ditorial - Didier Claes

˜ÀÓ
%DITORIAL
JTPWFSESVNSPMM
GPSUIF1BSJTBOE/FX
:PSLBVDUJPOTXIJDICSPVHIUJOTFWFSBMSFDPSET
XJUIQJFDFTBDRVJSFECZJNQPSUBOUNVTFVNT
OPUBCMZUIF4POHZFTUBUVFGSPNUIF4UPOF
DPMMFDUJPOQVSDIBTFECZUIF%BMMBT.VTFVN
PG"SU
"NVTFVNXJMMBMTPCFCSJOHJOHUIFTQPUMJHIUUP
UIF#SBGBUIFZFBSTmSTUJOUFSOBUJPOBMGBJS
XJUIUIF5FSWVSFONVTFVNDIPTFOBTHVFTUPG
IPOPVS5IJTZFBSUIFGBJSXJMMXFMDPNFFJHIU
USJCBMBSUEFBMFST5IJTXJOUFST#SVOFBGJTBMTP
SFBEZUPHPCSJOHJOHUPUIF4BCMPOOPGFXFS
UIBOTQFDJBMJTUWFOEPST
'PSUIFTFUXPGBJST*QMBOUPPõFSTFWFSBMLFZ
PCKFDUT$FOUFSFEPOB4POHZFTUBUVFmSTU
QSFTFOUFEBUUIF0MCSFDIU,VOTUWBO,POHP
FYIJCJUJPOJO"OUXFSQJOXJMMCFBCPVU
XPSLTDIPTFOGPSUIFJSQSPWFOBODFBOEUIFJS
SFNBSLBCMFBSUJTUJDRVBMJUJFT
%JEJFS$MBFT
-VCFGV
4".#"
NJ
NB
-P
46/(6
4BOLVSV
5&.1"
40/(:&
&"45&3/
#"-""
40/(:&
#&/&,*
,"-&#8&
-VCJ
4"/("
1":&
*-"/%&
-6#"
J
B
BN
-VBMB
C
-PN
#ONTEXT
5IF 40/(:& MJWFJOUIFFBTUPGUIF%FNPDSBUJD3FQVCMJDPGUIF
$POHPNPTUMZJOUIFFBTUFSO,BTBÕJO,BUBOHBBTXFMMBTJOBTNBMM
QBSUPG,JWV
(ISTORY
5IJTTDVMQUVSFXBTJOUIFFYQPTJUJPOIFMEBUUIF
"OUXFSQ'FTUJWBM)BMMJOo
"SDIJWFQIPUPHSBQITTIPXBOBTTPSUNFOUPG40/(:&TUBUVFTJODMVEJOH
UIFQJFDFQSFTFOUFEIFSF
*O UIJT JNBHF XBT DIPTFO BT UIF QMBUF UP JMMVTUSBUF 40/(:& TUBUV
BSZ JO 0MCSFDIUT SFGFSFODF XPSL 1MBTUJFLWBO,POHP mH "CPWF JU
BQQFBSFEBQIPUPHSBQIPGUIJTPCKFDUmH
5IFJS FOPSNPVT UFSSJUPSZ JT DVU JO UXP GSPN UIF OPSUI UP UIF TPVUI CZ UIF -PNBNJ
TFQBSBUJOHUIFHSFBUXFTUFSODIJFGEPNToTVDIBTUIF5FNQBUIF&LJUIF,BMFCXFUIF
#BMBUIF5TIPGXBBOEUIF*MBOEFoGSPNUIFTNBMMFSHSPVQTLOPXODPMMFDUJWFMZBTUIF
&"45&3/40/(:&CVUXIPBSFJOGBDUUIFPOMZPOFTUPEFTDSJCFUIFNTFMWFTVTJOHUIFUFSN
40/(:&
5IJTTDVMQUVSFTFYIJCJUTUIFTUZMFGSPNUIFDFOUFSPG40/(:&UFSSJUPSZQSPCBCMZ,"-&#8&
"OUISPQPNPSQIJDUIJTOLJTJTUBUVFJTBCPWFBMMB
J
CXBOHB QPXFSPCKFDU
JOUPUIFDBW
JUZPGXIJDIUIFOHBOHBSJUVBMJTU
XPVMEQMBDF CJTIJNCB BNJYUVSFPGJOHSFEJFOUT
)F
XPVMEBMTPmMMUIFIPSOBUUBDIFEUPUIFUPQPGUIFIFBE
%FTQJUFJUTNPEFSBUFTJ[FUIFHSFBURVBMJUZPGUIFTDVMQUVSFBOEUIFDBSFGVMDIPJDFPGJUT
BEEFEFMFNFOUTJOEJDBUFUIBUUIJTmHVSFXBTQSPCBCMZGPSDPMMFDUJWFVTFFJUIFSGPSUIF
QSPUFDUJPOPGBMBSHFGBNJMZPSFMTFBOFOUJSFWJMMBHFDPNNVOJUZ
$PNNVOBM NBOLJTJJ UIFQMVSBMPGOLJTJ
XFSFTUPSFEJOBTBODUVBSZVTVBMMZJOUIFDFOUFS
PGUIFWJMMBHFBOEPWFSTFFOCZBHVBSEJBOFJUIFSBOPMENBOPSPMEXPNBO"MFSUFE
CZTJHOTPSESFBNTUIFTFHVBSEJBOTXPVMEEFDJEFUIFUJNFBOEUIFUZQFPGSJUVBMTJO
XIJDIUIFTUBUVFTXPVMECFVTFE"EEJUJPOBMMZUIFQPXFSPGUIFTUBUVFTNJHIUCFSFBD
UJWBUFECZSJUVBMBUFWFSZOFXNPPO
BUBPHVFDPWFSBOEJOTUBMMBUJPOWJFXPG
POHZFNBOLJTJFYIJCJUJPOBUUIF"OUXFSQ
FTUJWBM)BMMoGSPN
'SBOT.0MCSFDIUT
*OTFBSDIPG"SUJO"GSJDB
TEJS$1FUSJEJT"OUXFSQ&UIOPHSBQIJD.VTFVNmHDBU
3FNPWFEGSPNUIFTBODUVBSZUIFZXFSFQMBDFEPOBDIJFGUBJOTDIBJSUIFODBSSJFEJO
QSPDFTTJPOUISPVHIUIFWJMMBHFXJUIUIFIFMQPGQPMFTQMBDFEVOEFSUIFJSBSNT
ѮFTDVMQUVSFTHSFBURVBMJUZBOEUIF
DBSFGVMDIPJDFPGJUTBEEFEFMFNFOUT
JOEJDBUFUIBUUIJTêHVSFXBTQSPCBCMZ
GPSDPMMFDUJWFVTF
$ESCRIPTION
5IJTTUBUVFJTJODPNQFSBCMZXFMMQSFTFSWFEIJHIMJHIUJOHUIF
QPXFSGVMWJTVBMJNQBDUUIFTFmHVSFTXPVMEIBWFIBEXIFOUIFZ
BQQFBSFEEVSJOHSJUVBMT
5IFIBSEXPPEPõFSTBWFJOFEUFYUVSFXJUIBMJHIUSFEQBUJOBMJOLFEUPQJHNFOUTTUJMM
WJTJCMFJOUIFFUDIFENPUJGTBSPVOEUIFFZFTUIFMJOFTPGUIFCFBSE
"OBOUFMPQFIPSO
BOEBOJSPOIPFCMBEFBSFmYFEUPUIFUPQPGUIFIFBEDPWFSFECZBGVSIPPEDJWFU "
NFUBMJDWFOFFSPGIBNNFSFEDPQQFSBMMPZMFBWFTDPWFSUIFGPSIFBEOPTFBOEUFNQMFT
6QIPMTUFSFSTUBDLTJOTUFFMVOEFSMJOFUIFHFPNFUSJDNPUJGPGUIFGBDFBOECPEZPGUIF
TUBUVF5IFOFDLJTEFDPSBUFEXJUIBDPMMBSJOUISFFSPXTPGCMVFHMBTTCFBETGSPNXIJDI
IBOHUXPCFBEQFOEBOUTBOEBTNBMMJSPOLOJGFXJUIBXPPEIBOEMF5IFMPXFSQBSUPG
UIFTDVMQUVSFJTIJEEFOCZBXPWFOSBöBTLJSUUPXIJDIJTBUUBDIFEBTNBMMiBQSPOwJO
GVSMFPQBSE "MMUIFTFBDDFTTPSJFTBSFBMTPFSVEJUFSFGFSFODFTFWPLJOHEJSFDUMZPSJOEJSFDUMZUIFQSPQ
FSUJFTBOETDPQFPGFBDITUBUVF%VOKB)FSTBLOPUFTUIFDPOOFDUJPOCFUXFFODFSUBJO
DPNNVOBM OLJTJBOEMBSHFBODFTUSBMmHVSFTFYQMBJOJOHMJOLCFUXFFOUIFmHVSFBOEUIF
DIJFGPGUIFMJOFBHFUISPVHIUIFVTFPGCMVFCFBETBQMFBUFESBöBTLJSUUIFBUUSJCVUFT
PGQPXFSGVMBOJNBMTBOEUIFPNOJQSFDFOTFPGNFUBM
0ME QIPUPT PG UIF QJFDF BMMPX VT UP TFF UIBU UIF TDVMQUVSF BOE JUT
BUUSJCVUFTIBWFTVSWJWFEJOUBDUBOEBENJSBCMZQSFTFSWFE
$POTJEFSFEQBSUJDVMBSMZDIBSBDUFSJTUJDPG4POHZBSUJTUJDHFOJVTCZ0MCSF
DIUPOFPGUIFmSTUBOENPTUCSJMMJBOUIJTUPSJBOTPG"GSJDBOBSUUIJTTUBUVF
JTBOFYDFQUJPOBMTQFDJNFOPG40/(:& ."/,*4* PGUIFIJHIFTURVBMJUZ
40/(:& OLJTJ 4UBUVF
%FNPDSBUJD3FQVCMJDPGUIF$POHP
XPPECSBTTJSPOHMBTTQBTUFGVSXPWFOSBöB
)FJHIUDN
+PIO-FOTDPMMFDUJPO"OUXFSQDJSDBT
USBOTNJUUFECZJOIFSJUBODF
QVCMJDBUJPOBOEFYIJCJUJPO
,POHP,VOTUFYIJCJUJPODBUBMPH$JUZ'FTUJWBM)BMM4UBETGFFTU[BBM
U
"OUXFSQGSPN%FDFNCFSUP+BOVBSZ
'.0MCSFDIUT 1MBTUJFLWBO,POHPmHQM9997*
3FQVCMJDPG$BNFSPPO
.7"¸
."#&"
/56.6
/UFN
.7"¸
&RVBUPSJBM
(VJOFB
."#&;"
,6.#&
"UMBOUJD
PDFBO
0,",
'"/(
/56.6
#",8&-&
3FQVCMJD
PGUIF$POHP
#"%+8&
4&,&
.",&
* WJ
P
OE
-&/(*
/;"."/
-*#3&7*--&
.&,&/:
.")0/(8²
.A#0,0
#&54*
/%".#0.0
4)",&
,05"
10/(8&
4)",&
"%+6.#"
("-0"
,05"
&/&/("
,"-&
0HPPVÏ
4)",&
4)".":&
".#&%&
,&--&
(BCPOFTF
3FQVCMJD
5IF.
")0/(8&MJWFJO(BCPOBOEOFJHICPVSJOHBSFBTPG
$POHP#SB[[BWJMMFJOBSFHJPOPGEFOTFSBJOGPSFTUCFUXFFOUIF
*OWJOEPWBMMFZTBOEUIPTFPGUIF-ÏCBOHP-JLPVBMBBOEUIF-ÏLPOB
5IFUFSSJUPSJFTBSFDFOUFSFEPO.ÏLBNCPJO(BCPOBOE,ÏMMÏJO
$POHP
3FMJDXPSTIJQJTLOPXOCZUIF.")0/(8&BOEUIFJSOFJHICPVSTJOUIF,05"SFHJPOBT
CXFUFTPUIBUSFMJRVBSZHVBSEJBOmHVSFTXFSFUIFiGBDFTwPGUIFCXFUF
5IFTFBODJFOUTDVMQUFEmHVSFTCPIPOBCXFUF
DPOTJTUJOHPGBTMFOEFSXPPEFODFOUFS
EFDPSBUFEXJUImOFCMBEFTPGDPQQFSBOECSBTTNFBTVSFCFUXFFOBOEDN5IF
EPNFEGBDFXJUIBSFDUJMJOFBSMPXFSFEHFFYUSFNFMZUIJOTIPXTBTMJHIUMZDPODBWFTVS
GBDF%FDPSBUJPODPOTJTUTPGEFMJDBUFQBSBMMFMNFUBMMJDCMBEFTBSSBOHFEQFSQFOEJDVMBSMZ
UPBWFSUJDBMQMBRVFSFQSFTFOUJOHUIFGPSFIFBE5IJTQMBRVFIBTBSFQPVTTÏEÏDPSB
DFOUSBMEPUUFEMJOFBOEEPVCMFBSDIFTPWFSUIFIFNJTQIFSJDBMDBCPDIPOFZFT4QFDJmD
UPUIJTLJOEPGmHVSFJTUIFNPUJGPGNVMUJQMFBSDIFENFUBMMJDXJSFTBCPWFUIFFZFTFY
UFOEJOHEPXOFJUIFSTJEFPGUIFOPTFoNBEFGSPNBUSJBOHVMBSQJFDFPGGPSHFENFUBM
oXIJDIUIFOTQSFBEBUBOBOHMFBDSPTTUIFMPXFSTFDUJPO
"CPWFUIFGBDFBOPSOBUFQSPUSVEJOHNFUBMMJDTQJSBMSFQSFTFOUTUIFVQQFSQBSUPGUIF
USFTTFEIBJSTUZMFJCFOEB
PODFXPSOCZLBOJOPUBCMFT5IFIBJSTUZMFJTGVSUIFSFWPLFEBU
UIFCBDLPGUIFTDVMQUVSFCZBDFOUSBMHSPPWFXJEFOJOHBUUIFCPUUPN
5IFOFDLPGUIFmHVSFXBTCSPLFOKVTUBCPWFUIFEJBNPOETIBQFECBTFUIFDFOUSBM
PQFOJOHJOXIJDIBMMPXFEUIFFöHJFUPCFBUUBDIFEUPUIFCBTLFUXJUISPQFBOEUXJOF
NBEFPGWFHFUBCMFmCSF
0OUIFTNBMMmHVSFTBTTFFOIFSFUIFEFDPSBUJPOJTNBEFPGFWFOmOFS
CMBEFTXJUICFBVUJGVMSFTVMUT5IFZBSFBMTPHFOFSBMMZMFTTiDBMJCSBUFEwUIF
TDVMQUPSCFJOHBMMPXFENPSFGSFFEPNUPGPMMPXIJTJOTQJSBUJPO5IFSFBS
PG UIJT mHVSF GPS FYBNQMF TIPXT B QFSIBQT VOJRVF GFBUVSF POF OFWFS
NFOUJPOFEJOUIFMJUFSBUVSFCMBEFTmYFEBUEJõFSFOUIFJHIUTJODIFWSPOT
UIBUDPWFSUIFIFBE
5IFDPSQVTPG.")0/(8&SFMJRVBSZmHVSFTJTFTUJNBUFECZ-PVJT1FSSPJT
BUBQQSPYJNBUFMZQJFDFTBMMEBUJOHGSPNUIFmSTUIBMGPGUIFUIDFO
UVSZCFGPSFUIFmOBMNJHSBUJPOPGUIJTQFPQMFUPXBSETUIFOPSUIXIJDI
SFTVMUFEJOBMPTTPGLOPXMFEHFBNPOHCMBDLTNJUIT
4DVMQUFEJOBTPGU
BMUFSBCMFXPPEUIFZDBSSZFWJEFODFPGUIFJSGPSDFEBCBOEPONFOUJOUIF
NJEEMFPGUIFUIDFOUVSZVOEFSQSFTTVSFmSTUGSPN$BUIPMJDNJTTJPOBSJFT
BOEUIFOGSPNB$POHPMFTFQSPQIFUQSPNPUJOHBOJDPOPDMBTUJDDVMU
.VDITPVHIUBGUFSUPEBZCZBMMUIFUPQDPMMFDUPST5IFTFSFmOFEPCKFDUT
BSFFWJEFODFPGUIFDBSFXIJDIXIJDIUIF,PUBUSFBUFEUIFSFMJDTPGUIFJS
BODFTUPSTPõFSJOHUIFNFYRVJTJUFmHVSFTBTHVBSEJBOT
*U BQQFBST UIBU .")0/(8& mHVSFT XFSF BTTPDJBUFE JO UXPT BOE UISFFT XJUI SFMJRVBSZ
CBTLFUTXJUIPOFiMBSHFwmHVSFPGUPDNBOEPOFPSUXPiTNBMMwQJFDFTPGUP
DN5IFNBJOmHVSFSFQSFTFOUFEUIFSFMJRVBSZTGPVOEFSUIFDIJFGPGBDMBOPSJNQPS
UBOUMJOFBHF
BOEUIFPUIFSTSFQSFTFOUFETFDPOEBSZPSBMMJFEOPUBCMFT
ѮFSFBSPGUIJTêHVSFTIPXTBQFSIBQTVOJRVFGFBUVSF
OFWFSNFOUJPOFEJOUIFMJUFSBUVSFCMBEFTêYFEBU
EJĒFSFOUIFJHIUTJODIFWSPOTUIBUDPWFSUIFIFBE
.")0/(8&3FMJRVBSZ
(BCPO
XPPEDPQQFSBMMPZXJSFTBOEQMBRVFT
IFJHIUDN
+BDRVFT,FSDIBDIFDPMMFDUJPO
1SJODF4BESVEEJO"HB,IBODPMMFDUJPOo
"SNBOEBOE$PSJDF"SNBODPMMFDUJPO
QVCMJDBUJPOBOEFYQPTJUJPO
"GSJDBO'BDFT"GSJDBO'JHVSFT5IF"SNBO$PMMFDUJPO
$BUBMPHGPSUSBWFMJOHFYIJCJUJPO&VSPQF6OJUFE4UBUFTo
/FX:PSL.VTFVNGPS"GSJDBO"SUmH
-""-*
7-""%*
:""
,6/:*
VJM
#&&.#&
46/%*
PV
-6.#6
.'6/6
%0/%0
,*4*
,"/6
)"76
)6.
,JWV
-BLF
-*/(&
$P
OH
P
/%*/(*
-VBMBCB
,P
6HBOEB
-"3*
-6.#6
7*-*
3FQVCMJD
PGUIF(POHP
-""-*
7-""%*
."/:"/("
40/(0-"
/5"/%6
.1"/(6
46/%*
7*-*
*OUIFUI DFOUVSZUIFBODJFOULJOHEPNPG,,0/(0 VOJUFEMPXFS$POHP
%3$
UIF$BCJOEBSFHJPOBOEOPSUIXFTUFSO"OHPMB
5IF#BLPOHPJOnVFODFEUIF#FFNCFUIF7JMJUIF4VOEJUIF:PNCFBOEUIF%POEP
XIPBMMBUTPNFUJNFJOUIFJSIJTUPSZXFSFJOUFHSBUFEJOUPUIJTLJOHEPNBOEIBOEMFE
UIFTBNFUIFNFTNBUFSOJUZTFBUFELJOHTPCKFDUTPGQSFTUJHFOBJMGFUJTIFTFUD
-6-"
:0.#&
70:0
(0
0/
40-
.#&,0
/%*#6
.#0."
.#"5"
,JOEV
#&/&
$POHP
/,"/6
,0/(0
-&("
.8&/%"
4)*
1BOHJ
,"#"/(0
,"#"/(0
,"."
;0.#0
40-0/(0
/LJTJmHVSFTBSFBNPOHUIFNPTUQPXFSGVMQJFDFTPG,0/(0 TUBUVBSZ5IFZBSFPGUFOBO
UISPQPNPSQIJDBOETPNFUJNFT[PPNPSQIJDTVDIBTUIFEPHXFQSFTFOUIFSF$BMMFE
,PTPUIFBOJNBMXPVMEIBWFGVODUJPOFEBTBOJOUFSNFEJBSZCFUXFFOUIFMJWJOHBOE
UIFEFBEBOEXPVMEIBWFIBEWJTJPOBSZQPXFSTVHHFTUFECZIJTQBJOUFEHMBTTFZFT
-JLFPUIFSOLJTJUIJTPOFBMTPDBSSJFTBNBHJDDBSHPBMCFJUBQBSUJDVMBSMZEJTDSFUFPOF
BSFDUBOHVMBSPSJmDFDBSWFEJOUPUIFCBDL5IFDSVTUZQBUJOBXIJDIDPWFSTUIFFOUJSF
TDVMQUVSFNBLFTJUIBSEUPUFMMJGUIFDBWJUZJTDMPTFEXJUIBTNBMMXPPEFODPWFSPSDPN
QMFUFMZmMMFEXJUITBDSJmDJBMNBUFSJBMT5IFTVSGBDFXIJDINBLFTUIFTIBMMPXEFQSFTTJPO
CBSFMZWJTJCMFOVMMJmFTBOZIZQPUIFTJTPGBMBSHFSDBSHPCJMPOHP
IBWJOHQSFWJPVTMZ
CFFOmYFEUPUIFTBNFTQPU
#&:"
&MJMB
5"-&
.6;*.6
;*.#"
.6$)*,0/(0
40440
.CSJ[F
"OHPMB
B
BN
-V
-&(" NBTLTBSFBNPOHUIFNBOZPCKFDUTBTTPDJBUFE
XJUI#XBNJJOJUJBUJPO%FQFOEJOHPOUIFNBUFSJBM5IFJS
EJNFOTJPOTBOEUIFJSTIBQFUIJTJOTUJUVUJPODMBTTFEUIFN
JOmWFDBUFHPSJFTFBDICFMPOHJOHUPUIFVQQFSNPTU
SBOLTPGUIFTPDJFUZ
$BMMFE,PTPUIFBOJNBMXPVMEIBWF
GVODUJPOFEBTBOJOUFSNFEJBSZCFUXFFO
UIFMJWJOHBOEUIFEFBEBOEXPVME
IBWFIBEWJTJPOBSZQPXFSTVHHFTUFECZ
IJTQBJOUFEHMBTTFZFT
$FSUBJOBDDFTTPSJFTTFFNOFWFSUIFMFTTUPIBWFEJTBQQFBSFEBTUIFSFBSF
QFSGPSBUJPOTJOTJEFUIFFBSTBOEPOFJUIFSTJEFPGUIFKBXUIBUTUJMMIPMET
GSBHNFOUTPGWFHFUBCMFmCFSTUSBQT8FTIPVMESFDBMMUIBU,
,0/(0 EPHT
BSFVOVTVBMJOUIBUUIFZEPOPUCBSLUIFZUIFSFGPSFPGUFOXPSFBVEJCMF
PCKFDUTNVDIMJLFUIFJSTDVMQUFEFöHJFTXPPEFOPSNFUBMJDCFMMTSBUUMFT
NBEFGSPNHSBJOTPSESJFEGSVJUFUD5IFGSBHNFOUTGPVOEJOUIFNPVUI
PGUIFBOJNBMNJHIUCFUIFSFNBJOTPGBSPPUXJUIIBMMVDJOPHFOJDQSPQ
FSUJFTUIBUQFSNJUTTFFJOHPSGFFMJOHJOWJTJCMFSFBMJUJFTJOPSEFSUPQSPUFDU
UIFGBNJMZBOEDMBO*OGBDUJO,PTPOLJTJUIFSFQSFTFOUBUJPOPGUIJTSPPU
J
JT VTFE UP SFJOGPSDF UIF EPHT OBUVSBM DBQBDJUZ UP SFDPHOJ[F VOGSJFOEMZ
TQJSJUT"IVOUJOHEPHTFYUSBPSEJOBSZnBJSGPSUSBDLJOHFWJMNJHIUBMTPCF
JOWPLFECZUIFTPPUITBZFSOHBOHB
EVSJOHSJUVBMT
"DDPSEJOHUP%BOJFM1#JFCVDLMBSHF JEJNVNBTLTTVDIBTUIJTPOFBSF
BTTPDJBUFEXJUIUIFZBOBOJPBOELJOEJJ SBOLT(FOFSBMMZPGLPBMJODPWFSFE
XPPEUIFZXFSFTPNFUJNFTTDVMQUFEJOJWPSZBTSFDBMMFECZUIFIPOFZ
DPMPVSPGUIFTQFDJNFOXFQSFTFOUIFSF
,FQUJOBDPMMFDUJWFCBTLFUUIFJEJNVNBTLXBTJOJUTNPTUDPNNPOVTF
TVTQFOEFEGSPNBSBDLBNPOHWFSZTJNJMBSCVUTNBMMFSoQSJWBUFMZPXOFE
oMVLXBLPOHP NBTLT5IFMBSHFNBTLSFQSFTFOUFEUIFGPVOEFSPGUIFMJO
FBHFPSBOJNQPSUBOUEFDFBTFEJOJUJBUFCPUIPGXIPNXPVMEIBWFCFFO
SFTQFDUFECZUIFHSPVQBTBOBODFTUPS3BSFMZXPSOPWFSUIFGBDFBOE
JOEFFENPSFPGBTDVMQUVSFEIFBEUIBOBNBTLUIJTQJFDFIBTUIFIFBSU
TIBQFDIBSBDUFSJTUJDPGUIF-&("
i<>POMZJNQPSUBOUEFDFBTFEJOJUJBUFT
BDRVJSFEUISPVHIUIFUSFBUNFOUPGUIFJS
TLVMMTBOEUISPVHIUIFTZNCPMTPGNBTLT
UIFGVMMOFTTPGJNNPSUBMJUZBOEUIVTB
DFSUBJOIPMJOFTTu
7JWJBOF#BFLF
j®MBSFDIFSDIFEVTFOTEV CXBNJxJO"OUISPQTZTQ
J
5IF NBOZ TBDSJmDFT NBEF PO UIJT QJFDF JODMVEFE B MBSHF BNPVOU PG
OHVMB BT FWJEFODFE CZ UIF SFE UJOU 4ISFET PG TDBSMFU GBCSJD IBWF BMTP
CFFOJOUSPEVDFEJOUPUIFNPVUIBOEJOTJEFBTNBMMQFSGPSBUJPOPOUIF
BOJNBMTTJEF5IFDPMPSSFEXBTUIFSFGPSFDFSUBJOMZBOJNQPSUBOUTZN
CPMJDWBMVFBUUIFIFBSUPGUIFSJUVBMHVJEJOHUIFBDUJPOTPGUIF OHBOHB UP
OFVUSBMJ[FQSPCMFNTBOEQVOJTI5IJTTUBUVFJTUIVTBWFSJUBCMFNFUBQIPS
GPSUIFSJUVBMJTUTIVOUGPSTPSDFSFSTQJSJUT
#FZPOEJUTUSBEJUJPOBMTJHOJmDBUJPOUIJTXPSLEFNPOTUSBUFTUIFSFNBSL
BCMFUBMFOUPGJUTTDVMQUPSDPNCJOJOHBOBUVSBMJTUSFOEFSJOHPGUIFBOJNBM
XJUIBOFYQSFTTJPOPGHSFBUQPXFS
-&(" JEJNV NBTL
%FNPDSBUJD3FQVCMJDPGUIF$POHP
XPPELBPMJOUSBDFT
IFJHIUDN
.BY#FSUIF,PnFS&SOJDPMMFDUJPO#BTFM
348BTTJOH "GSJDBO"SU*UT#BDLHSPVOEBOE5SBEJUJPOT
-FPO"NJFM1VCMJTIFSDBUQ
&MTZ-FV[JOHFS 5IF"SUPG#MBDL"GSJDB
-POEPO4UVEJP7JTUB1VCMJTIFSTmHYQ
,0/(0::0.#& /LJTJ,PTP
/
4UBUVFUUF
%FNPDSBUJD3FQVCMJDPGUIF$POHP
XPPEHMBTTTBDSJmDJBMDSVTUWFHFUBCMFmCFST
BOEUFYUJMFGSBHNFOUT
MFOHUIDN
3PCFSU$PVMPODPMMFDUJPO#PSEFBVY
$FOUSBM
"GSJDBO
3FQVCMJD
#"/%"
:",1"
6C
BO
HJ
(0#6
/(#"("
1"53*
50(#0
#63","
:",1"
4&3&
.#6(#6
/;","3"
%&/*
40"
50(#0
.#"/;"
.0/0
(":"
4"/(0
'636
6CBO
#0/(0
/(#","
HJ
.#"/;"
.#"/;"
#"#"-&
#"-*%68"
/(&/;"
#0(636
"7636
%6."
(#0."
"1",*#&5*
/(0.#&
/(0.#&
#6/%6-6
-*,0
&#6,6 .8&
+"/%0
/%0-0
%*0#0
.*.#0
.POHBMB
#0/(*
/(&/;"
/(0.#&
%0,0
/%6/("
#040
#6%+"
#0/%0
/(0-"
/(&/;"
#&/(&
$PO
H
P
#"5*
.0
#"/(0
*5*.#*3*
"7636
("5"/("
.0.#"5*
#0:&-&
",&5*
:0,0
/(0.#&
."-*/(*/%6
(*/%0
,"/(0
.#"/;"
/("/%*
."#*/;"
7#*/+"
#0,"10
."/(&
#"5*
.0/%0/(8"-&
.0/(&/(*5"
#0,*#"
8&/;"
/(636
#0(0/(*"
(#&
.0#"5*
:&8"
#0,8"/"
#"3".#0
/*"16
."/,&3&
/%&:
."-&-&
."/(#&56
#0"
-*,0
#&0
mSTU&VSPQFBOTUPIBWFWJTJUFEXIBUJTOPXUIFOPSUIFSO%FNPDSBUJD
3FQVCMJDPGUIF$POHPJOUIFMBUFUIBOEFBSMZUIGPVOETP
TUSJLJOH
*GUIJTUZQFPGDPSEPQIPOFDBMMFEBOiBSDIFEIBSQwIBTUIFTPVHIUBGUFSBOUISPQPNPS
QIJDTDVMQUFEIFBEUIFIJEFTUSFUDIFEPWFSUIFCPEZBMTPGFBUVSFTBOFYDFQUJPOBMmHV
SBUJWFQZSPHSBQIPGUXPmHVSFT&WFONPSFVOVTVBMJTUIFCJGVSDBUFEFMFNFOUBUUIF
CBTFPGUIFXPPEFOTPVOECPYPOXIJDIUIFJOTUSVNFOUDBOTUBOEXIJMFJUJTCFJOH
QMBZFE5IJTNPUJGEPVCUMFTTFWPLFTUIFTDVMQUFEMFHTTFFOPO/(#","BOUISPQPNPS
QIJDIBSQT5IFTUZMFPGUIFGBDFIPXFWFSoQBSUJDVMBSMZUIFMBSHFQJFSDFEFBSTBUUIF
IFJHIUPGUIFUFNQMFToTVHHFTUBMJOLXJUIUIF#0"XIPMJWFUPUIFFBTU5IFTMJHIU
FMPOHBUJPOPGUIFIFBEDPVMETVHHFTUUIF."/(#&56GSPNFWFOGVSUIFSFBTU5IFOPTF
BOEUIFNPVUIPOUIFPUIFSIBOEBOEUIFVTFPGTNBMMHMBTTCFBETGPSFZFTFWPLF
TDVMQUVSFGSPNUIF$FOUSBM"GSJDBO3FQVCMJDOPUBCMZ#"/%"TDVMQUVSF
*OEFFEVUJMJUBSJBOPCKFDUTXJUIBOBOUISPQPNPSQIJDIFBEoJODMVEJOHCPYFTLOJWFT
BOENVTJDBMJOTUSVNFOUToXFSFDPNNPOUPBOVNCFSPGFUIOJDHSPVQTJOUIJTTVC
SFHJPOXIPGPSMPOHQFSJPETJOnVFODFEPOFBOPUIFSTTDVMQUVSBMTUZMFT.BEFGPSVTF
BTXFMMBTGPSEFDPSBUJPOUIFWJTVBMBTQFDUPGUIFTFQJFDFTXBTFTQFDJBMMZTVTDFQUJCMFUP
TUZMJTUJDWBSJBUJPOTBOEDIBOHJOHGBTIJPOT
"O"[BOEFQMBZJOHBIBSQJO#BGVLBTWJMMBHF
&1DPMMFDUJPO.3"$5FSWVSFO
QIPUP$POHP&YQFEJUJPO-BOH$IBQJO
ª"NFSJDBO.VTFVNPG/BUVSBM)JTUPSZ
7FSZGFXmWFTUSJOHFEIBSQTPGUIJTLJOEIBWFCFFOBUUSJCVUFEUPUIF#0"
QSJWBUF DPMMFDUJPOT
5IF USBEJUJPO XBT NVDI NPSF mSNMZ FTUBCMJTIFE
BNPOHUIF;"/%&XIPTFJOTUSVNFOUTIBEWJPMJOMJLFTPVOECPYFTBOE
UBLFO VQ CZ UIF ."/(#&56 XIP SBO UIFJS UVOJOH QFHT BMPOH UIF SJHIU
TJEFPGUIFOFDL#PUIPGUIFTFDIBSBDUFSJTUJDTBSFGPVOEIFSF5IJTQJFDF
NJHIUBMTPSFQSFTFOUBUSBOTJUJPOBMTUZMFCFUXFFOUIPTFPGUIFFBTUFSO
BOEXFTUFSOQBSUTPGUIFWBTU6CBOHJ6ÏMÏSFHJPOXIFSFUIFTFIBSQTBSF
VTFEUPBDDPNQBOZTPOHTBOESFDJUBUJPOT
"DDPSEJOHUPTPNFTPVSDFTBNPOHUIF;"/%&UIFZXFSFUIFQSFGFSSFE
JOTUSVNFOUT PG USBWFMMJOH NVTJDJBOT VOTBWPVSZ DIBSBDUFST PGUFO TVT
QFDUFE PG TPSDFSZ
CVU BMTP TPNFUJNFT PG IJHICPSO ZPVUI XIP UPPL
UIFJSJOTUSVNFOUTFWFSZXIFSFBOESFWFMMFEJOUIFHMPSZPGCFJOHBDDPN
QMJTIFE IBSQJTUT 0XOJOH FMFHBOUMZ DPOTUSVDUFE IBSQT CSPVHIU UIFN
FWFOHSFBUFSEJTUJODUJPO
5IJT TFDVMBS SBUIFS UIBO SJUVBM DPOUFYU FYQMBJOT UIF JOmOJUF PSJHJOBMJUZ
BOE UIF HSFBU MJCFSUZ PG FYQSFTTJPO UIBU DIBSBDUFSJTF UIFTF NVTJDBM JO
TUSVNFOUTJOXIJDIGVODUJPOBOEBSUJTUJDDSFBUJWJUZBSFNBTUFSGVMMZCBM
BODFE
;"/%&/;","3")BSQ
5IFDISPOJDSFQVCMJDPGUIF$POHP
XPPETLJOWFHFUBCMFmCSFHMBTTQBTUFIFJHIUDN
QSJWBUFDPMMFDUJPO/FUIFSMBOET
TPME$ISJTUJFT-POEPO+VMZ-PU
."
;"/%&
5IJTIBSQJTBTMJHIUMZVOVTVBMWFSTJPOPGUIFJOTUSVNFOUXIJDIUIF
ѮJTQJFDFNJHIUBMTPSFQSFTFOUB
USBOTJUJPOBMTUZMFCFUXFFOUIPTFPGUIF
FBTUFSOBOEXFTUFSOQBSUTPGUIFWBTU
6CBOHJ6ÊMÊSFHJPOXIFSFUIFTFIBSQTBSF
VTFEUPBDDPNQBOZTPOHTBOESFDJUBUJPOT
.".76
("."
.0#&/(&
"1",*#&5*
/(#"/%*
4&3&
&;0
%6"36
6FMF
MB
&CP
4&3&
.010:
;"/%&
,"4"
%036."
4"4"
#*"."/(&
(0"
.048&"
/(0.#&
#"3".#0
NV
.CP
+VOVBSZ
'SFODIWFSTJPOt"HOÒT-BDBJMMF
&OHMJTIUSBOTMBUJPOt5BE[JP,PFMC
DPQZFEJUJOHBOEQSPPGSFBEJOHt%PNJOJRVF$IPõFM
EPDVNFOUBUJPOt"MFYBOESF$MBFT
BSUXPSLEFTJHOt-VD7BOEF7FMEF
QIPUPHSBQIJFTt1IJMJQQFEF'PSNBOPJS
.FNCFSPGUIF#FMHJBO$IBNCFSPG"SU&YQFSUT
.FNCFSPGUIFUIF#FMHJBO3PZBM$IBNCFSPG"OUJRVFTBOE"SU%FBMFST
.FNCFSPGUIF4ZOEJDBU/BUJPOBMEFT"OUJRVBJSFTGSBOÎBJT
7JDF$IBJSNBO#SVTTFMT"OUJRVFT'JOF"SU'BJS
$IBJSNBO#36/&"'
SVF7BO.PFSt##SVTTFMT
5'
XXXEJEJFSDMBFTDPN