6($@% 23% '-"($-#2-% #%
;-/)3$e)% *#)*G#8#*% 3/% /-"(@(34)% 3>)-/B#$5-% "-B-"%
>#)-'%3$%D*-/-%3/%D*-2*-/%2*-6%D-$2%23%!)/#-"%83/%
2*-% 6-#/% ()% 4$)3;*()2(5#2-'% #$'% ($)-$)(2(B-\% #$'%
5/-#2-)% 5*#)<)% ($% Z-D()*% 53<<4$(2(-)% 3$% 53""-@-%
5#<;4)-)F% Y-/*#;)% 2*-)-% #/-% f4)2% <(5/353)<(5%
PDQLIHVWDWLRQV RI ODUJHU ¿VVXUHV LQ WKH EURDGHU
6"#4'($768$7**4($9
-HZLVK FRPPXQLW\ (LWKHU ZD\ WKHUH LV GH¿QLWHO\
/33<% 83/% ($2/3);-52(3$% #$'% 5/(2(5#"% #$#"6)()% 38% 2*-%
>/3#'-/%;/3f-52%38%2*-%6-#/%($%!)/#-"F
,*#2%>-($@%)#('\%2*-%6-#/%($%!)/#-"%()%#$%3;;3/24$(26%
83/%)24'-$2)%23%8354)%-$2(/-"6%3$%2*-(/%Z-D()*%('-$2(26\%
3>)-/B#$5-\%#$'%,3/#*%)24'6%($%#$%-$B(/3$<-$2%2*#2%
83)2-/)%;-/)3$#"%#$'%);(/(24#"%@/3D2*%'4/($@%#%2(<-%
38%2/#$)(2(3$%8/3<%2*-%)2/4524/-%38%3$-e)%8#<("6%#$'%
*3<-%23%2*-%B#)2%D3/"'%38%5*3(5-%#$'%($'-;-$'-$5-%
38%#%4$(B-/)(26%)-22($@F%!2%()%(<;3/2#$2%83/%2*-%;3)(2(B-%
8-#24/-)%38%2*-%6-#/%($%!)/#-"%23%53$2($4-%23%'-B-"3;\%
D*("-% -$)4/($@% 2*#2% 2*-% ;32-$2(#"% $-@#2(B-% /-)4"2)%
#/-% )5/42($(Q-'% #$'% 4"2(<#2-"6% ;/-B-$2-'F% ,*4)\% (2%
()%(<;3/2#$2%83/%34/%53<<4$(26%23%'-B32-%2(<-%#$'%
-$-/@6% ($% 2#G($@% #% 5"3)-% "33G% #2% 2*-% 6-#/% ($% !)/#-"\%
#)% 23% -$)4/-% 2*#2% 2*-% @3#")% #$'% -88-52)% 38% 2*-% 6-#/%
#/-% )-/B($@% 2*-% >/3#'-/% Z-D()*% 53<<4$(26% ($% 2*-%
>-)2% ^#$'% <3)2% B#/(-'_% D#6)% ;3))(>"-F%,*-% @3#"% 38%
2*()% ())4-% ()% 23% -$@#@-% ($% #% 5/(2(5#"% #$#"6)()% 38% 2*-%
;*-$3<-$3$% 38% 2*-% 6-#/% ($% !)/#-"% #$'% 23% 388-/% #%
'(B-/)-%);-52/4<%38%;-/);-52(B-)%3$%2*-%)4>f-52F
E3)2% )24'-$2)% D/(2($@% 83/% 2*()% ())4-% *#B-% 2*-%
3>B(34)% #'B#$2#@-% 38% *#B($@% );-$2% #% 6-#/% 3/% -B-$%
2D3% )24'6($@% ($% !)/#-"\% #$'% 2*-(/% ;-/);-52(B-)% #/-%
;#/2(54"#/"6%(<;3/2#$2F%,#"6#%7#48-/e)%#/2(5"-%<#G-)%
#% 5/(2(5#"% #))-))<-$2% 38% 2*-% O*&&*'+#4A2/% ^=#>>(?
)24'-$2_%/-"#2(3$)*(;%($%2*-%53$2-P2%38%6-#/%($%!)/#-"%
;/3@/#<)F% S*-)G6% T3;-"% #$#"6Q-)% 2*-% #$3$6<34)%
#$-5'32-)%38%#%)24'-$2%);-$'($@%#%6-#/%($%!)/#-"%#2%
#$% 4$G$3D$% 6-)*(B#*% ;4>"()*-'% ($% ?"*% P% ?=K$,%
J*K2,"% ?2A*,% 4$'-/% 2*-% ;)-4'3$6<% a,#"<('% gFb%
,#<<(-% :-$'-/)% D/(2-)% #>342% *-/% 3D$% 6-#/% ($%
!)/#-"%-P;-/(-$5-\%#$'\%#<3$@%32*-/%;3($2)\%)2/-))-)%
2*-% (<;3/2#$5-% 38% G--;($@% #$% 3;-$% <($'% '4/($@%
2*-% 6-#/F% H/#$% ,#$$-/\% #% @/#'4#2-% 38% :S`% #$'% #%
A#/)2N"#"% ^534$)-"3/_% 83/% 2*-% 1<-/(5#$% )24'-$2)%
)24'6($@% #2% 2*-% L*2+% ;2/)#,"% 4*'Q#,"2A% #2% E(@'#"%
NQ\% ;3D-/84""6% -<;*#)(Q-)% 2*-% $--'% 83/% )24'-$2)%
23% B(-D% 2*-% 6-#/% ($% !)/#-"% $32% #)% #% a@#;?6-#/b% >42%
/#2*-/%#)%#%;#/2%38%D*#2%)24'-$2)%5#""%a/-#"%"(8-\b%#)%
)*-%$32-)%2*#2%B(-D($@%2*-%6-#/%($%!)/#-"%#)%2*-%3$"6%
3/% 835#"% 3;;3/24$(26% 83/% ,3/#*% )24'6% ($% 3$-e)% "(8-%
/-'45-)%(2)%-88-52(B-$-))F
]$(c4-%;-/);-52(B-)%#/-%;/-)-$2-'%($%2*()%())4-%>6%
-'45#23/)%($%,"#$#"%&#'#)*+,%;/3@/#<)F%!$%*-/%#/2(5"-\%
E/)F% W#3<(% A-/<#$% 38% E('/-)*-2% 7($'-$>#4<%
'()54))-)% *3D% 2*-% 6-#/% ($% !)/#-"% (<;#52)% )24'-$2)%
#$'% 2*-(/% ($B3"B-<-$2% 3$% 53""-@-% 5#<;4)-)\% D*("-%
#$% ($2-/B(-D% D(2*% E/)F% E#"(% A/38)G6% 38% E(5*"-"-2%
E-B#)-/-2%.-/4)*#"#6(<% ^EE._% 388-/)% ($)(@*2% 3$%
B#/(34)%8#5-2)%38%2*-%,"#$#"%&#'#)*+,F%1''(2(3$#""6\%
DQLQWHUYLHZZLWK5'DQL5DSSFRQWDLQVUHÀHFWLRQV
3$%2*-%6-#/%($%!)/#-"%8/3<%2*-%;3($2%38%B(-D%38%#%O*&&*%
#2%.-)*(B#%]$(B-/)(26\%#$'%(2%'()54))-)%>32*%);(/(24#"%
DQGDFDGHPLFDOEHQH¿WVIRUVWXGHQWV$QLQWHUYLHZ
D(2*%=F%L/F%:*#"3<%A-/@-/\%#42*3/%38%342552$6%78+9:%
;<+"%=)%3#>+9%?"*%@A5#>+%=B%+"*%CD*#)%2$%@,)#*4\EX%
;/3B('-)%*()23/(5#"%#$'%)35(3"3@(5#"%($)(@*2)%3$%2*-%
6-#/% ($% !)/#-"F% !$% @-$-/#"% Z-D()*% 2*34@*2\% S*#$#%
S33;-/%D/(2-)%#>342%2*-%)2#24)%38%2*-%*.*/%0*$#1#$2%
^S#$##$(2-%)"#B-_F
`-% *3;-% 2*#2% 2*()% ())4-% ;/3B('-)% ($)(@*284"%
('-#)%3$%2*-%;*-$3<-$3$%38%2*-%6-#/%($%!)/#-"\%#$'%
2*#2% 2*-)-% ($)(@*2)% #/-% *-";84"% #$'% 53$'45(B-% 23%
@-$-/#2($@% ;/3'452(B-% 53$B-/)#2(3$% ($% 2*-% >/3#'-/%
Z-D()*% 53<<4$(26% 3$% 2*()% (<;3/2#$2% -'45#2(3$#"%
<#22-/F
@4#$#% F#/2,"% 2,% #% ,*$2=)% #+% !GH% A#I=)2$6% 2$%
J*K2,"% !+8/2*,% K2+"% #% A2$=)% 2$% L2=4=6<M% !"*% 2,% #$%
(,,=>2#+*%-/2+=)%B=)%T3"%[#<-B#)-/F
UF%a1$%!$2-/B(-D%D(2*%=F%L#$(-"%=#;;\b%;;F%UX?U+F
XF%:*#"3<%JF%A-/@-/\%L#$(-"%Z#53>)3$\%#$'%S*#(<%
!F% `#P<#$\% 342552$6% 78+9:% ;<+"% =)% 3#>+9:% ?"*%
@A5#>+% =B% +"*% CD*#)% 2$% @,)#*4E% ^W-D%.3/G0%.#)*#/%
A33G)\%XVVI_F
,,,-."#/&'()&*(+-0"'
>
!"#$%&'()&*(+
?3%+@%01+A#+,&10%(
1%:;-52/4<%38%=#>>(?:24'-$2%=-"#2(3$)*(;)%($%7(@*2%
38%2*-%.-#/%($%!)/#-"
DBE1A0=301405-,&
,
*-% &-<#/#% ($% L*)#N"=+% hX#% /-"#2-)% #% )-/(-)% 38%
#$-5'32-)% #>342% 2D3% ,#$$#e(<% #$'% #$%1<3/#% #$'%
2*-% -P2/-<-)% 23% D*(5*% -#5*% 38% 2*-<% D-$2% ($% 3/'-/%
23%"-#/$%8/3<%*()%2-#5*-/F%=F%1G(B#%#$'%A-$%1QQ#(%
83""3D-'% 2*-(/% <-$23/)% 23% 2*-% >#2*/33<\% D*("-% =F%
T#*#$#% "#6% *(''-$% 4$'-/% 2*-% <#/(2#"% >-'% 38% *()%
2-#5*-/\%=#BF%`*-$%/->4G-'%83/%2#G($@%)45*%"(>-/2(-)%
ZLWK WKHLU PDVWHUV DOO WKUHH MXVWL¿HG WKHLU DFWLRQV
>6%'-5"#/($@\%a?=)#"%"2%.*'424A=/%#$2%+,#)2N"%i%!2%()%
,3/#*%#$'%!%#<%/-c4(/-'%23%)24'6%(2Fb%
N$-%())4-%2*-)-%)23/(-)%/#()-%()%*3D%8#/%3$-%<#6%
@3% 23% 84/2*-/% 3$-e)% ;4/)4(2% 38% ,3/#*% G$3D"-'@-F%
[3D-B-/\% #% <3/-% @-$-/#"% ())4-% /#()-'% ($% 2*-)-%
#$-5'32-)% ()% 2*#2% 38% 2*-% >34$'#/(-)% 38% 2*-% /#>>(?
)24'-$2% /-"#2(3$)*(;F% ,*-% )23/(-)% ($% 2*-% &-<#/#%
/-"#2-% 23% 2*-% /#>>(?)24'-$2% /-"#2(3$)*(;% #)% >-($@%
5-$2-/-'% #/34$'% +#4A8/% ?=)#"% #$'% [#"#G*#*\% >42%
2*-%c4-)2(3$%38%;#/#<-2-/)%()%-c4#""6%;-/2($-$2%D*-$%
(2%53<-)%23%2*-%;#/2)%38%2*-)-%/-"#2(3$)*(;)%2*#2%-P()2%
342)('-% 38% 2*-% 5"#))/33<% #$'% >-(2% <('/#)*M% `*-$%
)24'-$2)% "33G% 23% 2*-(/% 2-#5*-/)% 83/% ($)2/452(3$% 3$%
<#22-/)%-P2-/$#"%23%2*-%*#"#G*(5%)6)2-<\%>34$'#/(-)%
2*#2%<#6%#"/-#'6%>-%4$5"-#/%5#$%>-%>"4//-'%84/2*-/F%
,*4)\%*-#"2*6%/-"#2(3$)*(;)%>-2D--$%/#>>()%#$'%2*-(/%
)24'-$2)%)*34"'%>-%)4>f-52%23%5-/2#($%"(<(2)%($%3/'-/%
23%4;*3"'%<3/-%(<;3/2#$2%B#"4-)F%!$%2*-%5#)-%38%=F%
1G(B#\% A-$% 1QQ#(\% #$'% =F% T#*#$#\% 2*-% ;/($5(;"-)%
2*#2%<#6%3/%<#6%$32%*#B-%>--$%B(3"#2-'%D-/-%3$-)%
38% <3'-)26% #$'% ;/(B#56F% !$% 2*-% 53$2-P2% 38% -P2/#?
*#"#G*(5%($)2/452(3$\%2*-%B#"4-)%#2%)2#G-%($5"4'-\%>42%
#/-% $32% "(<(2-'% 23\% ($2-""-524#"% #423$3<6% #$'% )-"8?
-P;/-))(3$F%
,*/34@*342% <6% )24'(-)% >32*% #2% #$% !)/#-"(% *(@*%
)5*33"% #$'% #$% ($)2(242(3$% 83/% #'B#$5-'% D3<-$e)%
"-#/$($@\% !% D#)% #"D#6)% ($2-/-)2-'% ($% 2*-% 3B-/"#;%
>-2D--$% "-#/$($@% ,3/#*% 8/3<% -'45#23/)% ($% 2*-%
5"#))/33<% #$'% "-#/$($@% #>342% "(8-% 8/3<% 2*-)-%
)#<-% ;-3;"-% ($% 32*-/% 53$2-P2)F% ,*-% #>3B-% )23/6%
6-#/%($%!)/#-"F%:($5-%2*-%-$'%38%2*-%2D-$2(-2*%5-$24/6\%
2*34)#$')% 38% E3'-/$% N/2*3'3P% )24'-$2)% *#B-%
'-5('-'%23%-P2-$'%2*-(/%83/<#"%Z-D()*%-'45#2(3$%>6%
);-$'($@%#2%"-#)2%#%6-#/%(<<-/)-'%($%,3/#*%)24'6%($%
!)/#-"\%#$'%2*-%$4<>-/)%#/-%@/3D($@%)2-#'("6FU
=#>>()% #$'% -'45#23/)% ($% 2*-)-% ;3)2?*(@*% )5*33"%
SURJUDPVDUHXVXDOO\VLJQL¿FDQWO\PRUHLQYROYHGLQ
2*-%);(/(24#"%'-B-"3;<-$2%38%2*-(/%)24'-$2)%2*#$%2*-(/%
1<-/(5#$% 6-)*(B#*% *(@*% )5*33"% 534$2-/;#/2)F% ,*()%
5#$%>-%#22/(>42-'%23%2*-%8#52%2*#2%D*("-%53$)()2-$56%
#$'% -P5-""-$5-% ($% "-#/$($@% #/-% -$534/#@-'% #2%
2*-% *(@*% )5*33"% "-B-"\% )24'-$2)% #2% 6-)*(B32% #$'%
<('/#)*32%($%!)/#-"%#/-%8/--%38%2*-%)2/-))84"%)5*3"#)2(5%
;/-))4/-)% 38% *(@*% )5*33"F% RB-$% ($% 2*3)-% ;/3@/#<)%
2*#2% '3% #'<($()2-/% 2-)2)% #$'% @(B-% @/#'-)\% 2*-)-% #/-%
$32% #% 5-$2/#"% ;#/2% 38% 2*-% -P;-/(-$5-F% ,*-% ($83/<#"%
#2<3);*-/-%2*#2%;/-B#(")\%#)%#%/-)4"2\%-$534/#@-)%2*-%
54"2(B#2(3$%38%/#>>(j2-#5*-/?)24'-$2%/-"#2(3$)*(;)FX%
1$32*-/% 5(/54<)2#$5-% 2*#2% ()% 53$'45(B-% 23%
2-#5*-/?)24'-$2% /-"#2(3$)*(;)% ($% !)/#-"% ()% 2*-% $#24/-%
38%2*-%6-#/%($%!)/#-"%#)%#%2/#$)(2(3$%;-/(3'%83/%<3)2%
)24'-$2)\% "#/@-"6% >-5#4)-% (2% ()% #$% -P;-/(-$5-% 2*#2%
83/5-)% 2*-<% 23% <#G-% (<;3/2#$2% "(8-% '-5()(3$)% i%
/-"(@(34)%#$'%32*-/D()-%i%83/%2*-<)-"B-)F%,*-/-83/-\%
2*-6%382-$%/-#5*%342%23%2*-(/%/#>>()%#$'%2-#5*-/)%($%
)-#/5*% 38% -<32(3$#"% #$'% ;)65*3"3@(5#"% #))()2#$5-F+%
:24'-$2)%)--G%#'B(5-%3$%23;(5)%/#$@($@%8/3<%8#<("6%
#$'%/3<#$2(5%/-"#2(3$)*(;)%23%2*-(/%8424/-%@3#")%#$'%
"(8-%;"#$)F
!$% #% 53<<4$(26% 2*#2% -'45#2-)% 83/% ($'-;-$'-$2%
2*34@*2% #$'% *-#"2*6% '3)-)% 38% )G-;2(5()<\% ()%
2*()% $-D% <3'-"% 38% /#>>(?)24'-$2% /-"#2(3$)*(;)%
534$2-/;/3'452(B-% 23% (2)% @3#")O% H4/2*-/<3/-\% #/-%
/#>>()% #$'% -'45#23/)% ($% 6-#/% ($% !)/#-"% ;/3@/#<)%
TXDOL¿HGWRFRXQVHOWKHLUVWXGHQWVRQH[WUDKDODNKLF
())4-)O% [3D% )3O% ,*()% c4-)2(3$% ;-/2#($)% 23% 2*-%
/-"#2(3$)*(;)% >-2D--$% /#>>()% #$'% <-<>-/)% 38% 2*-%
E3'-/$%N/2*3'3P%53<<4$(26%>32*%($'(B('4#""6%#$'%
53""-52(B-"6F%,*()%#/2(5"-\%*3D-B-/\%D(""%8354)%3$%2*-%
($'(B('4#"%#);-52%38%2*()%c4-)2(3$F%
FC)101/%995)#$31$+0$1,"5/0$,'1-%&1#)",2,)",)$1$+%5<+$1
0)"1+,0=$+31"%','1%-1'J,2$#/#'9G1#'1$+#'1),@19%",=1%-1&088#(
'$5",)$1&,=0$#%)'+#2'1/%5)$,&2&%"5/$#:,1$%1#$'1<%0='ML
8/3<% L*)#N"=+% ()% 3>B(34)"6% #$% -P2/-<-\% #"<3)2%
"4'(5/34)\% -P#<;"-F% ,3% <-\% 2*-% )23/6% *#)% #"D#6)%
*(@*"(@*2-'%2*-%$--'%83/%>34$'#/(-)%>-2D--$%/#>>()%
#$'%)24'-$2)F%H3/%2*-%E3'-/$%N/2*3'3P%53<<4$(26\%
D*(5*%@-$-/#""6%5*#<;(3$)%2*-%B#"4-%38%5/(2(5#"%#$'%
($'-;-$'-$2% 2*34@*2\% 2*()% c4-)2(3$% ()% ;#/2(54"#/"6%
/-"-B#$2F% 1$% -P#<($#2(3$% 38% 2*-% ;#/#<-2-/)% 2*#2%
@3B-/$%2*-)-%/-"#2(3$)*(;)%()%-);-5(#""6%B(2#"%($%"(@*2%
38%2*-%/-"#2(B-"6%/-5-$2%#''(2(3$%23%2*-%)2#$'#/'%2/#5G%
38%E3'-/$%N/2*3'3P%Z-D()*%-'45#2(3$\%$#<-"6\%2*-%
% ,*-/-% ()% #% >/3#'% );-52/4<% 38% #;;/3#5*-)% 2*#2%
5#$% >-% #'3;2-'% ($% f4)2(86($@% 2*-)-% /-"#2(3$)*(;)\%
/#$@($@% 8/3<% <3'-")% 3/(@($#2($@% ($% 2*-% 4"2/#?
N/2*3'3P% 53<<4$(26% 23% <3'-")% <3"'-'% #82-/%
B#/(34)%`-)2-/$%;-/5-;2(3$)%38%"-#'-/)*(;F%!2%()%<6%
($2-$2(3$% 23% '()54))% 2*/--% )45*% <3'-")% 2*#2\% ($% <6%
RSLQLRQUHSUHVHQWWKHPRVWVLJQL¿FDQWSRLQWVRQWKLV
);-52/4<F
7KH¿UVWPRGHOLVWKHRQHDGRSWHGIRUWKHPRVW
;#/2\%>6%[#/-'(%#$'%.-)*(B()*%53<<4$(2(-)%($%!)/#-"%
#$'%2*-%L(#);3/#%#"(G-0%#%53$5-;2%382-$%/-8-//-'%23%#)%
R#1#+%?=)#"M%!2%()%(<;3/2#$2%23%$32-%2*#2%2*-%3/(@($)%
38%2*-%53$5-;2%38%R#1#+%?=)#"%#$'%2*-%-P2-$2%38%(2)%
>#)()%($%/#>>($(5%"(2-/#24/-%#/-%<45*?'();42-'%())4-)%
#$'%#/-%>-63$'%2*-%)53;-%38%2*()%#/2(5"-F9%
=F% A-/$#/'% `-($>-/@-/\% 83/<-/% "-#'-/% 38% 2*-%
.34$@% !)/#-"% 38% A/33G"6$% #$'% <-<>-/% 38% 2*-%
=#>>($(5#"%1""(#$5-%38%1<-/(5#%^=11_\%-"3c4-$2"6%
GH¿QHVR#1#+%?=)#"%#)%4$'-/)233'%>6%2*-%=11%#$'%
2*-%1@4'#2*%!)/#-"%38%1<-/(5#0
FD5$1@+,&,:,&1%)1$+,1'2,/$&59101&088#('$5",)$1
&,=0$#%)'+#21'$0)"'G1&088#'195'$18,1/%)'/#%5'1%-1$+,1@,#<+$31
&,'2%)'#8#=#$31$+0$1/%9,'10=%)<1@#$+10<&,,#)<1$%1/%5)',=1
'$5",)$'H/%)<&,<0)$'1%)1,I$&0(+0=0J+#/190$$,&'KL
a,*()% kR#1#+% ?=)#"l% ($B3"B-)% #% "32% <3/-% 2*#$%
#% ,3/#*% H*4+#$,>"#88$6\% 3/% #% ,3/#*?)#24/#2-'%
;-/);-52(B-F%!2%#))4<-)%#%);-5(#"%-$'3D<-$2%3/%
5#;#5(26%23%;-$-2/#2-%3>f-52(B-%/-#"(26\%/-53@$(Q-%
2*-% 8#52)% #)% 2*-6% m/-#""6e% #/-\% #$'% #;;"6% 2*-%
;-/2($-$2% [#"#G*(5% ;/($5(;"-)F% !2% ()% #% 83/<% 38%
m=4#5*% [#G3'-)*\e% #)% (2% D-/-\% D*(5*% >3/'-/)% (8%
3$"6%/-<32-"6%3$%2*-%;-/(;*-/6%38%;/3;*-56FbC%%
Y/3;3$-$2)%38%R#1#+%?=)#"%>-"(-B-%2*#2%-P2-$)(B-%
G$3D"-'@-%38%,3/#*%(<>4-)%#%;-/)3$%D(2*%2*-%#>("(26%
23%/-$'-/%f4'@<-$2%$32%3$"6%3$%<#22-/)%38%*#"#G*(5%
53$5-/$\% >42% #")3% 3$% ;3"(2(5#"\% ;)65*3"3@(5#"\%
-53$3<(5\%#$'%32*-/%())4-)F%
N$-% -P#<;"-% 38% #% )4;;3)-'% <#$(8-)2#2(3$% 38%
R#1#+% ?=)#"% ($% 2*-% XV2*% 5-$24/6% ()% 2*-% )34/5-% 38%
2*-% -P2-$)(B-% <-'(5#"% G$3D"-'@-% 38% =F% 1B/#*#<%
.-)*#6#*4%T#/-"(2Q\%#")3%G$3D$%#)%2*-%[#Q3$%!)*F%
,*-%1/2:5/3""% [()23/6% B3"4<-% 3$% 2*-% [#Q3$% !)*e)%
"(8-% /-"#2-)% 2*-% <#/B-")% #$'% <(/#5"-)% 2*#2% 233G%
;"#5-% #)% #% /-)4"2% 38% *()% -P;-/2% <-'(5#"% 534$)-"($@F%
,*-% [#Q3$% !)*% ;4/;3/2-'"6% ;3))-))-'% G$3D"-'@-%
38% *4<#$% #$#23<6% #$'% <-'(5($-% #)% >/3#'% #)% #$6%
;/38-))(3$#""6?2/#($-'%;*6)(5(#$%38%*()%2(<-\%#$'%*-%
D34"'%8/-c4-$2"6%())4-%;/#52(5#"%<-'(5#"%($)2/452(3$)%
23%2*3)-%D*3%)34@*2%*()%534$)-"F%,*-%)34/5-%38%*()%
B#)2% /-;3)(23/6% 38% G$3D"-'@-% ()% 4$G$3D$\% 2*34@*%
1/2:5/3""% )4@@-)2)% 2*#2% a*()% -B-/6% 534$)-"% D#)%
L(B($-"6%($);(/-'Fbh
!2% ()% (<;3/2#$2% 23% $32-% 2*#2% D*("-% ($'(B('4#")%
#""-@-'"6% ;3))-))($@% R#1#+% ?=)#"% <4)2% >-% -P;-/2)%
3$% [#"#G*#*\% '-5()(3$)% ($B3"B($@% R#1#+% ?=)#"% #/-%
$32% #//(B-'% #2% 2*/34@*% *#"#G*(5% #/@4<-$2)F% `*("-%
*#"#G*(5% /-#)3$($@% <#6% >-% ;#/2% 38% 2*-% '-5()(3$?
<#G($@%;/35-))\%53$5"4)(3$)%#/-%/-#5*-'%>6%<-#$)%
-P2-/$#"% 23% [#"#G*#*\% >-% 2*-6% )8#"% "#'N=/*,"%
^'(B($-%($);(/#2(3$_\%($24(2(3$\%3/%D3/"'"6%G$3D"-'@-%
#5c4(/-'%342)('-%2*-%>-(2%<('/#)*FI
1553/'($@% 23% 2*()% -P2/-<-% B(-D% 2*#2% 4;*3"')%
2*-% ('-#% 38% R#1#+% ?=)#"\% /#>>($(5% "-#'-/)% #/-%
TXDOL¿HG WR RIIHU DGYLFH DQG HYHQ LVVXH ELQGLQJ
,,,-."#/&'()&*(+-0"'
?
)2#2-<-$2)%/-@#/'($@%())4-)%4$/-"#2-'%23%[#"#G*#*M%
&RQVHTXHQWO\ LW ZRXOG EH YHU\ ¿WWLQJ IRU D UDEEL
#2% #% ;3)2?*(@*% )5*33"% ;/3@/#<% ($% !)/#-"% 23% #'B()-%
*()% )24'-$2)% 3$% <#22-/)% ;-/2#($($@% 23% 8#<("6\%
/-"#2(3$)*(;)\% '/-))\% 53""-@-\% -<32(3$#"% D-"">-($@\%
3/%32*-/%-P2/#?*#"#G*(5%c4-)2(3$)F
$QRWKHU MXVWL¿FDWLRQ IRU UDEELQLF FRXQVHOLQJ
342)('-% 2*-% 8/#<-D3/G% 38% 5*,#N% S#4#N"#"%
^/-$'-/($@%#%"-@#"%f4'@<-$2_%"(-)%($%#%/--P#<($#2(3$%
RIWKHGH¿QLWLRQRI5*,#N%S#4#N"#"M%,*-%53$5-;2%38%
*#"#G*(5% 5*,#N% $--'% $32% $-5-))#/("6% >-% ($2-/;/-2-'%
LQWKHFODVVLFDOVHQVHRIDUDEELLVVXLQJDGH¿QLWLYH
/4"($@% /-@#/'($@% c4-)2(3$)% 38% 2,,8)% .*'"*++*)%
^2*-% ;/3*(>(2-'% #$'% 2*-% ;-/<(22-'_M% E#$6% ())4-)\%
($'(B('4#"% 3/% 53<<4$#"\% ;/-)-$2-'% 23% /#>>($(5%
¿JXUHVPLJKWQRWDSSHDUDWIDFHYDOXHWREHKDODNKLF
($% $#24/-\% #"2*34@*% 2*-6% '3% ($'--'% *#B-% *#"#G*(5%
UDPL¿FDWLRQV
N$%#$%($'(B('4#"%"-B-"\%#%)24'-$2%<#6%53<-%23%*()j
*-/%/#>>(%)--G($@%#'B(5-%/-@#/'($@%D*(5*%($)2(242(3$%
38% *(@*-/% -'45#2(3$% 23% #22-$'F% ,*-% 5*3(5-% <#6% >-%
>-2D--$% #22-$'($@% #% /-"(@(34)% B-/)4)% #% )-54"#/%
4$(B-/)(26\% 3/% >-2D--$% #22-$'($@% #% 4$(B-/)(26% #2% #""%
B-/)4)% "-#/$($@% 84""?2(<-% ($% #% <*,"2.#"% 6*.="#"%
^#'B#$5-'% 6-)*(B#*_F% `*#2-B-/% 2*-% 3;2(3$)% #/-\%
2*34@*% 2*-% '-5()(3$% <#6% )--<% 23% >-% 342)('-% 2*-%
/-#"<%38%[#"#G*#*T%LWVKDODNKLFUDPL¿FDWLRQVSODFH
(2% D(2*($% 2*-% >34$'#/(-)% 38% *#"#G*(5% 5*,#Nd% 2*#2%
()% 23% )#6\% Z-D()*% "#D% -P2-$')% >-63$'% (<<-'(#2-%
c4-)2(3$)% 38% 2,,8)% .*'"*++*)F% !$% 2*()% ($)2#$5-\% )($5-%
2*-%)24'-$2%*#)%#%*#"#G*(5%3>"(@#2(3$%23%>-%-$@#@-'%
($% +#4A8/% ?=)#"\% #% /#>>(% <#6% #'B()-% *()% )24'-$2%
#@#($)2%#22-$'($@%#$%($)2(242(3$%#2%D*(5*%*-%>-"(-B-)%
2*-%)24'-$2e)%53<<(2<-$2%23%"-#/$($@%D(""%8#"2-/F%
,*-% 53$5-;2% 38% D*#2% )--<% 23% >-% -P2/#?*#"#G*(5%
())4-)% *#B($@% *#"#G*(5% -P2-$)(3$)% 5#$% *3"'% 2/4-%
3$% #% 53<<4$#"% "-B-"% #)% D-""F% H3/% ($)2#$5-\% =F%
NB#'(#% .3)-8% ()% 2*-% );(/(24#"% "-#'-/% 38% 2*-% :*#)%
;3"(2(5#"% ;#/26% ($% !)/#-"\% #$'% 2*4)% *()% 3;($(3$)%
*#B-% -P2-$)(B-% D-(@*2% ($% 2*-% 83/<($@% 38% ;#/26%
;3"(56F% ,*-/-% ()% #% @-$-/#"% 53$)-$)4)% ($% !)/#-"(%
4"2/#?N/2*3'3P% )35(-26% ^-);-5(#""6% ($% 2*-% :-8#/#'(%
53<<4$(26_% 2*#2% =F% .3)-8e)% '-5()(3$)% #/-% 23% >-%
#55-;2-'% >6% B(/24-% 38% 2*-(/% 53<($@% 8/3<% #% )34/5-%
38%R#1#+%?=)#"\%($%2*-%)2/3$@-)2%)-$)-%38%2*-%2-/<F%
1553/'($@%23%2*-%<3'-"%;/-)-$2-'%#>3B-\%*3D-B-/\%
=F%.3)-8e)%;/3$34$5-<-$2)%534"'%>-%>($'($@%83/%*()%
53<<4$(26\%$32%>-5#4)-%*-%()%#%6#/=4%;3))-))-'%38%
R#1#+% ?=)#"\% QRU EHFDXVH KH LV TXDOL¿HG WR PDNH
;3"(2(5#"%'-5()(3$)\%>42%/#2*-/%>-5#4)-%2*-)-%;3"(2(5#"%
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
'-5()(3$)% #/-% #524#""6% *#"#G*(5% ($% $#24/-% ^#$'% =F%
<RVHI¶V TXDOL¿FDWLRQV DV D KDODNKLVW DUH YLUWXDOO\
4$'();42-'%($%2*-%N/2*3'3P%53<<4$(26%23'#6_F%H3/%
-P#<;"-\% (2% 5#$% >-% )4@@-)2-'% 2*#2% D*-$% =F% .3)-8%
())4-'% #% )2#2-<-$2% ($% XVV9% '-5"#/($@% 2*#2% #$63$-%
D*3% B32-'% 83/% :*#)% ($% 2*-% 4;53<($@% -"-52(3$)%
D34"'% >-% -$)4/-'% #% ;"#5-% ($% [-#B-$\K% *-% '('% )3%
($% 3/'-/% 23% -$#>"-% :*#)% 23% <#P(<(Q-% (2)% -883/2)% 23%
>4("'% #$'% (<;/3B-% 2*-% /-"(@(34)% ($8/#)2/4524/-% ($%
!)/#-"\% #% 5#4)-% D*(5*% 5#$% 5-/2#($"6% >-% 53$)('-/-'%
*#"#G*(5#""6?'/(B-$F%
$ WKLUG MXVWL¿FDWLRQ IRU UDEELV SURIIHULQJ H[WUD
*#"#G*(5% #'B(5-% 23% 2*-(/% )24'-$2)% ()% >6% B(/24-% 38%
2*-(/% >-($@% a,3/#*% ;-/)3$#"(2(-)Fb% 1)% #$% -'45#23/\%
#% /#>>(e)% f3>% '3-)% $32% -$'% D(2*% 2-#5*($@% #% )*(e4/%
#$'% #))()2($@% *()% )24'-$2)% ($% *3$($@% 2*-(/% +#4A8/%
?=)#"% )G("")F% !2% ()% 2*-% /#>>(e)% '426% 23% (<;#/2% 23% *()%
)24'-$2)% *()% D3/"'B(-D% #$'% )6)2-<% 38% B#"4-)F% =F%
:*#"3<%S#/<6%'-)5/(>-)%=F%Z3)-;*%AF%:3"3B-(25*(G%
#)%53$B-6($@%23%*()%)24'-$2)%
aW32% 3$"6% #$% ($2/3'452(3$% 23% *#"#G*(5% "(2-/#24/-%
#$'% (2)% #$#"6)()\% >42% #")3% #% m;*("3)3;*6\e% #% D#6%
38% 2*($G($@% #>342\% #$'% D-(@*($@\% 2*-% ;/($5(;"-)%
4$'-/"6($@% 2*-% [#"#G*#*\% #% "(B($@% )-$)-% 38%
/-"(@(34)%-P;-/(-$5-\%#$'%#%)-$)(2(B(26%23%*4<#$%
B#/(-26%#$'%;#/2(54"#/%5(/54<)2#$5-FbM%
!$'--'\%2*-%=#Be)%@3#")%#)%#$%-'45#23/%D-/-%$32%
"(<(2-'% 23% 2-#5*($@% ,3/#*\% >42% /#2*-/% -P2-$'-'% 23%
;#))($@%3$%#%/-"(@(34)%-P;-/(-$5-%#$'%#%*#)*G#8#*F%
`(2*342%#))-/2($@%2*#2%2*-%,3/#*%()%2*-%-P5"4)(B-%
)34/5-% 38% #""% G$3D"-'@-\% (2% ()% )2(""% /-#)3$#>"-% 23%
)4@@-)2% 2*#2% )4>)4<-'% D(2*($% (2% ()% #$% -$$3>"($@%
)6)2-<% 38% B#"4-)% #$'% ;/($5(;"-)FUV% ,*4)\% D*-$%
#% )24'-$2% "33G)% 4;% 23% #% a,3/#*% ($'(B('4#"b% D*3%
-<>3'(-)% <#$6% 38% 2*-% B#"4-)% 2*#2% 2*-% )24'-$2% ()%
)2/(B($@%23%-<>3'6\%(2%()%c4(2-%"3@(5#"%83/%2*-%)24'-$2%
23% )--G% 534$)-"% 8/3<% 2*#2% ($'(B('4#"F% ,*-% /#>>(e)%
#'B(5-%D34"'%2*-$%>-%53$)('-/-'%<3/-%"(G-%#%a;3($2%
($%2*-%/(@*2%'(/-52(3$b%3/%#%D#6%23%#))()2%2*-%)24'-$2%
($%#;;"6($@%*()%B#"4-)%23%*()%"(8-\%/#2*-/%2*#$%#%83/<#"%
5*,#NM
1)% <-$2(3$-'% -#/"(-/\% 2*-% #>3B-% 2*/--% <3'-")%
UHSUHVHQW ZKDW , EHOLHYH WR EH WKUHH VLJQL¿FDQW
;3($2)% 3$% #% >/3#'% );-52/4<% 38% <3'-")% 38% /#>>(?
)24'-$2% /-"#2(3$)*(;)F% ,3% <-\% #% @"#/($@\% >42% $32%
IXQGDPHQWDOLVVXHZLWKWKH¿UVWWZRPRGHOVWKDWLV
)3<-D*#2%<($(<(Q-'%($%2*-%2*(/'%()%2*-%2/-<-$'34)%
/()G%38%#>4)-%38%;3D-/%2*-6%;3)-F%!%2*($G%2*-%2*(/'%
<3'-"% ;/3B('-)% <3/-% 3;;3/24$(26% 83/% )24'-$2)% #$'%
53$@/-@#$2)% 23% >-% 5/(2(5#"% ($% 5*33)($@% /3"-% <3'-")%
#$'% 534$)-"3/)F% A42% D*-/-B-/% 3$% 2*-% );-52/4<% #%
/#>>(?)24'-$2% /-"#2(3$)*(;% )2#$')\% /#>>()% <4)2% >-%
53$)5(34)%38%2*-%D-(@*26%/-);3$)(>("(26%2*#2%53<-)%
#"3$@%D(2*%#@/--($@%23%534$)-"%)24'-$2)j53$@/-@#$2)%
3$% -P2/#?*#"#G*(5% <#22-/)F% [3D-B-/% 2*-6% f4)2(86%
@(B($@% #'B(5-% 3$% #% <#22-/% 2*#2% ()% 342)('-% 2*-(/%
;/38-))(3$#"%#/-#%38%-P;-/2()-\%2*-6%<4)2%>-#/%($%<($'%
WKHHQRUPLW\RIWKHSRZHUWKH\SRVVHVVWRLQÀXHQFH
2*-%"(B-)%38%2*3)-%D*3%2/4)2%#$'%#'<(/-%2*-<F%`(2*%
2*()% ;3D-/% 53<-)% #% <-#)4/-% 38% #5534$2#>("(26\% (8%
$32%2-5*$(5#"%2*-$%);(/(24#"\%83/%D*#2-B-/%#52(3$%2*-%
/-5(;(-$2%38%#'B(5-%<#6%3/%<#6%$32%2#G-F%
2Q WKH ÀLS VLGH LW LV FUXFLDO WKDW WKH LQGLYLGXDO
53$)4"2($@%D(2*%#%/#>>(%()%53@$(Q#$2%38%5-/2#($%/()G)%
(<;"(5(2%($%)--G($@%534$)-"%3$%c4-)2(3$)%342)('-%38%
[#"#G*#*F%1)G($@%83/%#'B(5-%D*-$%53$8/3$2-'%D(2*%#%
GLI¿FXOWVLWXDWLRQLVVXUHO\DZLVHDQGFRPPHQGDEOH
)2-;F%[3D-B-/\%#%'()2($52(3$%<4)2%>-%'/#D$%>-2D--$%
6"#4'($768$7**4($9
#)G($@%#%/#>>(%83/%@4('#$5-%)3%#)%23%<#G-%#%>-22-/?
($83/<-'%#$'%($)(@*284"%'-5()(3$\%#$'%#)G($@%#%/#>>(%
23% A#N*% 2*-% '-5()(3$F% `*-$% 23/$% >6% #% 2/34>"($@%
())4-\% (2% ()% -#)6% 23% #>'(5#2-% ;-/)3$#"% /-);3$)(>("(26%
83/% 3$-e)% '-5()(3$)% >6% #22/(>42($@% 2*-<% 23% #% /#>>(%
#$'% "-#$($@% 3$% *()% )2#24)% #)% #% a,3/#*% ($'(B('4#"b%
83/%"-@(2(<(Q#2(3$%($%2*-%8#5-%38%5*#""-$@-)%23%3$-e)%
DFWLRQV ,W LV QRW GLI¿FXOW WR IDOO LQWR D SDVVLYH
#;;/3#5*% 23% 3$-e)% "(8-\% ($% D*(5*% #""% 2*-% (<;3/2#$2%
())4-)%#$'%'-5()(3$)%#/-%24/$-'%3B-/%23%;-3;"-%D*3%
#/-%)4;;3)-'"6%>-22-/%-c4(;;-'%23%'-#"%D(2*%2*-<F%
,*()%()%-);-5(#""6%2/4-%D(2*($%2*-%53$2-P2%38%2*-%
,"#$#"% &#'#)*+,% -P;-/(-$5-F% L4/($@% 2*-% 534/)-%
38% 2*-% 6-#/% ($% !)/#-"\% )24'-$2)% 382-$% 4$'-/@3%
2/#$)83/<#2(B-% ;/35-))-)% 2*#2% 5*#""-$@-% <#$6% 38%
2*-(/% ;/-?53$5-(B-'% $32(3$)% #>342% Z4'#()<\% ,3/#*\%
#$'% "(8-% ($% @-$-/#"F% `*-$% 53$2-<;"#2($@% *3D% 23%
;/35--'% D(2*% 2*-)-% '-B-"3;<-$2)\% >32*% '4/($@%
WKH \HDU DQG DIWHU LW WKH LGHD RI ¿QGLQJ D WUXVWHG
<-$23/%23%D*3<%3$-%5#$%24/$%83/%#'B(5-%#<(')2%#""%
38% 2*-% 5*#$@-% #$'% 5*#""-$@-% ()% #$% #22/#52(B-% 3$-F%
:24'-$2)% <4)2% >-% <($'84""6% #5534$2#>"-% 83/% 2*-(/%
'-5()(3$)% #$'% 2*-% #52(3$)% 2*#2% 83""3D% 2*-<F% RP2/#?
*#"#G*(5%/#>>($(5%@4('#$5-%()%$32%<-#$2%23%;/3B('-%
<(/#54"34)%#$)D-/)%#$'%)3"42(3$)\%>42%23%-$534/#@-%
)-"8?#D#/-$-))% #$'% 2/(@@-/% 2*34@*284"% '-5()(3$?
<#G($@F
?#4<#%U#8B*)%2,%#%,=5"=A=)*%#+%!GH%A#I=)2$6%2$%
G"*A2,+)<%#$/%?#4A8/2>%!+8/2*,M
UF%L#$(-"%Z#53>)3$\%a!$%:-#/5*%38%:-"80%Y)65*3"3@(5#"%
Y-/);-52(B-)%3$%S*#$@-%L4/($@%2*-%m.-#/%($%!)/#-"\eb%
($%342552$6%78+9:%;<+"%=)%3#>+9:%?"*%@A5#>+%=B%+"*%
CD*#)%2$%@,)#*4\E%-'F%>6%:*#"3<%JF%A-/@-/\%L#$(-"%
Z#53>)3$\% #$'% S*#(<% !F% `#P<#$% ^A/33G"6$\% W.0%
.#)*#/%A33G)\%XVVI_\%;F%MVF%
XF%Z#53>)3$\%;F%UUKF
+F%Z#53>)3$\%;F%UXVF
9F% H3/% 84/2*-/% /-#'($@\% )--% 7#D/-$5-% T#;"#$\%
aR##,% ?=)#":% 1% E3'-/$% S3$5-;2(3$% 38% =#>>($(5%
142*3/(26\b% ($% O#&&2$2>% (8+"=)2+<% #$/% V*),=$#4%
(8+=$=A<\% -'F% >6% E3)*-% JF% :3G3"% ^W3/2*B#"-\%
WZ0% Z#)3$% 1/3$)3$\% UMMX_\% ;;F% U?hVd% 1"8/-'% :F%
S3*-$\% aR##+% ?=)#"\b% J=8)$#4% =B% S#4#>"#% #$/%
G=$+*A5=)#)<%!=>2*+<%9C%^XVV+_0%hI?UVCF
CF%A-/$#/'%`-($>-/@-/\%a,*-%=3"-%38%2*-%&-'3"(<\b%
?"*%J*K2,"%7&,*).*)%U\X%^UMh+_0%h?UVF
hF% :*(<3$% H($G-"<#$\% ?"*% G"#W=$% @,":% ?"*% U2B*%
#$/% @/*#4,% =B% O#&&2% (.)#"#A% D*,"#<#"% 0#)*42+W%
^A/33G"6$\%W.0%E-)3/#*%Y4>"(5#2(3$)\%72'F\%UMKM_\%
;F%XVCF%
IF%T#;"#$\%;F%UKF%
KF% 7("#5*% `-())<#$% !2(<\% a=#>>(% NB#'(#% .3)-80%
`*3-B-/% n32-)% 83/% T#'(<#% `(""% &3% 23% [-""\b%
S##)*+W\%E#/5*%XC\%XVVh\%#B#("#>"-%#20%*22;0jjDDDF
*##/-2QF53<j$-D)j/#>>(?3B#'(#?63)-8?D*3-B-/?
B32-)?83/?G#'(<#?D(""?@3?23?*-""?UFUK+hVKM%
MF%:*#"3<%S#/<6\%a,*-%[-#/2%Y#($-'%>6%2*-%Y#($%38%
2*-%Y-3;"-0%=#>>($(5%7-#'-/)*(;%($%,D3%L()54))(3$)%
>6%=F%Z3)-;*%AF%:3"3B-(25*(G\b%?"*%?=)#"%8';#//#%
J=8)$#4%U+%^XVVC_0%U?U9\%#2%;F%XF%
UVF% =F% 7(5*2-$)2-($% '-B-"3;)% 2*()% ('-#% ($% *()% -))#6%
($%2*-%UMMI%N/2*3'3P%H3/4<0%1*#/3$%7(5*2-$)2-($\%
a7-@(2(<(Q#2(3$% 38% E3'-/$(260% S"#))(5#"% #$'%
S3$2-<;3/#/6\b% ($% -$6#62$6% ;=/*)$2+<:% O#&&2$2>%
U*#/*),% #$/% +"*% G"#44*$6*% =B% +"*% ?K*$+2*+"%
G*$+8)<\% -'F% >6% E3)*-% JF% :3G3"% ^W3/2*B#"-\% WZ0%
Z#)3$%1/3$)3$\%UMMI_\%+?++\%#2%;F%XF%
1$%!$2-/B(-D%D(2*%E/)F%E#"(%A/38)G6
DBE160&#$1D,)"0:#"
H"#+% K=84/% <=8% ,#<% #)*% +"*% &#,2>% 6=#4,% =B% +"*%
)*#$#*%>#?#/-2)%B=)%(A*)2>#$%,+8/*$+,9
!% 2*($G% 2*-% #@-% #2% D*(5*% ;-3;"-% -<>#/G% 3$% 2*()%
,"#$#"% #4*B% -P;-/(-$5-% ()% /-#""6% #% 2(<-% 38% )-"8?
'-B-"3;<-$2% #$'% ('-$2(26% 83/<#2(3$\% #$'% 2*-% 6-#/%
@(B-)%;-3;"-%#$%3;;3/24$(26%23%2*($G%)-/(34)"6%#>342%
2*-%-P2-$2%23%D*(5*%Z4'#()<%()%@3($@%23%;"#6%#%/3"-%
($% 2*-(/% ;-/)3$#"% ('-$2(26F%,*()% ()% #553<;"()*-'% >6%
)24'6($@%2/#'(2(3$#"%Z-D()*%2-P2)%#$'%#")3%>6%>-($@%
-P;3)-'% 23% #% B(>/#$2% #$'% <-#$($@84"% Z4'#()<% ($%
!)/#-"% ($% #% D#6% 2*#2% )3<-% )24'-$2)% <#6% *#B-% $32%
-P;-/(-$5-'%>-83/-F%!2%()%#%53<>($#2(3$%38%-P;3)4/-\%
-'45#2(3$\%#$'%2*-$%4"2(<#2-"6%($2-@/#2(3$%($23%2*-(/%
"(B-)F
R=% <=8% +"2$N% +"#+% #44% ,+8/*$+,% *A*)62$6% B)=A%
<*,"2.#"% /#<% ,>"==4,% 2$% (A*)2>#% ,"=84/% &*%
*$>=8)#6*/%+=%,+8/<%2$%A2/)#,"#"X<*,"2.#"%B=)%+"*%
<*#)9%R=%<=8%+"2$N%+"#+%+"*%4*#)$2$6%A26"+%$=+%&*%
,82+#&4*%B=)%,=A*%5*=54*9
!%2*($G%$32*($@%()%>"#5G%#$'%D*(2-\%#$'%2*-/-%#/-%
#"D#6)% @3($@% 23% >-% -P5-;2(3$)\% ($'(B('4#")% D*3\%
83/% ;-/)3$#"% 3/% '-B-"3;<-$2#"% /-#)3$)\% #/-% $32%
)4(2-'%83/%2*-%6-#/%($%!)/#-"F%A42%($%@-$-/#"\%Z-D()*%
2--$#@-/)% *#B-% )3<-2*($@% 23% @#($% 8/3<% 2#G($@% 388%
2(<-%#$'%'-"B($@%($23%2*-(/%Z-D()*%*-/(2#@-%#)%D-""%#)%
-P;-/(-$5($@%3/%-P#<($($@%2*-%<-#$($@%38%2*-%:2#2-%
38%!)/#-"F%`(2*%/-@#/'%23%"-#/$($@\%!%D34"'%)#6%2*-/-%
()%;/3>#>"6%#%26;-\%'-@/--\%#$'%)26"-%38%"-#/$($@%83/%
-B-/63$-F%:3\%#@#($\%2*-/-%#/-%#%B#/(-26%38%;/3@/#<)\%
DQG WKH NH\ LV WR ¿QG WKH RQH WKDW EHVW VXLWV WKH
($'(B('4#"e)% $--')% i% /-"(@(34)"6\% ($2-""-524#""6\%
-<32(3$#""6\%#$'%;-/)3$#""6F
5#$%;(5G%#$%($)2(242(3$%2*#2%()%>-)2%83/%2*-<F
!% ;-/)3$#""6% >-"(-B-% ($% )G("")% >4("'($@\% D*(5*%
#""3D)% )24'-$2)% 23% 2#G-% "-#/$($@% D(2*% 2*-<% 83/% "(8-%
)3% 2*#2% (2% @/3D)% D(2*% 2*-<\% #)% 3$-% '3-)% $32% )23;%
'-B-"3;($@% D*-$% *-% 3/% )*-% ()% -(@*2--$F% !% #<% )4/-%
2*3)-% 38% 634% D*3% #/-% ($% 53""-@-% /-#"(Q-% 2*#2% "(8-%
53$2($4-)\% )3% (2% D34"'% >-% #% )*#<-% (8% 634/% ,3/#*%
'-B-"3;<-$2%/-<#($-'%#2%3$-%"-B-"%#$'%2*-%/-)2%38%
634/% '-B-"3;<-$2% 53$2($4-'% )3<-D*-/-% -")-F% !%
#")3%2*($G%2*#2%2*-%6-#/%()%#$%3;;3/24$(26%23%#<#))%
($83/<#2(3$% #$'% G$3D"-'@-F% S3$5-/$($@% ;-/)3$#"%
@/3D2*\%!%2*($G%2*()%)*34"'%#"D#6)%>-%#%@3#"F%!8%(2%()%
$32%#>342%@/3D2*\%2*-$%D*6%#/-%634%'3($@%(2O%1$'%
#""%,3/#*%"-#/$($@%)*34"'%"-#'%23%@/3D2*\%83/%,3/#*%
()%<-#$2%23%(<;#52%3$-e)%'-B-"3;<-$2F
(,% #$% */8>#+=)% B=)% K=A*$T% /=% <=8% +"2$N% +"#+%
K=A*$1,%5)=6)#A,%,"=84/%&*%,+<4*/%,2A24#)4<%+=%+"*%
&*2+%A2/)#,"%A=/*4%=B%A=,+%A*$1,%5)=6)#A,9%R=%<=8%
WKLQNWKDWWKHUHDUHVLJQL¿FDQWGLIIHUHQFHVEHWZHHQ
+"*%K#<,%A*$%#$/%K=A*$%#55)=#>"%4*#)$2$6%?=)#"T%
#$/T% 2B% ,=T% "=K% ,"=84/% +"=,*% /2BB*)*$>*,% A#$2B*,+%
+"*A,*4.*,%2$%+"*2)%)*,5*>+2.*%5)=6)#A,9
S=K%/=%<=8%+"2$N%*/8>#+=),%2$%5=,+'"26"%,>"==4%
@,)#*4% 5)=6)#A,% >#$% &*,+% *$,8)*% +"#+% >"#$6*% =)%
/*.*4=5A*$+%2,%,8&,+#$+2#4%#$/%4#,+2$69
,*#2%()%#%@/-#2%c4-)2(3$F%!%2*($G%(2%()%;/3>#>"6%>-)2%
#5*(-B-'%>6%D3/G($@%23%5/-#2-%5*#$@-%2*#2%()%/-#""6%
($2-/$#"(Q-'% #$'% 53$@/4-$2% D(2*% D*3<% 2*-% ;-/)3$%
D#$2)% 23% >-F%,*#2% <-#$)% 2*#2% 2*-/-% ()% $3% 3$-% /(@*2%
#;;/3#5*\% #$'% 2*-/-% )*34"'% $32% >-% #$% -$'% @3#"% ($%
<($'F%,*-/-%534"'%>-%@-$-/#"%@4('-"($-)\%>42%2*-/-%
)*34"'%$32%>-%#%)2-/-326;(5#"%)24'-$2%2*#2%634%D34"'%
D#$2%23%5/-#2-F%!%2*($G%634%*#B-%23%*-";%2*-%)24'-$2%
¿JXUHRXWZKRKHRUVKHZDQWVWREHDQGUHDOO\ZRUN
D(2*% -#5*% ($'(B('4#"F%1$'% !% 2*($G% 2*#2% 2*-% @/3D2*%
$--')%23%>-%)"3D\%)2-#'6\%#$'%#42*-$2(5\%/#2*-/%2*#$%
-P2/-<-%#$'%8#)2\%(8%(2%()%@3($@%23%>-%"3$@?"#)2($@F
!"=84/% +"*% B=>8,% B=)% ,+8/*$+,% &*% =$% &824/2$6%
4*#)$2$6% ,N244,T% 6#2$2$6% N$=K4*/6*T% =)% 5*),=$#4%
6)=K+"9
!'-#""6\% !% D34"'% )#6% #""% 38% 2*3)-% 2*($@)% #/-%
B#"4#>"-\% #$'% 2*()% #")3% '-;-$')% 3$% 2*-% )24'-$2e)%
)G("")% #$'% ($5"($#2(3$)F% ,*-% )24'-$2% )*34"'% /-#""6%
¿QG WKH LQVWLWXWLRQ WKDW EHVW VXLWV KLV RU KHU QHHGV
KDVKND¿FDOO\DQGLQWHOOHFWXDOO\,WKLQNLWLVLPSRUWDQW
2*#2%2*-%($)2(242(3$)%;/-)-$2%2*-<)-"B-)%*3$-)2"6%#$'%
)#6%D*#2%2*-6%#/-%#>342%)3%2*#2%)24'-$2)%/-#""6%G$3D%
D*#2%(2%()%2*#2%2*-6%#/-%@-22($@%2*-<)-"B-)%($23%#$'%
!%2*($G%634%/-#""6%#)G-'%2D3%'(88-/-$2%c4-)2(3$)%
WKHUH , WKLQN WKDW \RXU ¿UVW TXHVWLRQ ZDV VKRXOG
D3<-$e)%;/3@/#<)%*#B-%#%>-(2%<('/#)*O%!%;-/)3$#""6%
'3% >-"(-B-% ($% 2*-% ;3D-/% 38% 2*-% >-(2% <('/#)*% #)% #$%
($2-@/#"%;#/2%38%+#4A8/%?=)#"%i%<#G($@%,3/#*%634/%
3D$%#$'%>-($@%-P;3)-'%23%2*-%>/-#'2*%#$'%'-;2*%38%
NQRZOHGJH,FRXOGWDONDERXWWKHEHQH¿WVRIWKHEHLW
<('/#)*%83/-B-/%i%2*-%B#"4-%38%($'-;-$'-$2%"-#/$($@%
#$'% '-"B($@% ($23% 2*-% 2-P2)% #$'% <#G($@% 2*-<% #% ;#/2%
38%634F%A42%!%534"'%*-#/%#$%#/@4<-$2%2*#2%(2%<(@*2%
$32%>-%/(@*2%83/%-#5*%)24'-$2%#$'%<#6%$32%/-#5*%-#5*%
)24'-$2\%)3%2*-/-%<(@*2%>-%#%$--'%23%#'f4)2%)6)2-<)%
DQG FXUULFXOD DFFRUGLQJO\ WR ¿W GLIIHUHQW W\SHV RI
)24'-$2)F%aG"#$=>"%4#'$#1#)%#4%52%/#)N=\b%aR'45#2-%
2*-%5*("'%($%*()%3D$%D#6b(%i%2*()%)*34"'%>-%2/4-%83/%
<#"-)%#)%D-""%#)%8-<#"-)F%!%'3%$32%)--%2*-%c4-)2(3$%38%
>-(2%<('/#)*%#)%@-$'-/?'(88-/-$2(#2-'F
,,,-."#/&'()&*(+-0"'
@
!"#$%&'()&*(+
[3D-B-/\% -B-$% 2*34@*% !% #<% )#6($@% 2*#2\% !%
#>)3"42-"6%'3%>-"(-B-%($%'(88-/-$5-)%>-2D--$%<#"-)%
#$'% 8-<#"-)\% #$'% 2*-)-% '(88-/-$5-)% D(""% #88-52% 2*-%
D#6%2*#2%<#"-)%#$'%8-<#"-)%-P;-/(-$5-%-B-/62*($@\%
($5"4'($@%2*-%>-(2%<('/#)*F%1)%<6%@4('($@%/4"-%D*-$%
#;;/3#5*-'% D(2*% c4-)2(3$)% 38% 2*()% G($'\% !% #"D#6)%
c432-% #% B-/6% 8#<34)% /*.#)% ?=)#"% >6% 2*-% 1G-('#2%
.(2)5*#GF((% [-% -P;"#($)% 2*#2% D3<-$% *#B-% 2D3%
$#<-)\%S*#BB#*%#$'%!)*#*M%S*#BB#*%()%*A%N=4%>"#2\%
D(2*%3/%$32%('-$2(86%D(2*F%,*-%$-P2%)2#@-%()%83/<($@%
#% 8#<("6% i% 3$5-% 634% G$3D% D*3% 634% #/-\% 634% 5#$%
<3B-%3$%23%#%/-"#2(3$)*(;%D(2*%#$32*-/%;-/)3$F%H/3<%
2*#2%;-/);-52(B-\%!%2*($G%(2%()%2*-%/(@*2%#@-F%,*-%#@-%
38% ('-$2(26% 83/<#2(3$% ()% 2*-% -P#52% 2(<-% D*-$% 634%
)*34"'%2#G-%)3<-%2(<-%388%83/%634/)-"8\%>6%634/)-"8\%
#$'%2*($G%#>342%634/%B#"4-)\%634/%8424/-\%#$'%634/%
/-"(@(34)% ;-/);-52(B-% #$'% '-5('-% *3D% 634% D#$2% 23%
($2-@/#2-%2*-<%($23%634/%"(8-F
FC1091'5&,1$+%',1%-13%51@+%10&,1#)1/%==,<,1
&,0=#N,1$+0$1=#-,1/%)$#)5,'G1'%1#$1@%5="18,101
'+09,1#-13%5&1A%&0+1",:,=%29,)$1&,90#),"1
0$1%),1=,:,=10)"1$+,1&,'$1%-13%5&1",:,=%29,)$1
/%)$#)5,"1'%9,@+,&,1,=',KL
2*-%4$(c4-%;#/2%38%#%D3<#$%2*#2%()%8-<#"-%#$'%()%$32%
)*#/-'% D(2*% <#"-)\% >42% !)*#*% ()% >#)(5#""6% 2*-% )#<-%
#)% 2,"\% /-;/-)-$2($@% 2*-% 53<;3$-$2)% 38% 2*-% *4<#$%
;-/)3$#"(26% )*#/-'% >32*% >6% <#"-)% #$'% 8-<#"-)F% :3%
-B-$% 2*34@*% !% /-53@$(Q-% 2*#2% 2*-/-% ()% )3<-2*($@%
4$(c4-%#>342%>-($@%#%D3<#$\%!%#")3%/-53@$(Q-%2*#2%
2*-/-%#/-%)3%<#$6%2*($@)%D-%)*#/-%2*/34@*%34/%f3($2%
*4<#$(26F%`*-$%;-3;"-%)#6%2*#2%)3<-2*($@%)*34"'%
>-% '(88-/-$2% >-5#4)-% (2% ()% 2#("3/-'% 83/% D3<-$\% !%
#"D#6)%#)G\%#/-%634%2/6($@%23%<#G-%(2%"-))%3/%<3/-O%
!8%634%#/-%@3($@%23%)#6%2*#2%D3<-$%)*34"'%/-5-(B-%
"-))\% "-#/$% "-))% ($2-$)-"6\% #$'% >-% -P;3)-'% 23% "-))%
>-5#4)-%2*-6%#/-%D3<-$\%2*-$%!%#<%D#/6F%A42%(8%634%
#/-%@3($@%23%2-""%<-%2*#2%D-%)*34"'%#''%#$32*-/%"#6-/%
>-5#4)-% 2*-/-% ()% 2*()% #''-'% "-B-"% 2*#2% ()% 4$(c4-"6%
8-<($($-\%2*-$%!%#<%($2-/-)2-'%($%"()2-$($@F
S3$5-/$($@%#%>-(2%<('/#)*\%D*#2%()%4$(c4-%#>342%
#% D3<-$e)% >-(2% <('/#)*O% `*#2% '3-)% 2*-% 8-<#"-%
-P;-/(-$5-%5/-#2-O%`*#2%D(""%(2%83)2-/%2*#2%D34"'%$32%
>-% 83)2-/-'% ($% #% <#"-% >-(2% <('/#)*O% ,*-)-% #/-% 2*-%
c4-)2(3$)%2*#2%3$-%*#)%23%#)GF
@B% <=8% K*)*% >)*#+2$6% #% 5)=6)#A% B=)% K=A*$T%
"=K% K=84/% <=8% /*,26$% 2+% /2BB*)*$+4<% 2$% =)/*)% +=%
#>>=A=/#+*%+"*,*%6*$/*)%/2BB*)*$>*,9
!%2*($G%!%D34"'%;"#6%23%)2/-$@2*)%38%533;-/#2(3$%
#$'%/-"#2(3$)*(;?>4("'($@\%);(/(24#"(26%#$'%5/-#2(B(26F%
!%D34"'%"(G-%#")3%23%"-2%2*-%;/3@/#<%-B3"B-\%23%"-#B-%
/33<% 83/% (2% #$'% )--% D*#2% *#;;-$)F% `*#2% D34"'%
2*-% D3<-$% '3O% `34"'% 2*-6% 5/-#2-% )3<-% 26;-% 38%
)-"8?-P;/-))(3$% 2*/34@*% )3<-% 32*-/% <-'(4<% 2*#2%
D34"'% $32% $-5-))#/("6% >-% -P;-52-'O% `-% '3% $3D%
*#B-%D3<-$e)%>#22-(%<('/#)*\%#$'%(2%D34"'%>-%$(5-%
(8% )3<-3$-% '('% )3<-% 26;-% 38% )24'6% #$'% )#D% *3D%
D3<-$%($%2*-)-%;/3@/#<)%8--"%'(88-/-$2%8/3<%2*3)-%
"-#/$($@%($%<#"-%>#22-(%<('/#)*F
@,%5=,+'"26"%,>"==4%+"*%=5+2A#4%#6*%B=)%+"*%<*#)%
2$%@,)#*4%*Y5*)2*$>*9%H=84/%2+%&*%&*++*)%8+242W*/%#+%#%
/2BB*)*$+%5=2$+%2$%42B*9
!%'3%2*($G%2*-/-%()%)3<-2*($@%B-/6%;3)(2(B-%#>342%
WKLVDJH6SHFL¿FDOO\WKLVWLPHRIODWHUDGROHVFHQFH
()% 2*-% 2(<-% 38% ('-$2(26% 83/<#2(3$F% 12% 2*()% )2#@-% ($%
634/% "(8-\% 634% #/-% )4;;3)-'% 23% >-% '(88-/-$2(#2($@%
634/)-"8% 8/3<% ;-3;"-% #/34$'% 634\% '-5('($@% D*3%
634% #/-% #$'% D*#2% @/34;% 634% #/-% @3($@% 23% ('-$2(86%
A42\%*#B($@%)#('%2*#2\%!%#")3%2*($G%(2%()%(<;3/2#$2%
23% /-<-<>-/% 2*#2% 2*()% ()% $32% 2*-% 3$"6% 2(<-% 2*#2%
)3<-2*($@% "(G-% 2*()% 5#$% *#;;-$F% Y-3;"-% @/3D% #$'%
'-B-"3;%2*/34@*342%"(8-F%!%D#)%);-#G($@%23%#%8/(-$'%
38%<($-%"#)2%$(@*2%#$'%)*-%)#('%2*#2%2*-%3$"6%2(<-%2*#2%
)*-%/-#"(Q-'%D*#2%26;-%38%/-"(@(34)%"(8-%)*-%D#$2-'%
23% "-#'% D#)% ($% *-/% "#2-% 2D-$2(-)F% !% 2*($G% 2*#2% )3<-%
;-3;"-% '3% $32% $-5-))#/("6% <#P(<(Q-% 2*-(/% !)/#-"%
-P;-/(-$5-%>42%2*-$%>"3))3<%3$%#%53""-@-%5#<;4)F
:3% 2*-/-% ()% $3% *#/'?#$'?8#)2% /4"-\% >-5#4)-% 2*-/-%
#/-%;"-$26%38%;-3;"-%D*3%'-B-"3;%#2%32*-/%2(<-)%#$'%
PD\EHUHDOO\ZRXOGEHQH¿WIURPWDNLQJWLPHRIIDWD
'(88-/-$2%)2#@-F%A42%!%'3%2*($G%2*#2%2*-/-%()%)3<-2*($@%
YHU\DSSURSULDWHDERXWWKLVVSHFL¿FVWDJHRIOLIH
@$% <=8)% =52$2=$T% K"#+% 2,% +"*% B8+8)*% =B% +"*% <*#)%
2$%@,)#*4%5"*$=A*$=$9%@,%2+%,+244%6)=K2$69%S#,%+"*%
*>=$=A2>%)*>*,,2=$%#BB*>+*/%2+9
!% '3% $32% *#B-% 2*-% 2-5*$(5#"% )2#2()2(5)% 3$% 2*-%
/-5-))(3$F% !2% *#)% #88-52-'% (2% 23% )3<-% '-@/--\% >42%
!% 2*($G% 2*#2% 2*-% -P;-/(-$5-% ()% )3% ;3D-/84"% #$'%
2/#$)83/<#2(B-% 3$% #$% ($'(B('4#"\% 53<<4$#"\% #$'%
@-$-/#2(3$#"% "-B-"% i% D-% )--% *3D% 2*-% 6-#/% ($% !)/#-"%
*#)%*#'%)45*%#$%(<;#52%3$%N/2*3'3P6\%5-/2#($"6%($%
1<-/(5#%i%2*#2%!%D34"'%>-%)4/;/()-'%(8%(2%'()#;;-#/-'F%
!%'3%$32%)--%#$6%)(@$)%38%<#f3/%5*#$@-F
H"#+%K=84/%<=8%,#<%2,%+"*%6)*#+*,+%>"#44*$6*%=)%
5)=&4*A%#,,=>2#+*/%K2+"%+"*%<*#)%2$%@,)#*49
`*-$% 2*-% D*3"-% -P;-/(-$5-% >-5#<-% ;3;4"#/%
2D-$26% 6-#/)% #@3\% (2% D#)% #% )-"8?)-"-52($@% @/34;% 38%
)24'-$2)%D*3%'('%$32%53<-%>-5#4)-%a(2%D#)%2*-%2*($@%
23% '3\b% >42% $3D% (2% ()% 2*-% 2*($@% 23% '3F% ,*#2% <-#$)%
2*#2%634/%;3;4"#2(3$%()%<45*%>/3#'-/F%NB-/#""\%2*#2%
()%B-/6%;3)(2(B-%>-5#4)-%(2%<-#$)%2*#2%634%*#B-%<3/-%
;-3;"-% >-($@% -$@#@-'% ($% 2*()% ;/35-))% 38% +#4A8/%
?=)#"T% )-"8?'()53B-/6\% #$'% -P;3)4/-% 23% !)/#-"% #$'%
Z4'#()<\%>42%(2%#")3%<-#$)%2*#2%2*-/-%()%#%<45*%"#/@-/%
#//#6%38%)24'-$2)%#$'%634%*#B-%23%>-%#>"-%23%/-#5*%
#""%38%2*-<F
1$32*-/% 5*#""-$@-% ()% 2*-% -88-52% 2*#2% ($5/-'(>"6%
/#;('% 2-5*$3"3@(5#"% 5*#$@-)% #/-% *#B($@% 3$% 2*-%
D#6)% ($% D*(5*% ;-3;"-% #/-% "-#/$($@\% ;/35-))($@%
($83/<#2(3$\%#$'%2*($G($@%5/(2(5#""6F%,*-%)24'-$2%38%
23'#6%()%$32%2*-%)24'-$2%38%2-$%6-#/)%#@3\%#$'%(8%634%
2/6% 23% 2-#5*% #% )24'-$2% 38% 23'#6% 2*-% )#<-% D#6% 634%
2#4@*2%#%)24'-$2%38%2-$%6-#/)%#@3\%634%#/-%@3($@%23%>-%
8/4)2/#2-'%#$'%D3$'-/%D*6%634%#/-%@(B($@%#%)24'-$2%
2*-%)#<-%)34/5-)\%6-2%*-%3/%)*-%5#$$32%D3/G%2*/34@*%
2*-<%($%2*-%)#<-%D#6F%!%2*($G%34/%5*#""-$@-%()%$32%
3$"6%*3D%23%/-#5*%34/%)24'-$2)%23'#6\%>42%#")3%*3D%
23%@#($%8/3<%2*()%5*#$@-\%>-5#4)-%!%'3%$32%>-"(-B-%
2*#2%#$6%5*#$@-%()%-P5"4)(B-"6%$-@#2(B-d%2*-/-%()%#")3%
#%;3)(2(B-%/-)4"2F%`-%#/-%)3%>4)6%2/6($@%23%G--;%4;%
D(2*% 34/% )24'-$2)% 2*#2% !% 2*($G% (2% D34"'% >-% $(5-% 23%
#")3% @#($% 8/3<% 34/% )24'-$2)% #$'% "-#/$% 8/3<% 2*-<\%
*#/$-))($@% 2*-% $-D% )24'-$2% <($'% ($% #% D#6% 2*#2% ()%
EHQH¿FLDO ERWK IRU WKH VWXGHQWV¶ OHDUQLQJ DQG IRU
34/)F
!+8/*$+,% #)*% =B+*$% ,+*)*=+<5*/% #$/% I8/6*/%
&#,*/%=$%K"*)*%+"*<%,+8/2*/%2$%@,)#*4M%S=K%+)8*%=)%
A*#$2$6B84% #)*% +"*,*% ,+*)*=+<5*,9% 3=)% 5)=,5*>+2.*%
,+8/*$+,T% 2,% +"*)*% #% A=)*% )*,5*>+B84% A#$$*)% +=%
A#$*8.*)%+"*%,<,+*A%=B%,>"==4,%K2+"=8+%)*4<2$6%=$%
,+*)*=+<5*,9
!)%2*-/-%B#"('(26%23%)2-/-326;-)O%,*-/-%()%#%>/3#'%
B#"('(26%23%)2-/-326;-)%i%>42%(2%()%#"D#6)%B-/6%>/3#'F%
!%2*($G%2*-%>-)2%D#6%23%<#$-4B-/%2*-%)6)2-<%($%3/'-/%
23%5*33)-%#%)5*33"%()%23%@#2*-/%($83/<#2(3$%#$'%);-#G%
23%#524#"%#"4<$(F%[3D-B-/\%<6%5#B-#2%D34"'%>-%2*#2%
D*-$% 634% 2#"G% 23% #"4<$(\% 3$"6% 2#"G% 23% 2*-<% #>342%
2*-(/%($)2(242(3$)\%>-5#4)-%D*#2%2*-6%)#6%#>342%32*-/%
($)2(242(3$)% ()% ;/3>#>"6% "-))% B#"4#>"-% #$'% )*34"'%
>-% 2#G-$% <45*% <3/-% D(2*% #% @/#($% 38% )#"2F% !% D34"'%
#")3%);-#G%23%<3/-%2*#$%3$-%;-/)3$% 23%@-2%#%/#$@-%
38%;-/);-52(B-)F%!$%#''(2(3$\%(8%634%5#$\%@3%#$'%B()(2%
i%2*#2%5#$%>-%*-";84"F%A42%(8%634%'3%2*#2\%#")3%53<-%
;/-;#/-'\% >-5#4)-% )3<-% ($)2(242(3$)% *#B-% #% D('-%
B#/(-26% 38% #;;/3#5*-)% #$'% )26"-)% #$'% 634% )*34"'%
;/3>#>"6%G$3D%D*#2%26;-)%38%5"#))-)%634%)*34"'%>-%
)(22($@%($%3$%#$'%D*#2%634%)*34"'%>-%"33G($@%83/F
R=% <=8% +"2$N% +"*)*% #)*% B*K*)% =55=)+8$2+2*,% 2$%
@,)#*4%B=)%(A*)2>#$,%K"=%K#$+%+=%58),8*%*($$4G*9
!% D()*% 2*#2% !% 534"'% )#6% $3\% 2*#2% 2*-/-% #/-% )3%
<#$6% 3;;3/24$(2(-)% 83/% -B-/6>3'6F% !% 2*($G% 2*#2% (2%
()% #% 5*#""-$@-\% >42% (2% D34"'% >-% )#'% 83/% <-% 23% )--%
)3<->3'6% $32% <#G-% #42<<#"% >-5#4)-% 38% 2*()F% !% #<%
QRWMXGJLQJDQ\ERG\(YHU\LQGLYLGXDOPXVW¿JXUH
RXWKRZKHRUVKHLVJRLQJWRPD[LPL]HIXO¿OOLQJDOO
38%*()%3/%*-/%'/-#<)\%#$'%!%2*($G%2*#2%(2%D(""%>-%B-/6%
;#/2(54"#/%83/%-#5*%;-/)3$F%!%'3%8--"%B-/6%83/24$#2-%
2*#2%!%'('%$32%*#B-%23%@(B-%4;%-(2*-/%3$-%38%2*3)-F%!%
5#$$32%)#6%2*#2%2*-/-%()%$3%/33<%83/%@33'%2-#5*-/)F%
!%'3%$32%D#$2%23%<#G-%(2%)34$'%#""%/3)6\%>42%2*-/-%()%
)2(""%#"D#6)%/33<%83/%@33'%2-#5*-/)\%-);-5(#""6%2*3)-%
D*3% #/-% D(""($@% 23% >/3#'-$% 2*-(/% *3/(Q3$)% #$'% $32%
f4)2% "35G% 2*-<)-"B-)% ($23% 2-#5*($@% ($% #% ;#/2(54"#/%
26;-%38%($)2(242(3$%3/%23%#%;#/2(54"#/%26;-%38%)24'-$2%
;3;4"#2(3$F
;),M% ;#42% L)=B,N<% 2,% #% +*#>"*)% =B% J*K2,"%
5"24=,=5"<% #$/% ?#$#N"% #+% ;2>"4*4*+% ;*.#,*)*+%
D*)8,"#4#<2A% Z;;D[% #$/% #% >42$2>#4% ,=>2#4% K=)N*)%
2$%J*)8,#4*AM
UF%;2,"4*2%XX0hF
XF% !*B*)% (N*2/#+% D2+,"#N% 23% L*)*,"2+\% ,"#1#)% M\%
)-52(3$%KF
3=)% (A*)2>#$% ,+8/*$+,% 2$+*)*,+*/% 2$% A#N2$6%
#"(66#*T%K"*$%/=%<=8%+"2$N%2,%+"*%&*,+%+2A*%+=%/=%2+9%
3=44=K2$6%+"*2)%)*#$#*%>#?#/-2)T%#B+*)%>=44*6*T%=)%#+%
#%4#+*)%5=2$+%2$%42B*9
,*-/-%()%$3%/(@*2%#$)D-/\%38%534/)-F%!2%'-;-$')%3$%
2*-%;-/)3$%#$'%*()%3/%*-/%"(8-%5(/54<)2#$5-)F%!%D(""%
)#6%2D3%2*($@)F%!8%634%/-#""6%'3%D#$2%23%<#G-%#42<<#"\%
(2%*#)%23%>-%#%"(B($@%@3#"%($%634/%"(8-F%.34%*#B-%23%
G--;%(2%#"(B-%($%634/%-P;-/(-$5-%>-5#4)-%(2%()%)3%-#)6%
83/% (2% 23% )"(;% #D#6F%.34% *#B-% 23% <#G-% #% 53$5-/2-'%
HIIRUWWRNHHSWKDWÀDPHEXUQLQJ7KHRWKHUWKLQJLV
2*#2%(8%634%#/-%#%;-/)3$%D*3%()%/-#""6%($2-/-)2-'%($%
($2-@/#2($@%($23%!)/#-"(%)35(-26\%2*-$%2*-%-#/"(-/%634%
53<-\%2*-%<3/-%($2-@/#2-'%634%D(""%>-53<-F%.34%'3%
$32% *#B-% 23% >-% 2*#2% G($'% 38% ;-/)3$F% !% '3% $32% 2*($G%
2*#2%#$%1<-/(5#$%=4*"%D*3%);-#G)%R$@"()*%*()%-$2(/-%
"(8-% #$'% "(B-)% ($% #$%1<-/(5#$% 53<<4$(26% ()% #% "-))%
D3/2*6%=4*"%2*#$%#$6%32*-/\%>42%83/%2*3)-%D*3%D#$2%
23%/-#""6%($2-@/#2-\%2*-%634$@-/%634%53<-\%2*-%<3/-%
53<83/2#>"-%634%D(""%>-%($%!)/#-"(%)35(-26F
R=%<=8%"#.*%#$<%#/.2>*%B=)%,+8/*$+,%2$+*)*,+*/%2$%
58),82$6%*($$4G*%ZJ*K2,"%*/8>#+2=$[%5)=B*,,2=$#44<T%
K"*+"*)%2$%@,)#*4%=)%2$%(A*)2>#9
,*#2% ()% #% *#/'% c4-)2(3$F% 7-#/$% #% "32% 38% ,3/#*F%
Y4/)4-%#'B#$5-'%'-@/--)%($%>"2$$8>"%3/%-'45#2(3$F%
&/#);%#$6%3;;3/24$(26%23%"-#/$F%E#G-%)4/-%634%/-#""6%
,,,-."#/&'()&*(+-0"'
9
"(G-%2-#5*($@F%H(@4/-%342%D*3<%634%D#$2%23%2-#5*F%
!% D(""% )#6% 2*#2% D-% $--'% @33'% A*>"#$$*>"2A% #$'%
A*>"#$$*>"=+%#""%#5/3))%2*-%);-52/4<F%:;-#G($@%#)%
#%<32*-/\%2*-%<3)2%(<;3/2#$2%;-/)3$%($%<6%"(8-%()%<6%
5*("'e)%6#$*$*+%^@/#'-?)5*33"%2-#5*-/_F%E6%5*("'/-$%
*#B-%$32%@322-$%23%*(@*%)5*33"%6-2\%>42%#2%2*#2%)2#@-%
(2% 5-/2#($"6% <#22-/)% D*3% 2*-(/% 2-#5*-/)% #/-F% :3\% !%
#"D#6)%)#6%23%<6%)24'-$2)\%a.34%#/-%2*-%3$-)%D*3%
#/-% @3($@% 23% 5*#$@-% 2*-% D3/"'\% <#G-% #42<<#"\% f3($%
2*-%)6)2-<\%5*#$@-%)35(-26\%#$'%)#B-%(A%D2,)#*4Fb
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
!"#$#"%&#'()*+,0%A/('@($@%2*-%&#;
DBE1O&0)1A0)),&
,
*-%6-#/%);-$2%($%!)/#-"%()%382-$%/-8-//-'%23%#)%a2*-%
@#;%6-#/\b%#%2-/<%2*#2%()%c4(2-%;/3>"-<#2(5F%%1%@#;%
(<;"(-)% #% *3"-\% #% >/-#G% >-2D--$% 2D3% ;#/2)F% % ,*()%
2-/<($3"3@6% -$534/#@-)% 4)% 23% B(-D% 2*-% 2(<-% );-$2%
)24'6($@% ($% !)/#-"% #)% #% >/-#G% 8/3<% 2*-% a/-#"% "(8-b%
D*(5*% 53<-)% >-83/-% #$'% #82-/% (2% i% $#<-"6\% *(@*%
)5*33"%#$'%53""-@-F%%!2%()%(2)%3D$%-$2(26\%)-;#/#2-%#$'%
'()53$$-52-'\%)2#$'($@%($%>-2D--$%2*-%32*-/%;#/2)%38%
"(8-F
'-)(@$#2($@% (2% #)% +"*% 6-#/% 83/% P\% 6\% #$'% Q\% <#G-)% (2%
'()2($52% #$'% '()53$$-52-'% 8/3<% 2*-% /-)2% 38% "(8-F% % !2%
24/$)% (2% ($23% #% a>4>>"-b% i% #% 6-#/% 38% @/3D2*% 2*#2% ()%
4$;#/#""-"-'% ($\% #$'% )-;#/#2-% 8/3<\% 2*-% /-)2% 38% 2*-%
)2#@-)%)24'-$2)%D(""%@3%2*/34@*%($%"(8-F%%%,3%'-)5/(>-%
2*-% 6-#/% ($% !)/#-"% #)% +"*% 6-#/% 38% );(/(24#"% @/3D2*\%
2*4)%(<;"6($@%2*#2%2*-%/-24/$($@%-(@*2--$j$($-2--$?
6-#/?3"'%)24'-$2)%*#B-%53<;"-2-'%2*-(/%3$"6%6-#/%38%
@/3D2*%#$'%/-#5*-'%2*-(/%);(/(24#"%*-(@*2\%()%#%)5#/6%
2*34@*2F% % !% 5-/2#($"6% *3;-% 2*#2% )24'-$2)% 53$2($4-%
23% <#G-% ;/3@/-))\% );(/(24#""6% #$'% ($2-""-524#""6\%
FP,&+02'G1@+,)1",'/&#8,"10'1Q5'$101
/%)$#)50$#%)1%-1$+,1&,'$1%-1=#-,G1$+,1!"#$#"1
%#(#&'(!1=%','1'%9,1%-1#$'1$+&#==G1'%9,1%-1#$'1
'2,/$0/5=0&),''K11R,:,&$+,=,''G1$+0$1#'1012&#/,1
@%&$+1203#)<S1#)1",'/&#8#)<1$+,1!"#$#"1
%#(#&'(!10'120&$1%-1&,0=1=#-,G1@,1#)/&,0',1#$'1
,--,/$#:,),''G1=%)<($,&9G1#99,0'5&08=3KL
)XUWKHUPRUH HYHQ ZKHQ QRW XVLQJ WKDW VSHFL¿F
2-/<\% D-% )3<-2(<-)% 53$5-(B-% 38% 2*-% 6-#/% ($% !)/#-"%
#)% )-2% #;#/2% 8/3<% 2*-% /-)2% 38% "(8-d% 382-$\% )24'-$2)\%
-(2*-/%3$%2*-(/%3D$%3/%>#)-'%3$%D*#2%2*-6%#/-%23"'\%
<#G-% 2*-% <()2#G-% 38% #;;/3#5*($@% 2*-% 2(<-% );-$2%
($% !)/#-"% #)% #% a3$5-?($?#?"(8-2(<-% -P;-/(-$5-\b%
2*-(/% a3;;3/24$(26% 23% "-#/$% ,3/#*\b% #$'% +"*% 6-#/%
38% /-"(@(34)% ($2/3);-52(3$% #$'% 4;*-#B#"% i% 23% 2*-%
-P5"4)(3$%38%2*-%/-)2%38%2*-(/%"(B-)F
,*-)-%'-)5/(;2(3$)%53<-%D(2*%@33'%($2-$2(3$)%($%
PLQG7KH\UHÀHFWDQDWWHPSWWRHQFRXUDJHVWXGHQWV
23%<#G-%2*-%<3)2%38%2*-(/%6-#/%#$'%@-2%2*-%<3)2%342%
38% 2*-% /-"(@(34)% #$'% -'45#2(3$#"% -P;-/(-$5-)% 2*#2%
6-)*(B32% #$'% <('/#)*32% ;/3B('-F% % W-B-/2*-"-))\% !%
>-"(-B-% 2*#2% /-;/-)-$2($@% 2*-% 6-#/% ($% !)/#-"% ($% 2*()%
D#6%()%#%@/#B-%-//3/F
,*-% ,"#$#"% &#'#)*+,% ()% 5-/2#($"6% #% @/-#2%
3;;3/24$(26F% % ,*-% -$B(/3$<-$2% 38% 6-)*(B32% #$'%
<('/#)*32\%($%D*(5*%)24'-$2)%*#B-%8-D-/%'()2/#52(3$)%
#$'% <3/-% 2(<-% 23% 8354)% 3$% )24'6($@% ,3/#*% 2*#$%
($% 32*-/% )2#@-)% 38% 2*-(/% "(B-)\% 5-/2#($"6% #""3D)% 83/%
2/-<-$'34)%@/3D2*F%%W-B-/2*-"-))\%2*-%6-#/%($%!)/#-"%
()%$32%2*-%3$"6%3;;3/24$(26%83/%@/3D2*%#$'%"-#/$($@F%%
:24'-$2)%$--'%23%G$3D%2*#2%2*-6%)*34"'%>-%53$)2#$2"6%
"-#/$($@%#$'%@/3D($@0%$32%3$"6%'4/($@%2*-(/%6-#/%($%
!)/#-"\%>42%#")3%>-83/-%#$'%#82-/F%%`*-$%4$'-/)233'%
($%2*()%"(@*2\%D*#2%*#;;-$)%'4/($@%2*-%6-#/%($%!)/#-"%
()% $32% )3% '(88-/-$2% 8/3<% D*#2% *#;;-$)% '4/($@% 2*-%
/-)2% 38% 2*-% 6-#/)% 38% 2*-(/% "(B-)F% !2% ()% $32% #% >/-#G% 23%
'3%)3<-2*($@%-")-d%/#2*-/\%(2%()%;#/2%38%2*-%3$@3($@%
;/35-))% 38% @/3D2*% #$'% "-#/$($@% ($% D*(5*% )24'-$2)%
)*34"'%>-%($B3"B-'%83/%2*-(/%D*3"-%"(B-)F%%,*-%,3/#*%
)24'6% 2*#2% 2*-6% '3% ($% !)/#-"% ()% <-#$2% 23% >-% ;#/2% 38%
#% "(8-"3$@% c4-)2% 83/% ,3/#*F% % ,*-% /-"(@(34)% @/3D2*%
#5*(-B-'%($%!)/#-"%()%#%;#/2%38%#%"(8-?"3$@%)2/4@@"-%23%
;-/8-52%3$-)-"8%#)%#$%=.*/%S#,"*A%^)-/B#$2%38%&3'_F
L-)5/(>($@% 2*-% 6-#/% ($% !)/#-"% #)% #% a@#;\b% 3/%
6"#4'($768$7**4($9
D-""% >-63$'% 2*-% 634$@% #@-% 38% -(@*2--$F% % L*'*W)#+%
S#,"*A\% 2*-6% D(""% *#B-% <#$6% <3/-% /-"(@(34)"6%
<-#$($@84"%6-#/)%38%"(8-%23%53<-F
,*($G($@%38%2*-%,"#$#"%&#'#)*+,%#)%#%a@#;%6-#/b%
5/-#2-)%;/3>"-<)%83/%)24'-$2)%>32*%>-83/-%#$'%#82-/%
2*-(/%6-#/%38%)24'6%($%!)/#-"F%%!%*#B-%*-#/'%*(@*%)5*33"%
JLUOVVD\³,ZHDUSDQWVQRZEXWLW¶VRND\±,¶OOµÀLS
342e%($%!)/#-"\b%3/\%a!e<%$32%m,"=A*)%k$*621#"le%$3D\%
>42% !% ;/3>#>"6% D(""% >-% #82-/% !)/#-"Fb% !8% 3$-% /-#""6%
>-"(-B-)% 2*#2\% #553/'($@% 23% [#"#G*#*\% *-% 3/% )*-%
)*34"'%$32%>-%D-#/($@%;#$2)%3/%-$@#@($@%($%;*6)(5#"%
53$2#52%D(2*%<-<>-/)%38%2*-%3;;3)(2-%@-$'-/\%D*6%
)*34"'%3$-%53$2($4-%'3($@%)3%4$2("%*-%3/%)*-%#//(B-)%
($%!)/#-"O%%!8%3$-%/-53@$(Q-)%2*#2%2*-/-%()%)3<-2*($@%
23% 5*#$@-\% D*6% ;4)*% (2% 388O% % `*6% $32% <#G-% 2*-%
5*#$@-%/(@*2%#D#6O%%,*-%6-#/%($%!)/#-"%)*34"'%$32%>-%
B(-D-'%#)%2*-%3$"6%2(<-%23%(<;/3B-%3$-)-"8F%%=#2*-/\%
#% ;-/)3$% )*34"'% >=$,+#$+4<% )2/(B-% 23% ;-/8-52% *()% 3/%
*-/% N2<<8A% "#'A2+,.=+ PLWVYDK IXO¿OOPHQW DQG
;-/)3$#"(26%2/#(2)F
H4/2*-/<3/-\%(8%2*-%6-#/%($%!)/#-"%()%#%@#;\%<#$6%
38% 2*-% 2*($@)% 2*#2% 2/#$);(/-'% 2*-/-% '3% $32% $--'% 23%
#;;"6%23%a/-#"%"(8-Fb%%Y-3;"-%53<-%>#5G%8/3<%!)/#-"%
#$'% f4<;% >#5G% ($23% a/-#"% "(8-\b% 83/@-22($@% 23% 2#G-%
D(2*% 2*-<% -B-/62*($@% 2*-6% *#B-% @#($-'% #$'% );-$2%
2*-(/% 2(<-% '3($@% 83/% 2*-% ;#)2% 6-#/% 3/% 2D3% ($% !)/#-"F%%
,*-6% #/-% 83/@-22($@% 23% 53$2($4-% 2*-% ;/35-))-)% 2*-6%
)2#/2-'%2*-/-\%83/@-22($@%2*#2%2*-%*#"#G*32%2*-6%G-;2%
)3%)2/($@-$2"6%2*-/-%)2(""%#;;"6%-")-D*-/-\%83/@-22($@%
2*#2%2*-(/%6-#/%($%!)/#-"%()%$32%2*-%3$"6%6-#/%23%"-#/$%
,3/#*%>42%2*#2%+#4A8/%?=)#"%()%)3<-2*($@%3$-%)*34"'%
>-%($B3"B-'%($%2*/34@*342%3$-e%"(8-F
!$)2-#'%38%2/-#2($@%!)/#-"%#)%#%@#;%3/%>/-#G%8/3<%
/-#"%"(8-\%D-%$--'%23%-'45#2-%34/%"#$2N"2A%^#'B()--)_%
#$'%)24'-$2)%2*#2%2*-/-%()%<3/-%23%/-#"%"(8-%2*#$%*(@*%
)5*33"% #$'% 53""-@-d% D*#2% 2*-6% @3% 2*/34@*% '4/($@%
2*-(/% 6-#/% 38% ,3/#*% )24'6% ($% !)/#-"% ()% #% ;#/2% 38% (2o%
,3/#*%2,%/-#"%"(8-F%%7-#/$($@%,3/#*%()%$32%)3<-2*($@%
/-)-/B-'%83/%2*-%,"#$#"%&#'#)*+,%i%a4=%&#',"#A#<2A%
"2b%^2*-%,3/#*%()%$32%($%2*-%*-#B-$)_d%,3/#*%$--')%23%
>-% ;#/2% 38% -B-/6% Z-De)% "(8-\% #"D#6)F% %,*()% <-))#@-%
5#$$32%>-%)2/-))-'%-$34@*%#$'%()%$32%)2#2-'%-$34@*%
'4/($@% )24'-$2)e% 2(<-% ($% !)/#-"F% % :24'-$2)% $--'% 23%
>-%23"'%2*#2%2*34@*%2*-6%#/-%"-#/$($@%2*()%6-#/\%2*-6%
D(""% $32% "-#/$% *.*)<+"2$6% 2*()% 6-#/F% % =#2*-/\% 2*-6%
<4)2% G--;% "-#/$($@\% 6-#/% #82-/% 6-#/F% %,*-6% $--'% 23%
)-2%#)('-%2(<-%8/3<%2*-(/%>4)6%53""-@-%)5*-'4"-)%($%
2*-% 83""3D($@% 6-#/)% 23% >-% =,*N% &#??=)#"% ^($B3"B-'%
($% 2*-% )24'6% 38% 2*-% ,3/#*_\% D*(5*% ()% "#<<*2% =4#A%
^-2-/$#"%"(8-_F%%,*-6%$--'%23%G$3D%(2%()%@3($@%23%>-%
<3/-%5*#""-$@($@%>-5#4)-%2*-6%#/-%@3($@%23%>-%>4)6%
D(2*%32*-/%/-);3$)(>("(2(-)\%>42%2*()%!:%2*-(/%"(8-\%#$'%
2*#2% ()% D*6% 2*-6% <4)2% G--;% '3($@% (2F% % =F% 1*#/3$%
7(5*2-$)2-($%/-5-$2"6%/-"#2-'%#%)(<("#/%('-#%($%#%,2"#"%
^"-524/-_%@(B-$%($%E(@'#"%NQF%%[-%)#('\%a:3<-2(<-)%
($% 2*-% 6-)*(B#*\% 2*-/-% #/-% '()54))(3$)% #>342% ,3/#*%
)24'6% #)% ;/-;#/#2(3$% 83/% "(8-F% % ,*()% ($84/(#2-)% <-F%%
Y/-;#/#2(3$%83/%"(8-O%%Y/-;#/#2(3$%83/%)3<-2*($@%2*#2%
'3-)%$32%6-2%-P()2%i%"(G-%2/#($($@%>-83/-%2*-%@#<-Oo%%
,*()%2,%"(8-o%02%"*A%"#<<*2$8%^83/%2*-6%k,3/#*%#$'%
<(2)B32l% #/-% 34/% "(B-)_obU% ,3/#*% ()% $32% #% @#;\% 3/% #%
>/-#G\% 3/% -B-$% #% ;/-;#/#2(3$d% (2% ()% #$% ($*-/-$2% ;#/2%
38% #% Z-De)% "(8-\% #"D#6)\% #$'% $--')% 23% >-% @(B-$% 2*-%
;/3;-/%2(<-%#$'%;"#5-%#2%#""%)2#@-)F
Y-/*#;)\% D*-$% '-)5/(>-'% #)% f4)2% #% 53$2($4#2(3$%
38%2*-%/-)2%38%"(8-\%2*-%,"#$#"%&#?#)*+,%"3)-)%)3<-%38%
(2)%2*/(""\%)3<-%38%(2)%);-52#54"#/$-))F%%W-B-/2*-"-))\%
2*#2% ()% #% ;/(5-% D3/2*% ;#6($@d% ($% '-)5/(>($@% 2*-%
,"#$#"%&#?#)*+,%#)%;#/2%38%/-#"%"(8-\%D-%($5/-#)-%(2)%
-88-52(B-$-))\% "3$@?2-/<\% (<<-#)4/#>"6F% % :24'-$2)%
D(""%$32%3$"6%"-#/$%2*-%,3/#*%2*#2%2*-6%5#$%<#$#@-%
WR ¿W LQWR RQH \HDU EXW ZLOO EH HQFRXUDJHG WR
53$2($4-%"-#/$($@%83/%<#$6%6-#/)%23%53<-F%%:24'-$2)%
D(""%$32%3$"6%@/3D%#)%=.*/*2%S#,"*A%($%2*#2%)($@"-%
6-#/\% >42% 2*-6% D(""% *3;-84""6% 53$2($4-% 23% )2/(B-% 23%
>-%>-22-/\%#"D#6)F%%,*()%D#6\%D-%-$534/#@-%)24'-$2)%
23%2#G-%2*-%32*-/%;#/2)%38%2*-(/%"(B-)%<3/-%)-/(34)"6F%%
H4/2*-/<3/-\% D-% -$)4/-% 2*#2% )24'-$2)% '3% $32% "-#B-%
>-*($'% 2*-% ,3/#*% 2*-6% #/-% "-#/$($@% '4/($@% 2*-%
,"#$#"%&#?#)*+,%D*-$%2*-%6-#/%()%3B-/\%2*#2%2*-6%'3%
$32%2*/3D%388%#""%2*-%"-))3$)%2*-6%*#B-%2#G-$%D*-$%
2*-6%"-#B-%2*-%'33/)%38%2*-%>-(2%<('/#)*%#$'%2/#B-"%
>#5G% #5/3))% 2*-% 35-#$F% % =#2*-/\% 2*-6% )*34"'% "-#B-%
#/<-'%D(2*%2*-%)2/3$@%#/)-$#"%38%,3/#*\%[#"#G*#*\%
#$'%A2//=+%D*(5*%2*-6%*#B-%#5c4(/-'%3B-/%2*-%6-#/\%
#$'% @3% 83/2*% D(2*% 2*-% /-53@$(2(3$% #$'% #$2(5(;#2(3$%
2*#2% 2*-)-% #/-% 23% 53$2($4-% 23% ;"#6% #% 5-$2/#"% /3"-% ($%
2*-(/%"(B-)F
3)#$% ?#$$*)% "=4/,% #% LM(M% 2$% J8/#2>% !+8/2*,%
B)=A%!GHM%%!"*%2,%>8))*$+4<%2$%"*)%:*#$#*%&(<<-"%
Z+"2)/%<*#)[%#+%;26/#4%7WT%K"*)*%,"*%2,%#%<#'/(G*#*%
Z#/.2,=)[%B=)%+"*%7.*),*#,%!+8/*$+,M
UF%%142*3/e)%2/#$)"#2(3$%8/3<%[->/-DF
FA%1",'/&#8,1
$+,13,0&1#)1
C'&0,=10'1
("'13,0&1%-1
'2#&#$50=1
<&%@$+G1$+5'1
#92=3#)<1$+0$1
$+,1&,$5&)#)<1
,#<+$,,)H
)#),$,,)(
3,0&(%="1
'$5",)$'1+0:,1
/%92=,$,"1
$+,#&1%)=31
3,0&1%-1
<&%@$+10)"1
&,0/+,"1$+,#&1
'2#&#$50=1
+,#<+$G1#'1
01'/0&31
$+%5<+$KL
,,,-."#/&'()&*(+-0"'
A
!"#$%&'()&*(+
1$%!$2-/B(-D%D(2*%=F%L/F%:*#"3<%A-/@-/
DBE16+=%9%1T5/J#,&
V4*#,*% 5)=.2/*% #% &)2*B% "2,+=)<% =B% )*#$#*% >#?
#/-2)% 5)=6)#A,% #$/% +"*2)% /*.*4=5A*$+% B)=A% +"*2)%
2$>*5+2=$%8$+24%$=KM
:24'-$2)%*#B-%>--$%2/#B-"($@%8/3<%2*-%L(#);3/#%
23%"-#/$%($%!)/#-"%8/3<%2(<-%(<<-<3/(#"F%!%2*($G%2*#2%
#% @33'% -P#<;"-% ()% 2*-% )23/6% D*-/-% =#>>(% J-e(/#%
#B3('-'% =#B% .-*4'#*\% D*3% D#$2-'% 23% '()534/#@-%
*(<% 8/3<% @3($@% 23% !)/#-"% 23% "-#/$\% >-5#4)-% *-% 8-"2%
2*#2% A#B-"% D#)% D*-/-% 2*-% Z-D()*% 53<<4$(26% *#'%
>-53<-%-)2#>"()*-'%#$'%2*#2%"-#B($@%D#)%83/>(''-$F(%
!$% 2*-% <3'-/$% #@-\% D-% G$3D\% 2*-/-% D-/-% )24'-$2)%
D*3% 5#<-% 23% "-#/$% ($% Y#"-)2($-% 8/3<% 2*-% ]$(2-'%
:2#2-)F% 1% $4<>-/% 38% )24'-$2)% 8/3<% .-)*(B#)%
=#>>-($4%.(2Q5*#G%R"5*#$#$%^=!R,:_%D-/-%G(""-'%($%
2*-%UMXM%/(32)%($%[->/3$\%D*-/-%2*-6%D-/-%)24'6($@%
($%2*-%[->/3$%.-)*(B#*F
,*-%($'(B('4#"%D*3%)*34"'%>-%5/-'(2-'%D(2*%2*-%
54//-$2% B-/)(3$% 38% 3$-?6-#/% !)/#-"% )24'6% ;/3@/#<)%
()% =F% J-B(% ,#>3/6\% D*3% '-B-"3;-'% 2*-% ('-#% ($% 2*-%
"#2-%UMCV)%($%*()%5#;#5(26%#)%L(/-523/%38%2*-%,3/#*%
R'45#2(3$%L-;#/2<-$2%38%2*-%Z-D()*%1@-$56%($%W-D%
.3/GF%^!%D(""%$32-%2*#2%*()%)3$\%=F%A($6#<($%,#>3/6\%
#$'%*()%@/#$')3$\%=F%1B(#'%,#>3/6\%*#B-%5#//(-'%3$%
2*()% 2/#'(2(3$% #)% =#b<(<% ($% .-)*(B#2% [#/% R2Q(3$%
#$'%.-)*(B#2%R/-2Q%[#,QB(\%/-);-52(B-"6F_%1"2*34@*%
2*-% Z-D()*%1@-$56% $3% "3$@-/% ;"#6)% #$% #52(B-% /3"-%
($%;/3@/#<)%)45*%#)%2*-)-\%(2%<4)2%>-%5/-'(2-'%D(2*%
2*-%'-B-"3;<-$2%38%E#5*3$%&3"'%#$'%A-(2%E('/#)*%
7e,3/#*% ^AE,_\% D*(5*% D-/-% 2*-% ;(3$--/($@% )24'6%
;/3@/#<)%($%!)/#-"%83/%L(#);3/#%6342*F
`*("-% 2*-)-% ;/3@/#<)% >-@#$% #)% "-#/$($@%
3;;3/24$(2(-)%83/%2*-%<3)2%'-'(5#2-'%)24'-$2)\%3B-/%
2*-% 6-#/)% 2*-6% *#B-% >-53<-% ;#/2% #$'% ;#/5-"% 38% 2*-%
)2#$'#/'% E3'-/$% N/2*3'3P% '#6% )5*33"% -'45#2(3$F%
E3)2%'#6%)5*33")%-$534/#@-%2*-(/%)-$(3/)%23%@3%23%#%
"-#/$($@%;/3@/#<%($%!)/#-"\%#$'%<3)2%38%2*-%6-)*(B32%
#$'% D3<-$e)% ;/3@/#<)% *#B-% '-B-"3;-'% 8#5("(2(-)%
DQG FXUULFXOD DLPHG VSHFL¿FDOO\ DW WKLV DXGLHQFH
,*-%5*#$@-%2*#2%*#)%2#G-$%;"#5-%i%2*-%<3B-%8/3<%#%
)-"8?)-"-52($@\%-"(2-%;/3@/#<%23%3$-%2*#2%()%)2#$'#/'%
83/%<#$6%W3/2*%1<-/(5#$%*(@*%)5*33"%@/#'4#2-)%i%
*#)%5-/2#($"6%(<;#52-'%3$%2*-%-P;-/(-$5-%(2)-"8F
H"#+%/=%<=8%+"2$N%#)*%+"*%A#2$%5=,2+2.*%*BB*>+,%
+"#+% +"*% )*#$#*% >#?#/-2)% "#,% 5)*,*$+*/% +=% +"*%
2$/2.2/8#4%,+8/*$+%,5*$/2$6%+"*%<*#)%2$%@,)#*49%()*%
+"*)*%#$<%/=K$,2/*,%=)%/#$6*),%+=%+"*%5"*$=A*$=$9
1)%)3<-3$-%53<<(22-'%23%Z-D()*%G$3D"-'@-%#$'%
Z-D()*%53$2($4(26\%!%>-"(-B-%2*#2%2*-)-%;/3@/#<)%388-/%
#$% 3;;3/24$(26% 83/% )24'-$2)% 23% );-$'% #$% -))-$2(#"%
6-#/%^3/%2D3_%'-"B($@%'--;"6%($23%2/#'(2(3$#"%Z-D()*%
)24'6% #$'% ;/#52(5-% #$'% 5*33)($@% 23% <#G-% 2*3)-% #%
53/-% ;#/2% 38% 2*-(/% ('-$2(26F% Y#/-$2)% *#B-% #)G-'% <-%
D*6% 2D-"B-% 6-#/)% 38% '#6% )5*33"% -'45#2(3$% '3% $32%
)455--'%($%#553<;"()*($@%2*#2\%#$'%!%2*($G%2*#2%2*-/-%
#/-% <#$6% /-#)3$)% D*6% 2*#2% ()% )3F% ,*-% 8#52% 38% 2*-%
PDWWHULVWKDWIRUPRVWNLGVWKH¿UVWWLPHWKDWWKH\
"-#B-% 2*-(/% *3<-)% ()% #82-/% @/#'4#2($@% *(@*% )5*33"F%
,*()% ()% #% <3<-$2% ($% 2*-(/% "(B-)% D*-$% 2*-6% >-@($%
23% )-;#/#2-% 8/3<% 2*-(/% ;#/-$2)% #$'% <#G-% '-5()(3$)%
#>342%2*-(/%3D$%;-/)3$#"(26%#$'%('-$2(26F%&(B-$%2*#2%
<#$6% 38% 2*-)-% )24'-$2)% D(""% >-% #22-$'($@% )-54"#/%
4$(B-/)(2(-)\%2*-%c4-)2(3$%()%D*-2*-/%D-%;/-8-/%2*#2%
2*-%-$B(/3$<-$2%($%D*(5*%2*-%)24'-$2%D(""%>-%<#G($@%
2*-)-%'-5()(3$)%()%#%)4;;3/2(B-\%Z-D()*%-$B(/3$<-$2%
3/%#%5*#""-$@($@\%)-54"#/%3$-F
N8% 534/)-\% 2*()% #))4<-)% 2*#2% 3$-% B(-D)%
53<<(2<-$2% 23% Z-D()*% G$3D"-'@-% #$'% Z-D()*%
53$2($4(26%#)%53/-%('-#")F%!8%3$-%B(-D)%#554"24/#2(3$%
($23% 1<-/(5#$% "(8-% #)% 2*-% 53/-% ('-#"\% 2*-$%
-$534/#@($@% )24'-$2)% 23% B(-D% ;#/35*(#"% Z-D()*%
B#"4-)%#)%3B-//('($@%D34"'%>-%D3/2*"-))F
1%'#$@-/%2*#2%()%<3)2%382-$%/#()-'%/-@#/'($@%2*-%
3$-?6-#/%!)/#-"%;/3@/#<)%()%2*#2%)24'-$2)%>-53<-%233%
FRPPLWWHGWR-HZLVKLGHDOV±WKHSRSXODU³ÀLSSLQJ
342b% ;*-$3<-$3$F% E6% <-))#@-% 23% ;#/-$2)% D*3%
/#()-% 2*()% ())4-% ()% 2*#2% 2*-6% )*34"'% D3/G% D(2*% 2*-(/%
FKLOGUHQWR¿QGSURJUDPVZKRVHFRUHYDOXHVPDWFK
2*-(/%3D$F%!8%634%'3%$32%D#$2%634/%5*("'%23%/-<#($%
($% !)/#-"% #$'% f3($% 2*-% #/<6\% 3/% (8% 634% '3% $32% D#$2%
*(<% 23% )(2% ($% G3""-"% *()% D*3"-% "(8-\% 2*-$% 5*33)-% #$%
#;;/3;/(#2-%;/3@/#<%D*3)-%B#"4-)%#/-%($%)6$5%D(2*%
634/%3D$F%!8%634%>-"(-B-%2*#2%2*()%()%#%6-#/%2*#2%634/%
5*("'%D(""%2#G-%)-/(34)"6\%<#G-%)4/-%2*#2%634%($B-)2%
2(<-% ($% "-#/$($@% #>342% 2*-% '(88-/-$2% ;/3@/#<)% #$'%
5*33)($@%#;;/3;/(#2-"6F
S=K% "#.*% )*#$#*% >#?#/-2)% 5)=6)#A,% 2A5#>+*/%
+"*%(A*)2>#$%G*$+)2,+%7)+"=/=Y%>=AA8$2+<9%H"#+%
/=%<=8%+"2$N%+"*2)%4=$6'+*)A%2A5#>+,%K244%&*9
N$-%3>B(34)%(<;#52%5#$%>-%)--$%($%2*-%.]%>-(2%
PLGUDVK7KHFURZGVWKDW¿OOQLJKW,*/*)%)(<;"6%'('%
$32%-P()2%2D-$26%6-#/)%#@3F
RP;-52#2(3$)%#/-%'(88-/-$2%23'#6F%W32%)3%"3$@%#@3\%
;#/-$2)%)-$2%2*-(/%5*("'/-$%23%'#6%)5*33")%#$'%/-"(-'%
3$% 2*-% -P;-/2()-% 38% 2*-% 2-#5*-/)% 23% -'45#2-% 2*-<F%
,3'#6\%<#$6%;#/-$2)%D#$2%23%G$3D%D*6%#%)5*33"%()%
4)($@% 3$-% <-2*3'% 3/% #$32*-/F% ,*-% ;/3"(8-/#2(3$% 38%
J(3$()2%G3""-")%($%)5*33")%#$'%53<<4$(2(-)%()%#%5"-#/%
342@/3D2*% 38% 2*()% -P;-/(-$5-\% #)% #/-%.]% ;/3@/#<)%
"(G-% T3""-"%.3<% =()*3$% #$'% 32*-/% 342/-#5*% -883/2)%
($% 53<<4$(2(-)F%`*-$% !% D#)% #% )24'-$2% ($%.]\% 2*-%
,"#&&#+=$2A%2*#2%!%D#)%($B3"B-'%D(2*%D-/-%"#/@-"6%
-P;-/(-$2(#"% B()(2)% 23% 53<<4$(2(-)F% ,3'#6\% 2*-/-%
#/-% -P;-52#2(3$)% /-@#/'($@% 2*-% 53$2-$2% 2*#2% )45*% #%
,"#&&#+=$%D34"'%*#B-F%1$'%!%'3%$32%<-#$%23%"(<(2%
2*()%23%.]F%:-54"#/%53""-@-%5#<;4)-)%#5/3))%2*-%]F:F%
$3D%*#B-%#52(B-%>#22-(%<('/#)*d%2*-%Z7!S%($(2(#2(B-%
()% #$32*-/% -P#<;"-% 38% $-D\% *(@*-/% -P;-52#2(3$)% 38%
D*#2%Z-D()*%"(8-%3$%5#<;4)%5#$%>-F
1)%8#/%#)%2*-%"3$@%2-/<%()%53$5-/$-'\%(2%()%D3/2*%
SRLQWLQJ RXW WKDW FXUUHQW VRFLRORJLFDO VWXGLHV ¿QG
#%a'()53$$-52b%>-2D--$%634$@%1<-/(5#$%Z-D)%#$'%
2*-%:2#2-%38%!)/#-"F((%`*-$%!%'()54))-'%2*-%/-)-#/5*%
¿QGLQJV ZLWK 'U 6WHYHQ &RKHQ KH WROG PH WKDW
N/2*3'3P% /-);3$'-$2)% D-/-% ;4""-'% 8/3<% 2*-% )24'6%
>-5#4)-% 2*-6% )G-D-'% 2*-% /-)4"2)F% ,*-6% D-/-% )2(""%
5"3)-"6%53$$-52-'%23%!)/#-"F%!%5/-'(2%2*-%6-#/%($%!)/#-"%
83/%#2%"-#)2%)3<-%38%2*#2%53$$-52(3$F%1)%5*#""-$@-)%23%
2*-%"-@(2(<#56%38%2*-%:2#2-%53$2($4-\%2*()%53$2($4-'%
53$$-52(3$%D(""%>-%(<;3/2#$2\%>32*%83/%!)/#-"%#$'%83/%
1<-/(5#$%Z-D/6F
@$% <=8)% &==NT% H"(;;($@% N42O0% E62*% 3/% H#52O0%
,*-%!<;#52%38%2*-%a.-#/%($%!)/#-"\b(((%<=8%/*#4%K2+"%
\8*,+2=$,% =B% K"#+% >"#$6*,% #$/% /=*,% $=+% >"#$6*%
2$% ,+8/*$+,% 2$% +"*2)% <*#)% 2$% @,)#*4M% G#$% <=8% 54*#,*%
VXFFLQFWO\VXPPDUL]H\RXU¿QGLQJV"
:455($52"6% )4<<#/(Q-% <6% "(8-e)% D3/GOo% A46%
2*-%>33Go%1)%#%2-#)-/\%!%D(""%)#6%2*#2%<3)2%38%D*#2%
-'45#23/)% -P;-52-'% #$'% >-"(-B-'% D34"'% *#;;-$% ($%
!)/#-"%'3-)\%($%8#52\%2#G-%;"#5-F
=-@#/'($@% /-"(@(34)% /(24#"% >-*#B(3/)% "(G-%
/#.*$2$6\% /-@#/'($@% ;-/)3$#"% <3'-)26% ())4-)% "(G-%
$*621#"\%/-@#/'($@%53<<(2<-$2%23%53$2($4-'%,3/#*%
)24'6% i% #""% 38% 2*-)-% a)*32% 4;b% ($% 2*-% 534/)-% 38% 2*-%
6-#/F% :(<("#/"6\% 53<<(2<-$2% 23% J(3$()2% ('-#")\% "(G-%
-P;-52($@%23%<#G-%#42<<#"\%'34>"-'%($%2*-%534/)-%38%
2*-%6-#/F
`*#2%D#)%($2-/-)2($@%D-/-%#/-#)%D*-/-%2*-/-%D#)%
$3%5*#$@-F%H3/%#""%2*#2%;"#$)%83/%#42<<#"%($5/-#)-'\%
#'3;2(3$%38%D*#2%!%5#""-'%a/-"(@(34)%J(3$()2%'3@<#)b%
'('% $32F% :3\% D*-$% #)G-'% D*-2*-/% 2*-6% B(-D-'% 2*-%
<3'-/$% :2#2-% 38% !)/#-"% #)% a2*-% $#2(3$#"% *3<-"#$'%
38% 2*-% Z-D()*% ;-3;"-\b% #>342% *#"8% 38% 2*-% )24'-$2)%
)2/3$@"6%#@/--'%D(2*%2*#2%)2#2-<-$2%#2%2*-%>-@($$($@%
38%2*-(/%6-#/%($%!)/#-"F%,*#2%)-$2(<-$2%/-<#($-'%2*-%
)#<-% #2% 2*-% -$'% 38% 2*-% 6-#/F% N$"6% -"-B-$% ;-/5-$2%
38% 2*-% )4/B-6-'% )24'-$2)% )2/3$@"6% #@/--'% 2*#2% a2*-%
PRGHUQ6WDWHRI,VUDHOLVDIXO¿OOPHQWRIWKH$*.81=+%
38% 34/% ;/3;*-2)b% #2% 2*-% >-@($$($@% 38% 2*-% 6-#/F%
,*(/2--$% ;-/5-$2% )2/3$@"6% #@/--'% #2% 2*-% -$'% 38% 2*-%
6-#/F%^1)%#$%#)('-\%!%D(""%<-$2(3$%2*#2%#%Y-D%=-;3/2%
6XUYH\ GRQH DERXW ¿YH \HDUV DJR IRXQG WKDW VL[W\
;-/5-$2%38%D*(2-%RB#$@-"(5#"%Y/32-)2#$2)%>-"(-B-%2*#2%
³,VUDHOLVWKHIXO¿OOPHQWRIELEOLFDOSURSKHFLHV´
3RWHQWLDOO\PRUHGLVWXUELQJZDVP\¿QGLQJWKDW
<3/#"% #$'% -2*(5#"% >-*#B(3/)\% -F@F% *3$-)26% D*-$%
2#G($@%#%2-)2%3/%)2#$'($@%4;%83/%#$%-"'-/"6%;-/)3$\%'('%
$32%5*#$@-F%];3$%/-B(-D%38%2*-%'#2#\%!%D#)%/-"(-B-'%
23%'()53B-/%2*#2%2*-%<3)2%"(G-"6%-P;"#$#2(3$%83/%2*()%
D#)%2*-%8#52%2*#2%2*-%)24'-$2)%)53/-'%2*-<)-"B-)%)3%
KLJKO\WKDWLWZRXOGKDYHEHHQGLI¿FXOWIRUWKHPWR
(<;/3B-%3$%2*-(/%3/(@($#"%)53/-)F
,*()% "-#')% 23% #% $4<>-/% 38% ($2-/-)2($@% c4-)2(3$)%
#>342%'#6%)5*33"%@/#'4#2-)%D*3%#/-%D(""($@%23%#'<(2%
2*#2\% >6% #$'% "#/@-\% 2*-6% '3% $32% )#6% #,"*)% <#+,#)%
^2*-% >"-))($@% #82-/% 4)($@% 2*-% /-)2/33<_% 3/% &*$+,"%
^@/#5-% #82-/% <-#")_\% >42% /=% @(B-% +,*/#N#"% ^5*#/(26_%
#;;/3;/(#2-"6F% `*("-% 2*-/-% #/-% <#$6% ;3))(>"-%
-P;"#$#2(3$)%83/%2*()\%<6%)4@@-)2(3$%()%2*#2%2*-/-%()%
$3%"#/@-/%)35(#"%/-($83/5-<-$2%83/%A2+,.=+%&*2$%#/#A%
4#';#N=A% ^<(2)B32% >-2D--$% <#$% #$'% &3'_\% D*("-%
2*-/-% ()% 83/% A2+,.=+% &*2$% #/#A% 4#'"#.*)=% ^<(2)B32%
>-2D--$% 8-""3D% <-$_F% ,*-% <-))#@-)% 38% 2*-(/% '#6%
,,,-."#/&'()&*(+-0"'
B
)5*33")% 2*-/-83/-% /-)3$#2-% 83/% 2*-<% D(2*% /-@#/'% 23%
)3<-% <(2)B32\% >42% 83/% 32*-/)\% 2*#2% )35(#"% )4;;3/2%
D(""% $32% >-% 83/2*53<($@% 4$2("% 2*-6% #/-% ($% 6-)*(B#*%
($%!)/#-"F
+RZKDYHWKH¿QDQFLDOSUREOHPVRIWKHSDVWIHZ
<*#),%#BB*>+*/%<*,"2.=+%#$/%,*A2$#)2*,9
,*-/-% D#)% )-/(34)% 53$5-/$% 2*#2% 2*-% -53$3<(5%
D3-)% ($% 2*-% ]F:F% D34"'% (<;#52% 2*-% $4<>-/)%
38% )24'-$2)% 53<($@% 23% !)/#-"F% `*("-% 2*-/-% <#6%
*#B-% >--$% #$% (<<-'(#2-% '(;% ($% -$/3""<-$2\% 8/3<%
ZKDW , XQGHUVWDQG LW KDV QRW EHHQ VLJQL¿FDQW
1;;#/-$2"6\% );-$'($@% 2*()% 6-#/% ()% $32% 53$)('-/-'%
23% >-% a'()5/-2(3$#/6Fb% T--;% ($% <($'% 2*#2% 83/% <#$6%
)24'-$2)% i% -);-5(#""6% 2*3)-% )24'6($@% ($% .]% i% 2*-%
6-#/%($%!)/#-"%()%/-"#2(B-"6%($-P;-$)(B-F
H"#+% *+"2>#4% 5)=&4*A,% "#.*% <=8% ,**$% =)% "*#)/%
#&=8+%>=$>*)$2$6%+"*%/2BB*)*$+%@,)#*4%5)=6)#A,9%R=%
<=8%B**4%+"*)*%2,%#%$**/%B=)%#%>*$+)#42W*/%#8+"=)2+<%+=%
)*684#+*%+"*,*%2,,8*,9%R=%<=8%B**4%D]%"#,%#%)=4*%2+%
>=84/T%=)%,"=84/T%54#<%2$%+"2,%5)=>*,,9
!$% <6% a'#6% f3>\b% !% D3/G% #2% 2*-% 733G)2-($%
S-$2-/% #2% A#/?!"#$% ]$(B-/)(26\% D*-/-% !% <3'-/#2-%
2*-% 733Gf-'% "()2)-/B\% #$% 3$"($-% '()54))(3$% @/34;%
83/%Z-D()*%-'45#23/)F%1%/-5-$2%'()54))(3$%/-B3"B-'%
#/34$'% #% ;3)2% ($% D*(5*% 2*-% ;/($5(;#"% 38% #% "#/@-%
W3/2*%1<-/(5#$%*(@*%)5*33"%D/32-%2*#2%*-%*#'%>--$%
RIIHUHG D VLJQL¿FDQW DPRXQW RI PRQH\ IRU HYHU\
)24'-$2%2*#2%*-%D34"'%'(/-52%23%#%;#/2(54"#/%6-)*(B#*F%
,*()% /-B-"#2(3$% *#)% -$534/#@-'% -'45#23/)% 23% >-@($%
23%'-B-"3;%#%53'-%38%-2*(5)%2*#2%D34"'%#''/-))%)45*%
())4-)% #)% #'<())(3$)% ;3"(5(-)\% #55-;2#>"-% /*-23/(5%
D*-$%'()54))($@%53<;-2($@%($)2(242(3$)\%-25F
:24'-$2)% D*3% f3($% 2*-% f3($2% .]?!)/#-"% ;/3@/#<%
#/-% -88-52(B-"6% .]% )24'-$2)% #$'% D(""% >-% /-5-(B($@%
.]% 5/-'(2% 83/% 2*-(/% )24'6F% .]% *#)% #"/-#'6% >-@4$%
#% ;/35-))% 38% B()(2($@% ($'(B('4#"% ;/3@/#<)% #$'%
-B#"4#2($@%2*-(/%534/)-%388-/($@)\%;*6)(5#"%8#5("(2(-)\%
)4;;3/2% )-/B(5-)\% #$'% )3% 3$F% ,*()% ()% #% D-"53<-%
GHYHORSPHQWDQGGHYHORSLQJHWKLFDOJXLGHOLQHV¿WV
($23%2*-%3B-/#""%/3"-%2*#2%.]%5#$%;"#6F
!=A*% "#.*% >4#2A*/% +"#+% A#$<% <*,"2.=+% #$/%
,*A2$#)2*,T% /8*% +=% +"*% $**/% +=% #++)#>+% ,+8/*$+,T%
4=K*)% +"*2)% */8>#+2=$#4% ,+#$/#)/,% #$/% 5)=.2/*%
C*/8+#2$A*$+E% 2$% 54#>*% =B% */8>#+2=$M% R=% <=8%
+"2$N%+"2,%>4#2A%2,%+)8*9%@,%2+%#%5=,2+2.*%=)%$*6#+2.*%
5"*$=A*$=$9%@B%$*6#+2.*T%"=K%>#$%2+%&*%>=A&#+*/9
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
Y-3;"-% #"D#6)% "(G-% 23% /-<($()5-% #>342% *3D%
D3$'-/84"% 2*($@)% D-/-% ($% 2*-% a3"'-$% '#6)b% #$'%
*3D% 2*-6% *#B-% '-2-/(3/#2-'% #)% 2(<-% *#)% ;#))-'F% !2%
LV GLI¿FXOW IRU PH WR VD\ ZKHWKHU VFKRROV KDYH
D-#G-$-'%2*-(/%54//(54"#%($%3/'-/%23%#22/#52%)24'-$2)F%
,*-/-%()%5-/2#($"6%<3/-%5#2-/($@%23%2*-%$--')%38%2*-%
)24'-$2)%$3D%2*#$%2*-/-%D#)%D*-$%!%D#)%#%)24'-$2%
*-/-%($%!)/#-"%2*(/26%6-#/)%#@3F%A42%2*#2%()%2/4-%#5/3))%
2*-%);-52/4<%($%-'45#2(3$%i%$32%3$"6%($%2*-%Z-D()*%
D3/"'\%>42%($%5*4/5*-)(B%#$'%($%)-54"#/%)5*33")\B%#)%
D-""F
H4/2*-/<3/-\%2*-/-%()%#%/-53@$(2(3$%2*#2%)24'-$2)%
D(""%>-%-$@#@-'%>6%<#$6%32*-/%-P;-/(-$5-)%>-63$'%
2*3)-% 2*#2% 2#G-% ;"#5-% ($% 2*-% 5"#))/33<F% !8% 2*()% ()% #%
/-53@$(2(3$% #$'% #;;"(5#2(3$% 38% [3D#/'% &#/'$-/e)%
2*-3/6%38%<4"2(;"-%($2-""(@-$5-)\%2*#2%()%@/-#2F%!8%(2%()%
)(<;"6% ;#$'-/($@% 23% "#Q6% )24'-$2)\% 2*-$% D-% )*34"'%
¿QGDQRWKHUEXVLQHVVWRJRLQWR
O#&&2% R)M% !"#4=A% L*)6*)% )*>*2.*/% "2,% L(T%
;(T% -/RT% #$/% ,*A2N"#"% B)=A% D]M% S2,% /=>+=)#4%
/2,,*)+#+2=$%B=>8,*/%=$%+"*%2A5#>+%=B%=$*'<*#)%@,)#*4%
5)=6)#A,% =$% (A*)2>#$% /#<% ,>"==4% 6)#/8#+*,% #$/%
K#,%58&42,"*/%#,%5#)+%=B%+"*%)*>*$+%&==NT%H"(;;($@%
N42O0% E62*% 3/% H#52O% ,*-% !<;#52% 38% 2*-% a.-#/% ($%
!)/#-"Fb%S*%2,%>8))*$+4<%R2)*>+=)%=B%-^G=AA8$2+2*,%
#+% +"*% U==N,+*2$% G*$+*)% B=)% J*K2,"% -/8>#+2=$% #+%
L#)'@4#$%]$2.*),2+<M
UF%0*+8&&=+%UUV>F%
XF%:--%:2-B-$%EF%S3*-$%#$'%1/(%.F%T-"<#$\%aA-63$'%
L()2#$5($@0%.34$@%1'4"2%1<-/(5#$%Z-D)%#$'%,*-(/%
1"(-$#2(3$% H/3<% !)/#-"\b% #B#("#>"-% #20% *22;0jjDDDF
#5>;F$-2j1>342jYLHjA-63$'pXVL()2#$5($@F;'8F%
+F%:*#"3<% JF% A-/@-/\% L#$(-"% Z#53>)3$\% #$'% S*#(<%
!F% `#P<#$\% 342552$6% 78+9:% ;<+"% =)% 3#>+9:% ?"*%
@A5#>+% =B% +"*% CD*#)% 2$% @,)#*4E% ^W-D%.3/G0%.#)*#/%
A33G)\%XVVI_F
9F% :--% Z-88/-6% E#5L3$#"'\% aS3$@/-@#2(3$)% &3$-%
`("'\b% ?"*% Q*K% D=)N% ?2A*,\% 14@4)2% I\% XVUV\%
#B#("#>"-% #20% *22;0jjDDDF$62(<-)F53<jXVUVjVKjVKj
3;($(3$jVK<#5'3$#"'F*2<"F%
CF%:--%:2#$"-6%H()*\%aL--;%($%2*-%[-#/2%38%,-P#)\b%
?"*%Q*K%D=)N%?2A*,\%Z4$-%XU\%XVUV\%#B#("#>"-%#20%%
*22;0jj3;($(3$#23/F>"3@)F$62(<-)F53<jXVUVjVhjXUj
'--;?($?2*-?*-#/2?38?2-P#)j d('-<\a: 24'-$2%
RB#"4#2(3$)\%Y#/2%,D3\b%?"*%% Q*K% D=)N% ?2A*,\%
Z4$-%XK\%XVUV\%#B#("#>"-%#20%*22;0jj3;($(3$#23/F>"3@)F
$62(<-)F53<jXVUVjVhjXKj)24'-$2?-B#"4#2(3$)?;#/2?
2D3jF
6"#4'($768$7**4($9
,/4"6%N$5-%($%#%7(8-2(<-O0
1$%1;;/3#5*%23%E#P(<(Q($@%2*-%!)/#-"%
&#;%.-#/%RP;-/(-$5DBE1A099#,16,)",&'
!2%()%#"<3)2%/*%)268*8)%83/%E3'-/$%N/2*3'3P%Z-D()*%
2--$#@-/)% 23% );-$'% #% @#;% 6-#/% ($% !)/#-"% 83""3D($@%
53<;"-2(3$% 38% *(@*% )5*33"F% % H3/% )3<-\% (2% ()% 2*-%
-P;-/(-$5-% 38% #% "(8-2(<-\% #% S#<-"32% ($% Z-/4)#"-<F%%
H3/%32*-/)\%(2%()%#%'()(""4)(3$($@%f34/$-6%($%#%83/-(@$%
"#$'% D(2*% #% '(88-/-$2% 54"24/-% #$'% "(22"-% -<32(3$#"%
VXSSRUW $IWHU KDYLQJ H[SHULHQFHG ,VUDHO ¿UVWKDQG
'4/($@%2*-%XVVM?UV%#5#'-<(5%6-#/\%!%*#B-%-<-/@-'%
)*#G-$\%>42%*3;-84""6%#%>(2%D()-/%83/%2*-%-883/2F
!$%*()%J*)8,#4*A%V=,+%>"3@%-$2/6%-$2(2"-'%aN$5-%
LQ D /LIHWLPH"´ 1DWKDQLHO 5RVHQ UHÀHFWV XSRQ
*()% 6-#/% ($% !)/#-"% -P;-/(-$5-FU% % [-% -P;"3/-)% D*#2%
(2% ()% #>342% 2*-% ;3)2?*(@*% )5*33"% 6-#/% ($% !)/#-"\%
VSHFL¿FDOO\ LQ D UHOLJLRXV \HVKLYDK RU PLGUDVKDK
;/3@/#<\% 2*#2% <#G-)% (2% #% 4$(c4-% -B-$2\% 3$-% 2*#2%
5#$$32%>-%-P;-/(-$5-'%#2%#$6%32*-/%;3($2%($%"(8-%3/%($%
#$6%32*-/%;"#5-F%%[-%-P;"#($)%2*#2%(2%()%/-#""6%a#@#($)2%
2*-% >#5G'/3;b% 38% 2*-% 7#$'% 38% !)/#-"% 2*#2% #""% 38% 2*-%
,3/#*%2*#2%3$-%"-#/$)%'4/($@%2*()%6-#/%53<-)%#"(B-FX%
,*-% ($'-;-$'-$2\% B3"4$2#/6\% #$'% 5/(2(5#"% )24'6% 38%
Z-D()*%2-P2)\%2*-%-P;3)4/-%23%-#5*%8#5-2%38%#%"(B($@%
Z-D()*% ;-3;"-\% #$'% 2*-% 53$$-52(3$% D(2*% 2*34)#$')%
38%6-#/)%38%#42*-$2(5%Z-D()*%)(2-)%*-";%-#5*%;-/)3$%
'-B-"3;% #% <-#$($@84"% #;;/-5(#2(3$% 83/% Z4'#()<% #)%
#% /-"(@(3$% #$'% !)/#-"% #)% 2*-% Z-D()*% *3<-"#$'F% % !2%
()% #")3% 2*()% 6-#/% 2*#2% <#/G)% 2*-% 2/#$)(2(3$% 8/3<% 2*-%
"(<(2-'% -'45#2(3$#"% /-;-/23(/-% 38% #$% #'3"-)5-$2% 23%
2*-%<3/-%)3;*()2(5#2-'%#$'%5*#""-$@($@%-'45#2(3$#"%
-P;-/(-$5-%38%#$%#'4"2F%
A42% <#$6% -(@*2--$% #$'% $($-2--$?6-#/?3"')% ($%
)3<-%38%2*-%)#<-%6-)*(B32%#$'%<('/#)*32%*#B-%2*-%
-P#52%3;;3)(2-%-P;-/(-$5-%38%D*#2%=3)-$%'-)5/(>-)F%%
7KH\¿QG,VUDHO¶VEHDFKHVEDUVDQGQLJKWOLIHWREH
#"<3)2%*6;$32(5F%%,*-%"33)-"6?<3$(23/-'%-'45#2(3$#"%
)6)2-<% >-53<-)% #$% 3;;3/24$(26% 83/% -P;"3(2#2(3$F%%
S"#))-)%#/-%2*-/-%23%>-%)G(;;-'\%A-$%.-*4'#%:2/--2%
()% #% *32);32% 83/% '/4@)% #$'% #"53*3"% /#2*-/% 2*#$% 83/%
)*3;;($@%#$'%-#2($@\%#$'%D--G-$')%#/-%#$%($B(2#2(3$%
23% -P;"3/-% ;/3*(>(2-'% "35#2(3$)F% % ,*-6% #/-% ($% 2*-%
)#<-%"#$'%#$'%2*-%)#<-%)5*33")%#)%2*-%)24'-$2)%2*#2%
=3)-$% '()54))-)\% >42% 2*-(/% -P;-/(-$5-)% #/-% D3/"')%
#;#/2F%%
[3D% '3-)% 3$-% <#G-% 2*-% @#;% 6-#/% f34/$-6% ($23%
#% );(/(24#""6?4;"(82($@% -P;-/(-$5-% 38% #% "(8-2(<-%
#$'% #B3('% 2*-% ;(28#"")% 2*#2% 24/$% (2% ($23% #% );(/(24#""6%
B#5434)%#'B-$24/-O%%,*-%#$)D-/%"(-)%($%"33G($@%#2%#%
EURDGHUGH¿QLWLRQRIUHOLJLRXVJURZWKUHVLVWLQJWKH
5*#""-$@($@%)35(#"%;/-))4/-)%38%8#<("6\%8/(-$')\%#$'%
2*-% !)/#-"(% ($)2(242(3$)% 2*-<)-"B-)\% #$'% <3'(86($@%
3$-e)%3D$%"-B-"%38%-P;-52#2(3$)F%
,3%>-@($%D(2*\%3$-%<4)2%>-%3;-$%23%@/3D2*F%%!$%
*-/% ;-/);-52(B-?)2/-25*($@% >33G% ;2$/,*+\% S#/3"%
'ZHFN GLVWLQJXLVKHV EHWZHHQ ¿[HG PLQGVHWV KHOG
>6%2*3)-%D*3%>-"(-B-%2*#2%#>("(26%#$'%G$3D"-'@-%#/-%
¿QLWHDQGJURZWKPLQGVHWVKHOGE\WKRVHZKRYLHZ
-#5*%5*#""-$@-%#$'%-#5*%8#("4/-%#)%#%)2-;;($@)23$-%
23%"#2-/%)455-))F+%%.-)*(B#*%#$'%<('/#)*#*%)24'-$2)%
<4)2%>-%D(""($@%23%5*#""-$@-%;/-B(34)%;-/);-52(B-)\%
<3B-%342%38%2*-(/%53<83/2%Q3$-)%#)%2*-6%-P;#$'%2*-(/%
*3/(Q3$)\%#$'%>-%#>"-%23%B(-D%)455-))%#$'%8#("4/-%#)%
;#/2%38%#$%3B-/#""%@/3D2*%-P;-/(-$5-F%%%%
%XW LW LV QRW VXI¿FLHQW WR VLPSO\ KDYH D JURZWK
<($')-2F% % ,3% *#B-% #% )455-))84"% @#;% 6-#/% ($% !)/#-"\%
3$-%<4)2%#")3%4$'-/)2#$'%2*-%<-#$($@%38%2/4-%Z-D()*%
/-"(@(34)%@/3D2*F%%,*-%<())(3$%)2#2-<-$2)%38%<#$6%
6-)*(B#*%#$'%<('/#)*#*%D->)(2-)%($5"4'-%@3#")%)45*%
#)%-$/(5*-'%,3/#*%)24'6\%-P;3)4/-%23%2*-%>-#426%38%
2*-%7#$'%38%!)/#-"\%#$'%53$2#52%D(2*%32*-/%26;-)%38%
Z-D)d% 6-2\% )5*33")% 382-$% '3% $32% #524#""6% ;/3B('-%
)24'-$2)%D(2*%)45*%#%'(B-/)(26%38%-P;-/(-$5-)F%%H(/)2\%
2*-%54//(54"#%38%<3)2%;/3@/#<)%8354)%3$%,3/#*%)24'6%
D(2*% #% )2/3$@% -<;*#)()% 3$% 2#"<4'(5% -/4'(2(3$\% )3%
2*-/-% ()% /#/-"6% #$6% c4#"(26% 2(<-% 23% -$@#@-% ($% 32*-/%
#);-52)% 38% ,3/#*% "-#/$($@F% % Y-/*#;)% #)% #% /-);3$)-%
23% 2*()% 53$5-/$\% 2*-/-% *#)% >--$% #% /-5-$2% ($5/-#)-%
($% 2*-% $4<>-/% 38% ;/3@/#<)% 2*#2\% ($% #''(2(3$% 23%
5*#<;(3$($@%2*-%)24'6%38%,#"<4'\%8354)%#)%D-""%3$%
2*-%)24'6%38%,#$#G*\%Z-D()*%;*("3)3;*6\%#$'%Z-D()*%
*()23/6F% %1")3\% 2/#'(2(3$#"% 6-)*(B#*% #$'% <('/#)*#*%
;/3@/#<)% *#B-% >--$% @-#/-'% 23% 2*-% ;/(B("-@-'% 8-D%
D*3%5#$%)4)2#($%8354)%3B-/%#%834/2--$?*34/%'#6%38%
/(@3/34)%2-P24#"%)24'6\%382-$%"-#B($@%>-*($'%)24'-$2)%
D*3% *#B-% )*3/2-/% #22-$2(3$% );#$)% 3/% @/3D% <3/-%
>6% -$@#@($@% D(2*% 2*-(/% 5/-#2(B-% #>("(2(-)F% % 1@#($\%
;-/*#;)% ($% /-);3$)-% 23% 2*-)-% 5/(2(5()<)\% 2*-/-% *#)%
>--$% #% /()-% ($% 2*-% $4<>-/% 38% ;/3@/#<)% 2*#2% >"-$'%
,3/#*% )24'6% D(2*% #/2\% <4)(5\% #$'% ;/3@/#<<($@%
'-)(@$-'%23%$4/24/-%2*-%)34"F
;/3@/#<)% *#B-% -B-$% ($2-@/#2-'% 53<<4$#"% )-/B(5-%
($23%2*-(/%D--G"6%)5*-'4"-)\%;/3B('($@%)24'-$2)%D(2*%
#$% 3;;3/24$(26% 23% ($2-/#52% D(2*% <-<>-/)% 38% !)/#-"(%
)35(-26%3$%#%53$)()2-$2%>#)()F%
]$83/24$#2-"6\%2*-)-%$-D-/%;/3@/#<)%#/-%)2(""%$32%
53$)('-/-'%<#($)2/-#<%>6%<#$6%>-5#4)-%2*-6%'3%$32%
DGKHUHWRWKHPRUHWUDGLWLRQDOO\DFFHSWHGGH¿QLWLRQ
38%/-"(@(34)%@/3D2*\%D*(5*%()%8354)-'%3$%2*-%$4<>-/%
38% ;#@-)% 38%,#"<4'% 2*#2% 5#$% >-% "-#/$-'% ($% #% D--G%
3/%2*-%$4<>-/%38%53<<-$2#23/)%2*#2%5#$%>-%c432-'%
IURPPHPRU\,WLVWLPHWRUHGH¿QHUHOLJLRXVJURZWK
:24'-$2)%)*34"'%"-#/$%23%B(-D%&3'%#)%2*-%&=)*%=4#A\%
2*-% 5/-#23/% 38% #% B#)2\% >-#42(84"\% #$'% <4"2(8#5-2-'%
ZRUOG ¿OOHG ZLWK YDULHJDWHG JURXSV RI IDVFLQDWLQJ
*4<#$% >-($@)\% ($% #''(2(3$% 23% >-($@% 2*-% $=+*$% "#'
?=)#"\% 2*-% @(B-/% 38% 2*-% ,3/#*F% % Z-D()*% /-"(@(34)%
@/3D2*\% 2*-$\% <4)2% ($5"4'-% >32*% 2*-% #5#'-<(5% #)%
D-""%#)%2*-%);(/(24#"\%-P;-/(-$2(#"\%#$'%($2-/#52(3$#"F%%
!2% <4)2% ($53/;3/#2-% #""% 26;-)% 38% ,3/#*% "-#/$($@% #)%
D-""% #)% ;/3@/#<<($@% 2*#2% 53$$-52)% )24'-$2)% D(2*%
2*-%7#$'%#$'%;-3;"-%38%!)/#-"F%
%H\RQG UHGH¿QLQJ UHOLJLRXV JURZWK VWXGHQWV
($2-/-)2-'% ($% <#P(<(Q($@% 2*-(/% 6-#/% <4)2% ;/3;-/"6%
#;;/3#5*%2*-%)35(-2#"%;/-))4/-)%;"#5-'%3$%2*-<%>6%
;#/-$2)\%)(>"($@)\%2-#5*-/)\%#$'%8/(-$')F%%H3/%<#$6\%
2*-/-% #/-% ;/-))4/-)% 23% #;;-#/% '(88-/-$2% -P2-/$#""6%
($%3/'-/%23%;/3B-%2*#2%2*-6%#/-%/-#""6%#>)3/>($@%2*-%
,3/#*% "-))3$)% 23% D*(5*% 2*-6% *#B-% >--$% -P;3)-'F%%
1)% #% /-)4"2\% <#$6% )24'-$2)% 8--"% 2*-% $--'% 23% #'3;2%
"8A)=+%^)2/($@-$5(-)_%2*#2%2*-6%*#'%$-B-/%;/-B(34)"6%
8-"2%D-/-%$-5-))#/6F%%H3/%)3<-\%2*#2%2#G-)%2*-%83/<%
FA+,19#''#%)1'$0$,9,)$'1%-190)313,'+#:0+1
0)"19#"&0'+0+1@,8'#$,'1#)/=5",1<%0='1'5/+10'1
,)&#/+,"1A%&0+1'$5"3G1,I2%'5&,1$%1$+,18,05$31
%-1$+,140)"1%-1C'&0,=G10)"1/%)$0/$1@#$+1%$+,&1
$32,'1%-1?,@'S13,$G1'/+%%='1%-$,)1"%1)%$10/$50==31
2&%:#",1'$5",)$'1@#$+1'5/+101"#:,&'#$31%-1
,I2,&#,)/,'KL
!$% 2-/<)% 38% -P;3)($@% )24'-$2)% 23% 2*-% >-#426% 38%
2*-%"#$'\%<#$6%2/#'(2(3$#"%6-)*(B#*%#$'%<('/#)*#*%
;/3@/#<)% '3% #;;3/2(3$% 2(<-% 23% -P;"3/-% 2*-% "#$'d%
*3D-B-/\%2*-6%#/-%8354)-'%3$%()3"#2-'%+2<<842A%^'#6?
"3$@%*(G($@%2/(;)_%23%B#/(34)%@-3@/#;*(5%/-@(3$)%38%
2*-% 534$2/6% #$'% '3% $32% ($5"4'-% ($2-/#52(3$)% D(2*%
2*-% ;-3;"-% 38% !)/#-"F% % !$% )3<-% $-D-/% ;/3@/#<)\%
2*-/-%*#)%>--$%#%@/-#2-/%8354)%3$%-P;"3/($@%!)/#-"(%
5(2(-)\% D(2*% #% );-5(#"% -<;*#)()% 3$% -P;3)4/-% 23% 2*-%
;33/% #$'% '3D$2/3''-$% <-<>-/)% 38% !)/#-"(% )35(-26F%%
!$%#''(2(3$\%2*-/-%*#)%>--$%#%/-#"%8354)%3$%-P;3)($@%
)24'-$2)% 23% !)/#-"()% 8/3<% #""% D#"G)% 38% "(8-F% % :3<-%
38%D-#/($@%"3$@-/%)G(/2)%3/%D*(2-%)*(/2)%3/%$3%"3$@-/%
2#"G($@% 23% <-<>-/)% 38% 2*-% 3;;3)(2-% @-$'-/F% % H3/%
32*-/)\% (2% ($B3"B-)% 3$"6% -#2($@% ($% A*"#//*)2$% A2$%
"#'A*"#//*)2$FHUWL¿HG XOWUDVWULQJHQW NRVKHU
/-)2#4/#$2)F% % H3/% )2(""% 32*-/)\% 2*()% <-#$)% -P2-$'($@%
2*-(/% ,"*A=$*"% *,)*"% E\ ¿YH PLQXWHV 1RZ WKLV
()% $32% 23% )#6% 2*#2% )-"8?(<;/3B-<-$2% ($% 2*-% #/-#)% 38%
+,*$218+\% N#,")8+\% #$'% N#..#$#"% ($% WH¿OODK% ()% $32% #%
D3/2*6% @3#"F% % [3D-B-/\% )24'-$2)% )*34"'% 4$'-/2#G-%
2*-)-% 5*#$@-)% #)% #% /-)4"2% 38% ;-/)3$#"% 53$B(52(3$\%
$32% >-5#4)-% 2*-6% D#$2% 23% 53<;"6% D(2*% -P2-/$#"%
;/-))4/-)F%
,,,-."#/&'()&*(+-0"'
C
!"#$%&'()&*(+
N2*-/% @#;% 6-#/% )24'-$2)% 8--"% ;/-))4/-'% 23%
5#)2% 388% 2*-% /-"(@(34)% ;/#52(5-)% 38% #% )2/(52"6%
3>)-/B#$2% #'3"-)5-$5-% #$'% #'3;2% #% <3/-% "-$(-$2%
#$'% 53)<3;3"(2#$% #;;/3#5*% ($% ;/-;#/#2(3$% 83/%
;#/2(5(;#2(3$% ($% 2*-% 1<-/(5#$% 53""-@-% )5-$-F% % ,*-%
>-#42(84"%>-#5*-)%38%R("#2%#$'%2*-%-P5(2($@%$(@*2"(8-%
38% ,-"% 1B(B% #/-% 2-<;2($@% <3'-")% 83/% 2*-% )-54"#/%
"(8-)26"-%($23%D*(5*%2*-%)24'-$2%D(""%>-%-$2-/($@%4;3$%
*()%3/%*-/%/-24/$%*3<-F%%
H($#""6\% @#;% 6-#/% )24'-$2)% )3<-2(<-)% 8--"%
;/-))4/-% 23% /-<#($% 2*-% )#<-F% % E#$6% )24'-$2)% #/-%
D#/$-'%>6%8/(-$')%#$'%8#<("6%$32%23%5*#$@-%#$'%#/-%
;#/#"6Q-'%>6%2*-%2*34@*2%2*#2%2*-6%<(@*2%)3<-*3D%
-<-/@-%#)%#%'(88-/-$2%;-/)3$%#2%2*-%-$'%38%2*-%6-#/F%%
!2%()%5*#""-$@($@%83/%#$%-(@*2--$%#$'%$($-2--$?6-#/?
3"'% 6-)*(B#*% *(@*% )5*33"% @/#'4#2-% 23% D(2*)2#$'%
#""% 2*-% ;/-))4/-)% 4/@($@% *(<% 3/% *-/% 23% 5*#$@-\% 3$-%
D#6%3/%#$32*-/\%3/%23%/-<#($%2*-%)#<-F%%,3%>-%2/4"6%
)455-))84"\%@#;%6-#/%)24'-$2)%<4)2%/-#"(Q-%2*#2%(2%()%
3G#6% 23% 2/6% $-D% 2*($@)% #$'% -B-$% 23% 2#G-% /-"(@(34)%
/()G)\%>42%2*#2%2*-6%$--'%$32%84$'#<-$2#""6%5*#$@-%
D*3%2*-6%#/-\%D*-/-%2*-6%*#B-%53<-%8/3<\%3/%D*#2%
2*-6%>-"(-B-F%%
,Q DGGLWLRQ WR UHGH¿QLQJ UHOLJLRXV JURZWK DQG
G--;($@% )35(-2#"% ;/-))4/-)% ($% ;-/);-52(B-\% (2% ()%
5/(2(5#"% 2*#2% )24'-$2)% /--B#"4#2-% 2*-(/% -P;-52#2(3$)F%%
!$% *()% >33G% S#552$*,,% 2,% #% !*)2=8,% V)=&4*A\%
L-$$()%Y/#@-/%#))-/2)%2*#2%*#B($@%*(@*%-P;-52#2(3$)%
()% 2*-% @/-#2-)2% 5#4)-% 38% 4$*#;;($-))F9% % ,*-% <3/-%
3$-% -P;-52)\% 2*-% "-))% *#;;6% *-% 3/% )*-% D(""% >-% ($%
"(8-F% % [3D-B-/\% "3D-/($@% -P;-52#2(3$)% )*34"'% $32%
$-@#2(B-"6%(<;#52%34/%'-)(/-%23%#5*(-B-F%%1553/'($@%
23%Y/#@-/0
FB,'+#:0+10)"1
9#"&0'+0+1'$5",)$'1
95'$18,1@#==#)<1$%1
/+0==,)<,12&,:#%5'1
2,&'2,/$#:,'G19%:,1
%5$1%-1$+,#&1/%9-%&$1
N%),'10'1$+,31,I20)"1
$+,#&1+%&#N%)'G10)"1
8,108=,1$%1:#,@1
'5//,''10)"1-0#=5&,1
0'120&$1%-10)1%:,&0==1
<&%@$+1,I2,&#,)/,KL
aN$-% )*34"'% $32% #))4<-% 83/% #% <3<-$2% 2*#2% #%
"#5G%38%-P;-52#2(3$)%<-#$)%$32%>-($@%#<>(2(34)\%
$32% #);(/($@% 23D#/')% 2*-% *(@*-)2% @3#")\% 3/% $32%
2*($G($@% ;3)(2(B-"6F% % [3D-B-/\% $32% *#B($@%
-P;-52#2(3$)% '3-)% -$)4/-% 2D3% >-#42(84"% 2*($@)0%
PLQLPXP VXIIHULQJ RYHU XQIXO¿OOHG JRDOV DQG
SURIRXQG JUDWLWXGH RYHU JRDOV WKDW DUH IXO¿OOHG
q% k,l*3)-% 38% 4)% D*3% *#B-% <($(<(Q-'% 34/%
-P;-52#2(3$)%D#"G%#/34$'%D(2*%#%@/-#2-/%)-$)-%38%
2*#$G84"$-))%^>-5#4)-%)3%<#$6%D3$'-/84"%2*($@)%
2*#2% D-% '('$e2% -P;-52% 53<-% 34/% D#6% -#5*% '#6_%
#$'%D(2*%8#/%"-))%>(22-/$-))%^>-5#4)-%8-D\%(8%#$6\%
-P;-52#2(3$)% *#B-% >--$% 8/4)2/#2-'_% 2*#$% 2*3)-%
D*3%*#B-%-P;-52#2(3$)FbC%%%%
=-'45($@% -P;-52#2(3$)% >3")2-/)% 3$-e)% -883/2)% 23%
53$2($4-% 23% (<;/3B-% #$'% 23% >-53<-% 2*-% >-)2% 2*#2%
*-% 3/% )*-% 5#$% >-F% % !2% <($(<(Q-)% 2*-% )-2>#5G)% 3$-%
D34"'%$3/<#""6%)488-/%8/3<%#$'%/-;"#5-)%2*-<%D(2*%
8--"($@)%38%#;;/-5(#2(3$%83/%D*#2%*#)%@3$-%/(@*2%#$'%
D*#2%D(""%>-%*-";84"%($%2*-%"3$@%2-/<F%%.-)*(B#*%#$'%
<('/#)*#*%)24'-$2)%$--'%23%G--;%Y/#@-/e)%53$5-;2%($%
<($'%($%)-22($@%*(@*%@3#")%83/%2*-(/%@#;%6-#/%($%!)/#-"%
D*("-%<#($2#($($@%"3D%-P;-52#2(3$)%#)%D-""F%%:-22($@%
@3#")% 83/% D*#2% 3$-% D#$2)% 23% #5*(-B-% '4/($@% *()% 3/%
*-/%6-#/%($%!)/#-"%*-";)%<#($2#($%8354)%#$'%84-")%#%
WUXO\PD[LPL]HWKH\HDURQHPXVW¿UVWOHDYHEHKLQG
#""%;/-53$5-(B-'%$32(3$)%38%2*-%<-#$($@%38%/-"(@(34)%
JURZWKDQGEHRSHQWRDPRUHULFKO\GH¿QHGJURZWK
,*()% ()% @/3D2*% 2*#2% >"-$')% #5#'-<(5% '-B-"3;<-$2%
D(2*% *-(@*2-$-'% );(/(24#"(26\% ,#"<4'% )24'6% D(2*%
32*-/%D3/2*6%'()5(;"($-)\%#$'%,3/#*%)24'6%($%@-$-/#"%
D(2*% #$% #D#/-$-))% 38% 2*-% "#$'% 38% !)/#-"% #$'% 2*-%
Z-D()*% ;-3;"-F% % :-53$'\% 3$-% )*34"'% 4)-% 2*()% @#;%
\HDUWR¿QGWKHFRXUDJHWRORRNZLWKLQUDWKHUWKDQWR
VXFFXPEWRWKHMXGJPHQWVRSLQLRQVDQGLQÀXHQFHV
38%8#<("6\%2-#5*-/)\%#$'%8/(-$')F%%!2%()%#%2(<-%23%5*#$@-%
(8%5*#$@-%)--<)%/(@*2%#$'%23%/-<#($%2*-%)#<-%(8%2*#2%
()% D*#2% )--<)% #;;/3;/(#2-F% % 7#)2\% 3$-% <4)2% /-'45-%
-P;-52#2(3$)% ($% 3/'-/% 23% <($(<(Q-% '()#;;3($2<-$2%
#$'% <#P(<(Q-% @/#2(24'-% #$'% #;;/-5(#2(3$F% % E6%
;-/)3$#"% )23/6% 2#4@*2% <-% 2*#2% 2*-)-% 2*/--% -"-<-$2)%
³7KH\HDULQ,VUDHOLVPHDQWWREHWKHÀRRU
&0$+,&1$+0)1$+,1/,#=#)<G1%-1%),V'12,&'%)0=10)"1
?,@#'+1%"3'',3KL
IHHOLQJ RI IXO¿OOPHQW DW WKH HQG RI WKH \HDU %XW
-P;-52($@%2*#2%3$-e)%6-#/%D(""%>-%-#)6%#$'%D/($G"-?
8/--% 5#$% 3$"6% "-#'% 23% '()#;;3($2<-$2% #$'% ;3))(>"6%
-B-$%'-);#(/%D*-$%2*($@)%'3%$32%D3/G%342%-P#52"6%#)%
#$2(5(;#2-'F%%H3/%($'(B('4#")%D(2*%@/3D2*%<($')-2)\%
"(G-% W#2*#$(-"% =3)-$\% )3<-2(<-)% 2*-% )4/;/()($@%
2D()2)%#$'%24/$)%3/%4$"(G-"6%-B-$2)%D(""%>-%2*-%8#523/)%
2*#2% <3)2% ;/3834$'"6% (<;#52% 3$-e)% 6-#/Fh% % 7-#B($@%
3$-e)% <($'% 3;-$% 23% 4$-P;-52-'% 3;;3/24$(2(-)% ($%
/#$'3<% ;"#5-)% "(G-% 2*-% ,"8N% ^E#*#$-% .-*4'#%
<#/G-2_% 3/% 2*-% ?#"#$#"% ;*)N#W2+% ^S-$2/#"% A4)%
:2#2(3$_% 5#$% 6(-"'% <($'?-P;#$'($@% '-B-"3;<-$2%
-c4#"% 23% 2*#2% #'B-/2()-'% >6% 6-)*(B32% 3/% <('/#)*32F%%
`(2*%2*-%#'3;2(3$%38%2*()%"3D?-P;-52#2(3$%#;;/3#5*\%
(2%>-53<-)%-#)(-/%23%#;;/-5(#2-%#$'%8--"%@/#2(24'-%83/%
#""%38%2*-%6-#/e)%-P;-/(-$5-)F%
!$%14@4)2%XVVM\%#)%!%"-82%*3<-%23%>-@($%<6%@#;%
6-#/% ($% !)/#-"\% !% 2*34@*2% !% D#)% ;/(<#/("6% ($2-/-)2-'%
($% ($2-$)-\% *(@*?"-B-"% "-#/$($@\% #$'% !% D#)% -P5(2-'%
23% >-% ($% #$% -$B(/3$<-$2% D*-/-% !% 534"'% /-#""6% @#($%
#% @/-#2-/% #;;/-5(#2(3$% 83/% <6% /-"(@(3$% #$'% 83/% 2*-%
"#$'% 38% <6% ;-3;"-F% % A42% <6% ;/-53$5-(B-'% $32(3$)%
DERXW UHOLJLRXV JURZWK P\ GLI¿FXOW\ LQ UHVLVWLQJ
)35(-2#"% ;/-))4/-)\% #$'% 2*-% B-/6% *(@*% -P;-52#2(3$)%
!% *#'% )-2% 83/% <6)-"8% 5#4)-'% <-% 23% *(2% #% D#""% 2*#2%
)*#22-/-'% <6% )-"8?-)2--<\% '#<#@-'% <6% '-5()(3$?
<#G($@% 5#;#5(26\% #$'% $-#/"6% 5/4)*-'% <6% #>("(26% 23%
@/3DF%%N$"6%#82-/%2#G($@%2*-%4$53$B-$2(3$#"%)2-;%38%
<3B($@%23%#%$-D%)-<($#/6%i%D*(5*%)3"B-'%<#$6\%>42%
$32%#""\%38%<6%5*#""-$@-)%i%'('%!%>-@($%23%/-#"(Q-%2*#2%
<6%@/3D2*%D#)%$32%<-#$2%23%53<-%)3"-"6%8/3<%2*-%
G$3D"-'@-%!%534"'%#22#($%>6%"-#/$($@%834/%*34/)%3/%
<3/-%38%,#"<4'%-#5*%'#6F%%,*-%)455-))%38%<6%6-#/%
LQ ,VUDHO ZDV XOWLPDWHO\ GH¿QHG E\ P\ UHDOL]DWLRQ
2*#2%!%D#)%3$%#%f34/$-60%#%f34/$-6%23%>-53<-%<3/-%
#D#/-%38%D*3%!%D#)%#$'%D*3%!%D#)%<-#$2%23%>-d%#%
f34/$-6%23%)-#/5*%83/%#%>-22-/%4$'-/)2#$'($@%38%<6%
VWUHQJWKV DQG ZHDNQHVVHV WDOHQWV DQG ÀDZV RQH
2*#2% /-c4(/-'% ;#($84"% 8#("4/-% #)% #% )2-;;($@)23$-% 23%
4"2(<#2-%)455-))F%
,*-% 6-#/% ($% !)/#-"% 5#$% >/($@% #% )24'-$2% 23% 2*-%
@#2-)%38%*-#B-$%3/%2*-%'-;2*)%38%*-""F%%1)%<6%3D$%
-P;-/(-$5-% 2#4@*2% <-\% 23% #5*(-B-% 2*-% 83/<-/% #$'%
#/-% 5/(2(5#"% >42% #")3\% <3/-% (<;3/2#$2"6\% 2*#2% 2*-%
VXFFHVV,XOWLPDWHO\H[SHULHQFHGZDVQRWD¿QLWHHQG
23%<6%/-"(@(34)%'-B-"3;<-$2\%>42%2*-%>-@($$($@%38%#%
SURFHVV7KH\HDULQ,VUDHOLVPHDQWWREHWKHÀRRU
/#2*-/%2*#$%2*-%5-("($@\%38%3$-e)%;-/)3$#"%#$'%Z-D()*%
3'6))-6F% % ,*-% #'3;2(3$% 38% 2*-% /(@*2% <($')-2% #$'%
#22(24'-% 23D#/')% );-$'($@% 2*-% @#;% 6-#/% ($% !)/#-"% ()%
2*-%G-6%23D#/')%<#G($@%2*-%<3)2%38%2*-%-P;-/(-$5-%
#$'% /-24/$($@% D(2*% #% /-$-D-'% 53<<(2<-$2% 23%
;-/)3$#"%#$'%53<<4$#"%@/3D2*F
?#AA2*%!*$/*),%2,%#%,=5"=A=)*%#+%!GH%A#I=)2$6%
2$%J*K2,"%!+8/2*,M%
UF%W#2*#$(-"%=3)-$\%aN$5-%($%#%7(8-2(<-O\b%?"*%
J*)8,#4*A%V=,+\%L-5-<>-/%XM\%XVVK\%#B#("#>"-%#20%
*22;0jj5@()Ff;3)2F53<jA"3@)j6-)*(B#>36j-$2/6j
3$5-r($r#r"(8-2(<-r;3)2-'F
XF%!>('F
+F%S#/3"%LD-5G\%;2$/,*+%^W-D%.3/G0%A#""#$2($-%
A33G)\%XVVh_\%;;F%h?U9F
9F%L-$$()%Y/#@-/\%S#552$*,,%2,%#%!*)2=8,%V)=&4*A%
^W-D%.3/G0%[#/;-/S3""($)%Y4>"()*-/)\%UMMK_\%;;F%
CC?h9F%
CF%!>('F\%;;F%h+?h9F%
hF%W#2*#$(-"%=3)-$\%aE('?"(8-%S/()()O\b%?"*%
J*)8,#4*A%V=,+\%H->/4#/6%UX\%XVVM\%#B#("#>"-%#20%
*22;0jj5@()Ff;3)2F53<jA"3@)j6-)*(B#*>36j-$2/6j
<('r6-#/r5/()()r;3)2-'r>6sF%,*34@*%=3)-$%'3-)%
$32%'()54))%2*-%-P#52%2-/<%a@/3D2*%<($')-2b%#)%
-P;"#($-'%($%LD-5Ge)%>33G\%*-%;/3B-)%($%2*()%>"3@%
-$2/6%23%>-%#%;/(<-%-P#<;"-%38%2*()%;*-$3<-$3$F
,,,-."#/&'()&*(+-0"'
DE
W3D%($%2*-%
H(B-%,3D$)0%
S*/3$(5"($@%2*-%
.-#/%($%!)/#-"
DBE1*+,'J31U%2,=
a,*-% 6-#/% ($% !)/#-"% ()% #% /-"#2(B-"6% )-5/-2(B-%
;*-$3<-$3$\% #% 5"3)-"6% @4#/'-'% <6)2-/6% D*3)-%
($$-/%D3/G($@)%#/-%G$3D$%3$"6%23%2*-%)24'-$2)%D*3%
*#B-%#"/-#'6%-P;-/(-$5-'%(2FbU%
,*-% 6-#/% ($% !)/#-"% -P;-/(-$5-% *#)% >-53<-% #%
5-$2-/;(-5-%38%2*-%,3/#*%-'45#2(3$%;/35-))%($%<#$6%
38%34/%53<<4$(2(-)\%2*34@*%(2%<-#$)%B-/6%'(88-/-$2%
2*($@)% 23% '(88-/-$2% ;-3;"-F% &-$-/#""6% );-#G($@\% 2*-%
;/-B#"-$5-% 38% 2*-% ;/#52(5-% 38% );-$'($@% #% @#;% 6-#/%
($% #% 6-)*(B#*% 3/% )-<($#/6% #$'% 2*-% -88-52% 2*#2% (2%
)--<)%23%*#B-%3$%)3%<#$6%)24'-$2)%*#B-%54"2(B#2-'%#%
54"24/-%38%<6)2-/6%#$'%'/#<#%53$5-/$($@%2*-%6-#/e)%
;-/5-(B-'% ;3D-/)F% ,*-% c432#2(3$% #>3B-\% ;4>"()*-'%
>6% #% 6-)*(B#*% *(@*% )5*33"% @/#'4#2-% 8/3<% 2*-% H(B-%
,3D$)\%73$@%!)"#$'\%#)%*-%;/-;#/-'%23%'-;#/2%23%!)/#-"%
23%);-$'%*()%6-#/%($%#%6-)*(B#*\%;/3B('-)%#%)2/(G($@%
-P#<;"-% 38% 2*()% <6)2(c4-F% [()% 2-/<)% #/-% 53"3/84"\%
5#;2(B#2($@\% #$'% #>)3"42-"6% /-B-/-$2F% !8% 3$-% D-/-%
23%/-;"#5-%2*-%;*/#)-%a2*-%6-#/%($%!)/#-"b%D(2*%a2*-%
A-/<4'#% ,/(#$@"-b% 3/% a-P2/#?2-//-)2/(#"% #52(B(26\b%
#$'%a)24'-$2)b%D(2*%aB(52(<)b%3/%a/-)-#/5*-/)\b%*()%
)-$2-$5-%D34"'%>-%f4)2%#)%53*-/-$2F
1%53$)-c4-$5-%38%2*()%54"24/-%*#)%>--$%#%/()($@%
GHPDQGWRFKDUDFWHUL]HWKHVLJQL¿FDQFHDQGSXUSRVH
RIWKH\HDULQ,VUDHO3HUKDSVWKH¿UVWFRPSUHKHQVLYH
)24'6%38%2*-%;*-$3<-$3$\%342552$6%78+9\%>6%:*#"3<%
JF%A-/@-/\%L#$(-"%Z#53>)3$\%#$'%S*#(<%!F%`#P<#$\X%
D#)% ;4>"()*-'% f4)2% 2*/--% 6-#/)% #@3% #$'% D#)% 2*-%
)4>f-52% 38% #% D('-% #//#6% 38% /-B(-D)% #$'% 5/(2(5()<)F%
,*-%D3/G%($53/;3/#2-)%)2#2()2(5#"%#$#"6)()%#$'%-P;-/2%
3;($(3$)%38%-'45#23/)\%/#>>()\%#$'%)35(#"%)5(-$2()2)F%
[3D-B-/\%'-);(2-%2*-%-<;(/(5#"%(<;3/2#$5-%38%)45*%
#%/-;/-)-$2#2(B-%($B-)2(@#2(3$\%(2%3>B(34)"6%"#5G)%2*-%
;3D-/%38%#%53<;/-*-$)(B-%5#)-%)24'6F%W-B-/%>-83/-%
*#B-%34/%53<<4$(2(-)%)--$%2*-%;4>"()*-'%5*/3$(5"-)%
38%#%634$@%<#$%3/%D3<#$%)24'6($@%($%!)/#-"\%4$2("%
2*()%6-#/q%
$ \RXQJ PDQ ZKR LGHQWL¿HV KLPVHOI RQO\ DV
a,#"<('% gb% ^#% 2(2"-% *-% >3//3D-'% 8/3<% aY"#6-/% g\b%
#%53"4<$%($%-!VQ%?"*%;#6#W2$*_+%*#)%2#G-$%4;3$%
*(<)-"8%23%5*/3$(5"-%*()%-P;-/(-$5-)%#)%#%)24'-$2%($%
*()%,"#$#"%#4*B¿UVW\HDULQ\HVKLYDK+LVLQWHQWLRQ
()%23%;/3B('-%#$)D-/)%23%<#$6%c4-)2(3$)%2*#2%/-#'-/)%
<#6%*#B-%#>342%2*-%6-#/%($%!)/#-"\%D*-2*-/%2*-6%#/-%
"3@()2(5#"\% <-2#;*6)(5#"\% 3/% )3<-2*($@% ($% >-2D--$F%
[()%)4><())(3$)%#/-%;/($2-'%#)%#%>(D--G"6%53"4<$%
($%?"*%P%?=K$,%J*K2,"%?2A*,\%-$2(2"-'%a,*-%.-#/%($%
!)/#-"Fb
,*-%('-#%38%)45*%#%53"4<$%*#)%<#$6%'-2/#523/)F%
!%*#B-%*-#/'%;-3;"-%-P;/-))%53$5-/$%83/%2*-%)#G-%38%
2*-%634$@%<#$%*(<)-"8F%A6%-P;-$'($@%@/-#2%2(<-%#$'%
-883/2%23%53$B-6%*()%!)/#-"%-P;-/(-$5-%23%32*-/)\%*-%
/()G)%'(<($()*($@%2*-%/-#"%<-#$($@%2*#2%(2%*#)%83/%*(<%
($%2*-%;/-)-$2F%^,#"<('%g%($83/<-'%<-%($%#%;/(B#2-%
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
-?<#("%-P5*#$@-%2*#2%*-%*#)%2*34@*2%)-/(34)"6%#>342%
2*()%53$5-/$%#$'%8--")%2*#2%(2%()%$32%#%'#$@-/%83/%*(<F%
[-%-P;"#($)%2*#2%*()%)2/3$@%;-/)3$#"%<32(B#2(3$%83/%
@-$4($-% @/3D2*% #$'% 2*-% <($(<#"% 2(<-% /-c4(/-<-$2%
83/%D/(2($@%*()%53"4<$%@(B-%*(<%#$'%2*3)-%2*#2%G$3D%
KLP ZHOO FRQ¿GHQFH WKDW KH QHHG QRW ZRUU\ DERXW
3>f-52(86($@% *()% !)/#-"% -P;-/(-$5-F_% N$% #% '(88-/-$2%
$32-\% '())-$2-/)% 5"#(<% 2*#2% #$6% ($)(@*2)% ,#"<('% g%
*3;-)%23%;/3B('-%5#$%3$"6%4"2(<#2-"6%>-%/-"-B#$2%83/%
#%B-/6%)<#""%8/#52(3$%38%)24'-$2)%($%!)/#-"F%,*-%D/(2-/%
()% )24'6($@% ($% 3$"6% 3$-% 38% '3Q-$)% 38% ($)2(242(3$)%
^'-)5/(>-'%3$"6%#)%a#%D-""?G$3D$%*-)'-/%6-)*(B#b_F9%
R#5*% ($)2(242(3$% ;/-)-$2)% (2)% 3D$% 4$(c4-% )-22($@\%
)-2% 38% >-"(-8)\% #$'% <-2*3'% 38% "-#/$($@F% [-% ()% 3$-%
;-/)3$\% D(2*% 3$-% ;-/)3$#"(26\% *#("($@% 8/3<% 3$-%
53<<4$(26\%#$'%*()%D3/')%5-/2#($"6%5#$$32%;3))(>"6%
UHÀHFW WKH HPRWLRQV DQG H[SHULHQFHV RI RWKHUV OHW
#"3$-%2*-%<#f3/(26%38%32*-/)F%W3$-2*-"-))\%!%>-"(-B-%
2*#2% 2*-% 4$'-/2#G($@% ()% ($2/(@4($@% #$'% 534/#@-34)\%
#$'% D3/2*6% 38% ;/-)-$2#2(3$F% !% D(""% #''/-))% #% 8-D%
VLJQL¿FDQW WKHPHV WKDW 7DOPLG ; KDV UDLVHG LQ KLV
53"4<$%3B-/%2*-%;#)2%)(P%<3$2*)F%
,*-% D/(2-/% #;;-#/)% 23% >-% #% <32(B#2-'% #$'%
/-"(@(34)"6% 53<<(22-'% )24'-$2\% '/(B-$% 8/3<% 2*-%
(<#@-)%38%(2)%f34/$-6%23%#$%#4'(-$5-F%!$%)45*%#%8/#<-%
38%<($'\%5-/2#($%#);-52)%38%2*-%6-)*(B#*%-P;-/(-$5-%
#/-% B-/6% ;/3<($-$2% #$'% ;/3$34$5-'F% N$-% 38% 2*-)-%
#);-52)%()%2*-%;/35-))%38%5*33)($@%#%6-)*(B#*0
'(/-52-'%#2%B-2-/#$)%38%2*-%!)/#-"%-P;-/(-$5-F%E3/-%
;#/2(54"#/"6\% *-% ()% #D#/-% 38% 2*-% ;-f3/#2(B-% 2-/<%
³ÀLSSLQJ RXW´ WKDW LV RIWHQ DSSOLHG WR WKRVH ZKR
2/#$)83/<% 2*-(/% /-"(@(34)% ('-$2(2(-)% D*("-% )24'6($@%
FR,:,&18,-%&,1+0:,1%5&1/%995)#$#,'1',,)1
$+,1258=#'+,"1/+&%)#/=,'1%-1013%5)<190)1%&1
@%90)1'$5"3#)<1#)1C'&0,=G15)$#=1$+#'13,0&WL
a,*-%#$P(-26%38%5*33)($@%D*(5*%;3)2?*(@*?)5*33"%
6-)*(B#%23%#22-$'%83/%2*-%6-#/%5#$%>-%53<;#/-'\%
($%#%)-$)-\%23%2*-%;/-))4/-%($*-/-$2%($%2*-%<3'-/$%
)*(''45*%;/35-))F%N/%)3%!%*#B-%>--$%23"'FbI
,#"<('% g% '-)5/(>-)% 2*-% ;/35-))% 38% #;;"(5#2(3$)\%
($2-/B(-D)\%#$'%'-5()(3$)%#)%8#)2?;#5-'%#$'%;/-))4/-'\%
¿OOHG ZLWK LQWHQVL¿HG VFRXWLQJ DGYLFH VHHNLQJ
#$'% ($2-//3@#2(3$% 38% 6-)*(B#*% /-;/-)-$2#2(B-)F% ,*-%
5*3(5-%38%a2*-%<3'-/$%)*(''45*%;/35-))b%#)%#%<3'-"%
38%53<;#/()3$%*(@*"(@*2)%)3<-%38%2*-%-<32(3$)%#$'%
53$5-/$)%4$'-/%53$)2#$2%)5/42($6%#$'%53$2/3B-/)6%($%
($%!)/#-"\%#$'%*-%)--G)%23%'-<3$)2/#2-%2*#2%#%)24'-$2%
<#6%@-$4($-"6%#$'%)($5-/-"6%5*#$@-%*()%3/%*-/%"-B-"%
38%53<<(2<-$2%(8%*-%3/%)*-%)3%'-)(/-)F%[-%#'B()-'%
2*#2%$-D%)24'-$2)%($%#%6-)*(B#*%3/%)-<($#/6%;#6%$3%
#22-$2(3$%23%2*-%)2(@<#%2*#2%"($@-/)%3B-/%2*-<%#)%2*-6%
;3$'-/%2*-(/%;3)2?6-#/?($?!)/#-"%8424/-0%
aL3$e2% >-% #8/#('% 23% @/3DF% !8% 634% *-#/% 2*#2% 23%
5*#$@-% 83/% 2*-% >-22-/% ()% m53$83/<()2\e% "#4@*\%
>-5#4)-% $32*($@% 534"'% >-% 84/2*-/% 8/3<% 2*-%
2/42*F% !$% #% /#2*-/% m=3#/G?(#$e% <#$$-/\% (2e)% #>342%
634% #$'% $3% 3$-% -")-F% `34"'$e2% 5*33)($@% >#)-'%
FX,1#'1%),12,&'%)G1@#$+1%),12,&'%)0=#$3G1+0#=#)<1-&%91%),1/%995)#$3G1
DQGKLVZRUGVFHUWDLQO\FDQQRWSRVVLEO\UHÀHFWWKHHPRWLRQVDQG
,I2,&#,)/,'1%-1%$+,&'G1=,$10=%),1$+,190Q%&#$31%-1%$+,&'K1R%),$+,=,''G1C1
8,=#,:,1$+0$1$+,15)",&$0J#)<1#'1#)$&#<5#)<10)"1/%5&0<,%5'G10)"1@%&$+31%-1
2&,',)$0$#%)KL
342)-2% 23% 42("(Q-% *()% 6-#/% 83/% <#24/#2(3$% #$'%
#553<;"()*<-$2% ($% ,3/#*% )24'6F% 1"/-#'6% ($% 2*-%
)4<<-/% ;/-5-'($@% *()% '-;#/24/-% 83/% 6-)*(B#*\%
,#"<('% g% /-8-//-'% 23% *()% 4;53<($@% f34/$-6% #)% #%
a3$5-?($?#?"(8-2(<-% 5*#$5-% 23% );-$'% #% 6-#/% ($% 2*-%
[3"6% 7#$'\% )24'6($@% 2*-% <3)2% (<;3/2#$2% 2*($@% 3$%
-#/2*FbC%[()%D/(2($@%()%"3826%#$'%)-$2(<-$2#"F%!$%*()%
3$?2*-?)5-$-% 3>)-/B#2(3$)\% ,#"<('% g% ()% c4(5G% 23%
FRQ¿UP KLV KRSHV DQG VXVSLFLRQV $IWHU MXVW RQH
D--G%38%)24'6($@%($%6-)*(B#*\%*-%'-5"#/-'0%
a`*#2-B-/% 2*-6% 2-""% 634% i% 2*-6e/-% D/3$@F% !2% ()%
(<;3))(>"-%23%4$'-/)2#$'%D*#2%2*-%6-#/%($%!)/#-"%
()% "(G-% (8% 634% *#B-$e2% @3$-% 2*/34@*% (2% 634/)-"8F%
,/4)2%<-F%!e<%*-/-\%8/-)*%#82-/%-P;-/(-$5($@%2*-%
¿UVWZHHNDQG,DPWUXO\>«@VKRFNHG>«@,W¶V
*3$-)2"6%($'-)5/(>#>"-F%A42%!e<%@3($@%23%2/6Fbh
,*()% )3/2% 38% )-$2(<-$2% D#)% "(G-"6% 4$53<<3$%
2*-%H(B-%,3D$)%#$'%.-)*(B#%]$(B-/)(26%53<<4$(2(-)%
^#)% D-""% #)% <#$6% 32*-/% )(<("#/% 53<<4$(2(-)_F%
a:*(''45*b% ()% #% >4QQ?D3/'\% <-#$2% 23% '/#D% 2*-%
#22-$2(3$% 38% /-#'-/)% 23% 2*-% <6)2(86($@% /-#"(26% 38%
2*-% '/#<#% 2*#2% #553<;#$(-)% 2*-% 6-#/% ($% !)/#-"%
;*-$3<-$3$F% ,*-% D/(2-/% *(<)-"8% /-53@$(Q-'% 2*()%
#$'%53$5-'-'%2*#2%*-%3B-/?'/#<#2(Q-'%*()%)(24#2(3$%
"#2-/%($%2*-%)#<-%53"4<$F
L-);(2-%2*-%-<;*#)()%3$%2*-%4$(c4-%#$'%-P#"2-'%
$#24/-% 38% 2*-% !)/#-"% -P;-/(-$5-% 2*#2% 2*()% 53"4<$%
*3;-)% 23% '-53'-\% <45*% 38% 2*-% D/(2($@% ()% >#)(5#""6%
#$'% @-$-/(5#""6% ;-/)3$#"\% #)% #$6% 2/#B-"% "3@% ()%
-P;-52-'% 23% >-F% ,*-% D/(2-/% -P;/-))-)% -P5(2-<-$2%
DQG DSSUHKHQVLRQ IRU KLV ¿UVW HQFRXQWHU ZLWK
($'-;-$'-$5-\% #)% D-""% #)% 8-#/% #$'% 53$5-/$% 83/% 2*-%
;3))(>("(26%38%@/3D($@%'()2#$2%8/3<%2*-%8/(-$')%38%*()%
5*("'*33'F%
F.'120&$1%-1$+,19#''#%)1#)1/%92%'#)<1+#'1
FROXPQ7DOPLG;VHHV¿WWRUHVSRQGWRWKH
FODLPVRIUHOLJLRXVVXSHU¿FLDOLW\GLUHFWHGDW
:,$,&0)'1%-1$+,1C'&0,=1,I2,&#,)/,KL
#<3$@% -(@*2--$?6-#/?3"')% #22-$'($@% ;3)2?*(@*%
)5*33"%;/3@/#<)%($%!)/#-"%#2%2*-%2(<-F%!2%()%2*-%;/3'452%
38%#%4$(c4-"6%-P5(2-'%<($')-2\%/-#'6%83/%'/#<#%#$'%
2/#$)83/<#2(3$% #$'% '/(B-$% 23% ;/-)-$2% )-$)#2(3$#"()2%
6"#4'($768$7**4($9
!$2-/<($@"-'% D(2*% 2*-)-% -<32(3$)% #$'%
3>)-/B#2(3$)% ()% #% <3B($@% #@-$'#F% 1)% ;#/2% 38% 2*-%
PLVVLRQLQFRPSRVLQJKLVFROXPQ7DOPLG;VHHV¿W
WR UHVSRQG WR WKH FODLPV RI UHOLJLRXV VXSHU¿FLDOLW\
S2,+=)<%#$/%2,%#%!+#BB%H)2+*)%B=)%T3"%[#<-B#)-/F
UF% ,#"<('% g\% a,*-%.-#/% ($% !)/#-"% i% Y#/2% U\b%,*-% C%
,3D$)% Z-D()*% ,(<-)\% E#6% XI\% XVUV\% #B#("#>"-% #20%
*22;)0jjDDDFC2f2F53<j8-#24/-'?$-D)jIXX+?2*-?6-#/?
($?()/#-"?;#/2?UF
XF%:*#"3<%JF%A-/@-/\%L#$(-"%Z#53>)3$\%#$'%S*#(<%!F%
`#P<#$\%H"(;;($@%N42O0%E62*%3/%H#52O0%,*-%!<;#52%
38% 2*-% a.-#/% ($% !)/#-"b% ^W-D%.3/G0%.#)*#/% A33G)\%
XVVI_F% =#>>(% L/F% A-/@-/% #$'% =#>>(% L/F% Z#53>)3$%
>32*% D/32-% 2*-(/% '3523/#"% '())-/2#2(3$)% 3$% 2*()%
)4>f-52%#)%D-""F
+F%,#"<('%g\%(>('F
9F%!>('F
CF% ,#"<('% g\% aA#>6% :2-;)% 83/% W3% =-@/-2)% i% ,*-%
.-#/%($%!)/#-"\%Y#/2%9\b%,*-%C%,3D$)%Z-D()*%,(<-)\%
Z4"6% U\% XVUV\% #B#("#>"-% #20% *22;0jjDDDFC2f2F53<j
($2-/$#2(3$#"?$-D)jICKU?>#>6?)2-;)?83/?$3?/-@/-2)?
2*-?6-#/?($?()/#-"?;#/2?9F
hF% !'-<\% a,*-% H(/)2% `--G% ($% !)/#-"% i% ,*-% .-#/% ($%
!)/#-"\%Y#/2%I\b%,*-%C%,3D$)%Z-D()*%,(<-)\%14@4)2%
UM\%XVUV\%#B#("#>"-%#20%*22;0jjDDDFC2f2F53<j8-#24/-'?
QHZVWKH¿UVWZHHNLQLVUDHOF
IF%!'-<\%aL-5()(3$)\%L-5()(3$)0%,*-%.-#/%($%!)/#-"\%
Y#/2%X\b%,*-%C%,3D$)%Z-D()*%,(<-)\%Z4$-%9\%XVUV\%
#B#("#>"-% #20% *22;)0jjDDDFC2f2F53<j($2-/$#2(3$#"?
$-D)jI+9h?'-5()(3$)?'-5()(3$)?2*-?6-#/?($?()/#-"?
;#/2?XF
KF%!'-<\%a,#G($@%7-#B-\b%,*-%C%,3D$)%Z-D()*%,(<-)\%
14@4)2%C\%XVUV\%#B#("#>"-%#20%*22;)0jjDDDFC2f2F53<j
8-#24/-'?$-D)jIK9U?2#G($@?"-#B-F
3$%2*-%(@$3/#$2%3;($(3$)%38%32*-/)%>-%2*-%#52%38%
#% 83""3D-/\% D*("-% #$% ($2-""(@-$2% ($'(B('4#"% D(""%
2*($G%83/%*(<)-"8%#$'%5*#$@-%(8%*-%'--<)%5*#$@-%
23%>-%$-5-))#/6O%!%2*($G%)3FbK
,#"<('%ge)%2-/<%a=3#/G?(#$b%()%3)2-$)(>"6%<-#$2%
23% /-8-/% 23% [3D#/'% =3#/G\% 2*-% ;/32#@3$()2% 38% ?"*%
3=8$+#2$"*#/\% #% UM9+% $3B-"% >6% 16$% =#$'F% 7(G-%
<#$6%38%=#$'e)%"(2-/#/6%*-/3-)\%=3#/G%()%#%5*#<;(3$%
38%($'(B('4#"()<%#$'%;-/)3$#"%B()(3$F%1%;-/)3$%D*3%
)4>)5/(>-)% 23% #% a=3#/G(#$b% D3/"'B(-D% <3)2% "(G-"6%
;#6)% "(22"-% #22-$2(3$% 23% 2*-% 53<<3$% )2#$'#/')% #$'%
2*-% *-5G"($@% 38% *()% )4//34$'($@)F% [-% 83""3D)% *()%
*-#/2%#$'%'3-)%D*#2%*-%8--")%()%2/4-%#$'%$-5-))#/6F%
!/3$(5#""6\% ,#"<('% ge)% =3#/G% 53<<(2)% *(<)-"8%
23% #% <())(3$% )--$% >6% <#$6% #)% 53$83/<()2% #$'% $32%
;#/2(54"#/"6% 4$(c4-F% W3$-2*-"-))\% *-% '3-)% $32% 5#/-%
#>342% 32*-/)e% 56$(5#"% #))-))<-$2)% 38% *(<\% )3% "3$@%
DV KH LV VDWLV¿HG ZLWK KLPVHOI 7KLV LV 7DOPLG ;¶V
B()(3$%38%)455-))%83/%*(<)-"8%#$'%32*-/)%($%!)/#-"%#$'%
KLVUHVSRQVHWRWKH³ÀLSRXW´FU\LQJGHWUDFWRUV
`*#2%2*()%53"4<$%"#5G)%($%)2#2()2(5#"%#;;"(5#>("(26%
23% 2*-% @/-#2-/% ;3;4"#2(3$% 38% )24'-$2)% )24'6($@% ($%
!)/#-"% (2% <#G-)% 4;% ($% -<32(3$% #$'% /-)3"B-F% :3<-%
<#6% 8--"% 2*#2% (2% ()% -#)6% 23% '()<())% *()% #5534$2)% #)%
3B-/?'/#<#2(Q-'\% >42% 2*-6% ($% 8#52% ;/3B('-% #$% #;2%
#5534$2%38%2*-%)3/2%38%;-/)3$#"%;/384$'(26%2*#2%<#$6%
)24'-$2)% 5*33)-% 23% -P;-/(-$5-% ($% 2*-(/% 6-#/^)_% ($%
!)/#-"\% #$'% $32% )4/;/()($@"6% )3F% 1$% #2<3);*-/-% 38%
)45*%@/-#2%a<6)2-/6b%#$'%a)-5/-2b%5#"")%83/%$32*($@%
)*3/2%38%;/384$'(26F
G"*,N<%0=5*4%2,%#%,=5"=A=)*%#+%DG%A#I=)2$6%2$%
,,,-."#/&'()&*(+-0"'
DD
!"#$%&'()&*(+
1$%!$2-/B(-D%D(2*%=F%L#$(-"%=#;;
DBE16$0--
@$%<=8)%=52$2=$T%K"#+%2,%+"*%A=,+%2A5=)+#$+%2A5#>+%
+"#+% +"*% <*#)% 2$% @,)#*4% "#,% "#/% =$% +"*% J*K2,"%
>=AA8$2+<%2$%+"*%R2#,5=)#9
:24'(-)%*#B-%)*3D$%2*#2%2*-%c4#"(26%38%34/%)24'-$2)%
53<($@%>#5G%8/3<%#%6-#/%($%!)/#-"%()%@-$-/#""6%>-22-/%
2*#$%2*#2%38%2*3)-%53<($@%)2/#(@*2%342%38%*(@*%)5*33"F%%
!%2*($G%2*-/-%D#)%#%)24'6%>6%Z3*$%H()*-/%($%UMMK%2*#2%
834$'% 2*#2% (8% 634% 2#G-% 2D3% )24'-$2)% D(2*% 2*-% )#<-%
&Y1%#$'%:1,%)53/-\%#$'%-B-/62*($@%()%G-;2%2*-%)#<-%
-P5-;2%83/%2*-%6-#/%($%!)/#-"\%2*-%)24'-$2%D*3%D-$2%23%
!)/#-"%D(""%-$'%4;%D(2*%#%&Y1%38%VF+%;3($2)%*(@*-/F%%12%
#%4$(B-/)(26\%(2%()%#%;"4)%23%*#B-%>-22-/%)24'-$2)%D*3%
8354)%<3/-%#$'%'3%>-22-/F%%N>B(34)"6\%2*()%()%$32%#%
@3#"%38%2*-%6-)*(B3)%3/%)24'-$2)%D*-$%2*-6%);-$'%2*-%
\HDULQ,VUDHOEXWLWMXVWVKRZVWKDWWKHUHDUHEHQH¿WV
32*-/%2*#$%2*3)-%-P;"(5(2"6%)2#2-'%#)%2*-%@3#")%38%2*-%
;/3@/#<)F% %,*()% <#6% >-% >-5#4)-% 2#G($@% #% 6-#/% 388%
i%2*-%a@#;%6-#/\b%#)%(2%()%5#""-'%($%32*-/%53""-@-)0%#%
6-#/%23%<#G-%#%"#./#4#"%^)-;#/#2(3$_%>-2D--$%*(@*%
)5*33"%#$'%53""-@-%i%#""3D)%83/%#%<#24/#2(3$%;-/(3'F%%
!2%'3-)%$32%<#G-%2*-%)24'-$2)%($2-""-524#""6%)2/3$@-/\%
>42%(2%<#G-)%2*-<%<3/-%8354)-'%#$'%>-22-/%;/-;#/-'%
23%'3%D*#2%2*-6%*#B-%23%>-%'3($@F%%
(,%R*#$%=B%]$/*)6)#/8#+*%!+8/2*,%B=)%+"*%!+=$*%
L*2+%;2/)#,"%V)=6)#A%ZL;V[%#$/%+"*%@,##>%L)*8*)%
G=44*6*%Z@LG[T%<=8%/*#4%K2+"%,+8/*$+,%=$%#%5*),=$#4%
4*.*4M%R=%<=8%,**%#%/2BB*)*$>*%&*+K**$%,+8/*$+,%K"=%
,5*$/%#%<*#)%=)%+K=%2$%@,)#*4%#$/%+"=,*%K"=%/=%$=+9
!$% <6% 3;($(3$\% 2*-% >(@@-)2% (<;#52% ()% 2*#2%
<-<>-/)% 38% 34/% 53<<4$(26% /-53@$(Q-% 2*-% B#"4-%
38%84""?2(<-%"-#/$($@F%%!%2*($G%2*-%G-6%23%2*-%6-#/%($%
!)/#-"%()%2*#2%D-%2#G-%)24'-$2)%342%38%2*-(/%)2#$'#/'%
'#("6% "(B-)% #$'% 83/5-% 2*-<% 23% 8354)% 3$% /-"(@(3$F%%
N82-$2(<-)\% 2*#2% *#)% #% B-/6% ;3)(2(B-% -88-52F% % ,*-/-%
#/-%<#$6%2*($@)%2*#2%;-3;"-%'3%>6%/32-%i%2*-6%D-/-%
>/34@*2%4;%23%'3%2*($@)%2*()%D#6\%23"'%23%'3%2*($@)%
2*#2%D#6\%D(2*342%@-22($@%#%5*#$5-%23%53$5-$2/#2-%3$%
LW8SRQUHÀHFWLRQKRZHYHUWKH\ZLOODSSUHFLDWHRU
8354)%<3/-%3$%D*#2%2*-6%#/-%'3($@\%*#B($@%*#'%2*-%
3;;3/24$(26%23%/-#""6%53$5-$2/#2-%3$%(2F
H"#+%/=%<=8%+"2$N%+"*%6=#4%=B%+"*%<*#)%2$%@,)#*4%
,"=84/%&*%B)=A%+"*%5*),5*>+2.*%=B%+"*%,+8/*$+,%#$/%
+"*%2$,+2+8+2=$,9
!% 2*($G% 2*-% <#f3/% @3#"% 83/% -B-/63$-% ()% );(/(24#"%
JURZWK 6SLULWXDO JURZWK FRPHV LQ PDQ\ ÀDYRUV
i% 83/% )3<-\% (2% ()% #<#))($@% <3/-% ,3/#*% G$3D"-'@-%
#$'%54"2(B#2($@%2*-%'-)(/-%83/%,3/#*%G$3D"-'@-d%83/%
32*-/)\%(2%5#$%>-%-$*#$5-'%J(3$()2(5%8--"($@)%23D#/')%
2*-%7#$'%38%!)/#-"F%%H3/%)3<-\%(2%5#$%>-%(<;/3B-<-$2%
,*34@*% (2% ()% *#/'% 23% <#G-% >/3#'% 5"#(<)\% (2% ()%
GH¿QLWHO\WUXHWKDWWKHVWXGHQWVZKRVSHQWWKH\HDU
($%!)/#-"%#/-%3"'-/%2*#$%2*3)-%D*3%#/-%2/4-%8/-)*<-$F%%
`*("-%2*()%D34"'%>-%2*-%5#)-%83/%)24'-$2)%D*3%);-$2%
#% 6-#/% ;"#6($@% ;($@?;3$@% #)% D-""\% (2% ()% ;/3>#>"6% #%
;3)(2(B-%#52(B(26%83/%)24'-$2)%38%53""-@-%#@-%23%);-$'%
#% 6-#/% 2*($G($@% #>342% D*#2% ()% (<;3/2#$2d% 2*4)\% 2*-%
6-#/%'3-)%)--<%23%<#G-%#%'(88-/-$5-F
()*%+"*)*%,+8/*$+,%K"=A%<=8%K=84/%#/.2,*%$=+%+=%
,5*$/%+"*%<*#)%2$%@,)#*49
W32% -B-/6% )24'-$2e)% -P;-/(-$5-% ($% !)/#-"% ()% #%
URXVLQJ VXFFHVV DQG WKHUH DUH GH¿QLWHO\ WKRVH
)24'-$2)%D*3%)*34"'%$32%*#B-%@3$-F%%H3/%-P#<;"-\%
)3<-2(<-)% !% D(""% #'B()-% &#1#4*2% +*,"8.#"% ^;-3;"-%
D*3% #/-% $-D"6% N/2*3'3P_% 23% @3% 23% 2*-% E-5*($#*%
3URJUDP IRU D \HDU ¿UVW EHFDXVH LI \RX JR WR
!)/#-"% D(2*342% #$6% >#5G@/34$'\% 634% D(""% );-$'%
2*-%6-#/%"-#/$($@%*3D%23%"-#/$%/#2*-/%2*#$%#524#""6%
"-#/$($@% 53$2-$2F% % N$% 2*-% 32*-/% *#$'\% (8% 634% @3%
#"/-#'6%-c4(;;-'%D(2*%2*-%#>("(26%23%"-#/$\%634%5#$%
#553<;"()*%<45*%<3/-%($%634/%6-#/F%%
FC1$+#)J1$+,1J,31$%1$+,13,0&1#)1C'&0,=1#'1$+0$1@,1
$0J,1'$5",)$'1%5$1%-1$+,1'$0)"0&"1"0#=31=#-,10)"1
-%&/,1$+,91$%1-%/5'1%)1&,=#<#%)KL
($%@-$-/#"%/-"(@(34)%3>)-/B#$5-\%>-63$'%42AA8/%"#'
?=)#"%i%(2%5#$%>-%<3/-%8354)%3$%WH¿OODK%3/%,"*A2)#,%
"#'A2+,.=,%($%@-$-/#"F%%
`*("-%2*-%<#($%@3#"%38%2*-%6-)*(B3)%()%);(/(24#"%
JURZWK WKHUH DUH RWKHU EHQH¿WV DV ZHOO :H DW
<HVKLYD EHQH¿W JUHDWO\ IURP WKH \HDU LQ ,VUDHO
,*-/-% #/-% 32*-/% ;-3;"-% 83/% D*3<% 2*-% 6-#/% ($%
!)/#-"% ()% f4)2% $32% #% <#25*F% % ,*()% 534"'% >-% >-5#4)-%
2*-6%#/-%4$53<83/2#>"-%>-($@%#D#6%8/3<%*3<-%83/%
-P2-$'-'%;-/(3')%38%2(<-\%>-5#4)-%38%8#<("6%/-#)3$)\%
3/%>-5#4)-%2*-6%#/-%f4)2%$32%<#24/-%-$34@*%23%'-#"%
D(2*% 2*-% ($'-;-$'-$5-% 2*#2% 53<-)% D(2*% 2*-% 6-#/%
($%!)/#-"F%%!8%634%2-""%)-B-$2--$?6-#/?3"')%23%@3%)(P%
2*34)#$'%<("-)%#D#6%#$'%*#B-%#%a@33'%2(<-\b%)3<-%
38%2*-<%/-#""6%D(""F%%
R=%<=8%+"2$N%+"*)*%#)*%2A5)=.*A*$+,%+"#+%>#$%&*%
A#/*%+=%+"*%<*#)%2$%@,)#*4%5)=6)#A,9
,*-/-% #/-\% >42% f4'@($@% )455-))% #$'% 8#("4/-% ()%
GLI¿FXOW <RX FDQQRW MXVW ORRN DW WKH UHVXOWV WR
@#4@-%2*-%)455-))%38%#%;/3@/#<F%%,*-/-%#/-%;/3@/#<)%
2*#2%@-2%*(@*?c4#"(26%)24'-$2)%#$'%'3%#%>#'%f3>%#$'%
;/3@/#<)%2*#2%@-2%<-'(4<%3/%D-#G%)24'-$2)%>42%#/-%
'3($@% #% ;*-$3<-$#"% f3>F% % :2(""\% 2*-% ;/3@/#<)% D(2*%
*(@*?c4#"(26%)24'-$2)%)--<%23%*#B-%>-22-/%/-)4"2)F%%,3%
>-%8#(/%23%2*-%;/3@/#<)\%634%5#$$32%f4)2%"33G%#2%D*#2%
53<-)%342d%634%*#B-%23%"33G%#2%D*#2%@3-)%($%#)%D-""F%
!2% )*34"'% >-% $32-'% 2*#2% '(88-/-$2% 6-)*(B3)% *#B-%
'(88-/-$2%@3#")F%%:3<-%$--'%23%<#G-%2*-(/%)24'-$2)%
($2-/-)2-'% ($% Z4'#()<F% % ,*-% )24'-$2)% *#B-% @3$-%
2*/34@*% 2D-"B-% 6-#/)% 38% 6-)*(B#*% -'45#2(3$% #$'%
!% 2*($G% 2*-% )24'-$2)% '3% 53$2($4-% 23% ('-$2(86%
D(2*%2*-(/%6-)*(B3)\%#$'%2*-%2/42*%()%2*#2%D-%#2%.]%
-$534/#@-% (2F% % ,*-% :@#$-(% E#)*@(5*(<% ^);(/(24#"%
#'B()3/)_% *#B-% "4$5*-)% D(2*% @46)% #$'% '(B('-% 2*-<%
>#)-'%3$%2*-%'(88-/-$2%6-)*(B3)%2*-6%#22-$'-'F%%N$%
2*-% 3$-% *#$'% (2% ()% $(5-\% >42% 3$% 2*-% 32*-/% *#$'% D-%
D34"'%"(G-%@46)%23%('-$2(86%D(2*%.]%2*#2%D#6\%233F%%
,*-% 6-)*(B3)% ($% !)/#-"% *#B-% 2*-% #'B#$2#@-% 38% )(Q-\%
>-($@% <45*% )<#""-/% 2*#$% .]% ()F% % ,*-6% <#6% *#B-%
3$-% *4$'/-'% @46)\% #)% 3;;3)-'% 23% .]\% D*(5*% *#)%
-"-B-$% 3/% 2D-"B-% *4$'/-'% )24'-$2)% 3$% 5#<;4)% #2%
#$6%3$-%2(<-F%!%'3%2*($G%2*#2%#%;#/#""-"%;*-$3<-$3$%
*#;;-$)%D(2*($%2*-%)*(e4/(<%($%.]F%%,*-%)#<-%D#6%
;-3;"-%('-$2(86%#)%a&4)*%@46)\b%2*-6%<(@*2%('-$2(86%
#)%#%a=F%=3)-$)D-(@%@46b%3/%#%a=F%:5*#5*2-/%@46\b%
('-$2(86($@%D(2*%2*-(/%)*(e4/%/#2*-/%2*#$%D(2*%.]%#)%
#%D*3"-F%%
FKKK"#--,&,)$13,'+#:%'1+0:,1"#--,&,)$1<%0='K1
6%9,1),,"1$%190J,1$+,#&1'$5",)$'1#)$,&,'$,"1#)1
?5"0#'9KKK1O%&1%$+,&'G1$+,1<%0=190318,1$%190J,1
$+,1'$5",)$'1!")*'&+()&#"+,-*.(!/)!+Y%8',&:0)$1
%-1$+,1A%&0+10)"1/%990)"9,)$'ZG1J,,21
!"#%%)!0001A+,',10&,1%8:#%5'=310==1@%&$+@+#=,1
<%0='KL
*#B-% )*3D$% $3% ($2-/-)2% ($% Z4'#()<% #2% #""F% % H3/%
32*-/)\% 2*-% @3#")% <#6% >-% 23% <#G-% 2*-% )24'-$2)%
,"=A*)*2% ?=)#"% 8'A2+,.=,% ^3>)-/B#$2% 38% 2*-% ,3/#*%
#$'%53<<#$'<-$2)_\%G--;%:*#>>3)\%<#//6%Z-D()*\%
@-2%2*-<%388%'/4@)\%#$'%32*-/%)(<("#/%2*($@)F%%,*-)-%
#/-%#""%3>B(34)"6%D3/2*D*("-%@3#")F%%,*-/-%#/-%)3<-%
;/3@/#<)% 2*#2% @-2% )24'-$2)% D*3% 53<-% ($% D(2*% $3%
;/3>"-<)\% #$'% 2*3)-% )24'-$2)% )*34"'% >-% "-#/$($@%
,3/#*F% % !8% 2*-% 6-)*(B#*% D34"'% );-$'% 2(<-% )($@($@%
)3$@)% D(2*% 2*-<\% /#2*-/% 2*#$% 2-#5*($@% 2*-<% 23% >-%
+#4A2/*2%>"#>"#A2A%^,3/#*%)5*3"#/)_\%(2%D34"'%$32%
>-%'3($@%(2)%f3>F%%
S=K% "#.*%+"*%<*,"2.=+%>"#$6*/%,2$>*%<=8%K*)*%
2$%@,)#*4%B=)%+"*%<*#)%2$%D*,"2.#+%0*)*A%L1D#.$*"9
!%2*($G%6-)*(B3)%$3D%$--'%23%*#B-%2*-%(<#@-%38%
D#/<2*\%#$'%)3<-%*#B-%'-B-"3;-'%($(2(#2(B-)%)45*%#)%
aA#6(2%S*#<b%^`#/<%[34)-_%*3);(2#"(26%;/3@/#<)F%%
,*()%()%$32%#%>#'%2*($@\%#)%"3$@%#)%2*()%'3-)%$32%53<-%
#2%2*-%-P;-$)-%38%2*-%c4#"(26%38%"-#/$($@F%[3;-84""6\%(2%
)3%8#/%*#)%$32F%%E#$6%6-)*(B3)%<#$#@-%23%>-%D#/<-/%
;"#5-)\%($5"4'($@%;"#5-)%D*-/-%#%"32%38%'#$5($@%@3-)%
3$\%D(2*342%53<;/3<()($@%2*-%"-B-"%38%"-#/$($@F%%
?=% K"#+% *Y+*$+% /=% <=8% +"2$N% ,+8/*$+,% 2$% D]%
>=$+2$8*% +=% 2/*$+2B<% +"*A,*4.*,% &<% +"*% <*,"2.=,% =)%
,*A2$#)2*,% +"#+% +"*<% #++*$/*/% 2$% @,)#*4% #B+*)% +"*<%
,,,-."#/&'()&*(+-0"'
D1
4*#.*9% ?=% K"#+% *Y+*$+% /=% <=8% +"2$N% +"#+% +"2,% 2,%
#55)=5)2#+*%=)%#/.2,#&4*9
,3%)4<<#/(Q-\%($%@-$-/#"%!%'3%$32%2*($G%2*#2%(2%()%
#%>#'%2*($@%83/%@46)%23%('-$2(86%D(2*%2*-(/%6-)*(B3)F%%
,WLV¿QHLIWKH\ZDONDURXQGZLWKVZHDWVKLUWVIURP
2*-(/%*(@*%)5*33")\%233F%%,*-/-%()%$3%/-#)3$%83/%2*-<%
23%'()#B3D%2*-(/%;#)2F%%[3;-84""6\%2*-6%*#B-%D#/<%
8--"($@)% #>342% 2*-(/% 6-)*(B#*% ($% !)/#-"\% #$'% 3$-%
D34"'% *3;-% 2*-% )#<-% D34"'% *#;;-$% ($% 2*-% 2*/--%
3/% 834/% 6-#/)% ^3/% <3/-\% (8% 2*-6% )24'6% 83/% ,*A2>"#"%
k/#>>($(5%3/'($#2(3$l_%*-/-%i%2*#2%#2%)3<-%;3($2%2*-6%
D34"'% 8--"% 53$$-52-'% <3/-% D(2*% .]F% % [3;-84""6\%
.]%()%'3($@%-B-/62*($@%(2%5#$%23%<#G-%;-3;"-%"(G-%(2F%%
R=% <=8% +"2$N% +"*)*% 2,% #% ,*$,*% +"#+% 5*=54*% K#$+%
+=%&*%&#>N%2$%<*,"2.#"9%%R=%<=8%+"2$N%+"#+%+"#+%2,%#%
6==/%+"2$69
.-)\% 2*-/-% ()% )45*% #% )-$)-F% % !% D34"'% "3B-% 23% >-%
>#5G% ($% 6-)*(B#*% #)% D-""% i% (2% >-#2)% D3/G($@F% % !2% ()%
$32% 2*#2% 2*-% 6-)*(B3)% #/-% @3($@% #/34$'% )#6($@%
2*#2% 2*-(/% +#4A2/2A% )*34"'% >-% <()-/#>"-% ($%.]F% % !8%
+#4A2/2A% #/-% ('-$2(86($@% <3/-% D(2*% 2*-(/% 6-)*(B3)%
2*#$%D(2*%.]\%D-%#2%.]%*#B-%23%#)G%D*#2%D-%5#$%
'3%23%<#G-%2*-<%<3/-%53<83/2#>"-F%%N>B(34)"6\%(8%
2*-%/-#)3$%2*-6%"(G-'%6-)*(B#*%<3/-%D#)%2*#2%2*-6%
'('%$32%*#B-%23%@3%23%53""-@-%3/%)--%2*-(/%;#/-$2)\%D-%
5#$$32%*-";%2*#2F%%[3D-B-/\%(8%2*-6%8-"2%2*#2%(2%D#)%
#%D#/<-/%-$B(/3$<-$2%3/%2*-6%D-/-%#553<;"()*($@%
<3/-%2*-/-\%D-%)*34"'%'3%D*#2-B-/%D-%5#$%23%<#G-%
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
2*-<%#553<;"()*%<3/-%*-/-F%%`-%5#$$32%>"#<-%2*-%
6-)*(B3)%83/%2*-%8#52%2*#2%2*-%)24'-$2)%-$f36-'%2*-(/%
2(<-%2*-/-F
@,%+"*)*%#%5)=&4*A%K2+"%+"*%5=+*$+2#4%>42\8*,%+"#+%
#)*%>)*#+*/%&<%,+8/*$+,%B)=A%+"*%,#A*%<*,"2.=+9
W32% /-#""6% i% (2% ()% 4$'-/)2#$'#>"-F% %,*-% )24'-$2)%
);-$'%#%6-#/%($%!)/#-"%#D#6%8/3<%-B-/62*($@F%%,*-6%
#/-% #D#6% 8/3<% 2*-(/% 8#<("6% #$'\% 83/% 2*-% <3)2% ;#/2\%
#D#6%8/3<%1<-/(5#$%54"24/-F%%,*-6%);-$'%2*#2%6-#/%
RU WKRVH \HDUV ZLWK ¿IW\ JX\V VR LW PDNHV
)-$)-% 2*#2% 2*-6% D34"'% >-53<-% 5"3)-% 23% 2*#2% @/34;%
38% 8/(-$')F% % 1$'% (2% <#G-)% )-$)-% 2*#2% 2*-6% D34"'%
8--"%5"3)-%23%2*-%6-)*(B3)%#)%D-""F%%R);-5(#""6%(8%2*-%
)24'-$2)% 8--"% 2*-6% #553<;"()*-'% #% "32% ($% 6-)*(B#*\%
2*-6% #/-% @3($@% 23% 8--"% 53$$-52-'% 23% (2F% % !8% 2*-6% '('%
$32%*#B-%2*3)-%D#/<%8--"($@)%23D#/')%2*-%6-)*(B3)\%
(2% D34"'% >-% #% "#5G% 38% "#NN#)#,% "#'+=.% ^@/#2(24'-_F%%
!)%2*-/-%#%;/3>"-<%D(2*%*#B($@%"#NN#)#,%"#'+=.%83/%
6-)*(B3)%($%!)/#-"O%1>)3"42-"6%$32o%%
Y#/-$2*-2(5#""6\% !% D34"'% #)G% (8% D-% D()*% 2*#2%
2*-6%*#'%2*-%)#<-%"#NN#)#,%"#'+=.%83/%.]\%#$'%38%
534/)-%2*-%#$)D-/%()\%#>)3"42-"6%6-)o%%!%#<%$32%)4/-%
D*3)-%8#4"2%(2%()%2*#2%2*-6%382-$%'3%$32F%%Y-/*#;)%(2%()%
($-B(2#>"-%>-5#4)-% 2*-/-% ()% )3% <45*% <3/-% ;/-))4/-%
*-/-\% #$'% (2% D(""% 2#G-% ;-3;"-% 6-#/)% 23% /-#"(Q-% D*#2%
2*-6%@32%*-/-\%3/%;-/*#;)%(2%()%2*-%>4/-#45/#56%2*#2%
8/4)2/#2-)%;-3;"-F%%12%#$6%/#2-\%(2%()%$32%2*-%8#4"2%38%
2*-%6-)*(B3)%#$'%2*-%/-"#2(3$)*(;%2*-%)24'-$2)%*#B-%
D(2*%2*-<F
'R\RX¿QGWKDWJX\VGRQRWFOLFNZLWKVWXGHQWV
B)=A%=+"*)%<*,"2.=+9
!2% ()% *#/'% 23% 2-""F% % ,3% 2#G-% #% ;-/)3$#"% -P#<;"-\%
D*-$%!%@32%>#5G%8/3<%6-)*(B#*\%!%'('%$32%*#B-%#%"32%
38%2(<-%23%)35(#"(Q-F%%!%D#)%8/(-$'"6%D(2*%2*-%@46%!%
)#2%$-P2%23%($%)*(e4/\%($%$(@*2%,*/*)\%<6%/33<<#2-\%
#$'%2*-%;-/)3$%$-P2%23%<-%($%2*-%'3/<F%%!$%@-$-/#"\%
2*-%;-3;"-%($%634/%)*(e4/\%634/%/33<<#2-)\%#$'%634/%
>"#.)8,=,%^)24'6%;#/2$-/)_%#/-%#""%;-3;"-%D(2*%D*3<%
634%#22-$'-'%6-)*(B#*F%%Y-3;"-%5*33)-%D*3<%2*-6%
#/-%53<83/2#>"-%D(2*%#$'%2*#2%()%D*3<%2*-6%-$'%4;%
#))35(#2($@% D(2*\% #$'% 382-$\% 2*3)-% ;-3;"-% #/-% 2*-%
;-3;"-% D*3% D-/-% D(2*% 2*-<% ($% 6-)*(B#*F% !2% ()% $32%
2*#2% ;-3;"-% #/-% 3;;3)-'% 23% 2#"G($@% 23% ;-3;"-% 8/3<%
32*-/%6-)*(B3)\%>42%382-$%(2%*#;;-$)%;/#52(5#""6%2*#2%
2*-6%)-"'3<%'3%)3F%%,*-%;-3;"-%D*3%)4//34$'%2*-<%
#/-%f4)2%;-3;"-%8/3<%2*-(/%6-)*(B3)F%%,*-%)#<-%2*($@%
*#;;-$)%($%.]F%%N82-$\%;-3;"-%8/3<%E.Y%#$'%!AS%
'3%$32%*#$@%342%D(2*%-#5*%32*-/%)(<;"6%>-5#4)-%2*-6%
'3%$32%)--%-#5*%32*-/F%%
R=% 5*=54*% 6*$*)#44<% &)*#N% =)% B=44=K% +"*%
,+*)*=+<5*,%=B%+"*2)%<*,"2.=+9
!8%#%6-)*(B#*%()%G$3D$%83/%>-($@%D#/<%#$'%84QQ6%
#$'%2*#2%()%D*3%!%#<\%!%D(""%@3%2*-/-F%!8%#%6-)*(B#*%
()%G$3D$%83/%>-($@%53"'%#$'%($2-""-524#"\%#$'%2*#2%()%
D*#2%!%D#$2\%!%D(""%@3%2*-/-F%%H3/%2*-%<3)2%;#/2\%(2%()%#%
VHOIIXO¿OOLQJSURSKHF\DQGLWLVYHU\KDUGWRFKDQJH
D*#2%2*-%6-)*(B#*%()F%%
O#&&2% R#$2*4% O#55% 2,% (,,=>2#+*% R*#$% #$/% #%
_2,2+2$6%(,,2,+#$+%V)=B*,,=)%=B%?#4A8/%#+%+"*%@).2$6%
@M% !+=$*% L*2+% ;2/)#,"% V)=6)#A% Z!L;V[T% #,% K*44%
#,% (,,=>2#+*% R*#$% #+% +"*% @,##>% L)*8*)% G=44*6*% =B%
S*&)#2>%!+8/2*,%Z@LG[%#+%D*,"2.#%]$2.*),2+<M%
6"#4'($768$7**4($9
182-/%!)/#-"0%Y32-$2(#"%#$'%Y(28#"")%3$%S#<;4)
DBE1R0%9#1D,&90)
!% 53<-% 23% 2*-% '()54))(3$% #>342% 2*-% 6-#/% ($% !)/#-"%
-P;-/(-$5-% 8/3<% 2*-% ;#/2(54"#/% B#$2#@-% ;3($2% 38%
)3<-3$-%D*3%*#)%>--$%($B3"B-'%($%,"#$#"%&#'#)*+,%
;/3@/#<)%#)%D-""%#)%2*-%Z-D()*%7-#/$($@%!$(2(#2(B-%3$%
S#<;4)%^Z7!S_%($%2*-%]$(2-'%:2#2-)FU%%E6%*4)>#$'%
#$'%!%D-/-%2*-%'3/<%;#/-$2)%#$'%=#b<(<%^2-#5*-/)_%
#2% E('/-)*-2% 7($'-$>#4<% >-83/-% D-% ;(3$--/-'%
Z7!S% #2% A/#$'-()F% %`-% *#B-% )4>)-c4-$2"6% /-24/$-'%
23% E('/-)*)-2% 7($'-$>#4<% #$'% .-)*(B#2% R/-2Q%
[#,QB(\%/-);-52(B-"6F%%A#)-'%3$%2*-)-%-P;-/(-$5-)\%
,ZLOOVSHFL¿FDOO\DGGUHVVWKHUHODWLRQVKLSEHWZHHQ
2*-%,"#$#"%&#'#)*+,%#$'%2*-%4$(B-/)(26%-P;-/(-$5-F%%
L3-)%2*-%6-#/%($%!)/#-"%;/-;#/-%#%)24'-$2%83/%>-($@%#%
,3/#*%Z-D%($%4$(B-/)(26O%%:*34"'%2*#2%>-%3$-%38%2*-%
@3#")%38%2*-%,"#$#"%&#'#)*+,O
[(""-"0%,*-%H34$'#2(3$%83/%Z-D()*%S#<;4)%7(8-%
53$)('-/)% (2)% <())(3$% 23% a;/3B('-% 3;;3/24$(2(-)% 83/%
Z-D()*%)24'-$2)%23%-P;"3/-%#$'%5-"->/#2-%2*-(/%Z-D()*%
('-$2(26FbX%%H3/%<#$6%N/2*3'3P%4$(B-/)(26%)24'-$2)\%
Z-D()*% ('-$2(26% *#)% >--$% #$% #>)3"42-% @(B-$% >42%
VXGGHQO\ UHTXLUHV UDGLFDO UHGH¿QLWLRQ 4XHVWLRQV
2*#2%#/()-%($5"4'-0%!$%2*-%#>)-$5-%38%)5*33"%)2/4524/-%
#$'% ;#/-$2#"% ;/-))4/-\% D(""% !% )2(""% "-#/$% ,3/#*% #$'%
#22-$'%A2$<#$%^'#("6O%D--G"6O_O%%[3;-84""6\%2*()%()%
D*-/-%2*-%6-#/%($%!)/#-"%;"#6)%#%/3"-F%%,*-%'-5()(3$%23%
#22-$'%#%,"#$#"%&#'#)*+,%;/3@/#<%()%84$'#<-$2#""6%
('-$2(26?83/<($@F% % !2% ()% #% '-5"#/#2(3$% 2*#2% +#4A8/%
?=)#"LVSDUWRIRQH¶V-HZLVKVHOIGH¿QLWLRQ
A-63$'%2*-%($*-/-$2%B#"4-%38%+#4A8/%?=)#"%(2)-"8\%
2*-%#''(2(3$#"%^#$'%;-/*#;)%-B-$%<3/-%5/(2(5#"_%/3"-%
2*#2% "-#/$($@% ;"#6)% ()% 38% #% <3/-% )35(#"% $#24/-F% % 1%
B(>/#$2%>-(2%<('/#)*%5/-#2-)%#%53<<4$(26%D(2*($%#%
53<<4$(26F% % W3% <#22-/% D*#2% -")-% ()% *#;;-$($@\% #%
A2$<#$%#$'%#%>-(2%<('/#)*%D(""%#$5*3/%2*-%)24'-$2%23%
2*-%Z-D()*%3/>(2F
L-2/#523/)% D(""% ;3($2% 23% 2*-% #""?233?8/-c4-$2%
($)2#$5-)% 38% )24'-$2)% D*3\% '-);(2-% 2D-"B-% 6-#/)% 38%
6-)*(B#*%'#6%)5*33"%#$'%#%6-#/%38%6-)*(B#*%($%!)/#-"\%
)--<%23%'()#;;-#/%8/3<%2*-%Z-D()*%/#'#/%)5/--$%3$%
5#<;4)F% % ,*-6% D(""% #/@4-% 2*#2% 2*-% 6-#/% ($% !)/#-"%
5"-#/"6% *#)% $3% (<;#52F% % !% D34"'% #@/--% 2*#2% ($'--'%
2*-%6-#/%($%!)/#-"%()%$3%@4#/#$2--F%%Y-/*#;)%2*-%<3)2%
)2#/2"($@%5#)-%!%-B-/%-$534$2-/-'%D#)%#%)24'-$2%D*3\%
#2% 2*-% -$'% 38% *()% 6-#/% ($% #% ;/-)2(@(34)% 6-)*(B#*% ($%
!)/#-"\%)*(;;-'%*()%>33G)%23%34/%*3<-%($%A3)23$%)3%
2*#2%2*-6%D34"'%>-%D#(2($@%83/%*(<%4;3$%*()%#//(B#"%
3$%5#<;4)F%%%`-%'42(84""6%;#5G-'%2*-%>3P-)%($23%2*-%
2/4$G% 38% 34/% 5#/\% #$2(5(;#2($@% <--2($@% 2*()% 5"-#/"6%
-$2*4)(#)2(5%$-D%<-<>-/%38%34/%53<<4$(26F%%`--G)%
"#2-/\% $--'($@% 23% /-5"#(<% 2*-% 2/4$G% 38% 34/% 5#/\% D-%
*4$2-'%*(<%'3D$F%%[-%;(5G-'%4;%*()%>33G)%#$'%2*#2%
D#)%2*-%"#)2%D-%)#D%38%*(<F%%,*()%D#)%$32%#%5#)-%38%
WKHLQÀXHQFHRIVHFXODUFDPSXVZHDULQJDZD\DWKLV
>-"(-8%3/%*()%<32(B#2(3$F%%,*()%D#)%#%5#)-%38%#%)24'-$2%
a5/#)*($@b%D(2*($%2D3%<3$2*)%38%"-#B($@%6-)*(B#*F%%
W3\%2*-%6-#/%($%!)/#-"%()%$3%@4#/#$2--d%*3D-B-/\%!%'3%
>-"(-B-%2*#2%2*-/-%()%-B('-$5-%2*#2%2*-%6-#/%($%!)/#-"%
GRHV KDYH VLJQL¿FDQW LPSDFW RQ PDQ\ LI FHUWDLQO\
$32%#""\%;#/2(5(;#$2)F
!$% 2*-% 8#""% 38% XVVV\% #82-/% <6% *4)>#$'% #$'% !%
FRPSOHWHG RXU ¿UVW VHPHVWHU DW -/,& DW %UDQGHLV
D-%53$'452-'%#%)4/B-6%38%2*-%N/2*3'3P%53<<4$(26F%%
12% 2*-% 2(<-\% D-% D-/-% ($2-/-)2-'% ($% "-#/$($@% <3/-%
#>342%2*-%>#5G@/34$'%#$'%$--')%38%2*-%53<<4$(26%
($%3/'-/%23%>-53<-%<3/-%-88-52(B-%"-#'-/)F%%733G($@%
>#5G% $3D\% 2*#2% )4/B-6% #")3% )*-')% )3<-% "(@*2% 3$%
2*-% (<;#52% 38% 2*-% 6-#/% ($% !)/#-"F% % `-% '()2/(>42-'%
2*-% )4/B-6)% 23% )24'-$2)% B32($@% ($% 2*-% A/#$'-()%
N/2*3'3P%N/@#$(Q#2(3$%-"-52(3$)F%%,*-%6-)*(B#*%#$'%
PLGUDVKDKJUDGXDWHVZHUHVLJQL¿FDQWO\PRUHOLNHO\
WR SDUWLFLSDWH LQ WKH HOHFWLRQV LH WR DI¿OLDWH ZLWK
WKH2UWKRGR[FRPPXQLW\LQDQRI¿FLDOPDQQHU2I
WKLVSRSXODWLRQIRUW\VL[RXWRI¿IW\VL[FRQVLGHUHG
2*-<)-"B-)%23%>-%#52(B-%($%Z-D()*%"-#/$($@\%D*-2*-/%
2*/34@*% 5"#))-)% 388-/-'% >6% Z7!S% 3/% "#.)8+=+% ^;--/%
"-#/$($@_\% D*("-% 3$"6% -(@*2% 38% 2*-% )-B-$2--$% D*3%
'('% $32% #22-$'% 6-)*(B#*% ($% !)/#-"% #82-/% 53<;"-2($@%
6-)*(B#*% *(@*% )5*33"% 5"#(<-'% 23% >-% ($B3"B-'% ($%
"-#/$($@\% #$'\% #)234$'($@"6\% 3$"6% 3$-% ;#/2(5(;#2-'%
/-@4"#/"6% ($% #$6% 5"#))F% % `*("-% !% '3% $32% *#B-% 2*-%
-P#52% '#2#% /-@#/'($@% 2*-% 53//-"#2(3$% >-2D--$% 2*-%
6-#/%($%!)/#-"%#$'%A2$<#$%#22-$'#$5-\%<6%#$-5'32#"%
(<;/-))(3$)% )4@@-)2% 2*#2% 2*-% )2#2()2(5)% D34"'% >-%
)(<("#/F
:KLOH WKLV VXUYH\ UHÀHFWV WKH VLWXDWLRQ RQ RQH
5#<;4)% 3B-/% #% '-5#'-% #@3\% #% c4(5G% 3$"($-% )-#/5*%
53//3>3/#2-)%<6%(<;/-))(3$%2*#2%2*-)-%@-$-/#"%2/-$')%
53$2($4-F% % :24'-$2% "-#'-/)*(;% ;3)(2(3$)\% D*-2*-/%
#2% .S% #$'% :2-/$% 3/% ($% 2*-% [(""-"% 53<<4$(2(-)% 3$%
32*-/% 5#<;4)-)\% 2-$'% 23% >-% '3<($#2-'% >6% ,"#$#"%
&#'#)*+,% @/#'4#2-)\% #$'% 2*()% ()% $32% "(<(2-'% 23% 2*-%
/-#"<%38%2*-%A2$<#$%#$'%>-(2%<('/#)*F%,3%5(2-%3$-%
/#$'3<% -P#<;"-\% 2*-% ]$(B-/)(26% 38% Y-$$6)"B#$(#%
N/2*3'3P% 53<<4$(26e)% S*-))-'% S3<<(22--% "#)2%
6-#/% D#)% 5*#(/-'% >6% 2D3% E('/-)*-2% 7($'-$>#4<%
#"4<$#-F%L3-)%2*-%6-#/%($%!)/#-"%54"2(B#2-%#%@/-#2-/%
53<<(2<-$2%23%"*,*/RUPHUHO\JUHDWHUFRQ¿GHQFH
23%>-%($B3"B-'O
,3%#%'-@/--\%2*-$\%!%D34"'%/-);3$'%2*#2%2*-%6-#/%
($% !)/#-"% '3-)% *-";% ;/-;#/-% )24'-$2)% 83/% Z-D()*%
"(8-% ($% #% 4$(B-/)(26% )-22($@% -B-$% D(2*342% ;/3@/#<)%
<#G($@%2*()%#$%-P;"(5(2%#);-52%38%2*-(/%#@-$'#F%%A42%
!% #")3% >-"(-B-% 2*#2% 2*-% ,"#$#"% &#'#)*+,% ;/3@/#<)%
5#$% #$'% )*34"'% 2#G-% 5-/2#($% #52(B-% )2-;)F% ,*-% 2D3%
;/3@/#<)%D(2*%D*(5*%!%#<%<3)2%8#<("(#/\%E('/-)*-2%
7($'-$>#4<% #$'% R/-2Q% [#,QB(\% >32*% 388-/% 53""-@-%
;/-;#/#23/6%;/3@/#<)F%%,*-%@3#"%38%2*-)-%;/3@/#<)%
()%$32%23%;/3B('-%#$%#$)D-/%G-60%D-%5#$$32%#$2(5(;#2-%
-B-/6% #/@4<-$2% )24'-$2)% D(""% -$534$2-/% ($% 2*-(/%
4$(B-/)(26% A(>"-% 5"#))-)\% #$'% D-% 5-/2#($"6% 5#$$32%
)5/(;2% 2*-% 53$B-/)#2(3$)% 2*-6% <(@*2% *#B-% D(2*% #%
/33<<#2-%D*3%($B(2-)%#%<-<>-/%38%2*-%3;;3)(2-%)-P%
23%)*#/-%*()%3/%*-/%/33<%83/%2*-%$(@*2F%%`-%5#$%/#()-%
#D#/-$-))%38%2*-%())4-)%D(2*%2*-%@3#"%38%2#G($@%)3<-%
38% 2*-% -'@-% 388% 38% 2*-% 54"24/-% )*35G% 2*#2% )24'-$2)%
-P;-/(-$5-% ^*3;-84""6o_% D*-$% -$2-/($@% 2*-% 5#<;4)%
-$B(/3$<-$2F%%
Y/-;#/#2(3$\% *3D-B-/\% 3$"6% @3-)% )3% 8#/F% % ,*-%
<3)2%-))-$2(#"%/3"-%2*#2%2*-%,"#$#"%&#'#)*+,%5#$%#$'%
)*34"'% ;"#6% ($% 2*-% )24'-$2)e% 4$(B-/)(26% -P;-/(-$5-%
()% ($% ;/3B('($@% 3$@3($@% )4;;3/2% '4/($@% 2*-%
4$(B-/)(26% 6-#/)F% % Y-/*#;)% 2*-% /-#"(26% *#)% 5*#$@-'%
($% 2*-% ($2-/B-$($@% '-5#'-\% >42% '4/($@% 34/% 2-$4/-%
#2% A/#$'-()% D-% D-/-% -P2/-<-"6% '()#;;3($2-'% 23%
'()53B-/% 2*#2% 6-)*(B#*% *(@*% )5*33")% '('% $32% )--<%
23%8--"%#$6%/-);3$)(>("(26%23D#/')%2*-(/%@/#'4#2-)%($%
4$(B-/)(26F%%!/3$(5#""6\%2*-%)#<-%*(@*%)5*33")%D*(5*%
ZHUH LQYHVWLQJ VLJQL¿FDQW UHVRXUFHV LQ VHQGLQJ
2*-(/% /-;/-)-$2#2(B-)% 83/% #$$4#"% B()(2)% 23% 5*-5G%
4;% 3$% 2*-(/% )24'-$2)% ($% !)/#-"% D-/-% 8#("($@% 23% )-$'%
/-;/-)-$2#2(B-)% 23% B()(2% 2*-(/% )24'-$2)% 3$% 2*-% <45*%
5"3)-/?23?*3<-%4$(B-/)(26%5#<;4)-)\%D*-/-%)4;;3/2%
38%Z-D()*%-'45#23/)%)--<-'%23%4)%23%>-%#""%2*-%<3/-%
5/(2(5#"F% % `(2*% 2*-% *-";% 38% .-)*(B#% ]$(B-/)(26\% D-%
53$2#52-'%-B-/6%N/2*3'3P%*(@*%)5*33"%($%2*-%]$(2-'%
:2#2-)%($%2*-%*3;-)%38%"-#/$($@%#>342%#$'%53$2#52($@%
($53<($@% )24'-$2)% >-83/-% 2*-6% #//(B-'% 3$% 5#<;4)F%%
,*-% /-);3$)-% D#)% 4$'-/D*-"<($@F% % !$% 53$2/#)2\%
<#$6% ^>42% $32% #""_% 38% 2*-% 6-)*(B32% #$'% <('/#)*32%
D-/-%-#@-/%23%;42%2*-(/%)24'-$2)%($%2345*%D(2*%4)%#$'%
)-$2%#%53$2($434)%)2/-#<%38%/-;/-)-$2#2(B-)%23%@(B-%
)*(e4/(<%#$'%B()(2%#"4<$(%3$%5#<;4)F
,*-%6-)*(B32%#$'%<('/#)*32%-$534/#@-%53$2($4-'%
($B3"B-<-$2% ($% Z-D()*% "-#/$($@\% 83)2-/% #% ,3/#*?
3>)-/B#$2%)35(#"%$-2D3/G\%#$'%388-/%3$@3($@%)4;;3/2%
D*("-% )24'-$2)% #/-% ($% 4$(B-/)(26F% % R#5*% 38% 2*-)-%
)2/-$@2*)% 53<-)% D(2*% '/#D>#5G)F% % !2% >-*33B-)%
-'45#23/)% ($% 6-)*(B32% #$'% <('/#)*32% 23% >-% G--$"6%
#D#/-%38%#$'%)-$)(2(B-%23%2*-)-%())4-)F%%
`*("-% !% >-"(-B-% 2*#2% 3$@3($@% )4;;3/2% 5#$% ;"#6%
#%'-5()(B-%/3"-%($%<#($2#($($@%2*-%)24'-$2)e%Z-D()*%
53$$-52(3$% D*("-% 3$% 5#<;4)\% (2% )*34"'% $32% 53<-%
#2%2*-%-P;-$)-%38%>4("'($@%$-D%53$$-52(3$)F%%!%#<%
8#<("(#/%D(2*%2*-%())4-%8/3<%>32*%;-/);-52(B-)F%%,*-%
,"#$#"%&#'#)*+,%-'45#23/%()%)($5-/-"6%53<<(22-'%23%
;/3B('($@%)4;;3/2%#$'%>-($@%#B#("#>"-%83/%2*-%<6/(#'%
KDODNKLF DQG KDVKND¿F TXHVWLRQV ZKLFK LQHYLWDEO\
)4/8#5-% '4/($@% 2*-% 4$(B-/)(26% 6-#/)F% % [3D-B-/\% #)%
#% Z7!S% -'45#23/\% !% G$3D% 2*#2% )3<-2(<-)% 2*-% >-)2%
#$)D-/%()\%a!e<%*#;;6%23%'()54))%2*-%())4-%D(2*%634\%
>42%!%)2/3$@"6%/-53<<-$'%2*#2%634%#")3%53$)4"2%D(2*%
634/%"35#"%/#>>(jZ7!S%-'45#23/Fb
A6%2*-%)#<-%23G-$\%2*-%3$@3($@%-$534/#@-<-$2%
38%"-#/$($@%()%5/45(#"F%%[3D-B-/\%2*-/-%()%#%'#$@-/%38%
,,,-."#/&'()&*(+-0"'
D>
!"#$%&'()&*(+
)-22($@%2*-%>#/%233%*(@*F%%!%/-5-$2"6%/-5-(B-'%#%"-22-/%
8/3<% #% 83/<-/% )24'-$2% )2/4@@"($@% D(2*% D*#2% )*-%
'-)5/(>-'%#)%#%53<<3$%;3)2?<('/#)*#*%8--"($@%2*#2%
a!8%2*-6%k<('/#)*#*%@/#'4#2-)l%#/-%$32%"-#/$($@\%
2*-6% #/-% 8#("($@q% .34% ^#)% #% 53""-52(B-% 8#54"26_%
/-(2-/#2-'% 23% 4)% 3B-/% #$'% 3B-/% #@#($% *3D%
(<;3/2#$2%,#"<4'%,3/#*% D#)% #$'% *3D% -))-$2(#"%
(2%D#)%83/%4)%23%($53/;3/#2-%"-#/$($@%($23%34/%"(B-)%
3$5-%D-%/-24/$-'%23%34/%/-);-52(B-%*3<-)F%%!%5#$%
4$'-/)2#$'%2*-%(<;3/2#$5-%38%2*#2%<-))#@-F%%`-%
QHHGHG WR JR KRPH ¿UHG XS DQG GHWHUPLQHG WR
53$2($4-% 34/% "-#/$($@% )3% 2*#2% 34/% 6-#/% D#)% f4)2%
2*-% )2#/2% 38% #% "3$@% ;/35-))% #$'% $32% )(<;"6% #$%
-P5-;2(3$F%%[3D-B-/\%<45*%38%2*-%"#)2%2D3%6-#/)%
*#)%>--$%k);-$2l%'-#"($@%D(2*%2*-%/-#"(2(-)%38%"(8-%
D*(5*% #/-% '-<#$'($@% #$'% 5#$% <-#$% 2*#2% 32*-/%
2*($@)%2#G-%;/(3/(26Fb
,*-%<-))#@-%2*#2%+#4A8/%?=)#"%()%38%;#/#<34$2%
(<;3/2#$5-% )*34"'% $32% >-% #>#$'3$-'\% >42% )*34"'%
($5"4'-% #$% *3$-)2% '()54))(3$% #>342% /-#"()2(5%
-P;-52#2(3$)F% % ,3% D*#2-B-/% '-@/--% ;3))(>"-\% 2*-)-%
'()54))(3$)% )*34"'% #")3% >-% 2#("3/-'% 23% ($'(B('4#"%
)24'-$2)e% $--')d% $32% -B-/6% )24'-$2% )*#/-)% 2*-% )#<-%
#>("(2(-)\% $3/% #/-% #""% )24'-$2)% -$2-/($@% 2*-% )#<-%
-$B(/3$<-$2F
H($#""6\%D-%<4)2%#''/-))%2*-%B(2#"%())4-%38%)35(#"%
$-2D3/GF% % A-83/-% <6% 2-$4/-% #2% A/#$'-()\% !% )*#/-'%
2*-% ;#/26% "($-% 2*#2% ;4)*-'% A2$<#$% #22-$'#$5-% #$'%
>-(2%<('/#)*%;#/2(5(;#2(3$%#)%2*-%G-6)%23%a)4/B(B#"b%
3$% 5#<;4)F% % 182-/% <6% Z7!S% -P;-/(-$5-\% !% )2#/2-'%
23% <3'(86% <6% <-))#@-F% % N>B(34)"6\% A2$<#$%
#22-$'#$5-% #$'% >-(2% <('/#)*% ;#/2(5(;#2(3$% #/-%
5/(2(5#"\% >42% !% #")3% D#/$% )24'-$2)% 38% 2*-% '#$@-/% 38%
5/-#2($@% 53<<4$#"% 2(-)% D*(5*% #/-% +==% )2/3$@% #$'%
53$)-c4-$2"6% >/--'% D*#2% Y/-)('-$2% Z3-"% /-8-/)% 23%
#)%aN/2*3'3P%2/(4<;*#"()<Fb%%,*()%2/(4<;*#"()<%()%
23%2*-%'-2/(<-$2%38%32*-/%N/2*3'3P%)24'-$2)\%38%2*-%
Z-D()*% 53<<4$(26% #2% "#/@-\% #$'% 4"2(<#2-"6% 38% 2*-%
,"#$#"%&#'#)*+,%@/#'4#2-)%2*-<)-"B-)F
,*-%'#2#%c432-'%#>3B-%'-<3$)2/#2-%2*-%;/3>"-<F%%
.-)*(B#*% *(@*% )5*33"% @/#'4#2-)% D*3% '3% $32% );-$'%
#%6-#/%($%!)/#-"%)--<%"-))%"(G-"6%23%@-2%($B3"B-'%($%
2*-(/%4$(B-/)(26e)%Z-D()*%53<<4$(26F%%Y-/*#;)%2*()%()%
#$%34253<-%38%)-"8?)-"-52(3$F%%,*-%)#<-%;-3;"-%D*3%
5*33)-% $32% 23% );-$'% #% 6-#/% ($% !)/#-"% 5*33)-% 23% >-%
"-))%($B3"B-'%($%2*-%Z-D()*%53<<4$(26%3$%5#<;4)F%%
[3D-B-/\% !% "-#/$-'% 2*#2% 2*-% ;(524/-% ()% 382-$% <3/-%
53<;"-P%#$'\%8/#$G"6\%'-;/-))($@F%%:24'-$2)%D*3%'('%
$32% );-$'% #% 6-#/% ($% !)/#-"% <(@*2% D#$2% 23% >-% <3/-%
($B3"B-'% >42% #/-% ($2(<('#2-'% >6% 2*3)-% D*3% '('F% % !%
G$3D% 38% )3<-% 5#)-)% D*-/-% )24'-$2)% -(2*-/% "-82% 2*-%
N/2*3'3P%53<<4$(26%>-5#4)-%2*-6%D-/-%2/-#2-'%"(G-%
342)('-/)%>6%)24'-$2)%D*3%*#'%);-$2%#%6-#/%($%!)/#-"%
3/%/-<#($-'%;-/(;*-/#""6%($B3"B-'%>42%D-/-%'--;"6%
'()24/>-'%>6%2*-(/%;/-'(5#<-$2F%%
12% 2*-% )#<-% 2(<-\% )24'-$2)% D*3% '-B-"3;%
(<<-'(#2-% #$'% )2/3$@% 53$$-52(3$)% ($% 2*-% D3/"'%
38% 2*-% A2$<#$% 3/% 2*-% >-(2% <('/#)*% 382-$% 83/@3%
($B3"B-<-$2%($%2*-%>/3#'-/%Z-D()*%53<<4$(26F%%!$%
2*-% [(""-"% -$B(/3$<-$2\% D*-/-% #""% Z-D()*% )24'-$2)%
$--'% 23% )*#/-% );#5-% #$'% /-)34/5-)\% 2*()% ($)4"#/()<%
)3<-2(<-)% >/--')% 2-$)(3$% #$'\% ($% -P2/-<-% 5#)-)\%
-B-$%"24484%S#,"*A%^'-)-5/#2(3$%38%&3'e)%$#<-_F%%
!%3$5-%<-$2(3$-'%23%)3<-%53""-#@4-)%($%,"#$#"%
&#'#)*+,%;/3@/#<)%2*#2%!%-$534/#@-%<6%)24'-$2)%23%
>-%($B3"B-'%($%Z-D()*%"(8-%342)('-%38%2*-%N/2*3'3P%
53<<4$(26F% %,*-% /-);3$)-0% a!8% 2*-6% #/-% )2(""% @3($@%
23% A2$<#$% #$'% G--;($@% G3)*-/% #82-/% 2D3% 6-#/)%
3$% 5#<;4)\% 2*-$% 2*-6% 5#$% 2*($G% #>342% -P2-$'($@%
2*-<)-"B-)% 84/2*-/Fb% % !% #'#<#$2"6% '()#@/--F% % !2%
)--<)%23%<-%2*#2%/#2*-/%2*#$%)*#G($@%2*-(/%/-"(@(34)%
53<<(2<-$2\% >/3#'-$($@% 2*-(/% *3/(Q3$)% 3$"6%
LQWHQVL¿HG VWXGHQWV¶ FRPPLWPHQW WR WKH -HZLVK
53<<4$(26%($%@-$-/#"%#$'%#%)-$)-%38%;/('-%($%2*-(/%
3D$%2/#'(2(3$)F%
,Q OLJKW RI WKHVH FRQVLGHUDWLRQV P\ PRGL¿HG
<-))#@-% 23% 6-#/?($?!)/#-"% @/#'4#2-)\% ($5"4'($@%
2*3)-% #22-$'($@% .S% #$'% :2-/$\% ()% 2*()0% % >-53<-% #%
;#/2%38%2*-%>-(2%<('/#)*%53<<4$(26\%>42%G--;%634/%
-P;-52#2(3$)% 38% 634/)-"8% /-#"()2(5d% -<>/#5-% 2*-%
2#"-$2)% #$'% 53$2/(>42(3$)% 38% 2*3)-% D*3% 53<-% 8/3<%
'(88-/-$2%>#5G@/34$')d%#$'%f3($%83/5-)%23%>4("'%2*-%
>/3#'-/%Z-D()*%53<<4$(26F%%.34%*#B-%#%"32%23%@(B-%
#$'%-B-/62*($@%23%@#($F
Q#=A2% L*)A#$% 2,% #% O#EA% #+% ;2/)*,"*+%
U2$/*$&#8A%2$%J*)8,#4*AT%@,)#*4T%#$/%,*).*/%#4=$6%
ZLWK KHU KXVEDQG DV WKH ¿UVW -HZLVK /HDUQLQJ
@$2+2#+2.*% =$% G#A58,% ZJU@G[% >=854*% #+% L)#$/*2,%
]$2.*),2+<%B)=A%`aaa'`aabM
UF% Z7!S% ^#553/'($@% 23% (2)% D->)(2-_% ()% #% ;/3@/#<%
/4$% >6% 2*-% N/2*3'3P% ]$(3$\% ($% ;#/2$-/)*(;% D(2*%
[(""-"\% 2*#2% a*-";)% N/2*3'3P% )24'-$2)% $#B(@#2-% 2*-%
53""-@-% -$B(/3$<-$2\% #$'% >#"#$5-% 2*-(/% Z-D()*%
53<<(2<-$2)%D(2*%2*-(/%'-)(/-%23%-$@#@-%2*-%)-54"#/%
D3/"'F% !$% #''(2(3$\% Z7!S% ;/3B('-)% #B-$4-)% 83/%
);(/(24#"% '-B-"3;<-$2% #$'% -P;"3/#2(3$% 83/% Z-D()*%
)24'-$2)% 8/3<% B#/(-'% >#5G@/34$')d% Z7!S% ;/-)-$2)%
#% ;3)(2(B-\% )3;*()2(5#2-'% #$'% D-"53<($@% 8#5-% 83/%
N/2*3'3P% Z4'#()<% 3$% 5#<;4)Fb% :--0% *22;0jjDDDF
f"(53$"($-F3/@j($'-PF;*;j#>342jF%%
XF% a,-""($@% 2*-% [(""-"% :23/6\b% #B#("#>"-% #20% *22;0jj
DDDF*(""-"F3/@j#>342j8#52)j*(""-"r)23/6j'-8#4"2F
B%#%10(+C%DA&3+
?3")E3$
-.*/%0*$#1#$20%,*-%N2*-/%
Z-D()*%:"#BDBE1*+0)01*%%2,&
,
*/34@*342% *()23/6\% Z-D)% *#B-% 53$2-<;"#2-'% 2*-%
;/#52(5#"% #$'% -2*(5#"% (<;"(5#2(3$)% 38% 2*-% >(>"(5#"%
($f4$52(3$%38%)"#B-/6F%1)%/-5-$2"6%#)%2*-%UM2*%5-$24/6\%
2*-% '()54))(3$% 38% >(>"(5#"% )"#B-/6% D#)% 38% ;/#52(5#"%
($2-/-)2F% L4/($@% 2*-%1<-/(5#$% S(B("% `#/\% #% ;4>"(5%
#$'%*-#2-'%'(#"3@4-%#>342%2*-%;-/<())(>("(26%38%2*-%
($)2(242(3$%38%)"#B-/6% 233G%;"#5-%>-2D--$%/#>>()%38%
2*-% 2(<-\% -#5*% 4)($@% ,3/#*% )34/5-)% 23% '-8-$'% *()%
/-);-52(B-% ;3)(2(3$FU% !$% 23'#6e)% `-)2-/$% D3/"'\%
*3D-B-/\% )"#B-/6% *#)% <3)2"6% >--$% -/#'(5#2-'%
#$'% ()% D('-"6% B(-D-'% #)% <3/#""6% 4$#55-;2#>"-% ($%
>32*% 2*-% Z-D()*% #$'% $3$?Z-D()*% 53<<4$(2(-)F%
S3$2-<;3/#/6% )24'(-)% 38% >(>"(5#"% )"#B-/6% #$'% 2*-%
*#"#G*32% /-@#/'($@% #$% *.*/% 0*$#1#$2% ^S#$##$(2-%
³:H¿QGDWHQVLRQLQ+DODNKDK+8,$@,,)1
=#9#$#)<1'=0:,&310)"1,)'5&#)<1$+0$1'=0:,'1"%1
)%$18,/%9,1?,@'1$+&%5<+1/%925='#%)KL
)"#B-_%382-$%8354)%3$%2*-%-2*(5#"%(<;"(5#2(3$)%38%2*-%
,3/#*e)% )#$52(3$% 38% )"#B-/6FX% `(2*% 2*-% #))4<;2(3$%
2*#2%)"#B-/6%53$)2(242-)%#%B(3"#2(3$%38%>#)(5%*4<#$%
/(@*2)% #$'% )--<)% 23% $-@#2-% 2*-% ,3/#*e)% B(-D% 2*#2%
-B-/6%*4<#$%>-($@%()%5/-#2-'%&*'+,*4*A%-'4="2A%^($%
2*-%(<#@-%38%&3'_\%)5*3"#/)%382-$%#)G%D*6%2*-%,3/#*%
#""3D-'%)"#B-/6%#"23@-2*-/F
!$% /-);3$)-% 23% 2*()% 5*#""-$@-\% <#$6% Z-D()*%
2*($G-/)% -P;"#($% 2*-% ,3/#*e)% ;-/<())(B-% #;;/3#5*%
23D#/')% )"#B-/6% $32% #)% #$% -P;/-))(3$% 38% #$% ('-#"\%
>42% #)% #% 53$5-))(3$% 23% 2*-% *()23/(5#"% /-#"(26% 38% 2*-%
2(<-% ($% D*(5*% 2*-% ,3/#*% D#)% @(B-$F% :($5-% )"#B-/6%
D#)% #% 4$(B-/)#""6% #55-;2-'% ;/#52(5-% ($% 2*-% #$5(-$2%
D3/"'% #$'% ($'--'% D#)% '-;-$'-'% 4;3$% >6% -P()2($@%
-53$3<(5% 8/#<-D3/G)\% 2*-% ,3/#*% 534"'% $32% *#B-%
-P;-52-'%2*-%Z-D)%23%/-8/#($%8/3<%-$@#@($@%($%2*()%
;/#52(5-F% ,*4)\% 2*-% ,3/#*% ($)2-#'% )34@*2% 23% "(<(2%
(2)%($f4)2(5-)%>6%5/-#2($@%#%)"#B-/6%)6)2-<%2*#2%D#)%
#)% -2*(5#"% #)% ;3))(>"-\% D(2*% 2*-% 4"2(<#2-% @3#"% 38%
-"(<($#2($@%(2%-$2(/-"6F+%1$32*-/%;3))(>"-%D#6%23%B(-D%
2*()% 53$5-))(3$% ()% 2*#2\% @(B-$% 2*-% ;-/B#)(B-$-))% 38%
)"#B-/6%($%#$5(-$2%54"24/-)\%*#'%2*-%,3/#*%83/>(''-$%
)"#B-/6%($%#%Z-D()*%)35(-26\%(A%D2,)#*4%D34"'%*#B-%
KDGJUHDWGLI¿FXOW\LPSDFWLQJWKHPRGHOVRIVODYHU\
($%)4//34$'($@%)35(-2(-)F%=-c4(/($@%#%<3/-%4;/(@*2%
)6)2-<%38%)"#B-/6\%3$-%($%D*(5*%$3$?Z-D()*%)"#B-)%
534"'%#")3%;#/2#G-\%2*-%,3/#*%@#B-%2*-%Z-D()*%$#2(3$%
/-534/)-%23%(<;/3B-%2*-%53$'(2(3$)%38%2*3)-%)"#B-)%
#$'% 23% ;/3B('-% #$% -P#<;"-% 23% 32*-/% $#2(3$)% 83/%
-2*(5#"%2/-#2<-$2\%)-/B($@%#)%#$%=)%4#'6=<2A\%#%"(@*2%
,,,-."#/&'()&*(+-0"'
D?
4$23%$#2(3$)F9%!$%8#52\%-P;"#($)%=F%:#<)3$%=#;*#-"%
[(/)5*\%2*-%,3/#*%3$"6%;-/<(22-'%2*-%;4/5*#)-%38%#$%
*.*/%0*$#1#$2%(8%2*#2%($'(B('4#"%D#)%#"/-#'6%#%)"#B-%
4$'-/%-P()2($@%($2-/$#2(3$#"%"#DFC
,*-%;/(<-%-P#<;"-%38%#%,3/#*%"#D%#)%#%53$5-))(3$%
23%*4<#$%/-#"(26%()%834$'%($%[#Q#"e)%53<<-$2)%3$%
2*-%23;(5%38%*,"*+%<*B#+%+=1#)\%#%$3$?Z-D()*%8-<#"-%
5#;2(B-%D*3<%2*-%,3/#*%#""3D)%#%Z-D()*%)3"'(-/%23%
2#G-%#)%#%D(8-Fh%!$%"(@*2%38%2*()%"#D\%2*-%&-<#/#%($%
02//8,"2$% XU>% )2#2-)% 2*#2\% a4=% /2&&*)#"% ?=)#"% *4#%
N*'$*6*/% <*+,*)% "#')#Tb% a2*-% ,3/#*% k($% 2*()% 5#)-l%
VSHDNV VSHFL¿FDOO\ DJDLQVW WKH HYLO LQFOLQDWLRQ´
=#)*(% 2*-/-% -P;"#($)% 2*#2% )($5-% 2*-% )3"'(-/e)% '-)(/-%
D34"'% >-% ($)4/<34$2#>"-\% 2*-% ,3/#*% ;-/<(2)% 2*-%
)3"'(-/% 23% >-*#B-% ($% #% '4>(34)% <#$$-/F% =#<>#<%
8#<34)"6% -<;"36)% #% )(<("#/% 53$5-;2% ($% -P;"#($($@%
2*-%>(>"(5#"%($)2(242(3$%38%N=)&#$=+VDFUL¿FHVI%[-%
DUJXHVWKDWDOWKRXJKDQLPDOVDFUL¿FHLVQRWWKHLGHDO
D#6% 23% )-/B-% &3'\% 2*-%,3/#*% 53$)2/452-'% #% )6)2-<%
38% N=)&#$=+% >-5#4)-\% *()23/(5#""6\% 2*#2% D#)% 2*-%
#55-;2-'%<3'-%38%D3/)*(;F%1)%)45*\%(2%D34"'%*#B-%
>--$%(<;3))(>"-%83/%2*-%,3/#*%23%-88-52(B-"6%;/-B-$2%
(A%D2,)#*4%8/3<%)-/B($@%&3'%($%2*#2%<#$$-/F%H/3<%
2*-)-%-P#<;"-)%(2%-<-/@-)%2*#2%B(-D($@%5-/2#($%"-@#"%
53$)2/452)% ($% 2*-% ,3/#*% #)% #5G$3D"-'@<-$2)% 38%
GLI¿FXOW UHDOLWLHV UDWKHU WKDQ SDUDGLJPV IRU HWKLFDO
>-*#B(3/% -P()2)% D(2*($% ,3/#*% 2/#'(2(3$F% 1553/'($@%
23%2*()%#;;/3#5*\%[#"#G*#*%;/3<32-)%5-/2#($%-2*(5#"%
('-#")\% >42% 5#$$32% #"D#6)% /-c4(/-% 2*#2% 2*-)-% ('-#")%
>-% 84""6% (<;"-<-$2-'% (<<-'(#2-"6% #82-/% 2*-% ,3/#*%
D#)% @(B-$F% !$)2-#'\% (2% <#6% 2#G-% 2(<-% #$'% <45*%
2/#($($@%($%,3/#*%($%3/'-/%83/%(A%D2,)#*4%23%#5*(-B-%
2*-%,3/#*e)%2/4-\%-2*(5#"%@3#"F%[3D-B-/\%(2%<4)2%>-%
)2#2-'%2*#2%2*-)-%-2*(5#"%('-#")%#/-%($2-/$#"%23%,3/#*%
#$'%2*-%*#"#G*(5%)6)2-<\%#$'%#/-%$32%#'3;2-'%8/3<%
2*-%-P2-/$#"%D3/"'%#$'%#;;"(-'%23%,3/#*FK
1"2*34@*% 2*-% -2*(5#"% '("-<<#% ;3)-'% >6% 2*-%
3B-/#""% -P()2-$5-% 38% >(>"(5#"% )"#B-/6% ()% 382-$%
#''/-))-'\% #% $32#>"-% ())4-% /#/-"6% '-#"2% D(2*% 3$% #%
;*("3)3;*(5#"%"-B-"%()%2*-%/-"(@(34)%)2#24)%38%2*-%*.*/%
0*$#1#$2M% `*("-% 2*-% -P#52% $#24/-% 38% 2*()% )2#24)% ()%
$32% 5"-#/\% 2*-% *.*/% 0*$#1#$2% ()% "#/@-"6% B(-D-'% #)%
>-($@%($%>-2D--$%#%6*)%+=,"#.%^/-)('-$2%#"(-$_M%#$'%
84""% Z-DF% [-% ()% 3>"(@#2-'% 23% 4$'-/@3% #% 53$B-/)(3$%
;/35-))\%($5"4'($@%A24#"%^5(/54<5()(3$_%#$'%+*.24#"%
^/(24#"%(<<-/)(3$_\%#$'%<4)2%G--;%#""%<(2)B32%-P5-;2%
6"#4'($768$7**4($9
:/($;(&+$<=$7*+&(#
83/%2*3)-%2*#2%#/-%2(<-?>34$'FUV\UU\UX%!8%-<#$5(;#2-'\%
2*-% *.*/% 0*$#1#$2% >-53<-)% #% 84""% <-<>-/% 38% 2*-%
Z-D()*%;-3;"-F%`*6%'('%2*-%,3/#*%8--"%(2%$-5-))#/6%
23%(<;3)-%*#"#G*(5%3>"(@#2(3$)%4;3$%2*-%$3$?Z-D()*%
)"#B-O%`*6%()%2*-/-%$3%;3))(>("(26%38%3D$($@%#$%*.*/%
0*$#1#$2% D*3% #>('-)% >6% 2*-% ,"*.#% A2+,.=+% &*$*2%
Q=#"% ^)-B-$% W3#*('-% "#D)_% "(G-% #% 6*)% +=,"#.\% >42%
D(2*342% #$6% #''(2(3$#"% Z-D()*% 53<<#$'<-$2)O% !$%
'-8-$)-%38%2*-%,3/#*e)%;-/<())(B-%#;;/3#5*%23D#/')%
)"#B-/6\%(2%()%382-$%$32-'%2*#2%2*-%,3/#*%53$)('-/)%2*-%
*.*/%0*$#1#$2%23%>-%#%;#/2%38%2*-%Z-D()*%53<<4$(26d%
;/338%2*#2%[#"#G*#*%'3-)%$32%2/-#2%2*-%)"#B-%)3"-"6%
#)% ;/3;-/26\% >42% /-53@$(Q-)% *(<% #)% #% *4<#$% >-($@%
#)%D-""FU+%A42%D*6%'3-)%[#"#G*#*%;/3*(>(2%#$%*.*/%
0*$#1#$2% 8/3<% <#($2#($($@% #% $3$?Z-D()*% W3#*('-%
('-$2(26% #$'% #5*(-B($@% #% /-);-52-'% #$'% #55-;2#>"-%
;"#5-% ($% #% Z-D()*% )35(-26% D(2*342% 2*-% #''(2(3$#"%
Z-D()*%3>"(@#2(3$)O%
N$-% ;3))(>"-% -P;"#$#2(3$% 83/% 2*()% ;*-$3<-$3$%
"(-)% ($% ;/#52(5#"\% ;3"(2(5#"% /-#)3$($@% /#2*-/% 2*#$%
;*("3)3;*(5#"% -P;"#$#2(3$F% Y/38-))3/% L#B('% EF%
S3>($\% #% ;/38-))3/% #2% [#<"($-% ]$(B-/)(26% :5*33"%
38% 7#D% #$'% #$% -P;-/2% 3$% )"#B-/6% ($% Z-D()*% "#D\%
#/@4-)%2*#2%[#Q#"%D-/-%8-#/84"%2*#2%2*-%$3$?Z-D()*%
)"#B-\% -B-$% 3$-% 3)2-$)(>"6% G--;($@% *()% W3#*('-%
3>"(@#2(3$)\% D34"'% /-<#($% 233% 53$$-52-'% 23% *()%
@-$2("-%$#2(3$#"%3/(@($)FU9%:45*%#%)"#B-%<(@*2%>-2/#6%
2*-% Z-D()*% 53<<4$(26% >6% /-"-#)($@% ;32-$2(#""6%
*#/<84"%($83/<#2(3$%*-%3>2#($-'%D*("-%D3/G($@%83/%
*()% Z-D()*% <#)2-/)% 23% 2*-% -<;(/-)% ($% ;3D-/F% ,*()%
D3//6% D#)% -P;/-))-'% >6% =F% [#(% &#3$\% D*3% )2#2-'%
($% #% +*,"8.#"% ^/-);3$)4<_% 2*#2% #"2*34@*% (2% <(@*2%
>-% ;-/<())(>"-% 23% G--;% #$% 4$53$B-/2-'% )"#B-\% 3$-%
)*34"'%$32%'3%)3%(8%2*-/-%()%#%a8-#/%2*#2%4$53$B-/2-'%
)"#B-)%D(""%/-B-#"%Z-D()*%)-5/-2)%23%2*3)-%D*3%)--G%
#82-/% Z-D()*% )34")% #$'% >"33'% #$'% >/($@% '#$@-/% 3/%
D#/%4;3$%Z-D)FbUC%,*4)\%>6%'-<#$'($@%2*#2%2*-%*.*/%
0*$#1#$2% 2#G-% 3$% #% )2/3$@-/% Z-D()*% ('-$2(26\% 3$"6%
2*3)-%)"#B-)%D*3%#/-%D(""($@%23%#>#$'3$%2*-(/%$3$?
Z-D()*%('-$2(2(-)%#/-%#""3D-'%23%)-/B-%($%#$'%>-53<-%
#%;#/2%38%2*-%Z-D()*%D3/"'F
Z-D()*%54"24/-%23%>-53<-%#$%*.*/%0*$#1#$2F%
H($#""6\% !% D34"'% "(G-% 23% 2-$2#2(B-"6% )4@@-)2% 2*#2%
f4)2%#)%2*-%-$2(/-%-$2-/;/()-%38%)"#B-/6%($%2*-%,3/#*%
5#$%>-%)--$%#)%#%53$5-))(3$%2*#2%)*34"'%('-#""6%>-%
-"(<($#2-'\%2*-%;#/2(54"#/%"#D)%38%#$%*.*/%0*$#1#$2%
5#$%>-%B(-D-'%2*/34@*%2*()%"-$)%#)%D-""F%%:($5-%2*-%
F7+31"%,'1X0=0J+0++2&%+#8#$10)1'/'4+
5'$#6#$.1-&%9190#)$0#)#)<101)%)(?,@#'+1
R%0+#",1#",)$#$310)"10/+#,:#)<101&,'2,/$,"1
0)"10//,2$08=,12=0/,1#)101?,@#'+1'%/#,$31
@#$+%5$1$+,10""#$#%)0=1?,@#'+1%8=#<0$#%)'ML
,3/#*% #""3D-'% )"#B-/6% >42% D()*-'% 23% <($(<(Q-% (2)%
;/#52(5-%D*("-%<#G($@%(2%#)%-2*(5#"%#)%;3))(>"-\%2*-%
,3/#*% D#$2-'% 23% -$)4/-% 2*#2% Z-D()*% )35(-26% D34"'%
$32% '-B-"3;% ($23% #% /(@('% 5#)2-% )6)2-<% D(2*% #$%
-$2/-$5*-'% )"#B-% 5"#))% #2% 2*-% >3223<% 38% 2*-% )35(#"%
3/'-/F% !$% 3/'-/% 23% -$)4/-% 2*()\% 2*-% ,3/#*% @#B-% 2*-%
*.*/%0*$#1#$2%2*-%)2#24)%38%#%c4#)(?Z-D%)3%2*#2%*()%
Z-D()*%<#)2-/%D34"'%>-%<3/-%"(G-"6%23%B(-D%*(<%#)%
3$-%38%*()%3D$F%!$%2*-%#$5(-$2%D3/"'\%a)"#B-)%D-/-%
#"<3)2%#"D#6)%38%#%'(88-/-$2%-2*$(5%@/34;\%$#2(3$#"%
3/(@($\%/-"(@(3$%3/%;3"(2(5#"%4$(2%2*#$%2*-(/%3D$-/)b%
>-5#4)-\%;)65*3"3@(5#""6\%2*-)-%'(88-/-$5-)\%B(-D-'%
#)%($8-/(3/(2(-)\%<#'-%(2%-#)(-/%23%-$)"#B-%83/-(@$-/)FUK%
A6%@(B($@%2*-%*.*/%0*$#1#$2%#%c4#)(?Z-D()*%)2#24)%
#$'% #""3D($@% *(<% 23% >-53<-% #% 84""% <-<>-/% 38% 2*-%
Z-D()*% 53<<4$(26% D*-$% -<#$5(;#2-'\% [#"#G*#*%
2/(-)%23%<#G-%)4/-%2*#2%Z-D()*%)35(-26%D(""%$-B-/%24/$%
($23%#%)"#B-?>#)-'%5"#))%)6)2-<F
1% <#f3/% 5*#""-$@-% 23% 2*()% ;/3;3)-'% -P;"#$#2(3$%
()% 2*-% )-B-/-% *#"#G*(5% "(<(2#2(3$)% 3$% 8/--($@% #$%
*.*/%0*$#1#$2%>#)-'%3$%2*-%5#,8N%a4*'=4#A%&#'"*A%
+#1#.=/8\bUM% a634% )*#""% 2*4)% *#B-% 2*-<% )-/B-% 634%
83/-B-/\bXV%D*(5*%2-#5*-)%2*#2%#%<#)2-/%5#$$32%8/--%
F[,\5#&#)<1019%&,152&#<+$1'3'$,91%-1'=0:,&3G1
%),1#)1@+#/+1)%)(?,@#'+1'=0:,'1/%5="10='%1
20&$0J,G1$+,1A%&0+1<0:,1$+,1?,@#'+1)0$#%)1
&,/%5&',1$%1#92&%:,1$+,1/%)"#$#%)'1%-1$+%',1
'=0:,'10)"1$%12&%:#",10)1,I092=,1$%1%$+,&1
)0$#%)'1-%&1,$+#/0=1$&,0$9,)$G1',&:#)<10'10)1)&+
1#-2)3.*G101=#<+$15)$%1)0$#%)'KL
1''(2(3$#""6\%[#Q#"%<#6%$32%f4)2%*#B-%>--$%8-#/84"%
38%;3))(>"-%($f4/(34)%/-;3/2)%/-#5*($@%2*-%$3$?Z-D()*%
;3D-/)%>42%<#6%#")3%*#B-%>--$%53$5-/$-'%#>342%2*-%
;3))(>"-% $-@#2(B-% (<;#52% 38% *#B($@% "#/@-% 83/-(@$%
SRSXODWLRQVÀRRGLQJ-HZLVKVRFLHW\Uh%!$2/3'45($@%#%
VLJQL¿FDQW QXPEHU RI VODYHV FRPLQJ IURP YDULRXV
54"24/#"% >#5G@/34$')% ($23% #% $-D% )35(-2#"% 53$2-P2%
534"'% @/-#2"6% '-)2#>("(Q-% #% 53<<4$(26% 3/% "-#'% 23%
#% )"#B-% /->-""(3$FUI% ,*-% *#"#G*(5% /-c4(/-<-$2% 38%
53$B-/)(3$% D#)% 2*-/-83/-% ($2-$'-'% 23% <#($2#($%
)2#>("(26%($%2*-%Z-D()*%53<<4$(26%>6%3$"6%#""3D($@%
2*3)-% 83/-(@$-/)% D*3% D-/-% D(""($@% 23% >"-$'% ($23%
6"#4'($768$7**4($9
<-#$)% 23% *#B-% 53$2/3"% 3B-/% 3$-e)% -$B(/3$<-$2F%
S3$)-c4-$2"6\% ($% 3/'-/% 23% -$@#@-% ($% <-#$($@84"%
#.=/#+% S#,"*A% ^D3/)*(;% 38% &3'_\% 3$-% <4)2% *#B-%
2*-%53$2/3"%#$'%8/--'3<%23%5*33)-%23%'3%)3F% %:($5-%
2*-% *.*/% 0*$#1#$2% 3$"6% >-53<-)% #% 53<;"-2-% Z-D%
3$5-% *()% <#)2-/% 8/--)% *(<\% 2*-% )"#B-e)% Z-D()*$-))%
*()%)"#B-%4$"-))%(2%()%23%#""3D%*(<%23%;#/2(5(;#2-%($%
#%<(2)B#*%#52\%3/%#%/*.#)%A2+,.#"MXU\XX%!8%2*-%@3#"%38%
2*-%,3/#*%D#)%23%<($(<(Q-%2*-%;/#52(5-%38%)"#B-/6\%
2*-$%5-/2#($"6%-<#$5(;#2($@%)"#B-)%)*34"'%*#B-%>--$%
-$534/#@-'\%3/\%#2%2*-%B-/6%"-#)2\%$32%83/>(''-$o%
!$%3/'-/%23%;/3;-/"6%@/#;;"-%D(2*%2*()%5*#""-$@-\%
(2% ()% (<;-/#2(B-% 23% 4$'-/)2#$'% 2*-% ,3/#*e)% B(-D%
2*#2%3$-%5#$%3$"6%;/3;-/"6%)-/B-%&3'%#)%#%/-)4"2%38%
&3'e)%'(/-52%53<<#$'\%$32%#)%#%/-)4"2%38%2*-%83/5-%
38%32*-/)FX+%,QRUGHUWRIXO¿OORQH¶VUHOLJLRXVPLVVLRQ
3$-% <4)2% #52% #)% ()% *-% ()% <#'-% &*?+,*4*A% -'4=N2AT%
D*(5*\% #553/'($@% 23% =F% .3)-8% L3B% :3"-B-(25*(G\X9%
()% 53<;"-2-"6% 53$2/3""-'% >6% *()% <#)2-/\% D*(5*% ()%
#$2(2*-2(5#"%23%2*-%,3/#*e)%B(-D%2*#2%Z-D()*%D3/)*(;%
/-c4(/-)% #423$3<6F% [3D-B-/\% ($% #% 5#)-% 38% /*.#)%
A2+,.#"\%2*-%8/--'3<%38%2*-%)"#B-%()%2*-%/-)4"2%38%2*-%
D(""%38%&3'\%$32%#$32*-/%*4<#$%>-($@\%#$'%2*4)%2*-%
)"#B-e)%Z-D()*$-))%()%$32%(<;3)-'%4;3$%*(<%>6%2*-%
D(""%38%#$32*-/%;-/)3$d%/#2*-/\%(2%()%2*-%D(""%38%&3'\%)3%
WRVSHDN7KHUHIRUHZH¿QGDWHQVLRQLQ+DODNKDK%
>-2D--$% "(<(2($@% )"#B-/6% #$'% -$)4/($@% 2*#2% )"#B-)%
'3%$32%>-53<-%Z-D)%2*/34@*%53<;4")(3$F%!$%/-#"(26\%
*3D-B-/\% <#$4<())(3$% D#)% 382-$% -$534/#@-'% #$'%
*#"#G*(5% #42*3/(2(-)% 382-$% a'-5('-'% #"<3)2% -B-/6%
'34>2%($%8#B3/%38%8/--'3<FbXC
!8% <6% ;/3;3)-'% -P;"#$#2(3$% 83/% 2*-% /-"(@(34)%
)2#24)% 38% 2*-% *.*/% 0*$#1#$2% ()% #% 2-$#>"-% 3$-\% 2*-$%
2*()% *#"#G*#*% ;/3B('-)% #$% ($);(/($@% -P#<;"-% 38%
2*-% ,3/#*e)% #22-<;2% 23% 83/<% #$% -2*(5#""6% >#)-'%
)35(-26F% H4/2*-/<3/-\% (2% 4$'-/)53/-)% 2*-% ,3/#*e)%
4$'-/)2#$'($@%38%*4<#$%$#24/-%2*#2%'/#)2(5%)35(-2#"%
5*#$@-)% 5#$$32% >-% (<;3)-'% ($% #% )*3/2% 2(<-F% !$% (2)%
LQ¿QLWHZLVGRPWKH7RUDKSURYLGHVWKHIUDPHZRUN
23%#5*(-B-%2*-%4"2(<#2-%@3#"\%#""3D($@%*4<#$%>-($@)%
23%-B-$24#""6%/-#5*%2*-%-2*(5#"%4$'-/)2#$'($@%;/-)-$2%
($%2*-%,3/#*%#""%#"3$@F%%
G"#$#% G==5*)% 2,% #% ,*$2=)% #+% !GH% A#I=)2$6% 2$%
V"<,2>,%#$/%2,%#%!+#BB%H)2+*)%B=)%T3"%[#<-B#)-/F%
UF%H3/%($)2#$5-\%)--0%=F%A-/$#/'%!""3D#6e)%)-/<3$\%
a,*-%`#/)%38%2*-%73/'\b%@(B-$%#2%2*-%7"36'%:2/--2%
:6$#@3@4-%($%A#"2(<3/-%3$%Z#$4#/6%9\%UKhU\%#B#("?
#>"-% #20% *22;0jjDDDF2*-355('-$2F53<j!""3D#6j)-/?
<3$F*2<"d%=F%L#B('%R($*3/$e)%/-);3$)-%23%L/F%E3/?
/()% Z#53>% =#;*#""e)% a,*-% A(>"-% n(-D% 38% :"#B-/6b%
^UKhU_\% D*(5*% #;;-#/-'% ($% 2*-% &-/<#$% <#@#Q($-%
:($#(\%B3"F%n!\%($%UKhUd%R$@"()*%2/#$)"#2(3$%#B#("#>"-%
#20%*22;0jjDDDFf-D()*?*()23/6F53<j5(B("D#/j-($*3/$F
*2<"F
XF%,*-%>(>"(5#"%)"#B-/6%'()54))-'%($%2*()%#/2(5"-%/-8-/)%
23%2*-%"#D)%@3B-/$($@%-B-'%T-$#e#$(\%$32%-B-'%!B/(%
^[->/-D%)"#B-_F
+F%W#*4<%R"(-Q-/%=#>($3B(25*\%a,*-%`#6%38%,3/#*\b%
?"*%-/#"%J=8)$#4%+\U\%^XVV+_%;;F%K?UXF
9F%:*<4-"%&3"'($\%]$4=>N2$6%+"*%?=)#"%?*Y+:%!"A=+F%
^Z-/4)#"-<0%&-8-$%Y4>"()*($@%[34)-\%XVVK_\%;F%UIhF
CF%=F%:#<)3$%=#;*#-"%[(/)5*\%G=AA*$+#)<%=$%+"*%
?=)#"\% !"*A=+% UX099F% =F% [(/)5*% );-#G)% 38% ($2-/$#?
2(3$#"% "#D% #"2*34@*% $3% 83/<#"% ($2-/$#2(3$#"% "-@#"%
)6)2-<% -P()2-'F% !% >-"(-B-% *-% <-#$)% 23% /-8-/% 23% 2*-%
($83/<#"% )2#24)% 2*#2% #% )"#B-% *#'% ($% 2*-% -6-)% 38% 2*-%
)4//34$'($@%$#2(3$)F
hF%:--%L-42-/3$3<6%XU0UV?U9%#$'%53<<-$2#/(-)%23%
2*#2%B-/)-F
IF%;=)*"%Q*.8N"2A\%!!!0+XF
KF%[3D%23%'-2-/<($-%D*-2*-/%#$6%@(B-$%-2*(5#"%B#"?
4-%()%($2-/$#"%3/%-P2-/$#"%23%,3/#*%()%#%53<;"-P%())4-%
2*#2%()%>-63$'%2*-%)53;-%38%2*()%#/2(5"-F%
MF%1%6*)%+=,"#.%()%#%$3$?Z-D%D*3%83/<#""6%#@/--)%23%
#>('-%>6%2*-%)-B-$%W3#*('-%"#D)\%>42%()%$32%5(/54<?
5()-'% #$'% '3-)% $32% *#B-% 23% ;-/83/<% /(24#"% (<<-/?
)(3$F%:--0%=#<>#<\%;2,"$*"%?=)#"\%S24N"=+%@,,8)*2%
L2#"\%U90IF%!2%)*34"'%>-%$32-'%2*#2%2*-/-%#/-%B#/6($@%
RSLQLRQVRQWKHH[DFWGH¿QLWLRQRID6*)%+=,"#.M
UVF%;2,"$#"%L*)#N"=+%+0+F%
UUF%S#626#*%9#F
UXF% !"84"#$% ()8N"T% D=)*"% R*1#"T% S24N"=+% (.#/2A\%
XhI0U\%+?K\%UIF
U+F%=#>($3B(25*\%;F%MF
U9F% L#B('% EF% S3>($\% G"2>#6='0*$+% U#K% O*.2*K\%
IV\+%^UMMC_\%;;F%U++M?U+9KF
UCF%?*,"8.=+%S#'F*=$2A\%W4<>-/%9+U%^1F%[#/G#B6%
-'F\%UKKI_\%#)%c432-'%>6%S3>($\%;F%U+9+F
UhF%&3"'($\%;F%UIIF
UIF%!>('F
UKF%T-$$-2*%:F%A3/'-$)%#$'%!/D($%1F%[3/3D(2Q\%!='
>2#4% V<,>"=4=6<T% !*>=$/% -/2+2=$M% ^E#*D#*\% W-D%
Z-/)-60%7#D/-$5-%R/">#4<%1))35(#2-)\%!$5F\%XVVX_\%
;F%UUCF
UMF%_#<2N)#%XC09hF
XVF%?"*%U2.2$6%?=)#"%2/#$)"#2(3$F
XUF% F2++2$% +K>d% =#<>#<T% ;2,"$*"% ?=)#"T% S24N"=+%
(.#/2A\%M0hF
XXF%:3<-%#42*3/(2(-)%<#($2#($%2*#2%2*()%()%3$"6%83/%#%
/*.#)%A2+,.#"%2*#2%()%83/%2*-%;4>"(5%@33'F%N2*-/)%#/?
@4-%2*#2%(2%()%3$"6%83/>(''-$%23%/-"-#)-%#%)"#B-%83/%$3%
/-#)3$%#2%#""\%>42%#)%"3$@%#)%2*-%<#)2-/%*#)%)3<-%f4)?
WL¿FDWLRQIRUUHOHDVLQJKLVVODYHKHLVSHUPLWWHGWR
'3%)3F%:--%=#<>#<\%;2,"$*"%?=)#"\%S24N"=+%(.#/'
2A\% M0h\% #)% D-""% #)% ;26/#4% 7W% #$'% 0*,*B% ;2,"$*"%
2*-/-d%W#*4<%=#>($3B(25*\%('-<\%;F%UU\%8332$32-%hhF
X+F%,*-% ('-#)% ;42% 83/2*% ($% 2*()% ;#/#@/#;*% #/-% 8/3<%
=F%1/6-*%T"#;;-/\%a1/-%`3/G-/)%E3/-%,*#$%`#@-%
:"#B-)O% ,3D#/'% #% [#"#G*(5% 7#>3/% R2*(5b% ^#4'(3_\%
:4<<-/% A-(2% E('/#)*\% #B#("#>"-% #20% % *22;0jjDDDF
#/5*(B-F3/@j'-2#(")j=#>>(T"#;;-/1/-`3/G-/)E3/?
-,*#$`#@-:"#B-),3D#/'#[#"#G*(57#>3/R2*(5F
X9F% E-$2(3$-'% >6% =F% T"#;;-/\% (>('d% 83/% 3/(@($#"%
)34/5-\% )--0% =F% Z3)-;*% AF% :3"3B-(25*(G\% ?"*% U=$*'
4<% ;#$% =B% 3#2+"% ^W-D% .3/G0% ,*/--% 7-#B-)% Y/-))\%
UMhC_\%;F%UCF
XCF%S3>($\%;F%U+9UF
,,,-."#/&'()&*(+-0"'
D@

Similar documents